RiverNorth Doubleline Strategic Inc R (RNDLX) NPORT-P RiverNorth/DoubleLine Strategic Income Fund (Dec 2024 report)

RiverNorth Core Opportunity Fund

SCHEDULE OF INVESTMENTS

December 31, 2024 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 77.13%
Great Britain - 10.39%
	95,547	Pershing Square Holdings Ltd.	$	4,552,814
United States - 66.74%
	86,014	abrdn Emerging Markets Equity Income Fund, Inc.		446,413
	11,192	abrdn Global Dynamic Dividend Fund		109,681
	50,471	abrdn Total Dynamic Dividend Fund		424,461
	192,668	Avenue Income Credit Strategies Fund		1,150,228
	212,623	BlackRock Capital Allocation Term Trust		3,221,238
	240,856	BlackRock ESG Capital Allocation Term Trust		3,950,038
	44,139	BlackRock Health Sciences Term Trust		635,602
	38,289	BlackRock MuniHoldings New York Quality Fund, Inc.		395,908
	46,272	BlackRock MuniYield New York Quality Fund, Inc.		466,422
	17,943	BlackRock MuniYield Quality Fund III, Inc.		198,091
	164,679	BlackRock Resources & Commodities Strategy Trust		1,406,359
	55,437	BlackRock Science and Technology Term Trust		1,148,100
	73,949	Blackstone/GSO Senior Floating Rate Term Fund		1,060,429
	86,951	Calamos Long/Short Equity & Dynamic Income Trust		1,289,483
	18,056	Clough Global Dividend and Income Fund		97,954
	190,271	Clough Global Equity Fund		1,267,205
	165,285	Clough Global Opportunities Fund		846,259
	18,104	Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund(a)		347,959
	32,206	First Trust High Yield Opportunities 2027 Term Fund		466,343
	70,439	Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc.		634,655
	64,295	Nuveen AMT-Free Municipal Credit Income Fund		788,257
	69,506	Nuveen Municipal Credit Income Fund		845,888
	256,986	Nuveen Municipal Value Fund, Inc.		2,207,510
	42,806	Nuveen Quality Municipal Income Fund		499,118
	80,000	PIMCO High Income Fund		388,800
	45,292	PIMCO Income Strategy Fund II		337,425
	213,261	Saba Capital Income & Opportunities Fund II		1,932,145
	30,451	Special Opportunities Fund, Inc.		445,498
	13,620	Thornburg Income Builder Opportunities Trust		221,734
	100,000	Voya Emerging Markets High Income Dividend Equity Fund		501,000
	180,960	Western Asset Inflation-Linked Opportunities & Income Fund		1,496,539
TOTAL CLOSED-END FUNDS
(Cost $30,316,231)				33,779,556
CLOSED-END FUNDS - PREFERRED SHARES - 0.88%
United States - 0.88%
	15,162	XAI Octagon Floating Rate Alternative Income Trust, Series 2026, 6.500%, 03/31/2026		383,729
TOTAL CLOSED-END FUNDS - PREFERRED SHARES
(Cost $378,878)				383,729
BUSINESS DEVELOPMENT COMPANIES - 1.50%
United States - 1.50%
	43,000	Oaktree Specialty Lending Corp.		657,040
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $686,801)				657,040

Shares/Description			Value
EXCHANGE TRADED FUNDS - 7.94%
United States - 7.94%
	55,600	Invesco FTSE RAFI Emerging Markets ETF	$	1,138,688
	44,975	iShares Flexible Income Active ETF		2,339,599
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,298,321)				3,478,287

Principal Amount/Description			Rate			Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 0.46%
United States - 0.46%
$	200,000	MidCap Financial Investment Corp.		5.25	%	03/03/2025		199,517
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $199,353)								199,517
U.S. CORPORATE BONDS - 2.04%
Investment Companies - 1.61%
	500,000	Blue Owl Technology Finance Corp.(b)		6.75	%	06/30/2025		501,838
	200,000	Blue Owl Technology Finance Corp. II(b)		6.75	%	04/04/2029		201,319
								703,157
Private Equity - 0.43%
	200,000	Hercules Capital, Inc.		2.63	%	09/16/2026		190,474
TOTAL U.S. CORPORATE BONDS
(Cost $881,739)								893,631

Shares/Description			Value
Warrants - 0.01%
Hong Kong - 0.01%
	12,299	Triller Group, Inc., Strike Price 11.50, Expires 03/15/2027		1,793
United States - 0.00%(c)
	10,113	Jaws Mustang Acquisition Corp., Strike Price 11.50, Expires 01/30/2026		253
TOTAL WARRANTS
(Cost $15,126)				2,046
Short-Term Investments - 10.43%
Money Market Fund - 10.43%
	4,568,510	State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.41%)		4,568,510
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,568,510)				4,568,510
TOTAL INVESTMENTS - 100.39%
(Cost $40,344,959)			$	43,962,316
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.39)%				(169,140	)
NET ASSETS - 100.00%			$	43,793,176

(a)	Non-income producing security.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $703,157, which represents approximately 1.61% of net assets as of December 31, 2024.
(c)	Less than 0.005%.

See Notes to Quarterly Schedule of Investments.

RiverNorth/DoubleLine Strategic Income Fund

SCHEDULE OF INVESTMENTS

December 31, 2024 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 16.41%
United States - 16.41%
	1,082,896	Allspring Income Opportunities Fund	$	7,461,154
	182,026	BlackRock MuniHoldings California Quality Fund, Inc.		1,934,936
	161,620	BlackRock MuniHoldings New York Quality Fund, Inc.		1,671,151
	195,559	BlackRock MuniYield New York Quality Fund, Inc.		1,971,235
	213,348	Blackstone Long-Short Credit Income Fund		2,654,049
	154,506	Blackstone/GSO Senior Floating Rate Term Fund		2,215,616
	581,087	BNY Mellon Strategic Municipals, Inc.		3,509,766
	254,101	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		2,032,808
	695,542	First Trust High Yield Opportunities 2027 Term Fund		10,071,448
	34,087	Invesco Advantage Municipal Income Trust II		297,920
	973,130	Invesco Municipal Trust		9,546,405
	718,277	Invesco Trust for Investment Grade Municipals		7,254,598
	1,589	Invesco Trust for Investment Grade New York Municipals		16,637
	186,275	John Hancock Investors Trust		2,548,223
	135,758	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		616,341
	1,179,842	Nuveen AMT-Free Municipal Credit Income Fund		14,464,863
	1,575,017	Nuveen AMT-Free Quality Municipal Income Fund		17,766,192
	725,930	Nuveen California Quality Municipal Income Fund		8,195,750
	500,000	Nuveen Municipal Credit Income Fund		6,085,000
	958,976	Nuveen Municipal Value Fund, Inc.		8,237,604
	1,047,485	Nuveen Quality Municipal Income Fund		12,213,675
	641,078	PGIM Short Duration High Yield Opportunities Fund		10,334,177
	3,386,841	PIMCO High Income Fund		16,460,047
	1,275,940	PIMCO Income Strategy Fund		10,692,377
	2,654,148	PIMCO Income Strategy Fund II		19,773,403
	171,989	The New America High Income Fund, Inc.		1,405,150
	694,366	Western Asset Emerging Markets Debt Fund, Inc.		6,679,801
	1,800,000	Western Asset Inflation-Linked Opportunities & Income Fund		14,886,003
TOTAL CLOSED-END FUNDS
(Cost $198,516,597)				200,996,329
CLOSED-END FUNDS - PREFERRED SHARES - 0.54%
United States - 0.54%
	310,867	Virtus Convertible & Income Fund, 5.630%(a)		6,596,598
TOTAL CLOSED-END FUNDS - PREFERRED SHARES
(Cost $7,645,140)				6,596,598
BUSINESS DEVELOPMENT COMPANIES - 0.31%
United States - 0.31%
	245,862	Oaktree Specialty Lending Corp.		3,756,771
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $3,934,768)				3,756,771
BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 0.93%
United States - 0.93%
	21,224	CION Investment Corp., 7.500%, 12/30/2029		535,482
	246,313	Crescent Capital BDC, Inc., 5.000%, 05/25/2026		6,051,910
	46,046	Oxford Square Capital Corp., 6.250%, 04/30/2026		1,139,638

Shares/Description			Value
	3,750,000	PennantPark Floating Rate Capital, Ltd., 4.250%, 04/01/2026	$	3,631,068
TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES
(Cost $11,546,816)				11,358,098
COMMON STOCKS - 0.00%(b)
Brazil - 0.00%(b)
	21,161	Oi SA		3,174
United States - 0.00%(b)
	259,482	Pershing Square Tontine Holdings(d)(e)		–
	11,202	Riverbed Tech Class B-1 Partnership Units(e)		112
TOTAL COMMON STOCKS
(Cost $111,767)				3,286
OPEN-END FUNDS - 3.02%
United States - 3.02%
	4,213,296	RiverNorth/Oaktree High Income Fund, Class I(f)		37,057,625
TOTAL OPEN-END FUNDS
(Cost $40,124,921)				37,057,625

Principal Amount/Description			Rate			Maturity	Value
FOREIGN CORPORATE BONDS - 2.24%
Australia - 0.28%
$	1,000,000	APA Infrastructure, Ltd.(g)		4.25	%	07/15/2027		984,310
	216,000	Atlassian Corp.		5.25	%	05/15/2029		217,705
	265,000	Commonwealth Bank of Australia(g)		4.32	%	01/10/2048		213,987
	475,000	National Australia Bank, Ltd.(g)		2.99	%	05/21/2031		410,892
	340,000	NBN Co., Ltd.(g)		1.45	%	05/05/2026		325,383
	500,000	Sydney Airport Finance Co. Pty, Ltd.(g)		3.38	%	04/30/2025		497,278
	500,000	Sydney Airport Finance Co. Pty, Ltd.(g)		3.63	%	04/28/2026		491,704
	269,000	Westpac Banking Corp.(h)		1Y US TI + 1.20%		11/20/2035		264,497
								3,405,756
Brazil - 0.10%
	200,000	Banco do Brasil SA(a)(h)(i)		10Y US TI + 4.40%		12/31/2049		200,538
	200,000	CSN Resources SA(i)		5.88	%	04/08/2032		161,583
	159,730	Guara Norte Sarl(i)		5.20	%	06/15/2034		145,925
	241,268	Oi SA(g)(j)		7.50 (6.00)%		06/30/2027		217,350
	524,745	Oi SA(g)(j)		8.50 (8.50)%		12/31/2028		49,851
	200,801	Prumo Participacoes e Investimentos S/A(i)		7.50	%	12/31/2031		199,621
	700,000	Unigel Luxembourg SA(i)(k)		8.75	%	10/01/2026		137,571
	103,000	Vale Overseas, Ltd.		6.40	%	06/28/2054		101,370
								1,213,809
Canada - 0.30%
	13,000	1375209 BC, Ltd.(g)		9.00	%	01/30/2028		13,034
	200,000	Aris Mining Corp.(g)		8.00	%	10/31/2029		198,167
	387,000	Bank of Montreal(h)		5Y US S + 1.43%		12/15/2032		370,284
	170,000	Bausch + Lomb Corp.(g)		8.38	%	10/01/2028		176,163
	50,000	Bausch Health Cos., Inc.(g)		6.13	%	02/01/2027		45,431
	4,000	Bausch Health Cos., Inc.(g)		14.00	%	10/15/2030		3,731

Principal Amount/Description			Rate			Maturity	Value
$	95,000	Bombardier, Inc.(g)		8.75	%	11/15/2030	$	102,237
	25,000	Bombardier, Inc.(g)		7.00	%	06/01/2032		25,463
	1,000,000	Canacol Energy, Ltd.(i)		5.75	%	11/24/2028		557,841
	210,000	CCL Industries, Inc.(g)		3.05	%	06/01/2030		188,600
	253,000	Element Fleet Management Corp.(g)		6.32	%	12/04/2028		263,805
	150,000	Garda World Security Corp.(g)		6.00	%	06/01/2029		142,369
	190,000	Husky Injection Molding Systems, Ltd. / Titan Co.-Borrower LLC(g)		9.00	%	02/15/2029		198,599
	60,000	Kronos Acquisition Holdings, Inc.(g)		8.25	%	06/30/2031		57,290
	70,000	Mattamy Group Corp.(g)		4.63	%	03/01/2030		65,176
	250,000	National Bank of Canada		4.50	%	10/10/2029		243,232
	78,000	South Bow Canadian Infrastructure Holdings, Ltd.(g)(h)		5Y US TI + 3.667%		03/01/2055		80,727
	750,000	TransCanada PipeLines, Ltd.		4.63	%	03/01/2034		698,815
	264,000	Videotron, Ltd.(g)		5.70	%	01/15/2035		259,440
								3,690,404
Cayman Islands - 0.14%
	65,000	Azorra Finance, Ltd.(g)		7.75	%	04/15/2030		64,687
	200,000	Banco Mercantil del Norte SA/Grand Cayman(a)(h)(i)		10Y US TI + 5.35%		Perpetual Maturity		196,487
	118,768	Bioceanico Sovereign Certificate, Ltd.(i)(l)		0.00	%	06/05/2034		91,808
	200,000	Cosan Overseas, Ltd.(a)		8.25	%	Perpetual Maturity		200,000
	255,000	Global Aircraft Leasing Co., Ltd.(g)		8.75	%	09/01/2027		260,391
	62,159	Interoceanica IV Finance, Ltd.(i)(l)		0.00	%	11/30/2025		59,828
	124,092	Lima Metro Line 2 Finance, Ltd.(g)		5.88	%	07/05/2034		123,875
	330,913	Lima Metro Line 2 Finance, Ltd.(i)		5.88	%	07/05/2034		330,332
	480,000	Rutas 2 & 7 Finance, Ltd.(i)(l)		0.00	%	09/30/2036		341,113
	102,000	Transocean Poseidon, Ltd.(g)		6.88	%	02/01/2027		102,387
								1,770,908
Chile - 0.18%
	200,000	CAP SA(i)		3.90	%	04/27/2031		161,400
	197,619	Chile Electricity PEC SpA(i)(l)		0.00	%	01/25/2028		166,593
	900,000	Empresa de Transporte de Pasajeros Metro SA(g)		5.00	%	01/25/2047		786,751
	441,300	GNL Quintero SA(i)		4.63	%	07/31/2029		435,629
	750,000	Transelec SA(i)		3.88	%	01/12/2029		720,919
								2,271,292
Colombia - 0.10%
	200,000	Banco Davivienda SA(a)(g)(h)		10Y US TI + 5.10%		12/31/2049		172,087
	300,000	Bancolombia SA(h)		5Y US TI + 4.32%		12/24/2034		314,395
	500,000	Ecopetrol SA		5.88	%	11/02/2051		336,139
	200,000	Empresas Publicas de Medellin ESP(i)		4.25	%	07/18/2029		178,915
	171,860	Fideicomiso PA Pacifico Tres(i)		8.25	%	01/15/2035		171,431
								1,172,967
Great Britain - 0.14%
	200,000	AngloGold Ashanti Holdings PLC		3.38	%	11/01/2028		184,897
	278,000	Barclays PLC(h)		1D US SOFR + 1.91%		09/10/2035		267,182
	128,000	Macquarie Airfinance Holdings, Ltd.(g)		6.40	%	03/26/2029		131,800
	34,000	Macquarie Airfinance Holdings, Ltd.(g)		5.15	%	03/17/2030		33,318

Principal Amount/Description			Rate			Maturity	Value
$	27,000	Macquarie Airfinance Holdings, Ltd.(g)		6.50	%	03/26/2031	$	27,980
	200,000	NatWest Group PLC(a)(h)		5Y US TI + 2.93%		Perpetual Maturity		197,481
	260,000	NatWest Markets PLC(g)		5.41	%	05/17/2029		263,391
	575,000	Weir Group PLC(g)		2.20	%	05/13/2026		553,249
								1,659,298
Guatemala - 0.02%
	300,000	Banco Industrial SA/Guatemala(h)(i)		5Y US TI + 4.44%		01/29/2031		294,450
India - 0.11%
	332,000	Adani International Container Terminal Pvt, Ltd.(i)		3.00	%	02/16/2031		273,568
	200,000	Adani Transmission Step-One, Ltd.(i)		4.00	%	08/03/2026		183,943
	147,500	JSW Hydro Energy, Ltd.(i)		4.13	%	05/18/2031		133,196
	200,000	JSW Infrastructure, Ltd.(i)		4.95	%	01/21/2029		192,988
	200,000	Network i2i, Ltd.(a)(h)(i)		5Y US TI + 4.27%		Perpetual Maturity		200,470
	250,000	Reliance Industries, Ltd.(i)		4.13	%	01/28/2025		249,784
	96,653	Vedanta Resources, Ltd.(i)		13.88	%	12/09/2028		97,149
								1,331,098
Indonesia - 0.05%
	200,000	Freeport Indonesia PT(i)		4.76	%	04/14/2027		198,282
	200,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT(i)		4.75	%	05/15/2025		199,654
	200,000	Pertamina Persero PT(i)		1.40	%	02/09/2026		191,702
								589,638
Ireland - 0.18%
	190,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		5.10	%	01/19/2029		189,942
	300,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust(h)		5Y US TI + 2.72%		03/10/2055		308,896
	340,000	AIB Group PLC(g)(h)		1D US SOFR + 1.91%		03/28/2035		340,803
	234,000	Avolon Holdings Funding, Ltd.(g)		5.75	%	03/01/2029		236,613
	289,000	Avolon Holdings Funding, Ltd.(g)		5.75	%	11/15/2029		292,683
	120,000	GGAM Finance, Ltd.(g)		6.88	%	04/15/2029		121,811
	200,000	Icon Investments Six DAC		5.85	%	05/08/2029		203,883
	200,000	Icon Investments Six DAC		6.00	%	05/08/2034		202,028
	280,000	Smurfit Kappa Treasury ULC(g)		5.20	%	01/15/2030		281,969
								2,178,628
Isle Of Man - 0.02%
	200,000	Gold Fields Orogen Holdings BVI, Ltd.(i)		6.13	%	05/15/2029		202,702
Jamaica - 0.00%(b)
	36,968	Digicel Group Holdings, Ltd.(g)(l)		0.00	%	12/31/2030		6,567
	802	Digicel Group Holdings, Ltd.(g)(l)		0.00	%	12/31/2030		799
	97,752	Digicel Group Holdings, Ltd.(g)(l)		0.00	%	12/31/2030		2,257
								9,623
Japan - 0.06%
	265,000	Mitsubishi UFJ Financial Group, Inc.(h)		1Y US TI + 1.00%		04/17/2035		265,479
	510,000	Renesas Electronics Corp.(g)		2.17	%	11/25/2026		483,207
								748,686

Principal Amount/Description			Rate			Maturity	Value
Luxembourg - 0.07%
$	236,198	Acu Petroleo Luxembourg Sarl(i)		7.50	%	01/13/2032	$	233,374
	142,000	ArcelorMittal SA		6.00	%	06/17/2034		144,602
	400,000	Simpar Europe SA(i)		5.20	%	01/26/2031		300,792
	173,454	Tierra Mojada Luxembourg II Sarl(i)		5.75	%	12/01/2040		158,860
								837,628
Mexico - 0.12%
	659,912	Alpha Holding SA de CV(g)(k)		9.00	%	02/10/2025		8,249
	188,546	Alpha Holding SA de CV(i)(k)		9.00	%	02/10/2025		2,357
	200,000	Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy(g)		7.88	%	02/15/2039		206,435
	230,400	Cometa Energia SA de CV(i)		6.38	%	04/24/2035		227,940
	200,000	Comision Federal de Electricidad(g)		6.45	%	01/24/2035		188,993
	500,000	Credito Real SAB de CV SOFOM ER(i)(k)		9.50	%	02/07/2026		52,125
	200,000	FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple(g)		7.25	%	01/31/2041		196,140
	600,000	Mexarrend SAPI de CV(g)(k)		10.25	%	07/24/2024		11,100
	200,000	Mexarrend SAPI de CV(i)(k)		10.25	%	07/24/2024		3,700
	115,514	Mexico Generadora de Energia S de rl(i)		5.50	%	12/06/2032		112,002
	700,000	Operadora de Servicios Mega SA de CV Sofom ER(g)(k)		8.25	%	02/11/2025		334,250
	150,000	Petroleos Mexicanos		6.75	%	09/21/2047		103,233
								1,446,524
Netherlands - 0.06%
	200,000	Braskem Netherlands Finance BV(i)		4.50	%	01/31/2030		169,479
	200,000	Enel Finance International NV(g)		5.13	%	06/26/2029		199,885
	200,000	MEGlobal BV(i)		4.25	%	11/03/2026		195,714
	150,420	MV24 Capital BV(i)		6.75	%	06/01/2034		142,767
								707,845
Panama - 0.01%
	200,000	Empresa de Transmision Electrica SA(i)		5.13	%	05/02/2049		142,963
Paraguay - 0.02%
	300,000	Banco Continental SAECA(i)		2.75	%	12/10/2025		290,256
Peru - 0.12%
	90,000	Banco de Credito del Peru S.A.(h)(i)		5Y US TI + 3.00%		07/01/2030		88,308
	150,000	Banco de Credito del Peru S.A.(h)(i)		5Y US TI + 2.45%		09/30/2031		142,234
	200,000	Banco Internacional del Peru SAA Interbank(h)(i)		5Y US TI + 3.71%		07/08/2030		197,529
	200,000	Cia de Minas Buenaventura SAA(i)		5.50	%	07/23/2026		199,985
	200,000	InRetail Consumer(i)		3.25	%	03/22/2028		183,675
	260,000	InRetail Shopping Malls(i)		5.75	%	04/03/2028		257,469
	200,000	Intercorp Financial Services, Inc.(i)		4.13	%	10/19/2027		191,451
	200,000	Orazul Energy Peru SA(i)		5.63	%	04/28/2027		195,104
								1,455,755
Singapore - 0.06%
	200,000	DBS Group Holdings, Ltd.(h)		5Y US TI + 1.10%		03/10/2031		192,563

Principal Amount/Description			Rate			Maturity	Value
$	200,000	Medco Laurel Tree Pte, Ltd.(i)		6.95	%	11/12/2028	$	199,362
	200,000	Oversea-Chinese Banking Corp., Ltd.(h)(i)		5Y US TI + 1.58%		09/10/2030		195,364
	200,000	United Overseas Bank, Ltd.(h)		5Y US TI + 1.52%		03/16/2031		192,312
								779,601
Spain - 0.07%
	250,000	AL Candelaria -spain- SA(i)		5.75	%	06/15/2033		203,337
	400,000	Banco Santander SA(h)		1Y US TI + 0.95%		07/15/2028		402,862
	261,000	CaixaBank SA(g)(h)		1D US SOFR + 2.26%		06/15/2035		263,548
								869,747
Switzerland - 0.02%
	200,000	UBS Group AG(g)(h)		5.38	%	09/06/2045		190,701
Vietnam - 0.01%
	190,613	Mong Duong Finance Holdings BV(i)		5.13	%	05/07/2029		183,356
TOTAL FOREIGN CORPORATE BONDS
(Cost $31,207,993)								27,443,635
U.S. CORPORATE BONDS - 12.70%
Advertising - 0.00%(b)
	50,000	Clear Channel Outdoor Holdings, Inc.(g)		7.50	%	06/01/2029		43,808
Aerospace/Defense - 0.03%
	70,000	AAR Escrow Issuer LLC(g)		6.75	%	03/15/2029		71,051
	70,000	Goat Holdco LLC(g)		6.75	%	02/01/2032		69,394
	265,000	Northrop Grumman Corp.		5.20	%	06/01/2054		246,785
								387,230
Agriculture - 0.06%
	232,000	BAT Capital Corp.		4.54	%	08/15/2047		183,200
	325,000	Bunge, Ltd. Finance Corp.		4.65	%	09/17/2034		306,944
	230,000	Philip Morris International, Inc.		5.25	%	02/13/2034		227,439
								717,583
Airlines - 0.02%
	120,000	American Airlines, Inc.(g)		8.50	%	05/15/2029		126,067
	80,000	JetBlue Airways Corp. / JetBlue Loyalty LP(g)		9.88	%	09/20/2031		85,083
								211,150
Auto Manufacturers - 0.10%
	120,000	Cummins, Inc.		5.45	%	02/20/2054		116,898
	318,000	Ford Motor Co.		3.25	%	02/12/2032		264,565
	312,000	General Motors Financial Co., Inc.		3.10	%	01/12/2032		267,164
	521,000	Hyundai Capital America(g)		5.30	%	01/08/2029		522,259
								1,170,886
Auto Parts & Equipment - 0.03%
	60,000	Dornoch Debt Merger Sub, Inc.(g)		6.63	%	10/15/2029		48,665
	300,000	ZF North America Capital, Inc.(g)		6.88	%	04/23/2032		284,840
								333,505
Banks - 0.44%
	205,000	Bank of America Corp.(h)		1D US SOFR + 1.21%		10/20/2032		173,062
	210,000	Bank of America Corp.(h)		1D US SOFR + 1.65%		01/23/2035		210,325

Principal Amount/Description			Rate			Maturity	Value
$	141,000	Bank of America Corp.(h)		1D US SOFR + 1.74%		10/25/2035	$	137,936
	585,000	Bank of America Corp.(h)		5Y US TI + 1.20%		09/21/2036		476,879
	229,000	Bank of New York Mellon Corp.(h)		1D US SOFR + 1.23%		07/22/2032		228,488
	107,000	Citigroup, Inc.(h)		1D US SOFR + 1.28%		02/24/2028		102,933
	268,000	Citigroup, Inc.(h)		5Y US TI + 1.73%		09/19/2039		255,390
	590,000	Goldman Sachs Group, Inc.(h)		3M CME TERM SOFR + 1.43%		05/15/2026		592,388
	172,000	Goldman Sachs Group, Inc.(h)		1D US SOFR + 0.82%		09/10/2027		172,497
	248,000	Goldman Sachs Group, Inc.(h)		1D US SOFR + 1.55%		07/23/2035		243,496
	153,000	Huntington Bancshares, Inc.(h)		1D US SOFR + 1.276%		01/15/2031		153,171
	68,000	JPMorgan Chase & Co.(h)		1D US SOFR + 1.99%		07/25/2028		67,989
	235,000	JPMorgan Chase & Co.(h)		1D US SOFR + 1.02%		06/01/2029		213,620
	511,000	JPMorgan Chase & Co.(h)		1D US SOFR + 1.46%		07/22/2035		505,803
	126,000	M&T Bank Corp.(h)		1D US SOFR + 2.26%		03/13/2032		129,204
	179,000	Morgan Stanley(h)		1D US SOFR + 1.67%		07/17/2026		178,854
	213,000	Morgan Stanley(h)		1D US SOFR + 1.61%		04/20/2028		209,986
	88,000	Morgan Stanley(h)		1D US SOFR + 1.29%		01/21/2033		75,419
	260,000	Truist Financial Corp.(h)		1D US SOFR + 1.57%		08/05/2032		257,052
	229,000	Wells Fargo & Co.(h)		1D US SOFR + 1.98%		07/25/2028		228,227
	260,000	Wells Fargo & Co.(h)		3M CME TERM SOFR + 1.43%		10/30/2030		234,635
	370,000	Wells Fargo & Co.(h)		1D US SOFR + 2.06%		10/23/2034		393,458
	128,000	Wells Fargo & Co.(a)(h)		5Y US TI + 2.767%		12/31/9999		132,435
								5,373,247
Beverages - 0.02%
	260,000	Keurig Dr Pepper, Inc.		5.20	%	03/15/2031		262,502
Biotechnology - 0.06%
	380,000	Amgen, Inc.		5.75	%	03/02/2063		364,762
	150,000	Gilead Sciences, Inc.		5.55	%	10/15/2053		147,656
	257,000	Royalty Pharma PLC		5.40	%	09/02/2034		250,229
								762,647
Building Materials - 0.07%
	150,000	Builders FirstSource, Inc.(g)		6.38	%	03/01/2034		148,228
	100,000	Cornerstone Building Brands, Inc.(g)		9.50	%	08/15/2029		97,451
	120,000	EMRLD Borrower LP / Emerald Co.-Issuer, Inc.(g)		6.63	%	12/15/2030		120,310
	130,000	Griffon Corp.		5.75	%	03/01/2028		127,565
	120,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC(g)		6.75	%	04/01/2032		120,637
	122,000	Owens Corning		5.70	%	06/15/2034		124,005

Principal Amount/Description			Rate			Maturity	Value
$	60,000	Standard Building Solutions, Inc.(g)		6.50	%	08/15/2032	$	60,148
								798,344
Chemicals - 0.08%
	25,000	Avient Corp.(g)		6.25	%	11/01/2031		24,687
	285,000	CF Industries, Inc.		5.38	%	03/15/2044		265,385
	125,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.(g)		9.00	%	07/01/2028		126,687
	253,000	LYB International Finance III LLC		5.50	%	03/01/2034		248,373
	227,000	Mosaic Co.		5.38	%	11/15/2028		229,744
	75,000	WR Grace Holdings LLC(g)		5.63	%	08/15/2029		69,062
								963,938
Commercial Services - 0.13%
	155,000	Allied Universal Holdco LLC(g)		7.88	%	02/15/2031		158,616
	70,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(g)		9.75	%	07/15/2027		70,557
	65,000	Dcli Bidco LLC(g)		7.75	%	11/15/2029		66,704
	260,000	Global Payments, Inc.		4.95	%	08/15/2027		260,623
	105,000	Mavis Tire Express Services Topco Corp.(g)		6.50	%	05/15/2029		100,807
	261,000	Quanta Services, Inc.		5.25	%	08/09/2034		255,164
	194,000	Triton Container International, Ltd. / TAL International Container Corp.		3.25	%	03/15/2032		164,918
	261,000	Verisk Analytics, Inc.		5.25	%	06/05/2034		258,042
	60,000	Veritiv Operating Co.(g)		10.50	%	11/30/2030		64,183
	65,000	VT Topco, Inc.(g)		8.50	%	08/15/2030		68,925
	75,000	Wand NewCo 3, Inc.(g)		7.63	%	01/30/2032		77,111
	50,000	WASH Multifamily Acquisition, Inc.(g)		5.75	%	04/15/2026		49,848
								1,595,498
Computers - 0.11%
	75,000	Amentum Holdings, Inc.(g)		7.25	%	08/01/2032		75,654
	123,000	Dell, Inc.		6.50	%	04/15/2038		128,794
	649,000	Hewlett Packard Enterprise Co.		5.00	%	10/15/2034		624,143
	347,000	Kyndryl Holdings, Inc.		4.10	%	10/15/2041		275,589
	240,000	NetApp, Inc.		1.88	%	06/22/2025		236,394
								1,340,574
Distribution/Wholesale - 0.02%
	195,000	BCPE Empire Holdings, Inc.(g)		7.63	%	05/01/2027		194,533
	75,000	Dealer Tire LLC / DT Issuer LLC(g)		8.00	%	02/01/2028		73,754
								268,287
Diversified Financial Services - 0.11%
	101,000	Apollo Global Management, Inc.(h)		5Y US TI + 2.17%		12/15/2054		99,679
	395,000	Aviation Capital Group LLC(g)		1.95	%	09/20/2026		375,277
	196,000	Aviation Capital Group LLC(g)		5.38	%	07/15/2029		196,238
	251,000	LPL Holdings, Inc.		6.00	%	05/20/2034		255,710
	140,000	Nationstar Mortgage Holdings, Inc.(g)		5.75	%	11/15/2031		133,962
	150,000	OneMain Finance Corp.		7.50	%	05/15/2031		154,115
	70,000	PennyMac Financial Services, Inc.(g)		7.88	%	12/15/2029		73,405
								1,288,386
Electric - 0.47%
	151,000	AEP Texas, Inc.		5.45	%	05/15/2029		153,021
	257,000	Arizona Public Service Co.		5.70	%	08/15/2034		260,031

Principal Amount/Description			Rate			Maturity	Value
$	250,000	Black Hills Corp.		6.00	%	01/15/2035	$	257,965
	157,000	Dominion Energy, Inc.(h)		5Y US TI + 2.21%		05/15/2055		160,009
	417,000	DTE Energy Co.		5.85	%	06/01/2034		428,348
	248,000	Duke Energy Corp.		5.45	%	06/15/2034		247,834
	325,000	Duke Energy Corp.		3.95	%	08/15/2047		242,614
	85,000	Duke Energy Corp.		5.00	%	08/15/2052		74,269
	134,000	Edison International		5.25	%	03/15/2032		132,642
	130,000	Entergy Arkansas LLC		5.75	%	06/01/2054		128,803
	128,000	Entergy Corp.(h)		5Y US TI + 2.67%		12/01/2054		130,781
	134,000	Eversource Energy		5.50	%	01/01/2034		133,040
	1,000,000	Exelon Corp.		4.05	%	04/15/2030		953,631
	75,000	Lightning Power LLC(g)		7.25	%	08/15/2032		77,334
	750,000	NextEra Energy Capital Holdings, Inc.		2.44	%	01/15/2032		625,711
	122,000	NextEra Energy Capital Holdings, Inc.(h)		5Y US TI + 2.46%		06/15/2054		125,292
	160,000	NRG Energy, Inc.(g)		2.00	%	12/02/2025		155,439
	75,000	NRG Energy, Inc.(g)		6.00	%	02/01/2033		72,902
	236,000	Pacific Gas and Electric Co.		6.95	%	03/15/2034		258,623
	613,000	Pacific Gas and Electric Co.		6.75	%	01/15/2053		668,632
	60,000	Pike Corp.(g)		8.63	%	01/31/2031		63,372
	75,000	San Diego Gas & Electric Co.		5.35	%	04/01/2053		70,659
	195,000	Southwestern Electric Power Co.		3.25	%	11/01/2051		123,667
	95,000	Virginia Electric and Power Co.		5.55	%	08/15/2054		91,953
	85,000	Vistra Operations Co. LLC(g)		7.75	%	10/15/2031		89,250
	70,000	Vistra Operations Co. LLC(g)		6.88	%	04/15/2032		71,741
								5,797,563
Electronics - 0.04%
	134,000	Amphenol Corp.		5.38	%	11/15/2054		127,502
	262,000	Arrow Electronics, Inc.		5.15	%	08/21/2029		261,036
	141,000	Keysight Technologies, Inc.		4.95	%	10/15/2034		135,707
								524,245
Engineering & Construction - 0.03%
	80,000	Brand Industrial Services, Inc.(g)		10.38	%	08/01/2030		81,524
	185,000	Jacobs Engineering Group, Inc.		5.90	%	03/01/2033		187,543
	88,000	MasTec, Inc.		5.90	%	06/15/2029		89,648
								358,715
Entertainment - 0.04%
	170,000	Caesars Entertainment, Inc.(g)		6.00	%	10/15/2032		164,068
	135,000	Light & Wonder International, Inc.(g)		7.25	%	11/15/2029		137,931
	55,000	Scientific Games Holdings LP/Scientific Games US FinCo, Inc.(g)		6.63	%	03/01/2030		52,679
	145,000	Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc.(g)		6.63	%	05/01/2032		147,077
								501,755
Environmental Control - 0.02%
	70,000	Madison IAQ LLC(g)		5.88	%	06/30/2029		66,174
	182,000	Veralto Corp.		5.35	%	09/18/2028		184,404
								250,578
Food - 0.06%
	110,000	Performance Food Group, Inc.(g)		6.13	%	09/15/2032		110,132
	100,000	Post Holdings, Inc.(g)		6.38	%	03/01/2033		98,136
	131,000	The Campbell's Company		5.40	%	03/21/2034		130,428
	280,000	United Natural Foods, Inc.(g)		6.75	%	10/15/2028		276,243
	175,000	US Foods, Inc.(g)		5.75	%	04/15/2033		170,502
								785,441

Principal Amount/Description			Rate			Maturity	Value
Gas - 0.02%
$	265,000	NiSource, Inc.		5.35	%	04/01/2034	$	262,989
Hand/Machine Tools - 0.02%
	105,000	Regal Rexnord Corp.		6.05	%	02/15/2026		106,005
	151,000	Regal Rexnord Corp.		6.05	%	04/15/2028		153,639
								259,644
Healthcare-Products - 0.04%
	100,000	Medline Borrower LP(g)		5.25	%	10/01/2029		96,601
	70,000	Sotera Health Holdings LLC(g)		7.38	%	06/01/2031		71,005
	262,000	Zimmer Biomet Holdings, Inc.		5.20	%	09/15/2034		256,963
								424,569
Healthcare-Services - 0.26%
	425,000	Centene Corp.		2.50	%	03/01/2031		351,805
	95,000	CHS/Community Health Systems, Inc.(g)		6.00	%	01/15/2029		85,167
	75,000	Elevance Health, Inc.		4.55	%	05/15/2052		60,508
	585,000	HCA, Inc.		5.25	%	06/15/2049		506,873
	175,000	IQVIA, Inc.		6.25	%	02/01/2029		181,084
	649,000	Laboratory Corp. of America Holdings		4.80	%	10/01/2034		615,385
	130,000	LifePoint Health, Inc.(g)		4.38	%	02/15/2027		124,699
	155,000	LifePoint Health, Inc.(g)		10.00	%	06/01/2032		157,790
	264,000	Quest Diagnostics, Inc.		5.00	%	12/15/2034		256,446
	91,574	Radiology Partners, Inc.(g)(j)		7.78%    (3.50%)		01/31/2029		90,544
	125,000	Tenet Healthcare Corp.		6.13	%	06/15/2030		124,171
	302,000	UnitedHealth Group, Inc.		5.05	%	04/15/2053		272,148
	90,000	UnitedHealth Group, Inc.		4.95	%	05/15/2062		77,635
	287,000	Universal Health Services, Inc.		4.63	%	10/15/2029		277,111
								3,181,366
Home Builders - 0.02%
	285,000	DR Horton, Inc.		5.00	%	10/15/2034		275,350
Insurance - 0.25%
	95,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(g)		6.75	%	10/15/2027		94,310
	75,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(g)		6.50	%	10/01/2031		74,353
	108,000	American National Group, Inc.		5.75	%	10/01/2029		108,207
	70,000	AmWINS Group, Inc.(g)		4.88	%	06/30/2029		66,054
	40,000	APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves(g)		7.88	%	11/01/2029		40,578
	154,000	Arthur J Gallagher & Co.		4.85	%	12/15/2029		153,363
	331,000	Arthur J Gallagher & Co.		5.15	%	02/15/2035		322,881
	211,000	Athene Global Funding(g)		5.35	%	07/09/2027		213,125
	315,000	Athene Global Funding(g)		4.72	%	10/08/2029		307,457
	267,000	Athene Holding, Ltd.(h)		5Y US TI + 2.61%		10/15/2054		266,174
	376,000	Beacon Funding Trust(g)		6.27	%	08/15/2054		371,756
	130,000	Brighthouse Financial Global Funding(g)		2.00	%	06/28/2028		116,274
	258,000	Brown & Brown, Inc.		5.65	%	06/11/2034		258,458
	134,000	F&G Annuities & Life, Inc.		6.25	%	10/04/2034		130,093
	60,000	HUB International, Ltd.(g)		7.25	%	06/15/2030		61,549
	98,000	Markel Group, Inc.		6.00	%	05/16/2054		97,185
	285,000	Massachusetts Mutual Life Insurance Co.(g)		3.20	%	12/01/2061		169,954

Principal Amount/Description			Rate			Maturity	Value
$	100,000	Panther Escrow Issuer LLC(g)		7.13	%	06/01/2031	$	101,108
	164,000	Willis North America, Inc.		4.50	%	09/15/2028		161,185
								3,114,064
Internet - 0.11%
	274,000	Expedia Group, Inc.		3.80	%	02/15/2028		264,783
	298,000	Meta Platforms, Inc.		4.45	%	08/15/2052		251,335
	191,000	Netflix, Inc.		5.40	%	08/15/2054		185,970
	300,000	Uber Technologies, Inc.(g)		4.50	%	08/15/2029		290,689
	261,000	Uber Technologies, Inc.		4.80	%	09/15/2034		250,008
	60,000	Wayfair LLC(g)		7.25	%	10/31/2029		60,120
								1,302,905
Investment Companies - 7.84%
	129,000	Apollo Debt Solutions BDC(g)		6.70	%	07/29/2031		132,541
	68,000	Ares Capital Corp.		5.95	%	07/15/2029		68,788
	93,000	Ares Strategic Income Fund(g)		5.70	%	03/15/2028		93,018
	5,300,000	BlackRock TCP Capital Corp.		6.95	%	05/30/2029		5,527,094
	6,000,000	Blackstone Private Credit Fund		2.63	%	12/15/2026		5,719,294
	159,000	Blackstone Private Credit Fund(g)		6.00	%	11/22/2034		155,253
	6,800,000	Blue Owl Capital Corp.		3.75	%	07/22/2025		6,745,314
	4,000,000	Blue Owl Capital Corp.		2.88	%	06/11/2028		3,639,692
	5,247,000	Blue Owl Capital Corp. III		3.13	%	04/13/2027		4,952,853
	6,660,000	Blue Owl Credit Income Corp.		5.50	%	03/21/2025		6,661,574
	844	Blue Owl Credit Income Corp.(g)		5.50	%	03/21/2025		844
	2,000,000	Blue Owl Credit Income Corp.		4.70	%	02/08/2027		1,971,984
	3,400,000	Blue Owl Credit Income Corp.		7.75	%	09/16/2027		3,571,319
	2,000,000	Blue Owl Credit Income Corp.		7.95	%	06/13/2028		2,124,482
	7,015,000	Blue Owl Technology Finance Corp.(g)		6.75	%	06/30/2025		7,040,791
	9,550,000	Blue Owl Technology Finance Corp.(g)		4.75	%	12/15/2025		9,450,361
	4,800,000	Blue Owl Technology Finance Corp. II(g)		6.75	%	04/04/2029		4,831,658
	3,000,000	Carlyle Secured Lending, Inc.		6.75	%	02/18/2030		3,062,388
	10,000,000	Franklin BSP Capital Corp.(g)		7.20	%	06/15/2029		10,199,950
	2,300,000	Golub Capital BDC, Inc.		2.05	%	02/15/2027		2,136,063
	8,312,000	New Mountain Finance Corp.		6.88	%	02/01/2029		8,386,496
	8,300,000	Oaktree Specialty Lending Corp.		7.10	%	02/15/2029		8,556,572
	1,000,000	Oaktree Strategic Credit Fund		8.40	%	11/14/2028		1,071,776
								96,100,105
Leisure Time - 0.05%
	175,000	Life Time, Inc.(g)		6.00	%	11/15/2031		173,367
	256,000	Royal Caribbean Cruises, Ltd.(g)		5.38	%	07/15/2027		254,591
	75,000	Royal Caribbean Cruises, Ltd.(g)		6.25	%	03/15/2032		75,956
	35,000	Sabre GLBL, Inc.(g)		8.63	%	06/01/2027		34,554
	15,000	Sabre GLBL, Inc.(g)		10.75	%	11/15/2029		15,531
	90,000	Viking Cruises, Ltd.(g)		9.13	%	07/15/2031		96,872
								650,871
Lodging - 0.05%
	65,000	Full House Resorts, Inc.(g)		8.25	%	02/15/2028		64,821
	261,000	Hyatt Hotels Corp.		5.25	%	06/30/2029		261,315
	265,000	Marriott International, Inc.		5.30	%	05/15/2034		263,123
								589,259
Machinery-Diversified - 0.03%
	257,000	AGCO Corp.		5.80	%	03/21/2034		258,478
	133,000	CNH Industrial Capital LLC		5.10	%	04/20/2029		133,102
								391,580

Principal Amount/Description			Rate			Maturity	Value
Media - 0.07%
$	65,000	CCO Holdings LLC / CCO Holdings Capital Corp.(g)		5.13	%	05/01/2027	$	63,925
	85,000	CCO Holdings LLC / CCO Holdings Capital Corp.(g)		4.75	%	03/01/2030		77,717
	10,000	CCO Holdings LLC / CCO Holdings Capital Corp.(g)		4.75	%	02/01/2032		8,788
	80,000	CCO Holdings LLC / CCO Holdings Capital Corp.(g)		4.25	%	01/15/2034		64,996
	100,000	Charter Communications Operating LLC / Charter Communications Operating Capital		6.10	%	06/01/2029		101,972
	135,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(g)		5.88	%	08/15/2027		131,674
	75,000	DISH DBS Corp.(g)		5.75	%	12/01/2028		64,265
	25,000	DISH DBS Corp.		5.13	%	06/01/2029		16,116
	60,000	Gray Television, Inc.(g)		10.50	%	07/15/2029		60,062
	70,000	McGraw-Hill Education, Inc.(g)		5.75	%	08/01/2028		68,424
	25,000	McGraw-Hill Education, Inc.(g)		7.38	%	09/01/2031		25,617
	70,000	Townsquare Media, Inc.(g)		6.88	%	02/01/2026		69,846
	65,000	Univision Communications, Inc.(g)		7.38	%	06/30/2030		62,266
								815,668
Metal Fabricate/Hardware - 0.01%
	100,000	Advanced Drainage Systems, Inc.(g)		6.38	%	06/15/2030		100,467
Mining - 0.06%
	50,000	Freeport-McMoRan, Inc.		4.38	%	08/01/2028		48,797
	221,000	Glencore Funding LLC(g)		1.63	%	04/27/2026		212,057
	455,000	Glencore Funding LLC(g)		5.37	%	04/04/2029		458,822
	50,000	Southern Copper Corp.		3.88	%	04/23/2025		49,785
								769,461
Oil & Gas - 0.18%
	125,000	Aethon United BR LP / Aethon United Finance Corp.(g)		7.50	%	10/01/2029		127,956
	55,000	Civitas Resources, Inc.(g)		8.38	%	07/01/2028		57,190
	65,000	CNX Resources Corp.(g)		6.00	%	01/15/2029		63,798
	140,000	Devon Energy Corp.		5.75	%	09/15/2054		127,124
	136,000	Expand Energy Corp.		5.70	%	01/15/2035		133,567
	125,000	Gulfport Energy Operating Corp.(g)		6.75	%	09/01/2029		126,028
	75,000	Hilcorp Energy I LP / Hilcorp Finance Co.(g)		7.25	%	02/15/2035		70,576
	100,000	Matador Resources Co.(g)		6.50	%	04/15/2032		99,038
	50,000	Nabors Industries, Inc.(g)		9.13	%	01/31/2030		50,894
	750,000	NiSource, Inc.		3.60	%	05/01/2030		699,985
	60,000	Occidental Petroleum Corp.		5.38	%	01/01/2032		58,788
	65,000	Permian Resources Operating LLC(g)		7.00	%	01/15/2032		66,046
	130,000	Permian Resources Operating LLC(g)		6.25	%	02/01/2033		128,428
	65,000	Sitio Royalties Operating Partnership LP / Sitio Finance Corp.(g)		7.88	%	11/01/2028		67,164
	125,000	SM Energy Co.(g)		7.00	%	08/01/2032		123,362
	55,000	Transocean, Inc.(g)		8.00	%	02/01/2027		55,163
	79,000	Vine Engergy Holdings LLC(g)		6.75	%	04/15/2029		79,928

Principal Amount/Description			Rate			Maturity	Value
$	50,000	Vital Energy, Inc.(g)		7.88	%	04/15/2032	$	48,158
								2,183,193
Oil & Gas Services - 0.02%
	120,000	Archrock Partners LP / Archrock Partners Finance Corp.(g)		6.63	%	09/01/2032		119,964
	120,000	Kodiak Gas Services LLC(g)		7.25	%	02/15/2029		122,519
	50,000	Weatherford International, Ltd.(g)		8.63	%	04/30/2030		51,667
								294,150
Packaging & Containers - 0.07%
	99,000	Berry Global, Inc.(g)		4.88	%	07/15/2026		98,680
	150,000	Berry Global, Inc.(g)		5.65	%	01/15/2034		150,513
	125,000	Clydesdale Acquisition Holdings, Inc.(g)		6.88	%	01/15/2030		126,002
	70,000	Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.(g)		4.38	%	10/15/2028		70,010
	90,000	Sealed Air Corp./Sealed Air Corp US(g)		7.25	%	02/15/2031		92,885
	135,000	Sonoco Products Co.		4.60	%	09/01/2029		131,569
	180,000	Trident TPI Holdings, Inc.(g)		12.75	%	12/31/2028		198,781
								868,440
Pharmaceuticals - 0.12%
	283,000	AbbVie, Inc.		4.70	%	05/14/2045		250,007
	140,000	AbbVie, Inc.		5.50	%	03/15/2064		133,798
	65,000	AdaptHealth LLC(g)		5.13	%	03/01/2030		59,241
	45,000	Bausch Health Cos., Inc.(g)		5.25	%	01/30/2030		24,565
	270,000	Cardinal Health, Inc.		4.60	%	03/15/2043		231,084
	37,000	Cardinal Health, Inc.		4.50	%	11/15/2044		30,628
	260,000	CVS Health Corp.		5.30	%	06/01/2033		249,345
	393,000	CVS Health Corp.		5.88	%	06/01/2053		360,789
	70,000	Owens & Minor, Inc.(g)		6.63	%	04/01/2030		65,705
								1,405,162
Pipelines - 0.45%
	60,000	Blue Racer Midstream LLC / Blue Racer Finance Corp.(g)		7.25	%	07/15/2032		61,698
	130,000	Buckeye Partners LP(g)		6.88	%	07/01/2029		131,706
	283,000	Cheniere Energy Partners LP		4.00	%	03/01/2031		261,883
	265,000	Cheniere Energy, Inc.		4.63	%	10/15/2028		259,437
	141,000	DT Midstream, Inc.(g)		4.13	%	06/15/2029		131,776
	1,000,000	Energy Transfer LP		3.90	%	07/15/2026		987,604
	301,000	Energy Transfer LP		5.00	%	05/15/2044		259,612
	266,000	Energy Transfer LP		5.95	%	05/15/2054		257,321
	130,000	Energy Transfer LP(h)		5Y US TI + 2.83%		10/01/2054		132,424
	128,000	EnLink Midstream LLC		5.38	%	06/01/2029		128,087
	396,000	EnLink Midstream LLC		5.65	%	09/01/2034		394,939
	259,000	Enterprise Products Operating LLC		5.55	%	02/16/2055		249,384
	115,000	Harvest Midstream I LP(g)		7.50	%	05/15/2032		117,218
	138,000	Hess Midstream Operations LP(g)		5.50	%	10/15/2030		134,080
	429,000	Kinder Morgan Energy Partners LP		6.95	%	01/15/2038		465,302
	133,000	Kinetik Holdings LP(g)		5.88	%	06/15/2030		131,012
	260,000	MPLX LP		5.50	%	06/01/2034		256,417
	95,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(g)		8.13	%	02/15/2029		96,340
	301,000	NGPL PipeCo LLC(g)		3.25	%	07/15/2031		259,795
	116,000	ONEOK, Inc.		6.63	%	09/01/2053		122,076

Principal Amount/Description			Rate			Maturity	Value
$	51,000	South Bow USA Infrastructure Holdings LLC(g)		4.91	%	09/01/2027	$	50,845
	60,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.(g)		7.38	%	02/15/2029		60,248
	59,000	Targa Resources Corp.		5.50	%	02/15/2035		58,089
	40,000	Venture Global LNG, Inc.(g)		8.13	%	06/01/2028		41,642
	40,000	Venture Global LNG, Inc.(g)		8.38	%	06/01/2031		41,758
	40,000	Venture Global LNG, Inc.(g)		9.88	%	02/01/2032		43,916
	348,000	Williams Cos., Inc.		5.15	%	03/15/2034		338,539
								5,473,148
Real Estate - 0.01%
	70,000	Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.(g)		7.00	%	04/15/2030		62,176
REITS - 0.29%
	115,000	Agree LP		2.60	%	06/15/2033		92,506
	245,000	Alexandria Real Estate Equities, Inc.		3.00	%	05/18/2051		150,091
	52,000	Alexandria Real Estate Equities, Inc.		5.15	%	04/15/2053		46,430
	383,000	American Homes 4 Rent LP		5.50	%	02/01/2034		381,666
	110,000	American Tower Corp.		5.55	%	07/15/2033		111,001
	678,000	Crown Castle, Inc.		3.65	%	09/01/2027		657,673
	265,000	Extra Space Storage LP		5.40	%	02/01/2034		262,604
	300,000	Host Hotels & Resorts LP		2.90	%	12/15/2031		255,384
	270,000	Host Hotels & Resorts LP		5.70	%	07/01/2034		269,720
	170,000	Iron Mountain, Inc.(g)		7.00	%	02/15/2029		173,827
	25,000	Iron Mountain, Inc.(g)		6.25	%	01/15/2033		24,917
	135,000	Omega Healthcare Investors, Inc.		4.75	%	01/15/2028		133,257
	175,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(g)		7.00	%	02/01/2030		177,740
	198,000	Phillips Edison Grocery Center Operating Partnership I LP		5.75	%	07/15/2034		198,434
	127,000	Sabra Health Care LP		3.20	%	12/01/2031		109,033
	315,000	Sun Communities Operating LP		2.70	%	07/15/2031		265,050
	280,000	VICI Properties LP / VICI Note Co., Inc.(g)		4.63	%	12/01/2029		268,506
								3,577,839
Retail - 0.10%
	50,000	Carvana Co.(g)(j)		9.00% (12.00%)		12/01/2028		53,436
	20,000	Carvana Co.(g)(j)		13.00% (13.00%)		06/01/2030		21,979
	65,000	Cougar JV Subsidiary LLC(g)		8.00	%	05/15/2032		67,535
	75,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(g)		6.75	%	01/15/2030		69,254
	264,000	Genuine Parts Co.		4.95	%	08/15/2029		263,350
	153,000	Lowe's Cos., Inc.		5.63	%	04/15/2053		147,146
	37,000	Macy's Retail Holdings LLC(g)		5.88	%	04/01/2029		36,286
	300,000	McDonald's Corp.		4.45	%	03/01/2047		252,083
	30,000	Michaels Cos., Inc.(g)		5.25	%	05/01/2028		22,685
	25,000	Michaels Cos., Inc.(g)		7.88	%	05/01/2029		15,290
	133,000	O'Reilly Automotive, Inc.		5.00	%	08/19/2034		129,076
	65,000	Staples, Inc.(g)		10.75	%	09/01/2029		64,027
	95,000	Victra Holdings LLC / Victra Finance Corp.(g)		8.75	%	09/15/2029		99,787
								1,241,934

Principal Amount/Description			Rate			Maturity	Value
Semiconductors - 0.12%
$	413,000	Broadcom, Inc.(g)		3.42	%	04/15/2033	$	361,719
	333,000	Broadcom, Inc.(g)		3.19	%	11/15/2036		268,386
	200,000	Foundry JV Holdco LLC(g)		6.40	%	01/25/2038		202,345
	511,000	Marvell Technology, Inc.		5.95	%	09/15/2033		530,760
	152,000	Qorvo, Inc.(g)		3.38	%	04/01/2031		130,126
								1,493,336
Software - 0.17%
	132,000	AppLovin Corp.		5.38	%	12/01/2031		132,097
	70,000	AthenaHealth Group, Inc.(g)		6.50	%	02/15/2030		66,594
	131,000	Cadence Design Systems, Inc.		4.70	%	09/10/2034		125,658
	90,000	Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.(g)		8.00	%	06/15/2029		91,746
	125,000	Ellucian Holdings, Inc.(g)		6.50	%	12/01/2029		125,365
	244,000	Fiserv, Inc.		5.45	%	03/15/2034		244,315
	222,000	Intuit, Inc.		5.50	%	09/15/2053		217,551
	145,000	Oracle Corp.		6.25	%	11/09/2032		153,724
	95,000	Oracle Corp.		3.80	%	11/15/2037		79,367
	458,000	Take-Two Interactive Software, Inc.		4.95	%	03/28/2028		457,880
	60,000	UKG, Inc.(g)		6.88	%	02/01/2031		60,936
	244,000	Workday, Inc.		3.70	%	04/01/2029		232,131
	142,000	Workday, Inc.		3.80	%	04/01/2032		129,276
								2,116,640
Telecommunications - 0.15%
	500,000	AT&T, Inc.		4.30	%	02/15/2030		484,413
	745,000	AT&T, Inc.		3.50	%	09/15/2053		502,115
	90,000	Consolidated Communications, Inc.(g)		5.00	%	10/01/2028		83,856
	50,000	EchoStar Corp.		10.75	%	11/30/2029		53,818
	90,000	Level 3 Financing, Inc.(g)		10.50	%	04/15/2029		100,746
	262,000	Motorola Solutions, Inc.		5.40	%	04/15/2034		262,245
	285,000	T-Mobile USA, Inc.		3.40	%	10/15/2052		190,262
	167,000	T-Mobile USA, Inc.		5.25	%	06/15/2055		151,810
	35,000	Windstream Services LLC / Windstream Escrow Finance Corp.(g)		8.25	%	10/01/2031		36,190
								1,865,455
Transportation - 0.21%
	1,183,000	Burlington Northern Santa Fe LLC		5.20	%	04/15/2054		1,114,281
	668,000	CSX Corp.		3.80	%	11/01/2046		514,134
	130,000	Genesee & Wyoming, Inc.(g)		6.25	%	04/15/2032		130,946
	500,000	Union Pacific Corp.		3.70	%	03/01/2029		480,158
	125,000	Watco Cos. LLC / Watco Finance Corp.(g)		7.13	%	08/01/2032		128,969
	135,000	XPO, Inc.(g)		7.13	%	06/01/2031		138,972
								2,507,460
Trucking & Leasing - 0.04%
	175,000	Fortress Transportation and Infrastructure Investors LLC(g)		5.88	%	04/15/2033		169,070
	154,000	Penske Truck Leasing Co. Lp / PTL Finance Corp.(g)		5.75	%	05/24/2026		155,667

Principal Amount/Description			Rate			Maturity	Value
$	219,000	Penske Truck Leasing Co. LP / PTL Finance Corp.(g)		4.20	%	04/01/2027	$	215,530
								540,267
TOTAL U.S. CORPORATE BONDS
(Cost $155,433,205)								155,603,380
FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%
Colombia - 0.03%
$	600,000	Colombia Government International Bond		4.13	%	05/15/2051		344,931
Guatemala - 0.02%
	300,000	Guatemala Government Bond(i)		4.38	%	06/05/2027		289,200
Mexico - 0.02%
	200,000	Mexico Government International Bond		6.34	%	05/04/2053		178,713
Panama - 0.01%
	300,000	Panama Government International Bond		3.87	%	07/23/2060		157,633
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES
(Cost $1,364,295)								970,477
BANK LOANS - 1.61%(h)
Canada - 0.08%
	389,003	Bausch + Lomb Corp., First Lien		1M SOFR + 3.25%, 0.50% Floor		05/10/2027		390,965
	390,000	Garda World Security Corp., First Lien		3M SOFR + 4.50%		02/01/2029		393,780
	204,488	Kronos Acquisition Holdings, Inc., First Lien		3M SOFR + 4.00%		07/08/2031		193,624
								978,369
Great Britain - 0.00%(b)
	16,154	Inmarsat PLC, First Lien  - B Term Loan		1M CME TERM SOFR + 3.00%		09/23/2026		16,184
Luxembourg - 0.09%
	1,113,384	Travelport Finance Luxembourg SARL 1L, 2021, First Lien  - Initial (Priority) Term Loan		3M SOFR + 8.00%, 1.00% Floor		09/29/2028		1,045,534
Netherlands - 0.00%(b)
	5,736	Lealand Finance Company B.V., First Lien  - Make-Whole Term Loan		1M SOFR + 3.00%		06/28/2024		2,925
	84,638	Lealand Finance Company B.V., First Lien  - Take-Back Term Loan		1M CME TERM SOFR + 9.33%		06/30/2025		34,067
								36,992
United States - 1.44%
	393,982	ADMI Corp., First Lien		1M SOFR + 3.75%, 0.50% Floor		12/23/2027		388,072
	389,025	Alliant Holdings Intermediate LLC, First Lien		1M SOFR + 2.75%		09/19/2031		390,507
	390,000	Allied Universal Holdco LLC, First Lien  - Initial U.S. Dollar Term Loan		1M CME TERM SOFR + 3.75%, 0.50% Floor		05/15/2028		391,759

Principal Amount/Description			Rate		Maturity	Value
$	390,000	Allspring Buyer LLC, First Lien		3M SOFR + 3.25%, 0.50% Floor	11/01/2028	$	391,221
	390,000	Ascend Learning LLC, First Lien		3M SOFR + 3.50%, 0.50% Floor	12/11/2028		392,592
	20,000	Aspire Bakeries 12/23 TL		1M SOFR + 4.25%	12/30/2030		20,225
	1,559,522	Astra Acquisition Corp., Second Lien  - Initial Term Loan		3M SOFR + 8.88%	10/22/2029		110,141
	393,982	Aveanna Healthcare LLC, First Lien		3M SOFR + 0.00%, 0.50% Floor	07/17/2028		391,349
	195,000	Boxer Parent Co., Inc., First Lien		3M SOFR + 3.75%	07/30/2031		196,851
	195,000	Boxer Parent Co., Inc., Second Lien		3M SOFR + 5.75%	07/30/2032		192,401
	389,023	BroadStreet Partners, Inc., First Lien		1M SOFR + 3.00%	06/16/2031		390,808
	390,000	Central Parent LLC, First Lien		3M SOFR + 3.25%	07/06/2029		385,345
	385,000	Chariot Buyer LLC, First Lien		3M SOFR + 3.25%, 0.50% Floor	11/03/2028		387,768
	390,000	CHG PPC Parent LLC, First Lien		1M SOFR + 3.00%, 0.50% Floor	12/08/2028		392,683
	1,630,000	Constant Contact, Inc., Second Lien  - Initial Term Loan		3M SOFR + 7.50%, 0.75% Floor	02/12/2029		1,331,164
	389,025	Cotiviti, Inc., First Lien		1M SOFR + 2.75%	04/30/2031		391,701
	390,000	Cube Industrials 10/24		3M CME TERM + 3.50%	10/09/2031		393,087
	393,969	Deerfield Dakota Holding LLC, First Lien		3M SOFR + 3.75%, 1.00% Floor	04/09/2027		386,213
	100,000	Dexko Global, Inc., First Lien		3M SOFR + 3.75%, 0.50% Floor	10/04/2028		94,788
	390,000	DG Investment Intermediate Holdings 2, Inc., First Lien		1M SOFR + 3.75%, 0.75% Floor	03/31/2028		394,631
	200,000	Directv Financing LLC, First Lien		3M SOFR + 0.00%, 0.75% Floor	08/02/2029		196,766
	195,000	Edelman Financial Engines Center LLC, First Lien		1M SOFR + 3.25%	04/07/2028		196,408
	195,000	Edelman Financial Engines Center LLC, Second Lien		1M SOFR + 5.25%	10/06/2028		197,011
	195,000	EG America LLC, First Lien		3M SOFR + 5.50%, 0.50% Floor	02/07/2028		197,020
	4,752	Epic Creations 10/24 DIP		1M CME TERM SOFR + 3.00%	04/30/2025		4,776
	390,000	Fertitta Entertainment, LLC, First Lien		1M SOFR + 3.50%	01/13/2029		391,930
	352,175	Focus Financial Partners LLC, First Lien		1M SOFR + 3.25%	09/17/2031		355,851
	37,825	Focus Financial Partners LLC, First Lien		3M SOFR + 0.00%	09/17/2031		38,219
	405,000	Gainwell Acquisition Corp., First Lien  - B Term Loan		3M SOFR + 4.00%, 0.75% Floor	10/01/2027		393,300
	195,000	Golden State Foods 10/24		3M SOFR + 4.25%	10/07/2031		196,980
	390,000	Great Outdoors Group LLC, First Lien		1M SOFR + 3.75%, 0.75% Floor	03/06/2028		392,632
	390,000	Hexion Holdings Corp., First Lien		3M SOFR + 4.50%, 0.50% Floor	03/15/2029		390,528
	380,000	INEOS US Petrochem LLC, First Lien		1M SOFR + 4.25%	03/29/2029		383,325
	389,023	Kenan Advantage Group, Inc., First Lien		1M SOFR + 3.25%	01/25/2029		391,942
	395,000	LBM Acquisition LLC, First Lien		1M SOFR + 3.75%, 0.75% Floor	06/06/2031		392,284
	390,000	Mister Car Wash Holdings, Inc., First Lien		1M SOFR + 2.75%	03/27/2031		392,332

Principal Amount/Description			Rate		Maturity	Value
$	194,513	Mitchell International, Inc., First Lien		1M SOFR + 3.25%, 0.50% Floor	06/17/2031	$	194,859
	195,000	Mitchell International, Inc., Second Lien		1M SOFR + 5.25%, 0.50% Floor	06/17/2032		193,376
	95,000	Natgasoline LLC, First Lien  - Initial Term Loan		1M SOFR + 3.63%	11/14/2025		94,525
	205,000	NEP Group, Inc., First Lien		1M SOFR + 3.25%	08/19/2026		187,883
	390,000	OneDigital Borrower LLC, First Lien		1M SOFR + 3.25%, 0.50% Floor	07/02/2031		391,474
	399,000	Radiology Partners 2/24		3M SOFR + 3.50%	01/31/2029		395,309
	400,000	Restaurant Technologies, Inc. TLB 1L		3M SOFR + 4.25%	03/17/2029		393,626
	389,025	Sedgwick Claims Management Services, Inc., First Lien		3M SOFR + 3.00%	07/31/2031		391,851
	193,846	Signia Aerospace 11/24 TL		1M CME TERM SOFR + 3.00%	11/21/2031		194,211
	104,738	Staples, Inc., First Lien		3M SOFR + 5.75%, 0.50% Floor	09/10/2029		100,368
	390,000	STUBHUB HLDGS INC, TL		1M SOFR + 4.75%	03/12/2030		391,463
	200,000	Team Health Holdings, Inc., First Lien		3M SOFR + 5.25%, 1.00% Floor	03/02/2027		193,925
	382,056	Tiger Acquisition LLC, First Lien  - Initial Term Loan		3M SOFR + 3.25%, 0.50% Floor	06/01/2028		383,011
	390,000	Triton Water Holdings, Inc., First Lien  - Initial Term Loan		3M SOFR + 3.25%, 0.50% Floor	03/31/2028		393,561
	195,000	Univision Communications, Inc., First Lien		3M SOFR + 4.25%, 0.50% Floor	06/25/2029		196,158
	194,504	Vantage Specialty Chemicals, Inc., First Lien		1M SOFR + 4.75%, 0.50% Floor	10/26/2026		192,802
	60,000	Veritiv Operating Co., First Lien		3M SOFR + 4.50%	11/29/2030		60,263
	390,000	Wand NewCo 3, Inc., First Lien		1M SOFR + 3.25%	01/30/2031		392,083
	195,000	WaterBridge Midstream Operating LLC, First Lien		3M SOFR + 4.75%	06/27/2029		194,513
	389,025	WaterBridge NDB Operating LLC, First Lien		3M SOFR + 4.50%	05/10/2029		393,715
	410,000	White Cap Supply Holdings LLC, First Lien		1M SOFR + 3.25%	10/31/2029		411,298
							17,664,884
TOTAL BANK LOANS
(Cost $21,460,230)							19,741,963
COLLATERALIZED LOAN OBLIGATIONS - 5.55%
Cayman Islands - 5.18%
		AIMCO CLO Series 2018-A
	500,000	Series 2024-AA(g)(h)		3M CME TERM SOFR + 2.85%	10/17/2037	$	500,000
		Apidos CLO XXIV
	1,000,000	Series 2018-24A(g)(h)		3M CME TERM SOFR + 6.06%	10/20/2030		1,008,176
		Bain Capital Credit CLO 2024-4, Ltd.
	500,000	Series 2024-4A(g)(h)		3M CME TERM SOFR + 3.10%	10/23/2037		503,738
		Barings CLO, Ltd.
	500,000	Series 2018-4A(g)(h)		3M CME TERM SOFR + 6.08%	10/15/2030		503,064
		Barings CLO, Ltd. 2018-III
	1,295,000	Series 2018-3A(g)(h)		3M CME TERM SOFR + 6.01%	07/20/2029		1,304,481

Principal Amount/Description			Rate		Maturity	Value
		Barings CLO, Ltd. 2019-I
$	1,500,000	Series 2021-1A(g)(h)		3M CME TERM SOFR + 7.12%	04/15/2035	$	1,505,692
		Beechwood Park CLO, Ltd.
	500,000	Series 2022-1A(g)(h)		3M CME TERM SOFR + 6.50%	01/17/2035		504,474
		Benefit Street Partners CLO IX, Ltd.
	1,000,000	Series 2024-9A(g)(h)		3M CME TERM SOFR + 3.10%	10/20/2037		1,003,149
		Benefit Street Partners CLO XXXVII, Ltd.
	1,000,000	Series 2024-37A(g)(h)		3M CME TERM SOFR + 2.85%	01/25/2038		1,000,000
		BlueMountain CLO, Ltd.
	500,000	Series 2018-3A(g)(h)		3M CME TERM SOFR + 2.86%	04/20/2031		501,077
		BlueMountain Fuji US CLO II, Ltd.
	1,000,000	Series 2017-2A(g)(h)		3M CME TERM SOFR + 3.26%	10/20/2030		1,007,751
		Buttermilk Park CLO, Ltd.
	1,000,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 6.01%	10/15/2031		1,009,794
		Canyon Capital CLO 2016-2, Ltd.
	500,000	Series 2018-2A(g)(h)		3M CME TERM SOFR + 3.41%	10/15/2031		503,748
		Canyon Capital CLO 2017-1, Ltd.
	500,000	Series 2021-1A(g)(h)		3M CME TERM SOFR + 3.26%	07/15/2030		503,697
		Canyon Capital CLO, Ltd.
	1,000,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 3.01%	01/30/2031		1,008,043
	1,500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 5.76%	01/30/2031		1,474,192
	1,000,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 6.01%	07/15/2031		999,819
	500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 3.06%	07/15/2031		503,690
		Canyon CLO 2020-1, Ltd.
	500,000	Series 2024-1A(g)(h)		3M CME TERM SOFR + 3.10%	07/15/2034		500,000
		Canyon CLO 2021-3, Ltd.
	1,000,000	Series 2021-3A(g)(h)		3M CME TERM SOFR + 3.31%	07/15/2034		1,008,587
		Canyon CLO 2021-4, Ltd.
	1,000,000	Series 2021-4A(g)(h)		3M CME TERM SOFR + 6.56%	10/15/2034		1,008,341
		Carlyle Global Market Strategies CLO, Ltd.
	1,000,000	Series 2018-2RA(g)(h)		3M CME TERM SOFR + 5.61%	05/15/2031		1,000,106
		Carlyle US CLO 2020-2, Ltd.
	2,000,000	Series 2021-2A(g)(h)		3M CME TERM SOFR + 6.96%	01/25/2035		2,029,449
		Carlyle US CLO 2022-5, Ltd.
	500,000	Series 2024-5A(g)(h)		3M CME TERM SOFR + 3.15%	10/15/2037		501,594
		Chenango Park CLO, Ltd.
	500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 3.26%	04/15/2030		503,715

Principal Amount/Description			Rate		Maturity	Value
$	1,000,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 6.06%	04/15/2030	$	1,002,442
		Cook Park CLO, Ltd.
	500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 2.86%	04/17/2030		503,966
		Crown Point CLO IV, Ltd.
	500,000	Series 2018-4A(g)(h)		3M CME TERM SOFR + 2.16%	04/20/2031		500,714
		Dryden 57 CLO, Ltd.
	500,000	Series 2018-57A(g)(h)		3M CME TERM SOFR + 2.81%	05/15/2031		501,122
		Elevation CLO 2021-14, Ltd.
	500,000	Series 2021-14A(g)(h)		3M CME TERM SOFR + 2.56%	10/20/2034		501,721
		Elmwood CLO IX, Ltd.
	500,000	Series 2021-2A(g)(h)		3M CME TERM SOFR + 6.21%	07/20/2034		503,893
		Empower CLO 2022-1, Ltd.
	500,000	Series 2024-1A(g)(h)		3M CME TERM SOFR + 3.00%	10/20/2037		502,015
		Goldentree Loan Management US CLO 3, Ltd.
	500,000	Series 2018-3A(g)(h)		3M CME TERM SOFR + 3.11%	04/20/2030		503,726
		Jamestown CLO XVIII, Ltd.
	1,000,000	Series 2024-18A(g)(h)		3M CME TERM SOFR + 3.75%	07/25/2035		1,012,821
		Lewey Park CLO, Ltd.
	500,000	Series 2024-1A(g)(h)		3M CME TERM SOFR + 2.95%	10/21/2037		501,348
		Marble Point CLO XII, Ltd.
	500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 3.26%	07/16/2031		501,749
		Milos CLO, Ltd.
	500,000	Series 2020-1A(g)(h)		3M CME TERM SOFR + 6.41%	10/20/2030		505,044
		Myers Park CLO, Ltd.
	1,000,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 5.76%	10/20/2030		1,006,415
		Neuberger Berman Loan Advisers CLO 42, Ltd.
	500,000	Series 2021-42A(g)(h)		3M CME TERM SOFR + 6.21%	07/16/2035		503,900
		Neuberger Berman Loan Advisers CLO 44, Ltd.
	1,000,000	Series 2021-44A(g)(h)		3M CME TERM SOFR + 6.26%	10/16/2034		1,010,948
		Point Au Roche Park CLO, Ltd.
	500,000	Series 2021-1A(g)(h)		3M CME TERM SOFR + 6.36%	07/20/2034		504,193
		Rockland Park CLO, Ltd.
	500,000	Series 2021-1A(g)(h)		3M CME TERM SOFR + 6.51%	04/20/2034		504,631
		Sound Point CLO XVIII, Ltd.
	2,000,000	Series 2018-4A(g)(h)		3M CME TERM SOFR + 2.76%	01/21/2031		2,009,141
		Sound Point CLO XXIII
	500,000	Series 2021-2A(g)(h)		3M CME TERM SOFR + 3.56%	07/15/2034		504,282

Principal Amount/Description			Rate		Maturity	Value
		Sound Point CLO XXIV
$	1,375,000	Series 2021-3A(g)(h)		3M CME TERM SOFR + 6.98%	10/25/2034	$	1,211,398
	500,000	Series 2021-3A(g)(h)		3M CME TERM SOFR + 3.76%	10/25/2034		500,300
		Sound Point CLO XXVI, Ltd.
	500,000	Series 2021-1A(g)(h)		3M CME TERM SOFR + 3.61%	07/20/2034		504,427
		Sound Point CLO XXVIII, Ltd.
	1,000,000	Series 2020-3A(g)(h)		3M CME TERM SOFR + 7.16%	01/25/2032		1,003,991
		Sound Point CLO XXXII, Ltd.
	500,000	Series 2021-4A(g)(h)		3M CME TERM SOFR + 3.66%	10/25/2034		504,528
	500,000	Series 2021-4A(g)(h)		3M CME TERM SOFR + 6.96%	10/25/2034		458,137
		Stewart Park CLO, Ltd.
	500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 2.86%	01/15/2030		500,991
		THL Credit Wind River 2017-1 CLO, Ltd.
	1,400,000	Series 2021-1A(g)(h)		3M CME TERM SOFR + 3.98%	04/18/2036		1,412,574
		THL Credit Wind River 2017-3 CLO, Ltd.
	500,000	Series 2021-3A(g)(h)		3M CME TERM SOFR + 7.31%	04/15/2035		491,300
		THL Credit Wind River 2019-1 CLO, Ltd.
	1,150,000	Series 2021-1A(g)(h)		3M CME TERM SOFR + 3.71%	07/20/2034		1,149,821
		THL Credit Wind River CLO, Ltd.
	500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 3.16%	07/15/2030		503,704
	2,000,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 5.76%	07/15/2030		1,996,125
	1,000,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 3.26%	07/18/2031		1,007,515
	1,000,000	Series 2018-2A(g)(h)		3M CME TERM SOFR + 6.01%	07/15/2030		997,802
	2,000,000	Series 2018-3A(g)(h)		3M CME TERM SOFR + 3.21%	01/20/2031		2,015,521
	1,000,000	Series 2018-3A(g)(h)		3M CME TERM SOFR + 6.48%	10/22/2031		936,573
	1,500,000	Series 2018-3A(g)(h)		3M CME TERM SOFR + 3.66%	10/22/2031		1,511,664
		Upland CLO, Ltd.
	500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 3.16%	04/20/2031		503,795
		Vibrant CLO III, Ltd.
	1,050,000	Series 2018-3A(g)(h)		3M CME TERM SOFR + 3.76%	10/20/2031		1,058,310
		Vibrant CLO IV-R, Ltd.
	1,000,000	Series 2024-4RA(g)(h)		3M CME TERM SOFR + 3.75%	10/20/2037		1,005,000
		Voya CLO 2017-2
	1,000,000	Series 2017-2A(g)(h)		3M CME TERM SOFR + 6.28%	06/07/2030		997,654
		Voya CLO 2020-1, Ltd.
	1,000,000	Series 2021-1A(g)(h)		3M CME TERM SOFR + 6.61%	07/16/2034		1,008,935

Principal Amount/Description			Rate			Maturity	Value
		Voya CLO, Ltd.
$	500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 3.06%		04/18/2031	$	503,808
	1,000,000	Series 2018-2A(g)(h)		3M CME TERM SOFR + 3.01%		07/15/2031		1,007,637
	1,000,000	Series 2018-2A(g)(h)		3M CME TERM SOFR + 5.51%		07/15/2031		970,515
	500,000	Series 2018-3A(g)(h)		3M CME TERM SOFR + 6.46%		10/20/2031		501,101
	500,000	Series 2018-4A(g)(h)		3M CME TERM SOFR + 6.21%		07/14/2031		502,226
		Wellfleet CLO 2021-1, Ltd.
	1,000,000	Series 2021-1A(g)(h)		3M CME TERM SOFR + 6.87%		04/20/2034		998,832
		Wind River 2013-1 CLO, Ltd.
	500,000	Series 2017-1A(g)(h)		3M CME TERM SOFR + 3.91%		07/20/2030		503,654
		Wind River 2021-1 CLO, Ltd.
	1,000,000	Series 2024-1A(g)(h)		3M CME TERM SOFR + 3.95%		07/20/2037		1,009,584
		Wind River 2021-2 CLO, Ltd.
	500,000	Series 2021-2A(g)(h)		3M CME TERM SOFR + 6.69%		07/20/2034		467,719
		Wind River 2021-3 CLO, Ltd.
	750,000	Series 2021-3A(g)(h)		3M CME TERM SOFR + 6.86%		07/20/2033		739,586
Jersey - 0.37%
		Bain Capital Credit CLO 2019-4, Ltd.
	500,000	Series 2022-4A(g)(h)		3M CME TERM SOFR + 3.63%		04/23/2035		500,487
		Bain Capital Credit CLO 2022-3, Ltd.
	1,000,000	Series 2022-3A(g)(h)		3M CME TERM SOFR + 7.35%		07/17/2035		1,008,570
		Bain Capital Credit CLO 2023-3, Ltd.
	500,000	Series 2023-3A(g)(h)		3M CME TERM SOFR + 5.25%		07/24/2036		511,403
		Katayma CLO I, Ltd.
	500,000	Series 2023-1A(g)(h)		3M CME TERM SOFR + 5.25%		10/20/2036		510,860
		Storm King Park CLO, Ltd.
	1,000,000	Series 2024-1A(g)(h)		3M CME TERM SOFR + 1.36%		10/15/2037		1,002,099
		Voya CLO 2022-3, Ltd.
	1,000,000	Series 2023-3A(g)(h)		3M CME TERM SOFR + 4.50%		10/20/2036		1,014,709
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $66,971,860)								68,013,303
EQUITY - LINKED NOTES - 0.00%(b)
Spain - 0.00%
	263,093	Inverpamplona SA(c)(d)		0.00	%	12/30/2028		–
TOTAL EQUITY - LINKED NOTES
(Cost $11,250)								–

Principal Amount/Description			Rate			Maturity	Value
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 18.73%
Bermuda - 0.13%
		Shelter Growth CRE Issuer, Ltd.
$	1,050,000	Series 2022-FL4(g)(h)		1M CME TERM SOFR + 4.01%		01/19/2027	$	1,052,392
		Start, Ltd.
	353,765	Series 2018-1(g)		4.09	%	05/15/2025		350,859
		Textainer Marine Containers VII, Ltd.
	242,000	Series 2024-1A(g)		5.25	%	01/20/2036		239,562
Cayman Islands - 3.24%
		Arbor Realty Commercial Real Estate Notes, Ltd.
	1,100,000	Series 2022-FL1(g)(h)		30D US SOFR + 2.30%		01/15/2027		1,096,063
		AREIT
	1,150,000	Series 2022-CRE6(g)(h)		30D US SOFR + 3.40%		01/17/2025		1,143,684
		AREIT, Ltd.
	220,000	Series 2024-CRE9(g)(h)		1M CME TERM SOFR + 2.54%		02/17/2029		220,429
	700,000	Series 2024-CRE9(g)(h)		1M CME TERM SOFR + 4.29%		02/17/2029		699,003
		BRSP, Ltd.
	225,838	Series 2021-FL1(g)(h)		1M CME TERM SOFR + 1.26%		08/19/2038		225,119
		BSPRT Issuer, Ltd.
	1,200,000	Series 2021-FL7(g)(h)		1M CME TERM SOFR + 3.51%		12/15/2038		1,148,011
		Cathedral Lake VIII, Ltd.
	1,000,000	Series 2021-8A(g)(h)		3M CME TERM SOFR + 2.88%		01/20/2035		1,005,053
	1,000,000	Series 2021-8A(g)(h)		3M CME TERM SOFR + 3.68%		01/20/2035		1,009,516
		CIFC Funding 2019-III, Ltd.
	650,000	Series 2021-3A(g)(h)		3M CME TERM SOFR + 7.06%		10/16/2034		658,008
		Dryden 38 Senior Loan Fund
	1,000,000	Series 2018-38A(g)(h)		3M CME TERM SOFR + 5.86%		07/15/2030		985,183
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2018-40A(g)(h)		3M CME TERM SOFR + 6.01%		08/15/2031		933,561
	500,000	Series 2018-40A(g)(h)		3M CME TERM SOFR + 3.36%		08/15/2031		504,525
		Dryden 45 Senior Loan Fund
	1,250,000	Series 2018-45A(g)(h)		3M CME TERM SOFR + 6.11%		10/15/2030		1,233,307
		Greystone CRE Notes, Ltd.
	950,000	Series 2021-FL3(g)(h)		1M CME TERM SOFR + 2.31%		07/15/2039		936,186
		HGI CRE CLO, Ltd.
	1,000,000	Series 2021-FL1(g)(h)		1M CME TERM SOFR + 2.46%		06/16/2036		957,044
		Highbridge Loan Management 4-2014, Ltd.
	500,000	Series 2018-2014(g)(h)		3M CME TERM SOFR + 5.81%		01/28/2030		503,343
		Horizon Aircraft Finance IV, Ltd.
	493,750	Series 2024-1(g)		5.38	%	09/15/2031		480,646

Principal Amount/Description			Rate			Maturity	Value
		Kestrel Aircraft Funding, Ltd.
$	264,469	Series 2018-1A(g)		4.25	%	10/15/2025	$	261,447
		LCM 28, Ltd.
	1,000,000	Series 2018-28A(g)(h)		3M CME TERM SOFR + 6.01%		10/20/2030		861,499
		LCM Loan Income Fund I Income Note Issuer, Ltd.
	500,000	Series 2018-27A(g)(h)		3M CME TERM SOFR + 5.86%		07/16/2031		447,828
		LCM XIV LP
	1,000,000	Series 2018-14A(g)(h)		3M CME TERM SOFR + 3.01%		07/20/2031		1,007,618
	750,000	Series 2018-14A(g)(h)		3M CME TERM SOFR + 5.76%		07/20/2031		590,357
		LCM XVII LP
	1,000,000	Series 2018-17A(g)(h)		3M CME TERM SOFR + 6.26%		10/15/2031		804,043
		LFT CRE, Ltd.
	166,166	Series 2021-FL1(g)(h)		1M CME TERM SOFR + 1.28%		06/15/2039		165,646
		LoanCore Issuer, Ltd.
	625,000	Series 2021-CRE5(g)(h)		1M CME TERM SOFR + 2.46%		07/15/2036		630,179
		MACH 1 Cayman, Ltd.
	694,648	Series 2019-1(g)		3.47	%	08/15/2026		669,922
		Madison Park Funding XXXVIII, Ltd.
	1,000,000	Series 2021-38A(g)(h)		3M CME TERM SOFR + 6.26%		07/17/2034		1,012,295
		Magnetite XXIX, Ltd.
	500,000	Series 2024-29A(g)(h)		3M CME TERM SOFR + 6.00%		07/15/2037		502,911
		Magnetite Xxxiii, Ltd.
	500,000	Series 2024-33A(g)(h)		3M CME TERM SOFR + 3.00%		10/20/2037		501,670
	1,000,000	Series 2024-33A(g)(h)		3M CME TERM SOFR + 5.55%		10/20/2037		999,894
		MF1, Ltd.
	300,000	Series 2021-FL7(g)(h)		1M CME TERM SOFR + 1.86%		10/16/2036		292,470
		Octagon 59, Ltd.
	500,000	Series 2022-1A(g)(h)		3M CME TERM SOFR + 7.60%		05/15/2035		495,376
		Octagon Investment Partners 26, Ltd.
	1,000,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 8.35%		07/15/2030		730,121
		Octagon Investment Partners 37, Ltd.
	500,000	Series 2018-2A(g)(h)		3M CME TERM SOFR + 3.11%		07/25/2030		503,978
		Octagon Investment Partners 40, Ltd.
	500,000	Series 2021-1A(g)(h)		3M CME TERM SOFR + 7.26%		01/20/2035		471,220
		Octagon Investment Partners 42, Ltd.
	1,000,000	Series 2024-3A(g)(h)		3M CME TERM SOFR + 7.53%		07/15/2037		1,004,487

Principal Amount/Description			Rate			Maturity	Value
		Octagon Investment Partners 46, Ltd.
$	1,000,000	Series 2021-2A(g)(h)		3M CME TERM SOFR + 6.86%		07/15/2036	$	910,914
		Octagon Investment Partners XVI, Ltd.
	500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 3.26%		07/17/2030		502,233
	1,000,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 6.01%		07/17/2030		986,242
		Octagon Investment Partners XXI, Ltd.
	1,000,000	Series 2019-1A(g)(h)		3M CME TERM SOFR + 7.26%		02/14/2031		1,003,981
		Octagon Investment Partners XXII, Ltd.
	500,000	Series 2018-1A(g)(h)		3M CME TERM SOFR + 5.71%		01/22/2030		496,387
		PFP, Ltd.
	298,659	Series 2024-11(g)(h)		1M CME TERM SOFR + 2.49%		08/17/2029		299,211
	585,375	Series 2024-11(g)(h)		1M CME TERM SOFR + 2.99%		08/17/2029		586,446
		RR 2, Ltd.
	1,000,000	Series 2021-2A(g)(h)		3M CME TERM SOFR + 6.06%		04/15/2036		1,009,054
		RR 6, Ltd.
	1,000,000	Series 2021-6A(g)(h)		3M CME TERM SOFR + 6.11%		04/15/2036		1,005,899
		Sapphire Aviation Finance I, Ltd.
	209,108	Series 2018-1A(g)		5.93	%	03/15/2025		191,450
		STWD, Ltd.
	1,250,000	Series 2019-FL1(g)(h)		1M CME TERM SOFR + 2.46%		02/15/2025		1,240,767
	550,000	Series 2021-FL2(g)(h)		1M CME TERM SOFR + 2.21%		01/18/2026		533,773
		Thunderbolt II Aircraft Lease, Ltd.
	4,464,286	Series 2018-A(g)(m)		5.07	%	09/15/2038		3,844,054
		TRTX Issuer, Ltd.
	211,068	Series 2021-FL4(g)(h)		1M CME TERM SOFR + 1.31%		03/15/2038		211,016
	1,160,000	Series 2021-FL4(g)(h)		1M CME TERM SOFR + 2.51%		03/15/2038		1,142,365
United States - 15.36%
		Aaset 2021-2 Trust
	353,389	Series 2021-2A(g)		3.54	%	12/15/2028		321,165
		AASET 2024-1
	484,971	Series 2024-1A(g)		6.26	%	05/16/2031		488,012
	1,227,674	Series 2024-1A(g)		6.90	%	05/16/2031		1,248,369
		AASET 2024-2, Ltd.
	982,763	Series 2024-2A(g)		6.61	%	09/16/2031		974,628
		ABFC Trust
	2,372,072	Series 2007-WMC1(h)		1M CME TERM SOFR + 1.36%		06/25/2037		1,691,594
		AMSR
	5,100,000	Series 2020-SFR3(g)		4.99	%	09/17/2025		5,050,636
	5,000,000	Series 2021-SFR1(g)		4.61	%	06/17/2028		4,545,230
		BAMLL Commercial Mortgage Securities Trust
	1,164,000	Series 2013-WBRK(g)(h)		3.53	%	03/10/2025		1,144,212

Principal Amount/Description			Rate			Maturity	Value
		BANK
$	10,291,000	Series 2018-BN12(g)(h)(n)		1.50	%	05/15/2061	$	408,002
	165,000	Series 2022-BNK39(g)		2.50	%	01/15/2032		104,661
	660,000	Series 2022-BNK39		3.18	%	01/15/2032		563,340
		BANK 2019-BNK23
	330,000	Series 2019-BN23		2.92	%	12/15/2052		297,213
		BANK 2020-BNK27
	16,875,000	Series 2020-BN27(g)(h)(n)		0.72	%	04/15/2030		539,612
		BANK 2021-BNK35
	316,000	Series 2021-BN35		2.29	%	07/15/2031		264,940
		BANK 2021-BNK37
	381,000	Series 2021-BN37(h)		3.11	%	11/15/2031		293,799
		Bank of America Merrill Lynch Commercial Mortgage Trust 2016-UBS10
	1,090,000	Series 2016-UB10(h)		4.82	%	05/15/2026		1,049,333
		BANK5
	311,000	Series 2024-5YR10		5.64	%	10/15/2029		311,135
	973,000	Series 2024-5YR10(g)		4.00	%	10/15/2029		818,212
	306,000	Series 2024-5YR9		5.61	%	08/15/2029		311,605
		BBCMS Mortgage Trust
	500,000	Series 2018-C2(h)		4.97	%	12/15/2028		444,568
	519,000	Series 2022-C17		4.44	%	08/15/2032		495,523
	5,542,000	Series 2024-5C27(g)(h)(n)		2.74	%	06/15/2029		592,823
	310,000	Series 2024-5C29		5.21	%	09/15/2029		309,664
	233,000	Series 2024-5C29		5.51	%	09/15/2029		225,320
	450,000	Series 2024-5C29(g)		4.00	%	09/15/2029		376,559
		BBCMS Trust
	3,000,000	Series 2018-CBM(g)(h)		1M CME TERM SOFR + 3.85%		07/15/2037		2,526,739
		BDS LLC
	300,000	Series 2022-FL11(g)(h)		1M CME TERM SOFR + 2.35%		03/19/2039		301,010
		Benchmark Mortgage Trust
	8,622,433	Series 2018-B2(h)(n)		0.45	%	01/15/2028		91,188
	600,000	Series 2018-B2(h)		4.31	%	01/15/2028		519,259
	19,321,071	Series 2018-B4(h)(n)		0.47	%	06/15/2028		241,527
	1,589,000	Series 2018-B4(g)(h)		2.77	%	07/15/2028		1,271,161
	300,000	Series 2019-B13		2.70	%	08/15/2029		270,952
	1,130,000	Series 2019-B9(h)		4.97	%	01/15/2029		957,660
	522,000	Series 2020-B18(g)		4.14	%	08/15/2025		499,680
	1,510,000	Series 2021-B31(g)		2.25	%	11/15/2031		817,623
	592,000	Series 2022-B32(h)		3.41	%	01/15/2032		496,973
	320,000	Series 2024-V10		5.28	%	09/15/2029		321,356
	1,200,000	Series 2024-V10(g)		4.50	%	09/15/2029		1,043,520
	300,000	Series 2024-V8		5.71	%	05/15/2029		306,330
	250,000	Series 2024-V8(g)		4.00	%	07/15/2029		213,804
	305,000	Series 2024-V9		5.60	%	08/15/2029		310,302
		BF Mortgage Trust
	705,000	Series 2019-NYT(g)(h)		1M CME TERM SOFR + 3.30%		12/15/2035		579,642
		Blackbird Capital II Aircraft Lease, Ltd.
	1,054,877	Series 2021-1A(g)		3.47	%	07/15/2028		970,811
		BMO Mortgage Trust
	7,951,000	Series 2022-C1(g)(h)(n)		1.76	%	02/15/2032		808,990
	213,257	Series 2023-C5		5.74	%	02/15/2028		214,020
	309,000	Series 2024-5C6		5.32	%	09/15/2029		310,201
	1,150,000	Series 2024-5C6(g)		4.50	%	09/15/2029		997,343
	207,000	Series 2024-5C7(h)		5.89	%	11/15/2029		210,441
	6,394,000	Series 2024-C9(g)(h)(n)		1.88	%	07/15/2034		868,798

Principal Amount/Description			Rate			Maturity	Value
		BSPRT Issuer, Ltd.
$	300,000	Series 2023-FL10(g)(h)		1M CME TERM SOFR + 3.27%		08/15/2028	$	299,187
		Business Jet Securities 2024-2 LLC
	1,181,045	Series 2024-2A(g)		7.97	%	09/15/2030		1,183,313
		BX Commercial Mortgage Trust
	1,000,000	Series 2019-IMC(g)(h)		1M CME TERM SOFR + 1.95%		04/15/2034		987,828
		BX Trust
	3,042,000	Series 2019-OC11(g)(h)		3.94	%	12/09/2029		2,726,195
	370,000	Series 2021-VIEW(g)(h)		1M CME TERM SOFR + 1.91%		06/15/2036		368,920
	780,000	Series 2021-VIEW(g)(h)		1M CME TERM SOFR + 3.01%		06/15/2036		771,443
		Cantor Commercial Real Estate Lending
	1,113,000	Series 2019-CF1(g)(h)		4.12	%	05/15/2052		441,468
		Carbon Capital VI Commercial Mortgage Trust
	995,228	Series 2019-FL2(g)(h)		1M CME TERM SOFR + 2.96%		10/15/2035		507,099
		Carvana Auto Receivables Trust
	5,300	Series 2021-N1(g)		0.00	%	01/10/2028		548,955
		Cascade MH Asset Trust
	4,601,000	Series 2019-MH1(g)(h)		5.99	%	11/25/2044		4,326,346
		Castlelake Aircraft Securitization Trust
	3,435,888	Series 2018-1(g)		6.63	%	06/15/2043		1,108,434
		Castlelake Aircraft Structured Trust
	2,750,000	Series 2019-1A(g)(h)		0.00	%	04/15/2039		130,625
		Castlelake Aircraft Structured Trust 2021-1
	1,147,643	Series 2021-1A(g)		7.00	%	10/15/2026		1,064,079
		CFCRE Commercial Mortgage Trust
	432,966	Series 2016-C6		2.95	%	08/10/2026		422,292
		Citigroup Commercial Mortgage Trust
	400,000	Series 2015-GC31(h)		4.03	%	06/10/2025		201,636
	225,000	Series 2019-GC41		3.20	%	08/10/2029		191,229
	1,433,000	Series 2020-555(g)(h)		3.50	%	12/10/2029		1,090,025
	546,000	Series 2022-GC48(h)		4.58	%	05/15/2032		529,517
		Citigroup Mortgage Loan Trust
	567,341	Series 2006-WF1(m)		4.52	%	03/25/2036		265,797
		Cologix Data Centers US Issuer LLC
	2,800,000	Series 2021-1A(g)		5.99	%	12/28/2026		2,637,903
	1,606,747	COMM 2015-CR22 XA		0.71	%	03/10/2048		16
		Commercial Mortgage Pass-Through Certificates
	6,446,197	Series 2014-UBS4(g)		3.75	%	08/10/2047		137,693
	11,000	Series 2014-UBS4(g)(h)		0.00	%	08/10/2047		1
	3,959,769	Series 2015-CR26(h)(n)		0.89	%	09/10/2025		7,565
		Compass Datacenters Issuer II LLC
	500,000	Series 2024-2A(g)		6.00	%	08/27/2029		492,738
		CSAB Mortgage-Backed Trust
	8,781,274	Series 2006-2(m)		6.20	%	09/25/2036		557,007
	115,884	Series 2007-1(h)		5.90	%	05/25/2037		25,253

Principal Amount/Description			Rate			Maturity	Value
$	1,120,519	CSAIL 2015-C1 XA		0.45	%	04/15/2050	$	11
		CSAIL Commercial Mortgage Trust
	490,000	Series 2016-C6(h)		4.92	%	04/15/2026		457,849
	1,000,000	Series 2019-C16(h)		4.24	%	06/15/2029		902,001
		CSMC
	350,000	Series 2021-B33(g)(h)		3.65	%	10/10/2031		294,622
		CSMC Trust
	370,000	Series 2017-PFHP(g)(h)		1M CME TERM SOFR + 1.00%		12/15/2030		364,380
		DBJPM 16-C1 Mortgage Trust
	1,309,000	Series 2016-C1(h)		3.32	%	03/10/2026		1,158,566
		Del Amo Fashion Center Trust
	150,000	Series 2017-AMO(g)(h)		3.64	%	06/05/2027		141,194
		Diamond Infrastructure Funding LLC
	2,000,000	Series 2021-1A(g)		3.48	%	12/20/2026		1,859,428
		DOLP Trust
	500,000	Series 2021-NYC(g)(h)		3.70	%	05/10/2031		393,117
		Fannie Mae-Aces
	22,477,002	Series 2019-M12(h)(n)		0.56	%	06/25/2029		318,774
	13,558,231	Series 2019-M24(h)(n)		1.15	%	03/25/2031		667,477
	35,521,732	Series 2019-M7(h)(n)		0.33	%	04/25/2029		417,991
	27,301,630	Series 2020-M10(h)(n)		0.76	%	12/25/2027		273,546
	47,169,617	Series 2020-M10(h)(n)		0.89	%	07/25/2032		1,851,195
	13,092,216	Series 2020-M13(h)(n)		1.23	%	09/25/2030		529,798
	339,467,833	Series 2021-M17(h)(n)		0.08	%	07/25/2031		1,215,736
		FirstKey Homes
	1,100,000	Series 2020-SFR1(g)		4.28	%	09/17/2025		1,086,817
	2,673,354	Series 2022-SFR1(g)		4.15	%	05/17/2027		2,620,754
		FMC GMSR Issuer Trust
	6,000,000	Series 2021-GT1(g)(h)		4.36	%	07/25/2026		5,494,813
	5,000,000	Series 2021-GT2(g)(h)		4.44	%	10/25/2026		4,573,281
	40,978,016	FNA 2021-M23 X1		0.57	%	11/01/2031		624,415
		FREMF Mortgage Trust
	887,222	Series 2016-KF25(g)(h)		30D US SOFR + 5.11%		05/25/2024		885,587
	709,905	Series 2018-KF56(g)(h)		30D US SOFR + 5.91%		11/25/2028		627,597
	1,493,450	Series 2019-KF71(g)(h)		30D US SOFR + 6.11%		10/25/2029		1,441,472
		FRTKL
	4,050,000	Series 2021-SFR1(g)		4.11	%	09/17/2026		3,803,469
		FS Rialto Issuer LLC
	1,200,000	Series 2024-FL9(g)(h)		1M CME TERM SOFR + 3.94%		04/19/2030		1,201,368
		Ginnie Mae Strip
	6,924,244	Series 2020-3(n)		1.40	%	09/16/2045		421,264
		Great Wolf Trust
	820,000	Series 2024-WOLF(g)(h)		1M CME TERM SOFR + 3.64%		03/15/2029		829,593
		GreenSky Home Improvement Issuer Trust
	250,000	Series 2024-2(g)		5.55	%	10/27/2059		249,687
	500,000	Series 2024-2(g)		8.75	%	10/27/2059		510,510
		GS Mortgage Securities Corp. Trust
	1,000,000	Series 2018-RIVR(g)(h)		1M CME TERM SOFR + 1.85%		07/15/2035		10,500
	1,111,000	Series 2021-ARDN(g)(h)		1M CME TERM SOFR + 6.05%		11/15/2026		1,102,634

Principal Amount/Description			Rate			Maturity	Value
		GS Mortgage Securities Trust
$	214,065	Series 2011-GC5(g)(h)(n)		0.00	%	08/10/2044	$	126
	2,417,000	Series 2014-GC26(g)(h)		4.44	%	11/10/2047		1,510,396
	1,110,000	Series 2015-GC28(g)(h)		4.34	%	02/10/2048		1,052,344
	6,677,278	Series 2015-GS1(h)(n)		0.75	%	11/10/2025		25,951
	828,000	Series 2018-GS10(h)		4.36	%	07/10/2028		746,616
	1,954,000	Series 2018-TWR(g)(h)		1M CME TERM SOFR + 4.22%		07/15/2031		29,134
	636,000	Series 2020-GC45(h)		3.41	%	12/13/2029		552,318
		GSAA Home Equity Trust
	1,782,405	Series 2006-13(h)		6.04	%	07/25/2036		514,453
	435,602	Series 2006-18(m)		6.18	%	11/25/2036		104,855
	134,233	Series 2006-6(h)		5.69	%	03/25/2036		36,927
	784,697	Series 2007-2(m)		6.60	%	03/25/2037		177,115
		GSCG Trust
	675,000	Series 2019-600C(g)(h)		3.99	%	09/06/2034		3,375
		Hardee's Funding LLC
	937,500	Series 2018-1A(g)		5.71	%	06/20/2028		920,355
		HIG RCP LLC
	1,400,000	Series 2023-FL1(g)(h)		1M CME TERM SOFR + 3.61%		04/19/2028		1,405,576
		Hilton USA Trust
	900,000	Series 2016-SFP(g)		2.83	%	11/05/2035		703,350
		Houston Galleria Mall Trust
	100,000	Series 2015-HGLR(g)		3.98	%	03/05/2025		98,793
		HSI Asset Securitization Corp. Trust
	5,377,201	Series 2006-HE1(h)		1M CME TERM SOFR + 0.39%		10/25/2036		1,496,848
	1,135,419	Series 2007-NC1(h)		1M CME TERM SOFR + 0.47%		04/25/2037		756,439
		HTL Commercial Mortgage Trust
	300,000	Series 2024-T53(g)(h)		5.88	%	05/10/2027		301,801
		ITE Rail Fund Levered LP
	648,327	Series 2021-3A(g)		2.21	%	06/28/2027		600,336
		J.P. Morgan Chase Commercial Mortgage Securities Trust
	2,092,000	Series 2018-AON(g)(h)		4.61	%	07/05/2031		430,787
	763,684	Series 2019-MFP(g)(h)		1M CME TERM SOFR + 1.71%		07/15/2036		758,430
		JP Morgan BB Commercial Mortgage Securities Trust
	1,665,000	Series 2014-C23(g)(h)		3.36	%	09/15/2047		1,284,798
	2,834,868	Series 2015-C28(h)(n)		0.78	%	03/15/2025		2,615
	6,920,057	Series 2015-C30(h)(n)		0.41	%	07/15/2025		5,422
	2,542,209	Series 2015-C31(h)(n)		0.80	%	08/15/2025		6,509
		JP Morgan Chase Commercial Mortgage Securities Trust
	235,000	Series 2019-UES(g)		4.34	%	05/05/2032		224,673
	1,135,000	Series 2019-UES(g)(h)		4.45	%	05/05/2032		1,037,388
		JP Morgan Mortgage Acquisition Corp.
	161,165	Series 2006-CH2(m)		5.46	%	09/25/2029		94,613
		JP Morgan Mortgage Acquisition Trust
	3,273,643	Series 2006-RM1(h)		1M CME TERM SOFR + 0.59%		08/25/2036		1,436,117
		JPMBB Commercial Mortgage Securities Trust
	2,517,578	Series 2014-C24(h)(n)		0.73	%	11/15/2047		25

Principal Amount/Description			Rate			Maturity	Value
		JPMCC Commercial Mortgage Securities Trust
$	486,000	Series 2017-JP7(h)		3.68	%	07/15/2027	$	395,088
	781,000	Series 2019-COR5		3.87	%	05/13/2029		674,516
		Laurel Road Prime Student Loan Trust
	11,646,624	Series 2020-A(g)		0.00	%	11/25/2050		1,082,251
		Mariner Finance issuance Trust 2024-B
	850,000	Series 2024-BA(g)		4.91	%	10/20/2030		842,733
		Master Asset Backed Securities Trust
	3,734,255	Series 2006-NC3(h)		1M CME TERM SOFR + 0.53%		10/25/2036		1,836,310
		Merrill Lynch Mortgage Investors Trust
	9,736,203	Series 2006-RM3(h)		1M CME TERM SOFR + 0.59%		06/25/2037		2,083,256
		MetroNet Infrastructure Issuer LLC
	1,000,000	Series 2023-1A(g)		8.01	%	02/20/2028		1,021,156
		MF1
	1,000,000	Series 2024-FL15(g)(h)		1M CME TERM SOFR + 4.04%		08/18/2041		1,003,116
		MF1 LLC
	300,000	Series 2023-FL12(g)(h)		1M CME TERM SOFR + 3.18%		09/19/2028		301,464
	1,000,000	Series 2023-FL12(g)(h)		1M CME TERM SOFR + 3.78%		10/19/2028		1,001,861
	1,200,000	Series 2023-FL12(g)(h)		1M CME TERM SOFR + 5.27%		10/19/2028		1,215,486
	300,000	Series 2024-FL14(g)(h)		1M CME TERM SOFR + 2.24%		03/19/2039		301,463
	1,350,000	Series 2024-FL14(g)(h)		1M CME TERM SOFR + 4.84%		03/19/2039		1,371,131
	900,000	Series 2024-FL14(g)(h)		1M CME TERM SOFR + 6.29%		03/19/2039		908,432
		MFT Trust
	2,010,000	Series 2020-ABC(g)(h)		3.48	%	02/10/2030		800,741
		Morgan Stanley Capital I Trust
	1,034,402	Series 2016-UB11 XA(h)(n)		1.43	%	08/15/2026		17,293
	1,117,000	Series 2018-L1(h)		4.78	%	10/15/2028		1,037,815
	750,000	Series 2019-H7		4.13	%	07/15/2029		664,081
	400,000	Series 2021-L6(h)		3.46	%	07/15/2031		318,982
	10,249,000	Series 2021-L7(g)(h)(n)		0.92	%	10/15/2031		532,640
		Morgan Stanley Mortgage Loan Trust
	317,981	Series 2007-3XS(m)		6.20	%	01/25/2047		113,625
		Mosaic Solar Loan Trust
	43,052	Series 2017-1A(g)		4.45	%	06/20/2042		41,922
	197,962	Series 2018-1A(g)		4.01	%	08/20/2030		184,680
	287,997	Series 2020-2A(g)		3.00	%	06/20/2025		266,216
		MVW 2021-1W LLC
	312,026	Series 2021-1WA(g)		1.94	%	01/22/2041		296,428
	361,950	Series 2021-1WA(g)		3.17	%	01/22/2041		341,057
		Navient Private Education Refi Loan Trust
	313,412	Series 2018-A(g)		3.68	%	11/17/2025		306,157
		NJ Trust
	275,000	Series 2023-GSP(g)(h)		6.48	%	01/06/2029		286,459

Principal Amount/Description			Rate			Maturity	Value
		Pagaya AI Debt Selection Trust
$	81,077	Series 2021-2(g)		3.00	%	01/25/2029	$	80,116
	2,000,000	Series 2021-5(g)		0.00	%	08/15/2029		75,026
		Pagaya AI Debt Trust
	1,249,989	Series 2023-5(g)		9.10	%	04/15/2031		1,279,262
		PAGAYA AI Debt Trust
	154,039	Series 2022-2(g)(h)		6.63	%	01/15/2030		154,388
		People's Choice Home Loan Securities Trust
	5,000,000	Series 2005-4(h)		1M CME TERM SOFR + 0.76%		12/25/2035		3,429,563
		Progress Residential
	2,500,000	Series 2021-SFR3(g)		4.75	%	05/17/2026		2,423,293
		Progress Residential
	6,900,000	Series 2021-SFR8(g)		4.01	%	10/17/2026		6,431,905
	5,000,000	Series 2024-SFR2(g)(h)		3.65	%	04/17/2029		4,485,235
		Ready Capital Mortgage Financing LLC
	1,000,000	Series 2021-FL6(g)(h)		1M CME TERM SOFR + 2.51%		07/25/2026		983,105
	1,000,000	Series 2022-FL10(g)(h)		1M CME TERM SOFR + 4.27%		07/25/2027		1,007,212
	900,000	Series 2023-FL12(g)(h)		1M CME TERM SOFR + 4.55%		04/25/2027		897,899
		Retained Vantage Data Centers Issuer LLC
	2,500,000	Series 2023-1A(g)		5.75	%	09/15/2028		2,449,152
		Sapphire Aviation Finance II, Ltd.
	290,353	Series 2020-1A(g)		3.23	%	03/15/2027		274,277
		Signal Rail I LLC
	433,930	Series 2021-1(g)		2.23	%	08/17/2028		393,906
		SLG Office Trust
	550,000	Series 2021-OVA(g)		2.85	%	07/15/2031		443,359
		SMB Private Education Loan Trust
	100,085	Series 2018-B(g)(h)		1M CME TERM SOFR + 0.83%		08/15/2027		99,816
	968	Series 2021-A(g)		0.00	%	01/15/2053		1,744,779
		Sofi Alternative Consumer Loan Program
	50,000	Series 2021-2(g)		0.00	%	08/15/2030		208,968
		Sofi Professional Loan Program Trust
	80,000	Series 2018-C(g)		0.00	%	01/25/2048		631,169
		Sofi Professional Loan Program, LLC
	32,412	Series 2018-A(g)		0.00	%	02/25/2042		245,180
		SoFi Professional Loan Program, LLC
	300,000	Series 2017-D(g)		3.61	%	09/25/2040		278,620
		Sprite, Ltd.
	295,409	Series 2021-1(g)		3.75	%	10/15/2028		283,420
		STWD Mortgage Trust
	380,000	Series 2021-HTS(g)(h)		1M CME TERM SOFR + 1.51%		04/15/2034		375,652
		Subway Funding LLC
	250,000	Series 2024-1A(g)		6.51	%	07/30/2034		256,660
		Sunnova Helios VII Issuer LLC
	1,017,730	Series 2021-C(g)		2.63	%	10/20/2028		682,698
		Sunnova Sol III Issuer LLC
	1,198,308	Series 2021-1(g)		2.58	%	04/30/2031		943,537

Principal Amount/Description			Rate			Maturity	Value
		Sunnova Sol Issuer LLC
$	849,396	Series 2020-1A(g)		3.35	%	01/30/2030	$	713,522
		Switch ABS Issuer LLC
	1,000,000	Series 2024-2A(g)		5.44	%	06/25/2029		995,377
	1,000,000	Series 2024-2A(g)		10.03	%	06/25/2029		1,031,016
		TIF Funding II LLC
	274,750	Series 2021-1A(g)		1.65	%	02/20/2031		243,268
		Tricon Residential
	3,700,000	Series 2021-SFR1(g)		4.13	%	07/17/2026		3,549,506
		UBS Commercial Mortgage Trust
	31,908,500	Series 2017-C3(h)(n)		0.42	%	08/15/2050		360,751
	350,000	Series 2017-C4(h)		4.24	%	09/15/2027		326,426
	530,000	Series 2018-C11(h)		4.71	%	06/15/2028		486,222
	1,023,000	Series 2018-C13(h)		4.98	%	10/15/2028		916,551
	1,099,000	Series 2018-C8(h)		4.68	%	02/15/2028		973,094
		UBS-Barclays Commercial Mortgage Trust
	1,618,000	Series 2013-C5(g)(h)		3.72	%	03/10/2046		1,256,055
		Upstart Pass-Through Trust
	22,766	Series 2021-ST1(g)		2.75	%	02/20/2027		22,537
	57,436	Series 2021-ST2(g)		2.50	%	04/20/2027		56,809
		Upstart Securitization Trust
	2,000	Series 2021-2		0.00	%	06/20/2031		173,588
	1,000,000	Series 2021-4(g)		3.19	%	03/20/2026		967,334
		US Auto Funding 2021-1
	526,138	Series 2021-1A(g)		2.20	%	05/15/2026		493,769
		Vault DI Issuer LLC
	750,000	Series 2021-1A(g)		2.80	%	07/15/2026		708,677
		VEGAS Trust
	154,000	Series 2024-TI(g)		5.52	%	11/10/2027		154,505
		Velocity Commercial Capital Loan Trust
	166,439	Series 2018-2(g)(h)		4.05	%	10/26/2048		161,071
	385,182	Series 2019-1(g)(h)		3.94	%	01/25/2027		349,911
	198,980	Series 2019-1(g)(h)		4.01	%	07/25/2027		175,640
	154,388	Series 2019-1(g)(h)		4.12	%	11/25/2027		134,426
	1,315,113	Series 2021-2(g)(h)		4.92	%	12/25/2030		945,755
		VOLT XCVI LLC
	4,180,562	Series 2021-NPL5(g)(m)		4.83	%	03/27/2051		4,151,701
		Wachovia Bank Commercial Mortgage Trust
	667	Series 2006-C29(h)(n)		0.29	%	11/15/2048		2
		Wells Fargo Commercial Mortgage Trust
	1,245,000	Series 2015-NXS4(h)		3.67	%	11/15/2025		1,118,166
	1,000,000	Series 2016-C33(g)		3.12	%	03/15/2059		849,059
	5,628,945	Series 2016-C37(g)(h)(n)		1.60	%	12/15/2049		147,178
	1,100,000	Series 2018-C45		4.73	%	06/15/2028		1,016,303
	710,000	Series 2019-JWDR(g)(h)		4.56	%	09/15/2026		688,019
	134,000	Series 2020-C55		3.14	%	02/15/2030		117,184
	830,000	Series 2021-C61		3.31	%	07/15/2031		669,401
		WFRBS Commercial Mortgage Trust
	140,822	Series 2013-C14		3.49	%	06/15/2046		136,716
		WF-RBS Commercial Mortgage Trust
	113,215	Series 2014-C21(h)(n)		0.50	%	08/15/2047		225
	453,900	Series 2014-C22(h)(n)		0.28	%	09/15/2057		4
		Willis Engine Structured Trust V
	749,744	Series 2020-A(g)		3.23	%	03/15/2028		706,352

Principal Amount/Description			Rate			Maturity	Value
		Willis Engine Structured Trust VI
$	1,591,421	Series 2021-A(g)		7.39	%	05/15/2029	$	1,579,600
	290,510	Zephyrus Capital Aviation Tl		4.61	%	10/15/2038		281,374
TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $270,942,742)								229,449,877
U.S. GOVERNMENT BONDS AND NOTES - 7.35%
United States - 7.35%
	3,800,000	U.S. Treasury Bonds		0.63	%	05/15/2030		3,118,927
	8,150,000	U.S. Treasury Bonds		0.88	%	11/15/2030		6,670,114
	5,100,000	U.S. Treasury Bonds		1.13	%	08/15/2040		3,043,946
	11,400,000	U.S. Treasury Bonds		1.88	%	02/15/2041		7,641,659
	6,550,000	U.S. Treasury Bonds		1.75	%	08/15/2041		4,244,029
	16,400,000	U.S. Treasury Bonds		1.25	%	05/15/2050		7,780,117
	29,200,000	U.S. Treasury Bonds		1.38	%	08/15/2050		14,248,774
	16,400,000	U.S. Treasury Bonds		1.88	%	02/15/2051		9,123,679
	3,100,000	U.S. Treasury Bonds		4.25	%	08/15/2054		2,831,649
	9,000,000	U.S. Treasury Notes		0.75	%	03/31/2026		8,621,958
	5,000,000	U.S. Treasury Notes		4.38	%	07/31/2026		5,009,031
	15,800,000	U.S. Treasury Notes		0.75	%	01/31/2028		14,199,335
	4,350,000	U.S. Treasury Notes		0.63	%	08/15/2030		3,533,630
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $91,612,457)								90,066,848
MORTGAGE-BACKED SECURITIES - 3.97%
United States - 3.97%
		Fannie Mae Pool
	1,591,282	Series 2021-		2.00	%	05/01/2051		1,263,738
	2,741,766	Series 2021-		2.50	%	08/01/2051		2,267,030
	2,405,533	Series 2023-		2.50	%	03/01/2052		1,986,900
	2,318,085	Series 2023-		2.50	%	04/01/2052		1,911,780
	1,299,456	Series 2023-		6.00	%	05/01/2053		1,315,285
	1,962,590	Series 2023-		6.00	%	10/01/2053		1,989,508
	2,758,000	Series 2024-		4.97	%	07/01/2031		2,760,123
	1,812,777	Series 2024-		5.50	%	03/01/2054		1,806,755
	1,786,791	Series 2024-		5.50	%	06/01/2054		1,787,158
	1,388,511	Series 2024-		6.00	%	06/01/2054		1,404,941
	1,026,153	Series 2024-		6.00	%	08/01/2054		1,045,172
		Freddie Mac Pool
	1,525,015	Series 2021-		2.00	%	05/01/2051		1,196,210
	2,468,729	Series 2022-		3.00	%	03/01/2052		2,128,177
	2,155,973	Series 2022-		4.50	%	09/01/2052		2,032,745
	893,761	Series 2023-		2.00	%	02/01/2052		708,017
	1,375,382	Series 2023-		5.50	%	04/01/2053		1,377,097
	1,465,959	Series 2023-		5.00	%	05/01/2053		1,424,044
	1,978,677	Series 2023-		5.00	%	06/01/2053		1,929,764
	1,843,626	Series 2023-		5.00	%	07/01/2053		1,791,034
	3,382,254	Series 2023-		5.50	%	08/01/2053		3,361,389
	1,337,039	Series 2023-		6.00	%	11/01/2053		1,369,410
	839,275	Series 2024-		6.00	%	02/01/2054		859,590
	2,041,982	Series 2024-		5.50	%	02/01/2054		2,037,466
	928,470	Series 2024-		6.00	%	04/01/2054		940,550
	1,482,784	Series 2024-		5.50	%	12/01/2054		1,464,587
		Ginnie Mae I Pool
	2,740,137	Series 2012-		3.50	%	09/15/2042		2,498,781
		Ginnie Mae II Pool
	2,530,995	Series 2021-		3.00	%	11/20/2051		2,183,323

Principal Amount/Description			Rate			Maturity	Value
$	2,085,350	Series 2022-		3.00	%	04/20/2052	$	1,803,186
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $49,227,863)								48,643,760
U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 21.83%
United States - 21.83%
		Alternative Loan Trust
	117,416	Series 2005-20CB		5.50	%	07/25/2035		92,695
	55,668	Series 2005-54CB		5.50	%	11/25/2035		29,936
	545,845	Series 2005-85CB(h)		1M CME TERM SOFR + 1.21%		02/25/2036		427,430
	115,274	Series 2005-85CB(h)		21.21% - 1M CME TERM SOFR		02/25/2036		80,881
	171,521	Series 2005-86CB		5.50	%	02/25/2036		99,186
	122,261	Series 2005-9CB(h)		1M CME TERM SOFR + 0.61%		05/25/2035		107,295
	217,135	Series 2005-9CB(h)(n)		4.94% - 1M CME TERM SOFR		05/25/2035		5,030
	1,008,885	Series 2006-15CB		6.50	%	06/25/2036		460,904
	95,347	Series 2006-30T1		6.25	%	11/25/2036		70,066
	92,233	Series 2006-32CB		5.50	%	11/25/2036		49,604
	220,391	Series 2006-36T2(h)		27.59% - 1M CME TERM SOFR		12/25/2036		117,998
	799,769	Series 2007-19		6.00	%	08/25/2037		383,432
	2,631,044	Series 2007-20		6.25	%	08/25/2047		1,420,868
	738,931	Series 2007-23CB(h)		1M CME TERM SOFR + 0.61%		09/25/2037		268,738
	705,556	Series 2007-23CB(h)(n)		6.39% - 1M CME TERM SOFR		09/25/2037		83,825
		American Home Mortgage Investment Trust
	157,985	Series 2007-A(g)(m)		6.60	%	01/25/2037		22,280
		Banc of America Funding
	1,429,432	Series 2014-R8(g)(h)		1M CME TERM SOFR + 0.35%		12/26/2024		1,125,633
		Banc of America Funding Trust
	25,665	Series 2006-2		5.50	%	03/25/2036		24,842
		BCAP, LLC Trust
	94,243	Series 2007-AA2(h)		7.50	%	04/25/2037		47,714
	61,146	Series 2007-AA2		6.00	%	04/25/2037		27,368
	4,592,316	Series 2010-RR6(g)(h)		2.86	%	07/26/2036		2,170,643
		Bear Stearns ALT-A Trust
	648,851	Series 2006-6(h)		4.41	%	11/25/2036		272,245
		Bear Stearns Asset-Backed Securities Trust
	1,079,002	Series 2006-AC1(m)		6.25	%	02/25/2036		494,277
		Bear Stearns Structured Products, Inc.
	6,795,293	Series 2008-R2(g)(h)		4.25	%	06/25/2047		5,710,741
		Chase Mortgage Finance Trust
	3,081,419	Series 2007-S2		6.00	%	03/25/2037		1,641,727
	329,549	Series 2007-S3		5.50	%	05/25/2037		3
	4,293,401	Series 2007-S4		6.00	%	06/25/2037		1,739,560
		ChaseFlex Trust Series
	3,065,701	Series 2007-M1(h)		1M CME TERM SOFR + 0.57%		08/25/2037		2,523,642
		Citicorp Mortgage Securities Trust
	256,304	Series 2007-1		6.00	%	01/25/2037		230,263

Principal Amount/Description			Rate			Maturity	Value
		Citigroup Mortgage Loan Trust
$	65,167	Series 2009-12(g)		5.50	%	11/25/2035	$	53,591
	143,601	Series 2009-4(g)(h)		5.48	%	05/25/2035		138,091
		CitiMortgage Alternative Loan Trust
	278,224	Series 2007-A1		6.00	%	01/25/2037		242,656
	54,805	Series 2007-A1(h)(n)		5.29% - 1M CME TERM SOFR		01/25/2037		2,600
	40,158	Series 2007-A3(h)		6.00	%	03/25/2037		34,134
	92,416	Series 2007-A3(h)(n)		5.29% - 1M CME TERM SOFR		03/25/2037		4,347
	284,163	Series 2007-A6		5.50	%	06/25/2037		232,095
		Connecticut Avenue Securities Trust
	3,251,634	Series 2019-R05(g)(h)		30D US SOFR + 4.21%		07/25/2039		3,386,527
	4,250,000	Series 2022-R02(g)(h)		30D US SOFR + 7.65%		01/25/2027		4,624,572
	3,685,000	Series 2022-R03(g)(h)		30D US SOFR + 9.85%		03/25/2042		4,207,482
	4,125,000	Series 2023-R06(g)(h)		30D US SOFR + 3.90%		07/25/2043		4,393,125
	1,175,708	Series 2024-R03(g)(h)		30D US SOFR + 1.15%		03/25/2044		1,177,545
	5,000,000	Series 2024-R03(g)(h)		30D US SOFR + 2.80%		03/25/2044		5,159,375
	1,106,387	Series 2024-R05(g)(h)		30D US SOFR + 1.00%		07/25/2044		1,107,770
		Countrywide Home Loan Mortgage Pass-Through Trust
	945,205	Series 2005-HYB7(h)		4.62	%	11/20/2035		857,957
	19,777	Series 2005-J4		5.50	%	11/25/2035		16,074
	1,151,642	Series 2006-18		6.00	%	12/25/2036		628,170
	126,364	Series 2007-17		6.00	%	10/25/2037		86,158
	199,329	Series 2007-3		6.00	%	04/25/2037		95,171
	219,846	Series 2007-7		5.75	%	06/25/2037		104,679
		Credit Suisse First Boston Mortgage Securities Corp.
	38,104	Series 2005-10		5.50	%	11/25/2035		27,682
	20,033	Series 2005-8		5.50	%	08/25/2025		14,227
	4,005,056	Series 2005-9		6.00	%	10/25/2035		1,187,508
		Credit Suisse Mortgage Capital Certificates
	1,716,092	Series 2006-2		5.75	%	03/25/2036		891,625
		Csmc 2021-Nqm6 Trust
	900,000	Series 2021-NQM6(g)(h)		2.58	%	07/25/2066		625,462
		CSMC Mortgage-Backed Trust
	143,575	Series 2006-1		6.00	%	02/25/2036		39,184
	13,043	Series 2006-4		5.50	%	03/25/2038		7,501
	778,648	Series 2006-5		6.25	%	06/25/2036		118,097
	54,637	Series 2006-9		6.00	%	11/25/2036		32,653
	3,594	Series 2007-2		5.00	%	03/25/2037		2,626
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	161,944	Series 2005-6(h)(n)		4.97% - 1M CME TERM SOFR		12/25/2035		5,941
	71,053	Series 2005-6(h)		1M CME TERM SOFR + 1.51%		12/25/2035		56,612

Principal Amount/Description			Rate			Maturity	Value
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
$	84,484	Series 2006-PR1(g)(h)		11.96% - 1M CME TERM SOFR		04/15/2036	$	72,098
		Fannie Mae Interest Strip
	5,276,659	Series 2014-419(n)		3.50	%	04/25/2044		767,143
		Fannie Mae Pool
	3,642,137	Series 2021-		3.00	%	10/01/2046		3,162,262
	1,770,695	Series 2021-		3.00	%	12/01/2048		1,528,784
	3,000,937	Series 2022-		3.50	%	11/01/2050		2,694,356
	1,420,283	Series 2022-		5.00	%	07/01/2052		1,374,536
	3,000,000	Series Pool #BL5156		2.37	%	12/01/2029		2,686,467
		Fannie Mae REMICS
	4,521,857	Series 2014-1(h)(n)		5.79% - 30D US SOFR		02/25/2044		412,496
	5,011,090	Series 2015-54(h)(n)		6.04% - 30D US SOFR		07/25/2045		464,708
	8,343,327	Series 2020-74(h)(n)		4.10% - 30D US SOFR		10/25/2050		279,264
	17,271,216	Series 2020-77(h)(n)		4.10% - 30D SOFR		11/25/2050		530,760
	9,438,821	Series 2020-96(n)		3.00	%	01/25/2051		1,731,087
	2,049,601	Series 2021-48(h)(n)		3.65% - 30D US SOFR		08/25/2051		36,742
	13,548,666	Series 2021-56(n)		2.50	%	09/25/2051		1,837,034
	9,783,321	Series 2022-22		2.50	%	05/25/2052		6,450,683
	15,244,945	Series 2024-61		1.75	%	12/25/2051		7,519,859
		Federal Home Loan Mortgage Corp. Pool
	89,778	Series Pool #G01840		5.00	%	07/01/2035		89,194
	35,480	Series Pool #G04817		5.00	%	09/01/2038		35,415
		Federal Home Loan Mortgage Corp. REMICS
	438,990	Series 2003-2722(h)		9.76% - 30D US SOFR		12/15/2033		444,571
	696,830	Series 2006-3244(h)(n)		6.55% - 30D US SOFR		11/15/2036		62,104
	32,354	Series 2007-3261(h)(n)		6.32% - 30D US SOFR		01/15/2037		2,761
	55,951	Series 2007-3262(h)(n)		6.29% - 30D US SOFR		01/15/2037		3,229
	297,390	Series 2007-3301(h)(n)		5.99% - 30D US SOFR		04/15/2037		21,477
	210,059	Series 2007-3303(h)(n)		5.99% - 30D US SOFR		04/15/2037		16,685
	52,868	Series 2007-3382(h)(n)		5.89% - 30D US SOFR		11/15/2037		3,199
	180,965	Series 2007-3384(h)(n)		6.20% - 30D US SOFR		08/15/2036		14,333
	62,684	Series 2007-3384(h)(n)		6.28% - 30D US SOFR		11/15/2037		3,605
	20,986	Series 2008-3417(h)(n)		6.07% - 30D US SOFR		02/15/2038		1,444
	842,312	Series 2008-3423(h)(n)		5.89% - 30D US SOFR		03/15/2038		2,176
	65,257	Series 2008-3423(h)(n)		5.54% - 30D US SOFR		03/15/2038		3,759
	587,410	Series 2009-3510(h)(n)		6.64% - 30D US SOFR		02/15/2037		46,184
	179,506	Series 2009-3523(h)(n)		5.89% - 30D US SOFR		04/15/2039		12,147
	32,519	Series 2009-3524(h)(n)		3.15	%	06/15/2038		30,139

Principal Amount/Description			Rate			Maturity	Value
$	2,832	Series 2009-3549(h)(n)		5.69% - 30D US SOFR		07/15/2039	$	199
	290,574	Series 2009-3560(h)(n)		6.29% - 30D US SOFR		11/15/2036		14,442
	122,775	Series 2010-3641		4.50	%	03/15/2040		120,230
	181,844	Series 2010-3726(h)(n)		5.94% - 30D US SOFR		09/15/2040		15,560
	527,577	Series 2010-3728(h)(n)		4.34% - 30D US SOFR		09/15/2040		10,259
	194,123	Series 2010-3779		3.50	%	12/15/2030		189,256
	40,333	Series 2010-3779		4.00	%	12/15/2030		39,869
	27,133	Series 2011-3786(h)		9.27% - 30D US SOFR		01/15/2041		18,491
	377,971	Series 2011-3815(h)(n)		5.74% - 30D US SOFR		02/15/2041		26,838
	188,397	Series 2011-3824(h)(n)		6.99% - 30D US SOFR		08/15/2036		20,711
	302,749	Series 2011-3864(h)		8.97% - 30D US SOFR		05/15/2041		224,994
	204,929	Series 2011-3872(h)(n)		5.84% - 30D US SOFR		06/15/2041		14,462
	878,638	Series 2011-3924(h)(n)		5.89% - 30D US SOFR		09/15/2041		49,462
	1,305,572	Series 2012-3(h)(n)		5.84% - 30D US SOFR		02/25/2042		115,651
	597,721	Series 2013-4170(h)		3.94 - 30D US SOFR		01/15/2033		531,004
	2,097,207	Series 2013-4239(l)		0.00	%	07/15/2043		1,165,366
		Federal National Mortgage Association Pool
	23,469	Series Pool #555743		5.00	%	09/01/2033		23,349
	28,837	Series Pool #735382		5.00	%	04/01/2035		28,609
	80,585	Series Pool #735383		5.00	%	04/01/2035		79,948
	50,859	Series Pool #735484		5.00	%	05/01/2035		50,453
	16,476	Series Pool #AH4437		4.00	%	01/01/2041		15,261
		Federal National Mortgage Association REMICS
	8,367	Series 2004-46(h)(n)		5.89% - 30D US SOFR		03/25/2034		117
	103,652	Series 2006-101(h)(n)		6.47% - 30D US SOFR		10/25/2036		10,383
	300,696	Series 2006-123(h)(n)		6.21% - 30D US SOFR		01/25/2037		29,475
	1,221,139	Series 2006-92(h)(n)		6.47% - 30D US SOFR		10/25/2036		94,727
	38,944	Series 2007-102(h)(n)		6.29% - 30D US SOFR		11/25/2037		2,753
	35,611	Series 2007-108(h)(n)		6.25% - 30D US SOFR		12/25/2037		2,220
	5,519	Series 2007-30(h)(n)		6.00% - 30D US SOFR		04/25/2037		347
	208,140	Series 2007-38(h)(n)		5.97% - 30D US SOFR		05/25/2037		10,207
	8,540	Series 2007-51(h)(n)		5.99% - 30D US SOFR		06/25/2037		454
	24,288	Series 2007-53(h)(n)		5.99% - 30D US SOFR		06/25/2037		1,380
	201,783	Series 2007-57(h)(n)		6.51% - 30D US SOFR		10/25/2036		18,848
	41,688	Series 2007-68(h)(n)		6.54% - 30D US SOFR		07/25/2037		3,309

Principal Amount/Description			Rate			Maturity	Value
$	340,100	Series 2008-3(h)(n)		6.35% - 30D US SOFR		02/25/2038	$	23,249
	33,139	Series 2008-56(h)(n)		5.95% - 30D US SOFR		07/25/2038		1,455
	9,469	Series 2008-81		5.50	%	09/25/2038		9,468
	96,332	Series 2009-111		5.00	%	01/25/2040		94,892
	47,433	Series 2009-111(h)(n)		6.14% - 30D US SOFR		01/25/2040		4,561
	383,135	Series 2009-12(h)(n)		6.49% - 30D US SOFR		03/25/2036		27,050
	11,832	Series 2009-28(h)(n)		5.89% - 30D US SOFR		04/25/2037		634
	62,554	Series 2009-41		4.50	%	06/25/2039		60,627
	32,770	Series 2009-42(h)(n)		5.89% - 30D US SOFR		06/25/2039		2,045
	65,451	Series 2009-47(h)(n)		5.99% - 30D US SOFR		07/25/2039		3,514
	26,105	Series 2009-62(h)(n)		5.99% - 30D US SOFR		08/25/2039		778
	28,186	Series 2009-66(h)(n)		5.69% - 30D US SOFR		02/25/2038		1,844
	22,558	Series 2009-68(h)(n)		5.14% - 30D US SOFR		09/25/2039		1,081
	61,788	Series 2010-11(h)(n)		4.69% - 30D US SOFR		02/25/2040		2,906
	14,145	Series 2010-111(h)(n)		5.89% - 30D US SOFR		10/25/2040		760
	61,515	Series 2010-115(h)(n)		6.49% - 30D US SOFR		11/25/2039		5,139
	751,512	Series 2010-115(h)(n)		5.89% - 30D US SOFR		10/25/2040		57,889
	1,783,102	Series 2010-123(h)(n)		5.94% - 30D US SOFR		11/25/2040		146,469
	277,456	Series 2010-15(h)(n)		4.84% - 30D US SOFR		03/25/2040		8,668
	19,999	Series 2010-34(h)(n)		4.82% - 30D US SOFR		04/25/2040		617
	21,360	Series 2010-4(h)(n)		6.12% - 30D US SOFR		02/25/2040		1,528
	32,867	Series 2010-58(h)		12.178% - 30D US SOFR		06/25/2040		29,904
	1,044,575	Series 2010-75		4.50	%	07/25/2040		1,004,196
	15,472	Series 2010-9(h)(n)		5.19% - 30D US SOFR		02/25/2040		714
	82,339	Series 2010-9(h)(n)		4.64% - 30D US SOFR		02/25/2040		2,620
	4,379	Series 2010-90(h)(n)		5.89% - 30D US SOFR		08/25/2040		337
	40,140	Series 2011-25		3.00	%	04/25/2026		39,729
	1,414,544	Series 2012-106(h)(n)		6.05% - 30D US SOFR		10/25/2042		130,935
	262,964	Series 2012-124(h)		7.59% - 30D US SOFR		11/25/2042		167,983
	93,459	Series 2012-29(h)(n)		5.89% - 30D US SOFR		04/25/2042		6,996
	270,170	Series 2012-32(n)		5.00	%	04/25/2042		39,514
	1,343,783	Series 2012-65(h)(n)		5.87% - 30D US SOFR		06/25/2042		133,908
	558,587	Series 2018-21(l)		0.00	%	04/25/2048		418,547

Principal Amount/Description			Rate			Maturity	Value
		First Horizon Alternative Mortgage Securities Trust
$	442,265	Series 2005-FA6		5.50	%	09/25/2035	$	225,696
		First Horizon Mortgage Pass-Through Trust
	434,520	Series 2007-AR3(h)		5.14	%	11/25/2037		182,487
		Freddie Mac Pool
	3,402,040	Series 2021-		2.00	%	11/01/2050		2,728,277
	1,389,985	Series 2022-		3.00	%	03/01/2052		1,193,405
		Freddie Mac REMICS
	1,759,192	Series 2011-3972(h)(n)		5.79% - 30D US SOFR		12/15/2041		144,553
	1,920,521	Series 2020-5007(h)(n)		5.99% - 30D US SOFR		08/25/2050		217,673
	9,614,020	Series 2020-5023(n)		3.00	%	10/25/2050		1,749,562
	3,739,317	Series 2020-5041(n)		2.00	%	11/25/2050		438,964
	10,368,139	Series 2020-5057(n)		3.00	%	11/25/2050		1,572,003
	7,701,294	Series 2021-5070(n)		3.50	%	02/25/2051		1,297,747
	6,290,087	Series 2021-5083		2.50	%	03/25/2051		3,353,660
	10,730,713	Series 2022-5195		2.50	%	02/25/2052		6,471,336
	2,991,360	Series 2023-5293(n)		2.50	%	04/25/2051		470,519
	7,042,990	Series 2024-5427		4.00	%	05/25/2052		5,504,390
	733,045	Series 2024-5481(h)		30D US SOFR + 1.50%		12/25/2054		741,365
		Freddie Mac STACR REMIC Trust
	4,300,000	Series 2020-DNA6(g)(h)		30D US SOFR + 5.65%		12/25/2050		4,950,681
	2,500,000	Series 2021-DNA1(g)(h)		30D US SOFR + 4.75%		01/25/2051		2,736,704
	2,750,000	Series 2021-HQA2(g)(h)		30D US SOFR + 3.15%		12/25/2033		3,055,553
		Freddie Mac STACR REMIC Trust 2020-DNA2
	3,000,000	Series 2021-DNA2(g)(h)		30D US SOFR + 6.00%		08/25/2033		3,586,609
		GCAT
	1,500,000	Series 2021-NQM4(g)(h)		2.47	%	08/25/2025		975,857
		Ginnie Mae II Pool
	4,450,972	Series 2021-		2.50	%	10/20/2051		3,699,116
	1,333,151	Series 2021-		2.50	%	11/20/2051		1,104,260
		Government National Mortgage Association
	21,063	Series 2004-83(h)(n)		5.97% - 1M CME TERM SOFR		10/20/2034		1,084
	20,543	Series 2008-6(h)(n)		6.35% - 1M CME TERM SOFR		02/20/2038		22
	19,800	Series 2008-67(h)(n)		5.89% - 1M CME TERM SOFR		08/20/2038		16
	309,722	Series 2008-69(h)(n)		7.52% - 1M CME TERM SOFR		08/20/2038		18,964
	30,923	Series 2009-10(h)(n)		6.54% - 1M CME TERM SOFR		02/16/2039		2,618
	1,230,318	Series 2009-58(h)(n)		6.14% - 1M CME TERM SOFR		06/20/2039		72,664
	21,553	Series 2009-6(h)(n)		5.84% - 1M CME TERM SOFR		02/20/2038		17
	633,069	Series 2009-75		5.00	%	09/20/2039		626,220
	1,503,972	Series 2010-121(h)(n)		5.89% - 1M CME TERM SOFR		09/20/2040		130,437
	21,811	Series 2010-61(h)(n)		6.44% - 1M CME TERM SOFR		09/20/2039		1,229

Principal Amount/Description			Rate			Maturity	Value
$	28,230	Series 2010-98(h)(n)		5.39	%	03/20/2039	$	822
	11,504,303	Series 2010-H20(h)(n)		1.43	%	10/20/2060		280,466
	209,338	Series 2011-69(l)		0.00	%	05/20/2041		161,634
	456,692	Series 2011-71(h)(n)		5.29% - 1M CME TERM SOFR		05/20/2041		33,622
	130,243	Series 2011-72(h)(n)		6.04% - 1M CME TERM SOFR		05/20/2041		10,115
	690,916	Series 2011-89(h)(n)		5.34% - 1M CME TERM SOFR		06/20/2041		51,315
	1,183,038	Series 2013-113(h)(n)		6.14% - 1M CME TERM SOFR		03/20/2043		35,233
	2,478,484	Series 2013-122(h)(n)		5.99% - 1M CME TERM SOFR		08/16/2043		236,132
	1,819,787	Series 2013-148(h)(n)		5.57% - 1M CME TERM SOFR		10/16/2043		142,362
	1,767,269	Series 2013-186(h)(n)		6.14% - 1M CME TERM SOFR		02/16/2043		93,164
	1,527,979	Series 2014-156(h)(n)		6.14% - 1M CME TERM SOFR		10/20/2044		151,078
	2,999,079	Series 2014-4(h)(n)		5.99% - 1M CME TERM SOFR		01/16/2044		282,558
	3,821,009	Series 2014-41(h)(n)		5.99% - 1M CME TERM SOFR		03/20/2044		400,265
	1,347,023	Series 2014-5(h)(n)		6.04% - 1M CME TERM SOFR		07/20/2043		75,619
	2,355,933	Series 2014-95(h)(n)		6.14% - 1M CME TERM SOFR		06/16/2044		152,347
	9,664,002	Series 2016-162(h)(n)		0.79	%	09/16/2058		358,297
	1,368,245	Series 2016-89(h)		1M CME TERM SOFR + 0.56%		07/20/2046		1,345,980
	9,485,935	Series 2016-H21(h)(n)		2.65	%	09/20/2066		367,600
	7,314,000	Series 2018-19		3.00	%	02/20/2048		5,916,338
	4,064,454	Series 2018-97(h)(n)		6.09% - 1M CME TERM SOFR		07/20/2048		458,297
	440,723	Series 2019-112(h)		1M CME TERM SOFR + 0.51%		09/20/2049		431,437
	8,843,182	Series 2019-22(h)(n)		5.49% - 1M CME TERM SOFR		02/20/2045		698,564
	15,875,949	Series 2019-90(n)		3.00	%	05/20/2048		2,151,753
	1,256,146	Series 2019-90(h)		1M CME TERM SOFR + 0.46%		07/20/2049		1,226,838
	3,952,333	Series 2019-92(h)(n)		5.99% - 1M CME TERM SOFR		07/20/2049		419,604
	17,556,598	Series 2019-H10(h)(n)		1.16	%	06/20/2069		919,337
	4,445,953	Series 2019-H18(h)(n)		0.96	%	11/20/2069		270,360
	8,136,639	Series 2020-112(h)(n)		6.14% - 1M CME TERM SOFR		08/20/2050		885,617
	11,562,104	Series 2020-146(h)(n)		6.19% - 1M CME TERM SOFR		10/20/2050		1,477,117
	14,750,893	Series 2020-146(h)(n)		3.64 - 1M CME TERM SOFR		10/20/2050		273,771
	10,992,889	Series 2020-167(h)(n)		3.64 - 1M CME TERM SOFR		11/20/2050		175,533
	17,109,787	Series 2020-168(h)(n)		0.98	%	12/16/2062		1,235,710
	4,012,614	Series 2020-188(h)(n)		6.19% - 1M CME TERM SOFR		11/20/2050		480,117
	15,620,986	Series 2020-188(n)		2.50	%	12/20/2050		2,249,864
	17,376,482	Series 2020-191(n)		3.50	%	12/20/2050		3,291,123
	18,096,890	Series 2020-H18(h)(n)		1.98	%	09/20/2070		1,119,656
	13,791,978	Series 2021-1(n)		2.50	%	01/20/2051		1,828,003

Principal Amount/Description			Rate			Maturity	Value
$	9,118,987	Series 2021-1(h)(n)		6.19% - 1M CME TERM SOFR		01/20/2051	$	1,187,262
	9,066,309	Series 2021-107(h)(n)		3.64% - 1M CME TERM SOFR		06/20/2051		216,674
	1,409,502	Series 2021-117(n)		3.50	%	06/20/2051		247,274
	11,807,637	Series 2021-160(n)		2.50	%	06/20/2051		1,315,303
	17,660,809	Series 2021-161(n)		3.00	%	09/20/2051		2,351,282
	1,623,059	Series 2021-197(n)		3.50	%	11/20/2051		304,838
	16,781,148	Series 2021-52(h)(n)		0.72	%	04/16/2063		869,995
	21,112,688	Series 2021-59(h)(n)		2.60% - 30D US SOFR		04/20/2051		55,157
	11,729,376	Series 2021-7(n)		2.50	%	01/20/2051		1,789,334
	11,824,382	Series 2021-76(n)		3.00	%	08/20/2050		1,971,709
	10,819,074	Series 2021-77(h)(n)		3.64% - 1M CME TERM SOFR		05/20/2051		232,173
	13,981,495	Series 2021-77(n)		2.50	%	05/20/2051		1,527,227
	5,439,305	Series 2021-89(h)(n)		3.64% - 1M CME TERM SOFR		05/20/2051		108,818
	8,411,770	Series 2021-97(h)(n)		3.64% - 1M CME TERM SOFR		06/20/2051		134,455
	26,122,000	Series 2021-97(h)(n)		2.60% - 30D US SOFR		06/20/2051		174,654
	12,751,094	Series 2021-H08(h)(n)		0.03	%	05/20/2071		373,778
	33,946,248	Series 2022-1(h)(n)		2.65% - 30D US SOFR		01/20/2052		138,973
	16,528,139	Series 2022-137(n)		3.00	%	01/20/2052		2,198,593
	17,528,285	Series 2022-174		3.50	%	05/20/2051		14,043,185
	15,525,904	Series 2022-174		3.00	%	12/20/2051		11,723,894
	21,615,580	Series 2022-207(n)		3.00	%	08/20/2051		3,702,496
	26,265,658	Series 2022-48(h)(n)		0.71	%	01/16/2064		1,546,359
	13,221,637	Series 2022-83(n)		2.50	%	11/20/2051		1,945,067
	13,330,146	Series 2024-48(n)		2.50	%	10/20/2051		2,041,784
	13,493,783	Series 2024-61		3.50	%	04/20/2054		10,405,620
		GSR Mortgage Loan Trust
	883,630	Series 2006-2F		5.25	%	02/25/2036		342,784
	1,472,967	Series 2007-2F		6.00	%	03/25/2037		738,624
	665,372	Series 2007-AR2(h)		4.34	%	05/25/2037		364,876
		Impac CMB Trust
	70,118	Series 2004-10(h)		1M CME TERM SOFR + 0.81%		03/25/2035		59,150
		Imperial Fund Mortgage Trust
	1,000,000	Series 2021-NQM4(g)(h)		3.45	%	01/25/2057		727,982
		IndyMac IMJA Mortgage Loan Trust
	947,480	Series 2007-A1		6.00	%	08/25/2037		360,637
		IndyMac IMSC Mortgage Loan Trust
	4,681,194	Series 2007-F2		6.50	%	07/25/2037		1,675,458
		JP Morgan Alternative Loan Trust
	144,384	Series 2005-S1		6.00	%	12/25/2035		95,405
	15,861	Series 2006-S3(m)		6.62	%	08/25/2036		15,347
		JP Morgan Mortgage Trust
	763,921	Series 2007-S3		6.00	%	07/25/2037		343,785
		JP Morgan Resecuritization Trust
	455,167	Series 2011-1(g)(h)		6.00	%	06/26/2037		361,643
	1,751,526	Series 2014-6(g)(h)		1M CME TERM SOFR + 0.32%		07/27/2046		1,702,592
		Lehman Mortgage Trust
	366,123	Series 2006-6		5.50	%	10/25/2036		240,192

Principal Amount/Description			Rate			Maturity	Value
$	3,839,730	Series 2006-7(h)		1M CME TERM SOFR + 0.36%		11/25/2036	$	257,885
	3,839,730	Series 2006-7(h)(n)		7.64% - 1M CME TERM SOFR		11/25/2036		212,135
	1,169,712	Series 2006-8(h)		1M CME TERM SOFR + 0.53%		12/25/2036		239,934
	1,169,689	Series 2006-8(h)(n)		6.47% - 1M CME TERM SOFR		12/25/2036		97,149
		Merrill Lynch Alternative Note Asset Trust
	687,842	Series 2007-F1		6.00	%	03/25/2037		58,111
		Morgan Stanley Mortgage Loan Trust
	836,045	Series 2005-3AR(h)		5.72	%	07/25/2035		692,271
	2,055,295	Series 2006-11		6.00	%	08/25/2036		1,212,547
	2,402,320	Series 2006-1AR(h)		1M CME TERM SOFR + 0.39%		02/25/2036		1,457,062
	516,578	Series 2006-7(h)		5.10	%	06/25/2036		276,123
	601,000	Series 2006-7		6.00	%	06/25/2036		275,198
		Nomura Asset Acceptance Corp. Alternative Loan Trust
	912,437	Series 2005-AP3(h)		5.32	%	08/25/2035		398,595
		PR Mortgage Loan Trust
	5,391,521	Series 2014-1(g)(h)		5.86	%	09/25/2047		5,092,979
		Prime Mortgage Trust
	37,291	Series 2006-DR1(g)		5.50	%	05/25/2035		34,055
		RBSGC Structured Trust
	94,742	Series 2008-B(g)		6.00	%	06/25/2037		80,439
		Residential Accredit Loans, Inc.
	3,108,263	Series 2006-QA5(h)		1M CME TERM SOFR + 0.55%		07/25/2036		1,072,147
	1,032,930	Series 2006-QS10		6.50	%	08/25/2036		869,953
	266,154	Series 2006-QS6		6.00	%	06/25/2036		210,581
	626,046	Series 2006-QS7		6.00	%	06/25/2036		483,082
	32,912	Series 2006-QS7(h)		1M CME TERM SOFR + 0.51%		06/25/2036		23,710
	98,737	Series 2006-QS7(h)(n)		5.49% - 1M CME TERM SOFR		06/25/2036		4,931
	43,933	Series 2006-QS8(h)		1M CME TERM SOFR + 0.56%		08/25/2036		32,588
	131,799	Series 2006-QS8(h)(n)		5.43% - 1M CME TERM SOFR		08/25/2036		7,716
	4,319	Series 2007-QS6(h)		54.05% - 1M CME TERM SOFR		04/25/2037		4,935
	391,823	Series 2007-QS9		6.50	%	07/25/2037		314,195
	195,952	Series 2008-QR1		6.00	%	08/25/2036		158,748
		Residential Asset Securitization Trust
	383,405	Series 2006-A1		6.00	%	04/25/2036		172,985
	861,719	Series 2006-A2		6.00	%	05/25/2036		325,581
	897,952	Series 2006-A6		6.50	%	07/25/2036		254,892
	243,132	Series 2006-A8		6.00	%	08/25/2036		144,915
	148,450	Series 2006-A8		6.50	%	08/25/2036		43,471
	314,303	Series 2006-A8(h)(n)		5.79% - 1M CME TERM SOFR		08/25/2036		21,255
	1,335,782	Series 2007-A1		6.00	%	03/25/2037		402,322
	55,502	Series 2007-A6		6.00	%	06/25/2037		28,616
	2,535,019	Series 2007-A7		6.00	%	07/25/2037		940,149
		Residential Funding Mortgage Securities I Trust
	319,651	Series 2006-S3		5.50	%	03/25/2036		253,751

Principal Amount/Description			Rate			Maturity	Value
$	66,077	Series 2006-S6		6.00	%	07/25/2036	$	56,249
	182,337	Series 2007-S3		6.00	%	03/25/2037		129,851
	101,289	Series 2007-S6		6.00	%	06/25/2037		77,285
		Residential Mortgage Loan Trust
	3,250,000	Series 2020-1(g)(h)		4.67	%	01/26/2060		2,895,126
		Sequoia Mortgage Trust
	826,588	Series 2007-3(h)		4.62	%	07/20/2037		645,773
		Structured Asset Securities Corp.
	118,465	Series 2005-RF1(g)(h)		1M CME TERM SOFR + 0.46%		03/25/2035		105,980
	118,465	Series 2005-RF1(g)(h)(n)		0.00	%	03/25/2035		1
		TBW Mortgage-Backed Trust
	1,391,146	Series 2006-2		7.00	%	07/25/2036		214,233
		Verus Securitization Trust
	2,300,000	Series 2019-INV3(g)(h)		3.28	%	11/25/2059		2,163,212
	1,500,000	Series 2021-4(g)(h)		2.20	%	07/25/2066		1,032,393
	1,400,000	Series 2021-6(g)(h)		4.05	%	10/25/2066		1,101,639
	2,000,000	Series 2021-7(g)(h)		4.19	%	10/25/2066		1,441,615
	7,706,000	Series 2022-4(g)(h)		4.78	%	04/25/2067		6,466,707
	1,275,042	Series 2023-3(g)(m)		6.44	%	03/25/2068		1,283,732
	1,000,000	Series 2024-9(g)(h)		5.44	%	11/25/2069		1,004,604
		Wachovia Mortgage Loan Trust, LLC Series Trust
	42,757	Series 2005-B(h)		7.49	%	10/20/2035		40,975
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	33,826	Series 2005-9		5.50	%	11/25/2035		26,282
	286,947	Series 2006-5		6.00	%	07/25/2036		202,475
		Washington Mutual Mortgage Pass-Through Certificates Trust
	437,412	Series 2006-2		6.00	%	03/25/2036		417,429
		Wells Fargo Alternative Loan Trust
	178,312	Series 2007-PA2(h)		1M CME TERM SOFR + 0.54%		06/25/2037		152,925
	178,312	Series 2007-PA2(h)(n)		5.96% - 1M CME TERM SOFR		06/25/2037		15,442
	98,147	Series 2007-PA3		5.75	%	07/25/2037		82,463
	216,306	Series 2007-PA3		6.25	%	07/25/2037		182,850
TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES
(Cost $349,844,591)								267,459,917
Shares/Description								Value
Warrants - 0.00%
United States - –%
	64,870	PERSHING SQUARE SPARC HOLDINGS, Strike Price 0.01, Expires 12/31/2049(d)					$	–
TOTAL WARRANTS
(Cost $0)								–

Shares/Description			Value
Short-Term Investments - 4.13%
Money Market Fund - 4.13%
	50,587,673	State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.41%)	$	50,587,673
TOTAL SHORT-TERM INVESTMENTS
(Cost $50,587,673)				50,587,673
TOTAL INVESTMENTS - 99.40%
(Cost $1,350,544,168)			$	1,217,749,540
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.60%				7,301,313
NET ASSETS - 100.00%			$	1,225,050,853

Investment Abbreviations:

CME- Chicago Mercantile Exchange

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate Data

TI - Treasury Index

Rates:

1M CME SOFR - 3 Month CME SOFR as of December 31, 2024 was 4.33%

3M CME SOFR - 3 Month CME SOFR as of December 31, 2024 was 4.31%

1D SOFR - 1 Day SOFR as of December 31, 2024 was 4.49%

30D SOFR - 30 Day SOFR as of December 31, 2024 was 4.53%

1M SOFR - 1 Month SOFR as of December 31, 2024 was 4.33%

3M SOFR - 3 Month SOFR as of December 31, 2024 was 4.31%

1Y US TI - 1 Year TI as of December 31, 2024 was 4.16%

5Y US TI - 5 Year TI as of December 31, 2024 was 4.38%

10Y US TI - 10 Year TI as of December 31, 2024 was 4.58%

(a)	Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
(b)	Less than 0.005%.
(c)	Security does not have a market value or rate. Security will not be entitled to distributions in respect of principal or interest other than excess interest paid with respect to the mortgage loans.
(d)	The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
(e)	Non-income producing security.
(f)	Affiliated company. See Notes to Quarterly Schedule of Investments.
(g)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $388,070,119, which represents approximately 31.68% of net assets as of December 31, 2024.
(h)	Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. 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. These securities do not indicate a reference rate and spread in their description above.
(i)	Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees (the "Board"). As of December 31, 2024, the aggregate fair value of those securities was $11,234,125, representing 0.92% of net assets.
(j)	Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.
(k)	Security is currently in default.
(l)	Issued with a zero coupon.  Income is recognized through the accretion of discount.
(m)	Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at December 31, 2024.
(n)	Interest only securities.

See Notes to Quarterly Schedule of Investments.

Futures Contracts:

Description	Contracts		Expiration Date	Notional Value		Value and Unrealized Appreciation/(Depreciation)
US 2Yr Note Future		100	April 2025	$	20,560,937	$	(20,540	)
US Long Bond Future		28	March 2025		3,187,625		(90,405	)
				$	23,748,562	$	(110,945	)

Futures Contracts Sold:

Description	Contracts (Short)			Expiration Date	Notional Value		Value and Unrealized Appreciation/(Depreciation)
10-Yr U.S. Treasury Note Futures		(30	)	March 2025	$	3,339,375	$	53,137
US Ultra T-Bond		(45	)	March 2025		5,350,781		186,932
					$	8,690,156	$	240,069

RiverNorth/Oaktree High Income Fund

SCHEDULE OF INVESTMENTS

December 31, 2024 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 1.58%
United States - 1.58%
	58,172	abrdn Income Credit Strategies Fund	$	347,287
	64,315	Western Asset Inflation-Linked Opportunities & Income Fund		531,885
TOTAL CLOSED-END FUNDS
(Cost $980,663)				879,172
COMMON STOCKS - 0.16%
United States - 0.16%
	3,304	PHI Group, Inc.(a)(b)		89,538
	6	Toys R Us Propco Equity(b)		33
TOTAL COMMON STOCKS
(Cost $65,834)				89,571

Principal Amount/Description			Rate			Maturity	Value
BANK LOANS - 1.21%(c)
Great Britain - 0.23%
$	130,604	Osmosis Buyer, Ltd., First Lien  - Initial B Term Loan		1M SOFR + 3.75%, 0.50% Floor		06/16/2028		130,878
United States - 0.98%
	27,275	ASP Blade Holdings, Inc. TLB 1L		3M SOFR + 4.00%		10/07/2028		16,141
	116,110	ASP Unifrax 9/24 Delayed		6M CME TERM + 3.75%		09/30/2029		114,562
	25,000	Bengal Debt Merger Sub, LLC, Second Lien		3M SOFR + 6.00%		01/18/2030		8,844
	84,214	EG America LLC, First Lien				02/07/2028		85,086
	76,050	Electron BidCo, Inc. TL 1L		1M SOFR + 2.75%		10/07/2028		76,426
	241,934	IRB Holding Corp., First Lien		0.75% Floor		12/15/2027		242,472
								543,531
TOTAL BANK LOANS
(Cost $695,822)								674,409
HIGH YIELD DEBT- 80.61%
Australia - 0.45%
$	20,000	Mineral Resources, Ltd.(d)		9.25	%	10/01/2028		21,008
	120,000	Mineral Resources, Ltd.(d)		8.50	%	05/01/2030		122,548
	115,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc.(d)		5.00	%	01/27/2030		106,069
								249,625
Canada - 3.62%
	115,000	Bausch Health Cos., Inc.(d)		5.50	%	11/01/2025		112,275
	370,000	Bausch Health Cos., Inc.(d)		6.13	%	02/01/2027		336,188
	65,000	Bausch Health Cos., Inc.(d)		4.88	%	06/01/2028		52,072
	100,000	Bombardier, Inc.(d)		6.00	%	02/15/2028		99,680
	90,000	Bombardier, Inc.(d)		8.75	%	11/15/2030		96,856
	30,000	Bombardier, Inc.(d)		7.25	%	07/01/2031		30,976
	90,000	Bombardier, Inc.(d)		7.00	%	06/01/2032		91,666
	110,000	Cascades, Inc./Cascades USA, Inc.(d)		5.38	%	01/15/2028		106,856
	115,000	Dye & Durham, Ltd.(d)		8.63	%	04/15/2029		121,185

Principal Amount/Description			Rate			Maturity	Value
$	80,000	Empire Communities Corp.(d)		9.75	%	05/01/2029	$	84,263
	110,000	Garda World Security Corp.(d)		8.38	%	11/15/2032		112,100
	180,000	goeasy, Ltd.(d)		9.25	%	12/01/2028		192,018
	15,000	goeasy, Ltd.(d)		7.63	%	07/01/2029		15,339
	95,000	Husky Injection Molding Systems, Ltd. / Titan Co.-Borrower LLC(d)		9.00	%	02/15/2029		99,299
	105,000	Intelligent Packaging, Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC(d)		6.00	%	09/15/2028		103,612
	110,000	Mercer International, Inc.		5.13	%	02/01/2029		95,208
	70,000	Northriver Midstream Finance LP(d)		5.63	%	02/15/2026		69,983
	20,000	Open Text Corp.(d)		6.90	%	12/01/2027		20,686
	33,000	Precision Drilling Corp.(d)		7.13	%	01/15/2026		33,136
	25,000	Precision Drilling Corp.(d)		6.88	%	01/15/2029		24,803
	124,000	Saturn Oil & Gas, Inc.(d)		9.63	%	06/15/2029		120,666
								2,018,867
France - 2.34%
	130,000	Afflelou SAS(e)		6.00	%	07/25/2029		140,851
	100,000	Altice France SA(e)		4.13	%	01/15/2029		78,647
	55,000	Altice France SA(d)		5.13	%	07/15/2029		41,246
	100,000	Altice France SA(d)		4.25	%	10/15/2029		78,660
	100,000	Banijay Entertainment SAS(d)		7.00	%	05/01/2029		109,413
	65,000	Constellium SE(d)		6.38	%	08/15/2032		62,988
	200,000	Electricite de France SA(c)(f)				Perpetual Maturity		214,570
	115,000	Iliad Holding SASU(d)		5.63	%	10/15/2028		122,292
	140,000	Iliad Holding SASU(d)		5.38	%	04/15/2030		149,460
	100,000	Loxam SAS(e)		6.38	%	05/31/2029		109,367
	100,000	Nova Alexandre III SAS(c)(e)		3M EUR L + 5.25%		07/15/2029		100,633
	95,000	Vallourec SACA(d)		7.50	%	04/15/2032		98,570
								1,306,697
Germany - 1.40%
	100,000	Cheplapharm Arzneimittel GmbH(e)		7.50	%	05/15/2030		102,225
	100,000	IHO Verwaltungs GmbH(d)(g)		8.75% (9.50%)		05/15/2028		109,561
	45,000	IHO Verwaltungs GmbH(d)(g)		7.75% (8.50%)		11/15/2030		44,978
	45,000	IHO Verwaltungs GmbH(d)(g)		8.00% (8.75%)		11/15/2032		45,361
	64,836	Nidda Healthcare Holding GmbH(e)		7.50	%	08/21/2026		69,295
	140,000	Nidda Healthcare Holding GmbH(d)		5.63	%	02/21/2030		149,908
	120,000	TUI AG(e)		5.88	%	03/15/2029		130,538
	115,000	TUI Cruises GmbH(d)		6.25	%	04/15/2029		125,937
								777,803
Great Britain - 3.09%
	125,000	Ardonagh Finco, Ltd.(e)		6.88	%	02/15/2031		133,766
	160,000	Aston Martin Capital Holdings, Ltd.(d)		10.00	%	03/31/2029		156,351
	130,000	California Buyer, Ltd. / Atlantica Sustainable Infrastructure PLC(d)		5.63	%	02/15/2032		140,485
	100,000	CD&R Firefly Bidco PLC(d)		8.63	%	04/30/2029		130,745
	105,000	Galaxy Bidco, Ltd.(d)		8.13	%	12/19/2029		132,405
	105,000	Heathrow Finance PLC		6.63	%	03/01/2031		132,332
	95,000	Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC(d)		8.13	%	02/15/2032		97,124
	105,000	INEOS Quattro Finance 2 PLC(d)		6.75	%	04/15/2030		113,078
	100,000	Pinnacle Bidco PLC(e)		10.00	%	10/11/2028		133,235
	110,000	RAC Bond Co. PLC(e)		5.25	%	11/04/2027		133,436
	225,000	Vmed O2 UK Financing I PLC(d)		4.75	%	07/15/2031		193,740
	90,000	Vmed O2 UK Financing I PLC(d)		7.75	%	04/15/2032		90,821
	150,000	Vodafone Group PLC(c)		5Y US TI + 2.77%		06/04/2081		132,956
								1,720,474
Ireland - 1.34%
	75,000	Adient Global Holdings, Ltd.(d)		8.25	%	04/15/2031		76,730

Principal Amount/Description			Rate			Maturity	Value
$	200,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.(e)		2.13	%	08/15/2026	$	185,811
	200,000	Virgin Media O2 Vendor Financing Notes V DAC(d)		7.88	%	03/15/2032		250,250
	100,000	Virgin Media Vendor Financing Notes III DAC(e)		4.88	%	07/15/2028		116,985
	100,000	Virgin Media Vendor Financing Notes III DAC(d)		4.88	%	07/15/2028		116,985
								746,761
Italy - 2.62%
	125,000	Agrifarma SpA(e)		4.50	%	10/31/2028		129,973
	130,000	Castello BC Bidco SpA(c)(d)		3M EUR L + 4.50%		11/14/2031		135,514
	100,000	Cedacri Mergeco SPA(c)(d)		3M EUR L + 4.63%		05/15/2028		104,007
	110,000	Cerved Group SpA(c)(e)		3M EUR L + 5.25%		02/15/2029		111,066
	115,000	Fiber Bidco Spa(c)(e)		3M EUR L + 4.00%		01/15/2030		120,279
	100,000	Guala Closures SpA(e)		3.25	%	06/15/2028		100,484
	100,000	IMA Industria Macchine Automatiche SpA(c)(d)		3M EUR L + 3.75%		04/15/2029		104,311
	117,859	Inter Media and Communication SpA(e)		6.75	%	02/09/2027		124,533
	125,000	Irca SpA/Gallarate(c)(d)		3M EUR L + 3.75%		12/15/2029		131,078
	100,000	Mooney Group SpA(c)(e)		3M EUR L + 3.88%		12/17/2026		103,481
	115,000	Neopharmed Gentili SPA(d)		7.13	%	04/08/2030		126,635
	167,000	Optics Bidco SpA(d)		6.38	%	11/15/2033		168,177
								1,459,538
Luxembourg - 3.11%
	200,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(d)		4.63	%	06/01/2028		188,570
	100,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(e)		3.63	%	06/01/2028		99,982
	100,000	Altice Financing SA(e)		4.25	%	08/15/2029		79,146
	100,000	Altice Financing SA(d)		4.25	%	08/15/2029		79,145
	100,000	Cirsa Finance International Sarl(d)		6.50	%	03/15/2029		109,598
	115,000	Dana Financing Luxembourg Sarl(e)		8.50	%	07/15/2031		130,660
	100,000	Eurofins Scientific SE(c)(f)		3M EUR L + 2.67%		Perpetual Maturity		102,016
	100,000	Eurofins Scientific SE(c)(f)		3M EUR L + 4.24%		Perpetual Maturity		109,191
	245,000	Intelsat Jackson Holdings SA(d)		6.50	%	03/15/2030		226,594
	120,000	Loarre Investments Sarl(e)		6.50	%	05/15/2029		128,734
	120,000	Rossini Sarl(e)		6.75	%	12/31/2029		131,686
	100,000	Sani/Ikos Financial Holdings 1 Sarl(d)		7.25	%	07/31/2030		109,156
	205,000	Summer BC Holdco B SARL(e)		5.75	%	10/31/2026		212,389
	28,000	Telecom Italia Capital SA		6.38	%	11/15/2033		27,901
								1,734,768
Netherlands - 2.28%
	125,000	Boels Topholding BV(e)		5.75	%	05/15/2030		135,777
	125,000	Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV(d)		8.50	%	01/15/2031		167,788
	130,000	Energizer Gamma Acquisition BV(e)		3.50	%	06/30/2029		129,908
	100,000	Odido Group Holding BV(e)		5.50	%	01/15/2030		103,197
	115,000	OI European Group BV(d)		5.25	%	06/01/2029		121,803
	120,000	Q-Park Holding I BV(d)		5.13	%	02/15/2030		128,011
	200,000	Sunrise FinCo I BV(d)		4.88	%	07/15/2031		181,654
	100,000	Telefonica Europe BV(c)(f)		8Y EUR SWAP + 3.62%		Perpetual Maturity		116,398
	200,000	Ziggo BV(d)		4.88	%	01/15/2030		184,128
								1,268,664

Principal Amount/Description			Rate			Maturity	Value
Spain - 0.34%
$	180,000	Kaixo Bondco Telecom SA(e)		5.13	%	09/30/2029	$	190,349
Sweden - 0.87%
	130,000	Asmodee Group AB(d)		5.75	%	12/15/2029		139,402
	140,000	Heimstaden Bostad AB(c)(f)		3.90% - 5Y EUR SWAP		Perpetual Maturity		138,825
	200,000	Verisure Midholding AB(e)		5.25	%	02/15/2029		207,860
								486,087
United States - 59.15%
	40,000	Academy, Ltd.(d)		6.00	%	11/15/2027		39,821
	95,000	ACCO Brands Corp.(d)		4.25	%	03/15/2029		86,516
	105,000	Acuris Finance US, Inc. / Acuris Finance SARL(d)		5.00	%	05/01/2028		95,522
	80,000	Aethon United BR LP / Aethon United Finance Corp.(d)		7.50	%	10/01/2029		81,892
	160,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(d)		6.75	%	04/15/2028		160,917
	25,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(d)		7.00	%	01/15/2031		25,125
	125,000	Allied Universal Holdco LLC(d)		7.88	%	02/15/2031		127,916
	70,000	Alpha Generation LLC(d)		6.75	%	10/15/2032		69,321
	150,000	AMC Networks, Inc.(d)		10.25	%	01/15/2029		159,861
	125,000	AMC Networks, Inc.		4.25	%	02/15/2029		98,260
	130,000	Amer Sports Co.(d)		6.75	%	02/16/2031		131,817
	50,000	American Airlines, Inc.(d)		7.25	%	02/15/2028		51,295
	90,000	American Axle & Manufacturing, Inc.		5.00	%	10/01/2029		82,316
	185,000	AmeriGas Partners LP / AmeriGas Finance Corp.(d)		9.38	%	06/01/2028		178,158
	145,000	Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.(d)		7.00	%	04/15/2030		128,793
	235,000	Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.		0.25	%	06/15/2026		208,856
	65,000	Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.(d)		5.75	%	01/15/2029		52,108
	235,000	Arches Buyer, Inc.(d)		4.25	%	06/01/2028		216,088
	17,000	Archrock Partners LP / Archrock Partners Finance Corp.(d)		6.88	%	04/01/2027		17,104
	75,000	Archrock Partners LP / Archrock Partners Finance Corp.(d)		6.25	%	04/01/2028		74,647
	65,000	Arsenal AIC Parent LLC(d)		8.00	%	10/01/2030		67,343
	135,000	AssuredPartners, Inc.(d)		7.50	%	02/15/2032		145,415
	75,000	AthenaHealth Group, Inc.(d)		6.50	%	02/15/2030		71,350
	85,000	Avient Corp.(d)		7.13	%	08/01/2030		87,191
	70,000	B&G Foods, Inc.		5.25	%	09/15/2027		67,036
	140,000	B&G Foods, Inc.(d)		8.00	%	09/15/2028		144,091
	145,000	BellRing Brands, Inc.(d)		7.00	%	03/15/2030		148,753
	60,000	Big River Steel LLC / BRS Finance Corp.(d)		6.63	%	01/31/2029		60,058
	240,000	Block Communications, Inc.(d)		4.88	%	03/01/2028		223,901
	165,000	Bloomin' Brands, Inc. / OSI Restaurant Partners LLC(d)		5.13	%	04/15/2029		149,341
	500,000	Blue Owl Capital Corp.		3.75	%	07/22/2025		495,979
	1,242,000	Blue Owl Capital Corp. III		3.13	%	04/13/2027		1,172,373
	200,000	Blue Owl Credit Income Corp.		5.50	%	03/21/2025		200,047
	105,000	Blue Racer Midstream LLC / Blue Racer Finance Corp.(d)		7.00	%	07/15/2029		107,351
	60,000	Blue Racer Midstream LLC / Blue Racer Finance Corp.(d)		7.25	%	07/15/2032		61,698
	220,000	BlueLinx Holdings, Inc.(d)		6.00	%	11/15/2029		215,075
	55,000	Boost Newco Borrower LLC(d)		7.50	%	01/15/2031		57,703
	268,780	Borr IHC, Ltd. / Borr Finance LLC(d)		10.00	%	11/15/2028		268,503

Principal Amount/Description			Rate			Maturity	Value
$	105,000	Brinker International, Inc.(d)		8.25	%	07/15/2030	$	110,999
	45,000	Buckeye Partners LP(d)		4.50	%	03/01/2028		42,908
	105,000	Buckeye Partners LP(d)		6.88	%	07/01/2029		106,377
	175,000	Cable One, Inc.(h)		0.00	%	03/15/2026		163,275
	70,000	Cablevision Lightpath LLC(d)		3.88	%	09/15/2027		66,603
	202,000	Cablevision Lightpath LLC(d)		5.63	%	09/15/2028		188,599
	125,000	Calpine Corp.(d)		5.00	%	02/01/2031		117,637
	330,000	Carnival Corp.(d)		10.50	%	06/01/2030		352,786
	50,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)		5.50	%	05/01/2026		49,899
	175,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)		6.38	%	09/01/2029		173,698
	120,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)		4.75	%	03/01/2030		109,719
	250,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)		4.50	%	06/01/2033		210,630
	135,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)		4.25	%	01/15/2034		109,680
	130,000	Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op		5.25	%	07/15/2029		125,056
	75,000	Chart Industries, Inc.(d)		7.50	%	01/01/2030		78,069
	35,000	Chart Industries, Inc.(d)		9.50	%	01/01/2031		37,652
	40,000	CHS/Community Health Systems, Inc.(d)		6.00	%	01/15/2029		35,860
	165,000	CHS/Community Health Systems, Inc.(d)		5.25	%	05/15/2030		135,674
	170,000	CHS/Community Health Systems, Inc.(d)		10.88	%	01/15/2032		175,606
	10,000	Churchill Downs, Inc.(d)		4.75	%	01/15/2028		9,653
	55,000	Churchill Downs, Inc.(d)		5.75	%	04/01/2030		54,017
	100,000	Churchill Downs, Inc.(d)		6.75	%	05/01/2031		101,207
	35,000	CITGO Petroleum Corp.(d)		6.38	%	06/15/2026		35,150
	95,000	Clear Channel Outdoor Holdings, Inc.(d)		5.13	%	08/15/2027		91,553
	60,000	Clear Channel Outdoor Holdings, Inc.(d)		9.00	%	09/15/2028		63,092
	65,000	Clear Channel Outdoor Holdings, Inc.(d)		7.88	%	04/01/2030		66,975
	280,000	Cleveland-Cliffs, Inc.(d)		7.00	%	03/15/2032		275,341
	20,000	Cleveland-Cliffs, Inc.(d)		7.38	%	05/01/2033		19,668
	275,000	Cloud Software Group, Inc.(d)		6.50	%	03/31/2029		270,267
	160,000	Cloud Software Group, Inc.(d)		8.25	%	06/30/2032		165,119
	85,000	Clydesdale Acquisition Holdings, Inc.(d)		6.63	%	04/15/2029		85,645
	35,000	Clydesdale Acquisition Holdings, Inc.(d)		6.88	%	01/15/2030		35,281
	70,000	Cogent Communications Group LLC(d)		7.00	%	06/15/2027		70,416
	150,000	Cogent Communications Group, Inc. / Cogent Communications Finance, Inc.(d)		7.00	%	06/15/2027		150,219
	25,000	CommScope LLC(d)		7.13	%	07/01/2028		22,034
	359,000	CommScope LLC(d)		4.75	%	09/01/2029		320,200
	145,000	Compass Group Diversified Holdings LLC(d)		5.25	%	04/15/2029		139,288
	90,000	Comstock Resources, Inc.(d)		6.75	%	03/01/2029		87,581
	70,000	Comstock Resources, Inc.(d)		5.88	%	01/15/2030		65,349
	105,000	Consolidated Communications, Inc.(d)		5.00	%	10/01/2028		97,832
	155,000	Cornerstone Building Brands, Inc.(d)		9.50	%	08/15/2029		151,049
	65,000	Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC(d)		6.63	%	07/15/2030		66,121
	150,000	Cougar JV Subsidiary LLC(d)		8.00	%	05/15/2032		155,850
	250,000	CQP Holdco LP / BIP-V Chinook Holdco LLC(d)		7.50	%	12/15/2033		263,084
	115,000	Crocs, Inc.(d)		4.25	%	03/15/2029		106,783
	315,000	CSC Holdings LLC(d)		5.50	%	04/15/2027		282,278
	115,000	CSC Holdings LLC(d)		5.75	%	01/15/2030		65,552
	25,000	CSC Holdings LLC(d)		5.00	%	11/15/2031		13,047

Principal Amount/Description			Rate			Maturity	Value
$	110,000	Cushman & Wakefield US Borrower LLC(d)		8.88	%	09/01/2031	$	118,503
	145,000	CVR Energy, Inc.(d)		5.75	%	02/15/2028		133,748
	80,000	Dcli Bidco LLC(d)		7.75	%	11/15/2029		82,098
	180,000	Diebold Nixdorf, Inc.(d)		7.75	%	03/31/2030		185,229
	195,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(d)		5.88	%	08/15/2027		190,196
	65,000	Elastic NV(d)		4.13	%	07/15/2029		60,321
	100,000	EMRLD Borrower LP / Emerald Co.-Issuer, Inc.(d)		6.38	%	12/15/2030		109,782
	85,000	Endo Finance Holdings, Inc.(d)		8.50	%	04/15/2031		90,167
	45,000	EnerSys(d)		6.63	%	01/15/2032		45,283
	265,000	EnLink Midstream Partners LP		5.05	%	04/01/2045		227,902
	180,000	EQM Midstream Partners LP(d)		4.75	%	01/15/2031		169,403
	275,000	EquipmentShare.com, Inc.(d)		9.00	%	05/15/2028		285,612
	65,000	EquipmentShare.com, Inc.(d)		8.00	%	03/15/2033		66,065
	50,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(d)		4.63	%	01/15/2029		46,573
	50,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(d)		6.75	%	01/15/2030		46,169
	90,000	Fiesta Purchaser, Inc.(d)		7.88	%	03/01/2031		94,060
	70,000	Fiesta Purchaser, Inc.(d)		9.63	%	09/15/2032		73,506
	10,000	FirstCash, Inc.(d)		4.63	%	09/01/2028		9,486
	170,000	FirstCash, Inc.(d)		5.63	%	01/01/2030		163,964
	100,000	Fortress Intermediate 3, Inc.(d)		7.50	%	06/01/2031		102,092
	200,000	Fortress Transportation and Infrastructure Investors LLC(d)		5.50	%	05/01/2028		196,601
	23,000	Fortress Transportation and Infrastructure Investors LLC(d)		7.88	%	12/01/2030		24,235
	650,000	Franklin BSP Capital Corp.		3.25	%	03/30/2026		632,236
	600,000	Franklin BSP Capital Corp.(d)		7.20	%	06/15/2029		611,997
	15,000	Freedom Mortgage Corp.(d)		12.00	%	10/01/2028		16,328
	35,000	Freedom Mortgage Corp.(d)		12.25	%	10/01/2030		38,745
	145,000	Freedom Mortgage Holdings LLC(d)		9.13	%	05/15/2031		149,686
	10,000	Frontier Communications Holdings LLC(d)		5.00	%	05/01/2028		9,784
	20,000	Frontier Communications Holdings LLC(d)		8.75	%	05/15/2030		21,154
	1,000,000	FS KKR Capital Corp.		4.13	%	02/01/2025		998,700
	35,000	Go Daddy Operating Co. LLC / GD Finance Co, Inc.(d)		5.25	%	12/01/2027		34,410
	34,000	Goodyear Tire & Rubber Co.		9.50	%	05/31/2025		34,242
	130,000	Graham Packaging Co., Inc.(d)		7.13	%	08/15/2028		128,749
	115,000	Great Lakes Dredge & Dock Corp.(d)		5.25	%	06/01/2029		107,284
	120,000	Greystar Real Estate Partners LLC(d)		7.75	%	09/01/2030		126,895
	90,000	Gulfport Energy Operating Corp.(d)		6.75	%	09/01/2029		90,740
	30,000	Hanesbrands, Inc.(d)		4.88	%	05/15/2026		29,561
	140,000	Hanesbrands, Inc.(d)		9.00	%	02/15/2031		149,413
	5,000	HAT Holdings I LLC / HAT Holdings II LLC(d)		3.75	%	09/15/2030		4,410
	130,000	Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl(d)		8.75	%	05/01/2029		133,538
	115,000	Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl(d)		7.88	%	05/01/2029		122,257
	170,000	Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.(d)		5.00	%	06/01/2029		160,355
	30,000	HLF Financing Sarl LLC / Herbalife International, Inc.(d)		12.25	%	04/15/2029		31,378
	135,000	HLF Financing Sarl LLC / Herbalife International, Inc.(d)		4.88	%	06/01/2029		95,175

Principal Amount/Description			Rate			Maturity	Value
$	80,000	Howard Midstream Energy Partners LLC(d)		8.88	%	07/15/2028	$	84,157
	45,000	HUB International, Ltd.(d)		5.63	%	12/01/2029		43,685
	80,000	HUB International, Ltd.(d)		7.25	%	06/15/2030		82,066
	255,000	Hunt Companies, Inc.(d)		5.25	%	04/15/2029		241,965
	145,000	Imola Merger Corp.(d)		4.75	%	05/15/2029		137,622
	15,000	Iron Mountain, Inc.(d)		5.00	%	07/15/2028		14,511
	55,000	Iron Mountain, Inc.(d)		7.00	%	02/15/2029		56,238
	55,000	Iron Mountain, Inc.(d)		5.25	%	07/15/2030		52,543
	135,000	JB Poindexter & Co., Inc.(d)		8.75	%	12/15/2031		142,273
	210,000	JELD-WEN, Inc.(d)		7.00	%	09/01/2032		195,163
	155,000	JetBlue Airways Corp.		0.50	%	04/01/2026		144,537
	310,000	Kennedy-Wilson, Inc.		4.75	%	02/01/2030		274,546
	95,000	Kennedy-Wilson, Inc.		5.00	%	03/01/2031		83,495
	145,000	Kinetik Holdings LP(d)		6.63	%	12/15/2028		148,441
	55,000	Kinetik Holdings LP(d)		5.88	%	06/15/2030		54,177
	115,000	Kraken Oil & Gas Partners LLC(d)		7.63	%	08/15/2029		110,797
	50,000	LABL, Inc.(d)		5.88	%	11/01/2028		44,639
	155,000	LCM Investments Holdings II LLC(d)		8.25	%	08/01/2031		160,967
	5,000	Level 3 Financing, Inc.(d)		4.63	%	09/15/2027		4,652
	140,000	Level 3 Financing, Inc.(d)		3.75	%	07/15/2029		108,970
	210,000	Level 3 Financing, Inc.(d)		4.00	%	04/15/2031		166,425
	14,700	Level 3 Financing, Inc.(d)		10.00	%	10/15/2032		14,640
	185,000	LFS Topco LLC(d)		5.88	%	10/15/2026		183,774
	130,000	Lightning Power LLC(d)		7.25	%	08/15/2032		134,045
	90,000	Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp.(d)		6.88	%	12/01/2032		89,185
	50,000	Marriott Ownership Resorts, Inc.		4.75	%	01/15/2028		48,089
	215,000	Marriott Ownership Resorts, Inc.(d)		4.50	%	06/15/2029		200,859
	110,000	Masterbrand, Inc.(d)		7.00	%	07/15/2032	��	110,896
	110,000	Matador Resources Co.(d)		6.88	%	04/15/2028		111,670
	25,000	Matador Resources Co.(d)		6.50	%	04/15/2032		24,759
	155,000	Match Group Financeco 2, Inc.(d)		0.88	%	06/15/2026		146,087
	75,000	Mativ Holdings, Inc.(d)		8.00	%	10/01/2029		72,334
	110,000	Medline Borrower LP(d)		5.25	%	10/01/2029		106,262
	55,000	MPH Acquisition Holdings LLC(d)		5.50	%	09/01/2028		47,211
	135,000	Nabors Industries, Inc.(d)		9.13	%	01/31/2030		137,414
	100,000	Nabors Industries, Inc.(d)		8.88	%	08/15/2031		92,959
	30,000	Nabors Industries, Ltd.(d)		7.50	%	01/15/2028		27,808
	20,000	Nationstar Mortgage Holdings, Inc.(d)		7.13	%	02/01/2032		20,278
	150,000	NCL Corp., Ltd.(d)		8.13	%	01/15/2029		158,167
	80,000	NCL Corp., Ltd.(d)		7.75	%	02/15/2029		84,067
	115,000	NCR Atleos Corp.(d)		9.50	%	04/01/2029		124,688
	34,000	NCR Voyix Corp.(d)		5.13	%	04/15/2029		32,564
	245,000	Necessity Retail REIT, Inc. / American Finance Operating Partner LP(d)		4.50	%	09/30/2028		225,300
	35,000	New Enterprise Stone & Lime Co., Inc.(d)		9.75	%	07/15/2028		35,993
	135,000	New Enterprise Stone & Lime Co., Inc.(d)		5.25	%	07/15/2028		131,115
	105,000	NextEra Energy Operating Partners LP(d)		7.25	%	01/15/2029		107,512
	130,000	NextEra Energy Partners LP(d)(h)		0.00	%	11/15/2025		122,688
	150,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(d)		8.13	%	02/15/2029		152,117
	45,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(d)		8.38	%	02/15/2032		45,392
	25,000	Northern Oil & Gas, Inc.(d)		8.13	%	03/01/2028		25,406
	105,000	Northern Oil & Gas, Inc.(d)		8.75	%	06/15/2031		108,513
	65,000	NRG Energy, Inc.(d)		5.75	%	07/15/2029		63,513
	260,000	NRG Energy, Inc.(d)		3.63	%	02/15/2031		227,539
	5,000	NuStar Logistics LP		6.00	%	06/01/2026		5,010
	28,000	NuStar Logistics LP		6.38	%	10/01/2030		28,097
	5,000	Oceaneering International, Inc.		6.00	%	02/01/2028		4,936

Principal Amount/Description			Rate			Maturity	Value
$	155,000	Oceaneering International, Inc.		6.00	%	02/01/2028	$	153,029
	115,000	Olympus Water US Holding Corp.(d)		4.25	%	10/01/2028		107,564
	25,000	Olympus Water US Holding Corp.(d)		9.75	%	11/15/2028		26,557
	115,000	Olympus Water US Holding Corp.(e)		9.63	%	11/15/2028		127,173
	40,000	Olympus Water US Holding Corp.(d)		6.25	%	10/01/2029		38,253
	120,000	Olympus Water US Holding Corp.(d)		7.25	%	06/15/2031		122,410
	40,000	OneMain Finance Corp.		7.88	%	03/15/2030		41,766
	20,000	OneMain Finance Corp.		7.13	%	11/15/2031		20,399
	210,000	Open Text Holdings, Inc.(d)		4.13	%	02/15/2030		190,634
	225,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV(d)		5.13	%	04/30/2031		202,451
	220,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV(d)		7.88	%	05/15/2034		225,194
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(d)		5.00	%	08/15/2027		19,479
	25,000	Owens & Minor, Inc.(d)		4.50	%	03/31/2029		22,338
	76,000	Owens & Minor, Inc.(d)		6.63	%	04/01/2030		71,337
	25,000	Owens-Brockway Glass Container, Inc.(d)		7.25	%	05/15/2031		24,362
	200,000	Owens-Brockway Glass Container, Inc.(d)		7.38	%	06/01/2032		191,481
	140,000	Panther Escrow Issuer LLC(d)		7.13	%	06/01/2031		141,552
	45,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(d)		7.00	%	02/01/2030		45,705
	175,000	Pebblebrook Hotel Trust		1.75	%	12/15/2026		163,380
	145,000	Pediatrix Medical Group, Inc.(d)		5.38	%	02/15/2030		138,553
	35,000	Permian Resources Operating LLC(d)		5.88	%	07/01/2029		34,367
	75,000	Phinia, Inc.(d)		6.75	%	04/15/2029		76,594
	165,000	Pike Corp.(d)		8.63	%	01/31/2031		174,274
	245,000	Prime Security Services Borrower LLC / Prime Finance, Inc.(d)		6.25	%	01/15/2028		243,939
	70,000	QVC, Inc.		4.45	%	02/15/2025		69,634
	366,000	QVC, Inc.(d)		6.88	%	04/15/2029		298,271
	100,000	Railworks Holdings LP / Railworks Rally, Inc.(d)		8.25	%	11/15/2028		100,160
	100,000	RAY Financing LLC(d)		6.50	%	07/15/2031		108,548
	145,000	RHP HOTEL PPTY RHP 6 1/2 04/01/32				04/01/2032		145,850
	120,000	RHP Hotel Properties LP / RHP Finance Corp.(d)		7.25	%	07/15/2028		123,821
	40,000	RLJ Lodging Trust LP(d)		4.00	%	09/15/2029		36,281
	75,000	Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.(d)		4.00	%	10/15/2033		62,534
	115,000	Rocket Software, Inc.(d)		9.00	%	11/28/2028		119,345
	135,000	Royal Caribbean Cruises, Ltd.(d)		6.25	%	03/15/2032		136,721
	120,000	Saks Global Enterprises LLC(d)		11.00	%	12/15/2029		115,715
	170,000	Sally Holdings LLC / Sally Capital, Inc.		6.75	%	03/01/2032		170,523
	100,000	SCIL IV LLC / SCIL USA Holdings LLC(d)		5.38	%	11/01/2026		98,054
	98,000	Sealed Air Corp./Sealed Air Corp US(d)		7.25	%	02/15/2031		101,141
	141,000	Service Properties Trust(d)		8.63	%	11/15/2031		147,370
	165,000	Service Properties Trust		8.88	%	06/15/2032		152,876
	85,000	Sirius XM Radio LLC(d)		5.50	%	07/01/2029		81,595
	245,000	Sirius XM Radio LLC(d)		4.13	%	07/01/2030		214,115
	40,000	Sirius XM Radio LLC(d)		3.88	%	09/01/2031		33,521
	80,000	Six Flags Entertainment Corp.(d)		5.50	%	04/15/2027		79,558
	95,000	Six Flags Entertainment Corp.(d)		7.25	%	05/15/2031		97,128
	70,000	Sotera Health Holdings LLC(d)		7.38	%	06/01/2031		71,005
	75,000	Specialty Building Products Holdings LLC / SBP Finance Corp.(d)		7.75	%	10/15/2029		76,374
	22,000	Spectrum Brands, Inc.(d)		3.88	%	03/15/2031		19,042
	40,000	Standard Industries, Inc.(d)		5.00	%	02/15/2027		39,177
	85,000	Standard Industries, Inc.(d)		4.75	%	01/15/2028		81,417

Principal Amount/Description			Rate			Maturity	Value
$	115,000	Summit Materials LLC / Summit Materials Finance Corp.(d)		7.25	%	01/15/2031	$	122,134
	140,000	Sunoco LP(d)		7.25	%	05/01/2032		144,727
	115,000	Talen Energy Supply LLC(d)		8.63	%	06/01/2030		122,641
	135,000	TMS International Corp.(d)		6.25	%	04/15/2029		130,271
	70,000	TransDigm, Inc.		4.63	%	01/15/2029		65,608
	95,000	UKG, Inc.(d)		6.88	%	02/01/2031		96,483
	115,000	Univision Communications, Inc.(d)		6.63	%	06/01/2027		114,672
	10,000	Univision Communications, Inc.(d)		7.38	%	06/30/2030		9,579
	95,000	US Foods, Inc.(d)		7.25	%	01/15/2032		98,436
	30,000	USA Compression Partners LP / USA Compression Finance Corp.		6.88	%	09/01/2027		30,119
	195,000	USA Compression Partners LP / USA Compression Finance Corp.(d)		7.13	%	03/15/2029		198,628
	135,000	Velocity Vehicle Group LLC(d)		8.00	%	06/01/2029		140,543
	90,000	Venture Global LNG, Inc.(d)		8.13	%	06/01/2028		93,695
	110,000	Venture Global LNG, Inc.(d)		9.50	%	02/01/2029		121,648
	100,000	Venture Global LNG, Inc.(d)		7.00	%	01/15/2030		101,594
	325,000	Venture Global LNG, Inc.(d)		8.38	%	06/01/2031		339,288
	65,000	Vistra Operations Co. LLC(d)		5.00	%	07/31/2027		63,832
	40,000	Vistra Operations Co. LLC(d)		7.75	%	10/15/2031		42,000
	140,000	Vistra Operations Co. LLC(d)		6.88	%	04/15/2032		143,481
	175,000	Vital Energy, Inc.(d)		7.88	%	04/15/2032		168,553
	40,000	Walgreens Boots Alliance, Inc.		8.13	%	08/15/2029		39,642
	65,000	Walgreens Boots Alliance, Inc.		4.10	%	04/15/2050		40,271
	65,000	Wand NewCo 3, Inc.(d)		7.63	%	01/30/2032		66,829
	245,000	WASH Multifamily Acquisition, Inc.(d)		5.75	%	04/15/2026		244,253
	50,000	Weatherford International, Ltd.(d)		8.63	%	04/30/2030		51,667
	120,000	Weekley Homes LLC / Weekley Finance Corp.(d)		4.88	%	09/15/2028		114,956
	110,000	WESCO Distribution, Inc.(d)		6.63	%	03/15/2032		111,939
	180,000	Western Midstream Operating LP		5.50	%	08/15/2048		157,452
	70,000	Williams Scotsman, Inc.(d)		7.38	%	10/01/2031		72,071
	110,000	Windsor Holdings III LLC(d)		8.50	%	06/15/2030		115,881
	95,000	WR Grace Holdings LLC(d)		4.88	%	06/15/2027		92,179
	175,000	WR Grace Holdings LLC(d)		5.63	%	08/15/2029		161,146
	70,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(d)		5.13	%	10/01/2029		67,097
	55,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(d)		7.13	%	02/15/2031		57,316
	245,000	Zayo Group Holdings, Inc.(d)		4.00	%	03/01/2027		226,207
	35,000	ZF North America Capital, Inc.(d)		6.88	%	04/14/2028		34,930
	35,000	ZF North America Capital, Inc.(d)		7.13	%	04/14/2030		34,394
	165,000	ZipRecruiter, Inc.(d)		5.00	%	01/15/2030		148,816
								32,968,252
TOTAL HIGH YIELD DEBT
(Cost $44,815,515)								44,927,885
BUSINESS DEVELOPMENT COMPANY NOTES - 0.51%
United States - 0.51%
	3,018	MidCap Financial Investment Corp.		8.00	%	12/15/2028		76,838
	210,000	MidCap Financial Investment Corp.		5.25	%	03/03/2025		209,493
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $285,797)								286,331

Shares/Description			Value
WARRANTS - 0.01%
United States - 0.01%
	11	Toys R Us Propco Warrant, Strike Price 0.01, Expires 12/31/2049(a)	$	–
	237	Windstream Holdings Inc - Pvt Warrant, Strike Price 0.01, Expires 12/31/2049		4,582
TOTAL WARRANTS
(Cost $105,685)				4,582
SHORT-TERM INVESTMENTS - 7.88%
Money Market Fund - 7.88%
	4,389,292	State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.41%)		4,389,292
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,389,292)				4,389,292
TOTAL INVESTMENTS - 91.96%
(Cost $51,338,608)			$	51,251,242
OTHER ASSETS IN EXCESS OF LIABILITIES - 8.04%				4,482,142
NET ASSETS - 100.00%			$	55,733,384

Investment Abbreviations:

CME- Chicago Mercantile Exchange

EURIBOR - Euro Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate Data

TI - Treasury Index

Rates:

3M EUR L - 3 Month EURIBOR as of December 31, 2024 was 2.71%

6M EUR L - 6 Month EURIBOR as of December 31, 2024 was 2.57%

1M SOFR - 1 Month SOFR as of December 31, 2024 was 4.33%

3M SOFR - 3 Month SOFR as of December 31, 2024 was 4.31%

6M CME Term - 6 Month CME Term as of December 31, 2024 was 4.25%

5Y EUR SWAP - 5 Year Euro ICE Swap Rate as of December 31, 2024 was 2.24%

5YR US TI - 5 Year TI as of December 31, 2024 was 4.38%

8YR EUR SWAP - 8 Year EUR Swap Rate as of December 31, 2024 was 2.30%

(a)	The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
(b)	Non-income producing security.
(c)	Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. 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. These securities do not indicate a reference rate and spread in their description above.
(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $33,711,485, which represents approximately 60.49% of net assets as of December 31, 2024.
(e)	Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees (the "Board"). As of December 31, 2024, the aggregate fair value of those securities was $3,801,466, representing 6.82% of net assets.
(f)	Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
(g)	Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.
(h)	Issued with a zero coupon.  Income is recognized through the accretion of discount.

See Notes to Quarterly Schedule of Investments.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at December 31, 2024		Fund Delivering	U.S. $ Value at December 31, 2024		Unrealized Appreciation/ (Depreciation)
Bank of Montreal	1/8/2025	USD		761,996	GBP		751,110	$	10,886
State Street Corporation	1/8/2025	USD		7,029,429	EUR		6,917,948		111,481
State Street Corporation	1/8/2025	USD		969,937	GBP		959,829		10,108
Wells Fargo	1/8/2025	USD		52,784	EUR		52,592		192
								$	132,667
State Street Corporation	1/8/2025	EUR		31,082	USD		31,502	$	(420	)
								$	(420	)

RiverNorth Funds Notes to Quarterly Schedule of Investments

December 31, 2024 (Unaudited)

1. ORGANIZATION

The RiverNorth Funds (the “Trust” or “Funds”) was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006 (the “Trust Agreement”). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust Agreement permits the Board of Trustees (the “Board” or “Trustees”) to authorize and issue an unlimited number of shares of beneficial interest of a separate series without par value. All classes of shares for each of the Funds have identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes. The Funds are considered investment companies and therefore follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services Investment Companies.

The RiverNorth Core Opportunity Fund (the “Core Opportunity Fund”) was organized as a diversified series of the Trust on July 18, 2006 and commenced investment operations on December 27, 2006. The Core Opportunity Fund offers two series of shares, Class I Shares (inception date of August 11, 2014) and Class R Shares (inception date of December 27, 2006). The investment adviser to the Core Opportunity Fund is RiverNorth Capital Management, LLC (the “Adviser”). The investment objective of the Core Opportunity Fund is to seek long-term capital appreciation and income.

The RiverNorth/DoubleLine Strategic Income Fund (the “Strategic Income Fund”) is a diversified series of the Trust and commenced investment operations on December 30, 2010. The Strategic Income Fund offers two series of shares, Class I Shares and Class R Shares. The investment adviser to the Strategic Income Fund is RiverNorth Capital Management, LLC. The Strategic Income Fund’s sub-adviser is DoubleLine Capital, LP (“DoubleLine”). The investment objective of the Strategic Income Fund is current income and overall total return.

The RiverNorth/Oaktree High Income Fund (the “High Income Fund”) is a diversified series of the Trust and commenced investment operations on December 28, 2012. The High Income Fund offers two series of shares, Class I Shares and Class R Shares. The investment adviser to the High Income Fund is RiverNorth Capital Management, LLC. The High Income Fund’s sub-adviser is Oaktree Capital Management, L.P. (“Oaktree Capital,” and with DoubleLine, each a “Sub-Adviser” or collectively, the “Sub-Advisers”). Effective August 10, 2021, as part of an internal corporate reorganization, Oaktree Capital Management, L.P., the Fund’s previous sub-adviser, transferred its sub-advisory agreement with the High Income Fund to Oaktree Capital. The investment objective of the High Income Fund is overall total return consisting of long-term capital appreciation and income.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities, in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon sale of the securities. The Schedules of Investments have been prepared as of the close of the New York Stock Exchange (“NYSE”) on December 31, 2024.

Security Valuation:  The Funds’ assets and other financial instruments are recorded at their estimated fair value as described in Note 3.

Security Transactions and Related Income:  The Funds follow industry practice and record security transactions on the trade date basis. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date or for certain foreign securities, when the information becomes available to the Funds and interest income and expenses are recorded on an accrual basis. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region. Settlement on bank loan transactions may be in excess of seven business days. Interest only stripped mortgage backed securities (“IO Strips”) are securities that receive only interest payments from a pool of mortgage loans. Little to no principal will be received by the Funds upon maturity of an IO Strip. Periodic adjustments are recorded to reduce the cost of the security until maturity, which are included in interest income.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Foreign Securities: The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Certain foreign countries impose a capital gains tax which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund’s net asset value ("NAV"). The tax is paid when the gain is realized and is included in capital gains tax in the Statements of Operations. During the period ended December 31, 2024, no foreign capital gains tax was accrued or paid by the Fund.

Other:  The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

Principal Investment Risks: All mutual funds carry a certain amount of risk. For more information on the related risks of investing in the Funds please refer to the prospectus of each Fund.

3. SECURITIES VALUATION AND FAIR VALUE Measurements

The Funds value their investments at fair value. Fair value is defined as the price that a Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. For example, the risk inherent in a particular valuation technique used to measure fair value including using such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

● Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

● Level 3 – Significant unobservable prices or inputs (including the Funds’ own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

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.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5 under the 1940 Act, the Board approved updated valuation procedures for the Funds and designated the Adviser as the Funds’ valuation designee to make all fair valuation determinations with respect to the Fund's portfolio investments, subject to the Board's oversight.

Equity securities, including common stocks, warrants, closed-end funds, exchange-traded funds, preferred stocks and business development companies, are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Funds will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3 securities.

Futures contracts are normally valued at the final settlement price or official closing price provided by independent pricing services. These securities will be categorized ass Level 1 securities.

Investments in mutual funds, including short term investments and open-end funds, are generally priced at the ending net asset value (NAV) provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

Domestic and foreign fixed income securities, including foreign and U.S. corporate bonds, convertible corporate bonds, U.S. Government bonds and notes, foreign government bonds and notes, supranationals and foreign agencies, non-agency collateralized mortgage obligations, U.S. Government/Agency mortgage backed securities, business development company notes, bank loans, collateralized loan obligations, municipal bonds, and high yield debt, as well as non-exchange traded derivatives, including forward foreign currency contracts, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Foreign currency positions, including forward foreign currency contracts, are priced at the mean between the closing bid and asked prices at 4:00 p.m. Eastern time. Prices obtained from independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Data used to establish quotes includes analysis of cash flows, pre-payment speeds, default rates, delinquency assumptions and assumptions regarding collateral and loss assumptions. These securities will be classified as Level 2 securities.

Short-term investments in fixed income securities, with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

In accordance with the Funds’ good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) discounted cash flow models; (iii) weighted average cost or weighted average price; (iv) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (v) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Adviser’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Funds’ NAV calculation that may affect a security’s value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.

Good faith pricing may also be used in instances when the bonds the Funds invest in default or otherwise cease to have market quotations readily available. Investments in foreign securities, junk bonds or other thinly traded securities are more likely to trigger good faith pricing than other securities.

The following is a summary of the inputs used at December 31, 2024 in valuing the Funds’ assets and liabilities:

Core Opportunity Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	33,779,556	$	–	$	–	$	33,779,556
Closed-End Funds - Preferred Shares		383,729		–		–		383,729
Business Development Companies		657,040		–		–		657,040
Exchange Traded Funds		3,478,287		–		–		3,478,287
Business Development Company Notes		–		199,517		–		199,517
U.S. Corporate Bonds		–		893,631		–		893,631
Warrants		2,046		–		–		2,046
Short-Term Investments		4,568,510		–		–		4,568,510
Total	$	42,869,168	$	1,093,148	$	–	$	43,962,316

Strategic Income Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3			Total
Closed-End Funds	$	200,996,329	$	–	$	–		$	200,996,329
Closed-End Funds - Preferred Shares		6,596,598		–		–			6,596,598
Business Development Companies		3,756,771		–		–			3,756,771
Business Development Companies - Preferred Shares		7,727,030		3,631,068		–			11,358,098
Common Stocks		–		3,286		–			3,286
Open-End Funds		37,057,625		–		–			37,057,625
Foreign Corporate Bonds		–		27,443,635		–			27,443,635
U.S. Corporate Bonds		–		155,603,380		–			155,603,380
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		–		970,477		–			970,477
Bank Loans		–		19,741,963		–			19,741,963
Collateralized Loan Obligations		–		68,013,303		–			68,013,303
Equity - Linked Notes		–		–		–	***		–
Non-Agency Collateralized Mortgage Obligations		–		229,449,877		–			229,449,877
U.S. Government Bonds and Notes		–		90,066,848		–			90,066,848
Mortgage-Backed Securities		–		48,643,760		–			48,643,760
U.S. Government / Agency Mortgage Backed Securities		–		267,459,917		–			267,459,917
Warrants		–		–		–	***		–
Short-Term Investments		50,587,673		–		–			50,587,673
Total	$	306,722,026	$	911,027,514	$	–		$	1,217,749,540

	Valuation Inputs
Other Financial Instruments**	Level 1			Level 2		Level 3		Total
Assets
Future Contracts	$	(110,945	)	$	–	$	–	$	(110,945	)
Liabilities
Future Contract	$	240,069		$	–	$	–	$	240,069
Total	$	129,124		$	–	$	–	$	129,124

High Income Fund

	Valuation Inputs
High Income Fund (continued)
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Business Development Company Notes	$	76,838	$	209,493	$	–	$	286,331
Closed-End Funds		879,172		–		–		879,172
Common Stocks		–		33		89,538		89,571
Bank Loans		–		674,409		–		674,409
High Yield Debt		–		44,927,885		–		44,927,885
Warrants		–		4,582		–		4,582
Short-Term Investments		4,389,292		–		–		4,389,292
Total	$	5,345,302	$	45,816,402	$	89,538	$	51,251,242

	Valuation Inputs
Other Financial Instruments**	Level 1		Level 2			Level 3		Total
Assets
Forward Foreign Currency Contracts	$	–	$	132,667		$	–	$	132,667
Liabilities
Forward Foreign Currency Contracts	$	–	$	(420	)	$	–	$	(420	)
Total	$	–	$	132,247		$	–	$	132,247

* Refer to each Fund’s Schedule of Investments for a listing of securities by type.

** Other financial instruments are derivative instruments reflected in the Summary of Investments.  Futures contracts are reported at their unrealized appreciation/depreciation.

*** Level 3 security has no value.

The changes of the fair value of investments for which the Funds have used Level 3 inputs to determine the fair value are as follows:

Asset Type	Balance as of September 30, 2024		Accrued Discount/premium		Return of Capital		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Purchases		Sales Proceeds		Transfer into Level 3		Transfer Out of Level 3		Balance as of December 31, 2024		Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at December 31, 2024
Common Stocks	$	88,812	$	-	$	-	$	-	$	726	$	-	$	-	$	-	$	-	$	89,538	$	726
	$	88,812	$	-	$	-	$	-	$	726	$	-	$	-	$	-	$	-	$	89,538	$	726

(a) Transferred from Level 3 to Level 2 because of available, observable market data.

The Table below provides additional information about the Level 3 Fair Value Measurements as of December 31, 2024:

Quantitative Information about Level 3 Fair Value Measurements

High Income Fund

Asset Class	Fair Value (USD)	Valuation Technique	Unobservable Inputs(a)	Value/Range (Weighted Average)
Common Stocks	$89,538	Market Comparable Companies	EBITDA Multiple	4.0x-4.8x (4.4x)

^(a) A change to the unobservable input may result in a significant change to the value of the investment as follows:

Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
EBITDA Multiple	Increase	Decrease

On August 10, 2022 the Board approved the Adviser as each Fund's valuation designee, effective September 8, 2022, to make all fair valuation determinations with respect to each Fund's portfolio investments, subject to the Board's oversight and adopted all other updates pursuant to Rule 2a-5 under the 1940 Act.

4. Derivative Financial Instruments

The following discloses the Funds’ use of derivative instruments. The Funds’ investment objectives not only permit the Funds to purchase investment securities, they also allow the Funds to enter into various types of derivative contracts such as total return swap contracts and forward foreign currency contracts. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Market Risk Factors: In pursuit of their investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risk factors:

Foreign Exchange Rate Risk: Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the value of the foreign currency denominated security will increase as the dollar depreciates against the currency.

Risk of Investing in Derivatives

The Funds’ use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds’ performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds.

Futures

The Funds may invest in futures contracts in accordance with their investment objectives. The Funds may do so for a variety of reasons including for cash management, hedging or non-hedging purposes in an attempt to achieve the Funds’ investment objective. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Futures transactions may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when a fund seeks to close out a futures contract or a futures option position. Lack of a liquid market for any reason may prevent a fund from liquidating an unfavorable position, and the fund would remain obligated to meet margin requirements until the position is closed. In addition, a fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange-traded futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. The Funds are party to certain enforceable master netting arrangements, which provide for the right of offset under certain circumstances, such as the event of default.

When a purchase or sale of a futures contract is made by a fund, the fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of liquid assets (“initial margin”). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract that is returned to the Funds upon termination of the contract, assuming all contractual obligations have been satisfied. These amounts are included in Deposits with broker for futures contracts on the Statement of Assets and Liabilities. Each day the Funds may pay or receive cash, called “variation margin,” equal to the daily change in value of the futures contract. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by the Funds. Variation margin does not represent a borrowing or loan by the Funds but instead is a settlement between the Funds and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Forward Foreign Currency Contracts

The Funds may engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. During the three months ended December 31, 2024, the High Income Fund engaged in forward foreign currency contracts. The contracts are marked-to-market daily and the change in value is recorded by the High Income Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the High Income Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk. The High Income Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

5. loan participations and assignments

The Strategic Income Fund and High Income Fund may each invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Strategic Income Fund and High Income Fund will normally invest in corporate debt issuers in North America and Europe. The Strategic Income Fund’s and High Income Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Strategic Income Fund and High Income Fund may each invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Strategic Income Fund and High Income Fund will generally purchase assignments of these loans, in which case they will typically become lenders for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. When purchasing participation interests in a loan, the Strategic Income Fund and High Income Fund generally have no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Strategic Income Fund and High Income Fund may each be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Strategic Income Fund and High Income Fund may each enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan amounts may not be utilized by the borrower. When investing in a loan participation, the Strategic Income Fund and High Income Fund have the right to receive payments of principal, interest and any fees to which they are entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. The Strategic Income Fund and High Income Fund may each receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, the Strategic Income Fund and High Income Fund may each receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations.

As of December 31, 2024, the Funds had the following unfunded loan commitments outstanding, as detailed below:

Fund	Borrower	Amount
RiverNorth/Oaktree High Income Fund	ASP Unifrax	$	116,110
		$	116,110

The Funds may commit to an investment that has yet to fund because the applicable deal has not closed. Additionally, the Adviser or its affiliates may commit to an investment that it intends to allocate to the Funds for which certain terms are not yet finalized at the time of the commitment and as such the Fund’s allocation may change prior to the date of funding. In this regard, a Fund may have to fund additional commitments in the future that it is currently not obligated to fund. Such investments are not included in the unfunded commitments outstanding table above.

6. AFFILIATED COMPANIES

Funds may invest in certain securities that are considered securities issued by affiliated companies. As defined by the Investment Company Act of 1940, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The purchases, sales, dividend income, capital gains, shares and value of investment in affiliated companies for the nine months ended December 31, 2024 were as follows:

Security Name	Market Value as of October 1, 2024		Purchases		Sales		Change in Unrealized Gain (Loss)			Realized Gain/Loss		Market Value as of December 31, 2024		Share Balance as of December 31, 2024		Dividends
RiverNorth/Oaktree High Income Fund - Class I	$	36,877,835	$	670,048	$	-	$	(490,258	)	$	-	$	37,057,625		4,213,296	$	670,048
Total	$	36,877,835	$	670,048	$	-	$	(490,258	)	$	-	$	37,057,625		4,213,296	$	670,048