Description | Shares | Value | ||||||
COMMON STOCK§ — 100.0% | ||||||||
Communication Services — 12.0% | ||||||||
Alphabet, Cl A * | 79,880 | $ | 9,911,511 | |||||
Alphabet, Cl C * | 74,800 | 9,372,440 | ||||||
Meta Platforms, Cl A * | 24,890 | 7,498,610 | ||||||
Netflix * | 5,200 | 2,140,788 | ||||||
Spotify Technology * | 9,900 | 1,631,124 | ||||||
|
|
| ||||||
30,554,473 | ||||||||
|
|
| ||||||
Consumer Discretionary — 17.3% | ||||||||
Airbnb, Cl A * | 7,900 | 934,491 | ||||||
Amazon.com * | 140,070 | 18,641,916 | ||||||
Booking Holdings * | 950 | 2,650,082 | ||||||
Chipotle Mexican Grill, Cl A * | 2,000 | 3,884,400 | ||||||
Floor & Decor Holdings, Cl A * | 7,500 | 618,000 | ||||||
Home Depot | 11,990 | 3,413,433 | ||||||
Lululemon Athletica * | 4,000 | 1,573,920 | ||||||
NIKE, Cl B | 14,100 | 1,449,057 | ||||||
O’Reilly Automotive * | 3,920 | 3,647,325 | ||||||
Starbucks | 20,750 | 1,913,980 | ||||||
Tesla * | 16,645 | 3,342,982 | ||||||
TJX | 20,700 | 1,823,049 | ||||||
|
|
| ||||||
43,892,635 | ||||||||
|
|
| ||||||
Consumer Staples — 2.6% | ||||||||
Coca-Cola | 36,950 | 2,087,306 | ||||||
Costco Wholesale | 6,082 | 3,359,940 | ||||||
Monster Beverage * | 22,000 | 1,124,200 | ||||||
|
|
| ||||||
6,571,446 | ||||||||
|
|
| ||||||
Energy — 0.9% | ||||||||
Hess | 15,000 | 2,166,000 | ||||||
|
|
| ||||||
Financials — 8.6% | ||||||||
Cboe Global Markets | 13,700 | 2,245,293 | ||||||
Mastercard, Cl A | 19,860 | 7,474,311 | ||||||
Moody’s | 11,405 | 3,512,740 | ||||||
Visa, Cl A | 37,200 | 8,745,720 | ||||||
|
|
| ||||||
21,978,064 | ||||||||
|
|
| ||||||
Health Care — 14.5% | ||||||||
Abbott Laboratories | 11,000 | 1,040,050 | ||||||
AbbVie | 15,000 | 2,117,700 | ||||||
Boston Scientific * | 53,300 | 2,728,427 | ||||||
Charles River Laboratories | 5,050 | 850,218 | ||||||
Danaher | 14,700 | 2,822,694 | ||||||
Edwards Lifesciences * | 19,400 | 1,236,168 | ||||||
Eli Lilly | 17,400 | 9,638,382 | ||||||
Humana | 6,800 | 3,561,092 | ||||||
Intuitive Surgical * | 8,100 | 2,123,982 | ||||||
Merck | 10,600 | 1,088,620 | ||||||
Seagen * | 11,750 | 2,500,518 | ||||||
UnitedHealth Group | 10,700 | 5,730,492 | ||||||
Zoetis, Cl A | 9,435 | 1,481,295 | ||||||
|
|
| ||||||
36,919,638 | ||||||||
|
|
| ||||||
Industrials — 3.8% | ||||||||
Canadian Pacific Kansas City | 45,500 | 3,229,135 | ||||||
Fortive | 22,400 | 1,462,272 | ||||||
Uber Technologies * | 62,100 | 2,687,688 | ||||||
Union Pacific | 11,200 | 2,325,232 | ||||||
|
|
| ||||||
9,704,327 | ||||||||
|
|
| ||||||
Information Technology — 39.0% | ||||||||
Accenture, Cl A | 4,500 | 1,336,905 | ||||||
Adobe * | 9,400 | 5,001,364 | ||||||
Advanced Micro Devices * | 30,850 | 3,038,725 |
Description | Shares | Value | ||||||
Apple | 144,900 | $ | 24,744,573 | |||||
Globant * | 8,900 | 1,515,581 | ||||||
Intuit | 3,700 | 1,831,315 | ||||||
Lam Research | 400 | 235,288 | ||||||
Marvell Technology | 47,635 | 2,249,325 | ||||||
Microsoft | 107,515 | 36,351,897 | ||||||
NVIDIA | 30,400 | 12,397,119 | ||||||
QUALCOMM | 7,900 | 861,021 | ||||||
ServiceNow * | 8,800 | 5,120,279 | ||||||
Snowflake, Cl A * | 6,050 | 878,037 | ||||||
Workday, Cl A * | 16,300 | 3,450,873 | ||||||
|
|
| ||||||
99,012,302 | ||||||||
|
|
| ||||||
Materials — 0.9% | ||||||||
Sherwin-Williams | 10,100 | 2,405,921 | ||||||
|
|
| ||||||
Real Estate — 0.4% | ||||||||
American Tower ‡ | 5,300 | 944,407 | ||||||
|
|
| ||||||
Total Common Stock | 254,149,213 | |||||||
|
|
| ||||||
Total Investments — 100.0% | $ | 254,149,213 | ||||||
|
|
|
Percentages are based on Net Assets of $254,273,476.
* | Non-income producing security. |
§ | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
‡ | Real Estate Investment Trust |
See “Glossary” for abbreviations.
FIA-QH-001-3200
1 |
Description | Face Amount | Value | ||||||
U.S. TREASURY OBLIGATIONS — 31.5% |
| |||||||
U.S. Treasury Bills | ||||||||
5.363%, 11/14/23 (A) | $ | 2,000,000 | $ | 1,996,180 | ||||
5.324%, 11/07/23 (A) | 1,000,000 | 999,120 | ||||||
U.S. Treasury Bonds | ||||||||
4.375%, 08/15/43 | 100,000,000 | 89,187,499 | ||||||
4.125%, 08/15/53 | 5,000,000 | 4,277,344 | ||||||
4.000%, 11/15/42 | 80,000,000 | 67,818,750 | ||||||
4.000%, 11/15/52 | 55,000,000 | 45,963,672 | ||||||
3.875%, 05/15/43 | 85,000,000 | 70,589,844 | ||||||
3.625%, 02/15/53 | 25,000,000 | 19,480,469 | ||||||
3.250%, 05/15/42 | 125,000,000 | 95,190,430 | ||||||
0.000%, 08/15/43 (B) | 20,000,000 | 7,083,537 | ||||||
U.S. Treasury Notes | ||||||||
4.625%, 02/28/25 | 65,000,000 | 64,438,867 | ||||||
4.500%, 11/30/24 | 50,000,000 | 49,505,860 | ||||||
4.375%, 10/31/24 | 65,000,000 | 64,319,531 | ||||||
4.250%, 12/31/24 | 94,000,000 | 92,799,297 | ||||||
4.125%, 09/30/27 | 130,000,000 | 126,531,640 | ||||||
3.875%, 08/15/33 | 60,000,000 | 55,228,125 | ||||||
|
|
| ||||||
Total U.S. Treasury Obligations | 855,410,165 | |||||||
|
|
| ||||||
CORPORATE OBLIGATIONS — 20.7% |
| |||||||
Consumer Discretionary — 2.9% | ||||||||
Airswift Global | ||||||||
14.110%, SOFRRATE + 8.762%, 05/12/25 (C)(D) | 7,000,000 | 7,240,742 | ||||||
Choice Hotels International | ||||||||
3.700%, 01/15/31 | 3,000,000 | 2,359,570 | ||||||
3.700%, 12/01/29 | 8,000,000 | 6,551,894 | ||||||
JBS USA LUX | ||||||||
6.750%, 03/15/34 (D) | 10,000,000 | 9,370,800 | ||||||
MajorDrive Holdings IV | ||||||||
6.375%, 06/01/29 (D) | 29,685,000 | 23,005,874 | ||||||
NES Fircroft Bondco | ||||||||
11.750%, 09/29/26 (D) | 2,750,000 | 2,830,581 | ||||||
Nissan Motor Acceptance | ||||||||
7.050%, 09/15/28 (D) | 2,000,000 | 1,975,266 | ||||||
STL Holding | ||||||||
7.500%, 02/15/26 (D) | 16,460,000 | 15,390,100 | ||||||
TransJamaican Highway | ||||||||
5.750%, 10/10/36 (D) | 1,378,217 | 1,137,029 | ||||||
VistaJet Malta Finance | ||||||||
7.875%, 05/01/27 (D) | 14,863,000 | 11,430,836 | ||||||
6.375%, 02/01/30 (D) | 2,000,000 | 1,333,785 | ||||||
|
|
| ||||||
82,626,477 | ||||||||
|
|
| ||||||
Consumer Staples — 0.3% | ||||||||
J M Smucker | ||||||||
6.200%, 11/15/33 | 5,000,000 | 4,860,096 | ||||||
Philip Morris International | ||||||||
5.125%, 02/15/30 | 2,500,000 | 2,355,153 | ||||||
|
|
| ||||||
7,215,249 | ||||||||
|
|
| ||||||
Energy — 6.1% | ||||||||
Apache | ||||||||
7.750%, 12/15/29 | 4,138,000 | 4,241,450 | ||||||
Barclays | ||||||||
6.692%, SOFRRATE + 2.620%, 09/13/34 (C) | 2,000,000 | 1,891,460 | ||||||
Colonial Pipeline | ||||||||
8.375%, 11/01/30 (D) | 500,000 | 540,679 |
Description | Face Amount | Value | ||||||
Farmers Exchange Capital | ||||||||
7.200%, 07/15/48 (D) | $ | 2,000,000 | $ | 1,794,097 | ||||
Intesa Sanpaolo MTN | ||||||||
4.000%, 09/23/29 (D) | 5,000,000 | 4,166,977 | ||||||
New England Power | ||||||||
2.807%, 10/06/50 (D) | 5,000,000 | 2,717,746 | ||||||
Paratus Energy Services | ||||||||
10.000% PIK, 07/15/26 (D) | 90,830,719 | 87,163,774 | ||||||
10.000% PIK, 07/15/26 | 24,586,317 | 23,593,738 | ||||||
Petroleos Mexicanos | ||||||||
10.000%, 02/07/33 (D) | 2,000,000 | 1,768,506 | ||||||
Puffin Finance Sarl | ||||||||
15.000%, 09/11/25 | 14,000,000 | 14,525,508 | ||||||
Reliance Industries | ||||||||
2.875%, 01/12/32 (D) | 2,000,000 | 1,558,191 | ||||||
Transocean | ||||||||
11.500%, 01/30/27 (D) | 17,500,000 | 18,211,025 | ||||||
Waldorf Energy Finance | ||||||||
12.000%, 03/02/26 | 1,000,000 | 800,000 | ||||||
|
|
| ||||||
162,973,151 | ||||||||
|
|
| ||||||
Financials — 7.4% | ||||||||
BAC Capital Trust XIV | ||||||||
6.071%, TSFR3M + 0.662%, 09/15/72 (C) | 9,870,000 | 7,312,683 | ||||||
Bank of Ireland Group | ||||||||
6.253%, H15T1Y + 2.650%, 09/16/26 (C)(D) | 7,000,000 | 6,934,349 | ||||||
Barclays | ||||||||
8.000%, H15T5Y + 5.431%, 12/15/71 (C) | 30,250,000 | 26,756,124 | ||||||
Charles Schwab | ||||||||
4.000%, H15T10Y + 3.079%, 03/01/72 (C) | 2,000,000 | 1,364,836 | ||||||
Citigroup | ||||||||
6.174%, SOFRRATE + 2.661%, 05/25/34 (C) | 5,000,000 | 4,647,672 | ||||||
Comerica | ||||||||
4.000%, 02/01/29 | 13,300,000 | 10,881,227 | ||||||
Comerica Bank | ||||||||
7.875%, 09/15/26 | 24,790,000 | 24,866,220 | ||||||
Credit Suisse | ||||||||
4.750%, 08/09/24 | 15,000,000 | 14,801,831 | ||||||
Credit Suisse Group | ||||||||
5.100%, H15T5Y + 3.293%, 07/24/72 (E) | 10,000,000 | 500,000 | ||||||
Deutsche Bank | ||||||||
7.500%, USISDA05 + 5.003%, 04/30/72 (C) | 4,000,000 | 3,544,234 | ||||||
7.146%, SOFRRATE + 2.520%, 07/13/27 (C) | 4,000,000 | 3,997,240 | ||||||
7.079%, SOFRRATE + 3.650%, 02/10/34 (C) | 5,000,000 | 4,404,576 | ||||||
3.742%, SOFRRATE + 2.257%, 01/07/33 (C) | 2,000,000 | 1,398,721 | ||||||
Enova International | ||||||||
8.500%, 09/15/25 (D) | 3,007,000 | 2,828,508 | ||||||
Farmers Exchange Capital | ||||||||
7.050%, 07/15/28 (D) | 11,075,000 | 10,905,083 | ||||||
Horace Mann Educators | ||||||||
7.250%, 09/15/28 | 5,000,000 | 4,993,010 | ||||||
KeyBank MTN | ||||||||
5.000%, 01/26/33 | 5,000,000 | 4,025,509 |
2 |
Description | Face Amount | Value | ||||||
4.700%, 01/26/26 | $ | 20,750,000 | $ | 19,271,554 | ||||
KeyCorp MTN | ||||||||
4.100%, 04/30/28 | 7,113,000 | 6,084,812 | ||||||
Royal Bank of Canada MTN | ||||||||
5.500%, 04/28/33 | 10,000,000 | 9,109,540 | ||||||
5.200%, 01/31/33 | 3,000,000 | 2,688,739 | ||||||
SBL Holdings | ||||||||
7.000%, H15T5Y + 5.580%, 05/13/72 (C)(D) | 2,500,000 | 1,519,049 | ||||||
6.500%, H15T5Y + 5.620%, 11/13/71 (C)(D) | 14,492,000 | 8,174,180 | ||||||
Synchrony Bank | ||||||||
5.400%, 08/22/25 | 8,144,000 | 7,777,485 | ||||||
Synovus Bank | ||||||||
5.625%, 02/15/28 | 8,000,000 | 7,105,079 | ||||||
US Bancorp | ||||||||
5.836%, SOFRRATE + 2.260%, 06/12/34 (C) | 4,000,000 | 3,684,270 | ||||||
3.700%, H15T5Y + 2.541%, 01/15/72 (C) | 3,273,000 | 2,297,761 | ||||||
|
|
| ||||||
201,874,292 | ||||||||
|
|
| ||||||
Industrials — 1.1% | ||||||||
AerCap Ireland Capital DAC | ||||||||
1.750%, 10/29/24 | 4,000,000 | 3,819,331 | ||||||
Boeing | ||||||||
2.950%, 02/01/30 | 3,344,000 | 2,761,529 | ||||||
Brundage-Bone Concrete Pumping Holdings | ||||||||
6.000%, 02/01/26 (D) | 3,100,000 | 2,931,236 | ||||||
Burlington Northern Santa Fe | ||||||||
7.290%, 06/01/36 | 5,000,000 | 5,341,341 | ||||||
Equifax | ||||||||
3.100%, 05/15/30 | 3,000,000 | 2,462,828 | ||||||
Flowserve | ||||||||
3.500%, 10/01/30 | 4,000,000 | 3,217,460 | ||||||
Leidos | ||||||||
2.300%, 02/15/31 | 3,291,000 | 2,475,139 | ||||||
nVent Finance Sarl | ||||||||
5.650%, 05/15/33 | 3,000,000 | 2,723,536 | ||||||
Regal Rexnord | ||||||||
6.300%, 02/15/30 (D) | 4,500,000 | 4,234,434 | ||||||
|
|
| ||||||
29,966,834 | ||||||||
|
|
| ||||||
Information Technology — 1.7% | ||||||||
Apple | ||||||||
4.850%, 05/10/53 | 7,000,000 | 6,080,479 | ||||||
3.850%, 05/04/43 | 10,000,000 | 7,733,912 | ||||||
Avnet | ||||||||
3.000%, 05/15/31 | 7,000,000 | 5,298,479 | ||||||
Kyndryl Holdings | ||||||||
4.100%, 10/15/41 | 11,130,000 | 6,904,888 | ||||||
Motorola Solutions | ||||||||
4.600%, 05/23/29 | 21,435,000 | 19,973,503 | ||||||
|
|
| ||||||
45,991,261 | ||||||||
|
|
| ||||||
Materials — 0.4% | ||||||||
AmeriTex HoldCo Intermediate | ||||||||
10.250%, 10/15/28 (D) | 3,450,000 | 3,261,975 | ||||||
Mineral Resources | ||||||||
8.125%, 05/01/27 (D) | 8,136,000 | 7,915,112 | ||||||
Nacional del Cobre de Chile | ||||||||
3.150%, 01/15/51 (D) | 500,000 | 261,794 | ||||||
|
|
| ||||||
11,438,881 | ||||||||
|
|
|
Description | Face Amount | Value | ||||||
Real Estate — 0.2% | ||||||||
GLP Capital | ||||||||
3.250%, 01/15/32 ‡ | $ | 750,000 | $ | 567,266 | ||||
Invitation Homes Operating Partnership | ||||||||
2.000%, 08/15/31 ‡ | 2,000,000 | 1,440,056 | ||||||
Sabra Health Care | ||||||||
3.200%, 12/01/31 ‡ | 3,920,000 | 2,876,925 | ||||||
|
|
| ||||||
4,884,247 | ||||||||
|
|
| ||||||
Utilities — 0.6% | ||||||||
Pacific Gas and Electric | ||||||||
4.500%, 07/01/40 | 11,000,000 | 7,807,471 | ||||||
3.750%, 08/15/42 | 5,000,000 | 3,075,106 | ||||||
Sempra | ||||||||
6.000%, 10/15/39 | 6,000,000 | 5,487,890 | ||||||
|
|
| ||||||
16,370,467 | ||||||||
|
|
| ||||||
Total Corporate Obligations | 563,340,859 | |||||||
|
|
| ||||||
ASSET-BACKED SECURITIES — 16.6% |
| |||||||
Automotive — 8.6% | ||||||||
ACC Auto Trust, Ser 2021-A, Cl D | ||||||||
6.100%, 06/15/29 (D) | 13,000,000 | 12,704,204 | ||||||
American Credit Acceptance Receivables Trust, Ser 2020-4, Cl E | ||||||||
3.650%, 12/14/26 (D) | 4,000,000 | 3,946,995 | ||||||
American Credit Acceptance Receivables Trust, Ser 2023-1, Cl C | ||||||||
5.590%, 04/12/29 (D) | 5,000,000 | 4,889,057 | ||||||
American Credit Acceptance Receivables Trust, Ser 2023-2, Cl D | ||||||||
6.470%, 08/13/29 (D) | 4,000,000 | 3,894,078 | ||||||
American Credit Acceptance Receivables Trust, Ser 2023-3, Cl D | ||||||||
6.820%, 10/12/29 (D) | 5,000,000 | 4,917,273 | ||||||
Avid Automobile Receivables Trust, Ser 2023-1, Cl E | ||||||||
11.140%, 05/15/29 (D) | 5,595,000 | 5,720,757 | ||||||
CarNow Auto Receivables Trust, Ser 2021-2A, Cl C | ||||||||
1.690%, 03/15/27 (D) | 3,330,000 | 3,280,310 | ||||||
CarNow Auto Receivables Trust, Ser 2021-2A, Cl E | ||||||||
4.450%, 02/15/28 (D) | 4,000,000 | 3,690,010 | ||||||
CarNow Auto Receivables Trust, Ser 2023-1A, Cl E | ||||||||
12.040%, 04/16/29 (D) | 5,000,000 | 4,794,559 | ||||||
Chase Issuance Trust, Ser 2023- A2, Cl A | ||||||||
5.080%, 09/15/30 | 7,000,000 | 6,845,309 | ||||||
CIG Auto Receivables Trust, Ser 2021-1A, Cl E | ||||||||
4.450%, 05/12/28 (D) | 7,000,000 | 6,522,271 | ||||||
CPS Auto Receivables Trust, Ser 2019-B, Cl F | ||||||||
7.480%, 06/15/26 (D) | 6,055,000 | 6,052,623 |
3 |
Description | Face Amount | Value | ||||||
CPS Auto Receivables Trust, Ser 2019-D, Cl E | ||||||||
3.860%, 10/15/25 (D) | $ | 5,428,143 | $ | 5,374,857 | ||||
DT Auto Owner Trust, Ser 2020-1A, Cl E | ||||||||
3.480%, 02/16/27 (D) | 4,500,000 | 4,380,921 | ||||||
DT Auto Owner Trust, Ser 2020-3A, Cl D | ||||||||
1.840%, 06/15/26 (D) | 2,000,000 | 1,907,526 | ||||||
DT Auto Owner Trust, Ser 2021-3A, Cl D | ||||||||
1.310%, 05/17/27 (D) | 5,500,000 | 5,015,217 | ||||||
First Investors Auto Owner Trust 2023-1, Ser 2023-1A, Cl D | ||||||||
7.740%, 01/15/31 (D) | 9,000,000 | 8,940,231 | ||||||
First Investors Auto Owner Trust, Ser 2020-1A, Cl E | ||||||||
4.630%, 06/16/26 (D) | 5,510,000 | 5,466,040 | ||||||
First Investors Auto Owner Trust, Ser 2020-1A, Cl F | ||||||||
7.070%, 06/15/27 (D) | 5,300,000 | 5,274,403 | ||||||
First Investors Auto Owner Trust, Ser 2022-1A, Cl E | ||||||||
5.410%, 06/15/29 (D) | 2,280,000 | 2,059,739 | ||||||
Flagship Credit Auto Trust, Ser 2019-2, Cl D | ||||||||
3.530%, 05/15/25 (D) | 3,059,253 | 3,025,837 | ||||||
Flagship Credit Auto Trust, Ser 2020-1, Cl E | ||||||||
3.520%, 06/15/27 (D) | 7,931,000 | 7,305,489 | ||||||
Flagship Credit Auto Trust, Ser 2020-2, Cl E | ||||||||
8.220%, 09/15/27 (D) | 8,000,000 | 7,832,232 | ||||||
Ford Credit Auto Lease Trust 2023- B, Ser 2023-B, Cl C | ||||||||
6.430%, 04/15/27 | 5,000,000 | 4,973,050 | ||||||
Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl E | ||||||||
4.690%, 08/15/29 (D) | 4,230,000 | 3,751,340 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2019-3A, Cl D | ||||||||
3.840%, 05/15/26 (D) | 6,000,000 | 5,930,740 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2020-1A, Cl D | ||||||||
3.680%, 11/16/26 (D) | 5,000,000 | 4,866,056 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2020-4A, Cl E | ||||||||
3.510%, 10/15/27 (D) | 650,000 | 615,922 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2022-1A, Cl E | ||||||||
5.640%, 05/15/29 (D) | 4,000,000 | 3,676,492 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2022-3A, Cl E | ||||||||
8.350%, 10/15/29 (D) | 1,990,000 | 1,941,377 | ||||||
Hertz Vehicle Financing, Ser 2021- 1A, Cl D | ||||||||
3.980%, 12/26/25 (D) | 10,000,000 | 9,493,870 | ||||||
Octane Receivables Trust, Ser 2021-2A, Cl B | ||||||||
2.020%, 09/20/28 (D) | 3,000,000 | 2,778,994 |
Description | Face Amount | Value | ||||||
Santander Consumer Auto Receivables Trust, Ser 2020-AA, Cl F | ||||||||
10.120%, 01/16/29 (D) | $ | 27,740,000 | $ | 27,852,268 | ||||
Santander Consumer Auto Receivables Trust, Ser 2020-BA, Cl F | ||||||||
7.030%, 08/15/28 (D) | 6,250,000 | 6,188,373 | ||||||
Tricolor Auto Securitization Trust, Ser 2022-1A, Cl F | ||||||||
9.800%, 07/16/29 (D) | 4,000,000 | 3,859,675 | ||||||
Tricolor Auto Securitization Trust, Ser 2023-1A, Cl F | ||||||||
16.000%, 06/17/30 (D) | 11,910,000 | 11,773,951 | ||||||
United Auto Credit Securitization Trust, Ser 2022-2, Cl D | ||||||||
6.840%, 01/10/28 (D) | 5,389,000 | 5,309,097 | ||||||
Veros Auto Receivables Trust, Ser 2021-1, Cl C | ||||||||
3.640%, 08/15/28 (D) | 4,320,000 | 4,082,787 | ||||||
VFI ABS 2023-1, Ser 2023-1A, Cl B | ||||||||
7.780%, 08/24/29 (D) | 10,000,000 | 10,006,446 | ||||||
|
|
| ||||||
230,940,376 | ||||||||
|
|
| ||||||
Credit Card — 0.3% | ||||||||
Capital One Multi-Asset Execution Trust, Ser 2023-A1, Cl A | ||||||||
4.420%, 05/15/28 | 4,000,000 | 3,887,190 | ||||||
Mercury Financial Credit Card Master Trust, Ser 2022-1A, Cl A | ||||||||
2.500%, 09/21/26 (D) | 3,000,000 | 2,886,401 | ||||||
Mercury Financial Credit Card Master Trust, Ser 2022-1A, Cl C | ||||||||
5.200%, 09/21/26 (D) | 1,780,000 | 1,662,380 | ||||||
|
|
| ||||||
8,435,971 | ||||||||
|
|
| ||||||
Other Asset-Backed Securities — 7.7% |
| |||||||
510 Asset Backed Trust, Ser 2021- NPL1, Cl A2 | ||||||||
3.967%, 06/25/61 (D)(F) | 20,000,000 | 16,938,212 | ||||||
510 Asset Backed Trust, Ser 2021- NPL2, Cl A2 | ||||||||
4.090%, 06/25/61 (D)(F) | 7,000,000 | 5,935,822 | ||||||
Amur Equipment Finance Receivables IX, Ser 2021-1A, Cl D | ||||||||
2.300%, 11/22/27 (D) | 1,250,000 | 1,181,274 | ||||||
Amur Equipment Finance Receivables XI, Ser 2022-2A, Cl E | ||||||||
9.320%, 10/22/29 (D) | 2,600,000 | 2,481,584 | ||||||
BHG Securitization Trust, Ser 2022-B, Cl D | ||||||||
6.690%, 06/18/35 (D) | 5,993,367 | 5,410,228 | ||||||
CAL Funding IV, Ser 2020-1A, Cl B | ||||||||
3.500%, 09/25/45 (D) | 1,254,458 | 1,090,796 | ||||||
Carrington Mortgage Loan Trust, Ser 2007-FRE1, Cl M8 | ||||||||
2.461%, US0001M + 2.250%, 02/25/37 (C)(E)(G) | 1,000,000 | — | ||||||
CF Hippolyta Issuer, Ser 2020-1, Cl A2 | ||||||||
1.990%, 07/15/60 (D) | 5,256,424 | 4,380,260 |
4 |
Description | Face Amount | Value | ||||||
CIFC Funding, Ser 2018-1A, Cl A | ||||||||
6.657%, TSFR3M + 1.262%, 04/18/31 (C)(D) | $ | 9,816,346 | $ | 9,772,693 | ||||
CIFC Funding, Ser 2022-2A, Cl A1 | ||||||||
6.717%, TSFR3M + 1.320%, 04/19/35 (C)(D) | 4,500,000 | 4,436,420 | ||||||
CIFC Funding, Ser 2022-2A, Cl B | ||||||||
7.247%, TSFR3M + 1.850%, 04/19/35 (C)(D) | 9,125,000 | 8,919,888 | ||||||
CP EF Asset Securitization I, Ser 2022-1A, Cl A | ||||||||
5.960%, 04/15/30 (D) | 2,412,634 | 2,375,988 | ||||||
Global SC Finance VII Srl, Ser 2020-1A, Cl A | ||||||||
2.170%, 10/17/40 (D) | 2,624,435 | 2,342,470 | ||||||
Harley Marine Financing, Ser 2018-1A, Cl A2 | ||||||||
6.682%, 05/15/43 (D)(F) | 9,484,489 | 9,489,753 | ||||||
Harley Marine Financing, Ser 2018-1A, Cl B | ||||||||
8.869%, 05/15/43 (D)(F) | 6,000,000 | 6,003,336 | ||||||
JG Wentworth XXI LLC, Ser 2010- 2A, Cl B | ||||||||
7.450%, 01/15/50 (D) | 922,503 | 919,941 | ||||||
JGWPT XXVI LLC, Ser 2012-2A, Cl B | ||||||||
6.770%, 10/17/61 (D) | 1,305,162 | 1,222,918 | ||||||
Kapitus Asset Securitization, Ser 2022-1A, Cl A | ||||||||
3.382%, 07/10/28 (D) | 8,000,000 | 7,565,257 | ||||||
LCM Loan Income Fund I Income Note Issuer, Ser 2018-27A, Cl A1 | ||||||||
6.736%, TSFR3M + 1.342%, 07/16/31 (C)(D) | 11,744,384 | 11,695,480 | ||||||
Libra Solutions, Ser 2023-1A, Cl A | ||||||||
7.000%, 02/15/35 (D) | 3,473,454 | 3,456,063 | ||||||
Libra Solutions, Ser 2023-1A, Cl B | ||||||||
10.250%, 02/15/35 (D) | 5,040,676 | 5,044,281 | ||||||
Marlette Funding Trust, Ser 2020- 1A, Cl D | ||||||||
3.540%, 03/15/30 (D) | 435,814 | 429,728 | ||||||
Mosaic Solar Loan Trust, Ser 2020-2A, Cl B | ||||||||
2.210%, 08/20/46 (D) | 2,553,514 | 1,966,157 | ||||||
OHA Credit Funding 7, Ser 2022- 7A, Cl AR | ||||||||
6.697%, TSFR3M + 1.300%, 02/24/37 (C)(D) | 25,000,000 | 24,730,300 | ||||||
Oportun Issuance Trust, Ser 2022- A, Cl C | ||||||||
7.400%, 06/09/31 (D) | 3,000,000 | 2,831,773 | ||||||
Orange Lake Timeshare Trust, Ser 2019-A, Cl C | ||||||||
3.610%, 04/09/38 (D) | 1,010,439 | 958,811 | ||||||
Orange Lake Timeshare Trust, Ser 2019-A, Cl D | ||||||||
4.930%, 04/09/38 (D) | 166,725 | 156,660 | ||||||
Pawneee Equipment Receivables, Ser 2021-1, Cl C | ||||||||
2.300%, 07/15/27 (D) | 4,700,000 | 4,321,596 |
Description | Face Amount | Value | ||||||
Pawneee Equipment Receivables, Ser 2022-1, Cl C | ||||||||
6.010%, 07/17/28 (D) | $ | 4,000,000 | $ | 3,796,303 | ||||
PRET, Ser 2021-NPL3, Cl A2 | ||||||||
3.721%, 07/25/51 (D)(F) | 4,755,000 | 3,607,071 | ||||||
PRET, Ser 2021-NPL5, Cl A2 | ||||||||
4.704%, 10/25/51 (D)(F) | 7,000,000 | 6,055,553 | ||||||
PRET, Ser 2021-RN3, Cl A1 | ||||||||
1.843%, 09/25/51 (D)(F) | 6,478,007 | 5,803,597 | ||||||
PRET, Ser 2021-RN4, Cl A2 | ||||||||
5.194%, 10/25/51 (C)(D) | 6,000,000 | 5,164,176 | ||||||
Pretium Mortgage Credit Partners I, Ser 2021-NPL1, Cl A2 | ||||||||
4.213%, 09/27/60 (D)(F) | 9,000,000 | 7,432,309 | ||||||
Pretium Mortgage Credit Partners I, Ser 2021-NPL2, Cl A2 | ||||||||
3.844%, 06/27/60 (D)(F) | 2,750,000 | 2,123,928 | ||||||
PRPM, Ser 2021-10, Cl A2 | ||||||||
4.826%, 10/25/26 (D)(F) | 8,000,000 | 7,149,894 | ||||||
PRPM, Ser 2021-5, Cl A2 | ||||||||
3.721%, 06/25/26 (D)(F) | 5,000,000 | 4,080,186 | ||||||
Sapphire Aviation Finance I, Ser 2018-1A, Cl B | ||||||||
5.926%, 03/15/40 (D) | 1,715,776 | 926,605 | ||||||
Stack Infrastructure Issuer, Ser 2019-1A, Cl A2 | ||||||||
4.540%, 02/25/44 (D) | 1,330,485 | 1,319,903 | ||||||
Textainer Marine Containers VII, Ser 2020-2A, Cl B | ||||||||
3.340%, 09/20/45 (D) | 1,405,436 | 1,236,310 | ||||||
Triton Container Finance VIII, Ser 2020-1A, Cl B | ||||||||
3.740%, 09/20/45 (D) | 737,917 | 640,253 | ||||||
VOLT CIII, Ser 2021-CF1, Cl A2 | ||||||||
3.967%, 08/25/51 (D)(F) | 3,303,000 | 2,731,228 | ||||||
VOLT, Ser 2021-CF2, Cl A2 | ||||||||
5.316%, 11/27/51 (D)(F) | 4,000,000 | 3,291,456 | ||||||
VR Funding, Ser 2020-1A, Cl A | ||||||||
2.790%, 11/15/50 (D) | 5,993,978 | 5,250,884 | ||||||
VR Funding, Ser 2020-1A, Cl C | ||||||||
6.420%, 11/15/50 (D) | 3,707,500 | 3,447,116 | ||||||
|
|
| ||||||
210,114,461 | ||||||||
|
|
| ||||||
Student Loan — 0.0% | ||||||||
Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 | ||||||||
2.550%, 05/25/41 (D) | 1,101,534 | 1,016,903 | ||||||
|
|
| ||||||
Total Asset-Backed Securities | 450,507,711 | |||||||
|
|
| ||||||
MORTGAGE-BACKED SECURITIES — 16.5% |
| |||||||
Agency Mortgage-Backed Obligation — 5.4% |
| |||||||
FHLMC | ||||||||
6.000%, 08/01/53 | 41,225,160 | 40,200,050 | ||||||
FHLMC STRIPS, Ser 2012-293, Cl IO, IO | ||||||||
4.000%, 11/15/32 | 474,158 | 45,338 | ||||||
FHLMC, Ser 2012-3996, Cl QL | ||||||||
4.000%, 02/15/42 | 4,980,087 | 4,442,863 | ||||||
FHLMC, Ser 2012-4029, Cl LI, IO | ||||||||
3.000%, 01/15/27 | 688,550 | 10,989 | ||||||
FHLMC, Ser 2012-4077, Cl AI, IO | ||||||||
3.000%, 01/15/27 | 342,426 | 1,503 |
5 |
Description | Face Amount | Value | ||||||
FHLMC, Ser 2012-4106, Cl YI, IO | ||||||||
2.500%, 09/15/27 | $ | 876,699 | $ | 29,420 | ||||
FHLMC, Ser 2012-4116, Cl MI, IO | ||||||||
4.000%, 10/15/42 | 11,548,990 | 1,739,919 | ||||||
FHLMC, Ser 2012-4116, Cl PI, IO | ||||||||
4.000%, 10/15/42 | 3,708,430 | 796,481 | ||||||
FHLMC, Ser 2012-4134, Cl BI, IO | ||||||||
2.500%, 11/15/27 | 2,567,317 | 85,884 | ||||||
FHLMC, Ser 2012-4136, Cl PI, IO | ||||||||
3.000%, 11/15/32 | 7,224,172 | 691,478 | ||||||
FHLMC, Ser 2012-4148, Cl LI, IO | ||||||||
2.500%, 12/15/27 | 1,809,642 | 63,617 | ||||||
FHLMC, Ser 2013-4213, Cl IG, IO | ||||||||
4.000%, 06/15/43 | 5,890,035 | 1,013,205 | ||||||
FHLMC, Ser 2014-4349, Cl KI, IO | ||||||||
3.000%, 04/15/33 | 3,542,232 | 190,946 | ||||||
FHLMC, Ser 2015-4457, Cl EI, IO | ||||||||
3.500%, 02/15/45 | 249,701 | 39,610 | ||||||
FHLMC, Ser 2017-4675, Cl VE | ||||||||
3.500%, 08/15/37 | 4,707,000 | 4,415,170 | ||||||
FHLMC, Ser 2019-4908, Cl AS, IO | ||||||||
0.665%, SOFR30A + 5.986%, 01/25/45 (C) | 9,424,662 | 817,837 | ||||||
FHLMC, Ser 2021-5085, Cl IG, IO | ||||||||
2.500%, 03/25/51 | 20,575,584 | 2,606,186 | ||||||
FHLMC, Ser 2022-5202, Cl KI, IO | ||||||||
3.500%, 06/25/49 | 15,323,463 | 2,628,653 | ||||||
FNMA | ||||||||
6.000%, 09/01/53 | �� | 19,912,489 | 19,276,636 | |||||
5.500%, 05/01/44 | 3,300,301 | 3,243,254 | ||||||
4.500%, 08/01/41 | 1,879,438 | 1,735,179 | ||||||
3.000%, 10/01/32 to 11/01/46 | 4,944,785 | 4,203,348 | ||||||
FNMA STRIPS, Ser 2009-397, Cl 2, IO | ||||||||
5.000%, 09/25/39 | 1,040,590 | 195,139 | ||||||
FNMA STRIPS, Ser 2009-400, Cl 2, IO | ||||||||
4.500%, 11/25/39 | 802,177 | 130,874 | ||||||
FNMA STRIPS, Ser 2010-404, Cl 2, IO | ||||||||
4.500%, 05/25/40 | 1,462,796 | 262,318 | ||||||
FNMA STRIPS, Ser 2011-407, Cl 2, IO | ||||||||
4.000%, 03/25/41 | 1,451,049 | 238,568 | ||||||
FNMA STRIPS, Ser 2012-410, Cl C5, IO | ||||||||
3.500%, 05/25/27 | 1,863,761 | 55,180 | ||||||
FNMA STRIPS, Ser 2015-421, Cl C1, IO | ||||||||
3.000%, 05/25/30 | 1,756,281 | 121,074 | ||||||
FNMA, Ser 2011-103, Cl GI, IO | ||||||||
3.500%, 10/25/26 | 453,814 | 9,884 | ||||||
FNMA, Ser 2011-146, Cl AY | ||||||||
3.500%, 01/25/32 | 1,979,549 | 1,850,127 | ||||||
FNMA, Ser 2012-61, Cl KI, IO | ||||||||
4.000%, 12/25/41 | 2,577,277 | 193,937 | ||||||
FNMA, Ser 2012-68, Cl GY | ||||||||
3.000%, 07/25/32 | 5,000,000 | 4,479,234 | ||||||
FNMA, Ser 2013-104, Cl TI, IO | ||||||||
3.000%, 08/25/32 | 982,807 | 38,117 |
Description | Face Amount | Value | ||||||
FNMA, Ser 2014-40, Cl GI, IO | ||||||||
3.000%, 06/25/33 | $ | 3,919,419 | $ | 368,929 | ||||
FNMA, Ser 2017-52, Cl DI, IO | ||||||||
4.500%, 07/25/47 | 6,656,920 | 1,111,918 | ||||||
FNMA, Ser 2019-44, Cl CI, IO | ||||||||
4.000%, 08/25/59 | 5,443,461 | 1,190,775 | ||||||
FNMA, Ser 2019-44, Cl PI, IO | ||||||||
4.000%, 08/25/49 | 4,479,761 | 735,699 | ||||||
FNMA, Ser 2020-44, Cl MI, IO | ||||||||
2.500%, 01/25/57 | 12,154,066 | 1,865,068 | ||||||
GNMA, Ser 2013-170, Cl QI, IO | ||||||||
3.173%, 11/20/43 (C) | 7,065,026 | 835,309 | ||||||
GNMA, Ser 2013-42, Cl MI, IO | ||||||||
3.500%, 04/20/41 | 276,179 | 1,835 | ||||||
GNMA, Ser 2013-62, Cl NI, IO | ||||||||
4.000%, 08/20/40 | 2,201,564 | 117,016 | ||||||
GNMA, Ser 2014-32, Cl CI, IO | ||||||||
4.000%, 03/20/43 | 1,908,067 | 150,468 | ||||||
GNMA, Ser 2014-44, Cl IO, IO | ||||||||
4.000%, 11/16/26 | 1,842,686 | 38,231 | ||||||
GNMA, Ser 2015-103, Cl CI, IO | ||||||||
4.000%, 07/20/45 | 9,790,741 | 1,661,170 | ||||||
GNMA, Ser 2015-17, Cl JI, IO | ||||||||
3.500%, 05/20/28 | 1,644,220 | 35,028 | ||||||
GNMA, Ser 2016-99, Cl ID, IO | ||||||||
4.500%, 04/16/44 | 14,331,890 | 3,155,951 | ||||||
GNMA, Ser 2017-137, Cl DI, IO | ||||||||
3.000%, 02/20/47 | 786,864 | 16,484 | ||||||
GNMA, Ser 2020-189, Cl IJ, IO | ||||||||
2.500%, 12/20/50 | 19,893,099 | 2,295,773 | ||||||
GNMA, Ser 2020-191, Cl CT | ||||||||
1.250%, 12/20/50 | 3,877,184 | �� | 2,755,669 | |||||
GNMA, Ser 2021-8, Cl IG, IO | ||||||||
2.500%, 01/20/51 | 26,319,931 | 3,339,275 | ||||||
GNMA, Ser 2023-59, Cl G | ||||||||
6.000%, 03/20/50 | 19,361,355 | 18,901,142 | ||||||
GNMA, Ser 2023-93, Cl B | ||||||||
5.500%, 12/20/44 | 12,655,777 | 12,176,627 | ||||||
|
|
| ||||||
146,604,385 | ||||||||
|
|
| ||||||
Commercial Mortgage-Backed Obligation — 9.9% |
| |||||||
280 Park Avenue Mortgage Trust, Ser 280P, Cl F | ||||||||
8.463%, TSFR1M + 3.127%, 09/15/34 (C)(D) | 12,500,000 | 10,067,234 | ||||||
Bear Stearns Commercial Mortgage Securities Trust, Ser 2007-T26, Cl AJ | ||||||||
5.566%, 01/12/45 (C) | 106,656 | 102,208 | ||||||
Benchmark Mortgage Trust, Ser 2020-B18, Cl E | ||||||||
2.250%, 07/15/53 (D) | 8,000,000 | 3,241,418 | ||||||
Benchmark Mortgage Trust, Ser 2020-B21, Cl D | ||||||||
2.000%, 12/17/53 (D) | 13,000,000 | 6,070,565 | ||||||
Benchmark Mortgage Trust, Ser 2020-IG3, Cl A4 | ||||||||
2.437%, 09/15/48 (D) | 10,000,000 | 7,516,244 | ||||||
BX Commercial Mortgage Trust, Ser 2020-VIV3, Cl B | ||||||||
3.544%, 03/09/44 (C)(D) | 8,000,000 | 6,480,750 |
6 |
Description | Face Amount | Value | ||||||
BXMT, Ser 2020-FL2, Cl A | ||||||||
6.350%, TSFR1M + 1.014%, 02/15/38 (C)(D) | $ | 8,861,368 | $ | 8,498,168 | ||||
CAFL, Ser 2022-RTL1, Cl A1 | ||||||||
4.250%, 05/28/29 (F) | 7,000,000 | 6,667,084 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl C | ||||||||
4.035%, 06/10/48 (C) | 5,000,000 | 3,825,000 | ||||||
Commercial Mortgage Trust, Ser 2014-LC15, Cl D | ||||||||
5.003%, 04/10/47 (C)(D) | 9,500,000 | 8,258,697 | ||||||
Commercial Mortgage Trust, Ser 2014-UBS6, Cl C | ||||||||
4.433%, 12/10/47 (C) | 4,000,000 | 3,369,586 | ||||||
Commercial Mortgage Trust, Ser 2015-DC1, Cl D | ||||||||
4.299%, 02/10/48 (C)(D) | 9,000,000 | 7,002,632 | ||||||
Credit Suisse First Boston Mortgage Securities, Ser 2005- C2, Cl AMFL | ||||||||
5.700%, TSFR1M + 0.364%, 04/15/37 (C) | 29,284 | 29,166 | ||||||
Credit Suisse First Boston Mortgage Securities, Ser 2005- C2, Cl AMFX | ||||||||
4.877%, 04/15/37 | 2,617 | 2,569 | ||||||
CSMC Trust, Ser 2019-AFC1, Cl A1 | ||||||||
3.573%, 07/25/49 (D)(F) | 2,319,722 | 2,095,071 | ||||||
DROP Mortgage Trust, Ser 2021- FILE, Cl D | ||||||||
8.199%, TSFR1M + 2.864%, 10/15/43 (C)(D) | 15,000,000 | 10,808,764 | ||||||
FHLMC Military Housing Bonds Resecuritization Trust Certificates, Ser 2015-R1, Cl C3 | ||||||||
5.943%, 11/25/52 (C)(D) | 32,575,053 | 26,633,883 | ||||||
Fontainebleau Miami Beach Trust, Ser 2019-FBLU, Cl A | ||||||||
3.144%, 12/10/36 (D) | 10,000,000 | 9,574,514 | ||||||
FREMF Mortgage Trust, Ser 2016- K54, Cl C | ||||||||
4.052%, 04/25/48 (C)(D) | 5,000,000 | 4,750,963 | ||||||
FREMF Mortgage Trust, Ser 2016- K57, Cl C | ||||||||
3.918%, 08/25/49 (C)(D) | 8,840,000 | 8,262,209 | ||||||
GNMA, Ser 2022-182, Cl PO, PO | ||||||||
0.000%, 10/20/52 (B)(H) | 34,638,660 | 23,050,856 | ||||||
GNMA, Ser 2023-122, Cl G | ||||||||
5.500%, 05/20/46 | 10,921,217 | 10,617,309 | ||||||
GNMA, Ser 2023-151, Cl PO, PO | ||||||||
0.000%, 10/20/53 (B)(H) | 34,615,386 | 23,271,999 | ||||||
GNMA, Ser 2023-163, Cl B | ||||||||
6.000%, 02/20/48 | 22,000,000 | 21,867,511 | ||||||
GNMA, Ser 2023-163, Cl LB | ||||||||
6.000%, 02/20/48 | 10,000,000 | 9,831,713 | ||||||
Hudson Yards Mortgage Trust, Ser 2019-30HY, Cl B | ||||||||
3.380%, 07/10/39 (C)(D) | 2,500,000 | 2,037,761 | ||||||
JPMDB Commercial Mortgage Securities Trust, Ser 2016-C2, Cl C | ||||||||
3.328%, 06/15/49 (C) | 4,328,000 | 3,022,850 |
Description | Face Amount | Value | ||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2007- LD12, Cl AJ | ||||||||
6.349%, 02/15/51 (C) | $ | 556,873 | $ | 542,697 | ||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2007- LD12, Cl J | ||||||||
5.994%, 02/15/51 (C)(E)(G) | 1,000,000 | — | ||||||
LStar Commercial Mortgage Trust, Ser 2016-4, Cl AS | ||||||||
3.188%, 03/10/49 (D) | 3,000,000 | 2,730,398 | ||||||
MFA Trust, Ser 2022-INV1, Cl A3 | ||||||||
4.250%, 04/25/66 (C)(D) | 4,000,000 | 2,986,766 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016- C29, Cl C | ||||||||
4.721%, 05/15/49 (C) | 2,413,000 | 2,073,110 | ||||||
TRTX Issuer, Ser 2021-FL4, Cl C | ||||||||
7.850%, TSFR1M + 2.514%, 03/15/38 (C)(D) | 10,000,000 | 9,158,920 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl C | ||||||||
4.729%, 01/15/59 (C) | 5,000,000 | 4,374,433 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl D | ||||||||
3.788%, 01/15/59 (C)(D) | 2,000,000 | 1,540,857 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2016-C34, Cl B | ||||||||
4.089%, 06/15/49 | 5,000,000 | 4,296,216 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Cl A | ||||||||
4.058%, 08/17/36 (C)(D) | 5,000,000 | 4,413,048 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2013-UBS1, Cl C | ||||||||
5.053%, 03/15/46 (C) | 3,000,000 | 2,949,469 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D | ||||||||
3.803%, 11/15/47 (C)(D) | 7,310,000 | 6,211,372 | ||||||
|
|
| ||||||
268,234,010 | ||||||||
|
|
| ||||||
Non-Agency Residential Mortgage-Backed Obligation — 1.2% |
| |||||||
Angel Oak Mortgage Trust, Ser 2021-4, Cl A3 | ||||||||
1.446%, 01/20/65 (C)(D) | 2,071,409 | 1,595,732 | ||||||
Arroyo Mortgage Trust, Ser 2019-2, Cl A2 | ||||||||
3.498%, 04/25/49 (C)(D) | 1,985,593 | 1,801,797 | ||||||
CAFL, Ser 2021-RTL1, Cl A1 | ||||||||
2.239%, 03/28/29 (D)(F) | 2,000,000 | 1,855,420 | ||||||
FirstKey Mortgage Trust, Ser 2015- 1, Cl A3 | ||||||||
3.500%, 03/25/45 (C)(D) | 815,842 | 693,286 | ||||||
Galton Funding Mortgage Trust, Ser 2019-1, Cl A22 | ||||||||
4.000%, 02/25/59 (C)(D) | 121,368 | 108,271 | ||||||
Galton Funding Mortgage Trust, Ser 2019-2, Cl A21 | ||||||||
4.000%, 06/25/59 (C)(D) | 1,421,100 | 1,219,807 | ||||||
PSMC Trust, Ser 2020-2, Cl A2 | ||||||||
3.000%, 05/25/50 (C)(D) | 565,875 | 474,205 | ||||||
RCO VI Mortgage, Ser 2022-1, Cl A2 | ||||||||
5.250%, 01/25/27 (D)(F) | 5,000,000 | 4,719,108 |
7 |
Description | Face Amount | Value | ||||||
Sequoia Mortgage Trust, Ser 2013-4, Cl AIO1, IO | ||||||||
0.845%, 04/25/43 (C)(D) | $ | 46,683,577 | $ | 1,078,820 | ||||
Sequoia Mortgage Trust, Ser 2017- CH1, Cl A2 | ||||||||
3.500%, 08/25/47 (C)(D) | 62,876 | 55,382 | ||||||
Toorak Mortgage, Ser 2021-1, Cl M1 | ||||||||
5.805%, 06/25/24 (D)(F) | 15,000,000 | 14,427,593 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2020-1, Cl A1 | ||||||||
3.000%, 12/25/49 (C)(D) | 2,390,724 | 1,884,937 | ||||||
WinWater Mortgage Loan Trust, Ser 2014-1, Cl A1 | ||||||||
3.919%, 06/20/44 (C)(D) | 453,263 | 405,379 | ||||||
WinWater Mortgage Loan Trust, Ser 2014-2, Cl A1 | ||||||||
4.000%, 09/20/44 (C)(D) | 118,420 | 105,506 | ||||||
WinWater Mortgage Loan Trust, Ser 2014-3, Cl A3 | ||||||||
3.500%, 11/20/44 (C)(D) | 332,144 | 279,659 | ||||||
WinWater Mortgage Loan Trust, Ser 2015-2, Cl A11 | ||||||||
3.500%, 02/20/45 (C)(D) | 421,672 | 355,906 | ||||||
WinWater Mortgage Loan Trust, Ser 2015-3, Cl A3 | ||||||||
3.500%, 03/20/45 (C)(D) | 542,341 | 471,002 | ||||||
|
|
| ||||||
31,531,810 | ||||||||
|
|
| ||||||
Total Mortgage-Backed Securities | 446,370,205 | |||||||
|
|
| ||||||
COLLATERALIZED LOAN OBLIGATIONS — 8.8% |
| |||||||
AMMC CLO 26, Ser 2023-26A, Cl B1 | ||||||||
7.844%, TSFR3M + 2.450%, 04/15/36 (C)(D) | 7,500,000 | 7,516,283 | ||||||
Battalion CLO 17, Ser 2021-17A, Cl B | ||||||||
7.277%, TSFR3M + 1.862%, 03/09/34 (C)(D) | 5,000,000 | 4,929,195 | ||||||
BCC Middle Market CLO, Ser 2018-1A, Cl A1A | ||||||||
7.227%, TSFR3M + 1.812%, 10/20/30 (C)(D) | 12,841,184 | 12,752,965 | ||||||
Benefit Street Partners CLO VIII, Ser 2018-8A, Cl A1AR | ||||||||
6.777%, TSFR3M + 1.362%, 01/20/31 (C)(D) | 380,222 | 379,676 | ||||||
BlueMountain CLO, Ser 2021-2A, Cl A2R2 | ||||||||
7.341%, TSFR3M + 1.962%, 08/20/32 (C)(D) | 10,000,000 | 9,818,880 | ||||||
Carlyle Global Market Strategies, Ser 2018-3A, Cl A1A2 | ||||||||
6.836%, TSFR3M + 1.442%, 01/14/32 (C)(D) | 24,855,641 | 24,793,775 | ||||||
Carlyle Global Market Strategies, Ser 2018-3RA, Cl A1A | ||||||||
6.699%, TSFR3M + 1.312%, 07/27/31 (C)(D) | 14,029,979 | 13,985,925 |
Description | Face Amount | Value | ||||||
Carlyle Global Market Strategies, Ser 2018-5A, Cl A1RR | ||||||||
6.796%, TSFR3M + 1.402%, 07/15/31 (C)(D) | $ | 15,528,903 | $ | 15,492,100 | ||||
Elmwood CLO 20, Ser 2022-7A, Cl B1 | ||||||||
8.153%, TSFR3M + 2.750%, 10/17/34 (C)(D) | 5,625,000 | 5,610,594 | ||||||
Golub Capital Partners, Ser 2017-17A, Cl A1R | ||||||||
7.290%, TSFR3M + 1.912%, 10/25/30 (C)(D) | 6,666,217 | 6,638,399 | ||||||
Golub Capital Partners, Ser 2017-21A, Cl AR | ||||||||
7.110%, TSFR3M + 1.732%, 01/25/31 (C)(D) | 9,746,470 | 9,700,360 | ||||||
Golub Capital Partners, Ser 2017-22A, Cl AR | ||||||||
6.857%, TSFR3M + 1.442%, 01/20/31 (C)(D) | 7,944,422 | 7,911,477 | ||||||
Golub Capital Partners, Ser 2017- 23A, Cl AR | ||||||||
6.877%, TSFR3M + 1.462%, 01/20/31 (C)(D) | 17,473,557 | 17,421,555 | ||||||
Golub Capital Partners, Ser 2017- 24A, Cl AR | ||||||||
7.254%, TSFR3M + 1.862%, 11/05/29 (C)(D) | 8,037,039 | 8,009,167 | ||||||
Golub Capital Partners, Ser 2018- 36A, Cl A | ||||||||
6.954%, TSFR3M + 1.562%, 02/05/31 (C)(D) | 9,985,916 | 9,919,939 | ||||||
Golub Capital Partners, Ser 2021- 19RA, Cl B1R2 | ||||||||
7.227%, TSFR3M + 1.812%, 04/20/34 (C)(D) | 20,000,000 | 19,581,759 | ||||||
Invesco CLO, Ser 2022-3A, Cl B | ||||||||
8.162%, TSFR3M + 2.750%, 10/22/35 (C)(D) | 6,000,000 | 5,984,754 | ||||||
Oaktree CLO, Ser 2021-3A, Cl BR | ||||||||
7.427%, TSFR3M + 2.012%, 10/20/34 (C)(D) | 13,500,000 | 13,141,359 | ||||||
Texas Debt Capital CLO, Ser 2023-1A, Cl A | ||||||||
7.216%, TSFR3M + 1.800%, 04/20/36 (C)(D) | 4,000,000 | 4,005,576 | ||||||
Venture 37 CLO, Ser 2021-37A, Cl BR | ||||||||
7.406%, TSFR3M + 2.012%, 07/15/32 (C)(D) | 10,000,000 | 9,688,150 | ||||||
Venture XIX, Ser 2018-19A, Cl ARR | ||||||||
6.916%, TSFR3M + 1.522%, 01/15/32 (C)(D) | 19,250,000 | 19,170,440 | ||||||
Zais, Ser 2017-1A, Cl A2 | ||||||||
7.156%, TSFR3M + 1.762%, 07/15/29 (C)(D) | 11,250,000 | 11,150,584 | ||||||
|
|
| ||||||
Total Collateralized Loan Obligations | 237,602,912 | |||||||
|
|
| ||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.3% |
| |||||||
FAMC | ||||||||
6.125%, 10/27/32 | 3,000,000 | 2,930,324 |
8 |
Description | Face Amount | Value | ||||||
FFCB | ||||||||
6.330%, 06/07/38 | $ | 2,500,000 | $ | 2,433,839 | ||||
6.250%, 07/26/38 | 2,000,000 | 1,950,879 | ||||||
6.080%, 04/28/33 | 5,000,000 | 4,875,088 | ||||||
6.050%, 08/22/31 | 3,000,000 | 2,929,233 | ||||||
5.930%, 03/28/33 | 3,000,000 | 2,909,974 | ||||||
5.700%, 03/23/26 | 3,000,000 | 2,980,952 | ||||||
5.560%, 06/06/25 | 2,000,000 | 1,989,125 | ||||||
5.490%, 09/22/42 | 1,000,000 | 894,934 | ||||||
5.360%, 06/16/33 | 2,000,000 | 1,902,179 | ||||||
FHLB | ||||||||
7.000%, 10/17/33 | 3,000,000 | 2,994,129 | ||||||
6.610%, 11/09/34 | 2,000,000 | 1,973,499 | ||||||
6.500%, 09/13/38 | 2,500,000 | 2,450,958 | ||||||
6.230%, 12/28/37 | 2,000,000 | 1,942,304 | ||||||
6.110%, 12/21/32 | 12,000,000 | 11,712,692 | ||||||
6.050%, 07/19/38 | 2,000,000 | 1,922,943 | ||||||
6.000%, 04/12/38 | 3,000,000 | 2,879,996 | ||||||
5.940%, 04/20/43 | 2,000,000 | 1,899,481 | ||||||
2.150%, 09/23/36 | 1,500,000 | 988,170 | ||||||
FHLMC | ||||||||
7.000%, 10/30/43 | 1,000,000 | 1,000,000 | ||||||
6.150%, 09/28/28 | 3,000,000 | 2,968,861 | ||||||
6.000%, 09/18/26 | 2,500,000 | 2,485,936 | ||||||
|
|
| ||||||
Total U.S. Government Agency Obligations |
| 61,015,496 | ||||||
|
|
| ||||||
MUNICIPAL BONDS — 1.6% | ||||||||
Board of Regents of the University of Texas System, Build America Bonds, Ser D, Cl D, RB | ||||||||
5.134%, 08/15/42 | 3,000,000 | �� | 2,785,726 | |||||
GDB Debt Recovery Authority of Puerto Rico, RB | ||||||||
7.500%, 08/20/40 | 6,154,558 | 5,015,965 | ||||||
Mission, Economic Development, RB | ||||||||
8.550%, 12/01/21(E)(G) | 2,125,000 | 21,250 | ||||||
Mission, Economic Development, RB | ||||||||
10.875%, 12/01/28(E)(G) | 3,315,000 | 33,150 | ||||||
9.750%, 12/01/25(E)(G) | 3,045,000 | 30,450 | ||||||
North Texas Tollway Authority, RB | ||||||||
8.410%, 02/01/30 | 1,959,000 | 2,104,272 | ||||||
Northwest Independent School District, Ser A, GO, PSF-GTD | ||||||||
1.776%, 02/15/31 | 2,000,000 | 1,570,439 | ||||||
1.836%, 02/15/32 | 1,890,000 | 1,438,578 | ||||||
Rhode Island State, Health & Educational System, Providence Public Schools, Ser A, Cl A, RB, CITY APPROP ST AID WITHHLDG | ||||||||
8.000%, 05/15/29 | 5,000,000 | 5,004,981 | ||||||
State of Illinois, Ser A, GO | ||||||||
3.140%, 10/01/24 | 14,460,000 | 14,088,487 | ||||||
Texas State, Transportation Commission State Highway Fund, RB | ||||||||
4.000%, 10/01/33 | 3,000,000 | 2,669,261 |
Description | Face Amount | Value | ||||||
Texas State, Transportation Commission State Highway Fund, Ser B-BUILD, RB | ||||||||
5.178%, 04/01/30 | $ | 3,980,000 | $ | 3,899,628 | ||||
USAFA Visitor’s Center Business Improvement District, Ser B, RB | ||||||||
6.750%, 12/01/42(D) | 5,000,000 | 4,267,480 | ||||||
|
|
| ||||||
Total Municipal Bonds | 42,929,667 | |||||||
|
|
| ||||||
Shares | ||||||||
COMMON STOCK — 0.6% | ||||||||
Energy — 0.6% | ||||||||
Paratus Energy Services *(G) | 27,666 | 15,106,308 | ||||||
|
|
| ||||||
Total Common Stock | 15,106,308 | |||||||
|
|
| ||||||
Face Amount | ||||||||
SOVEREIGN DEBT — 0.3% | ||||||||
Colombia Government International Bond | ||||||||
3.250%, 04/22/32 | 5,000,000 | 3,577,131 | ||||||
Kenya Government International Bond | ||||||||
7.250%, 02/28/28 (D) | 3,000,000 | 2,430,000 | ||||||
Provincia de Buenos Aires | ||||||||
6.375%, 09/01/24 (D)(F) | 333,959 | 106,032 | ||||||
Ukraine Government International Bond | ||||||||
7.750%, 09/01/24 (E) | 5,000,000 | 1,563,860 | ||||||
|
|
| ||||||
Total Sovereign Debt | 7,677,023 | |||||||
|
|
| ||||||
Total Investments — 98.9% | $ | 2,679,960,346 | ||||||
|
|
|
Percentages are based on Net Assets of $2,709,830,091.
* | Non-income producing security. |
‡ | Real Estate Investment Trust |
(A) | Interest rate represents the security’s effective yield at the time of purchase. |
(B) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time of purchase. |
(C) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(D) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at October 31, 2023 was $1,099,682,358 and represents 40.6% of Net Assets. |
(E) | Security in default on interest payments. |
(F) | Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on October 31, 2023. The coupon on a step bond changes on a specific date. |
(G) | Level 3 security in accordance with fair value hierarchy. |
(H) | PO - Principal Only |
See “Glossary” for abbreviations.
FIA-QH-001-3200
9 |
Description | Face Amount | Value | ||||||
CORPORATE OBLIGATIONS — 42.2% |
| |||||||
Communication Services — 3.8% |
| |||||||
ANGI Group | ||||||||
3.875%, 08/15/28 (A) | $ | 2,000,000 | $ | 1,499,986 | ||||
LCPR Senior Secured Financing DAC | ||||||||
6.750%, 10/15/27 (A) | 900,000 | 814,500 | ||||||
T-Mobile USA | ||||||||
3.500%, 04/15/31 | 3,000,000 | 2,490,458 | ||||||
Warnermedia Holdings | ||||||||
4.279%, 03/15/32 | 1,750,000 | 1,450,952 | ||||||
|
|
| ||||||
6,255,896 | ||||||||
|
|
| ||||||
Consumer Discretionary — 12.9% |
| |||||||
Airswift Global | ||||||||
14.110%, SOFRRATE + 8.762%, 05/12/25 (A)(B) | 2,000,000 | 2,068,784 | ||||||
APX Group | ||||||||
5.750%, 07/15/29 (A) | 3,000,000 | 2,494,091 | ||||||
Beazer Homes USA | ||||||||
7.250%, 10/15/29 (A) | 1,000,000 | 912,304 | ||||||
Bloomin’ Brands | ||||||||
5.125%, 04/15/29 (A) | 2,500,000 | 2,168,032 | ||||||
Choice Hotels International | ||||||||
3.700%, 12/01/29 | 2,000,000 | 1,637,973 | ||||||
Dillard’s | ||||||||
7.000%, 12/01/28 | 500,000 | 492,140 | ||||||
Imperial Brands Finance | ||||||||
6.125%, 07/27/27 (A) | 500,000 | 495,502 | ||||||
JBS USA LUX | ||||||||
6.750%, 03/15/34 (A) | 2,000,000 | 1,874,160 | ||||||
MajorDrive Holdings IV | ||||||||
6.375%, 06/01/29 (A) | 3,000,000 | 2,325,000 | ||||||
NES Fircroft Bondco | ||||||||
11.750%, 09/29/26 (A) | 500,000 | 514,651 | ||||||
Nissan Motor Acceptance | ||||||||
7.050%, 09/15/28 (A) | 1,000,000 | 987,633 | ||||||
STL Holding | ||||||||
7.500%, 02/15/26 (A) | 2,000,000 | 1,870,000 | ||||||
Tractor Supply | ||||||||
5.250%, 05/15/33 | 500,000 | 457,704 | ||||||
Upbound Group | ||||||||
6.375%, 02/15/29 (A) | 1,000,000 | 860,000 | ||||||
VistaJet Malta Finance | ||||||||
7.875%, 05/01/27 (A) | 2,500,000 | 1,922,700 | ||||||
|
|
| ||||||
21,080,674 | ||||||||
|
|
| ||||||
Consumer Staples — 3.1% |
| |||||||
J M Smucker | ||||||||
6.500%, 11/15/53 | 2,000,000 | 1,885,745 | ||||||
Philip Morris International | ||||||||
5.125%, 02/15/30 | 2,000,000 | 1,884,122 | ||||||
Walgreens Boots Alliance | ||||||||
4.800%, 11/18/44 | 2,000,000 | 1,334,041 | ||||||
|
|
| ||||||
5,103,908 | ||||||||
|
|
| ||||||
Energy — 2.3% |
| |||||||
Borr IHC | ||||||||
10.000%, 11/15/28 (A) | 1,200,000 | 1,194,278 | ||||||
Colonial Pipeline | ||||||||
8.375%, 11/01/30 (A) | 1,500,000 | 1,622,038 | ||||||
Puffin Finance Sarl | ||||||||
15.000%, 09/11/25 | 1,000,000 | 1,037,536 | ||||||
|
|
| ||||||
3,853,852 | ||||||||
|
|
|
Description | Face Amount | Value | ||||||
Financials — 5.8% | ||||||||
Athene Holding | ||||||||
6.150%, 04/03/30 | $ | 500,000 | $ | 486,031 | ||||
Charles Schwab | ||||||||
4.000%, H15T10Y + 3.079%, 03/01/72 (B) | 1,500,000 | 1,023,627 | ||||||
Deutsche Bank | ||||||||
7.146%, SOFRRATE + 2.520%, 07/13/27 (B) | 1,000,000 | 999,310 | ||||||
Discover Financial Services | ||||||||
6.700%, 11/29/32 | 2,000,000 | 1,852,818 | ||||||
Royal Bank of Canada MTN | ||||||||
5.200%, 01/31/33 | 1,000,000 | 896,246 | ||||||
UBS | ||||||||
5.125%, 05/15/24 | 1,500,000 | 1,477,836 | ||||||
UBS Group | ||||||||
6.373%, SOFRRATE + 3.340%, 07/15/26 (A)(B) | 1,000,000 | 993,912 | ||||||
US Bancorp | ||||||||
5.836%, SOFRRATE + 2.260%, 06/12/34 (B) | 1,000,000 | 921,068 | ||||||
Westpac Banking | ||||||||
2.894%, H15T5Y + 1.350%, 02/04/30 (B) | 1,000,000 | 946,425 | ||||||
|
|
| ||||||
9,597,273 | ||||||||
|
|
| ||||||
Industrials — 8.2% |
| |||||||
Boeing | ||||||||
5.150%, 05/01/30 | 2,000,000 | 1,873,900 | ||||||
2.196%, 02/04/26 | 1,000,000 | 918,831 | ||||||
Brundage-Bone Concrete Pumping Holdings | ||||||||
6.000%, 02/01/26 (A) | 4,103,000 | 3,879,632 | ||||||
Flowserve | ||||||||
3.500%, 10/01/30 | 2,000,000 | 1,608,730 | ||||||
Icahn Enterprises | ||||||||
4.750%, 09/15/24 | 1,000,000 | 959,096 | ||||||
Lockheed Martin | ||||||||
5.250%, 01/15/33 | 1,500,000 | 1,445,277 | ||||||
Masco | ||||||||
7.750%, 08/01/29 | 1,088,000 | 1,166,995 | ||||||
nVent Finance Sarl | ||||||||
5.650%, 05/15/33 | 1,000,000 | 907,845 | ||||||
Regal Rexnord | ||||||||
6.300%, 02/15/30 (A) | 500,000 | 470,493 | ||||||
|
|
| ||||||
13,230,799 | ||||||||
|
|
| ||||||
Information Technology — 2.9% | ||||||||
Apple | ||||||||
3.850%, 05/04/43 | 2,000,000 | 1,546,782 | ||||||
Consensus Cloud Solutions | ||||||||
6.000%, 10/15/26 (A) | 1,000,000 | 926,213 | ||||||
Kyndryl Holdings | ||||||||
4.100%, 10/15/41 | 3,829,000 | 2,375,456 | ||||||
|
|
| ||||||
4,848,451 | ||||||||
|
|
| ||||||
Materials — 0.8% | ||||||||
AmeriTex HoldCo Intermediate | ||||||||
10.250%, 10/15/28 (A) | 1,000,000 | 945,500 | ||||||
Mineral Resources | ||||||||
8.125%, 05/01/27 (A) | 420,000 | 408,597 | ||||||
|
|
| ||||||
1,354,097 | ||||||||
|
|
| ||||||
Real Estate — 2.0% |
| |||||||
GLP Capital | ||||||||
3.250%, 01/15/32 ‡ | 2,500,000 | 1,890,889 |
10 |
Description | Face Amount | Value | ||||||
Sabra Health Care | ||||||||
3.200%, 12/01/31 ‡ | $ | 2,000,000 | $ | 1,467,818 | ||||
|
|
| ||||||
3,358,707 | ||||||||
|
|
| ||||||
Utilities — 0.4% | ||||||||
Pacific Gas and Electric | ||||||||
4.500%, 07/01/40 | 1,000,000 | 709,770 | ||||||
|
|
| ||||||
Total Corporate Obligations | 69,393,427 | |||||||
|
|
| ||||||
ASSET-BACKED SECURITIES — 27.3% |
| |||||||
Automotive — 13.1% | ||||||||
ACC Auto Trust, Ser 2021-A, Cl D | ||||||||
6.100%, 06/15/29 (A) | 1,000,000 | 977,247 | ||||||
American Credit Acceptance Receivables Trust, Ser 2022-1, Cl F | ||||||||
4.870%, 11/13/28 (A) | 2,600,000 | 2,250,164 | ||||||
American Credit Acceptance Receivables Trust, Ser 2023-2, Cl D | ||||||||
6.470%, 08/13/29 (A) | 1,000,000 | 973,519 | ||||||
American Credit Acceptance Receivables Trust, Ser 2023-3, Cl D | ||||||||
6.820%, 10/12/29 (A) | 1,000,000 | 983,455 | ||||||
Avid Automobile Receivables Trust, Ser 2019-1, Cl E | ||||||||
6.760%, 05/17/27 (A) | 1,000,000 | 992,197 | ||||||
Avid Automobile Receivables Trust, Ser 2021-1, Cl F | ||||||||
5.160%, 10/16/28 (A) | 2,000,000 | 1,836,884 | ||||||
CarNow Auto Receivables Trust, Ser 2021-2A, Cl E | ||||||||
4.450%, 02/15/28 (A) | 1,000,000 | 922,503 | ||||||
Carvana Auto Receivables Trust, Ser 2021-N2, Cl E | ||||||||
2.900%, 03/10/28 (A) | 2,000,000 | 1,835,968 | ||||||
CIG Auto Receivables Trust, Ser 2021-1A, Cl E | ||||||||
4.450%, 05/12/28 (A) | 1,590,000 | 1,481,487 | ||||||
CPS Auto Receivables Trust, Ser 2019-B, Cl F | ||||||||
7.480%, 06/15/26 (A) | 500,000 | 499,804 | ||||||
DT Auto Owner Trust, Ser 2019-4A, Cl E | ||||||||
3.930%, 10/15/26 (A) | 2,000,000 | 1,971,882 | ||||||
DT Auto Owner Trust, Ser 2020-3A, Cl E | ||||||||
3.620%, 10/15/27 (A) | 1,500,000 | 1,432,176 | ||||||
Exeter Automobile Receivables Trust, Ser 2022-2A, Cl E | ||||||||
6.340%, 10/15/29 (A) | 1,443,000 | 1,272,184 | ||||||
Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl E | ||||||||
4.690%, 08/15/29 (A) | 1,000,000 | 886,842 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2021-4A, Cl E | ||||||||
4.430%, 10/16/28 (A) | 1,500,000 | 1,362,468 | ||||||
Tricolor Auto Securitization Trust, Ser 2022-1A, Cl F | ||||||||
9.800%, 07/16/29 (A) | 1,000,000 | 964,919 |
Description | Face Amount | Value | ||||||
Tricolor Auto Securitization Trust, Ser 2023-1A, Cl F | ||||||||
16.000%, 06/17/30 (A) | $ | 1,000,000 | $ | 988,577 | ||||
|
|
| ||||||
21,632,276 | ||||||||
|
|
| ||||||
Credit Card — 1.1% | ||||||||
Mercury Financial Credit Card Master Trust, Ser 2022-1A, Cl C | ||||||||
5.200%, 09/21/26 (A) | 2,000,000 | 1,867,843 | ||||||
|
|
| ||||||
Other Asset-Backed Securities — 13.1% |
| |||||||
Amur Equipment Finance Receivables X, Ser 2022-1A, Cl E | ||||||||
5.020%, 12/20/28 (A) | 1,348,000 | 1,203,090 | ||||||
Audax Senior Debt 6, Ser 2021-6A, Cl B | ||||||||
7.627%, TSFR3M + 2.212%, 10/20/33 (A)(B) | 1,000,000 | 946,637 | ||||||
BHG Securitization Trust, Ser 2022-B, Cl D | ||||||||
6.690%, 06/18/35 (A) | 998,895 | 901,705 | ||||||
CIFC Funding, Ser 2018-1A, Cl C | ||||||||
7.407%, TSFR3M + 2.012%, 04/18/31 (A)(B) | 500,000 | 484,286 | ||||||
CP EF Asset Securitization I, Ser 2022-1A, Cl A | ||||||||
5.960%, 04/15/30 (A) | 482,527 | 475,198 | ||||||
Credibly Asset Securitization II, Ser 2021-1A, Cl B | ||||||||
3.380%, 04/15/26 (A) | 524,000 | 505,562 | ||||||
Harley Marine Financing, Ser 2018-1A, Cl A2 | ||||||||
6.682%, 05/15/43 (A)(C) | 1,663,945 | 1,664,868 | ||||||
Kapitus Asset Securitization, Ser 2022-1A, Cl A | ||||||||
3.382%, 07/10/28 (A) | 1,500,000 | 1,418,486 | ||||||
LCM XXII, Ser 2018-22A, Cl BR | ||||||||
7.677%, TSFR3M + 2.262%, 10/20/28 (A)(B) | 1,500,000 | 1,452,939 | ||||||
Libra Solutions, Ser 2023-1A, Cl B | ||||||||
10.250%, 02/15/35 (A) | 694,691 | 695,188 | ||||||
Mosaic Solar Loans, Ser 2017-2A, Cl B | ||||||||
4.770%, 06/22/43 (A) | 183,794 | 161,152 | ||||||
NMEF Funding, Ser 2021-A, Cl D | ||||||||
5.780%, 12/15/27 (A) | 1,300,000 | 1,269,637 | ||||||
OZLM Funding IV, Ser 2017-4A, Cl BR | ||||||||
7.874%, TSFR3M + 2.462%, 10/22/30 (A)(B) | 2,000,000 | 1,991,325 | ||||||
Pawneee Equipment Receivables, Ser 2021-1, Cl E | ||||||||
5.210%, 05/15/28 (A) | 353,000 | 321,252 | ||||||
Pawneee Equipment Receivables, Ser 2022-1, Cl C | ||||||||
6.010%, 07/17/28 (A) | 1,000,000 | 949,076 | ||||||
PRET, Ser 2021-NPL3, Cl A2 | ||||||||
3.721%, 07/25/51 (A)(C) | 500,000 | 379,292 | ||||||
PRET, Ser 2021-RN3, Cl A1 | ||||||||
1.843%, 09/25/51 (A)(C) | 719,779 | 644,844 | ||||||
PRET, Ser 2021-RN4, Cl A2 | ||||||||
5.194%, 10/25/51 (A)(B) | 1,850,000 | 1,592,288 |
11 |
Description | Face Amount | Value | ||||||
Pretium Mortgage Credit Partners I, Ser 2021-NPL1, Cl A2 | ||||||||
4.213%, 09/27/60 (A)(C) | $ | 1,000,000 | $ | 825,812 | ||||
PRPM, Ser 2021-10, Cl A2 | ||||||||
4.826%, 10/25/26 (A)(C) | 1,000,000 | 893,737 | ||||||
Sapphire Aviation Finance I, Ser 2018-1A, Cl B | ||||||||
5.926%, 03/15/40 (A) | 285,963 | 154,434 | ||||||
SCF Equipment Leasing, Ser 2021-1A, Cl D | ||||||||
1.930%, 09/20/30 (A) | 1,500,000 | 1,361,751 | ||||||
Stack Infrastructure Issuer, Ser 2019-1A, Cl A2 | ||||||||
4.540%, 02/25/44 (A) | 369,579 | 366,640 | ||||||
VOLT, Ser 2021-CF2, Cl A2 | ||||||||
5.316%, 11/27/51 (A)(C) | 1,000,000 | 822,864 | ||||||
|
|
| ||||||
21,482,063 | ||||||||
|
|
| ||||||
Total Asset-Backed Securities | 44,982,182 | |||||||
|
|
| ||||||
COLLATERALIZED LOAN OBLIGATIONS — 21.5% |
| |||||||
Apidos CLO XI, Ser 2021-11A, Cl ER3 | ||||||||
12.234%, TSFR3M + 6.832%, 04/17/34 (A)(B) | 1,000,000 | 946,639 | ||||||
BCC Middle Market, Ser 2018-1A, Cl B | ||||||||
8.677%, TSFR3M + 3.262%, 10/20/30 (A)(B) | 1,000,000 | 971,000 | ||||||
Benefit Street Partners CLO III, Ser 2017-IIIA, Cl DR | ||||||||
12.277%, TSFR3M + 6.862%, 07/20/29 (A)(B) | 2,500,000 | 2,371,183 | ||||||
Benefit Street Partners III, Ser 2017-IIIA, Cl CR | ||||||||
9.577%, TSFR3M + 4.162%, 07/20/29 (A)(B) | 2,000,000 | 1,991,454 | ||||||
BlueMountain XXX, Ser 2022-30A, Cl ER | ||||||||
12.094%, TSFR3M + 6.700%, 04/15/35 (A)(B) | 2,000,000 | 1,764,704 | ||||||
Carlyle Global Market Strategies, Ser 2018-1A, Cl CR2 | ||||||||
7.464%, TSFR3M + 2.062%, 04/17/31 (A)(B) | 1,250,000 | 1,200,656 | ||||||
CARLYLE US, Ser 2018-1A, Cl B | ||||||||
7.527%, TSFR3M + 2.112%, 04/20/31 (A)(B) | 2,000,000 | 1,930,562 | ||||||
Chenango Park, Ser 2018-1A, Cl B | ||||||||
7.506%, TSFR3M + 2.112%, 04/15/30 (A)(B) | 1,000,000 | 970,576 | ||||||
Golub Capital Partners, Ser 2017- 17A, Cl BR | ||||||||
8.540%, TSFR3M + 3.162%, 10/25/30 (A)(B) | 1,500,000 | 1,452,782 | ||||||
Golub Capital Partners, Ser 2017- 21A, Cl CR | ||||||||
8.090%, TSFR3M + 2.712%, 01/25/31 (A)(B) | 3,000,000 | 2,867,697 |
Description | Face Amount | Value | ||||||
Golub Capital Partners, Ser 2017-22A, Cl CR | ||||||||
7.527%, TSFR3M + 2.112%, 01/20/31 (A)(B) | $ | 1,500,000 | $ | 1,450,143 | ||||
Golub Capital Partners, Ser 2017-23A, Cl BR | ||||||||
7.227%, TSFR3M + 1.812%, 01/20/31 (A)(B) | 1,000,000 | 968,934 | ||||||
Golub Capital Partners, Ser 2017-23A, Cl CR | ||||||||
7.477%, TSFR3M + 2.062%, 01/20/31 (A)(B) | 2,000,000 | 1,951,042 | ||||||
Golub Capital Partners, Ser 2017-24A, Cl DR | ||||||||
9.554%, TSFR3M + 4.162%, 11/05/29 (A)(B) | 2,000,000 | 1,909,746 | ||||||
Golub Capital Partners, Ser 2018-26A, Cl BR | ||||||||
7.227%, TSFR3M + 1.812%, 04/20/31 (A)(B) | 1,000,000 | 969,936 | ||||||
Golub Capital Partners, Ser 2018-36A, Cl B | ||||||||
7.304%, TSFR3M + 1.912%, 02/05/31 (A)(B) | 2,000,000 | 1,940,862 | ||||||
Golub Capital Partners, Ser 2018-36A, Cl C | ||||||||
7.754%, TSFR3M + 2.362%, 02/05/31 (A)(B) | 1,500,000 | 1,426,131 | ||||||
MCF VIII, Ser 2018-1A, Cl B | ||||||||
7.407%, TSFR3M + 2.012%, 07/18/30 (A)(B) | 3,000,000 | 2,918,805 | ||||||
Race Point IX, Ser 2017-9A, Cl BR | ||||||||
7.806%, TSFR3M + 2.412%, 10/15/30 (A)(B) | 4,000,000 | 3,844,839 | ||||||
Race Point IX, Ser 2017-9A, Cl DR | ||||||||
12.556%, TSFR3M + 7.162%, 10/15/30 (A)(B) | 2,000,000 | 1,541,890 | ||||||
|
|
| ||||||
Total Collateralized Loan Obligations | 35,389,581 | |||||||
|
|
| ||||||
MORTGAGE-BACKED SECURITIES — 4.2% |
| |||||||
Commercial Mortgage-Backed Obligation — 3.6% |
| |||||||
Benchmark Mortgage Trust, Ser 2020-B21, Cl D | ||||||||
2.000%, 12/17/53 (A) | 1,000,000 | 466,967 | ||||||
BXMT, Ser 2020-FL2, Cl A | ||||||||
6.350%, TSFR1M + 1.014%, 02/15/38 (A)(B) | 681,644 | 653,705 | ||||||
Cold Storage Trust, Ser 2020-ICE5, Cl E | ||||||||
8.216%, TSFR1M + 2.880%, 11/15/37 (A)(B) | 982,991 | 970,658 | ||||||
Commercial Mortgage Trust, Ser 2014-UBS6, Cl C | ||||||||
4.433%, 12/10/47 (B) | 1,000,000 | 842,396 | ||||||
Commercial Mortgage Trust, Ser 2015-DC1, Cl D | ||||||||
4.299%, 02/10/48 (A)(B) | 1,517,000 | 1,180,331 | ||||||
FREMF Mortgage Trust, Ser 2016-K54, Cl C | ||||||||
4.052%, 04/25/48 (A)(B) | 1,000,000 | 950,193 |
12 |
Description | Face Amount | Value | ||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D | ||||||||
3.803%, 11/15/47 (A)(B) | $ | 1,000,000 | $ | 849,709 | ||||
|
|
| ||||||
5,913,959 | ||||||||
|
|
| ||||||
Non-Agency Residential Mortgage-Backed Obligation — 0.6% |
| |||||||
RCO VI Mortgage, Ser 2022-1, Cl A2 | ||||||||
5.250%, 01/25/27 (A)(C) | 1,000,000 | 943,822 | ||||||
|
|
| ||||||
Total Mortgage-Backed Securities | 6,857,781 | |||||||
|
|
| ||||||
Shares | ||||||||
PREFERRED STOCK — 0.0% |
| |||||||
Communication Services — 0.0% |
| |||||||
MYT Holding LLC | ||||||||
10.000%, 06/07/29 (A) | 64,528 | 40,653 | ||||||
|
|
| ||||||
Total Preferred Stock | 40,653 | |||||||
|
|
| ||||||
COMMON STOCK — 0.0% |
| |||||||
Industrials — 0.0% |
| |||||||
Erickson *(D) | 3,761 | 38 | ||||||
|
|
| ||||||
Total Common Stock | 38 | |||||||
|
|
| ||||||
Face Amount | ||||||||
REPURCHASE AGREEMENT(E) — 4.3% |
| |||||||
Tri Party Overnight 5.150%, dated 10/31/23, to be repurchased on 11/01/23, repurchase price $7,001,001 (collateralized by various Government Obligations, ranging in par value $31,098 - $26,000,000, 0.050% - 7.500%, 08/10/29 - 02/15/61, with a total market value of $7,181,063) | 7,000,000 | 7,000,000 | ||||||
|
|
| ||||||
Total Repurchase Agreement | 7,000,000 | |||||||
|
|
| ||||||
Total Investments — 99.5% | $ | 163,663,662 | ||||||
|
|
|
Percentages are based on Net Assets of $164,498,418.
* | Non-income producing security. |
‡ | Real Estate Investment Trust |
(A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at October 31, 2023 was $117,675,807 and represents 71.5% of Net Assets. |
(B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(C) | Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on October 31, 2023. The coupon on a step bond changes on a specific date. |
(D) | Level 3 security in accordance with fair value hierarchy. |
(E) | Tri-Party Repurchase Agreement. |
See “Glossary” for abbreviations.
FIA-QH-001-3200
13 |
Description | Face Amount | Value | ||||||
ASSET-BACKED SECURITIES — 42.0% |
| |||||||
Automotive — 22.0% | ||||||||
American Credit Acceptance Receivables Trust, Ser 2022-4, Cl B | ||||||||
6.750%, 10/13/26 (A) | $ | 2,000,000 | $ | 2,000,815 | ||||
American Credit Acceptance Receivables Trust, Ser 2023-1, Cl C | ||||||||
5.590%, 04/12/29 (A) | 1,000,000 | 977,811 | ||||||
American Credit Acceptance Receivables Trust, Ser 2023-3, Cl C | ||||||||
6.440%, 10/12/29 (A) | 5,000,000 | 4,956,352 | ||||||
Arivo Acceptance Auto Loan Receivables Trust, Ser 2021-1A, Cl A | ||||||||
1.190%, 01/15/27 (A) | 201,754 | 197,677 | ||||||
Arivo Acceptance Auto Loan Receivables Trust, Ser 2022-1A, Cl A | ||||||||
3.930%, 05/15/28 (A) | 420,672 | 411,577 | ||||||
Avid Automobile Receivables Trust, Ser 2021-1, Cl D | ||||||||
1.990%, 04/17/28 (A) | 1,300,000 | 1,225,794 | ||||||
Carmax Auto Owner Trust, Ser 2022-4, Cl C | ||||||||
6.490%, 07/17/28 | 3,500,000 | 3,493,998 | ||||||
Carmax Auto Owner Trust, Ser 2022-4, Cl D | ||||||||
8.080%, 04/16/29 | 1,500,000 | 1,522,718 | ||||||
Chase Issuance Trust, Ser 2023-A2, Cl A | ||||||||
5.080%, 09/15/30 | 3,000,000 | 2,933,704 | ||||||
Credit Acceptance Auto Loan Trust, Ser 2021-3A, Cl C | ||||||||
1.630%, 09/16/30 (A) | 1,700,000 | 1,597,385 | ||||||
DT Auto Owner Trust, Ser 2020-3A, Cl C | ||||||||
1.470%, 06/15/26 (A) | 593,236 | 584,506 | ||||||
DT Auto Owner Trust, Ser 2022-2A, Cl D | ||||||||
5.460%, 03/15/28 (A) | 4,000,000 | 3,850,962 | ||||||
Flagship Credit Auto Trust, Ser 2022-4, Cl B | ||||||||
6.780%, 10/15/27 (A) | 1,500,000 | 1,509,817 | ||||||
Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl D | ||||||||
3.070%, 05/15/28 (A) | 4,780,000 | 4,418,702 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2021-2A, Cl D | ||||||||
1.420%, 04/15/27 (A) | 20,000 | 18,609 | ||||||
Prestige Auto Receivables Trust, Ser 2021-1A, Cl D | ||||||||
2.080%, 02/15/28 (A) | 4,000,000 | 3,609,172 | ||||||
Prestige Auto Receivables Trust, Ser 2023-1A, Cl B | ||||||||
5.550%, 04/15/27 (A) | 8,000,000 | 7,883,450 | ||||||
United Auto Credit Securitization Trust, Ser 2023-1, Cl C | ||||||||
6.280%, 07/10/28 (A) | 4,326,000 | 4,267,754 |
Description | Face Amount | Value | ||||||
VFI ABS, Ser 2023-1A, Cl A | ||||||||
7.270%, 03/26/29 (A) | $ | 3,800,000 | $ | 3,799,631 | ||||
Westlake Automobile Receivables Trust, Ser 2020-3A, Cl C | ||||||||
1.240%, 11/17/25 (A) | 217,967 | 216,956 | ||||||
Westlake Automobile Receivables Trust, Ser 2022-3A, Cl D | ||||||||
6.680%, 04/17/28 (A) | 7,000,000 | 6,928,839 | ||||||
Westlake Automobile Receivables Trust, Ser 2023-2A, Cl D | ||||||||
7.010%, 11/15/28 (A) | 3,000,000 | 2,971,188 | ||||||
World Omni Select Auto Trust, Ser 2023-A, Cl A2A | ||||||||
5.920%, 03/15/27 | 4,420,714 | 4,408,230 | ||||||
|
|
| ||||||
63,785,647 | ||||||||
|
|
| ||||||
Credit Card — 7.1% | ||||||||
Avant Credit Card Master Trust, Ser 2021-1A, Cl A | ||||||||
1.370%, 04/15/27 (A) | 1,220,000 | 1,141,162 | ||||||
CARDS II Trust, Ser 2021-1A, Cl B | ||||||||
0.931%, 04/15/27 (A) | 7,250,000 | 7,059,501 | ||||||
Continental Finance Credit Card ABS Master Trust, Ser 2021-A, Cl A | ||||||||
2.550%, 12/17/29 (A) | 5,000,000 | 4,671,125 | ||||||
Genesis Sales Finance Master Trust, Ser 2021-AA, Cl A | ||||||||
1.200%, 12/21/26 (A) | 2,000,000 | 1,898,323 | ||||||
Trillium Credit Card Trust II, Ser 2021-1A, Cl B | ||||||||
2.026%, 10/26/29 (A) | 6,500,000 | 5,739,312 | ||||||
|
|
| ||||||
20,509,423 | ||||||||
|
|
| ||||||
Other Asset-Backed Securities — 12.8% |
| |||||||
Amur Equipment Finance Receivables X, Ser 2022-1A, Cl D | ||||||||
2.910%, 08/21/28 (A) | 2,000,000 | 1,813,904 | ||||||
Aqua Finance Trust, Ser 2021-A, Cl B | ||||||||
2.400%, 07/17/46 (A) | 1,000,000 | 792,484 | ||||||
BHG Securitization Trust, Ser 2021-B, Cl A | ||||||||
0.900%, 10/17/34 (A) | 628,439 | 605,515 | ||||||
BHG Securitization Trust, Ser 2022-B, Cl A | ||||||||
3.750%, 06/18/35 (A) | 270,581 | 268,635 | ||||||
BXG Receivables Note Trust, Ser 2023-A, Cl A | ||||||||
5.770%, 11/15/38 (A) | 4,309,386 | 4,215,252 | ||||||
CLI Funding VI, Ser 2020-1A, Cl A | ||||||||
2.080%, 09/18/45 (A) | 1,709,375 | 1,472,972 | ||||||
CP EF Asset Securitization I, Ser 2022-1A, Cl A | ||||||||
5.960%, 04/15/30 (A) | 1,930,107 | 1,900,790 | ||||||
Marlette Funding Trust, Ser 2021- 2A, Cl C | ||||||||
1.500%, 09/15/31 (A) | 2,000,000 | 1,935,489 | ||||||
Mosaic Solar Loan Trust, Ser 2021-3A, Cl B | ||||||||
1.920%, 06/20/52 (A) | 721,718 | 510,906 | ||||||
Mosaic Solar Loans, Ser 2017-1A, Cl A | ||||||||
4.450%, 06/20/42 (A) | 183,248 | 171,229 |
14 |
Description | Face Amount | Value | ||||||
New Economy Assets Phase 1 Sponsor, Ser 2021-1, Cl A1 | ||||||||
1.910%, 10/20/61 (A) | $ | 2,000,000 | $ | 1,710,284 | ||||
Octane Receivables Trust, Ser 2021-1A, Cl A | ||||||||
0.930%, 03/22/27 (A) | 380,170 | 372,973 | ||||||
Octane Receivables Trust, Ser 2021-2A, Cl A | ||||||||
1.210%, 09/20/28 (A) | 543,064 | 525,866 | ||||||
Oportun Issuance Trust, Ser 2021-B, Cl A | ||||||||
1.470%, 05/08/31 (A) | 1,750,000 | 1,591,342 | ||||||
Oportun Issuance Trust, Ser 2022-A, Cl C | ||||||||
7.400%, 06/09/31 (A) | 2,030,000 | 1,916,167 | ||||||
Pawneee Equipment Receivables, Ser 2022-1, Cl C | ||||||||
6.010%, 07/17/28 (A) | 5,000,000 | 4,745,378 | ||||||
Verizon Master Trust, Ser 2023-4, Cl C | ||||||||
5.650%, 06/20/29 | 9,700,000 | 9,598,121 | ||||||
VFI ABS, Ser 2022-1A, Cl A | ||||||||
2.230%, 03/24/28 (A) | 785,356 | 767,344 | ||||||
Westgate Resorts, Ser 2022-1A, Cl C | ||||||||
2.488%, 08/20/36 (A) | 2,144,093 | 2,017,767 | ||||||
|
|
| ||||||
36,932,418 | ||||||||
|
|
| ||||||
Student Loan — 0.1% | ||||||||
Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 | ||||||||
2.550%, 05/25/41 (A) | 426,032 | 393,299 | ||||||
|
|
| ||||||
Total Asset-Backed Securities |
| 121,620,787 | ||||||
|
|
| ||||||
U.S. TREASURY OBLIGATIONS — 23.7% |
| |||||||
U.S. Treasury Note | ||||||||
3.875%, 03/31/25 | 35,000,000 | 34,346,484 | ||||||
3.750%, 04/15/26 | 35,000,000 | 34,018,359 | ||||||
|
|
| ||||||
Total U.S. Treasury Obligations |
| 68,364,843 | ||||||
|
|
| ||||||
CORPORATE OBLIGATIONS — 20.5% |
| |||||||
Consumer Discretionary — 1.6% |
| |||||||
AutoZone | ||||||||
4.500%, 02/01/28 | 5,000,000 | 4,727,570 | ||||||
|
|
| ||||||
Financials — 7.7% |
| |||||||
Capital One Financial | ||||||||
4.200%, 10/29/25 | 10,000,000 | 9,482,529 | ||||||
Charles Schwab | ||||||||
5.643%, SOFRRATE + 2.210%, 05/19/29 (B) | 5,000,000 | 4,813,239 | ||||||
Fifth Third Bancorp | ||||||||
6.361%, SOFRINDX + 2.192%, 10/27/28 (B) | 8,000,000 | 7,786,327 | ||||||
|
|
| ||||||
22,082,095 | ||||||||
|
|
| ||||||
Industrials — 4.7% | ||||||||
AerCap Ireland Capital DAC | ||||||||
1.750%, 01/30/26 | 5,000,000 | 4,496,126 | ||||||
1.750%, 10/29/24 | 1,000,000 | 954,833 | ||||||
Delta Air Lines | ||||||||
7.000%, 05/01/25 (A) | 5,000,000 | 5,021,326 |
Description | Face Amount | Value | ||||||
Penske Truck Leasing | ||||||||
5.750%, 05/24/26 (A) | $ | 3,000,000 | $ | 2,951,024 | ||||
|
|
| ||||||
13,423,309 | ||||||||
|
|
| ||||||
Information Technology — 5.6% | ||||||||
Kyndryl Holdings | ||||||||
2.050%, 10/15/26 | 8,000,000 | 6,972,407 | ||||||
Molex Electronic Technologies | ||||||||
3.900%, 04/15/25 (A) | 9,675,000 | 9,263,546 | ||||||
|
|
| ||||||
16,235,953 | ||||||||
|
|
| ||||||
Real Estate — 0.9% | ||||||||
Corporate Office Properties | ||||||||
2.250%, 03/15/26 ‡ | 3,000,000 | 2,712,829 | ||||||
|
|
| ||||||
Total Corporate Obligations |
| 59,181,756 | ||||||
|
|
| ||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.9% |
| |||||||
FFCB | ||||||||
5.480%, 10/25/27 | 5,000,000 | 4,958,244 | ||||||
FHLMC | ||||||||
5.375%, 11/15/24 | 5,000,000 | 4,974,808 | ||||||
5.150%, 10/17/24 | 3,800,000 | 3,777,064 | ||||||
5.000%, 07/26/24 | 5,000,000 | 4,973,041 | ||||||
FNMA | ||||||||
5.030%, 04/10/24 | 7,000,000 | 6,978,558 | ||||||
|
|
| ||||||
Total U.S. Government Agency Obligations |
| 25,661,715 | ||||||
|
|
| ||||||
MORTGAGE-BACKED SECURITIES — 2.3% |
| |||||||
Commercial Mortgage-Backed Obligation — 2.3% |
| |||||||
Benchmark Mortgage Trust, Ser 2020-B19, Cl A2 | ||||||||
1.691%, 09/15/53 | 1,305,000 | 1,154,445 | ||||||
Cold Storage Trust, Ser 2020-ICE5, Cl A | ||||||||
6.351%, TSFR1M + 1.014%, 11/15/37 (A)(B) | 5,406,448 | 5,346,242 | ||||||
|
|
| ||||||
Total Mortgage-Backed Securities |
| 6,500,687 | ||||||
|
|
| ||||||
REPURCHASE AGREEMENT(C) — 2.1% |
| |||||||
Tri Party Overnight 5.150%, dated 10/31/23, to be repurchased on 11/01/23, repurchase price $6,000,858 (collateralized by various Government Obligations, ranging in par value $5,570,496 - $15,318,585, 0.050% - 2.500%, 10/15/33 - 05/20/53, with a total market value of $6,181,234) | 6,000,000 | 6,000,000 | ||||||
|
|
| ||||||
Total Repurchase Agreement |
| 6,000,000 | ||||||
|
|
| ||||||
Total Investments — 99.5% |
| $ | 287,329,788 | |||||
|
|
|
Percentages are based on Net Assets of $ 288,668,437.
15 |
‡ | Real Estate Investment Trust |
(A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at October 31, 2023 was $122,246,154 and represents 42.3% of Net Assets. |
(B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(C) | Tri-Party Repurchase Agreement. |
See “Glossary” for abbreviations.
FIA-QH-001-3200
16 |
Description | Face Amount | Value | ||||||
MUNICIPAL BONDS — 96.1% | ||||||||
California — 2.9% | ||||||||
California State, Municipal Finance Authority, Ser A, RB | ||||||||
5.000%, 03/01/25(A) | $ | 410,000 | $ | 403,569 | ||||
California State, School Finance Authority, RB | ||||||||
5.350%, 08/01/24(A) | 100,000 | 100,277 | ||||||
Mount Diablo Unified School District, Ser A, GO | ||||||||
4.000%, 08/01/31 | 100,000 | 101,690 | ||||||
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| ||||||
605,536 | ||||||||
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| ||||||
Colorado — 2.4% | ||||||||
El Paso County, School District No. 49 Falcon, Ser B, COP | ||||||||
5.000%, 12/15/26 | 500,000 | 516,232 | ||||||
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| ||||||
Florida — 2.6% | ||||||||
City of Fort Lauderdale Florida, GO | ||||||||
5.000%, 07/01/35 | 500,000 | 541,072 | ||||||
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Idaho — 1.5% | ||||||||
Idaho State, Housing & Finance Association, RB | ||||||||
4.000%, 07/01/26(A) | 320,000 | 309,929 | ||||||
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| ||||||
Kansas — 4.8% | ||||||||
Geary County, GO | ||||||||
5.000%, 09/01/25 | 1,000,000 | 1,017,459 | ||||||
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| ||||||
Michigan — 4.7% | ||||||||
Taylor, Brownfield Redevelopment Authority, RB, NATL | ||||||||
4.000%, 05/01/28 | 1,000,000 | 999,767 | ||||||
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| ||||||
Minnesota — 0.7% | ||||||||
Minnesota State, Housing Finance Agency, Ser A, RB, GNMA | ||||||||
2.600%, 09/01/42 | 185,347 | 154,422 | ||||||
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Ohio — 0.7% | ||||||||
City of Medina Ohio, GO | ||||||||
4.000%, 12/01/32 | 140,000 | 140,436 | ||||||
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| ||||||
Oklahoma — 4.8% | ||||||||
University of Oklahoma, Ser C, RB | ||||||||
5.000%, 07/01/35 | 1,000,000 | 1,012,001 | ||||||
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| ||||||
South Carolina — 6.0% | ||||||||
Hilton Head Island, Ser C, GO, ST AID WITHHLDG | ||||||||
2.250%, 03/01/33 | 530,000 | 430,806 | ||||||
2.125%, 03/01/32 | 520,000 | 424,139 | ||||||
2.000%, 03/01/30 | 495,000 | 417,439 | ||||||
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| ||||||
1,272,384 | ||||||||
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| ||||||
Texas — 65.0% | ||||||||
Azle Independent School District, GO, PSF-GTD | ||||||||
4.000%, 02/15/47 | 500,000 | 419,912 | ||||||
Board of Regents of the University of Texas System, Ser A, RB | ||||||||
2.000%, 08/15/36 | 1,000,000 | 700,499 | ||||||
Bruceville-Eddy Independent School District, GO, PSF-GTD | ||||||||
4.000%, 08/15/31 | 500,000 | 493,515 |
Description | Face Amount | Value | ||||||
Central Texas Turnpike System, Sub-Ser C, RB | ||||||||
5.000%, 08/15/42 | $ | 1,000,000 | $ | 943,774 | ||||
City of Longview Texas, GO | ||||||||
4.000%, 09/01/35 | 500,000 | 473,876 | ||||||
Clifton, Higher Education Finance, RB, PSF-GTD | ||||||||
5.000%, 08/15/25 | 700,000 | 703,815 | ||||||
Clifton, Higher Education Finance, Ser A, RB | ||||||||
3.375%, 12/01/24 | 530,000 | 518,361 | ||||||
Clifton, Higher Education Finance, Ser B, RB | ||||||||
5.000%, 08/15/25 | 460,000 | 462,156 | ||||||
Crandall Independent School District, GO, PSF-GTD | ||||||||
4.000%, 08/15/48 | 500,000 | 420,302 | ||||||
Cypress-Fairbanks Independent School District, Ser A, GO, PSF-GTD | ||||||||
5.000%, 02/15/30 | 1,000,000 | 1,061,019 | ||||||
El Paso County, Hospital District, GO | ||||||||
5.000%, 08/15/25 | 1,070,000 | 1,073,559 | ||||||
La Vernia, Higher Education Finance, Ser A, RB | ||||||||
4.200%, 08/15/25(A)(B) | 225,000 | 225,077 | ||||||
Liberty Hill Independent School District, GO, PSF-GTD | ||||||||
5.000%, 02/01/49 | 700,000 | 702,131 | ||||||
Liberty Hill Independent School District, Ser A, GO, PSF-GTD | ||||||||
5.000%, 02/01/41 | 500,000 | 515,061 | ||||||
Lower Colorado River Authority, RB | ||||||||
5.000%, 05/15/39 | 1,000,000 | 1,004,643 | ||||||
Main Street Market Square Redevelopment Authority, TA, BAM | ||||||||
5.000%, 09/01/25 | 1,000,000 | 1,010,588 | ||||||
Main Street Market Square Redevelopment Authority, TA, BAM | ||||||||
5.000%, 09/01/29 | 1,000,000 | 1,019,625 | ||||||
New Braunfels Independent School District, Ser B, GO, PSF-GTD | ||||||||
4.375%, 02/01/40 | 500,000 | 467,823 | ||||||
Plainview Independent School District, Ser A, GO, PSF-GTD | ||||||||
5.000%, 02/15/46 | 525,000 | 529,290 | ||||||
Pottsboro Independent School District, GO, PSF-GTD | ||||||||
5.000%, 02/15/47 | 500,000 | 505,413 | ||||||
Seminole, Hospital District, GO | ||||||||
4.000%, 02/15/31 | 545,000 | 452,384 | ||||||
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|
| ||||||
13,702,823 | ||||||||
|
|
| ||||||
Total Municipal Bonds | 20,272,061 | |||||||
|
|
| ||||||
Total Investments — 96.1% | $ | 20,272,061 | ||||||
|
|
|
Percentages are based on Net Assets of $ 21,085,215.
17 |
(A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at October 31, 2023 was $1,038,852 and represents 4.9% of Net Assets. |
(B) | Escrowed to Maturity |
See “Glossary” for abbreviations.
FIA-QH-001-3200
18 |
Portfolio Abbreviations |
ABS — Asset-Backed Security |
BAM — Build America Mutual |
Cl — Class |
CLO — Collateralized Loan Obligation |
COP — Certificate of Participation |
FFCB — Fed |
FHLB — Federal Home Loan Bank |
FHLMC — Federal Home Loan Mortgage Corporation |
FNMA — Federal National Mortgage Association |
GNMA — Government National Mortgage Association |
GO — General Obligation |
ICE — Intercontinental Exchange |
IO — Interest Only - face amount represents notional amount |
LLC — Limited Liability Company |
MTN — Medium Term Note |
NATL — National Public Finance Guaranty Corporation |
PIK — Payment-in-Kind |
PSF-GTD — Texas Public School Fund Guarantee |
RB — Revenue Bond |
Ser — Series |
SOFR — Secured Overnight Financing Rate |
STRIPS — Separately Traded Registered Interest and Principal Securities |
TA — Tax Allocation |
19 |