| CORPORATE BONDS - 43.9% | Par | | Value | |
| Communications - 1.2% | |
| Charter Communications Operating LLC / Charter Communications Operating Capital, 6.15%, 11/10/2026 | | $ | 3,000,000 | | | $ | 3,029,822 | |
| Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC | |
4.74%, 03/20/2025(a) | | | 3,123,000 | | | | 3,103,955 | |
5.15%, 03/20/2028(a) | | | 1,202,400 | | | | 1,197,210 | |
| Verizon Communications, Inc., 2.10%, 03/22/2028 | | | 2,000,000 | | | | 1,799,094 | |
| Warnermedia Holdings, Inc., 3.76%, 03/15/2027 | | | 1,350,000 | | | | 1,282,038 | |
| | | | | | | | 10,412,119 | |
| | | | | | | | | |
| Consumer Discretionary - 4.8% | |
British Airways 2019-1 Class A Pass Through Trust, Series PTT, 3.35%, 06/15/2029 (a) | | | 1,903,251 | | | | 1,780,192 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/2025 (a) | | | 2,999,666 | | | | 2,963,902 | |
| Ford Motor Credit Co. LLC | |
| 3.38%, 11/13/2025 | | | 4,200,000 | | | | 4,066,473 | |
| 2.70%, 08/10/2026 | | | 1,775,000 | | | | 1,667,712 | |
| General Motors Financial Co., Inc., 5.55%, 07/15/2029 | | | 7,250,000 | | | | 7,252,036 | |
| Hyatt Hotels Corp., 5.25%, 06/30/2029 | | | 2,700,000 | | | | 2,678,635 | |
| Las Vegas Sands Corp., 5.90%, 06/01/2027 | | | 3,150,000 | | | | 3,167,824 | |
| Marriott International, Inc./MD | |
| 5.55%, 10/15/2028 | | | 8,000,000 | | | | 8,108,713 | |
| 4.90%, 04/15/2029 | | | 4,400,000 | | | | 4,354,888 | |
Mattel, Inc., 3.38%, 04/01/2026 (a) | | | 3,000,000 | | | | 2,886,051 | |
Royal Caribbean Cruises Ltd., 7.25%, 01/15/2030 (a) | | | 2,375,000 | | | | 2,460,619 | |
| | | | | | | | 41,387,045 | |
| | | | | | | | | |
| Consumer Staples - 0.8% | |
Bacardi Ltd. / Bacardi-Martini BV, 5.25%, 01/15/2029 (a) | | | 3,000,000 | | | | 2,961,998 | |
| Coca-Cola Consolidated, Inc., 5.25%, 06/01/2029 | | | 1,100,000 | | | | 1,105,309 | |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 2.50%, 01/15/2027 | | | 2,700,000 | | | | 2,513,910 | |
| | | | | | | | 6,581,217 | |
| | | | | | | | | |
| Energy - 2.8% | |
| Energy Transfer LP | |
| 5.55%, 02/15/2028 | | | 3,500,000 | | | | 3,531,024 | |
| 6.10%, 12/01/2028 | | | 1,500,000 | | | | 1,546,665 | |
| 5.25%, 07/01/2029 | | | 3,500,000 | | | | 3,480,415 | |
Oleoducto Central SA, 4.00%, 07/14/2027 (a) | | | 2,000,000 | | | | 1,855,378 | |
| Petroleos Mexicanos, 6.50%, 03/13/2027 | | | 4,000,000 | | | | 3,813,960 | |
| Targa Resources Corp., 6.15%, 03/01/2029 | | | 3,550,000 | | | | 3,665,488 | |
| TransCanada PipeLines Ltd., 6.20%, 03/09/2026 | | | 5,300,000 | | | | 5,302,628 | |
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029 (a) | | | 400,000 | | | | 364,552 | |
| | | | | | | | 23,560,110 | |
| | | | | | | | | |
| Financials - 20.4% | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.75%, 06/06/2028 | | | 800,000 | | | | 808,670 | |
| Air Lease Corp. | |
| 5.85%, 12/15/2027 | | | 3,000,000 | | | | 3,039,059 | |
| 5.30%, 02/01/2028 | | | 2,000,000 | | | | 1,996,645 | |
| Allstate Corp., 5.05%, 06/24/2029 | | | 3,050,000 | | | | 3,037,563 | |
| Avolon Holdings Funding Ltd. | |
2.13%, 02/21/2026(a) | | | 4,000,000 | | | | 3,761,703 | |
4.25%, 04/15/2026(a) | | | 2,650,000 | | | | 2,575,097 | |
Banco Mercantil del Norte SA/Grand Cayman, 6.75% to 09/27/2024 then 5 yr. CMT Rate + 4.97%, Perpetual (a) | | | 3,000,000 | | | | 2,985,711 | |
| Bank of America Corp. | |
| 3.38% to 04/02/2025 then SOFR + 1.33%, 04/02/2026 | | | 6,750,000 | | | | 6,630,296 | |
| 4.83% to 07/22/2025 then SOFR + 1.75%, 07/22/2026 | | | 2,150,000 | | | | 2,129,755 | |
| 5.93% to 09/15/2026 then SOFR + 1.34%, 09/15/2027 | | | 8,500,000 | | | | 8,593,452 | |
| Block, Inc., 2.75%, 06/01/2026 | | | 750,000 | | | | 709,067 | |
| Citigroup, Inc., 2.01% to 01/25/2025 then SOFR + 0.69%, 01/25/2026 | | | 3,000,000 | | | | 2,935,994 | |
| Crown Castle, Inc., 5.60%, 06/01/2029 | | | 1,650,000 | | | | 1,664,597 | |
Danske Bank AS, 5.43% to 03/01/2027 then 1 yr. CMT Rate + 0.95%, 03/01/2028 (a) | | | 4,400,000 | | | | 4,404,598 | |
| Extra Space Storage LP | |
| 3.88%, 12/15/2027 | | | 5,820,000 | | | | 5,555,432 | |
| 5.70%, 04/01/2028 | | | 2,200,000 | | | | 2,225,796 | |
| Goldman Sachs Bank USA/New York NY, 6.14% (SOFR + 0.77%), 03/18/2027 | | | 2,950,000 | | | | 2,952,566 | |
| Goldman Sachs Group, Inc. | |
| 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 | | | 2,000,000 | | | | 1,898,159 | |
| 5.73% to 04/25/2029 then SOFR + 1.27%, 04/25/2030 | | | 3,300,000 | | | | 3,359,338 | |
| HSBC Holdings PLC | |
| 4.18% to 12/09/2024 then SOFR + 1.51%, 12/09/2025 | | | 1,000,000 | | | | 992,688 | |
| 4.04% to 03/13/2027 then 3 mo. Term SOFR + 1.81%, 03/13/2028 | | | 4,000,000 | | | | 3,854,772 | |
| 5.55% to 03/04/2029 then SOFR + 1.46%, 03/04/2030 | | | 3,550,000 | | | | 3,557,538 | |
| JPMorgan Chase & Co. | |
| 2.60% to 02/24/2025 then SOFR + 0.92%, 02/24/2026 | | | 1,500,000 | | | | 1,470,390 | |
| 4.08% to 04/26/2025 then SOFR + 1.32%, 04/26/2026 | | | 4,000,000 | | | | 3,947,658 | |
| 6.07% to 10/22/2026 then SOFR + 1.33%, 10/22/2027 | | | 12,000,000 | | | | 12,212,593 | |
| 5.04% to 01/23/2027 then SOFR + 1.19%, 01/23/2028 | | | 6,750,000 | | | | 6,714,767 | |
| Kite Realty Group Trust | |
| 4.00%, 03/15/2025 | | | 1,000,000 | | | | 985,191 | |
| 4.75%, 09/15/2030 | | | 4,300,000 | | | | 4,109,757 | |
| LPL Holdings, Inc., 5.70%, 05/20/2027 | | | 6,850,000 | | | | 6,879,548 | |
MassMutual Global Funding II, 5.05%, 12/07/2027 (a) | | | 1,800,000 | | | | 1,799,512 | |
| Mitsubishi UFJ Financial Group, Inc., 4.79% to 07/18/2024 then 1 yr. CMT Rate + 1.70%, 07/18/2025 | | | 5,000,000 | | | | 4,997,142 | |
| Morgan Stanley | |
| 4.68% to 07/17/2025 then SOFR + 1.67%, 07/17/2026 | | | 2,500,000 | | | | 2,476,036 | |
| 5.05% to 01/28/2026 then SOFR + 1.30%, 01/28/2027 | | | 2,500,000 | | | | 2,486,671 | |
| 5.66% to 04/18/2029 then SOFR + 1.26%, 04/18/2030 | | | 9,125,000 | | | | 9,281,730 | |
| Morgan Stanley Bank NA, 5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 | | | 4,250,000 | | | | 4,279,891 | |
| National Securities Clearing Corp. | |
5.15%, 06/26/2026(a) | | | 1,750,000 | | | | 1,751,027 | |
4.90%, 06/26/2029(a) | | | 2,750,000 | | | | 2,742,688 | |
New York Life Global Funding, 4.85%, 01/09/2028 (a) | | | 2,000,000 | | | | 1,987,110 | |
| Penske Truck Leasing Co. Lp / PTL Finance Corp. | |
5.35%, 01/12/2027(a) | | | 3,150,000 | | | | 3,145,227 | |
4.40%, 07/01/2027(a) | | | 2,300,000 | | | | 2,238,330 | |
| PNC Financial Services Group, Inc. | |
| 5.81% to 06/12/2025 then SOFR + 1.32%, 06/12/2026 | | | 2,000,000 | | | | 2,002,428 | |
| 5.30% to 01/21/2027 then SOFR + 1.34%, 01/21/2028 | | | 1,650,000 | | | | 1,648,125 | |
| Sun Communities Operating LP, 5.50%, 01/15/2029 | | | 1,500,000 | | | | 1,500,951 | |
| UBS Group AG | |
4.49% to 05/12/2025 then 1 yr. CMT Rate + 1.55%, 05/12/2026 (a) | | | 3,750,000 | | | | 3,706,465 | |
5.43% to 02/08/2029 then 1 yr. CMT Rate + 1.52%, 02/08/2030 (a) | | | 2,400,000 | | | | 2,395,736 | |
5.62% to 09/13/2029 then 1 Year US Dollar SOFR Swap Rate + 1.34%, 09/13/2030 (a) | | | 4,300,000 | | | | 4,319,537 | |
| US Bancorp, 5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030 | | | 2,050,000 | | | | 2,055,903 | |
| VICI Properties LP, 4.75%, 02/15/2028 | | | 1,350,000 | | | | 1,319,741 | |
| Wells Fargo & Co. | |
| 5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028 | | | 4,250,000 | | | | 4,287,756 | |
| 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 | | | 3,850,000 | | | | 3,885,627 | |
| Westpac Banking Corp., 5.54%, 11/17/2028 | | | 3,250,000 | | | | 3,325,501 | |
| | | | | | | | 173,621,534 | |
| | | | | | | | | |
| Health Care - 1.1% | |
| Elevance Health, Inc., 5.15%, 06/15/2029 | | | 2,000,000 | | | | 2,005,822 | |
| Icon Investments Six DAC, 5.81%, 05/08/2027 | | | 2,800,000 | | | | 2,828,830 | |
| IQVIA, Inc., 5.70%, 05/15/2028 | | | 4,600,000 | | | | 4,655,338 | |
| | | | | | | | 9,489,990 | |
| | | | | | | | | |
| Industrials - 3.6% | |
BAE Systems PLC, 5.00%, 03/26/2027 (a) | | | 2,800,000 | | | | 2,780,215 | |
| Boeing Co. | |
6.26%, 05/01/2027(a) | | | 1,150,000 | | | | 1,158,208 | |
6.30%, 05/01/2029(a) | | | 1,350,000 | | | | 1,369,396 | |
Element Fleet Management Corp., 5.64%, 03/13/2027 (a) | | | 4,600,000 | | | | 4,612,720 | |
| Lennox International, Inc., 5.50%, 09/15/2028 | | | 7,150,000 | | | | 7,233,362 | |
| Regal Rexnord Corp. | |
| 6.05%, 02/15/2026 | | | 6,412,000 | | | | 6,430,984 | |
| 6.05%, 04/15/2028 | | | 1,153,000 | | | | 1,167,287 | |
Veralto Corp., 5.50%, 09/18/2026 (a) | | | 3,600,000 | | | | 3,601,561 | |
| Waste Management, Inc., 4.95%, 07/03/2027 | | | 2,000,000 | | | | 1,997,609 | |
| | | | | | | | 30,351,342 | |
| | | | | | | | | |
| Technology - 2.6% | |
Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (a) | | | 9,648,000 | | | | 9,092,981 | |
| Concentrix Corp., 6.65%, 08/02/2026 | | | 5,800,000 | | | | 5,861,841 | |
| Flex Ltd. | |
| 3.75%, 02/01/2026 | | | 305,000 | | | | 296,135 | |
| 6.00%, 01/15/2028 | | | 2,000,000 | | | | 2,027,221 | |
Infor, Inc., 1.75%, 07/15/2025 (a) | | | 2,800,000 | | | | 2,685,368 | |
| Kyndryl Holdings, Inc., 2.05%, 10/15/2026 | | | 2,775,000 | | | | 2,559,868 | |
| | | | | | | | 22,523,414 | |
| | | | | | | | | |
| Utilities - 6.6% | |
| Ameren Corp., 5.00%, 01/15/2029 | | | 3,850,000 | | | | 3,812,693 | |
| DTE Energy Co., 5.10%, 03/01/2029 | | | 8,850,000 | | | | 8,780,716 | |
| Edison International, 5.45%, 06/15/2029 | | | 6,500,000 | | | | 6,500,094 | |
| Exelon Corp., 5.15%, 03/15/2029 | | | 4,650,000 | | | | 4,633,820 | |
| FirstEnergy Corp., 4.15%, 07/15/2027 | | | 2,600,000 | | | | 2,496,673 | |
| NextEra Energy Capital Holdings, Inc., 4.90%, 02/28/2028 | | | 1,619,000 | | | | 1,604,005 | |
NextEra Energy Operating Partners LP, 4.50%, 09/15/2027 (a) | | | 1,904,000 | | | | 1,803,661 | |
| NiSource, Inc., 5.20%, 07/01/2029 | | | 2,700,000 | | | | 2,690,176 | |
| OGE Energy Corp., 5.45%, 05/15/2029 | | | 1,250,000 | | | | 1,259,991 | |
| Pacific Gas and Electric Co., 5.55%, 05/15/2029 | | | 4,950,000 | | | | 4,963,130 | |
| Public Service Enterprise Group, Inc., 5.88%, 10/15/2028 | | | 15,000,000 | | | | 15,347,987 | |
| Virginia Power Fuel Securitization LLC, 5.09%, 05/01/2027 | | | 2,000,000 | | | | 1,991,312 | |
| | | | | | | | 55,884,258 | |
TOTAL CORPORATE BONDS (Cost $372,963,167) | | | | 373,811,029 | |
| | | | | | | | | |
| BANK LOANS - 17.1% | Par | | Value | |
| Communications - 1.0% | |
| SBA Senior Finance II LLC, Senior Secured First Lien, 7.35% (1 mo. Term SOFR + 2.00%), 01/27/2031 | | | 8,690,185 | | | | 8,709,912 | |
| | | | | | | | | |
| Consumer Discretionary - 5.2% | |
| Allied Universal Holdco LLC, Senior Secured First Lien, 9.19% (1 mo. Term SOFR + 3.75%), 05/15/2028 | | | 4,400,870 | | | | 4,388,922 | |
| Carnival Corp., Senior Secured First Lien, 8.09% (1 mo. Term SOFR + 2.75%), 10/18/2028 | | | 5,710,510 | | | | 5,732,810 | |
| ClubCorp Holdings, Inc., Senior Secured First Lien, 10.60% (1 mo. Term SOFR + 5.00%), 09/18/2026 | | | 1,917,194 | | | | 1,929,656 | |
| Flutter Financing BV, Senior Secured First Lien, 7.58% (1 mo. Term SOFR + 2.25%), 11/29/2030 | | | 3,233,750 | | | | 3,239,490 | |
| Hilton Domestic Operating Co., Inc., Senior Secured First Lien, 7.10% (1 mo. Term SOFR + 1.75%), 11/08/2030 | | | 4,000,000 | | | | 4,008,600 | |
| Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, 7.84% (1 mo. Term SOFR + 2.50%), 08/02/2028 | | | 3,916,695 | | | | 3,921,238 | |
| Marriott Ownership Resorts, Inc., Senior Secured First Lien, 7.59% (1 mo. Term SOFR + 2.25%), 04/01/2031 | | | 5,000,000 | | | | 5,018,750 | |
| Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 9.09% (1 mo. Term SOFR + 3.75%), 05/04/2028 | | | 2,050,717 | | | | 2,057,833 | |
| Mileage Plus Holdings LLC, Senior Secured First Lien, 10.74% (3 mo. Term SOFR + 5.25%), 06/21/2027 | | | 1,200,000 | | | | 1,225,908 | |
| SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien, 7.84% (1 mo. Term SOFR + 2.50%), 08/25/2028 | | | 6,351,604 | | | | 6,360,877 | |
| United Airlines, Inc., Senior Secured First Lien, 8.09% (1 mo. Term SOFR + 2.75%), 02/24/2031 | | | 5,985,000 | | | | 6,007,444 | |
| | | | | | | | 43,891,528 | |
| | | | | | | | | |
| Energy - 0.2% | |
| Buckeye Partners LP, Senior Secured First Lien, 7.34% (1 mo. Term SOFR + 2.00%), 11/02/2026 | | | 2,157,832 | | | | 2,162,449 | |
| | | | | | | | | |
| Financials - 3.9% | |
| Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 7.34% (1 mo. Term SOFR + 2.00%), 06/22/2028 | | | 8,964,267 | | | | 8,986,677 | |
| Boost Newco Borrower LLC, Senior Secured First Lien, 8.33% (1 mo. Term SOFR + 3.00%), 01/31/2031 | | | 5,000,000 | | | | 5,013,200 | |
| Deerfield Dakota Holding LLC, Senior Secured First Lien, 9.08% (3 mo. Term SOFR + 3.75%), 04/09/2027 | | | 6,252,013 | | | | 6,256,640 | |
| Delos Aircraft DAC, Senior Secured First Lien, 7.08% (1 mo. Term SOFR + 1.75%), 10/29/2027 | | | 4,500,000 | | | | 4,530,240 | |
| HUB International Ltd., Senior Secured First Lien | |
| 8.58% (1 mo. Term SOFR + 3.25%), 06/20/2030 | | | 21,145 | | | | 21,216 | |
| 8.57% (1 mo. Term SOFR + 3.25%), 06/20/2030 | | | 8,437,025 | | | | 8,465,162 | |
| | | | | | | | 33,273,135 | |
| | | | | | | | | |
| Health Care - 1.2% | |
| Elanco Animal Health, Inc., Senior Secured First Lien, 7.18% (1 mo. Term SOFR + 1.75%), 08/02/2027 | | | 4,822,989 | | | | 4,811,317 | |
| Medline Borrower LP, Senior Secured First Lien, 8.08% (1 mo. Term SOFR + 2.75%), 10/23/2028 | | | 5,000,000 | | | | 5,015,625 | |
| | | | | | | | 9,826,942 | |
| | | | | | | | | |
| Industrials - 2.0% | |
| Roper Industrial Products Investment Co., Senior Secured First Lien, 8.58% (1 mo. Term SOFR + 3.25%), 11/23/2029 | | | 3,950,200 | | | | 3,970,780 | |
| SPX FLOW, Inc., Senior Secured First Lien, 8.84% (1 mo. Term SOFR + 3.50%), 04/05/2029 | | | 800,424 | | | | 805,963 | |
| STS Operating, Inc., Senior Secured First Lien, 9.44% (1 mo. Term SOFR + 4.00%), 03/25/2031 | | | 2,493,750 | | | | 2,501,543 | |
| TransDigm, Inc., Senior Secured First Lien, 8.08% (3 mo. Term SOFR + 2.75%), 08/24/2028 | | | 9,890,206 | | | | 9,919,284 | |
| | | | | | | | 17,197,570 | |
| | | | | | | | | |
| Materials - 0.9% | |
| Proampac PG Borrower LLC, Senior Secured First Lien | |
| 9.33% (1 mo. Term SOFR + 4.00%), 09/15/2028 | | | 2,798,726 | | | | 2,808,872 | |
| 9.32% (1 mo. Term SOFR + 4.00%), 09/15/2028 | | | 1,849,317 | | | | 1,856,021 | |
| Quikrete Holdings, Inc., Senior Secured First Lien, 7.84% (1 mo. Term SOFR + 2.50%), 04/14/2031 | | | 2,984,707 | | | | 2,994,810 | |
| | | | | | | | 7,659,703 | |
| | | | | | | | | |
| Technology - 2.7% | |
| Applied Systems, Inc., Senior Secured First Lien, 8.83% (1 mo. Term SOFR + 3.50%), 02/24/2031 | | | 1,925,531 | | | | 1,942,052 | |
| CoreLogic, Inc., Senior Secured First Lien, 8.96% (1 mo. Term SOFR + 3.50%), 06/02/2028 | | | 3,403,750 | | | | 3,358,770 | |
| Ellucian Holdings, Inc., Senior Secured First Lien, 8.94% (1 mo. Term SOFR + 3.50%), 10/29/2029 | | | 1,180,469 | | | | 1,187,234 | |
| Polaris Newco LLC, Senior Secured First Lien, 9.59% (1 mo. Term SOFR + 4.00%), 06/05/2028 | | | 1,974,619 | | | | 1,976,189 | |
| Tempo Acquisition LLC, Senior Secured First Lien, 7.59% (1 mo. Term SOFR + 2.25%), 08/31/2028 | | | 2,676,982 | | | | 2,685,829 | |
| UKG, Inc., Senior Secured First Lien, 8.58% (1 mo. Term SOFR + 3.25%), 02/10/2031 | | | 11,492,459 | | | | 11,548,944 | |
| | | | | | | | 22,699,018 | |
TOTAL BANK LOANS (Cost $144,362,897) | | | | 145,420,257 | |
| | | | | | | | | |
| ASSET-BACKED SECURITIES - 15.4% | Par | | Value | |
| American Airlines Group, Inc. | |
| Series 2013-1, 4.00%, 07/15/2025 | | | 589,500 | | | | 575,382 | |
| Series 2013-1, 3.95%, 11/15/2025 | | | 348,353 | | | | 338,947 | |
| Series 2015-2, 3.60%, 09/22/2027 | | | 1,587,924 | | | | 1,506,559 | |
| AmeriCredit Automobile Receivables Trust | |
| Series 2021-1, Class B, 0.68%, 10/19/2026 | | | 604,559 | | | | 602,663 | |
| Series 2021-3, Class B, 1.17%, 08/18/2027 | | | 4,700,000 | | | | 4,545,500 | |
| Series 2022-2, Class A3, 4.38%, 04/18/2028 | | | 416,423 | | | | 413,448 | |
| Series 2023-1, Class A2A, 5.84%, 10/19/2026 | | | 2,079,902 | | | | 2,080,552 | |
| Series 2023-2, Class A2, 6.19%, 04/19/2027 | | | 2,068,078 | | | | 2,071,180 | |
| Series 2024-1, Class A2A, 5.75%, 02/18/2028 | | | 3,100,000 | | | | 3,098,897 | |
| Ford Credit Auto Owner Trust | |
Series 2020-1, Class A, 2.04%, 08/15/2031(a) | | | 2,000,000 | | | | 1,954,844 | |
| Series 2021-A, Class B, 0.70%, 10/15/2026 | | | 5,000,000 | | | | 4,831,790 | |
| Series 2022-D, Class A2A, 5.37%, 08/15/2025 | | | 19,038 | | | | 19,034 | |
Series 2023-1, Class A, 4.85%, 08/15/2035(a) | | | 2,000,000 | | | | 1,985,167 | |
| Series 2023-B, Class A2A, 5.57%, 06/15/2026 | | | 3,319,153 | | | | 3,317,597 | |
Series 2024-1, Class A, 4.87%, 08/15/2036(a)(b) | | | 3,300,000 | | | | 3,271,640 | |
| Series 2024-A, Class B, 5.26%, 11/15/2029 | | | 3,000,000 | | | | 2,990,881 | |
| General Motors Financial Co., Inc., Series 2021-2, Class B, 0.69%, 01/19/2027 | | | 1,981,162 | | | | 1,953,362 | |
GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77%, 08/11/2036 (a) | | | 2,250,000 | | | | 2,310,381 | |
| Hilton Grand Vacations, Inc. | |
Series 2020-AA, Class A, 2.74%, 02/25/2039(a) | | | 105,768 | | | | 101,119 | |
Series 2022-1D, Class A, 3.61%, 06/20/2034(a) | | | 335,456 | | | | 322,821 | |
Series 2022-2A, Class A, 4.30%, 01/25/2037(a) | | | 863,090 | | | | 840,633 | |
Series 2023-1A, Class A, 5.72%, 01/25/2038(a) | | | 2,226,562 | | | | 2,245,850 | |
Series 2024-1B, Class A, 5.75%, 09/15/2039(a) | | | 1,514,733 | | | | 1,534,467 | |
Series 2024-2A, Class A, 5.50%, 03/25/2038(a) | | | 2,934,350 | | | | 2,949,550 | |
| Honda Auto Receivables Owner Trust, Series 2021-3, Class A3, 0.41%, 11/18/2025 | | | 78,008 | | | | 76,955 | |
| Marriott Vacations Worldwide Corp. | |
Series 2020-1A, Class A, 1.74%, 10/20/2037(a) | | | 181,105 | | | | 170,635 | |
Series 2021-1WA, Class A, 1.14%, 01/22/2041(a) | | | 610,354 | | | | 567,216 | |
Series 2022-1A, Class A, 4.15%, 11/21/2039(a) | | | 476,807 | | | | 465,142 | |
| Mercedes-Benz Auto Receivables Trust, Series 2024-1, Class A3, 4.80%, 04/16/2029 | | | 1,500,000 | | | | 1,486,305 | |
MVW Owner Trust, Series 2024-1A, Class A, 5.32%, 02/20/2043 (a) | | | 5,084,336 | | | | 5,036,441 | |
| Navient Student Loan Trust | |
Series 2018-BA, Class A2A, 3.61%, 12/15/2059(a) | | | 265,413 | | | | 261,010 | |
Series 2018-DA, Class A2A, 4.00%, 12/15/2059(a) | | | 306,672 | | | | 299,050 | |
Series 2019-BA, Class A2A, 3.39%, 12/15/2059(a) | | | 772,151 | | | | 741,355 | |
Series 2019-EA, Class A2A, 2.64%, 05/15/2068(a) | | | 634,686 | | | | 610,836 | |
Series 2020-1A, Class A1B, 6.50% (30 day avg SOFR US + 1.16%), 06/25/2069(a) | | | 1,400,424 | | | | 1,405,112 | |
Series 2020-2A, Class A1A, 1.32%, 08/26/2069(a) | | | 2,257,810 | | | | 1,995,848 | |
Series 2020-A, Class A2A, 2.46%, 11/15/2068(a) | | | 512,221 | | | | 482,471 | |
Series 2020-BA, Class A2, 2.12%, 01/15/2069(a) | | | 2,602,529 | | | | 2,400,531 | |
Series 2020-DA, Class A, 1.69%, 05/15/2069(a) | | | 568,946 | | | | 522,045 | |
Series 2020-EA, Class A, 1.69%, 05/15/2069(a) | | | 2,077,503 | | | | 1,863,626 | |
Series 2020-FA, Class A, 1.22%, 07/15/2069(a) | | | 520,599 | | | | 472,076 | |
Series 2020-GA, Class A, 1.17%, 09/16/2069(a) | | | 500,966 | | | | 450,136 | |
Series 2020-HA, Class A, 1.31%, 01/15/2069(a) | | | 1,809,519 | | | | 1,668,150 | |
Series 2021-1A, Class A1B, 6.05% (30 day avg SOFR US + 0.71%), 12/26/2069(a) | | | 1,043,708 | | | | 1,031,314 | |
Series 2021-2A, Class A1B, 6.00% (30 day avg SOFR US + 0.66%), 02/25/2070(a) | | | 2,053,322 | | | | 2,021,969 | |
Series 2021-A, Class A, 0.84%, 05/15/2069(a) | | | 570,571 | | | | 504,420 | |
Series 2021-CA, Class A, 1.06%, 10/15/2069(a) | | | 2,820,493 | | | | 2,471,078 | |
Series 2021-FA, Class A, 1.11%, 02/18/2070(a) | | | 1,561,004 | | | | 1,335,391 | |
Series 2022-A, Class A, 2.23%, 07/15/2070(a) | | | 2,051,397 | | | | 1,830,060 | |
Series 2022-BA, Class A, 4.16%, 10/15/2070(a) | | | 6,335,359 | | | | 6,060,118 | |
Series 2024-A, Class A, 5.66%, 10/15/2072(a) | | | 2,500,000 | | | | 2,508,496 | |
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (a) | | | 1,803,351 | | | | 1,623,621 | |
| Santander Consumer USA Holdings, Inc. | |
| Series 2021-4, Class C, 1.26%, 02/16/2027 | | | 2,041,320 | | | | 2,023,139 | |
| Series 2022-3, Class A3, 3.40%, 12/15/2026 | | | 420,994 | | | | 420,259 | |
| Series 2022-3, Class B, 4.13%, 08/16/2027 | | | 1,800,000 | | | | 1,782,554 | |
| Series 2023-3, Class A2, 6.08%, 08/17/2026 | | | 468,606 | | | | 468,670 | |
| Series 2023-3, Class A3, 5.61%, 10/15/2027 | | | 2,600,000 | | | | 2,595,785 | |
| Series 2024-1, Class A2, 5.71%, 02/16/2027 | | | 765,628 | | | | 764,997 | |
| Series 2024-1, Class A3, 5.25%, 04/17/2028 | | | 1,500,000 | | | | 1,493,730 | |
| Santander Consumer USA, Inc. | |
| Series 2022-5, Class A3, 4.11%, 08/17/2026 | | | 115,377 | | | | 115,272 | |
| Series 2022-5, Class B, 4.43%, 03/15/2027 | | | 2,900,000 | | | | 2,883,008 | |
| Series 2022-6, Class A3, 4.49%, 11/16/2026 | | | 570,154 | | | | 568,832 | |
| Series 2022-6, Class B, 4.72%, 06/15/2027 | | | 3,100,000 | | | | 3,077,598 | |
| Series 2023-2, Class A2, 5.87%, 03/16/2026 | | | 300,449 | | | | 300,496 | |
| Series 2023-2, Class A3, 5.21%, 07/15/2027 | | | 6,500,000 | | | | 6,480,703 | |
SBNA Auto Receivables Trust 2024-A, Series 2024-A, Class B, 5.29%, 09/17/2029 (a) | | | 1,000,000 | | | | 994,917 | |
| SMB Private Education Loan Trust | |
Series 2016-A, Class A2A, 2.70%, 05/15/2031(a) | | | 332,443 | | | | 330,686 | |
Series 2016-B, Class A2A, 2.43%, 02/17/2032(a) | | | 516,128 | | | | 509,615 | |
Series 2016-C, Class A2A, 2.34%, 09/15/2034(a) | | | 587,704 | | | | 580,498 | |
Series 2017-A, Class A2A, 2.88%, 09/15/2034(a) | | | 541,525 | | | | 527,947 | |
Series 2018-A, Class A2A, 3.50%, 02/15/2036(a) | | | 267,893 | | | | 261,028 | |
Series 2018-B, Class A2A, 3.60%, 01/15/2037(a) | | | 769,445 | | | | 752,241 | |
Series 2018-C, Class A2A, 3.63%, 11/15/2035(a) | | | 824,431 | | | | 805,748 | |
Series 2020-B, Class A1A, 1.29%, 07/15/2053(a) | | | 1,333,327 | | | | 1,211,728 | |
Series 2021-A, Class APT2, 1.07%, 01/15/2053(a) | | | 1,819,418 | | | | 1,588,403 | |
SMB Private Education Loan Trust 2019-A, Series 2019-A, Class A2A, 3.44%, 07/15/2036 (a) | | | 601,178 | | | | 583,488 | |
| United Airlines, Inc., Series 2016-1B, 3.65%, 01/07/2026 | | | 364,583 | | | | 353,464 | |
| Verizon Master Trust | |
| Series 2023-2, Class A, 4.89%, 04/13/2028 | | | 4,900,000 | | | | 4,875,439 | |
Series 2024-2, Class A, 4.83%, 12/22/2031(a) | | | 2,750,000 | | | | 2,743,066 | |
Series 2024-5, Class A, 5.00%, 06/21/2032(a) | | | 6,000,000 | | | | 6,001,783 | |
TOTAL ASSET-BACKED SECURITIES (Cost $134,489,628) | | | | 131,318,765 | |
| | | | | | | | | |
| U.S. TREASURY OBLIGATIONS - 12.9% | Par | | Value | |
| United States Treasury Note/Bond | |
| 2.50%, 03/31/2027 | | | 15,000,000 | | | | 14,219,824 | |
| 0.50%, 04/30/2027 | | | 15,000,000 | | | | 13,408,008 | |
| 4.50%, 05/15/2027 | | | 5,000,000 | | | | 4,993,945 | |
| 2.63%, 05/31/2027 | | | 11,000,000 | | | | 10,433,457 | |
| 4.13%, 10/31/2027 | | | 19,000,000 | | | | 18,789,961 | |
| 4.00%, 02/29/2028 | | | 10,000,000 | | | | 9,848,828 | |
| 1.25%, 03/31/2028 | | | 12,000,000 | | | | 10,689,141 | |
| 3.63%, 05/31/2028 | | | 13,000,000 | | | | 12,631,074 | |
| 4.63%, 09/30/2028 | | | 8,000,000 | | | | 8,068,906 | |
| 4.38%, 11/30/2028 | | | 7,000,000 | | | | 7,000,137 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $112,195,187) | | | | 110,083,281 | |
| | | | | | | | | |
| COLLATERALIZED LOAN OBLIGATIONS - 8.4% | Par | | Value | |
Buttermilk Park CLO, Series 2018-1A, Class A1R, 6.41% (3 mo. Term SOFR + 1.08%), 10/15/2031 (a) | | | 4,600,000 | | | | 4,603,219 | |
Carlyle Group, Inc., Series 2014-3RA, Class A1A, 6.64% (3 mo. Term SOFR + 1.31%), 07/27/2031 (a) | | | 354,267 | | | | 354,338 | |
CarVal CLO, Series 2018-1A, Class AR, 6.55% (3 mo. Term SOFR + 1.23%), 07/16/2031 (a) | | | 5,000,000 | | | | 5,009,100 | |
| CIFC Funding Ltd. | |
Series 2015-3A, Class AR, 6.46% (3 mo. Term SOFR + 1.13%), 04/19/2029(a) | | | 643,407 | | | | 643,793 | |
Series 2018-1A, Class A, 6.59% (3 mo. Term SOFR + 1.26%), 04/18/2031(a) | | | 401,642 | | | | 401,923 | |
| Dryden Senior Loan Fund | |
Series 2013-30A, Class AR, 6.40% (3 mo. Term SOFR + 1.08%), 11/15/2028(a) | | | 622,781 | | | | 623,242 | |
Series 2015-40A, Class AR2, 6.47% (3 mo. Term SOFR + 1.15%), 08/15/2031(a) | | | 7,357,665 | | | | 7,364,279 | |
Series 2018-55A, Class A1, 6.61% (3 mo. Term SOFR + 1.28%), 04/15/2031(a) | | | 2,267,785 | | | | 2,272,109 | |
Series 2018-58A, Class A1, 6.58% (3 mo. Term SOFR + 1.26%), 07/17/2031(a) | | | 2,970,452 | | | | 2,972,531 | |
Series 2018-61A, Class A1R, 6.57% (3 mo. Term SOFR + 1.25%), 01/17/2032(a) | | | 6,948,248 | | | | 6,955,197 | |
Series 2018-64A, Class A, 6.56% (3 mo. Term SOFR + 1.23%), 04/18/2031(a) | | | 2,100,321 | | | | 2,100,744 | |
Flatiron CLO Ltd., Series 2018-1A, Class A, 6.53% (3 mo. Term SOFR + 1.21%), 04/17/2031 (a) | | | 377,716 | | | | 377,829 | |
| Magnetite CLO Ltd. | |
Series 2015-12A, Class AR4, 6.48% (3 mo. Term SOFR + 1.15%), 10/15/2031(a) | | | 3,254,388 | | | | 3,256,666 | |
Series 2015-15A, Class AR, 6.60% (3 mo. Term SOFR + 1.27%), 07/25/2031(a) | | | 1,100,367 | | | | 1,102,017 | |
Magnetite Xxix Ltd., Series 2021-29A, Class A, 6.58% (3 mo. Term SOFR + 1.25%), 01/15/2034 (a) | | | 3,675,739 | | | | 3,680,150 | |
| Neuberger Berman CLO Ltd. | |
Series 2017-26A, Class AR, 6.51% (3 mo. Term SOFR + 1.18%), 10/18/2030(a) | | | 4,822,086 | | | | 4,831,236 | |
Series 2020-37A, Class AR, 6.56% (3 mo. Term SOFR + 1.23%), 07/20/2031(a) | | | 7,077,939 | | | | 7,090,109 | |
OCP CLO Ltd., Series 2017-13A, Class A1AR, 6.55% (3 mo. Term SOFR + 1.22%), 07/15/2030 (a) | | | 3,083,191 | | | | 3,087,130 | |
| Palmer Square Loan Funding Ltd. | |
Series 2021-1A, Class A1, 6.49% (3 mo. Term SOFR + 1.16%), 04/20/2029(a) | | | 506,939 | | | | 507,079 | |
Series 2021-2A, Class A1, 6.39% (3 mo. Term SOFR + 1.06%), 05/20/2029(a) | | | 2,231,419 | | | | 2,232,103 | |
Series 2021-3A, Class A2, 6.99% (3 mo. Term SOFR + 1.66%), 07/20/2029(a) | | | 1,000,000 | | | | 1,000,974 | |
Series 2021-4A, Class A1, 6.39% (3 mo. Term SOFR + 1.06%), 10/15/2029(a) | | | 3,236,630 | | | | 3,237,928 | |
Series 2021-4A, Class A2, 6.99% (3 mo. Term SOFR + 1.66%), 10/15/2029(a) | | | 1,250,000 | | | | 1,252,000 | |
Stratus CLO Ltd., Series 2022-3A, Class AR, 6.62% (3 mo. Term SOFR + 1.30%), 10/20/2031 (a) | | | 1,468,687 | | | | 1,470,275 | |
TCI-Flatiron CLO Ltd., Series 2017-1A, Class AR, 6.55% (3 mo. Term SOFR + 1.22%), 11/18/2030 (a) | | | 1,115,540 | | | | 1,117,326 | |
| TIAA CLO Ltd. | |
Series 2018-1A, Class A1AR, 0.00% (3 mo. Term SOFR + 1.14%), 01/20/2032(a) | | | 1,800,000 | | | | 1,800,000 | |
Series 2018-1A, Class A2R, 0.00% (3 mo. Term SOFR + 1.75%), 01/20/2032(a) | | | 2,000,000 | | | | 2,000,000 | |
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $71,231,440) | | | | 71,343,297 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 97.7% (Cost $835,242,319) | | | $ | 831,976,629 | |
| Other Assets in Excess of Liabilities - 2.3% | | | | 19,370,044 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 851,346,673 | |
| | | | | | | | | |
| Percentages are stated as a percent of net assets. | | | | | |
