Description

Face Amount
(Thousands)

Market Value
($ Thousands)

ASSET-BACKED SECURITIES — 100.0%

Other Asset-Backed Securities — 100.0%

Apex Credit CLO 12, Ser 2025-12A, Cl D1

8.029%, TSFR3M + 3.750%, 04/20/2038(A)(B)

Apex Credit CLO, Ser 2019-1A, Cl D1RR

8.120%, TSFR3M + 3.850%, 07/18/2037(A)(B)

Apex Credit CLO, Ser 2020-1A, Cl CRR

6.920%, TSFR3M + 2.650%, 04/20/2035(A)(B)

Apex Credit CLO, Ser 2024-2A, Cl D1

8.032%, TSFR3M + 3.750%, 07/25/2037(A)(B)

Apidos CLO XXXVIII, Ser 2021-38A, Cl E2

12.281%, TSFR3M + 8.012%, 01/21/2034(A)(B)

Atlas Senior Loan Fund VII, Ser 2016-7A, Cl ER

10.991%, TSFR3M + 6.662%, 11/27/2031(A)(B)

Atlas Senior Loan Fund XX, Ser 2022-20A, Cl D1R

8.120%, TSFR3M + 3.850%, 10/19/2037(A)(B)

Atlas Senior Loan Fund XXIII, Ser 2024-23A, Cl C

6.670%, TSFR3M + 2.400%, 07/20/2037(A)(B)

Atlas Senior Loan Fund XXV, Ser 2025-25A, Cl D1

0.000%, 07/20/2038(A)(B)(C)

Battalion CLO XVI, Ser 2024-16A, Cl ER2

11.360%, TSFR3M + 7.090%, 01/20/2038(A)(B)

Battalion CLO XXVIII, Ser 2025-28A, Cl F

13.363%, TSFR3M + 9.040%, 01/20/2038(A)(B)

Battalion CLO XXVIII, Ser 2025-28A, Cl SUB

0.000%, 01/20/2038(A)(B)(C)(D)

Battery Park CLO, Ser 2019-1A, Cl DR

8.006%, TSFR3M + 3.750%, 07/15/2036(A)(B)

Battery Park CLO, Ser 2019-1A, Cl E

11.506%, TSFR3M + 7.250%, 07/15/2036(A)(B)

Benefit Street Partners CLO XV, Ser 2018-15A, Cl SUB

0.000%, 07/18/2031(A)(B)(C)(D)

BlueMountain CLO, Ser 2016-3A, Cl CR

6.788%, TSFR3M + 2.462%, 11/15/2030(A)(B)

Description

Face Amount
(Thousands)

Market Value
($ Thousands)

ASSET-BACKED SECURITIES (continued)

Bridge Street CLO II, Ser 2021-1A, Cl B

6.881%, TSFR3M + 2.612%, 07/20/2034(A)(B)

Cedar Funding VIII CLO, Ser 2017-8A, Cl DRR

7.230%, TSFR3M + 2.950%, 01/17/2038(A)(B)

Crown Point CLO 7, Ser 2024-7A, Cl AR

5.500%, TSFR3M + 1.230%, 10/20/2031(A)(B)

Galaxy XXVIII CLO, Ser 2018-28A, Cl A2

5.818%, TSFR3M + 1.562%, 07/15/2031(A)(B)

Gallatin CLO XI, Ser 2024-1A, Cl D1

8.270%, TSFR3M + 4.000%, 10/20/2037(A)(B)

Ivy Hill Middle Market Credit Fund XX, Ser 2025-20A, Cl ER

0.000%, 07/19/2037(A)(B)(C)

Jefferies Credit Partners Direct Lending CLO, Ser 2024-1A, Cl E

12.532%, TSFR3M + 8.250%, 07/25/2036(A)(B)

Jefferies Credit Partners Direct Lending CLO, Ser 2024-1A, Cl SUB

0.000%, 07/25/2036(A)(B)(C)(D)

Jefferies Credit Partners Direct Lending CLO, Ser 2024-2A, Cl D1

8.720%, TSFR3M + 4.450%, 01/20/2037(A)(B)

LCM 31, Ser 2024-31A, Cl ER

11.520%, TSFR3M + 7.250%, 07/20/2034(A)(B)

LCM 39, Ser 2024-39A, Cl ER

11.256%, TSFR3M + 7.000%, 10/15/2034(A)(B)

LCM 40, Ser 2024-40A, Cl D1R

8.006%, TSFR3M + 3.750%, 01/15/2038(A)(B)

Magnetite XXV, Ser 2020-25A, Cl D

7.843%, TSFR3M + 3.562%, 01/25/2032(A)(B)

MidOcean Credit CLO XVI, Ser 2024-16A, Cl SUB

0.000%, 10/20/2037(A)(B)(C)(D)

Mountain View CLO XV, Ser 2019-2A, Cl CR

7.156%, TSFR3M + 2.900%, 07/15/2037(A)(B)

Mountain View CLO XVIII, Ser 2024-1A, Cl D1

7.911%, TSFR3M + 3.650%, 10/16/2037(A)(B)

Mountain View CLO XVIII, Ser 2024-1A, Cl E

11.851%, TSFR3M + 7.590%, 10/16/2037(A)(B)

Description

Face Amount
(Thousands)

Market Value
($ Thousands)

ASSET-BACKED SECURITIES (continued)

Mountain View CLO, Ser 2016-1A, Cl CR2

6.592%, TSFR3M + 2.350%, 04/14/2033(A)(B)

Navesink CLO 1, Ser 2025-1A, Cl D1R

8.182%, TSFR3M + 3.900%, 07/25/2033(A)(B)

NewStar Fairfield Fund CLO, Ser 2015-2A, Cl B1N

6.781%, TSFR3M + 2.512%, 04/20/2030(A)(B)

NGC, Ser 2024-1A, Cl D1

8.470%, TSFR3M + 4.200%, 07/20/2037(A)(B)

Ocean Trails CLO 8, Ser 2020-8A, Cl ERR

11.756%, TSFR3M + 7.500%, 07/15/2034(A)(B)

Ocean Trails CLO IX, Ser 2025-9A, Cl D1RA

7.468%, TSFR3M + 3.150%, 01/15/2038(A)(B)

OCP CLO, Ser 2024-38A, Cl SUB

0.000%, 01/21/2038(A)(B)(C)(D)

Owl Rock Technology Financing, Ser 2020-1A, Cl A1R

7.306%, TSFR3M + 3.050%, 10/15/2035(A)(B)

Rad CLO 18, Ser 2025-18A, Cl ER

0.000%, 07/15/2037(A)(B)(C)

Saranac CLO VII, Ser 2017-2A, Cl DR

7.954%, TSFR3M + 3.632%, 11/20/2029(A)(B)

Steele Creek CLO, Ser 2018-1X, Cl A

5.528%, TSFR3M + 1.272%, 04/15/2031(B)

TCW CLO, Ser 2017-1A, Cl D1R3

7.980%, TSFR3M + 3.700%, 10/29/2034(A)(B)

TCW CLO, Ser 2020-1A, Cl DR3

7.670%, TSFR3M + 3.400%, 04/20/2034(A)(B)

TCW CLO, Ser 2021-2A, Cl D

7.793%, TSFR3M + 3.512%, 07/25/2034(A)(B)

THL Credit Lake Shore MM CLO I, Ser 2019-1A, Cl A1R

6.218%, TSFR3M + 1.962%, 04/15/2033(A)(B)

THL Credit Wind River CLO, Ser 2017-3A, Cl CR

7.018%, TSFR3M + 2.762%, 04/15/2035(A)(B)

Venture CLO, Ser 2017-28AA, Cl DR

8.151%, TSFR3M + 3.882%, 10/20/2034(A)(B)

Description

Face Amount
(Thousands)

Market Value
($ Thousands)

ASSET-BACKED SECURITIES (continued)

Venture XXVIII CLO, Ser 2021-28A, Cl A2R

5.521%, TSFR3M + 1.252%, 07/20/2030(A)(B)

Voya CLO, Ser 2017-1A, Cl D

10.641%, TSFR3M + 6.362%, 04/17/2030(A)(B)

Wellfleet CLO, Ser 2020-2A, Cl BR

6.268%, TSFR3M + 2.012%, 07/15/2034(A)(B)

Wellfleet CLO, Ser 2021-2A, Cl C

6.868%, TSFR3M + 2.612%, 07/15/2034(A)(B)

Wellfleet CLO, Ser 2024-2A, Cl SUB

0.000%, 02/25/2038(A)(B)(C)(D)

Total Asset-Backed Securities

(Cost $42,045) ($ Thousands)

Total Investments in Securities — 100.0%

(Cost $42,045) ($ Thousands)

Percentages are based on Net Assets of $42,060 ($ Thousands).

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On May 31, 2025, the value of these securities amounted to $41,797 ($ Thousands), representing 99.4% of the Net Assets of the Fund.

(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)

No interest rate available.

(D)

Level 3 security in accordance with fair value hierarchy.

Cl — Class

CLO — Collateralized Loan Obligation

Ser — Series

TSFR3M — Term Secured Overnight Financing Rate 3 Months