1
Portfolio
of
Investments
May
31,
2025
Credit
Income
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
92.7%
9696802
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
5
.7
%
9696802
AUTOMOBILES
&
COMPONENTS
-
0.3%
$
575,000
(a)
General
Motors
Financial
Co
Inc
5
.750
%
N/A
$
553,571
TOTAL
AUTOMOBILES
&
COMPONENTS
553,571
BANKS
-
0.7%
300,000
(b)
Banco
de
Credito
del
Peru
S.A
6
.450
07/30/35
304,392
200,000
(b)
Banque
Ouest
Africaine
de
Developpement
8
.200
02/13/55
198,847
500,000
Canadian
Imperial
Bank
of
Commerce
6
.950
01/28/85
496,289
200,000
(b)
Turkiye
Garanti
Bankasi
AS
8
.125
01/03/35
199,599
TOTAL
BANKS
1,199,127
ENERGY
-
1.3%
375,000
Enbridge
Inc
8
.500
01/15/84
406,920
600,000
(a)
Energy
Transfer
LP
7
.125
N/A
602,579
460,000
(b)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.625
03/01/55
464,306
800,000
(a),(b)
Venture
Global
LNG
Inc
9
.000
N/A
754,536
TOTAL
ENERGY
2,228,341
FINANCIAL
SERVICES
-
0.2%
350,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
358,997
TOTAL
FINANCIAL
SERVICES
358,997
INSURANCE
-
0.7%
300,000
Assurant
Inc
7
.000
03/27/48
304,321
360,000
Enstar
Finance
LLC
5
.750
09/01/40
356,124
485,000
(b)
Enstar
Group
Ltd
7
.500
04/01/45
491,062
TOTAL
INSURANCE
1,151,507
MATERIALS
-
0.6%
1,000,000
FMC
Corp
8
.450
11/01/55
1,008,325
TOTAL
MATERIALS
1,008,325
MEDIA
&
ENTERTAINMENT
-
0.4%
670,000
Paramount
Global
6
.375
03/30/62
654,923
TOTAL
MEDIA
&
ENTERTAINMENT
654,923
TELECOMMUNICATION
SERVICES
-
0.3%
468,000
Rogers
Communications
Inc
7
.125
04/15/55
468,679
TOTAL
TELECOMMUNICATION
SERVICES
468,679
UTILITIES
-
1.2%
494,000
(b)
AltaGas
Ltd
7
.200
10/15/54
483,150
405,000
(a)
Edison
International
5
.375
N/A
384,506
250,000
EUSHI
Finance
Inc
7
.625
12/15/54
255,595
305,000
(a),(b)
NRG
Energy
Inc
10
.250
N/A
335,824
375,000
PG&E
Corp
7
.375
03/15/55
367,206
230,000
(a),(b)
Vistra
Corp
8
.875
N/A
247,051
TOTAL
UTILITIES
2,073,332
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$9,675,754)
9,696,802
SHARES
DESCRIPTION
RATE
VALUE
1022261
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
0
.6
%
1022261
BANKS
-
0.4%
27,750
(c)
Wintrust
Financial
Corp
7
.875
709,013
TOTAL
BANKS
709,013
FINANCIAL
SERVICES
-
0.2%
12,550
Synchrony
Financial
8
.250
313,248
TOTAL
FINANCIAL
SERVICES
313,248
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$1,013,222)
1,022,261
Portfolio
of
Investments
May
31,
2025
(continued)
Credit
Income
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
-
9.9%
–
1,000,000
(b)
Affirm
Asset
Securitization
Trust
2024-B,
Series
2024
B
7
.350
%
09/15/29
$
993,380
1,000,000
(b)
Affirm
Master
Trust,
Series
2025
1A
7
.180
02/15/33
989,699
1,000,000
(b)
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2024
2A
7
.430
10/20/28
1,005,026
2,500
(b),(d)
Carvana
Auto
Receivables
Trust
2021-P2,
Series
2021
P2
0
.000
05/10/28
336,725
1,000,000
(b)
Centersquare
Issuer
LLC,
Series
2025
1A
5
.900
03/26/55
948,925
675,000
(b),(e)
CIFC
Funding
2022-II
Ltd,
Series
2022
2A,
(TSFR3M
+
4.750%)
9
.019
04/19/35
659,406
1,000,000
(b)
Consolidated
Communications
LLC/Fidium
Fiber
Finance
Holdco
LLC,
Series
2025
1A
9
.408
05/20/55
1,033,867
665,000
(b),(e)
Elmwood
CLO
20
Ltd,
Series
2022
7A,
(TSFR3M
+
6.000%)
10
.280
01/17/37
666,947
500,000
(b)
Frontier
Issuer
LLC,
Series
2023
1
11
.500
08/20/53
526,394
500,000
(b),(e)
GoldentTree
Loan
Management
US
CLO
1
Ltd,
Series
2021
11A,
(LIBOR
3
M
+
7.762%)
8
.563
10/20/34
486,242
500,000
(b)
Hertz
Vehicle
Financing
III
LLC,
Series
2024
1A
9
.220
01/25/29
503,703
750,000
(b)
Hotwire
Funding
LLC,
Series
2024
1A
9
.188
06/20/54
783,759
1,525,000
(b),(d)
Mosaic
Solar
Loan
Trust
2019-2,
Series
2019
2A
0
.000
09/20/40
547,628
1,000,000
(b),(e)
OHA
Loan
Funding
2013-1
Ltd,
Series
2013
1A,
(TSFR3M
+
3.300%)
7
.579
04/23/37
1,006,579
500,000
(b)
Oportun
Issuance
Trust
2024-2,
Series
2024
2
10
.470
02/09/32
520,790
1,000,000
(b),(e)
REESE
PARK
CLO
LTD,
Series
2020
1A,
(TSFR3M
+
6.000%)
10
.256
01/15/38
1,012,340
897,294
(b)
Sierra
Timeshare
2025-1
Receivables
Funding
LLC,
Series
2025
1A
6
.860
01/21/42
870,976
750,000
(b),(e)
Thayer
Park
CLO
Ltd,
Series
2017
1A,
(TSFR3M
+
9.132%)
1
.000
04/20/34
690,712
1,000,000
(b)
Uniti
Fiber
Abs
Issuer
Llc,
Series
2025
1A
9
.120
04/20/55
1,020,461
303,898
(b)
VR
Funding
LLC,
Series
2020
1A
6
.420
11/15/50
298,316
1,000,000
(b)
Zayo
Issuer
LLC,
Series
2025
1A
8
.659
03/20/55
1,010,626
1,000,000
(b)
Ziply
Fiber
Issuer
LLC,
Series
2024
1A
11
.170
04/20/54
1,072,268
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$17,673,681)
16,984,769
SHARES
DESCRIPTION
VALUE
89
COMMON
STOCKS
-
0
.0
%
89
TRANSPORTATION
-
0.0%
8,907
(d),(f)
Jack
Cooper
Enterprises
Inc
89
TOTAL
TRANSPORTATION
89
TOTAL
COMMON
STOCKS
(Cost
$0)
89
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
2645869
CONTINGENT
CAPITAL
SECURITIES
-
1
.6
%
2645869
BANKS
-
0.9%
400,000
(a),(g)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
N/A
439,024
500,000
(a),(g)
Barclays
PLC
8
.000
N/A
521,482
500,000
(a),(b),(g)
Intesa
Sanpaolo
SpA
7
.700
N/A
501,554
TOTAL
BANKS
1,462,060
FINANCIAL
SERVICES
-
0.7%
350,000
(a),(g)
Deutsche
Bank
AG
6
.000
N/A
347,971
600,000
(a),(g)
Deutsche
Bank
AG,
Reg
S
8
.130
N/A
607,500
200,000
(a),(b),(g)
UBS
Group
AG
9
.250
N/A
228,338
TOTAL
FINANCIAL
SERVICES
1,183,809
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$2,459,234)
2,645,869
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
93102490
CORPORATE
BONDS
-
54
.4
%
93102490
AUTOMOBILES
&
COMPONENTS
-
2.0%
625,000
(b)
Clarios
Global
LP
/
Clarios
US
Finance
Co
6
.750
02/15/30
636,569
700,000
(b)
Dealer
Tire
LLC
/
DT
Issuer
LLC
8
.000
02/01/28
684,083
430,000
(b),(c)
Dornoch
Debt
Merger
Sub
Inc
6
.625
10/15/29
330,487
250,000
(c)
Goodyear
Tire
&
Rubber
Co/The
5
.250
07/15/31
233,272
830,000
(b)
IHO
Verwaltungs
GmbH
8
.000
11/15/32
831,099
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
AUTOMOBILES
&
COMPONENTS
(continued)
200,000
(b)
Nemak
SAB
de
CV
3
.625
%
06/28/31
$
162,224
510,000
(b)
Phinia
Inc
6
.625
10/15/32
506,944
TOTAL
AUTOMOBILES
&
COMPONENTS
3,384,678
BANKS
-
0.6%
200,000
(a),(b),(g)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
6
.625
N/A
181,988
200,000
(c),(g)
Bancolombia
SA
8
.625
12/24/34
209,693
200,000
(b),(g)
BBVA
Bancomer
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
7
.625
02/11/35
202,480
200,000
(b)
Caixa
Economica
Federal
5
.625
05/13/30
198,700
200,000
(b)
Yapi
ve
Kredi
Bankasi
AS
7
.250
03/03/30
198,692
TOTAL
BANKS
991,553
CAPITAL
GOODS
-
3.2%
220,000
(b)
Albion
Financing
1
SARL
/
Aggreko
Holdings
Inc
7
.000
05/21/30
223,116
425,000
(b),(c)
Alta
Equipment
Group
Inc
9
.000
06/01/29
371,292
360,000
(b)
Axon
Enterprise
Inc
6
.125
03/15/30
367,164
300,000
(b)
Cornerstone
Building
Brands
Inc
9
.500
08/15/29
266,560
300,000
(b)
Dcli
Bidco
LLC
7
.750
11/15/29
302,302
400,000
(b)
Efesto
Bidco
S.p.A
Efesto
US
LLC
7
.500
02/15/32
402,608
440,000
(b)
Goat
Holdco
LLC
6
.750
02/01/32
438,304
255,000
(b),(h)
Herc
Holdings
Escrow
Inc
7
.000
06/15/30
262,708
300,000
(b)
Husky
Injection
Molding
Systems
Ltd
/
Titan
Co-Borrower
LLC
9
.000
02/15/29
306,603
200,000
(b)
IHS
Holding
Ltd
8
.250
11/29/31
198,676
300,000
(b)
IRB
Infrastructure
Developers
Ltd
7
.110
03/11/32
297,077
400,000
(b)
JELD-WEN
Inc
4
.875
12/15/27
349,246
95,000
(b),(h)
New
Flyer
Holdings
Inc
9
.250
07/01/30
97,494
250,000
(b)
Quikrete
Holdings
Inc
6
.375
03/01/32
254,039
450,000
(b)
TransDigm
Inc
6
.875
12/15/30
464,093
400,000
(b)
TransDigm
Inc
6
.375
05/31/33
395,200
240,000
(b)
WESCO
Distribution
Inc
6
.375
03/15/33
244,455
200,000
(b)
Windsor
Holdings
III
LLC
8
.500
06/15/30
211,623
TOTAL
CAPITAL
GOODS
5,452,560
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.9%
200,000
(b)
Ambipar
Lux
Sarl
9
.875
02/06/31
185,378
115,000
(b),(h)
CACI
International
Inc
6
.375
06/15/33
117,236
1,100,000
(b)
Garda
World
Security
Corp
7
.750
02/15/28
1,136,984
500,000
(b)
Neptune
Bidco
US
Inc
9
.290
04/15/29
473,752
630,000
(b)
RR
Donnelley
&
Sons
Co
9
.500
08/01/29
631,583
200,000
(b)
Sabre
GLBL
Inc
8
.625
06/01/27
205,655
500,000
(b)
Sotheby's
7
.375
10/15/27
492,354
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
3,242,942
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1.9%
613,374
(b)
Carvana
Co,
(cash
9.000%,
PIK
12.000%)
9
.000
12/01/28
630,230
379,125
(b)
Carvana
Co,
(cash
11.000%,
PIK
13.000%)
9
.000
06/01/30
399,800
450,000
(b)
Cougar
JV
Subsidiary
LLC
8
.000
05/15/32
472,670
400,000
(b),(c)
Kohl's
Corp
10
.000
06/01/30
410,705
200,000
(b)
LCM
Investments
Holdings
II
LLC
8
.250
08/01/31
212,050
300,000
(b)
Michaels
Cos
Inc/The
5
.250
05/01/28
204,508
487,000
(b)
Michaels
Cos
Inc/The
7
.875
05/01/29
234,977
400,000
(b)
Queen
MergerCo
Inc
6
.750
04/30/32
410,140
225,000
(b)
Veritiv
Operating
Co
10
.500
11/30/30
239,311
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
3,214,391
CONSUMER
DURABLES
&
APPAREL
-
1.4%
355,000
(b)
CD&R
Smokey
Buyer
Inc
9
.500
10/15/29
294,650
275,000
(b)
Champ
Acquisition
Corp
8
.375
12/01/31
288,745
500,000
(b),(c)
Crocs
Inc
4
.125
08/15/31
443,805
500,000
(b),(c)
Hanesbrands
Inc
9
.000
02/15/31
528,264
275,000
(b)
Newell
Brands
Inc
8
.500
06/01/28
284,501
525,000
(b)
S&S
Holdings
LLC
8
.375
10/01/31
501,028
TOTAL
CONSUMER
DURABLES
&
APPAREL
2,340,993
Portfolio
of
Investments
May
31,
2025
(continued)
Credit
Income
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER
SERVICES
-
1.7%
480,000
(b)
Carnival
Corp
5
.875
%
06/15/31
$
480,288
440,000
(b),(h)
Flutter
Treasury
DAC
5
.875
06/04/31
442,200
200,000
Fortune
Star
BVI
Ltd,
Reg
S
8
.500
05/19/28
200,056
250,000
(b)
Life
Time
Inc
6
.000
11/15/31
250,559
500,000
(b)
NCL
Corp
Ltd
6
.750
02/01/32
500,093
340,000
(b)
Royal
Caribbean
Cruises
Ltd
5
.500
08/31/26
340,049
230,000
(b)
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp
5
.250
05/15/27
228,961
300,000
(b)
Wynn
Macau
Ltd
5
.625
08/26/28
289,199
215,000
(b)
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
6
.250
03/15/33
212,644
TOTAL
CONSUMER
SERVICES
2,944,049
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.3%
460,000
(b)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
3
.250
03/15/26
452,578
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
452,578
ENERGY
-
6.8%
300,000
(b)
Azule
Energy
Finance
Plc
8
.125
01/23/30
292,152
250,000
(b)
Baytex
Energy
Corp
7
.375
03/15/32
226,939
425,000
(b)
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp
7
.250
07/15/32
440,635
16,577
(b)
Borr
IHC
Ltd
/
Borr
Finance
LLC
10
.000
11/15/28
14,310
1,150,000
(b)
Buckeye
Partners
LP
6
.875
07/01/29
1,182,413
300,000
(b)
Chord
Energy
Corp
6
.750
03/15/33
297,924
650,000
(b)
CNX
Resources
Corp
7
.250
03/01/32
662,401
250,000
(b)
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5
.500
06/15/31
240,239
120,000
(b)
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp
8
.625
03/15/29
124,280
200,000
Ecopetrol
SA
7
.750
02/01/32
193,904
200,000
(b)
Geopark
Ltd
8
.750
01/31/30
158,720
400,000
Global
Partners
LP
/
GLP
Finance
Corp
6
.875
01/15/29
401,653
500,000
(b)
Global
Partners
LP
/
GLP
Finance
Corp
8
.250
01/15/32
519,766
200,000
(b)
Gran
Tierra
Energy
Inc
9
.500
10/15/29
140,025
285,000
(b)
Harvest
Midstream
I
LP
7
.500
05/15/32
292,816
320,000
(b)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
8
.375
11/01/33
318,432
300,000
(b)
Hunt
Oil
Co
of
Peru
LLC
Sucursal
Del
Peru
7
.750
11/05/38
310,496
300,000
(b)
Indika
Energy
Tbk
PT
8
.750
05/07/29
288,633
400,000
(b)
Kinetik
Holdings
LP
6
.625
12/15/28
407,941
300,000
(b)
Kosmos
Energy
Ltd
7
.750
05/01/27
260,843
200,000
(b)
Matador
Resources
Co
6
.250
04/15/33
192,647
300,000
(b)
Medco
Laurel
Tree
Pte
Ltd
6
.950
11/12/28
295,536
50,000
(b),(c)
New
Fortress
Energy
Inc
6
.500
09/30/26
29,936
160,000
(b)
NFE
Financing
LLC
12
.000
11/15/29
68,645
490,000
(b)
Noble
Finance
II
LLC
8
.000
04/15/30
488,258
300,000
(b)
Northern
Oil
&
Gas
Inc
8
.125
03/01/28
301,222
400,000
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
6
.000
02/15/28
371,396
200,000
(b),(c)
Pluspetrol
SA
8
.500
05/30/32
199,800
200,000
(b)
Raizen
Fuels
Finance
SA
6
.700
02/25/37
193,322
250,000
(b)
Rockies
Express
Pipeline
LLC
6
.750
03/15/33
257,487
301,692
(b)
Transocean
Aquila
Ltd
8
.000
09/30/28
301,219
150,000
(b)
Transocean
Inc
8
.250
05/15/29
135,269
300,000
(b)
Transocean
Inc
8
.000
02/01/27
293,287
600,000
(b)
Venture
Global
Calcasieu
Pass
LLC
3
.875
11/01/33
512,499
500,000
(b)
Venture
Global
LNG
Inc
8
.375
06/01/31
507,571
500,000
(b)
Venture
Global
LNG
Inc
9
.875
02/01/32
531,923
200,000
(b)
YPF
SA
8
.250
01/17/34
197,105
TOTAL
ENERGY
11,651,644
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.5%
580,000
(b)
Brookfield
Property
REIT
Inc
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
5
.750
05/15/26
574,587
620,000
(b)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
8
.500
02/15/32
635,527
728,000
(c)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
5
.000
10/15/27
636,243
300,000
(b)
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
6
.500
04/01/32
304,117
180,000
(b),(h)
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
6
.500
06/15/33
183,063
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
(continued)
305,000
(b)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
6
.500
%
02/15/29
$
287,566
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
2,621,103
FINANCIAL
SERVICES
-
4.6%
1,100,000
(b)
Azorra
Finance
Ltd
7
.750
04/15/30
1,103,153
300,000
Block
Inc
6
.500
05/15/32
306,596
200,000
(b)
Compass
Group
Diversified
Holdings
LLC
5
.250
04/15/29
173,052
750,000
(b)
Encore
Capital
Group
Inc
8
.500
05/15/30
795,012
210,000
(b)
Freedom
Mortgage
Holdings
LLC
8
.375
04/01/32
207,411
350,000
(b)
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3
.375
06/15/26
340,724
310,000
(b)
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
10
.000
11/15/29
302,186
200,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4
.375
02/01/29
163,358
250,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5
.250
05/15/27
237,896
170,000
(b)
Jane
Street
Group
/
JSG
Finance
Inc
6
.750
05/01/33
174,340
990,000
(b)
Jane
Street
Group
/
JSG
Finance
Inc
6
.125
11/01/32
991,638
200,000
(b)
Muthoot
Finance
Ltd
6
.375
04/23/29
196,868
230,000
OneMain
Finance
Corp
3
.500
01/15/27
222,845
280,000
(b)
PennyMac
Financial
Services
Inc
6
.875
05/15/32
281,316
700,000
(b)
PennyMac
Financial
Services
Inc
7
.875
12/15/29
737,297
700,000
(b)
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer
Inc
2
.875
10/15/26
677,908
430,000
(b)
Starwood
Property
Trust
Inc
6
.500
10/15/30
435,160
315,000
(b)
Starwood
Property
Trust
Inc
6
.000
04/15/30
314,089
215,000
(b)
WEX
Inc
6
.500
03/15/33
212,647
TOTAL
FINANCIAL
SERVICES
7,873,496
FOOD,
BEVERAGE
&
TOBACCO
-
1.1%
200,000
(b),(c)
Fiesta
Purchaser
Inc
9
.625
09/15/32
209,225
200,000
(b)
Grupo
Nutresa
SA
8
.000
05/12/30
205,786
300,000
(b)
Minerva
Luxembourg
SA
8
.875
09/13/33
322,045
250,000
(b)
Post
Holdings
Inc
6
.375
03/01/33
248,173
200,000
TreeHouse
Foods
Inc
4
.000
09/01/28
182,156
725,000
(b)
Viking
Baked
Goods
Acquisition
Corp
8
.625
11/01/31
683,530
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,850,915
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
3.8%
575,000
(b)
CHS/Community
Health
Systems
Inc
10
.875
01/15/32
612,875
450,000
(b)
DaVita
Inc
4
.625
06/01/30
420,499
500,000
(b)
DaVita
Inc
6
.875
09/01/32
507,921
813,591
(b)
Global
Medical
Response
Inc,
(cash
9.500%,
PIK
10.000%)
10
.000
10/31/28
813,591
250,000
(b)
Insulet
Corp
6
.500
04/01/33
257,064
400,000
(b),(c)
LifePoint
Health
Inc
5
.375
01/15/29
377,790
200,000
(b)
LifePoint
Health
Inc
11
.000
10/15/30
219,868
500,000
(b)
Molina
Healthcare
Inc
3
.875
11/15/30
457,147
700,000
(b)
Molina
Healthcare
Inc
6
.250
01/15/33
698,871
550,000
(b)
Prime
Healthcare
Services
Inc
9
.375
09/01/29
558,794
885,000
(b)
Radiology
Partners
Inc,
(cash
4.275%,
PIK
3.500%)
7
.775
01/31/29
889,425
250,000
(b)
Radiology
Partners
Inc,
(cash
9.781%,
PIK
9.781%)
9
.781
02/15/30
241,366
325,000
(b)
Star
Parent
Inc
9
.000
10/01/30
335,910
200,000
Tenet
Healthcare
Corp
6
.125
06/15/30
201,960
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
6,593,081
INSURANCE
-
2.6%
800,000
(b)
Acrisure
LLC
/
Acrisure
Finance
Inc
7
.500
11/06/30
825,439
300,000
(b)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6
.750
04/15/28
304,201
300,000
(b)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6
.500
10/01/31
302,402
1,205,000
(b)
APH
Somerset
Investor
2
LLC
/
APH2
Somerset
Investor
2
LLC
/
APH3
Somerset
Inves
7
.875
11/01/29
1,192,239
760,000
(b)
Ardonagh
Finco
Ltd
7
.750
02/15/31
785,822
525,000
(b)
Panther
Escrow
Issuer
LLC
7
.125
06/01/31
543,115
500,000
(b),(e)
Residential
Reinsurance
2025
Ltd
(3-Month
U.S.
Treasury
Bill
+
5.750%)
4
.783
06/06/29
499,500
TOTAL
INSURANCE
4,452,718
Portfolio
of
Investments
May
31,
2025
(continued)
Credit
Income
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
-
3.3%
300,000
(b)
Arsenal
AIC
Parent
LLC
8
.000
%
10/01/30
$
315,039
200,000
(b)
Braskem
Idesa
SAPI
6
.990
02/20/32
147,054
424,000
Celanese
US
Holdings
LLC
6
.415
07/15/27
434,727
200,000
(b)
Celulosa
Arauco
y
Constitucion
SA
6
.180
05/05/32
200,637
300,000
(b)
Cleveland-Cliffs
Inc
6
.875
11/01/29
278,931
375,000
(b)
Clydesdale
Acquisition
Holdings
Inc
6
.625
04/15/29
378,213
400,000
(b),(c)
LD
Celulose
International
GmbH
7
.950
01/26/32
412,200
200,000
(b)
Limak
Cimento
Sanayi
ve
Ticaret
AS
9
.750
07/25/29
197,800
100,000
(b)
Mineral
Resources
Ltd
9
.250
10/01/28
102,029
200,000
(b)
Mineral
Resources
Ltd
8
.000
11/01/27
199,809
200,000
(b),(c)
Nexa
Resources
SA
6
.600
04/08/37
198,394
300,000
(b)
NOVA
Chemicals
Corp
7
.000
12/01/31
313,749
165,000
(b)
Novelis
Corp
3
.250
11/15/26
161,845
230,000
(b)
OCP
SA
6
.700
03/01/36
225,975
200,000
(b)
Orbia
Advance
Corp
SAB
de
CV
6
.800
05/13/30
200,890
780,000
(b),(c)
Owens-Brockway
Glass
Container
Inc
7
.250
05/15/31
781,332
200,000
(b)
Sasol
Financing
USA
LLC
8
.750
05/03/29
196,659
400,000
(b),(c)
Sealed
Air
Corp
6
.500
07/15/32
409,665
250,000
(b)
Trivium
Packaging
Finance
BV
8
.250
07/15/30
259,386
200,000
UPL
Corp
Ltd,
Reg
S
4
.625
06/16/30
180,847
TOTAL
MATERIALS
5,595,181
MEDIA
&
ENTERTAINMENT
-
5.0%
775,000
(b)
Advantage
Sales
&
Marketing
Inc
6
.500
11/15/28
591,903
177,000
(b),(c)
AMC
Entertainment
Holdings
Inc
7
.500
02/15/29
138,325
330,000
(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
5
.125
05/01/27
326,595
525,000
(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4
.750
02/01/32
486,004
750,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4
.400
12/01/61
505,242
625,000
(b)
CSC
Holdings
LLC
5
.500
04/15/27
592,075
1,200,000
(b),(c)
CSC
Holdings
LLC
11
.250
05/15/28
1,187,618
600,000
(b)
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor
Inc
5
.875
08/15/27
590,585
300,000
(b)
DISH
DBS
Corp
5
.250
12/01/26
276,926
825,000
(b)
DISH
Network
Corp
11
.750
11/15/27
851,162
$
200,000
(b),(c)
Gray
Media
Inc
7
.000
05/15/27
198,617
570,000
(b)
LCPR
Senior
Secured
Financing
DAC
6
.750
10/15/27
412,985
300,000
(b)
Match
Group
Holdings
II
LLC
4
.125
08/01/30
276,874
580,000
(b)
McGraw-Hill
Education
Inc
7
.375
09/01/31
596,771
500,000
(b),(c)
Scripps
Escrow
II
Inc
3
.875
01/15/29
427,500
350,000
(b)
Sirius
XM
Radio
LLC
3
.125
09/01/26
341,902
400,000
(b)
Univision
Communications
Inc
8
.500
07/31/31
384,065
325,000
(b)
Univision
Communications
Inc
7
.375
06/30/30
303,833
TOTAL
MEDIA
&
ENTERTAINMENT
8,488,982
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.8%
250,000
(b)
1261229
BC
Ltd
10
.000
04/15/32
247,504
200,000
(b)
Bausch
Health
Americas
Inc
8
.500
01/31/27
188,500
200,000
(b)
Bausch
Health
Cos
Inc
11
.000
09/30/28
191,893
375,000
(b)
Charles
River
Laboratories
International
Inc
3
.750
03/15/29
347,363
300,000
(b)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
4
.125
04/30/28
281,798
200,000
(b)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5
.125
04/30/31
168,056
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1,425,114
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1.1%
804,000
(b),(c)
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co-Issuer
Corp
7
.000
04/15/30
734,468
560,000
(b)
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
5
.750
07/15/27
552,520
375,000
Kennedy-Wilson
Inc
4
.750
03/01/29
344,705
197,460
(b)
Sorik
Marapi
Geothermal
Power
PT
7
.750
08/05/31
194,686
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
1,826,379
SOFTWARE
&
SERVICES
-
1.8%
600,000
(b)
Amentum
Escrow
Corp
7
.250
08/01/32
612,050
300,000
(b)
CA
Magnum
Holdings
5
.375
10/31/26
296,253
500,000
(b)
Cloud
Software
Group
Inc
6
.500
03/31/29
499,437
500,000
(b)
Cloud
Software
Group
Inc
8
.250
06/30/32
525,736
7
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
SOFTWARE
&
SERVICES
(continued)
$
500,000
(b)
Condor
Merger
Sub
Inc
7
.375
%
02/15/30
$
462,344
230,000
(b)
Fair
Isaac
Corp
6
.000
05/15/33
229,566
360,000
(b)
Gen
Digital
Inc
6
.250
04/01/33
363,997
190,000
(b)
Rocket
Software
Inc
6
.500
02/15/29
184,471
TOTAL
SOFTWARE
&
SERVICES
3,173,854
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.4%
330,000
(b),(c)
CommScope
LLC
9
.500
12/15/31
343,008
150,000
(b)
Imola
Merger
Corp
4
.750
05/15/29
143,728
300,000
(b),(c)
Viasat
Inc
6
.500
07/15/28
275,351
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
762,087
TELECOMMUNICATION
SERVICES
-
3.9%
400,000
(b)
Altice
France
SA
8
.125
02/01/27
367,108
311,137
EchoStar
Corp,
(cash
6.750%,
PIK
6.750%)
6
.750
11/30/30
267,578
350,000
EchoStar
Corp
10
.750
11/30/29
351,715
175,000
(c)
Hughes
Satellite
Systems
Corp
5
.250
08/01/26
157,755
275,000
(b)
Iliad
Holding
SASU
7
.000
04/15/32
276,768
425,000
(b)
Level
3
Financing
Inc
3
.625
01/15/29
352,750
650,000
(b)
Level
3
Financing
Inc
3
.750
07/15/29
533,435
450,000
(b)
Level
3
Financing
Inc
10
.000
10/15/32
452,296
400,000
(b)
Lumen
Technologies
Inc
4
.500
01/15/29
354,000
800,000
(b)
Lumen
Technologies
Inc
10
.000
10/15/32
820,480
200,000
(b)
Turkcell
Iletisim
Hizmetleri
AS
7
.650
01/24/32
202,884
600,000
(b)
Virgin
Media
Secured
Finance
PLC
4
.500
08/15/30
554,016
285,000
(b)
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp
8
.250
10/01/31
296,613
1,150,000
(b)
Zayo
Group
Holdings
Inc
4
.000
03/01/27
1,081,820
700,000
(b)
Zayo
Group
Holdings
Inc
6
.125
03/01/28
603,628
TOTAL
TELECOMMUNICATION
SERVICES
6,672,846
TRANSPORTATION
-
1.5%
485,000
(b)
Air
Transport
Services
Group
Inc
7
.250
03/15/32
502,315
1,770,000
(b)
Brightline
East
LLC
11
.000
01/31/30
1,274,400
340,000
(b)
United
Airlines
Inc
4
.375
04/15/26
335,971
556,000
(b),(c)
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding
Inc
9
.500
06/01/28
547,716
TOTAL
TRANSPORTATION
2,660,402
UTILITIES
-
3.2%
300,000
(b)
California
Buyer
Ltd
/
Atlantica
Sustainable
Infrastructure
PLC
6
.375
02/15/32
296,633
195,450
(b)
Continuum
Green
Energy
India
Pvt
/
Co-Issuers
7
.500
06/26/33
200,967
800,000
(b)
ContourGlobal
Power
Holdings
SA
6
.750
02/28/30
810,432
500,000
(b)
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5
.875
04/01/29
452,699
200,000
(b)
Greenko
Wind
Projects
Mauritius
Ltd
7
.250
09/27/28
198,559
250,000
(b)
LONG
RIDGE
ENERGY
LLC
8
.750
02/15/32
251,948
190,000
(b)
NRG
Energy
Inc
6
.250
11/01/34
190,064
200,000
(b)
Pampa
Energia
SA
7
.875
12/16/34
198,338
200,000
(b)
Pampa
Energia
SA
7
.950
09/10/31
202,268
300,000
(b)
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations
Inc
4
.500
08/15/28
287,868
200,000
(b)
Saavi
Energia
Sarl
8
.875
02/10/35
204,600
600,000
(b)
Talen
Energy
Supply
LLC
8
.625
06/01/30
640,771
200,000
(b)
TerraForm
Power
Operating
LLC
4
.750
01/15/30
188,523
250,000
(b)
Vistra
Operations
Co
LLC
7
.750
10/15/31
265,084
340,000
(b)
Vistra
Operations
Co
LLC
5
.625
02/15/27
339,775
100,000
(b)
XPLR
Infrastructure
Operating
Partners
LP
4
.500
09/15/27
96,735
300,000
(b),(c)
XPLR
Infrastructure
Operating
Partners
LP
7
.250
01/15/29
301,472
290,000
(b),(c)
XPLR
Infrastructure
Operating
Partners
LP
8
.625
03/15/33
304,208
TOTAL
UTILITIES
5,430,944
TOTAL
CORPORATE
BONDS
(Cost
$92,979,123)
93,102,490
Portfolio
of
Investments
May
31,
2025
(continued)
Credit
Income
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
-
8.1%
–
$
948,828
(b),(e)
BLP
Commercial
Mortgage
Trust
2024-IND2,
Series
2024
IND2,
(TSFR1M
+
3.689%)
8
.011
%
03/15/41
$
949,262
1,000,000
(b),(e)
BX
Trust
2021-VIEW,
Series
2021
VIEW,
(TSFR1M
+
3.714%)
8
.036
06/15/36
999,666
1,000,000
(b),(e)
COMM
2014-UBS3
Mortgage
Trust,
Series
2014
UBS3
4
.767
06/10/47
430,010
900,000
(b)
COMM
2015-CCRE22
Mortgage
Trust,
Series
2015
CR22
3
.000
03/10/48
614,109
485,000
(e)
COMM
2015-CCRE25
Mortgage
Trust,
Series
2015
CR25
3
.768
08/10/48
455,629
850,000
(b),(e)
Connecticut
Avenue
Securities
Trust
2022-R01,
Series
2022
R01,
(SOFR30A
+
6.000%)
10
.322
12/25/41
894,001
1,500,000
(b),(e)
Connecticut
Avenue
Securities
Trust
2022-R02,
Series
2022
R02,
(SOFR30A
+
7.650%)
12
.972
01/25/42
1,616,031
1,500,000
(b),(e)
Connecticut
Avenue
Securities
Trust
2022-R06,
Series
2022
R06,
(SOFR30A
+
10.600%)
15
.334
05/25/42
1,721,810
565,000
(b),(e)
Connecticut
Avenue
Securities
Trust
2023-R06,
Series
2023
R06,
(SOFR30A
+
5.900%)
10
.222
07/25/43
602,589
1,000,000
(b),(e)
Freddie
Mac
STACR
REMIC
Trust
2021-DNA6,
Series
2021
DNA6,
(SOFR30A
+
7.500%)
11
.822
10/25/41
1,066,226
1,000,000
(b),(e)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA1,
Series
2022
DNA1,
(SOFR30A
+
7.100%)
11
.422
01/25/42
1,069,971
450,000
(b),(e)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
Series
2022
DNA2,
(SOFR30A
+
4.750%)
9
.072
02/25/42
471,469
1,098,000
(b),(e)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
Series
2022
DNA2,
(SOFR30A
+
8.500%)
13
.788
02/25/42
1,201,057
920,000
(b),(e)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
Series
2022
DNA3,
(SOFR30A
+
9.750%)
15
.087
04/25/42
1,032,927
800,000
(e)
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C22,
Series
2014
C22
4
.508
09/15/47
739,600
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$14,351,724)
13,864,357
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
6359481
SOVEREIGN
DEBT
-
3
.7
%
6359481
ANGOLA
-
0.1%
200,000
(b)
Angolan
Government
International
Bond
8
.750
04/14/32
164,053
TOTAL
ANGOLA
164,053
ARGENTINA
-
0.2%
600,000
Argentine
Republic
Government
International
Bond
4
.125
07/09/35
402,900
TOTAL
ARGENTINA
402,900
BAHAMAS
-
0.1%
200,000
(b)
Bahamas
Government
International
Bond
6
.000
11/21/28
193,800
TOTAL
BAHAMAS
193,800
BARBADOS
-
0.2%
270,000
(b)
Barbados
Government
International
Bond
6
.500
10/01/29
256,905
TOTAL
BARBADOS
256,905
BENIN
-
0.1%
200,000
(b)
Benin
Government
International
Bond
7
.960
02/13/38
183,358
TOTAL
BENIN
183,358
COLOMBIA
-
0.1%
200,000
Colombia
Government
International
Bond
3
.250
04/22/32
156,900
TOTAL
COLOMBIA
156,900
COTE
D'IVOIRE
-
0.2%
300,000
(b)
Ivory
Coast
Government
International
Bond
6
.125
06/15/33
265,536
TOTAL
COTE
D'IVOIRE
265,536
DOMINICAN
REPUBLIC
-
0.2%
200,000
(b)
Dominican
Republic
International
Bond
6
.500
02/15/48
184,480
150,000
(b)
Dominican
Republic
International
Bond
6
.600
06/01/36
149,168
TOTAL
DOMINICAN
REPUBLIC
333,648
ECUADOR
-
0.2%
155,762
(b)
Ecuador
Government
International
Bond
1
.000
07/31/35
96,962
311,523
Ecuador
Government
International
Bond,
Reg
S
5
.500
07/31/35
193,923
TOTAL
ECUADOR
290,885
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EGYPT
-
0.2%
$
200,000
(b)
Egypt
Government
International
Bond
8
.750
%
09/30/51
$
155,538
200,000
(b)
Egypt
Government
International
Bond
8
.625
02/04/30
198,229
TOTAL
EGYPT
353,767
EL
SALVADOR
-
0.1%
200,000
(b)
El
Salvador
Government
International
Bond
7
.625
09/21/34
192,140
TOTAL
EL
SALVADOR
192,140
GHANA
-
0.1%
200,000
(b)
Ghana
Government
International
Bond
5
.000
07/03/35
148,500
TOTAL
GHANA
148,500
GUATEMALA
-
0.2%
300,000
(b)
Guatemala
Government
Bond
3
.700
10/07/33
250,575
TOTAL
GUATEMALA
250,575
HONDURAS
-
0.1%
200,000
(b)
Honduras
Government
International
Bond
5
.625
06/24/30
184,600
TOTAL
HONDURAS
184,600
IRAQ
-
0.2%
300,000
(b)
Iraq
International
Bond
5
.800
01/15/28
294,759
TOTAL
IRAQ
294,759
KENYA
-
0.1%
200,000
(b)
Republic
of
Kenya
Government
International
Bond
9
.500
03/05/36
182,500
TOTAL
KENYA
182,500
MONGOLIA
-
0.1%
200,000
(b)
Mongolia
Government
International
Bond
6
.625
02/25/30
194,522
TOTAL
MONGOLIA
194,522
PAKISTAN
-
0.1%
200,000
(b)
Pakistan
Government
International
Bond
7
.375
04/08/31
170,002
TOTAL
PAKISTAN
170,002
PANAMA
-
0.1%
200,000
Panama
Government
International
Bond
6
.875
01/31/36
193,270
TOTAL
PANAMA
193,270
PARAGUAY
-
0.1%
200,000
(b)
Paraguay
Government
International
Bond
6
.000
02/09/36
199,710
TOTAL
PARAGUAY
199,710
ROMANIA
-
0.1%
200,000
(b)
Romanian
Government
International
Bond
7
.500
02/10/37
200,627
TOTAL
ROMANIA
200,627
RWANDA
-
0.1%
200,000
(b)
Rwanda
International
Government
Bond
5
.500
08/09/31
168,000
TOTAL
RWANDA
168,000
SENEGAL
-
0.1%
300,000
(b)
Senegal
Government
International
Bond
6
.250
05/23/33
215,700
TOTAL
SENEGAL
215,700
SRI
LANKA
-
0.1%
200,000
(b)
Sri
Lanka
Government
International
Bond
3
.600
02/15/38
155,974
TOTAL
SRI
LANKA
155,974
TURKEY
-
0.2%
200,000
Turkiye
Government
International
Bond
5
.950
01/15/31
187,623
200,000
Turkiye
Government
International
Bond
7
.250
05/29/32
196,553
TOTAL
TURKEY
384,176
UKRAINE
-
0.1%
500,000
(b)
Ukraine
Government
International
Bond
1
.750
02/01/36
236,813
TOTAL
UKRAINE
236,813
UZBEKISTAN
-
0.1%
200,000
(b)
Republic
of
Uzbekistan
International
Bond
3
.700
11/25/30
170,500
TOTAL
UZBEKISTAN
170,500
Portfolio
of
Investments
May
31,
2025
(continued)
Credit
Income
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ZAMBIA
-
0.1%
$
239,823
(b)
Zambia
Government
International
Bond
5
.750
%
06/30/33
$
215,361
TOTAL
ZAMBIA
215,361
TOTAL
SOVEREIGN
DEBT
(Cost
$6,443,476)
6,359,481
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
14875916
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
8
.7
%
14875916
CAPITAL
GOODS
-
0.4%
198,333
(e)
QXO
Inc,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.280
04/30/32
199,212
448,212
(e)
Windsor
Holdings
III,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.075
08/01/30
447,582
TOTAL
CAPITAL
GOODS
646,794
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.2%
430,000
(e)
WIN
Waste
Innovations
Holdings,
Inc.,
Incremental
Term
Loan,
(TSFR1M
+
3.750%)
8
.191
03/27/28
432,419
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
432,419
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.1%
146,750
(e)
Johnstone
Supply
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.823
06/09/31
146,669
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
146,669
CONSUMER
SERVICES
-
0.6%
380,591
(e)
ClubCorp
Holdings,
Inc.,
Term
Loan
B2,
(TSFR3M
+
5.000%)
9
.561
09/18/26
381,780
598,500
(e)
GBT
US
III
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.783
07/28/31
598,901
TOTAL
CONSUMER
SERVICES
980,681
FINANCIAL
SERVICES
-
0.3%
445,000
(e),(h)
Orion
US
Finco,
(TBD)
TBD
TBD
445,765
TOTAL
FINANCIAL
SERVICES
445,765
FOOD,
BEVERAGE
&
TOBACCO
-
0.1%
89,902
(e)
City
Brewing
Company,
LLC,
First
Out
New
Money
Term
Loan,
(TSFR3M
+
6.250%)
10
.506
04/05/28
36,860
235,255
(e)
City
Brewing
Company,
LLC,
FLFO
Roll
Up
Term
Loan,
(TSFR3M
+
3.500%)
8
.018
04/05/28
96,454
19,487
(e)
City
Brewing
Company,
LLC,
PIK
Super
Priority
Term
Loan,
(TSFR3M
+
9.000%)
13
.580
01/03/26
18,025
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
151,339
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.0%
486,250
(e)
Bausch
&
Lomb
Corporation,
Term
Loan,
(TSFR1M
+
3.250%)
7
.679
05/10/27
485,365
445,781
(e)
Medline
Borrower,
LP,
Add-on
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.577
10/23/28
445,850
2,412
(e)
Onex
TSG
Intermediate
Corp.,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.344
02/28/28
2,420
278,564
(e)
Parexel
International
Corporation,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.827
11/15/28
278,991
498,750
(e)
Zelis
Payments
Buyer,
Inc.,
5th
Amendment
Term
Loan,
(TSFR1M
+
3.250%)
7
.577
11/26/31
498,633
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,711,259
INSURANCE
-
1.4%
500,000
(e),(h)
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B6,
(TBD)
TBD
TBD
498,425
250,000
(e)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(TSFR1M
+
5.250%)
9
.691
02/03/28
242,366
500,000
(e),(h)
Asurion
LLC,
Term
Loan
B8,
(TBD)
TBD
TBD
500,173
496,250
(e)
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
(TSFR1M
+
3.000%)
7
.327
06/16/31
497,337
749,373
(e),(i)
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.327
07/31/31
751,400
TOTAL
INSURANCE
2,489,701
MEDIA
&
ENTERTAINMENT
-
0.4%
566,538
(e)
Planet
US
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
3.000%)
7
.327
02/10/31
569,017
125,000
(e)
Virgin
Media
Bristol
LLC,
Term
Loan
Q,
(TSFR1M
+
3.250%)
7
.693
01/31/29
123,453
TOTAL
MEDIA
&
ENTERTAINMENT
692,470
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.6%
$
261,146
(e)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B1,
(TSFR1M
+
2.750%)
7
.077
%
01/31/30
$
262,452
725,000
(e)
Forest
City
Enterprises,
L.P.,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.941
12/08/25
705,697
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
968,149
SOFTWARE
&
SERVICES
-
2.7%
428,925
(e)
Boost
Newco
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.299
01/31/31
430,199
500,000
(e)
Boxer
Parent
Company
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.333
07/30/31
497,108
400,000
(e)
Clearwater
Analytics,
LLC,
Term
Loan
B,
(TSFR3M
+
2.250%)
6
.529
04/21/32
401,000
400,000
(e),(h)
Cloud
Software
Group,
Inc.,
Term
Loan,
(TBD)
TBD
TBD
399,500
173,254
(e)
Cotiviti
Corporation,
Term
Loan,
(TSFR1M
+
2.750%)
7
.074
05/01/31
172,714
180,000
(e)
Epicor
Software
Corporation,
Term
Loan
E,
(TSFR1M
+
2.750%)
7
.077
05/30/31
180,637
146,250
(e)
Fortress
Intermediate
3,
Inc,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.827
06/27/31
146,616
432,416
(e)
Genesys
Cloud
Services
Holdings
II
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.827
01/30/32
431,722
100,229
(h)
Javelin
Buyer
Inc,
(TBD)
TBD
TBD
98,381
500,000
(e)
Javelin
Buyer,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
3.250%)
7
.583
12/08/31
501,643
249,374
(e)
Mitchell
International,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
3.250%)
7
.577
06/17/31
248,932
500,000
(e),(h)
UKG
Inc.,
Term
Loan
B,
(TBD)
TBD
TBD
501,522
577,000
X
Corp
9
.500
10/29/29
575,061
TOTAL
SOFTWARE
&
SERVICES
4,585,035
TELECOMMUNICATION
SERVICES
-
0.5%
448,859
(e)
Lumen
Technologies,
Inc.,
Extended
Term
Loan
B2,
(TSFR1M
+
2.350%)
6
.791
04/15/30
445,057
500,000
(e)
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7
.441
03/09/27
478,823
TOTAL
TELECOMMUNICATION
SERVICES
923,880
UTILITIES
-
0.4%
699,461
(e)
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.808
05/17/30
701,755
TOTAL
UTILITIES
701,755
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$14,915,367)
14,875,916
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$159,511,581)
158,552,034
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
5.2%
8,962,309
(j)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.340
(k)
8,962,309
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$8,962,309)
8,962,309
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 7.1%
12068835
REPURCHASE
AGREEMENTS
-
7
.1
%
12068835
11,375,000
(l)
Fixed
Income
Clearing
Corporation
4
.300
06/02/25
11,375,000
693,835
(m)
Fixed
Income
Clearing
Corporation
1
.360
06/02/25
693,835
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$12,068,835)
12,068,835
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$12,068,835)
12,068,835
TOTAL
INVESTMENTS
-
105
.0
%
(Cost
$
180,542,725
)
179,583,178
OTHER
ASSETS
&
LIABILITIES,
NET
-  (5.0)%
(
8,574,245
)
NET
ASSETS
-
100%
$
171,008,933
LIBOR
London
Inter-Bank
Offered
Rate
M
Month
PIK
Payment-in-kind
(“PIK”)
security.  Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both.  The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
Portfolio
of
Investments
May
31,
2025
(continued)
Credit
Income
12
Investments
in
Derivatives
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
REIT
Real
Estate
Investment
Trust
SOFR30A
30
Day
Average
Secured
Overnight
Financing
Rate
TBD
Senior
loan
purchased
on
a
when-issued
or
delayed-delivery
basis.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date
of
the
transaction.
In
addition,
senior
loans
typically
trade
without
accrued
interest
and
therefore
a
coupon
rate
is
not
available
prior
to
settlement.
At
settlement,
if
still
unknown,
the
borrower
or
counterparty
will
provide
the
Fund
with
the
final
coupon
rate
and
maturity
date.
TSFR1M
CME
Term
Secured
Overnight
Financing
Rate
1
Month
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(a)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$126,189,761
or
70.3%
of
Total
Investments.
(c)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$8,607,832.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(f)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(g)
Contingent
Capital
Securities
(“CoCos”)
are
debt
or
preferred
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer,
for
example
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
As
of
the
end
of
the
reporting
period,
the
Fund’s
total
investment
in
CoCos
was
1.8%
of
Total
Investments.
(h)
When-issued
or
delayed
delivery
security.
(i)
Portion
of
investment
purchased
on
a
delayed
delivery
basis.
(j)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(k)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(l)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.300%
dated
5/30/25
to
be
repurchased
at
$11,379,076
on
6/2/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.125%
and
maturity
date
10/31/31,
valued
at
$11,602,618.
(m)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.360%
dated
5/30/25
to
be
repurchased
at
$693,914
on
6/2/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.750%
and
maturity
date
12/31/28,
valued
at
$707,772.
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
5-Year
Note
130
9/25
$
14,025,015
$
14,064,375
$
39,360
13
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Credit
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
9,696,802
$
–
$
9,696,802
$25
Par
(or
similar)
Retail
Preferred
1,022,261
–
–
1,022,261
Asset-Backed
Securities
–
16,100,416
884,353
16,984,769
Common
Stocks
–
–
89
89
Contingent
Capital
Securities
–
2,645,869
–
2,645,869
Corporate
Bonds
–
93,102,490
–
93,102,490
Mortgage-Backed
Securities
–
13,864,357
–
13,864,357
Sovereign
Debt
–
6,359,481
–
6,359,481
Variable
Rate
Senior
Loan
Interests
–
14,875,916
–
14,875,916
Investments
Purchased
with
Collateral
from
Securities
Lending
8,962,309
–
–
8,962,309
Short-Term
Investments:
Repurchase
Agreements
–
12,068,835
–
12,068,835
Investments
in
Derivatives:
Futures
Contracts*
39,360
–
–
39,360
Total
$
10,023,930
$
168,714,166
$
884,442
$
179,622,538
*
Represents
net
unrealized
appreciation
(depreciation).
14
Portfolio
of
Investments
May
31,
2025
Strategic
Income
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.0%
82264573
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
7
.8
%
82264573
AUTOMOBILES
&
COMPONENTS
-
0.2%
$
2,000,000
(a)
General
Motors
Financial
Co
Inc
5
.750
%
N/A
$
1,925,464
TOTAL
AUTOMOBILES
&
COMPONENTS
1,925,464
BANKS
-
2.9%
500,000
(b)
Bangkok
Bank
PCL/Hong
Kong
3
.466
09/23/36
439,712
1,500,000
(a)
Bank
of
America
Corp
6
.125
N/A
1,510,344
5,000,000
Bank
of
Montreal
7
.300
11/26/84
5,003,955
3,000,000
Canadian
Imperial
Bank
of
Commerce
6
.950
01/28/85
2,977,730
1,685,000
(a)
Citigroup
Inc
7
.625
N/A
1,757,586
1,075,000
Citigroup
Inc
6
.020
01/24/36
1,081,335
2,000,000
(a)
CoBank
ACB
6
.250
N/A
2,001,918
1,560,000
(a)
Huntington
Bancshares
Inc/OH
5
.625
N/A
1,555,349
2,000,000
(a)
JPMorgan
Chase
&
Co
3
.650
N/A
1,950,416
2,000,000
(a)
JPMorgan
Chase
&
Co
6
.875
N/A
2,085,377
2,000,000
(a)
PNC
Financial
Services
Group
Inc/The
3
.400
N/A
1,903,736
2,000,000
(a)
Truist
Financial
Corp
6
.669
N/A
1,987,143
1,415,000
(a)
Truist
Financial
Corp
5
.100
N/A
1,376,255
1,440,000
(a),(c)
Wells
Fargo
&
Co
7
.625
N/A
1,533,947
2,900,000
(a)
Wells
Fargo
&
Co
3
.900
N/A
2,855,353
TOTAL
BANKS
30,020,156
ENERGY
-
0.8%
2,470,000
(a)
Energy
Transfer
LP
7
.125
N/A
2,480,616
1,993,000
(b)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
1,987,363
1,780,000
Transcanada
Trust
5
.500
09/15/79
1,717,202
2,000,000
(a),(b)
Venture
Global
LNG
Inc
9
.000
N/A
1,886,341
TOTAL
ENERGY
8,071,522
FINANCIAL
SERVICES
-
0.9%
1,354,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
1,388,807
1,955,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
2,044,484
3,000,000
(a)
Goldman
Sachs
Group
Inc/The
6
.850
N/A
3,024,786
1,970,000
(a)
State
Street
Corp
6
.700
N/A
2,010,917
1,000,000
(a)
Voya
Financial
Inc
7
.758
N/A
1,030,208
TOTAL
FINANCIAL
SERVICES
9,499,202
FOOD,
BEVERAGE
&
TOBACCO
-
0.2%
2,730,000
(a),(b)
Land
O'
Lakes
Inc
8
.000
N/A
2,483,708
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
2,483,708
INSURANCE
-
1.0%
2,835,000
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
2,690,044
1,485,000
Enstar
Finance
LLC
5
.500
01/15/42
1,444,151
2,424,000
(b)
Enstar
Group
Ltd
7
.500
04/01/45
2,454,298
1,000,000
(b)
Hanwha
Life
Insurance
Co
Ltd
3
.379
02/04/32
968,306
1,500,000
Prudential
Financial
Inc
6
.000
09/01/52
1,497,424
1,900,000
Prudential
Financial
Inc
6
.500
03/15/54
1,928,949
TOTAL
INSURANCE
10,983,172
MEDIA
&
ENTERTAINMENT
-
0.2%
2,185,000
Paramount
Global
6
.375
03/30/62
2,135,831
TOTAL
MEDIA
&
ENTERTAINMENT
2,135,831
TELECOMMUNICATION
SERVICES
-
0.3%
1,000,000
(a),(b)
Network
i2i
Ltd
3
.975
N/A
986,654
2,544,000
Rogers
Communications
Inc
7
.125
04/15/55
2,547,690
TOTAL
TELECOMMUNICATION
SERVICES
3,534,344
UTILITIES
-
1.3%
2,000,000
Dominion
Energy
Inc
7
.000
06/01/54
2,101,650
1,685,000
(a)
Edison
International
5
.375
N/A
1,599,733
1,500,000
(a)
Edison
International
5
.000
N/A
1,338,915
2,225,000
EUSHI
Finance
Inc
7
.625
12/15/54
2,274,797
2,500,000
PG&E
Corp
7
.375
03/15/55
2,448,038
2,035,000
(a)
Sempra
4
.875
N/A
2,022,013
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,700,000
(a),(b)
Vistra
Corp
8
.875
N/A
$
1,826,028
TOTAL
UTILITIES
13,611,174
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$82,730,733)
82,264,573
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
-
14.9%
–
1,021,297
(b)
Aaset
2021-2
Trust,
Series
2021
2A
2
.798
01/15/47
939,505
600,000
(b),(d)
ACRE
Commercial
Mortgage
2021-FL4
Ltd,
Series
2021
FL4,
(TSFR1M
+
3.214%)
7
.541
12/18/37
572,889
2,000,000
(b)
Adams
Outdoor
Advertising
LP,
Series
2023
1
6
.967
07/15/53
2,049,821
1,900,000
(b)
Affirm
Asset
Securitization
Trust
2024-B,
Series
2024
B
5
.500
09/15/29
1,886,710
2,200,000
(b)
Affirm
Asset
Securitization
Trust
2024-B,
Series
2024
B
5
.060
09/15/29
2,184,544
815,971
(b)
Alterna
Funding
III
LLC,
Series
2024
1A
6
.260
05/16/39
822,001
839,028
(b)
Alterna
Funding
III
LLC,
Series
2024
1A
7
.136
05/16/39
844,261
528,726
(d)
Ameriquest
Mortgage
Securities
Inc
Asset
Back
Ser
2004-R1,
Series
2004
R1,
(TSFR1M
+
0.714%)
2
.788
02/25/34
520,498
850,000
(b)
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2021
1A
2
.130
08/20/27
820,373
2,400,000
(b)
Blue
Stream
Issuer
LLC,
Series
2024
1A
5
.408
11/20/54
2,401,404
2,425,000
(b)
Bojangles
Issuer
LLC,
Series
2024
1A
6
.584
11/20/54
2,443,972
3,250,000
(b)
Brex
Commercial
Charge
Card
Master
Trust,
Series
2024
1
6
.680
07/15/27
3,260,980
217,513
(b)
British
Airways
2020-1
Class
B
Pass
Through
Trust,
Series
2020
A
8
.375
11/15/28
228,748
1,250,000
(b)
Cars
Net
Lease
Mortgage
Notes
Series
2020-1,
Series
2020
1A
4
.690
12/15/50
1,157,181
1,466,875
(b)
Cars
Net
Lease
Mortgage
Notes
Series
2020-1,
Series
2020
1A
3
.100
12/15/50
1,373,549
1,150,000
(b)
CARS-DB4
LP,
Series
2020
1A
4
.520
02/15/50
1,106,282
627,459
(b)
CARS-DB5
LP,
Series
2021
1A
1
.920
08/15/51
597,990
369,776
Carvana
Auto
Receivables
Trust
2021-N4,
Series
2021
N4
2
.300
09/11/28
358,390
5,000,000
(b)
Carvana
Auto
Receivables
Trust
2024-N3,
Series
2024
N3
4
.900
12/10/30
4,972,854
2,760,000
(b)
Centersquare
Issuer
LLC,
Series
2024
1A
5
.600
10/26/54
2,656,834
2,240,000
(b)
Centersquare
Issuer
LLC,
Series
2024
1A
5
.200
10/26/54
2,180,725
674,589
(b)
CF
Hippolyta
Issuer
LLC,
Series
2020
1
2
.600
07/15/60
601,036
1,349,178
(b)
CF
Hippolyta
Issuer
LLC,
Series
2020
1
2
.280
07/15/60
1,336,596
2,125,000
(b),(d)
CIFC
Funding
2020-I
Ltd,
Series
2020
1A,
(TSFR3M
+
3.362%)
7
.618
07/15/36
2,134,233
1,760,000
(b),(d)
CIFC
Funding
2020-II
Ltd,
Series
2020
2A,
(TSFR3M
+
3.312%)
7
.581
10/20/34
1,767,661
385,000
(b),(d)
CIFC
Funding
2020-II
Ltd,
Series
2020
2A,
(LIBOR
3
M
+
6.762%)
11
.031
10/20/34
386,190
2,500,000
(b),(d)
CIFC
Funding
2022-IV
Ltd,
Series
2022
4A,
(SOFR
+
3.550%)
7
.811
07/16/35
2,505,005
2,410,000
(b)
Cologix
Data
Centers
US
Issuer
LLC,
Series
2021
1A
3
.300
12/26/51
2,316,512
1,500,000
(b)
Compass
Datacenters
Issuer
III
LLC,
Series
2025
1A
5
.656
02/25/50
1,507,905
2,000,000
(b)
Concord
Music
Royalties
LLC,
Series
2022
1A
6
.500
01/20/73
2,013,251
1,000,000
(b)
Concord
Music
Royalties
LLC,
Series
2024
1A
5
.644
10/20/74
985,792
2,500,000
(b)
Consolidated
Communications
LLC/Fidium
Fiber
Finance
Holdco
LLC,
Series
2025
1A
6
.000
05/20/55
2,526,856
3,000,000
(b)
Crescendo
Royalty
Funding
LP,
Series
2021
1
3
.567
12/20/51
2,894,800
1,000,000
(b)
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2023
2A
5
.560
11/20/48
1,003,538
1,490,998
(b)
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2023
1A
5
.450
04/20/48
1,447,374
622,993
(b)
DB
Master
Finance
LLC,
Series
2019
1A
4
.021
05/20/49
616,321
1,158,000
(b)
DB
Master
Finance
LLC,
Series
2021
1A
2
.045
11/20/51
1,109,774
1,158,000
(b)
DB
Master
Finance
LLC,
Series
2021
1A
2
.493
11/20/51
1,063,578
80,463
(b)
Diamond
Resorts
Owner
Trust
2021-1,
Series
2021
1A
2
.700
11/21/33
79,741
80,463
(b)
Diamond
Resorts
Owner
Trust
2021-1,
Series
2021
1A
3
.830
11/21/33
79,641
1,440,000
(b)
Domino's
Pizza
Master
Issuer
LLC,
Series
2019
1A
3
.668
10/25/49
1,360,409
972,500
(b)
Domino's
Pizza
Master
Issuer
LLC,
Series
2021
1A
2
.662
04/25/51
902,290
2,500,000
Drive
Auto
Receivables
Trust
2024-2,
Series
2024
2
4
.670
05/17/32
2,486,402
1,300,000
(b),(d)
Elmwood
CLO
20
Ltd,
Series
2022
7A,
(TSFR3M
+
3.650%)
7
.930
01/17/37
1,308,893
1,500,000
(b),(d)
Elmwood
CLO
26
Ltd,
Series
2024
1A,
(TSFR3M
+
3.600%)
7
.869
04/18/37
1,512,846
3,890,000
(b)
EWC
Master
Issuer
LLC,
Series
2022
1A
5
.500
03/15/52
3,813,007
2,350,000
Exeter
Automobile
Receivables
Trust
2024-5,
Series
2024
5A
4
.640
01/15/30
2,337,295
2,365,412
(b),(d)
FNA
8
LLC,
Series
2025
1
5
.623
03/15/45
2,365,285
2,000,000
(b)
Frontier
Issuer
LLC,
Series
2023
1
6
.600
08/20/53
2,028,482
1,000,000
(b)
Frontier
Issuer
LLC,
Series
2023
1
8
.300
08/20/53
1,028,552
Portfolio
of
Investments
May
31,
2025
(continued)
Strategic
Income
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
(continued)
$
1,000,000
(b)
Frontier
Issuer
LLC,
Series
2023
1
11
.500
08/20/53
$
1,052,787
2,000,000
(b),(d)
GRACIE
POINT
INTERNATIONAL
FUNDING
2023-2,
Series
2023
2A,
(SOFR90A
+
5.400%)
9
.748
03/01/27
2,005,815
2,872,500
(b)
Hardee's
Funding
LLC,
Series
2020
1A
3
.981
12/20/50
2,736,745
1,000,000
(b)
Hertz
Vehicle
Financing
III
LLC,
Series
2024
1A
6
.120
01/25/29
1,011,583
1,500,000
(b)
Hertz
Vehicle
Financing
III
LLC,
Series
2024
2A
6
.210
01/27/31
1,517,777
6,150,000
(b)
HI-FI
Music
IP
Issuer
LP,
Series
2022
1A
3
.939
02/01/62
5,970,108
201,209
(b)
Hilton
Grand
Vacations
Trust
2019-A,
Series
2019
AA
2
.840
07/25/33
197,224
736,986
(b)
Horizon
Aircraft
Finance
II
Ltd,
Series
2019
1
3
.721
07/15/39
711,920
587,396
(b)
Horizon
Aircraft
Finance
III
Ltd,
Series
2019
2
3
.425
11/15/39
557,670
2,900,100
(b)
Horizon
Aircraft
Finance
IV
Ltd,
Series
2024
1
5
.375
09/15/49
2,832,574
1,000,000
(b)
Hotwire
Funding
LLC,
Series
2024
1A
6
.672
06/20/54
1,016,422
1,100,000
(b)
Hotwire
Funding
LLC,
Series
2021
1
2
.658
11/20/51
1,052,319
1,025,000
(b)
Hpefs
Equipment
Trust
2022-2,
Series
2022
2A
4
.940
03/20/30
1,024,944
1,250,000
(b),(e)
Industrial
DPR
Funding
Ltd,
Series
2022
1A
5
.380
04/15/34
1,107,650
1,637,957
(b)
Jonah
Energy
Abs
I
LLC,
Series
2022
1
7
.200
12/10/37
1,643,430
1,118,309
(b)
Lunar
2021-1
Structured
Aircraft
Portfolio
Notes,
Series
2021
1
5
.682
10/15/46
1,071,915
1,869,965
(b)
LUNAR
AIRCRAFT
2020-1
LTD,
Series
2020
1A
3
.376
02/15/45
1,804,267
3,994,267
(b)
Lyra
Music
Assets
Delaware
LP,
Series
2024
2A
5
.760
12/22/64
3,934,653
55,667
(b)
MAPS
2018-1
Ltd,
Series
2018
1A
4
.212
05/15/43
55,555
127,496
(b)
MAPS
2021-1
Trust,
Series
2021
1A
2
.521
06/15/46
119,535
1,000,000
(b)
MetroNet
Infrastructure
Issuer
LLC,
Series
2023
1A
8
.010
04/20/53
1,035,437
2,000,000
(b)
MetroNet
Infrastructure
Issuer
LLC,
Series
2022
1A
6
.350
10/20/52
2,031,681
2,500,000
(b),(e)
Mission
Lane
Credit
Card
Master
Trust,
Series
2025
A
12
.250
05/15/30
2,499,575
277,786
(b)
MVW
2019-2
LLC,
Series
2019
2A
2
.680
10/20/38
272,018
104,523
(b)
MVW
2021-1W
LLC,
Series
2021
1WA
1
.940
01/22/41
98,965
660,000
(b),(d)
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd,
Series
2021
40A,
(TSFR3M
+
6.112%)
10
.372
04/16/33
663,483
1,625,000
(b),(d)
Neuberger
Berman
Loan
Advisers
CLO
48
Ltd,
Series
2022
48A,
(TSFR3M
+
3.200%)
7
.482
04/25/36
1,629,145
1,000,000
(b)
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2021-1,
Series
2021
1A
4
.230
01/20/51
964,731
384,309
(b)
Oportun
Issuance
Trust
2021-C,
Series
2021
C
3
.610
10/08/31
376,721
218,004
(b)
Oportun
Issuance
Trust
2021-C,
Series
2021
C
5
.570
10/08/31
213,785
1,000,000
(b),(d)
Palmer
Square
CLO
2021-3
Ltd,
Series
2021
3A,
(TSFR3M
+
3.212%)
5
.462
01/15/35
1,004,312
2,500,000
(b),(d)
Palmer
Square
CLO
2022-1
Ltd,
Series
2022
1A,
(TSFR3M
+
3.050%)
7
.322
04/20/35
2,507,563
1,960,400
(b)
Sesac
Finance
LLC,
Series
2019
1
5
.216
07/25/49
1,937,633
59,879
(b)
Sierra
Timeshare
2021-1
Receivables
Funding
LLC,
Series
2021
1A
1
.790
11/20/37
58,594
1,838,325
(b)
Sonic
Capital
LLC,
Series
2020
1A
3
.845
01/20/50
1,792,478
1,000,000
(b)
Sotheby's
Artfi
Master
Trust,
Series
2024
1A
7
.910
12/22/31
1,008,139
742,286
(b)
Start
II
LTD,
Series
2019
1
5
.095
03/15/44
734,960
1,492,500
(b)
Subway
Funding
LLC,
Series
2024
1A
6
.028
07/30/54
1,507,386
2,583,975
(b)
Taco
Bell
Funding
LLC,
Series
2021
1A
2
.294
08/25/51
2,341,074
1,500,000
(b),(d)
TCW
CLO
2021-2
Ltd,
Series
2021
2A,
(LIBOR
3
M
+
7.122%)
6
.985
07/25/34
1,488,450
1,500,000
(b)
Uniti
Fiber
Abs
Issuer
Llc,
Series
2025
1A
5
.877
04/20/55
1,523,227
3,000,000
(b)
VB-S1
Issuer
LLC
-
VBTEL,
Series
2022
1A
4
.288
02/15/52
2,851,912
2,155,000
(b)
VB-S1
Issuer
LLC
-
VBTEL,
Series
2022
1A
3
.156
02/15/52
2,075,568
550,670
(b)
Vivint
Solar
Financing
V
LLC,
Series
2018
1A
7
.370
04/30/48
522,818
3,530,518
(b)
VR
Funding
LLC,
Series
2020
1A
2
.790
11/15/50
3,310,245
60,780
(b)
VR
Funding
LLC,
Series
2020
1A
6
.420
11/15/50
59,663
836,899
(b)
Wendy's
Funding
LLC,
Series
2021
1A
2
.370
06/15/51
762,797
1,390,975
(b)
Wendy's
Funding
LLC,
Series
2018
1A
3
.884
03/15/48
1,349,197
851,138
(b)
Willis
Engine
Structured
Trust
VI,
Series
2021
A
3
.104
05/15/46
777,166
1,246,449
(b)
Willis
Engine
Structured
Trust
VII,
Series
2023
A
8
.000
10/15/48
1,273,642
625,625
(b)
Zaxbys
Funding
LLC,
Series
2021
1A
3
.238
07/30/51
572,432
4,500,000
(b)
Zayo
Issuer
LLC,
Series
2025
1A
5
.648
03/20/55
4,521,497
1,500,000
(b)
Zayo
Issuer
LLC,
Series
2025
1A
8
.659
03/20/55
1,515,938
1,000,000
(b)
Ziply
Fiber
Issuer
LLC,
Series
2024
1A
11
.170
04/20/54
1,072,268
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
(continued)
$
1,000,000
(b)
Ziply
Fiber
Issuer
LLC,
Series
2024
1A
7
.810
04/20/54
$
1,036,183
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$158,105,050)
157,714,352
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
14305711
CONTINGENT
CAPITAL
SECURITIES
-
1
.4
%
14305711
BANKS
-
1.0%
1,600,000
(a),(f)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
N/A
1,756,097
2,200,000
(a),(f)
Banco
Santander
SA
9
.625
N/A
2,529,538
1,340,000
(a),(f)
Barclays
PLC
8
.000
N/A
1,397,572
1,500,000
(a),(b),(f)
BNP
Paribas
SA
9
.250
N/A
1,593,546
3,000,000
(a),(c),(f)
NatWest
Group
PLC
8
.125
N/A
3,180,805
TOTAL
BANKS
10,457,558
FINANCIAL
SERVICES
-
0.4%
1,505,000
(a),(f)
Deutsche
Bank
AG
6
.000
N/A
1,496,274
2,060,000
(a),(b),(f)
UBS
Group
AG
9
.250
N/A
2,351,879
TOTAL
FINANCIAL
SERVICES
3,848,153
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$13,803,878)
14,305,711
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
182637820
CORPORATE
BONDS
-
17
.3
%
182637820
AUTOMOBILES
&
COMPONENTS
-
0.1%
1,500,000
(b)
Dealer
Tire
LLC
/
DT
Issuer
LLC
8
.000
02/01/28
1,465,892
TOTAL
AUTOMOBILES
&
COMPONENTS
1,465,892
BANKS
-
2.8%
375,000
(b)
African
Export-Import
Bank/The
2
.634
05/17/26
364,695
1,500,000
(b),(c)
Banco
Bradesco
SA/Cayman
Islands
6
.500
01/22/30
1,558,320
800,000
(a),(b),(f)
Banco
de
Credito
e
Inversiones
SA
8
.750
N/A
837,000
500,000
(a),(b),(f)
Banco
del
Estado
de
Chile
7
.950
N/A
517,057
1,050,000
(a),(b),(f)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.500
N/A
1,041,337
500,000
(a),(b),(f)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8
.375
N/A
496,135
1,775,000
(b)
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
5
.621
12/10/29
1,785,650
700,000
(a),(b),(f)
Bangkok
Bank
PCL/Hong
Kong
5
.000
N/A
696,150
1,000,000
(b),(f)
Bank
Hapoalim
BM,
Reg
S
3
.255
01/21/32
956,800
1,725,000
Bank
of
America
Corp
5
.162
01/24/31
1,750,558
3,500,000
Bank
of
America
Corp
5
.744
02/12/36
3,480,068
4,800,000
(a)
Bank
of
America
Corp
6
.625
N/A
4,876,070
1,035,000
(b)
Banque
Ouest
Africaine
de
Developpement
4
.700
10/22/31
936,255
1,100,000
(b),(f)
BBVA
Bancomer
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
7
.625
02/11/35
1,113,640
1,000,000
(b),(f)
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico/TX
8
.450
06/29/38
1,041,449
1,500,000
Citibank
NA
4
.576
05/29/27
1,502,136
1,675,000
(b)
Development
Bank
of
Kazakhstan
JSC
2
.950
05/06/31
1,422,261
375,000
(b)
Grupo
Aval
Ltd
4
.375
02/04/30
335,562
2,000,000
(b)
Itau
Unibanco
Holding
SA/Cayman
Island
6
.000
02/27/30
2,029,000
1,700,000
(b),(f)
Mizrahi
Tefahot
Bank
Ltd,
Reg
S
3
.077
04/07/31
1,648,524
1,500,000
Wells
Fargo
&
Co
5
.605
04/23/36
1,517,522
TOTAL
BANKS
29,906,189
CAPITAL
GOODS
-
0.9%
730,000
(b)
Albion
Financing
1
SARL
/
Aggreko
Holdings
Inc
7
.000
05/21/30
740,344
2,750,000
Boeing
Co/The
5
.805
05/01/50
2,575,183
1,500,000
(b)
IHS
Holding
Ltd
7
.875
05/29/30
1,480,935
640,000
(b),(g)
New
Flyer
Holdings
Inc
9
.250
07/01/30
656,800
500,000
Regal
Rexnord
Corp
6
.050
04/15/28
513,338
1,100,000
Regal
Rexnord
Corp
6
.400
04/15/33
1,138,264
1,275,000
(b),(c)
Sisecam
UK
PLC
8
.625
05/02/32
1,276,581
Portfolio
of
Investments
May
31,
2025
(continued)
Strategic
Income
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL
GOODS
(continued)
$
1,200,000
(b)
Sociedad
Quimica
y
Minera
de
Chile
SA
6
.500
11/07/33
$
1,233,242
TOTAL
CAPITAL
GOODS
9,614,687
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
350,000
(b),(g)
CACI
International
Inc
6
.375
06/15/33
356,804
1,025,000
Waste
Management
Inc
4
.950
03/15/35
1,011,531
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,368,335
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.2%
1,125,000
(b)
Michaels
Cos
Inc/The
5
.250
05/01/28
766,904
1,500,000
(b)
Queen
MergerCo
Inc
6
.750
04/30/32
1,538,025
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
2,304,929
CONSUMER
DURABLES
&
APPAREL
-
0.2%
1,000,000
(b)
CD&R
Smokey
Buyer
Inc
9
.500
10/15/29
830,000
1,500,000
(b)
S&S
Holdings
LLC
8
.375
10/01/31
1,431,508
TOTAL
CONSUMER
DURABLES
&
APPAREL
2,261,508
CONSUMER
SERVICES
-
0.5%
2,000,000
(b)
Arcos
Dorados
BV
6
.375
01/29/32
2,039,600
2,500,000
Piedmont
Operating
Partnership
LP
9
.250
07/20/28
2,760,704
800,000
Sands
China
Ltd
3
.250
08/08/31
693,491
TOTAL
CONSUMER
SERVICES
5,493,795
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.2%
1,000,000
Kroger
Co/The
5
.000
09/15/34
973,971
1,000,000
Kroger
Co/The
5
.500
09/15/54
924,683
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
1,898,654
ENERGY
-
2.0%
1,300,000
Cheniere
Energy
Partners
LP
4
.500
10/01/29
1,272,721
1,300,000
(b)
Cosan
Luxembourg
SA
5
.500
09/20/29
1,265,974
1,000,000
Ecopetrol
SA
5
.875
11/02/51
646,564
100,000
Ecopetrol
SA
5
.875
05/28/45
67,330
575,000
Ecopetrol
SA
6
.875
04/29/30
565,193
450,000
Ecopetrol
SA
4
.625
11/02/31
372,331
1,985,285
(b)
EIG
Pearl
Holdings
Sarl
3
.545
08/31/36
1,743,569
900,000
(b)
Empresa
Nacional
del
Petroleo
3
.450
09/16/31
784,341
826,000
(b)
Energean
Israel
Finance
Ltd,
Reg
S
5
.375
03/30/28
783,869
1,700,000
(b)
Galaxy
Pipeline
Assets
Bidco
Ltd
2
.625
03/31/36
1,419,149
500,000
(b)
Medco
Laurel
Tree
Pte
Ltd
6
.950
11/12/28
492,560
500,000
(b)
Medco
Maple
Tree
Pte
Ltd
8
.960
04/27/29
517,114
1,000,000
ONEOK
Inc
5
.050
11/01/34
952,799
200,000
(b)
Petroleos
del
Peru
SA
4
.750
06/19/32
148,986
1,490,000
Petroleos
Mexicanos
6
.700
02/16/32
1,329,906
100,000
Petroleos
Mexicanos
6
.750
09/21/47
67,605
559,000
Petroleos
Mexicanos
7
.690
01/23/50
411,021
560,000
(b)
Petronas
Capital
Ltd
4
.950
01/03/31
566,225
2,400,000
(b)
Petronas
Capital
Ltd
5
.340
04/03/35
2,432,296
1,500,000
(b)
Raizen
Fuels
Finance
SA
5
.700
01/17/35
1,389,111
1,750,000
Targa
Resources
Corp
5
.500
02/15/35
1,712,079
825,000
Targa
Resources
Corp
6
.125
05/15/55
777,055
1,000,000
(b)
Thaioil
Treasury
Center
Co
Ltd
2
.500
06/18/30
858,815
TOTAL
ENERGY
20,576,613
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.5%
1,250,000
GLP
Capital
LP
/
GLP
Financing
II
Inc
5
.750
06/01/28
1,272,994
1,475,000
GLP
Capital
LP
/
GLP
Financing
II
Inc
4
.000
01/15/30
1,392,808
831,000
Healthcare
Realty
Holdings
LP
3
.750
07/01/27
812,473
1,875,000
Healthcare
Realty
Holdings
LP
2
.400
03/15/30
1,645,230
345,000
(b)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
8
.500
02/15/32
353,640
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
5,477,145
FINANCIAL
SERVICES
-
1.4%
500,000
(b),(d)
Citrus
Re
Ltd
(3-Month
U.S.
Treasury
Bill
+
5.060%)
5
.100
06/09/25
499,250
14,286
(b),(d)
Hestia
Re
Ltd
(1-Month
U.S.
Treasury
Bill
+
10.080%)
14
.404
04/22/29
5,714
5,125,000
JPMorgan
Chase
&
Co
5
.103
04/22/31
5,199,355
2,000,000
Morgan
Stanley
4
.679
07/17/26
1,999,731
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL
SERVICES
(continued)
5,025,000
Morgan
Stanley
5
.192
%
04/17/31
$
5,098,383
1,400,000
Morgan
Stanley
5
.664
04/17/36
1,422,867
TOTAL
FINANCIAL
SERVICES
14,225,300
FOOD,
BEVERAGE
&
TOBACCO
-
0.8%
1,200,000
(b)
Cia
Cervecerias
Unidas
SA
3
.350
01/19/32
1,052,842
1,500,000
(b)
Mars
Inc
4
.600
03/01/28
1,506,982
1,150,000
(b)
Mars
Inc
4
.800
03/01/30
1,157,097
1,500,000
(b)
Mars
Inc
5
.200
03/01/35
1,494,373
1,400,000
(b)
Mars
Inc
5
.700
05/01/55
1,358,140
1,350,000
(b)
Ulker
Biskuvi
Sanayi
AS
7
.875
07/08/31
1,368,314
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
7,937,748
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.5%
2,000,000
(b)
CHS/Community
Health
Systems
Inc
10
.875
01/15/32
2,131,738
850,000
CVS
Health
Corp
5
.050
03/25/48
708,690
210,000
(b)
Insulet
Corp
6
.500
04/01/33
215,934
1,510,000
(b)
Prime
Healthcare
Services
Inc
9
.375
09/01/29
1,534,143
900,000
UnitedHealth
Group
Inc
5
.050
04/15/53
773,551
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
5,364,056
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.1%
1,285,000
Haleon
US
Capital
LLC
3
.625
03/24/32
1,190,625
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
1,190,625
INSURANCE
-
1.0%
1,600,000
(b)
Allianz
SE
6
.350
09/06/53
1,646,090
1,855,000
(b)
Ardonagh
Group
Finance
Ltd
8
.875
02/15/32
1,917,029
650,000
Arthur
J
Gallagher
&
Co
5
.550
02/15/55
602,599
1,500,000
(b)
Omnis
Funding
Trust
6
.722
05/15/55
1,509,254
1,125,000
Reinsurance
Group
of
America
Inc
5
.750
09/15/34
1,139,848
1,000,000
(b),(d)
Vitality
Re
XIV
Ltd
(3-Month
U.S.
Treasury
Bill
+
3.500%)
7
.812
01/05/27
1,024,800
1,000,000
(b),(d)
Vitality
Re
XV
Ltd
(3-Month
U.S.
Treasury
Bill
+
2.500%)
0
.000
01/07/28
1,017,200
1,500,000
(b),(d)
Vitality
Re
XVI
Ltd
(3-Month
U.S.
Treasury
Bill
+
1.750%)
6
.049
01/08/29
1,500,300
TOTAL
INSURANCE
10,357,120
MATERIALS
-
1.5%
1,700,000
(b)
Alpek
SAB
de
CV
4
.250
09/18/29
1,592,134
2,250,000
Amcor
Finance
USA
Inc
3
.625
04/28/26
2,227,570
1,000,000
AngloGold
Ashanti
Holdings
PLC
3
.750
10/01/30
923,753
840,000
Berry
Global
Inc
1
.570
01/15/26
821,446
1,432,000
Celanese
US
Holdings
LLC
6
.415
07/15/27
1,468,230
1,025,000
(b)
Corp
Nacional
del
Cobre
de
Chile
6
.440
01/26/36
1,049,192
1,750,000
(b)
Corp
Nacional
del
Cobre
de
Chile
6
.330
01/13/35
1,783,775
1,120,000
(b)
Freeport
Indonesia
PT
5
.315
04/14/32
1,105,349
525,000
(b)
LD
Celulose
International
GmbH
7
.950
01/26/32
541,013
1,025,000
(b)
OCP
SA
3
.750
06/23/31
904,563
1,500,000
Suzano
Austria
GmbH
3
.125
01/15/32
1,282,467
2,000,000
(b)
Windfall
Mining
Group
Inc
/
Groupe
Minier
Windfall
Inc
5
.854
05/13/32
1,996,078
TOTAL
MATERIALS
15,695,570
MEDIA
&
ENTERTAINMENT
-
0.6%
1,500,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6
.550
06/01/34
1,569,254
1,025,000
Comcast
Corp
5
.650
06/01/54
974,206
2,000,000
(b),(c)
CSC
Holdings
LLC
11
.250
05/15/28
1,979,364
1,500,000
(b)
DISH
Network
Corp
11
.750
11/15/27
1,547,566
600,000
Warnermedia
Holdings
Inc
4
.279
03/15/32
509,142
TOTAL
MEDIA
&
ENTERTAINMENT
6,579,532
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.2%
1,100,000
Amgen
Inc
5
.650
03/02/53
1,047,115
1,000,000
Pfizer
Investment
Enterprises
Pte
Ltd
5
.300
05/19/53
916,569
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1,963,684
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.2%
2,000,000
(b),(c)
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co-Issuer
Corp
7
.000
04/15/30
1,827,035
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
1,827,035
Portfolio
of
Investments
May
31,
2025
(continued)
Strategic
Income
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
250,000
Intel
Corp
5
.700
%
02/10/53
$
224,344
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
224,344
SOFTWARE
&
SERVICES
-
0.1%
1,225,000
Oracle
Corp
6
.000
08/03/55
1,187,674
TOTAL
SOFTWARE
&
SERVICES
1,187,674
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.1%
1,525,000
Hewlett
Packard
Enterprise
Co
5
.000
10/15/34
1,484,883
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
1,484,883
TELECOMMUNICATION
SERVICES
-
1.1%
1,675,000
AT&T
Inc
3
.800
12/01/57
1,146,768
1,300,000
AT&T
Inc
5
.400
02/15/34
1,317,669
775,000
(b)
CT
Trust
5
.125
02/03/32
713,387
2,000,000
(b)
Level
3
Financing
Inc
4
.875
06/15/29
1,816,467
1,000,000
(b)
Liberty
Costa
Rica
Senior
Secured
Finance
10
.875
01/15/31
1,067,600
1,375,000
(b)
Sitios
Latinoamerica
SAB
de
CV
5
.375
04/04/32
1,316,447
300,000
(b)
Sitios
Latinoamerica
SAB
de
CV
6
.000
11/25/29
304,635
1,460,000
(b)
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp
8
.250
10/01/31
1,519,489
2,000,000
(b)
Zayo
Group
Holdings
Inc
4
.000
03/01/27
1,881,426
TOTAL
TELECOMMUNICATION
SERVICES
11,083,888
TRANSPORTATION
-
0.7%
500,000
(b)
Adani
Ports
&
Special
Economic
Zone
Ltd
3
.100
02/02/31
420,721
1,169,022
American
Airlines
2021-1
Class
A
Pass
Through
Trust2021
2021
2
.875
07/11/34
1,017,210
3,500,000
(b)
Brightline
East
LLC
11
.000
01/31/30
2,520,000
1,500,000
(b)
Grupo
Aeromexico
SAB
de
CV
8
.250
11/15/29
1,415,250
975,000
(b)
Kingston
Airport
Revenue
Finance
Ltd
6
.750
12/15/36
965,153
1,000,000
(b)
Transnet
SOC
Ltd
8
.250
02/06/28
1,020,000
TOTAL
TRANSPORTATION
7,358,334
UTILITIES
-
1.5%
1,185,655
(b)
Alfa
Desarrollo
SpA2021
1
4
.550
09/27/51
859,733
800,000
(c)
Atmos
Energy
Corp
5
.000
12/15/54
706,113
775,000
(b)
Comision
Federal
de
Electricidad
5
.700
01/24/30
762,213
1,465,875
(b)
Continuum
Green
Energy
India
Pvt
/
Co-Issuers
7
.500
06/26/33
1,507,250
600,000
DTE
Energy
Co
5
.850
05/15/55
598,350
1,000,000
Duke
Energy
Progress
LLC
5
.350
03/15/53
919,838
1,200,000
Duke
Energy
Progress
LLC
5
.050
03/15/35
1,184,186
800,000
(b)
Empresas
Publicas
de
Medellin
ESP
4
.375
02/15/31
697,131
950,000
(b)
Eskom
Holdings
SOC
Ltd
6
.350
08/10/28
950,532
1,625,000
(b)
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5
.875
04/01/29
1,471,271
725,000
Florida
Power
&
Light
Co
5
.700
03/15/55
713,555
1,150,000
Interstate
Power
and
Light
Co
5
.600
06/29/35
1,156,773
1,500,000
(b)
ReNew
Wind
Energy
AP2
/
ReNew
Power
Pvt
Ltd
other
9
Subsidiaries
4
.500
07/14/28
1,406,000
550,000
Southern
California
Edison
Co
5
.875
12/01/53
491,787
691,680
(b)
Sweihan
PV
Power
Co
PJSC2022
1
3
.625
01/31/49
566,791
551,554
(b)
UEP
Penonome
II
SA2020
1
6
.500
10/01/38
487,513
1,250,000
(b),(c)
XPLR
Infrastructure
Operating
Partners
LP
8
.625
03/15/33
1,311,244
TOTAL
UTILITIES
15,790,280
TOTAL
CORPORATE
BONDS
(Cost
$187,343,928)
182,637,820
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
-
39.9%
–
2,000,000
(b),(d)
Alen
2021-ACEN
Mortgage
Trust,
Series
2021
ACEN,
(TSFR1M
+
4.114%)
8
.443
04/15/34
1,553,508
285,843
(b),(d)
Arroyo
Mortgage
Trust
2019-3,
Series
2019
3
3
.416
10/25/48
271,589
1,813,812
(b),(d)
BAMLL
Commercial
Mortgage
Securities
Trust
2022-DKLX,
Series
2022
DKLX,
(TSFR1M
+
3.000%)
7
.329
01/15/39
1,799,183
3,500,000
(b),(d)
BAMLL
Trust
2025-ASHF,
Series
2025
ASHF,
(TSFR1M
+
2.350%)
6
.679
02/15/42
3,494,029
1,200,000
(d)
BANK,
Series
2017
BNK5
4
.190
06/15/60
1,148,260
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
700,000
(d)
BANK
2017-BNK8,
Series
2017
BNK8
4
.091
%
11/15/50
$
569,410
2,700,000
(d)
BANK
2019-BNK18,
Series
2019
BN18
4
.214
05/15/62
2,245,444
2,000,000
(b)
BANK
2019-BNK21,
Series
2019
BN21
2
.500
10/17/52
1,487,318
2,000,000
BANK
2024-BNK48,
Series
2024
BNK48
5
.053
10/15/57
1,982,484
2,000,000
(d)
BANK5
2024-5YR5
6
.539
02/15/29
2,061,497
3,925,000
(b),(d)
BBCMS
Trust
2015-SRCH,
Series
2015
SRCH
4
.957
08/10/35
3,656,586
3,000,000
(b),(d)
BBCMS
Trust
2018-CBM,
Series
2018
CBM,
(TSFR1M
+
1.488%)
6
.817
07/15/37
2,875,113
3,400,000
(d)
Benchmark
2018-B1
Mortgage
Trust,
Series
2018
B1
4
.203
01/15/51
2,847,951
3,400,000
(d)
Benchmark
2018-B2
Mortgage
Trust,
Series
2018
B2
4
.308
02/15/51
2,695,893
3,000,000
(d)
Benchmark
2019-B14
Mortgage
Trust,
Series
2019
B14
3
.763
12/15/62
2,283,030
1,000,000
(b)
Benchmark
2019-B14
Mortgage
Trust,
Series
2019
B14
2
.500
12/15/62
366,150
1,500,000
Benchmark
2019-B14
Mortgage
Trust,
Series
2019
B14
3
.493
12/15/62
1,212,546
2,500,000
(d)
Benchmark
2019-B15
Mortgage
Trust,
Series
2019
B15
3
.715
12/15/72
1,990,399
1,750,000
Benchmark
2019-B9
Mortgage
Trust,
Series
2019
B9
4
.267
03/15/52
1,656,048
1,500,000
(b)
Benchmark
2020-B18
Mortgage
Trust,
Series
2020
B18
4
.139
07/15/53
1,473,380
1,000,000
(b),(d)
Benchmark
2020-IG2
Mortgage
Trust,
Series
2020
IG2
2
.791
09/15/48
858,559
1,000,000
(b),(d)
Benchmark
2020-IG3
Mortgage
Trust,
Series
2020
IG3
3
.536
09/15/48
948,096
2,000,000
Benchmark
Mortgage
Trust
Series
-
2019
B12
(Class
C)
3
.873
08/15/52
1,587,266
1,500,000
(d)
BMO
2024-C9
Mortgage
Trust,
Series
2024
C9
6
.340
07/15/57
1,567,340
2,000,000
(b),(d)
BPR
2023-STON
Mortgage
Trust,
Series
2023
STON
7
.871
12/05/39
2,068,335
2,500,000
(b),(d)
BSST
2022-1700
Mortgage
Trust,
Series
2022
1700,
(TSFR1M
+
1.300%)
5
.629
02/15/37
2,253,109
1,753,476
(b),(d)
BX
Commercial
Mortgage
Trust
2021-SOAR,
Series
2021
SOAR,
(LIBOR
1
M
+
1.914%)
1
.910
06/15/38
1,752,173
2,500,000
(b),(d)
BX
Commercial
Mortgage
Trust
2024-BRBK,
Series
2024
BRBK,
(TSFR1M
+
4.874%)
9
.202
10/15/41
2,504,335
1,500,000
(b),(d)
BX
Trust
2023-DELC,
Series
2023
DELC,
(TSFR1M
+
3.339%)
7
.668
05/15/38
1,509,718
3,500,000
(d)
Cantor
Commercial
Real
Estate
Lending
2019-CF1,
Series
2019
CF1
4
.352
05/15/52
2,899,420
705,000
(d)
CD
2016-CD1
Mortgage
Trust,
Series
2016
CD1
3
.631
08/10/49
473,786
1,440,000
(d)
CD
Mortgage
Trust,
Series
2017
CD3
3
.984
02/10/50
1,009,798
47,996
(b),(d)
CF
2020-P1
Mortgage
Trust,
Series
2020
P1
2
.840
04/15/52
47,845
750,000
(b),(d)
CF
2020-P1
Mortgage
Trust,
Series
2020
P1
3
.603
04/15/52
681,569
577,650
(b),(d)
Citigroup
Commercial
Mortgage
Trust
2014-GC23,
Series
2014
GC23
4
.588
07/10/47
549,525
1,690,000
(d)
Citigroup
Commercial
Mortgage
Trust
2015-GC29,
Series
2015
GC29
4
.041
04/10/48
1,541,808
1,957,361
(d)
Citigroup
Commercial
Mortgage
Trust
2015-GC29,
Series
2015
GC29
3
.758
04/10/48
1,888,780
1,900,000
Citigroup
Commercial
Mortgage
Trust
2016-GC37,
Series
2016
GC37
4
.233
04/10/49
1,854,338
3,000,000
(d)
Citigroup
Commercial
Mortgage
Trust
2016-P3,
Series
2016
P3
4
.271
04/15/49
2,799,184
2,500,000
(d)
Citigroup
Commercial
Mortgage
Trust
2017-C4,
Series
2017
C4
4
.137
10/12/50
2,363,968
2,260,000
(d)
Citigroup
Commercial
Mortgage
Trust
2017-P8,
Series
2017
P8
4
.254
09/15/50
1,994,943
1,574,000
Citigroup
Commercial
Mortgage
Trust
2019-GC41,
Series
2019
GC41
3
.502
08/10/56
1,358,781
850,000
(b),(d)
Citigroup
Commercial
Mortgage
Trust
2021-PRM2,
Series
2021
PRM2,
(TSFR1M
+
2.014%)
6
.343
10/15/38
841,008
1,511,544
COMM
2014-CCRE17
Mortgage
Trust,
Series
2014
CR17
4
.377
05/10/47
1,460,057
833,209
(d)
COMM
2014-CR14
Mortgage
Trust,
Series
2014
CR14
3
.706
02/10/47
802,951
2,000,000
(d)
COMM
2014-UBS3
Mortgage
Trust,
Series
2014
UBS3
4
.587
06/10/47
1,431,159
2,000,000
(b),(d)
COMM
2014-UBS3
Mortgage
Trust,
Series
2014
UBS3
4
.767
06/10/47
860,020
1,840,000
(d)
COMM
2015-CCRE22
Mortgage
Trust,
Series
2015
CR22
3
.886
03/10/48
1,656,466
2,000,000
(b)
COMM
2015-CCRE22
Mortgage
Trust,
Series
2015
CR22
3
.000
03/10/48
1,364,686
1,580,250
(d)
COMM
2015-CCRE23
Mortgage
Trust,
Series
2015
CR23
4
.218
05/10/48
1,516,424
1,500,000
(d)
COMM
2015-CCRE24
Mortgage
Trust,
Series
2015
CR24
3
.463
08/10/48
1,253,146
500,000
(d)
COMM
2015-CCRE24
Mortgage
Trust,
Series
2015
CR24
4
.336
08/10/48
468,134
1,000,000
(d)
COMM
2015-CCRE24
Mortgage
Trust,
Series
2015
CR24
4
.336
08/10/48
990,088
550,000
(d)
COMM
2015-CCRE25
Mortgage
Trust,
Series
2015
CR25
3
.768
08/10/48
516,693
3,000,000
(d)
COMM
2015-CCRE26
Mortgage
Trust,
Series
2015
CR26
4
.512
10/10/48
2,804,127
2,043,000
(d)
COMM
2015-LC23
Mortgage
Trust,
Series
2015
LC23
4
.543
10/10/48
1,961,979
3,500,000
(d)
COMM
2018-COR3
Mortgage
Trust,
Series
2018
COR3
4
.516
05/10/51
2,904,520
Portfolio
of
Investments
May
31,
2025
(continued)
Strategic
Income
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
2,500,000
(d)
COMM
2019-GC44
Mortgage
Trust,
Series
2019
GC44
3
.509
%
08/15/57
$
2,072,246
4,830,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2021-R03,
Series
2021
R03,
(SOFR30A
+
5.500%)
9
.822
12/25/41
5,043,498
5,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2022-R01,
Series
2022
R01,
(SOFR30A
+
6.000%)
10
.322
12/25/41
5,258,826
6,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2022-R02,
Series
2022
R02,
(SOFR30A
+
7.650%)
12
.972
01/25/42
6,464,125
4,500,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2022-R03,
Series
2022
R03,
(SOFR30A
+
9.850%)
14
.823
03/25/42
5,056,004
5,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2022-R04,
Series
2022
R04,
(SOFR30A
+
9.500%)
14
.837
03/25/42
5,591,125
5,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2022-R05,
Series
2022
R05,
(SOFR30A
+
7.000%)
11
.322
04/25/42
5,430,396
6,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2022-R06,
Series
2022
R06,
(SOFR30A
+
10.600%)
15
.334
05/25/42
6,887,240
4,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2022-R07,
Series
2022
R07,
(SOFR30A
+
12.000%)
16
.321
06/25/42
4,709,654
1,500,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2022-R07,
Series
2022
R07,
(SOFR30A
+
4.650%)
8
.971
06/25/42
1,597,995
600,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2022-R09,
Series
2022
R09,
(SOFR30A
+
6.750%)
11
.071
09/25/42
664,205
3,350,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2023-R02,
Series
2023
R02,
(SOFR30A
+
7.900%)
12
.222
01/25/43
3,735,104
5,045,600
(b),(d)
Connecticut
Avenue
Securities
Trust
2023-R02,
Series
2023
R02,
(SOFR30A
+
5.550%)
9
.872
01/25/43
5,505,438
6,217,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2023-R04,
Series
2023
R04,
(SOFR30A
+
5.350%)
9
.671
05/25/43
6,789,158
5,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2023-R04,
Series
2023
R04,
(SOFR30A
+
8.250%)
12
.571
05/25/43
5,635,418
5,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2023-R05,
Series
2023
R05,
(SOFR30A
+
4.750%)
9
.071
06/25/43
5,394,722
1,415,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2023-R05,
Series
2023
R05,
(SOFR30A
+
6.850%)
11
.171
06/25/43
1,544,462
6,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2023-R06,
Series
2023
R06,
(SOFR30A
+
5.900%)
10
.222
07/25/43
6,399,178
5,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2023-R06,
Series
2023
R06,
(SOFR30A
+
3.900%)
9
.188
07/25/43
5,274,690
6,000,000
(b),(d)
Connecticut
Avenue
Securities
Trust
2023-R08,
Series
2023
R08,
(SOFR30A
+
3.550%)
7
.872
10/25/43
6,327,779
4,005,512
(b),(d)
CSMC
2021-INV2
Trust,
Series
2021
INV2
3
.281
11/25/56
3,236,773
1,000,000
(b),(d)
CSMC
2021-NQM1,
Series
2021
NQM1
2
.130
05/25/65
774,849
3,500,000
(d)
CSMC
Trust
2016-NXSR,
Series
2016
NXSR
4
.422
12/15/49
3,116,656
1,871,000
(d)
CSMC
Trust
2016-NXSR,
Series
2016
NXSR
4
.251
12/15/49
1,746,511
1,300,000
(b),(d)
DBSG
2024-ALTA
Mortgage
Trust,
Series
2024
ALTA
7
.296
06/10/37
1,309,480
30,450,000
(b),(d)
DOLP
Trust
2021-NYC,
Series
2021
NYC,
(I/O)
0
.665
05/10/41
917,277
11,572,104
Fannie
Mae
Pool,
FN
MA5353
5
.500
05/01/54
11,459,733
12,894,429
Fannie
Mae
Pool,
FN
MA5165
5
.500
10/01/53
12,780,792
13,253,547
Fannie
Mae
Pool,
FN
MA5039
5
.500
06/01/53
13,141,836
12,686,056
Fannie
Mae
Pool,
FN
MA5107
5
.500
08/01/53
12,577,209
7,891,869
Fannie
Mae
Pool,
FN
MA4919
5
.500
02/01/53
7,833,430
10,085
(d)
Fannie
Mae
Pool,
FN
946228,
(LIBOR
12
M
+
1.587%)
7
.337
09/01/37
10,276
6,693,170
Fannie
Mae
Pool,
FN
MA4918
5
.000
02/01/53
6,495,589
650
(d)
Fannie
Mae
Pool,
FN
905597,
(LIBOR
12
M
+
1.875%)
6
.750
12/01/36
668
141,339
(d)
Fannie
Mae
REMICS,
Series
2013
98,
(SOFR30A
+
5.836%),
(I/O)
1
.514
09/25/43
15,336
77,850
(b),(d)
Flagstar
Mortgage
Trust
2017-2,
Series
2017
2
3
.979
10/25/47
70,656
1,809,581
(b),(d)
Flagstar
Mortgage
Trust
2021-11INV,
Series
2021
11IN
3
.449
11/25/51
1,422,313
11,215,372
(d)
Freddie
Mac
Multifamily
ML
Certificates,
Series
2021
ML12,
(I/O)
1
.226
07/25/41
993,345
1,000,000
(b),(d)
Freddie
Mac
STACR
REMIC
Trust
2020-DNA6,
Series
2020
DNA6,
(SOFR30A
+
3.000%)
7
.322
12/25/50
1,070,862
5,000,000
(b),(d)
Freddie
Mac
STACR
REMIC
Trust
2021-DNA6,
Series
2021
DNA6,
(SOFR30A
+
7.500%)
11
.822
10/25/41
5,331,128
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
6,000,000
(b),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA1,
Series
2022
DNA1,
(SOFR30A
+
7.100%)
11
.422
%
01/25/42
$
6,419,828
6,000,000
(b),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
Series
2022
DNA2,
(SOFR30A
+
8.500%)
13
.788
02/25/42
6,563,152
5,900,000
(b),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
Series
2022
DNA2,
(SOFR30A
+
4.750%)
9
.072
02/25/42
6,181,480
6,000,000
(b),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
Series
2022
DNA3,
(SOFR30A
+
9.750%)
15
.087
04/25/42
6,736,482
5,000,000
(b),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
Series
2022
DNA3,
(SOFR30A
+
5.650%)
8
.647
04/25/42
5,358,830
5,000,000
(b),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-HQA1,
Series
2022
HQA1,
(SOFR30A
+
7.000%)
9
.997
03/25/42
5,443,383
3,600,000
(b),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-HQA2,
Series
2022
HQA2,
(SOFR30A
+
4.000%)
8
.322
07/25/42
3,804,753
2,735,699
(d)
Government
National
Mortgage
Association,
Series
2023
111,
(SOFR30A
+
23.205%)
6
.325
08/20/53
2,942,488
1,711,023
(d)
Government
National
Mortgage
Association,
Series
2023
96,
(SOFR30A
+
26.100%)
7
.272
07/20/53
1,809,257
19,502,618
(d)
Government
National
Mortgage
Association,
Series
2020
61,
(TSFR1M
+
6.326%),
(I/O)
1
.566
07/20/43
2,262,107
1,081,000
(b),(d)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
Series
2018
TWR,
(LIBOR
1
M
+
1.497%)
3
.449
07/15/31
341,380
1,500,000
(b),(d)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
Series
2018
TWR,
(TSFR1M
+
1.897%)
6
.226
07/15/31
212,310
2,000,000
(b),(d)
GS
Mortgage
Securities
Corp
Trust
2021-ARDN,
Series
2021
ARDN,
(TSFR1M
+
3.464%)
7
.793
11/15/36
1,952,835
2,600,000
(b),(d)
GS
Mortgage
Securities
Corp
Trust
2021-ARDN,
Series
2021
ARDN,
(TSFR1M
+
1.364%)
5
.693
11/15/36
2,593,229
1,000,000
(d)
GS
Mortgage
Securities
Trust
2016-GS3,
Series
2016
GS3
3
.978
10/10/49
934,281
2,260,000
(d)
GS
Mortgage
Securities
Trust
2016-GS4,
Series
2016
GS4
3
.948
11/10/49
2,000,236
3,500,000
(d)
GS
Mortgage
Securities
Trust
2018-GS9,
Series
2018
GS9
4
.345
03/10/51
3,014,757
1,425,000
(d)
GS
Mortgage
Securities
Trust
2019-GC38,
Series
2019
GC38
4
.158
02/10/52
1,362,277
1,000,000
GS
Mortgage
Securities
Trust
2020-GSA2,
Series
2020
GSA2
2
.012
12/12/53
856,988
4,641
(b),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
2019-PJ2,
Series
2019
PJ2
4
.000
11/25/49
4,348
96,472
(b),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
2019-PJ2,
Series
2019
PJ2
4
.000
11/25/49
90,382
6,380,517
(b),(d)
GS
Mortgage-Backed
Securities
Trust
2022-PJ1,
Series
2022
PJ1
2
.829
05/28/52
5,130,836
3,000,000
(b),(d)
Houston
Galleria
Mall
Trust
2025-HGLR,
Series
2025
HGLR
5
.462
02/05/45
3,035,314
2,000,000
(b),(d)
HTL
Commercial
Mortgage
Trust
2024-T53,
Series
2024
T53
7
.088
05/10/39
2,021,167
1,500,000
(b),(d)
ILPT
Commercial
Mortgage
Trust
2022-LPF2,
Series
2022
LPF2,
(TSFR1M
+
2.744%)
7
.073
10/15/39
1,501,192
343,555
(d)
Impac
Secured
Assets
CMN
Owner
Trust,
Series
2000
3
8
.000
10/25/30
318,622
2,000,000
(b),(d)
Imperial
Fund
Mortgage
Trust
2020-NQM1,
Series
2020
NQM1
3
.531
10/25/55
1,827,990
230,646
(b),(d)
Imperial
Fund
Mortgage
Trust
2020-NQM1,
Series
2020
NQM1
2
.051
10/25/55
217,346
323,718
(b),(d)
Imperial
Fund
Mortgage
Trust
2021-NQM1,
Series
2021
NQM1
1
.617
06/25/56
284,354
450,000
(b),(d)
Imperial
Fund
Mortgage
Trust
2021-NQM1,
Series
2021
NQM1
2
.383
06/25/56
331,957
2,000,000
(b),(d),(g)
IP
2025-IP
Mortgage
Trust,
Series
2025
IP
7
.712
06/10/42
2,000,000
2,500,000
(b),(d)
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2022-ACB,
Series
2022
ACB,
(SOFR30A
+
3.350%)
7
.757
03/15/39
2,505,315
2,440,699
(b),(d)
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2022-NLP,
Series
2022
NLP,
(TSFR1M
+
2.858%)
7
.918
04/15/37
2,234,828
4,663,799
(b),(d)
J.P.
Morgan
Mortgage
Trust
2022-LTV2,
Series
2022
LTV2
3
.666
09/25/52
3,903,042
140,126
(d)
JP
Morgan
Alternative
Loan
Trust
2007-S1,
Series
2007
S1,
(TSFR1M
+
0.674%)
4
.999
04/25/47
134,738
2,000,000
(b)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2020-
NNN,
Series
2020
NNN
3
.065
01/16/37
1,572,481
1,333,970
(b),(d)
JP
Morgan
Mortgage
Trust
2020-INV1,
Series
2020
INV1
4
.186
08/25/50
1,149,379
1,500,000
(d)
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C31,
Series
2015
C31
4
.603
08/15/48
1,416,005
2,500,000
(d)
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C31,
Series
2015
C31
4
.603
08/15/48
2,025,008
Portfolio
of
Investments
May
31,
2025
(continued)
Strategic
Income
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
3,750,000
(b),(d)
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C33,
Series
2015
C33
4
.136
%
12/15/48
$
3,409,895
1,400,000
(b),(d)
JPMBB
Commercial
Mortgage
Securities
Trust
2016-C1,
Series
2016
C1
4
.199
03/17/49
1,226,806
1,500,000
(d)
JPMBB
Commercial
Mortgage
Securities
Trust
2016-C1,
Series
2016
C1
4
.699
03/17/49
1,423,291
2,000,000
(d)
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP6,
Series
2017
JP6
3
.700
07/15/50
1,625,030
$
1,400,000
(b),(d)
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP7,
Series
2017
JP7
4
.424
09/15/50
860,093
2,000,000
(d)
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP7,
Series
2017
JP7
3
.674
09/15/50
1,663,855
190,000
(b)
Ladder
Capital
Commercial
Mortgage
2013-GCP
Mortgage
Trust,
Series
2013
GCP
3
.985
02/15/36
178,949
3,015,000
(b)
Legends
Outlets
Kansas
City
KS
Mortgage
Secured
Pass-
Through
Trust,
Series
2024
LGND
6
.733
11/05/39
3,006,876
34,356,000
(b),(d)
MFT
Trust
2020-ABC,
Series
2020
ABC,
(I/O)
0
.119
02/10/42
213,095
1,150,000
Morgan
Stanley
Capital
I
Trust
2019-H7,
Series
2019
H7
3
.524
07/15/52
1,071,063
2,000,000
(b)
MRCD
2019-MARK
Mortgage
Trust,
Series
2019
PARK
2
.718
12/15/36
1,424,600
1,500,000
(b),(d)
MSCG
Trust
2015-ALDR,
Series
2015
ALDR
3
.462
06/07/35
1,494,506
500,000
(b),(d)
MSCG
Trust
2015-ALDR,
Series
2015
ALDR
3
.462
06/07/35
497,468
1,000,000
(b),(d)
MTN
Commercial
Mortgage
Trust
2022-LPFL,
Series
2022
LPFL,
(TSFR1M
+
2.943%)
7
.773
03/15/39
998,748
1,500,000
(b),(d)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
Series
2019
MILE,
(TSFR1M
+
4.329%)
8
.658
07/15/36
998,345
1,500,000
(b),(d)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
Series
2019
MILE,
(TSFR1M
+
3.579%)
7
.908
07/15/36
1,082,114
66,400
(b),(d)
New
Residential
Mortgage
Loan
Trust
2015-2,
Series
2015
2A
5
.302
08/25/55
65,800
3,200,000
(b),(d)
NYCT
Trust
2024-3ELV,
Series
2024
3ELV,
(TSFR1M
+
2.840%)
7
.168
08/15/29
3,184,924
1,150,000
(b)
One
Bryant
Park
Trust
2019-OBP,
Series
2019
OBP
2
.516
09/15/54
1,035,966
2,400,000
(b),(d)
OPEN
Trust
2023-AIR,
Series
2023
AIR,
(TSFR1M
+
5.236%)
9
.565
11/15/40
2,408,816
2,000,000
(b),(d)
PKHL
Commercial
Mortgage
Trust
2021-MF,
Series
2021
MF,
(TSFR1M
+
0.994%)
5
.323
07/15/38
1,893,259
1,000,000
(b),(d)
RLGH
Trust
2021-TROT,
Series
2021
TROT,
(LIBOR
1
M
+
1.828%)
1
.821
04/15/36
993,025
9,906
(b),(d)
Sequoia
Mortgage
Trust
2018-7,
Series
2018
7
4
.000
09/25/48
9,346
5,428
(b),(d)
Sequoia
Mortgage
Trust
2019-2,
Series
2019
2
4
.000
06/25/49
5,093
1,155,000
(b)
SLG
Office
Trust
2021-OVA,
Series
2021
OVA
2
.851
07/15/41
965,215
40,180,000
(b),(d)
SLG
Office
Trust
2021-OVA,
Series
2021
OVA,
(I/O)
0
.258
07/15/41
498,855
1,831,354
(b),(d)
SMR
2022-IND
Mortgage
Trust,
Series
2022
IND,
(TSFR1M
+
3.950%)
8
.279
02/15/39
1,790,224
2,140,000
(b),(d)
SREIT
Trust
2021-PALM,
Series
2021
PALM,
(TSFR1M
+
1.524%)
5
.853
10/15/34
2,129,318
2,000,000
(b),(d)
TX
Trust
2024-HOU,
Series
2024
1,
(TSFR1M
+
3.239%)
7
.568
06/15/39
2,001,207
2,511,000
UBS
Commercial
Mortgage
Trust
2017-C1,
Series
2017
C1
4
.036
06/15/50
2,353,098
2,600,000
(d)
UBS
Commercial
Mortgage
Trust
2018-C11,
Series
2018
C11
5
.044
06/15/51
2,384,178
2,000,000
(b),(d)
Verus
Securitization
Trust
2021-8,
Series
2021
8
3
.288
11/25/66
1,529,879
28,338
(d)
Washington
Mutual
MSC
Mortgage
Pass-Through
Certificates
Series
2004-RA3
Trust,
Series
2004
RA3
5
.557
08/25/38
28,134
362,670
(d)
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS1,
Series
2015
NXS1
3
.658
05/15/48
361,888
2,000,000
(d)
Wells
Fargo
Commercial
Mortgage
Trust
2015-P2,
Series
2015
P2
4
.818
12/15/48
1,953,196
1,765,000
(d)
Wells
Fargo
Commercial
Mortgage
Trust
2016-C36,
Series
2016
C36
4
.113
11/15/59
1,526,229
2,400,000
(b),(d)
Wells
Fargo
Commercial
Mortgage
Trust
2017-SMP,
Series
2017
SMP,
(TSFR1M
+
0.921%)
6
.258
12/15/34
2,236,685
3,000,000
(d)
Wells
Fargo
Commercial
Mortgage
Trust
2024-C63,
Series
2024
C63
5
.820
08/15/57
3,054,853
2,500,000
(b),(d)
Wells
Fargo
Commercial
Mortgage
Trust
2025-DWHP,
Series
2025
DWHP,
(TSFR1M
+
3.340%)
7
.669
04/15/38
2,496,698
25
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
$
925,281
(b),(d)
Wells
Fargo
Mortgage
Backed
Securities
2021-INV1
Trust,
Series
2021
INV1
3
.309
%
08/25/51
$
766,101
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$432,807,644)
422,041,012
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
87895648
SOVEREIGN
DEBT
-
8
.3
%
87895648
ANGOLA
-
0.2%
2,150,000
(b)
Angolan
Government
International
Bond
8
.750
04/14/32
1,763,571
TOTAL
ANGOLA
1,763,571
ARGENTINA
-
0.2%
2,325,000
Argentine
Republic
Government
International
Bond
4
.125
07/09/35
1,561,237
TOTAL
ARGENTINA
1,561,237
AZERBAIJAN
-
0.1%
1,700,000
(b)
Republic
of
Azerbaijan
International
Bond
3
.500
09/01/32
1,488,105
TOTAL
AZERBAIJAN
1,488,105
BAHRAIN
-
0.0%
500,000
(b)
Bahrain
Government
International
Bond
6
.000
09/19/44
406,840
TOTAL
BAHRAIN
406,840
BENIN
-
0.1%
1,550,000
(b)
Benin
Government
International
Bond
7
.960
02/13/38
1,421,025
TOTAL
BENIN
1,421,025
BRAZIL
-
0.2%
1,145,000
Brazilian
Government
International
Bond
6
.000
10/20/33
1,123,460
1,250,000
Brazilian
Government
International
Bond
7
.125
05/13/54
1,155,910
TOTAL
BRAZIL
2,279,370
CHILE
-
0.2%
2,150,000
Chile
Government
International
Bond
3
.100
05/07/41
1,561,975
TOTAL
CHILE
1,561,975
COLOMBIA
-
0.3%
3,200,000
Colombia
Government
International
Bond
5
.000
06/15/45
2,114,400
2,225,000
Colombia
Government
International
Bond
5
.200
05/15/49
1,458,487
TOTAL
COLOMBIA
3,572,887
COSTA
RICA
-
0.1%
905,000
(b)
Costa
Rica
Government
International
Bond
5
.625
04/30/43
803,187
TOTAL
COSTA
RICA
803,187
COTE
D'IVOIRE
-
0.5%
2,250,000
(b)
Ivory
Coast
Government
International
Bond
6
.125
06/15/33
1,991,520
662,953
(b)
Ivory
Coast
Government
International
Bond
2032
144A
5
.750
12/31/32
619,518
2,125,000
(b)
Ivory
Coast
Government
International
Bond
8
.250
01/30/37
2,003,004
TOTAL
COTE
D'IVOIRE
4,614,042
DOMINICAN
REPUBLIC
-
0.3%
1,525,000
(b),(c)
Dominican
Republic
International
Bond
4
.500
01/30/30
1,430,297
2,225,000
(b)
Dominican
Republic
International
Bond
6
.950
03/15/37
2,231,675
TOTAL
DOMINICAN
REPUBLIC
3,661,972
ECUADOR
-
0.0%
380,000
(b)
Ecuador
Government
International
Bond
5
.000
07/31/30
294,314
TOTAL
ECUADOR
294,314
EGYPT
-
0.3%
1,500,000
(b)
Egypt
Government
International
Bond
8
.625
02/04/30
1,486,721
2,250,000
(b)
Egypt
Government
International
Bond
8
.500
01/31/47
1,730,677
TOTAL
EGYPT
3,217,398
GHANA
-
0.1%
157,300
(b)
Ghana
Government
International
Bond
5
.000
07/03/29
143,728
1,651,200
(b)
Ghana
Government
International
Bond
5
.000
07/03/35
1,226,016
TOTAL
GHANA
1,369,744
Portfolio
of
Investments
May
31,
2025
(continued)
Strategic
Income
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GUATEMALA
-
0.1%
$
1,475,000
(b)
Guatemala
Government
Bond
6
.600
%
06/13/36
$
1,476,844
TOTAL
GUATEMALA
1,476,844
HONDURAS
-
0.4%
1,675,000
(b)
Honduras
Government
International
Bond
5
.625
06/24/30
1,546,025
1,575,000
(b)
Honduras
Government
International
Bond
8
.625
11/27/34
1,598,625
TOTAL
HONDURAS
3,144,650
HUNGARY
-
0.4%
1,650,000
Hungary
Government
International
Bond
7
.625
03/29/41
1,829,207
1,600,000
(b)
Hungary
Government
International
Bond
5
.500
03/26/36
1,514,400
1,300,000
(b)
Magyar
Export-Import
Bank
Zrt
6
.125
12/04/27
1,321,736
TOTAL
HUNGARY
4,665,343
INDONESIA
-
0.2%
1,475,000
Indonesia
Government
International
Bond
5
.250
01/15/30
1,515,261
TOTAL
INDONESIA
1,515,261
IRAQ
-
0.1%
1,130,625
(b)
Iraq
International
Bond
5
.800
01/15/28
1,110,873
TOTAL
IRAQ
1,110,873
ISRAEL
-
0.1%
1,675,000
Israel
Government
International
Bond
5
.750
03/12/54
1,485,256
TOTAL
ISRAEL
1,485,256
JORDAN
-
0.2%
600,000
(b)
Jordan
Government
International
Bond
7
.375
10/10/47
516,452
600,000
(b)
Jordan
Government
International
Bond
5
.850
07/07/30
563,198
TOTAL
JORDAN
1,079,650
KENYA
-
0.2%
1,445,000
(b)
Republic
of
Kenya
Government
International
Bond
6
.300
01/23/34
1,149,699
500,000
(b)
Republic
of
Kenya
Government
International
Bond
9
.750
02/16/31
498,500
TOTAL
KENYA
1,648,199
MEXICO
-
0.7%
1,966,000
Mexico
Government
International
Bond
4
.750
03/08/44
1,480,693
1,000,000
Mexico
Government
International
Bond
4
.750
04/27/32
930,980
3,325,000
Mexico
Government
International
Bond
4
.280
08/14/41
2,456,178
1,975,000
Mexico
Government
International
Bond
6
.400
05/07/54
1,738,435
1,300,000
Mexico
Government
International
Bond
7
.375
05/13/55
1,285,193
TOTAL
MEXICO
7,891,479
MONGOLIA
-
0.1%
795,000
(b)
Mongolia
Government
International
Bond
4
.450
07/07/31
685,798
TOTAL
MONGOLIA
685,798
MOROCCO
-
0.1%
850,000
(b)
Morocco
Government
International
Bond
5
.500
12/11/42
743,699
TOTAL
MOROCCO
743,699
NIGERIA
-
0.2%
2,150,000
(b)
Nigeria
Government
International
Bond
10
.375
12/09/34
2,150,267
TOTAL
NIGERIA
2,150,267
OMAN
-
0.2%
2,050,000
(b)
Oman
Government
International
Bond
6
.500
03/08/47
2,005,761
TOTAL
OMAN
2,005,761
PANAMA
-
0.2%
1,360,000
Panama
Bonos
del
Tesoro
3
.362
06/30/31
1,099,560
1,450,000
Panama
Government
International
Bond
8
.000
03/01/38
1,498,938
TOTAL
PANAMA
2,598,498
PARAGUAY
-
0.2%
1,625,000
(b)
Paraguay
Government
International
Bond
5
.600
03/13/48
1,407,250
1,425,000
(b)
Paraguay
Government
International
Bond
6
.000
02/09/36
1,422,934
TOTAL
PARAGUAY
2,830,184
PERU
-
0.3%
2,000,000
Peruvian
Government
International
Bond
3
.300
03/11/41
1,448,790
1,755,000
Peruvian
Government
International
Bond
5
.875
08/08/54
1,654,790
TOTAL
PERU
3,103,580
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PHILIPPINES
-
0.1%
$
1,225,000
Philippine
Government
International
Bond
4
.200
%
03/29/47
$
980,577
TOTAL
PHILIPPINES
980,577
POLAND
-
0.2%
1,475,000
Republic
of
Poland
Government
International
Bond
5
.375
02/12/35
1,474,406
1,555,000
Republic
of
Poland
Government
International
Bond
5
.500
04/04/53
1,415,031
TOTAL
POLAND
2,889,437
QATAR
-
0.1%
850,000
(b)
Qatar
Government
International
Bond
4
.817
03/14/49
755,426
TOTAL
QATAR
755,426
REPUBLIC
OF
SERBIA
-
0.2%
1,500,000
(b)
Serbia
International
Bond
6
.500
09/26/33
1,548,551
TOTAL
REPUBLIC
OF
SERBIA
1,548,551
ROMANIA
-
0.2%
1,370,000
(b)
Romanian
Government
International
Bond
6
.125
01/22/44
1,171,981
450,000
(b)
Romanian
Government
International
Bond
7
.625
01/17/53
434,970
1,100,000
(b)
Romanian
Government
International
Bond
5
.750
03/24/35
986,920
TOTAL
ROMANIA
2,593,871
RWANDA
-
0.1%
1,375,000
(b)
Rwanda
International
Government
Bond
5
.500
08/09/31
1,155,000
TOTAL
RWANDA
1,155,000
SAUDI
ARABIA
-
0.3%
1,500,000
(b)
Saudi
Government
International
Bond
5
.625
01/13/35
1,547,768
2,065,000
(b)
Saudi
Government
International
Bond
3
.750
01/21/55
1,368,992
TOTAL
SAUDI
ARABIA
2,916,760
SENEGAL
-
0.1%
1,600,000
(b)
Senegal
Government
International
Bond
6
.250
05/23/33
1,150,400
700,000
(b)
Senegal
Government
International
Bond
6
.750
03/13/48
437,316
TOTAL
SENEGAL
1,587,716
SOUTH
AFRICA
-
0.2%
1,900,000
Republic
of
South
Africa
Government
International
Bond
5
.375
07/24/44
1,395,550
1,575,000
Republic
of
South
Africa
Government
International
Bond
7
.300
04/20/52
1,362,375
TOTAL
SOUTH
AFRICA
2,757,925
TURKEY
-
0.3%
1,025,000
Turkiye
Government
International
Bond
7
.625
05/15/34
1,025,000
1,950,000
Turkiye
Government
International
Bond
7
.125
02/12/32
1,913,416
TOTAL
TURKEY
2,938,416
UKRAINE
-
0.0%
73,658
(b)
Ukraine
Government
International
Bond
0
.000
02/01/35
35,540
15,548
(b)
Ukraine
Government
International
Bond
0
.000
02/01/36
7,486
55,000
(b)
Ukraine
Government
International
Bond
1
.750
02/01/29
33,550
TOTAL
UKRAINE
76,576
UZBEKISTAN
-
0.2%
1,600,000
(b)
Republic
of
Uzbekistan
International
Bond
5
.375
02/20/29
1,544,384
TOTAL
UZBEKISTAN
1,544,384
TOTAL
SOVEREIGN
DEBT
(Cost
$93,869,674)
87,895,648
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
27680742
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
2
.6
%
27680742
15,000,000
United
States
Treasury
Note/Bond
4
.750
02/15/45
14,641,406
6,000,000
United
States
Treasury
Note/Bond
5
.000
05/15/45
6,060,938
7,000,000
United
States
Treasury
Note/Bond
3
.750
04/30/27
6,978,398
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$28,212,594)
27,680,742
Portfolio
of
Investments
May
31,
2025
(continued)
Strategic
Income
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
61041907
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
5
.8
%
61041907
CAPITAL
GOODS
-
0.7%
$
2,500,000
(d)
Barnes
Group
Inc,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.329
%
01/27/32
$
2,494,925
258,621
(d),(h)
Kaman
Corporation,
Delayed
Draw
Term
Loan
1
.000
02/26/32
257,287
2,741,379
(d)
Kaman
Corporation,
Term
Loan
B,
(TSFR3M
+
TSFR6M
+
2.750%)
7
.059
02/26/32
2,727,247
549,667
(d)
QXO
Inc,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.280
04/30/32
552,102
1,477,621
(d)
Windsor
Holdings
III,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.075
08/01/30
1,475,546
TOTAL
CAPITAL
GOODS
7,507,107
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
1,000,000
(d)
WIN
Waste
Innovations
Holdings,
Inc.,
Incremental
Term
Loan,
(TSFR1M
+
3.750%)
8
.191
03/27/28
1,005,625
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,005,625
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.5%
2,508,894
(d)
Les
Schwab
Tire
Centers,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
2.500%)
6
.830
04/23/31
2,495,572
2,253,221
(d)
Wand
NewCo
3,
Inc.,
Repriced
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.827
01/30/31
2,235,556
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
4,731,128
CONSUMER
DURABLES
&
APPAREL
-
0.0%
430,271
(d)
Weber-Stephen
Products
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.691
10/29/27
427,480
TOTAL
CONSUMER
DURABLES
&
APPAREL
427,480
CONSUMER
SERVICES
-
0.3%
994,694
(d)
Alterra
Mountain
Company,
Term
Loan
B7,
(TSFR1M
+
3.000%)
7
.327
05/31/30
998,424
2,339,734
(d)
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B3,
(TSFR3M
+
2.750%)
7
.053
10/31/29
2,350,883
TOTAL
CONSUMER
SERVICES
3,349,307
FOOD,
BEVERAGE
&
TOBACCO
-
0.2%
71,922
(d)
City
Brewing
Company,
LLC,
First
Out
New
Money
Term
Loan,
(TSFR3M
+
6.250%)
10
.506
04/05/28
29,488
188,204
(d)
City
Brewing
Company,
LLC,
FLFO
Roll
Up
Term
Loan,
(TSFR3M
+
3.500%)
8
.018
04/05/28
77,164
15,589
(d)
City
Brewing
Company,
LLC,
PIK
Super
Priority
Term
Loan,
(TSFR3M
+
9.000%)
13
.580
01/03/26
14,420
120,690
(d),(h)
Sauer
Brands
Inc,
Delayed
Draw
Term
Loan
0
.000
02/19/32
120,973
1,279,310
(d)
Sauer
Brands
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.577
02/19/32
1,282,310
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,524,355
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.9%
1,945,000
(d)
Bausch
&
Lomb
Corporation,
Term
Loan,
(TSFR1M
+
3.250%)
7
.679
05/10/27
1,941,460
3,969,072
(d)
Insulet
Corporation,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.827
08/04/31
3,992,470
1,930,019
(d)
Parexel
International
Corporation,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.827
11/15/28
1,932,981
992,506
(d)
Phoenix
Guarantor
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.827
02/21/31
994,650
841,500
(d)
Surgery
Center
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.079
12/19/30
844,088
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
9,705,649
INSURANCE
-
1.0%
1,246,875
(d)
AmWINS
Group,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.577
01/30/32
1,246,944
1,994,962
(d)
AssuredPartners,
Inc.,
Incremental
Term
Loan
B5,
(TSFR1M
+
3.500%)
7
.827
02/14/31
2,000,468
3,642,500
(d)
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
(TSFR1M
+
3.000%)
7
.327
06/16/31
3,650,477
1,994,987
(d)
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.327
07/31/31
2,000,384
1,595,081
(d)
Truist
Insurance
Holdings
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.049
05/06/31
1,594,411
TOTAL
INSURANCE
10,492,684
MATERIALS
-
0.4%
1,441,350
(d)
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR1M
+
3.175%)
7
.502
04/13/29
1,437,415
479,747
(d)
Plaze,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.941
08/03/26
465,057
1,728,169
(d)
Proampac
PG
Borrower
LLC,
Term
Loan,
(TSFR3M
+
4.000%)
8
.290
09/15/28
1,729,465
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
(continued)
$
67,725
(d)
W.R.
Grace
&
Co.-Conn.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.549
%
09/22/28
$
67,691
TOTAL
MATERIALS
3,699,628
MEDIA
&
ENTERTAINMENT
-
0.3%
3,205,850
(d)
Planet
US
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
3.000%)
7
.327
02/10/31
3,219,875
TOTAL
MEDIA
&
ENTERTAINMENT
3,219,875
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.2%
685,224
(d)
Jazz
Financing
Lux
S.a.r.l.,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.577
05/05/28
685,813
1,512,645
(d)
Organon
&
Co,
Term
Loan,
(TSFR1M
+
2.250%)
6
.573
05/19/31
1,476,720
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,162,533
SOFTWARE
&
SERVICES
-
1.0%
907,725
(d)
Boost
Newco
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.299
01/31/31
910,421
2,500,000
(d)
Boxer
Parent
Company
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.333
07/30/31
2,485,537
2,390,911
(d)
Cotiviti
Corporation,
Term
Loan,
(TSFR1M
+
2.750%)
7
.074
05/01/31
2,383,451
480,000
(d)
IGT
Holding
IV
AB,
Term
Loan
B5,
(TSFR3M
+
3.500%)
7
.782
08/04/31
481,200
3,500,000
(d)
Javelin
Buyer,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
3.250%)
7
.583
12/08/31
3,511,497
1,090,425
(d)
UKG
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.329
02/10/31
1,093,746
TOTAL
SOFTWARE
&
SERVICES
10,865,852
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.1%
1,100,000
(d)
CommScope,
Inc.,
Term
Loan,
(TSFR1M
+
5.250%)
9
.577
12/17/29
1,112,986
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
1,112,986
TRANSPORTATION
-
0.0%
53,659
(d)
SkyMiles
IP
Ltd.,
Skymiles
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.022
10/20/27
54,082
TOTAL
TRANSPORTATION
54,082
UTILITIES
-
0.1%
1,179,746
(d)
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.808
05/17/30
1,183,616
TOTAL
UTILITIES
1,183,616
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$61,167,944)
61,041,907
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,058,041,445)
1,035,581,765
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
1.0%
10,090,376
(i)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.340
(j)
10,090,376
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$10,090,376)
10,090,376
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 1.5%
15655181
REPURCHASE
AGREEMENTS
-
1
.5
%
15655181
1,430,181
(k)
Fixed
Income
Clearing
Corporation
1
.360
06/02/25
1,430,181
14,225,000
(l)
Fixed
Income
Clearing
Corporation
4
.300
06/02/25
14,225,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$15,655,181)
15,655,181
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$15,655,181)
15,655,181
TOTAL
INVESTMENTS
-
100
.5
%
(Cost
$
1,083,787,002
)
1,061,327,322
OTHER
ASSETS
&
LIABILITIES,
NET
-  (0.5)%
(
4,894,018
)
NET
ASSETS
-
100%
$
1,056,433,304
I/O
Interest
only
security
LIBOR
London
Inter-Bank
Offered
Rate
M
Month
Portfolio
of
Investments
May
31,
2025
(continued)
Strategic
Income
30
Investments
in
Derivatives
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
SOFR30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR90A
90
Day
Average
Secured
Overnight
Financing
Rate
TSFR1M
CME
Term
Secured
Overnight
Financing
Rate
1
Month
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
TSFR6M
CME
Term
Secured
Overnight
Financing
Rate
6
Month
(a)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$576,995,474
or
54.4%
of
Total
Investments.
(c)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$9,820,003.
(d)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
Contingent
Capital
Securities
(“CoCos”)
are
debt
or
preferred
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer,
for
example
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
As
of
the
end
of
the
reporting
period,
the
Fund’s
total
investment
in
CoCos
was
2.1%
of
Total
Investments.
(g)
When-issued
or
delayed
delivery
security.
(h)
Investment,
or
portion
of
investment,
represents
an
outstanding
unfunded
senior
loan
commitment.
(i)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(j)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(k)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.360%
dated
5/30/25
to
be
repurchased
at
$1,430,343
on
6/2/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.750%
and
maturity
date
12/31/28,
valued
at
$1,458,949.
(l)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.300%
dated
5/30/25
to
be
repurchased
at
$14,230,097
on
6/2/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.125%
and
maturity
date
3/31/32,
valued
at
$14,509,612.
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
75
9/25
$
8,273,860
$
8,306,250
$
32,390
U.S.
Treasury
2-Year
Note
125
9/25
25,901,601
25,929,688
28,087
U.S.
Treasury
5-Year
Note
150
9/25
16,182,710
16,228,125
45,415
U.S.
Treasury
Long
Bond
450
9/25
50,417,134
50,751,563
334,429
U.S.
Treasury
Ultra
Bond
225
9/25
25,949,126
26,114,062
164,936
Total
$126,724,431
$127,329,688
$605,257
31
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Strategic
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
82,264,573
$
–
$
82,264,573
Asset-Backed
Securities
–
154,107,127
3,607,225
157,714,352
Contingent
Capital
Securities
–
14,305,711
–
14,305,711
Corporate
Bonds
–
182,637,820
–
182,637,820
Mortgage-Backed
Securities
–
422,041,012
–
422,041,012
Sovereign
Debt
–
87,895,648
–
87,895,648
U.S.
Government
and
Agency
Obligations
–
27,680,742
–
27,680,742
Variable
Rate
Senior
Loan
Interests
–
61,041,907
–
61,041,907
Investments
Purchased
with
Collateral
from
Securities
Lending
10,090,376
–
–
10,090,376
Short-Term
Investments:
Repurchase
Agreements
–
15,655,181
–
15,655,181
Investments
in
Derivatives:
Futures
Contracts*
605,257
–
–
605,257
Total
$
10,695,633
$
1,047,629,721
$
3,607,225
$
1,061,932,579
*
Represents
net
unrealized
appreciation
(depreciation).