|
Strive Enhanced Income Short Maturity ETF
|
|
Schedule of Investments
|
|
June 30, 2025
|
|
ASSET-BACKED SECURITIES - 28.4%(a)
|
Par
|
Value
|
||||
|
ACHV ABS Trust
|
||||||
|
Series 2023-1PL, Class D, 8.47%, 03/18/2030 (b)
|
$ 535,603
|
$ |
541,826
|
|||
|
Series 2023-3PL, Class C, 7.35%, 08/19/2030 (b)
|
32,752
|
32,798
|
||||
|
Series 2023-3PL, Class D, 8.36%, 08/19/2030 (b)
|
1,000,000
|
1,015,809
|
||||
|
Series 2024-1PL, Class C, 6.42%, 04/25/2031 (b)
|
129,086
|
130,241
|
||||
|
Series 2024-2PL, Class B, 5.43%, 10/27/2031 (b)
|
234,431
|
235,951
|
||||
|
Series 2024-3AL, Class C, 5.68%, 12/26/2031 (b)
|
681,926
|
683,277
|
||||
|
ACHV ABS TRUST, Series 2024-2PL, Class C, 5.72%, 10/27/2031 (b)
|
2,194,175
|
2,201,638
|
||||
|
Affirm, Inc.
|
||||||
|
Series 2023-B, Class 1B, 7.44%, 09/15/2028 (b)
|
300,000
|
301,356
|
||||
|
Series 2025-1A, Class B, 5.13%, 02/15/2033 (b)
|
1,000,000
|
1,007,051
|
||||
|
American Credit Acceptance Receivables Trust
|
||||||
|
Series 2022-4, Class D, 8.00%, 02/15/2029 (b)
|
1,182,034
|
1,196,724
|
||||
|
Series 2023-1, Class D, 6.35%, 04/12/2029 (b)
|
1,790,000
|
1,810,636
|
||||
|
Series 2023-3, Class D, 6.82%, 10/12/2029 (b)
|
3,700,000
|
3,778,460
|
||||
|
Series 2023-4, Class C, 6.99%, 09/12/2030 (b)
|
1,350,000
|
1,367,158
|
||||
|
Avis Budget Car Rental LLC
|
||||||
|
Series 2020-2A, Class B, 2.96%, 02/20/2027 (b)
|
500,000
|
495,554
|
||||
|
Series 2020-2A, Class C, 4.25%, 02/20/2027 (b)
|
400,000
|
397,646
|
||||
|
Series 2021-1A, Class A, 1.38%, 08/20/2027 (b)
|
1,207,000
|
1,172,646
|
||||
|
Series 2021-1A, Class C, 2.13%, 08/20/2027 (b)
|
460,000
|
446,213
|
||||
|
Series 2022-5A, Class B, 7.09%, 04/20/2027 (b)
|
1,000,000
|
1,011,817
|
||||
|
BOF URSA Funding Trust, Series 2023-CAR2, Class A2, 5.54%, 10/27/2031 (b)
|
385,991
|
387,735
|
||||
|
Cherry Securitization Trust, Series 2025-1A, Class A, 6.13%, 11/15/2032 (b)
|
500,000
|
505,478
|
||||
|
COOPR Residential Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, 05/25/2060 (b)(c)
|
491,994
|
495,302
|
||||
|
CPS Auto Trust, Series 2022-D, Class D, 8.73%, 01/16/2029 (b)
|
605,000
|
631,066
|
||||
|
DT Auto Owner Trust, Series 2022-2A, Class D, 5.46%, 03/15/2028 (b)
|
2,000,000
|
2,003,187
|
||||
|
Exeter Automobile Receivables Trust
|
||||||
|
Series 2022-3A, Class D, 6.76%, 09/15/2028
|
800,000
|
812,482
|
||||
|
Series 2023-3A, Class D, 6.68%, 04/16/2029
|
1,000,000
|
1,021,559
|
||||
|
FIGRE Trust 2023-HE1
|
||||||
|
Series 2024-HE6, Class A, 5.72%, 12/25/2054 (b)(d)
|
892,949
|
907,264
|
||||
|
Series 2024-SL1, Class A1, 5.75%, 07/25/2053 (b)(d)
|
2,434,389
|
2,484,347
|
||||
|
FIGRE Trust 2024-HE3, Series 2024-HE3, Class A, 5.94%, 07/25/2054 (b)(d)
|
803,723
|
818,253
|
||||
|
Flagship Credit Auto Trust
|
||||||
|
Series 2021-3, Class D, 1.65%, 09/15/2027 (b)
|
78,000
|
74,922
|
||||
|
Series 2021-4, Class D, 2.26%, 12/15/2027 (b)
|
116,000
|
109,509
|
||||
|
FREED ABS Trust
|
||||||
|
Series 2021-3FP, Class D, 2.37%, 11/20/2028 (b)
|
30,344
|
30,216
|
||||
|
Series 2022-3FP, Class D, 7.36%, 08/20/2029 (b)
|
265,643
|
267,206
|
||||
|
Series 2022-4FP, Class D, 7.40%, 12/18/2029 (b)
|
628,328
|
632,685
|
||||
|
Frontier Communications Parent, Inc., Series 2023-1, Class A2, 6.60%, 08/20/2053 (b)
|
1,000,000
|
1,016,386
|
||||
|
GLS Auto Receivables Trust, Series 2022-3A, Class D, 6.42%, 06/15/2028 (b)
|
2,000,000
|
2,028,483
|
||||
|
GS Mortgage-Backed Securities Trust, Series 2024-HE2, Class A1, 5.81% (30 day avg SOFR US + 1.50%), 01/25/2055 (b)
|
1,238,770
|
1,242,879
|
||||
|
Hertz Corp., Series 2021-2A, Class C, 2.52%, 12/27/2027 (b)
|
500,000
|
479,719
|
||||
|
Lendbuzz Securitization Trust, Series 2024-3A, Class A2, 4.97%, 10/15/2029 (b)
|
489,960
|
490,618
|
||||
|
Lobel Automobile Receivables Trust
|
||||||
|
Series 2023-1, Class C, 8.31%, 10/16/2028 (b)
|
250,000
|
252,657
|
||||
|
Series 2023-1, Class D, 8.00%, 03/15/2030 (b)
|
1,516,000
|
1,543,843
|
||||
|
Marlette Funding Trust
|
||||||
|
Series 2021-3A, Class C, 1.81%, 12/15/2031 (b)
|
4,306
|
4,301
|
||||
|
Series 2022-3A, Class C, 6.89%, 11/15/2032 (b)
|
772,630
|
775,339
|
||||
|
Series 2023-1A, Class C, 7.20%, 04/15/2033 (b)
|
2,862,000
|
2,884,502
|
||||
|
Series 2023-3A, Class C, 7.06%, 09/15/2033 (b)
|
600,000
|
605,656
|
||||
|
Octane Receivables Trust, Series 2022-2A, Class D, 7.70%, 02/20/2030 (b)
|
1,000,000
|
1,030,997
|
||||
|
Oportun Financial Corp.
|
||||||
|
Series 2022-A, Class B, 5.25%, 06/09/2031 (b)
|
1,400,000
|
1,400,682
|
||||
|
Series 2024-2, Class A, 5.86%, 02/09/2032 (b)
|
169,415
|
169,630
|
||||
|
Pagaya AI Debt Selection Trust
|
||||||
|
Series 2021-HG1, Class B, 1.82%, 01/16/2029 (b)
|
57,453
|
56,571
|
||||
|
Series 2022-5, Class A, 8.10%, 06/17/2030 (b)
|
10,277
|
10,312
|
||||
|
Series 2023-3, Class B, 9.57%, 12/16/2030 (b)
|
813,526
|
818,191
|
||||
|
Series 2023-5, Class C, 9.10%, 04/15/2031 (b)
|
380,540
|
382,143
|
||||
|
Series 2023-7, Class ABC, 8.58%, 07/15/2031 (b)(d)
|
288,084
|
289,779
|
||||
|
Series 2023-7, Class C, 8.80%, 07/15/2031 (b)
|
499,814
|
504,978
|
||||
|
Series 2023-8, Class A, 7.30%, 06/16/2031 (b)
|
127
|
129
|
||||
|
Series 2023-8, Class B, 7.96%, 06/16/2031 (b)
|
1,888,237
|
1,927,454
|
||||
|
Series 2023-8, Class C, 9.54%, 06/16/2031 (b)
|
1,716,306
|
1,761,579
|
||||
|
Series 2024-1, Class B, 7.11%, 07/15/2031 (b)
|
564,443
|
569,203
|
||||
|
Series 2024-1, Class C, 8.34%, 07/15/2031 (b)
|
448,537
|
454,730
|
||||
|
Series 2024-10, Class C, 5.99%, 06/15/2032 (b)
|
999,915
|
1,002,162
|
||||
|
Series 2024-11, Class B, 5.64%, 07/15/2032 (b)
|
1,999,770
|
2,006,533
|
||||
|
Series 2024-2, Class B, 6.61%, 08/15/2031 (b)
|
540,195
|
545,204
|
||||
|
Series 2024-3, Class A, 6.26%, 10/15/2031 (b)
|
196,898
|
198,252
|
||||
|
Series 2024-3, Class B, 6.57%, 10/15/2031 (b)
|
846,752
|
853,664
|
||||
|
Series 2024-5, Class B, 6.60%, 10/15/2031 (b)
|
684,269
|
691,746
|
||||
|
Series 2024-8, Class C, 6.03%, 01/15/2032 (b)
|
374,542
|
375,960
|
||||
|
Series 2024-8, Class D, 6.53%, 01/15/2032 (b)
|
596,264
|
599,182
|
||||
|
Series 2024-9, Class D, 6.17%, 03/15/2032 (b)
|
400,237
|
400,369
|
||||
|
Series 2025-1, Class B, 5.63%, 07/15/2032 (b)
|
999,915
|
1,005,716
|
||||
|
Series 2025-1, Class C, 5.87%, 07/15/2032 (b)
|
499,957
|
502,850
|
||||
|
Series 2025-3, Class A2, 5.37%, 12/15/2032 (b)
|
500,000
|
500,885
|
||||
|
Series 2025-3, Class B, 6.06%, 12/15/2032 (b)
|
500,000
|
510,252
|
||||
|
Series 2025-4, Class A2, 5.37%, 01/17/2033 (b)
|
1,500,000
|
1,509,238
|
||||
|
Series 2025-4, Class B, 5.69%, 01/17/2033 (b)
|
1,000,000
|
1,008,612
|
||||
|
Series 2025-4, Class C, 6.15%, 01/17/2033 (b)
|
1,000,000
|
1,009,961
|
||||
|
Series 2025-R1, Class A2, 5.34%, 06/15/2032 (b)
|
1,000,000
|
1,003,261
|
||||
|
Series 2025-R1, Class B, 5.71%, 06/15/2032 (b)
|
1,000,000
|
1,007,885
|
||||
|
Pagaya Technologies Ltd.
|
||||||
|
Series 2025-1, Class A, 5.72%, 01/20/2034 (b)
|
1,200,000
|
1,207,885
|
||||
|
Series 2025-1, Class C, 6.30%, 01/20/2034 (b)
|
750,000
|
756,449
|
||||
|
Prestige Auto Receivables Trust, Series 2025-1A, Class B, 5.34%, 11/15/2028 (b)
|
2,000,000
|
2,010,669
|
||||
|
Prosper Marketplace Issuance Trust
|
||||||
|
Series 2023-1A, Class B, 7.48%, 07/16/2029 (b)
|
120,133
|
120,331
|
||||
|
Series 2023-1A, Class C, 8.29%, 07/16/2029 (b)
|
600,000
|
606,577
|
||||
|
PRPM LLC
|
||||||
|
Series 2024-4, Class A1, 6.41%, 08/25/2029 (b)(c)
|
872,601
|
886,915
|
||||
|
Series 2024-RCF1, Class A1, 4.00%, 01/25/2054 (b)(c)
|
811,508
|
797,022
|
||||
|
Purchasing Power Funding, Series 2024-A, Class B, 6.43%, 08/15/2028 (b)
|
400,000
|
402,913
|
||||
|
Reach Financial LLC
|
||||||
|
Series 2021-1A, Class C, 3.54%, 05/15/2029 (b)
|
59,403
|
59,153
|
||||
|
Series 2022-2A, Class C, 8.40%, 05/15/2030 (b)
|
55,359
|
55,431
|
||||
|
Series 2024-1A, Class B, 6.29%, 02/18/2031 (b)
|
500,000
|
505,634
|
||||
|
Research-Driven Pagaya Motor Asset Trust
|
||||||
|
Series 2023-3A, Class A, 7.13%, 01/26/2032 (b)
|
93,835
|
94,185
|
||||
|
Series 2023-4A, Class A, 7.54%, 03/25/2032 (b)
|
106,881
|
107,675
|
||||
|
Series 2025-3A, Class A2, 5.15%, 02/27/2034 (b)
|
2,000,000
|
2,010,989
|
||||
|
SAFCO Auto Receivables Trust, Series 2024-1A, Class B, 6.31%, 11/20/2028 (b)
|
250,000
|
250,489
|
||||
|
Saluda Grade Mortgage Funding LLC, Series 2023-FIG4, Class A, 6.72%, 11/25/2053 (b)(d)
|
367,151
|
379,572
|
||||
|
Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, 12/22/2031 (b)
|
1,312,000
|
1,323,354
|
||||
|
Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A, 5.84%, 04/15/2032 (b)
|
852,445
|
852,915
|
||||
|
Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028 (b)
|
1,500,000
|
1,519,641
|
||||
|
Tricolor Auto Securitization Trust, Series 2024-3A, Class B, 5.36%, 09/15/2028 (b)
|
2,000,000
|
2,005,359
|
||||
|
Upgrade Master Pass-Thru Trust, Series 2025-ST4, Class A, 5.50%, 08/16/2032 (b)(e)
|
1,000,000
|
1,000,000
|
||||
|
Upstart Pass-Through Trust Series, Series 2022-ST3, Class A, 4.30%, 05/20/2030 (b)
|
111,959
|
111,213
|
||||
|
Upstart Securitization Trust
|
||||||
|
Series 2021-2, Class C, 3.61%, 06/20/2031 (b)
|
126,831
|
126,190
|
||||
|
Series 2024-1, Class A, 5.33%, 11/20/2034 (b)
|
897,915
|
899,578
|
||||
|
Upstart Structured Pass-Through Trust, Series 2022-4A, Class B, 8.54%, 11/15/2030 (b)
|
252,950
|
254,569
|
||||
|
Veros Automobile Receivables Trust, Series 2023-1, Class A, 7.12%, 11/15/2028 (b)
|
39,286
|
39,338
|
||||
|
Verus Securitization Trust, Series 2025-4, Class A3, 5.75%, 05/25/2070 (b)(c)
|
1,633,064
|
1,647,149
|
||||
|
Vista Point Securitization Trust
|
||||||
|
Series 2024-CES2, Class A1, 5.25%, 10/25/2054 (b)(c)
|
419,096
|
419,817
|
||||
|
Series 2024-CES3, Class A1, 5.68%, 01/25/2055 (b)(c)
|
1,841,078
|
1,859,766
|
||||
|
Series 2025-CES1, Class A1, 5.81%, 04/25/2055 (b)(c)
|
2,889,286
|
2,927,468
|
||||
|
TOTAL ASSET-BACKED SECURITIES (Cost $89,321,275)
|
89,678,751
|
|||||
|
CORPORATE BONDS - 26.4%
|
Par
|
Value
|
||||
|
Communication Services - 0.4%
|
||||||
|
Wireless Telecommunication Services - 0.4%
|
||||||
|
Sprint LLC, 7.63%, 03/01/2026
|
1,260,000
|
1,272,191
|
||||
|
Consumer Discretionary - 4.5%
|
||||||
|
Apparel, Accessories & Luxury Goods - 0.2%
|
||||||
|
PVH Corp., 4.63%, 07/10/2025
|
750,000
|
749,877
|
||||
|
Automotive - 1.0%
|
||||||
|
Ford Motor Credit Co. LLC, 2.90%, 02/16/2028
|
1,650,000
|
1,547,784
|
||||
|
General Motors Financial Co., Inc., 2.40%, 04/10/2028
|
1,650,000
|
1,552,759
|
||||
|
3,100,543
|
||||||
|
Automotive Parts & Equipment - 0.5%
|
||||||
|
BorgWarner, Inc., 2.65%, 07/01/2027
|
1,600,000
|
1,548,457
|
||||
|
Automotive Retail - 0.2%
|
||||||
|
AutoNation, Inc., 4.50%, 10/01/2025
|
750,000
|
749,698
|
||||
|
Financial Services - 0.2%
|
||||||
|
Block Financial LLC, 5.25%, 10/01/2025
|
600,000
|
600,201
|
||||
|
Homebuilding - 0.9%
|
||||||
|
Meritage Homes Corp., 5.13%, 06/06/2027
|
1,200,000
|
1,214,561
|
||||
|
Toll Brothers Finance Corp., 4.88%, 03/15/2027
|
1,600,000
|
1,605,960
|
||||
|
2,820,521
|
||||||
|
Hotels, Resorts & Cruise Lines - 0.5%
|
||||||
|
Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026 (b)
|
1,600,000
|
1,592,951
|
||||
|
Leisure Products - 0.5%
|
||||||
|
Mattel, Inc., 3.38%, 04/01/2026 (b)
|
1,500,000
|
1,481,602
|
||||
|
Passenger Airlines - 0.5%
|
||||||
|
United Airlines, Inc., 4.38%, 04/15/2026 (b)
|
1,550,000
|
1,540,722
|
||||
|
Total Consumer Discretionary
|
14,184,572
|
|||||
|
Consumer Staples - 0.7%
|
||||||
|
Food & Beverage - 0.4%
|
||||||
|
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 5.13%, 02/01/2028
|
1,100,000
|
1,124,981
|
||||
|
Packaged Foods & Meats - 0.3%
|
||||||
|
Conagra Brands, Inc., 1.38%, 11/01/2027
|
1,150,000
|
1,073,482
|
||||
|
Total Consumer Staples
|
2,198,463
|
|||||
|
Energy - 3.0%
|
||||||
|
Integrated Oil & Gas - 0.5%
|
||||||
|
Occidental Petroleum Corp., 3.20%, 08/15/2026
|
1,700,000
|
1,667,956
|
||||
|
Oil & Gas Exploration & Production - 1.5%
|
||||||
|
Continental Resources, Inc., 2.27%, 11/15/2026 (b)
|
1,700,000
|
1,643,384
|
||||
|
EQT Corp.
|
||||||
|
3.13%, 05/15/2026 (b)
|
879,000
|
865,635
|
||||
|
3.90%, 10/01/2027
|
821,000
|
810,362
|
||||
|
Ovintiv, Inc., 5.38%, 01/01/2026
|
1,400,000
|
1,401,340
|
||||
|
4,720,721
|
||||||
|
Oil & Gas Storage & Transportation - 0.8%
|
||||||
|
ONEOK, Inc.
|
||||||
|
5.00%, 03/01/2026
|
1,200,000
|
1,201,066
|
||||
|
4.85%, 07/15/2026
|
200,000
|
200,414
|
||||
|
Western Midstream Operating LP, 4.75%, 08/15/2028
|
1,150,000
|
1,149,903
|
||||
|
2,551,383
|
||||||
|
Oil, Gas & Consumable Fuels - 0.2%
|
||||||
|
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 07/15/2027
|
560,000
|
560,376
|
||||
|
Total Energy
|
9,500,436
|
|||||
|
Financials - 7.4%
|
||||||
|
Asset Management & Custody Banks - 0.5%
|
||||||
|
Ares Capital Corp.
|
||||||
|
3.25%, 07/15/2025
|
750,000
|
749,549
|
||||
|
7.00%, 01/15/2027
|
950,000
|
980,529
|
||||
|
1,730,078
|
||||||
|
Automotive Retail - 0.2%
|
||||||
|
Penske Truck Leasing Co. Lp / PTL Finance Corp., 5.75%, 05/24/2026 (b)
|
625,000
|
630,375
|
||||
|
Brokerage & Investment Management - 0.3%
|
||||||
|
LPL Holdings, Inc., 5.70%, 05/20/2027
|
850,000
|
866,423
|
||||
|
Commercial & Residential Mortgage Finance - 0.5%
|
||||||
|
Radian Group, Inc., 4.88%, 03/15/2027
|
1,550,000
|
1,551,991
|
||||
|
Consumer Finance - 0.4%
|
||||||
|
Capital One Financial Corp., 4.20%, 10/29/2025
|
1,100,000
|
1,098,517
|
||||
|
Synchrony Bank, 5.63%, 08/23/2027
|
250,000
|
255,019
|
||||
|
1,353,536
|
||||||
|
Diversified Banks - 3.5%
|
||||||
|
Bank of America Corp., 4.45%, 03/03/2026
|
1,300,000
|
1,298,787
|
||||
|
Barclays PLC, 5.20%, 05/12/2026
|
1,600,000
|
1,607,562
|
||||
|
Capital One NA, 3.45%, 07/27/2026
|
1,200,000
|
1,186,990
|
||||
|
Citigroup, Inc., 4.60%, 03/09/2026
|
1,650,000
|
1,650,000
|
||||
|
Comerica, Inc., 3.80%, 07/22/2026
|
1,600,000
|
1,585,981
|
||||
|
Fifth Third Bank, Inc., 3.85%, 03/15/2026
|
1,550,000
|
1,540,462
|
||||
|
Lloyds Banking Group PLC
|
||||||
|
4.58%, 12/10/2025
|
700,000
|
699,434
|
||||
|
4.65%, 03/24/2026
|
850,000
|
849,359
|
||||
|
Truist Bank, 3.63%, 09/16/2025
|
750,000
|
748,007
|
||||
|
11,166,582
|
||||||
|
Diversified Financial Services - 0.1%
|
||||||
|
Apollo Management Holdings LP, 4.40%, 05/27/2026 (b)
|
370,000
|
369,522
|
||||
|
Finance Companies - 0.8%
|
||||||
|
Athene Global Funding, 5.62%, 05/08/2026 (b)
|
700,000
|
706,404
|
||||
|
Avolon Holdings Funding Ltd.
|
||||||
|
2.53%, 11/18/2027 (b)
|
550,000
|
523,050
|
||||
|
6.38%, 05/04/2028 (b)
|
1,100,000
|
1,147,556
|
||||
|
2,377,010
|
||||||
|
Insurance - 0.1%
|
||||||
|
Prudential Insurance Co. of America, 8.30%, 07/01/2025 (b)
|
250,000
|
250,000
|
||||
|
Private Equity - 0.1%
|
||||||
|
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 (b)
|
322,000
|
315,377
|
||||
|
Specialized REITs - 0.8%
|
||||||
|
Host Hotels & Resorts LP, 4.50%, 02/01/2026
|
1,050,000
|
1,047,786
|
||||
|
VICI Properties LP / VICI Note Co., Inc.
|
||||||
|
4.50%, 09/01/2026 (b)
|
1,455,000
|
1,451,368
|
||||
|
3.75%, 02/15/2027 (b)
|
150,000
|
147,756
|
||||
|
2,646,910
|
||||||
|
Transaction & Payment Processing Services - 0.1%
|
||||||
|
Global Payments, Inc., 4.80%, 04/01/2026
|
200,000
|
199,931
|
||||
|
Total Financials
|
23,457,735
|
|||||
|
Health Care - 0.7%
|
||||||
|
Health Care Providers & Services - 0.4%
|
||||||
|
HCA, Inc., 5.20%, 06/01/2028
|
1,150,000
|
1,175,167
|
||||
|
Pharmaceuticals - 0.3%
|
||||||
|
Royalty Pharma PLC, 1.20%, 09/02/2025
|
900,000
|
894,089
|
||||
|
Total Health Care
|
2,069,256
|
|||||
|
Industrials - 3.1%
|
||||||
|
Aerospace & Defense - 1.1%
|
||||||
|
Boeing Co., 2.75%, 02/01/2026
|
592,000
|
585,344
|
||||
|
Hexcel Corp., 4.20%, 02/15/2027 (c)
|
570,000
|
564,807
|
||||
|
Rolls-Royce PLC, 3.63%, 10/14/2025 (b)
|
1,250,000
|
1,248,329
|
||||
|
Textron, Inc., 4.00%, 03/15/2026
|
1,200,000
|
1,195,724
|
||||
|
3,594,204
|
||||||
|
Commercial Services - 0.5%
|
||||||
|
Ashtead Capital, Inc., 1.50%, 08/12/2026 (b)
|
1,600,000
|
1,548,332
|
||||
|
Passenger Airlines - 0.5%
|
||||||
|
Delta Air Lines, Inc., 7.38%, 01/15/2026
|
1,500,000
|
1,522,026
|
||||
|
Trading Companies & Distributors - 1.0%
|
||||||
|
Aircastle Ltd.
|
||||||
|
5.25%, 08/11/2025 (b)
|
750,000
|
749,965
|
||||
|
2.85%, 01/26/2028 (b)
|
1,650,000
|
1,571,564
|
||||
|
GATX Corp.
|
||||||
|
3.25%, 09/15/2026
|
450,000
|
443,522
|
||||
|
3.50%, 03/15/2028
|
280,000
|
273,679
|
||||
|
3,038,730
|
||||||
|
Total Industrials
|
9,703,292
|
|||||
|
Information Technology - 2.1%
|
||||||
|
Communications Equipment - 0.3%
|
||||||
|
Juniper Networks, Inc., 1.20%, 12/10/2025
|
900,000
|
885,888
|
||||
|
Electronic Manufacturing Services - 0.1%
|
||||||
|
Flex Ltd., 3.75%, 02/01/2026
|
300,000
|
298,077
|
||||
|
Technology Distributors - 1.2%
|
||||||
|
Arrow Electronics, Inc., 3.88%, 01/12/2028
|
1,200,000
|
1,177,317
|
||||
|
Avnet, Inc., 4.63%, 04/15/2026
|
1,200,000
|
1,198,520
|
||||
|
CDW LLC / CDW Finance Corp.
|
||||||
|
2.67%, 12/01/2026
|
890,000
|
868,213
|
||||
|
4.25%, 04/01/2028
|
662,000
|
656,888
|
||||
|
3,900,938
|
||||||
|
Technology Hardware, Storage & Peripherals - 0.5%
|
||||||
|
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026
|
1,500,000
|
1,470,659
|
||||
|
Total Information Technology
|
6,555,562
|
|||||
|
Materials - 2.6%
|
||||||
|
Commodity Chemicals - 0.4%
|
||||||
|
Cabot Corp., 3.40%, 09/15/2026
|
1,200,000
|
1,183,654
|
||||
|
Fertilizers & Agricultural Chemicals - 0.5%
|
||||||
|
FMC Corp., 3.20%, 10/01/2026
|
1,600,000
|
1,570,376
|
||||
|
Metal, Glass & Plastic Containers - 0.9%
|
||||||
|
Berry Global, Inc., 1.57%, 01/15/2026
|
1,200,000
|
1,178,700
|
||||
|
Silgan Holdings, Inc., 1.40%, 04/01/2026 (b)
|
1,650,000
|
1,605,784
|
||||
|
2,784,484
|
||||||
|
Packaging & Containers - 0.3%
|
||||||
|
Brambles USA, Inc., 4.13%, 10/23/2025 (b)
|
900,000
|
899,563
|
||||
|
Graphic Packaging International LLC, 1.51%, 04/15/2026 (b)
|
108,000
|
105,198
|
||||
|
1,004,761
|
||||||
|
Paper & Plastic Packaging Products & Materials - 0.5%
|
||||||
|
Sealed Air Corp., 1.57%, 10/15/2026 (b)
|
1,650,000
|
1,579,624
|
||||
|
Specialty Chemicals - 0.0%(f)
|
||||||
|
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (b)
|
235,000
|
232,735
|
||||
|
Total Materials
|
8,355,634
|
|||||
|
Utilities - 1.9%
|
||||||
|
Electric Utilities - 0.9%
|
||||||
|
Edison International, 4.70%, 08/15/2025
|
600,000
|
599,088
|
||||
|
NRG Energy, Inc., 2.00%, 12/02/2025 (b)
|
999,000
|
984,570
|
||||
|
Pacific Gas and Electric Co., 3.15%, 01/01/2026
|
1,400,000
|
1,386,788
|
||||
|
2,970,446
|
||||||
|
Gas Utilities - 0.5%
|
||||||
|
National Fuel Gas Co., 5.50%, 10/01/2026
|
1,550,000
|
1,566,717
|
||||
|
Utilities - 0.5%
|
||||||
|
Vistra Operations Co. LLC
|
||||||
|
5.05%, 12/30/2026 (b)
|
400,000
|
402,205
|
||||
|
3.70%, 01/30/2027 (b)
|
1,150,000
|
1,135,288
|
||||
|
1,537,493
|
||||||
|
Total Utilities
|
6,074,656
|
|||||
|
TOTAL CORPORATE BONDS (Cost $83,027,228)
|
83,371,797
|
|||||
|
COLLATERALIZED MORTGAGE OBLIGATIONS - 18.9%
|
Par
|
Value
|
||||
|
Cross Mortgage Trust, Series 2025-H4, Class A3, 5.88%, 06/25/2070 (b)(c)
|
491,634
|
496,612
|
||||
|
Federal Home Loan Mortgage Corp.
|
||||||
|
Series K049, Class A2, 3.01%, 07/25/2025
|
50,290
|
50,201
|
||||
|
Series K050, Class A2, 3.33%, 08/25/2025 (d)
|
410,284
|
409,562
|
||||
|
Series K053, Class A2, 3.00%, 12/25/2025
|
2,300,961
|
2,284,778
|
||||
|
Series K054, Class A2, 2.75%, 01/25/2026
|
718,227
|
711,421
|
||||
|
Series K055, Class A2, 2.67%, 03/25/2026
|
2,141,560
|
2,114,936
|
||||
|
Series K056, Class A2, 2.53%, 05/25/2026
|
2,423,758
|
2,387,920
|
||||
|
Series K058, Class A2, 2.65%, 08/25/2026
|
2,777,000
|
2,725,770
|
||||
|
Series K059, Class A2, 3.12%, 09/25/2026 (d)
|
2,000,000
|
1,974,054
|
||||
|
Series K060, Class A2, 3.30%, 10/25/2026
|
1,150,000
|
1,136,199
|
||||
|
Series K061, Class A2, 3.35%, 11/25/2026 (d)
|
837,698
|
827,351
|
||||
|
Series K062, Class A2, 3.41%, 12/25/2026
|
2,500,000
|
2,469,473
|
||||
|
Series K734, Class A2, 3.21%, 02/25/2026
|
2,159,752
|
2,145,225
|
||||
|
Series K735, Class A2, 2.86%, 05/25/2026
|
1,912,177
|
1,888,313
|
||||
|
Series K-F100, Class AS, 4.49% (30 day avg SOFR US + 0.18%), 01/25/2028
|
314,851
|
312,735
|
||||
|
Series K-F101, Class AS, 4.51% (30 day avg SOFR US + 0.20%), 01/25/2031
|
396,564
|
390,314
|
||||
|
Series K-F104, Class AS, 4.56% (30 day avg SOFR US + 0.25%), 01/25/2031
|
581,479
|
578,551
|
||||
|
Series K-F107, Class AS, 4.56% (30 day avg SOFR US + 0.25%), 03/25/2028
|
1,090,634
|
1,087,877
|
||||
|
Series K-F112, Class AS, 4.54% (30 day avg SOFR US + 0.23%), 04/25/2031
|
429,790
|
421,756
|
||||
|
Series K-F113, Class AS, 4.54% (30 day avg SOFR US + 0.23%), 05/25/2028
|
291,014
|
289,093
|
||||
|
Series K-F114, Class AS, 4.53% (30 day avg SOFR US + 0.22%), 05/25/2031
|
1,121,050
|
1,104,926
|
||||
|
Series K-F115, Class AS, 4.52% (30 day avg SOFR US + 0.21%), 06/25/2031
|
1,839,014
|
1,811,942
|
||||
|
Series K-F117, Class AS, 4.55% (30 day avg SOFR US + 0.24%), 06/25/2031
|
400,420
|
395,365
|
||||
|
Series K-F118, Class AS, 4.51% (30 day avg SOFR US + 0.20%), 07/25/2028
|
243,453
|
241,476
|
||||
|
Series K-F121, Class AS, 4.49% (30 day avg SOFR US + 0.18%), 08/25/2028
|
777,213
|
770,221
|
||||
|
Series KF125, Class AS, 4.53% (30 day avg SOFR US + 0.22%), 10/25/2028
|
1,197,645
|
1,187,853
|
||||
|
Series KF129, Class AS, 4.56% (30 day avg SOFR US + 0.25%), 01/25/2029
|
384,001
|
381,058
|
||||
|
Series KF133, Class AS, 4.68% (30 day avg SOFR US + 0.37%), 02/25/2029
|
1,371,583
|
1,366,076
|
||||
|
Series KF160, Class AS, 5.01% (30 day avg SOFR US + 0.70%), 10/25/2030
|
590,410
|
594,258
|
||||
|
Series KF48, Class A, 4.72% (30 day avg SOFR US + 0.40%), 06/25/2028
|
1,089,069
|
1,086,706
|
||||
|
Series KF57, Class A, 4.97% (30 day avg SOFR US + 0.65%), 12/25/2028
|
543,801
|
546,599
|
||||
|
Series KF59, Class A, 4.97% (30 day avg SOFR US + 0.65%), 02/25/2029
|
999,569
|
1,002,738
|
||||
|
Series KF61, Class A, 4.96% (30 day avg SOFR US + 0.64%), 03/25/2029
|
435,869
|
437,245
|
||||
|
Series KF75, Class AL, 4.94% (30 day avg SOFR US + 0.62%), 12/25/2029
|
366,907
|
368,285
|
||||
|
Series KF75, Class AS, 4.86% (SOFR 1M Historical Calendar Day Compounded + 0.55%), 12/25/2029
|
397,372
|
398,186
|
||||
|
Series KF79, Class AL, 4.90% (30 day avg SOFR US + 0.58%), 05/25/2030
|
808,230
|
807,021
|
||||
|
Series KF86, Class AS, 4.63% (30 day avg SOFR US + 0.32%), 08/25/2027
|
510,832
|
509,437
|
||||
|
Series KF87, Class AL, 4.78% (30 day avg SOFR US + 0.46%), 08/25/2030
|
141,722
|
141,300
|
||||
|
Series KF87, Class AS, 4.66% (30 day avg SOFR US + 0.35%), 08/25/2030
|
566,888
|
562,279
|
||||
|
Series KF88, Class AL, 4.76% (30 day avg SOFR US + 0.44%), 09/25/2030
|
3,814,421
|
3,804,325
|
||||
|
Series KF90, Class AS, 4.69% (30 day avg SOFR US + 0.38%), 09/25/2030
|
340,826
|
337,206
|
||||
|
Series KF91, Class AS, 4.69% (30 day avg SOFR US + 0.38%), 10/25/2030
|
311,798
|
310,050
|
||||
|
Series KF93, Class AS, 4.62% (30 day avg SOFR US + 0.31%), 10/25/2027
|
1,058,083
|
1,054,413
|
||||
|
Series KF94, Class AL, 4.73% (30 day avg SOFR US + 0.41%), 11/25/2030
|
1,011,858
|
1,007,646
|
||||
|
Series KF94, Class AS, 4.65% (30 day avg SOFR US + 0.34%), 11/25/2030
|
337,286
|
334,279
|
||||
|
Series KF95, Class AL, 4.69% (30 day avg SOFR US + 0.37%), 11/25/2030
|
806,896
|
798,068
|
||||
|
Series KF96, Class AL, 4.69% (30 day avg SOFR US + 0.37%), 12/25/2030
|
946,916
|
941,174
|
||||
|
Series KF97, Class AS, 4.56% (30 day avg SOFR US + 0.25%), 12/25/2030
|
197,842
|
195,470
|
||||
|
Series KF99, Class AS, 4.51% (30 day avg SOFR US + 0.20%), 12/25/2030
|
512,844
|
505,430
|
||||
|
Series KJ21, Class A2, 3.70%, 09/25/2026
|
1,492,940
|
1,483,935
|
||||
|
Series KLU2, Class A7, 2.23%, 09/25/2025 (d)
|
1,185,362
|
1,178,810
|
||||
|
Federal National Mortgage Association
|
||||||
|
Series 2015-M10, Class A2, 3.09%, 04/25/2027 (d)
|
1,071,781
|
1,048,872
|
||||
|
Series 2017-M15, Class ATS2, 3.21%, 11/25/2027 (d)
|
506,250
|
496,296
|
||||
|
Series 2017-M4, Class A2, 2.64%, 12/25/2026 (d)
|
962,674
|
940,417
|
||||
|
Freddie Mac Structured Agency Credit Risk Debt Notes
|
||||||
|
Series 2021-DNA7, Class M1, 5.16% (30 day avg SOFR US + 0.85%), 11/25/2041 (b)
|
178,794
|
178,957
|
||||
|
Series 2022-HQA2, Class M1B, 8.31% (30 day avg SOFR US + 4.00%), 07/25/2042 (b)
|
1,550,000
|
1,637,070
|
||||
|
Series 2024-DNA1, Class M1, 5.66% (30 day avg SOFR US + 1.35%), 02/25/2044 (b)
|
998,078
|
1,001,902
|
||||
|
Series 2024-HQA2, Class M1, 5.51% (30 day avg SOFR US + 1.20%), 08/25/2044 (b)
|
1,522,856
|
1,529,160
|
||||
|
GS Mortgage-Backed Securities Trust, Series 2023-PJ6, Class A16, 6.50%, 04/25/2054 (b)(d)
|
286,464
|
293,563
|
||||
|
Home RE Ltd., Series 2023-1, Class M1A, 6.46% (30 day avg SOFR US + 2.15%), 10/25/2033 (b)
|
19,277
|
19,309
|
||||
|
Onslow Bay Mortgage Loan Trust
|
||||||
|
Series 2024-NQM2, Class A1, 5.88%, 12/25/2063 (b)(c)
|
716,689
|
727,799
|
||||
|
Series 2025-NQM7, Class A3, 5.86%, 05/25/2055 (b)(c)
|
967,021
|
970,906
|
||||
|
Sequoia Mortgage Trust, Series 2023-4, Class A10, 6.00%, 11/25/2053 (b)(d)
|
224,103
|
227,166
|
||||
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $59,478,516)
|
59,437,335
|
|||||
|
COLLATERALIZED LOAN OBLIGATIONS - 15.5%
|
Par
|
Value
|
||||
|
AMMC CDO, Series 2017-21A, Class B, 6.21% (3 mo. Term SOFR + 1.94%), 11/02/2030 (b)
|
118,634
|
118,687
|
||||
|
BCRED BSL Static CLO Ltd., Series 2025-1A, Class AR, 5.54% (3 mo. Term SOFR + 1.25%), 07/24/2035 (b)
|
1,000,000
|
999,502
|
||||
|
Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 5.60% (3 mo. Term SOFR + 1.32%), 07/23/2032 (b)
|
999,455
|
1,000,392
|
||||
|
Blackstone, Inc., Series 2018-1A, Class A2, 5.53% (3 mo. Term SOFR + 1.27%), 04/15/2031 (b)
|
106,667
|
106,736
|
||||
|
Canyon Capital CLO Ltd., Series 2016-1A, Class AR, 5.59% (3 mo. Term SOFR + 1.33%), 07/15/2031 (b)
|
1,065,679
|
1,066,371
|
||||
|
Carbone CLO LLC, Series 2017-1A, Class A1, 5.67% (3 mo. Term SOFR + 1.40%), 01/20/2031 (b)
|
858,331
|
856,804
|
||||
|
CBAM Ltd., Series 2019-10A, Class A1R, 5.65% (3 mo. Term SOFR + 1.38%), 04/20/2032 (b)
|
1,487,037
|
1,486,728
|
||||
|
Dryden Senior Loan Fund, Series 2019-80A, Class AR, 5.53% (3 mo. Term SOFR + 1.25%), 01/17/2033 (b)
|
1,639,012
|
1,636,679
|
||||
|
Fortress Credit Opportunities
|
||||||
|
Series 2025-31A, Class A1, 5.82% (3 mo. Term SOFR + 1.50%), 07/20/2033 (b)
|
2,000,000
|
2,004,382
|
||||
|
Series 2025-35A, Class A1, 0.00% (3 mo. Term SOFR + 1.40%), 07/20/2033 (b)
|
2,100,000
|
2,100,000
|
||||
|
Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.61% (3 mo. Term SOFR + 1.35%), 07/15/2031 (b)
|
1,325,632
|
1,326,146
|
||||
|
LCM XIII LP, Series 14A, Class AR, 5.57% (3 mo. Term SOFR + 1.30%), 07/20/2031 (b)
|
230,256
|
230,272
|
||||
|
LJV I MM CLO LLC, Series 2022-1A, Class A1, 6.13% (3 mo. Term SOFR + 1.85%), 04/28/2034 (b)
|
3,111,224
|
3,117,057
|
||||
|
Madison Park Funding Ltd.
|
||||||
|
Series 2015-18A, Class ARR, 5.47% (3 mo. Term SOFR + 1.20%), 10/21/2030 (b)
|
1,103,460
|
1,104,465
|
||||
|
Series 2021-52A, Class X, 5.43% (3 mo. Term SOFR + 1.16%), 01/22/2035 (b)
|
315,789
|
315,782
|
||||
|
Maranon Loan Funding Ltd., Series 2021-3A, Class XR, 5.56% (3 mo. Term SOFR + 1.30%), 10/15/2036 (b)
|
875,000
|
874,977
|
||||
|
Milos Clo, Series 2017-1A, Class AR, 5.60% (3 mo. Term SOFR + 1.33%), 10/20/2030 (b)
|
1,083,657
|
1,084,983
|
||||
|
Mountain View Funding CLO, Series 2017-2A, Class AR, 5.56% (3 mo. Term SOFR + 1.30%), 01/16/2031 (b)
|
83,983
|
83,985
|
||||
|
Neuberger Berman CLO Ltd.
|
||||||
|
Series 2019-34A, Class A1R, 5.51% (3 mo. Term SOFR + 1.24%), 01/20/2035 (b)
|
1,083,312
|
1,081,840
|
||||
|
Series 2020-36A, Class A1R2, 5.57% (3 mo. Term SOFR + 1.30%), 04/20/2033 (b)
|
1,235,013
|
1,233,367
|
||||
|
OCP CLO Ltd., Series 2014-5A, Class A1R, 5.62% (3 mo. Term SOFR + 1.34%), 04/26/2031 (b)
|
71,822
|
71,839
|
||||
|
Octagon Investment Partners Ltd., Series 2016-1A, Class XRR, 5.58% (3 mo. Term SOFR + 1.30%), 04/24/2037 (b)
|
1,052,632
|
1,055,888
|
||||
|
OZLM Ltd., Series 2019-24A, Class A1AR, 5.69% (3 mo. Term SOFR + 1.42%), 07/20/2032 (b)
|
1,837,169
|
1,837,568
|
||||
|
Palmer Square Loan Funding Ltd., Series 2022-3A, Class A1AR, 5.36% (3 mo. Term SOFR + 1.10%), 04/15/2031 (b)
|
676,003
|
674,297
|
||||
|
Parliament Funding, Series 2020-1A, Class BR, 6.18% (3 mo. Term SOFR + 1.91%), 10/20/2031 (b)
|
1,632,710
|
1,633,508
|
||||
|
ROMARK CLO LLC, Series 2021-5A, Class X, 5.52% (3 mo. Term SOFR + 1.26%), 01/15/2035 (b)
|
736,842
|
736,833
|
||||
|
Sound Point CLO Ltd.
|
||||||
|
Series 2013-3RA, Class A, 5.68% (3 mo. Term SOFR + 1.41%), 04/18/2031 (b)
|
4,277,159
|
4,282,189
|
||||
|
Series 2015-2A, Class ARRR, 5.74% (3 mo. Term SOFR + 1.47%), 07/20/2032 (b)
|
2,945,711
|
2,948,966
|
||||
|
Series 2018-1A, Class A, 5.52% (3 mo. Term SOFR + 1.26%), 04/15/2031 (b)
|
948,814
|
949,231
|
||||
|
Steele Creek CLO Ltd., Series 2014-1RA, Class B, 6.03% (3 mo. Term SOFR + 1.76%), 04/21/2031 (b)
|
1,004,394
|
1,004,765
|
||||
|
Symphony CLO Ltd.
|
||||||
|
Series 2014-15A, Class AR3, 5.62% (3 mo. Term SOFR + 1.34%), 01/17/2032 (b)
|
1,726,139
|
1,728,207
|
||||
|
Series 2021-26A, Class AR, 5.61% (3 mo. Term SOFR + 1.34%), 04/20/2033 (b)
|
1,650,811
|
1,649,371
|
||||
|
TCI-Symphony CLO Ltd., Series 2016-1A, Class AR2, 5.52% (3 mo. Term SOFR + 1.28%), 10/13/2032 (b)
|
857,973
|
858,979
|
||||
|
THL Credit Lake Shore MM CLO Ltd., Series 2019-2A, Class A1RR, 5.68% (3 mo. Term SOFR + 1.40%), 10/17/2031 (b)
|
762,658
|
762,840
|
||||
|
TIAA CLO Ltd.
|
||||||
|
Series 2016-1A, Class ARR, 5.52% (3 mo. Term SOFR + 1.25%), 07/20/2031 (b)
|
953,764
|
954,339
|
||||
|
Series 2017-2A, Class A, 5.67% (3 mo. Term SOFR + 1.41%), 01/16/2031 (b)
|
634,291
|
634,648
|
||||
|
Trinitas CLO Ltd., Series 2018-9A, Class ARRR, 5.47% (3 mo. Term SOFR + 1.20%), 01/20/2032 (b)
|
1,962,482
|
1,962,892
|
||||
|
Venture CDO Ltd.
|
||||||
|
Series 2014-18X, Class CR, 6.62% (3 mo. Term SOFR + 2.36%), 10/15/2029
|
897,663
|
899,154
|
||||
|
Series 2018-32A, Class A1, 5.63% (3 mo. Term SOFR + 1.36%), 07/18/2031 (b)
|
493,472
|
493,955
|
||||
|
Voya CLO Ltd., Series 2019-3A, Class AR, 5.62% (3 mo. Term SOFR + 1.34%), 10/17/2032 (b)
|
1,956,094
|
1,954,993
|
||||
|
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $48,943,530)
|
48,923,617
|
|||||
|
MORTGAGE-BACKED SECURITIES - 3.0%
|
Par
|
Value
|
||||
|
Federal Home Loan Mortgage Corp.
|
||||||
|
Series KF130, Class AS, 4.60% (30 day avg SOFR US + 0.29%), 01/25/2029
|
590,341
|
588,780
|
||||
|
Series KF135, Class AS, 4.68% (30 day avg SOFR US + 0.37%), 05/25/2029
|
678,948
|
677,961
|
||||
|
Series KF166, Class AS, 4.91% (30 day avg SOFR US + 0.60%), 01/25/2032
|
2,000,000
|
2,002,500
|
||||
|
Series KJ49, Class AFL, 4.91% (30 day avg SOFR US + 0.60%), 01/25/2031
|
992,937
|
989,060
|
||||
|
Federal National Mortgage Association
|
||||||
|
Pool AN0287, 2.95%, 11/01/2025
|
1,500,000
|
1,494,743
|
||||
|
Pool AN3381, 2.52%, 10/01/2026
|
912,503
|
891,088
|
||||
|
Pool AN7890, 3.06%, 12/01/2027
|
2,750,000
|
2,685,892
|
||||
|
TOTAL MORTGAGE-BACKED SECURITIES (Cost $9,307,194)
|
9,330,024
|
|||||
|
SHORT-TERM INVESTMENTS - 11.1%
|
Value
|
|||||
|
Money Market Funds - 8.3%
|
Shares
|
|
||||
|
First American Government Obligations Fund - Class X, 4.25% (g)
|
26,068,335
|
26,068,335
|
||||
|
U.S. Treasury Bills - 2.8%
|
Par
|
|
||||
|
4.24%, 08/07/2025 (h)
|
2,500,000
|
2,489,206
|
||||
|
4.36%, 09/04/2025 (h)
|
3,000,000
|
2,976,986
|
||||
|
4.11%, 10/02/2025 (h)
|
3,500,000
|
3,461,838
|
||||
|
8,928,030
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $34,998,360)
|
34,996,365
|
|||||
|
TOTAL INVESTMENTS - 103.3% (Cost $325,076,103)
|
325,737,889
|
|||||
|
Liabilities in Excess of Other Assets - (3.3)%
|
(10,552,522)
|
|||||
|
TOTAL NET ASSETS - 100.0%
|
|
$ |
315,185,367
|
|||
|
two
|
–%
|
|||||
|
Percentages are stated as a percent of net assets.
|
–%
|
|||||
|
LLC - Limited Liability Company
|
|
LP - Limited Partnership
|
|
PLC - Public Limited Company
|
|
REIT - Real Estate Investment Trust
|
|
SOFR - Secured Overnight Financing Rate
|
|
(a)
|
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
industries or sectors.
|
|
(b)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
institutional investors. As of June 30, 2025, the value of these securities total $167,680,476 or 53.2% of the Fund’s net assets.
|
|
(c)
|
Step coupon bond. The rate disclosed is as of June 30, 2025.
|
|
(d)
|
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.
|
|
(e)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
represented $1,000,000 or 0.3% of net assets as of June 30, 2025.
|
|
(f)
|
Represents less than 0.05% of net assets.
|
|
(g)
|
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
|
|
(h)
|
The rate shown is the annualized effective yield as of June 30, 2025.
|
|
Strive Enhanced Income Short Maturity ETF
|
|||||||||||||
|
Schedule of Futures Contracts
|
|||||||||||||
|
June 30, 2025
|
|||||||||||||
|
Description
|
Contracts Purchased
|
Expiration Date
|
Notional Value
|
Value / Unrealized Appreciation (Depreciation)
|
|||||||||
|
U.S. Treasury 2 Year Notes
|
13
|
09/30/2025
|
$
|
2,704,305
|
$
|
11,330
|
|||||||
|
Net Unrealized Appreciation (Depreciation)
|
$
|
11,330
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Assets:
|
||||||||||||||||
|
Investments:
|
||||||||||||||||
|
Asset-Backed Securities
|
$
|
–
|
$
|
88,678,751
|
$
|
1,000,000
|
$
|
89,678,751
|
||||||||
|
Corporate Bonds
|
–
|
83,371,797
|
–
|
83,371,797
|
||||||||||||
|
Collateralized Mortgage Obligations
|
–
|
59,437,335
|
–
|
59,437,335
|
||||||||||||
|
Collateralized Loan Obligations
|
–
|
48,923,617
|
–
|
48,923,617
|
||||||||||||
|
Mortgage-Backed Securities
|
–
|
9,330,024
|
–
|
9,330,024
|
||||||||||||
|
Money Market Funds
|
26,068,335
|
–
|
–
|
26,068,335
|
||||||||||||
|
U.S. Treasury Bills
|
–
|
8,928,030
|
–
|
8,928,030
|
||||||||||||
|
Total Investments
|
$
|
26,068,335
|
$
|
298,669,554
|
$
|
1,000,000
|
$
|
325,737,889
|
||||||||
|
Other Financial Instruments:
|
||||||||||||||||
|
Futures Contracts*
|
$
|
11,330
|
$
|
–
|
$
|
–
|
$
|
11,330
|
||||||||
|
Total Other Financial Instruments
|
$
|
11,330
|
$
|
–
|
$
|
–
|
$
|
11,330
|
||||||||
|
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.
|
||||||||||||||||
|
Refer to the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||
|
Allocation of Portfolio Holdings as of June 30, 2025
|
||||||||
|
(% of Net Assets)
|
||||||||
|
Asset-Backed Securities
|
$
|
89,678,751
|
28.4
|
%
|
||||
|
Corporate Bonds
|
83,371,797
|
26.4
|
||||||
|
Collateralized Mortgage Obligations
|
59,437,335
|
18.9
|
||||||
|
Collateralized Loan Obligations
|
48,923,617
|
15.5
|
||||||
|
Mortgage-Backed Securities
|
9,330,024
|
3.0
|
||||||
|
Money Market Funds
|
26,068,335
|
8.3
|
||||||
|
U.S. Treasury Bills
|
8,928,030
|
2.8
|
||||||
|
Liabilities in Excess of Other Assets
|
(10,552,522
|
)
|
(3.3
|
)
|
||||
|
$
|
315,185,367
|
100.0
|
%
|
|||||