| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| PREFERRED STOCKS† - 0.6% | ||||||||
| Financial - 0.5% | ||||||||
| Goldman Sachs Group, Inc.†† | ||||||||
| 7.50% | 100,000 | $ | 105,293 | |||||
| Citigroup, Inc.†† | ||||||||
| 6.75% | 100,000 | 100,736 | ||||||
| State Street Corp.†† | ||||||||
| 6.45% | 50,000 | 50,870 | ||||||
| American National Group, Inc. | ||||||||
| 7.38% | 1,000 | 26,070 | ||||||
| Total Financial | 282,969 | |||||||
| Energy - 0.1% | ||||||||
| Venture Global LNG, Inc.†† | ||||||||
| 9.00%1 | 70,000 | 68,054 | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $343,002) | 351,023 | |||||||
| MONEY MARKET FUND***,† - 1.6% | ||||||||
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.19%2 | 889,560 | 889,560 | ||||||
| Total Money Market Fund | ||||||||
| (Cost $889,560) | 889,560 | |||||||
| Face Amount~ | ||||||||
| ASSET-BACKED SECURITIES†† - 34.1% | ||||||||
| Collateralized Loan Obligations - 21.4% | ||||||||
| Golub Capital Partners Clo 49M Ltd. | ||||||||
| 2025-49A A1R2, due 07/20/38◊,1 | 1,500,000 | 1,500,000 | ||||||
| Neuberger Berman CLO 32R Ltd. | ||||||||
| 2025-32RA B, due 07/20/39◊,1 | 1,500,000 | 1,500,000 | ||||||
| Owl Rock CLO X LLC | ||||||||
| 2025-10A AR, 5.65% (3 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 04/20/37◊,1 | 1,300,000 | 1,298,422 | ||||||
| Golub Capital Partners CLO 54M L.P | ||||||||
| 2025-54A A2R, due 08/05/37◊,1 | 1,000,000 | 1,000,000 | ||||||
| BCRED CLO LLC | ||||||||
| 2025-1A B, 5.98% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37◊,1 | 500,000 | 501,305 | ||||||
| AGL CLO 39 Ltd. | ||||||||
| 2025-39A B, 5.71% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/20/38◊,1 | 500,000 | 500,498 | ||||||
| FS Rialto Issuer LLC | ||||||||
| 2025-FL10 B, 6.22% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42◊,1 | 250,000 | 246,729 | ||||||
| 2024-FL9 B, 6.61% (1 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/19/39◊,1 | 100,000 | 99,524 | ||||||
| BDS LLC | ||||||||
| 2025-FL14 AS, 5.89% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42◊,1 | 200,000 | 198,575 | ||||||
| 2024-FL13 AS, 6.31% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39◊,1 | 100,000 | 99,922 | ||||||
| Greystone CRE Notes 2025-FL4 LLC | ||||||||
| 2025-FL4 AS, 6.45% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 01/15/43◊,1 | 250,000 | 251,474 | ||||||
| Fortress Credit Opportunities XXV CLO LLC | ||||||||
| 2024-25A A1T, 5.85% (3 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 01/15/37◊,1 | 250,000 | 251,273 | ||||||
| Sound Point CLO Ltd. | ||||||||
| 2025-1RA C, 6.42% (3 Month Term SOFR + 2.10%, Rate Floor: 2.10%) due 02/20/38◊,1 | 250,000 | 251,164 | ||||||
| OWL Rock Clo XXI LLC | ||||||||
| 2025-21A B, 6.22% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 07/24/34◊,1 | 250,000 | 251,112 | ||||||
| Owl Rock CLO IX LLC | ||||||||
| 2024-9A BR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/22/37◊,1 | 250,000 | 251,072 | ||||||
| Ares Direct Lending CLO 3 LLC | ||||||||
| 2024-3A B, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 01/20/37◊,1 | 250,000 | 250,617 | ||||||
| Hlend CLO LLC | ||||||||
| 2025-3A B, 5.97% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 01/20/37◊,1 | 250,000 | 250,568 | ||||||
| Fortress Credit BSL XVI Ltd. | ||||||||
| 2024-3A BR, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/35◊,1 | 250,000 | 250,543 | ||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 34.1% (continued) | ||||||||
| Collateralized Loan Obligations - 21.4% (continued) | ||||||||
| Neuberger Berman Loan Advisers Clo 58 Ltd. | ||||||||
| 2024-58A B, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/18/38◊,1 | 250,000 | $ | 250,466 | |||||
| Palmer Square CLO Ltd. | ||||||||
| 2024-3A B, 5.87% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 07/20/37◊,1 | 250,000 | 250,396 | ||||||
| Wellfleet CLO Ltd. | ||||||||
| 2024-2A BR, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/18/37◊,1 | 250,000 | 250,366 | ||||||
| Owl Rock CLO VII LLC | ||||||||
| 2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38◊,1 | 250,000 | 250,250 | ||||||
| HPS Private Credit CLO 2025-3 LLC | ||||||||
| 2025-3A B, due 07/20/37◊,1 | 250,000 | 250,000 | ||||||
| Madison Park Funding LXXI Ltd. | ||||||||
| 2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38◊,1 | 250,000 | 249,443 | ||||||
| Elmwood CLO 38 Ltd. | ||||||||
| 2025-1A B1, 5.73% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 04/22/38◊,1 | 250,000 | 248,574 | ||||||
| Cerberus Loan Funding XLVIII LLC | ||||||||
| 2024-4A AN, 5.91% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36◊,1 | 100,000 | 100,305 | ||||||
| 2024-4A C, 6.56% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/15/36◊,1 | 100,000 | 99,970 | ||||||
| Golub Capital Partners CLO 16M-R3 | ||||||||
| 2025-16A A1R3, 5.95% (3 Month Term SOFR + 1.63%, Rate Floor: 1.63%) due 08/09/39◊,1 | 150,000 | 150,000 | ||||||
| AREIT Ltd. | ||||||||
| 2025-CRE10 A, 5.70% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 12/17/29◊,1 | 150,000 | 149,876 | ||||||
| Acrec LLC | ||||||||
| 2025-FL3 B, 6.26% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42◊,1 | 150,000 | 148,186 | ||||||
| Ares Direct Lending CLO 2 LLC | ||||||||
| 2024-2A B, 6.17% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/20/36◊,1 | 100,000 | 100,573 | ||||||
| Owl Rock CLO XIX LLC | ||||||||
| 2024-19A B, 6.17% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/22/37◊,1 | 100,000 | 100,405 | ||||||
| ABPCI Direct Lending Fund CLO V Ltd. | ||||||||
| 2024-5A A1RR, 6.47% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 01/20/36◊,1 | 100,000 | 100,369 | ||||||
| Owl Rock CLO XIII LLC | ||||||||
| 2023-13A A, 6.87% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/20/35◊,1 | 100,000 | 100,361 | ||||||
| Barings CLO Ltd. | ||||||||
| 2024-3A BR, 6.02% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/20/37◊,1 | 100,000 | 100,317 | ||||||
| BCRED MML CLO LLC | ||||||||
| 2022-1A A1, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 04/20/35◊,1 | 100,000 | 100,198 | ||||||
| TRTX Issuer Ltd. | ||||||||
| 2025-FL6 A, 5.85% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42◊,1 | 100,000 | 100,023 | ||||||
| BSPRT Issuer LLC | ||||||||
| 2024-FL11 B, 6.61% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39◊,1 | 100,000 | 99,346 | ||||||
| LoanCore | ||||||||
| 2025-CRE8 B, 6.16% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 08/17/42◊,1 | 100,000 | 99,172 | ||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 34.1% (continued) | ||||||||
| Collateralized Loan Obligations - 21.4% (continued) | ||||||||
| HERA Commercial Mortgage Ltd. | ||||||||
| 2021-FL1 A, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38◊,1 | 15,443 | $ | 15,422 | |||||
| Total Collateralized Loan Obligations | 12,266,816 | |||||||
| Transport-Aircraft - 5.1% | ||||||||
| Slam Ltd. | ||||||||
| 2024-1A, 5.34% due 09/15/491 | 952,522 | 949,975 | ||||||
| 2025-1A, 5.81% due 05/15/501 | 250,000 | 254,215 | ||||||
| Navigator Aviation Ltd. | ||||||||
| 2024-1, 5.40% due 08/15/491 | 329,167 | 325,568 | ||||||
| Gilead Aviation LLC | ||||||||
| 2025-1A, 5.79% due 03/15/501 | 246,942 | 251,359 | ||||||
| ALTDE Trust | ||||||||
| 2025-1A, 5.90% due 08/15/501 | 244,843 | 249,650 | ||||||
| AASET | ||||||||
| 2025-1A, 5.94% due 02/16/501 | 243,877 | 248,315 | ||||||
| Castlelake Aircraft Structured Trust | ||||||||
| 2025-1A, 5.78% due 02/15/501 | 243,364 | 246,757 | ||||||
| AASET Ltd. | ||||||||
| 2024-2A, 5.93% due 09/16/491 | 237,096 | 240,761 | ||||||
| Lunar Structured Aircraft Portfolio Notes | ||||||||
| 2021-1, 2.64% due 10/15/461 | 173,551 | 161,702 | ||||||
| Total Transport-Aircraft | 2,928,302 | |||||||
| Infrastructure - 2.0% | ||||||||
| QTS Issuer ABS I LLC | ||||||||
| 2025-1A, 5.44% due 05/25/551 | 250,000 | 253,344 | ||||||
| Blue Stream Issuer LLC | ||||||||
| 2024-1A, 5.41% due 11/20/541 | 200,000 | 201,486 | ||||||
| Stack Infrastructure Issuer LLC | ||||||||
| 2025-1A, 5.00% due 05/25/501 | 200,000 | 197,938 | ||||||
| Switch ABS Issuer LLC | ||||||||
| 2025-1A, 5.04% due 03/25/551 | 200,000 | 197,285 | ||||||
| Hotwire Funding LLC | ||||||||
| 2024-1A, 6.67% due 06/20/541 | 150,000 | 153,527 | ||||||
| Vantage Data Centers Issuer LLC | ||||||||
| 2024-1A, 5.10% due 09/15/541 | 100,000 | 99,312 | ||||||
| SBA Tower Trust | ||||||||
| 4.83% due 10/15/291 | 50,000 | 50,052 | ||||||
| Total Infrastructure | 1,152,944 | |||||||
| Financial - 1.5% | ||||||||
| Dogwood State Bank | ||||||||
| 6.45% due 06/24/32 | 400,000 | 400,000 | ||||||
| Metis Issuer, LLC | ||||||||
| 6.89% due 05/15/55††† | 250,000 | 249,142 | ||||||
| Station Place Securitization Trust | ||||||||
| 2024-SP4, 5.61% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25◊,†††,1 | 75,000 | 75,000 | ||||||
| 2024-SP3, 5.61% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25◊,†††,1 | 50,000 | 50,000 | ||||||
| Ceamer Finance LLC | ||||||||
| 6.79% due 11/15/39††† | 96,522 | 97,898 | ||||||
| Total Financial | 872,040 | |||||||
| Whole Business - 0.8% | ||||||||
| Five Guys Holdings, Inc. | ||||||||
| 2023-1A, 7.55% due 01/26/541 | 99,500 | 102,818 | ||||||
| Wingstop Funding LLC | ||||||||
| 2024-1A, 5.86% due 12/05/541 | 100,000 | 101,862 | ||||||
| SERVPRO Master Issuer LLC | ||||||||
| 2024-1A, 6.17% due 01/25/541 | 98,750 | 101,728 | ||||||
| Arbys Funding LLC | ||||||||
| 2020-1A, 3.24% due 07/30/501 | 95,250 | 90,855 | ||||||
| Subway Funding LLC | ||||||||
| 2024-3A, 5.91% due 07/30/541 | 49,750 | 49,210 | ||||||
| Total Whole Business | 446,473 | |||||||
| Automotive - 0.7% | ||||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| 2025-2A, 5.51% due 08/20/311 | 400,000 | 407,769 | ||||||
| Unsecured Consumer Loans - 0.7% | ||||||||
| Foundation Finance Trust | ||||||||
| 2025-1A, 5.55% due 04/15/501 | 100,000 | 100,657 | ||||||
| 2024-2A, 4.93% due 03/15/501 | 97,321 | 97,107 | ||||||
| GreenSky Home Improvement Issuer Trust | ||||||||
| 2024-2, 5.26% due 10/27/591 | 100,000 | 100,567 | ||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 34.1% (continued) | ||||||||
| Unsecured Consumer Loans - 0.7% (continued) | ||||||||
| Stream Innovations Issuer Trust | ||||||||
| 2024-2A, 5.21% due 02/15/451 | 78,963 | $ | 79,839 | |||||
| Total Unsecured Consumer Loans | 378,170 | |||||||
| Net Lease - 0.5% | ||||||||
| Store Master Funding I-VII XIV XIX XX XXIV XXII | ||||||||
| 2024-1A, 5.70% due 05/20/541 | 99,417 | 102,066 | ||||||
| Tenet Equity Funding LLC | ||||||||
| 2024-1A, 5.49% due 10/20/541 | 99,838 | 100,161 | ||||||
| Capital Automotive REIT | ||||||||
| 2024-3A, 4.55% due 10/15/541 | 99,063 | 93,789 | ||||||
| Total Net Lease | 296,016 | |||||||
| Single Family Residence - 0.5% | ||||||||
| Tricon Residential Trust | ||||||||
| 2025-SFR1, 5.66% (1 Month Term SOFR + 1.35%, Rate Floor: 1.35%) due 03/17/42◊,1 | 100,000 | 100,141 | ||||||
| 2024-SFR4, 4.65% due 11/17/411 | 100,000 | 98,401 | ||||||
| Invitation Homes Trust | ||||||||
| 2024-SFR1, 4.00% due 09/17/411 | 100,000 | 96,227 | ||||||
| Total Single Family Residence | 294,769 | |||||||
| Collateralized Debt Obligations - 0.4% | ||||||||
| Anchorage Credit Funding 3 Ltd. | ||||||||
| 2021-3A A1R, 2.87% due 01/28/391 | 250,000 | 235,777 | ||||||
| Transport-Container - 0.3% | ||||||||
| CLI Funding IX LLC | ||||||||
| 2025-1A, 5.35% due 06/20/501 | 200,000 | 201,492 | ||||||
| Asset Backed Securities - 0.2% | ||||||||
| SSI Issuer LLC | ||||||||
| 2025-1, 6.15% due 07/25/651 | 100,000 | 100,100 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $19,510,330) | 19,580,668 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 23.0% | ||||||||
| Residential Mortgage-Backed Securities - 18.5% | ||||||||
| PRPM LLC | ||||||||
| 2025-RCF3, due 07/25/55◊,1 | 800,000 | 791,667 | ||||||
| 2025-2, 6.47% due 05/25/301,4 | 194,526 | 194,307 | ||||||
| 2025-RPL3, 3.25% due 04/25/551,4 | 200,000 | 184,302 | ||||||
| 2024-5, 5.69% due 09/25/291,4 | 132,327 | 132,412 | ||||||
| 2024-6, 5.70% due 11/25/291,4 | 92,763 | 92,980 | ||||||
| OBX Trust | ||||||||
| 2024-NQM18, 5.87% due 10/25/641,4 | 306,698 | 307,871 | ||||||
| 2025-NQM2, 5.95% due 11/25/641,4 | 232,119 | 233,439 | ||||||
| 2024-NQM1, 5.85% due 12/25/641,4 | 91,897 | 92,229 | ||||||
| 2024-NQM1, 5.70% due 12/25/641,4 | 91,897 | 92,160 | ||||||
| 2024-NQM15, 5.72% due 10/25/641,4 | 86,242 | 86,332 | ||||||
| 2024-NQM16, 5.73% due 10/25/641,4 | 84,041 | 84,167 | ||||||
| 2024-NQM12, 5.83% due 07/25/641,4 | 83,399 | 83,466 | ||||||
| 2024-NQM13, 5.37% due 06/25/641,4 | 79,492 | 79,230 | ||||||
| FIGRE Trust | ||||||||
| 2025-HE1, 5.93% (WAC) due 01/25/55◊,1 | 270,667 | 273,192 | ||||||
| 2025-PF1, 5.91% (WAC) due 06/25/55◊,1 | 191,097 | 192,820 | ||||||
| 2024-HE6, 5.97% (WAC) due 12/25/54◊,1 | 133,942 | 134,974 | ||||||
| 2024-HE5, 5.44% (WAC) due 10/25/54◊,1 | 128,963 | 129,668 | ||||||
| 2024-HE4, 5.06% (WAC) due 09/25/54◊,1 | 84,298 | 84,293 | ||||||
| Verus Securitization Trust | ||||||||
| 2025-5, 5.68% due 06/25/701,4 | 450,000 | 451,532 | ||||||
| 2023-3, 6.74% due 03/25/681,4 | 116,948 | 117,360 | ||||||
| 2025-2, 5.51% due 03/25/701,4 | 96,245 | 96,245 | ||||||
| 2024-9, 5.89% due 11/25/691,4 | 93,347 | 93,638 | ||||||
| BRAVO Residential Funding Trust | ||||||||
| 2025-NQM4, 5.61% due 02/25/651,4 | 245,114 | 246,806 | ||||||
| 2025-CES1, 5.70% due 02/25/551,4 | 144,889 | 145,998 | ||||||
| 2025-NQM1, 5.91% due 12/25/641,4 | 137,005 | 137,727 | ||||||
| 2024-NQM5, 6.16% due 06/25/641,4 | 120,418 | 121,022 | ||||||
| Cross Mortgage Trust | ||||||||
| 2025-H1, 5.99% due 02/25/701,4 | 283,643 | 284,994 | ||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 23.0% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 18.5% (continued) | ||||||||
| 2025-H2, 5.66% due 03/25/701,4 | 240,542 | $ | 240,598 | |||||
| 2024-H7, 5.97% due 11/25/691,4 | 88,970 | 89,389 | ||||||
| Morgan Stanley ABS Capital I Incorporated Trust | ||||||||
| 2007-HE2, 4.64% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 01/25/37◊ | 898,550 | 410,860 | ||||||
| Carrington Mortgage Loan Trust Series | ||||||||
| 2005-NC3, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 06/25/35◊ | 400,000 | 369,108 | ||||||
| WaMu Asset-Backed Certificates WaMu Series 2007-HE2 Trust | ||||||||
| 2007-HE2, 4.54% (1 Month Term SOFR + 0.22%, Rate Floor: 0.22%) due 04/25/37◊ | 994,675 | 349,987 | ||||||
| Sequoia Mortgage Trust | ||||||||
| 2025-5, 5.50% (WAC) due 06/25/55◊,1 | 242,096 | 243,209 | ||||||
| 2025-6, 5.50% (WAC) due 07/25/55◊,1 | 100,000 | 100,511 | ||||||
| GCAT Trust | ||||||||
| 2025-NQM3, 5.96% due 05/25/701,4 | 250,000 | 251,385 | ||||||
| 2022-NQM3, 4.35% (WAC) due 04/25/67◊,1 | 79,743 | 79,461 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| 2025-1, 6.00% (WAC) due 06/25/55◊,1 | 178,666 | 180,488 | ||||||
| 2024-NQM1, 5.95% due 02/25/641,4 | 128,987 | 129,675 | ||||||
| HOMES Trust | ||||||||
| 2025-NQM1, 5.96% due 01/25/701,4 | 193,338 | 193,992 | ||||||
| 2024-AFC2, 5.98% due 10/25/591,4 | 90,016 | 90,313 | ||||||
| RCKT Mortgage Trust | ||||||||
| 2025-CES1, 5.65% due 01/25/451,4 | 279,592 | 281,253 | ||||||
| Long Beach Mortgage Loan Trust 2006-9 | ||||||||
| 2006-9, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 10/25/36◊ | 941,551 | 281,241 | ||||||
| RCKT Mortgage Trust 2025-CES6 | ||||||||
| 2025-CES6, 5.47% due 06/25/551,4 | 250,000 | 251,414 | ||||||
| Anchor Mortgage Trust | ||||||||
| 2025-RTL1, 5.72% due 05/25/40†††,1 | 200,000 | 200,692 | ||||||
| Morgan Stanley Residential Mortgage Loan Trust | ||||||||
| 2025-NQM3, 5.76% due 05/25/701,4 | 197,322 | 198,246 | ||||||
| New Residential Mortgage Loan Trust | ||||||||
| 2025-NQM3, 5.53% due 05/25/651 | 99,141 | 99,731 | ||||||
| 2024-NQM2, 5.42% due 09/25/641 | 82,655 | 82,502 | ||||||
| Mill City Securities Ltd. | ||||||||
| 2024-RS2, 3.00% due 08/01/691,4 | 96,996 | 89,916 | ||||||
| 2024-RS1, 3.00% due 11/01/691,4 | 95,785 | 87,356 | ||||||
| Towd Point Mortgage Trust | ||||||||
| 2024-4, 4.45% (WAC) due 10/27/64◊,1 | 89,130 | 89,540 | ||||||
| 2023-CES2, 7.29% (WAC) due 10/25/63◊,1 | 63,788 | 64,825 | ||||||
| NYMT Loan Trust | ||||||||
| 2021-SP1, 4.67% due 08/25/611,4 | 150,631 | 149,532 | ||||||
| Chase Home Lending Mortgage Trust | ||||||||
| 2025-5, 5.50% (WAC) due 04/25/56◊,1 | 147,764 | 148,235 | ||||||
| EFMT | ||||||||
| 2025-CES1, 5.73% due 01/25/601,4 | 143,516 | 144,750 | ||||||
| Mill City Mortgage Loan Trust | ||||||||
| 2021-NMR1, 2.50% (WAC) due 11/25/60◊,1 | 120,000 | 99,825 | ||||||
| LHOME Mortgage Trust | ||||||||
| 2024-RTL5, 5.32% due 09/25/391,4 | 100,000 | 99,719 | ||||||
| Finance of America HECM Buyout | ||||||||
| 2024-HB1, 5.00% (WAC) due 10/01/34◊,1 | 100,000 | 99,333 | ||||||
| COLT Mortgage Loan Trust | ||||||||
| 2025-3, 5.56% due 03/25/701,4 | 96,387 | 96,390 | ||||||
| Provident Funding Mortgage Trust | ||||||||
| 2025-1, 5.50% (WAC) due 02/25/55◊,1 | 95,861 | 96,167 | ||||||
| ATLX Trust | ||||||||
| 2024-RPL1, 3.85% due 04/25/641,4 | 93,045 | 89,855 | ||||||
| BRAVO | ||||||||
| 2024-NQM6, 5.66% due 08/01/641,4 | 83,911 | 83,958 | ||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 23.0% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 18.5% (continued) | ||||||||
| Citigroup Mortgage Loan Trust, Inc. | ||||||||
| 2022-A, 6.17% due 09/25/621,4 | 77,009 | $ | 76,946 | |||||
| Total Residential Mortgage-Backed Securities | 10,605,233 | |||||||
| Government Agency - 4.4% | ||||||||
| Uniform MBS 15 Year | ||||||||
| due 09/01/253 | 980,000 | 986,413 | ||||||
| Freddie Mac | ||||||||
| 5.50% due 07/25/53 | 434,640 | 436,919 | ||||||
| 5.25% due 04/25/53 | 250,000 | 249,644 | ||||||
| Uniform MBS 30 Year | ||||||||
| due 09/01/253 | 580,000 | 608,168 | ||||||
| Fannie Mae | ||||||||
| due 07/01/553 | 250,000 | 250,624 | ||||||
| Total Government Agency | 2,531,768 | |||||||
| Military Housing - 0.1% | ||||||||
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | ||||||||
| 2015-R1, 0.70% (WAC) due 10/25/52◊,5 | 906,171 | 51,814 | ||||||
| Commercial Mortgage-Backed Securities - 0.0% | ||||||||
| BXHPP Trust | ||||||||
| 2021-FILM, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,1 | 25,000 | 22,461 | ||||||
| Total Collateralized Mortgage Obligations | ||||||||
| (Cost $13,199,103) | 13,211,276 | |||||||
| FEDERAL AGENCY DISCOUNT NOTES†† - 17.8% | ||||||||
| Federal Home Loan Bank | ||||||||
| 4.10% due 07/01/256 | 10,200,000 | 10,200,000 | ||||||
| Total Federal Agency Discount Notes | ||||||||
| (Cost $10,200,000) | 10,200,000 | |||||||
| CORPORATE BONDS†† - 12.7% | ||||||||
| Financial - 5.4% | ||||||||
| Citadel Securities Global Holdings LLC | ||||||||
| 6.20% due 06/18/351 | 250,000 | 256,506 | ||||||
| Pershing Square Holdings Ltd. | ||||||||
| 3.25% due 11/15/30 | 250,000 | 226,580 | ||||||
| Nippon Life Insurance Co. | ||||||||
| 6.50% due 04/30/551,7 | 200,000 | 207,037 | ||||||
| Fidelis Insurance Holdings Ltd. | ||||||||
| 7.75% due 06/15/557 | 200,000 | 206,423 | ||||||
| AmFam Holdings, Inc. | ||||||||
| 3.83% due 03/11/511 | 325,000 | 205,734 | ||||||
| Equities AB | ||||||||
| 5.85% due 05/08/351 | 200,000 | 204,070 | ||||||
| Standard Chartered plc | ||||||||
| 5.24% due 05/13/311,7 | 200,000 | 202,937 | ||||||
| Meiji Yasuda Life Insurance Co. | ||||||||
| 6.10% due 06/11/551,7 | 200,000 | 199,612 | ||||||
| Americo Life, Inc. | ||||||||
| 3.45% due 04/15/311 | 200,000 | 178,418 | ||||||
| UWM Holdings LLC | ||||||||
| 6.63% due 02/01/301 | 150,000 | 150,155 | ||||||
| Focus Financial Partners LLC | ||||||||
| 6.75% due 09/15/311 | 125,000 | 127,595 | ||||||
| Selective Insurance Group, Inc. | ||||||||
| 5.90% due 04/15/35 | 100,000 | 102,235 | ||||||
| Belrose Funding Trust II | ||||||||
| 6.79% due 05/15/551 | 100,000 | 102,219 | ||||||
| IP Lending X Ltd. | ||||||||
| 7.75% due 07/02/29†††,1 | 100,000 | 100,000 | ||||||
| Equitable Holdings, Inc. | ||||||||
| 6.70% due 03/28/557 | 77,000 | 78,838 | ||||||
| MetLife, Inc. | ||||||||
| 6.35% due 03/15/557 | 70,000 | 71,899 | ||||||
| PennyMac Financial Services, Inc. | ||||||||
| 6.88% due 02/15/331 | 60,000 | 61,500 | ||||||
| American National Group, Inc. | ||||||||
| 5.75% due 10/01/29 | 60,000 | 61,435 | ||||||
| Ascot Group Ltd. | ||||||||
| 6.35% due 06/15/351,7 | 50,000 | 51,591 | ||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.25% due 04/01/301 | 50,000 | 51,441 | ||||||
| Enstar Group Ltd. | ||||||||
| 7.50% due 04/01/451,7 | 50,000 | 51,432 | ||||||
| OneMain Finance Corp. | ||||||||
| 6.63% due 05/15/29 | 50,000 | 51,353 | ||||||
| Rocket Companies, Inc. | ||||||||
| 6.38% due 08/01/331 | 50,000 | 51,160 | ||||||
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. | ||||||||
| 2.88% due 10/15/261 | 50,000 | 48,763 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 6.65% due 09/15/557 | 30,000 | 29,901 | ||||||
| Farmers Insurance Exchange | ||||||||
| 7.00% due 10/15/641,7 | 20,000 | 19,852 | ||||||
| Ryan Specialty LLC | ||||||||
| 5.88% due 08/01/321 | 19,000 | 19,149 | ||||||
| Total Financial | 3,117,835 | |||||||
| Consumer, Non-cyclical - 2.0% | ||||||||
| ADT Security Corp. | ||||||||
| 4.88% due 07/15/321 | 400,000 | 383,713 | ||||||
| IQVIA, Inc. | ||||||||
| 6.25% due 06/01/321 | 200,000 | 205,244 | ||||||
| Becle, SAB de CV | ||||||||
| 2.50% due 10/14/311 | 200,000 | 165,749 | ||||||
| Brink's Co. | ||||||||
| 6.75% due 06/15/321 | 150,000 | 156,210 | ||||||
| Darling Global Finance B.V. | ||||||||
| 4.50% due 06/15/321 | EUR | 100,000 | 119,237 | |||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 12.7% (continued) | ||||||||
| Consumer, Non-cyclical - 2.0% (continued) | ||||||||
| Health Care Service Corporation A Mutual Legal Reserve Co. | ||||||||
| 5.88% due 06/15/541 | 50,000 | $ | 48,698 | |||||
| Graham Holdings Co. | ||||||||
| 5.75% due 06/01/261 | 25,000 | 24,981 | ||||||
| AMN Healthcare, Inc. | ||||||||
| 4.63% due 10/01/271 | 25,000 | 24,318 | ||||||
| Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
| 5.75% due 04/15/261 | 15,000 | 15,078 | ||||||
| Total Consumer, Non-cyclical | 1,143,228 | |||||||
| Industrial - 1.7% | ||||||||
| Prime Property Fund | ||||||||
| 5.84% due 07/10/35 | 300,000 | 300,000 | ||||||
| Weir Group, Inc. | ||||||||
| 5.35% due 05/06/301 | 200,000 | 202,800 | ||||||
| Amsted Industries, Inc. | ||||||||
| 6.38% due 03/15/331 | 150,000 | 152,470 | ||||||
| Lottomatica Group SpA | ||||||||
| 4.88% due 01/31/31 | EUR | 100,000 | 120,799 | |||||
| Atkore, Inc. | ||||||||
| 4.25% due 06/01/311 | 125,000 | 115,685 | ||||||
| FedEx Corp. | ||||||||
| 4.10% due 02/01/451 | 75,000 | 57,334 | ||||||
| Boeing Co. | ||||||||
| 6.53% due 05/01/34 | 40,000 | 43,461 | ||||||
| Total Industrial | 992,549 | |||||||
| Utilities - 1.1% | ||||||||
| ContourGlobal Power Holdings S.A. | ||||||||
| 6.75% due 02/28/301 | 200,000 | 206,072 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 6.38% due 08/15/557 | 150,000 | 153,173 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 7.50% due 05/01/331 | 120,000 | 128,499 | ||||||
| Terraform Global Operating, LP | ||||||||
| 6.13% due 03/01/261 | 72,000 | 71,565 | ||||||
| PacifiCorp | ||||||||
| 7.38% due 09/15/557 | 50,000 | 51,978 | ||||||
| Southern Co. | ||||||||
| 3.75% due 09/15/517 | 50,000 | 49,311 | ||||||
| Total Utilities | 660,598 | |||||||
| Consumer, Cyclical - 0.7% | ||||||||
| Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. | ||||||||
| 6.63% due 05/01/321 | 175,000 | 180,501 | ||||||
| Whirlpool Corp. | ||||||||
| 4.50% due 06/01/46 | 50,000 | 38,456 | ||||||
| 4.70% due 05/14/32 | 10,000 | 9,325 | ||||||
| 4.60% due 05/15/50 | 10,000 | 7,614 | ||||||
| AS Mileage Plan IP Ltd. | ||||||||
| 5.31% due 10/20/311 | 50,000 | 49,190 | ||||||
| Clarios Global Limited Partnership / Clarios US Finance Co. | ||||||||
| 6.75% due 02/15/301 | 40,000 | 41,592 | ||||||
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | ||||||||
| 6.25% due 03/15/331 | 25,000 | 25,160 | ||||||
| Alimentation Couche-Tard, Inc. | ||||||||
| 3.80% due 01/25/501 | 25,000 | 17,970 | ||||||
| Hilton Domestic Operating Company, Inc. | ||||||||
| 5.88% due 03/15/331 | 8,000 | 8,151 | ||||||
| Total Consumer, Cyclical | 377,959 | |||||||
| Energy - 0.6% | ||||||||
| HF Sinclair Corp. | ||||||||
| 6.25% due 01/15/35 | 150,000 | 152,260 | ||||||
| Buckeye Partners, LP | ||||||||
| 6.75% due 02/01/301 | 60,000 | 62,282 | ||||||
| ONEOK, Inc. | ||||||||
| 7.15% due 01/15/51 | 50,000 | 53,845 | ||||||
| MPLX, LP | ||||||||
| 5.65% due 03/01/53 | 50,000 | 45,878 | ||||||
| Viper Energy, Inc. | ||||||||
| 5.38% due 11/01/271 | 25,000 | 25,027 | ||||||
| Total Energy | 339,292 | |||||||
| Technology - 0.4% | ||||||||
| Foundry JV Holdco LLC | ||||||||
| 5.90% due 01/25/331 | 200,000 | 207,336 | ||||||
| Communications - 0.4% | ||||||||
| TELUS Corp. | ||||||||
| 7.00% due 10/15/557 | 50,000 | 50,334 | ||||||
| 6.63% due 10/15/557 | 50,000 | 50,299 | ||||||
| Bell Telephone Company of Canada or Bell Canada | ||||||||
| 7.00% due 09/15/557 | 50,000 | 50,715 | ||||||
| Rogers Communications, Inc. | ||||||||
| 7.13% due 04/15/557 | 50,000 | 50,680 | ||||||
| Total Communications | 202,028 | |||||||
| Luxembourg - 0.3% | ||||||||
| Terminal Investment Ltd. | ||||||||
| 5.63% due 07/09/32 | 200,000 | 199,645 | ||||||
| Basic Materials - 0.1% | ||||||||
| Dow Chemical Co. | ||||||||
| 6.90% due 05/15/53 | 50,000 | 53,788 | ||||||
| Total Corporate Bonds | ||||||||
| (Cost $7,152,142) | 7,294,258 | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 9.3% | ||||||||
| Industrial - 2.2% | ||||||||
| Herc Holdings, Inc. | ||||||||
| 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/20/32 | 200,000 | 200,584 | ||||||
| Brown Group Holding LLC | ||||||||
| 6.81% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 200,000 | 200,204 | ||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 9.3% (continued) | ||||||||
| Industrial - 2.2% (continued) | ||||||||
| XPO, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/03/31 | 199,500 | $ | 200,098 | |||||
| Knife River Corp. | ||||||||
| 6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/08/32 | 149,625 | 149,906 | ||||||
| Hunter Douglas, Inc. | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 149,250 | 148,566 | ||||||
| Albion Financing 3 SARL | ||||||||
| due 05/24/31 | 100,000 | 100,063 | ||||||
| Cognita Ltd. | ||||||||
| 8.29% (6 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/27/31 | 49,750 | 50,040 | ||||||
| Jefferies Finance LLC | ||||||||
| 6.43% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/02/32 | 49,875 | 50,000 | ||||||
| StandardAero | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 49,750 | 49,757 | ||||||
| United Airlines, Inc. | ||||||||
| 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 49,623 | 49,644 | ||||||
| TransDigm, Inc. | ||||||||
| 6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 24,813 | 24,846 | ||||||
| Artera Services LLC | ||||||||
| 8.80% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/15/31 | 29,699 | 24,765 | ||||||
| Service Logic Acquisition, Inc. | ||||||||
| 7.28% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 10/29/27 | 24,751 | 24,751 | ||||||
| Capstone Acquisition Holdings, Inc. | ||||||||
| 8.93% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29††† | 9,126 | 9,082 | ||||||
| Total Industrial | 1,282,306 | |||||||
| Financial - 2.0% | ||||||||
| HighTower Holding LLC | ||||||||
| 7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/03/32 | 250,000 | 249,168 | ||||||
| Focus Financial Partners LLC | ||||||||
| due 09/15/31 | 174,749 | 174,335 | ||||||
| Worldpay | ||||||||
| 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 149,625 | 149,936 | ||||||
| Amwins Group, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 149,250 | 149,277 | ||||||
| Jane Street Group LLC | ||||||||
| 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 149,219 | 149,026 | ||||||
| Ardonagh Midco 3 plc | ||||||||
| 7.04% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/15/31 | 99,750 | 98,877 | ||||||
| CPI Holdco B, LLC | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/17/31 | 50,000 | 49,938 | ||||||
| Jefferies Finance LLC | ||||||||
| 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 | 49,750 | 49,812 | ||||||
| Alliant Holdings Intermediate LLC | ||||||||
| 7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/19/31 | 24,875 | 24,878 | ||||||
| Duff & Phelps | ||||||||
| 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27 | 24,740 | 24,000 | ||||||
| Asurion LLC | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 19,850 | 19,335 | ||||||
| Total Financial | 1,138,582 | |||||||
| Consumer, Cyclical - 1.7% | ||||||||
| Grant Thornton Advisors LLC | ||||||||
| 7.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/30/31 | 200,000 | 200,200 | ||||||
| due 06/02/31 | 200,000 | 199,650 | ||||||
| Clarios Global, LP | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/28/32 | 150,000 | 150,095 | ||||||
| Flutter Entertainment plc | ||||||||
| 6.30% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/22/32 | 100,000 | 99,875 | ||||||
| Pacific Bells LLC | ||||||||
| 8.56% (3 Month Term SOFR + 4.26%, Rate Floor: 4.76%) due 11/13/28 | 99,229 | 99,353 | ||||||
| Caesars Entertainment, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 97,904 | 97,708 | ||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 9.3% (continued) | ||||||||
| Consumer, Cyclical - 1.7% (continued) | ||||||||
| Belron Finance US LLC | ||||||||
| 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/16/31 | 59,550 | $ | 59,757 | |||||
| PCI Gaming Authority, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 29,700 | 29,671 | ||||||
| Tripadvisor, Inc. | ||||||||
| due 07/08/31 | 9,975 | 9,938 | ||||||
| Total Consumer, Cyclical | 946,247 | |||||||
| Consumer, Non-cyclical - 1.0% | ||||||||
| Sazerac Co Inc. | ||||||||
| due 06/24/32 | 250,000 | 249,688 | ||||||
| Skechers | ||||||||
| due 06/25/32 | 150,000 | 150,750 | ||||||
| Aramark Services, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/22/30 | 145,875 | 146,057 | ||||||
| Froneri US, Inc. | ||||||||
| 6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 24,937 | 24,642 | ||||||
| HAH Group Holding Co. LLC | ||||||||
| 9.33% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 9,950 | 9,635 | ||||||
| Total Consumer, Non-cyclical | 580,772 | |||||||
| Technology - 0.7% | ||||||||
| Clearwater Analytics, LLC | ||||||||
| 6.52% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 150,000 | 149,812 | ||||||
| CCC Intelligent Solutions, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/23/32 | 149,250 | 149,232 | ||||||
| DS Admiral Bidco LLC | ||||||||
| 8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 109,416 | 108,869 | ||||||
| Total Technology | 407,913 | |||||||
| Energy - 0.7% | ||||||||
| Whitewater Matterhorn Holdings LLC | ||||||||
| 6.57% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/32 | 200,000 | 199,708 | ||||||
| Colonial Pipeline | ||||||||
| due 06/11/32 | 100,000 | 99,275 | ||||||
| Par Petroleum LLC | ||||||||
| 8.01% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 | 59,695 | 58,912 | ||||||
| ITT Holdings LLC | ||||||||
| 7.05% (1 Month Term SOFR + 2.73%, Rate Floor: 3.23%) due 10/11/30 | 49,623 | 49,673 | ||||||
| Total Energy | 407,568 | |||||||
| Basic Materials - 0.4% | ||||||||
| SCIH Salt Holdings, Inc. | ||||||||
| 7.28% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 01/31/29 | 99,750 | 99,708 | ||||||
| Arsenal AIC Parent LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/18/30 | 99,500 | 99,276 | ||||||
| Total Basic Materials | 198,984 | |||||||
| Utilities - 0.3% | ||||||||
| AL GCX Holdings LLC | ||||||||
| 6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/30/32 | 150,000 | 149,720 | ||||||
| Calpine Construction Finance Company, LP | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 | 25,000 | 24,984 | ||||||
| Total Utilities | 174,704 | |||||||
| Communications - 0.2% | ||||||||
| Level 3 Financing, Inc. | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/21/32 | 70,000 | 70,715 | ||||||
| Speedster Bidco GmbH | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 49,875 | 50,093 | ||||||
| Total Communications | 120,808 | |||||||
| Bank Loans - 0.1% | ||||||||
| UPC Financing Partnership | ||||||||
| due 02/29/32 | 75,000 | 74,781 | ||||||
| Total Senior Floating Rate Interests | ||||||||
| (Cost $5,323,212) | 5,332,665 | |||||||
| U.S. GOVERNMENT SECURITIES†† - 1.3% | ||||||||
| U.S. Treasury Notes | ||||||||
| 4.25% due 05/15/358 | 240,000 | 240,375 | ||||||
| 4.63% due 02/15/358 | 150,000 | 154,758 | ||||||
| 4.00% due 03/31/308 | 130,000 | 131,209 | ||||||
| U.S. Treasury Bonds | ||||||||
| 4.75% due 05/15/558 | 130,000 | 129,248 | ||||||
| due 08/15/548,9,10 | 430,000 | 106,211 | ||||||
| Total U.S. Government Securities | ||||||||
| (Cost $745,185) | 761,801 | |||||||
| REPURCHASE AGREEMENTS††,11 - 12.8% | ||||||||
| BNP Paribas | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 2,228,440 | 2,228,440 | ||||||
| BofA Securities, Inc. | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 2,228,440 | 2,228,440 | ||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| REPURCHASE AGREEMENTS††,11 - 12.8% (continued) | ||||||||
| J.P. Morgan Securities LLC | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 2,228,440 | $ | 2,228,440 | |||||
| Bank of Montreal | ||||||||
| issued 06/30/25 at 4.34% due 07/01/25 | 646,576 | 646,576 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $7,331,896) | 7,331,896 | |||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC OPTIONS PURCHASED†† - 0.1% | ||||||||
| Put Options on: | ||||||||
| Foreign Exchange Options | ||||||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 395,000 | $ | 7,390 | ||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 177,000 | 5,778 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 79,000 | 6,627 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 142,000 | 4,635 | |||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 119,000 | 2,226 | |||||
| Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 31,000 | 1,012 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 36,000 | 674 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $119,733) | EUR | 102,000 | 19 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $119,733) | EUR | 102,000 | 19 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $83,343) | EUR | 71,000 | 14 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $36,389) | EUR | 31,000 | 6 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $35,216) | EUR | 30,000 | 6 | |||||
| BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $5,869) | EUR | 5,000 | 1 | |||||
| Total Foreign Exchange Options | 28,407 | |||||||
| Total OTC Options Purchased | ||||||||
| (Cost $35,100) | 28,407 |
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC INTEREST RATE SWAPTIONS PURCHASED††,12 - 0.1% | ||||||||
| Call Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 2,160,000 | $ | 38,547 | ||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 1,080,000 | 19,273 | |||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 1,080,000 | 19,273 | |||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $274,070) | GBP | 200,000 | 1,999 | |||||
| Total Interest Rate Call Swaptions | 79,092 | |||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $274,070) | GBP | 200,000 | 92 | |||||
| Total Interest Rate Put Swaptions | 92 | |||||||
| Total OTC Interest Rate Swaptions Purchased | ||||||||
| (Cost $53,666) | 79,184 | |||||||
| Total Investments - 113.4% | ||||||||
| (Cost $64,783,196) | $ | 65,060,738 | ||||||
| OTC OPTIONS WRITTEN†† - (0.0)% | ||||||||
| Put Options on: | ||||||||
| Foreign Exchange Options | ||||||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 36,000 | (164 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 119,000 | (540 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 395,000 | (1,794 | ) | ||||
| Total Foreign Exchange Options | (2,498 | ) | ||||||
| Total OTC Options Written | ||||||||
| (Premiums received $4,343) | (2,498 | ) | ||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC INTEREST RATE SWAPTIONS WRITTEN††,12 (0.1)% | ||||||||
| Call Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $274,070) | GBP | 200,000 | $ | (1,005 | ) | |||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 1,080,000 | (8,544 | ) | ||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 1,080,000 | (8,544 | ) | ||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 2,160,000 | $ | (17,088 | ) | |||
| Total Interest Rate Call Swaptions | (35,181 | ) | ||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $274,070) | GBP | 200,000 | (430 | ) | ||||
| Total Interest Rate Put Swaptions | (430 | ) | ||||||
| Total OTC Interest Rate Swaptions Written | ||||||||
| (Premiums received $25,977) | (35,611 | ) | ||||||
| Other Assets & Liabilities, net - (13.3)% | (7,653,666 | ) | ||||||
| Total Net Assets - 100.0% | $ | 57,368,963 | ||||||
OTC Credit Default Swap Agreements Protection Purchased††
| Counterparty | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Received | Unrealized Depreciation | ||||||||||||||||||
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00 | % | Quarterly | 12/20/29 | $ | 100,000 | $ | (7,405 | ) | $ | (5,764 | ) | $ | (1,641 | ) | ||||||||||
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00 | % | Quarterly | 12/20/29 | 100,000 | (15,219 | ) | (13,865 | ) | (1,354 | ) | ||||||||||||||
| $ | (22,624 | ) | $ | (19,629 | ) | $ | (2,995 | ) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements††
| Counterparty | Exchange | Floating Rate Type | Floating Rate Index | Fixed Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized
Appreciation** | ||||||||||||||||||||
| J.P. Morgan Securities LLC | CME | Pay | U.S. Secured Overnight Financing Rate | 4.12 | % | Annually | 12/30/27 | $ | 30,700,000 | $ | 496,082 | $ | 348,000 | $ | 148,082 | |||||||||||||||
| J.P. Morgan Securities LLC | CME | Pay | U.S. Secured Overnight Financing Rate | 4.09 | % | Annually | 12/30/29 | 5,000,000 | 140,655 | (7,256 | ) | 147,911 | ||||||||||||||||||
| J.P. Morgan Securities LLC | CME | Pay | U.S. Secured Overnight Financing Rate | 4.09 | % | Annually | 12/30/31 | 5,500,000 | 185,819 | 145,154 | 40,665 | |||||||||||||||||||
| J.P. Morgan Securities LLC | CME | Pay | U.S. Secured Overnight Financing Rate | 4.09 | % | Annually | 01/03/27 | 4,000,000 | 26,062 | 196 | 25,866 | |||||||||||||||||||
| J.P. Morgan Securities LLC | CME | Pay | U.S. Secured Overnight Financing Rate | 4.15 | % | Annually | 12/26/26 | 500,000 | 3,628 | 187 | 3,441 | |||||||||||||||||||
| J.P. Morgan Securities LLC | CME | Pay | U.S. Secured Overnight Financing Rate | 4.05 | % | Annually | 01/31/30 | 4,870,000 | 122,893 | 120,838 | 2,055 | |||||||||||||||||||
| $ | 975,139 | $ | 607,119 | $ | 368,020 | |||||||||||||||||||||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Forward Foreign Currency Exchange Contracts††
| Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Depreciation | ||||||||||
| Morgan Stanley & Co. International plc | EUR | Sell | 100,000 | 115,563 USD | 07/16/25 | $ | (2,371 | ) | ||||||||
| Barclays Bank plc | EUR | Sell | 103,000 | 118,602 USD | 07/16/25 | (2,869 | ) | |||||||||
| $ | (5,240 | ) | ||||||||||||||
OTC Interest Rate Swaptions Purchased
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||||||
| Call | ||||||||||||||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 7.00 | % | 02/13/26 | 3.50 | % | $ | 2,160,000 | $ | 38,547 | ||||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | 1,080,000 | 19,273 | ||||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | 1,080,000 | 19,273 | ||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50 | % | 08/19/26 | 3.50 | % | 274,070 | 1,999 | ||||||||||||||
| $ | 79,092 | |||||||||||||||||||||||
| Put | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50 | % | 08/19/26 | 5.50 | % | 274,070 | 92 | ||||||||||||||
OTC Interest Rate Swaptions Written
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||||||
| Call | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00 | % | 08/19/26 | 3.00 | % | 274,070 | (1,005 | ) | |||||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 1,080,000 | (8,544 | ) | |||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 1,080,000 | (8,544 | ) | |||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 6.00 | % | 02/13/26 | 3.00 | % | 2,160,000 | (17,088 | ) | |||||||||||||
| $ | (35,181 | ) | ||||||||||||||||||||||
| Put | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50 | % | 08/19/26 | 4.50 | % | 274,070 | (430 | ) | |||||||||||||
| ~ | The face amount is denominated in U.S. dollars unless otherwise indicated. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| ◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $33,102,213 (cost $32,908,491), or 57.7% of total net assets. |
| 2 | Rate indicated is the 7-day yield as of June 30, 2025. |
| 3 | Security is unsettled at period end and may not have a stated effective rate. |
| 4 | Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at June 30, 2025. See table below for additional step information for each security. |
| 5 | Security is an interest-only strip. |
| 6 | Rate indicated is the effective yield at the time of purchase. |
| 7 | Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
| 8 | All or a portion of this security is pledged as swap collateral at June 30, 2025. |
| 9 | Zero coupon rate security. |
| 10 | Security is a principal-only strip. |
| 11 | Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements. |
| 12 | Swaptions — See additional disclosure in the swaptions table above for more information on swaptions. |
CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1
CME — Chicago Mercantile Exchange
EUR — Euro
GBP — British Pound
plc — Public Limited Company
REIT — Real Estate Investment Trust
SARL — Société à Responsabilité Limitée
SOFR — Secured Overnight Financing Rate
WAC — Weighted Average Coupon
SONIA — Sterling Overnight Index Average
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Preferred Stocks | $ | 26,070 | $ | 324,953 | $ | — | $ | 351,023 | ||||||||
| Money Market Fund | 889,560 | — | — | 889,560 | ||||||||||||
| Asset-Backed Securities | — | 19,108,628 | 472,040 | 19,580,668 | ||||||||||||
| Collateralized Mortgage Obligations | — | 13,010,584 | 200,692 | 13,211,276 | ||||||||||||
| Federal Agency Discount Notes | — | 10,200,000 | — | 10,200,000 | ||||||||||||
| Corporate Bonds | — | 7,194,258 | 100,000 | 7,294,258 | ||||||||||||
| Senior Floating Rate Interests | — | 5,323,583 | 9,082 | 5,332,665 | ||||||||||||
| U.S. Government Securities | — | 761,801 | — | 761,801 | ||||||||||||
| Repurchase Agreements | — | 7,331,896 | — | 7,331,896 | ||||||||||||
| Options Purchased | — | 28,407 | — | 28,407 | ||||||||||||
| Interest Rate Swaptions Purchased | — | 79,184 | — | 79,184 | ||||||||||||
| Interest Rate Swap Agreements** | — | 368,020 | — | 368,020 | ||||||||||||
| Total Assets | $ | 915,630 | $ | 63,731,314 | $ | 781,814 | $ | 65,428,758 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Options Written | $ | — | $ | 2,498 | $ | — | $ | 2,498 | ||||||||
| Interest Rate Swaptions Written | — | 35,611 | — | 35,611 | ||||||||||||
| Credit Default Swap Agreements** | — | 2,995 | — | 2,995 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | — | 5,240 | — | 5,240 | ||||||||||||
| Unfunded Loan Commitments (Note 5) | — | — | 4 | 4 | ||||||||||||
| Total Liabilities | $ | — | $ | 46,344 | $ | 4 | $ | 46,348 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category | Ending Balance at June 30, 2025 | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average | |||||||||||
| Assets: | ||||||||||||||||
| Asset-Backed Securities | $ | 347,040 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | ||||||||||
| Asset-Backed Securities | 125,000 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Collateralized Mortgage Obligations | 200,692 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Corporate Bonds | 100,000 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Senior Floating Rate Interests | 9,082 | Model Price | Purchase Price | — | — | |||||||||||
| Total Assets | $ | 781,814 | ||||||||||||||
| Liabilities: | ||||||||||||||||
| Unfunded Loan Commitments | $ | 4 | Model Price | Purchase Price | — | — | ||||||||||
Significant changes in a quote would generally result in significant changes in the fair value of the security.
The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.
Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended March 31, 2025, the Fund had no securities that transferred into or out of Level 3.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:
| Assets | Liabilities | |||||||||||||||||||||||
| Asset-Backed
Securities | Collateralized
Mortgage Obligations | Corporate Bonds | Senior
Floating Rate Interests | Total Assets | Unfunded
Loan Commitments | |||||||||||||||||||
| Beginning Balance | $ | - | $ | - | $ | - | $ | 9,143 | $ | 9,143 | $ | (5 | ) | |||||||||||
| Purchases/(Receipts) | 475,000 | 199,996 | 100,000 | - | 774,996 | - | ||||||||||||||||||
| (Sales, maturities and paydowns)/Fundings | (3,478 | ) | - | - | (68 | ) | (3,546 | ) | - | |||||||||||||||
| Amortization of premiums/discounts | - | - | - | 10 | 10 | - | ||||||||||||||||||
| Total realized gains (losses) included in earnings | - | - | - | - | - | - | ||||||||||||||||||
| Total change in unrealized appreciation (depreciation) included in earnings | 518 | 696 | - | (3 | ) | 1,211 | 1 | |||||||||||||||||
| Ending Balance | $ | 472,040 | $ | 200,692 | $ | 100,000 | $ | 9,082 | $ | 781,814 | $ | (4 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at June 30, 2025 | $ | 518 | $ | 696 | $ | - | $ | (3 | ) | $ | 1,211 | $ | 1 | |||||||||||
Step Coupon Bonds
The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||||||||
| ATLX Trust 2024-RPL1, 3.85% due 04/25/64 | 4.85 | % | 08/01/28 | — | — | |||||||||
| BRAVO 2024-NQM6, 5.66% due 08/01/64 | 6.66 | % | 08/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-NQM1, 5.91% due 12/25/64 | 6.91 | % | 01/01/29 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-CES1, 5.70% due 02/25/55 | 6.70 | % | 03/01/29 | — | — | |||||||||
| BRAVO Residential Funding Trust 2024-NQM5, 6.16% due 06/25/64 | 7.16 | % | 07/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-NQM4, 5.61% due 02/25/65 | 6.61 | % | 04/26/29 | — | — | |||||||||
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62 | 9.17 | % | 09/25/25 | 10.17 | % | 09/25/26 | ||||||||
| COLT Mortgage Loan Trust 2025-3, 5.56% due 03/25/70 | 6.56 | % | 02/01/29 | — | — | |||||||||
| Cross Mortgage Trust 2025-H2, 5.66% due 03/25/70 | 6.66 | % | 02/01/29 | — | — | |||||||||
| Cross Mortgage Trust 2025-H1, 5.99% due 02/25/70 | 6.99 | % | 01/01/29 | — | — | |||||||||
| Cross Mortgage Trust 2024-H7, 5.97% due 11/25/69 | 6.97 | % | 10/01/28 | — | — | |||||||||
| EFMT 2025-CES1, 5.73% due 01/25/60 | 6.73 | % | 02/01/29 | — | — | |||||||||
| GCAT Trust 2025-NQM3, 5.96% due 05/25/70 | 6.96 | % | 06/01/29 | — | — | |||||||||
| HOMES Trust 2024-AFC2, 5.98% due 10/25/59 | 6.98 | % | 10/01/28 | — | — | |||||||||
| HOMES Trust 2025-NQM1, 5.96% due 01/25/70 | 6.96 | % | 01/01/29 | — | — | |||||||||
| Active INvestment Series (GAINS) - Core Plus Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||||||||
| JP Morgan Mortgage Trust 2024-NQM1, 5.95% due 02/25/64 | 6.95 | % | 12/01/28 | — | — | |||||||||
| LHOME Mortgage Trust 2024-RTL5, 5.32% due 09/25/39 | 6.32 | % | 03/25/27 | — | — | |||||||||
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00 | % | 12/01/27 | — | — | |||||||||
| Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69 | 6.00 | % | 10/01/27 | — | — | |||||||||
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3, 5.76% due 05/25/70 | 6.76 | % | 05/01/29 | — | — | |||||||||
| NYMT Loan Trust 2021-SP1, 4.67% due 08/25/61 | 5.67 | % | 08/01/25 | — | — | |||||||||
| OBX Trust 2024-NQM12, 5.83% due 07/25/64 | 6.83 | % | 08/01/28 | — | — | |||||||||
| OBX Trust 2025-NQM2, 5.95% due 11/25/64 | 6.95 | % | 01/01/29 | — | — | |||||||||
| OBX Trust 2024-NQM1, 5.70% due 12/25/64 | 6.70 | % | 12/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM15, 5.72% due 10/25/64 | 6.72 | % | 10/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM16, 5.73% due 10/25/64 | 6.73 | % | 10/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM13, 5.37% due 06/25/64 | 6.37 | % | 08/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87 | % | 11/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM1, 5.85% due 12/25/64 | 6.85 | % | 12/01/28 | — | — | |||||||||
| PRPM LLC 2025-RPL3, 3.25% due 04/25/55 | 4.25 | % | 04/01/28 | — | — | |||||||||
| PRPM LLC 2024-5, 5.69% due 09/25/29 | 8.69 | % | 09/25/27 | 9.69 | % | 09/25/28 | ||||||||
| PRPM LLC 2024-6, 5.70% due 11/25/29 | 8.70 | % | 11/25/27 | 9.70 | % | 11/25/28 | ||||||||
| PRPM LLC 2025-2, 6.47% due 05/25/30 | 9.47 | % | 05/01/28 | 10.47 | % | 05/01/29 | ||||||||
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65 | % | 01/01/29 | — | — | |||||||||
| RCKT Mortgage Trust 2025-CES6 2025-CES6, 5.47% due 06/25/55 | 6.47 | % | 06/01/29 | — | — | |||||||||
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89 | % | 12/01/28 | — | — | |||||||||
| Verus Securitization Trust 2025-5, 5.68% due 06/25/70 | 6.68 | % | 06/01/29 | — | — | |||||||||
| Verus Securitization Trust 2023-3, 6.74% due 03/25/68 | 7.74 | % | 04/01/27 | — | — | |||||||||
| Verus Securitization Trust 2025-2, 5.51% due 03/25/70 | 6.51 | % | 03/01/29 | — | — | |||||||||
Repurchase Agreements
The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.
In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements, subject to minimum amounts to initiate a margin call, with the exception of where securities are being sold short. The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained.
The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.
At June 30, 2025, the repurchase agreements in the account were as follows:
| Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||||
| BofA Securities, Inc. | U.S. Treasury Strips | ||||||||||||||||||
| 4.37% | 0.00% | ||||||||||||||||||
| Due 07/01/25 | $ | 2,228,440 | $ | 2,228,711 | Due 08/15/30 - 11/15/54 | $ | 2,785,053 | $ | 2,272,865 | ||||||||||
| U.S. Treasury Bond | |||||||||||||||||||
| 2.25% | |||||||||||||||||||
| Due 05/15/41 | 200 | 145 | |||||||||||||||||
| 2,785,253 | 2,273,010 | ||||||||||||||||||
| BNP Paribas | U.S. Treasury Notes | ||||||||||||||||||
| 4.37% | 0.63% - 3.88% | ||||||||||||||||||
| Due 07/01/25 | 2,228,440 | 2,228,711 | Due 03/31/27 - 08/15/34 | 2,266,000 | 2,192,685 | ||||||||||||||
| U.S. Treasury Strips | |||||||||||||||||||
| 0.00% | |||||||||||||||||||
| Due 02/15/34 - 08/15/54 | 279,251 | 80,599 | |||||||||||||||||
| 2,545,251 | 2,273,284 | ||||||||||||||||||
| J.P. Morgan Securities LLC | U.S. Treasury Strips | ||||||||||||||||||
| 4.37% | 0.00% | ||||||||||||||||||
| Due 07/01/25 | 2,228,440 | 2,228,711 | Due 02/15/26 - 11/15/29 | 2,330,299 | 2,273,286 | ||||||||||||||
| Bank of Montreal | U.S. Treasury Bond | ||||||||||||||||||
| 4.34% | 3.50% | ||||||||||||||||||
| Due 07/01/25 | 646,576 | 646,654 | Due 02/15/39 | 723,400 | 659,601 | ||||||||||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MONEY MARKET FUNDS***,† - 1.3% | ||||||||
| Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.11%1 | 233,898 | $ | 233,898 | |||||
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.19%1 | 847 | 847 | ||||||
| Total Money Market Funds | ||||||||
| (Cost $234,745) | 234,745 | |||||||
| Face Amount~ | ||||||||
| ASSET-BACKED SECURITIES†† - 52.4% | ||||||||
| Collateralized Loan Obligations - 31.4% | ||||||||
| Owl Rock CLO X LLC | ||||||||
| 2025-10A AR, 5.65% (3 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 04/20/37◊,2 | 700,000 | 699,150 | ||||||
| Owl Rock CLO III Ltd. | ||||||||
| 2024-3A AR, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36◊,2 | 300,000 | 300,6833 | ||||||
| Fortress Credit Opportunities XXV CLO LLC | ||||||||
| 2024-25A A1T, 5.85% (3 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 01/15/37◊,2 | 250,000 | 251,273 | ||||||
| CIFC Funding Ltd. | ||||||||
| 2022-1A B, 6.08% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/17/35◊,2 | 250,000 | 250,743 | ||||||
| BCRED CLO LLC | ||||||||
| 2025-1A B, 5.98% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37◊,2 | 250,000 | 250,652 | ||||||
| Golub Capital Partners CLO 46M Ltd. | ||||||||
| 2024-46A A1R, 6.08% (3 Month Term SOFR + 1.81%, Rate Floor: 1.81%) due 04/20/37◊,2 | 250,000 | 250,551 | ||||||
| Palmer Square CLO Ltd. | ||||||||
| 2024-3A B, 5.87% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 07/20/37◊,2 | 250,000 | 250,396 | ||||||
| Owl Rock CLO VII LLC | ||||||||
| 2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38◊,2 | 250,000 | 250,250 | ||||||
| AGL CLO 39 Ltd. | ||||||||
| 2025-39A B, 5.71% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/20/38◊,2 | 250,000 | 250,249 | ||||||
| Hlend CLO LLC | ||||||||
| 2025-3A A, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 01/20/37◊,2 | 250,000 | 249,719 | ||||||
| Madison Park Funding LXXI Ltd. | ||||||||
| 2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38◊,2 | 250,000 | 249,443 | ||||||
| Elmwood CLO 38 Ltd. | ||||||||
| 2025-1A B1, 5.73% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 04/22/38◊,2 | 250,000 | 248,574 | ||||||
| Ares Direct Lending CLO 1 LLC | ||||||||
| 2024-1A B, 6.48% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36◊,2 | 200,000 | 200,633 | ||||||
| BDS LLC | ||||||||
| 2024-FL13 AS, 6.31% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39◊,2 | 100,000 | 99,922 | ||||||
| 2025-FL14 AS, 5.89% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42◊,2 | 100,000 | 99,288 | ||||||
| Acrec LLC | ||||||||
| 2025-FL3 AS, 5.96% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 08/18/42◊,2 | 100,000 | 99,499 | ||||||
| 2025-FL3 B, 6.26% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42◊,2 | 100,000 | 98,791 | ||||||
| Ares Direct Lending CLO 2 LLC | ||||||||
| 2024-2A B, 6.17% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/20/36◊,2 | 100,000 | 100,573 | ||||||
| ABPCI Direct Lending Fund CLO V Ltd. | ||||||||
| 2024-5A A1RR, 6.47% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 01/20/36◊,2 | 100,000 | 100,369 | ||||||
| Owl Rock CLO XIII LLC | ||||||||
| 2023-13A A, 6.87% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/20/35◊,2 | 100,000 | 100,361 | ||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 52.4% (continued) | ||||||||
| Collateralized Loan Obligations - 31.4% (continued) | ||||||||
| Barings CLO Ltd. | ||||||||
| 2024-3A BR, 6.02% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/20/37◊,2 | 100,000 | $ | 100,317 | |||||
| BCRED MML CLO LLC | ||||||||
| 2022-1A A1, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 04/20/35◊,2 | 100,000 | 100,198 | ||||||
| TRTX Issuer Ltd. | ||||||||
| 2025-FL6 A, 5.85% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42◊,2 | 100,000 | 100,023 | ||||||
| Golub Capital Partners CLO 54M L.P | ||||||||
| 2025-54A A1R, due 08/05/37◊,2,3 | 100,000 | 100,000 | ||||||
| Cerberus Loan Funding 50 LLC | ||||||||
| 2025-1A A, due 07/15/37◊,2,3 | 100,000 | 100,000 | ||||||
| Golub Capital Partners Clo 49M Ltd. | ||||||||
| 2025-49A A1R2, due 07/20/38◊,2,3 | 100,000 | 100,000 | ||||||
| AREIT Ltd. | ||||||||
| 2025-CRE10 A, 5.70% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 12/17/29◊,2 | 100,000 | 99,917 | ||||||
| BSPDF Issuer LLC | ||||||||
| 2025-FL2 A, 5.84% (1 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 12/15/42◊,2 | 100,000 | 99,852 | ||||||
| BSPRT Issuer LLC | ||||||||
| 2024-FL11 B, 6.61% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39◊,2 | 100,000 | 99,346 | ||||||
| LoanCore | ||||||||
| 2025-CRE8 B, 6.16% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 08/17/42◊,2 | 100,000 | 99,172 | ||||||
| FS Rialto Issuer LLC | ||||||||
| 2025-FL10 AS, 5.97% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42◊,2 | 100,000 | 98,921 | ||||||
| Total Collateralized Loan Obligations | 5,498,865 | |||||||
| Transport-Aircraft - 9.7% | ||||||||
| Slam Ltd. | ||||||||
| 2024-1A, 5.34% due 09/15/492 | 476,261 | 474,987 | ||||||
| Gilead Aviation LLC | ||||||||
| 2025-1A, 5.79% due 03/15/502 | 246,942 | 251,359 | ||||||
| ALTDE Trust | ||||||||
| 2025-1A, 5.90% due 08/15/502 | 244,843 | 249,650 | ||||||
| AASET | ||||||||
| 2025-1A, 5.94% due 02/16/502 | 243,877 | 248,315 | ||||||
| Castlelake Aircraft Structured Trust | ||||||||
| 2025-1A, 5.78% due 02/15/502 | 243,364 | 246,757 | ||||||
| Navigator Aviation Ltd. | ||||||||
| 2024-1, 5.40% due 08/15/492 | 235,119 | 232,549 | ||||||
| Total Transport-Aircraft | 1,703,617 | |||||||
| Infrastructure - 2.6% | ||||||||
| Hotwire Funding LLC | ||||||||
| 2024-1A, 6.67% due 06/20/542 | 100,000 | 102,351 | ||||||
| QTS Issuer ABS I LLC | ||||||||
| 2025-1A, 5.44% due 05/25/552 | 100,000 | 101,338 | ||||||
| Stack Infrastructure Issuer LLC | ||||||||
| 2025-1A, 5.00% due 05/25/502 | 100,000 | 98,969 | ||||||
| Switch ABS Issuer LLC | ||||||||
| 2025-1A, 5.04% due 03/25/552 | 100,000 | 98,642 | ||||||
| SBA Tower Trust | ||||||||
| 4.83% due 10/15/292 | 50,000 | 50,052 | ||||||
| Total Infrastructure | 451,352 | |||||||
| Whole Business - 2.0% | ||||||||
| Five Guys Holdings, Inc. | ||||||||
| 2023-1A, 7.55% due 01/26/542 | 99,500 | 102,817 | ||||||
| SERVPRO Master Issuer LLC | ||||||||
| 2024-1A, 6.17% due 01/25/542 | 98,750 | 101,728 | ||||||
| Arbys Funding LLC | ||||||||
| 2020-1A, 3.24% due 07/30/502 | 95,250 | 90,855 | ||||||
| Subway Funding LLC | ||||||||
| 2024-3A, 5.25% due 07/30/542 | 49,750 | 49,474 | ||||||
| Total Whole Business | 344,874 | |||||||
| Single Family Residence - 1.7% | ||||||||
| Tricon Residential Trust | ||||||||
| 2025-SFR1, 5.41% (1 Month Term SOFR + 1.10%, Rate Floor: 1.10%) due 03/17/42◊,2 | 199,657 | 199,688 | ||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 52.4% (continued) | ||||||||
| Single Family Residence - 1.7% (continued) | ||||||||
| Invitation Homes Trust | ||||||||
| 2024-SFR1, 4.00% due 09/17/412 | 100,000 | $ | 96,227 | |||||
| Total Single Family Residence | 295,915 | |||||||
| Collateralized Debt Obligations - 1.3% | ||||||||
| Anchorage Credit Funding 3 Ltd. | ||||||||
| 2021-3A A1R, 2.87% due 01/28/392 | 250,000 | 235,777 | ||||||
| Automotive - 1.1% | ||||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| 2025-1A, 5.24% due 08/20/292 | 200,000 | 202,099 | ||||||
| Financial - 0.9% | ||||||||
| Dogwood State Bank | ||||||||
| 6.45% due 06/24/32 | 150,000 | 150,000 | ||||||
| Net Lease - 0.6% | ||||||||
| Store Master Funding I-VII XIV XIX XX XXIV XXII | ||||||||
| 2024-1A, 5.70% due 05/20/542 | 99,417 | 102,066 | ||||||
| Transport-Container - 0.6% | ||||||||
| CLI Funding IX LLC | ||||||||
| 2025-1A, 5.35% due 06/20/502 | 100,000 | 100,746 | ||||||
| Unsecured Consumer Loans - 0.5% | ||||||||
| Foundation Finance Trust | ||||||||
| 2024-2A, 4.93% due 03/15/502 | 97,321 | 97,107 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $9,154,826) | 9,182,418 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 36.2% | ||||||||
| Residential Mortgage-Backed Securities - 27.6% | ||||||||
| BRAVO Residential Funding Trust | ||||||||
| 2025-NQM4, 5.61% due 02/25/652,4 | 147,068 | 148,084 | ||||||
| 2025-CES1, 5.70% due 02/25/552,4 | 144,889 | 145,998 | ||||||
| 2024-NQM1, 5.94% due 12/01/632,4 | 133,525 | 134,204 | ||||||
| 2024-NQM5, 6.16% due 06/25/642,4 | 120,418 | 121,022 | ||||||
| 2025-NQM1, 5.81% due 12/25/642,4 | 91,336 | 91,903 | ||||||
| Verus Securitization Trust | ||||||||
| 2025-1, 5.62% (WAC) due 01/25/70◊,2 | 190,080 | 190,775 | ||||||
| 2023-3, 6.74% due 03/25/682,4 | 116,948 | 117,360 | ||||||
| 2025-5, 5.43% due 06/25/702,4 | 100,000 | 100,333 | ||||||
| 2024-9, 5.89% due 11/25/692,4 | 93,347 | 93,638 | ||||||
| 2020-5, 2.58% due 05/25/652 | 17,031 | 16,449 | ||||||
| FIGRE Trust | ||||||||
| 2025-HE1, 5.93% (WAC) due 01/25/55◊,2 | 135,334 | 136,596 | ||||||
| 2024-HE6, 5.97% (WAC) due 12/25/54◊,2 | 133,942 | 134,974 | ||||||
| 2025-PF1, 5.91% (WAC) due 06/25/55◊,2 | 95,548 | 96,410 | ||||||
| 2024-HE4, 5.06% (WAC) due 09/25/54◊,2 | 84,298 | 84,293 | ||||||
| OBX Trust | ||||||||
| 2024-NQM1, 5.55% (WAC) due 12/25/64◊,2 | 183,794 | 184,440 | ||||||
| 2024-NQM18, 5.87% due 10/25/642,4 | 87,628 | 87,963 | ||||||
| 2024-NQM12, 5.83% due 07/25/642,4 | 83,399 | 83,466 | ||||||
| 2024-NQM13, 5.37% due 06/25/642,4 | 79,492 | 79,230 | ||||||
| RCKT Mortgage Trust | ||||||||
| 2025-CES5, 5.69% due 05/25/552,4 | 148,446 | 149,764 | ||||||
| 2025-CES1, 5.65% due 01/25/452,4 | 139,796 | 140,626 | ||||||
| Sequoia Mortgage Trust | ||||||||
| 2025-1, 6.00% (WAC) due 01/25/55◊,2 | 178,905 | 181,333 | ||||||
| 2025-6, 5.50% (WAC) due 07/25/55◊,2 | 100,000 | 100,511 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| 2025-1, 6.00% (WAC) due 06/25/55◊,2 | 134,000 | 135,366 | ||||||
| 2024-NQM1, 5.95% due 02/25/642,4 | 85,991 | 86,450 | ||||||
| PRPM LLC | ||||||||
| 2025-2, 6.47% due 05/25/302,4 | 97,263 | 97,153 | ||||||
| 2025-RPL3, 3.25% due 04/25/552,4 | 100,000 | 92,151 | ||||||
| New Residential Mortgage Loan Trust | ||||||||
| 2025-NQM3, 5.53% due 05/25/652 | 99,141 | 99,731 | ||||||
| 2024-NQM2, 5.42% due 09/25/642 | 82,655 | 82,502 | ||||||
| Citigroup Mortgage Loan Trust, Inc. | ||||||||
| 2022-A, 6.17% due 09/25/622,4 | 154,018 | 153,891 | ||||||
| Chase Home Lending Mortgage Trust | ||||||||
| 2025-5, 5.50% (WAC) due 04/25/56◊,2 | 147,764 | 148,235 | ||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 36.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 27.6% (continued) | ||||||||
| Cross Mortgage Trust | ||||||||
| 2025-H1, 5.99% due 02/25/702,4 | 141,822 | $ | 142,497 | |||||
| Anchor Mortgage Trust | ||||||||
| 2025-RTL1, 5.72% due 05/25/40†††,2 | 100,000 | 100,346 | ||||||
| Mill City Mortgage Loan Trust | ||||||||
| 2021-NMR1, 2.50% (WAC) due 11/25/60◊,2 | 120,000 | 99,825 | ||||||
| HOMES Trust | ||||||||
| 2025-NQM1, 5.86% due 01/25/702,4 | 96,669 | 97,101 | ||||||
| COLT Mortgage Loan Trust | ||||||||
| 2025-3, 5.35% due 03/25/702,4 | 96,387 | 96,570 | ||||||
| EFMT | ||||||||
| 2025-CES1, 5.73% due 01/25/602,4 | 95,677 | 96,500 | ||||||
| Provident Funding Mortgage Trust | ||||||||
| 2025-1, 5.50% (WAC) due 02/25/55◊,2 | 95,861 | 96,167 | ||||||
| ATLX Trust | ||||||||
| 2024-RPL1, 3.85% due 04/25/642,4 | 93,045 | 89,855 | ||||||
| Mill City Securities Ltd. | ||||||||
| 2024-RS1, 3.00% due 11/01/692,4 | 95,785 | 87,356 | ||||||
| BRAVO | ||||||||
| 2024-NQM6, 5.66% due 08/01/642,4 | 83,911 | 83,958 | ||||||
| GCAT Trust | ||||||||
| 2022-NQM3, 4.35% (WAC) due 04/25/67◊,2 | 79,743 | 79,461 | ||||||
| Vista Point Securitization Trust | ||||||||
| 2024-CES1, 6.68% due 05/25/542,4 | 69,717 | 70,597 | ||||||
| Towd Point Mortgage Trust | ||||||||
| 2023-CES2, 7.29% (WAC) due 10/25/63◊,2 | 63,788 | 64,825 | ||||||
| Legacy Mortgage Asset Trust | ||||||||
| 2021-GS3, 5.75% due 07/25/612 | 62,617 | 62,418 | ||||||
| NYMT Loan Trust | ||||||||
| 2021-SP1, 4.67% due 08/25/612,4 | 60,252 | 59,813 | ||||||
| Total Residential Mortgage-Backed Securities | 4,842,140 | |||||||
| Government Agency - 8.5% | ||||||||
| Freddie Mac | ||||||||
| 5.50% due 12/25/51 | 197,990 | 200,032 | ||||||
| 5.50% due 04/25/51 | 189,165 | 192,784 | ||||||
| 5.50% due 07/25/53 | 130,392 | 131,076 | ||||||
| 5.25% due 04/25/53 | 100,000 | 99,857 | ||||||
| Uniform MBS 15 Year | ||||||||
| due 09/01/253 | 560,000 | 563,665 | ||||||
| Uniform MBS 30 Year | ||||||||
| due 09/01/253 | 280,000 | 293,598 | ||||||
| Total Government Agency | 1,481,012 | |||||||
| Commercial Mortgage-Backed Securities - 0.1% | ||||||||
| BXHPP Trust | ||||||||
| 2021-FILM, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,2 | 25,000 | 22,462 | ||||||
| Total Collateralized Mortgage Obligations | ||||||||
| (Cost $6,321,998) | 6,345,614 | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 8.3% | ||||||||
| Financial - 2.3% | ||||||||
| Worldpay | ||||||||
| 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 99,750 | 99,958 | ||||||
| Amwins Group, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 99,500 | 99,518 | ||||||
| Jane Street Group LLC | ||||||||
| 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 99,479 | 99,351 | ||||||
| Focus Financial Partners LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 29,850 | 29,779 | ||||||
| Ryan Specialty LLC | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 09/15/31 | 24,875 | 24,833 | ||||||
| Duff & Phelps | ||||||||
| 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27 | 24,740 | 24,000 | ||||||
| Citadel Securities, LP | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 19,900 | 19,972 | ||||||
| Total Financial | 397,411 | |||||||
| Consumer, Cyclical - 1.9% | ||||||||
| Grant Thornton Advisors LLC | ||||||||
| 7.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/30/31 | 100,000 | 100,100 | ||||||
| Clarios Global, LP | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/28/32 | 100,000 | 100,063 | ||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 8.3% (continued) | ||||||||
| Consumer, Cyclical - 1.9% (continued) | ||||||||
| TMF Sapphire Bidco B.V. | ||||||||
| 7.03% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/03/28 | 79,600 | $ | 79,725 | |||||
| PCI Gaming Authority, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 29,700 | 29,671 | ||||||
| Thevelia US LLC | ||||||||
| 7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 06/18/29 | 24,874 | 24,879 | ||||||
| Total Consumer, Cyclical | 334,438 | |||||||
| Industrial - 1.5% | ||||||||
| XPO, Inc. | ||||||||
| 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/28 | 99,750 | 100,053 | ||||||
| Hunter Douglas, Inc. | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 79,600 | 79,235 | ||||||
| TransDigm, Inc. | ||||||||
| 6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 24,813 | 24,846 | ||||||
| Service Logic Acquisition, Inc. | ||||||||
| 7.28% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 10/29/27 | 24,751 | 24,751 | ||||||
| StandardAero | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 19,900 | 19,903 | ||||||
| Capstone Acquisition Holdings, Inc. | ||||||||
| 8.93% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29††† | 9,126 | 9,082 | ||||||
| Total Industrial | 257,870 | |||||||
| Technology - 1.1% | ||||||||
| Clearwater Analytics, LLC | ||||||||
| 6.52% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 100,000 | 99,875 | ||||||
| CCC Intelligent Solutions, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/23/32 | 99,500 | 99,488 | ||||||
| Total Technology | 199,363 | |||||||
| Consumer, Non-cyclical - 0.7% | ||||||||
| Aramark Services, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/22/30 | 97,250 | 97,372 | ||||||
| Froneri US, Inc. | ||||||||
| 6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 24,937 | 24,642 | ||||||
| HAH Group Holding Co. LLC | ||||||||
| 9.33% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 9,950 | 9,635 | ||||||
| Total Consumer, Non-cyclical | 131,649 | |||||||
| Energy - 0.6% | ||||||||
| Whitewater Matterhorn Holdings LLC | ||||||||
| 6.57% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/32 | 100,000 | 99,854 | ||||||
| Utilities - 0.1% | ||||||||
| Calpine Construction Finance Company, LP | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 | 25,000 | 24,984 | ||||||
| Communications - 0.1% | ||||||||
| Level 3 Financing, Inc. | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/21/32 | 20,000 | 20,204 | ||||||
| Total Senior Floating Rate Interests | ||||||||
| (Cost $1,462,913) | 1,465,773 | |||||||
| CORPORATE BONDS†† - 6.5% | ||||||||
| Financial - 2.8% | ||||||||
| GA Global Funding Trust | ||||||||
| 5.40% due 01/13/302 | 150,000 | 154,008 | ||||||
| Rocket Companies, Inc. | ||||||||
| 6.13% due 08/01/302 | 150,000 | 152,854 | ||||||
| Brown & Brown, Inc. | ||||||||
| 4.70% due 06/23/28 | 100,000 | 100,844 | ||||||
| American National Group, Inc. | ||||||||
| 5.75% due 10/01/29 | 30,000 | 30,717 | ||||||
| F&G Global Funding | ||||||||
| 5.88% due 01/16/302 | 25,000 | 25,684 | ||||||
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. | ||||||||
| 2.88% due 10/15/262 | 25,000 | 24,382 | ||||||
| Focus Financial Partners LLC | ||||||||
| 6.75% due 09/15/312 | 10,000 | 10,208 | ||||||
| Total Financial | 498,697 | |||||||
| Utilities - 1.7% | ||||||||
| ContourGlobal Power Holdings S.A. | ||||||||
| 5.00% due 02/28/302 | EUR | 100,000 | 118,696 | |||||
| Pinnacle West Capital Corp. | ||||||||
| 4.90% due 05/15/28 | 100,000 | 101,400 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 7.50% due 05/01/332 | 40,000 | 42,833 | ||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 6.5% (continued) | ||||||||
| Utilities - 1.7% (continued) | ||||||||
| Terraform Global Operating, LP | ||||||||
| 6.13% due 03/01/262 | 38,000 | $ | 37,770 | |||||
| Total Utilities | 300,699 | |||||||
| Consumer, Non-cyclical - 1.1% | ||||||||
| Darling Global Finance B.V. | ||||||||
| 4.50% due 06/15/322 | EUR | 100,000 | 119,237 | |||||
| Graham Holdings Co. | ||||||||
| 5.75% due 06/01/262 | 25,000 | 24,981 | ||||||
| AMN Healthcare, Inc. | ||||||||
| 4.63% due 10/01/272 | 25,000 | 24,318 | ||||||
| Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
| 5.75% due 04/15/262 | 15,000 | 15,078 | ||||||
| Total Consumer, Non-cyclical | 183,614 | |||||||
| Communications - 0.5% | ||||||||
| Sirius XM Radio LLC | ||||||||
| 3.13% due 09/01/262 | 85,000 | 83,396 | ||||||
| Energy - 0.2% | ||||||||
| Viper Energy, Inc. | ||||||||
| 5.38% due 11/01/272 | 25,000 | 25,027 | ||||||
| Buckeye Partners, LP | ||||||||
| 6.75% due 02/01/302 | 15,000 | 15,571 | ||||||
| Total Energy | 40,598 | |||||||
| Consumer, Cyclical - 0.2% | ||||||||
| Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. | ||||||||
| 6.63% due 05/01/322 | 25,000 | 25,786 | ||||||
| Total Corporate Bonds | ||||||||
| (Cost $1,097,679) | 1,132,790 | |||||||
| U.S. GOVERNMENT SECURITIES†† - 0.6% | ||||||||
| U.S. Treasury Notes | ||||||||
| 4.00% due 03/31/30 | 110,000 | 111,023 | ||||||
| Total U.S. Government Securities | ||||||||
| (Cost $109,152) | 111,023 | |||||||
| Contracts/Notional Value | Value | |||||||
| OTC OPTIONS PURCHASED†† - 0.1% (continued) | ||||||||
| Foreign Exchange Options | ||||||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 208,000 | $ | 3,891 | ||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 101,000 | 3,297 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 42,000 | 3,523 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 81,000 | 2,644 | |||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 63,000 | 1,179 | |||||
| Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 18,000 | 588 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 19,000 | 355 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $34,041) | EUR | 29,000 | 6 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $34,042) | EUR | 29,000 | 5 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $38,737) | EUR | 33,000 | 6 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $23,477) | EUR | 20,000 | 4 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $10,565) | EUR | 9,000 | 2 | |||||
| BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $7,043) | EUR | 6,000 | 1 | |||||
| Total Foreign Exchange Options | 15,501 | |||||||
| Total OTC Options Purchased | ||||||||
| (Cost $18,186) | 15,501 | |||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC INTEREST RATE SWAPTIONS PURCHASED†† - 0.3% | ||||||||
| Call Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 1,335,000 | 23,824 | |||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 667,500 | 11,912 | |||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 667,500 | 11,912 | |||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $137,035) | GBP | 100,000 | 999 | |||||
| Total Interest Rate Swaptions | 48,647 | |||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $137,035) | GBP | 100,000 | 46 | |||||
| Total Interest Rate Put Swaptions | 46 | |||||||
| Total OTC Interest Rate Swaptions Purchased | ||||||||
| (Cost $32,960) | 48,693 | |||||||
| Total Investments - 105.7% | ||||||||
| (Cost $18,432,459) | $ | 18,536,557 | ||||||
| OTC OPTIONS WRITTEN†† - (0.0)% | ||||||||
| Put Options on: | ||||||||
| Foreign Exchange Options | ||||||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 19,000 | (86 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 63,000 | (286 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 208,000 | (945 | ) | ||||
| Total Foreign Exchange Options | (1,317 | ) | ||||||
| Total OTC Options Written | ||||||||
| (Premiums received $2,290) | (1,317 | ) | ||||||
| OTC INTEREST RATE SWAPTIONS WRITTEN†† - (0.1)% | ||||||||
Call Swaptions on: Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $137,035) | GBP | 100,000 | $ | (503 | ) | |||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 667,500 | (5,280 | ) | ||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 667,500 | (5,280 | ) | ||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 1,335,000 | (10,562 | ) | ||||
| Total Interest Rate Call Swaptions | (21,625 | ) | ||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $137,035) | GBP | 100,000 | (215 | ) | ||||
| Total Interest Rate Put Swaptions | (215 | ) | ||||||
| Total OTC Interest Rate Swaptions Written | ||||||||
| (Premiums received $15,815) | (21,840 | ) | ||||||
| Other Assets & Liabilities, net - (5.6)% | (984,686 | ) | ||||||
| Total Net Assets - 100.0% | $ | 17,528,714 | ||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Centrally Cleared Interest Rate Swap Agreements††
| Counterparty | Exchange | Floating Rate Type | Floating Rate Index | Fixed Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation)** | ||||||||||||||||||||
| J.P. Morgan Securities LLC | CME | Pay | U.S. Secured Overnight Financing Rate | 3.84 | % | Annually | 03/04/27 | $ | 3,700,000 | $ | 15,265 | $ | 5,323 | $ | 9,942 | |||||||||||||||
| J.P. Morgan Securities LLC | CME | Receive | U.S. Secured Overnight Financing Rate | 4.11 | % | Annually | 12/23/39 | 90,000 | (2,325 | ) | 242 | (2,567 | ) | |||||||||||||||||
| J.P. Morgan Securities LLC | CME | Receive | U.S. Secured Overnight Financing Rate | 4.17 | % | Annually | 01/28/35 | 400,000 | (15,956 | ) | 243 | (16,199 | ) | |||||||||||||||||
| J.P. Morgan Securities LLC | CME | Receive | U.S. Secured Overnight Financing Rate | 4.07 | % | Annually | 12/23/31 | 600,000 | (19,430 | ) | 235 | (19,665 | ) | |||||||||||||||||
| J.P. Morgan Securities LLC | CME | Receive | U.S. Secured Overnight Financing Rate | 4.08 | % | Annually | 12/23/29 | 1,070,000 | (29,568 | ) | 3,721 | (33,289 | ) | |||||||||||||||||
| J.P. Morgan Securities LLC | CME | Receive | U.S. Secured Overnight Financing Rate | 4.05 | % | Annually | 01/31/30 | 1,800,000 | (45,423 | ) | 2,378 | (47,801 | ) | |||||||||||||||||
| $ | (97,437 | ) | $ | 12,142 | $ | (109,579 | ) | |||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts††
| Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Depreciation | ||||||||||
| Morgan Stanley & Co. International plc | EUR | Sell | 100,000 | 115,563 USD | 07/16/25 | $ | (2,371 | ) | ||||||||
| Barclays Bank plc | EUR | Sell | 103,000 | 118,602 USD | 07/16/25 | (2,869 | ) | |||||||||
| $ | (5,240 | ) | ||||||||||||||
OTC Interest Rate Swaptions Purchased
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||||||
| Call | ||||||||||||||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | $ | 1,335,000 | $ | 23,824 | ||||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | 667,500 | 11,912 | ||||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | 667,500 | 11,912 | ||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50 | % | 08/19/26 | 3.50 | % | 137,035 | 999 | ||||||||||||||
| $ | 48,647 | |||||||||||||||||||||||
| Put | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50 | % | 08/19/26 | 5.50 | % | 137,035 | 46 | ||||||||||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
OTC Interest Rate Swaptions Written
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||||||
| Call | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00 | % | 08/19/26 | 3.00 | % | 137,035 | (503 | ) | |||||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 667,500 | (5,280 | ) | |||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 667,500 | (5,280 | ) | |||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 1,335,000 | (10,562 | ) | |||||||||||||
| $ | (21,625 | ) | ||||||||||||||||||||||
| Put | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50 | % | 08/19/26 | 4.50 | % | 137,035 | (215 | ) | |||||||||||||
| ~ | The face amount is denominated in U.S. dollars unless otherwise indicated. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| ◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 | Rate indicated is the 7-day yield as of June 30, 2025. |
| 2 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $14,796,849 (cost $14,722,952), or 84.4% of total net assets. |
| 3 | Security is unsettled at period end and may not have a stated effective rate. |
| 4 | Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at June 30, 2025. See table below for additional step information for each security. |
CME — Chicago Mercantile Exchange
EUR — Euro
GBP — British Pound
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
WAC — Weighted Average Coupon
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Money Market Funds | $ | 234,745 | $ | — | $ | — | $ | 234,745 | ||||||||
| Asset-Backed Securities | — | 9,182,418 | — | 9,182,418 | ||||||||||||
| Collateralized Mortgage Obligations | — | 6,245,268 | 100,346 | 6,345,614 | ||||||||||||
| Senior Floating Rate Interests | — | 1,456,691 | 9,082 | 1,465,773 | ||||||||||||
| Corporate Bonds | — | 1,132,790 | — | 1,132,790 | ||||||||||||
| U.S. Government Securities | — | 111,023 | — | 111,023 | ||||||||||||
| Options Purchased | — | 15,501 | — | 15,501 | ||||||||||||
| Interest Rate Swaptions Purchased | — | 48,693 | — | 48,693 | ||||||||||||
| Interest Rate Swap Agreements** | — | 9,942 | — | 9,942 | ||||||||||||
| Total Assets | $ | 234,745 | $ | 18,202,326 | $ | 109,428 | $ | 18,546,499 | ||||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Options Written | $ | — | $ | 1,317 | $ | — | $ | 1,317 | ||||||||
| Interest Rate Swaptions Written | — | 21,840 | — | 21,840 | ||||||||||||
| Interest Rate Swap Agreements** | — | 119,521 | — | 119,521 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | — | 5,240 | — | 5,240 | ||||||||||||
| Unfunded Loan Commitments (Note 5) | — | — | 4 | 4 | ||||||||||||
| Total Liabilities | $ | — | $ | 147,918 | $ | 4 | $ | 147,922 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Step Coupon Bonds
The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||||||||
| ATLX Trust 2024-RPL1, 3.85% due 04/25/64 | 4.85 | % | 08/01/28 | — | — | |||||||||
| BRAVO 2024-NQM6, 5.66% due 08/01/64 | 6.66 | % | 08/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-NQM1, 5.81% due 12/25/64 | 6.81 | % | 01/01/29 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-NQM4, 5.61% due 02/25/65 | 6.61 | % | 04/26/29 | — | — | |||||||||
| BRAVO Residential Funding Trust 2024-NQM1, 5.94% due 12/01/63 | 6.94 | % | 01/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2024-NQM5, 6.16% due 06/25/64 | 7.16 | % | 07/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-CES1, 5.70% due 02/25/55 | 6.70 | % | 03/01/29 | — | — | |||||||||
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62 | 9.17 | % | 09/25/25 | 10.17 | % | 09/25/26 | ||||||||
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35 | % | 02/01/29 | — | — | |||||||||
| Cross Mortgage Trust 2025-H1, 5.99% due 02/25/70 | 6.99 | % | 01/01/29 | — | — | |||||||||
| EFMT 2025-CES1, 5.73% due 01/25/60 | 6.73 | % | 02/01/29 | — | — | |||||||||
| HOMES Trust 2025-NQM1, 5.86% due 01/25/70 | 6.86 | % | 01/01/29 | — | — | |||||||||
| JP Morgan Mortgage Trust 2024-NQM1, 5.95% due 02/25/64 | 6.95 | % | 12/01/28 | — | — | |||||||||
| Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69 | 6.00 | % | 10/01/27 | — | — | |||||||||
| NYMT Loan Trust 2021-SP1, 4.67% due 08/25/61 | 5.67 | % | 08/01/25 | — | — | |||||||||
| OBX Trust 2024-NQM12, 5.83% due 07/25/64 | 6.83 | % | 08/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM13, 5.37% due 06/25/64 | 6.37 | % | 08/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87 | % | 11/01/28 | — | — | |||||||||
| PRPM LLC 2025-RPL3, 3.25% due 04/25/55 | 4.25 | % | 04/01/28 | — | — | |||||||||
| PRPM LLC 2025-2, 6.47% due 05/25/30 | 9.47 | % | 05/01/28 | 10.47 | % | 05/01/29 | ||||||||
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65 | % | 01/01/29 | — | — | |||||||||
| RCKT Mortgage Trust 2025-CES5, 5.69% due 05/25/55 | 6.69 | % | 05/01/29 | — | — | |||||||||
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89 | % | 12/01/28 | — | — | |||||||||
| Verus Securitization Trust 2025-5, 5.43% due 06/25/70 | 6.43 | % | 06/01/29 | — | — | |||||||||
| Verus Securitization Trust 2023-3, 6.74% due 03/25/68 | 7.74 | % | 04/01/27 | — | — | |||||||||
| Vista Point Securitization Trust 2024-CES1, 6.68% due 05/25/54 | 7.67 | % | 04/01/28 | — | — | |||||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS††† - 0.0% | ||||||||
| Financial - 0.0% | ||||||||
| Pershing Square Tontine Holdings, Ltd. — Class A*,1 | 622,890 | $ | 62 | |||||
| Industrial - 0.0% | ||||||||
| Constar International Holdings LLC* | 68 | – | ||||||
| Total Common Stocks | ||||||||
| (Cost $–) | 62 | |||||||
| PREFERRED STOCKS† - 1.7% | ||||||||
| Financial - 1.6% | ||||||||
| Charles Schwab Corp.†† | ||||||||
| 4.00% | 8,500,000 | 7,885,103 | ||||||
| Wells Fargo & Co.†† | ||||||||
| 3.90% | 5,550,000 | 5,493,116 | ||||||
| 6.85% | 850,000 | 893,188 | ||||||
| State Street Corp.†† | ||||||||
| 6.70% | 4,870,000 | 5,085,702 | ||||||
| Bank of America Corp.†† | ||||||||
| 6.63% | 4,000,000 | 4,142,612 | ||||||
| JPMorgan Chase & Co.†† | ||||||||
| 3.65% | 2,350,000 | 2,311,849 | ||||||
| 6.50% | 1,570,000 | 1,621,455 | ||||||
| Bank of New York Mellon Corp.†† | ||||||||
| 3.75% | 3,900,000 | 3,808,978 | ||||||
| MetLife, Inc.†† | ||||||||
| 3.85% | 3,520,000 | 3,501,815 | ||||||
| Kuvare US Holdings, Inc.†† | ||||||||
| 7.00% due 02/17/512 | 1,000,000 | 997,141 | ||||||
| Depository Trust & Clearing Corp.†† | ||||||||
| 3.38%2 | 1,000,000 | 969,176 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 5.13% due 11/25/60 | 47,725 | 822,302 | ||||||
| First Republic Bank | ||||||||
| 4.25%* | 77,975 | 16 | ||||||
| Total Financial | 37,532,453 | |||||||
| Government - 0.1% | ||||||||
| CoBank ACB†† | ||||||||
| 7.13% | 500,000 | 510,861 | ||||||
| Utilities - 0.0% | ||||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 6.50% due 06/01/85 | 16,000 | 399,840 | ||||||
| Industrial - 0.0% | ||||||||
| Constar International Holdings LLC*,††† | 7 | – | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $40,862,694) | 38,443,154 | |||||||
| WARRANTS† - 0.0% | ||||||||
| Ginkgo Bioworks Holdings, Inc. | ||||||||
| Expiring 09/16/26* | 6,510 | 78 | ||||||
| Pershing Square SPARC Holdings, Ltd. | ||||||||
| Expiring 12/31/49*,†††,1 | 190,327 | 19 | ||||||
| Pershing Square Tontine Holdings, Ltd. | ||||||||
| Expiring 07/24/25*,†††,1 | 69,210 | 7 | ||||||
| Total Warrants | ||||||||
| (Cost $15,075) | 104 | |||||||
| MONEY MARKET FUNDS***,† - 1.9% | ||||||||
| Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.11%3 | 42,635,917 | 42,635,917 | ||||||
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.19%3 | 457,408 | 457,408 | ||||||
| Total Money Market Funds | ||||||||
| (Cost $43,093,325) | 43,093,325 | |||||||
| Face Amount~ | ||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 38.0% | ||||||||
| Government Agency - 27.6% | ||||||||
| Uniform MBS 30 Year | ||||||||
| 5.00% due 09/01/254 | 96,442,439 | 94,462,572 | ||||||
| 5.00% due 08/01/254 | 34,061,561 | 33,378,286 | ||||||
| 2.50% due 08/01/254 | 39,556,800 | 32,804,929 | ||||||
| 3.00% due 08/01/254 | 37,228,480 | 32,192,025 | ||||||
| 2.50% due 09/01/254 | 32,448,200 | 26,917,307 | ||||||
| 7.00% due 09/01/254 | 19,680,000 | 20,635,759 | ||||||
| 5.50% due 09/01/254 | 16,050,000 | 16,035,154 | ||||||
| 2.00% due 08/01/254 | 15,965,000 | 12,632,913 | ||||||
| 3.00% due 09/01/254 | 13,491,520 | 11,664,215 | ||||||
| Fannie Mae | ||||||||
| 5.50% due 06/01/55 | 22,950,365 | 22,954,682 | ||||||
| 5.50% due 03/01/55 | 19,525,884 | 19,638,737 | ||||||
| 3.00% due 05/01/52 | 17,128,121 | 14,846,636 | ||||||
| 5.50% due 05/01/55 | 14,785,045 | 14,824,411 | ||||||
| 5.00% due 05/01/53 | 12,272,700 | 12,074,489 | ||||||
| 5.50% due 07/01/54 | 9,228,097 | 9,286,886 | ||||||
| 6.00% due 07/01/54 | 8,824,126 | 9,049,942 | ||||||
| 5.00% due 04/01/53 | 7,163,337 | 7,053,230 | ||||||
| 5.00% due 06/01/53 | 6,678,081 | 6,596,830 | ||||||
| 5.00% due 08/01/53 | 5,226,983 | 5,145,425 | ||||||
| 5.50% due 04/01/55 | 3,979,689 | 3,990,283 | ||||||
| 6.00% due 09/01/54 | 3,170,824 | 3,247,083 | ||||||
| 5.50% due 09/01/54 | 3,187,073 | 3,202,949 | ||||||
| 6.50% due 04/25/49 | 2,179,014 | 2,221,708 | ||||||
| 2.78% due 05/01/51 | 2,572,854 | 1,953,784 | ||||||
| 2.32% due 02/01/51 | 1,941,399 | 1,409,111 | ||||||
| 2.00% due 09/01/50 | 1,955,528 | 1,375,920 | ||||||
| 2.11% due 10/01/50 | 1,727,290 | 1,234,838 | ||||||
| 2.27% due 02/01/51 | 1,615,998 | 1,166,127 | ||||||
| 2.39% due 02/01/51 | 1,345,433 | 986,936 | ||||||
| 4.24% due 08/01/48 | 973,245 | 856,079 | ||||||
| 2.58% due 10/01/51 | 1,128,991 | 831,445 | ||||||
| 3.46% due 08/01/49 | 899,053 | 763,841 | ||||||
| 4.37% due 10/01/48 | 678,384 | 635,729 | ||||||
| 4.25% due 05/01/48 | 593,371 | 545,356 | ||||||
| due 12/25/435 | 575,770 | 432,127 | ||||||
| Freddie Mac | ||||||||
| 3.00% due 05/01/52 | 50,793,840 | 44,028,039 | ||||||
| 6.00% due 08/01/54 | 17,726,768 | 18,177,254 | ||||||
| 5.50% due 06/01/55 | 18,027,471 | 18,030,862 | ||||||
| 5.50% due 09/01/53 | 13,769,142 | 13,942,189 | ||||||
| 5.00% due 04/01/53 | 7,155,461 | 7,044,182 | ||||||
| 5.50% due 04/01/55 | 3,986,627 | 3,997,237 | ||||||
| 5.00% due 03/01/53 | 3,911,297 | 3,842,974 | ||||||
| 5.50% due 06/01/53 | 3,279,242 | 3,298,230 | ||||||
| 5.50% due 07/25/53 | 2,433,984 | 2,446,747 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 38.0% (continued) | ||||||||
| Government Agency - 27.6% (continued) | ||||||||
| 6.00% due 09/01/54 | 1,933,406 | $ | 1,979,607 | |||||
| 5.50% due 09/01/54 | 1,954,312 | 1,968,882 | ||||||
| 5.25% due 04/25/53 | 1,500,000 | 1,497,864 | ||||||
| 1.98% due 05/01/50 | 1,293,242 | 897,093 | ||||||
| Uniform MBS 15 Year | ||||||||
| 5.00% due 09/01/254 | 42,180,000 | 42,456,026 | ||||||
| Ginnie Mae | ||||||||
| 5.50% due 09/01/254 | 21,240,000 | 21,243,951 | ||||||
| 5.00% due 09/01/254 | 18,906,548 | 18,560,936 | ||||||
| 6.00% due 06/20/47 | 502,918 | 504,564 | ||||||
| Government National Mortgage Association | ||||||||
| 5.00% due 01/20/554 | 3,530,658 | 3,508,543 | ||||||
| Freddie Mac Seasoned Credit Risk Transfer Trust | ||||||||
| 2.00% due 05/25/60 | 2,845,955 | 2,254,573 | ||||||
| 2.00% due 11/25/59 | 1,079,843 | 865,054 | ||||||
| Fannie Mae-Aces | ||||||||
| 1.60% (WAC) due 03/25/35◊,6 | 17,154,441 | 1,408,743 | ||||||
| FARM Mortgage Trust | ||||||||
| 2.18% (WAC) due 01/25/51◊,2 | 764,997 | 613,373 | ||||||
| Total Government Agency | 639,614,667 | |||||||
| Residential Mortgage-Backed Securities - 8.1% | ||||||||
| OBX Trust | ||||||||
| 2024-NQM15, 5.57% due 10/25/642,7 | 3,018,481 | 3,019,611 | ||||||
| 2023-NQM9, 7.66% due 10/25/632,7 | 2,711,861 | 2,758,984 | ||||||
| 2024-NQM4, 6.22% due 01/25/642,7 | 2,164,465 | 2,178,493 | ||||||
| 2025-NQM2, 5.95% due 11/25/642,7 | 1,253,444 | 1,260,570 | ||||||
| 2024-NQM5, 6.29% due 01/25/642,7 | 1,197,667 | 1,206,834 | ||||||
| 2024-NQM6, 6.85% due 02/25/642,7 | 1,115,304 | 1,130,824 | ||||||
| 2024-NQM1, 5.85% due 12/25/642,7 | 1,056,814 | 1,060,635 | ||||||
| 2024-NQM5, 5.99% due 01/25/642,7 | 1,026,572 | 1,033,329 | ||||||
| 2024-NQM6, 6.45% due 02/25/642,7 | 863,461 | 874,391 | ||||||
| 2024-NQM6, 6.70% due 02/25/642,7 | 719,551 | 729,078 | ||||||
| 2024-NQM7, 6.60% due 03/25/642,7 | 719,207 | 726,986 | ||||||
| 2024-NQM7, 6.24% due 03/25/642,7 | 719,207 | 726,558 | ||||||
| 2024-NQM8, 6.59% due 05/25/642,7 | 714,872 | 723,032 | ||||||
| 2022-NQM8, 6.10% due 09/25/622,7 | 720,274 | 718,107 | ||||||
| 2025-HE1, 5.91% (30 Day Average SOFR + 1.60%, Rate Floor: 1.60%) due 02/25/55◊,2 | 713,249 | 714,942 | ||||||
| 2024-NQM5, 6.39% due 01/25/642,7 | 684,381 | 689,660 | ||||||
| 2024-NQM3, 6.13% due 12/25/632,7 | 675,567 | 680,864 | ||||||
| 2024-NQM3, 6.33% due 12/25/632,7 | 675,567 | 680,728 | ||||||
| 2024-NQM3, 6.43% due 12/25/632,7 | 675,567 | 680,310 | ||||||
| 2024-NQM8, 6.23% due 05/25/642,7 | 601,997 | 608,520 | ||||||
| 2022-NQM9, 6.45% due 09/25/622,7 | 458,573 | 458,533 | ||||||
| 2024-NQM7, 6.45% due 03/25/642,7 | 431,524 | 435,800 | ||||||
| 2024-NQM2, 6.18% due 12/25/632,7 | 358,346 | 359,990 | ||||||
| FIGRE Trust | ||||||||
| 2024-HE5, 5.44% (WAC) due 10/25/54◊,2 | 2,665,230 | 2,679,796 | ||||||
| 2024-HE2, 6.38% (WAC) due 05/25/54◊,2 | 2,552,534 | 2,605,994 | ||||||
| 2024-HE1, 6.17% (WAC) due 03/25/54◊,2 | 2,207,569 | 2,248,806 | ||||||
| 2024-HE6, 5.72% (WAC) due 12/25/54◊,2 | 2,187,726 | 2,208,205 | ||||||
| 2025-HE1, 5.83% (WAC) due 01/25/55◊,2 | 1,533,781 | 1,550,515 | ||||||
| 2024-HE4, 5.06% (WAC) due 09/25/54◊,2 | 1,390,915 | 1,390,834 | ||||||
| 2025-HE1, 5.93% (WAC) due 01/25/55◊,2 | 1,163,869 | 1,174,725 | ||||||
| 2024-HE3, 6.13% (WAC) due 07/25/54◊,2 | 1,044,840 | 1,061,044 | ||||||
| 2025-PF1, 5.76% (WAC) due 06/25/55◊,2 | 573,291 | 579,184 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| 2021-12, 2.50% (WAC) due 02/25/52◊,2 | 6,916,365 | 6,431,738 | ||||||
| 2021-13, 2.50% (WAC) due 04/25/52◊,2 | 3,075,588 | 2,862,547 | ||||||
| 2024-NQM1, 5.85% due 02/25/642,7 | 1,719,828 | 1,729,029 | ||||||
| 2025-1, 6.00% (WAC) due 06/25/55◊,2 | 1,205,999 | 1,218,294 | ||||||
| COLT Mortgage Loan Trust | ||||||||
| 2021-2, 2.38% (WAC) due 08/25/66◊,2 | 4,000,000 | 2,812,577 | ||||||
| 2023-4, 7.62% due 10/25/682,7 | 2,696,446 | 2,740,220 | ||||||
| 2023-3, 7.18% due 09/25/682,7 | 2,076,921 | 2,107,374 | ||||||
| 2025-3, 5.56% due 03/25/702,7 | 963,871 | 963,902 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 38.0% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 8.1% (continued) | ||||||||
| 2024-1, 6.14% due 02/25/692,7 | 938,773 | $ | 941,402 | |||||
| 2024-2, 6.13% due 04/25/692,7 | 771,695 | 777,630 | ||||||
| 2023-3, 7.58% due 09/25/682,7 | 670,001 | 679,688 | ||||||
| 2024-2, 6.33% due 04/25/692,7 | 350,770 | 353,220 | ||||||
| 2024-2, 6.43% due 04/25/692,7 | 350,770 | 352,940 | ||||||
| Verus Securitization Trust | ||||||||
| 2024-1, 6.12% due 01/25/692,7 | 3,108,262 | 3,117,300 | ||||||
| 2024-9, 5.89% due 11/25/692,7 | 2,473,704 | 2,481,398 | ||||||
| 2025-1, 5.98% due 01/25/702,7 | 1,520,637 | 1,528,660 | ||||||
| 2025-2, 5.51% due 03/25/702,7 | 1,443,677 | 1,443,673 | ||||||
| 2023-2, 6.85% due 03/25/682,7 | 1,166,865 | 1,170,259 | ||||||
| 2023-7, 7.42% due 10/25/682,7 | 984,292 | 999,481 | ||||||
| Angel Oak Mortgage Trust | ||||||||
| 2024-2, 6.25% due 01/25/692,7 | 3,899,056 | 3,911,319 | ||||||
| 2024-4, 6.20% due 01/25/692,7 | 2,052,459 | 2,069,100 | ||||||
| 2024-3, 4.80% due 11/26/682,7 | 1,716,310 | 1,707,729 | ||||||
| 2023-1, 4.75% due 09/26/672,7 | 1,270,506 | 1,254,545 | ||||||
| 2024-4, 6.50% due 01/25/692,7 | 623,068 | 627,634 | ||||||
| 2024-4, 6.40% due 01/25/692,7 | 293,208 | 295,562 | ||||||
| 2020-1, 2.77% (WAC) due 12/25/59◊,2 | 162,363 | 156,971 | ||||||
| Vista Point Securitization Trust | ||||||||
| 2025-CES1, 5.81% due 04/25/552,7 | 3,370,834 | 3,386,127 | ||||||
| 2024-CES2, 5.25% due 10/25/542,7 | 2,766,032 | 2,748,635 | ||||||
| 2024-CES3, 5.68% due 01/25/552,7 | 2,439,428 | 2,442,230 | ||||||
| GCAT Trust | ||||||||
| 2022-NQM3, 4.35% (WAC) due 04/25/67◊,2 | 4,346,013 | 4,190,894 | ||||||
| 2023-NQM3, 7.34% due 08/25/682,7 | 1,381,779 | 1,399,846 | ||||||
| 2023-NQM3, 6.89% due 08/25/682,7 | 1,381,732 | 1,397,405 | ||||||
| 2024-NQM2, 6.54% due 06/25/592,7 | 670,682 | 676,859 | ||||||
| 2024-NQM2, 6.09% due 06/25/592,7 | 335,336 | 338,035 | ||||||
| Cross Mortgage Trust | ||||||||
| 2024-H7, 5.59% (WAC) due 11/25/69◊,2 | 2,891,509 | 2,899,683 | ||||||
| 2025-H1, 5.89% due 02/25/702,7 | 1,370,942 | 1,377,951 | ||||||
| 2025-H1, 5.99% due 02/25/702,7 | 992,751 | 997,480 | ||||||
| 2025-H2, 5.66% due 03/25/702,7 | 962,167 | 962,394 | ||||||
| Towd Point Mortgage Trust | ||||||||
| 2024-4, 4.45% (WAC) due 10/27/64◊,2 | 2,718,480 | 2,730,968 | ||||||
| 2025-1, 4.75% (WAC) due 06/25/65◊,2 | 1,400,000 | 1,390,661 | ||||||
| 2023-CES2, 7.29% (WAC) due 10/25/63◊,2 | 1,339,539 | 1,361,335 | ||||||
| 2023-CES1, 6.75% (WAC) due 07/25/63◊,2 | 521,331 | 525,441 | ||||||
| RCKT Mortgage Trust | ||||||||
| 2023-CES2, 6.81% (WAC) due 09/25/43◊,2 | 2,437,457 | 2,462,875 | ||||||
| 2024-CES4, 6.15% due 06/25/442,7 | 2,218,977 | 2,238,390 | ||||||
| 2025-CES1, 5.65% due 01/25/452,7 | 1,211,565 | 1,218,762 | ||||||
| GCAT 2025-NQM2 Trust | ||||||||
| 2025-NQM2, 5.60% due 04/25/702,7 | 5,870,857 | 5,891,103 | ||||||
| BRAVO Residential Funding Trust | ||||||||
| 2023-NQM2, 4.50% due 05/25/622,7 | 1,605,678 | 1,581,884 | ||||||
| 2024-NQM3, 6.39% due 03/25/642,7 | 1,205,945 | 1,216,098 | ||||||
| 2023-NQM8, 7.10% due 10/25/632,7 | 1,079,807 | 1,092,736 | ||||||
| 2021-HE1, 5.81% (30 Day Average SOFR + 1.50%, Rate Floor: 0.00%) due 01/25/70◊,2 | 1,000,000 | 1,000,643 | ||||||
| 2024-CES1, 6.38% due 04/25/542,7 | 754,242 | 761,502 | ||||||
| Mill City Securities Ltd. | ||||||||
| 2024-RS1, 3.00% due 11/01/692,7 | 3,879,280 | 3,537,904 | ||||||
| 2024-RS2, 3.00% due 08/01/692,7 | 2,133,920 | 1,978,144 | ||||||
| Mill City Mortgage Loan Trust | ||||||||
| 2021-NMR1, 2.50% (WAC) due 11/25/60◊,2 | 5,810,000 | 4,965,998 | ||||||
| New Residential Mortgage Loan Trust | ||||||||
| 2024-NQM2, 5.37% due 09/25/642 | 1,487,794 | 1,485,629 | ||||||
| 2024-NQM2, 5.42% due 09/25/642 | 1,487,794 | 1,485,037 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 38.0% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 8.1% (continued) | ||||||||
| 2025-NQM3, 5.53% due 05/25/652 | 1,387,969 | $ | 1,396,234 | |||||
| 2019-6A, 3.50% (WAC) due 09/25/59◊,2 | 328,639 | 309,347 | ||||||
| EFMT | ||||||||
| 2025-CES1, 5.73% due 01/25/602,7 | 4,305,472 | 4,342,503 | ||||||
| GS Mortgage-Backed Securities Trust | ||||||||
| 2021-PJ10, 2.50% (WAC) due 03/25/52◊,2 | 4,327,963 | 3,998,116 | ||||||
| 2020-NQM1, 1.79% (WAC) due 09/27/60◊,2 | 123,330 | 115,368 | ||||||
| BRAVO Residential Funding Trust 2025-NQM2 | ||||||||
| 2025-NQM2, 5.83% due 11/25/642,7 | 3,470,056 | 3,485,560 | ||||||
| Sequoia Mortgage Trust | ||||||||
| 2025-1, 6.00% (WAC) due 01/25/55◊,2 | 1,341,785 | 1,359,993 | ||||||
| 2025-6, 5.50% (WAC) due 07/25/55◊,2 | 1,100,000 | 1,105,617 | ||||||
| 2024-5, 6.00% (WAC) due 06/25/54◊,2 | 1,014,632 | 1,019,909 | ||||||
| Provident Funding Mortgage Trust | ||||||||
| 2025-1, 5.50% (WAC) due 02/25/55◊,2 | 2,779,973 | 2,788,838 | ||||||
| PRPM LLC | ||||||||
| 2024-RPL2, 3.50% due 05/25/542 | 1,815,744 | 1,753,444 | ||||||
| 2023-RCF1, 4.00% due 06/25/532,7 | 698,331 | 685,182 | ||||||
| LHOME Mortgage Trust | ||||||||
| 2024-RTL5, 5.32% due 09/25/392,7 | 2,200,000 | 2,193,823 | ||||||
| BRAVO Residential Funding Trust 2025-CES1 | ||||||||
| 2025-CES1, 5.70% due 02/25/552,7 | 2,028,451 | 2,043,972 | ||||||
| OBX 2025-HE1 Trust | ||||||||
| 2025-HE1, 6.21% (30 Day Average SOFR + 1.90%, Rate Floor: 1.90%) due 02/25/55◊,2 | 1,800,000 | 1,799,993 | ||||||
| Morgan Stanley Residential Mortgage Loan Trust | ||||||||
| 2024-NQM3, 5.35% due 07/25/692,7 | 793,565 | 790,583 | ||||||
| 2024-NQM3, 5.04% (WAC) due 07/25/69◊,2 | 793,564 | 789,460 | ||||||
| CFMT LLC | ||||||||
| 2022-HB9, 3.25% (WAC) due 09/25/37◊,2 | 1,584,254 | 1,565,100 | ||||||
| Imperial Fund Mortgage Trust | ||||||||
| 2022-NQM2, 4.02% (WAC) due 03/25/67◊,2 | 750,813 | 714,287 | ||||||
| 2022-NQM2, 4.20% (WAC) due 03/25/67◊,2 | 750,813 | 710,123 | ||||||
| Saluda Grade Alternative Mortgage Trust | ||||||||
| 2023-FIG4, 6.72% (WAC) due 11/25/53◊,2 | 1,358,457 | 1,400,760 | ||||||
| SPS Servicer Advance Receivables Trust | ||||||||
| 2020-T2, 1.83% due 11/15/552 | 1,250,000 | 1,233,655 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| 2020-1, 2.41% (WAC) due 02/25/50◊,2 | 569,640 | 543,272 | ||||||
| 2020-1, 2.56% (WAC) due 02/25/50◊,2 | 569,640 | 542,834 | ||||||
| Anchor Mortgage Trust | ||||||||
| 2025-RTL1, 5.72% due 05/25/40†††,2 | 1,000,000 | 1,003,461 | ||||||
| ACHM Trust | ||||||||
| 2025-HE1, 5.92% (WAC) due 03/25/55◊,2 | 940,441 | 950,136 | ||||||
| Ellington Financial Mortgage Trust | ||||||||
| 2024-CES1, 5.52% due 01/26/602,7 | 919,014 | 924,373 | ||||||
| American Home Mortgage Investment Trust | ||||||||
| 2007-1, 2.08% due 05/25/476 | 5,619,761 | 873,436 | ||||||
| PRPM 2025-RPL3 LLC | ||||||||
| 2025-RPL3, 3.25% due 04/25/552,7 | 850,000 | 783,285 | ||||||
| CSMC Trust | ||||||||
| 2018-RPL9, 3.85% (WAC) due 09/25/57◊,2 | 536,023 | 527,325 | ||||||
| 2020-NQM1, 2.72% due 05/25/652 | 135,028 | 126,941 | ||||||
| MFRA Trust | ||||||||
| 2021-INV1, 2.29% (WAC) due 01/25/56◊,2 | 700,000 | 650,069 | ||||||
| Securitized Asset-Backed Receivables LLC Trust | ||||||||
| 2006-HE2, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36◊ | 1,313,903 | 512,242 | ||||||
| RALI Series Trust | ||||||||
| 2006-QO2, 4.87% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46◊ | 1,487,218 | 250,678 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 38.0% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 8.1% (continued) | ||||||||
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust | ||||||||
| 2006-AR9, 5.24% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊ | 208,249 | $ | 174,328 | |||||
| MASTR Adjustable Rate Mortgages Trust | ||||||||
| 2003-5, 2.86% (WAC) due 11/25/33◊ | 190,573 | 169,298 | ||||||
| Residential Mortgage Loan Trust | ||||||||
| 2020-1, 2.68% (WAC) due 01/26/60◊,2 | 25,889 | 25,572 | ||||||
| Total Residential Mortgage-Backed Securities | 187,091,840 | |||||||
| Commercial Mortgage-Backed Securities - 1.8% | ||||||||
| BX Commercial Mortgage Trust | ||||||||
| 2021-VOLT, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 09/15/36◊,2 | 3,381,210 | 3,365,361 | ||||||
| 2021-VOLT, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36◊,2 | 3,342,457 | 3,326,789 | ||||||
| 2024-AIRC, 6.00% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39◊,2 | 1,019,255 | 1,023,078 | ||||||
| 2024-AIRC, 6.45% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/15/39◊,2 | 970,720 | 972,540 | ||||||
| GS Mortgage Securities Trust | ||||||||
| 2020-GSA2, 2.34% due 12/12/53 | 8,000,000 | 6,538,198 | ||||||
| 2020-GC45, 0.61% (WAC) due 02/13/53◊,6 | 17,643,562 | 398,942 | ||||||
| 2019-GC42, 0.81% (WAC) due 09/10/52◊,6 | 13,758,117 | 374,031 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
| 2021-NYAH, 6.52% (1 Month Term SOFR + 2.20%, Rate Floor: 1.84%) due 06/15/38◊,2 | 4,000,000 | 3,630,600 | ||||||
| 2016-JP3, 3.42% (WAC) due 08/15/49◊ | 4,000,000 | 3,597,989 | ||||||
| DBGS Mortgage Trust | ||||||||
| 2018-C1, 4.64% (WAC) due 10/15/51◊ | 7,000,000 | 6,588,820 | ||||||
| BX Trust | ||||||||
| 2024-VLT4, 6.45% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 07/15/29◊,2 | 1,700,000 | 1,696,359 | ||||||
| 2024-VLT4, 6.25% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 07/15/29◊,2 | 1,450,000 | 1,449,094 | ||||||
| SMRT | ||||||||
| 2022-MINI, 6.26% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39◊,2 | 2,000,000 | 1,972,500 | ||||||
| Life Mortgage Trust | ||||||||
| 2021-BMR, 5.83% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 03/15/38◊,2 | 1,400,000 | 1,389,500 | ||||||
| BMP Trust | ||||||||
| 2024-MF23, 5.95% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 06/15/41◊,2 | 1,000,000 | 1,001,250 | ||||||
| Extended Stay America Trust | ||||||||
| 2021-ESH, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 07/15/38◊,2 | 943,501 | 944,680 | ||||||
| GS Mortgage Securities Corporation Trust | ||||||||
| 2020-DUNE, 5.93% (1 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 12/15/36◊,2 | 923,628 | 916,976 | ||||||
| BENCHMARK Mortgage Trust | ||||||||
| 2019-B14, 0.88% (WAC) due 12/15/62◊,6 | 18,086,491 | 383,282 | ||||||
| 2018-B6, 0.39% (WAC) due 10/10/51◊,6 | 28,037,801 | 237,732 | ||||||
| Citigroup Commercial Mortgage Trust | ||||||||
| 2019-GC43, 0.60% (WAC) due 11/10/52◊,6 | 18,481,472 | 418,106 | ||||||
| 2016-C2, 1.65% (WAC) due 08/10/49◊,6 | 2,133,716 | 20,202 | ||||||
| 2016-P5, 1.37% (WAC) due 10/10/49◊,6 | 1,506,947 | 13,837 | ||||||
| 2016-GC37, 1.64% (WAC) due 04/10/49◊,6 | 2,670,216 | 9,431 | ||||||
| CSAIL Commercial Mortgage Trust | ||||||||
| 2019-C15, 0.99% (WAC) due 03/15/52◊,6 | 10,850,714 | 309,468 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 38.0% (continued) | ||||||||
| Commercial Mortgage-Backed Securities - 1.8% (continued) | ||||||||
| UBS Commercial Mortgage Trust | ||||||||
| 2017-C2, 1.06% (WAC) due 08/15/50◊,6 | 7,501,035 | $ | 124,074 | |||||
| SG Commercial Mortgage Securities Trust | ||||||||
| 2016-C5, 1.82% (WAC) due 10/10/48◊,6 | 6,771,810 | 69,722 | ||||||
| Morgan Stanley Capital I Trust | ||||||||
| 2016-UB11, 1.43% (WAC) due 08/15/49◊,6 | 5,431,409 | 54,299 | ||||||
| JPMDB Commercial Mortgage Securities Trust | ||||||||
| 2016-C2, 1.47% (WAC) due 06/15/49◊,6 | 6,010,708 | 35,396 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| 2016-C37, 0.77% (WAC) due 12/15/49◊,6 | 2,278,587 | 16,706 | ||||||
| 2016-NXS5, 1.34% (WAC) due 01/15/59◊,6 | 2,760,394 | 8,282 | ||||||
| CD Mortgage Trust | ||||||||
| 2016-CD1, 1.34% (WAC) due 08/10/49◊,6 | 1,993,673 | 11,694 | ||||||
| CFCRE Commercial Mortgage Trust | ||||||||
| 2016-C3, 0.94% (WAC) due 01/10/48◊,6 | 3,933,186 | 8,667 | ||||||
| COMM Mortgage Trust | ||||||||
| 2015-CR24, 0.71% (WAC) due 08/10/48◊,6 | 16,416,357 | 236 | ||||||
| 2015-CR26, 0.99% (WAC) due 10/10/48◊,6 | 4,935,650 | 111 | ||||||
| Total Commercial Mortgage-Backed Securities | 40,907,952 | |||||||
| Military Housing - 0.5% | ||||||||
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | ||||||||
| 2015-R1, 4.49% (WAC) due 11/25/55◊ | 6,627,544 | 5,792,626 | ||||||
| 2015-R1, 4.45% (WAC) due 11/25/52◊,2 | 2,629,364 | 2,383,741 | ||||||
| 2015-R1, 0.70% (WAC) due 11/25/55◊,6 | 9,699,916 | 544,692 | ||||||
| Capmark Military Housing Trust | ||||||||
| 2006-RILY, 6.15% due 07/10/51†††,2 | 2,192,113 | 1,909,991 | ||||||
| 2007-ROBS, 6.06% due 10/10/52†††,2 | 441,058 | 386,513 | ||||||
| 2007-AETC, 5.75% due 02/10/52†††,2 | 258,811 | 223,044 | ||||||
| GMAC Commercial Mortgage Asset Corp. | ||||||||
| 2007-HCKM, 6.11% due 08/10/52†††,2 | 1,386,206 | 1,255,895 | ||||||
| Total Military Housing | 12,496,502 | |||||||
| Total Collateralized Mortgage Obligations | ||||||||
| (Cost $889,585,207) | 880,110,961 | |||||||
| CORPORATE BONDS†† - 25.3% | ||||||||
| Financial - 13.5% | ||||||||
| Pershing Square Holdings Ltd. | ||||||||
| 3.25% due 10/01/312 | 6,200,000 | 5,407,026 | ||||||
| 3.25% due 11/15/30 | 4,000,000 | 3,625,286 | ||||||
| BPCE S.A. | ||||||||
| 2.28% due 01/20/322,8 | 8,200,000 | 7,095,089 | ||||||
| Nippon Life Insurance Co. | ||||||||
| 2.75% due 01/21/512,8 | 8,150,000 | 7,089,921 | ||||||
| American National Group, Inc. | ||||||||
| 5.00% due 06/15/27 | 5,036,000 | 5,056,132 | ||||||
| 5.75% due 10/01/29 | 1,000,000 | 1,023,919 | ||||||
| 6.00% due 07/15/35 | 650,000 | 653,828 | ||||||
| Bank of America Corp. | ||||||||
| 5.74% due 02/12/368 | 5,300,000 | 5,385,532 | ||||||
| 3.56% due 04/23/278 | 1,020,000 | 1,012,673 | ||||||
| Brighthouse Financial Global Funding | ||||||||
| 5.65% due 06/10/292 | 5,985,000 | 6,135,983 | ||||||
| Citigroup, Inc. | ||||||||
| 5.83% due 02/13/358 | 4,900,000 | 4,999,786 | ||||||
| 4.64% due 05/07/288 | 1,010,000 | 1,012,677 | ||||||
| Fairfax Financial Holdings Ltd. | ||||||||
| 5.75% due 05/20/352 | 2,350,000 | 2,382,657 | ||||||
| 3.38% due 03/03/31 | 1,630,000 | 1,512,867 | ||||||
| 5.63% due 08/16/32 | 1,000,000 | 1,027,018 | ||||||
| 6.50% due 05/20/552 | 1,000,000 | 1,023,052 | ||||||
| Morgan Stanley | ||||||||
| 6.63% due 11/01/348 | 2,465,000 | 2,717,168 | ||||||
| 5.94% due 02/07/398 | 1,950,000 | 2,001,495 | ||||||
| 5.83% due 04/19/358 | 1,085,000 | 1,136,710 | ||||||
| Liberty Mutual Group, Inc. | ||||||||
| 4.13% due 12/15/512,8 | 5,800,000 | 5,648,032 | ||||||
| Wilton RE Ltd. | ||||||||
| 6.00% 2,8,9 | 5,426,000 | 5,428,118 | ||||||
| National Australia Bank Ltd. | ||||||||
| 5.90% due 01/14/362,8 | 3,960,000 | 4,057,281 | ||||||
| 2.99% due 05/21/312 | 975,000 | 874,982 | ||||||
| 2.33% due 08/21/302 | 502,000 | 444,843 | ||||||
| Global Atlantic Finance Co. | ||||||||
| 7.95% due 06/15/332 | 3,841,000 | 4,350,552 | ||||||
| 6.75% due 03/15/542 | 969,000 | 992,704 | ||||||
| Safehold GL Holdings LLC | ||||||||
| 2.85% due 01/15/32 | 2,428,000 | 2,114,250 | ||||||
| 2.80% due 06/15/31 | 1,831,000 | 1,638,045 | ||||||
| 6.10% due 04/01/34 | 1,400,000 | 1,457,220 | ||||||
| 5.65% due 01/15/35 | 100,000 | 99,907 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 25.3% (continued) | ||||||||
| Financial - 13.5% (continued) | ||||||||
| GLP Capital Limited Partnership / GLP Financing II, Inc. | ||||||||
| 4.00% due 01/15/31 | 4,650,000 | $ | 4,382,870 | |||||
| 5.30% due 01/15/29 | 900,000 | 909,979 | ||||||
| Blue Owl Capital GP LLC | ||||||||
| 7.21% due 08/22/43††† | 5,000,000 | 5,170,068 | ||||||
| LPL Holdings, Inc. | ||||||||
| 4.38% due 05/15/312 | 3,060,000 | 2,927,757 | ||||||
| 6.00% due 05/20/34 | 1,490,000 | 1,540,770 | ||||||
| Allianz SE | ||||||||
| 3.20% 2,8,9 | 5,000,000 | 4,379,833 | ||||||
| Demeter Investments BV | ||||||||
| 5.63% due 08/15/52 | 4,350,000 | 4,363,811 | ||||||
| Societe Generale S.A. | ||||||||
| 5.52% due 01/19/282,8 | 2,750,000 | 2,784,047 | ||||||
| 3.34% due 01/21/332,8 | 1,300,000 | 1,153,224 | ||||||
| 5.25% due 05/22/292,8 | 300,000 | 303,663 | ||||||
| Brookfield Finance, Inc. | ||||||||
| 5.81% due 03/03/55 | 1,990,000 | 1,946,002 | ||||||
| 4.70% due 09/20/47 | 650,000 | 552,386 | ||||||
| 3.63% due 02/15/52 | 620,000 | 428,080 | ||||||
| 3.50% due 03/30/51 | 630,000 | 427,366 | ||||||
| 6.35% due 01/05/34 | 300,000 | 321,842 | ||||||
| 5.68% due 01/15/35 | 300,000 | 307,891 | ||||||
| FS KKR Capital Corp. | ||||||||
| 2.63% due 01/15/27 | 2,310,000 | 2,215,062 | ||||||
| 3.25% due 07/15/27 | 1,800,000 | 1,726,217 | ||||||
| PartnerRe Finance B LLC | ||||||||
| 4.50% due 10/01/508 | 4,040,000 | 3,801,292 | ||||||
| F&G Global Funding | ||||||||
| 5.88% due 01/16/302 | 3,700,000 | 3,801,196 | ||||||
| Australia & New Zealand Banking Group Ltd. | ||||||||
| 5.82% due 06/18/362,8 | 2,170,000 | 2,204,050 | ||||||
| 2.57% due 11/25/352,8 | 1,800,000 | 1,578,943 | ||||||
| Meiji Yasuda Life Insurance Co. | ||||||||
| 6.10% due 06/11/552,8 | 3,750,000 | 3,742,732 | ||||||
| CoStar Group, Inc. | ||||||||
| 2.80% due 07/15/302 | 4,130,000 | 3,731,626 | ||||||
| UBS Group AG | ||||||||
| 3.09% due 05/14/322,8 | 2,950,000 | 2,677,901 | ||||||
| 4.28% due 01/09/282 | 1,020,000 | 1,015,488 | ||||||
| First American Financial Corp. | ||||||||
| 4.00% due 05/15/30 | 3,180,000 | 3,046,315 | ||||||
| 5.45% due 09/30/34 | 490,000 | 479,941 | ||||||
| Lazard Group LLC | ||||||||
| 6.00% due 03/15/31 | 3,230,000 | 3,391,737 | ||||||
| Commonwealth Bank of Australia | ||||||||
| 5.93% due 03/14/462,8 | 3,420,000 | 3,358,253 | ||||||
| Macquarie Bank Ltd. | ||||||||
| 3.62% due 06/03/302 | 3,570,000 | 3,354,476 | ||||||
| Nationwide Mutual Insurance Co. | ||||||||
| 4.35% due 04/30/502 | 4,277,000 | 3,294,377 | ||||||
| Standard Chartered plc | ||||||||
| 5.01% due 10/15/302,8 | 2,250,000 | 2,273,095 | ||||||
| 4.64% due 04/01/312,8 | 1,030,000 | 1,020,937 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 6.45% due 06/15/34 | 2,410,000 | 2,527,454 | ||||||
| 5.25% due 05/30/29 | 700,000 | 706,135 | ||||||
| Maple Grove Funding Trust I | ||||||||
| 4.16% due 08/15/512 | 4,750,000 | 3,224,209 | ||||||
| Jefferies Financial Group, Inc. | ||||||||
| 6.20% due 04/14/34 | 1,650,000 | 1,725,929 | ||||||
| 2.63% due 10/15/31 | 1,400,000 | 1,218,072 | ||||||
| Old Republic International Corp. | ||||||||
| 5.75% due 03/28/34 | 2,850,000 | 2,931,552 | ||||||
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. | ||||||||
| 3.88% due 03/01/312 | 3,150,000 | 2,920,109 | ||||||
| Pacific Beacon LLC | ||||||||
| 5.51% due 07/15/362 | 2,900,000 | 2,881,893 | ||||||
| Equitable Holdings, Inc. | ||||||||
| 6.70% due 03/28/558 | 2,800,000 | 2,866,825 | ||||||
| Host Hotels & Resorts, LP | ||||||||
| 5.70% due 07/01/34 | 2,750,000 | 2,767,406 | ||||||
| Macquarie Group Ltd. | ||||||||
| 2.69% due 06/23/322,8 | 2,000,000 | 1,769,681 | ||||||
| 2.87% due 01/14/332,8 | 980,000 | 855,032 | ||||||
| 200 Park Funding Trust | ||||||||
| 5.74% due 02/15/552 | 2,550,000 | 2,515,765 | ||||||
| Omnis Funding Trust | ||||||||
| 6.72% due 05/15/552 | 2,410,000 | 2,497,423 | ||||||
| Belrose Funding Trust II | ||||||||
| 6.79% due 05/15/552 | 2,440,000 | 2,494,145 | ||||||
| Accident Fund Insurance Company of America | ||||||||
| 8.50% due 08/01/322 | 2,450,000 | 2,440,081 | ||||||
| MetLife, Inc. | ||||||||
| 6.35% due 03/15/558 | 2,350,000 | 2,413,748 | ||||||
| Enstar Group Ltd. | ||||||||
| 7.50% due 04/01/452,8 | 1,300,000 | 1,337,242 | ||||||
| 3.10% due 09/01/31 | 1,170,000 | 1,040,119 | ||||||
| Jefferies Finance LLC / JFIN Company-Issuer Corp. | ||||||||
| 5.00% due 08/15/282 | 2,450,000 | 2,368,356 | ||||||
| HSBC Holdings plc | ||||||||
| 5.13% due 03/03/318 | 1,250,000 | 1,266,690 | ||||||
| 5.29% due 11/19/308 | 1,010,000 | 1,031,787 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 5.75% due 09/15/34 | 1,750,000 | 1,796,258 | ||||||
| 6.65% due 09/15/558 | 500,000 | 498,352 | ||||||
| Sumitomo Life Insurance Co. | ||||||||
| 3.38% due 04/15/812,8 | 2,500,000 | 2,251,907 | ||||||
| BNP Paribas S.A. | ||||||||
| 5.09% due 05/09/312,8 | 1,200,000 | 1,211,697 | ||||||
| 5.79% due 01/13/332,8 | 990,000 | 1,029,901 | ||||||
| Nuveen LLC | ||||||||
| 5.85% due 04/15/342 | 2,150,000 | 2,237,595 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 25.3% (continued) | ||||||||
| Financial - 13.5% (continued) | ||||||||
| Farmers Insurance Exchange | ||||||||
| 7.00% due 10/15/642,8 | 2,200,000 | $ | 2,183,716 | |||||
| Dai-ichi Life Insurance Company Ltd. | ||||||||
| 6.20% 2,8,9 | 2,150,000 | 2,169,509 | ||||||
| TPG Operating Group II, LP | ||||||||
| 5.88% due 03/05/34 | 2,060,000 | 2,141,056 | ||||||
| Ascot Group Ltd. | ||||||||
| 6.35% due 06/15/352,8 | 2,050,000 | 2,115,214 | ||||||
| Capital One Financial Corp. | ||||||||
| 6.05% due 02/01/358 | 2,000,000 | 2,084,766 | ||||||
| AmFam Holdings, Inc. | ||||||||
| 2.81% due 03/11/312 | 1,800,000 | 1,531,810 | ||||||
| 3.83% due 03/11/512 | 850,000 | 538,073 | ||||||
| OneAmerica Financial Partners, Inc. | ||||||||
| 4.25% due 10/15/502 | 2,548,000 | 1,961,136 | ||||||
| Westpac Banking Corp. | ||||||||
| 3.02% due 11/18/368 | 1,200,000 | 1,053,544 | ||||||
| 3.13% due 11/18/41 | 805,000 | 586,154 | ||||||
| 2.67% due 11/15/358 | 295,000 | 260,215 | ||||||
| ING Groep N.V. | ||||||||
| 4.86% due 03/25/298 | 1,020,000 | 1,030,378 | ||||||
| 5.53% due 03/25/368 | 850,000 | 865,283 | ||||||
| Americo Life, Inc. | ||||||||
| 3.45% due 04/15/312 | 2,060,000 | 1,837,707 | ||||||
| Mid-Atlantic Military Family Communities LLC | ||||||||
| 5.30% due 08/01/502 | 2,107,717 | 1,779,583 | ||||||
| Corebridge Life Holdings, Inc. | ||||||||
| 8.13% due 03/15/462 | 1,400,000 | 1,698,584 | ||||||
| Trustage Financial Group, Inc. | ||||||||
| 4.63% due 04/15/322 | 1,750,000 | 1,655,617 | ||||||
| Equities AB | ||||||||
| 5.85% due 05/08/352 | 1,620,000 | 1,652,968 | ||||||
| Dyal Capital Partners III | ||||||||
| 4.40% due 06/15/40††† | 1,750,000 | 1,646,982 | ||||||
| Henneman Trust | ||||||||
| 6.58% due 05/15/552 | 1,600,000 | 1,608,008 | ||||||
| VICI Properties, LP | ||||||||
| 5.63% due 04/01/35 | 1,550,000 | 1,564,248 | ||||||
| Markel Group, Inc. | ||||||||
| 6.00% due 05/16/54 | 1,550,000 | 1,547,818 | ||||||
| Royal Bank of Canada | ||||||||
| 4.72% due 03/27/288 | 1,020,000 | 1,026,142 | ||||||
| 5.54% (SOFR Compounded Index + 0.86%) due 10/18/28◊ | 500,000 | 500,545 | ||||||
| HS Wildcat LLC | ||||||||
| 3.83% due 12/31/50††† | 1,971,884 | 1,418,948 | ||||||
| Credit Agricole S.A. | ||||||||
| 5.62% (SOFR + 1.21%) due 09/11/28◊,2 | 990,000 | 995,706 | ||||||
| 5.22% due 05/27/312,8 | 400,000 | 407,459 | ||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.25% due 04/01/302 | 1,350,000 | 1,388,893 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | ||||||||
| 5.88% due 05/23/422,8 | 1,350,000 | 1,380,375 | ||||||
| Ares Finance Company II LLC | ||||||||
| 3.25% due 06/15/302 | 1,469,000 | 1,366,805 | ||||||
| Beacon Funding Trust | ||||||||
| 6.27% due 08/15/542 | 1,350,000 | 1,336,388 | ||||||
| RGA Global Funding | ||||||||
| 5.05% due 12/06/312 | 1,300,000 | 1,302,825 | ||||||
| Brookfield Capital Finance LLC | ||||||||
| 6.09% due 06/14/33 | 1,100,000 | 1,163,698 | ||||||
| Voya Financial, Inc. | ||||||||
| 4.80% due 06/15/46 | 1,350,000 | 1,162,410 | ||||||
| KKR Group Finance Company VIII LLC | ||||||||
| 3.50% due 08/25/502 | 1,650,000 | 1,125,687 | ||||||
| Prudential Financial, Inc. | ||||||||
| 3.70% due 10/01/508 | 1,160,000 | 1,058,065 | ||||||
| Swedbank AB | ||||||||
| 5.44% (SOFR + 1.03%) due 11/20/29◊,2 | 1,040,000 | 1,050,839 | ||||||
| Bank of New York Mellon Corp. | ||||||||
| 5.06% due 07/22/328 | 1,010,000 | 1,033,852 | ||||||
| KBC Group N.V. | ||||||||
| 6.32% due 09/21/342,8 | 960,000 | 1,028,694 | ||||||
| Wells Fargo & Co. | ||||||||
| 3.07% due 04/30/418 | 1,360,000 | 1,027,711 | ||||||
| Lloyds Banking Group plc | ||||||||
| 3.75% due 03/18/288 | 1,040,000 | 1,027,302 | ||||||
| Athene Global Funding | ||||||||
| 2.67% due 06/07/312 | 1,170,000 | 1,027,198 | ||||||
| Selective Insurance Group, Inc. | ||||||||
| 5.90% due 04/15/35 | 1,000,000 | 1,022,346 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 5.42% due 05/13/368 | 1,010,000 | 1,022,291 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 4.02% due 10/31/388 | 1,170,000 | 1,020,436 | ||||||
| Bank of Nova Scotia | ||||||||
| 5.51% (SOFR Compounded Index + 1.08%) due 08/01/29◊ | 1,010,000 | 1,011,491 | ||||||
| SiriusPoint Ltd. | ||||||||
| 7.00% due 04/05/29 | 960,000 | 1,010,637 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
| 5.56% (SOFR + 1.17%) due 07/09/29◊ | 1,000,000 | 1,009,782 | ||||||
| American Express Co. | ||||||||
| 5.43% (SOFR + 1.02%) due 01/30/31◊ | 1,010,000 | 1,008,804 | ||||||
| Nordea Bank Abp | ||||||||
| 5.43% (SOFR + 1.02%) due 09/10/29◊,2 | 1,000,000 | 1,007,588 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 25.3% (continued) | ||||||||
| Financial - 13.5% (continued) | ||||||||
| DNB Bank ASA | ||||||||
| 5.47% (SOFR + 1.06%) due 11/05/30◊,2 | 1,000,000 | $ | 1,007,172 | |||||
| NatWest Markets plc | ||||||||
| 5.55% (SOFR + 1.14%) due 05/17/29◊,2 | 1,000,000 | 1,006,369 | ||||||
| Intesa Sanpaolo SpA | ||||||||
| 7.80% due 11/28/532 | 860,000 | 1,005,861 | ||||||
| Banco Santander S.A. | ||||||||
| 5.48% (SOFR + 1.12%) due 07/15/28◊ | 1,000,000 | 1,002,722 | ||||||
| Barclays plc | ||||||||
| 5.09% due 02/25/298 | 500,000 | 506,214 | ||||||
| 5.84% (SOFR + 1.49%) due 03/12/28◊ | 490,000 | 493,823 | ||||||
| Blue Owl Finance LLC | ||||||||
| 6.25% due 04/18/34 | 970,000 | 998,088 | ||||||
| Dyal Capital Partners III (A), LP | ||||||||
| 6.55% due 06/15/44††† | 980,000 | 995,038 | ||||||
| BGC Group, Inc. | ||||||||
| 8.00% due 05/25/28 | 930,000 | 994,836 | ||||||
| Stewart Information Services Corp. | ||||||||
| 3.60% due 11/15/31 | 1,100,000 | 983,585 | ||||||
| Belvoir Land LLC | ||||||||
| 5.60% due 12/15/352 | 1,000,000 | 978,332 | ||||||
| Jackson Financial, Inc. | ||||||||
| 4.00% due 11/23/51 | 1,440,000 | 977,639 | ||||||
| VICI Properties Limited Partnership / VICI Note Company, Inc. | ||||||||
| 4.13% due 08/15/302 | 1,000,000 | 959,819 | ||||||
| Pine Street Trust III | ||||||||
| 6.22% due 05/15/542 | 960,000 | 947,718 | ||||||
| Brown & Brown, Inc. | ||||||||
| 6.25% due 06/23/55 | 450,000 | 463,863 | ||||||
| 5.55% due 06/23/35 | 450,000 | 458,882 | ||||||
| Rocket Companies, Inc. | ||||||||
| 6.38% due 08/01/332 | 900,000 | 920,880 | ||||||
| Equinix Europe 2 Financing Corporation LLC | ||||||||
| 5.50% due 06/15/34 | 890,000 | 911,463 | ||||||
| Apollo Management Holdings, LP | ||||||||
| 2.65% due 06/05/302 | 930,000 | 848,878 | ||||||
| Mutual of Omaha Insurance Co. | ||||||||
| 6.14% due 01/16/642,8 | 850,000 | 845,356 | ||||||
| Deutsche Bank AG NY | ||||||||
| 3.55% due 09/18/318 | 880,000 | 823,206 | ||||||
| Citadel Securities Global Holdings LLC | ||||||||
| 5.50% due 06/18/302 | 525,000 | 531,237 | ||||||
| 6.20% due 06/18/352 | 250,000 | 256,506 | ||||||
| Dyal Capital Partners III (B), LP | ||||||||
| 6.55% due 06/15/44††† | 770,000 | 781,816 | ||||||
| Fort Moore Family Communities LLC | ||||||||
| 6.09% due 01/15/512 | 855,037 | 767,608 | ||||||
| Globe Life, Inc. | ||||||||
| 5.85% due 09/15/34 | 740,000 | 766,169 | ||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 5.75% due 07/01/30 | 650,000 | 660,743 | ||||||
| Penn Mutual Life Insurance Co. | ||||||||
| 3.80% due 04/29/612 | 950,000 | 615,872 | ||||||
| Assured Guaranty US Holdings, Inc. | ||||||||
| 3.60% due 09/15/51 | 800,000 | 544,917 | ||||||
| Assurant, Inc. | ||||||||
| 2.65% due 01/15/32 | 623,000 | 530,950 | ||||||
| Fidelis Insurance Holdings Ltd. | ||||||||
| 7.75% due 06/15/558 | 500,000 | 516,057 | ||||||
| Citizens Financial Group, Inc. | ||||||||
| 6.65% due 04/25/358 | 470,000 | 506,602 | ||||||
| American National Global Funding | ||||||||
| 5.25% due 06/03/302 | 500,000 | 502,499 | ||||||
| Kemper Corp. | ||||||||
| 2.40% due 09/30/30 | 575,000 | 502,434 | ||||||
| Fidelity National Financial, Inc. | ||||||||
| 3.40% due 06/15/30 | 470,000 | 438,673 | ||||||
| 2.45% due 03/15/31 | 70,000 | 60,752 | ||||||
| Northwestern Mutual Life Insurance Co. | ||||||||
| 6.17% due 05/29/552 | 350,000 | 365,490 | ||||||
| Brookfield Finance LLC / Brookfield Finance, Inc. | ||||||||
| 3.45% due 04/15/50 | 470,000 | 318,514 | ||||||
| Western & Southern Life Insurance Co. | ||||||||
| 3.75% due 04/28/612 | 470,000 | 318,076 | ||||||
| Cushman & Wakefield US Borrower LLC | ||||||||
| 6.75% due 05/15/282 | 296,000 | 298,528 | ||||||
| Iron Mountain, Inc. | ||||||||
| 5.63% due 07/15/322 | 237,000 | 235,116 | ||||||
| Swiss Re Finance Luxembourg S.A. | ||||||||
| 5.00% due 04/02/492,8 | 200,000 | 199,200 | ||||||
| KKR Group Finance Company III LLC | ||||||||
| 5.13% due 06/01/442 | 100,000 | 90,761 | ||||||
| Total Financial | 312,236,893 | |||||||
| Industrial - 2.8% | ||||||||
| AP Grange Holdings | ||||||||
| 6.50% due 03/20/45††† | 12,900,000 | 13,093,500 | ||||||
| 5.00% due 03/20/45††† | 1,400,000 | 1,414,000 | ||||||
| Terminal Investment Limited Holding | ||||||||
| 6.23% due 10/01/40 | 5,600,000 | 5,578,876 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 25.3% (continued) | ||||||||
| Industrial - 2.8% (continued) | ||||||||
| Homestead Spe Issuer LLC | ||||||||
| 7.21% due 04/01/55††† | 5,000,000 | $ | 4,952,562 | |||||
| Berry Global, Inc. | ||||||||
| 5.80% due 06/15/31 | 2,110,000 | 2,217,215 | ||||||
| 4.88% due 07/15/262 | 2,156,000 | 2,153,196 | ||||||
| Howmet Aerospace, Inc. | ||||||||
| 3.00% due 01/15/29 | 3,800,000 | 3,631,204 | ||||||
| FLNG Liquefaction 3 LLC | ||||||||
| 3.08% due 06/30/39††† | 3,823,365 | 3,203,095 | ||||||
| Boeing Co. | ||||||||
| 6.53% due 05/01/34 | 1,806,000 | 1,962,270 | ||||||
| 6.86% due 05/01/54 | 575,000 | 629,462 | ||||||
| 3.75% due 02/01/50 | 841,000 | 593,910 | ||||||
| Amazon.com, Inc. | ||||||||
| 2.65% due 10/10/42††† | 3,318,041 | 2,701,494 | ||||||
| Vontier Corp. | ||||||||
| 2.95% due 04/01/31 | 2,500,000 | 2,234,516 | ||||||
| Penske Truck Leasing Company Lp / PTL Finance Corp. | ||||||||
| 5.25% due 07/01/292 | 2,100,000 | 2,150,025 | ||||||
| ALLETE, Inc. | ||||||||
| 5.79% due 07/09/37 | 1,900,000 | 1,919,228 | ||||||
| Smurfit Kappa Treasury ULC | ||||||||
| 5.44% due 04/03/34 | 1,850,000 | 1,875,863 | ||||||
| TD SYNNEX Corp. | ||||||||
| 6.10% due 04/12/34 | 1,750,000 | 1,841,777 | ||||||
| Flowserve Corp. | ||||||||
| 3.50% due 10/01/30 | 1,810,000 | 1,688,970 | ||||||
| Cliffwater Corporate Lending Fund | ||||||||
| 6.77% due 08/04/28††† | 1,550,000 | 1,605,058 | ||||||
| Owens Corning | ||||||||
| 5.95% due 06/15/54 | 1,380,000 | 1,395,176 | ||||||
| Stadco LA LLC | ||||||||
| 3.75% due 05/15/56††† | 2,000,000 | 1,354,009 | ||||||
| Amcor Flexibles North America, Inc. | ||||||||
| 2.63% due 06/19/30 | 1,230,000 | 1,115,945 | ||||||
| Cellnex Finance Company S.A. | ||||||||
| 3.88% due 07/07/412 | 1,372,000 | 1,080,895 | ||||||
| CIMIC Finance USA Pty Ltd. | ||||||||
| 7.00% due 03/25/342 | 970,000 | 1,032,728 | ||||||
| FedEx Corp. | ||||||||
| 4.10% due 02/01/452 | 550,000 | 420,452 | ||||||
| 4.75% due 11/15/45 | 354,000 | 295,001 | ||||||
| AP Grange Holdings LLC | ||||||||
| 6.50% due 03/20/45††† | 704,838 | 704,838 | ||||||
| Sonoco Products Co. | ||||||||
| 5.00% due 09/01/34 | 700,000 | 680,864 | ||||||
| GATX Corp. | ||||||||
| 6.05% due 06/05/54 | 628,000 | 628,524 | ||||||
| CNH Industrial Capital LLC | ||||||||
| 4.75% due 03/21/28 | 510,000 | 513,814 | ||||||
| Weir Group, Inc. | ||||||||
| 5.35% due 05/06/302 | 470,000 | 476,580 | ||||||
| Norfolk Southern Corp. | ||||||||
| 4.10% due 05/15/21 | 600,000 | 414,146 | ||||||
| Total Industrial | 65,559,193 | |||||||
| Energy - 2.2% | ||||||||
| BP Capital Markets plc | ||||||||
| 4.88% 8,9 | 6,348,000 | 6,282,216 | ||||||
| 6.13% 8,9 | 350,000 | 349,424 | ||||||
| ONEOK, Inc. | ||||||||
| 6.05% due 09/01/33 | 3,800,000 | 3,987,174 | ||||||
| 5.60% due 04/01/44 | 860,000 | 784,469 | ||||||
| 3.95% due 03/01/50 | 850,000 | 602,548 | ||||||
| Plains All American Pipeline Limited Partnership / PAA Finance Corp. | ||||||||
| 5.70% due 09/15/34 | 2,850,000 | 2,905,294 | ||||||
| 4.90% due 02/15/45 | 1,140,000 | 970,425 | ||||||
| Enbridge, Inc. | ||||||||
| 5.63% due 04/05/34 | 1,900,000 | 1,952,089 | ||||||
| 6.70% due 11/15/53 | 940,000 | 1,016,615 | ||||||
| 5.55% due 06/20/35 | 800,000 | 813,292 | ||||||
| Greensaif Pipelines Bidco SARL | ||||||||
| 5.85% due 02/23/362 | 1,500,000 | 1,514,996 | ||||||
| 6.10% due 08/23/422 | 800,000 | 799,928 | ||||||
| 6.51% due 02/23/422 | 400,000 | 414,494 | ||||||
| 6.13% due 02/23/382 | 350,000 | 360,942 | ||||||
| DT Midstream, Inc. | ||||||||
| 5.80% due 12/15/342 | 2,450,000 | 2,495,109 | ||||||
| Energy Transfer, LP | ||||||||
| 6.20% due 04/01/55 | 1,000,000 | 984,495 | ||||||
| 7.38% due 02/01/312 | 710,000 | 743,967 | ||||||
| 5.60% due 09/01/34 | 650,000 | 660,149 | ||||||
| Galaxy Pipeline Assets Bidco Ltd. | ||||||||
| 3.25% due 09/30/402 | 2,986,000 | 2,325,505 | ||||||
| MPLX, LP | ||||||||
| 5.95% due 04/01/55 | 1,300,000 | 1,238,216 | ||||||
| 5.50% due 02/15/49 | 1,080,000 | 975,152 | ||||||
| 5.65% due 03/01/53 | 50,000 | 45,878 | ||||||
| Boardwalk Pipelines, LP | ||||||||
| 5.63% due 08/01/34 | 2,000,000 | 2,028,656 | ||||||
| Cheniere Energy Partners, LP | ||||||||
| 5.55% due 10/30/352 | 1,000,000 | 1,007,862 | ||||||
| 5.95% due 06/30/33 | 750,000 | 782,877 | ||||||
| 5.75% due 08/15/34 | 150,000 | 154,046 | ||||||
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. | ||||||||
| 6.88% due 01/15/29 | 1,734,000 | 1,768,612 | ||||||
| Kinder Morgan Energy Partners, LP | ||||||||
| 7.50% due 11/15/40 | 880,000 | 1,005,809 | ||||||
| 5.80% due 03/15/35 | 725,000 | 748,053 | ||||||
| HF Sinclair Corp. | ||||||||
| 6.25% due 01/15/35 | 1,500,000 | 1,522,598 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 25.3% (continued) | ||||||||
| Energy - 2.2% (continued) | ||||||||
| Targa Resources Corp. | ||||||||
| 6.50% due 02/15/53 | 930,000 | $ | 954,718 | |||||
| 5.65% due 02/15/36 | 375,000 | 378,524 | ||||||
| 4.90% due 09/15/30 | 175,000 | 176,477 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.75% due 01/15/362 | 1,400,000 | 1,400,000 | ||||||
| Midwest Connector Capital Company LLC | ||||||||
| 4.63% due 04/01/292 | 1,050,000 | 1,041,098 | ||||||
| Cheniere Energy, Inc. | ||||||||
| 5.65% due 04/15/34 | 1,000,000 | 1,024,180 | ||||||
| TransCanada PipeLines Ltd. | ||||||||
| 7.63% due 01/15/39 | 830,000 | 968,458 | ||||||
| Western Midstream Operating, LP | ||||||||
| 5.30% due 03/01/48 | 1,140,000 | 951,336 | ||||||
| Viper Energy, Inc. | ||||||||
| 7.38% due 11/01/312 | 652,000 | 691,828 | ||||||
| 5.38% due 11/01/272 | 218,000 | 218,237 | ||||||
| NuStar Logistics, LP | ||||||||
| 6.38% due 10/01/30 | 469,000 | 486,006 | ||||||
| 6.00% due 06/01/26 | 200,000 | 200,759 | ||||||
| Florida Gas Transmission Company LLC | ||||||||
| 5.75% due 07/15/352 | 625,000 | 639,582 | ||||||
| Eni SpA | ||||||||
| 5.95% due 05/15/542 | 660,000 | 638,510 | ||||||
| Marathon Petroleum Corp. | ||||||||
| 6.50% due 03/01/41 | 480,000 | 501,090 | ||||||
| Total Energy | 51,511,693 | |||||||
| Consumer, Non-cyclical - 1.9% | ||||||||
| Smithfield Foods, Inc. | ||||||||
| 2.63% due 09/13/312 | 2,500,000 | 2,155,067 | ||||||
| 5.20% due 04/01/292 | 1,200,000 | 1,207,331 | ||||||
| 3.00% due 10/15/302 | 970,000 | 881,129 | ||||||
| Diageo Investment Corp. | ||||||||
| 5.63% due 04/15/35 | 4,000,000 | 4,182,951 | ||||||
| BAT Capital Corp. | ||||||||
| 6.00% due 02/20/34 | 3,000,000 | 3,162,353 | ||||||
| 4.76% due 09/06/49 | 1,040,000 | 857,374 | ||||||
| CVS Health Corp. | ||||||||
| 6.75% due 12/10/548 | 2,170,000 | 2,174,725 | ||||||
| 5.05% due 03/25/48 | 580,000 | 500,800 | ||||||
| JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings Incorporated / JBS USA Food Co. | ||||||||
| 5.50% due 01/15/362 | 2,400,000 | 2,403,528 | ||||||
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL | ||||||||
| 3.00% due 05/15/32 | 1,750,000 | 1,532,059 | ||||||
| 5.50% due 01/15/30 | 706,000 | 722,176 | ||||||
| Flowers Foods, Inc. | ||||||||
| 5.75% due 03/15/35 | 2,150,000 | 2,203,387 | ||||||
| Icon Investments Six DAC | ||||||||
| 6.00% due 05/08/34 | 2,000,000 | 2,043,959 | ||||||
| Altria Group, Inc. | ||||||||
| 4.45% due 05/06/50 | 1,365,000 | 1,068,203 | ||||||
| 3.70% due 02/04/51 | 1,280,000 | 885,830 | ||||||
| Royalty Pharma plc | ||||||||
| 3.55% due 09/02/50 | 2,690,000 | 1,822,425 | ||||||
| Philip Morris International, Inc. | ||||||||
| 4.13% due 04/28/28 | 1,010,000 | 1,008,024 | ||||||
| 5.25% due 02/13/34 | 750,000 | 764,954 | ||||||
| GXO Logistics, Inc. | ||||||||
| 6.25% due 05/06/29 | 1,250,000 | 1,305,006 | ||||||
| 6.50% due 05/06/34 | 440,000 | 460,246 | ||||||
| Mars, Inc. | ||||||||
| 5.20% due 03/01/352 | 1,600,000 | 1,619,167 | ||||||
| Global Payments, Inc. | ||||||||
| 2.90% due 11/15/31 | 1,650,000 | 1,459,383 | ||||||
| AZ Battery Property LLC | ||||||||
| 6.73% due 02/20/46††† | 1,420,000 | 1,358,337 | ||||||
| Yale-New Haven Health Services Corp. | ||||||||
| 2.50% due 07/01/50 | 2,250,000 | 1,295,770 | ||||||
| Highmark, Inc. | ||||||||
| 2.55% due 05/10/312 | 1,500,000 | 1,286,226 | ||||||
| Universal Health Services, Inc. | ||||||||
| 2.65% due 10/15/30 | 1,320,000 | 1,176,936 | ||||||
| Imperial Brands Finance plc | ||||||||
| 3.88% due 07/26/292 | 1,060,000 | 1,027,007 | ||||||
| Tesco plc | ||||||||
| 6.15% due 11/15/372 | 980,000 | 1,003,535 | ||||||
| Becle, SAB de CV | ||||||||
| 2.50% due 10/14/312 | 1,050,000 | 870,181 | ||||||
| Triton Container International Ltd. | ||||||||
| 3.15% due 06/15/312 | 930,000 | 806,888 | ||||||
| Kraft Heinz Foods Co. | ||||||||
| 7.13% due 08/01/392 | 650,000 | 732,097 | ||||||
| Kroger Co. | ||||||||
| 5.50% due 09/15/54 | 330,000 | 313,253 | ||||||
| Triton Container International Limited / TAL International Container Corp. | ||||||||
| 3.25% due 03/15/32 | 200,000 | 172,822 | ||||||
| Total Consumer, Non-cyclical | 44,463,129 | |||||||
| Consumer, Cyclical - 1.6% | ||||||||
| Choice Hotels International, Inc. | ||||||||
| 3.70% due 01/15/31 | 7,340,000 | 6,807,430 | ||||||
| LG Energy Solution Ltd. | ||||||||
| 5.38% due 04/02/302 | 2,850,000 | 2,857,332 | ||||||
| 5.50% due 07/02/342 | 1,600,000 | 1,569,762 | ||||||
| Hyatt Hotels Corp. | ||||||||
| 5.75% due 04/23/30 | 3,010,000 | 3,113,610 | ||||||
| 5.75% due 03/30/32 | 1,000,000 | 1,026,617 | ||||||
| Smithsonian Institution | ||||||||
| 2.70% due 09/01/44 | 4,000,000 | 2,693,177 | ||||||
| Alt-2 Structured Trust | ||||||||
| 2.95% due 05/14/31††† | 2,539,458 | 2,344,264 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 25.3% (continued) | ||||||||
| Consumer, Cyclical - 1.6% (continued) | ||||||||
| British Airways Class A Pass Through Trust | ||||||||
| 4.25% due 11/15/322 | 1,728,684 | $ | 1,657,421 | |||||
| 2.90% due 03/15/352 | 706,533 | 636,357 | ||||||
| United Airlines 2023-1 Class A Pass Through Trust | ||||||||
| 5.80% due 01/15/36 | 1,385,205 | 1,412,919 | ||||||
| Marriott International, Inc. | ||||||||
| 5.50% due 04/15/37 | 1,400,000 | 1,400,232 | ||||||
| Warnermedia Holdings, Inc. | ||||||||
| 5.14% due 03/15/52 | 1,640,000 | 1,143,900 | ||||||
| Polaris, Inc. | ||||||||
| 6.95% due 03/15/29 | 1,050,000 | 1,104,439 | ||||||
| Flutter Treasury Designated Activity Co. | ||||||||
| 6.38% due 04/29/292 | 1,050,000 | 1,081,545 | ||||||
| AutoNation, Inc. | ||||||||
| 5.89% due 03/15/35 | 1,010,000 | 1,024,350 | ||||||
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | ||||||||
| 6.50% due 06/20/272 | 1,020,000 | 1,021,338 | ||||||
| Hasbro, Inc. | ||||||||
| 6.05% due 05/14/34 | 980,000 | 1,010,671 | ||||||
| Darden Restaurants, Inc. | ||||||||
| 4.55% due 02/15/48 | 1,200,000 | 978,309 | ||||||
| Sodexo, Inc. | ||||||||
| 5.80% due 08/15/352 | 850,000 | 876,045 | ||||||
| Ferguson Finance plc | ||||||||
| 4.65% due 04/20/322 | 600,000 | 586,142 | ||||||
| American Airlines Class AA Pass Through Trust | ||||||||
| 3.20% due 06/15/28 | 607,000 | 581,793 | ||||||
| Delta Air Lines, Inc. / SkyMiles IP Ltd. | ||||||||
| 4.50% due 10/20/252 | 524,500 | 523,231 | ||||||
| General Motors Co. | ||||||||
| 6.25% due 10/02/43 | 500,000 | 490,438 | ||||||
| LKQ Corp. | ||||||||
| 6.25% due 06/15/33 | 300,000 | 316,110 | ||||||
| Alimentation Couche-Tard, Inc. | ||||||||
| 3.80% due 01/25/502 | 100,000 | 71,881 | ||||||
| Total Consumer, Cyclical | 36,329,313 | |||||||
| Utilities - 1.2% | ||||||||
| MN8 Portfolio IV LLC | ||||||||
| 6.31% due 07/30/45 | 2,700,000 | 2,712,473 | ||||||
| PacifiCorp | ||||||||
| 7.38% due 09/15/558 | 2,200,000 | 2,287,033 | ||||||
| NRG Energy, Inc. | ||||||||
| 2.45% due 12/02/272 | 1,750,000 | 1,660,944 | ||||||
| 7.00% due 03/15/332 | 480,000 | 526,894 | ||||||
| CMS Energy Corp. | ||||||||
| 6.50% due 06/01/558 | 1,800,000 | 1,804,307 | ||||||
| Southwestern Public Service Co. | ||||||||
| 3.70% due 08/15/47 | 2,450,000 | 1,793,799 | ||||||
| AES Corp. | ||||||||
| 3.95% due 07/15/302 | 1,362,000 | 1,294,890 | ||||||
| 2.45% due 01/15/31 | 438,000 | 382,919 | ||||||
| Brooklyn Union Gas Co. | ||||||||
| 6.39% due 09/15/332 | 800,000 | 851,027 | ||||||
| 4.27% due 03/15/482 | 640,000 | 491,646 | ||||||
| Public Service Company of Colorado | ||||||||
| 5.35% due 05/15/34 | 1,100,000 | 1,115,661 | ||||||
| Xcel Energy, Inc. | ||||||||
| 4.75% due 03/21/28 | 1,020,000 | 1,029,902 | ||||||
| Arizona Public Service Co. | ||||||||
| 6.35% due 12/15/32 | 950,000 | 1,023,457 | ||||||
| Alliant Energy Finance LLC | ||||||||
| 3.60% due 03/01/322 | 1,120,000 | 1,014,490 | ||||||
| Enel Finance International N.V. | ||||||||
| 5.50% due 06/15/522 | 1,080,000 | 993,827 | ||||||
| Evergy Kansas Central, Inc. | ||||||||
| 5.70% due 03/15/53 | 1,000,000 | 985,371 | ||||||
| Appalachian Power Co. | ||||||||
| 4.40% due 05/15/44 | 1,200,000 | 973,201 | ||||||
| Entergy Mississippi LLC | ||||||||
| 3.85% due 06/01/49 | 1,280,000 | 942,531 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 6.38% due 08/15/558 | 920,000 | 939,463 | ||||||
| Central Storage Safety Project Trust | ||||||||
| 4.82% due 02/01/3810 | 749,760 | 693,247 | ||||||
| Boston Gas Co. | ||||||||
| 5.84% due 01/10/352 | 550,000 | 571,642 | ||||||
| Liberty Utilities Co. | ||||||||
| 5.87% due 01/31/342 | 550,000 | 560,607 | ||||||
| Nevada Power Co. | ||||||||
| 6.65% due 04/01/36 | 500,000 | 551,388 | ||||||
| Southern Co. | ||||||||
| 3.75% due 09/15/518 | 550,000 | 542,422 | ||||||
| Alexander Funding Trust II | ||||||||
| 7.47% due 07/31/282 | 450,000 | 481,224 | ||||||
| Black Hills Corp. | ||||||||
| 6.00% due 01/15/35 | 320,000 | 331,886 | ||||||
| Total Utilities | 26,556,251 | |||||||
| Communications - 1.0% | ||||||||
| SoftBank Corp. | ||||||||
| 5.33% due 07/09/352 | 3,600,000 | 3,600,000 | ||||||
| British Telecommunications plc | ||||||||
| 4.88% due 11/23/812,8 | 2,900,000 | 2,655,261 | ||||||
| 4.25% due 11/23/812,8 | 500,000 | 490,279 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 4.50% due 04/01/302 | 2,175,000 | 1,968,375 | ||||||
| 11.00% due 11/15/292 | 321,537 | 368,831 | ||||||
| Vodafone Group plc | ||||||||
| 4.13% due 06/04/818 | 2,550,000 | 2,330,484 | ||||||
| Paramount Global | ||||||||
| 4.90% due 08/15/44 | 1,035,000 | 798,325 | ||||||
| 5.25% due 04/01/44 | 789,000 | 628,046 | ||||||
| 5.90% due 10/15/40 | 666,000 | 607,305 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 25.3% (continued) | ||||||||
| Communications - 1.0% (continued) | ||||||||
| Rogers Communications, Inc. | ||||||||
| 4.55% due 03/15/52 | 2,000,000 | $ | 1,628,579 | |||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 3.90% due 06/01/52 | 2,148,000 | 1,474,193 | ||||||
| America Movil SAB de CV | ||||||||
| 6.13% due 03/30/40 | 980,000 | 1,022,380 | ||||||
| Nokia Oyj | ||||||||
| 6.63% due 05/15/39 | 980,000 | 1,015,721 | ||||||
| Prosus N.V. | ||||||||
| 4.99% due 01/19/522 | 1,300,000 | 1,003,076 | ||||||
| Time Warner Cable LLC | ||||||||
| 4.50% due 09/15/42 | 1,040,000 | 828,342 | ||||||
| Corning, Inc. | ||||||||
| 5.75% due 08/15/40 | 790,000 | 801,160 | ||||||
| Fox Corp. | ||||||||
| 6.50% due 10/13/33 | 720,000 | 778,986 | ||||||
| CSC Holdings LLC | ||||||||
| 4.13% due 12/01/302 | 600,000 | 423,308 | ||||||
| Discovery Communications LLC | ||||||||
| 5.00% due 09/20/37 | 570,000 | 387,999 | ||||||
| Altice France S.A. | ||||||||
| 5.13% due 01/15/292 | 250,000 | 206,562 | ||||||
| Telenet Finance Luxembourg Notes SARL | ||||||||
| 5.50% due 03/01/28 | 200,000 | 197,897 | ||||||
| Total Communications | 23,215,109 | |||||||
| Technology - 0.7% | ||||||||
| Foundry JV Holdco LLC | ||||||||
| 5.88% due 01/25/342 | 2,500,000 | 2,540,320 | ||||||
| 6.20% due 01/25/372 | 1,000,000 | 1,040,886 | ||||||
| 6.40% due 01/25/382 | 550,000 | 579,166 | ||||||
| Entegris, Inc. | ||||||||
| 4.75% due 04/15/292 | 3,700,000 | 3,658,969 | ||||||
| Broadcom, Inc. | ||||||||
| 4.93% due 05/15/372 | 2,306,000 | 2,238,028 | ||||||
| 3.19% due 11/15/362 | 217,000 | 179,891 | ||||||
| Oracle Corp. | ||||||||
| 3.95% due 03/25/51 | 2,128,000 | 1,570,666 | ||||||
| MSCI, Inc. | ||||||||
| 3.63% due 11/01/312 | 1,300,000 | 1,197,768 | ||||||
| Atlassian Corp. | ||||||||
| 5.50% due 05/15/34 | 1,120,000 | 1,150,075 | ||||||
| Fiserv, Inc. | ||||||||
| 5.63% due 08/21/33 | 1,000,000 | 1,039,790 | ||||||
| Leidos, Inc. | ||||||||
| 5.75% due 03/15/33 | 500,000 | 520,901 | ||||||
| Constellation Software, Inc. | ||||||||
| 5.46% due 02/16/342 | 350,000 | 357,030 | ||||||
| Total Technology | 16,073,490 | |||||||
| Basic Materials - 0.3% | ||||||||
| Anglo American Capital plc | ||||||||
| 5.75% due 04/05/342 | 1,650,000 | 1,703,803 | ||||||
| 3.95% due 09/10/502 | 300,000 | 222,308 | ||||||
| Dow Chemical Co. | ||||||||
| 6.90% due 05/15/53 | 1,050,000 | 1,129,545 | ||||||
| Yamana Gold, Inc. | ||||||||
| 2.63% due 08/15/31 | 1,200,000 | 1,060,404 | ||||||
| Rio Tinto Finance USA plc | ||||||||
| 5.25% due 03/14/35 | 1,000,000 | 1,017,485 | ||||||
| Fresnillo plc | ||||||||
| 4.25% due 10/02/50 | 1,390,000 | 1,013,463 | ||||||
| Total Basic Materials | 6,147,008 | |||||||
| Transporation - 0.1% | ||||||||
| Stolthaven Houston, Inc. | ||||||||
| 5.98% due 07/17/34††† | 1,980,000 | 1,978,724 | ||||||
| Government - 0.0% | ||||||||
| Amazon Conservation DAC | ||||||||
| 6.03% due 01/16/422 | 1,000,000 | 1,002,500 | ||||||
| Total Corporate Bonds | ||||||||
| (Cost $606,517,490) | 585,073,303 | |||||||
| U.S. GOVERNMENT SECURITIES†† - 25.1% | ||||||||
| U.S. Treasury Notes | ||||||||
| 4.13% due 03/31/3111 | 85,832,400 | 86,912,010 | ||||||
| 4.63% due 04/30/31 | 60,000,000 | 62,296,875 | ||||||
| 4.13% due 11/30/29 | 59,600,000 | 60,475,375 | ||||||
| 3.75% due 08/31/31 | 44,220,000 | 43,807,165 | ||||||
| 4.13% due 11/15/27 | 25,000,000 | 25,231,445 | ||||||
| 4.13% due 10/31/31 | 21,000,000 | 21,219,023 | ||||||
| 4.00% due 03/31/30 | 8,740,000 | 8,821,255 | ||||||
| 3.63% due 09/30/31 | 7,010,000 | 6,892,801 | ||||||
| 4.63% due 02/15/3512 | 5,030,000 | 5,189,545 | ||||||
| 3.88% due 10/15/27 | 3,580,000 | 3,592,446 | ||||||
| 4.00% due 05/31/30 | 3,300,000 | 3,331,969 | ||||||
| 3.63% due 03/31/28 | 1,300,000 | 1,297,766 | ||||||
| United States Treasury Inflation Indexed Bonds | ||||||||
| 2.13% due 01/15/35 | 50,291,472 | 51,111,930 | ||||||
| 1.88% due 07/15/34 | 39,751,847 | 39,782,325 | ||||||
| 2.13% due 04/15/29 | 24,183,540 | 24,833,613 | ||||||
| 1.63% due 10/15/29 | 20,541,112 | 20,793,213 | ||||||
| 1.25% due 04/15/28 | 11,089,471 | 11,068,603 | ||||||
| 1.38% due 07/15/33 | 2,038,370 | 1,979,425 | ||||||
| U.S. Treasury Bonds | ||||||||
| due 05/15/515,13 | 167,110,000 | 47,135,630 | ||||||
| due 08/15/545,13 | 39,610,000 | 9,783,755 | ||||||
| due 05/15/446,13 | 22,950,000 | 8,906,340 | ||||||
| due 08/15/535,13 | 29,000,000 | 7,443,328 | ||||||
| due 02/15/545,13 | 28,290,000 | 7,102,264 | ||||||
| due 02/15/525,13 | 19,980,000 | 5,445,668 | ||||||
| due 02/15/555,13 | 20,000,000 | 4,860,103 | ||||||
| 4.75% due 05/15/55 | 3,830,000 | 3,807,858 | ||||||
| due 02/15/466,13 | 10,550,000 | 3,750,282 | ||||||
| due 11/15/446,13 | 4,600,000 | 1,741,376 | ||||||
| 4.63% due 02/15/55 | 1,700,000 | 1,654,844 | ||||||
| due 11/15/535,13 | 3,330,000 | 849,327 | ||||||
| Total U.S. Government Securities | ||||||||
| (Cost $590,352,176) | 581,117,559 | |||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.8% | ||||||||
| Collateralized Loan Obligations - 8.5% | ||||||||
| Cerberus Loan Funding XLIV LLC | ||||||||
| 2024-5A A, 6.61% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36◊,2 | 8,900,000 | $ | 8,930,744 | |||||
| 2024-5A B, 7.46% (3 Month Term SOFR + 3.20%, Rate Floor: 3.20%) due 01/15/36◊,2 | 3,000,000 | 3,016,698 | ||||||
| LoanCore Issuer Ltd. | ||||||||
| 2021-CRE5 C, 6.78% (1 Month Term SOFR + 2.46%, Rate Floor: 2.46%) due 07/15/36◊,2 | 7,500,000 | 7,446,974 | ||||||
| 2021-CRE6 C, 6.73% (1 Month Term SOFR + 2.41%, Rate Floor: 2.30%) due 11/15/38◊,2 | 4,000,000 | 3,962,294 | ||||||
| Madison Park Funding XLVIII Ltd. | ||||||||
| 2021-48A C, 6.53% (3 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 04/19/33◊,2 | 4,000,000 | 4,009,112 | ||||||
| 2021-48A B, 5.98% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33◊,2 | 4,000,000 | 3,994,055 | ||||||
| MF1 Multifamily Housing Mortgage Loan Trust | ||||||||
| 2021-FL6 D, 6.98% (1 Month Term SOFR + 2.66%, Rate Floor: 2.55%) due 07/16/36◊,2 | 4,000,000 | 3,971,076 | ||||||
| 2021-FL6 C, 6.28% (1 Month Term SOFR + 1.96%, Rate Floor: 1.85%) due 07/16/36◊,2 | 3,400,000 | 3,391,934 | ||||||
| Owl Rock CLO III Ltd. | ||||||||
| 2024-3A AR, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36◊,2 | 5,500,000 | 5,512,514 | ||||||
| 2024-3A BR, 6.62% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 04/20/36◊,2 | 1,250,000 | 1,254,610 | ||||||
| Golub Capital Partners CLO 33M Ltd. | ||||||||
| 2021-33A AR2, 6.45% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33◊,2 | 6,500,000 | 6,494,739 | ||||||
| Owl Rock CLO XVI LLC | ||||||||
| 2024-16A A, 6.27% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/36◊,2 | 5,000,000 | 5,012,784 | ||||||
| 2024-16A B, 6.77% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/20/36◊,2 | 1,000,000 | 1,003,967 | ||||||
| Cerberus Loan Funding XXXII, LP | ||||||||
| 2021-2A A, 6.14% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33◊,2 | 4,250,000 | 4,260,466 | ||||||
| 2021-2A C, 7.37% (3 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 04/22/33◊,2 | 1,250,000 | 1,251,270 | ||||||
| Cerberus Loan Funding XLII LLC | ||||||||
| 2023-3A A1, 6.74% (3 Month Term SOFR + 2.48%, Rate Floor: 2.48%) due 09/13/35◊,2 | 3,750,000 | 3,763,962 | ||||||
| 2023-3A B, 7.61% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/13/35◊,2 | 1,250,000 | 1,257,346 | ||||||
| Hlend CLO LLC | ||||||||
| 2025-3A A, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 01/20/37◊,2 | 4,700,000 | 4,694,713 | ||||||
| Cerberus Loan Funding XL LLC | ||||||||
| 2023-1A A, 6.66% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35◊,2 | 4,500,000 | 4,516,046 | ||||||
| Golub Capital Partners CLO 16M-R3 | ||||||||
| 2025-16A A1R3, 5.95% (3 Month Term SOFR + 1.63%, Rate Floor: 1.63%) due 08/09/39◊,2 | 4,050,000 | 4,050,000 | ||||||
| 2025-16A A2R3, 6.07% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/09/39◊,2 | 400,000 | 400,000 | ||||||
| FS Rialto | ||||||||
| 2021-FL2 A, 5.65% (1 Month Term SOFR + 1.33%, Rate Floor: 1.33%) due 05/16/38◊,2 | 2,447,811 | 2,443,224 | ||||||
| 2021-FL3 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 11/16/36◊,2 | 2,000,000 | 1,992,617 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.8% (continued) | ||||||||
| Collateralized Loan Obligations - 8.5% (continued) | ||||||||
| Fortress Credit Opportunities IX CLO Ltd. | ||||||||
| 2021-9A A2TR, 6.32% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33◊,2 | 3,250,000 | $ | 3,261,343 | |||||
| 2021-9A A1TR, 6.07% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 10/15/33◊,2 | 1,000,000 | 1,003,394 | ||||||
| TRTX Issuer Ltd. | ||||||||
| 2025-FL6 A, 5.85% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42◊,2 | 4,200,000 | 4,200,982 | ||||||
| FS Rialto Issuer LLC | ||||||||
| 2024-FL9 AS, 6.41% (1 Month Term SOFR + 2.09%, Rate Floor: 2.09%) due 10/19/39◊,2 | 1,800,000 | 1,804,059 | ||||||
| 2025-FL10 AS, 5.97% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42◊,2 | 1,400,000 | 1,384,896 | ||||||
| 2025-FL10 B, 6.22% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42◊,2 | 1,000,000 | 986,914 | ||||||
| THL Credit Lake Shore MM CLO I Ltd. | ||||||||
| 2021-1A A1R, 6.22% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33◊,2 | 3,943,851 | 3,955,217 | ||||||
| BSPDF Issuer Ltd. | ||||||||
| 2021-FL1 C, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 10/15/36◊,2 | 4,000,000 | 3,941,169 | ||||||
| Owl Rock CLO IV Ltd. | ||||||||
| 2021-4A A1R, 6.18% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33◊,2 | 3,750,000 | 3,758,907 | ||||||
| Cerberus Loan Funding XLVIII LLC | ||||||||
| 2024-4A B, 6.11% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/36◊,2 | 2,000,000 | 2,006,195 | ||||||
| 2024-4A AN, 5.91% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36◊,2 | 1,500,000 | 1,504,582 | ||||||
| BCRED CLO LLC | ||||||||
| 2025-1A B, 5.98% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37◊,2 | 3,400,000 | 3,408,874 | ||||||
| Cerberus Loan Funding XXXIII, LP | ||||||||
| 2021-3A B, 6.37% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 07/23/33◊,2 | 2,000,000 | 2,006,871 | ||||||
| 2021-3A A, 6.08% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33◊,2 | 1,250,000 | 1,253,050 | ||||||
| Cerberus Loan Funding XLVII LLC | ||||||||
| 2024-3A B, 6.21% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36◊,2 | 3,000,000 | 3,009,195 | ||||||
| Golub Capital Partners CLO 54M, LP | ||||||||
| 2021-54A B, 6.37% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 08/05/33◊,2 | 1,500,000 | 1,504,880 | ||||||
| 2021-54A A, 6.05% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33◊,2 | 1,500,000 | 1,503,445 | ||||||
| Owl Rock CLO VII LLC | ||||||||
| 2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38◊,2 | 3,000,000 | 3,003,000 | ||||||
| Owl Rock CLO II Ltd. | ||||||||
| 2021-2A ALR, 6.08% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 04/20/33◊,2 | 3,000,000 | 2,997,784 | ||||||
| Golub Capital Partners CLO 54M L.P | ||||||||
| 2025-54A BR, due 08/05/37◊,2,4 | 2,900,000 | 2,900,000 | ||||||
| Palmer Square CLO Ltd. | ||||||||
| 2024-4A BR, 5.97% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 10/20/37◊,2 | 1,450,000 | 1,453,251 | ||||||
| 2024-4A CR, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/37◊,2 | 1,250,000 | 1,251,341 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.8% (continued) | ||||||||
| Collateralized Loan Obligations - 8.5% (continued) | ||||||||
| Ares LXIX CLO Ltd. | ||||||||
| 2024-69A B, 6.26% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/36◊,2 | 2,500,000 | $ | 2,510,156 | |||||
| Madison Park Funding LXXI Ltd. | ||||||||
| 2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38◊,2 | 2,500,000 | 2,494,429 | ||||||
| KREF Ltd. | ||||||||
| 2021-FL2 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39◊,2 | 1,500,000 | 1,495,147 | ||||||
| 2021-FL2 C, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 02/15/39◊,2 | 1,000,000 | 992,315 | ||||||
| Carlyle Direct Lending CLO LLC | ||||||||
| 2024-1A A11A, 6.06% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36◊,2 | 2,400,000 | 2,406,661 | ||||||
| GoldenTree Loan Management US CLO 24 Ltd. | ||||||||
| 2025-24A B, 5.83% (3 Month Term SOFR + 1.55%, Rate Floor: 1.55%) due 10/20/38◊,2 | 2,250,000 | 2,253,189 | ||||||
| GoldenTree Loan Management US CLO 1 Ltd. | ||||||||
| 2024-9A CR, 6.67% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/20/37◊,2 | 2,000,000 | 2,012,534 | ||||||
| Owl Rock CLO I LLC | ||||||||
| 2024-1A ANR, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 02/20/36◊,2 | 2,000,000 | 2,007,993 | ||||||
| Cerberus Loan Funding XLVI, LP | ||||||||
| 2024-2A A, 6.11% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/15/36◊,2 | 1,500,000 | 1,503,692 | ||||||
| 2024-2A B, 6.56% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 07/15/36◊,2 | 500,000 | 501,886 | ||||||
| Neuberger Berman Loan Advisers CLO 40 Ltd. | ||||||||
| 2021-40A C, 6.27% (3 Month Term SOFR + 2.01%, Rate Floor: 1.75%) due 04/16/33◊,2 | 2,000,000 | 2,004,544 | ||||||
| Cerberus Loan Funding 50 LLC | ||||||||
| 2025-1A B, due 07/15/37◊,2,4 | 2,000,000 | 2,000,000 | ||||||
| Sound Point CLO XXXI Ltd. | ||||||||
| 2021-3A B, 6.19% (3 Month Term SOFR + 1.91%, Rate Floor: 1.65%) due 10/25/34◊,2 | 2,000,000 | 1,999,567 | ||||||
| BRSP Ltd. | ||||||||
| 2021-FL1 C, 6.58% (1 Month Term SOFR + 2.26%, Rate Floor: 2.15%) due 08/19/38◊,2 | 2,000,000 | 1,992,637 | ||||||
| Canyon Capital CLO Ltd. | ||||||||
| 2018-1A A2R, 6.04% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 01/30/31◊,2 | 1,900,000 | 1,904,342 | ||||||
| HPS Private Credit CLO 2025-3 LLC | ||||||||
| 2025-3A A1, due 07/20/37◊,2,4 | 1,500,000 | 1,500,000 | ||||||
| Ares LVI CLO Ltd. | ||||||||
| 2025-56A CR2, 6.18% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 01/25/38◊,2 | 1,400,000 | 1,403,920 | ||||||
| LoanCore | ||||||||
| 2025-CRE8 AS, 5.91% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42◊,2 | 1,100,000 | 1,090,940 | ||||||
| OWL Rock Clo XXI LLC | ||||||||
| 2025-21A B, 6.22% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 07/24/34◊,2 | 1,050,000 | 1,054,669 | ||||||
| Madison Park Funding LVIII Ltd. | ||||||||
| 2024-58A C, 6.73% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/25/37◊,2 | 1,000,000 | 1,006,237 | ||||||
| Owl Rock CLO XIII LLC | ||||||||
| 2023-13A B, 7.67% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/20/35◊,2 | 1,000,000 | 1,005,619 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.8% (continued) | ||||||||
| Collateralized Loan Obligations - 8.5% (continued) | ||||||||
| Cerberus Loan Funding XXXVIII, LP | ||||||||
| 2022-2A A1, 7.01% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/15/34◊,2 | 1,000,000 | $ | 1,004,530 | |||||
| Cerberus Loan Funding XLV LLC | ||||||||
| 2024-1A B, 6.66% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/15/36◊,2 | 1,000,000 | 1,003,969 | ||||||
| Golub Capital Partners CLO 46 Ltd. | ||||||||
| 2024-46A BR, 6.57% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 04/20/37◊,2 | 1,000,000 | 1,003,396 | ||||||
| Cerberus Loan Funding XXXV, LP | ||||||||
| 2021-5A A, 6.02% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33◊,2 | 1,000,000 | 1,003,358 | ||||||
| VOYA CLO | ||||||||
| 2024-2A B, 6.07% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/20/37◊,2 | 1,000,000 | 1,003,342 | ||||||
| Carlyle US CLO | ||||||||
| 2024-4A B, 6.02% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/20/37◊,2 | 1,000,000 | 1,003,131 | ||||||
| Golub Capital Partners CLO 31M Ltd. | ||||||||
| 2024-31A BRR, 6.11% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/05/37◊,2 | 1,000,000 | 1,002,472 | ||||||
| Ares Direct Lending CLO 3 LLC | ||||||||
| 2024-3A B, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 01/20/37◊,2 | 1,000,000 | 1,002,467 | ||||||
| Wildwood Park CLO Ltd. | ||||||||
| 2024-1A B1, 5.97% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 10/20/37◊,2 | 1,000,000 | 1,002,102 | ||||||
| Owl Rock CLO VIII LLC | ||||||||
| 2025-8A A2R, 6.08% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/24/37◊,2 | 1,000,000 | 1,001,902 | ||||||
| Palmer Square CLO 2024-3 Ltd. | ||||||||
| 2024-3A B, 5.87% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 07/20/37◊,2 | 1,000,000 | 1,001,583 | ||||||
| Ares XXVII CLO Ltd. | ||||||||
| 2024-2A CR3, 6.13% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/28/34◊,2 | 1,000,000 | 1,000,907 | ||||||
| AGL CLO 42 Ltd. | ||||||||
| 2025-42A B, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/22/38◊,2 | 1,000,000 | 1,000,531 | ||||||
| BSPRT Issuer Ltd. | ||||||||
| 2021-FL7 C, 6.73% (1 Month Term SOFR + 2.41%, Rate Floor: 2.41%) due 12/15/38◊,2 | 1,000,000 | 997,881 | ||||||
| Elmwood CLO 38 Ltd. | ||||||||
| 2025-1A B1, 5.73% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 04/22/38◊,2 | 1,000,000 | 994,297 | ||||||
| BSPRT Issuer LLC | ||||||||
| 2024-FL11 B, 6.61% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39◊,2 | 1,000,000 | 993,455 | ||||||
| BDS LLC | ||||||||
| 2025-FL14 AS, 5.89% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42◊,2 | 1,000,000 | 992,876 | ||||||
| Acrec LLC | ||||||||
| 2025-FL3 B, 6.26% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42◊,2 | 1,000,000 | 987,908 | ||||||
| HERA Commercial Mortgage Ltd. | ||||||||
| 2021-FL1 A, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38◊,2 | 787,581 | 786,531 | ||||||
| ACRE Commercial Mortgage Ltd. | ||||||||
| 2021-FL4 D, 7.53% (1 Month Term SOFR + 3.21%, Rate Floor: 2.60%) due 12/18/37◊,2 | 773,000 | 753,675 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.8% (continued) | ||||||||
| Collateralized Loan Obligations - 8.5% (continued) | ||||||||
| Ares Direct Lending CLO 1 LLC | ||||||||
| 2024-1A B, 6.48% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36◊,2 | 750,000 | $ | 752,374 | |||||
| BSPDF Issuer LLC | ||||||||
| 2025-FL2 AS, 6.25% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 12/15/42◊,2 | 750,000 | 751,628 | ||||||
| Wellfleet CLO Ltd. | ||||||||
| 2024-2A BR, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/18/37◊,2 | 750,000 | 751,097 | ||||||
| Dryden 37 Senior Loan Fund | ||||||||
| 2017-37A BR, 5.92% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31◊,2 | 367,868 | 367,972 | ||||||
| 2017-37A CR, 7.77% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31◊,2 | 333,333 | 335,500 | ||||||
| 2015-37A SUB, due 01/15/312,14 | 298,799 | 1,561 | ||||||
| BXMT Ltd. | ||||||||
| 2020-FL2 A, 5.58% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38◊,2 | 704,565 | 703,135 | ||||||
| Sound Point CLO XXIV | ||||||||
| 2021-3A B1R, 6.24% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 10/25/34◊,2 | 500,000 | 499,003 | ||||||
| KREF Funding V LLC | ||||||||
| 6.17% (1 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 06/25/26◊,††† | 148,036 | 147,453 | ||||||
| 0.15% due 06/25/26†††,6 | 411,525 | – | ||||||
| NewStar Fairfield Fund CLO Ltd. | ||||||||
| 2018-2A A1N, 5.80% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30◊,2 | 51,962 | 52,239 | ||||||
| Treman Park CLO Ltd. | ||||||||
| 2015-1A COM, due 10/20/282,14 | 162,950 | 345 | ||||||
| Copper River CLO Ltd. | ||||||||
| 2007-1A INC, due 01/20/2110,14 | 700,000 | 70 | ||||||
| Babson CLO Ltd. | ||||||||
| 2014-IA SUB, due 07/20/252,14 | 650,000 | 65 | ||||||
| Total Collateralized Loan Obligations | 197,773,726 | |||||||
| Financial - 2.8% | ||||||||
| Station Place Securitization Trust | ||||||||
| 2024-SP2, 6.01% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26◊,†††,2 | 3,800,000 | 3,800,000 | ||||||
| 2024-SP1, 5.73% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25◊,†††,2 | 3,800,000 | 3,800,000 | ||||||
| 2024-SP4, 5.61% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25◊,†††,2 | 3,000,000 | 3,000,000 | ||||||
| 2024-SP3, 5.61% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25◊,†††,2 | 1,500,000 | 1,500,000 | ||||||
| Dogwood State Bank | ||||||||
| 6.45% due 06/24/32 | 8,950,000 | 8,950,000 | ||||||
| Station Place Securitization Trust Series 2025-SP1 | ||||||||
| 2025-SP1, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 0.00%) due 07/02/26◊,†††,2 | 4,500,000 | 4,500,000 | ||||||
| Project Onyx I | ||||||||
| 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27◊,††† | 4,349,086 | 4,342,752 | ||||||
| KKR Core Holding Company LLC | ||||||||
| 4.00% due 08/12/31††† | 4,584,237 | 4,206,063 | ||||||
| HV Eight LLC | ||||||||
| 7.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27◊,††† | EUR | 3,530,486 | 4,147,885 | |||||
| Ceamer Finance LLC | ||||||||
| 6.79% due 11/15/39††† | 2,123,479 | 2,153,762 | ||||||
| 6.92% due 11/15/37††† | 1,523,999 | 1,556,979 | ||||||
| Thunderbird A | ||||||||
| 5.50% due 03/01/37††† | 3,400,000 | 3,120,841 | ||||||
| Lightning A | ||||||||
| 5.50% due 03/01/37††† | 3,400,000 | 3,120,841 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.8% (continued) | ||||||||
| Financial - 2.8% (continued) | ||||||||
| LVNV Funding LLC | ||||||||
| 7.80% due 11/05/28††† | 2,900,000 | $ | 3,047,850 | |||||
| Strategic Partners Fund VIII, LP | ||||||||
| 6.93% (1 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 03/10/26◊,††† | 2,181,524 | 2,169,429 | ||||||
| 6.92% (1 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 03/10/26◊,††† | 810,280 | 805,702 | ||||||
| Metis Issuer, LLC | ||||||||
| 6.89% due 05/15/55††† | 2,400,000 | 2,391,763 | ||||||
| Akso Health Group | ||||||||
| 7.27% due 12/31/44††† | 2,000,000 | 2,027,855 | ||||||
| HarbourVest Structured Solutions IV Holdings, LP | ||||||||
| 7.35% (3 Month Term SOFR + 3.05%, Rate Floor: 0.00%) due 09/15/26◊,††† | 1,130,936 | 1,128,106 | ||||||
| 6.38% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,††† | EUR | 728,947 | 850,239 | |||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc. | ||||||||
| 7.40% due 09/30/45††† | 1,300,000 | 1,332,933 | ||||||
| Project Onyx II | ||||||||
| 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27◊,††† | 1,205,153 | 1,200,912 | ||||||
| Bib Merchant Voucher Receivables Ltd. | ||||||||
| 4.18% due 04/07/28††† | 495,190 | 493,082 | ||||||
| Nassau LLC | ||||||||
| 2019-1, 3.98% due 08/15/3410 | 378,705 | 353,231 | ||||||
| Total Financial | 64,000,225 | |||||||
| Infrastructure - 1.9% | ||||||||
| Stack Infrastructure Issuer LLC | ||||||||
| 2023-3A, 5.90% due 10/25/482 | 3,000,000 | 3,023,796 | ||||||
| 2025-1A, 5.00% due 05/25/502 | 2,650,000 | 2,622,682 | ||||||
| 2024-1A, 5.90% due 03/25/492 | 1,250,000 | 1,270,709 | ||||||
| 2023-1A, 5.90% due 03/25/482 | 1,000,000 | 1,004,719 | ||||||
| Switch ABS Issuer LLC | ||||||||
| 2024-2A, 5.44% due 06/25/542 | 4,000,000 | 4,029,780 | ||||||
| 2025-1A, 5.04% due 03/25/552 | 3,050,000 | 3,008,589 | ||||||
| 2024-1A, 6.28% due 03/25/542 | 800,000 | 815,935 | ||||||
| VB-S1 Issuer LLC - VBTEL | ||||||||
| 2022-1A, 4.29% due 02/15/522 | 2,500,000 | 2,389,118 | ||||||
| 2024-1A, 5.59% due 05/15/542 | 2,350,000 | 2,380,261 | ||||||
| 2024-1A, 6.64% due 05/15/542 | 1,250,000 | 1,281,841 | ||||||
| QTS Issuer ABS I LLC | ||||||||
| 2025-1A, 5.44% due 05/25/552 | 5,700,000 | 5,776,240 | ||||||
| Hotwire Funding LLC | ||||||||
| 2024-1A, 5.89% due 06/20/542 | 1,950,000 | 1,979,274 | ||||||
| 2021-1, 2.31% due 11/20/512 | 2,000,000 | 1,924,456 | ||||||
| 2023-1A, 5.69% due 05/20/532 | 1,005,000 | 1,011,475 | ||||||
| 2024-1A, 6.67% due 06/20/542 | 700,000 | 716,457 | ||||||
| Aligned Data Centers Issuer LLC | ||||||||
| 2021-1A, 1.94% due 08/15/462 | 3,350,000 | 3,237,886 | ||||||
| SBA Tower Trust | ||||||||
| 1.84% due 04/15/272 | 3,000,000 | 2,856,641 | ||||||
| Vantage Data Centers Issuer LLC | ||||||||
| 2020-1A, 1.65% due 09/15/452 | 1,366,000 | 1,355,362 | ||||||
| 2024-1A, 5.10% due 09/15/542 | 1,100,000 | 1,092,428 | ||||||
| ALLO Issuer LLC | ||||||||
| 2025-1A, 5.53% due 04/20/552 | 2,000,000 | 2,025,887 | ||||||
| Blue Stream Issuer LLC | ||||||||
| 2024-1A, 5.41% due 11/20/542 | 1,000,000 | 1,007,432 | ||||||
| Total Infrastructure | 44,810,968 | |||||||
| Whole Business - 1.9% | ||||||||
| Subway Funding LLC | ||||||||
| 2024-3A, 5.91% due 07/30/542 | 2,736,250 | 2,706,544 | ||||||
| 2024-1A, 6.51% due 07/30/542 | 2,039,750 | 2,090,347 | ||||||
| 2024-1A, 6.27% due 07/30/542 | 1,592,000 | 1,630,955 | ||||||
| 2024-1A, 6.03% due 07/30/542 | 796,000 | 809,451 | ||||||
| SERVPRO Master Issuer LLC | ||||||||
| 2021-1A, 2.39% due 04/25/512 | 4,176,000 | 3,893,844 | ||||||
| 2019-1A, 3.88% due 10/25/492 | 1,512,000 | 1,487,079 | ||||||
| 2024-1A, 6.17% due 01/25/542 | 1,382,500 | 1,424,193 | ||||||
| Arbys Funding LLC | ||||||||
| 2020-1A, 3.24% due 07/30/502 | 6,429,375 | 6,132,720 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.8% (continued) | ||||||||
| Whole Business - 1.9% (continued) | ||||||||
| Sonic Capital LLC | ||||||||
| 2020-1A, 3.85% due 01/20/502 | 2,165,042 | $ | 2,118,768 | |||||
| 2021-1A, 2.19% due 08/20/512 | 2,208,938 | 2,016,627 | ||||||
| 2020-1A, 4.34% due 01/20/502 | 951,667 | 908,876 | ||||||
| Domino's Pizza Master Issuer LLC | ||||||||
| 2017-1A, 4.12% due 07/25/472 | 5,076,000 | 5,007,044 | ||||||
| Taco Bell Funding LLC | ||||||||
| 2016-1A, 4.97% due 05/25/462 | 3,515,625 | 3,515,570 | ||||||
| ServiceMaster Funding LLC | ||||||||
| 2020-1, 2.84% due 01/30/512 | 3,761,840 | 3,494,689 | ||||||
| Wingstop Funding LLC | ||||||||
| 2024-1A, 5.86% due 12/05/542 | 1,500,000 | 1,527,933 | ||||||
| 2020-1A, 2.84% due 12/05/502 | 1,231,250 | 1,166,896 | ||||||
| 2022-1A, 3.73% due 03/05/522 | 248,125 | 236,502 | ||||||
| Five Guys Holdings, Inc. | ||||||||
| 2023-1A, 7.55% due 01/26/542 | 2,039,750 | 2,107,758 | ||||||
| Wendy's Funding LLC | ||||||||
| 2019-1A, 3.78% due 06/15/492 | 1,295,474 | 1,277,930 | ||||||
| DB Master Finance LLC | ||||||||
| 2019-1A, 4.02% due 05/20/492 | 1,178,125 | 1,167,857 | ||||||
| Total Whole Business | 44,721,583 | |||||||
| Transport-Aircraft - 1.8% | ||||||||
| AASET Trust | ||||||||
| 2024-1A, 6.26% due 05/16/492 | 2,788,690 | 2,862,388 | ||||||
| 2021-2A, 2.80% due 01/15/472 | 2,705,003 | 2,517,838 | ||||||
| 2021-1A, 2.95% due 11/16/412 | 2,182,317 | 2,073,647 | ||||||
| 2020-1A, 3.35% due 01/16/402 | 406,173 | 394,454 | ||||||
| Slam Ltd. | ||||||||
| 2024-1A, 5.34% due 09/15/492 | 3,333,828 | 3,324,913 | ||||||
| 2021-1A, 2.43% due 06/15/462 | 2,475,000 | 2,318,652 | ||||||
| 2025-1A, 5.81% due 05/15/502 | 2,150,000 | 2,186,246 | ||||||
| AASET Ltd. | ||||||||
| 2024-2A, 5.93% due 09/16/492 | 3,793,533 | 3,852,186 | ||||||
| Navigator Aircraft ABS Ltd. | ||||||||
| 2021-1, 2.77% due 11/15/462 | 3,807,255 | 3,558,608 | ||||||
| Navigator Aviation Ltd. | ||||||||
| 2024-1, 5.40% due 08/15/492 | 3,526,786 | 3,488,230 | ||||||
| Castlelake Aircraft Structured Trust | ||||||||
| 2025-1A, 5.78% due 02/15/502 | 1,800,893 | 1,826,000 | ||||||
| 2021-1A, 3.47% due 01/15/462 | 631,859 | 622,512 | ||||||
| Lunar Structured Aircraft Portfolio Notes | ||||||||
| 2021-1, 2.64% due 10/15/462 | 2,603,259 | 2,425,533 | ||||||
| Gilead Aviation LLC | ||||||||
| 2025-1A, 5.79% due 03/15/502 | 2,321,256 | 2,362,773 | ||||||
| ALTDE Trust | ||||||||
| 2025-1A, 5.90% due 08/15/502 | 2,105,649 | 2,146,988 | ||||||
| Sapphire Aviation Finance II Ltd. | ||||||||
| 2020-1A, 3.23% due 03/15/402 | 1,195,867 | 1,142,125 | ||||||
| MACH 1 Cayman Ltd. | ||||||||
| 2019-1, 3.47% due 10/15/392 | 1,103,436 | 1,073,632 | ||||||
| AASET | ||||||||
| 2025-1A, 5.94% due 02/16/502 | 1,024,283 | 1,042,924 | ||||||
| Sprite Ltd. | ||||||||
| 2021-1, 3.75% due 11/15/462 | 1,045,715 | 1,010,506 | ||||||
| Falcon Aerospace Ltd. | ||||||||
| 2019-1, 3.60% due 09/15/392 | 557,385 | 546,941 | ||||||
| 2017-1, 4.58% due 02/15/422 | 38,147 | 37,613 | ||||||
| WAVE LLC | ||||||||
| 2019-1, 3.60% due 09/15/442 | 513,348 | 492,198 | ||||||
| MAPS Ltd. | ||||||||
| 2018-1A, 4.21% due 05/15/432 | 291,368 | 290,788 | ||||||
| Castlelake Aircraft Securitization Trust | ||||||||
| 2018-1, 4.13% due 06/15/432 | 189,106 | 183,829 | ||||||
| Sapphire Aviation Finance I Ltd. | ||||||||
| 2018-1A, 4.25% due 03/15/402 | 34,307 | 34,295 | ||||||
| Total Transport-Aircraft | 41,815,819 | |||||||
| Net Lease - 1.2% | ||||||||
| CARS-DB4, LP | ||||||||
| 2020-1A, 3.81% due 02/15/502 | 2,204,531 | 2,066,576 | ||||||
| 2020-1A, 4.95% due 02/15/502 | 1,500,000 | 1,354,473 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.8% (continued) | ||||||||
| Net Lease - 1.2% (continued) | ||||||||
| CF Hippolyta Issuer LLC | ||||||||
| 2022-1A, 6.11% due 08/15/622 | 2,687,109 | $ | 2,701,663 | |||||
| 2020-1, 2.28% due 07/15/602 | 674,589 | 667,472 | ||||||
| SVC ABS LLC | ||||||||
| 2023-1A, 5.15% due 02/20/532 | 3,212,083 | 3,186,474 | ||||||
| CMFT Net Lease Master Issuer LLC | ||||||||
| 2021-1, 3.44% due 07/20/512 | 3,570,000 | 3,071,425 | ||||||
| Oak Street Investment Grade Net Lease Fund Series | ||||||||
| 2020-1A, 2.26% due 11/20/502 | 2,480,208 | 2,422,620 | ||||||
| STORE Master Funding I-VII | ||||||||
| 2016-1A, 3.96% due 10/20/462 | 2,381,635 | 2,343,676 | ||||||
| CF Hippolyta LLC | ||||||||
| 2020-1, 2.60% due 07/15/602 | 2,479,789 | 2,226,564 | ||||||
| Capital Automotive REIT | ||||||||
| 2020-1A, 3.48% due 02/15/502 | 1,224,740 | 1,185,261 | ||||||
| 2024-3A, 4.55% due 10/15/542 | 693,438 | 656,524 | ||||||
| STORE Master Funding LLC | ||||||||
| 2021-1A, 2.96% due 06/20/512 | 1,960,000 | 1,648,188 | ||||||
| Store Master Funding I-VII XIV XIX XX XXIV XXII | ||||||||
| 2024-1A, 5.70% due 05/20/542 | 934,517 | 959,417 | ||||||
| 2024-1A, 5.69% due 05/20/542 | 497,083 | 503,258 | ||||||
| AFN ABSPROP001 LLC | ||||||||
| 2021-1A, 2.21% due 05/20/512 | 1,399,174 | 1,268,324 | ||||||
| Tenet Equity Funding LLC | ||||||||
| 2024-1A, 5.49% due 10/20/542 | 998,382 | 1,001,614 | ||||||
| CARS-DB5, LP | ||||||||
| 2021-1A, 2.76% due 08/15/512 | 987,708 | 827,614 | ||||||
| Total Net Lease | 28,091,143 | |||||||
| Single Family Residence - 0.9% | ||||||||
| Tricon Residential Trust | ||||||||
| 2025-SFR1, 5.66% (1 Month Term SOFR + 1.35%, Rate Floor: 1.35%) due 03/17/42◊,2 | 3,050,000 | 3,054,286 | ||||||
| 2021-SFR1, 2.34% due 07/17/382 | 2,850,000 | 2,767,103 | ||||||
| 2023-SFR1, 5.10% due 07/17/402 | 2,722,000 | 2,709,736 | ||||||
| 2023-SFR2, 5.00% due 12/17/402 | 2,550,000 | 2,543,185 | ||||||
| 2024-SFR2, 5.70% due 06/17/402 | 1,500,000 | 1,524,624 | ||||||
| 2024-SFR1, 4.75% due 04/17/412 | 1,000,000 | 991,837 | ||||||
| FirstKey Homes Trust | ||||||||
| 2020-SFR2, 2.67% due 10/19/372 | 2,250,000 | 2,224,411 | ||||||
| 2020-SFR2, 4.00% due 10/19/372 | 1,400,000 | 1,386,957 | ||||||
| 2020-SFR2, 4.50% due 10/19/372 | 1,350,000 | 1,338,672 | ||||||
| 2020-SFR2, 3.37% due 10/19/372 | 900,000 | 890,383 | ||||||
| Home Partners of America Trust | ||||||||
| 2021-3, 2.80% due 01/17/412 | 901,409 | 837,270 | ||||||
| 2021-2, 2.40% due 12/17/262 | 479,958 | 460,261 | ||||||
| Total Single Family Residence | 20,728,725 | |||||||
| Transport-Container - 0.5% | ||||||||
| Textainer Marine Containers VII Ltd. | ||||||||
| 2020-1A, 2.73% due 08/21/452 | 2,190,669 | 2,099,862 | ||||||
| 2021-2A, 2.23% due 04/20/462 | 1,313,333 | 1,224,669 | ||||||
| TIF Funding III LLC | ||||||||
| 2024-1A, 5.48% due 04/20/492 | 2,492,188 | 2,527,770 | ||||||
| MC Ltd. | ||||||||
| 2021-1, 2.63% due 11/05/352 | 2,574,774 | 2,403,689 | ||||||
| Textainer Marine Containers Ltd. | ||||||||
| 2021-3A, 1.94% due 08/20/462 | 1,386,667 | 1,232,988 | ||||||
| CLI Funding VI LLC | ||||||||
| 2020-1A, 2.08% due 09/18/452 | 882,985 | 820,214 | ||||||
| TIF Funding II LLC | ||||||||
| 2021-1A, 1.65% due 02/20/462 | 612,354 | 550,131 | ||||||
| Total Transport-Container | 10,859,323 | |||||||
| Unsecured Consumer Loans - 0.5% | ||||||||
| Regional Management Issuance Trust 2025-1 | ||||||||
| 2025-1, 5.53% due 04/17/342 | 3,550,000 | 3,589,354 | ||||||
| GreenSky Home Improvement Issuer Trust 2025-1 | ||||||||
| 2025-1A, 5.39% due 03/25/602 | 2,350,000 | 2,371,413 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.8% (continued) | ||||||||
| Unsecured Consumer Loans - 0.5% (continued) | ||||||||
| Foundation Finance Trust | ||||||||
| 2024-1A, 5.95% due 12/15/492 | 1,958,694 | $ | 1,999,880 | |||||
| Service Experts Issuer LLC | ||||||||
| 2024-1A, 6.39% due 11/20/352 | 1,532,483 | 1,559,921 | ||||||
| Stream Innovations Issuer Trust | ||||||||
| 2024-2A, 5.21% due 02/15/452 | 789,633 | 798,391 | ||||||
| Total Unsecured Consumer Loans | 10,318,959 | |||||||
| Collateralized Debt Obligations - 0.4% | ||||||||
| Anchorage Credit Funding 4 Ltd. | ||||||||
| 2021-4A AR, 2.72% due 04/27/392 | 7,250,000 | 6,928,842 | ||||||
| Anchorage Credit Funding 3 Ltd. | ||||||||
| 2021-3A A1R, 2.87% due 01/28/392 | 1,100,000 | 1,037,417 | ||||||
| Anchorage Credit Funding 13 Ltd. | ||||||||
| 2021-13A A2, 2.80% due 07/27/392 | 1,000,000 | 934,506 | ||||||
| Total Collateralized Debt Obligations | 8,900,765 | |||||||
| Insurance - 0.3% | ||||||||
| Obra Longevity | ||||||||
| 8.48% due 06/30/39††† | 5,100,000 | 5,333,325 | ||||||
| CHEST | ||||||||
| 7.13% due 03/23/43††† | 900,000 | 937,638 | ||||||
| Total Insurance | 6,270,963 | |||||||
| Automotive - 0.1% | ||||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| 2023-8A, 6.66% due 02/20/302 | 1,800,000 | 1,898,255 | ||||||
| 2024-1A, 5.85% due 06/20/302 | 1,300,000 | 1,343,197 | ||||||
| Total Automotive | 3,241,452 | |||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $482,648,007) | 481,533,651 | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 1.8% | ||||||||
| Industrial - 0.7% | ||||||||
| XPO, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/03/31 | 5,860,313 | 5,877,894 | ||||||
| AS Mileage Plan Ltd. | ||||||||
| 6.27% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/15/31 | 5,223,750 | 5,240,727 | ||||||
| Industrial - 0.7% (continued) | ||||||||
| Herc Holdings, Inc. | ||||||||
| 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/20/32 | 2,500,000 | 2,507,300 | ||||||
| United Rentals, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/14/31 | 1,481,250 | 1,492,359 | ||||||
| SkyMiles IP Ltd. | ||||||||
| 8.02% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/20/27 | 521,263 | 523,807 | ||||||
| Standard Industries, Inc. | ||||||||
| 6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/22/28 | 470,015 | 470,626 | ||||||
| Total Industrial | 16,112,713 | |||||||
| Financial - 0.5% | ||||||||
| Citadel Securities, LP | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 5,201,405 | 5,220,286 | ||||||
| Walker & Dunlop, Inc. | ||||||||
| 6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/32 | 2,842,875 | 2,849,982 | ||||||
| Jefferies Finance LLC | ||||||||
| 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 | 1,990,000 | 1,992,488 | ||||||
| Cliffwater LLC | ||||||||
| 9.28% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 03/19/32††† | 1,596,000 | 1,590,780 | ||||||
| Eagle Point Holdings Borrower, LLC | ||||||||
| 8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28††† | 1,150,000 | 1,150,000 | ||||||
| Total Financial | 12,803,536 | |||||||
| Consumer, Cyclical - 0.4% | ||||||||
| Wyndham Hotels & Resorts, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/30 | 4,950,000 | 4,966,780 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 1.8% (continued) | ||||||||
| Consumer, Cyclical - 0.4% (continued) | ||||||||
| DK Crown Holdings, Inc. | ||||||||
| 6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/04/32 | 3,291,750 | $ | 3,279,406 | |||||
| Total Consumer, Cyclical | 8,246,186 | |||||||
| Utilities - 0.1% | ||||||||
| NRG Energy, Inc. | ||||||||
| 6.03% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/16/31 | 2,962,500 | 2,966,203 | ||||||
| Consumer, Non-cyclical - 0.1% | ||||||||
| Southern Veterinary Partners LLC | ||||||||
| 7.53% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 12/04/31 | 1,004,401 | 1,004,803 | ||||||
| HAH Group Holding Co. LLC | ||||||||
| 9.33% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 258,006 | 249,851 | ||||||
| Total Consumer, Non-cyclical | 1,254,654 | |||||||
| Energy - 0.0% | ||||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 7.30% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 329,746 | 329,130 | ||||||
| Total Senior Floating Rate Interests | ||||||||
| (Cost $41,547,470) | 41,712,422 | |||||||
| FEDERAL AGENCY BONDS†† - 1.2% | ||||||||
| Tennessee Valley Authority Principal Strips | ||||||||
| due 06/15/385,13 | 9,400,000 | 4,910,099 | ||||||
| due 01/15/485,13 | 12,156,000 | 3,589,436 | ||||||
| due 01/15/3813 | 4,000,000 | 2,141,344 | ||||||
| due 09/15/395,13 | 4,100,000 | 1,978,410 | ||||||
| due 06/15/355,13 | 1,583,000 | 991,998 | ||||||
| due 12/15/425,13 | 1,600,000 | 638,130 | ||||||
| Tennessee Valley Authority | ||||||||
| 5.25% due 02/01/55 | 3,600,000 | 3,512,228 | ||||||
| 4.25% due 09/15/52 | 3,150,000 | 2,641,886 | ||||||
| 4.25% due 09/15/65 | 2,450,000 | 1,973,818 | ||||||
| 5.38% due 04/01/56 | 600,000 | 596,284 | ||||||
| Federal Farm Credit Bank | ||||||||
| 3.51% due 06/11/40 | 3,300,000 | 2,800,347 | ||||||
| U.S. International Development Finance Corp. | ||||||||
| due 01/17/2613 | 800,000 | 897,949 | ||||||
| Total Federal Agency Bonds | ||||||||
| (Cost $34,152,654) | 26,671,929 | |||||||
| MUNICPAL BONDS†† - 0.4% | ||||||||
| Texas - 0.1% | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds | ||||||||
| 3.29% due 09/01/40 | 2,100,000 | 1,677,501 | ||||||
| 2.78% due 09/01/34 | 700,000 | 594,571 | ||||||
| 2.69% due 09/01/33 | 500,000 | 431,902 | ||||||
| 2.41% due 09/01/31 | 450,000 | 401,074 | ||||||
| Total Texas | 3,105,048 | |||||||
| California - 0.1% | ||||||||
| California Statewide Communities Development Authority Revenue Bonds | ||||||||
| 7.14% due 08/15/47 | 1,180,000 | 1,240,569 | ||||||
| 2.68% due 02/01/39 | 1,200,000 | 920,196 | ||||||
| Total California | 2,160,765 | |||||||
| New York - 0.1% | ||||||||
| New York City Housing Development Corp. Revenue Bonds | ||||||||
| 4.80% due 02/01/53 | 1,550,000 | 1,514,353 | ||||||
| Ohio - 0.1% | ||||||||
| Ohio Housing Finance Agency Revenue Bonds | ||||||||
| 4.70% due 09/01/54 | 1,265,000 | 1,210,374 | ||||||
| Michigan - 0.0% | ||||||||
| Michigan State Housing Development Authority Revenue Bonds | ||||||||
| 4.95% due 12/01/50 | 1,100,000 | 1,089,956 | ||||||
| Illinois - 0.0% | ||||||||
| State of Illinois General Obligation Unlimited | ||||||||
| 5.65% due 12/01/38 | 388,889 | 398,052 | ||||||
| Total Municipal Bonds | ||||||||
| (Cost $10,208,351) | 9,478,548 | |||||||
| FOREIGN GOVERNMENT DEBT†† - 0.3% | ||||||||
| Panama Government International Bond | ||||||||
| 4.50% due 01/19/63 | 2,600,000 | 1,670,162 | ||||||
| 4.50% due 04/16/50 | 1,450,000 | 977,784 | ||||||
| Israel Government International Bond | ||||||||
| 5.63% due 02/19/35 | 1,250,000 | 1,270,309 | ||||||
| 5.38% due 02/19/30 | 750,000 | 764,309 | ||||||
| Saudi Government International Bond | ||||||||
| 5.63% due 01/13/352 | 1,100,000 | 1,146,850 | ||||||
| Total Foreign Government Debt | ||||||||
| (Cost $7,259,975) | 5,829,414 | |||||||
| FEDERAL AGENCY DISCOUNT NOTES†† - 0.0% | ||||||||
| Federal Home Loan Bank | ||||||||
| 4.10% due 07/01/2515 | 300,000 | 300,000 | ||||||
| Total Federal Agency Discount Notes | ||||||||
| (Cost $300,000) | 300,000 | |||||||
| REPURCHASE AGREEMENTS††,16 - 0.0% | ||||||||
| BofA Securities, Inc. | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 442,233 | 442,233 | ||||||
| J.P. Morgan Securities LLC | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 276,396 | 276,396 | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| REPURCHASE AGREEMENTS††,16 - 0.0% (continued) | ||||||||
| Bank of Montreal | ||||||||
| issued 06/30/25 at 4.34% due 07/01/25 | 55,279 | $ | 55,279 | |||||
| Total Repurchase Agreements | ||||||||
| (Cost $773,908) | 773,908 | |||||||
| Contracts/Notional Value | ||||||||
| OTC OPTIONS PURCHASED†† - 0.0% | ||||||||
| Put Options on: | ||||||||
| Foreign Exchange Options | ||||||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 11,383,000 | 212,963 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 5,752,000 | 187,751 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 2,263,000 | 189,841 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 4,602,000 | 150,214 | |||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 3,415,000 | 63,891 | |||||
| Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 1,016,000 | 33,163 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 1,042,000 | 19,494 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $25,365,725) | EUR | 21,609,000 | 4,090 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $25,365,725) | EUR | 21,609,000 | 4,090 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $17,755,655) | EUR | 15,126,000 | 2,911 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $8,929,477) | EUR | 7,607,000 | 1,464 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $7,610,069) | EUR | 6,483,000 | 1,247 | |||||
| BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $1,470,834) | EUR | 1,253,000 | 241 | |||||
| Total Foreign Exchange Options | 871,360 | |||||||
| Total OTC Options Purchased | ||||||||
| (Cost $1,923,242) | 871,360 | |||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC INTEREST RATE SWAPTIONS PURCHASED††,17 - 0.1% | ||||||||
| Interest Rate Swaptions | ||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 71,910,000 | $ | 1,283,289 | ||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 35,955,000 | 641,644 | |||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 35,955,000 | 641,644 | |||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $60,295,400) | GBP | 44,000,000 | 439,667 | |||||
| Total Interest Rate Swaptions | 3,006,244 | |||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $60,295,400) | GBP | 44,000,000 | 20,203 | |||||
| Total Interest Rate Swaptions | 20,203 | |||||||
| Total OTC Interest Rate Swaptions Purchased | ||||||||
| (Cost $2,117,562) | 3,026,447 | |||||||
| Total Investments - 116.6% | ||||||||
| (Cost $2,751,357,136) | $ | 2,698,036,147 | ||||||
| OTC OPTIONS WRITTEN†† - (0.0)% | ||||||||
| Foreign Exchange Options | ||||||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 1,042,000 | (4,732 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 3,415,000 | (15,509 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 11,383,000 | (51,695 | ) | ||||
| Total Foreign Exchange Options | (71,936 | ) | ||||||
| Total OTC Options Written | ||||||||
| (Premiums received $125,081) | (71,936 | ) | ||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC INTEREST RATE SWAPTIONS WRITTEN††,17 - (0.1)% | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $60,295,400) | GBP | 44,000,000 | $ | (221,109 | ) | |||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 71,910,000 | (568,872 | ) | ||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 35,955,000 | (284,436 | ) | ||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 35,955,000 | (284,436 | ) | ||||
| Total Interest Rate Swaptions | (1,358,853 | ) | ||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $60,295,400) | GBP | 44,000,000 | (94,732 | ) | ||||
| Total Interest Rate Swaptions | (94,732 | ) | ||||||
| Total OTC Interest Rate Swaptions Written | ||||||||
| (Premiums received $1,245,577) | (1,453,585 | ) | ||||||
| Other Assets & Liabilities, net - (16.5)% | (381,398,281 | ) | ||||||
| Total Net Assets - 100.0% | $ | 2,315,112,345 | ||||||
OTC Credit Default Swap Agreements Protection Purchased††
| Counterparty | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Received | Unrealized Depreciation | ||||||||||||||||||
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00 | % | Quarterly | 12/20/29 | $ | 2,320,000 | $ | (171,801 | ) | $ | (130,820 | ) | $ | (40,981 | ) | ||||||||||
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00 | % | Quarterly | 12/20/29 | 2,320,000 | (353,077 | ) | (311,579 | ) | (41,498 | ) | ||||||||||||||
| $ | (524,878 | ) | $ | (442,399 | ) | $ | (82,479 | ) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements††
| Counterparty | Exchange | Floating Rate Type | Floating Rate Index | Fixed Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid | Unrealized Appreciation** | ||||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.06 | % | Annually | 01/06/28 | $ | 90,000,000 | $ | 1,331,402 | $ | 440 | $ | 1,330,962 | |||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.90 | % | Annually | 12/04/27 | 88,800,000 | 934,149 | 422 | 933,727 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.32 | % | Annually | 07/02/27 | 32,600,000 | 520,961 | 155 | 520,806 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.09 | % | Annually | 12/23/29 | 15,978,652 | 445,606 | 144 | 445,462 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.98 | % | Annually | 02/06/27 | 70,000,000 | 400,653 | 253 | 400,400 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.99 | % | Annually | 10/11/25 | 98,748,000 | 160,364 | 76 | 160,288 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.96 | % | Annually | 10/16/25 | 95,000,000 | 151,746 | 78 | 151,668 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.39 | % | Annually | 08/02/29 | 43,670,000 | 60,899 | 334 | 60,565 | |||||||||||||||||||
| $ | 4,005,780 | $ | 1,902 | $ | 4,003,878 | |||||||||||||||||||||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Forward Foreign Currency Exchange Contracts††
| Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Depreciation | ||||||||||
| Barclays Bank plc | GBP | Sell | 40,000 | 54,870 USD | 07/16/25 | $ | (39 | ) | ||||||||
| Citibank, N.A. | GBP | Sell | 61,000 | 82,692 USD | 07/16/25 | (1,043 | ) | |||||||||
| Nomura Global Financial Products, Inc. | EUR | Sell | 3,877,000 | 4,467,052 USD | 07/16/25 | (105,236 | ) | |||||||||
| $ | (106,318 | ) | ||||||||||||||
OTC Interest Rate Swaptions Purchased
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||||||
| Call | ||||||||||||||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | $ | 71,910,000 | $ | 1,283,289 | ||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | 35,955,000 | 641,644 | ||||||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | 35,955,000 | 641,644 | ||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50 | % | 08/19/26 | 3.50 | % | 60,295,400 | 439,667 | ||||||||||||||
| $ | 3,006,244 | |||||||||||||||||||||||
| Put | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50 | % | 08/19/26 | 5.50 | % | $ | 60,295,400 | $ | 20,203 | ||||||||||||
OTC Interest Rate Swaptions Written
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||||||
| Call | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00 | % | 08/19/26 | 3.00 | % | 60,295,400 | (221,109 | ) | |||||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 35,955,000 | (284,436 | ) | |||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 35,955,000 | (284,436 | ) | |||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 71,910,000 | (568,872 | ) | |||||||||||||
| $ | (1,358,853 | ) | ||||||||||||||||||||||
| Put | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50 | % | 08/19/26 | 4.50 | % | $ | 60,295,400 | $ | (94,732 | ) | |||||||||||
| ~ | The face amount is denominated in U.S. dollars unless otherwise indicated. |
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| † | Value determined based on Level 1 inputs, unless otherwise noted — See Note 3. |
| †† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| ◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 | Special Purpose Acquisition Company (SPAC). |
| 2 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $898,182,479 (cost $913,062,280), or 38.8% of total net assets. |
| 3 | Rate indicated is the 7-day yield as of June 30, 2025. |
| 4 | Security is unsettled at period end and may not have a stated effective rate. |
| 5 | Security is a principal-only strip. |
| 6 | Security is an interest-only strip. |
| 7 | Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at June 30, 2025. See table below for additional step information for each security. |
| 8 | Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
| 9 | Perpetual maturity. |
| 10 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $1,046,548 (cost $1,143,182), or less than 0.1% of total net assets — See Note 6. |
| 11 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 12 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 13 | Zero coupon rate security. |
| 14 | Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
| 15 | Rate indicated is the effective yield at the time of purchase. |
| 16 | Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements |
| 17 | Swaptions – See additional disclosure in the swaptions table above for more information on swaptions. |
BofA — Bank of America
CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1
CME — Chicago Mercantile Exchange
CMT — Constant Maturity Treasury
EUR — Euro
EURIBOR — European Interbank Offered Rate
GBP — British Pound
plc — Public Limited Company
REIT — Real Estate Investment Trust
SARL — Société à Responsabilité Limitée
SOFR — Secured Overnight Financing Rate
SONIA – Sterling Overnight Index Average
WAC — Weighted Average Coupon
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | — | $ | — | $ | 62 | $ | 62 | ||||||||
| Preferred Stocks | 1,222,158 | 37,220,996 | — | * | 38,443,154 | |||||||||||
| Warrants | 78 | — | 26 | 104 | ||||||||||||
| Money Market Funds | 43,093,325 | — | — | 43,093,325 | ||||||||||||
| Collateralized Mortgage Obligations | — | 875,332,057 | 4,778,904 | 880,110,961 | ||||||||||||
| Corporate Bonds | — | 540,350,570 | 44,722,733 | 585,073,303 | ||||||||||||
| U.S. Government Securities | — | 581,117,559 | — | 581,117,559 | ||||||||||||
| Asset-Backed Securities | — | 420,418,241 | 61,115,410 | 481,533,651 | ||||||||||||
| Senior Floating Rate Interests | — | 38,971,642 | 2,740,780 | 41,712,422 | ||||||||||||
| Federal Agency Bonds | — | 26,671,929 | — | 26,671,929 | ||||||||||||
| Municipal Bonds | — | 9,478,548 | — | 9,478,548 | ||||||||||||
| Foreign Government Debt | — | 5,829,414 | — | 5,829,414 | ||||||||||||
| Federal Agency Discount Notes | — | 300,000 | — | 300,000 | ||||||||||||
| Repurchase Agreements | — | 773,908 | — | 773,908 | ||||||||||||
| Options Purchased | — | 871,360 | — | 871,360 | ||||||||||||
| Interest Rate Swaptions Purchased | — | 3,026,447 | — | 3,026,447 | ||||||||||||
| Interest Rate Swap Agreements** | — | 4,003,878 | — | 4,003,878 | ||||||||||||
| Total Assets | $ | 44,315,561 | $ | 2,544,366,549 | $ | 113,357,915 | $ | 2,702,040,025 | ||||||||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Options Written | $ | — | $ | 71,936 | $ | — | $ | 71,936 | ||||||||
| Interest Rate Swaptions Written | — | 1,453,585 | — | 1,453,585 | ||||||||||||
| Credit Default Swap Agreements** | — | 82,479 | — | 82,479 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | — | 106,318 | — | 106,318 | ||||||||||||
| Total Liabilities | $ | — | $ | 1,714,318 | $ | — | $ | 1,714,318 | ||||||||
| * | Security has a market value of $0. |
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category | Ending Balance at June 30, 2025 | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average* | |||||||||||
| Assets: | ||||||||||||||||
| Asset-Backed Securities | $ | 29,589,095 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | ||||||||||
| Asset-Backed Securities | 16,600,000 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Asset-Backed Securities | 14,926,315 | Yield Analysis | Yield | 4.5%-7.8% | 6.8% | |||||||||||
| Collateralized Mortgage Obligations | 4,778,904 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Common Stocks | 62 | Model Price | Liquidation Value | — | — | |||||||||||
| Corporate Bonds | 27,870,969 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Corporate Bonds | 14,507,500 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Corporate Bonds | 2,344,264 | Yield Analysis | Yield | 5.8% | — | |||||||||||
| Senior Floating Rate Interests | 2,740,780 | Model Price | Purchase Price | — | — | |||||||||||
| Warrants | 26 | Model Price | Liquidation Value | — | — | |||||||||||
| Total Assets | $ | 113,357,915 | ||||||||||||||
| * | Inputs are weighted by the fair value of the instruments. |
Significant changes in a quote, yield or liquidation value would generally result in significant changes in the fair value of the security. Any remaining Level 3 securities held by the Fund and excluded from the table above, were not considered material to the Fund.
The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.
Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended June 30, 2025, the Fund had no transfers into Level 3 from Level 2 due to a lack of observable inputs.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:
| Assets | Liabilities | |||||||||||||||||||||||||||||||
| Asset-Backed Securities | Collateralized Mortgage Obligations | Corporate Bonds | Senior Floating Rate Interests | Warrants | Common Stocks | Total Assets | Unfunded Loan Commitments | |||||||||||||||||||||||||
| Beginning Balance | $ | 47,319,570 | $ | 3,964,242 | $ | 40,070,150 | $ | 766,667 | $ | 26 | $ | 62 | $ | 92,120,717 | $ | - | ||||||||||||||||
| Purchases/(Receipts) | 19,415,555 | 999,980 | 5,805,847 | 1,977,955 | - | - | 28,199,337 | (12,000 | ) | |||||||||||||||||||||||
| (Sales, maturities and paydowns)/Fundings | (5,751,716 | ) | (37,616 | ) | (615,199 | ) | (4,000 | ) | - | - | (6,408,531 | ) | - | |||||||||||||||||||
| Amortization of premiums/discounts | (6,158 | ) | (10,799 | ) | 2,377 | 160 | - | - | (14,420 | ) | (858 | ) | ||||||||||||||||||||
| Total realized gains (losses) included in earnings | 13,576 | - | - | - | - | - | 13,576 | - | ||||||||||||||||||||||||
| Total change in unrealized appreciation (depreciation) included in earnings | 124,583 | (136,903 | ) | (540,442 | ) | (2 | ) | - | - | (552,764 | ) | 12,858 | ||||||||||||||||||||
| Ending Balance | $ | 61,115,410 | $ | 4,778,904 | $ | 44,722,733 | $ | 2,740,780 | $ | 26 | $ | 62 | $ | 113,357,915 | $ | - | ||||||||||||||||
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at June 30, 2025 | $ | 124,583 | $ | (136,903 | ) | $ | (540,442 | ) | $ | (2 | ) | $ | - | $ | - | $ | (552,764 | ) | $ | 12,858 | ||||||||||||
Step Coupon Bonds
The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | ||||
| Angel Oak Mortgage Trust 2024-4, 6.40% due 01/25/69 | 7.40 | % | 03/01/28 | |||
| Angel Oak Mortgage Trust 2024-3, 4.80% due 11/26/68 | 5.80 | % | 02/01/28 | |||
| Angel Oak Mortgage Trust 2024-2, 6.25% due 01/25/69 | 7.25 | % | 01/01/28 | |||
| Angel Oak Mortgage Trust 2024-4, 6.20% due 01/25/69 | 7.20 | % | 03/01/28 | |||
| Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67 | 5.75 | % | 01/01/27 | |||
| Angel Oak Mortgage Trust 2024-4, 6.50% due 01/25/69 | 7.50 | % | 03/01/28 | |||
| BRAVO Residential Funding Trust 2023-NQM8, 7.10% due 10/25/63 | 8.10 | % | 11/01/27 | |||
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50 | % | 02/01/27 | |||
| BRAVO Residential Funding Trust 2024-CES1, 6.38% due 04/25/54 | 7.38 | % | 04/01/28 | |||
| BRAVO Residential Funding Trust 2024-NQM3, 6.39% due 03/25/64 | 7.39 | % | 03/01/28 | |||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | ||||
| BRAVO Residential Funding Trust 2025-CES1 2025-CES1, 5.70% due 02/25/55 | 6.70 | % | 03/01/29 | |||
| BRAVO Residential Funding Trust 2025-NQM2 2025-NQM2, 5.83% due 11/25/64 | 6.83 | % | 02/01/29 | |||
| COLT Mortgage Loan Trust 2025-3, 5.56% due 03/25/70 | 6.56 | % | 02/01/29 | |||
| COLT Mortgage Loan Trust 2023-4, 7.62% due 10/25/68 | 8.62 | % | 10/01/27 | |||
| COLT Mortgage Loan Trust 2024-2, 6.43% due 04/25/69 | 7.43 | % | 03/01/28 | |||
| COLT Mortgage Loan Trust 2023-3, 7.58% due 09/25/68 | 8.58 | % | 09/01/27 | |||
| COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69 | 7.13 | % | 03/01/28 | |||
| COLT Mortgage Loan Trust 2024-2, 6.33% due 04/25/69 | 7.33 | % | 03/01/28 | |||
| COLT Mortgage Loan Trust 2023-3, 7.18% due 09/25/68 | 8.18 | % | 09/01/27 | |||
| COLT Mortgage Loan Trust 2024-1, 6.14% due 02/25/69 | 7.14 | % | 01/01/28 | |||
| Cross Mortgage Trust 2025-H1, 5.89% due 02/25/70 | 6.89 | % | 01/01/29 | |||
| Cross Mortgage Trust 2025-H1, 5.99% due 02/25/70 | 6.99 | % | 01/01/29 | |||
| Cross Mortgage Trust 2025-H2, 5.66% due 03/25/70 | 6.66 | % | 02/01/29 | |||
| EFMT 2025-CES1, 5.73% due 01/25/60 | 6.73 | % | 02/01/29 | |||
| Ellington Financial Mortgage Trust 2024-CES1, 5.52% due 01/26/60 | 6.52 | % | 12/01/28 | |||
| GCAT 2025-NQM2 Trust 2025-NQM2, 5.60% due 04/25/70 | 6.60 | % | 06/26/29 | |||
| GCAT Trust 2023-NQM3, 7.34% due 08/25/68 | 8.34 | % | 09/01/27 | |||
| GCAT Trust 2024-NQM2, 6.54% due 06/25/59 | 7.71 | % | 05/01/28 | |||
| GCAT Trust 2023-NQM3, 6.89% due 08/25/68 | 7.89 | % | 09/01/27 | |||
| GCAT Trust 2024-NQM2, 6.09% due 06/25/59 | 7.36 | % | 05/01/28 | |||
| JP Morgan Mortgage Trust 2024-NQM1, 5.85% due 02/25/64 | 6.85 | % | 12/01/28 | |||
| LHOME Mortgage Trust 2024-RTL5, 5.32% due 09/25/39 | 6.32 | % | 03/25/27 | |||
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00 | % | 12/01/27 | |||
| Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69 | 6.00 | % | 10/01/27 | |||
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3, 5.35% due 07/25/69 | 6.35 | % | 09/01/28 | |||
| OBX Trust 2024-NQM2, 6.18% due 12/25/63 | 7.18 | % | 01/01/28 | |||
| OBX Trust 2024-NQM3, 6.43% due 12/25/63 | 7.43 | % | 02/01/28 | |||
| OBX Trust 2024-NQM15, 5.57% due 10/25/64 | 6.57 | % | 10/01/28 | |||
| OBX Trust 2024-NQM4, 6.22% due 01/25/64 | 7.22 | % | 02/01/28 | |||
| OBX Trust 2024-NQM6, 6.70% due 02/25/64 | 7.70 | % | 04/01/28 | |||
| OBX Trust 2024-NQM7, 6.45% due 03/25/64 | 7.45 | % | 04/01/28 | |||
| OBX Trust 2025-NQM2, 5.95% due 11/25/64 | 6.95 | % | 01/01/29 | |||
| OBX Trust 2024-NQM5, 5.99% due 01/25/64 | 6.99 | % | 03/01/28 | |||
| OBX Trust 2023-NQM9, 7.66% due 10/25/63 | 8.66 | % | 10/01/27 | |||
| OBX Trust 2024-NQM5, 6.39% due 01/25/64 | 7.39 | % | 03/01/28 | |||
| Core Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | ||||
| OBX Trust 2024-NQM7, 6.24% due 03/25/64 | 7.24 | % | 04/01/28 | |||
| OBX Trust 2024-NQM8, 6.59% due 05/25/64 | 7.59 | % | 05/01/28 | |||
| OBX Trust 2024-NQM8, 6.23% due 05/25/64 | 7.23 | % | 05/01/28 | |||
| OBX Trust 2024-NQM3, 6.33% due 12/25/63 | 7.33 | % | 02/01/28 | |||
| OBX Trust 2022-NQM8, 6.10% due 09/25/62 | 7.10 | % | 10/01/26 | |||
| OBX Trust 2024-NQM5, 6.29% due 01/25/64 | 7.29 | % | 03/01/28 | |||
| OBX Trust 2024-NQM1, 5.85% due 12/25/64 | 6.85 | % | 12/01/28 | |||
| OBX Trust 2024-NQM7, 6.60% due 03/25/64 | 7.60 | % | 04/01/28 | |||
| OBX Trust 2024-NQM6, 6.85% due 02/25/64 | 7.85 | % | 04/01/28 | |||
| OBX Trust 2024-NQM6, 6.45% due 02/25/64 | 7.45 | % | 04/01/28 | |||
| OBX Trust 2024-NQM3, 6.13% due 12/25/63 | 7.13 | % | 02/01/28 | |||
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45 | % | 11/01/26 | |||
| PRPM 2025-RPL3 LLC 2025-RPL3, 3.25% due 04/25/55 | 4.25 | % | 04/01/28 | |||
| PRPM LLC 2023-RCF1, 4.00% due 06/25/53 | 5.00 | % | 06/25/27 | |||
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65 | % | 01/01/29 | |||
| RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44 | 7.15 | % | 05/01/28 | |||
| Verus Securitization Trust 2025-1, 5.98% due 01/25/70 | 6.98 | % | 01/01/29 | |||
| Verus Securitization Trust 2024-1, 6.12% due 01/25/69 | 7.12 | % | 01/01/28 | |||
| Verus Securitization Trust 2023-7, 7.42% due 10/25/68 | 8.42 | % | 10/01/27 | |||
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89 | % | 12/01/28 | |||
| Verus Securitization Trust 2023-2, 6.85% due 03/25/68 | 7.85 | % | 03/01/27 | |||
| Verus Securitization Trust 2025-2, 5.51% due 03/25/70 | 6.51 | % | 03/01/29 | |||
| Vista Point Securitization Trust 2024-CES2, 5.25% due 10/25/54 | 6.25 | % | 09/01/28 | |||
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81 | % | 03/01/29 | |||
| Vista Point Securitization Trust 2024-CES3, 5.68% due 01/25/55 | 6.68 | % | 12/01/28 | |||
Repurchase Agreements
The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.
In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.
The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.
At June 30, 2025, the repurchase agreements in the account were as follows:
| Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||||
| BofA Securities, Inc. | U.S. Treasury Notes | ||||||||||||||||||
| 4.37% | 3.88% - 5.00% | ||||||||||||||||||
| Due 07/01/25 | $ | 442,233 | $ | 442,287 | Due 08/31/25 - 06/15/28 | $ | 443,000 | $ | 450,666 | ||||||||||
| U.S. Treasury Strip | |||||||||||||||||||
| 0.00% | |||||||||||||||||||
| Due 02/15/54 | 1,699 | 412 | |||||||||||||||||
| 444,699 | 451,078 | ||||||||||||||||||
| J.P. Morgan Securities LLC | U.S. Treasury Bond | ||||||||||||||||||
| 4.37% | 3.00% | ||||||||||||||||||
| Due 07/01/25 | 276,396 | 276,430 | Due 02/15/47 | 371,200 | 281,731 | ||||||||||||||
| U.S. Treasury Strip | |||||||||||||||||||
| 0.00% | |||||||||||||||||||
| Due 11/15/25 | 231 | 228 | |||||||||||||||||
| 371,431 | 281,959 | ||||||||||||||||||
| Bank of Montreal | U.S. Treasury Bond | ||||||||||||||||||
| 4.34% | 3.50% | ||||||||||||||||||
| Due 07/01/25 | 55,279 | 55,286 | Due 02/15/39 | 61,900 | 56,441 | ||||||||||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 1.2% | ||||||||
| Consumer, Cyclical - 0.7% | ||||||||
| Alimentation Couche-Tard Inc.*,††† | 373,317 | $ | 5,711,750 | |||||
| SHO Holding I Corp.*,††† | 178 | 140,023 | ||||||
| Total Consumer, Cyclical | 5,851,773 | |||||||
| Industrial - 0.4% | ||||||||
| API Heat Transfer Intermediate*,††† | 2,105 | 2,739,967 | ||||||
| BP Holdco LLC*, ,1 | 244,278 | 199,683 | ||||||
| YAK BLOCKER 2 LLC*,††† | 15,530 | 12,218 | ||||||
| YAK BLOCKER 2 LLC*,††† | 14,354 | 11,292 | ||||||
| Vector Phoenix Holdings, LP*,††† | 244,278 | 5,170 | ||||||
| Targus, Inc.*,††† | 12,773 | 226 | ||||||
| Targus, Inc.*,††† | 12,773 | 1 | ||||||
| Total Industrial | 2,968,557 | |||||||
| Consumer, Non-cyclical - 0.1% | ||||||||
| Endo, Inc.* | 20,157 | 423,035 | ||||||
| Communications - 0.0% | ||||||||
| Xplore, Inc.*,†† | 114,139 | 265,459 | ||||||
| Energy - 0.0% | ||||||||
| Permian Production Partners LLC*,††† | 401,481 | 40 | ||||||
| Total Common Stocks | ||||||||
| (Cost $10,100,185) | 9,508,864 | |||||||
| RIGHTS† - 0.0% | ||||||||
| Basic Materials - 0.0% | ||||||||
| Asphalt Intermediate Holdco, LLC | ||||||||
| Expiring 12/31/49††† | 16,664 | 69,884 | ||||||
| Communications - 0.0% | ||||||||
| Xplore, Inc.††† | 8,701 | 1 | ||||||
| Total Rights | ||||||||
| (Cost $2) | 69,885 | |||||||
| EXCHANGE-TRADED FUND***,† - 2.6% | ||||||||
| SPDR Blackstone Senior Loan ETF | 487,631 | 20,280,573 | ||||||
| Total Exchange-Traded Fund | ||||||||
| (Cost $20,187,796) | 20,280,573 | |||||||
| MONEY MARKET FUND***,† - 3.2% | ||||||||
| Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.09%2 | 24,771,672 | 24,771,672 | ||||||
| Total Money Market Fund | ||||||||
| (Cost $24,771,672) | 24,771,672 | |||||||
| Face Amount~ | ||||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% | ||||||||
| Consumer, Cyclical - 19.1% | ||||||||
| Allwyn Entertainment Financing US LLC | ||||||||
| 6.23% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/02/31 | 6,363,065 | 6,318,014 | ||||||
| Eagle Parent Corp. | ||||||||
| 8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 04/02/29 | 6,167,812 | 6,104,839 | ||||||
| PetSmart LLC | ||||||||
| 8.18% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 02/11/28 | 6,111,875 | 6,036,760 | ||||||
| Restaurant Brands | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/20/30 | 5,275,706 | 5,247,111 | ||||||
| Congruex Group LLC | ||||||||
| 10.93% (3 Month Term SOFR + 1.50%, Rate Floor: 2.25%) (in-kind rate was 5.00%) due 05/03/293 | 6,042,873 | 5,206,963 | ||||||
| Flutter Entertainment plc | ||||||||
| 6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 11/30/30 | 4,934,850 | 4,916,344 | ||||||
| Peer Holding III BV | ||||||||
| 6.80% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 10/28/30 | 3,732,300 | 3,752,119 | ||||||
| 6.80% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 987,525 | 991,969 | ||||||
| Cedar Fair LP | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/01/31 | 4,455,000 | 4,455,000 | ||||||
| Grant Thornton Advisors LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/02/31 | 4,427,085 | 4,419,337 | ||||||
| Prime Security Services Borrower LLC | ||||||||
| 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/13/30 | 3,541,653 | 3,541,653 | ||||||
| 6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/07/32 | 856,111 | 847,909 | ||||||
| Entain Holdings (Gibraltar) Ltd. | ||||||||
| 6.67% (6 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 03/29/27 | 2,619,613 | 2,620,425 | ||||||
| 7.02% (6 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/31/29 | 1,584,000 | 1,588,784 | ||||||
| Thevelia US LLC | ||||||||
| 7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 06/18/29 | 3,876,140 | 3,876,954 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% (continued) | ||||||||
| Consumer, Cyclical - 19.1% (continued) | ||||||||
| Caesars Entertainment, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/31 | 2,396,424 | $ | 2,391,943 | |||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 1,389,750 | 1,386,970 | ||||||
| Galaxy US Opco, Inc. | ||||||||
| 5.01% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 07/31/30 | 4,062,350 | 3,762,751 | ||||||
| Scientific Games Corp. | ||||||||
| 7.28% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29 | 3,669,131 | 3,664,324 | ||||||
| Belron Finance US LLC | ||||||||
| 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/16/31 | 3,409,238 | 3,421,102 | ||||||
| Imagefirst Holdings LLC | ||||||||
| 7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/07/32 | 3,220,000 | 3,215,975 | ||||||
| Life Time, Inc. | ||||||||
| 6.53% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 11/05/31 | 3,169,075 | 3,175,413 | ||||||
| Rent-A-Center, Inc. | ||||||||
| 7.03% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28††† | 3,003,733 | 3,011,242 | ||||||
| AmSpec Parent LLC | ||||||||
| 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31 | 2,938,137 | 2,949,155 | ||||||
| CCRR Parent, Inc. | ||||||||
| 8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 7,307,241 | 2,886,360 | ||||||
| ATG Entertainment | ||||||||
| 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 04/17/32 | 2,875,000 | 2,878,594 | ||||||
| Burlington Coat Factory Warehouse Corp. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/24/31 | 2,693,216 | 2,679,750 | ||||||
| Apro LLC | ||||||||
| 8.06% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31 | 2,630,125 | 2,618,079 | ||||||
| TransNetwork LLC | ||||||||
| 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/29/30 | 2,466,204 | 2,467,757 | ||||||
| Secretariat Advisors LLC | ||||||||
| 8.30% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/24/32††† | 2,400,115 | 2,400,115 | ||||||
| Packers Holdings LLC | ||||||||
| 7.68% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28 | 4,372,521 | 2,339,299 | ||||||
| Seren BidCo AB | ||||||||
| 7.66% (3 Month Term SOFR + 3.40%, Rate Floor: 3.90%) due 11/16/28 | 2,252,348 | 2,255,888 | ||||||
| Bulldog Purchaser, Inc. | ||||||||
| 8.04% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/28/31 | 2,216,838 | 2,219,609 | ||||||
| EG Finco Ltd. | ||||||||
| 6.45% (6 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 02/07/28 | EUR | 1,697,592 | 2,004,310 | |||||
| 8.58% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/07/28 | 206,822 | 207,486 | ||||||
| Station Casinos LLC | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/31 | 2,111,305 | 2,113,860 | ||||||
| Seaworld Parks & Entertainment, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 12/04/31 | 2,084,250 | 2,079,039 | ||||||
| Tripadvisor, Inc. | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 2,079,524 | 2,071,726 | ||||||
| Alterra Mountain Co. | ||||||||
| 7.08% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/17/28 | 2,032,940 | 2,040,563 | ||||||
| Clarios Global, LP | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/06/30 | 2,026,114 | 2,018,517 | ||||||
| Holding Socotec SAS | ||||||||
| 8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/30/28 | 1,999,800 | 2,001,460 | ||||||
| Sweetwater Sound | ||||||||
| 8.69% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 08/07/28 | 1,871,780 | 1,871,780 | ||||||
| Alexander Mann | ||||||||
| 10.36% (1 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27 | 1,936,704 | 1,871,340 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% (continued) | ||||||||
| Consumer, Cyclical - 19.1% (continued) | ||||||||
| First Brands Group LLC | ||||||||
| 9.54% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 1,868,629 | $ | 1,762,229 | |||||
| Citrin Cooperman Advisors LLC | ||||||||
| 7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/01/32 | 1,756,667 | 1,753,733 | ||||||
| Frontdoor, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/19/31 | 1,587,025 | 1,590,009 | ||||||
| Arcis Golf LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/28/28 | 1,213,907 | 1,213,907 | ||||||
| 7.06% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/24/28 | 353,250 | 353,250 | ||||||
| PCI Gaming Authority, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 1,562,707 | 1,561,191 | ||||||
| MX Holdings US, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/19/32 | 1,486,356 | 1,491,930 | ||||||
| DK Crown Holdings, Inc. | ||||||||
| 6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/04/32 | 1,372,629 | 1,367,482 | ||||||
| Fertitta Entertainment LLC | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 01/27/29 | 1,369,385 | 1,366,988 | ||||||
| Asphalt Atd Holdco, LLC | ||||||||
| 11.30% (3 Month Term SOFR + 7.00%, Rate Floor: 7.00%) (in-kind rate was 4.00%) due 02/28/30†††,3 | 1,334,018 | 1,334,018 | ||||||
| Mavis Tire Express Services TopCo Corp. | ||||||||
| 7.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/04/28 | 1,151,714 | 1,150,436 | ||||||
| Student Transportation Of America Holdings, Inc. | ||||||||
| 7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/10/32 | 886,667 | 888,050 | ||||||
| Blue Ribbon LLC | ||||||||
| 12.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) (in-kind rate was 4.00%) due 05/08/283 | 871,781 | 871,781 | ||||||
| American Auto Auction Group LLC | ||||||||
| 8.83% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 05/22/32 | 718,200 | 720,671 | ||||||
| 1-800 Contacts | ||||||||
| 6.78% (3 Month Term SOFR + 2.50%, Rate Floor: 3.25%) due 11/08/32 | 676,075 | 677,414 | ||||||
| Dealer Tire LLC | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/02/31 | 555,807 | 552,333 | ||||||
| WW International, Inc. | ||||||||
| 8.04% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/284 | 1,653,750 | 541,603 | ||||||
| CHG Healthcare Services, Inc. | ||||||||
| 7.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 09/29/28 | 507,864 | 509,418 | ||||||
| Hilton Worldwide Finance LLC | ||||||||
| 6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/08/30 | 427,249 | 428,518 | ||||||
| SHO Holding I Corp. | ||||||||
| 10.94% (1 Month Term SOFR + 6.50%, Rate Floor: 7.50%) due 06/30/29††† | 261,140 | 259,170 | ||||||
| 5.72% (1 Month Term SOFR + 4.90%, Rate Floor: 5.90%) due 06/30/29††† | 98,026 | 86,263 | ||||||
| American Tire Distributors, Inc. | ||||||||
| due 10/20/28†††,4 | 2,730,000 | 3 | ||||||
| Total Consumer, Cyclical | 148,408,985 | |||||||
| Industrial - 17.2% | ||||||||
| Pelican Products, Inc. | ||||||||
| 8.81% (1 Month Term SOFR + 4.51%, Rate Floor: 5.01%) due 12/29/28 | 8,844,731 | 7,705,972 | ||||||
| Hunter Douglas, Inc. | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 5,904,916 | 5,877,871 | ||||||
| Park River Holdings, Inc. | ||||||||
| 7.80% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/28/27 | 5,877,472 | 5,710,493 | ||||||
| Duran Group Holding GmbH | ||||||||
| 7.55% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 05/31/26 | EUR | 4,527,760 | 5,094,263 | |||||
| White Cap Supply Holdings LLC | ||||||||
| 7.58% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29 | 4,899,811 | 4,865,512 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% (continued) | ||||||||
| Industrial - 17.2% (continued) | ||||||||
| TransDigm, Inc. | ||||||||
| 6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/28/31 | 3,175,133 | $ | 3,180,530 | |||||
| 6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 1,518,525 | 1,520,560 | ||||||
| Michael Baker International LLC | ||||||||
| 8.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 4,606,456 | 4,623,730 | ||||||
| Quikrete Holdings, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 2,583,525 | 2,579,004 | ||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/19/29 | 1,324,125 | 1,323,105 | ||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 716,400 | 714,810 | ||||||
| Fugue Finance LLC | ||||||||
| 7.58% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 01/09/32 | 4,488,686 | 4,513,014 | ||||||
| DXP Enterprises, Inc. | ||||||||
| 8.08% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/11/30 | 4,418,660 | 4,443,537 | ||||||
| DG Investment Intermediate Holdings 2, Inc. | ||||||||
| 7.94% (1 Month Term SOFR + 3.86%, Rate Floor: 4.61%) due 03/31/28 | 4,443,266 | 4,438,778 | ||||||
| Amentum Holdings, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 09/29/31 | 4,404,284 | 4,393,273 | ||||||
| LBM Acquisition LLC | ||||||||
| 8.16% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31 | 4,219,711 | 3,929,606 | ||||||
| Hobbs & Associates LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/23/31 | 3,750,362 | 3,744,512 | ||||||
| Engineered Machinery Holdings, Inc. | ||||||||
| 8.06% (3 Month Term SOFR + 4.01%, Rate Floor: 4.76%) due 05/19/28 | 3,440,388 | 3,459,448 | ||||||
| United Airlines, Inc. | ||||||||
| 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 3,331,398 | 3,332,797 | ||||||
| Aegion Corp. | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28 | 2,998,764 | 3,004,912 | ||||||
| Merlin Buyer, Inc. | ||||||||
| 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28 | 2,917,764 | 2,895,881 | ||||||
| Brown Group Holding LLC | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 1,991,426 | 1,992,820 | ||||||
| 6.81% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 891,096 | 892,005 | ||||||
| Pregis TopCo LLC | ||||||||
| 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/28/29 | 2,758,088 | 2,763,604 | ||||||
| Engineering Research And Consulting LLC | ||||||||
| 9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31 | 2,537,250 | 2,473,819 | ||||||
| Cognita Ltd. | ||||||||
| 8.29% (6 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/27/31 | 2,458,163 | 2,472,494 | ||||||
| Cube A&D Buyer, Inc. | ||||||||
| 7.52% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/17/31 | 2,388,768 | 2,398,466 | ||||||
| Foundation Building Materials Holding Company LLC | ||||||||
| 8.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/31 | 2,271,250 | 2,219,329 | ||||||
| Anchor Packaging LLC | ||||||||
| 7.56% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/18/29 | 2,207,700 | 2,218,187 | ||||||
| ASP Dream Acquisiton Co. LLC | ||||||||
| 8.68% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28 | 2,250,037 | 2,171,286 | ||||||
| API Heat Transfer Thermasys Corp. | ||||||||
| 12.58% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27††† | 1,365,860 | 1,365,860 | ||||||
| 9.58% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/10/27††† | 790,538 | 790,538 | ||||||
| Atlantic Aviation | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 09/23/31 | 2,159,150 | 2,153,579 | ||||||
| Savage Enterprises LLC | ||||||||
| 7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 09/15/28 | 2,000,000 | 2,004,320 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% (continued) | ||||||||
| Industrial - 17.2% (continued) | ||||||||
| STS Operating, Inc. | ||||||||
| 8.43% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31 | 1,990,800 | $ | 1,956,459 | |||||
| Mannington Mills, Inc. | ||||||||
| 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 1,811,313 | 1,772,822 | ||||||
| Jefferies Finance LLC | ||||||||
| 6.43% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/02/32 | 1,730,663 | 1,734,989 | ||||||
| Red SPV LLC | ||||||||
| 6.56% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/06/32 | 1,715,350 | 1,711,062 | ||||||
| Air Canada | ||||||||
| 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 1,639,250 | 1,638,742 | ||||||
| Osmose Utility Services, Inc. | ||||||||
| 7.69% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28 | 1,729,284 | 1,619,042 | ||||||
| Artera Services LLC | ||||||||
| 8.80% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/15/31 | 1,930,563 | 1,609,819 | ||||||
| Albion Financing 3 SARL | ||||||||
| 7.32% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 08/16/29 | 1,596,422 | 1,597,428 | ||||||
| Vista Management Holding, Inc. | ||||||||
| 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 03/26/31 | 1,572,823 | 1,575,450 | ||||||
| NA Rail HoldCo LLC | ||||||||
| 7.31% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/26/32 | 1,515,000 | 1,517,363 | ||||||
| Madison Safety & Flow LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/26/31 | 1,358,521 | 1,360,219 | ||||||
| ProAmpac PG Borrower LLC | ||||||||
| 8.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 09/15/28 | 1,209,536 | 1,212,257 | ||||||
| FCG Acquisitions, Inc. | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 03/31/28 | 1,160,930 | 1,160,826 | ||||||
| Ring Container Technologies Group, LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/28 | 1,031,554 | 1,034,133 | ||||||
| Herc Holdings, Inc. | ||||||||
| 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/20/32 | 995,000 | 997,905 | ||||||
| Standard Industries, Inc. | ||||||||
| 6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/22/28 | 824,597 | 825,669 | ||||||
| Knife River Corp. | ||||||||
| 6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/08/32 | 730,252 | 731,625 | ||||||
| MI Windows And Doors LLC | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/28/31 | 722,700 | 723,560 | ||||||
| SiteOne Landscaping Supply Holding LLC | ||||||||
| 6.06% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 03/23/30 | 696,500 | 697,809 | ||||||
| Beacon Roofing Supply, Inc. | ||||||||
| 7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/23/32 | 602,556 | 606,147 | ||||||
| American Residential Services LLC | ||||||||
| 7.53% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 02/02/32 | 562,073 | 562,775 | ||||||
| Total Industrial | 133,914,016 | |||||||
| Financial - 14.8% | ||||||||
| Citadel Securities, LP | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 6,348,952 | 6,371,998 | ||||||
| Apex Group Treasury LLC | ||||||||
| 7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32 | 5,430,796 | 5,407,064 | ||||||
| Nexus Buyer LLC | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/31/31 | 5,115,052 | 5,129,067 | ||||||
| Corpay, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/28/28 | 5,111,439 | 5,110,366 | ||||||
| Worldpay | ||||||||
| 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 4,905,381 | 4,915,584 | ||||||
| Jane Street Group LLC | ||||||||
| 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 4,753,108 | 4,746,977 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% (continued) | ||||||||
| Financial - 14.8% (continued) | ||||||||
| Focus Financial Partners LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 4,283,054 | $ | 4,272,903 | |||||
| Ardonagh Midco 3 plc | ||||||||
| 7.04% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/15/31 | 4,189,183 | 4,152,528 | ||||||
| Orion Advisor Solutions, Inc. | ||||||||
| 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 09/24/30 | 4,119,156 | 4,138,804 | ||||||
| Pex Holdings LLC | ||||||||
| 6.97% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/26/31 | 4,017,253 | 4,017,253 | ||||||
| Duff & Phelps | ||||||||
| 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27 | 3,983,983 | 3,864,901 | ||||||
| Asurion LLC | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 3,918,449 | 3,816,804 | ||||||
| Franchise Group, Inc. | ||||||||
| 9.19% (1 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 07/05/25 | 2,479,369 | 2,231,432 | ||||||
| 13.44% (3 Month Term SOFR + 9.11%, Rate Floor: 10.11%) due 07/05/25 | 1,430,172 | 1,428,384 | ||||||
| Cobham Ultra SeniorCo SARL | ||||||||
| 8.18% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/03/29 | 3,656,572 | 3,657,889 | ||||||
| HighTower Holding LLC | ||||||||
| 7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/03/32 | 3,618,783 | 3,606,733 | ||||||
| GIP Pilot Acquisition Partners LP | ||||||||
| 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/04/30 | 3,529,349 | 3,532,279 | ||||||
| Trans Union LLC | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 06/24/31 | 3,251,120 | 3,253,721 | ||||||
| Virtu Financial | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 3,085,000 | 3,092,712 | ||||||
| Tegra118 Wealth Solutions, Inc. | ||||||||
| 8.32% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27 | 2,762,306 | 2,723,164 | ||||||
| Franklin Square Holdings, LP | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/25/31 | 2,693,532 | 2,686,798 | ||||||
| Eisner Advisory Group | ||||||||
| 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 2,508,151 | 2,517,557 | ||||||
| Delos Aircraft Leasing | ||||||||
| 6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/31/27 | 2,508,571 | 2,514,843 | ||||||
| USI, Inc. | ||||||||
| 6.55% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 11/21/29 | 2,505,625 | 2,500,538 | ||||||
| Alliant Holdings Intermediate LLC | ||||||||
| 7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/19/31 | 2,485,913 | 2,486,187 | ||||||
| Harbourvest Partners LP | ||||||||
| 6.55% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/18/30††† | 2,440,959 | 2,440,959 | ||||||
| Jefferies Finance LLC | ||||||||
| 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 | 2,368,100 | 2,371,060 | ||||||
| CPI Holdco B LLC | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 2,311,104 | 2,303,015 | ||||||
| CFC USA 2025 LLC | ||||||||
| due 05/29/32 | 2,250,000 | 2,238,750 | ||||||
| Starwood Property Mortgage LLC | ||||||||
| 6.58% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 01/02/30 | 1,996,568 | 2,000,322 | ||||||
| Assetmark Financial Holdings, Inc. | ||||||||
| 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/05/31 | 1,791,000 | 1,793,239 | ||||||
| Alter Domus | ||||||||
| 7.24% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 10/30/31 | 1,750,136 | 1,761,039 | ||||||
| Orion US FinCo | ||||||||
| due 05/19/32 | 1,685,000 | 1,690,055 | ||||||
| Aretec Group, Inc. | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 1,591,326 | 1,593,475 | ||||||
| AqGen Island Holdings, Inc. | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/28 | 1,382,649 | 1,384,087 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% (continued) | ||||||||
| Financial - 14.8% (continued) | ||||||||
| Walker & Dunlop, Inc. | ||||||||
| 6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/32 | 1,338,682 | $ | 1,342,029 | |||||
| IMC Global Holdings | ||||||||
| 7.81% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/02/32 | 1,265,000 | 1,271,325 | ||||||
| Saphilux SARL | ||||||||
| due 07/27/28 | 1,025,000 | 1,029,694 | ||||||
| Franchise Group, Inc. | ||||||||
| 9.25% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 03/10/26†††,4 | 1,613,637 | 80,682 | ||||||
| Total Financial | 115,476,217 | |||||||
| Technology - 12.1% | ||||||||
| Polaris Newco LLC | ||||||||
| 8.29% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/02/28 | 5,862,944 | 5,707,400 | ||||||
| Wrench Group LLC | ||||||||
| 8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 10/30/28 | 5,316,429 | 5,291,495 | ||||||
| Boxer Parent Co., Inc. | ||||||||
| 7.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/30/31 | 5,107,064 | 5,071,621 | ||||||
| DCert Buyer, Inc. | ||||||||
| 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/16/26 | 5,107,259 | 5,054,042 | ||||||
| CoreLogic, Inc. | ||||||||
| 7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 06/02/28 | 4,677,679 | 4,623,605 | ||||||
| Planview Parent, Inc. | ||||||||
| 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/17/27 | 4,739,690 | 4,603,424 | ||||||
| Sabre GLBL, Inc. | ||||||||
| 9.43% (1 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 06/30/28 | 3,296,299 | 3,263,336 | ||||||
| 10.43% (1 Month Term SOFR + 6.00%, Rate Floor: 7.50%) due 11/15/29 | 999,434 | 979,245 | ||||||
| 7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 12/17/27 | 342,426 | 335,821 | ||||||
| DS Admiral Bidco LLC | ||||||||
| 8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 4,598,604 | 4,575,611 | ||||||
| Ascend Learning, LLC | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/11/28 | 4,562,943 | 4,560,114 | ||||||
| E2open LLC | ||||||||
| 7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/04/28 | 4,453,602 | 4,466,340 | ||||||
| Pushpay USA, Inc. | ||||||||
| 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/15/31 | 3,988,395 | 4,008,337 | ||||||
| Gen Digital, Inc. | ||||||||
| 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/13/32 | 2,610,000 | 2,604,128 | ||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/12/29 | 1,228,009 | 1,225,713 | ||||||
| Cloud Software Group, Inc. | ||||||||
| 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 03/30/29 | 3,620,657 | 3,623,119 | ||||||
| Xerox Corp. | ||||||||
| 8.27% ((3 Month Term SOFR + 4.00%) and (6 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29 | 3,741,383 | 3,602,241 | ||||||
| Conair Holdings LLC | ||||||||
| 8.19% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 05/17/28 | 4,615,110 | 3,353,662 | ||||||
| Indicor LLC | ||||||||
| 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/22/29 | 3,009,087 | 3,000,632 | ||||||
| Blackhawk Network Holdings, Inc. | ||||||||
| 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 2,733,812 | 2,746,634 | ||||||
| Modena Buyer LLC | ||||||||
| 8.78% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 2,738,335 | 2,632,225 | ||||||
| Instructure Holdings, Inc. | ||||||||
| 7.21% (6 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 11/13/31 | 2,525,273 | 2,527,344 | ||||||
| Athenahealth Group, Inc. | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/15/29 | 2,513,133 | 2,509,212 | ||||||
| CACI International, Inc. | ||||||||
| 6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/30/31 | 2,480,019 | 2,472,281 | ||||||
| Zuora, Inc. | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/17/32 | 2,247,291 | 2,235,110 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% (continued) | ||||||||
| Technology - 12.1% (continued) | ||||||||
| World Wide Technology Holding Company LLC | ||||||||
| 6.56% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 03/01/30 | 1,867,547 | $ | 1,874,550 | |||||
| Central Parent LLC | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29 | 2,086,012 | 1,736,814 | ||||||
| Dye & Durham Corp. | ||||||||
| 8.65% (3 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 04/11/31 | 1,424,464 | 1,434,079 | ||||||
| RealPage, Inc. | ||||||||
| 7.56% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/24/28 | 1,224,834 | 1,215,403 | ||||||
| Leia Finco US LLC | ||||||||
| 7.46% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/09/31 | 1,085,327 | 1,085,739 | ||||||
| Waystar Technologies, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 10/22/29 | 809,951 | 811,473 | ||||||
| Imprivata, Inc. | ||||||||
| 7.82% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 12/01/27 | 632,227 | 634,161 | ||||||
| Clearwater Analytics, LLC | ||||||||
| 6.52% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 500,000 | 499,375 | ||||||
| Total Technology | 94,364,286 | |||||||
| Consumer, Non-cyclical -10.2% | ||||||||
| Bombardier Recreational Products, Inc. | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/22/31 | 6,321,877 | 6,315,302 | ||||||
| Quirch Foods Holdings LLC | ||||||||
| 9.57% (3 Month Term SOFR + 5.26%, Rate Floor: 6.00%) due 10/27/27 | 6,498,835 | 6,058,994 | ||||||
| Recess Holdings, Inc. | ||||||||
| 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 4,785,696 | 4,795,889 | ||||||
| Medical Solutions Parent Holdings, Inc. | ||||||||
| 7.88% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/01/28 | 9,005,814 | 4,667,984 | ||||||
| Dermatology Intermediate Holdings III, Inc. | ||||||||
| 8.53% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/30/29 | 5,084,346 | 4,597,113 | ||||||
| HAH Group Holding Co. LLC | ||||||||
| 9.33% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 4,731,611 | 4,582,044 | ||||||
| Del Monte Foods, Inc. | ||||||||
| 15.47% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) (in-kind rate was 3.00%) due 08/02/283 | 2,105,964 | 1,890,103 | ||||||
| 8.72% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/02/28 | 3,329,210 | 1,831,066 | ||||||
| Southern Veterinary Partners LLC | ||||||||
| 7.53% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 12/04/31 | 3,541,597 | 3,543,014 | ||||||
| Hayward Industries, Inc. | ||||||||
| 6.94% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 05/30/28 | 3,519,008 | 3,526,644 | ||||||
| IVI America LLC | ||||||||
| 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/18/31 | 2,312,085 | 2,327,992 | ||||||
| due 04/09/31 | 625,000 | 629,300 | ||||||
| Topgolf Callaway Brands Corp. | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/15/30 | 2,700,000 | 2,654,100 | ||||||
| Aramark Services, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/22/30 | 2,596,159 | 2,599,404 | ||||||
| Balrog Acquisition, Inc. | ||||||||
| 8.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28 | 2,543,353 | 2,492,486 | ||||||
| Outcomes Group Holdings, Inc. | ||||||||
| 8.08% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 05/06/31 | 2,353,190 | 2,364,462 | ||||||
| Pacific Dental Services LLC | ||||||||
| 7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 03/15/31 | 2,328,921 | 2,328,920 | ||||||
| Chefs' Warehouse, Inc. | ||||||||
| 7.33% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/23/29 | 2,142,609 | 2,146,187 | ||||||
| Froneri US, Inc. | ||||||||
| 6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 2,156,157 | 2,130,563 | ||||||
| Midwest Physician Administrative Services | ||||||||
| 7.81% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/12/28 | 2,289,398 | 2,125,316 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% (continued) | ||||||||
| Consumer, Non-cyclical -10.2% (continued) | ||||||||
| Grifols Worldwide Operations USA, Inc. | ||||||||
| 6.48% (3 Month Term SOFR + 2.00%, Rate Floor: 3.00%) due 11/15/27 | 2,130,000 | $ | 2,122,311 | |||||
| Energizer Holdings, Inc. | ||||||||
| 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/13/32 | 1,926,199 | 1,928,010 | ||||||
| Sazerac Co Inc. | ||||||||
| due 06/24/32 | 1,872,600 | 1,870,259 | ||||||
| Hanger, Inc. | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 1,837,600 | 1,839,364 | ||||||
| Blue Ribbon LLC | ||||||||
| 10.29% (1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 2,333,333 | 1,783,063 | ||||||
| Ceva Sante | ||||||||
| 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/08/30 | 1,635,900 | 1,635,213 | ||||||
| Resonetics LLC | ||||||||
| 7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/18/31 | 1,517,155 | 1,517,109 | ||||||
| Nomad Foods Ltd. | ||||||||
| 6.54% (6 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 11/12/29 | 1,039,500 | 1,038,201 | ||||||
| Bausch Health Companies, Inc. | ||||||||
| 10.56% (1 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 10/08/30 | 1,055,000 | 1,015,269 | ||||||
| Culligan | ||||||||
| 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/31/28 | 997,500 | 995,435 | ||||||
| MDVIP | ||||||||
| 7.08% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 10/16/28 | 307,513 | 307,224 | ||||||
| Total Consumer, Non-cyclical | 79,658,341 | |||||||
| Communications - 6.7% | ||||||||
| CSC Holdings LLC | ||||||||
| 8.81% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 01/18/28 | 6,609,928 | 6,510,846 | ||||||
| Virgin Media Bristol LLC | ||||||||
| 7.37% (6 Month Term SOFR + 3.18%, Rate Floor: 3.18%) due 03/02/31 | 6,016,233 | 5,932,848 | ||||||
| McGraw Hill Education, Inc. | ||||||||
| 7.58% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 08/06/31 | 5,163,670 | 5,177,663 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/09/27 | 3,870,000 | 3,709,550 | ||||||
| 7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 1,148,468 | 1,090,126 | ||||||
| Cengage Learning, Inc. | ||||||||
| 7.83% ((1 Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%), Rate Floor: 4.50%) due 03/24/31 | 4,403,901 | 4,410,771 | ||||||
| Speedster Bidco GmbH | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 4,203,607 | 4,222,018 | ||||||
| Charter Communications Operating LLC | ||||||||
| 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/07/30 | 3,201,250 | 3,198,689 | ||||||
| Authentic Brands | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/11/32 | 2,992,500 | 2,983,762 | ||||||
| Playtika Holding Corp. | ||||||||
| 7.19% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 03/13/28 | 2,577,549 | 2,530,354 | ||||||
| Midcontinent Communications | ||||||||
| 9.00% (Commercial Prime Lending Rate + 1.50%, Rate Floor: 1.50%) due 08/16/31 | 2,487,500 | 2,492,674 | ||||||
| Altice France SA | ||||||||
| 9.76% (3 Month Term SOFR + 5.50%, Rate Floor: 5.50%) due 08/15/28 | 2,471,208 | 2,233,009 | ||||||
| UPC Financing Partnership | ||||||||
| 6.79% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/29/32 | 2,221,614 | 2,215,127 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/21/32 | 1,696,500 | 1,713,821 | ||||||
| Xplore, Inc. | ||||||||
| 6.09% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 10/24/31 | 2,024,633 | 1,494,847 | ||||||
| UFC Holdings LLC | ||||||||
| 6.57% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 11/21/31 | 1,417,875 | 1,422,526 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% (continued) | ||||||||
| Communications - 6.7% (continued) | ||||||||
| Xplore, Inc. | ||||||||
| 9.59% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) (in-kind rate was 3.50%) due 10/23/293 | 573,324 | $ | 541,791 | |||||
| Total Communications | 51,880,422 | |||||||
| Basic Materials - 3.3% | ||||||||
| Arsenal AIC Parent LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/18/30 | 4,937,127 | 4,926,018 | ||||||
| Discovery Purchaser Corp. | ||||||||
| 8.02% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 4,300,240 | 4,290,822 | ||||||
| CTEC III GmbH | ||||||||
| 5.76% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/16/29 | EUR | 3,557,000 | 4,040,137 | |||||
| NIC Acquisition Corp. | ||||||||
| 8.31% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 3,528,762 | 3,070,023 | ||||||
| Vantage Specialty Chemicals, Inc. | ||||||||
| 9.03% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 10/26/26 | 2,218,125 | 2,139,293 | ||||||
| Platform Specialty Products | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 12/18/30 | 1,880,741 | 1,885,048 | ||||||
| Novelis Holdings, Inc. | ||||||||
| 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/11/32 | 1,412,333 | 1,414,098 | ||||||
| Nouryon USA LLC | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/03/28 | 1,045,848 | 1,049,906 | ||||||
| 7.51% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/03/28 | 286,173 | 287,246 | ||||||
| SCIH Salt Holdings, Inc. | ||||||||
| 7.28% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 01/31/29 | 867,825 | 867,460 | ||||||
| GrafTech Finance, Inc. | ||||||||
| 10.32% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 670,035 | 671,710 | ||||||
| Trinseo Materials Operating S.C.A. | ||||||||
| 7.09% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28 | 1,536,000 | 656,425 | ||||||
| A-AP Buyer, Inc. | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/09/31 | 646,750 | 645,133 | ||||||
| Total Basic Materials | 25,943,319 | |||||||
| Energy - 3.3% | ||||||||
| Colonial Pipeline | ||||||||
| due 06/11/32 | 4,596,200 | 4,562,878 | ||||||
| Par Petroleum LLC | ||||||||
| 8.01% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 | 4,404,188 | 4,346,405 | ||||||
| AL GCX Holdings LLC | ||||||||
| 6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/17/29 | 3,423,812 | 3,423,195 | ||||||
| TransMontaigne Operating Company, LP | ||||||||
| 7.58% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 11/17/28 | 2,514,686 | 2,522,708 | ||||||
| WhiteWater DBR Holdco LLC | ||||||||
| 6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/03/31 | 1,851,036 | 1,851,036 | ||||||
| ITT Holdings LLC | ||||||||
| 7.05% (1 Month Term SOFR + 2.73%, Rate Floor: 3.23%) due 10/11/30 | 1,773,525 | 1,775,299 | ||||||
| Traverse Midstream Partners LLC | ||||||||
| 7.28% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 02/16/28 | 1,607,322 | 1,609,332 | ||||||
| Whitewater Matterhorn Holdings LLC | ||||||||
| 6.57% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/32 | 1,560,000 | 1,557,722 | ||||||
| Buckeye Partners, LP | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/22/30 | 819,324 | 819,668 | ||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/01/26 | 592,490 | 592,975 | ||||||
| CVR Energy, Inc. | ||||||||
| 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/30/27 | 1,317,550 | 1,315,350 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 88.2% (continued) | ||||||||
| Energy - 3.3% (continued) | ||||||||
| Bip PipeCo Holdings LLC | ||||||||
| 6.53% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/06/30 | 1,226,828 | $ | 1,224,068 | |||||
| Total Energy | 25,600,636 | |||||||
| Utilities - 1.5% | ||||||||
| UGI Energy Services LLC | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/22/30 | 4,068,100 | 4,079,288 | ||||||
| TerraForm Power Operating LLC | ||||||||
| 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/21/29 | 3,820,832 | 3,816,056 | ||||||
| NRG Energy, Inc. | ||||||||
| 6.03% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/16/31 | 2,679,263 | 2,682,612 | ||||||
| AL GCX Holdings LLC | ||||||||
| 6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/30/32 | 763,458 | 762,030 | ||||||
| Total Utilities | 11,339,986 | |||||||
| Total Senior Floating Rate Interests | ||||||||
| (Cost $709,050,973) | 686,586,208 | |||||||
| CORPORATE BONDS†† - 5.2% | ||||||||
| Consumer, Non-cyclical - 2.0% | ||||||||
| Cheplapharm Arzneimittel GmbH | ||||||||
| 5.50% due 01/15/285 | 2,975,000 | 2,875,415 | ||||||
| Sotheby's | ||||||||
| 7.38% due 10/15/275 | 2,875,000 | 2,841,904 | ||||||
| ADT Security Corp. | ||||||||
| 4.13% due 08/01/295 | 2,875,000 | 2,777,365 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 4.38% due 01/15/30 | 2,800,000 | 2,710,401 | ||||||
| Acadia Healthcare Company, Inc. | ||||||||
| 5.00% due 04/15/295 | 1,730,000 | 1,678,208 | ||||||
| HCA, Inc. | ||||||||
| 4.50% due 02/15/27 | 1,500,000 | 1,500,211 | ||||||
| WW International, Inc. | ||||||||
| 4.50% due 04/15/29†††,4,5 | 2,875,000 | 945,156 | ||||||
| Total Consumer, Non-cyclical | 15,328,660 | |||||||
| Communications - 1.1% | ||||||||
| VZ Secured Financing B.V. | ||||||||
| 5.00% due 01/15/325 | 3,500,000 | 3,113,629 | ||||||
| Altice France S.A. | ||||||||
| 5.50% due 10/15/295 | 2,850,000 | 2,362,408 | ||||||
| McGraw-Hill Education, Inc. | ||||||||
| 5.75% due 08/01/285 | 1,575,000 | 1,584,488 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 11.00% due 11/15/295 | 803,989 | 922,246 | ||||||
| Match Group Holdings II LLC | ||||||||
| 5.00% due 12/15/275 | 350,000 | 348,080 | ||||||
| 4.63% due 06/01/285 | 300,000 | 292,748 | ||||||
| Total Communications | 8,623,599 | |||||||
| Consumer, Cyclical - 0.8% | ||||||||
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. | ||||||||
| 4.63% due 01/15/295 | 5,000,000 | 4,789,083 | ||||||
| Crocs, Inc. | ||||||||
| 4.13% due 08/15/315 | 1,755,000 | 1,580,398 | ||||||
| 4.25% due 03/15/295 | 80,000 | 76,319 | ||||||
| Total Consumer, Cyclical | 6,445,800 | |||||||
| Industrial - 0.6% | ||||||||
| New Enterprise Stone & Lime Company, Inc. | ||||||||
| 5.25% due 07/15/285 | 2,875,000 | 2,882,622 | ||||||
| GrafTech Global Enterprises, Inc. | ||||||||
| 9.88% due 12/23/295 | 2,120,000 | 1,674,800 | ||||||
| Standard Industries, Inc. | ||||||||
| 4.38% due 07/15/305 | 270,000 | 255,647 | ||||||
| Total Industrial | 4,813,069 | |||||||
| Basic Materials - 0.3% | ||||||||
| WR Grace Holdings LLC | ||||||||
| 4.88% due 06/15/275 | 1,975,000 | 1,963,590 | ||||||
| Mirabela Nickel Ltd. | ||||||||
| due 06/24/19†††,4,6 | 1,279,819 | 6,399 | ||||||
| Total Basic Materials | 1,969,989 | |||||||
| Financial - 0.2% | ||||||||
| Hunt Companies, Inc. | ||||||||
| 5.25% due 04/15/295 | 1,850,000 | 1,782,573 | ||||||
| Energy - 0.2% | ||||||||
| Sunoco Limited Partnership / Sunoco Finance Corp. | ||||||||
| 6.00% due 04/15/27 | 1,400,000 | 1,399,618 | ||||||
| 5.88% due 03/15/28 | 95,000 | 95,254 | ||||||
| Total Energy | 1,494,872 | |||||||
| Total Corporate Bonds | ||||||||
| (Cost $44,682,768) | 40,458,562 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 1.0% | ||||||||
| Residential Mortgage-Backed Securities - 1.0% | ||||||||
| RALI Series Trust | ||||||||
| 2006-QO6, 4.79% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46◊ | 10,472,375 | 2,242,770 | ||||||
| 2006-QO2, 4.87% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46◊ | 416,751 | 70,246 | ||||||
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 1.0% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 1.0% (continued) | ||||||||
| Washington Mutual Mortgage Pass-Through Certificates Trust | ||||||||
| 2007-OA6, 5.21% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/47◊ | 1,908,116 | $ | 1,597,990 | |||||
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust | ||||||||
| 2006-AR9, 5.24% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊ | 1,343,204 | 1,124,415 | ||||||
| American Home Mortgage Assets Trust | ||||||||
| 2006-4, 4.64% (1 Month Term SOFR + 0.32%, Rate Floor: 0.32%) due 10/25/46◊ | 2,039,980 | 1,027,632 | ||||||
| Lehman XS Trust Series | ||||||||
| 2006-16N, 4.81% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 11/25/46◊ | 1,016,787 | 894,281 | ||||||
| Alliance Bancorp Trust | ||||||||
| 2007-OA1, 4.91% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37◊ | 297,365 | 264,873 | ||||||
| Nomura Resecuritization Trust | ||||||||
| 2015-4R, 6.24% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36◊,5 | 235,873 | 229,574 | ||||||
| Morgan Stanley Re-REMIC Trust | ||||||||
| 2010-R5, 4.74% due 06/26/365 | 182,217 | 176,024 | ||||||
| GSAA Home Equity Trust | ||||||||
| 2007-7, 4.97% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37◊ | 49,202 | 47,172 | ||||||
| New Century Home Equity Loan Trust | ||||||||
| 2004-4, 5.23% (1 Month Term SOFR + 0.91%, Rate Cap/Floor: 12.50%/0.80%) due 02/25/35◊ | 10,914 | 13,610 | ||||||
| Total Residential Mortgage-Backed Securities | 7,688,587 | |||||||
| Total Collateralized Mortgage Obligations | ||||||||
| (Cost $11,271,233) | 7,688,587 | |||||||
| ASSET-BACKED SECURITIES†† - 0.0% | ||||||||
| Collateralized Loan Obligations - 0.0% | ||||||||
| Octagon Loan Funding Ltd. | ||||||||
| 2014-1A SUB, due 11/18/315,7 | 2,071,948 | 74,221 | ||||||
| Treman Park CLO Ltd. | ||||||||
| 2015-1A COM, due 10/20/285,7 | 977,702 | 2,068 | ||||||
| Total Collateralized Loan Obligations | 76,289 | |||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $0) | 76,289 | |||||||
| Total Investments - 101.4% | ||||||||
| (Cost $820,064,629) | $ | 789,440,640 | ||||||
| Other Assets & Liabilities, net - (1.4)% | (10,573,608 | ) | ||||||
| Total Net Assets - 100.0% | $ | 778,867,032 | ||||||
Forward Foreign Currency Exchange Contracts††
| Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Depreciation | ||||||||||
| Morgan Stanley Capital Services LLC | CAD | Sell | 429,000 | 314,501 USD | 07/16/25 | $ | (797 | ) | ||||||||
| UBS AG | EUR | Sell | 188,000 | 218,548 USD | 07/16/25 | (3,167 | ) | |||||||||
| Barclays Bank plc | EUR | Sell | 9,470,000 | 10,904,506 USD | 07/16/25 | (263,813 | ) | |||||||||
| $ | (267,777 | ) | ||||||||||||||
| ~ | The face amount is denominated in U.S. dollars unless otherwise indicated. |
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| † | Value determined based on Level 1 inputs, unless otherwise noted — See Note 3. |
| †† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| ◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 | Affiliated issuer. |
| 2 | Rate indicated is the 7-day yield as of June 30, 2025. |
| 3 | Payment-in-kind security. |
| 4 | Security is in default of interest and/or principal obligations. |
| 5 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $35,228,566 (cost $40,824,278), or 4.5% of total net assets. |
| 6 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $6,399 (cost $1,160,811), or less than 0.1% of total net assets — See Note 6. |
| 7 | Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
CAD — Canadian Dollar
CMT — Constant Maturity Treasury
EUR — Euro
EURIBOR — European Interbank Offered Rate
plc — Public Limited Company
REMIC — Real Estate Mortgage Investment Conduit
SARL — Société à Responsabilité Limitée
SOFR — Secured Overnight Financing Rate
WAC — Weighted Average Coupon
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 423,035 | $ | 265,459 | $ | 8,820,370 | $ | 9,508,864 | ||||||||
| Rights | — | — | 69,885 | 69,885 | ||||||||||||
| Exchange-Traded Funds | 20,280,573 | — | — | 20,280,573 | ||||||||||||
| Money Market Fund | 24,771,672 | — | — | 24,771,672 | ||||||||||||
| Senior Floating Rate Interests | — | 674,817,358 | 11,768,850 | 686,586,208 | ||||||||||||
| Corporate Bonds | — | 39,507,007 | 951,555 | 40,458,562 | ||||||||||||
| Collateralized Mortgage Obligations | — | 7,688,587 | — | 7,688,587 | ||||||||||||
| Asset-Backed Securities | — | 76,289 | — | 76,289 | ||||||||||||
| Total Assets | $ | 45,475,280 | $ | 722,354,700 | $ | 21,610,660 | $ | 789,440,640 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | — | $ | 267,777 | $ | — | $ | 267,777 | ||||||||
| Unfunded Loan Commitments (Note 5) | — | — | 228 | 228 | ||||||||||||
| Total Liabilities | $ | — | $ | 267,777 | $ | 228 | $ | 268,005 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Floating Rate Strategies Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category | Ending Balance at June 30, 2025 | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average* | |||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 5,711,750 | Model Price | Purchase Price | — | — | ||||||||||
| Common Stocks | 3,084,843 | Enterprise Value | Valuation Multiple | 2.6x-9.2x | 5.0x | |||||||||||
| Common Stocks | 23,777 | Model Price | Liquidation Value | — | — | |||||||||||
| Corporate Bonds | 945,156 | Third Party Pricing | Vendor Price | — | — | |||||||||||
| Corporate Bonds | 6,399 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Right | 69,885 | Model Price | Purchase Price | — | — | |||||||||||
| Senior Floating Rate Interests | 7,932,998 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Senior Floating Rate Interests | 3,490,419 | Model Price | Purchase Price | — | — | |||||||||||
| Senior Floating Rate Interests | 345,433 | Yield Analysis | Yield | 10.8%-15.4% | 12.1% | |||||||||||
| Total Assets | $ | 21,610,660 | ||||||||||||||
| Liabilities: | ||||||||||||||||
| Unfunded Loan Commitments | $ | 228 | Model Price | Purchase Price | — | — | ||||||||||
| * | Inputs are weighted by the fair value of the instruments. |
Significant changes in a quote, yield, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.
The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.
Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended June 30, 2025, the Fund had securities with a total value of $4,037,080 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $21,625,232 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:
| Assets | Liabilities | |||||||||||||||||||||||
| Corporate Bonds | Senior Floating Rate Interests | Common Stocks | Rights | Total Assets | Unfunded Loan Commitments | |||||||||||||||||||
| Beginning Balance | $ | 6,399 | $ | 35,335,387 | $ | 3,525,308 | $ | - | $ | 38,867,094 | $ | (20,064 | ) | |||||||||||
| Purchases/(Receipts) | - | 4,281,559 | 5,491,531 | 2 | 9,773,092 | (10,239 | ) | |||||||||||||||||
| (Sales, maturities and paydowns)/Fundings | - | (6,211,684 | ) | (563 | ) | - | (6,212,247 | ) | 10,536 | |||||||||||||||
| Amortization of premiums/discounts | - | 164,619 | - | - | 164,619 | 11,250 | ||||||||||||||||||
| Corporate actions | - | 3,560,765 | - | - | 3,560,765 | - | ||||||||||||||||||
| Total realized gains (losses) included in earnings | - | (4,358,573 | ) | (190 | ) | - | (4,358,763 | ) | (995 | ) | ||||||||||||||
| Total change in unrealized appreciation (depreciation) included in earnings | - | (2,469,915 | ) | (195,716 | ) | 69,883 | (2,595,748 | ) | 9,284 | |||||||||||||||
| Transfers into Level 3 | 945,156 | 3,091,924 | - | - | 4,037,080 | - | ||||||||||||||||||
| Transfers out of Level 3 | - | (21,625,232 | ) | - | - | (21,625,232 | ) | - | ||||||||||||||||
| Ending Balance | $ | 951,555 | $ | 11,768,850 | $ | 8,820,370 | $ | 69,885 | $ | 21,610,660 | $ | (228 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at June 30, 2025 | $ | - | $ | (2,648,723 | ) | $ | (195,927 | ) | $ | 69,883 | $ | (2,774,767 | ) | $ | (228 | ) | ||||||||
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments, result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").
Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 09/30/24 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | |||||||||||||||||||||
| Common Stocks | ||||||||||||||||||||||||||||
| BP Holdco LLC* | $ | 296,099 | $ | – | $ | – | $ | – | $ | (96,416 | ) | $ | 199,683 | 244,278 | ||||||||||||||
| * | Non-income producing security. |
| High Yield Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 0.7% | ||||||||
| Consumer, Cyclical - 0.4% | ||||||||
| Alimentation Couche-Tard Inc.*,††† | 49,358 | $ | 755,178 | |||||
| Accuride Corp*,†††,1 | 282,985 | 28 | ||||||
| Accuride Liquidating Trust*,†††,1 | 17 | – | ||||||
| Total Consumer, Cyclical | 755,206 | |||||||
| Consumer, Non-cyclical - 0.3% | ||||||||
| Endo, Inc.* | 22,747 | 477,391 | ||||||
| Save-A-Lot*,††† | 797,632 | 80 | ||||||
| Endo Guc Trust — Class A*,††† | 13,040 | 1 | ||||||
| Total Consumer, Non-cyclical | 477,472 | |||||||
| Industrial - 0.0% | ||||||||
| BP Holdco LLC*,†††,1 | 23,711 | 19,383 | ||||||
| YAK BLOCKER 2 LLC*,††† | 6,243 | 4,911 | ||||||
| YAK BLOCKER 2 LLC*,††† | 5,770 | 4,539 | ||||||
| Vector Phoenix Holdings, LP*,††† | 23,711 | 502 | ||||||
| Targus, Inc.*,††† | 12,825 | 227 | ||||||
| Targus, Inc.*,††† | 12,825 | 1 | ||||||
| Total Industrial | 29,563 | |||||||
| Energy - 0.0% | ||||||||
| Legacy Reserves, Inc.††† | 3,452 | 389 | ||||||
| Permian Production Partners LLC*,††† | 57,028 | 6 | ||||||
| Total Energy | 395 | |||||||
| Financial - 0.0% | ||||||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc.*,†††,2 | 1,210,000 | 121 | ||||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc.*,†††,2 | 950,000 | 95 | ||||||
| Avison Young (Canada), Inc.*,†† | 132 | 13 | ||||||
| Total Financial | 229 | |||||||
| Total Common Stocks | ||||||||
| (Cost $1,248,942) | 1,262,865 | |||||||
| PREFERRED STOCKS† - 1.6% | ||||||||
| Financial - 1.3% | ||||||||
| Citigroup, Inc.†† | ||||||||
| 7.63% | 775,000 | 815,604 | ||||||
| Bank of America Corp.†† | ||||||||
| 6.63% | 700,000 | 724,957 | ||||||
| Goldman Sachs Group, Inc.†† | ||||||||
| 7.50% | 475,000 | 504,395 | ||||||
| American National Group, Inc. | ||||||||
| 7.38% | 18,000 | 469,260 | ||||||
| Avison Young (Canada), Inc.*,†† | 185,779 | 4,273 | ||||||
| Total Financial | 2,518,489 | |||||||
| Energy - 0.3% | ||||||||
| Venture Global LNG, Inc. | ||||||||
| 9.00%3,†† | 475,000 | 461,794 | ||||||
| Industrial - 0.0% | ||||||||
| U.S. Shipping Corp.*,††† | 14,718 | 1 | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $3,400,305) | 2,980,284 | |||||||
| RIGHTS† - 0.0% | ||||||||
| Asphalt Intermediate Holdco, LLC | ||||||||
| Expiring 12/31/49††† | 2,203 | 9,239 | ||||||
| Total Rights | ||||||||
| (Cost $–) | 9,239 | |||||||
| WARRANT† - 0.0% | ||||||||
| Ginkgo Bioworks Holdings, Inc. | ||||||||
| Expiring 09/16/26* | 4 | – | ||||||
| Total Warrant | ||||||||
| (Cost $9) | - | |||||||
| MONEY MARKET FUND***,† - 2.9% | ||||||||
| Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.11%4 | 5,533,676 | 5,533,676 | ||||||
| Total Money Market Fund | ||||||||
| (Cost $5,533,676) | 5,533,676 | |||||||
| Face Amount~ | ||||||||
| CORPORATE BONDS†† - 81.1% | ||||||||
| Consumer, Cyclical - 15.1% | ||||||||
| Caesars Entertainment, Inc. | ||||||||
| 6.00% due 10/15/323 | 900,000 | 882,641 | ||||||
| 8.13% due 07/01/273 | 306,000 | 306,092 | ||||||
| 6.50% due 02/15/323 | 150,000 | 153,917 | ||||||
| Ferrellgas Limited Partnership / Ferrellgas Finance Corp. | ||||||||
| 5.38% due 04/01/263 | 1,225,000 | 1,213,370 | ||||||
| Wabash National Corp. | ||||||||
| 4.50% due 10/15/283 | 1,325,000 | 1,198,648 | ||||||
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. | ||||||||
| 5.00% due 06/01/313 | 1,225,000 | 1,158,969 | ||||||
| Beach Acquisition Bidco, LLC | ||||||||
| 5.88% due 07/01/32 | EUR | 975,000 | 1,156,503 | |||||
| Allwyn Entertainment Financing UK plc | ||||||||
| 7.88% due 04/30/293 | 1,100,000 | 1,144,896 | ||||||
| Wolverine World Wide, Inc. | ||||||||
| 4.00% due 08/15/293 | 1,200,000 | 1,075,922 | ||||||
| Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. | ||||||||
| 6.63% due 03/01/303 | 1,100,000 | 1,060,024 | ||||||
| Flutter Treasury DAC | ||||||||
| 5.88% due 06/04/313 | 1,050,000 | 1,057,875 | ||||||
| Crocs, Inc. | ||||||||
| 4.25% due 03/15/293 | 1,094,000 | 1,043,664 | ||||||
| Life Time, Inc. | ||||||||
| 6.00% due 11/15/313 | 1,025,000 | 1,041,349 | ||||||
| Station Casinos LLC | ||||||||
| 4.63% due 12/01/313 | 700,000 | 655,714 | ||||||
| 6.63% due 03/15/323 | 375,000 | 383,442 | ||||||
| Newell Brands, Inc. | ||||||||
| 6.38% due 09/15/27 | 500,000 | 506,714 | ||||||
| 6.63% due 05/15/32 | 400,000 | 381,583 | ||||||
| Scotts Miracle-Gro Co. | ||||||||
| 4.38% due 02/01/32 | 500,000 | 459,131 | ||||||
| 4.00% due 04/01/31 | 425,000 | 390,364 | ||||||
| Velocity Vehicle Group LLC | ||||||||
| 8.00% due 06/01/293 | 850,000 | 849,313 | ||||||
| High Yield Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 81.1% (continued) | ||||||||
| Consumer, Cyclical - 15.1% (continued) | ||||||||
| Clarios Global Limited Partnership / Clarios US Finance Co. | ||||||||
| 8.50% due 05/15/273 | 475,000 | $ | 477,080 | |||||
| 6.75% due 05/15/283 | 350,000 | 359,259 | ||||||
| AccorInvest Group S.A. | ||||||||
| 6.38% due 10/15/293 | EUR | 425,000 | 525,101 | |||||
| 5.50% due 11/15/31 | EUR | 250,000 | 299,493 | |||||
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | ||||||||
| 6.25% due 03/15/333 | 550,000 | 553,527 | ||||||
| 7.13% due 02/15/313 | 175,000 | 186,631 | ||||||
| RB Global Holdings, Inc. | ||||||||
| 7.75% due 03/15/313 | 450,000 | 473,067 | ||||||
| 6.75% due 03/15/283 | 250,000 | 256,443 | ||||||
| ONE Hotels GmbH | ||||||||
| 7.75% due 04/02/313 | EUR | 575,000 | 726,054 | |||||
| Whirlpool Corp. | ||||||||
| 6.50% due 06/15/33 | 575,000 | 576,841 | ||||||
| PetSmart, Inc. / PetSmart Finance Corp. | ||||||||
| 4.75% due 02/15/283 | 575,000 | 560,711 | ||||||
| Park River Holdings, Inc. | ||||||||
| 5.63% due 02/01/293 | 675,000 | 546,690 | ||||||
| Penn Entertainment, Inc. | ||||||||
| 4.13% due 07/01/293 | 579,000 | 536,506 | ||||||
| Vail Resorts, Inc. | ||||||||
| 6.50% due 05/15/323 | 500,000 | 516,625 | ||||||
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. | ||||||||
| 4.63% due 01/15/293 | 525,000 | 502,854 | ||||||
| JB Poindexter & Company, Inc. | ||||||||
| 8.75% due 12/15/313 | 475,000 | 483,407 | ||||||
| Evergreen Acqco 1 Limited Partnership / TVI, Inc. | ||||||||
| 9.75% due 04/26/283 | 414,000 | 433,046 | ||||||
| Asbury Automotive Group, Inc. | ||||||||
| 5.00% due 02/15/323 | 450,000 | 428,161 | ||||||
| Superior Plus, LP | ||||||||
| 4.25% due 05/18/283 | CAD | 550,000 | 394,057 | |||||
| United Airlines, Inc. | ||||||||
| 4.63% due 04/15/293 | 400,000 | 388,266 | ||||||
| Somnigroup International, Inc. | ||||||||
| 3.88% due 10/15/313 | 425,000 | 386,395 | ||||||
| QXO Building Products, Inc. | ||||||||
| 6.75% due 04/30/323 | 375,000 | 386,326 | ||||||
| Sabre GLBL, Inc. | ||||||||
| 7.38% due 09/01/252 | 320,000 | 320,400 | ||||||
| Papa John's International, Inc. | ||||||||
| 3.88% due 09/15/293 | 325,000 | 315,587 | ||||||
| Allison Transmission, Inc. | ||||||||
| 5.88% due 06/01/293 | 275,000 | 277,801 | ||||||
| Superior Plus Limited Partnership / Superior General Partner, Inc. | ||||||||
| 4.50% due 03/15/293 | 250,000 | 240,443 | ||||||
| Hilton Domestic Operating Company, Inc. | ||||||||
| 5.88% due 03/15/333 | 234,000 | 238,417 | ||||||
| Gates Corp. | ||||||||
| 6.88% due 07/01/293 | 200,000 | 207,673 | ||||||
| 1011778 BC ULC / New Red Finance, Inc. | ||||||||
| 5.63% due 09/15/293 | 200,000 | 202,824 | ||||||
| Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. | ||||||||
| 6.63% due 05/01/323 | 175,000 | 180,501 | ||||||
| New Flyer Holdings, Inc. | ||||||||
| 9.25% due 07/01/303 | 125,000 | 131,880 | ||||||
| Six Flags Entertainment Corp. | ||||||||
| 7.00% due 07/01/253 | 117,000 | 117,000 | ||||||
| Total Consumer, Cyclical | 28,349,197 | |||||||
| Industrial - 14.2% | ||||||||
| Trinity Industries, Inc. | ||||||||
| 7.75% due 07/15/283 | 1,725,000 | 1,796,649 | ||||||
| GrafTech Finance, Inc. | ||||||||
| 4.63% due 12/23/293 | 2,500,000 | 1,712,500 | ||||||
| Enviri Corp. | ||||||||
| 5.75% due 07/31/273 | 1,575,000 | 1,554,466 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 7.88% due 04/15/273 | 1,025,000 | 1,041,802 | ||||||
| 9.25% due 04/15/273 | 500,000 | 496,494 | ||||||
| New Enterprise Stone & Lime Company, Inc. | ||||||||
| 9.75% due 07/15/283 | 1,225,000 | 1,227,859 | ||||||
| 5.25% due 07/15/283 | 300,000 | 300,795 | ||||||
| Great Lakes Dredge & Dock Corp. | ||||||||
| 5.25% due 06/01/293 | 1,525,000 | 1,465,441 | ||||||
| JH North America Holdings, Inc. | ||||||||
| 5.88% due 01/31/313 | 1,375,000 | 1,387,006 | ||||||
| Quikrete Holdings, Inc. | ||||||||
| 6.75% due 03/01/333 | 475,000 | 490,117 | ||||||
| 6.38% due 03/01/323 | 475,000 | 488,452 | ||||||
| TransDigm, Inc. | ||||||||
| 6.88% due 12/15/303 | 925,000 | 959,769 | ||||||
| Waste Pro USA, Inc. | ||||||||
| 7.00% due 02/01/333 | 900,000 | 934,306 | ||||||
| EMRLD Borrower Limited Partnership / Emerald Company-Issuer, Inc. | ||||||||
| 6.63% due 12/15/303 | 825,000 | 843,292 | ||||||
| Builders FirstSource, Inc. | ||||||||
| 6.75% due 05/15/353 | 500,000 | 514,807 | ||||||
| 6.38% due 03/01/343 | 200,000 | 203,815 | ||||||
| 4.25% due 02/01/323 | 100,000 | 92,646 | ||||||
| MIWD Holdco II LLC / MIWD Finance Corp. | ||||||||
| 5.50% due 02/01/303 | 800,000 | 760,493 | ||||||
| Clearwater Paper Corp. | ||||||||
| 4.75% due 08/15/283 | 750,000 | 710,570 | ||||||
| High Yield Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 81.1% (continued) | ||||||||
| Industrial - 14.2% (continued) | ||||||||
| Arcosa, Inc. | ||||||||
| 4.38% due 04/15/293 | 700,000 | $ | 677,141 | |||||
| Clarios Global LP | ||||||||
| 4.75% due 06/15/31 | EUR | 550,000 | 650,462 | |||||
| Advanced Drainage Systems, Inc. | ||||||||
| 6.38% due 06/15/303 | 575,000 | 588,085 | ||||||
| Enpro, Inc. | ||||||||
| 6.13% due 06/01/333 | 550,000 | 562,277 | ||||||
| Nidda Healthcare Holding | ||||||||
| 5.63% due 02/21/30 | EUR | 450,000 | 540,238 | |||||
| Standard Industries, Inc. | ||||||||
| 4.38% due 07/15/303 | 550,000 | 520,763 | ||||||
| Brundage-Bone Concrete Pumping Holdings, Inc. | ||||||||
| 7.50% due 02/01/323 | 525,000 | 520,375 | ||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc | ||||||||
| 6.00% due 06/15/273 | 500,000 | 501,536 | ||||||
| Hillenbrand, Inc. | ||||||||
| 3.75% due 03/01/31 | 550,000 | 492,630 | ||||||
| Lottomatica Group SpA | ||||||||
| 4.88% due 01/31/31 | EUR | 400,000 | 483,195 | |||||
| Calderys Financing LLC | ||||||||
| 11.25% due 06/01/283 | 425,000 | 450,557 | ||||||
| Axon Enterprise, Inc. | ||||||||
| 6.25% due 03/15/333 | 400,000 | 411,865 | ||||||
| Graphic Packaging International LLC | ||||||||
| 6.38% due 07/15/323 | 375,000 | 382,903 | ||||||
| Crown Americas LLC | ||||||||
| 5.88% due 06/01/333 | 375,000 | 377,563 | ||||||
| Sealed Air Corporation/Sealed Air Corp US | ||||||||
| 7.25% due 02/15/313 | 350,000 | 368,367 | ||||||
| Amsted Industries, Inc. | ||||||||
| 4.63% due 05/15/303 | 375,000 | 360,688 | ||||||
| Standard Building Solutions, Inc. | ||||||||
| 6.50% due 08/15/323 | 350,000 | 358,622 | ||||||
| AmeriTex HoldCo Intermediate LLC | ||||||||
| 10.25% due 10/15/283 | 300,000 | 318,238 | ||||||
| Wrangler Holdco Corp. | ||||||||
| 6.63% due 04/01/323 | 275,000 | 286,292 | ||||||
| Artera Services LLC | ||||||||
| 8.50% due 02/15/313 | 333,038 | 277,328 | ||||||
| Clean Harbors, Inc. | ||||||||
| 6.38% due 02/01/313 | 225,000 | 230,518 | ||||||
| Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC | ||||||||
| 6.75% due 04/01/323 | 175,000 | 179,490 | ||||||
| EnerSys | ||||||||
| 6.63% due 01/15/323 | 175,000 | 178,942 | ||||||
| Total Industrial | 26,699,354 | |||||||
| Consumer, Non-cyclical - 13.5% | ||||||||
| CPI CG, Inc. | ||||||||
| 10.00% due 07/15/293 | 1,650,000 | 1,738,687 | ||||||
| Sotheby's/Bidfair Holdings, Inc. | ||||||||
| 5.88% due 06/01/293 | 1,200,000 | 1,080,626 | ||||||
| Williams Scotsman, Inc. | ||||||||
| 7.38% due 10/01/313 | 725,000 | 763,134 | ||||||
| 6.63% due 04/15/303 | 300,000 | 311,625 | ||||||
| HAH Group Holding Company LLC | ||||||||
| 9.75% due 10/01/313 | 1,075,000 | 1,065,769 | ||||||
| Carriage Services, Inc. | ||||||||
| 4.25% due 05/15/293 | 1,075,000 | 1,015,742 | ||||||
| Bausch Health Companies, Inc. | ||||||||
| 4.88% due 06/01/283 | 1,200,000 | 1,012,254 | ||||||
| TriNet Group, Inc. | ||||||||
| 7.13% due 08/15/313 | 950,000 | 989,516 | ||||||
| Upbound Group, Inc. | ||||||||
| 6.38% due 02/15/293 | 989,000 | 978,361 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 6.75% due 05/15/31 | 675,000 | 698,348 | ||||||
| 6.13% due 06/15/30 | 275,000 | 279,781 | ||||||
| Post Holdings, Inc. | ||||||||
| 4.63% due 04/15/303 | 600,000 | 576,740 | ||||||
| 6.25% due 10/15/343 | 350,000 | 351,988 | ||||||
| Albion Financing 1 SARL / Aggreko Holdings, Inc. | ||||||||
| 7.00% due 05/21/303 | 900,000 | 918,475 | ||||||
| Boost Newco Borrower LLC | ||||||||
| 7.50% due 01/15/313 | 850,000 | 902,288 | ||||||
| BCP V Modular Services Finance II plc | ||||||||
| 4.75% due 10/30/283 | EUR | 736,000 | 851,241 | |||||
| Medline Borrower, LP | ||||||||
| 5.25% due 10/01/293 | 850,000 | 843,374 | ||||||
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC | ||||||||
| 5.88% due 02/15/283 | 475,000 | 474,523 | ||||||
| 6.25% due 03/15/333 | 300,000 | 309,248 | ||||||
| AMN Healthcare, Inc. | ||||||||
| 4.63% due 10/01/273 | 775,000 | 753,854 | ||||||
| Cheplapharm Arzneimittel GmbH | ||||||||
| 5.50% due 01/15/283 | 778,000 | 751,958 | ||||||
| Sammontana Italia SpA | ||||||||
| 6.03% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 10/15/31◊ | EUR | 625,000 | 735,579 | |||||
| Perrigo Finance Unlimited Co. | ||||||||
| 4.90% due 06/15/30 | 500,000 | 491,590 | ||||||
| 6.13% due 09/30/32 | 225,000 | 227,158 | ||||||
| Performance Food Group, Inc. | ||||||||
| 6.13% due 09/15/323 | 700,000 | 716,054 | ||||||
| High Yield Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 81.1% (continued) | ||||||||
| Consumer, Non-cyclical - 13.5% (continued) | ||||||||
| Belron UK Finance plc | ||||||||
| 5.75% due 10/15/293 | 675,000 | $ | 680,632 | |||||
| Central Garden & Pet Co. | ||||||||
| 4.13% due 10/15/30 | 711,000 | 671,178 | ||||||
| Grifols S.A. | ||||||||
| 4.75% due 10/15/283 | 600,000 | 576,796 | ||||||
| Herc Holdings, Inc. | ||||||||
| 7.00% due 06/15/303 | 310,000 | 323,751 | ||||||
| 7.25% due 06/15/333 | 217,000 | 227,373 | ||||||
| US Foods, Inc. | ||||||||
| 7.25% due 01/15/323 | 500,000 | 526,522 | ||||||
| Brink's Co. | ||||||||
| 6.75% due 06/15/323 | 475,000 | 494,664 | ||||||
| Acadia Healthcare Company, Inc. | ||||||||
| 7.38% due 03/15/333 | 450,000 | 463,604 | ||||||
| IQVIA, Inc. | ||||||||
| 6.25% due 06/01/323 | 450,000 | 461,798 | ||||||
| Service Corporation International | ||||||||
| 5.75% due 10/15/32 | 425,000 | 429,334 | ||||||
| Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
| 6.25% due 01/15/283 | 375,000 | 375,587 | ||||||
| Neogen Food Safety Corp. | ||||||||
| 8.63% due 07/20/303 | 300,000 | 310,301 | ||||||
| Concentra Health Services, Inc. | ||||||||
| 6.88% due 07/15/323 | 275,000 | 284,725 | ||||||
| Block, Inc. | ||||||||
| 6.50% due 05/15/32 | 250,000 | 257,931 | ||||||
| Molina Healthcare, Inc. | ||||||||
| 6.25% due 01/15/333 | 250,000 | 254,475 | ||||||
| WW International, Inc. | ||||||||
| due 04/15/29†††,3,5 | 690,000 | 226,838 | ||||||
| Ingles Markets, Inc. | ||||||||
| 4.00% due 06/15/313 | 75,000 | 69,752 | ||||||
| Total Consumer, Non-cyclical | 25,473,174 | |||||||
| Financial - 11.7% | ||||||||
| Jones Deslauriers Insurance Management, Inc. | ||||||||
| 10.50% due 12/15/303 | 1,300,000 | 1,385,550 | ||||||
| 8.50% due 03/15/303 | 200,000 | 211,986 | ||||||
| Jane Street Group / JSG Finance, Inc. | ||||||||
| 6.13% due 11/01/323 | 800,000 | 807,637 | ||||||
| 7.13% due 04/30/313 | 475,000 | 499,775 | ||||||
| Ardonagh Finco Ltd. | ||||||||
| 7.75% due 02/15/313 | 1,200,000 | 1,254,563 | ||||||
| Hunt Companies, Inc. | ||||||||
| 5.25% due 04/15/293 | 1,225,000 | 1,180,353 | ||||||
| United Wholesale Mortgage LLC | ||||||||
| 5.75% due 06/15/273 | 675,000 | 673,381 | ||||||
| 5.50% due 04/15/293 | 475,000 | 461,061 | ||||||
| VFH Parent LLC / Valor Company-Issuer, Inc. | ||||||||
| 7.50% due 06/15/313 | 1,025,000 | 1,075,634 | ||||||
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. | ||||||||
| 3.88% due 03/01/313 | 724,000 | 671,162 | ||||||
| 4.00% due 10/15/333 | 350,000 | 313,134 | ||||||
| Jefferies Finance LLC / JFIN Company-Issuer Corp. | ||||||||
| 5.00% due 08/15/283 | 1,000,000 | 966,676 | ||||||
| Starwood Property Trust, Inc. | ||||||||
| 6.50% due 10/15/303 | 500,000 | 516,220 | ||||||
| 7.25% due 04/01/293 | 425,000 | 447,024 | ||||||
| Iron Mountain Information Management Services, Inc. | ||||||||
| 5.00% due 07/15/323 | 1,000,000 | 958,868 | ||||||
| OneMain Finance Corp. | ||||||||
| 4.00% due 09/15/30 | 525,000 | 484,435 | ||||||
| 3.88% due 09/15/28 | 375,000 | 359,609 | ||||||
| PennyMac Financial Services, Inc. | ||||||||
| 7.88% due 12/15/293 | 325,000 | 345,112 | ||||||
| 6.88% due 05/15/323 | 275,000 | 281,179 | ||||||
| 7.13% due 11/15/303 | 175,000 | 181,367 | ||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer | ||||||||
| 6.50% due 10/01/313 | 775,000 | 789,414 | ||||||
| Encore Capital Group, Inc. | ||||||||
| 9.25% due 04/01/293 | 600,000 | 638,060 | ||||||
| Aretec Group, Inc. | ||||||||
| 10.00% due 08/15/303 | 575,000 | 631,878 | ||||||
| UWM Holdings LLC | ||||||||
| 6.63% due 02/01/303 | 625,000 | 625,646 | ||||||
| Hightower Holding LLC | ||||||||
| 9.13% due 01/31/303 | 575,000 | 609,809 | ||||||
| USI, Inc. | ||||||||
| 7.50% due 01/15/323 | 575,000 | 606,716 | ||||||
| Kennedy-Wilson, Inc. | ||||||||
| 4.75% due 02/01/30 | 450,000 | 412,119 | ||||||
| 4.75% due 03/01/29 | 150,000 | 140,582 | ||||||
| Walker & Dunlop, Inc. | ||||||||
| 6.63% due 04/01/333 | 475,000 | 487,461 | ||||||
| Focus Financial Partners LLC | ||||||||
| 6.75% due 09/15/313 | 475,000 | 484,863 | ||||||
| Ryan Specialty LLC | ||||||||
| 5.88% due 08/01/323 | 475,000 | 478,736 | ||||||
| HOWDEN UK REFINANCE / US | ||||||||
| 7.25% due 02/15/313 | 450,000 | 465,983 | ||||||
| Liberty Mutual Group, Inc. | ||||||||
| 4.30% due 02/01/613 | 750,000 | 454,042 | ||||||
| HUB International Ltd. | ||||||||
| 7.38% due 01/31/323 | 425,000 | 444,690 | ||||||
| Sherwood Financing plc | ||||||||
| 7.48% (3 Month EURIBOR + 5.50%, Rate Floor: 0.00%) due 12/15/29◊ | EUR | 375,000 | 440,696 | |||||
| Rfna, LP | ||||||||
| 7.88% due 02/15/303 | 425,000 | 434,898 | ||||||
| SLM Corp. | ||||||||
| 6.50% due 01/31/30 | 300,000 | 314,891 | ||||||
| High Yield Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 81.1% (continued) | ||||||||
| Financial - 11.7% (continued) | ||||||||
| Citadel Securities Global Holdings LLC | ||||||||
| 5.50% due 06/18/303 | 300,000 | $ | 303,564 | |||||
| AmWINS Group, Inc. | ||||||||
| 4.88% due 06/30/293 | 300,000 | 291,544 | ||||||
| Total Financial | 22,130,318 | |||||||
| Communications - 8.3% | ||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
| 4.50% due 05/01/32 | 2,250,000 | 2,095,296 | ||||||
| 4.25% due 01/15/343 | 975,000 | 867,932 | ||||||
| 6.38% due 09/01/293 | 425,000 | 433,516 | ||||||
| AMC Networks, Inc. | ||||||||
| 4.25% due 02/15/29 | 1,750,000 | 1,401,943 | ||||||
| 10.50% due 07/15/323 | 825,000 | 835,923 | ||||||
| CSC Holdings LLC | ||||||||
| 3.38% due 02/15/313 | 1,025,000 | 710,211 | ||||||
| 4.13% due 12/01/303 | 975,000 | 687,875 | ||||||
| 4.63% due 12/01/303 | 950,000 | 441,803 | ||||||
| Vmed O2 UK Financing I plc | ||||||||
| 4.75% due 07/15/313 | 850,000 | 786,272 | ||||||
| 7.75% due 04/15/323 | 350,000 | 363,701 | ||||||
| Sunrise FinCo I B.V. | ||||||||
| 4.88% due 07/15/313 | 1,200,000 | 1,134,900 | ||||||
| McGraw-Hill Education, Inc. | ||||||||
| 8.00% due 08/01/293 | 775,000 | 789,107 | ||||||
| 5.75% due 08/01/283 | 225,000 | 226,355 | ||||||
| 7.38% due 09/01/313 | 100,000 | 104,314 | ||||||
| Altice France S.A. | ||||||||
| 8.13% due 02/01/273 | 900,000 | 810,000 | ||||||
| 5.50% due 10/15/293 | 250,000 | 207,229 | ||||||
| Cogent Communications Group Incorporated / Cogent Communications Finance, Inc. | ||||||||
| 7.00% due 06/15/273 | 952,000 | 953,700 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 11.00% due 11/15/293 | 465,675 | 534,171 | ||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp. | ||||||||
| 4.25% due 01/15/293 | 550,000 | 526,171 | ||||||
| Sirius XM Radio LLC | ||||||||
| 5.50% due 07/01/293 | 525,000 | 521,543 | ||||||
| Gen Digital, Inc. | ||||||||
| 6.25% due 04/01/333 | 475,000 | 487,750 | ||||||
| Match Group Holdings II LLC | ||||||||
| 5.63% due 02/15/293 | 375,000 | 372,259 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
| 4.00% due 03/01/273 | 300,000 | 281,333 | ||||||
| Cogent Communications Group LLC | ||||||||
| 7.00% due 06/15/273 | 44,000 | 44,202 | ||||||
| Total Communications | 15,617,506 | |||||||
| Basic Materials - 6.7% | ||||||||
| Carpenter Technology Corp. | ||||||||
| 6.38% due 07/15/28 | 825,000 | 827,238 | ||||||
| 7.63% due 03/15/30 | 650,000 | 672,614 | ||||||
| Novelis Corp. | ||||||||
| 4.75% due 01/30/303 | 1,025,000 | 982,141 | ||||||
| 3.88% due 08/15/313 | 200,000 | 179,713 | ||||||
| Ingevity Corp. | ||||||||
| 3.88% due 11/01/283 | 1,150,000 | 1,096,736 | ||||||
| INEOS Finance plc | ||||||||
| 6.75% due 05/15/283 | 1,100,000 | 1,092,576 | ||||||
| Kaiser Aluminum Corp. | ||||||||
| 4.50% due 06/01/313 | 725,000 | 678,245 | ||||||
| 4.63% due 03/01/283 | 275,000 | 269,063 | ||||||
| SCIL IV LLC / SCIL USA Holdings LLC | ||||||||
| 5.38% due 11/01/263 | 950,000 | 943,840 | ||||||
| Arsenal AIC Parent LLC | ||||||||
| 8.00% due 10/01/303 | 850,000 | 907,112 | ||||||
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. | ||||||||
| 9.00% due 07/01/283 | 900,000 | 904,419 | ||||||
| Alumina Pty Ltd. | ||||||||
| 6.38% due 09/15/323 | 800,000 | 815,025 | ||||||
| SK Invictus Intermediate II SARL | ||||||||
| 5.00% due 10/30/293 | 800,000 | 774,707 | ||||||
| WR Grace Holdings LLC | ||||||||
| 7.38% due 03/01/313 | 575,000 | 588,810 | ||||||
| Alcoa Nederland Holding B.V. | ||||||||
| 7.13% due 03/15/313 | 550,000 | 577,218 | ||||||
| Minerals Technologies, Inc. | ||||||||
| 5.00% due 07/01/283 | 572,000 | 562,625 | ||||||
| Compass Minerals International, Inc. | ||||||||
| 8.00% due 07/01/303 | 275,000 | 284,114 | ||||||
| 6.75% due 12/01/273 | 261,000 | 263,178 | ||||||
| Axalta Coating Systems Dutch Holding B B.V. | ||||||||
| 7.25% due 02/15/313 | 250,000 | 263,572 | ||||||
| Mirabela Nickel Ltd. | ||||||||
| due 06/24/19†††,2,5 | 278,115 | 1,391 | ||||||
| Total Basic Materials | 12,684,337 | |||||||
| Energy - 6.1% | ||||||||
| CVR Energy, Inc. | ||||||||
| 5.75% due 02/15/283 | 1,179,000 | 1,128,899 | ||||||
| 8.50% due 01/15/293 | 350,000 | 350,137 | ||||||
| ITT Holdings LLC | ||||||||
| 6.50% due 08/01/293 | 1,500,000 | 1,426,427 | ||||||
| Buckeye Partners, LP | ||||||||
| 6.88% due 07/01/293 | 775,000 | 802,917 | ||||||
| 3.95% due 12/01/26 | 550,000 | 543,579 | ||||||
| TransMontaigne Partners LLC | ||||||||
| 8.50% due 06/15/303 | 1,100,000 | 1,144,324 | ||||||
| Viper Energy, Inc. | ||||||||
| 7.38% due 11/01/313 | 1,015,000 | 1,077,001 | ||||||
| Venture Global LNG, Inc. | ||||||||
| 8.13% due 06/01/283 | 525,000 | 542,611 | ||||||
| 7.00% due 01/15/303 | 400,000 | 404,365 | ||||||
| Global Partners Limited Partnership / GLP Finance Corp. | ||||||||
| 7.13% due 07/01/333 | 425,000 | 430,956 | ||||||
| 6.88% due 01/15/29 | 250,000 | 253,859 | ||||||
| CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC | ||||||||
| 7.50% due 12/15/333 | 600,000 | 651,053 | ||||||
| High Yield Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 81.1% (continued) | ||||||||
| Energy - 6.1% (continued) | ||||||||
| Sunoco, LP | ||||||||
| 7.25% due 05/01/323 | 500,000 | $ | 524,991 | |||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 6.25% due 01/15/303 | 500,000 | 515,688 | ||||||
| Expand Energy Corp. | ||||||||
| 5.38% due 02/01/29 | 425,000 | 425,396 | ||||||
| Kinetik Holdings, LP | ||||||||
| 5.88% due 06/15/303 | 350,000 | 352,968 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.75% due 01/15/363 | 350,000 | 350,000 | ||||||
| Hess Midstream Operations, LP | ||||||||
| 5.88% due 03/01/283 | 300,000 | 304,472 | ||||||
| Parkland Corp. | ||||||||
| 4.63% due 05/01/303 | 275,000 | 263,329 | ||||||
| Total Energy | 11,492,972 | |||||||
| Technology - 4.2% | ||||||||
| Capstone Borrower, Inc. | ||||||||
| 8.00% due 06/15/303 | 1,275,000 | 1,329,866 | ||||||
| Dye & Durham Ltd. | ||||||||
| 8.63% due 04/15/293 | 1,200,000 | 1,255,895 | ||||||
| Cloud Software Group, Inc. | ||||||||
| 6.50% due 03/31/293 | 1,000,000 | 1,009,313 | ||||||
| Dun & Bradstreet Corp. | ||||||||
| 5.00% due 12/15/293 | 925,000 | 948,125 | ||||||
| TeamSystem SpA | ||||||||
| 5.78% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/31/31◊,3 | EUR | 700,000 | 825,960 | |||||
| Playtika Holding Corp. | ||||||||
| 4.25% due 03/15/293 | 900,000 | 816,759 | ||||||
| Xerox Corp. | ||||||||
| 10.25% due 10/15/303 | 475,000 | 497,299 | ||||||
| Amentum Holdings, Inc. | ||||||||
| 7.25% due 08/01/323 | 450,000 | 463,119 | ||||||
| Fair Isaac Corp. | ||||||||
| 6.00% due 05/15/333 | 300,000 | 302,750 | ||||||
| NCR Voyix Corp. | ||||||||
| 5.13% due 04/15/293 | 292,000 | 287,602 | ||||||
| Central Parent LLC / CDK Global II LLC / CDK Financing Company, Inc. | ||||||||
| 8.00% due 06/15/293 | 200,000 | 165,379 | ||||||
| Total Technology | 7,902,067 | |||||||
| Utilities - 1.3% | ||||||||
| Terraform Global Operating, LP | ||||||||
| 6.13% due 03/01/263 | 983,000 | 977,054 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 7.75% due 05/01/353 | 850,000 | 920,059 | ||||||
| ContourGlobal Power Holdings S.A. | ||||||||
| 6.75% due 02/28/303 | 550,000 | 566,698 | ||||||
| Total Utilities | 2,463,811 | |||||||
| Total Corporate Bonds | ||||||||
| (Cost $153,942,436) | 152,812,736 | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 13.7% | ||||||||
| Consumer, Cyclical - 2.9% | ||||||||
| Alexander Mann | ||||||||
| 10.36% (1 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27 | 942,068 | 910,273 | ||||||
| AmSpec Parent LLC | ||||||||
| 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31 | 616,872 | 619,185 | ||||||
| CCRR Parent, Inc. | ||||||||
| 8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 1,510,095 | 596,487 | ||||||
| ScribeAmerica Intermediate Holdco LLC (Healthchannels) | ||||||||
| due 04/03/255 | 728,127 | 567,939 | ||||||
| ATG Entertainment | ||||||||
| 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 04/17/32 | 475,000 | 475,594 | ||||||
| Secretariat Advisors LLC | ||||||||
| 8.30% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/24/32††† | 423,925 | 423,925 | ||||||
| Accuride Corp. | ||||||||
| 8.81% (3 Month Term SOFR + 1.50%, Rate Floor: 5.81%) (in-kind rate was 3.00%) due 03/07/30†††,1,6 | 205,115 | 389,756 | ||||||
| Blue Ribbon LLC | ||||||||
| 12.28% (3 Month Term SOFR + 4.00%, Rate Floor: 8.28%) (in-kind rate was 4.00%) due 05/08/286 | 350,639 | 350,639 | ||||||
| First Brands Group LLC | ||||||||
| 9.54% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 271,759 | 255,850 | ||||||
| Galaxy US Opco, Inc. | ||||||||
| 5.01% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 07/31/30 | 249,654 | 231,242 | ||||||
| Holding Socotec SAS | ||||||||
| 8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/30/28 | 198,000 | 198,164 | ||||||
| Asphalt Atd Holdco, LLC | ||||||||
| 11.30% (3 Month Term SOFR + 7.00%, Rate Floor: 7.30%) (in-kind rate was 4.00%) due 02/28/30†††,6 | 176,377 | 176,377 | ||||||
| WW International, Inc. | ||||||||
| due 04/13/285 | 491,625 | 161,007 | ||||||
| TransNetwork LLC | ||||||||
| 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/29/30 | 49,622 | 49,654 | ||||||
| High Yield Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 13.7% (continued) | ||||||||
| Consumer, Cyclical - 2.9% (continued) | ||||||||
| American Tire Distributors, Inc. | ||||||||
| due 10/20/28†††,5 | 360,947 | $ | – | |||||
| Total Consumer, Cyclical | 5,406,092 | |||||||
| Technology - 2.6% | ||||||||
| DS Admiral Bidco LLC | ||||||||
| 8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 988,696 | 983,753 | ||||||
| Pushpay USA, Inc. | ||||||||
| 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/15/31 | 671,625 | 674,983 | ||||||
| E2open LLC | ||||||||
| 7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/04/28 | 497,412 | 498,835 | ||||||
| Blackhawk Network Holdings, Inc. | ||||||||
| 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 495,013 | 497,334 | ||||||
| Modena Buyer LLC | ||||||||
| 8.78% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 497,500 | 478,222 | ||||||
| Polaris Newco LLC | ||||||||
| 8.29% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/02/28 | 472,545 | 460,009 | ||||||
| Cloud Software Group, Inc. | ||||||||
| 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 03/30/29 | 364,513 | 364,761 | ||||||
| Xerox Corp. | ||||||||
| 8.27% ((3 Month Term SOFR + 4.00%) and (6 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29 | 352,972 | 339,845 | ||||||
| Dye & Durham Corp. | ||||||||
| 8.65% (3 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 04/11/31 | 332,375 | 334,618 | ||||||
| Central Parent LLC | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29 | 272,938 | 227,248 | ||||||
| Total Technology | 4,859,608 | |||||||
| Consumer, Non-cyclical - 2.4% | ||||||||
| Gibson Brands, Inc. | ||||||||
| 9.54% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28 | 839,550 | 798,101 | ||||||
| Blue Ribbon LLC | ||||||||
| 10.29% (1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 938,489 | 717,165 | ||||||
| IVI America LLC | ||||||||
| 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/18/31 | 470,499 | 473,736 | ||||||
| due 04/09/31 | 200,000 | 201,376 | ||||||
| Recess Holdings, Inc. | ||||||||
| 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 592,770 | 594,033 | ||||||
| Women's Care Holdings, Inc. | ||||||||
| 8.88% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 643,250 | 588,574 | ||||||
| Midwest Physician Administrative Services | ||||||||
| 7.81% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/12/28 | 462,109 | 428,990 | ||||||
| Balrog Acquisition, Inc. | ||||||||
| 8.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28 | 343,000 | 336,140 | ||||||
| Moran Foods LLC | ||||||||
| 11.65% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26††† | 804,231 | 229,467 | ||||||
| Florida Food Products LLC | ||||||||
| 9.56% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28 | 217,688 | 145,306 | ||||||
| Total Consumer, Non-cyclical | 4,512,888 | |||||||
| Financial - 2.2% | ||||||||
| Franchise Group, Inc. | ||||||||
| 9.19% (1 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 07/05/25 | 588,537 | 529,683 | ||||||
| 13.44% (3 Month Term SOFR + 9.11%, Rate Floor: 10.11%) due 07/05/25 | 339,485 | 339,061 | ||||||
| Galaxy Bidco Ltd. | ||||||||
| 6.04% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/19/29 | EUR | 600,000 | 708,775 | |||||
| CFC USA 2025 LLC | ||||||||
| due 05/29/32 | 700,000 | 696,500 | ||||||
| Cobham Ultra SeniorCo SARL | ||||||||
| 8.18% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/03/29 | 588,602 | 588,814 | ||||||
| Asurion LLC | ||||||||
| 8.68% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28 | 424,571 | 419,641 | ||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 124,063 | 120,844 | ||||||
| High Yield Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 13.7% (continued) | ||||||||
| Financial - 2.2% (continued) | ||||||||
| Ardonagh Midco 3 plc | ||||||||
| 7.04% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/15/31 | 249,375 | $ | 247,193 | |||||
| Avison Young (Canada), Inc. | ||||||||
| 12.59% (3 Month Term SOFR + 1.50%, Rate Floor: 6.09%) (in-kind rate was 6.50%) due 03/12/296 | 224,455 | 111,386 | ||||||
| 10.84% (3 Month Term SOFR + 6.25%, Rate Floor: 8.25%) due 03/12/28 | 82,912 | 78,517 | ||||||
| 19.07% (3 Month Term SOFR + 8.00%, Rate Floor: 12.57%) (in-kind rate was 6.50%) due 03/12/296 | 39,604 | 8,515 | ||||||
| Saphilux SARL | ||||||||
| 7.79% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/18/28 | 151,738 | 152,433 | ||||||
| Aretec Group, Inc. | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 118,803 | 118,963 | ||||||
| Franchise Group, Inc. | ||||||||
| due 03/10/26†††,5 | 383,035 | 19,152 | ||||||
| Total Financial | 4,139,477 | |||||||
| Industrial - 2.1% | ||||||||
| Dispatch Terra Acquisition LLC | ||||||||
| 8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 1,152,602 | 1,128,731 | ||||||
| Pelican Products, Inc. | ||||||||
| 8.81% (1 Month Term SOFR + 4.51%, Rate Floor: 5.01%) due 12/29/28 | 636,068 | 554,174 | ||||||
| Michael Baker International LLC | ||||||||
| 8.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 500,087 | 501,962 | ||||||
| Engineering Research And Consulting LLC | ||||||||
| 9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31 | 472,625 | 460,809 | ||||||
| Cognita Ltd. | ||||||||
| 8.29% (6 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/27/31 | 447,753 | 450,363 | ||||||
| STS Operating, Inc. | ||||||||
| 8.43% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31 | 395,000 | 388,186 | ||||||
| Mannington Mills, Inc. | ||||||||
| 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 297,750 | 291,423 | ||||||
| Osmose Utility Services, Inc. | ||||||||
| 7.69% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28 | 197,943 | 185,325 | ||||||
| Total Industrial | 3,960,973 | |||||||
| Basic Materials - 1.1% | ||||||||
| GrafTech Finance, Inc. | ||||||||
| 10.32% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 790,136 | 792,111 | ||||||
| Discovery Purchaser Corp. | ||||||||
| 8.02% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 770,881 | 769,193 | ||||||
| NIC Acquisition Corp. | ||||||||
| 8.31% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 653,766 | 568,776 | ||||||
| Total Basic Materials | 2,130,080 | |||||||
| Communications - 0.2% | ||||||||
| Level 3 Financing, Inc. | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/21/32 | 375,000 | 378,829 | ||||||
| Energy - 0.2% | ||||||||
| BANGL LLC | ||||||||
| 8.79% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29 | 370,298 | 371,224 | ||||||
| Total Senior Floating Rate Interests | ||||||||
| (Cost $28,447,577) | 25,759,171 | |||||||
| ASSET-BACKED SECURITIES†† - 0.2% | ||||||||
| Infrastructure - 0.2% | ||||||||
| Hotwire Funding LLC | ||||||||
| 2021-1, 4.46% due 11/20/513 | 400,000 | 390,012 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $400,000) | 390,012 | |||||||
| Total Investments - 100.2% | ||||||||
| (Cost $192,972,945) | $ | 188,747,983 | ||||||
| Other Assets & Liabilities, net - (0.2)% | (422,024 | ) | ||||||
| Total Net Assets - 100.0% | $ | 188,325,959 | ||||||
| High Yield Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Forward Foreign Currency Exchange Contracts††
| Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||
| Barclays Bank plc | EUR | Buy | 38,000 | 43,764 USD | 07/16/25 | $ | 1,051 | |||||||||
| Morgan Stanley Capital Services LLC | CAD | Sell | 538,000 | 394,409 USD | 07/16/25 | (999 | ) | |||||||||
| Morgan Stanley Capital Services LLC | EUR | Sell | 550,000 | 637,161 USD | 07/16/25 | (11,474 | ) | |||||||||
| Barclays Bank plc | EUR | Sell | 5,309,000 | 6,113,202 USD | 07/16/25 | (147,897 | ) | |||||||||
| $ | (159,319 | ) | ||||||||||||||
| ~ | The face amount is denominated in U.S. dollars unless otherwise indicated. |
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| † | Value determined based on Level 1 inputs, unless otherwise noted — See Note 3. |
| †† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| ◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 | Affiliated issuer. |
| 2 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $322,007 (cost $585,369), or 0.2% of total net assets — See Note 6. |
| 3 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $135,242,441 (cost $136,093,538), or 71.8% of total net assets. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
| 5 | Security is in default of interest and/or principal obligations. |
| 6 | Payment-in-kind security. |
CAD — Canadian Dollar
EUR — Euro
EURIBOR — European Interbank Offered Rate
plc — Public Limited Company
SARL — Société à Responsabilité Limitée
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 477,391 | $ | 13 | $ | 785,461 | $ | 1,262,865 | ||||||||
| Preferred Stocks | 469,260 | 2,511,023 | 1 | 2,980,284 | ||||||||||||
| Warrant | — | * | — | — | — | |||||||||||
| Rights | — | — | 9,239 | 9,239 | ||||||||||||
| Money Market Fund | 5,533,676 | — | — | 5,533,676 | ||||||||||||
| Corporate Bonds | — | 152,584,507 | 228,229 | 152,812,736 | ||||||||||||
| Senior Floating Rate Interests | — | 24,520,494 | 1,238,677 | 25,759,171 | ||||||||||||
| Asset-Backed Securities | — | 390,012 | — | 390,012 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | — | 1,051 | — | 1,051 | ||||||||||||
| Total Assets | $ | 6,480,327 | $ | 180,007,100 | $ | 2,261,607 | $ | 188,749,034 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | — | $ | 160,370 | $ | — | $ | 160,370 | ||||||||
| * | Security has a market value of $0. |
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| High Yield Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category | Ending Balance at June 30, 2025 | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average* | |||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 755,178 | Model Price | Purchase Price | — | — | ||||||||||
| Common Stocks | 20,274 | Enterprise Value | Valuation Multiple | 2.6x-9.2x | 2.8x | |||||||||||
| Common Stocks | 10,009 | Model Price | Liquidation Value | — | — | |||||||||||
| Corporate Bonds | 226,838 | Third Party Pricing | Vendor Price | — | — | |||||||||||
| Corporate Bonds | 1,391 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Preferred Stocks | 1 | Model Price | Liquidation Value | — | — | |||||||||||
| Right | 9,239 | Model Price | Purchase Price | — | — | |||||||||||
| Senior Floating Rate Interests | 619,223 | Model Price | Liquidation Value | — | — | |||||||||||
| Senior Floating Rate Interests | 443,077 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Senior Floating Rate Interests | 176,377 | Model Price | Purchase Price | — | — | |||||||||||
| Total Assets | $ | 2,261,607 | ||||||||||||||
| * | Inputs are weighted by the fair value of the instruments. |
Significant changes in a quote, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.
The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.
Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended June 30, 2025, the Fund had securities with a total value of $245,990 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $1,809,203 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:
| Assets | Liabilities | |||||||||||||||||||||||||||
| Corporate Bonds | Senior Floating Rate Interests | Common Stocks | Preferred Stocks | Rights | Total Assets | Unfunded Loan Commitments | ||||||||||||||||||||||
| Beginning Balance | $ | 937,391 | $ | 2,151,745 | $ | 77,602 | $ | 2 | $ | - | $ | 3,166,740 | $ | (6,186 | ) | |||||||||||||
| Purchases/(Receipts) | - | 728,390 | 726,062 | - | - | 1,454,452 | 2,932 | |||||||||||||||||||||
| (Sales, maturities and paydowns)/Fundings | - | (113,289 | ) | (2,544 | ) | - | - | (115,833 | ) | 1,262 | ||||||||||||||||||
| Amortization of premiums/discounts | (1,025 | ) | 74,562 | - | - | - | 73,537 | 730 | ||||||||||||||||||||
| Corporate actions | - | 254,212 | - | - | - | 254,212 | - | |||||||||||||||||||||
| Total realized gains (losses) included in earnings | - | (622,192 | ) | (2,589 | ) | - | - | (624,781 | ) | - | ||||||||||||||||||
| Total change in unrealized appreciation (depreciation) included in earnings | 77,279 | (456,954 | ) | (13,070 | ) | (1 | ) | 9,239 | (383,507 | ) | 1,262 | |||||||||||||||||
| Transfers into Level 3 | 226,838 | 19,152 | - | - | - | 245,990 | - | |||||||||||||||||||||
| Transfers out of Level 3 | (1,012,254 | ) | (796,949 | ) | - | - | - | (1,809,203 | ) | - | ||||||||||||||||||
| Ending Balance | $ | 228,229 | $ | 1,238,677 | $ | 785,461 | $ | 1 | $ | 9,239 | $ | 2,261,607 | $ | - | ||||||||||||||
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at June 30 , 2025 | $ | - | $ | (423,362 | ) | $ | (14,974 | ) | $ | (1 | ) | $ | 9,239 | $ | (429,098 | ) | $ | - | ||||||||||
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments, result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").
Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 09/30/24 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Common Stocks | ||||||||||||||||||||||||||||||||
| Accuride Corp.* | $ | – | $ | – | $ | – | $ | – | $ | 28 | $ | 28 | 282,985 | $ | – | |||||||||||||||||
| Accuride Liquidating Trust* | – | – | – | – | – | – | 17 | – | ||||||||||||||||||||||||
| BP Holdco LLC* | 28,741 | – | – | – | (9,358 | ) | 19,383 | 23,711 | – | |||||||||||||||||||||||
| Senior Floating Rate Interests | ||||||||||||||||||||||||||||||||
| Accuride Corp. 8.81% (3 Month Term SOFR + 1.50%, Rate Floor: 5.81%) (in-kind rate was 3.00%) due 03/07/30 | – | 201,146 | – | – | 188,610 | 389,756 | 205,115 | 5,163 | ||||||||||||||||||||||||
| $ | 28,741 | $ | 201,146 | $ | – | $ | – | $ | 179,280 | $ | 409,167 | $ | 5,163 | |||||||||||||||||||
| * | Non-income producing security. |
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| PREFERRED STOCKS†† - 0.3% | ||||||||
| Financial - 0.3% | ||||||||
| Wells Fargo & Co. | ||||||||
| 3.90% | 12,100,000 | $ | 11,975,984 | |||||
| MetLife, Inc. | ||||||||
| 3.85% | 4,620,000 | 4,596,132 | ||||||
| Total Financial | 16,572,116 | |||||||
| Total Preferred Stocks | ||||||||
| (Cost $16,689,381) | 16,572,116 | |||||||
| WARRANTS† - 0.0% | ||||||||
| Ginkgo Bioworks Holdings, Inc. | ||||||||
| Expiring 09/16/26* | 19,663 | 236 | ||||||
| Total Warrants | ||||||||
| (Cost $45,530) | 236 | |||||||
| MUTUAL FUNDS† - 1.8% | ||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 3,412,627 | 34,296,900 | ||||||
| Guggenheim Strategy Fund III1 | 1,232,796 | 30,782,924 | ||||||
| Guggenheim Strategy Fund II1 | 1,061,129 | 26,400,886 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $89,850,897) | 91,480,710 | |||||||
| MONEY MARKET FUND***,† - 1.7% | ||||||||
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.19%2 | 88,569,214 | 88,569,214 | ||||||
| Total Money Market Fund | ||||||||
| (Cost $88,569,214) | 88,569,214 | |||||||
| Face Amount~ | ||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 39.1% | ||||||||
| Government Agency - 23.6% | ||||||||
| Uniform MBS 15 Year | ||||||||
| 5.00% due 09/01/253 | 804,210,000 | 809,472,750 | ||||||
| Freddie Mac | ||||||||
| 5.00% due 06/01/55 | 101,530,655 | 99,532,443 | ||||||
| 5.50% due 02/01/53 | 33,547,299 | 33,760,828 | ||||||
| 5.50% due 07/25/53 | 27,816,963 | 27,962,819 | ||||||
| 6.00% due 08/01/54 | 20,107,857 | 20,618,932 | ||||||
| 5.00% due 06/01/53 | 17,589,094 | 17,340,132 | ||||||
| 5.00% due 02/01/53 | 15,607,885 | 15,384,807 | ||||||
| 5.25% due 04/25/53 | 15,000,000 | 14,978,637 | ||||||
| 5.50% due 04/25/51 | 7,377,451 | 7,518,572 | ||||||
| Uniform MBS 30 Year | ||||||||
| 7.00% due 09/01/253 | 47,370,000 | 49,670,524 | ||||||
| 5.50% due 09/01/253 | 46,170,000 | 46,127,293 | ||||||
| Fannie Mae | ||||||||
| 5.50% due 12/25/50 | 19,418,553 | 19,562,353 | ||||||
| 5.00% due 08/01/53 | 7,085,467 | 6,974,911 | ||||||
| 6.50% due 04/25/49 | 5,447,535 | 5,554,270 | ||||||
| 5.00% due 06/01/53 | 2,470,826 | 2,431,539 | ||||||
| Freddie Mac | ||||||||
| 5.50% due 12/25/51 | 21,333,450 | 21,553,440 | ||||||
| Government National Mortgage Association | ||||||||
| due 01/20/553 | 16,266,816 | 16,168,210 | ||||||
| Ginnie Mae | ||||||||
| 6.00% due 09/20/45 | 9,386,617 | 9,459,182 | ||||||
| 6.00% due 06/20/47 | 1,355,693 | 1,360,130 | ||||||
| Freddie Mac Seasoned Credit Risk Transfer Trust | ||||||||
| 2.00% due 05/25/60 | 2,845,955 | 2,254,573 | ||||||
| 2.00% due 11/25/59 | 1,619,764 | 1,297,581 | ||||||
| Fannie Mae-Aces | ||||||||
| 1.60% (WAC) due 03/25/35◊,4 | 5,892,747 | 483,920 | ||||||
| Total Government Agency | 1,229,467,846 | |||||||
| Residential Mortgage-Backed Securities - 13.7% | ||||||||
| OBX Trust | ||||||||
| 2024-NQM5, 5.99% due 01/25/645,6 | 15,056,386 | 15,155,499 | ||||||
| 2025-NQM10, 5.45% due 05/25/655,6 | 13,918,378 | 13,979,848 | ||||||
| 2024-NQM18, 5.87% due 10/25/645,6 | 5,432,935 | 5,453,713 | ||||||
| 2024-NQM18, 5.66% due 10/25/645,6 | 4,030,887 | 4,042,372 | ||||||
| 2025-NQM2, 5.75% due 11/25/645,6 | 2,785,430 | 2,798,360 | ||||||
| 2024-NQM8, 6.23% due 05/25/645,6 | 2,596,114 | 2,624,241 | ||||||
| 2024-NQM9, 6.28% due 01/25/645,6 | 2,218,597 | 2,240,608 | ||||||
| 2024-NQM1, 5.55% (WAC) due 12/25/64◊,5 | 2,113,627 | 2,121,065 | ||||||
| 2024-NQM17, 5.86% due 11/25/645,6 | 1,826,226 | 1,832,489 | ||||||
| 2022-NQM9, 6.45% due 09/25/625,6 | 1,693,192 | 1,693,046 | ||||||
| 2025-NQM3, 5.85% due 12/01/645,6 | 1,435,206 | 1,443,097 | ||||||
| 2025-NQM3, 5.95% due 12/01/645,6 | 1,435,206 | 1,441,579 | ||||||
| 2025-HE1, 5.91% (30 Day Average SOFR + 1.60%, Rate Floor: 1.60%) due 02/25/55◊,5 | 950,999 | 953,256 | ||||||
| Verus Securitization Trust | ||||||||
| 2025-2, 5.31% due 03/25/705,6 | 12,030,640 | 12,031,100 | ||||||
| 2025-5, 5.43% due 06/25/705,6 | 5,500,000 | 5,518,326 | ||||||
| 2021-4, 1.35% (WAC) due 07/25/66◊,5 | 5,146,013 | 4,292,198 | ||||||
| 2021-5, 1.37% (WAC) due 09/25/66◊,5 | 4,788,930 | 4,147,455 | ||||||
| 2020-5, 2.58% due 05/25/655 | 3,301,672 | 3,188,866 | ||||||
| 2021-3, 1.44% (WAC) due 06/25/66◊,5 | 2,916,237 | 2,545,089 | ||||||
| 2024-5, 6.45% due 06/25/695,6 | 2,493,718 | 2,520,528 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 39.1% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 13.7% (continued) | ||||||||
| 2025-1, 5.77% due 01/25/705,6 | 2,471,035 | $ | 2,480,348 | |||||
| 2021-6, 1.89% (WAC) due 10/25/66◊,5 | 2,280,017 | 1,995,027 | ||||||
| 2024-9, 5.89% due 11/25/695,6 | 1,953,760 | 1,959,836 | ||||||
| 2025-1, 5.62% (WAC) due 01/25/70◊,5 | 1,235,517 | 1,240,040 | ||||||
| 2020-1, 3.42% due 01/25/605 | 375,180 | 365,709 | ||||||
| Legacy Mortgage Asset Trust | ||||||||
| 2021-GS3, 5.75% due 07/25/615 | 17,251,116 | 17,196,219 | ||||||
| 2021-GS4, 4.65% due 11/25/605,6 | 14,079,151 | 14,076,614 | ||||||
| 2021-GS2, 5.75% due 04/25/615 | 6,087,113 | 6,085,699 | ||||||
| 2021-GS5, 5.25% due 07/25/675,6 | 3,920,637 | 3,913,191 | ||||||
| NYMT Loan Trust | ||||||||
| 2021-SP1, 4.67% due 08/25/615,6 | 28,017,387 | 27,813,034 | ||||||
| 2022-SP1, 5.25% due 07/25/625 | 8,237,747 | 8,199,939 | ||||||
| OSAT Trust | ||||||||
| 2021-RPL1, 6.12% due 05/25/655 | 33,099,917 | 33,107,113 | ||||||
| CSMC Trust | ||||||||
| 2021-RPL7, 4.19% (WAC) due 07/27/61◊,5 | 9,792,426 | 9,705,558 | ||||||
| 2021-RPL4, 4.12% (WAC) due 12/27/60◊,5 | 9,381,612 | 9,343,798 | ||||||
| 2021-NQM8, 2.41% (WAC) due 10/25/66◊,5 | 6,529,514 | 5,710,434 | ||||||
| 2018-RPL9, 3.85% (WAC) due 09/25/57◊,5 | 3,216,136 | 3,163,950 | ||||||
| 2020-NQM1, 2.41% due 05/25/655 | 1,291,293 | 1,223,067 | ||||||
| Sequoia Mortgage Trust | ||||||||
| 2025-5, 5.50% (WAC) due 06/25/55◊,5 | 12,112,525 | 12,168,236 | ||||||
| 2025-1, 6.00% (WAC) due 01/25/55◊,5 | 6,261,663 | 6,346,636 | ||||||
| 2025-6, 5.50% (WAC) due 07/25/55◊,5 | 5,250,000 | 5,276,809 | ||||||
| 2024-5, 6.00% (WAC) due 06/25/54◊,5 | 1,900,809 | 1,903,941 | ||||||
| GCAT Trust | ||||||||
| 2025-NQM3, 5.55% due 05/25/705 | 13,700,000 | 13,753,498 | ||||||
| 2022-NQM3, 4.35% (WAC) due 04/25/67◊,5 | 7,735,105 | 7,707,746 | ||||||
| 2024-NQM2, 6.09% due 06/25/595,6 | 2,347,354 | 2,366,248 | ||||||
| Towd Point Mortgage Trust | ||||||||
| 2025-1, 4.75% (WAC) due 06/25/65◊,5 | 13,500,000 | 13,493,111 | ||||||
| 2017-6, 2.75% (WAC) due 10/25/57◊,5 | 3,584,443 | 3,510,694 | ||||||
| 2024-4, 4.45% (WAC) due 10/27/64◊,5 | 2,941,306 | 2,954,818 | ||||||
| 2018-2, 3.25% (WAC) due 03/25/58◊,5 | 1,455,790 | 1,435,409 | ||||||
| 2023-CES1, 6.75% (WAC) due 07/25/63◊,5 | 781,997 | 788,162 | ||||||
| 2018-1, 3.00% (WAC) due 01/25/58◊,5 | 170,824 | 167,910 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| 2021-12, 2.50% (WAC) due 02/25/52◊,5 | 15,147,627 | 14,086,241 | ||||||
| 2025-1, 6.00% (WAC) due 06/25/55◊,5 | 6,253,326 | 6,317,081 | ||||||
| 2024-NQM1, 5.59% due 02/25/645,6 | 1,934,807 | 1,945,202 | ||||||
| Cross Mortgage Trust | ||||||||
| 2025-H1, 5.74% (WAC) due 02/25/70◊,5 | 21,651,429 | 21,754,422 | ||||||
| FIGRE Trust | ||||||||
| 2025-PF1, 5.76% (WAC) due 06/25/55◊,5 | 5,197,835 | 5,251,264 | ||||||
| 2024-HE6, 5.72% (WAC) due 12/25/54◊,5 | 4,866,574 | 4,912,129 | ||||||
| 2025-HE1, 5.83% (WAC) due 01/25/55◊,5 | 4,646,455 | 4,697,147 | ||||||
| 2024-HE2, 6.38% (WAC) due 05/25/54◊,5 | 2,823,258 | 2,882,387 | ||||||
| 2024-HE5, 5.44% (WAC) due 10/25/54◊,5 | 2,364,317 | 2,377,238 | ||||||
| 2024-HE3, 5.94% (WAC) due 07/25/54◊,5 | 1,406,516 | 1,425,787 | ||||||
| Chase Home Lending Mortgage Trust | ||||||||
| 2025-5, 5.50% (WAC) due 04/25/56◊,5 | 20,933,178 | 20,999,951 | ||||||
| PRPM LLC | ||||||||
| 2025-RCF3, due 07/25/55◊,3,5 | 12,000,000 | 11,990,633 | ||||||
| 2024-RPL2, 3.50% due 05/25/545 | 3,977,343 | 3,840,877 | ||||||
| 2024-4, 6.41% due 08/25/295,6 | 2,181,504 | 2,186,977 | ||||||
| 2024-6, 5.70% due 11/25/295,6 | 1,855,254 | 1,859,592 | ||||||
| BRAVO Residential Funding Trust | ||||||||
| 2024-NQM1, 5.94% due 12/01/635,6 | 8,291,885 | 8,334,057 | ||||||
| 2025-NQM1, 5.81% due 12/25/645,6 | 2,740,092 | 2,757,097 | ||||||
| 2025-NQM2, 5.93% due 11/25/645,6 | 1,850,696 | 1,858,010 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 39.1% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 13.7% (continued) | ||||||||
| 2021-HE2, 5.16% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69◊,5 | 902,562 | $ | 900,145 | |||||
| 2021-HE2, 5.36% (30 Day Average SOFR + 1.05%, Rate Floor: 0.00%) due 11/25/69◊,5 | 828,799 | 822,687 | ||||||
| 2021-HE1, 5.26% (30 Day Average SOFR + 0.95%, Rate Floor: 0.00%) due 01/25/70◊,5 | 686,497 | 682,283 | ||||||
| 2022-NQM3, 5.50% (WAC) due 07/25/62◊,5 | 603,814 | 602,263 | ||||||
| 2021-HE1, 5.16% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70◊,5 | 515,455 | 512,289 | ||||||
| Morgan Stanley Residential Mortgage Loan Trust | ||||||||
| 2025-NQM3, 5.53% (WAC) due 05/25/70◊,5 | 16,279,028 | 16,347,428 | ||||||
| HOMES Trust | ||||||||
| 2025-AFC2, 5.47% due 06/25/605,6 | 15,500,000 | 15,526,079 | ||||||
| RCKT Mortgage Trust | ||||||||
| 2025-CES6, 5.47% due 06/25/555,6 | 15,341,000 | 15,427,769 | ||||||
| 2024-CES4, 6.15% due 06/25/445,6 | 4,760,713 | 4,802,364 | ||||||
| 2025-CES1, 5.65% due 01/25/455,6 | 2,749,320 | 2,765,653 | ||||||
| 2025-CES5, 5.69% due 05/25/555,6 | 7,174,878 | 7,238,590 | ||||||
| Vista Point Securitization Trust | ||||||||
| 2025-CES1, 5.81% due 04/25/555,6 | 11,797,920 | 11,851,446 | ||||||
| 2024-CES3, 5.68% due 01/25/555,6 | 2,669,563 | 2,672,629 | ||||||
| Citigroup Mortgage Loan Trust, Inc. | ||||||||
| 2022-A, 6.17% due 09/25/625,6 | 11,705,882 | 11,696,230 | ||||||
| 2006-WF1, 4.92% due 03/25/36 | 3,186,121 | 1,539,859 | ||||||
| GCAT Trust | ||||||||
| 2025-NQM2, 5.60% due 04/25/705,6 | 13,184,552 | 13,230,020 | ||||||
| COLT Mortgage Loan Trust | ||||||||
| 2025-3, 5.35% due 03/25/705,6 | 8,723,032 | 8,739,573 | ||||||
| 2024-2, 6.13% due 04/25/695,6 | 1,718,775 | 1,731,995 | ||||||
| 2021-2, 2.38% (WAC) due 08/25/66◊,5 | 1,500,000 | 1,054,716 | ||||||
| GS Mortgage-Backed Securities Trust | ||||||||
| 2021-PJ10, 2.50% (WAC) due 03/25/52◊,5 | 9,414,109 | 8,696,633 | ||||||
| 2020-NQM1, 1.38% (WAC) due 09/27/60◊,5 | 1,353,936 | 1,279,737 | ||||||
| Imperial Fund Mortgage Trust | ||||||||
| 2022-NQM2, 4.02% (WAC) due 03/25/67◊,5 | 10,135,977 | 9,642,879 | ||||||
| New Residential Mortgage Loan Trust | ||||||||
| 2018-2A, 3.50% (WAC) due 02/25/58◊,5 | 3,806,568 | 3,621,855 | ||||||
| 2025-NQM3, 5.53% due 05/25/655 | 3,420,352 | 3,440,721 | ||||||
| 2018-1A, 4.00% (WAC) due 12/25/57◊,5 | 1,278,214 | 1,246,329 | ||||||
| 2019-6A, 3.50% (WAC) due 09/25/59◊,5 | 985,916 | 928,041 | ||||||
| 2017-5A, 5.93% (1 Month Term SOFR + 1.61%, Rate Floor: 1.50%) due 06/25/57◊,5 | 346,878 | 345,459 | ||||||
| ATLX Trust | ||||||||
| 2024-RPL2, 3.85% due 04/25/635,6 | 9,447,272 | 9,063,145 | ||||||
| Home Equity Loan Trust | ||||||||
| 2007-FRE1, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37◊ | 8,225,812 | 7,914,960 | ||||||
| PRPM | ||||||||
| 2025-3, 6.26% due 05/25/305,6 | 7,841,266 | 7,884,974 | ||||||
| Angel Oak Mortgage Trust | ||||||||
| 2024-4, 6.20% due 01/25/695,6 | 4,508,079 | 4,544,631 | ||||||
| 2021-6, 1.71% (WAC) due 09/25/66◊,5 | 2,194,018 | 1,858,269 | ||||||
| 2024-12, 5.86% due 10/25/695,6 | 1,146,006 | 1,150,465 | ||||||
| Structured Asset Securities Corporation Mortgage Loan Trust | ||||||||
| 2008-BC4, 5.06% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37◊ | 7,305,804 | 7,081,631 | ||||||
| 2006-BC4, 4.77% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36◊ | 318,540 | 310,787 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 39.1% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 13.7% (continued) | ||||||||
| Provident Funding Mortgage Trust | ||||||||
| 2025-1, 5.50% (WAC) due 02/25/55◊,5 | 6,230,974 | $ | 6,250,844 | |||||
| Mill City Securities Ltd. | ||||||||
| 2024-RS1, 3.00% due 11/01/695,6 | 4,118,742 | 3,756,293 | ||||||
| 2024-RS2, 3.00% due 08/01/695,6 | 2,376,411 | 2,202,933 | ||||||
| Alternative Loan Trust | ||||||||
| 2007-OA7, 4.71% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 05/25/47◊ | 3,873,235 | 3,539,301 | ||||||
| 2007-OH3, 5.01% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.00%/0.58%) due 09/25/47◊ | 1,827,585 | 1,679,370 | ||||||
| Morgan Stanley ABS Capital I Incorporated Trust | ||||||||
| 2007-HE3, 4.68% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 12/25/36◊ | 4,131,062 | 2,045,257 | ||||||
| 2007-HE3, 4.58% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 12/25/36◊ | 2,959,493 | 1,465,277 | ||||||
| 2007-HE2, 4.52% (1 Month Term SOFR + 0.20%, Rate Floor: 0.09%) due 01/25/37◊ | 2,328,343 | 1,064,374 | ||||||
| 2007-HE5, 4.61% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 03/25/37◊ | 1,488,732 | 629,447 | ||||||
| Soundview Home Loan Trust | ||||||||
| 2006-OPT5, 4.71% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36◊ | 4,877,726 | 4,737,968 | ||||||
| 2005-OPT3, 5.14% (1 Month Term SOFR + 0.82%, Rate Floor: 0.71%) due 11/25/35◊ | 309,233 | 306,513 | ||||||
| LHOME Mortgage Trust | ||||||||
| 2024-RTL5, 5.32% due 09/25/395,6 | 4,700,000 | 4,686,804 | ||||||
| GCAT Trust | ||||||||
| 2025-NQM1, 5.37% due 11/25/695,6 | 4,668,579 | 4,675,303 | ||||||
| NovaStar Mortgage Funding Trust Series | ||||||||
| 2007-2, 4.63% (1 Month Term SOFR + 0.31%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37◊ | 4,217,357 | 4,145,231 | ||||||
| American Home Mortgage Investment Trust | ||||||||
| 2006-3, 4.79% (1 Month Term SOFR + 0.47%, Rate Cap/Floor: 10.50%/0.36%) due 12/25/46◊ | 4,909,381 | 4,119,721 | ||||||
| SPS Servicer Advance Receivables Trust | ||||||||
| 2020-T2, 1.83% due 11/15/555 | 3,750,000 | 3,700,965 | ||||||
| CIM TRUST | ||||||||
| 2025-R1, 5.00% due 02/25/995,6 | 3,520,967 | 3,480,871 | ||||||
| Credit Suisse Mortgage Capital Certificates | ||||||||
| 2021-RPL9, 3.78% (WAC) due 02/25/61◊,5 | 3,429,183 | 3,396,007 | ||||||
| HOMES Trust | ||||||||
| 2024-AFC2, 5.58% (WAC) due 10/25/59◊,5 | 3,375,614 | 3,378,569 | ||||||
| BRAVO | ||||||||
| 2024-NQM6, 5.66% due 08/01/645,6 | 3,188,626 | 3,190,421 | ||||||
| HarborView Mortgage Loan Trust | ||||||||
| 2006-14, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/47◊ | 1,663,033 | 1,585,040 | ||||||
| 2006-12, 4.81% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 01/19/38◊ | 1,324,405 | 1,160,515 | ||||||
| Cross Mortgage Trust | ||||||||
| 2025-H2, 5.36% (WAC) due 03/25/70◊,5 | 2,694,066 | 2,694,201 | ||||||
| Securitized Asset Backed Receivables LLC Trust | ||||||||
| 2007-HE1, 4.65% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 12/25/36◊ | 12,445,318 | 2,644,278 | ||||||
| IXIS Real Estate Capital Trust | ||||||||
| 2006-HE1, 5.03% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36◊ | 4,357,188 | 2,259,463 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 39.1% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 13.7% (continued) | ||||||||
| Anchor Mortgage Trust | ||||||||
| 2025-RTL1, 5.72% due 05/25/40†††,5 | 2,200,000 | $ | 2,207,615 | |||||
| Ellington Financial Mortgage Trust | ||||||||
| 2021-2, 1.29% (WAC) due 06/25/66◊,5 | 1,717,266 | 1,447,609 | ||||||
| 2020-2, 1.64% (WAC) due 10/25/65◊,5 | 650,458 | 604,393 | ||||||
| Bear Stearns Asset-Backed Securities I Trust | ||||||||
| 2006-HE9, 4.71% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/36◊ | 1,841,722 | 1,825,711 | ||||||
| Asset-Backed Securities Corporation Home Equity Loan Trust Series AEG | ||||||||
| 2006-HE1, 3.92% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 01/25/36◊ | 1,856,762 | 1,817,643 | ||||||
| SG Residential Mortgage Trust | ||||||||
| 2022-1, 3.68% (WAC) due 03/27/62◊,5 | 1,606,050 | 1,455,394 | ||||||
| PRKCM Trust | ||||||||
| 2022-AFC2, 6.14% (WAC) due 08/25/57◊,5 | 1,430,344 | 1,425,738 | ||||||
| First NLC Trust | ||||||||
| 2005-4, 5.21% (1 Month Term SOFR + 0.89%, Rate Cap/Floor: 14.00%/0.78%) due 02/25/36◊ | 1,346,856 | 1,324,727 | ||||||
| WaMu Asset-Backed Certificates WaMu Series | ||||||||
| 2007-HE2, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 04/25/37◊ | 3,451,693 | 1,253,912 | ||||||
| Barclays Mortgage Loan Trust | ||||||||
| 2023-NQM1, 6.03% due 01/25/635,6 | 1,186,492 | 1,189,569 | ||||||
| CFMT LLC | ||||||||
| 2022-HB9, 3.25% (WAC) due 09/25/37◊,5 | 1,188,191 | 1,173,825 | ||||||
| Morgan Stanley IXIS Real Estate Capital Trust | ||||||||
| 2006-2, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 11/25/36◊ | 3,607,987 | 1,150,332 | ||||||
| GSAA Home Equity Trust | ||||||||
| 2006-3, 5.03% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36◊ | 2,065,042 | 998,350 | ||||||
| Banc of America Funding Trust | ||||||||
| 2015-R2, 4.69% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 04/29/37◊,5 | 969,222 | 965,851 | ||||||
| Lehman XS Trust Series | ||||||||
| 2006-16N, 4.81% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 11/25/46◊ | 1,023,725 | 900,384 | ||||||
| Credit-Based Asset Servicing and Securitization LLC | ||||||||
| 2006-CB2, 3.38% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 12/25/36◊ | 902,108 | 870,066 | ||||||
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series | ||||||||
| 2005-W2, 5.17% (1 Month Term SOFR + 0.85%, Rate Floor: 0.74%) due 10/25/35◊ | 789,674 | 781,561 | ||||||
| Long Beach Mortgage Loan Trust | ||||||||
| 2006-8, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36◊ | 2,221,336 | 587,177 | ||||||
| Morgan Stanley Capital I Incorporated Trust | ||||||||
| 2006-HE1, 5.01% (1 Month Term SOFR + 0.69%, Rate Floor: 0.58%) due 01/25/36◊ | 498,421 | 483,601 | ||||||
| Structured Asset Investment Loan Trust | ||||||||
| 2006-3, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36◊ | 481,332 | 472,208 | ||||||
| ACE Securities Corporation Home Equity Loan Trust Series | ||||||||
| 2005-HE2, 5.45% (1 Month Term SOFR + 1.13%, Rate Floor: 1.02%) due 04/25/35◊ | 421,200 | 409,911 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 39.1% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 13.7% (continued) | ||||||||
| MFRA Trust | ||||||||
| 2021-INV1, 1.26% (WAC) due 01/25/56◊,5 | 331,251 | $ | 317,310 | |||||
| Starwood Mortgage Residential Trust | ||||||||
| 2020-1, 2.28% (WAC) due 02/25/50◊,5 | 230,526 | 218,084 | ||||||
| Nomura Resecuritization Trust | ||||||||
| 2015-4R, 6.24% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36◊,5 | 157,249 | 153,050 | ||||||
| Residential Mortgage Loan Trust | ||||||||
| 2020-1, 2.38% (WAC) due 01/26/60◊,5 | 154,089 | 152,279 | ||||||
| First Franklin Mortgage Loan Trust | ||||||||
| 2004-FF10, 5.71% (1 Month Term SOFR + 1.39%, Rate Floor: 1.28%) due 07/25/34◊ | 139,510 | 137,832 | ||||||
| Morgan Stanley Re-REMIC Trust | ||||||||
| 2010-R5, 4.74% due 06/26/365 | 32,394 | 31,293 | ||||||
| Total Residential Mortgage-Backed Securities | 713,256,546 | |||||||
| Commercial Mortgage-Backed Securities - 1.8% | ||||||||
| BX Commercial Mortgage Trust | ||||||||
| 2021-VOLT, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36◊,5 | 24,220,703 | 24,107,169 | ||||||
| 2022-LP2, 5.87% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39◊,5 | 11,410,000 | 11,381,583 | ||||||
| 2024-AIRC, 6.00% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39◊,5 | 2,281,191 | 2,289,745 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
| 2021-NYAH, 6.22% (1 Month Term SOFR + 1.90%, Rate Floor: 1.54%) due 06/15/38◊,5 | 10,200,000 | 9,435,000 | ||||||
| 2016-JP2, 1.78% (WAC) due 08/15/49◊,4 | 28,216,370 | 225,099 | ||||||
| BX Trust | ||||||||
| 2024-VLT4, 6.25% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 07/15/29◊,5 | 7,800,000 | 7,795,125 | ||||||
| VDCM Commercial Mortgage Trust | ||||||||
| 2025-AZ, due 07/13/44◊,3,5 | 7,350,000 | 7,469,442 | ||||||
| BXHPP Trust | ||||||||
| 2021-FILM, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,5 | 8,250,000 | 7,412,301 | ||||||
| MHP | ||||||||
| 2022-MHIL, 5.58% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 01/15/39◊,5 | 6,400,000 | 6,392,000 | ||||||
| Life Mortgage Trust | ||||||||
| 2021-BMR, 5.83% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 03/15/38◊,5 | 4,900,000 | 4,863,250 | ||||||
| Extended Stay America Trust | ||||||||
| 2021-ESH, 6.13% (1 Month Term SOFR + 1.81%, Rate Floor: 1.70%) due 07/15/38◊,5 | 3,430,911 | 3,433,055 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| 2017-C38, 0.91% (WAC) due 07/15/50◊,4 | 21,225,190 | 273,221 | ||||||
| 2017-C42, 0.98% (WAC) due 12/15/50◊,4 | 12,993,072 | 220,246 | ||||||
| 2016-C37, 0.77% (WAC) due 12/15/49◊,4 | 22,698,228 | 166,421 | ||||||
| 2017-RB1, 1.19% (WAC) due 03/15/50◊,4 | 7,760,214 | 126,677 | ||||||
| 2016-NXS5, 1.34% (WAC) due 01/15/59◊,4 | 3,864,552 | 11,595 | ||||||
| 2015-LC22, 0.76% (WAC) due 09/15/58◊,4 | 9,936,291 | 149 | ||||||
| BENCHMARK Mortgage Trust | ||||||||
| 2018-B2, 0.45% (WAC) due 02/15/51◊,4 | 83,488,338 | 745,977 | ||||||
| JPMDB Commercial Mortgage Securities Trust | ||||||||
| 2018-C8, 0.59% (WAC) due 06/15/51◊,4 | 28,424,423 | 383,991 | ||||||
| 2016-C4, 0.70% (WAC) due 12/15/49◊,4 | 32,153,021 | 208,101 | ||||||
| 2016-C2, 1.47% (WAC) due 06/15/49◊,4 | 6,010,708 | 35,396 | ||||||
| 2017-C5, 0.86% (WAC) due 03/15/50◊,4 | 2,928,758 | 24,812 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 39.1% (continued) | ||||||||
| Commercial Mortgage-Backed Securities - 1.8% (continued) | ||||||||
| DBJPM Mortgage Trust | ||||||||
| 2017-C6, 0.95% (WAC) due 06/10/50◊,4 | 42,746,784 | $ | 582,139 | |||||
| BBCMS Mortgage Trust | ||||||||
| 2018-C2, 0.75% (WAC) due 12/15/51◊,4 | 28,602,661 | 576,598 | ||||||
| CSAIL Commercial Mortgage Trust | ||||||||
| 2019-C15, 0.99% (WAC) due 03/15/52◊,4 | 17,361,143 | 495,148 | ||||||
| 2016-C6, 1.85% (WAC) due 01/15/49◊,4 | 5,719,059 | 27,025 | ||||||
| UBS Commercial Mortgage Trust | ||||||||
| 2017-C2, 1.06% (WAC) due 08/15/50◊,4 | 20,752,863 | 343,271 | ||||||
| 2017-C5, 1.13% (WAC) due 11/15/50◊,4 | 9,303,904 | 157,673 | ||||||
| COMM Mortgage Trust | ||||||||
| 2018-COR3, 0.44% (WAC) due 05/10/51◊,4 | 34,982,863 | 370,892 | ||||||
| 2015-CR24, 0.71% (WAC) due 08/10/48◊,4 | 22,865,640 | 329 | ||||||
| Bank of America Merrill Lynch Commercial Mortgage Trust | ||||||||
| 2017-BNK3, 1.00% (WAC) due 02/15/50◊,4 | 27,937,261 | 304,519 | ||||||
| 2016-UB10, 1.72% (WAC) due 07/15/49◊,4 | 9,433,390 | 41,135 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||
| 2017-C34, 0.77% (WAC) due 11/15/52◊,4 | 22,093,200 | 275,650 | ||||||
| 2015-C27, 0.96% (WAC) due 12/15/47◊,4 | 21,623,895 | 465 | ||||||
| CGMS Commercial Mortgage Trust | ||||||||
| 2017-B1, 0.72% (WAC) due 08/15/50◊,4 | 19,044,021 | 223,891 | ||||||
| CD Commercial Mortgage Trust | ||||||||
| 2017-CD4, 1.22% (WAC) due 05/10/50◊,4 | 12,961,687 | 205,281 | ||||||
| CD Mortgage Trust | ||||||||
| 2017-CD6, 0.89% (WAC) due 11/13/50◊,4 | 11,062,756 | 163,707 | ||||||
| 2016-CD1, 1.34% (WAC) due 08/10/49◊,4 | 5,444,261 | 31,934 | ||||||
| GS Mortgage Securities Trust | ||||||||
| 2017-GS6, 1.00% (WAC) due 05/10/50◊,4 | 10,734,268 | 169,652 | ||||||
| BANK | ||||||||
| 2017-BNK6, 0.92% (WAC) due 07/15/60◊,4 | 11,615,994 | 141,074 | ||||||
| Citigroup Commercial Mortgage Trust | ||||||||
| 2016-C2, 1.65% (WAC) due 08/10/49◊,4 | 5,803,708 | 54,950 | ||||||
| 2016-GC37, 1.64% (WAC) due 04/10/49◊,4 | 2,670,216 | 9,431 | ||||||
| Total Commercial Mortgage-Backed Securities | 91,175,119 | |||||||
| Total Collateralized Mortgage Obligations | ||||||||
| (Cost $2,048,020,881) | 2,033,899,511 | |||||||
| ASSET-BACKED SECURITIES†† - 26.1% | ||||||||
| Collateralized Loan Obligations - 14.9% | ||||||||
| THL Credit Lake Shore MM CLO I Ltd. | ||||||||
| 2021-1A A1R, 6.22% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33◊,5 | 45,006,296 | 45,136,000 | ||||||
| 2021-1A A2R, 6.37% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 04/15/33◊,5 | 6,250,000 | 6,267,224 | ||||||
| Golub Capital Partners CLO 54M LP | ||||||||
| 2025-54A A1R, due 08/05/37◊,3,5 | 42,500,000 | 42,500,000 | ||||||
| Golub Capital Partners CLO 49M Ltd. | ||||||||
| 2021-49A AR, 6.06% (3 Month Term SOFR + 1.79%, Rate Floor: 1.79%) due 08/26/33◊,5 | 36,500,000 | 36,585,144 | ||||||
| Golub Capital Partners CLO 54M, LP | ||||||||
| 2021-54A A, 6.05% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33◊,5 | 29,000,000 | 29,066,613 | ||||||
| Owl Rock CLO IV Ltd. | ||||||||
| 2021-4A A1R, 6.18% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33◊,5 | 24,250,000 | 24,307,601 | ||||||
| 2021-4A A2R, 6.48% (3 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 08/20/33◊,5 | 3,650,000 | 3,662,156 | ||||||
| BXMT Ltd. | ||||||||
| 2020-FL2 AS, 5.83% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38◊,5 | 14,310,000 | 14,172,006 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 26.1% (continued) | ||||||||
| Collateralized Loan Obligations - 14.9% (continued) | ||||||||
| 2020-FL3 AS, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.36%) due 11/15/37◊,5 | 4,500,000 | $ | 4,478,211 | |||||
| 2020-FL2 A, 5.58% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38◊,5 | 4,164,725 | 4,156,274 | ||||||
| 2020-FL2 B, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.76%) due 02/15/38◊,5 | 2,000,000 | 1,970,784 | ||||||
| 2020-FL3 B, 7.08% (1 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 11/15/37◊,5 | 2,000,000 | 1,960,617 | ||||||
| Golub Capital Partners CLO 16M-R3 | ||||||||
| 2025-16A A2R3, 6.07% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/09/39◊,5 | 15,600,000 | 15,600,000 | ||||||
| 2025-16A A1R3, 5.95% (3 Month Term SOFR + 1.63%, Rate Floor: 1.63%) due 08/09/39◊,5 | 9,000,000 | 9,000,000 | ||||||
| Golub Capital Partners CLO 33M Ltd. | ||||||||
| 2021-33A AR2, 6.45% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33◊,5 | 23,000,000 | 22,981,384 | ||||||
| Parliament CLO II Ltd. | ||||||||
| 2021-2A B, 6.28% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 08/20/32◊,5 | 22,250,000 | 22,365,048 | ||||||
| 2021-2A C, 7.13% (3 Month Term SOFR + 2.81%, Rate Floor: 2.55%) due 08/20/32◊,5 | 500,000 | 501,120 | ||||||
| 2021-2A A, 5.93% (3 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 08/20/32◊,5 | 110,918 | 111,465 | ||||||
| OWL Rock Clo XXI LLC | ||||||||
| 2025-21A A, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 07/24/34◊,5 | 22,750,000 | 22,870,636 | ||||||
| Greystone CRE Notes LLC | ||||||||
| 2025-FL4 A, 5.79% (1 Month Term SOFR + 1.48%, Rate Floor: 1.48%) due 01/15/43◊,5 | 22,750,000 | 22,792,283 | ||||||
| Madison Park Funding XLVIII Ltd. | ||||||||
| 2021-48A B, 5.98% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33◊,5 | 22,000,000 | 21,967,301 | ||||||
| BCC Middle Market CLO LLC | ||||||||
| 2025-1A A1RR, due 07/15/36◊,3,5 | 20,750,000 | 20,750,000 | ||||||
| Cerberus Loan Funding XLIV LLC | ||||||||
| 2024-5A A, 6.61% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36◊,5 | 20,000,000 | 20,069,088 | ||||||
| Golub Capital Partners Clo 49M Ltd. | ||||||||
| 2025-49A A1R2, due 07/20/38◊,3,5 | 20,000,000 | 20,000,000 | ||||||
| Cerberus Loan Funding XL LLC | ||||||||
| 2023-1A A, 6.66% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35◊,5 | 16,500,000 | 16,558,836 | ||||||
| 2023-1A B, 7.86% (3 Month Term SOFR + 3.60%, Rate Floor: 3.60%) due 03/22/35◊,5 | 3,250,000 | 3,270,722 | ||||||
| Cerberus Loan Funding XXXII, LP | ||||||||
| 2021-2A A, 6.14% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33◊,5 | 14,250,000 | 14,285,091 | ||||||
| 2021-2A B, 6.42% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 04/22/33◊,5 | 4,000,000 | 4,013,696 | ||||||
| BRSP Ltd. | ||||||||
| 2021-FL1 C, 6.58% (1 Month Term SOFR + 2.26%, Rate Floor: 2.15%) due 08/19/38◊,5 | 10,000,000 | 9,963,184 | ||||||
| 2021-FL1 B, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 08/19/38◊,5 | 6,400,000 | 6,368,075 | ||||||
| PFP Ltd. | ||||||||
| 2025-12 A, 5.81% (1 Month Term SOFR + 1.49%, Rate Floor: 1.49%) due 12/18/42◊,5 | 16,002,000 | 16,034,111 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 26.1% (continued) | ||||||||
| Collateralized Loan Obligations - 14.9% (continued) | ||||||||
| Fortress Credit BSL XV Ltd. | ||||||||
| 2024-2A AR, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 10/18/33◊,5 | 15,000,000 | $ | 15,023,745 | |||||
| Cerberus Loan Funding XXXIII, LP | ||||||||
| 2021-3A A, 6.08% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33◊,5 | 11,500,000 | 11,528,056 | ||||||
| 2021-3A B, 6.37% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 07/23/33◊,5 | 2,250,000 | 2,257,730 | ||||||
| Cerberus Loan Funding 50 LLC | ||||||||
| 2025-1A A, due 07/15/37◊,3,5 | 13,750,000 | 13,750,000 | ||||||
| BSPDF 2025-FL2 Issuer LLC | ||||||||
| 2025-FL2 A, 5.84% (1 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 12/15/42◊,5 | 13,650,000 | 13,629,782 | ||||||
| HPS Private Credit CLO LLC | ||||||||
| 2025-3A A1, due 07/20/37◊,3,5 | 13,500,000 | 13,500,000 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. | ||||||||
| 2021-9A A2TR, 6.32% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33◊,5 | 11,500,000 | 11,540,138 | ||||||
| Neuberger Berman CLO 32R Ltd. | ||||||||
| 2025-32RA B, due 07/20/39◊,3,5 | 11,020,000 | 11,020,000 | ||||||
| FS Rialto | ||||||||
| 2021-FL3 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36◊,5 | 7,500,000 | 7,467,340 | ||||||
| 2021-FL2 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38◊,5 | 3,250,000 | 3,235,576 | ||||||
| KREF | ||||||||
| 2021-FL2 B, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 02/15/39◊,5 | 10,700,000 | 10,652,782 | ||||||
| Owl Rock CLO II Ltd. | ||||||||
| 2021-2A ALR, 6.08% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 04/20/33◊,5 | 10,500,000 | 10,492,245 | ||||||
| AGL CLO 42 Ltd. | ||||||||
| 2025-42A B, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/22/38◊,5 | 10,000,000 | 10,005,306 | ||||||
| TRTX Issuer Ltd. | ||||||||
| 2025-FL6 A, 5.85% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42◊,5 | 9,250,000 | 9,252,163 | ||||||
| Cerberus Loan Funding XXXV, LP | ||||||||
| 2021-5A A, 6.02% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33◊,5 | 8,000,000 | 8,026,861 | ||||||
| LoanCore Issuer Ltd. | ||||||||
| 2021-CRE5 B, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.11%) due 07/15/36◊,5 | 7,900,000 | 7,863,237 | ||||||
| Cerberus Loan Funding XLVIII LLC | ||||||||
| 2024-4A B, 6.11% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/36◊,5 | 4,250,000 | 4,263,164 | ||||||
| 2024-4A AN, 5.91% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36◊,5 | 3,250,000 | 3,259,928 | ||||||
| HERA Commercial Mortgage Ltd. | ||||||||
| 2021-FL1 A, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38◊,5 | 3,729,426 | 3,724,454 | ||||||
| 2021-FL1 B, 6.03% (1 Month Term SOFR + 1.71%, Rate Floor: 1.60%) due 02/18/38◊,5 | 3,750,000 | 3,705,977 | ||||||
| BCRED CLO LLC | ||||||||
| 2025-1A B, 5.98% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37◊,5 | 7,400,000 | 7,419,313 | ||||||
| BCC Middle Market CLO LLC | ||||||||
| 2021-1A A1R, 6.02% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33◊,5 | 6,750,000 | 6,773,458 | ||||||
| Owl Rock CLO VII LLC | ||||||||
| 2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38◊,5 | 6,750,000 | 6,756,750 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 26.1% (continued) | ||||||||
| Collateralized Loan Obligations - 14.9% (continued) | ||||||||
| Fontainbleau Vegas | ||||||||
| 9.96% (1 Month Term SOFR + 5.65%, Rate Floor: 1.00%) due 01/31/28◊,††† | 6,000,000 | $ | 6,000,000 | |||||
| Madison Park Funding LXV Ltd. | ||||||||
| 2025-65A B, due 07/16/38◊,3,5 | 6,000,000 | 6,000,000 | ||||||
| Neuberger Berman Loan Advisers CLO 40 Ltd. | ||||||||
| 2021-40A B, 5.92% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 04/16/33◊,5 | 6,000,000 | 5,994,818 | ||||||
| MF1 Multifamily Housing Mortgage Loan Trust | ||||||||
| 2021-FL6 B, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/16/36◊,5 | 6,000,000 | 5,887,282 | ||||||
| Cerberus Loan Funding XLII LLC | ||||||||
| 2023-3A A1, 6.74% (3 Month Term SOFR + 2.48%, Rate Floor: 2.48%) due 09/13/35◊,5 | 5,750,000 | 5,771,408 | ||||||
| Madison Park Funding LXXI Ltd. | ||||||||
| 2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38◊,5 | 5,550,000 | 5,537,633 | ||||||
| Hlend CLO LLC | ||||||||
| 2025-3A A, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 01/20/37◊,5 | 5,300,000 | 5,294,039 | ||||||
| Carlyle Direct Lending CLO LLC | ||||||||
| 2024-1A A11A, 6.06% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36◊,5 | 5,150,000 | 5,164,293 | ||||||
| CIFC Funding Ltd. | ||||||||
| 2021-4A A1B2, 5.78% (3 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 04/20/34◊,5 | 5,000,000 | 5,005,872 | ||||||
| BDS Ltd. | ||||||||
| 2021-FL9 C, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/16/38◊,5 | 5,000,000 | 4,979,862 | ||||||
| BSPRT Issuer Ltd. | ||||||||
| 2021-FL6 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.05%) due 03/15/36◊,5 | 5,000,000 | 4,930,694 | ||||||
| HGI CRE CLO Ltd. | ||||||||
| 2021-FL2 A, 5.43% (1 Month Term SOFR + 1.11%, Rate Floor: 1.11%) due 09/17/36◊,5 | 2,930,755 | 2,920,417 | ||||||
| 2021-FL2 B, 5.93% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 09/17/36◊,5 | 2,000,000 | 1,989,924 | ||||||
| VOYA CLO | ||||||||
| 2021-2A BR, 6.67% (3 Month Term SOFR + 2.41%, Rate Floor: 2.15%) due 06/07/30◊,5 | 4,500,000 | 4,509,990 | ||||||
| Neuberger Berman Loan Advisers CLO 32 Ltd. | ||||||||
| 2021-32A BR, 5.93% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/20/32◊,5 | 4,000,000 | 3,997,979 | ||||||
| AREIT Ltd. | ||||||||
| 2025-CRE10 AS, 5.86% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 01/17/30◊,5 | 4,000,000 | 3,966,672 | ||||||
| AGL CLO 39 Ltd. | ||||||||
| 2025-39A B, 5.71% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/20/38◊,5 | 3,300,000 | 3,303,287 | ||||||
| LoanCore | ||||||||
| 2025-CRE8 AS, 5.91% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42◊,5 | 2,450,000 | 2,429,820 | ||||||
| STWD Ltd. | ||||||||
| 2021-FL2 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 04/18/38◊,5 | 2,187,000 | 2,180,249 | ||||||
| Greystone Commercial Real Estate Notes | ||||||||
| 2021-FL3 B, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/15/39◊,5 | 2,200,000 | 2,178,882 | ||||||
| FS Rialto Issuer LLC | ||||||||
| 2025-FL10 AS, 5.97% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42◊,5 | 1,650,000 | 1,632,199 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 26.1% (continued) | ||||||||
| Collateralized Loan Obligations - 14.9% (continued) | ||||||||
| Dryden 37 Senior Loan Fund | ||||||||
| 2017-37A BR, 5.92% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31◊,5 | 551,802 | $ | 551,959 | |||||
| 2017-37A CR, 7.77% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31◊,5 | 500,000 | 503,250 | ||||||
| 2015-37A SUB, due 01/15/315,7 | 448,198 | 2,341 | ||||||
| LCM XXIV Ltd. | ||||||||
| 2021-24A AR, 5.51% (3 Month Term SOFR + 1.24%, Rate Floor: 0.98%) due 03/20/30◊,5 | 1,047,151 | 1,047,227 | ||||||
| Elmwood CLO 38 Ltd. | ||||||||
| 2025-1A B1, 5.73% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 04/22/38◊,5 | 1,000,000 | 994,297 | ||||||
| NewStar Fairfield Fund CLO Ltd. | ||||||||
| 2018-2A A1N, 5.80% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30◊,5 | 342,946 | 344,778 | ||||||
| KREF Funding V LLC | ||||||||
| 6.17% (1 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 06/25/26◊,††† | 185,045 | 184,317 | ||||||
| 0.15% due 06/25/26†††,4 | 514,406 | – | ||||||
| Treman Park CLO Ltd. | ||||||||
| 2015-1A COM, due 10/20/285,7 | 325,901 | 689 | ||||||
| Copper River CLO Ltd. | ||||||||
| 2007-1A INC, due 01/20/217,8 | 500,000 | 50 | ||||||
| Total Collateralized Loan Obligations | 772,216,903 | |||||||
| Financial - 2.5% | ||||||||
| Station Place Securitization Trust | ||||||||
| 2024-SP2, 6.01% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26◊,†††,5 | 8,775,000 | 8,775,000 | ||||||
| 2024-SP1, 5.73% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25◊,†††,5 | 8,775,000 | 8,775,000 | ||||||
| 2024-SP4, 5.61% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25◊,†††,5 | 5,675,000 | 5,675,000 | ||||||
| 2024-SP3, 5.61% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25◊,†††,5 | 2,825,000 | 2,825,000 | ||||||
| Dogwood State Bank | ||||||||
| 6.45% due 06/24/32 | 21,250,000 | 21,250,000 | ||||||
| Strategic Partners Fund VIII, LP | ||||||||
| 6.92% (1 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 03/10/26◊,††† | 14,647,374 | 14,564,610 | ||||||
| 6.93% (1 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 03/10/26◊,††† | 2,493,170 | 2,479,348 | ||||||
| KKR Core Holding Company LLC | ||||||||
| 4.00% due 08/12/31††† | 15,935,680 | 14,621,078 | ||||||
| HV Eight LLC | ||||||||
| 7.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27◊,††† | EUR | 9,949,550 | 11,689,494 | |||||
| Station Place Securitization Trust Series | ||||||||
| 2025-SP1, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 0.00%) due 07/02/26◊,†††,5 | 10,600,000 | 10,600,000 | ||||||
| Project Onyx I | ||||||||
| 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27◊,††† | 7,439,226 | 7,428,392 | ||||||
| Thunderbird A | ||||||||
| 5.50% due 03/01/37††† | 6,400,000 | 5,874,525 | ||||||
| Lightning A | ||||||||
| 5.50% due 03/01/37††† | 6,400,000 | 5,874,525 | ||||||
| Project Onyx | ||||||||
| 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/28◊,††† | 5,212,277 | 5,203,377 | ||||||
| Ceamer Finance LLC | ||||||||
| 6.79% due 11/15/39††† | 2,123,479 | 2,153,762 | ||||||
| 3.69% due 03/24/31††† | 1,874,464 | 1,801,261 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 26.1% (continued) | ||||||||
| Financial - 2.5% (continued) | ||||||||
| Project Onyx II | ||||||||
| 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27◊,††† | 2,061,447 | $ | 2,054,191 | |||||
| Total Financial | 131,644,563 | |||||||
| Transport-Container - 1.7% | ||||||||
| Triton Container Finance VIII LLC | ||||||||
| 2021-1A, 1.86% due 03/20/465 | 25,869,375 | 23,615,627 | ||||||
| Triton Container Finance IX LLC | ||||||||
| 2025-1A, 5.43% due 06/20/505 | 14,000,000 | 14,110,106 | ||||||
| Textainer Marine Containers VII Ltd. | ||||||||
| 2021-1A, 1.68% due 02/20/465 | 7,382,667 | 6,788,256 | ||||||
| 2020-1A, 2.73% due 08/21/455 | 3,015,114 | 2,890,132 | ||||||
| 2020-2A, 2.10% due 09/20/455 | 2,700,021 | 2,522,695 | ||||||
| TIF Funding II LLC | ||||||||
| 2021-1A, 1.65% due 02/20/465 | 11,795,875 | 10,597,263 | ||||||
| CLI Funding VI LLC | ||||||||
| 2020-3A, 2.07% due 10/18/455 | 9,183,333 | 8,547,544 | ||||||
| 2020-1A, 2.08% due 09/18/455 | 1,038,806 | 964,958 | ||||||
| CLI Funding VIII LLC | ||||||||
| 2021-1A, 1.64% due 02/18/465 | 9,954,018 | 9,125,512 | ||||||
| CLI Funding IX LLC | ||||||||
| 2025-1A, 5.35% due 06/20/505 | 8,600,000 | 8,664,165 | ||||||
| CAL Funding IV Ltd. | ||||||||
| 2020-1A, 2.22% due 09/25/455 | 2,228,906 | 2,103,064 | ||||||
| Total Transport-Container | 89,929,322 | |||||||
| Infrastructure - 1.6% | ||||||||
| Switch ABS Issuer LLC | ||||||||
| 2025-1A, 5.04% due 03/25/555 | 11,450,000 | 11,294,540 | ||||||
| 2024-2A, 5.44% due 06/25/545 | 5,450,000 | 5,490,575 | ||||||
| QTS Issuer ABS I LLC | ||||||||
| 2025-1A, 5.44% due 05/25/555 | 13,950,000 | 14,136,588 | ||||||
| VB-S1 Issuer LLC - VBTEL | ||||||||
| 2022-1A, 4.29% due 02/15/525 | 9,250,000 | 8,839,736 | ||||||
| 2024-1A, 5.59% due 05/15/545 | 4,000,000 | 4,051,508 | ||||||
| Aligned Data Centers Issuer LLC | ||||||||
| 2021-1A, 1.94% due 08/15/465 | 11,150,000 | 10,776,843 | ||||||
| Stack Infrastructure Issuer LLC | ||||||||
| 2025-1A, 5.00% due 05/25/505 | 6,750,000 | 6,680,416 | ||||||
| 2021-1A, 1.88% due 03/26/465 | 2,750,000 | 2,685,653 | ||||||
| SBA Tower Trust | ||||||||
| 1.63% due 11/15/265 | 5,723,000 | 5,490,890 | ||||||
| 1.84% due 04/15/275 | 1,200,000 | 1,142,656 | ||||||
| Compass Datacenters Issuer II LLC | ||||||||
| 2025-1A, 5.32% due 05/25/505 | 5,500,000 | 5,568,805 | ||||||
| Blue Stream Issuer LLC | ||||||||
| 2024-1A, 5.41% due 11/20/545 | 3,610,000 | 3,636,831 | ||||||
| Hotwire Funding LLC | ||||||||
| 2024-1A, 5.89% due 06/20/545 | 2,380,000 | 2,415,729 | ||||||
| Total Infrastructure | 82,210,770 | |||||||
| Whole Business - 1.5% | ||||||||
| Taco Bell Funding LLC | ||||||||
| 2021-1A, 1.95% due 08/25/515 | 18,421,875 | 17,558,305 | ||||||
| SERVPRO Master Issuer LLC | ||||||||
| 2021-1A, 2.39% due 04/25/515 | 11,616,000 | 10,831,152 | ||||||
| 2019-1A, 3.88% due 10/25/495 | 6,284,250 | 6,180,673 | ||||||
| Subway Funding LLC | ||||||||
| 2024-1A, 6.03% due 07/30/545 | 8,855,500 | 9,005,138 | ||||||
| 2024-3A, 5.25% due 07/30/545 | 7,164,000 | 7,124,193 | ||||||
| ServiceMaster Funding LLC | ||||||||
| 2020-1, 2.84% due 01/30/515 | 8,699,254 | 8,081,469 | ||||||
| Wingstop Funding LLC | ||||||||
| 2020-1A, 2.84% due 12/05/505 | 7,742,100 | 7,337,443 | ||||||
| Arbys Funding LLC | ||||||||
| 2020-1A, 3.24% due 07/30/505 | 6,905,625 | 6,586,995 | ||||||
| DB Master Finance LLC | ||||||||
| 2019-1A, 4.02% due 05/20/495 | 2,827,500 | 2,802,857 | ||||||
| Domino's Pizza Master Issuer LLC | ||||||||
| 2017-1A, 4.12% due 07/25/475 | 1,692,000 | 1,669,015 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 26.1% (continued) | ||||||||
| Whole Business - 1.5% (continued) | ||||||||
| 2018-1A, 4.12% due 07/25/485 | 947,500 | $ | 944,495 | |||||
| Total Whole Business | 78,121,735 | |||||||
| Net Lease - 1.2% | ||||||||
| Oak Street Investment Grade Net Lease Fund Series | ||||||||
| 2020-1A, 1.85% due 11/20/505 | 36,170,598 | 35,297,961 | ||||||
| Capital Automotive REIT | ||||||||
| 2024-2A, 4.90% due 05/15/545 | 5,261,667 | 5,242,974 | ||||||
| 2020-1A, 3.48% due 02/15/505 | 1,959,583 | 1,896,417 | ||||||
| STORE Master Funding LLC | ||||||||
| 2021-1A, 2.86% due 06/20/515 | 6,810,999 | 6,399,344 | ||||||
| CF Hippolyta Issuer LLC | ||||||||
| 2021-1A, 1.98% due 03/15/615 | 5,748,930 | 5,399,822 | ||||||
| CMFT Net Lease Master Issuer LLC | ||||||||
| 2021-1, 2.91% due 07/20/515 | 3,000,000 | 2,760,453 | ||||||
| 2021-1, 2.51% due 07/20/515 | 2,500,000 | 2,288,708 | ||||||
| New Economy Assets Phase 1 Sponsor LLC | ||||||||
| 2021-1, 1.91% due 10/20/615 | 2,500,000 | 2,353,720 | ||||||
| CARS-DB4, LP | ||||||||
| 2020-1A, 3.25% due 02/15/505 | 881,281 | 812,599 | ||||||
| Total Net Lease | 62,451,998 | |||||||
| Transport-Aircraft - 1.1% | ||||||||
| AASET Trust | ||||||||
| 2021-1A, 2.95% due 11/16/415 | 8,154,973 | 7,748,892 | ||||||
| 2024-1A, 6.26% due 05/16/495 | 6,333,635 | 6,501,016 | ||||||
| AASET MT-1 Ltd. | ||||||||
| 2025-2A, 5.52% due 02/16/505 | 7,500,000 | 7,572,105 | ||||||
| Gilead Aviation LLC | ||||||||
| 2025-1A, 5.79% due 03/15/505 | 5,185,785 | 5,278,536 | ||||||
| Slam Ltd. | ||||||||
| 2025-1A, 5.81% due 05/15/505 | 4,800,000 | 4,880,921 | ||||||
| ALTDE Trust | ||||||||
| 2025-1A, 5.90% due 08/15/505 | 4,749,953 | 4,843,205 | ||||||
| AASET Ltd. | ||||||||
| 2024-2A, 5.93% due 09/16/495 | 4,125,468 | 4,189,252 | ||||||
| Sapphire Aviation Finance II Ltd. | ||||||||
| 2020-1A, 3.23% due 03/15/405 | 4,198,256 | 4,009,587 | ||||||
| Castlelake Aircraft Structured Trust | ||||||||
| 2025-1A, 5.78% due 02/15/505 | 2,044,257 | 2,072,757 | ||||||
| 2021-1A, 3.47% due 01/15/465 | 842,479 | 830,016 | ||||||
| KDAC Aviation Finance Ltd. | ||||||||
| 2017-1A, 4.21% due 12/15/425 | 2,924,724 | 2,845,230 | ||||||
| Navigator Aircraft ABS Ltd. | ||||||||
| 2021-1, 2.77% due 11/15/465 | 2,312,819 | 2,161,771 | ||||||
| MAPS Ltd. | ||||||||
| 2018-1A, 4.21% due 05/15/435 | 1,223,744 | 1,221,311 | ||||||
| Castlelake Aircraft Securitization Trust | ||||||||
| 2018-1, 4.13% due 06/15/435 | 1,244,947 | 1,210,206 | ||||||
| AASET | ||||||||
| 2025-1A, 5.94% due 02/16/505 | 1,121,833 | 1,142,250 | ||||||
| Falcon Aerospace Ltd. | ||||||||
| 2019-1, 3.60% due 09/15/395 | 928,976 | 911,568 | ||||||
| 2017-1, 4.58% due 02/15/425 | 110,397 | 108,852 | ||||||
| Sapphire Aviation Finance I Ltd. | ||||||||
| 2018-1A, 4.25% due 03/15/405 | 209,588 | 209,510 | ||||||
| Total Transport-Aircraft | 57,736,985 | |||||||
| Single Family Residence - 0.7% | ||||||||
| FirstKey Homes Trust | ||||||||
| 2020-SFR2, 4.00% due 10/19/375 | 5,050,000 | 5,002,953 | ||||||
| 2020-SFR2, 4.50% due 10/19/375 | 4,900,000 | 4,858,884 | ||||||
| 2020-SFR2, 1.67% due 10/19/375 | 3,950,000 | 3,893,951 | ||||||
| 2021-SFR1, 2.19% due 08/17/385 | 4,000,000 | 3,856,706 | ||||||
| 2020-SFR2, 3.37% due 10/19/375 | 3,200,000 | 3,165,807 | ||||||
| Tricon Residential Trust | ||||||||
| 2025-SFR1, 5.41% (1 Month Term SOFR + 1.10%, Rate Floor: 1.10%) due 03/17/42◊,5 | 8,784,892 | 8,786,265 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 26.1% (continued) | ||||||||
| Single Family Residence - 0.7% (continued) | ||||||||
| 2024-SFR2, 4.75% due 06/17/405 | 4,990,330 | $ | 5,003,190 | |||||
| Total Single Family Residence | 34,567,756 | |||||||
| Collateralized Debt Obligations - 0.5% | ||||||||
| Anchorage Credit Funding 4 Ltd. | ||||||||
| 2021-4A AR, 2.72% due 04/27/395 | 24,650,000 | 23,558,064 | ||||||
| Automotive - 0.2% | ||||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| 2021-1A, 1.38% due 08/20/275 | 5,675,000 | 5,510,983 | ||||||
| 2020-2A, 2.02% due 02/20/275 | 4,550,000 | 4,497,593 | ||||||
| 2025-1A, 5.24% due 08/20/295 | 2,750,000 | 2,778,867 | ||||||
| Total Automotive | 12,787,443 | |||||||
| Insurance - 0.1% | ||||||||
| Obra Longevity | ||||||||
| 8.48% due 06/30/39††† | 5,850,000 | 6,117,638 | ||||||
| Unsecured Consumer Loans - 0.1% | ||||||||
| GreenSky Home Improvement Issuer Trust | ||||||||
| 2025-1A, 5.39% due 03/25/605 | 5,213,000 | 5,260,500 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $1,368,494,908) | 1,356,603,677 | |||||||
| CORPORATE BONDS†† - 22.0% | ||||||||
| Financial - 13.1% | ||||||||
| Societe Generale S.A. | ||||||||
| 2.80% due 01/19/285,9 | 18,000,000 | 17,480,042 | ||||||
| 1.49% due 12/14/265,9 | 10,500,000 | 10,347,142 | ||||||
| 1.79% due 06/09/275,9 | 10,000,000 | 9,733,412 | ||||||
| AEGON Funding Company LLC | ||||||||
| 5.50% due 04/16/275 | 35,000,000 | 35,425,144 | ||||||
| Brighthouse Financial Global Funding | ||||||||
| 5.55% due 04/09/275 | 34,500,000 | 35,041,037 | ||||||
| Equitable Financial Life Global Funding | ||||||||
| 1.40% due 07/07/255 | 15,000,000 | 14,991,809 | ||||||
| 1.80% due 03/08/285 | 12,000,000 | 11,214,107 | ||||||
| Pershing Square Holdings Ltd. | ||||||||
| 3.25% due 10/01/315 | 25,600,000 | 22,325,786 | ||||||
| CNO Global Funding | ||||||||
| 5.88% due 06/04/275 | 13,100,000 | 13,454,147 | ||||||
| 4.88% due 12/10/275 | 8,650,000 | 8,717,625 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 1.47% due 09/22/279 | 15,000,000 | 14,471,751 | ||||||
| 5.04% due 01/23/289 | 7,600,000 | 7,672,459 | ||||||
| GA Global Funding Trust | ||||||||
| 4.40% due 09/23/275 | 14,650,000 | 14,621,120 | ||||||
| 1.63% due 01/15/265 | 7,300,000 | 7,176,113 | ||||||
| LPL Holdings, Inc. | ||||||||
| 5.70% due 05/20/27 | 14,700,000 | 14,975,315 | ||||||
| 4.00% due 03/15/295 | 4,450,000 | 4,322,857 | ||||||
| 4.63% due 11/15/275 | 2,000,000 | 1,994,593 | ||||||
| BNP Paribas S.A. | ||||||||
| 1.32% due 01/13/275,9 | 21,350,000 | 20,978,482 | ||||||
| Reliance Standard Life Global Funding II | ||||||||
| 5.24% due 02/02/265 | 20,850,000 | 20,903,658 | ||||||
| Jackson National Life Global Funding | ||||||||
| 4.70% due 06/05/285 | 13,700,000 | 13,785,664 | ||||||
| 5.60% due 04/10/265 | 6,750,000 | 6,807,013 | ||||||
| Athene Global Funding | ||||||||
| 1.73% due 10/02/265 | 14,700,000 | 14,189,772 | ||||||
| 5.68% due 02/23/265 | 4,750,000 | 4,782,800 | ||||||
| Credit Agricole S.A. | ||||||||
| 1.25% due 01/26/275,9 | 17,950,000 | 17,607,651 | ||||||
| Corebridge Global Funding | ||||||||
| 4.65% due 08/20/275 | 9,500,000 | 9,567,283 | ||||||
| 5.75% due 07/02/265 | 7,250,000 | 7,342,148 | ||||||
| Macquarie Group Ltd. | ||||||||
| 1.63% due 09/23/275,9 | 16,750,000 | 16,160,165 | ||||||
| Mutual of Omaha Companies Global Funding | ||||||||
| 5.00% due 04/01/305 | 15,000,000 | 15,284,011 | ||||||
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. | ||||||||
| 2.88% due 10/15/265 | 10,800,000 | 10,532,911 | ||||||
| 3.88% due 03/01/315 | 4,100,000 | 3,800,777 | ||||||
| F&G Global Funding | ||||||||
| 1.75% due 06/30/265 | 14,250,000 | 13,853,186 | ||||||
| CoStar Group, Inc. | ||||||||
| 2.80% due 07/15/305 | 15,280,000 | 13,806,111 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 4.71% due 07/08/319 | 13,800,000 | 13,798,254 | ||||||
| ABN AMRO Bank N.V. | ||||||||
| 1.54% due 06/16/275,9 | 14,000,000 | 13,609,095 | ||||||
| American National Group, Inc. | ||||||||
| 5.00% due 06/15/27 | 13,075,000 | 13,127,269 | ||||||
| SLM Corp. | ||||||||
| 3.13% due 11/02/26 | 12,096,000 | 11,855,602 | ||||||
| American National Global Funding | ||||||||
| 5.25% due 06/03/305 | 11,150,000 | 11,205,731 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 22.0% (continued) | ||||||||
| Financial - 13.1% (continued) | ||||||||
| Nationwide Building Society | ||||||||
| 2.97% due 02/16/285,9 | 11,300,000 | $ | 11,033,579 | |||||
| Standard Chartered plc | ||||||||
| 5.69% due 05/14/285,9 | 10,600,000 | 10,812,483 | ||||||
| CBS Studio Center | ||||||||
| 7.31% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/27◊,††† | 10,000,000 | 9,990,209 | ||||||
| QTS Good News Facility | ||||||||
| 7.35% (SOFR + 3.00%, Rate Floor: 0.00%) due 10/09/28◊,††† | 9,922,635 | 9,922,635 | ||||||
| Cooperatieve Rabobank UA | ||||||||
| 1.98% due 12/15/275,9 | 10,000,000 | 9,645,029 | ||||||
| ING Groep N.V. | ||||||||
| 1.73% due 04/01/279 | 9,800,000 | 9,598,775 | ||||||
| BPCE S.A. | ||||||||
| 1.65% due 10/06/265,9 | 9,500,000 | 9,422,761 | ||||||
| Lincoln Financial Global Funding | ||||||||
| 4.63% due 05/28/285 | 8,750,000 | 8,804,167 | ||||||
| First American Financial Corp. | ||||||||
| 4.00% due 05/15/30 | 7,860,000 | 7,529,571 | ||||||
| United Wholesale Mortgage LLC | ||||||||
| 5.50% due 11/15/255 | 7,120,000 | 7,118,876 | ||||||
| 5.50% due 04/15/295 | 275,000 | 266,930 | ||||||
| Iron Mountain, Inc. | ||||||||
| 4.88% due 09/15/275 | 7,360,000 | 7,318,119 | ||||||
| Macquarie Bank Ltd. | ||||||||
| 5.27% due 07/02/275 | 7,100,000 | 7,249,333 | ||||||
| Apollo Management Holdings, LP | ||||||||
| 4.40% due 05/27/265 | 7,115,000 | 7,104,291 | ||||||
| FS KKR Capital Corp. | ||||||||
| 2.63% due 01/15/27 | 7,400,000 | 7,095,868 | ||||||
| HSBC Holdings plc | ||||||||
| 5.13% due 03/03/319 | 7,000,000 | 7,093,464 | ||||||
| Rocket Companies, Inc. | ||||||||
| 6.13% due 08/01/305 | 6,850,000 | 6,980,356 | ||||||
| OneMain Finance Corp. | ||||||||
| 3.50% due 01/15/27 | 7,050,000 | 6,902,011 | ||||||
| 7.13% due 03/15/26 | 18,000 | 18,266 | ||||||
| NatWest Group plc | ||||||||
| 5.39% (SOFR + 1.10%) due 05/23/29◊ | 6,350,000 | 6,352,235 | ||||||
| National Bank of Canada | ||||||||
| 5.60% due 07/02/279 | 4,650,000 | 4,701,174 | ||||||
| Horace Mann Educators Corp. | ||||||||
| 4.50% due 12/01/25 | 4,420,000 | 4,412,962 | ||||||
| Deloitte LLP | ||||||||
| 3.46% due 05/07/27††† | 4,500,000 | 4,369,788 | ||||||
| Jefferies Finance LLC / JFIN Company-Issuer Corp. | ||||||||
| 5.00% due 08/15/285 | 4,300,000 | 4,156,706 | ||||||
| SBA Communications Corp. | ||||||||
| 3.13% due 02/01/29 | 3,472,000 | 3,279,227 | ||||||
| Hunt Companies, Inc. | ||||||||
| 5.25% due 04/15/295 | 3,250,000 | 3,131,548 | ||||||
| Citadel Securities Global Holdings LLC | ||||||||
| 5.50% due 06/18/305 | 1,900,000 | 1,922,574 | ||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 5.75% due 07/01/30 | 1,600,000 | 1,626,444 | ||||||
| Brookfield Finance, Inc. | ||||||||
| 3.90% due 01/25/28 | 1,400,000 | 1,383,575 | ||||||
| AMC East Communities LLC | ||||||||
| 5.74% due 01/15/285 | 1,290,479 | 1,302,931 | ||||||
| Brown & Brown, Inc. | ||||||||
| 4.70% due 06/23/28 | 1,150,000 | 1,159,701 | ||||||
| Trinity Acquisition plc | ||||||||
| 4.40% due 03/15/26 | 881,000 | 878,559 | ||||||
| Old Republic International Corp. | ||||||||
| 3.88% due 08/26/26 | 700,000 | 694,663 | ||||||
| Equinix, Inc. | ||||||||
| 1.55% due 03/15/28 | 700,000 | 652,468 | ||||||
| Morgan Stanley | ||||||||
| 3.77% due 01/24/299 | 361,000 | 355,846 | ||||||
| Assurant, Inc. | ||||||||
| 4.90% due 03/27/28 | 350,000 | 352,735 | ||||||
| Belvoir Land LLC | ||||||||
| 5.03% due 12/15/255 | 150,516 | 150,722 | ||||||
| UWM Holdings LLC | ||||||||
| 6.63% due 02/01/305 | 150,000 | 150,155 | ||||||
| Total Financial | 681,902,778 | |||||||
| Consumer, Non-cyclical - 2.4% | ||||||||
| Global Payments, Inc. | ||||||||
| 2.90% due 05/15/30 | 28,801,000 | 26,479,360 | ||||||
| 3.20% due 08/15/29 | 2,199,000 | 2,079,410 | ||||||
| GXO Logistics, Inc. | ||||||||
| 6.25% due 05/06/29 | 15,000,000 | 15,660,067 | ||||||
| Element Fleet Management Corp. | ||||||||
| 5.64% due 03/13/275 | 9,925,000 | 10,079,359 | ||||||
| 6.27% due 06/26/265 | 4,400,000 | 4,462,325 | ||||||
| Laboratory Corporation of America Holdings | ||||||||
| 1.55% due 06/01/26 | 10,571,000 | 10,295,434 | ||||||
| PRA Health Sciences, Inc. | ||||||||
| 2.88% due 07/15/265 | 10,280,000 | 10,031,532 | ||||||
| Block, Inc. | ||||||||
| 2.75% due 06/01/26 | 7,600,000 | 7,440,651 | ||||||
| Danone S.A. | ||||||||
| 2.95% due 11/02/265 | 6,952,000 | 6,829,891 | ||||||
| Valvoline, Inc. | ||||||||
| 3.63% due 06/15/315 | 7,434,000 | 6,731,096 | ||||||
| Royalty Pharma plc | ||||||||
| 1.75% due 09/02/27 | 5,150,000 | 4,877,292 | ||||||
| BAT Capital Corp. | ||||||||
| 4.70% due 04/02/27 | 4,220,000 | 4,240,111 | ||||||
| 3.56% due 08/15/27 | 527,000 | 518,547 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 22.0% (continued) | ||||||||
| Consumer, Non-cyclical - 2.4% (continued) | ||||||||
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL | ||||||||
| 5.13% due 02/01/28 | 4,306,000 | $ | 4,393,843 | |||||
| Darling Global Finance B.V. | ||||||||
| 4.50% due 06/15/325 | EUR | 2,050,000 | 2,444,368 | |||||
| Diageo Investment Corp. | ||||||||
| 5.13% due 08/15/30 | 2,250,000 | 2,318,076 | ||||||
| IQVIA, Inc. | ||||||||
| 5.00% due 05/15/275 | 2,300,000 | 2,292,232 | ||||||
| HAH Group Holding Company LLC | ||||||||
| 9.75% due 10/01/315 | 1,780,000 | 1,764,716 | ||||||
| Triton Container International Ltd. | ||||||||
| 2.05% due 04/15/265 | 1,800,000 | 1,762,768 | ||||||
| Avantor Funding, Inc. | ||||||||
| 4.63% due 07/15/285 | 1,050,000 | 1,031,057 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 4.25% due 02/01/275 | 350,000 | 346,587 | ||||||
| Performance Food Group, Inc. | ||||||||
| 5.50% due 10/15/275 | 100,000 | 99,791 | ||||||
| Total Consumer, Non-cyclical | 126,178,513 | |||||||
| Industrial - 1.7% | ||||||||
| Berry Global, Inc. | ||||||||
| 1.57% due 01/15/26 | 11,750,000 | 11,539,921 | ||||||
| 4.88% due 07/15/265 | 5,165,000 | 5,158,282 | ||||||
| 5.80% due 06/15/31 | 2,500,000 | 2,627,031 | ||||||
| Sealed Air Corp. | ||||||||
| 1.57% due 10/15/265 | 16,450,000 | 15,743,487 | ||||||
| Silgan Holdings, Inc. | ||||||||
| 1.40% due 04/01/265 | 12,600,000 | 12,260,207 | ||||||
| Vontier Corp. | ||||||||
| 1.80% due 04/01/26 | 7,050,000 | 6,893,785 | ||||||
| 2.40% due 04/01/28 | 3,900,000 | 3,663,616 | ||||||
| Graphic Packaging International LLC | ||||||||
| 1.51% due 04/15/265 | 6,500,000 | 6,330,130 | ||||||
| Penske Truck Leasing Company LP / PTL Finance Corp. | ||||||||
| 4.45% due 01/29/265 | 5,475,000 | 5,459,150 | ||||||
| 4.20% due 04/01/275 | 500,000 | 497,709 | ||||||
| Weir Group plc | ||||||||
| 2.20% due 05/13/265 | 5,410,000 | 5,275,946 | ||||||
| Penske Truck Leasing Company LP / PTL Finance Corp. | ||||||||
| 5.25% due 07/01/295 | 4,750,000 | 4,863,151 | ||||||
| Jabil, Inc. | ||||||||
| 1.70% due 04/15/26 | 3,800,000 | 3,711,286 | ||||||
| GATX Corp. | ||||||||
| 3.85% due 03/30/27 | 2,900,000 | 2,870,287 | ||||||
| 3.50% due 03/15/28 | 200,000 | 195,281 | ||||||
| Enviri Corp. | ||||||||
| 5.75% due 07/31/275 | 125,000 | 123,370 | ||||||
| Total Industrial | 87,212,639 | |||||||
| Consumer, Cyclical - 1.4% | ||||||||
| LG Electronics, Inc. | ||||||||
| 5.63% due 04/24/275 | 11,000,000 | 11,197,952 | ||||||
| LG Energy Solution Ltd. | ||||||||
| 5.38% due 07/02/275 | 9,650,000 | 9,738,978 | ||||||
| 5.25% due 04/02/285 | 1,000,000 | 1,003,113 | ||||||
| United Airlines, Inc. | ||||||||
| 4.38% due 04/15/265 | 8,125,000 | 8,071,287 | ||||||
| Alt-2 Structured Trust | ||||||||
| 2.95% due 05/14/31◊,††† | 7,935,807 | 7,325,823 | ||||||
| Choice Hotels International, Inc. | ||||||||
| 3.70% due 01/15/31 | 7,350,000 | 6,816,704 | ||||||
| AS Mileage Plan IP Ltd. | ||||||||
| 5.02% due 10/20/295 | 6,720,000 | 6,649,790 | ||||||
| Air Canada | ||||||||
| 3.88% due 08/15/265 | 4,550,000 | 4,504,041 | ||||||
| Hyatt Hotels Corp. | ||||||||
| 5.75% due 04/23/30 | 4,320,000 | 4,468,702 | ||||||
| American Airlines Class AA Pass Through Trust | ||||||||
| 3.35% due 10/15/29 | 2,174,005 | 2,068,170 | ||||||
| 3.00% due 10/15/28 | 1,346,154 | 1,273,310 | ||||||
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. | ||||||||
| 5.88% due 03/01/27 | 2,300,000 | 2,299,338 | ||||||
| Delta Air Lines, Inc. / SkyMiles IP Ltd. | ||||||||
| 4.50% due 10/20/255 | 1,667,000 | 1,662,966 | ||||||
| Walgreens Boots Alliance, Inc. | ||||||||
| 3.45% due 06/01/26 | 1,650,000 | 1,614,407 | ||||||
| Newell Brands, Inc. | ||||||||
| 6.38% due 09/15/27 | 1,548,000 | 1,568,785 | ||||||
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | ||||||||
| 6.50% due 06/20/275 | 1,340,000 | 1,341,758 | ||||||
| Advance Auto Parts, Inc. | ||||||||
| 5.90% due 03/09/26 | 514,000 | 513,897 | ||||||
| Total Consumer, Cyclical | 72,119,021 | |||||||
| Technology - 1.0% | ||||||||
| CDW LLC / CDW Finance Corp. | ||||||||
| 2.67% due 12/01/26 | 22,350,000 | 21,785,439 | ||||||
| 3.25% due 02/15/29 | 810,000 | 767,319 | ||||||
| Infor LLC | ||||||||
| 1.75% due 07/15/255 | 13,800,000 | 13,780,844 | ||||||
| Microchip Technology, Inc. | ||||||||
| 5.05% due 02/15/30 | 11,000,000 | 11,158,645 | ||||||
| Qorvo, Inc. | ||||||||
| 3.38% due 04/01/315 | 1,200,000 | 1,082,113 | ||||||
| 4.38% due 10/15/29 | 963,000 | 934,606 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 22.0% (continued) | ||||||||
| Technology - 1.0% (continued) | ||||||||
| TeamSystem S.p.A. | ||||||||
| due 07/01/325 | EUR | 1,100,000 | $ | 1,294,749 | ||||
| NCR Voyix Corp. | ||||||||
| 5.13% due 04/15/295 | 636,000 | 626,420 | ||||||
| MSCI, Inc. | ||||||||
| 3.88% due 02/15/315 | 379,000 | 357,363 | ||||||
| Total Technology | 51,787,498 | |||||||
| Energy - 0.8% | ||||||||
| Targa Resources Corp. | ||||||||
| 4.90% due 09/15/30 | 7,500,000 | 7,563,314 | ||||||
| BP Capital Markets plc | ||||||||
| 4.88% 9,10 | 7,500,000 | 7,422,278 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 5.00% due 08/01/27 | 6,100,000 | 6,152,496 | ||||||
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. | ||||||||
| 6.88% due 01/15/29 | 5,844,000 | 5,960,652 | ||||||
| HF Sinclair Corp. | ||||||||
| 6.38% due 04/15/27 | 5,020,000 | 5,051,348 | ||||||
| Venture Global LNG, Inc. | ||||||||
| 9.50% due 02/01/295 | 4,600,000 | 5,011,139 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.50% due 01/15/345 | 2,000,000 | 2,000,000 | ||||||
| Gulfstream Natural Gas System LLC | ||||||||
| 4.60% due 09/15/255 | 400,000 | 399,633 | ||||||
| Sabine Pass Liquefaction LLC | ||||||||
| 5.00% due 03/15/27 | 300,000 | 301,801 | ||||||
| Parkland Corp. | ||||||||
| 5.88% due 07/15/275 | 80,000 | 80,047 | ||||||
| Total Energy | 39,942,708 | |||||||
| Communications - 0.8% | ||||||||
| SoftBank Corp. | ||||||||
| 4.70% due 07/09/305 | 14,000,000 | 14,000,000 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 3.88% due 10/15/305 | 5,070,000 | 4,398,225 | ||||||
| 4.50% due 04/01/305 | 2,277,000 | 2,060,685 | ||||||
| 4.00% due 04/15/315 | 2,150,000 | 1,838,250 | ||||||
| 11.00% due 11/15/295 | 1,403,972 | 1,610,480 | ||||||
| NTT Finance Corp. | ||||||||
| 1.16% due 04/03/265 | 7,598,000 | 7,411,761 | ||||||
| Match Group Holdings II LLC | ||||||||
| 4.63% due 06/01/285 | 4,775,000 | 4,659,563 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 2.80% due 04/01/31 | 3,250,000 | 2,898,005 | ||||||
| Sirius XM Radio LLC | ||||||||
| 3.13% due 09/01/265 | 190,000 | 186,415 | ||||||
| 3.88% due 09/01/315 | 75,000 | 66,669 | ||||||
| AMC Networks, Inc. | ||||||||
| 4.25% due 02/15/29 | 225,000 | 180,250 | ||||||
| CSC Holdings LLC | ||||||||
| 4.13% due 12/01/305 | 250,000 | 176,378 | ||||||
| Total Communications | 39,486,681 | |||||||
| Utilities - 0.5% | ||||||||
| Algonquin Power & Utilities Corp. | ||||||||
| 5.37% due 06/15/26 | 8,200,000 | 8,243,661 | ||||||
| Terraform Global Operating, LP | ||||||||
| 6.13% due 03/01/265 | 5,754,000 | 5,719,196 | ||||||
| Evercore, Inc. | ||||||||
| 5.17% due 07/24/30 | 5,000,000 | 4,994,743 | ||||||
| Pinnacle West Capital Corp. | ||||||||
| 4.90% due 05/15/28 | 4,200,000 | 4,258,796 | ||||||
| AES Corp. | ||||||||
| 3.30% due 07/15/255 | 4,250,000 | 4,245,262 | ||||||
| Southern Co. | ||||||||
| 3.75% due 09/15/519 | 1,200,000 | 1,183,465 | ||||||
| Total Utilities | 28,645,123 | |||||||
| Basic Materials - 0.2% | ||||||||
| Alumina Pty Ltd. | ||||||||
| 6.13% due 03/15/305 | 4,200,000 | 4,263,248 | ||||||
| Kaiser Aluminum Corp. | ||||||||
| 4.63% due 03/01/285 | 4,184,000 | 4,093,669 | ||||||
| International Flavors & Fragrances, Inc. | ||||||||
| 1.23% due 10/01/255 | 1,698,000 | 1,681,536 | ||||||
| Carpenter Technology Corp. | ||||||||
| 6.38% due 07/15/28 | 1,145,000 | 1,148,106 | ||||||
| Minerals Technologies, Inc. | ||||||||
| 5.00% due 07/01/285 | 90,000 | 88,525 | ||||||
| Total Basic Materials | 11,275,084 | |||||||
| Transporation - 0.1% | ||||||||
| Stolthaven Houston, Inc. | ||||||||
| 5.88% due 07/17/31††† | 4,752,000 | 4,804,024 | ||||||
| Total Corporate Bonds | ||||||||
| (Cost $1,157,034,820) | 1,143,354,069 | |||||||
| U.S. GOVERNMENT SECURITIES†† - 21.8% | ||||||||
| U.S. Treasury Notes | ||||||||
| 4.75% due 07/31/25 | 200,000,000 | 200,053,578 | ||||||
| 4.38% due 07/31/26 | 161,250,000 | 161,892,481 | ||||||
| 4.25% due 02/15/28 | 150,000,000 | 152,027,343 | ||||||
| 4.25% due 11/30/26 | 115,100,000 | 115,693,484 | ||||||
| 4.13% due 10/31/26 | 90,000,000 | 90,249,610 | ||||||
| 3.75% due 08/31/26 | 68,000,000 | 67,837,969 | ||||||
| 4.00% due 12/15/27 | 50,000,000 | 50,355,469 | ||||||
| 4.13% due 01/31/27 | 50,000,000 | 50,228,515 | ||||||
| 3.88% due 03/31/27 | 50,000,000 | 50,078,125 | ||||||
| 3.38% due 09/15/27 | 47,000,000 | 46,675,039 | ||||||
| 4.25% due 01/31/26 | 15,700,000 | 15,699,387 | ||||||
| U.S. Treasury Inflation Indexed Bonds | ||||||||
| 2.13% due 04/15/2914 | 55,657,400 | 57,153,517 | ||||||
| 1.25% due 04/15/2814 | 25,526,101 | 25,478,067 | ||||||
| 0.50% due 01/15/2814 | 23,289,806 | 22,856,345 | ||||||
| 0.38% due 01/15/2714 | 19,774,813 | 19,504,491 | ||||||
| 1.38% due 07/15/3314 | 5,460,296 | 5,302,398 | ||||||
| Total U.S. Government Securities | ||||||||
| (Cost $1,125,734,646) | 1,131,085,818 | |||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 3.2% | ||||||||
| Financial - 1.0% | ||||||||
| Jane Street Group LLC | ||||||||
| 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 12,322,500 | $ | 12,306,604 | |||||
| QTS Good News Facility | ||||||||
| 7.10% (SOFR + 2.75%, Rate Floor: 0.00%) due 10/09/28◊,††† | 11,450,000 | 11,445,312 | ||||||
| Citadel Securities, LP | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 7,301,434 | 7,327,939 | ||||||
| Jefferies Finance LLC | ||||||||
| 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 | 5,174,000 | 5,180,468 | ||||||
| Focus Financial Partners LLC | ||||||||
| due 09/15/31 | 4,837,845 | 4,826,379 | ||||||
| Corpay, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/28/28 | 4,776,000 | 4,774,997 | ||||||
| Eagle Point Holdings Borrower, LLC | ||||||||
| 8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28††† | 2,600,000 | 2,600,000 | ||||||
| CPI Holdco B LLC | ||||||||
| due 05/17/31 | 2,244,347 | 2,236,492 | ||||||
| Starwood Property Mortgage LLC | ||||||||
| 6.58% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 01/02/30 | 298,500 | 299,061 | ||||||
| Total Financial | 50,997,252 | |||||||
| Consumer, Cyclical - 0.5% | ||||||||
| Flutter Entertainment plc | ||||||||
| 6.30% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/22/32 | 9,200,000 | 9,188,500 | ||||||
| Clarios Global, LP | ||||||||
| 5.18% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/28/32 | EUR | 2,250,000 | 2,643,193 | |||||
| Samsonite IP Holdings SARL | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 06/21/30 | 2,578,601 | 2,581,824 | ||||||
| Cedar Fair LP | ||||||||
| due 05/01/31 | 2,244,332 | 2,244,333 | ||||||
| Rent-A-Center, Inc. | ||||||||
| 7.03% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28††† | 2,069,976 | 2,075,151 | ||||||
| Pacific Bells LLC | ||||||||
| 8.56% (3 Month Term SOFR + 4.26%, Rate Floor: 4.76%) due 11/13/28 | 1,536,731 | 1,538,652 | ||||||
| Entain Holdings (Gibraltar) Ltd. | ||||||||
| 6.67% (6 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 03/29/27 | 1,440,000 | 1,440,446 | ||||||
| DK Crown Holdings, Inc. | ||||||||
| 6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/04/32 | 997,500 | 993,759 | ||||||
| Packers Holdings LLC | ||||||||
| 7.68% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28 | 1,660,122 | 888,166 | ||||||
| Total Consumer, Cyclical | 23,594,024 | |||||||
| Consumer, Non-cyclical - 0.4% | ||||||||
| Skechers | ||||||||
| due 06/25/32 | 3,050,000 | 3,065,250 | ||||||
| due 06/25/32 | EUR | 1,600,000 | 1,881,093 | |||||
| Women's Care Holdings, Inc. | ||||||||
| 8.88% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 4,467,129 | 4,087,423 | ||||||
| Bombardier Recreational Products, Inc. | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/22/31 | 4,021,601 | 4,017,418 | ||||||
| Aramark Services, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/22/30 | 2,616,025 | 2,619,295 | ||||||
| Sazerac Co Inc. | ||||||||
| due 06/24/32 | 2,300,000 | 2,297,125 | ||||||
| Froneri US, Inc. | ||||||||
| 6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 2,305,098 | 2,277,736 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 3.2% (continued) | ||||||||
| Consumer, Non-cyclical - 0.4% (continued) | ||||||||
| Concentra Health Services, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/26/31 | 399,000 | $ | 399,998 | |||||
| Eyecare Partners LLC | ||||||||
| 8.84% (6 Month Term SOFR + 1.00%, Rate Floor: 1.00%) (in-kind rate was 3.61%) due 11/30/2811 | 358,034 | 281,057 | ||||||
| 9.88% (6 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 08/31/28 | 100,810 | 102,323 | ||||||
| Total Consumer, Non-cyclical | 21,028,718 | |||||||
| Energy - 0.3% | ||||||||
| ITT Holdings LLC | ||||||||
| 7.05% (1 Month Term SOFR + 2.73%, Rate Floor: 3.23%) due 10/11/30 | 10,169,522 | 10,179,691 | ||||||
| Whitewater Matterhorn Holdings LLC | ||||||||
| 6.57% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/32 | 2,390,000 | 2,386,511 | ||||||
| Colonial Pipeline | ||||||||
| due 06/11/323 | 2,300,000 | 2,283,325 | ||||||
| AL GCX Holdings LLC | ||||||||
| 6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/17/29 | 1,478,787 | 1,478,521 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 7.30% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 329,746 | 329,130 | ||||||
| Total Energy | 16,657,178 | |||||||
| Industrial - 0.3% | ||||||||
| XPO, Inc. | ||||||||
| 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/28 | 4,887,750 | 4,902,608 | ||||||
| Harsco Corporation | ||||||||
| 6.69% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 06/09/28 | 4,013,263 | 3,964,101 | ||||||
| United Rentals, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/14/31 | 3,308,125 | 3,332,936 | ||||||
| Genesee & Wyoming, Inc. | ||||||||
| 6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/10/31 | 3,027,125 | 3,009,144 | ||||||
| Brown Group Holding LLC | ||||||||
| 6.81% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 990,000 | 991,010 | ||||||
| Total Industrial | 16,199,799 | |||||||
| Communications - 0.3% | ||||||||
| Playtika Holding Corp. | ||||||||
| 7.19% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 03/13/28 | 10,513,549 | 10,321,046 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
| 7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 1,500,000 | 1,423,800 | ||||||
| SBA Senior Finance II LLC | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/25/31 | 740,625 | 741,277 | ||||||
| Virgin Media Bristol LLC | ||||||||
| 7.37% (6 Month Term SOFR + 3.18%, Rate Floor: 3.18%) due 03/02/31 | 600,000 | 591,684 | ||||||
| Total Communications | 13,077,807 | |||||||
| Technology - 0.2% | ||||||||
| Dun & Bradstreet Corp. | ||||||||
| 6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/18/29 | 8,343,881 | 8,336,705 | ||||||
| World Wide Technology Holding Company LLC | ||||||||
| 6.56% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 03/01/30 | 2,593,484 | 2,603,209 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 3.2% (continued) | ||||||||
| Technology - 0.2% (continued) | ||||||||
| Datix Bidco Ltd. | ||||||||
| 9.46% (6 Month GBP SONIA + 5.25%, Rate Floor: 5.25%) due 04/30/31††† | GBP | 968,800 | $ | 1,320,812 | ||||
| 9.54% (6 Month Term SOFR + 5.25%, Rate Floor: 5.75%) due 04/30/31††† | 275,000 | 273,145 | ||||||
| 9.56% ((6 Month GBP SONIA + 5.50%) and (6 Month Term SOFR + 5.25%), Rate Floor: 6.00%) due 10/30/30††† | 45,325 | 40,485 | ||||||
| 9.56% ((6 Month GBP SONIA + 5.50%) and (6 Month Term SOFR + 5.25%), Rate Floor: 6.00%) due 10/30/30††† | GBP | 6,475 | 7,939 | |||||
| Upland Software, Inc. | ||||||||
| 8.18% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 08/06/26 | 267,056 | 259,141 | ||||||
| Total Technology | 12,841,436 | |||||||
| Basic Materials - 0.2% | ||||||||
| Trinseo Materials Operating S.C.A. | ||||||||
| 7.09% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28 | 10,656,000 | 4,553,948 | ||||||
| Minerals Technologies, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/26/31 | 3,482,500 | 3,478,147 | ||||||
| Arsenal AIC Parent LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/18/30 | 2,992,481 | 2,985,748 | ||||||
| Total Basic Materials | 11,017,843 | |||||||
| Total Senior Floating Rate Interests | ||||||||
| (Cost $172,003,246) | 165,414,057 | |||||||
| FEDERAL AGENCY DISCOUNT NOTES†† - 1.3% | ||||||||
| Federal Home Loan Bank | ||||||||
| 4.10% due 07/01/2512 | 68,500,000 | 68,500,000 | ||||||
| Total Federal Agency Discount Notes | ||||||||
| (Cost $68,500,000) | 68,500,000 | |||||||
| MUNICIPAL BONDS†† - 0.2% | ||||||||
| Colorado - 0.1% | ||||||||
| Fort Carson Family Housing LLC Revenue Bonds | ||||||||
| 7.86% due 11/15/29 | 6,145,000 | 6,526,236 | ||||||
| California - 0.1% | ||||||||
| California Public Finance Authority Revenue Bonds | ||||||||
| 1.55% due 10/15/26 | 3,145,000 | 3,035,471 | ||||||
| Total Municipal Bonds | ||||||||
| (Cost $9,617,026) | 9,561,707 | |||||||
| REPURCHASE AGREEMENTS††,13 - 3.1% | ||||||||
| BofA Securities, Inc. | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 67,307,288 | 67,307,288 | ||||||
| BNP Paribas | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 42,067,055 | 42,067,055 | ||||||
| J.P. Morgan Securities LLC | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 42,067,055 | 42,067,055 | ||||||
| Bank of Montreal | ||||||||
| issued 06/30/25 at 4.34% due 07/01/25 | 8,413,411 | 8,413,411 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $159,854,809) | 159,854,809 | |||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Contracts/Notional Value | Value | |||||||
| OTC OPTIONS PURCHASED†† - 0.0% | ||||||||
| Put Options on: | ||||||||
| Foreign Exchange Options | ||||||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 25,196,000 | $ | 471,388 | ||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 12,668,000 | 413,496 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 5,009,000 | 420,200 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 10,134,000 | 330,784 | |||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 7,559,000 | 141,420 | |||||
| Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 2,238,000 | 73,050 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 2,305,000 | 43,124 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $56,648,827) | EUR | 48,259,000 | 9,134 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $56,648,827) | EUR | 48,259,000 | 9,134 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $39,653,827) | EUR | 33,781,000 | 6,500 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $19,885,019) | EUR | 16,940,000 | 3,260 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $16,995,000) | EUR | 14,478,000 | 2,786 | |||||
| BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $3,275,042) | EUR | 2,790,000 | 537 | |||||
| Total OTC Options Purchased | ||||||||
| (Cost $4,272,950) | 1,924,813 | |||||||
| OTC INTEREST RATE SWAPTIONS PURCHASED††,15 - 0.1% | ||||||||
| Call Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $79,857,500) | USD | 159,715,000 | 2,850,235 | |||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $79,857,500) | USD | 79,857,500 | 1,425,118 | |||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $79,857,500) | USD | 79,857,500 | 1,425,118 | |||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $131,553,600) | GBP | 96,000,000 | 959,272 | |||||
| Total Interest Rate Swaptions | 6,659,743 | |||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $131,553,600) | GBP | 96,000,000 | 44,080 | |||||
| Total Interest Rate Swaptions | 44,080 | |||||||
| Total OTC Interest Rate Swaptions Purchased | ||||||||
| (Cost $4,687,897) | 6,703,823 | |||||||
| Total Investments - 120.7% | ||||||||
| (Cost $6,313,376,205) | $ | 6,273,524,560 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC OPTIONS WRITTEN†† - (0.0)% | ||||||||
| Put Options on: | ||||||||
| Foreign Exchange Options | ||||||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 2,305,000 | $ | (10,468 | ) | |||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 7,559,000 | (34,329 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 25,196,000 | (114,426 | ) | ||||
| Total Foreign Exchange Options | (159,223 | ) | ||||||
| Total OTC Options Written | ||||||||
| (Premiums received $276,851) | (159,223 | ) | ||||||
| OTC INTEREST RATE SWAPTIONS WRITTEN††,15 - (0.1)% | ||||||||
| Call Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $131,553,600) | GBP | 96,000,000 | (482,420 | ) | ||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $79,857,500) | USD | 79,857,500 | (631,744 | ) | ||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $79,857,500) | USD | 79,857,500 | (631,744 | ) | ||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $79,857,500) | USD | 159,715,000 | (1,263,488 | ) | ||||
| Total Interest Rate Swaptions | (3,009,396 | ) | ||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $131,553,600) | GBP | 96,000,000 | (206,687 | ) | ||||
| Total Interest Rate Swaptions | (206,687 | ) | ||||||
| Total OTC Interest Rate Swaptions Written | ||||||||
| (Premiums received $2,748,881) | (3,216,083 | ) | ||||||
| Other Assets & Liabilities, net - (20.6)% | (1,071,717,229 | ) | ||||||
| Total Net Assets - 100.0% | $ | 5,198,432,025 | ||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
OTC Credit Default Swap Agreements Protection Purchased††
| Counterparty | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Received | Unrealized Depreciation | ||||||||||||||||||
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00 | % | Quarterly | 12/20/29 | $ | 5,085,000 | $ | (376,554 | ) | $ | (286,805 | ) | $ | (89,749 | ) | ||||||||||
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00 | % | Quarterly | 12/20/29 | 5,085,000 | (773,878 | ) | (682,950 | ) | (90,928 | ) | ||||||||||||||
| $ | (1,150,432 | ) | $ | (969,755 | ) | $ | (180,677 | ) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements††
| Counterparty | Exchange | Floating Rate Type | Floating Rate Index | Fixed Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid | Unrealized Appreciation (Depreciation)** | ||||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.05 | % | Annually | 02/04/27 | $ | 260,000,000 | $ | 1,782,326 | $ | 758 | $ | 1,781,568 | |||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.09 | % | Annually | 01/03/27 | 190,000,000 | 1,237,926 | 584 | 1,237,342 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.72 | % | Annually | 04/02/27 | 425,000,000 | 1,191,925 | 1,193 | 1,190,732 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.37 | % | Annually | 07/03/27 | 60,000,000 | 1,020,302 | 173 | 1,020,129 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.00 | % | Annually | 12/03/26 | 220,000,000 | 980,210 | 605 | 979,605 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 3.49 | % | Annually | 08/13/34 | 45,000,000 | 535,778 | 3,363 | 532,415 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.68 | % | Annually | 06/03/27 | 150,000,000 | 462,233 | 648 | 461,585 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.58 | % | Annually | 06/03/28 | 65,000,000 | 304,698 | 450 | 304,248 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.85 | % | Annually | 08/12/26 | 532,000,000 | 222,557 | 886 | 221,671 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 3.55 | % | Annually | 08/13/39 | 5,000,000 | 171,773 | 283 | 171,490 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 3.55 | % | Annually | 08/12/34 | 49,200,000 | 381,147 | 814,604 | (433,457 | ) | ||||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 4.11 | % | Annually | 12/23/39 | 17,000,000 | (440,544 | ) | 454 | (440,998 | ) | |||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.45 | % | Annually | 10/01/26 | 185,800,000 | (684,816 | ) | 479 | (685,295 | ) | |||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 3.92 | % | Annually | 12/18/34 | 34,100,000 | (702,149 | ) | 542 | (702,691 | ) | |||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 3.71 | % | Annually | 06/03/32 | 75,000,000 | (822,422 | ) | 742 | (823,164 | ) | |||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 4.36 | % | Annually | 10/16/30 | 121,000,000 | (5,135,812 | ) | 711 | (5,136,523 | ) | |||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 4.05 | % | Annually | 01/31/30 | 181,100,000 | (4,835,817 | ) | 363,640 | (5,199,457 | ) | |||||||||||||||||
| $ | (4,330,685 | ) | $ | 1,190,115 | $ | (5,520,800 | ) | |||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts††
| Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||
| Morgan Stanley Capital Services LLC | GBP | Buy | 50,000 | 68,038 USD | 07/16/25 | $ | 597 | |||||||||
| Goldman Sachs International | GBP | Sell | 48,000 | 65,609 USD | 07/16/25 | (281 | ) | |||||||||
| Barclays Bank plc | GBP | Sell | 87,000 | 118,632 USD | 07/16/25 | (793 | ) | |||||||||
| Citibank, N.A. | GBP | Sell | 1,114,000 | 1,510,148 USD | 07/16/25 | (19,045 | ) | |||||||||
| Morgan Stanley Capital Services LLC | EUR | Sell | 3,190,000 | 3,711,737 USD | 07/16/25 | (50,347 | ) | |||||||||
| Nomura Global Financial Products, Inc. | EUR | Sell | 11,635,000 | 13,405,766 USD | 07/16/25 | (315,817 | ) | |||||||||
| $ | (385,686 | ) | ||||||||||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
OTC Interest Rate Swaptions Purchased
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||||||
| Call | ||||||||||||||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | $ | 159,715,000 | $ | 2,850,235 | ||||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | 79,857,500 | 1,425,118 | ||||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | 79,857,500 | 1,425,118 | ||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50 | % | 08/19/26 | 3.50 | % | 131,553,600 | 959,272 | ||||||||||||||
| $ | 6,659,743 | |||||||||||||||||||||||
| Put | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50 | % | 08/19/26 | 5.50 | % | $ | 131,553,600 | $ | 44,080 | ||||||||||||
OTC Interest Rate Swaptions Written
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||||||
| Call | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00 | % | 08/19/26 | 3.00 | % | $ | 131,553,600 | $ | (482,420 | ) | |||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 79,857,500 | (631,744 | ) | |||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 79,857,500 | (631,744 | ) | |||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 159,715,000 | (1,263,488 | ) | |||||||||||||
| $ | (3,009,396 | ) | ||||||||||||||||||||||
| Put | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50 | % | 08/19/26 | 4.50 | % | $ | 131,553,600 | $ | (206,687 | ) | |||||||||||
| ~ | The face amount is denominated in U.S. dollars unless otherwise indicated. |
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| † | Value determined based on Level 1 inputs, unless otherwise noted — See Note 3. |
| †† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| ◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 | Affiliated issuer. |
| 2 | Rate indicated is the 7-day yield as of June 30, 2025. |
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| 3 | Security is unsettled at period end and may not have a stated effective rate. |
| 4 | Security is an interest-only strip. |
| 5 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $2,732,421,079 (cost $2,757,985,458), or 52.6% of total net assets. |
| 6 | Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at June 30, 2025. See table below for additional step information for each security. |
| 7 | Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
| 8 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $50 (cost $0), or less than 0.1% of total net assets — See Note 6. |
| 9 | Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
| 10 | Perpetual maturity. |
| 11 | Payment-in-kind security. |
| 12 | Rate indicated is the effective yield at the time of purchase. |
| 13 | Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements. |
| 14 | Face amount of security is adjusted for inflation. |
| 15 | Swaptions — See additional disclosure in the swaptions table above for more information on swaptions. |
BofA — Bank of America
CDX.NA.HY.43.V1— Credit Default Swap North American High Yield Series 43 Index Version 1
CME — Chicago Mercantile Exchange
EUR — Euro
EURIBOR — European Interbank Offered Rate
GBP — British Pound
plc — Public Limited Company
REMIC — Real Estate Mortgage Investment Conduit
REIT — Real Estate Investment Trust
SARL — Société à Responsabilité Limitée
SOFR — Secured Overnight Financing Rate
SONIA — Sterling Overnight Index Average
WAC — Weighted Average Coupon
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Preferred Stocks | $ | — | $ | 16,572,116 | $ | — | $ | 16,572,116 | ||||||||
| Warrants | 236 | — | — | 236 | ||||||||||||
| Mutual Funds | 91,480,710 | — | — | 91,480,710 | ||||||||||||
| Money Market Fund | 88,569,214 | — | — | 88,569,214 | ||||||||||||
| Collateralized Mortgage Obligations | — | 2,031,691,896 | 2,207,615 | 2,033,899,511 | ||||||||||||
| Asset-Backed Securities | — | 1,233,907,159 | 122,696,518 | 1,356,603,677 | ||||||||||||
| Corporate Bonds | — | 1,106,941,590 | 36,412,479 | 1,143,354,069 | ||||||||||||
| U.S. Government Securities | — | 1,131,085,818 | — | 1,131,085,818 | ||||||||||||
| Senior Floating Rate Interests | — | 147,651,213 | 17,762,844 | 165,414,057 | ||||||||||||
| Federal Agency Discount Notes | — | 68,500,000 | — | 68,500,000 | ||||||||||||
| Municipal Bonds | — | 9,561,707 | — | 9,561,707 | ||||||||||||
| Repurchase Agreements | — | 159,854,809 | — | 159,854,809 | ||||||||||||
| Options Purchased | — | 1,924,813 | — | 1,924,813 | ||||||||||||
| Interest Rate Swaptions Purchased | — | 6,703,823 | — | 6,703,823 | ||||||||||||
| Interest Rate Swap Agreements** | — | 7,900,785 | — | 7,900,785 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | — | 597 | — | 597 | ||||||||||||
| Total Assets | $ | 180,050,160 | $ | 5,922,296,326 | $ | 179,079,456 | $ | 6,281,425,942 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Options Written | $ | — | $ | 159,223 | $ | — | $ | 159,223 | ||||||||
| Interest Rate Swaptions Written | — | 3,216,083 | — | 3,216,083 | ||||||||||||
| Credit Default Swap Agreements** | — | 180,677 | — | 180,677 | ||||||||||||
| Interest Rate Swap Agreements** | — | 13,421,585 | — | 13,421,585 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | — | 386,283 | — | 386,283 | ||||||||||||
| Unfunded Loan Commitments (Note 5) | — | — | 22,721 | 22,721 | ||||||||||||
| Total Liabilities | $ | — | $ | 17,363,851 | $ | 22,721 | $ | 17,386,572 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category | Ending Balance at June 30, 2025 | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average* | |||||||||||
| Assets: | ||||||||||||||||
| Asset-Backed Securities | $ | 53,676,390 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | ||||||||||
| Asset-Backed Securities | 36,650,000 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Asset-Backed Securities | 32,370,128 | Yield Analysis | Yield | 4.3%-7.8% | 6.5% | |||||||||||
| Collateralized Mortgage Obligations | 2,207,615 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Corporate Bonds | 17,316,032 | Yield Analysis | Yield | 5.8%-9.2% | 7.8% | |||||||||||
| Corporate Bonds | 9,922,635 | Model Price | Purchase Price | — | — | |||||||||||
| Corporate Bonds | 9,173,812 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Senior Floating Rate Interests | 13,087,693 | Yield Analysis | Yield | 6.5%-9.9% | 6.9% | |||||||||||
| Senior Floating Rate Interests | 2,600,000 | Model Price | Purchase Price | — | — | |||||||||||
| Senior Floating Rate Interests | 2,075,151 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Total Assets | $ | 179,079,456 | ||||||||||||||
| Liabilities: | ||||||||||||||||
| Unfunded Loan Commitments | $ | 22,721 | Model Price | Purchase Price | — | — | ||||||||||
| * | Inputs are weighted by the fair value of the instruments. |
Significant changes in a quote or yield would generally result in significant changes in the fair value of the security.
The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.
Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended June 30, 2025, the Fund had securities with a total value of $2,075,151 transfer into Level 3 from Level 2 due to a lack of observable inputs.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:
| Assets | Liabilities | |||||||||||||||||||||||
Asset-Backed Securities | Collateralized Mortgage Obligations | Corporate Bonds | Senior Floating Rate Interests | Total Assets | Unfunded Loan Commitments | |||||||||||||||||||
| Beginning Balance | $ | 127,702,527 | $ | - | $ | 27,399,772 | $ | 3,291,684 | $ | 158,393,983 | $ | (4,105 | ) | |||||||||||
| Purchases/(Receipts) | 26,982,223 | 2,199,956 | 12,547,092 | 12,587,775 | 54,317,046 | (32,449 | ) | |||||||||||||||||
| (Sales, maturities and paydowns)/Fundings | (32,332,751 | ) | - | (3,569,611 | ) | (222,377 | ) | (36,124,739 | ) | 39,209 | ||||||||||||||
| Amortization of premiums/discounts | 9,954 | - | (1,785 | ) | 1,710 | 9,879 | 4,175 | |||||||||||||||||
| Total realized gains (losses) included in earnings | 46,001 | - | - | (919 | ) | 45,082 | 743 | |||||||||||||||||
| Total change in unrealized appreciation (depreciation) included in earnings | 288,564 | 7,659 | 37,011 | 29,820 | 363,054 | (30,294 | ) | |||||||||||||||||
| Transfers into Level 3 | - | - | - | 2,075,151 | 2,075,151 | - | ||||||||||||||||||
| Ending Balance | $ | 122,696,518 | $ | 2,207,615 | $ | 36,412,479 | $ | 17,762,844 | $ | 179,079,456 | $ | (22,721 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at June 30, 2025 | $ | 288,564 | $ | 7,659 | $ | 37,011 | $ | 116,859 | $ | 450,093 | $ | 2,630 | ||||||||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Step Coupon Bonds
The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||||||||
| Angel Oak Mortgage Trust 2024-12, 5.86% due 10/25/69 | 6.86 | % | 11/01/28 | — | — | |||||||||
| Angel Oak Mortgage Trust 2024-4, 6.20% due 01/25/69 | 7.20 | % | 03/01/28 | — | — | |||||||||
| ATLX Trust 2024-RPL2, 3.85% due 04/25/63 | 4.85 | % | 10/01/28 | — | — | |||||||||
| Barclays Mortgage Loan Trust 2023-NQM1, 6.03% due 01/25/63 | 7.03 | % | 04/01/27 | — | — | |||||||||
| BRAVO 2024-NQM6, 5.66% due 08/01/64 | 6.66 | % | 08/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-NQM2, 5.93% due 11/25/64 | 6.93 | % | 02/01/29 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-NQM1, 5.81% due 12/25/64 | 6.81 | % | 01/01/29 | — | — | |||||||||
| BRAVO Residential Funding Trust 2024-NQM1, 5.94% due 12/01/63 | 6.94 | % | 01/01/28 | — | — | |||||||||
| CIM TRUST 2025-R1, 5.00% due 02/25/99 | 8.00 | % | 03/01/28 | 9.00 | % | 03/01/29 | ||||||||
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62 | 9.17 | % | 09/25/25 | 10.17 | % | 09/25/26 | ||||||||
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35 | % | 02/01/29 | — | — | |||||||||
| COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69 | 7.13 | % | 03/01/28 | — | — | |||||||||
| GCAT Trust 2025-NQM1, 5.37% due 11/25/69 | 6.37 | % | 04/01/29 | — | — | |||||||||
| GCAT Trust 2025-NQM2, 5.60% due 04/25/70 | 6.60 | % | 06/26/29 | — | — | |||||||||
| GCAT Trust 2024-NQM2, 6.09% due 06/25/59 | 7.36 | % | 05/01/28 | — | — | |||||||||
| HOMES Trust 2025-AFC2, 5.47% due 06/25/60 | 6.47 | % | 06/01/29 | — | — | |||||||||
| JP Morgan Mortgage Trust 2024-NQM1, 5.59% due 02/25/64 | 6.59 | % | 12/01/28 | — | — | |||||||||
| Legacy Mortgage Asset Trust 2021-GS4, 4.65% due 11/25/60 | 5.65 | % | 08/25/25 | — | — | |||||||||
| Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25 | % | 11/25/25 | — | — | |||||||||
| LHOME Mortgage Trust 2024-RTL5, 5.32% due 09/25/39 | 6.32 | % | 03/25/27 | — | — | |||||||||
| Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69 | 6.00 | % | 10/01/27 | — | — | |||||||||
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00 | % | 12/01/27 | — | — | |||||||||
| NYMT Loan Trust 2021-SP1, 4.67% due 08/25/61 | 5.67 | % | 08/01/25 | — | — | |||||||||
| OBX Trust 2024-NQM5, 5.99% due 01/25/64 | 6.99 | % | 03/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM9, 6.28% due 01/25/64 | 7.46 | % | 06/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM8, 6.23% due 05/25/64 | 7.23 | % | 05/01/28 | — | — | |||||||||
| OBX Trust 2025-NQM10, 5.45% due 05/25/65 | 6.45 | % | 05/01/29 | — | — | |||||||||
| OBX Trust 2024-NQM17, 5.86% due 11/25/64 | 6.86 | % | 11/01/28 | — | — | |||||||||
| OBX Trust 2025-NQM2, 5.75% due 11/25/64 | 6.75 | % | 01/01/29 | — | — | |||||||||
| OBX Trust 2024-NQM18, 5.66% due 10/25/64 | 6.66 | % | 11/01/28 | — | — | |||||||||
| OBX Trust 2025-NQM3, 5.85% due 12/01/64 | 6.85 | % | 02/01/29 | — | — | |||||||||
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45 | % | 11/01/26 | — | — | |||||||||
| OBX Trust 2025-NQM3, 5.95% due 12/01/64 | 6.95 | % | 02/01/29 | — | — | |||||||||
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87 | % | 11/01/28 | — | — | |||||||||
| PRPM 2025-3, 6.26% due 05/25/30 | 9.26 | % | 05/01/28 | 10.26 | % | 05/01/29 | ||||||||
| PRPM LLC 2024-6, 5.70% due 11/25/29 | 8.70 | % | 11/25/27 | 9.70 | % | 11/25/28 | ||||||||
| PRPM LLC 2024-4, 6.41% due 08/25/29 | 9.41 | % | 08/25/27 | 10.41 | % | 08/25/28 | ||||||||
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65 | % | 01/01/29 | — | — | |||||||||
| RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44 | 7.15 | % | 05/01/28 | — | — | |||||||||
| RCKT Mortgage Trust 2025-CES5, 5.69% due 05/25/55 | 6.69 | % | 05/01/29 | — | — | |||||||||
| RCKT Mortgage Trust 2025-CES6, 5.47% due 06/25/55 | 6.47 | % | 06/01/29 | — | — | |||||||||
| Verus Securitization Trust 2025-1, 5.77% due 01/25/70 | 6.77 | % | 01/01/29 | — | — | |||||||||
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89 | % | 12/01/28 | — | — | |||||||||
| Verus Securitization Trust 2025-5, 5.43% due 06/25/70 | 6.43 | % | 06/01/29 | — | — | |||||||||
| Verus Securitization Trust 2024-5, 6.45% due 06/25/69 | 7.45 | % | 06/01/28 | — | — | |||||||||
| Verus Securitization Trust 2025-2, 5.31% due 03/25/70 | 6.31 | % | 03/01/29 | — | — | |||||||||
| Vista Point Securitization Trust 2024-CES3, 5.68% due 01/25/55 | 6.68 | % | 12/01/28 | — | — | |||||||||
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81 | % | 03/01/29 | — | — | |||||||||
| Limited Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Repurchase Agreements
The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.
In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.
The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.
At June 30, 2025, the repurchase agreements in the account were as follows:
| Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||||
| BofA Securities, Inc. | U.S. Treasury Bonds | ||||||||||||||||||
| 4.37% | 2.88% - 3.75% | ||||||||||||||||||
| Due 07/01/25 | $ | 67,307,288 | $ | 67,315,458 | Due 08/15/41 - 08/15/45 | $ | 54,928,800 | $ | 42,788,116 | ||||||||||
| U.S. Treasury Notes | |||||||||||||||||||
| 0.38% - 4.63% | |||||||||||||||||||
| Due 10/31/25 - 08/15/30 | 13,222,300 | 13,166,469 | |||||||||||||||||
| U.S. Treasury Strips | |||||||||||||||||||
| 0.00% | |||||||||||||||||||
| Due 08/15/25 - 11/15/54 | 40,685,116 | 12,696,026 | |||||||||||||||||
| U.S. Treasury Floating Rate Notes | |||||||||||||||||||
| 4.22% - 4.41% | |||||||||||||||||||
| Due 10/31/25 - 07/31/26 | 2,800 | 2,823 | |||||||||||||||||
| 108,839,016 | 68,653,434 | ||||||||||||||||||
| BNP Paribas | U.S. Treasury Inflation Indexed Bond | ||||||||||||||||||
| 4.37% | 1.63% | ||||||||||||||||||
| Due 07/01/25 | 42,067,055 | 42,072,161 | Due 04/15/30 | 33,293,937 | 33,606,756 | ||||||||||||||
| U.S. Treasury Notes | |||||||||||||||||||
| 4.13% - 4.38% | |||||||||||||||||||
| Due 02/15/27 - 05/15/34 | 7,490,700 | 7,634,580 | |||||||||||||||||
| U.S. Treasury Strips | |||||||||||||||||||
| 0.00% | |||||||||||||||||||
| Due 02/15/36 - 02/15/48 | 3,061,477 | 1,672,338 | |||||||||||||||||
| 43,846,114 | 42,913,674 | ||||||||||||||||||
| J.P. Morgan Securities LLC | U.S. Treasury Notes | ||||||||||||||||||
| 4.37% | 3.13% | ||||||||||||||||||
| Due 07/01/25 | 42,067,055 | 42,072,161 | Due 08/31/29 | 43,556,600 | 42,913,663 | ||||||||||||||
| Bank of Montreal | U.S. Treasury Bond | ||||||||||||||||||
| 4.34% | 3.63% | ||||||||||||||||||
| Due 07/01/25 | 8,413,411 | 8,414,425 | Due 05/15/53 | 10,509,300 | 8,582,759 | ||||||||||||||
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 09/30/24 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 33,714,995 | $ | 1,279,471 | $ | (8,700,000 | ) | $ | (19,341 | ) | $ | 125,761 | $ | 26,400,886 | 1,061,129 | $ | 1,279,471 | |||||||||||||||
| Guggenheim Strategy Fund III | 33,817,254 | 1,362,745 | (4,500,000 | ) | 96,859 | 6,066 | 30,782,924 | 1,232,796 | 1,362,745 | |||||||||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 33,031,793 | 1,162,960 | – | – | 102,147 | 34,296,900 | 3,412,627 | 1,162,960 | ||||||||||||||||||||||||
| $ | 100,564,042 | $ | 3,805,176 | $ | (13,200,000 | ) | $ | 77,518 | $ | 233,974 | $ | 91,480,710 | $ | 3,805,176 | ||||||||||||||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 0.1% | ||||||||
| Consumer, Non-cyclical - 0.1% | ||||||||
| Endo, Inc.* | 146,283 | $ | 3,070,041 | |||||
| Save-A-Lot*,††† | 1,053,728 | 106 | ||||||
| Total Consumer, Non-cyclical | 3,070,147 | |||||||
| Industrial - 0.0% | ||||||||
| API Heat Transfer Intermediate*,††† | 743 | 967,124 | ||||||
| Schur Flexibles GesmbH*,†† | 1,661 | 122,305 | ||||||
| YAK BLOCKER 2 LLC††† | 74,424 | 58,549 | ||||||
| YAK BLOCKER 2 LLC††† | 68,788 | 54,115 | ||||||
| BP Holdco LLC*,†††,1 | 37,539 | 30,686 | ||||||
| Vector Phoenix Holdings, LP*,††† | 37,539 | 795 | ||||||
| Targus, Inc.*,††† | 12,773 | 226 | ||||||
| Targus, Inc.*,††† | 12,773 | 1 | ||||||
| Total Industrial | 1,233,801 | |||||||
| Consumer, Cyclical - 0.0% | ||||||||
| SHO Holding I Corp.*,††† | 1,150 | 903,398 | ||||||
| Accuride Corp*,†††,1 | 3,399,497 | 340 | ||||||
| ATD New Holdings, Inc.*,††† | 42,478 | 4 | ||||||
| Accuride Liquidating Trust*,†††,1 | 209 | – | ||||||
| Total Consumer, Cyclical | 903,742 | |||||||
| Financial - 0.0% | ||||||||
| Checkers Holdings, Inc.*,††† | 158,620 | 631,308 | ||||||
| Pershing Square Tontine Holdings, Ltd. — Class A*,†††,2 | 6,864,930 | 686 | ||||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc.*,†††,3 | 4,400,000 | 440 | ||||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc.*,†††,3 | 1,825,000 | 183 | ||||||
| Total Financial | 632,617 | |||||||
| Communications - 0.0% | ||||||||
| Xplore, Inc.*,†† | 204,119 | 474,730 | ||||||
| Energy - 0.0% | ||||||||
| Permian Production Partners LLC*,††† | 573,522 | 57 | ||||||
| Total Common Stocks | ||||||||
| (Cost $9,451,946) | 6,315,094 | |||||||
| PREFERRED STOCKS† - 4.2% | ||||||||
| Financial - 3.3% | ||||||||
| Citigroup, Inc.†† | ||||||||
| 3.88% | 30,600,000 | 30,178,722 | ||||||
| 4.00% | 13,100,000 | 13,007,680 | ||||||
| 6.75% | 5,600,000 | 5,641,238 | ||||||
| Goldman Sachs Group, Inc.†† | ||||||||
| 4.13% | 20,500,000 | 20,122,431 | ||||||
| 7.50% | 13,600,000 | 14,319,807 | ||||||
| 6.85% | 4,800,000 | 4,953,544 | ||||||
| 6.13% | 4,250,000 | 4,255,589 | ||||||
| Wells Fargo & Co.†† | ||||||||
| 3.90% | 25,750,000 | 25,486,081 | ||||||
| 6.85% | 8,250,000 | 8,669,183 | ||||||
| Bank of America Corp.†† | ||||||||
| 4.38% | 13,850,000 | 13,590,001 | ||||||
| 6.63% | 11,550,000 | 11,961,792 | ||||||
| 6.13% | 3,900,000 | 3,963,028 | ||||||
| JPMorgan Chase & Co.†† | ||||||||
| 6.50% | 20,000,000 | 20,655,480 | ||||||
| Bank of New York Mellon Corp.†† | ||||||||
| 3.75% | 20,550,000 | 20,070,385 | ||||||
| Charles Schwab Corp.†† | ||||||||
| 4.00% | 18,700,000 | 17,347,226 | ||||||
| MetLife, Inc.†† | ||||||||
| 3.85% | 12,200,000 | 12,136,972 | ||||||
| State Street Corp.†† | ||||||||
| 6.70% | 9,590,000 | 10,028,906 | ||||||
| 6.45% | 1,100,000 | 1,119,144 | ||||||
| American National Group, Inc. | ||||||||
| 7.38% | 369,000 | 9,619,830 | ||||||
| Kuvare US Holdings, Inc.†† | ||||||||
| 7.00% due 02/17/514 | 8,450,000 | 8,425,842 | ||||||
| Jackson Financial, Inc. | ||||||||
| 8.00% | 284,000 | 7,190,880 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 5.13% due 11/25/60 | 321,950 | 5,547,199 | ||||||
| Selective Insurance Group, Inc. | ||||||||
| 4.60% | 246,000 | 4,098,360 | ||||||
| First Republic Bank | ||||||||
| 4.25%* | 803,675 | 161 | ||||||
| 4.50%* | 238,300 | 48 | ||||||
| Total Financial | 272,389,529 | |||||||
| Communications - 0.3% | ||||||||
| AT&T Mobility II LLC††† | ||||||||
| 6.80%* | 27,000 | 27,774,630 | ||||||
| Government - 0.3% | ||||||||
| CoBank ACB†† | ||||||||
| 4.25% | 20,000,000 | 19,230,932 | ||||||
| 7.13% | 2,500,000 | 2,554,305 | ||||||
| Farmer Mac | ||||||||
| 5.75% | 272,820 | 5,884,591 | ||||||
| Total Government | 27,669,828 | |||||||
| Energy - 0.2% | ||||||||
| Venture Global LNG, Inc.†† | ||||||||
| 9.00%4 | 18,150,000 | 17,645,408 | ||||||
| Utilities - 0.1% | ||||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 6.50% due 06/01/85 | 238,000 | 5,947,620 | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $382,918,225) | 351,427,015 | |||||||
| WARRANTS† - 0.0% | ||||||||
| Ginkgo Bioworks Holdings, Inc. | ||||||||
| Expiring 09/16/26* | 128,004 | 1,536 | ||||||
| Pershing Square SPARC Holdings, Ltd.*,†††,2 | 1,716,232 | 172 | ||||||
| Pershing Square Tontine Holdings, Ltd. — Class A | ||||||||
| Expiring 07/24/25*,†††,2 | 762,770 | 76 | ||||||
| Total Warrants | ||||||||
| (Cost $296,403) | 1,784 | |||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| RIGHT††† - 0.0% | ||||||||
| Communications - 0.0% | ||||||||
| Xplore, Inc.* | 15,561 | $ | 1 | |||||
| Total Right | ||||||||
| (Cost $–) | 1 | |||||||
| EXCHANGE-TRADED FUNDS***,† - 0.4% | ||||||||
| iShares Silver Trust* | 643,500 | 21,113,235 | ||||||
| SPDR S&P 500 ETF Trust | 25,000 | 15,446,250 | ||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $33,897,819) | 36,559,485 | |||||||
| MUTUAL FUNDS† - 4.1% | ||||||||
| Guggenheim Limited Duration Fund — Class R61 | 5,639,059 | 138,890,012 | ||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 5,472,251 | 54,996,123 | ||||||
| Guggenheim Strategy Fund III1 | 1,650,543 | 41,214,060 | ||||||
| Guggenheim Strategy Fund II1 | 1,573,229 | 39,141,939 | ||||||
| NAA Risk Managed Real Estate Fund19 | 1,128,788 | 36,245,376 | ||||||
| NAA Opportunity Fund19 | 1,032,035 | 31,487,386 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $336,273,334) | 341,974,896 | |||||||
| MONEY MARKET FUNDS***,† - 2.1% | ||||||||
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.19%5 | 164,875,646 | 164,875,646 | ||||||
| Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.09%5 | 11,360,050 | 11,360,050 | ||||||
| Western Asset Institutional U.S. Treasury Reserves — Institutional Shares, 4.14%5 | 328,443 | 328,443 | ||||||
| Total Money Market Funds | ||||||||
| (Cost $176,564,139) | 176,564,139 | |||||||
| Face Amount~ | ||||||||
| CORPORATE BONDS†† - 28.8% | ||||||||
| Financial - 10.3% | ||||||||
| Jane Street Group / JSG Finance, Inc. | ||||||||
| 7.13% due 04/30/314 | 33,375,000 | 35,115,740 | ||||||
| 6.13% due 11/01/324 | 5,000,000 | 5,047,731 | ||||||
| Pershing Square Holdings Ltd. | ||||||||
| 3.25% due 10/01/314 | 31,500,000 | 27,471,183 | ||||||
| 3.25% due 11/15/30 | 12,120,000 | 10,984,618 | ||||||
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. | ||||||||
| 3.88% due 03/01/314 | 21,650,000 | 20,069,959 | ||||||
| 2.88% due 10/15/264 | 9,250,000 | 9,021,243 | ||||||
| GLP Capital Limited Partnership / GLP Financing II, Inc. | ||||||||
| 4.00% due 01/15/31 | 22,640,000 | 21,339,393 | ||||||
| 5.30% due 01/15/29 | 6,950,000 | 7,027,062 | ||||||
| Wilton RE Ltd. | ||||||||
| 6.00%4,6,7 | 27,267,000 | 27,277,646 | ||||||
| Liberty Mutual Group, Inc. | ||||||||
| 4.30% due 02/01/614 | 36,940,000 | 22,363,082 | ||||||
| Host Hotels & Resorts, LP | ||||||||
| 3.50% due 09/15/30 | 24,000,000 | 22,284,602 | ||||||
| Jefferies Finance LLC / JFIN Company-Issuer Corp. | ||||||||
| 5.00% due 08/15/284 | 23,000,000 | 22,233,546 | ||||||
| CBS Studio Center | ||||||||
| 7.31% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/27◊,††† | 22,000,000 | 21,978,459 | ||||||
| American National Group, Inc. | ||||||||
| 6.00% due 07/15/35 | 16,275,000 | 16,370,848 | ||||||
| 5.00% due 06/15/27 | 4,813,000 | 4,832,241 | ||||||
| Fidelis Insurance Holdings Ltd. | ||||||||
| 7.75% due 06/15/557 | 20,500,000 | 21,158,317 | ||||||
| Equitable Holdings, Inc. | ||||||||
| 6.70% due 03/28/557 | 20,500,000 | 20,989,253 | ||||||
| FS KKR Capital Corp. | ||||||||
| 3.25% due 07/15/27 | 21,000,000 | 20,139,197 | ||||||
| PennyMac Financial Services, Inc. | ||||||||
| 7.13% due 11/15/304 | 9,275,000 | 9,612,471 | ||||||
| 6.88% due 02/15/334 | 6,440,000 | 6,601,000 | ||||||
| 7.88% due 12/15/294 | 3,675,000 | 3,902,420 | ||||||
| LPL Holdings, Inc. | ||||||||
| 4.00% due 03/15/294 | 14,788,000 | 14,365,486 | ||||||
| 4.38% due 05/15/314 | 5,500,000 | 5,262,308 | ||||||
| United Wholesale Mortgage LLC | ||||||||
| 5.50% due 04/15/294 | 8,650,000 | 8,396,167 | ||||||
| 5.50% due 11/15/254 | 6,300,000 | 6,299,005 | ||||||
| 5.75% due 06/15/274 | 4,550,000 | 4,539,085 | ||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer | ||||||||
| 6.50% due 10/01/314 | 14,770,000 | 15,044,707 | ||||||
| 7.00% due 01/15/314 | 3,475,000 | 3,594,575 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | ||||||||
| 5.42% due 02/22/297 | 18,050,000 | 18,511,412 | ||||||
| Sherwood Financing plc | ||||||||
| 7.63% due 12/15/294 | EUR | 12,190,000 | 14,523,018 | |||||
| 7.48% (3 Month EURIBOR + 5.50%, Rate Floor: 0.00%) due 12/15/29◊ | EUR | 2,882,000 | 3,386,893 | |||||
| Encore Capital Group, Inc. | ||||||||
| 8.50% due 05/15/304 | 12,100,000 | 12,978,399 | ||||||
| 9.25% due 04/01/294 | 4,450,000 | 4,732,277 | ||||||
| Starwood Property Trust, Inc. | ||||||||
| 4.38% due 01/15/274 | 17,600,000 | 17,435,023 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Financial - 10.3% (continued) | ||||||||
| OneMain Finance Corp. | ||||||||
| 9.00% due 01/15/29 | 7,150,000 | $ | 7,497,905 | |||||
| 4.00% due 09/15/30 | 7,250,000 | 6,689,819 | ||||||
| 7.88% due 03/15/30 | 2,225,000 | 2,364,217 | ||||||
| 7.13% due 03/15/26 | 698,000 | 708,330 | ||||||
| QTS Good News Facility | ||||||||
| 7.35% (SOFR + 3.00%, Rate Floor: 0.00%) due 10/09/28◊,††† | 16,595,499 | 16,595,499 | ||||||
| Global Atlantic Finance Co. | ||||||||
| 4.70% due 10/15/514,7 | 11,350,000 | 11,141,785 | ||||||
| 7.95% due 06/15/334 | 4,139,000 | 4,688,085 | ||||||
| IP Lending X Ltd. | ||||||||
| 7.75% due 07/02/29†††,4 | 15,407,121 | 15,407,121 | ||||||
| Focus Financial Partners LLC | ||||||||
| 6.75% due 09/15/314 | 14,685,000 | 14,989,919 | ||||||
| SLM Corp. | ||||||||
| 3.13% due 11/02/26 | 14,787,000 | 14,493,120 | ||||||
| Meiji Yasuda Life Insurance Co. | ||||||||
| 6.10% due 06/11/554,7 | 13,650,000 | 13,623,546 | ||||||
| Kennedy-Wilson, Inc. | ||||||||
| 5.00% due 03/01/31 | 14,669,000 | 13,220,437 | ||||||
| 4.75% due 02/01/30 | 250,000 | 228,955 | ||||||
| Belrose Funding Trust II | ||||||||
| 6.79% due 05/15/554 | 13,050,000 | 13,339,586 | ||||||
| Hunt Companies, Inc. | ||||||||
| 5.25% due 04/15/294 | 13,700,000 | 13,200,676 | ||||||
| Hampton Roads PPV LLC | ||||||||
| 6.62% due 06/15/53†††,4 | 16,345,000 | 13,137,634 | ||||||
| Lloyds Banking Group plc | ||||||||
| 5.87% due 03/06/297 | 12,100,000 | 12,508,267 | ||||||
| First American Financial Corp. | ||||||||
| 4.00% due 05/15/30 | 11,760,000 | 11,265,617 | ||||||
| Galaxy Bidco Ltd. | ||||||||
| 8.13% due 12/19/294 | GBP | 7,500,000 | 10,476,081 | |||||
| Enstar Group Ltd. | ||||||||
| 7.50% due 04/01/454,7 | 9,650,000 | 9,926,453 | ||||||
| Dyal Capital Partners IV | ||||||||
| 3.65% due 02/22/41††† | 10,950,000 | 9,820,129 | ||||||
| Nationstar Mortgage Holdings, Inc. | ||||||||
| 5.00% due 02/01/264 | 9,810,000 | 9,770,874 | ||||||
| Dai-ichi Life Insurance Company Ltd. | ||||||||
| 6.20%4,6,7 | 8,150,000 | 8,223,953 | ||||||
| Farmers Insurance Exchange | ||||||||
| 7.00% due 10/15/644,7 | 7,830,000 | 7,772,045 | ||||||
| Ascot Group Ltd. | ||||||||
| 6.35% due 06/15/354,7 | 7,450,000 | 7,686,996 | ||||||
| VFH Parent LLC / Valor Company-Issuer, Inc. | ||||||||
| 7.50% due 06/15/314 | 7,150,000 | 7,503,203 | ||||||
| Stewart Information Services Corp. | ||||||||
| 3.60% due 11/15/31 | 7,788,000 | 6,963,782 | ||||||
| Rocket Companies, Inc. | ||||||||
| 6.38% due 08/01/334 | 6,750,000 | 6,906,603 | ||||||
| Nippon Life Insurance Co. | ||||||||
| 6.50% due 04/30/554,7 | 6,450,000 | 6,676,950 | ||||||
| Americo Life, Inc. | ||||||||
| 3.45% due 04/15/314 | 7,470,000 | 6,663,919 | ||||||
| Toronto-Dominion Bank | ||||||||
| 8.13% due 10/31/827 | 6,300,000 | 6,579,764 | ||||||
| UWM Holdings LLC | ||||||||
| 6.63% due 02/01/304 | 6,500,000 | 6,506,718 | ||||||
| PartnerRe Finance B LLC | ||||||||
| 4.50% due 10/01/507 | 6,460,000 | 6,078,303 | ||||||
| Ryan Specialty LLC | ||||||||
| 5.88% due 08/01/324 | 5,742,000 | 5,787,167 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 6.45% due 06/15/34 | 5,200,000 | 5,453,427 | ||||||
| Cushman & Wakefield US Borrower LLC | ||||||||
| 6.75% due 05/15/284 | 5,303,000 | 5,348,293 | ||||||
| Walker & Dunlop, Inc. | ||||||||
| 6.63% due 04/01/334 | 5,125,000 | 5,259,444 | ||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.25% due 04/01/304 | 4,950,000 | 5,092,608 | ||||||
| Blue Owl Capital GP LLC | ||||||||
| 7.11% due 08/22/43††† | 5,000,000 | 5,087,894 | ||||||
| OneAmerica Financial Partners, Inc. | ||||||||
| 4.25% due 10/15/504 | 6,412,000 | 4,935,167 | ||||||
| Bank of Nova Scotia | ||||||||
| 8.63% due 10/27/827 | 4,650,000 | 4,934,668 | ||||||
| Iron Mountain, Inc. | ||||||||
| 5.63% due 07/15/324 | 4,730,000 | 4,692,404 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 6.65% due 09/15/557 | 4,460,000 | 4,445,296 | ||||||
| Globe Life, Inc. | ||||||||
| 5.85% due 09/15/34 | 2,780,000 | 2,878,309 | ||||||
| 2.15% due 08/15/30 | 1,560,000 | 1,373,723 | ||||||
| Brown & Brown, Inc. | ||||||||
| 6.25% due 06/23/55 | 1,700,000 | 1,752,370 | ||||||
| 5.55% due 06/23/35 | 1,675,000 | 1,708,060 | ||||||
| Rfna, LP | ||||||||
| 7.88% due 02/15/304 | 3,025,000 | 3,095,452 | ||||||
| Accident Fund Insurance Company of America | ||||||||
| 8.50% due 08/01/324 | 3,000,000 | 2,987,854 | ||||||
| Citadel Securities Global Holdings LLC | ||||||||
| 6.20% due 06/18/354 | 2,850,000 | 2,924,166 | ||||||
| Prudential Financial, Inc. | ||||||||
| 5.13% due 03/01/527 | 2,750,000 | 2,659,590 | ||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 5.75% due 07/01/30 | 2,425,000 | 2,465,079 | ||||||
| Jones Deslauriers Insurance Management, Inc. | ||||||||
| 10.50% due 12/15/304 | 1,700,000 | 1,811,873 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Financial - 10.3% (continued) | ||||||||
| Atlas Mara Ltd. | ||||||||
| due 12/31/21†††,3,8 | 1,183,303 | $ | 1 | |||||
| Total Financial | 862,237,502 | |||||||
| Communications - 3.7% | ||||||||
| British Telecommunications plc | ||||||||
| 4.88% due 11/23/814,7 | 28,200,000 | 25,820,126 | ||||||
| 4.25% due 11/23/814,7 | 5,250,000 | 5,147,924 | ||||||
| AMC Networks, Inc. | ||||||||
| 10.50% due 07/15/324 | 17,650,000 | 17,883,686 | ||||||
| 4.25% due 02/15/29 | 10,200,000 | 8,171,322 | ||||||
| 10.25% due 01/15/294 | 2,125,000 | 2,203,019 | ||||||
| McGraw-Hill Education, Inc. | ||||||||
| 8.00% due 08/01/294 | 22,634,000 | 23,045,984 | ||||||
| 5.75% due 08/01/284 | 4,600,000 | 4,627,710 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 4.50% due 04/01/304 | 18,794,000 | 17,008,570 | ||||||
| 11.00% due 11/15/294 | 4,857,461 | 5,571,938 | ||||||
| 10.75% due 12/15/304 | 2,600,000 | 2,947,750 | ||||||
| Bell Telephone Company of Canada or Bell Canada | ||||||||
| 6.88% due 09/15/557 | 21,020,000 | 21,545,785 | ||||||
| Altice France S.A. | ||||||||
| 5.13% due 07/15/294 | 13,250,000 | 10,951,456 | ||||||
| 5.50% due 10/15/294 | 11,760,000 | 9,748,040 | ||||||
| Rogers Communications, Inc. | ||||||||
| 7.00% due 04/15/557 | 19,450,000 | 19,884,855 | ||||||
| Sunrise FinCo I B.V. | ||||||||
| 4.88% due 07/15/314 | 20,200,000 | 19,104,150 | ||||||
| CSC Holdings LLC | ||||||||
| 4.13% due 12/01/304 | 20,672,000 | 14,584,356 | ||||||
| 4.63% due 12/01/304 | 2,715,000 | 1,262,627 | ||||||
| TELUS Corp. | ||||||||
| 6.63% due 10/15/557 | 7,850,000 | 7,896,910 | ||||||
| 7.00% due 10/15/557 | 6,350,000 | 6,392,488 | ||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
| 4.50% due 06/01/334 | 14,265,000 | 13,038,642 | ||||||
| Vodafone Group plc | ||||||||
| 5.13% due 06/04/817 | 16,875,000 | 12,767,048 | ||||||
| Virgin Media Finance plc | ||||||||
| 5.00% due 07/15/304 | 11,400,000 | 10,417,897 | ||||||
| Sirius XM Radio LLC | ||||||||
| 4.13% due 07/01/304 | 8,900,000 | 8,206,152 | ||||||
| 3.13% due 09/01/264 | 1,550,000 | 1,520,759 | ||||||
| Paramount Global | ||||||||
| 5.25% due 04/01/44 | 5,779,000 | 4,600,097 | ||||||
| 5.90% due 10/15/40 | 2,765,000 | 2,521,320 | ||||||
| 4.90% due 08/15/44 | 1,797,000 | 1,386,078 | ||||||
| Match Group Holdings II LLC | ||||||||
| 4.63% due 06/01/284 | 7,700,000 | 7,513,851 | ||||||
| Telenet Finance Luxembourg Notes SARL | ||||||||
| 5.50% due 03/01/28 | 7,000,000 | 6,926,390 | ||||||
| Cogent Communications Group Incorporated / Cogent Communications Finance, Inc. | ||||||||
| 7.00% due 06/15/274 | 6,031,000 | 6,041,771 | ||||||
| Virgin Media Vendor Financing Notes IV DAC | ||||||||
| 5.00% due 07/15/284 | 3,650,000 | 3,573,297 | ||||||
| Cogent Communications Group LLC | ||||||||
| 7.00% due 06/15/274 | 3,173,000 | 3,187,539 | ||||||
| Cable One, Inc. | ||||||||
| 4.00% due 11/15/304 | 2,522,000 | 1,986,994 | ||||||
| Ziggo B.V. | ||||||||
| 4.88% due 01/15/304 | 1,685,000 | 1,573,830 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 3.90% due 06/01/52 | 2,244,000 | 1,540,079 | ||||||
| Time Warner Cable LLC | ||||||||
| 4.50% due 09/15/42 | 1,085,000 | 864,183 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
| 4.00% due 03/01/274 | 700,000 | 656,444 | ||||||
| Total Communications | 312,121,067 | |||||||
| Energy - 3.1% | ||||||||
| BP Capital Markets plc | ||||||||
| 4.88%6,7 | 39,360,000 | 38,952,114 | ||||||
| Parkland Corp. | ||||||||
| 4.63% due 05/01/304 | 20,000,000 | 19,151,227 | ||||||
| Midwest Connector Capital Company LLC | ||||||||
| 4.63% due 04/01/294 | 18,763,000 | 18,603,931 | ||||||
| ITT Holdings LLC | ||||||||
| 6.50% due 08/01/294 | 19,477,000 | 18,521,675 | ||||||
| Cheniere Energy Partners, LP | ||||||||
| 5.75% due 08/15/34 | 16,340,000 | 16,780,696 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 7.95% due 06/15/39 | 12,735,000 | 14,290,402 | ||||||
| 4.50% due 07/15/44 | 2,850,000 | 2,084,461 | ||||||
| CVR Energy, Inc. | ||||||||
| 8.50% due 01/15/294 | 15,975,000 | 15,981,262 | ||||||
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. | ||||||||
| 6.88% due 01/15/29 | 10,145,000 | 10,347,504 | ||||||
| 4.88% due 02/01/31 | 5,000,000 | 4,959,892 | ||||||
| NuStar Logistics, LP | ||||||||
| 6.38% due 10/01/30 | 12,749,000 | 13,211,279 | ||||||
| 5.63% due 04/28/27 | 450,000 | 453,906 | ||||||
| Venture Global LNG, Inc. | ||||||||
| 9.50% due 02/01/294 | 8,700,000 | 9,477,589 | ||||||
| 9.88% due 02/01/324 | 3,000,000 | 3,239,889 | ||||||
| Global Partners Limited Partnership / GLP Finance Corp. | ||||||||
| 6.88% due 01/15/29 | 7,750,000 | 7,869,637 | ||||||
| 8.25% due 01/15/324 | 2,200,000 | 2,313,700 | ||||||
| 7.13% due 07/01/334 | 2,120,000 | 2,149,709 | ||||||
| Buckeye Partners, LP | ||||||||
| 6.88% due 07/01/294 | 10,770,000 | 11,157,957 | ||||||
| 6.75% due 02/01/304 | 1,080,000 | 1,121,080 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Energy - 3.1% (continued) | ||||||||
| Viper Energy, Inc. | ||||||||
| 5.38% due 11/01/274 | 5,851,000 | $ | 5,857,366 | |||||
| 7.38% due 11/01/314 | 4,677,000 | 4,962,695 | ||||||
| Kinetik Holdings, LP | ||||||||
| 5.88% due 06/15/304 | 6,100,000 | 6,151,728 | ||||||
| 6.63% due 12/15/284 | 4,450,000 | 4,551,415 | ||||||
| CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC | ||||||||
| 7.50% due 12/15/334 | 6,550,000 | 7,107,326 | ||||||
| TransMontaigne Partners LLC | ||||||||
| 8.50% due 06/15/304 | 3,450,000 | 3,589,018 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 3.88% due 11/01/334 | 2,198,000 | 1,922,105 | ||||||
| 4.13% due 08/15/314 | 760,000 | 703,450 | ||||||
| 3.88% due 08/15/294 | 510,000 | 480,792 | ||||||
| Plains All American Pipeline Limited Partnership / PAA Finance Corp. | ||||||||
| 4.70% due 06/15/44 | 2,450,000 | 2,031,612 | ||||||
| Rockies Express Pipeline LLC | ||||||||
| 6.88% due 04/15/404 | 1,925,000 | 1,928,355 | ||||||
| ONEOK, Inc. | ||||||||
| 7.15% due 01/15/51 | 1,740,000 | 1,873,789 | ||||||
| HF Sinclair Corp. | ||||||||
| 6.38% due 04/15/27 | 1,571,000 | 1,580,810 | ||||||
| Sunoco, LP | ||||||||
| 7.25% due 05/01/324 | 1,500,000 | 1,574,972 | ||||||
| MPLX, LP | ||||||||
| 5.65% due 03/01/53 | 1,390,000 | 1,275,405 | ||||||
| Sunoco Limited Partnership / Sunoco Finance Corp. | ||||||||
| 6.00% due 04/15/27 | 125,000 | 124,966 | ||||||
| Total Energy | 256,383,714 | |||||||
| Industrial - 2.9% | ||||||||
| AP Grange Holdings | ||||||||
| 6.50% due 03/20/45††† | 43,700,000 | 44,355,500 | ||||||
| 5.00% due 03/20/45††† | 4,900,000 | 4,949,000 | ||||||
| Terminal Investment Limited Holding | ||||||||
| 6.23% due 10/01/40 | 20,000,000 | 19,924,555 | ||||||
| Homestead Spe Issuer LLC | ||||||||
| 7.21% due 04/01/55††† | 18,000,000 | 17,829,225 | ||||||
| Great Lakes Dredge & Dock Corp. | ||||||||
| 5.25% due 06/01/294 | 17,160,000 | 16,489,816 | ||||||
| New Enterprise Stone & Lime Company, Inc. | ||||||||
| 5.25% due 07/15/284 | 9,081,000 | 9,105,074 | ||||||
| 9.75% due 07/15/284 | 5,350,000 | 5,362,487 | ||||||
| XPO, Inc. | ||||||||
| 6.25% due 06/01/284 | 14,085,000 | 14,295,317 | ||||||
| Lottomatica Group SpA | ||||||||
| 4.88% due 01/31/31 | EUR | 10,750,000 | 12,985,856 | |||||
| Flowserve Corp. | ||||||||
| 3.50% due 10/01/30 | 10,270,000 | 9,583,270 | ||||||
| Sealed Air Corporation/Sealed Air Corp US | ||||||||
| 6.13% due 02/01/284 | 8,622,000 | 8,748,416 | ||||||
| Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC | ||||||||
| 6.75% due 04/01/324 | 7,455,000 | 7,646,283 | ||||||
| Deuce FinCo plc | ||||||||
| 5.50% due 06/15/274 | GBP | 5,350,000 | 7,278,832 | |||||
| Atkore, Inc. | ||||||||
| 4.25% due 06/01/314 | 7,700,000 | 7,126,220 | ||||||
| GrafTech Finance, Inc. | ||||||||
| 4.63% due 12/23/294 | 10,000,000 | 6,850,000 | ||||||
| GrafTech Global Enterprises, Inc. | ||||||||
| 9.88% due 12/23/294 | 6,520,000 | 5,150,800 | ||||||
| Builders FirstSource, Inc. | ||||||||
| 6.75% due 05/15/354 | 3,880,000 | 3,994,906 | ||||||
| 6.38% due 06/15/324 | 800,000 | 822,214 | ||||||
| Waste Pro USA, Inc. | ||||||||
| 7.00% due 02/01/334 | 4,520,000 | 4,692,294 | ||||||
| SCIL IV LLC / SCIL USA Holdings LLC | ||||||||
| 9.50% due 07/15/28 | EUR | 3,500,000 | 4,334,538 | |||||
| TransDigm, Inc. | ||||||||
| 6.88% due 12/15/304 | 4,050,000 | 4,202,231 | ||||||
| Enviri Corp. | ||||||||
| 5.75% due 07/31/274 | 4,125,000 | 4,071,220 | ||||||
| TopBuild Corp. | ||||||||
| 3.63% due 03/15/294 | 4,014,000 | 3,797,175 | ||||||
| Boeing Co. | ||||||||
| 6.53% due 05/01/34 | 3,250,000 | 3,531,217 | ||||||
| TK Elevator US Newco, Inc. | ||||||||
| 5.25% due 07/15/274 | 3,000,000 | 2,997,897 | ||||||
| Wrangler Holdco Corp. | ||||||||
| 6.63% due 04/01/324 | 2,784,000 | 2,898,314 | ||||||
| AmeriTex HoldCo Intermediate LLC | ||||||||
| 10.25% due 10/15/284 | 2,450,000 | 2,598,941 | ||||||
| AP Grange Holdings LLC | ||||||||
| 6.50% due 03/20/45††† | 2,387,707 | 2,387,707 | ||||||
| Artera Services LLC | ||||||||
| 8.50% due 02/15/314 | 2,083,132 | 1,734,668 | ||||||
| Brundage-Bone Concrete Pumping Holdings, Inc. | ||||||||
| 7.50% due 02/01/324 | 1,500,000 | 1,486,786 | ||||||
| FedEx Corp. | ||||||||
| 4.75% due 11/15/45 | 1,286,000 | 1,071,670 | ||||||
| 3.88% due 08/01/424 | 285,000 | 217,601 | ||||||
| Standard Industries, Inc. | ||||||||
| 3.38% due 01/15/314 | 1,408,000 | 1,262,689 | ||||||
| Clarios Global LP | ||||||||
| 4.75% due 06/15/31 | EUR | 750,000 | 886,993 | |||||
| Amsted Industries, Inc. | ||||||||
| 6.38% due 03/15/334 | 850,000 | 863,997 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Industrial - 2.9% (continued) | ||||||||
| Sealed Air Corp. | ||||||||
| 6.50% due 07/15/324 | 767,000 | $ | 794,813 | |||||
| Total Industrial | 246,328,522 | |||||||
| Consumer, Non-cyclical - 2.6% | ||||||||
| Darling Global Finance B.V. | ||||||||
| 4.50% due 06/15/324 | EUR | 15,800,000 | 18,839,519 | |||||
| Bausch Health Companies, Inc. | ||||||||
| 4.88% due 06/01/284 | 15,650,000 | 13,201,479 | ||||||
| DaVita, Inc. | ||||||||
| 4.63% due 06/01/304 | 8,678,000 | 8,314,579 | ||||||
| 3.75% due 02/15/314 | 4,892,000 | 4,449,278 | ||||||
| AZ Battery Property LLC | ||||||||
| 6.73% due 02/20/46††† | 11,600,000 | 11,096,275 | ||||||
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL | ||||||||
| 4.38% due 02/02/52 | 6,500,000 | 5,010,040 | ||||||
| 3.75% due 12/01/31 | 3,400,000 | 3,163,675 | ||||||
| 5.50% due 01/15/30 | 2,258,000 | 2,309,735 | ||||||
| Verisure Holding AB | ||||||||
| 5.50% due 05/15/304 | EUR | 7,450,000 | 9,106,626 | |||||
| Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
| 3.38% due 08/31/274 | 6,861,000 | 6,644,870 | ||||||
| 5.75% due 04/15/264 | 1,902,000 | 1,911,864 | ||||||
| Sotheby's/Bidfair Holdings, Inc. | ||||||||
| 5.88% due 06/01/294 | 9,400,000 | 8,464,905 | ||||||
| US Foods, Inc. | ||||||||
| 4.75% due 02/15/294 | 4,189,000 | 4,115,509 | ||||||
| 6.88% due 09/15/284 | 3,875,000 | 4,006,646 | ||||||
| BCP V Modular Services Finance II plc | ||||||||
| 4.75% due 10/30/284 | EUR | 7,000,000 | 8,096,046 | |||||
| Nobel Bidco B.V. | ||||||||
| 3.13% due 06/15/28 | EUR | 7,050,000 | 8,059,357 | |||||
| CVS Health Corp. | ||||||||
| 7.00% due 03/10/557 | 7,770,000 | 8,014,057 | ||||||
| Cheplapharm Arzneimittel GmbH | ||||||||
| 5.50% due 01/15/284 | 8,085,000 | 7,814,363 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 3.00% due 10/15/304 | 7,000,000 | 6,358,661 | ||||||
| Becle, SAB de CV | ||||||||
| 2.50% due 10/14/314 | 7,650,000 | 6,339,889 | ||||||
| Herc Holdings, Inc. | ||||||||
| 7.00% due 06/15/304 | 3,390,000 | 3,540,371 | ||||||
| 7.25% due 06/15/334 | 2,370,000 | 2,483,289 | ||||||
| 6.63% due 06/15/294 | 175,000 | 179,550 | ||||||
| Sammontana Italia SpA | ||||||||
| 6.03% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 10/15/31◊ | EUR | 4,900,000 | 5,766,939 | |||||
| Boost Newco Borrower LLC | ||||||||
| 7.50% due 01/15/314 | 5,275,000 | 5,599,492 | ||||||
| CPI CG, Inc. | ||||||||
| 10.00% due 07/15/294 | 4,685,000 | 4,936,819 | ||||||
| Central Garden & Pet Co. | ||||||||
| 4.13% due 04/30/314 | 5,300,000 | 4,920,181 | ||||||
| TriNet Group, Inc. | ||||||||
| 7.13% due 08/15/314 | 4,465,000 | 4,650,725 | ||||||
| CAB SELAS | ||||||||
| 3.38% due 02/01/284 | EUR | 4,100,000 | 4,588,831 | |||||
| Graham Holdings Co. | ||||||||
| 5.75% due 06/01/264 | 4,561,000 | 4,557,625 | ||||||
| Carriage Services, Inc. | ||||||||
| 4.25% due 05/15/294 | 4,575,000 | 4,322,811 | ||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 5.38% due 09/30/32 | EUR | 3,550,000 | 4,287,023 | |||||
| Chrome Bidco | ||||||||
| 3.50% due 05/31/284 | EUR | 4,800,000 | 4,091,649 | |||||
| Albion Financing 1 SARL | ||||||||
| 5.38% due 05/21/304 | EUR | 3,250,000 | 3,916,636 | |||||
| Albion Financing 1 SARL / Aggreko Holdings, Inc. | ||||||||
| 7.00% due 05/21/304 | 3,000,000 | 3,061,582 | ||||||
| Option Care Health, Inc. | ||||||||
| 4.38% due 10/31/294 | 2,636,000 | 2,536,879 | ||||||
| WW International, Inc. | ||||||||
| due 04/15/29†††,4,8 | 6,335,000 | 2,082,631 | ||||||
| Upbound Group, Inc. | ||||||||
| 6.38% due 02/15/294 | 1,450,000 | 1,434,402 | ||||||
| Altria Group, Inc. | ||||||||
| 4.45% due 05/06/50 | 1,670,000 | 1,306,885 | ||||||
| Belron UK Finance plc | ||||||||
| 4.63% due 10/15/294 | EUR | 700,000 | 841,141 | |||||
| Acadia Healthcare Company, Inc. | ||||||||
| 7.38% due 03/15/334 | 600,000 | 618,139 | ||||||
| AMN Healthcare, Inc. | ||||||||
| 4.63% due 10/01/274 | 620,000 | 603,083 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 5.13% due 11/01/27 | 550,000 | 549,120 | ||||||
| Darling Ingredients, Inc. | ||||||||
| 5.25% due 04/15/274 | 200,000 | 199,604 | ||||||
| Total Consumer, Non-cyclical | 216,392,780 | |||||||
| Consumer, Cyclical - 2.4% | ||||||||
| Ferrellgas Limited Partnership / Ferrellgas Finance Corp. | ||||||||
| 5.38% due 04/01/264 | 16,778,000 | 16,618,716 | ||||||
| Walgreens Boots Alliance, Inc. | ||||||||
| 3.45% due 06/01/26 | 15,450,000 | 15,116,719 | ||||||
| Flutter Treasury DAC | ||||||||
| 6.13% due 06/04/314 | GBP | 9,000,000 | 12,441,101 | |||||
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. | ||||||||
| 5.00% due 06/01/314 | 11,350,000 | 10,738,203 | ||||||
| 5.88% due 03/01/27 | 660,000 | 659,810 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Consumer, Cyclical - 2.4% (continued) | ||||||||
| 1011778 BC ULC / New Red Finance, Inc. | ||||||||
| 4.00% due 10/15/304 | 9,333,000 | $ | 8,697,129 | |||||
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | ||||||||
| 6.50% due 06/20/274 | 7,880,000 | 7,890,338 | ||||||
| Air Canada | ||||||||
| 4.63% due 08/15/294 | CAD | 5,550,000 | 4,020,979 | |||||
| 3.88% due 08/15/264 | 3,364,000 | 3,330,021 | ||||||
| QuickTop HoldCo AB | ||||||||
| 6.54% (3 Month EURIBOR + 4.50%, Rate Floor: 0.00%) due 03/31/30◊ | EUR | 6,000,000 | 7,190,684 | |||||
| TVL Finance plc | ||||||||
| 6.11% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/30/30◊ | EUR | 6,150,000 | 7,028,183 | |||||
| Hyatt Hotels Corp. | ||||||||
| 5.75% due 04/23/30 | 6,530,000 | 6,754,774 | ||||||
| ONE Hotels GmbH | ||||||||
| 7.75% due 04/02/314 | EUR | 5,150,000 | 6,502,919 | |||||
| Penn Entertainment, Inc. | ||||||||
| 4.13% due 07/01/294 | 6,975,000 | 6,463,091 | ||||||
| Hanesbrands, Inc. | ||||||||
| 9.00% due 02/15/314 | 6,100,000 | 6,458,222 | ||||||
| British Airways Class A Pass Through Trust | ||||||||
| 4.25% due 11/15/324 | 6,490,016 | 6,222,472 | ||||||
| Whirlpool Corp. | ||||||||
| 4.50% due 06/01/46 | 3,953,000 | 3,040,341 | ||||||
| 4.70% due 05/14/32 | 1,960,000 | 1,827,675 | ||||||
| 4.60% due 05/15/50 | 990,000 | 753,787 | ||||||
| Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. | ||||||||
| 6.63% due 05/01/324 | 5,450,000 | 5,621,318 | ||||||
| JB Poindexter & Company, Inc. | ||||||||
| 8.75% due 12/15/314 | 5,100,000 | 5,190,264 | ||||||
| AccorInvest Group S.A. | ||||||||
| 5.63% due 05/15/324 | EUR | 2,850,000 | 3,384,429 | |||||
| 5.89% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 05/15/32◊,4 | EUR | 1,400,000 | 1,663,792 | |||||
| QXO Building Products, Inc. | ||||||||
| 6.75% due 04/30/324 | 4,875,000 | 5,022,235 | ||||||
| Superior Plus Limited Partnership / Superior General Partner, Inc. | ||||||||
| 4.50% due 03/15/294 | 4,800,000 | 4,616,514 | ||||||
| American Airlines Class AA Pass Through Trust | ||||||||
| 3.58% due 01/15/28 | 1,940,103 | 1,879,078 | ||||||
| 3.35% due 10/15/29 | 993,831 | 945,449 | ||||||
| 3.65% due 02/15/29 | 911,430 | 881,051 | ||||||
| 3.15% due 02/15/32 | 874,453 | 803,008 | ||||||
| Beach Acquisition Bidco, LLC | ||||||||
| 5.88% due 07/01/32 | EUR | 3,450,000 | 4,092,242 | |||||
| Allwyn Entertainment Financing UK plc | ||||||||
| 7.88% due 04/30/294 | 3,450,000 | 3,590,812 | ||||||
| Station Casinos LLC | ||||||||
| 4.63% due 12/01/314 | 3,800,000 | 3,559,588 | ||||||
| Essendi SA | ||||||||
| 5.38% due 05/15/304 | EUR | 2,850,000 | 3,421,459 | |||||
| Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. | ||||||||
| 6.63% due 03/01/304 | 3,500,000 | 3,372,805 | ||||||
| PetSmart, Inc. / PetSmart Finance Corp. | ||||||||
| 4.75% due 02/15/284 | 2,800,000 | 2,730,418 | ||||||
| William Carter Co. | ||||||||
| 5.63% due 03/15/274 | 2,300,000 | 2,285,703 | ||||||
| Gates Corp. | ||||||||
| 6.88% due 07/01/294 | 1,837,000 | 1,907,480 | ||||||
| New Flyer Holdings, Inc. | ||||||||
| 9.25% due 07/01/304 | 1,625,000 | 1,714,443 | ||||||
| Magna International, Inc. | ||||||||
| 5.88% due 06/01/35 | 1,670,000 | 1,713,912 | ||||||
| United Airlines, Inc. | ||||||||
| 4.63% due 04/15/294 | 1,700,000 | 1,650,131 | ||||||
| Deuce FinCo plc | ||||||||
| 5.50% due 06/15/27 | GBP | 1,200,000 | 1,632,635 | |||||
| Acushnet Co. | ||||||||
| 7.38% due 10/15/284 | 1,500,000 | 1,563,730 | ||||||
| Six Flags Entertainment Corp. | ||||||||
| 7.00% due 07/01/254 | 1,511,000 | 1,511,000 | ||||||
| Clarios Global Limited Partnership / Clarios US Finance Co. | ||||||||
| 6.75% due 02/15/304 | 1,050,000 | 1,091,776 | ||||||
| Crocs, Inc. | ||||||||
| 4.13% due 08/15/314 | 1,100,000 | 990,563 | ||||||
| United Airlines Class AA Pass Through Trust | ||||||||
| 4.15% due 08/25/31 | 854,859 | 818,711 | ||||||
| International Game Technology plc | ||||||||
| 4.13% due 04/15/264 | 624,000 | 623,612 | ||||||
| Air Canada Class A Pass Through Trust | ||||||||
| 5.25% due 04/01/294 | 616,002 | 621,539 | ||||||
| Live Nation Entertainment, Inc. | ||||||||
| 6.50% due 05/15/274 | 571,000 | 579,416 | ||||||
| Hilton Domestic Operating Company, Inc. | ||||||||
| 5.75% due 05/01/284 | 525,000 | 526,185 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Consumer, Cyclical - 2.4% (continued) | ||||||||
| Caesars Entertainment, Inc. | ||||||||
| 6.50% due 02/15/324 | 400,000 | $ | 410,446 | |||||
| Total Consumer, Cyclical | 202,170,908 | |||||||
| Basic Materials - 1.4% | ||||||||
| SNF Group S.A. | ||||||||
| 4.50% due 03/15/324 | EUR | 12,500,000 | 15,116,930 | |||||
| Kaiser Aluminum Corp. | ||||||||
| 4.50% due 06/01/314 | 13,250,000 | 12,395,515 | ||||||
| Alcoa Nederland Holding B.V. | ||||||||
| 6.13% due 05/15/284 | 7,450,000 | 7,487,250 | ||||||
| 4.13% due 03/31/294 | 4,900,000 | 4,670,619 | ||||||
| SK Invictus Intermediate II SARL | ||||||||
| 5.00% due 10/30/294 | 11,525,000 | 11,160,617 | ||||||
| SCIL IV LLC / SCIL USA Holdings LLC | ||||||||
| 5.38% due 11/01/264 | 10,375,000 | 10,307,729 | ||||||
| Carpenter Technology Corp. | ||||||||
| 6.38% due 07/15/28 | 8,315,000 | 8,337,559 | ||||||
| Minerals Technologies, Inc. | ||||||||
| 5.00% due 07/01/284 | 8,060,000 | 7,927,897 | ||||||
| Alumina Pty Ltd. | ||||||||
| 6.38% due 09/15/324 | 6,700,000 | 6,825,837 | ||||||
| Novelis Corp. | ||||||||
| 3.25% due 11/15/264 | 5,670,000 | 5,579,141 | ||||||
| Novelis Sheet Ingot GmbH | ||||||||
| 3.38% due 04/15/29 | EUR | 4,500,000 | 5,142,929 | |||||
| HB Fuller Co. | ||||||||
| 4.25% due 10/15/28 | 5,250,000 | 5,085,519 | ||||||
| International Flavors & Fragrances, Inc. | ||||||||
| 1.23% due 10/01/254 | 4,911,000 | 4,863,381 | ||||||
| Arsenal AIC Parent LLC | ||||||||
| 8.00% due 10/01/304 | 3,800,000 | 4,055,322 | ||||||
| Compass Minerals International, Inc. | ||||||||
| 8.00% due 07/01/304 | 2,090,000 | 2,159,263 | ||||||
| Dow Chemical Co. | ||||||||
| 6.90% due 05/15/53 | 1,950,000 | 2,097,725 | ||||||
| Ingevity Corp. | ||||||||
| 3.88% due 11/01/284 | 1,000,000 | 953,684 | ||||||
| Mirabela Nickel Ltd. | ||||||||
| due 06/24/19†††,3,8 | 1,885,418 | 9,427 | ||||||
| Total Basic Materials | 114,176,344 | |||||||
| Utilities - 1.3% | ||||||||
| PacifiCorp | ||||||||
| 7.38% due 09/15/557 | 16,200,000 | 16,840,878 | ||||||
| Algonquin Power & Utilities Corp. | ||||||||
| 5.37% due 06/15/26 | 12,300,000 | 12,365,491 | ||||||
| ContourGlobal Power Holdings S.A. | ||||||||
| 5.00% due 02/28/304 | EUR | 5,900,000 | 7,003,052 | |||||
| 6.75% due 02/28/304 | 4,800,000 | 4,945,728 | ||||||
| Terraform Global Operating, LP | ||||||||
| 6.13% due 03/01/264 | 10,178,000 | 10,116,438 | ||||||
| AES Corp. | ||||||||
| 3.95% due 07/15/304 | 7,554,000 | 7,181,790 | ||||||
| 2.45% due 01/15/31 | 2,426,000 | 2,120,914 | ||||||
| Alexander Funding Trust II | ||||||||
| 7.47% due 07/31/284 | 7,750,000 | 8,287,747 | ||||||
| NRG Energy, Inc. | ||||||||
| 7.00% due 03/15/334 | 6,950,000 | 7,628,980 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 6.38% due 08/15/557 | 6,950,000 | 7,097,032 | ||||||
| CMS Energy Corp. | ||||||||
| 6.50% due 06/01/557 | 6,710,000 | 6,726,057 | ||||||
| Exelon Corp. | ||||||||
| 6.50% due 03/15/557 | 6,415,000 | 6,525,118 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 7.50% due 05/01/334 | 5,640,000 | 6,039,442 | ||||||
| Southern Co. | ||||||||
| 3.75% due 09/15/517 | 1,950,000 | 1,923,131 | ||||||
| Total Utilities | 104,801,798 | |||||||
| Technology - 1.1% | ||||||||
| TeamSystem S.p.A. | ||||||||
| due 07/01/324 | EUR | 17,700,000 | 20,833,680 | |||||
| Qorvo, Inc. | ||||||||
| 3.38% due 04/01/314 | 9,225,000 | 8,318,748 | ||||||
| 4.38% due 10/15/29 | 7,833,000 | 7,602,042 | ||||||
| TeamSystem SpA | ||||||||
| 6.03% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 02/15/28◊ | EUR | 11,750,000 | 13,843,073 | |||||
| 5.78% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/31/31◊,4 | EUR | 350,000 | 412,980 | |||||
| Xerox Corp. | ||||||||
| 10.25% due 10/15/304 | 8,800,000 | 9,213,113 | ||||||
| Dye & Durham Ltd. | ||||||||
| 8.63% due 04/15/294 | 7,338,000 | 7,679,797 | ||||||
| Capstone Borrower, Inc. | ||||||||
| 8.00% due 06/15/304 | 5,325,000 | 5,550,952 | ||||||
| Playtika Holding Corp. | ||||||||
| 4.25% due 03/15/294 | 6,075,000 | 5,513,123 | ||||||
| Cloud Software Group, Inc. | ||||||||
| 6.50% due 03/31/294 | 5,300,000 | 5,349,359 | ||||||
| Fair Isaac Corp. | ||||||||
| 6.00% due 05/15/334 | 3,615,000 | 3,648,134 | ||||||
| 5.25% due 05/15/264 | 1,375,000 | 1,375,701 | ||||||
| Central Parent LLC / CDK Global II LLC / CDK Financing Company, Inc. | ||||||||
| 8.00% due 06/15/294 | 3,050,000 | 2,522,034 | ||||||
| SS&C Technologies, Inc. | ||||||||
| 5.50% due 09/30/274 | 1,570,000 | 1,571,377 | ||||||
| NCR Voyix Corp. | ||||||||
| 5.13% due 04/15/294 | 936,000 | 921,901 | ||||||
| MSCI, Inc. | ||||||||
| 3.88% due 02/15/314 | 883,000 | 832,590 | ||||||
| Total Technology | 95,188,604 | |||||||
| Total Corporate Bonds | ||||||||
| (Cost $2,469,980,174) | 2,409,801,239 | |||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% | ||||||||
| Consumer, Cyclical - 6.1% | ||||||||
| Zephyr Bidco Ltd. | ||||||||
| 9.71% (1 Month GBP SONIA + 5.50%, Rate Floor: 5.50%) due 07/20/28 | GBP | 20,850,000 | $ | 28,610,868 | ||||
| FR Refuel LLC | ||||||||
| 9.19% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/08/28 | 20,519,704 | 20,263,207 | ||||||
| B&B Hotels | ||||||||
| 5.68% (1 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/21/31 | EUR | 16,996,376 | 19,965,536 | |||||
| Pacific Bells LLC | ||||||||
| 8.56% (3 Month Term SOFR + 4.26%, Rate Floor: 4.76%) due 11/13/28 | 19,332,618 | 19,356,783 | ||||||
| Caesars Entertainment, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/31 | 10,076,718 | 10,057,875 | ||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 8,811,377 | 8,793,755 | ||||||
| Fertitta Entertainment LLC | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 01/27/29 | 18,634,554 | 18,601,943 | ||||||
| MB2 Dental Solutions LLC | ||||||||
| 9.83% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31††† | 18,220,748 | 18,149,519 | ||||||
| QSRP Finco B.V. | ||||||||
| 6.67% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 06/19/31 | EUR | 8,600,000 | 10,130,127 | |||||
| 7.87% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 06/19/31 | EUR | 6,600,000 | 7,774,284 | |||||
| Citrin Cooperman Advisors LLC | ||||||||
| 7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/01/32 | 16,580,303 | 16,552,614 | ||||||
| Peer Holding III BV | ||||||||
| 6.80% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 10,393,950 | 10,440,723 | ||||||
| 6.80% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 10/28/30 | 3,465,000 | 3,483,399 | ||||||
| 5.23% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 11/26/31 | EUR | 1,000,000 | 1,178,405 | |||||
| 4.73% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 07/01/31 | EUR | 1,000,000 | 1,176,166 | |||||
| Tipico | ||||||||
| due 05/22/28 | EUR | 6,900,000 | 8,105,386 | |||||
| 5.37% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 05/22/28 | EUR | 6,850,000 | 8,041,648 | |||||
| Allwyn Entertainment Financing US LLC | ||||||||
| 4.93% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 03/19/32 | EUR | 11,900,000 | 13,970,163 | |||||
| 6.23% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/02/31 | 1,950,374 | 1,936,565 | ||||||
| Clarios Global, LP | ||||||||
| 5.18% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/28/32 | EUR | 7,400,000 | 8,693,169 | |||||
| 4.93% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 07/16/31 | EUR | 4,810,000 | 5,640,870 | |||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/06/30 | 1,164,150 | 1,159,784 | ||||||
| Betclic Everest Group SAS | ||||||||
| 5.39% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 12/10/31 | EUR | 13,150,000 | 15,490,291 | |||||
| Alexander Mann | ||||||||
| 10.36% (1 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27 | 15,784,798 | 15,252,061 | ||||||
| Shilton BidCo Ltd. | ||||||||
| 5.98% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 01/14/30 | EUR | 8,300,000 | 9,775,480 | |||||
| due 01/14/30 | EUR | 3,500,000 | 4,122,190 | |||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Consumer, Cyclical - 6.1% (continued) | ||||||||
| Grant Thornton Advisors LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/02/31 | 7,519,524 | $ | 7,506,365 | |||||
| 7.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/30/31 | 6,000,000 | 6,006,000 | ||||||
| PHM Group Holding OY | ||||||||
| 5.72% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 02/25/32 | EUR | 10,000,000 | 11,683,200 | |||||
| Drive Bidco B.V. | ||||||||
| 6.36% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/23/31††† | EUR | 8,800,000 | 10,393,497 | |||||
| First Brands Group LLC | ||||||||
| 9.54% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 10,838,561 | 10,209,310 | ||||||
| Rent-A-Center, Inc. | ||||||||
| 7.03% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28††† | 9,651,361 | 9,675,490 | ||||||
| Eagle Bidco Ltd. | ||||||||
| 5.18% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/28 | EUR | 8,000,000 | 9,361,923 | |||||
| Belron Finance US LLC | ||||||||
| 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/16/31 | 8,624,825 | 8,654,839 | ||||||
| Oil Changer Holding Corp. | ||||||||
| 11.15% ((1 Month Term SOFR + 6.75%) and (6 Month Term SOFR + 6.75%), Rate Floor: 7.75%) due 02/08/27††† | 8,627,678 | 8,627,678 | ||||||
| Holding Socotec SAS | ||||||||
| 8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/30/28 | 8,563,500 | 8,570,608 | ||||||
| The Facilities Group | ||||||||
| 10.18% ((3 Month Term SOFR + 5.75%) and (6 Month Term SOFR + 5.75%), Rate Floor: 6.75%) due 11/30/27††† | 8,265,792 | 8,154,675 | ||||||
| NFM & J LLC | ||||||||
| 10.09% (6 Month Term SOFR + 5.75%, Rate Floor: 6.75%) due 11/30/27††† | 8,131,373 | 8,022,063 | ||||||
| PCI Gaming Authority, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 7,128,000 | 7,121,086 | ||||||
| Scientific Games Corp. | ||||||||
| 7.28% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29 | 6,952,712 | 6,943,604 | ||||||
| Entain Holdings (Gibraltar) Ltd. | ||||||||
| 5.29% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/28 | EUR | 5,450,000 | 6,432,130 | |||||
| Apro LLC | ||||||||
| 8.06% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31 | 6,302,375 | 6,273,510 | ||||||
| Shaw Development LLC | ||||||||
| 10.28% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 10/30/29††† | 6,088,883 | 5,709,419 | ||||||
| Elvis UK HoldCo Ltd. | ||||||||
| 5.66% (3 Month EURIBOR + 3.43%, Rate Floor: 3.43%) due 10/19/28 | EUR | 4,650,000 | 5,471,474 | |||||
| Tripadvisor, Inc. | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 5,472,431 | 5,451,909 | ||||||
| Blue Ribbon LLC | ||||||||
| 12.28% (3 Month Term SOFR + 4.00%, Rate Floor: 8.28%) (in-kind rate was 4.00%) due 05/08/289 | 5,405,042 | 5,405,042 | ||||||
| Arcis Golf LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/28/28 | 4,128,829 | 4,128,829 | ||||||
| 7.06% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/24/28 | 1,201,500 | 1,201,500 | ||||||
| Packers Holdings LLC | ||||||||
| 7.68% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28 | 9,034,105 | 4,833,246 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Consumer, Cyclical - 6.1% (continued) | ||||||||
| CCRR Parent, Inc. | ||||||||
| 8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 12,189,094 | $ | 4,814,692 | |||||
| Accuride Corp. | ||||||||
| 8.81% (3 Month Term SOFR + 1.50%, Rate Floor: 5.81%) (in-kind rate was 3.00%) due 03/07/30†††,1,9 | 2,464,045 | 4,682,138 | ||||||
| Alterra Mountain Co. | ||||||||
| 7.08% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/17/28 | 4,414,218 | 4,430,771 | ||||||
| Parts Europe SA | ||||||||
| 5.49% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 02/03/31 | EUR | 3,550,000 | 4,181,622 | |||||
| Tacala Investment Corp. | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 01/31/31 | 3,557,903 | 3,570,961 | ||||||
| ScribeAmerica Intermediate Holdco LLC (Healthchannels) | ||||||||
| due 04/03/258 | 4,572,797 | 3,566,782 | ||||||
| One Hotels GmbH | ||||||||
| 6.25% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 05/02/32 | EUR | 3,000,000 | 3,541,576 | |||||
| Secretariat Advisors LLC | ||||||||
| 8.30% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/24/32††† | 3,364,624 | 3,364,624 | ||||||
| Cervantes Bidco S.L.U. | ||||||||
| 5.79% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 10/30/31 | EUR | 2,800,000 | 3,297,488 | |||||
| Seren BidCo AB | ||||||||
| 7.66% (3 Month Term SOFR + 3.40%, Rate Floor: 3.90%) due 11/16/28 | 2,984,963 | 2,993,172 | ||||||
| AmSpec Parent LLC | ||||||||
| 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31 | 2,210,000 | 2,218,288 | ||||||
| due 12/22/31 | 303,333 | 304,471 | ||||||
| ATG Entertainment | ||||||||
| 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 04/17/32 | 2,500,000 | 2,503,125 | ||||||
| Congruex Group LLC | ||||||||
| 10.93% (3 Month Term SOFR + 1.50%, Rate Floor: 5.93%) (in-kind rate was 5.00%) due 05/03/299 | 2,855,912 | 2,460,854 | ||||||
| Imagefirst Holdings LLC | ||||||||
| 7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/07/32 | 2,250,000 | 2,247,188 | ||||||
| SHO Holding I Corp. | ||||||||
| 10.94% (1 Month Term SOFR + 6.50%, Rate Floor: 7.50%) due 06/30/29††† | 1,684,871 | 1,672,164 | ||||||
| 5.72% (1 Month Term SOFR + 4.90%, Rate Floor: 5.90%) due 06/30/29††† | 632,459 | 556,564 | ||||||
| American Auto Auction Group LLC | ||||||||
| 8.83% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 05/22/32 | 2,169,563 | 2,177,026 | ||||||
| Dealer Tire LLC | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/02/31 | 1,791,485 | 1,780,288 | ||||||
| Student Transportation Of America Holdings, Inc. | ||||||||
| 7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/10/32 | 1,773,333 | 1,776,100 | ||||||
| Checkers Holdings, Inc. | ||||||||
| 13.66% (3 Month Term SOFR + 3.00%, Rate Floor: 7.66%) (in-kind rate was 6.00%) due 06/16/28†††,9 | 1,343,594 | 1,343,594 | ||||||
| 11.66% (6 Month Term SOFR + 7.00%, Rate Floor: 7.00%) due 06/16/27††† | 185,753 | 185,753 | ||||||
| TMF Sapphire Bidco B.V. | ||||||||
| 7.03% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/03/28 | 572,125 | 573,023 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Consumer, Cyclical - 6.1% (continued) | ||||||||
| Verisure Holding AB | ||||||||
| 4.98% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 03/27/28 | EUR | 370,000 | $ | 434,820 | ||||
| WW International, Inc. | ||||||||
| due 04/13/288 | 750,000 | 245,625 | ||||||
| Total Consumer, Cyclical | 511,482,917 | |||||||
| Industrial - 4.4% | ||||||||
| Hunter Douglas, Inc. | ||||||||
| 5.23% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | EUR | 16,400,000 | 19,052,634 | |||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 3,980,000 | 3,961,772 | ||||||
| Total Webhosting Solutions B.V. | ||||||||
| 6.43% (1 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 11/04/31 | EUR | 18,000,000 | 21,202,592 | |||||
| Fugue Finance LLC | ||||||||
| 7.58% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 01/09/32 | 17,485,926 | 17,580,699 | ||||||
| due 01/09/32 | 3,220,000 | 3,237,452 | ||||||
| Michael Baker International LLC | ||||||||
| 8.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 17,989,899 | 18,057,362 | ||||||
| Capstone Acquisition Holdings, Inc. | ||||||||
| 8.93% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29††† | 17,683,580 | 17,597,978 | ||||||
| Merlin Buyer, Inc. | ||||||||
| 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28 | 9,066,083 | 8,990,563 | ||||||
| 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28 | 8,203,141 | 8,141,617 | ||||||
| Quikrete Holdings, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 7,654,036 | 7,637,044 | ||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 7,640,850 | 7,627,479 | ||||||
| Atlantic Aviation | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 09/23/31 | 12,943,016 | 12,909,623 | ||||||
| Hobbs & Associates LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/23/31 | 11,492,734 | 11,474,805 | ||||||
| DXP Enterprises, Inc. | ||||||||
| 8.08% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/11/30 | 11,040,238 | 11,102,395 | ||||||
| FCG Acquisitions, Inc. | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 03/31/28 | 10,982,823 | 10,981,834 | ||||||
| Red SPV LLC | ||||||||
| 6.56% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/06/32 | 10,250,000 | 10,224,375 | ||||||
| Dispatch Terra Acquisition LLC | ||||||||
| 8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 9,981,292 | 9,774,579 | ||||||
| Engineered Machinery Holdings, Inc. | ||||||||
| 5.98% (1 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 05/21/28††† | EUR | 8,000,000 | 9,425,071 | |||||
| Talbot Participation SAS | ||||||||
| due 06/27/32 | EUR | 7,750,000 | 9,124,876 | |||||
| Inspired Finco Holdings, Ltd. | ||||||||
| 5.18% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 02/28/31 | EUR | 5,385,185 | 6,314,586 | |||||
| due 02/05/31 | EUR | 1,543,210 | 1,809,544 | |||||
| 5.18% (1 Week EURIBOR + 3.25%, Rate Floor: 3.25%) due 02/05/31 | EUR | 771,605 | 904,772 | |||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Industrial - 4.4% (continued) | ||||||||
| Aegion Corp. | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28 | 8,600,272 | $ | 8,617,903 | |||||
| Boluda Towage S.L. | ||||||||
| 5.54% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 01/31/30 | EUR | 7,215,385 | 8,519,986 | |||||
| Foundation Building Materials Holding Company LLC | ||||||||
| 8.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/31 | 8,097,500 | 7,912,391 | ||||||
| DG Investment Intermediate Holdings 2, Inc. | ||||||||
| 7.94% (1 Month Term SOFR + 3.86%, Rate Floor: 4.61%) due 03/31/28 | 7,196,372 | 7,189,103 | ||||||
| Valcour Packaging LLC | ||||||||
| 8.18% (1 Month Term SOFR + 1.50%, Rate Floor: 5.93%) (in-kind rate was 2.25%) due 10/04/289 | 4,242,599 | 3,648,635 | ||||||
| 9.56% (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 10/04/28 | 3,454,560 | 3,461,469 | ||||||
| Integrated Power Services Holdings, Inc. | ||||||||
| 8.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 11/22/28††† | 6,521,026 | 6,505,202 | ||||||
| Infragroup | ||||||||
| due 09/27/30 | EUR | 5,350,000 | 6,298,541 | |||||
| Climater Bidco II | ||||||||
| 6.38% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/18/32 | EUR | 5,250,000 | 6,169,740 | |||||
| PointClickCare Technologies, Inc. | ||||||||
| 7.42% (6 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 11/03/31 | 6,120,454 | 6,139,611 | ||||||
| Apave S.A. | ||||||||
| 5.24% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 12/09/31 | EUR | 4,850,000 | 5,709,207 | |||||
| Vista Management Holding, Inc. | ||||||||
| 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 03/26/31 | 5,675,000 | 5,684,477 | ||||||
| Savage Enterprises LLC | ||||||||
| due 09/15/28 | 5,550,497 | 5,562,486 | ||||||
| Cognita Ltd. | ||||||||
| 8.29% (6 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/27/31 | 3,159,145 | 3,177,563 | ||||||
| 6.10% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 04/25/29 | EUR | 1,450,000 | 1,709,268 | |||||
| Anchor Packaging LLC | ||||||||
| 7.56% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/18/29 | 4,643,100 | 4,665,155 | ||||||
| NA Rail HoldCo LLC | ||||||||
| 7.31% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/26/32 | 4,350,000 | 4,356,786 | ||||||
| United Airlines, Inc. | ||||||||
| 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 4,350,707 | 4,352,534 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/15/27 | 4,263,606 | 4,260,962 | ||||||
| ASP Dream Acquisiton Co. LLC | ||||||||
| 8.68% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28 | 4,388,689 | 4,235,085 | ||||||
| Mannington Mills, Inc. | ||||||||
| 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 3,970,000 | 3,885,638 | ||||||
| MI Windows And Doors LLC | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/28/31 | 3,565,179 | 3,569,421 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Industrial - 4.4% (continued) | ||||||||
| EMRLD Borrower, LP | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/04/31 | 2,084,250 | $ | 2,079,435 | |||||
| 6.83% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30 | 1,252,137 | 1,250,396 | ||||||
| Artera Services LLC | ||||||||
| 8.80% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/15/31 | 3,575,418 | 2,981,398 | ||||||
| Cube A&D Buyer, Inc. | ||||||||
| 7.52% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/17/31 | 2,775,000 | 2,786,266 | ||||||
| Brown Group Holding LLC | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 1,385,680 | 1,386,650 | ||||||
| 6.81% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 1,240,641 | 1,241,906 | ||||||
| Albion Financing 3 SARL | ||||||||
| 7.32% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 08/16/29 | 1,359,319 | 1,360,176 | ||||||
| due 05/24/31 | 1,150,000 | 1,150,725 | ||||||
| Quimper AB | ||||||||
| due 03/25/30 | EUR | 2,020,000 | 2,370,478 | |||||
| ILPEA Parent, Inc. | ||||||||
| 8.33% (1 Month Term SOFR + 4.01%, Rate Floor: 4.76%) due 06/22/28 | 2,047,446 | 2,041,058 | ||||||
| Madison Safety & Flow LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/26/31 | 1,513,873 | 1,515,766 | ||||||
| White Cap Supply Holdings LLC | ||||||||
| 7.58% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29 | 1,293,500 | 1,284,445 | ||||||
| Service Logic Acquisition, Inc. | ||||||||
| 7.28% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 10/29/27 | 1,243,750 | 1,243,750 | ||||||
| Air Canada | ||||||||
| 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 987,500 | 987,194 | ||||||
| API Heat Transfer Thermasys Corp. | ||||||||
| 12.58% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27††† | 482,304 | 482,304 | ||||||
| 9.58% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/10/27††† | 279,150 | 279,150 | ||||||
| Beacon Roofing Supply, Inc. | ||||||||
| 7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/23/32 | 604,444 | 608,047 | ||||||
| Pro Mach Group, Inc. | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 08/31/28 | 598,500 | 599,523 | ||||||
| LBM Acquisition LLC | ||||||||
| 8.16% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31 | 496,241 | 462,124 | ||||||
| Gulfside Supply, Inc. | ||||||||
| 7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 06/17/31 | 363,422 | 363,876 | ||||||
| Total Industrial | 369,239,482 | |||||||
| Financial - 3.9% | ||||||||
| Cegid Group | ||||||||
| 5.44% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/17/30 | EUR | 10,000,000 | 11,758,600 | |||||
| 5.44% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 07/10/28 | EUR | 9,725,000 | 11,439,936 | |||||
| Ardonagh Midco 3 plc | ||||||||
| 6.25% (3 Month EURIBOR + 3.63%, Rate Floor: 3.63%) due 02/17/31 | EUR | 13,600,000 | 16,012,686 | |||||
| 7.04% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/15/31 | 5,655,825 | 5,606,337 | ||||||
| HighTower Holding LLC | ||||||||
| 7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/03/32 | 20,879,530 | 20,810,001 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Financial - 3.9% (continued) | ||||||||
| Higginbotham Insurance Agency, Inc. | ||||||||
| 8.83% (1 Month Term SOFR + 4.51%, Rate Floor: 4.51%) due 11/24/28††† | 20,671,568 | $ | 20,538,051 | |||||
| Asurion LLC | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 15,234,875 | 14,839,682 | ||||||
| 8.68% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28 | 3,065,016 | 3,029,431 | ||||||
| due 09/19/30 | 1,800,000 | 1,746,900 | ||||||
| Cobham Ultra SeniorCo SARL | ||||||||
| 8.18% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/03/29 | 11,364,340 | 11,368,431 | ||||||
| 6.09% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 08/06/29 | EUR | 7,000,000 | 8,187,147 | |||||
| QTS Good News Facility | ||||||||
| 7.10% (SOFR + 2.75%, Rate Floor: 0.00%) due 10/09/28◊,††† | 19,150,000 | 19,142,160 | ||||||
| Aretec Group, Inc. | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 16,508,448 | 16,530,735 | ||||||
| Eisner Advisory Group | ||||||||
| 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 15,958,112 | 16,017,955 | ||||||
| Cliffwater LLC | ||||||||
| 9.28% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 03/19/32††† | 14,583,450 | 14,535,751 | ||||||
| AqGen Island Holdings, Inc. | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/28 | 11,393,656 | 11,405,505 | ||||||
| Nexus Buyer LLC | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/31/31 | 10,602,303 | 10,631,353 | ||||||
| Penta Technologies B.V. | ||||||||
| due 06/24/32 | EUR | 8,050,000 | 9,478,097 | |||||
| Duff & Phelps | ||||||||
| 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27 | 6,064,211 | 5,882,952 | ||||||
| 5.98% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 04/09/27 | EUR | 2,968,750 | 3,383,913 | |||||
| Galaxy Bidco Ltd. | ||||||||
| 6.04% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/19/29 | EUR | 7,500,000 | 8,859,684 | |||||
| Sandy Bidco B.V. | ||||||||
| 6.26% (6 Month EURIBOR + 3.85%, Rate Floor: 3.85%) due 08/17/29 | EUR | 7,050,000 | 8,179,761 | |||||
| Quimper AB | ||||||||
| 6.08% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/31/30 | EUR | 5,600,000 | 6,571,621 | |||||
| CFC USA 2025 LLC | ||||||||
| due 05/29/32 | 6,590,000 | 6,557,050 | ||||||
| Pex Holdings LLC | ||||||||
| 6.97% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/26/31 | 6,300,000 | 6,300,000 | ||||||
| Cross Financial Corp. | ||||||||
| 7.58% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/31/31 | 5,799,151 | 5,817,302 | ||||||
| Focus Financial Partners LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 5,671,500 | 5,658,059 | ||||||
| Tegra118 Wealth Solutions, Inc. | ||||||||
| 8.32% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27 | 5,550,622 | 5,471,970 | ||||||
| Orion US FinCo | ||||||||
| due 05/19/32 | 4,640,000 | 4,653,920 | ||||||
| Amwins Group, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 4,278,500 | 4,279,270 | ||||||
| Capstone Borrower, Inc. | ||||||||
| 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/17/30 | 3,927,515 | 3,922,527 | ||||||
| Apleona Holding GmbH | ||||||||
| 6.39% (6 Month EURIBOR + 3.55%, Rate Floor: 3.55%) due 04/28/28 | EUR | 3,200,000 | 3,762,187 | |||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Financial - 3.9% (continued) | ||||||||
| IMC Global Holdings | ||||||||
| 7.81% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/02/32 | 3,460,000 | $ | 3,477,300 | |||||
| OEG Borrower LLC | ||||||||
| 7.81% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/30/31 | 3,404,275 | 3,382,998 | ||||||
| Apex Group Treasury LLC | ||||||||
| 7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32 | 3,169,432 | 3,155,581 | ||||||
| Alter Domus | ||||||||
| 7.24% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 10/30/31 | 3,122,264 | 3,141,716 | ||||||
| Worldpay | ||||||||
| 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 2,985,019 | 2,991,228 | ||||||
| Saphilux SARL | ||||||||
| due 07/27/28 | 2,650,000 | 2,662,137 | ||||||
| Orion Advisor Solutions, Inc. | ||||||||
| 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 09/24/30 | 2,382,000 | 2,393,362 | ||||||
| Howden Group Holdings Ltd. | ||||||||
| 5.44% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 02/15/31 | EUR | 2,000,000 | 2,353,629 | |||||
| Assetmark Financial Holdings, Inc. | ||||||||
| 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/05/31 | 2,189,000 | 2,191,736 | ||||||
| Hyperion Refinance SARL | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 02/15/31 | 1,836,125 | 1,840,917 | ||||||
| Virtu Financial | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 1,250,000 | 1,253,125 | ||||||
| Total Financial | 331,222,703 | |||||||
| Technology - 3.5% | ||||||||
| Sitecore Holding III A/S | ||||||||
| 11.72% (3 Month Term SOFR + 3.31%, Rate Floor: 5.48%) (in-kind rate was 6.24%) due 03/12/29†††,9 | 14,862,330 | 14,759,396 | ||||||
| 10.64% (3 Month EURIBOR + 3.25%, Rate Floor: 5.38%) (in-kind rate was 5.26%) due 03/12/29†††,9 | EUR | 10,360,831 | 12,121,906 | |||||
| Datix Bidco Ltd. | ||||||||
| 9.46% (6 Month GBP SONIA + 5.25%, Rate Floor: 5.25%) due 04/30/31††† | GBP | 12,072,000 | 16,458,344 | |||||
| 9.54% (6 Month Term SOFR + 5.25%, Rate Floor: 5.75%) due 04/30/31††† | 3,430,000 | 3,406,861 | ||||||
| 9.56% ((6 Month GBP SONIA + 5.50%) and (6 Month Term SOFR + 5.25%), Rate Floor: 6.00%) due 10/30/30††† | 567,000 | 506,453 | ||||||
| 9.56% ((6 Month GBP SONIA + 5.50%) and (6 Month Term SOFR + 5.25%), Rate Floor: 6.00%) due 10/30/30††† | GBP | 81,000 | 99,309 | |||||
| DS Admiral Bidco LLC | ||||||||
| 8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 20,475,542 | 20,373,165 | ||||||
| Visma AS | ||||||||
| 6.08% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 12/05/28††† | EUR | 13,796,596 | 16,172,966 | |||||
| 6.03% (6 Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 12/05/28††† | EUR | 2,500,000 | 2,930,608 | |||||
| Aston FinCo SARL | ||||||||
| 8.99% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/09/26††† | GBP | 12,482,275 | 16,704,942 | |||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Technology - 3.5% (continued) | ||||||||
| Team.Blue Finco SARL | ||||||||
| 5.43% (3 Month EURIBOR + 3.45%, Rate Floor: 3.45%) due 09/30/29 | EUR | 7,500,000 | $ | 8,815,769 | ||||
| 5.43% (3 Month EURIBOR + 3.45%, Rate Floor: 3.45%) due 03/30/28 | EUR | 6,506,144 | 7,647,862 | |||||
| Planview Parent, Inc. | ||||||||
| 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/17/27 | 14,177,435 | 13,769,834 | ||||||
| Precise Midco B.V. | ||||||||
| 5.23% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 11/15/30 | EUR | 11,400,000 | 13,374,720 | |||||
| Wrench Group LLC | ||||||||
| 8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 10/30/28 | 12,837,500 | 12,777,292 | ||||||
| Boxer Parent Co., Inc. | ||||||||
| 7.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/30/31 | 8,648,325 | 8,588,306 | ||||||
| 5.51% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/30/31 | EUR | 3,302,887 | 3,882,059 | |||||
| Polaris Newco LLC | ||||||||
| 7.68% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/04/26††† | 10,805,733 | 10,545,315 | ||||||
| 5.68% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/02/28 | EUR | 992,268 | 1,112,526 | |||||
| Zuora, Inc. | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/17/32 | 11,475,000 | 11,412,805 | ||||||
| Kerridge Commercial Systems Bidco Ltd. | ||||||||
| 9.47% (3 Month GBP SONIA + 5.25%, Rate Floor: 6.00%) due 09/07/30††† | GBP | 7,997,768 | 10,823,706 | |||||
| Kaseya, Inc. | ||||||||
| 7.58% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/22/32 | 10,623,375 | 10,659,919 | ||||||
| Modena Buyer LLC | ||||||||
| 8.78% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 10,567,900 | 10,158,394 | ||||||
| Leia Finco US LLC | ||||||||
| 7.46% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/09/31 | 10,039,838 | 10,043,653 | ||||||
| Redhalo Midco Ltd. | ||||||||
| due 03/24/31 | EUR | 7,500,000 | 8,807,640 | |||||
| 6.11% (6 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 03/24/31 | EUR | 1,000,000 | 1,174,352 | |||||
| Indicor LLC | ||||||||
| 5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 11/22/29 | EUR | 6,483,709 | 7,641,045 | |||||
| 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/22/29 | 398,997 | 397,876 | ||||||
| Pushpay USA, Inc. | ||||||||
| 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/15/31 | 7,606,775 | 7,644,809 | ||||||
| Finastra | ||||||||
| 11.43% (6 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29 | 7,573,137 | 7,582,604 | ||||||
| Gen Digital, Inc. | ||||||||
| 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/13/32 | 5,700,000 | 5,687,175 | ||||||
| Blackhawk Network Holdings, Inc. | ||||||||
| 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 4,965,349 | 4,988,636 | ||||||
| E2open LLC | ||||||||
| 7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/04/28 | 4,883,996 | 4,897,964 | ||||||
| Azalea TopCo | ||||||||
| 7.58% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/30/31 | 3,900,525 | 3,905,401 | ||||||
| Central Parent LLC | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29 | 1,458,975 | 1,214,743 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Technology - 3.5% (continued) | ||||||||
| Athenahealth Group, Inc. | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/15/29 | 937,650 | $ | 936,187 | |||||
| Cloud Software Group, Inc. | ||||||||
| 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 03/30/29 | 731,535 | 732,032 | ||||||
| Xerox Corp. | ||||||||
| 8.27% ((3 Month Term SOFR + 4.00%) and (6 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29 | 566,124 | 545,069 | ||||||
| Finastra USA, Inc. | ||||||||
| 11.57% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29††† | 191,758 | 175,166 | ||||||
| Total Technology | 293,476,809 | |||||||
| Consumer, Non-cyclical - 3.3% | ||||||||
| Southern Veterinary Partners LLC | ||||||||
| 7.53% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 12/04/31 | 33,998,478 | 34,012,078 | ||||||
| Women's Care Holdings, Inc. | ||||||||
| 8.88% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 30,127,151 | 27,566,343 | ||||||
| Nidda Healthcare Holding GmbH | ||||||||
| 6.05% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/21/30 | EUR | 16,147,239 | 19,015,048 | |||||
| HAH Group Holding Co. LLC | ||||||||
| 9.33% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 17,206,024 | 16,662,141 | ||||||
| Recess Holdings, Inc. | ||||||||
| 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 16,468,054 | 16,503,131 | ||||||
| Quirch Foods Holdings LLC | ||||||||
| 9.57% (3 Month Term SOFR + 5.26%, Rate Floor: 6.00%) due 10/27/27 | 14,904,589 | 13,895,846 | ||||||
| Domidep | ||||||||
| 5.95% (1 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 10/30/29 | EUR | 10,200,000 | 12,016,965 | |||||
| due 10/30/29 | EUR | 1,200,000 | 1,413,761 | |||||
| Rainbow Finco SARL | ||||||||
| 8.95% (6 Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 02/26/29 | GBP | 9,750,000 | 13,296,477 | |||||
| LaserAway Intermediate Holdings II LLC | ||||||||
| 10.29% (3 Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 10/14/27 | 12,127,162 | 11,581,439 | ||||||
| Blue Ribbon LLC | ||||||||
| 10.29% (1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 14,466,667 | 11,054,993 | ||||||
| Artisan Newco B.V. | ||||||||
| 6.32% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/18/32 | EUR | 8,825,000 | 10,403,581 | |||||
| Pacific Dental Services LLC | ||||||||
| 7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 03/15/31 | 9,850,126 | 9,850,126 | ||||||
| CHG PPC Parent LLC | ||||||||
| 7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/08/28 | 9,005,673 | 9,028,188 | ||||||
| IVI America LLC | ||||||||
| 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/18/31 | 6,794,186 | 6,840,930 | ||||||
| due 04/09/31 | 1,850,000 | 1,862,728 | ||||||
| Eyecare Partners LLC | ||||||||
| 8.84% (6 Month Term SOFR + 1.00%, Rate Floor: 5.23%) (in-kind rate was 3.61%) due 11/30/289 | 7,460,604 | 5,856,574 | ||||||
| 9.88% (6 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 08/31/28 | 2,100,649 | 2,132,158 | ||||||
| Gibson Brands, Inc. | ||||||||
| 9.54% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28 | 8,009,500 | 7,614,071 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Consumer, Non-cyclical - 3.3% (continued) | ||||||||
| Florida Food Products LLC | ||||||||
| 9.56% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28 | 8,600,876 | $ | 5,741,085 | |||||
| Hanger, Inc. | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 5,134,470 | 5,139,399 | ||||||
| Curriculum Associates LLC | ||||||||
| 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 05/07/32††† | 4,791,041 | 4,767,146 | ||||||
| Aenova Holding Gmbh | ||||||||
| 5.01% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 08/22/31 | EUR | 4,000,000 | 4,670,311 | |||||
| Outcomes Group Holdings, Inc. | ||||||||
| 8.08% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 05/06/31 | 4,306,582 | 4,327,210 | ||||||
| Skechers | ||||||||
| due 06/25/32 | 1,940,000 | 1,949,700 | ||||||
| due 06/25/32 | EUR | 1,600,000 | 1,881,093 | |||||
| Sazerac Co Inc. | ||||||||
| due 06/24/32 | 3,450,000 | 3,445,687 | ||||||
| Froneri US, Inc. | ||||||||
| 6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 3,192,000 | 3,154,111 | ||||||
| Resonetics LLC | ||||||||
| 7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/18/31 | 2,504,769 | 2,504,694 | ||||||
| Affidea | ||||||||
| 5.94% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/20/29 | EUR | 2,000,000 | 2,355,938 | |||||
| Culligan | ||||||||
| 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/31/28 | 2,330,882 | 2,326,058 | ||||||
| Bowtie Germany Bidco GmbH | ||||||||
| 5.98% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 08/01/31 | EUR | 1,000,000 | 1,177,403 | |||||
| Medical Solutions Parent Holdings, Inc. | ||||||||
| 7.88% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/01/28 | 2,200,760 | 1,140,720 | ||||||
| Bausch Health Companies, Inc. | ||||||||
| 10.56% (1 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 10/08/30 | 495,000 | 476,358 | ||||||
| Moran Foods LLC | ||||||||
| 11.65% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26††† | 1,062,446 | 303,142 | ||||||
| Total Consumer, Non-cyclical | 275,966,633 | |||||||
| Communications - 0.9% | ||||||||
| Syndigo LLC | ||||||||
| 9.09% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 12/15/27 | 21,870,037 | 21,911,152 | ||||||
| Speedster Bidco GmbH | ||||||||
| 5.88% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/10/31 | EUR | 5,700,000 | 6,716,101 | |||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 5,685,750 | 5,710,654 | ||||||
| FirstDigital Communications LLC | ||||||||
| 8.69% (3 Month Term SOFR + 4.36%, Rate Floor: 5.11%) due 12/17/26††† | 10,365,375 | 10,201,571 | ||||||
| MasOrange Finco Plc | ||||||||
| 4.81% (6 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 03/20/31 | EUR | 5,900,000 | 6,892,323 | |||||
| Zayo Group Holdings, Inc. | ||||||||
| 7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 6,146,447 | 5,834,208 | ||||||
| Cengage Learning, Inc. | ||||||||
| 7.83% ((1 Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%), Rate Floor: 4.50%) due 03/24/31 | 5,640,282 | 5,649,081 | ||||||
| UFC Holdings LLC | ||||||||
| 6.57% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 11/21/31 | 4,328,250 | 4,342,447 | ||||||
| Xplore, Inc. | ||||||||
| 6.09% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 10/24/31 | 3,620,762 | 2,673,317 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 22.8% (continued) | ||||||||
| Communications - 0.9% (continued) | ||||||||
| Level 3 Financing, Inc. | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/21/32 | 2,090,000 | $ | 2,111,339 | |||||
| Xplore, Inc. | ||||||||
| 9.59% (3 Month Term SOFR + 1.50%, Rate Floor: 6.09%) (in-kind rate was 3.50%) due 10/23/299 | 1,025,307 | 968,915 | ||||||
| Total Communications | 73,011,108 | |||||||
| Energy - 0.3% | ||||||||
| BANGL LLC | ||||||||
| 8.79% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29 | 13,547,730 | 13,581,599 | ||||||
| Par Petroleum LLC | ||||||||
| 8.01% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 | 8,883,524 | 8,766,972 | ||||||
| Bip PipeCo Holdings LLC | ||||||||
| 6.53% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/06/30 | 3,411,969 | 3,404,292 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 7.30% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 2,143,351 | 2,139,343 | ||||||
| Total Energy | 27,892,206 | |||||||
| Basic Materials - 0.3% | ||||||||
| Discovery Purchaser Corp. | ||||||||
| 8.02% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 6,331,631 | 6,317,765 | ||||||
| Arsenal AIC Parent LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/18/30 | 6,030,866 | 6,017,296 | ||||||
| Lummus Technology Holdings V LLC | ||||||||
| 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 12/31/29 | 5,756,500 | 5,769,567 | ||||||
| GrafTech Finance, Inc. | ||||||||
| 10.32% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 5,221,215 | 5,234,269 | ||||||
| Eden S.A.S. | ||||||||
| 5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 06/22/29 | EUR | 1,500,000 | 1,768,314 | |||||
| Ecovyst Catalyst Technology | ||||||||
| 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/12/31 | 390,000 | 387,005 | ||||||
| Schur Flexibles GmbH | ||||||||
| 7.88% (6 Month EURIBOR + 5.50%, Rate Floor: 5.50%) due 09/28/27††† | EUR | 787,500 | 231,945 | |||||
| Total Basic Materials | 25,726,161 | |||||||
| Utilities - 0.1% | ||||||||
| Powergrid Services LLC | ||||||||
| due 03/31/32††† | 6,270,059 | 6,270,059 | ||||||
| Total Senior Floating Rate Interests | ||||||||
| (Cost $1,882,834,768) | 1,914,288,078 | |||||||
| ASSET-BACKED SECURITIES†† - 20.7% | ||||||||
| Collateralized Loan Obligations - 11.6% | ||||||||
| Fortress Credit Opportunities IX CLO Ltd. | ||||||||
| 2021-9A CR, 7.32% (3 Month Term SOFR + 3.06%, Rate Floor: 2.80%) due 10/15/33◊,4 | 35,000,000 | 35,051,765 | ||||||
| 2021-9A DR, 8.47% (3 Month Term SOFR + 4.21%, Rate Floor: 3.95%) due 10/15/33◊,4 | 7,750,000 | 7,711,291 | ||||||
| 2021-9A A2TR, 6.32% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33◊,4 | 2,950,000 | 2,960,296 | ||||||
| FS Rialto | ||||||||
| 2021-FL3 D, 6.93% (1 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 11/16/36◊,4 | 36,500,000 | 36,282,971 | ||||||
| 2021-FL2 D, 7.23% (1 Month Term SOFR + 2.91%, Rate Floor: 2.91%) due 05/16/38◊,4 | 8,850,000 | 8,833,195 | ||||||
| BXMT Ltd. | ||||||||
| 2020-FL2 C, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 02/15/38◊,4 | 15,640,000 | 15,175,368 | ||||||
| 2020-FL2 D, 6.63% (1 Month Term SOFR + 2.31%, Rate Floor: 2.31%) due 02/15/38◊,4 | 8,000,000 | 7,604,328 | ||||||
| 2020-FL3 D, 7.73% (1 Month Term SOFR + 3.41%, Rate Floor: 3.41%) due 11/15/37◊,4 | 7,350,000 | 7,022,706 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.7% (continued) | ||||||||
| Collateralized Loan Obligations - 11.6% (continued) | ||||||||
| Palmer Square Loan Funding Ltd. | ||||||||
| 2022-1A B, 6.26% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/30◊,4 | 26,200,000 | $ | 26,258,059 | |||||
| 2022-1A C, 6.86% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 04/15/30◊,4 | 3,400,000 | 3,407,026 | ||||||
| LoanCore Issuer Ltd. | ||||||||
| 2021-CRE6 D, 7.28% (1 Month Term SOFR + 2.96%, Rate Floor: 2.85%) due 11/15/38◊,4 | 11,300,000 | 11,300,489 | ||||||
| 2021-CRE5 D, 7.43% (1 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 07/15/36◊,4 | 8,250,000 | 8,250,280 | ||||||
| 2022-CRE7 D, 7.40% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/17/37◊,4 | 6,400,000 | 6,357,482 | ||||||
| 2021-CRE5 C, 6.78% (1 Month Term SOFR + 2.46%, Rate Floor: 2.46%) due 07/15/36◊,4 | 3,400,000 | 3,375,962 | ||||||
| Fontainbleau Vegas | ||||||||
| 9.96% (1 Month Term SOFR + 5.65%, Rate Floor: 1.00%) due 01/31/28◊,††† | 26,500,000 | 26,500,000 | ||||||
| Cerberus Loan Funding XLVII LLC | ||||||||
| 2024-3A C, 6.81% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 07/15/36◊,4 | 20,150,000 | 20,149,325 | ||||||
| 2024-3A D, 8.61% (3 Month Term SOFR + 4.35%, Rate Floor: 4.35%) due 07/15/36◊,4 | 3,900,000 | 3,898,980 | ||||||
| Cerberus Loan Funding XLIV LLC | ||||||||
| 2024-5A C, 8.46% (3 Month Term SOFR + 4.20%, Rate Floor: 4.20%) due 01/15/36◊,4 | 22,800,000 | 22,874,551 | ||||||
| Cerberus Loan Funding XLII LLC | ||||||||
| 2023-3A C, 8.41% (3 Month Term SOFR + 4.15%, Rate Floor: 4.15%) due 09/13/35◊,4 | 21,550,000 | 21,618,650 | ||||||
| FS Rialto Issuer LLC | ||||||||
| 2024-FL9 C, 6.96% (1 Month Term SOFR + 2.64%, Rate Floor: 2.65%) due 10/19/39◊,4 | 10,450,000 | 10,357,737 | ||||||
| 2025-FL10 C, 6.52% (1 Month Term SOFR + 2.15%, Rate Floor: 2.15%) due 08/19/42◊,4 | 9,800,000 | 9,609,863 | ||||||
| 2025-FL10 B, 6.22% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42◊,4 | 1,500,000 | 1,480,371 | ||||||
| BCRED CLO LLC | ||||||||
| 2025-1A C, 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/37◊,4 | 21,000,000 | 20,982,801 | ||||||
| BSPDF Issuer Ltd. | ||||||||
| 2021-FL1 D, 7.18% (1 Month Term SOFR + 2.86%, Rate Floor: 2.75%) due 10/15/36◊,4 | 19,975,000 | 19,586,181 | ||||||
| BSPRT Issuer Ltd. | ||||||||
| 2021-FL6 D, 7.43% (1 Month Term SOFR + 3.11%, Rate Floor: 3.00%) due 03/15/36◊,4 | 18,425,000 | 17,985,954 | ||||||
| 2021-FL7 D, 7.18% (1 Month Term SOFR + 2.86%, Rate Floor: 2.86%) due 12/15/38◊,4 | 1,600,000 | 1,593,131 | ||||||
| Hlend CLO LLC | ||||||||
| 2025-3A B, 5.97% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 01/20/37◊,4 | 18,400,000 | 18,441,829 | ||||||
| Golub Capital Partners CLO 49M Ltd. | ||||||||
| 2021-49A D, 8.38% (3 Month Term SOFR + 4.11%, Rate Floor: 4.11%) due 08/26/33◊,4 | 18,100,000 | 18,085,678 | ||||||
| Owl Rock CLO I LLC | ||||||||
| 2024-1A C, 8.57% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/20/36◊,4 | 17,250,000 | 17,316,849 | ||||||
| Cerberus Loan Funding XLV LLC | ||||||||
| 2024-1A C, 7.41% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 04/15/36◊,4 | 17,150,000 | 17,170,090 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.7% (continued) | ||||||||
| Collateralized Loan Obligations - 11.6% (continued) | ||||||||
| Voya CLO Ltd. | ||||||||
| 2021-2A CR, 8.12% (3 Month Term SOFR + 3.86%, Rate Floor: 3.60%) due 06/07/30◊,4 | 16,500,000 | $ | 16,683,005 | |||||
| 2013-1A INC, due 10/15/304,10 | 28,970,307 | 383,051 | ||||||
| RR 39 Ltd. | ||||||||
| 2025-39A SUB, due 04/15/384,10 | 18,750,000 | 16,998,188 | ||||||
| TRTX Issuer Ltd. | ||||||||
| 2025-FL6 B, 6.36% (1 Month Term SOFR + 2.05%, Rate Floor: 2.05%) due 09/18/42◊,4 | 17,100,000 | 16,868,828 | ||||||
| Owl Rock CLO VIII LLC | ||||||||
| 2025-8A CR, 6.68% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/24/37◊,4 | 16,000,000 | 15,992,859 | ||||||
| Wonder Lake Park CLO Ltd. | ||||||||
| 2025-1A SUB, due 07/24/384,10,11 | 18,203,000 | 15,472,550 | ||||||
| STWD Ltd. | ||||||||
| 2022-FL3 D, 7.05% (30 Day Average SOFR + 2.75%, Rate Floor: 2.75%) due 11/15/38◊,4 | 11,900,000 | 11,475,782 | ||||||
| 2021-FL2 D, 7.23% (1 Month Term SOFR + 2.91%, Rate Floor: 2.80%) due 04/18/38◊,4 | 3,750,000 | 3,688,848 | ||||||
| Ares CLO Ltd. | ||||||||
| 2025-77A SUB, due 07/15/39†††,4,10,11 | 14,970,000 | 14,336,769 | ||||||
| Carlyle Direct Lending CLO LLC | ||||||||
| 2024-1A BR, 7.01% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/15/36◊,4 | 14,200,000 | 14,212,198 | ||||||
| Golub Capital Partners CLO 16M-R3 | ||||||||
| 2025-16A CR3, 6.92% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 08/09/39◊,4 | 14,150,000 | 14,150,000 | ||||||
| GoldenTree Loan Management US CLO 1 Ltd. | ||||||||
| 2024-9A DR, 7.62% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 04/20/37◊,4 | 13,500,000 | 13,448,048 | ||||||
| Ares Direct Lending CLO 2 LLC | ||||||||
| 2024-2A D, 8.17% (3 Month Term SOFR + 3.90%, Rate Floor: 3.90%) due 10/20/36◊,4 | 13,050,000 | 13,071,837 | ||||||
| Owl Rock CLO VII LLC | ||||||||
| 2025-7A BR, 6.02% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/38◊,4 | 12,900,000 | 12,826,706 | ||||||
| Cerberus Loan Funding XL LLC | ||||||||
| 2023-1A C, 8.66% (3 Month Term SOFR + 4.40%, Rate Floor: 4.40%) due 03/22/35◊,4 | 12,750,000 | 12,796,989 | ||||||
| OWL Rock Clo XXI LLC | ||||||||
| 2025-21A C, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 07/24/34◊,4 | 12,575,000 | 12,576,362 | ||||||
| Owl Rock CLO IX LLC | ||||||||
| 2024-9A CR, 6.63% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 11/22/37◊,4 | 12,550,000 | 12,548,884 | ||||||
| HPS Private Credit CLO LLC | ||||||||
| 2025-3A D, due 07/20/37◊,4 | 6,000,000 | 6,000,000 | ||||||
| 2025-3A C, due 07/20/37◊,4 | 5,900,000 | 5,900,000 | ||||||
| Neuberger Berman Loan Advisers CLO 32 Ltd. | ||||||||
| 2021-32A DR, 7.23% (3 Month Term SOFR + 2.96%, Rate Floor: 2.70%) due 01/20/32◊,4 | 11,500,000 | 11,617,918 | ||||||
| Symphony CLO 48 Ltd. | ||||||||
| 2025-48A SUB, due 04/20/384,10 | 12,800,000 | 11,295,712 | ||||||
| Fortress Credit BSL XV Ltd. | ||||||||
| 2024-2A CR, 6.87% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 10/18/33◊,4 | 11,150,000 | 11,178,398 | ||||||
| KREF Ltd. | ||||||||
| 2021-FL2 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39◊,4 | 11,000,000 | 10,964,411 | ||||||
| Cerberus Loan Funding 50 LLC | ||||||||
| 2025-1A C, due 07/15/37◊,4 | 10,800,000 | 10,800,000 | ||||||
| Brant Point CLO Ltd. | ||||||||
| 2025-7A SUB, due 07/25/384,10,11 | 12,454,500 | 10,786,842 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.7% (continued) | ||||||||
| Collateralized Loan Obligations - 11.6% (continued) | ||||||||
| Octagon 74 Ltd. | ||||||||
| 2025-2A SUB, due 04/22/384,10 | 12,750,000 | $ | 10,272,675 | |||||
| Owl Rock CLO XVI LLC | ||||||||
| 2024-16A C, 7.57% (3 Month Term SOFR + 3.30%, Rate Floor: 3.30%) due 04/20/36◊,4 | 10,150,000 | 10,167,023 | ||||||
| Generate CLO 21 Ltd. | ||||||||
| 2025-21A SUB, due 07/25/384,10,11 | 11,450,000 | 10,068,672 | ||||||
| THL Credit Lake Shore MM CLO I Ltd. | ||||||||
| 2021-1A CR, 7.52% (3 Month Term SOFR + 3.26%, Rate Floor: 3.00%) due 04/15/33◊,4 | 9,900,000 | 9,911,349 | ||||||
| Regatta 34 Funding Ltd. | ||||||||
| 2025-3A SUB, due 07/20/384,10 | 9,560,000 | 9,560,000 | ||||||
| Regatta 33 Funding Ltd. | ||||||||
| 2025-2A SUB, due 07/25/384,10 | 9,420,000 | 9,371,138 | ||||||
| BCC Middle Market CLO LLC | ||||||||
| 2021-1A A1R, 6.02% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33◊,4 | 9,000,000 | 9,031,277 | ||||||
| Cerberus Loan Funding XLVI, LP | ||||||||
| 2024-2A C, 7.31% (3 Month Term SOFR + 3.05%, Rate Floor: 3.05%) due 07/15/36◊,4 | 8,000,000 | 8,007,798 | ||||||
| 2024-2A D, 9.21% (3 Month Term SOFR + 4.95%, Rate Floor: 4.95%) due 07/15/36◊,4 | 1,000,000 | 1,000,948 | ||||||
| OCP CLO Ltd. | ||||||||
| 2024-38A SUB, due 01/21/384,10 | 8,250,000 | 6,927,525 | ||||||
| 2025-23A ER, 9.13% (3 Month Term SOFR + 4.85%, Rate Floor: 4.85%) due 01/17/37◊,4 | 1,750,000 | 1,751,082 | ||||||
| GoldenTree Loan Management US CLO 24 Ltd. | ||||||||
| 2025-24A E, 8.88% (3 Month Term SOFR + 4.60%, Rate Floor: 4.60%) due 10/20/38◊,4 | 8,650,000 | 8,615,053 | ||||||
| BSPRT Issuer LLC | ||||||||
| 2024-FL11 C, 6.96% (1 Month Term SOFR + 2.64%, Rate Floor: 2.64%) due 07/15/39◊,4 | 7,825,000 | 7,765,589 | ||||||
| Ballyrock CLO 14 Ltd. | ||||||||
| 2021-14A SUB, due 07/20/374,10 | 9,750,000 | 7,485,660 | ||||||
| AGL CLO 35 Ltd. | ||||||||
| 2024-35A SUB, due 01/21/384,10 | 7,750,000 | 6,949,115 | ||||||
| 2024-35A E, 9.42% (3 Month Term SOFR + 5.15%, Rate Floor: 5.15%) due 01/21/38◊,4 | 300,000 | 301,728 | ||||||
| ACRE Commercial Mortgage Ltd. | ||||||||
| 2021-FL4 D, 7.53% (1 Month Term SOFR + 3.21%, Rate Floor: 2.60%) due 12/18/37◊,4 | 7,350,000 | 7,166,250 | ||||||
| Dryden 37 Senior Loan Fund | ||||||||
| 2017-37A BR, 5.92% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31◊,4 | 3,494,745 | 3,495,737 | ||||||
| 2017-37A CR, 7.77% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31◊,4 | 3,166,667 | 3,187,250 | ||||||
| 2015-37A SUB, due 01/15/314,10 | 2,838,588 | 14,827 | ||||||
| Madison Park Funding LVIII Ltd. | ||||||||
| 2024-58A D, 7.93% (3 Month Term SOFR + 3.65%, Rate Floor: 3.65%) due 04/25/37◊,4 | 6,600,000 | 6,597,188 | ||||||
| Cerberus Loan Funding XXXIII, LP | ||||||||
| 2021-3A C, 7.32% (3 Month Term SOFR + 3.06%, Rate Floor: 2.80%) due 07/23/33◊,4 | 5,900,000 | 5,906,189 | ||||||
| Neuberger Berman CLO 32R Ltd. | ||||||||
| 2025-32RA C, due 07/20/39◊,4 | 5,800,000 | 5,800,000 | ||||||
| LoanCore | ||||||||
| 2025-CRE8 C, 6.46% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/17/42◊,4 | 5,750,000 | 5,690,726 | ||||||
| Madison Park Funding LXXI Ltd. | ||||||||
| 2025-71A E, 9.02% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 04/23/38◊,4 | 5,500,000 | 5,495,681 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.7% (continued) | ||||||||
| Collateralized Loan Obligations - 11.6% (continued) | ||||||||
| Cerberus Loan Funding XLVIII LLC | ||||||||
| 2024-4A D, 8.11% (3 Month Term SOFR + 3.85%, Rate Floor: 3.85%) due 10/15/36◊,4 | 5,350,000 | $ | 5,344,494 | |||||
| AREIT Ltd. | ||||||||
| 2025-CRE10 B, 6.16% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 01/17/30◊,4 | 5,200,000 | 5,162,983 | ||||||
| Cerberus Loan Funding XXXV, LP | ||||||||
| 2021-5A C, 7.12% (3 Month Term SOFR + 2.86%, Rate Floor: 2.60%) due 09/22/33◊,4 | 5,150,000 | 5,158,950 | ||||||
| Hamlin Park CLO Ltd. | ||||||||
| 2024-1A SUB, due 10/20/374,10 | 5,550,000 | 4,990,893 | ||||||
| MidOcean Credit CLO VII | ||||||||
| 2020-7A CR, 6.72% (3 Month Term SOFR + 2.46%, Rate Floor: 0.00%) due 07/15/29◊,4 | 4,796,806 | 4,796,806 | ||||||
| Neuberger Berman Loan Advisers CLO 60 Ltd. | ||||||||
| 2025-60A SUB, due 04/22/394,10 | 4,650,000 | 4,103,520 | ||||||
| Neuberger Berman Loan Advisers CLO 40 Ltd. | ||||||||
| 2021-40A D, 7.27% (3 Month Term SOFR + 3.01%, Rate Floor: 2.75%) due 04/16/33◊,4 | 4,050,000 | 4,086,004 | ||||||
| Elmwood CLO VI Ltd. | ||||||||
| 2024-3A ERR, 10.17% (3 Month Term SOFR + 5.90%, Rate Floor: 5.90%) due 07/18/37◊,4 | 4,000,000 | 4,004,618 | ||||||
| Neuberger Berman Loan Advisers CLO 57 Ltd. | ||||||||
| 2024-57A SUB, due 10/24/384,10 | 4,250,000 | 3,749,223 | ||||||
| Elmwood CLO XI Ltd. | ||||||||
| 2025-4A ER, 9.02% (3 Month Term SOFR + 4.70%, Rate Floor: 4.70%) due 01/20/38◊,4 | 3,750,000 | 3,743,903 | ||||||
| Neuberger Berman Loan Advisers CLO 38 Ltd. | ||||||||
| 2025-38A ER2, 8.87% (3 Month Term SOFR + 4.60%, Rate Floor: 4.60%) due 10/20/36◊,4 | 3,500,000 | 3,453,556 | ||||||
| Wellfleet CLO Ltd. | ||||||||
| 2021-3A C, 6.77% (3 Month Term SOFR + 2.51%, Rate Floor: 2.25%) due 01/15/35◊,4 | 3,400,000 | 3,412,100 | ||||||
| PFP Ltd. | ||||||||
| 2024-11 B, 6.80% (1 Month Term SOFR + 2.49%, Rate Floor: 2.49%) due 09/17/39◊,4 | 2,239,942 | 2,229,616 | ||||||
| 2025-12 B, 6.36% (1 Month Term SOFR + 2.04%, Rate Floor: 2.04%) due 12/18/42◊,4 | 1,000,000 | 997,936 | ||||||
| Ballyrock CLO 1 Ltd. | ||||||||
| 2021-1A DR, 11.27% (3 Month Term SOFR + 7.01%, Rate Floor: 6.75%) due 07/15/32◊,4 | 3,150,000 | 3,152,313 | ||||||
| Bayard Park CLO Ltd. | ||||||||
| 2025-1A SUB, due 07/24/384,10 | 3,600,000 | 2,914,358 | ||||||
| HGI CRE CLO Ltd. | ||||||||
| 2021-FL2 D, 6.58% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 09/17/36◊,4 | 1,600,000 | 1,595,670 | ||||||
| 2021-FL2 E, 6.88% (1 Month Term SOFR + 2.56%, Rate Floor: 2.56%) due 09/17/36◊,4 | 1,200,000 | 1,187,351 | ||||||
| Ares Direct Lending CLO 1 LLC | ||||||||
| 2024-1A B, 6.48% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36◊,4 | 2,750,000 | 2,758,704 | ||||||
| Acrec LLC | ||||||||
| 2025-FL3 C, 6.61% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 08/18/42◊,4 | 2,675,000 | 2,640,665 | ||||||
| BDS Ltd. | ||||||||
| 2021-FL9 E, 7.03% (1 Month Term SOFR + 2.71%, Rate Floor: 2.60%) due 11/16/38◊,4 | 2,700,000 | 2,597,435 | ||||||
| OHA Credit Partners VII Ltd. | ||||||||
| 2025-7A ER4, 8.82% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/20/38◊,4 | 2,250,000 | 2,217,386 | ||||||
| Madison Park Funding LXV Ltd. | ||||||||
| 2025-65A C, due 07/16/38◊,4 | 2,150,000 | 2,150,000 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.7% (continued) | ||||||||
| Collateralized Loan Obligations - 11.6% (continued) | ||||||||
| Greystone CRE Notes 2025-FL4 LLC | ||||||||
| 2025-FL4 AS, 6.45% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 01/15/43◊,4 | 2,050,000 | $ | 2,062,090 | |||||
| Carlyle US CLO Ltd. | ||||||||
| 2021-2A DR, 11.24% (3 Month Term SOFR + 6.96%, Rate Floor: 6.70%) due 01/25/35◊,4 | 1,935,580 | 1,940,428 | ||||||
| BNPP IP CLO Ltd. | ||||||||
| 2014-2A E, 9.79% (3 Month Term SOFR + 5.51%, Rate Floor: 0.00%) due 10/30/25◊,4 | 5,731,987 | 1,521,843 | ||||||
| Sound Point CLO Ltd. | ||||||||
| 2025-1RA C, 6.42% (3 Month Term SOFR + 2.10%, Rate Floor: 2.10%) due 02/20/38◊,4 | 1,200,000 | 1,205,589 | ||||||
| Carlyle Global Market Strategies CLO Ltd. | ||||||||
| 2012-3A SUB, due 01/14/324,10 | 6,400,000 | 995,013 | ||||||
| 2013-3X SUB, due 10/15/3010 | 4,938,326 | 20,441 | ||||||
| Dryden 50 Senior Loan Fund | ||||||||
| 2017-50A SUB, due 07/15/304,10 | 7,895,000 | 1,014,089 | ||||||
| Octagon Loan Funding Ltd. | ||||||||
| 2014-1A SUB, due 11/18/314,10 | 19,435,737 | 696,223 | ||||||
| Great Lakes CLO Ltd. | ||||||||
| 2014-1A SUB, due 10/15/294,10 | 1,500,000 | 610,499 | ||||||
| AMMC CLO XI Ltd. | ||||||||
| 2012-11A SUB, due 04/30/314,10 | 5,650,000 | 534,953 | ||||||
| BSPDF Issuer LLC | ||||||||
| 2025-FL2 AS, 6.25% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 12/15/42◊,4 | 500,000 | 501,085 | ||||||
| KREF Funding V LLC | ||||||||
| 6.17% (1 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 06/25/26◊,††† | 499,622 | 497,655 | ||||||
| 0.15% due 06/25/26†††,12 | 1,388,896 | 1 | ||||||
| Wind River CLO Ltd. | ||||||||
| 2018-1A ARR, 5.58% (3 Month Term SOFR + 1.31%, Rate Floor: 1.05%) due 07/18/31◊,4 | 145,390 | 145,385 | ||||||
| Dryden 41 Senior Loan Fund | ||||||||
| 2015-41A SUB, due 04/15/314,10 | 11,700,000 | 67,851 | ||||||
| Treman Park CLO Ltd. | ||||||||
| 2015-1A SUB, due 10/20/284,10 | 18,918,010 | 38,786 | ||||||
| Dryden Senior Loan Fund | ||||||||
| 2015-37X, due 01/15/3110 | 1,897,598 | 9,912 | ||||||
| Venture XIII CLO Ltd. | ||||||||
| 2013-13A SUB, due 09/10/294,10 | 13,790,000 | 1,379 | ||||||
| Babson CLO Ltd. | ||||||||
| 2014-IA SUB, due 07/20/254,10 | 11,900,000 | 1,190 | ||||||
| Copper River CLO Ltd. | ||||||||
| 2007-1A INC, due 01/20/213,10 | 8,150,000 | 815 | ||||||
| Marathon CLO V Ltd. | ||||||||
| 2013-5A SUB, due 11/21/274,10 | 5,500,000 | 550 | ||||||
| Total Collateralized Loan Obligations | 972,172,134 | |||||||
| Financial - 3.0% | ||||||||
| Dogwood State Bank | ||||||||
| 6.45% due 06/24/32 | 40,100,000 | 40,100,000 | ||||||
| Thunderbird A | ||||||||
| 5.50% due 03/01/37††† | 34,800,000 | 31,942,730 | ||||||
| Lightning A | ||||||||
| 5.50% due 03/01/37††† | 34,800,000 | 31,942,730 | ||||||
| HarbourVest Structured Solutions IV Holdings, LP | ||||||||
| 7.35% (3 Month Term SOFR + 3.05%, Rate Floor: 0.00%) due 09/15/26◊,††† | 14,345,032 | 14,309,136 | ||||||
| 6.38% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,††† | EUR | 9,403,421 | 10,968,088 | |||||
| KKR Core Holding Company LLC | ||||||||
| 4.00% due 08/12/31††† | 21,305,786 | 19,548,180 | ||||||
| Metis Issuer, LLC | ||||||||
| 6.89% due 05/15/55††† | 17,900,000 | 17,838,566 | ||||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc. | ||||||||
| 7.40% due 09/30/45††† | 17,000,000 | 17,430,664 | ||||||
| Ceamer Finance LLC | ||||||||
| 6.92% due 11/15/37††† | 8,420,102 | 8,602,311 | ||||||
| 6.79% due 11/15/39††† | 6,273,915 | 6,363,388 | ||||||
| 3.69% due 03/24/31††† | 2,499,286 | 2,401,681 | ||||||
| Project Onyx I | ||||||||
| 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27◊,††† | 13,161,708 | 13,142,540 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.7% (continued) | ||||||||
| Financial - 3.0% (continued) | ||||||||
| Bib Merchant Voucher Receivables Ltd. | ||||||||
| 4.18% due 04/07/28††† | 7,576,411 | $ | 7,544,154 | |||||
| Lightning B | ||||||||
| 7.50% due 03/01/37††† | 7,000,000 | 6,444,378 | ||||||
| Thunderbird B | ||||||||
| 7.50% due 03/01/37††† | 7,000,000 | 6,444,378 | ||||||
| Nassau LLC | ||||||||
| 2019-1, 3.98% due 08/15/343 | 6,286,501 | 5,863,631 | ||||||
| Project Onyx II | ||||||||
| 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27◊,††† | 3,647,175 | 3,634,338 | ||||||
| Akso Health Group | ||||||||
| 7.27% due 12/31/44††† | 2,500,000 | 2,534,818 | ||||||
| Total Financial | 247,055,711 | |||||||
| Transport-Aircraft - 2.5% | ||||||||
| AASET Trust | ||||||||
| 2024-1A, 6.26% due 05/16/494 | 13,565,324 | 13,923,818 | ||||||
| 2021-1A, 2.95% due 11/16/414 | 10,681,866 | 10,149,957 | ||||||
| 2021-2A, 3.54% due 01/15/474 | 10,650,261 | 9,884,044 | ||||||
| 2020-1A, 3.35% due 01/16/404 | 2,437,848 | 2,367,512 | ||||||
| 2020-1A, 4.34% due 01/16/404 | 1,754,024 | 1,661,602 | ||||||
| 2019-2, 3.38% due 10/16/394 | 765,226 | 760,352 | ||||||
| Slam Ltd. | ||||||||
| 2025-1A, 5.81% due 05/15/504 | 8,900,000 | 9,050,042 | ||||||
| 2024-1A, 5.34% due 09/15/494 | 8,477,449 | 8,454,779 | ||||||
| 2021-1A, 3.42% due 06/15/464 | 2,700,000 | 2,511,502 | ||||||
| KDAC Aviation Finance Ltd. | ||||||||
| 2017-1A, 4.21% due 12/15/424 | 15,465,941 | 15,045,577 | ||||||
| Navigator Aviation Ltd. | ||||||||
| 2024-1, 6.09% due 08/15/494 | 14,107,143 | 13,959,352 | ||||||
| AASET Ltd. | ||||||||
| 2024-2A, 5.93% due 09/16/494 | 13,704,140 | 13,916,022 | ||||||
| GAIA Aviation Ltd. | ||||||||
| 2019-1, 3.97% due 12/15/444,13 | 9,788,444 | 9,449,078 | ||||||
| 2019-1, 5.19% due 12/15/444,13 | 4,716,821 | 4,273,697 | ||||||
| Sprite Ltd. | ||||||||
| 2021-1, 3.75% due 11/15/464 | 9,295,242 | 8,982,273 | ||||||
| Castlelake Aircraft Structured Trust | ||||||||
| 2025-1A, 5.78% due 02/15/504 | 8,420,392 | 8,537,784 | ||||||
| 2021-1A, 3.47% due 01/15/464 | 189,558 | 186,754 | ||||||
| 2021-1A, 6.66% due 01/15/464 | 85,973 | 85,959 | ||||||
| AASET MT-1 Ltd. | ||||||||
| 2025-2A, 5.52% due 02/16/504 | 8,450,000 | 8,531,238 | ||||||
| JOL Air Ltd. | ||||||||
| 2019-1, 3.97% due 04/15/444 | 7,824,864 | 7,746,780 | ||||||
| AASET | ||||||||
| 2025-1A, 5.94% due 02/16/504 | 7,560,181 | 7,697,773 | ||||||
| Lunar Structured Aircraft Portfolio Notes | ||||||||
| 2021-1, 3.43% due 10/15/464 | 8,114,273 | 7,581,548 | ||||||
| Castlelake Aircraft Securitization Trust | ||||||||
| 2019-1A, 3.97% due 04/15/394 | 3,513,799 | 3,329,377 | ||||||
| 2018-1, 4.13% due 06/15/434 | 3,267,329 | 3,176,151 | ||||||
| Navigator Aircraft ABS Ltd. | ||||||||
| 2021-1, 3.57% due 11/15/464 | 6,243,011 | 5,815,876 | ||||||
| Labrador Aviation Finance Ltd. | ||||||||
| 2016-1A, 4.30% due 01/15/424 | 5,785,712 | 5,626,480 | ||||||
| Sapphire Aviation Finance II Ltd. | ||||||||
| 2020-1A, 4.34% due 03/15/404 | 5,070,913 | 4,640,037 | ||||||
| 2020-1A, 3.23% due 03/15/404 | 381,660 | 364,508 | ||||||
| MACH 1 Cayman Ltd. | ||||||||
| 2019-1, 3.47% due 10/15/394 | 4,946,425 | 4,812,823 | ||||||
| Falcon Aerospace Ltd. | ||||||||
| 2019-1, 3.60% due 09/15/394 | 2,281,564 | 2,238,811 | ||||||
| 2017-1, 4.58% due 02/15/424 | 1,595,452 | 1,573,126 | ||||||
| 2017-1, 6.30% due 02/15/424 | 922,604 | 904,229 | ||||||
| Project Silver | ||||||||
| 2019-1, 3.97% due 07/15/444 | 4,847,792 | 4,678,647 | ||||||
| WAVE LLC | ||||||||
| 2019-1, 3.60% due 09/15/444 | 4,589,334 | 4,400,254 | ||||||
| MAPS Trust | ||||||||
| 2021-1A, 2.52% due 06/15/464 | 1,640,847 | 1,545,824 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 20.7% (continued) | ||||||||
| Transport-Aircraft - 2.5% (continued) | ||||||||
| MAPS Ltd. | ||||||||
| 2018-1A, 4.21% due 05/15/434 | 926,665 | $ | 924,823 | |||||
| Next10, Inc. | ||||||||
| 6.73% due 12/15/30††† | 779,970 | 795,683 | ||||||
| Sapphire Aviation Finance I Ltd. | ||||||||
| 2018-1A, 4.25% due 03/15/404 | 560,771 | 560,564 | ||||||
| Total Transport-Aircraft | 210,144,656 | |||||||
| Infrastructure - 1.6% | ||||||||
| VB-S1 Issuer LLC - VBTEL | ||||||||
| 2022-1A, 5.27% due 02/15/524 | 39,650,000 | 37,550,362 | ||||||
| 2024-1A, 8.87% due 05/15/544 | 5,950,000 | 6,198,370 | ||||||
| Hotwire Funding LLC | ||||||||
| 2023-1A, 8.84% due 05/20/534 | 20,000,000 | 20,625,840 | ||||||
| 2021-1, 4.46% due 11/20/514 | 11,750,000 | 11,456,604 | ||||||
| 2024-1A, 9.19% due 06/20/544 | 7,250,000 | 7,618,475 | ||||||
| Switch ABS Issuer LLC | ||||||||
| 2024-2A, 5.44% due 06/25/544 | 17,550,000 | 17,680,660 | ||||||
| 2025-1A, 5.04% due 03/25/554 | 11,550,000 | 11,393,182 | ||||||
| Vault DI Issuer LLC | ||||||||
| 2021-1A, 2.80% due 07/15/464 | 7,150,000 | 6,913,931 | ||||||
| Blue Stream Issuer LLC | ||||||||
| 2023-1A, 6.90% due 05/20/534 | 3,400,000 | 3,465,725 | ||||||
| 2024-1A, 6.04% due 11/20/544 | 1,850,000 | 1,878,117 | ||||||
| Aligned Data Centers Issuer LLC | ||||||||
| 2021-1A, 2.48% due 08/15/464 | 4,925,000 | 4,727,312 | ||||||
| ALLO Issuer LLC | ||||||||
| 2025-1A, 6.16% due 04/20/554 | 2,100,000 | 2,162,665 | ||||||
| QTS Issuer ABS I LLC | ||||||||
| 2025-1A, 5.44% due 05/25/554 | 1,650,000 | 1,672,069 | ||||||
| Total Infrastructure | 133,343,312 | |||||||
| Net Lease - 0.5% | ||||||||
| CARS-DB4, LP | ||||||||
| 2020-1A, 4.95% due 02/15/504 | 27,799,000 | 25,101,994 | ||||||
| CARS-DB7, LP | ||||||||
| 2023-1A, 6.50% due 09/15/534 | 11,074,000 | 11,192,411 | ||||||
| SVC ABS LLC | ||||||||
| 2023-1A, 5.55% due 02/20/534 | 5,915,292 | 5,792,505 | ||||||
| Total Net Lease | 42,086,910 | |||||||
| Insurance - 0.5% | ||||||||
| Obra Longevity | ||||||||
| 8.48% due 06/30/39††† | 34,300,000 | 35,869,227 | ||||||
| CHEST | ||||||||
| 7.13% due 03/23/43††† | 5,400,000 | 5,625,825 | ||||||
| Total Insurance | 41,495,052 | |||||||
| Whole Business - 0.5% | ||||||||
| Subway Funding LLC | ||||||||
| 2024-1A, 6.51% due 07/30/544 | 17,661,250 | 18,099,348 | ||||||
| 2024-3A, 5.91% due 07/30/544 | 9,004,750 | 8,906,990 | ||||||
| Five Guys Holdings, Inc. | ||||||||
| 2023-1A, 7.55% due 01/26/544 | 9,303,250 | 9,613,431 | ||||||
| Taco Bell Funding LLC | ||||||||
| 2016-1A, 4.97% due 05/25/464 | 2,648,438 | 2,648,396 | ||||||
| Wendy's Funding LLC | ||||||||
| 2018-1A, 3.88% due 03/15/484 | 129,470 | 126,304 | ||||||
| Total Whole Business | 39,394,469 | |||||||
| Single Family Residence - 0.4% | ||||||||
| FirstKey Homes Trust | ||||||||
| 2020-SFR2, 4.00% due 10/19/374 | 13,550,000 | 13,423,765 | ||||||
| 2020-SFR2, 4.50% due 10/19/374 | 13,250,000 | 13,138,818 | ||||||
| 2020-SFR2, 3.37% due 10/19/374 | 8,550,000 | 8,458,642 | ||||||
| Total Single Family Residence | 35,021,225 | |||||||
| Asset-Backed Securities - 0.1% | ||||||||
| SSI Issuer LLC | ||||||||
| 2025-1, 6.15% due 07/25/654 | 4,150,000 | 4,154,158 | ||||||
| Collateralized Debt Obligations - 0.0% | ||||||||
| Anchorage Credit Funding 4 Ltd. | ||||||||
| 2021-4A CR, 3.52% due 04/27/394 | 4,250,000 | 3,962,088 | ||||||
| Unsecured Consumer Loans - 0.0% | ||||||||
| Regional Management Issuance Trust | ||||||||
| 2025-1, 5.73% due 04/17/344 | 1,600,000 | 1,617,547 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $1,745,094,843) | 1,730,447,262 | |||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 18.2% | ||||||||
| Government Agency - 9.9% | ||||||||
| Uniform MBS 30 Year | ||||||||
| due 09/01/2511 | 147,311,131 | $ | 144,286,981 | |||||
| due 09/01/2511 | 79,350,000 | 83,203,633 | ||||||
| due 09/01/2511 | 76,900,000 | 76,828,867 | ||||||
| due 09/01/2511 | 66,960,000 | 55,546,467 | ||||||
| due 08/01/2511 | 33,463,869 | 32,792,584 | ||||||
| Uniform MBS 15 Year | ||||||||
| due 09/01/2511 | 160,110,000 | 161,157,760 | ||||||
| Freddie Mac | ||||||||
| 5.50% due 02/01/53 | 49,172,589 | 49,485,573 | ||||||
| 5.50% due 03/01/55 | 30,753,517 | 30,835,368 | ||||||
| 5.00% due 06/01/53 | 25,514,782 | 25,153,637 | ||||||
| 5.00% due 02/01/53 | 22,358,344 | 22,038,784 | ||||||
| 5.00% due 03/01/53 | 17,669,591 | 17,360,939 | ||||||
| Fannie Mae | ||||||||
| 5.50% due 05/01/55 | 69,647,549 | 69,832,989 | ||||||
| 5.00% due 05/01/53 | 32,676,137 | 32,131,239 | ||||||
| 5.00% due 08/01/53 | 20,476,501 | 20,157,002 | ||||||
| 5.00% due 06/01/53 | 7,140,515 | 7,026,978 | ||||||
| Total Government Agency | 827,838,801 | |||||||
| Residential Mortgage-Backed Securities - 6.6% | ||||||||
| GCAT Trust | ||||||||
| 2025-NQM3, 5.96% due 05/25/704,13 | 21,157,000 | 21,274,210 | ||||||
| 2025-NQM1, 5.83% due 11/25/694,13 | 11,282,398 | 11,307,757 | ||||||
| 2022-NQM5, 5.71% due 08/25/674,13 | 7,632,888 | 7,601,115 | ||||||
| 2023-NQM2, 6.60% due 11/25/674,13 | 2,376,530 | 2,374,442 | ||||||
| OBX Trust | ||||||||
| 2024-NQM5, 6.51% due 01/25/644 | 12,495,000 | 12,589,737 | ||||||
| 2024-NQM6, 6.92% (WAC) due 02/25/64◊,4 | 6,901,000 | 7,006,359 | ||||||
| 2022-NQM9, 6.45% due 09/25/624,13 | 5,926,179 | 5,917,027 | ||||||
| 2024-NQM4, 6.62% (WAC) due 01/25/64◊,4 | 5,250,000 | 5,288,284 | ||||||
| 2023-NQM2, 6.80% due 01/25/624,13 | 4,963,804 | 4,973,335 | ||||||
| 2022-NQM8, 6.10% due 09/25/624,13 | 3,529,341 | 3,517,887 | ||||||
| Mill City Securities Ltd. | ||||||||
| 2024-RS1, 4.00% due 11/01/694,13 | 23,164,000 | 20,801,272 | ||||||
| 2024-RS2, 3.00% due 08/01/694,13 | 7,905,204 | 7,328,124 | ||||||
| JP Morgan Mortgage Acquisition Trust | ||||||||
| 2006-WMC4, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 12/25/36◊ | 19,465,516 | 10,077,224 | ||||||
| 2006-WMC3, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36◊ | 7,546,250 | 5,646,715 | ||||||
| 2006-HE3, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 11/25/36◊ | 4,484,241 | 4,094,931 | ||||||
| 2006-WMC4, 4.67% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 12/25/36◊ | 6,700,202 | 3,467,191 | ||||||
| 2006-WMC4, 4.59% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 12/25/36◊ | 2,833,080 | 1,464,409 | ||||||
| PRPM LLC | ||||||||
| 2025-2, 6.47% due 05/25/304,13 | 16,777,868 | 16,758,946 | ||||||
| 2024-4, 6.41% due 08/25/294,13 | 7,111,702 | 7,129,546 | ||||||
| 2025-RCF3, due 07/25/554,11 | 200,000 | 195,989 | ||||||
| Verus Securitization Trust | ||||||||
| 2025-2, 5.66% due 03/25/704,13 | 19,008,411 | 19,033,039 | ||||||
| 2022-8, 6.13% due 09/25/674,13 | 3,853,184 | 3,845,227 | ||||||
| FIGRE Trust | ||||||||
| 2024-HE5, 5.70% (WAC) due 10/25/54◊,4 | 6,782,581 | 6,802,306 | ||||||
| 2024-HE6, 5.97% (WAC) due 12/25/54◊,4 | 4,059,348 | 4,090,606 | ||||||
| 2025-HE1, 6.03% (WAC) due 01/25/55◊,4 | 3,468,150 | 3,495,058 | ||||||
| 2024-HE4, 5.25% (WAC) due 09/25/54◊,4 | 3,184,774 | 3,184,603 | ||||||
| 2024-HE4, 5.30% (WAC) due 09/25/54◊,4 | 2,739,681 | 2,729,134 | ||||||
| 2025-PF1, 6.11% (WAC) due 06/25/55◊,4 | 1,146,581 | 1,155,803 | ||||||
| 2025-PF1, 5.91% (WAC) due 06/25/55◊,4 | 716,613 | 723,076 | ||||||
| Ameriquest Mortgage Securities Trust | ||||||||
| 2006-M3, 4.61% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 10/25/36◊ | 17,672,768 | 9,707,500 | ||||||
| 2006-M3, 4.67% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 10/25/36◊ | 30,230,816 | 8,801,025 | ||||||
| 2006-M3, 4.53% (1 Month Term SOFR + 0.21%, Rate Floor: 0.10%) due 10/25/36◊ | 12,567,508 | 3,658,919 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 18.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 6.6% (continued) | ||||||||
| WaMu Asset-Backed Certificates WaMu Series | ||||||||
| 2007-HE2, 4.79% (1 Month Term SOFR + 0.47%, Rate Floor: 0.47%) due 04/25/37◊ | 22,288,072 | $ | 8,101,703 | |||||
| 2007-HE2, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 04/25/37◊ | 16,983,314 | 6,169,605 | ||||||
| 2007-HE4, 4.60% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47◊ | 5,707,017 | 4,265,836 | ||||||
| 2007-HE4, 4.68% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47◊ | 1,810,067 | 1,044,254 | ||||||
| Long Beach Mortgage Loan Trust | ||||||||
| 2006-6, 4.93% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 07/25/36◊ | 13,161,391 | 5,189,155 | ||||||
| 2006-8, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36◊ | 15,549,351 | 4,110,236 | ||||||
| 2006-1, 4.81% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 02/25/36◊ | 3,435,339 | 2,954,622 | ||||||
| 2006-4, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 05/25/36◊ | 9,508,448 | 2,754,361 | ||||||
| 2006-6, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36◊ | 4,098,298 | 1,610,425 | ||||||
| 2006-8, 4.61% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 09/25/36◊ | 4,213,582 | 1,108,403 | ||||||
| 2006-6, 4.63% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 07/25/36◊ | 2,372,418 | 929,929 | ||||||
| RALI Series Trust | ||||||||
| 2006-QO6, 4.79% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46◊ | 30,674,404 | 6,569,249 | ||||||
| 2007-QO2, 4.58% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 02/25/47◊ | 12,616,049 | 3,820,628 | ||||||
| 2006-QO8, 4.83% (1 Month Term SOFR + 0.51%, Rate Floor: 0.40%) due 10/25/46◊ | 2,394,051 | 2,298,821 | ||||||
| 2006-QO6, 4.89% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 06/25/46◊ | 7,981,062 | 1,749,984 | ||||||
| 2006-QO6, 4.95% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 06/25/46◊ | 5,035,370 | 1,119,504 | ||||||
| 2006-QO2, 4.97% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 02/25/46◊ | 5,947,913 | 1,017,335 | ||||||
| 2006-QO2, 5.11% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 02/25/46◊ | 3,182,638 | 545,718 | ||||||
| 2006-QO2, 4.87% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46◊ | 213,333 | 35,958 | ||||||
| Top Pressure Recovery Turbines | ||||||||
| 2024-AE, 7.51% due 11/01/69 | 15,830,567 | 15,862,228 | ||||||
| PRPM 2025-3 | ||||||||
| 2025-3, 6.26% due 05/25/304,13 | 14,491,453 | 14,572,230 | ||||||
| Morgan Stanley ABS Capital I Incorporated Trust | ||||||||
| 2006-HE8, 4.65% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 10/25/36◊ | 17,822,579 | 7,718,740 | ||||||
| 2007-HE2, 4.64% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 01/25/37◊ | 7,188,400 | 3,286,881 | ||||||
| 2006-HE6, 4.63% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 09/25/36◊ | 4,110,963 | 1,401,053 | ||||||
| 2007-HE4, 4.66% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 02/25/37◊ | 3,582,762 | 1,126,843 | ||||||
| 2006-HE4, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36◊ | 2,096,007 | 1,034,983 | ||||||
| COLT Mortgage Loan Trust | ||||||||
| 2025-3, 5.71% due 03/25/704,13 | 14,233,483 | 14,240,463 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 18.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 6.6% (continued) | ||||||||
| American Home Mortgage Assets Trust | ||||||||
| 2006-6, 4.64% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 12/25/46◊ | 6,241,579 | $ | 5,332,153 | |||||
| 2006-1, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 05/25/46◊ | 5,164,729 | 4,694,448 | ||||||
| 2006-3, 5.34% (1 Year CMT Rate + 0.94%, Rate Floor: 0.94%) due 10/25/46◊ | 4,531,061 | 2,939,518 | ||||||
| LSTAR Securities Investment Ltd. | ||||||||
| 2024-1, 7.41% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29◊,4 | 12,576,685 | 12,596,261 | ||||||
| Citigroup Mortgage Loan Trust, Inc. | ||||||||
| 2007-AMC3, 4.68% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 03/25/37◊ | 8,605,040 | 7,425,307 | ||||||
| 2022-A, 6.17% due 09/25/624,13 | 5,128,800 | 5,124,571 | ||||||
| Morgan Stanley IXIS Real Estate Capital Trust | ||||||||
| 2006-2, 4.87% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 11/25/36◊ | 20,508,014 | 6,538,582 | ||||||
| 2006-2, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 11/25/36◊ | 18,033,838 | 5,749,714 | ||||||
| New Residential Mortgage Loan Trust | ||||||||
| 2025-NQM3, 5.99% due 05/25/654 | 11,655,966 | 11,724,783 | ||||||
| NYMT Loan Trust | ||||||||
| 2022-SP1, 5.25% due 07/25/624 | 11,268,616 | 11,216,898 | ||||||
| Carrington Mortgage Loan Trust Series | ||||||||
| 2005-NC3, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 06/25/35◊ | 11,000,000 | 10,150,474 | ||||||
| GSAMP Trust | ||||||||
| 2007-NC1, 4.69% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/46◊ | 16,503,903 | 8,708,915 | ||||||
| CFMT LLC | ||||||||
| 2022-HB9, 3.25% (WAC) due 09/25/37◊,4 | 8,650,000 | 8,238,353 | ||||||
| Finance of America HECM Buyout | ||||||||
| 2024-HB1, 6.00% (WAC) due 10/01/34◊,4 | 8,000,000 | 7,998,888 | ||||||
| Master Asset-Backed Securities Trust | ||||||||
| 2006-WMC3, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 08/25/36◊ | 9,588,905 | 3,227,446 | ||||||
| 2006-HE3, 4.63% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 08/25/36◊ | 8,869,348 | 2,576,920 | ||||||
| 2006-HE3, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36◊ | 7,457,004 | 2,166,638 | ||||||
| IXIS Real Estate Capital Trust | ||||||||
| 2007-HE1, 4.59% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 05/25/37◊ | 22,624,955 | 4,636,346 | ||||||
| 2007-HE1, 4.66% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 05/25/37◊ | 16,029,462 | 3,284,624 | ||||||
| GSAA Home Equity Trust | ||||||||
| 2006-3, 5.03% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36◊ | 9,222,519 | 4,458,653 | ||||||
| 2006-9, 4.91% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 06/25/36◊ | 6,827,823 | 1,724,967 | ||||||
| 2007-7, 4.97% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37◊ | 185,737 | 178,075 | ||||||
| Vista Point Securitization Trust | ||||||||
| 2025-CES1, 5.81% due 04/25/554,13 | 6,067,502 | 6,095,029 | ||||||
| Legacy Mortgage Asset Trust | ||||||||
| 2021-GS2, 5.75% due 04/25/614 | 6,092,776 | 6,091,361 | ||||||
| OSAT Trust | ||||||||
| 2021-RPL1, 6.12% due 05/25/654 | 5,910,700 | 5,911,984 | ||||||
| CIM TRUST | ||||||||
| 2025-R1, 5.00% due 02/25/994,13 | 5,868,279 | 5,801,452 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 18.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 6.6% (continued) | ||||||||
| Argent Securities Trust | ||||||||
| 2006-W5, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36◊ | 7,937,678 | $ | 5,208,734 | |||||
| First NLC Trust | ||||||||
| 2007-1, 4.71% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 08/25/37◊,4 | 5,901,348 | 2,928,624 | ||||||
| 2007-1, 4.50% (1 Month Term SOFR + 0.18%, Rate Floor: 0.07%) due 08/25/37◊,4 | 4,475,181 | 2,220,978 | ||||||
| Alternative Loan Trust | ||||||||
| 2007-OA7, 4.79% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 05/25/47◊ | 5,412,598 | 4,973,959 | ||||||
| Home Equity Loan Trust | ||||||||
| 2007-FRE1, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37◊ | 5,121,537 | 4,927,994 | ||||||
| Lehman XS Trust Series | ||||||||
| 2006-18N, 4.79% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 12/25/36◊ | 2,872,262 | 2,785,019 | ||||||
| 2006-10N, 4.85% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 07/25/46◊ | 1,932,285 | 1,853,504 | ||||||
| Merrill Lynch Mortgage Investors Trust Series | ||||||||
| 2007-HE2, 4.85% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 02/25/37◊ | 6,531,027 | 1,826,005 | ||||||
| 2007-HE2, 4.95% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 02/25/37◊ | 4,727,528 | 1,321,714 | ||||||
| 2007-HE2, 4.67% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 02/25/37◊ | 3,758,870 | 1,050,980 | ||||||
| 2007-HE2, 5.27% (1 Month Term SOFR + 0.95%, Rate Floor: 0.84%) due 02/25/37◊ | 1,529,618 | 427,589 | ||||||
| WaMu Asset-Backed Certificates WaMu Series Trust | ||||||||
| 2007-HE1, 4.89% (1 Month Term SOFR + 0.57%, Rate Floor: 0.57%) due 01/25/37◊ | 6,675,509 | 3,012,490 | ||||||
| 2007-HE4, 4.60% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47◊ | 2,535,108 | 1,462,286 | ||||||
| ACE Securities Corporation Home Equity Loan Trust Series | ||||||||
| 2007-ASP1, 5.19% (1 Month Term SOFR + 0.87%, Rate Floor: 0.76%) due 03/25/37◊ | 10,031,199 | 4,020,377 | ||||||
| Saluda Grade Alternative Mortgage Trust | ||||||||
| 2023-FIG4, 7.12% (WAC) due 11/25/53◊,4 | 3,726,579 | 3,828,649 | ||||||
| HSI Asset Securitization Corporation Trust | ||||||||
| 2007-HE1, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 01/25/37◊ | 5,332,031 | 3,801,308 | ||||||
| ACHM Trust | ||||||||
| 2025-HE1, 5.92% (WAC) due 03/25/55◊,4 | 3,479,632 | 3,515,505 | ||||||
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust | ||||||||
| 2006-AR9, 5.24% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊ | 3,269,505 | 2,736,949 | ||||||
| First Franklin Mortgage Loan Trust | ||||||||
| 2006-FF16, 4.85% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 12/25/36◊ | 6,778,325 | 2,733,235 | ||||||
| HOMES Trust | ||||||||
| 2025-AFC2, 5.73% due 06/25/604,13 | 1,850,000 | 1,845,615 | ||||||
| Morgan Stanley Mortgage Loan Trust | ||||||||
| 2006-9AR, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36◊ | 7,479,399 | 1,652,442 | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 18.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 6.6% (continued) | ||||||||
| Alliance Bancorp Trust | ||||||||
| 2007-OA1, 4.91% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37◊ | 1,635,508 | $ | 1,456,804 | |||||
| Anchor Mortgage Trust | ||||||||
| 2025-RTL1, 5.72% due 05/25/40†††,4 | 1,000,000 | 1,003,461 | ||||||
| Towd Point Mortgage Trust | ||||||||
| 2025-1, 4.75% (WAC) due 06/25/65◊,4 | 1,000,000 | 993,330 | ||||||
| Morgan Stanley Residential Mortgage Loan Trust | ||||||||
| 2025-NQM3, 5.86% (WAC) due 05/25/70◊,4 | 887,947 | 892,086 | ||||||
| Nomura Resecuritization Trust | ||||||||
| 2015-4R, 6.24% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36◊,4 | 607,265 | 591,049 | ||||||
| Morgan Stanley Re-REMIC Trust | ||||||||
| 2010-R5, 4.74% due 06/26/364 | 352,285 | 340,313 | ||||||
| Total Residential Mortgage-Backed Securities | 558,683,302 | |||||||
| Commercial Mortgage-Backed Securities - 1.4% | ||||||||
| BX Trust | ||||||||
| 2024-VLT4, 6.75% (1 Month Term SOFR + 2.44%, Rate Floor: 2.44%) due 07/15/29◊,4 | 20,650,000 | 20,546,750 | ||||||
| 2023-DELC, 7.65% (1 Month Term SOFR + 3.34%, Rate Floor: 3.34%) due 05/15/38◊,4 | 10,650,000 | 10,729,875 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| 2021-VOLT, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36◊,4 | 20,006,301 | 19,912,521 | ||||||
| 2024-AIRC, 6.90% (1 Month Term SOFR + 2.59%, Rate Floor: 2.59%) due 08/15/39◊,4 | 6,309,677 | 6,332,440 | ||||||
| BXHPP Trust | ||||||||
| 2021-FILM, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,4 | 21,644,000 | 19,446,283 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
| 2021-NYAH, 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 2.64%) due 06/15/38◊,4 | 15,000,000 | 12,708,750 | ||||||
| SMRT | ||||||||
| 2022-MINI, 6.26% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39◊,4 | 10,000,000 | 9,862,500 | ||||||
| GS Mortgage Securities Corporation Trust | ||||||||
| 2020-DUNE, 7.08% (1 Month Term SOFR + 2.76%, Rate Floor: 2.65%) due 12/15/36◊,4 | 6,779,433 | 6,530,890 | ||||||
| 2020-DUNE, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 12/15/36◊,4 | 2,539,978 | 2,472,944 | ||||||
| MHP | ||||||||
| 2022-MHIL, 6.92% (1 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 01/15/39◊,4 | 7,200,000 | 7,186,500 | ||||||
| Total Commercial Mortgage-Backed Securities | 115,729,453 | |||||||
| Military Housing - 0.3% | ||||||||
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | ||||||||
| 2015-R1, 0.70% (WAC) due 10/25/52◊,3,12 | 153,822,449 | 8,795,383 | ||||||
| 2015-R1, 0.70% (WAC) due 11/25/52◊,3,12 | 145,626,340 | 6,864,782 | ||||||
| 2015-R1, 0.70% (WAC) due 11/25/55◊,12 | 61,754,668 | 3,467,790 | ||||||
| Capmark Military Housing Trust | ||||||||
| 2007-AET2, 6.06% due 10/10/52†††,4 | 5,349,271 | 5,073,025 | ||||||
| Total Military Housing | 24,200,980 | |||||||
| Total Collateralized Mortgage Obligations | ||||||||
| (Cost $1,666,433,430) | 1,526,452,536 | |||||||
| U.S. GOVERNMENT SECURITIES†† - 5.4% | ||||||||
| U.S. Treasury Notes | ||||||||
| 4.25% due 03/15/2714,17 | 360,000,000 | 362,728,123 | ||||||
| 4.00% due 03/31/30 | 31,450,000 | 31,742,387 | ||||||
| 4.25% due 05/15/35 | 25,510,000 | 25,549,859 | ||||||
| 4.63% due 02/15/3514 | 17,380,000 | 17,931,272 | ||||||
| U.S. Treasury Bonds | ||||||||
| 4.75% due 05/15/5514 | 14,000,000 | 13,919,063 | ||||||
| Total U.S. Government Securities | ||||||||
| (Cost $446,656,913) | 451,870,704 | |||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| FEDERAL AGENCY DISCOUNT NOTES†† - 0.6% | ||||||||
| Federal Home Loan Bank | ||||||||
| 4.10% due 07/01/2515 | 48,500,000 | $ | 48,500,000 | |||||
| Total Federal Agency Discount Notes | ||||||||
| (Cost $48,500,000) | 48,500,000 | |||||||
| CONVERTIBLE BONDS†† - 0.3% | ||||||||
| Consumer, Non-cyclical - 0.2% | ||||||||
| Block, Inc. | ||||||||
| due 05/01/2616 | 21,951,000 | 20,952,229 | ||||||
| Communications - 0.1% | ||||||||
| Cable One, Inc. | ||||||||
| due 03/15/2616 | 5,750,000 | 5,440,075 | ||||||
| Total Convertible Bonds | ||||||||
| (Cost $26,498,022) | 26,392,304 | |||||||
| SENIOR FIXED RATE INTERESTS†† - 0.0% | ||||||||
| Industrial - 0.0% | ||||||||
| Schur Flexibles GmbH | ||||||||
| 8.10% due 09/30/26 | EUR | 438,970 | 435,282 | |||||
| 11.73% due 09/30/26 | EUR | 298,316 | 295,810 | |||||
| 3.88% due 09/30/26 | EUR | 297,969 | 295,466 | |||||
| 11.73% due 09/30/26 | 2,901 | 2,442 | ||||||
| Total Industrial | 1,029,000 | |||||||
| Total Senior Fixed Rate Interests | ||||||||
| (Cost $1,075,066) | 1,029,000 | |||||||
| REPURCHASE AGREEMENTS††,18 - 1.2% | ||||||||
| BofA Securities, Inc. | ||||||||
| issued
06/30/25 at 4.37% due 07/01/25 | 43,716,781 | 43,716,781 | ||||||
| BNP Paribas | ||||||||
| issued
06/30/25 at 4.37% due 07/01/25 | 27,322,988 | 27,322,988 | ||||||
| J.P. Morgan Securities LLC | ||||||||
| issued
06/30/25 at 4.37% due 07/01/25 | 27,322,988 | 27,322,988 | ||||||
| Bank of Montreal | ||||||||
| issued
06/30/25 at 4.34% due 07/01/25 | 5,464,598 | 5,464,598 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $103,827,355) | 103,827,355 | |||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC OPTIONS PURCHASED†† - 0.1% | ||||||||
| Call Options on: | ||||||||
| Equity Options | ||||||||
| UBS AG CBOE Volatility Index Expiring August 2025 with strike price of $28.00 (Notional Value $21,603,449) | 12,913 | $ | 1,452,712 | |||||
| Goldman Sachs International CBOE Volatility Index Expiring July 2025 with strike price of $25.00 (Notional Value $36,946,532) | 22,084 | 993,780 | ||||||
| Total Equity Options | 2,446,492 | |||||||
| Put Options on: | ||||||||
| Foreign Exchange Options | ||||||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 41,538,000 | 777,127 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 20,955,000 | 683,992 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 8,257,000 | 692,671 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 16,764,000 | 547,194 | |||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 12,461,000 | 233,131 | |||||
| Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 3,701,000 | 120,804 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 3,798,000 | 71,056 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $95,578,388) | EUR | 81,423,000 | 15,412 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $95,578,389) | EUR | 81,423,000 | 15,412 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $66,903,581) | EUR | 56,995,000 | 10,967 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $31,576,565) | EUR | 26,900,000 | 5,176 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $28,672,460) | EUR | 24,426,000 | 4,700 | |||||
| BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $5,200,155) | EUR | 4,430,000 | 853 | |||||
| Total Foreign Exchange Options | 3,178,495 | |||||||
| Total OTC Options Purchased | ||||||||
| (Cost $13,196,787) | 5,624,987 | |||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC INTEREST RATE SWAPTIONS PURCHASED††,20 - 0.1% | ||||||||
| Call Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 263,880,000 | $ | 4,709,140 | ||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 131,940,000 | 2,354,570 | |||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 131,940,000 | 2,354,569 | |||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $219,118,965) | GBP | 159,900,000 | 1,597,788 | |||||
| Total Interest Rate Swaptions | 11,016,067 | |||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $219,118,965) | GBP | 159,900,000 | 73,420 | |||||
| Total Interest Rate Swaptions | 73,420 | |||||||
| Total OTC Interest Rate Swaptions Purchased | ||||||||
| (Cost $7,756,738) | 11,089,487 | |||||||
| Total Investments - 109.1% | ||||||||
| (Cost $9,351,255,962) | $ | 9,142,165,366 | ||||||
| OTC OPTIONS WRITTEN†† - (0.0)% | ||||||||
| Call Options on: | ||||||||
| Equity Options | ||||||||
| Goldman Sachs International CBOE Volatility Index Expiring July 2025 with strike price of $30.00 (Notional Value $36,946,532) | 22,084 | (695,646 | ) | |||||
| UBS AG CBOE Volatility Index Expiring August 2025 with strike price of $40.00 (Notional Value $21,603,449) | 12,913 | (729,585 | ) | |||||
| Total Equity Options | (1,425,231 | ) | ||||||
| Put Options on: | ||||||||
| Foreign Exchange Options | ||||||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 3,798,000 | (17,248 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 12,461,000 | (56,591 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 41,538,000 | (188,642 | ) | ||||
| Total Foreign Exchange Options | (262,481 | ) | ||||||
| Total OTC Options Written | ||||||||
| (Premiums received $4,195,276) | (1,687,712 | ) | ||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC INTEREST RATE SWAPTIONS WRITTEN††,20 – (0.1)% | ||||||||
| Call Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $219,118,965) | GBP | 159,900,000 | $ | (803,532 | ) | |||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 131,940,000 | (1,043,763 | ) | ||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 131,940,000 | (1,043,763 | ) | ||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 263,880,000 | (2,087,525 | ) | ||||
| Total Interest Rate Swaptions | (4,978,583 | ) | ||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $219,118,965) | GBP | 159,900,000 | (344,263 | ) | ||||
| Total Interest Rate Swaptions | (344,263 | ) | ||||||
| Total OTC Interest Rate Swaptions Written | ||||||||
| (Premiums received $4,554,830) | (5,322,846 | ) | ||||||
| Other Assets & Liabilities, net - (9.0)% | (755,922,385 | ) | ||||||
| Total Net Assets - 100.0% | $ | 8,379,232,423 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
| Commodity Futures Contracts Purchased† | ||||||||||||
| Gold 100 oz. Futures Contracts | 64 | Aug 2025 | $ | 21,250,560 | $ | 699,904 | ||||||
OTC Credit Default Swap Agreements Protection Purchased††
| Counterparty | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Received | Unrealized Depreciation | ||||||||||||||||||
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00 | % | Quarterly | 12/20/29 | $ | 27,695,000 | $ | (2,050,871 | ) | $ | (1,575,152 | ) | $ | (475,719 | ) | ||||||||||
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00 | % | Quarterly | 12/20/29 | 27,695,000 | (4,214,857 | ) | (3,765,132 | ) | (449,725 | ) | ||||||||||||||
| $ | (6,265,728 | ) | $ | (5,340,284 | ) | $ | (925,444 | ) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements††
| Counterparty | Exchange | Floating Rate Type | Floating Rate Index | Fixed Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid | Unrealized Appreciation (Depreciation)** | ||||||||||||||||||||
| J.P. Morgan Securities LLC | CME | Pay | U.S. Secured Overnight Financing Rate | 3.75 | % | Annually | 08/01/29 | $ | 152,530,000 | $ | 2,021,715 | $ | 765 | $ | 2,020,950 | |||||||||||||||
| J.P. Morgan Securities LLC | CME | Receive | U.S. Secured Overnight Financing Rate | 3.55 | % | Annually | 03/14/54 | 3,060,000 | 196,676 | 290 | 196,386 | |||||||||||||||||||
| J.P. Morgan Securities LLC | CME | Receive | U.S. Secured Overnight Financing Rate | 4.05 | % | Annually | 01/31/30 | 102,300,000 | (2,731,662 | ) | 651 | (2,732,313 | ) | |||||||||||||||||
| $ | (513,271 | ) | $ | 1,706 | $ | (514,977 | ) | |||||||||||||||||||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Total Return Swap Agreements
| Counterparty | Reference Obligation | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||
| OTC Credit Index Swap Agreements†† | ||||||||||||||||||||||
| Morgan Stanley Capital Services LLC | Markit iBoxx USD Liquid Leveraged Loans Total Return Index | Pay | 4.40% (SOFR) | At Maturity | 09/20/25 | N/A | $ | 2,881,805 | $ | 2,881,805 | ||||||||||||
| OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
| Bank of America, N.A. | SPDR S&P 500 ETF Trust | Pay | 4.94% (Federal Funds Rate + 0.61%) | At Maturity | 06/16/26 | 74,100 | 45,782,685 | 1,752,465 | ||||||||||||||
| OTC Interest Rate Swap Agreements†† | ||||||||||||||||||||||
| Goldman Sachs International | Goldman Sachs Swaption Forward Volatility Index | Pay | 3.33% (Federal Funds Rate - 1.00%) | At Maturity | 05/15/26 | 252,444 | 37,992,785 | (1,161,241 | ) | |||||||||||||
Forward Foreign Currency Exchange Contracts††
| Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Appreciation (Depreciation) | |||||||||||
| Barclays Bank plc | EUR | Buy | 970,000 | 1,117,116 | USD | 07/16/25 | $ | 26,840 | |||||||||
| Toronto-Dominion Bank | EUR | Sell | 5,350,000 | 6,305,968 | USD | 07/16/25 | (3,484 | ) | |||||||||
| Morgan Stanley Capital Services LLC | CAD | Sell | 6,327,000 | 4,638,336 | USD | 07/16/25 | (11,752 | ) | |||||||||
| Toronto-Dominion Bank | GBP | Sell | 2,460,000 | 3,352,274 | USD | 07/16/25 | (24,580 | ) | |||||||||
| Morgan Stanley Capital Services LLC | EUR | Sell | 36,340,000 | 42,387,280 | USD | 07/16/25 | (469,816 | ) | |||||||||
| Citibank, N.A. | GBP | Sell | 84,680,000 | 114,792,979 | USD | 07/16/25 | (1,447,677 | ) | |||||||||
| Nomura Global Financial Products, Inc. | EUR | Sell | 527,240,000 | 607,482,237 | USD | 07/16/25 | (14,311,250 | ) | |||||||||
| $ | (16,241,719 | ) | |||||||||||||||
OTC Interest Rate Swaptions Purchased
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||||||
| Call | ||||||||||||||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | $ | 263,880,000 | $ | 4,709,140 | ||||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | 131,940,000 | 2,354,569 | ||||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50 | % | 02/13/26 | 3.50 | % | 131,940,000 | 2,354,570 | ||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50 | % | 08/19/26 | 3.50 | % | 219,118,965 | 1,597,788 | ||||||||||||||
| $ | 11,016,067 | |||||||||||||||||||||||
| Put | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50 | % | 08/19/26 | 5.50 | % | $ | 219,118,965 | $ | 73,420 | ||||||||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
OTC Interest Rate Swaptions Written
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||||||
| Call | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00 | % | 08/19/26 | 3.00 | % | $ | 219,118,965 | $ | (803,532 | ) | |||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 131,940,000 | (1,043,763 | ) | |||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 131,940,000 | (1,043,763 | ) | |||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00 | % | 02/13/26 | 3.00 | % | 263,880,000 | (2,087,525 | ) | |||||||||||||
| $ | (4,978,583 | ) | ||||||||||||||||||||||
| Put | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50 | % | 08/19/26 | 4.50 | % | $ | 219,118,965 | $ | (344,263 | ) | |||||||||||
| ~ | The face amount is denominated in U.S. dollars unless otherwise indicated. |
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| † | Value determined based on Level 1 inputs, unless otherwise noted — See Note 3. |
| †† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| ◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 | Affiliated issuer. |
| 2 | Special Purpose Acquisition Company (SPAC). |
| 3 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $20,278,179 (cost $28,329,518), or 0.2% of total net assets — See Note 6. |
| 4 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $3,409,532,732 (cost $3,472,766,854), or 40.7% of total net assets. |
| 5 | Rate indicated is the 7-day yield as of June 30, 2025. |
| 6 | Perpetual maturity. |
| 7 | Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
| 8 | Security is in default of interest and/or principal obligations. |
| 9 | Payment-in-kind security. |
| 10 | Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
| 11 | Security is unsettled at period end and may not have a stated effective rate. |
| 12 | Security is an interest-only strip. |
| 13 | Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at June 30, 2025. See table below for additional step information for each security. |
| 14 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 15 | Rate indicated is the effective yield at the time of purchase. |
| 16 | Zero coupon rate security. |
| 17 | All or a portion of this security is pledged as interest rate swap collateral at June 30, 2025. |
| 18 | Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements. |
| 19 | Security is no longer an affiliated entity as a result of New Age Alpha’s acquisition of certain Guggenheim Funds on October 25, 2024. |
| 20 | Swaptions — See additional disclosure in the swaptions table above for more information on swaptions. |
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
CAD — Canadian Dollar
CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1
CME — Chicago Mercantile Exchange
CMT — Constant Maturity Treasury
EUR — Euro
EURIBOR — European Interbank Offered Rate
GBP — British Pound
plc — Public Limited Company
PPV — Public-Private Venture
REMIC — Real Estate Mortgage Investment Conduit
SARL — Société à Responsabilité Limitée
SOFR — Secured Overnight Financing Rate
SONIA — Sterling Overnight Index Average
WAC — Weighted Average Coupon
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 3,070,041 | $ | 597,035 | $ | 2,648,018 | $ | 6,315,094 | ||||||||
| Preferred Stocks | 38,288,689 | 285,363,696 | 27,774,630 | 351,427,015 | ||||||||||||
| Warrants | 1,536 | — | 248 | 1,784 | ||||||||||||
| Right | — | — | 1 | 1 | ||||||||||||
| Exchange-Traded Funds | 36,559,485 | — | — | 36,559,485 | ||||||||||||
| Mutual Funds | 341,974,896 | — | — | 341,974,896 | ||||||||||||
| Money Market Funds | 176,564,139 | — | — | 176,564,139 | ||||||||||||
| Corporate Bonds | — | 2,245,064,737 | 164,736,502 | 2,409,801,239 | ||||||||||||
| Senior Floating Rate Interests | — | 1,618,766,398 | 295,521,680 | 1,914,288,078 | ||||||||||||
| Asset-Backed Securities | — | 1,445,730,022 | 284,717,240 | 1,730,447,262 | ||||||||||||
| Collateralized Mortgage Obligations | — | 1,520,376,050 | 6,076,486 | 1,526,452,536 | ||||||||||||
| U.S. Government Securities | — | 451,870,704 | — | 451,870,704 | ||||||||||||
| Federal Agency Discount Notes | — | 48,500,000 | — | 48,500,000 | ||||||||||||
| Convertible Bonds | — | 26,392,304 | — | 26,392,304 | ||||||||||||
| Senior Fixed Rate Interests | — | 1,029,000 | — | 1,029,000 | ||||||||||||
| Repurchase Agreements | — | 103,827,355 | — | 103,827,355 | ||||||||||||
| Options Purchased | — | 5,624,987 | — | 5,624,987 | ||||||||||||
| Interest Rate Swaptions Purchased | — | 11,089,487 | — | 11,089,487 | ||||||||||||
| Commodity Futures Contracts** | 699,904 | — | — | 699,904 | ||||||||||||
| Interest Rate Swap Agreements** | — | 2,217,336 | — | 2,217,336 | ||||||||||||
| Credit Index Swap Agreements** | — | 2,881,805 | — | 2,881,805 | ||||||||||||
| Equity Index Swap Agreements** | — | 1,752,465 | — | 1,752,465 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | — | 26,840 | — | 26,840 | ||||||||||||
| Total Assets | $ | 597,158,690 | $ | 7,771,110,221 | $ | 781,474,805 | $ | 9,149,743,716 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Options Written | $ | — | $ | 1,687,712 | $ | — | $ | 1,687,712 | ||||||||
| Interest Rate Swaptions Written | — | 5,322,846 | — | 5,322,846 | ||||||||||||
| Credit Default Swap Agreements** | — | 925,444 | — | 925,444 | ||||||||||||
| Interest Rate Swap Agreements** | — | 3,893,554 | — | 3,893,554 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | — | 16,268,559 | — | 16,268,559 | ||||||||||||
| Unfunded Loan Commitments (Note 5) | — | — | 1,461,720 | 1,461,720 | ||||||||||||
| Total Liabilities | $ | — | $ | 28,098,115 | $ | 1,461,720 | $ | 29,559,835 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category | Ending Balance at June 30, 2025 | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average* | |||||||||||
| Assets: | ||||||||||||||||
| Asset-Backed Securities | $ | 135,992,375 | Yield Analysis | Yield | 4.3%-9.1% | 6.8% | ||||||||||
| Asset-Backed Securities | 148,724,864 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Asset-Backed Securities | 1 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Collateralized Mortgage Obligations | 6,076,486 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Common Stocks | 2,533,311 | Enterprise Value | Valuation Multiple | 2.5x-9.2x | 5.2x | |||||||||||
| Common Stocks | 114,703 | Model Price | Liquidation Value | — | — | |||||||||||
| Common Stocks | 4 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Corporate Bonds | 64,711,621 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Corporate Bonds | 59,368,291 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Corporate Bonds | 21,978,459 | Yield Analysis | Yield | 9.2% | — | |||||||||||
| Corporate Bonds | 16,595,499 | Model Price | Purchase Price | — | — | |||||||||||
| Corporate Bonds | 2,082,631 | Third Party Pricing | Vendor Price | — | — | |||||||||||
| Corporate Bonds | 1 | Model Price | Liquidation Value | — | — | |||||||||||
| Preferred Stocks | 27,774,630 | Yield Analysis | Yield | 6.0% | — | |||||||||||
| Right | 1 | Model Price | Liquidation Value | — | — | |||||||||||
| Senior Floating Rate Interests | 135,141,122 | Model Price | Purchase Price | — | — | |||||||||||
| Senior Floating Rate Interests | 75,458,930 | Yield Analysis | Yield | 6.5%-15.4% | 9.5% | |||||||||||
| Senior Floating Rate Interests | 68,899,143 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Senior Floating Rate Interests | 11,037,205 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Senior Floating Rate Interests | 4,985,280 | Model Price | Liquidation Value | — | — | |||||||||||
| Warrants | 248 | Model Price | Liquidation Value | — | — | |||||||||||
| Total Assets | $ | 781,474,805 | ||||||||||||||
| Liabilities: | ||||||||||||||||
| Unfunded Loan Commitments | $ | 1,461,720 | Model Price | Purchase Price | — | — | ||||||||||
| * | Inputs are weighted by the fair value of the instruments. |
Significant changes in a quote, yield, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.
The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.
Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended June 30, 2025, the Fund had securities with a total value of $44,102,133 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $64,301,802 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:
| Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||
| Asset-Backed Securities | Collateralized Mortgage Obligations | Corporate Bonds | Senior Floating Rate Interests | Warrants | Common Stocks | Preferred Stocks | Right | Total Assets | Unfunded Loan Commitments | |||||||||||||||||||||||||||||||
| Beginning Balance | $ | 239,516,962 | $ | 5,406,232 | $ | 137,028,103 | $ | 267,381,117 | $ | 286 | $ | 2,971,450 | $ | 27,633,690 | $ | - | $ | 679,937,840 | $ | (1,325,732 | ) | |||||||||||||||||||
| Purchases/(Receipts) | 77,581,378 | 999,980 | 41,755,005 | 104,699,002 | - | - | - | - | 225,035,365 | (3,043,414 | ) | |||||||||||||||||||||||||||||
| (Sales, maturities and paydowns)/Fundings | (17,693,310 | ) | (54,421 | ) | (17,386,549 | ) | (62,858,957 | ) | - | (563 | ) | - | - | (97,993,800 | ) | 2,090,022 | ||||||||||||||||||||||||
| Amortization of premiums/discounts | 88,685 | (92 | ) | (42,356 | ) | 1,138,075 | - | - | - | - | 1,184,312 | 116,722 | ||||||||||||||||||||||||||||
| Corporate actions | - | - | - | (7,568,550 | ) | - | - | - | - | (7,568,550 | ) | - | ||||||||||||||||||||||||||||
| Total realized gains (losses) included in earnings | (85,758 | ) | (89 | ) | (21,066 | ) | (2,197,828 | ) | - | (18,207 | ) | - | - | (2,322,948 | ) | 436,924 | ||||||||||||||||||||||||
| Total change in unrealized appreciation (depreciation) included in earnings | (1,618,880 | ) | (275,124 | ) | (884,908 | ) | 6,344,930 | (38 | ) | (304,666 | ) | 140,940 | 1 | 3,402,255 | 314,465 | |||||||||||||||||||||||||
| Transfers into Level 3 | - | - | 17,489,752 | 26,612,377 | - | 4 | - | - | 44,102,133 | (50,707 | ) | |||||||||||||||||||||||||||||
| Transfers out of Level 3 | (13,071,837 | ) | - | (13,201,479 | ) | (38,028,486 | ) | - | - | - | - | (64,301,802 | ) | - | ||||||||||||||||||||||||||
| Ending Balance | $ | 284,717,240 | $ | 6,076,486 | $ | 164,736,502 | $ | 295,521,680 | $ | 248 | $ | 2,648,018 | $ | 27,774,630 | $ | 1 | $ | 781,474,805 | $ | (1,461,720 | ) | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at June 30, 2025 | $ | (1,548,061 | ) | $ | (275,124 | ) | $ | (1,857,986 | ) | $ | 7,413,798 | $ | (38 | ) | $ | (304,877 | ) | $ | 140,940 | $ | 1 | $ | 3,568,653 | $ | 946,785 | |||||||||||||||
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Step Coupon Bonds
The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, except GAIA Aviation Ltd. which are scheduled to decrease.
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||
| CIM TRUST 2025-R1, 5.00% due 02/25/99 | 8.00% | 03/01/28 | 9.00% | 03/01/29 | ||||
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62 | 9.17% | 09/25/25 | 10.17% | 09/25/26 | ||||
| COLT Mortgage Loan Trust 2025-3, 5.71% due 03/25/70 | 6.71% | 02/01/29 | — | — | ||||
| GAIA Aviation Ltd. 2019-1, 3.97% due 12/15/44 | 2.00% | 10/15/26 | — | — | ||||
| GAIA Aviation Ltd. 2019-1, 5.19% due 12/15/44 | 2.00% | 10/15/26 | — | — | ||||
| GCAT Trust 2025-NQM3, 5.96% due 05/25/70 | 6.96% | 06/01/29 | — | — | ||||
| GCAT Trust 2025-NQM1, 5.83% due 11/25/69 | 6.83% | 04/01/29 | — | — | ||||
| GCAT Trust 2023-NQM2, 6.60% due 11/25/67 | 7.60% | 01/01/27 | — | — | ||||
| GCAT Trust 2022-NQM5, 5.71% due 08/25/67 | 6.71% | 10/01/26 | — | — | ||||
| HOMES Trust 2025-AFC2, 5.73% due 06/25/60 | 6.73% | 06/01/29 | — | — | ||||
| Mill City Securities Ltd. 2024-RS1, 4.00% due 11/01/69 | 7.00% | 10/01/27 | — | — | ||||
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00% | 12/01/27 | — | — | ||||
| OBX Trust 2023-NQM2, 6.80% due 01/25/62 | 7.80% | 02/01/27 | — | — | ||||
| OBX Trust 2022-NQM8, 6.10% due 09/25/62 | 7.10% | 10/01/26 | — | — | ||||
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 | — | — | ||||
| PRPM 2025-3 2025-3, 6.26% due 05/25/30 | 9.26% | 05/01/28 | 10.26% | 05/01/29 | ||||
| PRPM LLC 2024-4, 6.41% due 08/25/29 | 9.41% | 08/25/27 | 10.41% | 08/25/28 | ||||
| PRPM LLC 2025-2, 6.47% due 05/25/30 | 9.47% | 05/01/28 | 10.47% | 05/01/29 | ||||
| Verus Securitization Trust 2025-2, 5.66% due 03/25/70 | 6.66% | 03/01/29 | — | — | ||||
| Verus Securitization Trust 2022-8, 6.13% due 09/25/67 | 7.13% | 10/01/26 | — | — | ||||
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81% | 03/01/29 | — | — |
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Repurchase Agreements
The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.
In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements, subject to minimum amounts to initiate a margin call, with the exception of where securities are being sold short. The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained.
The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.
At June 30, 2025, the repurchase agreements in the account were as follows:
| Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||||
| BofA Securities, Inc. | U.S. Treasury Notes | ||||||||||||||||||
| 4.37% | 1.50% - 4.38% | ||||||||||||||||||
| Due 07/01/25 | $ | 43,716,781 | $ | 43,722,088 | Due 08/15/26 - 11/15/34 | $ | 38,080,000 | $ | 37,261,689 | ||||||||||
| U.S. Treasury Bonds | |||||||||||||||||||
| 3.00% - 6.75% | |||||||||||||||||||
| Due 08/15/26 - 05/15/45 | 6,881,000 | 7,270,656 | |||||||||||||||||
| U.S. Treasury Strips | |||||||||||||||||||
| 0.00% | |||||||||||||||||||
| Due 08/15/27 - 02/15/42 | 120,471 | 56,498 | |||||||||||||||||
| U.S. Treasury Inflation Indexed Bond | |||||||||||||||||||
| 1.63% | |||||||||||||||||||
| Due 10/15/29 | 2,243 | 2,274 | |||||||||||||||||
| 45,083,714 | 44,591,117 | ||||||||||||||||||
| BNP Paribas | U.S. Treasury Strips | ||||||||||||||||||
| 4.37% | 0.00% | ||||||||||||||||||
| Due 07/01/25 | 27,322,988 | 27,326,305 | Due 11/15/31 - 11/15/42 | 31,236,872 | 18,190,967 | ||||||||||||||
| U.S. Treasury Inflation Indexed Bonds | |||||||||||||||||||
| 0.13% - 2.13% | |||||||||||||||||||
| Due 04/15/30 - 02/15/52 | 10,330,213 | 7,081,783 | |||||||||||||||||
| U.S. Treasury Note | |||||||||||||||||||
| 4.38% | |||||||||||||||||||
| Due 05/15/34 | 2,534,200 | 2,582,876 | |||||||||||||||||
| U.S. Treasury Bonds | |||||||||||||||||||
| 4.63% - 5.38% | |||||||||||||||||||
| Due 02/15/31 - 05/15/44 | 17,500 | 17,218 | |||||||||||||||||
| 44,118,785 | 27,872,844 | ||||||||||||||||||
| J.P. Morgan Securities LLC | U.S. Treasury Inflation Indexed Bond | ||||||||||||||||||
| 4.37% | 2.13% | ||||||||||||||||||
| Due 07/01/25 | 27,322,988 | 27,326,305 | Due 04/15/29 | 16,575,058 | 17,076,794 | ||||||||||||||
| U.S. Treasury Notes | |||||||||||||||||||
| 3.00% - 3.50% | |||||||||||||||||||
| Due 09/30/25 - 01/31/30 | 10,776,900 | 10,795,802 | |||||||||||||||||
| U.S. Treasury Strip | |||||||||||||||||||
| 0.00% | |||||||||||||||||||
| Due 11/15/25 | 239 | 235 | |||||||||||||||||
| 27,352,197 | 27,872,831 | ||||||||||||||||||
| Bank of Montreal | U.S. Treasury Bonds | ||||||||||||||||||
| 4.34% | 3.50% - 3.63% | ||||||||||||||||||
| Due 07/01/25 | 5,464,598 | 5,465,257 | Due 02/15/39 - 05/15/53 | 6,459,800 | 5,574,637 | ||||||||||||||
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
| Macro Opportunities Fund | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 09/30/24 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income |
Capital Gain Distributions | |||||||||||||||||||||||||||
| Common Stocks | ||||||||||||||||||||||||||||||||||||
| Accuride Corp* | $ | – | $ | – | $ | – | $ | – | $ | 340 | $ | 340 | 3,399,497 | $ | – | $ | – | |||||||||||||||||||
| Accuride Liquidating Trust* | – | – | – | – | – | – | 209 | – | – | |||||||||||||||||||||||||||
| BP Holdco LLC* | 45,503 | – | – | – | (14,817 | ) | 30,686 | 37,539 | – | – | ||||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||||||
| Guggenheim Limited Duration Fund — Class R6 | 134,197,181 | 4,449,821 | – | – | 243,010 | 138,890,012 | 5,639,059 | 4,449,821 | – | |||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | 20,765,053 | 40,096,741 | (21,900,000 | ) | (38,716 | ) | 218,861 | 39,141,939 | 1,573,229 | 2,096,741 | – | |||||||||||||||||||||||||
| Guggenheim Strategy Fund III | 36,046,213 | 39,971,850 | (35,000,000 | ) | 353,075 | (157,078 | ) | 41,214,060 | 1,650,543 | 2,471,850 | – | |||||||||||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 52,967,485 | 1,864,842 | – | – | 163,796 | 54,996,123 | 5,472,251 | 1,864,842 | – | |||||||||||||||||||||||||||
| NAA Opportunity Fund1 | 33,415,126 | – | – | – | – | – | – | 291,398 | – | |||||||||||||||||||||||||||
| NAA Risk Managed Real Estate Fund1 | 38,251,104 | – | – | – | – | – | – | 510,474 | 610,464 | |||||||||||||||||||||||||||
| Senior Floating Rate Interests | ||||||||||||||||||||||||||||||||||||
| Accuride Corp. 8.81% (3 Month Term SOFR + 1.50%, Rate Floor: 5.81%) (in-kind rate was 3.00%) due 03/07/30 | – | 2,416,360 | – | – | 2,265,778 | 4,682,138 | 2,464,045 | 65,756 | – | |||||||||||||||||||||||||||
| $ | 315,687,665 | $ | 88,799,614 | $ | (56,900,000 | ) | $ | 314,359 | $ | 2,719,890 | $ | 278,955,298 | $ | 11,750,882 | $ | 610,464 | ||||||||||||||||||||
| * | Non-income producing security. |
| 1 | Security is no longer an affiliated entity as a result of New Age Alpha’s acquisition of certain Guggenheim Funds on October 25, 2024. |
| Municipal Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MONEY MARKET FUND***,† - 2.3% | ||||||||
| BlackRock Liquidity Funds MuniCash, 2.13%1 | 785,044 | $ | 785,044 | |||||
| Total Money Market Fund | ||||||||
| (Cost $785,044) | 785,044 | |||||||
| Face Amount | ||||||||
| MUNICIPAL BONDS†† - 101.4% | ||||||||
| California - 11.3% | ||||||||
| City of Los Angeles Department of Airports Revenue Bonds | ||||||||
| 5.00% due 05/15/28 | $ | 400,000 | 429,470 | |||||
| 5.00% due 05/15/35 | 250,000 | 288,959 | ||||||
| Newport Mesa Unified School District General Obligation Unlimited | ||||||||
| due 08/01/392 | 1,300,000 | 708,777 | ||||||
| California Statewide Communities Development Authority Revenue Bonds | ||||||||
| 5.25% due 08/15/52 | 500,000 | 507,416 | ||||||
| Compton Unified School District General Obligation Unlimited | ||||||||
| due 06/01/402 | 1,000,000 | 502,577 | ||||||
| Alameda Corridor Transportation Authority Revenue Bonds | ||||||||
| due 10/01/512,3 | 500,000 | 278,755 | ||||||
| California Enterprise Development Authority Revenue Bonds | ||||||||
| 5.00% due 06/01/344 | 250,000 | 256,827 | ||||||
| El Monte Union High School District General Obligation Unlimited | ||||||||
| due 06/01/432 | 500,000 | 214,566 | ||||||
| Westside Elementary School District General Obligation Unlimited | ||||||||
| 5.00% due 08/01/48 | 155,000 | 156,552 | ||||||
| M-S-R Energy Authority Revenue Bonds | ||||||||
| 6.13% due 11/01/29 | 145,000 | 152,922 | ||||||
| Freddie Mac Multifamily VRD Certificates Revenue Bonds | ||||||||
| 2.40% due 10/15/29 | 150,000 | 141,072 | ||||||
| Coast Community College District General Obligation Unlimited | ||||||||
| due 08/01/402 | 250,000 | 128,989 | ||||||
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue Bonds | ||||||||
| 3.45% due 12/01/39 | 110,000 | 97,808 | ||||||
| Total California | 3,864,690 | |||||||
| New York - 6.1% | ||||||||
| New York State Dormitory Authority Revenue Bonds | ||||||||
| 5.25% due 07/01/55 | 500,000 | 516,895 | ||||||
| 5.00% due 07/01/51 | 300,000 | 299,642 | ||||||
| Westchester County Local Development Corp. Revenue Bonds | ||||||||
| 5.75% due 11/01/53 | 750,000 | 798,326 | ||||||
| New York Power Authority Revenue Bonds | ||||||||
| 5.25% due 11/15/41 | 250,000 | 270,753 | ||||||
| New York City Housing Development Corp. Revenue Bonds | ||||||||
| 4.80% due 02/01/53 | 200,000 | 195,400 | ||||||
| Total New York | 2,081,016 | |||||||
| South Carolina - 6.0% | ||||||||
| City of Charleston South Carolina Waterworks & Sewer System Revenue Bonds | ||||||||
| 5.00% due 01/01/31 | 1,000,000 | 1,115,297 | ||||||
| South Carolina Public Service Authority Revenue Bonds | ||||||||
| 5.00% due 12/01/55 | 500,000 | 499,931 | ||||||
| Charleston County Airport District Revenue Bonds | ||||||||
| 5.00% due 07/01/43 | 200,000 | 202,062 | ||||||
| South Carolina State Housing Finance & Development Authority Revenue Bonds | ||||||||
| 4.70% due 01/01/55 | 200,000 | 192,518 | ||||||
| Total South Carolina | 2,009,808 | |||||||
| Pennsylvania - 5.7% | ||||||||
| Pennsylvania Housing Finance Agency Revenue Bonds | ||||||||
| 4.95% due 10/01/38 | 740,000 | 756,811 | ||||||
| 2.95% due 04/01/26 | 375,000 | 374,502 | ||||||
| 5.20% due 04/01/53 | 200,000 | 199,528 | ||||||
| School District of Philadelphia General Obligation Limited | ||||||||
| 5.25% due 09/01/43 | 575,000 | 596,436 | ||||||
| Total Pennsylvania | 1,927,277 | |||||||
| Arizona - 5.5% | ||||||||
| Salt River Project Agricultural Improvement & Power District Revenue Bonds | ||||||||
| 5.00% due 01/01/35 | 1,000,000 | 1,141,850 | ||||||
| Arizona Industrial Development Authority Revenue Bonds | ||||||||
| 5.25% due 11/01/48 | 500,000 | 502,553 | ||||||
| Salt Verde Financial Corp. Revenue Bonds | ||||||||
| 5.00% due 12/01/32 | 200,000 | 212,544 | ||||||
| Total Arizona | 1,856,947 | |||||||
| Georgia - 5.4% | ||||||||
| State of Georgia General Obligation Unlimited | ||||||||
| 5.00% due 01/01/31 | 1,000,000 | 1,117,094 | ||||||
| Columbia County Hospital Authority Revenue Bonds | ||||||||
| 5.00% due 04/01/48 | 500,000 | 504,588 | ||||||
| Municipal Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| MUNICIPAL BONDS†† - 101.4% (continued) | ||||||||
| Georgia - 5.4% (continued) | ||||||||
| Metropolitan Atlanta Rapid Transit Authority Revenue Bonds | ||||||||
| 5.00% due 07/01/28 | $ | 200,000 | $ | 213,799 | ||||
| Total Georgia | 1,835,481 | |||||||
| Oregon - 4.2% | ||||||||
| Clackamas & Washington Counties School District No. 3 General Obligation Unlimited | ||||||||
| due 06/15/482 | 2,000,000 | 604,437 | ||||||
| due 06/15/502 | 400,000 | 107,671 | ||||||
| due 06/15/492 | 350,000 | 99,872 | ||||||
| Salem-Keizer School District No. 24J General Obligation Unlimited | ||||||||
| due 06/15/402 | 1,250,000 | 596,834 | ||||||
| Total Oregon | 1,408,814 | |||||||
| Tennessee - 4.0% | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds | ||||||||
| 2.25% due 07/01/45 | 1,500,000 | 917,456 | ||||||
| 2.48% due 12/01/37 | 200,000 | 158,007 | ||||||
| Metropolitan Government of Nashville & Davidson County Tennessee Water & Sewer Revenue Bonds | ||||||||
| 5.25% due 07/01/55 | 250,000 | 259,251 | ||||||
| Total Tennessee | 1,334,714 | |||||||
| Texas - 3.9% | ||||||||
| Dallas Independent School District General Obligation Unlimited | ||||||||
| 5.00% due 02/15/26 | 500,000 | 506,475 | ||||||
| County of Fort Bend Texas Toll Road Revenue Bonds | ||||||||
| 5.25% due 03/01/55 | 250,000 | 259,383 | ||||||
| Harris County-Houston Sports Authority Revenue Bonds | ||||||||
| due 11/15/532 | 1,000,000 | 212,378 | ||||||
| Arlington Higher Education Finance Corp. Revenue Bonds | ||||||||
| 5.00% due 12/01/46 | 200,000 | 185,962 | ||||||
| Hutto Independent School District General Obligation Unlimited | ||||||||
| 5.00% due 08/01/49 | 100,000 | 100,480 | ||||||
| Texas Municipal Gas Acquisition and Supply Corporation I Revenue Bonds | ||||||||
| 6.25% due 12/15/26 | 65,000 | 66,710 | ||||||
| Total Texas | 1,331,388 | |||||||
| Michigan - 3.9% | ||||||||
| Michigan Technological University Revenue Bonds | ||||||||
| 5.25% due 10/01/53 | 1,000,000 | 1,020,247 | ||||||
| Michigan State Housing Development Authority Revenue Bonds | ||||||||
| 3.35% due 12/01/34 | 200,000 | 189,983 | ||||||
| Flint Hospital Building Authority Revenue Bonds | ||||||||
| 5.00% due 07/01/25 | 100,000 | 100,000 | ||||||
| Total Michigan | 1,310,230 | |||||||
| Ohio - 3.7% | ||||||||
| State of Ohio General Obligation Limited | ||||||||
| 5.00% due 05/01/28 | 1,000,000 | 1,065,367 | ||||||
| American Municipal Power, Inc. Revenue Bonds | ||||||||
| 5.00% due 02/15/41 | 200,000 | 200,476 | ||||||
| Total Ohio | 1,265,843 | |||||||
| Nebraska - 3.7% | ||||||||
| Nebraska Investment Finance Authority Revenue Bonds | ||||||||
| 4.95% due 09/01/38 | 1,000,000 | 1,026,916 | ||||||
| Central Plains Energy Project Revenue Bonds | ||||||||
| 5.00% due 09/01/29 | 200,000 | 210,130 | ||||||
| Total Nebraska | 1,237,046 | |||||||
| Wisconsin - 3.6% | ||||||||
| State of Wisconsin General Obligation Unlimited | ||||||||
| 5.00% due 05/01/30 | 1,000,000 | 1,105,659 | ||||||
| Public Finance Authority Revenue Bonds | ||||||||
| 4.50% due 07/15/494 | 150,000 | 128,607 | ||||||
| Total Wisconsin | 1,234,266 | |||||||
| Idaho - 3.2% | ||||||||
| Idaho Housing & Finance Association Revenue Bonds | ||||||||
| 5.00% due 08/15/28 | 1,000,000 | 1,071,390 | ||||||
| Minnesota - 3.1% | ||||||||
| City of State Paul Minnesota General Obligation Unlimited | ||||||||
| 5.00% due 09/01/28 | 1,000,000 | 1,070,109 | ||||||
| Maine - 3.0% | ||||||||
| Maine Health & Higher Educational Facilities Authority Revenue Bonds | ||||||||
| 5.25% due 07/01/48 | 1,000,000 | 1,022,850 | ||||||
| Massachusetts - 2.3% | ||||||||
| Massachusetts Development Finance Agency Revenue Bonds | ||||||||
| 5.50% due 08/15/50 | 500,000 | 513,081 | ||||||
| 5.00% due 10/01/34 | 150,000 | 159,127 | ||||||
| 5.00% due 06/01/35 | 90,000 | 99,364 | ||||||
| Total Massachusetts | 771,572 | |||||||
| Maryland - 2.2% | ||||||||
| Maryland Economic Development Corp. Revenue Bonds | ||||||||
| 5.00% due 07/01/45 | 500,000 | 500,826 | ||||||
| Municipal Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| MUNICIPAL BONDS†† - 101.4% (continued) | ||||||||
| Maryland - 2.2% (continued) | ||||||||
| Maryland Department of Housing & Community Development Revenue Bonds | ||||||||
| 5.10% due 03/01/52 | $ | 250,000 | $ | 250,543 | ||||
| Maryland Health & Higher Educational Facilities Authority Revenue Bonds | ||||||||
| 5.00% due 07/01/27 | 5,000 | 5,035 | ||||||
| Total Maryland | 756,404 | |||||||
| Missouri - 2.1% | ||||||||
| Missouri Housing Development Commission Revenue Bonds | ||||||||
| 5.15% due 11/01/55 | 500,000 | 501,246 | ||||||
| 3.55% due 05/01/30 | 200,000 | 201,342 | ||||||
| Total Missouri | 702,588 | |||||||
| Colorado - 1.9% | ||||||||
| City & County of Denver Colorado Airport System Revenue Bonds | ||||||||
| 5.00% due 12/01/28 | 200,000 | 210,952 | ||||||
| Canyons Metropolitan District No. 5 General Obligation Limited | ||||||||
| 4.13% due 12/01/54 | 200,000 | 168,381 | ||||||
| City & County of Denver Colorado Pledged Excise Tax Revenue Bonds | ||||||||
| due 08/01/302 | 200,000 | 164,727 | ||||||
| Colorado School of Mines Revenue Bonds | ||||||||
| 5.00% due 12/01/47 | 100,000 | 98,890 | ||||||
| Total Colorado | 642,950 | |||||||
| Washington - 1.9% | ||||||||
| University of Washington Revenue Bonds | ||||||||
| 5.00% due 04/01/28 | 250,000 | 265,237 | ||||||
| Central Puget Sound Regional Transit Authority Revenue Bonds | ||||||||
| 5.00% due 11/01/41 | 200,000 | 202,075 | ||||||
| Washington State Convention Center Public Facilities District Revenue Bonds | ||||||||
| 4.00% due 07/01/48 | 210,000 | 172,712 | ||||||
| Total Washington | 640,024 | |||||||
| North Carolina - 1.8% | ||||||||
| Inlivian Revenue Bonds | ||||||||
| 2.02% due 04/01/42 | 998,170 | 621,740 | ||||||
| Oklahoma - 1.7% | ||||||||
| Oklahoma Development Finance Authority Revenue Bonds | ||||||||
| 5.00% due 08/15/28 | 350,000 | 363,230 | ||||||
| Oklahoma City Airport Trust Revenue Bonds | ||||||||
| 5.00% due 07/01/30 | 200,000 | 206,712 | ||||||
| Total Oklahoma | 569,942 | |||||||
| Florida - 1.5% | ||||||||
| Mid-Bay Bridge Authority Revenue Bonds | ||||||||
| 5.00% due 10/01/40 | 250,000 | 262,951 | ||||||
| Florida Housing Finance Corp. Revenue Bonds | ||||||||
| 5.13% due 01/01/56 | 250,000 | 250,036 | ||||||
| Total Florida | 512,987 | |||||||
| West Virginia - 1.5% | ||||||||
| West Virginia Hospital Finance Authority Revenue Bonds | ||||||||
| 5.00% due 06/01/42 | 300,000 | 300,851 | ||||||
| 5.50% due 06/01/50 | 200,000 | 207,581 | ||||||
| Total West Virginia | 508,432 | |||||||
| Alabama - 1.5% | ||||||||
| Alabama Housing Finance Authority Revenue Bonds | ||||||||
| 5.13% due 10/01/50 | 500,000 | 500,999 | ||||||
| Illinois - 1.2% | ||||||||
| Illinois Finance Authority Revenue Bonds | ||||||||
| 5.00% due 08/15/26 | 400,000 | 408,574 | ||||||
| Arkansas - 1.0% | ||||||||
| County of Baxter Arkansas Revenue Bonds | ||||||||
| 5.00% due 09/01/26 | 330,000 | 332,261 | ||||||
| Utah - 0.8% | ||||||||
| Downtown Revitalization Public Infrastructure District Revenue Bonds | ||||||||
| 5.50% due 06/01/55 | 250,000 | 262,259 | ||||||
| New Mexico - 0.8% | ||||||||
| New Mexico Mortgage Finance Authority Revenue Bonds | ||||||||
| 4.95% due 09/01/38 | 245,000 | 251,871 | ||||||
| City of Albuquerque New Mexico Gross Receipts Tax Revenue Bonds | ||||||||
| 5.00% due 07/01/25 | 10,000 | 9,900 | ||||||
| Total New Mexico | 261,771 | |||||||
| Alaska - 0.8% | ||||||||
| University of Alaska Revenue Bonds | ||||||||
| 5.00% due 10/01/40 | 260,000 | 260,163 | ||||||
| Vermont - 0.6% | ||||||||
| Vermont Educational & Health Buildings Financing Agency Revenue Bonds | ||||||||
| 5.00% due 12/01/46 | 200,000 | 196,829 | ||||||
| Connecticut - 0.5% | ||||||||
| New Haven Housing Authority Revenue Bonds | ||||||||
| 2.26% due 05/01/38 | 238,420 | 181,670 | ||||||
| Municipal Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| MUNICIPAL BONDS†† - 101.4% (continued) | ||||||||
| Virginia - 0.4% | ||||||||
| Loudoun County Economic Development Authority Revenue Bonds | ||||||||
| due 07/01/492 | $ | 500,000 | $ | 146,051 | ||||
| Iowa - 0.3% | ||||||||
| PEFA, Inc. Revenue Bonds | ||||||||
| 5.00% (VRDN) due 09/01/265 | 100,000 | 101,220 | ||||||
| Kansas - 0.3% | ||||||||
| University of Kansas Hospital Authority Revenue Bonds | ||||||||
| 5.00% due 09/01/48 | 100,000 | 98,843 | ||||||
| Louisiana - 0.0% | ||||||||
| Louisiana Public Facilities Authority Revenue Bonds | ||||||||
| 5.00% due 05/15/26 | 5,000 | 5,036 | ||||||
| Total Municipal Bonds | ||||||||
| (Cost $36,783,601) | 34,344,184 | |||||||
| Total Investments - 103.7% | ||||||||
| (Cost $37,568,645) | $ | 35,129,228 | ||||||
| Other Assets & Liabilities, net - (3.7)% | (1,240,650 | ) | ||||||
| Total Net Assets - 100.0% | $ | 33,888,578 | ||||||
Centrally Cleared Interest Rate Swap Agreements††
| Counterparty | Exchange | Floating Rate Type | Floating Rate Index | Fixed Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid | Unrealized Depreciation** | ||||||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 4.01 | % | Annually | 06/23/55 | $ | 600,000 | $ | (10,415 | ) | $ | 310 | $ | (10,725 | ) | |||||||||||||
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Rate indicated is the 7-day yield as of June 30, 2025. |
| 2 | Zero coupon rate security. |
| 3 | Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at June 30, 2025. See table below for additional step information for each security. |
| 4 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $385,434 (cost $412,681), or 1.1% of total net assets. |
| 5 | The rate is adjusted periodically by the counterparty, allows the holder to tender the security upon a rate reset, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at June 30, 2025. |
BofA — Bank of America
CME — Chicago Mercantile Exchange
VRDN — Variable Rate Demand Note
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Money Market Fund | $ | 785,044 | $ | — | $ | — | $ | 785,044 | ||||||||
| Municipal Bonds | — | 34,344,184 | — | 34,344,184 | ||||||||||||
| Total Assets | $ | 785,044 | $ | 34,344,184 | $ | — | $ | 35,129,228 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Interest Rate Swap Agreements** | $ | — | $ | 10,725 | $ | — | $ | 10,725 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Municipal Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Step Coupon Bonds
The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | ||||
| Alameda Corridor Transportation Authority Revenue Bonds, due 10/01/51 | 5.20 | % | 10/01/37 | |||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 0.0% | ||||||||
| Communications - 0.0% | ||||||||
| Xplore, Inc.*,†† | 80,273 | $ | 186,695 | |||||
| Industrial - 0.0% | ||||||||
| API Heat Transfer Intermediate*,††† | 31 | 40,338 | ||||||
| YAK BLOCKER 2 LLC*,††† | 44,094 | 34,688 | ||||||
| YAK BLOCKER 2 LLC*,††† | 40,754 | 32,062 | ||||||
| BP Holdco LLC*,†††,1 | 532 | 435 | ||||||
| Vector Phoenix Holdings, LP*,††† | 532 | 11 | ||||||
| Total Industrial | 107,534 | |||||||
| Financial - 0.0% | ||||||||
| Pershing Square Tontine Holdings, Ltd. — Class A*,†††,2 | 9,315,080 | 931 | ||||||
| Total Common Stocks | ||||||||
| (Cost $398,140) | 295,160 | |||||||
| PREFERRED STOCKS† - 2.7% | ||||||||
| Financial - 2.3% | ||||||||
| Goldman Sachs Group, Inc.†† | ||||||||
| 7.50% | 32,500,000 | 34,220,128 | ||||||
| 6.85% | 29,050,000 | 29,979,259 | ||||||
| 3.80% | 25,830,000 | 25,425,050 | ||||||
| 6.13% | 9,350,000 | 9,362,295 | ||||||
| 3.65% | 2,450,000 | 2,398,496 | ||||||
| Citigroup, Inc.†† | ||||||||
| 6.75% | 35,721,000 | 35,984,049 | ||||||
| 3.88% | 31,175,000 | 30,745,806 | ||||||
| 6.95% | 19,190,000 | 19,599,114 | ||||||
| Wells Fargo & Co.†† | ||||||||
| 3.90% | 66,688,000 | 66,004,495 | ||||||
| 6.85% | 12,840,000 | 13,492,400 | ||||||
| 7.63% | 4,100,000 | 4,403,593 | ||||||
| Charles Schwab Corp.†† | ||||||||
| 4.00% | 73,673,000 | 68,343,434 | ||||||
| Bank of New York Mellon Corp.†† | ||||||||
| 3.75% | 65,200,000 | 63,678,302 | ||||||
| JPMorgan Chase & Co.†† | ||||||||
| 3.65% | 37,412,000 | 36,804,638 | ||||||
| 6.50% | 20,220,000 | 20,882,690 | ||||||
| MetLife, Inc.†† | ||||||||
| 3.85% | 53,467,000 | 53,190,779 | ||||||
| Bank of America Corp.†† | ||||||||
| 4.38% | 27,700,000 | 27,180,002 | ||||||
| 6.63% | 20,560,000 | 21,293,026 | ||||||
| State Street Corp.†† | ||||||||
| 6.45% | 18,790,000 | 19,117,021 | ||||||
| 6.70% | 2,645,000 | 2,762,152 | ||||||
| Kuvare US Holdings, Inc.†† | ||||||||
| 7.00% due 02/17/513 | 15,731,000 | 15,686,026 | ||||||
| American National Group, Inc. | ||||||||
| 7.38% | 590,500 | 15,394,335 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 5.13% due 11/25/60 | 710,775 | 12,246,653 | ||||||
| Jackson Financial, Inc. | ||||||||
| 8.00% | 472,000 | 11,951,040 | ||||||
| Selective Insurance Group, Inc. | ||||||||
| 4.60% | 541,225 | 9,016,809 | ||||||
| Depository Trust & Clearing Corp.†† | ||||||||
| 3.38%3 | 4,750,000 | 4,603,585 | ||||||
| First Republic Bank | ||||||||
| 4.25%* | 2,368,525 | 474 | ||||||
| 4.50%* | 276,775 | 55 | ||||||
| Total Financial | 653,765,706 | |||||||
| Communications - 0.2% | ||||||||
| AT&T Mobility II LLC††† | ||||||||
| 6.80%* | 47,000 | 48,348,430 | ||||||
| Energy - 0.1% | ||||||||
| Venture Global LNG, Inc.†† | ||||||||
| 9.00%3 | 21,555,000 | 20,955,745 | ||||||
| Government - 0.1% | ||||||||
| CoBank ACB†† | ||||||||
| 7.13% | 8,250,000 | 8,429,206 | ||||||
| 4.25% | 3,300,000 | 3,173,104 | ||||||
| Utilities - 0.0% | ||||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 6.50% due 06/01/85 | 334,800 | 8,366,652 | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $818,318,529) | 743,038,843 | |||||||
| WARRANTS† - 0.0% | ||||||||
| Ginkgo Bioworks Holdings, Inc. | ||||||||
| Expiring 09/16/26* | 101,490 | 1,218 | ||||||
| Pershing Square SPARC Holdings, Ltd. | ||||||||
| Expiring 12/31/49*,†††,2 | 2,846,274 | 285 | ||||||
| Pershing Square Tontine Holdings, Ltd. | ||||||||
| Expiring 07/24/25*,†††,2 | 1,035,008 | 103 | ||||||
| Total Warrants | ||||||||
| (Cost $233,835) | 1,606 | |||||||
| RIGHT††† - 0.0% | ||||||||
| Communications - 0.0% | ||||||||
| Xplore, Inc. | 6,119 | 1 | ||||||
| Total Right | ||||||||
| (Cost $–) | 1 | |||||||
| MUTUAL FUNDS† - 0.9% | ||||||||
| Guggenheim Limited Duration Fund — Class R61 | 5,526,759 | 136,124,081 | ||||||
| Guggenheim Strategy Fund III1 | 2,218,548 | 55,397,136 | ||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 3,126,348 | 31,419,796 | ||||||
| Guggenheim Strategy Fund II1 | 1,156,728 | 28,779,401 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $246,159,123) | 251,720,414 | |||||||
| MONEY MARKET FUNDS***,† - 1.8% | ||||||||
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.19%4 | 271,896,947 | 271,896,947 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MONEY MARKET FUNDS***,†1.8% (continued) | ||||||||
| Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.11%4 | 217,413,491 | $ | 217,413,491 | |||||
| Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.09%4 | 17,586,586 | 17,586,586 | ||||||
| Total Money Market Funds | ||||||||
| (Cost $506,897,024) | 506,897,024 | |||||||
| Face Amount~ | ||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% | ||||||||
| Government Agency - 28.3% | ||||||||
| Uniform MBS 30 Year | ||||||||
| due 09/01/255 | 1,159,414,408 | 1,135,612,790 | ||||||
| due 08/01/255 | 578,124,430 | 499,912,867 | ||||||
| due 08/01/255 | 583,107,030 | 483,577,657 | ||||||
| due 09/01/255 | 486,595,570 | 420,690,579 | ||||||
| due 08/01/255 | 398,662,592 | 390,665,420 | ||||||
| due 09/01/255 | 408,022,970 | 338,474,231 | ||||||
| due 09/01/255 | 268,140,000 | 281,162,219 | ||||||
| due 09/01/255 | 213,510,000 | 213,312,503 | ||||||
| due 08/01/255 | 192,250,000 | 152,125,118 | ||||||
| Fannie Mae | ||||||||
| 5.50% due 04/01/55 | 220,237,628 | 221,390,060 | ||||||
| 5.00% due 05/01/53 | 207,222,817 | 203,976,636 | ||||||
| 6.00% due 09/01/54 | 181,994,807 | 186,371,843 | ||||||
| 3.00% due 05/01/52 | 205,862,926 | 178,441,756 | ||||||
| 5.50% due 09/01/54 | 157,875,431 | 158,661,878 | ||||||
| 5.50% due 02/01/55 | 137,117,086 | 138,139,386 | ||||||
| 5.50% due 06/01/55 | 110,405,590 | 110,426,357 | ||||||
| 5.00% due 04/01/53 | 104,699,045 | 103,089,722 | ||||||
| 5.00% due 08/01/53 | 73,907,891 | 72,754,691 | ||||||
| 5.50% due 03/01/55 | 27,580,311 | 27,739,715 | ||||||
| 5.50% due 05/01/55 | 25,387,965 | 25,455,562 | ||||||
| 5.00% due 06/01/53 | 25,843,599 | 25,433,042 | ||||||
| due 12/25/436,15 | 8,469,792 | 6,356,752 | ||||||
| 3.05% due 03/01/50 | 5,670,852 | 4,364,568 | ||||||
| 2.51% due 10/01/46 | 5,250,679 | 4,144,955 | ||||||
| 4.24% due 08/01/48 | 3,309,035 | 2,910,668 | ||||||
| 3.00% due 01/01/52 | 2,570,659 | 2,230,858 | ||||||
| 3.42% due 10/01/47 | 2,570,417 | 2,209,239 | ||||||
| 3.26% due 11/01/46 | 2,200,812 | 1,866,860 | ||||||
| 5.00% due 03/01/55 | 1,823,092 | 1,787,354 | ||||||
| 2.69% due 02/01/52 | 2,364,638 | 1,765,125 | ||||||
| 2.49% due 09/01/51 | 2,395,655 | 1,720,043 | ||||||
| 2.62% due 12/01/51 | 2,206,626 | 1,616,051 | ||||||
| 2.93% due 03/01/52 | 1,976,416 | 1,533,579 | ||||||
| 3.46% due 08/01/49 | 1,573,343 | 1,336,721 | ||||||
| 2.51% due 07/01/50 | 1,687,589 | 1,265,697 | ||||||
| 2.43% due 12/01/51 | 1,900,000 | 1,198,041 | ||||||
| 3.74% due 02/01/48 | 1,171,248 | 1,032,582 | ||||||
| 4.05% due 09/01/48 | 1,086,620 | 984,718 | ||||||
| 2.32% due 07/01/50 | 1,292,257 | 944,014 | ||||||
| 3.96% due 06/01/49 | 902,720 | 795,413 | ||||||
| 3.60% due 10/01/47 | 861,987 | 748,241 | ||||||
| 3.00% due 05/01/52 | 841,731 | 736,831 | ||||||
| 2.65% due 12/01/51 | 948,363 | 700,586 | ||||||
| 2.34% due 03/01/51 | 828,901 | 605,809 | ||||||
| 3.91% due 07/01/49 | 633,819 | 552,910 | ||||||
| 3.18% due 09/01/42 | 602,748 | 511,529 | ||||||
| 2.56% due 05/01/39 | 575,602 | 451,049 | ||||||
| 2.51% due 02/01/48 | 546,804 | 420,123 | ||||||
| 3.00% due 07/01/46 | 398,081 | 351,433 | ||||||
| 3.51% due 11/01/47 | 347,405 | 301,666 | ||||||
| 4.33% due 09/01/48 | 312,279 | 292,248 | ||||||
| 3.50% due 10/01/45 | 301,699 | 280,053 | ||||||
| 4.22% due 04/01/49 | 309,963 | 274,009 | ||||||
| 3.77% due 08/01/45 | 282,889 | 241,709 | ||||||
| 4.23% due 07/01/39 | 262,583 | 240,915 | ||||||
| 2.00% due 02/25/52 | 385,438 | 232,171 | ||||||
| 5.00% due 12/01/44 | 200,377 | 200,400 | ||||||
| 4.50% due 04/01/48 | 202,836 | 196,360 | ||||||
| 3.50% due 11/01/47 | 209,913 | 192,703 | ||||||
| 3.00% due 03/01/52 | 209,055 | 182,601 | ||||||
| 2.50% due 01/25/52 | 261,922 | 164,557 | ||||||
| 3.95% due 06/01/49 | 183,432 | 162,479 | ||||||
| 3.50% due 12/01/45 | 173,034 | 160,743 | ||||||
| 3.50% due 08/01/43 | 171,062 | 160,294 | ||||||
| 3.18% due 08/01/42 | 172,744 | 146,593 | ||||||
| 2.06% due 09/01/36 | 140,000 | 106,268 | ||||||
| 4.00% due 10/01/45 | 109,037 | 103,478 | ||||||
| 2.34% due 09/01/39 | 121,225 | 93,047 | ||||||
| 5.00% due 05/01/44 | 91,724 | 91,734 | ||||||
| 2.50% due 11/25/50 | 142,552 | 82,248 | ||||||
| 5.00% due 04/01/44 | 59,957 | 59,402 | ||||||
| 2.00% due 10/25/51 | 103,470 | 52,996 | ||||||
| 2.28% due 01/01/51 | 65,716 | 47,965 | ||||||
| 3.50% due 06/01/46 | 11,416 | 10,539 | ||||||
| Freddie Mac | ||||||||
| 6.00% due 08/01/54 | 236,065,909 | 242,064,649 | ||||||
| 3.00% due 05/01/52 | 210,895,360 | 182,803,841 | ||||||
| 5.50% due 09/01/53 | 178,014,730 | 180,251,976 | ||||||
| 5.50% due 06/01/55 | 174,376,714 | 174,409,512 | ||||||
| 5.50% due 04/01/55 | 103,071,278 | 103,343,705 | ||||||
| 5.00% due 04/01/53 | 104,578,847 | 102,952,474 | ||||||
| 6.00% due 09/01/54 | 95,779,606 | 98,068,374 | ||||||
| 5.50% due 09/01/54 | 96,916,959 | 97,639,505 | ||||||
| 5.00% due 03/01/53 | 62,581,478 | 61,488,307 | ||||||
| 5.50% due 05/01/55 | 42,793,121 | 42,854,122 | ||||||
| 5.50% due 06/01/53 | 40,845,301 | 41,081,815 | ||||||
| 5.50% due 07/25/53 | 29,967,587 | 30,124,719 | ||||||
| 5.25% due 04/25/53 | 18,338,249 | 18,312,132 | ||||||
| 5.50% due 02/01/53 | 11,389,515 | 11,462,009 | ||||||
| 5.00% due 08/01/53 | 7,939,462 | 7,852,416 | ||||||
| 3.50% due 03/01/53 | 1,927,759 | 1,736,445 | ||||||
| 2.50% due 03/25/52 | 2,282,301 | 1,426,910 | ||||||
| 1.96% due 05/01/50 | 1,478,383 | 1,022,647 | ||||||
| 5.00% due 09/01/52 | 873,542 | 866,950 | ||||||
| 3.00% due 08/01/46 | 425,929 | 378,867 | ||||||
| 4.50% due 06/01/48 | 170,087 | 165,583 | ||||||
| 3.50% due 12/01/45 | 159,187 | 147,670 | ||||||
| 4.00% due 11/01/45 | 140,514 | 133,430 | ||||||
| 2.00% due 10/25/51 | 258,676 | 131,151 | ||||||
| 4.00% due 08/01/45 | 126,342 | 120,025 | ||||||
| 4.00% due 09/01/45 | 118,400 | 112,468 | ||||||
| 2.50% due 02/25/52 | 141,580 | 83,090 | ||||||
| 2.00% due 09/25/51 | 171,659 | 82,078 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Government Agency - 28.3% (continued) | ||||||||
| 4.00% due 05/25/52 | 81,000 | $ | 64,820 | |||||
| Uniform MBS 15 Year | ||||||||
| due 09/01/255 | 541,660,000 | 545,204,623 | ||||||
| Ginnie Mae | ||||||||
| due 09/01/255 | 269,350,000 | 269,400,099 | ||||||
| due 09/01/255 | 243,328,901 | 238,880,849 | ||||||
| 6.00% due 06/20/47 | 7,051,788 | 7,074,867 | ||||||
| Government National Mortgage Association | ||||||||
| due 01/20/555 | 42,799,473 | 42,531,331 | ||||||
| Fannie Mae-Aces | ||||||||
| 1.60% (WAC) due 03/25/35◊,7 | 197,153,414 | 16,190,475 | ||||||
| Freddie Mac Seasoned Credit Risk Transfer Trust | ||||||||
| 2.00% due 11/25/59 | 9,718,587 | 7,785,488 | ||||||
| 2.00% due 05/25/60 | 7,968,674 | 6,312,805 | ||||||
| FARM Mortgage Trust | ||||||||
| 2.18% (WAC) due 01/25/51◊,3 | 9,321,493 | 7,473,943 | ||||||
| Total Government Agency | 7,958,669,129 | |||||||
| Residential Mortgage-Backed Securities - 11.0% | ||||||||
| OBX Trust | ||||||||
| 2024-NQM5, 6.39% due 01/25/643,8 | 15,432,795 | 15,551,836 | ||||||
| 2025-NQM10, 5.45% due 05/25/653,8 | 15,409,633 | 15,477,688 | ||||||
| 2024-NQM6, 6.85% due 02/25/643,8 | 13,375,729 | 13,561,865 | ||||||
| 2024-NQM5, 5.99% due 01/25/643,8 | 12,489,956 | 12,572,175 | ||||||
| 2024-NQM4, 6.07% due 01/25/643,8 | 12,048,775 | 12,131,261 | ||||||
| 2025-NQM2, 5.95% due 11/25/643,8 | 11,126,866 | 11,190,128 | ||||||
| 2024-NQM7, 6.24% due 03/25/643,8 | 10,284,666 | 10,389,774 | ||||||
| 2024-NQM6, 6.45% due 02/25/643,8 | 10,217,621 | 10,346,960 | ||||||
| 2024-NQM9, 6.44% due 01/25/643,8 | 10,008,597 | 10,107,283 | ||||||
| 2025-HE1, 5.91% (30 Day Average SOFR + 1.60%, Rate Floor: 1.60%) due 02/25/55◊,3 | 10,080,591 | 10,104,520 | ||||||
| 2024-NQM1, 5.85% due 12/25/643,8 | 10,062,704 | 10,099,090 | ||||||
| 2022-NQM9, 6.45% due 09/25/623,8 | 8,712,884 | 8,709,562 | ||||||
| 2024-NQM8, 6.59% due 05/25/643,8 | 8,356,477 | 8,451,859 | ||||||
| 2025-NQM3, 5.85% due 12/01/643,8 | 8,132,832 | 8,177,550 | ||||||
| 2024-NQM6, 6.70% due 02/25/643,8 | 7,987,013 | 8,092,767 | ||||||
| 2024-NQM16, 5.89% due 10/25/643,8 | 8,025,963 | 8,043,745 | ||||||
| 2024-NQM5, 6.29% due 01/25/643,8 | 7,699,288 | 7,758,215 | ||||||
| 2024-NQM17, 6.02% due 11/25/643,8 | 7,487,528 | 7,526,526 | ||||||
| 2024-NQM7, 6.60% due 03/25/643,8 | 7,443,797 | 7,524,306 | ||||||
| 2024-NQM8, 6.23% due 05/25/643,8 | 7,336,844 | 7,416,332 | ||||||
| 2024-NQM11, 6.23% due 06/25/643,8 | 7,179,831 | 7,224,699 | ||||||
| 2024-NQM18, 5.87% due 10/25/643,8 | 7,010,239 | 7,037,048 | ||||||
| 2024-NQM10, 6.33% due 05/25/643,8 | 6,720,137 | 6,775,303 | ||||||
| 2025-NQM3, 5.95% due 12/01/643,8 | 6,697,626 | 6,727,368 | ||||||
| 2024-NQM4, 6.32% due 01/25/643,8 | 6,565,545 | 6,608,077 | ||||||
| 2024-NQM15, 5.72% due 10/25/643,8 | 6,468,175 | 6,474,909 | ||||||
| 2025-NQM10, 5.71% due 05/25/653,8 | 6,412,396 | 6,440,524 | ||||||
| 2024-NQM8, 6.44% due 05/25/643,8 | 6,245,723 | 6,313,353 | ||||||
| 2024-NQM11, 6.13% due 06/25/643,8 | 5,501,935 | 5,534,873 | ||||||
| 2024-NQM7, 6.45% due 03/25/643,8 | 5,178,293 | 5,229,600 | ||||||
| 2025-NQM2, 5.75% due 11/25/643,8 | 5,000,776 | 5,023,989 | ||||||
| 2024-NQM3, 6.13% due 12/25/633,8 | 4,931,637 | 4,970,309 | ||||||
| 2024-NQM11, 5.88% due 06/25/643,8 | 4,682,498 | 4,707,650 | ||||||
| 2023-NQM2, 6.32% due 01/25/623,8 | 4,608,860 | 4,613,702 | ||||||
| 2024-NQM13, 5.37% due 06/25/643,8 | 4,610,552 | 4,595,352 | ||||||
| 2023-NQM9, 7.66% due 10/25/633,8 | 4,225,757 | 4,299,187 | ||||||
| 2024-NQM3, 6.33% due 12/25/633,8 | 4,087,179 | 4,118,405 | ||||||
| 2024-NQM16, 5.73% due 10/25/643,8 | 4,019,705 | 4,025,685 | ||||||
| 2025-NQM10, 5.61% due 05/25/653,8 | 3,922,994 | 3,940,263 | ||||||
| 2024-NQM1, 5.70% due 12/25/643,8 | 3,492,080 | 3,502,071 | ||||||
| 2024-NQM17, 5.86% due 11/25/643,8 | 3,287,207 | 3,298,480 | ||||||
| 2022-NQM8, 6.10% due 09/25/623,8 | 3,061,163 | 3,051,953 | ||||||
| 2024-NQM4, 6.22% due 01/25/643,8 | 3,030,252 | 3,049,891 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 11.0% (continued) | ||||||||
| 2024-NQM2, 6.18% due 12/25/633,8 | 2,848,852 | $ | 2,861,922 | |||||
| 2024-NQM9, 6.28% due 01/25/643,8 | 2,802,438 | 2,830,242 | ||||||
| 2023-NQM2, 6.72% due 01/25/623,8 | 2,681,163 | 2,687,090 | ||||||
| 2024-NQM12, 5.83% due 07/25/643,8 | 2,585,380 | 2,587,434 | ||||||
| 2024-NQM3, 6.43% due 12/25/633,8 | 1,283,577 | 1,292,588 | ||||||
| FIGRE Trust | ||||||||
| 2024-HE2, 6.38% (WAC) due 05/25/54◊,3 | 34,652,589 | 35,378,342 | ||||||
| 2024-HE5, 5.44% (WAC) due 10/25/54◊,3 | 30,567,610 | 30,734,665 | ||||||
| 2024-HE6, 5.72% (WAC) due 12/25/54◊,3 | 28,127,904 | 28,391,207 | ||||||
| 2025-HE1, 5.83% (WAC) due 01/25/55◊,3 | 19,623,376 | 19,837,465 | ||||||
| 2024-HE4, 5.06% (WAC) due 09/25/54◊,3 | 18,162,820 | 18,161,757 | ||||||
| 2024-HE1, 6.17% (WAC) due 03/25/54◊,3 | 13,098,240 | 13,342,918 | ||||||
| 2024-HE3, 5.94% (WAC) due 07/25/54◊,3 | 10,448,404 | 10,591,561 | ||||||
| 2025-PF1, 5.76% (WAC) due 06/25/55◊,3 | 9,554,844 | 9,653,059 | ||||||
| 2024-HE5, 5.59% (WAC) due 10/25/54◊,3 | 7,737,765 | 7,780,443 | ||||||
| 2025-HE1, 5.93% (WAC) due 01/25/55◊,3 | 6,496,014 | 6,556,604 | ||||||
| 2024-HE3, 6.13% (WAC) due 07/25/54◊,3 | 4,340,106 | 4,407,412 | ||||||
| 2024-HE6, 5.87% (WAC) due 12/25/54◊,3 | 3,062,816 | 3,091,314 | ||||||
| 2024-HE3, 6.23% (WAC) due 07/25/54◊,3 | 2,250,426 | 2,283,155 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| 2021-12, 2.50% (WAC) due 02/25/52◊,3 | 84,079,239 | 78,187,849 | ||||||
| 2021-13, 2.50% (WAC) due 04/25/52◊,3 | 37,300,641 | 34,716,885 | ||||||
| 2025-1, 6.00% (WAC) due 06/25/55◊,3 | 15,655,647 | 15,815,263 | ||||||
| 2024-NQM1, 5.85% due 02/25/643,8 | 7,094,291 | 7,132,246 | ||||||
| 2024-NQM1, 5.95% due 02/25/643,8 | 6,750,326 | 6,786,311 | ||||||
| 2024-NQM1, 5.59% due 02/25/643,8 | 5,804,420 | 5,835,607 | ||||||
| GCAT Trust | ||||||||
| 2022-NQM3, 4.35% (WAC) due 04/25/67◊,3 | 30,989,065 | 30,383,913 | ||||||
| 2025-NQM2, 6.01% due 04/25/703,8 | 22,090,344 | 22,218,803 | ||||||
| 2022-NQM5, 5.71% due 08/25/673,8 | 19,127,931 | 19,058,676 | ||||||
| 2023-NQM3, 6.89% due 08/25/683,8 | 13,990,036 | 14,148,728 | ||||||
| 2025-NQM3, 5.55% due 05/25/703 | 13,500,000 | 13,552,718 | ||||||
| 2025-NQM3, 5.75% due 05/25/703,8 | 11,967,000 | 12,034,932 | ||||||
| 2024-NQM2, 6.44% due 06/25/593,8 | 9,390,224 | 9,474,340 | ||||||
| 2023-NQM3, 7.34% due 08/25/683,8 | 3,558,080 | 3,604,604 | ||||||
| 2024-NQM2, 6.09% due 06/25/593,8 | 2,735,674 | 2,757,693 | ||||||
| 2023-NQM2, 6.24% due 11/25/673,8 | 2,271,683 | 2,267,260 | ||||||
| 2024-NQM2, 6.54% due 06/25/593,8 | 2,079,115 | 2,098,262 | ||||||
| 2022-NQM4, 5.73% due 08/25/673,8 | 1,770,905 | 1,768,641 | ||||||
| Verus Securitization Trust | ||||||||
| 2025-2, 5.51% due 03/25/703,8 | 17,227,877 | 17,227,827 | ||||||
| 2024-9, 5.69% due 11/25/693,8 | 14,935,573 | 14,959,779 | ||||||
| 2024-9, 5.89% due 11/25/693,8 | 14,100,114 | 14,143,967 | ||||||
| 2023-7, 7.42% due 10/25/683,8 | 13,123,891 | 13,326,407 | ||||||
| 2022-8, 6.13% due 09/25/673,8 | 12,387,985 | 12,362,598 | ||||||
| 2025-1, 5.98% due 01/25/703,8 | 12,260,133 | 12,324,820 | ||||||
| 2024-5, 6.65% due 06/25/693,8 | 11,905,493 | 12,055,154 | ||||||
| 2025-1, 5.77% due 01/25/703,8 | 9,967,773 | 10,005,344 | ||||||
| 2025-5, 5.58% due 06/25/703,8 | 5,275,000 | 5,279,236 | ||||||
| 2025-5, 5.68% due 06/25/703,8 | 5,100,000 | 5,117,368 | ||||||
| 2025-2, 5.31% due 03/25/703,8 | 4,812,256 | 4,812,440 | ||||||
| 2025-5, 5.43% due 06/25/703,8 | 2,650,000 | 2,658,830 | ||||||
| 2024-1, 6.12% due 01/25/693,8 | 2,563,515 | 2,570,969 | ||||||
| 2023-2, 6.85% due 03/25/683,8 | 2,512,843 | 2,520,152 | ||||||
| 2024-5, 6.45% due 06/25/693,8 | 2,011,063 | 2,032,684 | ||||||
| Vista Point Securitization Trust | ||||||||
| 2025-CES1, 5.81% due 04/25/553,8 | 41,251,306 | 41,438,459 | ||||||
| 2024-CES2, 5.25% due 10/25/543,8 | 37,299,528 | 37,064,929 | ||||||
| 2024-CES3, 5.68% due 01/25/553,8 | 31,344,346 | 31,380,354 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 11.0% (continued) | ||||||||
| 2024-CES1, 6.68% due 05/25/543,8 | 8,679,745 | $ | 8,789,266 | |||||
| Angel Oak Mortgage Trust | ||||||||
| 2024-4, 6.20% due 01/25/693,8 | 24,153,044 | 24,348,876 | ||||||
| 2023-1, 4.75% due 09/26/673,8 | 19,022,658 | 18,811,326 | ||||||
| 2023-2, 4.65% due 10/25/673,8 | 18,686,697 | 18,483,042 | ||||||
| 2024-2, 5.99% due 01/25/693,8 | 15,596,223 | 15,665,496 | ||||||
| 2024-2, 6.19% due 01/25/693,8 | 7,642,149 | 7,669,806 | ||||||
| 2024-4, 6.50% due 01/25/693,8 | 7,440,164 | 7,494,682 | ||||||
| 2024-2, 6.25% due 01/25/693,8 | 7,048,713 | 7,070,882 | ||||||
| 2024-3, 4.80% due 11/26/683,8 | 6,993,963 | 6,940,223 | ||||||
| 2024-12, 6.01% due 10/25/693,8 | 3,746,557 | 3,763,823 | ||||||
| 2024-4, 6.40% due 01/25/693,8 | 3,665,105 | 3,694,526 | ||||||
| CSMC Trust | ||||||||
| 2021-RPL4, 4.12% (WAC) due 12/27/60◊,3 | 53,192,680 | 52,978,282 | ||||||
| 2021-RPL7, 4.19% (WAC) due 07/27/61◊,3 | 44,036,773 | 43,646,127 | ||||||
| BRAVO Residential Funding Trust | ||||||||
| 2023-NQM2, 4.50% due 05/25/623,8 | 26,362,022 | 26,168,147 | ||||||
| 2024-NQM3, 6.19% due 03/25/643,8 | 10,214,753 | 10,312,521 | ||||||
| 2025-NQM2, 5.93% due 11/25/643,8 | 10,178,830 | 10,219,054 | ||||||
| 2025-NQM1, 5.81% due 12/25/643,8 | 8,991,154 | 9,046,956 | ||||||
| 2021-HE1, 5.81% (30 Day Average SOFR + 1.50%, Rate Floor: 0.00%) due 01/25/70◊,3 | 7,500,000 | 7,504,819 | ||||||
| 2025-NQM1, 5.91% due 12/25/643,8 | 6,491,277 | 6,525,522 | ||||||
| 2024-NQM1, 6.40% due 12/01/633,8 | 5,152,051 | 5,181,923 | ||||||
| 2024-NQM3, 6.50% due 03/25/643,8 | 4,717,375 | 4,753,438 | ||||||
| 2023-NQM6, 7.06% due 09/25/633,8 | 4,600,352 | 4,641,936 | ||||||
| 2023-NQM5, 7.01% due 06/25/633,8 | 2,921,646 | 2,943,731 | ||||||
| 2024-NQM3, 6.39% due 03/25/643,8 | 1,730,177 | 1,744,743 | ||||||
| Cross Mortgage Trust | ||||||||
| 2024-H7, 5.59% (WAC) due 11/25/69◊,3 | 20,462,989 | 20,520,832 | ||||||
| 2025-H1, 5.89% due 02/25/703,8 | 17,421,364 | 17,510,427 | ||||||
| 2025-H1, 5.99% due 02/25/703,8 | 12,763,943 | 12,824,744 | ||||||
| 2025-H2, 5.36% (WAC) due 03/25/70◊,3 | 9,814,098 | 9,814,589 | ||||||
| 2024-H7, 5.82% due 11/25/693,8 | 9,608,708 | 9,654,759 | ||||||
| 2024-H7, 5.97% due 11/25/693,8 | 6,094,412 | 6,123,179 | ||||||
| 2025-H2, 5.66% due 03/25/703,8 | 5,532,457 | 5,533,765 | ||||||
| 2024-H5, 6.16% due 08/26/693,8 | 5,065,301 | 5,094,152 | ||||||
| Legacy Mortgage Asset Trust | ||||||||
| 2021-GS2, 5.75% due 04/25/613 | 29,954,261 | 29,947,302 | ||||||
| 2021-GS3, 5.75% due 07/25/613 | 28,991,893 | 28,899,635 | ||||||
| 2021-GS5, 5.25% due 07/25/673,8 | 18,903,501 | 18,867,601 | ||||||
| 2021-GS4, 4.65% due 11/25/603,8 | 4,106,419 | 4,105,679 | ||||||
| COLT Mortgage Loan Trust | ||||||||
| 2023-3, 7.18% due 09/25/683,8 | 28,574,416 | 28,993,383 | ||||||
| 2025-3, 5.56% due 03/25/703,8 | 11,634,886 | 11,635,265 | ||||||
| 2024-2, 6.13% due 04/25/693,8 | 9,365,569 | 9,437,605 | ||||||
| 2023-3, 7.58% due 09/25/683,8 | 6,432,009 | 6,525,002 | ||||||
| 2021-2, 2.38% (WAC) due 08/25/66◊,3 | 7,108,000 | 4,997,950 | ||||||
| 2025-3, 5.35% due 03/25/703,8 | 4,819,355 | 4,828,493 | ||||||
| 2023-4, 7.62% due 10/25/683,8 | 3,981,976 | 4,046,620 | ||||||
| 2024-2, 6.33% due 04/25/693,8 | 3,858,474 | 3,885,420 | ||||||
| 2024-2, 6.43% due 04/25/693,8 | 3,577,858 | 3,599,984 | ||||||
| 2024-1, 6.14% due 02/25/693,8 | 3,004,074 | 3,012,485 | ||||||
| Morgan Stanley ABS Capital I Incorporated Trust | ||||||||
| 2006-NC5, 4.58% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 10/25/36◊ | 23,530,776 | 12,110,071 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 11.0% (continued) | ||||||||
| 2007-HE5, 4.77% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 03/25/37◊ | 25,025,994 | $ | 10,581,813 | |||||
| 2007-HE2, 4.64% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 01/25/37◊ | 21,115,926 | 9,655,213 | ||||||
| 2006-HE6, 4.91% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 09/25/36◊ | 22,161,102 | 7,549,224 | ||||||
| 2006-HE5, 4.71% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 08/25/36◊ | 12,197,020 | 6,039,252 | ||||||
| 2007-HE3, 4.54% (1 Month Term SOFR + 0.22%, Rate Floor: 0.11%) due 12/25/36◊ | 9,978,994 | 4,940,889 | ||||||
| 2007-HE2, 4.56% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 01/25/37◊ | 9,304,486 | 4,253,586 | ||||||
| 2006-HE4, 4.91% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 06/25/36◊ | 7,465,498 | 3,705,020 | ||||||
| 2006-HE5, 4.93% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 08/25/36◊ | 7,308,363 | 3,618,691 | ||||||
| 2007-HE2, 4.52% (1 Month Term SOFR + 0.20%, Rate Floor: 0.09%) due 01/25/37◊ | 7,806,286 | 3,568,552 | ||||||
| 2006-HE4, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36◊ | 4,775,071 | 2,357,873 | ||||||
| 2007-NC3, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 05/25/37◊ | 2,907,213 | 2,229,726 | ||||||
| 2007-HE6, 4.49% (1 Month Term SOFR + 0.17%, Rate Floor: 0.06%) due 05/25/37◊ | 2,072,980 | 1,865,284 | ||||||
| 2007-HE3, 4.56% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 12/25/36◊,3 | 1,835,882 | 1,136,016 | ||||||
| 2006-HE6, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 09/25/36◊ | 2,809,154 | 957,166 | ||||||
| Mill City Securities Ltd. | ||||||||
| 2024-RS1, 3.00% due 11/01/693,8 | 49,855,934 | 45,468,612 | ||||||
| 2024-RS2, 3.00% due 08/01/693,8 | 28,514,021 | 26,432,498 | ||||||
| Towd Point Mortgage Trust | ||||||||
| 2024-4, 4.45% (WAC) due 10/27/64◊,3 | 34,812,586 | 34,886,706 | ||||||
| 2025-1, 4.75% (WAC) due 06/25/65◊,3 | 32,200,000 | 32,075,457 | ||||||
| 2023-CES1, 6.75% (WAC) due 07/25/63◊,3 | 3,909,986 | 3,940,808 | ||||||
| PRPM LLC | ||||||||
| 2024-RPL2, 3.50% due 05/25/543 | 21,985,196 | 21,230,866 | ||||||
| 2024-6, 5.70% due 11/25/293,8 | 13,357,831 | 13,389,065 | ||||||
| 2024-4, 6.41% due 08/25/293,8 | 12,554,989 | 12,586,491 | ||||||
| 2025-RCF3, due 07/25/55◊,3,5 | 10,000,000 | 9,992,194 | ||||||
| 2024-5, 5.69% due 09/25/293,8 | 6,836,895 | 6,841,306 | ||||||
| 2023-RCF1, 4.00% due 06/25/533,8 | 3,491,656 | 3,425,912 | ||||||
| New Residential Mortgage Loan Trust | ||||||||
| 2024-NQM2, 5.37% due 09/25/643 | 21,986,294 | 21,954,297 | ||||||
| 2024-NQM2, 5.42% due 09/25/643 | 15,870,633 | 15,841,221 | ||||||
| 2025-NQM3, 5.73% due 05/25/653 | 9,030,722 | 9,084,431 | ||||||
| 2025-NQM3, 5.53% due 05/25/653 | 8,674,807 | 8,726,465 | ||||||
| NYMT Loan Trust | ||||||||
| 2022-SP1, 5.25% due 07/25/623 | 54,967,529 | 54,715,256 | ||||||
| RCKT Mortgage Trust | ||||||||
| 2024-CES4, 6.15% due 06/25/443,8 | 26,264,613 | 26,494,397 | ||||||
| 2025-CES1, 5.65% due 01/25/453,8 | 15,330,953 | 15,422,033 | ||||||
| 2024-CES4, 6.30% due 06/25/443,8 | 5,460,296 | 5,507,767 | ||||||
| 2023-CES1, 6.52% (WAC) due 06/25/43◊,3 | 3,302,109 | 3,319,978 | ||||||
| 2023-CES2, 6.81% (WAC) due 09/25/43◊,3 | 3,046,822 | 3,078,594 | ||||||
| Sequoia Mortgage Trust | ||||||||
| 2025-1, 6.00% (WAC) due 01/25/55◊,3 | 17,264,299 | 17,498,583 | ||||||
| 2025-6, 5.50% (WAC) due 07/25/55◊,3 | 13,150,000 | 13,217,150 | ||||||
| 2024-5, 6.00% (WAC) due 06/25/54◊,3 | 12,289,705 | 12,355,115 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 11.0% (continued) | ||||||||
| 2025-5, 5.50% (WAC) due 06/25/55◊,3 | 7,795,477 | $ | 7,831,332 | |||||
| GS Mortgage-Backed Securities Trust | ||||||||
| 2021-PJ10, 2.50% (WAC) due 03/25/52◊,3 | 52,598,966 | 48,590,246 | ||||||
| OSAT Trust | ||||||||
| 2021-RPL1, 6.12% due 05/25/653 | 48,540,616 | 48,551,169 | ||||||
| JP Morgan Mortgage Acquisition Trust | ||||||||
| 2006-WMC4, 4.69% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36◊ | 55,511,025 | 34,638,375 | ||||||
| 2006-WMC4, 4.67% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 12/25/36◊ | 11,749,169 | 6,079,909 | ||||||
| 2006-WMC3, 4.91% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 08/25/36◊ | 1,646,807 | 1,232,086 | ||||||
| HOMES 2025-AFC2 Trust | ||||||||
| 2025-AFC2, 5.47% due 06/25/603,8 | 33,000,000 | 33,055,523 | ||||||
| 2025-AFC2, 5.57% due 06/25/603,8 | 7,350,000 | 7,360,920 | ||||||
| CIM TRUST | ||||||||
| 2025-R1, 5.00% due 02/25/993,8 | 39,415,275 | 38,966,421 | ||||||
| Home Equity Loan Trust | ||||||||
| 2007-FRE1, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37◊ | 38,668,380 | 37,207,105 | ||||||
| HOMES Trust | ||||||||
| 2024-AFC2, 5.58% (WAC) due 10/25/59◊,3 | 19,398,529 | 19,415,509 | ||||||
| 2025-NQM1, 5.86% due 01/25/703,8 | 8,603,548 | 8,641,949 | ||||||
| 2024-AFC2, 5.98% due 10/25/593,8 | 5,175,942 | 5,192,998 | ||||||
| 2025-NQM1, 5.96% due 01/25/703,8 | 3,469,453 | 3,481,191 | ||||||
| Citigroup Mortgage Loan Trust, Inc. | ||||||||
| 2022-A, 6.17% due 09/25/623,8 | 14,500,796 | 14,488,838 | ||||||
| 2007-AMC1, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 12/25/36◊,3 | 19,166,142 | 10,441,482 | ||||||
| 2006-WF1, 4.92% due 03/25/36 | 12,596,116 | 6,087,728 | ||||||
| 2007-AMC3, 4.61% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 03/25/37◊ | 5,253,235 | 4,533,079 | ||||||
| Morgan Stanley Residential Mortgage Loan Trust | ||||||||
| 2025-NQM3, 5.86% (WAC) due 05/25/70◊,3 | 10,606,034 | 10,655,467 | ||||||
| 2025-NQM3, 5.76% due 05/25/703,8 | 10,112,730 | 10,160,082 | ||||||
| 2024-NQM3, 5.35% due 07/25/693,8 | 7,657,905 | 7,629,123 | ||||||
| 2024-NQM3, 5.04% (WAC) due 07/25/69◊,3 | 7,142,072 | 7,105,140 | ||||||
| Provident Funding Mortgage Trust | ||||||||
| 2025-1, 5.50% (WAC) due 02/25/55◊,3 | 34,797,594 | 34,908,557 | ||||||
| GSAMP Trust | ||||||||
| 2007-NC1, 4.69% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/46◊ | 23,018,847 | 12,146,774 | ||||||
| 2006-HE8, 4.89% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 01/25/37◊ | 10,107,000 | 8,674,515 | ||||||
| 2006-NC2, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36◊ | 10,813,233 | 6,062,638 | ||||||
| 2007-NC1, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 12/25/46◊ | 6,584,746 | 3,231,543 | ||||||
| Top Pressure Recovery Turbines | ||||||||
| 2024-AE, 7.51% due 11/01/69 | 28,287,761 | 28,344,336 | ||||||
| LHOME Mortgage Trust | ||||||||
| 2024-RTL5, 5.32% due 09/25/393,8 | 28,050,000 | 27,971,244 | ||||||
| Alternative Loan Trust | ||||||||
| 2007-OA4, 4.77% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 05/25/47◊ | 12,454,160 | 11,159,833 | ||||||
| 2007-OH3, 5.01% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.00%/0.58%) due 09/25/47◊ | 5,407,503 | 4,968,960 | ||||||
| 2006-43CB, 6.00% (1 Month Term SOFR + 0.61%, Rate Cap/Floor: 6.00%/6.00%) due 02/25/37◊ | 5,746,592 | 2,933,159 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 11.0% (continued) | ||||||||
| 2007-OA7, 4.79% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 05/25/47◊ | 2,008,123 | $ | 1,845,385 | |||||
| 2007-OH3, 4.87% (1 Month Term SOFR + 0.55%, Rate Cap/Floor: 10.00%/0.44%) due 09/25/47◊ | 537,525 | 515,470 | ||||||
| Imperial Fund Mortgage Trust | ||||||||
| 2022-NQM2, 4.02% (WAC) due 03/25/67◊,3 | 10,869,521 | 10,340,737 | ||||||
| 2022-NQM2, 4.20% (WAC) due 03/25/67◊,3 | 10,684,821 | 10,105,753 | ||||||
| SPS Servicer Advance Receivables Trust | ||||||||
| 2020-T2, 1.83% due 11/15/553 | 20,000,000 | 19,738,480 | ||||||
| American Home Mortgage Investment Trust | ||||||||
| 2007-1, 2.08% due 05/25/477 | 116,818,981 | 18,156,275 | ||||||
| ACE Securities Corporation Home Equity Loan Trust Series | ||||||||
| 2006-NC1, 5.05% (1 Month Term SOFR + 0.73%, Rate Floor: 0.62%) due 12/25/35◊ | 12,083,285 | 11,437,106 | ||||||
| 2007-ASP1, 4.83% (1 Month Term SOFR + 0.51%, Rate Floor: 0.40%) due 03/25/37◊ | 7,779,426 | 3,118,284 | ||||||
| 2007-WM2, 4.85% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 02/25/37◊ | 5,830,674 | 2,455,989 | ||||||
| Soundview Home Loan Trust | ||||||||
| 2006-OPT5, 4.71% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36◊ | 17,383,170 | 16,885,105 | ||||||
| Saluda Grade Alternative Mortgage Trust | ||||||||
| 2023-FIG4, 6.72% (WAC) due 11/25/53◊,3 | 16,264,773 | 16,771,257 | ||||||
| NovaStar Mortgage Funding Trust Series | ||||||||
| 2007-2, 4.63% (1 Month Term SOFR + 0.31%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37◊ | 14,763,812 | 14,511,317 | ||||||
| 2007-1, 4.69% (1 Month Term SOFR + 0.37%, Rate Cap/Floor: 11.00%/0.26%) due 03/25/37◊ | 2,433,810 | 1,576,056 | ||||||
| Securitized Asset-Backed Receivables LLC Trust | ||||||||
| 2006-WM4, 4.59% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 11/25/36◊ | 28,800,342 | 7,925,892 | ||||||
| 2007-BR2, 4.79% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 02/25/37◊,3 | 7,981,239 | 6,870,611 | ||||||
| 2006-HE2, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36◊ | 3,065,773 | 1,195,232 | ||||||
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust | ||||||||
| 2006-AR9, 5.23% (1 Year CMT Rate + 0.83%, Rate Floor: 0.83%) due 11/25/46◊ | 7,343,079 | 6,164,608 | ||||||
| 2006-AR10, 4.77% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36◊ | 6,420,138 | 5,269,418 | ||||||
| 2006-AR9, 5.24% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊ | 3,348,640 | 2,803,194 | ||||||
| 2006-7, 3.93% due 09/25/36 | 4,999,320 | 1,307,751 | ||||||
| 2006-8, 4.11% due 10/25/36 | 320,108 | 105,199 | ||||||
| IXIS Real Estate Capital Trust | ||||||||
| 2007-HE1, 4.54% (1 Month Term SOFR + 0.22%, Rate Floor: 0.11%) due 05/25/37◊ | 30,841,064 | 6,320,173 | ||||||
| 2006-HE1, 5.03% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36◊ | 10,463,698 | 5,426,055 | ||||||
| 2007-HE1, 4.66% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 05/25/37◊ | 5,853,193 | 1,199,388 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 11.0% (continued) | ||||||||
| 2007-HE1, 4.59% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 05/25/37◊ | 5,497,216 | $ | 1,126,499 | |||||
| 2007-HE1, 4.49% (1 Month Term SOFR + 0.17%, Rate Floor: 0.06%) due 05/25/37◊ | 4,573,430 | 937,230 | ||||||
| Credit Suisse Mortgage Capital Certificates | ||||||||
| 2021-RPL9, 3.78% (WAC) due 02/25/61◊,3 | 14,745,485 | 14,602,831 | ||||||
| Finance of America HECM Buyout | ||||||||
| 2024-HB1, 5.00% (WAC) due 10/01/34◊,3 | 14,650,000 | 14,552,251 | ||||||
| WaMu Asset-Backed Certificates WaMu Series Trust | ||||||||
| 2007-HE1, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.41%) due 01/25/37◊ | 30,997,464 | 13,980,145 | ||||||
| Structured Asset Securities Corporation Mortgage Loan Trust | ||||||||
| 2008-BC4, 5.06% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37◊ | 12,168,985 | 11,795,590 | ||||||
| 2006-BC4, 4.77% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36◊ | 1,126,543 | 1,099,124 | ||||||
| 2006-BC6, 4.60% (1 Month Term SOFR + 0.28%, Rate Floor: 0.17%) due 01/25/37◊ | 11,529 | 11,496 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| 2020-1, 2.56% (WAC) due 02/25/50◊,3 | 7,405,314 | 7,056,837 | ||||||
| 2020-1, 2.41% (WAC) due 02/25/50◊,3 | 5,696,396 | 5,432,723 | ||||||
| American Home Mortgage Assets Trust | ||||||||
| 2007-5, 4.81% (1 Month Term SOFR + 0.49%, Rate Cap/Floor: 99.00%/0.19%) due 06/25/47◊ | 7,807,406 | 7,325,339 | ||||||
| 2006-4, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 10/25/46◊ | 6,281,211 | 3,159,652 | ||||||
| 2006-6, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 12/25/46◊ | 1,771,267 | 1,510,495 | ||||||
| ACHM Trust | ||||||||
| 2025-HE1, 5.92% (WAC) due 03/25/55◊,3 | 11,791,952 | 11,913,521 | ||||||
| Merrill Lynch Mortgage Investors Trust Series | ||||||||
| 2007-HE2, 4.95% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 02/25/37◊ | 29,999,840 | 8,387,301 | ||||||
| 2006-HE6, 4.71% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/37◊ | 7,134,997 | 3,422,595 | ||||||
| Ellington Financial Mortgage Trust | ||||||||
| 2024-CES1, 5.52% due 01/26/603,8 | 11,717,429 | 11,785,753 | ||||||
| LSTAR Securities Investment Ltd. | ||||||||
| 2024-1, 7.41% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29◊,3 | 11,250,842 | 11,268,355 | ||||||
| Anchor Mortgage Trust | ||||||||
| 2025-RTL1, 5.72% due 05/25/40†††,3 | 11,050,000 | 11,088,247 | ||||||
| RALI Series Trust | ||||||||
| 2007-QO4, 4.81% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 05/25/47◊ | 3,510,794 | 3,213,579 | ||||||
| 2006-QO2, 4.87% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46◊ | 16,536,210 | 2,787,259 | ||||||
| 2007-QO2, 4.58% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 02/25/47◊ | 7,273,310 | 2,202,640 | ||||||
| 2006-QO6, 4.79% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46◊ | 4,715,292 | 1,009,830 | ||||||
| 2006-QO2, 4.97% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 02/25/46◊ | 5,362,610 | 917,225 | ||||||
| 2007-QO3, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 03/25/47◊ | 728,143 | 654,023 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 11.0% (continued) | ||||||||
| 2006-QO2, 5.11% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 02/25/46◊ | 1,105,132 | $ | 189,494 | |||||
| Ameriquest Mortgage Securities Trust | ||||||||
| 2006-M3, 4.59% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 10/25/36◊ | 25,629,229 | 7,461,707 | ||||||
| 2006-M3, 4.53% (1 Month Term SOFR + 0.21%, Rate Floor: 0.10%) due 10/25/36◊ | 10,765,998 | 3,134,426 | ||||||
| ABFC Trust | ||||||||
| 2007-WMC1, 5.68% (1 Month Term SOFR + 1.36%, Rate Floor: 1.25%) due 06/25/37◊ | 13,498,105 | 9,587,900 | ||||||
| Master Asset-Backed Securities Trust | ||||||||
| 2006-WMC4, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 10/25/36◊ | 10,164,764 | 3,288,341 | ||||||
| 2006-NC2, 4.91% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 08/25/36◊ | 7,084,630 | 2,575,509 | ||||||
| 2006-WMC3, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 08/25/36◊ | 5,454,329 | 1,835,825 | ||||||
| 2007-WMC1, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 01/25/37◊ | 5,609,611 | 1,570,562 | ||||||
| HarborView Mortgage Loan Trust | ||||||||
| 2006-14, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/47◊ | 5,503,540 | 5,245,434 | ||||||
| 2006-12, 4.81% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 01/19/38◊ | 3,962,043 | 3,471,756 | ||||||
| Fremont Home Loan Trust | ||||||||
| 2006-E, 4.55% (1 Month Term SOFR + 0.23%, Rate Floor: 0.12%) due 01/25/37◊ | 10,873,050 | 4,924,654 | ||||||
| 2006-D, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 11/25/36◊ | 9,733,087 | 3,382,347 | ||||||
| Merrill Lynch Alternative Note Asset Trust Series | ||||||||
| 2007-A1, 4.89% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 01/25/37◊ | 18,238,646 | 5,454,001 | ||||||
| 2007-A1, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/37◊ | 6,916,399 | 2,068,447 | ||||||
| First Franklin Mortgage Loan Trust | ||||||||
| 2006-FF16, 4.71% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 12/25/36◊ | 18,585,291 | 7,475,761 | ||||||
| ATLX Trust | ||||||||
| 2024-RPL1, 3.85% due 04/25/643,8 | 7,257,474 | 7,008,682 | ||||||
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series | ||||||||
| 2005-W4, 5.19% (1 Month Term SOFR + 0.87%, Rate Floor: 0.76%) due 02/25/36◊ | 8,655,992 | 6,976,394 | ||||||
| First NLC Trust | ||||||||
| 2005-4, 5.21% (1 Month Term SOFR + 0.89%, Rate Cap/Floor: 14.00%/0.78%) due 02/25/36◊ | 4,921,822 | 4,840,957 | ||||||
| 2005-1, 1.66% (1 Month Term SOFR + 0.57%, Rate Cap/Floor: 14.00%/0.46%) due 05/25/35◊ | 1,849,353 | 1,644,964 | ||||||
| Long Beach Mortgage Loan Trust | ||||||||
| 2006-8, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36◊ | 13,849,318 | 3,660,858 | ||||||
| 2006-6, 4.93% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 07/25/36◊ | 4,355,905 | 1,717,407 | ||||||
| 2006-8, 4.61% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 09/25/36◊ | 3,696,124 | 972,283 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 11.0% (continued) | ||||||||
| Option One Mortgage Loan Trust | ||||||||
| 2007-5, 4.65% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 05/25/37◊ | 6,265,058 | $ | 3,752,343 | |||||
| 2007-2, 4.68% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 03/25/37◊ | 4,557,676 | 2,236,473 | ||||||
| Bear Stearns Asset-Backed Securities I Trust | ||||||||
| 2006-HE9, 4.71% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/36◊ | 5,752,365 | 5,702,334 | ||||||
| Asset-Backed Securities Corporation Home Equity Loan Trust Series AEG | ||||||||
| 2006-HE1, 3.92% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 01/25/36◊ | 5,582,479 | 5,464,866 | ||||||
| Lehman XS Trust Series | ||||||||
| 2007-2N, 4.61% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 02/25/37◊ | 4,121,351 | 3,800,989 | ||||||
| 2007-15N, 4.93% (1 Month Term SOFR + 0.61%, Rate Floor: 0.00%) due 08/25/37◊ | 974,872 | 957,061 | ||||||
| 2006-10N, 4.85% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 07/25/46◊ | 244,078 | 234,127 | ||||||
| Morgan Stanley IXIS Real Estate Capital Trust | ||||||||
| 2006-2, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 11/25/36◊ | 15,648,097 | 4,989,070 | ||||||
| WaMu Asset-Backed Certificates WaMu Series | ||||||||
| 2007-HE4, 4.60% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47◊ | 4,280,263 | 3,199,377 | ||||||
| 2007-HE4, 4.68% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47◊ | 3,063,256 | 1,767,237 | ||||||
| CFMT LLC | ||||||||
| 2022-HB9, 3.25% (WAC) due 09/25/37◊,3 | 4,884,784 | 4,825,724 | ||||||
| CWABS Asset-Backed Certificates Trust | ||||||||
| 2006-12, 4.69% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36◊ | 5,207,753 | 4,766,167 | ||||||
| Deutsche Alt-A Securities Mortgage Loan Trust Series | ||||||||
| 2006-AR4, 4.69% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36◊ | 8,930,020 | 3,056,766 | ||||||
| 2007-OA2, 5.17% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/47◊ | 1,869,161 | 1,677,967 | ||||||
| WaMu Mortgage Pass-Through Certificates Series Trust | ||||||||
| 2007-OA6, 5.21% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/47◊ | 3,810,363 | 3,191,063 | ||||||
| 2006-AR13, 5.28% (1 Year CMT Rate + 0.88%, Rate Floor: 0.88%) due 10/25/46◊ | 1,205,076 | 1,035,098 | ||||||
| 2006-AR11, 5.32% (1 Year CMT Rate + 0.92%, Rate Floor: 0.92%) due 09/25/46◊ | 539,031 | 477,500 | ||||||
| Credit-Based Asset Servicing and Securitization LLC | ||||||||
| 2006-CB2, 3.38% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 12/25/36◊ | 4,027,268 | 3,884,223 | ||||||
| GSAA Home Equity Trust | ||||||||
| 2006-5, 4.79% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 03/25/36◊ | 11,738,752 | 3,752,473 | ||||||
| 2007-7, 4.97% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37◊ | 68,883 | 66,041 | ||||||
| Impac Secured Assets CMN Owner Trust | ||||||||
| 2005-2, 4.93% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 03/25/36◊ | 3,533,630 | 3,366,126 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 11.0% (continued) | ||||||||
| GSAA Trust | ||||||||
| 2007-3, 4.77% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 03/25/47◊ | 10,262,493 | $ | 2,718,975 | |||||
| ASG Resecuritization Trust | ||||||||
| 2010-3, 4.62% (1 Month Term SOFR + 0.40%, Rate Cap/Floor: 10.50%/0.29%) due 12/28/45◊,3 | 1,749,832 | 1,668,289 | ||||||
| Securitized Asset Backed Receivables LLC Trust | ||||||||
| 2006-WM4, 4.75% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 11/25/36◊ | 5,054,422 | 1,390,875 | ||||||
| C-BASS Mortgage Loan Trust | ||||||||
| 2007-CB2, 3.52% due 02/25/37 | 2,353,761 | 1,375,684 | ||||||
| Morgan Stanley Capital I Incorporated Trust | ||||||||
| 2006-HE1, 5.01% (1 Month Term SOFR + 0.69%, Rate Floor: 0.58%) due 01/25/36◊ | 1,255,282 | 1,217,957 | ||||||
| Alliance Bancorp Trust | ||||||||
| 2007-OA1, 4.91% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37◊ | 446,048 | 397,310 | ||||||
| Countrywide Asset-Backed Certificates | ||||||||
| 2005-15, 3.39% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 03/25/36◊ | 393,056 | 387,605 | ||||||
| Impac Secured Assets Trust | ||||||||
| 2006-2, 4.77% (1 Month Term SOFR + 0.45%, Rate Cap/Floor: 11.50%/0.34%) due 08/25/36◊ | 374,305 | 347,252 | ||||||
| Structured Asset Investment Loan Trust | ||||||||
| 2004-BNC2, 5.63% (1 Month Term SOFR + 1.31%, Rate Floor: 1.20%) due 12/25/34◊ | 146,140 | 145,240 | ||||||
| 2006-3, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36◊ | 98,202 | 96,340 | ||||||
| Nomura Resecuritization Trust | ||||||||
| 2015-4R, 6.24% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36◊,3 | 235,873 | 229,574 | ||||||
| Residential Mortgage Loan Trust | ||||||||
| 2020-1, 2.68% (WAC) due 01/26/60◊,3 | 138,508 | 136,810 | ||||||
| Morgan Stanley Re-REMIC Trust | ||||||||
| 2010-R5, 4.74% due 06/26/363 | 80,985 | 78,233 | ||||||
| GreenPoint Mortgage Funding Trust | ||||||||
| 2006-AR1, 5.01% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.50%/0.58%) due 02/25/36◊ | 81,441 | 71,708 | ||||||
| Total Residential Mortgage-Backed Securities | 3,092,686,047 | |||||||
| Commercial Mortgage-Backed Securities - 1.3% | ||||||||
| BX Commercial Mortgage Trust | ||||||||
| 2021-VOLT, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36◊,3 | 58,178,129 | 57,905,419 | ||||||
| 2021-VOLT, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36◊,3 | 50,379,063 | 50,142,911 | ||||||
| 2024-AIRC, 6.00% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39◊,3 | 15,385,904 | 15,443,602 | ||||||
| 2024-AIRC, 6.45% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/15/39◊,3 | 11,066,203 | 11,086,952 | ||||||
| 2024-AIR2, 5.80% (1 Month Term SOFR + 1.49%, Rate Floor: 1.49%) due 10/15/41◊,3 | 9,591,801 | 9,609,747 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Commercial Mortgage-Backed Securities - 1.3% (continued) | ||||||||
| 2022-LP2, 6.27% (1 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 02/15/39◊,3 | 4,410,000 | $ | 4,398,975 | |||||
| 2024-AIR2, 6.10% (1 Month Term SOFR + 1.79%, Rate Floor: 1.79%) due 10/15/41◊,3 | 3,644,885 | 3,651,704 | ||||||
| BX Trust | ||||||||
| 2024-VLT4, 6.45% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 07/15/29◊,3 | 20,650,000 | 20,605,772 | ||||||
| 2024-VLT4, 6.25% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 07/15/29◊,3 | 17,150,000 | 17,139,281 | ||||||
| SMRT | ||||||||
| 2022-MINI, 6.26% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39◊,3 | 32,500,000 | 32,053,125 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
| 2021-NYAH, 6.52% (1 Month Term SOFR + 2.20%, Rate Floor: 1.84%) due 06/15/38◊,3 | 14,350,000 | 13,024,778 | ||||||
| 2016-JP3, 3.42% (WAC) due 08/15/49◊ | 10,290,000 | 9,255,827 | ||||||
| 2021-NYAH, 6.87% (1 Month Term SOFR + 2.55%, Rate Floor: 2.19%) due 06/15/38◊,3 | 8,000,000 | 7,035,600 | ||||||
| 2016-JP3, 1.31% (WAC) due 08/15/49◊,7 | 48,846,647 | 452,388 | ||||||
| VDCM Commercial Mortgage Trust 2025-AZ | ||||||||
| 2025-AZ, due 07/13/44◊,3,5 | 18,650,000 | 18,953,073 | ||||||
| Life Mortgage Trust | ||||||||
| 2021-BMR, 6.78% (1 Month Term SOFR + 2.46%, Rate Floor: 2.35%) due 03/15/38◊,3 | 13,650,000 | 13,478,388 | ||||||
| 2021-BMR, 6.18% (1 Month Term SOFR + 1.86%, Rate Floor: 1.75%) due 03/15/38◊,3 | 3,675,000 | 3,638,250 | ||||||
| Extended Stay America Trust | ||||||||
| 2021-ESH, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 07/15/38◊,3 | 10,721,597 | 10,734,999 | ||||||
| 2021-ESH, 6.13% (1 Month Term SOFR + 1.81%, Rate Floor: 1.70%) due 07/15/38◊,3 | 5,532,344 | 5,535,802 | ||||||
| Citigroup Commercial Mortgage Trust | ||||||||
| 2019-GC43, 0.60% (WAC) due 11/10/52◊,7 | 203,296,194 | 4,599,170 | ||||||
| 2019-GC41, 1.03% (WAC) due 08/10/56◊,7 | 95,991,918 | 3,010,643 | ||||||
| 2015-GC35, 4.35% (WAC) due 11/10/48◊ | 810,679 | 730,892 | ||||||
| 2016-P4, 1.89% (WAC) due 07/10/49◊,7 | 27,669,719 | 290,081 | ||||||
| 2016-C2, 1.65% (WAC) due 08/10/49◊,7 | 29,530,632 | 279,596 | ||||||
| 2016-P5, 1.37% (WAC) due 10/10/49◊,7 | 24,111,153 | 221,389 | ||||||
| 2016-C3, 0.91% (WAC) due 11/15/49◊,7 | 8,813,270 | 71,880 | ||||||
| 2016-GC37, 1.64% (WAC) due 04/10/49◊,7 | 18,273,835 | 64,545 | ||||||
| 2015-GC35, 0.84% (WAC) due 11/10/48◊,7 | 25,959,927 | 60,025 | ||||||
| DBGS Mortgage Trust | ||||||||
| 2018-C1, 4.64% (WAC) due 10/15/51◊ | 7,588,000 | 7,142,281 | ||||||
| BENCHMARK Mortgage Trust | ||||||||
| 2020-IG3, 3.13% (WAC) due 09/15/48◊,3 | 5,232,000 | 3,021,556 | ||||||
| 2019-B14, 0.88% (WAC) due 12/15/62◊,7 | 99,475,699 | 2,108,049 | ||||||
| 2018-B2, 0.45% (WAC) due 02/15/51◊,7 | 89,466,183 | 799,389 | ||||||
| 2018-B6, 4.59% (WAC) due 10/10/51◊ | 750,000 | 700,163 | ||||||
| 2018-B6, 0.39% (WAC) due 10/10/51◊,7 | 57,855,780 | 490,559 | ||||||
| GS Mortgage Securities Trust | ||||||||
| 2020-GC45, 0.61% (WAC) due 02/13/53◊,7 | 143,128,290 | 3,236,302 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Commercial Mortgage-Backed Securities - 1.3% (continued) | ||||||||
| 2019-GC42, 0.81% (WAC) due 09/10/52◊,7 | 64,204,545 | $ | 1,745,478 | |||||
| 2017-GS6, 1.00% (WAC) due 05/10/50◊,7 | 39,744,552 | 628,151 | ||||||
| 2017-GS6, 3.87% due 05/10/50 | 521,000 | 463,351 | ||||||
| BMP Trust | ||||||||
| 2024-MF23, 5.95% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 06/15/41◊,3 | 4,900,000 | 4,906,125 | ||||||
| JPMDB Commercial Mortgage Securities Trust | ||||||||
| 2016-C4, 3.64% (WAC) due 12/15/49◊ | 2,650,000 | 2,456,744 | ||||||
| 2017-C7, 0.83% (WAC) due 10/15/50◊,7 | 110,840,057 | 1,572,133 | ||||||
| 2016-C4, 0.70% (WAC) due 12/15/49◊,7 | 70,736,647 | 457,822 | ||||||
| 2016-C2, 1.47% (WAC) due 06/15/49◊,7 | 22,263,126 | 131,103 | ||||||
| 2017-C5, 0.86% (WAC) due 03/15/50◊,7 | 7,130,517 | 60,409 | ||||||
| GS Mortgage Securities Corporation Trust | ||||||||
| 2020-DUNE, 5.93% (1 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 12/15/36◊,3 | 3,463,607 | 3,438,660 | ||||||
| 2020-DUNE, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 12/15/36◊,3 | 923,628 | 899,252 | ||||||
| BANK | ||||||||
| 2020-BN25, 0.44% (WAC) due 01/15/63◊,7 | 140,000,000 | 2,645,762 | ||||||
| 2017-BNK6, 0.92% (WAC) due 07/15/60◊,7 | 33,060,906 | 401,518 | ||||||
| 2017-BNK4, 1.33% (WAC) due 05/15/50◊,7 | 10,310,290 | 193,803 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| 2017-C38, 0.91% (WAC) due 07/15/50◊,7 | 61,226,510 | 788,138 | ||||||
| 2017-RB1, 1.19% (WAC) due 03/15/50◊,7 | 32,069,483 | 523,499 | ||||||
| 2017-C42, 0.98% (WAC) due 12/15/50◊,7 | 30,750,269 | 521,248 | ||||||
| 2016-BNK1, 1.70% (WAC) due 08/15/49◊,7 | 33,052,713 | 429,632 | ||||||
| 2017-RC1, 1.37% (WAC) due 01/15/60◊,7 | 15,702,102 | 274,591 | ||||||
| 2016-C35, 1.85% (WAC) due 07/15/48◊,7 | 19,792,440 | 210,516 | ||||||
| 2016-C37, 0.77% (WAC) due 12/15/49◊,7 | 9,815,450 | 71,966 | ||||||
| 2016-NXS5, 1.34% (WAC) due 01/15/59◊,7 | 17,114,444 | 51,350 | ||||||
| 2015-P2, 1.05% (WAC) due 12/15/48◊,7 | 16,407,667 | 22,935 | ||||||
| 2015-NXS4, 0.99% (WAC) due 12/15/48◊,7 | 32,901,654 | 6,669 | ||||||
| 2015-C30, 0.87% (WAC) due 09/15/58◊,7 | 5,600,591 | 96 | ||||||
| CSAIL Commercial Mortgage Trust | ||||||||
| 2019-C15, 0.99% (WAC) due 03/15/52◊,7 | 84,635,570 | 2,413,849 | ||||||
| 2016-C6, 1.85% (WAC) due 01/15/49◊,7 | 4,575,247 | 21,620 | ||||||
| 2015-C1, 0.17% (WAC) due 04/15/50◊,7 | 3,203,370 | 4 | ||||||
| COMM Mortgage Trust | ||||||||
| 2018-COR3, 0.44% (WAC) due 05/10/51◊,7 | 194,835,930 | 2,065,670 | ||||||
| 2015-CR26, 0.99% (WAC) due 10/10/48◊,7 | 45,388,626 | 1,021 | ||||||
| 2015-CR27, 1.00% (WAC) due 10/10/48◊,7 | 17,800,906 | 385 | ||||||
| 2015-CR24, 0.71% (WAC) due 08/10/48◊,7 | 17,198,088 | 248 | ||||||
| UBS Commercial Mortgage Trust | ||||||||
| 2017-C5, 1.13% (WAC) due 11/15/50◊,7 | 36,126,861 | 612,242 | ||||||
| 2017-C2, 1.06% (WAC) due 08/15/50◊,7 | 36,442,528 | 602,792 | ||||||
| BBCMS Mortgage Trust | ||||||||
| 2018-C2, 0.75% (WAC) due 12/15/51◊,7 | 55,775,189 | 1,124,366 | ||||||
| CD Mortgage Trust | ||||||||
| 2017-CD6, 0.89% (WAC) due 11/13/50◊,7 | 35,400,821 | 523,861 | ||||||
| 2016-CD1, 1.34% (WAC) due 08/10/49◊,7 | 27,681,382 | 162,368 | ||||||
| 2016-CD2, 0.55% (WAC) due 11/10/49◊,7 | 29,035,406 | 104,112 | ||||||
| CD Commercial Mortgage Trust | ||||||||
| 2017-CD4, 1.22% (WAC) due 05/10/50◊,7 | 24,499,835 | 388,016 | ||||||
| 2017-CD3, 0.93% (WAC) due 02/10/50◊,7 | 28,777,768 | 320,337 | ||||||
| CGMS Commercial Mortgage Trust | ||||||||
| 2017-B1, 0.72% (WAC) due 08/15/50◊,7 | 56,624,222 | 665,703 | ||||||
| JPMCC Commercial Mortgage Securities Trust | ||||||||
| 2017-JP6, 1.01% (WAC) due 07/15/50◊,7 | 45,962,143 | 565,068 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 41.2% (continued) | ||||||||
| Commercial Mortgage-Backed Securities - 1.3% (continued) | ||||||||
| Morgan Stanley Capital I Trust | ||||||||
| 2016-UBS9, 4.74% (WAC) due 03/15/49◊ | 275,000 | $ | 246,722 | |||||
| DBJPM Mortgage Trust | ||||||||
| 2017-C6, 0.95% (WAC) due 06/10/50◊,7 | 17,003,871 | 231,564 | ||||||
| Bank of America Merrill Lynch Commercial Mortgage Trust | ||||||||
| 2017-BNK3, 1.00% (WAC) due 02/15/50◊,7 | 20,273,057 | 220,978 | ||||||
| 2016-UB10, 1.72% (WAC) due 07/15/49◊,7 | 1,451,291 | 6,328 | ||||||
| CFCRE Commercial Mortgage Trust | ||||||||
| 2016-C3, 0.94% (WAC) due 01/10/48◊,7 | 31,910,206 | 70,314 | ||||||
| SG Commercial Mortgage Securities Trust | ||||||||
| 2016-C5, 1.82% (WAC) due 10/10/48◊,7 | 4,313,643 | 44,413 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||
| 2015-C27, 0.96% (WAC) due 12/15/47◊,7 | 47,222,094 | 1,015 | ||||||
| JPMBB Commercial Mortgage Securities Trust | ||||||||
| 2015-C27, 0.87% (WAC) due 02/15/48◊,7 | 9,139,932 | 195 | ||||||
| Total Commercial Mortgage-Backed Securities | 364,267,255 | |||||||
| Military Housing - 0.6% | ||||||||
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | ||||||||
| 2015-R1, 4.49% (WAC) due 11/25/55◊,9 | 107,691,049 | 94,113,356 | ||||||
| 2015-R1, 4.45% (WAC) due 11/25/52◊,3 | 19,950,809 | 18,087,096 | ||||||
| 2015-R1, 4.31% (WAC) due 10/25/52◊,3 | 12,912,930 | 10,856,159 | ||||||
| 2015-R1, 0.70% (WAC) due 11/25/55◊,7,9 | 161,826,199 | 9,087,237 | ||||||
| Capmark Military Housing Trust | ||||||||
| 2006-RILY, 6.15% due 07/10/51†††,3 | 12,275,835 | 10,695,951 | ||||||
| 2007-AETC, 5.75% due 02/10/52†††,3 | 6,950,916 | 5,990,309 | ||||||
| 2006-RILY, 4.81% (1 Month Term SOFR + 0.48%, Rate Floor: 0.37%) due 07/10/51◊,†††,3 | 6,588,543 | 4,468,317 | ||||||
| 2007-ROBS, 6.06% due 10/10/52†††,3 | 4,410,579 | 3,865,132 | ||||||
| 2007-AET2, 6.06% due 10/10/52†††,3 | 2,897,522 | 2,747,888 | ||||||
| GMAC Commercial Mortgage Asset Corp. | ||||||||
| 2007-HCKM, 6.11% due 08/10/52†††,3 | 20,927,246 | 18,959,960 | ||||||
| 2005-DRUM, 5.47% due 05/10/50†††,3 | 4,216,850 | 3,687,105 | ||||||
| 2005-BLIS, 5.25% due 07/10/50†††,3 | 2,500,000 | 1,987,031 | ||||||
| Total Military Housing | 184,545,541 | |||||||
| Total Collateralized Mortgage Obligations | ||||||||
| (Cost $11,793,239,545) | 11,600,167,972 | |||||||
| CORPORATE BONDS†† - 28.8% | ||||||||
| Financial - 13.8% | ||||||||
| Pershing Square Holdings Ltd. | ||||||||
| 3.25% due 10/01/313 | 101,800,000 | 88,779,885 | ||||||
| 3.25% due 11/15/30 | 53,530,000 | 48,515,394 | ||||||
| CoStar Group, Inc. | ||||||||
| 2.80% due 07/15/303 | 91,480,000 | 82,655,959 | ||||||
| Wilton RE Ltd. | ||||||||
| 6.00% 3,10,11 | 80,224,000 | 80,255,321 | ||||||
| American National Group, Inc. | ||||||||
| 5.75% due 10/01/29 | 30,960,000 | 31,700,524 | ||||||
| 6.00% due 07/15/35 | 31,375,000 | 31,559,776 | ||||||
| 5.00% due 06/15/27 | 8,142,000 | 8,174,549 | ||||||
| 6.14% due 06/13/323 | 2,000,000 | 2,051,475 | ||||||
| GLP Capital Limited Partnership / GLP Financing II, Inc. | ||||||||
| 4.00% due 01/15/31 | 55,868,000 | 52,658,534 | ||||||
| 5.30% due 01/15/29 | 15,867,000 | 16,042,933 | ||||||
| 3.25% due 01/15/32 | 4,150,000 | 3,652,475 | ||||||
| 4.00% due 01/15/30 | 475,000 | 456,471 | ||||||
| Fairfax Financial Holdings Ltd. | ||||||||
| 3.38% due 03/03/31 | 39,803,000 | 36,942,721 | ||||||
| 5.75% due 05/20/353 | 17,425,000 | 17,667,149 | ||||||
| 5.63% due 08/16/32 | 13,100,000 | 13,453,931 | ||||||
| 6.50% due 05/20/553 | 3,320,000 | 3,396,534 | ||||||
| Host Hotels & Resorts, LP | ||||||||
| 3.50% due 09/15/30 | 44,753,000 | 41,554,283 | ||||||
| 2.90% due 12/15/31 | 20,200,000 | 17,700,319 | ||||||
| 5.70% due 07/01/34 | 12,075,000 | 12,151,427 | ||||||
| United Wholesale Mortgage LLC | ||||||||
| 5.50% due 04/15/293 | 46,832,000 | 45,457,720 | ||||||
| 5.50% due 11/15/253 | 23,739,000 | 23,735,252 | ||||||
| Jefferies Financial Group, Inc. | ||||||||
| 2.75% due 10/15/32 | 40,642,000 | 34,208,491 | ||||||
| 2.63% due 10/15/31 | 27,400,000 | 23,839,409 | ||||||
| 6.20% due 04/14/34 | 9,080,000 | 9,497,841 | ||||||
| 6.25% due 01/15/36 | 1,000,000 | 1,036,279 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Financial - 13.8% (continued) | ||||||||
| FS KKR Capital Corp. | ||||||||
| 2.63% due 01/15/27 | 35,801,000 | $ | 34,329,616 | |||||
| 3.25% due 07/15/27 | 30,100,000 | 28,866,183 | ||||||
| Nippon Life Insurance Co. | ||||||||
| 2.75% due 01/21/513,11 | 45,350,000 | 39,451,276 | ||||||
| 5.95% due 04/16/543,11 | 13,950,000 | 14,054,391 | ||||||
| 2.90% due 09/16/513,11 | 10,380,000 | 8,940,494 | ||||||
| Safehold GL Holdings LLC | ||||||||
| 2.80% due 06/15/31 | 28,877,000 | 25,833,878 | ||||||
| 2.85% due 01/15/32 | 27,008,000 | 23,517,982 | ||||||
| 6.10% due 04/01/34 | 10,480,000 | 10,908,332 | ||||||
| 5.65% due 01/15/35 | 1,370,000 | 1,368,730 | ||||||
| Standard Chartered plc | ||||||||
| 5.01% due 10/15/303,11 | 53,518,000 | 54,067,343 | ||||||
| 5.24% due 05/13/313,11 | 4,400,000 | 4,464,603 | ||||||
| 4.64% due 04/01/313,11 | 2,700,000 | 2,676,243 | ||||||
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. | ||||||||
| 3.88% due 03/01/313 | 46,892,000 | 43,469,769 | ||||||
| 2.88% due 10/15/263 | 17,717,000 | 17,278,850 | ||||||
| Morgan Stanley | ||||||||
| 6.63% due 11/01/3411 | 21,862,000 | 24,098,468 | ||||||
| 5.94% due 02/07/3911 | 23,310,000 | 23,925,558 | ||||||
| 5.83% due 04/19/3511 | 9,625,000 | 10,083,719 | ||||||
| Global Atlantic Finance Co. | ||||||||
| 4.70% due 10/15/513,11 | 35,662,000 | 35,007,782 | ||||||
| 7.95% due 06/15/333 | 16,619,000 | 18,823,697 | ||||||
| 6.75% due 03/15/543 | 3,190,000 | 3,268,036 | ||||||
| National Australia Bank Ltd. | ||||||||
| 5.90% due 01/14/363,11 | 23,750,000 | 24,333,441 | ||||||
| 2.99% due 05/21/313 | 14,525,000 | 13,034,995 | ||||||
| 3.35% due 01/12/373,11 | 14,550,000 | 12,857,188 | ||||||
| 2.33% due 08/21/303 | 7,498,000 | 6,644,286 | ||||||
| First American Financial Corp. | ||||||||
| 4.00% due 05/15/30 | 40,891,000 | 39,171,969 | ||||||
| 2.40% due 08/15/31 | 11,875,000 | 10,129,713 | ||||||
| 5.45% due 09/30/34 | 7,250,000 | 7,101,172 | ||||||
| LPL Holdings, Inc. | ||||||||
| 6.00% due 05/20/34 | 23,920,000 | 24,735,041 | ||||||
| 4.00% due 03/15/293 | 15,257,000 | 14,821,086 | ||||||
| 4.38% due 05/15/313 | 9,541,000 | 9,128,670 | ||||||
| 5.75% due 06/15/35 | 6,650,000 | 6,727,701 | ||||||
| 5.65% due 03/15/35 | 250,000 | 251,356 | ||||||
| Macquarie Bank Ltd. | ||||||||
| 3.62% due 06/03/303 | 59,035,000 | 55,470,999 | ||||||
| Maple Grove Funding Trust I | ||||||||
| 4.16% due 08/15/513 | 77,700,000 | 52,741,278 | ||||||
| BPCE S.A. | ||||||||
| 5.88% due 01/14/313,11 | 20,000,000 | 20,745,761 | ||||||
| 5.39% due 05/28/313,11 | 12,200,000 | 12,422,562 | ||||||
| 7.00% due 10/19/343,11 | 10,000,000 | 10,986,307 | ||||||
| 5.94% due 05/30/353,11 | 7,750,000 | 7,941,332 | ||||||
| Liberty Mutual Group, Inc. | ||||||||
| 4.30% due 02/01/613 | 74,981,000 | 45,392,698 | ||||||
| 4.13% due 12/15/513,11 | 3,600,000 | 3,505,675 | ||||||
| 3.95% due 05/15/603 | 4,064,000 | 2,733,453 | ||||||
| Macquarie Group Ltd. | ||||||||
| 2.69% due 06/23/323,11 | 31,550,000 | 27,916,715 | ||||||
| 2.87% due 01/14/333,11 | 17,431,000 | 15,208,235 | ||||||
| 1.63% due 09/23/273,11 | 4,125,000 | 3,979,742 | ||||||
| Nationwide Mutual Insurance Co. | ||||||||
| 4.35% due 04/30/503 | 60,506,000 | 46,605,002 | ||||||
| Jefferies Finance LLC / JFIN Company-Issuer Corp. | ||||||||
| 5.00% due 08/15/283 | 39,650,000 | 38,328,699 | ||||||
| 6.63% due 10/15/313 | 6,850,000 | 6,825,319 | ||||||
| Brookfield Finance, Inc. | ||||||||
| 5.81% due 03/03/55 | 12,635,000 | 12,355,646 | ||||||
| 5.68% due 01/15/35 | 9,400,000 | 9,647,245 | ||||||
| 4.70% due 09/20/47 | 9,790,000 | 8,319,790 | ||||||
| 3.63% due 02/15/52 | 9,380,000 | 6,476,429 | ||||||
| 3.50% due 03/30/51 | 9,526,000 | 6,462,040 | ||||||
| 6.35% due 01/05/34 | 1,640,000 | 1,759,404 | ||||||
| Blue Owl Capital GP LLC | ||||||||
| 7.21% due 08/22/43††† | 28,550,000 | 29,521,088 | ||||||
| 7.11% due 08/22/43††† | 15,200,000 | 15,467,197 | ||||||
| Lazard Group LLC | ||||||||
| 6.00% due 03/15/31 | 42,290,000 | 44,407,608 | ||||||
| QTS Good News Facility | ||||||||
| 7.35% (SOFR + 3.00%, Rate Floor: 0.00%) due 10/09/28◊,††† | 43,265,290 | 43,265,290 | ||||||
| Bain Capital, LP | ||||||||
| 3.41% due 04/15/41††† | 36,000,000 | 25,814,264 | ||||||
| 3.72% due 04/15/42††† | 20,300,000 | 14,913,899 | ||||||
| F&G Global Funding | ||||||||
| 5.88% due 01/16/303 | 38,565,000 | 39,619,762 | ||||||
| Dyal Capital Partners IV | ||||||||
| 3.65% due 02/22/41††† | 41,800,000 | 37,486,887 | ||||||
| Old Republic International Corp. | ||||||||
| 5.75% due 03/28/34 | 35,220,000 | 36,227,805 | ||||||
| Australia & New Zealand Banking Group Ltd. | ||||||||
| 5.82% due 06/18/363,11 | 24,460,000 | 24,843,808 | ||||||
| 5.20% due 09/30/353,11 | 10,000,000 | 9,795,868 | ||||||
| 2.57% due 11/25/353,11 | 1,600,000 | 1,403,505 | ||||||
| Sumitomo Life Insurance Co. | ||||||||
| 3.38% due 04/15/813,11 | 39,900,000 | 35,940,428 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 6.45% due 06/15/34 | 23,390,000 | 24,529,935 | ||||||
| 5.25% due 05/30/29 | 11,125,000 | 11,222,500 | ||||||
| TPG Operating Group II, LP | ||||||||
| 5.88% due 03/05/34 | 34,270,000 | 35,618,434 | ||||||
| Equitable Holdings, Inc. | ||||||||
| 6.70% due 03/28/5511 | 34,318,000 | 35,137,033 | ||||||
| Nuveen LLC | ||||||||
| 5.85% due 04/15/343 | 25,425,000 | 26,460,865 | ||||||
| 5.55% due 01/15/303 | 8,075,000 | 8,410,756 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Financial - 13.8% (continued) | ||||||||
| CBS Studio Center | ||||||||
| 7.31% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/27◊,††† | 34,100,000 | $ | 34,066,611 | |||||
| UBS Group AG | ||||||||
| 3.09% due 05/14/323,11 | 33,400,000 | 30,319,287 | ||||||
| 4.28% due 01/09/283 | 3,350,000 | 3,335,181 | ||||||
| Brown & Brown, Inc. | ||||||||
| 5.65% due 06/11/34 | 21,200,000 | 21,775,893 | ||||||
| 6.25% due 06/23/55 | 5,650,000 | 5,824,054 | ||||||
| 5.55% due 06/23/35 | 5,550,000 | 5,659,541 | ||||||
| 2.38% due 03/15/31 | 57,000 | 50,174 | ||||||
| Stewart Information Services Corp. | ||||||||
| 3.60% due 11/15/31 | 36,711,000 | 32,825,810 | ||||||
| Commonwealth Bank of Australia | ||||||||
| 5.93% due 03/14/463,11 | 29,470,000 | 28,937,929 | ||||||
| 3.61% due 09/12/343,11 | 3,550,000 | 3,361,942 | ||||||
| Beacon Funding Trust | ||||||||
| 6.27% due 08/15/543 | 31,900,000 | 31,578,355 | ||||||
| Societe Generale S.A. | ||||||||
| 3.34% due 01/21/333,11 | 22,830,000 | 20,252,391 | ||||||
| 6.07% due 01/19/353,11 | 8,750,000 | 9,012,098 | ||||||
| 5.25% due 05/22/293,11 | 1,790,000 | 1,811,855 | ||||||
| Bank of America Corp. | ||||||||
| 5.74% due 02/12/3611 | 16,850,000 | 17,121,927 | ||||||
| 5.52% due 10/25/3511 | 10,000,000 | 10,000,091 | ||||||
| 3.56% due 04/23/2711 | 3,350,000 | 3,325,935 | ||||||
| MetLife, Inc. | ||||||||
| 6.35% due 03/15/5511 | 28,930,000 | 29,714,784 | ||||||
| Capital One Financial Corp. | ||||||||
| 6.38% due 06/08/3411 | 22,450,000 | 23,900,347 | ||||||
| 6.05% due 02/01/3511 | 2,570,000 | 2,678,925 | ||||||
| 5.88% due 07/26/3511 | 2,280,000 | 2,350,682 | ||||||
| Americo Life, Inc. | ||||||||
| 3.45% due 04/15/313 | 32,364,000 | 28,871,631 | ||||||
| OneMain Finance Corp. | ||||||||
| 6.63% due 05/15/29 | 9,925,000 | 10,193,481 | ||||||
| 7.50% due 05/15/31 | 8,250,000 | 8,620,029 | ||||||
| 7.13% due 03/15/26 | 6,588,000 | 6,685,502 | ||||||
| 3.88% due 09/15/28 | 2,270,000 | 2,176,835 | ||||||
| 7.13% due 11/15/31 | 1,125,000 | 1,170,534 | ||||||
| VICI Properties, LP | ||||||||
| 5.63% due 04/01/35 | 28,500,000 | 28,761,988 | ||||||
| Dai-ichi Life Insurance Company Ltd. | ||||||||
| 6.20% 3,10,11 | 27,750,000 | 28,001,803 | ||||||
| Farmers Insurance Exchange | ||||||||
| 7.00% due 10/15/643,11 | 28,140,000 | 27,931,719 | ||||||
| BNP Paribas S.A. | ||||||||
| 5.50% due 05/20/303,11 | 15,990,000 | 16,418,806 | ||||||
| 5.09% due 05/09/313,11 | 7,200,000 | 7,270,182 | ||||||
| 5.79% due 01/13/333,11 | 3,270,000 | 3,401,794 | ||||||
| Meiji Yasuda Life Insurance Co. | ||||||||
| 6.10% due 06/11/553,11 | 22,800,000 | 22,755,814 | ||||||
| 5.80% due 09/11/543,11 | 4,093,000 | 4,029,754 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 5.75% due 09/15/34 | 20,050,000 | 20,579,979 | ||||||
| 6.65% due 09/15/5511 | 6,190,000 | 6,169,593 | ||||||
| Westpac Banking Corp. | ||||||||
| 3.02% due 11/18/3611 | 15,650,000 | 13,739,973 | ||||||
| 3.13% due 11/18/41 | 12,214,000 | 8,893,517 | ||||||
| 2.67% due 11/15/3511 | 4,467,000 | 3,940,266 | ||||||
| Ascot Group Ltd. | ||||||||
| 6.35% due 06/15/353,11 | 25,150,000 | 25,950,062 | ||||||
| Jane Street Group / JSG Finance, Inc. | ||||||||
| 7.13% due 04/30/313 | 24,480,000 | 25,756,803 | ||||||
| Dyal Capital Partners III | ||||||||
| 4.40% due 06/15/40††† | 26,750,000 | 25,175,305 | ||||||
| Ardonagh Finco Ltd. | ||||||||
| 6.88% due 02/15/313 | EUR | 16,100,000 | 19,490,403 | |||||
| 7.75% due 02/15/313 | 5,300,000 | 5,540,986 | ||||||
| Trustage Financial Group, Inc. | ||||||||
| 4.63% due 04/15/323 | 26,450,000 | 25,023,472 | ||||||
| AmFam Holdings, Inc. | ||||||||
| 2.81% due 03/11/313 | 19,525,000 | 16,615,883 | ||||||
| 3.83% due 03/11/513 | 13,118,000 | 8,304,045 | ||||||
| American National Global Funding | ||||||||
| 5.55% due 01/28/303 | 12,225,000 | 12,484,652 | ||||||
| 5.25% due 06/03/303 | 12,250,000 | 12,311,229 | ||||||
| Belrose Funding Trust II | ||||||||
| 6.79% due 05/15/553 | 23,810,000 | 24,338,357 | ||||||
| Hunt Companies, Inc. | ||||||||
| 5.25% due 04/15/293 | 25,121,000 | 24,205,415 | ||||||
| OneAmerica Financial Partners, Inc. | ||||||||
| 4.25% due 10/15/503 | 31,390,000 | 24,160,150 | ||||||
| Omnis Funding Trust | ||||||||
| 6.72% due 05/15/553 | 22,640,000 | 23,461,270 | ||||||
| 200 Park Funding Trust | ||||||||
| 5.74% due 02/15/553 | 22,000,000 | 21,704,639 | ||||||
| Enstar Group Ltd. | ||||||||
| 7.50% due 04/01/453,11 | 16,125,000 | 16,586,949 | ||||||
| 3.10% due 09/01/31 | 3,840,000 | 3,413,723 | ||||||
| 4.95% due 06/01/29 | 1,250,000 | 1,259,167 | ||||||
| Lloyds Banking Group plc | ||||||||
| 5.59% due 11/26/3511 | 17,200,000 | 17,496,104 | ||||||
| 3.75% due 03/18/2811 | 3,460,000 | 3,417,757 | ||||||
| Corebridge Life Holdings, Inc. | ||||||||
| 8.13% due 03/15/463 | 17,100,000 | 20,746,992 | ||||||
| PartnerRe Finance B LLC | ||||||||
| 4.50% due 10/01/5011 | 21,056,000 | 19,811,881 | ||||||
| HSBC Holdings plc | ||||||||
| 5.13% due 03/03/3111 | 15,700,000 | 15,909,627 | ||||||
| 5.29% due 11/19/3011 | 3,290,000 | 3,360,971 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Financial - 13.8% (continued) | ||||||||
| Markel Group, Inc. | ||||||||
| 6.00% due 05/16/54 | 18,900,000 | $ | 18,873,398 | |||||
| Henneman Trust | ||||||||
| 6.58% due 05/15/553 | 18,650,000 | 18,743,344 | ||||||
| Ares Finance Company II LLC | ||||||||
| 3.25% due 06/15/303 | 19,788,000 | 18,411,388 | ||||||
| Swiss Re Finance Luxembourg S.A. | ||||||||
| 5.00% due 04/02/493,11 | 18,300,000 | 18,226,800 | ||||||
| Brookfield Capital Finance LLC | ||||||||
| 6.09% due 06/14/33 | 16,800,000 | 17,772,843 | ||||||
| Credit Agricole S.A. | ||||||||
| 5.22% due 05/27/313,11 | 13,700,000 | 13,955,470 | ||||||
| 5.62% (SOFR + 1.21%) due 09/11/28◊,3 | 3,280,000 | 3,298,906 | ||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.25% due 04/01/303 | 16,600,000 | 17,078,240 | ||||||
| Equities AB | ||||||||
| 5.85% due 05/08/353 | 16,615,000 | 16,953,127 | ||||||
| RGA Global Funding | ||||||||
| 5.50% due 01/11/313 | 12,750,000 | 13,150,344 | ||||||
| 5.05% due 12/06/313 | 2,700,000 | 2,705,867 | ||||||
| Prudential Financial, Inc. | ||||||||
| 3.70% due 10/01/5011 | 17,139,000 | 15,632,904 | ||||||
| KKR Group Finance Company VIII LLC | ||||||||
| 3.50% due 08/25/503 | 22,210,000 | 15,152,425 | ||||||
| GA Global Funding Trust | ||||||||
| 2.90% due 01/06/323 | 16,400,000 | 14,317,195 | ||||||
| ING Groep N.V. | ||||||||
| 5.53% due 03/25/3611 | 10,300,000 | 10,485,192 | ||||||
| 4.86% due 03/25/2911 | 3,360,000 | 3,394,186 | ||||||
| NatWest Group plc | ||||||||
| 6.02% due 03/02/3411 | 11,740,000 | 12,421,922 | ||||||
| 4.45% due 05/08/3011 | 1,100,000 | 1,091,585 | ||||||
| VFH Parent LLC / Valor Company-Issuer, Inc. | ||||||||
| 7.50% due 06/15/313 | 12,675,000 | 13,301,132 | ||||||
| Citigroup, Inc. | ||||||||
| 6.02% due 01/24/3611 | 9,400,000 | 9,653,024 | ||||||
| 4.64% due 05/07/2811 | 3,400,000 | 3,409,012 | ||||||
| Kennedy-Wilson, Inc. | ||||||||
| 4.75% due 03/01/29 | 13,195,000 | 12,366,548 | ||||||
| 4.75% due 02/01/30 | 81,000 | 74,181 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 5.32% due 07/08/3611 | 8,800,000 | 8,815,297 | ||||||
| 5.42% due 05/13/3611 | 3,340,000 | 3,380,647 | ||||||
| Rocket Companies, Inc. | ||||||||
| 6.38% due 08/01/333 | 11,250,000 | 11,511,006 | ||||||
| Encore Capital Group, Inc. | ||||||||
| 8.50% due 05/15/303 | 9,950,000 | 10,672,320 | ||||||
| Selective Insurance Group, Inc. | ||||||||
| 5.90% due 04/15/35 | 10,410,000 | 10,642,621 | ||||||
| Atlantic Marine Corporations Communities LLC | ||||||||
| 5.34% due 12/01/503 | 10,583,902 | 9,896,054 | ||||||
| 5.37% due 12/01/503 | 718,710 | 625,042 | ||||||
| RenaissanceRe Holdings Ltd. | ||||||||
| 5.80% due 04/01/35 | 9,900,000 | 10,171,512 | ||||||
| Blue Owl Finance LLC | ||||||||
| 6.25% due 04/18/34 | 9,880,000 | 10,166,091 | ||||||
| Globe Life, Inc. | ||||||||
| 5.85% due 09/15/34 | 9,810,000 | 10,156,910 | ||||||
| Assurant, Inc. | ||||||||
| 2.65% due 01/15/32 | 10,021,000 | 8,540,369 | ||||||
| 6.75% due 02/15/34 | 1,450,000 | 1,568,022 | ||||||
| Mutual of Omaha Insurance Co. | ||||||||
| 6.14% due 01/16/643,11 | 10,150,000 | 10,094,543 | ||||||
| Galaxy Bidco Ltd. | ||||||||
| 8.13% due 12/19/293 | GBP | 7,200,000 | 10,057,038 | |||||
| Swiss RE Subordinated Finance plc | ||||||||
| 6.19% due 04/01/463,11 | 9,800,000 | 9,796,253 | ||||||
| KKR Group Finance Company X LLC | ||||||||
| 3.25% due 12/15/513 | 15,150,000 | 9,716,082 | ||||||
| Penn Mutual Life Insurance Co. | ||||||||
| 3.80% due 04/29/613 | 14,970,000 | 9,704,841 | ||||||
| Citadel Securities Global Holdings LLC | ||||||||
| 5.50% due 06/18/303 | 6,825,000 | 6,906,087 | ||||||
| 6.20% due 06/18/353 | 2,650,000 | 2,718,961 | ||||||
| Ryan Specialty LLC | ||||||||
| 5.88% due 08/01/323 | 9,357,000 | 9,430,602 | ||||||
| Aretec Group, Inc. | ||||||||
| 10.00% due 08/15/303 | 8,275,000 | 9,093,555 | ||||||
| Accident Fund Insurance Company of America | ||||||||
| 8.50% due 08/01/323 | 9,000,000 | 8,963,563 | ||||||
| SLM Corp. | ||||||||
| 3.13% due 11/02/26 | 9,132,000 | 8,950,509 | ||||||
| Assured Guaranty US Holdings, Inc. | ||||||||
| 3.60% due 09/15/51 | 13,031,000 | 8,876,023 | ||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer | ||||||||
| 6.50% due 10/01/313 | 8,600,000 | 8,759,951 | ||||||
| Equinix Europe 2 Financing Corporation LLC | ||||||||
| 5.50% due 06/15/34 | 8,200,000 | 8,397,746 | ||||||
| Mid-Atlantic Military Family Communities LLC | ||||||||
| 5.30% due 08/01/503 | 5,732,991 | 4,840,465 | ||||||
| 5.24% due 08/01/503 | 3,597,325 | 3,310,567 | ||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 5.75% due 07/01/30 | 8,000,000 | 8,132,220 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Financial - 13.8% (continued) | ||||||||
| Five Corners Funding Trust III | ||||||||
| 5.79% due 02/15/333 | 7,550,000 | $ | 7,841,757 | |||||
| Kemper Corp. | ||||||||
| 2.40% due 09/30/30 | 8,466,000 | 7,397,576 | ||||||
| CNO Global Funding | ||||||||
| 1.75% due 10/07/263 | 7,400,000 | 7,149,148 | ||||||
| Fidelis Insurance Holdings Ltd. | ||||||||
| 7.75% due 06/15/5511 | 6,075,000 | 6,270,086 | ||||||
| Ohana Military Communities LLC | ||||||||
| 5.56% due 10/01/363 | 3,820,000 | 3,809,545 | ||||||
| 5.78% due 10/01/363 | 2,200,000 | 2,230,690 | ||||||
| Dyal Capital Partners III (A), LP | ||||||||
| 6.55% due 06/15/44††† | 5,880,000 | 5,970,227 | ||||||
| Western & Southern Life Insurance Co. | ||||||||
| 3.75% due 04/28/613 | 8,263,000 | 5,592,046 | ||||||
| Belvoir Land LLC | ||||||||
| 5.60% due 12/15/353 | 5,600,000 | 5,478,659 | ||||||
| Deloitte LLP | ||||||||
| 7.33% due 11/20/26††† | 4,800,000 | 4,933,946 | ||||||
| Demeter Investments BV | ||||||||
| 5.63% due 08/15/52 | 4,900,000 | 4,915,558 | ||||||
| Manulife Financial Corp. | ||||||||
| 4.06% due 02/24/3211 | 4,815,000 | 4,760,102 | ||||||
| Cushman & Wakefield US Borrower LLC | ||||||||
| 6.75% due 05/15/283 | 4,710,000 | 4,750,228 | ||||||
| Dyal Capital Partners III (B), LP | ||||||||
| 6.55% due 06/15/44††† | 4,620,000 | 4,690,893 | ||||||
| Royal Bank of Canada | ||||||||
| 4.72% due 03/27/2811 | 3,120,000 | 3,138,787 | ||||||
| 5.54% (SOFR Compounded Index + 0.86%) due 10/18/28◊ | 1,530,000 | 1,531,668 | ||||||
| Brookfield Finance LLC / Brookfield Finance, Inc. | ||||||||
| 3.45% due 04/15/50 | 6,852,000 | 4,643,530 | ||||||
| Horace Mann Educators Corp. | ||||||||
| 4.50% due 12/01/25 | 4,560,000 | 4,552,739 | ||||||
| Northwestern Mutual Life Insurance Co. | ||||||||
| 6.17% due 05/29/553 | 4,325,000 | 4,516,417 | ||||||
| DaVinciRe Holdings Ltd. | ||||||||
| 5.95% due 04/15/353 | 4,400,000 | 4,419,059 | ||||||
| Iron Mountain, Inc. | ||||||||
| 5.63% due 07/15/323 | 1,994,000 | 1,978,151 | ||||||
| 4.88% due 09/15/273 | 1,938,000 | 1,926,972 | ||||||
| HS Wildcat LLC | ||||||||
| 3.83% due 12/31/50††† | 4,929,711 | 3,547,369 | ||||||
| CBRE Services, Inc. | ||||||||
| 4.80% due 06/15/30 | 3,500,000 | 3,510,992 | ||||||
| UWM Holdings LLC | ||||||||
| 6.63% due 02/01/303 | 3,500,000 | 3,503,617 | ||||||
| VICI Properties Limited Partnership / VICI Note Company, Inc. | ||||||||
| 4.13% due 08/15/303 | 3,600,000 | 3,455,349 | ||||||
| Bank of New York Mellon Corp. | ||||||||
| 5.06% due 07/22/3211 | 3,350,000 | 3,429,112 | ||||||
| Brighthouse Financial Global Funding | ||||||||
| 5.65% due 06/10/293 | 3,330,000 | 3,414,006 | ||||||
| KBC Group N.V. | ||||||||
| 6.32% due 09/21/343,11 | 3,180,000 | 3,407,548 | ||||||
| Deutsche Bank AG NY | ||||||||
| 3.55% due 09/18/3111 | 3,610,000 | 3,377,014 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 4.02% due 10/31/3811 | 3,870,000 | 3,375,288 | ||||||
| Wells Fargo & Co. | ||||||||
| 3.07% due 04/30/4111 | 4,440,000 | 3,355,173 | ||||||
| BGC Group, Inc. | ||||||||
| 8.00% due 05/25/28 | 3,120,000 | 3,337,513 | ||||||
| Athene Global Funding | ||||||||
| 2.67% due 06/07/313 | 3,780,000 | 3,318,641 | ||||||
| SiriusPoint Ltd. | ||||||||
| 7.00% due 04/05/29 | 3,150,000 | 3,316,151 | ||||||
| Nordea Bank Abp | ||||||||
| 5.43% (SOFR + 1.02%) due 09/10/29◊,3 | 3,280,000 | 3,304,890 | ||||||
| Intesa Sanpaolo SpA | ||||||||
| 7.80% due 11/28/533 | 2,800,000 | 3,274,895 | ||||||
| Pine Street Trust III | ||||||||
| 6.22% due 05/15/543 | 3,200,000 | 3,159,060 | ||||||
| Banco Santander S.A. | ||||||||
| 5.48% (SOFR + 1.12%) due 07/15/28◊ | 2,000,000 | 2,005,445 | ||||||
| 6.94% due 11/07/33 | 1,000,000 | 1,129,930 | ||||||
| DNB Bank ASA | ||||||||
| 5.47% (SOFR + 1.06%) due 11/05/30◊,3 | 3,060,000 | 3,081,946 | ||||||
| Bank of Nova Scotia | ||||||||
| 5.51% (SOFR Compounded Index + 1.08%) due 08/01/29◊ | 3,060,000 | 3,064,516 | ||||||
| American Express Co. | ||||||||
| 5.43% (SOFR + 1.02%) due 01/30/31◊ | 3,060,000 | 3,056,377 | ||||||
| Swedbank AB | ||||||||
| 5.44% (SOFR + 1.03%) due 11/20/29◊,3 | 3,020,000 | 3,051,475 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
| 5.56% (SOFR + 1.17%) due 07/09/29◊ | 3,020,000 | 3,049,542 | ||||||
| Barclays plc | ||||||||
| 5.84% (SOFR + 1.49%) due 03/12/28◊ | 3,010,000 | 3,033,487 | ||||||
| Nationstar Mortgage Holdings, Inc. | ||||||||
| 5.00% due 02/01/263 | 2,780,000 | 2,768,912 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Financial - 13.8% (continued) | ||||||||
| Fidelity National Financial, Inc. | ||||||||
| 2.45% due 03/15/31 | 3,130,000 | $ | 2,716,496 | |||||
| KKR Group Finance Company III LLC | ||||||||
| 5.13% due 06/01/443 | 2,710,000 | 2,459,621 | ||||||
| Public Storage Operating Co. | ||||||||
| 2.30% due 05/01/31 | 2,500,000 | 2,222,336 | ||||||
| Aurora Military Housing LLC | ||||||||
| 5.82% due 07/15/343 | 2,116,841 | 2,146,436 | ||||||
| Jackson Financial, Inc. | ||||||||
| 4.00% due 11/23/51 | 3,110,000 | 2,111,430 | ||||||
| Ares Finance Company IV LLC | ||||||||
| 3.65% due 02/01/523 | 2,450,000 | 1,690,429 | ||||||
| Blackstone Holdings Finance Company LLC | ||||||||
| 3.20% due 01/30/523 | 2,150,000 | 1,399,647 | ||||||
| Fort Moore Family Communities LLC | ||||||||
| 6.09% due 01/15/513 | 1,530,066 | 1,324,933 | ||||||
| Fort Knox Military Housing Privatization Project | ||||||||
| 4.77% (1 Month Term SOFR + 0.45%) due 02/15/52◊,3 | 1,607,648 | 1,273,948 | ||||||
| Midwest Family Housing LLC | ||||||||
| 5.58% due 01/01/513 | 1,250,078 | 1,052,375 | ||||||
| Focus Financial Partners LLC | ||||||||
| 6.75% due 09/15/313 | 1,000,000 | 1,020,764 | ||||||
| Citizens Financial Group, Inc. | ||||||||
| 6.65% due 04/25/3511 | 900,000 | 970,089 | ||||||
| Pacific Beacon LLC | ||||||||
| 5.51% due 07/15/363 | 500,000 | 496,878 | ||||||
| Atlas Mara Ltd. | ||||||||
| 8.00% due 12/31/21†††,9,12 | 542,348 | 1 | ||||||
| Total Financial | 3,886,545,682 | |||||||
| Industrial - 3.5% | ||||||||
| AP Grange Holdings | ||||||||
| 6.50% due 03/20/45††† | 155,100,000 | 157,426,500 | ||||||
| 5.00% due 03/20/45††† | 16,400,000 | 16,564,000 | ||||||
| Terminal Investment Limited Holding | ||||||||
| 6.23% due 10/01/40 | 65,600,000 | 65,352,542 | ||||||
| Homestead Spe Issuer LLC | ||||||||
| 7.21% due 04/01/55††† | 62,000,000 | 61,411,773 | ||||||
| Builders FirstSource, Inc. | ||||||||
| 6.38% due 03/01/343 | 52,000,000 | 52,991,796 | ||||||
| FLNG Liquefaction 3 LLC | ||||||||
| 3.08% due 06/30/39††† | 59,199,135 | 49,595,166 | ||||||
| Vontier Corp. | ||||||||
| 2.95% due 04/01/31 | 34,492,000 | 30,829,167 | ||||||
| 2.40% due 04/01/28 | 14,150,000 | 13,292,350 | ||||||
| TD SYNNEX Corp. | ||||||||
| 2.65% due 08/09/31 | 34,240,000 | 29,550,460 | ||||||
| 6.10% due 04/12/34 | 11,960,000 | 12,587,234 | ||||||
| Boeing Co. | ||||||||
| 6.53% due 05/01/34 | 23,001,000 | 24,991,240 | ||||||
| 6.86% due 05/01/54 | 7,175,000 | 7,854,586 | ||||||
| 3.75% due 02/01/50 | 10,492,000 | 7,409,399 | ||||||
| Prime Property Fund | ||||||||
| 5.84% due 07/10/35 | 36,000,000 | 36,000,000 | ||||||
| Flowserve Corp. | ||||||||
| 3.50% due 10/01/30 | 17,421,000 | 16,256,100 | ||||||
| 2.80% due 01/15/32 | 17,350,000 | 15,089,808 | ||||||
| TransDigm, Inc. | ||||||||
| 6.00% due 01/15/333 | 16,200,000 | 16,288,028 | ||||||
| 6.63% due 03/01/323 | 7,300,000 | 7,558,373 | ||||||
| 6.88% due 12/15/303 | 5,375,000 | 5,577,034 | ||||||
| Berry Global, Inc. | ||||||||
| 5.80% due 06/15/31 | 18,550,000 | 19,492,572 | ||||||
| 5.65% due 01/15/34 | 9,050,000 | 9,339,440 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 7.88% due 04/15/273 | 23,759,000 | 24,148,458 | ||||||
| ALLETE, Inc. | ||||||||
| 5.79% due 07/09/37 | 23,600,000 | 23,838,832 | ||||||
| Cliffwater Corporate Lending Fund | ||||||||
| 6.77% due 08/04/28††† | 22,700,000 | 23,506,333 | ||||||
| Smurfit Kappa Treasury ULC | ||||||||
| 5.44% due 04/03/34 | 22,000,000 | 22,307,560 | ||||||
| Stadco LA LLC | ||||||||
| 3.75% due 05/15/56††† | 31,000,000 | 20,987,143 | ||||||
| Trinity Industries, Inc. | ||||||||
| 7.75% due 07/15/283 | 13,225,000 | 13,774,313 | ||||||
| Graphic Packaging International LLC | ||||||||
| 6.38% due 07/15/323 | 13,025,000 | 13,299,515 | ||||||
| Weir Group plc | ||||||||
| 2.20% due 05/13/263 | 13,015,000 | 12,692,502 | ||||||
| Amsted Industries, Inc. | ||||||||
| 6.38% due 03/15/333 | 12,100,000 | 12,299,251 | ||||||
| TFI International, Inc. | ||||||||
| 3.35% due 01/05/33††† | 14,000,000 | 11,852,107 | ||||||
| Weir Group, Inc. | ||||||||
| 5.35% due 05/06/303 | 11,520,000 | 11,681,280 | ||||||
| Hillenbrand, Inc. | ||||||||
| 3.75% due 03/01/31 | 8,076,000 | 7,233,596 | ||||||
| 6.25% due 02/15/29 | 4,074,000 | 4,151,671 | ||||||
| Lottomatica Group SpA | ||||||||
| 4.88% due 01/31/31 | EUR | 9,400,000 | 11,355,074 | |||||
| Textron, Inc. | ||||||||
| 6.10% due 11/15/33 | 10,000,000 | 10,647,926 | ||||||
| Standard Building Solutions, Inc. | ||||||||
| 6.50% due 08/15/323 | 9,850,000 | 10,092,645 | ||||||
| Sonoco Products Co. | ||||||||
| 5.00% due 09/01/34 | 9,000,000 | 8,753,968 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Industrial - 3.5% (continued) | ||||||||
| Sealed Air Corporation/Sealed Air Corp US | ||||||||
| 6.13% due 02/01/283 | 8,573,000 | $ | 8,698,697 | |||||
| AP Grange Holdings LLC | ||||||||
| 6.50% due 03/20/45††† | 8,474,448 | 8,474,448 | ||||||
| QTS Irving DC3 LLC | ||||||||
| 5.96% due 07/09/29††† | 7,000,000 | 7,180,670 | ||||||
| Clarios Global LP | ||||||||
| 4.75% due 06/15/31 | EUR | 5,650,000 | 6,682,017 | |||||
| Virgin Media Vendor Financing Notes III DAC | ||||||||
| 4.88% due 07/15/28 | GBP | 5,000,000 | 6,528,468 | |||||
| Owens Corning | ||||||||
| 5.95% due 06/15/54 | 6,310,000 | 6,379,394 | ||||||
| Norfolk Southern Corp. | ||||||||
| 4.10% due 05/15/21 | 9,100,000 | 6,281,218 | ||||||
| Amazon.com, Inc. | ||||||||
| 2.65% due 10/10/42††† | 6,428,703 | 5,234,144 | ||||||
| FedEx Corp. | ||||||||
| 4.10% due 02/01/453 | 6,694,000 | 5,117,281 | ||||||
| Wrangler Holdco Corp. | ||||||||
| 6.63% due 04/01/323 | 4,902,000 | 5,103,281 | ||||||
| EnerSys | ||||||||
| 6.63% due 01/15/323 | 4,725,000 | 4,831,435 | ||||||
| GATX Corp. | ||||||||
| 6.05% due 06/05/54 | 4,428,000 | 4,431,698 | ||||||
| 4.70% due 04/01/29 | 125,000 | 125,977 | ||||||
| Hexcel Corp. | ||||||||
| 5.88% due 02/26/35 | 3,475,000 | 3,534,518 | ||||||
| CIMIC Finance USA Pty Ltd. | ||||||||
| 7.00% due 03/25/343 | 3,240,000 | 3,449,524 | ||||||
| Genesee & Wyoming, Inc. | ||||||||
| 6.25% due 04/15/323 | 3,235,000 | 3,300,907 | ||||||
| Hope Gas Holdings LLC | ||||||||
| 5.99% due 09/01/33††† | 3,000,000 | 2,952,730 | ||||||
| Canadian National Railway Co. | ||||||||
| 5.85% due 11/01/33 | 2,500,000 | 2,673,467 | ||||||
| GrafTech Global Enterprises, Inc. | ||||||||
| 9.88% due 12/23/293 | 3,100,000 | 2,449,000 | ||||||
| CNH Industrial Capital LLC | ||||||||
| 4.75% due 03/21/28 | 1,680,000 | 1,692,564 | ||||||
| Stanley Black & Decker, Inc. | ||||||||
| 3.00% due 05/15/32 | 1,550,000 | 1,359,018 | ||||||
| Sealed Air Corp. | ||||||||
| 6.50% due 07/15/323 | 1,304,000 | 1,351,287 | ||||||
| Penske Truck Leasing Company Lp / PTL Finance Corp. | ||||||||
| 5.25% due 07/01/293 | 1,000,000 | 1,023,821 | ||||||
| Fortune Brands Innovations, Inc. | ||||||||
| 4.50% due 03/25/52 | 300,000 | 239,004 | ||||||
| 5.88% due 06/01/33 | 119,000 | 124,791 | ||||||
| MIWD Holdco II LLC / MIWD Finance Corp. | ||||||||
| 5.50% due 02/01/303 | 250,000 | 237,654 | ||||||
| Virgin Media Inc. | ||||||||
| 4.00% due 01/31/29 | GBP | 150,000 | 190,983 | |||||
| Standard Industries, Inc. | ||||||||
| 3.38% due 01/15/313 | 17,000 | 15,245 | ||||||
| Total Industrial | 997,742,983 | |||||||
| Energy - 2.8% | ||||||||
| BP Capital Markets plc | ||||||||
| 4.88% 10,11 | 75,020,000 | 74,242,571 | ||||||
| 6.13% 10,11 | 9,970,000 | 9,953,589 | ||||||
| Enbridge, Inc. | ||||||||
| 5.63% due 04/05/34 | 22,300,000 | 22,911,358 | ||||||
| 5.55% due 06/20/35 | 20,250,000 | 20,586,459 | ||||||
| 6.70% due 11/15/53 | 3,140,000 | 3,395,926 | ||||||
| Venture Global LNG, Inc. | ||||||||
| 9.50% due 02/01/293 | 29,800,000 | 32,463,464 | ||||||
| 9.88% due 02/01/323 | 10,300,000 | 11,123,619 | ||||||
| Plains All American Pipeline Limited Partnership / PAA Finance Corp. | ||||||||
| 5.70% due 09/15/34 | 37,730,000 | 38,462,012 | ||||||
| 4.90% due 02/15/45 | 3,770,000 | 3,209,212 | ||||||
| Greensaif Pipelines Bidco SARL | ||||||||
| 6.10% due 08/23/423 | 17,000,000 | 16,998,470 | ||||||
| 5.85% due 02/23/363 | 11,900,000 | 12,018,964 | ||||||
| 6.51% due 02/23/423 | 6,500,000 | 6,735,519 | ||||||
| 6.13% due 02/23/383 | 5,550,000 | 5,723,514 | ||||||
| ITT Holdings LLC | ||||||||
| 6.50% due 08/01/293 | 38,518,000 | 36,628,734 | ||||||
| Galaxy Pipeline Assets Bidco Ltd. | ||||||||
| 3.25% due 09/30/403 | 43,921,000 | 34,205,791 | ||||||
| DT Midstream, Inc. | ||||||||
| 5.80% due 12/15/343 | 29,400,000 | 29,941,313 | ||||||
| 4.30% due 04/15/323 | 3,250,000 | 3,040,872 | ||||||
| Targa Resources Corp. | ||||||||
| 5.50% due 02/15/35 | 10,700,000 | 10,737,484 | ||||||
| 6.50% due 03/30/34 | 9,937,000 | 10,678,363 | ||||||
| 5.65% due 02/15/36 | 4,875,000 | 4,920,816 | ||||||
| 6.50% due 02/15/53 | 2,860,000 | 2,936,014 | ||||||
| 4.90% due 09/15/30 | 2,325,000 | 2,344,627 | ||||||
| 6.13% due 05/15/55 | 250,000 | 244,566 | ||||||
| Energy Transfer, LP | ||||||||
| 6.00% due 02/01/293 | 11,400,000 | 11,583,043 | ||||||
| 6.20% due 04/01/55 | 8,750,000 | 8,614,334 | ||||||
| 7.38% due 02/01/313 | 7,610,000 | 7,974,070 | ||||||
| 5.60% due 09/01/34 | 1,500,000 | 1,523,421 | ||||||
| Plains All American Pipeline, LP | ||||||||
| 5.95% due 06/15/35 | 24,100,000 | 24,775,725 | ||||||
| MPLX, LP | ||||||||
| 5.95% due 04/01/55 | 21,200,000 | 20,192,444 | ||||||
| 5.50% due 02/15/49 | 3,250,000 | 2,934,486 | ||||||
| 5.65% due 03/01/53 | 1,630,000 | 1,495,618 | ||||||
| Cheniere Energy Partners, LP | ||||||||
| 5.55% due 10/30/353 | 11,800,000 | 11,892,773 | ||||||
| 5.95% due 06/30/33 | 8,845,000 | 9,232,723 | ||||||
| 5.75% due 08/15/34 | 2,950,000 | 3,029,563 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Energy - 2.8% (continued) | ||||||||
| ONEOK, Inc. | ||||||||
| 7.15% due 01/15/51 | 6,341,000 | $ | 6,828,560 | |||||
| 6.05% due 09/01/33 | 6,350,000 | 6,662,778 | ||||||
| 5.65% due 09/01/34 | 5,050,000 | 5,113,627 | ||||||
| 5.60% due 04/01/44 | 2,330,000 | 2,125,365 | ||||||
| 5.05% due 11/01/34 | 1,200,000 | 1,167,776 | ||||||
| 3.95% due 03/01/50 | 1,600,000 | 1,134,209 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 5.38% due 01/01/32 | 18,470,000 | 18,318,012 | ||||||
| 6.38% due 09/01/28 | 3,175,000 | 3,299,139 | ||||||
| HF Sinclair Corp. | ||||||||
| 6.25% due 01/15/35 | 19,065,000 | 19,352,223 | ||||||
| Parkland Corp. | ||||||||
| 4.63% due 05/01/303 | 15,663,000 | 14,998,283 | ||||||
| 6.63% due 08/15/323 | 4,200,000 | 4,292,740 | ||||||
| Viper Energy, Inc. | ||||||||
| 7.38% due 11/01/313 | 8,664,000 | 9,193,242 | ||||||
| 5.38% due 11/01/273 | 9,040,000 | 9,049,835 | ||||||
| Sunoco, LP | ||||||||
| 7.25% due 05/01/323 | 17,125,000 | 17,980,931 | ||||||
| Buckeye Partners, LP | ||||||||
| 3.95% due 12/01/26 | 11,100,000 | 10,970,420 | ||||||
| 6.88% due 07/01/293 | 2,800,000 | 2,900,862 | ||||||
| 6.75% due 02/01/303 | 1,845,000 | 1,915,178 | ||||||
| Midwest Connector Capital Company LLC | ||||||||
| 4.63% due 04/01/293 | 14,608,000 | 14,484,156 | ||||||
| Whistler Pipeline LLC | ||||||||
| 5.70% due 09/30/313 | 13,350,000 | 13,609,476 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 3.88% due 11/01/333 | 10,672,000 | 9,332,439 | ||||||
| 4.13% due 08/15/313 | 2,667,000 | 2,468,554 | ||||||
| 6.25% due 01/15/303 | 1,500,000 | 1,547,062 | ||||||
| Cheniere Energy, Inc. | ||||||||
| 5.65% due 04/15/34 | 11,550,000 | 11,829,275 | ||||||
| NuStar Logistics, LP | ||||||||
| 6.38% due 10/01/30 | 9,282,000 | 9,618,565 | ||||||
| 5.63% due 04/28/27 | 1,880,000 | 1,896,317 | ||||||
| Kinetik Holdings, LP | ||||||||
| 6.63% due 12/15/283 | 9,625,000 | 9,844,354 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.75% due 01/15/363 | 9,225,000 | 9,225,000 | ||||||
| Freeport LNG Development, LP | ||||||||
| 5.92% due 12/31/39††† | 8,300,000 | 8,325,017 | ||||||
| Florida Gas Transmission Company LLC | ||||||||
| 5.75% due 07/15/353 | 7,600,000 | 7,777,315 | ||||||
| Boardwalk Pipelines, LP | ||||||||
| 5.63% due 08/01/34 | 6,675,000 | 6,770,641 | ||||||
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. | ||||||||
| 5.50% due 03/01/30 | 5,863,000 | 5,950,231 | ||||||
| Koninklijke Vopak N.V. | ||||||||
| 6.04% due 06/20/32††† | 5,500,000 | 5,707,307 | ||||||
| CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC | ||||||||
| 7.50% due 12/15/333 | 5,000,000 | 5,425,440 | ||||||
| Kinder Morgan, Inc. | ||||||||
| 5.85% due 06/01/35 | 3,950,000 | 4,094,509 | ||||||
| 5.20% due 06/01/33 | 126,000 | 126,598 | ||||||
| TransCanada PipeLines Ltd. | ||||||||
| 7.63% due 01/15/39 | 2,870,000 | 3,348,763 | ||||||
| Kinder Morgan Energy Partners, LP | ||||||||
| 7.50% due 11/15/40 | 2,910,000 | 3,326,027 | ||||||
| Western Midstream Operating, LP | ||||||||
| 5.30% due 03/01/48 | 3,750,000 | 3,129,395 | ||||||
| BP Capital Markets America, Inc. | ||||||||
| 4.99% due 04/10/34 | 2,500,000 | 2,515,747 | ||||||
| Eni SpA | ||||||||
| 5.95% due 05/15/543 | 2,020,000 | 1,954,227 | ||||||
| Marathon Petroleum Corp. | ||||||||
| 6.50% due 03/01/41 | 1,650,000 | 1,722,497 | ||||||
| Eastern Gas Transmission & Storage, Inc. | ||||||||
| 4.60% due 12/15/44 | 500,000 | 419,657 | ||||||
| Total Energy | 776,503,206 | |||||||
| Consumer, Non-cyclical - 2.3% | ||||||||
| Smithfield Foods, Inc. | ||||||||
| 2.63% due 09/13/313 | 45,782,000 | 39,465,318 | ||||||
| 3.00% due 10/15/303 | 16,613,000 | 15,090,919 | ||||||
| Global Payments, Inc. | ||||||||
| 2.90% due 11/15/31 | 30,265,000 | 26,768,627 | ||||||
| 2.90% due 05/15/30 | 18,405,000 | 16,921,378 | ||||||
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL | ||||||||
| 3.00% due 05/15/32 | 29,206,000 | 25,568,746 | ||||||
| 4.38% due 02/02/52 | 9,710,000 | 7,484,229 | ||||||
| 5.50% due 01/15/30 | 5,047,440 | 5,163,087 | ||||||
| Altria Group, Inc. | ||||||||
| 4.45% due 05/06/50 | 25,185,000 | 19,708,925 | ||||||
| 3.70% due 02/04/51 | 25,038,000 | 17,327,667 | ||||||
| Brink's Co. | ||||||||
| 6.75% due 06/15/323 | 22,420,000 | 23,348,121 | ||||||
| 6.50% due 06/15/293 | 11,657,000 | 12,015,962 | ||||||
| Triton Container International Ltd. | ||||||||
| 3.15% due 06/15/313 | 33,621,000 | 29,170,312 | ||||||
| Royalty Pharma plc | ||||||||
| 3.55% due 09/02/50 | 39,920,000 | 27,045,054 | ||||||
| 1.20% due 09/02/25 | 1,875,000 | 1,862,607 | ||||||
| Flowers Foods, Inc. | ||||||||
| 5.75% due 03/15/35 | 27,100,000 | 27,772,927 | ||||||
| IQVIA, Inc. | ||||||||
| 5.00% due 05/15/273 | 10,699,000 | 10,662,867 | ||||||
| 5.00% due 10/15/263 | 8,700,000 | 8,691,089 | ||||||
| 6.25% due 06/01/323 | 7,315,000 | 7,506,786 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Consumer, Non-cyclical - 2.3% (continued) | ||||||||
| Universal Health Services, Inc. | ||||||||
| 5.05% due 10/15/34 | 13,850,000 | $ | 13,215,913 | |||||
| 2.65% due 10/15/30 | 13,757,000 | 12,265,997 | ||||||
| GXO Logistics, Inc. | ||||||||
| 6.25% due 05/06/29 | 13,120,000 | 13,697,339 | ||||||
| 6.50% due 05/06/34 | 10,485,000 | 10,967,449 | ||||||
| Icon Investments Six DAC | ||||||||
| 6.00% due 05/08/34 | 20,600,000 | 21,052,776 | ||||||
| Mars, Inc. | ||||||||
| 5.20% due 03/01/353 | 19,775,000 | 20,011,888 | ||||||
| BAT Capital Corp. | ||||||||
| 5.63% due 08/15/35 | 9,550,000 | 9,717,802 | ||||||
| 6.00% due 02/20/34 | 5,925,000 | 6,245,647 | ||||||
| 4.76% due 09/06/49 | 3,950,000 | 3,256,372 | ||||||
| Yale-New Haven Health Services Corp. | ||||||||
| 2.50% due 07/01/50 | 32,350,000 | 18,630,287 | ||||||
| JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings Incorporated / JBS USA Food Co. | ||||||||
| 5.50% due 01/15/363 | 18,200,000 | 18,226,754 | ||||||
| HAH Group Holding Company LLC | ||||||||
| 9.75% due 10/01/313 | 17,915,000 | 17,761,168 | ||||||
| Valvoline, Inc. | ||||||||
| 3.63% due 06/15/313 | 18,300,000 | 16,569,689 | ||||||
| AZ Battery Property LLC | ||||||||
| 6.73% due 02/20/46††† | 16,480,000 | 15,764,363 | ||||||
| Highmark, Inc. | ||||||||
| 2.55% due 05/10/313 | 17,850,000 | 15,306,094 | ||||||
| Darling Global Finance B.V. | ||||||||
| 4.50% due 06/15/323 | EUR | 9,350,000 | 11,148,703 | |||||
| Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
| 5.75% due 04/15/263 | 10,926,000 | 10,982,662 | ||||||
| Becle, SAB de CV | ||||||||
| 2.50% due 10/14/313 | 13,000,000 | 10,773,668 | ||||||
| Kroger Co. | ||||||||
| 5.50% due 09/15/54 | 11,200,000 | 10,631,623 | ||||||
| HCA, Inc. | ||||||||
| 3.50% due 07/15/51 | 10,580,000 | 7,008,456 | ||||||
| 5.88% due 02/15/26 | 2,775,000 | 2,778,011 | ||||||
| 3.50% due 09/01/30 | 68,000 | 64,303 | ||||||
| Block, Inc. | ||||||||
| 6.50% due 05/15/32 | 7,875,000 | 8,124,819 | ||||||
| CVS Health Corp. | ||||||||
| 7.00% due 03/10/5511 | 4,050,000 | 4,177,212 | ||||||
| 5.05% due 03/25/48 | 1,940,000 | 1,675,089 | ||||||
| 6.75% due 12/10/5411 | 30,000 | 30,065 | ||||||
| TriNet Group, Inc. | ||||||||
| 7.13% due 08/15/313 | 5,450,000 | 5,676,697 | ||||||
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC | ||||||||
| 3.25% due 03/15/263 | 5,690,000 | 5,611,638 | ||||||
| Graham Holdings Co. | ||||||||
| 5.75% due 06/01/263 | 4,767,000 | 4,763,472 | ||||||
| Health Care Service Corporation A Mutual Legal Reserve Co. | ||||||||
| 5.88% due 06/15/543 | 4,800,000 | 4,675,059 | ||||||
| WW International, Inc. | ||||||||
| 4.50% due 04/15/29†††,3,12 | 11,651,000 | 3,830,266 | ||||||
| Central Garden & Pet Co. | ||||||||
| 4.13% due 04/30/313 | 3,854,000 | 3,577,807 | ||||||
| Sotheby's/Bidfair Holdings, Inc. | ||||||||
| 5.88% due 06/01/293 | 3,900,000 | 3,512,035 | ||||||
| Tesco plc | ||||||||
| 6.15% due 11/15/373 | 3,240,000 | 3,317,811 | ||||||
| Imperial Brands Finance plc | ||||||||
| 3.88% due 07/26/293 | 3,200,000 | 3,100,400 | ||||||
| Philip Morris International, Inc. | ||||||||
| 4.13% due 04/28/28 | 3,090,000 | 3,083,955 | ||||||
| APi Group DE, Inc. | ||||||||
| 4.13% due 07/15/293 | 2,951,000 | 2,813,512 | ||||||
| Boost Newco Borrower LLC | ||||||||
| 7.50% due 01/15/313 | 2,600,000 | 2,759,939 | ||||||
| GlaxoSmithKline Capital, Inc. | ||||||||
| 5.38% due 04/15/34 | 2,500,000 | 2,612,599 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 5.20% due 01/31/34 | 2,500,000 | 2,569,096 | ||||||
| Providence St. Joseph Health Obligated Group | ||||||||
| 2.70% due 10/01/51 | 4,250,000 | 2,369,562 | ||||||
| Beth Israel Lahey Health, Inc. | ||||||||
| 3.08% due 07/01/51 | 2,700,000 | 1,661,576 | ||||||
| Triton Container International Limited / TAL International Container Corp. | ||||||||
| 3.25% due 03/15/32 | 1,850,000 | 1,598,599 | ||||||
| DaVita, Inc. | ||||||||
| 3.75% due 02/15/313 | 149,000 | 135,516 | ||||||
| 4.63% due 06/01/303 | 76,000 | 72,817 | ||||||
| Total Consumer, Non-cyclical | 659,401,126 | |||||||
| Consumer, Cyclical - 2.0% | ||||||||
| Choice Hotels International, Inc. | ||||||||
| 3.70% due 01/15/31 | 50,391,000 | 46,734,771 | ||||||
| 5.85% due 08/01/34 | 11,150,000 | 11,236,980 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Consumer, Cyclical - 2.0% (continued) | ||||||||
| LG Energy Solution Ltd. | ||||||||
| 5.38% due 04/02/303 | 27,400,000 | $ | 27,470,490 | |||||
| 5.38% due 07/02/293 | 15,000,000 | 15,157,872 | ||||||
| 5.50% due 07/02/343 | 7,100,000 | 6,965,820 | ||||||
| 5.25% due 04/02/283 | 5,400,000 | 5,416,812 | ||||||
| Alt-2 Structured Trust | ||||||||
| 2.95% due 05/14/31◊,††† | 39,044,173 | 36,043,051 | ||||||
| Hyatt Hotels Corp. | ||||||||
| 5.75% due 04/23/30 | 19,039,000 | 19,694,355 | ||||||
| 5.75% due 03/30/32 | 12,100,000 | 12,422,062 | ||||||
| Flutter Treasury Designated Activity Co. | ||||||||
| 6.38% due 04/29/293 | 25,950,000 | 26,729,616 | ||||||
| AS Mileage Plan IP Ltd. | ||||||||
| 5.31% due 10/20/313 | 16,000,000 | 15,740,879 | ||||||
| 5.02% due 10/20/293 | 9,670,000 | 9,568,969 | ||||||
| Walgreens Boots Alliance, Inc. | ||||||||
| 4.10% due 04/15/50 | 15,203,000 | 13,213,742 | ||||||
| 3.45% due 06/01/26 | 11,825,000 | 11,569,916 | ||||||
| Hasbro, Inc. | ||||||||
| 6.05% due 05/14/34 | 23,976,000 | 24,726,384 | ||||||
| Air Canada | ||||||||
| 3.88% due 08/15/263 | 23,429,000 | 23,192,346 | ||||||
| Marriott International, Inc. | ||||||||
| 5.50% due 04/15/37 | 13,500,000 | 13,502,237 | ||||||
| 5.35% due 03/15/35 | 7,100,000 | 7,158,107 | ||||||
| Warnermedia Holdings, Inc. | ||||||||
| 5.14% due 03/15/52 | 27,327,000 | 19,060,583 | ||||||
| Whirlpool Corp. | ||||||||
| 4.60% due 05/15/50 | 14,513,000 | 11,050,210 | ||||||
| 5.75% due 03/01/34 | 8,070,000 | 7,867,635 | ||||||
| Hilton Domestic Operating Company, Inc. | ||||||||
| 6.13% due 04/01/323 | 12,925,000 | 13,236,945 | ||||||
| 5.88% due 03/15/333 | 5,042,000 | 5,137,183 | ||||||
| International Game Technology plc | ||||||||
| 4.13% due 04/15/263 | 17,834,000 | 17,822,905 | ||||||
| IGT Lottery Holdings B.V. | ||||||||
| 4.25% due 03/15/30 | EUR | 14,500,000 | 17,381,892 | |||||
| British Airways Class A Pass Through Trust | ||||||||
| 2.90% due 03/15/353 | 12,800,718 | 11,529,285 | ||||||
| 4.25% due 11/15/323 | 4,469,140 | 4,284,905 | ||||||
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | ||||||||
| 6.50% due 06/20/273 | 15,676,990 | 15,697,559 | ||||||
| Ferguson Finance plc | ||||||||
| 3.25% due 06/02/303 | 11,054,000 | 10,410,685 | ||||||
| 4.65% due 04/20/323 | 5,200,000 | 5,079,899 | ||||||
| American Airlines Class AA Pass Through Trust | ||||||||
| 3.35% due 10/15/29 | 6,978,556 | 6,638,825 | ||||||
| 3.20% due 06/15/28 | 4,491,800 | 4,305,271 | ||||||
| 3.00% due 10/15/28 | 3,191,882 | 3,019,159 | ||||||
| 3.15% due 02/15/32 | 134,812 | 123,797 | ||||||
| Polaris, Inc. | ||||||||
| 6.95% due 03/15/29 | 13,000,000 | 13,674,000 | ||||||
| United Airlines, Inc. | ||||||||
| 4.38% due 04/15/263 | 12,700,000 | 12,616,042 | ||||||
| Delta Air Lines, Inc. / SkyMiles IP Ltd. | ||||||||
| 4.50% due 10/20/253 | 7,535,500 | 7,517,266 | ||||||
| 4.75% due 10/20/283 | 3,800,000 | 3,808,812 | ||||||
| Sodexo, Inc. | ||||||||
| 5.80% due 08/15/353 | 10,275,000 | 10,589,836 | ||||||
| United Airlines 2023-1 Class A Pass Through Trust | ||||||||
| 5.80% due 01/15/36 | 7,117,089 | 7,259,482 | ||||||
| Flutter Entertainment plc | ||||||||
| 5.00% due 04/29/29 | EUR | 4,900,000 | 5,988,767 | |||||
| Essendi SA | ||||||||
| 5.38% due 05/15/303 | EUR | 4,850,000 | 5,822,483 | |||||
| AccorInvest Group S.A. | ||||||||
| 5.63% due 05/15/323 | EUR | 2,750,000 | 3,265,677 | |||||
| 5.89% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 05/15/32◊,3 | EUR | 1,900,000 | 2,258,003 | |||||
| Live Nation Entertainment, Inc. | ||||||||
| 6.50% due 05/15/273 | 4,635,000 | 4,703,315 | ||||||
| LKQ Corp. | ||||||||
| 6.25% due 06/15/33 | 3,412,000 | 3,595,227 | ||||||
| William Carter Co. | ||||||||
| 5.63% due 03/15/273 | 3,450,000 | 3,428,554 | ||||||
| AutoNation, Inc. | ||||||||
| 5.89% due 03/15/35 | 3,330,000 | 3,377,314 | ||||||
| Darden Restaurants, Inc. | ||||||||
| 4.55% due 02/15/48 | 3,970,000 | 3,236,574 | ||||||
| JB Poindexter & Company, Inc. | ||||||||
| 8.75% due 12/15/313 | 1,230,000 | 1,251,770 | ||||||
| Alimentation Couche-Tard, Inc. | ||||||||
| 3.80% due 01/25/503 | 1,400,000 | 1,006,327 | ||||||
| General Motors Co. | ||||||||
| 6.25% due 10/02/43 | 1,000,000 | 980,876 | ||||||
| Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. | ||||||||
| 6.63% due 05/01/323 | 750,000 | 773,576 | ||||||
| JetBlue Class A Pass Through Trust | ||||||||
| 4.00% due 11/15/32 | 105,830 | 99,080 | ||||||
| Total Consumer, Cyclical | 574,444,128 | |||||||
| Communications - 1.5% | ||||||||
| Level 3 Financing, Inc. | ||||||||
| 10.75% due 12/15/303 | 20,300,000 | 23,015,125 | ||||||
| 11.00% due 11/15/293 | 17,497,967 | 20,071,719 | ||||||
| 4.50% due 04/01/303 | 21,815,000 | 19,742,575 | ||||||
| 3.88% due 10/15/303 | 3,734,709 | 3,239,860 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Communications - 1.5% (continued) | ||||||||
| British Telecommunications plc | ||||||||
| 4.88% due 11/23/813,11 | 47,450,000 | $ | 43,445,566 | |||||
| 4.25% due 11/23/813,11 | 8,250,000 | 8,089,595 | ||||||
| Sirius XM Radio LLC | ||||||||
| 3.13% due 09/01/263 | 26,975,000 | 26,466,106 | ||||||
| 4.13% due 07/01/303 | 12,010,000 | 11,073,695 | ||||||
| Vodafone Group plc | ||||||||
| 4.13% due 06/04/8111 | 40,537,000 | 37,047,385 | ||||||
| Paramount Global | ||||||||
| 5.90% due 10/15/40 | 20,648,000 | 18,828,287 | ||||||
| 5.25% due 04/01/44 | 15,720,000 | 12,513,154 | ||||||
| 4.90% due 08/15/44 | 6,518,000 | 5,027,521 | ||||||
| SoftBank Corp. | ||||||||
| 5.33% due 07/09/353 | 34,550,000 | 34,550,000 | ||||||
| Rogers Communications, Inc. | ||||||||
| 4.55% due 03/15/52 | 29,725,000 | 24,204,760 | ||||||
| 7.13% due 04/15/5511 | 5,650,000 | 5,726,860 | ||||||
| Bell Telephone Company of Canada or Bell Canada | ||||||||
| 7.00% due 09/15/5511 | 25,250,000 | 25,610,986 | ||||||
| TELUS Corp. | ||||||||
| 6.63% due 10/15/5511 | 13,850,000 | 13,932,764 | ||||||
| 7.00% due 10/15/5511 | 9,850,000 | 9,915,907 | ||||||
| Fox Corp. | ||||||||
| 6.50% due 10/13/33 | 17,960,000 | 19,431,382 | ||||||
| Altice France S.A. | ||||||||
| 5.13% due 07/15/293 | 17,800,000 | 14,712,145 | ||||||
| 5.13% due 01/15/293 | 2,290,000 | 1,892,112 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 3.90% due 06/01/52 | 13,904,000 | 9,542,452 | ||||||
| Time Warner Cable LLC | ||||||||
| 4.50% due 09/15/42 | 6,730,000 | 5,360,326 | ||||||
| CSC Holdings LLC | ||||||||
| 4.13% due 12/01/303 | 5,772,000 | 4,072,219 | ||||||
| Cogent Communications Group LLC | ||||||||
| 7.00% due 06/15/273 | 3,625,000 | 3,641,610 | ||||||
| America Movil SAB de CV | ||||||||
| 6.13% due 03/30/40 | 3,250,000 | 3,390,546 | ||||||
| Nokia Oyj | ||||||||
| 6.63% due 05/15/39 | 3,240,000 | 3,358,098 | ||||||
| Prosus N.V. | ||||||||
| 4.99% due 01/19/523 | 4,320,000 | 3,333,297 | ||||||
| Corning, Inc. | ||||||||
| 5.75% due 08/15/40 | 2,970,000 | 3,011,955 | ||||||
| McGraw-Hill Education, Inc. | ||||||||
| 5.75% due 08/01/283 | 1,549,000 | 1,558,331 | ||||||
| Discovery Communications LLC | ||||||||
| 5.00% due 09/20/37 | 2,020,000 | 1,375,014 | ||||||
| Match Group Holdings II LLC | ||||||||
| 4.13% due 08/01/303 | 1,250,000 | 1,168,983 | ||||||
| Virgin Media Finance plc | ||||||||
| 5.00% due 07/15/303 | 1,050,000 | 959,543 | ||||||
| Sunrise FinCo I B.V. | ||||||||
| 4.88% due 07/15/313 | 200,000 | 189,150 | ||||||
| Total Communications | 419,499,028 | |||||||
| Utilities - 1.1% | ||||||||
| NRG Energy, Inc. | ||||||||
| 2.45% due 12/02/273 | 26,000,000 | 24,676,887 | ||||||
| 7.00% due 03/15/333 | 10,440,000 | 11,459,936 | ||||||
| MN8 Portfolio IV LLC | ||||||||
| 6.31% due 07/30/45 | 32,700,000 | 32,851,065 | ||||||
| PacifiCorp | ||||||||
| 7.38% due 09/15/5511 | 27,250,000 | 28,328,020 | ||||||
| AES Corp. | ||||||||
| 3.95% due 07/15/303 | 17,898,000 | 17,016,108 | ||||||
| 2.45% due 01/15/31 | 5,748,000 | 5,025,150 | ||||||
| 3.30% due 07/15/253 | 3,750,000 | 3,745,819 | ||||||
| CMS Energy Corp. | ||||||||
| 6.50% due 06/01/5511 | 22,615,000 | 22,669,118 | ||||||
| Terraform Global Operating, LP | ||||||||
| 6.13% due 03/01/263 | 16,537,000 | 16,436,974 | ||||||
| Brooklyn Union Gas Co. | ||||||||
| 6.39% due 09/15/333 | 12,675,000 | 13,483,459 | ||||||
| 6.42% due 07/18/543 | 1,180,000 | 1,220,599 | ||||||
| 4.27% due 03/15/483 | 1,300,000 | 998,656 | ||||||
| Central Storage Safety Project Trust | ||||||||
| 4.82% due 02/01/389 | 15,370,080 | 14,211,553 | ||||||
| Public Service Company of Colorado | ||||||||
| 5.35% due 05/15/34 | 13,400,000 | 13,590,780 | ||||||
| Alexander Funding Trust II | ||||||||
| 7.47% due 07/31/283 | 12,360,000 | 13,217,620 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 6.38% due 08/15/5511 | 11,740,000 | 11,988,368 | ||||||
| Evercore, Inc. | ||||||||
| 5.47% due 07/24/32 | 6,900,000 | 6,888,079 | ||||||
| 5.17% due 07/24/30 | 5,000,000 | 4,994,743 | ||||||
| Black Hills Corp. | ||||||||
| 6.00% due 01/15/35 | 7,830,000 | 8,120,826 | ||||||
| 5.95% due 03/15/28 | 50,000 | 51,793 | ||||||
| Boston Gas Co. | ||||||||
| 5.84% due 01/10/353 | 7,450,000 | 7,743,157 | ||||||
| Liberty Utilities Co. | ||||||||
| 5.87% due 01/31/343 | 6,450,000 | 6,574,388 | ||||||
| Southern Co. | ||||||||
| 3.75% due 09/15/5111 | 6,620,000 | 6,528,783 | ||||||
| Xcel Energy, Inc. | ||||||||
| 4.75% due 03/21/28 | 3,360,000 | 3,392,619 | ||||||
| Arizona Public Service Co. | ||||||||
| 6.35% due 12/15/32 | 3,140,000 | 3,382,796 | ||||||
| Alliant Energy Finance LLC | ||||||||
| 3.60% due 03/01/323 | 3,680,000 | 3,333,325 | ||||||
| Evergy Kansas Central, Inc. | ||||||||
| 5.70% due 03/15/53 | 3,350,000 | 3,300,993 | ||||||
| Enel Finance International N.V. | ||||||||
| 5.50% due 06/15/523 | 3,570,000 | 3,285,152 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 28.8% (continued) | ||||||||
| Utilities - 1.1% (continued) | ||||||||
| Entergy Mississippi LLC | ||||||||
| 3.85% due 06/01/49 | 4,410,000 | $ | 3,247,314 | |||||
| Appalachian Power Co. | ||||||||
| 4.40% due 05/15/44 | 3,730,000 | 3,025,032 | ||||||
| Nevada Power Co. | ||||||||
| 6.65% due 04/01/36 | 1,180,000 | 1,301,276 | ||||||
| Southwestern Public Service Co. | ||||||||
| 4.50% due 08/15/41 | 1,380,000 | 1,190,036 | ||||||
| Total Utilities | 297,280,424 | |||||||
| Technology - 1.0% | ||||||||
| Foundry JV Holdco LLC | ||||||||
| 5.88% due 01/25/343 | 20,056,000 | 20,379,463 | ||||||
| 6.20% due 01/25/373 | 17,300,000 | 18,007,332 | ||||||
| 6.40% due 01/25/383 | 10,950,000 | 11,530,665 | ||||||
| 5.90% due 01/25/333 | 10,100,000 | 10,470,479 | ||||||
| Fiserv, Inc. | ||||||||
| 5.15% due 08/12/34 | 20,920,000 | 20,996,475 | ||||||
| 2.65% due 06/01/30 | 7,920,000 | 7,258,647 | ||||||
| 5.60% due 03/02/33 | 3,523,000 | 3,653,017 | ||||||
| 5.63% due 08/21/33 | 2,300,000 | 2,391,518 | ||||||
| Broadcom, Inc. | ||||||||
| 4.93% due 05/15/373 | 33,182,000 | 32,203,924 | ||||||
| NetApp, Inc. | ||||||||
| 5.50% due 03/17/32 | 27,000,000 | 27,810,878 | ||||||
| Oracle Corp. | ||||||||
| 3.95% due 03/25/51 | 33,794,000 | 24,943,170 | ||||||
| Fair Isaac Corp. | ||||||||
| 5.25% due 05/15/263 | 15,640,000 | 15,647,977 | ||||||
| 6.00% due 05/15/333 | 1,700,000 | 1,715,582 | ||||||
| Qorvo, Inc. | ||||||||
| 4.38% due 10/15/29 | 9,751,000 | 9,463,489 | ||||||
| 3.38% due 04/01/313 | 8,245,000 | 7,435,022 | ||||||
| MSCI, Inc. | ||||||||
| 3.63% due 09/01/303 | 12,718,000 | 11,928,774 | ||||||
| 3.88% due 02/15/313 | 1,769,000 | 1,668,009 | ||||||
| 3.63% due 11/01/313 | 1,780,000 | 1,640,020 | ||||||
| Atlassian Corp. | ||||||||
| 5.50% due 05/15/34 | 13,490,000 | 13,852,245 | ||||||
| Leidos, Inc. | ||||||||
| 5.75% due 03/15/33 | 9,431,000 | 9,825,242 | ||||||
| Cloud Software Group, Inc. | ||||||||
| 6.50% due 03/31/293 | 7,200,000 | 7,267,054 | ||||||
| TeamSystem S.p.A. | ||||||||
| due 07/01/323 | EUR | 5,700,000 | 6,709,151 | |||||
| Constellation Software, Inc. | ||||||||
| 5.46% due 02/16/343 | 3,850,000 | 3,927,333 | ||||||
| Total Technology | 270,725,466 | |||||||
| Basic Materials - 0.6% | ||||||||
| Anglo American Capital plc | ||||||||
| 5.63% due 04/01/303 | 21,300,000 | 22,096,063 | ||||||
| 2.63% due 09/10/303 | 17,430,000 | 15,758,098 | ||||||
| 3.95% due 09/10/503 | 14,140,000 | 10,478,113 | ||||||
| 5.75% due 04/05/343 | 5,550,000 | 5,730,975 | ||||||
| Rio Tinto Finance USA plc | ||||||||
| 5.25% due 03/14/35 | 18,150,000 | 18,467,352 | ||||||
| Steel Dynamics, Inc. | ||||||||
| 5.25% due 05/15/35 | 13,300,000 | 13,314,120 | ||||||
| 5.75% due 05/15/55 | 1,800,000 | 1,744,698 | ||||||
| Alumina Pty Ltd. | ||||||||
| 6.38% due 09/15/323 | 10,100,000 | 10,289,695 | ||||||
| 6.13% due 03/15/303 | 4,400,000 | 4,466,260 | ||||||
| Alcoa Nederland Holding B.V. | ||||||||
| 4.13% due 03/31/293 | 8,600,000 | 8,197,413 | ||||||
| 7.13% due 03/15/313 | 3,200,000 | 3,358,362 | ||||||
| 6.13% due 05/15/283 | 2,800,000 | 2,814,000 | ||||||
| Dow Chemical Co. | ||||||||
| 6.90% due 05/15/53 | 12,940,000 | 13,920,291 | ||||||
| Minerals Technologies, Inc. | ||||||||
| 5.00% due 07/01/283 | 13,913,000 | 13,684,966 | ||||||
| Yamana Gold, Inc. | ||||||||
| 2.63% due 08/15/31 | 9,431,000 | 8,333,892 | ||||||
| 4.63% due 12/15/27 | 3,000,000 | 2,986,951 | ||||||
| International Flavors & Fragrances, Inc. | ||||||||
| 1.23% due 10/01/253 | 8,844,000 | 8,758,246 | ||||||
| Novelis Corp. | ||||||||
| 3.25% due 11/15/263 | 5,923,000 | 5,828,086 | ||||||
| Fresnillo plc | ||||||||
| 4.25% due 10/02/50 | 4,590,000 | 3,346,616 | ||||||
| Carpenter Technology Corp. | ||||||||
| 6.38% due 07/15/28 | 178,000 | 178,483 | ||||||
| Total Basic Materials | 173,752,680 | |||||||
| Transporation - 0.1% | ||||||||
| Stolthaven Houston, Inc. | ||||||||
| 5.88% due 07/17/31††† | 14,058,000 | 14,211,906 | ||||||
| 5.98% due 07/17/34††† | 12,672,000 | 12,663,833 | ||||||
| Total Transporation | 26,875,739 | |||||||
| Government - 0.1% | ||||||||
| Amazon Conservation DAC | ||||||||
| 6.03% due 01/16/423 | 16,700,000 | 16,741,750 | ||||||
| Total Corporate Bonds | ||||||||
| (Cost $8,428,051,662) | 8,099,512,212 | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% | ||||||||
| Collateralized Loan Obligations - 9.9% | ||||||||
| Cerberus Loan Funding XXXII, LP | ||||||||
| 2021-2A A, 6.14% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33◊,3 | 65,000,000 | 65,160,063 | ||||||
| 2021-2A C, 7.37% (3 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 04/22/33◊,3 | 20,925,000 | 20,946,254 | ||||||
| 2021-2A B, 6.42% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 04/22/33◊,3 | 19,200,000 | 19,265,739 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Collateralized Loan Obligations - 9.9% (continued) | ||||||||
| Golub Capital Partners CLO 33M Ltd. | ||||||||
| 2021-33A AR2, 6.45% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33◊,3 | 105,004,127 | $ | 104,919,137 | |||||
| HERA Commercial Mortgage Ltd. | ||||||||
| 2021-FL1 B, 6.03% (1 Month Term SOFR + 1.71%, Rate Floor: 1.60%) due 02/18/38◊,3 | 49,562,000 | 48,980,162 | ||||||
| 2021-FL1 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/18/38◊,3 | 28,000,000 | 27,674,058 | ||||||
| 2021-FL1 C, 6.38% (1 Month Term SOFR + 2.06%, Rate Floor: 1.95%) due 02/18/38◊,3 | 19,200,000 | 18,902,440 | ||||||
| 2021-FL1 A, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38◊,3 | 2,316,414 | 2,313,326 | ||||||
| BXMT Ltd. | ||||||||
| 2020-FL3 AS, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.36%) due 11/15/37◊,3 | 23,550,000 | 23,435,971 | ||||||
| 2020-FL3 C, 7.48% (1 Month Term SOFR + 3.16%, Rate Floor: 3.16%) due 11/15/37◊,3 | 16,327,000 | 15,926,014 | ||||||
| 2020-FL2 B, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.76%) due 02/15/38◊,3 | 16,000,000 | 15,766,274 | ||||||
| 2020-FL2 A, 5.58% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38◊,3 | 12,636,581 | 12,610,937 | ||||||
| 2020-FL3 B, 7.08% (1 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 11/15/37◊,3 | 10,600,000 | 10,391,271 | ||||||
| 2020-FL2 AS, 5.83% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38◊,3 | 6,008,500 | 5,950,559 | ||||||
| 2020-FL2 C, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 02/15/38◊,3 | 5,360,000 | 5,200,766 | ||||||
| LoanCore Issuer Ltd. | ||||||||
| 2021-CRE6 B, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/15/38◊,3 | 44,000,000 | 43,686,966 | ||||||
| 2021-CRE6 C, 6.73% (1 Month Term SOFR + 2.41%, Rate Floor: 2.30%) due 11/15/38◊,3 | 22,825,000 | 22,609,840 | ||||||
| 2021-CRE5 D, 7.43% (1 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 07/15/36◊,3 | 14,350,000 | 14,350,486 | ||||||
| 2021-CRE5 A, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.41%) due 07/15/36◊,3 | 6,122,193 | 6,120,386 | ||||||
| Golub Capital Partners CLO 16M-R3 | ||||||||
| 2025-16A A1R3, 5.95% (3 Month Term SOFR + 1.63%, Rate Floor: 1.63%) due 08/09/39◊,3 | 51,154,000 | 51,154,000 | ||||||
| 2025-16A BR3, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 08/09/39◊,3 | 18,750,000 | 18,750,000 | ||||||
| 2025-16A A2R3, 6.07% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/09/39◊,3 | 6,000,000 | 6,000,000 | ||||||
| Cerberus Loan Funding XLIV LLC | ||||||||
| 2024-5A A, 6.61% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36◊,3 | 50,000,000 | 50,172,720 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Collateralized Loan Obligations - 9.9% (continued) | ||||||||
| 2024-5A B, 7.46% (3 Month Term SOFR + 3.20%, Rate Floor: 3.20%) due 01/15/36◊,3 | 24,950,000 | $ | 25,088,874 | |||||
| Cerberus Loan Funding XLII LLC | ||||||||
| 2023-3A A1, 6.74% (3 Month Term SOFR + 2.48%, Rate Floor: 2.48%) due 09/13/35◊,3 | 54,450,000 | 54,652,723 | ||||||
| 2023-3A B, 7.61% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/13/35◊,3 | 15,700,000 | 15,792,269 | ||||||
| Cerberus Loan Funding XL LLC | ||||||||
| 2023-1A A, 6.66% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35◊,3 | 64,859,750 | 65,091,027 | ||||||
| 2023-1A B, 7.86% (3 Month Term SOFR + 3.60%, Rate Floor: 3.60%) due 03/22/35◊,3 | 4,600,000 | 4,629,330 | ||||||
| THL Credit Lake Shore MM CLO I Ltd. | ||||||||
| 2021-1A A1R, 6.22% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33◊,3 | 31,086,823 | 31,176,412 | ||||||
| 2021-1A BR, 6.52% (3 Month Term SOFR + 2.26%, Rate Floor: 2.00%) due 04/15/33◊,3 | 30,400,000 | 30,502,050 | ||||||
| Hlend CLO LLC | ||||||||
| 2025-3A A, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 01/20/37◊,3 | 52,250,000 | 52,191,229 | ||||||
| 2025-3A B, 5.97% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 01/20/37◊,3 | 7,550,000 | 7,567,163 | ||||||
| FS Rialto | ||||||||
| 2021-FL3 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 11/16/36◊,3 | 31,150,000 | 31,035,013 | ||||||
| 2021-FL2 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38◊,3 | 15,665,000 | 15,595,477 | ||||||
| 2021-FL3 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36◊,3 | 8,420,000 | 8,383,334 | ||||||
| 2021-FL2 A, 5.65% (1 Month Term SOFR + 1.33%, Rate Floor: 1.33%) due 05/16/38◊,3 | 3,334,699 | 3,328,449 | ||||||
| Owl Rock CLO IV Ltd. | ||||||||
| 2021-4A A1R, 6.18% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33◊,3 | 40,750,000 | 40,846,793 | ||||||
| 2021-4A A2R, 6.48% (3 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 08/20/33◊,3 | 16,750,000 | 16,805,784 | ||||||
| Cerberus Loan Funding XXXIII, LP | ||||||||
| 2021-3A A, 6.08% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33◊,3 | 47,750,000 | 47,866,496 | ||||||
| 2021-3A B, 6.37% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 07/23/33◊,3 | 9,500,000 | 9,532,636 | ||||||
| Fortress Credit Opportunities IX CLO Ltd. | ||||||||
| 2021-9A A2TR, 6.32% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33◊,3 | 46,200,000 | 46,361,252 | ||||||
| 2021-9A BR, 6.47% (3 Month Term SOFR + 2.21%, Rate Floor: 1.95%) due 10/15/33◊,3 | 6,700,000 | 6,726,978 | ||||||
| 2021-9A A1TR, 6.07% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 10/15/33◊,3 | 3,450,000 | 3,461,710 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Collateralized Loan Obligations - 9.9% (continued) | ||||||||
| Owl Rock CLO III Ltd. | ||||||||
| 2024-3A AR, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36◊,3 | 41,250,000 | $ | 41,343,856 | |||||
| 2024-3A BR, 6.62% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 04/20/36◊,3 | 13,500,000 | 13,549,788 | ||||||
| FS Rialto Issuer LLC | ||||||||
| 2025-FL10 AS, 5.97% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42◊,3 | 17,750,000 | 17,558,502 | ||||||
| 2025-FL10 B, 6.22% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42◊,3 | 12,950,000 | 12,780,538 | ||||||
| 2024-FL9 AS, 6.41% (1 Month Term SOFR + 2.09%, Rate Floor: 2.09%) due 10/19/39◊,3 | 12,150,000 | 12,177,401 | ||||||
| 2024-FL9 B, 6.61% (1 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/19/39◊,3 | 10,850,000 | 10,798,392 | ||||||
| Golub Capital Partners Clo 49M Ltd. | ||||||||
| 2025-49A A1R2, due 07/20/38◊,3,5 | 53,300,000 | 53,300,000 | ||||||
| TRTX Issuer Ltd. | ||||||||
| 2025-FL6 AS, 6.06% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/18/42◊,3 | 26,900,000 | 26,550,053 | ||||||
| 2025-FL6 A, 5.85% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42◊,3 | 25,400,000 | 25,405,938 | ||||||
| Cerberus Loan Funding XXXV, LP | ||||||||
| 2021-5A A, 6.02% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33◊,3 | 41,500,000 | 41,639,340 | ||||||
| 2021-5A B, 6.37% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 09/22/33◊,3 | 8,000,000 | 8,036,250 | ||||||
| Owl Rock CLO XVI LLC | ||||||||
| 2024-16A A, 6.27% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/36◊,3 | 39,550,000 | 39,651,117 | ||||||
| 2024-16A B, 6.77% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/20/36◊,3 | 9,550,000 | 9,587,882 | ||||||
| Cerberus Loan Funding XLVIII LLC | ||||||||
| 2024-4A AN, 5.91% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36◊,3 | 20,150,000 | 20,211,554 | ||||||
| 2024-4A B, 6.11% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/36◊,3 | 14,700,000 | 14,745,532 | ||||||
| 2024-4A C, 6.56% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/15/36◊,3 | 10,700,000 | 10,696,780 | ||||||
| Cerberus Loan Funding 50 LLC | ||||||||
| 2025-1A A, due 07/15/37◊,3,5 | 43,350,000 | 43,350,000 | ||||||
| AREIT Ltd. | ||||||||
| 2025-CRE10 A, 5.70% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 12/17/29◊,3 | 21,850,000 | 21,831,956 | ||||||
| 2025-CRE10 AS, 5.86% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 01/17/30◊,3 | 18,000,000 | 17,850,026 | ||||||
| Owl Rock CLO VII LLC | ||||||||
| 2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38◊,3 | 38,050,000 | 38,088,050 | ||||||
| Golub Capital Partners CLO 54M L.P | ||||||||
| 2025-54A BR, due 08/05/37◊,3,5 | 37,850,000 | 37,850,000 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Collateralized Loan Obligations - 9.9% (continued) | ||||||||
| Golub Capital Partners CLO 54M, LP | ||||||||
| 2021-54A B, 6.37% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 08/05/33◊,3 | 21,000,000 | $ | 21,068,321 | |||||
| 2021-54A A, 6.05% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33◊,3 | 16,700,000 | 16,738,360 | ||||||
| LCM XXIV Ltd. | ||||||||
| 2021-24A BR, 5.93% (3 Month Term SOFR + 1.66%, Rate Floor: 0.00%) due 03/20/30◊,3 | 24,200,000 | 24,180,667 | ||||||
| 2021-24A CR, 6.43% (3 Month Term SOFR + 2.16%, Rate Floor: 0.00%) due 03/20/30◊,3 | 13,050,000 | 13,079,604 | ||||||
| Carlyle Direct Lending CLO LLC | ||||||||
| 2024-1A A11A, 6.06% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36◊,3 | 28,850,000 | 28,930,070 | ||||||
| 2024-1A A12B, 6.26% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/15/36◊,3 | 7,500,000 | 7,521,806 | ||||||
| Palmer Square CLO Ltd. | ||||||||
| 2024-4A BR, 5.97% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 10/20/37◊,3 | 19,950,000 | 19,994,736 | ||||||
| 2024-4A CR, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/37◊,3 | 16,250,000 | 16,267,427 | ||||||
| KREF Ltd. | ||||||||
| 2021-FL2 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39◊,3 | 19,300,000 | 19,237,557 | ||||||
| 2021-FL2 C, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 02/15/39◊,3 | 16,600,000 | 16,472,436 | ||||||
| Fortress Credit BSL XV Ltd. | ||||||||
| 2024-2A AR, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 10/18/33◊,3 | 35,000,000 | 35,055,405 | ||||||
| Golub Capital Partners CLO 49M Ltd. | ||||||||
| 2021-49A BR, 6.43% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 08/26/33◊,3 | 21,695,000 | 21,767,815 | ||||||
| 2021-49A CR, 7.13% (3 Month Term SOFR + 2.86%, Rate Floor: 2.86%) due 08/26/33◊,3 | 12,600,000 | 12,608,439 | ||||||
| Madison Park Funding XLVIII Ltd. | ||||||||
| 2021-48A B, 5.98% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33◊,3 | 27,500,000 | 27,459,127 | ||||||
| 2021-48A C, 6.53% (3 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 04/19/33◊,3 | 6,650,000 | 6,665,149 | ||||||
| Madison Park Funding LXXI Ltd. | ||||||||
| 2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38◊,3 | 31,200,000 | 31,130,480 | ||||||
| BCC Middle Market CLO LLC | ||||||||
| 2021-1A A1R, 6.02% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33◊,3 | 30,450,000 | 30,555,820 | ||||||
| Owl Rock CLO II Ltd. | ||||||||
| 2021-2A ALR, 6.08% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 04/20/33◊,3 | 30,350,000 | 30,327,583 | ||||||
| Neuberger Berman Loan Advisers CLO 40 Ltd. | ||||||||
| 2021-40A B, 5.92% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 04/16/33◊,3 | 26,700,000 | 26,676,942 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Collateralized Loan Obligations - 9.9% (continued) | ||||||||
| 2021-40A C, 6.27% (3 Month Term SOFR + 2.01%, Rate Floor: 1.75%) due 04/16/33◊,3 | 2,500,000 | $ | 2,505,680 | |||||
| GoldenTree Loan Management US CLO 24 Ltd. | ||||||||
| 2025-24A B, 5.83% (3 Month Term SOFR + 1.55%, Rate Floor: 1.55%) due 10/20/38◊,3 | 27,650,000 | 27,689,188 | ||||||
| Fontainbleau Vegas | ||||||||
| , 9.96% (1 Month Term SOFR + 5.65%, Rate Floor: 1.00%) due 01/31/28◊,††† | 26,250,000 | 26,250,000 | ||||||
| Madison Park Funding LIII Ltd. | ||||||||
| 2022-53A B, 6.02% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,3 | 24,000,000 | 24,053,074 | ||||||
| BDS Ltd. | ||||||||
| 2021-FL9 C, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/16/38◊,3 | 19,500,000 | 19,421,464 | ||||||
| 2021-FL9 D, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 11/16/38◊,3 | 4,400,000 | 4,376,837 | ||||||
| BSPDF Issuer Ltd. | ||||||||
| 2021-FL1 C, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 10/15/36◊,3 | 15,300,000 | 15,074,971 | ||||||
| 2021-FL1 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 10/15/36◊,3 | 5,209,727 | 5,183,365 | ||||||
| 2021-FL1 D, 7.18% (1 Month Term SOFR + 2.86%, Rate Floor: 2.75%) due 10/15/36◊,3 | 3,500,000 | 3,431,871 | ||||||
| BDS LLC | ||||||||
| 2025-FL14 AS, 5.89% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42◊,3 | 10,200,000 | 10,127,336 | ||||||
| 2024-FL13 A, 5.89% (1 Month Term SOFR + 1.58%, Rate Floor: 1.58%) due 09/19/39◊,3 | 5,000,000 | 5,000,840 | ||||||
| 2024-FL13 AS, 6.31% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39◊,3 | 4,000,000 | 3,996,877 | ||||||
| 2024-FL13 B, 6.56% (1 Month Term SOFR + 2.24%, Rate Floor: 2.24%) due 09/19/39◊,3 | 3,900,000 | 3,894,206 | ||||||
| Cerberus Loan Funding XLVI, LP | ||||||||
| 2024-2A A, 6.11% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/15/36◊,3 | 16,500,000 | 16,540,616 | ||||||
| 2024-2A B, 6.56% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 07/15/36◊,3 | 5,900,000 | 5,922,255 | ||||||
| Neuberger Berman CLO 32R Ltd. | ||||||||
| 2025-32RA B, due 07/20/39◊,3,5 | 22,445,000 | 22,445,000 | ||||||
| VOYA CLO | ||||||||
| 2024-2A B, 6.07% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/20/37◊,3 | 14,750,000 | 14,799,290 | ||||||
| 2021-2A BR, 6.67% (3 Month Term SOFR + 2.41%, Rate Floor: 2.15%) due 06/07/30◊,3 | 4,950,000 | 4,960,989 | ||||||
| PFP 2025-12 Ltd. | ||||||||
| 2025-12 A, 5.81% (1 Month Term SOFR + 1.49%, Rate Floor: 1.49%) due 12/18/42◊,3 | 11,800,000 | 11,823,679 | ||||||
| 2025-12 AS, 6.06% (1 Month Term SOFR + 1.74%, Rate Floor: 1.74%) due 12/18/42◊,3 | 7,554,000 | 7,567,443 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Collateralized Loan Obligations - 9.9% (continued) | ||||||||
| Recette CLO Ltd. | ||||||||
| 2021-1A BRR, 5.93% (3 Month Term SOFR + 1.66%, Rate Floor: 0.00%) due 04/20/34◊,3 | 9,800,000 | $ | 9,802,484 | |||||
| 2021-1A CRR, 6.28% (3 Month Term SOFR + 2.01%, Rate Floor: 0.00%) due 04/20/34◊,3 | 9,200,000 | 9,203,319 | ||||||
| AGL CLO 39 Ltd. | ||||||||
| 2025-39A B, 5.71% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/20/38◊,3 | 18,910,000 | 18,928,838 | ||||||
| GoldenTree Loan Management US CLO 1 Ltd. | ||||||||
| 2024-9A CR, 6.67% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/20/37◊,3 | 18,550,000 | 18,666,253 | ||||||
| BCRED CLO LLC | ||||||||
| 2025-1A C, 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/37◊,3 | 11,300,000 | 11,290,745 | ||||||
| 2025-1A B, 5.98% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37◊,3 | 7,150,000 | 7,168,661 | ||||||
| Neuberger Berman Loan Advisers CLO 32 Ltd. | ||||||||
| 2021-32A BR, 5.93% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/20/32◊,3 | 14,100,000 | 14,092,877 | ||||||
| 2021-32A CR, 6.23% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 01/20/32◊,3 | 4,200,000 | 4,211,319 | ||||||
| HPS Private Credit CLO 2025-3 LLC | ||||||||
| 2025-3A B, due 07/20/37◊,3,5 | 9,150,000 | 9,150,000 | ||||||
| 2025-3A A1, due 07/20/37◊,3,5 | 8,500,000 | 8,500,000 | ||||||
| BSPRT Issuer Ltd. | ||||||||
| 2021-FL7 C, 6.73% (1 Month Term SOFR + 2.41%, Rate Floor: 2.41%) due 12/15/38◊,3 | 7,250,000 | 7,234,640 | ||||||
| 2021-FL6 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.05%) due 03/15/36◊,3 | 5,550,000 | 5,473,070 | ||||||
| 2021-FL7 B, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 12/15/38◊,3 | 4,875,000 | 4,861,342 | ||||||
| LoanCore | ||||||||
| 2025-CRE8 AS, 5.91% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42◊,3 | 13,700,000 | 13,587,154 | ||||||
| 2025-CRE8 B, 6.16% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 08/17/42◊,3 | 3,300,000 | 3,272,672 | ||||||
| Cerberus Loan Funding XXXVIII, LP | ||||||||
| 2022-2A A1, 7.01% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/15/34◊,3 | 16,570,000 | 16,645,062 | ||||||
| Owl Rock CLO I LLC | ||||||||
| 2024-1A ANR, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 02/20/36◊,3 | 14,400,000 | 14,457,550 | ||||||
| 2024-1A BR, 7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 02/20/36◊,3 | 1,100,000 | 1,106,717 | ||||||
| Owl Rock CLO XIII LLC | ||||||||
| 2023-13A B, 7.67% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/20/35◊,3 | 14,750,000 | 14,832,876 | ||||||
| BCC Middle Market CLO 2019-1 LLC | ||||||||
| 2025-1A A1RR, due 07/15/36◊,3,5 | 13,850,000 | 13,850,000 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Collateralized Loan Obligations - 9.9% (continued) | ||||||||
| Ares Direct Lending CLO 2 LLC | ||||||||
| 2024-2A C, 6.62% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 10/20/36◊,3 | 13,600,000 | $ | 13,615,674 | |||||
| OWL Rock Clo XXI LLC | ||||||||
| 2025-21A B, 6.22% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 07/24/34◊,3 | 13,250,000 | 13,308,924 | ||||||
| Owl Rock CLO XIX LLC | ||||||||
| 2024-19A B, 6.17% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/22/37◊,3 | 12,700,000 | 12,751,380 | ||||||
| Madison Park Funding LXV Ltd. | ||||||||
| 2025-65A C, due 07/16/38◊,3,5 | 12,700,000 | 12,700,000 | ||||||
| BSPRT Issuer LLC | ||||||||
| 2024-FL11 AS, 6.41% (1 Month Term SOFR + 2.10%, Rate Floor: 2.10%) due 07/15/39◊,3 | 8,900,000 | 8,920,099 | ||||||
| 2024-FL11 B, 6.61% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39◊,3 | 3,800,000 | 3,775,128 | ||||||
| Cerberus Loan Funding XLV LLC | ||||||||
| 2024-1A B, 6.66% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/15/36◊,3 | 12,000,000 | 12,047,627 | ||||||
| Greystone Commercial Real Estate Notes | ||||||||
| 2021-FL3 C, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 07/15/39◊,3 | 12,000,000 | 11,855,380 | ||||||
| Golub Capital Partners CLO 31M Ltd. | ||||||||
| 2024-31A BRR, 6.11% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/05/37◊,3 | 9,500,000 | 9,523,483 | ||||||
| 2024-31A CRR, 6.56% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 11/05/37◊,3 | 2,250,000 | 2,248,376 | ||||||
| BRSP Ltd. | ||||||||
| 2024-FL2 A, 6.26% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 08/19/37◊,3 | 5,650,000 | 5,644,016 | ||||||
| 2021-FL1 D, 7.13% (1 Month Term SOFR + 2.81%, Rate Floor: 2.70%) due 08/19/38◊,3 | 4,200,000 | 4,195,078 | ||||||
| 2024-FL2 AS, 6.70% (1 Month Term SOFR + 2.38%, Rate Floor: 2.38%) due 08/19/37◊,3 | 1,850,000 | 1,838,529 | ||||||
| PFP Ltd. | ||||||||
| 2024-11 A, 6.14% (1 Month Term SOFR + 1.83%, Rate Floor: 1.83%) due 09/17/39◊,3 | 6,169,428 | 6,169,825 | ||||||
| 2024-11 AS, 6.50% (1 Month Term SOFR + 2.19%, Rate Floor: 2.19%) due 09/17/39◊,3 | 5,009,191 | 5,010,844 | ||||||
| Golub Capital Partners CLO 46 Ltd. | ||||||||
| 2024-46A BR, 6.57% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 04/20/37◊,3 | 10,300,000 | 10,334,979 | ||||||
| BSPDF Issuer LLC | ||||||||
| 2025-FL2 AS, 6.25% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 12/15/42◊,3 | 10,300,000 | 10,322,357 | ||||||
| Ares Direct Lending CLO 1 LLC | ||||||||
| 2024-1A B, 6.48% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36◊,3 | 9,750,000 | 9,780,860 | ||||||
| Acrec LLC | ||||||||
| 2025-FL3 AS, 5.96% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 08/18/42◊,3 | 5,900,000 | 5,870,460 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Collateralized Loan Obligations - 9.9% (continued) | ||||||||
| 2025-FL3 B, 6.26% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42◊,3 | 3,250,000 | $ | 3,210,701 | |||||
| Neuberger Berman Loan Advisers CLO 47 Ltd. | ||||||||
| 2022-47A B, 6.04% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/14/35◊,3 | 9,000,000 | 9,026,384 | ||||||
| Boyce Park CLO Ltd. | ||||||||
| 2022-1A B1, 6.02% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,3 | 8,800,000 | 8,819,723 | ||||||
| Madison Park Funding LVIII Ltd. | ||||||||
| 2024-58A C, 6.73% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/25/37◊,3 | 8,250,000 | 8,301,453 | ||||||
| Fortress Credit Opportunities XXV CLO LLC | ||||||||
| 2024-25A A2, 6.01% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/15/37◊,3 | 7,200,000 | 7,235,835 | ||||||
| Dryden 37 Senior Loan Fund | ||||||||
| 2017-37A BR, 5.92% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31◊,3 | 3,678,679 | 3,679,723 | ||||||
| 2017-37A CR, 7.77% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31◊,3 | 3,333,334 | 3,355,001 | ||||||
| 2015-37A SUB, due 01/15/313,13 | 2,987,987 | 15,607 | ||||||
| Fortress Credit BSL XVI Ltd. | ||||||||
| 2024-3A BR, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/35◊,3 | 7,000,000 | 7,015,195 | ||||||
| Owl Rock CLO VIII LLC | ||||||||
| 2025-8A A2R, 6.08% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/24/37◊,3 | 6,500,000 | 6,512,364 | ||||||
| Owl Rock CLO IX LLC | ||||||||
| 2024-9A BR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/22/37◊,3 | 6,450,000 | 6,477,665 | ||||||
| HGI CRE CLO Ltd. | ||||||||
| 2021-FL2 B, 5.93% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 09/17/36◊,3 | 5,000,000 | 4,974,809 | ||||||
| 2021-FL2 C, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 09/17/36◊,3 | 1,000,000 | 996,304 | ||||||
| Barings CLO Limited 2022-III | ||||||||
| 2024-3A BR, 6.02% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/20/37◊,3 | 5,950,000 | 5,968,874 | ||||||
| ACRE Commercial Mortgage Ltd. | ||||||||
| 2021-FL4 C, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 1.75%) due 12/18/37◊,3 | 3,100,000 | 3,038,000 | ||||||
| 2021-FL4 B, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.40%) due 12/18/37◊,3 | 2,604,133 | 2,565,071 | ||||||
| Elmwood CLO 38 Ltd. | ||||||||
| 2025-1A B1, 5.73% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 04/22/38◊,3 | 5,500,000 | 5,468,632 | ||||||
| Ares Direct Lending CLO 3 LLC | ||||||||
| 2024-3A B, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 01/20/37◊,3 | 5,450,000 | 5,463,447 | ||||||
| Cerberus Loan Funding XLVII LLC | ||||||||
| 2024-3A B, 6.21% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36◊,3 | 5,250,000 | 5,266,091 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Collateralized Loan Obligations - 9.9% (continued) | ||||||||
| Sound Point CLO XXIV | ||||||||
| 2021-3A B1R, 6.24% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 10/25/34◊,3 | 5,150,000 | $ | 5,139,730 | |||||
| STWD Ltd. | ||||||||
| 2021-FL2 C, 6.53% (1 Month Term SOFR + 2.21%, Rate Floor: 2.10%) due 04/18/38◊,3 | 2,820,000 | 2,787,792 | ||||||
| 2021-FL2 A, 5.63% (1 Month Term SOFR + 1.31%, Rate Floor: 1.20%) due 04/18/38◊,3 | 2,300,912 | 2,289,407 | ||||||
| Ares LXVII CLO Ltd. | ||||||||
| 2025-67A BR, 5.83% (3 Month Term SOFR + 1.55%, Rate Floor: 1.55%) due 01/25/38◊,3 | 5,000,000 | 5,005,913 | ||||||
| AGL CLO 42 Ltd. | ||||||||
| 2025-42A B, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/22/38◊,3 | 5,000,000 | 5,002,653 | ||||||
| Owl Rock CLO XVII LLC | ||||||||
| 2024-17A B, 6.21% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36◊,3 | 4,300,000 | 4,312,291 | ||||||
| MF1 Multifamily Housing Mortgage Loan Trust | ||||||||
| 2021-FL6 D, 6.98% (1 Month Term SOFR + 2.66%, Rate Floor: 2.55%) due 07/16/36◊,3 | 3,800,000 | 3,772,522 | ||||||
| Carlyle US CLO | ||||||||
| 2024-4A B, 6.02% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/20/37◊,3 | 3,700,000 | 3,711,587 | ||||||
| Dryden XXVI Senior Loan Fund | ||||||||
| 2018-26A CR, 6.37% (3 Month Term SOFR + 2.11%, Rate Floor: 0.00%) due 04/15/29◊,3 | 3,500,000 | 3,507,810 | ||||||
| Ares XXVII CLO Ltd. | ||||||||
| 2024-2A CR3, 6.13% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/28/34◊,3 | 2,800,000 | 2,802,540 | ||||||
| Allegro CLO VII Ltd. | ||||||||
| 2024-1A CR, 6.26% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/13/31◊,3 | 2,500,000 | 2,507,893 | ||||||
| Sound Point CLO XXXI Ltd. | ||||||||
| 2021-3A B, 6.19% (3 Month Term SOFR + 1.91%, Rate Floor: 1.65%) due 10/25/34◊,3 | 2,200,000 | 2,199,524 | ||||||
| KREF Funding V LLC | ||||||||
| 6.17% (1 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 06/25/26◊,††† | 2,128,019 | 2,119,641 | ||||||
| 0.15% due 06/25/26†††,7 | 5,915,668 | 6 | ||||||
| Carlyle Global Market Strategies CLO Ltd. | ||||||||
| 2012-3A SUB, due 01/14/323,13 | 8,920,000 | 1,386,800 | ||||||
| NewStar Fairfield Fund CLO Ltd. | ||||||||
| 2018-2A A1N, 5.80% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30◊,3 | 1,111,978 | 1,117,917 | ||||||
| Great Lakes CLO Ltd. | ||||||||
| 2014-1A SUB, due 10/15/293,13 | 461,538 | 187,846 | ||||||
| Voya CLO Ltd. | ||||||||
| 2013-1A INC, due 10/15/303,13 | 10,575,071 | 139,826 | ||||||
| Treman Park CLO Ltd. | ||||||||
| 2015-1A SUB, due 10/20/283,13 | 6,859,005 | 14,151 | ||||||
| Venture XIII CLO Ltd. | ||||||||
| 2013-13A SUB, due 09/10/293,13 | 3,700,000 | 370 | ||||||
| Copper River CLO Ltd. | ||||||||
| 2007-1A INC, due 01/20/219,13 | 1,500,000 | 150 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Collateralized Loan Obligations - 9.9% (continued) | ||||||||
| Babson CLO Ltd. | ||||||||
| 2014-IA SUB, due 07/20/253,13 | 1,300,000 | $ | 130 | |||||
| Total Collateralized Loan Obligations | 2,796,374,024 | |||||||
| Financial - 3.1% | ||||||||
| Station Place Securitization Trust | ||||||||
| 2024-SP2, 6.01% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26◊,†††,3 | 50,500,000 | 50,500,000 | ||||||
| 2024-SP1, 5.73% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25◊,†††,3 | 50,500,000 | 50,500,000 | ||||||
| 2024-SP4, 5.61% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25◊,†††,3 | 34,275,000 | 34,275,000 | ||||||
| 2024-SP3, 5.61% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25◊,†††,3 | 17,125,000 | 17,125,000 | ||||||
| Dogwood State Bank | ||||||||
| 6.45% due 06/24/32 | 106,601,473 | 106,601,473 | ||||||
| KKR Core Holding Company LLC | ||||||||
| 4.00% due 08/12/31††† | 73,173,150 | 67,136,784 | ||||||
| HV Eight LLC | ||||||||
| 7.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27◊,††† | EUR | 51,954,306 | 61,039,900 | |||||
| LVNV Funding LLC | ||||||||
| 7.80% due 11/05/28††† | 39,400,000 | 41,408,714 | ||||||
| 6.84% due 06/12/29††† | 11,400,000 | 11,672,378 | ||||||
| Thunderbird A | ||||||||
| 5.50% due 03/01/37††† | 57,700,000 | 52,962,514 | ||||||
| Lightning A | ||||||||
| 5.50% due 03/01/37††† | 57,700,000 | 52,962,514 | ||||||
| Station Place Securitization Trust Series 2025-SP1 | ||||||||
| 2025-SP1, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 0.00%) due 07/02/26◊,†††,3 | 50,725,000 | 50,725,000 | ||||||
| Strategic Partners Fund VIII, LP | ||||||||
| 6.93% (1 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 03/10/26◊,††† | 32,348,881 | 32,169,537 | ||||||
| 6.92% (1 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 03/10/26◊,††† | 13,650,106 | 13,572,977 | ||||||
| Ceamer Finance LLC | ||||||||
| 6.79% due 11/15/39††† | 27,460,445 | 27,852,059 | ||||||
| 3.69% due 03/24/31††† | 9,695,146 | 9,316,523 | ||||||
| 6.92% due 11/15/37††† | 5,715,001 | 5,838,673 | ||||||
| Project Onyx I | ||||||||
| 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27◊,††† | 42,003,015 | 41,941,844 | ||||||
| Metis Issuer, LLC | ||||||||
| 6.89% due 05/15/55††† | 29,900,000 | 29,797,381 | ||||||
| Project Onyx | ||||||||
| 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/28◊,††† | 23,009,393 | 22,969,339 | ||||||
| HarbourVest Structured Solutions IV Holdings, LP | ||||||||
| 7.35% (3 Month Term SOFR + 3.05%, Rate Floor: 0.00%) due 09/15/26◊,††† | 12,321,252 | 12,290,420 | ||||||
| 6.38% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,††† | EUR | 8,091,316 | 9,437,657 | |||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc. | ||||||||
| 7.40% due 09/30/45††† | 15,650,000 | 16,046,465 | ||||||
| Project Onyx II | ||||||||
| 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27◊,††† | 11,639,245 | 11,598,279 | ||||||
| Bib Merchant Voucher Receivables Ltd. | ||||||||
| 4.18% due 04/07/28††† | 10,597,071 | 10,551,954 | ||||||
| Akso Health Group | ||||||||
| 7.27% due 12/31/44††† | 8,400,000 | 8,516,989 | ||||||
| Nassau LLC | ||||||||
| 2019-1, 3.98% due 08/15/349 | 6,589,465 | 6,146,215 | ||||||
| Industrial DPR Funding Ltd. | ||||||||
| 2016-1A, 5.24% due 04/15/263 | 664,322 | 662,044 | ||||||
| Total Financial | 855,617,633 | |||||||
| Transport-Aircraft - 2.2% | ||||||||
| AASET Trust | ||||||||
| 2024-1A, 6.26% due 05/16/493 | 48,069,457 | 49,339,803 | ||||||
| 2021-1A, 2.95% due 11/16/413 | 36,295,372 | 34,488,026 | ||||||
| 2021-2A, 2.80% due 01/15/473 | 29,900,422 | 27,831,552 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Transport-Aircraft - 2.2% (continued) | ||||||||
| 2020-1A, 3.35% due 01/16/403 | 6,666,308 | $ | 6,473,974 | |||||
| 2019-2, 3.38% due 10/16/393 | 476,514 | 473,479 | ||||||
| Slam Ltd. | ||||||||
| 2024-1A, 5.34% due 09/15/493 | 33,538,311 | 33,448,626 | ||||||
| 2025-1A, 5.81% due 05/15/503 | 26,600,000 | 27,048,439 | ||||||
| 2021-1A, 2.43% due 06/15/463 | 14,568,750 | 13,648,430 | ||||||
| 2021-1A, 3.42% due 06/15/463 | 1,125,000 | 1,046,459 | ||||||
| AASET Ltd. | ||||||||
| 2024-2A, 5.93% due 09/16/493 | 48,794,324 | 49,548,743 | ||||||
| Navigator Aircraft ABS Ltd. | ||||||||
| 2021-1, 2.77% due 11/15/463 | 50,455,029 | 47,159,866 | ||||||
| Navigator Aviation Ltd. | ||||||||
| 2024-1, 5.40% due 08/15/493 | 45,942,262 | 45,440,008 | ||||||
| Next10, Inc. | ||||||||
| 6.73% due 12/15/30††† | 44,483,470 | 45,379,616 | ||||||
| AASET MT-1 Ltd. | ||||||||
| 2025-2A, 5.52% due 02/16/503 | 33,350,000 | 33,670,627 | ||||||
| Castlelake Aircraft Structured Trust | ||||||||
| 2025-1A, 5.78% due 02/15/503 | 23,119,574 | 23,441,893 | ||||||
| 2021-1A, 3.47% due 01/15/463 | 9,738,525 | 9,594,466 | ||||||
| Lunar Structured Aircraft Portfolio Notes | ||||||||
| 2021-1, 2.64% due 10/15/463 | 34,904,491 | 32,521,551 | ||||||
| Gilead Aviation LLC | ||||||||
| 2025-1A, 5.79% due 03/15/503 | 28,892,229 | 29,408,983 | ||||||
| ALTDE Trust | ||||||||
| 2025-1A, 5.90% due 08/15/503 | 26,785,816 | 27,311,683 | ||||||
| Sapphire Aviation Finance II Ltd. | ||||||||
| 2020-1A, 3.23% due 03/15/403 | 18,955,762 | 18,103,890 | ||||||
| Sprite Ltd. | ||||||||
| 2021-1, 3.75% due 11/15/463 | 17,568,008 | 16,976,497 | ||||||
| AASET | ||||||||
| 2025-1A, 5.94% due 02/16/503 | 12,730,369 | 12,962,056 | ||||||
| WAVE LLC | ||||||||
| 2019-1, 3.60% due 09/15/443 | 12,172,516 | 11,671,008 | ||||||
| KDAC Aviation Finance Ltd. | ||||||||
| 2017-1A, 4.21% due 12/15/423 | 10,529,007 | 10,242,828 | ||||||
| MAPS Trust | ||||||||
| 2021-1A, 2.52% due 06/15/463 | 8,900,018 | 8,384,610 | ||||||
| Falcon Aerospace Ltd. | ||||||||
| 2019-1, 3.60% due 09/15/393 | 4,479,985 | 4,396,038 | ||||||
| 2017-1, 4.58% due 02/15/423 | 524,016 | 516,683 | ||||||
| Castlelake Aircraft Securitization Trust | ||||||||
| 2018-1, 4.13% due 06/15/433 | 3,808,382 | 3,702,106 | ||||||
| MAPS Ltd. | ||||||||
| 2018-1A, 4.21% due 05/15/433 | 3,618,786 | 3,611,591 | ||||||
| Sapphire Aviation Finance I Ltd. | ||||||||
| 2018-1A, 4.25% due 03/15/403 | 633,129 | 632,895 | ||||||
| Total Transport-Aircraft | 628,476,426 | |||||||
| Infrastructure - 2.0% | ||||||||
| Switch ABS Issuer LLC | ||||||||
| 2024-2A, 5.44% due 06/25/543 | 52,900,000 | 53,293,841 | ||||||
| 2025-1A, 5.04% due 03/25/553 | 35,700,000 | 35,215,290 | ||||||
| 2024-1A, 6.28% due 03/25/543 | 9,550,000 | 9,740,229 | ||||||
| Stack Infrastructure Issuer LLC | ||||||||
| 2025-1A, 5.00% due 05/25/503 | 35,000,000 | 34,639,196 | ||||||
| 2023-3A, 5.90% due 10/25/483 | 31,313,000 | 31,561,372 | ||||||
| 2024-1A, 5.90% due 03/25/493 | 16,250,000 | 16,519,212 | ||||||
| 2023-2A, 5.90% due 07/25/483 | 6,000,000 | 6,049,303 | ||||||
| 2023-1A, 5.90% due 03/25/483 | 6,000,000 | 6,028,315 | ||||||
| VB-S1 Issuer LLC - VBTEL | ||||||||
| 2022-1A, 4.29% due 02/15/523 | 40,900,000 | 39,085,966 | ||||||
| 2024-1A, 5.59% due 05/15/543 | 28,950,000 | 29,322,792 | ||||||
| 2024-1A, 6.64% due 05/15/543 | 3,950,000 | 4,050,619 | ||||||
| Hotwire Funding LLC | ||||||||
| 2023-1A, 8.84% due 05/20/533 | 31,200,000 | 32,176,310 | ||||||
| 2024-1A, 5.89% due 06/20/543 | 22,750,000 | 23,091,528 | ||||||
| 2021-1, 2.31% due 11/20/513 | 5,350,000 | 5,147,919 | ||||||
| 2024-1A, 9.19% due 06/20/543 | 3,860,000 | 4,056,181 | ||||||
| 2021-1, 2.66% due 11/20/513 | 4,025,000 | 3,880,182 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Infrastructure - 2.0% (continued) | ||||||||
| 2024-1A, 6.67% due 06/20/543 | 3,150,000 | $ | 3,224,056 | |||||
| QTS Issuer ABS I LLC | ||||||||
| 2025-1A, 5.44% due 05/25/553 | 69,925,000 | 70,860,282 | ||||||
| Aligned Data Centers Issuer LLC | ||||||||
| 2021-1A, 1.94% due 08/15/463 | 47,980,000 | 46,374,253 | ||||||
| 2023-1A, 6.00% due 08/17/483 | 2,600,000 | 2,624,605 | ||||||
| 2023-2A, 6.50% due 11/16/483 | 1,345,000 | 1,372,452 | ||||||
| Vantage Data Centers Issuer LLC | ||||||||
| 2024-1A, 5.10% due 09/15/543 | 30,550,000 | 30,339,706 | ||||||
| 2020-1A, 1.65% due 09/15/453 | 3,100,000 | 3,075,858 | ||||||
| SBA Tower Trust | ||||||||
| 4.83% due 10/15/293 | 22,150,000 | 22,173,147 | ||||||
| 6.60% due 01/15/283 | 3,800,000 | 3,905,140 | ||||||
| Blue Stream Issuer LLC | ||||||||
| 2023-1A, 5.40% due 05/20/533 | 6,625,000 | 6,647,391 | ||||||
| 2024-1A, 5.41% due 11/20/543 | 5,100,000 | 5,137,905 | ||||||
| Compass Datacenters Issuer II LLC | ||||||||
| 2025-1A, 5.32% due 05/25/503 | 9,669,000 | 9,789,959 | ||||||
| ALLO Issuer LLC | ||||||||
| 2025-1A, 5.53% due 04/20/553 | 8,150,000 | 8,255,489 | ||||||
| 2024-1A, 5.94% due 07/20/543 | 1,000,000 | 1,015,190 | ||||||
| Total Infrastructure | 548,653,688 | |||||||
| Whole Business - 1.7% | ||||||||
| Subway Funding LLC | ||||||||
| 2024-3A, 5.91% due 07/30/543 | 36,019,000 | 35,627,960 | ||||||
| 2024-1A, 6.51% due 07/30/543 | 28,407,250 | 29,111,909 | ||||||
| 2024-1A, 6.27% due 07/30/543 | 18,805,500 | 19,265,654 | ||||||
| 2024-1A, 6.03% due 07/30/543 | 9,452,500 | 9,612,225 | ||||||
| Arbys Funding LLC | ||||||||
| 2020-1A, 3.24% due 07/30/503 | 93,662,183 | 89,340,553 | ||||||
| SERVPRO Master Issuer LLC | ||||||||
| 2021-1A, 2.39% due 04/25/513 | 43,399,680 | 40,467,333 | ||||||
| 2022-1A, 3.13% due 01/25/523 | 22,736,250 | 21,355,591 | ||||||
| 2024-1A, 6.17% due 01/25/543 | 16,412,250 | 16,907,202 | ||||||
| 2019-1A, 3.88% due 10/25/493 | 6,478,920 | 6,372,134 | ||||||
| Sonic Capital LLC | ||||||||
| 2021-1A, 2.64% due 08/20/513 | 23,211,650 | 19,702,030 | ||||||
| 2020-1A, 3.85% due 01/20/503 | 12,075,698 | 11,817,601 | ||||||
| 2021-1A, 2.19% due 08/20/513 | 9,907,975 | 9,045,386 | ||||||
| 2020-1A, 4.34% due 01/20/503 | 6,932,892 | 6,621,164 | ||||||
| Wingstop Funding LLC | ||||||||
| 2020-1A, 2.84% due 12/05/503 | 25,117,500 | 23,804,681 | ||||||
| 2024-1A, 5.86% due 12/05/543 | 12,000,000 | 12,223,462 | ||||||
| 2022-1A, 3.73% due 03/05/523 | 1,191,000 | 1,135,211 | ||||||
| ServiceMaster Funding LLC | ||||||||
| 2020-1, 3.34% due 01/30/513 | 27,705,831 | 24,069,280 | ||||||
| 2020-1, 2.84% due 01/30/513 | 9,216,507 | 8,561,989 | ||||||
| Five Guys Holdings, Inc. | ||||||||
| 2023-1A, 7.55% due 01/26/543 | 25,317,775 | 26,161,900 | ||||||
| Taco Bell Funding LLC | ||||||||
| 2016-1A, 4.97% due 05/25/463 | 17,392,559 | 17,392,286 | ||||||
| DB Master Finance LLC | ||||||||
| 2019-1A, 4.02% due 05/20/493 | 15,786,875 | 15,649,283 | ||||||
| Wendy's Funding LLC | ||||||||
| 2019-1A, 3.78% due 06/15/493 | 11,972,514 | 11,810,382 | ||||||
| Domino's Pizza Master Issuer LLC | ||||||||
| 2017-1A, 4.12% due 07/25/473 | 7,802,000 | 7,696,012 | ||||||
| Total Whole Business | 463,751,228 | |||||||
| Net Lease - 0.9% | ||||||||
| Capital Automotive REIT | ||||||||
| 2020-1A, 3.48% due 02/15/503 | 21,796,445 | 21,093,850 | ||||||
| 2024-2A, 5.25% due 05/15/543 | 14,007,708 | 13,905,410 | ||||||
| 2024-3A, 4.55% due 10/15/543 | 9,757,656 | 9,238,225 | ||||||
| 2024-2A, 4.90% due 05/15/543 | 3,348,333 | 3,336,438 | ||||||
| STORE Master Funding I-VII | ||||||||
| 2016-1A, 3.96% due 10/20/463 | 26,286,885 | 25,867,920 | ||||||
| 2016-1A, 4.32% due 10/20/463 | 10,416,648 | 10,220,670 | ||||||
| CF Hippolyta Issuer LLC | ||||||||
| 2022-1A, 6.11% due 08/15/623 | 20,275,457 | 20,385,279 | ||||||
| 2020-1, 2.28% due 07/15/603 | 10,075,718 | 9,969,414 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Net Lease - 0.9% (continued) | ||||||||
| CARS-DB4, LP | ||||||||
| 2020-1A, 3.81% due 02/15/503 | 19,862,398 | $ | 18,619,445 | |||||
| 2020-1A, 3.25% due 02/15/503 | 3,366,493 | 3,104,127 | ||||||
| CMFT Net Lease Master Issuer LLC | ||||||||
| 2021-1, 2.91% due 07/20/513 | 10,050,000 | 9,247,516 | ||||||
| 2021-1, 3.04% due 07/20/513 | 5,050,000 | 4,334,247 | ||||||
| 2021-1, 3.44% due 07/20/513 | 3,215,000 | 2,766,004 | ||||||
| 2021-1, 2.51% due 07/20/513 | 3,000,000 | 2,746,450 | ||||||
| SVC ABS LLC | ||||||||
| 2023-1A, 5.15% due 02/20/533 | 15,170,917 | 15,049,962 | ||||||
| 2023-1A, 5.55% due 02/20/533 | 3,479,583 | 3,407,356 | ||||||
| Oak Street Investment Grade Net Lease Fund Series | ||||||||
| 2020-1A, 2.26% due 11/20/503 | 14,881,250 | 14,535,718 | ||||||
| STORE Master Funding LLC | ||||||||
| 2021-1A, 2.96% due 06/20/513 | 12,544,000 | 10,548,402 | ||||||
| 2021-1A, 3.70% due 06/20/513 | 3,511,339 | 3,075,738 | ||||||
| Tenet Equity Funding LLC | ||||||||
| 2024-1A, 5.49% due 10/20/543 | 10,033,742 | 10,066,226 | ||||||
| New Economy Assets Phase 1 Sponsor LLC | ||||||||
| 2021-1, 2.41% due 10/20/613 | 10,000,000 | 9,168,415 | ||||||
| Store Master Funding I-VII XIV XIX XX XXIV XXII | ||||||||
| 2024-1A, 5.69% due 05/20/543 | 5,965,000 | 6,039,103 | ||||||
| CARS-DB5, LP | ||||||||
| 2021-1A, 2.76% due 08/15/513 | 6,518,875 | 5,462,250 | ||||||
| CARS-DB7, LP | ||||||||
| 2023-1A, 5.75% due 09/15/533 | 4,271,313 | 4,301,679 | ||||||
| CF Hippolyta LLC | ||||||||
| 2020-1, 2.60% due 07/15/603 | 4,312,872 | 3,872,461 | ||||||
| Store Master Funding I-VII | ||||||||
| 2018-1A, 4.74% due 10/20/483 | 2,787,550 | 2,720,832 | ||||||
| Total Net Lease | 243,083,137 | |||||||
| Single Family Residence - 0.9% | ||||||||
| Tricon Residential Trust | ||||||||
| 2023-SFR2, 5.00% due 12/17/403 | 31,239,000 | 31,154,226 | ||||||
| 2024-SFR4, 4.65% due 11/17/413 | 10,775,000 | 10,602,709 | ||||||
| 2024-SFR3, 5.00% due 08/17/413 | 10,500,000 | 10,460,843 | ||||||
| 2024-SFR2, 4.75% due 06/17/403 | 9,980,660 | 10,006,381 | ||||||
| 2024-SFR3, 5.25% due 08/17/413 | 9,550,000 | 9,515,271 | ||||||
| 2024-SFR2, 5.90% due 06/17/403 | 9,215,000 | 9,319,648 | ||||||
| 2024-SFR2, 5.70% due 06/17/403 | 7,950,000 | 8,080,505 | ||||||
| 2021-SFR1, 2.59% due 07/17/383 | 7,000,000 | 6,779,170 | ||||||
| 2024-SFR1, 4.75% due 04/17/413 | 3,600,000 | 3,570,612 | ||||||
| FirstKey Homes Trust | ||||||||
| 2020-SFR2, 4.50% due 10/19/373 | 21,640,000 | 21,458,417 | ||||||
| 2020-SFR2, 4.00% due 10/19/373 | 20,340,000 | 20,150,509 | ||||||
| 2020-SFR2, 3.37% due 10/19/373 | 13,010,000 | 12,870,986 | ||||||
| 2021-SFR1, 2.19% due 08/17/383 | 13,174,000 | 12,702,060 | ||||||
| Home Partners of America Trust | ||||||||
| 2021-2, 2.65% due 12/17/263 | 46,315,940 | 44,386,436 | ||||||
| 2021-3, 2.80% due 01/17/413 | 15,018,370 | 13,949,747 | ||||||
| Invitation Homes Trust | ||||||||
| 2024-SFR1, 4.00% due 09/17/413 | 13,100,000 | 12,605,762 | ||||||
| Total Single Family Residence | 237,613,282 | |||||||
| Transport-Container - 0.4% | ||||||||
| Textainer Marine Containers VII Ltd. | ||||||||
| 2020-1A, 2.73% due 08/21/453 | 32,788,896 | 31,429,737 | ||||||
| 2021-2A, 2.23% due 04/20/463 | 2,166,667 | 2,020,393 | ||||||
| TIF Funding III LLC | ||||||||
| 2024-1A, 5.48% due 04/20/493 | 30,178,125 | 30,608,993 | ||||||
| Triton Container Finance IX LLC | ||||||||
| 2025-1A, 5.43% due 06/20/503 | 21,100,000 | 21,265,945 | ||||||
| Textainer Marine Containers Ltd. | ||||||||
| 2021-3A, 1.94% due 08/20/463 | 21,486,400 | 19,105,153 | ||||||
| MC Ltd. | ||||||||
| 2021-1, 2.63% due 11/05/353 | 7,788,693 | 7,271,158 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| ASSET-BACKED SECURITIES†† - 22.0% (continued) | ||||||||
| Transport-Container - 0.4% (continued) | ||||||||
| CLI Funding IX LLC | ||||||||
| 2025-1A, 5.35% due 06/20/503 | 4,700,000 | $ | 4,735,067 | |||||
| CLI Funding VIII LLC | ||||||||
| 2021-1A, 1.64% due 02/18/463 | 2,150,068 | 1,971,111 | ||||||
| Total Transport-Container | 118,407,557 | |||||||
| Collateralized Debt Obligations - 0.4% | ||||||||
| Anchorage Credit Funding 4 Ltd. | ||||||||
| 2021-4A AR, 2.72% due 04/27/393 | 111,754,127 | 106,803,687 | ||||||
| Anchorage Credit Funding 13 Ltd. | ||||||||
| 2021-13A A2, 2.80% due 07/27/393 | 2,700,000 | 2,523,165 | ||||||
| 2021-13A C2, 3.65% due 07/27/393 | 1,950,000 | 1,806,800 | ||||||
| Total Collateralized Debt Obligations | 111,133,652 | |||||||
| Insurance - 0.3% | ||||||||
| Obra Longevity | ||||||||
| 8.48% due 06/30/39††† | 67,000,000 | 70,065,253 | ||||||
| CHEST | ||||||||
| 7.13% due 03/23/43††† | 17,190,000 | 17,908,877 | ||||||
| JGWPT XXIII LLC | ||||||||
| 2011-1A, 4.70% due 10/15/563 | 1,800,922 | 1,769,329 | ||||||
| JGWPT XXIV LLC | ||||||||
| 2011-2A, 4.94% due 09/15/563 | 1,332,690 | 1,308,881 | ||||||
| 321 Henderson Receivables VI LLC | ||||||||
| 2010-1A, 5.56% due 07/15/593 | 327,507 | 328,409 | ||||||
| VICOF 2 | ||||||||
| 4.00% due 02/22/30††† | 272,931 | 270,696 | ||||||
| SPSS | ||||||||
| 5.14% due 11/15/52†††,9 | 127,247 | 117,423 | ||||||
| Total Insurance | 91,768,868 | |||||||
| Unsecured Consumer Loans - 0.1% | ||||||||
| Service Experts Issuer LLC | ||||||||
| 2024-1A, 6.39% due 11/20/353 | 18,193,327 | 18,519,064 | ||||||
| Foundation Finance Trust | ||||||||
| 2024-2A, 4.93% due 03/15/503 | 7,980,332 | 7,962,746 | ||||||
| 2025-1A, 5.55% due 04/15/503 | 3,650,000 | 3,673,977 | ||||||
| Stream Innovations Issuer Trust | ||||||||
| 2024-2A, 5.21% due 02/15/453 | 6,632,916 | 6,706,486 | ||||||
| GreenSky Home Improvement Issuer Trust | ||||||||
| 2024-2, 5.26% due 10/27/593 | 2,700,000 | 2,715,304 | ||||||
| Total Unsecured Consumer Loans | 39,577,577 | |||||||
| Automotive - 0.1% | ||||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| 2023-8A, 6.66% due 02/20/303 | 15,350,000 | 16,187,900 | ||||||
| 2023-8A, 6.02% due 02/20/303 | 11,000,000 | 11,497,449 | ||||||
| 2024-3A, 5.58% due 12/20/303 | 8,250,000 | 8,448,209 | ||||||
| 2025-2A, 5.51% due 08/20/313 | 3,250,000 | 3,313,127 | ||||||
| Total Automotive | 39,446,685 | |||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $6,200,874,391) | 6,173,903,757 | |||||||
| U.S. GOVERNMENT SECURITIES†† - 15.2% | ||||||||
| United States Treasury Inflation Indexed Bonds | ||||||||
| 2.13% due 01/15/35 | 610,358,364 | 620,315,781 | ||||||
| 1.88% due 07/15/34 | 508,686,047 | 509,076,056 | ||||||
| 2.13% due 04/15/29 | 316,314,891 | 324,817,694 | ||||||
| 1.63% due 10/15/29 | 261,988,370 | 265,203,764 | ||||||
| 1.25% due 04/15/28 | 144,954,459 | 144,681,691 | ||||||
| 1.38% due 07/15/33 | 29,540,516 | 28,686,282 | ||||||
| U.S. Treasury Bonds | ||||||||
| 4.38% due 11/15/3914 | 481,310,000 | 471,815,409 | ||||||
| due 05/15/516,14,15 | 1,576,540,000 | 444,684,375 | ||||||
| due 05/15/447,15 | 398,930,000 | 154,815,079 | ||||||
| due 08/15/546,15 | 615,170,000 | 151,948,319 | ||||||
| due 02/15/546,15 | 428,590,000 | 107,598,415 | ||||||
| due 02/15/467,15 | 290,070,000 | 103,113,205 | ||||||
| due 11/15/516,15 | 275,000,000 | 75,870,671 | ||||||
| 4.75% due 05/15/55 | 38,230,000 | 38,008,983 | ||||||
| due 11/15/447,15 | 75,000,000 | 28,392,003 | ||||||
| 4.63% due 02/15/55 | 5,000,000 | 4,867,187 | ||||||
| U.S. Treasury Notes | ||||||||
| 4.13% due 11/30/29 | 265,300,000 | 269,196,594 | ||||||
| 4.25% due 02/28/31 | 197,000,000 | 200,801,485 | ||||||
| 4.00% due 03/31/30 | 105,880,000 | 106,864,354 | ||||||
| 4.25% due 05/15/35 | 83,180,000 | 83,309,969 | ||||||
| 4.63% due 02/15/3514 | 60,600,000 | 62,522,156 | ||||||
| 4.00% due 05/31/30 | 10,980,000 | 11,086,369 | ||||||
| 3.63% due 08/31/29 | 8,450,000 | 8,408,080 | ||||||
| U.S. Treasury Strip Principal | ||||||||
| due 02/15/516,15 | 235,000,000 | 66,992,841 | ||||||
| Total U.S. Government Securities | ||||||||
| (Cost $4,526,092,192) | 4,283,076,762 | |||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 5.3% | ||||||||
| Financial - 1.4% | ||||||||
| Higginbotham Insurance Agency, Inc. | ||||||||
| 8.83% (1 Month Term SOFR + 4.51%, Rate Floor: 4.51%) due 11/24/28††† | 49,473,092 | $ | 49,153,547 | |||||
| 9.08% (1 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 11/24/28††† | 4,062,526 | 4,036,286 | ||||||
| QTS Good News Facility | ||||||||
| 7.10% (SOFR + 2.75%, Rate Floor: 0.00%) due 10/09/28◊,††† | 49,925,000 | 49,904,560 | ||||||
| Jane Street Group LLC | ||||||||
| 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 44,934,909 | 44,876,943 | ||||||
| Citadel Securities, LP | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 42,462,058 | 42,616,195 | ||||||
| Asurion LLC | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 23,899,400 | 23,279,450 | ||||||
| Cegid Group | ||||||||
| 5.44% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/17/30 | EUR | 18,950,000 | 22,282,548 | |||||
| CPI Holdco B, LLC | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/17/31 | 19,800,000 | 19,775,250 | ||||||
| HighTower Holding LLC | ||||||||
| 7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/03/32 | 19,742,912 | 19,677,168 | ||||||
| Alliant Holdings Intermediate LLC | ||||||||
| 7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/19/31 | 19,566,675 | 19,568,827 | ||||||
| Cliffwater LLC | ||||||||
| 9.28% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 03/19/32††† | 19,574,017 | 19,509,996 | ||||||
| Eisner Advisory Group | ||||||||
| 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 16,695,924 | 16,758,533 | ||||||
| Galaxy Bidco Ltd. | ||||||||
| 6.04% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/19/29 | EUR | 13,250,000 | 15,652,109 | |||||
| Eagle Point Holdings Borrower, LLC | ||||||||
| 8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28††† | 14,877,692 | 14,877,692 | ||||||
| Focus Financial Partners LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 14,447,400 | 14,413,160 | ||||||
| Jefferies Finance LLC | ||||||||
| 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 | 8,532,125 | 8,542,790 | ||||||
| Amwins Group, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 7,263,500 | 7,264,807 | ||||||
| Corpay, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/28/28 | 4,676,500 | 4,675,518 | ||||||
| Worldpay | ||||||||
| 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 3,927,918 | 3,936,088 | ||||||
| Virtu Financial | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 2,670,000 | 2,676,675 | ||||||
| Ardonagh Midco 3 plc | ||||||||
| 7.04% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/15/31 | 1,396,500 | 1,384,281 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 5.3% (continued) | ||||||||
| Financial - 1.4% (continued) | ||||||||
| CPI Holdco B LLC | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 1,141,375 | $ | 1,137,380 | |||||
| Total Financial | 405,999,803 | |||||||
| Consumer, Cyclical - 1.2% | ||||||||
| Peer Holding III BV | ||||||||
| 6.80% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 18,942,525 | 19,027,766 | ||||||
| 5.23% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 11/26/31 | EUR | 4,300,000 | 5,067,141 | |||||
| 4.73% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 07/01/31 | EUR | 2,000,000 | 2,352,333 | |||||
| Prime Security Services Borrower LLC | ||||||||
| 6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/07/32 | 20,398,875 | 20,203,454 | ||||||
| 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/13/30 | 4,966,294 | 4,966,294 | ||||||
| MB2 Dental Solutions LLC | ||||||||
| 9.83% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31††† | 24,972,137 | 24,874,515 | ||||||
| Allwyn Entertainment Financing US LLC | ||||||||
| 6.23% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/02/31 | 19,104,120 | 18,968,863 | ||||||
| 4.93% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 03/19/32 | EUR | 5,000,000 | 5,869,816 | |||||
| Betclic Everest Group SAS | ||||||||
| 5.39% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 12/10/31 | EUR | 18,200,000 | 21,439,034 | |||||
| Grant Thornton Advisors LLC | ||||||||
| 7.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/30/31 | 21,290,000 | 21,311,290 | ||||||
| Clarios Global, LP | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/28/32 | 11,750,000 | 11,757,403 | ||||||
| 5.18% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/28/32 | EUR | 4,350,000 | 5,110,174 | |||||
| 4.93% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 07/16/31 | EUR | 2,850,870 | 3,343,323 | |||||
| Tripadvisor, Inc. | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 19,864,801 | 19,790,308 | ||||||
| Restaurant Brands | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/20/30 | 19,651,003 | 19,544,494 | ||||||
| First Brands Group LLC | ||||||||
| 9.54% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 19,556,881 | 18,412,022 | ||||||
| Life Time, Inc. | ||||||||
| 6.53% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 11/05/31 | 14,925,000 | 14,954,850 | ||||||
| Pacific Bells LLC | ||||||||
| 8.56% (3 Month Term SOFR + 4.26%, Rate Floor: 4.76%) due 11/13/28 | 14,278,179 | 14,296,027 | ||||||
| PCI Gaming Authority, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 11,253,628 | 11,242,712 | ||||||
| PHM Group Holding OY | ||||||||
| 5.72% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 02/25/32 | EUR | 9,100,000 | 10,631,712 | |||||
| Entain Holdings (Gibraltar) Ltd. | ||||||||
| 5.29% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/28 | EUR | 7,800,000 | 9,205,617 | |||||
| Packers Holdings LLC | ||||||||
| 7.68% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28 | 14,287,658 | 7,643,897 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 5.3% (continued) | ||||||||
| Consumer, Cyclical - 1.2% (continued) | ||||||||
| Wyndham Hotels & Resorts, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/30 | 7,543,800 | $ | 7,569,374 | |||||
| B&B Hotels | ||||||||
| 5.68% (1 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/21/31 | EUR | 4,250,000 | 4,992,448 | |||||
| Scientific Games Corp. | ||||||||
| 7.28% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29 | 4,962,500 | 4,955,999 | ||||||
| Caesars Entertainment, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 4,699,401 | 4,690,002 | ||||||
| Blue Ribbon LLC | ||||||||
| 12.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) (in-kind rate was 4.00%) due 05/08/2816 | 4,507,964 | 4,507,964 | ||||||
| Seaworld Parks & Entertainment, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 12/04/31 | 4,466,250 | 4,455,084 | ||||||
| Go Daddy Operating Company LLC | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/30/31 | 4,227,300 | 4,230,513 | ||||||
| MX Holdings US, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/19/32 | 2,820,000 | 2,830,575 | ||||||
| Valvoline, Inc. | ||||||||
| due 03/19/32 | 2,300,000 | 2,306,394 | ||||||
| Station Casinos LLC | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/31 | 2,172,500 | 2,175,129 | ||||||
| Frontdoor, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/19/31 | 2,089,500 | 2,093,428 | ||||||
| WW International, Inc. | ||||||||
| 8.04% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/2812 | 1,395,000 | 456,863 | ||||||
| Rent-A-Center, Inc. | ||||||||
| 7.03% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28††† | 454,940 | 456,077 | ||||||
| Total Consumer, Cyclical | 335,732,895 | |||||||
| Industrial - 0.9% | ||||||||
| Hunter Douglas, Inc. | ||||||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 14,318,050 | 14,252,473 | ||||||
| 5.23% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | EUR | 12,000,000 | 13,940,952 | |||||
| Quikrete Holdings, Inc. | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 11,780,860 | 11,754,706 | ||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 8,324,138 | 8,309,570 | ||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/19/29 | 6,530,656 | 6,525,627 | ||||||
| EMRLD Borrower, LP | ||||||||
| 6.83% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30 | 18,242,200 | 18,216,843 | ||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/04/31 | 7,761,347 | 7,743,419 | ||||||
| Total Webhosting Solutions B.V. | ||||||||
| 6.43% (1 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 11/04/31 | EUR | 19,000,000 | 22,380,514 | |||||
| Clean Harbors, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/08/28 | 21,849,370 | 22,035,090 | ||||||
| Capstone Acquisition Holdings, Inc. | ||||||||
| 8.93% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29††† | 20,879,932 | 20,778,857 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 5.3% (continued) | ||||||||
| Industrial - 0.9% (continued) | ||||||||
| United Rentals, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/14/31 | 17,651,563 | $ | 17,783,949 | |||||
| United Airlines, Inc. | ||||||||
| 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 17,229,642 | 17,236,878 | ||||||
| Red SPV LLC | ||||||||
| 6.56% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/06/32 | 17,200,000 | 17,157,000 | ||||||
| Genesee & Wyoming, Inc. | ||||||||
| 6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/10/31 | 15,086,000 | 14,996,389 | ||||||
| AS Mileage Plan Ltd. | ||||||||
| 6.27% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/15/31 | 11,343,000 | 11,379,865 | ||||||
| Brown Group Holding LLC | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 4,920,779 | 4,924,224 | ||||||
| 6.81% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 4,444,837 | 4,449,371 | ||||||
| StandardAero | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 7,890,350 | 7,891,455 | ||||||
| Jefferies Finance LLC | ||||||||
| 6.43% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/02/32 | 5,037,375 | 5,049,968 | ||||||
| TransDigm, Inc. | ||||||||
| 6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 4,813,625 | 4,820,075 | ||||||
| Dispatch Terra Acquisition LLC | ||||||||
| 8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 3,737,901 | 3,660,489 | ||||||
| Air Canada | ||||||||
| 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 3,407,495 | 3,406,439 | ||||||
| CPG International LLC | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/26/31 | 3,059,625 | 3,055,800 | ||||||
| Fugue Finance LLC | ||||||||
| due 01/09/32 | 3,000,000 | 3,016,260 | ||||||
| Knife River Corp. | ||||||||
| 6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/08/32 | 2,518,688 | 2,523,423 | ||||||
| Hillman Group, Inc. | ||||||||
| 6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 07/14/28 | 1,530,031 | 1,531,943 | ||||||
| Merlin Buyer, Inc. | ||||||||
| 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28 | 606,509 | 601,457 | ||||||
| API Heat Transfer Thermasys Corp. | ||||||||
| 12.58% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27††† | 20,013 | 20,013 | ||||||
| 9.58% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/10/27††† | 11,583 | 11,583 | ||||||
| Total Industrial | 269,454,632 | |||||||
| Consumer, Non-cyclical - 0.6% | ||||||||
| Southern Veterinary Partners LLC | ||||||||
| 7.53% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 12/04/31 | 36,473,435 | 36,488,025 | ||||||
| Nidda Healthcare Holding GmbH | ||||||||
| 6.05% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/21/30 | EUR | 24,166,306 | 28,458,331 | |||||
| Quirch Foods Holdings LLC | ||||||||
| 9.57% (3 Month Term SOFR + 5.26%, Rate Floor: 6.26%) due 10/27/27 | 28,228,342 | 26,317,848 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 5.3% (continued) | ||||||||
| Consumer, Non-cyclical - 0.6% (continued) | ||||||||
| Froneri US, Inc. | ||||||||
| 6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 23,655,713 | $ | 23,374,919 | |||||
| Women's Care Holdings, Inc. | ||||||||
| 8.88% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 15,434,359 | 14,122,439 | ||||||
| Blue Ribbon LLC | ||||||||
| 10.29% (1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 12,065,625 | 9,220,189 | ||||||
| Hanger, Inc. | ||||||||
| 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 9,075,401 | 9,084,113 | ||||||
| Reynolds Consumer Products LLC | ||||||||
| 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/04/32 | 8,475,463 | 8,503,686 | ||||||
| HAH Group Holding Co. LLC | ||||||||
| 9.33% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 4,431,754 | 4,291,666 | ||||||
| CHG PPC Parent LLC | ||||||||
| 7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/08/28 | 1,524,037 | 1,527,847 | ||||||
| Elanco Animal Health, Inc. | ||||||||
| 6.17% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/01/27 | 1,018,997 | 1,017,856 | ||||||
| Medline Borrower LP | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 10/23/28 | 845,750 | 846,164 | ||||||
| Energizer Holdings, Inc. | ||||||||
| 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/13/32 | 404,893 | 405,273 | ||||||
| Total Consumer, Non-cyclical | 163,658,356 | |||||||
| Technology - 0.5% | ||||||||
| Polaris Newco LLC | ||||||||
| 9.22% (1 Month GBP SONIA + 5.00%, Rate Floor: 5.00%) due 06/02/28 | GBP | 21,841,998 | 28,044,365 | |||||
| 5.68% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/02/28 | EUR | 4,961,340 | 5,562,628 | |||||
| Visma AS | ||||||||
| 6.08% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 12/05/28††† | EUR | 23,750,000 | 27,840,775 | |||||
| Gen Digital, Inc. | ||||||||
| 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/13/32 | 13,600,000 | 13,569,400 | ||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/12/29 | 10,546,828 | 10,527,106 | ||||||
| Datix Bidco Ltd. | ||||||||
| 9.46% (6 Month GBP SONIA + 5.25%, Rate Floor: 5.25%) due 04/30/31††† | GBP | 10,570,675 | 14,411,514 | |||||
| 9.54% (6 Month Term SOFR + 5.25%, Rate Floor: 5.75%) due 04/30/31††† | 2,613,869 | 2,596,236 | ||||||
| 9.56% ((6 Month GBP SONIA + 5.50%) and (6 Month Term SOFR + 5.25%), Rate Floor: 6.00%) due 10/30/30††† | 494,100 | 441,338 | ||||||
| 9.56% ((6 Month GBP SONIA + 5.50%) and (6 Month Term SOFR + 5.25%), Rate Floor: 6.00%) due 10/30/30††† | GBP | 70,586 | 86,540 | |||||
| WEX, Inc. | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/05/32 | 17,500,000 | 17,445,400 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 5.3% (continued) | ||||||||
| Technology - 0.5% (continued) | ||||||||
| Modena Buyer LLC | ||||||||
| 8.78% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 11,343,000 | $ | 10,903,459 | |||||
| Aston FinCo SARL | ||||||||
| 8.99% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/09/26††† | GBP | 5,569,015 | 7,452,974 | |||||
| Dun & Bradstreet Corp. | ||||||||
| 6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/18/29 | 4,300,646 | 4,296,948 | ||||||
| Aston FinCo SARL | ||||||||
| 8.69% (1 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 10/09/26 | 730,086 | 700,277 | ||||||
| CCC Intelligent Solutions, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/23/32 | 348,250 | 348,208 | ||||||
| Total Technology | 144,227,168 | |||||||
| Communications - 0.3% | ||||||||
| Speedster Bidco GmbH | ||||||||
| 5.88% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/10/31 | EUR | 10,200,000 | 12,018,287 | |||||
| 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 9,945,075 | 9,988,634 | ||||||
| Authentic Brands | ||||||||
| 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/11/32 | 19,251,750 | 19,195,535 | ||||||
| SBA Senior Finance II LLC | ||||||||
| 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/25/31 | 13,398,241 | 13,410,032 | ||||||
| MasOrange Finco Plc | ||||||||
| due 03/20/31 | EUR | 10,000,000 | 11,681,904 | |||||
| Level 3 Financing, Inc. | ||||||||
| 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/21/32 | 5,680,000 | 5,737,993 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
| 7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 1,652,094 | 1,568,168 | ||||||
| UPC Financing Partnership | ||||||||
| 6.79% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/29/32 | 1,300,000 | 1,296,204 | ||||||
| Xplore, Inc. | ||||||||
| 6.09% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 10/24/31 | 1,423,884 | 1,051,296 | ||||||
| Xplore, Inc. | ||||||||
| 9.59% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) (in-kind rate was 3.50%) due 10/23/2916 | 403,208 | 381,031 | ||||||
| Total Communications | 76,329,084 | |||||||
| Energy - 0.2% | ||||||||
| Colonial Pipeline | ||||||||
| due 06/11/32 | 23,500,000 | 23,329,625 | ||||||
| ITT Holdings LLC | ||||||||
| 7.05% (1 Month Term SOFR + 2.73%, Rate Floor: 3.23%) due 10/11/30 | 14,903,022 | 14,917,925 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 7.30% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 4,727,118 | 4,718,278 | ||||||
| WhiteWater DBR Holdco LLC | ||||||||
| 6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/03/31 | 4,565,558 | 4,565,558 | ||||||
| Total Energy | 47,531,386 | |||||||
| Basic Materials - 0.1% | ||||||||
| Arsenal AIC Parent LLC | ||||||||
| 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/18/30 | 8,589,949 | 8,570,622 | ||||||
| Novelis Holdings, Inc. | ||||||||
| 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/11/32 | 8,379,000 | 8,389,474 | ||||||
| Trinseo Materials Operating S.C.A. | ||||||||
| 7.09% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28 | 10,656,000 | 4,553,948 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 5.3% (continued) | ||||||||
| Basic Materials - 0.1% (continued) | ||||||||
| Minerals Technologies, Inc. | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/26/31 | 995,000 | $ | 993,756 | |||||
| GrafTech Finance, Inc. | ||||||||
| 10.32% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 979,768 | 982,217 | ||||||
| Total Basic Materials | 23,490,017 | |||||||
| Utilities - 0.1% | ||||||||
| Calpine Construction Finance Company, LP | ||||||||
| 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 | 10,350,000 | 10,343,376 | ||||||
| UGI Energy Services LLC | ||||||||
| 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/22/30 | 3,763,332 | 3,773,681 | ||||||
| AL GCX Holdings LLC | ||||||||
| 6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/30/32 | 2,100,000 | 2,096,073 | ||||||
| TerraForm Power Operating LLC | ||||||||
| 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/21/29 | 1,187,678 | 1,186,194 | ||||||
| Total Utilities | 17,399,324 | |||||||
| Total Senior Floating Rate Interests | ||||||||
| (Cost $1,479,755,265) | 1,483,822,665 | |||||||
| FEDERAL AGENCY BONDS†† - 1.0% | ||||||||
| Tennessee Valley Authority | ||||||||
| 4.25% due 09/15/65 | 139,137,000 | 112,094,333 | ||||||
| 5.25% due 02/01/55 | 65,033,000 | 63,447,430 | ||||||
| 4.63% due 09/15/60 | 60,988,000 | 53,347,545 | ||||||
| 5.38% due 04/01/56 | 9,283,000 | 9,225,501 | ||||||
| due 09/15/537,15 | 1,612,000 | 339,858 | ||||||
| due 09/15/557,15 | 1,612,000 | 302,558 | ||||||
| due 09/15/567,15 | 1,612,000 | 284,523 | ||||||
| due 03/15/577,15 | 1,612,000 | 276,726 | ||||||
| due 09/15/577,15 | 1,612,000 | 269,141 | ||||||
| due 09/15/587,15 | 1,612,000 | 253,769 | ||||||
| due 03/15/597,15 | 1,612,000 | 246,802 | ||||||
| due 09/15/597,15 | 1,612,000 | 240,025 | ||||||
| due 09/15/607,15 | 1,612,000 | 227,028 | ||||||
| due 09/15/547,15 | 1,020,000 | 202,923 | ||||||
| due 03/15/617,15 | 1,020,000 | 139,708 | ||||||
| due 09/15/617,15 | 1,020,000 | 135,872 | ||||||
| due 09/15/627,15 | 1,020,000 | 128,514 | ||||||
| due 03/15/637,15 | 1,020,000 | 124,986 | ||||||
| due 09/15/637,15 | 1,020,000 | 121,104 | ||||||
| due 09/15/647,15 | 1,020,000 | 114,534 | ||||||
| due 03/15/657,15 | 1,020,000 | 110,955 | ||||||
| due 09/15/657,15 | 1,020,000 | 107,898 | ||||||
| Tennessee Valley Authority Principal Strips | ||||||||
| due 01/15/486,15 | 38,804,000 | 11,458,084 | ||||||
| due 12/15/426,15 | 23,785,000 | 9,486,195 | ||||||
| due 01/15/3815 | 15,800,000 | 8,458,309 | ||||||
| due 09/15/396,15 | 8,655,000 | 4,176,375 | ||||||
| due 04/01/566,15 | 11,415,000 | 2,072,633 | ||||||
| due 09/15/656,15 | 3,500,000 | 371,689 | ||||||
| Federal Farm Credit Bank | ||||||||
| 3.11% due 08/05/48 | 1,500,000 | 1,081,942 | ||||||
| 2.69% due 11/29/41 | 350,000 | 252,605 | ||||||
| 2.58% due 03/15/41 | 350,000 | 252,453 | ||||||
| 2.40% due 09/16/41 | 350,000 | 243,129 | ||||||
| 1.99% due 07/30/40 | 300,000 | 202,280 | ||||||
| 2.60% due 09/06/39 | 250,000 | 187,559 | ||||||
| 2.90% due 12/09/41 | 220,000 | 163,413 | ||||||
| 2.59% due 12/30/41 | 180,000 | 127,987 | ||||||
| 2.74% due 11/01/39 | 144,000 | 109,704 | ||||||
| 2.84% due 06/01/46 | 140,000 | 94,845 | ||||||
| 2.59% due 08/24/46 | 140,000 | 90,369 | ||||||
| 3.67% due 02/26/44 | 70,000 | 57,701 | ||||||
| Federal Home Loan Bank | ||||||||
| 2.15% due 02/25/41 | 350,000 | 237,270 | ||||||
| 2.45% due 08/16/41 | 270,000 | 189,441 | ||||||
| 3.63% due 06/22/43 | 100,000 | 82,816 | ||||||
| Freddie Mac | ||||||||
| 2.25% due 09/15/50 | 360,000 | 202,932 | ||||||
| Total Federal Agency Bonds | ||||||||
| (Cost $403,255,843) | 281,341,464 | |||||||
| FOREIGN GOVERNMENT DEBT†† - 0.2% | ||||||||
| Israel Government International Bond | ||||||||
| 5.38% due 03/12/29 | 9,800,000 | 9,988,370 | ||||||
| 5.63% due 02/19/35 | 8,750,000 | 8,892,165 | ||||||
| 5.38% due 02/19/30 | 5,250,000 | 5,350,162 | ||||||
| Panama Government International Bond | ||||||||
| 4.50% due 04/16/50 | 22,700,000 | 15,307,367 | ||||||
| Saudi Government International Bond | ||||||||
| 5.63% due 01/13/353 | 13,900,000 | 14,492,017 | ||||||
| Total Foreign Government Debt | ||||||||
| (Cost $62,615,736) | 54,030,081 | |||||||
| MUNICIPAL BONDS†† - 0.1% | ||||||||
| California - 0.1% | ||||||||
| California Statewide Communities Development Authority Revenue Bonds | ||||||||
| 7.14% due 08/15/47 | 10,335,000 | 10,865,492 | ||||||
| California Public Finance Authority Revenue Bonds | ||||||||
| 3.07% due 10/15/40 | 8,000,000 | 6,261,440 | ||||||
| Hillsborough City School District General Obligation Unlimited | ||||||||
| due 09/01/3715 | 1,000,000 | 533,349 | ||||||
| due 09/01/3915 | 1,000,000 | 468,874 | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount~ | Value | |||||||
| MUNICIPAL BONDS†† - 0.1% (continued) | ||||||||
| California - 0.1% (continued) | ||||||||
| Oakland Redevelopment Agency Successor Agency Tax Allocation | ||||||||
| 4.00% due 09/01/39 | 1,100,000 | $ | 950,063 | |||||
| Total California | 19,079,218 | |||||||
| Illinois - 0.0% | ||||||||
| State of Illinois General Obligation Unlimited | ||||||||
| 5.65% due 12/01/38 | 4,550,000 | 4,657,205 | ||||||
| 6.63% due 02/01/35 | 1,400,000 | 1,486,554 | ||||||
| City of Chicago Illinois General Obligation Unlimited | ||||||||
| 6.31% due 01/01/44 | 4,500,000 | 4,634,916 | ||||||
| Total Illinois | 10,778,675 | |||||||
| Texas - 0.0% | ||||||||
| Central Texas Turnpike System Revenue Bonds | ||||||||
| 3.03% due 08/15/41 | 3,150,000 | 2,356,320 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds | ||||||||
| 3.42% due 09/01/50 | 2,500,000 | 1,784,266 | ||||||
| Total Texas | 4,140,586 | |||||||
| Washington - 0.0% | ||||||||
| Central Washington University Revenue Bonds | ||||||||
| 6.95% due 05/01/40 | 1,750,000 | 1,908,133 | ||||||
| Oklahoma - 0.0% | ||||||||
| Tulsa Airports Improvement Trust Revenue Bonds | ||||||||
| 3.10% due 06/01/45 | 1,000,000 | 723,880 | ||||||
| Oklahoma Development Finance Authority Revenue Bonds | ||||||||
| 4.65% due 08/15/30 | 450,000 | 442,822 | ||||||
| Total Oklahoma | 1,166,702 | |||||||
| Total Municipal Bonds | ||||||||
| (Cost $41,573,729) | 37,073,314 | |||||||
| U.S. TREASURY BILLS†† - 0.1% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.02% due 07/31/2517 | 12,900,000 | 12,855,205 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $12,855,388) | 12,855,205 | |||||||
| FEDERAL AGENCY DISCOUNT NOTES†† - 0.0% | ||||||||
| Federal Home Loan Bank | ||||||||
| 4.10% due 07/01/2517 | 10,500,000 | 10,500,000 | ||||||
| Total Federal Agency Discount Notes | ||||||||
| (Cost $10,500,000) | 10,500,000 | |||||||
| REPURCHASE AGREEMENTS††,18 - 0.2% | ||||||||
| BofA Securities, Inc. | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 22,678,602 | 22,678,602 | ||||||
| BNP Paribas | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 14,174,126 | 14,174,126 | ||||||
| J.P. Morgan Securities LLC | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 14,174,126 | 14,174,126 | ||||||
| Bank of Montreal | ||||||||
| issued 06/30/25 at 4.34% due 07/01/25 | 2,834,825 | 2,834,825 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $53,861,679) | 53,861,679 | |||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC OPTIONS PURCHASED†† - 0.0% | ||||||||
| Put Options on: | ||||||||
| Foreign Exchange Options | ||||||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 139,218,000 | $ | 2,604,606 | ||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 70,580,000 | 2,303,801 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 27,674,000 | 2,321,544 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 56,463,000 | 1,843,008 | |||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 41,765,000 | 781,374 | |||||
| Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 12,467,000 | 406,935 | |||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 12,741,000 | 238,369 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $332,246,504) | EUR | 283,040,000 | 53,574 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $332,246,504) | EUR | 283,040,000 | 53,574 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $232,573,727) | EUR | 198,129,000 | 38,125 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $109,845,361) | EUR | 93,577,000 | 18,007 | |||||
| Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $99,671,603) | EUR | 84,910,000 | 16,339 | |||||
| BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $18,087,855) | EUR | 15,409,000 | 2,965 | |||||
| Total Foreign Exchange Options | 10,682,221 | |||||||
| Total OTC Options Purchased | ||||||||
| (Cost $24,323,509) | 10,682,221 | |||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC INTEREST RATE SWAPTIONS PURCHASED††,19 - 0.1% | ||||||||
| Call Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 440,817,500 | 7,866,723 | |||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 440,817,500 | 7,866,723 | |||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 440,817,500 | 7,866,723 | |||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 440,817,500 | 7,866,723 | |||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $768,903,385) | GBP | 561,100,000 | 5,606,749 | |||||
| Total Interest Rate Swaptions | 37,073,641 | |||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $768,903,385) | GBP | 561,100,000 | 257,638 | |||||
| Total Interest Rate Swaptions | 257,638 | |||||||
| Total OTC Interest Rate Swaptions Purchased | ||||||||
| (Cost $26,153,706) | 37,331,279 | |||||||
| Total Investments - 119.6% | ||||||||
| (Cost $34,635,159,296) | $ | 33,640,111,659 | ||||||
| OTC OPTIONS WRITTEN†† - 0.0% | ||||||||
| Put Options on: | ||||||||
| Foreign Exchange Options | ||||||||
| Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 12,741,000 | (57,862 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 41,765,000 | (189,673 | ) | ||||
| UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 139,218,000 | (632,249 | ) | ||||
| Total Foreign Exchange Options | (879,784 | ) | ||||||
| Total OTC Options Written | ||||||||
| (Premiums received $1,529,741) | (879,784 | ) | ||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Contracts/Notional Value | Value | |||||||
| OTC INTEREST RATE SWAPTIONS WRITTEN††,19 - (0.1)% | ||||||||
| Call Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $768,903,385) | GBP | 561,100,000 | $ | (2,819,648 | ) | |||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 440,817,500 | (3,487,258 | ) | ||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 440,817,500 | (3,487,259 | ) | ||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 440,817,500 | (3,487,259 | ) | ||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 440,817,500 | (3,487,259 | ) | ||||
| Total Interest Rate Swaptions | (16,768,683 | ) | ||||||
| Put Swaptions on: | ||||||||
| Interest Rate Swaptions | ||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $768,903,385) | GBP | 561,100,000 | (1,208,043 | ) | ||||
| Total Interest Rate Swaptions | (1,208,043 | ) | ||||||
| Total OTC Interest Rate Swaptions Written | ||||||||
| (Premiums received $15,491,834) | (17,976,726 | ) | ||||||
| Other Assets & Liabilities, net - (19.5)% | (5,489,519,877 | ) | ||||||
| Total Net Assets - 100.0% | $ | 28,131,735,272 | ||||||
OTC Credit Default Swap Agreements Protection Purchased††
| Counterparty | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Received | Unrealized Depreciation | ||||||||||||||||||
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00 | % | Quarterly | 12/20/29 | $ | 44,055,000 | $ | (3,262,362 | ) | $ | (2,502,403 | ) | $ | (759,959 | ) | ||||||||||
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00 | % | Quarterly | 12/20/29 | 44,055,000 | (6,704,658 | ) | (5,978,035 | ) | (726,623 | ) | ||||||||||||||
| $ | (9,967,020 | ) | $ | (8,480,438 | ) | $ | (1,486,582 | ) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements††
| Counterparty | Exchange | Floating Rate Type | Floating Rate Index | Fixed Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid | Unrealized Appreciation (Depreciation)** | ||||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.48 | % | Annually | 11/02/33 | $ | 389,640,000 | $ | 24,613,134 | $ | 2,680 | $ | 24,610,454 | |||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.09 | % | Annually | 12/23/29 | 584,523,266 | 16,357,282 | 2,889 | 16,354,393 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.76 | % | Annually | 02/06/29 | 650,000,000 | 7,865,448 | 2,322 | 7,863,126 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.17 | % | Annually | 01/27/32 | 177,500,000 | 6,864,878 | 1,281 | 6,863,597 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.80 | % | Annually | 04/01/32 | 225,000,000 | 3,720,742 | 1,591 | 3,719,151 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.59 | % | Annually | 01/02/28 | 660,000,000 | 2,335,516 | 2,042 | 2,333,474 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 4.99 | % | Annually | 10/11/25 | 1,337,210,000 | 2,159,969 | 507 | 2,159,462 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.96 | % | Annually | 04/03/34 | 53,740,000 | 1,321,730 | 459 | 1,321,271 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.73 | % | Annually | 12/04/34 | 163,000,000 | 831,489 | 1,346 | 830,143 | |||||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 3.40 | % | Annually | 04/04/28 | 900,000,000 | (995,013 | ) | 2,395 | (997,408 | ) | |||||||||||||||||
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 2.78 | % | Annually | 07/18/27 | 1,803,000,000 | (26,043,181 | ) | 3,413 | (26,046,594 | ) | |||||||||||||||||
| $ | 39,031,994 | $ | 20,925 | $ | 39,011,069 | |||||||||||||||||||||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Forward Foreign Currency Exchange Contracts††
| Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Depreciation | ||||||||||
| Morgan Stanley Capital Services LLC | CAD | Sell | 302,000 | 221,397 USD | 07/16/25 | $ | (561 | ) | ||||||||
| Barclays Bank plc | GBP | Sell | 675,000 | 925,922 USD | 07/16/25 | (654 | ) | |||||||||
| Morgan Stanley Capital Services LLC | EUR | Sell | 20,560,000 | 23,899,634 USD | 07/16/25 | (347,529 | ) | |||||||||
| Citibank, N.A. | GBP | Sell | 50,230,000 | 68,092,245 USD | 07/16/25 | (858,725 | ) | |||||||||
| Barclays Bank plc | EUR | Sell | 297,490,000 | 342,553,488 USD | 07/16/25 | (8,287,390 | ) | |||||||||
| $ | (9,494,859 | ) | ||||||||||||||
OTC Interest Rate Swaptions Purchased
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||
| Call | ||||||||||||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | $ | 440,817,500 | $ | 7,866,723 | ||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 440,817,500 | 7,866,723 | ||||||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 440,817,500 | 7,866,723 | ||||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 440,817,500 | 7,866,723 | ||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50% | 08/19/26 | 3.50% | 768,903,385 | 5,606,749 | ||||||||||||
| $ | 37,073,641 | |||||||||||||||||||
| Put | ||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50% | 08/19/26 | 5.50% | $ | 768,903,385 | $ | 257,638 | ||||||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
OTC Interest Rate Swaptions Written
| Counterparty/Description | Floating Rate Type | Floating Rate Index | Payment Frequency | Fixed Rate | Expiration Date | Exercise Rate | Swaption Notional Amount | Swaption Value | ||||||||||||
| Call | ||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00% | 08/19/26 | 3.00% | $ | 768,903,385 | $ | (2,819,648 | ) | |||||||||
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 440,817,500 | (3,487,259 | ) | |||||||||||
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 440,817,500 | (3,487,259 | ) | |||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 440,817,500 | (3,487,258 | ) | |||||||||||
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 440,817,500 | (3,487,259 | ) | |||||||||||
| $ | (16,768,683 | ) | ||||||||||||||||||
| Put | ||||||||||||||||||||
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50% | 08/19/26 | 4.50% | $ | 768,903,385 | $ | (1,208,043 | ) | |||||||||
| ~ | The face amount is denominated in U.S. dollars unless otherwise indicated. |
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| † | Value determined based on Level 1 inputs, unless otherwise noted — See Note 3. |
| †† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| ◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 | Affiliated issuer. |
| 2 | Special Purpose Acquisition Company (SPAC). |
| 3 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $12,258,193,357 (cost $12,467,615,497), or 43.6% of total net assets. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
| 5 | Security is unsettled at period end and may not have a stated effective rate. |
| 6 | Security is a principal-only strip. |
| 7 | Security is an interest-only strip. |
| 8 | Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at June 30, 2025. See table below for additional step information for each security. |
| 9 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $123,675,935 (cost $159,407,492), or 0.4% of total net assets — See Note 6. |
| 10 | Perpetual maturity. |
| 11 | Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
| 12 | Security is in default of interest and/or principal obligations. |
| 13 | Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
| 14 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 15 | Zero coupon rate security. |
| 16 | Payment-in-kind security. |
| 17 | Rate indicated is the effective yield at the time of purchase. |
| 18 | Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements. |
| 19 | Swaptions — See additional disclosure in the swaptions table above for more information on swaptions. |
BofA — Bank of America
CAD — Canadian Dollar
CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1
CME — Chicago Mercantile Exchange
CMT — Constant Maturity Treasury
EUR — Euro
EURIBOR — European Interbank Offered Rate
GBP — British Pound
plc — Public Limited Company
REMIC — Real Estate Mortgage Investment Conduit
REIT — Real Estate Investment Trust
SARL — Société à Responsabilité Limitée
SOFR — Secured Overnight Financing Rate
SONIA — Sterling Overnight Index Average
WAC — Weighted Average Coupon
See Sector Classification in Other Information section.
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | — | $ | 186,695 | $ | 108,465 | $ | 295,160 | ||||||||
| Preferred Stocks | 56,976,018 | 637,714,395 | 48,348,430 | 743,038,843 | ||||||||||||
| Warrants | 1,218 | — | 388 | 1,606 | ||||||||||||
| Right | — | — | 1 | 1 | ||||||||||||
| Mutual Funds | 251,720,414 | — | — | 251,720,414 | ||||||||||||
| Money Market Funds | 506,897,024 | — | — | 506,897,024 | ||||||||||||
| Collateralized Mortgage Obligations | — | 11,536,678,032 | 63,489,940 | 11,600,167,972 | ||||||||||||
| Corporate Bonds | — | 7,392,928,478 | 706,583,734 | 8,099,512,212 | ||||||||||||
| Asset-Backed Securities | — | 5,269,584,344 | 904,319,413 | 6,173,903,757 | ||||||||||||
| U.S. Government Securities | — | 4,283,076,762 | — | 4,283,076,762 | ||||||||||||
| Senior Floating Rate Interests | — | 1,247,370,162 | 236,452,503 | 1,483,822,665 | ||||||||||||
| Federal Agency Bonds | — | 281,341,464 | — | 281,341,464 | ||||||||||||
| Foreign Government Debt | — | 54,030,081 | — | 54,030,081 | ||||||||||||
| Municipal Bonds | — | 37,073,314 | — | 37,073,314 | ||||||||||||
| U.S. Treasury Bills | — | 12,855,205 | — | 12,855,205 | ||||||||||||
| Federal Agency Discount Notes | — | 10,500,000 | — | 10,500,000 | ||||||||||||
| Repurchase Agreements | — | 53,861,679 | — | 53,861,679 | ||||||||||||
| Options Purchased | — | 10,682,221 | — | 10,682,221 | ||||||||||||
| Interest Rate Swaptions Purchased | — | 37,331,279 | — | 37,331,279 | ||||||||||||
| Interest Rate Swap Agreements** | — | 66,055,071 | — | 66,055,071 | ||||||||||||
| Total Assets | $ | 815,594,674 | $ | 30,931,269,182 | $ | 1,959,302,874 | $ | 33,706,166,730 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Options Written | $ | — | $ | 879,784 | $ | — | $ | 879,784 | ||||||||
| Interest Rate Swaptions Written | — | 17,976,726 | — | 17,976,726 | ||||||||||||
| Credit Default Swap Agreements** | — | 1,486,582 | — | 1,486,582 | ||||||||||||
| Interest Rate Swap Agreements** | — | 27,044,002 | — | 27,044,002 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | — | 9,494,859 | — | 9,494,859 | ||||||||||||
| Unfunded Loan Commitments (Note 5) | — | — | 353,884 | 353,884 | ||||||||||||
| Total Liabilities | $ | — | $ | 56,881,953 | $ | 353,884 | $ | 57,235,837 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category | Ending Balance at June 30, 2025 | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average* | |||||||||||
| Assets: | ||||||||||||||||
| Asset-Backed Securities | $ | 419,952,553 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | ||||||||||
| Asset-Backed Securities | 281,241,854 | Yield Analysis | Yield | 3.4%-7.8% | 6.6% | |||||||||||
| Asset-Backed Securities | 203,125,006 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Collateralized Mortgage Obligations | 63,489,940 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Common Stocks | 67,681 | Model Price | Liquidation Value | — | — | |||||||||||
| Common Stocks | 40,784 | Enterprise Value | Valuation Multiple | 2.6x-9.2x | 5.0x | |||||||||||
| Corporate Bonds | 415,388,015 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — | |||||||||||
| Corporate Bonds | 173,990,500 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Corporate Bonds | 70,109,662 | Yield Analysis | Yield | 5.8%-9.2% | 7.5% | |||||||||||
| Corporate Bonds | 43,265,290 | Model Price | Purchase Price | — | — | |||||||||||
| Corporate Bonds | 3,830,266 | Third Party Pricing | Vendor Price | — | — | |||||||||||
| Corporate Bonds | 1 | Model Price | Liquidation Value | — | — | |||||||||||
| Preferred Stocks | 48,348,430 | Yield Analysis | Yield | 6.0% | — | |||||||||||
| Right | 1 | Model Price | Liquidation Value | — | — | |||||||||||
| Senior Floating Rate Interests | 133,262,489 | Model Price | Purchase Price | — | — | |||||||||||
| Senior Floating Rate Interests | 67,440,188 | Yield Analysis | Yield | 6.5%-9.9% | 7.4% | |||||||||||
| Senior Floating Rate Interests | 35,749,826 | Third Party Pricing | Broker Quote | — | — | |||||||||||
| Warrants | 388 | Model Price | Liquidation Value | — | — | |||||||||||
| Total Assets | $ | 1,959,302,874 | ||||||||||||||
| Liabilities: | ||||||||||||||||
| Unfunded Loan Commitments | $ | 353,884 | Model Price | Purchase Price | — | — | ||||||||||
| * | Inputs are weighted by the fair value of the instruments. |
Significant changes in a quote, yield, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.
The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.
Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended June 30, 2025, the Fund had securities with a total value of $39,580,092 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $13,615,674 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:
| Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||
| Asset-Backed Securities | Collateralized Mortgage Obligations | Corporate Bonds | Senior Floating Rate Interests | Warrants | Common Stocks | Preferred Stocks | Right | Total Assets | Unfunded Loan Commitments | |||||||||||||||||||||||||||||||
| Beginning Balance | $ | 796,218,422 | $ | 54,604,030 | $ | 586,278,920 | $ | 122,745,109 | $ | 388 | $ | 216,536 | $ | 48,103,090 | $ | - | $ | 1,608,166,495 | $ | (121,352 | ) | |||||||||||||||||||
| Purchases/(Receipts) | 225,807,223 | 11,049,777 | 140,197,497 | 84,354,199 | - | - | - | - | 461,408,696 | (759,418 | ) | |||||||||||||||||||||||||||||
| (Sales, maturities and paydowns)/Fundings | (104,051,469 | ) | (583,476 | ) | (19,017,713 | ) | (7,762,827 | ) | - | - | - | - | (131,415,485 | ) | 652,895 | |||||||||||||||||||||||||
| Amortization of premiums/discounts | 375,109 | 4,547 | (113,936 | ) | 262,781 | - | - | - | - | 528,501 | 3,097 | |||||||||||||||||||||||||||||
| Total realized gains (losses) included in earnings | (365,265 | ) | (46,770 | ) | - | (15,888 | ) | - | - | - | - | (427,923 | ) | 173,110 | ||||||||||||||||||||||||||
| Total change in unrealized appreciation (depreciation) included in earnings | (48,933 | ) | (1,538,168 | ) | (4,591,300 | ) | 1,119,303 | - | (108,071 | ) | 245,340 | 1 | (4,921,828 | ) | (302,216 | ) | ||||||||||||||||||||||||
| Transfers into Level 3 | - | - | 3,830,266 | 35,749,826 | - | - | - | - | 39,580,092 | - | ||||||||||||||||||||||||||||||
| Transfers out of Level 3 | (13,615,674 | ) | - | - | - | - | - | - | - | (13,615,674 | ) | - | ||||||||||||||||||||||||||||
| Ending Balance | $ | 904,319,413 | $ | 63,489,940 | $ | 706,583,734 | $ | 236,452,503 | $ | 388 | $ | 108,465 | $ | 48,348,430 | $ | 1 | $ | 1,959,302,874 | $ | (353,884 | ) | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at June 30, 2025 | $ | 10,737 | $ | (1,538,168 | ) | $ | (4,591,300 | ) | $ | 2,068,898 | $ | - | $ | (108,071 | ) | $ | 245,340 | $ | 1 | $ | (3,912,563 | ) | $ | 165,817 | ||||||||||||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Step Coupon Bonds
The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||||||||
| Angel Oak Mortgage Trust 2024-3, 4.80% due 11/26/68 | 5.80 | % | 02/01/28 | — | — | |||||||||
| Angel Oak Mortgage Trust 2023-2, 4.65% due 10/25/67 | 5.65 | % | 02/01/27 | — | — | |||||||||
| Angel Oak Mortgage Trust 2023-2, 4.65% due 10/25/67 | 5.65 | % | 02/01/27 | — | — | |||||||||
| Angel Oak Mortgage Trust 2024-2, 6.19% due 01/25/69 | 7.13 | % | 01/01/28 | — | — | |||||||||
| Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67 | 5.75 | % | 01/01/27 | — | — | |||||||||
| Angel Oak Mortgage Trust 2024-4, 6.50% due 01/25/69 | 7.50 | % | 03/01/28 | — | — | |||||||||
| Angel Oak Mortgage Trust 2024-4, 6.20% due 01/25/69 | 7.20 | % | 03/01/28 | — | — | |||||||||
| Angel Oak Mortgage Trust 2024-2, 6.25% due 01/25/69 | 7.25 | % | 01/01/28 | — | — | |||||||||
| Angel Oak Mortgage Trust 2024-2, 5.99% due 01/25/69 | 6.93 | % | 01/01/28 | — | — | |||||||||
| Angel Oak Mortgage Trust 2024-3, 4.80% due 11/26/68 | 5.80 | % | 02/01/28 | — | — | |||||||||
| Angel Oak Mortgage Trust 2024-12, 6.01% due 10/25/69 | 7.01 | % | 11/01/28 | — | — | |||||||||
| Angel Oak Mortgage Trust 2024-4, 6.40% due 01/25/69 | 7.40 | % | 03/01/28 | — | — | |||||||||
| Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67 | 5.75 | % | 01/01/27 | — | — | |||||||||
| ATLX Trust 2024-RPL1, 3.85% due 04/25/64 | 4.85 | % | 08/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-NQM1, 5.91% due 12/25/64 | 6.91 | % | 01/01/29 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-NQM2, 5.93% due 11/25/64 | 6.93 | % | 02/01/29 | — | — | |||||||||
| BRAVO Residential Funding Trust 2024-NQM3, 6.19% due 03/25/64 | 7.19 | % | 03/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2023-NQM6, 7.06% due 09/25/63 | 8.06 | % | 08/01/27 | — | — | |||||||||
| BRAVO Residential Funding Trust 2024-NQM3, 6.39% due 03/25/64 | 7.39 | % | 03/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2024-NQM3, 6.50% due 03/25/64 | 7.50 | % | 03/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2024-NQM1, 6.40% due 12/01/63 | 7.40 | % | 01/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50 | % | 02/01/27 | — | — | |||||||||
| BRAVO Residential Funding Trust 2023-NQM5, 7.01% due 06/25/63 | 8.01 | % | 07/01/27 | — | — | |||||||||
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50 | % | 02/01/27 | — | — | |||||||||
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50 | % | 02/01/27 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-NQM1, 5.81% due 12/25/64 | 6.81 | % | 01/01/29 | — | — | |||||||||
| CIM TRUST 2025-R1, 5.00% due 02/25/99 | 8.00 | % | 03/01/28 | 9.00 | % | 03/01/29 | ||||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||||||||
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62 | 9.17 | % | 09/25/25 | 10.17 | % | 09/25/26 | ||||||||
| COLT Mortgage Loan Trust 2023-4, 7.62% due 10/25/68 | 8.62 | % | 10/01/27 | — | — | |||||||||
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35 | % | 02/01/29 | — | — | |||||||||
| COLT Mortgage Loan Trust 2025-3, 5.56% due 03/25/70 | 6.56 | % | 02/01/29 | — | — | |||||||||
| COLT Mortgage Loan Trust 2024-2, 6.43% due 04/25/69 | 7.43 | % | 03/01/28 | — | — | |||||||||
| COLT Mortgage Loan Trust 2023-3, 7.18% due 09/25/68 | 8.18 | % | 09/01/27 | — | — | |||||||||
| COLT Mortgage Loan Trust 2023-3, 7.58% due 09/25/68 | 8.58 | % | 09/01/27 | — | — | |||||||||
| COLT Mortgage Loan Trust 2024-1, 6.14% due 02/25/69 | 7.14 | % | 01/01/28 | — | — | |||||||||
| COLT Mortgage Loan Trust 2024-2, 6.33% due 04/25/69 | 7.33 | % | 03/01/28 | — | — | |||||||||
| COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69 | 7.13 | % | 03/01/28 | — | — | |||||||||
| Cross Mortgage Trust 2025-H1, 5.99% due 02/25/70 | 6.99 | % | 01/01/29 | — | — | |||||||||
| Cross Mortgage Trust 2024-H7, 5.97% due 11/25/69 | 6.97 | % | 10/01/28 | — | — | |||||||||
| Cross Mortgage Trust 2024-H5, 6.16% due 08/26/69 | 7.16 | % | 07/01/28 | — | — | |||||||||
| Cross Mortgage Trust 2024-H7, 5.82% due 11/25/69 | 6.82 | % | 10/01/28 | — | — | |||||||||
| Cross Mortgage Trust 2025-H2, 5.66% due 03/25/70 | 6.66 | % | 02/01/29 | — | — | |||||||||
| Cross Mortgage Trust 2025-H1, 5.89% due 02/25/70 | 6.89 | % | 01/01/29 | — | — | |||||||||
| Ellington Financial Mortgage Trust 2024-CES1, 5.52% due 01/26/60 | 6.52 | % | 12/01/28 | — | — | |||||||||
| GCAT Trust 2022-NQM5, 5.71% due 08/25/67 | 6.71 | % | 10/01/26 | — | — | |||||||||
| GCAT Trust 2024-NQM2, 6.54% due 06/25/59 | 7.71 | % | 05/01/28 | — | — | |||||||||
| GCAT Trust 2025-NQM2, 6.01% due 04/25/70 | 7.01 | % | 05/01/29 | — | — | |||||||||
| GCAT Trust 2023-NQM3, 7.34% due 08/25/68 | 8.34 | % | 09/01/27 | — | — | |||||||||
| GCAT Trust 2022-NQM4, 5.73% due 08/25/67 | 6.73 | % | 08/01/26 | — | — | |||||||||
| GCAT Trust 2023-NQM2, 6.24% due 11/25/67 | 7.24 | % | 01/01/27 | — | — | |||||||||
| GCAT Trust 2025-NQM3, 5.75% due 05/25/70 | 6.75 | % | 06/01/29 | — | — | |||||||||
| GCAT Trust 2024-NQM2, 6.09% due 06/25/59 | 7.36 | % | 05/01/28 | — | — | |||||||||
| GCAT Trust 2023-NQM3, 6.89% due 08/25/68 | 7.89 | % | 09/01/27 | — | — | |||||||||
| GCAT Trust 2024-NQM2, 6.44% due 06/25/59 | 7.56 | % | 05/01/28 | — | — | |||||||||
| GCAT Trust 2022-NQM5, 5.71% due 08/25/67 | 6.71 | % | 10/01/26 | — | — | |||||||||
| HOMES 2025-AFC2 Trust 2025-AFC2, 5.57% due 06/25/60 | 6.57 | % | 06/01/29 | — | — | |||||||||
| HOMES 2025-AFC2 Trust 2025-AFC2, 5.47% due 06/25/60 | 6.47 | % | 06/01/29 | — | — | |||||||||
| HOMES Trust 2024-AFC2, 5.98% due 10/25/59 | 6.98 | % | 10/01/28 | — | — | |||||||||
| HOMES Trust 2025-NQM1, 5.96% due 01/25/70 | 6.96 | % | 01/01/29 | — | — | |||||||||
| HOMES Trust 2025-NQM1, 5.86% due 01/25/70 | 6.86 | % | 01/01/29 | — | — | |||||||||
| JP Morgan Mortgage Trust 2024-NQM1, 5.59% due 02/25/64 | 6.59 | % | 12/01/28 | — | — | |||||||||
| JP Morgan Mortgage Trust 2024-NQM1, 5.95% due 02/25/64 | 6.95 | % | 12/01/28 | — | — | |||||||||
| JP Morgan Mortgage Trust 2024-NQM1, 5.85% due 02/25/64 | 6.85 | % | 12/01/28 | — | — | |||||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||||||||
| Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25 | % | 11/25/25 | — | — | |||||||||
| Legacy Mortgage Asset Trust 2021-GS4, 4.65% due 11/25/60 | 5.65 | % | 08/25/25 | — | — | |||||||||
| LHOME Mortgage Trust 2024-RTL5, 5.32% due 09/25/39 | 6.32 | % | 03/25/27 | — | — | |||||||||
| Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69 | 6.00 | % | 10/01/27 | — | — | |||||||||
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00 | % | 12/01/27 | — | — | |||||||||
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3, 5.76% due 05/25/70 | 6.76 | % | 05/01/29 | — | — | |||||||||
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3, 5.35% due 07/25/69 | 6.35 | % | 09/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM5, 6.29% due 01/25/64 | 7.29 | % | 03/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM5, 5.99% due 01/25/64 | 6.99 | % | 03/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM1, 5.85% due 12/25/64 | 6.85 | % | 12/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM1, 5.70% due 12/25/64 | 6.70 | % | 12/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM17, 6.02% due 11/25/64 | 7.02 | % | 11/01/28 | — | — | |||||||||
| OBX Trust 2025-NQM10, 5.61% due 05/25/65 | 6.61 | % | 05/01/29 | — | — | |||||||||
| OBX Trust 2024-NQM12, 5.83% due 07/25/64 | 6.83 | % | 08/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM5, 6.39% due 01/25/64 | 7.39 | % | 03/01/28 | — | — | |||||||||
| OBX Trust 2025-NQM3, 5.85% due 12/01/64 | 6.85 | % | 02/01/29 | — | — | |||||||||
| OBX Trust 2023-NQM2, 6.72% due 01/25/62 | 7.72 | % | 02/01/27 | — | — | |||||||||
| OBX Trust 2024-NQM6, 6.85% due 02/25/64 | 7.85 | % | 04/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM8, 6.23% due 05/25/64 | 7.23 | % | 05/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM8, 6.59% due 05/25/64 | 7.59 | % | 05/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM11, 6.13% due 06/25/64 | 7.08 | % | 07/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM11, 6.23% due 06/25/64 | 7.18 | % | 07/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM7, 6.24% due 03/25/64 | 7.24 | % | 04/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM7, 6.60% due 03/25/64 | 7.60 | % | 04/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM10, 6.33% due 05/25/64 | 7.33 | % | 06/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM16, 5.89% due 10/25/64 | 6.89 | % | 10/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM17, 5.86% due 11/25/64 | 6.86 | % | 11/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87 | % | 11/01/28 | — | — | |||||||||
| OBX Trust 2023-NQM9, 7.66% due 10/25/63 | 8.66 | % | 10/01/27 | — | — | |||||||||
| OBX Trust 2025-NQM3, 5.95% due 12/01/64 | 6.95 | % | 02/01/29 | — | — | |||||||||
| OBX Trust 2025-NQM2, 5.95% due 11/25/64 | 6.95 | % | 01/01/29 | — | — | |||||||||
| OBX Trust 2024-NQM7, 6.45% due 03/25/64 | 7.45 | % | 04/01/28 | — | — | |||||||||
| OBX Trust 2025-NQM10, 5.71% due 05/25/65 | 6.71 | % | 05/01/29 | — | — | |||||||||
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45 | % | 11/01/26 | — | — | |||||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||||||||
| OBX Trust 2025-NQM10, 5.45% due 05/25/65 | 6.45 | % | 05/01/29 | — | — | |||||||||
| OBX Trust 2024-NQM16, 5.73% due 10/25/64 | 6.73 | % | 10/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM15, 5.72% due 10/25/64 | 6.72 | % | 10/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM13, 5.37% due 06/25/64 | 6.37 | % | 08/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM4, 6.32% due 01/25/64 | 7.32 | % | 02/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM6, 6.70% due 02/25/64 | 7.70 | % | 04/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM4, 6.22% due 01/25/64 | 7.22 | % | 02/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM3, 6.13% due 12/25/63 | 7.13 | % | 02/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM2, 6.18% due 12/25/63 | 7.18 | % | 01/01/28 | — | — | |||||||||
| OBX Trust 2022-NQM8, 6.10% due 09/25/62 | 7.10 | % | 10/01/26 | — | — | |||||||||
| OBX Trust 2024-NQM9, 6.44% due 01/25/64 | 7.66 | % | 06/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM9, 6.28% due 01/25/64 | 7.46 | % | 06/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM3, 6.33% due 12/25/63 | 7.33 | % | 02/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM3, 6.43% due 12/25/63 | 7.43 | % | 02/01/28 | — | — | |||||||||
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45 | % | 11/01/26 | — | — | |||||||||
| OBX Trust 2024-NQM4, 6.07% due 01/25/64 | 7.07 | % | 02/01/28 | — | — | |||||||||
| OBX Trust 2023-NQM2, 6.32% due 01/25/62 | 7.32 | % | 02/01/27 | — | — | |||||||||
| OBX Trust 2025-NQM2, 5.75% due 11/25/64 | 6.75 | % | 01/01/29 | — | — | |||||||||
| OBX Trust 2024-NQM11, 5.88% due 06/25/64 | 6.83 | % | 07/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM6, 6.45% due 02/25/64 | 7.45 | % | 04/01/28 | — | — | |||||||||
| OBX Trust 2024-NQM8, 6.44% due 05/25/64 | 7.44 | % | 05/01/28 | — | — | |||||||||
| PRPM LLC 2024-5, 5.69% due 09/25/29 | 8.69 | % | 09/25/27 | 9.69 | % | 09/25/28 | ||||||||
| PRPM LLC 2023-RCF1, 4.00% due 06/25/53 | 5.00 | % | 06/25/27 | — | — | |||||||||
| PRPM LLC 2024-4, 6.41% due 08/25/29 | 9.41 | % | 08/25/27 | 10.41 | % | 08/25/28 | ||||||||
| PRPM LLC 2024-6, 5.70% due 11/25/29 | 8.70 | % | 11/25/27 | 9.70 | % | 11/25/28 | ||||||||
| RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44 | 7.15 | % | 05/01/28 | — | — | |||||||||
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65 | % | 01/01/29 | — | — | |||||||||
| RCKT Mortgage Trust 2024-CES4, 6.30% due 06/25/44 | 7.30 | % | 05/01/28 | — | — | |||||||||
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89 | % | 12/01/28 | — | — | |||||||||
| Verus Securitization Trust 2025-5, 5.68% due 06/25/70 | 6.68 | % | 06/01/29 | — | — | |||||||||
| Verus Securitization Trust 2024-9, 5.69% due 11/25/69 | 6.69 | % | 12/01/28 | — | — | |||||||||
| Verus Securitization Trust 2024-5, 6.65% due 06/25/69 | 7.65 | % | 06/01/28 | — | — | |||||||||
| Verus Securitization Trust 2023-7, 7.42% due 10/25/68 | 8.42 | % | 10/01/27 | — | — | |||||||||
| Verus Securitization Trust 2023-2, 6.85% due 03/25/68 | 7.85 | % | 03/01/27 | — | — | |||||||||
| Verus Securitization Trust 2025-2, 5.51% due 03/25/70 | 6.51 | % | 03/01/29 | — | — | |||||||||
| Verus Securitization Trust 2025-1, 5.98% due 01/25/70 | 6.98 | % | 01/01/29 | — | — | |||||||||
| Verus Securitization Trust 2022-8, 6.13% due 09/25/67 | 7.13 | % | 10/01/26 | — | — | |||||||||
| Verus Securitization Trust 2024-1, 6.12% due 01/25/69 | 7.12 | % | 01/01/28 | — | — | |||||||||
| Total Return Bond Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||||||||
| Verus Securitization Trust 2022-8, 6.13% due 09/25/67 | 7.13 | % | 10/01/26 | — | — | |||||||||
| Verus Securitization Trust 2025-5, 5.58% due 06/25/70 | 6.58 | % | 06/01/29 | — | — | |||||||||
| Verus Securitization Trust 2025-5, 5.43% due 06/25/70 | 6.43 | % | 06/01/29 | — | — | |||||||||
| Verus Securitization Trust 2025-2, 5.31% due 03/25/70 | 6.31 | % | 03/01/29 | — | — | |||||||||
| Verus Securitization Trust 2024-5, 6.45% due 06/25/69 | 7.45 | % | 06/01/28 | — | — | |||||||||
| Verus Securitization Trust 2025-1, 5.77% due 01/25/70 | 6.77 | % | 01/01/29 | — | — | |||||||||
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81 | % | 03/01/29 | — | — | |||||||||
| Vista Point Securitization Trust 2024-CES1, 6.68% due 05/25/54 | 7.67 | % | 04/01/28 | — | — | |||||||||
| Vista Point Securitization Trust 2024-CES3, 5.68% due 01/25/55 | 6.68 | % | 12/01/28 | — | — | |||||||||
| Vista Point Securitization Trust 2024-CES2, 5.25% due 10/25/54 | 6.25 | % | 09/01/28 | — | — | |||||||||
Repurchase Agreements
The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.
In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements, subject to minimum amounts to initiate a margin call, with the exception of where securities are being sold short. The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained..
The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.
At June 30, 2025, the repurchase agreements in the account were as follows:
| Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||||
| BofA Securities, Inc. | U.S. Treasury Note | ||||||||||||||||||
| 4.37% | 4.63% | ||||||||||||||||||
| Due 07/01/25 | $ | 22,678,602 | $ | 22,681,355 | Due 09/30/28 | $ | 22,279,800 | $ | 23,132,210 | ||||||||||
| BNP Paribas | U.S. Treasury Inflation Indexed Bond | ||||||||||||||||||
| 4.37% | 1.63% | ||||||||||||||||||
| Due 07/01/25 | 14,174,126 | 14,175,847 | Due 10/15/27 | 7,579,632 | 7,691,595 | ||||||||||||||
| U.S. Treasury Strips | |||||||||||||||||||
| 0.00% | |||||||||||||||||||
| Due 11/15/31 - 05/15/37 | 11,073,379 | 6,767,769 | |||||||||||||||||
| 18,653,011 | 14,459,364 | ||||||||||||||||||
| J.P. Morgan Securities LLC | U.S. Treasury Bonds | ||||||||||||||||||
| 4.37% | 2.50% - 4.13% | ||||||||||||||||||
| Due 07/01/25 | 14,174,126 | 14,175,847 | Due 05/15/46 - 08/15/53 | 20,398,400 | 14,459,139 | ||||||||||||||
| U.S. Treasury Strip | |||||||||||||||||||
| 0.00% | |||||||||||||||||||
| Due 11/15/25 | 229 | 226 | |||||||||||||||||
| 20,398,629 | 14,459,365 | ||||||||||||||||||
| Bank of Montreal | U.S. Treasury Bond | ||||||||||||||||||
| 4.34% | 3.50% | ||||||||||||||||||
| Due 07/01/25 | 2,834,825 | 2,835,167 | Due 02/15/39 | 3,171,600 | 2,891,885 | ||||||||||||||
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 09/30/24 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Common Stocks | ||||||||||||||||||||||||||||||||
| BP Holdco LLC* | $ | 645 | $ | – | $ | – | $ | – | $ | (210 | ) | $ | 435 | 532 | $ | – | ||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Limited Duration Fund — Class R6 | 131,524,706 | 4,361,204 | – | – | 238,171 | 136,124,081 | 5,526,759 | 4,361,204 | ||||||||||||||||||||||||
| Guggenheim Strategy Fund II | 30,712,524 | 1,177,687 | (3,200,000 | ) | 15,490 | 73,700 | 28,779,401 | 1,156,728 | 1,177,687 | |||||||||||||||||||||||
| Guggenheim Strategy Fund III | 16,574,884 | 42,650,175 | (4,000,000 | ) | (22,508 | ) | 194,585 | 55,397,136 | 2,218,548 | 2,150,175 | ||||||||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 30,260,817 | 1,065,401 | – | – | 93,578 | 31,419,796 | 3,126,348 | 1,065,401 | ||||||||||||||||||||||||
| $ | 209,073,576 | $ | 49,254,467 | $ | (7,200,000 | ) | $ | (7,018 | ) | $ | 599,824 | $ | 251,720,849 | $ | 8,754,467 | |||||||||||||||||
| * | Non-income producing security. |
| Ultra Short Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MONEY MARKET FUND***,† - 18.5% | ||||||||
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.19%1 | 100,944,051 | $ | 100,944,051 | |||||
| Total Money Market Fund | ||||||||
| (Cost $100,944,051) | 100,944,051 | |||||||
| Face Amount | ||||||||
| ASSET-BACKED SECURITIES†† - 25.0% | ||||||||
| Collateralized Loan Obligations - 18.5% | ||||||||
| BCC Middle Market CLO 2019-1 LLC | ||||||||
| 2025-1A A1RR, due 07/15/36◊,2 | $ | 10,750,000 | 10,750,000 | |||||
| Golub Capital Partners CLO 49M Ltd. | ||||||||
| 2021-49A AR, 6.06% (3 Month Term SOFR + 1.79%, Rate Floor: 1.79%) due 08/26/33◊,2 | 6,250,000 | 6,264,579 | ||||||
| BXMT Ltd. | ||||||||
| 2020-FL2 AS, 5.83% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38◊,2 | 2,550,000 | 2,525,410 | ||||||
| 2020-FL3 AS, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.36%) due 11/15/37◊,2 | 2,500,000 | 2,487,895 | ||||||
| 2020-FL2 A, 5.58% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38◊,2 | 828,900 | 827,218 | ||||||
| HERA Commercial Mortgage Ltd. | ||||||||
| 2021-FL1 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/18/38◊,2 | 5,000,000 | 4,941,796 | ||||||
| 2021-FL1 A, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38◊,2 | 656,317 | 655,442 | ||||||
| FS Rialto | ||||||||
| 2021-FL3 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36◊,2 | 5,500,000 | 5,476,050 | ||||||
| Golub Capital Partners CLO 54M LP | ||||||||
| 2025-54A A1R, due 08/05/37◊,2 | 5,250,000 | 5,250,000 | ||||||
| Cerberus Loan Funding XXXV, LP | ||||||||
| 2021-5A A, 6.02% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33◊,2 | 5,000,000 | 5,016,788 | ||||||
| Golub Capital Partners CLO 54M, LP | ||||||||
| 2021-54A A, 6.05% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33◊,2 | 4,750,000 | 4,760,911 | ||||||
| Owl Rock CLO IV Ltd. | ||||||||
| 2021-4A A1R, 6.18% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33◊,2 | 4,500,000 | 4,510,689 | ||||||
| BRSP Ltd. | ||||||||
| 2021-FL1 B, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 08/19/38◊,2 | 4,250,000 | 4,228,800 | ||||||
| Madison Park Funding XLVIII Ltd. | ||||||||
| 2021-48A B, 5.98% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33◊,2 | 4,000,000 | 3,994,055 | ||||||
| Golub Capital Partners CLO 33M Ltd. | ||||||||
| 2021-33A AR2, 6.45% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33◊,2 | 3,750,000 | 3,746,965 | ||||||
| Cerberus Loan Funding XXXII, LP | ||||||||
| 2021-2A A, 6.14% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33◊,2 | 2,500,000 | 2,506,156 | ||||||
| Madison Park Funding LXV Ltd. | ||||||||
| 2025-65A B, due 07/16/38◊,2 | 2,500,000 | 2,500,000 | ||||||
| CIFC Funding 2013-III-R Ltd. | ||||||||
| 2025-3RA A2R, 5.48% (3 Month Term SOFR + 1.20%, Rate Floor: 1.20%) due 04/24/31◊,2 | 2,500,000 | 2,495,176 | ||||||
| OWL Rock Clo XXI LLC | ||||||||
| 2025-21A A, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 07/24/34◊,2 | 2,250,000 | 2,261,931 | ||||||
| Cerberus Loan Funding XXXIII, LP | ||||||||
| 2021-3A A, 6.08% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33◊,2 | 2,250,000 | 2,255,489 | ||||||
| Ultra Short Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| ASSET-BACKED SECURITIES†† - 25.0% (continued) | ||||||||
| Collateralized Loan Obligations - 18.5% (continued) | ||||||||
| Greystone CRE Notes 2025-FL4 LLC | ||||||||
| 2025-FL4 A, 5.79% (1 Month Term SOFR + 1.48%, Rate Floor: 1.48%) due 01/15/43◊,2 | $ | 2,250,000 | $ | 2,254,182 | ||||
| THL Credit Lake Shore MM CLO I Ltd. | ||||||||
| 2021-1A A1R, 6.22% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33◊,2 | 2,087,921 | 2,093,938 | ||||||
| Golub Capital Partners Clo 49M Ltd. | ||||||||
| 2025-49A A1R2, due 07/20/38◊,2 | 2,000,000 | 2,000,000 | ||||||
| Madison Park Funding LIII Ltd. | ||||||||
| 2022-53A B, 6.02% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,2 | 1,750,000 | 1,753,870 | ||||||
| PFP 2025-12 Ltd. | ||||||||
| 2025-12 A, 5.81% (1 Month Term SOFR + 1.49%, Rate Floor: 1.49%) due 12/18/42◊,2 | 1,500,000 | 1,503,010 | ||||||
| Cerberus Loan Funding 50 LLC | ||||||||
| 2025-1A A, due 07/15/37◊,2 | 1,350,000 | 1,350,000 | ||||||
| Golub Capital Partners CLO 16M-R3 | ||||||||
| 2025-16A A1R3, 5.95% (3 Month Term SOFR + 1.63%, Rate Floor: 1.63%) due 08/09/39◊,2 | 900,000 | 900,000 | ||||||
| 2025-16A A2R3, 6.07% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/09/39◊,2 | 400,000 | 400,000 | ||||||
| BCC Middle Market CLO LLC | ||||||||
| 2021-1A A1R, 6.02% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33◊,2 | 1,250,000 | 1,254,344 | ||||||
| BSPDF 2025-FL2 Issuer LLC | ||||||||
| 2025-FL2 A, 5.84% (1 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 12/15/42◊,2 | 1,250,000 | 1,248,148 | ||||||
| Palmer Square Loan Funding Ltd. | ||||||||
| 2022-1A A2, 5.86% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30◊,2 | 1,000,000 | 1,002,921 | ||||||
| AGL CLO 42 Ltd. | ||||||||
| 2025-42A B, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/22/38◊,2 | 1,000,000 | 1,000,531 | ||||||
| STWD Ltd. | ||||||||
| 2021-FL2 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 04/18/38◊,2 | 1,000,000 | 996,913 | ||||||
| Greystone Commercial Real Estate Notes | ||||||||
| 2021-FL3 B, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/15/39◊,2 | 1,000,000 | 990,401 | ||||||
| TRTX Issuer Ltd. | ||||||||
| 2025-FL6 A, 5.85% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42◊,2 | 900,000 | 900,210 | ||||||
| Neuberger Berman CLO 32R Ltd. | ||||||||
| 2025-32RA A, due 07/20/39◊,2 | 800,000 | 800,000 | ||||||
| Owl Rock CLO VII LLC | ||||||||
| 2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38◊,2 | 650,000 | 650,650 | ||||||
| Madison Park Funding LXXI Ltd. | ||||||||
| 2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38◊,2 | 550,000 | 548,774 | ||||||
| CIFC Funding 2022-I Ltd. | ||||||||
| 2022-1A B, 6.08% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/17/35◊,2 | 500,000 | 501,486 | ||||||
| Hlend CLO LLC | ||||||||
| 2025-3A A, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 01/20/37◊,2 | 500,000 | 499,438 | ||||||
| LCM XXIV Ltd. | ||||||||
| 2021-24A AR, 5.51% (3 Month Term SOFR + 1.24%, Rate Floor: 0.98%) due 03/20/30◊,2 | 192,676 | 192,690 | ||||||
| FS Rialto Issuer LLC | ||||||||
| 2025-FL10 AS, 5.97% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42◊,2 | 150,000 | 148,382 | ||||||
| Ultra Short Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| ASSET-BACKED SECURITIES†† - 25.0% (continued) | ||||||||
| Collateralized Loan Obligations - 18.5% (continued) | ||||||||
| Parliament CLO II Ltd. | ||||||||
| 2021-2A A, 5.93% (3 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 08/20/32◊,2 | $ | 95,073 | $ | 95,542 | ||||
| Total Collateralized Loan Obligations | 100,540,780 | |||||||
| Transport-Container - 2.1% | ||||||||
| Triton Container Finance VIII LLC | ||||||||
| 2021-1A, 1.86% due 03/20/462 | 4,630,938 | 4,227,489 | ||||||
| Triton Container Finance IX LLC | ||||||||
| 2025-1A, 5.43% due 06/20/502 | 2,700,000 | 2,721,235 | ||||||
| Textainer Marine Containers VII Ltd. | ||||||||
| 2021-1A, 1.68% due 02/20/462 | 1,372,000 | 1,261,534 | ||||||
| 2020-1A, 2.73% due 08/21/452 | 424,000 | 406,425 | ||||||
| CLI Funding VIII LLC | ||||||||
| 2021-1A, 1.64% due 02/18/462 | 1,725,363 | 1,581,756 | ||||||
| CLI Funding IX LLC | ||||||||
| 2025-1A, 5.35% due 06/20/502 | 1,100,000 | 1,108,207 | ||||||
| Total Transport-Container | 11,306,646 | |||||||
| Whole Business - 1.7% | ||||||||
| Domino's Pizza Master Issuer LLC | ||||||||
| 2018-1A, 4.33% due 07/25/482 | 4,254,275 | 4,219,765 | ||||||
| Taco Bell Funding LLC | ||||||||
| 2021-1A, 1.95% due 08/25/512 | 3,193,125 | 3,043,440 | ||||||
| Wingstop Funding LLC | ||||||||
| 2020-1A, 2.84% due 12/05/502 | 1,329,750 | 1,260,248 | ||||||
| SERVPRO Master Issuer LLC | ||||||||
| 2019-1A, 3.88% due 10/25/492 | 945,000 | 929,424 | ||||||
| Total Whole Business | 9,452,877 | |||||||
| Net Lease - 1.4% | ||||||||
| Oak Street Investment Grade Net Lease Fund Series | ||||||||
| 2020-1A, 1.85% due 11/20/502 | 5,991,449 | 5,846,901 | ||||||
| CF Hippolyta Issuer LLC | ||||||||
| 2021-1A, 1.98% due 03/15/612 | 2,120,507 | 1,991,738 | ||||||
| Total Net Lease | 7,838,639 | |||||||
| Financial - 0.7% | ||||||||
| Station Place Securitization Trust | ||||||||
| 2024-SP1, 5.73% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25◊,†††,2 | 900,000 | 900,000 | ||||||
| 2024-SP2, 6.01% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26◊,†††,2 | 900,000 | 900,000 | ||||||
| 2024-SP4, 5.61% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25◊,†††,2 | 675,000 | 675,000 | ||||||
| 2024-SP3, 5.61% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25◊,†††,2 | 325,000 | 325,000 | ||||||
| Station Place Securitization Trust Series 2025-SP1 | ||||||||
| 2025-SP1, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 0.00%) due 07/02/26◊,†††,2 | 900,000 | 900,000 | ||||||
| Total Financial | 3,700,000 | |||||||
| Infrastructure - 0.4% | ||||||||
| QTS Issuer ABS I LLC | ||||||||
| 2025-1A, 5.44% due 05/25/552 | 1,300,000 | 1,317,388 | ||||||
| Stack Infrastructure Issuer LLC | ||||||||
| 2025-1A, 5.00% due 05/25/502 | 700,000 | 692,784 | ||||||
| Total Infrastructure | 2,010,172 | |||||||
| Single Family Residence - 0.2% | ||||||||
| Tricon Residential Trust | ||||||||
| 2025-SFR1, 5.41% (1 Month Term SOFR + 1.10%, Rate Floor: 1.10%) due 03/17/42◊,2 | 998,283 | 998,439 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $137,226,696) | 135,847,553 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 21.9% | ||||||||
| Residential Mortgage-Backed Securities - 14.6% | ||||||||
| Sequoia Mortgage Trust | ||||||||
| 2025-5, 5.50% (WAC) due 06/25/55◊,2 | 5,326,102 | 5,350,600 | ||||||
| 2025-1, 6.00% (WAC) due 01/25/55◊,2 | 1,789,047 | 1,813,325 | ||||||
| 2025-6, 5.50% (WAC) due 07/25/55◊,2 | 500,000 | 502,553 | ||||||
| Ultra Short Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 21.9% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 14.6% (continued) | ||||||||
| NYMT Loan Trust | ||||||||
| 2021-SP1, 4.67% due 08/25/612,4 | $ | 6,025,245 | $ | 5,981,298 | ||||
| 2022-SP1, 5.25% due 07/25/622 | 1,554,292 | 1,547,158 | ||||||
| Verus Securitization Trust | ||||||||
| 2021-5, 1.37% (WAC) due 09/25/66◊,2 | 1,651,355 | 1,430,157 | ||||||
| 2021-6, 1.89% (WAC) due 10/25/66◊,2 | 1,449,846 | 1,268,623 | ||||||
| 2025-2, 5.31% due 03/25/702,4 | 962,451 | 962,488 | ||||||
| 2025-1, 5.62% (WAC) due 01/25/70◊,2 | 950,398 | 953,877 | ||||||
| 2020-5, 2.22% due 05/25/652 | 920,804 | 890,984 | ||||||
| 2021-4, 1.35% (WAC) due 07/25/66◊,2 | 808,274 | 674,167 | ||||||
| 2024-9, 5.89% due 11/25/692,4 | 466,737 | 468,188 | ||||||
| 2021-3, 1.44% (WAC) due 06/25/66◊,2 | 479,096 | 418,122 | ||||||
| 2025-5, 5.43% due 06/25/702,4 | 250,000 | 250,833 | ||||||
| 2020-1, 3.42% due 01/25/602 | 154,486 | 150,586 | ||||||
| Legacy Mortgage Asset Trust | ||||||||
| 2021-GS3, 5.75% due 07/25/612 | 2,536,008 | 2,527,938 | ||||||
| 2021-GS4, 4.65% due 11/25/602,4 | 2,493,183 | 2,492,734 | ||||||
| 2021-GS2, 5.75% due 04/25/612 | 1,132,486 | 1,132,223 | ||||||
| 2021-GS5, 5.25% due 07/25/672,4 | 753,969 | 752,537 | ||||||
| OSAT Trust | ||||||||
| 2021-RPL1, 6.12% due 05/25/652 | 5,319,630 | 5,320,786 | ||||||
| CSMC Trust | ||||||||
| 2021-RPL7, 4.19% (WAC) due 07/27/61◊,2 | 1,748,647 | 1,733,135 | ||||||
| 2021-NQM8, 2.41% (WAC) due 10/25/66◊,2 | 1,305,642 | 1,141,859 | ||||||
| 2021-RPL4, 4.12% (WAC) due 12/27/60◊,2 | 1,057,509 | 1,053,246 | ||||||
| 2020-NQM1, 2.21% due 05/25/652 | 688,144 | 652,332 | ||||||
| BRAVO Residential Funding Trust | ||||||||
| 2024-NQM1, 5.94% due 12/01/632,4 | 2,002,871 | 2,013,057 | ||||||
| 2024-NQM5, 6.16% due 06/25/642,4 | 560,343 | 563,157 | ||||||
| 2025-NQM1, 5.81% due 12/25/642,4 | 456,682 | 459,516 | ||||||
| 2021-HE1, 5.16% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70◊,2 | 308,369 | 306,474 | ||||||
| 2021-HE2, 5.16% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69◊,2 | 149,184 | 148,784 | ||||||
| Imperial Fund Mortgage Trust | ||||||||
| 2022-NQM2, 4.02% (WAC) due 03/25/67◊,2 | 3,566,362 | 3,392,865 | ||||||
| OBX Trust | ||||||||
| 2024-NQM1, 5.55% (WAC) due 12/25/64◊,2 | 918,968 | 922,202 | ||||||
| 2024-NQM18, 5.87% due 10/25/642,4 | 876,280 | 879,631 | ||||||
| 2025-NQM10, 5.45% due 05/25/652,4 | 497,085 | 499,280 | ||||||
| 2025-NQM2, 5.75% due 11/25/642,4 | 464,238 | 466,393 | ||||||
| 2025-HE1, 5.91% (30 Day Average SOFR + 1.60%, Rate Floor: 1.60%) due 02/25/55◊,2 | 237,750 | 238,314 | ||||||
| Towd Point Mortgage Trust | ||||||||
| 2025-1, 4.75% (WAC) due 06/25/65◊,2 | 2,600,000 | 2,598,673 | ||||||
| 2017-6, 2.75% (WAC) due 10/25/57◊,2 | 180,959 | 177,236 | ||||||
| 2018-2, 3.25% (WAC) due 03/25/58◊,2 | 163,572 | 161,282 | ||||||
| Chase Home Lending Mortgage Trust 2025-5 | ||||||||
| 2025-5, 5.50% (WAC) due 04/25/56◊,2 | 2,117,945 | 2,124,701 | ||||||
| Cross 2025-H1 Mortgage Trust | ||||||||
| 2025-H1, 5.74% (WAC) due 02/25/70◊,2 | 1,985,502 | 1,994,947 | ||||||
| RCKT Mortgage Trust 2025-CES6 | ||||||||
| 2025-CES6, 5.47% due 06/25/552,4 | 1,500,000 | 1,508,484 | ||||||
| HOMES 2025-AFC2 Trust | ||||||||
| 2025-AFC2, 5.47% due 06/25/602,4 | 1,500,000 | 1,502,524 | ||||||
| New Residential Mortgage Loan Trust | ||||||||
| 2019-1A, 3.50% (WAC) due 10/25/59◊,2 | 814,664 | 763,634 | ||||||
| 2018-2A, 3.50% (WAC) due 02/25/58◊,2 | 439,870 | 418,526 | ||||||
| 2025-NQM3, 5.53% due 05/25/652 | 297,422 | 299,193 | ||||||
| GCAT Trust | ||||||||
| 2025-NQM3, 5.55% due 05/25/702 | 1,350,000 | 1,355,272 | ||||||
| Ultra Short Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 21.9% (continued) | ||||||||
| Residential Mortgage-Backed Securities - 14.6% (continued) | ||||||||
| FIGRE Trust | ||||||||
| 2024-HE5, 5.44% (WAC) due 10/25/54◊,2 | $ | 859,752 | $ | 864,450 | ||||
| 2025-HE1, 5.83% (WAC) due 01/25/55◊,2 | 451,112 | 456,034 | ||||||
| CFMT LLC | ||||||||
| 2022-HB9, 3.25% (WAC) due 09/25/37◊,2 | 1,320,212 | 1,304,250 | ||||||
| GCAT 2025-NQM2 Trust | ||||||||
| 2025-NQM2, 5.60% due 04/25/702,4 | 1,243,826 | 1,248,115 | ||||||
| Structured Asset Securities Corporation Mortgage Loan Trust | ||||||||
| 2008-BC4, 5.06% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37◊ | 1,269,670 | 1,230,711 | ||||||
| Citigroup Mortgage Loan Trust, Inc. | ||||||||
| 2022-A, 6.17% due 09/25/622,4 | 1,155,135 | 1,154,183 | ||||||
| PRPM LLC | ||||||||
| 2025-RCF3, due 07/25/55◊,2 | 1,150,000 | 1,149,102 | ||||||
| Angel Oak Mortgage Trust | ||||||||
| 2022-1, 3.29% (WAC) due 12/25/66◊,2 | 1,207,156 | 1,077,311 | ||||||
| BRAVO Residential Funding Trust 2025-CES1 | ||||||||
| 2025-CES1, 5.70% due 02/25/552,4 | 965,929 | 973,320 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| 2025-1, 6.00% (WAC) due 06/25/55◊,2 | 893,332 | 902,440 | ||||||
| HOMES Trust | ||||||||
| 2024-AFC2, 5.58% (WAC) due 10/25/59◊,2 | 900,164 | 900,952 | ||||||
| COLT Mortgage Loan Trust | ||||||||
| 2025-3, 5.35% due 03/25/702,4 | 819,290 | 820,844 | ||||||
| RCKT Mortgage Trust 2025-CES5 | ||||||||
| 2025-CES5, 5.69% due 05/25/552,4 | 742,229 | 748,820 | ||||||
| Soundview Home Loan Trust | ||||||||
| 2006-OPT5, 4.71% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36◊ | 712,077 | 691,674 | ||||||
| Credit Suisse Mortgage Capital Certificates | ||||||||
| 2021-RPL9, 3.78% (WAC) due 02/25/61◊,2 | 685,837 | 679,202 | ||||||
| Provident Funding Mortgage Trust | ||||||||
| 2025-1, 5.50% (WAC) due 02/25/55◊,2 | 575,167 | 577,001 | ||||||
| Ellington Financial Mortgage Trust | ||||||||
| 2020-2, 1.49% (WAC) due 10/25/65◊,2 | 250,932 | 233,323 | ||||||
| 2020-2, 1.64% (WAC) due 10/25/65◊,2 | 144,546 | 134,309 | ||||||
| SG Residential Mortgage Trust | ||||||||
| 2022-1, 3.68% (WAC) due 03/27/62◊,2 | 391,719 | 354,974 | ||||||
| Barclays Mortgage Loan Trust 2023-NQM1 | ||||||||
| 2023-NQM1, 6.03% due 01/25/632,4 | 352,389 | 353,302 | ||||||
| Vista Point Securitization Trust | ||||||||
| 2025-CES1, 5.81% due 04/25/552,4 | 337,083 | 338,613 | ||||||
| Mill City Securities Ltd. | ||||||||
| 2024-RS2, 3.00% due 08/01/692,4 | 242,491 | 224,789 | ||||||
| GS Mortgage-Backed Securities Trust | ||||||||
| 2020-NQM1, 1.38% (WAC) due 09/27/60◊,2 | 209,588 | 198,102 | ||||||
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series | ||||||||
| 2005-W2, 5.17% (1 Month Term SOFR + 0.85%, Rate Floor: 0.74%) due 10/25/35◊ | 168,827 | 167,092 | ||||||
| Banc of America Funding Trust | ||||||||
| 2015-R2, 4.69% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 04/29/37◊,2 | 113,161 | 112,767 | ||||||
| Residential Mortgage Loan Trust | ||||||||
| 2020-1, 2.38% (WAC) due 01/26/60◊,2 | 70,624 | 69,795 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| 2020-1, 2.28% (WAC) due 02/25/50◊,2 | 38,421 | 36,347 | ||||||
| Total Residential Mortgage-Backed Securities | 79,265,716 | |||||||
| Commercial Mortgage-Backed Securities - 4.1% | ||||||||
| BX Commercial Mortgage Trust | ||||||||
| 2021-VOLT, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36◊,2 | 9,930,488 | 9,883,939 | ||||||
| Ultra Short Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 21.9% (continued) | ||||||||
| Commercial Mortgage-Backed Securities - 4.1% (continued) | ||||||||
| 2022-LP2, 5.87% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39◊,2 | $ | 1,855,000 | $ | 1,850,380 | ||||
| JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
| 2021-NYAH, 6.22% (1 Month Term SOFR + 1.90%, Rate Floor: 1.54%) due 06/15/38◊,2 | 2,700,000 | 2,497,500 | ||||||
| WMRK Commercial Mortgage Trust | ||||||||
| 2022-WMRK, 7.75% (1 Month Term SOFR + 3.44%, Rate Floor: 3.44%) due 11/15/27◊,2 | 2,100,000 | 2,100,000 | ||||||
| BXHPP Trust | ||||||||
| 2021-FILM, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,2 | 1,500,000 | 1,347,691 | ||||||
| MHP | ||||||||
| 2022-MHIL, 5.58% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 01/15/39◊,2 | 1,200,000 | 1,198,500 | ||||||
| Citigroup Commercial Mortgage Trust | ||||||||
| 2019-GC41, 1.03% (WAC) due 08/10/56◊,5 | 22,855,219 | 716,820 | ||||||
| VDCM Commercial Mortgage Trust 2025-AZ | ||||||||
| 2025-AZ, due 07/13/44◊,2 | 700,000 | 711,375 | ||||||
| Morgan Stanley Capital I Trust | ||||||||
| 2018-H3, 0.96% (WAC) due 07/15/51◊,5 | 35,818,807 | 683,828 | ||||||
| BENCHMARK Mortgage Trust | ||||||||
| 2019-B14, 0.88% (WAC) due 12/15/62◊,5 | 31,651,359 | 670,743 | ||||||
| JPMDB Commercial Mortgage Securities Trust | ||||||||
| 2018-C8, 0.59% (WAC) due 06/15/51◊,5 | 19,794,166 | 267,403 | ||||||
| Life Mortgage Trust | ||||||||
| 2021-BMR, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 03/15/38◊,2 | 261,660 | 260,188 | ||||||
| Total Commercial Mortgage-Backed Securities | 22,188,367 | |||||||
| Government Agency - 3.2% | ||||||||
| Freddie Mac | ||||||||
| 5.50% due 12/25/51 | 3,217,342 | 3,250,519 | ||||||
| 5.50% due 07/25/53 | 2,607,840 | 2,621,514 | ||||||
| 5.50% due 04/25/51 | 1,891,654 | 1,927,839 | ||||||
| 5.25% due 04/25/53 | 1,500,000 | 1,497,864 | ||||||
| Uniform MBS 30 Year | ||||||||
| due 09/01/253 | 4,450,000 | 4,666,114 | ||||||
| Fannie Mae | ||||||||
| 5.50% due 12/25/50 | 1,905,559 | 1,919,670 | ||||||
| Government National Mortgage Association | ||||||||
| due 01/20/553 | 1,600,015 | 1,590,316 | ||||||
| Total Government Agency | 17,473,836 | |||||||
| Total Collateralized Mortgage Obligations | ||||||||
| (Cost $121,001,555) | 118,927,919 | |||||||
| CORPORATE BONDS†† - 12.0% | ||||||||
| Financial - 6.8% | ||||||||
| Brighthouse Financial Global Funding | ||||||||
| 5.55% due 04/09/272 | 3,900,000 | 3,961,161 | ||||||
| AEGON Funding Company LLC | ||||||||
| 5.50% due 04/16/272 | 3,750,000 | 3,795,551 | ||||||
| Macquarie Bank Ltd. | ||||||||
| 5.27% due 07/02/272 | 2,600,000 | 2,654,685 | ||||||
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. | ||||||||
| 2.88% due 10/15/262 | 2,650,000 | 2,584,464 | ||||||
| Societe Generale S.A. | ||||||||
| 5.52% due 01/19/282,6 | 1,300,000 | 1,316,095 | ||||||
| 5.70% (SOFR + 1.42%) due 05/22/29◊,2 | 1,200,000 | 1,200,528 | ||||||
| Morgan Stanley Bank North America | ||||||||
| 5.88% due 10/30/26 | 2,400,000 | 2,450,503 | ||||||
| Lloyds Banking Group plc | ||||||||
| 5.09% due 11/26/286 | 2,300,000 | 2,330,222 | ||||||
| American National Group, Inc. | ||||||||
| 5.00% due 06/15/27 | 2,150,000 | 2,158,595 | ||||||
| CNO Global Funding | ||||||||
| 5.88% due 06/04/272 | 1,660,000 | 1,704,877 | ||||||
| 4.88% due 12/10/272 | 450,000 | 453,518 | ||||||
| HSBC Holdings plc | ||||||||
| 5.13% due 11/19/286 | 2,100,000 | 2,126,706 | ||||||
| F&G Global Funding | ||||||||
| 5.88% due 01/16/302 | 2,000,000 | 2,054,700 | ||||||
| Jackson National Life Global Funding | ||||||||
| 4.70% due 06/05/282 | 1,300,000 | 1,308,129 | ||||||
| GA Global Funding Trust | ||||||||
| 1.63% due 01/15/262 | 1,300,000 | 1,277,938 | ||||||
| LPL Holdings, Inc. | ||||||||
| 5.70% due 05/20/27 | 1,200,000 | 1,222,475 | ||||||
| OneMain Finance Corp. | ||||||||
| 3.50% due 01/15/27 | 1,150,000 | 1,125,860 | ||||||
| Standard Chartered plc | ||||||||
| 5.55% due 01/21/292,6 | 1,000,000 | 1,021,439 | ||||||
| Lincoln Financial Global Funding | ||||||||
| 4.63% due 05/28/282 | 900,000 | 905,571 | ||||||
| NatWest Group plc | ||||||||
| 5.39% (SOFR + 1.10%) due 05/23/29◊ | 650,000 | 650,229 | ||||||
| Ultra Short Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| CORPORATE BONDS†† - 12.0% (continued) | ||||||||
| Financial - 6.8% (continued) | ||||||||
| Brown & Brown, Inc. | ||||||||
| 4.60% due 12/23/26 | $ | 600,000 | $ | 602,801 | ||||
| Total Financial | 36,906,047 | |||||||
| Industrial - 2.2% | ||||||||
| Ryder System, Inc. | ||||||||
| 3.35% due 09/01/25 | 4,820,000 | 4,808,720 | ||||||
| Silgan Holdings, Inc. | ||||||||
| 1.40% due 04/01/262 | 2,350,000 | 2,286,626 | ||||||
| Vontier Corp. | ||||||||
| 1.80% due 04/01/26 | 2,150,000 | 2,102,360 | ||||||
| Jabil, Inc. | ||||||||
| 1.70% due 04/15/26 | 650,000 | 634,825 | ||||||
| 4.25% due 05/15/27 | 600,000 | 598,352 | ||||||
| Berry Global, Inc. | ||||||||
| 1.65% due 01/15/27 | 1,100,000 | 1,055,097 | ||||||
| Weir Group plc | ||||||||
| 2.20% due 05/13/262 | 440,000 | 429,097 | ||||||
| Total Industrial | 11,915,077 | |||||||
| Technology - 1.2% | ||||||||
| CDW LLC / CDW Finance Corp. | ||||||||
| 2.67% due 12/01/26 | 4,300,000 | 4,191,382 | ||||||
| Microchip Technology, Inc. | ||||||||
| 4.90% due 03/15/28 | 2,200,000 | 2,224,172 | ||||||
| Total Technology | 6,415,554 | |||||||
| Consumer, Non-cyclical - 1.0% | ||||||||
| HCA, Inc. | ||||||||
| 5.00% due 03/01/28 | 2,250,000 | 2,283,428 | ||||||
| Triton Container International Ltd. | ||||||||
| 2.05% due 04/15/262 | 2,200,000 | 2,154,495 | ||||||
| Element Fleet Management Corp. | ||||||||
| 6.27% due 06/26/262 | 1,200,000 | 1,216,998 | ||||||
| Total Consumer, Non-cyclical | 5,654,921 | |||||||
| Communications - 0.4% | ||||||||
| T-Mobile USA, Inc. | ||||||||
| 2.63% due 04/15/26 | 1,600,000 | 1,575,129 | ||||||
| 2.25% due 02/15/26 | 600,000 | 590,700 | ||||||
| Total Communications | 2,165,829 | |||||||
| Consumer, Cyclical - 0.2% | ||||||||
| LG Energy Solution Ltd. | ||||||||
| 5.25% due 04/02/282 | 1,000,000 | 1,003,113 | ||||||
| Utilities - 0.1% | ||||||||
| Pinnacle West Capital Corp. | ||||||||
| 4.90% due 05/15/28 | 450,000 | 456,300 | ||||||
| AES Corp. | ||||||||
| 3.30% due 07/15/252 | 300,000 | 299,665 | ||||||
| Total Utilities | 755,965 | |||||||
| Energy - 0.1% | ||||||||
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. | ||||||||
| 6.88% due 01/15/29 | 500,000 | 509,981 | ||||||
| Basic Materials - 0.0% | ||||||||
| International Flavors & Fragrances, Inc. | ||||||||
| 1.23% due 10/01/252 | 222,000 | 219,848 | ||||||
| Total Corporate Bonds | ||||||||
| (Cost $65,589,185) | 65,546,335 | |||||||
| FEDERAL AGENCY DISCOUNT NOTES†† - 11.2% | ||||||||
| Federal Home Loan Bank | ||||||||
| 4.10% due 07/01/257 | 60,900,000 | 60,900,000 | ||||||
| Total Federal Agency Discount Notes | ||||||||
| (Cost $60,900,000) | 60,900,000 | |||||||
| SENIOR FLOATING RATE INTERESTS††,◊ - 0.2% | ||||||||
| Financial - 0.2% | ||||||||
| Jane Street Group LLC | ||||||||
| 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 1,141,297 | 1,139,825 | ||||||
| Total Senior Floating Rate Interests | ||||||||
| (Cost $1,138,410) | 1,139,825 | |||||||
| REPURCHASE AGREEMENTS††,8 - 16.5% | ||||||||
| BNP Paribas | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 27,056,766 | 27,056,766 | ||||||
| BofA Securities, Inc. | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 27,056,766 | 27,056,766 | ||||||
| J.P. Morgan Securities LLC | ||||||||
| issued 06/30/25 at 4.37% due 07/01/25 | 27,056,766 | 27,056,766 | ||||||
| Bank of Montreal | ||||||||
| issued 06/30/25 at 4.34% due 07/01/25 | 8,795,197 | 8,795,197 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $89,965,495) | 89,965,495 | |||||||
| Total Investments - 105.3% | ||||||||
| (Cost $576,765,392) | $ | 573,271,178 | ||||||
| Other Assets & Liabilities, net - (5.3)% | (28,713,965 | ) | ||||||
| Total Net Assets - 100.0% | $ | 544,557,213 | ||||||
Centrally Cleared Interest Rate Swap Agreements††
| Counterparty | Exchange | Floating Rate Type | Floating Rate Index | Fixed Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid | Unrealized Appreciation (Depreciation)** | ||||||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 3.85 | % | Annually | 11/27/39 | $ | 1,000,000 | $ | 2,450 | $ | 298 | $ | 2,152 | |||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 3.83 | % | Annually | 11/27/31 | 8,200,000 | (153,162 | ) | 319 | (153,481 | ) | |||||||||||||||||
| BofA Securities, Inc. | CME | Receive | U.S. Secured Overnight Financing Rate | 3.87 | % | Annually | 11/27/29 | 9,000,000 | (167,955 | ) | 300 | (168,255 | ) | |||||||||||||||||
| $ | (318,667 | ) | $ | 917 | $ | (319,584 | ) | |||||||||||||||||||||||
| Ultra Short Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| ◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 | Rate indicated is the 7-day yield as of June 30, 2025. |
| 2 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $264,721,863 (cost $267,489,110), or 48.6% of total net assets. |
| 3 | Security is unsettled at period end and may not have a stated effective rate. |
| 4 | Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at June 30, 2025. See table below for additional step information for each security. |
| 5 | Security is an interest-only strip. |
| 6 | Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
| 7 | Rate indicated is the effective yield at the time of purchase. |
| 8 | Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements. |
BofA — Bank of America
CME — Chicago Mercantile Exchange
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
WAC — Weighted Average Coupon
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Money Market Fund | $ | 100,944,051 | $ | — | $ | — | $ | 100,944,051 | ||||||||
| Asset-Backed Securities | — | 132,147,553 | 3,700,000 | 135,847,553 | ||||||||||||
| Collateralized Mortgage Obligations | — | 118,927,919 | — | 118,927,919 | ||||||||||||
| Corporate Bonds | — | 65,546,335 | — | 65,546,335 | ||||||||||||
| Federal Agency Discount Notes | — | 60,900,000 | — | 60,900,000 | ||||||||||||
| Senior Floating Rate Interests | — | 1,139,825 | — | 1,139,825 | ||||||||||||
| Repurchase Agreements | — | 89,965,495 | — | 89,965,495 | ||||||||||||
| Interest Rate Swap Agreements** | — | 2,152 | — | 2,152 | ||||||||||||
| Total Assets | $ | 100,944,051 | $ | 468,629,279 | $ | 3,700,000 | $ | 573,273,330 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Interest Rate Swap Agreements** | $ | — | $ | 321,736 | $ | — | $ | 321,736 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Ultra Short Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Step Coupon Bonds
The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.
| Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate | Future Reset Date | ||||||||||
| Barclays Mortgage Loan Trust 2023-NQM1 2023-NQM1, 6.03% due 01/25/63 | 7.03 | % | 04/01/27 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-NQM1, 5.81% due 12/25/64 | 6.81 | % | 01/01/29 | — | — | |||||||||
| BRAVO Residential Funding Trust 2024-NQM5, 6.16% due 06/25/64 | 7.16 | % | 07/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2024-NQM1, 5.94% due 12/01/63 | 6.94 | % | 01/01/28 | — | — | |||||||||
| BRAVO Residential Funding Trust 2025-CES1 2025-CES1, 5.70% due 02/25/55 | 6.70 | % | 03/01/29 | — | — | |||||||||
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62 | 9.17 | % | 09/25/25 | 10.17 | % | 09/25/26 | ||||||||
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35 | % | 02/01/29 | — | — | |||||||||
| GCAT 2025-NQM2 Trust 2025-NQM2, 5.60% due 04/25/70 | 6.60 | % | 06/26/29 | — | — | |||||||||
| HOMES 2025-AFC2 Trust 2025-AFC2, 5.47% due 06/25/60 | 6.47 | % | 06/01/29 | — | — | |||||||||
| Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25 | % | 11/25/25 | — | — | |||||||||
| Legacy Mortgage Asset Trust 2021-GS4, 4.65% due 11/25/60 | 5.65 | % | 08/25/25 | — | — | |||||||||
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00 | % | 12/01/27 | — | — | |||||||||
| NYMT Loan Trust 2021-SP1, 4.67% due 08/25/61 | 5.67 | % | 08/01/25 | — | — | |||||||||
| OBX Trust 2025-NQM10, 5.45% due 05/25/65 | 6.45 | % | 05/01/29 | — | — | |||||||||
| OBX Trust 2025-NQM2, 5.75% due 11/25/64 | 6.75 | % | 01/01/29 | — | — | |||||||||
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87 | % | 11/01/28 | — | — | |||||||||
| RCKT Mortgage Trust 2025-CES5 2025-CES5, 5.69% due 05/25/55 | 6.69 | % | 05/01/29 | — | — | |||||||||
| RCKT Mortgage Trust 2025-CES6 2025-CES6, 5.47% due 06/25/55 | 6.47 | % | 06/01/29 | — | — | |||||||||
| Verus Securitization Trust 2025-2, 5.31% due 03/25/70 | 6.31 | % | 03/01/29 | — | — | |||||||||
| Verus Securitization Trust 2025-5, 5.43% due 06/25/70 | 6.43 | % | 06/01/29 | — | — | |||||||||
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89 | % | 12/01/28 | — | — | |||||||||
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81 | % | 03/01/29 | — | — | |||||||||
Repurchase Agreements
The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.
In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.
| Ultra Short Duration Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.
At June 30, 2025, the repurchase agreements in the account were as follows:
| Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||||
| BofA Securities, Inc. | U.S. Treasury Notes | ||||||||||||||||||
| 4.37% | 1.63% - 4.63% | ||||||||||||||||||
| Due 07/01/25 | 27,056,766 | 27,060,050 | Due 02/15/26 - 09/30/30 | $ | 14,462,900 | $ | 14,353,824 | ||||||||||||
| U.S. Treasury Bonds | |||||||||||||||||||
| 4.38% - 5.25% | |||||||||||||||||||
| Due 11/15/28 - 05/15/55 | 13,554,500 | 13,244,043 | |||||||||||||||||
| U.S. Treasury Strip | |||||||||||||||||||
| 0.00% | |||||||||||||||||||
| Due 02/15/47 | 100 | 34 | |||||||||||||||||
| 28,017,500 | 27,597,901 | ||||||||||||||||||
| BNP Paribas | U.S. Treasury Strips | ||||||||||||||||||
| 4.37% | 0.00% | ||||||||||||||||||
| Due 07/01/25 | 27,056,766 | 27,060,050 | Due 02/15/36 - 05/15/52 | 36,233,703 | 18,517,637 | ||||||||||||||
| U.S. Treasury Inflation Indexed Bonds | |||||||||||||||||||
| 0.13% - 2.38% | |||||||||||||||||||
| Due 10/15/28 - 02/15/52 | 16,312,375 | 8,836,740 | |||||||||||||||||
| U.S. Treasury Notes | |||||||||||||||||||
| 1.38% - 4.63% | |||||||||||||||||||
| Due 11/15/31 - 02/15/35 | 236,000 | 246,918 | |||||||||||||||||
| 52,782,078 | 27,601,295 | ||||||||||||||||||
| J.P. Morgan Securities LLC | U.S. Treasury Bond | ||||||||||||||||||
| 4.37% | 4.63% | ||||||||||||||||||
| Due 07/01/25 | 27,056,766 | 27,060,050 | Due 12/15/55 | 23,122,100 | 22,823,708 | ||||||||||||||
| U.S. Treasury Inflation Indexed Bond | |||||||||||||||||||
| 0.75% | |||||||||||||||||||
| Due 07/15/28 | 4,824,139 | 4,777,245 | |||||||||||||||||
| U.S. Treasury Notes | |||||||||||||||||||
| 2.75% - 4.38% | |||||||||||||||||||
| Due 07/31/27 - 01/31/32 | 300 | 302 | |||||||||||||||||
| 27,946,539 | 27,601,255 | ||||||||||||||||||
| Bank of Montreal | U.S. Treasury Bond | ||||||||||||||||||
| 4.34% | 3.63% | ||||||||||||||||||
| Due 07/01/25 | 8,795,197 | 8,796,257 | Due 05/15/53 | 10,896,200 | 8,972,235 | ||||||||||||||
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1 – Organization, Consolidation of Subsidiary and Significant Accounting Policies
Organization
Guggenheim Funds Trust (the "Trust"), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the “1940 Act”), as an open-ended investment company. The Trust may issue an unlimited number of authorized shares. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the “Funds”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.
This report covers the following Funds:
| Fund Name | Diversification Status |
| Active INvestment Series (GAINS) - Core Plus Fund | Diversified |
| Active INvestment Series (GAINS) - Limited Duration Fund | Diversified |
| Core Bond Fund | Diversified |
| Floating Rate Strategies Fund | Diversified |
| High Yield Fund | Diversified |
| Limited Duration Fund | Diversified |
| Macro Opportunities Fund | Diversified |
| Municipal Income Fund | Diversified |
| Total Return Bond Fund | Diversified |
| Ultra Short Duration Fund | Diversified |
For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.
Consolidation of Subsidiary
The Consolidated Schedule of Investments of the Macro Opportunities Fund includes the accounts of a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”). Significant inter-company accounts and transactions have been eliminated in consolidation for the Macro Opportunities Fund. The Notes to Schedule of Investments presented herein are consolidated with respect to Macro Opportunities Fund and include the accounts of the Subsidiary.
The Macro Opportunities Fund may invest up to 25% of its total assets in its Subsidiary, which is intended to provide the Fund with exposure to certain investments consistent with the Fund’s investment objective and policies while enabling the Fund to satisfy source-of- income requirements that apply to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).
Significant Accounting Policies
The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
(a) Valuation of Investments
The Board of Trustees of the Trust (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Fund Valuation Procedures”).
Pursuant to Rule 2a-5 under the 1940Act, the Board designated Guggenheim Partners Investment Management, LLC (the “Adviser”) as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the "Valuation Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Valuations of the Funds’ securities and other assets are supplied primarily by independent third-party pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services. If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.
U.S. government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.
Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent third-party pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent third-party pricing service.
CLOs, CDOs, MBS, ABS, and other structured finance securities are generally valued using an independent third-party pricing service.
Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.
Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.
Open-end investment companies are valued at their net asset value as of the close of business, on the valuation date. Exchange-traded funds and listed closed-end investment companies are generally valued at the last quoted sale price.
Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (“OTC”) options and options on swaps ("swaptions") are valued using a price provided by a pricing service.
Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency.
Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation of the underlying securities would provide a more accurate valuation of the futures contract.
Interest rate swap agreements entered into by a Fund are valued on the basis of the last sale price on the primary exchange on which the swap is traded.
Other swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.
Typically, loans are valued using information provided by an independent third-party pricing service that uses broker quotes, among other inputs. If the independent third-party pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser. Funds that invest in loans or asset-backed securities as part of their investment strategies may have a significant amount of these instruments that are fair valued by the Adviser.
Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Adviser will determine the current value of such foreign securities by taking into consideration certain factors which may include the following factors, among others: the value of the securities traded on other foreign markets, American Depositary Receipts ("ADR") trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Adviser is authorized to use prices and other information supplied by an independent third-party pricing service in valuing foreign securities.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.
The Funds may acquire an interest in a special purpose acquisition company (“SPAC”) in an initial public offering or a secondary market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Among other conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Funds invest will complete an acquisition or that any acquisitions that are completed will be profitable.
Note 2 – Financial Instruments and Derivatives
As part of their investment strategies, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.
Short Sales
A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.
Derivatives
Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.
The Funds may utilize derivatives for the following purposes:
Duration: the use of an instrument to manage the interest rate risk of a portfolio.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Hedge: an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.
Income: the use of any instrument that distributes cash flows typically based upon some rate of interest.
Index Exposure: the use of an instrument to obtain exposure to a listed or other type of index.
Speculation: the use of an instrument to express macro-economic and other investment views.
Options Purchased and Written
A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid.
The risk in writing a call option is that a Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities where a Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, a Fund may be at risk because of the counterparty’s inability to perform.
Futures Contracts
A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Securities held as collateral are noted on the Funds’ Schedules of Investments.
Swap Agreements
A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing OTC swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.
Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) or a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying index declines in value.
Interest rate swaps involve the exchange by the Funds with another party for their respective commitment to pay or receive a fixed or variable interest rate on a notional amount of principal. Interest rate swaps are generally centrally-cleared, but central clearing does not make interest rate swap transactions risk free.
Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit event occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the default recovery of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)
The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. Certain types of contracts may be cash settled, in an amount equal to the change in exchange rates during the term of the contract. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.
The market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Funds may be exposed to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as compared to the U.S. dollar.
In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.
The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.
Foreign Investments
There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A Fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.
The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Reverse Repurchase Agreements
Each of the Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities and agrees to repurchase them at a particular price at a future date. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to repurchase the securities, and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.
Note 3 – Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”
Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
Independent third-party pricing services are used to value a majority
of the Funds’ investments. When values are not available from an independent third-party pricing service, they will be determined
using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such
as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral,
spread over U.S. Treasury securities, and other information and analysis. A significant portion of the Funds’ assets and liabilities
are categorized as Level 2, as indicated in this report.
Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value
the Funds' assets and liabilities, i.e. prices provided by a broker-dealer or other market participant who has not committed to trade
at that price. Although quotes are typically received from established market participants, the Funds may not have the transparency to
view the underlying inputs which support the market quotations. Significant changes in a quote would generally result in significant changes
in the fair value of the security.
Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such
as credit spreads and interest rates.
Certain loans and other securities are valued using a single daily broker quote or a price from an independent third-party pricing service
based on a single daily or monthly broker quote.
The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Note 4 – Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code, applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.
Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not threshold” would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.
If a Fund makes a distribution to its shareholders in excess of its current and accumulated “earnings and profits” in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder’s basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder’s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.
The Macro Opportunities Fund intends to invest up to 25% of its assets in its Subsidiary which is expected to provide the Fund with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. The Fund has received a private letter ruling from the IRS that concludes that the income the Fund receives from the Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. The Subsidiary will be classified as a corporation for U.S. federal income tax purposes. Foreign corporations, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. If, during a taxable year, the Subsidiary’s taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.
At June 30, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:
| Fund | Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Tax Unrealized Appreciation (Depreciation) | ||||||||||||
| Active INvestment Series (GAINS) - Core Plus Fund | $ | 64,752,876 | $ | 733,233 | $ | (103,695 | ) | $ | 629,538 | |||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | 18,414,354 | 148,709 | (164,482 | ) | (15,773 | ) | ||||||||||
| Core Bond Fund | 2,751,131,130 | 35,634,221 | (86,439,644 | ) | (50,805,423 | ) | ||||||||||
| Floating Rate Strategies Fund | 821,177,251 | 4,261,649 | (36,266,037 | ) | (32,004,388 | ) | ||||||||||
| High Yield Fund | 193,046,763 | 4,603,971 | (9,062,071 | ) | (4,458,100 | ) | ||||||||||
| Limited Duration Fund | 6,310,365,928 | 42,764,838 | (89,068,675 | ) | (46,303,837 | ) | ||||||||||
| Macro Opportunities Fund | 9,342,793,307 | 164,859,408 | (386,007,114 | ) | (221,147,706 | ) | ||||||||||
| Municipal Income Fund | 37,568,645 | 254,627 | (2,704,769 | ) | (2,450,142 | ) | ||||||||||
| Total Return Bond Fund | 34,619,206,009 | 445,266,984 | (1,415,188,216 | ) | (969,921,232 | ) | ||||||||||
| Ultra Short Duration Fund | 576,765,392 | 1,120,682 | (4,934,480 | ) | (3,813,798 | ) | ||||||||||
Note 5 – Unfunded Loan Commitments
Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of June 30, 2025. The Funds are obligated to fund these loan commitments at the borrower’s discretion.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)
The unfunded loan commitments as of June 30, 2025, were as follows:
| Fund | Borrower | Maturity Date | Face Amount* | Value | ||||||||
| Active INvestment Series (GAINS) - Core Plus Fund | ||||||||||||
| Capstone Acquisition Holdings, Inc. | 11/12/29 | 805 | $ | 4 | ||||||||
| Active INvestment Series (GAINS) - Limited Duration Fund | ||||||||||||
| Capstone Acquisition Holdings, Inc. | 11/12/29 | 805 | 4 | |||||||||
| Core Bond Fund | ||||||||||||
| Akso Health Group | 07/20/26 | 1,000,000 | – | |||||||||
| Cliffwater LLC | 03/19/32 | 150,000 | – | |||||||||
| – | ||||||||||||
| Floating Rate Strategies Fund | ||||||||||||
| Aegion Corp. | 05/17/28 | 448,701 | – | |||||||||
| Alter Domus | 10/30/31 | 130,081 | – | |||||||||
| AmSpec Parent LLC | 12/11/31 | 452,021 | – | |||||||||
| Citrin Cooperman Advisors LLC | 04/01/32 | 113,333 | 189 | |||||||||
| Convergint | 03/31/28 | 38,705 | 39 | |||||||||
| GrafTech Finance, Inc. | 11/04/29 | 382,877 | – | |||||||||
| Hanger, Inc. | 10/23/31 | 197,795 | – | |||||||||
| Secretariat Advisors LLC | 02/21/32 | 289,171 | – | |||||||||
| Student Transportation Of America Holdings, Inc. | 06/10/32 | 63,333 | – | |||||||||
| 228 | ||||||||||||
| High Yield Fund | ||||||||||||
| AmSpec Parent LLC | 12/11/31 | 94,903 | – | |||||||||
| GrafTech Finance, Inc. | 11/04/29 | 451,506 | – | |||||||||
| Secretariat Advisors LLC | 02/21/32 | 51,075 | – | |||||||||
| – | ||||||||||||
| Limited Duration Fund | ||||||||||||
| Datix Bidco Ltd. | 04/25/31 | 487,250 | 22,721 | |||||||||
| QTS Good News Facility | 10/09/28 | 1,527,365 | – | |||||||||
| 22,721 | ||||||||||||
| Macro Opportunities Fund | ||||||||||||
| Aegion Corp. | 05/17/28 | 824,026 | – | |||||||||
| Akso Health Group | 07/20/26 | 1,000,000 | – | |||||||||
| Alter Domus | 10/30/31 | 232,066 | – | |||||||||
| AmSpec Parent LLC | 12/11/31 | 386,667 | – | |||||||||
| Capstone Acquisition Holdings, Inc. | 11/12/29 | 483,022 | 2,338 | |||||||||
| Care BidCo | 05/04/28 | EUR | 9,200,000 | 410,215 | ||||||||
| Checkers Holdings, Inc. | 06/16/27 | 260,171 | – | |||||||||
| Citrin Cooperman Advisors LLC | 04/01/32 | 1,069,697 | 1,786 | |||||||||
| Cliffwater LLC | 03/19/32 | 1,380,000 | – | |||||||||
| Convergint | 03/31/28 | 398,438 | 402 | |||||||||
| Curriculum Associates LLC | 05/07/32 | 4,778,959 | 23,835 | |||||||||
| Datix Bidco Ltd. | 04/25/31 | 6,070,000 | 284,041 | |||||||||
| Finastra USA, Inc. | 09/13/29 | 774,242 | 66,992 | |||||||||
| GrafTech Finance, Inc. | 11/04/29 | 2,983,552 | – | |||||||||
| Hanger, Inc. | 10/23/31 | 552,662 | – | |||||||||
| Integrated Power Services Holdings, Inc. | 11/22/28 | 1,702,662 | 4,132 | |||||||||
| Kerridge Commercial Systems Bidco Ltd. | 09/07/30 | GBP | 3,920,982 | 75,547 | ||||||||
| MB2 Dental Solutions LLC | 02/13/31 | 3,746,524 | 56,009 | |||||||||
| Oil Changer Holding Corp. | 02/08/27 | 1,153,628 | – | |||||||||
| Polaris Newco LLC | 06/04/26 | 7,824,841 | 188,579 | |||||||||
| Powergrid Services LLC | 03/31/32 | 6,244,941 | 302,098 | |||||||||
| QTS Good News Facility | 10/09/28 | 2,554,501 | – | |||||||||
| Secretariat Advisors LLC | 02/21/32 | 405,376 | – | |||||||||
| Shaw Development LLC | 10/30/29 | 734,043 | 45,746 | |||||||||
| Student Transportation Of America Holdings, Inc. | 06/10/32 | 126,667 | – | |||||||||
| TK Elevator Midco GmbH | 01/29/27 | EUR | 13,250,000 | – | ||||||||
| 1,461,720 | ||||||||||||
| Total Return Bond Fund | ||||||||||||
| Akso Health Group | 07/20/26 | 3,775,000 | – | |||||||||
| Capstone Acquisition Holdings, Inc. | 11/12/29 | 1,098,875 | 4,941 | |||||||||
| Cliffwater LLC | 03/19/32 | 1,874,863 | – | |||||||||
| Datix Bidco Ltd. | 04/25/31 | 5,312,304 | 247,675 | |||||||||
| GrafTech Finance, Inc. | 11/04/29 | 559,867 | – | |||||||||
| Hanger, Inc. | 10/23/31 | 976,854 | – | |||||||||
| Higginbotham Insurance Agency, Inc. | 11/24/28 | 3,907,368 | 25,238 | |||||||||
| MB2 Dental Solutions LLC | 02/13/31 | 5,127,445 | 76,030 | |||||||||
| QTS Good News Facility | 10/09/28 | 6,659,710 | – | |||||||||
| 353,884 | ||||||||||||
| * | The face amount is denominated in U.S. dollars unless otherwise indicated. |
EUR – Euro
GBP - British Pound
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Note 6 – Restricted Securities
The securities below are considered illiquid and restricted under guidelines established by the Board:
| Fund | Restricted Securities | Acquisition Date | Cost | Value | ||||||||
| Core Bond Fund | ||||||||||||
| Central Storage Safety Project Trust | ||||||||||||
| 4.82% due 02/01/38 | 03/20/18 | $ | 764,477 | $ | 693,247 | |||||||
| Copper River CLO Ltd. | ||||||||||||
| 2007-1A INC, due 01/20/211 | 05/09/14 | – | 70 | |||||||||
| Nassau LLC | ||||||||||||
| 2019-1 3.98% due 08/15/34 | 08/16/19 | 378,705 | 353,231 | |||||||||
| 1,143,182 | 1,046,548 | |||||||||||
| Floating Rate Strategies Fund | ||||||||||||
| Mirabela Nickel Ltd. | ||||||||||||
| due 06/24/192 | 12/31/13 | 1,160,811 | 6,399 | |||||||||
| High Yield Fund | ||||||||||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc.* | 04/23/24 | 7,224 | 121 | |||||||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc.* | 04/23/24 | 5,671 | 95 | |||||||||
| Mirabela Nickel Ltd. | ||||||||||||
| due 06/24/192 | 12/31/13 | 252,369 | 1,391 | |||||||||
| Sabre GLBL, Inc. | ||||||||||||
| 7.38% due 09/01/25 | 08/20/20 | 320,105 | 320,400 | |||||||||
| 585,369 | 322,007 | |||||||||||
| Limited Duration Fund | ||||||||||||
| Copper River CLO Ltd. | ||||||||||||
| 2007-1A INC, due 01/20/211 | 05/09/14 | – | 50 | |||||||||
| Macro Opportunities Fund | ||||||||||||
| Atlas Mara Ltd. | ||||||||||||
| due 12/31/212 | 10/01/15 | 3,380,072 | 1 | |||||||||
| Copper River CLO Ltd. | ||||||||||||
| 2007-1A INC, due 01/20/211 | 05/09/14 | – | 815 | |||||||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc.* | 05/15/24 | 26,268 | 440 | |||||||||
| Endo Luxembourg Finance Co I SARL / Endo US, Inc.* | 05/15/24 | 10,895 | 183 | |||||||||
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | ||||||||||||
| 2015-R1 0.70% (WAC) due 10/25/523,4 | 09/20/24 | 7,790,371 | 7,538,900 | |||||||||
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | ||||||||||||
| 2015-R1 0.70% (WAC) due 11/25/523,4 | 01/29/20 | 9,124,975 | 6,864,782 | |||||||||
| Mirabela Nickel Ltd. | ||||||||||||
| due 06/24/192 | 12/31/13 | 1,710,483 | 9,427 | |||||||||
| Nassau LLC | ||||||||||||
| 2019-1 3.98% due 08/15/34 | 08/16/19 | 6,286,454 | 5,863,631 | |||||||||
| 28,329,518 | 20,278,179 | |||||||||||
| Total Return Bond Fund | ||||||||||||
| Atlas Mara Ltd. | ||||||||||||
| due 12/31/212 | 10/01/15 | 1,504,389 | 1 | |||||||||
| Central Storage Safety Project Trust | ||||||||||||
| 4.82% due 02/01/38 | 02/02/18 | 15,786,852 | 14,211,553 | |||||||||
| Copper River CLO Ltd. | ||||||||||||
| 2007-1A INC, due 01/20/211 | 05/09/14 | – | 150 | |||||||||
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | ||||||||||||
| 2015-R1 4.49% (WAC) due 11/25/553 | 03/07/18 | 77,389,089 | 58,701,564 | |||||||||
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | ||||||||||||
| 2015-R1 4.49% (WAC) due 11/25/553 | 11/09/17 | 45,383,480 | 35,411,792 | |||||||||
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | ||||||||||||
| 2015-R1 0.70% (WAC) due 11/25/553,4 | 12/16/19 | 12,643,641 | 9,087,237 | |||||||||
| Nassau LLC | ||||||||||||
| 2019-1 3.98% due 08/15/34 | 08/16/19 | 6,583,995 | 6,146,215 | |||||||||
| SPSS | ||||||||||||
| 5.14% due 11/15/52 | 03/30/23 | 116,046 | 117,423 | |||||||||
| 159,407,492 | 123,675,935 | |||||||||||
| * | Non-income producing security. |
| 1 | Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
| 2 | Security is in default of interest and/or principal obligations. |
| 3 | Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 4 | Security is an interest-only strip. |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Note 7 – Market Risks
The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, environmental or man-made disasters, or geological events, governmental actions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.
OTHER INFORMATION (Unaudited)
Sector Classification
Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.