| Principal amount° | Value (US $) | ||
| Agency Collateralized Mortgage Obligations — 0.50% | |||
| Fannie Mae REMICs | |||
| Series 2016-36 VB 3.50% 6/25/29 | 2,434,540 | $ 2,418,725 | |
| Series 2016-71 NB 3.00% 10/25/46 | 3,785,109 | 3,564,271 | |
| Freddie Mac REMICs Series 4616 HW 3.00% 6/15/45 | 1,983,145 | 1,930,718 | |
| Total Agency Collateralized Mortgage Obligations (cost $8,430,602) | 7,913,714 | ||
| Agency Commercial Mortgage-Backed Securities — 0.23% | |||
| Freddie Mac Multifamily Structured Pass Through Certificates | |||
| Series K144 A2 2.45% 4/25/32 ♦ | 2,300,000 | 2,044,807 | |
| Series K150 A2 3.71% 9/25/32 ♦, • | 1,000,000 | 957,265 | |
| Series K753 A2 4.40% 10/25/30 ♦ | 650,000 | 655,276 | |
| Total Agency Commercial Mortgage-Backed Securities (cost $3,629,505) | 3,657,348 | ||
| Agency Mortgage-Backed Securities — 9.13% | |||
| Fannie Mae S.F. 15 yr | |||
| 2.00% 8/1/36 | 2,311,692 | 2,122,699 | |
| 2.50% 8/1/36 | 2,046,354 | 1,912,370 | |
| 3.00% 11/1/33 | 616,897 | 598,719 | |
| Fannie Mae S.F. 20 yr 2.00% 5/1/41 | 1,895,838 | 1,629,920 | |
| Fannie Mae S.F. 30 yr | |||
| 2.00% 6/1/50 | 636,456 | 508,821 | |
| 2.00% 3/1/51 | 1,902,245 | 1,513,662 | |
| 2.00% 9/1/51 | 1,534,164 | 1,220,106 | |
| 2.50% 8/1/50 | 1,589,591 | 1,341,393 | |
| 2.50% 11/1/51 | 543,321 | 456,129 | |
| 2.50% 1/1/52 | 154,683 | 128,805 | |
| 2.50% 2/1/52 | 1,328,113 | 1,115,488 | |
| 2.50% 3/1/52 | 744,655 | 619,137 | |
| 2.50% 4/1/52 | 1,817,769 | 1,520,714 | |
| 3.00% 1/1/50 | 235,884 | 207,192 | |
| 3.00% 12/1/51 | 2,957,306 | 2,589,140 | |
| 3.00% 5/1/52 | 750,348 | 655,399 | |
| 3.00% 6/1/52 | 1,820,290 | 1,590,515 | |
| 3.00% 7/1/52 | 535,219 | 463,557 | |
| 3.50% 7/1/50 | 4,853,626 | 4,512,514 | |
| 3.50% 6/1/51 | 224,706 | 203,858 | |
| 3.50% 8/1/51 | 3,371,745 | 3,058,923 | |
| 3.50% 6/1/52 | 5,173,050 | 4,704,106 | |
| Principal amount° | Value (US $) | ||
| Agency Mortgage-Backed Securities (continued) | |||
| Fannie Mae S.F. 30 yr | |||
| 3.50% 9/1/52 | 4,914,447 | $ 4,478,845 | |
| 4.00% 5/1/51 | 37,892 | 35,844 | |
| 4.00% 6/1/52 | 1,232,168 | 1,148,159 | |
| 4.00% 9/1/52 | 385,550 | 359,242 | |
| 4.00% 12/1/54 | 255,796 | 237,941 | |
| 4.50% 5/1/49 | 1,474,389 | 1,426,765 | |
| 4.50% 1/1/50 | 1,826,674 | 1,807,552 | |
| 4.50% 10/1/52 | 2,829,746 | 2,711,961 | |
| 4.50% 2/1/53 | 1,451,260 | 1,390,955 | |
| 5.00% 8/1/53 | 2,336,304 | 2,305,998 | |
| 5.50% 8/1/52 | 108,775 | 109,714 | |
| 5.50% 10/1/52 | 3,450,852 | 3,469,716 | |
| 5.50% 11/1/52 | 1,710,498 | 1,724,940 | |
| 6.00% 5/1/53 | 853,845 | 871,803 | |
| 6.00% 6/1/53 | 295,735 | 301,119 | |
| 6.00% 9/1/53 | 4,902,746 | 4,989,745 | |
| 6.00% 2/1/54 | 67,529 | 68,688 | |
| 6.00% 12/1/54 | 5,273,946 | 5,360,654 | |
| Freddie Mac S.F. 20 yr | |||
| 2.00% 3/1/41 | 6,802,515 | 5,859,337 | |
| 2.00% 8/1/42 | 58,598 | 50,565 | |
| 2.50% 2/1/42 | 2,766,416 | 2,462,886 | |
| 2.50% 3/1/42 | 1,008,231 | 896,919 | |
| 2.50% 9/1/42 | 30,581 | 27,234 | |
| 3.00% 3/1/37 | 1,545,051 | 1,463,719 | |
| 3.00% 5/1/40 | 21,481 | 20,049 | |
| Freddie Mac S.F. 30 yr | |||
| 2.00% 3/1/52 | 73,144 | 58,053 | |
| 2.50% 7/1/50 | 252,116 | 211,878 | |
| 2.50% 11/1/50 | 320,344 | 269,481 | |
| 2.50% 12/1/51 | 1,485,508 | 1,250,914 | |
| 2.50% 1/1/52 | 9,609,878 | 8,066,077 | |
| 2.50% 5/1/52 | 229,661 | 191,054 | |
| 3.00% 8/1/51 | 289,397 | 252,957 | |
| 3.00% 1/1/52 | 6,876,590 | 5,953,530 | |
| 3.50% 4/1/52 | 328,584 | 297,951 | |
| 4.00% 9/1/49 | 900,786 | 850,875 | |
| 4.00% 8/1/52 | 5,699,232 | 5,333,305 | |
| 4.00% 9/1/52 | 2,193,912 | 2,044,113 | |
| 4.50% 9/1/52 | 2,762,556 | 2,662,167 | |
| 4.50% 10/1/52 | 4,673,362 | 4,478,672 | |
| 4.50% 11/1/52 | 401,616 | 384,914 | |
| 5.00% 7/1/52 | 1,359,484 | 1,349,225 | |
| 5.00% 9/1/52 | 2,655,362 | 2,623,656 | |
| 5.00% 11/1/52 | 323,943 | 319,023 | |
| 5.00% 2/1/53 | 361,414 | 355,421 | |
| 5.00% 6/1/53 | 5,085,258 | 4,994,635 | |
| 5.50% 9/1/52 | 1,094,747 | 1,105,935 | |
| 5.50% 10/1/52 | 36,694 | 36,783 | |
| 5.50% 11/1/52 | 818,377 | 824,349 | |
| Principal amount° | Value (US $) | ||
| Agency Mortgage-Backed Securities (continued) | |||
| Freddie Mac S.F. 30 yr | |||
| 5.50% 2/1/53 | 1,624,013 | $ 1,632,363 | |
| 5.50% 3/1/53 | 1,878,648 | 1,897,845 | |
| 5.50% 6/1/53 | 410,416 | 411,021 | |
| 5.50% 9/1/53 | 4,035,380 | 4,055,313 | |
| 5.50% 11/1/54 | 3,695,156 | 3,695,850 | |
| 5.50% 1/1/55 | 6,323,855 | 6,325,043 | |
| GNMA II S.F. 30 yr | |||
| 3.00% 12/20/51 | 1,367,902 | 1,210,467 | |
| 3.00% 1/20/52 | 1,401,428 | 1,240,488 | |
| 5.00% 9/20/52 | 1,339,718 | 1,323,218 | |
| 5.50% 5/20/53 | 2,640,609 | 2,657,119 | |
| 5.50% 2/20/54 | 1,148,914 | 1,157,901 | |
| Total Agency Mortgage-Backed Securities (cost $150,310,702) | 145,775,113 | ||
| Collateralized Loan Obligations — 0.47% | |||
| AGL CLO 17 Series 2022-17A AR 144A 5.219% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, • | 950,000 | 945,474 | |
| AIMCO CLO 15 Series 2021-15A D1R 144A 7.034% (TSFR03M + 2.75%, Floor 2.75%) 4/17/38 #, • | 290,000 | 287,477 | |
| Ballyrock CLO 18 Series 2021-18A C1R 144A 6.071% (TSFR03M + 2.85%, Floor 2.85%) 4/15/38 #, • | 300,000 | 300,916 | |
| Canyon Capital CLO Series 2019-2A AR2 144A 5.266% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, • | 500,000 | 499,191 | |
| Canyon CLO Series 2020-2A AR2 144A 5.286% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, • | 700,000 | 698,331 | |
| CBAMR Series 2021-15A D1R 144A 7.204% (TSFR03M + 2.90%, Floor 2.90%) 1/20/38 #, • | 350,000 | 348,881 | |
| Principal amount° | Value (US $) | ||
| Collateralized Loan Obligations (continued) | |||
| CIFC Funding Series 2025-1A D1 144A 6.746% (TSFR03M + 2.50%, Floor 2.50%) 4/23/38 #, • | 350,000 | $ 347,279 | |
| Dryden 109 CLO Series 2022-109A DR 144A 6.956% (TSFR03M + 2.70%, Floor 2.70%) 4/15/38 #, • | 350,000 | 349,374 | |
| Elmwood CLO 22 Series 2023-1A D1R 144A 7.084% (TSFR03M + 2.80%, Floor 2.80%) 4/17/38 #, • | 290,000 | 291,049 | |
| Madison Park Funding XXVII Series 2018-27A D1R 144A 7.167% (TSFR03M + 2.85%, Floor 2.85%) 4/20/38 #, • | 350,000 | 350,555 | |
| Magnetite XlV Series 2025-45A D1 144A 6.785% (TSFR03M + 2.50%, Floor 2.50%) 4/15/38 #, • | 290,000 | 287,175 | |
| Oaktree CLO Series 2020-1A D1RR 144A 6.856% (TSFR03M + 2.60%, Floor 2.60%) 1/15/38 #, • | 300,000 | 295,581 | |
| OFSI BSL XII Series 2023-12A D1R 144A 7.469% (TSFR03M + 3.20%, Floor 3.20%) 1/20/38 #, • | 300,000 | 296,657 | |
| OHA Credit Partners VII Series 2012-7A D1R4 144A 6.822% (TSFR03M + 2.50%, Floor 2.50%) 2/20/38 #, • | 350,000 | 351,551 | |
| TCW CLO Series 2019-2A D1R2 144A 7.317% (TSFR03M + 3.00%, Floor 3.00%) 1/20/38 #, • | 350,000 | 341,762 | |
| Principal amount° | Value (US $) | ||
| Collateralized Loan Obligations (continued) | |||
| Zais CLO 16 Series 2020-16A A1R2 144A 5.399% (TSFR03M + 1.13%, Floor 1.13%) 10/20/34 #, • | 1,450,000 | $ 1,449,591 | |
| Total Collateralized Loan Obligations (cost $7,470,000) | 7,440,844 | ||
| Convertible Bond — 0.02% | |||
| New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 =, >>, π | 393,203 | 366,722 | |
| Total Convertible Bond (cost $388,372) | 366,722 | ||
| Corporate Bonds — 11.45% | |||
| Banking — 2.85% | |||
| Bank of America | |||
| 5.162% 1/24/31 μ | 10,000 | 10,252 | |
| 5.518% 10/25/35 μ | 1,698,000 | 1,698,787 | |
| 5.819% 9/15/29 μ | 1,016,000 | 1,058,561 | |
| 6.204% 11/10/28 μ | 2,650,000 | 2,758,421 | |
| 6.625% 5/1/30 μ, ψ | 380,000 | 394,498 | |
| Bank of Montreal 7.70% 5/26/84 μ | 555,000 | 574,472 | |
| Bank of New York Mellon | |||
| 4.70% 9/20/25 μ, ψ | 1,025,000 | 1,024,732 | |
| 4.942% 2/11/31 μ | 580,000 | 592,422 | |
| 6.30% 3/20/30 μ, ψ | 495,000 | 509,757 | |
| Barclays 7.625% 3/15/35 μ, ψ | 200,000 | 201,359 | |
| BNP Paribas 144A 7.45% 6/27/35 #, μ, ψ | 550,000 | 554,675 | |
| Citibank | |||
| 5.438% 4/30/26 | 370,000 | 372,949 | |
| 5.57% 4/30/34 | 1,195,000 | 1,245,264 | |
| Citigroup | |||
| 5.61% 9/29/26 μ | 25,000 | 25,057 | |
| 5.612% 3/4/56 μ | 465,000 | 456,747 | |
| 6.02% 1/24/36 μ | 480,000 | 493,174 | |
| 6.75% 2/15/30 μ, ψ | 590,000 | 595,820 | |
| 7.00% 8/15/34 μ, ψ | 345,000 | 363,515 | |
| Credit Agricole 144A 5.222% 5/27/31 #, μ | 565,000 | 575,735 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Banking (continued) | |||
| Deutsche Bank | |||
| 3.729% 1/14/32 μ | 718,000 | $ 657,984 | |
| 5.297% 5/9/31 μ | 490,000 | 497,787 | |
| 6.00% 10/30/25 μ, ψ | 200,000 | 199,589 | |
| 6.72% 1/18/29 μ | 1,232,000 | 1,294,477 | |
| 6.819% 11/20/29 μ | 517,000 | 551,773 | |
| 7.146% 7/13/27 μ | 420,000 | 430,692 | |
| Fifth Third Bancorp 6.361% 10/27/28 μ | 213,000 | 222,097 | |
| Goldman Sachs Group | |||
| 5.016% 10/23/35 μ | 825,000 | 815,371 | |
| 5.218% 4/23/31 μ | 750,000 | 769,074 | |
| 5.561% 11/19/45 μ | 670,000 | 660,077 | |
| 5.734% 1/28/56 μ | 765,000 | 765,574 | |
| 6.484% 10/24/29 μ | 2,125,000 | 2,254,464 | |
| Huntington Bancshares 6.208% 8/21/29 μ | 645,000 | 676,922 | |
| JPMorgan Chase & Co. | |||
| 5.012% 1/23/30 μ | 690,000 | 702,860 | |
| 5.103% 4/22/31 μ | 640,000 | 656,037 | |
| 5.14% 1/24/31 μ | 425,000 | 435,935 | |
| 5.571% 4/22/28 μ | 615,000 | 627,863 | |
| 5.572% 4/22/36 μ | 835,000 | 865,673 | |
| 6.254% 10/23/34 μ | 276,000 | 300,079 | |
| KeyBank 5.85% 11/15/27 | 509,000 | 525,629 | |
| Lloyds Banking Group 5.721% 6/5/30 μ | 340,000 | 353,210 | |
| M&T Bank 5.179% 7/8/31 μ | 405,000 | 411,818 | |
| Morgan Stanley | |||
| 5.192% 4/17/31 μ | 510,000 | 522,941 | |
| 5.516% 11/19/55 μ | 580,000 | 567,235 | |
| 5.664% 4/17/36 μ | 395,000 | 409,471 | |
| 5.831% 4/19/35 μ | 1,009,000 | 1,057,503 | |
| 6.138% 10/16/26 μ | 1,085,000 | 1,089,731 | |
| 6.296% 10/18/28 μ | 761,000 | 792,898 | |
| 6.407% 11/1/29 μ | 703,000 | 744,753 | |
| PNC Financial Services Group | |||
| 4.899% 5/13/31 μ | 325,000 | 329,206 | |
| 5.575% 1/29/36 μ | 385,000 | 396,962 | |
| 5.676% 1/22/35 μ | 35,000 | 36,378 | |
| 6.875% 10/20/34 μ | 1,895,000 | 2,119,165 | |
| Popular 7.25% 3/13/28 | 375,000 | 398,696 | |
| State Street | |||
| 4.834% 4/24/30 | 340,000 | 346,391 | |
| 4.993% 3/18/27 | 725,000 | 735,754 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Banking (continued) | |||
| UBS Group | |||
| 144A 5.58% 5/9/36 #, μ | 365,000 | $ 373,396 | |
| 144A 5.699% 2/8/35 #, μ | 250,000 | 259,773 | |
| 144A 6.85% 9/10/29 #, μ, ψ | 1,060,000 | 1,067,302 | |
| 144A 7.00% 2/10/30 #, μ, ψ | 340,000 | 339,076 | |
| US Bancorp | |||
| 3.10% 4/27/26 | 1,320,000 | 1,306,926 | |
| 4.653% 2/1/29 μ | 564,000 | 567,792 | |
| 5.046% 2/12/31 μ | 580,000 | 590,605 | |
| 5.384% 1/23/30 μ | 215,000 | 221,407 | |
| 5.424% 2/12/36 μ | 310,000 | 316,011 | |
| 5.678% 1/23/35 μ | 485,000 | 503,701 | |
| 6.787% 10/26/27 μ | 280,000 | 288,309 | |
| US Bank 4.73% 5/15/28 μ | 570,000 | 573,054 | |
| Wells Fargo & Co. | |||
| 5.244% 1/24/31 μ | 445,000 | 456,621 | |
| 5.605% 4/23/36 μ | 855,000 | 882,880 | |
| 45,475,119 | |||
| Basic Industry — 0.34% | |||
| Celanese US Holdings | |||
| 6.50% 4/15/30 | 64,000 | 65,555 | |
| 6.75% 4/15/33 | 537,000 | 543,012 | |
| Cleveland-Cliffs 144A 7.00% 3/15/32 # | 1,185,000 | 1,118,535 | |
| Dow Chemical 5.95% 3/15/55 | 510,000 | 486,544 | |
| FMG Resources August 2006 144A 5.875% 4/15/30 # | 1,180,000 | 1,195,663 | |
| Freeport-McMoRan 5.45% 3/15/43 | 100,000 | 94,564 | |
| Magnera 144A 7.25% 11/15/31 # | 605,000 | 570,984 | |
| Novelis 144A 4.75% 1/30/30 # | 750,000 | 719,116 | |
| Nucor 5.10% 6/1/35 | 695,000 | 697,491 | |
| 5,491,464 | |||
| Brokerage — 0.18% | |||
| Blackstone Reg Finance 5.00% 12/6/34 | 780,000 | 776,926 | |
| Jefferies Finance 144A 5.00% 8/15/28 # | 595,000 | 575,613 | |
| Jefferies Financial Group 5.875% 7/21/28 | 1,508,000 | 1,564,294 | |
| 2,916,833 | |||
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Capital Goods — 0.80% | |||
| Amcor Flexibles North America 144A 5.50% 3/17/35 # | 390,000 | $ 395,863 | |
| Amphenol 2.20% 9/15/31 | 1,840,000 | 1,612,172 | |
| Boeing | |||
| 2.196% 2/4/26 | 1,265,000 | 1,245,435 | |
| 6.858% 5/1/54 | 1,860,000 | 2,037,983 | |
| Bombardier 144A 7.25% 7/1/31 # | 1,060,000 | 1,114,007 | |
| Caterpillar 5.20% 5/15/35 | 640,000 | 652,723 | |
| Goat Holdco 144A 6.75% 2/1/32 # | 45,000 | 45,786 | |
| Herc Holdings | |||
| 144A 7.00% 6/15/30 # | 220,000 | 229,896 | |
| 144A 7.25% 6/15/33 # | 160,000 | 167,752 | |
| Northrop Grumman | |||
| 4.75% 6/1/43 | 165,000 | 149,365 | |
| 5.20% 6/1/54 | 705,000 | 657,572 | |
| Quikrete Holdings 144A 6.375% 3/1/32 # | 390,000 | 401,289 | |
| QXO Building Products 144A 6.75% 4/30/32 # | 245,000 | 253,012 | |
| Resideo Funding 144A 6.50% 7/15/32 # | 1,128,000 | 1,157,037 | |
| Siemens Funding | |||
| 144A 4.60% 5/28/30 # | 345,000 | 348,645 | |
| 144A 4.90% 5/28/32 # | 400,000 | 406,004 | |
| Standard Industries 144A 4.375% 7/15/30 # | 913,000 | 865,037 | |
| TransDigm 144A 6.375% 5/31/33 # | 1,000,000 | 1,003,407 | |
| 12,742,985 | |||
| Communications — 1.39% | |||
| AT&T | |||
| 3.50% 9/15/53 | 1,305,000 | 883,990 | |
| 5.375% 8/15/35 | 255,000 | 259,753 | |
| 6.05% 8/15/56 | 255,000 | 260,414 | |
| 6.30% 1/15/38 | 355,000 | 383,645 | |
| CCO Holdings 144A 4.25% 1/15/34 # | 1,730,000 | 1,541,105 | |
| Charter Communications Operating 3.85% 4/1/61 | 2,690,000 | 1,724,901 | |
| Consolidated Communications 144A 6.50% 10/1/28 # | 250,000 | 255,071 | |
| Matterhorn Telecom 3.125% 9/15/26 ■ | EUR | 69,000 | 81,328 |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Communications (continued) | |||
| Meta Platforms | |||
| 3.85% 8/15/32 | 535,000 | $ 514,707 | |
| 5.40% 8/15/54 | 2,600,000 | 2,537,456 | |
| Midcontinent Communications 144A 8.00% 8/15/32 # | 1,165,000 | 1,234,345 | |
| Rogers Communications | |||
| 5.30% 2/15/34 | 1,900,000 | 1,902,742 | |
| 7.125% 4/15/55 μ | 80,000 | 81,129 | |
| Sirius XM Radio 144A 4.125% 7/1/30 # | 1,430,000 | 1,319,410 | |
| SoftBank | |||
| 144A 4.699% 7/9/30 # | 910,000 | 910,000 | |
| 144A 5.332% 7/9/35 # | 1,095,000 | 1,095,000 | |
| Sprint Capital 6.875% 11/15/28 | 810,000 | 869,767 | |
| T-Mobile USA | |||
| 3.875% 4/15/30 | 4,425,000 | 4,298,992 | |
| 5.125% 5/15/32 | 220,000 | 224,435 | |
| 5.75% 1/15/34 | 345,000 | 361,458 | |
| 5.875% 11/15/55 | 270,000 | 270,079 | |
| Verizon Communications | |||
| 2.875% 11/20/50 | 1,170,000 | 729,444 | |
| 5.25% 4/2/35 | 435,000 | 438,789 | |
| 22,177,960 | |||
| Consumer Cyclical — 0.34% | |||
| Carnival 144A 4.00% 8/1/28 # | 455,000 | 445,616 | |
| Ford Motor Credit | |||
| 6.798% 11/7/28 | 200,000 | 207,273 | |
| 6.80% 5/12/28 | 585,000 | 604,770 | |
| 6.95% 6/10/26 | 425,000 | 430,886 | |
| General Motors Financial | |||
| 5.60% 6/18/31 | 195,000 | 198,966 | |
| 5.625% 4/4/32 | 240,000 | 242,916 | |
| Home Depot | |||
| 4.875% 6/25/27 | 220,000 | 223,579 | |
| 4.95% 6/25/34 | 570,000 | 577,182 | |
| VICI Properties | |||
| 144A 4.625% 12/1/29 # | 260,000 | 255,543 | |
| 4.95% 2/15/30 | 1,905,000 | 1,916,979 | |
| 5.625% 4/1/35 | 270,000 | 272,590 | |
| 5,376,300 | |||
| Consumer Non-Cyclical — 0.51% | |||
| AbbVie 5.35% 3/15/44 | 305,000 | 299,180 | |
| Bunge Limited Finance 4.20% 9/17/29 | 730,000 | 722,074 | |
| DaVita 144A 6.75% 7/15/33 # | 636,000 | 657,129 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Consumer Non-Cyclical (continued) | |||
| Eli Lilly & Co. | |||
| 5.10% 2/12/35 | 580,000 | $ 594,702 | |
| 5.50% 2/12/55 | 450,000 | 453,149 | |
| GE HealthCare Technologies | |||
| 4.80% 1/15/31 | 265,000 | 267,272 | |
| 5.50% 6/15/35 | 260,000 | 266,349 | |
| HCA | |||
| 5.45% 9/15/34 | 915,000 | 923,315 | |
| 6.20% 3/1/55 | 15,000 | 15,119 | |
| JBS USA Holding Lux | |||
| 144A 5.50% 1/15/36 # | 555,000 | 556,163 | |
| 144A 6.25% 3/1/56 # | 520,000 | 522,376 | |
| Mars | |||
| 144A 4.80% 3/1/30 # | 765,000 | 775,376 | |
| 144A 5.20% 3/1/35 # | 675,000 | 683,424 | |
| 144A 5.65% 5/1/45 # | 455,000 | 456,367 | |
| 144A 5.70% 5/1/55 # | 625,000 | 623,919 | |
| Royalty Pharma 3.35% 9/2/51 | 45,000 | 29,188 | |
| Sysco 5.10% 9/23/30 | 355,000 | 363,883 | |
| 8,208,985 | |||
| Electric — 0.96% | |||
| Appalachian Power 4.50% 8/1/32 | 1,195,000 | 1,166,331 | |
| Berkshire Hathaway Energy 2.85% 5/15/51 | 35,000 | 21,490 | |
| Commonwealth Edison 2.20% 3/1/30 | 2,070,000 | 1,887,069 | |
| Constellation Energy Generation 5.75% 3/15/54 | 730,000 | 715,989 | |
| Dominion Energy | |||
| 6.625% 5/15/55 μ | 430,000 | 437,470 | |
| Series A 6.875% 2/1/55 μ | 535,000 | 563,094 | |
| DTE Energy 5.10% 3/1/29 | 45,000 | 45,903 | |
| Duke Energy Carolinas 4.95% 1/15/33 | 45,000 | 45,810 | |
| Entergy | |||
| 2.80% 6/15/30 | 1,765,000 | 1,631,315 | |
| 3.75% 6/15/50 | 700,000 | 501,316 | |
| Fells Point Funding Trust 144A 3.046% 1/31/27 # | 1,185,000 | 1,159,766 | |
| Florida Power & Light 3.15% 10/1/49 | 2,575,000 | 1,741,984 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Electric (continued) | |||
| NextEra Energy Capital Holdings | |||
| 5.55% 3/15/54 | 810,000 | $ 780,063 | |
| 6.50% 8/15/55 μ | 260,000 | 266,422 | |
| NRG Energy 144A 6.25% 11/1/34 # | 105,000 | 107,045 | |
| Oglethorpe Power | |||
| 3.75% 8/1/50 | 35,000 | 24,464 | |
| 4.50% 4/1/47 | 285,000 | 233,401 | |
| 5.05% 10/1/48 | 1,584,000 | 1,401,686 | |
| 6.20% 12/1/53 | 155,000 | 158,874 | |
| Pacific Gas & Electric 3.30% 8/1/40 | 5,000 | 3,581 | |
| PacifiCorp | |||
| 5.10% 2/15/29 | 155,000 | 158,096 | |
| 5.45% 2/15/34 | 245,000 | 248,605 | |
| 5.80% 1/15/55 | 230,000 | 220,352 | |
| Vistra Operations | |||
| 144A 6.00% 4/15/34 # | 250,000 | 259,834 | |
| 144A 6.95% 10/15/33 # | 1,375,000 | 1,511,091 | |
| 15,291,051 | |||
| Energy — 1.08% | |||
| Archrock Partners 144A 6.625% 9/1/32 # | 105,000 | 107,048 | |
| BP Capital Markets 4.875% 3/22/30 μ, ψ | 785,000 | 779,318 | |
| BP Capital Markets America 5.227% 11/17/34 | 70,000 | 71,258 | |
| ConocoPhillips | |||
| 5.00% 1/15/35 | 600,000 | 599,859 | |
| 5.50% 1/15/55 | 560,000 | 531,887 | |
| Enbridge | |||
| 4.90% 6/20/30 | 325,000 | 328,380 | |
| 5.25% 4/5/27 | 275,000 | 279,139 | |
| 5.55% 6/20/35 | 505,000 | 513,582 | |
| 5.70% 3/8/33 | 880,000 | 912,788 | |
| 5.75% 7/15/80 μ | 940,000 | 938,380 | |
| Energy Transfer | |||
| 5.75% 2/15/33 | 135,000 | 140,193 | |
| 5.95% 5/15/54 | 20,000 | 19,043 | |
| 6.10% 12/1/28 | 1,070,000 | 1,124,420 | |
| 6.25% 4/15/49 | 985,000 | 972,667 | |
| 6.50% 11/15/26 μ, ψ | 950,000 | 956,620 | |
| Enterprise Products Operating | |||
| 4.60% 1/15/31 | 545,000 | 549,313 | |
| 4.95% 2/15/35 | 390,000 | 388,829 | |
| 5.55% 2/16/55 | 345,000 | 333,179 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Energy (continued) | |||
| EOG Resources | |||
| 5.00% 7/15/32 | 755,000 | $ 764,533 | |
| 5.35% 1/15/36 | 250,000 | 253,637 | |
| 5.95% 7/15/55 | 295,000 | 300,659 | |
| Hilcorp Energy I 144A 6.25% 4/15/32 # | 1,260,000 | 1,204,285 | |
| NGL Energy Operating 144A 8.375% 2/15/32 # | 530,000 | 532,026 | |
| ONEOK 5.70% 11/1/54 | 510,000 | 471,181 | |
| Targa Resources Partners 5.00% 1/15/28 | 2,355,000 | 2,356,982 | |
| Venture Global Calcasieu Pass 144A 3.875% 11/1/33 # | 1,485,000 | 1,299,834 | |
| Woodside Finance 5.70% 5/19/32 | 550,000 | 560,238 | |
| 17,289,278 | |||
| Finance Companies — 1.11% | |||
| AerCap Ireland Capital DAC | |||
| 3.65% 7/21/27 | 150,000 | 147,779 | |
| 5.10% 1/19/29 | 400,000 | 407,295 | |
| 6.50% 7/15/25 | 2,605,000 | 2,606,689 | |
| Air Lease | |||
| 4.625% 10/1/28 | 608,000 | 612,250 | |
| 4.65% 6/15/26 μ, ψ | 130,000 | 129,576 | |
| 5.10% 3/1/29 | 439,000 | 448,774 | |
| American Tower Trust #1 144A 3.652% 3/15/48 # | 2,000,000 | 1,953,834 | |
| Apollo Debt Solutions 6.70% 7/29/31 | 1,915,000 | 1,990,631 | |
| Aviation Capital Group | |||
| 144A 3.50% 11/1/27 # | 1,660,000 | 1,618,323 | |
| 144A 5.375% 7/15/29 # | 550,000 | 560,392 | |
| Blackstone Private Credit Fund 5.60% 11/22/29 | 1,080,000 | 1,087,910 | |
| Blue Owl Credit Income | |||
| 5.80% 3/15/30 | 1,225,000 | 1,227,406 | |
| 6.60% 9/15/29 | 465,000 | 478,580 | |
| HPS Corporate Lending Fund 5.95% 4/14/32 | 293,000 | 291,656 | |
| OneMain Finance 7.125% 9/15/32 | 1,035,000 | 1,072,797 | |
| PennyMac Financial Services 144A 6.875% 5/15/32 # | 1,050,000 | 1,074,250 | |
| Rocket 144A 6.375% 8/1/33 # | 1,355,000 | 1,388,130 | |
| UWM Holdings 144A 6.625% 2/1/30 # | 650,000 | 651,286 | |
| 17,747,558 | |||
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Insurance — 0.47% | |||
| Aon | |||
| 2.90% 8/23/51 | 25,000 | $ 15,561 | |
| 5.00% 9/12/32 | 2,080,000 | 2,112,652 | |
| Aon North America | |||
| 5.30% 3/1/31 | 475,000 | 491,617 | |
| 5.75% 3/1/54 | 10,000 | 9,866 | |
| Athene Global Funding 144A 1.985% 8/19/28 # | 200,000 | 184,659 | |
| Athene Holding | |||
| 3.45% 5/15/52 | 1,275,000 | 811,005 | |
| 6.625% 10/15/54 μ | 460,000 | 453,974 | |
| 6.625% 5/19/55 | 530,000 | 546,604 | |
| 6.875% 6/28/55 μ | 480,000 | 478,848 | |
| Henneman Trust 144A 6.58% 5/15/55 # | 865,000 | 870,085 | |
| Marsh & McLennan 5.35% 11/15/44 | 1,380,000 | 1,358,016 | |
| New York Life Global Funding 144A 5.45% 9/18/26 # | 60,000 | 60,895 | |
| Prudential Financial 5.20% 3/14/35 | 90,000 | 91,012 | |
| 7,484,794 | |||
| Natural Gas — 0.09% | |||
| Atmos Energy 2.85% 2/15/52 | 495,000 | 306,130 | |
| Sempra 6.40% 10/1/54 μ | 1,120,000 | 1,066,046 | |
| 1,372,176 | |||
| Real Estate Investment Trusts — 0.01% | |||
| Extra Space Storage 5.40% 2/1/34 | 75,000 | 76,215 | |
| 76,215 | |||
| Technology — 1.18% | |||
| Accenture Capital | |||
| 4.05% 10/4/29 | 1,150,000 | 1,142,867 | |
| 4.25% 10/4/31 | 2,215,000 | 2,194,916 | |
| 4.50% 10/4/34 | 890,000 | 866,484 | |
| Amentum Holdings 144A 7.25% 8/1/32 # | 1,115,000 | 1,148,292 | |
| Broadcom | |||
| 144A 3.187% 11/15/36 # | 1,115,000 | 924,787 | |
| 5.05% 7/12/29 | 825,000 | 845,131 | |
| CDW 3.276% 12/1/28 | 370,000 | 353,855 | |
| Cloud Software Group 144A 6.50% 3/31/29 # | 945,000 | 954,410 | |
| CoStar Group 144A 2.80% 7/15/30 # | 2,650,000 | 2,398,425 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Technology (continued) | |||
| Entegris 144A 4.75% 4/15/29 # | 610,000 | $ 603,797 | |
| Foundry JV Holdco 144A 6.10% 1/25/36 # | 595,000 | 616,301 | |
| Leidos | |||
| 5.40% 3/15/32 | 10,000 | 10,214 | |
| 5.50% 3/15/35 | 1,005,000 | 1,021,046 | |
| Oracle | |||
| 3.60% 4/1/50 | 113,000 | 79,099 | |
| 5.25% 2/3/32 | 805,000 | 826,071 | |
| 6.00% 8/3/55 | 325,000 | 324,724 | |
| Synopsys 5.70% 4/1/55 | 360,000 | 358,187 | |
| TSMC Global 144A 1.75% 4/23/28 # | 4,400,000 | 4,108,154 | |
| 18,776,760 | |||
| Transportation — 0.14% | |||
| Burlington Northern Santa Fe 5.80% 3/15/56 | 875,000 | 901,240 | |
| Union Pacific | |||
| 5.10% 2/20/35 | 545,000 | 554,536 | |
| 5.60% 12/1/54 | 822,000 | 818,448 | |
| 2,274,224 | |||
| Total Corporate Bonds (cost $183,349,996) | 182,701,702 | ||
| Non-Agency Asset-Backed Securities — 1.11% | |||
| Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29 | 950,000 | 962,067 | |
| Frontier Issuer Series 2024-1 A2 144A 6.19% 6/20/54 # | 500,000 | 514,860 | |
| GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | 2,500,000 | 2,536,416 | |
| Hyundai Auto Lease Securitization Trust Series 2024-C A3 144A 4.62% 4/17/28 # | 1,300,000 | 1,306,076 | |
| Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 3,000,000 | 3,032,179 | |
| Porsche Innovative Lease Owner Trust Series 2024-1A A3 144A 4.67% 11/22/27 # | 1,500,000 | 1,504,603 | |
| Principalamount° | Value (US $) | ||
| Non-Agency Asset-Backed Securities (continued) | |||
| Santander Drive Auto Receivables Trust Series 2025-1 D 5.43% 3/17/31 | 550,000 | $ 558,778 | |
| Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29 | 2,000,000 | 2,026,678 | |
| Verizon Master Trust Series 2024-3 A1A 5.34% 4/22/30 | 2,700,000 | 2,756,915 | |
| Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | 2,500,000 | 2,522,263 | |
| Total Non-Agency Asset-Backed Securities (cost $17,498,887) | 17,720,835 | ||
| Non-Agency Collateralized Mortgage Obligations — 0.84% | |||
| Connecticut Avenue Securities Trust | |||
| Series 2022-R01 1M2 144A 6.205% (SOFR + 1.90%) 12/25/41 #, • | 1,750,000 | 1,764,143 | |
| Series 2023-R08 1M1 144A 5.805% (SOFR + 1.50%) 10/25/43 #, • | 2,448,442 | 2,456,027 | |
| Series 2025-R04 1M2 144A 5.805% (SOFR + 1.50%) 5/25/45 #, • | 1,025,000 | 1,025,489 | |
| Freddie Mac Structured Agency Credit Risk REMIC Trust | |||
| Series 2021-HQA2 M2 144A 6.355% (SOFR + 2.05%) 12/25/33 #, • | 3,691,431 | 3,779,102 | |
| Series 2023-HQA3 A1 144A 6.155% (SOFR + 1.85%) 11/25/43 #, • | 997,463 | 1,009,313 | |
| Series 2025-DNA2 M2 144A 5.805% (SOFR + 1.50%) 5/25/45 #, • | 375,000 | 375,242 | |
| PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, φ | 3,119,427 | 3,050,158 | |
| Total Non-Agency Collateralized Mortgage Obligations (cost $13,128,583) | 13,459,474 | ||
| Non-Agency Commercial Mortgage-Backed Securities — 2.83% | |||
| BANK | |||
| Series 2019-BN21 A5 2.851% 10/17/52 | 100,000 | 92,217 | |
| Principalamount° | Value (US $) | ||
| Non-Agency Commercial Mortgage-Backed Securities (continued) | |||
| BANK | |||
| Series 2020-BN26 A4 2.403% 3/15/63 | 220,000 | $ 198,015 | |
| Series 2021-BN32 A5 2.643% 4/15/54 • | 7,310,000 | 6,535,568 | |
| Series 2021-BN36 A5 2.47% 9/15/64 | 7,696,000 | 6,724,499 | |
| Series 2022-BNK39 B 3.347% 2/15/55 • | 588,000 | 515,369 | |
| Series 2022-BNK39 C 3.378% 2/15/55 • | 432,000 | 362,664 | |
| Series 2022-BNK40 A4 3.504% 3/15/64 • | 8,150,000 | 7,487,641 | |
| Series 2022-BNK40 B 3.504% 3/15/64 • | 1,000,000 | 874,224 | |
| Benchmark Mortgage Trust | |||
| Series 2020-B17 A5 2.289% 3/15/53 | 225,000 | 199,165 | |
| Series 2022-B32 A5 3.002% 1/15/55 • | 9,000,000 | 7,912,618 | |
| Series 2022-B32 B 3.202% 1/15/55 • | 975,000 | 789,192 | |
| Series 2022-B32 C 3.571% 1/15/55 • | 1,196,000 | 905,632 | |
| Series 2022-B33 A5 3.458% 3/15/55 | 8,325,000 | 7,610,264 | |
| Series 2022-B33 B 3.734% 3/15/55 • | 500,000 | 432,722 | |
| Series 2022-B33 C 3.734% 3/15/55 • | 500,000 | 392,293 | |
| BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 • | 4,500,000 | 4,119,899 | |
| Total Non-Agency Commercial Mortgage-Backed Securities (cost $51,377,244) | 45,151,982 | ||
| Loan Agreements — 0.50% | |||
| Basic Industry — 0.02% | |||
| A-Ap Buyer 7.077% (SOFR01M + 2.75%) 9/9/31 • | 348,250 | 347,379 | |
| 347,379 | |||
| Brokerage — 0.04% | |||
| Jefferies Finance 7.322% (SOFR01M + 3.00%) 10/21/31 • | 256,710 | 256,389 | |
| June Purchaser 7.467% (SOFR03M + 3.25%) 11/28/31 • | 448,875 | 451,190 | |
| 707,579 | |||
| Principalamount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Capital Goods — 0.14% | |||
| Alliance Laundry Systems Tranche B 6.827% (SOFR01M + 2.50%) 8/19/31 • | 382,000 | $ 382,995 | |
| Azorra Soar TLB Finance 7.818% (SOFR03M + 3.50%) 10/18/29 • | 248,125 | 249,055 | |
| Quikrete Holdings Tranche B-3 6.577% (SOFR01M + 2.25%) 2/10/32 • | 668,325 | 668,205 | |
| White Cap Buyer Tranche C 7.577% (SOFR01M + 3.25%) 10/19/29 • | 870,625 | 866,151 | |
| 2,166,406 | |||
| Communications — 0.03% | |||
| Midcontinent Communications 6.818% (SOFR01M + 2.50%) 8/16/31 • | 466,475 | 468,613 | |
| 468,613 | |||
| Consumer Non-Cyclical — 0.04% | |||
| Cotiviti 7.079% (SOFR01M + 2.75%) 3/26/32 • | 668,000 | 665,913 | |
| 665,913 | |||
| Electric — 0.04% | |||
| Lightning Power Tranche B 6.546% (SOFR03M + 2.25%) 8/18/31 • | 595,003 | 596,862 | |
| 596,862 | |||
| Finance Companies — 0.03% | |||
| Dragon Buyer 8.046% (SOFR03M + 3.75%) 9/30/31 • | 527,350 | 528,866 | |
| 528,866 | |||
| Insurance — 0.05% | |||
| AmWINS Group 6.577% (SOFR01M + 2.25%) 1/30/32 • | 776,100 | 777,312 | |
| 777,312 | |||
| Technology — 0.07% | |||
| Amentum Holdings 6.577% (SOFR01M + 2.25%) 9/29/31 • | 660,917 | 660,710 | |
| Icon Parent I 7.205% (SOFR06M + 3.00%) 11/13/31 • | 384,037 | 384,902 | |
| 1,045,612 | |||
| Principalamount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Transportation — 0.04% | |||
| Stonepeak Nile Parent 6.98% (SOFR03M + 2.75%) 4/9/32 • | 665,000 | $ 667,806 | |
| 667,806 | |||
| Total Loan Agreements (cost $7,935,746) | 7,972,348 | ||
| US Treasury Obligations — 4.95% | |||
| US Treasury Bonds | |||
| 3.875% 2/15/43 | 12,615,000 | 11,296,339 | |
| 4.125% 8/15/44 | 2,020,000 | 1,851,220 | |
| 4.25% 2/15/54 | 2,815,000 | 2,568,688 | |
| 4.75% 5/15/55 | 6,925,000 | 6,887,129 | |
| 5.00% 5/15/45 | 820,000 | 842,486 | |
| US Treasury Notes | |||
| 3.75% 5/15/28 | 3,875,000 | 3,881,357 | |
| 3.875% 6/30/30 | 9,305,000 | 9,340,984 | |
| 4.25% 5/15/35 | 13,035,000 | 13,056,385 | |
| 4.50% 12/31/31 | 28,345,000 | 29,232,995 | |
| Total US Treasury Obligations (cost $78,939,314) | 78,957,583 | ||
| Number of shares | |||
| Common Stocks — 58.31%♣ | |||
| Communication Services — 6.36% | |||
| Alphabet Class A | 83,348 | 14,688,418 | |
| Alphabet Class C | 99,723 | 17,689,863 | |
| AT&T | 764,419 | 22,122,286 | |
| Live Nation Entertainment † | 52,050 | 7,874,124 | |
| Meta Platforms Class A | 37,177 | 27,439,972 | |
| Netflix † | 8,710 | 11,663,822 | |
| 101,478,485 | |||
| Consumer Discretionary — 4.99% | |||
| Amazon.com † | 195,140 | 42,811,765 | |
| AutoZone † | 5,477 | 20,331,884 | |
| Home Depot | 44,235 | 16,218,320 | |
| Studio City International Holdings †, π | 60,131 | 190,916 | |
| Studio City International Holdings ADR † | 28,089 | 89,182 | |
| 79,642,067 | |||
| Consumer Staples — 1.57% | |||
| Costco Wholesale | 25,297 | 25,042,512 | |
| 25,042,512 | |||
| Energy — 0.27% | |||
| ConocoPhillips | 47,701 | 4,280,688 | |
| Number of shares | Value (US $) | ||
| Common Stocks♣ (continued) | |||
| Energy (continued) | |||
| Foresight Energy =, † | 31,163 | $ 73,155 | |
| Westmoreland Coal =, †, π | 146 | 109 | |
| 4,353,952 | |||
| Financials — 13.45% | |||
| Allstate | 80,288 | 16,162,777 | |
| Ally Financial | 294,717 | 11,479,227 | |
| American Express | 55,781 | 17,793,024 | |
| Aon Class A | 31,977 | 11,408,115 | |
| Blackstone | 83,671 | 12,515,508 | |
| Capital One Financial | 93,791 | 19,954,973 | |
| CME Group | 80,434 | 22,169,219 | |
| Fiserv † | 120,755 | 20,819,370 | |
| JPMorgan Chase & Co. | 63,997 | 18,553,370 | |
| KKR & Co. | 113,773 | 15,135,222 | |
| Mastercard Class A | 30,478 | 17,126,807 | |
| MNSN Holdings =, † | 1,315 | 4,274 | |
| Morgan Stanley | 103,792 | 14,620,141 | |
| New Cotai =, †, π | 318,315 | 118,751 | |
| Progressive | 62,641 | 16,716,377 | |
| 214,577,155 | |||
| Healthcare — 3.67% | |||
| Abbott Laboratories | 165,558 | 22,517,543 | |
| Danaher | 36,226 | 7,156,084 | |
| HCA Healthcare | 30,773 | 11,789,136 | |
| UnitedHealth Group | 17,840 | 5,565,545 | |
| Vertex Pharmaceuticals † | 26,028 | 11,587,666 | |
| 58,615,974 | |||
| Industrials — 6.84% | |||
| Airbus ADR | 392,831 | 20,568,631 | |
| BAE Systems ADR | 163,291 | 17,156,986 | |
| Cummins | 33,076 | 10,832,390 | |
| Eaton | 50,602 | 18,064,408 | |
| Howmet Aerospace | 184,602 | 34,359,970 | |
| Lockheed Martin | 17,693 | 8,194,336 | |
| 109,176,721 | |||
| Information Technology — 17.91% | |||
| Advanced Micro Devices † | 63,670 | 9,034,773 | |
| Apple | 140,891 | 28,906,607 | |
| Applied Materials | 96,706 | 17,703,967 | |
| Broadcom | 76,812 | 21,173,228 | |
| Microsoft | 136,740 | 68,015,843 | |
| NVIDIA | 330,263 | 52,178,251 | |
| Salesforce | 62,121 | 16,939,776 | |
| SAP ADR | 48,085 | 14,622,649 | |
| Seagate Technology Holdings | 56,909 | 8,213,676 | |
| Taiwan Semiconductor Manufacturing ADR | 142,704 | 32,321,029 | |
| Number of shares | Value (US $) | ||
| Common Stocks♣ (continued) | |||
| Information Technology (continued) | |||
| TE Connectivity | 29,399 | $ 4,958,729 | |
| Zebra Technologies Class A † | 38,022 | 11,724,464 | |
| 285,792,992 | |||
| Materials — 2.75% | |||
| Crown Holdings | 113,039 | 11,640,756 | |
| Linde | 32,381 | 15,192,518 | |
| Sherwin-Williams | 31,353 | 10,765,366 | |
| Vulcan Materials | 24,183 | 6,307,410 | |
| 43,906,050 | |||
| Utilities — 0.50% | |||
| NextEra Energy | 114,749 | 7,965,876 | |
| 7,965,876 | |||
| Total Common Stocks (cost $526,443,690) | 930,551,784 | ||
| Preferred Stock — 0.05% | |||
| Financials — 0.05% | |||
| SVB Financial Trust 11/7/32 † | 1,500 | 794,810 | |
| Total Preferred Stock (cost $759,934) | 794,810 | ||
| Exchange-Traded Funds — 7.87% | |||
| iShares US Treasury Bond ETF | 2,789,128 | 64,094,161 | |
| Vanguard Russell 1000 Value ETF | 479,260 | 40,837,745 | |
| Vanguard S&P 500 ETF | 36,535 | 20,752,976 | |
| Total Exchange-Traded Funds (cost $120,295,022) | 125,684,882 | ||
| Short-Term Investments — 1.92% | |||
| Money Market Mutual Funds — 1.92% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 7,672,350 | 7,672,350 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 7,672,350 | 7,672,350 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 7,672,350 | 7,672,350 | |
| Number of shares | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Money Market Mutual Funds (continued) | |||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 7,672,350 | $ 7,672,350 | |
| Total Short-Term Investments (cost $30,689,400) | 30,689,400 | ||
| Total Value of Securities—100.18% (cost $1,200,646,997) | 1,598,838,541 | ||
| Liabilities Net of Receivables and Other Assets—(0.18%)★ | (2,914,111) | ||
| Net Assets Applicable to 64,262,769 Shares Outstanding—100.00% | $1,595,924,430 | ||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $80,159,848, which represents 5.02% of the Fund’s net assets. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| >> | PIK. 100% of the income received was in the form of principal. |
| π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2025, the aggregate value of restricted securities was $676,498, which represented 0.04% of the Fund’s net assets. See table below for additional details on restricted securities. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| ■ | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933, as amended. |
| φ | Step coupon bond. Stated rate in effect at June 30, 2025 through maturity date. |
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| † | Non-income producing security. |
| ★ | Includes $1,873,727 cash collateral held at broker for futures contracts as of June 30, 2025. |
| X | This loan will settle after June 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |
| Restricted Securities | ||||||
| Investments | Date of Acquisition | Cost | Value | |||
| New Cotai | 9/29/20 | $2,791,169 | $118,751 | |||
| New Cotai PIK | 2/7/22 | 388,372 | 366,722 | |||
| Studio City International Holdings | 8/5/20 | 364,276 | 190,916 | |||
| Westmoreland Coal | 3/15/19 | 109 | 109 | |||
| Total | $3,543,926 | $676,498 |
| Borrower | Principal Amount | Value | Commitment | Unrealized Appreciation (Depreciation) | ||||
| June Purchaser TBD 11/28/31 X | $75,000 | $75,387 | $75,000 | $387 |
| Futures Contracts Exchange-Traded | |||||||||||||
| Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | |||||||
| 676 | US Treasury 2 yr Notes | $140,623,843 | $140,081,477 | 9/30/25 | $542,366 | $— | $36,969 | ||||||
| (709) | US Treasury 5 yr Notes | (77,281,000) | (76,426,308) | 10/5/25 | — | (854,692) | (94,162) | ||||||
| 82 | US Treasury 10 yr Ultra Notes | 9,369,782 | 9,299,379 | 9/19/25 | 70,403 | — | 39,719 | ||||||
| 325 | US Treasury Long Bonds | 37,527,344 | 36,177,404 | 9/19/25 | 1,349,940 | — | 325,000 | ||||||
| 11 | US Treasury Ultra Bonds | 1,310,375 | 1,254,705 | 9/19/25 | 55,670 | — | 14,781 | ||||||
| Total Futures Contracts | $110,386,657 | $2,018,379 | $(854,692) | $322,307 | |||||||||
| CDS Contracts1 | ||||||||||||
| Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount2 | Annual Protection Payments | Value | Amortized Upfront Payments Paid (Received) | Unrealized Appreciation | Variation Margin Due from (Due to) Brokers | ||||||
| Centrally Cleared: | ||||||||||||
| Protection Sold/Moody's Ratings: | ||||||||||||
| CDX.NA.HY.43.V13 12/20/29-Quarterly | 7,900,000 | 5.000% | $591,652 | $457,516 | $134,136 | $25,592 | ||||||
| 1 | A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement. |
| 2 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
| 4 | Markit’s North America High Yield Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market. |
| Summary of abbreviations: |
| ADR – American Depositary Receipt |
| CDS – Credit Default Swap |
| CLO – Collateralized Loan Obligation |
| Summary of abbreviations: (continued) |
| DAC – Designated Activity Company |
| ETF – Exchange-Traded Fund |
| GE – General Electric |
| GNMA – Government National Mortgage Association |
| PIK – Payment-in-kind |
| REMIC – Real Estate Mortgage Investment Conduit |
| S&P – Standard & Poor’s Financial Services LLC |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SOFR06M – Secured Overnight Financing Rate 6 Month |
| TBD – To be determined |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |
| yr – Year |
| Summary of currencies: |
| EUR – European Monetary Unit |