| Principal Amount USD ($) | Value | |||||
| UNAFFILIATED ISSUERS — 100.8% | ||||||
| Corporate Bonds — 2.0% of Net Assets | ||||||
| Insurance — 2.0% | ||||||
| 7,100,000 | Veraison Re, Ltd. (GSMMUSTI + 50 bps), 3/8/29 (144A) | $ 7,100,000 | ||||
| 7,850,000 | Veraison Re, Ltd. (GSMMUSTI + 50 bps), 3/8/29 (144A) | 7,850,000 | ||||
| 10,250,000 | Windrose Re, Ltd., 8.792%, 2/13/29 (144A) | 10,250,000 | ||||
| 6,000,000 | Windrose Re, Ltd., 11.663%, 2/13/29 (144A) | 6,000,000 | ||||
| 4,750,000 | Windrose Re, Ltd., 15.913%, 2/13/29 (144A) | 4,750,000 | ||||
| Total Insurance | $35,950,000 | |||||
| Total Corporate Bonds (Cost $35,950,000) | $35,950,000 | |||||
| Insurance-Linked Securities—95.3% of Net Assets# | ||||||
| Event Linked Bonds — 87.8% | ||||||
| Earthquake – Canada — 0.6% | ||||||
| 10,750,000(a) | Ursa Re, 11.023%, (GSMMUSTI + 750 bps), 2/22/28 (144A) | $ 10,940,275 | ||||
| Earthquake – Italy — 0.1% | ||||||
| EUR1,000,000(a) | Lion Re, 8.031%, (3 Month EURIBOR + 600 bps), 6/15/29 (144A) | $ 1,193,173 | ||||
| Earthquake – Worldwide — 0.1% | ||||||
| 1,000,000(a) | Liongate Re, 7.235%, (SOFR + 357 bps), 4/25/28 (144A) | $ 1,007,200 | ||||
| Earthquakes – California — 7.7% | ||||||
| 1,760,000(a) | Sutter Re, 10.27%, (FHMMUSTF + 675 bps), 6/19/26 (144A) | $ 1,777,600 | ||||
| 15,355,000(a) | Sutter Re, 13.27%, (FHMMUSTF + 975 bps), 6/19/26 (144A) | 15,688,203 | ||||
| 8,250,000(a) | Torrey Pines Re, 7.28%, (BRMMUSDF + 375 bps), 6/7/28 (144A) | 8,481,825 | ||||
| 10,750,000(a) | Torrey Pines Re, 8.03%, (BRMMUSDF + 450 bps), 6/7/28 (144A) | 10,978,975 | ||||
| 8,125,000(a) | Torrey Pines Re, 8.846%, (JMMMUSTF + 531 bps), 6/5/26 (144A) | 8,172,938 | ||||
| 500,000(a) | Torrey Pines Re, 9.576%, (JMMMUSTF + 604 bps), 6/7/27 (144A) | 521,550 | ||||
| 6,250,000(a) | Torrey Pines Re, 10.03%, (BRMMUSDF + 650 bps), 6/7/28 (144A) | 6,430,000 | ||||
| 325,000(a) | Torrey Pines Re, 10.646%, (JMMMUSTF + 711 bps), 6/7/27 (144A) | 337,935 | ||||
| Principal Amount USD ($) | Value | |||||
| Earthquakes – California — (continued) | ||||||
| 1,750,000(a) | Ursa Re, 9.07%, (BNMMDTSC + 550 bps), 12/7/26 (144A) | $ 1,793,400 | ||||
| 5,000,000(a) | Ursa Re, 12.32%, (BNMMDTSC + 875 bps), 12/7/26 (144A) | 5,170,500 | ||||
| 4,250,000(a) | Ursa Re, 12.79%, (JMMMUSTF + 925 bps), 12/7/26 (144A) | 4,398,325 | ||||
| 25,000,000(a) | Ursa Re II, 8.654%, (3 Month U.S. Treasury Bill + 500 bps), 12/7/29 (144A) | 24,965,000 | ||||
| 42,250,000(a) | Ursa Re II, 11.404%, (3 Month U.S. Treasury Bill + 775 bps), 6/7/28 (144A) | 42,376,750 | ||||
| 9,500,000(a) | Ursa Re II, 12.53%, (BRMMUSDF + 900 bps), 6/7/28 (144A) | 9,742,250 | ||||
| $140,835,251 | ||||||
| Earthquakes – Chile — 0.1% | ||||||
| 250,000(a) | International Bank for Reconstruction & Development, 8.445%, (SOFR + 479 bps), 3/31/26 (144A) | $ 250,800 | ||||
| 1,500,000(a) | Maschpark Re, 7.02%, (FHMMUSTF + 350 bps), 1/10/28 (144A) | 1,536,900 | ||||
| $1,787,700 | ||||||
| Earthquakes - Europe — 0.1% | ||||||
| EUR1,000,000(a) | Azzurro Re II, 8.423%, (3 Month EURIBOR + 625 bps), 4/20/28 (144A) | $ 1,202,419 | ||||
| Earthquakes - Israel — 0.3% | ||||||
| 6,000,000(a) | Turris Re, 5.94%, (JMMMUSTF + 240 bps), 1/8/29 (144A) | $ 5,989,200 | ||||
| Earthquakes - Japan — 0.6% | ||||||
| 2,000,000(a) | Nakama Re, 5.754%, (3 Month U.S. Treasury Bill + 210 bps), 4/23/30 (144A) | $ 2,012,000 | ||||
| 8,000,000(a) | Nakama Re, 6.004%, (3 Month U.S. Treasury Bill + 235 bps), 4/4/29 (144A) | 8,092,000 | ||||
| $10,104,000 | ||||||
| Earthquakes – Mexico — 0.1% | ||||||
| 1,500,000(a) | International Bank for Reconstruction & Development, 7.875%, (SOFR + 422 bps), 4/24/28 (144A) | $ 1,537,500 | ||||
| 500,000(a) | International Bank for Reconstruction & Development, 14.875%, (SOFR + 1,122 bps), 4/24/28 (144A) | 510,200 | ||||
| $2,047,700 | ||||||
| Principal Amount USD ($) | Value | |||||
| Earthquakes – U.S. — 1.9% | ||||||
| 14,750,000(a) | Acorn Re, 5.873%, (GSMMUSTI + 235 bps), 11/7/28 (144A) | $ 14,729,350 | ||||
| 5,750,000(a) | Acorn Re, 6.629%, (GSMMUSTF + 310 bps), 11/5/27 (144A) | 5,839,700 | ||||
| 500,000(a) | Logistics Re, 9.52%, (FHMMUSTF + 600 bps), 12/21/27 (144A) | 510,300 | ||||
| 250,000(a) | Nakama Re, 5.971%, (3 Month Term SOFR + 250 bps), 5/9/28 (144A) | 252,700 | ||||
| 10,500,000(a) | Veraison Re, 7.023%, (GSMMUSTI + 350 bps), 3/8/28 (144A) | 10,702,650 | ||||
| 2,000,000(a) | Veraison Re, 8.261%, (GSMMUSTI + 474 bps), 3/8/27 (144A) | 2,055,400 | ||||
| 1,250,000(a) | Veraison Re, 8.523%, (GSMMUSTI + 500 bps), 3/8/28 (144A) | 1,285,250 | ||||
| $35,375,350 | ||||||
| Earthquakes – U.S. & Canada — 0.6% | ||||||
| 7,000,000(a) | 3264 Re, 6.52%, (FHMMUSTF + 300 bps), 2/7/28 (144A) | $ 7,068,600 | ||||
| 2,250,000(a) | Matterhorn Re, 6.03%, (BRMMUSDF + 250 bps), 9/22/28 (144A) | 2,261,250 | ||||
| 750,000(a) | Matterhorn Re, 7.28%, (BRMMUSDF + 375 bps), 9/22/28 (144A) | 753,525 | ||||
| $10,083,375 | ||||||
| Flood – U.S. — 0.8% | ||||||
| 7,750,000(a) | FloodSmart Re, 17.88%, (FHMMUSTF + 1,436 bps), 3/12/27 (144A) | $ 8,253,750 | ||||
| 1,000,000(a) | FloodSmart Re, 20.67%, (FHMMUSTF + 1,715 bps), 3/11/26 (144A) | 1,015,000 | ||||
| 4,500,000(a) | FloodSmart Re, 21.15%, (FHMMUSTF + 1,763 bps), 3/12/27 (144A) | 4,629,600 | ||||
| 250,000(a) | FloodSmart Re, 25.92%, (FHMMUSTF + 2,240 bps), 3/11/26 (144A) | 100,000 | ||||
| $13,998,350 | ||||||
| Health – U.S. — 0.3% | ||||||
| 1,000,000(a) | Vitality Re XV, 6.02%, (FHMMUSTF + 250 bps), 1/7/28 (144A) | $ 1,008,700 | ||||
| 500,000(a) | Vitality Re XV, 7.02%, (FHMMUSTF + 350 bps), 1/7/28 (144A) | 509,800 | ||||
| 750,000(a) | Vitality Re XVI, 5.28%, (MSMMUSTF + 175 bps), 1/8/29 (144A) | 744,675 | ||||
| Principal Amount USD ($) | Value | |||||
| Health – U.S. — (continued) | ||||||
| 750,000(a) | Vitality Re XVI, 5.78%, (MSMMUSTF + 225 bps), 1/8/29 (144A) | $ 746,925 | ||||
| 2,750,000(a) | Vitality Re XVI, 7.28%, (MSMMUSTF + 375 bps), 1/8/29 (144A) | 2,731,850 | ||||
| $5,741,950 | ||||||
| Multiperil – Canada — 0.0%† | ||||||
| CAD1,000,000(a) | MMIFS Re, 5.166%, (CAONINDX + 290 bps), 1/10/28 (144A) | $ 734,330 | ||||
| Multiperil – Europe — 0.1% | ||||||
| EUR1,000,000(a) | Lion Re, 7.531%, (3 Month EURIBOR + 550 bps), 6/15/29 (144A) | $ 1,200,404 | ||||
| Multiperil – Florida — 0.5% | ||||||
| 1,000,000(a) | Sanders Re, 11.25%, (BRMMUSDF + 772 bps), 6/5/26 (144A) | $ 1,022,000 | ||||
| 8,250,000(a) | Sanders Re II, 10.53%, (BRMMUSDF + 700 bps), 6/7/28 (144A) | 8,608,875 | ||||
| $9,630,875 | ||||||
| Multiperil – Massachusetts — 0.4% | ||||||
| 7,500,000(a) | Mayflower Re, 7.154%, (T-BILL + 350 bps), 7/7/28 (144A) | $ 7,669,500 | ||||
| Multiperil – Puerto Rico — 0.0%† | ||||||
| 500,000(a) | Puerto Rico Parametric Re, 12.523%, (GSMMUSTI + 900 bps), 6/7/27 (144A) | $ 526,150 | ||||
| Multiperil – Texas — 0.4% | ||||||
| 8,100,000(a) | Handshake Re, 8.04%, (JMMMUSTF + 450 bps), 1/8/30 (144A) | $ 8,087,850 | ||||
| Multiperil – U.S. — 27.7% | ||||||
| 2,250,000(a) | Aquila Re, 8.92%, (BRMMUSDF + 539 bps), 6/7/27 (144A) | $ 2,319,075 | ||||
| 3,750,000(a) | Aquila Re, 11.88%, (BRMMUSDF + 835 bps), 6/7/27 (144A) | 3,952,875 | ||||
| 3,000,000(a) | Atela Re, Ltd., 17.78%, (BRMMUSDF + 1,425 bps), 5/9/27 (144A) | 3,229,500 | ||||
| 750,000(a) | Baldwin Re, 8.58%, (BRMMUSDF + 505 bps), 7/7/27 (144A) | 769,125 | ||||
| 9,750,000(a) | Bonanza Re, 7.28%, (MSMMUSTF + 375 bps), 12/19/27 (144A) | 9,816,300 | ||||
| 16,000,000(a) | Bonanza Re, 9.03%, (MSMMUSTF + 550 bps), 12/19/27 (144A) | 16,280,000 | ||||
| Principal Amount USD ($) | Value | |||||
| Multiperil – U.S. — (continued) | ||||||
| 10,000,000(a) | Commonwealth Re, 7.29%, (JMMMUSTF + 375 bps), 7/10/28 (144A) | $ 10,259,000 | ||||
| 10,000,000(a) | Finca Re, 8.78%, (BRMMUSDF + 525 bps), 6/7/28 (144A) | 10,305,000 | ||||
| 60,000,000(a) | Foundation Re, 7.154%, (3 Month U.S. Treasury Bill + 350 bps), 1/7/30 (144A) | 60,720,000 | ||||
| 11,955,000(a) | Foundation Re, 9.79%, (JMMMUSTF + 625 bps), 1/8/27 (144A) | 12,262,244 | ||||
| 5,350,000(a) | Four Lakes Re, 6.78%, (BRMMUSDF + 325 bps), 1/8/29 (144A) | 5,334,485 | ||||
| 9,120,000(a) | Four Lakes Re, 9.03%, (BRMMUSDF + 550 bps), 1/7/28 (144A) | 9,326,112 | ||||
| 3,250,000(a) | Four Lakes Re, 9.33%, (BRMMUSDF + 580 bps), 1/7/27 (144A) | 3,297,450 | ||||
| 12,750,000(a) | Four Lakes Re, 9.53%, (BRMMUSDF + 600 bps), 1/8/29 (144A) | 12,700,275 | ||||
| 8,000,000(a) | Four Lakes Re, 11.78%, (BRMMUSDF + 825 bps), 1/7/28 (144A) | 8,165,600 | ||||
| 2,750,000(a) | Four Lakes Re, 12.45%, (BRMMUSDF + 892 bps), 1/7/27 (144A) | 2,790,975 | ||||
| 9,000,000(a) | Fuchsia 2024-1 , 8.68%, (FRMMUSTI + 514 bps), 4/6/28 (144A) | 9,295,200 | ||||
| 6,750,000(a) | Fuchsia 2025-1, 6.79%, (FRMMUSTF + 325 bps), 4/6/29 (144A) | 6,731,100 | ||||
| 14,000,000(a) | Herbie Re, 7.78%, (MSMMUSTF + 425 bps), 1/7/30 (144A) | 13,993,000 | ||||
| 6,000,000(a) | Herbie Re, 10.44%, (JMMMUSTF + 690 bps), 1/7/28 (144A) | 6,052,800 | ||||
| 5,000,000(a) | Herbie Re, 10.79%, (JMMMUSTF + 725 bps), 1/8/29 (144A) | 5,092,000 | ||||
| 1,500,000(a) | Herbie Re, 13.44%, (JMMMUSTF + 990 bps), 1/7/28 (144A) | 1,521,900 | ||||
| 2,000,000(a) | Herbie Re, 14.29%, (JMMMUSTF + 1,075 bps), 1/8/29 (144A) | 2,077,000 | ||||
| 1,500,000(a) | Herbie Re, 26.54%, (JMMMUSTF + 2,300 bps), 1/8/27 (144A) | 1,500,750 | ||||
| 1,500,000(a) | High Point Re, 9.17%, (BRMMUSDF + 564 bps), 1/6/27 (144A) | 1,517,550 | ||||
| 3,500,000(a) | Hypatia Re, 12.07%, (BNMMDTSC + 850 bps), 7/5/28 (144A) | 3,612,000 | ||||
| 2,100,000(a) | Hypatia Re, 14.023%, (GSMMUSTI + 1,050 bps), 4/8/26 (144A) | 2,131,500 | ||||
| 28,250,000(a) | Merna Re Companywide, 10.54%, (JMMMUSTF + 700 bps), 7/7/28 (144A) | 29,685,100 | ||||
| Principal Amount USD ($) | Value | |||||
| Multiperil – U.S. — (continued) | ||||||
| 16,500,000(a) | Merna Re Enterprise, 11.29%, (JMMMUSTF + 775 bps), 7/7/28 (144A) | $ 16,869,600 | ||||
| 1,275,000(a) | Merna Re II, 10.993%, (GSMMUSTI + 747 bps), 7/7/27 (144A) | 1,341,428 | ||||
| 350,000(a) | Merna Re II, 11.903%, (GSMMUSTI + 838 bps), 7/7/26 (144A) | 361,025 | ||||
| 5,000,000(a) | Merna Re II, 12.013%, (GSMMUSTI + 849 bps), 7/7/27 (144A) | 5,178,500 | ||||
| 3,500,000(a) | Mystic Re, 6.773%, (GSMMUSTI + 325 bps), 1/8/29 (144A) | 3,494,750 | ||||
| 5,000,000(a) | Mystic Re, 7.523%, (GSMMUSTI + 400 bps), 1/10/28 (144A) | 5,071,000 | ||||
| 4,500,000(a) | Mystic Re, 10.423%, (GSMMUSTI + 690 bps), 1/8/29 (144A) | 4,493,250 | ||||
| 1,750,000(a) | Mystic Re, 13.773%, (GSMMUSTI + 1,025 bps), 1/10/28 (144A) | 1,795,325 | ||||
| 19,950,000(a) | Mystic Re, 15.523%, (GSMMUSTI + 1,200 bps), 1/8/27 (144A) | 20,738,025 | ||||
| 750,000(a) | Mystic Re, 17.523%, (GSMMUSTI + 1,400 bps), 1/10/28 (144A) | 712,500 | ||||
| 30,000,000(a) | Residential Re, 6.79%, (JMMMUSTF + 325 bps), 12/6/29 (144A) | 29,775,000 | ||||
| 5,000,000(a) | Residential Re, 8.92%, (JMMMUSTF + 538 bps), 12/6/28 (144A) | 5,151,500 | ||||
| 3,125,000(a) | Residential Re, 9.51%, (JMMMUSTF + 597 bps), 12/6/27 (144A) | 3,266,250 | ||||
| 9,500,000(a) | Residential Re, 10.48%, (JMMMUSTF + 694 bps), 12/6/28 (144A) | 9,716,600 | ||||
| 27,500,000(a) | Residential Re, 13.773%, (GSMMUSTI + 1,025 bps), 12/6/29 (144A) | 27,409,250 | ||||
| 8,000,000(a) | Residential Re, 16.943%, (GSMMUSTI + 1,342 bps), 12/6/28 (144A) | 8,572,800 | ||||
| 12,575,000(a) | Sanders Re, 7.52%, (BRMMUSDF + 399 bps), 4/7/29 (144A) | 12,810,152 | ||||
| 2,250,000(a) | Sanders Re, 7.523%, (GSMMUSTI + 400 bps), 4/7/28 (144A) | 2,319,525 | ||||
| 1,500,000(a) | Sanders Re, 7.773%, (GSMMUSTI + 425 bps), 4/8/30 (144A) | 1,589,700 | ||||
| 4,750,000(a) | Sanders Re, 8.023%, (GSMMUSTI + 450 bps), 4/7/28 (144A) | 4,888,700 | ||||
| 5,250,000(a) | Sanders Re, 8.273%, (GSMMUSTI + 475 bps), 4/8/30 (144A) | 5,547,675 | ||||
| 18,000,000(a) | Sanders Re, 8.89%, (BRMMUSDF + 536 bps), 4/7/29 (144A) | 18,653,400 | ||||
| Principal Amount USD ($) | Value | |||||
| Multiperil – U.S. — (continued) | ||||||
| 7,750,000(a) | Sanders Re, 9.09%, (BRMMUSDF + 556 bps), 4/7/28 (144A) | $ 8,103,400 | ||||
| 1,500,000(a) | Sanders Re III, 6.87%, (BRMMUSDF + 334 bps), 4/7/26 (144A) | 1,501,500 | ||||
| 700,000(a) | Sanders Re III, 9.00%, (BRMMUSDF + 547 bps), 4/7/27 (144A) | 720,230 | ||||
| 20,000,000(a) | Skyline Re, 7.154%, (1 Month U.S. Treasury Bill + 350 bps), 1/7/30 (144A) | 19,970,000 | ||||
| 6,800,000(a) | Solomon Re, 9.043%, (GSMMUSTI + 552 bps), 6/8/26 (144A) | 6,898,600 | ||||
| 3,900,000(a) | Stabilitas Re, 12.01%, (BRMMUSDF + 848 bps), 6/5/26 (144A) | 3,979,560 | ||||
| 10,500,000(a) | Topanga Re, 8.29%, (JMMMUSTF + 475 bps), 1/7/30 (144A) | 10,474,800 | ||||
| 8,750,000(a) | Topanga Re, 9.29%, (JMMMUSTF + 575 bps), 1/7/30 (144A) | 8,726,375 | ||||
| 1,000,000(a) | Yosemite Re, 10.773%, (GSMMUSTI + 725 bps), 6/7/28 (144A) | 1,055,600 | ||||
| $505,923,936 | ||||||
| Multiperil – U.S. & Canada — 15.3% | ||||||
| 12,000,000(a) | 3264 Re, 9.523%, (GSMMUSTI + 600 bps), 1/8/29 (144A) | $ 11,974,800 | ||||
| 14,000,000(a) | 3264 Re, 10.023%, (GSMMUSTI + 650 bps), 1/8/29 (144A) | 13,965,000 | ||||
| 7,500,000(a) | 3264 Re, 11.023%, (GSMMUSTI + 750 bps), 6/8/28 (144A) | 7,820,250 | ||||
| 5,750,000(a) | Ashera Re, 8.713%, (GSMMUSTI + 519 bps), 4/7/27 (144A) | 5,897,775 | ||||
| 3,000,000(a) | Atlas Re, 15.962%, (SOFR + 1,222 bps), 6/8/27 (144A) | 3,300,300 | ||||
| 12,250,000(a) | Bridge Street Re, 7.54%, (JMMMUSTF + 400 bps), 1/7/28 (144A) | 12,421,500 | ||||
| 18,750,000(a) | Galileo Re, 6.79%, (JMMMUSTF + 325 bps), 1/8/30 (144A) | 18,690,000 | ||||
| 17,500,000(a) | Galileo Re, 8.54%, (JMMMUSTF + 500 bps), 1/8/30 (144A) | 17,351,250 | ||||
| 7,050,000(a) | Galileo Re, 10.523%, (GSMMUSTI + 700 bps), 1/7/28 (144A) | 7,358,085 | ||||
| 10,000,000(a) | Kilimanjaro II Re, 7.523%, (GSMMUSTI + 400 bps), 7/9/29 (144A) | 10,271,000 | ||||
| 14,250,000(a) | Kilimanjaro II Re, 7.523%, (GSMMUSTI + 400 bps), 7/8/30 (144A) | 14,720,250 | ||||
| Principal Amount USD ($) | Value | |||||
| Multiperil – U.S. & Canada — (continued) | ||||||
| 8,250,000(a) | Kilimanjaro II Re, 9.78%, (BRMMUSDF + 625 bps), 6/30/28 (144A) | $ 8,675,700 | ||||
| 6,750,000(a) | Kilimanjaro II Re, 10.023%, (GSMMUSTI + 650 bps), 7/9/29 (144A) | 6,978,825 | ||||
| 14,750,000(a) | Kilimanjaro II Re, 10.023%, (GSMMUSTI + 650 bps), 7/8/30 (144A) | 15,317,875 | ||||
| 4,500,000(a) | Kilimanjaro II Re, 10.78%, (BRMMUSDF + 725 bps), 6/30/28 (144A) | 4,754,700 | ||||
| 3,000,000(a) | Kilimanjaro III Re, 14.78%, (BRMMUSDF + 1,125 bps), 4/20/26 (144A) | 3,060,000 | ||||
| 2,500,000(a) | Lapis Re, 11.154%, (3 Month U.S. Treasury Bill + 750 bps), 1/9/29 (144A) | 2,563,250 | ||||
| 17,250,000(a) | Mona Lisa Re, 9.03%, (BRMMUSDF + 550 bps), 1/8/31 (144A) | 17,212,050 | ||||
| 500,000(a) | Mona Lisa Re, 13.28%, (BRMMUSDF + 975 bps), 6/25/27 (144A) | 538,100 | ||||
| 15,000,000(a) | Mona Lisa Re, 15.53%, (BRMMUSDF + 1,200 bps), 1/8/30 (144A) | 14,955,000 | ||||
| 19,600,000(a) | Montoya Re, 8.904%, (1 Month U.S. Treasury Bill + 525 bps), 4/9/30 (144A) | 19,590,200 | ||||
| 5,750,000(a) | Montoya Re, 9.28%, (MSMMUSTF + 575 bps), 4/7/28 (144A) | 5,796,000 | ||||
| 2,750,000(a) | Montoya Re, 16.154%, (1 Month U.S. Treasury Bill + 1,250 bps), 4/9/30 (144A) | 2,741,750 | ||||
| 500,000(a) | Montoya Re, 16.923%, (GSMMUSTI + 1,340 bps), 4/7/26 (144A) | 510,100 | ||||
| 19,750,000(a) | Northshore Re II, 8.53%, (BRMMUSDF + 500 bps), 4/7/28 (144A) | 20,006,750 | ||||
| 9,750,000(a) | Ocelot Re, 8.03%, (BRMMUSDF + 450 bps), 2/26/29 (144A) | 9,960,600 | ||||
| 8,000,000(a) | Ocelot Re, 11.28%, (BRMMUSDF + 775 bps), 1/7/27 (144A) | 8,136,000 | ||||
| 5,000,000(a) | Ramble Re, 10.02%, (JMMMUSTF + 648 bps), 3/5/27 (144A) | 5,064,500 | ||||
| 1,500,000(a) | Riverfront Re, 11.273%, (GSMMUSTI + 775 bps), 1/8/29 (144A) | 1,580,700 | ||||
| 4,250,000(a) | Titania Re, 9.773%, (GSMMUSTI + 625 bps), 11/26/27 (144A) | 4,266,575 | ||||
| Principal Amount USD ($) | Value | |||||
| Multiperil – U.S. & Canada — (continued) | ||||||
| 3,750,000(a) | Titania Re, 13.023%, (GSMMUSTI + 950 bps), 11/26/27 (144A) | $ 3,776,625 | ||||
| 1,000,000(a) | Titania Re, 16.66%, (BRMMUSDF + 1,313 bps), 2/27/26 (144A) | 1,007,000 | ||||
| $280,262,510 | ||||||
| Multiperil – U.S. Northeast — 0.4% | ||||||
| 6,500,000(a) | Baldwin Re, 7.28%, (BRMMUSDF + 375 bps), 7/9/29 (144A) | $ 6,663,150 | ||||
| Multiperil – U.S. Regional — 0.4% | ||||||
| 250,000(a) | Aquila Re, 8.91%, (BNMMDTSC + 534 bps), 6/8/26 (144A) | $ 253,500 | ||||
| 400,000(a) | Aquila Re, 10.83%, (BNMMDTSC + 726 bps), 6/8/26 (144A) | 408,400 | ||||
| 1,400,000(a) | Aquila Re, 12.40%, (BNMMDTSC + 883 bps), 6/8/26 (144A) | 1,435,000 | ||||
| 1,150,000(a) | Locke Tavern Re, 8.485%, (GSMMUSTI + 496 bps), 4/9/26 (144A) | 1,156,900 | ||||
| 4,000,000(a) | Long Point Re IV, 7.78%, (BRMMUSDF + 425 bps), 6/1/26 (144A) | 4,023,200 | ||||
| $7,277,000 | ||||||
| Multiperil – Worldwide — 4.8% | ||||||
| 5,000,000(a) | Atlas Capital, 11.011%, (SOFR + 725 bps), 6/7/28 (144A) | $ 5,161,000 | ||||
| 2,150,000(a) | Atlas Capital, 11.292%, (SOFR + 757 bps), 6/5/26 (144A) | 2,216,865 | ||||
| 1,000,000(a) | Black Kite Re, 11.57%, (BNMMUSTF + 800 bps), 5/8/28 (144A) | 1,010,000 | ||||
| 51,450,000(a) | Bridge Street Re, 11.404%, (3 Month U.S. Treasury Bill + 775 bps), 1/8/29 (144A) | 51,398,550 | ||||
| 9,250,000(a) | Cat Re 2001, 16.58%, (JMMMUSTF + 1,304 bps), 1/8/27 (144A) | 9,652,375 | ||||
| 5,500,000(a) | Kendall Re, 9.773%, (GSMMUSTI + 625 bps), 4/30/27 (144A) | 5,715,600 | ||||
| 10,000,000(a) | Kendall Re, 11.261%, (GSMMUSTI + 774 bps), 4/30/27 (144A) | 10,391,000 | ||||
| 2,000,000(a) | Silk Road Re, 9.57%, (BNMMDTSC + 600 bps), 1/10/28 (144A) | 2,015,000 | ||||
| $87,560,390 | ||||||
| Principal Amount USD ($) | Value | |||||
| Wild Fire – California — 2.2% | ||||||
| 1,000,000(a) | 123 Lights Re, 14.52%, (FHMMUSTF + 1,100 bps), 9/14/28 (144A) | $ 1,030,200 | ||||
| 40,000,000(a) | Golden Bear Re 2026-1, 13.404%, (1 Month U.S. Treasury Bill + 975 bps), 1/8/29 (144A) | 40,009,656 | ||||
| $41,039,856 | ||||||
| Wind Storm – France — 0.5% | ||||||
| EUR6,750,000(a) | Hexagon IV Re, 6.986%, (3 Month EURIBOR + 496 bps), 1/22/30 (144A) | $ 8,032,317 | ||||
| EUR1,500,000(a) | Hexagon IV Re, 7.783%, (3 Month EURIBOR + 575 bps), 1/21/28 (144A) | 1,798,650 | ||||
| $9,830,967 | ||||||
| Wind Storm – Netherlands — 0.0%† | ||||||
| EUR500,000(a) | Orange Capital Re DAC, 8.026%, (3 Month EURIBOR + 600 bps), 1/17/29 (144A) | $ 621,360 | ||||
| Windstorm – Europe — 0.2% | ||||||
| EUR2,000,000(a) | Blue Sky Re, 8.194%, (3 Month EURIBOR + 616 bps), 1/26/27 (144A) | $ 2,458,653 | ||||
| EUR750,000(a) | Windmill III Re DAC, 7.236%, (3 Month EURIBOR + 521 bps), 7/5/28 (144A) | 919,061 | ||||
| $3,377,714 | ||||||
| Windstorm – Florida — 7.4% | ||||||
| 9,250,000(a) | Armor Re, 12.03%, (BRMMUSDF + 850 bps), 1/7/28 (144A) | $ 9,794,825 | ||||
| 2,000,000(a) | Armor Re, 13.73%, (BRMMUSDF + 1,020 bps), 5/7/27 (144A) | 2,133,200 | ||||
| 7,000,000(a) | First Coast Re, 10.04%, (JMMMUSTF + 650 bps), 3/10/28 (144A) | 7,174,300 | ||||
| 7,750,000(a) | First Coast Re, 11.04%, (JMMMUSTF + 750 bps), 3/10/28 (144A) | 7,998,000 | ||||
| 600,000(a) | First Coast Re, 13.48%, (JMMMUSTF + 994 bps), 4/7/26 (144A) | 607,800 | ||||
| 2,500,000(a) | Hestia Re, 10.32%, (BNMMDTSC + 675 bps), 3/13/28 (144A) | 2,561,000 | ||||
| 1,000,000(a) | Hestia Re, 11.82%, (BNMMDTSC + 825 bps), 3/13/28 (144A) | 1,032,500 | ||||
| 3,500,000(a) | Integrity Re, 11.654%, (1 Month U.S. Treasury Bill + 800 bps), 6/6/27 (144A) | 3,602,900 | ||||
| 5,500,000(a) | Integrity Re, 11.654%, (1 Month U.S. Treasury Bill + 800 bps), 6/6/28 (144A) | 5,668,850 | ||||
| 3,750,000(a) | Integrity Re, 13.404%, (1 Month U.S. Treasury Bill + 975 bps), 6/6/27 (144A) | 3,884,250 | ||||
| Principal Amount USD ($) | Value | |||||
| Windstorm – Florida — (continued) | ||||||
| 4,250,000(a) | Integrity Re, 13.404%, (1 Month U.S. Treasury Bill + 975 bps), 6/6/28 (144A) | $ 4,421,700 | ||||
| 10,000,000(a) | Integrity Re, 15.904%, (1 Month U.S. Treasury Bill + 1,225 bps), 6/6/28 (144A) | 10,543,000 | ||||
| 3,000,000(a) | Integrity Re, 16.842%, (FHMMUSTF + 1,332 bps), 6/6/26 (144A) | 3,120,000 | ||||
| 1,500,000(a) | Integrity Re, 26.316%, (FHMMUSTF + 2,280 bps), 6/6/26 (144A) | 1,611,000 | ||||
| 1,250,000(a) | Integrity Re, 29.154%, (1 Month U.S. Treasury Bill + 2,550 bps), 6/6/27 (144A) | 1,417,250 | ||||
| 750,000(a) | Marlon Re, 10.846%, (JMMMUSTF + 731 bps), 6/7/27 (144A) | 791,250 | ||||
| 4,750,000(a) | Meadows, 15.904%, (3 Month U.S. Treasury Bill + 1,225 bps), 12/7/29 (144A) | 4,684,925 | ||||
| 7,000,000(a) | Merna Re II, 11.29%, (JMMMUSTF + 775 bps), 7/7/28 (144A) | 7,259,700 | ||||
| 2,000,000(a) | Merna Re II, 12.273%, (GSMMUSTI + 875 bps), 7/7/27 (144A) | 2,096,600 | ||||
| 12,750,000(a) | Palm Re, 11.32%, (BNMMDTSC + 775 bps), 6/7/28 (144A) | 13,266,375 | ||||
| 10,000,000(a) | Palm Re, 13.27%, (BNMMDTSC + 970 bps), 6/7/27 (144A) | 10,483,000 | ||||
| 6,500,000(a) | Purple Re, 10.79%, (JMMMUSTF + 725 bps), 6/7/28 (144A) | 6,812,000 | ||||
| 5,500,000(a) | Purple Re, 11.404%, (1 Month U.S. Treasury Bill + 775 bps), 6/7/28 (144A) | 5,675,450 | ||||
| 3,600,000(a) | Purple Re, 12.666%, (JMMMUSTF + 913 bps), 6/7/27 (144A) | 3,758,400 | ||||
| 12,500,000(a) | Winston Re, 10.07%, (BNMMDTSC + 650 bps), 2/21/28 (144A) | 12,815,000 | ||||
| 2,250,000(a) | Winston Re, 13.78%, (BNMMDTSC + 1,021 bps), 2/26/27 (144A) | 2,371,500 | ||||
| 500,000(a) | Winston Re, 15.26%, (BNMMDTSC + 1,169 bps), 2/26/27 (144A) | 524,200 | ||||
| $136,108,975 | ||||||
| Windstorm – Florida & Louisiana — 0.1% | ||||||
| 2,250,000(a) | Nature Coast Re, 13.523%, (GSMMUSTI + 1,000 bps), 12/7/26 (144A) | $ 2,290,275 | ||||
| Windstorm – Japan — 0.3% | ||||||
| 2,750,000(a) | Sakura Re, 6.28%, (BRMMUSDF + 275 bps), 4/5/29 (144A) | $ 2,742,575 | ||||
| Principal Amount USD ($) | Value | |||||
| Windstorm – Japan — (continued) | ||||||
| 1,500,000(a) | Tomoni Re, 6.36%, (JMMMUSTF + 282 bps), 4/7/26 (144A) | $ 1,503,000 | ||||
| 750,000(a) | Tomoni Re, 6.79%, (JMMMUSTF + 325 bps), 4/5/28 (144A) | 757,200 | ||||
| $5,002,775 | ||||||
| Windstorm – Louisiana — 0.7% | ||||||
| 3,500,000(a) | Nature Coast Re, 13.273%, (GSMMUSTI + 975 bps), 4/10/29 (144A) | $ 3,605,350 | ||||
| 8,750,000(a) | Nature Coast Re, 15.073%, (GSMMUSTI + 1,155 bps), 1/16/29 (144A) | 9,285,500 | ||||
| $12,890,850 | ||||||
| Windstorm – Massachusetts — 0.1% | ||||||
| 2,000,000(a) | Mayflower Re, 8.445%, (FHMMUSTF + 493 bps), 7/8/27 (144A) | $ 2,056,000 | ||||
| Windstorm – Mexico — 0.2% | ||||||
| 1,500,000(a) | International Bank for Reconstruction & Development, 15.875%, (SOFR + 1,222 bps), 4/24/28 (144A) | $ 1,594,350 | ||||
| 2,000,000(a) | International Bank for Reconstruction & Development, 17.374%, (SOFR + 1,372 bps), 4/24/28 (144A) | 2,130,400 | ||||
| $3,724,750 | ||||||
| Windstorm - New York — 0.3% | ||||||
| 2,000,000(a) | MetroCat Re, 9.279%, (GSMMUSTF + 575 bps), 5/8/26 (144A) | $ 2,022,000 | ||||
| 3,250,000(a) | Oceanside Re, 9.57%, (BNMMDTSC + 600 bps), 5/15/28 (144A) | 3,309,150 | ||||
| $5,331,150 | ||||||
| Windstorm – North Carolina — 2.7% | ||||||
| 14,500,000(a) | Blue Ridge Re, 7.02%, (FHMMUSTF + 350 bps), 1/8/29 (144A) | $ 14,452,150 | ||||
| 14,500,000(a) | Blue Ridge Re, 9.52%, (FHMMUSTF + 600 bps), 1/8/29 (144A) | 14,434,750 | ||||
| 500,000(a) | Blue Ridge Re, 11.51%, (FHMMUSTF + 799 bps), 1/8/27 (144A) | 514,300 | ||||
| Principal Amount USD ($) | Value | |||||
| Windstorm – North Carolina — (continued) | ||||||
| 17,250,000(a) | Blue Ridge Re, 11.52%, (FHMMUSTF + 800 bps), 1/8/29 (144A) | $ 17,156,850 | ||||
| 3,250,000(a) | Longleaf Pine Re, 21.455%, (GSMMUSTI + 1,793 bps), 5/25/27 (144A) | 3,521,700 | ||||
| $50,079,750 | ||||||
| Windstorm – Texas — 2.4% | ||||||
| 1,500,000(a) | Alamo Re, 10.06%, (FHMMUSTF + 654 bps), 6/7/27 (144A) | $ 1,567,350 | ||||
| 1,500,000(a) | Alamo Re, 11.954%, (FHMMUSTF + 843 bps), 6/7/27 (144A) | 1,584,000 | ||||
| 7,000,000(a) | Alamo Re, 12.60%, (FHMMUSTF + 908 bps), 6/7/26 (144A) | 7,177,800 | ||||
| 3,000,000(a) | Alamo Re, 15.40%, (FHMMUSTF + 1,188 bps), 6/7/26 (144A) | 3,107,100 | ||||
| 5,500,000(a) | Bluebonnet Re, 9.27%, (FHMMUSTF + 575 bps), 6/7/28 (144A) | 5,746,950 | ||||
| 4,250,000(a) | Bluebonnet Re, 12.02%, (FHMMUSTF + 850 bps), 6/7/28 (144A) | 4,477,800 | ||||
| 4,000,000(a) | Bluebonnet Re, 15.27%, (FHMMUSTF + 1,175 bps), 6/7/28 (144A) | 4,277,200 | ||||
| 2,750,000(a) | Bluebonnet Re, 15.54%, (JMMMUSTF + 1,200 bps), 6/7/27 (144A) | 2,902,900 | ||||
| 13,000,000(a) | Merna Re II, 12.29%, (JMMMUSTF + 875 bps), 7/7/28 (144A) | 13,687,700 | ||||
| $44,528,800 | ||||||
| Windstorm – U.S. — 2.8% | ||||||
| 11,500,000(a) | Cape Lookout Re, 10.722%, (FHMMUSTF + 720 bps), 4/28/26 (144A) | $ 11,638,000 | ||||
| 500,000(a) | Gateway Re, 17.47%, (BRMMUSDF + 1,394 bps), 2/24/26 (144A) | 504,000 | ||||
| 2,500,000(a) | Lower Ferry Re, 8.176%, (MSMMUSTF + 465 bps), 7/8/26 (144A) | 2,527,500 | ||||
| 1,900,000(a) | Lower Ferry Re, 9.034%, (MSMMUSTF + 550 bps), 7/8/26 (144A) | 1,938,000 | ||||
| 1,750,000(a) | Mayflower Re, 8.565%, (FHMMUSTF + 505 bps), 7/8/26 (144A) | 1,777,125 | ||||
| 3,250,000(a) | Mayflower Re, 10.033%, (FHMMUSTF + 651 bps), 7/8/26 (144A) | 3,308,500 | ||||
| 14,000,000(a) | Meadows, 15.154%, (3 Month U.S. Treasury Bill + 1,150 bps), 12/7/29 (144A) | 13,816,600 | ||||
| 2,325,000(a) | Merna Re II, 13.993%, (GSMMUSTI + 1,047 bps), 7/7/26 (144A) | 2,404,050 | ||||
| Principal Amount USD ($) | Value | |||||
| Windstorm – U.S. — (continued) | ||||||
| 3,250,000(a) | Purple Re, 16.681%, (1 Month Term SOFR + 1,301 bps), 4/24/26 (144A) | $ 3,329,625 | ||||
| EUR4,500,000(a) | Recoletos Re DAC, 3.50%, (3 Month U.S. Treasury Bill + 350 bps), 12/8/28 (144A) | 5,395,950 | ||||
| 4,000,000(a) | Recoletos Re DAC, 8.654%, (3 Month U.S. Treasury Bill + 500 bps), 1/7/28 (144A) | 4,037,600 | ||||
| $50,676,950 | ||||||
| Windstorm – U.S. Gulf — 0.0%† | ||||||
| 500,000(a) | 3264 Re, 21.52%, (FHMMUSTF + 1,800 bps), 7/8/27 (144A) | $ 540,400 | ||||
| Windstorm – U.S. Multistate — 2.0% | ||||||
| 1,000,000(a) | Charles River Re, 11.202%, (BNMMDTSC + 763 bps), 5/10/27 (144A) | $ 1,039,700 | ||||
| 8,000,000(a) | Chartwell Re, 9.54%, (JMMMUSTF + 600 bps), 6/7/28 (144A) | 8,328,800 | ||||
| 5,500,000(a) | Chartwell Re, 10.54%, (JMMMUSTF + 700 bps), 6/7/28 (144A) | 5,668,300 | ||||
| 2,500,000(a) | Chartwell Re, 12.79%, (JMMMUSTF + 925 bps), 6/7/28 (144A) | 2,618,000 | ||||
| 1,750,000(a) | Citrus Re, 8.03%, (BRMMUSDF + 450 bps), 6/7/28 (144A) | 1,814,925 | ||||
| 5,350,000(a) | Citrus Re, 11.28%, (BRMMUSDF + 775 bps), 6/7/28 (144A) | 5,449,510 | ||||
| 5,500,000(a) | Gateway Re, 7.78%, (BRMMUSDF + 425 bps), 7/7/28 (144A) | 5,490,100 | ||||
| 750,000(a) | Gateway Re, 9.43%, (BRMMUSDF + 590 bps), 7/8/27 (144A) | 768,975 | ||||
| 5,250,000(a) | Gateway Re, 14.41%, (BRMMUSDF + 1,088 bps), 7/8/26 (144A) | 5,471,550 | ||||
| $36,649,860 | ||||||
| Windstorm – U.S. Northeast — 0.3% | ||||||
| 3,500,000(a) | 1886 Re, 8.03%, (BRMMUSDF + 450 bps), 7/9/29 (144A) | $ 3,636,500 | ||||
| 1,250,000(a) | 3264 Re, 10.52%, (FHMMUSTF + 700 bps), 7/8/27 (144A) | 1,314,625 | ||||
| $4,951,125 | ||||||
| Windstorm – U.S. Regional — 1.1% | ||||||
| 2,450,000(a) | Citrus Re, 10.12%, (BRMMUSDF + 659 bps), 6/7/26 (144A) | $ 2,489,200 | ||||
| 750,000(a) | Citrus Re, 12.24%, (BRMMUSDF + 871 bps), 6/7/26 (144A) | 768,975 | ||||
| Principal Amount USD ($) | Value | |||||
| Windstorm – U.S. Regional — (continued) | ||||||
| 4,250,000(a) | Citrus Re, 12.72%, (BRMMUSDF + 919 bps), 6/7/27 (144A) | $ 4,451,875 | ||||
| 4,500,000(a) | Citrus Re, 13.97%, (BRMMUSDF + 1,044 bps), 6/7/27 (144A) | 4,747,950 | ||||
| 7,500,000(a) | Genesee Street Re, 6.904%, (1 Month U.S. Treasury Bill + 325 bps), 4/7/28 (144A) | 7,587,750 | ||||
| $20,045,750 | ||||||
| Windstorm – U.S. Southeast — 0.2% | ||||||
| 2,750,000(a) | Meadows, 11.154%, (3 Month U.S. Treasury Bill + 750 bps), 12/7/29 (144A) | $ 2,746,425 | ||||
| Winterstorm – Florida — 1.0% | ||||||
| 17,550,000(a) | Lightning Re, 14.523%, (GSMMUSTI + 1,100 bps), 3/31/26 (144A) | $ 17,778,150 | ||||
| Total Event Linked Bonds | $1,606,113,920 | |||||
| Face Amount USD ($) | ||||||
| Collateralized Reinsurance — 7.5% | ||||||
| Earthquakes – California — 0.5% | ||||||
| 10,045,000(b)(c)+ | Adare Re 2026, 12/31/31 | $ 9,964,526 | ||||
| Earthquakes – U.S. — 0.3% | ||||||
| 5,030,000(b)(c)+ | Adare Re 2025, 9/30/31 | $ 5,067,843 | ||||
| Multiperil – U.S. — 0.8% | ||||||
| 15,000,000(b)(c)+ | Kettering-PI0059, 3/31/29 | $ 15,362,664 | ||||
| Multiperil – U.S. & Canada — 0.6% | ||||||
| 5,456,000(b)(c)+ | Falkirk Re 2025 , 3/31/31 | $ 5,634,411 | ||||
| 4,750,000(b)(c)+ | Merion Re 2025-2 , 12/31/30 | 4,773,739 | ||||
| $10,408,150 | ||||||
| Multiperil – U.S. Regional — 0.3% | ||||||
| 4,930,000(b)(c)+ | Ailsa Re 2025, 5/31/31 | $ 5,107,523 | ||||
| Multiperil – Worldwide — 4.6% | ||||||
| 10,000,000(b)(c)+ | Cheltenham-PI0051 Re 2025, 5/31/29 | $ 9,987,661 | ||||
| 750,000(b)(c)+ | Dartmouth Re, 12/31/27 | 747,075 | ||||
| 10,000,000(b)(c)+ | Epsom Re 2025-2, 9/30/31 | 9,126,953 | ||||
| 18,000,000(b)(c)+ | Gamboge Re 2025, 3/31/31 | 18,519,229 | ||||
| 6,000,000(b)(c)+ | Llandudno Re 2026 , 12/31/31 | 5,250,000 | ||||
| 9,250,000(b)(c)+ | Merion Re 2026-1, 12/31/31 | 8,371,250 | ||||
| 5,000,000(b)(c)+ | Old Head Re 2026, 12/31/31 | 4,123,707 | ||||
| Face Amount USD ($) | Value | |||||
| Multiperil – Worldwide — (continued) | ||||||
| 5,000,000(b)(c)+ | Phoenix 3 Re, 1/4/39 | $ 5,622,000 | ||||
| 750,000(b)(c)+ | Pine Valley Re 2026, 12/31/31 | 663,825 | ||||
| EUR18,250,000(b)(c)+ | Tomtit Re 2026, 12/31/31 | 21,632,637 | ||||
| $84,044,337 | ||||||
| Windstorm – Florida — 0.0%† | ||||||
| 4,956,000(b)(c)+ | Ipswich-PI0057 Re 2025, 5/31/31 | $ 279,023 | ||||
| 5,799,600(b)(c)+ | Mangrove Risk solutions Re, 5/31/31 | 215,745 | ||||
| $494,768 | ||||||
| Windstorm – North Carolina — 0.0%† | ||||||
| 42,500,000(b)(c)+ | Mangrove Risk solutions Re, 4/30/31 | $ 940,411 | ||||
| Windstorm – U.S. — 0.0%† | ||||||
| 5,800,050(b)(c)+ | Mangrove Risk Solutions, 5/31/31 | $ 612,485 | ||||
| Windstorm – U.S. Multistate — 0.0%† | ||||||
| 8,200,000(b)(c)+ | White Heron Re, 5/31/31 | $ 228,592 | ||||
| Windstorm – U.S. Regional — 0.3% | ||||||
| 9,612,500(b)(c)+ | Oakmont Re 2025, 3/31/31 | $ 5,177,293 | ||||
| Winterstorm – Florida — 0.1% | ||||||
| 9,865,000(b)(c)+ | Mangrove Risk Solutions, 5/31/30 | $ 1,105,867 | ||||
| Total Collateralized Reinsurance | $138,514,459 | |||||
| Total Insurance-Linked Securities (Cost $1,701,534,399) | $1,744,628,379 | |||||
| Shares | ||||||
| SHORT TERM INVESTMENTS — 3.5% of Net Assets | ||||||
| Open-End Fund — 3.5% | ||||||
| 63,646,390(d) | Dreyfus Government Cash Management, Institutional Shares, 3.58% | $ 63,646,390 | ||||
| $63,646,390 | ||||||
| TOTAL SHORT TERM INVESTMENTS (Cost $63,646,390) | $63,646,390 | |||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 100.8% (Cost $1,801,130,789) | $1,844,224,769 | |||||
| OTHER ASSETS AND LIABILITIES — (0.8)% | $(14,363,641) | |||||
| net assets — 100.0% | $1,829,861,128 | |||||
| BNMMDTSC | Dreyfus Treasury Securities Cash Management Fund Yield. |
| bps | Basis Points. |
| BRMMUSDF | BlackRock Liquidity Fund Treasury Trust Fund Portfolio Fund Yield. |
| CAONINDX | Canadian Overnight Repo Rate Average. |
| EURIBOR | Euro Interbank Offered Rate. |
| FHMMUSTF | Federated Hermes US Treasury Cash Reserves Fund Yield. |
| FRMMUSTI | Western Asset Institutional US Treasury Reserves Fund Yield. |
| GSMMUSTF | Goldman Sachs Financial Square Treasury Solutions Fund Yield. |
| GSMMUSTI | Goldman Sachs Money Market US Treasury Instrument Index. |
| JMMMUSTF | JPMorgan 100% US Treasury Securities Money Market Fund Yield. |
| MSMMUSTF | MSILF Treasury Securities Portfolio Fund Yield. |
| SOFR | Secured Overnight Financing Rate. |
| (144A) | The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At January 31, 2026, the value of these securities amounted to $1,642,063,920, or 89.7% of net assets. |
| (a) | Floating rate note. Coupon rate, reference index and spread shown at January 31, 2026. |
| (b) | Non-income producing security. |
| (c) | Issued as participation notes. |
| (d) | Rate periodically changes. Rate disclosed is the 7-day yield at January 31, 2026. |
| + | Security is valued using significant unobservable inputs (Level 3). |
| † | Amount rounds to less than 0.1%. |
| # | Securities are restricted as to resale. |
| Restricted Securities | Acquisition date | Cost | Value |
| 123 Lights Re | 8/12/2025 | $1,000,000 | $1,030,200 |
| 1886 Re | 5/15/2025 | 3,500,000 | 3,636,500 |
| 3264 Re | 6/24/2024 | 1,250,000 | 1,314,625 |
| 3264 Re | 6/24/2024 | 500,000 | 540,400 |
| 3264 Re | 1/24/2025 | 7,000,000 | 7,068,600 |
| 3264 Re | 5/19/2025 | 7,500,000 | 7,820,250 |
| 3264 Re | 12/16/2025 | 14,000,000 | 13,965,000 |
| 3264 Re | 12/16/2025 | 12,000,000 | 11,974,800 |
| Acorn Re | 10/25/2024 | 5,750,000 | 5,839,700 |
| Acorn Re | 10/17/2025 | 14,750,000 | 14,729,350 |
| Adare Re 2025 | 9/23/2025 | 4,898,825 | 5,067,843 |
| Adare Re 2026 | 1/5/2026 | 9,884,125 | 9,964,526 |
| Ailsa Re 2025 | 7/31/2025 | 4,710,477 | 5,107,523 |
| Alamo Re | 4/12/2023 | 7,041,617 | 7,177,800 |
| Alamo Re | 4/4/2024 | 1,500,000 | 1,567,350 |
| Alamo Re | 4/4/2024 | 1,500,000 | 1,584,000 |
| Alamo Re | 4/4/2024 | 3,000,000 | 3,107,100 |
| Aquila Re | 5/10/2023 | 400,000 | 408,400 |
| Aquila Re | 5/10/2023 | 250,000 | 253,500 |
| Restricted Securities | Acquisition date | Cost | Value |
| Aquila Re | 5/10/2023 | $1,400,000 | $1,435,000 |
| Aquila Re | 4/26/2024 | 2,250,000 | 2,319,075 |
| Aquila Re | 4/26/2024 | 3,750,000 | 3,952,875 |
| Armor Re | 4/11/2024 | 2,000,000 | 2,133,200 |
| Armor Re | 12/11/2024 | 9,250,000 | 9,794,825 |
| Ashera Re | 3/21/2024 | 5,750,000 | 5,897,775 |
| Atela Re, Ltd. | 4/29/2024 | 3,000,000 | 3,229,500 |
| Atlas Capital | 5/17/2023 | 2,150,000 | 2,216,865 |
| Atlas Capital | 4/3/2025 | 5,000,000 | 5,161,000 |
| Atlas Re | 5/24/2024 | 3,000,000 | 3,300,300 |
| Azzurro Re II | 3/21/2024 | 1,085,650 | 1,202,419 |
| Baldwin Re | 6/21/2023 | 750,000 | 769,125 |
| Baldwin Re | 6/16/2025 | 6,500,000 | 6,663,150 |
| Black Kite Re | 4/24/2025 | 1,000,000 | 1,010,000 |
| Blue Ridge Re | 11/14/2023 | 500,000 | 514,300 |
| Blue Ridge Re | 11/26/2025 | 14,500,000 | 14,452,150 |
| Blue Ridge Re | 11/26/2025 | 14,500,000 | 14,434,750 |
| Blue Ridge Re | 11/26/2025 | 17,250,000 | 17,156,850 |
| Blue Sky Re | 12/11/2023 | 2,152,900 | 2,458,653 |
| Bluebonnet Re | 5/8/2025 | 5,500,000 | 5,746,950 |
| Bluebonnet Re | 5/8/2025 | 4,250,000 | 4,477,800 |
| Bluebonnet Re | 5/8/2025 | 4,000,000 | 4,277,200 |
| Bluebonnet Re | 5/8/2025 | 2,750,000 | 2,902,900 |
| Bonanza Re | 12/16/2024 | 9,750,000 | 9,816,300 |
| Bonanza Re | 12/16/2024 | 16,000,000 | 16,280,000 |
| Bridge Street Re | 12/24/2024 | 12,250,000 | 12,421,500 |
| Bridge Street Re | 12/22/2025 | 51,450,000 | 51,398,550 |
| Cape Lookout Re | 4/14/2023 | 11,628,473 | 11,638,000 |
| Cat Re 2001 | 11/14/2023 | 9,219,161 | 9,652,375 |
| Charles River Re | 4/5/2024 | 1,000,000 | 1,039,700 |
| Chartwell Re | 5/2/2025 | 8,000,000 | 8,328,800 |
| Chartwell Re | 5/2/2025 | 5,500,000 | 5,668,300 |
| Chartwell Re | 5/2/2025 | 2,500,000 | 2,618,000 |
| Cheltenham-PI0051 Re 2025 | 6/11/2025 | 8,021,500 | 9,987,661 |
| Citrus Re | 4/27/2023 | 750,000 | 768,975 |
| Citrus Re | 4/27/2023 | 2,456,991 | 2,489,200 |
| Citrus Re | 3/19/2024 | 4,250,000 | 4,451,875 |
| Citrus Re | 3/19/2024 | 4,500,000 | 4,747,950 |
| Citrus Re | 3/5/2025 | 5,350,000 | 5,449,510 |
| Citrus Re | 3/5/2025 | 1,750,000 | 1,814,925 |
| Commonwealth Re | 5/30/2025 | 10,000,000 | 10,259,000 |
| Dartmouth Re | 5/8/2025 | 585,750 | 747,075 |
| Epsom Re 2025-2 | 11/5/2025 | 8,312,500 | 9,126,953 |
| Falkirk Re 2025 | 6/26/2025 | 5,100,958 | 5,634,411 |
| Finca Re | 6/4/2025 | 10,000,000 | 10,305,000 |
| First Coast Re | 3/24/2023 | 600,000 | 607,800 |
| First Coast Re | 2/21/2025 | 7,000,000 | 7,174,300 |
| First Coast Re | 2/21/2025 | 7,750,000 | 7,998,000 |
| FloodSmart Re | 2/23/2023 | 1,000,000 | 1,015,000 |
| Restricted Securities | Acquisition date | Cost | Value |
| FloodSmart Re | 2/23/2023 | $250,000 | $100,000 |
| FloodSmart Re | 2/29/2024 | 7,750,000 | 8,253,750 |
| FloodSmart Re | 2/29/2024 | 4,528,267 | 4,629,600 |
| Foundation Re | 12/19/2023 | 12,108,836 | 12,262,244 |
| Foundation Re | 12/4/2025 | 60,000,000 | 60,720,000 |
| Four Lakes Re | 12/8/2023 | 3,254,741 | 3,297,450 |
| Four Lakes Re | 12/8/2023 | 2,750,133 | 2,790,975 |
| Four Lakes Re | 12/11/2024 | 9,118,657 | 9,326,112 |
| Four Lakes Re | 12/11/2024 | 8,000,000 | 8,165,600 |
| Four Lakes Re | 12/11/2025 | 5,350,000 | 5,334,485 |
| Four Lakes Re | 12/11/2025 | 12,750,000 | 12,700,275 |
| Fuchsia 2024-1 | 12/18/2024 | 9,000,000 | 9,295,200 |
| Fuchsia 2025-1 | 12/12/2025 | 6,750,000 | 6,731,100 |
| Galileo Re | 12/4/2023 | 7,180,287 | 7,358,085 |
| Galileo Re | 12/8/2025 | 18,750,000 | 18,690,000 |
| Galileo Re | 12/8/2025 | 17,500,000 | 17,351,250 |
| Gamboge Re 2025 | 4/23/2025 | 15,605,541 | 18,519,229 |
| Gateway Re | 2/3/2023 | 500,000 | 504,000 |
| Gateway Re | 7/14/2023 | 5,269,335 | 5,471,550 |
| Gateway Re | 3/11/2024 | 750,000 | 768,975 |
| Gateway Re | 2/12/2025 | 5,500,000 | 5,490,100 |
| Genesee Street Re | 4/28/2025 | 7,500,000 | 7,587,750 |
| Golden Bear Re 2026-1 | 12/10/2025 | 40,000,000 | 40,009,656 |
| Handshake Re | 12/22/2025 | 8,100,000 | 8,087,850 |
| Herbie Re | 2/15/2024 | 6,000,000 | 6,052,800 |
| Herbie Re | 2/15/2024 | 1,500,000 | 1,521,900 |
| Herbie Re | 12/17/2024 | 5,000,000 | 5,092,000 |
| Herbie Re | 12/17/2024 | 2,000,000 | 2,077,000 |
| Herbie Re | 12/17/2024 | 1,500,000 | 1,500,750 |
| Herbie Re | 1/16/2026 | 14,000,000 | 13,993,000 |
| Hestia Re | 2/27/2025 | 2,500,000 | 2,561,000 |
| Hestia Re | 2/27/2025 | 1,000,000 | 1,032,500 |
| Hexagon IV Re | 10/29/2025 | 7,829,663 | 8,032,317 |
| Hexagon IV Re | 10/29/2025 | 1,739,925 | 1,798,650 |
| High Point Re | 12/1/2023 | 1,500,000 | 1,517,550 |
| Hypatia Re | 3/27/2023 | 2,107,439 | 2,131,500 |
| Hypatia Re | 10/7/2025 | 3,662,593 | 3,612,000 |
| Integrity Re | 3/1/2024 | 3,000,000 | 3,120,000 |
| Integrity Re | 3/1/2024 | 1,500,000 | 1,611,000 |
| Integrity Re | 2/21/2025 | 5,500,000 | 5,668,850 |
| Integrity Re | 2/21/2025 | 4,250,000 | 4,421,700 |
| Integrity Re | 2/21/2025 | 3,500,000 | 3,602,900 |
| Integrity Re | 2/21/2025 | 3,750,000 | 3,884,250 |
| Integrity Re | 2/21/2025 | 10,000,000 | 10,543,000 |
| Integrity Re | 2/21/2025 | 1,250,000 | 1,417,250 |
| International Bank for Reconstruction & Development | 3/17/2023 | 250,000 | 250,800 |
| International Bank for Reconstruction & Development | 4/3/2024 | 1,500,000 | 1,537,500 |
| Restricted Securities | Acquisition date | Cost | Value |
| International Bank for Reconstruction & Development | 4/3/2024 | $2,000,000 | $2,130,400 |
| International Bank for Reconstruction & Development | 4/3/2024 | 500,000 | 510,200 |
| International Bank for Reconstruction & Development | 5/1/2024 | 1,500,000 | 1,594,350 |
| Ipswich-PI0057 Re 2025 | 8/13/2025 | — | 279,023 |
| Kendall Re | 4/22/2024 | 5,629,781 | 5,715,600 |
| Kendall Re | 4/22/2024 | 10,000,000 | 10,391,000 |
| Kettering-PI0059 | 9/2/2025 | 13,833,750 | 15,362,664 |
| Kilimanjaro II Re | 6/24/2024 | 8,461,647 | 8,675,700 |
| Kilimanjaro II Re | 6/24/2024 | 4,500,000 | 4,754,700 |
| Kilimanjaro II Re | 6/23/2025 | 10,000,000 | 10,271,000 |
| Kilimanjaro II Re | 6/23/2025 | 6,750,000 | 6,978,825 |
| Kilimanjaro II Re | 6/23/2025 | 14,250,000 | 14,720,250 |
| Kilimanjaro II Re | 6/23/2025 | 14,750,000 | 15,317,875 |
| Kilimanjaro III Re | 1/12/2024 | 2,997,833 | 3,060,000 |
| Lapis Re | 3/20/2025 | 2,500,000 | 2,563,250 |
| Lightning Re | 3/20/2023 | 17,665,214 | 17,778,150 |
| Lion Re | 5/22/2025 | 1,127,850 | 1,200,404 |
| Lion Re | 5/22/2025 | 1,127,850 | 1,193,173 |
| Liongate Re | 5/14/2025 | 1,000,000 | 1,007,200 |
| Llandudno Re 2026 | 1/29/2026 | 5,126,567 | 5,250,000 |
| Locke Tavern Re | 3/23/2023 | 1,150,000 | 1,156,900 |
| Logistics Re | 10/22/2024 | 500,000 | 510,300 |
| Long Point Re IV | 2/23/2023 | 3,995,822 | 4,023,200 |
| Longleaf Pine Re | 10/15/2024 | 3,390,615 | 3,521,700 |
| Lower Ferry Re | 6/23/2023 | 2,500,099 | 2,527,500 |
| Lower Ferry Re | 3/11/2024 | 1,906,651 | 1,938,000 |
| Mangrove Risk Solutions | 6/25/2025 | 20,002 | 1,105,867 |
| Mangrove Risk Solutions | 7/18/2025 | 15,000 | 612,485 |
| Mangrove Risk solutions Re | 6/26/2025 | — | 940,411 |
| Mangrove Risk solutions Re | 7/17/2025 | — | 215,745 |
| Marlon Re | 5/24/2024 | 750,000 | 791,250 |
| Maschpark Re | 11/26/2024 | 1,500,000 | 1,536,900 |
| Matterhorn Re | 9/12/2025 | 2,250,000 | 2,261,250 |
| Matterhorn Re | 9/12/2025 | 750,000 | 753,525 |
| Mayflower Re | 6/26/2023 | 1,750,000 | 1,777,125 |
| Mayflower Re | 6/21/2024 | 2,000,000 | 2,056,000 |
| Mayflower Re | 7/19/2024 | 3,260,137 | 3,308,500 |
| Mayflower Re | 5/22/2025 | 7,500,000 | 7,669,500 |
| Meadows | 11/6/2025 | 4,750,000 | 4,684,925 |
| Meadows | 11/6/2025 | 14,000,000 | 13,816,600 |
| Meadows | 11/6/2025 | 2,750,000 | 2,746,425 |
| Merion Re 2025-2 | 6/27/2025 | 4,019,703 | 4,773,739 |
| Merion Re 2026-1 | 1/28/2026 | 8,164,368 | 8,371,250 |
| Merna Re Companywide | 5/14/2025 | 28,250,000 | 29,685,100 |
| Merna Re Enterprise | 5/14/2025 | 16,500,000 | 16,869,600 |
| Merna Re II | 4/5/2023 | 350,000 | 361,025 |
| Restricted Securities | Acquisition date | Cost | Value |
| Merna Re II | 4/5/2023 | $2,352,771 | $2,404,050 |
| Merna Re II | 5/8/2024 | 1,289,098 | 1,341,428 |
| Merna Re II | 5/8/2024 | 2,000,000 | 2,096,600 |
| Merna Re II | 5/8/2024 | 5,008,327 | 5,178,500 |
| Merna Re II | 5/14/2025 | 7,000,000 | 7,259,700 |
| Merna Re II | 5/14/2025 | 13,000,000 | 13,687,700 |
| MetroCat Re | 5/12/2023 | 2,002,909 | 2,022,000 |
| MMIFS Re | 1/8/2025 | 695,289 | 734,330 |
| Mona Lisa Re | 6/13/2024 | 500,000 | 538,100 |
| Mona Lisa Re | 12/18/2025 | 17,250,000 | 17,212,050 |
| Mona Lisa Re | 12/18/2025 | 15,000,000 | 14,955,000 |
| Montoya Re | 1/23/2025 | 5,750,000 | 5,796,000 |
| Montoya Re | 9/2/2025 | 507,246 | 510,100 |
| Montoya Re | 12/12/2025 | 19,600,000 | 19,590,200 |
| Montoya Re | 12/12/2025 | 2,750,000 | 2,741,750 |
| Mystic Re | 12/12/2023 | 19,950,000 | 20,738,025 |
| Mystic Re | 12/17/2024 | 5,000,000 | 5,071,000 |
| Mystic Re | 12/17/2024 | 1,750,000 | 1,795,325 |
| Mystic Re | 12/17/2024 | 750,000 | 712,500 |
| Mystic Re | 12/11/2025 | 3,500,000 | 3,494,750 |
| Mystic Re | 12/11/2025 | 4,500,000 | 4,493,250 |
| Nakama Re | 4/14/2023 | 250,000 | 252,700 |
| Nakama Re | 4/16/2024 | 8,001,046 | 8,092,000 |
| Nakama Re | 4/11/2025 | 2,000,000 | 2,012,000 |
| Nature Coast Re | 11/16/2023 | 2,254,096 | 2,290,275 |
| Nature Coast Re | 12/27/2024 | 8,750,000 | 9,285,500 |
| Nature Coast Re | 3/28/2025 | 3,500,000 | 3,605,350 |
| Northshore Re II | 3/14/2025 | 19,750,000 | 20,006,750 |
| Oakmont Re 2025 | 7/22/2025 | 4,018,306 | 5,177,293 |
| Oceanside Re | 5/2/2025 | 3,250,000 | 3,309,150 |
| Ocelot Re | 1/28/2025 | 8,145,830 | 8,136,000 |
| Ocelot Re | 2/14/2025 | 9,750,000 | 9,960,600 |
| Old Head Re 2026 | 12/22/2025 | 4,049,986 | 4,123,707 |
| Orange Capital Re DAC | 11/5/2024 | 546,225 | 621,360 |
| Palm Re | 4/4/2024 | 10,088,643 | 10,483,000 |
| Palm Re | 4/1/2025 | 12,750,000 | 13,266,375 |
| Phoenix 3 Re | 12/23/2024 | 5,000,000 | 5,622,000 |
| Pine Valley Re 2026 | 1/12/2026 | 663,802 | 663,825 |
| Puerto Rico Parametric Re | 6/14/2024 | 500,000 | 526,150 |
| Purple Re | 4/6/2023 | 3,255,903 | 3,329,625 |
| Purple Re | 4/2/2024 | 3,600,000 | 3,758,400 |
| Purple Re | 5/6/2025 | 6,500,000 | 6,812,000 |
| Purple Re | 5/6/2025 | 5,500,000 | 5,675,450 |
| Ramble Re | 2/26/2024 | 5,000,000 | 5,064,500 |
| Recoletos Re DAC | 12/9/2024 | 4,000,000 | 4,037,600 |
| Recoletos Re DAC | 11/18/2025 | 5,211,450 | 5,395,950 |
| Residential Re | 11/4/2024 | 5,000,000 | 5,151,500 |
| Residential Re | 11/4/2024 | 9,510,085 | 9,716,600 |
| Residential Re | 11/4/2024 | 8,000,000 | 8,572,800 |
| Restricted Securities | Acquisition date | Cost | Value |
| Residential Re | 10/15/2025 | $3,285,496 | $3,266,250 |
| Residential Re | 10/17/2025 | 27,500,000 | 27,409,250 |
| Residential Re | 10/17/2025 | 30,000,000 | 29,775,000 |
| Riverfront Re | 4/18/2025 | 1,500,000 | 1,580,700 |
| Sakura Re | 3/21/2025 | 2,750,000 | 2,742,575 |
| Sanders Re | 5/24/2023 | 1,000,000 | 1,022,000 |
| Sanders Re | 1/16/2024 | 7,864,377 | 8,103,400 |
| Sanders Re | 12/10/2024 | 12,578,708 | 12,810,152 |
| Sanders Re | 12/10/2024 | 18,001,467 | 18,653,400 |
| Sanders Re | 3/13/2025 | 2,250,000 | 2,319,525 |
| Sanders Re | 3/13/2025 | 1,500,000 | 1,589,700 |
| Sanders Re | 3/13/2025 | 4,767,283 | 4,888,700 |
| Sanders Re | 3/13/2025 | 5,322,610 | 5,547,675 |
| Sanders Re II | 5/22/2025 | 8,250,000 | 8,608,875 |
| Sanders Re III | 2/14/2023 | 1,493,613 | 1,501,500 |
| Sanders Re III | 3/24/2023 | 700,000 | 720,230 |
| Silk Road Re | 12/23/2024 | 2,000,000 | 2,015,000 |
| Skyline Re | 12/23/2025 | 20,000,000 | 19,970,000 |
| Solomon Re | 6/12/2023 | 6,836,272 | 6,898,600 |
| Stabilitas Re | 6/7/2023 | 3,903,052 | 3,979,560 |
| Sutter Re | 6/6/2023 | 1,765,852 | 1,777,600 |
| Sutter Re | 6/6/2023 | 15,531,779 | 15,688,203 |
| Titania Re | 2/16/2023 | 1,000,000 | 1,007,000 |
| Titania Re | 11/14/2024 | 4,250,000 | 4,266,575 |
| Titania Re | 11/14/2024 | 3,750,000 | 3,776,625 |
| Tomoni Re | 5/31/2023 | 1,498,283 | 1,503,000 |
| Tomoni Re | 3/25/2024 | 750,000 | 757,200 |
| Tomtit Re 2026 | 12/31/2025 | 21,447,400 | 21,632,637 |
| Topanga Re | 12/4/2025 | 10,500,000 | 10,474,800 |
| Topanga Re | 12/4/2025 | 8,750,000 | 8,726,375 |
| Torrey Pines Re | 5/18/2023 | 8,171,262 | 8,172,938 |
| Torrey Pines Re | 7/16/2024 | 503,424 | 521,550 |
| Torrey Pines Re | 1/29/2025 | 330,055 | 337,935 |
| Torrey Pines Re | 4/25/2025 | 8,250,000 | 8,481,825 |
| Torrey Pines Re | 4/25/2025 | 10,750,000 | 10,978,975 |
| Torrey Pines Re | 4/25/2025 | 6,250,000 | 6,430,000 |
| Turris Re | 11/28/2025 | 6,000,000 | 5,989,200 |
| Ursa Re | 10/10/2023 | 4,315,388 | 4,398,325 |
| Ursa Re | 1/8/2024 | 1,753,235 | 1,793,400 |
| Ursa Re | 11/22/2024 | 5,106,148 | 5,170,500 |
| Ursa Re | 2/10/2025 | 10,750,000 | 10,940,275 |
| Ursa Re II | 6/6/2025 | 9,500,000 | 9,742,250 |
| Ursa Re II | 11/18/2025 | 25,000,000 | 24,965,000 |
| Ursa Re II | 11/18/2025 | 42,250,000 | 42,376,750 |
| Veraison Re | 1/30/2024 | 2,000,000 | 2,055,400 |
| Veraison Re | 1/30/2025 | 10,500,000 | 10,702,650 |
| Veraison Re | 1/30/2025 | 1,250,000 | 1,285,250 |
| Vitality Re XV | 1/22/2024 | 1,000,000 | 1,008,700 |
| Vitality Re XV | 1/22/2024 | 500,000 | 509,800 |
| Restricted Securities | Acquisition date | Cost | Value |
| Vitality Re XVI | 1/23/2025 | $750,000 | $744,675 |
| Vitality Re XVI | 1/23/2025 | 750,000 | 746,925 |
| Vitality Re XVI | 1/23/2025 | 2,750,000 | 2,731,850 |
| White Heron Re | 7/24/2025 | — | 228,592 |
| Windmill III Re DAC | 6/12/2024 | 810,450 | 919,061 |
| Winston Re | 2/14/2024 | 2,250,000 | 2,371,500 |
| Winston Re | 2/14/2024 | 500,000 | 524,200 |
| Winston Re | 2/6/2025 | 12,500,000 | 12,815,000 |
| Yosemite Re | 3/18/2025 | 1,000,000 | 1,055,600 |
| Total Restricted Securities | $1,744,628,379 | ||
| % of Net assets | 95.3% |
| Currency Purchased | In Exchange for | Currency Sold | Deliver | Counterparty | Settlement Date | Unrealized (Depreciation) |
| USD | 44,091,148 | EUR | 37,360,000 | JPMorgan Chase Bank NA | 3/31/26 | $(325,035) |
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $(325,035) | |||||
| USD | United States Dollar |
| EUR | Euro |
| Level 1 | – | unadjusted quoted prices in active markets for identical securities. |
| Level 2 | – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| Level 3 | – | significant unobservable inputs (including the Adviser’s own assumptions in determining fair value of investments). |
| Level 1 | Level 2 | Level 3 | Total | |
| Corporate Bonds | $— | $35,950,000 | $— | $35,950,000 |
| Insurance-Linked Securities | ||||
| Collateralized Reinsurance | ||||
| Earthquakes – California | — | — | 9,964,526 | 9,964,526 |
| Earthquakes – U.S. | — | — | 5,067,843 | 5,067,843 |
| Multiperil – U.S. | — | — | 15,362,664 | 15,362,664 |
| Multiperil – U.S. & Canada | — | — | 10,408,150 | 10,408,150 |
| Level 1 | Level 2 | Level 3 | Total | |
| Multiperil – U.S. Regional | $— | $— | $5,107,523 | $5,107,523 |
| Multiperil – Worldwide | — | — | 84,044,337 | 84,044,337 |
| Windstorm – Florida | — | — | 494,768 | 494,768 |
| Windstorm – North Carolina | — | — | 940,411 | 940,411 |
| Windstorm – U.S. | — | — | 612,485 | 612,485 |
| Windstorm – U.S. Multistate | — | — | 228,592 | 228,592 |
| Windstorm – U.S. Regional | — | — | 5,177,293 | 5,177,293 |
| Winterstorm – Florida | — | — | 1,105,867 | 1,105,867 |
| All Other Insurance-Linked Securities | — | 1,606,113,920 | — | 1,606,113,920 |
| Open-End Fund | 63,646,390 | — | — | 63,646,390 |
| Total Investments in Securities | $63,646,390 | $1,642,063,920 | $138,514,459 | $1,844,224,769 |
| Other Financial Instruments | ||||
| Net unrealized depreciation on forward foreign currency exchange contracts | $— | $(325,035) | $— | $(325,035) |
| Total Other Financial Instruments | $— | $(325,035) | $— | $(325,035) |
| Insurance- Linked Securities | |
| Balance as of 10/31/25 | $222,117,551 |
| Realized gain (loss) | 475 |
| Changed in unrealized appreciation (depreciation) | (11,255,802) |
| Return of capital | (77,341,522) |
| Purchases | 57,809,622 |
| Sales | (58,243,365) |
| Transfers in to Level 3* | 5,427,500 |
| Transfers out of Level 3* | — |
| Balance as of 1/31/26 | $138,514,459 |
| * | Transfers are calculated on the beginning of period values. During the period ended January 31, 2026 investments having aggregate value of $5,427,500 were transferred out of Level 2 to Level 3, as there were significant observable inputs available to determine their value. There were no other transfers between Levels 1, 2 and 3. | ||
| Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at January 31, 2026: | $676,630 | ||