| Shares | Value | |||||
| UNAFFILIATED ISSUERS — 193.6% | ||||||
| Common Stocks — 0.2% of Net Assets | ||||||
| Commercial Services & Supplies — 0.0% | ||||||
| 441,379(a)+ | Atento Luxco 1 S.A. | $ — | ||||
| Total Commercial Services & Supplies | $— | |||||
| Financial Services — 0.2% | ||||||
| 152,704(a)+ | Unifin Financiera S.A.B de CV | $ 10,485 | ||||
| Total Financial Services | $10,485 | |||||
| Household Durables — 0.0%† | ||||||
| 89,094(a)+ | Desarrolladora Homex S.A.B de CV | $ 5 | ||||
| Total Household Durables | $5 | |||||
| Oil, Gas & Consumable Fuels — 0.0%† | ||||||
| 6(a) | Amplify Energy Corp. | $ 30 | ||||
| 2,189(a) | Petroquest Energy, Inc. | 285 | ||||
| Total Oil, Gas & Consumable Fuels | $315 | |||||
| Total Common Stocks (Cost $234,607) | $10,805 | |||||
| Principal Amount USD ($) | ||||||
| Convertible Corporate Bonds — 0.1% of Net Assets | ||||||
| Banks — 0.1% | ||||||
| IDR812,959,000 | PT Bakrie & Brothers Tbk, 6/30/26 | $ 9,880 | ||||
| Total Banks | $9,880 | |||||
| Total Convertible Corporate Bonds (Cost $59,146) | $9,880 | |||||
| Corporate Bonds — 0.0%† of Net Assets | ||||||
| Banks — 0.0%† | ||||||
| 275,000 | Credito Real S.A.B de CV Escrow, 8.00%, 1/21/28 | $ 28 | ||||
| 865,000(b)(c)(d)+ | Sovcombank Via SovCom Capital DAC, 7.60% (5 Year CMT Index + 636 bps) (144A) | — | ||||
| Total Banks | $28 | |||||
| Diversified Financial Services — 0.0% | ||||||
| 1,174,000+ | Unifin Financiera SAB de CV, 0.000%, 1/27/28 | $ — | ||||
| Total Diversified Financial Services | $— | |||||
| Principal Amount USD ($) | Value | |||||
| Pharmaceuticals — 0.0% | ||||||
| 300,000+ | Tricida, Inc., 0.000%, 5/15/27 | $ — | ||||
| Total Pharmaceuticals | $— | |||||
| Total Corporate Bonds (Cost $1,092,511) | $28 | |||||
| Insurance-Linked Securities—56.8% of Net Assets# | ||||||
| Event Linked Bonds — 1.3% | ||||||
| Windstorm – Florida — 1.3% | ||||||
| 154,720(e) | Integrity Re, 4.02%, (FHMMUSTF + 50 bps), 6/6/30 (144A) | $ 77,360 | ||||
| Total Event Linked Bonds | $77,360 | |||||
| Face Amount USD ($) | ||||||
| Collateralized Reinsurance — 33.6% | ||||||
| Multiperil – U.S. — 16.3% | ||||||
| 878,691(a)(f)+ | PI0047 2024-1, 12/31/29 | $ 952,510 | ||||
| Multiperil – Worldwide — 17.3% | ||||||
| 250,000(a)(f)+ | Epsom Re 2025, 12/31/30 | $ 6,950 | ||||
| 500,000(a)(f)+ | Gamboge Re, 3/31/30 | 232,600 | ||||
| 500,000(a)(f)+ | Gamboge Re 2025, 3/31/31 | 514,423 | ||||
| 250,000(a)(f)+ | Pine Valley Re 2025, 12/31/29 | 258,915 | ||||
| $1,012,888 | ||||||
| Total Collateralized Reinsurance | $1,965,398 | |||||
| Reinsurance Sidecars — 21.9% | ||||||
| Multiperil – U.S. Regional — 0.0% | ||||||
| 250,000(a)(f)+ | Brotherhood Re, 1/31/27 | $ — | ||||
| Multiperil – Worldwide — 21.9% | ||||||
| 213,682(a)(g)+ | Alturas Re 2021-3, 7/31/26 | $ 5,470 | ||||
| 376,048(a)(g)+ | Alturas Re 2022-2, 12/31/27 | 13,199 | ||||
| 80,000(a)(f)+ | Eden Re II, 3/20/26 (144A) | 4,249 | ||||
| 3,000(a)(f)+ | Eden Re II, 3/19/27 (144A) | 11,023 | ||||
| 250,000(a)(f)+ | Gleneagles Re 2022, 12/31/27 | 29,500 | ||||
| 676(a)(f)+ | Sector Re V, 12/1/29 (144A) | 293,032 | ||||
| 500,000(a)(f)+ | Sussex Re 2022, 12/31/27 | — | ||||
| 300,000(a)(g)+ | Thopas Re 2020, 12/31/26 | 1,350 | ||||
| 250,000(a)(g)+ | Thopas Re 2021, 12/31/26 | — | ||||
| 250,000(a)(g)+ | Thopas Re 2022, 12/31/27 | — | ||||
| Face Amount USD ($) | Value | |||||
| Multiperil – Worldwide — (continued) | ||||||
| 766,025(a)(g)+ | Thopas Re 2023, 12/31/28 | $ 1,992 | ||||
| 766,025(a)(g)+ | Thopas Re 2024, 12/31/29 | 4,520 | ||||
| 750,000(a)(f)+ | Thopas Re 2025, 12/31/30 | 920,175 | ||||
| 500,000(a)(g)+ | Viribus Re 2018, 12/31/26 | — | ||||
| 212,306(a)(g)+ | Viribus Re 2019, 12/31/26 | — | ||||
| $1,284,510 | ||||||
| Total Reinsurance Sidecars | $1,284,510 | |||||
| Total Insurance-Linked Securities (Cost $2,749,962) | $3,327,268 | |||||
| Shares | ||||||
| SHORT TERM INVESTMENTS — 136.5% of Net Assets | ||||||
| Open-End Fund — 136.5% | ||||||
| 7,999,011(h) | Dreyfus Government Cash Management, Institutional Shares, 3.58% | $ 7,999,011 | ||||
| $7,999,011 | ||||||
| TOTAL SHORT TERM INVESTMENTS (Cost $7,999,011) | $7,999,011 | |||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 193.6% (Cost $12,135,237) | $11,346,992 | |||||
| OTHER ASSETS AND LIABILITIES — (93.6)% | $(5,486,191) | |||||
| net assets — 100.0% | $5,860,801 | |||||
| bps | Basis Points. |
| CMT | Constant Maturity Treasury. |
| FHMMUSTF | Federated Hermes US Treasury Cash Reserves Fund Yield. |
| (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 $385,664, or 6.6% of net assets. |
| (a) | Non-income producing security. |
| (b) | Security is perpetual in nature and has no stated maturity date. |
| (c) | Security is in default. |
| (d) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at January 31, 2026. |
| (e) | Floating rate note. Coupon rate, reference index and spread shown at January 31, 2026. |
| (f) | Issued as participation notes. |
| (g) | Issued as preference shares. |
| (h) | 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 |
| Alturas Re 2021-3 | 8/16/2021 | $17,445 | $5,470 |
| Alturas Re 2022-2 | 1/18/2022 | — | 13,199 |
| Brotherhood Re | 1/22/2018 | 37,865 | — |
| Eden Re II | 1/21/2022 | 1,569 | 4,249 |
| Eden Re II | 1/17/2023 | — | 11,023 |
| Epsom Re 2025 | 4/16/2025 | — | 6,950 |
| Gamboge Re | 5/9/2024 | 161,817 | 232,600 |
| Gamboge Re 2025 | 4/23/2025 | 433,487 | 514,423 |
| Gleneagles Re 2022 | 1/18/2022 | 96,411 | 29,500 |
| Integrity Re | 5/9/2022 | 154,720 | 77,360 |
| PI0047 2024-1 | 1/26/2024 | 872,164 | 952,510 |
| Pine Valley Re 2025 | 1/7/2025 | 215,514 | 258,915 |
| Sector Re V | 12/31/2024 | 676 | 293,032 |
| Sussex Re 2022 | 1/5/2022 | — | — |
| Thopas Re 2020 | 12/30/2019 | — | 1,350 |
| Thopas Re 2021 | 1/22/2021 | — | — |
| Thopas Re 2022 | 2/15/2022 | — | — |
| Thopas Re 2023 | 2/13/2023 | — | 1,992 |
| Thopas Re 2024 | 2/2/2024 | — | 4,520 |
| Thopas Re 2025 | 1/10/2025 | 750,000 | 920,175 |
| Viribus Re 2018 | 12/22/2017 | 8,294 | — |
| Viribus Re 2019 | 3/25/2019 | — | — |
| Total Restricted Securities | $3,327,268 | ||
| % of Net assets | 56.8% |
| 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 | |
| Common Stocks | ||||
| Commercial Services & Supplies | $— | $— | $—* | $—* |
| Financial Services | — | — | 10,485 | 10,485 |
| Household Durables | — | — | 5 | 5 |
| Oil, Gas & Consumable Fuels | 30 | 285 | — | 315 |
| Convertible Corporate Bonds | — | 9,880 | — | 9,880 |
| Corporate Bonds | ||||
| Banks | — | 28 | — | 28 |
| Diversified Financial Services | — | — | —* | — |
| Pharmaceuticals | — | — | —* | — |
| Insurance-Linked Securities | ||||
| Windstorm – Florida | — | 77,360 | — | 77,360 |
| Collateralized Reinsurance | ||||
| Multiperil – U.S. | — | — | 952,510 | 952,510 |
| Multiperil – Worldwide | — | — | 1,012,888 | 1,012,888 |
| Reinsurance Sidecars | ||||
| Multiperil – U.S. Regional | — | — | —* | —* |
| Multiperil – Worldwide | — | — | 1,284,510 | 1,284,510 |
| Open-End Fund | 7,999,011 | — | — | 7,999,011 |
| Total Investments in Securities | $7,999,041 | $87,553 | $3,260,398 | $11,346,992 |
| * | Securities valued at $0. |
| Common Stocks | Asset Backed Securities | Corporate Bonds | Insurance- Linked Securities | Total | |
| Balance as of 4/30/25 | $9,344 | $33,000 | $—* | $11,882,793 | $11,925,137 |
| Realized gain (loss) | — | (397,349) | — | (4,706) | (402,055) |
| Changed in unrealized appreciation (depreciation) | 1,141 | 408,991 | — | 258,460 | 668,592 |
| Return of capital | — | 5,358 | — | (698,841) | (693,483) |
| Purchases | — | — | — | — | — |
| Sales | — | (50,000) | — | (8,187,798) | (8,237,798) |
| Transfers in to Level 3** | 5 | — | — | — | 5 |
| Transfers out of Level 3** | — | — | — | — | — |
| Balance as of 1/31/26 | $10,490 | $— | $—* | $3,249,908 | $3,260,398 |
| * | Securities valued at $0. | ||
| ** | Transfers are calculated on the beginning of period values. During the period ended January 31, 2026 investments having aggregate value of $5 were transferred out of Level 1 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: | $599,917 | ||