|
Angel Oak UltraShort Income ETF
|
||||||||
|
Schedule of Investments
|
||||||||
|
April 30, 2026 (Unaudited)
|
||||||||
|
CORPORATE OBLIGATIONS - 23.6%
|
Par
|
Value
|
||||||
|
Basic Materials - 1.2%
|
||||||||
|
ArcelorMittal SA, 6.55%, 11/29/2027
|
$
|
4,800,000
|
$
|
4,940,205
|
||||
|
Cabot Corp., 3.40%, 09/15/2026
|
2,250,000
|
2,237,626
|
||||||
|
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 (a)
|
275,000
|
275,028
|
||||||
|
FMC Corp., 3.20%, 10/01/2026
|
3,400,000
|
3,380,492
|
||||||
|
International Flavors & Fragrances, Inc., 1.83%, 10/15/2027 (a)
|
5,650,000
|
5,425,199
|
||||||
|
Methanex Corp., 5.13%, 10/15/2027
|
350,000
|
350,372
|
||||||
|
Mosaic Global Holdings, Inc., 7.30%, 01/15/2028
|
950,000
|
989,614
|
||||||
|
17,598,536
|
||||||||
|
Communications - 0.3%
|
||||||||
|
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a)
|
328,000
|
328,448
|
||||||
|
Expedia Group, Inc., 4.63%, 08/01/2027
|
4,217,000
|
4,223,879
|
||||||
|
4,552,327
|
||||||||
|
Consumer, Cyclical - 4.1%
|
||||||||
|
American Honda Finance Corp., 4.55%, 07/09/2027
|
6,735,000
|
6,743,242
|
||||||
|
AutoNation, Inc., 1.95%, 08/01/2028
|
5,381,000
|
5,080,770
|
||||||
|
BorgWarner, Inc., 2.65%, 07/01/2027
|
3,960,000
|
3,882,837
|
||||||
|
Carnival Corp., 4.00%, 08/01/2028 (a)
|
6,380,000
|
6,233,070
|
||||||
|
Delta Air Lines, Inc., 4.95%, 07/10/2028
|
5,210,000
|
5,241,997
|
||||||
|
Ford Motor Credit Co. LLC, 2.90%, 02/16/2028
|
4,800,000
|
4,621,645
|
||||||
|
General Motors Co., 5.35%, 04/15/2028
|
1,070,000
|
1,085,177
|
||||||
|
General Motors Financial Co., Inc., 2.40%, 04/10/2028
|
3,400,000
|
3,270,493
|
||||||
|
Hyatt Hotels Corp., 5.75%, 01/30/2027
|
1,275,000
|
1,286,445
|
||||||
|
Meritage Homes Corp., 5.13%, 06/06/2027
|
2,100,000
|
2,105,104
|
||||||
|
Newell Brands, Inc., 8.50%, 06/01/2028 (a)
|
800,000
|
836,472
|
||||||
|
Royal Caribbean Cruises Ltd., 5.50%, 04/01/2028 (a)
|
5,565,000
|
5,625,916
|
||||||
|
Southwest Airlines Co.
|
||||||||
|
3.00%, 11/15/2026
|
3,800,000
|
3,773,647
|
||||||
|
7.38%, 03/01/2027
|
890,000
|
906,916
|
||||||
|
4.38%, 11/15/2028
|
1,410,000
|
1,400,006
|
||||||
|
Toll Brothers Finance Corp., 4.88%, 03/15/2027
|
2,153,000
|
2,158,881
|
||||||
|
VOC Escrow Ltd., 5.00%, 02/15/2028 (a)
|
6,745,000
|
6,739,796
|
||||||
|
60,992,414
|
||||||||
|
Consumer, Non-cyclical - 2.6%
|
||||||||
|
Ashtead Capital, Inc., 1.50%, 08/12/2026 (a)
|
2,608,000
|
2,585,572
|
||||||
|
Campbell's Co., 5.20%, 03/19/2027
|
6,370,000
|
6,418,612
|
||||||
|
Conagra Brands, Inc.
|
||||||||
|
1.38%, 11/01/2027
|
4,090,000
|
3,899,276
|
||||||
|
7.00%, 10/01/2028
|
1,560,000
|
1,636,334
|
||||||
|
Global Payments, Inc., 4.95%, 08/15/2027
|
2,977,000
|
2,986,598
|
||||||
|
HCA, Inc.
|
||||||||
|
3.13%, 03/15/2027
|
525,000
|
520,137
|
||||||
|
5.20%, 06/01/2028
|
2,050,000
|
2,078,027
|
||||||
|
Keurig Dr Pepper, Inc., 5.10%, 03/15/2027
|
5,815,000
|
5,846,757
|
||||||
|
Kraft Heinz Foods Co.
|
||||||||
|
3.00%, 06/01/2026
|
4,800,000
|
4,794,449
|
||||||
|
3.88%, 05/15/2027
|
1,500,000
|
1,493,289
|
||||||
|
Universal Health Services, Inc., 1.65%, 09/01/2026
|
5,565,000
|
5,515,245
|
||||||
|
37,774,296
|
||||||||
|
Energy - 2.0%
|
||||||||
|
Continental Resources, Inc.
|
||||||||
|
2.27%, 11/15/2026 (a)
|
3,400,000
|
3,362,569
|
||||||
|
4.38%, 01/15/2028
|
2,720,000
|
2,707,326
|
||||||
|
Enbridge, Inc., 4.60%, 06/20/2028
|
2,080,000
|
2,087,553
|
||||||
|
EQT Corp.
|
||||||||
|
3.13%, 05/15/2026 (a)
|
1,907,000
|
1,905,539
|
||||||
|
3.90%, 10/01/2027
|
579,000
|
573,322
|
||||||
|
Occidental Petroleum Corp., 3.20%, 08/15/2026
|
3,100,000
|
3,091,054
|
||||||
|
ONEOK, Inc., 4.55%, 07/15/2028
|
2,000,000
|
2,001,095
|
||||||
|
Onslow Bay Mortgage Loan Trust, 3.00%, 02/15/2027
|
1,970,000
|
1,948,047
|
||||||
|
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028
|
800,000
|
799,725
|
||||||
|
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028
|
5,565,000
|
5,557,865
|
||||||
|
Venture Global LNG, Inc., 8.13%, 06/01/2028 (a)
|
800,000
|
818,941
|
||||||
|
Western Midstream Operating LP, 4.75%, 08/15/2028
|
4,050,000
|
4,067,843
|
||||||
|
28,920,879
|
||||||||
|
Financial - 8.4%
|
||||||||
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/2028
|
5,785,000
|
5,575,959
|
||||||
|
Air Lease Corp., 1.88%, 08/15/2026
|
4,800,000
|
4,762,291
|
||||||
|
Aircastle Ltd.
|
||||||||
|
2.85%, 01/26/2028 (a)
|
3,400,000
|
3,298,749
|
||||||
|
6.50%, 07/18/2028 (a)
|
1,480,000
|
1,532,341
|
||||||
|
Ally Financial, Inc., 2.20%, 11/02/2028
|
5,210,000
|
4,919,435
|
||||||
|
Ares Capital Corp.
|
||||||||
|
7.00%, 01/15/2027
|
4,000,000
|
4,053,389
|
||||||
|
2.88%, 06/15/2027
|
335,000
|
327,024
|
||||||
|
2.88%, 06/15/2028
|
1,785,000
|
1,704,311
|
||||||
|
Athene Global Funding
|
||||||||
|
5.52%, 03/25/2027 (a)
|
2,779,000
|
2,803,448
|
||||||
|
4.83%, 05/09/2028 (a)
|
3,591,000
|
3,582,902
|
||||||
|
Avolon Holdings Funding Ltd.
|
||||||||
|
2.53%, 11/18/2027 (a)
|
2,005,000
|
1,943,581
|
||||||
|
2.75%, 02/21/2028 (a)
|
1,585,000
|
1,531,285
|
||||||
|
6.38%, 05/04/2028 (a)
|
2,610,000
|
2,688,965
|
||||||
|
Banco Santander SA, 3.80%, 02/23/2028
|
1,965,000
|
1,940,558
|
||||||
|
Barclays PLC, 5.20%, 05/12/2026
|
5,105,000
|
5,105,954
|
||||||
|
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027 (a)
|
800,000
|
790,609
|
||||||
|
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a)
|
730,000
|
712,097
|
||||||
|
Citigroup, Inc., 4.45%, 09/29/2027
|
6,330,000
|
6,333,648
|
||||||
|
Comerica, Inc., 3.80%, 07/22/2026
|
3,400,000
|
3,392,597
|
||||||
|
Cooperatieve Rabobank UA, 3.75%, 07/21/2026
|
4,880,000
|
4,871,311
|
||||||
|
Crown Castle, Inc.
|
||||||||
|
2.90%, 03/15/2027
|
330,000
|
325,572
|
||||||
|
3.80%, 02/15/2028
|
6,045,000
|
5,963,985
|
||||||
|
Freedom Mortgage Corp., 6.63%, 01/15/2027 (a)
|
800,000
|
799,688
|
||||||
|
GGAM Finance Ltd., 8.00%, 02/15/2027 (a)
|
250,000
|
251,581
|
||||||
|
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 (a)
|
850,000
|
863,227
|
||||||
|
goeasy Ltd., 4.38%, 05/01/2026 (a)
|
260,000
|
260,000
|
||||||
|
Golub Capital BDC, Inc., 2.05%, 02/15/2027
|
3,370,000
|
3,285,549
|
||||||
|
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 (a)
|
2,885,000
|
2,879,179
|
||||||
|
Host Hotels & Resorts LP, 4.25%, 12/15/2028
|
5,731,000
|
5,676,455
|
||||||
|
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 (a)
|
610,000
|
585,557
|
||||||
|
Jefferies Financial Group, Inc., 6.45%, 06/08/2027
|
2,505,000
|
2,551,835
|
||||||
|
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026 (a)
|
800,000
|
798,712
|
||||||
|
KeyBank NA, 3.40%, 05/20/2026
|
1,915,000
|
1,913,733
|
||||||
|
Keybank National Association, 6.95%, 02/01/2028
|
6,755,000
|
7,011,869
|
||||||
|
LPL Holdings, Inc.
|
||||||||
|
5.70%, 05/20/2027
|
2,410,000
|
2,436,301
|
||||||
|
4.63%, 11/15/2027 (a)
|
2,800,000
|
2,787,731
|
||||||
|
Macquarie Airfinance Holdings Ltd., 5.20%, 03/27/2028 (a)
|
5,210,000
|
5,234,372
|
||||||
|
Manufacturers & Traders Trust Co., 3.40%, 08/17/2027
|
500,000
|
492,989
|
||||||
|
OneMain Finance Corp., 3.50%, 01/15/2027
|
400,000
|
395,060
|
||||||
|
PRA Group, Inc., 8.38%, 02/01/2028 (a)
|
800,000
|
813,121
|
||||||
|
Radian Group, Inc., 4.88%, 03/15/2027
|
3,350,000
|
3,351,789
|
||||||
|
Starwood Property Trust, Inc., 4.38%, 01/15/2027 (a)
|
300,000
|
299,417
|
||||||
|
Sumisho Air Lease Corp., 3.63%, 04/01/2027
|
2,000,000
|
1,977,319
|
||||||
|
Synchrony Bank, 5.63%, 08/23/2027
|
3,425,000
|
3,456,007
|
||||||
|
United Wholesale Mortgage LLC, 5.75%, 06/15/2027 (a)
|
400,000
|
398,612
|
||||||
|
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 4.75%, 04/15/2028 (a)
|
200,000
|
199,389
|
||||||
|
VICI Properties LP / VICI Note Co., Inc.
|
||||||||
|
5.75%, 02/01/2027 (a)
|
580,000
|
583,010
|
||||||
|
3.75%, 02/15/2027 (a)
|
5,565,000
|
5,526,368
|
||||||
|
122,988,881
|
||||||||
|
Industrial - 2.9%
|
||||||||
|
Arrow Electronics, Inc.
|
||||||||
|
7.50%, 01/15/2027
|
1,100,000
|
1,117,202
|
||||||
|
3.88%, 01/12/2028
|
5,045,000
|
4,986,591
|
||||||
|
Avnet, Inc., 6.25%, 03/15/2028
|
5,511,000
|
5,660,734
|
||||||
|
Black & Decker Holdings, Inc., 7.05%, 07/01/2028 (a)
|
3,950,000
|
4,082,904
|
||||||
|
Boeing Co., 3.10%, 05/01/2026
|
832,000
|
832,000
|
||||||
|
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029 (a)
|
735,000
|
724,031
|
||||||
|
Flex Ltd., 6.00%, 01/15/2028
|
5,147,000
|
5,263,309
|
||||||
|
GATX Corp.
|
||||||||
|
3.25%, 09/15/2026
|
1,298,000
|
1,293,331
|
||||||
|
3.50%, 03/15/2028
|
670,000
|
658,578
|
||||||
|
Hexcel Corp., 4.20%, 02/15/2027
|
990,000
|
988,227
|
||||||
|
Jabil, Inc., 3.95%, 01/12/2028
|
1,345,000
|
1,332,827
|
||||||
|
Masco Corp., 1.50%, 02/15/2028
|
844,000
|
800,847
|
||||||
|
MasTec, Inc., 4.50%, 08/15/2028 (a)
|
5,210,000
|
5,181,598
|
||||||
|
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 (a)
|
300,000
|
301,329
|
||||||
|
Penske Truck Leasing Co. LP / PTL Finance Corp., 5.55%, 05/01/2028 (a)
|
2,000,000
|
2,032,473
|
||||||
|
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028 (a)
|
850,000
|
849,905
|
||||||
|
XPO, Inc., 6.25%, 06/01/2028 (a)
|
6,760,000
|
6,857,919
|
||||||
|
42,963,805
|
||||||||
|
Technology - 1.1%
|
||||||||
|
CDW LLC / CDW Finance Corp.
|
||||||||
|
2.67%, 12/01/2026
|
2,250,000
|
2,228,034
|
||||||
|
4.25%, 04/01/2028
|
2,650,000
|
2,621,673
|
||||||
|
Fiserv, Inc., 2.25%, 06/01/2027
|
5,650,000
|
5,516,738
|
||||||
|
Oracle Corp., 2.30%, 03/25/2028
|
6,100,000
|
5,825,146
|
||||||
|
16,191,591
|
||||||||
|
Utilities - 1.0%
|
||||||||
|
National Fuel Gas Co., 5.50%, 10/01/2026
|
3,350,000
|
3,365,189
|
||||||
|
NRG Energy, Inc., 2.45%, 12/02/2027 (a)
|
5,860,000
|
5,664,306
|
||||||
|
Vistra Operations Co. LLC
|
||||||||
|
5.05%, 12/30/2026 (a)
|
1,450,000
|
1,456,259
|
||||||
|
3.70%, 01/30/2027 (a)
|
2,530,000
|
2,517,780
|
||||||
|
4.30%, 10/15/2028 (a)
|
2,165,000
|
2,140,935
|
||||||
|
15,144,469
|
||||||||
|
TOTAL CORPORATE OBLIGATIONS (Cost $347,586,736)
|
347,127,198
|
|||||||
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 23.1%
|
Par
|
Value
|
||||||
|
Federal Home Loan Mortgage Corp.
|
||||||||
|
Series K-F100, Class AL, 3.90% (30 day avg SOFR US + 0.24%), 11/25/2027
|
3,629,839
|
3,618,394
|
||||||
|
Series K-F100, Class AS, 3.83% (30 day avg SOFR US + 0.18%), 01/25/2028
|
3,269,411
|
3,263,029
|
||||||
|
Series K-F101, Class AS, 3.85% (30 day avg SOFR US + 0.20%), 01/25/2031
|
69,994
|
69,352
|
||||||
|
Series K-F102, Class AS, 3.85% (30 day avg SOFR US + 0.20%), 01/25/2031
|
25,459,157
|
25,140,612
|
||||||
|
Series K-F103, Class AS, 3.89% (30 day avg SOFR US + 0.24%), 01/25/2031
|
8,878,433
|
8,777,610
|
||||||
|
Series K-F104, Class AS, 3.90% (30 day avg SOFR US + 0.25%), 01/25/2031
|
2,361,257
|
2,351,215
|
||||||
|
Series K-F105, Class AS, 3.90% (30 day avg SOFR US + 0.25%), 02/25/2031
|
10,121,695
|
10,057,017
|
||||||
|
Series K-F106, Class AS, 3.90% (30 day avg SOFR US + 0.25%), 01/25/2031
|
4,890,759
|
4,839,117
|
||||||
|
Series K-F108, Class AS, 3.90% (30 day avg SOFR US + 0.25%), 02/25/2031
|
4,707,005
|
4,686,478
|
||||||
|
Series K-F109, Class AS, 3.89% (30 day avg SOFR US + 0.24%), 03/25/2031
|
271,184
|
269,527
|
||||||
|
Series K-F111, Class AS, 3.89% (30 day avg SOFR US + 0.24%), 03/25/2031
|
6,407,357
|
6,369,201
|
||||||
|
Series K-F112, Class AS, 3.88% (30 day avg SOFR US + 0.23%), 04/25/2031
|
4,965,191
|
4,905,247
|
||||||
|
Series K-F113, Class AS, 3.88% (30 day avg SOFR US + 0.23%), 05/25/2028
|
4,801,456
|
4,780,119
|
||||||
|
Series K-F114, Class AS, 3.87% (30 day avg SOFR US + 0.22%), 05/25/2031
|
7,434,820
|
7,341,304
|
||||||
|
Series K-F115, Class AS, 3.86% (30 day avg SOFR US + 0.21%), 06/25/2031
|
4,729,329
|
4,668,652
|
||||||
|
Series K-F117, Class AS, 3.89% (30 day avg SOFR US + 0.24%), 06/25/2031
|
2,696,503
|
2,667,351
|
||||||
|
Series K-F118, Class AS, 3.85% (30 day avg SOFR US + 0.20%), 07/25/2028
|
3,402,264
|
3,382,670
|
||||||
|
Series K-F119, Class AS, 3.86% (30 day avg SOFR US + 0.21%), 07/25/2031
|
9,305,158
|
9,245,996
|
||||||
|
Series K-F120, Class AS, 3.85% (30 day avg SOFR US + 0.20%), 08/25/2031
|
21,832,652
|
21,693,971
|
||||||
|
Series K-F121, Class AS, 3.83% (30 day avg SOFR US + 0.18%), 08/25/2028
|
6,804,766
|
6,760,447
|
||||||
|
Series K-F122, Class AS, 3.84% (30 day avg SOFR US + 0.19%), 09/25/2031
|
5,729,771
|
5,703,574
|
||||||
|
Series KF123, Class AS, 3.85% (30 day avg SOFR US + 0.20%), 09/25/2028
|
3,247,261
|
3,226,609
|
||||||
|
Series KF124, Class AS, 3.87% (30 day avg SOFR US + 0.22%), 10/25/2031
|
3,445,516
|
3,423,316
|
||||||
|
Series KF125, Class AS, 3.87% (30 day avg SOFR US + 0.22%), 10/25/2028
|
6,533,961
|
6,495,058
|
||||||
|
Series KF126, Class AS, 3.89% (30 day avg SOFR US + 0.24%), 11/25/2031
|
4,921,696
|
4,897,924
|
||||||
|
Series KF-127, Class AS, 3.86% (30 day avg SOFR US + 0.21%), 12/25/2028
|
23,894,332
|
23,793,450
|
||||||
|
Series KF128, Class AS, 3.88% (30 day avg SOFR US + 0.23%), 12/25/2031
|
8,610,632
|
8,537,692
|
||||||
|
Series KF129, Class AS, 3.90% (30 day avg SOFR US + 0.25%), 01/25/2029
|
8,213,309
|
8,166,230
|
||||||
|
Series KF130, Class AS, 3.94% (30 day avg SOFR US + 0.29%), 01/25/2029
|
1,679,548
|
1,676,513
|
||||||
|
Series KF132, Class AS, 4.04% (30 day avg SOFR US + 0.39%), 02/25/2032
|
4,709,177
|
4,708,677
|
||||||
|
Series KF133, Class AS, 4.02% (30 day avg SOFR US + 0.37%), 02/25/2029
|
897,957
|
895,335
|
||||||
|
Series KF134, Class AS, 4.06% (30 day avg SOFR US + 0.41%), 03/25/2032
|
18,165,682
|
18,141,867
|
||||||
|
Series KF136, Class AS, 4.06% (30 day avg SOFR US + 0.41%), 04/25/2032
|
713,542
|
711,136
|
||||||
|
Series KF141, Class AS, 4.22% (30 day avg SOFR US + 0.57%), 07/25/2032
|
834,021
|
836,889
|
||||||
|
Series KF155, Class AS, 4.32% (30 day avg SOFR US + 0.67%), 02/25/2030
|
141,962
|
142,275
|
||||||
|
Series KF160, Class AS, 4.35% (30 day avg SOFR US + 0.70%), 10/25/2030
|
360,746
|
362,821
|
||||||
|
Series KF166, Class AS, 4.25% (30 day avg SOFR US + 0.60%), 01/25/2032
|
5,000,000
|
5,008,720
|
||||||
|
Series KF169, Class AS, 4.21% (30 day avg SOFR US + 0.56%), 11/25/2035
|
10,000,000
|
10,012,480
|
||||||
|
Series KF170, Class AS, 4.21% (30 day avg SOFR US + 0.56%), 11/25/2035
|
19,999,820
|
20,024,780
|
||||||
|
Series KF171, Class AS, 4.21% (30 day avg SOFR US + 0.56%), 03/25/2036
|
15,000,000
|
15,023,415
|
||||||
|
Series KF37, Class A, 4.13% (30 day avg SOFR US + 0.47%), 09/25/2027
|
643,918
|
644,386
|
||||||
|
Series KF57, Class A, 4.31% (30 day avg SOFR US + 0.65%), 12/25/2028
|
129,952
|
130,508
|
||||||
|
Series KF59, Class A, 4.31% (30 day avg SOFR US + 0.65%), 02/25/2029
|
699,548
|
701,485
|
||||||
|
Series KF61, Class A, 4.30% (30 day avg SOFR US + 0.64%), 03/25/2029
|
535,336
|
536,820
|
||||||
|
Series KF67, Class A, 4.29% (30 day avg SOFR US + 0.63%), 08/25/2029
|
235,356
|
236,152
|
||||||
|
Series KF75, Class AS, 4.20% (SOFR 1M Historical Calendar Day Compounded + 0.55%), 12/25/2029
|
915,302
|
917,064
|
||||||
|
Series KF81, Class AS, 4.05% (30 day avg SOFR US + 0.40%), 06/25/2027
|
1,700,549
|
1,701,797
|
||||||
|
Series KF82, Class AS, 4.07% (30 day avg SOFR US + 0.42%), 06/25/2030
|
5,246,353
|
5,231,716
|
||||||
|
Series KF85, Class AS, 3.98% (30 day avg SOFR US + 0.33%), 08/25/2030
|
819,687
|
814,677
|
||||||
|
Series KF88, Class AL, 4.10% (30 day avg SOFR US + 0.44%), 09/25/2030
|
3,468,812
|
3,463,345
|
||||||
|
Series KF91, Class AS, 4.03% (30 day avg SOFR US + 0.38%), 10/25/2030
|
2,955,785
|
2,941,917
|
||||||
|
Series KF94, Class AL, 4.07% (30 day avg SOFR US + 0.41%), 11/25/2030
|
5,331,897
|
5,313,363
|
||||||
|
Series KF96, Class AL, 4.03% (30 day avg SOFR US + 0.37%), 12/25/2030
|
137,383
|
136,674
|
||||||
|
Series KF96, Class AS, 3.95% (30 day avg SOFR US + 0.30%), 11/25/2030
|
1,699,694
|
1,685,871
|
||||||
|
Series KF97, Class AS, 3.90% (30 day avg SOFR US + 0.25%), 12/25/2030
|
3,214,778
|
3,181,640
|
||||||
|
Series KF98, Class AL, 3.94% (30 day avg SOFR US + 0.28%), 12/25/2030
|
5,064,132
|
5,018,838
|
||||||
|
Series KF98, Class AS, 3.86% (30 day avg SOFR US + 0.21%), 12/25/2030
|
5,252,135
|
5,170,364
|
||||||
|
Series KF99, Class AS, 3.85% (30 day avg SOFR US + 0.20%), 12/25/2030
|
20,272,036
|
20,018,859
|
||||||
|
Series KJ21, Class A2, 3.70%, 09/25/2026
|
55,145
|
55,037
|
||||||
|
Federal National Mortgage Association
|
||||||||
|
Pool AN3381, 2.52%, 10/01/2026
|
890,621
|
883,499
|
||||||
|
Series 2015-M10, Class A2, 3.09%, 04/25/2027 (c)
|
2,135,103
|
2,115,806
|
||||||
|
Series 2016-M9, Class A2, 2.29%, 06/25/2026
|
644,930
|
643,458
|
||||||
|
Series 2017-M15, Class ATS2, 3.22%, 11/25/2027 (c)
|
1,144,575
|
1,133,033
|
||||||
|
Series 2019-M28, Class AV, 2.23%, 02/25/2027
|
1,016,290
|
1,003,395
|
||||||
|
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY (Cost $340,643,241)
|
340,355,774
|
|||||||
|
ASSET-BACKED SECURITIES - 21.0%
|
Par
|
Value
|
||||||
|
Automobile - 10.9%
|
||||||||
|
ACM Auto Trust, Series 2025-4A, Class A, 5.87%, 05/20/2030 (a)
|
912,293
|
914,855
|
||||||
|
AgoraCapital Auto Securities Trust, Series 2025-1A, Class A, 6.40%, 11/25/2032 (a)
|
715,840
|
718,175
|
||||||
|
American Credit Acceptance Receivables Trust
|
||||||||
|
Series 2023-3, Class D, 6.82%, 10/12/2029 (a)
|
4,470,000
|
4,551,384
|
||||||
|
Series 2024-1, Class D, 5.86%, 05/13/2030 (a)
|
5,000,000
|
5,055,299
|
||||||
|
Series 2024-2, Class D, 6.53%, 04/12/2030 (a)
|
5,500,000
|
5,600,820
|
||||||
|
Series 2026-1, Class A, 4.16%, 07/12/2029 (a)
|
2,108,254
|
2,108,046
|
||||||
|
Series 2026-2, Class A, 4.32%, 05/08/2030 (a)
|
8,000,000
|
8,012,792
|
||||||
|
AmeriCredit Automobile Receivables Trust, Series 2025-1, Class A2B, 4.19% (30 day avg SOFR US + 0.55%), 03/19/2029 (a)
|
4,556,734
|
4,561,089
|
||||||
|
Arivo Acceptance Auto Loan Receivables Trust
|
||||||||
|
Series 2022-2A, Class A, 6.90%, 01/16/2029 (a)
|
34,975
|
35,155
|
||||||
|
Series 2024-1A, Class A, 6.46%, 04/17/2028 (a)
|
72,967
|
73,203
|
||||||
|
Series 2025-1A, Class A2, 4.92%, 05/15/2029 (a)
|
835,579
|
838,312
|
||||||
|
Avis Budget Car Rental LLC
|
||||||||
|
Series 2021-2A, Class A, 1.66%, 02/20/2028 (a)
|
5,000,000
|
4,926,261
|
||||||
|
Series 2021-2A, Class B, 1.90%, 02/20/2028 (a)
|
1,333,000
|
1,313,004
|
||||||
|
Series 2023-3A, Class C, 7.05%, 02/22/2028 (a)
|
800,000
|
809,451
|
||||||
|
Series 2024-2A, Class B, 5.57%, 10/20/2028 (a)
|
1,500,000
|
1,517,025
|
||||||
|
Bridgecrest Lending Auto Securitization Trust
|
||||||||
|
Series 2024-1, Class D, 6.03%, 11/15/2029
|
4,000,000
|
4,064,896
|
||||||
|
Series 2024-3, Class B, 5.37%, 10/16/2028
|
23,548
|
23,521
|
||||||
|
Series 2026-1, Class A2, 4.10%, 07/17/2028
|
2,000,000
|
2,000,280
|
||||||
|
Series 2026-2, Class A2, 4.24%, 09/15/2028
|
1,000,000
|
1,000,199
|
||||||
|
CarMax Auto Owner Trust, Series 2026-2, Class A2B, 3.64% (30 day avg SOFR US + 0.45%), 08/15/2029
|
2,750,000
|
2,754,652
|
||||||
|
Carvana Auto Receivables Trust
|
||||||||
|
Series 2021-N2, Class C, 1.07%, 03/10/2028
|
50,980
|
50,155
|
||||||
|
Series 2021-N2, Class E, 2.90%, 03/10/2028 (a)
|
1,518,559
|
1,496,128
|
||||||
|
Series 2021-N3, Class C, 1.02%, 06/12/2028
|
16,638
|
16,277
|
||||||
|
CPS Auto Trust
|
||||||||
|
Series 2023-C, Class D, 6.77%, 10/15/2029 (a)
|
7,300,000
|
7,487,020
|
||||||
|
Series 2026-B, Class B, 4.59%, 12/16/2030 (a)
|
1,250,000
|
1,249,769
|
||||||
|
DT Auto Owner Trust
|
||||||||
|
Series 2022-1A, Class E, 5.53%, 03/15/2029 (a)
|
2,000,000
|
1,999,935
|
||||||
|
Series 2022-2A, Class D, 5.46%, 03/15/2028 (a)
|
2,259,631
|
2,266,739
|
||||||
|
Series 2023-2A, Class D, 6.62%, 02/15/2029 (a)
|
1,245,000
|
1,267,399
|
||||||
|
Exeter Automobile Receivables Trust
|
||||||||
|
Series 2022-1A, Class E, 5.02%, 10/15/2029 (a)
|
2,000,000
|
1,982,626
|
||||||
|
Series 2022-5A, Class D, 7.40%, 02/15/2029
|
3,619,701
|
3,670,252
|
||||||
|
Series 2025-2A, Class B, 4.92%, 09/17/2029
|
1,125,000
|
1,131,261
|
||||||
|
Series 2025-5A, Class A2, 4.38%, 06/15/2028
|
3,808,141
|
3,811,725
|
||||||
|
FinBe USA Trust, Series 2025-1A, Class A, 5.70%, 12/15/2028 (a)
|
495,560
|
495,655
|
||||||
|
Flagship Credit Auto Trust
|
||||||||
|
Series 2021-3, Class D, 1.65%, 09/15/2027 (a)
|
208,508
|
206,196
|
||||||
|
Series 2021-4, Class D, 2.26%, 12/15/2027 (a)
|
392,000
|
382,740
|
||||||
|
Series 2023-3, Class C, 6.01%, 07/16/2029 (a)
|
585,000
|
585,602
|
||||||
|
GLS Auto Receivables Trust
|
||||||||
|
Series 2022-2A, Class E, 5.50%, 06/15/2029 (a)
|
2,500,000
|
2,517,099
|
||||||
|
Series 2024-2A, Class D, 6.19%, 02/15/2030 (a)
|
250,000
|
254,708
|
||||||
|
Series 2026-1A, Class A2, 4.04%, 11/15/2028 (a)
|
2,000,000
|
1,998,868
|
||||||
|
GM Financial Consumer Automobile Receivables Trust, Series 2026-2, Class A2B, 3.65% (30 day avg SOFR US + 0.40%), 05/16/2029
|
3,000,000
|
3,002,908
|
||||||
|
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032 (a)
|
178,053
|
180,481
|
||||||
|
Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48%, 07/17/2028
|
5,673,931
|
5,680,989
|
||||||
|
Lendbuzz Securitization Trust
|
||||||||
|
Series 2023-1A, Class A2, 6.92%, 08/15/2028 (a)
|
80,504
|
81,261
|
||||||
|
Series 2024-1A, Class A2, 6.19%, 08/15/2029 (a)
|
932,105
|
936,221
|
||||||
|
Series 2025-2A, Class A2, 5.18%, 05/15/2030 (a)
|
401,899
|
403,478
|
||||||
|
Series 2026-1A, Class A2, 4.68%, 07/15/2030 (a)
|
909,396
|
908,525
|
||||||
|
Lobel Automobile Receivables Trust
|
||||||||
|
Series 2023-1, Class D, 8.00%, 03/15/2030 (a)
|
3,662,548
|
3,725,476
|
||||||
|
Series 2023-2, Class C, 10.04%, 06/15/2029 (a)
|
1,000,000
|
1,010,477
|
||||||
|
Series 2026-1, Class A, 4.88%, 10/16/2028 (a)
|
3,000,000
|
3,000,301
|
||||||
|
Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A, 7.29%, 07/15/2030 (a)
|
69,829
|
70,042
|
||||||
|
Prestige Auto Receivables Trust
|
||||||||
|
Series 2025-1A, Class B, 5.34%, 11/15/2028 (a)
|
5,000,000
|
5,015,266
|
||||||
|
Series 2025-1A, Class C, 5.52%, 02/15/2030 (a)
|
5,000,000
|
5,028,292
|
||||||
|
Research-Driven Pagaya Motor Asset Trust
|
||||||||
|
Series 2022-3A, Class B, 6.58%, 11/25/2030 (a)
|
395,252
|
396,905
|
||||||
|
Series 2025-3A, Class A2, 5.15%, 02/27/2034 (a)
|
4,500,000
|
4,526,673
|
||||||
|
Series 2025-5A, Class A3, 4.84%, 06/26/2034 (a)
|
3,000,000
|
3,004,190
|
||||||
|
Series 2025-6A, Class A3, 5.01%, 08/25/2034 (a)
|
2,000,000
|
1,996,984
|
||||||
|
Series 2026-1A, Class A3, 4.86%, 01/25/2035 (a)
|
2,500,000
|
2,487,298
|
||||||
|
Series 2026-2A, Class A2, 4.84%, 02/26/2035 (a)
|
5,000,000
|
5,000,442
|
||||||
|
Series 2026-R1A, Class A, 5.66%, 07/25/2034 (a)
|
4,749,180
|
4,755,707
|
||||||
|
Santander Consumer USA Holdings, Inc.
|
||||||||
|
Series 2025-4, Class A2, 4.28%, 01/15/2029
|
6,666,352
|
6,673,069
|
||||||
|
Series 2026-1, Class A2, 4.04%, 03/15/2029
|
3,000,000
|
2,999,303
|
||||||
|
Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A, 5.84%, 04/15/2032 (a)
|
1,763,029
|
1,764,471
|
||||||
|
Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029
|
2,958,950
|
2,978,050
|
||||||
|
Tricolor Auto Securitization Trust, Series 2024-2A, Class A, 6.36%, 12/15/2027 (a)
|
372,559
|
348,888
|
||||||
|
Upgrade Auto Receivables Trust, Series 2025-1A, Class A2, 4.54%, 05/15/2029 (a)
|
3,145,671
|
3,147,372
|
||||||
|
US Auto Funding Trust, Series 2022-1A, Class B, 5.13%, 12/15/2026 (a)
|
44,086
|
14,250
|
||||||
|
Veros Automobile Receivables Trust, Series 2026-1, Class A, 4.53%, 08/15/2028 (a)
|
1,416,535
|
1,417,051
|
||||||
|
Westlake Automobile Receivables Trust
|
||||||||
|
Series 2025-2A, Class A2B, 4.22% (30 day avg SOFR US + 0.58%), 09/15/2028 (a)
|
1,427,158
|
1,427,973
|
||||||
|
Series 2026-1A, Class A2A, 4.02%, 09/15/2028 (a)
|
2,000,000
|
1,999,330
|
||||||
|
Series 2026-1A, Class A2B, 4.17% (30 day avg SOFR US + 0.53%), 09/15/2028 (a)
|
3,000,000
|
3,002,465
|
||||||
|
160,732,711
|
||||||||
|
Consumer - 10.0%
|
||||||||
|
ACHD Trust, Series 2025-DS1, Class A, 5.98%, 01/09/2034 (a)
|
302,823
|
303,406
|
||||||
|
ACHV ABS Trust
|
||||||||
|
Series 2024-1PL, Class B, 6.34%, 04/25/2031 (a)
|
210,083
|
211,736
|
||||||
|
Series 2024-1PL, Class C, 6.42%, 04/25/2031 (a)
|
306,642
|
308,756
|
||||||
|
Series 2024-1PL, Class D, 7.29%, 04/25/2031 (a)
|
2,703,876
|
2,729,330
|
||||||
|
Series 2024-2PL, Class B, 5.43%, 10/27/2031 (a)
|
280,463
|
282,222
|
||||||
|
Series 2024-2PL, Class C, 5.72%, 10/27/2031 (a)
|
1,609,633
|
1,619,680
|
||||||
|
Series 2024-3AL, Class C, 5.68%, 12/26/2031 (a)
|
718,724
|
723,716
|
||||||
|
Series 2024-3AL, Class D, 6.75%, 12/26/2031 (a)
|
2,324,632
|
2,347,292
|
||||||
|
Cherry Securitization Trust, Series 2025-1A, Class A, 6.13%, 11/15/2032 (a)
|
2,000,000
|
2,021,704
|
||||||
|
Marlette Funding Trust
|
||||||||
|
Series 2023-1A, Class D, 8.15%, 04/15/2033 (a)
|
5,659,799
|
5,741,104
|
||||||
|
Series 2023-3A, Class D, 8.04%, 09/15/2033 (a)
|
6,201,800
|
6,323,710
|
||||||
|
Series 2023-4A, Class B, 8.15%, 12/15/2033 (a)
|
1,755,000
|
1,801,428
|
||||||
|
Series 2024-1A, Class C, 6.34%, 07/17/2034 (a)
|
2,800,000
|
2,818,617
|
||||||
|
Series 2025-1A, Class B, 4.95%, 07/16/2035 (a)
|
2,000,000
|
2,004,131
|
||||||
|
Momnt Technologies Trust, Series 2023-1A, Class A, 6.92%, 03/20/2045 (a)
|
107,847
|
108,026
|
||||||
|
Oportun Financial Corp.
|
||||||||
|
Series 2024-3, Class B, 5.48%, 08/15/2029 (a)
|
1,049,693
|
1,050,393
|
||||||
|
Series 2026-A, Class B, 5.06%, 01/09/2034 (a)
|
1,000,000
|
997,240
|
||||||
|
Pagaya AI Debt Selection Trust
|
||||||||
|
Series 2022-1, Class C, 4.89%, 10/15/2029 (a)
|
4,632,344
|
4,612,941
|
||||||
|
Series 2024-10, Class C, 5.99%, 06/15/2032 (a)
|
2,618,965
|
2,629,161
|
||||||
|
Series 2024-11, Class B, 5.64%, 07/15/2032 (a)
|
1,041,101
|
1,047,079
|
||||||
|
Series 2024-11, Class C, 5.87%, 07/15/2032 (a)
|
586,738
|
588,660
|
||||||
|
Series 2024-5, Class B, 6.60%, 10/15/2031 (a)
|
761,165
|
761,780
|
||||||
|
Series 2024-6, Class B, 6.59%, 11/15/2031 (a)
|
824,192
|
824,826
|
||||||
|
Series 2024-8, Class C, 6.03%, 01/15/2032 (a)
|
416,421
|
417,559
|
||||||
|
Series 2024-8, Class D, 6.53%, 01/15/2032 (a)
|
745,801
|
748,295
|
||||||
|
Series 2024-9, Class B, 5.31%, 03/15/2032 (a)
|
2,385,087
|
2,390,692
|
||||||
|
Series 2024-9, Class D, 6.17%, 03/15/2032 (a)
|
674,413
|
676,933
|
||||||
|
Series 2025-1, Class A2, 5.16%, 07/15/2032 (a)
|
1,951,244
|
1,958,315
|
||||||
|
Series 2025-1, Class B, 5.63%, 07/15/2032 (a)
|
1,697,670
|
1,702,771
|
||||||
|
Series 2025-2, Class A2, 4.96%, 10/15/2032 (a)
|
3,017,111
|
3,021,884
|
||||||
|
Series 2025-2, Class C, 5.64%, 10/15/2032 (a)
|
1,999,790
|
2,003,535
|
||||||
|
Series 2025-3, Class A2, 5.37%, 12/15/2032 (a)
|
1,104,774
|
1,111,065
|
||||||
|
Series 2025-4, Class B, 5.69%, 01/17/2033 (a)
|
7,999,716
|
8,032,437
|
||||||
|
Series 2025-4, Class C, 6.15%, 01/17/2033 (a)
|
2,999,893
|
3,022,093
|
||||||
|
Series 2025-5, Class A2, 5.11%, 03/15/2033 (a)
|
5,507,437
|
5,523,184
|
||||||
|
Series 2025-5, Class B, 5.44%, 03/15/2033 (a)
|
6,337,255
|
6,346,940
|
||||||
|
Series 2025-5, Class C, 5.64%, 03/15/2033 (a)
|
3,499,865
|
3,511,040
|
||||||
|
Series 2025-6, Class A2, 4.50%, 04/15/2033 (a)
|
1,999,816
|
1,995,189
|
||||||
|
Series 2025-7, Class A2, 4.53%, 05/15/2033 (a)
|
9,998,217
|
9,952,060
|
||||||
|
Series 2025-7, Class B, 5.06%, 05/15/2033 (a)
|
134,976
|
134,062
|
||||||
|
Series 2026-1, Class A2, 4.74%, 09/15/2033 (a)
|
1,500,000
|
1,498,131
|
||||||
|
Series 2026-1, Class B, 5.37%, 09/15/2033 (a)
|
2,000,000
|
1,994,443
|
||||||
|
Series 2026-R1, Class A, 4.71%, 12/15/2033 (a)
|
3,459,334
|
3,450,662
|
||||||
|
Series 2026-R1, Class B, 5.28%, 12/15/2033 (a)
|
2,250,000
|
2,242,003
|
||||||
|
Series 2026-R2, Class A2, 5.21%, 02/15/2034 (a)
|
3,000,000
|
2,999,094
|
||||||
|
Pagaya Technologies Ltd.
|
||||||||
|
Series 2025-1, Class A, 5.72%, 01/20/2034 (a)
|
5,750,000
|
5,769,759
|
||||||
|
Series 2025-1, Class C, 6.30%, 01/20/2034 (a)
|
1,000,000
|
1,004,112
|
||||||
|
Reach Financial LLC
|
||||||||
|
Series 2024-1A, Class B, 6.29%, 02/18/2031 (a)
|
1,089,660
|
1,095,458
|
||||||
|
Series 2026-1A, Class A, 4.32%, 02/15/2033 (a)
|
1,475,524
|
1,475,285
|
||||||
|
Regional Management Issuance Trust, Series 2022-1, Class D, 6.72%, 03/15/2032 (a)
|
1,000,000
|
1,001,657
|
||||||
|
SoFi Consumer Loan Program Trust, Series 2025-3, Class A, 4.47%, 08/15/2034 (a)
|
1,012,252
|
1,013,956
|
||||||
|
Sotheby's Artfi Master Trust, Series 2026-1A, Class A2, 4.92% (3 mo. Term SOFR + 1.25%), 06/20/2033 (a)
|
2,000,000
|
2,003,367
|
||||||
|
SpringCastle America LLC, Series 2020-AA, Class A, 1.97%, 09/25/2037 (a)
|
571,151
|
538,477
|
||||||
|
Sunbit Asset Securitization Trust, Series 2025-1, Class A, 5.36%, 07/15/2030 (a)
|
1,500,000
|
1,501,330
|
||||||
|
Theorem Funding Trust
|
||||||||
|
Series 2022-2A, Class B, 9.27%, 12/15/2028 (a)
|
2,105,587
|
2,108,855
|
||||||
|
Series 2022-3A, Class B, 8.95%, 04/15/2029 (a)
|
1,526,215
|
1,528,307
|
||||||
|
Upgrade Master Pass-Thru Trust
|
||||||||
|
Series 2025-ST4, Class A, 5.50%, 08/16/2032 (a)
|
573,306
|
574,521
|
||||||
|
Series 2025-ST5, Class A, 4.79%, 09/15/2032 (a)
|
1,148,310
|
1,149,690
|
||||||
|
Series 2025-ST8, Class B, 5.07%, 12/15/2033 (a)
|
2,500,000
|
2,495,202
|
||||||
|
Series 2026-ST1, Class A, 4.24%, 03/15/2034 (a)
|
876,143
|
875,164
|
||||||
|
Upgrade Receivables Trust, Series 2024-1A, Class D, 8.90%, 02/18/2031 (a)
|
2,250,000
|
2,323,426
|
||||||
|
Upstart Pass-Through Trust Series, Series 2022-ST3, Class A, 4.30%, 05/20/2030 (a)
|
116,902
|
116,684
|
||||||
|
Upstart Securitization Trust
|
||||||||
|
Series 2025-1, Class A, 5.45%, 04/20/2035 (a)
|
1,785,617
|
1,796,889
|
||||||
|
Series 2025-1, Class B, 6.33%, 04/20/2035 (a)
|
1,000,000
|
1,017,764
|
||||||
|
Series 2025-2, Class B, 5.62%, 06/20/2035 (a)
|
4,366,000
|
4,400,598
|
||||||
|
Series 2026-2, Class A2, 4.54%, 05/20/2036 (a)
|
3,000,000
|
3,001,057
|
||||||
|
Series 2026-2, Class B, 5.08%, 05/20/2036 (a)
|
3,000,000
|
2,995,837
|
||||||
|
Upstart Structured Pass-Through Trust, Series 2022-2A, Class A, 4.25%, 06/17/2030 (a)
|
269,175
|
268,691
|
||||||
|
146,645,411
|
||||||||
|
Credit Card - 0.0% (e)
|
||||||||
|
Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78%, 12/16/2030 (a)
|
500,000
|
499,557
|
||||||
|
Equipment - 0.1%
|
||||||||
|
Verizon Master Trust, Series 2023-4, Class A1B, 4.49% (30 day avg SOFR US + 0.85%), 06/20/2029
|
1,293,000
|
1,294,027
|
||||||
|
TOTAL ASSET-BACKED SECURITIES (Cost $308,879,836)
|
309,171,706
|
|||||||
|
COLLATERALIZED LOAN OBLIGATIONS - 14.0%
|
Par
|
Value
|
||||||
|
Arbor Realty CLO Ltd., Series 2025-BTR1, Class A, 5.58% (1 mo. Term SOFR + 1.93%), 01/20/2041 (a)
|
1,000,000
|
1,004,392
|
||||||
|
Ares CLO Ltd., Series 2016-41A, Class AR2, 5.00% (3 mo. Term SOFR + 1.33%), 04/15/2034 (a)
|
9,220,000
|
9,218,571
|
||||||
|
Barings Middle Market CLO Ltd.
|
||||||||
|
Series 2023-IA, Class A1, 6.13% (3 mo. Term SOFR + 2.45%), 01/20/2036 (a)
|
4,838,933
|
4,851,602
|
||||||
|
Series 2023-IIA, Class A1R, 5.16% (3 mo. Term SOFR + 1.48%), 07/20/2034 (a)
|
10,000,000
|
9,997,190
|
||||||
|
BCRED BSL Static CLO Ltd., Series 2025-1A, Class AR, 4.92% (3 mo. Term SOFR + 1.25%), 07/24/2035 (a)
|
5,071,775
|
5,074,797
|
||||||
|
Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 4.99% (3 mo. Term SOFR + 1.32%), 07/23/2032 (a)
|
3,739,202
|
3,740,436
|
||||||
|
Blackrock CLO Ltd.
|
||||||||
|
Series 2025-2A, Class A, 5.05% (3 mo. Term SOFR + 1.27%), 11/21/2033 (a)
|
12,000,000
|
11,992,116
|
||||||
|
Series 2025-2A, Class C, 6.13% (3 mo. Term SOFR + 2.35%), 11/21/2033 (a)
|
4,000,000
|
4,008,708
|
||||||
|
BlueMountain CLO Ltd.
|
||||||||
|
Series 2017-2A, Class A2, 5.54% (3 mo. Term SOFR + 1.86%), 10/20/2030 (a)
|
4,500,000
|
4,502,137
|
||||||
|
Series 2018-22A, Class A2, 5.33% (3 mo. Term SOFR + 1.66%), 07/15/2031 (a)
|
4,500,000
|
4,499,946
|
||||||
|
Series 2018-3A, Class A1R, 4.86% (3 mo. Term SOFR + 1.19%), 10/25/2030 (a)
|
1,918,787
|
1,919,265
|
||||||
|
Cerberus Loan Funding LP
|
||||||||
|
Series 2023-1A, Class AR, 0.00% (3 mo. Term SOFR + 1.60%), 03/22/2035 (a)(d)
|
4,000,000
|
4,000,000
|
||||||
|
Series 2024-1A, Class A, 5.57% (3 mo. Term SOFR + 1.90%), 04/15/2036 (a)
|
8,250,000
|
8,261,707
|
||||||
|
CIFC Funding Ltd., Series 2017-4A, Class A2R, 5.48% (3 mo. Term SOFR + 1.81%), 10/24/2030 (a)
|
5,464,882
|
5,467,500
|
||||||
|
Crestline Direct Lending CLO LP, Series 2024-1A, Class C, 5.97% (3 mo. Term SOFR + 2.30%), 01/15/2035 (a)
|
3,500,000
|
3,499,884
|
||||||
|
Fortress Credit BSL Ltd., Series 2020-1A, Class A1AR, 4.78% (3 mo. Term SOFR + 1.10%), 10/20/2033 (a)
|
4,062,282
|
4,063,229
|
||||||
|
Fortress Credit Opportunities
|
||||||||
|
Series 2025-31A, Class A1, 5.18% (3 mo. Term SOFR + 1.50%), 07/20/2033 (a)
|
6,602,808
|
6,599,288
|
||||||
|
Series 2025-35A, Class A1, 5.08% (3 mo. Term SOFR + 1.40%), 07/20/2033 (a)
|
4,686,534
|
4,681,070
|
||||||
|
Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.02% (3 mo. Term SOFR + 1.35%), 07/15/2031 (a)
|
910,685
|
910,891
|
||||||
|
Golub Capital LLC
|
||||||||
|
Series 2022-1A, Class BR, 5.67% (3 mo. Term SOFR + 2.00%), 07/25/2033 (a)
|
11,000,000
|
10,999,901
|
||||||
|
Series 2022-1A, Class CR, 6.42% (3 mo. Term SOFR + 2.75%), 07/25/2033 (a)
|
5,500,000
|
5,510,884
|
||||||
|
Golub Capital Partners CLO Ltd., Series 2023-67A, Class A1, 6.16% (3 mo. Term SOFR + 2.50%), 05/09/2036 (a)
|
7,600,000
|
7,612,236
|
||||||
|
Greywolf CLO Ltd., Series 2020-3RA, Class A1R2, 4.89% (3 mo. Term SOFR + 1.23%), 04/22/2033 (a)
|
2,128,581
|
2,129,036
|
||||||
|
LJV I MM CLO LLC, Series 2022-1A, Class A1, 5.52% (3 mo. Term SOFR + 1.85%), 04/28/2034 (a)
|
3,296,942
|
3,300,506
|
||||||
|
Marathon CLO Ltd., Series 2021-16A, Class A1AR, 4.78% (3 mo. Term SOFR + 1.11%), 04/15/2034 (a)
|
3,000,000
|
2,998,062
|
||||||
|
OZLM Ltd.
|
||||||||
|
Series 2014-6A, Class B2S, 4.84%, 04/17/2031 (a)
|
8,906,275
|
8,890,573
|
||||||
|
Series 2019-24A, Class A1AR, 5.10% (3 mo. Term SOFR + 1.42%), 07/20/2032 (a)
|
680,066
|
680,078
|
||||||
|
Race Point CLO Ltd., Series 2016-10A, Class B1R, 5.58% (3 mo. Term SOFR + 1.91%), 07/25/2031 (a)
|
3,000,000
|
3,003,840
|
||||||
|
Rockford Tower CLO Ltd., Series 2019-2A, Class AR2, 4.79% (3 mo. Term SOFR + 1.13%), 08/20/2032 (a)
|
3,514,184
|
3,514,883
|
||||||
|
Romark CLO LLC, Series 2021-4A, Class A1R, 4.82% (3 mo. Term SOFR + 1.14%), 07/10/2034 (a)
|
4,250,000
|
4,248,432
|
||||||
|
Shackleton CLO Ltd.
|
||||||||
|
Series 2013-4RA, Class B, 5.83% (3 mo. Term SOFR + 2.16%), 04/13/2031 (a)
|
5,000,000
|
5,010,485
|
||||||
|
Series 2014-5RA, Class B, 5.62% (3 mo. Term SOFR + 1.96%), 05/07/2031 (a)
|
3,611,972
|
3,617,943
|
||||||
|
Sound Point CLO Ltd.
|
||||||||
|
Series 2014-1RA, Class A, 5.09% (3 mo. Term SOFR + 1.41%), 07/18/2031 (a)
|
1,052,020
|
1,052,436
|
||||||
|
Series 2015-2A, Class ARRR, 5.15% (3 mo. Term SOFR + 1.47%), 07/20/2032 (a)
|
3,118,331
|
3,119,647
|
||||||
|
Steele Creek CLO Ltd., Series 2019-1A, Class BRR, 5.42% (3 mo. Term SOFR + 1.75%), 04/15/2032 (a)
|
15,000,000
|
15,015,780
|
||||||
|
THL Credit Lake Shore MM CLO Ltd.
|
||||||||
|
Series 2019-2A, Class A1RR, 5.08% (3 mo. Term SOFR + 1.40%), 10/17/2031 (a)
|
255,261
|
255,187
|
||||||
|
Series 2019-2A, Class BRR, 5.38% (3 mo. Term SOFR + 1.70%), 10/17/2031 (a)
|
1,500,000
|
1,498,016
|
||||||
|
Series 2019-2A, Class DR, 7.69% (3 mo. Term SOFR + 4.01%), 10/17/2031 (a)
|
3,000,000
|
2,995,503
|
||||||
|
Trinitas CLO Ltd., Series 2020-14A, Class A1R2, 4.77% (3 mo. Term SOFR + 1.10%), 01/25/2034 (a)
|
7,403,434
|
7,398,970
|
||||||
|
Twin Brook CLO Ltd., Series 2024-2A, Class AR, 4.93% (3 mo. Term SOFR + 1.25%), 10/20/2035 (a)
|
9,000,000
|
8,927,154
|
||||||
|
Upland CLO Ltd., Series 2016-1A, Class A2R, 5.59% (3 mo. Term SOFR + 1.91%), 04/20/2031 (a)
|
1,027,706
|
1,028,440
|
||||||
|
Venture CLO Ltd., Series 2018-32A, Class A1, 5.04% (3 mo. Term SOFR + 1.36%), 07/18/2031 (a)
|
374,800
|
374,879
|
||||||
|
Zais CLO Ltd., Series 2015-3A, Class A2R, 6.12% (3 mo. Term SOFR + 2.45%), 07/15/2031 (a)
|
3,897,080
|
3,908,238
|
||||||
|
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $205,641,445)
|
205,383,838
|
|||||||
|
RESIDENTIAL MORTGAGE-BACKED SECURITIES - 13.0%
|
Par
|
Value
|
||||||
|
A&D Mortgage LLC
|
||||||||
|
Series 2026-NQM1, Class A1, 4.91%, 02/25/2071 (a)(c)
|
2,109,677
|
2,095,188
|
||||||
|
Series 2026-NQM1, Class A2, 5.11%, 02/25/2071 (a)(b)
|
2,845,611
|
2,820,165
|
||||||
|
Series 2026-NQM2, Class A2, 5.01%, 03/25/2071 (a)(b)
|
1,669,345
|
1,651,793
|
||||||
|
Series 2026-NQM3, Class A1, 5.08%, 04/25/2071 (a)(c)
|
5,750,000
|
5,759,234
|
||||||
|
Adamas Trust, Inc., Series 2025-CP1, Class A1, 3.75%, 11/25/2069 (a)(c)
|
1,807,369
|
1,743,151
|
||||||
|
ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, 04/25/2064 (a)(b)
|
862,755
|
840,714
|
||||||
|
Barclays Mortgage Loan Trust
|
||||||||
|
Series 2026-NQM2, Class A1, 4.70%, 12/25/2065 (a)(c)
|
4,879,754
|
4,838,425
|
||||||
|
Series 2026-NQM2, Class A3, 5.20%, 12/25/2065 (a)(b)
|
2,927,853
|
2,901,817
|
||||||
|
Bellemeade Re Ltd.
|
||||||||
|
Series 2023-1, Class M1B, 7.90% (30 day avg SOFR US + 4.25%), 10/25/2033 (a)
|
195,850
|
199,817
|
||||||
|
Series 2025-1, Class M1A, 5.20% (30 day avg SOFR US + 1.55%), 10/25/2035 (a)
|
1,213,034
|
1,213,456
|
||||||
|
Series 2025-1, Class M1B, 6.15% (30 day avg SOFR US + 2.50%), 10/25/2035 (a)
|
2,000,000
|
2,010,903
|
||||||
|
Series 2025-1, Class M1C, 6.90% (30 day avg SOFR US + 3.25%), 10/25/2035 (a)
|
3,872,000
|
3,926,846
|
||||||
|
BRAVO Residential Funding Trust
|
||||||||
|
Series 2021-NQM3, Class A1, 1.70%, 04/25/2060 (a)(c)
|
3,938,028
|
3,673,848
|
||||||
|
Series 2022-NQM2, Class M1, 6.17%, 11/25/2061 (a)(c)
|
3,427,000
|
3,426,068
|
||||||
|
Series 2024-NQM4, Class A1A, 4.35%, 01/25/2060 (a)(b)
|
1,880,240
|
1,858,926
|
||||||
|
Series 2024-NQM4, Class A2, 4.35%, 01/25/2060 (a)(b)
|
1,678,785
|
1,661,778
|
||||||
|
Series 2024-NQM4, Class A3, 4.35%, 01/25/2060 (a)(b)
|
839,393
|
811,447
|
||||||
|
Series 2024-NQM8, Class A1B, 4.30%, 08/01/2053 (a)(b)
|
1,716,102
|
1,687,508
|
||||||
|
COLT Funding LLC
|
||||||||
|
Series 2022-3, Class A1, 4.22%, 02/25/2067 (a)(c)
|
643,970
|
632,297
|
||||||
|
Series 2025-12, Class A1, 4.98%, 01/26/2071 (a)(c)
|
973,645
|
971,876
|
||||||
|
COOPR Residential Mortgage Trust, Series 2025-CES3, Class A1A, 4.84%, 09/25/2060 (a)(b)
|
7,254,017
|
7,204,113
|
||||||
|
Credit Suisse Mortgage Capital Certificates, Series 2022-ATH1, Class A1A, 3.87%, 01/25/2067 (a)(c)
|
1,887,083
|
1,845,394
|
||||||
|
Deephaven Residential Mortgage Trust
|
||||||||
|
Series 2025-CES1, Class A1A, 5.22%, 10/25/2055 (a)(b)
|
3,084,272
|
3,080,834
|
||||||
|
Series 2025-INV1, Class A3, 5.39%, 11/25/2060 (a)(b)
|
956,856
|
952,622
|
||||||
|
FIGRE Trust
|
||||||||
|
Series 2024-HE1, Class B, 6.51%, 03/25/2054 (a)(c)
|
1,749,792
|
1,786,274
|
||||||
|
Series 2024-SL1, Class A1, 5.75%, 07/25/2053 (a)(c)
|
2,502,099
|
2,574,435
|
||||||
|
Series 2025-FL1, Class A1, 5.27%, 07/25/2055 (a)(b)
|
2,169,779
|
2,170,055
|
||||||
|
Series 2025-HE6, Class A, 5.04%, 09/25/2055 (a)(c)
|
899,016
|
893,626
|
||||||
|
Series 2026-HE1, Class A, 4.98%, 01/25/2056 (a)(c)
|
4,336,596
|
4,301,413
|
||||||
|
GCAT Trust
|
||||||||
|
Series 2021-NQM2, Class A2, 1.24%, 05/25/2066 (a)(c)
|
1,258,931
|
1,106,463
|
||||||
|
Series 2023-NQM2, Class A3, 6.60%, 11/25/2067 (a)(b)
|
285,814
|
284,106
|
||||||
|
GS Mortgage-Backed Securities Trust
|
||||||||
|
Series 2025-HE1, Class A1, 5.20% (30 day avg SOFR US + 1.55%), 10/25/2055 (a)
|
4,958,961
|
4,975,012
|
||||||
|
Series 2025-HE2, Class A1, 5.20% (30 day avg SOFR US + 1.55%), 12/25/2065 (a)
|
3,508,633
|
3,524,208
|
||||||
|
Series 2026-AH1, Class A1A, 5.15% (30 day avg SOFR US + 1.50%), 07/25/2056 (a)
|
7,020,384
|
7,032,234
|
||||||
|
Series 2026-PJ6, Class A4, 5.50%, 09/25/2056 (a)(c)
|
2,500,000
|
2,501,752
|
||||||
|
JP Morgan Mortgage Trust
|
||||||||
|
Series 2023-HE1, Class A1, 5.39% (30 day avg SOFR US + 1.75%), 11/25/2053 (a)
|
348,989
|
349,615
|
||||||
|
Series 2025-12MPR, Class A1D, 5.06%, 06/25/2056 (a)(b)
|
2,935,299
|
2,909,445
|
||||||
|
Series 2025-CES7, Class A1A, 5.06%, 04/25/2056 (a)(b)
|
3,702,721
|
3,688,707
|
||||||
|
Series 2025-CES7, Class A1B, 5.21%, 04/25/2056 (a)(b)
|
4,628,402
|
4,612,136
|
||||||
|
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-SPL1, Class A3, 4.25%, 02/25/2065 (a)(b)
|
1,429,997
|
1,382,804
|
||||||
|
New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A3, 5.00%, 06/25/2062 (a)(b)
|
1,128,495
|
1,134,205
|
||||||
|
Oaktown Re, Series 2021-2, Class M1B, 6.55% (30 day avg SOFR US + 2.90%), 04/25/2034 (a)
|
745,050
|
749,136
|
||||||
|
Onslow Bay Mortgage Loan Trust
|
||||||||
|
Series 2025-NQM23, Class A1, 4.87%, 10/25/2065 (a)(c)
|
2,712,200
|
2,703,105
|
||||||
|
Series 2026-HE1, Class A1A, 5.00% (30 day avg SOFR US + 1.35%), 02/25/2056 (a)
|
8,664,480
|
8,685,763
|
||||||
|
Series 2026-INV1, Class AF, 5.00% (30 day avg SOFR US + 1.35%), 02/25/2056, (6.00% Cap) (a)
|
4,867,209
|
4,874,696
|
||||||
|
PMT Loan Trust, Series 2026-CNF2, Class A24, 5.00% (30 day avg SOFR US + 1.35%), 02/25/2057, (6.00% Cap) (a)
|
2,236,652
|
2,238,279
|
||||||
|
Pretium Mortgage Credit Partners LLC, Series 2025-NPL9, Class A1, 5.39%, 08/25/2055 (a)(b)
|
3,677,214
|
3,684,070
|
||||||
|
SAIF Securitization Trust, Series 2025-CES1, Class A1, 5.41%, 06/25/2065 (a)(b)
|
4,621,482
|
4,627,558
|
||||||
|
Saluda Grade Mortgage Funding LLC
|
||||||||
|
Series 2026-HB1, Class A1B, 5.20% (1 mo. Term SOFR + 1.55%), 04/25/2056 (a)
|
3,701,634
|
3,707,013
|
||||||
|
Series 2026-NPL1, Class A1, 7.04%, 04/25/2031 (a)(b)
|
5,000,000
|
5,010,465
|
||||||
|
Santander US Capital Markets LLC, Series 2025-CES1, Class A1A, 5.04%, 09/25/2055 (a)(b)
|
2,780,986
|
2,769,654
|
||||||
|
Sequoia Mortgage Trust, Series 2023-4, Class A10, 5.69%, 11/25/2053 (a)(c)
|
40,538
|
40,482
|
||||||
|
Starwood Mortgage Residential Trust
|
||||||||
|
Series 2021-2, Class A3, 1.43%, 05/25/2065 (a)(c)
|
356,651
|
341,616
|
||||||
|
Series 2021-SFR2, Class F, 6.62% (1 mo. Term SOFR + 2.96%), 01/17/2039 (a)
|
158,389
|
157,961
|
||||||
|
Towd Point Mortgage Trust
|
||||||||
|
Series 2019-HY3, Class A1A, 4.77% (1 mo. Term SOFR + 1.11%), 10/25/2059 (a)
|
275,052
|
275,439
|
||||||
|
Series 2021-SJ2, Class A2, 2.50%, 12/25/2061 (a)(c)
|
1,500,000
|
1,402,227
|
||||||
|
Series 2025-CRM1, Class A1, 5.80%, 01/25/2065 (a)(b)
|
2,517,717
|
2,528,840
|
||||||
|
Series 2025-CRM1, Class A2B, 5.25%, 01/25/2065 (a)(b)
|
6,000,000
|
5,966,108
|
||||||
|
Verus Securitization Trust
|
||||||||
|
Series 2022-3, Class A3, 4.13%, 02/25/2067 (a)(c)
|
158,081
|
149,980
|
||||||
|
Series 2025-12, Class A1, 4.96%, 12/25/2070 (a)(c)
|
1,454,866
|
1,452,856
|
||||||
|
Vista Point Securitization Trust
|
||||||||
|
Series 2024-CES1, Class A1, 6.68%, 05/25/2054 (a)(b)
|
2,737,500
|
2,765,367
|
||||||
|
Series 2024-CES2, Class A1, 5.25%, 10/25/2054 (a)(b)
|
619,024
|
618,757
|
||||||
|
Series 2024-CES2, Class A2, 5.66%, 10/25/2054 (a)(b)
|
2,000,000
|
2,008,120
|
||||||
|
Series 2024-CES3, Class A1, 5.68%, 01/25/2055 (a)(b)
|
698,544
|
701,853
|
||||||
|
Series 2025-CES1, Class A1, 5.81%, 04/25/2055 (a)(b)
|
2,918,188
|
2,935,488
|
||||||
|
Series 2025-CES1, Class A2, 6.03%, 04/25/2055 (a)(b)
|
3,000,000
|
3,030,256
|
||||||
|
Series 2025-CES2, Class A1, 5.60%, 08/25/2055 (a)(b)
|
9,358,244
|
9,393,764
|
||||||
|
Series 2025-CES3, Class A1, 5.30%, 11/25/2055 (a)(b)
|
8,122,444
|
8,121,436
|
||||||
|
Series 2026-CES1, Class A1, 5.04%, 02/25/2056 (a)(b)
|
6,823,463
|
6,774,688
|
||||||
|
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $190,539,507)
|
190,749,687
|
|||||||
|
RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER - 0.8%
|
Par
|
Value
|
||||||
|
Connecticut Avenue Securities Trust
|
||||||||
|
Series 2023-R08, Class 1M1, 5.15% (30 day avg SOFR US + 1.50%), 10/25/2043 (a)
|
264,022
|
264,319
|
||||||
|
Series 2024-R02, Class 1M1, 4.75% (30 day avg SOFR US + 1.10%), 02/25/2044 (a)
|
478,244
|
478,319
|
||||||
|
Series 2024-R03, Class 2M1, 4.80% (30 day avg SOFR US + 1.15%), 03/25/2044 (a)
|
537,269
|
537,361
|
||||||
|
Series 2025-R01, Class 1A1, 4.60% (30 day avg SOFR US + 0.95%), 01/25/2045 (a)
|
1,142,873
|
1,144,044
|
||||||
|
Series 2025-R03, Class 2A1, 5.10% (30 day avg SOFR US + 1.45%), 03/25/2045 (a)
|
403,430
|
405,800
|
||||||
|
Federal Home Loan Mortgage Corp.
|
||||||||
|
Series 2016-SC02, Class M2, 3.64%, 10/25/2046 (c)
|
42,211
|
41,139
|
||||||
|
Series 2022-DNA3, Class M1B, 6.55% (30 day avg SOFR US + 2.90%), 04/25/2042 (a)
|
4,627,000
|
4,708,321
|
||||||
|
Series 2023-DNA1, Class M1A, 5.75% (30 day avg SOFR US + 2.10%), 03/25/2043 (a)
|
932,593
|
943,656
|
||||||
|
Series 2023-HQA2, Class M1A, 5.65% (30 day avg SOFR US + 2.00%), 06/25/2043 (a)
|
230,834
|
231,070
|
||||||
|
Series 2024-DNA1, Class M1, 5.00% (30 day avg SOFR US + 1.35%), 02/25/2044 (a)
|
474,391
|
474,804
|
||||||
|
Series 2024-DNA2, Class A1, 4.90% (30 day avg SOFR US + 1.25%), 05/25/2044 (a)
|
689,299
|
692,395
|
||||||
|
Series 2024-HQA2, Class M1, 4.85% (30 day avg SOFR US + 1.20%), 08/25/2044 (a)
|
768,441
|
769,144
|
||||||
|
Series 2025-HQA1, Class A1, 4.60% (30 day avg SOFR US + 0.95%), 02/25/2045 (a)
|
1,326,875
|
1,329,040
|
||||||
|
Series 2025-HQA1, Class M1, 4.80% (30 day avg SOFR US + 1.15%), 02/25/2045 (a)
|
622,245
|
622,614
|
||||||
|
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER (Cost $12,683,207)
|
12,642,026
|
|||||||
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%
|
Par
|
Value
|
||||||
|
ACREC Trust, Series 2021-FL1, Class AS, 5.28% (1 mo. Term SOFR + 1.61%), 10/16/2036 (a)
|
177,975
|
178,197
|
||||||
|
Barings Issuer LLC, Series 2026-SBP, Class A, 4.82%, 02/26/2059 (a)
|
2,992,261
|
2,966,157
|
||||||
|
Commercial Mortgage Pass Through Certificates, Series 2025-SBX, Class B, 5.73%, 08/10/2041 (a)(c)
|
3,000,000
|
2,995,260
|
||||||
|
KREF Ltd., Series 2021-FL2, Class A, 4.85% (1 mo. Term SOFR + 1.18%), 02/15/2039 (a)
|
84,927
|
85,134
|
||||||
|
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL7, Class AS, 5.23% (1 mo. Term SOFR + 1.56%), 10/16/2036 (a)
|
3,500,000
|
3,506,034
|
||||||
|
NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.82%, 11/05/2038 (a)(c)
|
500,000
|
498,103
|
||||||
|
TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS, 5.82% (1 mo. Term SOFR + 2.15%), 02/15/2039 (a)
|
500,000
|
500,622
|
||||||
|
Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class C, 6.03%, 03/15/2038 (a)(c)
|
1,000,000
|
1,002,737
|
||||||
|
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $11,713,232)
|
11,732,244
|
|||||||
|
SHORT-TERM INVESTMENTS - 3.5%
|
Shares
|
Value
|
||||||
|
Money Market Funds – 3.5%
|
||||||||
|
First American Government Obligations Fund - Class U, 3.60% (f)
|
50,890,537
|
50,890,537
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $50,890,537)
|
50,890,537
|
|||||||
|
TOTAL INVESTMENTS - 99.8% (Cost $1,468,577,741)
|
1,468,053,010
|
|||||||
|
Liabilities in Excess of Other Assets - 0.2%
|
2,647,360
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
1,470,700,370
|
||||||
|
Percentages are stated as a percent of net assets.
LP – Limited Partnership
PLC – Public Limited Company
SOFR - Secured Overnight Financing Rate
|
||||||||
|
Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified
institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund’s Board of Trustees, unless otherwise denoted. As of April 30, 2026, the value of these securities total
$795,596,728 or 54.1% of the Fund’s net assets.
|
|
Step coupon bond. The rate disclosed is as of April 30, 2026.
|
|
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the
coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of April 30, 2026.
|
|
Security or a portion of the security purchased on a when-issued or delayed delivery basis.
|
|
Represents less than 0.05% of net assets.
|
|
The rate shown represents the 7-day annualized yield as of April 30, 2026.
|
|
Angel Oak UltraShort Income ETF
|
|
Schedule of Open Futures Contracts
|
|
April 30, 2026 (Unaudited)
|
|
Short Futures Contracts
|
Contracts Sold
|
Expiration Date
|
Notional Value
|
Value / Unrealized
Appreciation
(Depreciation)
|
||||||||
|
U.S. Treasury 2 Year Notes
|
(113)
|
|
06/30/2026
|
$
|
(23,405,125
|
)
|
$
|
201,769
|
||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Assets
|
||||||||||||||||
|
Corporate Obligations
|
$
|
–
|
$
|
347,127,198
|
$
|
–
|
$
|
347,127,198
|
||||||||
|
Commercial Mortgage-Backed Securities – U.S. Government Agency
|
–
|
340,355,774
|
–
|
340,355,774
|
||||||||||||
|
Asset-Backed Securities
|
–
|
309,171,706
|
–
|
309,171,706
|
||||||||||||
|
Collateralized Loan Obligations
|
–
|
205,383,838
|
–
|
205,383,838
|
||||||||||||
|
Residential Mortgage-Backed Securities
|
–
|
190,749,687
|
–
|
190,749,687
|
||||||||||||
|
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
|
–
|
12,642,026
|
–
|
12,642,026
|
||||||||||||
|
Commercial Mortgage-Backed Securities
|
–
|
11,732,244
|
–
|
11,732,244
|
||||||||||||
|
Short-Term Investments
|
50,890,537
|
–
|
–
|
50,890,537
|
||||||||||||
|
Total
|
$
|
50,890,537
|
$
|
1,417,162,473
|
$
|
–
|
$
|
1,468,053,010
|
||||||||
|
Other Financial Instruments
|
||||||||||||||||
|
Assets
|
||||||||||||||||
|
Futures Contracts*
|
$
|
201,769
|
$
|
–
|
$
|
–
|
$
|
201,769
|
||||||||
|
*Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts.
|
||||||||||||||||
|
See the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||