|
Angel Oak Income ETF
|
||||||||
|
Schedule of Investments
|
||||||||
|
April 30, 2026 (Unaudited)
|
||||||||
|
RESIDENTIAL MORTGAGE-BACKED SECURITIES - 26.6%
|
Par
|
Value
|
||||||
|
A&D Mortgage LLC, Series 2026-NQM3, Class A1, 5.08%, 04/25/2071 (a)(b)
|
$
|
4,000,000
|
$
|
4,006,424
|
||||
|
ATLX Trust
|
||||||||
|
Series 2024-RPL1, Class A2, 4.40%, 04/25/2064 (a)(b)
|
1,700,000
|
1,668,067
|
||||||
|
Series 2024-RPL1, Class M1, 4.40%, 04/25/2064 (a)(b)
|
5,000,000
|
4,895,795
|
||||||
|
Bellemeade Re Ltd.
|
||||||||
|
Series 2023-1, Class B1, 10.35% (30 day avg SOFR US + 6.70%), 10/25/2033 (a)
|
200,000
|
213,224
|
||||||
|
Series 2023-1, Class M1B, 7.90% (30 day avg SOFR US + 4.25%), 10/25/2033 (a)
|
979,249
|
999,084
|
||||||
|
Series 2024-1, Class M2, 8.25% (30 day avg SOFR US + 4.60%), 08/25/2034 (a)
|
900,000
|
926,903
|
||||||
|
Series 2025-1, Class B1, 8.70% (30 day avg SOFR US + 5.05%), 10/25/2035 (a)
|
1,000,000
|
1,034,906
|
||||||
|
Series 2025-1, Class M1B, 6.15% (30 day avg SOFR US + 2.50%), 10/25/2035 (a)
|
3,400,000
|
3,418,535
|
||||||
|
Series 2025-1, Class M1C, 6.90% (30 day avg SOFR US + 3.25%), 10/25/2035 (a)
|
3,250,000
|
3,296,036
|
||||||
|
Series 2025-1, Class M2, 7.55% (30 day avg SOFR US + 3.90%), 10/25/2035 (a)
|
5,150,000
|
5,268,174
|
||||||
|
BRAVO Residential Funding Trust
|
||||||||
|
Series 2021-NQM2, Class A2, 1.28%, 03/25/2060 (a)(b)
|
47,658
|
46,948
|
||||||
|
Series 2024-NQM4, Class A3, 4.35%, 01/25/2060 (a)(c)
|
839,393
|
811,447
|
||||||
|
Series 2025-HE1, Class B1, 5.80%, 09/25/2072 (a)(b)
|
2,500,000
|
2,495,494
|
||||||
|
Brean Asset Backed Securities Trust, Series 2026-RM15, Class A1, 4.25%, 04/25/2066 (a)
|
2,000,000
|
1,922,688
|
||||||
|
Builder Capital Loan Acquisition Trust, Series 2024-NPL1, Class A1B, 9.00%, 09/25/2029 (a)(c)
|
2,000,000
|
1,999,311
|
||||||
|
Cascade Funding Mortgage Trust, Series 2024-R1, Class M1, 4.00%, 10/25/2054 (a)(c)
|
1,000,000
|
946,842
|
||||||
|
Chase Mortgage Finance Corp.
|
||||||||
|
Series 2024-4, Class B4, 6.12%, 03/25/2055 (a)(b)
|
1,990,973
|
1,931,607
|
||||||
|
Series 2024-5, Class B4, 6.17%, 04/25/2055 (a)(b)
|
1,859,768
|
1,803,566
|
||||||
|
CIM Trust, Series 2022-R1, Class M3, 4.00%, 01/25/2061 (a)(b)
|
1,500,000
|
1,209,442
|
||||||
|
Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052 (a)
|
300,000
|
265,472
|
||||||
|
COLT Funding LLC
|
||||||||
|
Series 2021-5, Class B1, 4.19%, 11/26/2066 (a)(b)
|
3,500,000
|
3,062,924
|
||||||
|
Series 2021-HX1, Class B3A, 4.12%, 10/25/2066 (a)(b)
|
2,000,000
|
1,500,285
|
||||||
|
Series 2022-1, Class B2, 4.17%, 12/27/2066 (a)(b)
|
3,300,000
|
2,940,392
|
||||||
|
Series 2022-2, Class B1, 3.94%, 02/25/2067 (a)(b)
|
3,051,299
|
2,605,310
|
||||||
|
Series 2022-3, Class B1, 4.22%, 02/25/2067 (a)(b)
|
2,000,000
|
1,763,189
|
||||||
|
Credit Suisse Mortgage Capital Certificates
|
||||||||
|
Series 2021-NQM2, Class M1, 2.28%, 02/25/2066 (a)(b)
|
2,700,000
|
2,091,108
|
||||||
|
Series 2021-NQM3, Class M1, 2.32%, 04/25/2066 (a)(b)
|
4,749,498
|
3,678,102
|
||||||
|
Series 2021-NQM5, Class A3, 1.35%, 05/25/2066 (a)(b)
|
2,254,612
|
1,888,669
|
||||||
|
Series 2021-NQM6, Class A3, 1.59%, 07/25/2066 (a)(b)
|
1,564,509
|
1,360,903
|
||||||
|
Series 2021-NQM8, Class A3, 2.41%, 10/25/2066 (a)(b)
|
5,341,159
|
4,725,979
|
||||||
|
Series 2022-ATH2, Class B1, 4.98%, 05/25/2067 (a)(b)
|
2,500,000
|
2,351,975
|
||||||
|
Series 2022-ATH2, Class B2, 4.98%, 05/25/2067 (a)(b)
|
3,000,000
|
2,587,143
|
||||||
|
Deephaven Residential Mortgage Trust
|
||||||||
|
Series 2021-2, Class B1, 3.17%, 04/25/2066 (a)(b)
|
400,000
|
308,727
|
||||||
|
Series 2021-2, Class B2, 3.93%, 04/25/2066 (a)(b)
|
1,300,000
|
1,004,996
|
||||||
|
Series 2021-3, Class B1, 3.27%, 08/25/2066 (a)(b)
|
2,948,000
|
2,329,174
|
||||||
|
Series 2021-3, Class B2, 4.13%, 08/25/2066 (a)(b)
|
1,000,000
|
799,660
|
||||||
|
Series 2022-1, Class B1, 4.26%, 01/25/2067 (a)(b)
|
1,750,000
|
1,465,202
|
||||||
|
Series 2022-1, Class B2, 4.26%, 01/25/2067 (a)(b)
|
4,000,000
|
3,124,748
|
||||||
|
Series 2022-3, Class A3, 5.30%, 07/25/2067 (a)(b)
|
213,290
|
216,416
|
||||||
|
Series 2022-3, Class B1, 5.28%, 07/25/2067 (a)(b)
|
1,243,000
|
1,181,990
|
||||||
|
Series 2025-CES1, Class B1, 6.97%, 10/25/2055 (a)(b)
|
2,500,000
|
2,500,945
|
||||||
|
Series 2025-CES1, Class B2, 7.91%, 10/25/2055 (a)(b)
|
1,250,000
|
1,246,997
|
||||||
|
Series 2025-INV1, Class B2, 7.10%, 11/25/2060 (a)(b)
|
1,000,000
|
976,142
|
||||||
|
Ellington Financial Mortgage Trust
|
||||||||
|
Series 2021-1, Class B2, 4.14%, 02/25/2066 (a)(b)
|
1,000,000
|
791,260
|
||||||
|
Series 2021-2, Class B1, 3.20%, 06/25/2066 (a)(b)
|
2,315,000
|
1,727,226
|
||||||
|
Series 2021-2, Class M1, 2.30%, 06/25/2066 (a)(b)
|
700,000
|
498,444
|
||||||
|
Series 2021-3, Class B2, 4.29%, 09/25/2066 (a)(b)
|
1,500,000
|
1,121,813
|
||||||
|
Series 2022-1, Class B1, 3.86%, 01/25/2067 (a)(b)
|
3,810,000
|
2,993,288
|
||||||
|
Series 2022-4, Class B1, 5.84%, 09/25/2067 (a)(b)
|
1,500,000
|
1,491,476
|
||||||
|
Series 2024-NQM1, Class B3, 7.47%, 11/25/2069 (a)(b)
|
400,000
|
392,442
|
||||||
|
Series 2025-NQM1, Class B2, 7.43%, 01/25/2070 (a)(b)
|
1,804,000
|
1,805,568
|
||||||
|
Series 2026-CES1, Class B2, 7.95%, 12/25/2060 (a)(b)
|
1,220,000
|
1,214,565
|
||||||
|
Series 2026-NQM4, Class B2, 6.90%, 04/25/2071 (a)(b)
|
2,500,000
|
2,406,502
|
||||||
|
FIGRE Trust, Series 2024-HE4, Class C, 5.30%, 09/25/2054 (a)(b)
|
721,710
|
719,853
|
||||||
|
GCAT Trust
|
||||||||
|
Series 2021-NQM2, Class A3, 1.50%, 05/25/2066 (a)(b)
|
171,989
|
152,050
|
||||||
|
Series 2022-NQM2, Class A3, 4.21%, 02/25/2067 (a)(b)
|
694,025
|
655,168
|
||||||
|
GS Mortgage-Backed Securities Trust
|
||||||||
|
Series 2021-MM1, Class A2, 2.50%, 04/25/2052 (a)(b)
|
771,519
|
639,182
|
||||||
|
Series 2024-HE1, Class B2, 7.65% (30 day avg SOFR US + 4.00%), 08/25/2054 (a)
|
1,000,000
|
1,008,108
|
||||||
|
Series 2024-PJ10, Class AX1, 0.65%, 04/25/2055 (a)(b)(d)
|
45,476,695
|
377,775
|
||||||
|
Series 2024-PJ7, Class B4, 6.65%, 11/25/2054 (a)(b)
|
1,529,000
|
1,403,680
|
||||||
|
Series 2024-PJ8, Class B5, 6.79%, 02/25/2055 (a)(b)
|
1,262,000
|
1,110,171
|
||||||
|
Series 2024-PJ8, Class B6, 6.79%, 02/25/2055 (a)(b)
|
1,734,641
|
1,299,720
|
||||||
|
Series 2024-RPL2, Class M1, 4.11%, 07/25/2061 (a)(b)
|
6,730,000
|
6,407,243
|
||||||
|
Series 2024-RPL4, Class M1, 4.00%, 09/25/2061 (a)(b)
|
1,500,000
|
1,443,322
|
||||||
|
Series 2025-DSC1, Class B2, 7.17%, 06/25/2065 (a)(b)
|
1,000,000
|
984,237
|
||||||
|
Series 2026-CES1, Class B1, 6.52%, 05/25/2056 (a)(b)
|
1,000,000
|
992,255
|
||||||
|
Series 2026-CES1, Class B2, 7.66%, 05/25/2056 (a)(b)
|
600,000
|
595,449
|
||||||
|
Series 2026-DSC1, Class B2, 0.07%, 05/25/2066 (a)(b)
|
2,000,000
|
1,953,593
|
||||||
|
Home RE Ltd., Series 2026-1, Class M2, 6.85% (30 day avg SOFR US + 3.20%), 01/25/2036 (a)
|
2,700,000
|
2,729,188
|
||||||
|
Imperial Fund Mortgage Trust
|
||||||||
|
Series 2021-NQM1, Class B2, 4.36%, 06/25/2056 (a)(b)
|
2,000,000
|
1,662,000
|
||||||
|
Series 2022-NQM1, Class B2, 4.08%, 02/25/2067 (a)(b)
|
2,000,000
|
1,458,205
|
||||||
|
JP Morgan Mortgage Trust
|
||||||||
|
Series 2014-2, Class B2, 3.34%, 06/25/2029 (a)(b)
|
21,186
|
20,716
|
||||||
|
Series 2020-3, Class B4, 3.83%, 08/25/2050 (a)(b)
|
317,166
|
284,609
|
||||||
|
Series 2020-4, Class B2, 3.61%, 11/25/2050 (a)(b)
|
1,105,891
|
975,472
|
||||||
|
Series 2023-6, Class AX1, 0.20%, 12/26/2053 (a)(b)(d)
|
31,458,941
|
57,633
|
||||||
|
Series 2023-6, Class B4, 6.07%, 12/26/2053 (a)(b)
|
510,140
|
442,745
|
||||||
|
Series 2023-7, Class B4, 6.12%, 02/25/2054 (a)(b)
|
1,035,500
|
874,745
|
||||||
|
Series 2024-1, Class B6, 5.26%, 06/25/2054 (a)(b)
|
2,086,219
|
1,310,494
|
||||||
|
Series 2024-10, Class B4, 6.96%, 03/25/2055 (a)(b)
|
3,484,110
|
3,417,256
|
||||||
|
Series 2024-10, Class B5, 6.96%, 03/25/2055 (a)(b)
|
1,421,000
|
1,202,639
|
||||||
|
Series 2024-9, Class B5, 6.96%, 02/25/2055 (a)(b)
|
1,339,000
|
1,134,166
|
||||||
|
Series 2025-CES2, Class M1, 6.24%, 06/25/2055 (a)(c)
|
1,500,000
|
1,506,732
|
||||||
|
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15, 3.00%, 04/25/2052 (a)(b)
|
390,841
|
335,281
|
||||||
|
MFRA Trust
|
||||||||
|
Series 2021-INV2, Class B1, 4.39%, 11/25/2056 (a)(b)
|
1,329,000
|
1,154,111
|
||||||
|
Series 2021-NQM2, Class A3, 1.47%, 11/25/2064 (a)(b)
|
319,347
|
289,122
|
||||||
|
Morgan Stanley Residential Mortgage Loan Trust
|
||||||||
|
Series 2023-3, Class B4, 6.53%, 09/25/2053 (a)(b)
|
1,198,000
|
1,101,042
|
||||||
|
Series 2026-RPL1, Class M1, 4.00%, 01/25/2064 (a)(c)
|
2,362,000
|
2,196,609
|
||||||
|
New Residential Mortgage Loan Trust
|
||||||||
|
Series 2015-1A, Class B6, 5.14%, 05/28/2052 (a)(b)
|
844,873
|
709,093
|
||||||
|
Series 2017-5A, Class B4, 5.70%, 06/25/2057 (a)(b)
|
204,293
|
200,784
|
||||||
|
Series 2019-2A, Class B6, 4.69%, 12/25/2057 (a)(b)
|
1,438,534
|
1,106,387
|
||||||
|
Series 2021-NQM3, Class B1, 3.40%, 11/27/2056 (a)(b)
|
2,000,000
|
1,653,887
|
||||||
|
Series 2025-NQM6, Class B2, 6.94%, 10/25/2065 (a)(b)
|
3,170,000
|
3,066,904
|
||||||
|
NMLT Trust
|
||||||||
|
Series 2021-INV2, Class B2, 4.07%, 08/25/2056 (a)(b)
|
1,500,000
|
1,173,755
|
||||||
|
Series 2025-CES1, Class A3, 5.37%, 08/25/2060 (a)(c)
|
1,505,000
|
1,502,743
|
||||||
|
Oaktown Re, Series 2021-2, Class M1B, 6.55% (30 day avg SOFR US + 2.90%), 04/25/2034 (a)
|
662,267
|
665,899
|
||||||
|
Onslow Bay Mortgage Loan Trust, Series 2021-J2, Class A1, 2.50%, 07/25/2051 (a)(b)
|
1,450,509
|
1,204,019
|
||||||
|
Point Securitization Trust
|
||||||||
|
Series 2025-2, Class A1, 5.75%, 10/25/2055 (a)(c)
|
1,496,775
|
1,486,329
|
||||||
|
Series 2026-1, Class A1, 5.25%, 02/25/2056 (a)(c)
|
1,000,000
|
982,905
|
||||||
|
Series 2026-1, Class A2, 6.50%, 02/25/2056 (a)(c)
|
1,000,000
|
980,524
|
||||||
|
Pretium Mortgage Credit Partners LLC
|
||||||||
|
Series 2025-RPL1, Class A2, 4.00%, 07/25/2069 (a)(c)
|
1,500,000
|
1,447,144
|
||||||
|
Series 2025-RPL1, Class M2, 4.00%, 07/25/2069 (a)(c)
|
1,000,000
|
926,179
|
||||||
|
Series 2025-RPL2, Class M1, 4.00%, 08/25/2064 (a)(c)
|
6,286,000
|
5,981,546
|
||||||
|
Series 2025-RPL4, Class M2, 4.00%, 03/25/2065 (a)(c)
|
3,000,000
|
2,703,116
|
||||||
|
Series 2025-RPL5, Class M1, 4.15%, 01/25/2070 (a)(c)
|
2,250,000
|
2,078,710
|
||||||
|
Series 2025-RPL5, Class M2, 4.15%, 01/25/2070 (a)(c)
|
3,000,000
|
2,705,676
|
||||||
|
Progress Residential Trust, Series 2023-SFR2, Class D, 4.50%, 10/17/2040 (a)
|
200,000
|
195,256
|
||||||
|
PRPM LLC
|
||||||||
|
Series 2022-NQM1, Class B1, 5.35%, 08/25/2067 (a)(b)
|
1,500,000
|
1,482,931
|
||||||
|
Series 2025-RCF4, Class M1A, 4.50%, 08/25/2055 (a)(c)
|
2,000,000
|
1,924,756
|
||||||
|
Series 2025-RCF5, Class M2, 5.50%, 10/25/2055 (a)(c)
|
1,850,000
|
1,774,128
|
||||||
|
Series 2025-RPL4, Class A3, 3.00%, 05/25/2055 (a)(c)
|
2,000,000
|
1,851,042
|
||||||
|
Radnor RE Ltd.
|
||||||||
|
Series 2024-1, Class M1C, 7.15% (30 day avg SOFR US + 3.50%), 09/25/2034 (a)
|
500,000
|
505,866
|
||||||
|
Series 2024-1, Class M2, 7.65% (30 day avg SOFR US + 4.00%), 09/25/2034 (a)
|
1,000,000
|
1,023,224
|
||||||
|
Rate Mortgage Trust, Series 2021-J3, Class A25, 2.50%, 10/25/2051 (a)(b)
|
500,000
|
338,710
|
||||||
|
RCKT Mortgage Trust
|
||||||||
|
Series 2021-5, Class A1, 2.50%, 11/25/2051 (a)(b)
|
5,252,787
|
4,418,650
|
||||||
|
Series 2022-4, Class A2, 3.50%, 06/25/2052 (a)(b)
|
2,359,070
|
2,114,582
|
||||||
|
Series 2025-CES1, Class B2B, 6.64%, 01/25/2045 (a)(b)
|
3,000,000
|
2,969,898
|
||||||
|
Series 2025-CES3, Class B2B, 5.97%, 03/25/2055 (a)(b)
|
2,839,000
|
2,797,224
|
||||||
|
Series 2025-CES5, Class B2A, 8.05%, 05/25/2055 (a)(b)
|
2,730,000
|
2,760,050
|
||||||
|
Saluda Grade Mortgage Funding LLC
|
||||||||
|
Series 2020-SEQ1, Class A1, 3.32%, 05/25/2050 (a)(b)
|
92,349
|
90,336
|
||||||
|
Series 2025-LOC5, Class B1, 7.40% (1 mo. Term SOFR + 3.75%), 10/25/2055 (a)
|
1,000,000
|
1,004,769
|
||||||
|
Series 2025-NPL2, Class A1, 7.77%, 05/25/2030 (a)(c)
|
2,119,159
|
2,135,037
|
||||||
|
Series 2026-HB1, Class B1, 7.10% (1 mo. Term SOFR + 3.45%), 04/25/2056 (a)
|
1,000,000
|
1,002,638
|
||||||
|
Series 2026-HB1, Class B2, 8.20% (1 mo. Term SOFR + 4.55%), 04/25/2056 (a)
|
2,523,000
|
2,490,678
|
||||||
|
Series 2026-NPL1, Class A1, 7.04%, 04/25/2031 (a)(c)
|
7,000,000
|
7,014,651
|
||||||
|
Series 2026-NPL1, Class A2, 8.90%, 04/25/2031 (a)(c)
|
5,000,000
|
5,009,360
|
||||||
|
Sequoia Mortgage Trust
|
||||||||
|
Series 2018-2, Class A19, 3.50%, 02/25/2048 (a)(b)
|
149,464
|
134,842
|
||||||
|
Series 2023-2, Class B4, 4.98%, 03/25/2053 (a)(b)
|
1,379,562
|
1,267,997
|
||||||
|
Series 2023-4, Class B4, 5.69%, 11/25/2053 (a)(b)
|
1,441,053
|
1,283,481
|
||||||
|
Series 2024-2, Class B4, 5.97%, 03/25/2054 (a)(b)
|
1,413,028
|
1,322,474
|
||||||
|
SGR Residential Mortgage Trust
|
||||||||
|
Series 2021-1, Class A3, 1.56%, 07/25/2061 (a)(b)
|
1,396,600
|
1,179,108
|
||||||
|
Series 2021-2, Class A2, 1.94%, 12/25/2061 (a)(b)
|
514,825
|
444,813
|
||||||
|
Series 2021-2, Class B2, 4.04%, 12/25/2061 (a)(b)
|
910,000
|
630,640
|
||||||
|
Series 2025-1, Class B2, 6.75%, 12/25/2065 (a)(b)
|
2,090,000
|
2,014,267
|
||||||
|
Starwood Mortgage Residential Trust
|
||||||||
|
Series 2019-INV1, Class B1, 3.66%, 09/27/2049 (a)(b)
|
500,000
|
476,622
|
||||||
|
Series 2021-1, Class B1, 3.52%, 05/25/2065 (a)(b)
|
600,000
|
532,771
|
||||||
|
Series 2021-3, Class B2, 4.10%, 06/25/2056 (a)(b)
|
3,000,000
|
2,387,730
|
||||||
|
Series 2021-3, Class M1, 2.49%, 06/25/2056 (a)(b)
|
1,000,000
|
784,555
|
||||||
|
Series 2021-4, Class B31, 4.68%, 08/25/2056 (a)(b)
|
2,460,000
|
1,731,882
|
||||||
|
Series 2022-3, Class A3, 4.16%, 03/25/2067 (a)(b)
|
880,373
|
831,922
|
||||||
|
Towd Point Mortgage Trust
|
||||||||
|
Series 2017-6, Class B4, 3.25%, 10/25/2057 (a)(b)
|
3,000,000
|
2,242,878
|
||||||
|
Series 2018-5, Class B3, 3.47%, 07/25/2058 (a)(b)
|
2,000,000
|
1,398,904
|
||||||
|
Series 2019-1, Class B2, 3.77%, 03/25/2058 (a)(b)
|
2,000,000
|
1,582,201
|
||||||
|
Series 2021-SJ2, Class A2, 2.50%, 12/25/2061 (a)(b)
|
2,000,000
|
1,869,636
|
||||||
|
Tricon American Homes Trust, Series 2020-SFR1, Class D, 2.55%, 07/17/2038 (a)
|
200,000
|
198,166
|
||||||
|
Unlock Hea Trust
|
||||||||
|
Series 2023-1, Class B, 7.00%, 10/25/2038 (a)
|
10,000,000
|
9,908,580
|
||||||
|
Series 2025-2, Class A, 6.00%, 11/25/2041 (a)
|
4,892,611
|
4,848,080
|
||||||
|
Series 2025-2, Class B, 7.25%, 11/25/2041 (a)
|
1,000,000
|
974,721
|
||||||
|
Verus Securitization Trust
|
||||||||
|
Series 2021-1, Class M1, 1.97%, 01/25/2066 (a)(b)
|
1,926,000
|
1,617,222
|
||||||
|
Series 2021-3, Class B2, 3.96%, 06/25/2066 (a)(b)
|
1,257,000
|
980,825
|
||||||
|
Series 2021-3, Class M1, 2.40%, 06/25/2066 (a)(b)
|
1,500,000
|
1,240,491
|
||||||
|
Series 2021-4, Class A3, 1.35%, 07/25/2066 (a)(b)
|
518,788
|
446,821
|
||||||
|
Series 2021-6, Class M1, 2.94%, 10/25/2066 (a)(b)
|
290,000
|
219,513
|
||||||
|
Series 2021-7, Class B1, 4.14%, 10/25/2066 (a)(b)
|
400,000
|
324,544
|
||||||
|
Series 2021-8, Class B1, 4.24%, 11/25/2066 (a)(b)
|
2,000,000
|
1,747,270
|
||||||
|
Series 2022-1, Class B2, 3.97%, 01/25/2067 (a)(b)
|
3,000,000
|
2,276,569
|
||||||
|
Series 2022-2, Class B1, 4.25%, 02/25/2067 (a)(b)
|
3,800,000
|
3,148,823
|
||||||
|
Series 2022-3, Class A3, 4.13%, 02/25/2067 (a)(b)
|
1,896,973
|
1,799,756
|
||||||
|
Series 2022-3, Class B2, 4.04%, 02/25/2067 (a)(b)
|
1,500,000
|
1,144,082
|
||||||
|
Series 2026-3, Class B2, 6.81%, 03/25/2071 (a)(b)
|
1,000,000
|
967,104
|
||||||
|
Vista Point Securitization Trust
|
||||||||
|
Series 2024-CES2, Class B2, 9.38%, 10/25/2054 (a)(b)
|
7,049,000
|
7,195,255
|
||||||
|
Series 2024-CES3, Class B2, 9.52%, 01/25/2055 (a)(b)
|
2,000,000
|
2,042,590
|
||||||
|
Series 2025-CES1, Class A3, 6.28%, 04/25/2055 (a)(c)
|
1,000,000
|
1,012,682
|
||||||
|
Series 2025-CES1, Class B2, 8.96%, 04/25/2055 (a)(b)
|
2,697,000
|
2,789,378
|
||||||
|
Series 2025-CES2, Class B1, 7.06%, 08/25/2055 (a)(b)
|
3,000,000
|
3,030,114
|
||||||
|
Series 2025-CES2, Class B2, 8.15%, 08/25/2055 (a)(b)
|
3,000,000
|
3,012,748
|
||||||
|
Series 2025-CES3, Class B1, 6.99%, 11/25/2055 (a)(b)
|
4,618,000
|
4,645,670
|
||||||
|
Series 2025-CES3, Class B2, 7.88%, 11/25/2055 (a)(b)
|
1,588,000
|
1,588,342
|
||||||
|
Series 2026-CES1, Class B1, 6.77%, 02/25/2056 (a)(b)
|
2,919,000
|
2,885,234
|
||||||
|
Series 2026-CES1, Class B2, 7.86%, 02/25/2056 (a)(b)
|
2,000,000
|
1,977,336
|
||||||
|
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $298,501,204)
|
298,826,121
|
|||||||
|
CORPORATE OBLIGATIONS - 15.9%
|
Par
|
Value
|
||||||
|
Basic Materials - 1.2%
|
||||||||
|
Barrick International Barbados Corp., 6.35%, 10/15/2036 (a)
|
130,000
|
140,678
|
||||||
|
Capstone Copper Corp., 6.75%, 03/31/2033 (a)
|
970,000
|
987,805
|
||||||
|
Celanese US Holdings LLC, 7.38%, 02/15/2034
|
630,000
|
660,060
|
||||||
|
Century Aluminum Co., 6.88%, 08/01/2032 (a)
|
630,000
|
652,958
|
||||||
|
Cleveland-Cliffs, Inc., 7.63%, 01/15/2034 (a)
|
1,290,000
|
1,304,034
|
||||||
|
Consolidated Energy Finance SA, 12.00%, 02/15/2031 (a)
|
1,140,000
|
1,169,925
|
||||||
|
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 (a)
|
680,000
|
680,068
|
||||||
|
First Quantum Minerals Ltd., 7.25%, 02/15/2034 (a)
|
2,100,000
|
2,160,619
|
||||||
|
Freeport-McMoRan, Inc., 5.40%, 11/14/2034
|
210,000
|
213,788
|
||||||
|
Magnera Corp., 4.75%, 11/15/2029 (a)
|
720,000
|
660,114
|
||||||
|
Mercer International, Inc., 5.13%, 02/01/2029
|
420,000
|
168,382
|
||||||
|
Methanex US Operations, Inc., 6.25%, 03/15/2032 (a)
|
1,250,000
|
1,287,089
|
||||||
|
Mosaic Co., 5.63%, 11/15/2043
|
225,000
|
211,535
|
||||||
|
Novelis Corp., 4.75%, 01/30/2030 (a)
|
380,000
|
364,307
|
||||||
|
Nucor Corp., 5.10%, 06/01/2035
|
215,000
|
217,689
|
||||||
|
Nutrien Ltd., 4.13%, 03/15/2035
|
240,000
|
220,764
|
||||||
|
Olin Corp., 6.63%, 04/01/2033 (a)
|
700,000
|
694,328
|
||||||
|
Taseko Mines Ltd., 8.25%, 05/01/2030 (a)
|
1,220,000
|
1,278,677
|
||||||
|
13,072,820
|
||||||||
|
Communications - 0.8%
|
||||||||
|
AT&T, Inc., 4.90%, 08/15/2037
|
450,000
|
430,611
|
||||||
|
Cars.com, Inc., 6.38%, 11/01/2028 (a)
|
300,000
|
295,117
|
||||||
|
Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032 (a)
|
1,060,000
|
984,316
|
||||||
|
Comcast Corp., 6.50%, 11/15/2035
|
260,000
|
284,852
|
||||||
|
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 (a)
|
1,790,000
|
1,863,820
|
||||||
|
Gen Digital, Inc., 6.25%, 04/01/2033 (a)
|
740,000
|
721,563
|
||||||
|
Gray Media, Inc., 5.38%, 11/15/2031 (a)
|
1,680,000
|
1,313,684
|
||||||
|
Lamar Media Corp., 4.88%, 01/15/2029
|
370,000
|
367,890
|
||||||
|
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030 (a)
|
700,000
|
681,545
|
||||||
|
SV RNO Property Owner 1, LLC, 5.88%, 03/01/2031 (a)
|
370,000
|
363,266
|
||||||
|
T-Mobile USA, Inc., 5.75%, 01/15/2034
|
275,000
|
287,164
|
||||||
|
Univision Communications, Inc., 4.50%, 05/01/2029 (a)
|
770,000
|
735,193
|
||||||
|
Verizon Communications, Inc., 4.27%, 01/15/2036
|
470,000
|
433,813
|
||||||
|
8,762,834
|
||||||||
|
Consumer, Cyclical - 1.7%
|
||||||||
|
Adient Global Holdings Ltd., 7.50%, 02/15/2033 (a)
|
640,000
|
655,014
|
||||||
|
American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 (a)
|
1,310,000
|
1,279,808
|
||||||
|
BorgWarner, Inc., 5.40%, 08/15/2034
|
215,000
|
218,517
|
||||||
|
Caesars Entertainment, Inc., 4.63%, 10/15/2029 (a)
|
1,410,000
|
1,361,753
|
||||||
|
Carnival Corp., 6.13%, 02/15/2033 (a)
|
540,000
|
548,213
|
||||||
|
Champ Acquisition Corp., 8.38%, 12/01/2031 (a)
|
1,230,000
|
1,298,854
|
||||||
|
Cinemark USA, Inc., 7.00%, 08/01/2032 (a)
|
1,250,000
|
1,292,725
|
||||||
|
Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032 (a)
|
1,420,000
|
1,453,398
|
||||||
|
FirstCash Holdings, Inc., 6.13%, 05/01/2034 (a)(e)
|
140,000
|
139,786
|
||||||
|
FirstCash, Inc., 4.63%, 09/01/2028 (a)
|
740,000
|
727,984
|
||||||
|
Ford Motor Credit Co. LLC, 6.13%, 03/08/2034
|
145,000
|
145,685
|
||||||
|
General Motors Financial Co., Inc., 6.10%, 01/07/2034
|
205,000
|
214,136
|
||||||
|
Goodyear Tire & Rubber Co., 6.63%, 07/15/2030
|
1,090,000
|
1,079,657
|
||||||
|
K Hovnanian Enterprises, Inc., 8.38%, 10/01/2033 (a)
|
730,000
|
734,085
|
||||||
|
Lithia Motors, Inc., 3.88%, 06/01/2029 (a)
|
710,000
|
680,820
|
||||||
|
Lowe's Cos., Inc., 2.80%, 09/15/2041
|
305,000
|
215,946
|
||||||
|
Meritage Homes Corp., 5.65%, 03/15/2035
|
220,000
|
221,980
|
||||||
|
NCL Corp. Ltd., 6.25%, 09/15/2033 (a)
|
680,000
|
658,601
|
||||||
|
New Flyer Holdings, Inc., 9.25%, 07/01/2030 (a)
|
630,000
|
680,204
|
||||||
|
Newell Brands, Inc., 8.50%, 06/01/2028 (a)
|
650,000
|
679,633
|
||||||
|
O'Reilly Automotive, Inc., 4.70%, 06/15/2032
|
220,000
|
219,299
|
||||||
|
Penn Entertainment, Inc., 6.75%, 04/01/2031 (a)
|
730,000
|
724,383
|
||||||
|
Phinia, Inc.
|
||||||||
|
6.75%, 04/15/2029 (a)
|
145,000
|
148,595
|
||||||
|
6.63%, 10/15/2032 (a)
|
640,000
|
656,211
|
||||||
|
PulteGroup, Inc., 6.38%, 05/15/2033
|
200,000
|
215,879
|
||||||
|
Resideo Funding, Inc., 6.50%, 07/15/2032 (a)
|
720,000
|
727,521
|
||||||
|
Royal Caribbean Cruises Ltd., 6.00%, 02/01/2033 (a)
|
285,000
|
289,443
|
||||||
|
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 04/01/2032
|
640,000
|
660,066
|
||||||
|
Viking Cruises Ltd., 5.88%, 10/15/2033 (a)
|
1,280,000
|
1,283,886
|
||||||
|
19,212,082
|
||||||||
|
Consumer, Non-cyclical - 2.4%
|
||||||||
|
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 (a)
|
1,270,000
|
1,300,660
|
||||||
|
Agilent Technologies, Inc., 4.75%, 09/09/2034
|
295,000
|
290,791
|
||||||
|
Amgen, Inc., 5.25%, 03/02/2033
|
285,000
|
291,738
|
||||||
|
Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032 (a)
|
630,000
|
655,066
|
||||||
|
Ashtead Capital, Inc., 5.95%, 10/15/2033 (a)
|
275,000
|
285,638
|
||||||
|
B&G Foods, Inc., 8.00%, 09/15/2028 (a)
|
50,000
|
49,617
|
||||||
|
Baxter International, Inc., 2.54%, 02/01/2032
|
345,000
|
293,255
|
||||||
|
Belron UK Finance PLC, 5.75%, 10/15/2029 (a)
|
360,000
|
363,842
|
||||||
|
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032
|
315,000
|
293,656
|
||||||
|
Brown-Forman Corp., 4.00%, 04/15/2038
|
240,000
|
210,457
|
||||||
|
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031
|
320,000
|
292,543
|
||||||
|
Campbell's Co., 5.40%, 03/21/2034
|
290,000
|
282,091
|
||||||
|
Chobani Holdco LLC, 6.38%, 04/15/2034 (a)
|
145,000
|
148,038
|
||||||
|
Conagra Brands, Inc., 5.30%, 11/01/2038
|
230,000
|
214,435
|
||||||
|
Concentra Health Services, Inc., 6.88%, 07/15/2032 (a)
|
650,000
|
674,402
|
||||||
|
Constellation Brands, Inc., 4.90%, 05/01/2033
|
220,000
|
217,876
|
||||||
|
DaVita, Inc., 6.88%, 09/01/2032 (a)
|
950,000
|
981,189
|
||||||
|
Dcli Bidco LLC, 7.75%, 11/15/2029 (a)
|
670,000
|
690,535
|
||||||
|
EquipmentShare.com, Inc., 8.63%, 05/15/2032 (a)
|
1,030,000
|
1,093,669
|
||||||
|
Fiesta Purchaser, Inc., 9.63%, 09/15/2032 (a)
|
1,250,000
|
1,295,839
|
||||||
|
GE HealthCare Technologies, Inc., 5.50%, 06/15/2035
|
285,000
|
289,248
|
||||||
|
Global Payments, Inc., 5.40%, 08/15/2032
|
165,000
|
164,219
|
||||||
|
HCA, Inc., 5.45%, 09/15/2034
|
290,000
|
293,649
|
||||||
|
Hertz Corp.
|
||||||||
|
12.63%, 07/15/2029 (a)
|
720,000
|
679,230
|
||||||
|
Series 2023-3A, Class D, 9.43%, 02/25/2028 (a)
|
1,000,000
|
1,016,717
|
||||||
|
J.M. Smucker Co., 6.20%, 11/15/2033
|
270,000
|
288,020
|
||||||
|
JBS USA Food Co., 6.75%, 03/15/2034
|
25,000
|
27,185
|
||||||
|
Keurig Dr Pepper, Inc., 5.30%, 03/15/2034
|
285,000
|
284,445
|
||||||
|
Kraft Heinz Foods Co., 6.88%, 01/26/2039
|
200,000
|
217,889
|
||||||
|
Kroger Co., 5.00%, 09/15/2034
|
295,000
|
291,510
|
||||||
|
Mars, Inc., 5.20%, 03/01/2035 (a)
|
285,000
|
287,642
|
||||||
|
Medline Borrower LP, 5.25%, 10/01/2029 (a)
|
1,020,000
|
1,015,666
|
||||||
|
Molina Healthcare, Inc., 6.25%, 01/15/2033 (a)
|
970,000
|
969,542
|
||||||
|
Molson Coors Beverage Co., 4.20%, 07/15/2046
|
185,000
|
145,297
|
||||||
|
Performance Food Group, Inc., 4.25%, 08/01/2029 (a)
|
1,000,000
|
970,219
|
||||||
|
Perrigo Finance Unlimited Co., 6.13%, 09/30/2032
|
1,560,000
|
1,469,080
|
||||||
|
Philip Morris International, Inc., 5.25%, 02/13/2034
|
285,000
|
290,505
|
||||||
|
Post Holdings, Inc., 6.38%, 03/01/2033 (a)
|
1,280,000
|
1,280,328
|
||||||
|
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 (a)
|
1,330,000
|
1,317,334
|
||||||
|
Royalty Pharma PLC, 3.30%, 09/02/2040
|
380,000
|
291,151
|
||||||
|
Simmons Foods, Inc., 4.63%, 03/01/2029 (a)
|
1,510,000
|
1,457,903
|
||||||
|
Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 (a)
|
620,000
|
652,490
|
||||||
|
Tyson Foods, Inc., 4.88%, 08/15/2034
|
295,000
|
290,267
|
||||||
|
United Rentals North America, Inc., 6.00%, 12/15/2029 (a)
|
145,000
|
147,573
|
||||||
|
Upbound Group, Inc., 6.38%, 02/15/2029 (a)
|
740,000
|
731,855
|
||||||
|
US Foods, Inc., 7.25%, 01/15/2032 (a)
|
350,000
|
364,492
|
||||||
|
VT Topco, Inc., 8.50%, 08/15/2030 (a)
|
1,280,000
|
1,311,628
|
||||||
|
Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031
|
330,000
|
295,088
|
||||||
|
26,765,509
|
||||||||
|
Diversified - 0.1%
|
||||||||
|
Stena International SA, 7.25%, 01/15/2031 (a)
|
990,000
|
1,007,264
|
||||||
|
Energy - 2.0%
|
||||||||
|
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029 (a)
|
1,040,000
|
1,088,049
|
||||||
|
Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032 (a)
|
700,000
|
722,618
|
||||||
|
Borr IHC Ltd. / Borr Finance LLC, 10.38%, 11/15/2030 (a)
|
636,347
|
668,285
|
||||||
|
Bristow Group, Inc., 6.75%, 02/01/2033 (a)
|
340,000
|
346,174
|
||||||
|
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 02/15/2031 (a)
|
1,220,000
|
1,293,672
|
||||||
|
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039
|
260,000
|
220,189
|
||||||
|
Cheniere Energy Partners LP, 5.75%, 08/15/2034
|
210,000
|
217,918
|
||||||
|
Comstock Resources, Inc., 5.88%, 01/15/2030 (a)
|
1,330,000
|
1,289,040
|
||||||
|
Continental Resources, Inc., 5.75%, 01/15/2031 (a)
|
215,000
|
219,776
|
||||||
|
CVR Energy, Inc., 7.88%, 02/15/2034 (a)
|
1,290,000
|
1,294,729
|
||||||
|
Energy Transfer LP, 7.38%, 02/01/2031 (a)
|
140,000
|
145,032
|
||||||
|
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033
|
1,250,000
|
1,316,520
|
||||||
|
Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (a)
|
660,000
|
677,926
|
||||||
|
Hess Corp., 7.13%, 03/15/2033
|
190,000
|
216,457
|
||||||
|
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029 (a)
|
340,000
|
339,965
|
||||||
|
Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034 (a)
|
720,000
|
732,841
|
||||||
|
Kinder Morgan, Inc., 5.95%, 08/01/2054
|
220,000
|
217,262
|
||||||
|
Kinetik Holdings LP, 5.88%, 06/15/2030 (a)
|
100,000
|
100,393
|
||||||
|
Kodiak Gas Services LLC, 6.50%, 10/01/2033 (a)
|
660,000
|
675,468
|
||||||
|
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 (a)
|
200,000
|
202,585
|
||||||
|
MPLX LP, 5.00%, 03/01/2033
|
220,000
|
218,963
|
||||||
|
ONEOK, Inc., 6.05%, 09/01/2033
|
210,000
|
220,959
|
||||||
|
PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030 (a)
|
670,000
|
687,140
|
||||||
|
Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034
|
215,000
|
220,352
|
||||||
|
SunCoke Energy, Inc., 4.88%, 06/30/2029 (a)
|
1,590,000
|
1,467,191
|
||||||
|
Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual (a)
|
710,000
|
735,664
|
||||||
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.75%, 03/15/2034 (a)
|
1,260,000
|
1,288,131
|
||||||
|
Targa Resources Corp., 6.50%, 03/30/2034
|
200,000
|
216,922
|
||||||
|
TransMontaigne Partners LLC, 8.50%, 06/15/2030 (a)
|
310,000
|
321,017
|
||||||
|
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029 (a)
|
660,000
|
682,327
|
||||||
|
Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual (a)
|
2,990,000
|
2,959,286
|
||||||
|
Western Midstream Operating LP, 6.15%, 04/01/2033
|
210,000
|
220,363
|
||||||
|
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029 (a)
|
710,000
|
731,137
|
||||||
|
Williams Cos., Inc., 5.60%, 03/15/2035
|
210,000
|
215,275
|
||||||
|
22,169,626
|
||||||||
|
Financial - 5.0%
|
||||||||
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032
|
320,000
|
292,567
|
||||||
|
Aircastle Ltd. / Aircastle Ireland DAC, 5.25%, 03/15/2030 (a)
|
290,000
|
293,012
|
||||||
|
American Express Co., 5.28% to 07/26/2034 then SOFR + 1.42%, 07/26/2035
|
645,000
|
653,443
|
||||||
|
American Tower Corp., 5.55%, 07/15/2033
|
280,000
|
288,497
|
||||||
|
Apollo Debt Solutions BDC, 5.70%, 01/23/2031 (a)
|
3,070,000
|
3,018,677
|
||||||
|
Ares Capital Corp.
|
||||||||
|
5.10%, 01/15/2031
|
1,945,000
|
1,887,354
|
||||||
|
3.20%, 11/15/2031
|
170,000
|
149,067
|
||||||
|
Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032 (a)
|
100,000
|
104,520
|
||||||
|
Avolon Holdings Funding Ltd., 4.95%, 10/15/2032 (a)
|
295,000
|
287,920
|
||||||
|
Bank of America Corp., 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036
|
845,000
|
734,828
|
||||||
|
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029 (a)
|
690,000
|
734,290
|
||||||
|
Blackstone Private Credit Fund
|
||||||||
|
5.05%, 09/10/2030
|
233,000
|
223,393
|
||||||
|
6.00%, 01/29/2032
|
2,871,000
|
2,821,358
|
||||||
|
Burford Capital Global Finance LLC, 7.50%, 07/15/2033 (a)
|
1,600,000
|
1,316,480
|
||||||
|
Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036
|
605,000
|
616,470
|
||||||
|
Credit Acceptance Corp., 6.63%, 03/15/2030 (a)
|
960,000
|
958,594
|
||||||
|
Crown Castle, Inc., 5.10%, 05/01/2033
|
290,000
|
287,706
|
||||||
|
Enact Holdings, Inc., 6.25%, 05/28/2029
|
215,000
|
222,286
|
||||||
|
Encore Capital Group, Inc., 6.63%, 04/15/2031 (a)
|
670,000
|
681,370
|
||||||
|
EZCORP, Inc., 7.38%, 04/01/2032 (a)
|
1,030,000
|
1,091,450
|
||||||
|
Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032
|
565,000
|
583,424
|
||||||
|
Freedom Mortgage Holdings LLC, 7.88%, 04/01/2033 (a)
|
2,700,000
|
2,634,421
|
||||||
|
GGAM Finance Ltd., 5.88%, 03/15/2030 (a)
|
980,000
|
989,673
|
||||||
|
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 (a)
|
1,940,000
|
1,970,188
|
||||||
|
goeasy Ltd., 6.88%, 02/15/2031 (a)
|
890,000
|
740,006
|
||||||
|
Goldman Sachs Group, Inc., 4.02% to 10/31/2037 then 3 mo. Term SOFR + 1.63%, 10/31/2038
|
695,000
|
608,416
|
||||||
|
Goldman Sachs Private Credit Corp.
|
||||||||
|
5.88%, 01/31/2031 (a)
|
2,265,000
|
2,228,280
|
||||||
|
6.15%, 06/16/2031 (a)
|
875,000
|
867,877
|
||||||
|
Golub Capital BDC, Inc., 6.00%, 07/15/2029
|
1,310,000
|
1,314,140
|
||||||
|
HA Sustainable Infrastructure Capital, Inc., 7.13% to 11/15/2031 then 5 yr. CMT Rate + 3.48%, 11/15/2056
|
720,000
|
727,074
|
||||||
|
Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033 (a)
|
1,250,000
|
1,284,814
|
||||||
|
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031 (a)
|
710,000
|
695,057
|
||||||
|
Jefferson Capital Holdings LLC, 8.25%, 05/15/2030 (a)
|
980,000
|
1,026,100
|
||||||
|
JPMorgan Chase & Co., 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035
|
825,000
|
816,009
|
||||||
|
LPL Holdings, Inc., 4.38%, 05/15/2031 (a)
|
300,000
|
288,207
|
||||||
|
M&T Bank Corp., 5.40% to 07/30/2030 then 5 yr. CMT Rate + 1.43%, 07/30/2035
|
585,000
|
585,691
|
||||||
|
Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/2031 (a)
|
275,000
|
287,547
|
||||||
|
Millrose Properties, Inc., 6.38%, 08/01/2030 (a)
|
670,000
|
679,048
|
||||||
|
Morgan Stanley, 5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038
|
595,000
|
613,179
|
||||||
|
Morgan Stanley Direct Lending Fund, 6.00%, 05/19/2030
|
3,050,000
|
3,048,593
|
||||||
|
NMI Holdings, Inc., 6.00%, 08/15/2029
|
215,000
|
219,809
|
||||||
|
OneMain Finance Corp., 7.13%, 11/15/2031
|
1,450,000
|
1,471,256
|
||||||
|
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (a)
|
1,280,000
|
1,286,717
|
||||||
|
PennyMac Financial Services, Inc., 6.75%, 02/15/2034 (a)
|
1,000,000
|
968,753
|
||||||
|
PHH Corp., 9.88%, 11/01/2029 (a)
|
960,000
|
970,257
|
||||||
|
Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030 (a)
|
1,930,000
|
1,971,298
|
||||||
|
PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035
|
710,000
|
732,062
|
||||||
|
PRA Group, Inc., 5.00%, 10/01/2029 (a)
|
1,020,000
|
968,968
|
||||||
|
Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029 (a)
|
930,000
|
970,743
|
||||||
|
Prudential Financial, Inc., 5.20%, 03/14/2035
|
290,000
|
291,662
|
||||||
|
Radian Group, Inc., 6.20%, 05/15/2029
|
210,000
|
217,271
|
||||||
|
RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032 (a)
|
350,000
|
359,358
|
||||||
|
Rocket Cos., Inc., 7.13%, 02/01/2032 (a)
|
1,240,000
|
1,282,476
|
||||||
|
Starwood Property Trust, Inc., 5.75%, 01/15/2031 (a)
|
680,000
|
680,185
|
||||||
|
Stonebriar ABF Issuer LLC, 8.13%, 12/15/2030 (a)
|
330,000
|
346,810
|
||||||
|
Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 (a)
|
1,250,000
|
1,293,194
|
||||||
|
UBS Group AG, 5.70% to 02/08/2034 then 1 yr. CMT Rate + 1.77%, 02/08/2035 (a)
|
635,000
|
653,803
|
||||||
|
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029 (a)
|
980,000
|
963,591
|
||||||
|
UWM Holdings LLC, 6.25%, 03/15/2031 (a)
|
710,000
|
658,917
|
||||||
|
Velocity Commercial Capital LLC, 9.38%, 02/15/2031 (a)
|
340,000
|
352,003
|
||||||
|
Walker & Dunlop, Inc., 6.63%, 04/01/2033 (a)
|
740,000
|
736,350
|
||||||
|
Wells Fargo & Co., 5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034
|
635,000
|
652,599
|
||||||
|
56,699,108
|
||||||||
|
Industrial - 1.8%
|
||||||||
|
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030 (a)
|
650,000
|
659,853
|
||||||
|
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033 (a)
|
1,040,000
|
1,082,353
|
||||||
|
Amphenol Corp., 5.25%, 04/05/2034
|
210,000
|
215,083
|
||||||
|
Arrow Electronics, Inc., 5.88%, 04/10/2034
|
315,000
|
325,349
|
||||||
|
Axon Enterprise, Inc., 6.25%, 03/15/2033 (a)
|
640,000
|
657,133
|
||||||
|
Beacon Mobility Corp., 7.25%, 08/01/2030 (a)
|
1,050,000
|
1,094,123
|
||||||
|
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 (a)
|
670,000
|
681,403
|
||||||
|
Builders FirstSource, Inc., 6.75%, 05/15/2035 (a)
|
1,260,000
|
1,274,023
|
||||||
|
Burlington Northern Santa Fe LLC, 4.13%, 06/15/2047
|
300,000
|
243,079
|
||||||
|
Carrier Global Corp., 3.38%, 04/05/2040
|
180,000
|
143,703
|
||||||
|
Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032 (a)
|
730,000
|
687,402
|
||||||
|
Coherent Corp., 5.00%, 12/15/2029 (a)
|
730,000
|
722,628
|
||||||
|
CRH America Finance, Inc., 5.40%, 05/21/2034
|
280,000
|
286,120
|
||||||
|
CSX Corp., 6.15%, 05/01/2037
|
225,000
|
243,701
|
||||||
|
Enerflex, Inc., 6.88%, 01/15/2031 (a)
|
700,000
|
721,503
|
||||||
|
Esab Corp., 5.63%, 04/01/2031 (a)
|
360,000
|
364,215
|
||||||
|
FTAI Aviation Investors LLC, 5.88%, 04/15/2033 (a)
|
670,000
|
666,983
|
||||||
|
GATX Corp., 5.50%, 06/15/2035
|
285,000
|
288,887
|
||||||
|
Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (a)
|
330,000
|
338,165
|
||||||
|
Knife River Corp., 7.75%, 05/01/2031 (a)
|
650,000
|
677,165
|
||||||
|
Northrop Grumman Corp., 5.20%, 06/01/2054
|
230,000
|
211,123
|
||||||
|
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031 (a)
|
1,310,000
|
1,253,560
|
||||||
|
Quikrete Holdings, Inc., 6.75%, 03/01/2033 (a)
|
660,000
|
669,685
|
||||||
|
Reworld Holding Corp., 4.88%, 12/01/2029 (a)
|
680,000
|
653,432
|
||||||
|
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (a)
|
370,000
|
362,243
|
||||||
|
RTX Corp., 6.10%, 03/15/2034
|
200,000
|
215,362
|
||||||
|
Seaspan Corp., 5.50%, 08/01/2029 (a)
|
720,000
|
688,801
|
||||||
|
Sensata Technologies, Inc., 3.75%, 02/15/2031 (a)
|
700,000
|
650,662
|
||||||
|
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 (a)
|
1,260,000
|
1,320,029
|
||||||
|
Standard Building Solutions, Inc., 6.50%, 08/15/2032 (a)
|
650,000
|
656,939
|
||||||
|
Stonepeak Nile Parent LLC, 7.25%, 03/15/2032 (a)
|
690,000
|
722,459
|
||||||
|
Trinity Industries, Inc., 7.75%, 07/15/2028 (a)
|
640,000
|
657,322
|
||||||
|
Trivium Packaging Finance BV, 12.25%, 01/15/2031 (a)
|
630,000
|
687,358
|
||||||
|
United Parcel Service, Inc., 5.50%, 05/22/2054
|
170,000
|
163,058
|
||||||
|
Waste Management, Inc., 4.88%, 02/15/2034
|
215,000
|
217,417
|
||||||
|
XPO, Inc., 7.13%, 06/01/2031 (a)
|
330,000
|
341,860
|
||||||
|
20,844,181
|
||||||||
|
Technology - 0.5%
|
||||||||
|
Amkor Technology, Inc., 5.88%, 10/01/2033 (a)
|
720,000
|
724,813
|
||||||
|
CACI International, Inc., 6.38%, 06/15/2033 (a)
|
460,000
|
470,903
|
||||||
|
CDW LLC / CDW Finance Corp., 5.55%, 08/22/2034
|
330,000
|
327,066
|
||||||
|
Dell International LLC / EMC Corp., 4.85%, 02/01/2035
|
335,000
|
326,399
|
||||||
|
Fiserv, Inc., 5.25%, 08/11/2035
|
250,000
|
244,045
|
||||||
|
IBM International Capital Pte Ltd., 4.90%, 02/05/2034
|
295,000
|
291,362
|
||||||
|
MSCI, Inc., 5.25%, 09/01/2035
|
335,000
|
329,925
|
||||||
|
Oracle Corp., 3.90%, 05/15/2035
|
340,000
|
287,967
|
||||||
|
Roper Technologies, Inc., 1.75%, 02/15/2031
|
340,000
|
294,850
|
||||||
|
Unisys Corp., 10.63%, 01/15/2031 (a)
|
1,190,000
|
1,035,609
|
||||||
|
VMware LLC, 2.20%, 08/15/2031
|
370,000
|
327,594
|
||||||
|
Zebra Technologies Corp., 6.50%, 06/01/2032 (a)
|
670,000
|
683,449
|
||||||
|
5,343,982
|
||||||||
|
Utilities - 0.4%
|
||||||||
|
Berkshire Hathaway Energy Co., 6.13%, 04/01/2036
|
270,000
|
289,488
|
||||||
|
Duke Energy Florida LLC, 6.40%, 06/15/2038
|
265,000
|
289,988
|
||||||
|
Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 (a)
|
670,000
|
672,594
|
||||||
|
NRG Energy, Inc., 6.25%, 11/01/2034 (a)
|
1,270,000
|
1,285,596
|
||||||
|
Virginia Electric and Power Co., 5.15%, 03/15/2035
|
290,000
|
290,490
|
||||||
|
Vistra Operations Co. LLC
|
||||||||
|
6.88%, 04/15/2032 (a)
|
650,000
|
678,846
|
||||||
|
6.00%, 04/15/2034 (a)
|
280,000
|
289,151
|
||||||
|
VoltaGrid LLC, 7.38%, 11/01/2030 (a)
|
650,000
|
674,951
|
||||||
|
4,471,104
|
||||||||
|
TOTAL CORPORATE OBLIGATIONS (Cost $178,871,548)
|
178,348,510
|
|||||||
|
RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 15.6%
|
Par
|
Value
|
||||||
|
Federal Home Loan Mortgage Corp.
|
||||||||
|
Pool QJ0865, 5.50%, 08/01/2054
|
918,770
|
932,421
|
||||||
|
Pool QJ7063, 5.50%, 10/01/2054
|
2,163,482
|
2,184,005
|
||||||
|
Pool QJ7675, 6.00%, 11/01/2054
|
2,295,367
|
2,386,853
|
||||||
|
Pool QJ7711, 5.00%, 11/01/2054
|
3,253,577
|
3,212,227
|
||||||
|
Pool QX0791, 5.50%, 12/01/2054
|
1,850,128
|
1,873,416
|
||||||
|
Pool RB5135, 2.00%, 11/01/2041
|
3,403,168
|
2,955,495
|
||||||
|
Pool RB5146, 2.50%, 02/01/2042
|
2,168,521
|
1,946,989
|
||||||
|
Pool RB5149, 2.50%, 03/01/2042
|
5,647,988
|
5,046,748
|
||||||
|
Pool RQ0028, 6.00%, 07/01/2055
|
2,501,929
|
2,555,690
|
||||||
|
Pool RQ0094, 5.00%, 02/01/2056
|
15,738,398
|
15,518,728
|
||||||
|
Pool SD5007, 5.00%, 09/01/2053
|
911,323
|
902,235
|
||||||
|
Pool SD6195, 5.00%, 10/01/2053
|
782,538
|
774,787
|
||||||
|
Pool SD8492, 5.00%, 01/01/2055
|
9,012,535
|
8,893,310
|
||||||
|
Pool SD8506, 5.50%, 02/01/2055
|
6,269,307
|
6,307,084
|
||||||
|
Pool SD8516, 6.00%, 03/01/2055
|
6,386,469
|
6,523,698
|
||||||
|
Pool SD8524, 5.50%, 04/01/2055
|
4,805,169
|
4,834,124
|
||||||
|
Pool SL0716, 5.00%, 03/01/2055
|
3,723,550
|
3,675,900
|
||||||
|
Pool SL0741, 6.00%, 02/01/2055
|
3,916,323
|
4,036,073
|
||||||
|
Pool SL0817, 6.00%, 04/01/2055
|
3,058,841
|
3,147,551
|
||||||
|
Pool SL1634, 2.50%, 07/01/2052
|
5,603,507
|
4,731,237
|
||||||
|
Pool SL2624, 4.50%, 01/01/2054
|
6,555,802
|
6,323,504
|
||||||
|
Pool SL3103, 6.50%, 10/01/2054
|
4,659,322
|
4,858,576
|
||||||
|
Pool SL4432, 5.50%, 03/01/2056
|
5,884,468
|
5,931,796
|
||||||
|
Pool SL4455, 4.50%, 03/01/2056
|
4,993,552
|
4,810,168
|
||||||
|
Federal National Mortgage Association
|
||||||||
|
Pool BR0948, 2.00%, 04/01/2051
|
2,864,438
|
2,315,131
|
||||||
|
Pool BW5186, 5.00%, 11/01/2052
|
803,532
|
796,644
|
||||||
|
Pool BX0432, 6.00%, 11/01/2052
|
2,685,651
|
2,767,487
|
||||||
|
Pool CA4149, 3.00%, 09/01/2049
|
8,243,245
|
7,234,739
|
||||||
|
Pool CA8895, 2.50%, 02/01/2051
|
2,028,507
|
1,707,042
|
||||||
|
Pool CB3000, 2.00%, 12/01/2051
|
4,818,288
|
3,869,928
|
||||||
|
Pool CB7336, 5.50%, 10/01/2053
|
5,104,871
|
5,149,865
|
||||||
|
Pool DB3770, 5.50%, 05/01/2054
|
717,883
|
727,918
|
||||||
|
Pool DC3426, 5.00%, 09/01/2054
|
965,387
|
962,854
|
||||||
|
Pool DC5739, 5.50%, 11/01/2054
|
1,254,254
|
1,271,620
|
||||||
|
Pool FA4836, 5.50%, 07/01/2055
|
5,883,170
|
5,943,474
|
||||||
|
Pool FP0069, 2.50%, 01/01/2052
|
3,392,707
|
2,864,866
|
||||||
|
Pool FS4653, 5.50%, 05/01/2053
|
1,088,604
|
1,099,279
|
||||||
|
Pool FS6738, 5.00%, 09/01/2053
|
2,101,661
|
2,082,867
|
||||||
|
Pool FS8870, 5.00%, 09/01/2053
|
2,495,798
|
2,473,864
|
||||||
|
Pool FS9192, 3.00%, 07/01/2052
|
3,578,175
|
3,138,702
|
||||||
|
Pool FS9409, 5.50%, 10/01/2054
|
5,207,910
|
5,277,225
|
||||||
|
Pool MA4364, 2.00%, 06/01/2041
|
3,749,903
|
3,272,876
|
||||||
|
Pool MA4474, 2.00%, 11/01/2041
|
3,950,412
|
3,430,886
|
||||||
|
Pool MA4511, 2.00%, 01/01/2052
|
1,503,857
|
1,209,634
|
||||||
|
Pool MA5615, 6.00%, 02/01/2055
|
2,906,098
|
2,968,542
|
||||||
|
Pool MA5736, 6.00%, 06/01/2055
|
4,834,692
|
4,938,578
|
||||||
|
Government National Mortgage Association
|
||||||||
|
Pool MA8490, 5.00%, 12/20/2052
|
724,351
|
722,761
|
||||||
|
Pool MA8570, 5.50%, 01/20/2053
|
4,047,596
|
4,113,189
|
||||||
|
Pool MA9018, 6.00%, 07/20/2053
|
513,764
|
528,202
|
||||||
|
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY (Cost $175,365,050)
|
175,230,788
|
|||||||
|
ASSET-BACKED SECURITIES - 13.7%
|
Par
|
Value
|
||||||
|
Automobile - 8.2%
|
||||||||
|
AgoraCapital Auto Securities Trust
|
||||||||
|
Series 2025-1A, Class B, 7.27%, 11/25/2032 (a)
|
1,000,000
|
1,009,782
|
||||||
|
Series 2025-1A, Class C, 10.17%, 11/25/2032 (a)
|
500,000
|
522,421
|
||||||
|
American Credit Acceptance Receivables Trust, Series 2024-3, Class E, 7.92%, 03/12/2032 (a)
|
3,000,000
|
3,124,626
|
||||||
|
Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class D, 5.82%, 01/15/2032 (a)
|
500,000
|
500,903
|
||||||
|
Avis Budget Car Rental LLC
|
||||||||
|
Series 2021-2A, Class D, 4.08%, 02/20/2028 (a)
|
2,000,000
|
1,981,151
|
||||||
|
Series 2023-4A, Class D, 7.31%, 06/20/2029 (a)
|
2,250,000
|
2,281,333
|
||||||
|
Series 2023-7A, Class D, 7.31%, 08/21/2028 (a)
|
1,000,000
|
1,011,268
|
||||||
|
Bridgecrest Lending Auto Securitization Trust
|
||||||||
|
Series 2023-1, Class E, 10.37%, 07/15/2030 (a)
|
3,050,000
|
3,260,948
|
||||||
|
Series 2026-1, Class E, 6.63%, 02/15/2033 (a)
|
1,000,000
|
991,657
|
||||||
|
CarMax Select Receivables Trust, Series 2026-A, Class E, 6.56%, 02/15/2033 (a)
|
1,500,000
|
1,484,171
|
||||||
|
CarNow Auto Receivables Trust, Series 2022-1A, Class D, 5.79%, 09/15/2027 (a)
|
439,475
|
266,518
|
||||||
|
Carvana Auto Receivables Trust
|
||||||||
|
Series 2021-N4, Class E, 4.53%, 09/11/2028 (a)
|
1,265,002
|
1,250,768
|
||||||
|
Series 2022-N1, Class E, 6.01%, 12/11/2028 (a)
|
602,031
|
590,358
|
||||||
|
Series 2023-N2, Class E, 9.94%, 04/10/2030 (a)
|
1,500,000
|
1,562,456
|
||||||
|
Series 2023-N3, Class E, 9.49%, 09/10/2030 (a)
|
2,411,000
|
2,540,870
|
||||||
|
Corporate One Auto Receivables Trust, Series 2026-1A, Class D, 5.48%, 07/15/2034 (a)
|
250,000
|
248,465
|
||||||
|
CPS Auto Trust
|
||||||||
|
Series 2022-D, Class E, 12.12%, 06/17/2030 (a)
|
4,000,000
|
4,318,365
|
||||||
|
Series 2024-A, Class E, 8.42%, 08/15/2031 (a)
|
5,200,000
|
5,395,876
|
||||||
|
Series 2024-B, Class E, 8.36%, 11/17/2031 (a)
|
1,000,000
|
1,040,336
|
||||||
|
Series 2024-C, Class E, 8.04%, 03/15/2032 (a)
|
1,000,000
|
1,034,766
|
||||||
|
Series 2025-B, Class E, 7.95%, 03/15/2033 (a)
|
1,750,000
|
1,808,236
|
||||||
|
Series 2025-C, Class E, 6.59%, 02/15/2033 (a)
|
1,000,000
|
986,803
|
||||||
|
Series 2025-D, Class E, 7.69%, 05/16/2033 (a)
|
2,500,000
|
2,547,325
|
||||||
|
Exeter Automobile Receivables Trust
|
||||||||
|
Series 2022-1A, Class E, 5.02%, 10/15/2029 (a)
|
3,000,000
|
2,973,939
|
||||||
|
Series 2022-2A, Class E, 6.34%, 10/15/2029 (a)
|
1,000,000
|
968,195
|
||||||
|
Series 2022-5A, Class E, 10.45%, 04/15/2030 (a)
|
2,000,000
|
2,111,778
|
||||||
|
Series 2022-6A, Class E, 11.61%, 06/17/2030 (a)
|
2,000,000
|
2,094,870
|
||||||
|
Series 2024-1A, Class E, 7.89%, 08/15/2031 (a)
|
1,000,000
|
1,034,488
|
||||||
|
Series 2024-2A, Class E, 7.98%, 10/15/2031 (a)
|
1,354,000
|
1,403,306
|
||||||
|
Series 2024-3A, Class E, 7.84%, 10/15/2031 (a)
|
2,505,000
|
2,594,486
|
||||||
|
Series 2024-5A, Class E, 7.22%, 05/17/2032 (a)
|
2,414,000
|
2,471,623
|
||||||
|
Series 2026-2A, Class E, 7.54%, 11/15/2033 (a)
|
1,000,000
|
1,012,842
|
||||||
|
FHF Trust, Series 2024-3A, Class D, 6.01%, 12/15/2031 (a)
|
1,000,000
|
947,305
|
||||||
|
FinBe USA Trust, Series 2025-1A, Class B, 6.60%, 12/16/2030 (a)
|
1,000,000
|
981,291
|
||||||
|
Flagship Credit Auto Trust, Series 2024-1, Class E, 8.60%, 05/15/2031 (a)
|
585,000
|
491,456
|
||||||
|
GLS Auto Receivables Trust
|
||||||||
|
Series 2023-1A, Class E, 11.42%, 03/15/2030 (a)
|
1,000,000
|
1,074,665
|
||||||
|
Series 2023-3A, Class E, 9.27%, 08/15/2030 (a)
|
1,500,000
|
1,583,259
|
||||||
|
Series 2023-4A, Class E, 9.72%, 08/15/2030 (a)
|
1,000,000
|
1,075,818
|
||||||
|
Series 2024-3A, Class E, 7.25%, 06/16/2031 (a)
|
1,000,000
|
1,025,307
|
||||||
|
Series 2024-4A, Class E, 7.51%, 08/15/2031 (a)
|
1,826,000
|
1,888,327
|
||||||
|
Series 2025-3A, Class E, 6.52%, 08/16/2032 (a)
|
1,000,000
|
995,105
|
||||||
|
Series 2026-1A, Class E, 6.51%, 03/15/2033 (a)
|
1,500,000
|
1,477,734
|
||||||
|
Series 2026-2A, Class E, 6.98%, 06/15/2033 (a)
|
2,000,000
|
1,999,412
|
||||||
|
Hertz Corp., Series 2025-6A, Class D, 8.30%, 05/25/2032 (a)
|
750,000
|
751,670
|
||||||
|
Lendbuzz Securitization Trust, Series 2026-1A, Class C, 5.74%, 09/15/2031 (a)
|
682,047
|
676,888
|
||||||
|
Lobel Automobile Receivables Trust
|
||||||||
|
Series 2023-2, Class D, 11.00%, 09/16/2030 (a)
|
1,000,000
|
1,042,929
|
||||||
|
Series 2026-1, Class E, 8.37%, 01/15/2031 (a)
|
1,250,000
|
1,197,311
|
||||||
|
Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A, 7.29%, 07/15/2030 (a)
|
99,755
|
100,060
|
||||||
|
Prestige Auto Receivables Trust
|
||||||||
|
Series 2022-1A, Class D, 8.08%, 08/15/2028 (a)
|
23,035
|
22,933
|
||||||
|
Series 2024-1A, Class E, 7.94%, 04/15/2031 (a)
|
1,975,000
|
1,982,572
|
||||||
|
Series 2024-2A, Class E, 6.75%, 11/17/2031 (a)
|
750,000
|
726,518
|
||||||
|
Research-Driven Pagaya Motor Asset Trust
|
||||||||
|
Series 2025-5A, Class C, 5.47%, 06/26/2034 (a)
|
3,000,000
|
2,963,837
|
||||||
|
Series 2025-6A, Class C, 5.53%, 08/25/2034 (a)
|
2,000,000
|
1,972,916
|
||||||
|
Series 2025-6A, Class E, 10.53%, 08/25/2034 (a)
|
250,000
|
249,403
|
||||||
|
Series 2026-1A, Class B, 5.44%, 01/25/2035 (a)
|
4,000,000
|
3,969,829
|
||||||
|
Series 2026-2A, Class E1, 10.99%, 02/26/2035 (a)
|
1,000,000
|
998,686
|
||||||
|
Series 2026-R1A, Class B, 6.21%, 07/25/2034 (a)
|
1,250,000
|
1,251,944
|
||||||
|
Series 2026-R1A, Class D, 7.72%, 07/25/2034 (a)
|
1,250,000
|
1,233,773
|
||||||
|
SAFCO Auto Receivables Trust, Series 2025-1A, Class D, 6.60%, 12/10/2030 (a)
|
1,000,000
|
995,047
|
||||||
|
Santander Holdings USA, Inc., Series 2024-A, Class F, 10.17%, 06/15/2032 (a)
|
160,524
|
164,765
|
||||||
|
SBNA Auto Receivables Trust, Series 2024-A, Class E, 8.00%, 04/15/2032 (a)
|
1,500,000
|
1,547,718
|
||||||
|
Securitized Term Auto Receivables Trust, Series 2025-A, Class D, 6.75%, 07/25/2031 (a)
|
519,338
|
529,146
|
||||||
|
Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026 (a)
|
85,877
|
86,227
|
||||||
|
92,428,780
|
||||||||
|
Consumer - 4.9%
|
||||||||
|
ACHD Trust, Series 2025-DS1, Class C, 11.33%, 01/09/2034 (a)
|
1,000,000
|
1,004,632
|
||||||
|
ACHV ABS Trust
|
||||||||
|
Series 2024-2PL, Class D, 6.40%, 10/27/2031 (a)
|
2,554,904
|
2,575,294
|
||||||
|
Series 2025-1PL, Class E, 6.50%, 04/26/2032 (a)
|
2,877,826
|
2,871,794
|
||||||
|
Affirm, Inc., Series 2024-B, Class E, 7.35%, 09/15/2029 (a)
|
1,000,000
|
1,001,156
|
||||||
|
AMCR ABS Trust, Series 2026-A, Class C, 9.84%, 05/18/2033 (a)
|
750,000
|
765,479
|
||||||
|
AMDR ABS Trust, Series 2025-1A, Class A, 6.38%, 12/19/2033 (a)
|
220,399
|
220,971
|
||||||
|
Aqua Finance Trust
|
||||||||
|
Series 2019-A, Class D, 6.07%, 07/16/2040 (a)
|
745,674
|
743,860
|
||||||
|
Series 2021-A, Class C, 3.14%, 07/17/2046 (a)
|
164,510
|
152,900
|
||||||
|
Bankers Healthcare Group, Inc., Series 2022-C, Class E, 9.73%, 10/17/2035 (a)
|
500,000
|
528,203
|
||||||
|
Foundation Finance Trust
|
||||||||
|
Series 2021-1A, Class D, 4.96%, 05/15/2041 (a)
|
56,308
|
55,136
|
||||||
|
Series 2025-2A, Class E, 8.35%, 04/15/2052 (a)
|
335,847
|
330,730
|
||||||
|
Marlette Funding Trust
|
||||||||
|
Series 2023-1A, Class D, 8.15%, 04/15/2033 (a)
|
5,306,548
|
5,382,778
|
||||||
|
Series 2023-2A, Class D, 7.92%, 06/15/2033 (a)
|
3,000,000
|
3,046,651
|
||||||
|
Momnt Technologies Trust
|
||||||||
|
Series 2023-1A, Class B, 8.29%, 03/20/2045 (a)
|
100,000
|
102,578
|
||||||
|
Series 2023-1A, Class C, 11.24%, 03/20/2045 (a)
|
100,000
|
39,506
|
||||||
|
Oportun Financial Corp.
|
||||||||
|
Series 2021-B, Class D, 5.41%, 05/08/2031 (a)
|
254,405
|
252,943
|
||||||
|
Series 2024-3, Class D, 9.60%, 08/15/2029 (a)
|
1,500,000
|
1,513,987
|
||||||
|
Series 2025-D, Class D, 6.97%, 02/08/2033 (a)
|
500,000
|
503,930
|
||||||
|
Series 2025-D, Class E, 10.82%, 02/08/2033 (a)
|
300,000
|
300,968
|
||||||
|
Series 2026-A, Class D, 6.28%, 01/09/2034 (a)
|
1,000,000
|
996,879
|
||||||
|
Series 2026-A, Class E, 9.38%, 01/09/2034 (a)
|
500,000
|
499,119
|
||||||
|
Pagaya AI Debt Selection Trust
|
||||||||
|
Series 2021-1, Class C, 4.09%, 11/15/2027 (a)
|
1,611
|
1,605
|
||||||
|
Series 2021-5, Class C, 3.93%, 08/15/2029 (a)
|
40,806
|
40,500
|
||||||
|
Series 2022-2, Class C, 7.50%, 01/15/2030 (a)
|
181,323
|
181,634
|
||||||
|
Series 2024-10, Class F, 12.00%, 06/15/2032 (a)
|
914,249
|
835,178
|
||||||
|
Series 2024-7, Class D, 10.90%, 12/15/2031 (a)
|
226,039
|
229,446
|
||||||
|
Series 2025-5, Class E, 9.70%, 03/15/2033 (a)
|
1,287,450
|
1,291,326
|
||||||
|
Series 2025-6, Class E, 8.48%, 04/15/2033 (a)
|
1,999,816
|
1,991,152
|
||||||
|
Series 2025-7, Class E, 8.89%, 05/15/2033 (a)
|
499,911
|
496,570
|
||||||
|
Series 2025-8, Class E, 9.57%, 07/15/2033 (a)
|
999,656
|
1,000,190
|
||||||
|
Series 2025-R1, Class E, 12.11%, 06/15/2032 (a)
|
53,977
|
55,113
|
||||||
|
Series 2025-R2, Class D, 5.80%, 10/15/2032 (a)
|
2,008,103
|
1,996,262
|
||||||
|
Series 2025-R3, Class E, 8.93%, 01/18/2033 (a)
|
1,171,440
|
1,167,044
|
||||||
|
Series 2026-1, Class B, 5.37%, 09/15/2033 (a)
|
2,000,000
|
1,994,443
|
||||||
|
Series 2026-1, Class E, 9.23%, 09/15/2033 (a)
|
1,735,000
|
1,722,663
|
||||||
|
Series 2026-2, Class D, 6.78%, 11/15/2033 (a)
|
3,500,000
|
3,501,419
|
||||||
|
Series 2026-R1, Class D, 5.75%, 12/15/2033 (a)
|
2,000,000
|
1,983,264
|
||||||
|
Series 2026-R1, Class E, 9.29%, 12/15/2033 (a)
|
1,500,000
|
1,498,251
|
||||||
|
Series 2026-R2, Class C, 6.22%, 02/15/2034 (a)
|
1,000,000
|
1,000,638
|
||||||
|
Pagaya Technologies Ltd., Series 2025-1, Class E, 11.28%, 01/20/2034 (a)
|
750,000
|
764,247
|
||||||
|
Powerpay Securitization Funding LLC, Series 2024-1A, Class B, 8.46%, 02/18/2039 (a)
|
288,242
|
293,756
|
||||||
|
Prosper Marketplace Issuance Trust, Series 2024-1A, Class D, 10.98%, 08/15/2029 (a)
|
500,000
|
504,965
|
||||||
|
Purchasing Power Funding, Series 2026-A, Class E, 7.54%, 08/15/2030 (a)
|
500,000
|
496,486
|
||||||
|
RCKT Mortgage Trust, Series 2025-2A, Class E, 7.83%, 11/27/2034 (a)
|
1,000,000
|
977,251
|
||||||
|
Republic Finance Issuance Trust
|
||||||||
|
Series 2024-A, Class C, 7.28%, 08/20/2032 (a)
|
400,000
|
402,655
|
||||||
|
Series 2024-A, Class D, 9.49%, 08/20/2032 (a)
|
250,000
|
252,332
|
||||||
|
Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028 (a)
|
140,373
|
140,590
|
||||||
|
Upgrade Receivables Trust, Series 2024-1A, Class D, 8.90%, 02/18/2031 (a)
|
2,000,000
|
2,065,268
|
||||||
|
Upstart Securitization Trust
|
||||||||
|
Series 2023-2, Class C, 11.87%, 06/20/2033 (a)
|
1,000,000
|
1,045,162
|
||||||
|
Series 2025-4, Class D, 7.67%, 11/20/2035 (a)
|
2,000,000
|
2,030,466
|
||||||
|
Series 2026-1, Class D, 7.32%, 03/20/2036 (a)
|
2,250,000
|
2,257,733
|
||||||
|
55,107,103
|
||||||||
|
Credit Card - 0.1%
|
||||||||
|
Avant Credit Card Master Trust, Series 2024-1A, Class C, 6.23%, 04/15/2030 (a)
|
500,000
|
502,783
|
||||||
|
Equipment - 0.5%
|
||||||||
|
Octane Receivables Trust
|
||||||||
|
Series 2023-3A, Class E, 10.92%, 05/20/2031 (a)
|
2,000,000
|
2,140,512
|
||||||
|
Series 2024-2A, Class E, 9.04%, 07/20/2032 (a)
|
2,750,000
|
2,905,959
|
||||||
|
Series 2024-RVM1, Class E, 8.42%, 01/22/2046 (a)
|
1,000,000
|
1,057,086
|
||||||
|
6,103,557
|
||||||||
|
TOTAL ASSET-BACKED SECURITIES (Cost $153,894,316)
|
154,142,223
|
|||||||
|
COLLATERALIZED LOAN OBLIGATIONS - 12.1%
|
Par
|
Value
|
||||||
|
AB BSL CLO Ltd., Series 2025-6A, Class D2, 8.48%, 07/20/2037 (a)
|
2,000,000
|
1,999,986
|
||||||
|
AMMC CLO Ltd., Series 2025-32A, Class D2, 8.08%, 10/17/2038 (a)
|
4,000,000
|
3,993,752
|
||||||
|
Anchorage Credit Funding Ltd., Series 2016-3A, Class A2R, 6.03% (3 mo. Term SOFR + 2.36%), 01/28/2039 (a)
|
1,230,805
|
1,231,263
|
||||||
|
Antares CLO Ltd., Series 2026-1A, Class C, 5.78% (3 mo. Term SOFR + 2.10%), 04/20/2039 (a)
|
4,500,000
|
4,477,500
|
||||||
|
Anthelion CLO Ltd., Series 2025-2A, Class D1, 6.87% (3 mo. Term SOFR + 3.20%), 04/20/2039 (a)
|
2,000,000
|
2,006,524
|
||||||
|
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class AS, 6.29% (1 mo. Term SOFR + 2.64%), 01/20/2041 (a)
|
1,000,000
|
1,006,117
|
||||||
|
Ares CLO Ltd.
|
||||||||
|
Series 2023-70A, Class ER, 9.17% (3 mo. Term SOFR + 5.50%), 01/25/2039 (a)
|
2,000,000
|
1,956,498
|
||||||
|
Series 2026-81A, Class E, 0.00% (3 mo. Term SOFR + 5.60%), 07/15/2039 (a)
|
1,000,000
|
1,000,000
|
||||||
|
Audax Senior Debt CLO, LLC, Series 2021-6A, Class DR, 6.88% (3 mo. Term SOFR + 3.20%), 10/20/2037 (a)
|
3,500,000
|
3,373,125
|
||||||
|
BCRED MML CLO LLC, Series 2021-1A, Class B, 5.83% (3 mo. Term SOFR + 2.16%), 01/15/2035 (a)
|
2,675,000
|
2,678,833
|
||||||
|
Black Diamond CLO Ltd., Series 2022-1A, Class D1R, 6.97% (3 mo. Term SOFR + 3.30%), 04/25/2039 (a)
|
1,250,000
|
1,250,000
|
||||||
|
Blackrock CLO Ltd., Series 2021-6A, Class DR, 8.38% (3 mo. Term SOFR + 4.70%), 04/20/2037 (a)
|
5,000,000
|
4,737,500
|
||||||
|
BXDL Static CLO LLC, Series 2025-1A, Class C, 5.88% (3 mo. Term SOFR + 2.20%), 07/20/2035 (a)
|
1,925,000
|
1,921,654
|
||||||
|
Carlyle Global Market Strategies, Series 2019-1A, Class CR2, 6.28% (3 mo. Term SOFR + 2.60%), 04/20/2031 (a)
|
2,400,000
|
2,406,278
|
||||||
|
Cedar Funding Ltd., Series 2022-15A, Class D1R, 6.93% (3 mo. Term SOFR + 3.25%), 01/20/2039 (a)
|
2,250,000
|
2,257,400
|
||||||
|
Cent CLO Ltd., Series 2018-27A, Class B1R, 5.73% (3 mo. Term SOFR + 2.06%), 01/25/2035 (a)
|
3,850,000
|
3,856,807
|
||||||
|
Cerberus Loan Funding LP
|
||||||||
|
Series 2023-1A, Class C, 8.07% (3 mo. Term SOFR + 4.40%), 03/22/2035 (a)
|
1,500,000
|
1,500,000
|
||||||
|
Series 2023-1A, Class CR, 0.00% (3 mo. Term SOFR + 2.65%), 03/22/2035 (a)(e)
|
4,000,000
|
4,000,000
|
||||||
|
Series 2023-2A, Class D2, 12.17% (3 mo. Term SOFR + 8.50%), 07/15/2035 (a)
|
1,900,000
|
1,888,889
|
||||||
|
Series 2024-1A, Class A, 5.57% (3 mo. Term SOFR + 1.90%), 04/15/2036 (a)
|
5,000,000
|
5,007,095
|
||||||
|
CQS US CLO Ltd.
|
||||||||
|
Series 2025-5A, Class D1, 6.96% (3 mo. Term SOFR + 3.15%), 01/17/2039 (a)
|
1,000,000
|
1,004,606
|
||||||
|
Series 2026-6A, Class D1, 6.88% (3 mo. Term SOFR + 3.20%), 03/31/2039 (a)
|
4,000,000
|
4,000,000
|
||||||
|
Crown Point CLO Ltd., Series 2021-10A, Class D, 7.44% (3 mo. Term SOFR + 3.76%), 07/20/2034 (a)
|
2,000,000
|
1,985,108
|
||||||
|
Deerpath Capital CLO Ltd., Series 2024-1A, Class D, 8.92% (3 mo. Term SOFR + 5.25%), 07/15/2036 (a)
|
3,500,000
|
3,508,754
|
||||||
|
Dryden Senior Loan Fund
|
||||||||
|
Series 2018-64A, Class D, 6.59% (3 mo. Term SOFR + 2.91%), 04/18/2031 (a)
|
1,500,000
|
1,507,137
|
||||||
|
Series 2023-107A, Class D1R, 6.55% (3 mo. Term SOFR + 2.90%), 08/15/2038 (a)
|
3,650,000
|
3,652,274
|
||||||
|
Series 2024-119A, Class D2, 9.07% (3 mo. Term SOFR + 5.40%), 04/15/2036 (a)
|
2,000,000
|
2,003,140
|
||||||
|
Eldridge CLO Ltd., Series 2025-1A, Class D2, 7.78% (3 mo. Term SOFR + 4.10%), 10/20/2038 (a)
|
2,250,000
|
2,257,191
|
||||||
|
Fortress Credit Opportunities
|
||||||||
|
Series 2025-29A, Class D, 7.18% (3 mo. Term SOFR + 3.50%), 04/20/2033 (a)
|
2,500,000
|
2,434,170
|
||||||
|
Series 2025-37A, Class B, 6.28% (3 mo. Term SOFR + 2.60%), 07/20/2033 (a)
|
2,500,000
|
2,508,225
|
||||||
|
Gallatin CLO Ltd.
|
||||||||
|
Series 2023-1A, Class D1R, 7.27% (3 mo. Term SOFR + 3.60%), 10/14/2036 (a)
|
2,000,000
|
2,009,846
|
||||||
|
Series 2024-1A, Class D1, 7.68% (3 mo. Term SOFR + 4.00%), 10/20/2037 (a)
|
4,000,000
|
4,017,588
|
||||||
|
Golub Capital Partners CLO Ltd., Series 2025-80A, Class D, 6.76% (3 mo. Term SOFR + 3.10%), 05/09/2039 (a)
|
2,500,000
|
2,396,875
|
||||||
|
HPS Private Credit CLO LLC, Series 2024-2A, Class C, 6.90% (3 mo. Term SOFR + 3.25%), 05/15/2036 (a)
|
4,000,000
|
4,003,284
|
||||||
|
Madison Park Funding Ltd., Series 2019-37A, Class BR2, 5.62% (3 mo. Term SOFR + 1.95%), 04/15/2037 (a)
|
1,750,000
|
1,752,265
|
||||||
|
Marble Point CLO Ltd.
|
||||||||
|
Series 2020-1A, Class D1R, 7.33% (3 mo. Term SOFR + 3.65%), 07/20/2037 (a)
|
3,000,000
|
3,007,473
|
||||||
|
Series 2020-3A, Class D1R2, 6.68% (3 mo. Term SOFR + 3.00%), 10/19/2038 (a)
|
2,000,000
|
1,999,940
|
||||||
|
Monroe Capital CLO Ltd.
|
||||||||
|
Series 2019-1A, Class DR, 7.73% (3 mo. Term SOFR + 4.06%), 11/22/2033 (a)
|
2,000,000
|
1,922,892
|
||||||
|
Series 2021-2A, Class C, 6.59% (3 mo. Term SOFR + 2.91%), 09/14/2033 (a)
|
500,000
|
500,460
|
||||||
|
Mountain Point CLO Ltd., Series 2026-1A, Class D1, 6.97% (3 mo. Term SOFR + 3.25%), 04/20/2039 (a)
|
2,000,000
|
2,006,112
|
||||||
|
Obra CLO Management LLC, Series 2024-1A, Class D1, 7.08% (3 mo. Term SOFR + 3.40%), 01/20/2038 (a)
|
1,720,000
|
1,733,760
|
||||||
|
Octagon Investment Partners Ltd., Series 2018-1A, Class DR, 10.93% (3 mo. Term SOFR + 7.25%), 10/20/2037 (a)
|
2,575,000
|
2,560,819
|
||||||
|
OZLM Ltd., Series 2017-19A, Class CR3, 6.77% (3 mo. Term SOFR + 3.10%), 01/15/2035 (a)
|
3,000,000
|
3,000,000
|
||||||
|
PennantPark CLO Ltd., Series 2025-12A, Class C, 5.98% (3 mo. Term SOFR + 2.30%), 04/20/2037 (a)
|
3,000,000
|
2,918,802
|
||||||
|
Regatta Funding Ltd.
|
||||||||
|
Series 2019-2A, Class D1R2, 6.32% (3 mo. Term SOFR + 2.65%), 04/15/2039 (a)
|
3,000,000
|
2,989,449
|
||||||
|
Series 2025-3A, Class D2, 8.18%, 07/20/2038 (a)
|
2,000,000
|
2,007,542
|
||||||
|
Sculptor CLO Ltd., Series 29A, Class D1R, 7.06% (3 mo. Term SOFR + 3.40%), 07/22/2038 (a)
|
2,000,000
|
1,993,546
|
||||||
|
Sound Point CLO Ltd., Series 2023-1A, Class D1R, 7.17% (3 mo. Term SOFR + 3.50%), 07/26/2038 (a)
|
5,000,000
|
5,015,985
|
||||||
|
Star Mountain CFO I LP, Series 2026-1A, Class B, 8.90% (3 mo. Term SOFR + 5.25%), 12/31/2038 (a)(f)
|
1,100,000
|
1,100,000
|
||||||
|
TIAA CLO Ltd., Series 2019-1A, Class AR, 5.60% (3 mo. Term SOFR + 1.93%), 04/23/2036 (a)
|
5,500,000
|
5,509,081
|
||||||
|
Trinitas CLO Ltd., Series 2023-23A, Class D1R, 6.58% (3 mo. Term SOFR + 2.90%), 10/20/2038 (a)
|
3,500,000
|
3,506,857
|
||||||
|
Windhill CLO Ltd., Series 2024-2A, Class C, 5.96% (3 mo. Term SOFR + 2.30%), 01/22/2038 (a)
|
2,500,000
|
2,484,887
|
||||||
|
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $135,920,607)
|
135,847,289
|
|||||||
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 5.4%
|
Par
|
Value
|
||||||
|
Federal Home Loan Mortgage Corp.
|
||||||||
|
Series K-176, Class A1, 4.37%, 09/25/2035
|
12,929,435
|
12,813,496
|
||||||
|
Series K553, Class A2, 4.07%, 12/25/2030 (b)
|
7,500,000
|
7,441,822
|
||||||
|
Series K557, Class A2, 3.94%, 01/25/2031 (b)
|
5,000,000
|
4,925,515
|
||||||
|
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
|
14,999,865
|
15,018,585
|
||||||
|
Series KF171, Class AS, 4.21% (30 day avg SOFR US + 0.56%), 03/25/2036
|
10,000,000
|
10,015,610
|
||||||
|
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY (Cost $60,415,654)
|
60,227,508
|
|||||||
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.9%
|
Par
|
Value
|
||||||
|
ALA Trust
|
||||||||
|
Series 2025-OANA, Class C, 5.75% (1 mo. Term SOFR + 2.09%), 06/15/2040 (a)
|
300,000
|
301,561
|
||||||
|
Series 2025-OANA, Class D, 6.75% (1 mo. Term SOFR + 3.09%), 06/15/2040 (a)
|
200,000
|
200,946
|
||||||
|
AREIT CRE Ltd., Series 2024-CRE9, Class AS, 5.89% (1 mo. Term SOFR + 2.24%), 05/17/2041 (a)
|
800,000
|
801,331
|
||||||
|
ARES Commercial Mortgage Trust, Series 2024-IND, Class D, 6.54% (1 mo. Term SOFR + 2.89%), 07/15/2041 (a)
|
500,000
|
501,391
|
||||||
|
ARZ Trust, Series 2024-BILT, Class D, 7.00%, 06/11/2039 (a)
|
250,000
|
255,590
|
||||||
|
Banc of America Re-Remic Trust, Series 2025-ASHF, Class C, 6.66% (1 mo. Term SOFR + 3.00%), 02/15/2042 (a)
|
750,000
|
755,905
|
||||||
|
Bank-2025, Series 2025-BNK51, Class D, 4.00%, 12/25/2067 (a)
|
1,000,000
|
713,982
|
||||||
|
BX Trust
|
||||||||
|
Series 2024-AIRC, Class C, 6.24% (1 mo. Term SOFR + 2.59%), 08/15/2041 (a)
|
260,175
|
261,529
|
||||||
|
Series 2024-BIO, Class C, 6.29% (1 mo. Term SOFR + 2.64%), 02/15/2041 (a)
|
200,000
|
199,758
|
||||||
|
Series 2024-BIO, Class D, 7.29% (1 mo. Term SOFR + 3.64%), 02/15/2041 (a)
|
200,000
|
199,025
|
||||||
|
Series 2024-KING, Class D, 6.14% (1 mo. Term SOFR + 2.49%), 05/15/2034 (a)
|
493,503
|
499,723
|
||||||
|
Series 2024-PALM, Class D, 6.29% (1 mo. Term SOFR + 2.64%), 06/15/2037 (a)
|
259,615
|
260,561
|
||||||
|
Series 2024-VLT4, Class E, 6.54% (1 mo. Term SOFR + 2.89%), 06/15/2041 (a)
|
191,900
|
191,337
|
||||||
|
Series 2024-VLT4, Class F, 7.59% (1 mo. Term SOFR + 3.94%), 06/15/2041 (a)
|
479,750
|
478,497
|
||||||
|
Series 2025-BIO3, Class D, 7.19%, 02/10/2042 (a)(b)
|
750,000
|
746,567
|
||||||
|
Series 2025-VLT7, Class D, 6.90% (1 mo. Term SOFR + 3.25%), 07/15/2044 (a)
|
800,000
|
801,994
|
||||||
|
Series 2025-VOLT, Class C, 6.00% (1 mo. Term SOFR + 2.35%), 12/15/2044 (a)
|
1,500,000
|
1,500,681
|
||||||
|
Series 2026-VLT9, Class A, 5.35% (1 mo. Term SOFR + 1.70%), 03/15/2045 (a)
|
5,000,000
|
5,001,735
|
||||||
|
Commercial Mortgage Pass Through Certificates, Series 2024-WCL1, Class C, 6.54% (1 mo. Term SOFR + 2.89%), 06/15/2041 (a)
|
1,500,000
|
1,499,847
|
||||||
|
DBSG Mortgage Trust, Series 2024-ALTA, Class D, 7.30%, 06/10/2037 (a)(b)
|
400,000
|
403,298
|
||||||
|
DC Commercial Mortgage Trust
|
||||||||
|
Series 2024-HLTN, Class C, 7.29%, 04/13/2040 (a)(b)
|
500,000
|
501,362
|
||||||
|
Series 2024-HLTN, Class D, 7.98%, 04/13/2040 (a)(b)
|
300,000
|
301,311
|
||||||
|
Extended Stay America Trust
|
||||||||
|
Series 2025-ESH, Class D, 6.25% (1 mo. Term SOFR + 2.60%), 10/15/2042 (a)
|
4,815,667
|
4,852,377
|
||||||
|
Series 2025-ESH, Class E, 7.00% (1 mo. Term SOFR + 3.35%), 10/15/2042 (a)
|
3,852,533
|
3,883,076
|
||||||
|
Gaea Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/2030 (a)(b)
|
463,406
|
454,568
|
||||||
|
Hilton USA Trust
|
||||||||
|
Series 2024-ORL, Class C, 6.09% (1 mo. Term SOFR + 2.44%), 05/15/2037 (a)
|
200,000
|
200,723
|
||||||
|
Series 2024-ORL, Class D, 6.84% (1 mo. Term SOFR + 3.19%), 05/15/2037 (a)
|
200,000
|
201,438
|
||||||
|
HTL Commercial Mortgage Trust
|
||||||||
|
Series 2024-T53, Class D, 8.47%, 05/10/2039 (a)(b)
|
300,000
|
305,498
|
||||||
|
Series 2024-T53, Class F, 12.32%, 05/10/2039 (a)(b)
|
100,000
|
102,420
|
||||||
|
ICNQ Mortgage Trust, Series 2024-MF, Class E, 6.56%, 12/10/2034 (a)(b)
|
750,000
|
751,938
|
||||||
|
Jackson Park Trust, Series 2019-LIC, Class E, 3.35%, 10/14/2039 (a)(b)
|
750,000
|
663,315
|
||||||
|
Morgan Stanley ABS Capital I, Inc., Series 2024-BPR2, Class A, 7.29%, 05/05/2029 (a)
|
287,547
|
298,619
|
||||||
|
Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032 (a)
|
800,000
|
744,133
|
||||||
|
NYC Commercial Mortgage Trust
|
||||||||
|
Series 2025-28L, Class C, 5.62%, 11/05/2038 (a)(b)
|
1,000,000
|
1,002,053
|
||||||
|
Series 2025-28L, Class D, 6.42%, 11/05/2038 (a)(b)
|
1,000,000
|
1,003,167
|
||||||
|
Stellar Management, Series 2025-IP, Class E, 7.07%, 06/10/2042 (a)(b)
|
250,000
|
251,811
|
||||||
|
TX Trust, Series 2024-HOU, Class D, 6.89% (1 mo. Term SOFR + 3.24%), 06/15/2039 (a)
|
200,000
|
200,436
|
||||||
|
Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class E, 7.14%, 03/15/2038 (a)(b)
|
1,500,000
|
1,511,588
|
||||||
|
WFLD Mortgage Trust, Series 2014-MONT, Class A, 3.88%, 08/10/2031 (a)(b)
|
272,928
|
263,437
|
||||||
|
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $32,821,192)
|
33,068,528
|
|||||||
|
EXCHANGE TRADED FUNDS - 1.2%
|
Shares
|
Value
|
||||||
|
Invesco Senior Loan ETF
|
484,603
|
9,973,130
|
||||||
|
iShares iBoxx USD Investment Grade Corporate Bond ETF
|
26,216
|
2,853,611
|
||||||
|
TOTAL EXCHANGE TRADED FUNDS (Cost $12,871,890)
|
12,826,741
|
|||||||
|
RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER - 0.1%
|
Par
|
Value
|
||||||
|
Connecticut Avenue Securities Trust, Series 2024-R02, Class 1B2, 7.35% (30 day avg SOFR US + 3.70%), 02/25/2044 (a)
|
$
|
1,000,000
|
1,049,900
|
|||||
|
Federal Home Loan Mortgage Corp., Series 2022-HQA3, Class M1B, 7.20% (30 day avg SOFR US + 3.55%), 08/25/2042 (a)
|
500,000
|
515,439
|
||||||
|
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER (Cost $1,496,563)
|
1,565,339
|
|||||||
|
COMMON STOCKS - 0.0% (g)
|
Shares
|
Value
|
||||||
|
Energy - 0.0% (g)
|
||||||||
|
Enviva Escrow (f)(h)
|
150,000
|
0
|
||||||
|
Enviva LLC (h)
|
5,458
|
109,160
|
||||||
|
TOTAL COMMON STOCKS (Cost $183,056)
|
109,160
|
|||||||
|
SHORT-TERM INVESTMENTS
|
Shares
|
Value
|
||||||
|
Money Market Funds - 5.1%
|
||||||||
|
First American Government Obligations Fund - Class U, 3.60% (i)
|
57,023,871
|
57,023,871
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $57,023,871)
|
57,023,871
|
|||||||
|
TOTAL INVESTMENTS - 98.6% (Cost $1,107,364,951)
|
1,107,216,078
|
|||||||
|
Other Assets in Excess of Liabilities - 1.4%
|
15,943,485
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
1,123,159,563
|
||||||
|
Percentages are stated as a percent of net assets.
|
||||||||
|
CMT - Constant Maturity Treasury
|
|
LP - Limited Partnership
|
|
PLC - Public Limited Company
|
|
SOFR - Secured Overnight Financing Rate
|
|
(a)
|
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
$758,674,512 or 67.5% of the Fund’s net assets.
|
|
(b)
|
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.
|
|
(c)
|
Step coupon bond. The rate disclosed is as of April 30, 2026.
|
|
(d)
|
Interest only security.
|
|
(e)
|
Security or a portion of the security purchased on a when-issued or delayed delivery basis.
|
|
(f)
|
As of April 30, 2026, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of
1940. The value of these securities amounted to $1,100,00 or 0.1% of net assets. Value determined using significant unobservable inputs.
|
|
(g)
|
Represents less than 0.05% of net assets.
|
|
(h)
|
Non-income producing security.
|
|
(i)
|
The rate shown represents the 7-day annualized yield as of April 30, 2026.
|
|
Angel Oak Income ETF
|
||||||||||||||
|
Schedule of Open Futures Contracts
|
||||||||||||||
|
April 30, 2026 (Unaudited)
|
||||||||||||||
|
Long Futures Contracts
|
Contracts Purchased
|
Expiration Date
|
Notional Value
|
Value / Unrealized Appreciation
(Depreciation)
|
||||||||||
|
U.S. Treasury 10 Year Notes
|
46
|
06/18/2026
|
$
|
5,087,313
|
$
|
(46,161
|
)
|
|||||||
|
U.S. Treasury 5 Year Note
|
528
|
06/30/2026
|
56,937,375
|
(145,965
|
)
|
|||||||||
|
Net Unrealized Appreciation (Depreciation)
|
–
|
$
|
–
|
$
|
(192,126
|
)
|
||||||||
|
Angel Oak Income ETF
|
|
|
Schedule of Centrally Cleared Credit Default Swaps - Buy Protection (a)
|
|
|
April 30, 2026 (Unaudited)
|
|
Reference Obligation
|
Implied Credit
Spread at
04/30/26 (b)
|
Pay (Receive)
Fixed Rate
|
Payment
Frequency
|
Maturity
Date
|
Counterparty
|
Notional
Amount (c)
|
Value
|
Premium Paid
(Received)
|
Unrealized
Appreciation
(Depreciation) |
|||||
|
Markit CDX.NA.IG (d)
|
0.55%
|
1.000%
|
Quarterly
|
06/20/2031
|
Wells Fargo Securities, LLC
|
$100,000,000
|
$(2,212,085)
|
$(1,606,902)
|
$(605,183)
|
|
(a)
|
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection
an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to
the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
|
|
(b)
|
Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign
issues of an emerging country as of year-end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular
referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and
a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted”indicates a credit event has occurred for the referenced entity or obligation.
|
|
(c)
|
The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms
of that particular swap agreement.
|
|
(d)
|
Centrally cleared swap, clearing agent: Intercontinental Exchange.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Assets
|
||||||||||||||||
|
Residential Mortgage-Backed Securities
|
$
|
–
|
$
|
298,826,121
|
$
|
–
|
$
|
298,826,121
|
||||||||
|
Corporate Obligations
|
–
|
178,348,510
|
–
|
178,348,510
|
||||||||||||
|
Residential Mortgage-Backed Securities - U.S. Government Agency
|
–
|
175,230,788
|
–
|
175,230,788
|
||||||||||||
|
Asset-Backed Securities
|
–
|
154,142,223
|
–
|
154,142,223
|
||||||||||||
|
Collateralized Loan Obligations
|
–
|
134,747,289
|
1,100,000
|
135,847,289
|
||||||||||||
|
Commercial Mortgage-Backed Securities - U.S. Government Agency
|
–
|
60,227,508
|
–
|
60,227,508
|
||||||||||||
|
Commercial Mortgage-Backed Securities
|
–
|
33,068,528
|
–
|
33,068,528
|
||||||||||||
|
Exchange Traded Funds
|
12,826,741
|
–
|
–
|
12,826,741
|
||||||||||||
|
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
|
–
|
1,565,339
|
–
|
1,565,339
|
||||||||||||
|
Common Stocks
|
–
|
109,160
|
0
|
109,160
|
||||||||||||
|
Short-term Investments
|
57,023,871
|
–
|
–
|
57,023,871
|
||||||||||||
|
Total
|
$
|
69,850,612
|
$
|
1,036,265,466
|
$
|
1,100,000
|
$
|
1,107,216,078
|
||||||||
|
Other Financial Instruments
|
||||||||||||||||
|
Liabilities
|
||||||||||||||||
|
Swaps *
|
$
|
–
|
$
|
(605,183
|
)
|
$
|
–
|
$
|
(605,183
|
)
|
||||||
|
Futures Contracts *
|
(192,126
|
)
|
–
|
–
|
(192,126
|
)
|
||||||||||
|
Total
|
$
|
(192,126
|
)
|
$
|
(605,183
|
)
|
$
|
–
|
$
|
(797,309
|
)
|
|||||
|
* Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts and Schedule of
Centrally Cleared Credit Default Swaps - Buy Protection.
|
||||||||||||||||
|
See the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||