| Principal Amount | Value | |
| Corporate Bonds — 49.5% | ||
| Communications — 2.0% | ||
| $625,000 | AT&T, Inc., 1.65%, 2/1/28 | $597,368 |
| 575,000 | T-Mobile USA, Inc., 4.80%, 7/15/28 | 577,547 |
| 1,174,915 | ||
| Consumer, Cyclical — 7.9% | ||
| 400,000 | American Honda Finance Corp., (SOFR RATE + 0.720%), GMTN, 4.35%, 10/22/27(a) | 400,014 |
| 122,000 | American Honda Finance Corp., Series A, GMTN, 4.55%, 4/10/28 | 121,809 |
| 290,000 | BMW US Capital LLC, 4.65%, 8/13/26(b) | 290,040 |
| 150,000 | Daimler Truck Finance North America LLC, 5.13%, 9/25/27(b) | 151,087 |
| 865,000 | General Motors Financial Co., Inc., (SOFR RATE + 1.040%), 4.68%, 2/26/27(a) | 866,790 |
| 1,000,000 | Hyundai Capital America, (SOFR RATE + 1.120%), 4.76%, 6/23/27(a),(b) | 1,004,524 |
| 655,000 | Hyundai Capital America, 4.88%, 6/23/27(b) | 657,474 |
| 300,000 | Hyundai Capital America, 5.30%, 3/19/27(b) | 301,504 |
| 500,000 | Toyota Motor Credit Corp., GMTN, 4.55%, 8/7/26 | 500,158 |
| 450,000 | Volkswagen Group of America Finance LLC, 4.90%, 8/14/26(b) | 450,043 |
| 4,743,443 | ||
| Consumer, Non-cyclical — 3.7% | ||
| 485,000 | HCA, Inc., 5.00%, 3/1/28 | 487,726 |
| 750,000 | Kroger Co. (The), 2.65%, 10/15/26 | 746,302 |
| 860,000 | Mars, Inc., 4.45%, 3/1/27(b) | 861,324 |
| 99,000 | Solventum Corp., 5.45%, 2/25/27 | 99,599 |
| 2,194,951 | ||
| Financial — 26.4% | ||
| 750,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/26 | 745,464 |
| 670,000 | American Express Co., 4.01%, 2/9/29(c) | 664,418 |
| 1,000,000 | Athene Global Funding, 2.95%, 11/12/26(b) | 994,021 |
| 500,000 | Bank of America Corp., GMTN, 2.55%, 2/4/28(c) | 494,351 |
| 750,000 | Bank of America Corp., MTN, 3.97%, 3/5/29(c) | 742,004 |
| 1,305,000 | Charles Schwab Corp. (The), (SOFR Index + 1.050%), 4.69%, 3/3/27(a) | 1,309,635 |
| 540,000 | Citizens Bank NA, 4.19%, 1/29/29(c) | 535,538 |
| 430,000 | Deutsche Bank AG, 5.71%, 2/8/28(c) | 433,014 |
| 480,000 | Goldman Sachs Bank USA, 4.66%, 6/3/29(c) | 480,194 |
| 900,000 | Goldman Sachs Group, Inc. (The), 4.94%, 4/23/28(c) | 902,578 |
| 900,000 | HSBC Holdings Plc, 5.60%, 5/17/28(c) | 907,976 |
| 750,000 | JPMorgan Chase & Co., 3.51%, 1/23/29(c) | 737,672 |
| 150,000 | JPMorgan Chase & Co., 5.04%, 1/23/28(c) | 150,474 |
| 210,000 | Lincoln Financial Global Funding, 4.20%, 1/12/29(b) | 206,950 |
| 400,000 | Lincoln National Corp., 3.80%, 3/1/28 | 394,463 |
| 515,000 | Met Tower Global Funding, 4.00%, 10/1/27(b) | 512,180 |
| Principal Amount | Value | |
| $750,000 | Morgan Stanley Private Bank NA, 4.47%, 7/6/28(c) | $749,416 |
| 475,000 | New York Life Global Funding, 3.90%, 10/1/27(b) | 471,842 |
| 500,000 | NNN REIT, Inc., REIT, 3.50%, 10/15/27 | 493,691 |
| 750,000 | Realty Income Corp., REIT, 4.45%, 9/15/26 | 749,388 |
| 900,000 | Toronto-Dominion Bank (The), (SOFR RATE + 0.910%), GMTN, 4.55%, 6/2/28(a) | 904,844 |
| 1,000,000 | UBS Group AG, 4.70%, 8/5/27(b),(c) | 999,942 |
| 1,170,000 | Wells Fargo & Co., GMTN, 3.53%, 3/24/28(c) | 1,161,614 |
| 15,741,669 | ||
| Technology — 1.5% | ||
| 405,000 | Fidelity National Information Services, Inc., 4.55%, 3/10/29 | 401,886 |
| 500,000 | Synopsys, Inc., 4.55%, 4/1/27 | 500,763 |
| 902,649 | ||
| Utilities — 8.0% | ||
| 285,000 | Consolidated Edison Co. of New York, Inc., (SOFR Index + 0.520%), 4.15%, 11/18/27(a) | 285,472 |
| 555,000 | Constellation Energy Generation LLC, 3.90%, 1/8/28 | 550,256 |
| 1,000,000 | Duke Energy Corp., 2.65%, 9/1/26 | 997,015 |
| 570,000 | Georgia Power Co., (SOFR Index + 0.280%), 3.92%, 9/15/26(a) | 570,010 |
| 745,000 | NextEra Energy Capital Holdings, Inc., 4.69%, 9/1/27 | 746,790 |
| 400,000 | NextEra Energy Capital Holdings, Inc., 4.85%, 2/4/28 | 402,239 |
| 340,000 | Southern Co. Gas Capital Corp., Series A, 4.05%, 9/15/28 | 336,437 |
| 450,000 | WEC Energy Group, Inc., 4.75%, 1/15/28 | 451,228 |
| 450,000 | Xcel Energy, Inc., 4.00%, 6/15/28 | 444,912 |
| 4,784,359 | ||
| Total Corporate Bonds | 29,541,986 | |
| (Cost $29,547,590) | ||
| Asset Backed Securities — 37.2% | ||
| 14,631 | Affirm Asset Securitization Trust, Series 2024-X2, Class C, 5.62%, 12/17/29(b) | 14,635 |
| 445,892 | Ally Auto Receivables Trust, Series 2023-A, Class C, 6.08%, 1/17/34(b) | 448,075 |
| 500,000 | Ally Auto Receivables Trust, Series 2024-1, Class D, 5.80%, 2/16/32(b) | 505,454 |
| 825,000 | Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class C, 6.27%, 1/22/29(b) | 826,880 |
| 800,000 | Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class D, 7.25%, 5/21/29(b) | 802,795 |
| 500,000 | ARI Fleet Lease Trust, Series 2023-A, Class C, 6.03%, 2/17/32(b) | 500,791 |
| 254,398 | ARI Fleet Lease Trust, Series 2025-A, Class A2, 4.38%, 1/17/34(b) | 254,359 |
| 500,000 | AutoNation Finance Trust, Series 2025-1A, Class B, 5.03%, 8/12/30(b) | 502,638 |
| 762,000 | AutoNation Finance Trust, Series 2025-1A, Class C, 5.19%, 12/10/30(b) | 766,769 |
| Principal Amount | Value | |
| $277,151 | Bellemeade Re Ltd., Series 2025-1, Class M1A, (SOFR30A + 1.550%), 5.18%, 10/25/35(a),(b) | $277,281 |
| 335,000 | Carmax Auto Owner Trust, Series 2023-2, Class D, 6.55%, 10/15/29 | 339,243 |
| 377,793 | Carvana Auto Receivables Trust, Series 2021-N4, Class D, 2.30%, 9/11/28 | 371,604 |
| 500,000 | Dell Equipment Finance Trust, Series 2025-1, Class B, 4.96%, 2/24/31(b) | 502,696 |
| 600,000 | Dell Equipment Finance Trust, Series 2025-2, Class C, 4.53%, 3/24/31(b) | 596,336 |
| 450,000 | Dext ABS LLC, Series 2025-2, Class A3, 4.23%, 4/15/36(b) | 446,645 |
| 595,000 | Enterprise Fleet Financing LLC, Series 2024-3, Class A4, 5.06%, 3/20/31(b) | 599,710 |
| 50,209 | Exeter Automobile Receivables Trust, Series 2022-1A, Class D, 3.02%, 6/15/28 | 50,140 |
| 750,000 | Exeter Automobile Receivables Trust, Series 2023-2A, Class D, 6.32%, 8/15/29 | 757,828 |
| 39,221 | Exeter Automobile Receivables Trust, Series 2024-3A, Class B, 5.57%, 9/15/28 | 39,240 |
| 400,000 | Exeter Automobile Receivables Trust, Series 2024-4A, Class C, 5.48%, 8/15/30 | 402,574 |
| 108,031 | Exeter Automobile Receivables Trust, Series 2024-5A, Class B, 4.48%, 4/16/29 | 108,111 |
| 359,849 | Exeter Select Automobile Receivables Trust, Series 2025-2, Class A2, 4.54%, 6/15/29 | 360,103 |
| 850,000 | Ford Credit Auto Owner Trust, Series 2022-1, Class C, 4.67%, 11/15/34(b) | 849,520 |
| 665,000 | GM Financial Automobile Leasing Trust, Series 2025-2, Class B, 4.80%, 4/20/29 | 666,907 |
| 66,845 | GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3, 4.66%, 2/16/28 | 66,908 |
| 500,000 | GM Financial Revolving Receivables Trust, Series 2021-1, Class C, 1.67%, 6/12/34(b) | 497,357 |
| 600,000 | GMF Floorplan Owner Revolving Trust, Series 2024-3A, Class B, 4.92%, 11/15/28(b) | 600,971 |
| 250,000 | GreatAmerica Leasing Receivables Funding LLC Series, Series 2024-2, Class C, 5.28%, 5/17/32(b) | 251,611 |
| 600,000 | HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 11/20/31(b) | 604,265 |
| 375,000 | HPEFS Equipment Trust, Series 2024-2A, Class D, 5.82%, 4/20/32(b) | 379,202 |
| 600,000 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class B, 5.56%, 8/15/28(b) | 601,939 |
| 326,955 | Kubota Credit Owner Trust, Series 2025-2A, Class A2, 4.48%, 4/17/28(b) | 327,247 |
| 425,000 | LAD Auto Receivables Trust, Series 2023-3A, Class C, 6.43%, 12/15/28(b) | 428,515 |
| 440,000 | LAD Auto Receivables Trust, Series 2024-1A, Class C, 5.64%, 6/15/29(b) | 444,559 |
| Principal Amount | Value | |
| $44,739 | Marlette Funding Trust, Series 2024-1A, Class B, 6.07%, 7/17/34(b) | $44,777 |
| 21,706 | MMAF Equipment Finance LLC, Series 2019-B, Class A5, 2.29%, 11/12/41(b) | 21,694 |
| 500,000 | MMAF Equipment Finance LLC, Series 2020-A, Class A4, 1.40%, 8/9/30(b) | 489,303 |
| 196,180 | MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31(b) | 196,665 |
| 475,694 | Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77%, 12/15/28 | 477,935 |
| 275,000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class B, 4.63%, 8/15/29 | 275,376 |
| 600,000 | Santander Drive Auto Receivables Trust, Series 2025-2, Class B, 4.87%, 5/15/31 | 602,250 |
| 108,595 | SBNA Auto Receivables Trust, Series 2024-A, Class A3, 5.32%, 12/15/28(b) | 108,704 |
| 500,000 | Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-BA, Class C, 4.71%, 1/22/30(b) | 497,073 |
| 600,000 | Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-CA, Class C, 4.44%, 8/20/30(b) | 593,586 |
| 480,000 | Tricolor Auto Securitization Trust, Series 2024-3A, Class C, 5.73%, 12/15/28(b),(d) | 143,904 |
| 74,045 | Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34(b) | 74,113 |
| 650,000 | Verizon Master Trust, Series 2024-3, Class B, 5.54%, 4/22/30 | 654,927 |
| 460,000 | Verizon Master Trust, Series 2024-6, Class C, 4.67%, 8/20/30 | 459,600 |
| 685,000 | Verizon Master Trust Series, Series 2025-9, Class C, 4.41%, 10/21/30 | 681,840 |
| 9,721 | Volvo Financial Equipment LLC Series, Series 2024-1A, Class A2, 4.56%, 5/17/27(b) | 9,723 |
| 20,945 | Westlake Automobile Receivables Trust, Series 2022-2A, Class D, 5.48%, 9/15/27(b) | 20,956 |
| 395,000 | Westlake Automobile Receivables Trust, Series 2025-2A, Class C, 4.85%, 1/15/31(b) | 395,423 |
| 675,000 | Westlake Automobile Receivables Trust, Series 2026-1A, Class C, 4.37%, 6/16/31(b) | 667,274 |
| 400,000 | World Omni Auto Receivables Trust, Series 2025-A, Class B, 5.08%, 11/15/30 | 403,144 |
| 142,183 | World Omni Select Auto Trust, Series 2024-A, Class A3, 4.98%, 2/15/30 | 142,511 |
| Total Asset Backed Securities | 22,153,686 | |
| (Cost $22,538,738) | ||
| Principal Amount | Value | |
| U.S. Treasury Obligations — 5.9% | ||
| U.S. Treasury Bills — 5.9% | ||
| $1,500,000 | U.S. Treasury Bill- When Issued, 3.61%, 7/7/26(e) | $1,499,109 |
| 2,000,000 | U.S. Treasury Bill- When Issued, 3.61%, 7/16/26(e) | 1,997,003 |
| 3,496,112 | ||
| Total U.S. Treasury Obligations | 3,496,112 | |
| (Cost $3,496,099) | ||
| Collateralized Mortgage Obligations — 3.8% | ||
| 100,000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M2, (SOFR30A + 1.700%), 5.33%, 5/25/44(a),(b) | 100,443 |
| 641,402 | HOMES Trust, Series 2025-AFC2, Class A1A, 5.47%, 6/25/60(b) | 641,185 |
| 672,076 | HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70(b),(f) | 668,566 |
| 489,604 | Morgan Stanley Residential Mortgage Loan Trust, Series 2026-NQM5, Class A1, 5.49%, 4/27/71(b),(f) | 488,977 |
| 353,644 | OBX Trust, Series 2025-NQM11, Class A1, 5.42%, 5/25/65(b) | 353,213 |
| Total Collateralized Mortgage Obligations | 2,252,384 | |
| (Cost $2,256,706) | ||
| Shares | ||
| Investment Company — 3.0% | ||
| 1,811,706 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(g) | 1,811,706 |
| Total Investment Company | 1,811,706 | |
| (Cost $1,811,706) | ||
| Total Investments | $59,255,874 | |
| (Cost $59,650,839) — 99.4% | ||
| Other assets in excess of liabilities — 0.6% | 350,616 | |
| NET ASSETS — 100.0% | $59,606,490 | |
| (a) | Floating rate note. Rate shown is as of report date. |
| (b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (c) | Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating. |
| (d) | Issuer filed for bankruptcy and/or is in default of interest payments. |
| (e) | Zero Coupon Bond. The rate represents the yield at time of purchase. |
| (f) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (g) | Affiliated investment. |
| Short Position | Number of Contracts | Expiration Date | Value/Unrealized Appreciation | Notional Value | Clearinghouse | ||||||
| 2 Year U.S. Treasury Note | 65 | September 2026 | $8,274 | USD | $13,398,633 | Citigroup Global Markets Inc. | |||||
| Total | $8,274 | ||||||||||
| Abbreviations used are defined below: |
| GMTN - Global Medium Term Note |
| MTN - Medium Term Note |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| SOFR30A - Secured Overnight Financing Rate 30 Day Average |
| USD - United States Dollar |