|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
ASSET-BACKED SECURITIES
|
51.6
%
|
|
|
|
1988 Asset Management Euro CLO 1 DAC Series 1A
(Floating, 2.95% - Euribor 3M)(a)(b)(c)
0.00%, 04/15/40
|
|
$11,250,000
|
$12,854,250
|
|
1988 Asset Management Euro CLO 1 DAC Series 1A
(Floating, 5.40% - Euribor 3M)(a)(b)(c)
0.00%, 04/15/40
|
|
5,000,000
|
5,713,000
|
|
A&D Mortgage Trust Series 2024-NQM5(a)(c)
7.71%, 11/25/69
|
|
6,308,000
|
6,324,747
|
|
ACHM Trust Series 2025-HE1(a)
6.80%, 03/25/55
|
|
7,420,993
|
7,580,871
|
|
ACHM Trust Series 2025-HE3(a)(c)
8.46%, 11/25/55
|
|
1,125,000
|
1,121,491
|
|
ACHM Trust Series 2025-HE3(a)(c)
7.48%, 11/25/55
|
|
1,406,000
|
1,394,081
|
|
ADMT Series 2024-NQM6(a)(c)
7.30%, 01/25/70
|
|
4,000,000
|
4,032,610
|
|
Ally Bank Auto Credit-Linked Notes Series 2024-A(a)
9.89%, 05/17/32
|
|
361,179
|
372,062
|
|
Ally Bank Auto Credit-Linked Notes Series 2024-B(a)
11.40%, 09/15/32
|
|
3,094,526
|
3,130,377
|
|
Ally Bank Auto Credit-Linked Notes Series 2024-B(a)
8.04%, 09/15/32
|
|
530,490
|
537,012
|
|
Ally Bank Auto Credit-Linked Notes Series 2025-A(a)
10.22%, 06/15/33
|
|
3,248,780
|
3,246,717
|
|
Ally Bank/Utah Series 2026-A(a)
7.29%, 03/15/34
|
|
3,245,232
|
3,243,920
|
|
Aqua Finance Issuer Trust Series 2025-A(a)
6.77%, 12/19/50
|
|
1,649,669
|
1,676,313
|
|
Aqua Finance Trust Series 2024-A(a)
6.53%, 04/18/50
|
|
4,000,000
|
4,047,260
|
|
Aurium CLO Series 15A
(Floating, 8.00% - Euribor 3M)(a)(b)(c)
0.00%, 07/15/40
|
|
3,000,000
|
3,427,800
|
|
Avant Credit Card Master Trust Series 2024-1A(a)
13.15%, 04/15/30
|
|
17,000,000
|
17,563,125
|
|
Avant Credit Card Master Trust Series 2024-1A(a)
8.80%, 04/15/30
|
|
20,280,000
|
20,723,751
|
|
Avant Credit Card Master Trust Series 2024-2A(a)
8.98%, 05/15/29
|
|
7,000,000
|
7,044,910
|
|
Avant Credit Card Master Trust Series 2025-1A(a)
10.79%, 04/15/31
|
|
6,056,000
|
6,035,579
|
|
Avant Credit Card Master Trust Series 2025-1A(a)
7.67%, 04/15/31
|
|
15,619,000
|
15,550,098
|
|
Avant Loans Funding Trust Series 2023-REV1(a)(d)
12.75%, 07/15/34
|
|
11,420,000
|
11,418,994
|
|
Avant Loans Funding Trust Series 2023-REV1
(Step to 12.31% on 10/15/27)(a)(e)
12.12%, 09/15/32
|
|
4,200,000
|
4,246,485
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Avant Loans Funding Trust Series 2024-REV1(a)
9.00%, 10/15/33
|
|
$4,070,000
|
$4,038,696
|
|
Avant Loans Funding Trust Series 2024-REV1(a)
8.00%, 10/15/33
|
|
12,445,000
|
12,452,030
|
|
Avant Loans Funding Trust Series 2025-REV1(a)
12.81%, 05/15/34
|
|
4,988,000
|
5,153,988
|
|
Avant Loans Funding Trust Series 2026-REV1(a)
10.75%, 05/15/36
|
|
3,000,000
|
3,042,477
|
|
Bain Capital Credit CLO Ltd. Series 2026-2A
(Floating, CME Term SOFR 3M + 3.25%)(a)(c)
6.91%, 04/26/39
|
|
3,000,000
|
3,026,432
|
|
Bayview Opportunity Master Fund VII LLC Series 2024-CAR1
(Floating, U.S. 30-Day Average SOFR + 3.60%)(a)(c)
7.23%, 12/26/31
|
|
403,082
|
407,696
|
|
BHG Securitization Trust Series 2025-1CON(a)
8.62%, 04/17/36
|
|
2,000,000
|
2,050,319
|
|
BHG Securitization Trust Series 2025-2CON(a)
7.76%, 09/17/36
|
|
3,000,000
|
2,976,706
|
|
BHG Securitization Trust Series 2025-2CON(a)
5.95%, 09/17/36
|
|
4,250,000
|
4,216,363
|
|
Builders Capital Loan Acquisition Trust Series 2024-NPL1(a)(f)
9.00%, 09/25/29
|
|
20,000,000
|
19,950,942
|
|
Carmax Select Receivables Trust Series 2025-B(a)(g)
0.00%, 09/15/32
|
|
9,899
|
7,258,508
|
|
Cascade Funding Mortgage Trust Series 2024-RM5(a)(c)
4.00%, 10/25/54
|
|
18,000,000
|
16,011,860
|
|
Cascade Funding Mortgage Trust Series 2025-HB16(a)
3.00%, 03/25/35
|
|
3,000,000
|
2,885,968
|
|
Cascade MH Asset Trust Series 2024-MH1(a)(c)(d)
8.22%, 11/25/56
|
|
8,936,000
|
7,813,960
|
|
Cascade MH Asset Trust Series 2024-MH1(a)(d)(h)
0.00%, 11/25/56
|
|
127,851,605
|
3,130,192
|
|
CFMT LLC Series 2024-HB15(a)
4.00%, 08/25/34
|
|
4,000,000
|
3,894,234
|
|
CFMT LLC Series 2024-NR1
(Step to 12.32% on 12/25/27)(a)(e)
9.32%, 11/25/29
|
|
10,000,000
|
10,049,068
|
|
Chase Auto Owner Trust Series 2024-1A(a)(g)
0.00%, 06/25/31
|
|
8,850
|
1,149,458
|
|
Chase Auto Owner Trust Series 2024-2A(a)(g)
0.00%, 08/25/31
|
|
6,875
|
1,345,878
|
|
Chase Auto Owner Trust Series 2026-1A(a)(b)(g)
0.00%, 09/26/33
|
|
27,120
|
4,044,473
|
|
Clsec Holdings 22t LLC Series 2021-1(a)
6.17%, 05/11/37
|
|
12,085,340
|
11,790,821
|
|
Cross Mortgage Trust Series 2023-H1(a)(c)
8.29%, 03/25/68
|
|
2,618,000
|
2,609,140
|
|
Cross Mortgage Trust Series 2026-NQM1(a)(c)
7.08%, 02/25/61
|
|
2,387,000
|
2,292,412
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Cross Mortgage Trust Series 2026-NQM5(a)(c)
6.80%, 03/25/71
|
|
$2,000,000
|
$1,907,972
|
|
Deutsche Bank AG CRAFT Series 2025-1A
(Floating, U.S. SOFR + 7.00%)(a)(c)(d)
10.64%, 10/21/35
|
|
26,000,000
|
26,000,000
|
|
Deutsche Bank AG CRAFT Series 2025-2A
(Floating, U.S. SOFR + 7.25%)(a)(c)(d)
10.89%, 01/21/35
|
|
8,000,000
|
8,060,000
|
|
EFMT Series 2024-RM3(a)
5.00%, 12/25/54
|
|
2,978,031
|
2,871,201
|
|
EFMT Series 2025-CES2(a)(c)
8.52%, 03/25/50
|
|
3,445,000
|
3,455,508
|
|
EFMT Series 2025-CES2(a)
7.53%, 03/25/50
|
|
6,477,000
|
6,535,538
|
|
EFMT Series 2025-RM1(a)
5.00%, 05/25/55
|
|
8,019,145
|
6,882,020
|
|
EFMT Series 2025-RM2(a)
4.75%, 08/25/55
|
|
2,674,952
|
2,451,904
|
|
EFMT Series 2025-RM2(a)
4.75%, 08/25/55
|
|
2,674,952
|
2,352,321
|
|
EFMT Series 2025-RM3(a)(c)
4.75%, 09/25/55
|
|
2,200,000
|
2,080,167
|
|
EFMT Series 2025-RM3(a)
4.75%, 09/25/55
|
|
4,700,000
|
4,184,334
|
|
Elmwood CLO 26 Ltd. Series 2024-1A
(Floating, CME Term SOFR 3M + 4.25%)(a)(c)
7.94%, 04/18/39
|
|
2,000,000
|
2,004,197
|
|
FAT Brands Fazoli's Native I LLC Series 2021-1(a)(d)
7.00%, 07/25/51
|
|
15,340,324
|
12,055,459
|
|
FAT Brands GFG Royalty I LLC Series 2021-1A(a)(d)(f)
7.00%, 07/25/51
|
|
15,072,000
|
13,866,240
|
|
FIGRE Trust Series 2024-HE3(a)
7.55%, 07/25/54
|
|
2,000,000
|
2,047,785
|
|
FIGRE Trust Series 2024-HE5(a)
7.01%, 10/25/54
|
|
4,109,000
|
4,150,038
|
|
FIGRE Trust Series 2025-HE2(a)(c)(i)
8.73%, 05/25/32
|
|
5,000,000
|
5,201,235
|
|
FIGRE Trust Series 2025-HE3(a)(c)
9.08%, 05/25/55
|
|
1,600,000
|
1,699,529
|
|
FIGRE Trust Series 2025-HE3(a)(c)
8.10%, 05/25/55
|
|
1,750,000
|
1,848,660
|
|
FIGRE Trust Series 2025-HE3(a)
6.77%, 05/25/55
|
|
1,750,000
|
1,785,216
|
|
Foundation Finance Trust Series 2023-2A(a)
9.10%, 06/15/49
|
|
2,201,578
|
2,322,076
|
|
Foundation Finance Trust Series 2025-1A(a)
8.37%, 04/15/50
|
|
4,236,175
|
4,251,198
|
|
Goldman Home Improvement Issuer Trust Series 2022-GRN1(a)(d)(g)
0.00%, 06/25/52
|
|
50,000
|
1,418,410
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
GoodLeap Home Improvement Solutions Trust Series 2024-1A(a)
8.94%, 10/20/46
|
|
$749,439
|
$770,686
|
|
GreenSky Home Improvement Issuer Trust Series 2025-1A(a)
8.65%, 03/25/60
|
|
1,767,232
|
1,811,737
|
|
GS Mortgage-Backed Securities Trust Series 2026-AH1
(Floating, U.S. 30-Day Average SOFR + 4.50%)(a)(c)
8.13%, 07/25/56
|
|
6,023,000
|
6,114,241
|
|
GS Mortgage-Backed Securities Trust Series 2026-AH1
(Floating, U.S. 30-Day Average SOFR + 3.40%)(a)(c)
7.03%, 07/25/56
|
|
5,500,000
|
5,539,658
|
|
GS Mortgage-Backed Securities Trust Series 2026-AH1
(Floating, U.S. 30-Day Average SOFR + 2.30%)(a)(c)
5.93%, 07/25/56
|
|
4,744,000
|
4,775,293
|
|
Harvest CLO Series 36A
(Floating, Euribor 3M + 8.24%)(a)(c)
10.44%, 07/15/38
|
|
1,500,000
|
1,697,457
|
|
Harvest SBA Loan Trust Series 2024-1
(Floating, U.S. 30-Day Average SOFR + 3.75%)(a)(c)
7.45%, 12/25/51
|
|
2,823,739
|
2,867,460
|
|
HOMES Trust Series 2026-NQM1(a)(c)
7.16%, 09/25/70
|
|
4,673,000
|
4,531,035
|
|
Horizon Aircraft Finance I Ltd. Series 2018-1(a)
4.46%, 12/15/38
|
|
1,580,413
|
1,575,545
|
|
HTAP Issuer Trust Series 2024-2(a)
6.50%, 04/25/42
|
|
10,046,524
|
9,997,526
|
|
Huntington Bank Auto Credit-Linked Notes Series 2024-1
(Floating, U.S. 30-Day Average SOFR + 5.25%)(a)(c)
8.86%, 05/20/32
|
|
639,074
|
648,781
|
|
Huntington Bank Auto Credit-Linked Notes Series 2025-1
(Floating, U.S. 30-Day Average SOFR + 3.50%)(a)(c)
7.11%, 03/21/33
|
|
2,734,553
|
2,705,169
|
|
ICG U.S. CLO Ltd. Series 2020-1A
(Floating, CME Term SOFR 3M + 3.86%, 3.60% Floor)(a)(c)
7.54%, 01/20/35
|
|
3,000,000
|
2,965,842
|
|
JP Morgan Mortgage Trust Series 2026-ACES1(a)
7.45%, 04/25/66
|
|
8,382,940
|
8,211,321
|
|
JP Morgan Mortgage Trust Series 2026-ACES1(a)(c)
5.61%, 04/25/66
|
|
5,000,000
|
4,927,537
|
|
Legato Euro CLO II DAC Series 2A
(Floating, Euribor 3M + 3.15%)(a)(c)
5.19%, 07/15/40
|
|
8,500,000
|
9,712,226
|
|
Lendingpoint Asset Securitization Trust Series 2022-C(a)(b)(d)
13.09%, 02/15/30
|
|
6,400,000
|
—
|
|
Lendmark Funding Trust Series 2021-2A(a)
3.09%, 04/20/32
|
|
3,160,000
|
2,984,904
|
|
LOFT Series 2024-1A
(Floating, U.S. SOFR + 10.50%, 10.50% Floor)(a)(c)(d)
14.15%, 05/21/34
|
|
2,162,593
|
2,054,464
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
LOFT Series 2024-1A
(Floating, U.S. SOFR + 3.75%, 3.75% Floor)(a)(c)(d)
7.40%, 05/21/34
|
|
$1,840,000
|
$1,812,400
|
|
Mariner Finance Issuance Trust Series 2021-BA(a)
3.42%, 11/20/36
|
|
1,980,000
|
1,880,749
|
|
Momnt Technologies Trust Series 2023-1A(a)(b)(d)
11.24%, 03/20/45
|
|
9,180,000
|
8,418,392
|
|
Momnt Technologies Trust Series 2023-1A(a)(b)
8.29%, 03/20/45
|
|
3,000,000
|
3,103,784
|
|
MOO Securitization Trust Series 2026-RM1(a)
4.50%, 03/25/66
|
|
1,000,000
|
918,282
|
|
MOO Securitization Trust Series 2026-RM1(a)
4.50%, 03/25/66
|
|
2,650,000
|
2,316,804
|
|
MOO Securitization Trust Series 2026-RM2(a)
4.75%, 06/25/66
|
|
1,000,000
|
929,003
|
|
MOO Securitization Trust Series 2026-RM2(a)(c)
4.75%, 06/25/66
|
|
2,000,000
|
1,769,089
|
|
MPOWER Education Trust Series 2024-A(a)
11.25%, 07/22/41
|
|
5,965,000
|
6,128,879
|
|
MPOWER Education Trust Series 2024-A(a)
8.35%, 07/22/41
|
|
3,281,491
|
3,341,638
|
|
MPOWER Education Trust Series 2025-A(a)
8.47%, 07/21/42
|
|
8,000,000
|
8,162,941
|
|
NRZ Excess Spread-Collateralized Notes Series 2021-GTN1(a)
3.47%, 11/25/26
|
|
2,877,358
|
2,851,943
|
|
Octane Receivables Trust Series 2024-RVM1(a)
8.42%, 01/22/46
|
|
2,000,000
|
2,129,089
|
|
OnDeck Asset Securitization Trust IV LLC Series 2023-1A(a)
9.93%, 08/19/30
|
|
6,000,000
|
6,029,058
|
|
OnDeck Asset Securitization Trust IV LLC Series 2024-1A(a)
8.99%, 06/17/31
|
|
3,000,000
|
3,058,440
|
|
OnDeck Asset Securitization Trust IV LLC Series 2024-2A(a)
9.49%, 10/17/31
|
|
3,000,000
|
3,067,815
|
|
OnDeck Asset Securitization Trust IV LLC Series 2024-2A(a)
7.03%, 10/17/31
|
|
2,250,000
|
2,261,990
|
|
Onity Loan Investment Trust Series 2024-HB2(a)
5.00%, 08/25/37
|
|
2,000,000
|
1,946,660
|
|
Oportun Funding Trust Series 2024-3(a)
9.60%, 08/15/29
|
|
4,000,000
|
4,047,616
|
|
Oportun Issuance Trust Series 2021-C(a)
3.61%, 10/08/31
|
|
494,178
|
488,480
|
|
Oportun Issuance Trust Series 2025-B(a)
9.40%, 05/09/33
|
|
3,000,000
|
3,017,431
|
|
Oportun Issuance Trust Series 2025-C(a)
9.20%, 07/08/33
|
|
12,500,000
|
12,494,950
|
|
Oportun Issuance Trust Series 2025-C(a)
5.91%, 07/08/33
|
|
13,000,000
|
12,878,863
|
|
Pagaya AI Debt Grantor Trust Series 2025-1(a)
10.08%, 07/15/32
|
|
753,905
|
766,518
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Pagaya AI Debt Grantor Trust Series 2025-5(a)
5.87%, 03/15/33
|
|
$2,499,903
|
$2,494,851
|
|
Pagaya AI Debt Grantor Trust Series 2026-3(a)
10.16%, 12/15/33
|
|
9,650,000
|
9,684,010
|
|
PenFed Auto Receivables Owner Trust Series 2024-A(a)(g)
0.00%, 09/15/32
|
|
37,500
|
3,904,959
|
|
PenFed Auto Receivables Owner Trust Series 2025-A(a)(g)
0.00%, 10/17/33
|
|
40,000
|
5,130,151
|
|
Penta CLO 19 DAC Series 2025-19A
(Floating, Euribor 3M + 8.57%)(a)(c)
10.77%, 07/15/38
|
|
1,300,000
|
1,502,630
|
|
Point Securitization Trust Series 2025-1(a)
6.25%, 06/25/55
|
|
922,070
|
923,949
|
|
PRET Trust Series 2025-RPL1
(Step to 4.47% on 2/25/29)(a)(e)
4.00%, 07/25/69
|
|
2,000,000
|
1,922,296
|
|
PRET Trust Series 2025-RPL1
(Step to 4.47% on 2/25/29)(a)(e)
4.00%, 07/25/69
|
|
8,000,000
|
7,628,999
|
|
PRET Trust Series 2025-RPL1
(Step to 4.47% on 2/25/29)(a)(e)
4.00%, 07/25/69
|
|
3,000,000
|
2,780,680
|
|
PRET Trust Series 2025-RPL2
(Step to 4.24% on 4/25/29)(a)(e)
4.00%, 08/25/64
|
|
7,000,000
|
6,475,283
|
|
PRET Trust Series 2025-RPL4
(Step to 4.48% on 10/25/29)(a)(e)
4.00%, 03/25/65
|
|
3,000,000
|
2,852,736
|
|
PRET Trust Series 2025-RPL5
(Step to 4.48% on 11/25/29)(a)(e)
4.15%, 01/25/70
|
|
1,000,000
|
922,297
|
|
PRET Trust Series 2025-RPL5
(Step to 4.48% on 11/25/29)(a)(e)
4.15%, 01/25/70
|
|
3,000,000
|
2,705,342
|
|
PRKCM Trust Series 2025-AFC1(a)(c)
6.81%, 10/25/60
|
|
4,206,000
|
4,088,848
|
|
PRKCM Trust Series 2026-AFC3(a)(c)
6.32%, 05/01/61
|
|
1,150,000
|
1,077,575
|
|
PRKCM Trust Series 2026-AFC3(a)(c)
6.13%, 05/01/61
|
|
1,000,000
|
995,491
|
|
Project Silver Series 2019-1(a)
3.97%, 07/15/44
|
|
1,745,861
|
1,699,142
|
|
Providus CLO XII DAC Series 12A
(Floating, Euribor 3M + 8.57%)(a)(c)
10.81%, 08/18/38
|
|
1,000,000
|
1,140,967
|
|
PRPM LLC Series 2024-7
(Step to 11.84% on 12/25/27)(a)(e)
8.84%, 11/25/29
|
|
5,000,000
|
5,005,748
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
PRPM LLC Series 2025-RCF2
(Step to 5.00% on 5/25/29)(a)(e)
4.00%, 10/25/64
|
|
$5,000,000
|
$4,755,622
|
|
RRE 18 Loan Management DAC Series 18A
(Floating, Euribor 3M + 4.60%)(a)(c)
6.80%, 04/15/38
|
|
3,750,000
|
4,279,033
|
|
SAIF Securitization Trust Series 2025-CES1(a)
7.23%, 06/25/65
|
|
3,990,500
|
4,022,698
|
|
SAIF Securitization Trust Series 2026-CES1(a)(c)
8.27%, 02/25/56
|
|
1,958,000
|
1,949,726
|
|
SAIF Securitization Trust Series 2026-CES1(a)
7.38%, 02/25/56
|
|
1,688,000
|
1,680,823
|
|
SAIF Securitization Trust Series 2026-CES1
(Step to 6.94% on 4/25/30)(a)(e)
5.94%, 02/25/56
|
|
3,344,000
|
3,329,531
|
|
Saluda Grade Alternative Mortgage Trust Series 2025-FIG6(a)(c)
8.90%, 01/25/56
|
|
8,000,000
|
7,982,842
|
|
Saluda Grade Alternative Mortgage Trust Series 2025-LOC4
(Floating, U.S. 30-Day Average SOFR + 5.00%)(a)(c)
8.63%, 06/25/55
|
|
1,000,000
|
1,007,657
|
|
Saluda Grade Alternative Mortgage Trust Series 2025-LOC4
(Floating, U.S. 30-Day Average SOFR + 4.00%)(a)(c)
7.63%, 06/25/55
|
|
4,000,000
|
4,030,958
|
|
Saluda Grade Alternative Mortgage Trust Series 2025-LOC4
(Floating, U.S. 30-Day Average SOFR + 2.95%)(a)(c)
6.58%, 06/25/55
|
|
1,500,000
|
1,506,500
|
|
Saluda Grade Alternative Mortgage Trust Series 2025-LOC5
(Floating, CME Term SOFR 1M + 3.75%)(a)(c)
7.40%, 10/25/55
|
|
7,000,000
|
7,079,206
|
|
Saluda Grade Alternative Mortgage Trust Series 2025-NPL2(a)(f)
7.77%, 05/25/30
|
|
4,533,154
|
4,550,244
|
|
Saluda Grade Alternative Mortgage Trust Series 2026-LOC6
(Floating, CME Term SOFR 1M + 4.90%)(a)(c)
8.55%, 06/25/56
|
|
1,000,000
|
1,003,338
|
|
Saluda Grade Alternative Mortgage Trust Series 2026-LOC6
(Floating, CME Term SOFR 1M + 3.90%)(a)(c)
7.55%, 06/25/56
|
|
2,000,000
|
2,006,976
|
|
Saluda Grade Alternative Mortgage Trust Series 2026-NPL1(a)(f)
7.04%, 04/25/31
|
|
11,556,753
|
11,505,653
|
|
Santander Bank Auto Credit-Linked Notes Series 2023-B(a)
12.24%, 12/15/33
|
|
3,440,787
|
3,587,324
|
|
Santander Bank Auto Credit-Linked Notes Series 2025-A(a)
7.34%, 01/16/34
|
|
9,000,000
|
8,952,418
|
|
Santander Bank Auto Credit-Linked Notes Series 2026-A(a)
8.16%, 07/17/34
|
|
5,000,000
|
4,990,594
|
|
Santander Mortgage Asset Receivable Trust Series 2025-NQM2(a)(c)
7.15%, 02/25/65
|
|
3,214,800
|
3,146,301
|
|
SBNA Auto Receivables Trust Series 2025-SF1(a)
8.71%, 06/15/33
|
|
3,500,000
|
3,467,791
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Seabury Park CLO DAC Series 1A
(Floating, 3.00% - Euribor 3M)(a)(b)(c)
0.00%, 07/20/40
|
|
$1,300,000
|
$1,485,380
|
|
Seabury Park CLO DAC Series 1A
(Floating, 5.10% - Euribor 3M)(a)(b)(c)
0.00%, 07/20/40
|
|
5,000,000
|
5,713,000
|
|
SEB Funding LLC Series 2024-1A(a)
7.39%, 04/30/54
|
|
7,481,250
|
7,579,349
|
|
Service Experts Issuer LLC Series 2024-1A(a)
8.08%, 11/20/35
|
|
4,000,000
|
4,155,988
|
|
Service Experts Issuer LLC Series 2025-1A(a)
7.62%, 01/20/37
|
|
5,000,000
|
5,060,104
|
|
Silver Point Euro CLO 1 DAC Series 1A
(Floating, Euribor 3M + 5.65%)(a)(c)
7.75%, 01/15/39
|
|
10,500,000
|
12,073,423
|
|
Silver Point Euro CLO 1 DAC Series 1A
(Floating, Euribor 3M + 3.00%)(a)(c)
5.10%, 01/15/39
|
|
9,500,000
|
10,985,297
|
|
Silver Point Euro CLO 2 DAC Series 2A
(Floating, 5.50% - Euribor 3M)(a)(b)(c)
0.00%, 01/15/39
|
|
4,200,000
|
4,798,920
|
|
Skyline Shannon Aircraft Finance Designated Activity Co.(d)
6.17%, 08/17/33
|
|
3,370,998
|
3,286,723
|
|
Sound Point CLO XXX Ltd. Series 2021-2A
(Floating, CME Term SOFR 3M + 3.61%, 3.35% Floor)(a)(c)
7.28%, 07/25/34
|
|
4,000,000
|
3,850,824
|
|
Sound Point CLO XXXI Ltd. Series 2021-3A
(Floating, CME Term SOFR 3M + 3.51%, 3.25% Floor)(a)(c)
7.18%, 10/25/34
|
|
2,750,000
|
2,644,717
|
|
Towd Point Mortgage Trust Series 2024-CES1(a)
6.86%, 01/25/64
|
|
1,000,000
|
1,001,057
|
|
Trinitas Euro CLO IX DAC Series 9A
(Floating, Euribor 3M + 8.32%)(a)(c)
10.60%, 05/15/39
|
|
1,500,000
|
1,724,265
|
|
Twin Hospitality I LLC Series 2024-1A(a)(d)
9.00%, 10/26/54
|
|
7,396,875
|
7,396,875
|
|
Twin Hospitality I LLC Series 2024-1A(a)
9.00%, 10/26/54
|
|
21,697,500
|
21,372,038
|
|
U.S. Auto Funding Trust Series 2022-1A(a)(b)(d)
11.79%, 06/15/29
|
|
5,000,000
|
—
|
|
U.S. Bank N.A. Series 2023-1(a)
13.60%, 08/25/32
|
|
423,195
|
427,647
|
|
U.S. Bank N.A. Series 2025-SUP1
(Floating, U.S. 30-Day Average SOFR + 7.50%)(a)(c)
11.13%, 02/25/32
|
|
5,601,190
|
5,704,105
|
|
U.S. Bank N.A. Series 2025-SUP1
(Floating, U.S. 30-Day Average SOFR + 2.70%)(a)(c)
6.33%, 02/25/32
|
|
1,792,381
|
1,804,279
|
|
U.S. Bank N.A. Series 2026-RVM1(a)
10.19%, 12/25/46
|
|
3,624,942
|
3,590,480
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
U.S. Bank N.A. Series 2026-RVM1(a)
7.88%, 12/25/46
|
|
$13,217,444
|
$13,116,710
|
|
U.S. Bank N.A. Series 2026-SUP1
(Floating, 6.50% - U.S. 30-Day Average SOFR)(a)(c)
1.01%, 06/27/33
|
|
13,000,000
|
12,999,468
|
|
Unlock HEA Trust Series 2024-2(a)
6.00%, 10/25/39
|
|
6,485,000
|
5,075,000
|
|
Unlock HEA Trust Series 2025-1(a)
6.75%, 07/25/41
|
|
15,951,866
|
15,954,857
|
|
Unlock HEA Trust Series 2025-2(a)
7.25%, 11/25/41
|
|
5,250,000
|
5,121,190
|
|
Unlock HEA Trust Series 2025-2(a)
6.00%, 11/25/41
|
|
15,389,771
|
15,227,121
|
|
Unlock HEA Trust Series 2025-2(a)
6.00%, 11/25/41
|
|
7,000,000
|
5,440,857
|
|
UPG HI Issuer Trust Series 2025-2(a)
8.80%, 09/25/47
|
|
10,993,000
|
11,081,870
|
|
Upgrade Auto Receivables Trust Series 2025-1A(a)(b)(d)(g)
0.00%, 11/15/33
|
|
36,100
|
2,646,848
|
|
Upgrade Master Pass-Thru Trust Series 2026-ST1(a)(j)
0.00%, 03/15/34
|
|
11,000,000
|
8,849,412
|
|
Upstart Securitization Trust Series 2022-3(a)(d)(g)
0.00%, 06/20/32
|
|
5,575
|
209,361
|
|
US Bank C&I Credit-Linked Notes Series 2025-SUP2
(Floating, U.S. 30-Day Average SOFR + 6.50%)(a)(c)
10.13%, 08/31/32
|
|
7,033,755
|
7,096,629
|
|
US Bank C&I Credit-Linked Notes Series 2025-SUP2
(Floating, U.S. 30-Day Average SOFR + 3.70%)(a)(c)
7.33%, 08/31/32
|
|
4,803,540
|
4,849,385
|
|
US Bank C&I Credit-Linked Notes Series 2025-SUP2
(Floating, U.S. 30-Day Average SOFR + 2.20%)(a)(c)
5.83%, 08/31/32
|
|
5,489,760
|
5,504,718
|
|
USB Auto Owner Trust Series 2025-1A(a)(g)
0.00%, 12/15/32
|
|
22,500
|
4,759,633
|
|
Vista Point Securitization Trust Series 2024-CES1(a)(c)
10.35%, 05/25/54
|
|
2,000,000
|
2,028,707
|
|
Vista Point Securitization Trust Series 2024-CES2(a)
7.50%, 10/25/54
|
|
1,483,000
|
1,490,830
|
|
Vista Point Securitization Trust Series 2024-CES3(a)(c)
9.49%, 01/25/55
|
|
3,077,000
|
3,127,869
|
|
Vista Point Securitization Trust Series 2025-CES1(a)(c)
8.96%, 04/25/55
|
|
2,696,000
|
2,691,526
|
|
Vista Point Securitization Trust Series 2025-CES1(a)
7.62%, 04/25/55
|
|
3,179,000
|
3,169,490
|
|
Vista Point Securitization Trust Series 2025-CES1
(Step to 7.53% on 4/25/29)(a)(e)
6.53%, 04/25/55
|
|
2,000,000
|
2,010,695
|
|
Vista Point Securitization Trust Series 2025-CES2(a)
8.15%, 08/25/55
|
|
3,125,000
|
3,127,565
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Vista Point Securitization Trust Series 2025-CES2
(Step to 7.37% on 8/25/29)(a)(e)
6.37%, 08/25/55
|
|
$2,000,000
|
$2,012,290
|
|
Vista Point Securitization Trust Series 2025-CES3(a)
7.88%, 11/25/55
|
|
5,155,000
|
5,139,504
|
|
Vista Point Securitization Trust Series 2025-CES3
(Step to 6.95% on 11/25/29)(a)(e)
5.95%, 11/25/55
|
|
4,000,000
|
3,997,205
|
|
Vista Point Securitization Trust Series 2026-CES1
(Step to 6.88% on 3/25/30)(a)(e)
5.88%, 02/25/56
|
|
3,000,000
|
2,947,564
|
|
Wilton Park CLO DAC Series 1A
(Floating, Euribor 3M + 5.70%)(a)(c)
7.90%, 07/15/38
|
|
3,000,000
|
3,452,153
|
|
TOTAL ASSET-BACKED SECURITIES
(Cost $987,320,711)
|
|
|
965,573,895
|
|
BANK DEBTS(c)
|
11.8
%
|
|
|
|
American Greetings Corp.
(1M USD CME Term SOFR + 5.75%)
9.39%, 10/30/29
|
|
4,903,226
|
4,887,487
|
|
Anchor Glass Container Corp.
(1M USD CME Term SOFR + 5.25%)
8.89%, 10/08/30
|
|
5,955,000
|
5,571,677
|
|
Azalea TopCo., Inc.(k)
04/30/31
|
|
10,373,869
|
10,373,869
|
|
Brock Holdings III LLC
(3M USD CME Term SOFR + 6.00%, 0.50% Floor)
9.73%, 05/02/30
|
|
6,041,042
|
5,436,938
|
|
Brock Holdings III LLC
(3M USD CME Term SOFR + 6.00%, 0.50% Floor)(d)
9.73%, 05/02/30
|
|
3,571,000
|
3,559,859
|
|
CB Poly U.S. Holdings, Inc.
(3M USD CME Term SOFR + 5.50%, 0.75% Floor)
9.23%, 05/18/29
|
|
5,262,662
|
4,958,427
|
|
Clover Holdings 2 LLC
(3M USD FIXED + 7.75%)
7.75%, 12/09/31
|
|
21,067,799
|
19,961,739
|
|
CMG Media Corp.
(3M USD CME Term SOFR + 3.50%)
7.33%, 06/18/29
|
|
17,366,286
|
15,648,934
|
|
Cobham Ultra SeniorCo S.a r.l.
(6M USD CME Term SOFR + 3.75%, 0.50% Floor)
7.79%, 08/03/29
|
|
15,349,905
|
15,391,503
|
|
Confluence Technology
(3M USD CME Term SOFR + 5.00%, 0.50% Floor)
8.65%, 07/30/28
|
|
3,584,533
|
3,548,687
|
|
Connect Finco S.a.r.l.
(1M USD CME Term SOFR + 4.50%, 0.50% Floor)
8.14%, 09/27/29
|
|
5,472,010
|
5,480,382
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
CSC Holdings LLC
(3M USD PRIME + 1.50%, 1.00% Floor)
8.25%, 04/15/27
|
|
$1,005,000
|
$703,500
|
|
CSC Holdings LLC(k)
04/15/27
|
|
22,200,858
|
15,540,601
|
|
Electro Rent LLC
(3M USD CME Term SOFR + 8.50%)(d)
12.28%, 12/15/28
|
|
4,566,357
|
4,429,366
|
|
FAT Brands, Inc.
(1M USD FIXED + 12.00%)
12.00%, 05/08/26
|
|
2,535,532
|
2,636,954
|
|
FAT Brands, Inc.
(1M USD FIXED + 12.00%)
12.00%, 05/08/26
|
|
3,140,935
|
3,266,572
|
|
Form Technologies LLC
(3M USD CME Term SOFR + 5.75%, 0.50% Floor)
9.42%, 07/19/30
|
|
5,051,970
|
4,834,129
|
|
Gateway Casinos & Entertainment Ltd.
(3M USD CME Term SOFR + 6.25%)
9.92%, 12/18/30
|
|
4,959,824
|
4,922,626
|
|
Global Tel Link Corp.
(1M USD CME Term SOFR + 7.50%, 3.00% Floor)
11.14%, 08/06/29
|
|
17,844,697
|
18,023,144
|
|
Houghton Mifflin Harcourt Co.
(3M USD CME Term SOFR + 8.00%, 1.00% Floor)
11.76%, 04/07/28
|
|
5,920,913
|
5,319,940
|
|
Imprivata, Inc.
(3M USD CME Term SOFR + 3.00%, 0.50% Floor)
6.73%, 12/01/27
|
|
9,974,811
|
9,962,442
|
|
Northeast Grocery, Inc.
(3M USD CME Term SOFR + 7.50%, 1.00% Floor)
11.14%, 12/13/28
|
|
8,980,468
|
9,021,599
|
|
Optiv Parent, Inc.
(3M USD CME Term SOFR + 5.25%, 1.00% Floor)
8.92%, 08/15/28
|
|
5,593,019
|
3,752,916
|
|
Pluto Acquisition I, Inc.
(3M USD CME Term SOFR + 5.50%, 1.00% Floor)
9.23%, 06/20/28
|
|
11,625,779
|
11,771,102
|
|
Pluto Acquisition I, Inc.
(3M USD CME Term SOFR + 4.00%)
7.65%, 09/20/28
|
|
16,994,603
|
15,850,186
|
|
PREIT Associates, L.P.
(1M USD CME Term SOFR + 7.00%)
10.62%, 04/01/29
|
|
873,703
|
885,349
|
|
PREIT Associates, L.P.
(1M USD CME Term SOFR + 5.50%)
9.12%, 12/31/28
|
|
66,667
|
65,167
|
|
PREIT Associates, L.P.(l)
12/31/28
|
|
545,970
|
533,686
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
PREIT Associates, L.P.
(1M USD CME Term SOFR + 5.50%)
9.13%, 12/31/28
|
|
$453,333
|
$443,133
|
|
PREIT Associates, L.P.
(1M USD CME Term SOFR + 5.50%)
9.14%, 12/31/28
|
|
934,030
|
913,014
|
|
Pretium PKG Holdings, Inc.
(1M USD CME Term SOFR + 5.25%)
8.87%, 03/02/31
|
|
5,000,000
|
4,937,500
|
|
Sensience, Inc.
(1M USD CME Term SOFR + 5.50%, 0.50% Floor)
9.14%, 11/29/30
|
|
6,018,650
|
6,078,836
|
|
Sophos Holdings S.a r.l
(1M USD CME Term SOFR + 3.50%)
7.26%, 03/05/27
|
|
3,315,708
|
3,069,119
|
|
TOTAL BANK DEBTS
(Cost $231,526,775)
|
|
|
221,780,383
|
|
CORPORATE BONDS
|
14.9
%
|
|
|
|
Ahead DB Holdings LLC(a)
6.63%, 05/01/28
|
|
12,795,000
|
12,788,027
|
|
AMC Global Media, Inc.(a)
10.50%, 07/15/32
|
|
7,705,000
|
7,920,024
|
|
Anywhere Real Estate Group LLC(a)
5.25%, 04/15/30
|
|
1,625,000
|
1,568,243
|
|
Ardagh Metal Packaging Finance U.S.A. LLC(a)
4.00%, 09/01/29
|
|
2,000,000
|
1,901,136
|
|
Beacon Point DC LLC(a)
6.13%, 11/30/42
|
|
10,000,000
|
10,085,884
|
|
Blackstone Private Credit Fund
3.25%, 03/15/27
|
|
15,000,000
|
14,813,109
|
|
Brand Industrial Services, Inc.(a)
10.38%, 08/01/30
|
|
11,875,000
|
9,676,924
|
|
Champ Acquisition Corp.(a)
8.38%, 12/01/31
|
|
5,000,000
|
5,231,935
|
|
DISH DBS Corp.(m)
7.75%, 07/01/26
|
|
68,500,000
|
68,500,000
|
|
DISH DBS Corp.(m)
7.38%, 07/01/28
|
|
10,000,000
|
9,601,068
|
|
FBG Bid Co. LLC(a)
8.50%, 06/20/56
|
|
740,536
|
740,536
|
|
Fossil Group, Inc.(a)
9.50%, 01/01/29
|
|
12,000,000
|
11,280,000
|
|
Freedom Funding Center LLC(a)(n)
12.00%, 10/01/32
|
|
2,460,000
|
2,521,343
|
|
HAH Group Holding Co. LLC(a)
9.75%, 10/01/31
|
|
16,766,000
|
15,010,348
|
|
Hewlett Packard Enterprise Co.
4.85%, 10/15/31
|
|
5,000,000
|
4,979,281
|
|
HOA Royalty Co. LLC(a)(d)
4.72%, 11/22/55
|
|
14,571,133
|
10,206,787
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Hyundai Capital America(a)
4.88%, 11/01/27
|
|
$10,000,000
|
$10,025,377
|
|
ION Platform Finance U.S., Inc.(a)
9.50%, 05/30/29
|
|
4,500,000
|
4,106,687
|
|
Martin Midstream Partners L.P.(a)
11.50%, 02/15/28
|
|
17,168,000
|
17,297,309
|
|
MPT Operating Partnership L.P.
0.99%, 10/15/26
|
|
10,000,000
|
11,269,111
|
|
Multi-Color Corp.(a)(n)
8.50%, 05/11/33
|
|
1,646,916
|
1,444,595
|
|
Shutterfly Finance LLC(a)(n)
8.50%, 10/01/27
|
|
2,000,000
|
2,000,000
|
|
Sirius XM Radio LLC(a)
3.13%, 09/01/26
|
|
5,612,000
|
5,592,708
|
|
TWNPKS Bid Co. LLC(a)
8.50%, 06/20/56
|
|
1,437,471
|
1,437,471
|
|
VICI Properties L.P.(a)
4.25%, 12/01/26
|
|
5,000,000
|
4,990,373
|
|
Sealed Air Corp.(a)
6.88%, 07/15/33
|
|
19,000,000
|
18,899,079
|
|
Staples, Inc.(a)
10.75%, 09/01/29
|
|
3,000,000
|
2,861,844
|
|
Crowdstrike Holdings, Inc.
3.00%, 02/15/29
|
|
10,000,000
|
9,538,236
|
|
Viasat, Inc.(a)
5.63%, 04/15/27
|
|
2,300,000
|
2,297,735
|
|
TOTAL CORPORATE BONDS
(Cost $283,085,315)
|
|
|
278,585,170
|
|
FOREIGN ISSUER BONDS
|
5.1
%
|
|
|
|
Avianca Midco 2 PLC(a)
9.00%, 12/01/28
|
|
3,442,299
|
3,517,169
|
|
Avianca Midco 2 PLC(a)
9.63%, 02/14/30
|
|
15,000,000
|
14,862,052
|
|
Avianca Midco 2 PLC
9.00%, 12/01/28
|
|
12,577,587
|
12,851,150
|
|
Latam Airlines Group S.A.(a)
7.88%, 04/15/30
|
|
2,839,000
|
2,953,980
|
|
Latam Airlines Group S.A.(a)
7.63%, 01/07/31
|
|
5,000,000
|
5,179,500
|
|
Nokia Oyj
6.63%, 05/15/39
|
|
13,000,000
|
13,817,349
|
|
Pembroke Olive Downs Pty Ltd.
11.50%, 02/18/30
|
|
10,000,000
|
8,650,000
|
|
Seagate Data Storage Technology Pte Ltd.(a)
9.63%, 12/01/32
|
|
8,407,403
|
9,270,280
|
|
Seagate Data Storage Technology Pte Ltd.(a)
8.25%, 12/15/29
|
|
3,490,000
|
3,649,339
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Stonegate Pub Co. Financing 2019 PLC(a)
10.75%, 07/31/29
|
|
$13,958,000
|
$18,948,102
|
|
Stonegate Pub Co. Financing 2019 PLC
10.75%, 07/31/29
|
|
1,665,000
|
2,260,251
|
|
TOTAL FOREIGN ISSUER BONDS
(Cost $95,613,437)
|
|
|
95,959,172
|
|
MORTGAGE-BACKED SECURITIES
|
11.6
%
|
|
|
|
PRIVATE
|
5.3
%
|
|
|
|
Home Equity
|
2.6
%
|
|
|
|
Angel Oak Mortgage Trust Series 2022-3(a)(c)
4.13%, 01/10/67
|
|
4,815,113
|
4,489,907
|
|
Barclays Mortgage Loan Trust Series 2022-INV1(a)(c)
4.51%, 02/25/62
|
|
4,021,920
|
3,409,442
|
|
Barclays Mortgage Loan Trust Series 2022-INV1(a)(c)
4.51%, 02/25/62
|
|
4,450,880
|
3,468,631
|
|
CWHEQ Home Equity Loan Trust Series 2006-S2(d)
5.60%, 07/25/27
|
|
202,909
|
191,751
|
|
CWHEQ Home Equity Loan Trust Series 2006-S5(o)
5.75%, 06/25/35
|
|
1
|
1,395,550
|
|
FIGRE Trust Series 2024-HE1(a)(c)
10.03%, 03/25/54
|
|
1,000,000
|
1,058,530
|
|
GS Mortgage-Backed Securities Trust Series 2025-HE1
(Floating, U.S. 30-Day Average SOFR + 2.45%)(a)(c)
6.08%, 10/25/55
|
|
2,000,000
|
2,012,796
|
|
GS Mortgage-Backed Securities Trust Series 2025-HE1
(Floating, U.S. 30-Day Average SOFR + 3.30%)(a)(c)
6.93%, 10/25/55
|
|
2,500,000
|
2,533,009
|
|
GS Mortgage-Backed Securities Trust Series 2025-HE2
(Floating, U.S. 30-Day Average SOFR + 3.10%)(a)(c)
6.73%, 12/25/65
|
|
5,500,000
|
5,701,105
|
|
GS Mortgage-Backed Securities Trust Series 2025-HE2
(Floating, U.S. 30-Day Average SOFR + 4.10%)(a)(c)
7.73%, 12/25/65
|
|
3,500,000
|
3,598,380
|
|
Home Equity Mortgage Trust Series 2006-3
(Floating, CME Term SOFR 1M + 0.57%, 0.46% Floor)(c)
4.22%, 09/25/36
|
|
2,708,000
|
332
|
|
Home Equity Mortgage Trust Series 2006-3
(Step to 5.83% on 7/25/26)(e)
6.09%, 09/25/36
|
|
2,581,911
|
124,515
|
|
Home Equity Mortgage Trust Series 2006-4
(Floating, ICE LIBOR USD 1M + 0.61%, 0.61% Floor)(b)(c)(d)
3.99%, 11/25/36
|
|
4,391,000
|
128
|
|
Home Equity Mortgage Trust Series 2006-4
(Floating, CME Term SOFR 1M + 0.61%, 0.50% Floor)(c)
4.26%, 11/25/36
|
|
1,354,000
|
955
|
|
Home Equity Mortgage Trust Series 2006-4(f)
6.23%, 11/25/36
|
|
1,595,328
|
92,572
|
|
Home Equity Mortgage Trust Series 2006-5
(Floating, CME Term SOFR 1M + 0.51%, 0.40% Floor)(c)(d)
4.16%, 01/25/37
|
|
250,900
|
12,545
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Imperial Fund Mortgage Trust Series 2022-NQM4
(Step to 4.93% on 8/25/27)(a)(e)
5.04%, 06/25/67
|
|
$4,000,000
|
$3,099,302
|
|
Imperial Fund Mortgage Trust Series 2022-NQM5
(Step to 6.22% on 8/25/26)(a)(e)
6.25%, 08/25/67
|
|
3,000,000
|
2,988,158
|
|
Indymac Residential Mortgage-Backed Trust Series 2005-L3
(Floating, CME Term SOFR 1M + 0.55%, 0.44% Floor)(c)(d)
4.20%, 12/16/35
|
|
941,259
|
753,007
|
|
PRPM Trust Series 2022-INV1(a)(c)(d)
4.16%, 04/25/67
|
|
2,600,000
|
2,379,451
|
|
Residential Asset Securitization Trust Series 2006-A6
(Floating, 5.79% - CME Term SOFR 1M, 5.90% Cap)(b)(c)(h)
1.47%, 07/25/36
|
|
11,997,679
|
751,513
|
|
Saluda Grade Alternative Mortgage Trust Series 2023-SEQ3(a)(c)
10.25%, 06/01/53
|
|
10,502,250
|
10,640,324
|
|
Total Home Equity
(Cost $49,982,955)
|
|
|
48,701,903
|
|
Commercial Mortgage-Backed Securities
|
2.7
%
|
|
|
|
FREMF Mortgage Trust Series 2019-KF59
(Floating, U.S. 30-Day Average SOFR + 6.11%, 6.00% Floor)(a)(c)
9.71%, 02/25/29
|
|
19,291,011
|
18,847,021
|
|
Velocity Commercial Capital Loan Trust Series 2025-1(a)
10.15%, 02/25/55
|
|
8,489,131
|
8,535,094
|
|
Velocity Commercial Capital Loan Trust Series 2025-3(a)(c)
7.38%, 06/25/55
|
|
2,146,759
|
2,155,056
|
|
Velocity Commercial Capital Loan Trust Series 2025-4(a)(c)
6.31%, 09/25/55
|
|
8,967,329
|
8,777,573
|
|
Velocity Commercial Capital Loan Trust Series 2025-4(a)
9.35%, 09/25/55
|
|
12,952,809
|
12,647,900
|
|
Total Commercial Mortgage-Backed Securities
(Cost $51,962,457)
|
|
|
50,962,644
|
|
U.S. GOVERNMENT AGENCIES
|
6.3
%
|
|
|
|
Fannie Mae REMICS Series 2013-67
(Floating, 5.99% - U.S. 30-Day Average SOFR, 6.10% Cap)(b)(c)(h)
1.68%, 07/25/43
|
|
5,965,358
|
559,771
|
|
Fannie Mae REMICS Series 2019-41
(Floating, 5.99% - U.S. 30-Day Average SOFR, 6.10% Cap)(b)(c)(h)
1.68%, 08/25/49
|
|
35,999,763
|
3,263,127
|
|
Fannie Mae REMICS Series 2020-27
(Floating, 5.84% - U.S. 30-Day Average SOFR, 5.95% Cap)(b)(c)(h)
1.53%, 05/25/50
|
|
13,153,576
|
1,195,283
|
|
Fannie Mae REMICS Series 2022-19
(Floating, 5.60% - U.S. 30-Day Average SOFR, 5.60% Cap)(b)(c)(h)
1.29%, 04/25/52
|
|
25,712,654
|
2,070,691
|
|
Fannie Mae REMICS Series 2024-9
(Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)(b)(c)(h)
1.58%, 03/25/50
|
|
42,172,627
|
4,134,781
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Freddie Mac Multifamily Structured Credit Risk Series 2021-MN3
(Floating, U.S. 30-Day Average SOFR + 6.85%)(a)(c)
10.48%, 11/25/51
|
|
$5,000,000
|
$5,288,983
|
|
Freddie Mac Multifamily Structured Credit Risk Series 2024-MN9
(Floating, U.S. 30-Day Average SOFR + 6.00%)(a)(c)
9.63%, 10/25/44
|
|
3,000,000
|
3,143,388
|
|
Freddie Mac Multifamily Structured Credit Risk Series 2025-MN11
(Floating, U.S. 30-Day Average SOFR + 4.40%)(a)(c)
8.03%, 07/25/45
|
|
12,000,000
|
12,116,462
|
|
Freddie Mac Multifamily Structured Credit Risk Series 2025-MN12
(Floating, U.S. 30-Day Average SOFR + 4.50%)(a)(c)
8.13%, 11/25/45
|
|
8,000,000
|
8,092,346
|
|
Freddie Mac Multifamily Structured Credit Risk Series 2026-MN13
(Floating, U.S. 30-Day Average SOFR + 4.50%)(a)(c)
8.13%, 03/25/46
|
|
5,000,000
|
5,037,892
|
|
Freddie Mac Multifamily Structured Credit Risk Series 2026-MN14
(Floating, U.S. 30-Day Average SOFR + 4.30%)(a)(c)
7.89%, 06/25/46
|
|
4,000,000
|
4,006,388
|
|
Freddie Mac REMICS Series 4833
(Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)(b)(c)(h)
1.55%, 10/15/44
|
|
13,797,644
|
1,255,592
|
|
Freddie Mac REMICS Series 5240
(Floating, 5.89% - U.S. 30-Day Average SOFR)(b)(c)(h)
1.58%, 03/25/50
|
|
13,644,072
|
1,291,926
|
|
Freddie Mac REMICS Series 5370
(Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)(b)(c)(h)
1.55%, 05/15/48
|
|
41,150,633
|
3,924,190
|
|
Freddie Mac REMICS Series 5386
(Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)(b)(c)(h)
1.55%, 03/15/48
|
|
44,873,496
|
4,438,554
|
|
Freddie Mac REMICS Series 5564
(Floating, 5.80% - U.S. 30-Day Average SOFR)(b)(c)(h)
2.17%, 08/25/55
|
|
58,744,034
|
3,930,158
|
|
Government National Mortgage Association Series 2013-9
(Floating, 6.64% - CME Term SOFR 1M, 6.75% Cap)(b)(c)(h)
2.28%, 01/20/43
|
|
13,682,893
|
1,578,732
|
|
Government National Mortgage Association Series 2016-116
(Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)(b)(c)(h)
1.63%, 09/20/46
|
|
8,792,355
|
925,037
|
|
Government National Mortgage Association Series 2019-110
(Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)(b)(c)(h)
1.58%, 09/20/49
|
|
37,331,707
|
3,927,815
|
|
Government National Mortgage Association Series 2019-110
(Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)(b)(c)(h)
1.58%, 09/20/49
|
|
8,166,650
|
833,728
|
|
Government National Mortgage Association Series 2019-115
(Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)(b)(c)(h)
1.63%, 09/20/49
|
|
15,574,289
|
1,709,118
|
|
Government National Mortgage Association Series 2020-47
(Floating, 5.89% - CME Term SOFR 1M, 6.00% Cap)(b)(c)(h)
1.53%, 02/20/49
|
|
30,124,772
|
2,602,359
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Government National Mortgage Association Series 2020-7
(Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)(b)(c)(h)
1.58%, 01/20/50
|
|
$14,286,581
|
$1,368,154
|
|
Government National Mortgage Association Series 2021-160
(Floating, 6.19% - CME Term SOFR 1M, 6.30% Cap)(b)(c)(h)
1.83%, 09/20/51
|
|
11,135,461
|
1,397,907
|
|
Government National Mortgage Association Series 2021-205
(Floating, 3.20% - U.S. 30-Day Average SOFR, 3.20% Cap)(b)(c)(h)
0.00%, 11/20/51
|
|
132,786,034
|
1,878,019
|
|
Government National Mortgage Association Series 2021-41
(Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)(b)(c)(h)
1.58%, 02/20/49
|
|
19,753,027
|
2,042,546
|
|
Government National Mortgage Association Series 2022-190
(Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)(b)(c)(h)
1.63%, 08/20/49
|
|
26,002,290
|
2,725,589
|
|
Government National Mortgage Association Series 2023-135
(Floating, 28.17% - U.S. 30-Day Average SOFR * 4.33, 28.17% Cap)(c)
12.53%, 09/20/53
|
|
1,762,832
|
1,871,514
|
|
Government National Mortgage Association Series 2023-147
(Floating, 6.25% - U.S. 30-Day Average SOFR, 6.25% Cap)(b)(c)(h)
1.90%, 04/20/51
|
|
26,442,755
|
3,323,860
|
|
Government National Mortgage Association Series 2023-75
(Floating, 6.09% - CME Term SOFR 1M, 6.20% Cap)(b)(c)(h)
1.73%, 04/20/48
|
|
73,914,031
|
8,282,141
|
|
Government National Mortgage Association Series 2024-128
(Floating, 18.29% - U.S. 30-Day Average SOFR * 2.75, 18.29% Cap)(c)
8.36%, 08/20/54
|
|
3,911,150
|
3,954,472
|
|
Government National Mortgage Association Series 2024-171
(Floating, 5.95% - U.S. 30-Day Average SOFR, 5.95% Cap)(b)(c)(h)
1.60%, 09/20/52
|
|
48,080,701
|
3,788,278
|
|
Government National Mortgage Association Series 2024-173
(Floating, 6.59% - CME Term SOFR 1M, 6.70% Cap)(b)(c)(h)
2.23%, 11/20/43
|
|
23,120,416
|
2,530,645
|
|
Government National Mortgage Association Series 2024-23
(Floating, 6.20% - U.S. 30-Day Average SOFR, 6.20% Cap)(b)(c)(h)
1.85%, 05/20/51
|
|
31,771,642
|
4,054,687
|
|
Government National Mortgage Association Series 2025-173
(Floating, 3.95% - U.S. 30-Day Average SOFR)(b)(c)(h)
0.34%, 10/20/55
|
|
466,740,019
|
4,162,994
|
|
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $122,113,647)
|
|
|
116,707,127
|
|
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $224,059,059)
|
|
|
216,371,674
|
|
OTHER
|
0.0
%
|
|
|
|
Escrow HOA(b)(d)(p)
|
|
14,500,000
|
—
|
|
TOTAL OTHER
(Cost $—)
|
|
|
—
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
U.S. GOVERNMENT OBLIGATIONS
|
1.8
%
|
|
|
|
U.S. Treasury Note
3.50%, 02/28/31
|
|
$35,000,000
|
$33,973,242
|
|
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $34,721,382)
|
|
|
33,973,242
|
|
MUNICIPAL BONDS
|
3.1
%
|
|
|
|
GDB Debt Recovery Authority of Commonwealth Puerto Rico Taxable Revenue
Bond
7.50%, 08/20/40
|
|
36,192,668
|
35,482,304
|
|
Commonwealth of Puerto Rico(c)
0.00%, 11/01/43
|
|
30,857,143
|
22,178,571
|
|
TOTAL MUNICIPAL BONDS
(Cost $54,212,874)
|
|
|
57,660,875
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
WARRANTS
|
0.0
%
|
|
|
|
Twin Hospitality Group, Inc., Expires on 01/30/30, Strike Price USD 0.00(b)(d)
|
|
160,755
|
—
|
|
Labl, Inc., Expires on 05/11/33, Strike Price USD 0.00(b)(d)(g)
|
|
17,265
|
138,120
|
|
TOTAL WARRANTS
(Cost $138,120)
|
|
|
138,120
|
|
SHORT-TERM INVESTMENTS
|
2.0
%
|
|
|
|
Northern Institutional Treasury Portfolio (Premier Class), 3.51%(q)
|
|
37,797,297
|
37,797,297
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $37,797,297)
|
|
|
37,797,297
|
|
TOTAL INVESTMENTS
(Cost $1,948,474,970)
|
101.9
%
|
|
1,907,839,828
|
|
NET OTHER ASSETS (LIABILITIES)
|
(1.9
)%
|
|
(35,460,918
)
|
|
NET ASSETS
|
100.0
%
|
|
$1,872,378,910
|
|
(a)Securities purchased in a transaction exempt from registration under Rule 144A of
the Securities Act of 1933. These securities may not be publicly traded without
registration under the Securities Act of 1933. The value of these securities is determined
by valuations supplied by a pricing service or brokers. As of June 30, 2026,
these securities had a total market value of $1,314,579,097 or 70% of net assets.
|
|
(b)Non-income producing security.
|
|
(c)Variable or floating rate security. The rate presented is the rate in effect at June
30, 2026, and the related index and spread are shown parenthetically for each security,
when applicable.
|
|
(d)Security valued pursuant to Level 3 unobservable inputs. As of June 30, 2026, these
securities had a total market value of $131,259,332 or 7% of net assets.
|
|
(e)Step coupon bond. Rate as of June 30, 2026 is disclosed.
|
|
(f)The interest rate on this certificate may increase 0.50% per annum after the first
possible optional termination date.
|
|
(g)Equity tranche security.
|
|
(h)Interest only security.
|
|
(i)Perpetual bond. Maturity date represents next call date.
|
|
(j)Zero coupon bond.
|
|
(k)Position is unsettled. Contract rate was not determined at June 30, 2026 and does
not take effect until settlement date.
|
|
(l)Position is unfunded. Contract rate was not determined at June 30, 2026 and does not
take effect until drawn.
|
|
(m)Issuer has defaulted on terms of debt obligation.
|
|
(n)Security is a payment in-kind bond, and unless otherwise noted in the description
of the security, pays its entire coupon on an in-kind basis.
|
|
(o)FGIC insured bond in which the current value primarily relates to pending insurance
payments.
|
|
(p)Represents litigation trust units received when HOA, LLC emerged from bankruptcy.
|
|
(q)7-day current yield as of June 30, 2026 is disclosed.
|
|
Abbreviations:
|
|
CLO – Collateralized Loan Obligation
|
|
SOFR – Secured Overnight Financing Rate
|
|
USD – United States Dollar
|