RiverNorth Core Opportunity Fund
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
| Shares/Description | Value | |||||||
| CLOSED-END FUNDS - 82.79% | ||||||||
| 179,087 | AllianzGI Convertible & Income 2024 Target Term Fund | $ | 1,613,932 | |||||
| 259,795 | BlackRock Capital Allocation Term Trust | 4,263,236 | ||||||
| 282,861 | BlackRock ESG Capital Allocation Term Trust | 4,961,382 | ||||||
| 35,188 | BlackRock Health Sciences Term Trust | 540,488 | ||||||
| 61,792 | BlackRock Innovation and Growth Term Trust | 446,756 | ||||||
| 38,289 | BlackRock MuniHoldings New York Quality Fund, Inc. | 411,990 | ||||||
| 46,272 | BlackRock MuniYield New York Quality Fund, Inc. | 484,468 | ||||||
| 66,656 | BlackRock Science and Technology Term Trust | 1,327,121 | ||||||
| 73,949 | Blackstone/GSO Senior Floating Rate Term Fund | 1,036,025 | ||||||
| 64,751 | Calamos Long/Short Equity & Dynamic Income Trust | 987,453 | ||||||
| 186,260 | Clough Global Equity Fund | 1,299,164 | ||||||
| 142,496 | Clough Global Opportunities Fund | 766,628 | ||||||
| 127,622 | First Trust High Yield Opportunities 2027 Term Fund | 1,827,547 | ||||||
| 70,439 | Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 596,618 | ||||||
| 61,060 | Nuveen AMT-Free Municipal Credit Income Fund | 760,808 | ||||||
| 86,410 | Nuveen AMT-Free Quality Municipal Income Fund | 990,259 | ||||||
| 60,333 | Nuveen Municipal Credit Income Fund | 745,113 | ||||||
| 184,424 | Nuveen Municipal Value Fund, Inc. | 1,591,579 | ||||||
| 25,938 | Nuveen Preferred & Income Term Fund | 504,494 | ||||||
| 42,806 | Nuveen Quality Municipal Income Fund | 502,542 | ||||||
| 97,571 | Pershing Square Holdings Ltd. | 5,161,506 | ||||||
| 82,362 | PIMCO Access Income Fund | 1,302,143 | ||||||
| 213,262 | Saba Capital Income & Opportunities Fund II | 1,663,440 | ||||||
| 85,475 | Special Opportunities Fund, Inc. | 1,118,013 | ||||||
| 50,000 | Voya Emerging Markets High Income Dividend Equity Fund | 269,000 | ||||||
| 105,546 | Western Asset High Income Fund II, Inc. | 459,125 | ||||||
| 127,767 | Western Asset High Income Opportunity Fund, Inc. | 486,792 | ||||||
| 191,185 | Western Asset Inflation-Linked Opportunities & Income Fund | 1,626,984 | ||||||
| TOTAL CLOSED-END FUNDS | ||||||||
| (Cost $34,639,011) | 37,744,606 | |||||||
| CLOSED-END FUNDS - PREFERRED SHARES - 0.82% | ||||||||
| 15,162 | XAI Octagon Floating Rate Alternative Income Trust, Series 2026, 6.500%, 03/31/2026 | 372,229 | ||||||
| TOTAL CLOSED-END FUNDS - PREFERRED SHARES | ||||||||
| (Cost $378,878) | 372,229 | |||||||
| EXCHANGE TRADED FUNDS - 7.62% | ||||||||
| 44,975 | Blackrock Flexible Income ETF | 2,347,695 | ||||||
| 55,600 | Invesco FTSE RAFI Emerging Markets ETF | 1,125,900 | ||||||
| TOTAL EXCHANGE TRADED FUNDS | ||||||||
| (Cost $3,298,321) | 3,473,595 | |||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||||
| U.S. CORPORATE BONDS - 2.39% | ||||||||||||||||
| Investment Companies - 1.91% | ||||||||||||||||
| $ | 150,000 | Blackstone Private Credit Fund | 3.25 | % | 03/15/2027 | 138,528 | ||||||||||
| 249,936 | Blue Owl Credit Income Corp. | 4.70 | % | 02/08/2027 | 237,908 | |||||||||||
| 500,000 | Blue Owl Technology Finance Corp.(a) | 6.75 | % | 06/30/2025 | 497,307 | |||||||||||
| 873,743 | ||||||||||||||||
1
| Principal Amount/Description | Rate | Maturity | Value | ||||||||||||
| Private Equity - 0.48% | |||||||||||||||
| $ | 237,712 | Hercules Capital, Inc. | 2.63 | % | 09/16/2026 | $ | 217,969 | ||||||||
| TOTAL U.S. CORPORATE BONDS | |||||||||||||||
| (Cost $1,068,935) | 1,091,712 | ||||||||||||||
| BUSINESS DEVELOPMENT COMPANY NOTES - 0.43% | |||||||||||||||
| 200,000 | MidCap Financial Investment Corp. | 5.25 | % | 03/03/2025 | 197,072 | ||||||||||
| TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | |||||||||||||||
| (Cost $197,460) | 197,072 | ||||||||||||||
| U.S. GOVERNMENT BONDS AND NOTES - 2.18% | |||||||||||||||
| 1,000,000 | U.S. Treasury Notes | 4.25 | % | 12/31/2024 | 994,604 | ||||||||||
| TOTAL U.S. GOVERNMENT BONDS AND NOTES | |||||||||||||||
| (Cost $998,948) | 994,604 | ||||||||||||||
| Shares/Description | Value | |||||
| Warrants - 0.02% | ||||||
| 12,299 | AGBA Group Holding, Ltd., Strike Price 11.50, Expires 03/15/2027(b) | 3,357 | ||||
| 8,168 | Churchill Capital Corp. VII, Strike Price 11.50, Expires 02/29/2028(b) | 2,859 | ||||
| 10,113 | Jaws Mustang Acquisition Corp., Strike Price 11.50, Expires 01/30/2026(b) | 910 | ||||
| TOTAL WARRANTS | ||||||
| (Cost $25,663) | 7,126 | |||||
| Short-Term Investments - 3.76% | ||||||
| Money Market Fund - 3.76% | ||||||
| 1,711,854 | State Street Institutional Trust (7 Day Yield 5.24%) | 1,711,854 | ||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||
| (Cost $1,711,854) | 1,711,854 | |||||
| TOTAL INVESTMENTS - 100.01% | ||||||
| (Cost $42,319,070) | $ | 45,592,798 | ||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.01)% | (4,724 | ) | ||||
| NET ASSETS - 100.00% | $ | 45,588,074 | ||||
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $497,307, which represents approximately 1.09% of net assets as of June 30, 2024. |
| (b) | Non-income producing security. |
See Notes to Quarterly Schedule of Investments.
RiverNorth/DoubleLine Strategic Income Fund
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
| Shares/Description | Value | |||||||
| CLOSED-END FUNDS - 19.67% | ||||||||
| 1,082,896 | Allspring Income Opportunities Fund | $ | 7,168,772 | |||||
| 383,908 | Barings Global Short Duration High Yield Fund | 5,547,471 | ||||||
| 161,620 | BlackRock MuniHoldings New York Quality Fund, Inc. | 1,739,031 | ||||||
| 195,559 | BlackRock MuniYield New York Quality Fund, Inc. | 2,047,503 | ||||||
| 290,753 | Blackstone Long-Short Credit Income Fund | 3,614,060 | ||||||
| 882,956 | Blackstone Strategic Credit 2027 Term Fund | 10,498,347 | ||||||
| 159,606 | Blackstone/GSO Senior Floating Rate Term Fund | 2,236,080 | ||||||
| 581,087 | BNY Mellon Strategic Municipals, Inc. | 3,556,252 | ||||||
| 440,345 | BrandywineGLOBAL - Global Income Opportunities Fund, Inc. | 3,637,250 | ||||||
| 695,542 | First Trust High Yield Opportunities 2027 Term Fund | 9,960,161 | ||||||
| 146,552 | Invesco Dynamic Credit Opportunity Fund | 1,612,077 | ||||||
| 200,000 | John Hancock Investors Trust | 2,660,000 | ||||||
| 372,947 | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 1,700,638 | ||||||
| 1,173,103 | Nuveen AMT-Free Municipal Credit Income Fund | 14,616,863 | ||||||
| 1,645,260 | Nuveen AMT-Free Quality Municipal Income Fund | 18,854,680 | ||||||
| 725,930 | Nuveen California Quality Municipal Income Fund | 8,369,973 | ||||||
| 74,379 | Nuveen Core Plus Impact Fund | 809,243 | ||||||
| 189,030 | Nuveen Floating Rate Income Fund | 1,635,109 | ||||||
| 121,735 | Nuveen Municipal Credit Income Fund | 1,503,427 | ||||||
| 713,073 | Nuveen Municipal Value Fund, Inc. | 6,153,820 | ||||||
| 3,640,092 | Nuveen Preferred Income Opportunities Fund | 27,191,488 | ||||||
| 897,485 | Nuveen Quality Municipal Income Fund | 10,536,474 | ||||||
| 525,911 | PGIM Global High Yield Fund, Inc. | 6,247,823 | ||||||
| 641,078 | PGIM Short Duration High Yield Opportunities Fund | 9,827,726 | ||||||
| 3,332,640 | PIMCO High Income Fund | 16,063,325 | ||||||
| 516,553 | PIMCO Income Strategy Fund | 4,209,907 | ||||||
| 2,109,483 | PIMCO Income Strategy Fund II | 15,124,993 | ||||||
| 50,000 | Sound Point Meridian Capital, Inc. | 1,002,000 | ||||||
| 1,587,160 | Western Asset Emerging Markets Debt Fund, Inc. | 14,776,460 | ||||||
| 2,597,696 | Western Asset High Income Opportunity Fund, Inc. | 9,897,222 | ||||||
| 1,800,000 | Western Asset Inflation-Linked Opportunities & Income Fund | 15,318,000 | ||||||
| TOTAL CLOSED-END FUNDS | ||||||||
| (Cost $242,010,286) | 238,116,175 | |||||||
| Principal Amount/Description | Rate | Maturity | Value | ||||||||||||
| BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 0.38% | |||||||||||||||
| 46,046 | Oxford Square Capital Corp. | 6.25 | % | 04/30/2026 | 1,121,680 | ||||||||||
| 3,750,000 | PennantPark Floating Rate Capital, Ltd. | 4.25 | % | 04/01/2026 | 3,530,965 | ||||||||||
| TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES | ||||||||
| (Cost $4,857,973) | 4,652,645 | |||||||
| Shares/Description | Value | |||||||
| COMMON STOCKS - 0.00%(a) | ||||||||
| 259,482 | Pershing Square Tontine Holdings(b)(c)(d) | – | ||||||
| 11,202 | Riverbed Tech Class B-1 Partnership Units(d) | 1,457 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $–) | 1,457 | |||||||
| Shares/Description | Value | |||||
| OPEN-END FUNDS - 2.93% | ||||||
| 4,062,935 | RiverNorth/Oaktree High Income Fund, Class I(e) | $ | 35,444,636 | |||
| TOTAL OPEN-END FUNDS | ||||||
| (Cost $38,794,982) | 35,444,636 | |||||
| PREFERRED STOCKS - 1.12% | ||||||
| 246,313 | Crescent Capital BDC, Inc., 5.000%, 05/25/2026 | 5,923,828 | ||||
| 341,265 | Virtus AllianzGI Diversified Income & Convertible Fund, 5.630%, 03/08/2024(f) | 7,576,083 | ||||
| TOTAL PREFERRED STOCKS | ||||||
| (Cost $14,555,923) | 13,499,911 | |||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||
| FOREIGN CORPORATE BONDS - 2.40% | ||||||||||||||
| Australia - 0.34% | ||||||||||||||
| $ | 1,000,000 | APA Infrastructure, Ltd.(g) | 4.25 | % | 07/15/2027 | 974,186 | ||||||||
| 220,000 | Atlassian Corp. | 5.25 | % | 05/15/2029 | 220,078 | |||||||||
| 395,000 | Australia & New Zealand Banking Group, Ltd.(g)(h) | 5Y US TI + 1.70% | 11/25/2035 | 324,532 | ||||||||||
| 265,000 | Commonwealth Bank of Australia(g) | 4.32 | % | 01/10/2048 | 217,050 | |||||||||
| 475,000 | Macquarie Group, Ltd.(g)(h) | 1D US SOFR + 1.53% | 01/14/2033 | 392,804 | ||||||||||
| 475,000 | National Australia Bank, Ltd.(g) | 2.99 | % | 05/21/2031 | 400,022 | |||||||||
| 340,000 | NBN Co., Ltd.(g) | 1.45 | % | 05/05/2026 | 317,549 | |||||||||
| 500,000 | Sydney Airport Finance Co. Pty, Ltd.(g) | 3.38 | % | 04/30/2025 | 490,802 | |||||||||
| 500,000 | Sydney Airport Finance Co. Pty, Ltd.(g) | 3.63 | % | 04/28/2026 | 484,157 | |||||||||
| 310,000 | Westpac Banking Corp.(h) | 5Y US TI + 1.53% | 11/18/2036 | 254,460 | ||||||||||
| 4,075,640 | ||||||||||||||
| Brazil - 0.08% | ||||||||||||||
| 200,000 | Banco do Brasil SA(f)(h)(i) | 6.25 | % | Perpetual Maturity | 204,205 | |||||||||
| 200,000 | CSN Resources SA(i) | 5.88 | % | 04/08/2032 | 166,596 | |||||||||
| 165,630 | Guara Norte Sarl(i) | 5.20 | % | 06/15/2034 | 152,765 | |||||||||
| 67,037 | Oi SA(g)(j) | 12.50% (5.50%) | 12/15/2024 | 66,702 | ||||||||||
| 723 | Oi SA(g)(j) | 12.50% (5.50%) | 12/15/2024 | 719 | ||||||||||
| 126,135 | Oi SA(g)(j) | 12.50% (5.50%) | 12/15/2024 | 125,504 | ||||||||||
| 950,000 | Oi SA(j)(k) | 10.00% (4.00%) | 07/27/2025 | 9,405 | ||||||||||
| 700,000 | Unigel Luxembourg SA(i)(k) | 8.75 | % | 10/01/2026 | 198,660 | |||||||||
| 103,000 | Vale Overseas, Ltd. | 6.40 | % | 06/28/2054 | 101,939 | |||||||||
| 1,026,495 | ||||||||||||||
| Canada - 0.25% | ||||||||||||||
| 13,000 | 1375209 BC, Ltd.(g) | 9.00 | % | 01/30/2028 | 12,517 | |||||||||
| 420,000 | Bank of Montreal(h) | 3.80 | % | 12/15/2032 | 394,824 | |||||||||
| 170,000 | Bausch + Lomb Corp.(g) | 8.38 | % | 10/01/2028 | 174,250 | |||||||||
| 50,000 | Bausch Health Cos., Inc.(g) | 6.13 | % | 02/01/2027 | 41,681 | |||||||||
| 4,000 | Bausch Health Cos., Inc.(g) | 14.00 | % | 10/15/2030 | 3,100 | |||||||||
| 95,000 | Bombardier, Inc.(g) | 8.75 | % | 11/15/2030 | 102,793 | |||||||||
| 25,000 | Bombardier, Inc.(g) | 7.00 | % | 06/01/2032 | 25,379 | |||||||||
| 1,000,000 | Canacol Energy, Ltd.(i) | 5.75 | % | 11/24/2028 | 529,634 | |||||||||
| 210,000 | CCL Industries, Inc.(g) | 3.05 | % | 06/01/2030 | 186,033 | |||||||||
| 255,000 | Element Fleet Management Corp.(g) | 6.32 | % | 12/04/2028 | 263,721 | |||||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||
| $ | 150,000 | Garda World Security Corp.(g) | 6.00 | % | 06/01/2029 | $ | 136,998 | |||||||
| 140,000 | Husky Injection Molding Systems, Ltd. / Titan Co.-Borrower LLC(g) | 9.00 | % | 02/15/2029 | 145,147 | |||||||||
| 60,000 | Kronos Acquisition Holdings, Inc.(g) | 8.25 | % | 06/30/2031 | 60,135 | |||||||||
| 70,000 | Mattamy Group Corp.(g) | 4.63 | % | 03/01/2030 | 64,769 | |||||||||
| 130,000 | Royal Bank of Canada | 5.15 | % | 02/01/2034 | 129,048 | |||||||||
| 750,000 | TransCanada PipeLines, Ltd. | 4.63 | % | 03/01/2034 | 703,298 | |||||||||
| 2,973,327 | ||||||||||||||
| Cayman Islands - 0.15% | ||||||||||||||
| 900,000 | Alpha Holding Escrow Shares(b)(c) | Perpetual Maturity | 0 | |||||||||||
| 900,000 | Alpha Holding Escrow Shares(b)(c) | Perpetual Maturity | 0 | |||||||||||
| 200,000 | Banco Mercantil del Norte SA/Grand Cayman(f)(g)(h) | 7.50 | % | 12/31/9999 | 194,259 | |||||||||
| 200,000 | Banco Mercantil del Norte SA/Grand Cayman(f)(h)(i) | 7.63 | % | 12/31/9999 | 197,016 | |||||||||
| 126,736 | Bioceanico Sovereign Certificate, Ltd.(i)(l) | 0.00 | % | 06/05/2034 | 95,052 | |||||||||
| 200,000 | Cosan Overseas, Ltd.(f) | 8.25 | % | 12/31/9999 | 203,478 | |||||||||
| 178,725 | Global Aircraft Leasing Co., Ltd.(g)(j) | 6.50% (7.25%) | 09/15/2024 | 172,214 | ||||||||||
| 93,324 | Interoceanica IV Finance, Ltd.(i)(l) | 0.00 | % | 11/30/2025 | 89,007 | |||||||||
| 200,000 | Itau Unibanco Holding SA Island(f)(h)(i) | 5Y US TI + 3.22% | 12/31/9999 | 195,248 | ||||||||||
| 128,749 | Lima Metro Line 2 Finance, Ltd.(g) | 5.88 | % | 07/05/2034 | 126,889 | |||||||||
| 257,498 | Lima Metro Line 2 Finance, Ltd.(i) | 5.88 | % | 07/05/2034 | 253,778 | |||||||||
| 333,333 | Rutas 2 & 7 Finance, Ltd.(i)(l) | 0.00 | % | 09/30/2036 | 229,847 | |||||||||
| 114,750 | Transocean Poseidon, Ltd.(g) | 6.88 | % | 02/01/2027 | 114,695 | |||||||||
| 1,871,483 | ||||||||||||||
| Chile - 0.19% | ||||||||||||||
| 300,000 | Agrosuper SA(i) | 4.60 | % | 01/20/2032 | 263,111 | |||||||||
| 200,000 | CAP SA(i) | 3.90 | % | 04/27/2031 | 160,176 | |||||||||
| 198,056 | Chile Electricity PEC SpA(i)(l) | 0.00 | % | 01/25/2028 | 158,940 | |||||||||
| 900,000 | Empresa de Transporte de Pasajeros Metro SA(g) | 5.00 | % | 01/25/2047 | 780,329 | |||||||||
| 291,240 | GNL Quintero SA(i) | 4.63 | % | 07/31/2029 | 284,521 | |||||||||
| 750,000 | Transelec SA(i) | 3.88 | % | 01/12/2029 | 712,397 | |||||||||
| 2,359,474 | ||||||||||||||
| Colombia - 0.09% | ||||||||||||||
| 200,000 | Banco Davivienda SA(f)(g)(h) | 10Y US TI + 5.10% | Perpetual Maturity | 148,000 | ||||||||||
| 300,000 | Bancolombia SA(h) | 5Y US TI + 4.32% | 12/24/2034 | 306,595 | ||||||||||
| 500,000 | Ecopetrol SA | 5.88 | % | 11/02/2051 | 347,544 | |||||||||
| 200,000 | Empresas Publicas de Medellin ESP(i) | 4.25 | % | 07/18/2029 | 172,575 | |||||||||
| 171,860 | Fideicomiso PA Pacifico Tres(i) | 8.25 | % | 01/15/2035 | 169,282 | |||||||||
| 1,143,996 | ||||||||||||||
| France - 0.02% | ||||||||||||||
| 265,000 | Credit Agricole SA(g)(h) | 1D US SOFR + 1.69% | 01/10/2030 | 262,246 | ||||||||||
| Great Britain - 0.18% | ||||||||||||||
| 655,000 | HSBC Holdings PLC(h) | 3M SOFR + 1.64% | 09/12/2026 | 662,316 | ||||||||||
| 128,000 | Macquarie Airfinance Holdings, Ltd.(g) | 6.40 | % | 03/26/2029 | 130,257 | |||||||||
| 50,000 | Macquarie Airfinance Holdings, Ltd.(g) | 6.50 | % | 03/26/2031 | 51,450 | |||||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||||
| $ | 200,000 | MARB BondCo PLC(i) | 3.95 | % | 01/29/2031 | $ | 166,374 | |||||||||
| 335,000 | NatWest Markets PLC(g) | 0.80 | % | 08/12/2024 | 333,047 | |||||||||||
| 260,000 | NatWest Markets PLC(g) | 5.41 | % | 05/17/2029 | 260,902 | |||||||||||
| 575,000 | Weir Group PLC(g) | 2.20 | % | 05/13/2026 | 539,927 | |||||||||||
| 2,144,273 | ||||||||||||||||
| Guatemala - 0.03% | ||||||||||||||||
| 150,000 | Banco Industrial SA/Guatemala(h)(i) | 5Y US TI + 4.44% | 01/29/2031 | 145,214 | ||||||||||||
| 200,000 | CT Trust(i) | 5.13 | % | 02/03/2032 | 176,361 | |||||||||||
| 321,575 | ||||||||||||||||
| India - 0.15% | ||||||||||||||||
| 344,000 | Adani International Container Terminal Pvt, Ltd.(i) | 3.00 | % | 02/16/2031 | 288,284 | |||||||||||
| 200,000 | Adani Ports & Special Economic Zone, Ltd.(i) | 4.38 | % | 07/03/2029 | 179,221 | |||||||||||
| 500,000 | Adani Ports & Special Economic Zone, Ltd.(i) | 3.10 | % | 02/02/2031 | 399,254 | |||||||||||
| 200,000 | Adani Transmission Step-One, Ltd.(i) | 4.00 | % | 08/03/2026 | 189,678 | |||||||||||
| 152,000 | JSW Hydro Energy, Ltd.(i) | 4.13 | % | 05/18/2031 | 135,150 | |||||||||||
| 200,000 | Network i2i, Ltd.(f)(h)(i) | 5Y US TI + 4.27% | 12/31/9999 | 198,919 | ||||||||||||
| 250,000 | Reliance Industries, Ltd.(i) | 4.13 | % | 01/28/2025 | 247,844 | |||||||||||
| 188,000 | Vedanta Resources, Ltd.(i) | 13.88 | % | 12/09/2028 | 180,052 | |||||||||||
| 1,818,402 | ||||||||||||||||
| Indonesia - 0.02% | ||||||||||||||||
| 200,000 | Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT(i) | 5.45 | % | 05/15/2030 | 196,521 | |||||||||||
| Ireland - 0.15% | ||||||||||||||||
| 190,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.10 | % | 01/19/2029 | 188,230 | |||||||||||
| 340,000 | AIB Group PLC(g)(h) | 1D US SOFR + 1.91% | 03/28/2035 | 337,921 | ||||||||||||
| 239,000 | Avolon Holdings Funding, Ltd.(g) | 5.75 | % | 03/01/2029 | 237,745 | |||||||||||
| 295,000 | Avolon Holdings Funding, Ltd.(g) | 5.75 | % | 11/15/2029 | 293,313 | |||||||||||
| 120,000 | GGAM Finance, Ltd.(g) | 6.88 | % | 04/15/2029 | 122,400 | |||||||||||
| 200,000 | Icon Investments Six DAC | 5.85 | % | 05/08/2029 | 203,271 | |||||||||||
| 200,000 | Icon Investments Six DAC | 6.00 | % | 05/08/2034 | 204,399 | |||||||||||
| 280,000 | Smurfit Kappa Treasury ULC(g) | 5.20 | % | 01/15/2030 | 278,667 | |||||||||||
| 1,865,946 | ||||||||||||||||
| Israel - 0.07% | ||||||||||||||||
| 900,000 | Israel Electric Corp., Ltd.(g) | 5.00 | % | 11/12/2024 | 894,062 | |||||||||||
| Jamaica - 0.00%(a) | ||||||||||||||||
| 2,694 | Digicel Group Holdings, Ltd.(g)(l) | 0.00 | % | 12/31/2030 | 2,677 | |||||||||||
| 38,775 | Digicel Group Holdings, Ltd.(g)(l) | 0.00 | % | 12/31/2030 | 7,880 | |||||||||||
| 860 | Digicel Group Holdings, Ltd.(g)(l) | 0.00 | % | 12/31/2030 | 854 | |||||||||||
| 97,752 | Digicel Group Holdings, Ltd.(g)(l) | 0.00 | % | 12/31/2030 | 2,315 | |||||||||||
| 13,726 | ||||||||||||||||
| Japan - 0.06% | ||||||||||||||||
| 265,000 | Mitsubishi UFJ Financial Group, Inc.(h) | 1Y US TI + 1.00% | 04/17/2035 | 264,021 | ||||||||||||
| 510,000 | Renesas Electronics Corp.(g) | 2.17 | % | 11/25/2026 | 472,210 | |||||||||||
| 736,231 | ||||||||||||||||
| Luxembourg - 0.07% | ||||||||||||||||
| 142,000 | ArcelorMittal SA | 6.00 | % | 06/17/2034 | 141,974 | |||||||||||
| 180,000 | Millicom International Cellular SA(i) | 6.63 | % | 10/15/2026 | 179,951 | |||||||||||
| 400,000 | Simpar Europe SA(i) | 5.20 | % | 01/26/2031 | 329,519 | |||||||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||
| $ | 175,336 | Tierra Mojada Luxembourg II Sarl(i) | 5.75 | % | 12/01/2040 | $ | 158,306 | |||||||
| 809,750 | ||||||||||||||
| Mexico - 0.12% | ||||||||||||||
| 659,912 | Alpha Holding SA de CV(g)(k) | 9.00 | % | 02/10/2025 | 3,610 | |||||||||
| 188,546 | Alpha Holding SA de CV(i)(k) | 9.00 | % | 02/10/2025 | 1,031 | |||||||||
| 250,000 | BBVA Bancomer SA(h)(i) | 5.13 | % | 01/18/2033 | 228,016 | |||||||||
| 200,000 | Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy(g) | 7.88 | % | 02/15/2039 | 207,993 | |||||||||
| 200,000 | Cemex SAB de CV(f)(h)(i) | 5Y US TI + 4.53% | 12/31/9999 | 192,374 | ||||||||||
| 500,000 | Credito Real SAB de CV SOFOM ER(i)(k) | 9.50 | % | 02/07/2026 | 44,625 | |||||||||
| 200,000 | Electricidad Firme de Mexico Holdings SA de CV(i) | 4.90 | % | 11/20/2026 | 187,824 | |||||||||
| 600,000 | Mexarrend SAPI de CV(g) | 10.25 | % | 07/24/2024 | 78,600 | |||||||||
| 200,000 | Mexarrend SAPI de CV(i) | 10.25 | % | 07/24/2024 | 26,200 | |||||||||
| 120,969 | Mexico Generadora de Energia S de rl(i) | 5.50 | % | 12/06/2032 | 118,660 | |||||||||
| 700,000 | Operadora de Servicios Mega SA de CV Sofom ER(g) | 8.25 | % | 02/11/2025 | 255,500 | |||||||||
| 150,000 | Petroleos Mexicanos | 6.75 | % | 09/21/2047 | 98,763 | |||||||||
| 1,000,000 | Unifin Financiera SAB de CV(f)(i)(k) | 8.88 | % | Perpetual Maturity | 200 | |||||||||
| 1,443,396 | ||||||||||||||
| Netherlands - 0.10% | ||||||||||||||
| 300,000 | Braskem Netherlands Finance BV(h)(i) | 5Y US TI + 8.22% | 01/23/2081 | 300,505 | ||||||||||
| 200,000 | ING Groep NV(h) | 1D US SOFR + 1.44% | 03/19/2030 | 199,282 | ||||||||||
| 300,000 | Minejesa Capital BV(i) | 5.63 | % | 08/10/2037 | 271,455 | |||||||||
| 157,660 | MV24 Capital BV(i) | 6.75 | % | 06/01/2034 | 150,742 | |||||||||
| 249,000 | NXP BV / NXP Funding LLC / NXP USA, Inc. | 3.88 | % | 06/18/2026 | 241,914 | |||||||||
| 1,163,898 | ||||||||||||||
| Panama - 0.01% | ||||||||||||||
| 200,000 | Empresa de Transmision Electrica SA(i) | 5.13 | % | 05/02/2049 | 145,326 | |||||||||
| Peru - 0.14% | ||||||||||||||
| 90,000 | Banco de Credito del Peru S.A.(h)(i) | 5Y US TI + 3.13% | 07/01/2030 | 86,771 | ||||||||||
| 150,000 | Banco de Credito del Peru S.A.(h)(i) | 5Y US TI + 2.45% | 09/30/2031 | 139,625 | ||||||||||
| 200,000 | Banco Internacional del Peru SAA Interbank(h)(i) | 1Y US TI + 3.71% | 07/08/2030 | 194,367 | ||||||||||
| 200,000 | Cia de Minas Buenaventura SAA(i) | 5.50 | % | 07/23/2026 | 193,499 | |||||||||
| 205,000 | Inkia Energy, Ltd.(i) | 5.88 | % | 11/09/2027 | 206,179 | |||||||||
| 150,000 | InRetail Shopping Malls(i) | 5.75 | % | 04/03/2028 | 147,480 | |||||||||
| 200,000 | Intercorp Financial Services, Inc.(i) | 4.13 | % | 10/19/2027 | 186,731 | |||||||||
| 200,000 | Minsur SA(i) | 4.50 | % | 10/28/2031 | 177,736 | |||||||||
| 200,000 | Orazul Energy Peru SA(i) | 5.63 | % | 04/28/2027 | 189,920 | |||||||||
| 200,000 | Petroleos del Peru SA(i) | 4.75 | % | 06/19/2032 | 149,928 | |||||||||
| 1,672,236 | ||||||||||||||
| Singapore - 0.09% | ||||||||||||||
| 200,000 | DBS Group Holdings, Ltd.(h) | 5Y US TI + 1.10% | 03/10/2031 | 187,975 | ||||||||||
| 309,680 | LLPL Capital Pte, Ltd.(i) | 6.88 | % | 02/04/2039 | 312,184 | |||||||||
| 200,000 | Oversea-Chinese Banking Corp., Ltd.(h)(i) | 5Y US TI + 1.58% | 09/10/2030 | 191,287 | ||||||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||||
| $ | 210,000 | Pfizer Investment Enterprises Pte, Ltd. | 4.75 | % | 05/19/2033 | $ | 204,705 | |||||||||
| 200,000 | United Overseas Bank, Ltd.(h) | 5Y US TI + 1.75% | 03/16/2031 | 187,674 | ||||||||||||
| 1,083,825 | ||||||||||||||||
| Spain - 0.04% | ||||||||||||||||
| 250,000 | AI Candelaria Spain SA(i) | 5.75 | % | 06/15/2033 | 202,444 | |||||||||||
| 261,000 | CaixaBank SA(g)(h) | 1D US SOFR + 2.26% | 06/15/2035 | 261,728 | ||||||||||||
| 464,172 | ||||||||||||||||
| Taiwan - 0.03% | ||||||||||||||||
| 350,000 | TSMC Global, Ltd.(g) | 1.25 | % | 04/23/2026 | 326,176 | |||||||||||
| Vietnam - 0.02% | ||||||||||||||||
| 210,820 | Mong Duong Finance Holdings BV(i) | 5.13 | % | 05/07/2029 | 200,548 | |||||||||||
| TOTAL FOREIGN CORPORATE BONDS | ||||||||||||||||
| (Cost $34,395,088) | 29,012,724 | |||||||||||||||
| U.S. CORPORATE BONDS - 10.89% | ||||||||||||||||
| Advertising - 0.00%(a) | ||||||||||||||||
| 50,000 | Clear Channel Outdoor Holdings, Inc.(g) | 7.50 | % | 06/01/2029 | 41,831 | |||||||||||
| Aerospace/Defense - 0.05% | ||||||||||||||||
| 70,000 | AAR Escrow Issuer LLC(g) | 6.75 | % | 03/15/2029 | 71,420 | |||||||||||
| 69,000 | Boeing Co.(g) | 6.39 | % | 05/01/2031 | 70,274 | |||||||||||
| 161,000 | Boeing Co.(g) | 6.86 | % | 05/01/2054 | 165,347 | |||||||||||
| 265,000 | Northrop Grumman Corp. | 5.20 | % | 06/01/2054 | 248,335 | |||||||||||
| 555,376 | ||||||||||||||||
| Agriculture - 0.04% | ||||||||||||||||
| 237,000 | BAT Capital Corp. | 4.54 | % | 08/15/2047 | 182,667 | |||||||||||
| 265,000 | Philip Morris International, Inc. | 5.25 | % | 02/13/2034 | 260,080 | |||||||||||
| 442,747 | ||||||||||||||||
| Airlines - 0.03% | ||||||||||||||||
| 70,000 | American Airlines, Inc.(g) | 7.25 | % | 02/15/2028 | 70,119 | |||||||||||
| 120,000 | American Airlines, Inc.(g) | 8.50 | % | 05/15/2029 | 124,751 | |||||||||||
| 121,528 | United Airlines 2016-1 Class B Pass Through Trust | 3.65 | % | 01/07/2026 | 116,971 | |||||||||||
| 311,841 | ||||||||||||||||
| Apparel - 0.01% | ||||||||||||||||
| 125,000 | Tapestry, Inc. | 7.05 | % | 11/27/2025 | 127,130 | |||||||||||
| Auto Manufacturers - 0.12% | ||||||||||||||||
| 120,000 | Cummins, Inc. | 5.45 | % | 02/20/2054 | 117,787 | |||||||||||
| 320,000 | Ford Motor Co. | 3.25 | % | 02/12/2032 | 264,623 | |||||||||||
| 300,000 | General Motors Financial Co., Inc. | 2.40 | % | 10/15/2028 | 265,233 | |||||||||||
| 315,000 | General Motors Financial Co., Inc. | 3.10 | % | 01/12/2032 | 264,881 | |||||||||||
| 530,000 | Hyundai Capital America(g) | 5.30 | % | 01/08/2029 | 528,049 | |||||||||||
| 1,440,573 | ||||||||||||||||
| Auto Parts & Equipment - 0.03% | ||||||||||||||||
| 300,000 | ZF North America Capital, Inc.(g) | 6.88 | % | 04/23/2032 | 310,344 | |||||||||||
| Banks - 0.41% | ||||||||||||||||
| 180,000 | Bank of America Corp.(h) | 1D US SOFR + 1.75% | 07/22/2026 | 178,305 | ||||||||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||
| $ | 205,000 | Bank of America Corp.(h) | 1D US SOFR + 1.21% | 10/20/2032 | $ | 169,988 | ||||||||
| 210,000 | Bank of America Corp.(h) | 1D US SOFR + 1.65% | 01/23/2035 | 209,865 | ||||||||||
| 590,000 | Bank of America Corp.(h) | 5Y US TI + 2.48% | 09/21/2036 | 470,831 | ||||||||||
| 120,000 | Citigroup, Inc.(h) | 1D US SOFR + 0.69% | 01/25/2026 | 117,440 | ||||||||||
| 120,000 | Citigroup, Inc.(h) | 1D US SOFR + 1.28% | 02/24/2028 | 113,271 | ||||||||||
| 90,000 | Citizens Financial Group, Inc.(h) | 1D US SOFR + 2.33% | 04/25/2035 | 93,072 | ||||||||||
| 590,000 | Goldman Sachs Group, Inc.(h) | 3M SOFR + 1.43% | 05/15/2026 | 594,345 | ||||||||||
| 175,000 | Goldman Sachs Group, Inc.(h) | 1D US SOFR + 0.82% | 09/10/2027 | 174,790 | ||||||||||
| 140,000 | Goldman Sachs Group, Inc.(h) | 1D US SOFR + 1.27% | 04/25/2030 | 142,517 | ||||||||||
| 165,000 | JPMorgan Chase & Co.(h) | 1D US SOFR + 0.92% | 02/24/2026 | 161,743 | ||||||||||
| 85,000 | JPMorgan Chase & Co.(h) | 1D US SOFR + 1.99% | 07/25/2028 | 84,150 | ||||||||||
| 240,000 | JPMorgan Chase & Co.(h) | 1D SOFR + 1.02% | 06/01/2029 | 213,557 | ||||||||||
| 345,000 | JPMorgan Chase & Co.(h) | 1D US SOFR + 2.04% | 04/22/2031 | 298,303 | ||||||||||
| 290,000 | JPMorgan Chase & Co.(h) | 3M SOFR + 1.25% | 04/22/2032 | 245,037 | ||||||||||
| 290,000 | JPMorgan Chase & Co.(h) | 1D US SOFR + 1.26% | 01/25/2033 | 247,360 | ||||||||||
| 205,000 | Morgan Stanley(h) | 1D US SOFR + 1.67% | 07/17/2026 | 203,035 | ||||||||||
| 215,000 | Morgan Stanley(h) | 1D US SOFR + 1.61% | 04/20/2028 | 208,972 | ||||||||||
| 95,000 | Morgan Stanley(h) | 1D US SOFR + 1.29% | 01/21/2033 | 80,777 | ||||||||||
| 275,000 | Wells Fargo & Co.(h) | 1D US SOFR + 1.98% | 07/25/2028 | 271,267 | ||||||||||
| 270,000 | Wells Fargo & Co.(h) | 1D US SOFR + 1.43% | 10/30/2030 | 239,579 | ||||||||||
| 370,000 | Wells Fargo & Co.(h) | 1D US SOFR + 2.06% | 10/23/2034 | 394,592 | ||||||||||
| 4,912,796 | ||||||||||||||
| Beverages - 0.02% | ||||||||||||||
| 260,000 | Keurig Dr Pepper, Inc. | 5.20 | % | 03/15/2031 | 259,557 | |||||||||
| Biotechnology - 0.05% | ||||||||||||||
| 210,000 | Amgen, Inc. | 5.75 | % | 03/02/2063 | 205,837 | |||||||||
| 150,000 | Gilead Sciences, Inc. | 5.55 | % | 10/15/2053 | 149,877 | |||||||||
| 325,000 | Royalty Pharma PLC | 2.15 | % | 09/02/2031 | 260,649 | |||||||||
| 616,363 | ||||||||||||||
| Building Materials - 0.06% | ||||||||||||||
| 150,000 | Builders FirstSource, Inc.(g) | 6.38 | % | 03/01/2034 | 148,689 | |||||||||
| 120,000 | EMRLD Borrower LP / Emerald Co.-Issuer, Inc.(g) | 6.63 | % | 12/15/2030 | 121,086 | |||||||||
| 65,000 | EMRLD Borrower LP / Emerald Co.-Issuer, Inc.(g) | 6.75 | % | 07/15/2031 | 65,853 | |||||||||
| 130,000 | Griffon Corp. | 5.75 | % | 03/01/2028 | 125,552 | |||||||||
| 120,000 | Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC(g) | 6.75 | % | 04/01/2032 | 120,929 | |||||||||
| 125,000 | Owens Corning | 5.70 | % | 06/15/2034 | 126,209 | |||||||||
| 75,000 | Standard Industries, Inc.(g) | 4.38 | % | 07/15/2030 | 67,826 | |||||||||
| 776,144 | ||||||||||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||||
| Chemicals - 0.06% | ||||||||||||||||
| $ | 285,000 | CF Industries, Inc. | 5.38 | % | 03/15/2044 | $ | 261,815 | |||||||||
| 250,000 | Mosaic Co. | 5.38 | % | 11/15/2028 | 251,118 | |||||||||||
| 200,000 | Solvay Finance America LLC(g) | 5.65 | % | 06/04/2029 | 201,434 | |||||||||||
| 75,000 | WR Grace Holdings LLC(g) | 5.63 | % | 08/15/2029 | 69,206 | |||||||||||
| 783,573 | ||||||||||||||||
| Commercial Services - 0.10% | ||||||||||||||||
| 110,000 | Allied Universal Holdco LLC(g) | 7.88 | % | 02/15/2031 | 110,385 | |||||||||||
| 50,000 | Allied Universal Holdco LLC / Allied Universal Finance Corp.(g) | 6.63 | % | 07/15/2026 | 49,895 | |||||||||||
| 70,000 | Allied Universal Holdco LLC / Allied Universal Finance Corp.(g) | 9.75 | % | 07/15/2027 | 69,646 | |||||||||||
| 260,000 | Global Payments, Inc. | 4.95 | % | 08/15/2027 | 257,511 | |||||||||||
| 105,000 | Mavis Tire Express Services Topco Corp.(g) | 6.50 | % | 05/15/2029 | 97,977 | |||||||||||
| 200,000 | Triton Container International, Ltd. / TAL International Container Corp. | 3.25 | % | 03/15/2032 | 164,294 | |||||||||||
| 267,000 | Verisk Analytics, Inc. | 5.25 | % | 06/05/2034 | 263,014 | |||||||||||
| 65,000 | VT Topco, Inc.(g) | 8.50 | % | 08/15/2030 | 68,329 | |||||||||||
| 75,000 | Wand NewCo 3, Inc.(g) | 7.63 | % | 01/30/2032 | 77,523 | |||||||||||
| 50,000 | WASH Multifamily Acquisition, Inc.(g) | 5.75 | % | 04/15/2026 | 48,925 | |||||||||||
| 1,207,499 | ||||||||||||||||
| Computers - 0.06% | ||||||||||||||||
| 260,000 | Fortinet, Inc. | 1.00 | % | 03/15/2026 | 241,470 | |||||||||||
| 350,000 | Kyndryl Holdings, Inc. | 4.10 | % | 10/15/2041 | 265,432 | |||||||||||
| 249,000 | NetApp, Inc. | 1.88 | % | 06/22/2025 | 239,943 | |||||||||||
| 746,845 | ||||||||||||||||
| Containers and Packaging - 0.02% | ||||||||||||||||
| 270,000 | Packaging Corp. of America | 3.40 | % | 12/15/2027 | 255,339 | |||||||||||
| Cosmetics/Personal Care - 0.01% | ||||||||||||||||
| 130,000 | Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC(g) | 6.63 | % | 07/15/2030 | 132,026 | |||||||||||
| Distribution/Wholesale - 0.02% | ||||||||||||||||
| 180,000 | BCPE Empire Holdings, Inc.(g) | 7.63 | % | 05/01/2027 | 174,591 | |||||||||||
| 75,000 | Dealer Tire LLC / DT Issuer LLC(g) | 8.00 | % | 02/01/2028 | 72,504 | |||||||||||
| 247,095 | ||||||||||||||||
| Diversified Financial Services - 0.21% | ||||||||||||||||
| 150,000 | Air Lease Corp. | 1.88 | % | 08/15/2026 | 139,143 | |||||||||||
| 196,000 | Air Lease Corp. | 5.20 | % | 07/15/2031 | 191,602 | |||||||||||
| 458,000 | American Express Co. | 3.95 | % | 08/01/2025 | 450,598 | |||||||||||
| 415,000 | Aviation Capital Group LLC(g) | 1.95 | % | 09/20/2026 | 382,608 | |||||||||||
| 196,000 | Aviation Capital Group LLC(g) | 5.38 | % | 07/15/2029 | 193,777 | |||||||||||
| 160,000 | BlackRock Funding, Inc. | 5.25 | % | 03/14/2054 | 154,733 | |||||||||||
| 450,000 | BlackRock, Inc. | 4.75 | % | 05/25/2033 | 441,483 | |||||||||||
| 140,000 | Nationstar Mortgage Holdings, Inc.(g) | 5.75 | % | 11/15/2031 | 131,709 | |||||||||||
| 95,000 | Navient Corp. | 5.00 | % | 03/15/2027 | 90,785 | |||||||||||
| 125,000 | OneMain Finance Corp. | 6.63 | % | 01/15/2028 | 125,567 | |||||||||||
| 150,000 | OneMain Finance Corp. | 7.50 | % | 05/15/2031 | 151,911 | |||||||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||||
| $ | 70,000 | PennyMac Financial Services, Inc.(g) | 7.88 | % | 12/15/2029 | $ | 72,237 | |||||||||
| 2,526,153 | ||||||||||||||||
| Electric - 0.51% | ||||||||||||||||
| 155,000 | AEP Texas, Inc. | 5.45 | % | 05/15/2029 | 155,857 | |||||||||||
| 55,000 | AEP Transmission Co. LLC | 5.40 | % | 03/15/2053 | 52,647 | |||||||||||
| 263,000 | Arizona Public Service Co. | 5.70 | % | 08/15/2034 | 262,830 | |||||||||||
| 155,000 | Black Hills Corp. | 6.00 | % | 01/15/2035 | 156,017 | |||||||||||
| 417,000 | DTE Energy Co. | 5.85 | % | 06/01/2034 | 423,264 | |||||||||||
| 254,000 | Duke Energy Corp. | 5.45 | % | 06/15/2034 | 251,164 | |||||||||||
| 325,000 | Duke Energy Corp. | 3.95 | % | 08/15/2047 | 243,509 | |||||||||||
| 85,000 | Duke Energy Corp. | 5.00 | % | 08/15/2052 | 73,916 | |||||||||||
| 130,000 | Entergy Arkansas LLC | 5.75 | % | 06/01/2054 | 129,195 | |||||||||||
| 130,000 | Entergy Corp. | 2.80 | % | 06/15/2030 | 113,622 | |||||||||||
| 134,000 | Eversource Energy | 5.50 | % | 01/01/2034 | 131,535 | |||||||||||
| 1,000,000 | Exelon Corp. | 4.05 | % | 04/15/2030 | 938,956 | |||||||||||
| 243,000 | Georgia Power Co. | 2.20 | % | 09/15/2024 | 241,166 | |||||||||||
| 750,000 | NextEra Energy Capital Holdings, Inc. | 2.44 | % | 01/15/2032 | 615,219 | |||||||||||
| 160,000 | NextEra Energy Capital Holdings, Inc. | 5.55 | % | 03/15/2054 | 153,231 | |||||||||||
| 59,000 | NextEra Energy Capital Holdings, Inc.(h) | 5Y US TI + 2.46% | 06/15/2054 | 59,486 | ||||||||||||
| 160,000 | NRG Energy, Inc.(g) | 2.00 | % | 12/02/2025 | 151,476 | |||||||||||
| 39,000 | Oglethorpe Power Corp.(g) | 5.80 | % | 06/01/2054 | 38,197 | |||||||||||
| 242,000 | Pacific Gas and Electric Co. | 6.95 | % | 03/15/2034 | 260,786 | |||||||||||
| 625,000 | Pacific Gas and Electric Co. | 6.75 | % | 01/15/2053 | 649,302 | |||||||||||
| 135,000 | Pike Corp.(g) | 5.50 | % | 09/01/2028 | 129,721 | |||||||||||
| 60,000 | Pike Corp.(g) | 8.63 | % | 01/31/2031 | 63,634 | |||||||||||
| 85,000 | San Diego Gas & Electric Co. | 5.35 | % | 04/01/2053 | 80,409 | |||||||||||
| 265,000 | Southern California Edison Co. | 5.45 | % | 06/01/2031 | 266,999 | |||||||||||
| 280,000 | Southern Co.(h) | 5Y US TI + 2.92% | 09/15/2051 | 263,511 | ||||||||||||
| 225,000 | Southwestern Electric Power Co. | 3.25 | % | 11/01/2051 | 142,193 | |||||||||||
| 85,000 | Vistra Operations Co. LLC(g) | 7.75 | % | 10/15/2031 | 88,585 | |||||||||||
| 70,000 | Vistra Operations Co. LLC(g) | 6.88 | % | 04/15/2032 | 71,116 | |||||||||||
| 6,207,543 | ||||||||||||||||
| Electronics - 0.04% | ||||||||||||||||
| 223,000 | Allegion US Holding Co., Inc. | 5.60 | % | 05/29/2034 | 223,238 | |||||||||||
| 220,000 | Arrow Electronics, Inc. | 3.88 | % | 01/12/2028 | 208,434 | |||||||||||
| 431,672 | ||||||||||||||||
| Engineering & Construction - 0.01% | ||||||||||||||||
| 185,000 | Jacobs Engineering Group, Inc. | 5.90 | % | 03/01/2033 | 185,063 | |||||||||||
| Engineering&Construction - 0.02% | ||||||||||||||||
| 55,000 | Artera Services LLC(g) | 8.50 | % | 02/15/2031 | 56,664 | |||||||||||
| 80,000 | Brand Industrial Services, Inc.(g) | 10.38 | % | 08/01/2030 | 86,555 | |||||||||||
| 90,000 | MasTec, Inc. | 5.90 | % | 06/15/2029 | 90,451 | |||||||||||
| 233,670 | ||||||||||||||||
| Entertainment - 0.05% | ||||||||||||||||
| 125,000 | Caesars Entertainment, Inc.(g) | 6.50 | % | 02/15/2032 | 125,695 | |||||||||||
| 135,000 | Light & Wonder International, Inc.(g) | 7.25 | % | 11/15/2029 | 137,981 | |||||||||||
| 105,000 | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.(g) | 4.88 | % | 05/01/2029 | 97,891 | |||||||||||
| 100,000 | Scientific Games Holdings LP/Scientific Games US FinCo, Inc.(g) | 6.63 | % | 03/01/2030 | 97,549 | |||||||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||||
| $ | 145,000 | Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc.(g) | 6.63 | % | 05/01/2032 | $ | 147,446 | |||||||||
| 50,000 | Vail Resorts, Inc.(g) | 6.50 | % | 05/15/2032 | 50,629 | |||||||||||
| 657,191 | ||||||||||||||||
| Environmental Control - 0.02% | ||||||||||||||||
| 70,000 | Madison IAQ LLC(g) | 4.13 | % | 06/30/2028 | 65,344 | |||||||||||
| 70,000 | Madison IAQ LLC(g) | 5.88 | % | 06/30/2029 | 65,194 | |||||||||||
| 175,000 | Veralto Corp.(g) | 5.35 | % | 09/18/2028 | 175,794 | |||||||||||
| 306,332 | ||||||||||||||||
| Food - 0.03% | ||||||||||||||||
| 140,000 | Campbell Soup Co. | 5.40 | % | 03/21/2034 | 139,138 | |||||||||||
| 105,000 | United Natural Foods, Inc.(g) | 6.75 | % | 10/15/2028 | 94,893 | |||||||||||
| 90,000 | US Foods, Inc.(g) | 7.25 | % | 01/15/2032 | 93,514 | |||||||||||
| 327,545 | ||||||||||||||||
| Gas - 0.02% | ||||||||||||||||
| 265,000 | NiSource, Inc. | 5.35 | % | 04/01/2034 | 260,023 | |||||||||||
| Hand/Machine Tools - 0.01% | ||||||||||||||||
| 105,000 | Regal Rexnord Corp. | 6.05 | % | 02/15/2026 | 105,311 | |||||||||||
| Healthcare-Products - 0.04% | ||||||||||||||||
| 100,000 | Medline Borrower LP(g) | 5.25 | % | 10/01/2029 | 95,510 | |||||||||||
| 20,000 | Medline Borrower LP/Medline Co.-Issuer, Inc.(g) | 6.25 | % | 04/01/2029 | 20,251 | |||||||||||
| 250,000 | Sotera Health Holdings LLC(g) | 7.38 | % | 06/01/2031 | 250,684 | |||||||||||
| 145,000 | Zimmer Biomet Holdings, Inc. | 5.35 | % | 12/01/2028 | 145,920 | |||||||||||
| 512,365 | ||||||||||||||||
| Healthcare-Services - 0.23% | ||||||||||||||||
| 425,000 | Centene Corp. | 2.50 | % | 03/01/2031 | 349,106 | |||||||||||
| 90,000 | CHS/Community Health Systems, Inc.(g) | 6.00 | % | 01/15/2029 | 79,506 | |||||||||||
| 210,000 | Elevance Health, Inc. | 2.38 | % | 01/15/2025 | 206,402 | |||||||||||
| 85,000 | Elevance Health, Inc. | 4.55 | % | 05/15/2052 | 71,324 | |||||||||||
| 70,000 | Fortrea Holdings, Inc.(g) | 7.50 | % | 07/01/2030 | 69,638 | |||||||||||
| 370,000 | HCA, Inc. | 5.38 | % | 02/01/2025 | 368,822 | |||||||||||
| 585,000 | HCA, Inc. | 5.25 | % | 06/15/2049 | 521,888 | |||||||||||
| 175,000 | IQVIA, Inc. | 6.25 | % | 02/01/2029 | 179,997 | |||||||||||
| 130,000 | Legacy LifePoint Health LLC(g) | 4.38 | % | 02/15/2027 | 124,291 | |||||||||||
| 155,000 | LifePoint Health, Inc.(g) | 10.00 | % | 06/01/2032 | 158,668 | |||||||||||
| 85,000 | ModivCare Escrow Issuer, Inc.(g) | 5.00 | % | 10/01/2029 | 59,985 | |||||||||||
| 100,000 | Tenet Healthcare Corp. | 6.25 | % | 02/01/2027 | 100,020 | |||||||||||
| 125,000 | Tenet Healthcare Corp. | 6.13 | % | 06/15/2030 | 124,312 | |||||||||||
| 305,000 | UnitedHealth Group, Inc. | 5.05 | % | 04/15/2053 | 282,709 | |||||||||||
| 90,000 | UnitedHealth Group, Inc. | 4.95 | % | 05/15/2062 | 80,154 | |||||||||||
| 2,776,822 | ||||||||||||||||
| Insurance - 0.21% | ||||||||||||||||
| 95,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(g) | 6.75 | % | 10/15/2027 | 93,790 | |||||||||||
| 70,000 | AmWINS Group, Inc.(g) | 4.88 | % | 06/30/2029 | 65,217 | |||||||||||
| 260,000 | Athene Global Funding(g)(h) | SOFRINDX + 0.56% | 08/19/2024 | 260,112 | ||||||||||||
| 290,000 | Athene Holding, Ltd. | 6.25 | % | 04/01/2054 | 290,440 | |||||||||||
| 215,000 | Berkshire Hathaway Finance Corp. | 2.85 | % | 10/15/2050 | 138,385 | |||||||||||
| 110,000 | Berkshire Hathaway Finance Corp. | 3.85 | % | 03/15/2052 | 85,114 | |||||||||||
| 130,000 | Brighthouse Financial Global Funding(g) | 2.00 | % | 06/28/2028 | 113,446 | |||||||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||||||
| $ | 268,000 | Brown & Brown, Inc. | 5.65 | % | 06/11/2034 | $ | 266,451 | |||||||||
| 220,000 | F&G Annuities & Life, Inc. | 6.50 | % | 06/04/2029 | 219,375 | |||||||||||
| 90,000 | GTCR AP Finance, Inc.(g) | 8.00 | % | 05/15/2027 | 90,273 | |||||||||||
| 60,000 | HUB International, Ltd.(g) | 7.25 | % | 06/15/2030 | 61,551 | |||||||||||
| 100,000 | Markel Group, Inc. | 6.00 | % | 05/16/2054 | 99,043 | |||||||||||
| 285,000 | Massachusetts Mutual Life Insurance Co.(g) | 3.20 | % | 12/01/2061 | 175,285 | |||||||||||
| 100,000 | Panther Escrow Issuer LLC(g) | 7.13 | % | 06/01/2031 | 101,220 | |||||||||||
| 460,000 | Willis North America, Inc. | 4.50 | % | 09/15/2028 | 447,168 | |||||||||||
| 2,506,870 | ||||||||||||||||
| Internet - 0.07% | ||||||||||||||||
| 130,000 | Expedia Group, Inc. | 5.00 | % | 02/15/2026 | 129,086 | |||||||||||
| 245,000 | Expedia Group, Inc. | < | ||||||||||||||