| A: RCRAX | C: RCRCX | Y: RCRYX |
| Principal Amount USD ($) | Value | |||||
| UNAFFILIATED ISSUERS — 96.7% | ||||||
| Corporate Bonds — 94.1% of Net Assets | ||||||
| Advertising — 2.4% | ||||||
| 275,000 | Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $ 216,747 | ||||
| 100,000 | Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 1/15/29 (144A) | 86,368 | ||||
| 378,000 | Stagwell Global LLC, 5.625%, 8/15/29 (144A) | 331,222 | ||||
| 301,000 | Summer BC Bidco B LLC, 5.50%, 10/31/26 (144A) | 269,441 | ||||
| Total Advertising | $903,778 | |||||
| Aerospace & Defense — 0.3% | ||||||
| 110,000 | Spirit AeroSystems, Inc., 9.375%, 11/30/29 (144A) | $ 118,942 | ||||
| Total Aerospace & Defense | $118,942 | |||||
| Airlines — 1.1% | ||||||
| 63,700 | American Airlines 2021-1 Class B Pass Through Trust, 3.95%, 7/11/30 | $ 55,424 | ||||
| 357,000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc., 6.375%, 2/1/30 (144A) | 249,667 | ||||
| 120,000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc., 9.50%, 6/1/28 (144A) | 99,545 | ||||
| Total Airlines | $404,636 | |||||
| Apparel — 0.3% | ||||||
| 115,000 | Hanesbrands, Inc., 9.00%, 2/15/31 (144A) | $ 108,411 | ||||
| Total Apparel | $108,411 | |||||
| Auto Manufacturers — 2.7% | ||||||
| 125,000 | Ford Motor Co., 5.291%, 12/8/46 | $ 101,607 | ||||
| 100,000 | Ford Motor Co., 6.10%, 8/19/32 | 97,290 | ||||
| 700,000 | Ford Motor Credit Co. LLC, 3.625%, 6/17/31 | 581,474 | ||||
| 230,000 | Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | 212,548 | ||||
| Total Auto Manufacturers | $992,919 | |||||
| Auto Parts & Equipment — 1.3% | ||||||
| 200,000 | Adient Global Holdings, Ltd., 8.25%, 4/15/31 (144A) | $ 203,345 | ||||
| 288,000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, 2/1/28 (144A) | 273,039 | ||||
| Total Auto Parts & Equipment | $476,384 | |||||
| Banks — 0.1% | ||||||
| 45,000 | Freedom Mortgage Corp., 12.25%, 10/1/30 (144A) | $ 47,480 | ||||
| Total Banks | $47,480 | |||||
| Principal Amount USD ($) | Value | |||||
| Building Materials — 2.2% | ||||||
| 280,000 | AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (144A) | $ 273,700 | ||||
| 260,000 | Builders FirstSource, Inc., 4.25%, 2/1/32 (144A) | 223,031 | ||||
| 290,000 | Cornerstone Building Brands, Inc., 6.125%, 1/15/29 (144A) | 227,650 | ||||
| 118,000 | MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30 (144A) | 99,976 | ||||
| Total Building Materials | $824,357 | |||||
| Chemicals — 4.3% | ||||||
| 363,000 | Mativ Holdings, Inc., 6.875%, 10/1/26 (144A) | $ 334,925 | ||||
| 120,000 | NOVA Chemicals Corp., 8.50%, 11/15/28 (144A) | 123,960 | ||||
| 490,000 | Olympus Water US Holding Corp., 9.75%, 11/15/28 (144A) | 503,991 | ||||
| 200,000 | SCIL IV LLC/SCIL USA Holdings LLC, 5.375%, 11/1/26 (144A) | 187,746 | ||||
| EUR100,000 | SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 7/15/28 (144A) | 112,257 | ||||
| 370,000 | Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.125%, 4/1/29 (144A) | 143,742 | ||||
| 251,000 | Tronox, Inc., 4.625%, 3/15/29 (144A) | 213,415 | ||||
| Total Chemicals | $1,620,036 | |||||
| Commercial Services — 5.4% | ||||||
| 20,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.625%, 7/15/26 (144A) | $ 19,434 | ||||
| 275,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A) | 253,029 | ||||
| 232,000 | Brink's Co., 4.625%, 10/15/27 (144A) | 217,484 | ||||
| 218,000 | Garda World Security Corp., 4.625%, 2/15/27 (144A) | 207,280 | ||||
| 243,000 | Garda World Security Corp., 6.00%, 6/1/29 (144A) | 202,377 | ||||
| 215,000 | Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A) | 199,668 | ||||
| 190,000 | NESCO Holdings II, Inc., 5.50%, 4/15/29 (144A) | 170,357 | ||||
| 27,000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 4/15/24 (144A) | 26,840 | ||||
| 420,000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) | 403,312 | ||||
| 325,000 | Sotheby's, 7.375%, 10/15/27 (144A) | 298,043 | ||||
| Total Commercial Services | $1,997,824 | |||||
| Principal Amount USD ($) | Value | |||||
| Computers — 1.7% | ||||||
| 540,000 | NCR Voyix Corp., 5.00%, 10/1/28 (144A) | $ 491,589 | ||||
| 150,000 | NCR Voyix Corp., 5.25%, 10/1/30 (144A) | 131,856 | ||||
| Total Computers | $623,445 | |||||
| Diversified Financial Services — 6.7% | ||||||
| 248,443(a) | Avation Capital S.A., 8.25% (9.00% PIK or 8.25% Cash), 10/31/26 (144A) | $ 211,176 | ||||
| 65,000 | Bread Financial Holdings, Inc., 4.75%, 12/15/24 (144A) | 63,365 | ||||
| 250,000 | Bread Financial Holdings, Inc., 7.00%, 1/15/26 (144A) | 240,442 | ||||
| 250,000 | GGAM Finance, Ltd., 8.00%, 6/15/28 (144A) | 251,875 | ||||
| 444,722(a) | Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK or 6.50% Cash), 9/15/24 (144A) | 416,011 | ||||
| 240,000 | Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27 (144A) | 231,600 | ||||
| 226,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 194,073 | ||||
| 180,000 | OneMain Finance Corp., 9.00%, 1/15/29 | 185,641 | ||||
| 242,000 | Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A) | 219,642 | ||||
| 201,000 | United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A) | 179,828 | ||||
| 305,000 | United Wholesale Mortgage LLC, 5.75%, 6/15/27 (144A) | 286,766 | ||||
| Total Diversified Financial Services | $2,480,419 | |||||
| Electric — 3.8% | ||||||
| 222,000 | Calpine Corp., 4.625%, 2/1/29 (144A) | $ 201,069 | ||||
| 215,000 | Clearway Energy Operating LLC, 3.75%, 2/15/31 (144A) | 179,885 | ||||
| 85,000 | Clearway Energy Operating LLC, 3.75%, 1/15/32 (144A) | 68,332 | ||||
| 153,000 | Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29 (144A) | 128,721 | ||||
| 28,146 | NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25 (144A) | 28,107 | ||||
| 140,000 | Talen Energy Supply LLC, 8.625%, 6/1/30 (144A) | 146,667 | ||||
| 55,000 | Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A) | 49,653 | ||||
| 257,000 | Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) | 249,987 | ||||
| 50,000 | Vistra Operations Co. LLC, 6.95%, 10/15/33 (144A) | 51,045 | ||||
| 320,000 | Vistra Operations Co. LLC, 7.75%, 10/15/31 (144A) | 327,499 | ||||
| Total Electric | $1,430,965 | |||||
| Electrical Components & Equipments — 0.6% | ||||||
| 253,000 | Energizer Holdings, Inc., 4.75%, 6/15/28 (144A) | $ 226,148 | ||||
| Total Electrical Components & Equipments | $226,148 | |||||
| Principal Amount USD ($) | Value | |||||
| Entertainment — 1.6% | ||||||
| 225,000 | Banijay Entertainment SASU, 8.125%, 5/1/29 (144A) | $ 226,871 | ||||
| 214,000 | Light & Wonder International, Inc., 7.25%, 11/15/29 (144A) | 214,535 | ||||
| 45,000 | Light & Wonder International, Inc., 7.50%, 9/1/31 (144A) | 45,660 | ||||
| 110,000 | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.625%, 3/1/30 (144A) | 98,450 | ||||
| Total Entertainment | $585,516 | |||||
| Environmental Control — 1.0% | ||||||
| 130,000 | GFL Environmental, Inc., 4.00%, 8/1/28 (144A) | $ 115,987 | ||||
| 270,000 | GFL Environmental, Inc., 4.375%, 8/15/29 (144A) | 238,426 | ||||
| Total Environmental Control | $354,413 | |||||
| Food — 0.2% | ||||||
| 95,000 | US Foods, Inc., 4.625%, 6/1/30 (144A) | $ 85,711 | ||||
| Total Food | $85,711 | |||||
| Forest Products & Paper — 0.7% | ||||||
| 334,000 | Mercer International, Inc., 5.125%, 2/1/29 | $ 278,932 | ||||
| Total Forest Products & Paper | $278,932 | |||||
| Healthcare-Products — 0.6% | ||||||
| 255,000 | Medline Borrower LP, 3.875%, 4/1/29 (144A) | $ 226,324 | ||||
| Total Healthcare-Products | $226,324 | |||||
| Healthcare-Services — 2.7% | ||||||
| 229,000 | LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | $ 149,975 | ||||
| 318,000 | Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A) | 298,626 | ||||
| 54,000 | RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26 (144A) | 52,211 | ||||
| 36,000 | Surgery Center Holdings, Inc., 6.75%, 7/1/25 (144A) | 35,730 | ||||
| 247,000 | Surgery Center Holdings, Inc., 10.00%, 4/15/27 (144A) | 249,253 | ||||
| 260,000 | US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A) | 204,750 | ||||
| Total Healthcare-Services | $990,545 | |||||
| Home Builders — 2.4% | ||||||
| 350,000 | Beazer Homes USA, Inc., 7.25%, 10/15/29 | $ 338,333 | ||||
| 157,000 | KB Home, 4.00%, 6/15/31 | 132,794 | ||||
| 255,000 | LGI Homes, Inc., 8.75%, 12/15/28 (144A) | 262,293 | ||||
| 205,000 | M/I Homes, Inc., 3.95%, 2/15/30 | 174,956 | ||||
| Total Home Builders | $908,376 | |||||
| Principal Amount USD ($) | Value | |||||
| Household Products/Wares — 0.9% | ||||||
| 400,000 | Spectrum Brands, Inc., 3.875%, 3/15/31 (144A) | $ 341,452 | ||||
| Total Household Products/Wares | $341,452 | |||||
| Iron & Steel — 1.9% | ||||||
| 519,000 | Commercial Metals Co., 3.875%, 2/15/31 | $ 440,400 | ||||
| 360,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 285,461 | ||||
| Total Iron & Steel | $725,861 | |||||
| Leisure Time — 4.2% | ||||||
| 55,000 | Carnival Holdings Bermuda, Ltd., 10.375%, 5/1/28 (144A) | $ 59,807 | ||||
| 290,000 | NCL Corp., Ltd., 5.875%, 3/15/26 (144A) | 274,775 | ||||
| 255,000 | NCL Corp., Ltd., 7.75%, 2/15/29 (144A) | 241,554 | ||||
| 95,000 | NCL Corp., Ltd., 8.125%, 1/15/29 (144A) | 96,735 | ||||
| 75,000 | NCL Finance, Ltd., 6.125%, 3/15/28 (144A) | 68,053 | ||||
| 120,000 | Royal Caribbean Cruises, Ltd., 5.50%, 4/1/28 (144A) | 114,638 | ||||
| 20,000 | Royal Caribbean Cruises, Ltd., 7.25%, 1/15/30 (144A) | 20,372 | ||||
| 200,000 | Royal Caribbean Cruises, Ltd., 11.625%, 8/15/27 (144A) | 216,910 | ||||
| 210,000 | Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) | 197,711 | ||||
| 290,000 | Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29 (144A) | 268,250 | ||||
| Total Leisure Time | $1,558,805 | |||||
| Lodging — 0.5% | ||||||
| 202,000 | Travel + Leisure Co., 6.625%, 7/31/26 (144A) | $ 201,912 | ||||
| Total Lodging | $201,912 | |||||
| Media — 3.6% | ||||||
| 355,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33 (144A) | $ 284,023 | ||||
| 121,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30 (144A) | 105,895 | ||||
| 160,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 2/1/32 (144A) | 134,398 | ||||
| 55,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 7.375%, 3/1/31 (144A) | 55,026 | ||||
| 372,000 | CSC Holdings LLC, 4.625%, 12/1/30 (144A) | 204,882 | ||||
| 243,000 | CSC Holdings LLC, 5.375%, 2/1/28 (144A) | 206,607 | ||||
| 362,000 | McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | 326,253 | ||||
| 25,000 | VZ Secured Financing BV, 5.00%, 1/15/32 (144A) | 20,504 | ||||
| Total Media | $1,337,588 | |||||
| Mining — 3.7% | ||||||
| 191,000 | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | $ 164,526 | ||||
| Principal Amount USD ($) | Value | |||||
| Mining — (continued) | ||||||
| 250,000 | Constellium SE, 3.75%, 4/15/29 (144A) | $ 218,981 | ||||
| 235,000 | Eldorado Gold Corp., 6.25%, 9/1/29 (144A) | 211,857 | ||||
| 265,000 | First Quantum Minerals, Ltd., 7.50%, 4/1/25 (144A) | 245,125 | ||||
| 325,000 | First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A) | 262,844 | ||||
| 339,000 | IAMGOLD Corp., 5.75%, 10/15/28 (144A) | 274,749 | ||||
| Total Mining | $1,378,082 | |||||
| Oil & Gas — 11.3% | ||||||
| 302,000 | Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26 (144A) | $ 303,510 | ||||
| 211,000 | Baytex Energy Corp., 8.75%, 4/1/27 (144A) | 216,452 | ||||
| 110,000 | CITGO Petroleum Corp., 8.375%, 1/15/29 (144A) | 110,891 | ||||
| 160,000 | Civitas Resources, Inc., 8.375%, 7/1/28 (144A) | 163,870 | ||||
| 65,000 | Civitas Resources, Inc., 8.625%, 11/1/30 (144A) | 67,322 | ||||
| 160,000 | Civitas Resources, Inc., 8.75%, 7/1/31 (144A) | 165,595 | ||||
| 302,000 | Energean Plc, 6.50%, 4/30/27 (144A) | 265,610 | ||||
| 90,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 4/15/30 (144A) | 83,952 | ||||
| 90,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 4/15/32 (144A) | 83,124 | ||||
| 116,182 | International Petroleum Corp., 7.25%, 2/1/27 (144A) | 107,875 | ||||
| 400,000 | Kosmos Energy, Ltd., 7.75%, 5/1/27 (144A) | 367,680 | ||||
| 190,000 | Matador Resources Co., 6.875%, 4/15/28 (144A) | 190,424 | ||||
| 300,000 | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | 298,590 | ||||
| 220,000 | Parkland Corp., 4.625%, 5/1/30 (144A) | 196,350 | ||||
| 208,000 | Precision Drilling Corp., 6.875%, 1/15/29 (144A) | 196,562 | ||||
| 200,000 | Seadrill Finance, Ltd., 8.375%, 8/1/30 (144A) | 204,910 | ||||
| 270,000 | Shelf Drilling Holdings, Ltd., 9.625%, 4/15/29 (144A) | 259,783 | ||||
| 324,000 | Southwestern Energy Co., 5.375%, 3/15/30 | 307,204 | ||||
| 109,250 | Transocean, Inc., 8.75%, 2/15/30 (144A) | 111,576 | ||||
| 40,000 | Transocean Titan Financing, Ltd., 8.375%, 2/1/28 (144A) | 40,800 | ||||
| 260,000 | Tullow Oil Plc, 10.25%, 5/15/26 (144A) | 230,100 | ||||
| 230,000 | Valaris, Ltd., 8.375%, 4/30/30 (144A) | 231,373 | ||||
| Total Oil & Gas | $4,203,553 | |||||
| Oil & Gas Services — 0.5% | ||||||
| 215,000 | Enerflex, Ltd., 9.00%, 10/15/27 (144A) | $ 202,439 | ||||
| Total Oil & Gas Services | $202,439 | |||||
| Packaging & Containers — 4.0% | ||||||
| 235,000 | Cascades Inc/Cascades USA, Inc., 5.375%, 1/15/28 (144A) | $ 221,500 | ||||
| Principal Amount USD ($) | Value | |||||
| Packaging & Containers — (continued) | ||||||
| 344,000 | Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | $ 306,981 | ||||
| 125,000 | Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 | 128,919 | ||||
| 189,000 | OI European Group BV, 4.75%, 2/15/30 (144A) | 170,100 | ||||
| 225,000 | Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31 (144A) | 223,315 | ||||
| 195,000 | Sealed Air Corp., 5.00%, 4/15/29 (144A) | 181,787 | ||||
| 95,000 | Sealed Air Corp., 7.25%, 2/15/31 (144A) | 97,251 | ||||
| 164,000 | TriMas Corp., 4.125%, 4/15/29 (144A) | 142,564 | ||||
| Total Packaging & Containers | $1,472,417 | |||||
| Pharmaceuticals — 3.9% | ||||||
| 395,000 | AdaptHealth LLC, 5.125%, 3/1/30 (144A) | $ 314,503 | ||||
| 350,000 | Owens & Minor, Inc., 6.625%, 4/1/30 (144A) | 327,794 | ||||
| 391,000 | P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (144A) | 255,128 | ||||
| 185,000 | Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A) | 116,550 | ||||
| 260,000 | Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/9/29 | 241,704 | ||||
| 200,000 | Teva Pharmaceutical Finance Netherlands III BV, 7.875%, 9/15/29 | 208,465 | ||||
| Total Pharmaceuticals | $1,464,144 | |||||
| Pipelines — 5.9% | ||||||
| 202,000 | CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 6/15/31 (144A) | $ 186,837 | ||||
| 330,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A) | 310,909 | ||||
| 405,000(b)(c) | Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | 358,615 | ||||
| 357,000 | EnLink Midstream Partners LP, 5.60%, 4/1/44 | 304,207 | ||||
| 228,000 | EQM Midstream Partners LP, 4.75%, 1/15/31 (144A) | 203,064 | ||||
| 185,000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 1/15/27 | 185,170 | ||||
| 369,000 | Harvest Midstream I LP, 7.50%, 9/1/28 (144A) | 363,607 | ||||
| 30,000 | Venture Global LNG, Inc., 8.125%, 6/1/28 (144A) | 29,744 | ||||
| 185,000 | Venture Global LNG, Inc., 8.375%, 6/1/31 (144A) | 182,286 | ||||
| 70,000 | Venture Global LNG, Inc., 9.50%, 2/1/29 (144A) | 72,226 | ||||
| Total Pipelines | $2,196,665 | |||||
| Real Estate — 0.6% | ||||||
| 270,000 | Kennedy-Wilson, Inc., 4.75%, 2/1/30 | $ 206,388 | ||||
| Total Real Estate | $206,388 | |||||
| Principal Amount USD ($) | Value | |||||
| REITs — 2.0% | ||||||
| 35,000 | GLP Capital LP/GLP Financing II, Inc., 6.75%, 12/1/33 | $ 35,342 | ||||
| 101,000 | HAT Holdings I LLC/HAT Holdings II LLC , 3.375%, 6/15/26 (144A) | 91,428 | ||||
| 108,000 | Iron Mountain, Inc., 7.00%, 2/15/29 (144A) | 108,858 | ||||
| 300,000 | MPT Operating Partnership LP/MPT Finance Corp., 3.50%, 3/15/31 | 184,929 | ||||
| 348,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 2/15/28 (144A) | 342,300 | ||||
| Total REITs | $762,857 | |||||
| Retail — 4.5% | ||||||
| 181,000 | Asbury Automotive Group, Inc., 4.625%, 11/15/29 (144A) | $ 163,009 | ||||
| 190,000 | Bath & Body Works, Inc., 6.625%, 10/1/30 (144A) | 188,060 | ||||
| 220,000 | Beacon Roofing Supply, Inc., 4.125%, 5/15/29 (144A) | 194,286 | ||||
| 190,000 | Brinker International, Inc., 8.25%, 7/15/30 (144A) | 190,739 | ||||
| 90,000 | Gap, Inc., 3.625%, 10/1/29 (144A) | 74,093 | ||||
| 50,000 | Gap, Inc., 3.875%, 10/1/31 (144A) | 39,492 | ||||
| 278,000 | Ken Garff Automotive LLC, 4.875%, 9/15/28 (144A) | 247,223 | ||||
| 435,000 | LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | 380,119 | ||||
| 235,000 | Murphy Oil USA, Inc., 3.75%, 2/15/31 (144A) | 199,430 | ||||
| Total Retail | $1,676,451 | |||||
| Software — 0.5% | ||||||
| 232,000 | AthenaHealth Group, Inc., 6.50%, 2/15/30 (144A) | $ 201,098 | ||||
| Total Software | $201,098 | |||||
| Telecommunications — 2.1% | ||||||
| 378,000 | Altice France Holding S.A., 6.00%, 2/15/28 (144A) | $ 152,666 | ||||
| 244,000 | Level 3 Financing, Inc., 10.50%, 5/15/30 (144A) | 226,310 | ||||
| 500,000 | Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A) | 412,220 | ||||
| Total Telecommunications | $791,196 | |||||
| Transportation — 1.9% | ||||||
| 355,000 | Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A) | $ 280,006 | ||||
| 219,000 | Danaos Corp., 8.50%, 3/1/28 (144A) | 218,992 | ||||
| Principal Amount USD ($) | Value | |||||
| Transportation — (continued) | ||||||
| 253,000 | Seaspan Corp., 5.50%, 8/1/29 (144A) | $ 197,542 | ||||
| 858,000(d) | Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | 4,290 | ||||
| Total Transportation | $700,830 | |||||
| Total Corporate Bonds (Cost $39,051,943) | $35,107,299 | |||||
| Shares | ||||||
| Right/Warrant — 0.0%† of Net Assets | ||||||
| Trading Companies & Distributors — 0.0%† | ||||||
| 7,525(e) | Avation Plc, 1/1/59 | $ 1,900 | ||||
| Total Trading Companies & Distributors | $1,900 | |||||
| Total Right/Warrant (Cost $—) | $1,900 | |||||
| Face Amount USD ($) | ||||||
| Insurance-Linked Securities — 0.0%† of Net Assets# | ||||||
| Collateralized Reinsurance — 0.0%† | ||||||
| Multiperil – Worldwide — 0.0%† | ||||||
| 250,000(e)(f)+ | Cypress Re 2017, 1/31/24 | $ 25 | ||||
| 250,000(e)(f)+ | Resilience Re, 5/1/24 | — | ||||
| $25 | ||||||
| Total Collateralized Reinsurance | $25 | |||||
| Reinsurance Sidecars — 0.0%† | ||||||
| Multiperil – U.S. — 0.0%† | ||||||
| 1,500,000(e)(g)+ | Harambee Re 2018, 12/31/24 | $ — | ||||
| Multiperil – Worldwide — 0.0%† | ||||||
| 29,857(e)(f)+ | Berwick Re 2019-1, 12/31/24 | $ 4,762 | ||||
| 250,000(e)(g)+ | Viribus Re 2018, 12/31/24 | — | ||||
| 106,153(e)(g)+ | Viribus Re 2019, 12/31/24 | 329 | ||||
| $5,091 | ||||||
| Total Reinsurance Sidecars | $5,091 | |||||
| Total Insurance-Linked Securities (Cost $41,655) | $5,116 | |||||
| Shares | Value | |||||
| SHORT TERM INVESTMENTS — 2.6% of Net Assets | ||||||
| Open-End Fund — 2.6% | ||||||
| 960,614(h) | Dreyfus Government Cash Management, Institutional Shares, 5.24% | $ 960,614 | ||||
| $960,614 | ||||||
| TOTAL SHORT TERM INVESTMENTS (Cost $960,614) | $960,614 | |||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 96.7% (Cost $40,054,212) | $36,074,929 | |||||
| OTHER ASSETS AND LIABILITIES — 3.3% | $1,218,464 | |||||
| net assets — 100.0% | $37,293,393 | |||||
| bps | Basis Points. |
| CMT | Constant Maturity Treasury Index. |
| REIT | Real Estate Investment Trust. |
| (144A) | The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At November 30, 2023, the value of these securities amounted to $30,152,884, or 80.9% of net assets. |
| (a) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
| (b) | Security is perpetual in nature and has no stated maturity date. |
| (c) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at November 30, 2023. |
| (d) | Security is in default. |
| (e) | Non-income producing security. |
| (f) | Issued as participation notes. |
| (g) | Issued as preference shares. |
| (h) | Rate periodically changes. Rate disclosed is the 7-day yield at November 30, 2023. |
| + | Security is valued using significant unobservable inputs (Level 3). |
| † | Amount rounds to less than 0.1%. |
| # | Securities are restricted as to resale. |
| Restricted Securities | Acquisition date | Cost | Value |
| Berwick Re 2019-1 | 12/31/2018 | $3,568 | $4,762 |
| Cypress Re 2017 | 1/24/2017 | 840 | 25 |
| Harambee Re 2018 | 12/19/2017 | 31,843 | — |
| Resilience Re | 2/8/2017 | 124 | — |
| Restricted Securities | Acquisition date | Cost | Value |
| Viribus Re 2018 | 12/22/2017 | $5,280 | $— |
| Viribus Re 2019 | 3/25/2019 | — | 329 |
| Total Restricted Securities | $5,116 | ||
| % of Net assets | 0.0%† |
| † | Amount rounds to less than 0.1%. |
| Notional Amount ($)(1) | Reference Obligation/Index | Pay/ Receive(2) | Annual Fixed Rate | Expiration Date | Premiums (Received) | Unrealized (Depreciation) | Market Value | |
| 4,039,200 | Markit CDX North America High Yield Index Series 41 | Pay | 5.00% | 12/20/28 | $(52,865) | $(145,056) | $(197,921) | |
| TOTAL CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION | $(52,865) | $(145,056) | $(197,921) | |||||
| (1) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |
| (2) | Pays quarterly. |
| EUR | — Euro |
| Level 1 | – | unadjusted quoted prices in active markets for identical securities. |
| Level 2 | – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| Level 3 | – | significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |
| Level 1 | Level 2 | Level 3 | Total | |
| Corporate Bonds | $— | $35,107,299 | $— | $35,107,299 |
| Right/Warrant | 1,900 | — | — | 1,900 |
| Insurance-Linked Securities | ||||
| Collateralized Reinsurance | ||||
| Multiperil – Worldwide | — | — | 25 | 25 |
| Level 1 | Level 2 | Level 3 | Total | |
| Reinsurance Sidecars | ||||
| Multiperil – U.S. | $— | $— | $—* | $—* |
| Multiperil – Worldwide | — | — | 5,091 | 5,091 |
| Open-End Fund | 960,614 | — | — | 960,614 |
| Total Investments in Securities | $962,514 | $35,107,299 | $5,116 | $36,074,929 |
| Other Financial Instruments | ||||
| Swap contracts, at value | $— | $(197,921) | $— | $(197,921) |
| Total Other Financial Instruments | $— | $(197,921) | $— | $(197,921) |
| * | Securities valued at $0. |