# EDGAR Filing Document

**Accession Number:** 0001370177
**File Stem:** 0001752724-25-210010
**Filing Date:** 2025-8
**Character Count:** 267038
**Document Hash:** 47d41e736f6c98b78f7042409d21a72d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210010.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210010

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RiverNorth Funds
- **CENTRAL INDEX KEY:** 0001370177

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21934
- **FILM NUMBER:** 251268082

**BUSINESS ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 312-832-1440

**MAIL ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

## Series and Classes Contracts Data

### RiverNorth Core Opportunity Fund (Series ID: S000013779)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000037794 | Class R      | RNCOX           |
| C000145024 | Class I      | RNCIX           |

## Nport-Ex

RiverNorth Core Opportunity Fund

SCHEDULE OF INVESTMENTS <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares/Description** | | **Value** |
| **CLOSED-END FUNDS - 68.58%** | **CLOSED-END FUNDS - 68.58%** | **CLOSED-END FUNDS - 68.58%** |
| ***Great Britain - 13.99%*** | ***Great Britain - 13.99%*** |  |
| 97758 | Pershing Square Holdings, Ltd. | $5225165 |
| ***United States - 54.59%*** | ***United States - 54.59%*** |  |
| 97049 | Aberdeen Emerging Markets Equity Income Fund, Inc. | 576471 |
| 53105 | abrdn Total Dynamic Dividend Fund | 470510 |
| 219484 | Avenue Income Credit Strategies Fund | 1294956 |
| 13356 | BlackRock Capital Allocation Term Trust | 202210 |
| 20422 | BlackRock Core Bond Trust | 198502 |
| 63754 | BlackRock ESG Capital Allocation Term Trust | 1023889 |
| 38289 | BlackRock MuniHoldings New York Quality Fund, Inc. | 375998 |
| 43593 | BlackRock MuniYield New York Quality Fund, Inc. | 415441 |
| 17943 | BlackRock MuniYield Quality Fund III, Inc. | 188222 |
| 129755 | BlackRock Resources & Commodities Strategy Trust | 1226185 |
| 55048 | BlackRock Science and Technology Term Trust | 1142246 |
| 73949 | Blackstone/GSO Senior Floating Rate Term Fund | 1057471 |
| 80556 | Calamos Long/Short Equity & Dynamic Income Trust | 1307424 |
| 18056 | Clough Global Dividend and Income Fund | 102468 |
| 200959 | Clough Global Equity Fund | 1431632 |
| 218306 | Clough Global Opportunities Fund | 1185401 |
| 32206 | First Trust High Yield Opportunities 2027 Term Fund | 478259 |
| 70439 | Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 651561 |
| 81830 | Nuveen Credit Strategies Income Fund | 441064 |
| 170958 | Nuveen Municipal Value Fund, Inc. | 1485625 |
| 78858 | PIMCO High Income Fund | 378518 |
| 45292 | PIMCO Income Strategy Fund II | 334708 |
| 26911 | Royce Micro-Cap Trust, Inc. | 248927 |
| 1553 | Royce Value Trust, Inc. | 23373 |
| 213261 | Saba Capital Income & Opportunities Fund II | 1959868 |
| 14915 | Special Opportunities Fund, Inc. | 231033 |
| 60994 | Voya Emerging Markets High Income Dividend Equity Fund | 362304 |
| 180960 | Western Asset Inflation-Linked Opportunities & Income Fund | 1585210 |
|  |  | 20379476 |
| TOTAL CLOSED-END FUNDS | TOTAL CLOSED-END FUNDS |  |
| (Cost $21,997,639) | (Cost $21,997,639) | 25604641 |
| **CLOSED-END FUNDS - PREFERRED SHARES - 1.09%** | **CLOSED-END FUNDS - PREFERRED SHARES - 1.09%** |  |
| ***United States - 1.09%*** | ***United States - 1.09%*** |  |
| 16057 | XAI Octagon Floating Rate Alternative Income Trust, Series 2026, 6.500%, 03/31/2026 | 405279 |
| TOTAL CLOSED-END FUNDS - PREFERRED SHARES | TOTAL CLOSED-END FUNDS - PREFERRED SHARES |  |
| (Cost $401,405) | (Cost $401,405) | 405279 |
| **BUSINESS DEVELOPMENT COMPANIES - 1.31%** | **BUSINESS DEVELOPMENT COMPANIES - 1.31%** |  |
| ***United States - 1.31%*** | ***United States - 1.31%*** |  |
| 18231 | Oaktree Specialty Lending Corp. | 249036 |
| 17446 | TCG BDC, Inc. | 238661 |
| TOTAL BUSINESS DEVELOPMENT COMPANIES | TOTAL BUSINESS DEVELOPMENT COMPANIES |  |
| (Cost $523,802) | (Cost $523,802) | 487697 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 1.97%** | **BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 1.97%** | **BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 1.97%** |
| ***United States - 1.97%*** | ***United States - 1.97%*** |  |
| 30000 | Crescent Capital BDC, Inc., 5.000%, 05/25/2026 | $736800 |
| TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES | TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES |  |
| (Cost $735,900) | (Cost $735,900) | 736800 |
| **COMMON STOCKS - 2.99%** | **COMMON STOCKS - 2.99%** | **COMMON STOCKS - 2.99%** |
| ***United States - 2.99%*** | ***United States - 2.99%*** |  |
| 13883 | Howard Hughes Holdings, Inc.<sup>(a)</sup> | 937102 |
| 9601 | Morgan Stanley Direct Lending Fund | 179731 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |
| (Cost $1,139,309) | (Cost $1,139,309) | 1116833 |
| **EXCHANGE TRADED FUNDS - 9.85%** | **EXCHANGE TRADED FUNDS - 9.85%** | **EXCHANGE TRADED FUNDS - 9.85%** |
| ***United States - 9.85%*** | ***United States - 9.85%*** |  |
| 55600 | Invesco RAFI Emerging Markets ETF | 1300484 |
| 44975 | iShares Flexible Income Active ETF | 2376479 |
| TOTAL EXCHANGE TRADED FUNDS | TOTAL EXCHANGE TRADED FUNDS |  |
| (Cost $1,310,869) | (Cost $1,310,869) | 3676963 |
| **SPECIAL PURPOSE ACQUISITION COMPANIES - 0.50%** | **SPECIAL PURPOSE ACQUISITION COMPANIES - 0.50%** |  |
| ***United States - 0.50%*** | ***United States - 0.50%*** |  |
| 20561 | Barings BDC, Inc. | 187927 |
| TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES | TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES |  |
| (Cost $185,843) | (Cost $185,843) | 187927 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Rate** | **Maturity** | **Value** |
| **U.S. CORPORATE BONDS - 2.67%** | **U.S. CORPORATE BONDS - 2.67%** | **U.S. CORPORATE BONDS - 2.67%** | **U.S. CORPORATE BONDS - 2.67%** | **U.S. CORPORATE BONDS - 2.67%** | **U.S. CORPORATE BONDS - 2.67%** |
| ***Investment Companies - 2.67%*** | ***Investment Companies - 2.67%*** | ***Investment Companies - 2.67%*** | ***Investment Companies - 2.67%*** | ***Investment Companies - 2.67%*** | ***Investment Companies - 2.67%*** |
| $200000 | Blue Owl Technology Finance Corp. |  | 6.75% | 04/04/2029 | 204056 |
| 200000 | Oaktree Specialty Lending Corp. |  | 7.10% | 02/15/2029 | 206045 |
| 300000 | Oaktree Specialty Lending Corp. |  | 6.34% | 02/27/2030 | 297373 |
| 300000 | PennantPark Investment Corp. |  | 4.00% | 11/01/2026 | 289843 |
|  |  |  |  |  | 997317 |
| TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS |
| (Cost $983,119) | (Cost $983,119) | (Cost $983,119) |  |  | 997317 |
| **Short-Term Investments - 11.28%** | **Short-Term Investments - 11.28%** | **Short-Term Investments - 11.28%** | **Short-Term Investments - 11.28%** | **Short-Term Investments - 11.28%** | **Short-Term Investments - 11.28%** |
| **Money Market Fund - 11.28%** | **Money Market Fund - 11.28%** | **Money Market Fund - 11.28%** |  |  |  |
| 4210545 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.20%) |  |  |  | 4210545 |
| TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS |
| (Cost $4,210,545) | (Cost $4,210,545) | (Cost $4,210,545) |  |  | 4210545 |
| **TOTAL INVESTMENTS - 100.24%** | **TOTAL INVESTMENTS - 100.24%** | **TOTAL INVESTMENTS - 100.24%** | **TOTAL INVESTMENTS - 100.24%** | **TOTAL INVESTMENTS - 100.24%** | **TOTAL INVESTMENTS - 100.24%** |
| **(Cost $31,488,431)** |  |  |  |  | $37424002 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.24)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.24)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.24)%** |  |  | (89373) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** |  |  | $37334629 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*See Notes to Quarterly Schedule of Investments.*

RiverNorth/DoubleLine Strategic Income Fund

SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares/Description** | | **Value** |
| **CLOSED-END FUNDS - 12.47%** | **CLOSED-END FUNDS - 12.47%** | **CLOSED-END FUNDS - 12.47%** |
| ***United States - 12.47%*** | ***United States - 12.47%*** |  |
| 784775 | Allspring Income Opportunities Fund | $5540512 |
| 131036 | BlackRock Core Bond Trust | 1273670 |
| 176064 | BlackRock MuniHoldings California Quality Fund, Inc. | 1822262 |
| 176488 | BlackRock MuniYield New York Quality Fund, Inc. | 1681931 |
| 151606 | Blackstone/GSO Senior Floating Rate Term Fund | 2167966 |
| 581087 | BNY Mellon Strategic Municipals, Inc. | 3440035 |
| 877890 | First Trust High Yield Opportunities 2027 Term Fund | 13036666 |
| 973130 | Invesco Municipal Trust | 8904140 |
| 469365 | Invesco Trust for Investment Grade Municipals | 4454274 |
| 155575 | John Hancock Investors Trust | 2153936 |
| 1044090 | Nuveen AMT-Free Municipal Credit Income Fund | 12455994 |
| 185540 | Nuveen Municipal Credit Income Fund | 2211637 |
| 900000 | Nuveen Municipal Value Fund, Inc. | 7821000 |
| 731178 | PGIM Short Duration High Yield Opportunities Fund | 12313038 |
| 3410493 | PIMCO High Income Fund | 16370366 |
| 1281563 | PIMCO Income Strategy Fund | 10688235 |
| 2659190 | PIMCO Income Strategy Fund II | 19651414 |
| 617883 | Western Asset Emerging Markets Debt Fund, Inc. | 6209724 |
| 98577 | Western Asset High Yield Defined Opportunity Fund, Inc. | 1180952 |
| 1703944 | Western Asset Inflation-Linked Opportunities & Income Fund | 14926549 |
| 22000 | Western Asset Inflation-Linked Securities & Income Fund | 184800 |
| TOTAL CLOSED-END FUNDS | TOTAL CLOSED-END FUNDS |  |
| (Cost $146,997,206) | (Cost $146,997,206) | 148489101 |
| **CLOSED-END FUNDS - PREFERRED SHARES - 0.63%** | **CLOSED-END FUNDS - PREFERRED SHARES - 0.63%** |  |
| ***United States - 0.63%*** | ***United States - 0.63%*** |  |
| 309028 | Virtus Convertible & Income Fund, 5.625%<sup>(a)</sup> | 6637921 |
| 34748 | XAI Octagon Floating Rate Alternative Income Trust, Series 2026, 6.500%, 03/31/2026 | 877040 |
| TOTAL CLOSED-END FUNDS - PREFERRED SHARES | TOTAL CLOSED-END FUNDS - PREFERRED SHARES |  |
| (Cost $8,471,415) | (Cost $8,471,415) | 7514961 |
| **BUSINESS DEVELOPMENT COMPANIES - 0.60%** | **BUSINESS DEVELOPMENT COMPANIES - 0.60%** |  |
| ***United States - 0.60%*** | ***United States - 0.60%*** |  |
| 351500 | Oaktree Specialty Lending Corp. | 4801490 |
| 172931 | TCG BDC, Inc. | 2365696 |
| TOTAL BUSINESS DEVELOPMENT COMPANIES | TOTAL BUSINESS DEVELOPMENT COMPANIES |  |
| (Cost $7,694,229) | (Cost $7,694,229) | 7167186 |
| **BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 1.16%** | **BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 1.16%** |  |
| ***United States - 1.16%*** | ***United States - 1.16%*** |  |
| 21224 | CION Investment Corp., 7.500%, 12/30/2029 | 521686 |
| 350000 | Crescent Capital BDC, Inc., 5.000%, 05/25/2026 | 8596000 |
| 112000 | Entergy Corp., 5Y US TI + 2.67, 12/01/2054<sup>(b)(c)</sup> | 116161 |
| 35766 | Oxford Square Capital Corp., 6.250%, 04/30/2026 | 894150 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| 3750000 | PennantPark Floating Rate Capital, Ltd., 4.250%, 04/01/2026<sup>(c)</sup> | $3677265 |
| TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES | TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES |  |
| (Cost $13,951,263) | (Cost $13,951,263) | 13805262 |
| **COMMON STOCKS - 0.00%<sup>(d)</sup>** | **COMMON STOCKS - 0.00%<sup>(d)</sup>** |  |
| ***Brazil - 0.00%<sup>(d)</sup>*** | ***Brazil - 0.00%<sup>(d)</sup>*** |  |
| 21161 | OI S.A. | 3174 |
| ***United States - 0.00%<sup>(d)</sup>*** | ***United States - 0.00%<sup>(d)</sup>*** |  |
| 259482 | Pershing Square Tontine Holdings<sup>(c)(e)</sup> |  |
| 11202 | Riverbed Tech Class B-1 Partnership Units | 1409 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |
| (Cost $111,767) | (Cost $111,767) | 4583 |
| **OPEN-END FUNDS - 3.22%** | **OPEN-END FUNDS - 3.22%** |  |
| ***United States - 3.22%*** | ***United States - 3.22%*** |  |
| 4369290 | RiverNorth/Oaktree High Income Fund, Class I<sup>(f)</sup> | 38369357 |
| TOTAL OPEN-END FUNDS | TOTAL OPEN-END FUNDS |  |
| (Cost $41,488,763) | (Cost $41,488,763) | 38369357 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **FOREIGN CORPORATE BONDS - 2.06%** | **FOREIGN CORPORATE BONDS - 2.06%** | **FOREIGN CORPORATE BONDS - 2.06%** | **FOREIGN CORPORATE BONDS - 2.06%** | **FOREIGN CORPORATE BONDS - 2.06%** |
| ***Australia - 0.10%*** | ***Australia - 0.10%*** | ***Australia - 0.10%*** | ***Australia - 0.10%*** | ***Australia - 0.10%*** |
| $1000000 | APA Infrastructure, Ltd.<sup>(g)</sup> | 4.25% | 07/15/2027 | 995717 |
| 188000 | Atlassian Corp. | 5.25% | 05/15/2029 | 193097 |
|  |  |  |  | 1188814 |
| ***Bermuda - 0.02%*** | ***Bermuda - 0.02%*** | ***Bermuda - 0.02%*** | ***Bermuda - 0.02%*** | ***Bermuda - 0.02%*** |
| 206000 | Aspen Insurance Holdings, Ltd. | 5.75% | 07/01/2030 | 209501 |
| ***Brazil - 0.10%*** | ***Brazil - 0.10%*** | ***Brazil - 0.10%*** | ***Brazil - 0.10%*** | ***Brazil - 0.10%*** |
| 200000 | Banco do Brasil SA<sup>(a)(b)(h)</sup> | 10Y US TI + 4.40% | Perpetual Maturity | 202004 |
| 200000 | CSN Resources SA<sup>(h)</sup> | 5.88% | 04/08/2032 | 164648 |
| 257827 | OI S.A.<sup>(g)(i)</sup> | 13.50 (6.00) (13.50%) | 06/30/2027 | 167890 |
| 566623 | OI S.A.<sup>(g)(i)</sup> | 8.50 (8.50) (8.50%) | 12/31/2028 | 38247 |
| 200801 | Prumo Participacoes e Investimentos S/A<sup>(h)</sup> | 7.50% | 12/31/2031 | 203570 |
| 74603 | Unigel Luxembourg SA<sup>(g)(i)</sup> | 13.50 (15) (15.00%) | 12/31/2027 | 60055 |
| 85259 | Unigel Luxembourg SA<sup>(g)(i)</sup> | 11.00% (12.00%) | 12/31/2028 | 23873 |
| 104775 | Unigel Luxembourg SA<sup>(h)(i)</sup> | 13.50% (15.00%) | 12/31/2027 | 84344 |
| 366620 | Unigel Luxembourg SA<sup>(h)(i)</sup> | 11.00% (12.00%) | 12/31/2028 | 102654 |
| 87000 | Vale Overseas, Ltd. | 6.40% | 06/28/2054 | 85588 |
|  |  |  |  | 1132873 |
| ***Canada - 0.33%*** | ***Canada - 0.33%*** | ***Canada - 0.33%*** | ***Canada - 0.33%*** | ***Canada - 0.33%*** |
| 200000 | Aris Mining Corp.<sup>(g)</sup> | 8.00% | 10/31/2029 | 204217 |
| 170000 | Bausch + Lomb Corp.<sup>(g)</sup> | 8.38% | 10/01/2028 | 177650 |
| 4000 | Bausch Health Cos., Inc.<sup>(g)</sup> | 14.00% | 10/15/2030 | 3503 |
| 137000 | Bell Telephone Co. of Canada or Bell Canada<sup>(b)</sup> | 5Y US TI + 2.39% | 09/15/2055 | 140769 |
| 237000 | Brookfield Finance, Inc. | 5.81% | 03/03/2055 | 231937 |
| 1000000 | Canacol Energy, Ltd.<sup>(h)</sup> | 5.75% | 11/24/2028 | 346064 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 231000 | Canadian Imperial Bank of Commerce<sup>(b)</sup> | 1D US SOFR + 1.11% | 01/13/2031 | 236708 |
|  | 257000 | CCL Industries, Inc.<sup>(g)</sup> | 3.05% | 06/01/2030 | 238544 |
|  | 221000 | Element Fleet Management Corp.<sup>(g)</sup> | 6.32% | 12/04/2028 | 233184 |
|  | 237000 | Element Fleet Management Corp.<sup>(g)</sup> | 5.04% | 03/25/2030 | 239191 |
|  | 175000 | Garda World Security Corp.<sup>(g)</sup> | 8.25% | 08/01/2032 | 179736 |
|  | 190000 | Husky Injection Molding Systems, Ltd. / Titan Co.-Borrower LLC<sup>(g)</sup> | 9.00% | 02/15/2029 | 198892 |
|  | 250000 | National Bank of Canada | 4.50% | 10/10/2029 | 249830 |
|  | 61000 | TELUS Corp.<sup>(b)</sup> | 5Y US TI + 2.709% | 10/15/2055 | 61561 |
|  | 750000 | TransCanada PipeLines, Ltd. | 4.63% | 03/01/2034 | 719876 |
|  | 231000 | Videotron, Ltd.<sup>(g)</sup> | 5.70% | 01/15/2035 | 232554 |
|  | 198000 | Waste Connections, Inc. | 5.25% | 09/01/2035 | 202519 |
|  |  |  |  |  | 3896735 |
| ***Cayman Islands - 0.14%*** | ***Cayman Islands - 0.14%*** | ***Cayman Islands - 0.14%*** | ***Cayman Islands - 0.14%*** | ***Cayman Islands - 0.14%*** | ***Cayman Islands - 0.14%*** |
|  | 65000 | Azorra Finance, Ltd.<sup>(g)</sup> | 7.75% | 04/15/2030 | 67837 |
|  | 90000 | Azorra Finance, Ltd.<sup>(g)</sup> | 7.25% | 01/15/2031 | 92108 |
|  | 237536 | Bioceanico Sovereign Certificate, Ltd.<sup>(h)(j)</sup> | 0.00% | 06/05/2034 | 189079 |
|  | 200000 | Cosan Overseas, Ltd.<sup>(a)</sup> | 8.25% | Perpetual Maturity | 201976 |
|  | 320000 | Global Aircraft Leasing Co., Ltd.<sup>(g)</sup> | 8.75% | 09/01/2027 | 328435 |
|  | 31388 | Interoceanica IV Finance, Ltd.<sup>(h)(j)</sup> | 0.00% | 11/30/2025 | 30486 |
|  | 119298 | Lima Metro Line 2 Finance, Ltd.<sup>(g)</sup> | 5.88% | 07/05/2034 | 121072 |
|  | 318128 | Lima Metro Line 2 Finance, Ltd.<sup>(h)</sup> | 5.88% | 07/05/2034 | 322858 |
|  | 460000 | Rutas 2 & 7 Finance, Ltd.<sup>(h)(j)</sup> | 0.00% | 09/30/2036 | 333810 |
|  |  |  |  |  | 1687661 |
| ***Chile - 0.20%*** | ***Chile - 0.20%*** | ***Chile - 0.20%*** | ***Chile - 0.20%*** | ***Chile - 0.20%*** | ***Chile - 0.20%*** |
|  | 200000 | CAP SA<sup>(h)</sup> | 3.90% | 04/27/2031 | 160880 |
|  | 200000 | Cencosud SA<sup>(h)</sup> | 4.38% | 07/17/2027 | 198554 |
|  | 194834 | Chile Electricity PEC SpA<sup>(h)(j)</sup> | 0.00% | 01/25/2028 | 172243 |
|  | 900000 | Empresa de Transporte de Pasajeros Metro SA<sup>(g)</sup> | 5.00% | 01/25/2047 | 781428 |
|  | 344240 | GNL Quintero SA<sup>(h)</sup> | 4.63% | 07/31/2029 | 341550 |
|  | 750000 | Transelec SA<sup>(h)</sup> | 3.88% | 01/12/2029 | 726798 |
|  |  |  |  |  | 2381453 |
| ***Colombia - 0.08%*** | ***Colombia - 0.08%*** | ***Colombia - 0.08%*** | ***Colombia - 0.08%*** | ***Colombia - 0.08%*** | ***Colombia - 0.08%*** |
|  | 200000 | Banco Davivienda SA<sup>(b)(g)</sup> | 5Y US TI + 4.588% | 07/02/2035 | 201160 |
|  | 200000 | Banco de Bogota SA<sup>(h)</sup> | 6.25% | 05/12/2026 | 200756 |
|  | 500000 | Ecopetrol SA | 5.88% | 11/02/2051 | 329613 |
|  | 160900 | Fideicomiso PA Pacifico Tres<sup>(h)</sup> | 8.25% | 01/15/2035 | 162670 |
|  |  |  |  |  | 894199 |
| ***France - 0.05%*** | ***France - 0.05%*** | ***France - 0.05%*** | ***France - 0.05%*** | ***France - 0.05%*** | ***France - 0.05%*** |
|  | 309000 | BPCE SA<sup>(b)(g)</sup> | 1D US SOFR + 2.04% | 01/14/2036 | 324656 |
|  | 279000 | Credit Agricole SA<sup>(b)(g)</sup> | 1D US SOFR + 1.74% | 01/09/2036 | 289355 |
|  |  |  |  |  | 614011 |
| ***Great Britain - 0.09%*** | ***Great Britain - 0.09%*** | ***Great Britain - 0.09%*** | ***Great Britain - 0.09%*** | ***Great Britain - 0.09%*** | ***Great Britain - 0.09%*** |
|  | 288000 | Lloyds Banking Group PLC<sup>(b)</sup> | 1Y US TI + 1.60% | 06/13/2036 | 296217 |
|  | 118000 | Macquarie Airfinance Holdings, Ltd.<sup>(g)</sup> | 5.20% | 03/27/2028 | 119398 |
|  | 108000 | Macquarie Airfinance Holdings, Ltd.<sup>(g)</sup> | 6.40% | 03/26/2029 | 112830 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 29000 | Macquarie Airfinance Holdings, Ltd.<sup>(g)</sup> | 5.15% | 03/17/2030 | 29004 |
|  | 24000 | Macquarie Airfinance Holdings, Ltd.<sup>(g)</sup> | 6.50% | 03/26/2031 | 25418 |
|  | 288000 | NatWest Group PLC<sup>(b)</sup> | 1Y US TI + 1.05% | 05/23/2031 | 292816 |
|  | 136000 | Rio Tinto Finance USA PLC | 5.75% | 03/14/2055 | 136305 |
|  |  |  |  |  | 1011988 |
| ***Guatemala - 0.03%*** | ***Guatemala - 0.03%*** | ***Guatemala - 0.03%*** | ***Guatemala - 0.03%*** | ***Guatemala - 0.03%*** | ***Guatemala - 0.03%*** |
|  | 300000 | Banco Industrial SA/Guatemala<sup>(b)(h)</sup> | 5Y US TI + 4.44% | 01/29/2031 | 298725 |
| ***India - 0.09%*** | ***India - 0.09%*** | ***India - 0.09%*** | ***India - 0.09%*** | ***India - 0.09%*** | ***India - 0.09%*** |
|  | 200000 | Adani Electricity Mumbai, Ltd.<sup>(h)</sup> | 3.95% | 02/12/2030 | 179375 |
|  | 320000 | Adani International Container Terminal Pvt, Ltd.<sup>(h)</sup> | 3.00% | 02/16/2031 | 282007 |
|  | 200000 | Adani Ports & Special Economic Zone, Ltd.<sup>(h)</sup> | 4.38% | 07/03/2029 | 189103 |
|  | 139000 | Adani Transmission Step-One, Ltd.<sup>(h)</sup> | 4.25% | 05/21/2036 | 118440 |
|  | 142000 | JSW Hydro Energy, Ltd.<sup>(h)</sup> | 4.13% | 05/18/2031 | 130826 |
|  | 200000 | JSW Infrastructure, Ltd.<sup>(h)</sup> | 4.95% | 01/21/2029 | 196120 |
|  |  |  |  |  | 1095871 |
| ***Indonesia - 0.03%*** | ***Indonesia - 0.03%*** | ***Indonesia - 0.03%*** | ***Indonesia - 0.03%*** | ***Indonesia - 0.03%*** | ***Indonesia - 0.03%*** |
|  | 200000 | Pertamina Persero PT<sup>(h)</sup> | 1.40% | 02/09/2026 | 196201 |
|  | 200000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara<sup>(h)</sup> | 4.13% | 05/15/2027 | 198150 |
|  |  |  |  |  | 394351 |
| ***Ireland - 0.18%*** | ***Ireland - 0.18%*** | ***Ireland - 0.18%*** | ***Ireland - 0.18%*** | ***Ireland - 0.18%*** | ***Ireland - 0.18%*** |
|  | 190000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.10% | 01/19/2029 | 193465 |
|  | 300000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust<sup>(b)</sup> | 5Y US TI + 2.72% | 03/10/2055 | 311933 |
|  | 204000 | Avolon Holdings Funding, Ltd.<sup>(g)</sup> | 5.75% | 03/01/2029 | 209645 |
|  | 252000 | Avolon Holdings Funding, Ltd.<sup>(g)</sup> | 5.75% | 11/15/2029 | 259550 |
|  | 325000 | CRH SMW Finance DAC | 5.13% | 01/09/2030 | 333372 |
|  | 120000 | GGAM Finance, Ltd.<sup>(g)</sup> | 6.88% | 04/15/2029 | 124360 |
|  | 200000 | Icon Investments Six DAC | 5.85% | 05/08/2029 | 207570 |
|  | 200000 | Icon Investments Six DAC | 6.00% | 05/08/2034 | 204507 |
|  | 280000 | Smurfit Kappa Treasury ULC<sup>(g)</sup> | 5.20% | 01/15/2030 | 285760 |
|  |  |  |  |  | 2130162 |
| ***Isle Of Man - 0.02%*** | ***Isle Of Man - 0.02%*** | ***Isle Of Man - 0.02%*** | ***Isle Of Man - 0.02%*** | ***Isle Of Man - 0.02%*** | ***Isle Of Man - 0.02%*** |
|  | 200000 | Gold Fields Orogen Holdings BVI, Ltd.<sup>(h)</sup> | 6.13% | 05/15/2029 | 208122 |
| ***Jamaica - 0.00%<sup>(d)</sup>*** | ***Jamaica - 0.00%<sup>(d)</sup>*** | ***Jamaica - 0.00%<sup>(d)</sup>*** | ***Jamaica - 0.00%<sup>(d)</sup>*** | ***Jamaica - 0.00%<sup>(d)</sup>*** | ***Jamaica - 0.00%<sup>(d)</sup>*** |
|  | 33726 | Digicel Group Holdings, Ltd.<sup>(g)(j)</sup> | 0.00% | 12/31/2030 | 1474 |
|  | 97403 | Digicel Group Holdings, Ltd.<sup>(g)(j)</sup> | 0.00% | 12/31/2030 | 607 |
|  |  |  |  |  | 2081 |
| ***Japan - 0.06%*** | ***Japan - 0.06%*** | ***Japan - 0.06%*** | ***Japan - 0.06%*** | ***Japan - 0.06%*** | ***Japan - 0.06%*** |
|  | 233000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | 1Y US TI + 1.27% | 04/24/2036 | 239688 |
|  | 510000 | Renesas Electronics Corp.<sup>(g)</sup> | 2.17% | 11/25/2026 | 493390 |
|  |  |  |  |  | 733078 |
| ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** |
|  | 230661 | Acu Petroleo Luxembourg Sarl<sup>(h)</sup> | 7.50% | 01/13/2032 | 230547 |
|  | 120000 | ArcelorMittal SA | 6.00% | 06/17/2034 | 125865 |
|  | 200000 | Chile Electricity Lux Mpc II Sarl<sup>(g)</sup> | 5.67% | 10/20/2035 | 201601 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 180000 | JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co Sarl | 3.75% | 12/01/2031 | 167858 |
|  | 200000 | Saavi Energia Sarl<sup>(g)</sup> | 8.88% | 02/10/2035 | 208950 |
|  | 400000 | Simpar Europe SA<sup>(h)</sup> | 5.20% | 01/26/2031 | 328000 |
|  | 173454 | Tierra Mojada Luxembourg II Sarl<sup>(h)</sup> | 5.75% | 12/01/2040 | 164009 |
|  |  |  |  |  | 1426830 |
| ***Mexico - 0.11%*** | ***Mexico - 0.11%*** | ***Mexico - 0.11%*** | ***Mexico - 0.11%*** | ***Mexico - 0.11%*** | ***Mexico - 0.11%*** |
|  | 659912 | Alpha Holding SA de CV<sup>(g)(k)</sup> | 9.00% | 02/10/2025 | 4949 |
|  | 188546 | Alpha Holding SA de CV<sup>(h)(k)</sup> | 9.00% | 02/10/2025 | 1414 |
|  | 200000 | Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy<sup>(g)</sup> | 7.88% | 02/15/2039 | 206209 |
|  | 164352 | Cometa Energia SA de CV<sup>(h)</sup> | 6.38% | 04/24/2035 | 169501 |
|  | 200000 | Comision Federal de Electricidad<sup>(g)</sup> | 6.45% | 01/24/2035 | 197659 |
|  | 500000 | Credito Real SAB de CV SOFOM ER<sup>(h)(k)</sup> | 9.50% | 02/07/2026 | 65000 |
|  | 198850 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple<sup>(g)</sup> | 7.25% | 01/31/2041 | 202012 |
|  | 600000 | Mexarrend SAPI de CV<sup>(g)(k)</sup> | 10.25% | 07/24/2024 | 4500 |
|  | 200000 | Mexarrend SAPI de CV<sup>(h)(k)</sup> | 10.25% | 07/24/2024 | 1500 |
|  | 109718 | Mexico Generadora de Energia S de rl<sup>(h)</sup> | 5.50% | 12/06/2032 | 109115 |
|  | 700000 | Operadora de Servicios Mega SA de CV Sofom ER<sup>(g)(k)</sup> | 8.25% | 02/11/2025 | 262500 |
|  | 150000 | Petroleos Mexicanos | 6.75% | 09/21/2047 | 108737 |
|  |  |  |  |  | 1333096 |
| ***Morocco - 0.02%*** | ***Morocco - 0.02%*** | ***Morocco - 0.02%*** | ***Morocco - 0.02%*** | ***Morocco - 0.02%*** | ***Morocco - 0.02%*** |
|  | 200000 | OCP SA<sup>(h)</sup> | 6.75% | 05/02/2034 | 207592 |
| ***Netherlands - 0.06%*** | ***Netherlands - 0.06%*** | ***Netherlands - 0.06%*** | ***Netherlands - 0.06%*** | ***Netherlands - 0.06%*** | ***Netherlands - 0.06%*** |
|  | 200000 | Braskem Netherlands Finance BV<sup>(h)</sup> | 4.50% | 01/31/2030 | 155152 |
|  | 200000 | Enel Finance International NV<sup>(g)</sup> | 5.13% | 06/26/2029 | 203793 |
|  | 150420 | MV24 Capital BV<sup>(h)</sup> | 6.75% | 06/01/2034 | 146019 |
|  | 200000 | Siemens Funding BV<sup>(g)</sup> | 5.80% | 05/28/2055 | 205966 |
|  | 459909 | Unigel Netherlands Holding Corp. BV<sup>(h)(i)</sup> | 15.00% (15.00%) | 12/31/2044 | 14947 |
|  |  |  |  |  | 725877 |
| ***Panama - 0.01%*** | ***Panama - 0.01%*** | ***Panama - 0.01%*** | ***Panama - 0.01%*** | ***Panama - 0.01%*** | ***Panama - 0.01%*** |
|  | 200000 | Empresa de Transmision Electrica SA<sup>(h)</sup> | 5.13% | 05/02/2049 | 144425 |
| ***Paraguay - 0.02%*** | ***Paraguay - 0.02%*** | ***Paraguay - 0.02%*** | ***Paraguay - 0.02%*** | ***Paraguay - 0.02%*** | ***Paraguay - 0.02%*** |
|  | 300000 | Banco Continental SAECA<sup>(h)</sup> | 2.75% | 12/10/2025 | 297365 |
| ***Peru - 0.10%*** | ***Peru - 0.10%*** | ***Peru - 0.10%*** | ***Peru - 0.10%*** | ***Peru - 0.10%*** | ***Peru - 0.10%*** |
|  | 90000 | Banco de Credito del Peru S.A.<sup>(b)(h)</sup> | 5Y US TI + 3.00% | 07/01/2030 | 90000 |
|  | 250000 | Banco de Credito del Peru S.A.<sup>(b)(h)</sup> | 5Y US TI + 2.45% | 09/30/2031 | 242628 |
|  | 150000 | Banco Internacional del Peru SAA Interbank<sup>(b)(g)</sup> | 5Y US TI + 2.07% | 04/30/2035 | 153173 |
|  | 200000 | Banco Internacional del Peru SAA Interbank<sup>(b)(h)</sup> | 5Y US TI + 3.71% | 07/08/2030 | 199407 |
|  | 200000 | Cia de Minas Buenaventura SAA<sup>(h)</sup> | 5.50% | 07/23/2026 | 200036 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 150000 | InRetail Shopping Malls<sup>(h)</sup> | 5.75% | 04/03/2028 | 150021 |
|  | 200000 | Orazul Energy Peru SA<sup>(h)</sup> | 5.63% | 04/28/2027 | 198259 |
|  |  |  |  |  | 1233524 |
| ***Singapore - 0.05%*** | ***Singapore - 0.05%*** | ***Singapore - 0.05%*** | ***Singapore - 0.05%*** | ***Singapore - 0.05%*** | ***Singapore - 0.05%*** |
|  | 200000 | BPRL International Singapore Pte, Ltd. | 4.38% | 01/18/2027 | 199196 |
|  | 200000 | Oversea-Chinese Banking Corp., Ltd.<sup>(b)(h)</sup> | 5Y US TI + 1.58% | 09/10/2030 | 198994 |
|  | 200000 | United Overseas Bank, Ltd.<sup>(b)</sup> | 5Y US TI + 1.52% | 03/16/2031 | 196046 |
|  |  |  |  |  | 594236 |
| ***Spain - 0.04%*** | ***Spain - 0.04%*** | ***Spain - 0.04%*** | ***Spain - 0.04%*** | ***Spain - 0.04%*** | ***Spain - 0.04%*** |
|  | 250000 | AI Candelaria - spain- SA<sup>(h)</sup> | 5.75% | 06/15/2033 | 212337 |
|  | 261000 | CaixaBank SA<sup>(b)(g)</sup> | 1D US SOFR + 2.26% | 06/15/2035 | 273225 |
|  |  |  |  |  | 485562 |
| ***Vietnam - 0.01%*** | ***Vietnam - 0.01%*** | ***Vietnam - 0.01%*** | ***Vietnam - 0.01%*** | ***Vietnam - 0.01%*** | ***Vietnam - 0.01%*** |
|  | 169400 | Mong Duong Finance Holdings BV<sup>(h)</sup> | 5.13% | 05/07/2029 | 165626 |
| TOTAL FOREIGN CORPORATE BONDS | TOTAL FOREIGN CORPORATE BONDS | TOTAL FOREIGN CORPORATE BONDS | TOTAL FOREIGN CORPORATE BONDS | TOTAL FOREIGN CORPORATE BONDS | TOTAL FOREIGN CORPORATE BONDS |
| (Cost $28,009,034) | (Cost $28,009,034) |  |  |  | 24493758 |
| **U.S. CORPORATE BONDS - 13.49%** | **U.S. CORPORATE BONDS - 13.49%** | **U.S. CORPORATE BONDS - 13.49%** | **U.S. CORPORATE BONDS - 13.49%** | **U.S. CORPORATE BONDS - 13.49%** | **U.S. CORPORATE BONDS - 13.49%** |
| ***Advertising - 0.00%<sup>(d)</sup>*** | ***Advertising - 0.00%<sup>(d)</sup>*** | ***Advertising - 0.00%<sup>(d)</sup>*** | ***Advertising - 0.00%<sup>(d)</sup>*** | ***Advertising - 0.00%<sup>(d)</sup>*** | ***Advertising - 0.00%<sup>(d)</sup>*** |
|  | 30000 | Clear Channel Outdoor Holdings, Inc.<sup>(g)</sup> | 7.50% | 06/01/2029 | 27772 |
| ***Aerospace/Defense - 0.05%*** | ***Aerospace/Defense - 0.05%*** | ***Aerospace/Defense - 0.05%*** | ***Aerospace/Defense - 0.05%*** | ***Aerospace/Defense - 0.05%*** | ***Aerospace/Defense - 0.05%*** |
|  | 70000 | AAR Escrow Issuer LLC<sup>(g)</sup> | 6.75% | 03/15/2029 | 72589 |
|  | 70000 | Goat Holdco LLC<sup>(g)</sup> | 6.75% | 02/01/2032 | 71223 |
|  | 134000 | Hexcel Corp. | 5.88% | 02/26/2035 | 136400 |
|  | 241000 | Northrop Grumman Corp. | 5.20% | 06/01/2054 | 224787 |
|  | 115000 | TransDigm, Inc.<sup>(g)</sup> | 6.38% | 05/31/2033 | 115392 |
|  |  |  |  |  | 620391 |
| ***Agriculture - 0.09%*** | ***Agriculture - 0.09%*** | ***Agriculture - 0.09%*** | ***Agriculture - 0.09%*** | ***Agriculture - 0.09%*** | ***Agriculture - 0.09%*** |
|  | 236000 | BAT Capital Corp. | 5.63% | 08/15/2035 | 240248 |
|  | 203000 | BAT Capital Corp. | 4.54% | 08/15/2047 | 164126 |
|  | 284000 | Bunge, Ltd. Finance Corp. | 4.65% | 09/17/2034 | 275669 |
|  | 230000 | Philip Morris International, Inc. | 5.38% | 02/15/2033 | 237618 |
|  | 201000 | Philip Morris International, Inc. | 5.25% | 02/13/2034 | 205117 |
|  |  |  |  |  | 1122778 |
| ***Airlines - 0.01%*** | ***Airlines - 0.01%*** | ***Airlines - 0.01%*** | ***Airlines - 0.01%*** | ***Airlines - 0.01%*** | ***Airlines - 0.01%*** |
|  | 60000 | American Airlines, Inc.<sup>(g)</sup> | 8.50% | 05/15/2029 | 62950 |
|  | 40000 | JetBlue Airways Corp. / JetBlue Loyalty LP<sup>(g)</sup> | 9.88% | 09/20/2031 | 38940 |
|  |  |  |  |  | 101890 |
| ***Auto Manufacturers - 0.04%*** | ***Auto Manufacturers - 0.04%*** | ***Auto Manufacturers - 0.04%*** | ***Auto Manufacturers - 0.04%*** | ***Auto Manufacturers - 0.04%*** | ***Auto Manufacturers - 0.04%*** |
|  | 455000 | Hyundai Capital America<sup>(g)</sup> | 5.30% | 01/08/2029 | 462481 |
| ***Auto Parts & Equipment - 0.02%*** | ***Auto Parts & Equipment - 0.02%*** | ***Auto Parts & Equipment - 0.02%*** | ***Auto Parts & Equipment - 0.02%*** | ***Auto Parts & Equipment - 0.02%*** | ***Auto Parts & Equipment - 0.02%*** |
|  | 170000 | Clarios Global LP / Clarios US Finance Co.<sup>(g)</sup> | 6.75% | 02/15/2030 | 176900 |
|  | 35000 | Dornoch Debt Merger Sub, Inc.<sup>(g)</sup> | 6.63% | 10/15/2029 | 27147 |
|  |  |  |  |  | 204047 |
| ***Banks - 0.41%*** | ***Banks - 0.41%*** | ***Banks - 0.41%*** | ***Banks - 0.41%*** | ***Banks - 0.41%*** | ***Banks - 0.41%*** |
|  | 192000 | Bank of America Corp.<sup>(b)</sup> | 1D US SOFR + 1.21% | 10/20/2032 | 169271 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 180000 | Bank of America Corp.<sup>(b)</sup> | 1D US SOFR + 1.65% | 01/23/2035 | 184991 |
|  | 197000 | Bank of America Corp.<sup>(b)</sup> | 1D US SOFR + 1.70% | 02/12/2036 | 200276 |
|  | 124000 | Bank of America Corp.<sup>(a)(b)</sup> | 5Y US TI + 2.684% | 12/31/9999 | 128731 |
|  | 200000 | Bank of New York Mellon Corp.<sup>(b)</sup> | 1D US SOFR + 1.23% | 07/22/2032 | 204786 |
|  | 200000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(b)(h)</sup> | 5Y US TI + 4.214% | 01/08/2039 | 206864 |
|  | 93000 | Citigroup, Inc.<sup>(b)</sup> | 1D US SOFR + 1.28% | 02/24/2028 | 90969 |
|  | 206000 | Citigroup, Inc.<sup>(b)</sup> | 1D US SOFR + 1.463% | 05/07/2031 | 208404 |
|  | 112000 | Citigroup, Inc.<sup>(b)</sup> | 1D US SOFR + 2.66% | 05/25/2034 | 117290 |
|  | 115000 | Comerica, Inc.<sup>(b)</sup> | 1D US SOFR + 2.16% | 01/30/2030 | 117821 |
|  | 216000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | 1D US SOFR + 1.55% | 07/23/2035 | 217972 |
|  | 134000 | Huntington Bancshares, Inc.<sup>(b)</sup> | 1D US SOFR + 1.28% | 01/15/2031 | 137337 |
|  | 112000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRINDX + 1.87% | 02/02/2035 | 114503 |
|  | 196000 | JPMorgan Chase & Co.<sup>(b)</sup> | 1D US SOFR + 1.01% | 01/24/2031 | 201043 |
|  | 232000 | JPMorgan Chase & Co.<sup>(b)</sup> | 1D US SOFR + 1.435% | 04/22/2031 | 237814 |
|  | 447000 | JPMorgan Chase & Co.<sup>(b)</sup> | 1D US SOFR + 1.46% | 07/22/2035 | 455061 |
|  | 114000 | Morgan Stanley<sup>(b)</sup> | 5Y US TI + 2.43% | 01/19/2038 | 117319 |
|  | 226000 | Morgan Stanley<sup>(b)</sup> | 5Y US TI + 1.80% | 02/07/2039 | 232074 |
|  | 149000 | Santander Holdings USA, Inc.<sup>(b)</sup> | 1D US SOFR + 1.61% | 03/20/2029 | 151531 |
|  | 197000 | State Street Corp.<sup>(b)</sup> | 1D US SOFR + 0.95% | 04/24/2028 | 198326 |
|  | 98000 | Truist Financial Corp.<sup>(b)</sup> | 1D US SOFR + 2.45% | 10/30/2029 | 106024 |
|  | 227000 | Truist Financial Corp.<sup>(b)</sup> | 1D US SOFR + 1.57% | 08/05/2032 | 231488 |
|  | 479000 | Wells Fargo & Co.<sup>(b)</sup> | 1D US SOFR + 1.50% | 04/23/2031 | 490715 |
|  | 341000 | Wells Fargo & Co.<sup>(b)</sup> | 1D US SOFR + 2.06% | 10/23/2034 | 372860 |
|  |  |  |  |  | 4893470 |
| ***Beverages - 0.04%*** | ***Beverages - 0.04%*** | ***Beverages - 0.04%*** | ***Beverages - 0.04%*** | ***Beverages - 0.04%*** | ***Beverages - 0.04%*** |
|  | 210000 | Diageo Investment Corp. | 5.13% | 08/15/2030 | 216418 |
|  | 227000 | Keurig Dr Pepper, Inc. | 5.20% | 03/15/2031 | 234364 |
|  |  |  |  |  | 450782 |
| ***Biotechnology - 0.08%*** | ***Biotechnology - 0.08%*** | ***Biotechnology - 0.08%*** | ***Biotechnology - 0.08%*** | ***Biotechnology - 0.08%*** | ***Biotechnology - 0.08%*** |
|  | 332000 | Amgen, Inc. | 5.75% | 03/02/2063 | 323015 |
|  | 232000 | Biogen, Inc. | 5.05% | 01/15/2031 | 236280 |
|  | 124000 | Gilead Sciences, Inc. | 5.55% | 10/15/2053 | 122494 |
|  | 225000 | Royalty Pharma PLC | 5.40% | 09/02/2034 | 228083 |
|  |  |  |  |  | 909872 |
| ***Building Materials - 0.09%*** | ***Building Materials - 0.09%*** | ***Building Materials - 0.09%*** | ***Building Materials - 0.09%*** | ***Building Materials - 0.09%*** | ***Building Materials - 0.09%*** |
|  | 99000 | Amrize Finance US LLC<sup>(g)</sup> | 4.95% | 04/07/2030 | 100376 |
|  | 150000 | Builders FirstSource, Inc.<sup>(g)</sup> | 6.38% | 03/01/2034 | 153048 |
|  | 65000 | Builders FirstSource, Inc.<sup>(g)</sup> | 6.75% | 05/15/2035 | 67006 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 75000 | Cornerstone Building Brands, Inc.<sup>(g)</sup> | 9.50% | 08/15/2029 | 69015 |
|  | 120000 | EMRLD Borrower LP / Emerald Co.-Issuer, Inc.<sup>(g)</sup> | 6.63% | 12/15/2030 | 122811 |
|  | 130000 | Griffon Corp. | 5.75% | 03/01/2028 | 130067 |
|  | 120000 | Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC<sup>(g)</sup> | 6.75% | 04/01/2032 | 123154 |
|  | 106000 | Owens Corning | 5.70% | 06/15/2034 | 110150 |
|  | 105000 | Quikrete Holdings, Inc.<sup>(g)</sup> | 6.75% | 03/01/2033 | 108407 |
|  | 60000 | Standard Building Solutions, Inc.<sup>(g)</sup> | 6.50% | 08/15/2032 | 61517 |
|  |  |  |  |  | 1045551 |
| ***Chemicals - 0.04%*** | ***Chemicals - 0.04%*** | ***Chemicals - 0.04%*** | ***Chemicals - 0.04%*** | ***Chemicals - 0.04%*** | ***Chemicals - 0.04%*** |
|  | 25000 | Avient Corp.<sup>(g)</sup> | 6.25% | 11/01/2031 | 25250 |
|  | 30000 | Celanese US Holdings LLC | 6.50% | 04/15/2030 | 30729 |
|  | 30000 | Celanese US Holdings LLC | 6.75% | 04/15/2033 | 30336 |
|  | 157000 | EIDP, Inc. | 5.13% | 05/15/2032 | 160258 |
|  | 125000 | Illuminate Buyer LLC / Illuminate Holdings IV, Inc.<sup>(g)</sup> | 9.00% | 07/01/2028 | 125698 |
|  | 45000 | Olin Corp.<sup>(g)</sup> | 6.63% | 04/01/2033 | 44346 |
|  | 65000 | WR Grace Holdings LLC<sup>(g)</sup> | 5.63% | 08/15/2029 | 58898 |
|  |  |  |  |  | 475515 |
| ***Commercial Services - 0.15%*** | ***Commercial Services - 0.15%*** | ***Commercial Services - 0.15%*** | ***Commercial Services - 0.15%*** | ***Commercial Services - 0.15%*** | ***Commercial Services - 0.15%*** |
|  | 190000 | Allied Universal Holdco LLC<sup>(g)</sup> | 7.88% | 02/15/2031 | 198661 |
|  | 216000 | Ashtead Capital, Inc.<sup>(g)</sup> | 5.55% | 05/30/2033 | 218261 |
|  | 55000 | Dcli Bidco LLC<sup>(g)</sup> | 7.75% | 11/15/2029 | 55759 |
|  | 229000 | Global Payments, Inc. | 4.95% | 08/15/2027 | 231756 |
|  | 65000 | Herc Holdings, Inc.<sup>(g)</sup> | 7.00% | 06/15/2030 | 67924 |
|  | 228000 | Quanta Services, Inc. | 5.25% | 08/09/2034 | 230937 |
|  | 200000 | Rentokil Terminix Funding LLC<sup>(g)</sup> | 5.00% | 04/28/2030 | 201484 |
|  | 99000 | Rollins, Inc.<sup>(g)</sup> | 5.25% | 02/24/2035 | 99414 |
|  | 87000 | Triton Container International, Ltd. / TAL International Container Corp. | 3.25% | 03/15/2032 | 75232 |
|  | 228000 | Verisk Analytics, Inc. | 5.25% | 06/05/2034 | 232986 |
|  | 60000 | Veritiv Operating Co.<sup>(g)</sup> | 10.50% | 11/30/2030 | 65025 |
|  | 80000 | VT Topco, Inc.<sup>(g)</sup> | 8.50% | 08/15/2030 | 84408 |
|  | 75000 | Wand NewCo 3, Inc.<sup>(g)</sup> | 7.63% | 01/30/2032 | 78887 |
|  |  |  |  |  | 1840734 |
| ***Computers - 0.10%*** | ***Computers - 0.10%*** | ***Computers - 0.10%*** | ***Computers - 0.10%*** | ***Computers - 0.10%*** | ***Computers - 0.10%*** |
|  | 40000 | CACI International, Inc.<sup>(g)</sup> | 6.38% | 06/15/2033 | 41328 |
|  | 110000 | Dell, Inc. | 6.50% | 04/15/2038 | 117720 |
|  | 567000 | Hewlett Packard Enterprise Co. | 5.00% | 10/15/2034 | 550256 |
|  | 438000 | Kyndryl Holdings, Inc. | 4.10% | 10/15/2041 | 349340 |
|  | 116000 | NetApp, Inc. | 5.50% | 03/17/2032 | 119525 |
|  |  |  |  |  | 1178169 |
| ***Distribution/Wholesale - 0.00%<sup>(d)</sup>*** | ***Distribution/Wholesale - 0.00%<sup>(d)</sup>*** | ***Distribution/Wholesale - 0.00%<sup>(d)</sup>*** | ***Distribution/Wholesale - 0.00%<sup>(d)</sup>*** | ***Distribution/Wholesale - 0.00%<sup>(d)</sup>*** | ***Distribution/Wholesale - 0.00%<sup>(d)</sup>*** |
|  | 50000 | Dealer Tire LLC / DT Issuer LLC<sup>(g)</sup> | 8.00% | 02/01/2028 | 48339 |
| ***Diversified Financial Services - 0.12%*** | ***Diversified Financial Services - 0.12%*** | ***Diversified Financial Services - 0.12%*** | ***Diversified Financial Services - 0.12%*** | ***Diversified Financial Services - 0.12%*** | ***Diversified Financial Services - 0.12%*** |
|  | 256000 | Aircastle, Ltd. / Aircastle Ireland DAC<sup>(g)</sup> | 5.25% | 03/15/2030 | 258266 |
|  | 519000 | American Express Co.<sup>(b)</sup> | 1D US SOFR + 1.44% | 04/25/2031 | 530093 |
|  | 166000 | Aviation Capital Group LLC<sup>(g)</sup> | 5.38% | 07/15/2029 | 169137 |
|  | 150000 | OneMain Finance Corp. | 7.50% | 05/15/2031 | 156835 |
|  | 40000 | OneMain Finance Corp. | 7.13% | 09/15/2032 | 41461 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 70000 | PennyMac Financial Services, Inc.<sup>(g)</sup> | 7.88% | 12/15/2029 | 74382 |
|  | 45000 | PennyMac Financial Services, Inc.<sup>(g)</sup> | 6.88% | 05/15/2032 | 46039 |
|  | 60000 | Rocket Cos., Inc.<sup>(g)</sup> | 6.13% | 08/01/2030 | 61179 |
|  | 60000 | Rocket Cos., Inc.<sup>(g)</sup> | 6.38% | 08/01/2033 | 61467 |
|  |  |  |  |  | 1398859 |
| ***Electric - 0.43%*** | ***Electric - 0.43%*** | ***Electric - 0.43%*** | ***Electric - 0.43%*** | ***Electric - 0.43%*** | ***Electric - 0.43%*** |
|  | 132000 | AEP Texas, Inc. | 5.45% | 05/15/2029 | 136311 |
|  | 224000 | Arizona Public Service Co. | 5.70% | 08/15/2034 | 231188 |
|  | 219000 | Black Hills Corp. | 6.00% | 01/15/2035 | 227300 |
|  | 236000 | Commonwealth Edison Co. | 5.95% | 06/01/2055 | 244593 |
|  | 141000 | Consumers Energy Co. | 4.50% | 01/15/2031 | 141600 |
|  | 355000 | DTE Energy Co. | 5.85% | 06/01/2034 | 371552 |
|  | 301000 | Duke Energy Corp. | 3.95% | 08/15/2047 | 226651 |
|  | 78000 | Duke Energy Corp. | 5.00% | 08/15/2052 | 68486 |
|  | 166000 | Duke Energy Corp. | 5.80% | 06/15/2054 | 162294 |
|  | 115000 | Entergy Arkansas LLC | 5.75% | 06/01/2054 | 114141 |
|  | 246000 | Evergy Kansas Central, Inc. | 5.70% | 03/15/2053 | 243076 |
|  | 1000000 | Exelon Corp. | 4.05% | 04/15/2030 | 984142 |
|  | 75000 | Lightning Power LLC<sup>(g)</sup> | 7.25% | 08/15/2032 | 78983 |
|  | 750000 | NextEra Energy Capital Holdings, Inc. | 2.44% | 01/15/2032 | 651842 |
|  | 107000 | NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> | 5Y US TI + 2.46% | 06/15/2054 | 111277 |
|  | 79000 | Niagara Mohawk Power Corp.<sup>(g)</sup> | 4.65% | 10/03/2030 | 79000 |
|  | 75000 | NRG Energy, Inc.<sup>(g)</sup> | 6.00% | 02/01/2033 | 75794 |
|  | 81000 | PSEG Power LLC<sup>(g)</sup> | 5.20% | 05/15/2030 | 82692 |
|  | 157000 | Southern Co.<sup>(b)</sup> | 5Y US TI + 2.07% | 03/15/2055 | 161941 |
|  | 170000 | Southwestern Electric Power Co. | 3.25% | 11/01/2051 | 110005 |
|  | 464000 | Trans-Allegheny Interstate Line Co.<sup>(g)</sup> | 5.00% | 01/15/2031 | 472303 |
|  | 82000 | Virginia Electric and Power Co. | 5.55% | 08/15/2054 | 79488 |
|  | 85000 | Vistra Operations Co. LLC<sup>(g)</sup> | 7.75% | 10/15/2031 | 90402 |
|  |  |  |  |  | 5145061 |
| ***Electrical Components & Equipment - 0.02%*** | ***Electrical Components & Equipment - 0.02%*** | ***Electrical Components & Equipment - 0.02%*** | ***Electrical Components & Equipment - 0.02%*** | ***Electrical Components & Equipment - 0.02%*** | ***Electrical Components & Equipment - 0.02%*** |
|  | 234000 | Molex Electronic Technologies LLC<sup>(g)</sup> | 5.25% | 04/30/2032 | 237538 |
|  | 45000 | WESCO Distribution, Inc.<sup>(g)</sup> | 6.38% | 03/15/2033 | 46543 |
|  |  |  |  |  | 284081 |
| ***Electronics - 0.03%*** | ***Electronics - 0.03%*** | ***Electronics - 0.03%*** | ***Electronics - 0.03%*** | ***Electronics - 0.03%*** | ***Electronics - 0.03%*** |
|  | 114000 | Amphenol Corp. | 5.38% | 11/15/2054 | 111646 |
|  | 229000 | Arrow Electronics, Inc. | 5.15% | 08/21/2029 | 232615 |
|  |  |  |  |  | 344261 |
| ***Engineering & Construction - 0.03%*** | ***Engineering & Construction - 0.03%*** | ***Engineering & Construction - 0.03%*** | ***Engineering & Construction - 0.03%*** | ***Engineering & Construction - 0.03%*** | ***Engineering & Construction - 0.03%*** |
|  | 157000 | Jacobs Engineering Group, Inc. | 5.90% | 03/01/2033 | 163460 |
|  | 227000 | MasTec, Inc. | 5.90% | 06/15/2029 | 234979 |
|  |  |  |  |  | 398439 |
| ***Entertainment - 0.06%*** | ***Entertainment - 0.06%*** | ***Entertainment - 0.06%*** | ***Entertainment - 0.06%*** | ***Entertainment - 0.06%*** | ***Entertainment - 0.06%*** |
|  | 125000 | Caesars Entertainment, Inc.<sup>(g)</sup> | 6.00% | 10/15/2032 | 122667 |
|  | 60000 | Light & Wonder International, Inc.<sup>(g)</sup> | 7.25% | 11/15/2029 | 61853 |
|  | 190000 | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.<sup>(g)</sup> | 6.63% | 02/01/2033 | 190397 |
|  | 195000 | Six Flags Entertainment Corp.<sup>(g)</sup> | 7.25% | 05/15/2031 | 200521 |
|  | 75000 | Voyager Parent LLC<sup>(g)</sup> | 9.25% | 07/01/2032 | 78079 |
|  |  |  |  |  | 653517 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| ***Environmental Control - 0.08%*** | ***Environmental Control - 0.08%*** | ***Environmental Control - 0.08%*** | ***Environmental Control - 0.08%*** | ***Environmental Control - 0.08%*** |
| $210000 | Madison IAQ LLC<sup>(g)</sup> | 5.88% | 06/30/2029 | $206724 |
| 469000 | Republic Services, Inc. | 5.15% | 03/15/2035 | 478420 |
| 227000 | Veralto Corp. | 5.35% | 09/18/2028 | 234080 |
|  |  |  |  | 919224 |
| ***Food - 0.10%*** | ***Food - 0.10%*** | ***Food - 0.10%*** | ***Food - 0.10%*** | ***Food - 0.10%*** |
| 229000 | Flowers Foods, Inc. | 5.75% | 03/15/2035 | 234849 |
| 238000 | Mars, Inc.<sup>(g)</sup> | 5.70% | 05/01/2055 | 237588 |
| 100000 | Post Holdings, Inc.<sup>(g)</sup> | 6.38% | 03/01/2033 | 101162 |
| 114000 | The Campbell's Company | 5.40% | 03/21/2034 | 115851 |
| 280000 | United Natural Foods, Inc.<sup>(g)</sup> | 6.75% | 10/15/2028 | 276629 |
| 175000 | US Foods, Inc.<sup>(g)</sup> | 5.75% | 04/15/2033 | 175254 |
|  |  |  |  | 1141333 |
| ***Gas - 0.06%*** | ***Gas - 0.06%*** | ***Gas - 0.06%*** | ***Gas - 0.06%*** | ***Gas - 0.06%*** |
| 96000 | National Fuel Gas Co. | 5.95% | 03/15/2035 | 98207 |
| 232000 | NiSource, Inc. | 5.35% | 04/01/2034 | 236012 |
| 112000 | NiSource, Inc.<sup>(b)</sup> | 5Y US TI + 2.45% | 11/30/2054 | 116869 |
| 196000 | NiSource, Inc. | 5.85% | 04/01/2055 | 194149 |
| 20000 | Venture Global Plaquemines LNG LLC<sup>(g)</sup> | 7.50% | 05/01/2033 | 21430 |
|  |  |  |  | 666667 |
| ***Gas Utilities - 0.01%*** | ***Gas Utilities - 0.01%*** | ***Gas Utilities - 0.01%*** | ***Gas Utilities - 0.01%*** | ***Gas Utilities - 0.01%*** |
| 65000 | Venture Global Plaquemines Lng LLC<sup>(g)</sup> | 6.50% | 01/15/2034 | 65000 |
| ***Healthcare-Products - 0.05%*** | ***Healthcare-Products - 0.05%*** | ***Healthcare-Products - 0.05%*** | ***Healthcare-Products - 0.05%*** | ***Healthcare-Products - 0.05%*** |
| 245000 | Agilent Technologies, Inc. | 4.75% | 09/09/2034 | 241222 |
| 100000 | Medline Borrower LP<sup>(g)</sup> | 5.25% | 10/01/2029 | 99293 |
| 229000 | Zimmer Biomet Holdings, Inc. | 5.20% | 09/15/2034 | 229867 |
|  |  |  |  | 570382 |
| ***Healthcare-Services - 0.15%*** | ***Healthcare-Services - 0.15%*** | ***Healthcare-Services - 0.15%*** | ***Healthcare-Services - 0.15%*** | ***Healthcare-Services - 0.15%*** |
| 388000 | Centene Corp. | 2.50% | 03/01/2031 | 334321 |
| 95000 | CHS/Community Health Systems, Inc.<sup>(g)</sup> | 6.00% | 01/15/2029 | 91454 |
| 66000 | Elevance Health, Inc. | 4.55% | 05/15/2052 | 54021 |
| 154000 | IQVIA, Inc. | 6.25% | 02/01/2029 | 161060 |
| 567000 | Laboratory Corp. of America Holdings | 4.80% | 10/01/2034 | 554560 |
| 85000 | LifePoint Health, Inc.<sup>(g)</sup> | 10.00% | 06/01/2032 | 87798 |
| 231000 | Quest Diagnostics, Inc. | 5.00% | 12/15/2034 | 229971 |
| 105000 | Radiology Partners, Inc.<sup>(g)</sup> | 8.50% | 07/15/2032 | 105376 |
| 125000 | Tenet Healthcare Corp. | 6.13% | 06/15/2030 | 127329 |
|  |  |  |  | 1745890 |
| ***Home Builders - 0.01%*** | ***Home Builders - 0.01%*** | ***Home Builders - 0.01%*** | ***Home Builders - 0.01%*** | ***Home Builders - 0.01%*** |
| 135000 | Meritage Homes Corp. | 5.65% | 03/15/2035 | 135483 |
| ***Home Furnishings - 0.01%*** | ***Home Furnishings - 0.01%*** | ***Home Furnishings - 0.01%*** | ***Home Furnishings - 0.01%*** | ***Home Furnishings - 0.01%*** |
| 60000 | Whirlpool Corp. | 6.50% | 06/15/2033 | 60249 |
| ***Household Products/Wares - 0.01%*** | ***Household Products/Wares - 0.01%*** | ***Household Products/Wares - 0.01%*** | ***Household Products/Wares - 0.01%*** | ***Household Products/Wares - 0.01%*** |
| 115000 | Avery Dennison Corp. | 5.75% | 03/15/2033 | 120311 |
| ***Insurance - 0.26%*** | ***Insurance - 0.26%*** | ***Insurance - 0.26%*** | ***Insurance - 0.26%*** | ***Insurance - 0.26%*** |
| 311000 | 200 Park Funding Trust<sup>(g)</sup> | 5.74% | 02/15/2055 | 307103 |
| 100000 | Acrisure LLC / Acrisure Finance, Inc.<sup>(g)</sup> | 6.75% | 07/01/2032 | 101505 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 95000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<sup>(g)</sup> | 6.75% | 10/15/2027 | 95141 |
|  | 75000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<sup>(g)</sup> | 6.50% | 10/01/2031 | 76489 |
|  | 97000 | American International Group, Inc. | 5.45% | 05/07/2035 | 99521 |
|  | 94000 | American National Group, Inc. | 5.75% | 10/01/2029 | 96306 |
|  | 320000 | American National Group, Inc. | 6.00% | 07/15/2035 | 322034 |
|  | 40000 | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves<sup>(g)</sup> | 7.88% | 11/01/2029 | 40950 |
|  | 134000 | Arthur J Gallagher & Co. | 4.85% | 12/15/2029 | 136050 |
|  | 285000 | Arthur J Gallagher & Co. | 5.15% | 02/15/2035 | 285299 |
|  | 185000 | Athene Global Funding<sup>(g)</sup> | 5.35% | 07/09/2027 | 187936 |
|  | 276000 | Athene Global Funding<sup>(g)</sup> | 4.72% | 10/08/2029 | 275525 |
|  | 174000 | Athene Holding, Ltd.<sup>(b)</sup> | 5Y US TI + 2.61% | 10/15/2054 | 171721 |
|  | 100000 | Brown & Brown, Inc. | 6.25% | 06/23/2055 | 103177 |
|  | 209000 | Guardian Life Global Funding<sup>(g)</sup> | 4.80% | 04/28/2030 | 212723 |
|  | 254000 | Massachusetts Mutual Life Insurance Co.<sup>(g)</sup> | 3.20% | 12/01/2061 | 153954 |
|  | 197000 | MetLife, Inc.<sup>(b)</sup> | 5Y US TI + 2.08% | 03/15/2055 | 202649 |
|  | 100000 | Panther Escrow Issuer LLC<sup>(g)</sup> | 7.13% | 06/01/2031 | 103941 |
|  | 147000 | Prudential Financial, Inc. | 5.20% | 03/14/2035 | 148653 |
|  |  |  |  |  | 3120677 |
| ***Internet - 0.12%*** | ***Internet - 0.12%*** | ***Internet - 0.12%*** | ***Internet - 0.12%*** | ***Internet - 0.12%*** | ***Internet - 0.12%*** |
|  | 239000 | Expedia Group, Inc. | 3.80% | 02/15/2028 | 235529 |
|  | 261000 | Meta Platforms, Inc. | 4.45% | 08/15/2052 | 220211 |
|  | 167000 | Netflix, Inc. | 5.40% | 08/15/2054 | 164937 |
|  | 262000 | Uber Technologies, Inc.<sup>(g)</sup> | 4.50% | 08/15/2029 | 260642 |
|  | 228000 | Uber Technologies, Inc. | 4.80% | 09/15/2034 | 224098 |
|  | 287000 | VeriSign, Inc. | 5.25% | 06/01/2032 | 292599 |
|  |  |  |  |  | 1398016 |
| ***Investment Companies - 8.95%*** | ***Investment Companies - 8.95%*** | ***Investment Companies - 8.95%*** | ***Investment Companies - 8.95%*** | ***Investment Companies - 8.95%*** | ***Investment Companies - 8.95%*** |
|  | 11500000 | BlackRock TCP Capital Corp. | 6.95% | 05/30/2029 | 11856744 |
|  | 6800000 | Blue Owl Capital Corp. | 3.75% | 07/22/2025 | 6794799 |
|  | 5247000 | Blue Owl Capital Corp. | 3.13% | 04/13/2027 | 5068683 |
|  | 4000000 | Blue Owl Capital Corp. | 2.88% | 06/11/2028 | 3727473 |
|  | 2000000 | Blue Owl Credit Income Corp. | 4.70% | 02/08/2027 | 1988246 |
|  | 3400000 | Blue Owl Credit Income Corp. | 7.75% | 09/16/2027 | 3567362 |
|  | 2000000 | Blue Owl Credit Income Corp. | 7.95% | 06/13/2028 | 2139038 |
|  | 9550000 | Blue Owl Technology Finance Corp.<sup>(g)</sup> | 4.75% | 12/15/2025 | 9526715 |
|  | 11434000 | Blue Owl Technology Finance Corp.<sup>(g)</sup> | 6.10% | 03/15/2028 | 11499081 |
|  | 4800000 | Blue Owl Technology Finance Corp. | 6.75% | 04/04/2029 | 4897346 |
|  | 3000000 | Carlyle Secured Lending, Inc. | 6.75% | 02/18/2030 | 3068166 |
|  | 10000000 | Franklin BSP Capital Corp. | 7.20% | 06/15/2029 | 10354978 |
|  | 2300000 | Golub Capital BDC, Inc. | 2.05% | 02/15/2027 | 2194339 |
|  | 8312000 | New Mountain Finance Corp. | 6.88% | 02/01/2029 | 8470606 |
|  | 8300000 | Oaktree Specialty Lending Corp. | 7.10% | 02/15/2029 | 8550885 |
|  | 8900000 | Oaktree Specialty Lending Corp. | 6.34% | 02/27/2030 | 8822054 |
|  | 1000000 | Oaktree Strategic Credit Fund | 8.40% | 11/14/2028 | 1078586 |
|  | 3100000 | PennantPark Investment Corp. | 4.00% | 11/01/2026 | 2995048 |
|  |  |  |  |  | 106600149 |
| ***Leisure Time - 0.06%*** | ***Leisure Time - 0.06%*** | ***Leisure Time - 0.06%*** | ***Leisure Time - 0.06%*** | ***Leisure Time - 0.06%*** | ***Leisure Time - 0.06%*** |
|  | 115000 | Carnival Corp.<sup>(g)</sup> | 5.88% | 06/15/2031 | 117228 |
|  | 78000 | Carnival Corp.<sup>(g)</sup> | 6.13% | 02/15/2033 | 79855 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 135000 | Life Time, Inc.<sup>(g)</sup> | 6.00% | 11/15/2031 | 137238 |
|  | 223000 | Royal Caribbean Cruises, Ltd.<sup>(g)</sup> | 5.38% | 07/15/2027 | 224457 |
|  | 15000 | Sabre GLBL, Inc.<sup>(g)</sup> | 8.63% | 06/01/2027 | 15366 |
|  | 75000 | Sabre GLBL, Inc.<sup>(g)</sup> | 10.75% | 11/15/2029 | 77347 |
|  |  |  |  |  | 651491 |
| ***Lodging - 0.02%*** | ***Lodging - 0.02%*** | ***Lodging - 0.02%*** | ***Lodging - 0.02%*** | ***Lodging - 0.02%*** | ***Lodging - 0.02%*** |
|  | 55000 | Full House Resorts, Inc.<sup>(g)</sup> | 8.25% | 02/15/2028 | 53480 |
|  | 231000 | Marriott International, Inc. | 5.30% | 05/15/2034 | 233916 |
|  |  |  |  |  | 287396 |
| ***Machinery-Diversified - 0.04%*** | ***Machinery-Diversified - 0.04%*** | ***Machinery-Diversified - 0.04%*** | ***Machinery-Diversified - 0.04%*** | ***Machinery-Diversified - 0.04%*** | ***Machinery-Diversified - 0.04%*** |
|  | 88000 | Regal Rexnord Corp. | 6.05% | 02/15/2026 | 88522 |
|  | 131000 | Regal Rexnord Corp. | 6.05% | 04/15/2028 | 135031 |
|  | 234000 | Westinghouse Air Brake Technologies Corp. | 4.90% | 05/29/2030 | 237389 |
|  |  |  |  |  | 460942 |
| ***Media - 0.06%*** | ***Media - 0.06%*** | ***Media - 0.06%*** | ***Media - 0.06%*** | ***Media - 0.06%*** | ***Media - 0.06%*** |
|  | 65000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(g)</sup> | 5.13% | 05/01/2027 | 64835 |
|  | 85000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(g)</sup> | 4.75% | 03/01/2030 | 82412 |
|  | 10000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(g)</sup> | 4.75% | 02/01/2032 | 9492 |
|  | 80000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(g)</sup> | 4.25% | 01/15/2034 | 71265 |
|  | 135000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc.<sup>(g)</sup> | 5.88% | 08/15/2027 | 134644 |
|  | 75000 | DISH DBS Corp.<sup>(g)</sup> | 5.75% | 12/01/2028 | 65062 |
|  | 25000 | DISH DBS Corp. | 5.13% | 06/01/2029 | 16687 |
|  | 60000 | Gray Media, Inc.<sup>(g)</sup> | 10.50% | 07/15/2029 | 64504 |
|  | 70000 | McGraw-Hill Education, Inc.<sup>(g)</sup> | 5.75% | 08/01/2028 | 70470 |
|  | 25000 | McGraw-Hill Education, Inc.<sup>(g)</sup> | 7.38% | 09/01/2031 | 26098 |
|  | 65000 | Univision Communications, Inc.<sup>(g)</sup> | 7.38% | 06/30/2030 | 63928 |
|  |  |  |  |  | 669397 |
| ***Mining - 0.06%*** | ***Mining - 0.06%*** | ***Mining - 0.06%*** | ***Mining - 0.06%*** | ***Mining - 0.06%*** | ***Mining - 0.06%*** |
|  | 50000 | Freeport-McMoRan, Inc. | 4.38% | 08/01/2028 | 49766 |
|  | 398000 | Glencore Funding LLC<sup>(g)</sup> | 5.37% | 04/04/2029 | 408209 |
|  | 232000 | Newmont Corp. / Newcrest Finance Pty, Ltd. | 5.35% | 03/15/2034 | 238149 |
|  | 50000 | Novelis Corp.<sup>(g)</sup> | 6.88% | 01/30/2030 | 51728 |
|  |  |  |  |  | 747852 |
| ***Oil & Gas - 0.10%*** | ***Oil & Gas - 0.10%*** | ***Oil & Gas - 0.10%*** | ***Oil & Gas - 0.10%*** | ***Oil & Gas - 0.10%*** | ***Oil & Gas - 0.10%*** |
|  | 122000 | APA Corp.<sup>(g)</sup> | 6.10% | 02/15/2035 | 119726 |
|  | 90000 | Chord Energy Corp.<sup>(g)</sup> | 6.75% | 03/15/2033 | 92002 |
|  | 55000 | Civitas Resources, Inc.<sup>(g)</sup> | 8.38% | 07/01/2028 | 56384 |
|  | 65000 | CNX Resources Corp.<sup>(g)</sup> | 6.00% | 01/15/2029 | 65302 |
|  | 109000 | Devon Energy Corp. | 5.75% | 09/15/2054 | 98219 |
|  | 123000 | Expand Energy Corp. | 4.75% | 02/01/2032 | 119686 |
|  | 125000 | Gulfport Energy Operating Corp.<sup>(g)</sup> | 6.75% | 09/01/2029 | 128263 |
|  | 50000 | Hilcorp Energy I LP / Hilcorp Finance Co.<sup>(g)</sup> | 7.25% | 02/15/2035 | 48939 |
|  | 60000 | Matador Resources Co.<sup>(g)</sup> | 6.50% | 04/15/2032 | 60071 |
|  | 50000 | Nabors Industries, Inc.<sup>(g)</sup> | 9.13% | 01/31/2030 | 47915 |
|  | 65000 | Permian Resources Operating LLC<sup>(g)</sup> | 7.00% | 01/15/2032 | 67425 |
|  | 114000 | Permian Resources Operating LLC<sup>(g)</sup> | 6.25% | 02/01/2033 | 115131 |
|  | 55000 | SM Energy Co.<sup>(g)</sup> | 7.00% | 08/01/2032 | 54253 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 20000 | Transocean, Inc.<sup>(g)</sup> | 8.00% | 02/01/2027 | $| 19716 |
|  | 73000 | Vine Engergy Holdings LLC<sup>(g)</sup> | 6.75% | 04/15/2029 |  | 73919 |
|  | 45000 | Vital Energy, Inc.<sup>(g)</sup> | 7.88% | 04/15/2032 |  | 38511 |
|  |  |  |  |  |  | 1205462 |
| ***Oil & Gas Services - 0.02%*** | ***Oil & Gas Services - 0.02%*** | ***Oil & Gas Services - 0.02%*** | ***Oil & Gas Services - 0.02%*** | ***Oil & Gas Services - 0.02%*** | ***Oil & Gas Services - 0.02%*** | ***Oil & Gas Services - 0.02%*** |
|  | 120000 | Archrock Partners LP / Archrock Partners Finance Corp.<sup>(g)</sup> | 6.63% | 09/01/2032 |  | 122340 |
|  | 120000 | Kodiak Gas Services LLC<sup>(g)</sup> | 7.25% | 02/15/2029 |  | 124206 |
|  | 35000 | Weatherford International, Ltd.<sup>(g)</sup> | 8.63% | 04/30/2030 |  | 36099 |
|  |  |  |  |  |  | 282645 |
| ***Packaging & Containers - 0.06%*** | ***Packaging & Containers - 0.06%*** | ***Packaging & Containers - 0.06%*** | ***Packaging & Containers - 0.06%*** | ***Packaging & Containers - 0.06%*** | ***Packaging & Containers - 0.06%*** | ***Packaging & Containers - 0.06%*** |
|  | 86000 | Berry Global, Inc.<sup>(g)</sup> | 4.88% | 07/15/2026 |  | 85963 |
|  | 157000 | Berry Global, Inc. | 5.65% | 01/15/2034 |  | 162114 |
|  | 130000 | Clydesdale Acquisition Holdings, Inc.<sup>(g)</sup> | 6.75% | 04/15/2032 |  | 133496 |
|  | 90000 | Sealed Air Corp./Sealed Air Corp US<sup>(g)</sup> | 7.25% | 02/15/2031 |  | 94836 |
|  | 118000 | Sonoco Products Co. | 4.60% | 09/01/2029 |  | 117783 |
|  | 115000 | Trident TPI Holdings, Inc.<sup>(g)</sup> | 12.75% | 12/31/2028 |  | 122134 |
|  |  |  |  |  |  | 716326 |
| ***Pharmaceuticals - 0.07%*** | ***Pharmaceuticals - 0.07%*** | ***Pharmaceuticals - 0.07%*** | ***Pharmaceuticals - 0.07%*** | ***Pharmaceuticals - 0.07%*** | ***Pharmaceuticals - 0.07%*** | ***Pharmaceuticals - 0.07%*** |
|  | 247000 | AbbVie, Inc. | 4.70% | 05/14/2045 |  | 221582 |
|  | 130000 | AbbVie, Inc. | 5.50% | 03/15/2064 |  | 126172 |
|  | 35000 | Bausch Health Cos., Inc.<sup>(g)</sup> | 5.25% | 01/30/2030 |  | 22194 |
|  | 232000 | Cardinal Health, Inc. | 4.60% | 03/15/2043 |  | 199648 |
|  | 33000 | Cardinal Health, Inc. | 4.50% | 11/15/2044 |  | 27849 |
|  | 243000 | Takeda US Financing, Inc. | 5.90% | 07/07/2055 |  | 244400 |
|  |  |  |  |  |  | 841845 |
| ***Pipelines - 0.31%*** | ***Pipelines - 0.31%*** | ***Pipelines - 0.31%*** | ***Pipelines - 0.31%*** | ***Pipelines - 0.31%*** | ***Pipelines - 0.31%*** | ***Pipelines - 0.31%*** |
|  | 60000 | Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(g)</sup> | 7.25% | 07/15/2032 |  | 63617 |
|  | 60000 | Buckeye Partners LP<sup>(g)</sup> | 6.88% | 07/01/2029 |  | 62199 |
|  | 247000 | Cheniere Energy Partners LP | 4.00% | 03/01/2031 |  | 235160 |
|  | 235000 | Cheniere Energy, Inc. | 4.63% | 10/15/2028 |  | 234743 |
|  | 121000 | DT Midstream, Inc.<sup>(g)</sup> | 4.13% | 06/15/2029 |  | 116943 |
|  | 240000 | Eastern Energy Gas Holdings LLC | 5.65% | 10/15/2054 |  | 229695 |
|  | 1000000 | Energy Transfer LP | 3.90% | 07/15/2026 |  | 993698 |
|  | 226000 | Enterprise Products Operating LLC | 5.55% | 02/16/2055 |  | 218257 |
|  | 103000 | Florida Gas Transmission Co. LLC<sup>(g)</sup> | 5.75% | 07/15/2035 |  | 105445 |
|  | 115000 | Harvest Midstream I LP<sup>(g)</sup> | 7.50% | 05/15/2032 |  | 121547 |
|  | 118000 | Hess Midstream Operations LP<sup>(g)</sup> | 5.88% | 03/01/2028 |  | 119833 |
|  | 120000 | Hess Midstream Operations LP<sup>(g)</sup> | 5.50% | 10/15/2030 |  | 120614 |
|  | 324000 | Kinder Morgan Energy Partners LP | 6.95% | 01/15/2038 |  | 359539 |
|  | 115000 | Kinetik Holdings LP<sup>(g)</sup> | 5.88% | 06/15/2030 |  | 116048 |
|  | 30000 | NGL Energy Operating LLC / NGL Energy Finance Corp.<sup>(g)</sup> | 8.13% | 02/15/2029 |  | 30332 |
|  | 308000 | NGPL PipeCo LLC<sup>(g)</sup> | 3.25% | 07/15/2031 |  | 274767 |
|  | 111000 | ONEOK, Inc. | 5.38% | 06/01/2029 |  | 113413 |
|  | 60000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.<sup>(g)</sup> | 7.38% | 02/15/2029 |  | 61705 |
|  | 49000 | Targa Resources Corp. | 5.50% | 02/15/2035 |  | 49195 |
|  | 30000 | Venture Global LNG, Inc.<sup>(g)</sup> | 8.13% | 06/01/2028 |  | 31025 |
|  | 30000 | Venture Global LNG, Inc.<sup>(g)</sup> | 8.38% | 06/01/2031 |  | 31180 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 25000 | Venture Global LNG, Inc.<sup>(g)</sup> | 9.88% | 02/01/2032 | $| 27015 |
|  |  |  |  |  |  | 3715970 |
| ***Real Estate - 0.00%<sup>(d)</sup>*** | ***Real Estate - 0.00%<sup>(d)</sup>*** | ***Real Estate - 0.00%<sup>(d)</sup>*** | ***Real Estate - 0.00%<sup>(d)</sup>*** | ***Real Estate - 0.00%<sup>(d)</sup>*** | ***Real Estate - 0.00%<sup>(d)</sup>*** | ***Real Estate - 0.00%<sup>(d)</sup>*** |
|  | 55000 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.<sup>(g)</sup> | 7.00% | 04/15/2030 |  | 51434 |
| ***REITS - 0.28%*** | ***REITS - 0.28%*** | ***REITS - 0.28%*** | ***REITS - 0.28%*** | ***REITS - 0.28%*** | ***REITS - 0.28%*** | ***REITS - 0.28%*** |
|  | 114000 | Agree LP | 2.60% | 06/15/2033 |  | 95005 |
|  | 335000 | American Homes 4 Rent LP | 5.50% | 02/01/2034 |  | 340782 |
|  | 110000 | American Tower Corp. | 5.55% | 07/15/2033 |  | 113520 |
|  | 86000 | American Tower Corp. | 3.70% | 10/15/2049 |  | 62925 |
|  | 98000 | Americold Realty Operating Partnership LP | 5.60% | 05/15/2032 |  | 98526 |
|  | 200000 | Crown Castle, Inc. | 3.65% | 09/01/2027 |  | 196621 |
|  | 231000 | Extra Space Storage LP | 5.40% | 02/01/2034 |  | 234743 |
|  | 303000 | First Industrial LP | 5.25% | 01/15/2031 |  | 306684 |
|  | 100000 | Iron Mountain, Inc.<sup>(g)</sup> | 7.00% | 02/15/2029 |  | 103587 |
|  | 25000 | Iron Mountain, Inc.<sup>(g)</sup> | 6.25% | 01/15/2033 |  | 25723 |
|  | 238000 | Lineage OP LP<sup>(g)</sup> | 5.25% | 07/15/2030 |  | 239536 |
|  | 118000 | Omega Healthcare Investors, Inc. | 4.75% | 01/15/2028 |  | 118582 |
|  | 136000 | Omega Healthcare Investors, Inc. | 3.25% | 04/15/2033 |  | 117469 |
|  | 175000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer<sup>(g)</sup> | 7.00% | 02/01/2030 |  | 180086 |
|  | 173000 | Phillips Edison Grocery Center Operating Partnership I LP | 5.75% | 07/15/2034 |  | 178044 |
|  | 135000 | Realty Income Corp. | 5.13% | 04/15/2035 |  | 135227 |
|  | 100000 | RHP Hotel Properties LP / RHP Finance Corp.<sup>(g)</sup> | 6.50% | 06/15/2033 |  | 102937 |
|  | 111000 | Sabra Health Care LP | 3.20% | 12/01/2031 |  | 98972 |
|  | 276000 | Sun Communities Operating LP | 2.70% | 07/15/2031 |  | 244758 |
|  | 45000 | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC<sup>(g)</sup> | 8.63% | 06/15/2032 |  | 45495 |
|  | 241000 | VICI Properties LP / VICI Note Co., Inc.<sup>(g)</sup> | 4.63% | 12/01/2029 |  | 236868 |
|  |  |  |  |  |  | 3276090 |
| ***Retail - 0.13%*** | ***Retail - 0.13%*** | ***Retail - 0.13%*** | ***Retail - 0.13%*** | ***Retail - 0.13%*** | ***Retail - 0.13%*** | ***Retail - 0.13%*** |
|  | 191000 | AutoNation, Inc. | 5.89% | 03/15/2035 |  | 193852 |
|  | 232000 | AutoZone, Inc. | 5.13% | 06/15/2030 |  | 237949 |
|  | 42971 | Carvana Co.<sup>(g)(i)</sup> | 9.00% (12.00%) | &nbsp;&nbsp;&nbsp;&nbsp;12/01/2028 |  | 44119 |
|  | 20000 | Carvana Co.<sup>(g)(i)</sup> | 9.00% (13.00%) | &nbsp;&nbsp;&nbsp;&nbsp;06/01/2030 |  | 21045 |
|  | 65000 | Cougar JV Subsidiary LLC<sup>(g)</sup> | 8.00% | 05/15/2032 |  | 69350 |
|  | 30000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.<sup>(g)</sup> | 6.75% | 01/15/2030 |  | 27708 |
|  | 230000 | Genuine Parts Co. | 4.95% | 08/15/2029 |  | 233626 |
|  | 134000 | Lowe's Cos., Inc. | 5.63% | 04/15/2053 |  | 128983 |
|  | 265000 | McDonald's Corp. | 4.45% | 03/01/2047 |  | 224181 |
|  | 30000 | Michaels Cos., Inc.<sup>(g)</sup> | 5.25% | 05/01/2028 |  | 24135 |
|  | 116000 | O'Reilly Automotive, Inc. | 5.00% | 08/19/2034 |  | 114950 |
|  | 45000 | QXO Building Products, Inc.<sup>(g)</sup> | 6.75% | 04/30/2032 |  | 46471 |
|  | 65000 | Staples, Inc.<sup>(g)</sup> | 10.75% | 09/01/2029 |  | 61843 |
|  | 95000 | Victra Holdings LLC / Victra Finance Corp.<sup>(g)</sup> | 8.75% | 09/15/2029 |  | 99644 |
|  |  |  |  |  |  | 1527856 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| ***Semiconductors - 0.11%*** | ***Semiconductors - 0.11%*** | ***Semiconductors - 0.11%*** | ***Semiconductors - 0.11%*** | ***Semiconductors - 0.11%*** |
| $609000 | Broadcom, Inc.<sup>(g)</sup> | 3.50% | 02/15/2041 | $482955 |
| 200000 | Foundry JV Holdco LLC<sup>(g)</sup> | 6.40% | 01/25/2038 | 210876 |
| 438000 | Marvell Technology, Inc. | 5.95% | 09/15/2033 | 462764 |
| 133000 | Qorvo, Inc.<sup>(g)</sup> | 3.38% | 04/01/2031 | 120052 |
|  |  |  |  | 1276647 |
| ***Software - 0.15%*** | ***Software - 0.15%*** | ***Software - 0.15%*** | ***Software - 0.15%*** | ***Software - 0.15%*** |
| 114000 | AppLovin Corp. | 5.38% | 12/01/2031 | 116054 |
| 70000 | AthenaHealth Group, Inc.<sup>(g)</sup> | 6.50% | 02/15/2030 | 68965 |
| 109000 | Cadence Design Systems, Inc. | 4.70% | 09/10/2034 | 107725 |
| 35000 | CoreWeave, Inc.<sup>(g)</sup> | 9.25% | 06/01/2030 | 35811 |
| 60000 | Ellucian Holdings, Inc.<sup>(g)</sup> | 6.50% | 12/01/2029 | 61512 |
| 213000 | Fiserv, Inc. | 5.45% | 03/15/2034 | 218295 |
| 194000 | Intuit, Inc. | 5.50% | 09/15/2053 | 192771 |
| 83000 | Oracle Corp. | 3.80% | 11/15/2037 | 71098 |
| 148000 | Oracle Corp. | 5.38% | 09/27/2054 | 135391 |
| 465000 | Paychex, Inc. | 5.35% | 04/15/2032 | 477690 |
| 213000 | Workday, Inc. | 3.70% | 04/01/2029 | 208105 |
| 124000 | Workday, Inc. | 3.80% | 04/01/2032 | 116563 |
|  |  |  |  | 1809980 |
| ***Telecommunications - 0.16%*** | ***Telecommunications - 0.16%*** | ***Telecommunications - 0.16%*** | ***Telecommunications - 0.16%*** | ***Telecommunications - 0.16%*** |
| 500000 | AT&T, Inc. | 4.30% | 02/15/2030 | 498536 |
| 672000 | AT&T, Inc. | 3.50% | 09/15/2053 | 455204 |
| 65000 | CommScope LLC<sup>(g)</sup> | 9.50% | 12/15/2031 | 68116 |
| 50000 | EchoStar Corp. | 10.75% | 11/30/2029 | 51542 |
| 50000 | Level 3 Financing, Inc.<sup>(g)</sup> | 4.50% | 04/01/2030 | 45500 |
| 115000 | Level 3 Financing, Inc.<sup>(g)</sup> | 6.88% | 06/30/2033 | 117098 |
| 197000 | Motorola Solutions, Inc. | 5.20% | 08/15/2032 | 200381 |
| 261000 | T-Mobile USA, Inc. | 3.40% | 10/15/2052 | 174508 |
| 146000 | T-Mobile USA, Inc. | 5.25% | 06/15/2055 | 133431 |
| 142000 | T-Mobile USA, Inc. | 5.88% | 11/15/2055 | 142041 |
| 35000 | Windstream Services LLC / Windstream Escrow Finance Corp.<sup>(g)</sup> | 8.25% | 10/01/2031 | 36685 |
|  |  |  |  | 1923042 |
| ***Transportation - 0.21%*** | ***Transportation - 0.21%*** | ***Transportation - 0.21%*** | ***Transportation - 0.21%*** | ***Transportation - 0.21%*** |
| 1160000 | Burlington Northern Santa Fe LLC | 5.20% | 04/15/2054 | 1099162 |
| 584000 | CSX Corp. | 3.80% | 11/01/2046 | 453633 |
| 130000 | Genesee & Wyoming, Inc.<sup>(g)</sup> | 6.25% | 04/15/2032 | 132811 |
| 101000 | Norfolk Southern Corp. | 5.10% | 05/01/2035 | 101550 |
| 65000 | Star Leasing Co. LLC<sup>(g)</sup> | 7.63% | 02/15/2030 | 64511 |
| 500000 | Union Pacific Corp. | 3.70% | 03/01/2029 | 491840 |
| 60000 | Watco Cos. LLC / Watco Finance Corp.<sup>(g)</sup> | 7.13% | 08/01/2032 | 62763 |
| 135000 | XPO, Inc.<sup>(g)</sup> | 7.13% | 06/01/2031 | 141656 |
|  |  |  |  | 2547926 |
| ***Trucking & Leasing - 0.03%*** | ***Trucking & Leasing - 0.03%*** | ***Trucking & Leasing - 0.03%*** | ***Trucking & Leasing - 0.03%*** | ***Trucking & Leasing - 0.03%*** |
| 30000 | Fortress Transportation and Infrastructure Investors LLC<sup>(g)</sup> | 5.88% | 04/15/2033 | 29647 |
| 134000 | GATX Corp. | 5.50% | 06/15/2035 | 135785 |
| 230000 | Penske Truck Leasing Co. Lp / PTL Finance Corp.<sup>(g)</sup> | 5.25% | 02/01/2030 | 235491 |
|  |  |  |  | 400923 |
| TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS |
| (Cost $158,225,079) | (Cost $158,225,079) |  |  | 160542614 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** | **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** | **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** | **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** | **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** |
| ***Colombia - 0.03%*** | ***Colombia - 0.03%*** | ***Colombia - 0.03%*** | ***Colombia - 0.03%*** | ***Colombia - 0.03%*** |
| $600000 | Colombia Government International Bond | 4.13% | 05/15/2051 | $343014 |
| ***Dominican Republic - 0.01%*** | ***Dominican Republic - 0.01%*** | ***Dominican Republic - 0.01%*** | ***Dominican Republic - 0.01%*** | ***Dominican Republic - 0.01%*** |
| 100000 | Dominican Republic International Bond<sup>(h)</sup> | 5.95% | 01/25/2027 | 101110 |
| ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** |
| 300000 | Guatemala Government Bond<sup>(h)</sup> | 4.38% | 06/05/2027 | 295500 |
| ***Mexico - 0.02%*** | ***Mexico - 0.02%*** | ***Mexico - 0.02%*** | ***Mexico - 0.02%*** | ***Mexico - 0.02%*** |
| 200000 | Mexico Government International Bond | 6.34% | 05/04/2053 | 184020 |
| TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES | TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES | TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES | TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES | TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES |
| (Cost $1,169,962) | (Cost $1,169,962) |  |  | 923644 |
| **BANK LOANS - 1.76%<sup>(b)</sup>** | **BANK LOANS - 1.76%<sup>(b)</sup>** | **BANK LOANS - 1.76%<sup>(b)</sup>** | **BANK LOANS - 1.76%<sup>(b)</sup>** | **BANK LOANS - 1.76%<sup>(b)</sup>** |
| ***Canada - 0.10%*** | ***Canada - 0.10%*** | ***Canada - 0.10%*** | ***Canada - 0.10%*** | ***Canada - 0.10%*** |
| 388005 | Bausch + Lomb Corp., First Lien | 3M SOFR + 3.25%, 0.50% Floor | 05/10/2027 | 387807 |
| 325000 | Bausch and Lomb Corp | 3M SOFR + 4.25% | 12/18/2030 | 326017 |
| 388045 | Garda World Security Corp., First Lien | 3M SOFR + 4.50% | 02/01/2029 | 389568 |
| 43975 | Kronos Acquisition Holdings, Inc., First Lien | 3M SOFR + 4.00% | 07/08/2031 | 39534 |
|  |  |  |  | 1142926 |
| ***Cayman Islands - 0.01%*** | ***Cayman Islands - 0.01%*** | ***Cayman Islands - 0.01%*** | ***Cayman Islands - 0.01%*** | ***Cayman Islands - 0.01%*** |
| 155000 | AAdvantage Loyalty IP, Ltd., First Lien | 3M SOFR + 3.25% | 05/28/2032 | 156201 |
| ***Great Britain - 0.02%*** | ***Great Britain - 0.02%*** | ***Great Britain - 0.02%*** | ***Great Britain - 0.02%*** | ***Great Britain - 0.02%*** |
| 200000 | Ardonagh Midco 3 Limited | 6M SOFR + 2.75% | 02/15/2031 | 199000 |
| 16154 | Inmarsat PLC, First Lien - B Term Loan | 3M SOFR + 5.25% | 11/21/2031 | 16255 |
|  |  |  |  | 215255 |
| ***Ireland - 0.00%<sup>(d)</sup>*** | ***Ireland - 0.00%<sup>(d)</sup>*** | ***Ireland - 0.00%<sup>(d)</sup>*** | ***Ireland - 0.00%<sup>(d)</sup>*** | ***Ireland - 0.00%<sup>(d)</sup>*** |
| 60000 | Flutter Entertainment Public Limited | 3M CME TERM + 2.00% | 05/22/2032 | 60075 |
| ***Luxembourg - 0.01%*** | ***Luxembourg - 0.01%*** | ***Luxembourg - 0.01%*** | ***Luxembourg - 0.01%*** | ***Luxembourg - 0.01%*** |
| 209702 | Travelport Finance Luxembourg SARL 1L, 2021, First Lien - Initial (Priority) Term Loan | 3M SOFR + 5.145%, 1.00% Floor | 09/29/2028 | 162978 |
| ***Netherlands - 0.02%*** | ***Netherlands - 0.02%*** | ***Netherlands - 0.02%*** | ***Netherlands - 0.02%*** | ***Netherlands - 0.02%*** |
| 200000 | Yinson Bergenia Production BV<sup>(g)</sup> | 8.50% | 01/31/2045 | 202966 |
| ***United States - 1.60%*** | ***United States - 1.60%*** | ***United States - 1.60%*** | ***United States - 1.60%*** | ***United States - 1.60%*** |
| 392964 | ADMI Corp., First Lien | 1M SOFR + 3.75%, 0.50% Floor | 12/23/2027 | 375772 |
| 385000 | AI Aqua Merger Sub, Inc., First Lien | 1M SOFR + 3.00%, 0.50% Floor | 07/31/2028 | 384888 |
| 155000 | Alera Group Inc | 3M CME TERM + 3.25% | 05/21/2032 | 155639 |
| 388050 | Alliant Holdings Intermediate LLC, First Lien | 1M SOFR + 2.75% | 09/19/2031 | 388578 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $238270 | Allied Universal Holdco LLC, First Lien - Initial U.S. Dollar Term Loan | 1M SOFR + 3.75%, 0.50% Floor | 04/07/2028 | $239675 |
| 100000 | Arches Buyer, Inc., First Lien | 1M SOFR + 3.25%, 0.50% Floor | 12/06/2027 | 98893 |
| 388997 | Ascend Learning LLC, First Lien | 3M SOFR + 3.50%, 0.50% Floor | 12/11/2028 | 389381 |
| 19900 | Aspire Bakeries 12/23 TL | 3M SOFR + 4.25% | 12/30/2030 | 20002 |
| 1559522 | Astra Acquisition Corp., Second Lien - Initial Term Loan | 3M SOFR + 8.88% | 10/22/2029 | 10402 |
| 392965 | Aveanna Healthcare LLC, First Lien | 3M SOFR + 3.75%, 0.50% Floor | 07/17/2028 | 385475 |
| 90000 | Beach Acquisition Bidco LLC | 3M SOFR + 3.25% | 06/28/2032 | 90563 |
| 195000 | Boxer Parent Co., Inc., Second Lien | 3M SOFR + 5.75% | 07/30/2032 | 190248 |
| 388045 | BroadStreet Partners, Inc., First Lien | 1M SOFR + 3.00% | 06/13/2031 | 388947 |
| 140000 | Camelot US Acquisition LLC | 1M SOFR + 3.25% | 01/31/2031 | 140263 |
| 205429 | Central Parent LLC, First Lien | 3M SOFR + 3.25% | 07/06/2029 | 172057 |
| 383021 | Chariot Buyer LLC, First Lien | 1M SOFR + 3.25%, 0.50% Floor | 11/03/2028 | 384108 |
| 25000 | CLEARWATER ANALYTICS LLC | 6M SOFR + 2.25% | 02/07/2032 | 25031 |
| 190000 | ClubCorp Holdings, Inc., First Lien | 3M SOFR + 5.00% | 09/18/2026 | 190475 |
| 390000 | COLOSSUS ACQUIRECO LLC | 3M SOFR + 1.75% | 06/12/2032 | 387904 |
| 240000 | CommScope, Inc. | 1M SOFR + 5.25% | 12/17/2029 | 243275 |
| 1630000 | Constant Contact, Inc., Second Lien - Initial Term Loan | 3M SOFR + 7.50%, 0.75% Floor | 02/12/2029 | 1399762 |
| 99750 | Crown Finance US, Inc., First Lien | 1M SOFR + 5.25% | 12/02/2031 | 99850 |
| 390000 | Cube Industrials 10/24 | 3M SOFR + 3.25% | 10/09/2031 | 392558 |
| 99487 | Dexko Global, Inc., First Lien | 1M SOFR + 3.75%, 0.50% Floor | 10/04/2028 | 95447 |
| 387990 | DG Investment Intermediate Holdings 2, Inc., First Lien | 1M SOFR + 3.50%, 0.75% Floor | 03/31/2028 | 389189 |
| 190349 | Directv Financing LLC, First Lien | 3M SOFR + 5.25%, 0.75% Floor | 08/02/2029 | 189224 |
| 194513 | Edelman Financial Engines Center LLC, First Lien | 1M SOFR + 3.00% | 04/07/2028 | 194945 |
| 195000 | Edelman Financial Engines Center LLC, Second Lien | 1M SOFR + 5.25% | 10/06/2028 | 196048 |
| 170721 | EG America LLC, First Lien | 3M SOFR + 4.25% | 02/07/2028 | 171711 |
| 228000 | Fertitta Entertainment, LLC, First Lien | 1M SOFR + 3.50% | 01/13/2029 | 228009 |
| 333925 | Focus Financial Partners LLC, First Lien | 1M SOFR + 2.75% | 09/15/2031 | 333593 |
| 181852 | Freeport LNG Investments LLLP, First Lien | 3M SOFR + 3.25%, 0.50% Floor | 12/21/2028 | 182269 |
| 402896 | Gainwell Acquisition Corp., First Lien - B Term Loan | 3M SOFR + 4.00%, 0.75% Floor | 10/01/2027 | 389097 |
| 170833 | GC Ferry Acquisition I Inc | 3M SOFR + 0.00% | 06/06/2032 | 168057 |
| 29167 | GC FERRY ACQUISITION I INC | 3M SOFR + 0.00% | 06/06/2032 | 28674 |
| 35004 | Golden State Foods 10/24 | 1M SOFR + 4.25% | 10/07/2031 | 35216 |
| 145000 | Grant Thornton Advisors LLC, First Lien | 1M SOFR + 3.00% | 05/30/2031 | 145417 |
| 108022 | Great Outdoors Group LLC, First Lien | 1M SOFR + 3.25%, 0.75% Floor | 01/16/2032 | 108040 |
| 30000 | Herc Holdings Inc | 3M SOFR + 2.00% | 05/17/2032 | 30150 |
| 388050 | Hexion Holdings Corp., First Lien | 1M SOFR + 4.00%, 0.50% Floor | 03/15/2029 | 387685 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $240000 | Hightower Holding LLC, First Lien | 3M SOFR + 3.00% | 02/03/2032 | $239801 |
| 383078 | INEOS US Petrochem LLC, First Lien | 1M SOFR + 4.25% | 04/02/2029 | 357699 |
| 388045 | Kenan Advantage Group, Inc., First Lien | 1M SOFR + 3.25% | 01/25/2029 | 383195 |
| 393020 | LBM Acquisition LLC, First Lien | 1M SOFR + 3.75%, 0.75% Floor | 06/06/2031 | 368456 |
| 169724 | LC Ahab US Bidco LLC, First Lien | 3M SOFR + 3.00% | 05/01/2031 | 169831 |
| 235000 | LifePoint Health, Inc., First Lien | 3M SOFR + 3.75% | 05/19/2031 | 232870 |
| 98938 | LSF9 ATLANTIS HLDGS LLC | 3M SOFR + 4.25% | 03/31/2029 | 99092 |
| 195000 | Madison IAQ LLC, First Lien | 1M CME TERM SOFR + 7.57%, 0.50% Floor | 03/28/2032 | 195771 |
| 45000 | Mavis Tire Express Services Topco Corp., First Lien | 3M SOFR + 3.00%, 0.75% Floor | 05/04/2028 | 45034 |
| 115000 | MH Sub I LLC, First Lien | 1M SOFR + 4.25%, 0.50% Floor | 12/31/2031 | 100230 |
| 55000 | Michaels Cos., Inc., First Lien | 3M SOFR + 4.25%, 0.75% Floor | 04/17/2028 | 46234 |
| 362689 | Mister Car Wash Holdings, Inc., First Lien | 1M SOFR + 2.50% | 03/27/2031 | 363823 |
| 194025 | Mitchell International, Inc., First Lien | 3M SOFR + 3.25%, 0.50% Floor | 06/17/2031 | 194089 |
| 40000 | Mitchell International, Inc., Second Lien | 1M SOFR + 5.25%, 0.50% Floor | 06/17/2032 | 39510 |
| 150000 | MITER Brands Acquisition Holdco, Inc., First Lien | 1M SOFR + 3.00% | 03/28/2031 | 150512 |
| 215232 | NEP Group, Inc., First Lien | 3M SOFR + 4.75% | 08/19/2026 | 198888 |
| 228045 | OneDigital Borrower LLC, First Lien | 1M SOFR + 3.00%, 0.50% Floor | 07/02/2031 | 227974 |
| 320000 | OPAL US LLC | 1M SOFR + 3.00% | 03/01/2032 | 321701 |
| 105000 | QXO Building Products, Inc., First Lien | 3M SOFR + 3.00% | 04/30/2032 | 105848 |
| 401106 | Radiology Partners 2/24 | 3M SOFR + 3.50% | 01/31/2029 | 401440 |
| 225000 | Radiology Partners Inc | 3M SOFR + 4.50% | 06/26/2032 | 223453 |
| 397949 | Restaurant Technologies, Inc. TLB 1L | 3M SOFR + 4.25% | 03/17/2029 | 395296 |
| 105000 | Sabre GLBL, Inc., First Lien | 1M SOFR + 5.00%, 0.50% Floor | 06/30/2028 | 104501 |
| 25000 | Sabre GLBL, Inc., First Lien | 1M SOFR + 6.00%, 0.50% Floor | 11/15/2029 | 25000 |
| 105086 | SAVOR ACQUISITION INC | 1M SOFR + 3.25% | 02/04/2032 | 105849 |
| 9914 | SAVOR ACQUISITION INC | 3M SOFR + 3.75% | 02/04/2032 | 9986 |
| 193846 | Signia Aerospace 11/24 TL | 3M SOFR + 3.00% | 11/21/2031 | 195058 |
| 104213 | Staples, Inc., First Lien | 3M SOFR + 5.75%, 0.50% Floor | 09/04/2029 | 96434 |
| 388016 | STUBHUB HLDGS INC, TL | 3M SOFR + 4.75% | 03/12/2030 | 377667 |
| 198850 | Team Health Holdings, Inc., First Lien | 3M SOFR + 5.25%, 1.00% Floor | 03/02/2027 | 198166 |
| 135000 | TECTA AMERICA CORP | 1M SOFR + 3.00% | 02/12/2032 | 135464 |
| 351266 | Tiger Acquisition LLC, First Lien | 3M SOFR + 3.00% | 06/01/2028 | 352487 |
| 175000 | Trucordia Insurance Holdings LLC, First Lien | 1M SOFR + 3.25% | 06/17/2032 | 175547 |
| 194003 | Univision Communications, Inc., First Lien | 3M SOFR + 4.25%, 0.50% Floor | 06/24/2029 | 193680 |
| 199008 | Vantage Specialty Chemicals, Inc., First Lien | 3M SOFR + 4.75%, 0.50% Floor | 10/26/2026 | 193179 |
| 79850 | Veritiv Operating Co., First Lien | 3M SOFR + 4.00% | 11/30/2030 | 80229 |
| 145000 | Vestis Corp., First Lien | 3M SOFR + 2.25% | 02/24/2031 | 139562 |
| 425000 | VOYAGER PARENT LLC | 3M SOFR + 0.00% | 05/08/2032 | 421222 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 377284 | Wand NewCo 3, Inc., First Lien | 1M SOFR + 2.50% | 01/30/2031 | $| 376035 |
|  | 198549 | WaterBridge Midstream Operating LLC, First Lien | 3M SOFR + 4.75% | 06/27/2029 |  | 198017 |
|  | 388050 | WaterBridge NDB Operating LLC, First Lien | 3M SOFR + 4.00% | 05/10/2029 |  | 388535 |
|  | 408975 | White Cap Supply Holdings LLC, First Lien | 1M SOFR + 3.25% | 10/19/2029 |  | 407366 |
|  | 45000 | WHITEWATER MATTERHORN HOLDING LLC | 3M SOFR + 2.25% | 05/12/2032 |  | 45038 |
|  | 95000 | Zayo Group Holdings, Inc., First Lien | 1M SOFR + 4.25%, 0.50% Floor | 03/09/2027 |  | 91487 |
|  |  |  |  |  |  | 18997773 |
| TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS |
| (Cost $22,791,741) | (Cost $22,791,741) | (Cost $22,791,741) |  |  |  | 20938174 |
| **COLLATERALIZED LOAN OBLIGATIONS - 4.59%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.59%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.59%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.59%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.59%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.59%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.59%** |
| ***Cayman Islands - 4.17%*** | ***Cayman Islands - 4.17%*** | ***Cayman Islands - 4.17%*** | ***Cayman Islands - 4.17%*** | ***Cayman Islands - 4.17%*** | ***Cayman Islands - 4.17%*** | ***Cayman Islands - 4.17%*** |
|  |  | Apidos CLO XXIV |  |  |  |  |
|  | 1000000 | Series 2018-24A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.06% | 10/20/2030 |  | 1002287 |
|  |  | Barings CLO, Ltd. |  |  |  |  |
|  | 500000 | Series 2018-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.08% | 10/15/2030 |  | 495941 |
|  |  | Barings CLO, Ltd. 2019-I |  |  |  |  |
|  | 1500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.12% | 04/15/2035 |  | 1508790 |
|  |  | Beechwood Park CLO, Ltd. |  |  |  |  |
|  | 500000 | Series 2022-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.50% | 01/17/2035 |  | 502256 |
|  |  | Benefit Street Partners CLO IX, Ltd. |  |  |  |  |
|  | 1000000 | Series 2024-9A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.10% | 10/20/2037 |  | 997961 |
|  |  | Benefit Street Partners Clo XXXVII, Ltd. |  |  |  |  |
|  | 1000000 | Series 2024-37A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.85% | 01/25/2038 |  | 993689 |
|  |  | BlueMountain Fuji US CLO II, Ltd. |  |  |  |  |
|  | 1000000 | Series 2017-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.26% | 10/20/2030 |  | 990588 |
|  |  | Buttermilk Park CLO, Ltd. |  |  |  |  |
|  | 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 10/15/2031 |  | 1002534 |
|  |  | Canyon Capital CLO, Ltd. |  |  |  |  |
|  | 1500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.76% | 01/30/2031 |  | 1428829 |
|  | 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 07/15/2031 |  | 992112 |
|  |  | Canyon CLO 2020-1, Ltd. |  |  |  |  |
|  | 500000 | Series 2024-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.10% | 07/15/2034 |  | 500961 |
|  |  | Canyon CLO 2021-3, Ltd. |  |  |  |  |
|  | 1000000 | Series 2021-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.31% | 07/15/2034 |  | 1011012 |
|  |  | Canyon CLO 2021-4, Ltd. |  |  |  |  |
|  | 1000000 | Series 2021-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.56% | 10/15/2034 |  | 1002971 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Carlyle Global Market Strategies CLO, Ltd. |  |  |  |
| $1000000 | Series 2018-2RA<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.61% | 05/15/2031 | $997086 |
|  | Carlyle US CLO 2020-2, Ltd. |  |  |  |
| 2000000 | Series 2021-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.96% | 01/25/2035 | 2010757 |
|  | Carlyle US CLO 2022-5, Ltd. |  |  |  |
| 500000 | Series 2024-5A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.15% | 10/15/2037 | 503288 |
|  | Chenango Park CLO, Ltd. |  |  |  |
| 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.06% | 04/15/2030 | 992019 |
|  | Crown Point CLO IV, Ltd. |  |  |  |
| 500000 | Series 2018-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.16% | 04/20/2031 | 500000 |
|  | Empower CLO 2022-1, Ltd. |  |  |  |
| 500000 | Series 2024-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.00% | 10/20/2037 | 498308 |
|  | Lakeside Park CLO, Ltd. |  |  |  |
| 1000000 | Series 2025-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 4.60% | 04/15/2038 | 979898 |
|  | Lewey Park CLO, Ltd. |  |  |  |
| 500000 | Series 2024-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.95% | 10/21/2037 | 500638 |
|  | Milos CLO, Ltd. |  |  |  |
| 500000 | Series 2020-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.41% | 10/20/2030 | 499278 |
|  | Neuberger Berman Loan Advisers Clo 44, Ltd. |  |  |  |
| 500000 | Series 2025-44A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.65% | 10/16/2035 | 499979 |
| 1000000 | Series 2025-44A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.15% | 10/16/2035 | 998945 |
|  | Neuberger Berman Loan Advisers CLO 46, Ltd. |  |  |  |
| 500000 | Series 2025-46A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.65% | 01/20/2037 | 501063 |
|  | Point Au Roche Park CLO, Ltd. |  |  |  |
| 500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.36% | 07/20/2034 | 495951 |
|  | Rockland Park CLO, Ltd. |  |  |  |
| 500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.51% | 04/20/2034 | 502226 |
|  | Sound Point CLO XVIII, Ltd. |  |  |  |
| 2000000 | Series 2018-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.76% | 01/21/2031 | 1953132 |
|  | Sound Point CLO XXIII |  |  |  |
| 500000 | Series 2021-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.56% | 07/15/2034 | 485640 |
|  | Sound Point CLO XXIV |  |  |  |
| 1375000 | Series 2021-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.98% | 10/25/2034 | 1172525 |
| 500000 | Series 2021-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.76% | 10/25/2034 | 490169 |
|  | Sound Point CLO XXVI, Ltd. |  |  |  |
| 500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.61% | 07/20/2034 | 501493 |
|  | Sound Point CLO XXVIII, Ltd. |  |  |  |
| 1000000 | Series 2020-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.16% | 01/25/2032 | 984416 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Sound Point CLO XXXII, Ltd. |  |  |  |
| $500000 | Series 2021-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.66% | 10/25/2034 | $485514 |
| 500000 | Series 2021-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.96% | 10/25/2034 | 443107 |
|  | THL Credit Wind River 2017-1 CLO, Ltd. |  |  |  |
| 1400000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.98% | 04/18/2036 | 1404059 |
|  | THL Credit Wind River 2017-3 CLO, Ltd. |  |  |  |
| 500000 | Series 2021-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.31% | 04/15/2035 | 484672 |
|  | THL Credit Wind River CLO, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.16% | 07/15/2030 | 501706 |
| 2000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.76% | 07/15/2030 | 2010328 |
| 1000000 | Series 2018-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 07/15/2030 | 959999 |
| 1000000 | Series 2018-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.66% | 10/22/2031 | 1015623 |
| 1000000 | Series 2018-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.48% | 10/22/2031 | 923504 |
|  | Trestles CLO VI, Ltd. |  |  |  |
| 500000 | Series 2025-6A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 1.18% | 04/25/2038 | 498890 |
|  | Trestles CLO VIII, Ltd. |  |  |  |
| 1000000 | Series 2025-8A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 1.33% | 06/11/2035 | 1000000 |
|  | Upland CLO, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.16% | 04/20/2031 | 498995 |
|  | Vibrant Clo III, Ltd. |  |  |  |
| 1050000 | Series 2018-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.76% | 10/20/2031 | 1059359 |
|  | Vibrant CLO IV-R, Ltd. |  |  |  |
| 1000000 | Series 2024-4RA<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.75% | 10/20/2037 | 1006192 |
|  | Voya CLO 2017-2 |  |  |  |
| 1000000 | Series 2017-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.28% | 06/07/2030 | 970035 |
|  | Voya CLO 2020-1, Ltd. |  |  |  |
| 1000000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.61% | 07/16/2034 | 1004338 |
|  | Voya CLO 2021-1, Ltd. |  |  |  |
| 500000 | Series 2025-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.80% | 07/15/2034 | 500727 |
|  | Voya CLO, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.06% | 04/18/2031 | 505758 |
| 1000000 | Series 2018-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.51% | 07/15/2031 | 959474 |
| 500000 | Series 2018-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.46% | 10/20/2031 | 477851 |
| 500000 | Series 2018-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.21% | 07/14/2031 | 493168 |
|  | Wellfleet CLO 2021-1, Ltd. |  |  |  |
| 1000000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.87% | 04/20/2034 | 970738 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
|  | Wind River 2013-1 CLO, Ltd. |  |  |  |  |
| 500000 | Series 2017-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.91% | 07/20/2030 | $| 502985 |
|  | Wind River 2021-1 CLO, Ltd. |  |  |  |  |
| 1000000 | Series 2024-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.95% | 07/20/2037 |  | 1006215 |
|  | Wind River 2021-2 CLO, Ltd. |  |  |  |  |
| 500000 | Series 2021-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.69% | 07/20/2034 |  | 469549 |
|  | Wind River 2021-3 CLO, Ltd. |  |  |  |  |
| 1000000 | Series 2025-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.00% | 04/20/2038 |  | 989777 |
|  |  |  |  |  | 49639305 |
| ***Jersey - 0.42%*** | ***Jersey - 0.42%*** | ***Jersey - 0.42%*** | ***Jersey - 0.42%*** | ***Jersey - 0.42%*** | ***Jersey - 0.42%*** |
|  | Bain Capital Credit Clo 2019-4, Ltd. |  |  |  |  |
| 500000 | Series 2025-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.90% | 04/23/2035 |  | 492704 |
|  | Bain Capital Credit CLO 2022-3, Ltd. |  |  |  |  |
| 1000000 | Series 2022-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.35% | 07/17/2035 |  | 1004980 |
|  | Bain Capital Credit CLO 2023-3, Ltd. |  |  |  |  |
| 500000 | Series 2023-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.25% | 07/24/2036 |  | 500900 |
|  | Generate Clo 13, Ltd. |  |  |  |  |
| 500000 | Series 2023-13A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 1.80% | 01/20/2037 |  | 502427 |
|  | Katayma CLO I, Ltd. |  |  |  |  |
| 500000 | Series 2023-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.25% | 10/20/2036 |  | 504790 |
|  | Storm King Park CLO, Ltd. |  |  |  |  |
| 1000000 | Series 2024-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 1.36% | 10/15/2037 |  | 1003012 |
|  | Voya CLO 2022-3, Ltd. |  |  |  |  |
| 1000000 | Series 2023-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 4.50% | 10/20/2036 |  | 1003191 |
|  |  |  |  |  | 5012004 |
| TOTAL COLLATERALIZED LOAN OBLIGATIONS | TOTAL COLLATERALIZED LOAN OBLIGATIONS | TOTAL COLLATERALIZED LOAN OBLIGATIONS | TOTAL COLLATERALIZED LOAN OBLIGATIONS | TOTAL COLLATERALIZED LOAN OBLIGATIONS | TOTAL COLLATERALIZED LOAN OBLIGATIONS |
| (Cost $54,854,583) | (Cost $54,854,583) |  |  |  | 54651309 |
| **EQUITY - LINKED NOTES - 0.00%(d)** | **EQUITY - LINKED NOTES - 0.00%(d)** | **EQUITY - LINKED NOTES - 0.00%(d)** | **EQUITY - LINKED NOTES - 0.00%(d)** | **EQUITY - LINKED NOTES - 0.00%(d)** | **EQUITY - LINKED NOTES - 0.00%(d)** |
| ***Spain - 0.00%*** | ***Spain - 0.00%*** | ***Spain - 0.00%*** | ***Spain - 0.00%*** | ***Spain - 0.00%*** | ***Spain - 0.00%*** |
| 263093 | Inverpamplona SA<sup>(e)(l)</sup> | 0.00% | 12/30/2028 |  | – |
| TOTAL EQUITY - LINKED NOTES | TOTAL EQUITY - LINKED NOTES | TOTAL EQUITY - LINKED NOTES | TOTAL EQUITY - LINKED NOTES | TOTAL EQUITY - LINKED NOTES | TOTAL EQUITY - LINKED NOTES |
| (Cost $11,250) | (Cost $11,250) |  |  |  | – |
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 16.36%** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 16.36%** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 16.36%** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 16.36%** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 16.36%** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 16.36%** |
| ***Bermuda - 0.09%*** | ***Bermuda - 0.09%*** | ***Bermuda - 0.09%*** | ***Bermuda - 0.09%*** | ***Bermuda - 0.09%*** | ***Bermuda - 0.09%*** |
|  | MAPS 2018-1, Ltd. |  |  |  |  |
| 259772 | Series 2018-1A<sup>(g)</sup> | 6.41% | 05/15/2043 |  | 258488 |
|  | Start II, Ltd. |  |  |  |  |
| 337291 | Series 2019-1<sup>(g)</sup> | 6.41% | 03/15/2026 |  | 335578 |
|  | Start, Ltd. |  |  |  |  |
| 308072 | Series 2018-1<sup>(g)</sup> | 4.09% | 05/15/2043 |  | 308091 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
|  |  | Textainer Marine Containers VII, Ltd. |  |  |  |  |
| $| 230000 | Series 2024-1A<sup>(g)</sup> | 5.25% | 01/20/2036 | $| 230405 |
|  |  |  |  |  |  | 1132562 |
| ***Cayman Islands - 2.56%*** | ***Cayman Islands - 2.56%*** | ***Cayman Islands - 2.56%*** | ***Cayman Islands - 2.56%*** | ***Cayman Islands - 2.56%*** | ***Cayman Islands - 2.56%*** | ***Cayman Islands - 2.56%*** |
|  |  | Arbor Realty Commercial Real Estate Notes, Ltd. |  |  |  |  |
|  | 1100000 | Series 2022-FL1<sup>(b)(g)</sup> | 30D US SOFR + 2.30% | 01/15/2027 |  | 1091629 |
|  |  | AREIT |  |  |  |  |
|  | 1150000 | Series 2022-CRE6<sup>(b)(g)</sup> | 30D US SOFR + 3.40% | 01/17/2025 |  | 1146034 |
|  |  | AREIT, Ltd. |  |  |  |  |
|  | 220000 | Series 2024-CRE9<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.54% | 02/17/2029 |  | 218535 |
|  | 700000 | Series 2024-CRE9<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.29% | 02/17/2029 |  | 696337 |
|  | 910000 | Series 2025-CRE10<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.79% | 01/17/2030 |  | 868751 |
|  |  | BRSP, Ltd. |  |  |  |  |
|  | 136709 | Series 2021-FL1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.26% | 08/19/2038 |  | 136224 |
|  |  | BSPRT Issuer, Ltd. |  |  |  |  |
|  | 1200000 | Series 2021-FL7<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.51% | 12/15/2038 |  | 1150591 |
|  |  | Cathedral Lake VIII, Ltd. |  |  |  |  |
|  | 1000000 | Series 2021-8A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.88% | 01/20/2035 |  | 1004740 |
|  | 1000000 | Series 2021-8A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.68% | 01/20/2035 |  | 1011543 |
|  |  | Dryden 40 Senior Loan Fund |  |  |  |  |
|  | 1000000 | Series 2018-40A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 08/15/2031 |  | 938705 |
|  |  | Dryden 45 Senior Loan Fund |  |  |  |  |
|  | 1250000 | Series 2018-45A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.11% | 10/15/2030 |  | 1184665 |
|  |  | Greystone CRE Notes, Ltd. |  |  |  |  |
|  | 950000 | Series 2021-FL3<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.31% | 07/15/2039 |  | 939236 |
|  |  | HGI CRE CLO, Ltd. |  |  |  |  |
|  | 1000000 | Series 2021-FL1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.46% | 06/19/2036 |  | 997196 |
|  |  | Kestrel Aircraft Funding, Ltd. |  |  |  |  |
|  | 194031 | Series 2018-1A<sup>(g)</sup> | 4.25% | 10/15/2025 |  | 193567 |
|  |  | LCM 28, Ltd. |  |  |  |  |
|  | 1000000 | Series 2018-28A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 10/20/2030 |  | 700000 |
|  |  | LCM Loan Income Fund I Income Note Issuer, Ltd. |  |  |  |  |
|  | 500000 | Series 2018-27A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.86% | 07/16/2031 |  | 377712 |
|  |  | LCM XIV LP |  |  |  |  |
|  | 750000 | Series 2018-14A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.76% | 07/20/2031 |  | 568560 |
|  |  | LCM XVII LP |  |  |  |  |
|  | 1000000 | Series 2018-17A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.26% | 10/15/2031 |  | 764944 |
|  |  | LFT CRE, Ltd. |  |  |  |  |
|  | 116702 | Series 2021-FL1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.28% | 06/15/2039 |  | 116575 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | LoanCore Issuer, Ltd. |  |  |  |
| $625000 | Series 2021-CRE5<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.46% | 07/15/2036 | $621250 |
| 1000000 | Series 2021-CRE6<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.96448% | 11/15/2038 | 1000543 |
|  | MACH 1 Cayman, Ltd. |  |  |  |
| 435911 | Series 2019-1<sup>(g)</sup> | 3.47% | 08/15/2026 | 426213 |
|  | Magnetite XXIX, Ltd. |  |  |  |
| 500000 | Series 2024-29A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.00% | 07/15/2037 | 501458 |
|  | Magnetite Xxxiii, Ltd. |  |  |  |
| 500000 | Series 2024-33A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.00% | 10/20/2037 | 498644 |
| 1000000 | Series 2024-33A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.55% | 10/20/2037 | 1006117 |
|  | MF1, Ltd. |  |  |  |
| 300000 | Series 2021-FL7<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.86% | 10/16/2036 | 297726 |
| 937050 | Series 2021-FL7<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.16% | 10/16/2036 | 922772 |
|  | Octagon 59, Ltd. |  |  |  |
| 500000 | Series 2022-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.60% | 05/15/2035 | 489721 |
|  | Octagon Investment Partners 26, Ltd. |  |  |  |
| 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 8.35% | 07/15/2030 | 236531 |
|  | Octagon Investment Partners 37, Ltd. |  |  |  |
| 500000 | Series 2018-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.11% | 07/25/2030 | 505811 |
|  | Octagon Investment Partners 40, Ltd. |  |  |  |
| 500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.26% | 01/20/2035 | 480050 |
|  | Octagon Investment Partners 42, Ltd. |  |  |  |
| 1000000 | Series 2024-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.53% | 07/15/2037 | 1006137 |
|  | Octagon Investment Partners 46, Ltd. |  |  |  |
| 1000000 | Series 2021-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.86% | 07/15/2036 | 906021 |
|  | Octagon Investment Partners XVI, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.26% | 07/17/2030 | 501704 |
| 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 07/17/2030 | 959550 |
|  | Octagon Investment Partners XXII, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.71% | 01/22/2030 | 485877 |
|  | PFP, Ltd. |  |  |  |
| 298659 | Series 2024-11<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.49% | 08/17/2029 | 299298 |
| 585375 | Series 2024-11<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.99% | 08/17/2029 | 586612 |
|  | RR 2, Ltd. |  |  |  |
| 1000000 | Series 2021-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.06% | 04/15/2036 | 971574 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
|  |  | Sapphire Aviation Finance I, Ltd. |  |  |  |  |
| $| 79300 | Series 2018-1A<sup>(g)</sup> | 5.93% | 03/15/2040 | $| 79310 |
|  |  | STWD, Ltd. |  |  |  |  |
|  | 550000 | Series 2021-FL2<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.21% | 01/18/2026 |  | 544389 |
|  |  | Thunderbolt II Aircraft Lease, Ltd. |  |  |  |  |
|  | 1701606 | Series 2018-A<sup>(g)(m)</sup> | 5.07% | 09/15/2038 |  | 1684432 |
|  |  | TRTX Issuer, Ltd. |  |  |  |  |
|  | 193859 | Series 2021-FL4<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.31% | 03/15/2038 |  | 193851 |
|  | 1160000 | Series 2021-FL4<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.51% | 03/17/2038 |  | 1153388 |
|  |  |  |  |  |  | 30464523 |
| ***United States - 13.71%*** | ***United States - 13.71%*** | ***United States - 13.71%*** | ***United States - 13.71%*** | ***United States - 13.71%*** | ***United States - 13.71%*** | ***United States - 13.71%*** |
|  |  | 1345T |  |  |  |  |
|  | 420000 | Series 2025-AOA<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.00% | 06/15/2030 |  | 421772 |
|  |  | Aaset 2021-2 Trust |  |  |  |  |
|  | 339548 | Series 2021-2A<sup>(g)</sup> | 3.54% | 12/15/2028 |  | 317408 |
|  |  | AASET 2024-1 |  |  |  |  |
|  | 1196453 | Series 2024-1A<sup>(g)</sup> | 6.90% | 05/16/2031 |  | 1213550 |
|  |  | AASET 2024-2, Ltd. |  |  |  |  |
|  | 948383 | Series 2024-2A<sup>(g)</sup> | 6.61% | 09/16/2031 |  | 984863 |
|  |  | AASET 2025-1 |  |  |  |  |
|  | 731630 | Series 2025-1A<sup>(g)</sup> | 6.58% | 02/16/2032 |  | 747100 |
|  |  | ABFC Trust |  |  |  |  |
|  | 2304602 | Series 2007-WMC1<sup>(b)</sup> | 1M CME TERM SOFR + 1.36% | 06/25/2037 |  | 1643174 |
|  |  | Affirm Master Trust |  |  |  |  |
|  | 300000 | Series 2025-1A<sup>(g)</sup> | 5.62% | 02/15/2033 |  | 301149 |
|  |  | AMSR |  |  |  |  |
|  | 5000000 | Series 2021-SFR1<sup>(g)</sup> | 4.61% | 06/17/2028 |  | 4720557 |
|  |  | ARDN Mortgage Trust |  |  |  |  |
|  | 500000 | Series 2025-ARCP<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.50% | 06/15/2027 |  | 501244 |
|  |  | BANK |  |  |  |  |
|  | 10291000 | Series 2018-BN12<sup>(b)(g)(n)</sup> | 1.50% | 05/15/2061 |  | 352296 |
|  | 270000 | Series 2022-BNK39 | 3.18% | 01/15/2032 |  | 239872 |
|  | 165000 | Series 2022-BNK39<sup>(g)</sup> | 2.50% | 01/15/2032 |  | 108205 |
|  | 8008000 | Series 2025-BNK50<sup>(b)(n)</sup> | 0.35% | 05/15/2068 |  | 234010 |
|  |  | BANK 2019-BNK23 |  |  |  |  |
|  | 330000 | Series 2019-BN23 | 2.92% | 12/15/2052 |  | 307404 |
|  |  | BANK 2020-BNK27 |  |  |  |  |
|  | 16875000 | Series 2020-BN27<sup>(b)(g)(n)</sup> | 0.83% | 04/15/2030 |  | 501390 |
|  |  | BANK 2021-BNK35 |  |  |  |  |
|  | 316000 | Series 2021-BN35 | 2.29% | 07/15/2031 |  | 274260 |
|  |  | BANK 2021-BNK37 |  |  |  |  |
|  | 381000 | Series 2021-BN37<sup>(b)</sup> | 3.21% | 11/15/2031 |  | 310406 |
|  |  | Bank of America Merrill Lynch Commercial Mortgage Trust 2016-UBS10 |  |  |  |  |
|  | 1090000 | Series 2016-UB10<sup>(b)</sup> | 4.98% | 05/15/2026 |  | 1050222 |
|  |  | BANK5 |  |  |  |  |
|  | 311000 | Series 2024-5YR10 | 5.64% | 10/15/2029 |  | 318258 |
|  | 306000 | Series 2024-5YR9 | 5.61% | 08/15/2029 |  | 317082 |
|  | 160000 | Series 2025-5YR15<sup>(b)</sup> | 5.76% | 06/15/2030 |  | 165212 |
|  |  | BANK5 Trust |  |  |  |  |
|  | 235000 | Series 2024-5YR6 | 6.23% | 04/15/2029 |  | 247594 |
|  |  | BBCMS Mortgage Trust |  |  |  |  |
|  | 500000 | Series 2018-C2<sup>(b)</sup> | 5.13% | 12/15/2028 |  | 453772 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $519000 | Series 2022-C17 | 4.44% | 08/15/2032 | $504166 |
| 5542000 | Series 2024-5C27<sup>(b)(g)(n)</sup> | 2.97% | 06/15/2029 | 536452 |
| 310000 | Series 2024-5C29 | 5.21% | 09/15/2029 | 315639 |
| 233000 | Series 2024-5C29 | 5.51% | 09/15/2029 | 227369 |
| 450000 | Series 2024-5C29<sup>(g)</sup> | 4.00% | 09/15/2029 | 384406 |
| 235000 | Series 2025-5C34 | 5.66% | 04/15/2030 | 245319 |
|  | BBCMS Trust |  |  |  |
| 3000000 | Series 2018-CBM<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.85% | 07/15/2037 | 2189905 |
|  | BDS LLC |  |  |  |
| 300000 | Series 2022-FL11<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.35% | 03/19/2039 | 300242 |
|  | Benchmark Mortgage Trust |  |  |  |
| 8500631 | Series 2018-B2<sup>(b)(n)</sup> | 0.60% | 01/15/2028 | 75954 |
| 18993162 | Series 2018-B4<sup>(b)(n)</sup> | 0.62% | 06/15/2028 | 201504 |
| 1589000 | Series 2018-B4<sup>(b)(g)</sup> | 2.92% | 07/15/2028 | 1293960 |
| 300000 | Series 2019-B13 | 2.70% | 08/15/2029 | 280400 |
| 1130000 | Series 2019-B9<sup>(b)</sup> | 4.97% | 03/15/2052 | 991779 |
| 522000 | Series 2020-B18<sup>(g)</sup> | 4.14% | 08/15/2025 | 516110 |
| 1510000 | Series 2021-B31<sup>(g)</sup> | 2.25% | 11/15/2031 | 865223 |
| 280000 | Series 2022-B32<sup>(b)</sup> | 3.53% | 01/15/2032 | 243498 |
| 235000 | Series 2023-B38 | 5.63% | 04/15/2028 | 240606 |
| 320000 | Series 2024-V10 | 5.28% | 09/15/2029 | 327694 |
| 1200000 | Series 2024-V10<sup>(g)</sup> | 4.50% | 09/15/2029 | 1069696 |
| 235000 | Series 2024-V11<sup>(b)</sup> | 5.91% | 10/15/2029 | 246558 |
| 300000 | Series 2024-V8 | 5.71% | 05/15/2029 | 312067 |
| 235000 | Series 2024-V8<sup>(b)</sup> | 6.19% | 06/15/2029 | 248073 |
| 250000 | Series 2024-V8<sup>(g)</sup> | 4.00% | 07/15/2029 | 219765 |
| 305000 | Series 2024-V9 | 5.60% | 08/15/2029 | 315619 |
| 157000 | Series 2025-V15 | 6.18% | 05/15/2030 | 165132 |
| 20139000 | Series 2025-V15<sup>(b)(n)</sup> | 1.12% | 05/25/2030 | 978169 |
|  | Blackbird Capital II Aircraft Lease, Ltd. |  |  |  |
| 996755 | Series 2021-1A<sup>(g)</sup> | 3.45% | 07/15/2028 | 931922 |
|  | BMO Mortgage Trust |  |  |  |
| 7951000 | Series 2022-C1<sup>(b)(g)(n)</sup> | 1.89% | 02/15/2032 | 798630 |
| 182020 | Series 2023-C5 | 5.74% | 02/15/2028 | 184585 |
| 309000 | Series 2024-5C6 | 5.32% | 09/15/2029 | 316587 |
| 207000 | Series 2024-5C7<sup>(b)</sup> | 5.89% | 11/15/2029 | 213869 |
| 6394000 | Series 2024-C9<sup>(b)(g)(n)</sup> | 2.10% | 07/15/2034 | 849086 |
| 236000 | Series 2025-5C11 | 5.94% | 06/15/2030 | 245917 |
| 3440000 | Series 2025-C11<sup>(b)(g)(n)</sup> | 2.43% | 02/15/2035 | 563847 |
|  | BPR Trust |  |  |  |
| 191000 | Series 2021-TY<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.46% | 09/15/2038 | 189973 |
|  | BSPRT Issuer, Ltd. |  |  |  |
| 300000 | Series 2023-FL10<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.27% | 08/15/2028 | 298323 |
|  | Business Jet Securities 2024-2 LLC |  |  |  |
| 1025417 | Series 2024-2A<sup>(g)</sup> | 7.97% | 09/15/2030 | 1033262 |
|  | BX |  |  |  |
| 413000 | Series 2021-MFM1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.61% | 01/15/2034 | 412962 |
|  | BX Commercial Mortgage Trust |  |  |  |
| 1000000 | Series 2019-IMC<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.95% | 04/15/2034 | 982106 |
| 629558 | Series 2024-MF<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.69% | 02/15/2026 | 632438 |
|  | BX Trust |  |  |  |
| 970000 | Series 2019-OC11<sup>(b)(g)</sup> | 4.08% | 12/09/2029 | 894890 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $780000 | Series 2021-VIEW<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.01% | 06/15/2036 | $778477 |
| 335698 | Series 2024-CNYN<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.69% | 04/15/2041 | 336953 |
| 1030000 | Series 2025-ROIC<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.94% | 03/15/2027 | 993637 |
|  | Cantor Commercial Real Estate Lending |  |  |  |
| 1113000 | Series 2019-CF1<sup>(b)(g)</sup> | 4.12% | 05/15/2052 | 192468 |
|  | Cascade MH Asset Trust |  |  |  |
| 4601000 | Series 2019-MH1<sup>(b)(g)</sup> | 5.99% | 11/25/2044 | 4423085 |
|  | Castlelake Aircraft Securitization Trust |  |  |  |
| 3551284 | Series 2018-1<sup>(g)</sup> | 6.63% | 06/15/2043 | 2085626 |
|  | Castlelake Aircraft Structured Trust |  |  |  |
| 2750000 | Series 2019-1A<sup>(b)(g)</sup> | 0.00% | 04/15/2039 | 97625 |
|  | Citigroup Commercial Mortgage Trust |  |  |  |
| 225000 | Series 2019-GC41 | 3.20% | 08/10/2029 | 197498 |
|  | Citigroup Mortgage Loan Trust |  |  |  |
| 557286 | Series 2006-WF1<sup>(m)</sup> | 6.58% | 03/25/2036 | 265706 |
|  | Cologix Data Centers US Issuer LLC |  |  |  |
| 2400000 | Series 2021-1A<sup>(g)</sup> | 5.99% | 12/28/2026 | 2324696 |
| 310496 | COMM 2015-CR22 XA | 0.71% | 03/10/2048 | 2 |
|  | Commercial Mortgage Pass-Through Certificates |  |  |  |
| 5495875 | Series 2014-UBS4<sup>(g)</sup> | 3.75% | 08/10/2047 | 2091 |
| 11000 | Series 2014-UBS4<sup>(b)(g)</sup> | 0.00% | 08/10/2047 | 1 |
| 2467825 | Series 2015-CR26<sup>(b)(n)</sup> | 0.99% | 09/10/2025 | 56 |
|  | Compass Datacenters Issuer II LLC |  |  |  |
| 500000 | Series 2024-2A<sup>(g)</sup> | 6.00% | 08/27/2029 | 507855 |
|  | CSAB Mortgage-Backed Trust |  |  |  |
| 8781274 | Series 2006-2<sup>(m)</sup> | 6.20% | 09/25/2036 | 517836 |
| 113870 | Series 2007-1<sup>(b)</sup> | 5.90% | 05/25/2037 | 25195 |
| 318058 | CSAIL 2015-C1 XA | 0.45% | 04/15/2050 | 0 |
|  | CSAIL Commercial Mortgage Trust |  |  |  |
| 1000000 | Series 2019-C16<sup>(b)</sup> | 4.24% | 06/15/2029 | 947301 |
|  | CSMC |  |  |  |
| 350000 | Series 2021-B33<sup>(b)(g)</sup> | 3.77% | 10/10/2031 | 309654 |
|  | CSMC Trust |  |  |  |
| 207561 | Series 2017-PFHP<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.00% | 12/15/2030 | 207027 |
|  | Del Amo Fashion Center Trust |  |  |  |
| 150000 | Series 2017-AMO<sup>(b)(g)</sup> | 3.76% | 06/05/2027 | 144272 |
|  | Diamond Infrastructure Funding LLC |  |  |  |
| 2000000 | Series 2021-1A<sup>(g)</sup> | 3.48% | 12/20/2026 | 1890835 |
|  | DOLP Trust |  |  |  |
| 220000 | Series 2021-NYC<sup>(b)(g)</sup> | 3.70% | 05/10/2031 | 189712 |
|  | Extended Stay America Trust |  |  |  |
| 694759 | Series 2021-ESH<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.96% | 07/15/2026 | 697407 |
|  | Fannie Mae-Aces |  |  |  |
| 22359906 | Series 2019-M12<sup>(b)(n)</sup> | 0.68% | 06/25/2029 | 383470 |
| 12971366 | Series 2019-M24<sup>(b)(n)</sup> | 1.15% | 03/25/2031 | 598643 |
| 35342329 | Series 2019-M7<sup>(b)(n)</sup> | 0.33% | 04/25/2029 | 373469 |
| 27104908 | Series 2020-M10<sup>(b)(n)</sup> | 0.76% | 12/25/2027 | 193388 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $46941913 | Series 2020-M10<sup>(b)(n)</sup> | 0.89% | 07/25/2032 | $1767570 |
| 13001548 | Series 2020-M13<sup>(b)(n)</sup> | 1.23% | 09/25/2030 | 449750 |
| 333078056 | Series 2021-M17<sup>(b)(n)</sup> | 0.13% | 07/25/2031 | 1092263 |
|  | FirstKey Homes |  |  |  |
| 1100000 | Series 2020-SFR1<sup>(g)</sup> | 4.28% | 09/17/2025 | 1094446 |
|  | FMC GMSR Issuer Trust |  |  |  |
| 6000000 | Series 2021-GT1<sup>(b)(g)</sup> | 4.36% | 07/25/2026 | 5674204 |
| 5000000 | Series 2021-GT2<sup>(b)(g)</sup> | 4.44% | 10/25/2026 | 4724861 |
| 40793600 | FNA 2021-M23 X1 | 0.57% | 11/01/2031 | 574651 |
|  | FREMF Mortgage Trust |  |  |  |
| 887222 | Series 2016-KF25<sup>(b)(g)</sup> | 30D US SOFR + 5.11% | 10/25/2025 | 869456 |
| 709905 | Series 2018-KF56<sup>(b)(g)</sup> | 30D US SOFR + 5.91% | 11/25/2028 | 633844 |
| 1485095 | Series 2019-KF71<sup>(b)(g)</sup> | 30D US SOFR + 6.11% | 10/25/2029 | 1433270 |
|  | FRTKL |  |  |  |
| 4050000 | Series 2021-SFR1<sup>(g)</sup> | 4.11% | 09/17/2026 | 3796893 |
|  | FS Rialto Issuer LLC |  |  |  |
| 1200000 | Series 2024-FL9<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.94% | 04/19/2030 | 1194738 |
| 1110000 | Series 2025-FL10<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.70% | 08/19/2042 | 1094217 |
|  | Ginnie Mae Strip |  |  |  |
| 6819085 | Series 2020-3<sup>(n)</sup> | 1.40% | 09/16/2045 | 392745 |
|  | Government National Mortgage Association |  |  |  |
| 9064486 | Series 2024-170<sup>(b)(n)</sup> | 0.77% | 10/16/2065 | 596372 |
| 7684025 | Series 2024-170<sup>(b)(n)</sup> | 1.00% | 03/16/2066 | 601544 |
|  | GreenSky Home Improvement Issuer Trust |  |  |  |
| 250000 | Series 2024-2<sup>(g)</sup> | 5.55% | 10/27/2059 | 252426 |
| 500000 | Series 2024-2<sup>(g)</sup> | 8.75% | 10/27/2059 | 513377 |
|  | GS Mortgage Securities Corp. Trust |  |  |  |
| 1000000 | Series 2018-RIVR<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.85% | 07/15/2035 | 3990 |
|  | GS Mortgage Securities Corportation Trust |  |  |  |
| 820000 | Series 2021-IP<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.21% | 10/15/2036 | 815540 |
|  | GS Mortgage Securities Trust |  |  |  |
| 825858 | Series 2010-C1<sup>(b)(g)</sup> | 5.64% | 08/10/2043 | 820740 |
| 203341 | Series 2011-GC5<sup>(b)(g)(n)</sup> | 0.09% | 08/10/2044 | 130 |
| 1300000 | Series 2014-GC26<sup>(b)(g)</sup> | 4.44% | 11/10/2047 | 757263 |
| 467627 | Series 2015-GC28<sup>(b)(g)</sup> | 4.56% | 02/10/2048 | 448279 |
| 5516411 | Series 2015-GS1<sup>(b)(n)</sup> | 0.75% | 11/10/2025 | 11033 |
| 828000 | Series 2018-GS10<sup>(b)</sup> | 4.51% | 07/10/2028 | 768338 |
| 1954000 | Series 2018-TWR<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.22% | 07/15/2031 | 164321 |
| 636000 | Series 2020-GC45<sup>(b)</sup> | 3.41% | 12/13/2029 | 575935 |
|  | GSAA Home Equity Trust |  |  |  |
| 1752493 | Series 2006-13<sup>(b)</sup> | 6.04% | 07/25/2036 | 493034 |
| 431326 | Series 2006-18<sup>(m)</sup> | 6.18% | 11/25/2036 | 98346 |
| 131173 | Series 2006-6<sup>(b)</sup> | 5.69% | 03/25/2036 | 37230 |
| 779222 | Series 2007-2<sup>(m)</sup> | 6.60% | 03/25/2037 | 170455 |
|  | GSCG Trust |  |  |  |
| 675000 | Series 2019-600C<sup>(b)(g)</sup> | 3.99% | 09/06/2034 | 3449 |
|  | Hardee's Funding LLC |  |  |  |
| 932500 | Series 2018-1A<sup>(g)</sup> | 5.71% | 06/20/2028 | 922194 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | HIG RCP LLC |  |  |  |
| $1400000 | Series 2023-FL1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.62% | 04/19/2028 | $1383828 |
|  | Hilton USA Trust |  |  |  |
| 900000 | Series 2016-SFP<sup>(g)</sup> | 2.83% | 11/05/2035 | 765414 |
|  | HSI Asset Securitization Corp. Trust |  |  |  |
| 5273200 | Series 2006-HE1<sup>(b)</sup> | 1M CME TERM SOFR + 0.39% | 10/25/2036 | 1439598 |
| 1102033 | Series 2007-NC1<sup>(b)</sup> | 1M CME TERM SOFR + 0.47% | 04/25/2037 | 718370 |
|  | J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |  |
| 763684 | Series 2019-MFP<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.71% | 07/15/2036 | 755255 |
|  | JP Morgan BB Commercial Mortgage Securities Trust |  |  |  |
| 3906634 | Series 2015-C30<sup>(b)(n)</sup> | 0.47% | 07/15/2025 | 47 |
| 961126 | Series 2015-C31<sup>(b)(n)</sup> | 0.89% | 08/15/2025 | 325 |
|  | JP Morgan Chase Commercial Mortgage Securities Trust |  |  |  |
| 321000 | Series 2019-UES<sup>(b)(g)</sup> | 4.60% | 05/05/2032 | 292797 |
|  | JP Morgan Mortgage Acquisition Corp. |  |  |  |
| 157311 | Series 2006-CH2<sup>(m)</sup> | 5.46% | 09/25/2029 | 94549 |
|  | JP Morgan Mortgage Acquisition Trust |  |  |  |
| 3244068 | Series 2006-RM1<sup>(b)</sup> | 1M CME TERM SOFR + 0.59% | 08/25/2036 | 1436053 |
|  | JPMBB Commercial Mortgage Securities Trust |  |  |  |
| 2447579 | Series 2014-C24<sup>(b)(n)</sup> | 0.86% | 11/15/2047 | 58 |
|  | JPMCC Commercial Mortgage Securities Trust |  |  |  |
| 330000 | Series 2017-JP7<sup>(b)</sup> | 3.82% | 07/15/2027 | 277599 |
| 781000 | Series 2019-COR5 | 3.87% | 05/13/2029 | 692022 |
|  | Laurel Road Prime Student Loan Trust |  |  |  |
| 10247268 | Series 2020-A<sup>(g)</sup> | 0.00% | 11/25/2050 | 1001947 |
|  | LoanCore 2025 Issuer LLC |  |  |  |
| 640000 | Series 2025-CRE8<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.74% | 02/01/2030 | 623087 |
|  | Mariner Finance issuance Trust 2024-B |  |  |  |
| 850000 | Series 2024-BA<sup>(g)</sup> | 4.91% | 10/20/2030 | 862469 |
|  | Master Asset Backed Securities Trust |  |  |  |
| 3645904 | Series 2006-NC3<sup>(b)</sup> | 1M CME TERM SOFR + 0.53% | 10/25/2036 | 1780649 |
|  | Merrill Lynch Mortgage Investors Trust |  |  |  |
| 9634422 | Series 2006-RM3<sup>(b)</sup> | 1M CME TERM SOFR + 0.59% | 06/25/2037 | 2059969 |
|  | MetroNet Infrastructure Issuer LLC |  |  |  |
| 1000000 | Series 2023-1A<sup>(g)</sup> | 8.01% | 02/20/2028 | 1040975 |
|  | MF1 |  |  |  |
| 1000000 | Series 2024-FL15<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.04% | 08/18/2041 | 1003172 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | MF1 LLC |  |  |  |
| $300000 | Series 2024-FL14<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.24% | 03/19/2039 | $301398 |
| 1350000 | Series 2024-FL14<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.84% | 03/19/2039 | 1368831 |
| 900000 | Series 2024-FL14<sup>(b)(g)</sup> | 1M CME TERM SOFR + 6.29% | 03/19/2039 | 896328 |
| 680000 | Series 2025-FL17<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.741% | 02/21/2040 | 672394 |
|  | Morgan Stanley Capital I Trust |  |  |  |
| 1015952 | Series 2016-UB11 XA<sup>(b)(n)</sup> | 1.57% | 08/15/2026 | 10157 |
| 1117000 | Series 2018-L1<sup>(b)</sup> | 4.94% | 10/15/2028 | 1012409 |
| 330000 | Series 2021-L6<sup>(b)</sup> | 3.57% | 07/15/2031 | 274344 |
| 10249000 | Series 2021-L7<sup>(b)(g)(n)</sup> | 1.04% | 10/15/2031 | 521202 |
|  | Morgan Stanley Mortgage Loan Trust |  |  |  |
| 312203 | Series 2007-3XS<sup>(m)</sup> | 6.20% | 01/25/2047 | 111312 |
|  | Mosaic Solar Loan Trust |  |  |  |
| 38653 | Series 2017-1A<sup>(g)</sup> | 4.45% | 06/20/2042 | 37214 |
| 181594 | Series 2018-1A<sup>(g)</sup> | 4.01% | 08/20/2030 | 172866 |
| 245448 | Series 2020-2A<sup>(g)</sup> | 3.00% | 08/20/2046 | 228802 |
|  | MVW 2021-1W LLC |  |  |  |
| 253522 | Series 2021-1WA<sup>(g)</sup> | 1.94% | 01/22/2041 | 241399 |
| 294086 | Series 2021-1WA<sup>(g)</sup> | 3.17% | 01/22/2041 | 280222 |
|  | NJ Trust |  |  |  |
| 275000 | Series 2023-GSP<sup>(b)(g)</sup> | 6.70% | 01/06/2029 | 289520 |
|  | NYC Commercial Mortgage Trust |  |  |  |
| 820000 | Series 2025-3BP<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.54% | 02/15/2027 | 818075 |
|  | Pagaya AI Debt Selection Trust |  |  |  |
| 32128 | Series 2021-2<sup>(g)</sup> | 3.00% | 01/25/2029 | 31880 |
|  | Pagaya AI Debt Trust |  |  |  |
| 951349 | Series 2023-5<sup>(g)</sup> | 9.10% | 04/15/2031 | 956652 |
|  | People's Choice Home Loan Securities Trust |  |  |  |
| 5000000 | Series 2005-4<sup>(b)</sup> | 1M CME TERM SOFR + 0.76% | 12/25/2035 | 3572106 |
|  | Progress Residential |  |  |  |
| 2500000 | Series 2021-SFR3<sup>(g)</sup> | 4.75% | 05/17/2026 | 2476606 |
|  | Progress Residential |  |  |  |
| 6900000 | Series 2021-SFR8<sup>(g)</sup> | 4.01% | 10/17/2026 | 6722104 |
| 5000000 | Series 2024-SFR2<sup>(b)(g)</sup> | 3.65% | 04/17/2029 | 4644730 |
|  | Ready Capital Mortgage Financing LLC |  |  |  |
| 1000000 | Series 2022-FL10<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.27% | 07/25/2027 | 991918 |
| 900000 | Series 2023-FL12<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.55% | 04/25/2027 | 892767 |
|  | Retained Vantage Data Centers Issuer LLC |  |  |  |
| 2500000 | Series 2023-1A<sup>(g)</sup> | 5.75% | 09/15/2028 | 2499685 |
|  | Sapphire Aviation Finance II, Ltd. |  |  |  |
| 254440 | Series 2020-1A<sup>(g)</sup> | 3.23% | 03/15/2027 | 245504 |
|  | Signal Rail I LLC |  |  |  |
| 211857 | Series 2021-1<sup>(g)</sup> | 2.23% | 08/17/2028 | 196559 |
|  | SLG Office Trust |  |  |  |
| 220000 | Series 2021-OVA<sup>(g)</sup> | 2.85% | 07/15/2031 | 185668 |
|  | SMB Private Education Loan Trust |  |  |  |
| 74681 | Series 2018-B<sup>(b)(g)</sup> | 1M CME TERM SOFR + 0.83% | 08/15/2027 | 74551 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $968 | Series 2021-A<sup>(g)</sup> | 0.00% | 01/15/2053 | $1470439 |
|  | Sofi Alternative Consumer Loan Program |  |  |  |
| 50000 | Series 2021-2<sup>(g)</sup> | 0.00% | 08/15/2030 | 230201 |
|  | Sofi Professional Loan Program Trust |  |  |  |
| 80000 | Series 2018-C<sup>(g)</sup> | 0.00% | 01/25/2048 | 545640 |
|  | SoFi Professional Loan Program, LLC |  |  |  |
| 300000 | Series 2017-D<sup>(g)</sup> | 3.61% | 09/25/2040 | 290524 |
|  | Sprite, Ltd. |  |  |  |
| 232381 | Series 2021-1<sup>(g)</sup> | 3.75% | 10/15/2028 | 224667 |
|  | STWD Mortgage Trust |  |  |  |
| 325396 | Series 2021-HTS<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.51% | 04/15/2034 | 322461 |
|  | Subway Funding LLC |  |  |  |
| 248750 | Series 2024-1A<sup>(g)</sup> | 6.51% | 07/30/2034 | 256747 |
|  | Sunnova Helios VII Issuer LLC |  |  |  |
| 984584 | Series 2021-C<sup>(g)</sup> | 2.63% | 10/20/2028 | 452195 |
|  | Switch ABS Issuer LLC |  |  |  |
| 500000 | Series 2024-2A<sup>(g)</sup> | 5.44% | 06/25/2029 | 505065 |
| 1000000 | Series 2024-2A<sup>(g)</sup> | 10.03% | 06/25/2029 | 1040112 |
|  | TIF Funding II LLC |  |  |  |
| 257833 | Series 2021-1A<sup>(g)</sup> | 1.65% | 02/20/2031 | 232039 |
|  | Tricon Residential |  |  |  |
| 3700000 | Series 2021-SFR1<sup>(g)</sup> | 4.13% | 07/17/2026 | 3606545 |
|  | UBS Commercial Mortgage Trust |  |  |  |
| 31908500 | Series 2017-C3<sup>(b)(n)</sup> | 0.52% | 08/15/2050 | 288916 |
| 350000 | Series 2017-C4<sup>(b)</sup> | 4.24% | 09/15/2027 | 333056 |
| 530000 | Series 2018-C11<sup>(b)</sup> | 4.71% | 06/15/2028 | 498064 |
| 1023000 | Series 2018-C13<sup>(b)</sup> | 5.14% | 10/15/2028 | 937499 |
| 1099000 | Series 2018-C8<sup>(b)</sup> | 4.84% | 02/15/2028 | 959434 |
|  | UBS-Barclays Commercial Mortgage Trust |  |  |  |
| 315000 | Series 2013-C5<sup>(b)(g)</sup> | 3.84% | 03/10/2046 | 286073 |
|  | Upstart Pass-Through Trust |  |  |  |
| 230 | Series 2021-ST1<sup>(g)</sup> | 2.75% | 02/20/2027 | 229 |
| 8151 | Series 2021-ST2<sup>(g)</sup> | 2.50% | 04/20/2027 | 8139 |
|  | Upstart Securitization Trust |  |  |  |
| 550082 | Series 2021-4<sup>(g)</sup> | 3.19% | 09/20/2031 | 542293 |
|  | US Auto Funding 2021-1 |  |  |  |
| 360844 | Series 2021-1A<sup>(g)</sup> | 2.20% | 05/15/2026 | 336778 |
|  | USQ Rail II LLC |  |  |  |
| 639684 | Series 2021-3A<sup>(g)</sup> | 2.21% | 06/28/2027 | 607908 |
|  | Vault DI Issuer LLC |  |  |  |
| 750000 | Series 2021-1A<sup>(g)</sup> | 2.80% | 07/15/2026 | 725634 |
|  | VEGAS Trust |  |  |  |
| 154000 | Series 2024-TI<sup>(g)</sup> | 5.52% | 11/10/2027 | 156162 |
|  | Velocity Commercial Capital Loan Trust |  |  |  |
| 134127 | Series 2018-2<sup>(b)(g)</sup> | 4.05% | 10/26/2048 | 130987 |
| 340599 | Series 2019-1<sup>(b)(g)</sup> | 3.94% | 01/25/2027 | 318585 |
| 182162 | Series 2019-1<sup>(b)(g)</sup> | 4.01% | 07/25/2027 | 166535 |
| 139854 | Series 2019-1<sup>(b)(g)</sup> | 4.12% | 11/25/2027 | 126047 |
| 1192454 | Series 2021-2<sup>(b)(g)</sup> | 4.92% | 12/25/2030 | 864054 |
|  | VOLT XCVI LLC |  |  |  |
| 4339618 | Series 2021-NPL5<sup>(g)(m)</sup> | 8.83% | 03/27/2051 | 4342050 |
|  | Wachovia Bank Commercial Mortgage Trust |  |  |  |
| 508 | Series 2006-C29<sup>(b)(n)</sup> | 0.49% | 11/15/2048 | 1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
|  |  | Wells Fargo Commercial Mortgage Trust |  |  |  |  |
| $| 1245000 | Series 2015-NXS4<sup>(b)</sup> | 3.83% | 11/15/2025 | $| 1201628 |
|  | 1000000 | Series 2016-C33<sup>(g)</sup> | 3.12% | 03/15/2059 |  | 917118 |
|  | 5628945 | Series 2016-C37<sup>(b)(g)(n)</sup> | 1.60% | 12/15/2049 |  | 114248 |
|  | 1100000 | Series 2018-C45 | 4.73% | 06/15/2028 |  | 1056123 |
|  | 134000 | Series 2020-C55 | 3.14% | 02/15/2030 |  | 121263 |
|  | 234000 | Series 2025-5C4 | 5.67% | 05/15/2030 |  | 244027 |
|  |  | WFRBS Commercial Mortgage Trust |  |  |  |  |
|  | 127081 | Series 2013-C14 | 3.49% | 06/15/2046 |  | 123792 |
|  |  | WF-RBS Commercial Mortgage Trust |  |  |  |  |
|  | 424483 | Series 2014-C22<sup>(b)(n)</sup> | 0.39% | 09/15/2057 |  | 93 |
|  |  | WHARF Commercial Mortgage Trust |  |  |  |  |
|  | 500000 | Series 2025-DC<sup>(b)(g)</sup> | 7.72% | 07/15/2030 |  | 506053 |
|  |  | Willis Engine Structured Trust V |  |  |  |  |
|  | 728340 | Series 2020-A<sup>(g)</sup> | 3.23% | 03/15/2028 |  | 696439 |
|  |  | Willis Engine Structured Trust VI |  |  |  |  |
|  | 1380748 | Series 2021-A<sup>(g)</sup> | 7.39% | 05/15/2029 |  | 1350938 |
|  |  |  |  |  |  | 163197578 |
| TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS |
| (Cost $225,352,295) | (Cost $225,352,295) | (Cost $225,352,295) |  |  |  | 194794663 |
| **U.S. GOVERNMENT BONDS AND NOTES - 7.62%** | **U.S. GOVERNMENT BONDS AND NOTES - 7.62%** | **U.S. GOVERNMENT BONDS AND NOTES - 7.62%** | **U.S. GOVERNMENT BONDS AND NOTES - 7.62%** | **U.S. GOVERNMENT BONDS AND NOTES - 7.62%** | **U.S. GOVERNMENT BONDS AND NOTES - 7.62%** | **U.S. GOVERNMENT BONDS AND NOTES - 7.62%** |
| ***United States - 7.62%*** | ***United States - 7.62%*** | ***United States - 7.62%*** | ***United States - 7.62%*** | ***United States - 7.62%*** | ***United States - 7.62%*** | ***United States - 7.62%*** |
|  | 5000000 | U.S. Treasury Bonds | 0.63% | 05/15/2030 |  | 4302930 |
|  | 8150000 | U.S. Treasury Bonds | 0.88% | 11/15/2030 |  | 6992764 |
|  | 7000000 | U.S. Treasury Bonds | 3.88% | 08/15/2034 |  | 6836758 |
|  | 5100000 | U.S. Treasury Bonds | 1.13% | 08/15/2040 |  | 3139090 |
|  | 11400000 | U.S. Treasury Bonds | 1.88% | 02/15/2041 |  | 7844625 |
|  | 6550000 | U.S. Treasury Bonds | 1.75% | 08/15/2041 |  | 4350633 |
|  | 16400000 | U.S. Treasury Bonds | 1.25% | 05/15/2050 |  | 7884812 |
|  | 16700000 | U.S. Treasury Bonds | 1.38% | 08/15/2050 |  | 8239102 |
|  | 16400000 | U.S. Treasury Bonds | 1.88% | 02/15/2051 |  | 9217312 |
|  | 10400000 | U.S. Treasury Bonds | 4.25% | 08/15/2054 |  | 9500562 |
|  | 4000000 | U.S. Treasury Notes | 0.75% | 03/31/2026 |  | 3901614 |
|  | 5000000 | U.S. Treasury Notes | 4.38% | 07/31/2026 |  | 5020801 |
|  | 11800000 | U.S. Treasury Notes | 0.75% | 01/31/2028 |  | 10949570 |
|  | 3000000 | U.S. Treasury Notes | 0.63% | 08/15/2030 |  | 2559199 |
|  |  |  |  |  |  | 90739772 |
| TOTAL U.S. GOVERNMENT BONDS AND NOTES | TOTAL U.S. GOVERNMENT BONDS AND NOTES | TOTAL U.S. GOVERNMENT BONDS AND NOTES | TOTAL U.S. GOVERNMENT BONDS AND NOTES | TOTAL U.S. GOVERNMENT BONDS AND NOTES | TOTAL U.S. GOVERNMENT BONDS AND NOTES | TOTAL U.S. GOVERNMENT BONDS AND NOTES |
| (Cost $91,179,741) | (Cost $91,179,741) | (Cost $91,179,741) |  |  |  | 90739772 |
| **MORTGAGE-BACKED SECURITIES - 3.89%** | **MORTGAGE-BACKED SECURITIES - 3.89%** | **MORTGAGE-BACKED SECURITIES - 3.89%** | **MORTGAGE-BACKED SECURITIES - 3.89%** | **MORTGAGE-BACKED SECURITIES - 3.89%** | **MORTGAGE-BACKED SECURITIES - 3.89%** | **MORTGAGE-BACKED SECURITIES - 3.89%** |
| ***United States - 3.89%*** | ***United States - 3.89%*** | ***United States - 3.89%*** | ***United States - 3.89%*** | ***United States - 3.89%*** | ***United States - 3.89%*** | ***United States - 3.89%*** |
|  |  | Fannie Mae Pool |  |  |  |  |
|  | 1534524 | Series 2021- | 2.00% | 05/01/2051 |  | 1238891 |
|  | 2619717 | Series 2021- | 2.50% | 08/01/2051 |  | 2206243 |
|  | 2306325 | Series 2023- | 2.50% | 03/01/2052 |  | 1936892 |
|  | 2222979 | Series 2023- | 2.50% | 04/01/2052 |  | 1867240 |
|  | 1218727 | Series 2023- | 6.00% | 05/01/2053 |  | 1248483 |
|  | 1891440 | Series 2023- | 6.00% | 10/01/2053 |  | 1940874 |
|  | 2758000 | Series 2024- | 4.97% | 07/01/2031 |  | 2805561 |
|  | 1730319 | Series 2024- | 5.50% | 03/01/2054 |  | 1748220 |
|  | 1711485 | Series 2024- | 5.50% | 06/01/2054 |  | 1733303 |
|  | 1316472 | Series 2024- | 6.00% | 06/01/2054 |  | 1349055 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 990759 | Series 2024- | 6.00% | 08/01/2054 | $| 1020904 |
|  | 1475958 | Series 2025- | 4.48% | 06/01/2030 |  | 1477805 |
|  | 1438311 | Series 2025- | 5.11% | 01/01/2032 |  | 1476126 |
|  | 1436315 | Series 2025- | 5.48% | 04/01/2041 |  | 1472261 |
|  |  | Freddie Mac Pool |  |  |  |  |
|  | 1475624 | Series 2021- | 2.00% | 05/01/2051 |  | 1174985 |
|  | 2361728 | Series 2022- | 3.00% | 03/01/2052 |  | 2080248 |
|  | 854906 | Series 2023- | 2.00% | 02/01/2052 |  | 689948 |
|  | 1294597 | Series 2023- | 5.50% | 04/01/2053 |  | 1310076 |
|  | 1384029 | Series 2023- | 5.00% | 05/01/2053 |  | 1367060 |
|  | 1751163 | Series 2023- | 5.00% | 07/01/2053 |  | 1731015 |
|  | 3196745 | Series 2023- | 5.50% | 08/01/2053 |  | 3223477 |
|  | 1299922 | Series 2023- | 6.00% | 11/01/2053 |  | 1347169 |
|  | 830453 | Series 2024- | 6.00% | 02/01/2054 |  | 860638 |
|  | 1940941 | Series 2024- | 5.50% | 02/01/2054 |  | 1965676 |
|  | 881047 | Series 2024- | 6.00% | 04/01/2054 |  | 903394 |
|  |  | Ginnie Mae I Pool |  |  |  |  |
|  | 2515659 | Series 2012- | 3.50% | 09/15/2042 |  | 2333346 |
|  |  | Ginnie Mae II Pool |  |  |  |  |
|  | 2400635 | Series 2021- | 3.00% | 11/20/2051 |  | 2112500 |
|  | 1974252 | Series 2022- | 3.00% | 04/20/2052 |  | 1741432 |
|  |  |  |  |  |  | 46362822 |
| TOTAL MORTGAGE-BACKED SECURITIES | TOTAL MORTGAGE-BACKED SECURITIES | TOTAL MORTGAGE-BACKED SECURITIES | TOTAL MORTGAGE-BACKED SECURITIES | TOTAL MORTGAGE-BACKED SECURITIES | TOTAL MORTGAGE-BACKED SECURITIES | TOTAL MORTGAGE-BACKED SECURITIES |
| (Cost $46,117,802) | (Cost $46,117,802) | (Cost $46,117,802) |  |  |  | 46362822 |
| **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 24.06%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 24.06%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 24.06%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 24.06%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 24.06%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 24.06%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 24.06%** |
| ***United States - 24.06%*** | ***United States - 24.06%*** | ***United States - 24.06%*** | ***United States - 24.06%*** | ***United States - 24.06%*** | ***United States - 24.06%*** | ***United States - 24.06%*** |
|  |  | Alternative Loan Trust |  |  |  |  |
|  | 111683 | Series 2005-20CB | 5.50% | 07/25/2035 |  | 89263 |
|  | 55630 | Series 2005-54CB | 5.50% | 11/25/2035 |  | 30052 |
|  | 528803 | Series 2005-85CB<sup>(b)</sup> | 1M CME TERM SOFR + 1.21% | 02/25/2036 |  | 412366 |
|  | 111675 | Series 2005-85CB<sup>(b)</sup> | 21.21% - 1M CME TERM SOFR | 02/25/2036 |  | 86490 |
|  | 169773 | Series 2005-86CB | 5.50% | 02/25/2036 |  | 96721 |
|  | 114793 | Series 2005-9CB<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 05/25/2035 |  | 101545 |
|  | 206131 | Series 2005-9CB<sup>(b)(n)</sup> | 4.94% - 1M CME TERM SOFR | 05/25/2035 |  | 10641 |
|  | 1007338 | Series 2006-15CB | 6.50% | 06/25/2036 |  | 462567 |
|  | 91188 | Series 2006-30T1 | 6.25% | 11/25/2036 |  | 66980 |
|  | 90373 | Series 2006-32CB | 5.50% | 11/25/2036 |  | 47931 |
|  | 220630 | Series 2006-36T2<sup>(b)</sup> | 27.53% - 1M CME TERM SOFR | 12/25/2036 |  | 134500 |
|  | 790434 | Series 2007-19 | 6.00% | 08/25/2037 |  | 367709 |
|  | 2631318 | Series 2007-20 | 6.25% | 08/25/2047 |  | 1422239 |
|  | 728743 | Series 2007-23CB<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 09/25/2037 |  | 260926 |
|  | 695825 | Series 2007-23CB<sup>(b)(n)</sup> | 6.39% - 1M CME TERM SOFR | 09/25/2037 |  | 107325 |
|  |  | American Home Mortgage Investment Trust |  |  |  |  |
|  | 157985 | Series 2007-A<sup>(g)(m)</sup> | 6.60% | 01/25/2037 |  | 20575 |
|  |  | Banc of America Funding |  |  |  |  |
|  | 1373038 | Series 2014-R8<sup>(b)(g)</sup> | 1M CME TERM SOFR + 0.35% | 06/26/2036 |  | 1136204 |
|  |  | Banc of America Funding Trust |  |  |  |  |
|  | 24928 | Series 2006-2 | 5.50% | 03/25/2036 |  | 24919 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | BCAP, LLC Trust |  |  |  |
| $93376 | Series 2007-AA2<sup>(b)</sup> | 7.50% | 04/25/2037 | $45298 |
| 60584 | Series 2007-AA2 | 6.00% | 04/25/2037 | 26780 |
| 4594086 | Series 2010-RR6<sup>(b)(g)</sup> | 3.22% | 07/26/2036 | 2198059 |
|  | Bear Stearns ALT-A Trust |  |  |  |
| 644913 | Series 2006-6<sup>(b)</sup> | 4.33% | 11/25/2036 | 294465 |
|  | Bear Stearns Asset-Backed Securities Trust |  |  |  |
| 1066191 | Series 2006-AC1<sup>(m)</sup> | 6.25% | 02/25/2036 | 484137 |
|  | Bear Stearns Structured Products, Inc. |  |  |  |
| 6752493 | Series 2008-R2<sup>(b)(g)</sup> | 4.01% | 06/25/2047 | 5200877 |
|  | Chase Mortgage Finance Trust |  |  |  |
| 3092816 | Series 2007-S2 | 6.00% | 03/25/2037 | 1665839 |
| 327723 | Series 2007-S3 | 5.50% | 05/25/2037 | 3 |
| 4296876 | Series 2007-S4 | 6.00% | 06/25/2037 | 1706032 |
|  | ChaseFlex Trust Series |  |  |  |
| 2911443 | Series 2007-M1<sup>(b)</sup> | 1M CME TERM SOFR + 0.57% | 08/25/2037 | 2414138 |
|  | Citicorp Mortgage Securities Trust |  |  |  |
| 246511 | Series 2007-1 | 6.00% | 01/25/2037 | 229406 |
|  | Citigroup Mortgage Loan Trust |  |  |  |
| 57417 | Series 2009-12<sup>(g)</sup> | 5.50% | 11/25/2035 | 44387 |
| 139961 | Series 2009-4<sup>(b)(g)</sup> | 5.48% | 05/25/2035 | 136736 |
|  | CitiMortgage Alternative Loan Trust |  |  |  |
| 266048 | Series 2007-A1 | 6.00% | 01/25/2037 | 239810 |
| 53082 | Series 2007-A1<sup>(b)(n)</sup> | 5.29% - 1M CME TERM SOFR | 01/25/2037 | 3963 |
| 36347 | Series 2007-A3<sup>(b)</sup> | 6.00% | 03/25/2037 | 31895 |
| 85441 | Series 2007-A3<sup>(b)(n)</sup> | 5.29% - 1M CME TERM SOFR | 03/25/2037 | 6393 |
| 267782 | Series 2007-A6 | 5.50% | 06/25/2037 | 227256 |
|  | Connecticut Avenue Securities Trust |  |  |  |
| 3046728 | Series 2019-R05<sup>(b)(g)</sup> | 30D US SOFR + 4.21% | 07/25/2039 | 3125907 |
| 4250000 | Series 2022-R02<sup>(b)(g)</sup> | 30D US SOFR + 7.65% | 01/25/2027 | 4575454 |
| 3685000 | Series 2022-R03<sup>(b)(g)</sup> | 30D US SOFR + 9.85% | 03/25/2042 | 4128830 |
| 4125000 | Series 2023-R06<sup>(b)(g)</sup> | 30D US SOFR + 3.90% | 07/25/2043 | 4356392 |
| 5000000 | Series 2024-R03<sup>(b)(g)</sup> | 30D US SOFR + 2.80% | 03/25/2044 | 5174665 |
|  | Countrywide Home Loan Mortgage Pass-Through Trust |  |  |  |
| 894689 | Series 2005-HYB7<sup>(b)</sup> | 4.63% | 11/20/2035 | 834793 |
| 17958 | Series 2005-J4 | 5.50% | 11/25/2035 | 14955 |
| 1115257 | Series 2006-18 | 6.00% | 12/25/2036 | 593399 |
| 125759 | Series 2007-17 | 6.00% | 10/25/2037 | 86693 |
| 199542 | Series 2007-3 | 6.00% | 04/25/2037 | 91603 |
| 215398 | Series 2007-7 | 5.75% | 06/25/2037 | 99065 |
|  | Credit Suisse First Boston Mortgage Securities Corp. |  |  |  |
| 37618 | Series 2005-10 | 5.50% | 11/25/2035 | 27299 |
| 12877 | Series 2005-8 | 5.50% | 08/25/2025 | 6988 |
| 4005056 | Series 2005-9 | 6.00% | 10/25/2035 | 1107437 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Credit Suisse Mortgage Capital Certificates |  |  |  |
| $1644216 | Series 2006-2 | 5.75% | 03/25/2036 | $820891 |
|  | Csmc 2021-Nqm6 Trust |  |  |  |
| 900000 | Series 2021-NQM6<sup>(b)(g)</sup> | 2.58% | 07/25/2066 | 623542 |
|  | CSMC Mortgage-Backed Trust |  |  |  |
| 144557 | Series 2006-1 | 6.00% | 02/25/2036 | 38740 |
| 13043 | Series 2006-4 | 5.50% | 03/25/2038 | 7586 |
| 778648 | Series 2006-5 | 6.25% | 06/25/2036 | 121011 |
| 52364 | Series 2006-9 | 6.00% | 11/25/2036 | 29319 |
| 3290 | Series 2007-2 | 5.00% | 03/25/2037 | 2385 |
|  | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |  |  |  |
| 155416 | Series 2005-6<sup>(b)(n)</sup> | 4.97% - 1M CME TERM SOFR | 12/25/2035 | 9463 |
| 67709 | Series 2005-6<sup>(b)</sup> | 1M CME TERM SOFR + 1.51% | 12/25/2035 | 54406 |
|  | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust |  |  |  |
| 78170 | Series 2006-PR1<sup>(b)(g)</sup> | 11.96% - 1M CME TERM SOFR | 04/15/2036 | 74323 |
|  | Fannie Mae Interest Strip |  |  |  |
| 4979536 | Series 2014-419<sup>(n)</sup> | 3.50% | 04/25/2044 | 716721 |
| 16609990 | Series 2023-437<sup>(n)</sup> | 1.50% | 05/25/2037 | 890025 |
|  | Fannie Mae Pool |  |  |  |
| 3470032 | Series 2021- | 3.00% | 10/01/2046 | 3084901 |
| 1685510 | Series 2021- | 3.00% | 12/01/2048 | 1489712 |
| 1347103 | Series 2022- | 5.00% | 07/01/2052 | 1327587 |
|  | Fannie Mae REMICS |  |  |  |
| 4230057 | Series 2014-1<sup>(b)(n)</sup> | 5.79% - 30D US SOFR | 02/25/2044 | 451628 |
| 4744858 | Series 2015-54<sup>(b)(n)</sup> | 6.04% - 30D US SOFR | 07/25/2045 | 568944 |
| 8120904 | Series 2020-74<sup>(b)(n)</sup> | 4.10% - 30D US SOFR | 10/25/2050 | 410880 |
| 16818068 | Series 2020-77<sup>(b)(n)</sup> | 4.10% - 30D SOFR | 11/25/2050 | 876642 |
| 9135723 | Series 2020-96<sup>(n)</sup> | 3.00% | 01/25/2051 | 1587361 |
| 2004745 | Series 2021-48<sup>(b)(n)</sup> | 3.65% - 30D US SOFR | 08/25/2051 | 66873 |
| 12930557 | Series 2021-56<sup>(n)</sup> | 2.50% | 09/25/2051 | 1650261 |
| 9906251 | Series 2022-22 | 2.50% | 05/25/2052 | 6932400 |
| 15378825 | Series 2024-61 | 1.75% | 12/25/2051 | 7891789 |
| 1566637 | Series 2024-96<sup>(b)</sup> | 30D US SOFR + 1.20% | 12/25/2054 | 1564446 |
| 2651305 | Series 2025-28<sup>(b)</sup> | 30D US SOFR + 1.25% | 04/25/2055 | 2651644 |
|  | Federal Home Loan Mortgage Corp. Pool |  |  |  |
| 81373 | Series Pool #G01840 | 5.00% | 07/01/2035 | 82625 |
| 33411 | Series Pool #G04817 | 5.00% | 09/01/2038 | 33940 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |  |  |
| 371859 | Series 2003-2722<sup>(b)</sup> | 9.76% - 30D US SOFR | 12/15/2033 | 387103 |
| 641660 | Series 2006-3244<sup>(b)(n)</sup> | 6.55% - 30D US SOFR | 11/15/2036 | 64132 |
| 31063 | Series 2007-3261<sup>(b)(n)</sup> | 6.32% - 30D US SOFR | 01/15/2037 | 2992 |
| 54242 | Series 2007-3262<sup>(b)(n)</sup> | 6.29% - 30D US SOFR | 01/15/2037 | 3450 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $262434 | Series 2007-3301<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 04/15/2037 | $22722 |
| 194156 | Series 2007-3303<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 04/15/2037 | 18086 |
| 50988 | Series 2007-3382<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 11/15/2037 | 3541 |
| 168362 | Series 2007-3384<sup>(b)(n)</sup> | 6.20% - 30D US SOFR | 08/15/2036 | 14887 |
| 56134 | Series 2007-3384<sup>(b)(n)</sup> | 6.28% - 30D US SOFR | 11/15/2037 | 3821 |
| 16506 | Series 2008-3417<sup>(b)(n)</sup> | 6.07% - 30D US SOFR | 02/15/2038 | 1315 |
| 733585 | Series 2008-3423<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 03/15/2038 | 1650 |
| 60330 | Series 2008-3423<sup>(b)(n)</sup> | 5.54% - 30D US SOFR | 03/15/2038 | 4166 |
| 528695 | Series 2009-3510<sup>(b)(n)</sup> | 6.64% - 30D US SOFR | 02/15/2037 | 46444 |
| 164771 | Series 2009-3523<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 04/15/2039 | 12835 |
| 29920 | Series 2009-3524<sup>(b)(n)</sup> | 3.23% | 06/15/2038 | 28552 |
| 2622 | Series 2009-3549<sup>(b)(n)</sup> | 5.69% - 30D US SOFR | 07/15/2039 | 217 |
| 250684 | Series 2009-3560<sup>(b)(n)</sup> | 6.29% - 30D US SOFR | 11/15/2036 | 13967 |
| 115725 | Series 2010-3641 | 4.50% | 03/15/2040 | 115326 |
| 169353 | Series 2010-3726<sup>(b)(n)</sup> | 5.94% - 30D US SOFR | 09/15/2040 | 16581 |
| 477759 | Series 2010-3728<sup>(b)(n)</sup> | 4.33552% - 30D US SOFR | 09/15/2040 | 16790 |
| 166692 | Series 2010-3779 | 3.50% | 12/15/2030 | 164328 |
| 34859 | Series 2010-3779 | 4.00% | 12/15/2030 | 34834 |
| 27133 | Series 2011-3786<sup>(b)</sup> | 9.27104% - 30D US SOFR | 01/15/2041 | 20681 |
| 349011 | Series 2011-3815<sup>(b)(n)</sup> | 5.74% - 30D US SOFR | 02/15/2041 | 28913 |
| 171129 | Series 2011-3824<sup>(b)(n)</sup> | 6.99% - 30D US SOFR | 08/15/2036 | 21082 |
| 298908 | Series 2011-3864<sup>(b)</sup> | 8.97% - 30D US SOFR | 05/15/2041 | 243766 |
| 189496 | Series 2011-3872<sup>(b)(n)</sup> | 5.84% - 30D US SOFR | 06/15/2041 | 15572 |
| 794131 | Series 2011-3924<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 09/15/2041 | 51439 |
| 1240168 | Series 2012-3<sup>(b)(n)</sup> | 5.84% - 30D US SOFR | 02/25/2042 | 127814 |
| 481978 | Series 2013-4170<sup>(b)</sup> | 3.94 - 30D US SOFR | 01/15/2033 | 436403 |
| 2097207 | Series 2013-4239<sup>(j)</sup> | 0.00% | 07/15/2043 | 1238622 |
|  | Federal National Mortgage Association Pool |  |  |  |
| 21398 | Series Pool #555743 | 5.00% | 09/01/2033 | 21638 |
| 26499 | Series Pool #735382 | 5.00% | 04/01/2035 | 26874 |
| 73710 | Series Pool #735383 | 5.00% | 04/01/2035 | 74753 |
| 46710 | Series Pool #735484 | 5.00% | 05/01/2035 | 47371 |
| 16049 | Series Pool #AH4437 | 4.00% | 01/01/2041 | 15151 |
|  | Federal National Mortgage Association REMICS |  |  |  |
| 5141 | Series 2004-46<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 03/25/2034 | 29 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $96008 | Series 2006-101<sup>(b)(n)</sup> | 6.47% - 30D US SOFR | 10/25/2036 | $11138 |
| 277640 | Series 2006-123<sup>(b)(n)</sup> | 6.21% - 30D US SOFR | 01/25/2037 | 31692 |
| 1109099 | Series 2006-92<sup>(b)(n)</sup> | 6.47% - 30D US SOFR | 10/25/2036 | 100749 |
| 37146 | Series 2007-102<sup>(b)(n)</sup> | 6.29% - 30D US SOFR | 11/25/2037 | 2918 |
| 34874 | Series 2007-108<sup>(b)(n)</sup> | 6.25% - 30D US SOFR | 12/25/2037 | 2402 |
| 4805 | Series 2007-30<sup>(b)(n)</sup> | 6.00% - 30D US SOFR | 04/25/2037 | 368 |
| 202041 | Series 2007-38<sup>(b)(n)</sup> | 5.97% - 30D US SOFR | 05/25/2037 | 11111 |
| 6166 | Series 2007-51<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 06/25/2037 | 416 |
| 23769 | Series 2007-53<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 06/25/2037 | 1563 |
| 183083 | Series 2007-57<sup>(b)(n)</sup> | 6.51% - 30D US SOFR | 10/25/2036 | 19219 |
| 34789 | Series 2007-68<sup>(b)(n)</sup> | 6.54% - 30D US SOFR | 07/25/2037 | 3286 |
| 329738 | Series 2008-3<sup>(b)(n)</sup> | 6.35% - 30D US SOFR | 02/25/2038 | 25001 |
| 32171 | Series 2008-56<sup>(b)(n)</sup> | 5.95% - 30D US SOFR | 07/25/2038 | 1626 |
| 9216 | Series 2008-81 | 5.50% | 09/25/2038 | 9412 |
| 87953 | Series 2009-111 | 5.00% | 01/25/2040 | 88741 |
| 45761 | Series 2009-111<sup>(b)(n)</sup> | 6.14% - 30D US SOFR | 01/25/2040 | 4846 |
| 339133 | Series 2009-12<sup>(b)(n)</sup> | 6.49% - 30D US SOFR | 03/25/2036 | 25760 |
| 11449 | Series 2009-28<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 04/25/2037 | 695 |
| 60563 | Series 2009-41 | 4.50% | 06/25/2039 | 60216 |
| 26559 | Series 2009-42<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 06/25/2039 | 2087 |
| 60905 | Series 2009-47<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 07/25/2039 | 3351 |
| 24418 | Series 2009-62<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 08/25/2039 | 710 |
| 26532 | Series 2009-66<sup>(b)(n)</sup> | 5.69% - 30D US SOFR | 02/25/2038 | 1898 |
| 21672 | Series 2009-68<sup>(b)(n)</sup> | 5.14% - 30D US SOFR | 09/25/2039 | 1295 |
| 52883 | Series 2010-11<sup>(b)(n)</sup> | 4.69% - 30D US SOFR | 02/25/2040 | 2870 |
| 13783 | Series 2010-111<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 10/25/2040 | 816 |
| 55208 | Series 2010-115<sup>(b)(n)</sup> | 6.49% - 30D US SOFR | 11/25/2039 | 5324 |
| 695211 | Series 2010-115<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 10/25/2040 | 65635 |
| 1668023 | Series 2010-123<sup>(b)(n)</sup> | 5.94% - 30D US SOFR | 11/25/2040 | 167997 |
| 260472 | Series 2010-15<sup>(b)(n)</sup> | 4.84% - 30D US SOFR | 03/25/2040 | 12060 |
| 17349 | Series 2010-34<sup>(b)(n)</sup> | 4.82% - 30D US SOFR | 04/25/2040 | 801 |
| 19611 | Series 2010-4<sup>(b)(n)</sup> | 6.12% - 30D US SOFR | 02/25/2040 | 1593 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $32092 | Series 2010-58<sup>(b)</sup> | 12.18% - 30D US SOFR | 06/25/2040 | $31054 |
| 978717 | Series 2010-75 | 4.50% | 07/25/2040 | 974456 |
| 14872 | Series 2010-9<sup>(b)(n)</sup> | 5.19% - 30D US SOFR | 02/25/2040 | 844 |
| 76809 | Series 2010-9<sup>(b)(n)</sup> | 4.64% - 30D US SOFR | 02/25/2040 | 3498 |
| 4051 | Series 2010-90<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 08/25/2040 | 327 |
| 17927 | Series 2011-25 | 3.00% | 04/25/2026 | 17800 |
| 1291115 | Series 2012-106<sup>(b)(n)</sup> | 6.05% - 30D US SOFR | 10/25/2042 | 141038 |
| 262964 | Series 2012-124<sup>(b)</sup> | 7.58716% - 30D US SOFR | 11/25/2042 | 198807 |
| 89749 | Series 2012-29<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 04/25/2042 | 7502 |
| 262411 | Series 2012-32<sup>(n)</sup> | 5.00% | 04/25/2042 | 56507 |
| 1256279 | Series 2012-65<sup>(b)(n)</sup> | 5.87% - 30D US SOFR | 06/25/2042 | 149328 |
| 526777 | Series 2018-21<sup>(j)</sup> | 0.00% | 04/25/2048 | 380132 |
|  | First Horizon Alternative Mortgage Securities Trust |  |  |  |
| 439734 | Series 2005-FA6 | 5.50% | 09/25/2035 | 226846 |
|  | First Horizon Mortgage Pass-Through Trust |  |  |  |
| 416210 | Series 2007-AR3<sup>(b)</sup> | 4.89% | 11/25/2037 | 162811 |
|  | Freddie Mac Pool |  |  |  |
| 3236884 | Series 2021- | 2.00% | 11/01/2050 | 2638862 |
| 1331388 | Series 2022- | 3.00% | 03/01/2052 | 1166305 |
|  | Freddie Mac REMICS |  |  |  |
| 1684847 | Series 2011-3972<sup>(b)(n)</sup> | 5.79% - 30D US SOFR | 12/15/2041 | 167230 |
| 1829086 | Series 2020-5007<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 08/25/2050 | 245103 |
| 9225692 | Series 2020-5023<sup>(n)</sup> | 3.00% | 10/25/2050 | 1498487 |
| 3629997 | Series 2020-5041<sup>(n)</sup> | 2.00% | 11/25/2050 | 418489 |
| 9864453 | Series 2020-5057<sup>(n)</sup> | 3.00% | 11/25/2050 | 1483554 |
| 7285286 | Series 2021-5070<sup>(n)</sup> | 3.50% | 02/25/2051 | 1204001 |
| 6369124 | Series 2021-5083 | 2.50% | 03/25/2051 | 3444590 |
| 12226501 | Series 2021-5156<sup>(n)</sup> | 3.00% | 02/25/2050 | 2178453 |
| 10865548 | Series 2022-5195 | 2.50% | 02/25/2052 | 6613924 |
| 2897614 | Series 2023-5293<sup>(n)</sup> | 2.50% | 04/25/2051 | 468486 |
| 19400280 | Series 2023-5353<sup>(n)</sup> | 2.50% | 10/25/2051 | 2226300 |
| 7185029 | Series 2024-5427 | 4.00% | 05/25/2052 | 5842045 |
| 621592 | Series 2024-5481<sup>(b)</sup> | 30D US SOFR + 1.50% | 12/25/2054 | 626631 |
| 2007063 | Series 2025-5524<sup>(b)</sup> | 30D US SOFR + 1.20% | 04/25/2055 | 1989851 |
| 4014713 | Series 2025-5527<sup>(b)</sup> | 30D US SOFR + 1.20% | 09/25/2054 | 4007635 |
| 16997632 | Series 2025-5531<sup>(n)</sup> | 3.50% | 06/25/2041 | 2156263 |
| 11833145 | Series 2025-5531<sup>(n)</sup> | 3.00% | 06/25/2041 | 1352039 |
|  | Freddie Mac STACR REMIC Trust |  |  |  |
| 4300000 | Series 2020-DNA6<sup>(b)(g)</sup> | 30D US SOFR + 5.65% | 12/25/2050 | 4918613 |
| 2500000 | Series 2021-DNA1<sup>(b)(g)</sup> | 30D US SOFR + 4.75% | 01/25/2051 | 2764966 |
| 3000000 | Series 2021-DNA2<sup>(b)(g)</sup> | 30D US SOFR + 6.00% | 08/25/2033 | 3655511 |
| 2750000 | Series 2021-HQA2<sup>(b)(g)</sup> | 30D US SOFR + 3.15% | 12/25/2033 | 3041834 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | GCAT |  |  |  |
| $1500000 | Series 2021-NQM4<sup>(b)(g)</sup> | 2.47% | 08/25/2025 | $1005900 |
|  | Ginnie Mae II Pool |  |  |  |
| 1271598 | Series 2021- | 2.50% | 11/20/2051 | 1074694 |
|  | Government National Mortgage Association |  |  |  |
| 19307 | Series 2004-83<sup>(b)(n)</sup> | 5.97% - 1M CME TERM SOFR | 10/20/2034 | 998 |
| 19412 | Series 2008-6<sup>(b)(n)</sup> | 6.35% - 1M CME TERM SOFR | 02/20/2038 | 89 |
| 18681 | Series 2008-67<sup>(b)(n)</sup> | 5.89% - 1M CME TERM SOFR | 08/20/2038 | 68 |
| 289944 | Series 2008-69<sup>(b)(n)</sup> | 7.52% - 1M CME TERM SOFR | 08/20/2038 | 15706 |
| 29201 | Series 2009-10<sup>(b)(n)</sup> | 6.54% - 1M CME TERM SOFR | 02/16/2039 | 2708 |
| 1133051 | Series 2009-58<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 06/20/2039 | 77920 |
| 20695 | Series 2009-6<sup>(b)(n)</sup> | 5.84% - 1M CME TERM SOFR | 02/20/2038 | 73 |
| 597811 | Series 2009-75 | 5.00% | 09/20/2039 | 602595 |
| 1419818 | Series 2010-121<sup>(b)(n)</sup> | 5.89% - 1M CME TERM SOFR | 09/20/2040 | 146503 |
| 19719 | Series 2010-61<sup>(b)(n)</sup> | 6.44% - 1M CME TERM SOFR | 09/20/2039 | 1165 |
| 23040 | Series 2010-98<sup>(b)(n)</sup> | 5.24% | 03/20/2039 | 485 |
| 9389176 | Series 2010-H20<sup>(b)(n)</sup> | 1.45% | 10/20/2060 | 226894 |
| 194847 | Series 2011-69<sup>(j)</sup> | 0.00% | 05/20/2041 | 155195 |
| 426045 | Series 2011-71<sup>(b)(n)</sup> | 5.29% - 1M CME TERM SOFR | 05/20/2041 | 39598 |
| 119454 | Series 2011-72<sup>(b)(n)</sup> | 6.04% - 1M CME TERM SOFR | 05/20/2041 | 10982 |
| 658774 | Series 2011-89<sup>(b)(n)</sup> | 5.34% - 1M CME TERM SOFR | 06/20/2041 | 60365 |
| 1063313 | Series 2013-113<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 03/20/2043 | 28649 |
| 2367906 | Series 2013-122<sup>(b)(n)</sup> | 5.99% - 1M CME TERM SOFR | 08/16/2043 | 277031 |
| 1682051 | Series 2013-148<sup>(b)(n)</sup> | 5.57% - 1M CME TERM SOFR | 10/16/2043 | 161130 |
| 1597982 | Series 2013-186<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 02/16/2043 | 103044 |
| 1456951 | Series 2014-156<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 10/20/2044 | 170907 |
| 2882104 | Series 2014-4<sup>(b)(n)</sup> | 5.99% - 1M CME TERM SOFR | 01/16/2044 | 332165 |
| 3638390 | Series 2014-41<sup>(b)(n)</sup> | 5.99% - 1M CME TERM SOFR | 03/20/2044 | 402771 |
| 1214763 | Series 2014-5<sup>(b)(n)</sup> | 6.04% - 1M CME TERM SOFR | 07/20/2043 | 78795 |
| 2175714 | Series 2014-95<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 06/16/2044 | 168590 |
| 6674475 | Series 2016-H21<sup>(b)(n)</sup> | 3.15% | 09/20/2066 | 250030 |
| 7314000 | Series 2018-19 | 3.00% | 02/20/2048 | 6140274 |
| 3911608 | Series 2018-97<sup>(b)(n)</sup> | 6.09% - 1M CME TERM SOFR | 07/20/2048 | 478638 |
| 8415513 | Series 2019-22<sup>(b)(n)</sup> | 5.49% - 1M CME TERM SOFR | 02/20/2045 | 804005 |
| 15287239 | Series 2019-90<sup>(n)</sup> | 3.00% | 05/20/2048 | 2084204 |
| 1181137 | Series 2019-90<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 07/20/2049 | 1144245 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $3768362 | Series 2019-92<sup>(b)(n)</sup> | 5.99% - 1M CME TERM SOFR | 07/20/2049 | $468013 |
| 17202632 | Series 2019-H10<sup>(b)(n)</sup> | 1.42% | 06/20/2069 | 926608 |
| 4407104 | Series 2019-H18<sup>(b)(n)</sup> | 1.50% | 11/20/2069 | 273781 |
| 7678333 | Series 2020-112<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 08/20/2050 | 1006539 |
| 14174936 | Series 2020-146<sup>(b)(n)</sup> | 3.64 - 1M CME TERM SOFR | 10/20/2050 | 496771 |
| 11072115 | Series 2020-146<sup>(b)(n)</sup> | 6.19% - 1M CME TERM SOFR | 10/20/2050 | 1579859 |
| 16337392 | Series 2020-165<sup>(n)</sup> | 2.50% | 11/20/2050 | 2370147 |
| 10332176 | Series 2020-167<sup>(b)(n)</sup> | 3.64 - 1M CME TERM SOFR | 11/20/2050 | 351763 |
| 16292384 | Series 2020-167<sup>(n)</sup> | 2.50% | 11/20/2050 | 2387706 |
| 13918558 | Series 2020-173<sup>(n)</sup> | 2.50% | 11/20/2050 | 2091937 |
| 3801370 | Series 2020-188<sup>(b)(n)</sup> | 6.19% - 1M CME TERM SOFR | 11/20/2050 | 533484 |
| 15083019 | Series 2020-188<sup>(n)</sup> | 2.50% | 12/20/2050 | 2166943 |
| 16487529 | Series 2020-191<sup>(n)</sup> | 3.50% | 12/20/2050 | 3228426 |
| 17527140 | Series 2020-H18<sup>(b)(n)</sup> | 2.45% | 09/20/2070 | 1128797 |
| 8670519 | Series 2021-1<sup>(b)(n)</sup> | 6.19% - 1M CME TERM SOFR | 01/20/2051 | 1194695 |
| 13471581 | Series 2021-1<sup>(n)</sup> | 2.50% | 01/20/2051 | 1786096 |
| 8642283 | Series 2021-107<sup>(b)(n)</sup> | 3.64% - 1M CME TERM SOFR | 06/20/2051 | 268143 |
| 10759248 | Series 2021-116<sup>(n)</sup> | 3.50% | 03/20/2051 | 1991490 |
| 1351623 | Series 2021-117<sup>(n)</sup> | 3.50% | 06/20/2051 | 231634 |
| 11158919 | Series 2021-160<sup>(n)</sup> | 2.50% | 06/20/2051 | 1202144 |
| 16652945 | Series 2021-161<sup>(n)</sup> | 3.00% | 09/20/2051 | 2192099 |
| 1536375 | Series 2021-197<sup>(n)</sup> | 3.50% | 11/20/2051 | 292186 |
| 16597824 | Series 2021-52<sup>(b)(n)</sup> | 0.72% | 04/16/2063 | 861608 |
| 20163369 | Series 2021-59<sup>(b)(n)</sup> | 2.60% - 30D US SOFR | 04/20/2051 | 139829 |
| 11206997 | Series 2021-7<sup>(n)</sup> | 2.50% | 01/20/2051 | 1710246 |
| 11224501 | Series 2021-76<sup>(n)</sup> | 3.00% | 08/20/2050 | 1900457 |
| 12850707 | Series 2021-77<sup>(n)</sup> | 3.00% | 07/20/2050 | 2091363 |
| 13298212 | Series 2021-77<sup>(n)</sup> | 2.50% | 05/20/2051 | 1592644 |
| 10325360 | Series 2021-77<sup>(b)(n)</sup> | 3.64% - 1M CME TERM SOFR | 05/20/2051 | 296035 |
| 5196933 | Series 2021-89<sup>(b)(n)</sup> | 3.64% - 1M CME TERM SOFR | 05/20/2051 | 140729 |
| 8008323 | Series 2021-97<sup>(b)(n)</sup> | 3.64% - 1M CME TERM SOFR | 06/20/2051 | 221028 |
| 24923356 | Series 2021-97<sup>(b)(n)</sup> | 2.60% - 30D US SOFR | 06/20/2051 | 258012 |
| 12805490 | Series 2021-H08<sup>(b)(n)</sup> | 0.15% | 05/20/2071 | 377384 |
| 32066260 | Series 2022-1<sup>(b)(n)</sup> | 2.65% - 30D US SOFR | 01/20/2052 | 223438 |
| 15655442 | Series 2022-137<sup>(n)</sup> | 3.00% | 01/20/2052 | 2109477 |
| 17837275 | Series 2022-174 | 3.50% | 05/20/2051 | 14859918 |
| 15760253 | Series 2022-174 | 3.00% | 12/20/2051 | 12351091 |
| 20676768 | Series 2022-207<sup>(n)</sup> | 3.00% | 08/20/2051 | 3214361 |
| 26015273 | Series 2022-48<sup>(b)(n)</sup> | 0.71% | 01/16/2064 | 1499807 |
| 12649003 | Series 2022-83<sup>(n)</sup> | 2.50% | 11/20/2051 | 1861962 |
| 12771373 | Series 2024-48<sup>(n)</sup> | 2.50% | 10/20/2051 | 1950244 |
| 13731653 | Series 2024-61 | 3.50% | 04/20/2054 | 11013100 |
| 15177629 | Series 2025-48<sup>(n)</sup> | 2.50% | 06/20/2051 | 2119548 |
| 17562107 | Series 2025-62<sup>(n)</sup> | 2.50% | 10/20/2051 | 2261209 |
|  | GSR Mortgage Loan Trust |  |  |  |
| 879076 | Series 2006-2F | 5.25% | 02/25/2036 | 333490 |
| 1465462 | Series 2007-2F | 6.00% | 03/25/2037 | 730609 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $640724 | Series 2007-AR2<sup>(b)</sup> | 4.35% | 05/25/2037 | $340179 |
|  | Impac CMB Trust |  |  |  |
| 66446 | Series 2004-10<sup>(b)</sup> | 1M CME TERM SOFR + 0.81% | 03/25/2035 | 57210 |
|  | Imperial Fund Mortgage Trust |  |  |  |
| 1000000 | Series 2021-NQM4<sup>(b)(g)</sup> | 3.45% | 01/25/2057 | 768075 |
|  | IndyMac IMJA Mortgage Loan Trust |  |  |  |
| 947849 | Series 2007-A1 | 6.00% | 08/25/2037 | 345836 |
|  | IndyMac IMSC Mortgage Loan Trust |  |  |  |
| 4686611 | Series 2007-F2 | 6.50% | 07/25/2037 | 1502252 |
|  | JP Morgan Alternative Loan Trust |  |  |  |
| 139777 | Series 2005-S1 | 6.00% | 12/25/2035 | 93519 |
| 14280 | Series 2006-S3<sup>(m)</sup> | 6.62% | 08/25/2036 | 14221 |
|  | JP Morgan Mortgage Trust |  |  |  |
| 753704 | Series 2007-S3 | 6.00% | 07/25/2037 | 327646 |
|  | JP Morgan Resecuritization Trust |  |  |  |
| 436177 | Series 2011-1<sup>(b)(g)</sup> | 6.00% | 06/26/2037 | 359946 |
| 1620554 | Series 2014-6<sup>(b)(g)</sup> | 1M CME TERM SOFR + 0.32% | 07/27/2046 | 1584949 |
|  | Lehman Mortgage Trust |  |  |  |
| 361840 | Series 2006-6 | 5.50% | 10/25/2036 | 235345 |
| 3841455 | Series 2006-7<sup>(b)</sup> | 1M CME TERM SOFR + 0.36% | 11/25/2036 | 222091 |
| 3841404 | Series 2006-7<sup>(b)(n)</sup> | 7.64% - 1M CME TERM SOFR | 11/25/2036 | 229385 |
| 1169735 | Series 2006-8<sup>(b)</sup> | 1M CME TERM SOFR + 0.53% | 12/25/2036 | 236822 |
| 1169735 | Series 2006-8<sup>(b)(n)</sup> | 6.47% - 1M CME TERM SOFR | 12/25/2036 | 131834 |
|  | Merrill Lynch Alternative Note Asset Trust |  |  |  |
| 687842 | Series 2007-F1 | 6.00% | 03/25/2037 | 58723 |
|  | Morgan Stanley Mortgage Loan Trust |  |  |  |
| 789786 | Series 2005-3AR<sup>(b)</sup> | 5.37% | 07/25/2035 | 649503 |
| 2034120 | Series 2006-11 | 6.00% | 08/25/2036 | 1189999 |
| 2283527 | Series 2006-1AR<sup>(b)</sup> | 1M CME TERM SOFR + 0.39% | 02/25/2036 | 1355423 |
| 506930 | Series 2006-7<sup>(b)</sup> | 5.08% | 06/25/2036 | 268413 |
| 599071 | Series 2006-7 | 6.00% | 06/25/2036 | 263633 |
|  | Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |  |
| 901136 | Series 2005-AP3<sup>(b)</sup> | 5.32% | 08/25/2035 | 391383 |
|  | PR Mortgage Loan Trust |  |  |  |
| 5060222 | Series 2014-1<sup>(b)(g)</sup> | 5.86% | 09/25/2047 | 4845238 |
|  | Prime Mortgage Trust |  |  |  |
| 34580 | Series 2006-DR1<sup>(g)</sup> | 5.50% | 05/25/2035 | 32457 |
|  | PRPM LLC |  |  |  |
| 600000 | Series 2025-4<sup>(g)(m)</sup> | 6.18% | 06/25/2028 | 608121 |
|  | RBSGC Structured Trust |  |  |  |
| 89280 | Series 2008-B<sup>(g)</sup> | 6.00% | 06/25/2037 | 77876 |
|  | Residential Accredit Loans, Inc. |  |  |  |
| 3038601 | Series 2006-QA5<sup>(b)</sup> | 1M CME TERM SOFR + 0.55% | 07/25/2036 | 993931 |
| 967879 | Series 2006-QS10 | 6.50% | 08/25/2036 | 859897 |
| 254010 | Series 2006-QS6 | 6.00% | 06/25/2036 | 208092 |
| 599065 | Series 2006-QS7 | 6.00% | 06/25/2036 | 474865 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $31494 | Series 2006-QS7<sup>(b)</sup> | 1M CME TERM SOFR + 0.51% | 06/25/2036 | $22467 |
| 94482 | Series 2006-QS7<sup>(b)(n)</sup> | 5.49% - 1M CME TERM SOFR | 06/25/2036 | 6798 |
| 41426 | Series 2006-QS8<sup>(b)</sup> | 1M CME TERM SOFR + 0.56% | 08/25/2036 | 30694 |
| 124279 | Series 2006-QS8<sup>(b)(n)</sup> | 5.44% - 1M CME TERM SOFR | 08/25/2036 | 9313 |
| 4098 | Series 2007-QS6<sup>(b)</sup> | 54.05% - 1M CME TERM SOFR | 04/25/2037 | 5324 |
| 367017 | Series 2007-QS9 | 6.50% | 07/25/2037 | 303201 |
| 175695 | Series 2008-QR1 | 6.00% | 08/25/2036 | 141075 |
|  | Residential Asset Securitization Trust |  |  |  |
| 380175 | Series 2006-A1 | 6.00% | 04/25/2036 | 165495 |
| 862876 | Series 2006-A2 | 6.00% | 05/25/2036 | 311764 |
| 895458 | Series 2006-A6 | 6.50% | 07/25/2036 | 238723 |
| 243132 | Series 2006-A8 | 6.00% | 08/25/2036 | 154149 |
| 148450 | Series 2006-A8 | 6.50% | 08/25/2036 | 41714 |
| 313587 | Series 2006-A8<sup>(b)(n)</sup> | 5.79% - 1M CME TERM SOFR | 08/25/2036 | 24355 |
| 1336898 | Series 2007-A1 | 6.00% | 03/25/2037 | 393985 |
| 55505 | Series 2007-A6 | 6.00% | 06/25/2037 | 28661 |
| 2535047 | Series 2007-A7 | 6.00% | 07/25/2037 | 933139 |
|  | Residential Funding Mortgage Securities I Trust |  |  |  |
| 309058 | Series 2006-S3 | 5.50% | 03/25/2036 | 252573 |
| 61930 | Series 2006-S6 | 6.00% | 07/25/2036 | 53380 |
| 178402 | Series 2007-S3 | 6.00% | 03/25/2037 | 129618 |
| 97064 | Series 2007-S6 | 6.00% | 06/25/2037 | 75416 |
|  | Residential Mortgage Loan Trust |  |  |  |
| 3250000 | Series 2020-1<sup>(b)(g)</sup> | 4.67% | 01/26/2060 | 3003780 |
|  | Sequoia Mortgage Trust |  |  |  |
| 768784 | Series 2007-3<sup>(b)</sup> | 4.50% | 07/20/2037 | 608843 |
|  | Structured Asset Securities Corp. |  |  |  |
| 111958 | Series 2005-RF1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 0.46% | 03/25/2035 | 100760 |
| 111958 | Series 2005-RF1<sup>(b)(g)(n)</sup> | 0.00% | 03/25/2035 | 154 |
|  | TBW Mortgage-Backed Trust |  |  |  |
| 1391148 | Series 2006-2 | 7.00% | 07/25/2036 | 214164 |
|  | Verus Securitization Trust |  |  |  |
| 2300000 | Series 2019-INV3<sup>(b)(g)</sup> | 3.28% | 11/25/2059 | 2267641 |
| 1500000 | Series 2021-4<sup>(b)(g)</sup> | 2.20% | 07/25/2066 | 982897 |
| 1400000 | Series 2021-6<sup>(b)(g)</sup> | 4.05% | 10/25/2066 | 1091655 |
| 2000000 | Series 2021-7<sup>(b)(g)</sup> | 4.19% | 10/25/2066 | 1479906 |
| 7706000 | Series 2022-4<sup>(b)(g)</sup> | 4.77% | 04/25/2067 | 6668399 |
|  | Wachovia Mortgage Loan Trust, LLC Series Trust |  |  |  |
| 41456 | Series 2005-B<sup>(b)</sup> | 7.49% | 10/20/2035 | 40098 |
|  | Washington Mutual Alternative Mortgage Pass-Through Certificates |  |  |  |
| 31751 | Series 2005-9 | 5.50% | 11/25/2035 | 25826 |
| 278002 | Series 2006-5 | 6.00% | 07/25/2036 | 199627 |
|  | Washington Mutual Mortgage Pass-Through Certificates Trust |  |  |  |
| 421520 | Series 2006-2 | 6.00% | 03/25/2036 | 416470 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Wells Fargo Alternative Loan Trust |  |  |  |
| $164306 | Series 2007-PA2<sup>(b)</sup> | 1M CME TERM SOFR + 0.54% | 06/25/2037 | $143530 |
| 175009 | Series 2007-PA2<sup>(b)(n)</sup> | 5.96% - 1M CME TERM SOFR | 06/25/2037 | 18254 |
| 211442 | Series 2007-PA3 | 6.25% | 07/25/2037 | 185023 |
|  |  |  |  | 286422518 |
| TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES | TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES | TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES | TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES | TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES |
| (Cost $355,877,571) | (Cost $355,877,571) |  |  | 286422518 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **Warrants - 0.00%<sup>(d)</sup>** | **Warrants - 0.00%<sup>(d)</sup>** | **Warrants - 0.00%<sup>(d)</sup>** |
| ***United States - 0.00%<sup>(d)</sup>*** | ***United States - 0.00%<sup>(d)</sup>*** |  |
| 64870 | PERSHING SQUARE SPARC HOLDINGS, Strike Price 0.01, Expires 12/31/2049 | 1 |
| TOTAL WARRANTS | TOTAL WARRANTS | TOTAL WARRANTS |
| (Cost $0) | (Cost $0) | 1 |
| **Short-Term Investments - 8.28%** | **Short-Term Investments - 8.28%** |  |
| **Money Market Fund - 8.28%** | **Money Market Fund - 8.28%** |  |
| 98626969 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.20%) | 98626969 |
| TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS |  |
| (Cost $98,626,969) | (Cost $98,626,969) | 98626969 |
| **TOTAL INVESTMENTS - 100.27%** | **TOTAL INVESTMENTS - 100.27%** |  |
| **(Cost $1,300,930,670)** | **(Cost $1,300,930,670)** | $1193846694 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.27)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.27)%** | (3245881) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $1190600813 |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| CME- Chicago Mercantile Exchange |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| SOFR - Secured Overnight Financing Rate Data |
| TI - Treasury Index |
| **Rates:** |
| 1M CME SOFR - 1 Month CME SOFR as of June 30, 2025 was 4.32% |
| 3M CME SOFR - 3 Month CME SOFR as of June 30, 2025 was 4.29% |
| 30D SOFR - 30 Day SOFR as of June 30, 2025 was 4.32% |
| 1M SOFR - 1 Month SOFR as of June 30, 2025 was 4.32% |
| 3M SOFR - 3 Month SOFR as of June 30, 2025 was 4.34% |
| 1Y US TI - 1 Year TI as of June 30, 2025 was 3.96% |
| 5Y US TI - 5 Year TI as of June 30, 2025 was 3.79% |
| 10Y US TI - 10 Year TI as of June 30, 2025 was 4.24% |

---

<sup>(a)</sup> *Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.*

<sup>(b)</sup> *Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.*

<sup>(c)</sup> *Non-income producing security.*

<sup>(d)</sup> *Less than 0.005%.*

<sup>(e)</sup> *The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.*

<sup>(f)</sup> *Affiliated company. See Notes to Quarterly Schedule of Investments.*

<sup>(g)</sup> *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 $324,065,989, which represents approximately 27.22% of net assets as of June 30, 2025. Test*

<sup>(h)</sup> *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. As of June 30, 2025, the aggregate fair value of those securities was $10,235,405, representing 0.86% of net assets.*

<sup>(i)</sup> *Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.*

<sup>(j)</sup> *Issued with a zero coupon. Income is recognized through the accretion of discount.*

<sup>(k)</sup> *Security is currently in default.*

<sup>(l)</sup> *Security does not have a market value or rate. Security will not be entitled to distributions in respect of principal or interest other than excess interest paid with respect to the mortgage loans.*

<sup>(m)</sup> *Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at June 30, 2025.*

<sup>(n)</sup> *Interest only securities.*

*See Notes to Quarterly Schedule of Investments.* <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Futures Contracts:</u>**<br>**Description** | <br>**Contracts** | <br>**Expiration<br> Date** | <br>**Notional**<br> **Value** | <br>**Value and Unrealized**<br> **Appreciation/(Depreciation)** |
| US 2Yr Note Future | 100 | September 2025 | $20802344 | $84502 |
| US Long Bond Future | 28 | September 2025 | 3233125 | 129267 |
|  |  |  | $24035469 | $213769 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Futures Contracts Sold:</u>**<br>**Description** | <br>**Contracts (Short)** | <br>**Expiration<br> Date** | <br>**Notional**<br> **Value** | <br>**Value and Unrealized Appreciation/(Depreciation)** |
| 10-Yr U.S. Treasury Note Futures | (30) | September 2025 | $3427969 | $(82984) |
| US Ultra T-Bond | (45) | September 2025 | 5360625 | (238733) |
|  |  |  | $8788594 | $(321717) |

---

RiverNorth/Oaktree High Income Fund

SCHEDULE OF INVESTMENTS<br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **CLOSED-END FUNDS - 2.13%** | **CLOSED-END FUNDS - 2.13%** | **CLOSED-END FUNDS - 2.13%** |
| ***United States - 2.13%*** | ***United States - 2.13%*** | ***United States - 2.13%*** |
| 58172 | Avenue Income Credit Strategies Fund | $343215 |
| 31179 | BlackRock Core Bond Trust | 303060 |
| 64315 | Western Asset Inflation-Linked Opportunities & Income Fund | 563399 |
| TOTAL CLOSED-END FUNDS | TOTAL CLOSED-END FUNDS | TOTAL CLOSED-END FUNDS |
| (Cost $1,268,226) | (Cost $1,268,226) | 1209674 |
| **COMMON STOCKS - 0.16%** | **COMMON STOCKS - 0.16%** | **COMMON STOCKS - 0.16%** |
| ***United States - 0.16%*** | ***United States - 0.16%*** | ***United States - 0.16%*** |
| 3304 | PHI Group, Inc.<sup>(a)</sup> | 92380 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $65,834) | (Cost $65,834) | 92380 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **BANK LOANS - 1.15%<sup>(b)</sup>** | **BANK LOANS - 1.15%<sup>(b)</sup>** | **BANK LOANS - 1.15%<sup>(b)</sup>** | **BANK LOANS - 1.15%<sup>(b)</sup>** | **BANK LOANS - 1.15%<sup>(b)</sup>** |
| ***United States - 1.15%*** | ***United States - 1.15%*** | ***United States - 1.15%*** | ***United States - 1.15%*** | ***United States - 1.15%*** |
| $130278 | AI Aqua Merger Sub, Inc., First Lien | 1M SOFR + 3.00%, 0.50% Floor | 07/31/2028 | 130240 |
| 73728 | EG America LLC, First Lien | 3M SOFR + 4.25% | 02/07/2028 | 74156 |
| 76050 | Electron BidCo, Inc. TL 1L | 1M SOFR + 2.75% | 10/07/2028 | 76330 |
| 240725 | IRB Holding Corp., First Lien | 3M SOFR + 2.50%, 0.75% Floor | 12/15/2027 | 240976 |
| 4676 | Naked Juice, LLC | 3M SOFR + 3.25% | 01/24/2029 | 3741 |
| 14063 | Naked Juice, LLC | 6M CME TERM + 6.00% | 01/24/2030 | 6785 |
| 120644 | Skopima Consilio Parent LLC, First Lien | 1M SOFR + 3.75%, 0.50% Floor | 05/17/2028 | 119232 |
|  |  |  |  | 651460 |
| TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS |
| (Cost $644,467) | (Cost $644,467) |  |  | 651460 |
| **HIGH YIELD DEBT- 89.99%** | **HIGH YIELD DEBT- 89.99%** | **HIGH YIELD DEBT- 89.99%** | **HIGH YIELD DEBT- 89.99%** | **HIGH YIELD DEBT- 89.99%** |
| ***Australia - 0.91%*** | ***Australia - 0.91%*** | ***Australia - 0.91%*** | ***Australia - 0.91%*** | ***Australia - 0.91%*** |
| $20000 | Mineral Resources, Ltd.<sup>(c)</sup> | 9.25% | 10/01/2028 | 20493 |
| 330000 | Mineral Resources, Ltd.<sup>(c)</sup> | 8.50% | 05/01/2030 | 328625 |
| 185000 | Nufarm Australia, Ltd. / Nufarm Americas, Inc.<sup>(c)</sup> | 5.00% | 01/27/2030 | 170849 |
|  |  |  |  | 519967 |
| ***Canada - 4.02%*** | ***Canada - 4.02%*** | ***Canada - 4.02%*** | ***Canada - 4.02%*** | ***Canada - 4.02%*** |
| 265000 | 1261229 BC, Ltd.<sup>(c)</sup> | 10.00% | 04/15/2032 | 267515 |
| 100000 | Bombardier, Inc.<sup>(c)</sup> | 6.00% | 02/15/2028 | 100673 |
| 90000 | Bombardier, Inc.<sup>(c)</sup> | 8.75% | 11/15/2030 | 97545 |
| 30000 | Bombardier, Inc.<sup>(c)</sup> | 7.25% | 07/01/2031 | 31528 |
| 90000 | Bombardier, Inc.<sup>(c)</sup> | 7.00% | 06/01/2032 | 93837 |
| 120000 | Bombardier, Inc.<sup>(c)</sup> | 6.75% | 06/15/2033 | 124494 |
| 90000 | Capstone Copper Corp.<sup>(c)</sup> | 6.75% | 03/31/2033 | 92213 |
| 110000 | Cascades, Inc./Cascades USA, Inc.<sup>(c)</sup> | 5.38% | 01/15/2028 | 109127 |
| 175000 | Cascades, Inc./Cascades USA, Inc.<sup>(c)</sup> | 6.75% | 07/15/2030 | 176001 |
| 325000 | Dye & Durham, Ltd.<sup>(c)</sup> | 8.63% | 04/15/2029 | 340372 |
| 170000 | Garda World Security Corp.<sup>(c)</sup> | 8.38% | 11/15/2032 | 174773 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 180000 | goeasy, Ltd.<sup>(c)</sup> | 9.25% | 12/01/2028 | $| 190563 |
|  | 170000 | Intelligent Packaging, Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC<sup>(c)</sup> | 6.00% | 09/15/2028 |  | 170000 |
|  | 225000 | Mercer International, Inc. | 5.13% | 02/01/2029 |  | 183728 |
|  | 70000 | Northriver Midstream Finance LP<sup>(c)</sup> | 5.63% | 02/15/2026 |  | 69922 |
|  | 20000 | Open Text Corp.<sup>(c)</sup> | 6.90% | 12/01/2027 |  | 20722 |
|  | 21000 | Precision Drilling Corp.<sup>(c)</sup> | 7.13% | 01/15/2026 |  | 21076 |
|  | 25000 | Precision Drilling Corp.<sup>(c)</sup> | 6.88% | 01/15/2029 |  | 24717 |
|  |  |  |  |  |  | 2288806 |
| ***Finland - 0.26%*** | ***Finland - 0.26%*** | ***Finland - 0.26%*** | ***Finland - 0.26%*** | ***Finland - 0.26%*** | ***Finland - 0.26%*** | ***Finland - 0.26%*** |
|  | 125000 | Mehilainen Yhtiot Oy<sup>(c)</sup> | 5.13% | 06/30/2032 |  | 148062 |
| ***France - 3.96%*** | ***France - 3.96%*** | ***France - 3.96%*** | ***France - 3.96%*** | ***France - 3.96%*** | ***France - 3.96%*** | ***France - 3.96%*** |
|  | 130000 | Afflelou SAS<sup>(d)</sup> | 6.00% | 07/25/2029 |  | 159642 |
|  | 370000 | Altice France SA | 11.50% | 02/01/2027 |  | 422213 |
|  | 55000 | Altice France SA<sup>(c)</sup> | 5.13% | 07/15/2029 |  | 45513 |
|  | 170000 | Bertrand Franchise Finance SAS<sup>(d)</sup> | 6.50% | 07/18/2030 |  | 203312 |
|  | 65000 | Constellium SE<sup>(c)</sup> | 6.38% | 08/15/2032 |  | 66125 |
|  | 400000 | Electricite de France SA<sup>(b)(e)</sup> | 5Y EUR SWAP + 3.28% | Perpetual Maturity |  | 489083 |
|  | 140000 | Iliad Holding SASU<sup>(c)</sup> | 5.38% | 04/15/2030 |  | 169777 |
|  | 290000 | Iliad Holding SASU<sup>(c)</sup> | 8.50% | 04/15/2031 |  | 310452 |
|  | 100000 | Nova Alexandre III SAS<sup>(b)(d)</sup> | 3M EUR L + 5.25% | 07/15/2029 |  | 119707 |
|  | 220000 | Opal Bidco SAS<sup>(c)</sup> | 5.50% | 03/31/2032 |  | 264981 |
|  |  |  |  |  |  | 2250805 |
| ***Germany - 2.23%*** | ***Germany - 2.23%*** | ***Germany - 2.23%*** | ***Germany - 2.23%*** | ***Germany - 2.23%*** | ***Germany - 2.23%*** | ***Germany - 2.23%*** |
|  | 100000 | Cheplapharm Arzneimittel GmbH<sup>(d)</sup> | 7.50% | 05/15/2030 |  | 120442 |
|  | 100000 | Cheplapharm Arzneimittel GmbH<sup>(c)</sup> | 7.13% | 06/15/2031 |  | 118722 |
|  | 140000 | CT Investment GmbH<sup>(d)</sup> | 6.38% | 04/15/2030 |  | 170566 |
|  | 205000 | Dynamo Newco II GmbH<sup>(d)</sup> | 6.25% | 10/15/2031 |  | 248559 |
|  | 100000 | IHO Verwaltungs GmbH<sup>(d)(f)</sup> | 7.00% (7.75%) | 11/15/2031 |  | 124750 |
|  | 140000 | Motel One GmbH/Muenchen<sup>(d)</sup> | 7.75% | 04/02/2031 |  | 177326 |
|  | 140000 | Nidda Healthcare Holding GmbH<sup>(c)</sup> | 5.63% | 02/21/2030 |  | 168439 |
|  | 115000 | TUI Cruises GmbH<sup>(c)</sup> | 6.25% | 04/15/2029 |  | 141430 |
|  |  |  |  |  |  | 1270234 |
| ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** |
|  | 125000 | Ardonagh Finco, Ltd.<sup>(d)</sup> | 6.88% | 02/15/2031 |  | 151668 |
|  | 130000 | California Buyer, Ltd. / Atlantica Sustainable Infrastructure PLC<sup>(c)</sup> | 5.63% | 02/15/2032 |  | 157713 |
|  | 100000 | CD&R Firefly Bidco PLC<sup>(c)</sup> | 8.63% | 04/30/2029 |  | 141625 |
|  | 120000 | Edge Finco PLC<sup>(d)</sup> | 8.13% | 08/15/2031 |  | 171874 |
|  | 140000 | eG Global Finance PLC<sup>(d)</sup> | 11.00% | 11/30/2028 |  | 182229 |
|  | 105000 | Galaxy Bidco, Ltd.<sup>(c)</sup> | 8.13% | 12/19/2029 |  | 147195 |
|  | 105000 | Heathrow Finance PLC | 6.63% | 03/01/2031 |  | 143608 |
|  | 220000 | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC<sup>(c)</sup> | 8.13% | 02/15/2032 |  | 229901 |
|  | 105000 | INEOS Finance PLC<sup>(d)</sup> | 6.38% | 04/15/2029 |  | 125486 |
|  | 105000 | INEOS Quattro Finance 2 PLC<sup>(c)</sup> | 6.75% | 04/15/2030 |  | 114659 |
|  | 105000 | Miller Homes Group Finco PLC<sup>(b)(c)</sup> | 3M EUR L + 4.25% | 10/15/2030 |  | 125881 |
|  | 40000 | Virgin Media Finance PLC<sup>(c)</sup> | 5.00% | 07/15/2030 |  | 36588 |
|  | 225000 | Vmed O2 UK Financing I PLC<sup>(c)</sup> | 4.75% | 07/15/2031 |  | 208271 |
|  | 200000 | Vmed O2 UK Financing I PLC<sup>(d)</sup> | 4.50% | 07/15/2031 |  | 246649 |
|  | 90000 | Vmed O2 UK Financing I PLC<sup>(c)</sup> | 7.75% | 04/15/2032 |  | 93636 |
|  |  |  |  |  |  | 2276983 |
| ***Ireland - 0.43%*** | ***Ireland - 0.43%*** | ***Ireland - 0.43%*** | ***Ireland - 0.43%*** | ***Ireland - 0.43%*** | ***Ireland - 0.43%*** | ***Ireland - 0.43%*** |
|  | 130000 | Adient Global Holdings, Ltd.<sup>(c)</sup> | 7.50% | 02/15/2033 |  | 133054 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 100000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.<sup>(d)</sup> | 2.13% | 08/15/2026 | $| 112908 |
|  |  |  |  |  |  | 245962 |
| ***Italy - 3.42%*** | ***Italy - 3.42%*** | ***Italy - 3.42%*** | ***Italy - 3.42%*** | ***Italy - 3.42%*** | ***Italy - 3.42%*** | ***Italy - 3.42%*** |
|  | 130000 | Castello BC Bidco SpA<sup>(b)(c)</sup> | 3M EUR L + 4.50% | 11/14/2031 |  | 154299 |
|  | 100000 | Cedacri SpA<sup>(b)(c)</sup> | 3M EUR L + 4.63% | 05/15/2028 |  | 118315 |
|  | 110000 | Cerved Group SpA<sup>(b)(d)</sup> | 3M EUR L + 5.25% | 02/15/2029 |  | 128888 |
|  | 105000 | Dolcetto Holdco SpA<sup>(c)</sup> | 5.63% | 07/14/2032 |  | 124738 |
|  | 115000 | Fedrigoni SpA<sup>(b)(d)</sup> | 3M EUR L + 4.00% | 01/15/2030 |  | 132162 |
|  | 63000 | Fibercop SpA<sup>(c)</sup> | 6.38% | 11/15/2033 |  | 61494 |
|  | 100000 | Guala Closures SpA<sup>(d)</sup> | 3.25% | 06/15/2028 |  | 115005 |
|  | 125000 | Irca SpA<sup>(b)(c)</sup> | 3M EUR L + 3.75% | 12/15/2029 |  | 147964 |
|  | 160000 | Kepler SpA<sup>(b)(d)</sup> | 3M EUR L + 4.13% | 12/18/2029 |  | 189537 |
|  | 220000 | Mooney Group SpA<sup>(b)(d)</sup> | 3M EUR L + 3.88% | 12/17/2026 |  | 257432 |
|  | 115000 | Neopharmed Gentili SPA<sup>(c)</sup> | 7.13% | 04/08/2030 |  | 142407 |
|  | 150000 | Sammontana Italia SpA<sup>(b)(d)</sup> | 3M EUR L + 3.75% | 10/15/2031 |  | 176901 |
|  | 165000 | TeamSystem SpA<sup>(c)</sup> | 5.00% | 07/01/2031 |  | 194440 |
|  |  |  |  |  |  | 1943582 |
| ***Luxembourg - 3.22%*** | ***Luxembourg - 3.22%*** | ***Luxembourg - 3.22%*** | ***Luxembourg - 3.22%*** | ***Luxembourg - 3.22%*** | ***Luxembourg - 3.22%*** | ***Luxembourg - 3.22%*** |
|  | 95000 | Albion Financing 1 SARL / Aggreko Holdings, Inc.<sup>(c)</sup> | 7.00% | 05/21/2030 |  | 97188 |
|  | 100000 | Albion Financing 1 SARL / Aggreko Holdings, Inc.<sup>(c)</sup> | 5.38% | 05/21/2030 |  | 120611 |
|  | 155000 | Aramark International Finance Sarl<sup>(c)</sup> | 4.38% | 04/15/2033 |  | 180593 |
|  | 115000 | Dana Financing Luxembourg Sarl<sup>(d)</sup> | 8.50% | 07/15/2031 |  | 147570 |
|  | 145000 | Eurofins Scientific SE<sup>(b)(e)</sup> | 3M EUR L + 3.19% | Perpetual Maturity |  | 177397 |
|  | 150000 | Grand City Properties Finance Sarl<sup>(b)(e)</sup> | 5Y EUR SWAP + 3.51% | Perpetual Maturity |  | 182518 |
|  | 290000 | Intelsat Jackson Holdings SA<sup>(c)</sup> | 6.50% | 03/15/2030 |  | 296437 |
|  | 120000 | Loarre Investments Sarl<sup>(d)</sup> | 6.50% | 05/15/2029 |  | 146042 |
|  | 165000 | Luna 2 5SARL<sup>(c)</sup> | 5.50% | 07/01/2032 |  | 198388 |
|  | 100000 | Sani/Ikos Financial Holdings 1 Sarl<sup>(c)</sup> | 7.25% | 07/31/2030 |  | 121656 |
|  | 16000 | Telecom Italia Capital SA | 6.38% | 11/15/2033 |  | 16704 |
|  | 135000 | Telecom Italia Capital SA | 7.20% | 07/18/2036 |  | 143903 |
|  |  |  |  |  |  | 1829007 |
| ***Netherlands - 1.77%*** | ***Netherlands - 1.77%*** | ***Netherlands - 1.77%*** | ***Netherlands - 1.77%*** | ***Netherlands - 1.77%*** | ***Netherlands - 1.77%*** | ***Netherlands - 1.77%*** |
|  | 125000 | Boels Topholding BV<sup>(d)</sup> | 5.75% | 05/15/2030 |  | 153030 |
|  | 130000 | Energizer Gamma Acquisition BV<sup>(d)</sup> | 3.50% | 06/30/2029 |  | 146659 |
|  | 110000 | Flora Food Management BV<sup>(c)</sup> | 6.88% | 07/02/2029 |  | 131745 |
|  | 100000 | Odido Group Holding BV<sup>(d)</sup> | 5.50% | 01/15/2030 |  | 117961 |
|  | 115000 | OI European Group BV<sup>(c)</sup> | 5.25% | 06/01/2029 |  | 139745 |
|  | 100000 | Telefonica Europe BV<sup>(b)(e)</sup> | 8Y EUR SWAP + 3.62% | Perpetual Maturity |  | 129713 |
|  | 200000 | Ziggo BV<sup>(c)</sup> | 4.88% | 01/15/2030 |  | 187026 |
|  |  |  |  |  |  | 1005879 |
| ***Sweden - 0.74%*** | ***Sweden - 0.74%*** | ***Sweden - 0.74%*** | ***Sweden - 0.74%*** | ***Sweden - 0.74%*** | ***Sweden - 0.74%*** | ***Sweden - 0.74%*** |
|  | 151000 | Assemblin Caverion Group AB<sup>(d)</sup> | 6.25% | 07/01/2030 |  | 183510 |
|  | 200000 | Verisure Midholding AB<sup>(d)</sup> | 5.25% | 02/15/2029 |  | 237067 |
|  |  |  |  |  |  | 420577 |
| ***United States - 65.03%*** | ***United States - 65.03%*** | ***United States - 65.03%*** | ***United States - 65.03%*** | ***United States - 65.03%*** | ***United States - 65.03%*** | ***United States - 65.03%*** |
|  | 40000 | Academy, Ltd.<sup>(c)</sup> | 6.00% | 11/15/2027 |  | 40134 |
|  | 205000 | Acadia Healthcare Co., Inc.<sup>(c)</sup> | 7.38% | 03/15/2033 |  | 211454 |
|  | 95000 | ACCO Brands Corp.<sup>(c)</sup> | 4.25% | 03/15/2029 |  | 84124 |
|  | 105000 | Acuris Finance US, Inc. / Acuris Finance SARL<sup>(c)</sup> | 5.00% | 05/01/2028 |  | 100286 |
|  | 125000 | Aethon United BR LP / Aethon United Finance Corp.<sup>(c)</sup> | 7.50% | 10/01/2029 |  | 131210 |
|  | 160000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<sup>(c)</sup> | 6.75% | 04/15/2028 |  | 162757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $25000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<sup>(c)</sup> | 7.00% | 01/15/2031 | $25879 |
| 275000 | Allied Universal Holdco LLC<sup>(c)</sup> | 7.88% | 02/15/2031 | 287535 |
| 200000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl<sup>(c)</sup> | 4.63% | 06/01/2028 | 194073 |
| 100000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl<sup>(d)</sup> | 3.63% | 06/01/2028 | 115325 |
| 70000 | Alpha Generation LLC<sup>(c)</sup> | 6.75% | 10/15/2032 | 72206 |
| 150000 | AMC Networks, Inc.<sup>(c)</sup> | 10.25% | 01/15/2029 | 155625 |
| 145000 | AMC Networks, Inc. | 4.25% | 02/15/2029 | 116299 |
| 75000 | AMC Networks, Inc.<sup>(c)</sup> | 10.50% | 07/15/2032 | 76043 |
| 75000 | American Airlines, Inc.<sup>(c)</sup> | 7.25% | 02/15/2028 | 76644 |
| 45000 | American Airlines, Inc.<sup>(c)</sup> | 8.50% | 05/15/2029 | 47212 |
| 90000 | American Axle & Manufacturing, Inc. | 5.00% | 10/01/2029 | 82431 |
| 45000 | AmeriGas Partners LP / AmeriGas Finance Corp. | 5.75% | 05/20/2027 | 44703 |
| 185000 | AmeriGas Partners LP / AmeriGas Finance Corp.<sup>(c)</sup> | 9.38% | 06/01/2028 | 190888 |
| 145000 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.<sup>(c)</sup> | 7.00% | 04/15/2030 | 135600 |
| 130000 | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | 0.25% | 06/15/2026 | 127887 |
| 65000 | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.<sup>(c)</sup> | 5.75% | 01/15/2029 | 57083 |
| 235000 | Arches Buyer, Inc.<sup>(c)</sup> | 4.25% | 06/01/2028 | 225081 |
| 65000 | Arsenal AIC Parent LLC<sup>(c)</sup> | 8.00% | 10/01/2030 | 69449 |
| 80000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp.<sup>(c)</sup> | 6.63% | 07/15/2033 | 81213 |
| 245000 | AthenaHealth Group, Inc.<sup>(c)</sup> | 6.50% | 02/15/2030 | 241378 |
| 85000 | Avient Corp.<sup>(c)</sup> | 7.13% | 08/01/2030 | 87733 |
| 70000 | B&G Foods, Inc. | 5.25% | 09/15/2027 | 63810 |
| 140000 | B&G Foods, Inc.<sup>(c)</sup> | 8.00% | 09/15/2028 | 134965 |
| 105000 | Beacon Mobility Corp.<sup>(c)</sup> | 7.25% | 08/01/2030 | 107291 |
| 145000 | BellRing Brands, Inc.<sup>(c)</sup> | 7.00% | 03/15/2030 | 151145 |
| 60000 | Big River Steel LLC / BRS Finance Corp.<sup>(c)</sup> | 6.63% | 01/31/2029 | 60523 |
| 387000 | BlackRock TCP Capital Corp. | 6.95% | 05/30/2029 | 399005 |
| 240000 | Block Communications, Inc.<sup>(c)</sup> | 4.88% | 03/01/2028 | 230778 |
| 165000 | Bloomin' Brands, Inc. / OSI Restaurant Partners LLC<sup>(c)</sup> | 5.13% | 04/15/2029 | 153162 |
| 500000 | Blue Owl Capital Corp. | 3.75% | 07/22/2025 | 499618 |
| 1242000 | Blue Owl Capital Corp. | 3.13% | 04/13/2027 | 1199791 |
| 105000 | Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(c)</sup> | 7.00% | 07/15/2029 | 109650 |
| 60000 | Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(c)</sup> | 7.25% | 07/15/2032 | 63617 |
| 215000 | BlueLinx Holdings, Inc.<sup>(c)</sup> | 6.00% | 11/15/2029 | 207038 |
| 55000 | Boost Newco Borrower LLC<sup>(c)</sup> | 7.50% | 01/15/2031 | 58422 |
| 45000 | Buckeye Partners LP<sup>(c)</sup> | 4.50% | 03/01/2028 | 44352 |
| 105000 | Buckeye Partners LP<sup>(c)</sup> | 6.88% | 07/01/2029 | 108848 |
| 175000 | Cable One, Inc.<sup>(g)</sup> | 0.00% | 03/15/2026 | 166005 |
| 70000 | Cablevision Lightpath LLC<sup>(c)</sup> | 3.88% | 09/15/2027 | 67511 |
| 202000 | Cablevision Lightpath LLC<sup>(c)</sup> | 5.63% | 09/15/2028 | 195329 |
| 50000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(c)</sup> | 5.50% | 05/01/2026 | 50013 |
| 175000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(c)</sup> | 6.38% | 09/01/2029 | 178632 |
| 120000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(c)</sup> | 4.75% | 03/01/2030 | 116346 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $145000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(c)</sup> | 7.38% | 03/01/2031 | $151385 |
| 250000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(c)</sup> | 4.50% | 06/01/2033 | 228664 |
| 135000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(c)</sup> | 4.25% | 01/15/2034 | 120260 |
| 520000 | Celanese US Holdings LLC | 6.75% | 04/15/2033 | 525822 |
| 75000 | Chart Industries, Inc.<sup>(c)</sup> | 7.50% | 01/01/2030 | 78613 |
| 35000 | Chart Industries, Inc.<sup>(c)</sup> | 9.50% | 01/01/2031 | 37388 |
| 25000 | CHS/Community Health Systems, Inc.<sup>(c)</sup> | 5.63% | 03/15/2027 | 24640 |
| 40000 | CHS/Community Health Systems, Inc.<sup>(c)</sup> | 6.00% | 01/15/2029 | 38507 |
| 165000 | CHS/Community Health Systems, Inc.<sup>(c)</sup> | 5.25% | 05/15/2030 | 146470 |
| 230000 | CHS/Community Health Systems, Inc.<sup>(c)</sup> | 10.88% | 01/15/2032 | 244057 |
| 10000 | Churchill Downs, Inc.<sup>(c)</sup> | 4.75% | 01/15/2028 | 9878 |
| 55000 | Churchill Downs, Inc.<sup>(c)</sup> | 5.75% | 04/01/2030 | 55215 |
| 100000 | Churchill Downs, Inc.<sup>(c)</sup> | 6.75% | 05/01/2031 | 102907 |
| 385000 | CITGO Petroleum Corp.<sup>(c)</sup> | 6.38% | 06/15/2026 | 385123 |
| 95000 | Clear Channel Outdoor Holdings, Inc.<sup>(c)</sup> | 5.13% | 08/15/2027 | 93979 |
| 65000 | Clear Channel Outdoor Holdings, Inc.<sup>(c)</sup> | 7.88% | 04/01/2030 | 67155 |
| 50000 | Cleveland-Cliffs, Inc.<sup>(c)</sup> | 7.50% | 09/15/2031 | 48265 |
| 275000 | Cleveland-Cliffs, Inc.<sup>(c)</sup> | 7.00% | 03/15/2032 | 259575 |
| 20000 | Cleveland-Cliffs, Inc.<sup>(c)</sup> | 7.38% | 05/01/2033 | 18793 |
| 275000 | Cloud Software Group, Inc.<sup>(c)</sup> | 6.50% | 03/31/2029 | 277739 |
| 210000 | Cloud Software Group, Inc.<sup>(c)</sup> | 8.25% | 06/30/2032 | 223683 |
| 85000 | Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> | 6.63% | 04/15/2029 | 86284 |
| 35000 | Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> | 6.88% | 01/15/2030 | 35824 |
| 105000 | CNX Resources Corp.<sup>(c)</sup> | 7.25% | 03/01/2032 | 108792 |
| 30000 | Cogent Communications Group LLC<sup>(c)</sup> | 7.00% | 06/15/2027 | 30164 |
| 150000 | Cogent Communications Group LLC / Cogent Finance, Inc.<sup>(c)</sup> | 7.00% | 06/15/2027 | 150407 |
| 110000 | Cogent Communications Group LLC / Cogent Finance, Inc.<sup>(c)</sup> | 6.50% | 07/01/2032 | 108456 |
| 25000 | CommScope LLC<sup>(c)</sup> | 7.13% | 07/01/2028 | 24589 |
| 273000 | CommScope LLC<sup>(c)</sup> | 4.75% | 09/01/2029 | 266866 |
| 145000 | Compass Group Diversified Holdings LLC<sup>(c)</sup> | 5.25% | 04/15/2029 | 130274 |
| 80000 | Comstock Resources, Inc.<sup>(c)</sup> | 6.75% | 03/01/2029 | 80239 |
| 90000 | Comstock Resources, Inc.<sup>(c)</sup> | 6.75% | 03/01/2029 | 89798 |
| 70000 | Comstock Resources, Inc.<sup>(c)</sup> | 5.88% | 01/15/2030 | 68058 |
| 105000 | Consolidated Communications, Inc.<sup>(c)</sup> | 5.00% | 10/01/2028 | 106175 |
| 65000 | Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC<sup>(c)</sup> | 6.63% | 07/15/2030 | 66544 |
| 225000 | Cougar JV Subsidiary LLC<sup>(c)</sup> | 8.00% | 05/15/2032 | 240056 |
| 250000 | CQP Holdco LP / BIP-V Chinook Holdco LLC<sup>(c)</sup> | 7.50% | 12/15/2033 | 272278 |
| 115000 | Crocs, Inc.<sup>(c)</sup> | 4.25% | 03/15/2029 | 109811 |
| 460000 | CSC Holdings LLC<sup>(c)</sup> | 5.50% | 04/15/2027 | 439572 |
| 115000 | CSC Holdings LLC<sup>(c)</sup> | 5.75% | 01/15/2030 | 56995 |
| 25000 | CSC Holdings LLC<sup>(c)</sup> | 5.00% | 11/15/2031 | 11688 |
| 110000 | Cushman & Wakefield US Borrower LLC<sup>(c)</sup> | 8.88% | 09/01/2031 | 118208 |
| 145000 | CVR Energy, Inc.<sup>(c)</sup> | 5.75% | 02/15/2028 | 138953 |
| 185000 | DaVita, Inc.<sup>(c)</sup> | 6.88% | 09/01/2032 | 191809 |
| 60000 | DaVita, Inc.<sup>(c)</sup> | 6.75% | 07/15/2033 | 61993 |
| 80000 | Dcli Bidco LLC<sup>(c)</sup> | 7.75% | 11/15/2029 | 81104 |
| 180000 | Diebold Nixdorf, Inc.<sup>(c)</sup> | 7.75% | 03/31/2030 | 191411 |
| 195000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc.<sup>(c)</sup> | 5.88% | 08/15/2027 | 194485 |
| 55000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc.<sup>(c)</sup> | 10.00% | 02/15/2031 | 53434 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $100000 | EMRLD Borrower LP / Emerald Co.-Issuer, Inc.<sup>(c)</sup> | 6.38% | 12/15/2030 | $124049 |
| 85000 | Endo Finance Holdings, Inc.<sup>(c)</sup> | 8.50% | 04/15/2031 | 90084 |
| 45000 | EnerSys<sup>(c)</sup> | 6.63% | 01/15/2032 | 46070 |
| 180000 | EQT Corp.<sup>(c)</sup> | 4.75% | 01/15/2031 | 177274 |
| 275000 | EquipmentShare.com, Inc.<sup>(c)</sup> | 9.00% | 05/15/2028 | 290862 |
| 65000 | EquipmentShare.com, Inc.<sup>(c)</sup> | 8.00% | 03/15/2033 | 68151 |
| 95000 | EZCORP, Inc.<sup>(c)</sup> | 7.38% | 04/01/2032 | 100235 |
| 50000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.<sup>(c)</sup> | 6.75% | 01/15/2030 | 46180 |
| 90000 | Fiesta Purchaser, Inc.<sup>(c)</sup> | 7.88% | 03/01/2031 | 95606 |
| 130000 | Fiesta Purchaser, Inc.<sup>(c)</sup> | 9.63% | 09/15/2032 | 137497 |
| 10000 | FirstCash, Inc.<sup>(c)</sup> | 4.63% | 09/01/2028 | 9825 |
| 170000 | FirstCash, Inc.<sup>(c)</sup> | 5.63% | 01/01/2030 | 169787 |
| 50000 | FirstCash, Inc.<sup>(c)</sup> | 6.88% | 03/01/2032 | 51802 |
| 160000 | Fortress Intermediate 3, Inc.<sup>(c)</sup> | 7.50% | 06/01/2031 | 167819 |
| 200000 | Fortress Transportation and Infrastructure Investors LLC<sup>(c)</sup> | 5.50% | 05/01/2028 | 199049 |
| 23000 | Fortress Transportation and Infrastructure Investors LLC<sup>(c)</sup> | 7.88% | 12/01/2030 | 24420 |
| 235000 | Fortress Transportation and Infrastructure Investors LLC<sup>(c)</sup> | 7.00% | 06/15/2032 | 242806 |
| 650000 | Franklin BSP Capital Corp. | 3.25% | 03/30/2026 | 637112 |
| 600000 | Franklin BSP Capital Corp. | 7.20% | 06/15/2029 | 621299 |
| 35000 | Freedom Mortgage Corp.<sup>(c)</sup> | 12.25% | 10/01/2030 | 38839 |
| 140000 | Freedom Mortgage Holdings LLC<sup>(c)</sup> | 9.13% | 05/15/2031 | 144485 |
| 105000 | Freedom Mortgage Holdings LLC<sup>(c)</sup> | 8.38% | 04/01/2032 | 106215 |
| 10000 | Frontier Communications Holdings LLC<sup>(c)</sup> | 5.00% | 05/01/2028 | 10003 |
| 20000 | Frontier Communications Holdings LLC<sup>(c)</sup> | 8.75% | 05/15/2030 | 20934 |
| 245000 | Global Net Lease, Inc.<sup>(c)</sup> | 4.50% | 09/30/2028 | 237577 |
| 155000 | Global Partners LP / GLP Finance Corp.<sup>(c)</sup> | 7.13% | 07/01/2033 | 157285 |
| 35000 | Go Daddy Operating Co. LLC / GD Finance Co, Inc.<sup>(c)</sup> | 5.25% | 12/01/2027 | 35000 |
| 205000 | Graham Packaging Co., Inc.<sup>(c)</sup> | 7.13% | 08/15/2028 | 204758 |
| 115000 | Great Lakes Dredge & Dock Corp.<sup>(c)</sup> | 5.25% | 06/01/2029 | 110609 |
| 120000 | Greystar Real Estate Partners LLC<sup>(c)</sup> | 7.75% | 09/01/2030 | 127467 |
| 90000 | Gulfport Energy Operating Corp.<sup>(c)</sup> | 6.75% | 09/01/2029 | 92349 |
| 140000 | Hanesbrands, Inc.<sup>(c)</sup> | 9.00% | 02/15/2031 | 148362 |
| 130000 | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl<sup>(c)</sup> | 8.75% | 05/01/2029 | 133837 |
| 115000 | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl<sup>(c)</sup> | 7.88% | 05/01/2029 | 140568 |
| 90000 | Herc Holdings, Inc.<sup>(c)</sup> | 6.63% | 06/15/2029 | 92417 |
| 170000 | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.<sup>(c)</sup> | 5.00% | 06/01/2029 | 163620 |
| 130000 | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.<sup>(c)</sup> | 4.88% | 07/01/2031 | 119886 |
| 30000 | HLF Financing Sarl LLC / Herbalife International, Inc.<sup>(c)</sup> | 12.25% | 04/15/2029 | 32792 |
| 135000 | HLF Financing Sarl LLC / Herbalife International, Inc.<sup>(c)</sup> | 4.88% | 06/01/2029 | 114190 |
| 80000 | Howard Midstream Energy Partners LLC<sup>(c)</sup> | 8.88% | 07/15/2028 | 84045 |
| 45000 | HUB International, Ltd.<sup>(c)</sup> | 5.63% | 12/01/2029 | 45042 |
| 80000 | HUB International, Ltd.<sup>(c)</sup> | 7.25% | 06/15/2030 | 83661 |
| 255000 | Hunt Companies, Inc.<sup>(c)</sup> | 5.25% | 04/15/2029 | 245927 |
| 145000 | Imola Merger Corp.<sup>(c)</sup> | 4.75% | 05/15/2029 | 140088 |
| 15000 | Iron Mountain, Inc.<sup>(c)</sup> | 5.00% | 07/15/2028 | 14892 |
| 55000 | Iron Mountain, Inc.<sup>(c)</sup> | 7.00% | 02/15/2029 | 56973 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $55000 | Iron Mountain, Inc.<sup>(c)</sup> | 5.25% | 07/15/2030 | $54287 |
| 135000 | JB Poindexter & Co., Inc.<sup>(c)</sup> | 8.75% | 12/15/2031 | 137558 |
| 210000 | JELD-WEN, Inc.<sup>(c)</sup> | 7.00% | 09/01/2032 | 164635 |
| 230000 | JetBlue Airways Corp. | 0.50% | 04/01/2026 | 220800 |
| 310000 | Kennedy-Wilson, Inc. | 4.75% | 02/01/2030 | 284210 |
| 130000 | Kennedy-Wilson, Inc. | 5.00% | 03/01/2031 | 117285 |
| 230000 | Kinetik Holdings LP<sup>(c)</sup> | 6.63% | 12/15/2028 | 235389 |
| 55000 | Kinetik Holdings LP<sup>(c)</sup> | 5.88% | 06/15/2030 | 55501 |
| 115000 | Kraken Oil & Gas Partners LLC<sup>(c)</sup> | 7.63% | 08/15/2029 | 113076 |
| 120000 | Kronos International, Inc.<sup>(d)</sup> | 9.50% | 03/15/2029 | 152686 |
| 295000 | LCM Investments Holdings II LLC<sup>(c)</sup> | 8.25% | 08/01/2031 | 313885 |
| 350000 | Level 3 Financing, Inc.<sup>(c)</sup> | 4.00% | 04/15/2031 | 301000 |
| 14700 | Level 3 Financing, Inc.<sup>(c)</sup> | 10.00% | 10/15/2032 | 14872 |
| 185000 | LFS Topco LLC<sup>(c)</sup> | 5.88% | 10/15/2026 | 185103 |
| 225000 | LFS Topco LLC<sup>(c)</sup> | 8.75% | 07/15/2030 | 221509 |
| 230000 | LifePoint Health, Inc.<sup>(c)</sup> | 8.38% | 02/15/2032 | 245263 |
| 50000 | Marriott Ownership Resorts, Inc. | 4.75% | 01/15/2028 | 48957 |
| 215000 | Marriott Ownership Resorts, Inc.<sup>(c)</sup> | 4.50% | 06/15/2029 | 206622 |
| 155000 | Match Group Financeco 2, Inc.<sup>(c)</sup> | 0.88% | 06/15/2026 | 150118 |
| 210000 | Mativ Holdings, Inc.<sup>(c)</sup> | 8.00% | 10/01/2029 | 190539 |
| 110000 | Medline Borrower LP<sup>(c)</sup> | 5.25% | 10/01/2029 | 109223 |
| 125000 | Nabors Industries, Inc.<sup>(c)</sup> | 9.13% | 01/31/2030 | 119786 |
| 100000 | Nabors Industries, Inc.<sup>(c)</sup> | 8.88% | 08/15/2031 | 74360 |
| 30000 | Nabors Industries, Ltd.<sup>(c)</sup> | 7.50% | 01/15/2028 | 26785 |
| 20000 | Nationstar Mortgage Holdings, Inc.<sup>(c)</sup> | 7.13% | 02/01/2032 | 20788 |
| 150000 | NCL Corp., Ltd.<sup>(c)</sup> | 8.13% | 01/15/2029 | 158221 |
| 80000 | NCL Corp., Ltd.<sup>(c)</sup> | 7.75% | 02/15/2029 | 85113 |
| 115000 | NCR Atleos Corp.<sup>(c)</sup> | 9.50% | 04/01/2029 | 126055 |
| 34000 | NCR Voyix Corp.<sup>(c)</sup> | 5.13% | 04/15/2029 | 33517 |
| 35000 | New Enterprise Stone & Lime Co., Inc.<sup>(c)</sup> | 9.75% | 07/15/2028 | 35104 |
| 265000 | Novelis Corp.<sup>(c)</sup> | 6.88% | 01/30/2030 | 274157 |
| 65000 | NRG Energy, Inc.<sup>(c)</sup> | 5.75% | 07/15/2029 | 65409 |
| 260000 | NRG Energy, Inc.<sup>(c)</sup> | 3.63% | 02/15/2031 | 239461 |
| 5000 | NuStar Logistics LP | 6.00% | 06/01/2026 | 5022 |
| 28000 | NuStar Logistics LP | 6.38% | 10/01/2030 | 29035 |
| 5000 | Oceaneering International, Inc. | 6.00% | 02/01/2028 | 5044 |
| 155000 | Oceaneering International, Inc. | 6.00% | 02/01/2028 | 156380 |
| 115000 | Olympus Water US Holding Corp.<sup>(c)</sup> | 4.25% | 10/01/2028 | 109436 |
| 25000 | Olympus Water US Holding Corp.<sup>(c)</sup> | 9.75% | 11/15/2028 | 26357 |
| 115000 | Olympus Water US Holding Corp.<sup>(d)</sup> | 9.63% | 11/15/2028 | 142598 |
| 65000 | Olympus Water US Holding Corp.<sup>(c)</sup> | 6.25% | 10/01/2029 | 62081 |
| 120000 | Olympus Water US Holding Corp.<sup>(c)</sup> | 7.25% | 06/15/2031 | 122501 |
| 40000 | OneMain Finance Corp. | 7.88% | 03/15/2030 | 42531 |
| 20000 | OneMain Finance Corp. | 7.13% | 11/15/2031 | 20823 |
| 265000 | ONEOK, Inc. | 5.05% | 04/01/2045 | 223799 |
| 210000 | Open Text Holdings, Inc.<sup>(c)</sup> | 4.13% | 02/15/2030 | 198668 |
| 225000 | Organon & Co. / Organon Foreign Debt Co-Issuer BV<sup>(c)</sup> | 5.13% | 04/30/2031 | 195454 |
| 220000 | Organon & Co. / Organon Foreign Debt Co-Issuer BV<sup>(c)</sup> | 7.88% | 05/15/2034 | 198946 |
| 20000 | Outfront Media Capital LLC / Outfront Media Capital Corp.<sup>(c)</sup> | 5.00% | 08/15/2027 | 19913 |
| 25000 | Owens-Brockway Glass Container, Inc.<sup>(c)</sup> | 7.25% | 05/15/2031 | 25652 |
| 200000 | Owens-Brockway Glass Container, Inc.<sup>(c)</sup> | 7.38% | 06/01/2032 | 204016 |
| 140000 | Panther Escrow Issuer LLC<sup>(c)</sup> | 7.13% | 06/01/2031 | 145517 |
| 70000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer<sup>(c)</sup> | 5.88% | 10/01/2028 | 69955 |
| 45000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer<sup>(c)</sup> | 7.00% | 02/01/2030 | 46308 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $175000 | Pebblebrook Hotel Trust | 1.75% | 12/15/2026 | $165827 |
| 145000 | Pediatrix Medical Group, Inc.<sup>(c)</sup> | 5.38% | 02/15/2030 | 143442 |
| 235000 | PennyMac Financial Services, Inc.<sup>(c)</sup> | 6.88% | 02/15/2033 | 241169 |
| 75000 | Phinia, Inc.<sup>(c)</sup> | 6.75% | 04/15/2029 | 77507 |
| 165000 | Pike Corp.<sup>(c)</sup> | 8.63% | 01/31/2031 | 179657 |
| 245000 | Prime Security Services Borrower LLC / Prime Finance, Inc.<sup>(c)</sup> | 6.25% | 01/15/2028 | 245604 |
| 165000 | Quikrete Holdings, Inc.<sup>(c)</sup> | 6.75% | 03/01/2033 | 170354 |
| 366000 | QVC, Inc.<sup>(c)</sup> | 6.88% | 04/15/2029 | 154233 |
| 100000 | Railworks Holdings LP / Railworks Rally, Inc.<sup>(c)</sup> | 8.25% | 11/15/2028 | 102327 |
| 100000 | RAY Financing LLC<sup>(c)</sup> | 6.50% | 07/15/2031 | 123250 |
| 120000 | RHP Hotel Properties LP / RHP Finance Corp.<sup>(c)</sup> | 7.25% | 07/15/2028 | 124295 |
| 145000 | RHP Hotel Properties LP / RHP Finance Corp.<sup>(c)</sup> | 6.50% | 04/01/2032 | 149223 |
| 40000 | RLJ Lodging Trust LP<sup>(c)</sup> | 4.00% | 09/15/2029 | 37354 |
| 55000 | Rocket Cos., Inc.<sup>(c)</sup> | 6.38% | 08/01/2033 | 56345 |
| 75000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.<sup>(c)</sup> | 4.00% | 10/15/2033 | 67152 |
| 115000 | Rocket Software, Inc.<sup>(c)</sup> | 9.00% | 11/28/2028 | 118644 |
| 135000 | Royal Caribbean Cruises, Ltd.<sup>(c)</sup> | 6.25% | 03/15/2032 | 138848 |
| 170000 | Sally Holdings LLC / Sally Capital, Inc. | 6.75% | 03/01/2032 | 174671 |
| 100000 | SCIL IV LLC / SCIL USA Holdings LLC<sup>(c)</sup> | 5.38% | 11/01/2026 | 99414 |
| 98000 | Sealed Air Corp./Sealed Air Corp US<sup>(c)</sup> | 7.25% | 02/15/2031 | 103265 |
| 141000 | Service Properties Trust<sup>(c)</sup> | 8.63% | 11/15/2031 | 151470 |
| 330000 | Service Properties Trust | 8.88% | 06/15/2032 | 339599 |
| 85000 | Sirius XM Radio LLC<sup>(c)</sup> | 5.50% | 07/01/2029 | 84495 |
| 245000 | Sirius XM Radio LLC<sup>(c)</sup> | 4.13% | 07/01/2030 | 226053 |
| 125000 | Sirius XM Radio LLC<sup>(c)</sup> | 3.88% | 09/01/2031 | 111192 |
| 80000 | Six Flags Entertainment Corp.<sup>(c)</sup> | 5.50% | 04/15/2027 | 79878 |
| 95000 | Six Flags Entertainment Corp.<sup>(c)</sup> | 7.25% | 05/15/2031 | 97689 |
| 130000 | Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp | 5.25% | 07/15/2029 | 127389 |
| 235000 | SM Energy Co.<sup>(c)</sup> | 7.00% | 08/01/2032 | 231810 |
| 255000 | Sotera Health Holdings LLC<sup>(c)</sup> | 7.38% | 06/01/2031 | 265632 |
| 145000 | Specialty Building Products Holdings LLC / SBP Finance Corp.<sup>(c)</sup> | 7.75% | 10/15/2029 | 142627 |
| 22000 | Spectrum Brands, Inc.<sup>(c)</sup> | 3.88% | 03/15/2031 | 17757 |
| 255000 | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(c)</sup> | 5.00% | 06/01/2031 | 241414 |
| 160000 | Sunoco LP<sup>(c)</sup> | 7.25% | 05/01/2032 | 168108 |
| 105000 | Sunoco LP<sup>(c)</sup> | 6.25% | 07/01/2033 | 106819 |
| 135000 | TMS International Corp.<sup>(c)</sup> | 6.25% | 04/15/2029 | 128470 |
| 350000 | TransDigm, Inc.<sup>(c)</sup> | 6.38% | 05/31/2033 | 351192 |
| 95000 | UKG, Inc.<sup>(c)</sup> | 6.88% | 02/01/2031 | 98629 |
| 115000 | Univision Communications, Inc.<sup>(c)</sup> | 6.63% | 06/01/2027 | 114792 |
| 10000 | Univision Communications, Inc.<sup>(c)</sup> | 7.38% | 06/30/2030 | 9835 |
| 95000 | US Foods, Inc.<sup>(c)</sup> | 7.25% | 01/15/2032 | 100158 |
| 195000 | USA Compression Partners LP / USA Compression Finance Corp.<sup>(c)</sup> | 7.13% | 03/15/2029 | 199984 |
| 135000 | Velocity Vehicle Group LLC<sup>(c)</sup> | 8.00% | 06/01/2029 | 135001 |
| 240000 | Venture Global LNG, Inc.<sup>(c)</sup> | 8.13% | 06/01/2028 | 248201 |
| 110000 | Venture Global LNG, Inc.<sup>(c)</sup> | 9.50% | 02/01/2029 | 119900 |
| 50000 | Venture Global LNG, Inc.<sup>(c)</sup> | 7.00% | 01/15/2030 | 50590 |
| 35000 | Venture Global LNG, Inc.<sup>(c)</sup> | 8.38% | 06/01/2031 | 36377 |
| 30000 | Venture Global Plaquemines LNG LLC<sup>(c)</sup> | 7.50% | 05/01/2033 | 32146 |
| 65000 | Venture Global Plaquemines LNG LLC<sup>(c)</sup> | 7.75% | 05/01/2035 | 70414 |
| 45000 | Venture Global Plaquemines LNG LLC<sup>(c)</sup> | 6.75% | 01/15/2036 | 45000 |
| 40000 | Vistra Operations Co. LLC<sup>(c)</sup> | 7.75% | 10/15/2031 | 42542 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 140000 | Vistra Operations Co. LLC<sup>(c)</sup> | 6.88% | 04/15/2032 | $146459 |
|  | 275000 | Vital Energy, Inc.<sup>(c)</sup> | 7.88% | 04/15/2032 | 235344 |
|  | 40000 | Walgreens Boots Alliance, Inc. | 8.13% | 08/15/2029 | 42448 |
|  | 105000 | Walgreens Boots Alliance, Inc. | 4.80% | 11/18/2044 | 100371 |
|  | 180000 | Walker & Dunlop, Inc.<sup>(c)</sup> | 6.63% | 04/01/2033 | 185149 |
|  | 255000 | Wand NewCo 3, Inc.<sup>(c)</sup> | 7.63% | 01/30/2032 | 268216 |
|  | 160000 | Waste Pro USA, Inc.<sup>(c)</sup> | 7.00% | 02/01/2033 | 166499 |
|  | 120000 | Weekley Homes LLC / Weekley Finance Corp.<sup>(c)</sup> | 4.88% | 09/15/2028 | 116308 |
|  | 110000 | WESCO Distribution, Inc.<sup>(c)</sup> | 6.63% | 03/15/2032 | 114446 |
|  | 180000 | Western Midstream Operating LP | 5.50% | 08/15/2048 | 154933 |
|  | 70000 | Williams Scotsman, Inc.<sup>(c)</sup> | 7.38% | 10/01/2031 | 73726 |
|  | 225000 | Windsor Holdings III LLC<sup>(c)</sup> | 8.50% | 06/15/2030 | 241397 |
|  | 155000 | WR Grace Holdings LLC<sup>(c)</sup> | 5.63% | 08/15/2029 | 140450 |
|  | 70000 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<sup>(c)</sup> | 5.13% | 10/01/2029 | 69542 |
|  | 55000 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<sup>(c)</sup> | 7.13% | 02/15/2031 | 58690 |
|  | 130000 | XPLR Infrastructure LP<sup>(c)(g)</sup> | 0.00% | 11/15/2025 | 126913 |
|  | 105000 | XPLR Infrastructure Operating Partners LP<sup>(c)</sup> | 7.25% | 01/15/2029 | 107708 |
|  | 20000 | XPLR Infrastructure Operating Partners LP<sup>(c)</sup> | 8.38% | 01/15/2031 | 21378 |
|  | 40000 | XPLR Infrastructure Operating Partners LP<sup>(c)</sup> | 8.63% | 03/15/2033 | 42902 |
|  | 245000 | Zayo Group Holdings, Inc.<sup>(c)</sup> | 4.00% | 03/01/2027 | 229986 |
|  | 35000 | ZF North America Capital, Inc.<sup>(c)</sup> | 6.88% | 04/14/2028 | 35138 |
|  | 35000 | ZF North America Capital, Inc.<sup>(c)</sup> | 7.13% | 04/14/2030 | 34262 |
|  | 165000 | ZipRecruiter, Inc.<sup>(c)</sup> | 5.00% | 01/15/2030 | 141021 |
|  |  |  |  |  | 36992576 |
| TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT |
| (Cost $49,736,335) | (Cost $49,736,335) | (Cost $49,736,335) |  |  | 51192440 |
| **BUSINESS DEVELOPMENT COMPANY NOTES - 0.13%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.13%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.13%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.13%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.13%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.13%** |
| ***United States - 0.13%*** | ***United States - 0.13%*** | ***United States - 0.13%*** | ***United States - 0.13%*** | ***United States - 0.13%*** | ***United States - 0.13%*** |
|  | 3018 | MidCap Financial Investment Corp. | 8.00% | 12/15/2028 | 76356 |
| TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES |
| (Cost $76,341) | (Cost $76,341) | (Cost $76,341) |  |  | 76356 |
| **SHORT-TERM INVESTMENTS - 5.82%** | **SHORT-TERM INVESTMENTS - 5.82%** | **SHORT-TERM INVESTMENTS - 5.82%** | **SHORT-TERM INVESTMENTS - 5.82%** | **SHORT-TERM INVESTMENTS - 5.82%** | **SHORT-TERM INVESTMENTS - 5.82%** |
| **Money Market Fund - 5.82%** | **Money Market Fund - 5.82%** | **Money Market Fund - 5.82%** | **Money Market Fund - 5.82%** | **Money Market Fund - 5.82%** | **Money Market Fund - 5.82%** |
|  | 3312986 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.20%) |  |  | 3312986 |
| TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS |
| (Cost $3,312,986) | (Cost $3,312,986) | (Cost $3,312,986) |  |  | 3312986 |
| **TOTAL INVESTMENTS - 99.38%** | **TOTAL INVESTMENTS - 99.38%** | **TOTAL INVESTMENTS - 99.38%** | **TOTAL INVESTMENTS - 99.38%** | **TOTAL INVESTMENTS - 99.38%** | **TOTAL INVESTMENTS - 99.38%** |
| **(Cost $55,104,189**)** | **(Cost $55,104,189**)** | **(Cost $55,104,189**)** |  |  | $56535296 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.62%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.62%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.62%** |  |  | 354047 |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** |  |  | $56889343 |

---

**Investment Abbreviations:**

CME - Chicago Mercantile Exchange

EURIBOR - Euro Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate Data

**Rates:**

6M CME TERM - 6 Month CME TERM as of June 30, 2025 was 4.15%

1M SOFR - 1 Month SOFR as of June 30, 2025 was 4.32%

3M SOFR - 3 Month SOFR as of June 30, 2025 was 4.34%

3M EUR L - 3 Month EURIBOR as of June 30, 2025 was 1.94%

5Y EUR SWAP - 5 Year Euro ICE Swap Rate as of June 30, 2025 was 2.32%

8Y EUR SWAP - 8 year Euro ICE Swap Rate as of June 30, 2025 was 2.55%

*<sup>(a)</sup>* *The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.*

*<sup>(b)</sup>* *Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.*

*<sup>(c)</sup>* *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 $37,703,176, which represents approximately 66.27% of net assets as of June 30, 2025.*

*<sup>(d)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. As of June 30, 2025, the aggregate fair value of those securities was $4,857,491, representing 8.54% of net assets.*

*<sup>(e)</sup>* *Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.*

*<sup>(f)</sup>* *Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.*

*<sup>(g)</sup>* *Issued with a zero coupon. Income is recognized through the accretion of discount.*

*See Notes to Quarterly Schedule of Investments.*

**OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Fund<br> Receiving** | **U.S. $ Value<br> at June 30, 2025** | **Fund<br> Delivering** | **U.S. $ Value<br> at June 30, 2025** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Bank Of Montreal | 7/7/2025 | EUR | 4265083 | USD | 4200705 | $64378 |
| Bank Of Montreal | 7/7/2025 | GBP | 139892 | USD | 139811 | 81 |
| Canadian Imperial Bank Of Commerce | 7/7/2025 | EUR | 11783 | USD | 11401 | 382 |
| Wells Fargo | 7/7/2025 | GBP | 13727 | USD | 13602 | 125 |
|  |  |  |  |  |  | $64966 |
| Canadian Imperial Bank Of Commerce | 7/7/2025 | USD | 1208415 | GBP | 1227203 | (18788) |
| Bank Of Montreal | 7/7/2025 | USD | 8269185 | EUR | 8541951 | (272766) |
| Bank Of Montreal | 9/8/2025 | USD | 4218395 | EUR | 4283415 | (65020) |
| Wells Fargo | 7/7/2025 | USD | 254490 | EUR | 259235 | (4745) |
| Wells Fargo | 7/7/2025 | USD | 86314 | EUR | 88376 | (2062) |
| Bank Of Montreal | 7/7/2025 | USD | 23220 | EUR | 23567 | (347) |
| Bank Of Montreal | 7/7/2025 | USD | 117140 | EUR | 117834 | (694) |
|  |  |  |  |  |  | $(364422) |

---

---

| | |
|:---|:---|
| **RiverNorth Funds** | **Notes to Quarterly Schedule of Investments** |
|  | **June 30, 2025 (Unaudited)** |

---

1. ORGANIZATION

The RiverNorth Funds (the "Trust" or "Funds") was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006 (the "Trust Agreement"). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust Agreement permits the Board of Trustees (the "Board" or "Trustees") to authorize and issue an unlimited number of shares of beneficial interest of a separate series without par value. All classes of shares for each of the Funds have identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes. The Funds are considered investment companies and therefore follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services Investment Companies.

The RiverNorth Core Opportunity Fund (the "Core Opportunity Fund") was organized as a diversified series of the Trust on July 18, 2006 and commenced investment operations on December 27, 2006. The Core Opportunity Fund offers two series of shares, Class I Shares (inception date of August 11, 2014) and Class R Shares (inception date of December 27, 2006). The investment adviser to the Core Opportunity Fund is RiverNorth Capital Management, LLC (the "Adviser"). The investment objective of the Core Opportunity Fund is to seek long-term capital appreciation and income.

The RiverNorth/DoubleLine Strategic Income Fund (the "Strategic Income Fund") is a diversified series of the Trust and commenced investment operations on December 30, 2010. The Strategic Income Fund offers two series of shares, Class I Shares and Class R Shares. The investment adviser to the Strategic Income Fund is RiverNorth Capital Management, LLC. The Strategic Income Fund's sub-adviser is DoubleLine Capital, LP ("DoubleLine"). The investment objective of the Strategic Income Fund is current income and overall total return.

The RiverNorth/Oaktree High Income Fund (the "High Income Fund") is a diversified series of the Trust and commenced investment operations on December 28, 2012. The High Income Fund offers two series of shares, Class I Shares and Class R Shares. The investment adviser to the High Income Fund is RiverNorth Capital Management, LLC. The High Income Fund's sub-adviser is Oaktree Capital Management, L.P. ("Oaktree Capital," and with DoubleLine, each a "Sub-Adviser" or collectively, the "Sub-Advisers"). Effective August 10, 2021, as part of an internal corporate reorganization, Oaktree Capital Management, L.P., the Fund's previous sub-adviser, transferred its sub-advisory agreement with the High Income Fund to Oaktree Capital. The investment objective of the High Income Fund is overall total return consisting of long-term capital appreciation and income.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities, in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon sale of the securities. The Schedules of Investments have been prepared as of the close of the New York Stock Exchange ("NYSE") on June 30, 2025.

**Security Valuation:** The Funds' assets and other financial instruments are recorded at their estimated fair value as described in Note 3.

**Security Transactions and Related Income:** The Funds follow industry practice and record security transactions on the trade date basis. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date or for certain foreign securities, when the information becomes available to the Funds and interest income and expenses are recorded on an accrual basis. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region. Settlement on bank loan transactions may be in excess of seven business days. Interest only stripped mortgage backed securities ("IO Strips") are securities that receive only interest payments from a pool of mortgage loans. Little to no principal will be received by the Funds upon maturity of an IO Strip. Periodic adjustments are recorded to reduce the cost of the security until maturity, which are included in interest income.

**Foreign Currency Translation:** The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

**Foreign Securities:** The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Certain foreign countries impose a capital gains tax which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund's net asset value ("NAV"). The tax is paid when the gain is realized and is included in capital gains tax in the Statements of Operations. During the period ended June 30, 2025, no foreign capital gains tax was accrued or paid by the Fund.

**Other:** The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

**Principal Investment Risks:** All mutual funds carry a certain amount of risk. For more information on the related risks of investing in the Funds please refer to the prospectus of each Fund.

3. SECURITIES VALUATION AND FAIR VALUE Measurements

The Funds value their investments at fair value. Fair value is defined as the price that a Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. For example, the risk inherent in a particular valuation technique used to measure fair value including using such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level
 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the
 ability to access at the measurement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level
 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs
 other than quoted prices that are observable (either directly or indirectly) for substantially the full term of
 the asset or liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level
 3 – Significant unobservable prices or inputs (including the Funds' own assumptions in determining the fair value
 of investments) where there is little or no market activity for the asset or liability at the measurement date.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5 under the 1940 Act, the Board approved updated valuation procedures for the Funds and designated the Adviser as the Funds' valuation designee to make all fair valuation determinations with respect to the Fund's portfolio investments, subject to the Board's oversight.

Equity securities, including common stocks, warrants, closed-end funds, exchange-traded funds, preferred stocks and business development companies, are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Funds will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3 securities.

Futures contracts are normally valued at the final settlement price or official closing price provided by independent pricing services. These securities will be categorized ass Level 1 securities.

Investments in mutual funds, including short term investments and open-end funds, are generally priced at the ending net asset value (NAV) provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

Domestic and foreign fixed income securities, including foreign and U.S. corporate bonds, convertible corporate bonds, U.S. Government bonds and notes, foreign government bonds and notes, supranationals and foreign agencies, non-agency collateralized mortgage obligations, U.S. Government/Agency mortgage backed securities, business development company notes, bank loans, collateralized loan obligations, municipal bonds, and high yield debt, as well as non-exchange traded derivatives, including forward foreign currency contracts, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Foreign currency positions, including forward foreign currency contracts, are priced at the mean between the closing bid and asked prices at 4:00 p.m. Eastern time. Prices obtained from independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Data used to establish quotes includes analysis of cash flows, pre-payment speeds, default rates, delinquency assumptions and assumptions regarding collateral and loss assumptions. These securities will be classified as Level 2 securities.

Short-term investments in fixed income securities, with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

In accordance with the Funds' good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) discounted cash flow models; (iii) weighted average cost or weighted average price; (iv) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (v) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Adviser's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Funds' NAV calculation that may affect a security's value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.

Good faith pricing may also be used in instances when the bonds the Funds invest in default or otherwise cease to have market quotations readily available. Investments in foreign securities, junk bonds or other thinly traded securities are more likely to trigger good faith pricing than other securities.

The following is a summary of the inputs used at June 30, 2025 in valuing the Funds' assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Opportunity Fund** | **Core Opportunity Fund** | **Core Opportunity Fund** | **Core Opportunity Fund** | **Core Opportunity Fund** |
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **Investments in Securities at Value\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Closed-End Funds | $25604641 | $– | $– | $25604641 |
| Closed-End Funds - Preferred Shares | 405279 |  |  | 405279 |
| Business Development Companies | 487697 |  |  | 487697 |
| Business Development Companies - Preferred Shares | 736800 |  |  | 736800 |
| Common Stocks | 1116833 |  |  | 1116833 |
| Exchange Traded Funds | 3676963 |  |  | 3676963 |
| U.S. Corporate Bonds |  | 997317 |  | 997317 |
| Special Purpose Acquisition Companies | 187927 |  |  | 187927 |
| Short-Term Investments | 4210545 | – | – | 4210545 |
| Total | $36426685 | $997317 | $– | $37424002 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** |
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |  | |
| **Investments in Securities at Value\*** | **Level 1** | **Level 2** | **Level 3** | | **Total** |
| Closed-End Funds | $148489101 | $– | $– |  | $148489101 |
| Closed-End Funds - Preferred Shares | 7514961 |  |  |  | 7514961 |
| Business Development Companies | 7167186 |  |  |  | 7167186 |
| Business Development Companies - Preferred Shares | 10011836 | 3793426 |  |  | 13805262 |
| Common Stocks |  | 4583 |  | \*\*\* | 4583 |
| Open-End Funds | 38369357 |  |  |  | 38369357 |
| Foreign Corporate Bonds |  | 24493758 |  |  | 24493758 |
| U.S. Corporate Bonds |  | 160542614 |  |  | 160542614 |
| Foreign Government Bonds and Notes, Supranationals and Foreign Agencies |  | 923644 |  |  | 923644 |
| Bank Loans |  | 20938174 |  |  | 20938174 |
| Collateralized Loan Obligations |  | 54651309 |  |  | 54651309 |
| Equity - Linked Notes |  |  |  | \*\*\* |  |
| Non-Agency Collateralized Mortgage Obligations |  | 194794663 |  |  | 194794663 |
| U.S. Government Bonds and Notes |  | 90739772 |  |  | 90739772 |
| Mortgage-Backed Securities |  | 46362822 |  |  | 46362822 |
| U.S. Government / Agency Mortgage Backed Securities |  | 286422518 |  |  | 286422518 |
| Warrants |  | 1 |  |  | 1 |
| Short-Term Investments | 98626969 | – | – |  | 98626969 |
| Total | $310179410 | $883667284 | $– |  | $1193846694 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Other Financial Instruments\*\*** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Assets** |  |  |  |  |
| Future Contracts | $213769 | $– | $– | $213769 |
| **Liabilities** |  |  |  |  |
| Future Contract | $(321717) | $– | $– | $(321717) |
| Total | $(107948) | $– | $– | $(107948) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** |
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **Investments in Securities at Value\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Business Development Company Notes | $76356 | $– | $– | $76356 |
| Closed-End Funds | 1209674 |  |  | 1209674 |
| Common Stocks |  |  | 92380 | 92380 |
| Convertible Corporate Bond |  | 791545 |  | 791545 |
| Bank Loans |  | 651460 |  | 651460 |
| High Yield Debt |  | 50400895 |  | 50400895 |
| Short-Term Investments | 3312986 | – | – | 3312986 |
| Total | $4599016 | $51843900 | $92380 | $56535296 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Other Financial Instruments\*\*** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Assets** |  |  |  |  |
| Forward Foreign Currency Contracts | $– | $64966 | $– | $64966 |
| **Liabilities** |  |  |  |  |
| Forward Foreign Currency Contracts | $– | $(364422) | $– | $(364422) |
| Total | $– | $(299456) | $– | $(299456) |

---

\* Refer to each Fund's Schedule of Investments for a listing of securities by type.

\*\* Other financial instruments are derivative instruments reflected in the Summary of Investments. Futures contracts are reported at their unrealized appreciation/depreciation.

\*\*\* Level 3 security has no value.

The changes of the fair value of investments for which the Funds have used Level 3 inputs to determine the fair value are as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Balance as of September 30, 2024** | **Accrued Discount/premium** | **Return of Capital** | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation/ Depreciation** | **Purchases** | **Sales Proceeds** | **Transfer into Level 3** | **Transfer Out of Level 3** | **Balance as of June 30, 2025** | **Net change in unrealized<br> appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2025** |
| Common Stocks | $88812 | $- | $- | $- | $3568 | $- | $- | $- | $- | $92380 | $3568 |
|  | $88812 | $- | $- | $- | $3568 | $- | $- | $- | $- | $92380 | $3568 |

---

*<sup>(a)</sup>* *Transferred from Level 3 to Level 2 because of available, observable market data.*

The Table below provides additional information about the Level 3 Fair Value Measurements as of June 30, 2025:

**Quantitative Information about Level 3 Fair Value Measurements** 

**High Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value (USD)** | **Valuation Technique** | **Unobservable Inputs<sup>(a)</sup>** | **Value/Range<br> (Weighted Average)** |
| Common Stocks | $92380 | Market Comparable Companies | EBITDA Multiple | 4.0x-4.5x (4.25x) |

---

<sup>(a)</sup> A change to the unobservable input may result in a significant change to the value of the investment as follows:

---

| | | |
|:---|:---|:---|
| **Unobservable Input** | **Impact to Value if <br> Input Increases** | **Impact to Value if <br> Input Decreases** |
| EBITDA Multiple | Increase | Decrease |

---

On August 10, 2022 the Board approved the Adviser as each Fund's valuation designee, effective September 8, 2022, to make all fair valuation determinations with respect to each Fund's portfolio investments, subject to the Board's oversight and adopted all other updates pursuant to Rule 2a-5 under the 1940 Act.

4. Derivative Financial Instruments

The following discloses the Funds' use of derivative instruments. The Funds' investment objectives not only permit the Funds to purchase investment securities, they also allow the Funds to enter into various types of derivative contracts such as total return swap contracts and forward foreign currency contracts. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

**Market Risk Factors**: In pursuit of their investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risk factors:

*Foreign Exchange Rate Risk*: Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the value of the foreign currency denominated security will increase as the dollar depreciates against the currency.

**Risk of Investing in Derivatives** 

The Funds' use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds' performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds.

**Futures**

The Funds may invest in futures contracts in accordance with their investment objectives. The Funds may do so for a variety of reasons including for cash management, hedging or non-hedging purposes in an attempt to achieve the Funds' investment objective. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Futures transactions may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when a fund seeks to close out a futures contract or a futures option position. Lack of a liquid market for any reason may prevent a fund from liquidating an unfavorable position, and the fund would remain obligated to meet margin requirements until the position is closed. In addition, a fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange-traded futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. The Funds are party to certain enforceable master netting arrangements, which provide for the right of offset under certain circumstances, such as the event of default.

When a purchase or sale of a futures contract is made by a fund, the fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of liquid assets ("initial margin"). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract that is returned to the Funds upon termination of the contract, assuming all contractual obligations have been satisfied. These amounts are included in Deposits with broker for futures contracts on the Statement of Assets and Liabilities. Each day the Funds may pay or receive cash, called "variation margin," equal to the daily change in value of the futures contract. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by the Funds. Variation margin does not represent a borrowing or loan by the Funds but instead is a settlement between the Funds and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

**Forward Foreign Currency Contracts** 

The Funds may engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. During the nine months ended June 30, 2025, the High Income Fund engaged in forward foreign currency contracts. The contracts are marked-to-market daily and the change in value is recorded by the High Income Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the High Income Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk. The High Income Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

5. loan participations and assignments

The Strategic Income Fund and High Income Fund may each invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Strategic Income Fund and High Income Fund will normally invest in corporate debt issuers in North America and Europe. The Strategic Income Fund's and High Income Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Strategic Income Fund and High Income Fund may each invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Strategic Income Fund and High Income Fund will generally purchase assignments of these loans, in which case they will typically become lenders for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. When purchasing participation interests in a loan, the Strategic Income Fund and High Income Fund generally have no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Strategic Income Fund and High Income Fund may each be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Strategic Income Fund and High Income Fund may each enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan amounts may not be utilized by the borrower. When investing in a loan participation, the Strategic Income Fund and High Income Fund have the right to receive payments of principal, interest and any fees to which they are entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. The Strategic Income Fund and High Income Fund may each receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, the Strategic Income Fund and High Income Fund may each receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations.

6. AFFILIATED COMPANIES

Funds may invest in certain securities that are considered securities issued by affiliated companies. As defined by the Investment Company Act of 1940, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The purchases, sales, dividend income, capital gains, shares and value of investment in affiliated companies for the nine months ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Market Value as of October 1, 2024** | **Purchases** | **Sales** | **Change in Unrealized Gain (Loss)** | **Realized Gain/Loss** | **Market Value as of June 30, 2025\*** | **Share Balance as of June 30, 2025** | **Dividends** |
| RiverNorth/Oaktree High Income Fund | $36877835 | $2033891 | $- | $(542369) | $- | $38369357 | 4369290 | $2033891 |
|  |  |  |  | $(542369) | $- | $38369357 | 4369290 | $2033891 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RIVERNORTH FUNDS

- **b. Investment Company Act file number:** 811-21934

- **c. CIK number of Registrant:** 0001370177

- **d. LEI of Registrant:** 549300XNW3NYGFVOG451

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 360 S. Rosemary Avenue Suite 1420

  - **City:** West Palm Beach

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 33401

  - **Telephone number:** 312-445-2249

**Item A.2. Information about the Series.**

- **a. Name of Series:** RiverNorth Core Opportunity Fund

- **b. EDGAR series identifier (if any):** S000013779

- **c. LEI of Series:** 549300UOYWB01D4RKF71

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $37584884.51

**Total Liabilities:** $153286.79

**Net Assets:** $37431597.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000145024 | -0.37%               | 3.80%                | 2.79%                |
| Class ID C000037794 | -0.26%               | 3.64%                | 2.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-61998.16               | $-366387.56                                |
| Month 2  | $-460844.36              | $1729921.25                                |
| Month 3  | $-154626.06              | $952214.37                                 |

### Schedule of Portfolio Investments

| Name                                                          | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Voya Emerging Markets High Dividend Equity Fund               | Voya Emerging Markets High Income Dividend Equity Fund              | CUSIP: 92912P108<br>LEI: 549300MBU0OQHUKI2Y86 | Long             | EC               | RF                | US        |     60994 | NS      | $362304.36    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Esg Capital Allocation Term Trust                   | BlackRock ESG Capital Allocation Term Trust                         | CUSIP: 09262F100<br>LEI: 549300EWOI5G0PSVIX17 | Long             | EC               | RF                | US        |     63754 | NS      | $1023889.24   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Resources & Commodities Strategy Trust              | BlackRock Resources & Commodities Strategy Trust                    | CUSIP: 09257A108<br>LEI: 8DZAUY8151XS5PISSX42 | Long             | EC               | RF                | US        |    129755 | NS      | $1226184.75   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Oaktree Specialty Lend                                        | Oaktree Specialty Lending Corp.                                     | CUSIP: 67401PAD0<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206045.41    | 0.55%             | 2029-02-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Western Asset Inflation-linked Opportunities & Income Fund    | Western Asset Inflation-Linked Opportunities & Income Fund          | CUSIP: 95766R104<br>LEI: 549300Z3DNF4FJBJ4A87 | Long             | EC               | RF                | US        |    180960 | NS      | $1585209.60   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Abrdn Emerging Markets Ex China Fund Inc                      | Aberdeen Emerging Markets Equity Income Fund, Inc.                  | CUSIP: 00301W105<br>LEI: 549300MSYUW07RYUZD27 | Long             | EC               | RF                | US        |     97049 | NS      | $576471.06    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Credit Strategies Income Fund                          | Nuveen Credit Strategies Income Fund                                | CUSIP: 67073D102<br>LEI: W4CSTD4RDGQSJ4FOVO30 | Long             | EC               | RF                | US        |     81830 | NS      | $441063.70    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Clough Global Equity Fund                                     | Clough Global Equity Fund                                           | CUSIP: 18914C100<br>LEI: 549300SI1THLT6A9J147 | Long             | EC               | RF                | US        |    200959 | NS      | $1431631.92   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc                                    | Howard Hughes Holdings, Inc.                                        | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     13883 | NS      | $937102.50    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniyield New York Quality Fund Inc                 | BlackRock MuniYield New York Quality Fund, Inc.                     | CUSIP: 09255E102<br>LEI: 158AYFGDRFUGVL3TD012 | Long             | EC               | RF                | US        |     43593 | NS      | $415441.29    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniholdings New York Quality Fund Inc              | BlackRock MuniHoldings New York Quality Fund, Inc.                  | CUSIP: 09255C106<br>LEI: YP1D2S6Y4JY0A7W3DV93 | Long             | EC               | RF                | US        |     38289 | NS      | $375997.98    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Income Strategy Fund Ii                                 | PIMCO Income Strategy Fund II                                       | CUSIP: 72201J104<br>LEI: RS8VXHJKKVE627NLC573 | Long             | EC               | RF                | US        |     45292 | NS      | $334707.88    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Total Dynamic Dividend                                 | abrdn Total Dynamic Dividend Fund                                   | CUSIP: 00326L100<br>LEI: 254900D48NKNOGZ95B43 | Long             | EC               | RF                | US        |     53105 | NS      | $470510.30    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| First Trust High Yield Opportunities 2027 Term Fund           | First Trust High Yield Opportunities 2027 Term Fund                 | CUSIP: 33741Q107<br>LEI: 549300VWTG40J7RZE994 | Long             | EC               | RF                | US        |     32206 | NS      | $478259.10    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Core Bond Trust                                     | BlackRock Core Bond Trust                                           | CUSIP: 09249E101<br>LEI: CC8M7XFKTNG56DXMAR33 | Long             | EC               | RF                | US        |     20422 | NS      | $198501.84    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Royce Micro-cap Trust Inc                                     | Royce Micro-Cap Trust, Inc.                                         | CUSIP: 780915104<br>LEI: 254900D3WFIV4SD8EF19 | Long             | EC               | RF                | US        |     26911 | NS      | $248926.75    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniyield Quality Fund Iii Inc                      | BlackRock MuniYield Quality Fund III, Inc.                          | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             | EC               | RF                | US        |     17943 | NS      | $188222.07    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Abrdn Income Credit Strategies Fund                           | Avenue Income Credit Strategies Fund                                | CUSIP: 003057106<br>LEI: JZ9OXI4GGKZDI84RNQ78 | Long             | EC               | RF                | US        |    219484 | NS      | $1294955.60   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennantpark Investment C                                      | PennantPark Investment Corp.                                        | CUSIP: 708062AD6<br>LEI: 529900OK432R4C6NQQ73 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289843.34    | 0.77%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blue Owl Technology Fina                                      | Blue Owl Technology Finance Corp.                                   | CUSIP: 69121JAB3<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204056.09    | 0.55%             | 2029-04-04      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Crescent Capital Bdc Inc                                      | Crescent Capital BDC, Inc.                                          | CUSIP: 225655208<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EP               | CORP              | US        |     30000 | NS      | $736800.00    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Flaherty & Crumrine Preferred And Income Opportunity Fund Inc | Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc.     | CUSIP: 33848E106<br>LEI: 2549008Y9TGWYEWYW496 | Long             | EC               | RF                | US        |     70439 | NS      | $651560.75    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Science And Technology Term Trust                   | BlackRock Science and Technology Term Trust                         | CUSIP: 09260K101<br>LEI: 549300NQ3IL1NKVC9M67 | Long             | EC               | RF                | US        |     55048 | NS      | $1142246.00   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Municipal Value Fund Inc                               | Nuveen Municipal Value Fund, Inc.                                   | CUSIP: 670928100<br>LEI: 549300TFLBQ7LJSP8B20 | Long             | EC               | RF                | US        |    170958 | NS      | $1485625.02   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Clough Global Opportunities Fund                              | Clough Global Opportunities Fund                                    | CUSIP: 18914E106<br>LEI: 549300DTG68UBCNCPY15 | Long             | EC               | RF                | US        |    218306 | NS      | $1185401.58   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Saba Capital Income & Opportunities Fund Ii                   | Saba Capital Income & Opportunities Fund II                         | CUSIP: 880198205<br>LEI: QU1AAXOSV5K4OVMXJP19 | Long             | EC               | RF                | US        |    213261 | NS      | $1959868.59   | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Special Opportunities Fund Inc                                | Special Opportunities Fund, Inc.                                    | CUSIP: 84741T104<br>LEI: 549300DGAJTGM6R4HK03 | Long             | EC               | RF                | US        |     14915 | NS      | $231033.35    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings Bdc Inc                                               | Barings BDC, Inc.                                                   | CUSIP: 06759L103<br>LEI: 549300GSF4KFZP6ONG49 | Long             | EC               | RF                | US        |     20561 | NS      | $187927.54    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Royce Small-cap Trust Inc                                     | Royce Value Trust, Inc.                                             | CUSIP: 780910105<br>LEI: 254900NJE1W1YYKNVM16 | Long             | EC               | RF                | US        |      1553 | NS      | $23372.65     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Secured Lending Inc                                   | TCG BDC, Inc.                                                       | CUSIP: 872280102<br>LEI: 5493003POT0JT6WD1D83 | Long             | EC               | RF                | US        |     17446 | NS      | $238661.28    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Calamos Long/short Equity & Dynamic Income Trust              | Calamos Long/Short Equity & Dynamic Income Trust                    | CUSIP: 12812C106<br>LEI: 54930028TUOZZMUQBY94 | Long             | EC               | RF                | US        |     80556 | NS      | $1307423.88   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Oaktree Specialty Lending Corp                                | Oaktree Specialty Lending Corp.                                     | CUSIP: 67401P405<br>LEI: 549300J6MGCEU5928620 | Long             | EC               | RF                | US        |     18231 | NS      | $249035.46    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing Square Holdings Ltd/fund                             | Pershing Square Holdings, Ltd.                                      | CUSIP: N/A<br>LEI: U7LC4KOKCTZ0YWGI2G56       | Long             | EC               | CORP              | GB        |     97758 | NS      | $5225165.10   | 13.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Senior Floating Rate 2027 Term Fund                | Blackstone/GSO Senior Floating Rate Term Fund                       | CUSIP: 09256U105<br>LEI: 549300PXYPBYRHU59R03 | Long             | EC               | RF                | US        |     73949 | NS      | $1057470.70   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional Treasury Money Market Fund         | State Street Institutional Treasury Money Market Fund Premier Class | CUSIP: 857492888<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | STIV             | RF                | US        |   4210545 | NS      | $4210544.60   | 11.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Flexible Income Active Etf                            | iShares Flexible Income Active ETF                                  | CUSIP: 092528603<br>LEI: 5299008ELWKMLX9XJP73 | Long             | EC               | RF                | US        |     44975 | NS      | $2376479.00   | 6.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco High Income Fund                                        | PIMCO High Income Fund                                              | CUSIP: 722014107<br>LEI: TYNS8LL5KA936NJZN198 | Long             | EC               | RF                | US        |     78858 | NS      | $378518.40    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Xai Octagon Flt Rt Alt                                        | XAI Octagon Floating Rate Alternative Income Trust                  | CUSIP: 98400T205<br>LEI: 549300XT617P63BLW552 | Long             | EP               | RF                | US        |     16057 | NS      | $405278.68    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Oaktree Specialty Lend                                        | Oaktree Specialty Lending Corp.                                     | CUSIP: 67401PAE8<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297372.62    | 0.79%             | 2030-02-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Clough Global Dividend And Income Fund                        | Clough Global Dividend and Income Fund                              | CUSIP: 18913Y103<br>LEI: 5493001GFY6TW0CYCT15 | Long             | EC               | RF                | US        |     18056 | NS      | $102467.80    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Rafi Emerging Markets Etf                             | Invesco RAFI Emerging Markets ETF                                   | CUSIP: 46138E727<br>LEI: 5493003H1JIGI1UCJV78 | Long             | EC               | RF                | US        |     55600 | NS      | $1300484.00   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Direct Lending Fund                            | Morgan Stanley Direct Lending Fund                                  | CUSIP: 61774A103<br>LEI: 549300QEX22T2J8IB029 | Long             | EC               | RF                | US        |      9601 | NS      | $179730.72    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Capital Allocation Term Trust                       | BlackRock Capital Allocation Term Trust                             | CUSIP: 09260U109<br>LEI: 5493007LDARS47M53X11 | Long             | EC               | RF                | US        |     13356 | NS      | $202209.84    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** RIVERNORTH FUNDS

**Signature:** Jonathan M. Mohrhardt

**Name of Signer:** Jonathan M. Mohrhardt

**Title:** Treasurer & Chief Financial Officer