| Description | Shares | Value | ||||||
| COMMON STOCK§ — 97.4% |
||||||||
| Communication Services — 9.1% |
||||||||
| Alphabet, Cl A * |
94,580 | $ | 10,152,217 | |||||
| Alphabet, Cl C * |
84,900 | 9,187,878 | ||||||
| Meta Platforms, Cl A * |
18,690 | 4,491,581 | ||||||
| Netflix * |
4,450 | 1,468,189 | ||||||
| Spotify Technology * |
11,200 | 1,496,320 | ||||||
|
|
|
| ||||||
| 26,796,185 | ||||||||
|
|
|
| ||||||
| Consumer Discretionary — 17.3% |
||||||||
| Airbnb, Cl A * |
12,500 | 1,495,875 | ||||||
| Alibaba Group Holding ADR * |
12,000 | 1,016,280 | ||||||
| Amazon.com * |
165,120 | 17,411,904 | ||||||
| Booking Holdings * |
1,720 | 4,620,453 | ||||||
| Chipotle Mexican Grill, Cl A * |
2,650 | 5,479,193 | ||||||
| Floor & Decor Holdings, Cl A * |
5,000 | 496,700 | ||||||
| Home Depot |
13,590 | 4,084,338 | ||||||
| Lululemon Athletica * |
2,500 | 949,825 | ||||||
| NIKE, Cl B |
22,500 | 2,851,200 | ||||||
| O’Reilly Automotive * |
4,900 | 4,494,819 | ||||||
| Starbucks |
29,050 | 3,320,125 | ||||||
| Tesla * |
16,345 | 2,685,647 | ||||||
| TJX |
26,500 | 2,088,730 | ||||||
|
|
|
| ||||||
| 50,995,089 | ||||||||
|
|
|
| ||||||
| Consumer Staples — 2.8% |
||||||||
| Coca-Cola |
50,000 | 3,207,500 | ||||||
| Costco Wholesale |
6,882 | 3,463,160 | ||||||
| Monster Beverage * |
25,000 | 1,400,000 | ||||||
|
|
|
| ||||||
| 8,070,660 | ||||||||
|
|
|
| ||||||
| Energy — 1.1% |
||||||||
| Diamondback Energy |
21,500 | 3,057,300 | ||||||
|
|
|
| ||||||
| Financials — 10.1% |
||||||||
| Cboe Global Markets |
22,000 | 3,073,400 | ||||||
| JPMorgan Chase |
11,600 | 1,603,584 | ||||||
| Mastercard, Cl A |
25,660 | 9,751,570 | ||||||
| Moody’s |
12,905 | 4,040,813 | ||||||
| S&P Global |
2,500 | 906,450 | ||||||
| Visa, Cl A |
44,100 | 10,263,393 | ||||||
|
|
|
| ||||||
| 29,639,210 | ||||||||
|
|
|
| ||||||
| Health Care — 15.8% |
||||||||
| Abbott Laboratories |
35,000 | 3,866,450 | ||||||
| AbbVie |
21,500 | 3,249,080 | ||||||
| Boston Scientific * |
60,500 | 3,153,260 | ||||||
| Charles River Laboratories |
||||||||
| International * |
5,750 | 1,093,190 | ||||||
| Danaher |
19,100 | 4,524,981 | ||||||
| Edwards Lifesciences * |
24,000 | 2,111,520 | ||||||
| Eli Lilly |
21,450 | 8,491,197 | ||||||
| Humana |
7,700 | 4,084,773 | ||||||
| Intuitive Surgical * |
7,500 | 2,259,150 | ||||||
| Merck |
12,000 | 1,385,640 | ||||||
| Seagen * |
13,350 | 2,670,000 | ||||||
| UnitedHealth Group |
15,300 | 7,528,977 | ||||||
| Zoetis, Cl A |
12,235 | 2,150,668 | ||||||
|
|
|
| ||||||
| 46,568,886 | ||||||||
|
|
|
| ||||||
| Industrials — 4.2% |
||||||||
| Canadian Pacific Kansas City |
55,200 | 4,351,968 | ||||||
| Fortive |
32,000 | 2,018,880 | ||||||
| Uber Technologies * |
70,500 | 2,189,025 | ||||||
| Union Pacific |
19,500 | 3,816,150 | ||||||
|
|
|
| ||||||
| 12,376,023 | ||||||||
|
|
|
| ||||||
| Description | Shares | Value | ||||||
| Information Technology — 35.7% |
||||||||
| Adobe * |
11,300 | $ | 4,266,428 | |||||
| Advanced Micro Devices * |
40,300 | 3,601,611 | ||||||
| Apple |
182,584 | 30,980,853 | ||||||
| Intuit |
5,500 | 2,441,725 | ||||||
| Lam Research |
500 | 262,040 | ||||||
| Marvell Technology |
96,535 | 3,811,202 | ||||||
| Microsoft |
124,015 | 38,104,849 | ||||||
| NVIDIA |
33,000 | 9,157,170 | ||||||
| QUALCOMM |
27,500 | 3,212,000 | ||||||
| ServiceNow * |
10,000 | 4,594,200 | ||||||
| Snowflake, Cl A * |
6,850 | 1,014,348 | ||||||
| Workday, Cl A * |
19,000 | 3,536,660 | ||||||
|
|
|
| ||||||
| 104,983,086 | ||||||||
|
|
|
| ||||||
| Materials — 0.9% |
||||||||
| Sherwin-Williams |
11,500 | 2,731,710 | ||||||
|
|
|
| ||||||
| Real Estate — 0.4% |
||||||||
| American Tower ‡ |
6,000 | 1,226,340 | ||||||
|
|
|
| ||||||
| Total Common Stock |
286,444,489 | |||||||
|
|
|
| ||||||
| Total Investments — 97.4% |
$ | 286,444,489 | ||||||
|
|
|
| ||||||
Percentages are based on Net Assets of $294,065,781.
| * | Non-income producing security. |
| § | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| ‡ | Real Estate Investment Trust |
See “Glossary” for abbreviations.
FIA-QH-001-3100
| 1 |
| Description | Face Amount | Value | ||||||
| U.S. TREASURY OBLIGATIONS — 31.7% |
|
|||||||
| U.S. Treasury Bond |
||||||||
| 4.000%, 11/15/42 |
$ | 50,000,000 | $ | 51,500,000 | ||||
| 3.625%, 02/15/53 |
20,000,000 | 19,831,250 | ||||||
| 3.250%, 05/15/42 |
125,000,000 | 115,747,070 | ||||||
| U.S. Treasury Notes |
||||||||
| 4.625%, 02/28/25 |
90,000,000 | 90,745,312 | ||||||
| 4.500%, 11/30/24 |
65,000,000 | 65,154,883 | ||||||
| 4.375%, 10/31/24 |
225,000,000 | 224,920,899 | ||||||
| 4.250%, 12/31/24 |
140,000,000 | 139,934,375 | ||||||
| 4.125%, 09/30/27 |
145,000,000 | 148,279,493 | ||||||
| 2.750%, 11/15/23 |
25,000,000 | 24,704,101 | ||||||
|
|
|
| ||||||
| Total U.S. Treasury Obligations |
880,817,383 | |||||||
|
|
|
| ||||||
| CORPORATE OBLIGATIONS — 19.0% |
|
|||||||
| Consumer Discretionary — 3.6% |
||||||||
| Airswift Global |
||||||||
| 13.373%, ICE LIBOR USD 3 Month + 8.500%, 05/12/25 (A)(B) |
10,000,000 | 10,150,000 | ||||||
| Choice Hotels International |
||||||||
| 3.700%, 12/01/29 |
8,000,000 | 7,257,624 | ||||||
| 3.700%, 01/15/31 |
3,000,000 | 2,657,647 | ||||||
| Empire Resorts |
||||||||
| 7.750%, 11/01/26 (B) |
2,750,000 | 2,275,625 | ||||||
| General Motors Financial |
||||||||
| 1.200%, 10/15/24 |
6,333,000 | 5,954,665 | ||||||
| Jaguar Land Rover Automotive |
||||||||
| 4.500%, 10/01/27 (B) |
3,102,000 | 2,597,525 | ||||||
| MajorDrive Holdings IV |
||||||||
| 6.375%, 06/01/29 (B) |
29,685,000 | 23,451,150 | ||||||
| NES Fircroft Bondco |
||||||||
| 11.750%, 09/29/26 (B) |
7,750,000 | 7,971,349 | ||||||
| Scientific Games International |
||||||||
| 8.625%, 07/01/25 (B) |
5,750,000 | 5,879,375 | ||||||
| STL Holding |
||||||||
| 7.500%, 02/15/26 (B) |
16,460,000 | 14,513,277 | ||||||
| TransJamaican Highway |
||||||||
| 5.750%, 10/10/36 (B) |
1,402,513 | 1,156,022 | ||||||
| VistaJet Malta Finance |
||||||||
| 7.875%, 05/01/27 (B) |
14,863,000 | 14,119,850 | ||||||
| 6.375%, 02/01/30 (B) |
2,000,000 | 1,730,270 | ||||||
|
|
|
| ||||||
| 99,714,379 | ||||||||
|
|
|
| ||||||
| Consumer Staples — 0.1% |
||||||||
| Philip Morris International |
||||||||
| 5.125%, 02/15/30 |
2,500,000 | 2,526,032 | ||||||
|
|
|
| ||||||
| Energy — 6.8% |
||||||||
| Apache |
||||||||
| 7.750%, 12/15/29 |
4,138,000 | 4,354,883 | ||||||
| Barclays |
||||||||
| 8.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.431%, 12/15/71 (A) |
20,000,000 | 17,518,000 | ||||||
| Colonial Pipeline |
||||||||
| 8.375%, 11/01/30 (B) |
500,000 | 588,618 | ||||||
| Intesa Sanpaolo |
||||||||
| 4.000%, 09/23/29 (B) |
5,000,000 | 4,439,225 | ||||||
| Marathon Oil |
||||||||
| 4.400%, 07/15/27 |
3,000,000 | 2,929,524 | ||||||
| New England Power |
||||||||
| 2.807%, 10/06/50 (B) |
5,000,000 | 3,335,046 | ||||||
| Description | Face Amount | Value | ||||||
| Paratus Energy Services |
||||||||
| 10.000% PIK, 07/15/26 (B) |
$ | 88,615,337 | $ | 81,526,110 | ||||
| 10.000% PIK, 07/15/26 |
17,986,651 | 16,547,719 | ||||||
| Petroleos Mexicanos |
||||||||
| 10.000%, 02/07/33 (B) |
2,000,000 | 1,857,728 | ||||||
| 6.700%, 02/16/32 (B) |
6,352,000 | 4,889,597 | ||||||
| Reliance Industries |
||||||||
| 2.875%, 01/12/32 (B) |
2,000,000 | 1,674,752 | ||||||
| SBL Holdings |
||||||||
| 6.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.620%, 11/13/71 (A)(B) |
2,000,000 | 1,164,380 | ||||||
| Seamex Finance Ltd. |
||||||||
| 12.000%, 08/31/24 |
8,035,788 | 8,086,012 | ||||||
| Tiger Holdco Pte |
||||||||
| 13.000% PIK, 06/10/23 (B) |
19,751,730 | 19,603,592 | ||||||
| Transocean |
||||||||
| 11.500%, 01/30/27 (B) |
20,000,000 | 20,469,600 | ||||||
|
|
|
| ||||||
| 188,984,786 | ||||||||
|
|
|
| ||||||
| Financials — 4.5% |
||||||||
| BAC Capital Trust XIV |
||||||||
| 5.266%, ICE LIBOR USD 3 Month + 0.400%, 09/15/71 (A) |
9,870,000 | 7,551,537 | ||||||
| Bank of Ireland Group |
||||||||
| 6.253%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.650%, 09/16/26 (A)(B) |
7,000,000 | 7,041,075 | ||||||
| Charles Schwab |
||||||||
| 4.000%, US Treas Yield Curve Rate T Note Const Mat 10 Yr + 3.079%, 03/01/72 (A) |
2,000,000 | 1,537,500 | ||||||
| Comerica |
||||||||
| 4.000%, 02/01/29 |
13,300,000 | 11,374,459 | ||||||
| Comerica Bank |
||||||||
| 7.875%, 09/15/26 |
10,000,000 | 9,681,612 | ||||||
| Credit Suisse NY |
||||||||
| 4.750%, 08/09/24 |
15,000,000 | 14,493,750 | ||||||
| Deutsche Bank |
||||||||
| 7.500%, USD Swap Semi 30/360 5 Yr Curr + 5.003%, 04/30/72 (A) |
4,000,000 | 3,287,120 | ||||||
| 4.296%, USD Swap Semi 30/360 5 Yr Curr + 2.248%, 05/24/28 (A) |
12,000,000 | 11,946,254 | ||||||
| Deutsche Bank NY |
||||||||
| 7.079%, U.S. SOFR + 3.650%, 02/10/34 (A) |
5,000,000 | 4,677,742 | ||||||
| Enova International |
||||||||
| 8.500%, 09/15/25 (B) |
3,007,000 | 2,884,528 | ||||||
| Farmers Exchange Capital |
||||||||
| 7.050%, 07/15/28 (B) |
6,075,000 | 6,184,033 | ||||||
| KeyBank MTN |
||||||||
| 4.700%, 01/26/26 |
2,000,000 | 1,930,877 | ||||||
| KeyCorp MTN |
||||||||
| 4.100%, 04/30/28 |
7,113,000 | 6,576,682 | ||||||
| Prudential Financial |
||||||||
| 5.625%, ICE LIBOR USD 3 Month + 3.920%, 06/15/43 (A) |
4,000,000 | 3,991,840 | ||||||
| Royal Bank of Canada MTN |
||||||||
| 5.500%, 04/28/33 |
10,000,000 | 10,037,381 | ||||||
| 2 |
| Description | Face Amount | Value | ||||||
| 5.200%, 01/31/33 |
$ | 3,000,000 | $ | 2,886,627 | ||||
| SBL Holdings |
||||||||
| 7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.580%, 05/13/71 (A)(B) |
2,500,000 | 1,612,500 | ||||||
| Synchrony Bank |
||||||||
| 5.400%, 08/22/25 |
8,144,000 | 7,766,389 | ||||||
| Synchrony Financial |
||||||||
| 4.375%, 03/19/24 |
3,000,000 | 2,936,714 | ||||||
| Wachovia |
||||||||
| 6.605%, 10/01/25 |
5,650,000 | 5,801,482 | ||||||
|
|
|
| ||||||
| 124,200,102 | ||||||||
|
|
|
| ||||||
| Industrials — 1.1% |
||||||||
| AerCap Ireland Capital DAC |
||||||||
| 1.750%, 10/29/24 |
4,000,000 | 3,748,538 | ||||||
| Boeing |
||||||||
| 2.950%, 02/01/30 |
3,344,000 | 2,968,219 | ||||||
| Brundage-Bone Concrete Pumping Holdings |
||||||||
| 6.000%, 02/01/26 (B) |
3,100,000 | 2,914,000 | ||||||
| Burlington Northern Santa Fe |
||||||||
| 7.290%, 06/01/36 |
5,000,000 | 6,009,013 | ||||||
| Equifax |
||||||||
| 3.100%, 05/15/30 |
3,000,000 | 2,631,525 | ||||||
| Flowserve |
||||||||
| 3.500%, 10/01/30 |
4,000,000 | 3,530,057 | ||||||
| Leidos |
||||||||
| 2.300%, 02/15/31 |
3,291,000 | 2,670,472 | ||||||
| nVent Finance Sarl |
||||||||
| 5.650%, 05/15/33 |
3,000,000 | 3,029,464 | ||||||
| Regal Rexnord |
||||||||
| 6.300%, 02/15/30 (B) |
4,500,000 | 4,584,652 | ||||||
|
|
|
| ||||||
| 32,085,940 | ||||||||
|
|
|
| ||||||
| Information Technology — 1.7% |
||||||||
| Amkor Technology |
||||||||
| 6.625%, 09/15/27 (B) |
10,372,000 | 10,382,289 | ||||||
| Apple |
||||||||
| 3.850%, 05/04/43 |
2,000,000 | 1,825,701 | ||||||
| Avnet |
||||||||
| 3.000%, 05/15/31 |
7,000,000 | 5,713,101 | ||||||
| Kyndryl Holdings |
||||||||
| 4.100%, 10/15/41 |
10,730,000 | 7,246,962 | ||||||
| Motorola Solutions |
||||||||
| 4.600%, 05/23/29 |
21,435,000 | 21,087,028 | ||||||
|
|
|
| ||||||
| 46,255,081 | ||||||||
|
|
|
| ||||||
| Materials — 0.3% |
||||||||
| Mineral Resources |
||||||||
| 8.125%, 05/01/27 (B) |
8,136,000 | 8,204,993 | ||||||
| Nacional del Cobre de Chile |
||||||||
| 3.150%, 01/15/51 (B) |
500,000 | 348,945 | ||||||
|
|
|
| ||||||
| 8,553,938 | ||||||||
|
|
|
| ||||||
| Real Estate — 0.2% |
||||||||
| GLP Capital |
||||||||
| 3.250%, 01/15/32 ‡ |
750,000 | 615,007 | ||||||
| Invitation Homes Operating Partnership |
||||||||
| 2.000%, 08/15/31 ‡ |
2,000,000 | 1,541,304 | ||||||
| Sabra Health Care |
||||||||
| 3.200%, 12/01/31 ‡ |
3,920,000 | 2,941,944 | ||||||
|
|
|
| ||||||
| 5,098,255 | ||||||||
|
|
|
| ||||||
| Description | Face Amount | Value | ||||||
| Utilities — 0.7% |
||||||||
| Pacific Gas and Electric |
||||||||
| 4.500%, 07/01/40 |
$ | 11,000,000 | $ | 8,938,771 | ||||
| 3.750%, 08/15/42 |
5,000,000 | 3,554,758 | ||||||
| Sempra Energy |
||||||||
| 6.000%, 10/15/39 |
6,000,000 | 6,334,583 | ||||||
|
|
|
| ||||||
| 18,828,112 | ||||||||
|
|
|
| ||||||
| Total Corporate Obligations |
526,246,625 | |||||||
|
|
|
| ||||||
| COLLATERALIZED LOAN OBLIGATIONS — 17.7% |
|
|||||||
| AMMC CLO 26, Ser 2023-26A, Cl B1 |
|
|||||||
| 7.593%, TSFR3M + 2.450%, 04/15/36 (A)(B) |
7,500,000 | 7,449,607 | ||||||
| Apidos CLO Funding RR Subsidiary, Ser 2018-12RR, Cl A |
||||||||
| 6.790%, ICE LIBOR USD 3 Month + 1.530%, 04/15/31 (A)(B) |
3,000,000 | 2,992,107 | ||||||
| Apidos CLO XI, Ser 2021-11A, Cl CR3 |
||||||||
| 7.260%, ICE LIBOR USD 3 Month + 2.000%, 04/17/34 (A)(B) |
13,750,000 | 12,965,411 | ||||||
| Apidos CLO XI, Ser 2021-11A, Cl ER3 |
||||||||
| 11.830%, ICE LIBOR USD 3 Month + 6.570%, 04/17/34 (A)(B) |
5,000,000 | 4,563,640 | ||||||
| Apidos CLO XXVIII, Ser 2017-28A, Cl A2 |
||||||||
| 6.650%, ICE LIBOR USD 3 Month + 1.400%, 01/20/31 (A)(B) |
15,000,000 | 14,582,850 | ||||||
| Audax Senior Debt 6, Ser 2021- 6A, Cl B |
||||||||
| 7.200%, ICE LIBOR USD 3 Month + 1.950%, 10/20/33 (A)(B) |
8,000,000 | 7,491,160 | ||||||
| Battalion CLO 17, Ser 2021-17A, Cl B |
||||||||
| 6.850%, ICE LIBOR USD 3 Month + 1.600%, 03/09/34 (A)(B) |
5,000,000 | 4,850,660 | ||||||
| BCC Middle Market CLO, Ser 2018-1A, Cl A1A |
||||||||
| 6.800%, ICE LIBOR USD 3 Month + 1.550%, 10/20/30 (A)(B) |
16,192,338 | 16,041,847 | ||||||
| Benefit Street Partners CLO III, Ser 2017-IIIA, Cl DR |
||||||||
| 11.850%, ICE LIBOR USD 3 Month + 6.600%, 07/20/29 (A)(B) |
5,000,000 | 4,584,735 | ||||||
| Benefit Street Partners CLO III, Ser 2021-IIIA, Cl BR2 |
||||||||
| 7.650%, ICE LIBOR USD 3 Month + 2.400%, 07/20/29 (A)(B) |
15,000,000 | 14,628,255 | ||||||
| 3 |
| Description | Face Amount | Value | ||||||
| Benefit Street Partners CLO IV, Ser 2021-IVA, Cl A2AR |
||||||||
| 6.800%, ICE LIBOR USD 3 Month + 1.550%, 01/20/32 (A)(B) |
$ | 8,750,000 | $ | 8,504,702 | ||||
| Benefit Street Partners CLO VIII, Ser 2018-8A, Cl A1AR |
||||||||
| 6.350%, ICE LIBOR USD 3 Month + 1.100%, 01/20/31 (A)(B) |
5,288,311 | 5,243,313 | ||||||
| BlueMountain CLO, Ser 2021-2A, Cl A2R2 |
||||||||
| 6.615%, ICE LIBOR USD 3 Month + 1.700%, 08/20/32 (A)(B) |
10,000,000 | 9,679,570 | ||||||
| Carlyle Global Market Strategies, Ser 2018-1A, Cl CR2 |
||||||||
| 7.060%, ICE LIBOR USD 3 Month + 1.800%, 04/17/31 (A)(B) |
4,500,000 | 4,244,962 | ||||||
| Carlyle Global Market Strategies, Ser 2018-3A, Cl A1A2 |
||||||||
| 6.431%, ICE LIBOR USD 3 Month + 1.180%, 01/14/32 (A)(B) |
24,855,641 | 24,556,006 | ||||||
| Carlyle Global Market Strategies, Ser 2018-3A, Cl A2A2 |
||||||||
| 7.101%, ICE LIBOR USD 3 Month + 1.850%, 01/14/32 (A)(B) |
7,000,000 | 6,887,825 | ||||||
| Carlyle Global Market Strategies, Ser 2018-3RA, Cl A1A |
||||||||
| 6.342%, ICE LIBOR USD 3 Month + 1.050%, 07/27/31 (A)(B) |
14,877,491 | 14,682,967 | ||||||
| Carlyle Global Market Strategies, Ser 2018-3RA, Cl A2 |
||||||||
| 6.842%, ICE LIBOR USD 3 Month + 1.550%, 07/27/31 (A)(B) |
9,000,000 | 8,792,298 | ||||||
| Carlyle Global Market Strategies, Ser 2018-5A, Cl A1RR |
||||||||
| 6.400%, ICE LIBOR USD 3 Month + 1.140%, 07/15/31 (A)(B) |
15,834,091 | 15,683,034 | ||||||
| CIFC Funding, Ser 2018-1A, Cl A |
||||||||
| 6.262%, ICE LIBOR USD 3 Month + 1.000%, 04/18/31 (A)(B) |
10,000,000 | 9,889,770 | ||||||
| CIFC Funding, Ser 2022-2A, Cl A1 |
||||||||
| 6.348%, TSFR3M + 1.320%, 04/19/35 (A)(B) |
4,500,000 | 4,410,041 | ||||||
| CIFC Funding, Ser 2022-2A, Cl B |
||||||||
| 6.878%, TSFR3M + 1.850%, 04/19/35 (A)(B) |
9,125,000 | 8,841,222 | ||||||
| Dryden 68 CLO, Ser 2021-68A, Cl BR |
||||||||
| 6.960%, ICE LIBOR USD 3 Month + 1.700%, 07/15/35 (A)(B) |
11,750,000 | 11,346,364 | ||||||
| Description | Face Amount | Value | ||||||
| Elmwood CLO 20, Ser 2022-7A, Cl B1 7.736%, TSFR3M + 2.750%, |
||||||||
| 10/17/34 (A)(B) |
$ | 5,625,000 | $ | 5,574,471 | ||||
| Galaxy XV CLO, Ser 2021-15A, Cl CRR |
||||||||
| 7.110%, ICE LIBOR USD 3 Month + 1.850%, 10/15/30 (A)(B) |
4,814,000 | 4,588,204 | ||||||
| Galaxy XXI, Ser 2015-21A, Cl AR |
||||||||
| 6.270%, ICE LIBOR USD 3 Month + 1.020%, 04/20/31 (A)(B) |
5,000,000 | 4,930,170 | ||||||
| GoldenTree Credit Opportunities Financing, Ser 2018-1A, Cl A1R |
||||||||
| 6.546%, ICE LIBOR USD 3 Month + 1.680%, 06/15/34 (A)(B) |
3,701,583 | 3,690,708 | ||||||
| Golub Capital Partners, Ser 2017- 17A, Cl A1R |
||||||||
| 6.905%, ICE LIBOR USD 3 Month + 1.650%, 10/25/30 (A)(B) |
7,990,144 | 7,925,815 | ||||||
| Golub Capital Partners, Ser 2017- 21A, Cl AR |
||||||||
| 6.725%, ICE LIBOR USD 3 Month + 1.470%, 01/25/31 (A)(B) |
10,671,323 | 10,551,548 | ||||||
| Golub Capital Partners, Ser 2017- 22A, Cl AR |
||||||||
| 6.430%, ICE LIBOR USD 3 Month + 1.180%, 01/20/31 (A)(B) |
8,947,713 | 8,866,244 | ||||||
| Golub Capital Partners, Ser 2017- 23A, Cl AR |
||||||||
| 6.450%, ICE LIBOR USD 3 Month + 1.200%, 01/20/31 (A)(B) |
19,857,423 | 19,682,618 | ||||||
| Golub Capital Partners, Ser 2017- 24A, Cl AR |
||||||||
| 6.406%, ICE LIBOR USD 3 Month + 1.600%, 11/05/29 (A)(B) |
8,689,240 | 8,580,112 | ||||||
| Golub Capital Partners, Ser 2017- 24A, Cl DR |
||||||||
| 8.706%, ICE LIBOR USD 3 Month + 3.900%, 11/05/29 (A)(B) |
3,000,000 | 2,766,066 | ||||||
| Golub Capital Partners, Ser 2018- 26A, Cl BR |
||||||||
| 6.800%, ICE LIBOR USD 3 Month + 1.550%, 04/20/31 (A)(B) |
12,000,000 | 11,691,936 | ||||||
| Golub Capital Partners, Ser 2018- 36A, Cl A |
||||||||
| 6.106%, ICE LIBOR USD 3 Month + 1.300%, 02/05/31 (A)(B) |
11,000,000 | 10,864,733 | ||||||
| 4 |
| Description | Face Amount | Value | ||||||
| Golub Capital Partners, Ser 2021- 19RA, Cl B1R2 |
||||||||
| 6.800%, ICE LIBOR USD 3 Month + 1.550%, 04/20/34 (A)(B) |
$ | 20,000,000 | $ | 19,301,680 | ||||
| Invesco CLO, Ser 2022-3A, Cl B |
||||||||
| 7.821%, TSFR3M + 2.750%, 10/22/35 (A)(B) |
6,000,000 | 5,918,262 | ||||||
| LCM Loan Income Fund I Income Note Issuer, Ser 2018-27A, Cl A1 |
||||||||
| 6.340%, ICE LIBOR USD 3 Month + 1.080%, 07/16/31 (A)(B) |
13,000,000 | 12,858,729 | ||||||
| NXT Capital CLO, Ser 2021-1A, Cl BRR |
||||||||
| 7.261%, ICE LIBOR USD 3 Month + 2.000%, 07/20/33 (A)(B) |
9,000,000 | 8,536,167 | ||||||
| Oak Hill Credit Partners X-R, Ser 2021-10RA, Cl BR |
||||||||
| 6.800%, ICE LIBOR USD 3 Month + 1.550%, 04/20/34 (A)(B) |
8,000,000 | 7,637,808 | ||||||
| Oak Hill Credit Partners X-R, Ser 2021-10RA, Cl CR |
||||||||
| 7.250%, ICE LIBOR USD 3 Month + 2.000%, 04/20/34 (A)(B) |
5,100,000 | 4,846,316 | ||||||
| Oaktree CLO, Ser 2021-3A, Cl BR |
||||||||
| 7.000%, ICE LIBOR USD 3 Month + 1.750%, 10/20/34 (A)(B) |
13,500,000 | 12,900,033 | ||||||
| OHA Credit Funding 7, Ser 2022- 7A, Cl AR |
||||||||
| 6.328%, TSFR3M + 1.300%, 02/24/37 (A)(B) |
25,000,000 | 24,525,225 | ||||||
| OZLM Funding IV, Ser 2017-4A, Cl A2R |
||||||||
| 6.973%, ICE LIBOR USD 3 Month + 1.700%, 10/22/30 (A)(B) |
5,000,000 | 4,898,750 | ||||||
| Texas Debt Capital CLO, Ser 2023- 1A, Cl A |
||||||||
| 6.622%, TSFR3M + 1.800%, 04/20/36 (A)(B) |
4,000,000 | 3,986,844 | ||||||
| Thayer Park CLO, Ser 2021-1A, Cl A2AR |
||||||||
| 6.650%, ICE LIBOR USD 3 Month + 1.400%, 04/20/34 (A)(B) |
9,250,000 | 8,902,579 | ||||||
| Thayer Park CLO, Ser 2021-1A, Cl BR |
||||||||
| 7.050%, ICE LIBOR USD 3 Month + 1.800%, 04/20/34 (A)(B) |
9,500,000 | 9,051,933 | ||||||
| Venture 37 CLO, Ser 2021-37A, Cl BR |
||||||||
| 7.010%, ICE LIBOR USD 3 Month + 1.750%, 07/15/32 (A)(B) |
10,000,000 | 9,538,760 | ||||||
| Description | Face Amount | Value | ||||||
| Venture XIX, Ser 2018-19A, Cl ARR |
||||||||
| 6.520%, ICE LIBOR USD 3 Month + 1.260%, 01/15/32 (A)(B) |
$ | 19,250,000 | $ | 18,916,455 | ||||
| Zais, Ser 2017-1A, Cl A2 |
||||||||
| 6.760%, ICE LIBOR USD 3 Month + 1.500%, 07/15/29 (A)(B) |
11,250,000 | 11,089,643 | ||||||
| Zais, Ser 2018-1A, Cl B |
||||||||
| 6.710%, ICE LIBOR USD 3 Month + 1.450%, 04/15/29 (A)(B) |
5,000,000 | 4,876,010 | ||||||
|
|
|
| ||||||
| Total Collateralized Loan Obligations |
|
|||||||
| (Cost $502,562,606) |
490,410,165 | |||||||
|
|
|
| ||||||
| MORTGAGE-BACKED SECURITIES — 13.8% |
| |||||||
| Agency Mortgage-Backed Obligation — 3.5% |
| |||||||
| FHLMC |
||||||||
| 3.064%, ICE LIBOR USD 12 Month + 1.620%, 01/01/45 (A) |
2,762,038 | 2,661,960 | ||||||
| 2.965%, ICE LIBOR USD 12 Month + 1.650%, 06/01/43 (A) |
1,734,048 | 1,763,181 | ||||||
| FHLMC STRIPS, Ser 2012-293, Cl IO, IO |
||||||||
| 4.000%, 11/15/32 |
537,371 | 52,444 | ||||||
| FHLMC, Ser 2011-3898, Cl FC |
||||||||
| 5.458%, LIBOR USD 1 Month + 0.510%, 11/15/36 (A) |
1,093,187 | 1,085,965 | ||||||
| FHLMC, Ser 2012-3996, Cl QL |
||||||||
| 4.000%, 02/15/42 |
5,053,174 | 5,004,211 | ||||||
| FHLMC, Ser 2012-4029, Cl LI, IO |
||||||||
| 3.000%, 01/15/27 |
1,113,025 | 24,129 | ||||||
| FHLMC, Ser 2012-4077, Cl AI, IO |
||||||||
| 3.000%, 01/15/27 |
963,935 | 11,639 | ||||||
| FHLMC, Ser 2012-4106, Cl YI, IO |
||||||||
| 2.500%, 09/15/27 |
1,091,298 | 41,980 | ||||||
| FHLMC, Ser 2012-4116, Cl MI, IO |
||||||||
| 4.000%, 10/15/42 |
12,518,036 | 1,715,258 | ||||||
| FHLMC, Ser 2012-4116, Cl PI, IO |
||||||||
| 4.000%, 10/15/42 |
4,019,595 | 768,503 | ||||||
| FHLMC, Ser 2012-4134, Cl BI, IO |
||||||||
| 2.500%, 11/15/27 |
3,183,157 | 121,351 | ||||||
| FHLMC, Ser 2012-4136, Cl PI, IO |
||||||||
| 3.000%, 11/15/32 |
7,964,770 | 801,273 | ||||||
| FHLMC, Ser 2012-4148, Cl LI, IO |
||||||||
| 2.500%, 12/15/27 |
2,189,243 | 86,842 | ||||||
| FHLMC, Ser 2013-4213, Cl IG, IO |
||||||||
| 4.000%, 06/15/43 |
6,211,190 | 758,299 | ||||||
| FHLMC, Ser 2014-4349, Cl KI, IO |
||||||||
| 3.000%, 04/15/33 |
4,048,566 | 233,295 | ||||||
| FHLMC, Ser 2015-4457, Cl EI, IO |
||||||||
| 3.500%, 02/15/45 |
258,411 | 23,578 | ||||||
| FHLMC, Ser 2017-4675, Cl VE |
||||||||
| 3.500%, 08/15/37 |
4,707,000 | 4,506,311 | ||||||
| FHLMC, Ser 2019-4908, Cl AS, IO |
||||||||
| 1.080%, ICE LIBOR USD 1 Month + 6.100%, 01/25/45 (A) |
10,024,133 | 1,314,777 | ||||||
| FHLMC, Ser 2021-5085, Cl IG, IO |
||||||||
| 2.500%, 03/25/51 |
21,295,242 | 2,869,553 | ||||||
| 5 |
| Description | Face Amount | Value | ||||||
| FHLMC, Ser 2022-5202, Cl KI, IO |
||||||||
| 3.500%, 06/25/49 |
$ | 16,165,460 | $ | 2,660,553 | ||||
| FNMA |
||||||||
| 5.500%, 05/01/44 |
3,564,196 | 3,692,966 | ||||||
| 4.500%, 08/01/41 |
2,039,863 | 2,047,138 | ||||||
| 3.000%, 10/01/32 to 11/01/46 |
5,354,651 | 4,967,181 | ||||||
| FNMA STRIPS, Ser 2009-397, Cl 2, IO |
||||||||
| 5.000%, 09/25/39 |
1,107,385 | 204,230 | ||||||
| FNMA STRIPS, Ser 2009-400, Cl 2, IO |
||||||||
| 4.500%, 11/25/39 |
856,569 | 138,810 | ||||||
| FNMA STRIPS, Ser 2010-404, Cl 2, IO |
||||||||
| 4.500%, 05/25/40 |
1,573,639 | 329,139 | ||||||
| FNMA STRIPS, Ser 2011-407, Cl 2, IO |
||||||||
| 4.000%, 03/25/41 |
1,544,984 | 252,953 | ||||||
| FNMA STRIPS, Ser 2012-410, Cl C5, IO |
||||||||
| 3.500%, 05/25/27 |
2,478,414 | 86,732 | ||||||
| FNMA STRIPS, Ser 2015-421, Cl C1, IO |
||||||||
| 3.000%, 05/25/30 |
2,178,583 | 157,730 | ||||||
| FNMA, Ser 2011-103, Cl GI, IO |
||||||||
| 3.500%, 10/25/26 |
627,760 | 16,526 | ||||||
| FNMA, Ser 2011-146, Cl AY |
||||||||
| 3.500%, 01/25/32 |
2,174,840 | 2,113,135 | ||||||
| FNMA, Ser 2012-61, Cl KI, IO |
||||||||
| 4.000%, 12/25/41 |
2,965,517 | 225,979 | ||||||
| FNMA, Ser 2012-68, Cl GY |
||||||||
| 3.000%, 07/25/32 |
5,000,000 | 4,709,086 | ||||||
| FNMA, Ser 2013-104, Cl TI, IO |
||||||||
| 3.000%, 08/25/32 |
1,184,004 | 50,207 | ||||||
| FNMA, Ser 2014-40, Cl GI, IO |
||||||||
| 3.000%, 06/25/33 |
4,279,691 | 422,757 | ||||||
| FNMA, Ser 2017-52, Cl DI, IO |
||||||||
| 4.500%, 07/25/47 |
7,254,917 | 1,177,878 | ||||||
| FNMA, Ser 2019-44, Cl CI, IO |
||||||||
| 4.000%, 08/25/59 |
5,757,713 | 1,201,134 | ||||||
| FNMA, Ser 2019-44, Cl PI, IO |
||||||||
| 4.000%, 08/25/49 |
4,765,628 | 749,892 | ||||||
| FNMA, Ser 2020-44, Cl MI, IO |
||||||||
| 2.500%, 01/25/57 |
12,526,731 | 2,047,318 | ||||||
| GNMA, Ser 2013-170, Cl QI, IO |
||||||||
| 4.854%, 11/20/43 (A) |
7,517,487 | 864,213 | ||||||
| GNMA, Ser 2013-42, Cl MI, IO |
||||||||
| 3.500%, 04/20/41 |
378,141 | 4,656 | ||||||
| GNMA, Ser 2013-62, Cl NI, IO |
||||||||
| 4.000%, 08/20/40 |
2,567,098 | 146,905 | ||||||
| GNMA, Ser 2014-32, Cl CI, IO |
||||||||
| 4.000%, 03/20/43 |
2,118,090 | 166,986 | ||||||
| GNMA, Ser 2014-44, Cl IO, IO |
||||||||
| 4.000%, 11/16/26 |
2,508,068 | 73,720 | ||||||
| GNMA, Ser 2015-103, Cl CI, IO |
||||||||
| 4.000%, 07/20/45 |
10,400,689 | 1,471,793 | ||||||
| GNMA, Ser 2015-17, Cl JI, IO |
||||||||
| 3.500%, 05/20/28 |
2,277,881 | 63,860 | ||||||
| GNMA, Ser 2016-99, Cl ID, IO |
||||||||
| 4.500%, 04/16/44 |
14,859,229 | 3,287,997 | ||||||
| Description | Face Amount | Value | ||||||
| GNMA, Ser 2017-137, Cl DI, IO |
||||||||
| 3.000%, 02/20/47 |
$ | 884,310 | $ | 19,230 | ||||
| GNMA, Ser 2019-137, Cl GI, IO |
||||||||
| 4.000%, 11/20/49 |
54,167,980 | 9,196,602 | ||||||
| GNMA, Ser 2020-189, Cl IJ, IO |
||||||||
| 2.500%, 12/20/50 |
20,959,414 | 2,414,009 | ||||||
| GNMA, Ser 2020-191, Cl CT |
||||||||
| 1.250%, 12/20/50 |
4,028,115 | 3,260,109 | ||||||
| GNMA, Ser 2021-8, Cl IG, IO |
||||||||
| 2.500%, 01/20/51 |
28,396,814 | 3,634,486 | ||||||
| GNMA, Ser 2023-59, Cl G |
||||||||
| 6.000%, 03/20/50 |
21,000,000 | 21,654,574 | ||||||
|
|
|
| ||||||
| 97,355,033 | ||||||||
|
|
|
| ||||||
| Commercial Mortgage-Backed Obligation — 6.3% |
| |||||||
| 280 Park Avenue Mortgage Trust, Ser 280P, Cl F |
||||||||
| 7.718%, ICE LIBOR USD 1 Month + 2.827%, 09/15/34 (A)(B) |
12,500,000 | 10,740,840 | ||||||
| Bear Stearns Commercial Mortgage Securities Trust, Ser 2007-T26, Cl AJ |
||||||||
| 5.566%, 01/12/45 (A) |
119,085 | 116,018 | ||||||
| Benchmark Mortgage Trust, Ser 2020-B18, Cl E |
||||||||
| 2.250%, 07/15/53 (B) |
8,000,000 | 3,687,618 | ||||||
| Benchmark Mortgage Trust, Ser 2020-B21, Cl D |
||||||||
| 2.000%, 12/17/53 (B) |
13,000,000 | 6,741,976 | ||||||
| Benchmark Mortgage Trust, Ser 2020-IG3, Cl A4 |
||||||||
| 2.437%, 09/15/48 (B) |
10,000,000 | 8,470,833 | ||||||
| BX Commercial Mortgage Trust, Ser 2020-VIV3, Cl B |
||||||||
| 3.662%, 03/09/44 (A)(B) |
8,000,000 | 6,834,323 | ||||||
| BXMT, Ser 2020-FL2, Cl A |
||||||||
| 5.904%, TSFR1M + 1.014%, 02/15/38 (A)(B) |
9,964,339 | 9,438,142 | ||||||
| Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl C |
||||||||
| 4.171%, 06/10/48 (A) |
5,000,000 | 4,200,548 | ||||||
| Commercial Mortgage Trust, Ser 2012-CR2, Cl D |
||||||||
| 5.036%, 08/15/45 (A)(B) |
69,895 | 64,301 | ||||||
| Commercial Mortgage Trust, Ser 2014-LC15, Cl D |
||||||||
| 5.170%, 04/10/47 (A)(B) |
9,500,000 | 8,683,631 | ||||||
| Commercial Mortgage Trust, Ser 2014-UBS6, Cl C |
||||||||
| 4.583%, 12/10/47 (A) |
4,000,000 | 3,465,119 | ||||||
| Commercial Mortgage Trust, Ser 2015-DC1, Cl D |
||||||||
| 4.438%, 02/10/48 (A)(B) |
9,000,000 | 6,764,594 | ||||||
| Credit Suisse First Boston Mortgage Securities, Ser 2005- C2, Cl AMFL |
||||||||
| 5.198%, ICE LIBOR USD 1 Month + 0.250%, 04/15/37 (A) |
38,415 | 38,160 | ||||||
| 6 |
| Description | Face Amount | Value | ||||||
| Credit Suisse First Boston Mortgage Securities, Ser 2005- C2, Cl AMFX |
||||||||
| 4.877%, 04/15/37 |
$ | 3,433 | $ | 3,374 | ||||
| CSMC Trust, Ser 2019-AFC1, Cl A1 |
||||||||
| 2.573%, 07/25/49 (B)(C) |
2,483,274 | 2,297,665 | ||||||
| DROP Mortgage Trust, Ser 2021- FILE, Cl D |
||||||||
| 7.700%, ICE LIBOR USD 1 Month + 2.750%, 10/15/43 (A)(B) |
15,000,000 | 12,890,090 | ||||||
| FHLMC Military Housing Bonds Resecuritization Trust Certificates, Ser 2015-R1, Cl C3 |
||||||||
| 5.942%, 11/25/52 (A)(B) |
32,996,553 | 29,852,444 | ||||||
| Fontainebleau Miami Beach Trust, Ser 2019-FBLU, Cl A |
||||||||
| 3.144%, 12/10/36 (B) |
10,000,000 | 9,510,545 | ||||||
| FREMF Mortgage Trust, Ser 2016- K54, Cl C |
||||||||
| 4.191%, 04/25/48 (A)(B) |
5,000,000 | 4,812,363 | ||||||
| FREMF Mortgage Trust, Ser 2016- K57, Cl C |
||||||||
| 4.052%, 08/25/49 (A)(B) |
8,840,000 | 8,442,243 | ||||||
| Hudson Yards Mortgage Trust, Ser 2019-30HY, Cl B |
||||||||
| 3.380%, 07/10/39 (A)(B) |
2,500,000 | 2,084,749 | ||||||
| JPMDB Commercial Mortgage Securities Trust, Ser 2016-C2, Cl C |
||||||||
| 3.482%, 06/15/49 (A) |
4,328,000 | 3,301,148 | ||||||
| JPMorgan Chase Commercial Mortgage Securities, Ser 2007- LD12, Cl AJ |
||||||||
| 6.734%, 02/15/51 (A) |
1,763,153 | 1,656,232 | ||||||
| JPMorgan Chase Commercial Mortgage Securities, Ser 2007- LD12, Cl J |
||||||||
| 5.994%, 02/15/51 (A)(D)(E) |
1,000,000 | — | ||||||
| LStar Commercial Mortgage Trust, Ser 2016-4, Cl AS |
||||||||
| 3.188%, 03/10/49 (B) |
3,000,000 | 2,817,367 | ||||||
| MFRA Trust, Ser 2022-INV1, Cl A3 |
||||||||
| 4.250%, 04/25/66 (A)(B) |
4,000,000 | 3,403,527 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016- C29, Cl C |
||||||||
| 4.879%, 05/15/49 (A) |
2,413,000 | 2,123,091 | ||||||
| Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl C |
||||||||
| 4.887%, 01/15/59 (A) |
5,000,000 | 4,548,550 | ||||||
| Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl D |
||||||||
| 3.788%, 01/15/59 (A)(B) |
2,000,000 | 1,521,428 | ||||||
| Wells Fargo Commercial Mortgage Trust, Ser 2016-C34, Cl B |
||||||||
| 4.089%, 06/15/49 |
5,000,000 | 4,401,061 | ||||||
| Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Cl A |
||||||||
| 4.194%, 08/17/36 (A)(B) |
5,000,000 | 4,547,682 | ||||||
| Description | Face Amount | Value | ||||||
| WFRBS Commercial Mortgage Trust, Ser 2013-UBS1, Cl C |
||||||||
| 5.192%, 03/15/46 (A) |
$ | 3,000,000 | $ | 2,931,082 | ||||
| WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D |
||||||||
| 3.803%, 11/15/47 (A)(B) |
7,310,000 | 5,922,584 | ||||||
|
|
|
| ||||||
| 176,313,328 | ||||||||
|
|
|
| ||||||
| Non-Agency Residential Mortgage-Backed Obligation — 4.0% |
| |||||||
| 510 Asset Backed Trust, Ser 2021- NPL1, Cl A2 |
||||||||
| 3.967%, 06/25/61 (B)(C) |
20,000,000 | 17,471,938 | ||||||
| 510 Asset Backed Trust, Ser 2021- NPL2, Cl A2 |
||||||||
| 4.090%, 06/25/61 (B)(C) |
7,000,000 | 6,162,017 | ||||||
| Angel Oak Mortgage Trust, Ser 2021-4, Cl A3 |
||||||||
| 1.446%, 01/20/65 (A)(B) |
2,221,118 | 1,777,908 | ||||||
| Arroyo Mortgage Trust, Ser 2019- 2, Cl A2 |
||||||||
| 3.498%, 04/25/49 (A)(B) |
2,220,147 | 2,080,532 | ||||||
| CAFL, Ser 2021-RTL1, Cl A1 |
||||||||
| 2.239%, 03/28/29 (B)(C) |
2,000,000 | 1,839,287 | ||||||
| CAFL, Ser 2022-RTL1, Cl A1 |
||||||||
| 4.250%, 05/28/29 (C) |
7,000,000 | 6,565,948 | ||||||
| Carrington Mortgage Loan Trust, Ser 2007-FRE1, Cl M8 |
||||||||
| 2.461%, ICE LIBOR USD 1 Month + 2.250%, 02/25/37 (A)(D)(E) |
1,000,000 | — | ||||||
| FirstKey Mortgage Trust, Ser 2015- 1, Cl A3 |
||||||||
| 3.500%, 03/25/45 (A)(B) |
863,643 | 795,024 | ||||||
| Galton Funding Mortgage Trust, Ser 2019-1, Cl A22 |
||||||||
| 4.000%, 02/25/59 (A)(B) |
134,133 | 129,698 | ||||||
| Galton Funding Mortgage Trust, Ser 2019-2, Cl A21 |
||||||||
| 4.000%, 06/25/59 (A)(B) |
1,471,285 | 1,411,580 | ||||||
| PRET, Ser 2021-NPL3, Cl A2 |
||||||||
| 3.721%, 07/25/51 (B)(C) |
4,755,000 | 3,994,825 | ||||||
| PRET, Ser 2021-NPL5, Cl A2 |
||||||||
| 4.704%, 10/25/51 (B)(C) |
7,000,000 | 6,071,443 | ||||||
| PRET, Ser 2021-RN3, Cl A1 |
||||||||
| 1.843%, 09/25/51 (B)(C) |
6,938,807 | 6,347,937 | ||||||
| PRET, Ser 2021-RN4, Cl A2 |
||||||||
| 5.194%, 10/25/51 (A)(B) |
6,000,000 | 5,519,294 | ||||||
| Pretium Mortgage Credit Partners I, Ser 2021-NPL1, Cl A2 |
||||||||
| 4.213%, 09/27/60 (B)(C) |
9,000,000 | 8,060,801 | ||||||
| Pretium Mortgage Credit Partners I, Ser 2021-NPL2, Cl A2 |
||||||||
| 3.844%, 06/27/60 (B)(C) |
2,750,000 | 2,327,606 | ||||||
| PRPM, Ser 2021-10, Cl A2 |
||||||||
| 4.826%, 10/25/26 (B)(C) |
8,000,000 | 7,197,629 | ||||||
| PRPM, Ser 2021-5, Cl A2 |
||||||||
| 3.721%, 06/25/26 (B)(C) |
5,000,000 | 4,016,892 | ||||||
| PSMC Trust, Ser 2020-2, Cl A2 |
||||||||
| 3.000%, 05/25/50 (A)(B) |
621,125 | 555,053 | ||||||
| RCO VI Mortgage, Ser 2022-1, Cl A2 |
||||||||
| 5.250%, 01/25/27 (B)(C) |
5,000,000 | 4,624,402 | ||||||
| 7 |
| Description | Face Amount | Value | ||||||
| Sequoia Mortgage Trust, Ser 2013-4, Cl AIO1, IO |
||||||||
| 0.849%, 04/25/43 (A)(B) |
$ | 49,213,376 | $ | 1,188,921 | ||||
| Sequoia Mortgage Trust, Ser 2017- CH1, Cl A2 |
||||||||
| 3.500%, 08/25/47 (A)(B) |
73,928 | 69,245 | ||||||
| Sequoia Mortgage Trust, Ser 2018-CH4, Cl A2 |
||||||||
| 4.000%, 10/25/48 (A)(B) |
25,634 | 25,346 | ||||||
| Toorak Mortgage, Ser 2021-1, Cl M1 |
||||||||
| 5.805%, 06/25/24 (B)(C) |
15,000,000 | 14,100,096 | ||||||
| VOLT, Ser 2021-CF2, Cl A2 |
||||||||
| 5.316%, 11/27/51 (B)(C) |
4,000,000 | 3,538,118 | ||||||
| Wells Fargo Mortgage Backed Securities Trust, Ser 2020-1, Cl A1 |
||||||||
| 3.000%, 12/25/49 (A)(B) |
2,469,440 | 2,148,952 | ||||||
| WinWater Mortgage Loan Trust, Ser 2014-1, Cl A1 |
||||||||
| 3.918%, 06/20/44 (A)(B) |
461,817 | 438,763 | ||||||
| WinWater Mortgage Loan Trust, Ser 2014-2, Cl A1 |
||||||||
| 4.000%, 09/20/44 (A)(B) |
143,530 | 136,021 | ||||||
| WinWater Mortgage Loan Trust, Ser 2014-3, Cl A3 |
||||||||
| 3.500%, 11/20/44 (A)(B) |
366,363 | 342,875 | ||||||
| WinWater Mortgage Loan Trust, Ser 2015-2, Cl A11 |
||||||||
| 3.500%, 02/20/45 (A)(B) |
435,659 | 398,028 | ||||||
| WinWater Mortgage Loan Trust, Ser 2015-3, Cl A3 |
||||||||
| 3.500%, 03/20/45 (A)(B) |
583,302 | 542,306 | ||||||
|
|
|
|||||||
| 109,878,485 | ||||||||
|
|
|
|||||||
| Total Mortgage-Backed Securities (Cost $432,084,581) |
383,546,846 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES — 13.1% |
|
|||||||
| Automotive — 9.2% |
||||||||
| ACC Auto Trust, Ser 2021-A, Cl D |
||||||||
| 6.100%, 06/15/29 (B) |
13,000,000 | 12,392,312 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2020-2, Cl E |
||||||||
| 7.600%, 02/16/27 (B) |
13,750,000 | 13,757,392 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2020-3, Cl D |
||||||||
| 2.400%, 06/15/26 (B) |
6,500,000 | 6,356,928 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2020-4, Cl E |
||||||||
| 3.650%, 12/14/26 (B) |
4,000,000 | 3,902,145 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2022-2, Cl C |
||||||||
| 4.410%, 06/13/28 (B) |
5,000,000 | 4,913,480 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2022-4, Cl C |
||||||||
| 7.860%, 02/15/29 (B) |
5,000,000 | 5,164,719 | ||||||
| Description | Face Amount | Value | ||||||
| American Credit Acceptance Receivables Trust, Ser 2023-1, Cl C |
||||||||
| 5.590%, 04/12/29 (B) |
$ | 5,000,000 | $ | 4,985,888 | ||||
| American Credit Acceptance Receivables Trust, Ser 2023-2, Cl D |
||||||||
| 6.470%, 08/13/29 (B) |
4,000,000 | 4,019,122 | ||||||
| Amur Equipment Finance Receivables IX, Ser 2021-1A, Cl D |
||||||||
| 2.300%, 11/22/27 (B) |
1,250,000 | 1,156,837 | ||||||
| Amur Equipment Finance Receivables XI, Ser 2022-2A, Cl E |
||||||||
| 9.320%, 10/22/29 (B) |
2,600,000 | 2,545,419 | ||||||
| Avid Automobile Receivables Trust, Ser 2019-1, Cl D |
||||||||
| 4.030%, 07/15/26 (B) |
1,300,000 | 1,298,645 | ||||||
| Avid Automobile Receivables Trust, Ser 2023-1, Cl E |
||||||||
| 11.140%, 05/15/29 (B) |
5,595,000 | 5,650,379 | ||||||
| CarNow Auto Receivables Trust, Ser 2021-2A, Cl C |
||||||||
| 1.690%, 03/15/27 (B) |
3,330,000 | 3,213,071 | ||||||
| CarNow Auto Receivables Trust, Ser 2021-2A, Cl E |
||||||||
| 4.450%, 02/15/28 (B) |
4,000,000 | 3,608,080 | ||||||
| CarNow Auto Receivables Trust, Ser 2023-1A, Cl E |
||||||||
| 12.040%, 04/16/29 (B) |
5,000,000 | 4,827,336 | ||||||
| Carvana Auto Receivables Trust, Ser 2019-4A, Cl E |
||||||||
| 4.700%, 10/15/26 (B) |
1,000,000 | 975,569 | ||||||
| CIG Auto Receivables Trust, Ser 2021-1A, Cl E |
||||||||
| 4.450%, 05/12/28 (B) |
7,000,000 | 6,397,212 | ||||||
| CPS Auto Receivables Trust, Ser 2019-B, Cl F |
||||||||
| 7.480%, 06/15/26 (B) |
6,055,000 | 6,022,498 | ||||||
| CPS Auto Receivables Trust, Ser 2019-D, Cl D |
||||||||
| 2.720%, 09/15/25 (B) |
874,648 | 869,282 | ||||||
| CPS Auto Receivables Trust, Ser 2019-D, Cl E |
||||||||
| 3.860%, 10/15/25 (B) |
6,000,000 | 5,863,083 | ||||||
| DT Auto Owner Trust, Ser 2020- 1A, Cl E |
||||||||
| 3.480%, 02/16/27 (B) |
4,500,000 | 4,355,915 | ||||||
| DT Auto Owner Trust, Ser 2020- 3A, Cl D |
||||||||
| 1.840%, 06/15/26 (B) |
2,000,000 | 1,886,933 | ||||||
| DT Auto Owner Trust, Ser 2021- 1A, Cl E |
||||||||
| 2.380%, 01/18/28 (B) |
1,000,000 | 929,342 | ||||||
| DT Auto Owner Trust, Ser 2021- 3A, Cl D |
||||||||
| 1.310%, 05/17/27 (B) |
5,500,000 | 5,003,785 | ||||||
| Exeter Automobile Receivables Trust, Ser 2020-1A, Cl D |
||||||||
| 2.730%, 12/15/25 (B) |
1,884,179 | 1,848,861 | ||||||
| 8 |
| Description | Face Amount | Value | ||||||
| First Investors Auto Owner Trust, Ser 2020-1A, Cl D |
||||||||
| 3.150%, 04/15/26 (B) |
$ | 4,000,000 | $ | 3,931,423 | ||||
| First Investors Auto Owner Trust, Ser 2020-1A, Cl E |
||||||||
| 4.630%, 06/16/26 (B) |
5,510,000 | 5,429,731 | ||||||
| First Investors Auto Owner Trust, Ser 2020-1A, Cl F |
||||||||
| 7.070%, 06/15/27 (B) |
5,300,000 | 5,267,055 | ||||||
| First Investors Auto Owner Trust, Ser 2022-1A, Cl E |
||||||||
| 5.410%, 06/15/29 (B) |
2,280,000 | 1,971,685 | ||||||
| Flagship Credit Auto Trust, Ser 2019-2, Cl D |
||||||||
| 3.530%, 05/15/25 (B) |
5,190,000 | 5,109,432 | ||||||
| Flagship Credit Auto Trust, Ser 2020-1, Cl E |
||||||||
| 3.520%, 06/15/27 (B) |
7,931,000 | 7,264,440 | ||||||
| Flagship Credit Auto Trust, Ser 2020-2, Cl E |
||||||||
| 8.220%, 09/15/27 (B) |
8,000,000 | 8,053,225 | ||||||
| Foursight Capital Automobile Receivables Trust, Ser 2020-1, Cl E |
||||||||
| 3.490%, 04/15/26 (B) |
1,300,000 | 1,284,579 | ||||||
| Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl E |
||||||||
| 4.690%, 08/15/29 (B) |
4,230,000 | 3,653,499 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2019-3A, Cl D |
||||||||
| 3.840%, 05/15/26 (B) |
6,000,000 | 5,865,888 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2020-1A, Cl D |
||||||||
| 3.680%, 11/16/26 (B) |
5,000,000 | 4,832,522 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2020-4A, Cl E |
||||||||
| 3.510%, 10/15/27 (B) |
650,000 | 613,360 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2022-1A, Cl E |
||||||||
| 5.640%, 05/15/29 (B) |
4,000,000 | 3,518,808 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2022-3A, Cl E |
||||||||
| 8.350%, 10/15/29 (B) |
1,990,000 | 1,845,784 | ||||||
| Hertz Vehicle Financing, Ser 2021- 1A, Cl D |
||||||||
| 3.980%, 12/26/25 (B) |
10,000,000 | 9,253,597 | ||||||
| Libra Solutions, Ser 2023-1A, Cl A |
||||||||
| 7.000%, 02/15/35 (B) |
4,713,994 | 4,694,921 | ||||||
| Santander Consumer Auto Receivables Trust, Ser 2020-AA, Cl E |
||||||||
| 7.690%, 05/15/26 (B) |
9,006,000 | 9,035,809 | ||||||
| Santander Consumer Auto Receivables Trust, Ser 2020-AA, Cl F |
||||||||
| 10.120%, 01/16/29 (B) |
27,740,000 | 28,243,647 | ||||||
| Santander Consumer Auto Receivables Trust, Ser 2020-BA, Cl F |
||||||||
| 7.030%, 08/15/28 (B) |
6,250,000 | 6,298,178 | ||||||
| Description | Face Amount | Value | ||||||
| Santander Consumer Auto Receivables Trust, Ser 2021-AA, Cl E |
||||||||
| 3.280%, 03/15/27 (B) |
$ | 1,000,000 | $ | 921,223 | ||||
| Tricolor Auto Securitization Trust, Ser 2021-1A, Cl C |
||||||||
| 1.330%, 09/16/24 (B) |
832,149 | 829,916 | ||||||
| Tricolor Auto Securitization Trust, Ser 2022-1A, Cl F |
||||||||
| 9.800%, 07/16/29 (B) |
4,000,000 | 3,853,940 | ||||||
| Tricolor Auto Securitization Trust, Ser 2023-1A, Cl F |
||||||||
| 16.000%, 06/17/30 (B) |
11,910,000 | 12,000,241 | ||||||
| United Auto Credit Securitization Trust, Ser 2022-2, Cl D |
||||||||
| 6.840%, 01/10/28 (B) |
5,389,000 | 5,357,307 | ||||||
| Veros Auto Receivables Trust, Ser 2021-1, Cl C |
||||||||
| 3.640%, 08/15/28 (B) |
4,320,000 | 4,054,638 | ||||||
|
|
|
|||||||
| 255,129,081 | ||||||||
|
|
|
|||||||
| Credit Card — 0.2% |
||||||||
| Mercury Financial Credit Card Master Trust, Ser 2022-1A, Cl A |
||||||||
| 2.500%, 09/21/26 (B) |
3,000,000 | 2,823,715 | ||||||
| Mercury Financial Credit Card Master Trust, Ser 2022-1A, Cl C |
||||||||
| 5.200%, 09/21/26 (B) |
1,780,000 | 1,660,386 | ||||||
|
|
|
|||||||
| 4,484,101 | ||||||||
|
|
|
|||||||
| Other Asset-Backed Securities — 3.7% |
| |||||||
| BHG Securitization Trust, Ser 2022-B, Cl D |
||||||||
| 6.690%, 06/18/35 (B) |
5,993,367 | 5,546,476 | ||||||
| CAL Funding IV, Ser 2020-1A, Cl B |
||||||||
| 3.500%, 09/25/45 (B) |
1,326,708 | 1,177,593 | ||||||
| CF Hippolyta Issuer, Ser 2020-1, Cl A2 |
||||||||
| 1.990%, 07/15/60 (B) |
5,269,584 | 4,476,635 | ||||||
| CP EF Asset Securitization I, Ser 2022-1A, Cl A |
||||||||
| 5.960%, 04/15/30 (B) |
3,421,373 | 3,379,874 | ||||||
| Diamond Resorts Owner Trust, Ser 2019-1A, Cl A |
||||||||
| 2.890%, 02/20/32 (B) |
885,208 | 845,969 | ||||||
| Global SC Finance VII Srl, Ser 2020-1A, Cl A |
||||||||
| 2.170%, 10/17/40 (B) |
2,854,472 | 2,594,899 | ||||||
| Harley Marine Financing, Ser 2018-1A, Cl A2 |
||||||||
| 6.682%, 05/15/43 (B)(C) |
9,655,489 | 9,363,845 | ||||||
| Harley Marine Financing, Ser 2018-1A, Cl B |
||||||||
| 8.869%, 05/15/43 (B)(C) |
6,000,000 | 5,655,006 | ||||||
| JG Wentworth XXI LLC, Ser 2010- 2A, Cl B |
||||||||
| 7.450%, 01/15/50 (B) |
1,063,370 | 1,061,776 | ||||||
| JGWPT XXVI LLC, Ser 2012-2A, Cl B |
||||||||
| 6.770%, 10/17/61 (B) |
1,373,205 | 1,359,359 | ||||||
| Kapitus Asset Securitization, Ser 2022-1A, Cl A |
||||||||
| 3.382%, 07/10/28 (B) |
8,000,000 | 7,525,509 | ||||||
| 9 |
| Description | Face Amount | Value | ||||||
| Libra Solutions, Ser 2023-1A, Cl B |
||||||||
| 10.250%, 02/15/35 (B) |
$ | 7,124,619 | $ | 7,149,322 | ||||
| Marlette Funding Trust, Ser 2020- 1A, Cl D |
||||||||
| 3.540%, 03/15/30 (B) |
837,687 | 818,442 | ||||||
| Mosaic Solar Loan Trust, Ser 2020-2A, Cl B |
||||||||
| 2.210%, 08/20/46 (B) |
2,753,707 | 2,244,280 | ||||||
| Octane Receivables Trust, Ser 2021-2A, Cl B |
||||||||
| 2.020%, 09/20/28 (B) |
3,000,000 | 2,738,423 | ||||||
| Oportun Issuance Trust, Ser 2022- A, Cl C |
||||||||
| 7.400%, 06/09/31 (B) |
3,000,000 | 2,827,268 | ||||||
| Orange Lake Timeshare Trust, Ser 2019-A, Cl C |
||||||||
| 3.610%, 04/09/38 (B) |
1,237,162 | 1,168,799 | ||||||
| Orange Lake Timeshare Trust, Ser 2019-A, Cl D |
||||||||
| 4.930%, 04/09/38 (B) |
204,134 | 190,283 | ||||||
| Pawnee Equipment Receivables, Ser 2019-1, Cl D |
||||||||
| 2.860%, 10/15/24 (B) |
5,500,000 | 5,486,761 | ||||||
| Pawnee Equipment Receivables, Ser 2019-1, Cl E |
||||||||
| 3.800%, 01/15/26 (B) |
2,500,000 | 2,493,560 | ||||||
| Pawneee Equipment Receivables, Ser 2021-1, Cl C |
||||||||
| 2.300%, 07/15/27 (B) |
4,700,000 | 4,260,676 | ||||||
| Pawneee Equipment Receivables, Ser 2022-1, Cl C |
||||||||
| 6.010%, 07/17/28 (B) |
4,000,000 | 3,927,147 | ||||||
| Sapphire Aviation Finance I, Ser 2018-1A, Cl B |
||||||||
| 5.926%, 03/15/40 (B) |
1,715,776 | 779,871 | ||||||
| Stack Infrastructure Issuer Series, Ser 2019-1A, Cl A2 |
||||||||
| 4.540%, 02/25/44 (B) |
2,534,251 | 2,489,374 | ||||||
| Textainer Marine Containers VII, Ser 2020-2A, Cl B |
||||||||
| 3.340%, 09/20/45 (B) |
1,503,639 | 1,342,108 | ||||||
| Triton Container Finance VIII, Ser 2020-1A, Cl B |
||||||||
| 3.740%, 09/20/45 (B) |
780,417 | 690,495 | ||||||
| TRTX Issuer, Ser 2021-FL4, Cl C |
||||||||
| 7.348%, ICE LIBOR USD 1 Month + 2.400%, 03/15/38 (A)(B) |
10,000,000 | 9,318,140 | ||||||
| VOLT CIII, Ser 2021-CF1, Cl A2 |
||||||||
| 3.967%, 08/25/51 (B)(C) |
3,303,000 | 2,728,331 | ||||||
| VR Funding, Ser 2020-1A, Cl A |
||||||||
| 2.790%, 11/15/50 (B) |
6,344,610 | 5,461,194 | ||||||
| VR Funding, Ser 2020-1A, Cl C |
||||||||
| 6.420%, 11/15/50 (B) |
3,827,500 | 3,401,742 | ||||||
|
|
|
| ||||||
| 102,503,157 | ||||||||
|
|
|
| ||||||
| Student Loan — 0.0% |
||||||||
| Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 |
||||||||
| 2.550%, 05/25/41 (B) |
1,249,068 | 1,166,889 | ||||||
|
|
|
| ||||||
| Total Asset-Backed Securities |
363,283,228 | |||||||
|
|
|
| ||||||
| Description | Face Amount | Value | ||||||
| MUNICIPAL BONDS — 1.7% |
||||||||
| Board of Regents of the University of Texas System, Build America Bonds, Cl D, RB |
||||||||
| 5.134%, 08/15/42 |
$ | 3,000,000 | $ | 3,172,304 | ||||
| GDB Debt Recovery Authority of Puerto Rico, RB |
||||||||
| 7.500%, 08/20/40 |
6,388,442 | 5,302,407 | ||||||
| Mission, Economic Development, RB |
||||||||
| 8.550%, 12/01/21(D)(E) |
2,125,000 | 21,250 | ||||||
| Mission, Economic Development, RB |
||||||||
| 10.875%, 12/01/28(D)(E) |
3,315,000 | 33,150 | ||||||
| 9.750%, 12/01/25(D)(E) |
3,045,000 | 30,450 | ||||||
| North Texas Tollway Authority, RB |
||||||||
| 8.410%, 02/01/30 |
1,959,000 | 2,185,317 | ||||||
| Northwest Independent School District, Ser A, GO, PSF-GTD |
||||||||
| 1.776%, 02/15/31 |
2,000,000 | 1,665,356 | ||||||
| 1.836%, 02/15/32 |
1,890,000 | 1,542,968 | ||||||
| Rhode Island State, Health & Educational System, Providence Public Schools, Cl A, RB, CITY APPROP ST AID WITHHLDG |
||||||||
| 8.000%, 05/15/29 |
5,000,000 | 5,008,671 | ||||||
| San Juan, Higher Education Finance Authority, RB |
||||||||
| 8.250%, 08/15/29 |
4,400,000 | 4,409,627 | ||||||
| State of Illinois, Ser A, GO |
||||||||
| 3.140%, 10/01/24 |
14,460,000 | 14,059,646 | ||||||
| Texas State, Public Finance Authority Charter School, Ser 2010-Q, Cl O, RB |
||||||||
| 8.125%, 02/15/27 |
1,900,000 | 2,070,314 | ||||||
| Texas State, Transportation Commission State Highway Fund, RB |
||||||||
| 4.000%, 10/01/33 |
3,000,000 | 2,911,142 | ||||||
| Texas State, Transportation Commission State Highway Fund, Ser B-BUILD, RB |
||||||||
| 5.178%, 04/01/30 |
3,980,000 | 4,136,363 | ||||||
|
|
|
| ||||||
| Total Municipal Bonds |
46,548,965 | |||||||
|
|
|
| ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.3% |
| |||||||
| FAMC |
||||||||
| 6.125%, 10/27/32 |
3,000,000 | 2,993,468 | ||||||
| FFCB |
||||||||
| 6.080%, 04/28/33 |
5,000,000 | 4,998,854 | ||||||
| 5.930%, 03/28/33 |
3,000,000 | 2,991,611 | ||||||
| 5.700%, 03/23/26 |
3,000,000 | 2,991,392 | ||||||
| 5.490%, 09/22/42 |
1,000,000 | 987,239 | ||||||
| FHLB |
||||||||
| 6.610%, 11/09/34 |
2,000,000 | 1,999,435 | ||||||
| 6.230%, 12/28/37 |
2,000,000 | 1,996,278 | ||||||
| 6.110%, 12/21/32 |
12,000,000 | 11,957,583 | ||||||
| 6.000%, 04/12/38 |
3,000,000 | 2,997,862 | ||||||
| 5.940%, 04/20/43 |
2,000,000 | 2,004,956 | ||||||
| 10 |
| Description | Face Amount | Value | ||||||
| 2.150%, 09/23/36 |
$ | 1,500,000 | $ | 1,139,169 | ||||
|
|
|
| ||||||
| Total U.S. Government Agency Obligations (Cost $37,495,241) |
37,057,847 | |||||||
|
|
|
| ||||||
| Shares | ||||||||
| COMMON STOCK — 0.5% |
||||||||
| Energy — 0.5% |
||||||||
| Paratus Energy Services (D) |
27,367 | 14,943,203 | ||||||
|
|
|
| ||||||
| Total Common Stock |
14,943,203 | |||||||
|
|
|
| ||||||
| Face Amount | ||||||||
| SOVEREIGN DEBT — 0.4% |
||||||||
| Colombia Government International Bond |
||||||||
| 3.250%, 04/22/32 |
5,000,000 | 3,609,036 | ||||||
| Kenya Government International Bond |
||||||||
| 7.250%, 02/28/28 (B) |
3,000,000 | 2,303,964 | ||||||
| Oman Government International Bond |
||||||||
| 6.500%, 03/08/47 (B) |
4,500,000 | 4,214,070 | ||||||
| Provincia de Buenos Aires |
||||||||
| 5.250%, 09/01/37 (B)(C) |
333,959 | 103,301 | ||||||
| Ukraine Government International Bond |
||||||||
| 7.750%, 09/01/24 (E) |
5,000,000 | 1,070,660 | ||||||
|
|
|
| ||||||
| Total Sovereign Debt |
11,301,031 | |||||||
|
|
|
| ||||||
| Shares | ||||||||
| COMMERCIAL PAPER — 0.1% |
||||||||
| Barton Capital |
1,750,000 | 1,747,267 | ||||||
|
|
|
| ||||||
| Total Commercial Paper |
1,747,267 | |||||||
|
|
|
| ||||||
| Total Investments — 99.3% |
$ | 2,755,902,560 | ||||||
|
|
|
| ||||||
Percentages are based on Net Assets of $2,773,972,022.
| ‡ | Real Estate Investment Trust |
| (A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (B) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at April 30, 2023 was $1,380,706,316 and represents 49.8% of Net Assets. |
| (C) | Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on April 30, 2023. The coupon on a step bond changes on a specific date. |
| (D) | Level 3 security in accordance with fair value hierarchy. |
| (E) | Security in default on interest payments. |
| (F) | Interest rate represents the security’s effective yield at the time of purchase. |
See “Glossary” for abbreviations.
FIA-QH-001-3100
| 11 |
| Description | Face Amount | Value | ||||||
| CORPORATE OBLIGATIONS — 40.6% |
| |||||||
| Communication Services — 3.2% |
| |||||||
| ANGI Group |
||||||||
| 3.875%, 08/15/28 (A) |
$ | 2,000,000 | $ | 1,565,320 | ||||
| LCPR Senior Secured Financing DAC |
||||||||
| 6.750%, 10/15/27 (A) |
900,000 | 854,899 | ||||||
| T-Mobile USA |
||||||||
| 3.500%, 04/15/31 |
3,000,000 | 2,710,150 | ||||||
|
|
|
|||||||
| 5,130,369 | ||||||||
|
|
|
|||||||
| Consumer Discretionary — 14.8% |
| |||||||
| Airswift Global |
||||||||
| 13.373%, ICE LIBOR USD 3 Month + 8.500%, 05/12/25 (A)(B) |
2,000,000 | 2,030,000 | ||||||
| APX Group |
||||||||
| 5.750%, 07/15/29 (A) |
3,000,000 | 2,679,874 | ||||||
| Beazer Homes USA |
||||||||
| 7.250%, 10/15/29 (A) |
1,000,000 | 953,498 | ||||||
| Bloomin’ Brands |
||||||||
| 5.125%, 04/15/29 (A) |
2,500,000 | 2,255,319 | ||||||
| Choice Hotels International |
||||||||
| 3.700%, 12/01/29 |
2,000,000 | 1,814,406 | ||||||
| Dillard’s |
||||||||
| 7.000%, 12/01/28 |
500,000 | 511,453 | ||||||
| Empire Resorts |
||||||||
| 7.750%, 11/01/26 (A) |
2,000,000 | 1,655,000 | ||||||
| Imperial Brands Finance |
||||||||
| 6.125%, 07/27/27 (A) |
500,000 | 516,421 | ||||||
| Jaguar Land Rover Automotive |
||||||||
| 4.500%, 10/01/27 (A) |
1,300,000 | 1,088,582 | ||||||
| MajorDrive Holdings IV |
||||||||
| 6.375%, 06/01/29 (A) |
3,000,000 | 2,370,000 | ||||||
| NES Fircroft Bondco |
||||||||
| 11.750%, 09/29/26 (A) |
500,000 | 514,281 | ||||||
| Scientific Games International |
||||||||
| 8.625%, 07/01/25 (A) |
2,000,000 | 2,045,000 | ||||||
| STL Holding |
||||||||
| 7.500%, 02/15/26 (A) |
2,000,000 | 1,763,460 | ||||||
| Upbound Group |
||||||||
| 6.375%, 02/15/29 (A) |
1,000,000 | 878,080 | ||||||
| VistaJet Malta Finance |
||||||||
| 7.875%, 05/01/27 (A) |
2,500,000 | 2,375,000 | ||||||
|
|
|
|||||||
| 23,450,374 | ||||||||
|
|
|
|||||||
| Consumer Staples — 1.3% |
| |||||||
| Philip Morris International |
||||||||
| 5.125%, 02/15/30 |
2,000,000 | 2,020,825 | ||||||
|
|
|
|||||||
| Energy — 2.7% |
||||||||
| Colonial Pipeline |
||||||||
| 8.375%, 11/01/30 (A) |
1,500,000 | 1,765,856 | ||||||
| Murphy Oil |
||||||||
| 5.750%, 08/15/25 |
424,000 | 420,184 | ||||||
| Tiger Holdco Pte |
||||||||
| 13.000% PIK, 06/10/23 (A) |
2,084,434 | 2,068,801 | ||||||
|
|
|
|||||||
| 4,254,841 | ||||||||
|
|
|
|||||||
| Financials — 3.0% |
||||||||
| Athene Holding |
||||||||
| 6.150%, 04/03/30 |
500,000 | 501,188 | ||||||
| Credit Suisse Group |
||||||||
| 6.373%, U.S. SOFR + 3.340%, 07/15/26 (A)(B) |
1,000,000 | 972,180 | ||||||
| Description | Face Amount | Value | ||||||
| Royal Bank of Canada MTN |
||||||||
| 5.200%, 01/31/33 |
$ | 1,000,000 | $ | 962,209 | ||||
| UBS |
||||||||
| 5.125%, 05/15/24 |
1,500,000 | 1,458,750 | ||||||
| Westpac Banking |
||||||||
| 2.894%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.350%, 02/04/30 (B) |
1,000,000 | 937,882 | ||||||
|
|
|
|||||||
| 4,832,209 | ||||||||
|
|
|
|||||||
| Industrials — 7.3% |
| |||||||
| Boeing |
||||||||
| 5.150%, 05/01/30 |
2,000,000 | 2,015,391 | ||||||
| 2.196%, 02/04/26 |
1,000,000 | 929,587 | ||||||
| Brundage-Bone Concrete Pumping Holdings |
||||||||
| 6.000%, 02/01/26 (A) |
2,500,000 | 2,350,000 | ||||||
| Flowserve |
||||||||
| 3.500%, 10/01/30 |
2,000,000 | 1,765,029 | ||||||
| Lockheed Martin |
||||||||
| 5.250%, 01/15/33 |
1,500,000 | 1,602,833 | ||||||
| Masco |
||||||||
| 7.750%, 08/01/29 |
1,088,000 | 1,235,590 | ||||||
| nVent Finance Sarl |
||||||||
| 5.650%, 05/15/33 |
1,000,000 | 1,009,821 | ||||||
| Regal Rexnord |
||||||||
| 6.300%, 02/15/30 (A) |
500,000 | 509,406 | ||||||
|
|
|
|||||||
| 11,417,657 | ||||||||
|
|
|
|||||||
| Information Technology — 5.3% |
| |||||||
| Amkor Technology |
||||||||
| 6.625%, 09/15/27 (A) |
1,000,000 | 1,000,992 | ||||||
| Apple |
||||||||
| 3.850%, 05/04/43 |
2,000,000 | 1,825,701 | ||||||
| Castle US Holding |
||||||||
| 9.500%, 02/15/28 (A) |
1,000,000 | 637,500 | ||||||
| Consensus Cloud Solutions |
||||||||
| 6.000%, 10/15/26 (A) |
1,000,000 | 919,455 | ||||||
| Kyndryl Holdings |
||||||||
| 4.100%, 10/15/41 |
3,829,000 | 2,586,078 | ||||||
| Sprint |
||||||||
| 7.875%, 09/15/23 |
1,500,000 | 1,512,142 | ||||||
|
|
|
|||||||
| 8,481,868 | ||||||||
|
|
|
|||||||
| Materials — 0.3% |
||||||||
| Mineral Resources |
||||||||
| 8.125%, 05/01/27 (A) |
420,000 | 423,562 | ||||||
|
|
|
|||||||
| Real Estate — 2.2% |
||||||||
| GLP Capital |
||||||||
| 3.250%, 01/15/32 ‡ |
2,500,000 | 2,050,022 | ||||||
| Sabra Health Care |
||||||||
| 3.200%, 12/01/31 ‡ |
2,000,000 | 1,500,992 | ||||||
|
|
|
|||||||
| 3,551,014 | ||||||||
|
|
|
|||||||
| Utilities — 0.5% |
||||||||
| Pacific Gas and Electric |
||||||||
| 4.500%, 07/01/40 |
1,000,000 | 812,615 | ||||||
|
|
|
|||||||
| Total Corporate Obligations |
64,375,334 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES — 25.6% |
| |||||||
| Automotive — 12.8% |
||||||||
| ACC Auto Trust, Ser 2021-A, Cl D |
||||||||
| 6.100%, 06/15/29 (A) |
1,000,000 | 953,255 | ||||||
| 12 |
| Description | Face Amount | Value | ||||||
| American Credit Acceptance Receivables Trust, |
||||||||
| 4.870%, 11/13/28 (A) |
$ | 2,600,000 | $ | 2,146,275 | ||||
| American Credit Acceptance Receivables Trust, |
||||||||
| 6.470%, 08/13/29 (A) |
1,000,000 | 1,004,781 | ||||||
| Avid Automobile Receivables Trust, |
||||||||
| 6.760%, 05/17/27 (A) |
1,000,000 | 998,942 | ||||||
| Avid Automobile Receivables Trust, Ser 2021-1, Cl F |
||||||||
| 5.160%, 10/16/28 (A) |
2,000,000 | 1,794,907 | ||||||
| CarNow Auto Receivables Trust, |
||||||||
| 4.450%, 02/15/28 (A) |
1,000,000 | 902,020 | ||||||
| Carvana Auto Receivables Trust, |
||||||||
| 2.900%, 03/10/28 (A) |
2,000,000 | 1,740,467 | ||||||
| CIG Auto Receivables Trust, |
||||||||
| Ser 2021-1A, Cl E |
||||||||
| 4.450%, 05/12/28 (A) |
1,590,000 | 1,453,081 | ||||||
| CPS Auto Receivables Trust, |
||||||||
| Ser 2019-B, Cl F |
||||||||
| 7.480%, 06/15/26 (A) |
500,000 | 497,316 | ||||||
| DT Auto Owner Trust, Ser 2019- |
||||||||
| 4A, Cl E |
||||||||
| 3.930%, 10/15/26 (A) |
2,000,000 | 1,960,380 | ||||||
| DT Auto Owner Trust, Ser 2020- |
||||||||
| 3A, Cl E |
||||||||
| 3.620%, 10/15/27 (A) |
1,500,000 | 1,438,463 | ||||||
| Exeter Automobile Receivables |
||||||||
| Trust, Ser 2022-2A, Cl E |
||||||||
| 6.340%, 10/15/29 (A) |
1,443,000 | 1,215,145 | ||||||
| Foursight Capital Automobile |
||||||||
| Receivables Trust, Ser 2022-1, |
||||||||
| Cl E |
||||||||
| 4.690%, 08/15/29 (A) |
1,000,000 | 863,711 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2021-4A, Cl E |
||||||||
| 4.430%, 10/16/28 (A) |
1,500,000 | 1,342,665 | ||||||
| Tricolor Auto Securitization Trust, |
||||||||
| Ser 2022-1A, Cl F |
||||||||
| 9.800%, 07/16/29 (A) |
1,000,000 | 963,485 | ||||||
| Tricolor Auto Securitization Trust, |
||||||||
| Ser 2023-1A, Cl F |
||||||||
| 16.000%, 06/17/30 (A) |
1,000,000 | 1,007,577 | ||||||
|
|
|
|||||||
| 20,282,470 | ||||||||
|
|
|
|||||||
| Credit Card — 1.8% |
||||||||
| Mercury Financial Credit Card |
||||||||
| Master Trust, Ser 2022-1A, Cl C |
||||||||
| 5.200%, 09/21/26 (A) |
2,000,000 | 1,865,603 | ||||||
| Mission Lane Credit Card Master |
||||||||
| Trust, Ser 2021-A, Cl B |
||||||||
| 2.240%, 09/15/26 (A) |
1,000,000 | 958,895 | ||||||
|
|
|
|||||||
| 2,824,498 | ||||||||
|
|
|
|||||||
| Other Asset-Backed Securities — 11.0% |
| |||||||
| Amur Equipment Finance |
||||||||
| Receivables X, Ser 2022-1A, Cl E |
||||||||
| 5.020%, 12/20/28 (A) |
1,348,000 | 1,200,445 | ||||||
| Description | Face Amount | Value | ||||||
| BHG Securitization Trust, |
||||||||
| Ser 2022-B, Cl D |
||||||||
| 6.690%, 06/18/35 (A) |
$ | 998,895 | $ | 924,413 | ||||
| CIFC Funding, Ser 2018-1A, Cl C 7.012%, ICE LIBOR USD 3 Month + 1.750%, 04/18/31 (A)(B) |
500,000 | 476,783 | ||||||
| CP EF Asset Securitization I, |
||||||||
| Ser 2022-1A, Cl A |
||||||||
| 5.960%, 04/15/30 (A) |
684,275 | 675,975 | ||||||
| Credibly Asset Securitization II, |
||||||||
| Ser 2021-1A, Cl B |
||||||||
| 3.380%, 04/15/26 (A) |
524,000 | 484,114 | ||||||
| Harley Marine Financing, |
||||||||
| Ser 2018-1A, Cl A2 |
||||||||
| 6.682%, 05/15/43 (A)(C) |
1,693,945 | 1,642,780 | ||||||
| Kapitus Asset Securitization, |
||||||||
| Ser 2022-1A, Cl A |
||||||||
| 3.382%, 07/10/28 (A) |
1,500,000 | 1,411,033 | ||||||
| LCM XXII, Ser 2018-22A, Cl BR |
||||||||
| 7.250%, ICE LIBOR USD 3 Month + 2.000%, 10/20/28 (A)(B) |
1,500,000 | 1,426,149 | ||||||
| Libra Solutions, Ser 2023-1A, Cl B |
||||||||
| 10.250%, 02/15/35 (A) |
981,893 | 985,298 | ||||||
| Mosaic Solar Loans, Ser 2017-2A, Cl B |
||||||||
| 4.770%, 06/22/43 (A) |
198,101 | 182,102 | ||||||
| NMEF Funding, Ser 2021-A, Cl D |
||||||||
| 5.780%, 12/15/27 (A) |
1,300,000 | 1,262,366 | ||||||
| OZLM Funding IV, Ser 2017-4A, |
||||||||
| Cl BR |
||||||||
| 7.473%, ICE LIBOR USD 3 Month + 2.200%, 10/22/30 (A)(B) |
2,000,000 | 1,931,802 | ||||||
| Pawnee Equipment Receivables, |
||||||||
| Ser 2019-1, Cl E |
||||||||
| 3.800%, 01/15/26 (A) |
1,500,000 | 1,496,136 | ||||||
| Pawneee Equipment Receivables, |
||||||||
| Ser 2021-1, Cl E |
||||||||
| 5.210%, 05/15/28 (A) |
353,000 | 319,362 | ||||||
| Pawneee Equipment Receivables, |
||||||||
| Ser 2022-1, Cl C |
||||||||
| 6.010%, 07/17/28 (A) |
1,000,000 | 981,787 | ||||||
| Sapphire Aviation Finance I, |
||||||||
| Ser 2018-1A, Cl B |
||||||||
| 5.926%, 03/15/40 (A) |
285,963 | 129,978 | ||||||
| SCF Equipment Leasing, |
||||||||
| Ser 2021-1A, Cl D |
||||||||
| 1.930%, 09/20/30 (A) |
1,500,000 | 1,343,157 | ||||||
| Stack Infrastructure Issuer Series, Ser 2019-1A, Cl A2 |
||||||||
| 4.540%, 02/25/44 (A) |
703,959 | 691,493 | ||||||
|
|
|
|||||||
| 17,565,173 | ||||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
40,672,141 | |||||||
|
|
|
|||||||
| 13 |
| Description | Face Amount | Value | ||||||
| COLLATERALIZED LOAN OBLIGATIONS — 23.2% |
| |||||||
| Apidos CLO XI, Ser 2021-11A, Cl ER3 |
||||||||
| 11.830%, ICE LIBOR USD 3 Month + 6.570%, 04/17/34 (A)(B) |
$ | 1,000,000 | $ | 912,728 | ||||
| Audax Senior Debt 6, Ser 2021- 6A, Cl B |
||||||||
| 7.200%, ICE LIBOR USD 3 Month + 1.950%, 10/20/33 (A)(B) |
1,000,000 | 936,395 | ||||||
| BCC Middle Market, Ser 2018-1A, Cl B |
||||||||
| 8.250%, ICE LIBOR USD 3 Month + 3.000%, 10/20/30 (A)(B) |
1,000,000 | 966,079 | ||||||
| Benefit Street Partners CLO III, Ser 2017-IIIA, Cl DR |
||||||||
| 11.850%, ICE LIBOR USD 3 Month + 6.600%, 07/20/29 (A)(B) |
2,500,000 | 2,292,367 | ||||||
| Benefit Street Partners III, Ser 2017-IIIA, Cl CR |
||||||||
| 9.150%, ICE LIBOR USD 3 Month + 3.900%, 07/20/29 (A)(B) |
2,000,000 | 1,930,118 | ||||||
| BlueMountain XXX, Ser 2022-30A, Cl ER |
||||||||
| 11.686%, TSFR3M + 6.700%, 04/15/35 (A)(B) |
2,000,000 | 1,697,130 | ||||||
| Carlyle Global Market Strategies, Ser 2018-1A, Cl CR2 |
||||||||
| 7.060%, ICE LIBOR USD 3 Month + 1.800%, 04/17/31 (A)(B) |
1,250,000 | 1,179,156 | ||||||
| CARLYLE US, Ser 2018-1A, Cl B |
||||||||
| 7.100%, ICE LIBOR USD 3 Month + 1.850%, 04/20/31 (A)(B) |
2,000,000 | 1,889,114 | ||||||
| Chenango Park, Ser 2018-1A, Cl B |
||||||||
| 7.110%, ICE LIBOR USD 3 Month + 1.850%, 04/15/30 (A)(B) |
1,000,000 | 950,855 | ||||||
| Golub Capital Partners, Ser 2017- 17A, Cl BR |
||||||||
| 8.155%, ICE LIBOR USD 3 Month + 2.900%, 10/25/30 (A)(B) |
1,500,000 | 1,448,096 | ||||||
| Golub Capital Partners, Ser 2017- 21A, Cl CR |
||||||||
| 7.705%, ICE LIBOR USD 3 Month + 2.450%, 01/25/31 (A)(B) |
3,000,000 | 2,854,365 | ||||||
| Golub Capital Partners, Ser 2017- 22A, Cl CR |
||||||||
| 7.100%, ICE LIBOR USD 3 Month + 1.850%, 01/20/31 (A)(B) |
1,500,000 | 1,421,451 | ||||||
| Description | Face Amount | Value | ||||||
| Golub Capital Partners, Ser 2017- 23A, Cl BR |
||||||||
| 6.800%, ICE LIBOR USD 3 Month + 1.550%, 01/20/31 (A)(B) |
$ | 1,000,000 | $ | 956,814 | ||||
| Golub Capital Partners, Ser 2017- 23A, Cl CR |
||||||||
| 7.050%, ICE LIBOR USD 3 Month + 1.800%, 01/20/31 (A)(B) |
2,000,000 | 1,895,058 | ||||||
| Golub Capital Partners, Ser 2017- 24A, Cl DR |
||||||||
| 8.706%, ICE LIBOR USD 3 Month + 3.900%, 11/05/29 (A)(B) |
2,000,000 | 1,844,044 | ||||||
| Golub Capital Partners, Ser 2018- 26A, Cl BR |
||||||||
| 6.800%, ICE LIBOR USD 3 Month + 1.550%, 04/20/31 (A)(B) |
1,000,000 | 974,328 | ||||||
| Golub Capital Partners, Ser 2018- 36A, Cl B |
||||||||
| 6.456%, ICE LIBOR USD 3 Month + 1.650%, 02/05/31 (A)(B) |
2,000,000 | 1,929,296 | ||||||
| Golub Capital Partners, Ser 2018- 36A, Cl C |
||||||||
| 6.906%, ICE LIBOR USD 3 Month + 2.100%, 02/05/31 (A)(B) |
1,500,000 | 1,412,567 | ||||||
| Jay Park, Ser 2018-1A, Cl BR |
||||||||
| 7.250%, ICE LIBOR USD 3 Month + 2.000%, 10/20/27 (A)(B) |
1,000,000 | 969,863 | ||||||
| MCF VIII, Ser 2018-1A, Cl B |
||||||||
| 7.012%, ICE LIBOR USD 3 Month + 1.750%, 07/18/30 (A)(B) |
3,000,000 | 2,905,221 | ||||||
| Race Point IX, Ser 2017-9A, Cl BR |
||||||||
| 7.410%, ICE LIBOR USD 3 Month + 2.150%, 10/15/30 (A)(B) |
4,000,000 | 3,756,204 | ||||||
| Race Point IX, Ser 2017-9A, Cl DR |
||||||||
| 12.160%, ICE LIBOR USD 3 Month + 6.900%, 10/15/30 (A)(B) |
2,000,000 | 1,663,100 | ||||||
|
|
|
| ||||||
| Total Collateralized Loan Obligations |
36,784,349 | |||||||
|
|
|
| ||||||
| MORTGAGE-BACKED SECURITIES — 7.8% |
| |||||||
| Commercial Mortgage-Backed Obligation — 3.7% |
| |||||||
| Benchmark Mortgage Trust, |
||||||||
| 2.000%, 12/17/53 (A) |
1,000,000 | 518,613 | ||||||
| BXMT, Ser 2020-FL2, Cl A |
||||||||
| 5.904%, TSFR1M + 1.014%, |
||||||||
| 02/15/38 (A)(B) |
766,488 | 726,011 | ||||||
| Cold Storage Trust, Ser 2020-ICE5, Cl E |
||||||||
| 7.713%, ICE LIBOR USD 1 Month + 2.766%, 11/15/37 (A)(B) |
982,991 | 959,304 | ||||||
| 14 |
| Description | Face Amount | Value | ||||||
| Commercial Mortgage Trust, Ser 2014-UBS6, Cl C |
||||||||
| 4.583%, 12/10/47 (B) |
$ | 1,000,000 | $ | 866,280 | ||||
| Commercial Mortgage Trust, Ser 2015-DC1, Cl D |
||||||||
| 4.438%, 02/10/48 (A)(B) |
1,517,000 | 1,140,210 | ||||||
| FREMF Mortgage Trust, Ser 2016- K54, Cl C |
||||||||
| 4.191%, 04/25/48 (A)(B) |
1,000,000 | 962,473 | ||||||
| WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D |
||||||||
| 3.803%, 11/15/47 (A)(B) |
1,000,000 | 810,203 | ||||||
|
|
|
| ||||||
| 5,983,094 | ||||||||
|
|
|
| ||||||
| Non-Agency Residential Mortgage-Backed Obligation — 4.1% |
| |||||||
| PRET, Ser 2021-NPL3, Cl A2 |
||||||||
| 3.721%, 07/25/51 (A)(C) |
500,000 | 420,066 | ||||||
| PRET, Ser 2021-RN3, Cl A1 |
||||||||
| 1.843%, 09/25/51 (A)(C) |
770,979 | 705,326 | ||||||
| PRET, Ser 2021-RN4, Cl A2 |
||||||||
| 5.194%, 10/25/51 (A)(B) |
1,850,000 | 1,701,782 | ||||||
| Pretium Mortgage Credit Partners I, Ser 2021-NPL1, Cl A2 |
||||||||
| 4.213%, 09/27/60 (A)(C) |
1,000,000 | 895,645 | ||||||
| PRPM, Ser 2021-10, Cl A2 |
||||||||
| 4.826%, 10/25/26 (A)(C) |
1,000,000 | 899,704 | ||||||
| RCO VI Mortgage, Ser 2022-1, Cl A2 |
||||||||
| 5.250%, 01/25/27 (A)(C) |
1,000,000 | 924,880 | ||||||
| VOLT, Ser 2021-CF2, Cl A2 |
||||||||
| 5.316%, 11/27/51 (A)(C) |
1,000,000 | 884,530 | ||||||
|
|
|
| ||||||
| 6,431,933 | ||||||||
|
|
|
| ||||||
| Total Mortgage-Backed Securities |
12,415,027 | |||||||
|
|
|
| ||||||
| Shares | ||||||||
| PREFERRED STOCK — 0.0% |
| |||||||
| Communication Services — 0.0% |
| |||||||
| MYT Holding LLC |
||||||||
| 10.000%, 06/07/29 (A) |
64,528 | 50,009 | ||||||
|
|
|
| ||||||
| Total Preferred Stock |
50,009 | |||||||
|
|
|
| ||||||
| COMMON STOCK — 0.0% |
| |||||||
| Industrials — 0.0% |
| |||||||
| Erickson*(D) |
3,761 | 6,837 | ||||||
|
|
|
| ||||||
| Total Common Stock |
6,837 | |||||||
|
|
|
| ||||||
| Total Investments — 97.2% |
$ | 154,303,697 | ||||||
|
|
|
| ||||||
Percentages are based on Net Assets of $158,822,534.
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| (A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at April 30, 2023 was $123,247,732 and represents 77.6% of Net Assets. |
| (B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (C) | Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on April 30, 2023. The coupon on a step bond changes on a specific date. |
| (D) | Level 3 security in accordance with fair value hierarchy. |
See “Glossary” for abbreviations.
FIA-QH-001-3100
| 15 |
| Description | Face Amount | Value | ||||||
| ASSET-BACKED SECURITIES — 48.6% |
|
|||||||
| Automotive — 29.0% |
||||||||
| ACC Auto Trust, Ser 2021-A, Cl A |
||||||||
| 1.080%, 04/15/27 (A) |
$ | 143,361 | $ | 142,563 | ||||
| American Credit Acceptance Receivables Trust, Ser 2022-2, Cl C |
||||||||
| 4.410%, 06/13/28 (A) |
2,000,000 | 1,965,392 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2022-4, Cl B |
||||||||
| 6.750%, 10/13/26 (A) |
2,000,000 | 2,015,319 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2023-1, Cl C |
||||||||
| 5.590%, 04/12/29 (A) |
1,000,000 | 997,178 | ||||||
| Arivo Acceptance Auto Loan Receivables Trust, Ser 2021-1A, Cl A |
||||||||
| 1.190%, 01/15/27 (A) |
366,116 | 355,186 | ||||||
| Arivo Acceptance Auto Loan Receivables Trust, Ser 2022-1A, Cl A |
||||||||
| 3.930%, 05/15/28 (A) |
579,570 | 563,464 | ||||||
| Avid Automobile Receivables Trust, Ser 2021-1, Cl D |
||||||||
| 1.990%, 04/17/28 (A) |
1,300,000 | 1,195,603 | ||||||
| Carmax Auto Owner Trust, Ser 2022-4, Cl C |
||||||||
| 6.490%, 07/17/28 |
3,500,000 | 3,653,693 | ||||||
| Carmax Auto Owner Trust, Ser 2022-4, Cl D |
||||||||
| 8.080%, 04/16/29 |
1,500,000 | 1,590,133 | ||||||
| CarNow Auto Receivables Trust, Ser 2021-2A, Cl B |
||||||||
| 1.300%, 01/15/26 (A) |
2,693,495 | 2,660,188 | ||||||
| Credit Acceptance Auto Loan Trust, Ser 2021-3A, Cl A |
||||||||
| 1.000%, 05/15/30 (A) |
2,590,000 | 2,510,628 | ||||||
| Credit Acceptance Auto Loan Trust, Ser 2021-3A, Cl C |
||||||||
| 1.630%, 09/16/30 (A) |
1,700,000 | 1,568,130 | ||||||
| DT Auto Owner Trust, Ser 2020- 1A, Cl D |
||||||||
| 2.550%, 11/17/25 (A) |
5,500,000 | 5,376,757 | ||||||
| DT Auto Owner Trust, Ser 2020- 3A, Cl C |
||||||||
| 1.470%, 06/15/26 (A) |
1,179,397 | 1,152,403 | ||||||
| DT Auto Owner Trust, Ser 2022- 2A, Cl D |
||||||||
| 5.460%, 03/15/28 (A) |
4,000,000 | 3,927,501 | ||||||
| First Investors Auto Owner Trust, Ser 2022-1A, Cl A |
||||||||
| 2.030%, 01/15/27 (A) |
1,110,792 | 1,080,943 | ||||||
| Flagship Credit Auto Trust, Ser 2022-4, Cl B |
||||||||
| 6.780%, 10/15/27 (A) |
1,500,000 | 1,541,399 | ||||||
| Foursight Capital Automobile Receivables Trust, Ser 2020-1, Cl D |
||||||||
| 2.600%, 01/15/26 (A) |
2,100,000 | 2,076,943 | ||||||
| Description | Face Amount | Value | ||||||
| Foursight Capital Automobile Receivables Trust, Ser 2021-2, Cl D |
||||||||
| 1.920%, 09/15/27 (A) |
$ | 5,500,000 | $ | 5,065,954 | ||||
| Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl D |
||||||||
| 3.070%, 05/15/28 (A) |
4,780,000 | 4,327,758 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2021-1A, Cl D |
||||||||
| 1.680%, 01/15/27 (A) |
6,000,000 | 5,681,496 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2021-2A, Cl D |
||||||||
| 1.420%, 04/15/27 (A) |
1,020,000 | 945,624 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2021-3A, Cl D |
||||||||
| 1.480%, 07/15/27 (A) |
3,000,000 | 2,743,159 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2021-4A, Cl A |
||||||||
| 0.840%, 07/15/25 (A) |
342,083 | 338,769 | ||||||
| Octane Receivables Trust, Ser 2021-1A, Cl A |
||||||||
| 0.930%, 03/22/27 (A) |
672,567 | 652,146 | ||||||
| Octane Receivables Trust, Ser 2021-2A, Cl A |
||||||||
| 1.210%, 09/20/28 (A) |
792,268 | 760,520 | ||||||
| Prestige Auto Receivables Trust, Ser 2021-1A, Cl D |
||||||||
| 2.080%, 02/15/28 (A) |
4,000,000 | 3,644,073 | ||||||
| Santander Drive Auto Receivables Trust, Ser 2022-2, Cl C |
||||||||
| 3.760%, 07/16/29 |
3,000,000 | 2,895,874 | ||||||
| Tricolor Auto Securitization Trust, Ser 2023-1A, Cl B |
||||||||
| 6.840%, 11/16/26 (A) |
3,500,000 | 3,505,822 | ||||||
| United Auto Credit Securitization Trust, Ser 2022-2, Cl D |
||||||||
| 6.840%, 01/10/28 (A) |
3,000,000 | 2,982,357 | ||||||
| United Auto Credit Securitization Trust, Ser 2023-1, Cl C |
||||||||
| 6.280%, 07/10/28 (A) |
4,326,000 | 4,313,065 | ||||||
| Westlake Automobile Receivables Trust, Ser 2020-2A, Cl D |
||||||||
| 2.760%, 01/15/26 (A) |
4,500,000 | 4,409,087 | ||||||
| Westlake Automobile Receivables Trust, Ser 2020-3A, Cl C |
||||||||
| 1.240%, 11/17/25 (A) |
893,866 | 879,721 | ||||||
| Westlake Automobile Receivables Trust, Ser 2021-1A, Cl D |
||||||||
| 1.230%, 04/15/26 (A) |
11,000,000 | 10,422,354 | ||||||
| Westlake Automobile Receivables Trust, Ser 2022-3A, Cl D |
||||||||
| 6.680%, 04/17/28 (A) |
7,000,000 | 7,077,176 | ||||||
| Westlake Automobile Receivables Trust, Ser 2023-2A, Cl D |
||||||||
| 7.010%, 11/15/28 (A) |
3,000,000 | 3,046,526 | ||||||
| World Omni Select Auto Trust, Ser 2023-A, Cl A2A |
||||||||
| 5.920%, 03/15/27 |
5,000,000 | 5,014,360 | ||||||
|
|
|
| ||||||
| 103,079,264 | ||||||||
|
|
|
| ||||||
| 16 |
| Description | Face Amount | Value | ||||||
| Credit Card — 8.6% |
||||||||
| American Express Credit Account Master Trust, Ser 2022-4, Cl A |
||||||||
| 4.950%, 10/15/27 |
$ | 4,829,000 | $ | 4,886,362 | ||||
| Avant Credit Card Master Trust, Ser 2021-1A, Cl A |
||||||||
| 1.370%, 04/15/27 (A) |
1,220,000 | 1,138,504 | ||||||
| CARDS II Trust, Ser 2021-1A, Cl B |
||||||||
| 0.931%, 04/15/27 (A) |
7,250,000 | 6,908,944 | ||||||
| Continental Finance Credit Card ABS Master Trust, Ser 2021-A, Cl A |
||||||||
| 2.550%, 12/17/29 (A) |
5,000,000 | 4,614,959 | ||||||
| Genesis Sales Finance Master Trust, Ser 2021-AA, Cl A |
||||||||
| 1.200%, 12/21/26 (A) |
2,000,000 | 1,894,322 | ||||||
| Synchrony Card Funding, Ser 2022-A2, Cl A |
||||||||
| 3.860%, 07/15/28 |
5,500,000 | 5,406,622 | ||||||
| Trillium Credit Card Trust II, Ser 2021-1A, Cl B |
||||||||
| 2.026%, 10/26/29 (A) |
6,500,000 | 5,867,357 | ||||||
|
|
|
| ||||||
| 30,717,070 | ||||||||
|
|
|
| ||||||
| Other Asset-Backed Securities — 10.9% |
| |||||||
| Amur Equipment Finance Receivables VIII, Ser 2020-1A, Cl B |
||||||||
| 2.500%, 03/20/26 (A) |
504,356 | 502,899 | ||||||
| Amur Equipment Finance Receivables X, Ser 2022-1A, Cl C |
||||||||
| 2.370%, 04/20/28 (A) |
2,000,000 | 1,843,254 | ||||||
| Amur Equipment Finance Receivables X, Ser 2022-1A, Cl D |
||||||||
| 2.910%, 08/21/28 (A) |
2,000,000 | 1,800,911 | ||||||
| Aqua Finance Trust, Ser 2021-A, Cl B |
||||||||
| 2.400%, 07/17/46 (A) |
1,000,000 | 836,590 | ||||||
| BHG Securitization Trust, Ser 2021-B, Cl A |
||||||||
| 0.900%, 10/17/34 (A) |
900,944 | 859,671 | ||||||
| BHG Securitization Trust, Ser 2022-B, Cl A |
||||||||
| 3.750%, 06/18/35 (A) |
539,956 | 531,115 | ||||||
| CLI Funding VI, Ser 2020-1A, Cl A |
||||||||
| 2.080%, 09/18/45 (A) |
1,833,125 | 1,625,448 | ||||||
| CP EF Asset Securitization I, Ser 2022-1A, Cl A |
||||||||
| 5.960%, 04/15/30 (A) |
2,737,099 | 2,703,899 | ||||||
| Diamond Resorts Owner Trust, Ser 2019-1A, Cl A |
||||||||
| 2.890%, 02/20/32 (A) |
354,083 | 338,387 | ||||||
| Marlette Funding Trust, Ser 2021- 2A, Cl C |
||||||||
| 1.500%, 09/15/31 (A) |
2,000,000 | 1,873,560 | ||||||
| Mosaic Solar Loan Trust, Ser 2021-3A, Cl B |
||||||||
| 1.920%, 06/20/52 (A) |
769,679 | 553,004 | ||||||
| Mosaic Solar Loans, Ser 2017-1A, Cl A |
||||||||
| 4.450%, 06/20/42 (A) |
199,962 | 192,030 | ||||||
| Description | Face Amount | Value | ||||||
| New Economy Assets Phase 1 Sponsor, Ser 2021-1, Cl A1 |
||||||||
| 1.910%, 10/20/61 (A) |
$ | 2,000,000 | $ | 1,736,684 | ||||
| Oportun Issuance Trust, Ser 2021- B, Cl A |
||||||||
| 1.470%, 05/08/31 (A) |
1,750,000 | 1,587,707 | ||||||
| Oportun Issuance Trust, Ser 2022- A, Cl C |
||||||||
| 7.400%, 06/09/31 (A) |
2,030,000 | 1,913,118 | ||||||
| Pawnee Equipment Receivables, Ser 2019-1, Cl D |
||||||||
| 2.860%, 10/15/24 (A) |
5,000,000 | 4,987,965 | ||||||
| Pawnee Equipment Receivables, Ser 2020-1, Cl A |
||||||||
| 1.370%, 11/17/25 (A) |
200,367 | 199,201 | ||||||
| Pawneee Equipment Receivables, Ser 2022-1, Cl C |
||||||||
| 6.010%, 07/17/28 (A) |
5,000,000 | 4,908,934 | ||||||
| SCF Equipment Leasing, Ser 2020-1A, Cl B |
||||||||
| 2.020%, 03/20/28 (A) |
2,000,000 | 1,928,926 | ||||||
| SCF Equipment Leasing, Ser 2021-1A, Cl D |
||||||||
| 1.930%, 09/20/30 (A) |
2,600,000 | 2,328,138 | ||||||
| Sierra Timeshare Receivables Funding, Ser 2021-2A, Cl B |
||||||||
| 1.800%, 09/20/38 (A) |
1,922,590 | 1,758,029 | ||||||
| Vantage Data Centers Issuer, Ser 2018-2A, Cl A2 |
||||||||
| 0.078%, 11/15/43 (A) |
— | — | ||||||
| VFI ABS, Ser 2022-1A, Cl A |
||||||||
| 2.230%, 03/24/28 (A) |
1,346,632 | 1,307,818 | ||||||
| Westgate Resorts, Ser 2022-1A, Cl C |
||||||||
| 2.488%, 08/20/36 (A) |
2,650,987 | 2,497,650 | ||||||
|
|
|
| ||||||
| 38,814,938 | ||||||||
|
|
|
| ||||||
| Student Loan — 0.1% |
||||||||
| Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 |
||||||||
| 2.550%, 05/25/41 (A) |
483,092 | 451,308 | ||||||
|
|
|
| ||||||
| Total Asset-Backed Securities |
|
173,062,580 | ||||||
|
|
|
| ||||||
| U.S. TREASURY OBLIGATIONS — 20.6% |
| |||||||
| U.S. Treasury Notes |
||||||||
| 4.250%, 09/30/24 |
40,000,000 | 39,896,875 | ||||||
| 3.000%, 07/31/24 |
34,000,000 | 33,350,547 | ||||||
|
|
|
| ||||||
| Total U.S. Treasury Obligations |
|
73,247,422 | ||||||
|
|
|
| ||||||
| CORPORATE OBLIGATIONS — 20.4% |
| |||||||
| Consumer Discretionary — 1.4% |
| |||||||
| AutoZone |
||||||||
| 4.500%, 02/01/28 |
5,000,000 | 4,989,221 | ||||||
|
|
|
| ||||||
| Consumer Staples — 2.8% |
| |||||||
| PepsiCo |
||||||||
| 5.124%, SOFRINDX + 0.400%, 02/13/26 (B) |
10,000,000 | 10,016,364 | ||||||
|
|
|
| ||||||
| Financials — 5.3% |
| |||||||
| Capital One Financial |
||||||||
| 4.200%, 10/29/25 |
10,000,000 | 9,547,158 | ||||||
| 17 |
| Description | Face Amount | Value | ||||||
| Deutsche Bank |
||||||||
| 2.222%, U.S. SOFR + 2.159%, 09/18/24 (B) |
$ | 2,000,000 | $ | 1,959,118 | ||||
| Synchrony Financial |
||||||||
| 4.375%, 03/19/24 |
7,354,000 | 7,198,865 | ||||||
|
|
|
| ||||||
| 18,705,141 | ||||||||
|
|
|
| ||||||
| Health Care — 1.4% |
||||||||
| Amgen |
||||||||
| 5.250%, 03/02/25 |
5,000,000 | 5,043,276 | ||||||
|
|
|
| ||||||
| Industrials — 4.1% |
||||||||
| AerCap Ireland Capital DAC |
||||||||
| 1.750%, 01/30/26 |
5,000,000 | 4,485,815 | ||||||
| 1.750%, 10/29/24 |
1,000,000 | 937,134 | ||||||
| Boeing |
||||||||
| 4.875%, 05/01/25 |
4,000,000 | 3,995,519 | ||||||
| Delta Air Lines |
||||||||
| 7.000%, 05/01/25 (A) |
5,000,000 | 5,158,017 | ||||||
|
|
|
| ||||||
| 14,576,485 | ||||||||
|
|
|
| ||||||
| Information Technology — 4.6% |
| |||||||
| Kyndryl Holdings |
||||||||
| 2.050%, 10/15/26 |
8,000,000 | 7,010,654 | ||||||
| Molex Electronic Technologies |
||||||||
| 3.900%, 04/15/25 (A) |
9,675,000 | 9,363,205 | ||||||
|
|
|
| ||||||
| 16,373,859 | ||||||||
|
|
|
| ||||||
| Real Estate — 0.8% |
||||||||
| Corporate Office Properties |
||||||||
| 2.250%, 03/15/26 ‡ |
3,000,000 | 2,678,741 | ||||||
|
|
|
| ||||||
| Total Corporate Obligations |
|
72,383,087 | ||||||
|
|
|
| ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.2% |
| |||||||
| FFCB |
||||||||
| 5.480%, 10/25/27 |
5,000,000 | 4,976,142 | ||||||
| FHLMC |
||||||||
| 5.375%, 11/15/24 |
5,000,000 | 4,981,200 | ||||||
| 5.150%, 10/17/24 |
3,800,000 | 3,793,958 | ||||||
| 5.000%, 07/26/24 |
5,000,000 | 4,972,612 | ||||||
| FNMA |
||||||||
| 5.030%, 04/10/24 |
7,000,000 | 6,989,714 | ||||||
|
|
|
| ||||||
| Total U.S. Government Agency Obligations |
|
25,713,626 | ||||||
|
|
|
| ||||||
| MORTGAGE-BACKED SECURITIES — 1.8% |
| |||||||
| Commercial Mortgage-Backed Obligation — 1.8% |
| |||||||
| Benchmark Mortgage Trust, Ser 2020-B19, Cl A2 |
||||||||
| 1.691%, 09/15/53 |
1,305,000 | 1,199,310 | ||||||
| Cold Storage Trust, Ser 2020-ICE5, Cl A |
||||||||
| 5.848%, ICE LIBOR USD 1 Month + 0.900%, 11/15/37 (A)(B) |
5,406,448 | 5,284,393 | ||||||
|
|
|
| ||||||
| Total Mortgage-Backed Securities |
|
6,483,703 | ||||||
|
|
|
| ||||||
| Total Investments — 98.6% |
|
$ | 350,890,418 | |||||
|
|
|
| ||||||
Percentages are based on Net Assets of $ 355,978,767.
| ‡ | Real Estate Investment Trust |
| (A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at April 30, 2023 was $169,421,151 and represents 47.6% of Net Assets. |
| (B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
See “Glossary” for abbreviations.
FIA-QH-001-3100
| 18 |
| Description | Face Amount | Value | ||||||
| MUNICIPAL BONDS — 93.7% |
||||||||
| California — 2.5% |
||||||||
| California State, Municipal Finance Authority, Ser A, RB |
||||||||
| 5.000%, 03/01/25(A) |
$ | 410,000 | $ | 406,094 | ||||
| California State, School Finance Authority, RB |
||||||||
| 5.350%, 08/01/24(A) |
195,000 | 196,945 | ||||||
| Mount Diablo Unified School District, Ser A, GO |
||||||||
| 4.000%, 08/01/31 |
100,000 | 110,629 | ||||||
|
|
|
| ||||||
| 713,668 | ||||||||
|
|
|
| ||||||
| Colorado — 4.9% |
||||||||
| El Paso County, School District No. 49 Falcon, Ser A, COP |
||||||||
| 5.000%, 12/15/24 |
525,000 | 541,011 | ||||||
| El Paso County, School District No. 49 Falcon, Ser B, COP |
||||||||
| 5.000%, 12/15/24 |
300,000 | 309,149 | ||||||
| 5.000%, 12/15/26 |
500,000 | 538,429 | ||||||
|
|
|
| ||||||
| 1,388,589 | ||||||||
|
|
|
| ||||||
| Florida — 2.1% |
||||||||
| City of Fort Lauderdale Florida, GO |
||||||||
| 5.000%, 07/01/35 |
500,000 | 594,965 | ||||||
|
|
|
| ||||||
| Idaho — 1.4% |
||||||||
| Idaho State, Housing & Finance Association, RB |
||||||||
| 4.000%, 07/01/26(A) |
400,000 | 397,961 | ||||||
|
|
|
| ||||||
| Illinois — 2.7% |
||||||||
| Lee & Ogle Counties, School District No. 170 Dixon, GO, BAM |
||||||||
| 4.000%, 01/30/25 |
760,000 | 769,869 | ||||||
|
|
|
| ||||||
| Kansas — 3.6% |
||||||||
| Geary County, GO |
||||||||
| 5.000%, 09/01/25 |
1,000,000 | 1,045,757 | ||||||
|
|
|
| ||||||
| Michigan — 3.5% |
||||||||
| Taylor, Brownfield Redevelopment Authority, RB, NATL |
||||||||
| 4.000%, 05/01/28 |
1,000,000 | 1,010,579 | ||||||
|
|
|
| ||||||
| Minnesota — 0.6% |
||||||||
| Minnesota State, Housing Finance Agency, Ser A, RB, GNMA |
||||||||
| 2.600%, 09/01/42 |
201,283 | 178,256 | ||||||
|
|
|
| ||||||
| Ohio — 0.5% |
||||||||
| City of Medina Ohio, GO |
||||||||
| 4.000%, 12/01/32 |
140,000 | 153,989 | ||||||
|
|
|
| ||||||
| Oklahoma — 3.6% |
||||||||
| University of Oklahoma, Ser C, RB |
||||||||
| 5.000%, 07/01/35 |
1,000,000 | 1,032,286 | ||||||
|
|
|
| ||||||
| South Carolina — 5.0% |
||||||||
| Hilton Head Island, Ser C, GO, ST AID WITHHLDG |
||||||||
| 2.250%, 03/01/33 |
530,000 | 483,843 | ||||||
| 2.125%, 03/01/32 |
520,000 | 477,156 | ||||||
| 2.000%, 03/01/30 |
495,000 | 463,825 | ||||||
|
|
|
| ||||||
| 1,424,824 | ||||||||
|
|
|
| ||||||
| Description | Face Amount | Value | ||||||
| Texas — 63.3% |
||||||||
| Azle Independent School District, GO, PSF-GTD |
||||||||
| 4.000%, 02/15/47 |
$ | 500,000 | $ | 479,005 | ||||
| Board of Regents of the University of Texas System, Ser A, RB |
||||||||
| 2.000%, 08/15/36 |
1,000,000 | 785,377 | ||||||
| Bruceville-Eddy Independent School District, GO, PSF-GTD |
||||||||
| 4.000%, 08/15/31 |
500,000 | 504,547 | ||||||
| Central Texas Turnpike System, Sub-Ser C, RB |
||||||||
| 5.000%, 08/15/42 |
1,000,000 | 1,010,580 | ||||||
| City of Longview Texas, GO |
||||||||
| 4.000%, 09/01/35 |
500,000 | 511,419 | ||||||
| Clifton, Higher Education Finance, RB, PSF-GTD |
||||||||
| 5.000%, 08/15/25 |
700,000 | 714,799 | ||||||
| Clifton, Higher Education Finance, Ser A, RB |
||||||||
| 3.375%, 12/01/24 |
530,000 | 520,154 | ||||||
| Clifton, Higher Education Finance, Ser B, RB |
||||||||
| 5.000%, 08/15/25 |
460,000 | 474,105 | ||||||
| 4.000%, 08/15/23 |
500,000 | 500,118 | ||||||
| Crandall Independent School District, GO, PSF-GTD |
||||||||
| 4.000%, 08/15/48 |
500,000 | 475,881 | ||||||
| Cypress-Fairbanks Independent School District, Ser A, GO, PSF-GTD |
||||||||
| 5.000%, 02/15/30 |
1,000,000 | 1,128,463 | ||||||
| El Paso County, Hospital District, GO |
||||||||
| 5.000%, 08/15/25 |
1,070,000 | 1,098,782 | ||||||
| Georgetown Independent School District, Ser B-REMK, GO, PSF-GTD |
||||||||
| 2.000%, 08/01/41(B) |
500,000 | 497,980 | ||||||
| La Vernia, Higher Education Finance, Ser A, RB |
||||||||
| 5.250%, 08/15/35(A) |
1,435,000 | 1,470,142 | ||||||
| La Vernia, Higher Education Finance, Ser A, RB |
||||||||
| 4.200%, 08/15/25(A)(C) |
325,000 | 328,751 | ||||||
| Liberty Hill Independent School District, GO, PSF-GTD |
||||||||
| 5.000%, 02/01/49 |
700,000 | 729,919 | ||||||
| Liberty Hill Independent School District, Ser A, GO, PSF-GTD |
||||||||
| 5.000%, 02/01/41 |
500,000 | 556,152 | ||||||
| Lower Colorado River Authority, RB |
||||||||
| 5.000%, 05/15/39 |
1,000,000 | 1,092,797 | ||||||
| Main Street Market Square Redevelopment Authority, TA, BAM |
||||||||
| 5.000%, 09/01/25 |
1,000,000 | 1,036,831 | ||||||
| Main Street Market Square Redevelopment Authority, TA, BAM |
||||||||
| 5.000%, 09/01/29 |
1,000,000 | 1,053,545 | ||||||
| 19 |
| Description | Face Amount | Value | ||||||
| New Braunfels Independent School District, Ser B, GO, PSF-GTD |
||||||||
| 4.375%, 02/01/40 |
$ | 500,000 | $ | 509,277 | ||||
| Plainview Independent School District, Ser A, GO, PSF-GTD |
||||||||
| 5.000%, 02/15/46 |
525,000 | 573,271 | ||||||
| Pottsboro Independent School District, GO, PSF-GTD |
||||||||
| 5.000%, 02/15/47 |
500,000 | 550,948 | ||||||
| Seminole, Hospital District, GO |
||||||||
| 4.000%, 02/15/31 |
545,000 | 530,392 | ||||||
| Texas A&M University, Permanent University Fund, Ser B, RB |
||||||||
| 5.000%, 07/01/34 |
1,000,000 | 1,042,698 | ||||||
|
|
|
| ||||||
| 18,175,933 | ||||||||
|
|
|
| ||||||
| Total Municipal Bonds |
26,886,676 | |||||||
|
|
|
| ||||||
| Total Investments — 93.7% |
$ | 26,886,676 | ||||||
|
|
|
| ||||||
Percentages are based on Net Assets of $28,685,177.
| (A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at April 30, 2023 was $2,799,893 and represents 9.8% of Net Assets. |
| (B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (C) | Escrowed to Maturity |
See “Glossary” for abbreviations.
FIA-QH-001-3100
| 20 |
| Portfolio Abbreviations |
| ABS — Asset-Backed Security |
| AMT — Alternative Minimum Tax (subject to) |
| BAM — Build America Mutual |
| Cl — Class |
| CLO — Collateralized Loan Obligation |
| COP — Certificate of Participation |
| DAC — Designated Activity Company |
| FAMC — Federal Agricultural Mortgage Corporation |
| FFCB — Federal Farm Credit Bank |
| FHLB — Federal Home Loan Bank |
| FHLMC — Federal Home Loan Mortgage Corporation |
| FNMA — Federal National Mortgage Association |
| GNMA — Government National Mortgage Association |
| GO — General Obligation |
| ICE — Intercontinental Exchange |
| IO — Interest Only - face amount represents notional amount |
| LIBOR — London Interbank Offered Rate |
| LLC — Limited Liability Company |
| MTN — Medium Term Note |
| NATL — National Public Finance Guaranty Corporation |
| PSF-GTD — Texas Public School Fund Guarantee |
| RB — Revenue Bond |
| Ser — Series |
| SOFR — Secured Overnight Financing Rate |
| STRIPS — Separately Traded Registered Interest and Principal Securities |
| TA — Tax Allocation |
| Currency Abbreviations |
| USD — U.S. Dollar |
| 21 |