NPORT-EX 2 sdv3.htm

Medalist Partners Short Duration Fund
  
Schedule of Investments
  
as of February 29, 2024 (Unaudited)
  
   
COMMERCIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 24.7%
Par
  
Value
  
Arbor Realty Collateralized Loan Obligation Ltd.
  
Series 2021-FL2, Class C, 7.38% (1 mo. Term SOFR + 2.06%), 05/15/2036  (a)
  
$
1,113,000
    
$
1,083,658
  
Series 2021-FL2, Class D, 7.93% (1 mo. Term SOFR + 2.61%), 05/15/2036  (a)
    
3,000,000
      
2,904,930
  
Barclays Commercial Mortgage Securities LLC, Series 2019-BWAY, Class A, 6.39% (1 mo. Term SOFR + 1.07%), 11/15/2034  (a)
    
1,000,000
      
710,657
  
BDS Ltd.
  
Series 2021-FL7, Class D, 7.78% (1 mo. Term SOFR + 2.46%), 06/16/2036  (a)
    
3,315,000
      
3,203,764
  
Series 2021-FL7, Class E, 8.23% (1 mo. Term SOFR + 2.91%), 06/16/2036  (a)
    
2,500,000
      
2,394,180
  
BrightSpire Capital, Inc., Series 2021-FL1, Class A, 6.58% (1 mo. Term SOFR + 1.26%), 08/19/2038  (a)(e)
    
1,982,748
      
1,956,675
  
BX Commercial Mortgage Trust
  
Series 2021-VOLT, Class F, 7.83% (1 mo. Term SOFR + 2.51%), 09/15/2036  (a)
    
2,500,000
      
2,449,229
  
Series 2021-SOAR, Class E, 7.23% (1 mo. Term SOFR + 1.91%), 06/15/2038  (a)
    
3,089,604
      
3,047,141
  
BX Trust
  
Series 2018-GW, Class D, 7.39% (1 mo. Term SOFR + 2.07%), 05/15/2035  (a)
    
1,582,000
      
1,571,200
  
Series 2021-VOLT, Class C, 6.53% (1 mo. Term SOFR + 1.21%), 09/15/2036  (a)
    
1,000,000
      
986,384
  
Series 2021-ARIA, Class E, 7.68% (1 mo. Term SOFR + 2.36%), 10/15/2036  (a)
    
2,330,000
      
2,267,607
  
BXMT Ltd.
  
Series 2020-FL2, Class C, 7.09% (1 mo. Term SOFR + 1.76%), 02/15/2038  (a)(e)
    
2,950,000
      
2,500,051
  
Series 2021-FL4, Class C, 7.19% (1 mo. Term SOFR + 1.86%), 05/15/2038  (a)(e)
    
3,000,000
      
2,625,585
  
Series 2021-FL4, Class D, 7.69% (1 mo. Term SOFR + 2.36%), 05/15/2038  (a)(e)
    
3,500,000
      
2,878,680
  
COMM Mortgage Trust, Series 2015-DC1, Class A4, 3.08%, 02/10/2048
    
739,609
      
728,435
  
Commercial Mortgage Pass Through Certificates, Series 2015-LC19, Class A4, 3.18%, 02/10/2048
    
1,977,000
      
1,932,399
  
Credit Suisse Mortgage Trust, Series 2019-ICE4, Class E, 7.52% (1 mo. Term SOFR + 2.20%), 05/15/2036  (a)
    
1,596,029
      
1,593,174
  
Federal Home Loan Mortgage Corp., Series 2022-MN4, Class M2, 11.82% (30 day avg SOFR US + 6.50%), 05/25/2052  (a)
    
3,000,000
      
3,200,301
  
FS RIALTO, Series 2021-FL3, Class A, 6.69% (1 mo. Term SOFR + 1.36%), 11/16/2036  (a)
    
2,475,043
      
2,470,135
  
GPMT Ltd., Series 2021-FL3, Class B, 7.38% (1 mo. Term SOFR + 2.06%), 07/16/2035  (a)(e)
    
1,000,000
      
967,869
  
Greystone Commercial Real Estate Ltd.
  
Series 2021-HC2, Class A, 7.23% (1 mo. Term SOFR + 1.91%), 12/15/2039  (a)
    
2,500,000
      
2,482,858
  
Series 2024-HC3, Class B, 8.96% (1 mo. Term SOFR + 3.63%), 03/15/2041  (a)(b)
    
2,925,000
      
2,917,688
  
HGI CRE CLO Ltd.
  
Series 2021-FL1, Class AS, 6.84% (1 mo. Term SOFR + 1.51%), 06/16/2036  (a)(e)
    
934,000
      
911,998
  
Series 2021-FL1, Class D, 7.79% (1 mo. Term SOFR + 2.46%), 06/16/2036  (a)
    
1,000,000
      
939,367
  
Series 2021-FL1, Class E, 8.39% (1 mo. Term SOFR + 3.06%), 06/16/2036  (a)
    
750,000
      
698,626
  
Series 2021-FL2, Class D, 7.59% (1 mo. Term SOFR + 2.26%), 09/17/2036  (a)(e)
    
1,500,000
      
1,445,036
  
Series 2021-FL2, Class E, 7.89% (1 mo. Term SOFR + 2.56%), 09/17/2036  (a)(e)
    
2,038,000
      
1,952,877
  
Morgan Stanley Capital I Trust, Series 2014-150E, Class A, 3.91%, 09/09/2032  (a)
    
2,000,000
      
1,669,153
  
Multi-Family Housing Mortgage Loan Trust
  
Series 2021-FL5, Class D, 7.93% (1 mo. Term SOFR + 2.61%), 07/15/2036  (a)
    
1,000,000
      
980,996
  
Series 2021-FL6, Class C, 7.29% (1 mo. Term SOFR + 1.96%), 07/16/2036  (a)
    
3,300,000
      
3,191,432
  
Series 2021-FL7, Class E, 8.23% (1 mo. Term SOFR + 2.91%), 10/16/2036  (a)
    
1,700,000
      
1,589,689
  
Series 2023-FL12, Class C, 9.10% (1 mo. Term SOFR + 3.78%), 10/19/2038  (a)
    
1,000,000
      
1,001,670
  
PGA National Resort and Spa, Series 2023-RSRT, Class B, 8.56% (1 mo. Term SOFR + 3.24%), 04/15/2033  (a)
    
2,500,000
      
2,509,544
  
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, 8.07% (1 mo. Term SOFR + 2.75%), 05/19/2038  (a)(e)
    
2,000,000
      
2,017,324
  
TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS, 7.47% (30 day avg SOFR US + 2.15%), 02/15/2039  (a)
    
3,640,000
      
3,572,929
  
Velocity Commercial Capital Loan Trust
  
Series 2017-2, Class AFL, 6.34% (1 mo. LIBOR US + 0.90%), 11/25/2047  (a)(c)
    
68,628
      
68,177
  
Series 2019-2, Class M3, 3.48%, 07/25/2049  (a)(d)
    
304,818
      
266,427
  
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY (Cost $72,163,528)
      
69,687,845
  
                 
RESIDENTIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 19.8%
Par
  
Value
  
AMSR Trust, Series 2020-SFR4, Class G2, 4.87%, 11/17/2037  (a)
    
2,296,000
      
2,198,429
  
Angel Oak Mortgage Trust
  
Series 2019-6, Class A1, 2.62%, 11/25/2059  (a)(d)
    
1,674,705
      
1,622,763
  
Series 2021-3, Class M1, 2.48%, 05/25/2066  (a)(d)
    
620,000
      
434,600
  
Series 2023-6, Class A3, 6.50%, 12/25/2067  (a)
    
968,128
      
968,900
  
Bellemeade Re Ltd., Series 2021-3A, Class M1C, 6.87% (30 day avg SOFR US + 1.55%), 09/25/2031  (a)
    
1,725,000
      
1,702,003
  
Bombardier Capital Mortgage Securitization Corp., Series 1999-B, Class A3, 7.18%, 12/15/2029 (d)
    
86,567
      
8,820
  
Boston Lending Trust
  
Series 2021-1, Class M1, 2.00%, 07/25/2061  (a)(d)(e)
    
1,130,948
      
559,275
  
Series 2021-1, Class M2, 2.00%, 07/25/2061  (a)(d)(e)
    
526,022
      
218,029
  
Brean Asset Backed Securities Trust, Series 2022-RM5, Class A, 4.50%, 09/25/2062  (a)(d)
    
2,173,471
      
1,939,424
  
Centex Home Equity Loan Trust, Series 2003-A, Class AF4, 4.25%, 12/25/2031  (e)     2,662
      2,653
 
Chase Mortgage Finance Corp., Series 2021-CL1, Class M2, 6.67% (30 day avg SOFR US + 1.35%), 02/25/2050  (a)
    
1,153,090
      
1,096,246
  
Credit-Based Asset Servicing and Securitization, Series 2003-CB1, Class AF, 3.95%, 01/25/2033  (e)
    
2
      
2
  
Credit Suisse Mortgage Trust, Series 2021-NQM4, Class A1, 1.10%, 05/25/2066  (a)(d)
    
1,411,354
      
1,104,401
  
Deephaven Residential Mortgage Trust, Series 2021-3, Class A2, 1.40%, 08/25/2066  (a)(d)(e)
    
1,323,558
      
1,126,679
  
Eagle Re Ltd.
                
Series 2023-1, Class M1A, 7.32% (30 day avg SOFR US + 2.00%), 09/26/2033  (a)
    
773,000
      
777,727
  
Series 2021-1, Class M1C, 8.02% (30 day avg SOFR US + 2.70%), 10/25/2033  (a)
    
1,783,630
      
1,791,950
  
GCAT Trust, Series 2023-NQM1, Class A1, 4.25%, 10/25/2057  (a)(d)(e)
    
2,245,478
      
2,084,099
  
Home Re Ltd., Series 2021-1, Class M2, 8.29% (30 day avg SOFR US + 2.96%), 07/25/2033  (a)
    
1,136,000
      
1,142,976
  
IMC Home Equity Loan Trust, Series 1998-3, Class A8, 5.43%, 08/20/2029  (e)
    
1,429
      
1,414
  
JP Morgan Mortgage Trust
  
Series 2014-IVR6, Class 2A4, 6.70%, 07/25/2044  (a)(d)
    
42,931
      
42,372
  
Series 2018-7FRB, Class B3, 6.77%, 04/25/2046  (a)(d)
    
2,503,788
      
2,346,044
  
Series 2019-6, Class B3, 4.24%, 12/25/2049  (a)(d)
    
4,081,907
      
3,734,531
  
Series 2023-HE3, Class A1, 6.92% (30 day avg SOFR US + 1.60%), 05/25/2054  (a)
    
1,400,588
      
1,411,400
  
JP Morgan Wealth Management, Series 2021-CL1, Class M3, 7.12% (30 day avg SOFR US + 1.80%), 03/25/2051  (a)
    
1,124,203
      
1,089,420
  
MFRA Trust, Series 2023-NQM3, Class A2, 7.02%, 07/25/2068  (a)(e)
    
2,381,086
      
2,413,873
  
Progress Residential Trust, Series 2021-SFR1, Class B, 1.30%, 04/17/2038  (a)
    
2,750,000
      
2,516,408
  
PRPM LLC, Series 2024-RCF1, Class A1, 4.00%, 01/25/2054  (a)
    
1,194,271
      
1,145,383
  
Radnor Re Ltd.
                
Series 2022-1, Class M1A, 9.07% (30 day avg SOFR US + 3.75%), 09/25/2032  (a)
    
2,486,090
      
2,524,923
  
Series 2023-1, Class M1A, 8.02% (30 day avg SOFR US + 2.70%), 07/25/2033  (a)
    
1,000,000
      
1,011,112
  
Series 2021-1, Class M1C, 8.02% (30 day avg SOFR US + 2.70%), 12/27/2033  (a)
    
1,500,000
      
1,516,050
  
Rithm Capital Corp., Series 2023-NQM1, Class A2, 7.32%, 10/25/2063  (a)(e)
    
939,312
      
958,573
  
SGR Residential Mortgage Trust, Series 2022-2, Class A3, 5.35%, 08/25/2062  (a)(d)
    
875,645
      
863,839
  
Star Trust, Series 2021-SFR1, Class E, 7.13% (1 mo. Term SOFR + 1.81%), 04/17/2038  (a)
    
3,460,000
      
3,375,072
  
Toorak Mortgage Trust, Series 2024-RRTL1, Class A2, 7.57%, 02/25/2039  (a)(b)
    
1,650,000
      
1,649,984
  
Towd Point HE Trust, Series 2021-HE1, Class M2, 2.50%, 02/25/2063  (a)(d)
    
1,230,000
      
1,122,023
  
Towd Point Mortgage Trust, Series 2024-CES1, Class A1B, 6.05%, 01/25/2064  (a)(d)
    
1,982,356
      
1,986,065
  
Vericrest Opportunity Loan Transferee
  
Series 2021-NPL6, Class A1, 2.24%, 04/25/2051  (a)(e)
    
1,078,318
      
1,060,959
  
Series 2021-NP11, Class A1, 1.87%, 08/25/2051  (a)(e)
    
1,294,467
      
1,229,686
  
Series 2021-CF2, Class A1, 2.49%, 11/27/2051  (a)(e)
    
2,131,322
      
1,982,741
  
Verus Securitization Trust
  
Series 2022-4, Class A2, 4.74%, 04/25/2067  (a)(d)
    
1,166,647
      
1,108,398
  
Series 2023-8, Class A3, 6.97%, 12/25/2068  (a)
    
1,946,089
      
1,967,530
  
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY (Cost $57,482,483)
      
55,836,776
  
                 
RESIDENTIAL MORTGAGE-BACKED SECURITIES - AGENCY - 19.4%
Par
  
Value
  
Fannie Mae Connecticut Avenue Securities
  
Series 2017-C01, Class 1ED1, 6.69% (30 day avg SOFR US + 1.36%), 07/25/2029
    
14,990
      
15,031
  
Series 2019-R06, Class 2B1, 9.19% (30 day avg SOFR US + 3.86%), 09/25/2039  (a)
    
1,778,652
      
1,847,175
  
Series 2020-SBT1, Class 1M2, 9.09% (30 day avg SOFR US + 3.76%), 02/25/2040  (a)
    
1,983,000
      
2,091,920
  
Series 2021-R01, Class 1B1, 8.42% (30 day avg SOFR US + 3.10%), 10/25/2041  (a)
    
1,150,000
      
1,181,625
  
Series 2021-R01, Class 1M2, 6.87% (30 day avg SOFR US + 1.55%), 10/25/2041  (a)
    
3,350,000
      
3,368,338
  
Series 2021-R02, Class 2M2, 7.32% (30 day avg SOFR US + 2.00%), 11/25/2041  (a)
    
2,000,000
      
2,016,946
  
Series 2021-R03, Class 1M2, 6.97% (30 day avg SOFR US + 1.65%), 12/25/2041  (a)
    
510,000
      
513,172
  
Series 2022-R01, Class 1M2, 7.22% (30 day avg SOFR US + 1.90%), 12/25/2041  (a)
    
1,800,000
      
1,814,797
  
Series 2023-R01, Class 1M2, 9.07% (30 day avg SOFR US + 3.75%), 12/25/2042  (a)
    
1,000,000
      
1,071,330
  
Series 2023-R03, Class 2M2, 9.22% (30 day avg SOFR US + 3.90%), 04/25/2043  (a)
    
1,460,000
      
1,566,758
  
Series 2023-R04, Class 1M2, 8.87% (30 day avg SOFR US + 3.55%), 05/25/2043  (a)
    
2,750,000
      
2,930,237
  
Series 2023-R06, Class 1M2, 8.02% (30 day avg SOFR US + 2.70%), 07/25/2043  (a)
    
1,267,000
      
1,310,386
  
Freddie Mac Structured Agency Credit Risk
  
Series 2017-HQA3, Class M2B, 7.79% (30 day avg SOFR US + 2.46%), 04/25/2030
    
1,324,190
      
1,358,554
  
Series 2021-DNA2, Class M2, 7.62% (30 day avg SOFR US + 2.30%), 08/25/2033  (a)
    
3,529,969
      
3,609,907
  
Series 2021-DNA2, Class B1, 8.72% (30 day avg SOFR US + 3.40%), 08/25/2033  (a)
    
2,060,000
      
2,238,074
  
Series 2021-DNA6, Class M2, 6.82% (30 day avg SOFR US + 1.50%), 10/25/2041  (a)
    
1,285,000
      
1,284,107
  
Series 2022-DNA1, Class M2, 7.82% (30 day avg SOFR US + 2.50%), 01/25/2042  (a)
    
3,500,000
      
3,537,188
  
Series 2022-DNA2, Class M2, 9.07% (30 day avg SOFR US + 3.75%), 02/25/2042  (a)
    
1,000,000
      
1,044,065
  
Series 2023-HQA2, Class M1A, 7.32% (30 day avg SOFR US + 2.00%), 06/25/2043  (a)
    
1,669,854
      
1,686,698
  
Series 2023-HQA3, Class A1, 7.17% (30 day avg SOFR US + 1.85%), 11/25/2043  (a)
    
2,710,407
      
2,754,028
  
Series 2018-HRP2, Class B1, 9.64% (30 day avg SOFR US + 4.31%), 02/25/2047  (a)
    
2,042,000
      
2,236,639
  
Series 2018-SPI2, Class M2, 3.84%, 05/25/2048  (a)(d)
    
29,416
      
28,266
  
Series 2020-HQA5, Class B1, 9.32% (30 day avg SOFR US + 4.00%), 11/25/2050  (a)
    
1,350,000
      
1,492,815
  
Freddie Mac Structured Agency Credit Risk REMIC Trust
  
Series 2021-DNA3, Class B1, 8.82% (30 day avg SOFR US + 3.50%), 10/25/2033  (a)
    
1,500,000
      
1,654,275
  
Series 2021-DNA5, Class B1, 8.37% (30 day avg SOFR US + 3.05%), 01/25/2034  (a)
    
3,269,000
      
3,458,078
  
Series 2022-DNA3, Class M1B, 8.22% (30 day avg SOFR US + 2.90%), 04/25/2042  (a)
    
3,000,000
      
3,110,717
  
Series 2022-DNA4, Class M1B, 8.67% (30 day avg SOFR US + 3.35%), 05/25/2042  (a)
    
1,000,000
      
1,051,565
  
Series 2022-DNA6, Class M1B, 9.02% (30 day avg SOFR US + 3.70%), 09/25/2042  (a)
    
1,000,000
      
1,063,075
  
Series 2020-HQA4, Class B1, 10.69% (30 day avg SOFR US + 5.36%), 09/25/2050  (a)
    
848,797
      
932,017
  
Series 2021-DNA1, Class B1, 7.97% (30 day avg SOFR US + 2.65%), 01/25/2051  (a)
    
1,060,000
      
1,106,244
  
Series 2022-DNA7, Class M1A, 7.82% (30 day avg SOFR US + 2.50%), 03/25/2052  (a)
    
983,705
      
1,003,861
  
Government National Mortgage Association, Series 2008-55, Class WT, 5.51%, 06/20/2037  (d)
    
5,408
      
5,417
  
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - AGENCY (Cost $52,261,747)
      
54,383,305
  
                 
ASSET-BACKED SECURITIES - NON-AGENCY - 19.1%
Par
  
Value
  
Affirm, Inc., Series 2023-B, Class A, 6.82%, 09/15/2028  (a)
    
2,335,000
      
2,371,846
  
Drive Auto Receivables Trust
  
Series 2021-1, Class D, 1.45%, 01/16/2029
    
2,500,000
      
2,415,088
  
Series 2021-2, Class D, 1.39%, 03/15/2029
    
2,800,000
      
2,672,095
  
Enterprise Fleet Financing LLC, Series 2023-2, Class A3, 5.50%, 04/22/2030  (a)
    
2,000,000
      
1,983,180
  
Exeter Automobile Receivables Trust
  
Series 2021-2A, Class D, 1.40%, 04/15/2027
    
2,450,000
      
2,337,195
  
Series 2021-3A, Class D, 1.55%, 06/15/2027
    
1,500,000
      
1,412,476
  
Series 2021-4A, Class D, 1.96%, 01/17/2028
    
2,642,000
      
2,506,335
  
Flagship Credit Auto Trust
  
Series 2020-4, Class D, 2.18%, 02/16/2027  (a)
    
2,423,000
      
2,303,798
  
Series 2021-2, Class C, 1.27%, 06/15/2027  (a)
    
1,850,000
      
1,767,296
  
GLS Auto Receivables Trust, Series 2020-4A, Class D, 1.64%, 10/15/2026  (a)
    
1,551,057
      
1,522,020
  
John Deere Owner Trust, Series 2022-B, Class A2, 3.73%, 06/16/2025
    
176,451
      
176,172
  
JPMorgan Chase Bank NA
  
Series 2021-2, Class C, 0.97%, 12/26/2028  (a)
    
785,490
      
770,501
  
Series 2021-2, Class D, 1.14%, 12/26/2028  (a)
    
890,508
      
872,969
  
Series 2021-3, Class B, 0.76%, 02/26/2029  (a)
    
1,549,323
      
1,500,677
  
Momnt Technologies Trust, Series 2023-1A, Class A, 6.92%, 03/20/2045  (a)
    
2,356,238
      
2,383,997
  
Mosaic Solar Loan Trust, Series 2020-1A, Class B, 3.10%, 04/20/2046  (a)
    
536,435
      
474,396
  
Oxford Finance Funding Trust, Series 2023-1A, Class A2, 6.72%, 02/15/2031  (a)
    
2,166,000
      
2,191,035
  
Pagaya AI Debt Selection Trust
  
Series 2021-HG1, Class A, 1.22%, 01/16/2029  (a)
    
3,127,027
      
3,046,298
  
Series 2022-3, Class A, 6.06%, 03/15/2030  (a)
    
2,858,402
      
2,855,284
  
Series 2023-8, Class A, 7.30%, 06/16/2031  (a)
    
2,000,000
      
2,020,140
  
Research-Driven Pagaya Motor Asset Trust, Series 2023-4A, Class A, 7.54%, 03/25/2032  (a)
    
2,000,000
      
2,020,422
  
Santander Bank Auto Credit-Linked Notes, Series 2023-A, Class C, 6.74%, 06/15/2033  (a)
    
1,285,365
      
1,287,901
  
Santander Drive Auto Receivables Trust
  
Series 2021-1, Class D, 1.13%, 11/16/2026
    
1,802,539
      
1,762,960
  
Series 2021-2, Class D, 1.35%, 07/15/2027
    
1,999,664
      
1,939,325
  
Series 2021-3, Class D, 1.33%, 09/15/2027
    
2,870,000
      
2,756,669
  
Series 2022-2, Class C, 3.76%, 07/16/2029
    
2,600,000
      
2,520,474
  
SLM Private Credit Student Loan Trust, Series 2003-C, Class A5, 7.89% (28-DayAuct + 0.00%), 09/15/2032
    
100,000
      
102,850
  
South Carolina Student Loan Corp., Series 2013-1, Class A, 5.94% (30 day avg SOFR US + 0.61%), 01/25/2041
    
67,261
      
66,800
  
US Bancorp, Series 2023-1, Class B, 6.79%, 08/25/2032  (a)
    
890,767
      
905,504
  
Westlake Automobile Receivables Trust, Series 2022-1A, Class D, 3.49%, 03/15/2027  (a)
    
2,700,000
      
2,614,311
  
TOTAL ASSET-BACKED SECURITIES - NON-AGENCY (Cost $53,493,266)
      
53,560,014
  
                 
COLLATERALIZED LOAN OBLIGATIONS - 13.5%
Par
  
Value
  
Anchorage Capital CLO Ltd., Series 2014-4RA, Class A, 6.63% (3 mo. Term SOFR + 1.31%), 01/28/2031  (a)
    
1,664,617
      
1,667,836
  
Apidos CLO XVIII, Series 2018-18A, Class A1, 6.72% (3 mo. Term SOFR + 1.40%), 10/22/2030  (a)
    
1,994,154
      
1,994,154
  
Apidos CLO XXIV, Series 2016-24A, Class A1AL, 6.53% (3 mo. Term SOFR + 1.21%), 10/20/2030  (a)
    
2,492,634
      
2,493,631
  
Basswood Park CLO Ltd., Series 2021-1A, Class A, 6.58% (3 mo. Term SOFR + 1.26%), 04/20/2034  (a)
    
3,150,000
      
3,159,080
  
BCRED MML CLO, Series 2022-1A, Class A1, 6.97% (3 mo. Term SOFR + 1.65%), 04/20/2035  (a)
    
3,000,000
      
3,001,559
  
Carlyle Global Market Strategies CLO Ltd.
  
Series 2014-5A, Class A1RR, 6.72% (3 mo. Term SOFR + 1.40%), 07/15/2031  (a)
    
2,074,429
      
2,074,844
  
Series 2015-1A, Class AR3, 6.56% (3 mo. Term SOFR + 1.24%), 07/20/2031  (a)
    
1,566,969
      
1,567,909
  
Crestline Denali CLO XVII Ltd., Series 2018-1A, Class AR, 6.64% (3 mo. Term SOFR + 1.32%), 10/15/2031  (a)
    
2,416,824
      
2,417,406
  
Crown Point CLO IV Ltd., Series 2018-4A, Class A, 6.68% (3 mo. Term SOFR + 1.36%), 04/20/2031  (a)
    
2,130,428
      
2,131,070
  
Katayma CLO Ltd., Series 2023-1A, Class A1, 7.32% (3 mo. Term SOFR + 2.00%), 10/20/2036  (a)
    
3,000,000
      
3,009,517
  
KKR CLO 9 Ltd., Series 9, Class AR2, 6.53% (3 mo. Term SOFR + 1.21%), 07/15/2030  (a)
    
464,772
      
465,447
  
KKR Financial CLO Ltd., Series 2013-1A, Class A1R, 6.87% (3 mo. Term SOFR + 1.55%), 04/15/2029  (a)
    
1,015,289
      
1,018,621
  
OZLM VI Ltd., Series 2014-6A, Class A1S, 6.66% (3 mo. Term SOFR + 1.34%), 04/17/2031  (a)
    
2,252,205
      
2,254,446
  
OZLM VIII Ltd., Series 2014-8A, Class A1R3, 6.56% (3 mo. Term SOFR + 1.24%), 10/17/2029  (a)
    
1,019,186
      
1,019,655
  
OZLM XI Ltd., Series 2015-11A, Class A1R, 6.83% (3 mo. Term SOFR + 1.51%), 10/30/2030  (a)
    
823,489
      
823,791
  
Palmer Square Loan Funding Ltd., Series 2022-3A, Class A1A, 7.13% (3 mo. Term SOFR + 1.82%), 04/15/2031  (a)
    
1,559,678
      
1,560,297
  
Saranac CLO III Ltd., Series 2014-3A, Class ALR, 7.23% (3 mo. LIBOR US + 1.60%), 06/22/2030  (a)(c)
    
942,040
      
942,527
  
Saranac CLO VII Ltd., Series 2014-2A, Class A1AR, 6.81% (3 mo. Term SOFR + 1.49%), 11/20/2029  (a)
    
645,526
      
647,015
  
Silver Point SCF CLO Ltd., Series 2021-1A, Class A1A, 7.30% (3 mo. LIBOR US + 1.72%), 10/15/2032  (a)(c)
    
2,000,000
      
1,995,292
  
Sound Point CLO XXI Ltd., Series 2018-3A, Class A1A, 6.77% (3 mo. Term SOFR + 1.44%), 10/26/2031  (a)
    
1,000,000
      
1,000,750
  
Telos CLO Ltd., Series 2013-4A, Class AR, 6.82% (3 mo. Term SOFR + 1.50%), 01/17/2030  (a)
    
598,316
      
598,590
  
VCP CLO Ltd., Series 2021-2A, Class A1, 7.25% (3 mo. Term SOFR + 1.93%), 04/15/2031  (a)
    
1,771,063
      
1,770,656
  
Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 6.46% (3 mo. Term SOFR + 1.14%), 04/15/2027  (a)
    
293,570
      
293,570
  
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $37,799,663)
      
37,907,663
  
                 
CORPORATE BONDS - 0.7%
Par
  
Value
  
Financial - 0.7%
  
Korth Direct Mortgage, Inc., 10.00%, 03/25/2025  (a)(b)
    
2,000,000
      
1,891,250
  
TOTAL CORPORATE BONDS (Cost $1,948,492)
      
1,891,250
  
                 
COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY - 0.0% (h)
Par
  
Value
  
Government National Mortgage Association, Series 2009-4, Class IO, 0.39%, 01/16/2049  (d)(f)
    
280,352
      
483
  
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY (Cost $1,617)
      
483
  
                 
SHORT-TERM INVESTMENTS - 4.2%
                
Money Market Funds - 4.2%
Shares
          
First American Government Obligations Fund - Class X, 5.23%(g)
    
11,793,908
      
11,793,908
  
TOTAL SHORT-TERM INVESTMENTS (Cost $11,793,908)
      
11,793,908
  
                 
TOTAL INVESTMENTS - 101.4% (Cost $286,944,704)
      
285,061,244
  
Liabilities in Excess of Other Assets - (1.4)%
      
(4,018,585
)
TOTAL NET ASSETS - 100.0%
          
$
281,042,659
  

LIBOR - London Interbank Offered Rate
  
REMIC - Real Estate Mortgage Investment Conduit
  
SOFR - Secured Overnight Financing Rate
  

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 29, 2024, the value of these securities total $248,545,689 or 88.4% of the Fund’s net assets.
(b)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $6,458,922 or 2.3% of net assets as of February 29, 2024.
(c)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(d)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024.
(e)
Step coupon bond.  Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of February 29, 2024.
(f)
Interest only security.
(g)
The rate shown represents the 7-day effective yield as of February 29, 2024.
(h) Represents less than 0.05% of net assets.
 Summary of Fair Value Disclosure at February 29, 2024 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the inputs used to value the Fund's investments as of February 29, 2024:
   
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Commercial Mortgage-Backed Securities - Non-Agency
    
–
    
$
66,770,157
    
$
2,917,688
    
$
69,687,845
  
  Residential Mortgage-Backed Securities - Non-Agency
    
–
      
54,186,792
      
1,649,984
      
55,836,776
  
  Residential Mortgage-Backed Securities - Agency
    
–
      
54,383,305
      
–
      
54,383,305
  
  Asset Backed Securities - Non-Agency
    
–
      
53,560,014
      
–
      
53,560,014
  
  Collateralized Loan Obligations
    
–
      
37,907,663
      
–
      
37,907,663
  
  Corporate Bonds
    
–
      
–
      
1,891,250
      
1,891,250
  
  Commercial Mortgage-Backed Securities - Agency
    
–
      
483
      
–
      
483
  
  Money Market Funds
  
$
11,793,908
      
–
      
–
      
11,793,908
  
Total Assets
  
$
11,793,908
    
$
266,808,414
    
$
6,458,922
    
$
285,061,244
  
                                 
   
Refer to the Schedule of Investments for industry classifications.
  
   
The following is a reconciliation of the Fund’s level 3 investments for which significant unobservable inputs were used in determining value:

 
  
Investments in Securities, at Value
  
 
  
Commercial MBS -
    
Corporate
    
Residential MBS -
  
 
  
Non-Agency
    
Bonds
    
Non-Agency
  
Balance as of November 30, 2023
  
$
-
    
$
1,891,250
    
$
-
  
Accrued discounts/premiums
    
-
      
10,984
      
-
  
Realized gain/(loss)
    
-
      
-
      
-
  
Change in unrealized appreciation/(depreciation)
    
-
      
(10,984
)
    
-
  
Purchases
    
2,917,688
      
-
      
1,649,984
  
Sales
    
-
      
-
      
-
  
Transfers in and/or out of Level 3
    
-
      
-
      
-
  
Balance as of February 29, 2024
  
$
2,917,688
    
$
1,891,250
    
$
1,649,984
  

The change in unrealized appreciation/(depreciation) for level 3 securities still held at February 29, 2024, and still classified as level 3 was $(10,984).

The following is a summary of quantitative information about level 3 valued measurements:

   
Value
  
Valuation Technique(s)
Unobservable Input
  
Input/Range
  
                 
Commercial MBS - Non-Agency
  
$
2,917,688
  
Market Transaction Method
Prior/Recent Transaction
  
$
99.75
  
                     
Corporate Bonds
    
1,891,250
  
Market Transaction Method
Prior/Recent Transaction
    
94.56
  
                     
Residential MBS - Non-Agency
    
1,649,984
  
Market Transaction Method
Prior/Recent Transaction
    
100.00