| A: ACBAX | K: ACBKX | Y: CBYYX |
| Principal Amount USD ($) | Value | |||||
| Insurance-Linked Securities — 99.6% of Net Assets# | ||||||
| Event Linked Bonds — 95.6% | ||||||
| Earthquakes – California — 5.2% | ||||||
| 1,000,000(a) | Sutter Re, 12.082%, (3 Month U.S. Treasury Bill + 675 bps), 6/19/26 (144A) | $ 1,003,500 | ||||
| 2,000,000(a) | Sutter Re, 15.082%, (3 Month U.S. Treasury Bill + 975 bps), 6/19/26 (144A) | 2,000,000 | ||||
| 2,100,000(a) | Torrey Pines Re, 10.332%, (3 Month U.S. Treasury Bill + 500 bps), 6/5/26 (144A) | 2,113,230 | ||||
| 1,250,000(a) | Ursa Re, 9.25%, (3 Month U.S. Treasury Bill + 925 bps), 12/7/26 (144A) | 1,236,500 | ||||
| 1,750,000(a) | Ursa Re, 10.832%, (3 Month U.S. Treasury Bill + 550 bps), 12/7/26 (144A) | 1,760,500 | ||||
| $8,113,730 | ||||||
| Earthquakes – Chile — 0.2% | ||||||
| 250,000(a) | International Bank for Reconstruction & Development, 10.111%, (SOFR + 479 bps), 3/31/26 (144A) | $ 255,475 | ||||
| Earthquakes - Japan — 0.2% | ||||||
| 250,000(a) | Nakama Re, 7.831%, (3 Month Term SOFR + 250 bps), 5/9/28 (144A) | $ 246,175 | ||||
| Earthquakes – Mexico — 0.6% | ||||||
| 1,000,000(a) | International Bank for Reconstruction & Development, 9.061%, (3 Month Term SOFR + 368 bps), 3/13/24 (144A) | $ 999,000 | ||||
| Earthquakes – U.S. — 3.4% | ||||||
| 250,000(a) | Merna Re II, 9.322%, (3 Month U.S. Treasury Bill + 399 bps), 4/5/24 (144A) | $ 249,750 | ||||
| 500,000(a) | Torrey Pines Re, 9.509%, (3 Month U.S. Treasury Bill + 418 bps), 6/7/24 (144A) | 495,850 | ||||
| 1,000,000(a) | Ursa Re, 10.832%, (3 Month U.S. Treasury Bill + 550 bps), 12/6/25 (144A) | 1,012,200 | ||||
| 1,500,000(a) | Ursa Re II, 10.332%, (3 Month U.S. Treasury Bill + 500 bps), 6/16/25 (144A) | 1,506,000 | ||||
| 2,000,000(b)(c) | Veraison Re, 0.50%, (1 Month U.S. Treasury Bill + 50 bps), 3/8/27 (144A) | 2,000,000 | ||||
| $5,263,800 | ||||||
| Earthquakes – U.S. & Canada — 1.3% | ||||||
| 2,000,000(a) | Acorn Re, 7.832%, (3 Month U.S. Treasury Bill + 250 bps), 11/7/24 (144A) | $ 1,973,400 | ||||
| Principal Amount USD ($) | Value | |||||
| Flood – U.S. — 0.8% | ||||||
| 1,000,000(a) | FloodSmart Re, 21.582%, (1 Month U.S. Treasury Bill + 1,625 bps), 3/11/26 (144A) | $ 1,003,200 | ||||
| 250,000(a) | FloodSmart Re, 26.832%, (1 Month U.S. Treasury Bill + 2,150 bps), 3/11/26 (144A) | 250,900 | ||||
| $1,254,100 | ||||||
| Health – U.S. — 1.3% | ||||||
| 500,000(a) | Vitality Re XIII, 7.332%, (3 Month U.S. Treasury Bill + 200 bps), 1/6/26 (144A) | $ 491,600 | ||||
| 1,000,000(a) | Vitality Re XV, 7.832%, (3 Month U.S. Treasury Bill + 250 bps), 1/7/28 (144A) | 999,996 | ||||
| 500,000(a) | Vitality Re XV, 8.832%, (3 Month U.S. Treasury Bill + 350 bps), 1/7/28 (144A) | 499,997 | ||||
| $1,991,593 | ||||||
| Multiperil – Florida — 0.7% | ||||||
| 1,000,000(a) | Sanders Re, 11.789%, (3 Month U.S. Treasury Bill + 646 bps), 6/5/26 (144A) | $ 1,036,000 | ||||
| Multiperil – U.S. — 31.5% | ||||||
| 250,000(a) | Aquila Re, 10.582%, (3 Month U.S. Treasury Bill + 525 bps), 6/8/26 (144A) | $ 252,900 | ||||
| 400,000(a) | Aquila Re, 12.832%, (3 Month U.S. Treasury Bill + 750 bps), 6/8/26 (144A) | 410,800 | ||||
| 1,400,000(a) | Aquila Re, 14.579%, (3 Month U.S. Treasury Bill + 925 bps), 6/8/26 (144A) | 1,449,420 | ||||
| 750,000(a) | Baldwin Re, 9.832%, (3 Month U.S. Treasury Bill + 450 bps), 7/7/27 (144A) | 744,750 | ||||
| 750,000(a) | Bonanza Re, 10.202%, (3 Month U.S. Treasury Bill + 487 bps), 2/20/24 (144A) | 749,250 | ||||
| 500,000(a) | Caelus Re VI, 10.432%, (3 Month U.S. Treasury Bill + 510 bps), 6/7/24 (144A) | 499,500 | ||||
| 5,250,000(a) | Foundation Re, 11.582%, (3 Month U.S. Treasury Bill + 625 bps), 1/8/27 (144A) | 5,233,200 | ||||
| 1,000,000(a) | Four Lakes Re, 5.75%, (3 Month U.S. Treasury Bill + 575 bps), 1/7/27 (144A) | 1,015,000 | ||||
| 250,000(a) | Four Lakes Re, 11.832%, (3 Month U.S. Treasury Bill + 650 bps), 1/7/26 (144A) | 257,050 | ||||
| 2,250,000(a) | Four Lakes Re, 14.832%, (3 Month U.S. Treasury Bill + 950 bps), 1/7/27 (144A) | 2,240,325 | ||||
| 1,500,000(a) | High Point Re, 11.082%, (3 Month U.S. Treasury Bill + 575 bps), 1/6/27 (144A) | 1,494,600 | ||||
| 3,850,000(a) | Hypatia Re, 14.829%, (3 Month U.S. Treasury Bill + 950 bps), 4/8/26 (144A) | 4,073,300 | ||||
| Principal Amount USD ($) | Value | |||||
| Multiperil – U.S. — (continued) | ||||||
| 1,150,000(a) | Locke Tavern Re, 4.75%, (3 Month U.S. Treasury Bill + 475 bps), 4/9/26 (144A) | $ 1,159,315 | ||||
| 3,000,000(a) | Long Point Re IV, 9.579%, (3 Month U.S. Treasury Bill + 425 bps), 6/1/26 (144A) | 2,985,000 | ||||
| 7,500,000(a) | Matterhorn Re, 10.604%, (SOFR + 525 bps), 3/24/25 (144A) | 7,515,000 | ||||
| 350,000(a) | Merna Re II, 13.082%, (3 Month U.S. Treasury Bill + 775 bps), 7/7/26 (144A) | 356,440 | ||||
| 4,000,000(a) | Mystic Re, 17.332%, (3 Month U.S. Treasury Bill + 1,200 bps), 1/8/27 (144A) | 3,997,200 | ||||
| 500,000(a) | Residential Re, 5.332%, (3 Month U.S. Treasury Bill + 0 bps), 12/6/24 (144A) | 441,300 | ||||
| 500,000(a) | Residential Re, 10.612%, (3 Month U.S. Treasury Bill + 528 bps), 12/6/25 (144A) | 475,300 | ||||
| 500,000(a) | Residential Re, 11.342%, (3 Month U.S. Treasury Bill + 601 bps), 12/6/24 (144A) | 492,000 | ||||
| 3,250,000(a) | Sanders Re, 11.082%, (3 Month U.S. Treasury Bill + 575 bps), 4/7/28 (144A) | 3,249,900 | ||||
| 250,000(a) | Sanders Re II, 8.382%, (3 Month U.S. Treasury Bill + 305 bps), 4/7/25 (144A) | 244,750 | ||||
| 1,500,000(a) | Sanders Re III, 8.942%, (3 Month U.S. Treasury Bill + 361 bps), 4/7/26 (144A) | 1,449,000 | ||||
| 700,000(a) | Sanders Re III, 11.082%, (3 Month U.S. Treasury Bill + 575 bps), 4/7/27 (144A) | 705,250 | ||||
| 1,550,000(a) | Solomon Re, 10.579%, (3 Month U.S. Treasury Bill + 525 bps), 6/8/26 (144A) | 1,594,020 | ||||
| 3,900,000(a) | Stabilitas Re, 13.832%, (3 Month U.S. Treasury Bill + 850 bps), 6/5/26 (144A) | 4,030,650 | ||||
| 250,000(a) | Sussex Re, 13.712%, (3 Month U.S. Treasury Bill + 838 bps), 1/8/25 (144A) | 246,525 | ||||
| 1,650,000(a) | Topanga Re, 8.639%, (3 Month U.S. Treasury Bill + 331 bps), 1/8/26 (144A) | 1,528,395 | ||||
| $48,890,140 | ||||||
| Multiperil – U.S. & Canada — 10.2% | ||||||
| 1,200,000(a) | Galileo Re, 12.332%, (3 Month U.S. Treasury Bill + 700 bps), 1/8/26 (144A) | $ 1,218,120 | ||||
| 3,050,000(a) | Galileo Re, 12.332%, (3 Month U.S. Treasury Bill + 700 bps), 1/7/28 (144A) | 3,097,580 | ||||
| 1,625,000(a) | Kilimanjaro III Re, 17.689%, (3 Month U.S. Treasury Bill + 1,236 bps), 4/21/25 (144A) | 1,607,288 | ||||
| 3,000,000(a) | Kilimanjaro III Re, 17.692%, (3 Month U.S. Treasury Bill + 1,236 bps), 4/20/26 (144A) | 2,922,900 | ||||
| Principal Amount USD ($) | Value | |||||
| Multiperil – U.S. & Canada — (continued) | ||||||
| 750,000(a) | Mona Lisa Re, 12.332%, (3 Month U.S. Treasury Bill + 700 bps), 7/8/25 (144A) | $ 747,225 | ||||
| 2,250,000(a) | Montoya Re, 16.832%, (1 Month U.S. Treasury Bill + 1,150 bps), 4/7/27 (144A) | 2,252,700 | ||||
| 350,000(a) | Mystic Re IV, 11.462%, (3 Month U.S. Treasury Bill + 613 bps), 1/8/25 (144A) | 346,500 | ||||
| 250,000(a) | Mystic Re IV, 16.932%, (3 Month U.S. Treasury Bill + 1,160 bps), 1/8/25 (144A) | 244,350 | ||||
| 1,000,000(a) | Northshore Re II, 13.332%, (3 Month U.S. Treasury Bill + 800 bps), 7/8/25 (144A) | 1,041,500 | ||||
| 1,000,000(a) | Titania Re, 17.582%, (1 Month U.S. Treasury Bill + 1,225 bps), 2/27/26 (144A) | 1,085,500 | ||||
| 1,250,000(a) | Vista Re, 12.079%, (3 Month U.S. Treasury Bill + 675 bps), 5/21/24 (144A) | 1,261,250 | ||||
| $15,824,913 | ||||||
| Multiperil – Worldwide — 5.2% | ||||||
| 2,150,000(a) | Atlas Capital, 12.607%, (SOFR + 725 bps), 6/5/26 (144A) | $ 2,185,475 | ||||
| 250,000(a) | Atlas Capital Re, 13.62%, (3 Month U.S. Treasury Bill + 829 bps), 6/10/24 (144A) | 251,500 | ||||
| 2,000,000(a) | Cat Re 2001, 17.832%, (3 Month U.S. Treasury Bill + 1,250 bps), 1/8/27 (144A) | 2,058,600 | ||||
| 3,500,000(a) | Montoya Re, 12.439%, (1 Month U.S. Treasury Bill + 711 bps), 4/7/25 (144A) | 3,549,000 | ||||
| $8,044,575 | ||||||
| Windstorm – Europe — 1.4% | ||||||
| EUR2,000,000(a) | Blue Sky Re, 9.643%, (3 Month EURIBOR + 575 bps), 1/26/27 (144A) | $ 2,173,072 | ||||
| Windstorm – Florida — 0.4% | ||||||
| 600,000(a) | First Coast Re, 9.00%, (3 Month U.S. Treasury Bill + 900 bps), 4/7/26 (144A) | $ 606,900 | ||||
| Windstorm – Florida & Louisana — 2.1% | ||||||
| 3,250,000(a) | Nature Coast Re, 10.00%, (3 Month U.S. Treasury Bill + 1,000 bps), 12/7/26 (144A) | $ 3,231,150 | ||||
| Windstorm – Japan — 2.4% | ||||||
| 1,300,000(a) | Black Kite Re, 12.181%, (3 Month U.S. Treasury Bill + 685 bps), 6/9/25 (144A) | $ 1,307,800 | ||||
| Principal Amount USD ($) | Value | |||||
| Windstorm – Japan — (continued) | ||||||
| 1,000,000(a) | Sakura Re, 7.632%, (3 Month U.S. Treasury Bill + 230 bps), 4/7/25 (144A) | $ 978,800 | ||||
| 1,500,000(a) | Tomoni Re, 8.082%, (3 Month U.S. Treasury Bill + 275 bps), 4/7/26 (144A) | 1,450,500 | ||||
| $3,737,100 | ||||||
| Windstorm - New York — 0.6% | ||||||
| 1,000,000(a) | MetroCat Re, 5.75%, (3 Month U.S. Treasury Bill + 575 bps), 5/8/26 (144A) | $ 1,007,000 | ||||
| Windstorm – North Carolina — 2.3% | ||||||
| 500,000(a) | Blue Ridge Re, 13.329%, (1 Month U.S. Treasury Bill + 800 bps), 1/8/27 (144A) | $ 499,550 | ||||
| 1,750,000(a) | Cape Lookout Re, 9.029%, (1 Month U.S. Treasury Bill + 370 bps), 3/22/24 (144A) | 1,748,250 | ||||
| 1,250,000(a) | Cape Lookout Re, 11.832%, (1 Month U.S. Treasury Bill + 650 bps), 4/28/26 (144A) | 1,272,750 | ||||
| $3,520,550 | ||||||
| Windstorm – Texas — 3.9% | ||||||
| 550,000(a) | Alamo Re, 12.512%, (3 Month U.S. Treasury Bill + 718 bps), 6/7/24 (144A) | $ 556,050 | ||||
| 500,000(a) | Alamo Re, 12.819%, (1 Month U.S. Treasury Bill + 749 bps), 6/7/25 (144A) | 494,650 | ||||
| 5,000,000(a) | Alamo Re, 13.832%, (1 Month U.S. Treasury Bill + 850 bps), 6/7/26 (144A) | 5,060,000 | ||||
| $6,110,700 | ||||||
| Windstorm – U.S. — 17.1% | ||||||
| 750,000(a) | Bonanza Re, 11.112%, (3 Month U.S. Treasury Bill + 578 bps), 3/16/25 (144A) | $ 705,750 | ||||
| 2,450,000(a) | Citrus Re, 12.082%, (3 Month U.S. Treasury Bill + 675 bps), 6/7/26 (144A) | 2,516,150 | ||||
| 750,000(a) | Citrus Re, 14.332%, (3 Month U.S. Treasury Bill + 900 bps), 6/7/26 (144A) | 767,025 | ||||
| 5,250,000(a) | Gateway Re, 15.332%, (1 Month U.S. Treasury Bill + 1,000 bps), 7/8/26 (144A) | 5,459,475 | ||||
| 500,000(a) | Gateway Re, 18.332%, (1 Month U.S. Treasury Bill + 1,300 bps), 2/24/26 (144A) | 541,250 | ||||
| 250,000(a) | Gateway Re II, 14.832%, (3 Month U.S. Treasury Bill + 950 bps), 4/27/26 (144A) | 258,675 | ||||
| 2,250,000(a) | Lower Ferry Re, 9.582%, (1 Month U.S. Treasury Bill + 425 bps), 7/8/26 (144A) | 2,279,250 | ||||
| 1,750,000(a) | Mayflower Re, 4.50%, (1 Month U.S. Treasury Bill + 450 bps), 7/8/26 (144A) | 1,786,750 | ||||
| Principal Amount USD ($) | Value | ||||||
| Windstorm – U.S. — (continued) | |||||||
| 700,000(a) | Merna Re, 15.582%, (3 Month U.S. Treasury Bill + 1,025 bps), 7/7/26 (144A) | $ 752,570 | |||||
| 3,625,000(a) | Merna Re II, 12.859%, (3 Month U.S. Treasury Bill + 753 bps), 7/7/25 (144A) | 3,730,487 | |||||
| 1,500,000(a) | Purple Re, 15.329%, (1 Month U.S. Treasury Bill + 1,000 bps), 6/5/26 (144A) | 1,532,250 | |||||
| 4,250,000(a) | Purple Re, 17.582%, (1 Month U.S. Treasury Bill + 1,225 bps), 4/24/26 (144A) | 4,377,500 | |||||
| 1,800,000(a) | Queen Street Re, 12.829%, (3 Month U.S. Treasury Bill + 750 bps), 12/8/25 (144A) | 1,869,300 | |||||
| $26,576,432 | |||||||
| Windstorm – U.S. & Canada — 1.9% | |||||||
| 2,750,000(a) | Titania Re, 18.082%, (1 Month U.S. Treasury Bill + 1,275 bps), 2/27/26 (144A) | $ 2,942,500 | |||||
| Winterstorm – Florida — 2.9% | |||||||
| 3,200,000(a) | Integrity Re, 17.332%, (1 Month U.S. Treasury Bill + 1,200 bps), 6/6/25 (144A) | $ 3,305,600 | |||||
| 1,150,000(a) | Lightning Re, 16.332%, (3 Month U.S. Treasury Bill + 1,100 bps), 3/31/26 (144A) | 1,210,260 | |||||
| $4,515,860 | |||||||
| Total Event Linked Bonds | $148,314,165 | ||||||
| Face Amount USD ($) | ||||||
| Collateralized Reinsurance — 4.0% | ||||||
| Multiperil – Worldwide — 3.9% | ||||||
| 6,000,000(d)+ | Roseacre Re, 12/31/29 | $ 6,000,000 | ||||
| Windstorm – Florida — 0.1% | ||||||
| 2,250,000(d)(e)+ | Isosceles Re, 5/31/29 | $ 237,150 | ||||
| Windstorm – North Carolina — 0.0%† | ||||||
| 250,000(d)(e)+ | Isosceles Re, 4/30/29 | $ 212 | ||||
| Face Amount USD ($) | Value | |||||
| Windstorm – U.S. — 0.0%† | ||||||
| 250,000(d)(e)+ | White Heron Re, 5/31/29 | $ 6,507 | ||||
| Total Collateralized Reinsurance | $6,243,869 | |||||
| Total Insurance-Linked Securities (Cost $152,409,862) | $154,558,034 | |||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.6% (Cost $152,409,862) | $154,558,034 | |||||
| OTHER ASSETS AND LIABILITIES — 0.4% | $572,619 | |||||
| net assets — 100.0% | $155,130,653 | |||||
| bps | Basis Points. |
| EURIBOR | Euro Interbank Offered Rate. |
| SOFR | Secured Overnight Financing Rate. |
| (144A) | The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At January 31, 2024, the value of these securities amounted to $148,314,165, or 95.6% of net assets. |
| (a) | Floating rate note. Coupon rate, reference index and spread shown at January 31, 2024. |
| (b) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at January 31, 2024. |
| (c) | Securities purchased on a when-issued basis. Rates do not take effect until settlement date. |
| (d) | Issued as participation notes. |
| (e) | Non-income producing security. |
| + | Security is valued using significant unobservable inputs (Level 3). |
| † | Amount rounds to less than 0.1%. |
| # | Securities are restricted as to resale. |
| Restricted Securities | Acquisition date | Cost | Value |
| Acorn Re | 1/10/2024 | $1,976,621 | $1,973,400 |
| Alamo Re | 2/8/2023 | 545,164 | 556,050 |
| Alamo Re | 4/12/2023 | 5,111,114 | 5,060,000 |
| Alamo Re | 9/25/2023 | 502,618 | 494,650 |
| Aquila Re | 5/10/2023 | 400,000 | 410,800 |
| Aquila Re | 5/10/2023 | 250,000 | 252,900 |
| Aquila Re | 5/10/2023 | 1,400,000 | 1,449,420 |
| Atlas Capital | 5/17/2023 | 2,150,000 | 2,185,475 |
| Atlas Capital Re | 1/31/2023 | 246,565 | 251,500 |
| Baldwin Re | 6/21/2023 | 750,000 | 744,750 |
| Restricted Securities | Acquisition date | Cost | Value |
| Black Kite Re | 6/6/2023 | $1,294,883 | $1,307,800 |
| Blue Ridge Re | 11/14/2023 | 500,000 | 499,550 |
| Blue Sky Re | 12/11/2023 | 2,152,900 | 2,173,072 |
| Bonanza Re | 1/27/2023 | 658,476 | 705,750 |
| Bonanza Re | 2/17/2023 | 743,062 | 749,250 |
| Caelus Re VI | 1/30/2023 | 494,021 | 499,500 |
| Cape Lookout Re | 4/14/2023 | 1,257,007 | 1,272,750 |
| Cape Lookout Re | 6/1/2023 | 1,741,052 | 1,748,250 |
| Cat Re 2001 | 11/14/2023 | 2,000,000 | 2,058,600 |
| Citrus Re | 4/27/2023 | 750,000 | 767,025 |
| Citrus Re | 4/27/2023 | 2,490,447 | 2,516,150 |
| First Coast Re | 3/24/2023 | 600,000 | 606,900 |
| FloodSmart Re | 2/23/2023 | 1,000,000 | 1,003,200 |
| FloodSmart Re | 2/23/2023 | 250,000 | 250,900 |
| Foundation Re | 12/19/2023 | 5,250,000 | 5,233,200 |
| Four Lakes Re | 3/3/2023 | 250,000 | 257,050 |
| Four Lakes Re | 12/8/2023 | 1,008,000 | 1,015,000 |
| Four Lakes Re | 12/8/2023 | 2,250,000 | 2,240,325 |
| Galileo Re | 12/4/2023 | 3,050,000 | 3,097,580 |
| Galileo Re | 12/4/2023 | 1,200,000 | 1,218,120 |
| Gateway Re | 2/3/2023 | 500,000 | 541,250 |
| Gateway Re | 7/14/2023 | 5,372,085 | 5,459,475 |
| Gateway Re II | 4/13/2023 | 250,000 | 258,675 |
| High Point Re | 12/1/2023 | 1,500,000 | 1,494,600 |
| Hypatia Re | 3/27/2023 | 4,006,350 | 4,073,300 |
| Integrity Re | 3/23/2023 | 3,276,674 | 3,305,600 |
| International Bank for Reconstruction & Development | 3/17/2023 | 250,000 | 255,475 |
| International Bank for Reconstruction & Development | 1/10/2024 | 1,000,683 | 999,000 |
| Isosceles Re | 8/7/2023 | — | 212 |
| Isosceles Re | 9/7/2023 | 3,945 | 237,150 |
| Kilimanjaro III Re | 1/8/2024 | 1,609,364 | 1,607,288 |
| Kilimanjaro III Re | 1/12/2024 | 2,926,125 | 2,922,900 |
| Lightning Re | 3/20/2023 | 1,150,000 | 1,210,260 |
| Locke Tavern Re | 3/23/2023 | 1,150,000 | 1,159,315 |
| Long Point Re IV | 2/23/2023 | 2,962,062 | 2,985,000 |
| Lower Ferry Re | 6/23/2023 | 2,250,000 | 2,279,250 |
| Matterhorn Re | 1/26/2024 | 7,522,469 | 7,515,000 |
| Mayflower Re | 6/26/2023 | 1,750,000 | 1,786,750 |
| Merna Re | 4/5/2023 | 700,000 | 752,570 |
| Merna Re II | 2/17/2023 | 250,000 | 249,750 |
| Merna Re II | 4/5/2023 | 350,000 | 356,440 |
| Merna Re II | 1/12/2024 | 3,713,173 | 3,730,487 |
| MetroCat Re | 5/12/2023 | 1,000,000 | 1,007,000 |
| Mona Lisa Re | 1/27/2023 | 702,643 | 747,225 |
| Montoya Re | 2/28/2023 | 3,503,044 | 3,549,000 |
| Montoya Re | 12/28/2023 | 2,250,000 | 2,252,700 |
| Mystic Re | 12/12/2023 | 4,000,000 | 3,997,200 |
| Restricted Securities | Acquisition date | Cost | Value |
| Mystic Re IV | 1/31/2023 | $220,503 | $244,350 |
| Mystic Re IV | 9/19/2023 | 340,435 | 346,500 |
| Nakama Re | 4/14/2023 | 250,000 | 246,175 |
| Nature Coast Re | 11/16/2023 | 3,270,573 | 3,231,150 |
| Northshore Re II | 10/5/2023 | 1,021,315 | 1,041,500 |
| Purple Re | 4/6/2023 | 4,329,410 | 4,377,500 |
| Purple Re | 6/27/2023 | 1,500,000 | 1,532,250 |
| Queen Street Re | 5/12/2023 | 1,800,000 | 1,869,300 |
| Residential Re | 1/30/2023 | 492,925 | 492,000 |
| Residential Re | 9/19/2023 | 485,514 | 475,300 |
| Residential Re | 11/7/2023 | 444,344 | 441,300 |
| Roseacre Re | 1/11/2024 | 5,637,750 | 6,000,000 |
| Sakura Re | 5/24/2023 | 987,542 | 978,800 |
| Sanders Re | 5/24/2023 | 1,000,000 | 1,036,000 |
| Sanders Re | 1/16/2024 | 3,250,000 | 3,249,900 |
| Sanders Re II | 1/30/2023 | 239,966 | 244,750 |
| Sanders Re III | 2/14/2023 | 1,427,290 | 1,449,000 |
| Sanders Re III | 3/24/2023 | 700,000 | 705,250 |
| Solomon Re | 6/12/2023 | 1,550,000 | 1,594,020 |
| Stabilitas Re | 6/7/2023 | 3,918,829 | 4,030,650 |
| Sussex Re | 1/27/2023 | 236,802 | 246,525 |
| Sutter Re | 6/6/2023 | 1,000,000 | 1,003,500 |
| Sutter Re | 6/6/2023 | 2,000,000 | 2,000,000 |
| Titania Re | 2/16/2023 | 1,000,000 | 1,085,500 |
| Titania Re | 2/16/2023 | 2,750,000 | 2,942,500 |
| Tomoni Re | 5/31/2023 | 1,483,057 | 1,450,500 |
| Topanga Re | 10/5/2023 | 1,508,901 | 1,528,395 |
| Torrey Pines Re | 5/18/2023 | 2,100,000 | 2,113,230 |
| Torrey Pines Re | 9/19/2023 | 493,082 | 495,850 |
| Ursa Re | 10/10/2023 | 1,250,000 | 1,236,500 |
| Ursa Re | 12/22/2023 | 1,001,907 | 1,012,200 |
| Ursa Re | 1/8/2024 | 1,760,311 | 1,760,500 |
| Ursa Re II | 1/10/2024 | 1,501,444 | 1,506,000 |
| Veraison Re | 1/30/2024 | 2,000,000 | 2,000,000 |
| Vista Re | 1/30/2023 | 1,253,183 | 1,261,250 |
| Vitality Re XIII | 3/6/2023 | 484,232 | 491,600 |
| Vitality Re XV | 1/22/2024 | 1,000,000 | 999,996 |
| Vitality Re XV | 1/22/2024 | 500,000 | 499,997 |
| White Heron Re | 8/30/2023 | — | 6,507 |
| Total Restricted Securities | $154,558,034 | ||
| % of Net assets | 99.6% |
| Currency Purchased | In Exchange for | Currency Sold | Deliver | Counterparty | Settlement Date | Unrealized Appreciation |
| USD | 2,199,296 | EUR | 2,000,000 | Goldman Sachs & Co. | 3/27/24 | $32,731 |
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $32,731 | |||||
| USD | United States Dollar |
| EUR | Euro |
| Level 1 | – | unadjusted quoted prices in active markets for identical securities. |
| Level 2 | – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| Level 3 | – | significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |
| Level 1 | Level 2 | Level 3 | Total | |
| Insurance-Linked Securities | ||||
| Collateralized Reinsurance | ||||
| Multiperil – Worldwide | $— | $— | $6,000,000 | $6,000,000 |
| Windstorm – Florida | — | — | 237,150 | 237,150 |
| Windstorm – North Carolina | — | — | 212 | 212 |
| Windstorm – U.S. | — | — | 6,507 | 6,507 |
| All Other Insurance-Linked Securities | — | 148,314,165 | — | 148,314,165 |
| Total Investments in Securities | $— | $148,314,165 | $6,243,869 | $154,558,034 |
| Other Financial Instruments | ||||
| Net unrealized appreciation on forward foreign currency exchange contracts | $— | $32,731 | $— | $32,731 |
| Total Other Financial Instruments | $— | $32,731 | $— | $32,731 |
| Insurance-Linked Securities | |
| Balance as of 10/31/23 | $2,742,800 |
| Realized gain (loss) | — |
| Changed in unrealized appreciation (depreciation) | 339,851 |
| Return of capital | (2,476,532) |
| Purchases | 5,637,750 |
| Sales | — |
| Transfers in to Level 3* | — |
| Transfers out of Level 3* | — |
| Balance as of 1/31/24 | $6,243,869 |
| * | Transfers are calculated on the beginning of period values. During the period ended January 31, 2024, there were no transfers in or out of Level 3. | ||
| Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at January 31, 2024: | $339,851 | ||