NPORT-EX 2 cloz.htm

Panagram BBB-B CLO ETF
  
Schedule of Investments
  
as of May 31, 2024 (Unaudited)
  
   
COLLATERALIZED LOAN OBLIGATIONS - 87.3% (a)(b)
  
Principal
Amount
    
Value
  
Bermuda - 0.1%
  
OHA Credit Funding 13 Ltd., Series 2022-13A, Class D, 10.52% (3 mo. Term SOFR + 5.19%), 07/20/2035 (c)
  
$
250,000
    
$
251,381
  
                 
Cayman Islands - 72.7%
  
AGL CLO 10 Ltd., Series 2021-10A, Class E, 11.59% (3 mo. Term SOFR + 6.26%), 04/15/2034 (c)
    
1,250,000
      
1,255,275
  
AGL CLO 14 Ltd., Series 2021-14A, Class D, 8.64% (3 mo. Term SOFR + 3.31%), 12/02/2034 (c)
    
1,000,000
      
1,003,459
  
AGL CLO 17 Ltd., Series 2022-17A, Class D, 8.43% (3 mo. Term SOFR + 3.10%), 01/21/2035 (c)
    
1,500,000
      
1,504,547
  
Aimco CDO 14 Ltd., Series 2021-14A, Class E, 11.34% (3 mo. Term SOFR + 6.01%), 04/20/2034 (c)
    
2,000,000
      
2,011,654
  
Aimco CLO 15 Ltd., Series 2021-15A, Class E, 11.53% (3 mo. Term SOFR + 6.21%), 10/17/2034 (c)
    
250,000
      
251,194
  
Aimco CLO 16 Ltd., Series 2021-16A, Class E, 11.78% (3 mo. Term SOFR + 6.46%), 01/17/2035 (c)
    
2,000,000
      
2,016,850
  
Apidos CLO XI Ltd., Series 2012-11A, Class DR3, 9.33% (3 mo. Term SOFR + 4.01%), 04/17/2034 (c)
    
3,250,000
      
3,255,889
  
Apidos CLO XXXVI Ltd, Series 2021-36A, Class D, 8.49% (3 mo. Term SOFR + 3.16%), 07/20/2034 (c)
    
1,000,000
      
1,003,503
  
Apidos CLO XXXVI Ltd., Series 2021-36A, Class E, 11.54% (3 mo. Term SOFR + 6.21%), 07/20/2034 (c)
    
4,500,000
      
4,533,340
  
Bain Capital Credit CLO 2021-7 Ltd., Series 2021-7A, Class D, 8.84% (3 mo. Term SOFR + 3.51%), 01/22/2035 (c)
    
1,000,000
      
1,001,942
  
Ballyrock CLO 15 Ltd., Series 2021-1A, Class D, 11.81% (3 mo. Term SOFR + 6.48%), 04/15/2034 (c)
    
3,000,000
      
3,015,636
  
Barings CLO 2018-III Ltd., Series 2018-3A, Class D, 8.49% (3 mo. Term SOFR + 3.16%), 07/20/2029 (c)
    
2,000,000
      
2,008,472
  
Barings CLO 2018-IV Ltd., Series 2018-4A, Class D, 8.49% (3 mo. Term SOFR + 3.16%), 10/15/2030 (c)
    
1,000,000
      
1,002,990
  
Barings CLO 2020-IV Ltd., Series 2020-4A, Class D2, 11.09% (3 mo. Term SOFR + 5.76%), 01/20/2032 (c)
    
1,000,000
      
994,874
  
Barings CLO 2021-I Ltd., Series 2021-1A, Class D, 8.49% (3 mo. Term SOFR + 3.16%), 04/25/2034 (c)
    
1,000,000
      
1,001,697
  
Basswood Park CLO Ltd., Series 2021-1A, Class E, 11.74% (3 mo. Term SOFR + 6.41%), 04/20/2034 (c)
    
3,000,000
      
3,021,501
  
Benefit Street Partners CLO XIX Ltd., Series 2019-19A, Class DR, 8.43% (3 mo. Term SOFR + 3.10%), 01/15/2033 (c)
    
1,500,000
      
1,501,755
  
Benefit Street Partners CLO XXVI Ltd., Series 2022-26A, Class D, 9.07% (3 mo. Term SOFR + 3.75%), 07/20/2034 (c)
    
3,250,000
      
3,269,922
  
Bethpage Park CLO Ltd., Series 2021-1A, Class D, 8.54% (3 mo. Term SOFR + 3.21%), 10/15/2036 (c)
    
2,000,000
      
2,003,422
  
Birch Grove CLO 2 Ltd., Series 2021-2A, Class E, 12.54% (3 mo. Term SOFR + 7.21%), 10/19/2034 (c)
    
2,000,000
      
2,003,746
  
Birch Grove CLO 3 Ltd., Series 2021-3A, Class E, 12.57% (3 mo. Term SOFR + 7.24%), 01/19/2035 (c)
    
4,750,000
      
4,779,953
  
Buttermilk Park CLO Ltd., Series 2018-1A, Class DR, 8.28% (3 mo. Term SOFR + 2.95%), 10/15/2031 (c)
    
3,000,000
      
3,016,536
  
Carlyle US CLO 2020-2 Ltd., Series 2020-2A, Class DR, 12.29% (3 mo. Term SOFR + 6.96%), 01/25/2035 (c)
    
2,064,420
      
2,081,003
  
Carlyle US CLO 2021-4 Ltd., Series 2021-4A, Class E, 12.19% (3 mo. Term SOFR + 6.86%), 04/20/2034 (c)
    
1,000,000
      
1,007,765
  
Carlyle US CLO 2021-5 Ltd., Series 2021-5A, Class E, 11.84% (3 mo. Term SOFR + 6.51%), 07/20/2034 (c)
    
1,500,000
      
1,510,859
  
Carlyle US CLO 2022-3 Ltd., Series 2022-3A, Class D1R, 9.17% (3 mo. Term SOFR + 3.85%), 04/20/2037 (c)
    
3,000,000
      
3,018,495
  
Carlyle US CLO 2022-5 Ltd., Series 2022-5A, Class E, 13.79% (3 mo. Term SOFR + 8.46%), 10/15/2035 (c)
    
2,400,000
      
2,464,819
  
Carlyle US CLO 2023-1 Ltd., Series 2023-1A, Class E, 13.79% (3 mo. Term SOFR + 8.46%), 07/20/2035 (c)
    
1,000,000
      
1,051,200
  
Carlyle US CLO 2023-4 Ltd., Series 2023-4A, Class D, 9.42% (3 mo. Term SOFR + 4.10%), 10/25/2036 (c)
    
3,000,000
      
3,021,108
  
Cayuga Park CLO Ltd., Series 2020-1A, Class DR, 8.68% (3 mo. Term SOFR + 3.36%), 07/17/2034 (c)
    
3,000,000
      
3,010,002
  
CIFC Funding 2013-III-R Ltd., Series 2013-3RA, Class C, 8.48% (3 mo. Term SOFR + 3.16%), 04/24/2031 (c)
    
4,000,000
      
4,011,588
  
CIFC Funding 2019-I Ltd., Series 2019-1A, Class DR, 8.69% (3 mo. Term SOFR + 3.36%), 04/20/2032 (c)
    
1,750,000
      
1,758,706
  
CIFC Funding 2019-III Ltd., Series 2019-3A, Class CR, 8.64% (3 mo. Term SOFR + 3.31%), 10/16/2034 (c)
    
2,480,000
      
2,492,747
  
CIFC Funding 2020-I Ltd., Series 2020-1A, Class ER, 11.84% (3 mo. Term SOFR + 6.51%), 07/15/2036 (c)
    
2,000,000
      
2,010,718
  
CIFC Funding 2020-IV Ltd., Series 2020-4A, Class D, 8.99% (3 mo. Term SOFR + 3.66%), 01/15/2034 (c)
    
500,000
      
502,567
  
CIFC Funding 2021-II Ltd., Series 2021-2A, Class E, 11.79% (3 mo. Term SOFR + 6.46%), 04/15/2034 (c)
    
6,500,000
      
6,545,480
  
CIFC Funding 2021-III Ltd.
  
Series 2021-3A, Class D, 8.59% (3 mo. Term SOFR + 3.26%), 07/15/2036 (c)
    
3,000,000
      
3,010,170
  
Series 2021-3A, Class E1, 11.99% (3 mo. Term SOFR + 6.66%), 07/15/2036 (c)
    
1,150,000
      
1,156,795
  
CIFC Funding 2021-VI Ltd., Series 2021-6A, Class D, 8.69% (3 mo. Term SOFR + 3.36%), 10/15/2034 (c)
    
2,000,000
      
2,006,026
  
Clover CLO 2018-1 Ltd., Series 2018-1A, Class D1RR, 8.77% (3 mo. Term SOFR + 3.45%), 04/20/2037 (c)
    
2,000,000
      
2,009,896
  
Dryden 87 CLO Ltd., Series 2021-87A, Class D, 8.54% (3 mo. Term SOFR + 3.21%), 05/20/2034 (c)
    
1,000,000
      
984,977
  
Elmwood CLO 14 Ltd., Series 2022-1A, Class E, 11.67% (3 mo. Term SOFR + 6.35%), 04/20/2035 (c)
    
1,000,000
      
1,009,107
  
Elmwood CLO 16 Ltd., Series 2022-3A, Class DR, 9.12% (3 mo. Term SOFR + 3.80%), 04/20/2037 (c)
    
1,000,000
      
1,021,952
  
Elmwood CLO 18 Ltd., Series 2022-5A, Class D, 9.57% (3 mo. Term SOFR + 4.25%), 07/17/2033 (c)
    
3,000,000
      
3,018,555
  
Elmwood CLO 19 Ltd., Series 2022-6A, Class DR, 9.47% (3 mo. Term SOFR + 4.15%), 10/17/2036 (c)
    
4,800,000
      
4,940,640
  
Elmwood CLO VII Ltd., Series 2020-4A, Class DR, 9.47% (3 mo. Term SOFR + 4.15%), 01/17/2034 (c)
    
3,490,000
      
3,500,554
  
Elmwood CLO X Ltd., Series 2021-3A, Class DR, 8.63% (3 mo. Term SOFR + 3.30%), 07/20/2037 (c)
    
1,500,000
      
1,510,013
  
Elmwood CLO XII Ltd., Series 2021-5A, Class E, 11.94% (3 mo. Term SOFR + 6.61%), 01/20/2035 (c)
    
4,900,000
      
4,929,748
  
GoldenTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class ER2, 12.09% (3 mo. Term SOFR + 6.76%), 04/20/2034 (c)
    
2,000,000
      
2,009,808
  
Goldentree Loan Management US CLO 3 Ltd., Series 2018-3A, Class D, 8.44% (3 mo. Term SOFR + 3.11%), 04/20/2030 (c)
    
1,500,000
      
1,505,141
  
HPS Loan Management 14-2019 Ltd., Series 14A-19, Class ER, 11.74% (3 mo. Term SOFR + 6.41%), 01/25/2034 (c)
    
2,500,000
      
2,513,383
  
KKR CLO 41 Ltd., Series 2022-41A, Class D, 8.58% (3 mo. Term SOFR + 3.25%), 04/15/2035 (c)
    
1,000,000
      
1,002,002
  
Madison Park Funding LI Ltd., Series 2021-51A, Class E, 11.86% (3 mo. Term SOFR + 6.53%), 07/19/2034 (c)
    
1,000,000
      
1,008,474
  
Madison Park Funding LXII Ltd., Series 2022-62A, Class DR, 11.17% (3 mo. Term SOFR + 5.85%), 07/17/2036 (c)
    
1,000,000
      
1,041,869
  
Madison Park Funding XLVI Ltd.
  
Series 2020-46A, Class DR, 8.74% (3 mo. Term SOFR + 3.41%), 10/15/2034(c)
    
3,200,000
      
3,213,344
  
Series 2020-46A, Class ER, 11.84% (3 mo. Term SOFR + 6.51%), 10/15/2034(c)
    
1,250,000
      
1,259,535
  
Madison Park Funding XLVII Ltd., Series 2020-47A, Class ER, 11.98% (3 mo. Term SOFR + 6.65%), 04/19/2037 (c)
    
2,000,000
      
2,020,490
  
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, 11.84% (3 mo. Term SOFR + 6.51%), 04/19/2033 (c)
    
1,500,000
      
1,506,894
  
Madison Park Funding XXXIV Ltd., Series 2019-34A, Class DR, 8.94% (3 mo. Term SOFR + 3.61%), 04/25/2032 (c)
    
1,500,000
      
1,503,065
  
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class D1A, 9.07% (3 mo. Term SOFR + 3.75%), 04/15/2037 (c)
    
7,000,000
      
7,059,374
  
Magnetite CLO XXVI Ltd., Series 2020-26A, Class DR, 8.44% (3 mo. Term SOFR + 3.11%), 07/25/2034 (c)
    
4,000,000
      
4,021,024
  
Magnetite CLO XXVII Ltd., Series 2020-27A, Class DR, 8.44% (3 mo. Term SOFR + 3.11%), 10/20/2034 (c)
    
1,000,000
      
1,001,896
  
Magnetite CLO XXXI Ltd., Series 2021-31A, Class D, 8.59% (3 mo. Term SOFR + 3.26%), 07/15/2034 (c)
    
1,000,000
      
1,004,962
  
Magnetite CLO XXXV Ltd., Series 2022-35A, Class DR, 9.32% (3 mo. Term SOFR + 4.00%), 10/25/2036 (c)
    
2,000,000
      
2,056,000
  
Magnetite CLO XXXVII Ltd., Series 2023-37A, Class D, 9.32% (3 mo. Term SOFR + 4.00%), 10/20/2036 (c)
    
4,000,000
      
4,112,960
  
Myers Park CLO Ltd., Series 2018-1A, Class D, 8.64% (3 mo. Term SOFR + 3.31%), 10/20/2030 (c)
    
1,000,000
      
1,002,488
  
Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class ER, 11.69% (3 mo. Term SOFR + 6.36%), 01/20/2032 (c)
    
850,000
      
854,762
  
Neuberger Berman Loan Advisers CLO 36 Ltd., Series 2020-36A, Class ER2, 12.63% (3 mo. Term SOFR + 7.30%), 04/20/2033 (c)
    
2,650,000
      
2,665,614
  
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class ER, 11.34% (3 mo. Term SOFR + 6.01%), 07/20/2031 (c)
    
2,250,000
      
2,260,670
  
OCP CLO 2020-20 Ltd., Series 2020-20A, Class D1R, 8.89% (3 mo. Term SOFR + 3.60%), 04/18/2037 (c)
    
3,150,000
      
3,165,000
  
Octagon 55 Ltd., Series 2021-1A, Class D, 8.69% (3 mo. Term SOFR + 3.36%), 07/20/2034 (c)
    
1,575,000
      
1,578,728
  
Octagon 62 Ltd., Series 2022-1A, Class E, 13.08% (3 mo. Term SOFR + 7.75%), 01/20/2036 (c)
    
4,500,000
      
4,582,413
  
Octagon Investment Partners 41 Ltd., Series 2019-2A, Class DR, 8.79% (3 mo. Term SOFR + 3.46%), 10/15/2033 (c)
    
2,500,000
      
2,507,802
  
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class ER, 12.62% (3 mo. Term SOFR + 7.33%), 04/15/2037 (c)
    
2,500,000
      
2,511,508
  
OHA Credit Funding 1 Ltd., Series 2018-1A, Class D1R, 8.91% (3 mo. Term SOFR + 3.60%), 04/20/2037 (c)
    
4,000,000
      
4,105,652
  
OHA Credit Funding 3 Ltd., Series 2019-3A, Class DR, 8.49% (3 mo. Term SOFR + 3.16%), 07/02/2035 (c)
    
5,250,000
      
5,270,029
  
OHA Credit Funding 5 Ltd., Series 2020-5A, Class E, 11.84% (3 mo. Term SOFR + 6.51%), 04/18/2033 (c)
    
1,000,000
      
1,008,694
  
OHA Credit Funding 8 Ltd.
  
Series 2021-8A, Class D, 8.44% (3 mo. Term SOFR + 3.11%), 01/18/2034 (c)
    
4,500,000
      
4,507,105
  
Series 2021-8A, Class E, 11.59% (3 mo. Term SOFR + 6.26%), 01/18/2034 (c)
    
2,000,000
      
2,012,164
  
OHA Credit Funding 9 Ltd., Series 2021-9A, Class E, 11.84% (3 mo. Term SOFR + 6.51%), 07/19/2035 (c)
    
1,000,000
      
1,012,879
  
OHA Credit Partners VII Ltd., Series 2012-7A, Class D1R3, 8.49% (3 mo. Term SOFR + 3.16%),
   02/20/2034 (c)
    
5,720,000
      
5,729,758
  
OHA Credit Partners XI Ltd., Series 2015-11A, Class D1R2, 8.42% (3 mo. Term SOFR + 3.10%),
   04/20/2037 (c)
    
4,300,000
      
4,305,027
  
OHA Credit Partners XIII Ltd.
  
Series 2016-13A, Class DR, 8.79% (3 mo. Term SOFR + 3.46%), 10/25/2034 (c)
    
1,125,000
      
1,130,861
  
Series 2016-13A, Class ER, 11.84% (3 mo. Term SOFR + 6.51%), 10/25/2034 (c)
    
1,000,000
      
1,005,456
  
OHA Loan Funding 2015-1 Ltd., Series 2015-1A, Class ER3, 12.24% (3 mo. Term SOFR + 6.91%), 01/19/2037 (c)
    
540,000
      
549,256
  
Palmer Square CLO 2021-1 Ltd., Series 2021-1A, Class C, 8.29% (3 mo. Term SOFR + 2.96%), 04/20/2034 (c)
    
1,000,000
      
1,001,561
  
Palmer Square CLO 2021-2 Ltd., Series 2021-2A, Class D, 8.49% (3 mo. Term SOFR + 3.16%), 07/15/2034 (c)
    
1,000,000
      
1,002,645
  
Palmer Square CLO 2021-3 Ltd., Series 2021-3A, Class E, 11.74% (3 mo. Term SOFR + 6.41%),
     01/15/2035 (c)
    
2,400,000
      
2,418,648
  
Palmer Square CLO 2021-4 Ltd., Series 2021-4A, Class D, 8.54% (3 mo. Term SOFR + 3.21%), 10/15/2034 (c)
    
2,000,000
      
2,005,138
  
Palmer Square CLO 2022-1 Ltd., Series 2022-1A, Class E, 11.68% (3 mo. Term SOFR + 6.35%),
     04/20/2035 (c)
    
2,000,000
      
2,018,214
  
Palmer Square CLO 2023-4 Ltd., Series 2023-4A, Class D, 9.58% (3 mo. Term SOFR + 4.25%), 10/20/2033 (c)
    
2,500,000
      
2,513,955
  
Palmer Square Loan Funding 2022-4 Ltd., Series 2022-4A, Class C, 9.82% (3 mo. Term SOFR + 4.50%), 07/24/2031 (c)
    
3,000,000
      
3,008,376
  
Point Au Roche Park CLO Ltd., Series 2021-1A, Class D, 8.39% (3 mo. Term SOFR + 3.06%), 07/20/2034 (c)
    
3,000,000
      
3,004,908
  
Rad CLO 10 Ltd., Series 2021-10A, Class D, 8.34% (3 mo. Term SOFR + 3.01%), 04/23/2034 (c)
    
6,000,000
      
6,010,836
  
Rad CLO 15 Ltd., Series 2021-15A, Class D, 8.64% (3 mo. Term SOFR + 3.31%), 01/20/2034 (c)
    
1,000,000
      
1,002,680
  
Regatta XX Funding Ltd., Series 2021-2A, Class E, 11.84% (3 mo. Term SOFR + 6.51%), 10/15/2034 (c)
    
2,250,000
      
2,268,504
  
RR 14 Ltd., Series 2021-14A, Class C, 8.49% (3 mo. Term SOFR + 3.16%), 04/15/2036 (c)
    
2,000,000
      
1,996,620
  
RR 15 Ltd.
  
Series 2021-15A, Class C, 8.49% (3 mo. Term SOFR + 3.16%), 04/15/2036 (c)
    
1,000,000
      
1,001,339
  
Series 2021-15A, Class D, 11.79% (3 mo. Term SOFR + 6.46%), 04/15/2036 (c)
    
2,500,000
      
2,506,642
  
RR 7 Ltd., Series 2019-7A, Class D1B, 11.83% (3 mo. Term SOFR + 6.50%), 01/15/2037 (c)
    
4,750,000
      
4,765,922
  
Sixth Street CLO XVII Ltd., Series 2021-17A, Class E, 11.79% (3 mo. Term SOFR + 6.46%), 01/20/2034 (c)
    
1,500,000
      
1,506,912
  
Sixth Street CLO XVIII Ltd., Series 2021-18A, Class E, 12.09% (3 mo. Term SOFR + 6.76%), 04/20/2034 (c)
    
1,000,000
      
1,005,755
  
Symphony CLO XXVIII Ltd., Series 2021-28A, Class D, 8.74% (3 mo. Term SOFR + 3.41%), 10/23/2034 (c)
    
1,500,000
      
1,502,397
  
Symphony Static CLO I Ltd., Series 2021-1A, Class E1, 10.94% (3 mo. Term SOFR + 5.61%), 10/25/2029 (c)
    
2,500,000
      
2,503,328
  
Thayer Park CLO Ltd., Series 2017-1A, Class DR, 11.84% (3 mo. Term SOFR + 6.51%), 04/20/2034 (c)
    
3,500,000
      
3,519,912
  
TICP CLO V 2016-1 Ltd., Series 2016-5A, Class DR, 8.73% (3 mo. Term SOFR + 3.41%), 07/17/2031 (c)
    
1,000,000
      
1,002,663
  
TICP CLO XIII Ltd., Series 2019-13A, Class DR, 8.74% (3 mo. Term SOFR + 3.41%), 04/15/2034 (c)
    
1,000,000
      
1,004,432
  
Trestles CLO VI Ltd., Series 2023-6A, Class E, 11.86% (3 mo. Term SOFR + 6.50%), 01/25/2036 (c)
    
2,500,000
      
2,532,790
  
Wellman Park CLO Ltd., Series 2021-1A, Class E, 11.84% (3 mo. Term SOFR + 6.51%), 07/15/2034 (c)
    
2,000,000
      
2,016,298
  
             
251,770,209
  
                 
Jersey - 14.1%
  
AGL CLO 21 Ltd., Series 2022-21A, Class E, 13.95% (3 mo. Term SOFR + 8.62%), 07/27/2035 (c)
    
1,750,000
      
1,779,500
  
AGL CLO 23 Ltd., Series 2022-23A, Class E, 14.08% (3 mo. Term SOFR + 8.75%), 01/20/2036 (c)
    
3,000,000
      
3,107,730
  
AGL CLO 30 Ltd., Series 2024-30A, Class D, 8.78% (3 mo. Term SOFR + 3.45%), 04/21/2037 (c)
    
3,000,000
      
3,011,202
  
Apidos CLO XL Ltd., Series 2022-40A, Class E, 13.02% (3 mo. Term SOFR + 7.69%), 07/15/2035 (c)
    
1,000,000
      
1,011,398
  
Apidos CLO XLIII Ltd., Series 2023-43A, Class E, 13.07% (3 mo. Term SOFR + 7.75%), 04/25/2035 (c)
    
3,000,000
      
3,109,314
  
Apidos CLO XXXIX Ltd., Series 2022-39A, Class D, 8.67% (3 mo. Term SOFR + 3.35%), 04/21/2035 (c)
    
1,500,000
      
1,505,177
  
Ares Loan Funding IV Ltd., Series 2023-ALF4A, Class D, 10.01% (3 mo. Term SOFR + 4.68%),
     10/15/2036 (c)
    
3,000,000
      
3,042,231
  
Ares LXIX CLO Ltd., Series 2024-69A, Class E, 11.83% (3 mo. Term SOFR + 6.50%), 04/15/2036 (c)
    
4,000,000
      
4,034,412
  
Bain Capital Credit CLO 2022-3 Ltd., Series 2022-3A, Class D, 9.02% (3 mo. Term SOFR + 3.70%), 07/17/2035 (c)
    
500,000
      
501,172
  
Bain Capital Credit CLO 2022-6 Ltd., Series 2022-6A, Class E, 14.08% (3 mo. Term SOFR + 8.75%), 10/22/2035 (c)
    
5,000,000
      
5,150,380
  
Bain Capital Credit CLO 2023-1 Ltd., Series 2023-1A, Class D, 10.23% (3 mo. Term SOFR + 4.90%), 04/16/2036 (c)
    
2,000,000
      
2,046,500
  
Benefit Street Partners CLO XXIX Ltd., Series 2022-29A, Class E, 13.13% (3 mo. Term SOFR + 7.81%), 01/25/2036 (c)
    
2,000,000
      
2,056,412
  
Dryden 108 CLO Ltd., Series 2022-108A, Class D, 9.58% (3 mo. Term SOFR + 4.25%), 07/18/2035 (c)
    
1,000,000
      
1,005,196
  
Dryden 112 CLO Ltd., Series 2022-112A, Class DR, 9.82% (3 mo. Term SOFR + 4.50%), 11/15/2036 (c)
    
1,000,000
      
1,015,898
  
Elmwood CLO 15 Ltd., Series 2022-2A, Class D, 9.00% (3 mo. Term SOFR + 3.67%), 04/22/2035 (c)
    
250,000
      
251,247
  
Goldentree Loan Opportunities US CLO 15 Ltd., Series 2022-15A, Class ER, 11.83% (3 mo. Term SOFR + 6.50%), 10/20/2036 (c)
    
2,500,000
      
2,596,653
  
Goldentree Loan Opportunities US CLO 16 Ltd., Series 2022-16A, Class ER, 11.83% (3 mo. Term SOFR + 6.50%), 01/20/2034 (c)
    
4,000,000
      
4,057,308
  
Invesco US CLO 2023-1 Ltd., Series 2023-1A, Class ER, 12.19% (3 mo. Term SOFR + 6.90%), 04/22/2037 (c)
    
1,000,000
      
1,012,030
  
Neuberger Berman Loan Advisers CLO 49 Ltd., Series 2022-49A, Class E, 12.32% (3 mo. Term SOFR + 7.00%), 07/25/2034 (c)
    
1,000,000
      
1,005,122
  
Neuberger Berman Loan Advisers CLO 50 Ltd., Series 2022-50A, Class E, 13.07% (3 mo. Term SOFR + 7.74%), 07/23/2036 (c)
    
2,000,000
      
2,029,064
  
Palmer Square CLO 2020-3 Ltd.
  
Series 2020-3A, Class CR2, 9.57% (3 mo. Term SOFR + 4.25%), 11/15/2036 (c)
    
1,000,000
      
1,032,467
  
Series 2020-3A, Class DR2, 12.57% (3 mo. Term SOFR + 7.25%), 11/15/2036 (c)
    
925,000
      
940,155
  
Regatta XXVII Funding Ltd., Series 2024-1A, Class E, 11.80% (3 mo. Term SOFR + 6.50%), 04/26/2037 (c)
    
2,000,000
      
2,038,636
  
Valley Stream Park CLO Ltd., Series 2022-1A, Class DR, 9.47% (3 mo. Term SOFR + 4.15%), 10/20/2034 (c)
    
1,500,000
      
1,511,133
  
             
48,850,337
  
                 
United States - 0.4%
  
Clover CLO 2019-2 Ltd., Series 2019-2A, Class ER, 11.99% (3 mo. Term SOFR + 6.66%), 10/25/2033 (c)
    
1,500,000
      
1,506,525
  
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $296,782,705)
      
302,378,452
  
                 
TOTAL INVESTMENTS - 87.3% (Cost $296,782,705)
      
302,378,452
  
Money Market Deposit Account - 12.9% (d)
      
44,781,532
  
Liabilities in Excess of Other Assets - (0.2)%
      
(628,355
)
TOTAL NET ASSETS - 100.0%
          
$
346,531,629
  
                 
Percentages are stated as a percent of net assets.
          

SOFR - Secured Overnight Financing Rate

(a)
Variable rate securities. The coupon is based on a reference index and spread. The rate reported is the rate in effect as of May 31, 2024.
(b)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.
(c)
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 May 31, 2024, the value of these securities total $302,378,452 or 87.3% of the Fund’s net assets.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of May 31, 2024 was 5.17%.
Investment Valuation
 
The following is a summary of the Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund.
 
Fixed income securities, including short-term debt instruments having a maturity less than 60 days, are valued at the evaluated mean price supplied by an approved independent third-party pricing service (“Pricing Service”). These securities are categorized in Level 2 of the fair value hierarchy. 
 
In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Fund’s NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Fund will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek profit by estimating the Fund’s NAV in advance of the time the NAV is calculated. These securities are categorized in Level 2 of the fair value hierarchy. 
 
The Board of Trustees (the "Board”) has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
 
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
 
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 inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of May 31, 2024:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments at Fair Value:
                        
Assets
                        
  Collateralized Loan Obligations
  
$
–
    
$
302,378,452
    
$
–
    
$
302,378,452
  
Total Investments
  
$
–
    
$
302,378,452
    
$
–
    
$
302,378,452
  
   
Refer to the Schedule of Investments for additional information.