NPORT-EX 2 cloz2.htm

Panagram BBB-B CLO ETF
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COLLATERALIZED LOAN OBLIGATIONS - 92.2%(a)
  
Par
    
Value
  
Bermuda - 0.7%
  
OHA Credit Funding 13 Ltd., Series 2022-13A, Class D1R, 7.42% (3 mo. Term SOFR + 2.80%), 07/20/2037 (b)
  
$
3,000,000
    
$
3,030,648
  
                 
Cayman Islands - 74.5%(c)
  
AGL CLO 10 Ltd., Series 2021-10A, Class E, 10.92% (3 mo. Term SOFR + 6.26%), 04/15/2034 (b)
    
1,250,000
      
1,259,217
  
AGL CLO 14 Ltd., Series 2021-14A, Class D, 7.93% (3 mo. Term SOFR + 3.31%), 12/02/2034 (b)
    
1,000,000
      
1,005,399
  
AGL CLO 17 Ltd., Series 2022-17A, Class D, 7.72% (3 mo. Term SOFR + 3.10%), 01/21/2035 (b)
    
1,500,000
      
1,510,869
  
AGL CLO 34 Ltd., Series 2024-34A, Class D1, 2.95% (3 mo. Term SOFR + 2.90%), 01/22/2038 (b)
    
5,000,000
      
5,009,345
  
Aimco CLO 14 Ltd., Series 2021-14A, Class E, 10.63% (3 mo. Term SOFR + 6.01%), 04/20/2034 (b)
    
2,000,000
      
2,010,660
  
Aimco CLO 15 Ltd., Series 2021-15A, Class E, 10.86% (3 mo. Term SOFR + 6.21%), 10/17/2034 (b)
    
250,000
      
251,635
  
Aimco CLO 16 Ltd., Series 2021-16A, Class ER, 10.25% (3 mo. Term SOFR + 5.60%), 07/17/2037 (b)
    
3,500,000
      
3,544,356
  
Apidos CLO XI Ltd.
  
Series 2012-11A, Class DR3, 8.66% (3 mo. Term SOFR + 4.01%), 04/17/2034 (b)
    
3,250,000
      
3,260,507
  
Series 2012-11A, Class ER3, 11.48% (3 mo. Term SOFR + 6.83%), 04/17/2034 (b)
    
2,693,000
      
2,714,304
  
Apidos CLO XXXVI Ltd.
  
Series 2021-36A, Class D, 7.78% (3 mo. Term SOFR + 3.16%), 07/20/2034 (b)
    
1,000,000
      
1,005,257
  
Series 2021-36A, Class E, 10.83% (3 mo. Term SOFR + 6.21%), 07/20/2034 (b)
    
4,500,000
      
4,520,484
  
Ares LXI CLO Ltd., Series 2021-61A, Class DR, 8.52% (3 mo. Term SOFR + 3.90%), 04/20/2037 (b)
    
2,900,000
      
2,974,130
  
Ares LXIV CLO Ltd.
  
Series 2022-64A, Class DR, 7.91% (3 mo. Term SOFR + 3.25%), 10/24/2039 (b)
    
5,000,000
      
5,064,280
  
Series 2022-64A, Class ER, 11.16% (3 mo. Term SOFR + 6.50%), 10/24/2039 (b)
    
4,000,000
      
4,064,128
  
Ares XLIV CLO Ltd., Series 2017-44A, Class CR, 8.32% (3 mo. Term SOFR + 3.66%), 04/15/2034 (b)
    
1,000,000
      
1,006,421
  
Bain Capital Credit CLO 2019-1 Ltd., Series 2019-1A, Class DR2, 7.72% (3 mo. Term SOFR + 3.10%), 04/19/2034 (b)
    
2,000,000
      
2,009,720
  
Bain Capital Credit CLO 2021-7 Ltd., Series 2021-7A, Class D, 8.14% (3 mo. Term SOFR + 3.51%), 01/22/2035 (b)
    
1,000,000
      
1,004,634
  
Ballyrock CLO 15 Ltd., Series 2021-1A, Class D, 11.14% (3 mo. Term SOFR + 6.48%), 04/15/2034 (b)
    
3,000,000
      
3,019,515
  
Ballyrock CLO 25 Ltd., Series 2023-25A, Class C, 9.33% (3 mo. Term SOFR + 4.70%), 01/25/2036 (b)
    
5,000,000
      
5,036,965
  
Barings CLO 2018-IV Ltd., Series 2018-4A, Class D, 7.82% (3 mo. Term SOFR + 3.16%), 10/15/2030 (b)
    
1,000,000
      
1,005,065
  
Barings CLO 2021-I Ltd., Series 2021-1A, Class D, 7.79% (3 mo. Term SOFR + 3.16%), 04/25/2034 (b)
    
1,000,000
      
1,003,645
  
Basswood Park CLO Ltd., Series 2021-1A, Class E, 11.03% (3 mo. Term SOFR + 6.41%), 04/20/2034 (b)
    
3,000,000
      
3,021,267
  
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class CR, 7.63% (3 mo. Term SOFR + 3.01%), 01/20/2031 (b)
    
2,000,000
      
2,008,188
  
Benefit Street Partners CLO XIX Ltd., Series 2019-19A, Class DR, 7.76% (3 mo. Term SOFR + 3.10%), 01/15/2033 (b)
    
1,500,000
      
1,504,665
  
Benefit Street Partners CLO XXVI Ltd., Series 2022-26A, Class D1R, 7.62% (3 mo. Term SOFR + 3.00%), 07/20/2037 (b)
    
3,250,000
      
3,269,159
  
Bethpage Park CLO Ltd., Series 2021-1A, Class D, 7.87% (3 mo. Term SOFR + 3.21%), 10/15/2036 (b)
    
2,000,000
      
2,007,500
  
Birch Grove CLO 2 Ltd., Series 2021-2A, Class ER, 11.37% (3 mo. Term SOFR + 6.75%), 10/19/2037 (b)
    
2,000,000
      
2,022,768
  
Birch Grove CLO 3 Ltd., Series 2021-3A, Class E, 11.86% (3 mo. Term SOFR + 7.24%), 01/19/2035 (b)
    
4,750,000
      
4,781,511
  
Carlyle C17 CLO Ltd., Series C17A, Class CR, 7.65% (3 mo. Term SOFR + 3.06%), 04/30/2031 (b)
    
1,500,000
      
1,507,481
  
Carlyle US CLO 2020-2 Ltd., Series 2020-2A, Class DR, 11.59% (3 mo. Term SOFR + 6.96%), 01/25/2035 (b)
    
2,064,420
      
2,080,401
  
Carlyle US CLO 2021-11 Ltd., Series 2021-11A, Class D1R, 7.68% (3 mo. Term SOFR + 3.05%), 07/25/2037 (b)
    
2,500,000
      
2,534,508
  
Carlyle US CLO 2021-4 Ltd., Series 2021-4A, Class E, 11.48% (3 mo. Term SOFR + 6.86%), 04/20/2034 (b)
    
1,000,000
      
1,008,008
  
Carlyle US CLO 2021-5 Ltd., Series 2021-5A, Class E, 11.13% (3 mo. Term SOFR + 6.51%), 07/20/2034 (b)
    
1,500,000
      
1,510,429
  
Carlyle US CLO 2022-3 Ltd., Series 2022-3A, Class D1R, 8.47% (3 mo. Term SOFR + 3.85%), 04/20/2037 (b)
    
3,000,000
      
3,074,496
  
Carlyle US CLO 2022-5 Ltd., Series 2022-5A, Class ER, 12.21% (3 mo. Term SOFR + 7.10%), 10/15/2037 (b)
    
2,400,000
      
2,478,780
  
Carlyle US CLO 2023-1 Ltd., Series 2023-1A, Class E, 13.08% (3 mo. Term SOFR + 8.46%), 07/20/2035 (b)
    
1,000,000
      
1,032,376
  
Carlyle US CLO 2023-4 Ltd., Series 2023-4A, Class D, 8.73% (3 mo. Term SOFR + 4.10%), 10/25/2036 (b)
    
3,000,000
      
3,068,142
  
Cayuga Park CLO Ltd., Series 2020-1A, Class DR, 8.01% (3 mo. Term SOFR + 3.36%), 07/17/2034 (b)
    
3,000,000
      
3,013,869
  
CIFC Funding 2013-III-R Ltd., Series 2013-3RA, Class C, 7.80% (3 mo. Term SOFR + 3.16%), 04/24/2031 (b)
    
4,000,000
      
4,024,716
  
CIFC Funding 2019-I Ltd., Series 2019-1A, Class D1R2, 7.67% (3 mo. Term SOFR + 3.05%), 10/20/2037 (b)
    
5,000,000
      
5,022,525
  
CIFC Funding 2019-III Ltd., Series 2019-3A, Class CR, 7.96% (3 mo. Term SOFR + 3.31%), 10/16/2034 (b)
    
2,480,000
      
2,493,280
  
CIFC Funding 2020-I Ltd., Series 2020-1A, Class ER, 11.17% (3 mo. Term SOFR + 6.51%), 07/15/2036 (b)
    
2,000,000
      
2,014,648
  
CIFC Funding 2020-IV Ltd., Series 2020-4A, Class D, 8.32% (3 mo. Term SOFR + 3.66%), 01/15/2034 (b)
    
500,000
      
503,538
  
CIFC Funding 2021-III Ltd.
  
Series 2021-3A, Class D, 7.92% (3 mo. Term SOFR + 3.26%), 07/15/2036 (b)
    
3,000,000
      
3,014,961
  
Series 2021-3A, Class E1, 11.32% (3 mo. Term SOFR + 6.66%), 07/15/2036 (b)
    
1,150,000
      
1,158,801
  
CIFC Funding 2021-VI Ltd., Series 2021-6A, Class D, 8.02% (3 mo. Term SOFR + 3.36%), 10/15/2034 (b)
    
2,000,000
      
2,009,390
  
CIFC Funding 2022-II Ltd., Series 2022-2A, Class E, 11.62% (3 mo. Term SOFR + 7.00%), 04/19/2035 (b)
    
1,000,000
      
1,008,633
  
Dryden 87 CLO Ltd., Series 2021-87A, Class D, 7.73% (3 mo. Term SOFR + 3.21%), 05/20/2034 (b)
    
1,000,000
      
1,004,240
  
Elmwood CLO 14 Ltd., Series 2022-1A, Class E, 10.97% (3 mo. Term SOFR + 6.35%), 04/20/2035 (b)
    
1,000,000
      
1,007,394
  
Elmwood CLO 16 Ltd., Series 2022-3A, Class DR, 8.42% (3 mo. Term SOFR + 3.80%), 04/20/2037 (b)
    
1,000,000
      
1,024,841
  
Elmwood CLO 18 Ltd., Series 2022-5A, Class ERR, 10.45% (3 mo. Term SOFR + 5.80%), 07/17/2037 (b)
    
4,000,000
      
4,111,592
  
Elmwood CLO 19 Ltd., Series 2022-6A, Class DR, 8.80% (3 mo. Term SOFR + 4.15%), 10/17/2036 (b)
    
4,800,000
      
4,914,854
  
Elmwood CLO II Ltd., Series 2019-2A, Class D1RR, 7.61% (3 mo. Term SOFR + 3.05%), 10/20/2037 (b)
    
5,000,000
      
5,014,735
  
Elmwood CLO IV Ltd., Series 2020-1A, Class ER, 10.78% (3 mo. Term SOFR + 6.15%), 04/18/2037 (b)
    
3,000,000
      
3,089,928
  
Elmwood CLO VI Ltd., Series 2020-3A, Class D1RR, 7.73% (3 mo. Term SOFR + 3.10%), 07/18/2037 (b)
    
4,250,000
      
4,257,489
  
Elmwood CLO VII Ltd., Series 2020-4A, Class D1RR, 7.66% (3 mo. Term SOFR + 3.10%), 10/17/2037 (b)
    
3,490,000
      
3,550,450
  
Elmwood CLO VIII Ltd., Series 2021-1A, Class ER, 10.87% (3 mo. Term SOFR + 6.25%), 04/20/2037 (b)
    
3,250,000
      
3,349,057
  
Elmwood CLO X Ltd.
  
Series 2021-3A, Class DR, 7.92% (3 mo. Term SOFR + 3.30%), 04/20/2034 (b)
    
1,500,000
      
1,510,422
  
Series 2021-3A, Class ER, 10.47% (3 mo. Term SOFR + 5.85%), 04/20/2034 (b)
    
3,000,000
      
3,021,747
  
Elmwood CLO XII Ltd., Series 2021-5A, Class ER, 10.47% (3 mo. Term SOFR + 5.90%), 10/15/2037 (b)
    
5,350,000
      
5,523,415
  
Goldentree Loan Management US CLO 1 Ltd., Series 2017-1A, Class ER2, 11.38% (3 mo. Term SOFR + 6.76%), 04/20/2034 (b)
    
2,000,000
      
2,018,862
  
Goldentree Loan Management US CLO 3 Ltd., Series 2018-3A, Class D, 7.73% (3 mo. Term SOFR + 3.11%), 04/20/2030 (b)
    
1,500,000
      
1,508,706
  
Goldentree Loan Management US CLO 9 Ltd., Series 2021-9A, Class DR, 7.97% (3 mo. Term SOFR + 3.35%), 04/20/2037 (b)
    
1,300,000
      
1,326,394
  
HPS Loan Management 14-2019 Ltd., Series 14A-19, Class ER, 11.04% (3 mo. Term SOFR + 6.41%), 01/25/2034 (b)
    
2,500,000
      
2,517,913
  
KKR CLO 41 Ltd., Series 2022-41A, Class D, 7.90% (3 mo. Term SOFR + 3.25%), 04/15/2035 (b)
    
1,000,000
      
1,001,796
  
Madison Park Funding LI Ltd., Series 2021-51A, Class E, 11.15% (3 mo. Term SOFR + 6.53%), 07/19/2034 (b)
    
1,000,000
      
1,007,089
  
Madison Park Funding LX Ltd., Series 2022-60A, Class D1R, 7.68% (3 mo. Term SOFR + 3.05%), 10/25/2037 (b)
    
3,000,000
      
3,016,302
  
Madison Park Funding LXII Ltd., Series 2022-62A, Class DR, 10.50% (3 mo. Term SOFR + 5.85%), 07/17/2036 (b)
    
1,000,000
      
1,027,877
  
Madison Park Funding XLVI Ltd.
  
Series 2020-46A, Class DR, 8.07% (3 mo. Term SOFR + 3.41%), 10/15/2034 (b)
    
3,200,000
      
3,216,179
  
Series 2020-46A, Class ER, 11.17% (3 mo. Term SOFR + 6.51%), 10/15/2034 (b)
    
1,250,000
      
1,258,782
  
Madison Park Funding XLVII Ltd., Series 2020-47A, Class ER, 11.27% (3 mo. Term SOFR + 6.65%), 04/19/2037 (b)
    
2,000,000
      
2,042,516
  
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, 11.13% (3 mo. Term SOFR + 6.51%), 04/19/2033 (b)
    
1,500,000
      
1,507,761
  
Madison Park Funding XXXIV Ltd., Series 2019-34A, Class D1RR, 8.00% (3 mo. Term SOFR + 3.35%), 10/16/2037 (b)
    
1,500,000
      
1,536,971
  
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class D1A, 8.41% (3 mo. Term SOFR + 3.75%), 04/15/2037 (b)
    
5,000,000
      
5,128,500
  
Magnetite CLO XXVI Ltd., Series 2020-26A, Class DR, 7.74% (3 mo. Term SOFR + 3.11%), 07/25/2034 (b)
    
4,000,000
      
4,012,976
  
Magnetite CLO XXVII Ltd., Series 2020-27A, Class DR, 7.73% (3 mo. Term SOFR + 3.11%), 10/20/2034 (b)
    
1,000,000
      
1,006,038
  
Magnetite CLO XXXI Ltd., Series 2021-31A, Class D, 7.92% (3 mo. Term SOFR + 3.26%), 07/15/2034 (b)
    
1,000,000
      
1,003,861
  
Magnetite CLO XXXV Ltd., Series 2022-35A, Class DR, 8.63% (3 mo. Term SOFR + 4.00%), 10/25/2036 (b)
    
2,000,000
      
2,043,646
  
Magnetite CLO XXXVII Ltd., Series 2023-37A, Class D, 8.62% (3 mo. Term SOFR + 4.00%), 10/20/2036 (b)
    
4,000,000
      
4,091,704
  
Myers Park CLO Ltd., Series 2018-1A, Class D, 7.93% (3 mo. Term SOFR + 3.31%), 10/20/2030 (b)
    
1,000,000
      
1,006,108
  
Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class ER, 10.98% (3 mo. Term SOFR + 6.36%), 01/20/2032 (b)
    
850,000
      
856,207
  
Neuberger Berman Loan Advisers CLO 36 Ltd., Series 2020-36A, Class ER2, 11.92% (3 mo. Term SOFR + 7.30%), 04/20/2033 (b)
    
2,650,000
      
2,667,328
  
Neuberger Berman Loan Advisers CLO 46 Ltd., Series 2021-46A, Class D, 7.88% (3 mo. Term SOFR + 3.26%), 01/20/2036 (b)
    
5,000,000
      
5,030,230
  
OCP CLO 2020-20 Ltd., Series 2020-20A, Class D1R, 8.23% (3 mo. Term SOFR + 3.60%), 04/18/2037 (b)
    
3,150,000
      
3,211,101
  
OCP CLO 2022-25 Ltd., Series 2022-25A, Class ER, 11.13% (3 mo. Term SOFR + 5.85%), 07/20/2037 (b)
    
5,000,000
      
5,051,155
  
Octagon 55 Ltd., Series 2021-1A, Class D, 7.98% (3 mo. Term SOFR + 3.36%), 07/20/2034 (b)
    
1,575,000
      
1,582,103
  
Octagon 61 Ltd., Series 2023-2A, Class D, 10.12% (3 mo. Term SOFR + 5.50%), 04/20/2036 (b)
    
4,000,000
      
4,072,808
  
Octagon 62 Ltd.
  
Series 2022-1A, Class E, 12.37% (3 mo. Term SOFR + 7.75%), 01/20/2036 (b)
    
4,500,000
      
4,500,225
  
Series 2022-1A, Class ER, 10.91% (3 mo. Term SOFR + 6.40%), 01/23/2038 (b)
    
4,500,000
      
4,522,500
  
Octagon 65 Ltd., Series 2024-4A, Class E, 10.93% (3 mo. Term SOFR + 6.30%), 10/23/2037 (b)
    
3,500,000
      
3,598,718
  
Octagon 69 Ltd., Series 2024-3A, Class E, 10.90% (3 mo. Term SOFR + 5.90%), 07/24/2037 (b)
    
4,000,000
      
4,043,452
  
Octagon Investment Partners 29 Ltd., Series 2016-1A, Class DR2, 7.93% (3 mo. Term SOFR + 3.30%), 07/18/2039 (b)
    
3,000,000
      
3,034,221
  
Octagon Investment Partners 41 Ltd., Series 2019-2A, Class DR, 8.12% (3 mo. Term SOFR + 3.46%), 10/15/2033 (b)
    
2,500,000
      
2,514,515
  
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class ER, 11.99% (3 mo. Term SOFR + 7.33%), 04/15/2037 (b)
    
2,500,000
      
2,525,835
  
OHA Credit Funding 1 Ltd., Series 2018-1A, Class D1R, 8.22% (3 mo. Term SOFR + 3.60%), 04/20/2037 (b)
    
4,000,000
      
4,066,140
  
OHA Credit Funding 3 Ltd.
  
Series 2019-3A, Class D1R2, 7.26% (3 mo. Term SOFR + 2.75%), 01/20/2038 (b)
    
5,250,000
      
5,269,687
  
Series 2019-3A, Class DR, 7.78% (3 mo. Term SOFR + 3.16%), 07/02/2035 (b)
    
5,250,000
      
5,250,262
  
OHA Credit Funding 5 Ltd., Series 2020-5A, Class ER, 10.18% (3 mo. Term SOFR + 5.40%), 10/18/2037 (b)
    
1,000,000
      
1,012,218
  
OHA Credit Funding 7 Ltd., Series 2020-7A, Class DR, 7.72% (3 mo. Term SOFR + 3.10%), 02/24/2037 (b)
    
990,000
      
995,936
  
OHA Credit Funding 8 Ltd.
  
Series 2021-8A, Class D, 7.74% (3 mo. Term SOFR + 3.11%), 01/18/2034 (b)
    
4,500,000
      
4,520,601
  
Series 2021-8A, Class E, 10.89% (3 mo. Term SOFR + 6.26%), 01/18/2034 (b)
    
2,000,000
      
2,016,018
  
OHA Credit Partners VII Ltd., Series 2012-7A, Class D1R3, 7.68% (3 mo. Term SOFR + 3.16%), 02/20/2034 (b)
    
5,720,000
      
5,754,703
  
OHA Credit Partners XI Ltd., Series 2015-11A, Class D1R2, 7.72% (3 mo. Term SOFR + 3.10%), 04/20/2037 (b)
    
4,300,000
      
4,360,996
  
OHA Credit Partners XIII Ltd.
  
Series 2016-13A, Class D1R2, 7.62% (3 mo. Term SOFR + 3.00%), 10/21/2037 (b)
    
1,125,000
      
1,140,892
  
Series 2016-13A, Class ER2, 10.37% (3 mo. Term SOFR + 5.75%), 10/21/2037 (b)
    
1,000,000
      
1,023,439
  
OHA Loan Funding 2015-1 Ltd., Series 2015-1A, Class ER3, 11.53% (3 mo. Term SOFR + 6.91%), 01/19/2037 (b)
    
540,000
      
544,471
  
Palmer Square CLO 2015-1 Ltd., Series 2015-1A, Class CR4, 7.63% (3 mo. Term SOFR + 3.11%), 05/21/2034 (b)
    
3,195,000
      
3,223,100
  
Palmer Square CLO 2018-2 Ltd., Series 2018-2A, Class CR, 8.55% (3 mo. Term SOFR + 3.90%), 04/16/2037 (b)
    
5,000,000
      
5,129,570
  
Palmer Square CLO 2021-1 Ltd., Series 2021-1A, Class C, 7.58% (3 mo. Term SOFR + 2.96%), 04/20/2034 (b)
    
1,000,000
      
1,004,563
  
Palmer Square CLO 2021-2 Ltd., Series 2021-2A, Class D, 7.82% (3 mo. Term SOFR + 3.16%), 07/15/2034 (b)
    
1,000,000
      
1,005,328
  
Palmer Square CLO 2021-3 Ltd., Series 2021-3A, Class E, 11.07% (3 mo. Term SOFR + 6.41%), 01/15/2035 (b)
    
3,400,000
      
3,425,554
  
Palmer Square CLO 2021-4 Ltd.
  
Series 2021-4A, Class D, 7.87% (3 mo. Term SOFR + 3.21%), 10/15/2034 (b)
    
2,000,000
      
2,011,630
  
Series 2021-4A, Class E, 10.97% (3 mo. Term SOFR + 6.31%), 10/15/2034 (b)
    
3,000,000
      
3,019,314
  
Palmer Square CLO 2022-1 Ltd., Series 2022-1A, Class E, 10.97% (3 mo. Term SOFR + 6.35%), 04/20/2035 (b)
    
2,000,000
      
2,014,402
  
Palmer Square CLO 2023-4 Ltd., Series 2023-4A, Class D1R, 7.57% (3 mo. Term SOFR + 2.95%), 10/20/2037 (b)
    
4,700,000
      
4,776,751
  
Rad CLO 15 Ltd., Series 2021-15A, Class D, 7.93% (3 mo. Term SOFR + 3.31%), 01/20/2034 (b)
    
1,000,000
      
1,005,952
  
Rad CLO 25 Ltd., Series 2024-25A, Class D2, 9.77% (3 mo. Term SOFR + 4.45%), 07/20/2037 (b)
    
1,500,000
      
1,509,684
  
Regatta XX Funding Ltd., Series 2021-2A, Class E, 11.17% (3 mo. Term SOFR + 6.51%), 10/15/2034 (b)
    
2,250,000
      
2,267,656
  
Regatta XXV Funding Ltd., Series 2023-1A, Class E, 13.07% (3 mo. Term SOFR + 8.41%), 07/15/2036 (b)
    
2,500,000
      
2,587,028
  
RR 7 Ltd., Series 2019-7A, Class D1B, 11.16% (3 mo. Term SOFR + 6.50%), 01/15/2037 (b)
    
4,750,000
      
4,773,968
  
RR 14 Ltd., Series 2021-14A, Class C, 7.82% (3 mo. Term SOFR + 3.16%), 04/15/2036 (b)
    
2,000,000
      
2,008,554
  
RR 15 Ltd.
  
Series 2021-15A, Class C, 7.82% (3 mo. Term SOFR + 3.16%), 04/15/2036 (b)
    
1,000,000
      
1,004,314
  
Series 2021-15A, Class D, 11.12% (3 mo. Term SOFR + 6.46%), 04/15/2036 (b)
    
2,500,000
      
2,512,355
  
                 
Sixth Street CLO XVII Ltd., Series 2021-17A, Class E, 11.08% (3 mo. Term SOFR + 6.46%), 01/20/2034 (b)
    
1,500,000
      
1,508,729
  
Sixth Street CLO XVIII Ltd., Series 2021-18A, Class E, 11.38% (3 mo. Term SOFR + 6.76%), 04/20/2034 (b)
    
1,000,000
      
1,008,811
  
Symphony CLO XXVIII Ltd., Series 2021-28A, Class D, 8.04% (3 mo. Term SOFR + 3.41%), 10/23/2034 (b)
    
1,500,000
      
1,508,127
  
Symphony Static CLO I Ltd., Series 2021-1A, Class E1, 10.24% (3 mo. Term SOFR + 5.61%), 10/25/2029 (b)
    
2,500,000
      
2,509,660
  
Thayer Park CLO Ltd., Series 2017-1A, Class DR, 11.13% (3 mo. Term SOFR + 6.51%), 04/20/2034 (b)
    
3,500,000
      
3,514,798
  
TICP CLO XIII Ltd., Series 2019-13A, Class DR, 8.07% (3 mo. Term SOFR + 3.41%), 04/15/2034 (b)
    
1,000,000
      
1,006,109
  
Trestles CLO VI Ltd.
  
Series 2023-6A, Class D, 9.63% (3 mo. Term SOFR + 5.00%), 01/25/2036 (b)
    
2,000,000
      
2,020,762
  
Series 2023-6A, Class E, 11.13% (3 mo. Term SOFR + 6.50%), 01/25/2036 (b)
    
2,500,000
      
2,514,270
  
Wellman Park CLO Ltd.
  
Series 2021-1A, Class D1R, 7.71% (3 mo. Term SOFR + 3.05%), 07/15/2037 (b)
    
2,500,000
      
2,538,305
  
Series 2021-1A, Class ER, 10.96% (3 mo. Term SOFR + 6.30%), 07/15/2037 (b)
    
5,000,000
      
5,092,570
  
             
345,782,346
  
                 
Jersey - 15.3%
  
AGL CLO 21 Ltd., Series 2022-21A, Class ER, 10.27% (3 mo. Term SOFR + 5.65%), 10/21/2037 (b)
    
4,500,000
      
4,555,746
  
AGL CLO 23 Ltd.
  
Series 2022-23A, Class D, 10.55% (3 mo. Term SOFR + 5.93%), 01/20/2036 (b)
    
2,000,000
      
2,024,662
  
Series 2022-23A, Class E, 13.37% (3 mo. Term SOFR + 8.75%), 01/20/2036 (b)
    
3,000,000
      
3,055,884
  
AGL CLO 24 Ltd., Series 2023-24A, Class E, 13.28% (3 mo. Term SOFR + 8.65%), 07/25/2036 (b)
    
2,500,000
      
2,577,355
  
AGL CLO 30 Ltd., Series 2024-30RA, Class D, 8.07% (3 mo. Term SOFR + 3.45%), 04/21/2037 (b)
    
3,000,000
      
3,039,816
  
Apidos CLO XL Ltd., Series 2022-40A, Class ER, 10.26% (3 mo. Term SOFR + 5.60%), 07/15/2037 (b)
    
1,000,000
      
1,012,539
  
Apidos CLO XLIII Ltd., Series 2023-43A, Class E, 12.38% (3 mo. Term SOFR + 7.75%), 04/25/2035 (b)
    
3,000,000
      
3,063,954
  
Apidos CLO XXXIX Ltd., Series 2022-39A, Class D, 7.97% (3 mo. Term SOFR + 3.35%), 04/21/2035 (b)
    
1,500,000
      
1,506,735
  
Ares Loan Funding IV Ltd., Series 2023-ALF4A, Class D, 9.34% (3 mo. Term SOFR + 4.68%), 10/15/2036 (b)
    
3,000,000
      
3,074,136
  
Ares LXIX CLO Ltd., Series 2024-69A, Class E, 11.16% (3 mo. Term SOFR + 6.50%), 04/15/2036 (b)
    
4,000,000
      
4,089,532
  
Bain Capital Credit CLO 2022-3 Ltd., Series 2022-3A, Class D, 8.35% (3 mo. Term SOFR + 3.70%), 07/17/2035 (b)
    
500,000
      
502,550
  
Bain Capital Credit CLO 2022-5 Ltd., Series 2022-5A, Class DR, 8.89% (3 mo. Term SOFR + 4.25%), 01/24/2037 (b)
    
5,000,000
      
5,131,615
  
Bain Capital Credit CLO 2023-1 Ltd., Series 2023-1A, Class D, 9.55% (3 mo. Term SOFR + 4.90%), 04/16/2036 (b)
    
2,000,000
      
2,029,426
  
Bear Mountain Park CLO Ltd., Series 2022-1A, Class ER, 10.61% (3 mo. Term SOFR + 5.95%), 07/15/2037 (b)
    
4,000,000
      
4,043,036
  
Benefit Street Partners CLO XXIX Ltd., Series 2022-29A, Class E, 12.44% (3 mo. Term SOFR + 7.81%), 01/25/2036 (b)
    
2,000,000
      
2,034,286
  
Dryden 108 CLO Ltd., Series 2022-108A, Class D1R, 7.73% (3 mo. Term SOFR + 3.10%), 07/18/2037 (b)
    
800,000
      
807,109
  
Dryden 112 CLO Ltd., Series 2022-112A, Class DR, 9.02% (3 mo. Term SOFR + 4.50%), 11/15/2036 (b)
    
1,000,000
      
1,021,320
  
Elmwood CLO 15 Ltd., Series 2022-2A, Class D, 8.30% (3 mo. Term SOFR + 3.67%), 04/22/2035 (b)
    
250,000
      
251,589
  
Goldentree Loan Management US CLO 12 Ltd., Series 2022-12A, Class ER, 10.32% (3 mo. Term SOFR + 5.70%), 07/20/2037 (b)
    
300,000
      
306,094
  
Goldentree Loan Management US CLO 15 Ltd., Series 2022-15A, Class ER, 11.12% (3 mo. Term SOFR + 6.50%), 10/20/2036 (b)
    
2,500,000
      
2,575,220
  
Goldentree Loan Management US CLO 16 Ltd., Series 2022-16A, Class ER, 11.12% (3 mo. Term SOFR + 6.50%), 01/20/2034 (b)
    
4,000,000
      
4,030,012
  
Goldentree Loan Management US CLO 20 Ltd.
  
Series 2024-20A, Class D, 7.77% (3 mo. Term SOFR + 3.15%), 07/20/2037 (b)
    
1,500,000
      
1,522,100
  
Series 2024-20A, Class E, 10.52% (3 mo. Term SOFR + 5.90%), 07/20/2037 (b)
    
3,000,000
      
3,073,500
  
Goldentree Loan Management US CLO 21 Ltd., Series 2024-21A, Class D, 7.67% (3 mo. Term SOFR + 3.05%), 07/20/2037 (b)
    
1,000,000
      
1,014,214
  
Invesco US CLO 2023-1 Ltd., Series 2023-1A, Class ER, 11.53% (3 mo. Term SOFR + 6.90%), 04/22/2037 (b)
    
1,000,000
      
1,026,527
  
Invesco US CLO 2023-2 Ltd., Series 2023-2A, Class D, 9.57% (3 mo. Term SOFR + 4.95%), 04/21/2036 (b)
    
3,250,000
      
3,305,828
  
Invesco US CLO 2024-3 Ltd., Series 2024-3A, Class D, 8.87% (3 mo. Term SOFR + 3.55%), 07/20/2037 (b)
    
1,400,000
      
1,430,155
  
Neuberger Berman Loan Advisers CLO 50 Ltd., Series 2022-50A, Class ER, 10.13% (3 mo. Term SOFR + 5.50%), 07/23/2036 (b)
    
5,000,000
      
5,032,920
  
Palmer Square CLO 2020-3 Ltd.
  
Series 2020-3A, Class CR2, 8.77% (3 mo. Term SOFR + 4.25%), 11/15/2036 (b)
    
1,000,000
      
1,019,588
  
Series 2020-3A, Class DR2, 11.77% (3 mo. Term SOFR + 7.25%), 11/15/2036 (b)
    
925,000
      
952,150
  
Regatta XXVII Funding Ltd., Series 2024-1A, Class E, 11.12% (3 mo. Term SOFR + 6.50%), 04/26/2037 (b)
    
2,000,000
      
2,051,396
  
             
71,160,994
  
                 
United States - 1.7%
  
Clover CLO 2018-1 Ltd., Series 2018-1A, Class D1RR, 8.07% (3 mo. Term SOFR + 3.45%), 04/20/2037 (b)
    
2,000,000
      
2,033,622
  
Clover CLO 2019-2 Ltd., Series 2019-2A, Class ER, 11.29% (3 mo. Term SOFR + 6.66%), 10/25/2033 (b)
    
6,000,000
      
6,080,232
  
             
8,113,854
  
                 
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $422,335,050)
      
428,087,842
  
                 
TOTAL INVESTMENTS - 92.2% (Cost $422,335,050)
      
428,087,842
  
Money Market Deposit Account - 8.8% (d)
      
40,955,823
  
Liabilities in Excess of Other Assets - (1.0)%
      
(4,797,191
)
TOTAL NET ASSETS - 100.0%
          
$
464,246,474
  
two
      
–
%
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 November 30, 2024.
(b)
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 November 30, 2024, the value of these securities total $428,087,842 or 92.2% of the Fund’s net assets.
(c)
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.
(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 November 30, 2024 was 4.38%.
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 Panagram Structured Asset Management, LLC 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 November 30, 2024:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Collateralized Loan Obligations
  
$
–
    
$
428,087,842
    
$
–
    
$
428,087,842
  
Total Investments
  
$
–
    
$
428,087,842
    
$
–
    
$
428,087,842
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.