NPORT-EX 2 tiaa_FHIB.htm
1
Portfolio
of
Investments
November
30,
2024
Credit
Income
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
96.9%
4116868
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
4
.4
%
4116868
AUTOMOBILES
&
COMPONENTS
-
0.2%
$
225,000
(a),(b)
General
Motors
Financial
Co
Inc
5
.700
%
N/A
$
219,170
TOTAL
AUTOMOBILES
&
COMPONENTS
219,170
CAPITAL
GOODS
-
0.3%
250,000
(c)
AerCap
Global
Aviation
Trust
6
.500
06/15/45
249,820
TOTAL
CAPITAL
GOODS
249,820
ENERGY
-
1.6%
235,000
(b)
Energy
Transfer
LP
6
.500
N/A
235,108
160,000
(c)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.625
03/01/55
165,183
82,000
(c)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
85,820
1,000,000
(b),(c)
Venture
Global
LNG
Inc
9
.000
N/A
1,036,304
TOTAL
ENERGY
1,522,415
FINANCIAL
SERVICES
-
0.2%
150,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
155,539
TOTAL
FINANCIAL
SERVICES
155,539
INSURANCE
-
0.3%
310,000
Enstar
Finance
LLC
5
.750
09/01/40
307,256
TOTAL
INSURANCE
307,256
MEDIA
&
ENTERTAINMENT
-
0.4%
330,000
Paramount
Global
6
.375
03/30/62
318,256
TOTAL
MEDIA
&
ENTERTAINMENT
318,256
UTILITIES
-
1.4%
309,000
(c)
AltaGas
Ltd
7
.200
10/15/54
315,558
275,000
(b)
Edison
International
5
.375
N/A
272,544
180,000
(b),(c)
NRG
Energy
Inc
10
.250
N/A
199,661
300,000
PG&E
Corp
7
.375
03/15/55
310,035
230,000
(b),(c)
Vistra
Corp
8
.875
N/A
246,614
TOTAL
UTILITIES
1,344,412
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$3,915,569)
4,116,868
SHARES
DESCRIPTION
RATE
VALUE
168,938
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
0
.2
%
168,938
FINANCIAL
SERVICES
-
0.2%
6,375
Synchrony
Financial
8
.250
168,938
TOTAL
FINANCIAL
SERVICES
168,938
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$159,375)
168,938
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
-
7.6%
–
1,000,000
(c)
Affirm
Asset
Securitization
Trust
2024-B,
2024
B
8
.550
09/15/29
1,001,001
2,500
(c),(d)
Carvana
Auto
Receivables
Trust
2021-P2,
2021
P2
0
.000
05/10/28
503,375
500,000
(c)
Frontier
Issuer
LLC,
2023
1
11
.500
08/20/53
533,134
500,000
(c),(e)
GoldentTree
Loan
Management
US
CLO
1
Ltd,
(LIBOR
3
M
+
7.762%),
2021
11A
8
.563
10/20/34
491,726
500,000
(c)
Hertz
Vehicle
Financing
III
LLC,
2024
1A
9
.220
01/25/29
501,672
750,000
(c)
Hotwire
Funding
LLC,
2024
1A
9
.188
06/20/54
781,639
1,525,000
(c),(d)
Mosaic
Solar
Loan
Trust
2019-2,
2019
2A
0
.000
09/20/40
571,722
1,700,000
(c),(d)
Mosaic
Solar
Loan
Trust
2020-1,
2020
20-1A
0
.000
04/20/46
846,090
86,162
(c)
Oportun
Funding
XIV
LLC,
2021
A
5
.400
03/08/28
84,415
500,000
(c)
Oportun
Issuance
Trust
2024-2,
2024
2
10
.470
02/09/32
508,211
750,000
(c),(e)
Thayer
Park
CLO
Ltd,
(TSFR3M
+
9.132%),
2017
1A
1
.000
04/20/34
686,126
747,280
(c)
VR
Funding
LLC,
2020
1A
6
.420
11/15/50
701,194
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$8,422,811)
7,210,305
Portfolio
of
Investments
November
30,
2024
(continued)
Credit
Income
2
SHARES
DESCRIPTION
VALUE
89
COMMON
STOCKS
-
0
.0
%
89
TRANSPORTATION
-
0.0%
8,907
(d),(f)
Jack
Cooper
Enterprises
Inc
89
TOTAL
TRANSPORTATION
89
TOTAL
COMMON
STOCKS
(Cost
$0)
89
PRINCIPAL
DESCRIPTION
(g)
RATE
MATURITY
VALUE
2207360
CONTINGENT
CAPITAL
SECURITIES
-
2
.3
%
2207360
BANKS
-
1.4%
$
200,000
(b)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
N/A
$
217,739
200,000
(b),(c)
Banco
de
Credito
e
Inversiones
SA
7
.500
N/A
197,990
200,000
(b),(c)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
6
.625
N/A
179,700
200,000
Bancolombia
SA
8
.625
12/24/34
209,821
300,000
(b)
Barclays
PLC
8
.000
N/A
311,298
300,000
(b),(c)
Intesa
Sanpaolo
SpA
7
.700
N/A
299,919
TOTAL
BANKS
1,416,467
FINANCIAL
SERVICES
-
0.9%
350,000
(b)
Deutsche
Bank
AG
6
.000
N/A
342,991
200,000
(b),(c)
UBS
Group
AG
9
.250
N/A
229,915
200,000
(b),(c)
UBS
Group
AG
9
.250
N/A
217,987
TOTAL
FINANCIAL
SERVICES
790,893
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$2,041,760)
2,207,360
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
57631099
CORPORATE
BONDS
-
61
.0
%
57631099
AUTOMOBILES
&
COMPONENTS
-
1.9%
300,000
(a),(c)
Dornoch
Debt
Merger
Sub
Inc
6
.625
10/15/29
237,509
250,000
(a)
Goodyear
Tire
&
Rubber
Co/The
5
.250
07/15/31
230,024
830,000
(c)
IHO
Verwaltungs
GmbH
8
.000
11/15/32
840,375
510,000
(c)
Phinia
Inc
6
.625
10/15/32
513,805
TOTAL
AUTOMOBILES
&
COMPONENTS
1,821,713
BANKS
-
0.4%
200,000
(c)
Akbank
TAS
7
.498
01/20/30
203,573
200,000
(c)
Ecobank
Transnational
Inc
10
.125
10/15/29
206,965
TOTAL
BANKS
410,538
CAPITAL
GOODS
-
1.2%
500,000
(c)
Albion
Financing
2
Sarl
8
.750
04/15/27
508,975
400,000
(c)
Dcli
Bidco
LLC
7
.750
11/15/29
413,641
200,000
(c)
IHS
Holding
Ltd
8
.250
11/29/31
196,557
TOTAL
CAPITAL
GOODS
1,119,173
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.1%
200,000
(c)
Ambipar
Lux
Sarl
9
.875
02/06/31
206,954
290,000
(c)
Garda
World
Security
Corp
8
.250
08/01/32
295,473
305,000
(c)
RR
Donnelley
&
Sons
Co
9
.500
08/01/29
313,307
250,000
(c)
RR
Donnelley
&
Sons
Co
10
.875
08/01/29
254,956
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,070,690
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
4.3%
530,000
(c)
Carvana
Co,
(cash
12.000%,
PIK
12.000%)
12
.000
12/01/28
564,520
559,125
(c)
Carvana
Co,
(cash
13.000%,
PIK
13.000%)
13
.000
06/01/30
614,362
150,000
(c)
Cougar
JV
Subsidiary
LLC
8
.000
05/15/32
157,369
550,000
Kohl's
Corp
4
.625
05/01/31
444,642
200,000
(c)
LCM
Investments
Holdings
II
LLC
8
.250
08/01/31
209,112
700,000
(a),(c)
Macy's
Retail
Holdings
LLC
6
.125
03/15/32
668,851
952,000
(c)
Michaels
Cos
Inc/The
7
.875
05/01/29
509,597
625,000
(c)
Staples
Inc
10
.750
09/01/29
616,207
250,000
(c)
Wayfair
LLC
7
.250
10/31/29
253,348
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
4,038,008
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER
DURABLES
&
APPAREL
-
1.2%
$
500,000
(c)
CD&R
Smokey
Buyer
Inc
9
.500
10/15/29
$
504,001
200,000
(c)
Champ
Acquisition
Corp
8
.375
12/01/31
206,889
450,000
(c)
S&S
Holdings
LLC
8
.375
10/01/31
455,567
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,166,457
CONSUMER
SERVICES
-
1.6%
365,000
(a),(c)
Caesars
Entertainment
Inc
6
.000
10/15/32
358,777
350,000
(c)
Life
Time
Inc
6
.000
11/15/31
350,113
450,000
(c)
Motion
Bondco
DAC
6
.625
11/15/27
421,441
200,000
(c)
Studio
City
Finance
Ltd
6
.500
01/15/28
194,007
215,000
(c)
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
6
.250
03/15/33
214,461
TOTAL
CONSUMER
SERVICES
1,538,799
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.4%
375,000
(a)
Walgreens
Boots
Alliance
Inc
8
.125
08/15/29
377,598
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
377,598
ENERGY
-
6.7%
195,000
(c)
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6
.625
09/01/32
197,666
260,000
(c)
Baytex
Energy
Corp
7
.375
03/15/32
259,047
370,000
(c)
Borr
IHC
Ltd
/
Borr
Finance
LLC
10
.000
11/15/28
368,213
500,000
(c)
Coronado
Finance
Pty
Ltd
9
.250
10/01/29
514,858
250,000
(c)
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp
8
.625
03/15/29
260,660
200,000
Ecopetrol
SA
7
.750
02/01/32
196,369
125,000
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
7
.875
05/15/32
125,985
250,000
(c)
Global
Partners
LP
/
GLP
Finance
Corp
8
.250
01/15/32
262,393
200,000
(c)
Gran
Tierra
Energy
Inc
9
.500
10/15/29
190,741
375,000
(c)
Harvest
Midstream
I
LP
7
.500
05/15/32
385,339
450,000
(c)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
8
.375
11/01/33
475,291
300,000
(c)
Kosmos
Energy
Ltd
7
.750
05/01/27
289,801
150,000
(c)
Matador
Resources
Co
6
.250
04/15/33
147,929
250,000
(c)
Medco
Laurel
Tree
Pte
Ltd
6
.950
11/12/28
249,591
225,000
(a),(c)
Nabors
Industries
Inc
8
.875
08/15/31
217,378
215,000
(c)
Noble
Finance
II
LLC
8
.000
04/15/30
220,176
295,000
(c)
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
7
.875
09/15/30
302,791
200,000
Petroleos
Mexicanos
5
.950
01/28/31
172,032
300,000
(c)
SierraCol
Energy
Andina
LLC
6
.000
06/15/28
277,289
350,000
(c)
Talos
Production
Inc
9
.000
02/01/29
366,184
113,462
(c)
Transocean
Aquila
Ltd
8
.000
09/30/28
116,463
300,000
(c)
Transocean
Inc
8
.250
05/15/29
302,749
255,000
(c)
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
7
.125
03/15/29
261,250
200,000
YPF
SA,
Reg
S
9
.500
01/17/31
211,159
TOTAL
ENERGY
6,371,354
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.6%
378,000
(a)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
5
.000
10/15/27
319,416
740,000
(c)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
10
.500
02/15/28
786,171
475,000
(c)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
6
.500
02/15/29
416,576
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
1,522,163
FINANCIAL
SERVICES
-
4.4%
600,000
(c)
Azorra
Finance
Ltd
7
.750
04/15/30
602,815
750,000
(c)
Encore
Capital
Group
Inc
8
.500
05/15/30
793,942
200,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4
.375
02/01/29
172,743
450,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
9
.000
06/15/30
446,686
310,000
(c)
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
10
.000
11/15/29
317,931
250,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5
.250
05/15/27
240,326
200,000
(c)
Jane
Street
Group
/
JSG
Finance
Inc
6
.125
11/01/32
200,809
200,000
(c)
Muthoot
Finance
Ltd
6
.375
04/23/29
198,039
250,000
OneMain
Finance
Corp
7
.125
11/15/31
257,521
200,000
(c)
PennyMac
Financial
Services
Inc
7
.875
12/15/29
211,391
315,000
(c)
Starwood
Property
Trust
Inc
6
.000
04/15/30
310,972
400,000
(a),(c)
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding
Inc
6
.375
02/01/30
352,864
TOTAL
FINANCIAL
SERVICES
4,106,039
Portfolio
of
Investments
November
30,
2024
(continued)
Credit
Income
4
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
FOOD,
BEVERAGE
&
TOBACCO
-
1.4%
$
400,000
(c)
Fiesta
Purchaser
Inc
9
.625
%
09/15/32
$
421,927
250,000
(c)
Post
Holdings
Inc
6
.375
03/01/33
249,026
650,000
(c)
Viking
Baked
Goods
Acquisition
Corp
8
.625
11/01/31
637,863
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,308,816
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
3.3%
402,000
(c)
CHS/Community
Health
Systems
Inc
6
.125
04/01/30
297,572
425,000
(c)
CHS/Community
Health
Systems
Inc
10
.875
01/15/32
442,259
759,244
(c)
Global
Medical
Response
Inc,
(cash
10.000%,
PIK
10.000%)
10
.000
10/31/28
762,091
355,000
(c)
Heartland
Dental
LLC
/
Heartland
Dental
Finance
Corp
10
.500
04/30/28
377,721
320,000
(c)
Molina
Healthcare
Inc
6
.250
01/15/33
322,716
909,000
(c)
Prime
Healthcare
Services
Inc
9
.375
09/01/29
923,264
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
3,125,623
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.5%
250,000
(a),(c)
Kronos
Acquisition
Holdings
Inc
10
.750
06/30/32
228,236
250,000
Perrigo
Finance
Unlimited
Co
6
.125
09/30/32
249,158
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
477,394
INSURANCE
-
2.5%
475,000
(c)
Acrisure
LLC
/
Acrisure
Finance
Inc
8
.250
02/01/29
488,020
500,000
(c)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6
.500
10/01/31
500,014
270,000
(c)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
7
.375
10/01/32
271,627
605,000
(c)
APH
Somerset
Investor
2
LLC
/
APH2
Somerset
Investor
2
LLC
/
APH3
Somerset
Inves
7
.875
11/01/29
611,806
260,000
(c)
Ardonagh
Finco
Ltd
7
.750
02/15/31
265,451
225,000
(c)
Panther
Escrow
Issuer
LLC
7
.125
06/01/31
230,475
TOTAL
INSURANCE
2,367,393
MATERIALS
-
3.8%
200,000
(c)
Braskem
Idesa
SAPI
6
.990
02/20/32
149,715
350,000
(c)
LABL
Inc
8
.625
10/01/31
330,030
200,000
(c)
LD
Celulose
International
GmbH
7
.950
01/26/32
204,062
200,000
(c)
Limak
Cimento
Sanayi
ve
Ticaret
AS
9
.750
07/25/29
194,512
285,000
(c)
Methanex
US
Operations
Inc
6
.250
03/15/32
284,393
500,000
(c)
Mineral
Resources
Ltd
8
.000
11/01/27
509,617
200,000
(c)
Mineral
Resources
Ltd
8
.500
05/01/30
204,379
230,000
(c)
Mineral
Resources
Ltd
9
.250
10/01/28
240,907
385,000
(c)
NOVA
Chemicals
Corp
7
.000
12/01/31
393,442
250,000
(a),(c)
Olympus
Water
US
Holding
Corp
6
.250
10/01/29
239,528
200,000
(c)
Sasol
Financing
USA
LLC
8
.750
05/03/29
205,884
255,000
(c)
Tronox
Inc
4
.625
03/15/29
234,901
200,000
UPL
Corp
Ltd,
Reg
S
4
.625
06/16/30
175,493
225,000
(c)
WR
Grace
Holdings
LLC
5
.625
08/15/29
210,406
TOTAL
MATERIALS
3,577,269
MEDIA
&
ENTERTAINMENT
-
8.1%
600,000
(c)
Advantage
Sales
&
Marketing
Inc
6
.500
11/15/28
574,796
250,000
(c)
AMC
Entertainment
Holdings
Inc
7
.500
02/15/29
223,008
700,000
(c)
Cablevision
Lightpath
LLC
5
.625
09/15/28
649,798
500,000
(c)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4
.250
01/15/34
416,897
750,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4
.400
12/01/61
527,319
375,000
(c)
CSC
Holdings
LLC
5
.500
04/15/27
339,038
400,000
(c)
CSC
Holdings
LLC
4
.125
12/01/30
300,466
750,000
(c)
CSC
Holdings
LLC
11
.250
05/15/28
742,152
1,550,000
(c)
DISH
Network
Corp
11
.750
11/15/27
1,646,751
100,000
(c)
Gray
Television
Inc
4
.750
10/15/30
59,076
135,000
(c)
Gray
Television
Inc
10
.500
07/15/29
137,389
825,000
(c)
LCPR
Senior
Secured
Financing
DAC
6
.750
10/15/27
750,787
280,000
(c)
McGraw-Hill
Education
Inc
7
.375
09/01/31
290,007
250,000
(a),(c)
Sirius
XM
Radio
Inc
3
.875
09/01/31
216,415
400,000
(c)
Univision
Communications
Inc
8
.500
07/31/31
396,815
250,000
(c)
Univision
Communications
Inc
7
.375
06/30/30
241,011
200,000
(c)
VZ
Secured
Financing
BV
5
.000
01/15/32
178,728
TOTAL
MEDIA
&
ENTERTAINMENT
7,690,453
5
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
1.5%
$
800,000
(c)
Bausch
Health
Cos
Inc
4
.875
%
06/01/28
$
662,054
700,000
(a),(c)
Grifols
SA
4
.750
10/15/28
638,643
125,000
(a),(c)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
7
.875
05/15/34
129,065
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1,429,762
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.9%
879,000
(a),(c)
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co-Issuer
Corp
7
.000
04/15/30
819,077
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
819,077
SOFTWARE
&
SERVICES
-
1.4%
350,000
(c)
Ahead
DB
Holdings
LLC
6
.625
05/01/28
346,847
300,000
(c)
Condor
Merger
Sub
Inc
7
.375
02/15/30
291,711
400,000
(c)
Ellucian
Holdings
Inc
6
.500
12/01/29
407,079
240,000
(c)
Rocket
Software
Inc
9
.000
11/28/28
249,323
TOTAL
SOFTWARE
&
SERVICES
1,294,960
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
1.5%
375,000
(c)
CommScope
LLC
8
.250
03/01/27
347,883
550,000
(c)
CommScope
LLC
6
.000
03/01/26
540,136
500,000
(c)
CommScope
Technologies
LLC
6
.000
06/15/25
489,091
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
1,377,110
TELECOMMUNICATION
SERVICES
-
6.2%
400,000
(c)
Altice
France
SA
8
.125
02/01/27
336,149
600,000
EchoStar
Corp
10
.750
11/30/29
649,066
120,000
(c)
Iliad
Holding
SASU
8
.500
04/15/31
127,763
555,000
(c),(h)
Iliad
Holding
SASU
7
.000
04/15/32
560,986
325,000
(c)
Level
3
Financing
Inc
3
.750
07/15/29
254,038
250,000
(c)
Level
3
Financing
Inc
10
.500
04/15/29
279,689
725,000
(c)
Level
3
Financing
Inc
4
.875
06/15/29
633,403
400,000
(c)
Lumen
Technologies
Inc
4
.500
01/15/29
336,000
200,000
(c)
Sable
International
Finance
Ltd
7
.125
10/15/32
200,382
150,000
(c)
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp
8
.250
10/01/31
156,612
350,000
(c)
Windstream
Services
LLC
/
Windstream
Escrow
Finance
Corp
7
.750
08/15/28
352,746
1,150,000
(c)
Zayo
Group
Holdings
Inc
4
.000
03/01/27
1,084,400
450,000
(a),(c)
Zayo
Group
Holdings
Inc
6
.125
03/01/28
415,125
460,000
(c)
Zegona
Finance
PLC
8
.625
07/15/29
488,750
TOTAL
TELECOMMUNICATION
SERVICES
5,875,109
TRANSPORTATION
-
3.1%
1,850,000
(a),(c)
Brightline
East
LLC
11
.000
01/31/30
1,733,028
200,000
(c)
Cargo
Aircraft
Management
Inc
4
.750
02/01/28
198,285
200,000
(c)
Grupo
Aeromexico
SAB
de
CV
8
.250
11/15/29
198,880
756,000
(a),(c)
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding
Inc
9
.500
06/01/28
756,672
TOTAL
TRANSPORTATION
2,886,865
UTILITIES
-
2.0%
355,000
(c)
California
Buyer
Ltd
/
Atlantica
Sustainable
Infrastructure
PLC
6
.375
02/15/32
355,403
200,000
(c)
Continuum
Green
Energy
India
Pvt
/
Co-Issuers
7
.500
06/26/33
204,619
500,000
(c)
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5
.875
04/01/29
468,330
205,250
(c)
India
Cleantech
Energy2021
1
4
.700
08/10/26
198,684
240,000
(c)
NRG
Energy
Inc
6
.000
02/01/33
238,662
190,000
(c)
NRG
Energy
Inc
6
.250
11/01/34
189,978
200,000
(c)
Pampa
Energia
SA
7
.950
09/10/31
203,060
TOTAL
UTILITIES
1,858,736
TOTAL
CORPORATE
BONDS
(Cost
$56,474,232)
57,631,099
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
-
10.1%
–
1,000,000
(c),(e)
Ashford
Hospitality
Trust
2018-KEYS,
(LIBOR
1
M
+
3.047%),
2018
KEYS
2
.860
06/15/35
987,169
1,000,000
(c)
COMM
2014-UBS3
Mortgage
Trust,
2014
UBS3
4
.767
06/10/47
396,918
900,000
(c)
COMM
2015-CCRE22
Mortgage
Trust,
2015
CR22
3
.000
03/10/48
608,360
485,000
COMM
2015-CCRE25
Mortgage
Trust,
2015
CR25
3
.768
08/10/48
444,362
Portfolio
of
Investments
November
30,
2024
(continued)
Credit
Income
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
$
850,000
(c),(e)
Connecticut
Avenue
Securities
Trust
2022-R01,
(SOFR30A
+
6.000%),
2022
R01
10
.734
%
12/25/41
$
896,109
565,000
(c),(e)
Connecticut
Avenue
Securities
Trust
2023-R06,
(SOFR30A
+
5.900%),
2023
R06
10
.634
07/25/43
621,354
1,000,000
(c),(e)
Freddie
Mac
STACR
REMIC
Trust
2021-DNA6,
(SOFR30A
+
7.500%),
2021
DNA6
12
.234
10/25/41
1,078,951
1,000,000
(c),(e)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA1,
(SOFR30A
+
7.100%),
2022
DNA1
11
.834
01/25/42
1,071,385
450,000
(c),(e)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
(SOFR30A
+
4.750%),
2022
DNA2
9
.484
02/25/42
474,435
1,098,000
(c),(e)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
(SOFR30A
+
8.500%),
2022
DNA2
13
.788
02/25/42
1,212,463
920,000
(c),(e)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
(SOFR30A
+
9.750%),
2022
DNA3
15
.087
04/25/42
1,045,503
800,000
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C22,
2014
C22
4
.662
09/15/47
709,898
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$10,081,190)
9,546,907
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
3198249
SOVEREIGN
DEBT
-
3
.4
%
3198249
ANGOLA
-
0.2%
200,000
(c)
Angolan
Government
International
Bond
8
.750
04/14/32
179,158
TOTAL
ANGOLA
179,158
BENIN
-
0.2%
200,000
(c)
Benin
Government
International
Bond
7
.960
02/13/38
194,112
TOTAL
BENIN
194,112
COLOMBIA
-
0.2%
200,000
Colombia
Government
International
Bond
3
.250
04/22/32
156,547
TOTAL
COLOMBIA
156,547
COTE
D'IVOIRE
-
0.3%
300,000
(c)
Ivory
Coast
Government
International
Bond
6
.125
06/15/33
272,850
TOTAL
COTE
D'IVOIRE
272,850
DOMINICAN
REPUBLIC
-
0.1%
150,000
(c)
Dominican
Republic
International
Bond
6
.600
06/01/36
152,992
TOTAL
DOMINICAN
REPUBLIC
152,992
ECUADOR
-
0.2%
400,000
Ecuador
Government
International
Bond,
Reg
S
5
.500
07/31/35
219,554
TOTAL
ECUADOR
219,554
EGYPT
-
0.2%
200,000
(c)
Egypt
Government
International
Bond
8
.750
09/30/51
163,300
TOTAL
EGYPT
163,300
EL
SALVADOR
-
0.2%
200,000
(c)
El
Salvador
Government
International
Bond
7
.625
09/21/34
182,095
TOTAL
EL
SALVADOR
182,095
HONDURAS
-
0.2%
200,000
(c)
Honduras
Government
International
Bond
5
.625
06/24/30
178,300
TOTAL
HONDURAS
178,300
JORDAN
-
0.2%
200,000
(c)
Jordan
Government
International
Bond
5
.850
07/07/30
190,529
TOTAL
JORDAN
190,529
KENYA
-
0.2%
200,000
(c)
Republic
of
Kenya
Government
International
Bond
7
.000
05/22/27
197,500
TOTAL
KENYA
197,500
NIGERIA
-
0.2%
200,000
(c)
Nigeria
Government
International
Bond
6
.125
09/28/28
181,671
TOTAL
NIGERIA
181,671
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PARAGUAY
-
0.2%
$
200,000
(c)
Paraguay
Government
International
Bond
6
.000
%
02/09/36
$
205,080
TOTAL
PARAGUAY
205,080
RWANDA
-
0.2%
200,000
(c)
Rwanda
International
Government
Bond
5
.500
08/09/31
169,678
TOTAL
RWANDA
169,678
SENEGAL
-
0.3%
300,000
(c)
Senegal
Government
International
Bond
6
.250
05/23/33
252,114
TOTAL
SENEGAL
252,114
SOUTH
AFRICA
-
0.3%
300,000
(c)
Republic
of
South
Africa
Government
International
Bond
7
.100
11/19/36
302,769
TOTAL
SOUTH
AFRICA
302,769
TOTAL
SOVEREIGN
DEBT
(Cost
$3,161,295)
3,198,249
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
7501416
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
7
.9
%
7501416
CAPITAL
GOODS
-
0.5%
450,464
(e)
Windsor
Holdings
III,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.500%)
8
.099
08/01/30
456,827
TOTAL
CAPITAL
GOODS
456,827
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.7%
650,000
(e)
Johnstone
Supply
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
7
.640
05/16/31
654,352
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
654,352
CONSUMER
SERVICES
-
1.1%
410,660
(e)
ClubCorp
Holdings,
Inc.,
Term
Loan
B2,
(TSFR3M
+
5.000%)
9
.865
09/18/26
412,627
600,000
(e)
GBT
US
III
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.626
07/28/31
605,187
TOTAL
CONSUMER
SERVICES
1,017,814
FINANCIAL
SERVICES
-
0.4%
430,000
(e)
Boost
Newco
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
7
.104
01/31/31
434,683
TOTAL
FINANCIAL
SERVICES
434,683
FOOD,
BEVERAGE
&
TOBACCO
-
0.3%
1,768
(e)
City
Brewing
Company,
LLC,
First
Lien,
(TSFR3M
+
5.000%)
9
.647
04/14/28
751
89,902
(e)
City
Brewing
Company,
LLC,
First
Out
New
Money
Term
Loan,
(TSFR3M
+
6.250%)
10
.906
04/05/28
72,820
235,255
(e)
City
Brewing
Company,
LLC,
FLFO
Roll
Up
Term
Loan,
(TSFR3M
+
3.500%)
8
.418
04/14/28
176,442
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
250,013
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.3%
488,750
(e)
Bausch
&
Lomb
Corporation,
Term
Loan,
(TSFR1M
+
3.250%)
7
.938
05/05/27
490,967
448,021
(e)
Medline
Borrower,
LP,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.823
10/23/28
451,213
2,425
(e)
Onex
TSG
Intermediate
Corp.,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.597
02/28/28
2,444
279,991
(e)
Parexel
International
Corporation,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.573
11/15/28
282,334
32,419
(e)
Select
Medical
Corporation,
Term
Loan
B1,
(Prime
+
1.750%)
9
.500
03/05/27
32,581
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,259,539
INSURANCE
-
0.8%
250,000
(e)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(TSFR1M
+
5.250%)
9
.937
02/03/28
246,206
498,750
(e)
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
(TSFR1M
+
3.250%)
7
.823
05/12/31
502,037
TOTAL
INSURANCE
748,243
MEDIA
&
ENTERTAINMENT
-
0.1%
125,000
(e)
Virgin
Media
Bristol
LLC,
Term
Loan
Q,
(TSFR1M
+
3.250%)
7
.974
01/31/29
124,328
TOTAL
MEDIA
&
ENTERTAINMENT
124,328
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.6%
581,729
(e)
Jazz
Financing
Lux
S.a.r.l.,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.823
05/05/28
585,260
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
585,260
Portfolio
of
Investments
November
30,
2024
(continued)
Credit
Income
8
Investments
in
Derivatives
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.3%
$
261,146
(e)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.573
%
01/31/30
$
263,431
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
263,431
SOFTWARE
&
SERVICES
-
1.0%
174,125
(e)
Cotiviti
Corporation,
Term
Loan,
(TSFR1M
+
3.000%)
7
.672
04/30/31
175,050
750,000
(e)
Fortress
Intermediate
3,
Inc,
Term
Loan
B,
(TSFR1M
+
3.500%)
8
.073
05/08/31
752,580
TOTAL
SOFTWARE
&
SERVICES
927,630
UTILITIES
-
0.8%
703,021
(e)
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
8
.023
05/17/30
708,343
70,420
(e)
Talen
Energy
Supply,
LLC,
Term
Loan
C,
(TSFR3M
+
3.500%)
8
.023
05/17/30
70,953
TOTAL
UTILITIES
779,296
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$7,424,848)
7,501,416
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$91,681,080)
91,581,231
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
8.5%
8,045,582
(i)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.630
(j)
8,045,582
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$8,045,582)
8,045,582
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 2.2%
2,075,000
REPURCHASE
AGREEMENTS
-
2
.2
%
2,075,000
2,075,000
(k)
Fixed
Income
Clearing
Corporation
4
.550
12/02/24
2,075,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$2,075,000)
2,075,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$2,075,000)
2,075,000
TOTAL
INVESTMENTS
-
107
.6
%
(Cost
$
101,801,662
)
101,701,813
OTHER
ASSETS
&
LIABILITIES,
NET
-  (7.6)%
(
7,149,604
)
NET
ASSETS
-
100%
$
94,552,209
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
5-Year
Note
58
3/25
$
6,214,267
$
6,240,891
$
26,624
9
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
The
following
is
a
reconciliation
of
the
Fund’s
Level
3
investments
held
at
the
beginning
and
end
of
the
measurement
period:
The
valuation
techniques
and
significant
unobservable
inputs
used
in
recurring
Level
3
fair
value
measurements
of
assets
as
of
the
end
of
the
report-
ing
period,
were
as
follows:
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
4,116,868
$
–
$
4,116,868
$25
Par
(or
similar)
Retail
Preferred
168,938
–
–
168,938
Asset-Backed
Securities
–
5,289,118
1,921,187
7,210,305
Common
Stocks
–
–
89
89
Contingent
Capital
Securities
–
2,207,360
–
2,207,360
Corporate
Bonds
–
57,631,099
–
57,631,099
Mortgage-Backed
Securities
–
9,546,907
–
9,546,907
Sovereign
Debt
–
3,198,249
–
3,198,249
Variable
Rate
Senior
Loan
Interests
–
7,501,416
–
7,501,416
Investments
Purchased
with
Collateral
from
Securities
Lending
8,045,582
–
–
8,045,582
Short-Term
Investments:
Repurchase
Agreements
–
2,075,000
–
2,075,000
Investments
in
Derivatives:
Futures
Contracts*
26,624
–
–
26,624
Total
$
8,241,144
$
91,566,017
$
1,921,276
$
101,728,437
*
Represents
net
unrealized
appreciation
(depreciation).
Level
3
Credit
Income
Common
Stocks
Asset-Backed
and
Mortgage-Backed
Securities
Balance
at
the
beginning
of
period
$89
$2,035,888
Gains
(losses):
Net
realized
gains
(losses)
-
-
Change
in
net
unrealized
appreciation
(depreciation)
-
(79,807)
Purchases
at
cost
-
-
Sales
at
proceeds
-
-
Net
discounts
(premiums)
-
(34,894)
Transfers
into
-
-
Transfers
(out
of)
-
-
Balance
at
the
end
of
period
89
1,921,187
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
-
(79,807)
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
Credit
Income
Asset-Backed
Securities
$1,921,187
Indicative
Trade
Broker
Quote
$87.28
N/A
Common
Stocks
89
Enterprise
Value
Priced
at
Placeholder
Value
$0.01
N/A
Total
$1,921,276
Portfolio
of
Investments
November
30,
2024
(continued)
Credit
Income
10
(a)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$7,683,053.
(b)
Perpetual
security.
Maturity
date
is
not
applicable.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$74,685,133
or
73.4%
of
Total
Investments.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(f)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(g)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(h)
When-issued
or
delayed
delivery
security.
(i)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(j)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(k)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.550%
dated
11/29/24
to
be
repurchased
at
$2,075,787
on
12/2/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
8/15/43,
valued
at
$2,116,501.
LIBOR
London
Inter-Bank
Offered
Rate
M
Month
PIK
Payment-in-kind
(“PIK”)
security.  Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both.  The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
TSFR
1M
CME
Term
Secured
Overnight
Financing
Rate
1
Month
TSFR
3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
11
Portfolio
of
Investments
November
30,
2024
Strategic
Income
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
97.8%
64894450
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
6.6%
64894450
AUTOMOBILES
&
COMPONENTS
-
0.2%
$
1,735,000
(a),(b)
General
Motors
Financial
Co
Inc
5.700
%
N/A
$
1,690,044
TOTAL
AUTOMOBILES
&
COMPONENTS
1,690,044
BANKS
-
2.1%
1,500,000
(b)
Bank
of
America
Corp
6.125
N/A
1,532,991
1,685,000
(b)
Citigroup
Inc
7.625
N/A
1,784,299
2,000,000
(b)
CoBank
ACB
6.250
N/A
1,997,372
1,560,000
(b)
Huntington
Bancshares
Inc/OH
5.625
N/A
1,544,242
2,450,000
(b)
JPMorgan
Chase
&
Co
3.650
N/A
2,382,167
2,000,000
(b)
JPMorgan
Chase
&
Co
6.875
N/A
2,111,932
2,000,000
(b)
PNC
Financial
Services
Group
Inc/The
3.400
N/A
1,873,208
2,000,000
(b)
Truist
Financial
Corp
6.669
N/A
1,992,022
1,415,000
(b)
Truist
Financial
Corp
5.100
N/A
1,360,795
2,900,000
(b)
Wells
Fargo
&
Co
3.900
N/A
2,821,444
1,440,000
(a),(b)
Wells
Fargo
&
Co
7.625
N/A
1,533,707
TOTAL
BANKS
20,934,179
ENERGY
-
0.6%
1,400,000
(b)
Energy
Transfer
LP
6.500
N/A
1,400,644
1,993,000
(c)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7.500
03/01/55
2,085,850
2,000,000
(b),(c)
Venture
Global
LNG
Inc
9.000
N/A
2,072,608
TOTAL
ENERGY
5,559,102
FINANCIAL
SERVICES
-
1.0%
1,354,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.950
03/10/55
1,404,000
2,050,000
(b)
Charles
Schwab
Corp/The
5.375
N/A
2,042,341
1,955,000
(b)
Goldman
Sachs
Group
Inc/The
7.500
N/A
2,092,679
2,000,000
(b)
Goldman
Sachs
Group
Inc/The
3.800
N/A
1,916,347
1,970,000
(b)
State
Street
Corp
6.700
N/A
2,022,118
1,000,000
(b)
Voya
Financial
Inc
7.758
N/A
1,065,460
TOTAL
FINANCIAL
SERVICES
10,542,945
FOOD,
BEVERAGE
&
TOBACCO
-
0.3%
2,730,000
(b),(c)
Land
O'
Lakes
Inc
8.000
N/A
2,542,294
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
2,542,294
INSURANCE
-
0.9%
2,835,000
AXIS
Specialty
Finance
LLC
4.900
01/15/40
2,705,588
1,485,000
Enstar
Finance
LLC
5.500
01/15/42
1,411,666
1,000,000
(c)
Hanwha
Life
Insurance
Co
Ltd
3.379
02/04/32
962,386
1,500,000
Prudential
Financial
Inc
6.000
09/01/52
1,517,940
1,900,000
Prudential
Financial
Inc
6.500
03/15/54
1,962,347
TOTAL
INSURANCE
8,559,927
MEDIA
&
ENTERTAINMENT
-
0.2%
2,185,000
Paramount
Global
6.375
03/30/62
2,107,241
TOTAL
MEDIA
&
ENTERTAINMENT
2,107,241
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.2%
2,225,000
(c)
EUSHI
Finance
Inc
7.625
12/15/54
2,300,552
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
2,300,552
TELECOMMUNICATION
SERVICES
-
0.2%
1,000,000
(b),(c)
Network
i2i
Ltd
3.975
N/A
972,001
800,000
(b),(c)
Network
i2i
Ltd
5.650
N/A
790,789
TOTAL
TELECOMMUNICATION
SERVICES
1,762,790
UTILITIES
-
0.9%
2,000,000
Dominion
Energy
Inc
7.000
06/01/54
2,119,478
1,500,000
(b)
Edison
International
5.000
N/A
1,465,625
2,035,000
(b)
Sempra
4.875
N/A
2,016,338
1,500,000
Southern
Co/The
4.000
01/15/51
1,471,135
1,700,000
(b),(c)
Vistra
Corp
8.875
N/A
1,822,800
TOTAL
UTILITIES
8,895,376
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$65,062,483)
64,894,450
Portfolio
of
Investments
November
30,
2024
(continued)
Strategic
Income
12
SHARES
DESCRIPTION
RATE
VALUE
752,696
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
0.1%
752,696
FINANCIAL
SERVICES
-
0.1%
28,850
Morgan
Stanley
6.500
$
752,696
TOTAL
FINANCIAL
SERVICES
752,696
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$721,250)
752,696
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
-
14.5%
–
$
1,062,821
(c)
Aaset
2021-2
Trust,
2021
2A
2.798
01/15/47
971,455
600,000
(c),(d)
ACRE
Commercial
Mortgage
2021-FL4
Ltd,
(TSFR1M
+
2.714%),
2021
FL4
7.325
12/18/37
576,741
2,000,000
(c)
Adams
Outdoor
Advertising
LP,
2023
1
6.967
07/15/53
2,083,843
1,900,000
(c)
Affirm
Asset
Securitization
Trust
2024-B,
2024
B
5.500
09/15/29
1,885,423
2,200,000
(c)
Affirm
Asset
Securitization
Trust
2024-B,
2024
B
5.060
09/15/29
2,177,268
875,427
(c)
Alterna
Funding
III
LLC,
2024
1A
6.260
05/16/39
886,292
893,602
(c)
Alterna
Funding
III
LLC,
2024
1A
7.136
05/16/39
903,394
537,384
(d)
Ameriquest
Mortgage
Securities
Inc
Asset
Back
Ser
2004-R1,
(TSFR1M
+
0.714%),
2004
R1
2.788
02/25/34
524,319
850,000
(c)
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
2021
1A
2.130
08/20/27
804,168
2,400,000
(c)
Blue
Stream
Issuer
LLC,
2024
1A
5.408
11/20/54
2,407,802
2,425,000
(c)
Bojangles
Issuer
LLC,
2024
1A
6.584
11/20/54
2,418,344
3,250,000
(c)
Brex
Commercial
Charge
Card
Master
Trust,
2024
1
6.680
07/15/27
3,272,359
244,277
(c)
British
Airways
2020-1
Class
B
Pass
Through
Trust,
2020
A
8.375
11/15/28
253,343
1,470,625
(c)
Cars
Net
Lease
Mortgage
Notes
Series
2020-1,
2020
1A
3
.100
12/15/50
1,362,332
1,250,000
(c)
Cars
Net
Lease
Mortgage
Notes
Series
2020-1,
2020
1A
4.690
12/15/50
1,137,304
1,150,000
(c)
CARS-DB4
LP,
2020
1A
4.520
02/15/50
1,091,437
629,047
(c)
CARS-DB5
LP,
2021
1A
1.920
08/15/51
590,651
528,306
Carvana
Auto
Receivables
Trust
2021-N4,
2021
N4
2.300
09/11/28
511,068
5,000,000
(c)
Carvana
Auto
Receivables
Trust
2024-N3,
2024
N3
4.900
12/10/30
4,951,842
2,240,000
(c)
Centersquare
Issuer
LLC,
2024
1A
5.200
10/26/54
2,139,736
2,760,000
(c)
Centersquare
Issuer
LLC,
2024
1A
5.600
10/26/54
2,597,139
674,589
(c)
CF
Hippolyta
Issuer
LLC,
2020
1
2.600
07/15/60
581,394
1,349,178
(c)
CF
Hippolyta
Issuer
LLC,
2020
1
2.280
07/15/60
1,299,628
2,125,000
(c),(d)
CIFC
Funding
2020-I
Ltd,
(TSFR3M
+
3.362%),
2020
1A
8.018
07/15/36
2,137,187
1,760,000
(c),(d)
CIFC
Funding
2020-II
Ltd,
(TSFR3M
+
3.312%),
2020
2A
7.929
10/20/34
1,768,078
385,000
(c),(d)
CIFC
Funding
2020-II
Ltd,
(LIBOR
3
M
+
6.762%),
2020
2A
11.379
10/20/34
388,184
2,500,000
(c),(d)
CIFC
Funding
2022-IV
Ltd,
(SOFR
+
3.550%),
2022
4A
8.197
07/16/35
2,517,285
2,410,000
(c)
Cologix
Data
Centers
US
Issuer
LLC,
2021
1A
3
.300
12/26/51
2,280,164
2,000,000
(c)
Concord
Music
Royalties
LLC,
2022
1A
6.500
01/20/73
2,015,339
1,000,000
(c)
Concord
Music
Royalties
LLC,
2024
1A
0.000
10/20/74
989,814
3,000,000
(c)
Crescendo
Royalty
Funding
LP,
2021
1
3
.567
12/20/51
2,869,421
1,000,000
(c)
CyrusOne
Data
Centers
Issuer
I
LLC,
2023
2A
5.560
11/20/48
1,001,110
1,567,776
(c)
CyrusOne
Data
Centers
Issuer
I
LLC,
2023
1A
5.450
04/20/48
1,537,399
626,297
(c)
DB
Master
Finance
LLC,
2019
1A
4.021
05/20/49
616,115
1,164,000
(c)
DB
Master
Finance
LLC,
2021
1A
2.493
11/20/51
1,058,088
1,164,000
(c)
DB
Master
Finance
LLC,
2021
1A
2.045
11/20/51
1,099,316
97,709
(c)
Diamond
Resorts
Owner
Trust
2021-1,
2021
1A
2.700
11/21/33
95,099
97,709
(c)
Diamond
Resorts
Owner
Trust
2021-1,
2021
1A
3.830
11/21/33
94,858
972,500
(c)
Domino's
Pizza
Master
Issuer
LLC,
2021
1A
2.662
04/25/51
886,988
1,440,000
(c)
Domino's
Pizza
Master
Issuer
LLC,
2019
1A
3.668
10/25/49
1,346,185
2,500,000
Drive
Auto
Receivables
Trust
2024-2,
2024
2
4.670
05/17/32
2,482,682
1,300,000
(c),(d)
Elmwood
CLO
20
Ltd,
(TSFR3M
+
3.650%),
2022
7A
8.297
01/17/37
1,326,932
1,500,000
(c),(d)
Elmwood
CLO
26
Ltd,
(TSFR3M
+
3.600%),
2024
1A
8.232
04/18/37
1,538,467
2,800,538
(c)
EWC
Master
Issuer
LLC,
2022
1A
5.500
03/15/52
2,727,323
2,350,000
Exeter
Automobile
Receivables
Trust
2024-5,
2024
5A
4.640
01/15/30
2,333,987
2,000,000
(c)
Frontier
Issuer
LLC,
2023
1
6.600
08/20/53
2,039,230
1,000,000
(c)
Frontier
Issuer
LLC,
2023
1
8.300
08/20/53
1,038,947
1,000,000
(c)
Frontier
Issuer
LLC,
2023
1
11.500
08/20/53
1,066,269
2,000,000
(c),(d)
GRACIE
POINT
INTERNATIONAL
FUNDING
2023-2,
(SOFR90A
+
5.400%),
2023
2A
10.331
03/01/27
2,027,322
2,887,500
(c)
Hardee's
Funding
LLC,
2020
1A
3.981
12/20/50
2,711,997
1,000,000
(c)
Hertz
Vehicle
Financing
III
LLC,
2024
1A
6.120
01/25/29
1,006,177
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
(continued)
$
1,500,000
(c)
Hertz
Vehicle
Financing
III
LLC,
2024
2A
6.210
01/27/31
$
1,506,517
125,000
(c)
Hertz
Vehicle
Financing
LLC,
2021
1A
2.050
12/26/25
124,606
1,150,000
(c)
HI-FI
Music
IP
Issuer
LP,
2022
1A
3.939
02/01/62
1,106,201
248,075
(c)
Hilton
Grand
Vacations
Trust
2019-A,
2019
AA
2.840
07/25/33
241,288
1,395,656
(c)
Horizon
Aircraft
Finance
II
Ltd,
2019
1
3.721
07/15/39
1,325,873
661,765
(c)
Horizon
Aircraft
Finance
III
Ltd,
2019
2
3.425
11/15/39
615,043
1,000,000
(c)
Hotwire
Funding
LLC,
2024
1A
6.672
06/20/54
1,014,453
1,100,000
(c)
Hotwire
Funding
LLC,
2021
1
2.658
11/20/51
1,032,829
1,025,000
(c)
Hpefs
Equipment
Trust
2022-2,
2022
2A
4.940
03/20/30
1,024,026
1,250,000
(c),(e)
Industrial
DPR
Funding
Ltd,
2022
1A
5.380
04/15/34
1,091,000
1,969,129
(c)
Jonah
Energy
Abs
I
LLC,
2022
1
7.200
11/20/37
1,976,053
1,352,016
(c)
Lunar
2021-1
Structured
Aircraft
Portfolio
Notes,
2021
1
5
.682
10/15/46
1,255,205
1,998,928
(c)
LUNAR
AIRCRAFT
2020-1
LTD,
2020
1A
3.376
02/15/45
1,914,374
4,000,000
(c)
Lyra
Music
Assets
Delaware
LP,
2024
2A
5.760
12/22/64
3,927,549
1,500,000
(c),(d)
Madison
Park
Funding
XXXVI
Ltd,
(TSFR3M
+
3.500%),
2019
36A
5.981
04/15/35
1,509,545
62,748
(c)
MAPS
2018-1
Ltd,
2018
1A
4.212
05/15/43
61,970
135,744
(c)
MAPS
2021-1
Trust,
2021
1A
2.521
06/15/46
125,365
1,000,000
(c)
Mercury
Financial
Credit
Card
Master
Trust,
2023
1A
8.040
09/20/27
1,001,672
1,000,000
(c)
Mercury
Financial
Credit
Card
Master
Trust,
2023
1A
9.590
09/20/27
1,003,693
2,000,000
(c)
MetroNet
Infrastructure
Issuer
LLC,
2022
1A
6.350
10/20/52
2,038,669
1,000,000
(c)
MetroNet
Infrastructure
Issuer
LLC,
2023
1A
8.010
04/20/53
1,040,058
335,155
(c)
MVW
2019-2
LLC,
2019
2A
2.680
10/20/38
324,208
128,799
(c)
MVW
2021-1W
LLC
1.940
01/22/41
121,945
242,119
(c)
MVW
Owner
Trust
2019-1,
2019
1A
3.330
11/20/36
238,422
660,000
(c),(d)
Neuberger
Berman
Loan
Advisers
Clo
40
Ltd,
(TSFR3M
+
6.112%),
2021
40A
10.759
04/16/33
664,300
1,625,000
(c),(d)
Neuberger
Berman
Loan
Advisers
CLO
48
Ltd,
(TSFR3M
+
0.032%),
2022
48A
7.826
04/25/36
1,635,141
1,000,000
(c)
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2021-1,
2021
1A
4.230
01/20/51
939,278
2,175,000
(c),(d)
OHA
Credit
Funding
4
Ltd,
(TSFR3M
+
3.462%),
2019
4A
4.336
10/22/36
2,175,109
86,162
(c)
Oportun
Funding
XIV
LLC,
2021
A
5.400
03/08/28
84,414
86,162
(c)
Oportun
Funding
XIV
LLC,
2021
A
3.440
03/08/28
84,728
328,689
(c)
Oportun
Issuance
Trust
2021-C,
2021
C
5.570
10/08/31
315,631
579,432
(c)
Oportun
Issuance
Trust
2021-C,
2021
C
3.610
10/08/31
563,151
1,000,000
(c),(d)
Palmer
Square
CLO
2021-3
Ltd,
(TSFR3M
+
3.212%),
2021
3A
5.462
01/15/35
1,006,079
2,500,000
(c),(d)
Palmer
Square
CLO
2022-1
Ltd,
(TSFR3M
+
3.050%),
2022
1A
7.667
04/20/35
2,519,672
2,000,000
(c),(d)
Palmer
Square
CLO
2023-1
Ltd,
(TSFR3M
+
5.300%),
2023
1A
9.917
01/20/36
2,015,802
985,782
(c)
Purewest
Funding
LLC,
2021
1
4.091
12/22/36
966,447
1,970,800
(c)
Sesac
Finance
LLC,
2019
1
5.216
07/25/49
1,950,287
76,162
(c)
Sierra
Timeshare
2021-1
Receivables
Funding
LLC,
2021
1A
1.790
11/20/37
73,469
1,847,975
(c)
Sonic
Capital
LLC,
2020
1A
3.845
01/20/50
1,783,409
1,000,000
(c)
Sotheby's
Artfi
Master
Trust,
2024
1A
7.910
12/22/31
1,016,879
791,044
(c)
Start
II
LTD,
2019
1
5.095
03/15/44
751,650
1,500,000
(c)
Subway
Funding
LLC,
2024
1A
6.028
07/30/54
1,523,867
2,583,975
(c)
Taco
Bell
Funding
LLC,
2021
1A
2.294
08/25/51
2,305,474
1,500,000
(c),(d)
TCW
CLO
2021-2
Ltd,
(LIBOR
3
M
+
7.122%),
2021
2A
6.985
07/25/34
1,503,975
3,000,000
(c)
VB-S1
Issuer
LLC
-
VBTEL,
2022
1A
4.288
02/15/52
2,867,615
2,155,000
(c)
VB-S1
Issuer
LLC
-
VBTEL,
2022
1A
3.156
02/15/52
2,034,852
641,420
(c)
Vivint
Solar
Financing
V
LLC,
2018
1A
7.370
04/30/48
596,404
2,224,772
(c)
VR
Funding
LLC,
2020
1A
2.790
11/15/50
2,039,921
149,456
(c)
VR
Funding
LLC,
2020
1A
6.420
11/15/50
140,239
1,398,567
(c)
Wendy's
Funding
LLC,
2018
1A
3.884
03/15/48
1,343,669
841,408
(c)
Wendy's
Funding
LLC,
2021
1A
2.370
06/15/51
753,557
867,748
(c)
Willis
Engine
Structured
Trust
VI,
2021
A
3.104
05/15/46
777,394
1,310,417
(c)
Willis
Engine
Structured
Trust
VII,
2023
A
8.000
10/15/48
1,375,622
532,125
(c)
Zaxbys
Funding
LLC,
2021
1A
3.238
07/30/51
485,719
1,000,000
(c)
Ziply
Fiber
Issuer
LLC,
2024
1A
7.810
04/20/54
1,034,067
1,000,000
(c)
Ziply
Fiber
Issuer
LLC,
2024
1A
11.170
04/20/54
1,082,240
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$143,614,298)
142,457,870
Portfolio
of
Investments
November
30,
2024
(continued)
Strategic
Income
14
PRINCIPAL
DESCRIPTION(f)
RATE
MATURITY
VALUE
26963932
CONTINGENT
CAPITAL
SECURITIES
-
2.8%
26963932
BANKS
-
2.3%
$
1,600,000
(b)
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375
N/A
$
1,741,910
200,000
(a),(b),(c)
Banco
de
Credito
e
Inversiones
SA
8
.750
N/A
210,246
500,000
(b),(c)
Banco
del
Estado
de
Chile
7.950
N/A
522,648
1,050,000
(b),(c)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7.500
N/A
1,020,027
500,000
(b),(c)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8.375
N/A
497,998
2,000,000
(b)
Banco
Santander
SA
8.000
N/A
2,063,160
2,200,000
(b)
Banco
Santander
SA
9.625
N/A
2,523,756
700,000
(b),(c)
Bangkok
Bank
PCL/Hong
Kong
5.000
N/A
692,335
1,000,000
(c)
Bank
Hapoalim
BM,
Reg
S
3.255
01/21/32
940,564
1,340,000
(b)
Barclays
PLC
8.000
N/A
1,390,462
1,000,000
(c)
BBVA
Bancomer
SA/Texas
8.450
06/29/38
1,047,028
1,500,000
(b),(c)
BNP
Paribas
SA
9.250
N/A
1,612,308
2,000,000
(b),(c)
Macquarie
Bank
Ltd/London
6.125
N/A
2,009,978
1,700,000
(c)
Mizrahi
Tefahot
Bank
Ltd,
Reg
S
3.077
04/07/31
1,622,225
3,000,000
(a),(b)
NatWest
Group
PLC
8.125
N/A
3,186,786
TOTAL
BANKS
21,081,431
FINANCIAL
SERVICES
-
0.5%
1,505,000
(b)
Deutsche
Bank
AG
6.000
N/A
1,474,863
2,000,000
(b)
Deutsche
Bank
AG
7.500
N/A
1,990,159
1,060,000
(b),(c)
UBS
Group
AG
9.250
N/A
1,218,552
1,100,000
(b),(c)
UBS
Group
AG
9.250
N/A
1,198,927
TOTAL
FINANCIAL
SERVICES
5,882,501
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$26,447,202)
26,963,932
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
185024947
CORPORATE
BONDS
-
18.9%
185024947
AUTOMOBILES
&
COMPONENTS
-
0.2%
1,575,000
General
Motors
Financial
Co
Inc
4.900
10/06/29
1,568,801
TOTAL
AUTOMOBILES
&
COMPONENTS
1,568,801
BANKS
-
2.2%
375,000
(c)
African
Export-Import
Bank/The
2.634
05/17/26
357,188
1,000,000
(c)
Akbank
TAS
6.800
02/06/26
1,015,000
375,000
(c)
Akbank
TAS
7.498
01/20/30
381,700
500,000
(a),(c)
Banco
do
Brasil
SA/Cayman
6.000
03/18/31
499,219
1,050,000
(c)
Banco
Nacional
de
Comercio
Exterior
SNC/Cayman
Islands
2.720
08/11/31
955,441
500,000
(c)
Bangkok
Bank
PCL/Hong
Kong
3.466
09/23/36
436,018
3,475,000
Bank
of
America
Corp
5.819
09/15/29
3,597,843
2,715,000
Bank
of
America
Corp
5.518
10/25/35
2,727,452
1,035,000
(c)
Banque
Ouest
Africaine
de
Developpement
4.700
10/22/31
940,391
1,850,000
Citibank
NA
5.570
04/30/34
1,925,915
375,000
(c)
Grupo
Aval
Ltd
4.375
02/04/30
329,903
1,540,000
JPMorgan
Chase
&
Co
4.946
10/22/35
1,527,421
1,250,000
JPMorgan
Chase
&
Co
2.595
02/24/26
1,243,402
1,125,000
JPMorgan
Chase
&
Co
4.505
10/22/28
1,118,466
1,950,000
(c)
NatWest
Markets
PLC
5.410
05/17/29
1,996,928
500,000
(c)
Turkiye
Garanti
Bankasi
AS
7.177
05/24/27
504,564
1,470,000
(g)
Wells
Fargo
&
Co
5.211
12/03/35
1,476,448
TOTAL
BANKS
21,033,299
CAPITAL
GOODS
-
1.0%
1,825,000
(c)
Albion
Financing
2
Sarl
8.750
04/15/27
1,857,759
1,500,000
Boeing
Co/The
4.875
05/01/25
1,498,221
1,975,000
Boeing
Co/The
5.805
05/01/50
1,888,400
1,125,000
Honeywell
International
Inc
5.000
03/01/35
1,134,685
1,500,000
(c)
IHS
Holding
Ltd
7.875
05/29/30
1,474,921
1,275,000
(c)
Sisecam
UK
PLC
8.625
05/02/32
1,287,681
900,000
(c)
Sociedad
Quimica
y
Minera
de
Chile
SA
6.500
11/07/33
938,241
TOTAL
CAPITAL
GOODS
10,079,908
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.2%
$
1,800,000
Waste
Management
Inc
4.950
03/15/35
$
1,803,117
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,803,117
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.5%
1,125,000
Lowe's
Cos
Inc
4
.250
04/01/52
923,198
2,000,000
(c)
Michaels
Cos
Inc/The
7.875
05/01/29
1,070,581
1,125,000
(c)
Michaels
Cos
Inc/The
5.250
05/01/28
815,773
725,000
(c)
Prosus
NV
3.680
01/21/30
662,678
1,000,000
(c)
Staples
Inc
10.750
09/01/29
985,931
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
4,458,161
CONSUMER
DURABLES
&
APPAREL
-
0.2%
1,000,000
(c)
CD&R
Smokey
Buyer
Inc
9.500
10/15/29
1,008,001
1,200,000
(c)
S&S
Holdings
LLC
8.375
10/01/31
1,214,846
TOTAL
CONSUMER
DURABLES
&
APPAREL
2,222,847
CONSUMER
SERVICES
-
0.2%
1,250,000
Piedmont
Operating
Partnership
LP
9.250
07/20/28
1,379,733
1,135,000
(a)
Sands
China
Ltd
3.250
08/08/31
974,587
TOTAL
CONSUMER
SERVICES
2,354,320
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.3%
1,500,000
Kroger
Co/The
4.600
08/15/27
1,506,595
1,300,000
Kroger
Co/The
5.500
09/15/54
1,288,693
490,000
(a)
Walgreens
Boots
Alliance
Inc
8.125
08/15/29
493,394
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3,288,682
ENERGY
-
2.5%
2,750,000
Cheniere
Energy
Partners
LP
4.500
10/01/29
2,677,238
500,000
(c)
Coronado
Finance
Pty
Ltd
9.250
10/01/29
514,858
800,000
(c)
Cosan
Luxembourg
SA
5.500
09/20/29
764,321
1,050,000
(c)
DT
Midstream
Inc
4.375
06/15/31
976,649
100,000
Ecopetrol
SA
5.875
05/28/45
71,361
575,000
Ecopetrol
SA
6.875
04/29/30
565,095
450,000
Ecopetrol
SA
4.625
11/02/31
377,474
1,000,000
Ecopetrol
SA
5.875
11/02/51
690,167
2,000,000
(c)
EIG
Pearl
Holdings
Sarl
3.545
08/31/36
1,736,368
300,000
(c)
Empresa
Nacional
del
Petroleo
6.150
05/10/33
304,411
900,000
(c)
Empresa
Nacional
del
Petroleo
3.450
09/16/31
777,456
826,000
(c)
Energean
Israel
Finance
Ltd,
Reg
S
5.375
03/30/28
767,339
1,700,000
(c)
Galaxy
Pipeline
Assets
Bidco
Ltd
2.625
03/31/36
1,411,539
1,125,000
Marathon
Petroleum
Corp
5.000
09/15/54
980,929
500,000
(c)
Medco
Laurel
Tree
Pte
Ltd
6.950
11/12/28
499,181
500,000
(c)
Medco
Maple
Tree
Pte
Ltd
8.960
04/27/29
526,359
500,000
(c)
Pertamina
Persero
PT
1.400
02/09/26
477,815
200,000
(c)
Petroleos
del
Peru
SA
4.750
06/19/32
152,378
559,000
Petroleos
Mexicanos
7.690
01/23/50
437,814
1,490,000
Petroleos
Mexicanos
6.700
02/16/32
1,320,297
100,000
Petroleos
Mexicanos
6.750
09/21/47
71,734
1,500,000
(c)
Raizen
Fuels
Finance
SA
5.700
01/17/35
1,443,510
1,400,000
(c)
SierraCol
Energy
Andina
LLC
6.000
06/15/28
1,294,014
1,400,000
Targa
Resources
Corp
5.500
02/15/35
1,420,685
1,000,000
(c)
Thaioil
Treasury
Center
Co
Ltd
2.500
06/18/30
864,331
1,780,000
Transcanada
Trust
5.500
09/15/79
1,715,818
1,150,000
(c)
US
LIQUIDSCO0
6.176
10/01/54
1,164,872
TOTAL
ENERGY
24,004,013
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.6%
1,025,000
Essential
Properties
LP
2.950
07/15/31
883,586
1,250,000
GLP
Capital
LP
/
GLP
Financing
II
Inc
5.250
06/01/25
1,248,987
2,050,000
Kite
Realty
Group
LP
4.000
10/01/26
2,014,832
2,000,000
(c)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
10.500
02/15/28
2,124,788
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
6,272,193
Portfolio
of
Investments
November
30,
2024
(continued)
Strategic
Income
16
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
FINANCIAL
SERVICES
-
1.2%
$
2,075,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.000
%
10/29/28
$
1,937,631
500,000
(c),(d)
Citrus
Re
Ltd
(3-Month
U.S.
Treasury
Bill
+
5.060%)
5.100
06/07/25
507,750
1,400,000
(c)
ENN
Clean
Energy
International
Investment
Ltd
3.375
05/12/26
1,362,596
500,000
(c),(d)
Hestia
Re
Ltd
(1-Month
U.S.
Treasury
Bill
+
10.080%)
14.567
04/22/25
472,750
2,000,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
9.750
01/15/29
2,053,533
250,000
(c),(d)
Matterhorn
Re
Ltd
(SOFR
+
5.250%)
5.889
03/24/25
252,000
3,355,000
Morgan
Stanley
4.654
10/18/30
3,325,271
1,000,000
(c),(d)
Sanders
Re
Ltd
(3-Month
U.S.
Treasury
Bill
+
3.000%)
3.250
04/07/25
1,003,000
1,000,000
(c)
UBS
Group
AG
6.301
09/22/34
1,072,786
TOTAL
FINANCIAL
SERVICES
11,987,317
FOOD,
BEVERAGE
&
TOBACCO
-
1.0%
700,000
(c)
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
3.375
06/29/28
621,026
875,000
Anheuser-Busch
InBev
Worldwide
Inc
5.000
06/15/34
890,940
975,000
Anheuser-Busch
InBev
Worldwide
Inc
4.350
06/01/40
903,071
1,200,000
(c)
Bimbo
Bakeries
USA
Inc
6.050
01/15/29
1,236,489
1,200,000
(c)
Cia
Cervecerias
Unidas
SA
3.350
01/19/32
1,027,422
2,250,000
Kellanova
3.250
04/01/26
2,211,108
1,000,000
Philip
Morris
International
Inc
4.750
11/01/31
993,086
1,350,000
(c)
Ulker
Biskuvi
Sanayi
AS
7.875
07/08/31
1,380,494
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
9,263,636
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.6%
2,000,000
(c)
CHS/Community
Health
Systems
Inc
10.875
01/15/32
2,081,220
1,400,000
CVS
Health
Corp
5.050
03/25/48
1,240,840
1,510,000
(c)
Prime
Healthcare
Services
Inc
9.375
09/01/29
1,533,695
1,250,000
UnitedHealth
Group
Inc
5.000
04/15/34
1,255,710
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
6,111,465
INSURANCE
-
0.8%
1,600,000
(c)
Allianz
SE
6.350
09/06/53
1,676,797
1,655,000
(c)
Ardonagh
Group
Finance
Ltd
8.875
02/15/32
1,704,192
500,000
(c),(d)
Bonanza
RE
Ltd2020
A
(3-Month
U.S.
Treasury
Bill
+
4.930%)
9.412
12/23/24
499,000
250,000
(c),(d)
Bonanza
RE
Ltd
(3-Month
U.S.
Treasury
Bill
+
5.620%)
10.110
03/16/25
249,500
1,000,000
Reinsurance
Group
of
America
Inc
5.750
09/15/34
1,027,697
550,000
(c),(d)
Residential
Reinsurance
2020
Ltd2020
A
(3-Month
U.S.
Treasury
Bill
+
0.500%)
6.510
12/06/24
548,350
500,000
(c),(d)
Vitality
Re
XII
Ltd2020
A
(3-Month
U.S.
Treasury
Bill
+
2.250%)
2.250
01/07/25
499,000
1,000,000
(c),(d)
Vitality
Re
XIV
Ltd
(3-Month
U.S.
Treasury
Bill
+
3.500%)
7
.982
01/05/27
1,013,200
1,000,000
(c),(d)
Vitality
Re
XV
Ltd
(3-Month
U.S.
Treasury
Bill
+
2.500%)
6.990
01/07/28
998,800
TOTAL
INSURANCE
8,216,536
MATERIALS
-
1.5%
1,700,000
(c)
Alpek
SAB
de
CV
4.250
09/18/29
1,578,496
2,000,000
Amcor
Finance
USA
Inc
3.625
04/28/26
1,966,524
1,000,000
AngloGold
Ashanti
Holdings
PLC
3.750
10/01/30
908,849
875,000
(b),(c)
Cemex
SAB
de
CV
9.125
N/A
933,581
325,000
(c)
Corp
Nacional
del
Cobre
de
Chile
6.440
01/26/36
338,088
1,120,000
(c)
Freeport
Indonesia
PT
5.315
04/14/32
1,114,125
710,000
(c)
Inversiones
CMPC
SA
6.125
06/23/33
725,684
525,000
(c)
LD
Celulose
International
GmbH
7.950
01/26/32
535,664
1,325,000
(c)
Mineral
Resources
Ltd
9
.250
10/01/28
1,387,836
585,000
(c)
Navoi
Mining
&
Metallurgical
Combinat
6.700
10/17/28
589,270
225,000
(c)
Nexa
Resources
SA
6.750
04/09/34
233,017
1,025,000
(c)
OCP
SA
3.750
06/23/31
890,379
1,325,000
(c)
Orbia
Advance
Corp
SAB
de
CV
1.875
05/11/26
1,254,921
1,500,000
Suzano
Austria
GmbH
3.125
01/15/32
1,272,473
900,000
(c)
UltraTech
Cement
Ltd
2.800
02/16/31
789,668
TOTAL
MATERIALS
14,518,575
MEDIA
&
ENTERTAINMENT
-
0.8%
850,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.900
06/01/52
578,335
1,550,000
Comcast
Corp
2.800
01/15/51
987,074
2,000,000
(c)
CSC
Holdings
LLC
11.250
05/15/28
1,979,071
3,000,000
(c)
DISH
Network
Corp
11.750
11/15/27
3,187,260
17
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
MEDIA
&
ENTERTAINMENT
(continued)
$
1,150,000
Warnermedia
Holdings
Inc
5.141
%
03/15/52
$
924,434
TOTAL
MEDIA
&
ENTERTAINMENT
7,656,174
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.4%
850,000
AbbVie
Inc
5.400
03/15/54
862,577
1,000,000
Amgen
Inc
5.650
03/02/53
1,019,998
1,275,000
Pfizer
Investment
Enterprises
Pte
Ltd
5.300
05/19/53
1,260,403
670,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
8.125
09/15/31
753,391
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
3,896,369
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.2%
2,000,000
(a),(c)
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co-Issuer
Corp
7.000
04/15/30
1,863,657
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
1,863,657
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.1%
1,200,000
(c)
SK
Hynix
Inc
1.500
01/19/26
1,154,267
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
1,154,267
SOFTWARE
&
SERVICES
-
0.4%
2,075,000
(c)
Ahead
DB
Holdings
LLC
6.625
05/01/28
2,056,307
800,000
Oracle
Corp
5.375
09/27/54
777,128
1,000,000
(c)
Rocket
Software
Inc
9.000
11/28/28
1,038,847
TOTAL
SOFTWARE
&
SERVICES
3,872,282
TELECOMMUNICATION
SERVICES
-
1.4%
1,400,000
AT&T
Inc
3.500
09/15/53
1,000,414
1,225,000
AT&T
Inc
3.800
12/01/57
901,518
842,000
(c)
C&W
Senior
Finance
Ltd
6.875
09/15/27
835,286
775,000
(c)
CT
Trust
5.125
02/03/32
704,087
975,000
(c)
Empresa
Nacional
de
Telecomunicaciones
SA
3.050
09/14/32
813,199
1,000,000
(c)
Level
3
Financing
Inc
10.500
05/15/30
1,097,498
1,000,000
(c)
Level
3
Financing
Inc
10.500
04/15/29
1,118,758
1,000,000
(c)
Liberty
Costa
Rica
Senior
Secured
Finance
10.875
01/15/31
1,075,420
200,000
(c)
Sable
International
Finance
Ltd
7.125
10/15/32
200,382
300,000
(c)
Sitios
Latinoamerica
SAB
de
CV
6.000
11/25/29
302,097
1,375,000
(a),(c)
Sitios
Latinoamerica
SAB
de
CV
5.375
04/04/32
1,311,188
1,150,000
(c)
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp
8.250
10/01/31
1,200,692
2,000,000
(c)
Zayo
Group
Holdings
Inc
4.000
03/01/27
1,885,913
1,230,000
(c)
Zegona
Finance
PLC
8.625
07/15/29
1,306,875
TOTAL
TELECOMMUNICATION
SERVICES
13,753,327
TRANSPORTATION
-
0.9%
500,000
(c)
Adani
Ports
&
Special
Economic
Zone
Ltd
3.100
02/02/31
390,600
1,205,217
American
Airlines
2021-1
Class
A
Pass
Through
Trust2021
2021
2.875
07/11/34
1,058,873
3,500,000
(a),(c)
Brightline
East
LLC
11.000
01/31/30
3,278,702
1,500,000
(c)
Grupo
Aeromexico
SAB
de
CV
8.250
11/15/29
1,491,600
975,000
(c)
Kingston
Airport
Revenue
Finance
Ltd
6.750
12/15/36
1,000,652
740,000
(c)
MISC
Capital
Two
Labuan
Ltd
3.750
04/06/27
720,116
1,000,000
(c)
Transnet
SOC
Ltd
8.250
02/06/28
1,023,080
TOTAL
TRANSPORTATION
8,963,623
UTILITIES
-
1.7%
1,189,247
(c)
Alfa
Desarrollo
SpA2021
1
4.550
09/27/51
908,416
900,000
Atmos
Energy
Corp
5.000
12/15/54
856,020
775,000
(c)
Comision
Federal
de
Electricidad
5.700
01/24/30
757,449
500,000
(c)
Continuum
Green
Energy
India
Pvt
/
Co-Issuers
7.500
06/26/33
511,547
1,225,000
Duke
Energy
Progress
LLC
5.350
03/15/53
1,227,839
800,000
(c)
Empresas
Publicas
de
Medellin
ESP
4.375
02/15/31
685,976
1,000,000
(c)
EnfraGen
Energia
Sur
SA
/
EnfraGen
Spain
SA
/
Prime
Energia
SpA
5.375
12/30/30
862,293
950,000
(c)
Eskom
Holdings
SOC
Ltd
6.350
08/10/28
947,101
1,125,000
(c)
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5.875
04/01/29
1,053,743
700,000
(c)
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple
7.250
01/31/41
699,055
1,625,000
Florida
Power
&
Light
Co
5.150
06/15/29
1,665,198
850,000
Interstate
Power
and
Light
Co
3.100
11/30/51
578,301
875,000
(c)
Israel
Electric
Corp
Ltd,
Reg
S
3.750
02/22/32
778,086
Portfolio
of
Investments
November
30,
2024
(continued)
Strategic
Income
18
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
UTILITIES
(continued)
$
1,500,000
(c)
ReNew
Wind
Energy
AP2
/
ReNew
Power
Pvt
Ltd
other
9
Subsidiaries
4.500
%
07/14/28
$
1,388,431
707,933
(c)
Sweihan
PV
Power
Co
PJSC2022
1
3.625
01/31/49
593,378
565,425
(c)
UEP
Penonome
II
SA2020
1
6.500
10/01/38
508,882
2,600,000
Wisconsin
Power
and
Light
Co
5.375
03/30/34
2,660,663
TOTAL
UTILITIES
16,682,378
TOTAL
CORPORATE
BONDS
(Cost
$189,446,303)
185,024,947
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1062379
EMERGING
MARKET
DEBT
AND
FOREIGN
CORPORATE
BONDS
-
0.1%
1062379
ISRAEL
-
0.1%
250,000
Israel
Government
International
Bond
5.375
03/12/29
252,723
600,000
Israel
Government
International
Bond
5.750
03/12/54
573,997
350,000
State
of
Israel
3.375
01/15/50
235,659
TOTAL
ISRAEL
1,062,379
TOTAL
EMERGING
MARKET
DEBT
AND
FOREIGN
CORPORATE
BONDS
(Cost
$1,070,902)
1,062,379
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
-
34.7%
–
2,500,000
(c),(d)
Alen
2021-ACEN
Mortgage
Trust,
(TSFR1M
+
4.114%),
2021
ACEN
8.724
04/15/34
1,212,249
321,024
(c)
Arroyo
Mortgage
Trust
2019-3,
2019
3
3.416
10/25/48
305,339
1,300,000
(c),(d)
Ashford
Hospitality
Trust
2018-KEYS,
(TSFR1M
+
2.147%),
2018
KEYS
6.757
06/15/35
1,285,833
1,813,812
(c),(d)
BAMLL
Commercial
Mortgage
Securities
Trust
2022-DKLX,
(TSFR1M
+
3.000%),
2022
DKLX
7.610
01/15/39
1,814,176
1,200,000
BANK,
2017
BNK5
4.190
06/15/60
1,138,214
700,000
BANK
2017-BNK8,
2017
BNK8
4.229
11/15/50
545,975
2,700,000
BANK
2019-BNK18,
2019
BN18
4.214
05/15/62
2,171,684
2,000,000
(c)
BANK
2019-BNK21,
2019
BN21
2.500
10/17/52
1,383,080
2,000,000
BANK5
2024-5YR5
6.539
02/15/29
2,078,019
3,925,000
(c)
BBCMS
Trust,
2015
SRCH
5.122
08/10/35
3,492,173
3,000,000
(c),(d)
BBCMS
Trust
2018-CBM,
(TSFR1M
+
1.488%),
2018
CBM
6.817
07/15/37
2,910,904
2,500,000
Benchmark
2019-B14
Mortgage
Trust,
2019
B14
3.897
12/15/62
1,926,218
1,000,000
(c)
Benchmark
2019-B14
Mortgage
Trust,
2019
B14
2.500
12/15/62
640,744
2,500,000
Benchmark
2019-B15
Mortgage
Trust,
2019
B15
3.836
12/15/72
1,952,220
1,500,000
(c)
Benchmark
2020-B18
Mortgage
Trust,
2020
B18
4.139
07/15/53
1,426,457
1,000,000
(c)
Benchmark
2020-IG2
Mortgage
Trust,
2020
IG2
2.791
09/15/48
841,516
1,000,000
(c)
Benchmark
2020-IG3
Mortgage
Trust,
2020
IG3
3.654
09/15/48
926,657
1,700,000
Benchmark
Mortgage
Trust,
2018
B2
4.447
02/15/51
1,469,338
1,500,000
Benchmark
Mortgage
Trust,
2019
B14
3.493
12/15/62
1,253,826
2,000,000
Benchmark
Mortgage
Trust
Series
-
2019
B12
(Class
C)
3.873
08/15/52
1,604,571
2,000,000
(c)
BPR
2023-STON
Mortgage
Trust,
2023
STON
7.871
12/05/39
2,046,940
1,250,000
(c),(d)
BX
Commercial
Mortgage
Trust
2019-IMC,
(TSFR1M
+
1.946%),
2019
IMC
6.555
04/15/34
1,231,010
2,000,000
(c),(d)
BX
Commercial
Mortgage
Trust
2024-BRBK,
(TSFR1M
+
4.874%),
2024
BRBK
9.484
10/15/41
2,001,635
1,500,000
(c),(d)
BX
Trust,
(TSFR1M
+
3.339%),
2023
DELC
7.948
05/15/38
1,516,607
705,000
CD
2016-CD1
Mortgage
Trust,
2016
CD1
3.631
08/10/49
498,175
1,440,000
CD
Mortgage
Trust,
2017
CD3
3.984
02/10/50
897,057
48,260
(c)
CF
2020-P1
Mortgage
Trust,
2020
P1
2.840
04/15/25
47,688
750,000
(c)
CF
2020-P1
Mortgage
Trust,
2020
P1
3.603
04/15/52
667,320
1,000,000
(c)
Citigroup
Commercial
Mortgage
Trust
2014-GC23,
2014
GC23
4.593
07/10/47
900,675
2,750,000
Citigroup
Commercial
Mortgage
Trust
2015-GC29,
2015
GC29
3.758
04/10/48
2,681,452
1,690,000
Citigroup
Commercial
Mortgage
Trust
2015-GC29,
2015
GC29
4.344
04/10/48
1,630,110
1,900,000
Citigroup
Commercial
Mortgage
Trust
2016-GC37,
2016
GC37
4.233
04/10/49
1,817,769
2,500,000
Citigroup
Commercial
Mortgage
Trust
2017-C4,
2017
C4
4.285
10/12/50
2,310,373
850,000
(c),(d)
Citigroup
Commercial
Mortgage
Trust
2021-PRM2,
(TSFR1M
+
2.014%),
2021
PRM2
6.624
10/15/38
843,013
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
$
1,528,583
COMM
2014-CCRE17
Mortgage
Trust,
2014
CR17
4.377
%
05/10/47
$
1,492,442
187,602
COMM
2014-LC17
Mortgage
Trust,
2014
LC17
4.780
10/10/47
181,776
2,000,000
COMM
2014-UBS3
Mortgage
Trust,
2014
UBS3
4.747
06/10/47
1,419,036
2,000,000
(c)
COMM
2014-UBS3
Mortgage
Trust,
2014
UBS3
4.767
06/10/47
793,836
1,840,000
COMM
2015-CCRE22
Mortgage
Trust,
2015
CR22
4.237
03/10/48
1,598,701
2,000,000
(c)
COMM
2015-CCRE22
Mortgage
Trust,
2015
CR22
3.000
03/10/48
1,351,911
2,628,000
COMM
2015-CCRE23
Mortgage
Trust,
2015
CR23
4.476
05/10/48
2,092,017
1,500,000
COMM
2015-CCRE24
Mortgage
Trust,
2015
CR24
3.463
08/10/48
1,332,162
1,000,000
COMM
2015-CCRE24
Mortgage
Trust,
2015
CR24
4.493
08/10/48
972,408
500,000
COMM
2015-CCRE24
Mortgage
Trust,
2015
CR24
4.493
08/10/48
453,962
550,000
COMM
2015-CCRE25
Mortgage
Trust,
2015
CR25
3.768
08/10/48
503,915
3,000,000
COMM
2015-CCRE26
Mortgage
Trust,
2015
CR26
4.612
10/10/48
2,641,802
2,043,000
COMM
2015-LC23
Mortgage
Trust,
2015
LC23
4.696
10/10/48
1,942,442
2,000,000
COMM
2019-GC44
Mortgage
Trust,
2019
GC44
3.637
08/15/57
1,683,504
3,500,000
COMM
Mortgage
Trust,
2018
COR3
4.669
05/10/51
2,956,495
837,806
COMM
Mortgage
Trust
4.585
02/10/47
805,575
5,000,000
(c),(d)
Connecticut
Avenue
Securities
Trust,
(SOFR30A
+
4.750%),
2023
R05
9.475
06/25/43
5,433,602
4,830,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2021-R03,
(SOFR30A
+
5.500%),
2021
R03
10.234
12/25/41
5,063,977
5,000,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2022-R01,
(SOFR30A
+
6.000%),
2022
R01
10.734
12/25/41
5,271,229
5,000,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2022-R02,
(SOFR30A
+
7.650%),
2022
R02
12.972
01/25/42
5,445,984
4,000,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2022-R03,
(SOFR30A
+
9.850%),
2022
R03
14.823
03/25/42
4,571,338
5,000,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2022-R04,
(SOFR30A
+
9.500%),
2022
R04
14.837
03/25/42
5,605,418
5,000,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2022-R05,
(SOFR30A
+
7.000%),
2022
R05
11.734
04/25/42
5,443,227
4,000,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2022-R07,
(SOFR30A
+
4.650%),
2022
R07
9.375
06/25/42
4,324,687
4,000,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2022-R07,
(SOFR30A
+
12.000%),
2022
R07
16.725
06/25/42
4,819,772
600,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2022-R09,
(SOFR30A
+
6.750%),
2022
R09
11.475
09/25/42
668,703
3,350,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R02,
(SOFR30A
+
7.900%),
2023
R02
12.634
01/25/43
3,796,824
5,000,600
(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R02,
(SOFR30A
+
5.550%),
2023
R02
10.284
01/25/43
5,499,176
6,217,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R04,
(SOFR30A
+
5.350%),
2023
R04
10.075
05/25/43
6,862,777
5,000,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R04,
(SOFR30A
+
8.250%),
2023
R04
12.975
05/25/43
5,781,069
1,415,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R05,
(SOFR30A
+
6.850%),
2023
R05
11.575
06/25/43
1,577,814
3,390,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R06,
(SOFR30A
+
5.900%),
2023
R06
10.634
07/25/43
3,728,123
5,000,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R06,
(SOFR30A
+
3.900%),
2023
R06
9.188
07/25/43
5,305,860
2,775,000
(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R08,
(SOFR30A
+
3.550%),
2023
R08
8.284
10/25/43
2,910,297
4,069,612
(c)
CSMC
2021-INV2
Trust,
2021
INV2
3.288
11/25/56
3,290,405
1,000,000
(c)
CSMC
2021-NQM1,
2021
NQM1
2
.130
05/25/65
725,528
1,300,000
(c)
DBSG
2024-ALTA
Mortgage
Trust,
2024
ALTA
7.296
06/10/37
1,314,860
30,450,000
(c)
DOLP
Trust
2021-NYC,
2021
NYC,
(I/O)
0.665
05/10/41
983,167
8,772,470
Fannie
Mae
Pool,
FN
MA5039
5.500
06/01/53
8,768,212
8,866,099
Fannie
Mae
Pool,
FN
MA5107
5.500
08/01/53
8,861,076
9,009,861
Fannie
Mae
Pool,
FN
MA5165
5.500
10/01/53
9,004,182
10,323
(d)
Fannie
Mae
Pool,
FN
946228,
(LIBOR
12
M
+
1.587%)
7.337
09/01/37
10,452
668
(d)
Fannie
Mae
Pool,
FN
905597,
(LIBOR
12
M
+
1.875%)
6.125
12/01/36
678
7,466,465
Fannie
Mae
Pool,
FN
MA5353
5.500
05/01/54
7,459,464
6,991,044
Fannie
Mae
Pool,
FN
MA4918
5.000
02/01/53
6,878,966
Portfolio
of
Investments
November
30,
2024
(continued)
Strategic
Income
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
$
8,380,403
Fannie
Mae
Pool,
FN
MA4919
5.500
%
02/01/53
$
8,387,978
149,158
(d)
Fannie
Mae
REMICS,
(SOFR30A
+
5.836%),
2013
98,
(I/O)
1.101
09/25/43
16,215
79,728
(c)
Flagstar
Mortgage
Trust
2017-2,
2017
2
3.973
10/25/47
71,860
1,831,022
(c)
Flagstar
Mortgage
Trust
2021-11INV,
2021
11IN
3.449
11/25/51
1,407,234
11,299,990
Freddie
Mac
Multifamily
ML
Certificates,
2021
ML12,
(I/O)
1.304
07/25/41
1,050,899
5,000,000
(c),(d)
Freddie
Mac
STACR
REMIC
Trust,
(SOFR30A
+
5.650%),
2022
DNA3
8.647
04/25/42
5,374,868
5,000,000
(c),(d)
Freddie
Mac
STACR
REMIC
Trust
2021-DNA6,
(SOFR30A
+
7.500%),
2021
DNA6
12.234
10/25/41
5,394,756
5,000,000
(c),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA1,
(SOFR30A
+
7.100%),
2022
DNA1
11.834
01/25/42
5,356,925
5,000,000
(c),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
(SOFR30A
+
8.500%),
2022
DNA2
13.788
02/25/42
5,521,232
5,900,000
(c),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
(SOFR30A
+
4.750%),
2022
DNA2
9.484
02/25/42
6,220,377
5,000,000
(c),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
(SOFR30A
+
9.750%),
2022
DNA3
15.087
04/25/42
5,682,080
5,000,000
(c),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-HQA1,
(SOFR30A
+
7.000%),
2022
HQA1
9.997
03/25/42
5,508,402
4,600,000
(c),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-HQA2,
(SOFR30A
+
4.000%),
2022
HQA2
8.734
07/25/42
4,906,753
116,961
(d)
Freddie
Mac
Strips,
(SOFR30A
+
0.058%),
2014
327,
(I/O)
0.472
03/15/44
11,015
1,962,274
(d)
Government
National
Mortgage
Association,
(SOFR30A
+
26.100%),
2023
96
5.391
07/20/53
2,255,687
20,682,902
(d)
Government
National
Mortgage
Association,
(TSFR1M
+
6.326%),
2020
61
1.566
07/20/43
2,219,083
3,103,139
(d)
Government
National
Mortgage
Association,
(SOFR30A
+
23.205%),
2023
111
4.638
08/20/53
3,282,622
1,500,000
(c),(d)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
(TSFR1M
+
1.897%),
2018
TWR
6.507
07/15/31
457,081
1,081,000
(c),(d)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
(LIBOR
1
M
+
1.497%),
2018
TWR
3.449
07/15/31
551,321
2,600,000
(c),(d)
GS
Mortgage
Securities
Corp
Trust
2021-ARDN,
(TSFR1M
+
1.364%),
2021
ARDN
5.974
11/15/36
2,571,968
2,000,000
(c),(d)
GS
Mortgage
Securities
Corp
Trust
2021-ARDN,
(TSFR1M
+
3.464%),
2021
ARDN
8.074
11/15/36
1,974,940
1,000,000
GS
Mortgage
Securities
Trust
2016-GS3,
2016
GS3
4.103
10/10/49
917,541
2,260,000
GS
Mortgage
Securities
Trust
2016-GS4,
2016
GS4
4.075
11/10/49
1,897,200
1,425,000
GS
Mortgage
Securities
Trust
2019-GC38,
2019
GC38
4.158
02/10/52
1,343,521
1,000,000
GS
Mortgage
Securities
Trust
2020-GSA2,
2020
GSA2
2.012
12/12/53
834,118
4,713
(c)
GS
Mortgage-Backed
Securities
Corp
Trust
2019-PJ2,
2019
PJ2
4.000
11/25/49
4,429
97,967
(c)
GS
Mortgage-Backed
Securities
Corp
Trust
2019-PJ2,
2019
PJ2
4.000
11/25/49
92,069
2,000,000
(c)
HTL
Commercial
Mortgage
Trust
2024-T53,
2024
T53
7.324
05/10/39
2,044,590
1,000,000
(c)
Hudson
Yards
2019-55HY
Mortgage
Trust,
2019
55HY
3.041
12/10/41
788,965
1,500,000
(c),(d)
ILPT
Commercial
Mortgage
Trust
2022-LPF2,
(TSFR1M
+
2.744%),
2022
LPF2
7.353
10/15/39
1,499,728
2,000,000
(c)
ILPT
Commercial
Mortgage
Trust
2022-LPFX,
2022
LPFX
3.951
03/15/32
1,701,013
364,868
Impac
Secured
Assets
CMN
Owner
Trust,
2000
3
8.000
10/25/30
333,880
257,571
(c)
Imperial
Fund
Mortgage
Trust
2020-NQM1,
2020
NQM1
2.051
10/25/55
241,144
2,000,000
(c)
Imperial
Fund
Mortgage
Trust
2020-NQM1,
2020
NQM1
3.531
10/25/55
1,805,772
346,638
(c)
Imperial
Fund
Mortgage
Trust
2021-NQM1,
2021
NQM1
1.617
06/25/56
301,680
450,000
(c)
Imperial
Fund
Mortgage
Trust
2021-NQM1,
2021
NQM1
2.383
06/25/56
346,526
2,440,699
(c),(d)
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2022-
NLP,
(TSFR1M
+
2.608%),
2022
NLP
7.918
04/15/37
2,163,410
4,719,886
(c)
J.P.
Morgan
Mortgage
Trust
2022-LTV2,
2022
LTV2
3.670
09/25/52
3,940,639
153,623
(d)
JP
Morgan
Alternative
Loan
Trust
2007-S1,
(TSFR1M
+
0.674%),
2007
S1
5.262
04/25/47
146,964
1,000,000
(c)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2020-
NNN,
2020
NNN
3.065
01/16/37
795,759
1,355,793
(c)
JP
Morgan
Mortgage
Trust
2020-INV1,
2020
INV1
4.186
08/25/50
1,171,732
2,500,000
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C31,
2015
C31
4.777
08/15/48
1,911,725
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
$
2,500,000
(c)
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C33,
2015
C33
4.136
%
12/15/48
$
2,197,770
1,400,000
(c)
JPMBB
Commercial
Mortgage
Securities
Trust
2016-C1,
2016
C1
4.356
03/17/49
1,215,139
1,500,000
JPMBB
Commercial
Mortgage
Securities
Trust
2016-C1,
2016
C1
4.856
03/17/49
1,382,434
2,000,000
JPMCC
Commercial
Mortgage
Securities
Trust,
2017
JP6
3.850
07/15/50
1,580,014
1,335,000
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP7,
2017
JP7
3.823
09/15/50
1,078,650
1,400,000
(c)
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP7,
2017
JP7
4.573
09/15/50
773,340
190,000
(c)
Ladder
Capital
Commercial
Mortgage
2013-GCP
Mortgage
Trust,
2013
GCP
3.985
02/15/36
173,268
3,015,000
(c)
Legends
Outlets
Kansas
City
KS
Mortgage
Secured
Pass-Through
Trust,
2024
LGND
6.508
10/15/27
3,002,350
34,356,000
(c)
MFT
Trust
2020-ABC,
2020
ABC,
(I/O)
0.235
02/10/42
232,250
750,000
Morgan
Stanley
Capital
I
Trust
2018-H3,
2018
H3
4.177
07/15/51
729,425
2,000,000
(c)
MRCD
2019-MARK
Mortgage
Trust,
2019
PARK
2.718
12/15/36
1,310,000
500,000
(c)
MSCG
Trust
2015-ALDR,
2015
ALDR
3.577
06/07/35
464,059
1,500,000
(c)
MSCG
Trust
2015-ALDR,
2015
ALDR
3.577
06/07/35
1,412,091
1,000,000
(c),(d)
MTN
Commercial
Mortgage
Trust
2022-LPFL,
(TSFR1M
+
2.943%),
2022
LPFL
7.773
03/15/39
997,859
1,500,000
(c),(d)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
(TSFR1M
+
3.579%),
2019
MILE
8.189
07/15/36
1,054,112
1,500,000
(c),(d)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
(TSFR1M
+
4.329%),
2019
MILE
8.939
07/15/36
971,745
74,747
(c)
New
Residential
Mortgage
Loan
Trust
2015-2,
2015
2A
5.341
08/25/55
73,599
1,000,000
(c)
NLT
2021-INV2
Trust,
2021
INV2
2.569
08/25/56
733,523
3,200,000
(c),(d)
NYC
Trust
2024-3ELV,
(TSFR1M
+
2.840%),
2024
3ELV
7.449
08/15/29
3,216,707
1,150,000
(c)
One
Bryant
Park
Trust
2019-OBP
2.516
09/15/54
1,011,952
2,517,933
(c),(d)
OPEN
Trust
2023-AIR,
(TSFR1M
+
5.236%),
2023
AIR
9.845
10/15/28
2,546,633
2,000,000
(c),(d)
PKHL
Commercial
Mortgage
Trust
2021-MF,
(TSFR1M
+
0.994%),
2021
MF
5.604
07/15/38
1,886,255
1,000,000
(c),(d)
RLGH
Trust
2021-TROT,
(LIBOR
1
M
+
1.828%),
2021
TROT
1.821
04/15/36
988,347
10,073
(c)
Sequoia
Mortgage
Trust
2018-7,
2018
7
4.000
09/25/48
9,471
5,551
(c)
Sequoia
Mortgage
Trust
2019-2,
2019
2
4.000
06/25/49
5,205
1,155,000
(c)
SLG
Office
Trust
2021-OVA,
2021
OVA
2.851
07/15/41
944,743
40,180,000
(c)
SLG
Office
Trust
2021-OVA,
2021
OVA,
(I/O)
0.258
07/15/41
535,603
1,831,354
(c),(d)
SMR
2022-IND
Mortgage
Trust,
(TSFR1M
+
3.950%),
2022
IND
8.559
02/15/39
1,766,490
2,140,000
(c),(d)
SREIT
Trust
2021-PALM,
(TSFR1M
+
1.524%),
2021
PALM
6.133
10/15/34
2,120,533
2,000,000
(c),(d)
TX
Trust
2024-HOU,
(TSFR1M
+
3.239%),
2024
1
7.848
06/15/39
1,998,909
2,000,000
(c)
Verus
Securitization
Trust
2021-8,
2021
8
3.288
11/25/66
1,574,220
30,813
Washington
Mutual
MSC
Mortgage
Pass-Through
Certificates
Series
2004-RA3
Trust,
2004
RA3
5.624
08/25/38
30,343
1,615,000
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS1,
2015
NXS1
3.658
05/15/48
1,579,878
2,000,000
Wells
Fargo
Commercial
Mortgage
Trust
2015-P2,
2015
P2
4.818
12/15/48
1,915,507
4,500,000
Wells
Fargo
Commercial
Mortgage
Trust
2024-C63,
2024
C63
5.820
08/15/57
4,690,978
936,607
(c)
Wells
Fargo
Mortgage
Backed
Securities
2021-INV1
Trust,
2021
INV1
3.311
08/25/51
784,112
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$352,250,140)
340,591,083
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
10118886
MUNICIPAL
BONDS
-
1.0%
10118886
ILLINOIS
-
0.4%
4,000,000
Illinois
Housing
Development
Authority
5.784
10/01/44
4,033,992
TOTAL
ILLINOIS
4,033,992
NEW
YORK
-
0.6%
5,955,000
New
York
City
Transitional
Finance
Authority
5.110
05/01/36
6,084,894
TOTAL
NEW
YORK
6,084,894
TOTAL
MUNICIPAL
BONDS
(Cost
$10,038,389)
10,118,886
Portfolio
of
Investments
November
30,
2024
(continued)
Strategic
Income
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
68025991
SOVEREIGN
DEBT
-
6.9%
68025991
ANGOLA
-
0.1%
$
1,050,000
(c)
Angolan
Government
International
Bond
8.750
%
04/14/32
$
940,582
TOTAL
ANGOLA
940,582
BAHRAIN
-
0.0%
500,000
(c)
Bahrain
Government
International
Bond
6.000
09/19/44
427,194
TOTAL
BAHRAIN
427,194
BENIN
-
0.2%
1,550,000
(c)
Benin
Government
International
Bond
7.960
02/13/38
1,504,368
TOTAL
BENIN
1,504,368
BRAZIL
-
0.3%
1,950,000
Brazilian
Government
International
Bond
7.125
05/13/54
1,930,630
945,000
Brazilian
Government
International
Bond
6.000
10/20/33
930,356
TOTAL
BRAZIL
2,860,986
CHILE
-
0.1%
1,500,000
Chile
Government
International
Bond
3.100
05/07/41
1,123,460
TOTAL
CHILE
1,123,460
COLOMBIA
-
0.3%
3,200,000
Colombia
Government
International
Bond
5.000
06/15/45
2,247,643
825,000
Colombia
Government
International
Bond
5.200
05/15/49
578,117
TOTAL
COLOMBIA
2,825,760
COSTA
RICA
-
0.1%
905,000
(c)
Costa
Rica
Government
International
Bond
5.625
04/30/43
820,835
TOTAL
COSTA
RICA
820,835
COTE
D'IVOIRE
-
0.3%
1,175,000
(c)
Ivory
Coast
Government
International
Bond
6.125
06/15/33
1,068,662
704,654
(c)
Ivory
Coast
Government
International
Bond
2032
144A
5.750
12/31/32
669,498
1,100,000
(c)
Ivory
Coast
Government
International
Bond
8.250
01/30/37
1,094,995
TOTAL
COTE
D'IVOIRE
2,833,155
DOMINICAN
REPUBLIC
-
0.2%
835,000
(c)
Dominican
Republic
International
Bond
5.300
01/21/41
736,997
1,525,000
(c)
Dominican
Republic
International
Bond
4.500
01/30/30
1,418,174
TOTAL
DOMINICAN
REPUBLIC
2,155,171
ECUADOR
-
0.0%
380,000
(c)
Ecuador
Government
International
Bond
5.000
07/31/30
256,487
TOTAL
ECUADOR
256,487
EGYPT
-
0.2%
2,250,000
(c)
Egypt
Government
International
Bond
8.500
01/31/47
1,809,990
TOTAL
EGYPT
1,809,990
GHANA
-
0.0%
20,800
(c)
Ghana
Government
International
Bond
0.000
07/03/26
19,360
157,300
(c)
Ghana
Government
International
Bond
5.000
07/03/29
137,968
36,007
(c)
Ghana
Government
International
Bond
0.000
01/03/30
28,305
226,200
(c)
Ghana
Government
International
Bond
5.000
07/03/35
160,602
TOTAL
GHANA
346,235
GUATEMALA
-
0.0%
500,000
(c)
Guatemala
Government
Bond
6.600
06/13/36
504,000
TOTAL
GUATEMALA
504,000
HONDURAS
-
0.4%
1,675,000
(c)
Honduras
Government
International
Bond
5.625
06/24/30
1,493,263
1,575,000
(c)
Honduras
Government
International
Bond
8.625
11/27/34
1,572,638
TOTAL
HONDURAS
3,065,901
HUNGARY
-
0.2%
1,650,000
Hungary
Government
International
Bond
7.625
03/29/41
1,872,420
300,000
(c)
Magyar
Export-Import
Bank
Zrt
6.125
12/04/27
303,761
TOTAL
HUNGARY
2,176,181
INDONESIA
-
0.1%
950,000
(c)
Perusahaan
Penerbit
SBSN
Indonesia
III
3.800
06/23/50
739,943
TOTAL
INDONESIA
739,943
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IRAQ
-
0.1%
$
1,319,062
(c)
Iraq
International
Bond
5.800
%
01/15/28
$
1,278,600
TOTAL
IRAQ
1,278,600
JORDAN
-
0.1%
600,000
(c)
Jordan
Government
International
Bond
5.850
07/07/30
571,587
600,000
(c)
Jordan
Government
International
Bond
7.375
10/10/47
555,927
TOTAL
JORDAN
1,127,514
KAZAKHSTAN
-
0.2%
1,675,000
(c)
Development
Bank
of
Kazakhstan
JSC
2.950
05/06/31
1,450,654
975,000
(c)
Kazakhstan
Government
International
Bond
6.500
07/21/45
1,086,815
TOTAL
KAZAKHSTAN
2,537,469
KENYA
-
0.1%
1,445,000
(c)
Republic
of
Kenya
Government
International
Bond
6.300
01/23/34
1,161,090
500,000
(c)
Republic
of
Kenya
Government
International
Bond
9.750
02/16/31
499,951
TOTAL
KENYA
1,661,041
MEXICO
-
0.8%
1,966,000
Mexico
Government
International
Bond
4.750
03/08/44
1,570,206
1,000,000
Mexico
Government
International
Bond
4.750
04/27/32
933,335
3,325,000
Mexico
Government
International
Bond
4.280
08/14/41
2,570,273
1,975,000
Mexico
Government
International
Bond
6.400
05/07/54
1,859,267
TOTAL
MEXICO
6,933,081
MONGOLIA
-
0.1%
795,000
(c)
Mongolia
Government
International
Bond
4.450
07/07/31
695,323
TOTAL
MONGOLIA
695,323
MOROCCO
-
0.1%
850,000
(c)
Morocco
Government
International
Bond
5.500
12/11/42
769,509
TOTAL
MOROCCO
769,509
NIGERIA
-
0.0%
325,000
(c)
Nigeria
Government
International
Bond
8.375
03/24/29
314,750
415,000
(c)
Nigeria
Government
International
Bond
7.875
02/16/32
373,608
TOTAL
NIGERIA
688,358
OMAN
-
0.2%
2,050,000
(c)
Oman
Government
International
Bond
6.500
03/08/47
2,089,094
TOTAL
OMAN
2,089,094
PANAMA
-
0.3%
1,360,000
Panama
Bonos
del
Tesoro
3.362
06/30/31
1,103,640
1,925,000
Panama
Government
International
Bond
8.000
03/01/38
2,038,151
TOTAL
PANAMA
3,141,791
PARAGUAY
-
0.3%
1,625,000
(c)
Paraguay
Government
International
Bond
5.600
03/13/48
1,488,399
675,000
(c)
Paraguay
Government
International
Bond
6.000
02/09/36
692,145
TOTAL
PARAGUAY
2,180,544
PERU
-
0.3%
1,050,000
Peruvian
Government
International
Bond
3.300
03/11/41
794,445
1,755,000
Peruvian
Government
International
Bond
5.875
08/08/54
1,756,904
TOTAL
PERU
2,551,349
PHILIPPINES
-
0.1%
550,000
Philippine
Government
International
Bond
6.375
10/23/34
606,221
495,000
Philippine
Government
International
Bond
4.200
03/29/47
423,161
TOTAL
PHILIPPINES
1,029,382
POLAND
-
0.1%
630,000
Republic
of
Poland
Government
International
Bond
5.500
04/04/53
611,077
TOTAL
POLAND
611,077
QATAR
-
0.1%
850,000
(c)
Qatar
Government
International
Bond
4.817
03/14/49
800,460
TOTAL
QATAR
800,460
REPUBLIC
OF
SERBIA
-
0.2%
1,500,000
(c)
Serbia
International
Bond
6.500
09/26/33
1,562,613
TOTAL
REPUBLIC
OF
SERBIA
1,562,613
Portfolio
of
Investments
November
30,
2024
(continued)
Strategic
Income
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ROMANIA
-
0.1%
$
450,000
(c)
Romanian
Government
International
Bond
7.625
%
01/17/53
$
474,048
1,370,000
(c)
Romanian
Government
International
Bond
6.125
01/22/44
1,258,907
TOTAL
ROMANIA
1,732,955
RWANDA
-
0.1%
1,375,000
(c)
Rwanda
International
Government
Bond
5.500
08/09/31
1,166,535
TOTAL
RWANDA
1,166,535
SAUDI
ARABIA
-
0.1%
2,065,000
(c)
Saudi
Government
International
Bond
3.750
01/21/55
1,467,509
TOTAL
SAUDI
ARABIA
1,467,509
SENEGAL
-
0.2%
1,600,000
(c)
Senegal
Government
International
Bond
6.250
05/23/33
1,344,608
700,000
(c)
Senegal
Government
International
Bond
6.750
03/13/48
505,750
TOTAL
SENEGAL
1,850,358
SOUTH
AFRICA
-
0.3%
1,575,000
Republic
of
South
Africa
Government
International
Bond
7.300
04/20/52
1,490,750
1,900,000
(a)
Republic
of
South
Africa
Government
International
Bond
5.375
07/24/44
1,498,887
TOTAL
SOUTH
AFRICA
2,989,637
TURKEY
-
0.3%
450,000
Turkiye
Government
International
Bond
9.125
07/13/30
504,367
1,025,000
(a)
Turkiye
Government
International
Bond
7.625
05/15/34
1,066,664
875,000
Turkiye
Government
International
Bond
6.500
01/03/35
841,116
750,000
(c)
Turkiye
Ihracat
Kredi
Bankasi
AS
5.750
07/06/26
748,543
TOTAL
TURKEY
3,160,690
UKRAINE
-
0.0%
22,079
(c)
Ukraine
Government
International
Bond
0.000
02/01/34
8,721
21,633
(c)
Ukraine
Government
International
Bond
1.750
02/01/36
10,881
5,908
(c)
Ukraine
Government
International
Bond
0.000
02/01/30
2,998
18,658
(c)
Ukraine
Government
International
Bond
0.000
02/01/35
10,878
15,548
(c)
Ukraine
Government
International
Bond
0.000
02/01/36
9,018
54,082
(c)
Ukraine
Government
International
Bond
1.750
02/01/34
28,266
32,449
(c)
Ukraine
Government
International
Bond
1.750
02/01/35
16,614
TOTAL
UKRAINE
87,376
UZBEKISTAN
-
0.2%
1,600,000
(c)
Republic
of
Uzbekistan
International
Bond
5.375
02/20/29
1,523,478
TOTAL
UZBEKISTAN
1,523,478
TOTAL
SOVEREIGN
DEBT
(Cost
$72,152,752)
68,025,991
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
75451094
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
7.7%
75451094
18,000,000
United
States
Treasury
Note/Bond
4.125
08/15/44
17,133,750
15,000,000
United
States
Treasury
Note/Bond
4.625
11/15/44
15,307,031
5,000,000
United
States
Treasury
Note/Bond
4.125
10/31/26
4,992,969
20,000,000
United
States
Treasury
Note/Bond
4.125
11/15/27
20,006,250
10,000,000
United
States
Treasury
Note/Bond
4.125
10/31/29
10,014,844
8,000,000
United
States
Treasury
Note/Bond
4.125
10/31/31
7,996,250
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$75,805,387)
75,451,094
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
44370013
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
4.5%
44370013
CAPITAL
GOODS
-
0.2%
224,438
(d)
Titan
Acquisition
Limited,
Term
Loan
B,
(TSFR1M
+
5.000%)
9.573
02/01/29
226,230
1,485,047
(d)
Windsor
Holdings
III,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.500%)
8.099
08/01/30
1,506,023
TOTAL
CAPITAL
GOODS
1,732,253
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.2%
$
2,134,650
(d)
Prime
Security
Services
Borrower,
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6.906
%
10/15/30
$
2,142,538
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
2,142,538
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.8%
2,463,323
(d)
CNT
Holdings
I
Corp,
Term
Loan,
(TSFR3M
+
3.500%)
8.085
11/08/27
2,484,372
2,020,000
(d),(g)
CNT
Holdings
I
Corp,
Term
Loan,
(TBD)
TBD
TBD
2,037,261
515,197
(d)
Les
Schwab
Tire
Centers,
Term
Loan
B,
(TSFR1M
+
3.000%)
7.573
04/16/31
518,015
426,335
(d)
PetSmart,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.750%)
8.423
02/14/28
426,830
2,329,163
(d)
Wand
NewCo
3,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
3.250%)
7.838
01/30/31
2,348,390
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
7,814,868
CONSUMER
DURABLES
&
APPAREL
-
0.0%
433,024
(d)
Weber-Stephen
Products
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7.937
10/29/27
412,938
TOTAL
CONSUMER
DURABLES
&
APPAREL
412,938
CONSUMER
SERVICES
-
0.2%
997,187
(d)
Alterra
Mountain
Company,
Term
Loan
B7,
(TSFR1M
+
3.000%)
7.573
05/31/30
1,007,159
535,000
(d),(g)
Fleet
Midco
I
Limited,
Term
Loan
B,
(TBD)
TBD
TBD
537,675
346,496
(d)
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B3,
(TSFR6M
+
2.750%)
8.014
10/31/29
348,518
TOTAL
CONSUMER
SERVICES
1,893,352
FINANCIAL
SERVICES
-
0.1%
910,000
(d)
Boost
Newco
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
7.104
01/31/31
919,910
TOTAL
FINANCIAL
SERVICES
919,910
FOOD,
BEVERAGE
&
TOBACCO
-
0.0%
1,414
(d)
City
Brewing
Company,
LLC,
First
Lien,
(TSFR3M
+
5.000%)
9.647
04/14/28
601
71,922
(d)
City
Brewing
Company,
LLC,
First
Out
New
Money
Term
Loan,
(TSFR3M
+
6.250%)
10.906
04/05/28
58,257
188,204
(d)
City
Brewing
Company,
LLC,
FLFO
Roll
Up
Term
Loan,
(TSFR3M
+
3.500%)
8.418
04/14/28
141,153
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
200,011
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.0%
1,955,000
(d)
Bausch
&
Lomb
Corporation,
Term
Loan,
(TSFR1M
+
3.250%)
7.938
05/05/27
1,963,866
3,989,691
(d)
Insulet
Corporation,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.500%)
7.073
07/31/31
4,021,488
531,584
(d)
Medline
Borrower,
LP,
Term
Loan
B,
(TSFR1M
+
2.250%)
6.823
10/23/28
535,372
937,300
(d)
Parexel
International
Corporation,
Term
Loan
B,
(TSFR1M
+
3.000%)
7.573
11/15/28
945,140
997,494
(d)
Phoenix
Guarantor
Inc,
Term
Loan,
(TSFR1M
+
3.250%)
7.823
02/21/31
1,006,561
262,924
(d)
Select
Medical
Corporation,
Term
Loan
B1,
(Prime
+
1.750%)
9.500
03/05/27
264,239
845,750
(d)
Surgery
Center
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.338
12/19/30
853,104
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
9,589,770
INSURANCE
-
0.4%
2,658,337
(d)
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
(TSFR1M
+
3.250%)
7.823
05/12/31
2,675,856
1,595,081
(d)
Truist
Insurance
Holdings
LLC,
First
Lien
Term
Loan,
(TSFR3M
+
3.250%)
7.854
03/22/31
1,603,598
TOTAL
INSURANCE
4,279,454
MATERIALS
-
0.4%
1,441,350
(d)
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR1M
+
3.175%)
7.748
04/13/29
1,451,742
223,313
(d)
Ineos
US
Finance
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7.823
02/09/30
224,686
482,278
(d)
Plaze,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.500%)
8.187
08/03/26
445,302
1,736,897
(d)
Proampac
PG
Borrower
LLC,
Term
Loan,
(TSFR3M
+
4.000%)
8.590
09/15/28
1,745,043
68,075
(d)
W.R.
Grace
&
Co.-Conn.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7.854
09/22/28
68,660
TOTAL
MATERIALS
3,935,433
MEDIA
&
ENTERTAINMENT
-
0.1%
376,599
(d)
DirecTV
Financing,
LLC,
Term
Loan,
(TSFR3M
+
5.000%)
9.847
08/02/27
380,751
214,462
(d)
Planet
US
Buyer
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7.521
02/10/31
215,079
TOTAL
MEDIA
&
ENTERTAINMENT
595,830
Portfolio
of
Investments
November
30,
2024
(continued)
Strategic
Income
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.3%
$
956,479
(d)
Jazz
Financing
Lux
S.a.r.l.,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6.823
%
05/05/28
$
962,285
1,512,645
(d)
Organon
&
Co,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.099
05/14/31
1,526,834
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,489,119
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.1%
703,756
(d)
Ultra
Clean
Holdings,
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
7.823
02/25/28
708,594
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
708,594
SOFTWARE
&
SERVICES
-
0.6%
2,500,000
(d)
Boxer
Parent
Company
Inc.,
Term
Loan
B,
(TSFR3M
+
3.750%)
8.335
07/30/31
2,520,375
2,402,925
(d)
Cotiviti
Corporation,
Term
Loan,
(TSFR1M
+
3.000%)
7.672
04/30/31
2,415,697
482,500
(d)
IGT
Holding
IV
AB,
Term
Loan
B2,
(SOFR90A
+
3.650%)
8.732
03/29/28
486,121
93,406
(d)
UKG
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7.617
02/10/31
94,138
TOTAL
SOFTWARE
&
SERVICES
5,516,331
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.0%
184,917
(d)
Ingram
Micro
Inc.,
Term
Loan
B,
(TSFR3M
+
2.750%)
7.564
09/22/31
186,766
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
186,766
TELECOMMUNICATION
SERVICES
-
0.0%
500,000
(d),(g)
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(TBD)
TBD
TBD
479,492
TOTAL
TELECOMMUNICATION
SERVICES
479,492
TRANSPORTATION
-
0.0%
64,391
(d)
SkyMiles
IP
Ltd.,
Skymiles
Term
Loan
B,
(TSFR3M
+
3.750%)
8.367
10/20/27
65,768
TOTAL
TRANSPORTATION
65,768
UTILITIES
-
0.1%
1,185,750
(d)
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
8.023
05/17/30
1,194,726
211,261
(d)
Talen
Energy
Supply,
LLC,
Term
Loan
C,
(TSFR3M
+
3.500%)
8.023
05/17/30
212,860
TOTAL
UTILITIES
1,407,586
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$43,993,405)
44,370,013
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$980,602,511)
959,713,341
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
2.8%
27,166,611
(h)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4.630
(i)
27,166,611
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$27,166,611)
27,166,611
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 3.4%
33215379
REPURCHASE
AGREEMENTS
-
3.4%
33215379
1,065,379
(j)
Fixed
Income
Clearing
Corporation
1.440
12/02/24
1,065,379
32,150,000
(k)
Fixed
Income
Clearing
Corporation
4.550
12/02/24
32,150,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$33,215,379)
33,215,379
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$33,215,379)
33,215,379
TOTAL
INVESTMENTS
-
104.0%
(Cost
$1,040,984,501
)
1,020,095,331
OTHER
ASSETS
&
LIABILITIES,
NET
-  (4.0)%
(39,497,674)
NET
ASSETS
-
100%
$
980,597,657
27
Investments
in
Derivatives
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
The
following
is
a
reconciliation
of
the
Fund’s
Level
3
investments
held
at
the
beginning
and
end
of
the
measurement
period:
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
2-Year
Note
350
3/25
$
71,977,177
$
72,138,282
$
161,105
U.S.
Treasury
5-Year
Note
150
3/25
16,071,379
16,140,234
68,855
U.S.
Treasury
Long
Bond
175
3/25
20,605,151
20,912,500
307,349
U.S.
Treasury
Ultra
Bond
200
3/25
24,939,483
25,437,500
498,017
Total
$133,593,190
$134,628,516
$1,035,326
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
64,894,450
$
–
$
64,894,450
$25
Par
(or
similar)
Retail
Preferred
752,696
–
–
752,696
Asset-Backed
Securities
–
141,366,870
1,091,000
142,457,870
Contingent
Capital
Securities
–
26,963,932
–
26,963,932
Corporate
Bonds
–
185,024,947
–
185,024,947
Emerging
Market
Debt
and
Foreign
Corporate
Bonds
–
1,062,379
–
1,062,379
Mortgage-Backed
Securities
–
340,591,083
–
340,591,083
Municipal
Bonds
–
10,118,886
–
10,118,886
Sovereign
Debt
–
68,025,991
–
68,025,991
U.S.
Government
and
Agency
Obligations
–
75,451,094
–
75,451,094
Variable
Rate
Senior
Loan
Interests
–
44,370,013
–
44,370,013
Investments
Purchased
with
Collateral
from
Securities
Lending
27,166,611
–
–
27,166,611
Short-Term
Investments:
Repurchase
Agreements
–
33,215,379
–
33,215,379
Investments
in
Derivatives:
Futures
Contracts*
1,035,326
–
–
1,035,326
Total
$
28,954,633
$
991,085,024
$
1,091,000
$
1,021,130,657
*
Represents
net
unrealized
appreciation
(depreciation).
Portfolio
of
Investments
November
30,
2024
(continued)
Strategic
Income
28
The
valuation
techniques
and
significant
unobservable
inputs
used
in
recurring
Level
3
fair
value
measurements
of
assets
as
of
the
end
of
the
reporting
period,
were
as
follows:
Level
3
Strategic
Income
Asset-Backed
Securities
Balance
at
the
beginning
of
period
$1,101,175
Gains
(losses):
Net
realized
gains
(losses)
-
Change
in
net
unrealized
appreciation
(depreciation)
(10,175)
Purchases
at
cost
-
Sales
at
proceeds
-
Net
discounts
(premiums)
-
Transfers
into
-
Transfers
(out
of)
-
Balance
at
the
end
of
period
$1,091,000
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$(10,175)
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
Strategic
Income
Asset-Backed
Securities
$1,091,000
Indicative
Trade
Broker
Quote
$87.28
N/A
(a)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$26,368,861.
(b)
Perpetual
security.
Maturity
date
is
not
applicable.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$525,757,629
or
51.5%
of
Total
Investments.
(d)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(g)
When-issued
or
delayed
delivery
security.
(h)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(i)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(j)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.440%
dated
11/29/24
to
be
repurchased
at
$1,065,507
on
12/2/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
1.750%
and
maturity
date
1/31/29,
valued
at
$1,086,713.
(k)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.550%
dated
11/29/24
to
be
repurchased
at
$32,162,190
on
12/2/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
8/15/43,
valued
at
$32,793,025.
I/O
Interest
only
security
LIBOR
London
Inter-Bank
Offered
Rate
M
Month
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
SOFR
Secured
Overnight
Financing
Rate
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TBD
Senior
loan
purchased
on
a
when-issued
or
delayed-delivery
basis.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date
of
the
transaction.
In
addition,
senior
loans
typically
trade
without
accrued
interest
and
therefore
a
coupon
rate
is
not
available
prior
to
settlement.
At
settlement,
if
still
unknown,
the
borrower
or
counterparty
will
provide
the
Fund
with
the
final
coupon
rate
and
maturity
date.
TSFR
1M
CME
Term
Secured
Overnight
Financing
Rate
1
Month
TSFR
3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
TSFR
6M
CME
Term
Secured
Overnight
Financing
Rate
6
Month