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Principal Amount ($)			Value ($)
	Corporate Obligations — 26.9%
	COMMUNICATION SERVICES — 0.6%
		AT&T
	471,000	VAR ICE LIBOR USD 3 Month+0.950%, 2.95%, 07/15/21		475,604
	336,000	5.15%, 03/15/42		393,350
	119,000	Sprint 7.25%, 09/15/21		126,059
	168,000	Warner Media 5.35%, 12/15/43		198,316

				1,193,329

	CONSUMER DISCRETIONARY — 1.4%
	750,000	Block Financial 4.13%, 10/01/20		759,633
		Ford Motor Credit
	750,000	VAR ICE LIBOR USD 3 Month+1.080%, 2.98%, 08/03/22		737,793
	200,000	5.88%, 08/02/21		209,437
	197,000	General Motors Financial VAR ICE LIBOR USD 3 Month+1.550%, 3.54%, 01/14/22		199,045
	750,000	Tapestry 4.25%, 04/01/25		794,500

				2,700,408

	CONSUMER STAPLES — 0.3%
		Altria Group
	450,000	3.80%, 02/14/24		474,172
	108,000	4.50%, 05/02/43		110,613

				584,785

	ENERGY — 2.2%
	259,000	Energy Transfer Operating 6.50%, 02/01/42		308,598
		Kinder Morgan Energy Partners
	181,000	3.50%, 09/01/23		187,696
	205,000	4.30%, 05/01/24		219,232
	90,000	Occidental Petroleum 6.20%, 03/15/40		108,319
	150,000	Unit Corp 6.63%, 05/15/21		82,837
		Williams Cos., Inc.
	1,567,000	4.13%, 11/15/20		1,585,887
	197,000	4.55%, 06/24/24		212,817
	317,000	5.25%, 03/15/20		318,881
	1,280,000	7.88%, 09/01/21		1,396,307

				4,420,574

	FINANCIALS — 14.1%
	455,000	Andina de Fomento 4.38%, 06/15/22		478,520
	750,000	Assured Guaranty US Holdings 5.00%, 07/01/24		834,854
		Bank of America
	980,000	VAR ICE LIBOR USD 3 Month+1.750%, 3.71%, 09/28/20		986,124
	1,500,000	VAR ICE LIBOR USD 3 Month+3.898%, 6.10% (a)		1,671,772


Principal Amount ($)			Value ($)
	Corporate Obligations (continued)
	FINANCIALS (continued)
	810,000	Capital One Financial VAR ICE LIBOR USD 3 Month+0.950%, 2.84%, 03/09/22		818,595
	1,100,000	Charles Schwab VAR ICE LIBOR USD 3 Month+4.820%, 7.00% (a)		1,193,935
	750,000	Citigroup VAR ICE LIBOR USD 3 Month+4.059%, 5.88% (a)		754,009
	1,500,000	Everest Reinsurance Holdings VAR ICE LIBOR USD 3 Month+2.385%, 4.29%, 05/15/37		1,412,393
		Genworth Holdings
	103,000	4.80%, 02/15/24		97,873
	101,000	7.70%, 06/15/20		103,359
	500,000	Goldman Sachs Capital III VAR ICE LIBOR USD 3 Month+0.770%, 4.00% (a)		433,260
		Goldman Sachs Group, Inc. MTN
	750,000	VAR ICE LIBOR USD 3 Month+1.170%, 3.08%, 11/15/21		755,944
	516,000	VAR ICE LIBOR USD 3 Month+1.400%, 3.32%, 08/26/20		517,319
	750,000	VAR ICE LIBOR USD 3 Month+1.750%, 3.69%, 10/28/27		782,954
	500,000	VAR ICE LIBOR USD 3 Month+3.922%, 5.38% (a)		506,293
	500,000	Independent Bank Group VAR ICE LIBOR USD 3 Month+2.830%, 5.00%, 12/31/27		511,226
		JPMorgan Chase & Co
	450,000	VAR ICE LIBOR USD 3 Month+3.800%, 5.30% (a)		453,517
	245,000	VAR ICE LIBOR USD 3 Month+3.470%, 5.41% (a)		247,577
	3,000,000	VAR ICE LIBOR USD 3 Month+3.780%, 6.75% (a)		3,389,895
	221,000	Liberty Mutual Group 4.25%, 06/15/23 (b)		234,996
	750,000	Manufacturers & Traders Trust VAR ICE LIBOR USD 3 Month+0.640%, 2.55%, 12/01/21		750,454
	1,550,000	MetLife VAR ICE LIBOR USD 3 Month+3.575%, 5.25% (a)		1,572,870
		Morgan Stanley MTN
	500,000	VAR ICE LIBOR USD 3 Month+0.500%, 3.00%, 02/21/20		494,375
	500,000	VAR ICE LIBOR USD 3 Month+1.250%, 3.25%, 01/16/20		500,090
	500,000	VAR CPI YOY+2.000%, 3.71%, 02/11/20		499,375


Principal Amount ($)			Value ($)
	Corporate Obligations (continued)
	FINANCIALS (continued)
	850,000	NTC Capital II VAR ICE LIBOR USD 3 Month+0.590%, 2.59%, 04/15/27		799,765
	750,000	Old Republic International 4.88%, 10/01/24		822,994
	250,000	People’s United Bank 4.00%, 07/15/24		261,377
	895,000	Prudential Financial, Inc. VAR ICE LIBOR USD 3 Month+3.920%, 5.63%, 06/15/43		963,794
	750,000	State Street VAR ICE LIBOR USD 3 Month+1.000%, 2.89%, 06/15/47		655,571
	750,000	Stifel Financial 3.50%, 12/01/20		759,678
	1,025,000	US Bancorp VAR ICE LIBOR USD 3 Month+3.486%, 5.13% (a)		1,054,284
	800,000	USB Capital IX VAR ICE LIBOR USD 3 Month+1.020%, 3.50% (a)		701,216
	795,000	Wachovia Capital Trust II VAR ICE LIBOR USD 3 Month+0.500%, 2.50%, 01/15/27		748,016
	750,000	Wells Fargo MTN 4.13%, 08/15/23		796,863

				27,565,137

	HEALTHCARE — 0.2%
	197,000	Allergan Funding SCS 3.85%, 06/15/24		207,061
	187,000	Endo Finance 5.38%, 01/15/23 (b)		126,615
	97,000	Mylan 5.40%, 11/29/43		107,678

				441,354

	INDUSTRIALS — 2.3%
	1,554,000	BNSF Funding Trust I VAR ICE LIBOR USD 3 Month+2.350%, 6.61%, 12/15/55		1,742,842
		General Electric Co MTN
	750,000	VAR ICE LIBOR USD 3 Month+0.300%, 2.30%, 05/13/24		721,808
	689,000	VAR ICE LIBOR USD 3 Month+3.330%, 5.00% (a)		675,895
	775,000	Masco 5.95%, 03/15/22		832,969
	605,000	United Technologies VAR ICE LIBOR USD 3 Month+0.650%, 2.55%, 08/16/21		605,081

				4,578,595

	INFORMATION TECHNOLOGY — 0.3%
	500,000	Motorola Solutions 3.50%, 03/01/23		516,761


Principal Amount ($)			Value ($)
	Corporate Obligations (continued)
	MATERIALS — 1.0%
	1,020,000	Martin Marietta Materials VAR ICE LIBOR USD 3 Month+0.650%, 2.55%, 05/22/20		1,021,255
	930,000	Sherwin-Williams 4.20%, 01/15/22		966,550

				1,987,805

	REAL ESTATE — 2.3%
	750,000	Corporate Office Properties 5.25%, 02/15/24		807,698
	2,000,000	National Retail Properties 3.80%, 10/15/22		2,082,504
	200,000	Retail Opportunity Investments Partnership 4.00%, 12/15/24		204,263
	698,000	VEREIT Operating Partnership 4.60%, 02/06/24		754,607
	569,000	WP Carey 4.60%, 04/01/24		610,495

				4,459,567

	UTILITIES — 2.2%
	75,000	Evergy 4.85%, 06/01/21		77,379
	42,000	PacifiCorp 6.25%, 10/15/37		58,997
	1,750,000	Southern VAR ICE LIBOR USD 3 Month+3.630%, 5.50%, 03/15/57		1,834,504
	2,460,000	WEC Energy Group, Inc. VAR ICE LIBOR USD 3 Month+2.113%, 4.02%, 05/15/67		2,294,803

				4,265,683

		Total Corporate Obligations (Cost $51,737,046)		52,713,998

	Agency Mortgage-Backed Securities — 26.8%
	500,000	Federal Home Loan Bank 4.10%, 12/6/2030		516,471
		Federal Home Loan Mortgage Corp.
	872,294	4.00%, 5/1/2044		936,501
	142,430	5.00%, 6/1/2041		158,820
	2,000,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K735, Class AM 2.46%, 5/25/2026		2,016,599
		Federal National Mortgage Assoc.
	2,971,771	3.00%, 2/1/2043 to 6/1/2043 (c)		3,065,412
	1,266,261	3.50%, 11/1/2042 to 2/1/2043 (c)		1,347,016
	1,343,564	4.00%, 1/1/2041 to 3/1/2044 (c)		1,438,492
	1,794,690	4.50%, 10/1/2039 to 4/1/2041 (c)		1,949,659
	186,706	5.00%, 6/1/2041		208,058
	1,500,000	Federal National Mortgage Assoc. ACES, Series 2019-M12, Class A2 2.89%, 5/25/2029 (d)		1,549,648


Principal Amount ($)			Value ($)
	Agency Mortgage-Backed Securities (continued)
	1,966,060	FRESB Mortgage Trust, Series 2019-SB62, Class A10F 3.07%, 3/25/2029 (d)		2,008,852
	1,991,333	FRESB Mortgage Trust, Series 2019-SB60, Class A10F 3.31%, 1/25/2029 (d)		2,064,783
	1,992,676	FRESB Mortgage Trust, Series 2018-SB53, Class A10F 3.66%, 6/25/2028 (d)		2,096,321
	1,405,225	FRESB Mortgage Trust, Series 2017-SB42, Class A10F 2.96%, 10/25/2027 (d)		1,436,271
	2,764,108	FRESB Mortgage Trust, Series 2018-SB52, Class A10F 3.48%, 6/25/2028 (d)		2,887,083
	997,186	FRESB Mortgage Trust, Series 2019-SB63, Class A10H VAR ICE LIBOR USD 1 Month+2.890%, 2.89%, 3/25/2039		1,012,920
	2,338,151	Government National Mortgage Assoc., Series 2018-156, Class AD 3.25%, 8/16/2059 (d)		2,392,372
	1,894,512	Government National Mortgage Assoc., Series 2012-83, Class AK 3.43%,12/16/2053 (d)		1,957,562
	1,898,769	Government National Mortgage Assoc., Series 2017-106, Class AC 2.60%, 4/16/2051		1,909,630
	1,924,006	Government National Mortgage Assoc., Series 70, Class AE 2.60%, 10/16/2058		1,922,454
	1,958,485	Government National Mortgage Assoc., Series 2018-129, Class AG 3.10%, 5/16/2059		1,988,189
	2,500,000	Government National Mortgage Assoc., Series 2012-100, Class BA 2.60%, 8/16/2052 (d)		2,478,906
	2,486,244	Government National Mortgage Assoc., Series 2019-55, Class AH 3.15%, 3/16/2061 (d)		2,536,726
	609,505	Government National Mortgage Assoc., Series 2018-123, Class AH 3.25%, 9/16/2052		621,009
	501,780	Government National Mortgage Assoc., Series 2012-67, Class AE 2.22%, 4/16/2044		501,039
	320,383	Government National Mortgage Assoc., Series 2011-10, Class AC 3.64%, 11/16/2044 (d)		324,036
	569,420	Government National Mortgage Assoc., Series 2018-2, Class AG 2.40%, 6/16/2050		567,161


Principal Amount ($)			Value ($)
	Agency Mortgage-Backed Securities (continued)
		Government National Mortgage Assoc.
	1,058,626	3.50%, 5/20/2043		1,114,586
	1,072,341	4.00%, 1/20/2041 to 4/20/2043 (c)		1,138,193
	1,000,000	Government National Mortgage Assoc., Series 2018-68, Class B 3.00%, 2/16/2059 (d)		1,011,806
	3,350,718	Government National Mortgage Assoc., Series 2019-2, Class AE 3.25%, 3/16/2059		3,423,786
	2,642,262	Government National Mortgage Assoc., Series 69, Class AS 2.75%, 2/16/2058		2,661,205
	676,011	Government National Mortgage Assoc., Series 2017-24, Class A 2.25%, 9/16/2044		672,858
	465,506	Government National Mortgage Assoc., Series 2018-3, Class AG 2.50%, 10/16/2058		463,333

		Total Agency Mortgage-Backed Securities (Cost $51,267,908)		52,377,757

	U.S. Treasury Obligations — 11.2%
		U.S. Treasury Bonds
	3,500,000	2.25%, 8/15/2046		3,411,406
	1,500,000	2.50%, 2/15/2045 to 2/15/2046 (c)		1,535,098
	2,000,000	2.75%, 11/15/2042		2,139,727
		U.S. Treasury Inflation Protected Security
	1,330,313	0.63%, 4/15/2023 to 1/15/2026 (c)		1,363,471
		U.S. Treasury Notes
	2,000,000	1.50%, 8/15/2026		1,961,407
	2,750,000	1.63%, 8/15/2029		2,681,680
	1,500,000	2.00%, 8/15/2025		1,520,976
	3,000,000	2.25%, 11/15/2027		3,086,016
	3,000,000	2.38%, 5/15/2029		3,120,937
	1,000,000	2.63%, 2/15/2029		1,060,762

		Total U.S. Treasury Obligations (Cost $22,069,327)		21,881,480

	U.S. Government Agency - Asset-Backed Securities — 10.5%
	2,255,621	SBA Small Business Investment Company, Series 2018-10A, Class 1 3.19%, 3/10/2028		2,348,330
	2,224,175	SBA Small Business Investment Company, Series 2018-10B, Class 1 3.55%, 9/10/2028		2,315,755
	1,978,568	SBA Small Business Investment Company, Series 2019-10A, Class 1 3.11%, 3/10/2029		2,054,504
	1,253,826	SBA Small Business Investment Company, Series 2016-10B, Class 1 2.05%, 9/10/2026		1,242,955


Principal Amount ($)			Value ($)
	U.S. Government Agency - Asset-Backed Securities (continued)
	923,914	SBA Small Business Investment Company, Series 2017-10B, Class 1 2.52%, 9/10/2027		923,040
	4,425,064	Small Business Administration VAR Prime Rate by Country -2.600%, 2.40%, 5/25/2043 to 12/25/2043 (c)		4,423,303
	795,437	VAR Prime Rate by Country -2.520%, 2.48%, 9/25/2036		794,927
	3,546,566	VAR Prime Rate by Country -2.500%, 2.50%, 3/25/2025 to 5/25/2028 (c)		3,555,279
	1,376,517	VAR Prime Rate by Country -2.450%, 2.55%, 7/25/2028		1,381,767
	1,408,940	Small Business Administration, Series 2018-20H, Class 1 3.58%, 8/1/2038		1,495,811

		Total U.S. Government Agency - Asset-Backed Securities (Cost $20,263,713)		20,535,671

	Municipal Bonds — 7.2%
	CALIFORNIA — 1.1%
	500,000	Adelanto Public Utility Authority Insured: AGM 3.75%, 07/01/24		529,125
	200,000	California State 2.48%, 04/01/47 (d)		200,784
	365,000	Industry Public Facilities Authority of California Insured: AGM 5.04%, 01/01/27		372,300
	300,000	San Francisco City & County Redevelopment Financing Authority 8.26%, 08/01/29		414,732
	470,000	Stanton Redevelopment Agency 8.63%, 12/01/21		529,229

				2,046,170

	ILLINOIS — 0.8%
	1,500,000	Illinois Housing Development Authority 1.97%, 08/01/34 (d)		1,500,000

	KENTUCKY — 0.4%
	750,000	Clark County School District Finance Corp Insured: ST INTERCEPT 5.20%, 06/01/26		768,142

	MARYLAND — 0.6%
		Maryland Economic Development
	570,000	3.40%, 06/01/23		581,417
	500,000	3.70%, 06/01/25		513,955

				1,095,372


Principal Amount ($)			Value ($)
	Municipal Bonds (continued)
	MICHIGAN — 0.7%
	750,000	Belding Area Schools Insured: Q-SBLF 6.50%, 05/01/25		762,127
	635,000	Comstock Park Public Schools Insured: Q-SBLF 6.30%, 05/01/26		670,503

				1,432,630

	NEW YORK — 0.6%
	320,000	New York & New Jersey Port Authority 4.46%, 10/01/62		392,986
	720,000	New York State Dormitory Authority 5.00%, 01/01/24		754,186

				1,147,172

	NORTH DAKOTA — 0.4%
	750,000	Kindred Public School District No. 2 6.00%, 08/01/27		888,007

	PENNSYLVANIA — 0.0%
	100,000	Pennsylvania Turnpike Commission 7.47%, 06/01/25		102,329

	TEXAS — 1.7%
	750,000	North Texas Tollway Authority 8.91%, 02/01/20 (d)		754,178
	2,500,000	Texas State 1.60%, 06/01/45		2,500,000

				3,254,178

	WASHINGTON — 0.4%
	750,000	Washington Higher Education Facilities Authority 4.27%, 10/01/22		771,413

	WISCONSIN — 0.5%
	1,000,000	Wisconsin Housing & Economic Development Authority 1.60%, 03/01/38 (d)		1,000,000

		Total Municipal Bonds (Cost $13,669,717)		14,005,413

	Asset-Backed Securities — 4.7%
	2,265,000	American Express Credit Account Master Trust, Series 2018-4, Class A 2.99%, 12/15/2023		2,299,261
	333,333	Avis Budget Rental Car Funding AESOP, Series 2014-2A, Class A 2.50%, 2/20/2021 (b)		333,363
	410,000	Avis Budget Rental Car Funding AESOP, Series 2016-1A, Class A 2.99%, 6/20/2022 (b)		414,462
	60,000	BMW Vehicle Lease Trust, Series 2017-2, Class A4 2.19%, 3/22/2021		60,020
	2,075,930	Chrysler Capital Auto Receivables Trust 2016-B, Series 2016-BA, Class A 4 1.87%, 2/15/2022 (b)		2,074,404


Principal Amount ($)			Value ($)
	Asset-Backed Securities (continued)
	2,200,000	Ford Credit Auto Owner Trust, Series 2015-2, Class A 2.44%, 1/15/2027 (b)		2,204,928
	1,000,000	GMF Floorplan Owner Revolving Trust, Series 2018-2, Class A1 3.13%, 3/15/2023 (b)		1,012,488
	793,464	Toyota Auto Receivables Owner Trust, Series 2017-D, Class A3 1.93%, 1/18/2022		793,402

		Total Asset-Backed Securities (Cost $9,093,527)		9,192,328


Shares
	Registered Investment Companies — 4.5%
	28,961	BlackRock MuniHoldings Investment Quality Fund		384,892
	80,713	BlackRock Taxable Municipal Bond Trust		1,964,554
	25,230	DoubleLine Income Solutions Fund		498,545
	48,809	DoubleLine Opportunistic Credit Fund		1,007,418
	217,750	Nuveen Credit Strategies Income Fund		1,670,142
	50,988	Nuveen Taxable Municipal Income Fund		1,113,578
	26,750	PIMCO Dynamic Credit and Mortgage Income Fund		674,100
	92,725	RiverNorth		1,523,472

		Total Registered Investment Companies (Cost $8,589,163)		8,836,701

	Preferred Stock — 2.8%
	COMMUNICATION SERVICES — 0.9%
	33,775	Qwest Corp. 6.50%, 09/01/2056		860,587
	40,075	Qwest Corp. 6.75%, 06/15/2057		1,027,122

				1,887,709

	ENERGY — 0.7%
	24,050	Energy Transfer Operating 7.63%(a)(d)		596,921
	10,000	Energy Transfer Operating 7.60%(a)(d)		253,200
	21,000	Energy Transfer Operating LP 7.38%(a)(d)		508,620

				1,358,741

	FINANCIALS — 0.9%
	28,000	GMAC Capital Trust I 7.69%, 02/15/2040 (d)		729,400
	21,550	Monroe Capital 5.75%, 10/31/2023		553,835
	15,299	PNC Financial Services Group 6.13%(a)(d)		419,040

				1,702,275


Shares			Value ($)
	Preferred Stock (continued)
	REAL ESTATE — 0.3%
	3,943	Brookfield Property, REIT 6.38% (a)		99,009
	20,000	Brookfield Property Partners 6.50% (a)		519,400

				618,409

		Total Preferred Stock (Cost $5,362,261)		5,567,134

	Common Stocks — 1.5%
	FINANCIALS — 0.2%
	65,223	Oaktree Strategic Income		534,176

	REAL ESTATE — 1.3%
	738	CIM Commercial Trust, REIT		10,701
	23,221	Phillips Edison & Co, Inc., REIT(e)(f)(g)		250,557
	28,536	Retail Opportunity Investments Corp., REIT		503,946
	188,500	VEREIT, Inc., REIT		1,741,740

				2,506,944

		Total Common Stocks (Cost $3,267,315)		3,041,120


Principal Amount ($)
	Non-Agency Collateralized Mortgage-Backed Securities — 0.9%
	100,000	Commercial Mortgage Trust, Series 2013-LC13, Class AM 4.56%, 8/10/2046 (b)(d)		107,397
	120,000	Commercial Mortgage Trust, Series 2014-CR14, Class AM 4.53%, 2/10/2047 (d)		128,630
	105,000	GS Mortgage Securities Trust, Series 2014-GC20, Class AS 4.26%, 4/10/2047		111,550
	153,000	JPMBB Commercial Mortgage Securities Trust, Series 2013-C17, Class C 4.89%, 1/15/2047 (d)		164,028
	100,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class C 4.81%, 2/15/2047 (d)		103,589
	210,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class AS 4.08%, 7/15/2046 (d)		220,962
	191,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class C 4.08%, 7/15/2046 (d)		194,686
	100,000	Morgan Stanley Capital I Trust, Series 2012-C4, Class B 5.21%, 3/15/2045 (b)(d)		105,125
	115,000	WFRBS Commercial Mortgage Trust, Series 2013-C17, Class AS 4.26%, 12/15/2046		122,535


Principal Amount ($)			Value ($)
	Non-Agency Collateralized Mortgage-Backed Securities (continued)
	140,000	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class B 4.72%, 3/15/2047 (d)		149,421
	263,000	WFRBS Commercial Mortgage Trust, Series 2014-LC14, Class AS 4.35%, 3/15/2047 (d)		280,579

		Total Non-Agency Collateralized Mortgage-Backed Securities (Cost $1,619,736)		1,688,502

	Agency Collateralized Mortgage Obligations — 0.8%
	1,485,788	Federal National Mortgage Assoc. REMIC, Series 2016-104, Class QA 3.00%, 11/25/2043		1,538,220
	65,926	Federal National Mortgage Assoc. REMIC, Series 2010-16, Class PA 4.50%, 2/25/2040		69,714

		Total Agency Collateralized Mortgage Obligations (Cost $1,548,891)		1,607,934

	Foreign Corporate Obligations (h) — 0.5%
	CANADA — 0.1%
	205,000	Nutrien, 4.90%, 06/01/43		231,425

	CHINA — 0.1%
	205,000	CNOOC Nexen Finance, 4.25%, 04/30/24		219,359

	SWITZERLAND — 0.3%
	500,000	UBS AG, 5.13%, 05/15/24		540,000

		Total Foreign Corporate Obligations (Cost $921,083)		990,784


Shares
	Cash Equivalent — 1.4%
	MONEY MARKET FUND (i) — 1.4%
	2,681,302	Dreyfus Treasury & Agency Cash Management, Institutional Class 1.490%		2,681,302

		Total Cash Equivalent (Cost $2,681,302)		2,681,302

	Total Investments - 99.7%			195,120,124

	(Cost $192,090,989)
	Other Assets & Liabilities, Net - 0.3%			633,976

	Net Assets - 100.0%			195,754,100

(a)	Perpetual security with no stated maturity date.

(b)	Securities exempt from registration under Rule 144A of the 1933 Act. These securities may only be resold in transaction exempt from registration to qualified institutional buyers. At December 31, 2019, these securities amounted to $6,613,778 or 3.4% of net assets.

(c)	Securities are grouped by coupon and represent a range of maturities.

(d)

Variable or floating rate security. The base lending rates are generally the lending rate offered by one or more European banks such as the LIBOR. The interest rate shown reflects the rate in effect December 31, 2019. Current LIBOR rates include 1 month which is equal to 1.76% and 3 months equal to 1.91%.

(e)

Securities with a total aggregate value of $250,557, or 0.1% of net assets, were classified as Level 3 within the three-tier fair value hierarchy. Please see Notes to Investment Portfolio for an explanation of this hierarchy, as well as a list of unobservable inputs used in the valuation of these instruments.

(f)

Represents fair value as determined by the Fund’s Board of Trustees (the “Board”), or its designee in good faith, pursuant to the policies and procedures approved by the Board. The Board considers fair valued securities to be securities for which market quotations are not readily available and these securities may be valued using a combination of observable and unobservable inputs. Securities with a total aggregate value of $250,557, or 0.1% of net assets, were fair valued under the Fund’s valuation procedures as of December 31, 2019. Please see Notes to Investment Portfolio.

(g)	Non-income producing security.

(h)

As described in the Fund’s prospectus, a company is considered to be a non-U.S. issuer if the company’s securities principally trade on a market outside of the United States, the company derives a majority of its revenues or profits outside of the United States, the company is not organized in the United States, or the company is significantly exposed to the economic fortunes and risks of regions outside the United States.

(i)	Rate shown is 7 day effective yield.


As of December 31, 2019		Highland Fixed Income Fund


As of December 31, 2019		Highland Fixed Income Fund


As of December 31, 2019		Highland Fixed Income Fund


As of December 31, 2019		Highland Fixed Income Fund