Holdings of the Fund as of 10/21/2025
Total Number of Holdings (excluding cash): 129
| Gracie Point International Funding Series 2025-1A, Class D, Variable rate, due 08/15/2028 |
|
38411WAD4 |
1,460,000 |
$1,459,349.72 |
2.12% |
| Fannie Mae Series 2025-49, Class FA, Variable rate, due 06/25/2055 |
|
3136BWAF3 |
1,428,239 |
$1,421,788.80 |
2.06% |
| Fannie Mae FN AL9394, 3%, due 11/01/2046 |
|
3138ERNL0 |
1,510,820 |
$1,376,684.29 |
2.00% |
| Freddie Mac - SLST Series 2025-1, Class YF, Variable rate, due 05/25/2035 |
|
35564CWZ6 |
1,358,188 |
$1,374,927.91 |
1.99% |
| Freddie Mac FR SL1390, 4%, due 07/01/2050 |
|
31427NRL5 |
1,398,702 |
$1,365,966.36 |
1.98% |
| Freddie Mac FR SL1523, 3.50%, due 07/01/2050 |
|
31427NVR7 |
1,454,909 |
$1,368,317.03 |
1.98% |
| Fannie Mae FN FA1348, 4.50%, due 09/01/2052 |
|
3140W1QA4 |
1,340,160 |
$1,355,362.64 |
1.96% |
| Fannie Mae Series 2024-84, Class FD, Variable rate, due 11/25/2054 |
|
3136BTTR4 |
1,318,890 |
$1,321,589.44 |
1.92% |
| Fannie Mae FN FA1641, 4.50%, due 09/01/2050 |
|
3140W1ZF3 |
1,300,726 |
$1,305,318.23 |
1.89% |
| Fannie Mae FN BM4963, 3%, due 05/01/2048 |
|
3140J9QR5 |
1,398,789 |
$1,281,677.50 |
1.86% |
| Freddie Mac - SCRT Series 2017-3, Class M2, Variable rate, due 07/25/2056 |
|
35563PCF4 |
1,180,339 |
$1,164,567.21 |
1.69% |
| PRP Advisors, LLC Series 2025-RPL4, Class M1A, Variable rate, due 05/25/2055 |
|
74448NAD6 |
1,250,000 |
$1,121,191.00 |
1.63% |
| Freddie Mac FD QD7088, 2%, due 02/01/2052 |
|
3133B42V6 |
1,285,550 |
$1,071,421.24 |
1.55% |
| COLT Funding LLC Series 2021-HX1, Class B3A, Variable rate, due 10/25/2066 |
|
19688KAG9 |
1,350,000 |
$1,059,998.40 |
1.54% |
| Freddie Mac - SLST Series 2025-1, Class A2, 3%, due 05/25/2035 |
|
35564CUE5 |
1,250,000 |
$1,061,035.75 |
1.54% |
| Farmer Mac Agricultural Real Estate Trust Series 2025-1, Class B, Variable rate, due 08/01/2055 |
|
30768CAE2 |
1,167,766 |
$1,044,619.41 |
1.51% |
| Fannie Mae Variable rate, due 09/25/2052 |
|
3136BN3L8 |
1,043,038 |
$1,032,635.89 |
1.50% |
| Exeter Automobile Receivables Trust Series 2025-2A, Class E, 7.81%, due 10/15/2032 |
|
30168JAG8 |
1,000,000 |
$1,028,704.20 |
1.49% |
| Freddie Mac - SCRT Series 2017-1, Class M2, Variable rate, due 01/25/2056 |
|
35563PAT6 |
1,056,394 |
$1,026,267.22 |
1.49% |
| Pagaya AI Debt Selection Trust Series 2024-11, Class E, 10.333%, due 07/15/2032 |
|
69548EAA1 |
999,885 |
$1,031,207.34 |
1.49% |
| Fannie Mae or Freddie Mac TBA, 6%, due 04/01/2055 |
|
01F0606B6 |
1,000,000 |
$1,024,067.66 |
1.48% |
| Island Finance Trust 2025-1 Series 2025-1A, Class B, 7.95%, due 03/19/2035 |
|
463920AB4 |
1,000,000 |
$1,018,335.60 |
1.48% |
| EASY 2025-RTL1 Series 2025-RTL1, Class A2, Variable rate, due 05/25/2040 |
|
27786FAB5 |
1,000,000 |
$1,012,329.20 |
1.47% |
| Exeter Automobile Receivables Trust Series 2025-3A, Class D, 5.57%, due 10/15/2031 |
|
30166XAF1 |
1,000,000 |
$1,013,244.00 |
1.47% |
| Mill City Mortgage Trust Series 2019-GS2, Class B2, Variable rate, due 08/25/2059 |
|
59981TAS4 |
1,350,000 |
$1,016,041.55 |
1.47% |
| Fannie Mae FN FS0139, 2.50%, due 01/01/2052 |
|
3140XFEM9 |
1,160,071 |
$1,008,551.76 |
1.46% |
| Flatiron CLO Ltd Series 2025-32A, Class D2, Variable rate, due 10/22/2038 |
|
33882RAL8 |
1,000,000 |
$1,003,969.25 |
1.46% |
| Freddie Mac Series 5435, Class BS, Variable rate, due 07/25/2054 |
|
3137HDTC4 |
1,046,553 |
$1,008,591.85 |
1.46% |
| Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A2, Variable rate, due 06/25/2055 |
|
740936AB5 |
1,000,000 |
$1,009,876.20 |
1.46% |
| PRP Advisors, LLC Series 2025-3, Class A2, Variable rate, due 05/25/2030 |
|
74449DAB1 |
1,000,000 |
$1,002,241.80 |
1.45% |
| PRP Advisors, LLC Series 2025-6, Class M1, Variable rate, due 08/25/2030 |
|
69395KAC7 |
1,000,000 |
$1,001,292.00 |
1.45% |
| Research-Driven Pagaya Motor Asset Trust I Series 2025-3A, Class E, 11.089%, due 02/27/2034 |
|
76091FAA4 |
1,000,000 |
$1,000,855.20 |
1.45% |
| Freddie Mac - SCRT Series 2017-4, Class M, Variable rate, due 06/25/2057 |
|
35563PDJ5 |
979,137 |
$969,583.20 |
1.41% |
| Credit Suisse Mortgage Trust Series 2021-RBL4, Class A1, 1.79561% |
|
12662GAC2 |
969,584 |
$966,544.03 |
1.40% |
| Fannie Mae FN BV8477, 3%, due 05/01/2052 |
|
3140MNM37 |
1,062,715 |
$958,838.54 |
1.39% |
| Fannie Mae Series 2022-66, Class CF, Variable rate, due 10/25/2052 |
|
3136BN6P6 |
975,573 |
$961,114.61 |
1.39% |
| Residential Accredit Loans, Inc. Series 2007-QH4, Class A1, Variable rate, due 05/25/2037 |
|
74922TAA4 |
988,494 |
$942,956.68 |
1.37% |
| Saluda Grade Alternative Mortgage Trust Series 2025-NPL1, Class A1, Variable rate, due 01/25/2030 |
|
79582BAA3 |
942,400 |
$946,024.92 |
1.37% |
| Freddie Mac - SCRT Series 2018-4, Class HA, 3%, due 03/25/2058 |
|
35563PHA0 |
948,161 |
$890,214.12 |
1.29% |
| Fannie Mae FN CB2411, 2.50%, due 12/01/2051 |
|
3140QMVD3 |
989,078 |
$854,503.88 |
1.24% |
| Saluda Grade Alternative Mortgage Trust Series 2024-RTL4, Class A2, Variable rate, due 02/25/2030 |
|
79584CAB7 |
745,000 |
$747,149.03 |
1.08% |
| Freddie Mac Series 5210, Class LB, 3%, due 08/25/2050 |
|
3137H6ZG3 |
925,000 |
$741,101.40 |
1.07% |
| Vertical Bridge CC, LLC Series 2025-1A, Class C, 7.446%, due 08/16/2055 |
|
92535VAU6 |
725,000 |
$728,690.69 |
1.06% |
| Freddie Mac FR QC8921, 2.50%, due 10/01/2051 |
|
3133AT4E8 |
825,653 |
$718,344.57 |
1.04% |
| Freddie Mac FR SD0956, 2.50%, due 04/01/2052 |
|
3132DNBZ5 |
823,756 |
$716,507.79 |
1.04% |
| GS Mortgage Securities Trust Series 2024-FAIR, Class E, Variable rate, due 07/15/2029 |
|
36270JAJ4 |
605,000 |
$624,738.37 |
0.91% |
| REMIC FUNDING TRUST 98-1 Series 2025-3, Class A, 6.231%, due 12/27/2056 |
|
75806GAA0 |
624,717 |
$631,172.39 |
0.91% |
| Farmer Mac Agricultural Real Estate Trust Serues 2021-1, Class B, Variable rate, due 07/25/2051 |
|
30768WAC2 |
750,750 |
$590,481.24 |
0.86% |
| Fannie Mae or Freddie Mac TBA, 4.50%, due 07/01/2054 |
|
01F0426B4 |
580,000 |
$569,722.84 |
0.83% |
| Fannie Mae Series 2015-32, Class PB, 3%, due 05/25/2045 |
|
3136ANQB6 |
625,000 |
$553,808.00 |
0.80% |
| PRP Advisors, LLC Series 2025-RCF4, Class M2, Variable rate, due 08/25/2055 |
|
69382WAF9 |
565,000 |
$522,241.87 |
0.76% |
| Fannie Mae FN BV9960, 4%, due 06/01/2052 |
|
3140MQB65 |
535,811 |
$517,940.16 |
0.75% |
| Fannie Mae FN BU9074, 2%, due 01/01/2052 |
|
3140MBCL4 |
608,454 |
$504,732.07 |
0.73% |
| LMRK Issuer Co. LLC Series 2025-1A, Class C, 8.12%, due 09/15/2055 |
|
50209AAK7 |
500,000 |
$506,899.30 |
0.73% |
| Fannie Mae - CAS Series 2021-R02, Class 2B2, Variable rate, due 11/25/2041 |
|
20754KAJ0 |
475,000 |
$494,408.98 |
0.72% |
| SFO Commerical Mortgage Trust Series 2021-555, Class A, Variable rate, due 05/15/2038 |
|
78432WAA1 |
500,000 |
$497,445.00 |
0.72% |
| SFO Commerical Mortgage Trust Series 2021-555, Class D, Variable rate, due 05/15/2038 |
|
78432WAG8 |
500,000 |
$495,948.80 |
0.72% |
| Freddie Mac Series 5502, Class FC, Variable rate, due 02/25/2055 |
|
3137HJSV0 |
468,308 |
$474,901.12 |
0.69% |
| MSWF Commercial Mortgage Trust Series 2023-1, Class XA, Variable rate, due 05/15/2056 |
|
55376CAP8 |
9,461,817 |
$479,431.23 |
0.69% |
| Fannie Mae FN BQ1226, 2%, due 09/01/2050 |
|
3140KLLG5 |
507,363 |
$420,598.16 |
0.61% |
| Fannie Mae FN CA5689, 3%, due 05/01/2050 |
|
3140QDKB9 |
453,760 |
$414,090.88 |
0.60% |
| FHLMC Multifamily Structured Pass Through Certs. Series KJ52, Class A2, 4.758%, due 01/25/2032 |
|
3137HHUT6 |
400,000 |
$412,563.72 |
0.60% |
| First Trust AAA CMBS ETF |
CAAA |
33738D762 |
20,000 |
$412,000.00 |
0.60% |
| Fannie Mae FN BV4119, 2.50%, due 03/01/2052 |
|
3140MHSH3 |
462,103 |
$397,328.69 |
0.58% |
| Fannie Mae FN CB2430, 3%, due 12/01/2051 |
|
3140QMVY7 |
444,228 |
$397,730.17 |
0.58% |
| NRTH PARK Mortgage Trust Series 2025-PARK, Class A, Variable rate, due 10/15/2040 |
|
669985AA1 |
400,000 |
$400,114.08 |
0.58% |
| Fannie Mae FN CB2802, 2%, due 02/01/2052 |
|
3140QNDG4 |
465,102 |
$386,800.99 |
0.56% |
| Fannie Mae Series 2024-73, Class FB, Variable rate, due 10/25/2054 |
|
3136BTBD4 |
385,645 |
$387,047.85 |
0.56% |
| Freddie Mac FR SD1382, 4%, due 08/01/2052 |
|
3132DNRB1 |
402,464 |
$387,393.25 |
0.56% |
| Ellington Financial Mortgage Trust Series 2024-INV1, Class B2, Variable rate, due 03/25/2069 |
|
268434AF4 |
380,000 |
$378,588.87 |
0.55% |
| Research-Driven Pagaya Motor Asset Trust I Series 2025-5A, Class C, 5.473%, due 06/26/2034 |
|
76089KAE9 |
375,000 |
$376,985.21 |
0.55% |
| CIM Trust Series 2023-R3, Class A1B, Variable rate, due 01/25/2063 |
|
12570GAC3 |
450,000 |
$370,037.88 |
0.54% |
| Freddie Mac Series 4292, Class PB, 3.50%, due 01/15/2044 |
|
3137B75V7 |
404,775 |
$375,153.08 |
0.54% |
| GNMA Series 2015-103, Class ZA, 3.50%, due 07/20/2045 |
|
38379MDA9 |
429,237 |
$373,775.32 |
0.54% |
| Research-Driven Pagaya Motor Asset Trust I Series 2025-5A, Class D, 6.012%, due 06/26/2034 |
|
76089KAF6 |
375,000 |
$375,881.78 |
0.54% |
| Freddie Mac Series 4753, Class HL, 3%, due 02/15/2048 |
|
3137FDW99 |
415,000 |
$368,652.97 |
0.53% |
| Freddie Mac Series 4765, Class PZ, 3%, due 01/15/2048 |
|
3137FEQ29 |
440,384 |
$356,932.04 |
0.52% |
| GNMA Series 2031-39, Class DP, 2.50%, due 03/20/2043 |
|
38378JUG5 |
460,000 |
$361,776.61 |
0.52% |
| GNMA Series 2023-18, Class AZ, 4.75%, due 02/20/2053 |
|
38383VT40 |
368,795 |
$342,422.55 |
0.50% |
| J.G. Wentworth XXXIX LLC Series 2017-2A, Class B, 5.09%, due 09/17/2074 |
|
46620VAB0 |
374,817 |
$344,849.41 |
0.50% |
| REMIC FUNDING TRUST 98-1 Series 2025-3, Class B, 7.749%, due 12/27/2056 |
|
75806GAB8 |
344,000 |
$347,539.79 |
0.50% |
| GNMA Series 2017-117, Class ZN, 3%, due 08/20/2047 |
|
38380GHX5 |
393,269 |
$326,159.54 |
0.47% |
| GNMA Series 2021-125, Class EL, 1.50%, due 07/20/2051 |
|
38382WHB6 |
483,595 |
$312,599.82 |
0.45% |
| Freddie Mac Series 4639, Class HZ, Variable rate, due 04/15/2053 |
|
3137BTEH0 |
356,390 |
$302,422.73 |
0.44% |
| GNMA Series 2018-97, Class DZ, 3.50%, due 07/20/2048 |
|
38380XH91 |
334,977 |
$304,159.90 |
0.44% |
| Fannie Mae FN FS3160, 3%, due 06/01/2052 |
|
3140XJQN6 |
331,808 |
$299,948.96 |
0.43% |
| Hudson Yards Series 2019-30HY, Class E, Variable rate, due 07/10/2039 |
|
44421GAL7 |
330,000 |
$298,212.65 |
0.43% |
| GNMA Series 2017-38, Class Z, 4%, due 03/20/2047 |
|
38376MVF1 |
316,988 |
$287,504.65 |
0.42% |
| GNMA Series 2023-81, Class AL, 4.50%, due 08/20/2040 |
|
38384BAG6 |
285,000 |
$285,203.32 |
0.41% |
| GNMA Series 2015-39, Class ZA, 3.50%, due 03/20/2045 |
|
38379LEA0 |
289,511 |
$271,267.69 |
0.39% |
| TEXAS 2025-TWR C Series 2025-TWR, Class C, Variable rate, due 04/15/2042 |
|
88231WAE5 |
260,000 |
$259,572.30 |
0.38% |
| Neuberger Berman CLO Ltd Series 2020-39A, Class ER, Variable rate, due 04/20/2038 |
|
64134FAL5 |
250,000 |
$254,189.16 |
0.37% |
| First Trust Structured Credit Income Opportunities ETF |
SCIO |
33738D770 |
12,000 |
$249,600.00 |
0.36% |
| Pretium Mortgage Credit Partners LLC Series 2025-NPL9, Class A2, Variable rate, due 08/25/2055 |
|
740937AB3 |
250,000 |
$251,248.45 |
0.36% |
| Freddie Mac FR RA5552, 3%, due 07/01/2051 |
|
3133KMEZ4 |
255,574 |
$230,119.63 |
0.33% |
| Fannie Mae FN BQ1163, 2%, due 08/01/2050 |
|
3140KLJH6 |
254,080 |
$210,734.63 |
0.31% |
| Fannie Mae FN BV5358, 2.50%, due 04/01/2052 |
|
3140MJ5U5 |
211,138 |
$182,211.58 |
0.26% |
| Freddie Mac FR RA5286, 2.50%, due 05/01/2051 |
|
3133KL2T3 |
207,713 |
$178,721.13 |
0.26% |
| FHLMC Multifamily Structured Pass Through Certs. Series K546, Class X1, Variable rate, due 05/25/2030 |
|
3137HN4T2 |
3,819,000 |
$139,257.16 |
0.20% |
| Freddie Mac FG G67710, 3.50%, due 03/01/2048 |
|
3132XCR72 |
130,748 |
$124,004.92 |
0.18% |
| Freddie Mac FG G67706, 3.50%, due 12/01/2047 |
|
3132XCR31 |
100,179 |
$95,493.86 |
0.14% |
| Freddie Mac FR SD7511, 3.50%, due 01/01/2050 |
|
3132DVKY0 |
92,847 |
$87,795.16 |
0.13% |
| Freddie Mac FG G61748, 3.50%, due 11/01/2048 |
|
31335B5H5 |
86,492 |
$82,342.68 |
0.12% |
| Freddie Mac FR SD0499, 3%, due 08/01/2050 |
|
3132DMRU1 |
90,160 |
$82,446.20 |
0.12% |
| Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class XEF, Variable rate, due 12/15/2049 |
|
95000PAP9 |
5,823,000 |
$84,753.77 |
0.12% |
| Freddie Mac FR SD7502, 3.50%, due 07/01/2049 |
|
3132DVKP9 |
82,182 |
$77,496.95 |
0.11% |
| JP Morgan Chase Commercial Mortgage Sec Trust Series 2017-JP5, Class XA, Variable rate, due 03/15/2050 |
|
46647TAU2 |
8,743,675 |
$73,087.50 |
0.11% |
| Fannie Mae Series 2006-56, Class FE, Variable rate, due 07/25/2036 |
|
31395NXU6 |
68,677 |
$68,407.51 |
0.10% |
| Freddie Mac FG G60659, 3.50%, due 08/01/2046 |
|
31335AWU8 |
72,901 |
$69,503.01 |
0.10% |
| Freddie Mac FR SD7513, 3.50%, due 04/01/2050 |
|
3132DVK20 |
57,117 |
$54,182.13 |
0.08% |
| Freddie Mac FR ZM1779, 3%, due 09/01/2046 |
|
3131XU6Q5 |
59,315 |
$54,570.48 |
0.08% |
| Fannie Mae FN CA0995, 3.50%, due 01/01/2048 |
|
3140Q8C94 |
41,882 |
$39,377.31 |
0.06% |
| Freddie Mac FG G08681, 3.50%, due 12/01/2045 |
|
3128MJXK1 |
40,000 |
$38,184.16 |
0.06% |
| Colony American Finance Ltd Series 2021-2, Class XA, Variable rate, due 07/15/2054 |
|
21873BAC9 |
1,543,690 |
$29,275.15 |
0.04% |
| Fannie Mae FN BE3619, 4%, due 05/01/2047 |
|
3140FPAV1 |
20,772 |
$20,286.35 |
0.03% |
| COMM Mortgage Trust Series 2012-CR4, Class XA, Variable rate, due 10/15/2045 |
|
12624QAS2 |
938,014 |
$17,014.08 |
0.02% |
| Gracechurch Mortgage Finance Plc Series 2020-GRCE, Class X, 0.30091%, due 12/10/2040 |
|
38406JAC2 |
1,000,000 |
$13,723.58 |
0.02% |
| JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA, Variable rate, due 06/15/2049 |
|
46590LAV4 |
5,170,822 |
$11,726.91 |
0.02% |
| SMRT Series 2022-MINI, Class XCP, Variable rate, due 01/15/2039 |
|
78457JAC6 |
105,000,000 |
$10,815.00 |
0.02% |
| Citigroup Commercial Mortgage Trust Series 2016-P3, Class XA, Variable rate, due 04/15/2049 |
|
29429CAJ4 |
3,036,408 |
$8,559.94 |
0.01% |
| COMM Mortgage Trust Series 2014-UBS3, Class XB, Variable rate, due 06/10/2047 |
|
12591YAA3 |
11,106,646 |
$1,038.47 |
0.00% |
| COMM Mortgage Trust Series 2015-LC21 Class XE, Variable rate, due 07/10/2048 |
|
12593FAG9 |
7,000,000 |
$2,243.50 |
0.00% |
| CSAIL Commercial Mortgage Trust Series 2016-C5, Class XA, Variable rate, due 11/15/2048 |
|
12636LBA7 |
932,219 |
$9.33 |
0.00% |
| FHLMC Multifamily Structured Pass Through Certs. Series K732, Class X3, Variable rate, due 05/25/2046 |
|
3137FG7J8 |
235,826 |
$2.36 |
0.00% |
| GNMA G2 MA7589, 2.50%, due 09/20/2051 |
|
36179WNE4 |
0 |
$0.00 |
0.00% |
| GS Mortgage Securities Trust Series 2011-GC5, Class XA, Variable rate, due 08/10/2044 |
|
36191YAA6 |
643,398 |
$467.49 |
0.00% |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C32, Class XA, Variable rate, due 11/15/2048 |
|
46590JAY3 |
300,705 |
$95.11 |
0.00% |
| US 10YR NOTE (CBT)Dec25 |
TYZ5 |
|
39 |
$4,436,250.00 |
0.00% |
| US 10yr Ultra Fut Dec25 |
UXYZ5 |
|
38 |
$4,437,093.75 |
0.00% |
| US 2YR NOTE (CBT) Dec25 |
TUZ5 |
|
39 |
$8,147,343.75 |
0.00% |
| US 5YR NOTE (CBT) Dec25 |
FVZ5 |
|
36 |
$3,956,625.00 |
0.00% |
| US LONG BOND(CBT) Dec25 |
USZ5 |
|
-6 |
($715,125.00) |
0.00% |
| US ULTRA BOND CBT Dec25 |
WNZ5 |
|
9 |
$1,114,031.25 |
0.00% |
| Wells Fargo Commercial Mortgage Trust Series 2016-C33, Class XA, Variable rate, due 03/15/2059 |
|
95000LBC6 |
2,850,083 |
$2,398.63 |
0.00% |
| WF-RBS COMMERCIAL MORTGAGE TRUST Series 2014-C22, Class XA, Variable rate, due 09/15/2057 |
|
92890KBD6 |
102,383 |
$7.29 |
0.00% |
| US Dollar |
$USD |
|
-183,201 |
($183,200.80) |
-0.27% |
Holdings are subject to change.
The holdings information set forth above for the date indicated reflects creation and redemption transactions from the prior business day and may differ from the holdings information currently available from the Fund's custodian and accounting agent. With respect to the market value of the Fund's holdings set forth above, the pricing sources are generally third party vendors. The Fund ultimately relies on pricing information provided by the Fund's accounting agent.
|
|