Company(1)
| Investment
| # of
Shares/Par
Amount(2)
| Fair Value(3)
|
Term Loans – 6.6%
|
|
|
Banking – 6.6%
|
|
|
Equity Bancshares Inc.
| Subordinated Term Loan, 7.00%, 6/30/2030(4)
| $5,000,000
| $ 4,675,000
|
F.N.B.C. of La Grange, Inc.
| Subordinated Term Loan, 6.38%, 1/01/2030(5)
| $700,000
|
567,000
|
TransPecos Financial Corp.
| Senior Term Loan, 9.00%, 10/01/2028(4)
| $4,000,000
|
3,400,000
|
Tulsa Valley Bancshares
| Subordinated Term Loan, 6.38%, 12/31/2028(5)
| $1,700,000
| 1,270,750
|
| Total Term Loans
(Cost $11,400,000)
|
| 9,912,750
|
Structured Debt Security – 7.3%
|
|
|
Banking – 7.3%
|
|
|
Community Funding 2018, LLC.
| Preferred Shares (Estimated effective yield 9.34%), 144A(6)(7)
| $14,860,000
| 11,084,074
|
| Total Structured Debt Securities
(Cost $14,698,872)
|
| 11,084,074
|
Regulatory Capital Relief Securities – 116.2%
|
|
|
Banking – 116.2%
|
|
|
Absolute
| Credit Linked Note, 17.82%, 10/10/2027(8)**
| $3,460,178
|
3,477,998
|
Algonquin
| Credit Linked Note, 14.86%, 11/20/2025(9)+
| $3,000,000
|
2,833,712
|
Algonquin
| Credit Linked Note, 15.61%, 11/01/2028(9)+
| $2,000,000
|
1,982,942
|
Algonquin
| Guarantee Linked Note, 13.86%, 05/01/2027(9)+
| $5,000,000
|
4,782,953
|
AMF Ireland Finance - Series 1
| Profit Participating Note, 18.85%, 06/30/2031(4)(9)
| $7,000,000
|
7,086,100
|
AMF Ireland Finance - Series 2
| Profit Participating Note, 12.57%, 7/31/2029(4)(8)
| $4,281,400
|
4,286,109
|
AMF Ireland Finance 2 - Series 1
| Profit Participating Note, 14.60%, 11/21/2033(4)(9)
| $10,000,000
| 10,000,000
|
Auto ABS Synthetic French Loans
| Credit Linked Note, 16.34%, 12/15/2030(10)**
| €2,671,275
|
2,906,978
|
Boa Vista
| Credit Linked Note, 12.93%, 09/07/2026(11)**
| €2,000,000
|
2,158,779
|
Castelo
| Credit Linked Note, 12.92%, 05/05/2025(11)**
| €1,831,223
|
1,944,598
|
Cedar
| Credit Linked Note, 14.40%, 12/15/2027(11)**
| €2,557,107
|
2,767,563
|
Cedar
| Credit Linked Note, 14.90%, 03/30/2030(4)(11)**
| €4,300,000
|
4,690,548
|
CHAKRA
| Credit Linked Note, 14.77%, 06/26/2027(9)+
| $4,000,000
|
3,995,600
|
Colonnade
| Credit Linked Note, 17.50%, 04/30/2028(4)(9)
| $5,812,740
|
5,769,726
|
Colonnade
| Credit Linked Note, 17.22%, 11/30/2029(4)(9)
| $7,126,786
|
6,925,098
|
Colonnade
| Credit Linked Note, 18.02%, 12/15/2029(4)(9)
| $4,979,789
|
5,019,130
|
Colonnade
| Credit Linked Note, 17.36%, 04/30/2030(4)(9)
| $9,453,600
|
9,246,566
|
CRAFT
| Credit Linked Note, 17.11%, 12/15/2027(9)
| $5,000,000
|
5,177,250
|
CRAFT
| Credit Linked Note, 15.58%, 04/30/2028(12)
| $1,602,758
|
1,797,493
|
CRAFT
| Credit Linked Note, 14.08%, 02/21/2031(12)
| $3,200,000
|
3,198,000
|
Elvetia
| Credit Linked Note, 9.70%, 10/20/2029(13)+
| CHF2,000,000
|
2,195,931
|
Elvetia
| Credit Linked Note, 10.95%, 10/20/2030(13)+
| CHF2,933,972
|
3,126,566
|
Elvetia
| Credit Linked Note, 11.20%, 1/20/2031(4)(13)+
| CHF2,550,000
|
2,871,631
|
FCT Colisee
| Credit Linked Note, 14.42%, 01/09/2024(14)+
| €1,417,396
|
1,540,856
|