DOS


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		712,999		$8,142,447
Pacific Funds Floating Rate Income ‘P’		254,655		2,490,524
Pacific Funds High Income ‘P’		2,544,878		26,390,388
PF Inflation Managed Fund ‘P’		1,360,153		13,887,166
PF Managed Bond Fund ‘P’		8,909,463		99,785,988
PF Short Duration Bond Fund ‘P’		2,777,655		28,220,976
PF Emerging Markets Debt Fund ‘P’		1,450,007		12,687,564
PF Growth Fund ‘P’		39,836		1,369,170
PF Large-Cap Value Fund ‘P’		431,621		5,718,983
PF Small-Cap Growth Fund ‘P’		110,027		2,571,322
PF Small-Cap Value Fund ‘P’		434,482		4,861,858
PF Emerging Markets Fund ‘P’		402,736		6,222,270
PF International Small-Cap Fund ‘P’		102,581		1,278,157
PF Multi-Asset Fund ‘P’		2,744,245		38,309,653


Total Affiliated Mutual Funds (Cost $215,768,567)				251,936,466


TOTAL INVESTMENTS - 100.1% (Cost $215,768,567)				251,936,466


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(141,220	)


NET ASSETS - 100.0%				$251,795,246

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		782,171		$8,932,397
Pacific Funds Floating Rate Income ‘P’		170,782		1,670,245
Pacific Funds High Income ‘P’		2,455,223		25,460,659
PF Inflation Managed Fund ‘P’		833,893		8,514,047
PF Managed Bond Fund ‘P’		9,766,168		109,381,085
PF Short Duration Bond Fund ‘P’		2,267,924		23,042,105
PF Emerging Markets Debt Fund ‘P’		1,565,706		13,699,927
PF Growth Fund ‘P’		311,926		10,720,880
PF Large-Cap Value Fund ‘P’		1,363,106		18,061,157
PF Small-Cap Growth Fund ‘P’		224,427		5,244,849
PF Small-Cap Value Fund ‘P’		732,943		8,201,635
PF Emerging Markets Fund ‘P’		868,316		13,415,476
PF International Large-Cap Fund ‘P’		294,331		3,623,216
PF International Small-Cap Fund ‘P’		277,724		3,460,438
PF International Value Fund ‘P’		218,989		1,839,506
PF Multi-Asset Fund ‘P’		6,095,088		85,087,433
PF Real Estate Fund ‘P’		120,866		1,845,623


Total Affiliated Mutual Funds (Cost $279,315,380)				342,200,678


TOTAL INVESTMENTS - 100.1% (Cost $279,315,380)				342,200,678


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(376,702	)


NET ASSETS - 100.0%				$341,823,976

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		1,763,970		$20,144,543
Pacific Funds Floating Rate Income ‘P’		551,477		5,393,449
Pacific Funds High Income ‘P’		5,287,858		54,835,088
PF Inflation Managed Fund ‘P’		1,078,442		11,010,893
PF Managed Bond Fund ‘P’		22,089,709		247,404,743
PF Short Duration Bond Fund ‘P’		3,138,976		31,891,994
PF Emerging Markets Debt Fund ‘P’		2,541,190		22,235,410
PF Growth Fund ‘P’		1,773,793		60,965,270
PF Large-Cap Value Fund ‘P’		4,750,079		62,938,548
PF Small-Cap Growth Fund ‘P’		966,556		22,588,412
PF Small-Cap Value Fund ‘P’		3,322,271		37,176,211
PF Emerging Markets Fund ‘P’		3,160,031		48,822,478
PF International Large-Cap Fund ‘P’		1,043,946		12,850,972
PF International Small-Cap Fund ‘P’		901,607		11,234,029
PF International Value Fund ‘P’		773,221		6,495,052
PF Multi-Asset Fund ‘P’		32,624,822		455,442,509
PF Real Estate Fund ‘P’		390,765		5,966,989


Total Affiliated Mutual Funds (Cost $830,572,072)				1,117,396,590


TOTAL INVESTMENTS - 100.1% (Cost $830,572,072)				1,117,396,590


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(876,738	)


NET ASSETS - 100.0%				$1,116,519,852

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		775,629		$8,857,686
Pacific Funds High Income ‘P’		3,443,053		35,704,460
PF Managed Bond Fund ‘P’		9,520,290		106,627,250
PF Short Duration Bond Fund ‘P’		1,276,516		12,969,398
PF Emerging Markets Debt Fund ‘P’		1,550,764		13,569,183
PF Growth Fund ‘P’		2,438,570		83,813,655
PF Large-Cap Value Fund ‘P’		5,583,289		73,978,585
PF Small-Cap Growth Fund ‘P’		983,509		22,984,607
PF Small-Cap Value Fund ‘P’		3,878,409		43,399,397
PF Emerging Markets Fund ‘P’		3,426,676		52,942,138
PF International Large-Cap Fund ‘P’		1,884,908		23,203,223
PF International Small-Cap Fund ‘P’		1,102,792		13,740,786
PF International Value Fund ‘P’		2,676,611		22,483,533
PF Multi-Asset Fund ‘P’		27,908,019		389,595,939
PF Real Estate Fund ‘P’		955,905		14,596,673


Total Affiliated Mutual Funds (Cost $659,826,210)				918,466,513


TOTAL INVESTMENTS - 100.1% (Cost $659,826,210)				918,466,513


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,114,459	)


NET ASSETS - 100.0%				$917,352,054

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

Pacific Funds Core Income ‘P’		29,383		$335,550
Pacific Funds High Income ‘P’		489,110		5,072,070
PF Managed Bond Fund ‘P’		420,755		4,712,453
PF Emerging Markets Debt Fund ‘P’		195,850		1,713,686
PF Growth Fund ‘P’		1,108,517		38,099,728
PF Large-Cap Value Fund ‘P’		1,335,059		17,689,529
PF Small-Cap Growth Fund ‘P’		596,158		13,932,216
PF Small-Cap Value Fund ‘P’		2,206,155		24,686,869
PF Emerging Markets Fund ‘P’		1,514,288		23,395,746
PF International Large-Cap Fund ‘P’		924,636		11,382,273
PF International Small-Cap Fund ‘P’		698,737		8,706,262
PF International Value Fund ‘P’		517,313		4,345,428
PF Multi-Asset Fund ‘P’		13,718,387		191,508,684
PF Real Estate Fund ‘P’		362,065		5,528,735


Total Affiliated Mutual Funds (Cost $238,385,555)				351,109,229


TOTAL INVESTMENTS - 100.0% (Cost $238,385,555)				351,109,229


OTHER ASSETS & LIABILITIES, NET - (0.0%)				(150,390	)


NET ASSETS - 100.0%				$350,958,839

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 67.4%

Basic Materials - 1.2%

International Flavors & Fragrances Inc 0.697% due 09/15/22 ~		$50,000		$50,046
LYB International Finance III LLC 1.145% (USD LIBOR + 1.000%) due 10/01/23 §		350,000		350,571

				400,617

Communications - 4.5%

AT&T Inc 0.690% (SOFR + 0.640%) due 03/25/24 §		450,000		451,086
Charter Communications Operating LLC 1.826% (USD LIBOR + 1.650%) due 02/01/24 §		300,000		308,512
eBay Inc 1.056% (USD LIBOR + 0.870%) due 01/30/23 §		300,000		302,977
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		236,156		237,607
Verizon Communications Inc 0.550% (SOFR + 0.500%) due 03/22/24 §		150,000		151,222

				1,451,404

Consumer, Cyclical - 4.8%

7-Eleven Inc 0.625% due 02/10/23 ~		350,000		350,235
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		89,565		89,872
4.625% due 12/20/25 ~		70,458		74,370
DR Horton Inc 4.375% due 09/15/22		250,000		259,214
Hyatt Hotels Corp 3.375% due 07/15/23		100,000		104,208
Lennar Corp
4.125% due 01/15/22		250,000		253,116
4.750% due 11/15/22		250,000		262,185
McDonald’s Corp 0.614% (USD LIBOR + 0.430%) due 10/28/21 §		150,000		150,193

				1,543,393

Consumer, Non-Cyclical - 4.6%

AmerisourceBergen Corp 0.737% due 03/15/23		150,000		150,290
Bayer US Finance II LLC (Germany) 1.129% (USD LIBOR + 1.010%) due 12/15/23 ~ §		250,000		253,694
Coca-Cola Europacific Partners PLC (United Kingdom) 0.500% due 05/05/23 ~		500,000		499,217
General Mills Inc 1.200% (USD LIBOR + 1.010%) due 10/17/23 §		350,000		356,344


	Principal Amount		Value
Hormel Foods Corp 0.650% due 06/03/24		$100,000		$100,231
Keurig Dr Pepper Inc 0.750% due 03/15/24		150,000		150,180

				1,509,956

Energy - 2.2%

Energy Transfer Partners LP 5.000% due 10/01/22		200,000		208,529
Kinder Morgan Inc 1.464% (USD LIBOR + 1.280%) due 01/15/23 §		100,000		101,398
Valero Energy Corp 1.269% (USD LIBOR + 1.150%) due 09/15/23 §		415,000		415,750

				725,677

Financial - 31.8%

Athene Global Funding 1.368% (USD LIBOR + 1.230%) due 07/01/22 ~ §		500,000		505,125
Bank of America Corp
0.715% (SOFR + 0.690%) due 04/22/25 §		500,000		503,334
0.921% (USD LIBOR + 0.790%) due 03/05/24 §		250,000		252,355
Brighthouse Financial Global Funding 0.600% due 06/28/23 ~		150,000		150,000
Citigroup Inc
1.126% (USD LIBOR + 0.950%) due 07/24/23 §		350,000		352,798
1.256% (USD LIBOR + 1.100%) due 05/17/24 §		200,000		203,202
Cooperatieve Rabobank UA (Netherlands) 1.006% (USD LIBOR + 0.860%) due 09/26/23 ~ §		250,000		253,525
Credit Suisse AG (Switzerland) 0.480% (SOFR + 0.450%) due 02/04/22 §		250,000		250,430
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		200,000		211,021
HSBC Holdings PLC (United Kingdom) 1.155% (USD LIBOR + 1.000%) due 05/18/24 §		450,000		456,084
Intercontinental Exchange Inc 0.769% (USD LIBOR + 0.650%) due 06/15/23 §		200,000		199,857
Jackson National Life Global Funding 0.876% (USD LIBOR + 0.730%) due 06/27/22 ~ §		250,000		251,553
JPMorgan Chase & Co
0.903% (USD LIBOR + 0.730%) due 04/23/24 §		750,000		757,416
1.063% (USD LIBOR + 0.890%) due 07/23/24 §		250,000		253,544
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		200,000		201,627


	Principal Amount		Value
Mitsubishi UFJ Financial Group Inc (Japan)
0.871% (USD LIBOR + 0.740%) due 03/02/23 §		$300,000		$302,713
1.036% (USD LIBOR + 0.860%) due 07/26/23 §		365,000		370,046
Morgan Stanley
1.382% (USD LIBOR + 1.220%) due 05/08/24 §		500,000		509,300
1.576% (USD LIBOR + 1.400%) due 10/24/23 §		250,000		254,113
Nasdaq Inc 0.445% due 12/21/22		100,000		99,999
NatWest Markets PLC (United Kingdom) 0.563% (SOFR + 0.530%) due 08/12/24 ~ §		200,000		200,777
New York Life Global Funding 0.559% (USD LIBOR + 0.440%) due 07/12/22 ~ §		400,000		401,637
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		200,000		207,830
PNC Bank NA 0.475% (USD LIBOR + 0.325%) due 02/24/23 §		250,000		250,526
Public Storage REIT 0.495% (SOFR + 0.470%) due 04/23/24 §		150,000		150,328
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		150,000		153,532
Skandinaviska Enskilda Banken AB (Sweden) 0.455% (USD LIBOR + 0.320%) due 09/01/23 ~ §		500,000		500,917
State Street Corp 2.825% due 03/30/23		250,000		254,715
Sumitomo Mitsui Financial Group Inc (Japan)
0.899% (USD LIBOR + 0.780%) due 07/12/22 §		450,000		453,088
1.050% (USD LIBOR + 0.860%) due 07/19/23 §		132,000		133,671
The Goldman Sachs Group Inc
0.575% (SOFR + 0.540%) due 11/17/23 §		500,000		500,705
0.900% (USD LIBOR + 0.750%) due 02/23/23 §		250,000		252,316
UBS AG (Switzerland) 0.391% (SOFR + 0.360%) due 02/09/24 ~ §		500,000		502,203

				10,300,287

Industrial - 6.5%

DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		200,000		199,974
Graphic Packaging International LLC 0.821% due 04/15/24 ~		200,000		198,675
Honeywell International Inc 0.380% (USD LIBOR + 0.230%) due 08/19/22 §		750,000		750,256
Martin Marietta Materials Inc due 07/15/23 #		150,000		150,362
Otis Worldwide Corp 0.595% (USD LIBOR + 0.450%) due 04/05/23 §		200,000		200,017


	Principal Amount		Value
Penske Truck Leasing Co LP 4.875% due 07/11/22 ~		$100,000		$104,338
Siemens Financieringsmaatschappij NV (Germany) 0.480% (SOFR + 0.430%) due 03/11/24 ~ §		500,000		503,730

				2,107,352

Technology - 2.2%

Fidelity National Information Services Inc 0.600% due 03/01/24		200,000		199,833
Roper Technologies Inc 0.450% due 08/15/22		200,000		200,210
Skyworks Solutions Inc 0.900% due 06/01/23		300,000		300,937

				700,980

Utilities - 9.6%

CenterPoint Energy Inc 0.684% (SOFR + 0.650%) due 05/13/24 §		250,000		251,168
CenterPoint Energy Resources Corp 0.631% (USD LIBOR + 0.500%) due 03/02/23 §		300,000		300,078
DTE Energy Co 2.250% due 11/01/22		500,000		511,432
Emera US Finance LP (Canada) 0.833% due 06/15/24 ~		150,000		149,261
Florida Power & Light Co 0.564% (USD LIBOR + 0.380%) due 07/28/23 §		450,000		450,035
NextEra Energy Capital Holdings Inc 0.420% (USD LIBOR + 0.270%) due 02/22/23 §		500,000		500,098
OGE Energy Corp 0.703% due 05/26/23		200,000		200,074
Pacific Gas and Electric Co 1.750% due 06/16/22		300,000		299,894
PPL Electric Utilities Corp 0.380% (SOFR + 0.330%) due 06/24/24 §		250,000		250,202
Southern California Edison Co 0.880% (SOFR + 0.830%) due 04/01/24 §		200,000		200,838

				3,113,080

Total Corporate Bonds & Notes (Cost $21,771,461)				21,852,746


SENIOR LOAN NOTES - 6.7%

Basic Materials - 0.8%

Asplundh Tree Expert LLC Term B 1.854% (USD LIBOR + 1.750%) due 09/04/27 §		248,125		247,677


	Principal Amount		Value
Communications - 1.5%

Charter Communications Operating LLC Term B-2 1.860% (USD LIBOR + 1.750%) due 02/01/27 §		$494,962		$491,683


Consumer, Cyclical - 0.8%

SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		244,260		242,625


Consumer, Non-Cyclical - 1.5%

United Rentals North America Inc Term B 1.843% (USD LIBOR + 1.750%) due 10/31/25 §		494,911		497,733


Financial - 0.4%

Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		138,642		138,438


Industrial - 0.7%

GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		125,619		125,870
Pactiv Evergreen Group Holdings Inc Term B-1 2.854% (USD LIBOR + 2.750%) due 02/05/23 §		93,447		93,375

				219,245

Technology - 1.0%

Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		334,206		334,540


Total Senior Loan Notes (Cost $2,166,118)				2,171,941


ASSET-BACKED SECURITIES - 21.7%

AIMCO CLO (Cayman) 1.034% (USD LIBOR + 0.850%) due 01/15/28 ~ §		278,927		279,249
Aimco CLO 11 Ltd (Cayman) 1.564% (USD LIBOR + 1.380%) due 10/15/31 ~ §		300,000		300,537
AmeriCredit Automobile Receivables Trust
1.100% due 03/20/23		72,242		72,294
1.480% due 01/21/25		250,000		254,248
3.260% due 01/18/24		97,817		98,347
Benefit Street Partners CLO VI Ltd (Cayman) 1.430% (USD LIBOR + 1.240%) due 10/18/29 ~ §		250,000		250,371
Ford Credit Auto Owner Trust
0.500% due 02/15/23		98,926		99,017
1.030% due 10/15/22		19,499		19,518


	Principal Amount		Value
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		$71,797		$74,600
Magnetite Ltd (Cayman) 1.164% (USD LIBOR + 0.980%) due 04/15/31 ~ §		215,000		215,354
Navient Private Education Refi Loan Trust
0.423% (USD LIBOR + 0.350%) due 11/15/68 ~ §		16,949		16,951
0.840% due 05/15/69 ~		169,254		169,094
1.060% due 10/15/69 ~		250,000		250,758
1.220% due 07/15/69 ~		273,288		275,104
1.310% due 01/15/69 ~		186,187		187,584
1.690% due 05/15/69 ~		149,089		151,573
Navient Student Loan Trust
0.472% (USD LIBOR + 0.380%) due 03/25/67 ~ §		102,762		102,773
0.692% (USD LIBOR + 0.600%) due 12/26/69 ~ §		145,276		146,383
1.320% due 08/26/69 ~		141,034		140,075
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 1.062% (USD LIBOR + 0.970%) due 07/20/31 ~ §		300,000		300,000
Palmer Square CLO Ltd (Cayman)
1.006% (USD LIBOR + 0.850%) due 08/15/26 ~ §		312,218		312,296
1.284% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		249,991
Palmer Square Loan Funding Ltd (Cayman)
0.946% (USD LIBOR + 0.800%) due 05/20/29 ~ §		300,000		300,375
0.955% (USD LIBOR + 0.800%) due 02/20/28 ~ §		167,102		167,185
1.005% (USD LIBOR + 0.850%) due 08/20/27 ~ §		149,744		149,804
1.055% (USD LIBOR + 0.900%) due 04/20/29 ~ §		250,000		250,299
1.076% (USD LIBOR + 0.900%) due 10/24/27 ~ §		139,937		140,026
1.238% (USD LIBOR + 1.050%) due 04/20/27 ~ §		117,738		117,885
Santander Drive Auto Receivables Trust
0.290% due 11/15/23		84,060		84,094
0.590% due 09/15/25		200,000		200,422
2.790% due 01/16/24		25,919		25,982
3.510% due 08/15/23		15,864		15,886
SLM Student Loan Trust 0.266% (USD LIBOR + 0.090%) due 01/26/26 §		21,411		21,409
SMB Private Education Loan Trust
0.392% (USD LIBOR + 0.300%) due 09/15/54 ~ §		68,920		68,924
0.601% (USD LIBOR + 0.500%) due 01/15/53 ~ §		115,306		115,513
2.340% due 09/15/34 ~		269,259		275,397
2.430% due 02/17/32 ~		83,710		85,822
2.490% due 06/15/27 ~		203,414		204,986
2.700% due 05/15/31 ~		185,816		190,636
3.050% due 05/15/26 ~		65,271		65,390


	Principal Amount		Value
SHORT-TERM INVESTMENTS - 4.5%

Corporate Notes - 1.1%

Southern California Edison Co 0.398% (SOFR + 0.350%) due 06/13/22 §		$350,000		$350,387


	Shares
Money Market Fund - 3.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,113,015		1,113,015


Total Short-Term Investments (Cost $1,463,015)				1,463,402


TOTAL INVESTMENTS - 100.3% (Cost $32,389,523)				32,501,628


OTHER ASSETS & LIABILITIES, NET - (0.3%)				(91,535	)


NET ASSETS - 100.0%				$32,410,093

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 51.9%

Basic Materials - 1.4%

DuPont de Nemours Inc 1.266% (USD LIBOR + 1.110%) due 11/15/23 §		$6,965,000		$7,095,211
Glencore Funding LLC (Australia)
3.000% due 10/27/22 ~		3,000,000		3,086,865
4.125% due 05/30/23 ~		1,400,000		1,489,920
4.125% due 03/12/24 ~		2,500,000		2,696,722
LYB International Finance III LLC 1.145% (USD LIBOR + 1.000%) due 10/01/23 §		2,800,000		2,804,565

				17,173,283

Communications - 2.6%

Charter Communications Operating LLC
4.464% due 07/23/22		1,600,000		1,656,675
4.500% due 02/01/24		5,000,000		5,449,020
Expedia Group Inc 3.600% due 12/15/23		7,000,000		7,445,374
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		1,500,000		1,498,564
Sprint Spectrum Co LLC
3.360% due 03/20/23 ~		1,775,625		1,786,536
4.738% due 09/20/29 ~		9,960,938		10,712,988
T-Mobile USA Inc
2.250% due 02/15/26 ~		1,675,000		1,689,656
2.625% due 04/15/26		100,000		102,499
Verizon Communications Inc 0.750% due 03/22/24		1,200,000		1,205,526

				31,546,838

Consumer, Cyclical - 6.6%

7-Eleven Inc
0.625% due 02/10/23 ~		2,650,000		2,651,779
0.800% due 02/10/24 ~		3,650,000		3,642,344
American Airlines Pass-Through Trust ‘A’ 4.000% due 01/15/27		842,193		820,952
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		3,045,201		3,055,641
4.625% due 12/20/25 ~		1,930,541		2,037,735
Delta Air Lines Inc 4.500% due 10/20/25 ~		1,300,000		1,397,621
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		4,500,000		4,764,015
DR Horton Inc 2.500% due 10/15/24		4,500,000		4,719,142
Ford Motor Co 8.500% due 04/21/23		1,200,000		1,340,640
Ford Motor Credit Co LLC 3.375% due 11/13/25		4,200,000		4,360,440
5.584% due 03/18/24		1,300,000		1,425,385
General Motors Co 5.400% due 10/02/23		2,000,000		2,203,497
General Motors Financial Co Inc
1.700% due 08/18/23		3,000,000		3,062,842
3.550% due 07/08/22		3,000,000		3,096,893


	Principal Amount		Value
Genting New York LLC 3.300% due 02/15/26 ~		$1,800,000		$1,820,834
Hyatt Hotels Corp 3.375% due 07/15/23		6,234,000		6,496,365
International Game Technology PLC 4.125% due 04/15/26 ~		1,500,000		1,563,750
Las Vegas Sands Corp
2.900% due 06/25/25		2,900,000		3,023,104
3.200% due 08/08/24		5,000,000		5,250,251
Lennar Corp
4.125% due 01/15/22		4,750,000		4,809,209
4.500% due 04/30/24		5,000,000		5,475,000
Marriott International Inc 3.600% due 04/15/24		2,000,000		2,134,370
MGM Resorts International 6.000% due 03/15/23		2,800,000		3,000,690
Nordstrom Inc 2.300% due 04/08/24 ~		3,800,000		3,812,509
Sands China Ltd (Macau)
3.800% due 01/08/26		1,500,000		1,607,580
4.600% due 08/08/23		1,200,000		1,278,378
United Airlines Pass-Through Trust ‘B’ 3.650% due 07/07/27		557,292		554,477
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		545,331		550,361

				79,955,804

Consumer, Non-Cyclical - 2.6%

AmerisourceBergen Corp 0.737% due 03/15/23		2,000,000		2,003,867
Campbell Soup Co 3.650% due 03/15/23		3,676,000		3,869,078
Cigna Corp 1.074% (USD LIBOR + 0.890%) due 07/15/23 §		2,300,000		2,331,564
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		2,800,000		2,846,921
General Mills Inc 1.200% (USD LIBOR + 1.010%) due 10/17/23 §		3,100,000		3,156,188
Hormel Foods Corp 0.650% due 06/03/24		2,800,000		2,806,477
Kellogg Co 2.650% due 12/01/23		3,000,000		3,153,614
Keurig Dr Pepper Inc
0.750% due 03/15/24		2,150,000		2,152,578
4.057% due 05/25/23		1,508,000		1,608,196
PayPal Holdings Inc 1.350% due 06/01/23		3,950,000		4,021,356
Square Inc 2.750% due 06/01/26 ~		750,000		764,063
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		3,100,000		3,216,206

				31,930,108

Energy - 2.2%

Energy Transfer LP
3.600% due 02/01/23		5,325,000		5,526,906
4.250% due 03/15/23		1,500,000		1,574,536
Kinder Morgan Inc 5.625% due 11/15/23 ~		2,355,000		2,595,755


	Principal Amount		Value
MPLX LP 3.500% due 12/01/22		$6,900,000		$7,170,075
Pioneer Natural Resources Co 0.550% due 05/15/23		800,000		801,064
Valero Energy Corp
1.200% due 03/15/24		4,160,000		4,198,583
1.269% (USD LIBOR + 1.150%) due 09/15/23 §		4,585,000		4,593,294

				26,460,213

Financial - 23.3%

AerCap Ireland Capital DAC (Ireland)
1.750% due 01/30/26		1,250,000		1,235,974
4.500% due 09/15/23		7,000,000		7,508,606
Air Lease Corp
1.875% due 08/15/26		2,350,000		2,353,652
3.000% due 09/15/23		2,432,000		2,543,225
3.375% due 07/01/25		1,200,000		1,289,979
Aircastle Ltd 2.850% due 01/26/28 ~		3,200,000		3,217,839
Athene Global Funding 0.950% due 01/08/24 ~		3,750,000		3,754,852
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		4,550,000		4,535,020
4.250% due 04/15/26 ~		2,650,000		2,873,992
Banco Santander SA (Spain)
0.701% due 06/30/24		3,450,000		3,457,915
2.746% due 05/28/25		3,000,000		3,162,786
Bank of America Corp
0.523% due 06/14/24		5,850,000		5,850,472
0.810% due 10/24/24		5,000,000		5,022,103
0.946% (USD LIBOR + 0.770%) due 02/05/26 §		500,000		506,939
0.976% due 04/22/25		7,500,000		7,526,529
1.133% (USD LIBOR + 0.960%) due 07/23/24 §		5,000,000		5,071,300
Barclays PLC (United Kingdom) 1.007% due 12/10/24		3,650,000		3,664,657
BOC Aviation Ltd (Singapore) 2.750% due 09/18/22 ~		3,500,000		3,564,551
Brighthouse Financial Global Funding 0.600% due 06/28/23 ~		1,150,000		1,150,003
Citigroup Inc
0.776% due 10/30/24		1,400,000		1,403,957
0.981% due 05/01/25		2,400,000		2,406,486
1.158% (USD LIBOR + 1.023%) due 06/01/24 §		5,000,000		5,078,836
4.000% due 08/05/24		4,000,000		4,358,424
Cooperatieve Rabobank UA (Netherlands)
0.599% (USD LIBOR + 0.480%) due 01/10/23 §		3,000,000		3,021,179
1.006% (USD LIBOR + 0.860%) due 09/26/23 ~ §		1,500,000		1,521,149
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		3,500,000		3,538,601
Credit Suisse Group AG (Switzerland) 1.319% (USD LIBOR + 1.200%) due 12/14/23 ~ §		3,000,000		3,032,516
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		3,800,000		4,009,404


	Principal Amount		Value
HSBC Holdings PLC (United Kingdom) 0.976% due 05/24/25		$2,500,000		$2,498,967
Jackson National Life Global Funding 2.650% due 06/21/24 ~		5,000,000		5,241,713
JPMorgan Chase & Co
0.824% due 06/01/25		4,500,000		4,493,311
0.903% (USD LIBOR + 0.730%) due 04/23/24 §		4,000,000		4,039,551
0.910% (SOFR + 0.885%) due 04/22/27 §		5,000,000		5,063,758
0.969% due 06/23/25		3,200,000		3,205,188
1.063% (USD LIBOR + 0.890%) due 07/23/24 §		1,500,000		1,521,264
1.076% (USD LIBOR + 0.900%) due 04/25/23 §		3,450,000		3,475,263
Lloyds Banking Group PLC (United Kingdom)
0.695% due 05/11/24		600,000		601,807
1.326% due 06/15/23		3,000,000		3,024,410
LSEGA Financing PLC (United Kingdom) 0.650% due 04/06/24 ~		1,000,000		999,379
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,149,063
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		2,050,000		2,061,836
1.036% (USD LIBOR + 0.860%) due 07/26/23 §		2,000,000		2,027,648
2.623% due 07/18/22		1,750,000		1,793,380
2.665% due 07/25/22		3,000,000		3,075,042
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		5,000,000		5,070,629
Morgan Stanley
0.560% due 11/10/23		1,600,000		1,602,288
0.731% due 04/05/24		2,000,000		2,004,661
0.790% due 05/30/25		8,400,000		8,376,363
NatWest Markets PLC (United Kingdom) 0.800% due 08/12/24 ~		1,350,000		1,344,536
Office Properties Income Trust REIT 2.650% due 06/15/26		4,000,000		4,062,435
OneMain Finance Corp 6.125% due 03/15/24		5,200,000		5,603,000
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		3,800,000		3,948,778
PNC Bank NA 0.475% (USD LIBOR + 0.325%) due 02/24/23 §		1,300,000		1,302,733
Prospect Capital Corp 3.364% due 11/15/26		4,150,000		4,160,812
Protective Life Global Funding due 07/05/24 # ~		1,500,000		1,500,693
Reliance Standard Life Global Funding II
2.150% due 01/21/23 ~		2,000,000		2,047,097
2.500% due 10/30/24 ~		1,000,000		1,043,590
Royal Bank of Canada (Canada)
0.799% (USD LIBOR + 0.660%) due 10/05/23 §		2,000,000		2,024,602
2.250% due 11/01/24		5,000,000		5,241,991
Standard Chartered PLC (United Kingdom)
0.991% due 01/12/25 ~		3,000,000		2,993,711
1.319% due 10/14/23 ~		2,500,000		2,524,650
3.885% due 03/15/24 ~		1,500,000		1,577,694


	Principal Amount		Value
Sumitomo Mitsui Financial Group Inc (Japan)
0.508% due 01/12/24		$3,200,000		$3,188,456
0.930% (USD LIBOR + 0.740%) due 01/17/23 §		5,000,000		5,044,291
1.474% due 07/08/25		4,000,000		4,042,275
2.348% due 01/15/25		2,500,000		2,612,635
2.448% due 09/27/24		600,000		629,805
The Goldman Sachs Group Inc
0.575% (SOFR + 0.540%) due 11/17/23 §		7,500,000		7,510,570
0.627% due 11/17/23		10,000,000		10,005,506
0.657% due 09/10/24		9,000,000		8,989,276
1.181% (USD LIBOR + 1.050%) due 06/05/23 §		3,750,000		3,779,654
1.326% (USD LIBOR + 1.170%) due 05/15/26 §		3,200,000		3,286,435
3.500% due 04/01/25		3,246,000		3,523,216
3.625% due 02/20/24		4,500,000		4,825,358
The PNC Financial Services Group Inc 3.900% due 04/29/24		2,155,000		2,340,976
Ventas Realty LP REIT 2.650% due 01/15/25		4,000,000		4,212,649
VICI Properties LP REIT 3.500% due 02/15/25 ~		6,050,000		6,189,120
Wells Fargo & Co 1.654% due 06/02/24		9,000,000		9,194,992
Zions Bancorp NA 3.350% due 03/04/22		3,000,000		3,052,429

				280,790,432

Industrial - 3.3%

Berry Global Inc 1.570% due 01/15/26 ~		4,250,000		4,256,800
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		2,300,000		2,299,701
Graphic Packaging International LLC 0.821% due 04/15/24 ~		2,400,000		2,384,103
Martin Marietta Materials Inc due 07/15/23 #		1,800,000		1,804,335
Otis Worldwide Corp 0.595% (USD LIBOR + 0.450%) due 04/05/23 §		1,500,000		1,500,128
Penske Truck Leasing Co LP
2.700% due 03/14/23 ~		1,000,000		1,032,943
2.700% due 11/01/24 ~		3,250,000		3,421,626
3.450% due 07/01/24 ~		2,300,000		2,467,962
4.125% due 08/01/23 ~		2,000,000		2,133,970
Siemens Financieringsmaatschappij NV (Germany)
0.480% (SOFR + 0.430%) due 03/11/24 ~ §		1,300,000		1,309,698
0.650% due 03/11/24 ~		1,200,000		1,201,715
Silgan Holdings Inc 1.400% due 04/01/26 ~		2,950,000		2,924,291
Teledyne Technologies Inc 0.950% due 04/01/24		9,000,000		9,015,561
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,500,000		1,582,500


	Principal Amount		Value
Vontier Corp 1.800% due 04/01/26 ~		$2,150,000		$2,140,766

				39,476,099

Technology - 4.1%

Broadcom Corp 3.125% due 01/15/25		3,000,000		3,204,359
Dell International LLC 4.000% due 07/15/24		5,100,000		5,549,484
Fidelity National Information Services Inc 0.600% due 03/01/24		4,400,000		4,396,318
Fiserv Inc 2.750% due 07/01/24		2,000,000		2,110,669
Hewlett Packard Enterprise Co 1.450% due 04/01/24		8,000,000		8,140,055
Infor Inc 1.450% due 07/15/23 ~		3,000,000		3,035,988
Microchip Technology Inc
0.972% due 02/15/24 ~		8,250,000		8,249,341
0.983% due 09/01/24 ~		3,750,000		3,733,940
NXP BV (China) 2.700% due 05/01/25 ~		3,300,000		3,483,460
Skyworks Solutions Inc
0.900% due 06/01/23		2,750,000		2,758,590
1.800% due 06/01/26		900,000		911,908
VMware Inc 4.500% due 05/15/25		3,450,000		3,856,450

				49,430,562

Utilities - 5.8%

American Electric Power Co Inc 0.750% due 11/01/23		3,500,000		3,502,260
CenterPoint Energy Inc 0.684% (SOFR + 0.650%) due 05/13/24 §		2,750,000		2,762,843
CenterPoint Energy Resources Corp 0.631% (USD LIBOR + 0.500%) due 03/02/23 §		1,500,000		1,500,391
Dominion Energy Inc 3.071% due 08/15/24		4,280,000		4,540,804
DPL Inc 4.125% due 07/01/25		600,000		644,250
DTE Energy Co 2.250% due 11/01/22		1,600,000		1,636,582
Eastern Energy Gas Holdings LLC 2.500% due 11/15/24		2,550,000		2,681,615
Edison International 4.950% due 04/15/25		2,000,000		2,216,239
Emera US Finance LP (Canada) 0.833% due 06/15/24 ~		2,400,000		2,388,182
Evergy Inc 2.450% due 09/15/24		2,350,000		2,462,730
FirstEnergy Corp 3.350% due 07/15/22		3,800,000		3,863,857
NextEra Energy Capital Holdings Inc 0.420% (USD LIBOR + 0.270%) due 02/22/23 §		1,500,000		1,500,294
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		7,875,000		8,318,796


	Principal Amount		Value
NRG Energy Inc 2.000% due 12/02/25 ~		$4,000,000		$4,059,374
OGE Energy Corp 0.703% due 05/26/23		1,900,000		1,900,699
Oklahoma Gas and Electric Co 0.553% due 05/26/23		1,650,000		1,650,152
Pacific Gas and Electric Co 1.750% due 06/16/22		7,200,000		7,197,451
Southern California Edison Co 1.100% due 04/01/24		2,100,000		2,115,051
The AES Corp
1.375% due 01/15/26 ~		4,350,000		4,309,396
3.300% due 07/15/25 ~		3,650,000		3,906,248
Vistra Operations Co LLC 3.550% due 07/15/24 ~		5,000,000		5,282,628
WEC Energy Group Inc 0.800% due 03/15/24		1,800,000		1,804,822

				70,244,664

Total Corporate Bonds & Notes (Cost $615,398,982)				627,008,003


SENIOR LOAN NOTES - 17.1%

Basic Materials - 0.3%

Asplundh Tree Expert LLC Term B 1.854% (USD LIBOR + 1.750%) due 09/04/27 §		3,473,750		3,467,476


Communications - 1.6%

Charter Communications Operating LLC Term B-2 1.860% (USD LIBOR + 1.750%) due 02/01/27 §		3,464,736		3,441,782
CSC Holdings LLC
Term B 2.323% (USD LIBOR + 2.250%) due 01/15/26 §		1,492,366		1,474,412
Term B-5 2.573% (USD LIBOR + 2.500%) due 04/15/27 §		1,975,000		1,959,982
MTN Infrastructure TopCo Inc Term B due 11/17/24 ¥		2,000,000		2,006,562
4.000% (USD LIBOR + 3.000%) due 11/17/24 §		8,976,804		8,983,213
SBA Senior Finance II LLC Term B 1.860% (USD LIBOR + 1.750%) due 04/11/25 §		1,193,846		1,185,489

				19,051,440

Consumer, Cyclical - 3.2%

ClubCorp Holdings Inc Term B 2.897% (USD LIBOR + 2.750%) due 09/18/24 § ¥		3,849,570		3,706,547
Core & Main LP Term B 3.750% (USD LIBOR + 2.750%) due 08/01/24 §		2,984,536		2,987,022


	Principal Amount		Value
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		$2,238,750		$2,254,941
Harbor Freight Tools USA Inc Term B 3.750% (USD LIBOR + 3.000%) due 10/19/27 §		1,990,000		1,992,715
Hayward Industries Inc Term B 3.250% (USD LIBOR + 2.750%) due 05/28/28 §		2,000,000		1,998,750
Hilton Grand Vacations Borrower LLC Term B due 05/20/28 ¥		2,000,000		2,003,438
Marriott Ownership Resorts Inc Term B 1.854% (USD LIBOR + 1.750%) due 08/31/25 §		1,819,096		1,799,009
Mileage Plus Holdings, LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 §		2,000,000		2,137,656
Restaurant Brands International Inc Term B (Canada) 1.854% (USD LIBOR + 1.750%) due 11/19/26 §		3,921,030		3,872,017
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		3,383,896		3,361,237
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		2,500,000		2,500,978
Stars Group Holdings BV Term B (Canada) 3.647% (USD LIBOR + 3.500%) due 07/10/25 §		3,269,928		3,281,899
United AirLines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		6,483,750		6,576,377

				38,472,586

Consumer, Non-Cyclical - 3.9%

Avantor Funding Inc Term B-3 3.000% (USD LIBOR + 2.000%) due 11/21/24 §		2,691,167		2,697,895
Bausch Health Americas Inc Term B 3.104% (USD LIBOR + 3.000%) due 06/01/25 §		5,695,879		5,679,863
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		3,500,000		3,498,358
Heartland Dental LLC Term B 4.073% (USD LIBOR + 4.000%) due 04/30/25 §		3,500,000		3,497,375
Mavis Tire Express Services TopCo LP 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		6,000,000		6,029,064
Organon & Co Term B 3.500% (USD LIBOR + 3.000%) due 06/02/28 §		2,250,000		2,254,621
Pathway Vet Alliance LLC Term A 3.854% (USD LIBOR + 3.750%) due 03/31/27 §		2,968,209		2,966,354
PetVet Care Centers LLC Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 § ¥		6,666,076		6,691,074


	Principal Amount		Value
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		$2,493,750		$2,498,426
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		3,710,662		3,726,919
United Rentals North America Inc Term B 1.843% (USD LIBOR + 1.750%) due 10/31/25 §		4,454,198		4,479,601
US Foods Inc Term B 1.854% (USD LIBOR + 1.750%) due 06/27/23 §		1,544,962		1,532,672
Wand NewCo 3 Inc Term B-1 3.104% (USD LIBOR + 3.000%) due 02/05/26 §		1,764,115		1,745,214

				47,297,436

Financial - 2.6%

Acrisure LLC Term B 3.604% (USD LIBOR + 3.500%) due 02/15/27 §		2,227,472		2,206,311
AssuredPartners Inc Term B 3.604% (USD LIBOR + 3.500%) due 02/13/27 §		7,146,187		7,115,559
Avolon (US) LLC Term B-3 (Ireland) due 01/15/25 ¥		5,493,697		5,485,605
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		2,970,000		2,987,573
HUB International Ltd Term B 2.926% (USD LIBOR + 2.750%) due 04/25/25 §		5,959,079		5,898,869
NFP Corp Term B 3.354% (USD LIBOR + 3.250%) due 02/13/27 §		4,937,500		4,875,011
USI Inc Term B 3.147% (USD LIBOR + 3.000%) due 05/16/24 §		3,387,025		3,360,413

				31,929,341

Industrial - 2.3%

Berry Global Inc Term Z 1.827% (USD LIBOR + 1.750%) due 07/01/26 §		3,567,176		3,544,881
Brown Group Holding LLC Term B 3.250% (USD LIBOR + 2.750%) due 06/07/28 §		250,000		249,167
Filtration Group Corp Term B 3.104% (USD LIBOR + 3.000%) due 03/29/25 §		5,219,422		5,184,844
Madison IAQ LLC due 06/21/28 ¥		6,000,000		6,010,500
Pactiv Evergreen Group Holdings Inc Term B-1 2.854% (USD LIBOR + 2.750%) due 02/05/23 §		3,817,288		3,814,371
Proampac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		2,743,125		2,751,127


	Principal Amount		Value
Quikrete Holdings Inc Term B-1 due 06/11/28 ¥		$2,000,000		$1,986,750
The Hillman Group Inc Term B 4.104% (USD LIBOR + 4.000%) due 05/31/25 §		1,964,557		1,963,084
TransDigm Inc Term F 2.354% (USD LIBOR + 2.250%) due 12/09/25 §		1,965,000		1,938,117
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 §		822,494		817,289

				28,260,130

Technology - 2.5%

Applied Systems Inc Term B 3.750% (USD LIBOR + 3.250%) due 09/19/24 §		1,966,765		1,965,360
Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		7,326,940		7,334,267
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		1,246,875		1,252,818
Sophia LP 3.897% (USD LIBOR + 3.750%) due 10/07/27 §		3,233,750		3,240,486
Tempo Acquisition LLC Term B 3.354% (USD LIBOR + 3.250%) due 10/31/26 §		4,774,273		4,785,612
The Dun & Bradstreet Corp Term B
3.345% (USD LIBOR + 3.250%) due 02/08/26 §		4,448,869		4,431,492
UKG Inc
4.000% (USD LIBOR + 3.250%) due 05/03/26 §		6,709,409		6,721,989

				29,732,024

Utilities - 0.7%

PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		3,217,500		3,179,292
Pike Corp Term B 3.110% (USD LIBOR + 3.000%) due 01/21/28 §		4,794,521		4,791,855

				7,971,147

Total Senior Loan Notes (Cost $206,062,023)				206,181,580


ASSET-BACKED SECURITIES - 22.0%

Aimco CLO 11 Ltd (Cayman) 1.564% (USD LIBOR + 1.380%) due 10/15/31 ~ §		3,750,000		3,756,714
AmeriCredit Automobile Receivables Trust
0.433% (USD LIBOR + 0.350%) due 03/20/23 §		288,968		289,041
0.680% due 10/19/26		10,100,000		10,122,273
0.690% due 01/19/27		2,400,000		2,410,554
0.760% due 12/18/25		2,400,000		2,407,509
0.970% due 02/18/26		1,000,000		1,007,244


	Principal Amount		Value
1.100% due 03/20/23		$361,211		$361,468
1.480% due 01/21/25		2,750,000		2,796,725
2.600% due 09/18/23		1,789,116		1,804,236
2.970% due 11/20/23		627,264		631,498
3.130% due 02/18/25		1,550,000		1,583,299
3.450% due 06/18/24		2,000,000		2,023,417
3.500% due 01/18/24		2,000,000		2,043,990
Apidos CLO XV (Cayman) 1.198% (USD LIBOR + 1.010%) due 04/20/31 ~ §		1,250,000		1,250,375
Apidos CLO XXV (Cayman) 1.358% (USD LIBOR + 1.170%) due 10/20/31 ~ §		2,000,000		2,001,601
Apidos CLO XXX (Cayman) 1.330% (USD LIBOR + 1.140%) due 10/18/31 ~ §		3,000,000		3,003,720
Atrium XIII (Cayman) 1.353% (USD LIBOR + 1.180%) due 11/21/30 ~ §		470,000		470,278
Buttermilk Park CLO Ltd (Cayman) 1.284% (USD LIBOR + 1.100%) due 10/15/31 ~ §		850,000		851,402
Carlyle Global Market Strategies CLO Ltd (Cayman) 1.231% (USD LIBOR + 1.050%) due 07/27/31 ~ §		495,916		496,290
CIFC Funding 2015-III Ltd (Cayman) 1.060% (USD LIBOR + 0.870%) due 04/19/29 ~ §		1,500,000		1,500,973
Dryden 55 CLO Ltd (Cayman) 1.204% (USD LIBOR + 1.020%) due 04/15/31 ~ §		2,500,000		2,501,247
Dryden 58 CLO Ltd (Cayman) 1.190% (USD LIBOR + 1.000%) due 07/17/31 ~ §		2,000,000		2,001,895
Dryden 61 CLO Ltd (Cayman) 1.180% (USD LIBOR + 0.990%) due 01/17/32 ~ §		7,000,000		6,999,641
Dryden 64 CLO Ltd (Cayman) 1.160% (USD LIBOR + 0.970%) due 04/18/31 ~ §		2,000,000		2,000,997
Ford Credit Auto Owner Trust
0.700% due 10/15/26		10,550,000		10,498,877
0.790% due 08/15/26		2,650,000		2,652,093
1.190% due 01/15/26		2,050,000		2,079,190
2.040% due 08/15/31 ~		2,000,000		2,078,062
2.130% due 05/15/25		5,000,000		5,151,736
2.350% due 04/15/23		1,000,000		1,002,509
2.500% due 05/15/24		1,750,000		1,754,839
3.380% due 03/15/24		1,650,000		1,698,969
GM Financial Consumer Automobile Receivables Trust
0.750% due 05/17/27		800,000		796,730
3.270% due 01/16/24		1,200,000		1,231,308
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		287,188		298,399
Hyundai Auto Receivables Trust 2.400% due 06/15/26		2,000,000		2,076,963


	Principal Amount		Value
Magnetite Ltd (Cayman) 1.164% (USD LIBOR + 0.980%) due 04/15/31 ~ §		$2,170,000		$2,173,575
Magnetite XIV-R Ltd (Cayman) 1.310% (USD LIBOR + 1.120%) due 10/18/31 ~ §		3,000,000		3,007,949
Magnetite XV Ltd (Cayman) 1.186% (USD LIBOR + 1.010%) due 07/25/31 ~ §		1,500,000		1,499,967
Magnetite XVIII Ltd (Cayman) 1.236% (USD LIBOR + 1.080%) due 11/15/28 ~ §		3,000,000		3,000,757
Magnetite XXIX Ltd (Cayman) 1.094% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,300,000		3,300,267
MVW LLC
1.140% due 01/22/41 ~		1,959,840		1,961,743
1.740% due 10/20/37 ~		614,192		626,865
Navient Private Education Loan Trust 3.610% due 12/15/59 ~		954,164		996,445
Navient Private Education Refi Loan Trust
0.423% (USD LIBOR + 0.350%) due 11/15/68 ~ §		338,970		339,014
0.823% (USD LIBOR + 0.750%) due 11/15/68 ~ §		633,364		634,534
0.840% due 05/15/69 ~		1,438,660		1,437,299
1.060% due 10/15/69 ~		5,750,000		5,767,424
1.170% due 09/16/69 ~		894,835		899,002
1.220% due 07/15/69 ~		1,366,440		1,375,522
1.310% due 01/15/69 ~		3,425,845		3,451,545
1.690% due 05/15/69 ~		5,353,204		5,435,197
2.120% due 01/15/69 ~		3,212,002		3,260,788
2.460% due 11/15/68 ~		1,000,000		1,033,864
2.640% due 05/15/68 ~		1,733,734		1,771,862
Navient Student Loan Trust
0.362% (USD LIBOR + 0.270%) due 02/27/68 ~ §		281,449		281,801
0.472% (USD LIBOR + 0.380%) due 03/25/67 ~ §		2,158,006		2,158,241
0.642% (USD LIBOR + 0.550%) due 02/25/70 ~ §		3,465,556		3,476,522
0.692% (USD LIBOR + 0.600%) due 12/26/69 ~ §		4,212,994		4,245,100
1.142% (USD LIBOR + 1.050%) due 06/25/69 ~ §		2,321,173		2,383,039
1.320% due 08/26/69 ~		4,184,002		4,155,544
3.390% due 12/15/59 ~		1,829,915		1,913,703
Nelnet Student Loan Trust 1.360% due 04/20/62 ~		4,000,000		4,005,372
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) 1.120% (USD LIBOR + 0.930%) due 10/18/29 ~ §		2,650,000		2,649,861
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 1.062% (USD LIBOR + 0.970%) due 07/20/31 ~ §		4,700,000		4,700,000
OCP CLO Ltd (Cayman) 0.996% (USD LIBOR + 0.820%) due 10/26/27 ~ §		746,855		747,041


	Principal Amount		Value
Palmer Square CLO Ltd (Cayman)
1.006% (USD LIBOR + 0.850%) due 08/15/26 ~ §		$437,105		$437,214
1.284% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,250,000		2,249,918
Palmer Square Loan Funding Ltd (Cayman) due 07/20/29 # ~		4,000,000		4,000,000
0.946% (USD LIBOR + 0.800%) due 05/20/29 ~ §		11,700,000		11,714,618
1.005% (USD LIBOR + 0.850%) due 08/20/27 ~ §		748,719		749,020
1.055% (USD LIBOR + 0.900%) due 04/20/29 ~ §		5,500,000		5,506,569
1.056% (USD LIBOR + 0.900%) due 11/15/26 ~ §		651,451		651,742
1.076% (USD LIBOR + 0.900%) due 10/24/27 ~ §		1,119,499		1,120,206
1.238% (USD LIBOR + 1.050%) due 04/20/27 ~ §		2,030,988		2,033,523
1.505% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,950,000		2,942,374
2.055% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,201,622
Regatta X Funding Ltd (Cayman) 1.310% (USD LIBOR + 1.120%) due 01/17/31 ~ §		3,000,000		3,002,472
Regatta XIV Funding Ltd (Cayman) 1.366% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,100,000		1,101,512
Santander Drive Auto Receivables Trust
0.500% due 04/15/25		9,900,000		9,911,130
0.590% due 09/15/25		3,150,000		3,156,647
0.620% due 05/15/23		201,073		201,112
0.730% due 03/17/25		2,200,000		2,210,374
0.750% due 02/17/26		3,750,000		3,750,691
0.900% due 06/15/26		4,000,000		4,009,588
0.960% due 11/15/24		1,200,000		1,206,137
1.460% due 09/15/25		1,000,000		1,011,790
2.280% due 09/15/23		777,905		779,202
2.790% due 01/16/24		1,295,957		1,299,094
3.420% due 04/15/25		1,131,395		1,140,322
SLC Student Loan Trust
0.229% (USD LIBOR + 0.110%) due 03/15/27 §		2,617,330		2,612,614
0.239% (USD LIBOR + 0.120%) due 06/15/29 §		561,717		560,012
SLM Student Loan Trust 0.556% (USD LIBOR + 0.380%) due 10/25/24 §		192,989		192,952
SMB Private Education Loan Trust
0.392% (USD LIBOR + 0.300%) due 09/15/54 ~ §		930,426		930,474
0.601% (USD LIBOR + 0.500%) due 01/15/53 ~ §		1,652,716		1,655,687
1.070% due 01/15/53 ~		3,907,500		3,854,538
1.290% due 07/15/53 ~		3,096,234		3,110,145
2.340% due 09/15/34 ~		4,893,742		5,005,299
2.430% due 02/17/32 ~		2,787,109		2,857,457
2.490% due 06/15/27 ~		903,835		910,821


	Principal Amount		Value
2.700% due 05/15/31 ~		$1,866,101		$1,914,506
3.050% due 05/15/26 ~		321,263		321,851
3.440% due 07/15/36 ~		1,550,099		1,626,937
3.500% due 02/15/36 ~		793,061		835,547
3.600% due 01/15/37 ~		2,192,723		2,323,759
3.630% due 11/15/35 ~		2,249,815		2,370,870
Sofi Consumer Loan Program Trust
2.020% due 01/25/29 ~		564,977		569,724
2.450% due 08/25/28 ~		355,604		357,828
Sofi Professional Loan Program LLC 2.130% due 11/16/48 ~		118,560		118,661
Sofi Professional Loan Program Trust 2.060% due 05/15/46 ~		656,325		658,937
Verizon Owner Trust
0.543% (USD LIBOR + 0.450%) due 12/20/23 §		3,000,000		3,006,442
1.850% due 07/22/24		3,500,000		3,560,752
Volvo Financial Equipment LLC 3.130% due 11/15/23 ~		2,000,000		2,058,510


Total Asset-Backed Securities (Cost $263,272,460)				265,127,105


U.S. TREASURY OBLIGATIONS - 4.4%

U.S. Treasury Notes - 4.4%

1.250% due 07/31/23		6,000,000		6,123,984
1.250% due 08/31/24		5,000,000		5,118,945
1.375% due 10/15/22		5,000,000		5,079,883
1.375% due 02/15/23		10,000,000		10,193,555
1.500% due 09/30/24		10,000,000		10,318,750
1.750% due 07/31/24		9,500,000		9,874,062
2.500% due 01/15/22		6,000,000		6,078,914


Total U.S. Treasury Obligations (Cost $51,988,671)				52,788,093


	Shares
SHORT-TERM INVESTMENT - 6.6%

Money Market Fund - 6.6%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		79,607,973		79,607,973


Total Short-Term Investment (Cost $79,607,973)				79,607,973


TOTAL INVESTMENTS - 102.0% (Cost $1,216,330,109)				1,230,712,754


OTHER ASSETS & LIABILITIES, NET - (2.0%)				(24,172,292	)


NET ASSETS - 100.0%				$1,206,540,462

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 43.9%

Basic Materials - 1.1%

Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$4,550,000		$4,573,658
3.950% due 09/10/50 ~		3,000,000		3,264,085
Suzano Austria GmbH (Brazil) due 01/15/32 #		3,150,000		3,123,603
Teck Resources Ltd (Canada) 3.900% due 07/15/30		2,100,000		2,265,808

				13,227,154

Communications - 4.7%

AT&T Inc
2.550% due 12/01/33 ~		2,000,000		1,983,431
3.500% due 09/15/53 ~		4,865,000		4,895,103
3.850% due 06/01/60		2,800,000		2,957,478
CCO Holdings LLC 4.750% due 03/01/30 ~		3,000,000		3,176,250
Charter Communications Operating LLC
3.500% due 06/01/41		3,300,000		3,327,775
3.850% due 04/01/61		5,200,000		5,116,417
Expedia Group Inc
2.950% due 03/15/31		1,600,000		1,624,635
4.625% due 08/01/27		3,150,000		3,564,558
Sprint Communications Inc 6.000% due 11/15/22		6,000,000		6,360,000
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		374,313		376,613
Tencent Holdings Ltd (China) 3.240% due 06/03/50 ~		3,500,000		3,435,861
T-Mobile USA Inc
2.250% due 02/15/26 ~		2,325,000		2,345,344
2.550% due 02/15/31		3,500,000		3,549,000
2.625% due 04/15/26		100,000		102,499
3.375% due 04/15/29 ~		1,600,000		1,655,078
3.600% due 11/15/60		1,500,000		1,529,025
3.875% due 04/15/30		3,450,000		3,868,313
Verizon Communications Inc
3.400% due 03/22/41		2,550,000		2,700,799
3.850% due 11/01/42		2,000,000		2,275,011

				54,843,190

Consumer, Cyclical - 6.5%

Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		3,619,318		3,734,207
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		2,365,823		2,453,620
Beazer Homes USA Inc 7.250% due 10/15/29		2,150,000		2,394,928
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,578,569		2,587,409
4.625% due 12/20/25 ~		1,640,255		1,731,331
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		4,197,375		4,284,765
Choice Hotels International Inc 3.700% due 01/15/31		1,950,000		2,116,676


	Principal Amount		Value
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		$2,188,951		$2,318,355
Delta Air Lines Inc 4.500% due 10/20/25 ~		1,300,000		1,397,621
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,313,551		1,414,166
Ford Motor Co 8.500% due 04/21/23		1,200,000		1,340,640
Ford Motor Credit Co LLC
2.900% due 02/16/28		3,200,000		3,188,848
3.087% due 01/09/23		1,850,000		1,889,313
3.375% due 11/13/25		2,475,000		2,569,545
4.542% due 08/01/26		1,725,000		1,880,854
5.584% due 03/18/24		2,350,000		2,576,658
Genting New York LLC 3.300% due 02/15/26 ~		2,000,000		2,023,149
Hilton Grand Vacations Borrower Escrow LLC 4.875% due 07/01/31 ~		2,850,000		2,846,095
International Game Technology PLC 4.125% due 04/15/26 ~		2,000,000		2,085,000
Kohl’s Corp 3.375% due 05/01/31		4,500,000		4,663,938
Marriott International Inc 3.500% due 10/15/32		3,150,000		3,350,372
Meritage Homes Corp 3.875% due 04/15/29 ~		3,675,000		3,808,219
MGM Resorts International 6.000% due 03/15/23		3,000,000		3,215,025
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		4,000,000		4,055,000
Nordstrom Inc
2.300% due 04/08/24 ~		650,000		652,140
5.000% due 01/15/44		2,500,000		2,495,540
Sands China Ltd (Macau) 3.800% due 01/08/26		1,050,000		1,125,306
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		2,022,500
Spirit Airlines Pass-Through Trust ‘A’ 4.100% due 10/01/29		478,763		501,514
United Airlines Pass-Through Trust ‘A’ 2.900% due 11/01/29		1,337,957		1,336,104
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		1,053,227		1,156,121
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		1,862,636		1,880,702

				75,095,661

Consumer, Non-Cyclical - 6.1%

Altria Group Inc 2.450% due 02/04/32		4,700,000		4,550,514
AmerisourceBergen Corp 2.700% due 03/15/31		5,000,000		5,133,157
Amgen Inc 3.150% due 02/21/40		2,750,000		2,870,573
Anheuser-Busch Cos LLC (Belgium) 4.700% due 02/01/36		2,000,000		2,456,805
Anheuser-Busch InBev Finance Inc (Belgium) 4.000% due 01/17/43		2,000,000		2,238,316


	Principal Amount		Value
Anheuser-Busch InBev Worldwide Inc (Belgium) 5.450% due 01/23/39		$5,000,000		$6,607,965
Centene Corp due 07/15/28 #		1,750,000		1,775,812
2.500% due 03/01/31		1,900,000		1,876,250
Cigna Corp 2.400% due 03/15/30		3,000,000		3,063,345
CoStar Group Inc 2.800% due 07/15/30 ~		3,400,000		3,459,504
CVS Health Corp 1.750% due 08/21/30		3,000,000		2,895,792
Global Payments Inc 3.200% due 08/15/29		4,500,000		4,823,165
Kraft Heinz Foods Co 4.375% due 06/01/46		5,500,000		6,242,692
Smith & Nephew PLC (United Kingdom) 2.032% due 10/14/30		3,800,000		3,721,594
Square Inc 3.500% due 06/01/31 ~		500,000		505,000
Takeda Pharmaceutical Co Ltd (Japan) 3.025% due 07/09/40		3,500,000		3,539,988
Transurban Finance Co Pty Ltd (Australia) 2.450% due 03/16/31 ~		2,450,000		2,469,245
Universal Health Services Inc 2.650% due 10/15/30 ~		4,450,000		4,480,171
Viatris Inc 3.850% due 06/22/40 ~		3,350,000		3,567,562
Viterra Finance BV (Netherlands) 3.200% due 04/21/31 ~		4,550,000		4,588,781

				70,866,231

Energy - 2.4%

Cheniere Corpus Christi Holdings LLC 3.700% due 11/15/29		2,075,000		2,268,551
Energy Transfer LP
3.750% due 05/15/30		4,000,000		4,348,983
4.750% due 01/15/26		6,000,000		6,761,018
6.500% due 11/15/26		3,650,000		3,730,300
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		2,000,000		2,403,769
MPLX LP
5.200% due 12/01/47		1,200,000		1,469,130
6.875% due 02/15/23		3,000,000		3,070,800
Petrobras Global Finance BV (Brazil) 5.500% due 06/10/51		2,400,000		2,403,840
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		2,100,000		1,792,528

				28,248,919

Financial - 13.5%
Air Lease Corp
3.000% due 02/01/30		4,000,000		4,061,515
4.650% due 06/15/26		4,300,000		4,466,625
Ally Financial Inc 4.700% due 05/15/26		2,500,000		2,595,500
Ares Finance Co III LLC 4.125% due 06/30/51 ~		2,400,000		2,406,000
Ascot Group Ltd (Bermuda) 4.250% due 12/15/30 ~		1,000,000		1,055,810


	Principal Amount		Value
Avolon Holdings Funding Ltd (Ireland)
2.750% due 02/21/28 ~		$2,950,000		$2,920,642
4.250% due 04/15/26 ~		1,350,000		1,464,109
Banco Santander SA (Spain) 2.749% due 12/03/30		3,000,000		2,974,536
Bank of America Corp
2.592% due 04/29/31		3,450,000		3,559,227
2.687% due 04/22/32		5,700,000		5,867,965
3.194% due 07/23/30		3,000,000		3,233,858
BNP Paribas SA (France)
2.871% due 04/19/32 ~		7,000,000		7,193,757
4.625% due 02/25/31 ~		3,000,000		3,130,560
Citigroup Inc
2.666% due 01/29/31		5,250,000		5,424,407
4.125% due 07/25/28		3,600,000		4,058,907
Columbia Property Trust Operating Partnership LP REIT 4.150% due 04/01/25		2,000,000		2,156,398
Commonwealth Bank of Australia (Australia) 2.688% due 03/11/31 ~		2,200,000		2,201,651
GLP Capital LP REIT 5.250% due 06/01/25		3,450,000		3,887,978
Host Hotels & Resorts LP REIT
3.375% due 12/15/29		3,200,000		3,359,317
3.500% due 09/15/30		1,500,000		1,575,775
HSBC Holdings PLC (United Kingdom) 4.700% due 03/09/31		3,150,000		3,276,000
JAB Holdings BV (Austria) 3.750% due 05/28/51 ~		1,750,000		1,877,825
JPMorgan Chase & Co
2.522% due 04/22/31		4,800,000		4,943,412
2.580% due 04/22/32		2,650,000		2,721,612
2.956% due 05/13/31		5,700,000		5,994,082
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		5,650,000		5,185,346
LSEGA Financing PLC (United Kingdom)
2.500% due 04/06/31 ~		3,000,000		3,077,427
3.200% due 04/06/41 ~		2,200,000		2,309,844
Mid-America Apartments LP REIT 2.750% due 03/15/30		2,000,000		2,095,396
Morgan Stanley 2.699% due 01/22/31		5,900,000		6,180,880
OneMain Finance Corp
5.375% due 11/15/29		1,575,000		1,716,341
6.125% due 03/15/24		5,200,000		5,603,000
Piedmont Operating Partnership LP REIT
3.150% due 08/15/30		2,300,000		2,339,785
4.450% due 03/15/24		3,100,000		3,343,940
Sun Communities Operating LP REIT 2.700% due 07/15/31		1,800,000		1,803,755
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		3,597,245
The Goldman Sachs Group Inc
2.615% due 04/22/32		7,950,000		8,127,101
3.800% due 05/10/26		1,950,000		1,989,585
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		3,000,000		3,308,024


	Principal Amount		Value
UBS Group AG (Switzerland) 4.375% due 02/10/31 ~		$1,800,000		$1,843,560
VICI Properties LP REIT
3.500% due 02/15/25 ~		2,300,000		2,352,888
4.625% due 12/01/29 ~		4,000,000		4,258,000
Wells Fargo & Co
3.900% due 03/15/26		3,900,000		4,040,107
4.400% due 06/14/46		3,750,000		4,533,890
Willis North America Inc 2.950% due 09/15/29		2,400,000		2,522,244

				156,635,826

Industrial - 3.9%

Allegion US Holding Co Inc 3.550% due 10/01/27		6,836,000		7,444,629
Berry Global Inc 4.875% due 07/15/26 ~		5,000,000		5,297,050
Flowserve Corp 3.500% due 10/01/30		6,600,000		6,969,624
GXO Logistics Inc due 07/15/26 # ~		1,850,000		1,842,988
Masco Corp 7.750% due 08/01/29		2,000,000		2,745,847
SMBC Aviation Capital Finance DAC (Ireland) 2.300% due 06/15/28 ~		1,000,000		1,012,423
Standard Industries Inc 5.000% due 02/15/27 ~		2,550,000		2,644,031
Teledyne Technologies Inc 2.750% due 04/01/31		4,000,000		4,112,071
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		7,750,000		7,788,664
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		2,500,000		2,637,500
Vontier Corp 2.400% due 04/01/28 ~		2,350,000		2,337,286

				44,832,113

Technology - 2.7%

Activision Blizzard Inc 1.350% due 09/15/30		2,000,000		1,873,499
Broadcom Inc
4.150% due 11/15/30		1,925,000		2,160,855
4.250% due 04/15/26		5,000,000		5,608,159
5.000% due 04/15/30		1,375,000		1,623,851
Citrix Systems Inc 3.300% due 03/01/30		2,800,000		2,949,120
Dell International LLC 4.900% due 10/01/26		4,000,000		4,620,804
Oracle Corp
2.875% due 03/25/31		2,650,000		2,758,403
3.950% due 03/25/51		5,000,000		5,464,011
Skyworks Solutions Inc 3.000% due 06/01/31		1,300,000		1,330,143
VMware Inc 4.650% due 05/15/27		2,500,000		2,872,194

				31,261,039


	Principal Amount		Value
Utilities - 3.0%
DPL Inc
4.125% due 07/01/25		$600,000		$644,250
4.350% due 04/15/29		1,350,000		1,466,890
Duquesne Light Holdings Inc 2.532% due 10/01/30 ~		2,350,000		2,313,459
Electricite de France SA (France) 4.500% due 09/21/28 ~		2,000,000		2,331,820
IPALCO Enterprises Inc 4.250% due 05/01/30		2,400,000		2,702,350
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		6,925,000		7,315,258
Pacific Gas and Electric Co 2.500% due 02/01/31		2,000,000		1,877,379
Pike Corp 5.500% due 09/01/28 ~		2,550,000		2,659,280
Southern California Edison Co 4.000% due 04/01/47		1,550,000		1,633,373
Talen Energy Supply LLC
6.500% due 06/01/25		1,000,000		673,330
6.625% due 01/15/28 ~		2,500,000		2,293,250
The AES Corp 2.450% due 01/15/31 ~		3,250,000		3,220,901
Vistra Operations Co LLC 3.550% due 07/15/24 ~		3,500,000		3,697,840
WEC Energy Group Inc 1.800% due 10/15/30		2,500,000		2,400,943

				35,230,323

Total Corporate Bonds & Notes (Cost $489,954,724)				510,240,456


SENIOR LOAN NOTES - 18.7%

Basic Materials - 0.3%

Asplundh Tree Expert LLC Term B 1.854% (USD LIBOR + 1.750%) due 09/04/27 §		3,225,625		3,219,800


Communications - 1.6%

Charter Communications Operating LLC Term B-2 1.860% (USD LIBOR + 1.750%) due 02/01/27 §		2,969,773		2,950,099
CSC Holdings LLC
Term B 2.323% (USD LIBOR + 2.250%) due 01/15/26 §		2,487,277		2,457,353
Term B-5 2.573% (USD LIBOR + 2.500%) due 04/15/27 §		4,196,875		4,164,962
MTN Infrastructure TopCo Inc Term B due 11/17/24 ¥		2,000,000		2,006,562
4.000% (USD LIBOR + 3.000%) due 11/17/24 §		5,984,536		5,988,809


	Principal Amount		Value
SBA Senior Finance II LLC Term B 1.860% (USD LIBOR + 1.750%) due 04/11/25 §		$1,193,846		$1,185,489

				18,753,274

Consumer, Cyclical - 4.0%

ClubCorp Holdings Inc Term B 2.897% (USD LIBOR + 2.750%) due 09/18/24 § ¥		4,832,447		4,652,907
Core & Main LP Term B 3.750% (USD LIBOR + 2.750%) due 08/01/24 §		4,974,227		4,978,370
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		2,238,750		2,254,941
Harbor Freight Tools USA Inc Term B 3.750% (USD LIBOR + 3.000%) due 10/19/27 §		1,990,000		1,992,714
Hayward Industries Inc Term B 3.250% (USD LIBOR + 2.750%) due 05/28/28 §		2,000,000		1,998,750
Hilton Grand Vacations Borrower LLC Term B due 05/20/28 ¥		2,000,000		2,003,438
Marriott Ownership Resorts Inc Term B 1.854% (USD LIBOR + 1.750%) due 08/31/25 §		3,849,779		3,807,270
Mileage Plus Holdings, LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 §		2,000,000		2,137,656
Restaurant Brands International Inc Term B (Canada) 1.854% (USD LIBOR + 1.750%) due 11/19/26 §		4,151,182		4,099,292
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		3,839,371		3,813,663
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		2,500,000		2,500,978
Stars Group Holdings BV Term B (Canada) 3.647% (USD LIBOR + 3.500%) due 07/10/25 §		4,500,834		4,517,312
United Airlines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		6,982,500		7,082,252

				45,839,543

Consumer, Non-Cyclical - 4.0%

Avantor Funding Inc Term B-3 3.000% (USD LIBOR + 2.000%) due 11/21/24 §		3,833,341		3,842,925
Bausch Health Americas Inc Term B 3.104% (USD LIBOR + 3.000%) due 06/01/25 §		6,323,614		6,305,832
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		4,250,000		4,248,007
Heartland Dental LLC Term B 4.073% (USD LIBOR + 4.000%) due 04/30/25 §		3,500,000		3,497,375


	Principal Amount		Value
Mavis Tire Express Services TopCo LP 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		$6,000,000		$6,029,064
Organon & Co Term B 3.500% (USD LIBOR + 3.000%) due 06/02/28 §		2,750,000		2,755,648
Pathway Vet Alliance LLC Term A 3.854% (USD LIBOR + 3.750%) due 03/31/27 §		4,452,200		4,449,417
PetVet Care Centers LLC Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 § ¥		4,676,203		4,693,738
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		2,493,750		2,498,426
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		3,710,662		3,726,919
US Foods Inc Term B 1.854% (USD LIBOR + 1.750%) due 06/27/23 §		2,487,873		2,468,082
Wand NewCo 3 Inc Term B-1 3.104% (USD LIBOR + 3.000%) due 02/05/26 §		1,764,115		1,745,215

				46,260,648

Financial - 2.4%

Acrisure LLC Term B 3.604% (USD LIBOR + 3.500%) due 02/15/27 §		2,227,472		2,206,311
AssuredPartners Inc Term B 3.604% (USD LIBOR + 3.500%) due 02/13/27 §		4,186,250		4,168,308
Avolon (US) LLC Term B-3 (Ireland) due 01/15/25 ¥		2,746,849		2,742,802
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		2,970,000		2,987,573
HUB International Ltd Term B 2.926% (USD LIBOR + 2.750%) due 04/25/25 §		7,388,893		7,314,236
NFP Corp Term B 3.354% (USD LIBOR + 3.250%) due 02/13/27 §		4,937,500		4,875,011
USI Inc Term B 3.147% (USD LIBOR + 3.000%) due 05/16/24 §		3,842,560		3,812,369

				28,106,610

Industrial - 3.3%

Berry Global Inc Term Z 1.827% (USD LIBOR + 1.750%) due 07/01/26 §		3,567,176		3,544,881
Brown Group Holding LLC Term B 3.250% (USD LIBOR + 2.750%) due 06/07/28 §		250,000		249,167
Filtration Group Corp Term B 3.104% (USD LIBOR + 3.000%) due 03/29/25 §		7,190,380		7,142,743


	Principal Amount		Value
Madison IAQ LLC due 06/21/28 ¥		$6,000,000		$6,010,500
Pactiv Evergreen Group Holdings Inc Term B-1 2.854% (USD LIBOR + 2.750%) due 02/05/23 §		5,482,305		5,478,117
Proampac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		2,743,125		2,751,127
Quikrete Holdings Inc Term B-1 due 06/11/28 ¥		2,000,000		1,986,750
The Hillman Group Inc Term B 4.104% (USD LIBOR + 4.000%) due 05/31/25 §		2,946,835		2,944,625
TransDigm Inc
Term E 2.354% (USD LIBOR + 2.250%) due 05/30/25 §		1,880,016		1,854,166
Term F 2.354% (USD LIBOR + 2.250%) due 12/09/25 §		5,710,528		5,632,402
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 §		822,494		817,289

				38,411,767

Technology - 2.4%

Applied Systems Inc Term B 3.750% (USD LIBOR + 3.250%) due 09/19/24 §		1,966,765		1,965,360
Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		4,637,943		4,642,581
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		2,493,750		2,505,635
Sophia LP 3.897% (USD LIBOR + 3.750%) due 10/07/27 §		3,233,750		3,240,486
Tempo Acquisition LLC Term B 3.354% (USD LIBOR + 3.250%) due 10/31/26 §		4,774,273		4,785,612
The Dun & Bradstreet Corp Term B 3.345% (USD LIBOR + 3.250%) due 02/08/26 §		4,448,869		4,431,492
UKG Inc 4.000% (USD LIBOR + 3.250%) due 05/03/26 §		6,709,409		6,721,989

				28,293,155

Utilities - 0.7%

PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		3,465,000		3,423,853


	Principal Amount		Value
Pike Corp Term B 3.110% (USD LIBOR + 3.000%) due 01/21/28 §		$4,794,521		$4,791,855

				8,215,708

Total Senior Loan Notes (Cost $217,113,746)				217,100,505


MORTGAGE-BACKED SECURITIES - 1.2%

Fannie Mae - 1.2%

due 07/01/36 #		11,000,000		11,346,543
due 07/01/51 #		3,000,000		3,029,297

				14,375,840

Total Mortgage-Backed Securities (Cost $14,374,141)				14,375,840


ASSET-BACKED SECURITIES - 18.4%

Aimco CLO 11 Ltd (Cayman) 1.564% (USD LIBOR + 1.380%) due 10/15/31 ~ §		4,700,000		4,708,415
AmeriCredit Automobile Receivables Trust
0.760% due 12/18/25		2,450,000		2,457,666
0.890% due 10/19/26		2,450,000		2,448,389
0.970% due 02/18/26		1,000,000		1,007,244
1.100% due 03/20/23		212,392		212,543
1.480% due 02/18/26		1,000,000		1,014,998
2.600% due 09/18/23		2,325,851		2,345,507
2.690% due 06/19/23		2,086,309		2,099,488
2.710% due 08/18/22		59,322		59,386
3.130% due 02/18/25		1,250,000		1,276,854
3.360% due 02/18/25		1,000,000		1,039,251
Apidos CLO (Cayman) 1.790% (USD LIBOR + 1.600%) due 10/18/31 ~ §		3,600,000		3,602,690
Buttermilk Park CLO Ltd (Cayman) 1.284% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,600,000		1,602,639
Capital Auto Receivables Asset Trust 3.090% due 08/22/22 ~		884,559		886,770
Carlyle Global Market Strategies CLO Ltd (Cayman)
1.231% (USD LIBOR + 1.050%) due 07/27/31 ~ §		991,833		992,579
1.731% (USD LIBOR + 1.550%) due 07/27/31 ~ §		2,000,000		1,996,911
CIFC Funding 2015-III Ltd (Cayman) 1.060% (USD LIBOR + 0.870%) due 04/19/29 ~ §		1,500,000		1,500,973
Dryden 53 CLO Ltd (Cayman) 1.584% (USD LIBOR + 1.400%) due 01/15/31 ~ §		1,500,000		1,500,130
Dryden 61 CLO Ltd (Cayman) 1.180% (USD LIBOR + 0.990%) due 01/17/32 ~ §		4,250,000		4,249,782


	Principal Amount		Value
Dryden CLO Ltd (Cayman) 1.590% (USD LIBOR + 1.400%) due 04/18/31 ~ §		$1,600,000		$1,600,000
1.690% (USD LIBOR + 1.500%) due 07/17/31 ~ §		2,000,000		2,009,994
1.990% (USD LIBOR + 1.800%) due 07/17/31 ~ §		2,000,000		1,993,134
1.940% (USD LIBOR + 1.750%) due 01/17/32 ~ §		2,250,000		2,249,698
2.084% (USD LIBOR + 1.900%) due 04/15/31 ~ §		1,000,000		989,708
Ford Credit Auto Owner Trust
1.190% due 01/15/26		1,350,000		1,369,223
2.040% due 12/15/26		1,000,000		1,032,856
2.040% due 08/15/31 ~		2,000,000		2,078,062
2.350% due 04/15/23		2,500,000		2,506,273
3.190% due 07/15/31 ~		4,000,000		4,319,515
Madison Park Funding Ltd (Cayman)
1.784% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,600,000		2,597,530
1.940% (USD LIBOR + 1.750%) due 10/18/30 ~ §		2,600,000		2,602,426
2.034% (USD LIBOR + 1.850%) due 07/15/30 ~ §		1,400,000		1,400,700
Magnetite VIII Ltd (Cayman) 1.164% (USD LIBOR + 0.980%) due 04/15/31 ~ §		3,000,000		3,004,942
Magnetite XIV-R Ltd (Cayman) 1.310% (USD LIBOR + 1.120%) due 10/18/31 ~ §		2,500,000		2,506,625
Magnetite XXIX Ltd (Cayman) 1.094% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,250,000		3,250,263
MVW LLC 1.740% due 10/20/37 ~		614,192		626,865
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		1,269,406		1,268,205
1.170% due 09/16/69 ~		894,835		899,002
1.220% due 07/15/69 ~		1,366,440		1,375,522
1.310% due 01/15/69 ~		2,345,959		2,363,558
1.690% due 05/15/69 ~		5,963,553		6,062,929
2.460% due 11/15/68 ~		1,000,000		1,033,864
2.640% due 05/15/68 ~		1,733,734		1,771,862
Navient Student Loan Trust
0.692% (USD LIBOR + 0.600%) due 12/26/69 ~ §		2,905,513		2,927,655
0.812% (USD LIBOR + 0.720%) due 03/25/67 ~ §		2,000,000		2,025,281
1.142% (USD LIBOR + 1.050%) due 06/25/69 ~ §		2,321,173		2,383,039
1.310% due 12/26/69 ~		2,130,710		2,102,765
1.320% due 08/26/69 ~		4,184,002		4,155,544
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman)
1.120% (USD LIBOR + 0.930%) due 10/18/29 ~ §		2,600,000		2,599,864
1.540% (USD LIBOR + 1.350%) due 10/18/29 ~ §		1,500,000		1,496,705


	Principal Amount		Value
Neuberger Berman Loan Advisers CLO 40 Ltd (Cayman) 1.248% (USD LIBOR + 1.060%) due 04/16/33 ~ §		$500,000		$501,573
Palmer Square CLO Ltd (Cayman)
1.006% (USD LIBOR + 0.850%) due 08/15/26 ~ §		437,105		437,214
1.284% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,500,000		2,499,909
1.526% (USD LIBOR + 1.370%) due 11/15/31 ~ §		6,500,000		6,525,438
Palmer Square Loan Funding Ltd (Cayman) due 07/20/29 # ~		4,500,000		4,500,000
0.946% (USD LIBOR + 0.800%) due 05/20/29 ~ §		1,500,000		1,501,874
1.055% (USD LIBOR + 0.900%) due 04/20/29 ~ §		5,500,000		5,506,569
1.056% (USD LIBOR + 0.900%) due 11/15/26 ~ §		1,240,860		1,241,413
1.076% (USD LIBOR + 0.900%) due 10/24/27 ~ §		1,679,248		1,680,310
1.396% (USD LIBOR + 1.250%) due 05/20/29 ~ §		6,000,000		6,000,436
1.505% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,350,000		2,343,925
1.776% (USD LIBOR + 1.600%) due 10/24/27 ~ §		1,750,000		1,750,970
2.055% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,201,622
Regatta XIV Funding Ltd (Cayman) 1.366% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,400,000		1,401,924
Santander Drive Auto Receivables Trust
0.620% due 05/15/23		201,073		201,112
0.730% due 03/17/25		2,200,000		2,210,374
0.750% due 02/17/26		3,700,000		3,700,682
0.960% due 11/15/24		1,200,000		1,206,137
1.460% due 09/15/25		1,000,000		1,011,791
2.490% due 10/15/25		2,000,000		2,023,113
3.350% due 07/17/23		144,426		144,611
3.510% due 08/15/23		197,393		197,662
SLM Student Loan Trust 0.726% (USD LIBOR + 0.550%) due 10/25/64 ~ §		6,129,988		6,158,331
SMB Private Education Loan Trust
0.392% (USD LIBOR + 0.300%) due 09/15/54 ~ §		982,117		982,167
0.831% (USD LIBOR + 0.730%) due 01/15/53 ~ §		10,900,000		11,001,175
1.070% due 01/15/53 ~		5,582,143		5,506,482
1.290% due 07/15/53 ~		3,096,234		3,110,145
2.230% due 09/15/37 ~		6,500,000		6,690,279
2.340% due 09/15/34 ~		1,977,079		2,022,149
2.430% due 02/17/32 ~		2,511,286		2,574,672
2.700% due 05/15/31 ~		1,389,650		1,425,696
2.820% due 10/15/35 ~		3,058,126		3,168,015
2.880% due 09/15/34 ~		2,837,887		2,922,568
3.440% due 07/15/36 ~		2,147,515		2,253,967
3.500% due 02/15/36 ~		4,147,707		4,369,909
3.600% due 01/15/37 ~		1,132,907		1,200,609
3.630% due 11/15/35 ~		1,523,233		1,605,193


	Principal Amount		Value
Sofi Consumer Loan Program Trust 2.450% due 08/25/28 ~		$488,956		$492,014
Sofi Professional Loan Program LLC 2.370% due 11/16/48 ~		1,916,556		1,957,490
SoFi Professional Loan Program Trust 2.540% due 05/15/46 ~		2,150,000		2,223,008
TIAA CLO IV Ltd (Cayman) 1.888% (USD LIBOR + 1.700%) due 01/20/32 ~ §		2,750,000		2,746,575


Total Asset-Backed Securities (Cost $212,141,532)				213,804,927


U.S. TREASURY OBLIGATIONS - 14.8%

U.S. Treasury Bonds - 2.7%

1.125% due 05/15/40		14,500,000		12,522,109
1.375% due 08/15/50		3,250,000		2,740,791
2.250% due 08/15/46		2,550,000		2,637,457
2.500% due 02/15/46		3,500,000		3,792,578
2.500% due 05/15/46		3,000,000		3,251,016
2.750% due 11/15/47		2,000,000		2,277,344
3.000% due 11/15/44		2,000,000		2,355,156
3.000% due 02/15/49		1,500,000		1,796,309

				31,372,760

U.S. Treasury Notes - 12.1%

0.250% due 10/31/25		7,000,000		6,845,234
0.375% due 09/30/27		5,000,000		4,777,734
0.500% due 06/30/27		5,000,000		4,837,109
0.500% due 10/31/27		8,000,000		7,693,438
0.625% due 11/30/27		7,000,000		6,777,422
0.625% due 05/15/30		18,000,000		16,827,891
1.125% due 02/28/27		7,000,000		7,051,680
1.125% due 02/15/31		11,500,000		11,165,781
1.250% due 07/31/23		5,000,000		5,103,320
1.375% due 08/31/23		4,000,000		4,095,312
1.375% due 09/30/23		4,500,000		4,609,336


	Principal Amount		Value
1.625% due 02/15/26		$7,000,000		$7,257,852
1.625% due 05/15/26		8,000,000		8,294,375
1.625% due 09/30/26		10,000,000		10,362,891
1.750% due 11/15/29		10,000,000		10,323,437
2.250% due 02/15/27		2,000,000		2,138,125
2.375% due 05/15/29		5,000,000		5,396,484
2.500% due 02/28/26		7,400,000		7,969,453
2.625% due 02/15/29		7,000,000		7,677,305
2.875% due 08/15/28		1,250,000		1,390,479

				140,594,658

Total U.S. Treasury Obligations (Cost $169,412,342)				171,967,418


FOREIGN GOVERNMENT BONDS & NOTES - 0.2%

Mexico Government (Mexico) 2.659% due 05/24/31		3,000,000		2,938,170


Total Foreign Government Bonds & Notes (Cost $3,000,000)				2,938,170


	Shares
SHORT-TERM INVESTMENT - 5.5%

Money Market Fund - 5.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		63,762,256		63,762,256


Total Short-Term Investment (Cost $63,762,256)				63,762,256


TOTAL INVESTMENTS - 102.7% (Cost $1,169,758,741)				1,194,189,572


OTHER ASSETS & LIABILITIES, NET - (2.7%)				(30,964,853	)


NET ASSETS - 100.0%				$1,163,224,719

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 1.4%

Basic Materials - 0.1%

Constellium SE *		67,453		$1,278,234


Consumer, Cyclical - 0.4%

Beazer Homes USA Inc *		48,898		943,243
Cedar Fair LP *		21,677		971,780
Las Vegas Sands Corp *		25,986		1,369,202
Six Flags Entertainment Corp *		39,347		1,702,938

				4,987,163

Consumer, Non-Cyclical - 0.1%

HCA Healthcare Inc		5,395		1,115,362


Financial - 0.3%

Bank of America Corp		58,223		2,400,534
Wells Fargo & Co		40,688		1,842,760

				4,243,294

Industrial - 0.3%

GFL Environmental Inc (Canada)		30,216		964,495
TNT Crane & Rigging Inc		4,054		73,986
Xylem Inc		17,839		2,139,966

				3,178,447

Utilities - 0.2%

Evoqua Water Technologies Corp *		54,926		1,855,400


Total Common Stocks (Cost $12,101,034)				16,657,900


EXCHANGE-TRADED FUND - 0.7%

SPDR Bloomberg Barclays High Yield Bond		77,175		8,486,163


Total Exchange-Traded Fund (Cost $8,007,222)				8,486,163


	Principal Amount
CORPORATE BONDS & NOTES - 56.5%

Basic Materials - 1.3%

Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$4,450,000		4,473,138
2.875% due 03/17/31 ~		3,000,000		3,071,559
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		2,785,000		2,937,702
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		2,050,000		2,159,997
TMS International Corp 6.250% due 04/15/29 ~		2,476,000		2,602,895

				15,245,291

Communications - 5.1%

Arches Buyer Inc 4.250% due 06/01/28 ~		3,175,000		3,143,806


	Principal Amount		Value
AT&T Inc
2.250% due 02/01/32		$2,475,000		$2,431,817
4.350% due 03/01/29		1,000,000		1,158,614
Avaya Inc 6.125% due 09/15/28 ~		3,275,000		3,509,654
Booking Holdings Inc 4.625% due 04/13/30		5,950,000		7,110,440
Charter Communications Operating LLC
2.800% due 04/01/31		1,950,000		1,995,788
3.750% due 02/15/28		1,500,000		1,655,564
4.200% due 03/15/28		2,750,000		3,116,254
5.050% due 03/30/29		1,500,000		1,774,095
CSC Holdings LLC
4.625% due 12/01/30 ~		1,400,000		1,375,304
5.750% due 01/15/30 ~		200,000		208,000
6.500% due 02/01/29 ~		2,725,000		3,021,644
Diamond Sports Group LLC 12.750% due 12/01/26 ~		1,481,000		1,147,775
Frontier Communications Holdings Corp 5.000% due 05/01/28 ~		4,250,000		4,399,090
Level 3 Financing Inc 3.750% due 07/15/29 ~		350,000		340,812
LogMeIn Inc 5.500% due 09/01/27 ~		4,600,000		4,770,430
Sprint Capital Corp 8.750% due 03/15/32		1,000,000		1,521,250
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		12,500		12,577
T-Mobile USA Inc
2.625% due 02/15/29		175,000		173,031
2.875% due 02/15/31		75,000		74,531
3.375% due 04/15/29 ~		925,000		956,842
3.375% due 04/15/29		1,125,000		1,163,726
3.500% due 04/15/31		375,000		388,425
3.500% due 04/15/31 ~		750,000		776,850
3.750% due 04/15/27		2,000,000		2,214,770
3.875% due 04/15/30		4,000,000		4,485,000
4.375% due 04/15/40		1,900,000		2,233,307
Uber Technologies Inc 6.250% due 01/15/28 ~		675,000		727,792
Verizon Communications Inc 2.550% due 03/21/31		5,000,000		5,114,443

				61,001,631

Consumer, Cyclical - 10.1%

Air Canada Pass-Through Trust ‘B’ (Canada) 3.875% due 09/15/24 ~		615,005		623,229
American Airlines Inc 5.750% due 04/20/29 ~		1,125,000		1,217,812
American Airlines Pass-Through Trust ‘A’
3.500% due 08/15/33		1,844,427		1,791,169
4.100% due 07/15/29		1,178,421		1,172,895
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		2,790,287		2,884,328
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		858,011		844,575
Beazer Homes USA Inc
5.875% due 10/15/27		2,700,000		2,830,005
7.250% due 10/15/29		1,350,000		1,503,792


	Principal Amount		Value
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		$2,653,513		$2,708,760
Caesars Entertainment Inc 6.250% due 07/01/25 ~		500,000		530,625
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		3,800,000		3,852,250
Carvana Co
5.500% due 04/15/27 ~		375,000		388,294
5.625% due 10/01/25 ~		3,875,000		4,038,738
Cedar Fair LP 5.250% due 07/15/29		5,500,000		5,677,045
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		1,575,000		1,612,595
Ford Motor Co 7.450% due 07/16/31		1,325,000		1,744,031
Ford Motor Credit Co LLC
3.375% due 11/13/25		400,000		415,280
4.000% due 11/13/30		400,000		419,500
4.125% due 08/17/27		1,000,000		1,062,152
General Motors Co
4.200% due 10/01/27		1,000,000		1,116,311
6.125% due 10/01/25		1,950,000		2,309,774
General Motors Financial Co Inc
4.350% due 01/17/27		2,000,000		2,250,468
4.375% due 09/25/21		1,500,000		1,514,034
5.100% due 01/17/24		1,000,000		1,101,323
Golden Nugget Inc 6.750% due 10/15/24 ~		2,375,000		2,402,241
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		2,775,000		2,771,198
5.000% due 06/01/29 ~		1,875,000		1,919,531
Hyatt Hotels Corp 5.750% due 04/23/30		3,950,000		4,800,103
Kohl’s Corp 3.375% due 05/01/31		5,950,000		6,166,763
Las Vegas Sands Corp 3.500% due 08/18/26		3,450,000		3,670,618
LGI Homes Inc 4.000% due 07/15/29 ~		175,000		176,094
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		4,875,000		4,868,906
Marriott International Inc 2.850% due 04/15/31		4,000,000		4,065,850
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		4,625,000		4,636,562
PetSmart Inc
4.750% due 02/15/28 ~		250,000		260,000
7.750% due 02/15/29 ~		6,150,000		6,788,063
PM General Purchaser LLC 9.500% due 10/01/28 ~		1,165,000		1,229,611
Sands China Ltd (Macau) 4.375% due 06/18/30		3,000,000		3,254,580
SRS Distribution Inc
4.625% due 07/01/28 ~		2,750,000		2,815,313
6.125% due 07/01/29 ~		375,000		386,786
Stars Group Holdings BV (Canada) 7.000% due 07/15/26 ~		3,500,000		3,627,120


	Principal Amount		Value
STL Holding Co LLC 7.500% due 02/15/26 ~		$3,400,000		$3,587,000
Tesla Inc 5.300% due 08/15/25 ~		7,525,000		7,787,547
The Scotts Miracle-Gro Co 4.000% due 04/01/31 ~		4,375,000		4,366,819
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		2,527,745		2,774,691
Viking Cruises Ltd
6.250% due 05/15/25 ~		3,200,000		3,196,608
7.000% due 02/15/29 ~		2,175,000		2,269,264
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		175,000		177,204

				121,607,457

Consumer, Non-Cyclical - 6.7%

Ahern Rentals Inc 7.375% due 05/15/23 ~		6,600,000		5,982,306
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		5,950,000		6,559,875
AmerisourceBergen Corp 2.700% due 03/15/31		8,000,000		8,213,051
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.750% due 01/23/29		3,825,000		4,560,538
Avantor Funding Inc 4.625% due 07/15/28 ~		3,375,000		3,567,442
Bausch Health Americas Inc
8.500% due 01/31/27 ~		450,000		490,226
9.250% due 04/01/26 ~		1,500,000		1,633,425
Bausch Health Cos Inc
4.875% due 06/01/28 ~		1,500,000		1,537,125
5.000% due 01/30/28 ~		800,000		760,128
5.000% due 02/15/29 ~		400,000		373,508
5.250% due 02/15/31 ~		200,000		187,260
6.125% due 04/15/25 ~		3,926,000		4,029,058
Central Garden & Pet Co 4.125% due 04/30/31 ~		4,625,000		4,689,981
Cigna Corp 2.375% due 03/15/31		4,100,000		4,161,351
Community Health Systems Inc
4.750% due 02/15/31 ~		765,000		768,825
5.625% due 03/15/27 ~		325,000		347,365
6.625% due 02/15/25 ~		3,775,000		3,996,743
6.875% due 04/15/29 ~		75,000		78,704
CoreLogic Inc 4.500% due 05/01/28 ~		4,225,000		4,193,313
CoStar Group Inc 2.800% due 07/15/30 ~		3,600,000		3,663,004
Garda World Security Corp (Canada) 6.000% due 06/01/29 ~		750,000		745,354
Kraft Heinz Foods Co
4.250% due 03/01/31		500,000		568,542
5.200% due 07/15/45		1,475,000		1,834,556
MPH Acquisition Holdings LLC 5.750% due 11/01/28 ~		5,200,000		5,232,422
Select Medical Corp 6.250% due 08/15/26 ~		3,150,000		3,362,027
Tenet Healthcare Corp
4.250% due 06/01/29 ~		1,875,000		1,900,781
6.125% due 10/01/28 ~		2,675,000		2,858,211


	Principal Amount		Value
Viatris Inc 2.700% due 06/22/30 ~		$4,450,000		$4,503,346

				80,798,467

Energy - 7.5%

Antero Midstream Partners LP
5.375% due 06/15/29 ~		750,000		782,816
5.750% due 03/01/27 ~		2,650,000		2,764,069
Antero Resources Corp
5.375% due 03/01/30 ~		1,275,000		1,302,897
7.625% due 02/01/29 ~		1,350,000		1,500,255
Archrock Partners LP
6.250% due 04/01/28 ~		2,025,000		2,117,968
6.875% due 04/01/27 ~		1,325,000		1,410,741
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		5,125,000		5,964,810
Chesapeake Energy Corp 5.875% due 02/01/29 ~		4,275,000		4,633,031
Colgate Energy Partners III LLC 5.875% due 07/01/29 ~		2,175,000		2,259,281
Comstock Resources Inc 5.875% due 01/15/30 ~		375,000		382,969
CQP Holdco LP 5.500% due 06/15/31 ~		3,725,000		3,886,069
DT Midstream Inc
4.125% due 06/15/29 ~		750,000		762,435
4.375% due 06/15/31 ~		750,000		767,280
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		3,075,000		3,204,473
6.625% due 07/15/25 ~		350,000		375,555
Energy Transfer Operating LP
2.900% due 05/15/25		1,000,000		1,052,927
3.750% due 05/15/30		1,000,000		1,087,246
4.000% due 10/01/27		1,200,000		1,321,034
4.050% due 03/15/25		1,200,000		1,302,128
4.750% due 01/15/26		1,700,000		1,915,622
5.500% due 06/01/27		1,500,000		1,760,759
5.800% due 06/15/38		3,000,000		3,740,493
6.250% due 02/15/23		1,175,000		1,039,875
6.500% due 11/15/26		800,000		817,600
Enterprise Products Operating LLC 5.375% due 02/15/78		3,000,000		3,126,907
EQM Midstream Partners LP
4.750% due 01/15/31 ~		1,350,000		1,392,782
5.500% due 07/15/28		1,250,000		1,353,225
6.000% due 07/01/25 ~		500,000		544,912
6.500% due 07/01/27 ~		1,750,000		1,956,360
Genesis Energy LP
7.750% due 02/01/28		2,750,000		2,845,700
8.000% due 01/15/27		750,000		788,906
ITT Holdings LLC due 08/01/29 # ~		1,875,000		1,912,500
MPLX LP
2.650% due 08/15/30		2,225,000		2,247,702
4.800% due 02/15/29		1,350,000		1,585,405
6.875% due 02/15/23		450,000		460,620
New Fortress Energy Inc
6.500% due 09/30/26 ~		1,850,000		1,892,643


	Principal Amount		Value
Occidental Petroleum Corp
5.500% due 12/01/25		$325,000		$360,147
6.125% due 01/01/31		325,000		382,778
6.625% due 09/01/30		700,000		840,875
8.000% due 07/15/25		800,000		959,024
8.500% due 07/15/27		1,175,000		1,483,620
8.875% due 07/15/30		1,500,000		2,008,042
Range Resources Corp 8.250% due 01/15/29 ~		1,450,000		1,636,709
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		2,725,000		3,116,744
SM Energy Co 6.500% due 07/15/28		25,000		25,719
Sunoco LP 4.500% due 05/15/29 ~		2,275,000		2,321,683
Tallgrass Energy Partners LP 6.000% due 12/31/30 ~		3,100,000		3,231,161
Targa Resources Partners LP
4.000% due 01/15/32 ~		350,000		360,500
4.875% due 02/01/31 ~		875,000		948,382
5.000% due 01/15/28		650,000		686,563
5.375% due 02/01/27		200,000		208,864
5.875% due 04/15/26		1,500,000		1,579,598
6.500% due 07/15/27		500,000		543,430
Vine Energy Holdings LLC 6.750% due 04/15/29 ~		2,975,000		3,134,906

				90,088,740

Financial - 12.4%

AerCap Ireland Capital DAC (Ireland)
3.300% due 01/23/23		1,850,000		1,919,720
4.450% due 10/01/25		2,000,000		2,203,605
4.625% due 10/15/27		1,000,000		1,120,862
Air Lease Corp
1.875% due 08/15/26		750,000		751,165
3.125% due 12/01/30		2,000,000		2,034,594
3.750% due 06/01/26		1,500,000		1,642,596
4.250% due 09/15/24		1,000,000		1,091,196
4.650% due 06/15/26		2,750,000		2,856,562
Athene Holding Ltd
3.500% due 01/15/31		1,000,000		1,067,289
6.150% due 04/03/30		4,925,000		6,233,716
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		450,000		448,518
3.250% due 02/15/27 ~		3,200,000		3,303,756
Bank of America Corp
1.922% due 10/24/31		1,000,000		975,558
2.087% due 06/14/29		4,300,000		4,338,987
2.592% due 04/29/31		2,000,000		2,063,320
2.651% due 03/11/32		5,000,000		5,139,632
2.687% due 04/22/32		1,450,000		1,492,728
BOC Aviation Ltd (Singapore) 3.500% due 09/18/27 ~		4,000,000		4,267,658
Citigroup Inc
2.561% due 05/01/32		450,000		458,396
2.666% due 01/29/31		1,000,000		1,033,220
3.668% due 07/24/28		4,000,000		4,415,629
3.980% due 03/20/30		3,000,000		3,402,044
4.075% due 04/23/29		3,000,000		3,405,796
4.450% due 09/29/27		2,500,000		2,858,362


	Principal Amount		Value
GLP Capital LP REIT
4.000% due 01/15/31		$2,925,000		$3,155,315
5.300% due 01/15/29		7,000,000		8,172,535
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		4,800,000		5,038,976
HSBC Holdings PLC (United Kingdom) 4.700% due 03/09/31		3,000,000		3,120,000
Iron Mountain Inc REIT
4.500% due 02/15/31 ~		275,000		278,781
4.875% due 09/15/29 ~		4,175,000		4,315,280
5.000% due 07/15/28 ~		500,000		520,575
5.250% due 03/15/28 ~		575,000		602,916
5.250% due 07/15/30 ~		1,000,000		1,059,915
JPMorgan Chase & Co
2.069% due 06/01/29		6,000,000		6,052,991
2.522% due 04/22/31		1,950,000		2,008,261
2.580% due 04/22/32		550,000		564,863
3.650% due 06/01/26		6,000,000		6,015,900
4.005% due 04/23/29		2,000,000		2,263,946
4.125% due 12/15/26		2,725,000		3,085,282
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		3,950,000		3,625,153
Morgan Stanley
3.591% due 07/22/28		3,000,000		3,325,314
5.000% due 11/24/25		3,150,000		3,634,411
OneMain Finance Corp
4.000% due 09/15/30		800,000		794,000
5.375% due 11/15/29		2,775,000		3,024,029
7.125% due 03/15/26		3,425,000		3,993,413
Park Intermediate Holdings LLC REIT 4.875% due 05/15/29 ~		750,000		776,775
The Goldman Sachs Group Inc
1.542% due 09/10/27		5,000,000		4,992,683
2.600% due 02/07/30		2,500,000		2,595,875
2.615% due 04/22/32		3,050,000		3,117,944
VICI Properties LP REIT
3.750% due 02/15/27 ~		1,050,000		1,071,457
4.625% due 12/01/29 ~		3,000,000		3,193,500
Wells Fargo & Co
2.393% due 06/02/28		4,500,000		4,670,031
3.900% due 03/15/26		4,800,000		4,972,440

				148,567,470

Industrial - 10.1%

Allegion US Holding Co Inc
3.200% due 10/01/24		3,000,000		3,193,025
3.550% due 10/01/27		650,000		707,871
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		5,300,000		5,576,024
Ardagh Packaging Finance PLC (Ireland) 5.250% due 08/15/27 ~		1,629,000		1,663,747
BWX Technologies Inc 4.125% due 04/15/29 ~		4,850,000		4,947,194
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		7,050,000		7,212,432
Carrier Global Corp 2.722% due 02/15/30		4,450,000		4,617,459
Flowserve Corp 3.500% due 10/01/30		3,550,000		3,748,813


	Principal Amount		Value
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		$1,025,000		$1,023,878
3.750% due 08/01/25 ~		750,000		771,562
4.000% due 08/01/28 ~		375,000		370,997
4.750% due 06/15/29 ~		375,000		389,831
Granite US Holdings Corp 11.000% due 10/01/27 ~		1,975,000		2,209,758
Hillenbrand Inc 3.750% due 03/01/31		3,875,000		3,861,612
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		2,050,000		2,231,999
Madison IAQ LLC
4.125% due 06/30/28 ~		375,000		379,219
5.875% due 06/30/29 ~		2,625,000		2,674,219
Masco Corp 7.750% due 08/01/29		4,110,000		5,642,715
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		1,875,000		1,896,094
7.250% due 04/15/25 ~		5,200,000		5,106,400
Penske Truck Leasing Co LP 3.350% due 11/01/29 ~		3,675,000		3,927,015
PowerTeam Services LLC 9.033% due 12/04/25 ~		2,750,000		3,028,437
Standard Industries Inc
4.750% due 01/15/28 ~		4,443,000		4,656,042
5.000% due 02/15/27 ~		1,500,000		1,555,312
Teledyne Technologies Inc
2.250% due 04/01/28		3,500,000		3,566,198
2.750% due 04/01/31		3,500,000		3,598,062
Textron Inc 3.000% due 06/01/30		3,700,000		3,898,675
The Boeing Co 5.040% due 05/01/27		8,700,000		10,043,248
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		6,800,000		6,833,924
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,395,000		3,527,677
TransDigm Inc
4.625% due 01/15/29 ~		675,000		677,221
4.875% due 05/01/29 ~		2,975,000		3,006,981
5.500% due 11/15/27		675,000		704,531
TriMas Corp 4.125% due 04/15/29 ~		4,225,000		4,287,868
Vontier Corp 2.950% due 04/01/31 ~		4,500,000		4,526,257
WRKCo Inc 3.900% due 06/01/28		5,175,000		5,849,856

				121,912,153

Technology - 2.3%

Broadcom Inc
3.469% due 04/15/34 ~		2,000,000		2,117,560
4.150% due 11/15/30		3,950,000		4,433,963
4.250% due 04/15/26		2,700,000		3,028,406
Dell International LLC
4.900% due 10/01/26		1,700,000		1,963,841
6.200% due 07/15/30		2,950,000		3,796,479
8.100% due 07/15/36		1,000,000		1,526,295


	Principal Amount		Value
HP Inc 2.650% due 06/17/31 ~		$2,550,000		$2,551,022
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		4,700,000		4,553,830
Twilio Inc
3.625% due 03/15/29		750,000		765,938
3.875% due 03/15/31		2,750,000		2,825,625

				27,562,959

Utilities - 1.0%

Pike Corp 5.500% due 09/01/28 ~		4,050,000		4,223,563
Vistra Operations Co LLC
4.300% due 07/15/29 ~		6,000,000		6,526,882
4.375% due 05/01/29 ~		375,000		377,344
5.625% due 02/15/27 ~		850,000		882,937

				12,010,726

Total Corporate Bonds & Notes (Cost $650,163,359)				678,794,894


SENIOR LOAN NOTES - 31.2%

Communications - 1.5%

Clear Channel Outdoor Holdings Inc Term B 3.686% (USD LIBOR + 3.500%) due 08/21/26 §		6,648,005		6,499,463
CommScope Inc Term B-2 3.354% (USD LIBOR + 3.250%) due 04/04/26 §		3,438,750		3,428,004
Proofpoint Inc Term B due 06/10/28 § ¥		1,250,000		1,244,727
Uber Technologies Inc
Term B 3.604% (USD LIBOR + 3.500%) due 04/04/25 §		4,725,641		4,729,015
3.604% (USD LIBOR + 3.500%) due 02/25/27 §		2,486,945		2,490,275

				18,391,484

Consumer, Cyclical - 6.5%

Caesars Resort Collection LLC Term B 2.854% (USD LIBOR + 2.750%) due 12/22/24 §		6,287,121		6,240,295
ClubCorp Holdings Inc Term B 2.897% (USD LIBOR + 2.750%) due 09/18/24 §		4,351,627		4,189,951
Core & Main LP Term B 3.750% (USD LIBOR + 2.750%) due 08/01/24 §		6,949,852		6,955,641
Golden Nugget LLC Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 §		2,991,512		2,972,345
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		3,233,750		3,257,136
Hayward Industries Inc Term B 3.250% (USD LIBOR + 2.750%) due 05/28/28 §		3,250,000		3,247,969


	Principal Amount		Value
Hilton Grand Vacations Borrower LLC Term B due 05/20/28 § ¥		$8,500,000		$8,514,612
LBM Acquisition LLC
due 12/17/27 § ¥		727,273		723,863
Term B 4.500% (USD LIBOR + 3.750%) due 12/17/27 §		3,264,545		3,249,241
Term B-2 due 12/18/27 § ¥		2,500,000		2,482,293
MIC Glen LLC (2nd Lien) due 06/23/29 § ¥		1,750,000		1,768,046
Mileage Plus Holdings, LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 §		4,000,000		4,275,312
Motion Finco LLC Term B (United Kingdom) 3.397% - 3.453% (USD LIBOR + 3.250%) due 11/04/26 §		2,977,556		2,889,781
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		7,664,653		7,613,330
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		3,491,250		3,805,463
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		6,500,000		6,502,541
Tacala Investment Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/05/27 §		3,879,773		3,886,644
(2nd Lien)
8.250% (USD LIBOR + 7.500%) due 02/05/28 ± §		1,500,000		1,511,250
United AirLines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		3,990,000		4,047,001

				78,132,714

Consumer, Non-Cyclical - 6.5%

Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 § ¥		6,000,000		6,025,230
Bausch Health Americas Inc Term B 3.104% (USD LIBOR + 3.000%) due 06/01/25 §		1,885,646		1,880,343
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 § ¥		11,000,000		10,994,841
Garda World Security Corp Term B (Canada) 4.350% (USD LIBOR + 4.250%) due 10/30/26 §		2,404,729		2,418,686
Heartland Dental LLC Term B 4.073% (USD LIBOR + 4.000%) due 04/30/25 §		4,750,000		4,746,437
ICON Luxembourg SARL Term B (Luxembourg) due 07/01/28 § ¥		6,404,352		6,424,365
Indigo Merger Sub Inc Term B (Ireland) due 07/01/28 § ¥		1,595,648		1,600,635
LifePoint Health Inc Term B 3.854% (USD LIBOR + 3.750%) due 11/16/25 §		4,458,381		4,455,086


	Principal Amount		Value
Mavis Tire Express Services Topco Corp 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		$8,000,000		$8,038,752
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 3.089% - 3.394% (USD LIBOR + 3.000%) due 06/30/25 §		3,487,971		3,488,906
Pathway Vet Alliance LLC Term A 3.854% (USD LIBOR + 3.750%) due 03/31/27 §		5,964,623		5,960,895
PetVet Care Centers LLC 2.854% (USD LIBOR + 2.750%) due 02/14/25 §		2,954,206		2,920,510
Term B
3.354% (USD LIBOR + 3.250%) due 02/14/25 §		2,977,041		2,943,085
PPD Inc Term B 2.750% (USD LIBOR + 2.250%) due 01/13/28 §		3,990,000		3,989,753
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		5,985,000		5,996,222
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		5,700,656		5,725,631

				77,609,377

Energy - 1.3%

CQP Holdco LP Term B 4.250% (USD LIBOR + 3.750%) due 06/04/28 §		8,000,000		7,978,752
Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 §		7,778,227		7,826,841

				15,805,593

Financial - 2.4%

AssuredPartners Inc Term B 3.604% (USD LIBOR + 3.500%) due 02/13/27 §		5,417,500		5,394,281
Avolon (US) LLC Term B-3 (Ireland) due 01/15/25 § ¥		5,493,697		5,485,605
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		6,982,368		7,023,682
NFP Corp Term B 3.354% (USD LIBOR + 3.250%) due 02/13/27 §		4,690,625		4,631,260
USI Inc Term B 3.147% (USD LIBOR + 3.000%) due 05/16/24 §		6,321,814		6,272,144

				28,806,972

Industrial - 8.2%

Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 §		3,849,624		3,791,880


	Principal Amount		Value
Brown Group Holding LLC Term B 3.250% (USD LIBOR + 2.750%) due 06/07/28 §		$5,250,000		$5,232,502
Dynasty Acquisition Co Inc 3.647% (USD LIBOR + 3.500%) due 04/08/26 §		3,755,542		3,660,872
Engineered Machinery Holdings Inc 4.250% (USD LIBOR + 3.000%) due 07/19/24 §		3,813,979		3,815,001
Filtration Group Corp Term B 3.104% (USD LIBOR + 3.000%) due 03/29/25 §		5,952,015		5,912,583
Flex Acquisition Co Inc Term B
3.452% (USD LIBOR + 3.250%) due 06/29/25 §		967,064		958,965
4.000% (USD LIBOR + 3.500%) due 03/02/28 §		3,584,956		3,575,545
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		2,570,794		2,575,935
Madison IAQ LLC due 06/21/28 § ¥		8,000,000		8,014,000
Mauser Packaging Solutions Holding Co Term B 3.354% (USD LIBOR + 3.250%) due 04/03/24 § ¥		8,110,622		7,930,307
Osmose Utilities Services Inc due 06/17/28 § ¥		6,000,000		5,988,750
Pactiv Evergreen Group Holdings Inc Term B-1 2.854% (USD LIBOR + 2.750%) due 02/05/23 §		4,191,410		4,188,208
Pregis TopCo LLC 4.500% (USD LIBOR + 4.000%) due 08/01/26 § ¥		3,500,000		3,508,022
Term B 4.104% (USD LIBOR + 4.000%) due 08/01/26 § ¥		5,471,017		5,473,583
Proampac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		7,730,625		7,753,175
Quikrete Holdings Inc Term B-1 due 06/11/28 § ¥		3,500,000		3,476,812
Standard Aero Ltd 3.647% (USD LIBOR + 3.500%) due 04/08/26 §		2,019,108		1,968,211
The Hillman Group Inc Term B 4.104% (USD LIBOR + 4.000%) due 05/31/25 §		3,969,309		3,966,332
Titan Acquisition Ltd Term B (Canada) 3.167% (USD LIBOR + 3.000%) due 03/28/25 §		3,894,497		3,832,672
TransDigm Inc
Term E 2.354% (USD LIBOR + 2.250%) due 05/30/25 §		2,462,500		2,428,640
Term F 2.354% (USD LIBOR + 2.250%) due 12/09/25 §		950,641		937,636
Term G 2.354% (USD LIBOR + 2.250%) due 08/22/24 §		2,768,654		2,738,227


	Principal Amount		Value
TricorBraun Holdings Inc 3.250% - 3.750% (USD LIBOR + 3.250%) due 03/03/28 §		$4,112,471		$4,086,447
USIC Holdings Inc Term B 4.250% (USD LIBOR + 3.500%) due 05/14/28 §		2,734,309		2,733,882

				98,548,187

Technology - 4.4%

Applied Systems Inc Term B 3.750% (USD LIBOR + 3.250%) due 09/19/24 § ¥		10,385,380		10,377,965
Bright Bidco BV Term B (Netherlands) 4.500% (USD LIBOR + 3.500%) due 06/30/24 §		1,979,283		1,664,011
Finastra USA Inc Term B 4.500% (USD LIBOR + 3.500%) due 06/13/24 §		4,972,783		4,900,136
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 § ¥		7,980,000		8,018,033
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 §		4,987,500		4,968,019
Solera LLC Term B 4.500% (USD LIBOR + 4.000%) due 06/04/28 §		8,000,000		8,031,816
Tempo Acquisition LLC Term B 3.354% (USD LIBOR + 3.250%) due 10/31/26 §		5,801,786		5,815,565
UKG Inc 4.000% (USD LIBOR + 3.250%) due 05/03/26 §		8,957,519		8,974,314

				52,749,859

Utilities - 0.4%

PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		4,207,500		4,157,536


Total Senior Loan Notes (Cost $373,064,585)				374,201,722


ASSET-BACKED SECURITIES - 2.1%

Apidos CLO (Cayman) 1.790% (USD LIBOR + 1.600%) due 10/18/31 ~ §		2,400,000		2,401,793
Dryden CLO Ltd (Cayman)
1.590% (USD LIBOR + 1.400%) due 04/18/31 ~ §		2,600,000		2,600,000
1.590% (USD LIBOR + 1.400%) due 01/17/32 ~ §		1,500,000		1,499,824
1.690% (USD LIBOR + 1.500%) due 07/17/31 ~ §		1,500,000		1,507,496
1.940% (USD LIBOR + 1.750%) due 01/17/32 ~ §		1,500,000		1,499,798


	Principal Amount		Value
1.990% (USD LIBOR + 1.800%) due 07/17/31 ~ §		$1,500,000		$1,494,851
2.084% (USD LIBOR + 1.900%) due 04/15/31 ~ §		250,000		247,427
Madison Park Funding Ltd (Cayman)
1.784% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,000,000		1,998,100
1.940% (USD LIBOR + 1.750%) due 10/18/30 ~ §		2,650,000		2,652,473
2.034% (USD LIBOR + 1.850%) due 07/15/30 ~ §		1,000,000		1,000,500
Palmer Square Loan Funding Ltd (Cayman)
1.505% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,000,000		1,994,830
2.055% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,000,000		1,001,352
3.426% (USD LIBOR + 3.250%) due 10/24/27 ~ §		2,250,000		2,259,384
Regatta Funding Ltd (Cayman) 6.134% (USD LIBOR + 5.950%) due 07/15/31 ~ §		2,500,000		2,432,159


Total Asset-Backed Securities (Cost $24,600,000)				24,589,987


	Shares
SHORT-TERM INVESTMENT - 11.5%

Money Market Fund - 11.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		138,235,982		138,235,982


Total Short-Term Investment (Cost $138,235,982)				138,235,982


TOTAL INVESTMENTS - 103.4% (Cost $1,206,172,182)				1,240,966,648


OTHER ASSETS & LIABILITIES, NET - (3.4%)				(40,327,416	)


NET ASSETS - 100.0%				$1,200,639,232

Notes to Schedule of Investments

a)	Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower.


Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
TricorBraun Holdings Inc		$888,382		$881,913		($6,469	)

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
EXCHANGE-TRADED FUNDS - 1.8%

iShares iBoxx High Yield Corporate Bond		205,245		$18,069,770
SPDR Blackstone		513,200		23,756,028


Total Exchange-Traded Funds (Cost $41,030,188)				41,825,798


	Principal Amount
CORPORATE BONDS & NOTES - 3.6%

Communications - 0.3%

CommScope Inc 5.500% due 03/01/24 ~		$7,145,000		7,371,854


Consumer, Cyclical - 1.5%

American Airlines Inc 11.750% due 07/15/25 ~		7,418,000		9,318,863
Carnival Corp 9.875% due 08/01/27 ~		8,918,000		10,423,046
eG Global Finance PLC (United Kingdom)
6.750% due 02/07/25 ~		11,909,000		12,328,911
8.500% due 10/30/25 ~		2,000,000		2,122,190
SRS Distribution Inc 4.625% due 07/01/28 ~		2,600,000		2,661,750

				36,854,760

Consumer, Non-Cyclical - 1.1%

Allied Universal Holdco LLC
4.625% due 06/01/28 ~		9,000,000		9,041,719
6.625% due 07/15/26 ~		11,152,000		11,837,625
CoreLogic Inc 4.500% due 05/01/28 ~		5,500,000		5,458,750

				26,338,094

Industrial - 0.7%

TransDigm Inc 6.250% due 03/15/26 ~		15,176,000		16,029,650


Total Corporate Bonds & Notes (Cost $85,394,509)				86,594,358


SENIOR LOAN NOTES - 98.0%

Basic Materials - 3.9%

ASP Unifrax Holdings Inc Term B 3.953% (USD LIBOR + 3.750%) due 12/14/25 §		17,433,103		17,240,606
Herens US Holdco Corp Term B due 05/14/28 ¥		21,500,000		21,537,625
SPA US HoldCo Inc Term B due 03/18/28 ¥		29,675,625		29,817,831
Sparta US HoldCo LLC due 04/30/28 ¥		15,000,000		15,042,180


	Principal Amount		Value
US Silica Co Term B 5.000% (USD LIBOR + 4.000%) due 05/01/25 §		$9,246,470		$8,866,708

				92,504,950

Communications - 6.7%

Arches Buyer Inc 3.750% (USD LIBOR + 3.250%) due 12/06/27 § ¥		20,016,964		20,000,290
Clear Channel Outdoor Holdings Inc Term B 3.686% (USD LIBOR + 3.500%) due 08/21/26 §		20,484,802		20,027,089
CNT Holdings I Corp Term B 4.500% (USD LIBOR + 3.750%) due 11/08/27 §		1,993,005		1,996,897
(2nd Lien) 7.500% (USD LIBOR + 6.750%) due 11/06/28 ± § ¥		15,463,111		15,733,716
CommScope Inc Term B-2 3.354% (USD LIBOR + 3.250%) due 04/04/26 §		1,897,770		1,891,839
Metronet Systems Holdings LLC 4.500% (USD LIBOR + 3.750%) due 06/02/28 §		7,200,000		7,210,498
MH Sub I LLC 4.750% (USD LIBOR + 3.750%) due 09/15/24 §		9,432,312		9,464,146
MTN Infrastructure TopCo Inc Term B 4.000% (USD LIBOR + 3.000%) due 11/17/24 § ¥		26,611,139		26,630,139
5.000% (USD LIBOR + 4.000%) due 11/17/24 §		7,678,703		7,703,897
Proofpoint Inc Term B due 06/10/28 ¥		18,250,000		18,173,003
Pug LLC
Term B 3.604% (USD LIBOR + 3.500%) due 02/13/27 §		6,856,156		6,719,033
Term B-1 8.750% (USD LIBOR + 8.000%) due 02/13/27 ± §		2,487,500		2,527,922
Summer BC Holdco B SARL Term B (Luxembourg) due 12/25/26 ¥		8,000,000		8,018,336
Uber Technologies Inc Term B 3.604% (USD LIBOR + 3.500%) due 04/04/25 §		13,905,188		13,915,116

				160,011,921

Consumer, Cyclical - 16.4%

AA Advantage Loyalty IP Ltd 5.500% (USD LIBOR + 4.750%) due 04/20/28 §		10,375,000		10,828,906
Alterra Mountain Co Term B 2.854% (USD LIBOR + 2.750%) due 07/31/24 §		3,485,815		3,453,445
5.500% (USD LIBOR + 4.500%) due 08/01/26 §		17,099,023		17,189,853


	Principal Amount		Value
BCPE Empire Holdings Inc 5.000% (USD LIBOR + 4.250%) due 06/12/26 §		$7,245,840		$7,263,955
Carnival Corp Term B 8.500% (USD LIBOR + 7.500%) due 06/30/25 §		10,522,782		10,789,135
ClubCorp Holdings Inc Term B 2.897% (USD LIBOR + 2.750%) due 09/18/24 §		11,101,302		10,688,856
Core & Main LP Term B 3.750% (USD LIBOR + 2.750%) due 08/01/24 §		27,351,730		27,374,514
Curium Bidco SARL Term B (Luxembourg)
4.203% (USD LIBOR + 3.750%) due 07/11/26 ± §		4,133,881		4,128,714
5.000% (USD LIBOR + 4.250%) due 09/10/27 ± §		5,103,116		5,122,252
Diamond Resorts International Inc Term B 4.750% (USD LIBOR + 3.750%) due 09/02/23 § ¥		47,793,235		47,847,003
FCG Acquisitions Inc (2nd Lien) 7.250% (USD LIBOR + 6.750%) due 04/01/29 ± §		6,750,000		6,885,000
First Brands Group LLC Term B 6.000% (USD LIBOR + 5.000%) due 03/30/27 §		10,723,125		10,863,866
Golden Nugget LLC Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 §		15,032,390		14,936,078
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		25,621,250		25,806,543
Harbor Freight Tools USA Inc Term B due 10/19/27 ¥		3,778,528		3,784,429
3.750% (USD LIBOR + 3.000%) due 10/19/27 §		11,094,001		11,109,133
Hilton Grand Vacations Borrower LLC Term B due 05/20/28 ¥		12,000,000		12,020,628
K-Mac Holdings Corp 5.250% (USD LIBOR + 2.000%) due 03/16/25 §		4,760,981		4,766,042
(2nd Lien) 9.000% (USD LIBOR + 5.750%) due 03/16/26 §		6,947,833		6,978,230
LBM Acquisition LLC Term B-2 due 12/18/27 ¥		17,000,000		16,879,589
MIC Glen LLC (2nd Lien) due 06/23/29 ¥		4,750,000		4,798,982
Mileage Plus Holdings, LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 §		5,000,000		5,344,140
Motion Finco LLC Term B (United Kingdom) 3.397% - 3.453% (USD LIBOR + 3.250%) due 11/04/26 §		9,616,763		9,333,271


	Principal Amount		Value
PetSmart Inc Term B 4.500% (USD LIBOR + 3.750%) due 02/12/28 §		$14,738,000		$14,765,634
Playa Resorts Holding BV Term B 3.750% (USD LIBOR + 2.750%) due 04/27/24 §		12,371,956		11,911,867
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 § ¥		11,735,313		11,656,733
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 § ¥		30,500,000		30,511,925
Tecta America Corp 5.000% (USD LIBOR + 4.250%) due 04/09/28 ± §		11,230,504		11,265,599
The Michaels Cos Inc 5.000% (USD LIBOR + 4.250%) due 04/15/28 §		11,250,000		11,310,941
United AirLines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		21,446,250		21,752,631

				391,367,894

Consumer, Non-Cyclical - 22.9%

Aldevron LLC
(2nd Lien) 7.593% (USD LIBOR + 7.500%) due 10/11/27 ± § ¥		7,251,287		7,269,415
Term B 4.250% (USD LIBOR + 3.250%) due 10/11/26 §		5,226,703		5,234,323
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		31,429,625		31,561,787
Alphabet Holding Co Inc (2nd Lien) 7.854% (USD LIBOR + 7.750%) due 08/15/25 §		13,588,799		13,645,423
American Residential Services LLC Term B 4.250% (USD LIBOR + 3.500%) due 10/15/27 §		10,510,846		10,517,416
ATI Holdings Acquisition Inc Term B 4.500% (USD LIBOR + 3.500%) due 05/10/23 § ¥		10,932,537		10,941,655
Bausch Health Americas Inc Term B 2.843% (USD LIBOR + 2.750%) due 11/27/25 §		5,344,995		5,311,589
3.104% (USD LIBOR + 3.000%) due 06/01/25 § ¥		17,598,008		17,548,522
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 § ¥		37,500,000		37,482,413
Gainwell Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 §		27,152,403		27,271,195
Garda World Security Corp Term B (Canada) 4.350% (USD LIBOR + 4.250%) due 10/30/26 §		21,088,317		21,210,714


	Principal Amount		Value
Guidehouse LLP 4.104% (USD LIBOR + 4.000%) due 05/01/25 §		$22,443,750		$22,523,246
Heartland Dental LLC 3.604% (USD LIBOR + 3.500%) due 04/30/25 § ¥		19,918,068		19,720,441
Term B 4.073% (USD LIBOR + 4.000%) due 04/30/25 §		18,750,000		18,735,937
ICON Luxembourg SARL Term B due 07/01/28 ¥		9,006,120		9,034,264
Indigo Merger Sub Inc Term B (Ireland) due 07/01/28 ¥		2,243,880		2,250,892
Jazz Financing Lux SARL Term B 4.000% (USD LIBOR + 3.500%) due 04/22/28 §		13,000,000		13,063,843
Mallinckrodt International Finance SA Term B 6.000% (USD LIBOR + 5.250%) due 09/24/24 § ¥ Y		9,707,941		9,420,751
Mavis Tire Express Services TopCo LP 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		20,000,000		20,096,880
Midwest Veterinary Partners LLC 4.750% (USD LIBOR + 4.000%) due 04/26/28 ± §		13,460,605		13,527,908
PAREXEL International Corp Term B 2.854% (USD LIBOR + 2.750%) due 09/27/24 § ¥		8,730,258		8,689,331
Pathway Vet Alliance LLC Term A 3.854% (USD LIBOR + 3.750%) due 03/31/27 §		38,181,106		38,157,243
PetVet Care Centers LLC
(2nd Lien) 6.354% (USD LIBOR + 6.250%) due 02/15/26 §		13,482,801		13,533,361
Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 §		15,624,048		15,682,638
Precision Medicine Group LLC Term B 3.750% (USD LIBOR + 3.000%) due 11/20/27 §		23,504,840		23,480,348
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 ¥		21,205,702		21,245,462
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		34,972,915		35,126,131
Team Health Holdings Inc Term B 3.750% (USD LIBOR + 2.750%) due 02/06/24 §		20,761,491		20,205,374
The Hertz Corp
Term B due 06/30/28 ¥		6,521,036		6,521,036
Term C due 06/30/28 ¥		1,228,964		1,228,964
Vetcor Professional Practices LLC 3.147% - 3.199% (USD LIBOR + 3.000%) due 07/02/25 §		16,018,519		15,858,333


	Principal Amount		Value
WCG Purchaser Corp Term B 5.000% (USD LIBOR + 4.000%) due 01/08/27 § ¥		$28,834,436		$28,960,587

				545,057,422

Energy - 3.9%

BCP Raptor II LLC Term B 4.854% (USD LIBOR + 4.750%) due 11/03/25 § ¥		16,524,375		16,217,121
BCP Raptor LLC 5.250% (USD LIBOR + 4.250%) due 06/30/24 § ¥		25,753,620		25,536,311
Brazos Delaware II LLC Term B 4.093% (USD LIBOR + 4.000%) due 05/29/25 § ¥		13,679,747		13,360,557
CQP Holdco LP Term B 4.250% (USD LIBOR + 3.750%) due 06/04/28 §		8,750,000		8,726,760
ITT Holdings LLC due 07/30/28 ± ¥		7,250,000		7,250,000
Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 §		21,091,662		21,223,484

				92,314,233

Financial - 6.1%

Acrisure LLC Term B 3.604% (USD LIBOR + 3.500%) due 02/15/27 §		5,224,163		5,174,534
Alliant Holdings Intermediate LLC
Term B 3.354% (USD LIBOR + 3.250%) due 05/10/25 §		4,521,531		4,480,683
Term B-3 due 11/06/27 ¥		7,000,000		7,020,237
AssuredPartners Inc Term B
due 02/13/27 ¥		3,000,000		3,011,250
3.604% (USD LIBOR + 3.500%) due 02/13/27 §		7,262,711		7,231,584
5.500% (USD LIBOR + 4.500%) due 02/13/27 §		3,209,375		3,222,078
Brookfield Retail Holdings VII Sub 3 LLC Term A-2 3.104% (USD LIBOR + 3.000%) due 08/24/23 §		13,824,871		13,721,184
Cushman & Wakefield US Borrower LLC Term B 2.854% (USD LIBOR + 2.750%) due 08/21/25 §		6,982,323		6,933,447
Deerfield Dakota Holding LLC Term B
4.750% (USD LIBOR + 3.750%) due 04/09/27 §		19,239,899		19,353,742
(2nd Lien) 4.500% (USD LIBOR + 3.750%) due 04/14/28 ± §		22,922,596		23,552,968


	Principal Amount		Value
HUB International Ltd
Term B 2.926% (USD LIBOR + 2.750%) due 04/25/25 §		$7,589,956		$7,513,267
Term B-3 4.000% (USD LIBOR + 3.250%) due 04/25/25 §		11,559,102		11,575,100
OneDigital Borrower LLC Term B 5.250% (USD LIBOR + 4.500%) due 11/16/27 §		12,803,848		12,875,869
Ryan Specialty Group LLC Term B 3.750% (USD LIBOR + 3.000%) due 09/01/27 §		6,964,912		6,977,101
USI Inc Term B 3.147% (USD LIBOR + 3.000%) due 05/16/24 §		11,855,911		11,762,759

				144,405,803

Industrial - 20.0%

Aegion Corp 5.500% (USD LIBOR + 4.750%) due 05/17/28 §		6,250,000		6,328,125
Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 § ¥		8,569,278		8,440,739
Brown Group Holding LLC Term B 3.250% (USD LIBOR + 2.750%) due 06/07/28 §		16,500,000		16,445,005
Charter Next Generation, Inc.
due 12/01/27 ¥		4,750,000		4,763,357
4.500% (USD LIBOR + 3.750%) due 12/01/27 §		10,473,750		10,506,480
Dynasty Acquisition Co Inc 3.647% (USD LIBOR + 3.500%) due 04/08/26 §		12,244,666		11,936,003
Engineered Machinery Holdings Inc
4.250% (USD LIBOR + 3.000%) due 07/19/24 §		12,195,328		12,198,596
5.250% (USD LIBOR + 4.250%) due 07/19/24 §		4,810,886		4,834,940
(2nd Lien) 7.250% (USD LIBOR + 6.500%) due 05/21/29 ± §		3,750,000		3,801,562
Filtration Group Corp Term B 4.500% (USD LIBOR + 3.750%) due 03/29/25 §		10,059,037		10,083,139
Forterra Finance LLC 4.000% (USD LIBOR + 3.000%) due 10/25/23 §		35,926,690		35,978,316
Gates Global LLC Term B-3 3.500% (USD LIBOR + 2.750%) due 03/31/27 §		5,561,033		5,556,612
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		7,588,647		7,603,825
Graham Packaging Co Inc 3.750% (USD LIBOR + 3.000%) due 08/04/27 § ¥		26,669,177		26,684,325


	Principal Amount		Value
Icebox Holdings Inc Term B 4.250% (USD LIBOR + 3.250%) due 12/17/24 §		$8,946,092		$8,977,779
Ingram Micro Inc Term B due 07/02/28 § ¥		15,000,000		15,048,435
Kloeckner Pentaplast of America Inc Term B (Luxembourg) 5.250% (USD LIBOR + 4.750%) due 02/09/26 ± §		15,835,313		15,954,077
LTI Holdings Inc
due 06/08/26 ¥		500,000		500,000
Term B 3.604% (USD LIBOR + 3.500%) due 09/06/25 §		12,555,341		12,402,317
Madison IAQ LLC 3.750% (USD LIBOR + 3.250%) due 06/21/28 §		10,750,000		10,768,812
Mauser Packaging Solutions Holding Co Term B 3.354% (USD LIBOR + 3.250%) due 04/03/24 § ¥		24,882,898		24,329,702
Osmose Utilities Services Inc due 06/17/28 ¥		6,500,000		6,487,813
PowerTeam Services LLC due 03/06/25 ¥		10,500,000		10,467,188
Pregis TopCo LLC
4.500% (USD LIBOR + 4.000%) due 08/01/26 §		5,231,570		5,243,561
Term B 4.104% (USD LIBOR + 4.000%) due 08/01/26 §		13,788,506		13,794,973
Pretium PKG Holdings Inc
4.750% (USD LIBOR + 4.000%) due 11/05/27 §		11,318,125		11,357,037
(2nd Lien) 9.000% (USD LIBOR + 8.250%) due 11/05/28 ± §		4,526,406		4,605,618
Pro Mach Group Inc Term B
2.854% (USD LIBOR + 2.750%) due 03/07/25 §		4,553,918		4,499,130
4.500% (USD LIBOR + 3.500%) due 03/07/25 § ¥		10,193,964		10,209,887
Proampac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		22,247,293		22,312,188
Quikrete Holdings Inc Term B-1 due 06/11/28 ¥		19,250,000		19,122,469
Standard Aero Ltd 3.647% (USD LIBOR + 3.500%) due 04/08/26 §		6,583,154		6,417,206
Star US Bidco LLC Term B 5.250% (USD LIBOR + 4.250%) due 03/17/27 §		18,042,824		18,057,853
The Hillman Group Inc Term B 4.104% (USD LIBOR + 4.000%) due 05/31/25 §		17,934,269		17,920,819
The Kenan Advantage Group Inc Term B-1 4.500% (USD LIBOR + 3.750%) due 03/24/26 §		11,199,361		11,230,159


	Principal Amount		Value
Tiger Acquisition LLC 3.750% (USD LIBOR + 3.250%) due 06/01/28 §		$7,250,000		$7,239,430
TransDigm Inc Term G 2.354% (USD LIBOR + 2.250%) due 08/22/24 §		11,669,455		11,541,207
USIC Holdings Inc Term B
4.250% (USD LIBOR + 3.500%) due 05/14/28 § ¥		21,212,417		21,209,108
(2nd Lien) 7.250% (USD LIBOR + 6.500%) due 05/14/29 ± § ¥		9,368,000		9,555,360
Watlow Electric Manufacturing Co Term B 4.500% (USD LIBOR + 4.000%) due 03/02/28 §		6,733,125		6,758,374
WP CPP Holdings LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/30/25 §		5,877,627		5,762,526

				476,934,052

Technology - 17.3%

Applied Systems Inc
(2nd Lien) 6.250% (USD LIBOR + 5.500%) due 09/19/25 §		19,430,598		19,756,061
Term B 3.750% (USD LIBOR + 3.250%) due 09/19/24 § ¥		35,662,000		35,636,537
athenahealth Inc Term B-1 4.410% (USD LIBOR + 4.250%) due 02/11/26 § ¥		32,385,010		32,597,520
Epicor Software Corp
(2nd Lien) 8.750% (USD LIBOR + 7.750%) due 07/31/28 § ¥		19,776,385		20,511,830
Term B 4.000% (USD LIBOR + 3.250%) due 07/31/27 § ¥		19,959,497		19,954,966
Finastra USA Inc
(2nd Lien) 8.250% (USD LIBOR + 7.250%) due 06/13/25 § ¥		9,071,429		9,187,253
Term B 4.500% (USD LIBOR + 3.500%) due 06/13/24 §		35,738,308		35,216,207
HS Purchaser LLC 4.500% (USD LIBOR + 4.000%) due 11/30/26 §		26,931,818		27,049,645
Peraton Corp
(2nd Lien) 8.500% (USD LIBOR + 7.500%) due 02/01/29 § ¥		12,625,000		12,940,625
Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		19,451,250		19,543,955
Project Ruby Ultimate Parent Corp Term B 4.000% (USD LIBOR + 3.250%) due 03/10/28 § ¥		22,693,125		22,670,840


	Principal Amount		Value
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 §		$26,875		$26,770
RealPage, Inc.
(2nd Lien) 7.250% (USD LIBOR + 6.500%) due 04/22/29 § ¥		33,210,869		34,373,250
Term B 3.750% (USD LIBOR + 3.250%) due 04/22/28 §		9,500,000		9,484,562
Solera LLC Term B 4.500% (USD LIBOR + 4.000%) due 06/04/28 § ¥		19,433,460		19,510,747
Sophia LP
3.897% (USD LIBOR + 3.750%) due 10/07/27 §		9,444,912		9,464,586
(2nd Lien) 9.000% (USD LIBOR + 8.000%) due 10/07/28 § ¥		18,083,380		18,716,299
Tempo Acquisition LLC Term B 3.354% (USD LIBOR + 3.250%) due 10/31/26 §		20,257,978		20,306,091
The Dun & Bradstreet Corp Term B 3.345% (USD LIBOR + 3.250%) due 02/08/26 §		8,312,188		8,279,721
UKG Inc
3.854% (USD LIBOR + 3.750%) due 05/03/26 § ¥		11,725,984		11,746,340
4.000% (USD LIBOR + 3.250%) due 05/03/26 §		19,710,312		19,747,269
(2nd Lien) 7.500% (USD LIBOR + 6.750%) due 05/03/27 §		5,709,599		5,826,172

				412,547,246

Utilities - 0.8%

PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		18,222,030		18,005,643


Total Senior Loan Notes (Cost $2,312,864,249)				2,333,149,164


	Shares		Value
SHORT-TERM INVESTMENT - 9.4%

Money Market Fund - 9.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		223,850,048		$223,850,048


Total Short-Term Investment (Cost $223,850,048)				223,850,048


TOTAL INVESTMENTS - 112.8% (Cost $2,663,138,994)				2,685,419,368


OTHER ASSETS & LIABILITIES, NET - (12.8%)				(305,526,047	)


NET ASSETS - 100.0%				$2,379,893,321

Notes to Schedule of Investments

(a)	Pursuant to the terms of the following senior loan agreements, the Fund had unfunded loan commitments which could be extended at the option of the borrower.


Borrower	Unfunded Loan Commitments		Value		Unrealized Appreciation (Depreciation)
Metronet Systems Holdings LLC		$798,005		$801,166		$3,161
OneDigital Borrower LLC		414,988		416,392		1,404
Precision Medicine Group LLC		2,643,543		2,633,284		(10,259	)

		$3,856,536		$3,850,842		($5,694	)

(b)	An investment with a value of $9,420,751 or less than 0.4% of the Fund’s net assets was in default as of June 30, 2021.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the period ended June 30, 2021:


	Senior Loan Notes
Value, Beginning of Period		$165,966,179
Purchases		77,744,352
Sales (Includes Paydowns)		(80,323,340	)
Accrued Discounts (Premiums)		1,401
Net Realized Gains (Losses)		168,732
Change in Net Unrealized Appreciation (Depreciation)		265,671
Transfers In		15,954,077
Transfers Out		(48,596,961	)

Value, End of Period		$131,180,111

Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		$771,929

All significant unobservable inputs used to value Senior Loan Notes with an aggregate value of $131,180,111 were provided by a single broker quote.


	Shares		Value
COMMON STOCKS - 1.0%

Basic Materials - 0.3%

Constellium SE *		10,698		$202,727
Hexion Holdings Corp ‘B’ *		11,203		207,256

				409,983

Consumer, Cyclical - 0.2%

Beazer Homes USA Inc *		7,537		145,389
Cedar Fair LP *		3,367		150,942
Las Vegas Sands Corp *		1,881		99,110

				395,441

Consumer, Non-Cyclical - 0.1%

HCA Healthcare Inc		832		172,008


Industrial - 0.2%

GFL Environmental Inc (Canada)		4,657		148,651
TNT Crane & Rigging Inc		709		12,939
Xylem Inc		2,037		244,359

				405,949

Utilities - 0.2%

Evoqua Water Technologies Corp *		8,466		285,981


Total Common Stocks (Cost $1,303,133)				1,669,362


EXCHANGE-TRADED FUNDS - 1.1%

iShares iBoxx High Yield Corporate Bond		9,364		824,407
SPDR Bloomberg Barclays High Yield Bond		9,388		1,032,304


Total Exchange-Traded Funds (Cost $1,842,412)				1,856,711


	Principal Amount
CORPORATE BONDS & NOTES - 86.5%

Basic Materials - 3.4%

Alcoa Nederland Holding BV
4.125% due 03/31/29 ~		$300,000		313,330
5.500% due 12/15/27 ~		950,000		1,031,748
Hecla Mining Co 7.250% due 02/15/28		700,000		765,625
Hexion Inc 7.875% due 07/15/27 ~		400,000		432,042
INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~		600,000		608,688
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		475,000		501,044
Novelis Corp 4.750% due 01/30/30 ~		650,000		683,312
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		700,000		737,560
TMS International Corp 6.250% due 04/15/29 ~		475,000		499,344

				5,572,693


	Principal Amount		Value
Communications - 13.1%

Altice Financing SA (Luxembourg) 7.500% due 05/15/26 ~		$1,225,000		$1,277,124
Altice France SA (France)
5.125% due 07/15/29 ~		350,000		352,153
7.375% due 05/01/26 ~		273,000		284,242
Arches Buyer Inc 4.250% due 06/01/28 ~		800,000		792,140
Avaya Inc 6.125% due 09/15/28 ~		700,000		750,155
CCO Holdings LLC
4.250% due 02/01/31 ~		400,000		408,000
4.750% due 03/01/30 ~		2,100,000		2,223,375
5.000% due 02/01/28 ~		100,000		105,000
5.375% due 06/01/29 ~		300,000		328,305
Clear Channel Outdoor Holdings Inc 7.750% due 04/15/28 ~		25,000		26,220
Clear Channel Worldwide Holdings Inc 5.125% due 08/15/27 ~		1,025,000		1,053,480
CommScope Inc 8.250% due 03/01/27 ~		750,000		802,537
CommScope Technologies LLC 6.000% due 06/15/25 ~		484,000		494,890
CSC Holdings LLC
3.375% due 02/15/31 ~		200,000		189,248
4.625% due 12/01/30 ~		200,000		196,472
6.500% due 02/01/29 ~		2,250,000		2,494,935
Diamond Sports Group LLC 12.750% due 12/01/26 ~		570,000		441,750
Frontier Communications Corp
5.000% due 05/01/28 ~		500,000		517,540
5.875% due 10/15/27 ~		150,000		160,875
Lamar Media Corp
3.625% due 01/15/31 ~		250,000		244,875
3.750% due 02/15/28		575,000		585,908
4.000% due 02/15/30		25,000		25,370
Level 3 Financing Inc
3.625% due 01/15/29 ~		225,000		217,444
3.750% due 07/15/29 ~		75,000		73,031
4.625% due 09/15/27 ~		850,000		884,820
LogMeIn Inc 5.500% due 09/01/27 ~		550,000		570,377
Lumen Technologies Inc
4.000% due 02/15/27 ~		500,000		510,625
4.500% due 01/15/29 ~		150,000		146,580
Nexstar Broadcasting Inc 5.625% due 07/15/27 ~		675,000		716,344
Outfront Media Capital LLC
4.250% due 01/15/29 ~		250,000		252,063
4.625% due 03/15/30 ~		50,000		50,850
5.000% due 08/15/27 ~		975,000		1,010,953
6.250% due 06/15/25 ~		175,000		185,569
Sprint Capital Corp 8.750% due 03/15/32		800,000		1,217,000
T-Mobile USA Inc
2.625% due 02/15/29		50,000		49,438
2.875% due 02/15/31		25,000		24,844


	Principal Amount		Value
3.375% due 04/15/29 ~		$375,000		$387,909
3.500% due 04/15/31 ~		225,000		233,055
Uber Technologies Inc
6.250% due 01/15/28 ~		125,000		134,776
7.500% due 05/15/25 ~		125,000		135,060
8.000% due 11/01/26 ~		700,000		756,252
Zayo Group Holdings Inc 4.000% due 03/01/27 ~		382,000		379,849

				21,691,433

Consumer, Cyclical - 18.8%

Affinity Gaming 6.875% due 12/15/27 ~		600,000		638,907
American Airlines Inc 5.750% due 04/20/29 ~		225,000		243,563
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		100,101		98,534
Aramark Services Inc 6.375% due 05/01/25 ~		550,000		585,062
Beazer Homes USA Inc 5.875% due 10/15/27		1,525,000		1,598,429
Boyd Gaming Corp
4.750% due 06/15/31 ~		225,000		233,719
8.625% due 06/01/25 ~		425,000		469,038
Caesars Entertainment Inc
6.250% due 07/01/25 ~		450,000		477,562
8.125% due 07/01/27 ~		775,000		862,924
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		275,000		278,781
Carvana Co
5.500% due 04/15/27 ~		75,000		77,659
5.625% due 10/01/25 ~		700,000		729,578
5.875% due 10/01/28 ~		125,000		131,699
Cedar Fair LP
5.250% due 07/15/29		1,250,000		1,290,238
5.375% due 04/15/27		500,000		515,742
6.500% due 10/01/28 ~		225,000		242,740
Clarios Global LP
6.250% due 05/15/26 ~		630,000		671,933
8.500% due 05/15/27 ~		250,000		272,863
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		250,000		255,967
Core & Main LP 6.125% due 08/15/25 ~		700,000		716,471
Ford Motor Co
4.346% due 12/08/26		1,640,000		1,758,916
7.450% due 07/16/31		1,250,000		1,645,313
9.000% due 04/22/25		100,000		123,414
9.625% due 04/22/30		100,000		143,630
Golden Nugget Inc 6.750% due 10/15/24 ~		1,375,000		1,390,771
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		500,000		499,315
5.000% due 06/01/29 ~		350,000		358,312
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		1,200,000		1,261,938
IRB Holding Corp 7.000% due 06/15/25 ~		675,000		730,363


	Principal Amount		Value
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		$1,100,000		$1,152,591
LBM Acquisition LLC 6.250% due 01/15/29 ~		625,000		630,594
LGI Homes Inc 4.000% due 07/15/29 ~		775,000		779,844
MajorDrive Holdings IV LLC L 6.375% due 06/01/29 ~		725,000		724,094
Marriott Ownership Resorts Inc
4.500% due 06/15/29 ~		100,000		101,500
4.750% due 01/15/28		675,000		692,887
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		625,000		626,563
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		300,000		296,625
3.875% due 01/15/28 ~		100,000		101,375
4.375% due 01/15/28 ~		600,000		609,090
NMG Holding Co Inc 7.125% due 04/01/26 ~		725,000		774,844
PetSmart Inc 7.750% due 02/15/29 ~		950,000		1,048,562
PM General Purchaser LLC 9.500% due 10/01/28 ~		298,000		314,527
Scientific Games International Inc
7.000% due 05/15/28 ~		150,000		164,130
7.250% due 11/15/29 ~		350,000		395,726
8.250% due 03/15/26 ~		450,000		483,179
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		1,075,000		1,111,862
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		25,000		26,976
SRS Distribution Inc
4.625% due 07/01/28 ~		525,000		537,469
6.125% due 07/01/29 ~		75,000		77,357
STL Holding Co LLC 7.500% due 02/15/26 ~		650,000		685,750
The Scotts Miracle-Gro Co 4.000% due 04/01/31 ~		750,000		748,597
US Airways Pass-Through Trust ‘B’ 5.375% due 05/15/23		145,785		146,250
Viking Cruises Ltd
6.250% due 05/15/25 ~		525,000		524,444
7.000% due 02/15/29 ~		50,000		52,167
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		50,000		50,630

				31,161,014

Consumer, Non-Cyclical - 18.4%

Ahern Rentals Inc 7.375% due 05/15/23 ~		2,701,000		2,448,213
Albertsons Cos Inc
3.250% due 03/15/26 ~		100,000		101,712
3.500% due 03/15/29 ~		50,000		49,500
4.625% due 01/15/27 ~		50,000		52,360
5.875% due 02/15/28 ~		1,700,000		1,833,858
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		2,300,000		2,535,750
Avantor Funding Inc 4.625% due 07/15/28 ~		625,000		660,637


	Principal Amount		Value
Bausch Health Americas Inc 8.500% due 01/31/27 ~		$1,250,000		$1,361,738
Bausch Health Cos Inc
4.875% due 06/01/28 ~		275,000		281,806
5.000% due 01/30/28 ~		125,000		118,770
5.000% due 02/15/29 ~		75,000		70,033
5.250% due 02/15/31 ~		25,000		23,408
6.125% due 04/15/25 ~		267,000		274,009
6.250% due 02/15/29 ~		825,000		816,997
Central Garden & Pet Co 4.125% due 04/30/31 ~		700,000		709,835
Charles River Laboratories International Inc
3.750% due 03/15/29 ~		100,000		101,517
4.000% due 03/15/31 ~		100,000		104,168
4.250% due 05/01/28 ~		800,000		828,256
Community Health Systems Inc
4.750% due 02/15/31 ~		180,000		180,900
5.625% due 03/15/27 ~		75,000		80,161
6.125% due 04/01/30 ~		25,000		25,406
6.625% due 02/15/25 ~		1,675,000		1,773,390
6.875% due 04/15/29 ~		25,000		26,235
CoreLogic Inc 4.500% due 05/01/28 ~		775,000		769,187
Garda World Security Corp (Canada)
6.000% due 06/01/29 ~		150,000		149,071
9.500% due 11/01/27 ~		497,000		551,441
HCA Inc
5.625% due 09/01/28		100,000		118,625
5.875% due 02/01/29		2,425,000		2,935,450
Jaguar Holding Co II 5.000% due 06/15/28 ~		775,000		841,588
JBS USA Food Co
5.750% due 01/15/28		200,000		214,244
7.000% due 01/15/26 ~		1,150,000		1,222,168
JBS USA LUX SA
3.750% due 12/01/31 ~		75,000		76,838
5.500% due 01/15/30 ~		650,000		727,805
6.500% due 04/15/29 ~		50,000		56,252
Kraft Heinz Foods Co
4.375% due 06/01/46		1,350,000		1,532,297
5.200% due 07/15/45		400,000		497,507
Legacy LifePoint Health LLC
4.375% due 02/15/27 ~		100,000		101,350
6.750% due 04/15/25 ~		50,000		53,411
LifePoint Health Inc 5.375% due 01/15/29 ~		100,000		97,641
MPH Acquisition Holdings LLC 5.750% due 11/01/28 ~		750,000		754,676
Pilgrim’s Pride Corp
4.250% due 04/15/31 ~		350,000		363,125
5.875% due 09/30/27 ~		550,000		586,465
Post Holdings Inc 4.625% due 04/15/30 ~		750,000		763,560
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		525,000		566,593
Select Medical Corp 6.250% due 08/15/26 ~		950,000		1,013,945


	Principal Amount		Value
Tenet Healthcare Corp
4.250% due 06/01/29 ~		$350,000		$354,813
4.625% due 06/15/28 ~		75,000		77,304
4.875% due 01/01/26 ~		180,000		186,921
6.125% due 10/01/28 ~		225,000		240,410
6.250% due 02/01/27 ~		1,100,000		1,149,500
7.500% due 04/01/25 ~		25,000		27,035

				30,487,881

Energy - 12.4%

Antero Midstream Partners LP
5.375% due 06/15/29 ~		150,000		156,563
5.750% due 03/01/27 ~		800,000		834,436
Antero Resources Corp
5.375% due 03/01/30 ~		675,000		689,769
7.625% due 02/01/29 ~		300,000		333,390
Archrock Partners LP
6.250% due 04/01/28 ~		100,000		104,591
6.875% due 04/01/27 ~		475,000		505,737
Buckeye Partners LP
4.125% due 03/01/25 ~		25,000		25,988
4.500% due 03/01/28 ~		525,000		539,338
Cheniere Energy Partners LP 4.000% due 03/01/31 ~		425,000		444,656
Chesapeake Energy Corp 5.875% due 02/01/29 ~		550,000		596,063
Colgate Energy Partners III LLC 5.875% due 07/01/29 ~		525,000		545,344
Comstock Resources Inc 5.875% due 01/15/30 ~		775,000		791,469
CQP Holdco LP 5.500% due 06/15/31 ~		700,000		730,268
DT Midstream Inc
4.125% due 06/15/29 ~		150,000		152,487
4.375% due 06/15/31 ~		150,000		153,456
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		50,000		52,105
5.750% due 01/30/28 ~		975,000		1,040,978
6.625% due 07/15/25 ~		50,000		53,651
Energy Transfer LP 6.250% due 02/15/23		250,000		221,250
EnLink Midstream LLC 5.625% due 01/15/28 ~		50,000		52,972
EnLink Midstream Partners LP 4.150% due 06/01/25		100,000		104,859
Enterprise Products Operating LLC 5.375% due 02/15/78		600,000		625,382
EQM Midstream Partners LP
4.750% due 01/15/31 ~		300,000		309,507
5.500% due 07/15/28		175,000		189,451
6.000% due 07/01/25 ~		75,000		81,737
6.500% due 07/01/27 ~		250,000		279,480
Genesis Energy LP
7.750% due 02/01/28		700,000		724,360
8.000% due 01/15/27		150,000		157,781
ITT Holdings LLC due 08/01/29 # ~		350,000		357,000
MPLX LP 6.875% due 02/15/23		650,000		665,340
New Fortress Energy Inc due 09/30/26 ~		350,000		358,068


	Principal Amount		Value
Occidental Petroleum Corp
2.900% due 08/15/24		$500,000		$511,875
5.500% due 12/01/25		75,000		83,111
5.875% due 09/01/25		475,000		529,043
6.125% due 01/01/31		75,000		88,333
6.625% due 09/01/30		300,000		360,375
8.000% due 07/15/25		100,000		119,878
8.500% due 07/15/27		150,000		189,398
8.875% due 07/15/30		800,000		1,070,956
Range Resources Corp
8.250% due 01/15/29 ~		350,000		395,068
9.250% due 02/01/26		500,000		552,125
SM Energy Co 6.500% due 07/15/28		700,000		720,125
Sunoco LP 4.500% due 05/15/29 ~		670,000		683,748
Tallgrass Energy Partners LP 6.000% due 12/31/30 ~		650,000		677,502
Targa Resources Partners LP
4.000% due 01/15/32 ~		75,000		77,250
4.875% due 02/01/31 ~		600,000		650,319
5.375% due 02/01/27		50,000		52,216
5.875% due 04/15/26		425,000		447,553
6.500% due 07/15/27		50,000		54,343
USA Compression Partners LP 6.875% due 09/01/27		775,000		829,467
Vine Energy Holdings LLC 6.750% due 04/15/29 ~		575,000		605,906

				20,576,067

Financial - 4.2%

Iron Mountain Inc REIT
4.500% due 02/15/31 ~		75,000		76,031
4.875% due 09/15/29 ~		925,000		956,080
5.000% due 07/15/28 ~		75,000		78,086
5.250% due 03/15/28 ~		100,000		104,855
OneMain Finance Corp
4.000% due 09/15/30		150,000		148,875
5.375% due 11/15/29		225,000		245,192
6.875% due 03/15/25		25,000		28,246
7.125% due 03/15/26		1,950,000		2,273,622
Park Intermediate Holdings LLC 4.875% due 05/15/29 ~		700,000		724,990
The Howard Hughes Corp
4.375% due 02/01/31 ~		75,000		74,879
5.375% due 08/01/28 ~		1,125,000		1,196,584
VICI Properties LP REIT
3.750% due 02/15/27 ~		175,000		178,576
4.250% due 12/01/26 ~		200,000		208,294
4.625% due 12/01/29 ~		600,000		638,700

				6,933,010

Industrial - 12.6%

ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		700,000		736,456
Brand Industrial Services Inc 8.500% due 07/15/25 ~		650,000		662,792


	Principal Amount		Value
BWX Technologies Inc 4.125% due 04/15/29 ~		$850,000		$867,034
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		700,000		716,128
Gates Global LLC 6.250% due 01/15/26 ~		675,000		709,351
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		225,000		224,754
3.750% due 08/01/25 ~		225,000		231,469
4.000% due 08/01/28 ~		75,000		74,199
4.750% due 06/15/29 ~		75,000		77,966
5.125% due 12/15/26 ~		225,000		238,721
Granite US Holdings Corp 11.000% due 10/01/27 ~		800,000		895,092
Hillenbrand Inc 3.750% due 03/01/31		650,000		647,754
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		175,000		190,536
Madison IAQ LLC
4.125% due 06/30/28 ~		75,000		75,844
5.875% due 06/30/29 ~		1,175,000		1,197,031
Mauser Packaging Solutions Holding Co 7.250% due 04/15/25 ~		1,200,000		1,178,400
PowerTeam Services LLC 9.033% due 12/04/25 ~		675,000		743,344
Sensata Technologies BV
4.000% due 04/15/29 ~		150,000		152,450
5.625% due 11/01/24 ~		1,175,000		1,309,379
Sensata Technologies Inc
3.750% due 02/15/31 ~		75,000		74,256
4.375% due 02/15/30 ~		1,150,000		1,213,522
Standard Industries Inc
3.375% due 01/15/31 ~		75,000		71,892
4.375% due 07/15/30 ~		175,000		180,986
4.750% due 01/15/28 ~		1,600,000		1,676,720
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		1,210,000		1,257,287
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		525,000		553,875
TransDigm Inc
4.875% due 05/01/29 ~		575,000		581,181
6.250% due 03/15/26 ~		700,000		739,375
8.000% due 12/15/25 ~		225,000		243,740
TransDigm UK Holdings PLC 6.875% due 05/15/26		1,525,000		1,613,473
TriMas Corp 4.125% due 04/15/29 ~		675,000		685,044
Vertical Holdco GmbH (Germany) 7.625% due 07/15/28 ~		625,000		679,494
VM Consolidated Inc 5.500% due 04/15/29 ~		400,000		408,424

				20,907,969

Technology - 1.4%

Entegris Inc
3.625% due 05/01/29 ~		150,000		152,295
4.375% due 04/15/28 ~		525,000		549,019


	Principal Amount		Value
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		$375,000		$363,338
Tempo Acquisition LLC
5.750% due 06/01/25 ~		125,000		131,961
6.750% due 06/01/25 ~		500,000		508,440
Twilio Inc
3.625% due 03/15/29		150,000		153,187
3.875% due 03/15/31		450,000		462,375

				2,320,615

Utilities - 2.2%

Calpine Corp 5.125% due 03/15/28 ~		700,000		713,240
NRG Energy Inc
3.625% due 02/15/31 ~		200,000		196,790
5.250% due 06/15/29 ~		300,000		319,533
7.250% due 05/15/26		390,000		405,296
Pike Corp 5.500% due 09/01/28 ~		625,000		651,784
Talen Energy Supply LLC
6.500% due 06/01/25		500,000		336,665
7.250% due 05/15/27 ~		100,000		93,438
7.625% due 06/01/28 ~		100,000		93,714
Vistra Operations Co LLC
4.375% due 05/01/29 ~		75,000		75,469
5.000% due 07/31/27 ~		375,000		385,455
5.500% due 09/01/26 ~		200,000		206,831
5.625% due 02/15/27 ~		100,000		103,875

				3,582,090


Total Corporate Bonds & Notes (Cost $135,554,217)				143,232,772


SENIOR LOAN NOTES - 3.2%

Consumer, Cyclical - 1.8%

18 Fremont Street Acquisition LLC 9.500% (USD LIBOR + 8.000%) due 08/09/25 ± §		249,375		254,986
MIC Glen LLC (2nd Lien) due 06/23/29 ¥		250,000		252,578
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		1,470,668		1,460,821
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		623,438		679,547
Tacala Investment Corp Term B (2nd Lien) 8.250% (USD LIBOR + 7.500%) due 02/05/28 ± §		250,000		251,875

				2,899,807

Energy - 0.3%

Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 §		470,116		473,054


	Principal Amount		Value
Industrial - 0.6%

Dynasty Acquisition Co Inc 3.647% (USD LIBOR + 3.500%) due 04/08/26 §		$638,969		$622,861
Standard Aero Ltd 3.647% (USD LIBOR + 3.500%) due 04/08/26 §		343,531		334,872

				957,733

Technology - 0.5%

Bright Bidco BV Term B (Netherlands) 4.500% (USD LIBOR + 3.500%) due 06/30/24 § ¥		371,116		312,002
The Dun & Bradstreet Corp Term B 3.345% (USD LIBOR + 3.250%) due 02/08/26 §		592,523		590,208

				902,210


Total Senior Loan Notes (Cost $5,013,584)				5,232,804


ASSET-BACKED SECURITIES - 3.3%

Benefit Street Partners CLO Ltd (Cayman)
6.138% (USD LIBOR + 5.950%) due 04/20/31 ~ §		250,000		238,148
6.890% (USD LIBOR + 6.700%) due 01/17/32 ~ §		250,000		251,239
Dryden CLO Fund (Cayman) 7.384% (USD LIBOR + 7.200%) due 04/15/31 ~ §		250,000		225,905
Kayne CLO II Ltd (Cayman)
6.184% (USD LIBOR + 6.000%) due 10/15/31 ~ §		400,000		399,046
7.634% (USD LIBOR + 7.450%) due 10/15/31 ~ §		250,000		247,531
Magnetite XXII Ltd (Cayman) 6.499% (USD LIBOR + 6.350%) due 04/15/31 ~ §		500,000		503,714
Magnetite XXIX Ltd (Cayman) 5.854% (USD LIBOR + 5.750%) due 01/15/34 ~ §		1,050,000		1,044,523
Neuberger Berman CLO XXIII Ltd (Cayman) 5.940% (USD LIBOR + 5.750%) due 10/17/27 ~ §		300,000		295,712
Neuberger Berman Loan Advisers CLO Ltd (Cayman)
6.388% (USD LIBOR + 6.200%) due 01/20/31 ~ §		750,000		747,568
6.688% (USD LIBOR + 6.500%) due 04/20/31 ~ §		500,000		502,107
OCP CLO Ltd (Cayman) 5.140% (USD LIBOR + 4.950%) due 10/18/28 ~ §		500,000		496,718
OHA Credit Partners VII Ltd (Cayman) 6.405% (USD LIBOR + 6.250%) due 02/20/34 ~ §		250,000		248,826


	Principal Amount		Value
Voya CLO Ltd (Cayman) 7.664% (USD LIBOR + 7.480%) due 01/15/33 ~ §		$300,000		$ 302,590


Total Asset-Backed Securities (Cost $5,498,628)				5,503,627


	Shares
SHORT-TERM INVESTMENT - 1.2%

Money Market Fund - 1.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,919,347		1,919,347


Total Short-Term Investment (Cost $1,919,347)				1,919,347


TOTAL INVESTMENTS - 96.3% (Cost $151,131,321)				159,414,623


OTHER ASSETS & LIABILITIES, NET - 3.7%				6,179,651


NET ASSETS - 100.0%				$165,594,274

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 58.0%

Communications - 3.9%
Charter Communications Operating LLC 2.300% due 02/01/32		$250,000		$240,666
Omnicom Group Inc 2.600% due 08/01/31		150,000		152,607
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		281,250		302,485
The Walt Disney Co 2.750% due 09/01/49		100,000		98,933
Verizon Communications Inc 3.400% due 03/22/41		250,000		264,784

				1,059,475

Consumer, Cyclical - 4.2%

Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		200,000		211,734
Ferguson Finance PLC 3.250% due 06/02/30 ~		200,000		216,309
Las Vegas Sands Corp 2.900% due 06/25/25		100,000		104,245
Lowe’s Cos Inc 1.300% due 04/15/28		100,000		97,653
Marriott International Inc 3.500% due 10/15/32		100,000		106,361
Meritage Homes Corp 3.875% due 04/15/29 ~		200,000		207,250
Sands China Ltd (Macau) 4.600% due 08/08/23		200,000		213,063

				1,156,615

Consumer, Non-Cyclical - 7.6%

Amgen Inc 3.150% due 02/21/40		100,000		104,384
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.750% due 07/15/42		500,000		543,280
Cigna Corp 2.375% due 03/15/31		200,000		202,993
CVS Health Corp 1.750% due 08/21/30		300,000		289,579
HCA Inc 5.250% due 04/15/25		125,000		143,124
Humana Inc 3.125% due 08/15/29		250,000		269,454
IHS Markit Ltd 3.625% due 05/01/24		100,000		107,528
Sysco Corp 2.400% due 02/15/30		100,000		101,796
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		200,000		198,575
Zoetis Inc 2.000% due 05/15/30		100,000		99,697

				2,060,410

Energy - 1.7%

Kinder Morgan Energy Partners LP 5.000% due 08/15/42		200,000		240,377


	Principal Amount		Value
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		$200,000		$228,752

				469,129

Financial - 23.5%

Air Lease Corp 1.875% due 08/15/26		450,000		450,699
American Tower Corp REIT 2.750% due 01/15/27		100,000		105,921
Banco Santander SA (Spain) 2.749% due 12/03/30		200,000		198,302
Bank of America Corp 4.183% due 11/25/27		375,000		420,362
Citigroup Inc
2.572% due 06/03/31		250,000		257,258
4.125% due 07/25/28		250,000		281,868
Duke Realty LP REIT 3.250% due 06/30/26		250,000		271,314
Healthpeak Properties Inc REIT due 02/01/27 #		150,000		149,816
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		250,000		257,099
ING Groep NV (Netherlands) 1.726% due 04/01/27		200,000		201,826
JPMorgan Chase & Co 2.956% due 05/13/31		250,000		262,898
Morgan Stanley 3.772% due 01/24/29		500,000		561,543
PNC Bank NA 2.700% due 10/22/29		250,000		265,022
Rayonier LP REIT 2.750% due 05/17/31		550,000		555,806
Reliance Standard Life Global Funding II 2.750% due 01/21/27 ~		200,000		211,055
Sun Communities Operating LP REIT 2.700% due 07/15/31		150,000		150,313
The Goldman Sachs Group Inc 3.814% due 04/23/29		500,000		559,795
Truist Bank 2.636% due 09/17/29		250,000		262,085
UBS Group AG (Switzerland) 4.375% due 02/10/31 ~		200,000		204,840
UDR Inc REIT 3.500% due 01/15/28		250,000		273,472
Ventas Realty LP REIT 2.650% due 01/15/25		250,000		263,291
Weyerhaeuser Co REIT 4.000% due 11/15/29		200,000		228,431

				6,393,016

Industrial - 8.1%

Allegion US Holding Co Inc 3.550% due 10/01/27		300,000		326,710
Flowserve Corp 3.500% due 10/01/30		250,000		264,001
Keysight Technologies Inc 3.000% due 10/30/29		250,000		264,561
Masco Corp 3.500% due 11/15/27		200,000		219,806


	Principal Amount		Value
Ryder System Inc 2.500% due 09/01/24		$200,000		$209,415
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		900,000		904,490

				2,188,983

Technology - 7.3%

Broadcom Inc 4.150% due 11/15/30		250,000		280,630
Citrix Systems Inc 3.300% due 03/01/30		325,000		342,309
Dell International LLC 4.900% due 10/01/26		300,000		346,560
Fiserv Inc 3.500% due 07/01/29		250,000		275,333
Hewlett Packard Enterprise Co 1.750% due 04/01/26		250,000		252,921
International Business Machines Corp 3.500% due 05/15/29		150,000		168,004
Oracle Corp 2.300% due 03/25/28		300,000		307,979

				1,973,736

Utilities - 1.7%

Duquesne Light Holdings Inc 2.532% due 10/01/30 ~		100,000		98,445
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		200,000		210,368
NextEra Energy Capital Holdings Inc 1.900% due 06/15/28		150,000		151,852

				460,665

Total Corporate Bonds & Notes (Cost $15,843,726)				15,762,029


MORTGAGE-BACKED SECURITIES - 4.2%

Fannie Mae - 2.5%

2.000% due 09/01/35		199,626		206,130
2.000% due 12/01/35		458,210		473,140

				679,270

Freddie Mac - 1.7%

2.000% due 12/01/35		460,999		476,020


Total Mortgage-Backed Securities (Cost $1,167,731)				1,155,290


ASSET-BACKED SECURITIES - 17.3%

Ally Auto Receivables Trust 2.530% due 02/15/23		294,480		295,319
Ford Credit Auto Owner Trust 0.700% due 10/15/26		450,000		447,819
GM Financial Consumer Automobile Receivables Trust 0.230% due 11/16/23		221,564		221,667


	Principal Amount		Value
Magnetite Ltd (Cayman)
1.164% (USD LIBOR + 0.980%) due 04/15/31 ~ §		$250,000		$250,412
1.446% (USD LIBOR + 1.270%) due 10/25/31 ~ §		250,000		250,322
Navient Private Education Refi Loan Trust 0.840% due 05/15/69 ~		253,881		253,641
Navient Student Loan Trust
0.692% (USD LIBOR + 0.600%) due 12/26/69 ~ §		145,276		146,383
1.310% due 12/26/69 ~		242,126		238,951
1.320% due 08/26/69 ~		211,551		210,112
Palmer Square CLO Ltd (Cayman) 1.284% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		249,991
Palmer Square Loan Funding Ltd (Cayman)
due 07/20/29 ~ #		250,000		250,000
1.055% (USD LIBOR + 0.900%) due 04/20/29 ~ §		500,000		500,597
Santander Drive Auto Receivables Trust
0.590% due 09/15/25		200,000		200,422
0.750% due 02/17/26		750,000		750,138
2.790% due 01/16/24		59,614		59,758
SMB Private Education Loan Trust
0.601% (USD LIBOR + 0.500%) due 01/15/53 ~ §		76,871		77,009
1.070% due 01/15/53 ~		232,589		229,437
3.050% due 05/15/26 ~		73,103		73,237


Total Asset-Backed Securities (Cost $4,715,080)				4,705,215


U.S. TREASURY OBLIGATIONS - 16.1%

U.S. Treasury Bonds - 1.7%

1.625% due 11/15/50		500,000		449,219

				449,219

U.S. Treasury Notes - 14.4%

0.125% due 11/30/22		1,300,000		1,299,391
0.375% due 11/30/25		1,500,000		1,473,223
0.875% due 11/15/30		1,200,000		1,141,312

				3,913,926

Total U.S. Treasury Obligations (Cost $4,497,790)				4,363,145


	Shares		Value
SHORT-TERM INVESTMENT - 5.3%

Money Market Fund - 5.3%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,428,329		$1,428,329


Total Short-Term Investment (Cost $1,428,329)				1,428,329


TOTAL INVESTMENTS - 100.9% (Cost $27,652,656)				27,414,008


OTHER ASSETS & LIABILITIES, NET - (0.9%)				(249,649	)


NET ASSETS - 100.0%				$27,164,359

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 99.5%

Basic Materials - 4.3%

Arconic Corp *		128,185		$4,565,950
Axalta Coating Systems Ltd *		125,890		3,838,386
Celanese Corp		21,723		3,293,207
Kaiser Aluminum Corp		32,208		3,977,366

				15,674,909

Communications - 4.0%

Calix Inc *		78,587		3,732,883
Revolve Group Inc *		63,018		4,341,940
Viavi Solutions Inc *		188,304		3,325,449
Vonage Holdings Corp *		231,796		3,340,180

				14,740,452

Consumer, Cyclical - 20.5%

American Eagle Outfitters Inc		161,624		6,065,749
Avient Corp		65,304		3,210,345
Big Lots Inc		47,720		3,149,997
BJ’s Restaurants Inc *		65,892		3,237,933
BJ’s Wholesale Club Holdings Inc *		85,065		4,047,393
Bloomin’ Brands Inc *		120,707		3,275,988
Dana Inc		125,204		2,974,847
Darden Restaurants Inc		19,365		2,827,096
Dave & Buster’s Entertainment Inc *		88,224		3,581,894
Deckers Outdoor Corp *		12,070		4,635,725
Guess? Inc		106,385		2,808,564
Hilton Grand Vacations Inc *		65,826		2,724,538
KB Home		70,116		2,855,123
Kohl’s Corp		86,367		4,759,685
Lithia Motors Inc		13,827		4,751,510
Penn National Gaming Inc *		38,506		2,945,324
RH *		7,298		4,955,342
SeaWorld Entertainment Inc *		52,907		2,642,176
SkyWest Inc *		80,208		3,454,559
Steven Madden Ltd		67,115		2,936,952
UniFirst Corp		14,992		3,517,723

				75,358,463

Consumer, Non-Cyclical - 20.3%

AdaptHealth Corp *		104,868		2,874,432
Amedisys Inc *		11,202		2,743,706
Amicus Therapeutics Inc *		204,188		1,968,372
Arena Pharmaceuticals Inc *		28,210		1,923,922
Charles River Laboratories International Inc *		13,076		4,837,074
Chegg Inc *		28,178		2,341,874
Deluxe Corp		106,062		5,066,582
Exact Sciences Corp *		29,754		3,698,720
Heron Therapeutics Inc *		177,848		2,760,201
Horizon Therapeutics PLC *		76,788		7,190,428
Iovance Biotherapeutics Inc *		99,327		2,584,489
Jazz Pharmaceuticals PLC *		30,129		5,352,116
Merit Medical Systems Inc *		50,568		3,269,727
Neurocrine Biosciences Inc *		28,775		2,800,383
Novavax Inc *		9,921		2,106,327
NuVasive Inc *		41,763		2,830,696
Performance Food Group Co *		82,433		3,997,176
Progyny Inc *		49,432		2,916,488
Quanta Services Inc		60,629		5,491,168


	Shares		Value
Syneos Health Inc *		43,216		$3,867,400
TCR2 Therapeutics Inc *		105,006		1,723,148
Teleflex Inc		5,446		2,188,148

				74,532,577

Energy - 4.0%

Bonanza Creek Energy Inc		70,237		3,306,056
Diamondback Energy Inc		53,609		5,033,349
HollyFrontier Corp		50,459		1,660,101
Pioneer Natural Resources Co		17,111		2,780,880
Sunnova Energy International Inc *		54,617		2,056,876

				14,837,262

Financial - 17.6%

DiamondRock Hospitality Co REIT *		375,876		3,645,997
Everest Re Group Ltd		12,740		3,210,607
First Horizon Corp		295,385		5,104,253
First Industrial Realty Trust Inc REIT		70,315		3,672,552
Hancock Whitney Corp		121,284		5,389,861
Host Hotels & Resorts Inc REIT *		213,397		3,646,955
Lamar Advertising Co ‘A’ REIT		37,911		3,958,667
Mid-America Apartment Communities Inc REIT		25,252		4,252,942
Pinnacle Financial Partners Inc		79,144		6,987,624
Radian Group Inc		179,901		4,002,797
Stifel Financial Corp		54,071		3,507,045
The Hanover Insurance Group Inc		22,447		3,044,711
United Community Banks Inc		138,921		4,446,861
Western Alliance Bancorp		64,899		6,025,872
Wintrust Financial Corp		53,295		4,030,701

				64,927,445

Industrial - 11.5%

Atkore Inc *		54,560		3,873,760
EnPro Industries Inc		30,963		3,008,055
frontdoor Inc *		51,426		2,562,043
Generac Holdings Inc *		16,960		7,040,944
GrafTech International Ltd		375,128		4,358,987
Harsco Corp *		109,045		2,226,699
Hillenbrand Inc		74,061		3,264,609
II-VI Inc *		38,702		2,809,378
Jacobs Engineering Group Inc		28,690		3,827,820
Rexnord Corp		60,263		3,015,561
SPX Corp *		49,364		3,015,153
The Timken Co		40,254		3,244,070

				42,247,079

Technology - 15.0%

Avaya Holdings Corp *		176,598		4,750,486
Box Inc ‘A’ *		151,061		3,859,609
Cirrus Logic Inc *		45,522		3,874,833
Cloudflare Inc ‘A’ *		24,745		2,619,011
Cohu Inc *		101,912		3,749,342
CommVault Systems Inc *		51,163		3,999,412
Elastic NV *		34,500		5,028,720
Everbridge Inc *		17,203		2,340,984
J2 Global Inc *		35,074		4,824,429
Marvell Technology Inc		58,390		3,405,889
MKS Instruments Inc		17,417		3,099,355
Sailpoint Technologies Holdings Inc *		51,021		2,605,642
Silicon Laboratories Inc *		25,856		3,962,432


	Shares		Value
Sprout Social Inc ‘A’ *		46,412		$4,150,161
ZoomInfo Technologies Inc ‘A’ *		54,982		2,868,411

				55,138,716

Utilities - 2.3%

Evoqua Water Technologies Corp *		139,926		4,726,700
Portland General Electric Co		78,753		3,628,938

				8,355,638

Total Common Stocks (Cost $247,955,545)				365,812,541


	Shares		Value
SHORT-TERM INVESTMENT - 0.5%

Money Market Fund - 0.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		2,000,575		$2,000,575


Total Short-Term Investment (Cost $2,000,575)				2,000,575


TOTAL INVESTMENTS - 100.0% (Cost $249,956,120)				367,813,116


OTHER ASSETS & LIABILITIES, NET - (0.0%)				(25,484	)


NET ASSETS - 100.0%				$367,787,632

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 98.9%

Basic Materials - 3.1%

AdvanSix Inc *		5,439		$162,409
Arconic Corp *		6,359		226,508
Kaiser Aluminum Corp		1,807		223,146

				612,063

Communications - 4.5%

Calix Inc *		4,652		220,970
Revolve Group Inc *		3,931		270,846
Viavi Solutions Inc *		10,744		189,739
Vonage Holdings Corp *		14,501		208,959

				890,514

Consumer, Cyclical - 18.0%

American Eagle Outfitters Inc		8,942		335,593
Avient Corp		4,590		225,644
Bally’s Corp *		3,296		178,346
Big Lots Inc		3,195		210,902
BJ’s Restaurants Inc *		3,986		195,872
BJ’s Wholesale Club Holdings Inc *		4,448		211,636
Bloomin’ Brands Inc *		7,637		207,268
Dana Inc		6,517		154,844
Dave & Buster’s Entertainment Inc *		4,675		189,805
Deckers Outdoor Corp *		639		245,421
Guess? Inc		6,884		181,738
Hilton Grand Vacations Inc *		4,312		178,474
KB Home		4,672		190,244
Kohl’s Corp		3,466		191,011
Lithia Motors Inc		608		208,933
SeaWorld Entertainment Inc *		3,543		176,937
SkyWest Inc *		3,094		133,259
Steven Madden Ltd		3,634		159,024

				3,574,951

Consumer, Non-Cyclical - 23.4%

Acadia Healthcare Co Inc *		2,575		161,581
AdaptHealth Corp *		6,773		185,648
Addus HomeCare Corp *		1,488		129,813
Alphatec Holdings Inc *		10,735		164,460
Amicus Therapeutics Inc *		15,605		150,432
Arena Pharmaceuticals Inc *		2,274		155,087
AtriCure Inc *		3,108		246,558
Deluxe Corp		4,825		230,490
FibroGen Inc *		3,606		96,028
Herc Holdings Inc *		2,006		224,812
Heron Therapeutics Inc *		11,415		177,161
Iovance Biotherapeutics Inc *		5,632		146,545
LivaNova PLC *		2,043		171,837
Medpace Holdings Inc *		1,161		205,067
Novavax Inc *		823		174,731
NuVasive Inc *		2,860		193,851
Performance Food Group Co *		3,488		169,133
PetIQ Inc *		4,730		182,578
Phathom Pharmaceuticals Inc *		3,706		125,448
Progyny Inc *		3,564		210,276
Protagonist Therapeutics Inc *		7,386		331,484
Revance Therapeutics Inc *		6,621		196,247
SmileDirectClub Inc *		13,794		119,732


	Shares		Value
Syneos Health Inc *		1,768		$158,218
TCR2 Therapeutics Inc *		7,251		118,989
WW International Inc *		6,142		221,972

				4,648,178

Energy - 4.3%

Bonanza Creek Energy Inc		4,096		192,799
Brigham Minerals Inc ‘A’		11,874		252,798
Magnolia Oil & Gas Corp ‘A’ *		17,202		268,867
Sunnova Energy International Inc *		3,555		133,881

				848,345

Financial - 17.5%

Argo Group International Holdings Ltd		3,377		175,030
Brightsphere Investment Group Inc		4,858		113,823
Brixmor Property Group Inc REIT		8,757		200,448
ConnectOne Bancorp Inc		8,547		223,675
DiamondRock Hospitality Co REIT *		19,381		187,996
Enterprise Financial Services Corp		3,900		180,921
First Industrial Realty Trust Inc REIT		2,931		153,086
Hancock Whitney Corp		5,256		233,577
Home BancShares Inc		8,305		204,967
NexPoint Residential Trust Inc REIT		2,991		164,445
Origin Bancorp Inc		2,607		110,693
Pinnacle Financial Partners Inc		2,695		237,941
Radian Group Inc		9,659		214,913
Sandy Spring Bancorp Inc		4,998		220,562
Seacoast Banking Corp of Florida		5,964		203,670
Stifel Financial Corp		2,895		187,770
United Community Banks Inc		6,744		215,875
Veritex Holdings Inc		6,704		237,389

				3,466,781

Industrial - 13.5%

Altra Industrial Motion Corp		3,142		204,293
Atkore Inc *		2,775		197,025
EnerSys		1,592		155,586
EnPro Industries Inc		1,838		178,562
frontdoor Inc *		2,673		133,169
GrafTech International Ltd		14,222		165,260
Harsco Corp *		8,258		168,628
Hillenbrand Inc		3,957		174,424
II-VI Inc *		2,832		205,575
Infrastructure and Energy Alternatives Inc *		8,908		114,557
Masonite International Corp *		1,348		150,693
MYR Group Inc *		1,941		176,476
Rexnord Corp		5,134		256,905
Saia Inc *		1,057		221,431
The Timken Co		2,232		179,877

				2,682,461

Technology - 12.4%

Avaya Holdings Corp *		8,884		238,980
Box Inc ‘A’ *		9,724		248,448
Cirrus Logic Inc *		2,624		223,355
Cohu Inc *		5,383		198,040
CommVault Systems Inc *		2,711		211,919
Everbridge Inc *		1,414		192,417
J2 Global Inc *		1,925		264,784
Sailpoint Technologies Holdings Inc *		4,144		211,634
Silicon Laboratories Inc *		1,272		194,934


	Shares		Value
Sprout Social Inc ‘A’ *		2,450		$219,079
Ultra Clean Holdings Inc *		4,571		245,554

				2,449,144

Utilities - 2.2%

Evoqua Water Technologies Corp *		7,926		267,740
Portland General Electric Co		3,671		169,160

				436,900

Total Common Stocks (Cost $14,635,533)				19,609,337


SHORT-TERM INVESTMENT - 1.2%

Money Market Fund - 1.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		237,841		237,841


Total Short-Term Investment (Cost $237,841)				237,841


TOTAL INVESTMENTS - 100.1% (Cost $14,873,374)				19,847,178


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(21,335	)


NET ASSETS - 100.0%				$19,825,843

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 96.2%

Basic Materials - 4.1%

AdvanSix Inc *		7,539		$225,115
Alcoa Corp *		4,974		183,242
Arconic Corp *		8,058		287,026
Kaiser Aluminum Corp		701		86,566

				781,949

Communications - 1.7%

Viavi Solutions Inc *		8,805		155,497
Vonage Holdings Corp *		11,076		159,605

				315,102

Consumer, Cyclical - 14.9%

American Eagle Outfitters Inc		8,047		302,004
Avient Corp		4,843		238,082
Big Lots Inc		3,545		234,005
BJ’s Restaurants Inc *		3,836		188,501
Bloomin’ Brands Inc *		6,953		188,704
Dana Inc		9,047		214,957
Dave & Buster’s Entertainment Inc *		4,438		180,183
Guess? Inc		10,503		277,279
Hilton Grand Vacations Inc *		3,196		132,282
KB Home		4,465		181,815
SeaWorld Entertainment Inc *		3,238		161,706
SkyWest Inc *		4,288		184,684
Steven Madden Ltd		3,972		173,815
UniFirst Corp		657		154,159

				2,812,176

Consumer, Non-Cyclical - 14.9%

Acadia Healthcare Co Inc *		2,655		166,601
AdaptHealth Corp *		7,577		207,686
Arena Pharmaceuticals Inc *		1,820		124,124
Deluxe Corp		6,219		297,082
FibroGen Inc *		2,279		60,690
Herc Holdings Inc *		2,878		322,537
Hostess Brands Inc *		15,729		254,652
LivaNova PLC *		1,727		145,258
Performance Food Group Co *		4,081		197,888
PetIQ Inc *		3,578		138,111
PROG Holdings Inc		3,390		163,161
Protagonist Therapeutics Inc *		5,341		239,704
Revance Therapeutics Inc *		4,537		134,477
SeaSpine Holdings Corp *		7,495		153,722
Textainer Group Holdings Ltd (China) *		6,429		217,107

				2,822,800

Energy - 6.7%

Bonanza Creek Energy Inc		6,168		290,328
Brigham Minerals Inc ‘A’		20,344		433,124
Magnolia Oil & Gas Corp ‘A’ *		27,981		437,343
Sunnova Energy International Inc *		2,923		110,080

				1,270,875

Financial - 30.7%

Argo Group International Holdings Ltd		4,408		228,467
Blucora Inc *		10,309		178,449
Brightsphere Investment Group Inc		5,596		131,114


	Shares		Value
Brixmor Property Group Inc REIT		11,719		$268,248
ConnectOne Bancorp Inc		11,294		295,564
DiamondRock Hospitality Co REIT *		25,056		243,043
Enterprise Financial Services Corp		4,511		209,265
First Bancorp		4,045		165,481
First Industrial Realty Trust Inc REIT		3,841		200,615
First Interstate BancSystem Inc ‘A’		1,212		50,698
Hancock Whitney Corp		6,882		305,836
Home BancShares Inc		5,922		146,155
Horizon Bancorp Inc		11,597		202,136
National Storage Affiliates Trust REIT		3,729		188,538
NexPoint Residential Trust Inc REIT		3,318		182,424
Old Second Bancorp Inc		11,752		145,725
Origin Bancorp Inc		3,903		165,721
Piedmont Office Realty Trust Inc ‘A’ REIT		10,466		193,307
Pinnacle Financial Partners Inc		3,703		326,938
QCR Holdings Inc		4,975		239,248
QTS Realty Trust Inc ‘A’ REIT		483		37,336
Radian Group Inc		10,858		241,591
Sandy Spring Bancorp Inc		6,114		269,811
Seacoast Banking Corp of Florida		6,083		207,734
Selective Insurance Group Inc		1,898		154,023
Stifel Financial Corp		2,913		188,937
United Community Banks Inc		9,148		292,827
Veritex Holdings Inc		7,105		251,588
WSFS Financial Corp		2,369		110,372

				5,821,191

Industrial - 16.2%

Altra Industrial Motion Corp		3,806		247,466
Atkore Inc *		4,340		308,140
Crane Co		2,032		187,696
EnPro Industries Inc		2,977		289,216
GrafTech International Ltd		22,315		259,300
Harsco Corp *		10,812		220,781
Hillenbrand Inc		5,529		243,718
II-VI Inc *		2,602		188,879
Infrastructure and Energy Alternatives Inc *		15,783		202,969
Masonite International Corp *		1,477		165,114
MYR Group Inc *		2,758		250,757
The Timken Co		2,322		187,130
UFP Industries Inc		2,043		151,877
UFP Technologies Inc *		2,914		167,322

				3,070,365

Technology - 4.1%

Avaya Holdings Corp *		5,748		154,621
Cirrus Logic Inc *		1,977		168,282
Cohu Inc *		4,698		172,839
Synaptics Inc *		836		130,065
Ultra Clean Holdings Inc *		2,798		150,309

				776,116

Utilities - 2.9%

Evoqua Water Technologies Corp *		5,016		169,440
Portland General Electric Co		8,161		376,059

				545,499

Total Common Stocks (Cost $13,250,070)				18,216,073


	Shares		Value
EXCHANGE-TRADED FUND - 1.1%

iShares Russell 2000 Value		1,306		$216,495


Total Exchange-Traded Fund (Cost $193,371)				216,495


SHORT-TERM INVESTMENT - 2.7%

Money Market Fund - 2.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		511,292		511,292


Total Short-Term Investment (Cost $511,292)				511,292


TOTAL INVESTMENTS - 100.0% (Cost $13,954,733)				18,943,860


OTHER ASSETS & LIABILITIES, NET - (0.0%)				(4,944	)


NET ASSETS - 100.0%				$18,938,916

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 2.5%

Consumer, Cyclical - 0.3%

BMW US Capital LLC (Germany) 3.400% due 08/13/21 ~		$100,000		$100,366


Financial - 1.6%

Aviation Capital Group LLC 2.875% due 01/20/22 ~		200,000		202,058
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		100,000		106,705
Bank of America Corp 5.875% due 03/15/28		10,000		11,458
BOC Aviation Ltd (Singapore) 2.375% due 09/15/21 ~		200,000		200,309

				520,530

Industrial - 0.6%

Komatsu Finance America Inc 2.437% due 09/11/22 ~		200,000		204,420


Total Corporate Bonds & Notes (Cost $814,209)				825,316


MORTGAGE-BACKED SECURITIES - 4.0%

Collateralized Mortgage Obligations - Residential - 2.8%

Chevy Chase Funding LLC Mortgage-Backed Certificates 0.452% (USD LIBOR + 0.360%) due 03/25/35 ~ §		71,178		73,520
CHL Mortgage Pass-Through Trust 4.366% due 01/19/34 §		8,565		8,972
Credit Suisse Mortgage Trust 0.242% (USD LIBOR + 0.150%) due 09/29/36 ~ §		180,142		176,395
Fannie Mae REMICS
0.442% (USD LIBOR + 0.350%) due 07/25/37 §		13,848		13,942
0.472% (USD LIBOR + 0.380%) due 07/25/37 §		21,926		22,152
0.532% (USD LIBOR + 0.440%) due 05/25/36 §		9,803		9,904
0.537% (USD LIBOR + 0.445%) due 02/25/37 §		3,477		3,514
Government National Mortgage Association 0.599% (USD LIBOR + 0.150%) due 08/20/68 §		68,101		67,581
GSR Mortgage Loan Trust 2.924% due 09/25/35 §		6,074		6,203
Hawksmoor Mortgages (United Kingdom) 1.099% (SONIA + 1.050%) due 05/25/53 ~ §		GBP 196,518		273,238
JP Morgan Mortgage Trust 2.568% due 06/25/35 §		$16,538		17,302
Merrill Lynch Mortgage Investors Trust 2.116% due 12/25/34 §		24,656		25,225


	Principal Amount		Value
Towd Point Mortgage Funding PLC (United Kingdom) 1.107% (GBP LIBOR + 1.025%) due 10/20/51 ~ §		GBP 161,567		$225,269
WaMu Mortgage Pass-Through Certificates Trust 0.832% (USD LIBOR + 0.740%) due 01/25/45 §		$27,443		27,424

				950,641

Fannie Mae - 1.2%
due 08/01/51 #		370,000		389,721


Total Mortgage-Backed Securities (Cost $1,285,071)				1,340,362


ASSET-BACKED SECURITIES - 1.4%

Asset Backed Funding Corp Trust 0.692% (USD LIBOR + 0.600%) due 10/25/34 §		21,723		21,607
Freddie Mac Structured Pass-Through Certificates 0.372% (USD LIBOR + 0.280%) due 09/25/31 §		613		609
Home Equity Asset Trust 0.947% (USD LIBOR + 0.855%) due 08/25/34 §		15,457		15,414
LoanCore Issuer Ltd 1.203% (USD LIBOR + 1.130%) due 05/15/36 ~ §		100,000		100,031
MidOcean Credit CLO IV (Cayman) 0.984% (USD LIBOR + 0.800%) due 04/15/27 ~ §		9,524		9,535
Saxon Asset Securities Trust 0.402% (USD LIBOR + 0.310%) due 09/25/37 §		17,917		17,647
TICP CLO II-2 Ltd (Cayman) 1.028% (USD LIBOR + 0.840%) due 04/20/28 ~ §		319,086		319,068


Total Asset-Backed Securities (Cost $483,346)				483,911


U.S. TREASURY OBLIGATIONS - 104.9%

U.S. Treasury Inflation Protected Securities - 104.9%

0.125% due 04/15/22 ^		944,366		968,766
0.125% due 07/15/22 ^		255,484		264,798
0.125% due 01/15/23 ^		706,909		738,683
0.125% due 07/15/26 ^		222,822		244,082
0.125% due 01/15/30 ^		2,501,508		2,748,110
0.375% due 07/15/25 ^		230,857		253,567
0.375% due 07/15/27 ^		1,812,255		2,022,166
0.500% due 04/15/24 ^		3,388,352		3,653,121
0.500% due 01/15/28 ^		1,873,002		2,101,101
0.625% due 07/15/21 ^		1,135,125		1,139,652
0.625% due 04/15/23 ^		1,118,135		1,182,969
0.625% due 01/15/24 ^		1,391,748		1,499,231
0.625% due 01/15/26 ^		618,151		686,731
0.625% due 02/15/43 ^		371,696		444,650
0.750% due 07/15/28 ^		1,127,723		1,294,783


	Principal Amount		Value
0.750% due 02/15/42 ^		$118,186		$144,164
0.750% due 02/15/45 ^		646,426		798,574
0.875% due 01/15/29 ^		1,639,327		1,898,109
0.875% due 02/15/47 ^		470,182		605,995
1.000% due 02/15/46 ^		581,568		761,366
1.000% due 02/15/49 ^		42,451		57,266
1.375% due 02/15/44 ^		1,959,421		2,707,941
2.000% due 01/15/26 ^		285,248		335,727
2.125% due 02/15/41 ^		365,841		552,002
3.375% due 04/15/32 ^		88,767		131,023
3.875% due 04/15/29 ^		56,857		80,003
0.125% due 07/15/24 ^		1,349,628		1,451,682
0.125% due 10/15/24 ^		1,873,584		2,019,726
0.125% due 04/15/25 ^		1,654,224		1,786,016
0.125% due 01/15/31 ^		2,123,572		2,339,015
0.125% due 02/15/51 ^		102,574		112,600


Total U.S. Treasury Obligations (Cost $33,893,987)				35,023,619


FOREIGN GOVERNMENT BONDS & NOTES - 6.9%

Australia Government (Australia) 1.250% due 02/21/22 ^ ~	AUD	692,156		624,623
French Republic Government OAT (France)
0.100% due 03/01/26 ^ ~	EUR	101,484		130,929
0.250% due 07/25/24 ^ ~		108,171		137,082
Italy Buoni Poliennali Del Tesoro (Italy)
0.400% due 05/15/30 ^ ~		412,228		528,187
1.400% due 05/26/25 ^ ~		602,664		772,202
New Zealand Government (New Zealand) 2.000% due 09/20/25 ^ ~	NZD	110,000		95,781


Total Foreign Government Bonds & Notes (Cost $2,098,367)				2,288,804


	Shares
SHORT-TERM INVESTMENT - 0.8%

Money Market Fund - 0.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		265,868		265,868


Total Short-Term Investment (Cost $265,868)				265,868


TOTAL INVESTMENTS - 120.5% (Cost $38,840,848)				40,227,880


DERIVATIVES - (0.0%)				(11,914	)


OTHER ASSETS & LIABILITIES, NET - (20.5%)				(6,820,752	)


NET ASSETS - 100.0%				$33,395,214

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 33.3%

Basic Materials - 0.9%

Anglo American Capital PLC (South Africa)
3.625% due 09/11/24 ~		$465,000		$501,606
4.750% due 04/10/27 ~		400,000		460,413
ArcelorMittal SA (Luxembourg) 7.250% due 10/15/39		80,000		113,140
Barrick Gold Corp (Canada) 5.250% due 04/01/42		30,000		39,437
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		90,000		123,909
DuPont de Nemours Inc 5.319% due 11/15/38		55,000		72,839
Freeport-McMoRan Inc
4.625% due 08/01/30		20,000		21,927
5.450% due 03/15/43		190,000		232,495
Glencore Funding LLC (Australia)
2.500% due 09/01/30 ~		135,000		134,806
3.875% due 10/27/27 ~		10,000		11,028
4.000% due 03/27/27 ~		740,000		821,029
4.125% due 03/12/24 ~		150,000		161,803
International Flavors & Fragrances Inc
1.832% due 10/15/27 ~		200,000		199,621
3.468% due 12/01/50 ~		70,000		72,896
LYB International Finance III LLC
1.250% due 10/01/25		60,000		59,915
3.375% due 05/01/30		85,000		92,252
Nutrien Ltd (Canada) 5.000% due 04/01/49		30,000		39,621
OCP SA (Morocco)
4.500% due 10/22/25 ~		200,000		217,206
5.125% due 06/23/51 ~		200,000		202,460
Orbia Advance Corp SAB de CV (Mexico)
1.875% due 05/11/26 ~		220,000		223,105
2.875% due 05/11/31 ~		210,000		211,583
Southern Copper Corp (Peru) 6.750% due 04/16/40		260,000		371,283
Suzano Austria GmbH (Brazil)
due 01/15/32 #		50,000		49,581
3.750% due 01/15/31		340,000		357,000
Vale Overseas Ltd (Brazil)
3.750% due 07/08/30		95,000		101,265
6.875% due 11/21/36		48,000		65,854
Yamana Gold Inc (Canada) 4.625% due 12/15/27		90,000		99,276

				5,057,350

Communications - 3.9%

Alphabet Inc
0.450% due 08/15/25		20,000		19,814
0.800% due 08/15/27		30,000		29,187
1.100% due 08/15/30		30,000		28,479
2.050% due 08/15/50		50,000		44,221
Altice France SA (France) 7.375% due 05/01/26 ~		200,000		208,236
Amazon.com Inc
0.800% due 06/03/25		60,000		60,144
1.200% due 06/03/27		70,000		69,829
1.500% due 06/03/30		30,000		29,351


	Principal Amount		Value
2.100% due 05/12/31		$40,000		$40,699
2.500% due 06/03/50		580,000		549,318
3.875% due 08/22/37		70,000		83,613
4.250% due 08/22/57		10,000		12,836
4.950% due 12/05/44		60,000		81,494
America Movil SAB de CV (Mexico) 2.875% due 05/07/30		200,000		211,605
AT&T Inc
1.650% due 02/01/28		230,000		228,436
2.250% due 02/01/32		10,000		9,825
2.300% due 06/01/27		910,000		941,973
3.100% due 02/01/43		500,000		490,918
3.500% due 06/01/41		275,000		286,170
3.550% due 09/15/55 ~		249,000		250,197
3.800% due 02/15/27		30,000		33,472
4.350% due 06/15/45		32,000		36,827
CCO Holdings LLC
4.500% due 08/15/30 ~		10,000		10,425
4.500% due 05/01/32		1,480,000		1,538,778
5.125% due 05/01/27 ~		130,000		136,519
Charter Communications Operating LLC
3.500% due 06/01/41		40,000		40,337
3.700% due 04/01/51		230,000		228,029
4.800% due 03/01/50		170,000		195,617
4.908% due 07/23/25		690,000		782,154
5.375% due 04/01/38		20,000		24,612
5.750% due 04/01/48		10,000		12,750
6.384% due 10/23/35		20,000		26,776
6.834% due 10/23/55		30,000		44,268
Comcast Corp
1.500% due 02/15/31		100,000		94,837
2.800% due 01/15/51		172,000		165,781
3.150% due 03/01/26		30,000		32,666
3.250% due 11/01/39		185,000		197,086
3.300% due 04/01/27		20,000		22,056
3.375% due 08/15/25		20,000		21,825
3.400% due 04/01/30		30,000		33,145
3.450% due 02/01/50		110,000		118,982
3.750% due 04/01/40		100,000		112,905
3.950% due 10/15/25		220,000		246,642
3.999% due 11/01/49		51,000		60,168
4.000% due 03/01/48		10,000		11,747
4.250% due 10/15/30		730,000		859,797
4.700% due 10/15/48		20,000		25,830
5.650% due 06/15/35		20,000		27,117
Corning Inc 5.750% due 08/15/40		60,000		81,764
Cox Communications Inc 2.950% due 10/01/50 ~		60,000		56,973
CSC Holdings LLC 4.500% due 11/15/31 ~		200,000		201,478
Discovery Communications LLC 3.625% due 05/15/30		100,000		109,200
DISH DBS Corp
5.125% due 06/01/29 ~		70,000		69,208
5.875% due 11/15/24		40,000		43,000
7.750% due 07/01/26		10,000		11,337
eBay Inc 2.600% due 05/10/31		200,000		203,676


	Principal Amount		Value
Expedia Group Inc 3.800% due 02/15/28		$800,000		$870,592
Fox Corp 5.476% due 01/25/39		150,000		194,302
Prosus NV (China) 3.832% due 02/08/51 ~		460,000		429,763
Rogers Communications Inc (Canada) 3.700% due 11/15/49		60,000		64,042
Sprint Capital Corp 8.750% due 03/15/32		130,000		197,762
Sprint Spectrum Co LLC
3.360% due 03/20/23 ~		12,500		12,577
4.738% due 09/20/29 ~		421,875		453,727
Telefonica Emisiones SA (Spain) 5.213% due 03/08/47		150,000		187,623
Tencent Holdings Ltd (China) 3.840% due 04/22/51 ~		530,000		572,151
The Walt Disney Co
2.650% due 01/13/31		600,000		630,369
3.500% due 05/13/40		100,000		111,681
Time Warner Cable LLC
5.875% due 11/15/40		50,000		64,865
6.550% due 05/01/37		110,000		150,205
6.750% due 06/15/39		20,000		27,924
7.300% due 07/01/38		460,000		672,645
Time Warner Entertainment Co LP 8.375% due 07/15/33		20,000		30,341
T-Mobile USA Inc
2.050% due 02/15/28		10,000		10,179
2.250% due 02/15/26		10,000		10,087
2.550% due 02/15/31		550,000		557,700
2.625% due 02/15/29		50,000		49,437
2.875% due 02/15/31		840,000		834,750
3.000% due 02/15/41		110,000		108,919
3.500% due 04/15/25		230,000		249,909
3.500% due 04/15/31		50,000		51,790
3.750% due 04/15/27		435,000		481,712
3.875% due 04/15/30		280,000		313,950
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		720,560
Verizon Communications Inc
0.850% due 11/20/25		$30,000		29,688
1.450% due 03/20/26		40,000		40,358
1.750% due 01/20/31		70,000		67,133
2.100% due 03/22/28		340,000		347,359
2.550% due 03/21/31		510,000		521,673
2.625% due 08/15/26		20,000		21,271
2.650% due 11/20/40		966,000		931,340
2.875% due 11/20/50		420,000		399,976
3.150% due 03/22/30		305,000		329,593
3.376% due 02/15/25		79,000		85,880
3.850% due 11/01/42		345,000		392,439
4.000% due 03/22/50		30,000		34,541
4.125% due 08/15/46		30,000		35,488
4.329% due 09/21/28		5,000		5,821
4.400% due 11/01/34		90,000		107,336
4.500% due 08/10/33		520,000		622,142
4.862% due 08/21/46		20,000		25,920
5.500% due 03/16/47		30,000		42,067


	Principal Amount		Value
ViacomCBS Inc
4.000% due 01/15/26		$50,000		$55,636
5.850% due 09/01/43		70,000		96,060
Vodafone Group PLC (United Kingdom) 4.375% due 05/30/28		90,000		104,779

				21,950,191

Consumer, Cyclical - 3.6%

7-Eleven Inc
0.950% due 02/10/26 ~		60,000		58,955
2.500% due 02/10/41 ~		49,000		45,702
Alimentation Couche-Tard Inc (Canada)
2.950% due 01/25/30 ~		100,000		103,938
3.439% due 05/13/41 ~		85,000		87,878
3.625% due 05/13/51 ~		90,000		94,275
American Airlines Pass-Through Trust ‘AA’ 3.200% due 12/15/29		274,663		280,858
AutoZone Inc 3.625% due 04/15/25		100,000		109,518
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.800% due 03/20/33 ~		416,008		435,867
Costco Wholesale Corp
1.375% due 06/20/27		60,000		60,434
1.600% due 04/20/30		40,000		39,513
Delta Air Lines Inc
2.900% due 10/28/24		80,000		81,448
3.625% due 03/15/22		40,000		40,571
3.800% due 04/19/23		10,000		10,384
4.500% due 10/20/25 ~		70,000		75,257
4.750% due 10/20/28 ~		660,000		734,294
7.000% due 05/01/25 ~		440,000		513,776
7.375% due 01/15/26		50,000		58,706
Delta Air Lines Pass-Through Trust ‘B’ 4.250% due 01/30/25		104,372		106,559
Dollar General Corp 4.125% due 04/03/50		100,000		117,432
Ford Motor Credit Co LLC
0.151% (EUR LIBOR + 0.370%) due 12/01/21 §		EUR 800,000		947,996
1.355% due 02/07/25		300,000		356,211
3.375% due 11/13/25		$1,600,000		1,661,120
4.000% due 11/13/30		200,000		209,750
4.125% due 08/17/27		200,000		212,430
5.875% due 08/02/21		200,000		201,270
General Motors Co
5.150% due 04/01/38		20,000		24,451
5.950% due 04/01/49		20,000		27,271
6.125% due 10/01/25		45,000		53,302
6.250% due 10/02/43		40,000		55,305
General Motors Financial Co Inc
1.250% due 01/08/26		164,000		162,992
2.700% due 06/10/31		65,000		65,372
2.750% due 06/20/25		920,000		969,121
4.250% due 05/15/23		30,000		31,898
4.350% due 01/17/27		60,000		67,514
Hanesbrands Inc 5.375% due 05/15/25 ~		40,000		42,469
Hasbro Inc 3.900% due 11/19/29		50,000		55,648


	Principal Amount		Value
Hilton Domestic Operating Co Inc
5.375% due 05/01/25 ~		$20,000		$21,110
5.750% due 05/01/28 ~		20,000		21,693
Hilton Worldwide Finance LLC 4.875% due 04/01/27		130,000		135,883
Hyundai Capital America
1.150% due 11/10/22 ~		246,000		247,743
1.300% due 01/08/26 ~		40,000		39,578
1.800% due 01/10/28 ~		70,000		69,493
2.375% due 10/15/27 ~		300,000		307,166
2.650% due 02/10/25 ~		150,000		157,161
Kia Motors Corp (South Korea) 3.250% due 04/21/26 ~		200,000		214,422
Kohl’s Corp 3.375% due 05/01/31		96,000		99,497
Las Vegas Sands Corp
2.900% due 06/25/25		690,000		719,290
3.200% due 08/08/24		50,000		52,503
Lennar Corp 4.500% due 04/30/24		35,000		38,325
Levi Strauss & Co 5.000% due 05/01/25		6,000		6,138
Lowe’s Cos Inc
2.625% due 04/01/31		200,000		206,884
4.500% due 04/15/30		20,000		23,688
McDonald’s Corp
1.450% due 09/01/25		10,000		10,206
3.300% due 07/01/25		30,000		32,612
3.500% due 03/01/27		20,000		22,106
3.500% due 07/01/27		10,000		11,092
3.600% due 07/01/30		360,000		405,178
3.625% due 09/01/49		10,000		11,103
3.700% due 01/30/26		40,000		44,468
3.800% due 04/01/28		30,000		33,986
4.200% due 04/01/50		240,000		290,110
MDC Holdings Inc 2.500% due 01/15/31		40,000		39,020
MGM Resorts International 7.750% due 03/15/22		800,000		837,160
Mileage Plus Holdings LLC 6.500% due 06/20/27 ~		260,000		286,585
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		30,000		29,663
3.875% due 01/15/28 ~		20,000		20,275
4.250% due 05/15/24 ~		26,000		26,302
Newell Brands Inc
4.350% due 04/01/23		20,000		21,007
4.700% due 04/01/26		10,000		11,164
NIKE Inc
2.400% due 03/27/25		30,000		31,750
2.750% due 03/27/27		240,000		258,932
2.850% due 03/27/30		50,000		54,403
3.250% due 03/27/40		20,000		21,991
3.375% due 03/27/50		510,000		575,598
Nissan Motor Acceptance Corp
2.000% due 03/09/26 ~		300,000		302,157
2.750% due 03/09/28 ~		300,000		303,030
2.800% due 01/13/22 ~		182,000		184,076


	Principal Amount		Value
Nissan Motor Co Ltd (Japan)
3.522% due 09/17/25 ~		$1,300,000		$1,389,090
4.345% due 09/17/27 ~		400,000		440,045
4.810% due 09/17/30 ~		400,000		452,013
Nordstrom Inc 4.250% due 08/01/31 ~		94,000		98,014
O’Reilly Automotive Inc 3.900% due 06/01/29		100,000		113,056
Sands China Ltd (Macau) 5.125% due 08/08/25		310,000		347,135
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		270,000		305,910
Starbucks Corp
2.550% due 11/15/30		900,000		933,367
3.350% due 03/12/50		40,000		41,933
Target Corp 2.250% due 04/15/25		30,000		31,530
The Home Depot Inc
2.700% due 04/15/30		40,000		42,818
3.300% due 04/15/40		40,000		43,904
3.350% due 04/15/50		450,000		498,387
3.900% due 06/15/47		10,000		11,893
Tractor Supply Co 1.750% due 11/01/30		100,000		95,457
United Airlines Inc
4.375% due 04/15/26 ~		10,000		10,364
4.625% due 04/15/29 ~		110,000		113,988
United Airlines Pass-Through Trust ‘A’
3.100% due 04/07/30		85,573		86,623
3.700% due 09/01/31		225,283		230,202
United Airlines Pass-Through Trust ‘B’
3.650% due 04/07/27		255,584		253,884
3.650% due 07/07/27		178,333		177,433
VOC Escrow Ltd 5.000% due 02/15/28 ~		140,000		141,820
Walmart Inc
3.400% due 06/26/23		20,000		21,194
3.700% due 06/26/28		60,000		68,345
Wynn Macau Ltd (Macau) 5.625% due 08/26/28 ~		200,000		209,126

				20,581,564

Consumer, Non-Cyclical - 4.7%

Abbott Laboratories
3.750% due 11/30/26		38,000		42,936
4.750% due 11/30/36		70,000		90,268
4.900% due 11/30/46		160,000		219,407
AbbVie Inc
2.300% due 11/21/22		230,000		236,125
2.600% due 11/21/24		450,000		474,687
2.950% due 11/21/26		780,000		839,010
3.200% due 11/21/29		630,000		684,735
3.450% due 03/15/22		80,000		81,354
3.600% due 05/14/25		70,000		76,421
3.750% due 11/14/23		10,000		10,731
3.800% due 03/15/25		90,000		98,496
4.050% due 11/21/39		100,000		116,305
4.250% due 11/21/49		315,000		378,135
Aetna Inc 2.800% due 06/15/23		40,000		41,646


	Principal Amount		Value
Altria Group Inc
2.450% due 02/04/32		$180,000		$174,275
3.400% due 02/04/41		350,000		334,369
3.875% due 09/16/46		20,000		19,910
4.400% due 02/14/26		701,000		793,524
4.800% due 02/14/29		46,000		53,364
5.800% due 02/14/39		40,000		49,483
5.950% due 02/14/49		100,000		128,185
6.200% due 02/14/59		12,000		15,561
Amgen Inc
2.770% due 09/01/53		43,000		40,750
3.625% due 05/22/24		30,000		32,306
4.663% due 06/15/51		11,000		14,215
Anheuser-Busch Cos LLC (Belgium)
3.650% due 02/01/26		390,000		430,936
4.900% due 02/01/46		90,000		114,117
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.500% due 06/01/30		220,000		244,947
3.750% due 07/15/42		515,000		559,579
4.350% due 06/01/40		60,000		71,543
4.500% due 06/01/50		390,000		475,427
4.750% due 01/23/29		210,000		250,383
Anthem Inc
2.250% due 05/15/30		105,000		106,060
2.550% due 03/15/31		400,000		412,576
3.125% due 05/15/22		30,000		30,742
3.350% due 12/01/24		40,000		43,180
3.650% due 12/01/27		30,000		33,608
AstraZeneca PLC (United Kingdom) 6.450% due 09/15/37		35,000		52,386
Baptist Healthcare System Obligated Group 3.540% due 08/15/50		95,000		102,732
BAT Capital Corp (United Kingdom)
2.259% due 03/25/28		200,000		198,714
3.557% due 08/15/27		450,000		482,148
3.734% due 09/25/40		85,000		83,220
4.540% due 08/15/47		170,000		181,118
Bausch Health Cos Inc
5.000% due 02/15/29 ~		50,000		46,689
5.250% due 01/30/30 ~		430,000		400,438
6.250% due 02/15/29 ~		110,000		108,933
7.250% due 05/30/29 ~		50,000		51,235
Becton Dickinson and Co
3.363% due 06/06/24		110,000		117,893
3.700% due 06/06/27		200,000		222,352
3.734% due 12/15/24		50,000		54,484
3.794% due 05/20/50		40,000		44,924
4.669% due 06/06/47		50,000		62,406
4.685% due 12/15/44		32,000		39,890
Biogen Inc
2.250% due 05/01/30		65,000		65,231
3.150% due 05/01/50		70,000		68,896
Block Financial LLC 3.875% due 08/15/30		800,000		865,634
Bon Secours Mercy Health Inc 3.205% due 06/01/50		125,000		129,811


	Principal Amount		Value
Boston Scientific Corp
2.650% due 06/01/30		$900,000		$931,753
4.550% due 03/01/39		60,000		73,416
Bristol-Myers Squibb Co
2.350% due 11/13/40		25,000		24,115
2.900% due 07/26/24		45,000		48,020
3.200% due 06/15/26		50,000		54,921
3.550% due 08/15/22		90,000		93,232
3.875% due 08/15/25		33,000		36,762
5.000% due 08/15/45		364,000		498,656
Bunge Ltd Finance Corp 2.750% due 05/14/31		95,000		96,114
Cargill Inc 1.375% due 07/23/23 ~		40,000		40,761
Centene Corp 3.375% due 02/15/30		10,000		10,467
Cigna Corp
3.750% due 07/15/23		66,000		70,307
4.125% due 11/15/25		40,000		44,851
4.375% due 10/15/28		530,000		616,874
4.900% due 12/15/48		240,000		309,664
CommonSpirit Health 2.782% due 10/01/30		185,000		192,328
Constellation Brands Inc 4.250% due 05/01/23		30,000		32,010
CVS Health Corp
3.625% due 04/01/27		10,000		11,088
3.700% due 03/09/23		7,000		7,374
3.750% due 04/01/30		720,000		806,773
4.125% due 04/01/40		160,000		186,060
4.250% due 04/01/50		20,000		23,756
4.300% due 03/25/28		91,000		104,625
4.875% due 07/20/35		155,000		189,077
5.050% due 03/25/48		330,000		429,425
5.125% due 07/20/45		60,000		78,167
Danone SA (France) 2.589% due 11/02/23 ~		200,000		208,635
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		250,741
Gilead Sciences Inc
2.600% due 10/01/40		90,000		86,815
3.650% due 03/01/26		280,000		308,836
4.750% due 03/01/46		30,000		38,112
Global Payments Inc 3.200% due 08/15/29		65,000		69,668
HCA Inc
3.500% due 09/01/30		80,000		85,280
4.500% due 02/15/27		40,000		45,249
5.250% due 06/15/26		440,000		509,695
5.375% due 02/01/25		20,000		22,585
5.875% due 02/01/29		30,000		36,315
Humana Inc
3.150% due 12/01/22		50,000		51,572
3.950% due 03/15/27		170,000		190,950
4.625% due 12/01/42		50,000		61,724
4.800% due 03/15/47		20,000		25,305
4.950% due 10/01/44		20,000		25,924
IHS Markit Ltd 4.250% due 05/01/29		130,000		150,696


	Principal Amount		Value
Johnson & Johnson
0.550% due 09/01/25		$40,000		$39,657
0.950% due 09/01/27		80,000		78,580
3.625% due 03/03/37		100,000		116,883
Keurig Dr Pepper Inc 3.200% due 05/01/30		165,000		178,598
Kraft Heinz Foods Co
4.250% due 03/01/31		10,000		11,371
4.375% due 06/01/46		20,000		22,701
4.875% due 10/01/49		30,000		36,498
5.000% due 06/04/42		10,000		12,234
5.200% due 07/15/45		20,000		24,875
5.500% due 06/01/50		20,000		26,014
Lamb Weston Holdings Inc 4.875% due 05/15/28 ~		10,000		11,075
Mars Inc
2.700% due 04/01/25 ~		40,000		42,502
3.200% due 04/01/30 ~		40,000		43,806
MedStar Health Inc 3.626% due 08/15/49		90,000		100,976
Medtronic Inc 3.500% due 03/15/25		36,000		39,539
Merck & Co Inc 1.450% due 06/24/30		190,000		185,167
MidMichigan Health 3.409% due 06/01/50		180,000		193,959
PayPal Holdings Inc
1.650% due 06/01/25		70,000		71,894
2.850% due 10/01/29		900,000		971,820
PeaceHealth Obligated Group 3.218% due 11/15/50		115,000		121,432
PepsiCo Inc
2.250% due 03/19/25		10,000		10,514
2.625% due 03/19/27		120,000		129,034
2.875% due 10/15/49		20,000		20,708
3.625% due 03/19/50		50,000		58,637
3.875% due 03/19/60		10,000		12,364
Pfizer Inc 2.625% due 04/01/30		60,000		63,977
Philip Morris International Inc
2.500% due 08/22/22		90,000		92,396
2.500% due 11/02/22		80,000		82,167
4.500% due 03/20/42		30,000		35,698
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		50,000		55,365
Regeneron Pharmaceuticals Inc 1.750% due 09/15/30		600,000		569,286
Reynolds American Inc (United Kingdom)
5.850% due 08/15/45		50,000		61,319
6.150% due 09/15/43		30,000		37,630
Royalty Pharma PLC 3.550% due 09/02/50 ~		60,000		59,828
Smithfield Foods Inc 3.000% due 10/15/30 ~		100,000		100,948
Sysco Corp 2.400% due 02/15/30		190,000		193,412
Teva Pharmaceutical Finance Co BV (Israel)
2.950% due 12/18/22		760,000		766,118
3.650% due 11/10/21		50,000		50,190


	Principal Amount		Value
Teva Pharmaceutical Finance Netherlands III BV (Israel)
2.200% due 07/21/21		$420,000		$419,937
2.800% due 07/21/23		140,000		139,684
3.150% due 10/01/26		260,000		247,650
4.100% due 10/01/46		30,000		26,325
The Coca-Cola Co
2.500% due 03/15/51		20,000		18,885
3.375% due 03/25/27		90,000		100,308
The Kroger Co 3.950% due 01/15/50		75,000		85,517
The Procter & Gamble Co 2.800% due 03/25/27		10,000		10,846
Triton Container International Ltd (Bermuda) 2.050% due 04/15/26 ~		150,000		150,933
Tyson Foods Inc 3.550% due 06/02/27		195,000		216,125
United Rentals North America Inc
3.875% due 02/15/31		20,000		20,375
5.875% due 09/15/26		90,000		93,366
UnitedHealth Group Inc
2.000% due 05/15/30		330,000		332,950
2.375% due 10/15/22		10,000		10,270
3.500% due 06/15/23		20,000		21,219
3.750% due 07/15/25		80,000		88,825
3.875% due 08/15/59		50,000		59,438
4.250% due 06/15/48		150,000		186,518
4.450% due 12/15/48		10,000		12,801
Utah Acquisition Sub Inc 3.950% due 06/15/26		105,000		115,743
Viatris Inc 3.850% due 06/22/40 ~		60,000		63,897
West Virginia United Health System Obligated Group 3.129% due 06/01/50		210,000		212,271
Zoetis Inc 2.000% due 05/15/30		900,000		897,271

				26,637,454

Energy - 4.2%

Apache Corp
3.250% due 04/15/22		24,000		24,333
4.250% due 01/15/44		170,000		166,780
4.750% due 04/15/43		40,000		41,676
5.100% due 09/01/40		70,000		73,412
Boardwalk Pipelines LP
3.400% due 02/15/31		700,000		743,656
4.450% due 07/15/27		85,000		96,103
BP Capital Markets America Inc
2.772% due 11/10/50		100,000		92,817
2.939% due 06/04/51		55,000		52,790
3.000% due 02/24/50		300,000		290,607
3.633% due 04/06/30		590,000		661,996
3.790% due 02/06/24		10,000		10,792
BP Capital Markets PLC (United Kingdom)
3.506% due 03/17/25		130,000		142,314
3.535% due 11/04/24		40,000		43,598
Cameron LNG LLC
2.902% due 07/15/31 ~		10,000		10,670
3.302% due 01/15/35 ~		230,000		247,240


	Principal Amount		Value
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		$200,000		$232,773
Cheniere Energy Inc 4.625% due 10/15/28 ~		30,000		31,687
Chevron Corp 3.078% due 05/11/50		250,000		259,175
Chevron USA Inc
3.850% due 01/15/28		70,000		79,835
5.250% due 11/15/43		80,000		108,902
Cimarex Energy Co
3.900% due 05/15/27		285,000		314,484
4.375% due 03/15/29		390,000		443,796
ConocoPhillips
3.750% due 10/01/27 ~		65,000		73,116
4.300% due 08/15/28 ~		180,000		209,120
6.500% due 02/01/39		10,000		14,803
Continental Resources Inc
3.800% due 06/01/24		40,000		42,350
4.375% due 01/15/28		40,000		44,364
4.500% due 04/15/23		30,000		31,302
DCP Midstream Operating LP 6.450% due 11/03/36 ~		20,000		23,516
Devon Energy Corp
4.500% due 01/15/30 ~		8,000		8,802
4.750% due 05/15/42		20,000		22,645
5.000% due 06/15/45		460,000		541,367
5.250% due 10/15/27 ~		6,000		6,469
5.875% due 06/15/28 ~		576,000		641,476
Diamondback Energy Inc
2.875% due 12/01/24		20,000		21,138
3.250% due 12/01/26		160,000		171,631
3.500% due 12/01/29		320,000		342,856
Ecopetrol SA (Colombia) 5.875% due 05/28/45		220,000		236,005
Enable Midstream Partners LP
3.900% due 05/15/24		230,000		244,657
5.000% due 05/15/44		65,000		70,941
Energy Transfer Operating LP
2.900% due 05/15/25		10,000		10,529
3.750% due 05/15/30		190,000		206,577
3.900% due 07/15/26		305,000		333,311
4.950% due 06/15/28		50,000		57,882
5.250% due 04/15/29		270,000		319,171
6.250% due 04/15/49		280,000		368,048
6.750% due 05/15/25		50,000		50,512
Enterprise Products Operating LLC
2.800% due 01/31/30		210,000		222,028
3.700% due 01/31/51		240,000		257,961
3.950% due 01/31/60		30,000		33,523
4.150% due 10/16/28		100,000		115,084
4.200% due 01/31/50		130,000		150,200
4.800% due 02/01/49		10,000		12,345
4.850% due 03/15/44		10,000		12,247
7.550% due 04/15/38		220,000		338,482
EOG Resources Inc
3.900% due 04/01/35		30,000		34,759
4.150% due 01/15/26		70,000		78,864
4.375% due 04/15/30		70,000		82,950
4.950% due 04/15/50		110,000		146,738


	Principal Amount		Value
EQT Corp
3.000% due 10/01/22		$470,000		$480,575
3.900% due 10/01/27		670,000		718,575
Exxon Mobil Corp
1.571% due 04/15/23		10,000		10,225
2.992% due 03/19/25		160,000		171,712
2.995% due 08/16/39		180,000		185,067
3.043% due 03/01/26		140,000		152,058
3.482% due 03/19/30		470,000		528,183
4.114% due 03/01/46		50,000		59,082
4.327% due 03/19/50		110,000		136,759
Flex Intermediate Holdco LLC
3.363% due 06/30/31 ~		45,000		45,645
4.317% due 12/30/39 ~		35,000		35,701
Gray Oak Pipeline LLC
2.600% due 10/15/25 ~		300,000		308,419
3.450% due 10/15/27 ~		125,000		131,598
HollyFrontier Corp
2.625% due 10/01/23		35,000		36,212
5.875% due 04/01/26		63,000		72,936
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		400,000		479,080
Kinder Morgan Energy Partners LP 5.500% due 03/01/44		10,000		12,565
Kinder Morgan Inc
4.300% due 06/01/25		50,000		55,693
4.300% due 03/01/28		170,000		194,166
5.050% due 02/15/46		30,000		36,559
5.200% due 03/01/48		150,000		189,416
5.550% due 06/01/45		30,000		38,901
Lundin Energy Finance BV (Netherlands) 3.100% due 07/15/31 ~		200,000		202,452
MEG Energy Corp (Canada) 5.875% due 02/01/29 ~		10,000		10,439
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		500,000		523,244
MPLX LP
4.500% due 04/15/38		585,000		672,134
4.700% due 04/15/48		60,000		69,887
4.800% due 02/15/29		290,000		340,569
NGPL PipeCo LLC 3.250% due 07/15/31 ~		50,000		51,583
Occidental Petroleum Corp
2.900% due 08/15/24		100,000		102,375
3.000% due 02/15/27		30,000		29,817
3.200% due 08/15/26		60,000		60,623
4.100% due 02/15/47		160,000		149,201
4.200% due 03/15/48		10,000		9,363
4.400% due 04/15/46		20,000		19,235
4.625% due 06/15/45		50,000		48,926
5.550% due 03/15/26		90,000		99,705
6.450% due 09/15/36		310,000		371,042
Petrobras Global Finance BV (Brazil)
5.299% due 01/27/25		1,155,000		1,302,262
5.500% due 06/10/51		160,000		160,256
6.900% due 03/19/49		230,000		274,505
Petroleos Mexicanos (Mexico) 6.875% due 08/04/26		220,000		240,713


	Principal Amount		Value
Phillips 66 Partners LP 3.550% due 10/01/26		$100,000		$108,804
Pioneer Natural Resources Co
1.125% due 01/15/26		20,000		19,813
1.900% due 08/15/30		135,000		130,187
2.150% due 01/15/31		70,000		68,690
Plains All American Pipeline LP 4.650% due 10/15/25		300,000		335,857
Qatar Petroleum (Qatar)
due 07/12/31 # ~		280,000		277,024
due 07/12/41 # ~		200,000		199,262
due 07/12/51 # ~		200,000		200,000
Range Resources Corp
4.875% due 05/15/25		10,000		10,362
5.000% due 03/15/23		113,000		117,247
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		200,000		228,752
Schlumberger Holdings Corp 4.000% due 12/21/25 ~		70,000		77,741
Shell International Finance BV (Netherlands) 2.750% due 04/06/30		20,000		21,336
2.875% due 05/10/26		50,000		54,051
3.125% due 11/07/49		50,000		51,799
3.250% due 04/06/50		450,000		479,472
4.375% due 05/11/45		280,000		343,897
4.550% due 08/12/43		50,000		62,409
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~		290,000		316,939
Suncor Energy Inc (Canada) 4.000% due 11/15/47		50,000		55,669
Targa Resources Partners LP
4.000% due 01/15/32 ~		10,000		10,300
4.875% due 02/01/31 ~		40,000		43,355
5.375% due 02/01/27		20,000		20,886
5.500% due 03/01/30		20,000		22,020
5.875% due 04/15/26		20,000		21,061
6.500% due 07/15/27		10,000		10,869
6.875% due 01/15/29		10,000		11,286
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		250,000		259,604
The Williams Cos Inc
3.750% due 06/15/27		90,000		100,055
7.500% due 01/15/31		190,000		263,509
TransCanada PipeLines Ltd (Canada)
4.100% due 04/15/30		100,000		115,009
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		250,000		317,807
Western Midstream Operating LP
2.229% (USD LIBOR + 2.100%) due 01/13/23 §		20,000		19,905
4.350% due 02/01/25		30,000		31,738
4.500% due 03/01/28		30,000		32,139
4.650% due 07/01/26		100,000		107,046
5.300% due 02/01/30		60,000		67,372
5.300% due 03/01/48		897,000		958,996
6.500% due 02/01/50		50,000		58,031

				24,194,962


	Principal Amount		Value
Financial - 12.0%

ABN AMRO Bank NV (Netherlands) 1.542% due 06/16/27 ~		$200,000		$198,888
AerCap Ireland Capital DAC (Ireland)
1.750% due 01/30/26		150,000		148,317
4.450% due 10/01/25		150,000		165,270
AIB Group PLC (Ireland) 4.263% due 04/10/25 ~		200,000		215,656
Air Lease Corp
1.875% due 08/15/26		80,000		80,124
3.000% due 09/15/23		555,000		580,382
3.375% due 07/01/25		30,000		32,249
Alexandria Real Estate Equities Inc REIT 3.375% due 08/15/31		200,000		220,065
Ambac LSNI LLC (Cayman) 6.000% (USD LIBOR + 5.000%) due 02/12/23 ~ §		301,810		301,999
American Homes 4 Rent LP REIT 4.250% due 02/15/28		100,000		112,481
American International Group Inc
3.750% due 07/10/25		540,000		595,615
4.375% due 06/30/50		140,000		170,706
American Tower Corp REIT
1.500% due 01/31/28		135,000		131,437
2.950% due 01/15/51		41,000		39,261
3.100% due 06/15/50		64,000		62,690
Athene Global Funding 2.500% due 01/14/25 ~		215,000		224,257
Atrium European Real Estate Ltd (Poland) 3.000% due 09/11/25 ~		EUR 800,000		1,028,463
Australia & New Zealand Banking Group Ltd (Australia) 4.400% due 05/19/26 ~		$205,000		231,185
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		45,000		44,852
4.250% due 04/15/26 ~		65,000		70,494
5.125% due 10/01/23 ~		1,000,000		1,081,493
Banco Santander SA (Spain)
2.749% due 12/03/30		200,000		198,302
3.848% due 04/12/23		200,000		211,720
Bank of America Corp
2.592% due 04/29/31		1,660,000		1,712,556
2.676% due 06/19/41		515,000		500,572
3.004% due 12/20/23		155,000		160,666
3.419% due 12/20/28		203,000		221,237
3.500% due 04/19/26		110,000		121,243
3.550% due 03/05/24		90,000		94,580
3.593% due 07/21/28		100,000		110,195
3.705% due 04/24/28		265,000		293,195
3.974% due 02/07/30		240,000		272,482
4.000% due 01/22/25		675,000		741,107
4.083% due 03/20/51		130,000		155,656
4.200% due 08/26/24		350,000		383,822
4.250% due 10/22/26		1,590,000		1,796,517
4.330% due 03/15/50		20,000		24,665
4.450% due 03/03/26		90,000		102,267
Bank of Montreal (Canada)
1.850% due 05/01/25		100,000		103,230
3.803% due 12/15/32		60,000		66,221


	Principal Amount		Value
Barclays PLC (United Kingdom)
3.650% due 03/16/25		$200,000		$216,920
4.972% due 05/16/29		200,000		234,392
5.088% due 06/20/30		500,000		583,557
7.750% due 09/15/23		300,000		330,375
7.875% due 03/15/22 ~		400,000		417,700
Berkshire Hathaway Finance Corp 4.250% due 01/15/49		120,000		149,363
BNP Paribas SA (France)
1.904% due 09/30/28 ~		900,000		894,852
2.219% due 06/09/26 ~		200,000		206,263
2.824% due 01/26/41 ~		350,000		331,528
4.375% due 03/01/33 ~		250,000		276,562
4.705% due 01/10/25 ~		230,000		251,110
5.198% due 01/10/30 ~		200,000		241,124
Boston Properties LP REIT 4.500% due 12/01/28		500,000		583,556
BPCE SA (France) 1.652% due 10/06/26 ~		295,000		296,509
Brixmor Operating Partnership LP REIT 2.250% due 04/01/28		70,000		69,986
Brookfield Finance Inc (Canada) 3.500% due 03/30/51		115,000		120,446
Brown & Brown Inc 2.375% due 03/15/31		120,000		120,069
Capital One Financial Corp
3.800% due 01/31/28		100,000		112,771
3.950% due 09/01/26		60,000		61,425
Carlyle Finance LLC 5.650% due 09/15/48 ~		150,000		202,851
Citigroup Inc
2.572% due 06/03/31		700,000		720,323
3.875% due 03/26/25		605,000		664,202
3.875% due 02/18/26		45,000		46,069
3.878% due 01/24/39		165,000		190,670
4.075% due 04/23/29		150,000		170,290
4.400% due 06/10/25		170,000		189,999
4.412% due 03/31/31		975,000		1,139,600
5.300% due 05/06/44		52,000		70,360
5.500% due 09/13/25		1,110,000		1,293,642
5.950% due 01/30/23		300,000		315,594
5.950% due 05/15/25		90,000		98,725
6.675% due 09/13/43		70,000		107,799
8.125% due 07/15/39		220,000		380,996
Cooperatieve Rabobank UA (Netherlands)
4.375% due 08/04/25		920,000		1,028,008
4.625% due 12/01/23		290,000		317,196
Corporate Office Properties LP REIT 2.750% due 04/15/31		109,000		109,964
CPI Property Group SA (Czech Republic) 4.750% due 03/08/23 ~		800,000		854,666
Credit Suisse AG (Switzerland) 2.950% due 04/09/25		250,000		267,854
Credit Suisse Group AG (Switzerland) 2.193% due 06/05/26 ~		250,000		256,111
3.091% due 05/14/32 ~		250,000		258,110
4.194% due 04/01/31 ~		670,000		753,635
4.282% due 01/09/28 ~		250,000		278,293


	Principal Amount		Value
Crown Castle International Corp REIT 3.100% due 11/15/29		$100,000		$106,345
CyrusOne LP REIT 1.450% due 01/22/27		EUR 100,000		121,007
Danske Bank AS (Denmark)
5.000% due 01/12/22 ~		$200,000		204,657
5.375% due 01/12/24 ~		950,000		1,053,940
Deutsche Bank AG (Germany) 2.129% due 11/24/26		215,000		218,313
Digital Realty Trust LP REIT 3.600% due 07/01/29		500,000		556,313
Discover Bank 3.450% due 07/27/26		250,000		273,193
Diversified Healthcare Trust REIT 9.750% due 06/15/25		600,000		665,289
Empower Finance LP (Canada) 3.075% due 09/17/51 ~		115,000		116,919
EPR Properties REIT 5.250% due 07/15/23		400,000		422,739
Equinix Inc REIT
2.000% due 05/15/28		109,000		109,563
2.900% due 11/18/26		150,000		160,706
F&G Global Funding 1.750% due 06/30/26 ~		45,000		45,217
GE Capital Funding LLC
3.450% due 05/15/25		300,000		326,676
4.400% due 05/15/30		200,000		233,232
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		250,000		300,061
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		200,000		216,991
Healthcare Trust of America Holdings LP REIT 2.000% due 03/15/31		200,000		193,481
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		216,630
HSBC Holdings PLC (United Kingdom)
4.041% due 03/13/28		300,000		332,910
4.950% due 03/31/30		600,000		724,825
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		800,000		920,516
ING Groep NV (Netherlands) 4.625% due 01/06/26 ~		700,000		799,191
International Lease Finance Corp 5.875% due 08/15/22		150,000		158,781
Intesa Sanpaolo SPA (Italy)
3.375% due 01/12/23 ~		220,000		229,142
5.017% due 06/26/24 ~		370,000		402,782
JPMorgan Chase & Co
2.083% due 04/22/26		1,270,000		1,313,763
2.522% due 04/22/31		670,000		690,018
3.109% due 04/22/51		350,000		361,764
3.509% due 01/23/29		150,000		165,449
4.203% due 07/23/29		170,000		195,514
4.452% due 12/05/29		70,000		81,921
4.950% due 06/01/45		50,000		66,380


	Principal Amount		Value
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		$30,000		$40,065
Lloyds Banking Group PLC (United Kingdom)
1.425% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		611,928
4.375% due 03/22/28		$600,000		689,844
Macquarie Group Ltd (Australia) 1.340% due 01/12/27 ~		185,000		183,577
Mastercard Inc 3.850% due 03/26/50		110,000		133,120
Mid-America Apartments LP REIT 3.600% due 06/01/27		205,000		228,414
Mizuho Financial Group Inc (Japan) 2.555% due 09/13/25		300,000		314,340
Morgan Stanley
2.188% due 04/28/26		430,000		446,672
2.699% due 01/22/31		80,000		83,809
3.622% due 04/01/31		880,000		983,215
3.737% due 04/24/24		100,000		105,781
3.772% due 01/24/29		10,000		11,231
4.431% due 01/23/30		10,000		11,718
4.457% due 04/22/39		150,000		185,774
5.000% due 11/24/25		840,000		969,176
MPT Operating Partnership LP REIT 2.550% due 12/05/23		GBP 700,000		995,341
National Retail Properties Inc REIT 3.500% due 10/15/27		$200,000		216,371
Natwest Group PLC (United Kingdom)
4.445% due 05/08/30		200,000		229,245
8.625% due 08/15/21		600,000		605,727
New York Life Global Funding 0.950% due 06/24/25 ~		40,000		40,076
New York Life Insurance Co 3.750% due 05/15/50 ~		150,000		168,253
Nordea Bank Abp (Finland) 1.000% due 06/09/23 ~		200,000		202,490
Northwestern Mutual Global Funding 1.700% due 06/01/28 ~		50,000		50,097
Omega Healthcare Investors Inc REIT 3.375% due 02/01/31		900,000		926,216
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		224,000		234,448
Principal Life Global Funding II 1.250% due 06/23/25 ~		20,000		20,142
Royal Bank of Canada (Canada)
1.150% due 06/10/25		130,000		130,764
1.600% due 04/17/23		90,000		91,981
Santander Holdings USA Inc
3.450% due 06/02/25		700,000		752,576
4.500% due 07/17/25		330,000		366,463
Scentre Group Trust 1 REIT (Australia) 3.625% due 01/28/26 ~		220,000		240,688
Societe Generale SA (France)
1.488% due 12/14/26 ~		300,000		297,489
1.792% due 06/09/27 ~		300,000		299,623
4.250% due 04/14/25 ~		200,000		217,274
Spirit Realty LP REIT 3.400% due 01/15/30		800,000		854,155


	Principal Amount		Value
Standard Chartered PLC (United Kingdom) 1.456% due 01/14/27 ~		$500,000		$496,021
Sumitomo Mitsui Financial Group Inc (Japan) 2.058% due 07/14/21		120,000		120,081
SVB Financial Group 4.000% due 05/15/26		105,000		107,131
Teachers Insurance & Annuity Association of America
3.300% due 05/15/50 ~		50,000		51,698
4.900% due 09/15/44 ~		40,000		52,123
6.850% due 12/16/39 ~		18,000		27,334
The Bank of New York Mellon Corp 1.600% due 04/24/25		30,000		30,820
The Charles Schwab Corp
4.000% due 06/01/26		115,000		120,175
4.000% due 12/01/30		95,000		97,304
The Goldman Sachs Group Inc
3.200% due 02/23/23		60,000		62,617
3.850% due 07/08/24		160,000		173,116
4.017% due 10/31/38		120,000		140,997
4.223% due 05/01/29		470,000		536,394
4.250% due 10/21/25		1,845,000		2,063,935
5.150% due 05/22/45		420,000		563,105
6.250% due 02/01/41		290,000		432,466
The Toronto-Dominion Bank (Canada) 1.150% due 06/12/25		620,000		624,801
UBS Group AG (Switzerland)
1.750% due 04/21/22 ~		200,000		202,260
3.491% due 05/23/23 ~		260,000		267,103
4.125% due 09/24/25 ~		480,000		535,883
7.000% due 01/31/24 ~		450,000		495,875
UDR Inc REIT
1.900% due 03/15/33		30,000		28,096
2.100% due 08/01/32		200,000		192,298
UniCredit SPA (Italy) 6.572% due 01/14/22 ~		700,000		721,688
VEREIT Operating Partnership LP REIT
3.400% due 01/15/28		700,000		762,092
3.950% due 08/15/27		200,000		225,456
Visa Inc
3.150% due 12/14/25		80,000		87,570
4.300% due 12/14/45		290,000		372,834
Wells Fargo & Co
2.188% due 04/30/26		80,000		83,089
2.393% due 06/02/28		900,000		934,006
2.879% due 10/30/30		110,000		116,581
3.000% due 10/23/26		1,080,000		1,165,766
3.450% due 02/13/23		40,000		41,940
3.584% due 05/22/28		100,000		110,239
3.750% due 01/24/24		50,000		53,790
3.900% due 03/15/26		85,000		88,054
4.400% due 06/14/46		30,000		36,271
4.478% due 04/04/31		1,460,000		1,727,467
4.750% due 12/07/46		110,000		139,486
4.900% due 11/17/45		50,000		64,328
5.013% due 04/04/51		820,000		1,125,565
5.375% due 11/02/43		80,000		106,867
5.606% due 01/15/44		400,000		548,220


	Principal Amount		Value
WP Carey Inc REIT
2.250% due 04/01/33		$55,000		$52,721
2.400% due 02/01/31		75,000		74,755

				68,202,311

Industrial - 1.7%

3M Co
2.375% due 08/26/29		60,000		63,081
3.050% due 04/15/30		10,000		10,997
3.700% due 04/15/50		330,000		389,665
Carrier Global Corp
2.700% due 02/15/31		10,000		10,313
2.722% due 02/15/30		10,000		10,376
3.577% due 04/05/50		10,000		10,629
CSX Corp 3.800% due 11/01/46		70,000		80,265
Deere & Co
3.100% due 04/15/30		20,000		22,099
3.750% due 04/15/50		60,000		72,699
Eaton Corp
2.750% due 11/02/22		130,000		134,235
4.150% due 11/02/42		80,000		95,619
Flex Ltd 4.875% due 05/12/30		800,000		929,587
General Dynamics Corp
3.500% due 05/15/25		10,000		10,969
4.250% due 04/01/40		10,000		12,258
4.250% due 04/01/50		30,000		38,587
General Electric Co
3.450% due 05/01/27		215,000		236,474
3.625% due 05/01/30		30,000		33,483
6.750% due 03/15/32		30,000		41,615
6.875% due 01/10/39		98,000		146,971
GFL Environmental Inc (Canada) 4.250% due 06/01/25 ~		30,000		31,321
Graphic Packaging International LLC 1.512% due 04/15/26 ~		95,000		94,615
Kansas City Southern 4.700% due 05/01/48		47,000		58,818
L3Harris Technologies Inc
1.800% due 01/15/31		80,000		77,765
5.054% due 04/27/45		60,000		79,199
Lockheed Martin Corp
2.800% due 06/15/50		95,000		95,670
3.100% due 01/15/23		20,000		20,759
3.550% due 01/15/26		70,000		77,403
4.500% due 05/15/36		30,000		37,578
Masco Corp 2.000% due 10/01/30		125,000		122,092
Norfolk Southern Corp 3.050% due 05/15/50		80,000		80,128
Northrop Grumman Corp
2.930% due 01/15/25		40,000		42,665
3.250% due 01/15/28		480,000		524,800
5.250% due 05/01/50		180,000		253,232
Otis Worldwide Corp
2.056% due 04/05/25		30,000		31,186
3.112% due 02/15/40		85,000		88,013


	Principal Amount		Value
Raytheon Technologies Corp 3.750% due 11/01/46		$95,000		$107,463
3.950% due 08/16/25		60,000		66,757
4.125% due 11/16/28		290,000		333,891
4.500% due 06/01/42		60,000		74,808
Republic Services Inc 2.500% due 08/15/24		50,000		52,508
Textron Inc 2.450% due 03/15/31		700,000		701,904
The Boeing Co
1.433% due 02/04/24		90,000		90,246
2.196% due 02/04/26		70,000		70,680
2.700% due 02/01/27		410,000		424,180
2.800% due 03/01/27		30,000		31,218
3.100% due 05/01/26		465,000		492,024
3.200% due 03/01/29		90,000		94,544
3.250% due 02/01/35		290,000		294,169
3.550% due 03/01/38		20,000		20,573
3.750% due 02/01/50		600,000		619,990
5.150% due 05/01/30		1,100,000		1,303,615
Union Pacific Corp
2.150% due 02/05/27		50,000		51,988
2.400% due 02/05/30		230,000		237,934
3.750% due 07/15/25		120,000		133,104
3.750% due 02/05/70		70,000		77,358
3.839% due 03/20/60		180,000		205,502

				9,549,622

Technology - 1.2%

Apple Inc
2.450% due 08/04/26		250,000		266,189
3.450% due 02/09/45		140,000		156,905
Broadcom Inc
2.450% due 02/15/31 ~		500,000		491,734
3.459% due 09/15/26		500,000		544,872
3.469% due 04/15/34 ~		300,000		317,634
4.150% due 11/15/30		520,000		583,712
4.700% due 04/15/25		730,000		822,868
Dell International LLC 6.200% due 07/15/30		200,000		257,388
Intel Corp
3.700% due 07/29/25		50,000		55,299
4.750% due 03/25/50		90,000		119,788
Leidos Inc 2.300% due 02/15/31		35,000		34,237
Microchip Technology Inc
0.972% due 02/15/24 ~		120,000		119,990
0.983% due 09/01/24 ~		90,000		89,615
Micron Technology Inc 2.497% due 04/24/23		50,000		51,725
Microsoft Corp
2.525% due 06/01/50		510,000		502,224
2.675% due 06/01/60		5,000		4,966
2.921% due 03/17/52		10,000		10,632
3.041% due 03/17/62		25,000		26,733
3.300% due 02/06/27		200,000		222,635
3.450% due 08/08/36		10,000		11,595
NVIDIA Corp
2.850% due 04/01/30		30,000		32,506
3.500% due 04/01/40		70,000		79,548
3.500% due 04/01/50		570,000		644,834
3.700% due 04/01/60		40,000		47,360


	Principal Amount		Value
NXP BV (China) 2.500% due 05/11/31 ~		$85,000		$86,023
3.250% due 05/11/41 ~		90,000		92,677
Oracle Corp
1.650% due 03/25/26		310,000		314,390
2.875% due 03/25/31		340,000		353,908
Roper Technologies Inc 1.750% due 02/15/31		100,000		96,192
Texas Instruments Inc 1.750% due 05/04/30		20,000		19,915
VMware Inc 4.700% due 05/15/30		165,000		195,401
Xilinx Inc 2.375% due 06/01/30		55,000		55,966

				6,709,461

Utilities - 1.1%

Alabama Power Co 1.450% due 09/15/30		400,000		382,397
Alexander Funding Trust 1.841% due 11/15/23 ~		200,000		203,801
Appalachian Power Co 4.500% due 03/01/49		40,000		49,056
Berkshire Hathaway Energy Co 2.850% due 05/15/51		100,000		97,001
Consolidated Edison Co of New York Inc
3.350% due 04/01/30		20,000		22,009
3.950% due 04/01/50		10,000		11,379
Consumers Energy Co 3.250% due 08/15/46		45,000		48,527
Duke Energy Carolinas LLC 5.300% due 02/15/40		60,000		81,686
Duke Energy Corp 3.400% due 06/15/29		185,000		202,658
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		22,301
Edison International 5.750% due 06/15/27		95,000		108,217
Emera US Finance LP (Canada) 4.750% due 06/15/46		100,000		118,973
Enel Finance International NV (Italy) 3.625% due 05/25/27 ~		200,000		219,938
Entergy Arkansas LLC
2.650% due 06/15/51		45,000		42,777
3.050% due 06/01/23		300,000		312,517
Entergy Louisiana LLC 2.900% due 03/15/51		50,000		49,403
Evergy Inc 2.900% due 09/15/29		130,000		137,904
Exelon Generation Co LLC 3.250% due 06/01/25		300,000		323,751
FirstEnergy Corp 7.375% due 11/15/31		490,000		671,844
Fortis Inc (Canada) 3.055% due 10/04/26		135,000		144,955
Indiana Michigan Power Co 3.250% due 05/01/51		45,000		47,256
ITC Holdings Corp 2.950% due 05/14/30 ~		65,000		68,525


	Principal Amount		Value
NextEra Energy Capital Holdings Inc 1.900% due 06/15/28		$300,000		$303,704
NRG Energy Inc
2.000% due 12/02/25 ~		80,000		81,187
2.450% due 12/02/27 ~		90,000		90,678
OGE Energy Corp 0.703% due 05/26/23		35,000		35,013
Oklahoma Gas and Electric Co 0.553% due 05/26/23		45,000		45,004
Pacific Gas and Electric Co
1.367% due 03/10/23		85,000		85,006
1.750% due 06/16/22		80,000		79,972
2.100% due 08/01/27		20,000		19,445
2.500% due 02/01/31		30,000		28,161
2.950% due 03/01/26		50,000		51,211
3.150% due 01/01/26		200,000		206,428
3.300% due 08/01/40		10,000		9,052
3.450% due 07/01/25		85,000		89,147
3.500% due 08/01/50		20,000		17,852
3.750% due 02/15/24		600,000		629,527
3.750% due 08/15/42		33,000		30,167
PacifiCorp 4.150% due 02/15/50		80,000		97,705
Southern California Edison Co
1.200% due 02/01/26		95,000		94,367
4.125% due 03/01/48		60,000		64,134
Southern Power Co 5.150% due 09/15/41		70,000		85,596
Virginia Electric and Power Co 6.350% due 11/30/37		160,000		233,061
WEC Energy Group Inc 1.800% due 10/15/30		800,000		768,302

				6,511,594

Total Corporate Bonds & Notes (Cost $182,103,733)				189,394,509


SENIOR LOAN NOTES - 3.1%

Basic Materials - 0.0%

Asplundh Tree Expert LLC Term B 1.854% (USD LIBOR + 1.750%) due 09/04/27 §		218,798		218,403
INEOS US Petrochem LLC Term B 3.250% (USD LIBOR + 2.750%) due 01/29/26 §		80,000		79,937

				298,340

Communications - 0.4%

Altice France SA Term B-12 (France) 3.871% (USD LIBOR + 3.688%) due 01/31/26 §		240,340		236,692
Charter Communications Operating LLC
Term B-1 1.860% (USD LIBOR + 1.750%) due 04/30/25 §		216,305		216,157
Term B-2 1.860% (USD LIBOR + 1.750%) due 02/01/27 § ¥		199,621		198,299


	Principal Amount		Value
CSC Holdings LLC
Term B 2.323% due 01/15/26 ¥		$50,000		$49,398
Term B-5 2.573% (USD LIBOR + 2.500%) due 04/15/27 §		29,625		29,400
Delta Topco Inc Term B 4.500% (USD LIBOR + 3.750%) due 12/01/27 §		40,000		40,138
Go Daddy Operating Co LLC Term B-2 1.854% (USD LIBOR + 1.750%) due 02/15/24 §		49,655		49,324
iHeartCommunications Inc Term B 3.104% (USD LIBOR + 3.000%) due 05/01/26 §		251,948		250,137
Level 3 Financing Inc Term B 1.854% (USD LIBOR + 1.750%) due 03/01/27 §		183,972		181,558
Nexstar Broadcasting Inc Term B 2.592% (USD LIBOR + 2.500%) due 09/19/26 § ¥		233,922		233,629
Terrier Media Buyer Inc Term B 3.604% (USD LIBOR + 3.500%) due 12/17/26 §		248,750		247,886
Univision Communications Inc Term B 4.750% (USD LIBOR + 3.750%) due 03/24/26 §		137,991		138,371
Virgin Media Bristol LLC Term N 2.573% (USD LIBOR + 2.500%) due 01/31/28 §		220,000		218,316
Zayo Group Holdings Inc Term B 3.104% (USD LIBOR + 3.000%) due 03/09/27 §		100,000		99,021
Ziggo Financing Partnership Term I (Netherlands) 2.573% (USD LIBOR + 2.500%) due 04/30/28 §		99,750		98,905

				2,287,231

Consumer, Cyclical - 0.7%

Alterra Mountain Co Term B 2.854% (USD LIBOR + 2.750%) due 07/31/24 §		77,980		77,256
Caesars Resort Collection LLC
Term B 2.854% (USD LIBOR + 2.750%) due 12/22/24 §		277,246		275,181
Term B-1 4.604% (USD LIBOR + 4.500%) due 07/20/25 §		69,475		69,791
CityCenter Holdings LLC Term B 3.000% (USD LIBOR + 2.250%) due 04/18/24 §		279,613		277,791
Clarios Global LP Term B 3.354% (USD LIBOR + 3.250%) due 04/30/26 §		175,248		174,007
Four Seasons Hotels Ltd Term B (Canada) 2.104% (USD LIBOR + 2.000%) due 11/30/23 §		98,586		98,429


	Principal Amount		Value
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		$49,750		$50,110
Harbor Freight Tools USA Inc Term B 3.750% (USD LIBOR + 3.000%) due 10/19/27 §		119,500		119,663
Hilton Worldwide Finance LLC Term B-2 1.842% (USD LIBOR + 1.750%) due 06/21/26 §		240,000		238,305
IRB Holding Corp Term B due 02/05/25 ¥		249,357		249,007
Leslie’s Poolmart Inc Term B 3.250% (USD LIBOR + 2.750%) due 03/09/28 §		249,375		248,786
Nascar Holdings LLC Term B 2.843% (USD LIBOR + 2.750%) due 10/18/26 §		226,184		225,448
PCI Gaming Authority Term B 3.093% (USD LIBOR + 2.500%) due 05/31/26 §		34,208		34,109
Petco Health & Wellness Co Inc Term B 4.000% (USD LIBOR + 3.250%) due 03/04/28 §		234,413		234,308
PetSmart Inc Term B 4.500% (USD LIBOR + 3.750%) due 02/12/28 §		250,000		250,469
Restaurant Brands International Inc Term B (Canada) 1.854% (USD LIBOR + 1.750%) due 11/19/26 §		197,000		194,537
Scientific Games International Inc Term B-5 2.854% (USD LIBOR + 2.750%) due 08/14/24 §		340,799		338,775
Station Casinos LLC Term B-1 2.500% (USD LIBOR + 2.250%) due 02/08/27 §		119,667		118,463
The Michaels Cos Inc 5.000% (USD LIBOR + 4.250%) due 04/15/28 §		120,000		120,650
UFC Holdings LLC Term B-3 3.750% (USD LIBOR + 3.000%) due 04/29/26 §		238,260		238,235
United AirLines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		219,450		222,585
Whatabrands LLC Term B 2.832% (USD LIBOR + 2.750%) due 08/03/26 §		249,373		248,610

				4,104,515

Consumer, Non-Cyclical - 1.0%

AlixPartners LLP Term B 3.250% (USD LIBOR + 2.750%) due 02/04/28 §		249,375		248,579
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		296,903		298,151
Bausch Health Americas Inc 2.843% (USD LIBOR + 2.750%) due 11/27/25 §		245,000		243,469
Term B 3.104% (USD LIBOR + 3.000%) due 06/01/25 §		240,619		239,943


	Principal Amount		Value
Belron Finance US LLC Term B due 11/13/25 ¥		$350,000		$348,979
Change Healthcare Holdings LLC Term B 3.500% (USD LIBOR + 2.500%) due 03/01/24 §		222,862		222,878
Endo Luxembourg Finance Co I SARL Term B 5.750% (USD LIBOR + 5.000%) due 03/25/28 §		4,202		4,101
Eyecare Partners LLC 3.854% (USD LIBOR + 3.750%) due 02/20/27 §		49,447		49,087
Froneri US Inc Term B (United Kingdom) 2.354% (USD LIBOR + 2.250%) due 01/31/27 §		208,646		205,816
Gainwell Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 §		189,274		190,103
Garda World Security Corp Term B (Canada) 4.350% (USD LIBOR + 4.250%) due 10/30/26 §		34,353		34,553
Global Medical Response Inc 5.750% (USD LIBOR + 4.750%) due 10/02/25 §		331,475		333,340
Grifols Worldwide Operations USA Inc Term B (Spain) 2.088% (USD LIBOR + 2.000%) due 11/15/27 §		217,396		215,482
Horizon Therapeutics USA Inc Term B-2 2.500% (USD LIBOR + 2.000%) due 03/15/28 §		234,413		233,533
ICON Luxembourg SARL Term B due 07/01/28 ¥		224,152		224,853
Indigo Merger Sub Inc Term B (Ireland) due 07/01/28 ¥		55,848		56,022
Jazz Financing Lux SARL Term B 4.000% (USD LIBOR + 3.500%) due 04/22/28 §		310,000		311,522
LifePoint Health Inc Term B 3.854% (USD LIBOR + 3.750%) due 11/16/25 §		253,232		253,044
MPH Acquisition Holdings LLC Term B 3.750% (USD LIBOR + 2.750%) due 06/07/23 §		161,055		160,775
Option Care Health Inc 3.854% (USD LIBOR + 3.750%) due 08/06/26 §		78,800		78,899
PAREXEL International Corp Term B 2.854% (USD LIBOR + 2.750%) due 09/27/24 §		90,000		89,578
Phoenix Guarantor Inc
Term B 3.341% (USD LIBOR + 3.250%) due 03/05/26 §		224,158		222,897
3.600% (USD LIBOR + 3.500%) due 03/05/26 §		80,000		79,550


	Principal Amount		Value
PPD Inc Term B 2.750% (USD LIBOR + 2.250%) due 01/13/28 §		$209,475		$209,462
Prime Security Services Borrower LLC Term B-1 3.500% (USD LIBOR + 2.750%) due 09/23/26 § ¥		252,250		252,277
Reynolds Consumer Products LLC Term B 1.854% (USD LIBOR + 1.750%) due 02/04/27 §		196,549		195,243
Sotera Health Holdings LLC 3.250% (USD LIBOR + 2.750%) due 12/13/26 §		190,000		189,584
Trans Union LLC Term B-5 1.854% (USD LIBOR + 1.750%) due 11/15/26 §		100,783		100,232
Triton Water Holdings Inc Term B 4.000% (USD LIBOR + 3.500%) due 03/31/28 § ¥		230,000		230,123
US Foods Inc Term B 1.854% (USD LIBOR + 1.750%) due 06/27/23 §		35,702		35,419
Verscend Holding Corp Term B 4.104% (USD LIBOR + 4.000%) due 08/27/25 §		109,745		110,202

				5,667,696

Diversified - 0.0%

First Eagle Holdings Inc Term B 2.647% (USD LIBOR + 2.500%) due 02/02/27 §		28,345		28,011


Financial - 0.4%

AmWINS Group Inc Term B 3.000% (USD LIBOR + 2.250%) due 02/19/28 §		219,450		218,340
Asurion LLC
Term B-7 3.104% (USD LIBOR + 3.000%) due 11/03/24 §		217,521		215,550
Term B-8 3.343% (USD LIBOR + 3.250%) due 12/23/26 §		248,774		246,228
Term B-9 3.354% (USD LIBOR + 3.250%) due 08/03/27 §		59,850		59,239
Avolon (US) LLC Term B-5 (Ireland) 3.250% (USD LIBOR + 2.500%) due 12/01/27 §		49,750		49,815
Citadel Securities LP Term B 2.604% (USD LIBOR + 2.500%) due 02/02/28 §		234,038		231,932
Deerfield Dakota Holding LLC Term B (2nd Lien) 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		228,197		229,548


	Principal Amount		Value
FleetCor Technologies Operating Co LLC Term B 1.854% (USD LIBOR + 1.750%) due 04/30/28 §		$130,000		$129,898
Focus Financial Partners LLC Term B-3 2.104% (USD LIBOR + 2.000%) due 07/03/24 §		78,508		77,834
Hudson River Trading LLC Term B 3.104% (USD LIBOR + 3.000%) due 03/18/28 §		69,825		69,665
Jane Street Group LLC Term B 2.854% (USD LIBOR + 2.750%) due 01/26/28 §		198,057		197,538
The Edelman Financial Engines Center LLC Term B 4.500% (USD LIBOR + 3.750%) due 04/07/28 §		58,650		58,772
VFH Parent LLC 3.098% (USD LIBOR + 3.000%) due 03/01/26 §		183,559		183,081
VICI Properties 1 LLC Term B 1.841% (USD LIBOR + 1.750%) due 12/22/24 §		270,000		268,059
Zebra Buyer LLC due 04/22/28 ¥		160,000		160,717

				2,396,216

Industrial - 0.3%

AECOM 1.854% (USD LIBOR + 1.750%) due 04/13/28 §		40,000		40,020
APi Group DE Inc Term B 2.604% (USD LIBOR + 2.500%) due 10/01/26 §		238,596		238,477
Atlantic Aviation FBO Inc Term B 3.850% (USD LIBOR + 3.750%) due 12/06/25 §		19,500		19,517
Berry Global Inc Term Z 1.827% (USD LIBOR + 1.750%) due 07/01/26 §		104,552		103,898
Brookfield WEC Holdings Inc 3.250% due 08/01/25 ¥		39,800		39,470
Energizer Holdings Inc 2.750% (USD LIBOR + 2.250%) due 12/22/27 §		39,800		39,783
Genesee & Wyoming Inc 2.147% (USD LIBOR + 2.000%) due 12/30/26 §		342,142		340,325
Pactiv Evergreen Group Holdings Inc Term B-1 2.854% (USD LIBOR + 2.750%) due 02/05/23 §		50,000		49,962
Quikrete Holdings Inc
Term B 2.604% (USD LIBOR + 2.500%) due 01/31/27 §		248,737		246,732
Term B-1 due 06/11/28 ¥		120,000		119,205


	Principal Amount		Value
TransDigm Inc Term F 2.354% (USD LIBOR + 2.250%) due 12/09/25 §		$9,950		$9,813
XPO Logistics Inc Term B 1.881% (USD LIBOR + 1.750%) due 02/23/25 §		215,000		214,279

				1,461,481

Technology - 0.3%

athenahealth Inc Term B-1 4.410% (USD LIBOR + 4.250%) due 02/11/26 §		176,506		177,665
Dcert Buyer Inc 4.104% (USD LIBOR + 4.000%) due 10/16/26 §		207,673		208,193
Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		104,051		104,155
Magenta Buyer LLC due 05/03/28 ¥		400,000		400,428
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		179,550		180,406
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 §		99,750		99,360
RealPage, Inc. Term B 3.750% (USD LIBOR + 3.250%) due 04/22/28 §		270,000		269,561

				1,439,768

Total Senior Loan Notes (Cost $17,679,561)				17,683,258


MORTGAGE-BACKED SECURITIES - 28.5%

Collateralized Mortgage Obligations - Commercial - 4.2%

1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		900,000		984,866
ACRE Commercial Mortgage Ltd (Cayman)
0.913% (USD LIBOR + 0.830%) due 12/18/37 ~ §		540,000		539,343
1.483% (USD LIBOR + 1.400%) due 12/18/37 ~ §		180,000		179,554
AREIT Trust 2.744% (USD LIBOR + 2.620%) due 04/15/37 ~ §		404,128		406,488
Ashford Hospitality Trust 1.073% (USD LIBOR + 1.000%) due 06/15/35 ~ §		600,000		601,325
BAMLL Re-REMIC Trust
2.089% due 11/26/47 ~ §		190,000		189,453
6.024% due 08/10/45 ~ §		1,624,540		739,166
BBCMS Trust (IO) due 07/15/54 #		1,950,000		196,400
Benchmark Mortgage Trust (IO) 1.263% due 08/15/57 §		2,156,763		155,670
BPR Trust 1.323% (USD LIBOR + 1.250%) due 02/15/29 ~ §		320,000		320,321


	Principal Amount		Value
BX Commercial Mortgage Trust
0.873% (USD LIBOR + 0.800%) due 12/15/36 ~ §		$378,490		$379,418
2.024% (USD LIBOR + 1.951%) due 03/15/37 ~ §		630,000		632,231
2.123% (USD LIBOR + 2.050%) due 11/15/35 ~ §		98,000		98,190
3.667% due 03/11/44 ~ §		230,000		238,049
Citigroup Commercial Mortgage Trust 3.778% due 09/10/58		700,000		770,007
Cold Storage Trust 0.973% (USD LIBOR + 0.900%) due 11/15/37 ~ §		570,135		573,938
Commercial Mortgage Trust
2.398% due 01/10/38 ~ §		300,000		300,860
3.545% due 02/10/36 ~		1,000,000		1,084,464
4.451% due 02/10/48 §		90,000		93,413
CSMC Trust
2.257% due 08/15/37 ~		1,000,000		1,033,575
4.024% (USD LIBOR + 3.024%) due 12/15/21 ~ §		430,000		422,855
4.139% (USD LIBOR + 3.739%) due 09/16/25 ~ §		560,000		563,904
4.373% due 09/15/37 ~		830,000		683,286
DBGS Mortgage Trust 3.843% due 04/10/37 ~		900,000		1,016,149
DBUBS Mortgage Trust 5.605% due 08/10/44 ~ §		260,000		259,724
Fannie Mae
3.273% due 02/25/29		30,000		33,816
3.610% due 02/25/31		70,000		81,853
3.700% due 01/25/36		100,000		115,296
Fannie Mae (IO) 2.251% due 01/25/31 §		5,000,000		720,275
FHLMC Multifamily Structured Pass-Through Certificates (IO)
1.291% due 11/25/53 §		3,235,000		331,307
1.306% due 10/25/30 §		2,700,000		278,558
1.364% due 12/25/29		1,490,000		136,375
Freddie Mac Multiclass Certificates (IO) 2.608% due 10/27/28 §		2,670,000		433,273
FREMF Mortgage Trust
2.236% (USD LIBOR + 2.150%) due 01/25/26 ~ §		219,744		219,784
3.690% due 01/25/26 ~ §		350,000		361,230
4.003% due 01/25/50 ~ §		415,000		459,625
4.069% due 12/25/46 ~ §		300,000		317,654
FRR Re-REMIC Trust 0.422% due 10/27/46 ~		100,000		97,471
Government National Mortgage Association 2.756% due 11/16/47 §		55,640		58,141
Government National Mortgage Association (IO)
0.409% due 01/16/53 §		5,294,841		75,953
0.545% due 04/16/47 §		2,811,491		53,555


	Principal Amount		Value
GS Mortgage Securities Trust 1.223% (USD LIBOR + 1.150%) due 05/15/26 ~ §		$570,000		$571,229
1.623% (USD LIBOR + 1.300%) due 09/15/31 ~ §		1,120,000		1,040,845
5.622% due 11/10/39		93,803		31,759
JP Morgan Chase Commercial Mortgage Securities Trust
3.075% (USD LIBOR + 3.000%) due 01/16/37 ~ §		323,000		308,633
4.075% (USD LIBOR + 4.000%) due 01/16/37 ~ §		255,000		240,387
4.323% (USD LIBOR + 4.250%) due 12/15/36 ~ §		280,000		247,651
6.059% due 02/12/49 §		47,608		54,288
6.823% (USD LIBOR + 6.750%) due 12/15/36 ~ §		280,000		236,352
JPMDB Commercial Mortgage Securities Trust 4.009% due 03/15/50 §		180,000		192,244
MF1 Ltd (Cayman) 2.174% (USD LIBOR + 2.050%) due 07/15/35 ~ §		1,007,690		1,020,656
MHC Trust 0.923% (USD LIBOR + 0.850%) due 05/15/23 ~ §		620,000		622,206
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		22,978		11,425
Morgan Stanley Capital I Trust 2.428% due 04/05/42 ~ §		400,000		412,845
PFP Ltd (Cayman) 1.475% (USD LIBOR + 1.400%) due 04/14/38 ~ §		262,000		262,265
SLG Office Trust 2.585% due 07/15/41 ~		235,000		245,490
VASA Trust 0.973% (USD LIBOR + 0.900%) due 07/15/39 ~ §		610,000		611,176
VLS Commercial Mortgage Trust 2.453% due 10/10/42 ~		390,000		396,021
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 ~ §		122,047		124,340
Wells Fargo Commercial Mortgage Trust 1.223% (USD LIBOR + 1.150%) due 02/15/40 ~ §		199,985		201,286
Wells Fargo Commercial Mortgage Trust (IO) 1.397% due 03/15/50 §		4,614,914		266,354
WFRBS Commercial Mortgage Trust 3.841% due 06/15/46 §		240,000		248,408

				23,582,675

Collateralized Mortgage Obligations - Residential - 7.7%

Alternative Loan Trust
0.432% (USD LIBOR + 0.340%) due 07/25/46 §		34,516		58,421
0.512% (USD LIBOR + 0.420%) due 05/25/35 §		202,233		196,904
2.504% due 06/25/37 §		52,309		47,694
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,339,742		353,078
Anchor Mortgage Trust 2.600% due 10/25/26 ~		340,000		344,572


	Principal Amount		Value
Banc of America Funding Trust 2.852% due 05/25/35 §		$11,722		$11,879
Bayview Financing Trust 3.152% due 11/10/22 ±		356,513		356,513
BCAP LLC Trust
0.492% due 03/28/37 ~ §		1,124,313		1,118,729
4.824% due 03/26/37 ~		25,813		26,033
Bear Stearns Adjustable Rate Mortgage Trust
2.723% due 08/25/33 §		18,357		18,496
2.849% due 01/25/35 §		192,376		201,396
3.049% due 10/25/36 §		3,474		3,418
Bear Stearns ALT-A Trust
2.624% due 05/25/35 §		11,288		11,570
3.089% due 11/25/36 §		41,711		28,045
BVRT Financing Trust 1.863% due 11/10/32 ~ ±		167,606		167,606
Cascade MH Asset Trust 2.708% due 02/25/46 ~		284,000		290,427
CFMT LLC
0.946% due 12/26/30 ~ §		336,522		337,328
1.374% due 02/25/31 ~ §		665,000		662,894
Chase Mortgage Finance Trust 2.485% due 02/25/37 §		107,854		110,026
3.206% due 09/25/36 §		45,276		41,381
ChaseFlex Trust 0.392% (USD LIBOR + 0.300%) due 08/25/37 §		269,569		251,554
Chevy Chase Funding LLC
0.342% (USD LIBOR + 0.250%) due 08/25/35 ~ §		10,507		10,816
0.634% due 05/25/35 ~ §		665,978		605,101
Citigroup Mortgage Loan Trust Inc 2.210% (US Treasury + 2.150%) due 09/25/35 §		4,452		4,656
Countrywide Home Loan Mortgage Pass-Through Trust 0.732% (USD LIBOR + 0.640%) due 03/25/35 §		6,887		6,843
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		31,715		29,973
CSMC Trust
1.538% due 02/25/66 ~ §		549,245		549,896
1.668% due 09/27/60 ~ §		639,390		641,984
1.851% (USD LIBOR + 1.750%) due 07/25/47 ~ §		194,576		196,324
2.000% due 01/25/60 ~ §		568,615		577,297
Downey Saving & Loan Association Mortgage Loan Trust 0.273% (USD LIBOR + 0.180%) due 04/19/47 §		75,173		69,653
Eurosail-UK PLC (United Kingdom) 1.034% (GBP LIBOR + 0.950%) due 06/13/45 ~ §		GBP 523,551		725,791
Fannie Mae
1.625% (US PRIME - 1.625%) due 11/25/23 §		$25,393		25,445
3.500% due 11/25/57		1,111,726		1,185,945
5.500% due 04/25/35		299,729		343,931


	Principal Amount		Value
Fannie Mae (IO)
4.000% due 03/25/43		$153,231		$16,255
4.000% due 04/25/43		650,247		75,298
5.909% (6.000% - USD LIBOR) due 11/25/45 §		1,168,535		237,364
6.009% (6.100% - USD LIBOR) due 09/25/46 §		323,559		58,384
Fannie Mae Connecticut Avenue Securities
2.442% (USD LIBOR + 2.350%) due 01/25/31 §		263,530		266,982
4.092% (USD LIBOR + 4.000%) due 05/25/30 §		450,000		469,907
FMC GMSR Issuer Trust
3.650% due 02/25/24 ± §		630,000		630,076
4.450% due 01/25/26 ~ §		500,000		503,696
Freddie Mac (IO)
2.000% due 10/25/50		96,393		12,584
2.500% due 09/25/50		94,899		14,421
3.500% due 04/15/43		194,208		25,075
4.000% due 04/15/43		107,281		4,741
6.027% (6.100% - USD LIBOR) due 08/15/44 §		168,530		36,944
Freddie Mac REMICS
3.000% due 08/15/48		80,230		83,223
8.000% due 04/15/30		49,617		58,678
Freddie Mac REMICS (IO) 2.500% due 09/25/50		87,338		12,095
Freddie Mac Structured Agency Credit Risk Debt Notes
2.318% (SOFR + 2.300%) due 08/25/33 ~ §		620,000		636,873
2.392% (USD LIBOR + 2.300%) due 01/25/50 ~ §		160,000		160,193
3.242% (USD LIBOR + 3.150%) due 07/25/30 §		1,120,000		1,123,661
4.092% (USD LIBOR + 4.000%) due 08/25/24 §		150,596		153,761
Government National Mortgage Association
0.407% (USD LIBOR + 0.300%) due 05/20/68 §		321,385		321,744
0.543% (USD LIBOR + 0.450%) due 07/20/70 §		344,090		348,468
0.607% (USD LIBOR + 0.500%) due 06/20/69 §		171,520		173,180
0.707% (USD LIBOR + 0.600%) due 07/20/65 §		698,078		706,124
0.907% (USD LIBOR + 0.800%) due 06/20/66 §		594,393		605,169
0.907% (USD LIBOR + 0.800%) due 07/20/66 §		974,409		991,112
1.029% (USD LIBOR + 0.750%) due 04/20/67 §		576,518		585,560
1.373% (USD LIBOR + 1.280%) due 01/20/71 §		1,001,242		1,068,467
1.373% (USD LIBOR + 1.280%) due 02/20/71 §		690,590		737,852
3.032% due 09/20/66 §		704,711		749,637
Government National Mortgage Association (IO)
0.637% due 03/20/71 §		10,743,884		586,809
2.500% due 08/20/50		193,999		26,717


	Principal Amount		Value
2.500% due 09/20/50		$97,167		$13,395
2.500% due 10/20/50		195,191		26,544
4.000% due 11/20/44		521,346		71,009
4.500% due 11/16/45		201,782		35,702
6.025% (6.100% - USD LIBOR) due 10/16/46 §		178,483		50,993
6.057% (6.150% - USD LIBOR) due 02/20/46 §		1,042,730		217,962
Great Hall Mortgages PLC (United Kingdom) 0.255% (USD LIBOR + 0.130%) due 06/18/39 ~ §		193,288		190,688
GS Mortgage-Backed Securities Corp Trust 2.000% due 12/25/60 ~ §		620,000		613,658
GSR Mortgage Loan Trust
6.000% due 11/25/35		451,247		297,053
6.000% due 07/25/37		223,515		194,038
HarborView Mortgage Loan Trust
0.252% (0.320% - USD LIBOR) due 05/25/38 §		234,195		213,298
0.433% (USD LIBOR + 0.340%) due 12/19/36 §		135,484		128,518
0.533% (USD LIBOR + 0.440%) due 05/19/35 §		185,515		179,114
2.622% due 02/25/36 §		39,777		17,838
3.055% due 08/19/36 §		93,515		92,587
Hawksmoor Mortgages (United Kingdom) 1.099% (SONIA + 1.050%) due 05/25/53 ~ §		GBP 1,100,501		1,530,131
JP Morgan Mortgage Trust
2.696% due 07/25/35 §		$15,534		16,138
3.500% due 10/25/48 ~ §		538,955		545,748
5.750% due 01/25/36		12,247		8,364
Ludgate Funding PLC (United Kingdom) 0.236% (GBP LIBOR + 0.160%) due 01/01/61 ~ §		GBP 416,266		556,790
Merrill Lynch Mortgage Investors Trust 2.249% due 11/25/35 §		$235,500		237,984
Metlife Securitization Trust 3.750% due 03/25/57 ~ §		693,335		724,508
Morgan Stanley Resecuritization Trust 0.838% (US FED + 0.710%) due 12/27/46 ~ §		1,639,444		1,475,015
MRA Issuance Trust 1.842% (USD LIBOR + 1.750%) due 10/08/21 ~ §		460,000		460,405
New Residential Mortgage Loan Trust
2.492% due 09/25/59 ~ §		176,958		178,880
3.500% due 12/25/57 ~ §		673,436		700,242
Nomura Resecuritization Trust 6.251% due 06/26/35 ~ §		1,839,072		1,851,532
OBX Trust 0.742% (USD LIBOR + 0.650%) due 06/25/57 ~ §		663,880		665,223
PRPM LLC 2.115% due 01/25/26 ~ §		336,329		337,273
Radnor RE Ltd (Bermuda) 2.710% (SOFR + 2.700%) due 12/27/33 ~ §		590,000		591,827


	Principal Amount		Value
RALI Trust 6.000% due 03/25/37		$764,476		$735,419
RBSSP Resecuritization Trust 2.254% due 12/25/35 ~ §		22,312		22,400
Reperforming Loan REMIC Trust
0.432% (USD LIBOR + 0.340%) due 06/25/35 ~ §		23,227		22,347
0.432% (USD LIBOR + 0.340%) due 01/25/36 ~ §		133,650		130,583
Ripon Mortgages PLC (United Kingdom) 0.881% (GBP LIBOR + 0.800%) due 08/20/56 ~ §		GBP 609,955		846,528
Seasoned Credit Risk Transfer Trust
3.500% due 05/25/57		$346,106		368,614
3.500% due 06/25/57		356,694		381,182
4.250% due 09/25/60 ~		620,000		639,728
Silverstone Master Issuer PLC (United Kingdom) 0.756% (USD LIBOR + 0.570%) due 01/21/70 ~ §		571,500		572,450
Towd Point Mortgage Funding PLC (United Kingdom)
0.049% (SONIA + 0.900%) due 05/20/45 ~ §		GBP 1,208,870		1,680,384
0.949% (SONIA + 0.900%) due 07/20/45 ~ §		1,294,035		1,797,879
1.111% (GBP LIBOR + 1.025%) due 10/20/51 ~ §		969,405		1,351,614
Tower Bridge Funding No 3 PLC (United Kingdom) 1.281% (GBP LIBOR + 1.200%) due 12/20/61 ~ §		317,598		440,609
Two 4.000% (USD LIBOR + 3.000%) due 03/25/22 ± §		$500,000		500,000
VOLT XCII LLC 1.893% due 02/27/51 ~		131,938		132,077
VOLT XCIII LLC 1.893% due 02/27/51 ~		509,901		509,828
VOLT XCIV LLC 2.240% due 02/27/51 ~		344,110		344,792
WaMu Mortgage Pass-Through Certificates Trust 3.115% due 02/25/37 §		104,027		103,409

				43,894,969

Fannie Mae - 12.0%

due 07/01/36 - 09/01/51 #		10,085,000		10,428,070
due 08/01/51 #		9,710,000		10,024,816
due 08/01/51 #		10,200,000		10,279,688
0.970% due 07/01/27		1,191,014		1,176,286
1.090% due 04/01/28		506,000		499,342
1.275% due 04/01/30		744,974		735,229
1.318% (US FED + 1.200%) due 10/01/44 §		6,235		6,370
1.370% due 03/01/30		660,000		655,557
1.410% due 12/01/30		1,210,000		1,200,409
1.440% due 01/01/31		1,142,000		1,138,492
1.460% due 12/01/30		715,000		712,513
1.560% due 01/01/31		500,000		502,076
1.930% (USD LIBOR + 1.507%) due 11/01/32 §		25,152		25,131
2.000% due 01/01/51 - 04/01/51		2,558,144		2,588,395


	Principal Amount		Value
2.112% (USD LIBOR + 1.737%) due 12/01/35 §		$4,460		$4,468
2.293% (US Treasury + 2.043%) due 09/01/35 §		12,139		12,369
2.310% due 08/01/22		481,564		487,654
2.500% due 09/01/36 - 06/01/51		2,554,508		2,663,607
2.550% due 10/01/30		160,000		172,385
2.561% (US Treasury + 2.360%) due 11/01/34 §		17,830		19,029
2.790% due 08/01/29		100,000		109,389
2.810% due 04/01/25		30,000		32,172
3.000% due 09/01/21 - 07/01/60		5,600,361		5,903,106
3.160% due 05/01/29		38,926		43,438
3.500% due 12/01/34 - 03/01/60		7,150,359		7,693,651
3.610% due 01/01/37		480,677		545,655
4.000% due 06/01/25 - 06/01/57		3,830,628		4,123,895
4.038% (US FED + 1.926%) due 12/01/36 §		1,201		1,283
4.500% due 06/01/24 - 09/01/57		2,932,652		3,194,745
5.000% due 02/01/35 - 01/01/59		923,891		1,030,426
5.500% due 07/01/21 - 05/01/58		1,534,321		1,783,656
6.000% due 02/01/33 - 07/01/41		179,890		212,668

				68,005,970

Freddie Mac - 1.7%

1.500% due 03/01/51		394,169		382,166
1.947% (USD LIBOR + 1.345%) due 09/01/35 §		3,357		3,516
1.983% (USD LIBOR + 1.728%) due 06/01/35 §		29,479		31,246
2.000% due 11/01/50 - 06/01/51		1,779,025		1,801,029
2.375% (US Treasury + 2.250%) due 04/01/32 §		6,073		6,127
2.404% (US Treasury + 2.250%) due 11/01/31 §		960		968
2.464% (USD LIBOR + 1.870%) due 09/01/35 §		8,813		8,888
2.500% due 12/01/50 - 01/01/51		290,797		302,960
3.000% due 09/01/32 - 07/01/50		1,740,677		1,843,364
3.500% due 04/01/33 - 06/01/50		1,276,414		1,369,481
4.000% due 11/01/33 - 04/01/49		2,479,154		2,671,620
4.500% due 11/01/44		79,384		88,103
5.000% due 08/01/48 - 03/01/50		532,810		584,505
5.500% due 03/01/23 - 05/01/40		348,713		405,005
6.000% due 03/01/23		2,240		2,510

				9,501,488

Government National Mortgage Association - 2.9%

due 07/20/51 #		2,400,000		2,493,268
2.000% due 12/20/50		390,505		398,315
2.500% due 12/20/50 - 01/20/51		3,511,232		3,648,769
2.932% due 10/20/70 §		449,701		481,099
3.000% due 09/15/42 - 12/20/50		2,087,553		2,224,349
3.500% due 03/20/45 - 01/20/51		4,042,118		4,344,887
4.000% due 11/20/47 - 08/20/50		1,619,997		1,717,146
4.500% due 06/20/48 - 02/20/50		1,118,172		1,198,056
5.000% due 10/15/38 - 01/20/49		187,279		209,152

				16,715,041

Total Mortgage-Backed Securities (Cost $162,709,779)				161,700,143


	Principal Amount		Value
ASSET-BACKED SECURITIES - 6.7%

AccessLex Institute 0.447% (USD LIBOR + 0.300%) due 05/25/36 §		$646,929		$639,002
ACE Securities Corp Home Equity Loan Trust 1.067% (USD LIBOR + 0.975%) due 07/25/35 §		291,063		291,219
ACRES Commercial Realty Ltd 1.273% (USD LIBOR + 1.200%) due 06/15/36 ~ §		470,000		470,998
Ajax Mortgage Loan Trust 2.239% due 06/25/66 ~		306,904		306,457
American Homes 4 Rent LP 5.885% due 04/17/52 ~		300,000		329,827
AmeriCredit Automobile Receivables Trust 1.210% due 12/18/26		540,000		539,077
Ameriquest Mortgage Securities Inc
0.962% (USD LIBOR + 0.870%) due 10/25/35 §		250,000		248,777
2.147% (USD LIBOR + 2.055%) due 11/25/34 §		362,404		362,790
AMSR Trust 2.006% due 11/17/37 ~		365,000		363,159
Applebee’s Funding LLC 4.194% due 06/07/49 ~		267,975		275,857
Aqua Finance Trust 3.970% due 07/17/46 ~		210,000		220,913
Argent Securities Inc
0.912% (USD LIBOR + 0.820%) due 02/25/34 §		500,698		488,014
1.217% (USD LIBOR + 1.125%) due 11/25/34 §		469,638		472,492
Asset-Backed Funding Certificates Trust 0.792% (USD LIBOR + 0.700%) due 06/25/34 §		42,597		41,965
Basic Asset-Backed Securities Trust 0.712% (USD LIBOR + 0.620%) due 04/25/36 §		143,931		143,746
Bear Stearns Asset-Backed Securities I Trust
0.292% (USD LIBOR + 0.200%) due 12/25/36 §		81,593		81,594
0.332% (USD LIBOR + 0.240%) due 12/25/36 §		1,224,755		1,194,160
1.097% (USD LIBOR + 1.005%) due 06/25/35 §		211,236		209,983
Business Jet Securities LLC
2.918% due 04/15/36 ~		298,370		301,559
2.981% due 11/15/35 ~		520,284		530,650
Carlyle Global Market Strategies CLO Ltd due 08/14/30 # ~		300,000		300,000


	Principal Amount		Value
Cars Net Lease Mortgage Notes 3.100% due 12/15/50 ~		$99,750		$102,552
CBAM Ltd (Cayman)
1.210% (USD LIBOR + 1.020%) due 04/17/31 ~ §		800,000		800,633
1.420% (USD LIBOR + 1.230%) due 10/17/29 ~ §		1,000,000		1,000,706
Citigroup Mortgage Loan Trust 0.542% (USD LIBOR + 0.450%) due 11/25/45 ~ §		175,632		175,256
CLNC Ltd (Cayman) 1.374% (USD LIBOR + 1.250%) due 08/20/35 ~ §		900,000		900,585
Continental Finance Credit Card ABS Master Trust 2.240% due 12/15/28 ~		370,000		373,309
Countrywide Asset-Backed Certificates
0.232% (USD LIBOR + 0.140%) due 07/25/37 §		278,999		264,627
0.692% (USD LIBOR + 0.600%) due 06/25/36 §		396,423		393,422
Credit Acceptance Auto Loan Trust 1.640% due 06/17/30 ~		665,000		667,080
Crossroads Asset Trust 1.120% due 06/20/25 ~		116,000		116,144
DataBank Issuer 2.060% due 02/27/51 ~		250,000		253,750
Dividend Solar Loans LLC 3.670% due 08/22/39 ~		227,279		241,458
Drive Auto Receivables Trust 3.180% due 10/15/26		575,000		598,360
Finance of America HECM Buyout
0.875% due 02/25/31 ~ §		412,819		413,430
1.588% due 02/25/31 ~ §		200,000		199,519
First Franklin Mortgage Loan Trust 0.212% (USD LIBOR + 0.120%) due 11/25/36 §		626,107		599,309
Foundation Finance Trust 1.270% due 05/15/41 ~		279,743		280,311
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		200,000		210,551
Freed ABS Trust 0.660% due 03/20/28 ~		540,908		541,322
Freedom 4.900% due 03/25/22 ± §		500,000		500,000
Gallatin CLO IX Ltd (Cayman) 1.236% (USD LIBOR + 1.050%) due 01/21/28 ~ §		416,615		416,719
Genesis Sales Finance Master Trust 2.240% due 09/22/25 ~		500,000		504,030
GLS Auto Receivables Issuer Trust
0.870% due 12/16/24 ~		150,000		150,551
1.140% due 11/17/25 ~		145,000		145,778
1.640% due 10/15/26 ~		75,000		75,448


	Principal Amount		Value
GSAA Home Equity Trust
0.192% (USD LIBOR + 0.200%) due 03/25/37 §		$409,379		$166,868
1.142% (USD LIBOR + 1.050%) due 06/25/35 §		270,000		266,410
6.000% due 08/25/47		200,850		196,929
Hertz Vehicle Financing II LP
2.960% due 10/25/21 ~		95,412		95,865
3.940% due 03/25/22 ~		230,000		229,326
Hildene Community Funding CDO Ltd (Cayman) 3.250% due 11/01/35 ~		280,000		280,000
Home Equity Asset Trust
0.992% (USD LIBOR + 0.900%) due 11/25/34 §		146,757		147,051
1.037% (USD LIBOR + 0.945%) due 12/25/35 §		620,000		615,241
Jamestown CLO XV Ltd (Cayman) 1.524% (USD LIBOR + 1.340%) due 04/15/33 ~ §		1,100,000		1,101,693
LFT CRE Ltd (Cayman) 2.050% (USD LIBOR + 1.950%) due 06/15/39 ~ §		250,000		250,875
LoanCore Issuer Ltd (Cayman) 1.203% (USD LIBOR + 1.130%) due 05/15/28 ~ §		173,083		173,083
LP LMS 3.228% due 10/15/28 ~ ±		419,303		419,516
Mariner Finance Issuance Trust 2.960% due 07/20/32 ~		430,000		441,062
Mastr Asset-Backed Securities Trust 0.312% (USD LIBOR + 0.220%) due 10/25/36 §		611,210		275,940
Merrill Lynch Mortgage Investors Trust 0.412% (USD LIBOR + 0.320%) due 04/25/37 §		364,927		246,486
National Collegiate Student Loan Trust 0.452% (USD LIBOR + 0.360%) due 01/26/32 §		1,000,000		821,345
Navient Student Loan Trust
1.242% (USD LIBOR + 1.150%) due 07/26/66 ~ §		150,000		154,033
1.442% (USD LIBOR + 1.350%) due 06/25/65 ~ §		302,956		310,350
New Century Home Equity Loan Trust 0.812% (USD LIBOR + 0.720%) due 10/25/35 §		869,898		863,870
NRZ Excess Spread-Collateralized Notes 3.844% due 12/25/25 ~		334,684		338,329
Oak Street Investment Grade Net Lease Fund 1.850% due 11/20/50 ~		197,965		201,094
OneMain Financial Issuance Trust 3.450% due 09/14/35 ~		120,000		128,748
Oportun Funding LLC 2.200% due 05/15/24 ~		301,994		303,491
Oportun Funding XIV LLC 1.210% due 03/08/28 ~		105,000		105,363
Option One Mortgage Loan Trust 0.222% (USD LIBOR + 0.130%) due 07/25/37 §		831,418		670,111
Pagaya AI Debt Selection Trust 1.180% due 11/15/27 ~		652,367		653,983


	Principal Amount		Value
Progress Residential Trust 2.106% due 04/17/38 ~		$565,000		$559,386
RASC Trust 0.432% (USD LIBOR + 0.340%) due 04/25/37 §		200,000		193,438
Regional Management Issuance Trust
1.680% due 03/17/31 ~		198,000		198,009
3.040% due 03/17/31 ~		191,000		189,778
Santander Consumer Auto Receivables Trust 1.570% due 01/15/27 ~		100,000		99,839
SBA Small Business Investment Cos 3.548% due 09/10/28		213,872		231,520
SCF Equipment Leasing LLC 1.540% due 10/21/30 ~		345,000		342,498
Securitized Asset-Backed Receivables LLC Trust
0.222% (USD LIBOR + 0.130%) due 05/25/37 §		66,168		56,731
0.372% (USD LIBOR + 0.280%) due 05/25/36 §		160,399		109,389
SLM Student Loan Trust
0.346% (USD LIBOR + 0.170%) due 01/25/40 §		600,000		584,835
0.789% (USD LIBOR + 0.670%) due 12/17/68 ~ §		620,000		622,736
SMB Private Education Loan Trust
1.573% (USD LIBOR + 1.500%) due 04/15/32 ~ §		550,000		555,379
1.590% due 01/15/53 ~		340,000		339,765
2.310% due 01/15/53 ~		150,000		152,335
Soundview Home Loan Trust 0.412% (USD LIBOR + 0.320%) due 11/25/36 §		229,565		229,255
Structured Asset Investment Loan Trust 0.812% (USD LIBOR + 0.720%) due 07/25/35 §		239,117		237,557
STWD Ltd (Cayman) 1.204% (USD LIBOR + 1.080%) due 07/15/38 ~ §		900,000		901,350
Sunnova Helios II Issuer LLC 5.320% due 06/20/46 ~		189,640		200,103
Towd Point Mortgage Trust
3.241% due 10/25/53 ~ §		300,000		325,387
3.250% due 10/25/57 ~ §		180,000		190,247
3.434% due 11/25/60 ~ §		610,000		633,870
4.000% due 11/25/47 ~		271,008		274,235
TRTX Issuer Ltd (Cayman) 1.274% (USD LIBOR + 1.150%) due 10/15/34 ~ §		900,000		900,270
United Auto Credit Securitization Trust 1.140% due 06/10/26 ~		450,000		450,600
United States Small Business Administration
2.690% due 07/01/44		55,914		60,235
2.980% due 04/01/39		53,427		57,995
Upstart Securitization Trust 0.870% due 03/20/31 ~		375,272		376,126


	Principal Amount		Value
VCAT LLC 2.289% due 12/26/50 ~		$608,876		$611,082
Wachovia Mortgage Loan Trust 0.782% (USD LIBOR + 0.690%) due 10/25/35 §		1,015,554		981,073
Zais CLO 1 Ltd (Cayman) 1.334% (USD LIBOR + 1.150%) due 04/15/28 ~ §		220,665		220,957


Total Asset-Backed Securities (Cost $36,547,523)				38,080,131


U.S. TREASURY OBLIGATIONS - 18.8%

U.S. Treasury Bonds - 9.5%

1.125% due 08/15/40		920,000		791,775
1.250% due 05/15/50		5,280,000		4,312,894
1.375% due 08/15/50		7,170,000		6,046,607
1.625% due 11/15/50		20,450,000		18,373,047
1.647% due 05/15/31		1,450,000		1,233,934
1.875% due 02/15/41		2,945,000		2,883,799
1.875% due 02/15/51		4,710,000		4,496,578
2.000% due 02/15/50		960,000		943,425
2.250% due 08/15/46		50,000		51,715
2.375% due 05/15/51		1,600,000		1,708,625
2.875% due 05/15/43		2,700,000		3,106,055
2.875% due 08/15/45		1,300,000		1,503,227
3.000% due 05/15/42		1,800,000		2,107,687
3.000% due 08/15/48		300,000		358,289
3.125% due 02/15/43		1,300,000		1,553,703
3.125% due 08/15/44		1,800,000		2,160,773
3.375% due 05/15/44		900,000		1,122,504
3.625% due 02/15/44		69,000		89,207
4.250% due 05/15/39		200,000		273,758
4.625% due 02/15/40		400,000		574,312

				53,691,914

U.S. Treasury Inflation Protected Securities - 0.4%

1.375% due 02/15/44 ^		905,229		1,251,037
2.125% due 02/15/40 ^		259,468		387,254
2.125% due 02/15/41 ^		560,956		846,404

				2,484,695

U.S. Treasury Notes - 8.9%

0.125% due 10/15/23		3,870,000		3,854,127
0.250% due 11/15/23		10,000		9,985
0.250% due 05/31/25		480,000		472,031
0.250% due 06/30/25		1,500,000		1,473,691
0.250% due 07/31/25		4,000,000		3,925,234
0.250% due 10/31/25		4,620,000		4,517,855
0.375% due 11/30/25		210,000		206,251
0.375% due 01/31/26		130,000		127,415
0.500% due 02/28/26		11,540,000		11,367,125
0.500% due 10/31/27		1,675,000		1,610,814
0.625% due 11/30/27		1,320,000		1,278,028
0.625% due 05/15/30		1,000,000		934,883
0.750% due 03/31/26		180,000		179,220
0.750% due 04/30/26		3,100,000		3,084,621
1.125% due 02/29/28		3,800,000		3,789,313
1.250% due 03/31/28		670,000		672,748


	Principal Amount		Value
1.250% due 04/30/28		$3,950,000		$3,962,961
1.250% due 05/31/28		2,310,000		2,316,136
1.250% due 06/30/28		2,310,000		2,313,790
1.625% due 05/15/31		1,170,000		1,188,098
1.750% due 07/31/24		3,400,000		3,533,875

				50,818,201

Total U.S. Treasury Obligations (Cost $107,947,183)				106,994,810


FOREIGN GOVERNMENT BONDS & NOTES - 5.6%

Abu Dhabi Government International (United Arab Emirates) 3.125% due 09/30/49 ~		1,030,000		1,053,536
Argentine Republic Government International (Argentina)
0.500% due 07/09/30		417,100		150,452
1.000% due 07/09/29		18,460		7,037
2.500% due 07/09/41		250,000		89,625
Brazil Notas do Tesouro Nacional ‘F’ (Brazil)
10.000% due 01/01/23		BRL 940,000		196,595
10.000% due 01/01/25		7,112,000		1,515,740
Brazilian Government (Brazil)
4.625% due 01/13/28		$270,000		292,252
5.625% due 01/07/41		120,000		130,876
5.625% due 02/21/47		900,000		983,048
Chile Government (Chile) 2.550% due 01/27/32		200,000		204,900
China Government (China)
3.310% due 11/30/25 ~		CNY 3,000,000		478,403
3.380% due 11/21/24 ~		500,000		79,525
3.390% due 05/21/25 ~		1,000,000		159,392
Colombia Government (Colombia)
4.000% due 02/26/24		$300,000		318,230
4.125% due 02/22/42		200,000		195,300
4.500% due 01/28/26		300,000		328,142
5.625% due 02/26/44		200,000		227,160
Egypt Government (Egypt) 5.577% due 02/21/23 ~		200,000		210,505
Indonesia Government (Indonesia) 3.500% due 01/11/28		900,000		984,602
Indonesia Treasury (Indonesia)
6.500% due 02/15/31		IDR 30,036,000,000		2,058,605
7.000% due 05/15/27		14,454,000,000		1,058,232
7.500% due 06/15/35		1,622,000,000		115,777
Israel Government (Israel) 4.125% due 01/17/48		$600,000		723,445
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 289,979,786		2,666,316
Kenya Government International (Kenya) 6.300% due 01/23/34 ~		$380,000		380,713
Kuwait International Government (Kuwait) 3.500% due 03/20/27 ~		270,000		301,614
Mexican Bonos (Mexico)
7.750% due 11/13/42		MXN 104,460,000		5,391,543
8.000% due 11/07/47		31,600,000		1,673,607
8.500% due 05/31/29		2,780,000		153,601
Mexico Government (Mexico) 2.659% due 05/24/31		$200,000		195,878


	Principal Amount		Value
3.771% due 05/24/61		$200,000		$186,525
4.125% due 01/21/26		200,000		226,238
4.350% due 01/15/47		500,000		523,510
4.500% due 01/31/50		200,000		213,060
Panama Government (Panama)
2.252% due 09/29/32		300,000		288,315
4.500% due 04/16/50		200,000		227,630
Peru Government (Peru) 6.150% due 08/12/32		PEN 3,000,000		818,191
Peruvian Government (Peru)
5.625% due 11/18/50		$95,000		131,042
5.940% due 02/12/29 ~		PEN 1,300,000		369,930
6.350% due 08/12/28 ~		2,000,000		582,231
6.550% due 03/14/37		$350,000		483,194
Qatar Government (Qatar) 4.817% due 03/14/49 ~		800,000		1,032,063
Republic of Poland Government (Poland) 4.000% due 01/22/24		370,000		402,997
Russian Federal (Russia)
6.900% due 05/23/29		RUB 34,809,000		474,254
7.000% due 08/16/23		26,040,000		358,179
7.050% due 01/19/28		107,902,000		1,486,428
7.250% due 05/10/34		5,970,000		82,804
7.650% due 04/10/30		39,790,000		566,484
7.700% due 03/16/39		65,580,000		949,302


Total Foreign Government Bonds & Notes (Cost $32,319,638)				31,727,028


MUNICIPAL BONDS - 0.2%

City of Chicago IL ‘B’ 5.630% due 01/01/22		$95,000		96,787
New York State Urban Development Corp 1.346% due 03/15/26		700,000		707,325
Regents of the University of California Medical Center Pooled Revenue 3.706% due 05/15/20		120,000		129,962
State of California 7.625% due 03/01/40		180,000		303,563


Total Municipal Bonds (Cost $1,225,019)				1,237,637


SHORT-TERM INVESTMENTS - 8.5%

U. S. Government Agency Issue - 0.3%

Federal Home Loan Banks
0.040% due 09/03/21		1,100,000		1,099,922
0.040% due 09/24/21		610,000		609,942

				1,709,864


	Principal Amount		Value
Corporate Notes - 0.1%

Pacific Gas and Electric Co 1.531% (USD LIBOR + 1.375%) due 11/15/21 §		$330,000		$330,695


Foreign Government Issues - 0.0%

Letras de la Nacion Argentina con Ajuste por CER (Argentina) 0.895% due 09/13/21 ^ W		ARS 759,187		5,859


	Shares
Money Market Fund - 4.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		26,954,157		26,954,157


	Principal Amount
U.S. Cash Management Bills - 2.4%

0.026% due 07/06/21		$2,300,000		2,299,990
0.040% due 07/27/21		200,000		199,994
0.043% due 07/20/21		9,800,000		9,799,767
0.047% due 08/31/21		600,000		599,952
0.050% due 10/19/21		500,000		499,924

				13,399,627


U.S. Treasury Bills - 1.0%

0.039% due 08/26/21		400,000		399,975
0.041% due 07/22/21		1,300,000		1,299,968
0.041% due 08/03/21		2,200,000		2,199,916
0.045% due 09/23/21		900,000		899,905
0.047% due 09/02/21		800,000		799,933

				5,599,697


Total Short-Term Investments (Cost $48,002,424)				47,999,899


TOTAL INVESTMENTS - 104.7% (Cost $588,534,860)				594,817,415


TOTAL SECURITIES SOLD SHORT - (0.4%) (PROCEEDS $2,138,750)				(2,129,844	)


DERIVATIVES - 0.4%				1,884,660


OTHER ASSETS & LIABILITIES, NET - (4.7%)				(26,534,837	)


NET ASSETS - 100.0%				$568,037,394

Notes to Schedule of Investments

(a)

An investment with a value of $5,859 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(b)	Securities sold short outstanding as of June 30, 2021 were as follows:


Description	Principal Amount		Value
Mortgage-Backed Securities - (0.4%)

Fannie Mae 4.000% due 07/01/51		$2,000,000		($2,129,844	)


Total Securities Sold Short (Proceeds $2,138,750)				($2,129,844	)

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 50.6%

Basic Materials - 0.7%

LYB International Finance III LLC 1.250% due 10/01/25		$140,000		$139,801
Nucor Corp 2.000% due 06/01/25		65,000		67,311
POSCO (South Korea) 2.375% due 11/12/22 ~		450,000		459,798

				666,910

Communications - 3.1%

Charter Communications Operating LLC
4.464% due 07/23/22		790,000		817,983
4.908% due 07/23/25		260,000		294,725
Crown Castle Towers LLC 3.720% due 07/15/43 ~		55,000		56,855
Expedia Group Inc 3.600% due 12/15/23		260,000		276,542
NBN Co Ltd (Australia) 1.450% due 05/05/26 ~		250,000		250,735
NTT Finance Corp (Japan)
0.373% due 03/03/23 ~		200,000		200,102
0.583% due 03/01/24 ~		200,000		199,809
Sky Ltd (United Kingdom) 3.750% due 09/16/24 ~		200,000		218,703
T-Mobile USA Inc 2.250% due 02/15/26		145,000		146,269
Verizon Communications Inc
0.850% due 11/20/25		235,000		232,553
1.450% due 03/20/26		165,000		166,476
WPP Finance 2010 (United Kingdom) 3.625% due 09/07/22		69,000		71,520

				2,932,272

Consumer, Cyclical - 5.9%

7-Eleven Inc
0.625% due 02/10/23 ~		50,000		50,034
0.800% due 02/10/24 ~		80,000		79,832
American Airlines Pass-Through Trust ‘B’ 3.700% due 04/15/27		132,369		128,630
Daimler Finance North America LLC (Germany) 1.750% due 03/10/23 ~		410,000		418,578
Ford Motor Credit Co LLC 3.813% due 10/12/21		200,000		201,750
General Motors Co
4.875% due 10/02/23		165,000		179,803
5.400% due 10/02/23		210,000		231,367
General Motors Financial Co Inc
2.900% due 02/26/25		210,000		222,417
4.200% due 11/06/21		65,000		65,855
Harley-Davidson Financial Services Inc
2.550% due 06/09/22 ~		85,000		86,376
4.050% due 02/04/22 ~		340,000		347,198
Hasbro Inc
2.600% due 11/19/22		205,000		211,017
3.000% due 11/19/24		280,000		298,092
Hyundai Capital America
0.800% due 01/08/24 ~		120,000		119,537


	Principal Amount		Value
0.875% due 06/14/24 ~		$50,000		$49,793
2.375% due 02/10/23 ~		270,000		277,252
2.850% due 11/01/22 ~		121,000		124,463
3.000% due 06/20/22 ~		235,000		240,466
3.950% due 02/01/22 ~		405,000		413,088
Marriott International Inc
2.300% due 01/15/22		15,000		15,109
3.125% due 02/15/23		55,000		56,489
3.600% due 04/15/24		100,000		106,719
Nissan Motor Acceptance Corp
2.600% due 09/28/22 ~		195,000		199,108
2.650% due 07/13/22 ~		30,000		30,502
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		230,000		239,987
Nordstrom Inc 2.300% due 04/08/24 ~		20,000		20,066
QVC Inc 4.375% due 03/15/23		175,000		184,754
Ralph Lauren Corp 1.700% due 06/15/22		40,000		40,529
Ross Stores Inc 4.600% due 04/15/25		460,000		519,483
United Airlines Pass-Through Trust ‘B’ 3.500% due 11/01/29		80,621		80,000
Volkswagen Group of America Finance LLC (Germany)
2.700% due 09/26/22 ~		200,000		205,610
2.900% due 05/13/22 ~		200,000		204,280

				5,648,184

Consumer, Non-Cyclical - 6.7%

AbbVie Inc 2.600% due 11/21/24		535,000		564,350
Astrazeneca Finance LLC (United Kingdom)
0.700% due 05/28/24		140,000		139,828
1.200% due 05/28/26		190,000		189,577
AstraZeneca PLC (United Kingdom)
0.300% due 05/26/23		200,000		199,489
3.500% due 08/17/23		55,000		58,445
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		210,000		210,044
Baxalta Inc 3.600% due 06/23/22		95,000		97,514
Becton Dickinson and Co
3.363% due 06/06/24		230,000		246,503
3.734% due 12/15/24		175,000		190,693
Bunge Ltd Finance Corp
3.000% due 09/25/22		630,000		647,365
4.350% due 03/15/24		30,000		32,653
Cardinal Health Inc
3.200% due 03/15/23		210,000		219,366
3.500% due 11/15/24		270,000		291,013
China Mengniu Dairy Co Ltd (China) 1.875% due 06/17/25 ~		400,000		404,339
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		285,000		284,262
Global Payments Inc 2.650% due 02/15/25		170,000		179,261


	Principal Amount		Value
Health Care Service Corp 1.500% due 06/01/25 ~		$190,000		$193,121
Humana Inc
3.850% due 10/01/24		25,000		27,143
4.500% due 04/01/25		225,000		252,093
IHS Markit Ltd 3.625% due 05/01/24		100,000		107,528
Imperial Brands Finance PLC (United Kingdom)
3.500% due 02/11/23 ~		400,000		413,781
3.750% due 07/21/22 ~		400,000		410,500
PeaceHealth Obligated Group 1.375% due 11/15/25		40,000		40,424
Perrigo Finance Unlimited Co 3.900% due 12/15/24		455,000		490,566
Prosperous Ray Ltd (China) 4.625% due 11/12/23 ~		240,000		257,911
Royalty Pharma PLC 0.750% due 09/02/23 ~		190,000		190,649
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		135,000		141,339

				6,479,757

Energy - 8.3%

Aker BP ASA (Norway) 3.000% due 01/15/25 ~		230,000		241,811
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		260,000		267,348
Cenovus Energy Inc (Canada)
3.000% due 08/15/22		360,000		367,413
3.800% due 09/15/23		80,000		84,451
Cheniere Corpus Christi Holdings LLC
5.875% due 03/31/25		185,000		212,154
7.000% due 06/30/24		290,000		332,331
Diamondback Energy Inc
2.875% due 12/01/24		435,000		459,751
4.750% due 05/31/25		140,000		157,783
Enbridge Inc (Canada) 2.500% due 01/15/25		140,000		146,808
Energy Transfer LP
2.900% due 05/15/25		60,000		63,176
4.250% due 03/15/23		300,000		314,907
4.250% due 04/01/24		15,000		16,183
5.875% due 01/15/24		285,000		315,908
Eni SPA (Italy) 4.000% due 09/12/23 ~		270,000		288,526
EQT Corp 3.000% due 10/01/22		525,000		536,812
Gray Oak Pipeline LLC
2.000% due 09/15/23 ~		45,000		45,926
2.600% due 10/15/25 ~		90,000		92,526
Kinder Morgan Inc 3.150% due 01/15/23		85,000		88,472
MPLX LP 1.223% (USD LIBOR + 1.100%) due 09/09/22 §		180,000		180,117
Occidental Petroleum Corp 2.600% due 08/13/21		175,000		175,617
Pioneer Natural Resources Co 0.550% due 05/15/23		85,000		85,113


	Principal Amount		Value
Plains All American Pipeline LP 2.850% due 01/31/23		$180,000		$184,753
Reliance Industries Ltd (India) 5.400% due 02/14/22 ~		250,000		257,059
Sabine Pass Liquefaction LLC
5.625% due 04/15/23		200,000		214,937
6.250% due 03/15/22		565,000		579,610
Saudi Arabian Oil Co (Saudi Arabia) 1.250% due 11/24/23 ~		200,000		202,207
Schlumberger Finance Canada Ltd 1.400% due 09/17/25		70,000		70,826
Schlumberger Holdings Corp
3.750% due 05/01/24 ~		315,000		339,231
4.000% due 12/21/25 ~		75,000		83,294
Suncor Energy Inc (Canada) 2.800% due 05/15/23		95,000		98,847
The Williams Cos Inc
3.350% due 08/15/22		120,000		122,903
3.700% due 01/15/23		375,000		390,637
Valero Energy Corp
1.200% due 03/15/24		170,000		171,577
2.700% due 04/15/23		305,000		316,342
3.650% due 03/15/25		50,000		54,561
Western Midstream Operating LP 4.000% due 07/01/22		425,000		432,454

				7,992,371

Financial - 16.3%

AerCap Ireland Capital DAC (Ireland)
3.950% due 02/01/22		400,000		406,789
4.125% due 07/03/23		150,000		159,225
4.450% due 12/16/21		220,000		223,365
4.500% due 09/15/23		195,000		209,168
Air Lease Corp
2.250% due 01/15/23		175,000		179,727
3.500% due 01/15/22		90,000		91,498
Avolon Holdings Funding Ltd (Ireland)
2.875% due 02/15/25 ~		125,000		128,784
3.625% due 05/01/22 ~		335,000		342,788
3.950% due 07/01/24 ~		65,000		69,358
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		400,000		401,563
Bank of America Corp 0.976% due 04/22/25		150,000		150,531
Bank of Ireland Group PLC (Ireland) 4.500% due 11/25/23 ~		345,000		373,304
Banque Federative du Credit Mutuel SA (France) 0.650% due 02/27/24 ~		295,000		294,348
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~		400,000		414,120
BPCE SA (France)
1.370% (USD LIBOR + 1.220%) due 05/22/22 ~ §		250,000		252,429
5.700% due 10/22/23 ~		200,000		221,530
Brighthouse Financial Global Funding
0.600% due 06/28/23 ~		115,000		115,000
1.000% due 04/12/24 ~		120,000		120,284
Brixmor Operating Partnership LP REIT 3.250% due 09/15/23		280,000		294,357


	Principal Amount		Value
Capital One Financial Corp 3.500% due 06/15/23		$130,000		$137,540
CC Holdings GS V LLC REIT 3.849% due 04/15/23		445,000		471,348
Citigroup Inc 0.981% due 05/01/25		125,000		125,338
Cooperatieve Rabobank UA (Netherlands) 3.950% due 11/09/22		375,000		392,676
Credicorp Ltd (Peru) 2.750% due 06/17/25 ~		200,000		203,485
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		360,000		363,970
Crown Castle International Corp REIT 1.050% due 07/15/26		150,000		146,639
Danske Bank AS (Denmark)
3.001% due 09/20/22 ~		455,000		457,257
5.000% due 01/12/22 ~		245,000		250,705
Deutsche Bank AG (Germany) 4.250% due 10/14/21		335,000		338,645
Equitable Financial Life Global Funding 1.400% due 07/07/25 ~		255,000		257,397
First Niagara Financial Group Inc 7.250% due 12/15/21		120,000		123,739
Highwoods Realty LP REIT 3.625% due 01/15/23		175,000		180,973
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		515,000		529,624
JPMorgan Chase & Co 0.824% due 06/01/25		140,000		139,792
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		200,000		201,627
LSEGA Financing PLC (United Kingdom) 0.650% due 04/06/24 ~		200,000		199,876
Marsh & McLennan Cos Inc 3.875% due 03/15/24		190,000		206,148
Mizuho Financial Group Cayman 2 Ltd (Japan) 4.200% due 07/18/22 ~		230,000		238,498
Morgan Stanley
0.560% due 11/10/23		200,000		200,286
0.731% due 04/05/24		140,000		140,326
NatWest Markets PLC (United Kingdom) 2.375% due 05/21/23 ~		485,000		502,106
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		190,000		198,862
Public Storage REIT 0.495% (SOFR + 0.470%) due 04/23/24 §		70,000		70,153
QNB Finance Ltd (Qatar) 3.500% due 03/28/24 ~		280,000		299,062
SBA Tower Trust REIT
1.631% due 11/15/26 ~		70,000		70,091
1.884% due 07/15/50 ~		70,000		70,971
2.836% due 01/15/50 ~		230,000		241,563
3.448% due 03/15/48 ~		320,000		326,406
Simon Property Group LP REIT
2.000% due 09/13/24		65,000		67,368
3.375% due 10/01/24		225,000		242,177
Standard Chartered PLC (United Kingdom)
2.744% due 09/10/22 ~		200,000		200,841
3.950% due 01/11/23 ~		390,000		407,015


	Principal Amount		Value
Swedbank AB (Sweden) 1.300% due 06/02/23 ~		$355,000		$360,504
Synchrony Financial 2.850% due 07/25/22		801,000		820,073
The Goldman Sachs Group Inc
0.657% due 09/10/24		100,000		99,881
0.966% (USD LIBOR + 0.780%) due 10/31/22 §		100,000		100,232
3.500% due 04/01/25		135,000		146,529
The Western Union Co 2.850% due 01/10/25		240,000		254,027
Trinity Acquisition PLC 3.500% due 09/15/21		115,000		115,439
Truist Financial Corp 0.446% (SOFR + 0.400%) due 06/09/25 §		100,000		100,210
UBS Group AG (Switzerland)
1.008% due 07/30/24 ~		390,000		392,971
1.370% (USD LIBOR + 1.220%) due 05/23/23 ~ §		255,000		257,438
UniCredit SPA (Italy) 3.750% due 04/12/22 ~		240,000		245,809
Wells Fargo & Co
1.654% due 06/02/24		170,000		173,683
2.188% due 04/30/26		95,000		98,668
4.125% due 08/15/23		80,000		86,064

				15,702,200

Industrial - 3.3%

Avnet Inc 4.875% due 12/01/22		45,000		47,626
Boral Finance Pty Ltd (Australia) 3.000% due 11/01/22 ~		35,000		35,887
Carrier Global Corp 2.242% due 02/15/25		425,000		442,165
CNH Industrial Capital LLC 3.875% due 10/15/21		475,000		479,496
DAE Funding LLC (United Arab Emirates)
1.550% due 08/01/24 ~		200,000		199,974
5.250% due 11/15/21 ~		220,000		221,916
Eagle Materials Inc 4.500% due 08/01/26		50,000		51,277
Eastern Creation II Investment Holdings Ltd (China) 1.000% due 09/10/23 ~		400,000		399,584
Heathrow Funding Ltd (United Kingdom) 4.875% due 07/15/23 ~		320,000		320,469
Martin Marietta Materials Inc due 07/15/23 #		55,000		55,132
SMBC Aviation Capital Finance DAC (Ireland)
3.550% due 04/15/24 ~		200,000		212,585
4.125% due 07/15/23 ~		265,000		281,943
Yongda Investment Ltd (China) 2.250% due 06/16/25 ~		400,000		402,022

				3,150,076

Technology - 2.1%

Fidelity National Information Services Inc
0.375% due 03/01/23		160,000		159,844
0.600% due 03/01/24		80,000		79,933


	Principal Amount		Value
Fortinet Inc 1.000% due 03/15/26		$95,000		$94,176
Microchip Technology Inc
0.972% due 02/15/24 ~		160,000		159,987
0.983% due 09/01/24 ~		135,000		134,422
2.670% due 09/01/23		205,000		213,624
Micron Technology Inc
2.497% due 04/24/23		550,000		568,973
4.640% due 02/06/24		120,000		131,629
NXP BV (China)
2.700% due 05/01/25 ~		40,000		42,224
3.875% due 09/01/22 ~		200,000		207,449
4.625% due 06/01/23 ~		200,000		215,030
Skyworks Solutions Inc 0.900% due 06/01/23		45,000		45,141

				2,052,432

Utilities - 4.2%

Edison International 3.125% due 11/15/22		155,000		159,709
Enel Finance International NV (Italy)
2.875% due 05/25/22 ~		520,000		531,493
4.250% due 09/14/23 ~		405,000		436,654
FirstEnergy Corp 3.350% due 07/15/22		240,000		244,033
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		300,000		336,041
NRG Energy Inc 3.750% due 06/15/24 ~		130,000		138,589
Pacific Gas and Electric Co
1.750% due 06/16/22		810,000		809,713
3.500% due 06/15/25		135,000		141,676
San Diego Gas & Electric Co 1.914% due 02/01/22		27,858		27,962
Sempra Energy 2.875% due 10/01/22		25,000		25,591
Sinosing Services Pte Ltd (China) 2.250% due 02/20/25 ~		500,000		509,659
The AES Corp 3.300% due 07/15/25 ~		155,000		165,882
Vistra Operations Co LLC 3.550% due 07/15/24 ~		480,000		507,132

				4,034,134

Total Corporate Bonds & Notes (Cost $47,633,773)				48,658,336


MORTGAGE-BACKED SECURITIES - 19.2%

Collateralized Mortgage Obligations - Commercial - 6.3%

Austin Fairmont Hotel Trust 1.123% (USD LIBOR + 1.050%) due 09/15/32 ~ §		115,000		115,201
BAMLL Commercial Mortgage Securities Trust 3.490% due 04/14/33 ~		130,000		139,333
Banc of America Commercial Mortgage Trust 1.957% due 02/15/50		16,699		16,748
Bank 2019-BNK19 2.263% due 08/15/61		81,837		83,776


	Principal Amount		Value
Bank 2019-BNK24 2.056% due 11/15/62		$96,536		$98,273
Beneria Cowen & Pritzer Collateral Funding Corp 0.899% (USD LIBOR + 0.799%) due 06/15/38 ~ §		70,000		69,582
BX Commercial Mortgage Trust 0.993% (USD LIBOR + 0.920%) due 10/15/36 ~ §		90,527		90,748
BX Trust 1.500% (USD LIBOR + 1.400%) due 06/15/38 ~ §		100,000		100,313
CGDB Commercial Mortgage Trust 1.723% (USD LIBOR + 1.650%) due 11/15/36 ~ §		350,000		350,097
Commercial Mortgage Trust
1.965% due 02/10/50		7,090		7,096
3.221% due 10/10/48		136,602		137,946
3.754% due 02/10/37 ~ §		120,000		117,178
3.926% due 03/10/48 §		65,000		70,158
3.961% due 03/10/47		150,000		161,403
4.353% due 08/10/30 ~		120,000		127,203
4.701% due 03/10/47		195,000		210,314
4.865% due 08/10/47 ~ §		100,000		99,286
CSAIL Commercial Mortgage Trust
2.025% due 09/15/50		50,740		51,023
2.360% due 06/15/52		104,670		107,042
Extended Stay America Trust due 07/15/38 # ~		115,000		115,622
Fontainebleau Miami Beach Trust 3.750% due 12/10/36 ~		330,000		348,252
Great Wolf Trust 1.706% (USD LIBOR + 1.633%) due 12/15/36 ~ §		145,000		145,219
GS Mortgage Securities Corp Trust 1.673% (USD LIBOR + 1.600%) due 05/15/26 ~ §		100,000		100,245
InTown Hotel Portfolio Trust
1.023% (USD LIBOR + 0.950%) due 01/15/33 ~ §		100,000		100,313
1.573% (USD LIBOR + 1.500%) due 01/15/33 ~ §		100,000		100,291
JP Morgan Chase Commercial Mortgage Securities Trust
1.423% (USD LIBOR + 1.350%) due 09/15/29 ~ §		380,000		380,390
1.673% (USD LIBOR + 1.600%) due 09/15/29 ~ §		120,000		120,062
1.843% (USD LIBOR + 1.770%) due 10/15/33 ~ §		205,000		205,973
2.243% (USD LIBOR + 2.170%) due 10/15/33 ~ §		165,000		165,885
KKR Industrial Portfolio Trust
1.073% (USD LIBOR + 1.000%) due 12/15/37 ~ §		100,000		100,122
1.323% (USD LIBOR + 1.250%) due 12/15/37 ~ §		100,000		100,137


	Principal Amount		Value
Merit 2020-Hill
1.473% (USD LIBOR + 1.400%) due 08/15/37 ~ §		$200,000		$201,131
1.773% (USD LIBOR + 1.700%) due 08/15/37 ~ §		100,000		100,613
2.423% (USD LIBOR + 2.350%) due 08/15/37 ~ §		115,000		115,827
MHC Trust 1.173% (USD LIBOR + 1.100%) due 05/15/23 ~ §		90,000		90,296
Morgan Stanley Capital I Trust
3.283% due 11/10/36 ~ §		255,000		254,533
3.912% due 09/09/32 ~		285,000		306,417
New Orleans Hotel Trust 1.362% (USD LIBOR + 1.289%) due 04/15/32 ~ §		385,000		383,291
SLIDE Fund Trust 2.173% (USD LIBOR + 1.850%) due 06/15/31 ~ §		121,406		120,333
Wells Fargo Commercial Mortgage Trust 1.975% due 09/15/50		41,174		41,398
WFRBS Commercial Mortgage Trust
4.045% due 03/15/47		150,000		161,498
4.697% due 04/15/45		195,000		198,671

				6,109,239

Collateralized Mortgage Obligations - Residential - 9.4%

Angel Oak Mortgage Trust
0.909% due 01/25/66 ~ §		197,176		196,999
0.985% due 04/25/66 ~ §		138,491		138,487
1.115% due 01/25/66 ~ §		56,581		56,519
1.261% due 05/25/65 ~ §		132,970		133,462
1.691% due 04/25/65 ~ §		39,980		40,412
Angel Oak Mortgage Trust LLC 1.579% due 05/25/65 ~ §		94,634		95,124
COLT Funding LLC 1.167% due 06/25/66 ~ §		103,478		103,347
COLT Mortgage Loan Trust
1.506% due 04/27/65 ~ §		56,861		57,138
2.764% due 08/25/49 ~ §		111,156		111,262
Deephaven Residential Mortgage Trust
0.899% due 04/25/66 ~ §		98,003		98,008
0.973% due 05/25/65 ~ §		90,914		90,950
1.260% due 04/25/66 ~ §		98,003		98,009
2.339% due 01/25/60 ~ §		87,614		88,692
2.964% due 07/25/59 ~ §		98,284		98,699
Ellington Financial Mortgage Trust
0.797% due 02/25/66 ~ §		85,923		85,762
0.931% due 06/25/66 ~ §		98,352		98,219
1.291% due 06/25/66 ~ §		98,352		98,220
Fannie Mae Connecticut Avenue Securities
0.942% (USD LIBOR + 0.850%) due 07/25/30 §		205,286		205,407
1.192% (USD LIBOR + 1.100%) due 11/25/29 §		309,063		305,438
1.292% (USD LIBOR + 1.200%) due 01/25/30 §		128,866		125,796
1.442% (USD LIBOR + 1.350%) due 09/25/29 §		91,522		92,154
Fannie Mae REMICS 4.000% due 06/25/44		4,471		4,530


	Principal Amount		Value
Flagstar Mortgage Trust
0.942% (USD LIBOR + 0.850%) due 03/25/50 ~ §		$102,330		$102,436
3.500% due 10/25/49 ~ §		63,213		64,279
4.000% due 09/25/48 ~ §		113,186		115,039
Freddie Mac STACR REMIC Trust
0.718% (SOFR30A + 0.700%) due 08/25/33 ~ §		45,000		45,020
0.842% (USD LIBOR + 0.750%) due 02/25/50 ~ §		20,702		20,705
1.942% (USD LIBOR + 1.850%) due 02/25/50 ~ §		200,000		201,854
2.118% (SOFR30A + 2.100%) due 10/25/33 ~ §		100,000		102,271
3.192% (USD LIBOR + 3.100%) due 03/25/50 ~ §		210,000		213,539
Freddie Mac STACR Trust
0.892% (USD LIBOR + 0.800%) due 12/25/30 ~ §		39,993		39,999
1.042% (USD LIBOR + 0.950%) due 12/25/30 ~ §		70,000		70,115
1.492% (USD LIBOR + 1.400%) due 02/25/49 ~ §		134,658		135,636
Freddie Mac Structured Agency Credit Risk Debt Notes
0.818% (SOFR30A + 0.800%) due 08/25/33 ~ §		125,000		125,434
0.842% (USD LIBOR + 0.750%) due 03/25/30 §		24,345		24,347
Freddie Mac Whole Loan Securities Trust 3.847% due 05/25/47 ~ §		18,863		19,018
Galton Funding Mortgage Trust
2.310% due 01/25/60 ~ §		58,042		59,167
2.832% due 01/25/60 ~ §		145,000		145,970
3.339% due 10/25/59 ~ §		140,000		141,573
3.500% due 11/25/57 ~ §		53,028		53,796
4.000% due 02/25/59 ~ §		60,496		61,348
GS Mortgage-Backed Securities Corp Trust
1.017% due 07/25/61 ~ §		91,278		91,298
2.500% due 10/25/51 ~ §		223,610		229,078
GS Mortgage-Backed Securities Trust 1.673% due 07/25/44 ~ §		4,348		4,390
Homeward Opportunities Fund I Trust 2.675% due 11/25/59 ~ §		65,581		66,239
Hundred Acre Wood Trust 2.500% due 07/25/51 ~ §		148,989		153,226
New Residential Mortgage Loan Trust
0.943% due 07/25/55 ~ §		143,111		143,307
1.650% due 05/24/60 ~ §		58,402		59,128
2.464% due 01/26/60 ~ §		101,299		102,442
2.710% due 11/25/59 ~ §		170,318		172,492
OBX Trust
0.842% (USD LIBOR + 0.750%) due 02/25/60 ~ §		101,023		101,232
0.992% (USD LIBOR + 0.900%) due 06/25/59 ~ §		45,243		45,470
1.042% (USD LIBOR + 0.950%) due 02/25/60 ~ §		51,807		51,673
1.072% due 02/25/66 ~ §		95,899		95,779


	Principal Amount		Value
1.292% (USD LIBOR + 1.200%) due 06/25/59 ~ §		$122,114		$121,683
2.500% due 05/25/51 ~ §		162,245		166,638
3.000% due 05/25/60 ~ §		60,518		61,670
3.500% due 12/25/49 ~ §		50,212		50,995
3.500% due 02/25/60 ~ §		144,476		148,857
PSMC Trust
2.500% due 03/25/51 ~ §		248,022		254,738
2.500% due 05/25/51 ~ §		185,000		191,397
Sequoia Mortgage Trust
4.000% due 06/25/48 ~ §		100,150		101,670
4.000% due 08/25/48 ~ §		91,524		93,507
4.500% due 08/25/48 ~ §		15,254		15,652
SG Residential Mortgage Trust
1.381% due 05/25/65 ~ §		68,808		69,093
2.703% due 09/25/59 ~ §		41,984		42,220
2.877% due 09/25/59 ~ §		270,488		272,089
STACR Trust
0.992% (USD LIBOR + 0.900%) due 09/25/48 ~ §		110,000		110,109
1.342% (USD LIBOR + 1.250%) due 02/25/47 ~ §		143,172		143,210
Starwood Mortgage Residential Trust
0.943% due 05/25/65 ~ §		104,262		104,352
2.408% due 02/25/50 ~ §		115,611		116,934
2.610% due 09/27/49 ~ §		39,303		39,845
2.941% due 06/25/49 ~ §		84,583		85,129
3.299% due 06/25/49 ~ §		120,278		120,912
Verus Securitization Trust
0.918% due 02/25/64 ~ §		108,923		109,182
1.052% due 01/25/66 ~ §		86,085		86,087
1.977% due 03/25/60 ~ §		68,398		69,355
2.724% due 01/25/60 ~ §		156,717		158,728
3.100% due 11/25/59 ~ §		156,429		159,538
3.117% due 07/25/59 ~ §		187,129		190,702
Vista Point Securitization Trust
1.763% due 03/25/65 ~ §		132,260		133,667
2.496% due 04/25/65 ~ §		75,142		75,945
Wells Fargo Mortgage-Backed Securities Trust 2.500% due 12/25/50 ~ §		220,000		225,904

				8,999,742

Fannie Mae - 1.8%

due 07/01/36 #		55,000		55,667
due 07/01/51 #		120,000		125,093
2.500% due 11/01/50		32,907		34,078
3.000% due 08/01/32		249,543		264,887
3.500% due 01/01/48 - 07/01/50		140,801		148,932
4.500% due 04/01/26 - 01/01/50		605,457		657,279
5.000% due 09/01/25 - 02/01/49		97,874		108,669
6.000% due 11/01/35 - 02/01/49		283,735		339,603

				1,734,208

Freddie Mac - 0.6%

2.000% due 01/01/36		175,513		181,563
4.000% due 02/01/50		140,768		150,430
4.500% due 03/01/49 - 05/01/50		90,362		97,617
5.000% due 12/01/41		71,151		79,064
7.000% due 03/01/39		27,691		31,976
7.500% due 06/01/38		28,922		33,404

				574,054


	Principal Amount		Value
Government National Mortgage Association - 1.1%

due 07/20/51 #		$140,000		$146,975
4.000% due 10/20/50		320,000		339,006
5.000% due 01/20/48 - 05/20/48		292,240		316,915
5.500% due 09/15/45 - 02/20/49		217,228		250,264

				1,053,160

Total Mortgage-Backed Securities (Cost $18,379,268)				18,470,403


ASSET-BACKED SECURITIES - 14.6%

AmeriCredit Automobile Receivables Trust
0.890% due 10/19/26		115,000		114,924
0.970% due 02/18/26		85,000		85,616
1.060% due 08/18/26		80,000		80,636
1.210% due 12/18/26		65,000		64,889
1.290% due 06/18/27		140,000		141,323
1.590% due 10/20/25		165,000		167,919
1.800% due 12/18/25		160,000		163,462
2.690% due 06/19/23		69,021		69,457
2.710% due 08/18/22		3,955		3,959
Applebee’s Funding LLC 4.194% due 06/07/49 ~		148,875		153,254
ARI Fleet Lease Trust 2.060% due 11/15/28 ~		190,000		193,954
Avis Budget Rental Car Funding AESOP LLC
2.330% due 08/20/26 ~		125,000		130,517
2.650% due 03/20/26 ~		425,000		443,545
3.330% due 03/20/24 ~		260,000		269,022
3.700% due 03/20/23 ~		100,000		101,552
4.530% due 03/20/23 ~		130,000		132,103
4.950% due 03/20/25 ~		100,000		108,099
Bayview Mortgage Fund IVc Trust 3.500% due 01/28/58 ~ §		99,040		100,218
Bayview Opportunity Master Fund IVb Trust 3.500% due 01/28/55 ~ §		59,882		61,514
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		236,026		247,811
Capital Auto Receivables Asset Trust
2.700% due 09/20/22 ~		44,041		44,090
3.360% due 11/21/22 ~		160,000		161,652
3.690% due 12/20/23 ~		43,416		43,498
CarMax Auto Owner Trust 2.340% due 11/17/25		105,000		108,491
CBAM Ltd (Cayman) 1.464% (USD LIBOR + 1.280%) due 02/12/30 ~ §		760,000		760,380
Cedar Funding XIV CLO Ltd (Cayman) 1.223% (USD LIBOR + 1.100%) due 07/15/33 ~ §		255,000		254,999
CIFC Funding Ltd (Cayman)
1.226% (USD LIBOR + 1.050%) due 04/24/30 ~ §		500,000		500,066
1.538% (USD LIBOR + 1.350%) due 10/20/31 ~ §		255,000		255,452
1.884% (USD LIBOR + 1.700%) due 07/15/32 ~ §		275,000		275,350


	Principal Amount		Value
CNH Equipment Trust 3.010% due 04/15/24		$120,206		$122,178
Daimler Trucks Retail Trust 1.370% due 06/15/27		265,000		267,198
Dryden 86 CLO Ltd (Cayman) due 07/17/34 # ~		250,000		250,000
1.840% (USD LIBOR + 1.650%) due 07/17/30 ~ §		250,000		250,483
Elara HGV Timeshare Issuer LLC
2.530% due 02/25/27 ~		8,781		8,788
2.690% due 03/25/30 ~		34,483		35,504
2.730% due 04/25/28 ~		102,333		104,295
Enterprise Fleet Financing LLC 3.140% due 02/20/24 ~		5,781		5,796
Ford Credit Auto Owner Trust
1.740% due 04/15/33 ~		115,000		115,733
2.040% due 12/15/26		185,000		191,078
GM Financial Automobile Leasing Trust 2.560% due 07/22/24		95,000		98,082
GM Financial Consumer Automobile Receivables Trust 1.050% due 05/18/26		85,000		85,275
Hilton Grand Vacations Trust
2.660% due 12/26/28 ~		59,355		60,809
2.960% due 12/26/28 ~		24,731		25,257
Hyundai Auto Receivables Trust
1.600% due 12/15/26		150,000		152,777
2.940% due 05/15/25		165,000		171,066
Madison Park Funding Ltd (Cayman) 1.484% (USD LIBOR + 1.300%) due 07/15/32 ~ §		250,000		250,139
Metlife Securitization Trust 3.000% due 04/25/55 ~ §		67,464		69,031
Mill City Mortgage Loan Trust 2.500% due 04/25/57 ~ §		10,707		10,768
MMAF Equipment Finance LLC 3.200% due 09/12/22 ~		71,440		71,815
MVW LLC 2.730% due 10/20/37 ~		80,613		83,265
MVW Owner Trust
2.420% due 12/20/34 ~		207,285		211,897
2.890% due 11/20/36 ~		208,988		215,096
Navient Private Education Refi Loan Trust
0.940% due 07/15/69 ~		142,631		142,686
1.170% due 09/16/69 ~		59,656		59,934
1.220% due 07/15/69 ~		204,966		206,328
2.400% due 10/15/68 ~		94,493		96,503
2.460% due 11/15/68 ~		195,000		201,604
2.640% due 05/15/68 ~		312,072		318,935
Navistar Financial Dealer Note Master Trust
1.042% (USD LIBOR + 0.950%) due 07/25/25 ~ §		190,000		191,541
1.442% (USD LIBOR + 1.350%) due 07/25/25 ~ §		180,000		181,608
Neuberger Berman Loan Advisers CLO 38 Ltd (Cayman) 1.488% (USD LIBOR + 1.300%) due 10/20/32 ~ §		250,000		250,585


	Principal Amount		Value
OCP CLO Ltd (Cayman) 1.308% (USD LIBOR + 1.120%) due 07/20/29 ~ §		$415,000		$415,207
Palmer Square CLO Ltd (Cayman) 1.884% (USD LIBOR + 1.700%) due 07/15/31 ~ §		260,000		260,214
Planet Fitness Master Issuer LLC 4.262% due 09/05/48 ~		194,500		195,983
Santander Drive Auto Receivables Trust 1.010% due 01/15/26		125,000		125,808
Santander Retail Auto Lease Trust
1.140% due 03/20/26 ~		255,000		254,790
2.520% due 11/20/24 ~		165,000		169,540
2.880% due 06/20/24 ~		410,000		421,631
Sierra Timeshare Conduit Receivables Funding LLC 2.910% due 03/20/34 ~		334,742		338,762
Sierra Timeshare Receivables Funding LLC
1.340% due 11/20/37 ~		86,078		86,293
2.430% due 10/20/33 ~		25,533		25,664
3.510% due 07/20/37 ~		82,040		84,845
SLM Student Loan Trust 0.492% (USD LIBOR + 0.400%) due 03/25/25 §		92,681		91,223
SMB Private Education Loan Trust
1.073% (USD LIBOR + 1.000%) due 06/15/27 ~ §		17,629		17,667
1.223% (USD LIBOR + 1.150%) due 05/15/26 ~ §		11,096		11,102
1.290% due 07/15/53 ~		101,901		102,359
1.573% (USD LIBOR + 1.500%) due 04/15/32 ~ §		225,000		227,201
1.600% due 09/15/54 ~		550,000		554,875
3.050% due 05/15/26 ~		5,222		5,231
3.600% due 01/15/37 ~		105,982		112,315
Towd Point Mortgage Trust
2.250% due 07/25/56 ~ §		18,972		19,124
2.750% due 02/25/55 ~ §		4,048		4,059
2.750% due 05/25/55 ~ §		1,981		1,983
2.750% due 08/25/55 ~ §		14,223		14,362
2.750% due 10/25/56 ~ §		25,274		25,674
2.750% due 04/25/57 ~ §		55,028		55,863
3.750% due 05/25/58 ~ §		75,432		79,641
Volvo Financial Equipment LLC 3.060% due 12/15/25 ~		265,000		266,776
World Omni Auto Receivables Trust 1.640% due 08/17/26		120,000		122,029
World Omni Select Auto Trust
0.840% due 06/15/26		125,000		125,242
1.250% due 10/15/26		140,000		141,085


Total Asset-Backed Securities (Cost $13,946,627)				14,100,354


U.S. TREASURY OBLIGATIONS - 13.4%

U.S. Treasury Notes - 13.4%

0.125% due 10/31/22		1,760,000		1,759,587
0.125% due 11/30/22		2,490,000		2,488,833
0.125% due 12/31/22		575,000		574,618


	Principal Amount		Value
0.125% due 01/31/23		$475,000		$474,592
0.125% due 03/31/23		1,465,000		1,462,911
0.125% due 04/30/23		3,900,000		3,893,145
0.125% due 05/31/23		770,000		768,406
0.125% due 06/30/23		1,445,000		1,441,585


Total U.S. Treasury Obligations (Cost $12,869,832)				12,863,677


MUNICIPAL BONDS - 1.1%

Chicago Transit Authority Sales Tax Receipts Fund 1.708% due 12/01/22		10,000		10,149
1.838% due 12/01/23		10,000		10,221
2.064% due 12/01/24		25,000		25,764
City of Houston TX Airport System Revenue 0.883% due 07/01/22		15,000		15,081
1.054% due 07/01/23		30,000		30,321
1.272% due 07/01/24		95,000		96,474
Dallas Fort Worth International Airport 1.329% due 11/01/25		50,000		50,564
Long Island Power Authority 0.764% due 03/01/23		75,000		75,307
Port Authority of New York & New Jersey 1.086% due 07/01/23		290,000		293,748
State Board of Administration Finance Corp 1.258% due 07/01/25		325,000		328,250
State of Connecticut 1.998% due 07/01/24		55,000		57,235
2.000% due 07/01/23		20,000		20,634
2.098% due 07/01/25		35,000		36,668


Total Municipal Bonds (Cost $1,035,079)				1,050,416


SHORT-TERM INVESTMENTS - 1.7%

Commercial Paper - 0.6%

Jabil Inc 0.520% due 08/09/21		250,000		249,854
0.550% due 07/19/21		270,000		269,928

				519,782

Corporate Notes - 0.3%

Pacific Gas and Electric Co 1.531% (USD LIBOR + 1.375%) due 11/15/21 §		295,000		295,621



	Shares		Value
Money Market Fund - 0.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		796,115		$796,115


Total Short-Term Investments (Cost $1,610,900)				1,611,518


TOTAL INVESTMENTS - 100.6% (Cost $95,475,479)				96,754,704


DERIVATIVES - (0.0%)				(31,491	)


OTHER ASSETS & LIABILITIES, NET - (0.6%)				(599,043	)


NET ASSETS - 100.0%				$96,124,170

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 28.8%

Azerbaijan - 0.4%

Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		$237,000		$283,950


Bahrain - 0.7%

BBK BSC 5.500% due 07/09/24 ~		200,000		212,763
The Oil and Gas Holding Co BSCC 8.375% due 11/07/28 ~		200,000		234,854

				447,617

Brazil - 6.0%

Braskem America Finance Co 7.125% due 07/22/41 ~		200,000		249,464
Braskem Netherlands Finance BV
5.875% due 01/31/50 ~		200,000		219,676
8.500% due 01/23/81 ~		280,000		326,578
CSN Inova Ventures 6.750% due 01/28/28 ~		200,000		221,450
JSM Global SARL 4.750% due 10/20/30 ~		200,000		208,064
Klabin Austria GmbH 7.000% due 04/03/49 ~		200,000		255,000
Movida Europe SA 5.250% due 02/08/31 ~		200,000		202,504
NBM US Holdings Inc 7.000% due 05/14/26 ~		210,000		226,645
Petrobras Global Finance BV
5.093% due 01/15/30		150,000		163,914
5.500% due 06/10/51		100,000		100,160
6.850% due 06/05/15		180,000		205,983
Rede D’or Finance SARL 4.500% due 01/22/30 ~		200,000		205,575
Simpar Europe SA 5.200% due 01/26/31 ~		200,000		205,576
Suzano Austria GmbH 7.000% due 03/16/47 ~		200,000		270,723
Vale Overseas Ltd
6.875% due 11/21/36		165,000		226,373
6.875% due 11/10/39		175,000		245,047
Votorantim Cimentos International SA 7.250% due 04/05/41 ~		200,000		272,056

				3,804,788

Chile - 1.5%

Corp Nacional del Cobre de Chile
4.875% due 11/04/44 ~		200,000		246,852
5.625% due 10/18/43 ~		200,000		267,816
Empresa de Transporte de Pasajeros Metro SA 4.700% due 05/07/50 ~		200,000		226,250
Empresa Nacional del Petroleo 4.500% due 09/14/47 ~		200,000		197,943

				938,861

China - 1.8%

Central China Real Estate Ltd 7.650% due 08/27/23 ~		200,000		189,506


	Principal Amount		Value
China Evergrande Group 7.500% due 06/28/23 ~		$200,000		$142,505
Kaisa Group Holdings Ltd 10.875% due 07/23/23 ~		200,000		200,270
Scenery Journey Ltd 12.000% due 10/24/23 ~		200,000		154,754
Sinopec Group Overseas Development 2018 Ltd 3.350% due 05/13/50 ~		200,000		202,995
Sunac China Holdings Ltd 7.500% due 02/01/24 ~		225,000		230,067

				1,120,097

Colombia - 1.0%

Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 151,000,000		38,383
Grupo Aval Ltd 4.375% due 02/04/30 ~		$200,000		197,645
Millicom International Cellular SA 5.125% due 01/15/28 ~		180,000		187,783
Oleoducto Central SA 4.000% due 07/14/27 ~		205,000		211,806

				635,617

India - 1.2%

Bharti Airtel Ltd 4.375% due 06/10/25 ~		200,000		218,660
Greenko Solar Mauritius Ltd 5.550% due 01/29/25 ~		200,000		206,065
Network i2i Ltd 3.975% due 06/03/70 ~		200,000		200,771
Vedanta Resources Ltd 6.125% due 08/09/24 ~		200,000		167,860

				793,356

Indonesia - 1.3%

P.T. Indonesia Asahan Aluminium Persero
5.450% due 05/15/30 ~		200,000		232,776
6.757% due 11/15/48 ~		250,000		324,923
P.T. Perusahaan Listrik Negara 6.150% due 05/21/48 ~		202,000		255,764

				813,463

Israel - 0.9%

Leviathan Bond Ltd 6.750% due 06/30/30 ~		100,000		113,250
Teva Pharmaceutical Finance Netherlands III BV 6.750% due 03/01/28		400,000		439,100

				552,350

Jamaica - 0.1%

Digicel International Finance Ltd
8.000% due 12/31/26 ~		38,669		37,993
8.750% due 05/25/24 ~		25,528		26,680

				64,673

Kazakhstan - 1.4%

Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		220,000		229,520
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		300,000		413,106


	Principal Amount		Value
KazMunayGas National Co JSC 6.375% due 10/24/48 ~		$200,000		$265,334

				907,960

Luxembourg - 0.4%

Altice Financing SA 7.500% due 05/15/26 ~		250,000		260,638


Malaysia - 0.9%

Petronas Capital Ltd
3.404% due 04/28/61 ~		200,000		205,563
4.550% due 04/21/50 ~		291,000		359,791

				565,354

Mexico - 3.8%

Alfa SAB de CV 6.875% due 03/25/44 ~		200,000		264,606
Axtel SAB de CV 6.375% due 11/14/24 ~		174,000		180,657
BBVA Bancomer SA 5.125% due 01/18/33 ~		200,000		208,680
Comision Federal de Electricidad
4.875% due 01/15/24 ~		200,000		218,231
5.750% due 02/14/42 ~		200,000		223,202
8.180% due 12/23/27 ~		MXN 950,000		45,842
Petroleos Mexicanos
6.350% due 02/12/48		$108,000		92,187
6.750% due 09/21/47		348,000		308,418
6.950% due 01/28/60		299,000		264,974
7.190% due 09/12/24 ~		MXN 1,670,000		79,385
7.690% due 01/23/50		$350,000		337,313
Trust Fibra Uno REIT 6.390% due 01/15/50 ~		200,000		235,457

				2,458,952

Morocco - 0.4%

OCP SA 6.875% due 04/25/44 ~		200,000		244,605


Oman - 0.3%

Bank Muscat SAOG 4.750% due 03/17/26 ~		200,000		208,000


Pakistan - 0.3%

The Third Pakistan International Sukuk Co Ltd 5.625% due 12/05/22 ~		200,000		206,027


Panama - 1.3%

AES Panama Generation Holdings SRL 4.375% due 05/31/30 ~		200,000		209,540
C&W Senior Financing DAC
6.875% due 09/15/27 ~		400,000		428,220
7.500% due 10/15/26 ~		200,000		210,683

				848,443

Peru - 0.7%

InRetail Shopping Malls 5.750% due 04/03/28 ~		40,000		41,516
Petroleos del Peru SA 5.625% due 06/19/47 ~		400,000		426,900

				468,416


	Principal Amount		Value
Qatar - 0.3%
Qatar Petroleum due 07/12/41 # ~		$210,000		$209,225


Saudi Arabia - 0.7%

Acwa Power Management And Investments One Ltd 5.950% due 12/15/39 ~		199,786		237,757
Arabian Centres Sukuk Ltd 5.375% due 11/26/24 ~		200,000		209,800

				447,557

Singapore - 0.3%

Puma International Financing SA 5.000% due 01/24/26 ~		200,000		202,440


South Africa - 0.3%

Eskom Holdings SOC Ltd 7.125% due 02/11/25 ~		200,000		211,800


Ukraine - 0.7%

Metinvest BV 7.750% due 10/17/29 ~		200,000		222,683
VF Ukraine PAT via VFU Funding PLC 6.200% due 02/11/25 ~		200,000		209,266

				431,949

United Kingdom - 0.4%

Standard Chartered Bank
6.625% due 05/18/33 ~		IDR 270,000,000		18,588
8.125% due 05/17/24 ~		369,000,000		27,800
8.250% due 05/19/36 ~		980,000,000		74,321
8.375% due 03/17/34 ~		810,000,000		61,963
9.000% due 03/20/29 ~		311,000,000		24,880
11.000% due 09/17/25 ~		432,000,000		35,834

				243,386

United States - 0.7%

JBS USA Food Co 5.750% due 01/15/28 ~		$200,000		214,844
JPMorgan Chase Bank NA 7.500% due 08/17/32 ~		IDR 2,854,000,000		207,356

				422,200

Venezuela - 0.7%

Petroleos de Venezuela SA
5.375% due 04/12/27 * ~ y		$113,000		5,085
8.500% due 10/27/21 * ~ y		1,460,500		390,684
9.000% due 11/17/21 * ~ y		239,354		10,891
9.750% due 05/17/35 * ~ y		306,278		13,782
12.750% due 02/17/22 * ~ y		117,000		5,308

				425,750


	Principal Amount		Value
Zambia - 0.3%

First Quantum Minerals Ltd 6.875% due 03/01/26 ~		$200,000		$209,750


Total Corporate Bonds & Notes (Cost $18,375,994)				18,427,224


FOREIGN GOVERNMENT BONDS & NOTES - 66.8%

Angola - 1.1%

Angolan Government International
8.250% due 05/09/28 ~		200,000		209,282
9.375% due 05/08/48 ~		200,000		209,521
9.500% due 11/12/25 ~		232,000		254,599

				673,402

Argentina - 1.8%

Argentine Republic Government International
0.500% due 07/09/30		1,617,518		583,455
1.000% due 07/09/29		134,357		51,214
1.125% due 07/09/35		1,058,698		337,736
2.000% due 01/09/38		188,127		71,362
2.500% due 07/09/41		379,217		135,949

				1,179,716

Belarus - 0.3%

Republic of Belarus International 7.625% due 06/29/27 ~		200,000		195,700


Brazil - 6.6%

Brazil Letras do Tesouro Nacional
7.643% due 07/01/23		BRL 7,829,000		1,358,176
7.891% due 01/01/24		8,380,000		1,392,717
Brazil Notas do Tesouro Nacional ‘F’
10.000% due 01/01/27		1,710,000		366,479
10.000% due 01/01/29		1,040,000		223,598
10.000% due 01/01/31		1,570,000		335,062
Brazilian Government International
5.000% due 01/27/45		$200,000		202,955
7.125% due 01/20/37		160,000		203,284
8.250% due 01/20/34		110,000		152,117

				4,234,388

Chile - 0.3%

Bonos de la Tesoreria de la Republica en pesos due 10/01/28 # ~		CLP 125,000,000		176,993


China - 0.5%

China Government
2.680% due 05/21/30		CNY 1,520,000		226,594
3.720% due 04/12/51		630,000		99,160

				325,754


Colombia - 3.1%
Colombia Government International
3.875% due 04/25/27		$220,000		234,042
5.625% due 02/26/44		200,000		227,160
6.125% due 01/18/41		130,000		154,350
7.375% due 09/18/37		110,000		145,066
8.125% due 05/21/24		141,000		167,362


	Principal Amount		Value
Colombian TES
4.750% due 02/23/23 ^		COP 542,118,948		$153,237
5.750% due 11/03/27		1,135,700,000		289,935
6.000% due 04/28/28		379,200,000		97,103
6.250% due 11/26/25		64,600,000		17,463
7.500% due 08/26/26		698,800,000		197,303
10.000% due 07/24/24		923,400,000		280,564

				1,963,585

Costa Rica - 0.3%

Costa Rica Government International 5.625% due 04/30/43 ~		$200,000		185,780


Croatia - 0.4%

Croatia Government International 6.000% due 01/26/24 ~		200,000		226,992


Czech Republic - 0.0%

Czech Republic Government 4.200% due 12/04/36 ~		CZK 240,000		14,570


Dominican Republic - 3.0%

Dominican Republic International
4.875% due 09/23/32 ~		$488,000		505,095
5.300% due 01/21/41 ~		150,000		150,001
5.500% due 01/27/25 ~		100,000		110,040
5.875% due 01/30/60 ~		440,000		441,104
6.850% due 01/27/45 ~		200,000		227,070
6.875% due 01/29/26 ~		276,000		320,464
7.450% due 04/30/44 ~		130,000		157,008

				1,910,782

Ecuador - 3.8%

Ecuador Government International
0.500% due 07/31/30 ~		593,955		509,322
0.500% due 07/31/35 ~		2,320,002		1,600,802
0.500% due 07/31/40 ~		517,534		322,812

				2,432,936

Egypt - 2.5%

Egypt Government
14.051% due 07/21/22		EGP 397,000		25,500
14.138% due 10/20/22		242,000		15,524
14.313% due 10/13/23		348,000		22,304
14.483% due 04/06/26		2,460,000		156,971
Egypt Government International
7.600% due 03/01/29 ~		$200,000		220,270
7.625% due 05/29/32 ~		200,000		212,734
7.903% due 02/21/48 ~		300,000		297,831
8.500% due 01/31/47 ~		200,000		209,085
8.700% due 03/01/49 ~		200,000		211,880
8.875% due 05/29/50 ~		216,000		233,406

				1,605,505

El Salvador - 0.9%

El Salvador Government International
7.125% due 01/20/50 ~		150,000		128,250
7.625% due 02/01/41 ~		150,000		133,875


	Principal Amount		Value
7.650% due 06/15/35 ~		$22,000		$20,187
8.250% due 04/10/32 ~		32,000		30,480
8.625% due 02/28/29 ~		121,000		118,580
9.500% due 07/15/52 ~		150,000		148,125

				579,497

Gabon - 0.3%

Gabon Government International 6.375% due 12/12/24 ~		200,000		213,589


Ghana - 1.3%

Ghana Government International
8.125% due 03/26/32 ~		200,000		203,311
8.625% due 04/07/34 ~		200,000		206,954
8.875% due 05/07/42 ~		200,000		202,404
8.950% due 03/26/51 ~		200,000		198,302

				810,971

Hungary - 0.8%

Hungary Government
3.000% due 10/27/27		HUF 8,450,000		29,863
3.000% due 08/21/30		35,330,000		124,608
6.750% due 10/22/28		17,050,000		74,420
Hungary Government International
5.375% due 03/25/24		$84,000		94,851
5.750% due 11/22/23		150,000		168,644

				492,386

India - 0.3%

Export-Import Bank of India 4.000% due 01/14/23 ~		200,000		209,168


Indonesia - 5.2%

Indonesia Government International
5.125% due 01/15/45 ~		200,000		248,098
5.950% due 01/08/46 ~		200,000		275,986
6.625% due 02/17/37 ~		130,000		179,772
7.750% due 01/17/38 ~		130,000		196,988
8.500% due 10/12/35 ~		100,000		160,358
Indonesia Treasury
6.125% due 05/15/28		IDR 657,000,000		45,378
6.625% due 05/15/33		2,222,000,000		152,967
7.000% due 05/15/27		5,965,000,000		436,720
7.000% due 09/15/30		3,392,000,000		242,329
7.500% due 06/15/35		1,438,000,000		102,643
7.500% due 05/15/38		331,000,000		23,478
8.250% due 05/15/29		4,841,000,000		372,764
8.250% due 05/15/36		895,000,000		67,875
8.375% due 03/15/24		3,096,000,000		233,539
8.375% due 09/15/26		2,156,000,000		167,392
8.375% due 04/15/39		2,321,000,000		177,757
Perusahaan Penerbit SBSN Indonesia III 4.550% due 03/29/26 ~		$200,000		227,850

				3,311,894

Ivory Coast - 0.9%

Ivory Coast Government International
4.875% due 01/30/32 ~		EUR 130,000		154,425
5.875% due 10/17/31 ~		125,000		159,720
6.875% due 10/17/40 ~		200,000		259,765

				573,910


	Principal Amount		Value
Kenya - 0.3%

Kenya Government International 8.000% due 05/22/32 ~		$200,000		$225,611


Lebanon - 0.5%

Lebanon Government International
5.800% due 04/14/22 * ~ y		128,000		16,640
6.000% due 01/27/23 * ~ y		35,000		4,608
6.100% due 10/04/22 * ~ y		1,192,000		158,476
6.150% due 06/19/22 * y		249,000		32,370
6.375% due 03/09/22 * y		184,000		23,920
6.600% due 11/27/26 * ~ y		88,000		11,607
6.850% due 03/23/27 * ~ y		157,000		20,574
7.000% due 03/23/32 * ~ y		146,000		19,083
7.050% due 11/02/35 * ~ y		9,000		1,196
7.250% due 03/23/37 * ~ y		92,000		12,474
8.250% due 04/12/22 * ~ y		366,000		47,580

				348,528

Malaysia - 0.6%

Malaysia Government
3.757% due 05/22/40		MYR 35,000		7,936
3.828% due 07/05/34		523,000		125,569
4.065% due 06/15/50		268,000		62,055
4.232% due 06/30/31		57,000		14,739
4.254% due 05/31/35		300,000		75,383
4.893% due 06/08/38		211,000		55,191
4.921% due 07/06/48		66,000		17,019
4.935% due 09/30/43		28,000		7,367

				365,259

Mexico - 3.5%

Mexican Bonos
5.750% due 03/05/26		MXN 7,760,000		378,864
7.500% due 06/03/27		1,720,000		90,011
7.750% due 11/23/34		1,680,000		89,006
10.000% due 12/05/24		9,640,000		540,400
Mexico Government International
2.659% due 05/24/31		$200,000		195,878
3.750% due 04/19/71		200,000		183,380
3.771% due 05/24/61		400,000		373,050
4.750% due 03/08/44		102,000		113,015
5.550% due 01/21/45		75,000		90,844
5.750% due 10/12/10		82,000		98,291
6.050% due 01/11/40		50,000		62,885

				2,215,624

Mongolia - 0.3%

Mongolia Government International 5.625% due 05/01/23 ~		200,000		211,750


Morocco - 0.4%

Morocco Government International 5.500% due 12/11/42 ~		200,000		228,012


	Principal Amount		Value
Nigeria - 0.3%

Nigeria Government International 7.696% due 02/23/38 ~		$200,000		$205,513


Oman - 0.9%

Oman Government International
6.500% due 03/08/47 ~		400,000		392,646
6.750% due 01/17/48 ~		200,000		199,625

				592,271

Pakistan - 1.2%

Pakistan Government International
6.875% due 12/05/27 ~		200,000		208,284
7.375% due 04/08/31 ~		261,000		269,156
8.250% due 04/15/24 ~		259,000		283,284

				760,724

Panama - 1.1%

Panama Government International
4.300% due 04/29/53		200,000		222,296
6.700% due 01/26/36		93,000		126,554
8.875% due 09/30/27		116,000		160,302
9.375% due 04/01/29		118,000		174,883

				684,035

Paraguay - 0.4%

Paraguay Government International 5.400% due 03/30/50 ~		200,000		234,150


Peru - 1.7%

Fondo MIVIVIENDA SA 7.000% due 02/14/24 ~		PEN 101,000		28,353
Peruvian Government
5.350% due 08/12/40		173,000		39,884
5.400% due 08/12/34		482,000		118,648
Peruvian Government International
2.780% due 12/01/60		$119,000		106,450
3.230% due 07/28/21		49,000		43,172
5.625% due 11/18/50		84,000		115,869
6.900% due 08/12/37 ~		PEN 59,000		16,285
6.950% due 08/12/31 ~		689,000		201,304
7.350% due 07/21/25		$100,000		122,906
8.750% due 11/21/33		186,000		292,468

				1,085,339

Philippines - 1.4%

Philippine Government International
3.950% due 01/20/40		200,000		222,659
6.375% due 10/23/34		110,000		155,455
7.750% due 01/14/31		170,000		251,165
9.500% due 02/02/30		126,000		199,494
10.625% due 03/16/25		50,000		68,090

				896,863

Qatar - 1.5%

Qatar Government International
3.250% due 06/02/26 ~		200,000		219,214
4.817% due 03/14/49 ~		324,000		417,986
5.103% due 04/23/48 ~		246,000		327,200

				964,400


	Principal Amount		Value
Romania - 2.0%

Romania Government
4.150% due 10/24/30		RON 315,000		$80,771
5.800% due 07/26/27		790,000		222,116
Romanian Government International
3.000% due 02/14/31 ~		$26,000		26,996
3.375% due 01/28/50 ~		EUR 199,000		252,261
3.624% due 05/26/30 ~		44,000		60,434
4.000% due 02/14/51 ~		$306,000		321,970
4.375% due 08/22/23 ~		174,000		187,923
6.125% due 01/22/44 ~		20,000		27,423
6.750% due 02/07/22 ~		104,000		108,014

				1,287,908

Russia - 2.4%

Russia Federal
6.900% due 05/23/29		RUB 7,304,000		99,513
7.050% due 01/19/28		11,375,000		156,699
7.150% due 11/12/25		4,742,000		65,561
7.250% due 05/10/34		1,102,000		15,285
7.400% due 07/17/24		4,717,000		65,556
7.700% due 03/16/39		413,000		5,978
7.750% due 09/16/26		4,364,000		61,988
7.950% due 10/07/26		2,478,000		35,438
8.500% due 09/17/31		23,147,000		349,318
Russia Foreign
4.250% due 06/23/27 ~		$200,000		223,626
4.375% due 03/21/29 ~		200,000		225,671
5.250% due 06/23/47 ~		200,000		251,867

				1,556,500

Saudi Arabia - 1.7%

Saudi Government International
3.750% due 01/21/55 ~		258,000		273,293
4.500% due 04/22/60 ~		200,000		242,360
5.000% due 04/17/49 ~		223,000		282,285
5.250% due 01/16/50 ~		200,000		262,454

				1,060,392

South Africa - 3.8%

Republic of South Africa Government
8.000% due 01/31/30		ZAR 5,919,000		393,472
8.250% due 03/31/32		16,236,619		1,039,488
8.500% due 01/31/37		3,441,000		207,453
8.875% due 02/28/35		2,224,000		141,491
9.000% due 01/31/40		1,449,000		89,211
10.500% due 12/21/26		1,175,000		93,613
Republic of South Africa Government International
4.300% due 10/12/28		$235,000		243,237
5.650% due 09/27/47		200,000		204,430

				2,412,395

Sri Lanka - 0.4%

Sri Lanka Government International
7.550% due 03/28/30 ~		200,000		128,000
7.850% due 03/14/29 ~		202,000		129,280

				257,280


	Principal Amount		Value
Thailand - 0.5%

Thailand Government
2.000% due 06/17/42		THB 2,812,000		$81,697
2.875% due 06/17/46		333,000		10,956
3.300% due 06/17/38		3,087,000		108,846
3.400% due 06/17/36		2,099,000		74,687
3.600% due 06/17/67		1,151,000		41,505

				317,691

Turkey - 1.8%

Turkey Government
10.500% due 08/11/27		TRY 240,000		20,660
10.600% due 02/11/26		140,000		12,631
10.700% due 08/17/22		470,000		50,364
11.700% due 11/13/30		340,000		30,147
12.600% due 10/01/25		340,000		33,388
Turkey Government International
4.875% due 04/16/43		$200,000		159,794
5.750% due 03/22/24		200,000		207,921
5.750% due 05/11/47		200,000		171,386
5.875% due 06/26/31		200,000		194,800
6.000% due 03/25/27		200,000		204,701
6.875% due 03/17/36		90,000		91,183

				1,176,975

Ukraine - 2.8%

Ukraine Government
15.840% due 02/26/25		UAH 2,580,000		104,852
17.000% due 05/11/22		397,000		15,376
Ukraine Government International
6.876% due 05/21/29 ~		$200,000		208,132
7.253% due 03/15/33 ~		207,000		216,181
7.375% due 09/25/32 ~		600,000		632,478
7.750% due 09/01/21 ~		100,000		101,000
7.750% due 09/01/23 ~		108,000		116,609
7.750% due 09/01/25 ~		119,000		130,638
9.750% due 11/01/28 ~		200,000		238,822

				1,764,088

United Arab Emirates - 0.7%

Abu Dhabi Government International
3.125% due 09/30/49 ~		200,000		204,570
3.875% due 04/16/50 ~		200,000		230,945

				435,515

Uruguay - 2.1%

Uruguay Government International
3.875% due 07/02/40 ^		UYU 5,692,000		152,121
4.125% due 11/20/45		$80,548		95,560
4.375% due 12/15/28 ^		UYU 2,016,408		54,882
4.975% due 04/20/55		$210,218		271,759
5.100% due 06/18/50		150,864		198,043
7.625% due 03/21/36		92,000		140,761
7.875% due 01/15/33		91,000		137,525
8.250% due 05/21/31		UYU 7,872,000		184,686
8.500% due 03/15/28 ~		2,269,000		54,144


	Principal Amount		Value
Uruguay Monetary Regulation Bill
5.915% due 10/15/21		UYU 299,000		$6,739
6.644% due 03/02/22		1,044,000		22,917

				1,319,137

Venezuela - 0.5%

Venezuela Government International
7.750% due 10/13/21 * ~ y		$85,000		9,137
8.250% due 10/13/24 * ~ y		166,100		17,524
9.000% due 05/07/23 * ~ y		73,000		7,446
9.250% due 09/15/27 * y		252,000		26,838
9.250% due 05/07/28 * ~ y		121,000		12,705
11.750% due 10/21/26 * ~ y		768,700		81,867
11.950% due 08/05/31 * ~ y		1,255,900		133,125
12.750% due 08/23/22 * ~ y		211,000		21,627

				310,269

Vietnam - 0.3%

Vietnam Government International 4.800% due 11/19/24 ~		200,000		223,505


Zambia - 0.3%

Zambia Government International 8.970% due 07/30/27 * ~ y		307,000		194,833


Total Foreign Government Bonds & Notes (Cost $41,964,235)				42,652,085


SHORT-TERM INVESTMENTS - 3.4%

Foreign Government Issues - 0.7%

Egypt Treasury Bills (Egypt)
7.978% due 08/10/21		EGP 5,100,000		322,154
9.483% due 08/24/21		800,000		50,281
13.055% due 11/30/21		1,325,000		80,189
Uruguay Monetary Regulation Bill (Uruguay) 6.333% due 12/03/21		UYU 287,000		6,408

				459,032


	Shares
Money Market Fund - 2.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,711,962		1,711,962


Total Short-Term Investments (Cost $2,167,866)				2,170,994


TOTAL INVESTMENTS - 99.0% (Cost $62,508,095)				63,250,303


DERIVATIVES - (0.4%)				(273,723	)


OTHER ASSETS & LIABILITIES, NET - 1.4%				918,650


NET ASSETS - 100.0%				$63,895,230

Notes to Schedule of Investments

(a)	Investments with a total aggregate value of $1,279,380 or 2.0% of the Fund’s net assets were in default as of June 30, 2021.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 99.5%

Basic Materials - 1.5%

The Sherwin-Williams Co		10,562		$2,877,617


Communications - 26.2%

Airbnb Inc ‘A’ *		285		43,645
Alphabet Inc ‘A’ *		4,289		10,472,837
Alphabet Inc ‘C’ *		1,316		3,298,317
Amazon.com Inc *		4,729		16,268,517
Bumble Inc ‘A’ *		6,719		387,014
Charter Communications Inc ‘A’ *		4,632		3,341,756
Facebook Inc ‘A’ *		22,694		7,890,931
Match Group Inc *		13,161		2,122,211
Netflix Inc *		5,232		2,763,595
Pinterest Inc ‘A’ *		5,304		418,751
Sea Ltd ADR (Taiwan) *		5,712		1,568,515
Shopify Inc ‘A’ (Canada) *		679		992,006
Spotify Technology SA *		1,634		450,314
Uber Technologies Inc *		20,703		1,037,634

				51,056,043

Consumer, Cyclical - 3.1%

Chipotle Mexican Grill Inc *		668		1,035,627
Dollar General Corp		4,203		909,487
Lululemon Athletica Inc *		2,187		798,189
MGM Resorts International		8,653		369,051
NIKE Inc ‘B’		11,490		1,775,090
Ross Stores Inc		5,154		639,096
Starbucks Corp		4,565		510,413

				6,036,953

Consumer, Non-Cyclical - 20.8%

Abbott Laboratories		22,861		2,650,276
Alnylam Pharmaceuticals Inc *		2,306		390,913
Becton Dickinson and Co		3,476		845,328
Boston Scientific Corp *		45,038		1,925,825
Colgate-Palmolive Co		21,007		1,708,920
CoStar Group Inc *		18,260		1,512,293
Danaher Corp		15,338		4,116,106
Edwards Lifesciences Corp *		11,963		1,239,008
Equifax Inc		4,765		1,141,265
Global Payments Inc		4,484		840,929
ICON PLC (Ireland) *		7,175		1,483,144
PayPal Holdings Inc *		19,226		5,603,995
Square Inc ‘A’ *		9,178		2,237,596
STERIS PLC		2,601		536,586
The Estee Lauder Cos Inc ‘A’		9,272		2,949,238
Thermo Fisher Scientific Inc		6,720		3,390,038
TransUnion		17,395		1,910,145
UnitedHealth Group Inc		849		339,974
Verisk Analytics Inc		13,662		2,387,025
Vertex Pharmaceuticals Inc *		4,832		974,276
Zoetis Inc		12,733		2,372,922

				40,555,802

Financial - 8.5%

American Tower Corp REIT		4,536		1,225,355
Aon PLC ‘A’		4,494		1,072,987
Equinix Inc REIT		1,080		866,808


	Shares		Value
Mastercard Inc ‘A’		17,271		$6,305,469
The Charles Schwab Corp		24,353		1,773,142
Visa Inc ‘A’		23,080		5,396,566

				16,640,327

Industrial - 3.2%

AMETEK Inc		12,894		1,721,349
Canadian Pacific Railway Ltd (Canada)		16,994		1,307,009
Johnson Controls International PLC		11,183		767,489
Vulcan Materials Co		14,474		2,519,489

				6,315,336

Technology - 36.2%

Activision Blizzard Inc		16,156		1,541,929
Adobe Inc *		13,841		8,105,843
Apple Inc		34,073		4,666,638
Applied Materials Inc		15,195		2,163,768
ASML Holding NV (Netherlands)		2,782		1,921,917
Atlassian Corp PLC ‘A’ *		3,386		869,728
Autodesk Inc *		8,250		2,408,175
Black Knight Inc *		6,124		477,550
Cadence Design Systems Inc *		9,057		1,239,179
Clarivate PLC (United Kingdom) *		46,235		1,272,850
Electronic Arts Inc		13,032		1,874,393
Intuit Inc		8,960		4,391,923
Lam Research Corp		4,783		3,112,298
Microsoft Corp		72,760		19,710,684
MSCI Inc		6,323		3,370,665
NVIDIA Corp		5,764		4,611,776
Qualtrics International Inc ‘A’ *		2,230		85,297
ROBLOX Corp ‘A’ *		7,487		673,680
Roper Technologies Inc		2,412		1,134,122
salesforce.com Inc *		10,909		2,664,741
ServiceNow Inc *		4,104		2,255,353
Synopsys Inc *		3,469		956,716
Take-Two Interactive Software Inc *		5,595		990,427

				70,499,652

Total Common Stocks (Cost $67,409,313)				193,981,730


SHORT-TERM INVESTMENT - 0.6%

Money Market Fund - 0.6%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,181,981		1,181,981

Total Short-Term Investment (Cost $1,181,981)				1,181,981


TOTAL INVESTMENTS - 100.1% (Cost $68,591,294)				195,163,711


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(207,065	)


NET ASSETS - 100.0%				$194,956,646

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 98.1%

Basic Materials - 3.6%

Air Products and Chemicals Inc		13,425		$3,862,104
PPG Industries Inc		15,419		2,617,683

				6,479,787

Communications - 17.2%

Alphabet Inc ‘A’ *		1,172		2,861,778
Booking Holdings Inc *		1,829		4,002,017
Charter Communications Inc ‘A’ *		5,144		3,711,139
Cisco Systems Inc		60,250		3,193,250
Comcast Corp ‘A’		92,408		5,269,104
DISH Network Corp ‘A’ *		120,294		5,028,289
Motorola Solutions Inc		17,708		3,839,980
T-Mobile US Inc *		19,262		2,789,715

				30,695,272

Consumer, Cyclical - 3.1%

The Home Depot Inc		9,370		2,987,999
The TJX Cos Inc		38,219		2,576,725

				5,564,724

Consumer, Non-Cyclical - 8.0%

Amgen Inc		8,695		2,119,406
Anthem Inc		8,058		3,076,544
Johnson & Johnson		20,068		3,306,002
Merck & Co Inc		19,958		1,552,134
PepsiCo Inc		11,239		1,665,283
UnitedHealth Group Inc		6,308		2,525,976

				14,245,345

Energy - 5.2%

Chevron Corp		29,203		3,058,722
ConocoPhillips		60,856		3,706,130
Enterprise Products Partners LP		101,937		2,459,740

				9,224,592

Financial - 25.9%

American Express Co		40,099		6,625,558
American Tower Corp REIT		13,319		3,597,995
Bank of America Corp		187,396		7,726,337
Berkshire Hathaway Inc ‘B’ *		9,771		2,715,556
Capital One Financial Corp		20,863		3,227,298
JPMorgan Chase & Co		48,870		7,601,240
Marsh & McLennan Cos Inc		16,268		2,288,582
The Bank of New York Mellon Corp		46,301		2,372,000
The Charles Schwab Corp		53,147		3,869,633
The Progressive Corp		21,724		2,133,514
The Travelers Cos Inc		14,169		2,121,241
US Bancorp		35,255		2,008,477

				46,287,431

Industrial - 22.0%

Deere & Co		16,808		5,928,350
Honeywell International Inc		16,500		3,619,275
Illinois Tool Works Inc		12,892		2,882,136
Martin Marietta Materials Inc		6,100		2,146,041
Northrop Grumman Corp		8,562		3,111,688
Otis Worldwide Corp		25,309		2,069,517


	Shares		Value
Raytheon Technologies Corp		64,778		$5,526,211
TE Connectivity Ltd		44,638		6,035,504
United Parcel Service Inc ‘B’		18,286		3,802,939
Vertiv Holdings Co		153,418		4,188,311

				39,309,972

Technology - 7.4%

Apple Inc		5,398		739,310
Lam Research Corp		5,795		3,770,807
Microsoft Corp		6,535		1,770,331
NXP Semiconductors NV (China)		10,511		2,162,323
Oracle Corp		25,234		1,964,215
QUALCOMM Inc		19,312		2,760,264

				13,167,250

Utilities - 5.7%

Edison International		67,819		3,921,295
Sempra Energy		46,917		6,215,564

				10,136,859

Total Common Stocks (Cost $85,714,772)				175,111,232


SHORT-TERM INVESTMENT - 1.4%

Money Market Fund - 1.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		2,441,780		2,441,780


Total Short-Term Investment (Cost $2,441,780)				2,441,780


TOTAL INVESTMENTS - 99.5% (Cost $88,156,552)				177,553,012


OTHER ASSETS & LIABILITIES, NET - 0.5%				817,195


NET ASSETS - 100.0%				$178,370,207

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 97.5%

Basic Materials - 2.5%

Axalta Coating Systems Ltd *		24,468		$746,029
Ingevity Corp *		9,235		751,360
Rogers Corp *		868		174,294

				1,671,683

Communications - 4.5%

Open Lending Corp ‘A’ *		16,475		709,908
Q2 Holdings Inc *		11,879		1,218,548
Stamps.com Inc *		3,929		786,939
Zendesk Inc *		2,357		340,209

				3,055,604

Consumer, Cyclical - 11.2%

Genius Sports Ltd (United Kingdom) *		42,186		791,831
JetBlue Airways Corp *		47,454		796,278
Leslie’s Inc *		37,406		1,028,291
Malibu Boats Inc ‘A’ *		10,134		743,126
Manchester United PLC ‘A’ (United Kingdom)		39,970		607,144
Ollie’s Bargain Outlet Holdings Inc *		3,198		269,048
Penn National Gaming Inc *		4,782		365,775
Petco Health & Wellness Co Inc *		20,002		448,245
Skechers USA Inc ‘A’ *		18,550		924,346
ThredUp Inc ‘A’ *		19,198		558,278
Thule Group AB (Sweden) ~		6,617		293,319
Visteon Corp *		2,958		357,741
Vroom Inc *		9,236		386,619

				7,570,041

Consumer, Non-Cyclical - 30.6%

Abcam PLC (United Kingdom) *		27,121		518,103
Acutus Medical Inc *		16,428		278,947
Adaptive Biotechnologies Corp *		7,264		296,807
Allovir Inc *		9,441		186,365
Amicus Therapeutics Inc *		18,277		176,190
Annexon Inc *		10,987		247,317
Avalara Inc *		1,881		304,346
Berkeley Lights Inc *		5,512		246,993
BioAtla Inc *		6,301		267,036
Bioxcel Therapeutics Inc *		4,311		125,278
Boyd Group Services Inc (Canada)		2,331		424,191
Bridgebio Pharma Inc *		6,696		408,188
Bright Horizons Family Solutions Inc *		2,792		410,731
Certara Inc *		32,485		920,300
Charles River Laboratories International Inc *		2,178		805,686
Collegium Pharmaceutical Inc *		11,203		264,839
Evo Payments Inc ‘A’ *		31,628		877,361
Guardant Health Inc *		2,125		263,904
Harmony Biosciences Holdings Inc *		10,000		282,300
HealthEquity Inc *		7,911		636,677
ICON PLC (Ireland) *		3,621		748,497
Immunocore Holdings PLC ADR (United Kingdom) *		1,463		57,130
Laird Superfood Inc *		3,765		112,461
Legalzoom.com Inc *		8,356		316,275
LifeStance Health Group Inc *		22,452		625,513
Lyell Immunopharma Inc *		14,266		231,680
Maravai LifeSciences Holdings Inc ‘A’ *		15,182		633,545
MorphoSys AG ADR (Germany) *		3,565		68,626


	Shares		Value
Neurocrine Biosciences Inc *		2,191		$213,228
Nevro Corp *		3,171		525,720
Nuvei Corp (Canada) * ~		15,953		1,316,122
Oatly Group AB ADR *		27,580		674,607
Olink Holding AB ADR (Sweden) *		7,044		242,454
Optinose Inc *		26,341		81,920
Orchard Therapeutics PLC ADR (United Kingdom) *		7,537		33,088
Paylocity Holding Corp *		3,126		596,441
Payoneer Global Inc *		56,050		581,238
PerkinElmer Inc		2,294		354,217
PRA Health Sciences Inc *		1,894		312,908
Prelude Therapeutics Inc *		5,536		158,496
Recursion Pharmaceuticals Inc ‘A’ *		14,177		517,460
Ritchie Bros Auctioneers Inc (Canada)		16,084		953,459
Sana Biotechnology Inc *		7,313		143,774
Silk Road Medical Inc *		4,196		200,821
SpringWorks Therapeutics Inc *		6,017		495,861
Syneos Health Inc *		10,421		932,575
The Duckhorn Portfolio Inc *		24,762		546,250
TriNet Group Inc *		9,165		664,279
Turning Point Therapeutics Inc *		4,140		323,003

				20,603,207

Diversified - 0.2%

TPG Pace Tech Opportunities Corp ‘A’ *		15,519		154,104


Energy - 2.3%

Array Technologies Inc *		40,557		632,689
Shoals Technologies Group Inc ‘A’ *		24,965		886,258

				1,518,947

Financial - 11.1%

Bank OZK		8,498		358,276
Big Yellow Group PLC REIT (United Kingdom)		29,861		539,391
CoreSite Realty Corp REIT		7,448		1,002,501
Focus Financial Partners Inc ‘A’ *		21,791		1,056,863
GCM Grosvenor Inc ‘A’		24,016		250,247
Grosvenor Capital Management PIPE *		15,272		159,134
Hamilton Lane Inc ‘A’		5,214		475,100
Industrial Logistics Properties Trust REIT		21,403		559,474
MetroMile Inc *		54,272		496,589
Prosperity Bancshares Inc		7,135		512,293
STAG Industrial Inc REIT		25,536		955,812
TMX Group Ltd (Canada)		3,366		355,553
WisdomTree Investments Inc		121,528		753,474

				7,474,707

Industrial - 13.1%

Advanced Drainage Systems Inc		3,628		422,916
Advanced Energy Industries Inc		9,600		1,082,016
CryoPort Inc *		13,757		868,067
Generac Holdings Inc *		2,126		882,609
Gerresheimer AG (Germany)		7,510		830,662
GFL Environmental Inc (Canada)		18,069		576,763
Knight-Swift Transportation Holdings Inc		15,301		695,583
Kratos Defense & Security Solutions Inc *		11,125		316,951
Littelfuse Inc		1,374		350,081
Schneider National Inc ‘B’		21,322		464,180
Sensata Technologies Holding PLC *		14,246		825,841
StealthGas Inc (Greece) *		22,341		63,225


	Shares		Value
The AZEK Co Inc *		19,826		$841,812
Trex Co Inc *		4,802		490,812
Xometry Inc ‘A’ *		1,700		148,563

				8,860,081

Technology - 22.0%

8x8 Inc *		20,636		572,855
ACV Auctions Inc ‘A’ *		30,352		777,922
Alkami Technology Inc *		10,770		384,166
CACI International Inc ‘A’ *		5,531		1,411,069
DoubleVerify Holdings Inc *		15,074		638,233
Endava PLC ADR (United Kingdom) *		7,305		828,241
Everbridge Inc *		7,010		953,921
ExlService Holdings Inc *		8,649		919,043
Health Catalyst Inc *		5,193		288,263
Keywords Studios PLC (Ireland) *		23,678		815,569
Latch Inc *		39,961		490,322
nCino Inc *		7,132		427,349
Outset Medical Inc *		6,147		307,227
PagerDuty Inc *		16,090		685,112
Ping Identity Holding Corp *		22,031		504,510
Procore Technologies Inc *		3,976		377,521
Rapid7 Inc *		14,495		1,371,662
Silicon Laboratories Inc *		3,517		538,980
Talkspace Inc *		54,030		448,989
TaskUS Inc ‘A’ (Philippines) *		10,382		355,480
Vertex Inc ‘A’ *		38,457		843,747
WNS Holdings Ltd ADR (India) *		11,325		904,528

				14,844,709

Total Common Stocks (Cost $55,616,050)				65,753,083


SHORT-TERM INVESTMENT - 2.9%

Money Market Fund - 2.9%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,938,317		1,938,317

Total Short-Term Investment (Cost $1,938,317)				1,938,317


TOTAL INVESTMENTS - 100.4% (Cost $57,554,367)				67,691,400


OTHER ASSETS & LIABILITIES, NET - (0.4%)				(242,526	)


NET ASSETS - 100.0%				$67,448,874

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 98.6%

Basic Materials - 7.3%

AdvanSix Inc *		32,840		$980,602
Carpenter Technology Corp		38,029		1,529,526
Commercial Metals Co		50,720		1,558,119
GCP Applied Technologies Inc *		32,711		760,858
HB Fuller Co		17,320		1,101,725
Innospec Inc		7,730		700,415
Orion Engineered Carbons SA (Germany) *		67,631		1,284,313
Schnitzer Steel Industries Inc ‘A’		15,440		757,332

				8,672,890

Communications - 4.1%

A10 Networks Inc *		103,616		1,166,716
Casa Systems Inc *		91,442		811,091
Criteo SA ADR (France) *		32,141		1,453,737
Houghton Mifflin Harcourt Co *		130,494		1,440,654

				4,872,198

Consumer, Cyclical - 24.3%

Blue Bird Corp *		62,927		1,564,365
Dana Inc		49,680		1,180,397
Dine Brands Global Inc *		14,880		1,328,040
Foot Locker Inc		19,930		1,228,286
Genesco Inc *		17,790		1,132,867
Herman Miller Inc		39,980		1,884,657
Hilton Grand Vacations Inc *		26,560		1,099,318
IMAX Corp *		72,290		1,554,235
KB Home		38,380		1,562,834
Kontoor Brands Inc		23,080		1,301,943
Malibu Boats Inc ‘A’ *		10,189		747,159
Papa John’s International Inc		12,606		1,316,571
Regis Corp *		74,860		700,690
REV Group Inc		66,000		1,035,540
Ruth’s Hospitality Group Inc *		32,848		756,490
Sally Beauty Holdings Inc *		70,472		1,555,317
Scientific Games Corp *		21,350		1,653,344
SkyWest Inc *		32,219		1,387,672
Steven Madden Ltd		21,790		953,530
Taylor Morrison Home Corp *		55,378		1,463,087
The Goodyear Tire & Rubber Co *		98,880		1,695,792
The Shyft Group Inc		43,871		1,641,214

				28,743,348

Consumer, Non-Cyclical - 8.8%

BrightView Holdings Inc *		64,300		1,036,516
Herc Holdings Inc *		15,920		1,784,154
Korn Ferry		23,262		1,687,658
MEDNAX Inc *		63,330		1,909,400
Nomad Foods Ltd (United Kingdom) *		55,254		1,562,031
The Hain Celestial Group Inc *		38,519		1,545,382
Viad Corp *		18,060		900,291

				10,425,432

Energy - 3.9%

Cimarex Energy Co		16,640		1,205,568
Dril-Quip Inc *		27,140		918,146
Helix Energy Solutions Group Inc *		88,760		506,820


	Shares		Value
HollyFrontier Corp		36,410		$1,197,889
MRC Global Inc *		88,046		827,632

				4,656,055

Financial - 31.5%

1st Source Corp		24,232		1,125,819
Armada Hoffler Properties Inc REIT		40,282		535,348
Associated Banc-Corp		54,982		1,126,031
Bank of Marin Bancorp		17,438		556,272
BankUnited Inc		38,628		1,649,029
Berkshire Hills Bancorp Inc		6,227		170,682
Carter Bankshares Inc *		27,004		337,820
Cousins Properties Inc REIT		24,186		889,561
HarborOne Bancorp Inc		95,992		1,376,525
Heritage Financial Corp		47,150		1,179,693
Independence Realty Trust Inc REIT		88,246		1,608,725
Independent Bank Group Inc		17,839		1,319,729
Moelis & Co ‘A’		22,794		1,296,751
National Storage Affiliates Trust REIT		22,796		1,152,566
Pacific Premier Bancorp Inc		28,729		1,214,950
Physicians Realty Trust REIT		98,491		1,819,129
Premier Financial Corp		28,340		805,139
RLJ Lodging Trust REIT		85,973		1,309,369
Sandy Spring Bancorp Inc		23,823		1,051,309
Selective Insurance Group Inc		18,755		1,521,968
STAG Industrial Inc REIT		51,102		1,912,748
Sterling Bancorp		66,243		1,642,164
Stifel Financial Corp		26,585		1,724,303
Synovus Financial Corp		35,680		1,565,638
Texas Capital Bancshares Inc *		28,231		1,792,386
The Hanover Insurance Group Inc		9,120		1,237,037
TriCo Bancshares		26,849		1,143,231
Umpqua Holdings Corp		65,500		1,208,475
Webster Financial Corp		28,653		1,528,351
WSFS Financial Corp		31,397		1,462,786

				37,263,534

Industrial - 12.2%

AAR Corp *		1,173		45,454
ArcBest Corp		21,540		1,253,413
Belden Inc		24,084		1,217,928
Cactus Inc ‘A’		42,110		1,546,279
Crane Co		11,467		1,059,207
GATX Corp		13,160		1,164,265
Hillenbrand Inc		22,850		1,007,228
Kennametal Inc		8,538		306,685
Masonite International Corp *		11,948		1,335,667
Regal Beloit Corp		10,945		1,461,267
Terex Corp		32,957		1,569,412
The Manitowoc Co Inc *		46,240		1,132,880
Trinseo SA		16,029		959,175
Welbilt Inc *		13,023		301,482

				14,360,342

Technology - 4.1%

CommVault Systems Inc *		11,229		877,771
Kulicke & Soffa Industries Inc (Singapore)		19,260		1,178,712
MagnaChip Semiconductor Corp (South Korea) *		45,882		1,094,744
NCR Corp *		16,383		747,229


	Shares		Value

SHORT-TERM INVESTMENT - 1.7%

Money Market Fund - 1.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,952,399		$1,952,399


Total Short-Term Investment (Cost $1,952,399)				1,952,399


TOTAL INVESTMENTS - 100.3% (Cost $82,003,022)				118,605,558


OTHER ASSETS & LIABILITIES, NET - (0.3%)				(330,591	)


NET ASSETS - 100.0%				$118,274,967

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
WARRANTS - 0.0%

Switzerland - 0.0%

Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 *		46,078		$30,876


Total Warrants (Cost $0)				30,876


PREFERRED STOCKS - 2.1%

Brazil - 2.1%

Banco Bradesco SA		212,980		1,102,196
Lojas Americanas SA		435,150		1,885,376

				2,987,572

India - 0.0%

Zee Entertainment Enterprises Ltd 6.000% due 03/05/22 *		390,884		10,255


Total Preferred Stocks (Cost $2,528,021)				2,997,827


COMMON STOCKS - 96.1%

Brazil - 5.5%

Ambev SA		283,825		973,512
B3 SA - Brasil Bolsa Balcao		279,979		942,870
Lojas Renner SA		68,100		609,009
Pagseguro Digital Ltd ‘A’ *		17,364		970,995
Vale SA ADR		194,138		4,428,288

				7,924,674

Chile - 0.6%

Falabella SA		202,368		900,776


China - 33.5%

Alibaba Group Holding Ltd *		1,300		36,860
Alibaba Group Holding Ltd ADR *		8,519		1,931,939
BeiGene Ltd ADR *		4,992		1,713,204
Blue Moon Group Holdings Ltd ~		153,729		217,117
Budweiser Brewing Co APAC Ltd ~		293,000		922,585
Contemporary Amperex Technology Co Ltd ‘A’		3,100		255,743
Full Truck Alliance Co Ltd ADR *		34,013		693,185
Gree Electric Appliances Inc of Zhuhai ‘A’		55,688		448,746
Hansoh Pharmaceutical Group Co Ltd ~		24,000		104,871
Huazhu Group Ltd ADR *		82,701		4,367,440
Innovent Biologics Inc * ~		48,500		565,746
Jiangsu Hengrui Medicine Co Ltd ‘A’		57,273		601,664
Kuaishou Technology * ~ ± W		36,600		874,439
Meituan ‘B’ * ~		89,000		3,671,354
NetEase Inc ADR		22,273		2,566,963
New Horizon Health Ltd * ~		29,000		295,610
New Oriental Education & Technology Group Inc ADR *		131,115		1,073,832
OneConnect Financial Technology Co Ltd ADR *		43,806		526,548
Pinduoduo Inc ADR *		22,688		2,881,830
Ping An Insurance Group Co of China Ltd ‘A’		210,871		2,096,099


	Shares		Value
Remegen Co Ltd ‘H’ * ~		14,614		$222,891
Sunny Optical Technology Group Co Ltd		9,300		293,718
TAL Education Group ADR *		21,165		533,993
Tencent Holdings Ltd		127,581		9,605,894
Tencent Music Entertainment Group ADR *		50,501		781,755
Wuxi Biologics Cayman Inc * ~		154,000		2,819,785
Yum China Holdings Inc		78,364		5,191,615
Zai Lab Ltd ADR *		3,409		603,359
ZTO Express Cayman Inc		6,413		194,233
ZTO Express Cayman Inc ADR		80,209		2,434,343

				48,527,361

Colombia - 0.3%

Grupo Aval Acciones y Valores SA ADR		80,002		456,011


Egypt - 0.5%

Commercial International Bank Egypt SAE *		234,789		780,919


France - 4.8%

Kering SA		5,686		4,982,174
LVMH Moet Hennessy Louis Vuitton SE		100		78,666
Pernod Ricard SA		8,326		1,850,556

				6,911,396

Hong Kong - 3.5%

AIA Group Ltd		407,400		5,054,033


India - 13.4%

Godrej Properties Ltd *		18,384		346,164
Havells India Ltd		9,578		126,458
HDFC Bank Ltd		34,845		703,795
HDFC Life Insurance Co Ltd ~		34,273		316,805
Housing Development Finance Corp Ltd		198,374		6,620,365
Infosys Ltd		98,585		2,085,565
Kotak Mahindra Bank Ltd *		187,086		4,300,368
Oberoi Realty Ltd *		74,536		630,904
Tata Consultancy Services Ltd		84,166		3,792,989
Zee Entertainment Enterprises Ltd		185,526		537,002

				19,460,415

Indonesia - 1.2%

P.T. Bank Central Asia Tbk		509,900		1,060,441
P.T. Bank Rakyat Indonesia Persero Tbk		1,229,800		334,376
P.T. Indocement Tunggal Prakarsa Tbk		296,618		210,941
P.T. Semen Indonesia Persero Tbk		258,800		169,818

				1,775,576

Italy - 1.8%

Moncler SPA		11,165		756,852
PRADA SPA		239,300		1,815,680

				2,572,532

Mexico - 6.0%

Alsea SAB de CV *		216,677		388,049
Fomento Economico Mexicano SAB de CV		274,998		2,326,046
Fomento Economico Mexicano SAB de CV ADR		6,265		529,455
Grupo Aeroportuario del Sureste SAB de CV ‘B’ *		23,493		432,536
Grupo Mexico SAB de CV ‘B’		684,512		3,226,485


	Shares		Value
Wal-Mart de Mexico SAB de CV		542,220		$1,771,042

				8,673,613

Peru - 0.5%

Credicorp Ltd *		5,370		650,361


Philippines - 2.2%

Ayala Land Inc		1,376,200		1,016,327
SM Investments Corp		80,857		1,656,732
SM Prime Holdings Inc		712,656		532,868

				3,205,927

Poland - 0.2%

InPost SA *		16,138		323,890


Russia - 8.1%

Novatek PJSC GDR		26,154		5,739,082
Polyus PJSC		3,837		743,877
Polyus PJSC GDR ~		3,773		365,789
Sberbank of Russia PJSC		76,676		320,383
Yandex NV ‘A’ *		64,475		4,561,606

				11,730,737

South Africa - 0.6%

FirstRand Ltd		241,369		905,588


South Korea - 2.7%

Samsung Biologics Co Ltd * ~		3,073		2,289,674
Samsung Electronics Co. Ltd.		21,577		1,544,615

				3,834,289

Switzerland - 2.0%

Cie Financiere Richemont SA ‘A’		24,431		2,961,736


	Shares		Value
Taiwan - 7.9%

Taiwan Semiconductor Manufacturing Co Ltd		528,995		$11,393,512


Turkey - 0.5%

Akbank T.A.S.		685,638		415,900
Turkiye Garanti Bankasi AS		255,013		243,488

				659,388

United Kingdom - 0.3%

Prudential PLC.		26,040		495,431


Total Common Stocks (Cost $78,895,257)				139,198,165


SHORT-TERM INVESTMENT - 2.3%

Money Market Fund - 2.3%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		3,384,946		3,384,946


Total Short-Term Investment (Cost $3,384,946)				3,384,946


TOTAL INVESTMENTS - 100.5% (Cost $84,808,224)				145,611,814


OTHER ASSETS & LIABILITIES, NET - (0.5%)				(780,449	)


NET ASSETS - 100.0%				$144,831,365

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 98.4%

Australia - 1.1%

Rio Tinto PLC		6,724		$555,319


Belgium - 0.9%

KBC Group NV		5,959		454,978


Brazil - 0.3%

Ambev SA ADR		49,266		169,475


Canada - 3.4%

Canadian National Railway Co		8,423		888,795
Intact Financial Corp		1,827		248,213
Suncor Energy Inc		12,256		293,547
The Toronto-Dominion Bank		4,473		313,464

				1,744,019

China - 2.4%

NetEase Inc		9,800		225,216
Tencent Holdings Ltd		7,100		534,577
Yum China Holdings Inc		6,850		453,812

				1,213,605

Denmark - 2.9%

Carlsberg AS ‘B’		2,249		419,699
Novo Nordisk AS ‘B’		12,635		1,057,659

				1,477,358

France - 14.9%

Air Liquide SA		7,986		1,400,345
Capgemini SE		5,191		998,300
Cie Generale des Etablissements Michelin SCA		2,035		324,777
Danone SA		3,378		237,659
Dassault Systemes SE		1,541		373,995
Engie SA		30,161		413,585
EssilorLuxottica SA		3,405		629,016
Legrand SA		4,844		513,383
L’Oreal SA		1,145		511,350
LVMH Moet Hennessy Louis Vuitton SE		1,620		1,274,384
Pernod Ricard SA		4,116		914,832

				7,591,626

Germany - 9.0%

Bayer AG		10,582		643,335
Beiersdorf AG		7,296		880,671
Deutsche Boerse AG		5,196		906,942
Merck KGaA		3,926		753,306
MTU Aero Engines AG		1,094		271,251
SAP SE		8,062		1,132,387

				4,587,892

Hong Kong - 2.6%

AIA Group Ltd		107,426		1,332,682


India - 2.6%

HDFC Bank Ltd		10,625		214,602
Housing Development Finance Corp Ltd		12,869		429,479


	Shares		Value
Tata Consultancy Services Ltd		14,923		$672,514

				1,316,595

Ireland - 0.9%

Ryanair Holdings PLC ADR *		4,268		461,840


Israel - 1.1%

Check Point Software Technologies Ltd *		4,587		532,688


Italy - 1.5%

Eni SPA		22,756		277,431
Intesa Sanpaolo SPA		180,779		500,096

				777,527

Japan - 16.5%

Daikin Industries Ltd		4,800		894,479
Denso Corp		7,100		484,160
Hitachi Ltd		19,500		1,117,490
Hoya Corp		6,900		912,665
Japan Tobacco Inc		18,900		357,178
Koito Manufacturing Co Ltd		7,100		441,782
Kose Corp		2,400		377,033
Kubota Corp		33,600		679,718
Kyocera Corp		8,000		494,243
Olympus Corp		32,200		640,488
Shin-Etsu Chemical Co Ltd		2,400		401,426
SMC Corp		900		532,435
Sony Group Corp		4,000		387,869
Terumo Corp		17,700		716,894

				8,437,860

Netherlands - 5.5%

Akzo Nobel NV		5,383		666,528
ING Groep NV		45,288		601,169
Koninklijke Philips NV		16,874		837,527
Randstad NV		7,042		539,841
Wolters Kluwer NV		1,777		178,613

				2,823,678

Portugal - 0.6%

Galp Energia SGPS SA		27,081		294,443


Singapore - 1.1%

DBS Group Holdings Ltd		24,300		540,610


Spain - 1.0%

Amadeus IT Group SA *		7,524		530,417


Sweden - 0.4%

Essity AB ‘B’		6,179		204,959


Switzerland - 14.1%

Cie Financiere Richemont SA ‘A’		5,960		722,522
Julius Baer Group Ltd		6,186		404,028
Nestle SA		15,142		1,887,406
Novartis AG		8,077		736,837
Roche Holding AG		4,127		1,555,211
Sika AG		1,555		509,477
UBS Group AG		51,202		784,273


	Shares		Value
Zurich Insurance Group AG		1,538		$617,761

				7,217,515

Taiwan - 1.7%

Taiwan Semiconductor Manufacturing Co Ltd ADR		7,395		888,583


United Kingdom - 9.9%

Compass Group PLC *		31,588		665,493
Diageo PLC		17,746		850,540
Experian PLC		17,730		684,541
Linde PLC		2,023		584,910
Reckitt Benckiser Group PLC		5,715		504,921
RELX PLC 1		9,960		264,106
RELX PLC 2		18,356		489,543
Rolls-Royce Holdings PLC *		210,184		287,745
Smiths Group PLC		14,040		309,215
Tesco PLC		136,682		422,236

				5,063,250

United States - 4.0%

QIAGEN NV *		9,532		460,763
Schneider Electric SE		9,991		1,575,026

				2,035,789

Total Common Stocks (Cost $24,567,711)				50,252,708


SHORT-TERM INVESTMENT - 0.3%

Money Market Fund - 0.3%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		152,259		152,259


Total Short-Term Investment (Cost $152,259)				152,259


TOTAL INVESTMENTS - 98.7% (Cost $24,719,970)				50,404,967


OTHER ASSETS & LIABILITIES, NET - 1.3%				642,840


NET ASSETS - 100.0%				$51,047,807

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
RIGHTS - 0.0%

Australia - 0.0%

Costa Group Holdings Ltd Exp 07/19/21 *		4,739		$1,031


Total Rights (Cost $0)				1,031


PREFERRED STOCKS - 0.6%

Germany - 0.6%

Draegerwerk AG & Co KGaA		1,000		94,623
Jungheinrich AG		2,438		119,249

				213,872

Total Preferred Stocks (Cost $216,332)				213,872


COMMON STOCKS - 98.3%

Australia - 2.7%

Asaleo Care Ltd *		103,554		108,724
Austal Ltd		40,000		61,483
Australian Pharmaceutical Industries Ltd		75,000		62,715
Codan Ltd		15,500		209,665
Costa Group Holdings Ltd		30,000		74,467
GrainCorp Ltd ‘A’		19,907		77,066
McMillan Shakespeare Ltd		18,545		179,853
Netwealth Group Ltd		9,000		115,783
Pro Medicus Ltd		3,000		132,134

				1,021,890

Austria - 0.3%

BAWAG Group AG ~		2,439		129,884


Belgium - 1.2%

Bekaert SA		4,186		187,018
bpost SA *		8,943		107,295
D’ieteren SA		1,300		157,391

				451,704

Canada - 12.1%

Alaris Equity Partners Income		4,600		62,899
ARC Resources Ltd		41,160		350,305
AutoCanada Inc *		7,000		282,010
BTB REIT		28,500		93,575
Canadian Western Bank		4,500		126,331
Canfor Pulp Products Inc *		12,700		79,913
Celestica Inc *		21,958		172,178
CI Financial Corp		6,052		111,071
Corus Entertainment Inc ‘B’		40,006		205,258
CT REIT		8,395		110,931
Dream Office REIT		5,500		101,872
Dundee Precious Metals Inc		23,050		139,646
Empire Co Ltd ‘A’		3,800		119,861
Enerplus Corp		33,600		241,510
Extendicare Inc		15,917		109,272
Finning International Inc		7,200		188,480
H&R REIT		9,520		122,878
HEXO Corp *		13,000		75,508


	Shares		Value
Home Capital Group Inc *		4,000		$120,039
Linamar Corp		2,200		137,988
Medical Facilities Corp		35,452		200,483
Parex Resources Inc *		9,688		161,779
Polaris Infrastructure Inc		9,400		146,581
Precision Drilling Corp *		4,145		172,742
Real Matters Inc *		9,403		135,629
TFI International Inc		2,200		200,850
The North West Co Inc		4,000		113,553
Torex Gold Resources Inc *		7,950		91,583
Trican Well Service Ltd *		38,000		81,849
Uni-Select Inc *		12,900		170,772
Western Forest Products Inc		90,900		154,727
Westshore Terminals Investment Corp		6,000		82,672

				4,664,745

China - 0.5%

S-Enjoy Service Group Co Ltd		36,000		109,479
VSTECS Holdings Ltd		82,000		66,192

				175,671

Denmark - 3.4%

D/S Norden AS		5,682		180,755
Pandora AS		2,577		347,673
Royal Unibrew AS		1,700		216,619
Schouw & Co AS		1,100		120,806
SimCorp AS		755		94,830
Spar Nord Bank AS		6,975		78,523
Sydbank AS		4,600		141,749
Topdanmark AS		2,500		130,091

				1,311,046

Finland - 1.8%

Tokmanni Group Corp		6,829		188,833
Uponor Oyj		9,530		276,229
Valmet Oyj		5,000		218,347

				683,409

France - 4.3%

Alten SA		1,000		132,730
Biophytis SA *		60,347		62,540
Criteo SA ADR *		2,700		122,121
Elior Group SA * ~		10,630		79,509
Eutelsat Communications SA		2,809		32,861
IPSOS		2,600		109,701
Mercialys SA REIT		11,065		133,993
Metropole Television SA		6,339		133,342
Natixis SA		37,256		176,996
Nexity SA		2,300		115,099
SCOR SE		4,827		153,668
Trigano SA		1,297		268,179
Virbac SA		350		120,038

				1,640,777

Georgia - 0.3%

Bank of Georgia Group PLC *		5,456		101,435


Germany - 7.1%

Brenntag SE		3,870		360,190
Cewe Stiftung & Co KGAA		748		115,835
Covestro AG ~		2,000		129,317
Deutsche Pfandbriefbank AG ~		10,085		99,838


	Shares		Value
DWS Group GmbH & Co KGaA ~		3,354		$152,010
GEA Group AG		5,947		240,973
GFT Technologies SE		9,664		245,940
HelloFresh SE *		3,400		330,511
InflaRx NV *		17,000		50,490
JOST Werke AG ~		2,685		160,142
LANXESS AG		2,900		199,024
Salzgitter AG *		4,000		119,101
Sixt SE *		700		94,314
TAG Immobilien AG		4,500		142,634
Talanx AG		2,054		84,027
Wacker Chemie AG		1,426		219,803

				2,744,149

Hong Kong - 2.6%

ASM Pacific Technology Ltd		10,000		135,462
Dah Sing Financial Holdings Ltd		22,656		77,394
Haitong International Securities Group Ltd		280,000		77,112
Hysan Development Co Ltd		28,917		115,269
K Wah International Holdings Ltd		186,470		90,516
Kerry Properties Ltd		35,000		115,412
Luk Fook Holdings International Ltd		40,000		138,080
PAX Global Technology Ltd		102,000		117,508
Swire Pacific Ltd ‘A’		20,000		135,512

				1,002,265

India - 0.4%

Fly Leasing Ltd ADR *		8,000		135,520


Indonesia - 0.3%

Golden Agri-Resources Ltd		600,000		102,830


Ireland - 0.3%

Hibernia REIT PLC		85,559		125,800


Israel - 0.5%

Gazit-Globe Ltd		9,048		65,232
Plus500 Ltd		7,952		146,989

				212,221

Italy - 3.5%

Anima Holding SPA ~		20,000		99,533
Azimut Holding SPA		5,100		124,023
Banca Generali SPA *		3,200		136,706
Banca IFIS SPA		6,401		101,820
Banca Sistema SPA * ~		54,623		132,861
Biesse SPA *		3,600		120,541
El.En. SPA		1,300		67,107
Esprinet SPA		14,736		259,009
Sesa SPA *		1,770		296,316

				1,337,916

Japan - 19.0%

Altech Corp		5,100		89,132
Aozora Bank Ltd		4,500		100,876
Asahi Co Ltd		8,400		108,367
ASKUL Corp		5,400		84,187
Capcom Co Ltd		3,000		87,686
CTS Co Ltd		10,900		83,127
Cybernet Systems Co Ltd		14,500		93,884


	Shares		Value
Dear Life Co Ltd		19,700		$80,767
Doshisha Co Ltd		6,000		93,374
FCC Co Ltd		5,100		74,271
Foster Electric Co Ltd		9,200		81,125
Fukui Computer Holdings Inc		4,600		173,805
FULLCAST Holdings Co Ltd		5,000		103,888
Gakujo Co Ltd		6,500		79,210
Glory Ltd		2,900		60,230
Goldcrest Co Ltd		5,000		74,637
H.U. Group Holdings Inc		3,600		92,893
Hanwa Co Ltd		3,900		112,863
Hokkaido Electric Power Co Inc		19,000		86,128
Hokuto Corp		4,400		76,072
Hosiden Corp		11,000		98,531
IR Japan Holdings Ltd		1,500		188,588
Izumi Co Ltd		2,700		101,560
Japan Lifeline Co Ltd		6,000		72,962
Japan Logistics Fund Inc REIT		42		126,297
Joyful Honda Co Ltd		6,100		74,492
Kaken Pharmaceutical Co Ltd		2,200		94,403
Kamigumi Co Ltd		4,000		81,176
KFC Holdings Japan Ltd		2,600		66,104
Kito Corp		3,800		57,155
Kitz Corp		16,000		108,776
Kozo Keikaku Engineering Inc		2,900		73,669
K’s Holdings Corp		6,000		68,954
Kyoei Steel Ltd		2,000		26,014
Kyudenko Corp		3,300		106,206
Lawson Inc		1,500		69,475
Megachips Corp		3,000		85,872
Meitec Corp		2,000		108,283
Mitsui-Soko Holdings Co Ltd		6,000		136,373
Mixi Inc		3,000		79,181
Nakanishi Inc		5,300		116,042
Nihon Parkerizing Co Ltd		8,000		80,148
Nippon Electric Glass Co Ltd		1,900		44,616
Nippon Gas Co Ltd		7,200		122,591
NIPPON REIT Investment Corp		37		152,138
Nishio Rent All Co Ltd		3,400		94,909
Noevir Holdings Co Ltd		1,500		76,172
Obara Group Inc		3,200		109,765
Okamoto Industries Inc		2,400		88,601
Pressance Corp		2,800		37,600
Prima Meat Packers Ltd		3,500		94,664
Riso Kyoiku Co Ltd		26,400		78,932
Roland DG Corp		2,300		55,231
Ryosan Co Ltd		617		11,209
Sanei Architecture Planning Co Ltd		5,300		95,222
Sangetsu Corp		5,500		76,726
Sanki Engineering Co Ltd		6,500		82,363
Sankyo Co Ltd		2,200		56,257
Sanwa Holdings Corp		11,600		142,666
Seikagaku Corp		7,700		74,837
Shinagawa Refractories Co Ltd		3,000		101,541
Shinoken Group Co Ltd		6,700		73,434
SKY Perfect JSAT Holdings Inc		21,500		78,446
Star Micronics Co Ltd		7,000		106,509
Sumitomo Osaka Cement Co Ltd		2,600		70,836
Sumitomo Rubber Industries Ltd		8,200		113,365
Sumitomo Seika Chemicals Co Ltd		3,100		100,381
Sun Frontier Fudousan Co Ltd		10,000		94,080
Taikisha Ltd		2,900		86,542


	Shares		Value
Takara Leben Co Ltd		10,800		$32,642
The Okinawa Electric Power Co Inc		5,781		72,152
The Yokohama Rubber Co Ltd		5,100		109,537
Tokyo Individualized Educational Institute Inc		14,400		80,094
Tokyo Tekko Co Ltd		4,500		62,676
Tokyu REIT Inc		70		128,946
Towa Pharmaceutical Co Ltd		2,100		51,101
Toyo Kanetsu KK		2,200		48,779
Ube Industries Ltd		1,700		34,545
United Inc		5,500		75,551
ValueCommerce Co Ltd		5,700		165,460
Warabeya Nichiyo Holdings Co Ltd		4,500		87,874
Yamaguchi Financial Group Inc		15,200		87,091
Yuasa Trading Co Ltd		3,800		103,059

				7,315,923

Jordan - 0.4%

Hikma Pharmaceuticals PLC		4,935		167,010


Kyrgyzstan - 0.3%

Centerra Gold Inc		13,494		102,435


Luxembourg - 0.6%

APERAM SA		4,272		219,393


Malta - 0.6%

Kindred Group PLC SDR		15,000		235,327


Netherlands - 3.3%

ASM International NV		1,125		371,056
ASR Nederland NV		4,651		180,094
BE Semiconductor Industries NV		3,222		274,571
Randstad NV		2,171		166,429
Signify NV ~		4,505		285,968

				1,278,118

Norway - 0.7%

Aker Solutions ASA *		57,629		107,357
Europris ASA ~		27,028		169,491

				276,848

Portugal - 0.3%

Sonae SGPS SA		110,000		104,608


Singapore - 1.0%

AEM Holdings Ltd		33,000		94,172
Ascendas India Trust		80,000		82,773
First REIT		141,400		27,866
Jardine Cycle & Carriage Ltd		5,100		81,182
Sasseur REIT		140,000		98,386

				384,379

South Korea - 6.6%

Com2uSCorp		1,113		122,286
DGB Financial Group Inc		15,000		124,096
Dongkuk Steel Mill Co Ltd		8,000		157,515
DY POWER Corp		3,701		55,882
Handsome Co Ltd		4,132		157,527
Hanwha Aerospace Co Ltd		1,400		58,391
Huchems Fine Chemical Corp		5,544		114,701


	Shares		Value
InBody Co Ltd		5,500		$147,526
INTOPS Co Ltd		3,800		103,428
i-SENS Inc		3,800		102,670
Korea Asset In Trust Co Ltd		19,827		84,427
Korea Petrochemical Ind Co Ltd		319		67,427
Korea Real Estate Investment & Trust Co Ltd		47,000		98,502
Korean Reinsurance Co		14,266		124,878
Kumho Petrochemical Co Ltd		550		107,161
LG Hausys Ltd		2,516		219,400
Osstem Implant Co Ltd		2,000		201,965
Poongsan Corp		5,735		194,227
Seah Besteel Corp		7,000		196,851
Tovis Co Ltd *		3,946		29,694
Value Added Technology Co Ltd		2,433		80,858

				2,549,412

Spain - 2.6%

Acerinox SA		8,754		105,998
Atresmedia Corp de Medios de Comunicacion SA *		17,597		77,036
Banco de Sabadell SA *		230,000		157,024
Cia de Distribucion Integral Logista Holdings SA		5,348		109,957
Enagas SA		6,275		145,034
Lar Espana Real Estate Socimi SA REIT		15,262		88,765
Pharma Mar SA		1,014		91,401
Vidrala SA		616		73,626
Viscofan SA		1,965		136,967

				985,808

Sweden - 4.7%

Betsson AB ‘B’		22,956		187,230
Bilia AB ‘A’		7,500		159,013
Coor Service Management Holding AB ~		12,000		95,112
Evolution AB ~		1,418		224,302
Humana AB *		11,000		86,354
Inwido AB		10,000		172,918
Kungsleden AB		12,817		155,156
LeoVegas AB ~		18,827		83,596
Sweco AB ‘B’		10,329		187,918
Tethys Oil AB		15,692		107,331
Trelleborg AB ‘B’		6,416		149,124
Vitrolife AB		2,000		83,139
Wihlborgs Fastigheter AB		5,500		119,284

				1,810,477

Switzerland - 6.0%

Adecco Group AG		3,670		249,713
ALSO Holding AG		506		146,063
Ascom Holding AG *		4,500		74,373
BKW AG		1,009		105,091
Cembra Money Bank AG		1,100		123,410
Emmi AG		110		112,824
Forbo Holding AG		69		130,621
Interroll Holding AG		46		182,424
Julius Baer Group Ltd		1,573		102,738
Logitech International SA		3,533		429,056
Sonova Holding AG		1,046		393,981
Swiss Life Holding AG		506		246,146

				2,296,440


	Shares		Value
United Kingdom - 10.0%

Aggreko PLC		15,981		$190,732
CLS Holdings PLC		31,000		103,132
Computacenter PLC		6,798		242,275
Empiric Student Property PLC REIT *		104,707		124,708
IG Group Holdings PLC		11,000		128,902
IMI PLC		10,831		257,699
Inchcape PLC		16,971		180,615
Indivior PLC *		50,000		106,929
ITV PLC *		110,000		191,180
Jupiter Fund Management PLC		12,000		46,832
Keller Group PLC		8,285		91,914
Man Group PLC		66,092		164,402
Orchard Therapeutics PLC ADR *		13,000		57,070
Pagegroup PLC *		16,992		131,393
PZ Cussons PLC		28,000		94,911
Quilter PLC ~		77,054		158,556
Redrow PLC		13,173		111,743
Rightmove PLC		22,677		203,826
Rotork PLC		35,004		165,093
Royal Mail PLC *		30,007		239,931
Safestore Holdings PLC REIT		12,573		164,704
Savills PLC		5,172		82,564
Spectris PLC		3,100		139,041
Spirent Communications PLC		41,609		141,843
Travis Perkins PLC *		6,247		146,163
Ultra Electronics Holdings PLC		4,338		137,494
Wickes Group PLC *		7,000		23,821

				3,827,473

United States - 0.9%

Inmode Ltd *		2,300		217,764
Reliance Worldwide Corp Ltd		37,000		145,855

				363,619

Total Common Stocks (Cost $25,218,336)				37,758,532


SHORT-TERM INVESTMENT - 0.3%

Money Market Fund - 0.3%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		124,173		124,173


Total Short-Term Investment (Cost $124,173)				124,173


TOTAL INVESTMENTS - 99.2% (Cost $25,558,841)				38,097,608


OTHER ASSETS & LIABILITIES, NET - 0.8%				317,134


NET ASSETS - 100.0%				$38,414,742

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 97.1%

Argentina - 0.1%

YPF SA ADR *		7,752		$36,279


Austria - 0.6%

Erste Group Bank AG		5,760		211,745


Belgium - 0.9%

Ageas SA		5,734		318,645


Brazil - 0.5%

Cia de Saneamento Basico do Estado de Sao Paulo		23,438		172,376


Burkina Faso - 0.2%

Endeavour Mining PLC		3,967		85,190


Canada - 2.4%

ARC Resources Ltd		13,903		118,326
Barrick Gold Corp		14,152		292,721
Cameco Corp		8,017		153,766
Kinross Gold Corp		24,849		157,791
Tourmaline Oil Corp		4,173		119,272

				841,876

China - 0.8%

Dongfeng Motor Group Co Ltd ‘H’		324,047		290,875


Denmark - 0.3%

AP Moller - Maersk AS ‘B’		29		83,488
The Drilling Co of 1972 AS *		460		19,259

				102,747

Finland - 1.5%

Nokia OYJ *		96,995		519,676


France - 12.9%

AXA SA		19,579		497,157
BNP Paribas SA		8,714		546,888
Cie de Saint-Gobain		11,483		757,830
Dassault Aviation SA		101		118,976
Engie SA		33,869		464,431
Orange SA		28,045		320,072
Renault SA *		5,424		219,875
Rexel SA		12,980		271,777
SCOR SE		5,533		176,144
Societe Generale SA		13,500		399,349
TotalEnergies SE		17,012		770,674

				4,543,173

Germany - 3.9%

CECONOMY AG *		19,282		94,255
Continental AG *		1,591		234,070
Daimler AG		5,327		476,014
Fresenius SE & Co KGaA		9,638		503,006


	Shares		Value
METRO AG		6,232		$77,184

				1,384,529

Hong Kong - 0.9%

CK Asset Holdings Ltd		47,403		326,275


India - 1.3%

Canara Bank *		49,615		101,614
NTPC Ltd		18,725		29,362
Oil & Natural Gas Corp Ltd		126,082		200,095
Zee Entertainment Enterprises Ltd		40,245		116,489

				447,560

Indonesia - 0.5%

P.T. Bank Mandiri Persero Tbk		398,874		162,619


Ireland - 1.2%

AIB Group PLC *		74,408		192,021
Bank of Ireland Group PLC *		43,599		233,958

				425,979

Italy - 4.5%

Assicurazioni Generali SPA		19,324		387,962
BPER Banca		53,911		117,539
Eni SPA		41,415		504,913
Saipem SPA *		49,839		120,923
UniCredit SPA		37,941		448,565

				1,579,902

Japan - 24.7%

Alfresa Holdings Corp		7,050		105,298
Alps Alpine Co Ltd		8,320		88,052
Benesse Holdings Inc		769		19,098
Canon Inc		5,991		135,408
Chiyoda Corp *		11,331		45,053
Dai-ichi Life Holdings Inc		17,474		321,508
DeNA Co Ltd		8,991		191,659
Eisai Co Ltd		1,948		191,444
Fuji Media Holdings Inc		6,056		67,614
Fujitsu Ltd		917		171,570
Gree Inc		24,341		128,665
Hino Motors Ltd		33,610		297,284
Honda Motor Co Ltd		23,545		757,284
Inpex Corp		37,837		283,187
Isuzu Motors Ltd		34,016		451,381
Japan Airlines Co Ltd *		14,110		305,528
JGC Holdings Corp		20,653		192,434
Kamigumi Co Ltd		6,640		134,752
Mitsubishi Estate Co Ltd		19,280		311,634
Mitsubishi Heavy Industries Ltd		4,486		132,437
Mitsubishi Motors Corp *		26,864		75,661
Mitsubishi UFJ Financial Group Inc		102,188		550,411
Nikon Corp		18,179		193,924
Nippon Television Holdings Inc		11,259		131,330
Nissan Motor Co Ltd *		54,108		269,549
Nomura Holdings Inc		25,903		131,833
Ono Pharmaceutical Co Ltd		5,300		118,191
Resona Holdings Inc		88,532		341,349
Shimamura Co Ltd		2,959		283,882
Sumitomo Heavy Industries Ltd		5,480		151,533


	Shares		Value
Sumitomo Mitsui Financial Group Inc		13,456		$463,855
Sumitomo Mitsui Trust Holdings Inc		9,666		308,347
T&D Holdings Inc		35,629		462,354
Taiheiyo Cement Corp		6,880		151,233
Takeda Pharmaceutical Co Ltd		13,180		442,328
THK Co Ltd		5,567		166,134
Toppan Inc		6,590		105,979

				8,679,183

Luxembourg - 0.6%

RTL Group SA		3,456		205,811


Malaysia - 0.4%

CIMB Group Holdings Bhd		123,092		136,782


Mexico - 0.9%

America Movil SAB de CV ‘L’ ADR		21,466		321,990


Netherlands - 5.4%

ABN AMRO Bank NV * ~		24,455		296,330
ING Groep NV		44,006		584,151
PostNL NV		23,781		129,211
Royal Dutch Shell PLC ‘B’		46,220		897,260

				1,906,952

Norway - 1.2%

Norsk Hydro ASA		66,350		423,605


Russia - 1.9%

Gazprom PJSC ADR		39,143		299,052
LUKOIL PJSC ADR		1,040		95,680
Sberbank of Russia PJSC ADR		10,177		169,854
VEON Ltd ADR *		60,349		110,439

				675,025

South Africa - 2.7%

Anglo American PLC		11,400		453,654
Gold Fields Ltd ADR		15,836		140,940
Impala Platinum Holdings Ltd		1,733		28,504
MTN Group *		23,599		170,493
Old Mutual Ltd		180,148		170,308

				963,899

South Korea - 4.3%

Hankook Tire & Technology Co Ltd		4,552		208,865
KB Financial Group Inc		9,966		494,613
KT Corp ADR		28,719		400,630
Shinhan Financial Group Co Ltd		11,302		408,053

				1,512,161

Spain - 1.2%

CaixaBank SA		137,685		423,892


Switzerland - 5.7%

Adecco Group AG		8,691		591,351
Holcim Ltd		9,722		584,371
Julius Baer Group Ltd		1,954		127,622


	Shares		Value
UBS Group AG		44,738		$685,262

				1,988,606

Taiwan - 1.9%

Catcher Technology Co Ltd		38,865		253,851
Hon Hai Precision Industry Co Ltd		70,208		281,886
Shin Kong Financial Holding Co Ltd		359,066		122,740

				658,477

Thailand - 1.0%

Kasikornbank PCL		14,175		52,517
Kasikornbank PCL NVDR		80,051		295,461

				347,978

Turkey - 0.6%

Turk Telekomunikasyon AS		115,429		88,029
Turkcell Iletisim Hizmetleri AS		61,820		114,372

				202,401

United Kingdom - 11.4%

Babcock International Group PLC *		39,582		158,867
BAE Systems PLC		61,664		445,585
BP PLC		165,455		725,586
BT Group PLC *		134,299		360,908
Centrica PLC *		185,063		131,909
J Sainsbury PLC		136,957		515,489
Kingfisher PLC		71,959		363,184
Land Securities Group PLC REIT		15,430		144,003
Marks & Spencer Group PLC *		69,920		141,807
Standard Chartered PLC		56,787		362,404
The British Land Co PLC REIT		23,039		157,601
WPP PLC		37,970		513,273

				4,020,616

United States - 0.7%

Ovintiv Inc		7,433		234,275


Total Common Stocks (Cost $27,294,167)				34,151,099


SHORT-TERM INVESTMENT - 1.7%

Money Market Fund - 1.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		580,279		580,279


Total Short-Term Investment (Cost $580,279)				580,279


TOTAL INVESTMENTS - 98.8% (Cost $27,874,446)				34,731,378


OTHER ASSETS & LIABILITIES, NET - 1.2%				425,831


NET ASSETS - 100.0%				$35,157,209

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 51.8%

Basic Materials - 1.1%

DuPont de Nemours Inc 1.266% (USD LIBOR + 1.110%) due 11/15/23 §		$5,000,000		$5,093,475
Glencore Funding LLC (Australia)
3.000% due 10/27/22 ~		1,600,000		1,646,328
4.625% due 04/29/24 ~		2,000,000		2,193,546
LYB International Finance III LLC 1.145% (USD LIBOR + 1.000%) due 10/01/23 §		3,850,000		3,856,277

				12,789,626

Communications - 3.2%

AT&T Inc
0.690% (SOFR + 0.640%) due 03/25/24 §		4,550,000		4,560,977
0.900% due 03/25/24		1,400,000		1,403,188
1.299% (USD LIBOR + 1.180%) due 06/12/24 §		7,750,000		7,954,728
Charter Communications Operating LLC
1.826% (USD LIBOR + 1.650%) due 02/01/24 §		500,000		514,187
eBay Inc
1.056% (USD LIBOR + 0.870%) due 01/30/23 §		350,000		353,474
1.900% due 03/11/25		2,500,000		2,585,492
3.800% due 03/09/22		3,060,000		3,123,586
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		4,000,000		3,996,170
Sprint Spectrum Co LLC
3.360% due 03/20/23 ~		623,438		627,269
4.738% due 09/20/29 ~		5,010,938		5,389,263
Verizon Communications Inc
0.550% (SOFR + 0.500%) due 03/22/24 §		1,300,000		1,310,589
0.750% due 03/22/24		5,000,000		5,023,023

				36,841,946

Consumer, Cyclical - 2.1%

7-Eleven Inc
0.612% (USD LIBOR + 0.450%) due 08/10/22 ~ §		4,000,000		4,001,861
0.800% due 02/10/24 ~		1,500,000		1,496,854
DR Horton Inc
2.500% due 10/15/24		2,000,000		2,097,397
4.375% due 09/15/22		1,000,000		1,036,856
Ford Motor Credit Co LLC
1.256% (USD LIBOR + 1.080%) due 08/03/22 §		3,200,000		3,188,618
3.087% due 01/09/23		1,000,000		1,021,250
General Motors Financial Co Inc 1.050% due 03/08/24		2,000,000		2,012,055
Harley-Davidson Financial Services Inc 3.350% due 06/08/25 ~		1,000,000		1,070,603
Marriott International Inc 3.600% due 04/15/24		1,000,000		1,067,185


	Principal Amount		Value
Nissan Motor Acceptance Corp
0.765% (USD LIBOR + 0.630%) due 09/21/21 ~ §		$2,500,000		$2,501,430
0.838% (USD LIBOR + 0.650%) due 07/13/22 ~ §		1,700,000		1,703,512
Toyota Motor Credit Corp 2.900% due 03/30/23		3,000,000		3,134,149

				24,331,770

Consumer, Non-Cyclical - 6.3%

AbbVie Inc 2.150% due 11/19/21		4,000,000		4,029,284
AmerisourceBergen Corp 0.737% due 03/15/23		1,550,000		1,552,997
Anthem Inc 2.375% due 01/15/25		1,200,000		1,257,224
Bayer US Finance II LLC (Germany) 1.129% (USD LIBOR + 1.010%) due 12/15/23 ~ §		3,200,000		3,247,282
Bristol-Myers Squibb Co 0.537% due 11/13/23		2,200,000		2,202,763
Cargill Inc
0.400% due 02/02/24 ~		2,000,000		1,989,441
1.375% due 07/23/23 ~		1,000,000		1,019,028
Cigna Corp 1.074% (USD LIBOR + 0.890%) due 07/15/23 §		8,678,000		8,797,092
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		5,000,000		4,987,053
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		2,000,000		2,033,515
General Mills Inc 1.200% (USD LIBOR + 1.010%) due 10/17/23 §		7,061,000		7,188,981
Gilead Sciences Inc 0.750% due 09/29/23		3,750,000		3,751,995
GlaxoSmithKline Capital PLC (United Kingdom) 0.534% due 10/01/23		2,150,000		2,158,255
Hormel Foods Corp 0.650% due 06/03/24		2,350,000		2,355,436
Keurig Dr Pepper Inc 0.750% due 03/15/24		3,000,000		3,003,597
PayPal Holdings Inc
1.350% due 06/01/23		1,750,000		1,781,613
2.200% due 09/26/22		7,500,000		7,681,036
Philip Morris International Inc 1.125% due 05/01/23		2,000,000		2,026,923
Royalty Pharma PLC 0.750% due 09/02/23 ~		3,500,000		3,511,959
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		3,500,000		3,631,201
UnitedHealth Group Inc 2.375% due 10/15/22		4,400,000		4,518,698

				72,725,373


	Principal Amount		Value
Energy - 2.4%

Energy Transfer LP
3.600% due 02/01/23		$3,400,000		$3,528,917
4.250% due 03/15/23		1,519,000		1,594,480
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		2,000,000		2,064,311
Kinder Morgan Inc
1.464% (USD LIBOR + 1.280%) due 01/15/23 §		1,000,000		1,013,979
5.625% due 11/15/23 ~		915,000		1,008,542
MPLX LP
3.375% due 03/15/23		1,500,000		1,568,886
3.500% due 12/01/22		1,606,000		1,668,861
Phillips 66 0.776% (USD LIBOR + 0.620%) due 02/15/24 §		5,000,000		5,006,811
Pioneer Natural Resources Co 0.550% due 05/15/23		600,000		600,798
Valero Energy Corp
1.200% due 03/15/24		4,170,000		4,208,676
1.269% (USD LIBOR + 1.150%) due 09/15/23 §		5,000,000		5,009,045

				27,273,306

Financial - 25.6%

AIG Global Funding 0.650% due 06/17/24 ~		1,000,000		997,589
Air Lease Corp
0.700% due 02/15/24		1,500,000		1,495,263
2.625% due 07/01/22		1,500,000		1,528,914
3.500% due 01/15/22		2,650,000		2,694,096
American Express Co 0.789% (USD LIBOR + 0.650%) due 02/27/23 §		5,000,000		5,041,996
Athene Global Funding
0.950% due 01/08/24 ~		4,550,000		4,555,887
1.368% (USD LIBOR + 1.230%) due 07/01/22 ~ §		4,500,000		4,546,122
Banco Santander SA (Spain)
0.701% due 06/30/24		2,200,000		2,205,047
2.706% due 06/27/24		2,900,000		3,052,619
2.746% due 05/28/25		1,250,000		1,317,827
Bank of America Corp
1.348% (USD LIBOR + 1.160%) due 01/20/23 §		9,321,000		9,376,244
2.503% due 10/21/22		600,000		604,049
Brighthouse Financial Global Funding 0.600% due 06/28/23 ~		750,000		750,002
Canadian Imperial Bank of Commerce (Canada) 0.450% due 06/22/23		7,000,000		7,000,326
Capital One Financial Corp 2.600% due 05/11/23		2,800,000		2,908,443
Capital One NA 2.150% due 09/06/22		2,000,000		2,038,656
Citigroup Inc
0.699% (SOFR + 0.669%) due 05/01/25 §		600,000		603,331
0.776% due 10/30/24		1,200,000		1,203,392
0.981% due 05/01/25		2,100,000		2,105,675
1.126% (USD LIBOR + 0.950%) due 07/24/23 §		3,200,000		3,225,582
1.256% (USD LIBOR + 1.100%) due 05/17/24 §		2,800,000		2,844,830
1.678% due 05/15/24		600,000		612,826


	Principal Amount		Value
Citizens Bank NA 1.096% (USD LIBOR + 0.950%) due 03/29/23 §		$3,000,000		$3,037,732
Cooperatieve Rabobank UA (Netherlands)
0.375% due 01/12/24		2,000,000		1,992,712
1.006% (USD LIBOR + 0.860%) due 09/26/23 ~ §		2,500,000		2,535,249
Credit Suisse AG (Switzerland)
0.480% (SOFR + 0.450%) due 02/04/22 §		2,500,000		2,504,304
0.495% due 02/02/24		3,000,000		2,989,127
1.000% due 05/05/23		1,750,000		1,769,300
Fifth Third Bank NA 1.800% due 01/30/23		5,000,000		5,110,655
HSBC Holdings PLC (United Kingdom)
0.976% due 05/24/25		3,500,000		3,498,554
1.155% (USD LIBOR + 1.000%) due 05/18/24 §		2,300,000		2,331,096
Intercontinental Exchange Inc
0.700% due 06/15/23		2,500,000		2,510,433
3.450% due 09/21/23		2,200,000		2,336,266
Jackson National Life Global Funding
2.500% due 06/27/22 ~		1,850,000		1,890,128
3.300% due 02/01/22 ~		2,650,000		2,697,112
JPMorgan Chase & Co
0.697% due 03/16/24		2,500,000		2,508,356
0.824% due 06/01/25		2,500,000		2,496,284
0.903% (USD LIBOR + 0.730%) due 04/23/24 §		1,200,000		1,211,865
0.969% due 06/23/25		2,350,000		2,353,810
1.063% (USD LIBOR + 0.890%) due 07/23/24 §		1,000,000		1,014,176
1.076% (USD LIBOR + 0.900%) due 04/25/23 §		1,000,000		1,007,323
Lloyds Banking Group PLC (United Kingdom)
0.695% due 05/11/24		2,600,000		2,607,830
1.326% due 06/15/23		2,000,000		2,016,273
LSEGA Financing PLC (United Kingdom) 0.650% due 04/06/24 ~		600,000		599,628
MassMutual Global Funding II 0.600% due 04/12/24 ~		10,000,000		10,003,533
Metropolitan Life Global Funding I 0.400% due 01/07/24 ~		2,000,000		1,996,227
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,149,063
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		4,350,000		4,375,115
0.871% (USD LIBOR + 0.740%) due 03/02/23 §		5,700,000		5,751,539
0.966% (USD LIBOR + 0.790%) due 07/25/22 §		4,000,000		4,030,856
2.623% due 07/18/22		1,050,000		1,076,028
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		3,000,000		3,042,377


	Principal Amount		Value
Morgan Stanley
0.529% due 01/25/24		$4,000,000		$3,998,768
0.731% due 04/05/24		3,000,000		3,006,991
0.790% due 05/30/25		2,900,000		2,891,840
1.382% (USD LIBOR + 1.220%) due 05/08/24 §		700,000		713,020
Nasdaq Inc 0.445% due 12/21/22		1,650,000		1,649,980
NatWest Markets PLC (United Kingdom) 0.563% (SOFR + 0.530%) due 08/12/24 ~ §		1,800,000		1,806,991
New York Life Global Funding
0.400% due 10/21/23 ~		1,650,000		1,649,549
0.559% (USD LIBOR + 0.440%) due 07/12/22 ~ §		2,000,000		2,008,186
0.648% (USD LIBOR + 0.520%) due 06/10/22 ~ §		2,000,000		2,008,831
3.250% due 08/06/21 ~		1,500,000		1,504,521
PNC Bank NA
0.475% (USD LIBOR + 0.325%) due 02/24/23 §		3,350,000		3,357,044
0.634% (USD LIBOR + 0.450%) due 07/22/22 §		1,900,000		1,900,492
Protective Life Global Funding
due 07/05/24 # ~		1,500,000		1,500,693
0.631% due 10/13/23 ~		2,400,000		2,407,374
Public Storage REIT 0.495% (SOFR + 0.470%) due 04/23/24 §		3,200,000		3,206,992
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		2,100,000		2,149,452
Royal Bank of Canada (Canada)
0.500% due 10/26/23		8,500,000		8,514,196
0.799% (USD LIBOR + 0.660%) due 10/05/23 §		6,000,000		6,073,807
3.700% due 10/05/23		400,000		429,280
Skandinaviska Enskilda Banken AB (Sweden)
0.455% (USD LIBOR + 0.320%) due 09/01/23 ~ §		6,500,000		6,511,926
0.550% due 09/01/23 ~		5,000,000		5,002,675
Standard Chartered PLC (United Kingdom)
1.214% due 03/23/25 ~		2,900,000		2,914,466
1.319% due 10/14/23 ~		2,000,000		2,019,720
3.885% due 03/15/24 ~		1,000,000		1,051,796
State Street Corp 2.825% due 03/30/23		2,000,000		2,037,718
Sumitomo Mitsui Financial Group Inc (Japan)
0.930% (USD LIBOR + 0.740%) due 01/17/23 §		3,130,000		3,157,726
0.984% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,590,201
1.050% (USD LIBOR + 0.860%) due 07/19/23 §		5,000,000		5,063,304
The Charles Schwab Corp 0.750% due 03/18/24		3,000,000		3,017,961
The Goldman Sachs Group Inc
0.657% due 09/10/24		8,100,000		8,090,349
3.625% due 02/20/24		2,300,000		2,466,294


	Principal Amount		Value
The Toronto-Dominion Bank (Canada)
0.750% due 06/12/23		$5,000,000		$5,036,584
0.830% (USD LIBOR + 0.640%) due 07/19/23 §		10,000,000		10,118,678
Truist Bank 0.766% (USD LIBOR + 0.590%) due 08/02/22 §		6,000,000		6,003,531
UBS AG (Switzerland)
0.391% (SOFR + 0.360%) due 02/09/24 ~ §		7,250,000		7,281,936
0.450% due 02/09/24 ~		5,000,000		4,975,706
1.750% due 04/21/22 ~		2,250,000		2,275,431
UBS Group AG (Switzerland)
1.008% due 07/30/24 ~		1,500,000		1,511,427
2.650% due 02/01/22 ~		2,500,000		2,535,591
Ventas Realty LP REIT 2.650% due 01/15/25		1,650,000		1,737,718
Wells Fargo & Co 1.654% due 06/02/24		3,750,000		3,831,246
Westpac Banking Corp (Australia)
0.856% (USD LIBOR + 0.710%) due 06/28/22 §		2,750,000		2,767,963
0.876% (USD LIBOR + 0.720%) due 05/15/23 §		1,750,000		1,772,147
3.650% due 05/15/23		3,251,000		3,447,557

				297,149,325

Industrial - 2.7%

Berry Global Inc 0.950% due 02/15/24 ~		2,850,000		2,856,042
Graphic Packaging International LLC 0.821% due 04/15/24 ~		1,950,000		1,937,084
Jabil Inc 1.700% due 04/15/26		1,000,000		1,008,150
Martin Marietta Materials Inc due 07/15/23 #		2,100,000		2,105,058
Otis Worldwide Corp 0.595% (USD LIBOR + 0.450%) due 04/05/23 §		1,400,000		1,400,119
Penske Truck Leasing Co LP
1.200% due 11/15/25 ~		2,000,000		1,982,413
4.875% due 07/11/22 ~		2,000,000		2,086,766
Ryder System Inc 2.500% due 09/01/24		3,000,000		3,141,220
Siemens Financieringsmaatschappij NV (Germany) 0.650% due 03/11/24 ~		6,200,000		6,208,860
Teledyne Technologies Inc 0.950% due 04/01/24		7,000,000		7,012,103
The Boeing Co 4.508% due 05/01/23		1,500,000		1,599,630

				31,337,445

Technology - 3.2%

Apple Inc 0.750% due 05/11/23		2,450,000		2,471,999
Fidelity National Information Services Inc 0.600% due 03/01/24		4,000,000		3,996,653
Fiserv Inc 2.750% due 07/01/24		1,000,000		1,055,334


	Principal Amount		Value
Hewlett Packard Enterprise Co
0.914% (USD LIBOR + 0.720%) due 10/05/21 §		$2,100,000		$2,100,502
1.450% due 04/01/24		1,000,000		1,017,507
2.250% due 04/01/23		2,100,000		2,162,741
Infor Inc 1.450% due 07/15/23 ~		2,700,000		2,732,389
Microchip Technology Inc 0.972% due 02/15/24 ~		4,950,000		4,949,604
Oracle Corp
1.650% due 03/25/26		1,800,000		1,825,488
2.500% due 04/01/25		5,450,000		5,727,648
salesforce.com Inc due 07/15/24 #		3,600,000		3,602,378
Skyworks Solutions Inc 0.900% due 06/01/23		3,095,000		3,104,668
VMware Inc 4.500% due 05/15/25		2,350,000		2,626,857

				37,373,768

Utilities - 5.2%

American Electric Power Co Inc
0.750% due 11/01/23		2,450,000		2,451,582
3.650% due 12/01/21		1,250,000		1,268,059
CenterPoint Energy Inc 0.684% (SOFR + 0.650%) due 05/13/24 §		2,350,000		2,360,975
CenterPoint Energy Resources Corp 0.631% (USD LIBOR + 0.500%) due 03/02/23 §		850,000		850,222
Consolidated Edison Inc 0.650% due 12/01/23		3,500,000		3,500,723
Consumers Energy Co 0.350% due 06/01/23		4,000,000		3,995,183
Dominion Energy Inc 3.071% due 08/15/24		1,000,000		1,060,936
DTE Energy Co 1.050% due 06/01/25		1,000,000		1,000,201
Edison International 4.950% due 04/15/25		1,500,000		1,662,179
Emera US Finance LP (Canada) 0.833% due 06/15/24 ~		550,000		547,292
Enel Finance International NV (Italy) 2.875% due 05/25/22 ~		2,500,000		2,555,252
Entergy Louisiana LLC 0.620% due 11/17/23		2,250,000		2,253,590
Evergy Inc 2.450% due 09/15/24		4,176,000		4,376,324
Florida Power & Light Co 0.564% (USD LIBOR + 0.380%) due 07/28/23 §		1,950,000		1,950,149
Mississippi Power Co 0.350% (SOFR + 0.300%) due 06/28/24 §		1,900,000		1,902,252
NextEra Energy Capital Holdings Inc 0.650% due 03/01/23		2,500,000		2,510,811
NiSource Inc 0.950% due 08/15/25		800,000		794,086


	Principal Amount		Value
Oklahoma Gas and Electric Co 0.553% due 05/26/23		$3,350,000		$3,350,308
Oncor Electric Delivery Co LLC 2.750% due 06/01/24		1,800,000		1,909,541
Pacific Gas and Electric Co 1.750% due 06/16/22		4,500,000		4,498,407
PPL Electric Utilities Corp 0.380% (SOFR + 0.330%) due 06/24/24 §		3,850,000		3,853,118
Public Service Enterprise Group Inc 0.800% due 08/15/25		2,800,000		2,771,439
Southern California Edison Co
0.690% (SOFR + 0.640%) due 04/03/23 §		2,000,000		2,005,377
0.880% (SOFR + 0.830%) due 04/01/24 §		1,800,000		1,807,545
1.100% due 04/01/24		1,300,000		1,309,317
The AES Corp 3.300% due 07/15/25 ~		1,000,000		1,070,205
WEC Energy Group Inc 0.800% due 03/15/24		2,500,000		2,506,697
Xcel Energy Inc 0.500% due 10/15/23		650,000		650,256

				60,772,026

Total Corporate Bonds & Notes (Cost $594,836,313)				600,594,585


ASSET-BACKED SECURITIES - 4.8%

AIMCO CLO (Cayman) 1.034% (USD LIBOR + 0.850%) due 01/15/28 ~ §		592,721		593,405
AmeriCredit Automobile Receivables Trust
0.280% due 06/18/24		5,950,000		5,952,982
0.420% due 03/18/24		3,268,841		3,271,898
0.600% due 12/18/23		974,041		975,246
BMW Vehicle Owner Trust 0.390% due 02/27/23		853,791		854,248
CarMax Auto Owner Trust 0.220% due 02/15/24		2,000,000		2,000,780
Ford Credit Auto Owner Trust
0.500% due 02/15/23		2,215,943		2,217,991
1.030% due 10/15/22		272,982		273,247
GM Financial Consumer Automobile Receivables Trust
0.230% due 11/16/23		1,240,756		1,241,333
1.500% due 03/16/23		457,635		458,445
1.830% due 01/17/23		2,333		2,335
Honda Auto Receivables Owner Trust 0.740% due 11/15/22		385,867		386,353
John Deere Owner Trust 0.410% due 03/15/23		431,024		431,292
Navient Private Education Refi Loan Trust 0.423% (USD LIBOR + 0.350%) due 11/15/68 ~ §		152,537		152,556
Nelnet Student Loan Trust 0.556% (USD LIBOR + 0.380%) due 04/25/31 ~ §		26,117		26,116


	Principal Amount		Value
Nissan Auto Receivables Owner Trust 1.450% due 12/15/22		$652,059		$653,526
Palmer Square Loan Funding Ltd (Cayman)
due 07/20/29 # ~ §		8,750,000		8,750,000
1.888% (USD LIBOR + 1.700%) due 07/20/28 ~ §		645,228		645,613
Santander Drive Auto Receivables Trust
0.280% due 04/15/24		6,500,000		6,500,904
0.290% due 11/15/23		9,330,665		9,334,448
0.420% due 09/15/23		2,446,092		2,447,094
0.460% due 09/15/23		910,645		910,941
SLM Student Loan Trust 0.266% (USD LIBOR + 0.090%) due 01/26/26 §		230,168		230,148
SMB Private Education Loan Trust
0.401% (USD LIBOR + 0.300%) due 03/15/27 ~ §		1,515,428		1,515,464
0.601% (USD LIBOR + 0.500%) due 01/15/53 ~ §		1,383,670		1,386,157
2.490% due 06/15/27 ~		1,939,211		1,954,201
Toyota Auto Receivables Owner Trust
0.360% due 02/15/23		754,401		754,857
1.380% due 12/15/22		1,215,864		1,218,694


Total Asset-Backed Securities (Cost $55,118,466)				55,140,274


U.S. TREASURY OBLIGATIONS - 26.5%

U.S. Treasury Notes - 26.5%

0.125% due 04/30/22		25,000,000		25,008,852
0.125% due 05/31/22		15,000,000		15,005,374
0.125% due 06/30/22		15,000,000		15,004,263
0.125% due 11/30/22		48,000,000		47,977,500
0.125% due 02/28/23		10,000,000		9,988,672
0.375% due 03/31/22		25,000,000		25,055,625
0.500% due 03/15/23		5,000,000		5,026,074
1.125% due 02/28/22		15,000,000		15,103,627
1.375% due 01/31/22		27,000,000		27,207,511
1.500% due 01/15/23		30,000,000		30,612,891
1.750% due 03/31/22 ‡		18,750,000		18,985,084
1.750% due 07/15/22		10,000,000		10,171,229
1.750% due 06/30/24		10,000,000		10,387,109
1.750% due 07/31/24		10,000,000		10,393,750
2.000% due 07/31/22		10,000,000		10,206,250
2.625% due 02/28/23		2,100,000		2,185,149
2.875% due 11/15/21		29,000,000		29,304,141


Total U.S. Treasury Obligations (Cost $304,858,380)				307,623,101


SHORT-TERM INVESTMENTS - 10.7%

Corporate Notes - 0.0%

Southern California Edison Co 0.398% (SOFR + 0.350%) due 06/13/22 §		650,000		650,718


	Shares		Value
Money Market Fund - 4.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		51,908,344		$51,908,344


	Principal Amount
U.S. Treasury Bills - 6.2%

0.038% due 07/15/21		$8,000,000		7,999,875
0.040% due 09/16/21		45,500,000		45,496,107
0.048% due 09/30/21		18,000,000		17,997,839

				71,493,821

Total Short-Term Investments (Cost $124,053,039)				124,052,883


TOTAL INVESTMENTS - 93.8% (Cost $1,078,866,198)				1,087,410,843


DERIVATIVES - 9.0%				104,759,177


OTHER ASSETS & LIABILITIES, NET - (2.8%)				(32,374,657	)


NET ASSETS - 100.0%				$1,159,795,363

Notes to Schedule of Investments

a)	As of June 30, 2021, an investment with an aggregate value of $182,023 was fully or partially segregated with the broker(s)/ custodian as collateral for open swap agreements.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:


	Shares		Value
COMMON STOCKS - 99.8%

Consumer, Cyclical - 3.6%

Choice Hotels International Inc		717		$85,223
DR Horton Inc		3,100		280,147
Marriott Vacations Worldwide Corp *		2,470		393,471
Travel + Leisure Co		4,385		260,688

				1,019,529

Financial - 96.2%

Agree Realty Corp REIT		6,911		487,156
Alexandria Real Estate Equities Inc REIT		5,494		999,578
American Assets Trust Inc REIT		7,947		296,344
American Campus Communities Inc REIT		1,409		65,829
American Homes 4 Rent ‘A’ REIT		28,060		1,090,131
American Tower Corp REIT		3,405		919,827
Apartment Income REIT Corp		12,354		585,950
Apple Hospitality REIT Inc		17,553		267,859
AvalonBay Communities Inc REIT		6,765		1,411,788
Brandywine Realty Trust REIT		8,455		115,918
Broadstone Net Lease Inc REIT		17,632		412,765
CoreSite Realty Corp REIT		2,621		352,787
Cousins Properties Inc REIT		13,893		510,985
CubeSmart REIT		10,077		466,767
CyrusOne Inc REIT		1,914		136,889
DiamondRock Hospitality Co REIT *		11,332		109,920
Digital Realty Trust Inc REIT		1,737		261,349
Equinix Inc REIT		2,623		2,105,220
Equity LifeStyle Properties Inc REIT		7,614		565,796
Equity Residential REIT		56		4,312
Essex Property Trust Inc REIT		4,011		1,203,340
Extra Space Storage Inc REIT		6,403		1,048,939
First Industrial Realty Trust Inc REIT		11,561		603,831
Healthcare Realty Trust Inc REIT		6,250		188,750
Healthcare Trust of America Inc ‘A’ REIT		25,717		686,644
Invitation Homes Inc REIT		40,260		1,501,295
Kilroy Realty Corp REIT		8,529		593,960
MGM Growth Properties LLC ‘A’ REIT		8,649		316,726
Park Hotels & Resorts Inc REIT *		10,102		208,202
Prologis Inc REIT		16,363		1,955,869
PS Business Parks Inc REIT		2,676		396,262
Public Storage REIT		1,102		331,360
Regency Centers Corp REIT		9,452		605,590
Rexford Industrial Realty Inc REIT		7,746		441,135
Sabra Health Care REIT Inc		22,260		405,132
Simon Property Group Inc REIT		2,588		337,682
STORE Capital Corp REIT		18,225		628,945
Sun Communities Inc REIT		6,388		1,094,903
Terreno Realty Corp REIT		7,432		479,513
Ventas Inc		4,080		232,968
VICI Properties Inc REIT		18,348		569,155
Welltower Inc REIT		19,908		1,654,355
Weyerhaeuser Co REIT		6,453		222,112

				26,873,838

Total Common Stocks (Cost $17,059,197)				27,893,367


	Shares		Value
SHORT-TERM INVESTMENT - 0.2%

Money Market Fund - 0.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		46,596		$46,596


Total Short-Term Investment (Cost $46,596)				46,596


TOTAL INVESTMENTS - 100.0% (Cost $17,105,793)				27,939,963


OTHER ASSETS & LIABILITIES, NET - (0.0%)				(491	)


NET ASSETS - 100.0%				$27,939,472

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:



Explanation of Symbols:

#		Securities purchased on a when-issued basis. Rates do not take effect until settlement date.
*		Non-income producing investments.
^		Investments with their principal amount adjusted for inflation.
~		Securities are not registered under the Securities Act of 1933 (1933 Act) and these securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale.
±		Investments categorized as a significant unobservable input (Level 3).
§		Variable rate investments. The rate shown is based on the latest available information as of June 30, 2021. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
‡		Investments were fully or partially segregated with the broker(s)/ custodian as collateral for swap agreements as of June 30, 2021.
¥		All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.
y		Issuer filed bankruptcy and/or is in default as of June 30, 2021.
W		The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees (the “Board”). Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940.

Counterparty & Exchange Abbreviations:

BNP		BNP Paribas
BOA		Bank of America
BRC		Barclays
BSC		Banco Santander Central Hispano
CIT		Citigroup
CME		Chicago Mercantile Exchange
CSF		Credit Suisse
DUB		Deutsche Bank
EUX		Eurex Exchange
GSC		Goldman Sachs
HSB		HSBC
ICE		Intercontinental Exchange Inc
JPM		JPMorgan Chase
LCH		London Clearing House
MER		Merrill Lynch
MSC		Morgan Stanley
SCB		Standard Chartered Bank
SGN		Societe Generale
UBS		UBS

Currency Abbreviations:

ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CNH		Renminbi Offshore (Hong Kong)
CNY		Chinese Renminbi



Currency Abbreviations (continued):

COP		Colombian Peso
CZK		Czech Koruna
EGP		Egyptian Pound
EUR		Euro
GBP		British Pound
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
JPY		Japanese Yen
KRW		Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
PEN		Peruvian Nuevo Sol
PHP		Philippine Peso
PLN		Polish Zloty
RON		Romanian Leu
RUB		Russian Ruble
SGD		Singapore Dollar
THB		Thai Baht
TRY		Turkish Lira
TWD		Taiwan Dollar
UAH		Ukrainian Hryvnia
USD		United States Dollar
UYU		Uruguayan Peso
ZAR		South African Rand

Payment Frequency Abbreviations:

A		Annual
L		Lunar
Q		Quarterly
S		Semiannual
Z		At Maturity

Reference Rate Abbreviations:

AUD Bank Bill		Australian Dollar Bank Bill Rate
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing Rate
SONIA		Sterling Overnight Interbank Average Rate
US FED		United States Federal Reserve Bank Rate
US PRIME		United States Prime Rate

Other Abbreviations:

ADR		American Depositary Receipt
GDR		Global Depositary Receipt
IO		Interest Only
NVDR		Non-Voting Depositary Receipt
PIK		Payment In Kind
PIPE		Private Investment In Public Equity
REIT		Real Estate Investment Trust
SDR		Swedish Depositary Receipt

Notes:

For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.

The countries listed in the Schedules of Investments are based on country of risk.

The sectors listed in the Schedules of Investments are obtained from a third party source (that is not affiliated with the Trust or the investment adviser) believed to be reliable. Sector names and weightings could be different if obtained from another source.

Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, management investment company, and is organized as a Delaware statutory trust.

Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. The Trust is comprised of separate funds (each individually a “Fund”, and collectively the “Funds”).

The Trust characterizes its investments as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, the VOC determines the level in which each investment is characterized. The VOC includes investment, legal, and compliance members of the Trust’s Investment Adviser, accounting members of the Trust’s Administrator (see Note 6), and the Trust’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund’s investments. The VOC also periodically evaluates how the Trust’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange- traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material changes, as determined by the Trust’s CCO, requiring approval by the Board.

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy.

The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities:

Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Investments in registered mutual funds, including affiliated registered mutual funds, are valued at their respective published NAV and are categorized as Level 1.

U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price from market data sources. The models also take into consideration yield curves and data received from active market makers and inter-dealer brokers. Yield curves change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.

Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Corporate bonds held by a Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds, and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

U.S. Government Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Futures contracts and options on futures contracts that are actively traded on commodity exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Exchange listed option contracts that are traded on securities exchanges are categorized as Level 2 if they are fair valued based on quoted prices from the applicable exchange, or when valuation adjustments are applied to option contracts, or such valuation adjustments are observable and timely, otherwise the fair values would be categorized as Level 3. OTC option contracts are fair valued based on either broker- dealer quotations or pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC option contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Forward foreign currency contracts are fair valued using the mean between broker-dealer bid and ask quotations, and forward foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Interest Rate Swaps – Interest rate swaps are fair valued using pricing models that are based on real-time snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Credit Default Swaps – Credit default swaps are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Total Return Swaps – Total return swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Floating rate senior loan notes (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

A summary of holdings and transactions with affiliated mutual fund investments as of and for the period ended June 30, 2021 is as follows:

As of June 30, 2021, Pacific Life owned the following percentages of the total shares outstanding (aggregate of all share classes) of each of the following Funds:


		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$251,936,466		$251,936,466		$—		$—


		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$342,200,678		$342,200,678		$—		$—


		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$1,117,396,590		$1,117,396,590		$—		$—


		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$918,466,513		$918,466,513		$—		$—


		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$351,109,229		$351,109,229		$—		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 140


		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$409,983		$409,983		$—		$—
	Consumer, Cyclical		395,441		395,441		—		—
	Consumer, Non-Cyclical		172,008		172,008		—		—
	Industrial		405,949		393,010		12,939		—
	Utilities		285,981		285,981		—		—

	Total Common Stocks		1,669,362		1,656,423		12,939		—

	Exchange-Traded Funds		1,856,711		1,856,711		—		—
	Corporate Bonds & Notes		143,232,772		—		143,232,772		—
	Senior Loan Notes		5,232,804		—		4,725,943		506,861
	Asset-Backed Securities		5,503,627		—		5,503,627		—
	Short-Term Investment		1,919,347		1,919,347		—		—

	Total		$159,414,623		$5,432,481		$153,475,281		$506,861


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-Bobl		09/21		6		$953,919		$954,410		$491
Euro-Bund		09/21		8		1,627,166		1,637,379		10,213
U.S. Treasury 5-Year Notes		09/21		53		6,565,368		6,541,774		(23,594	)
U.S. Treasury Long Bonds		09/21		5		778,365		803,750		25,385

										12,495


Short Futures Outstanding
Australia 3-Year Bonds		09/21		2		175,333		174,719		614
Euro-BTP		09/21		3		534,853		538,603		(3,750	)
Euro-Buxl		09/21		3		710,285		722,976		(12,691	)
Euro-Schatz		09/21		39		5,185,790		5,185,830		(40	)
U.S. Treasury 2-Year Notes		09/21		14		3,089,388		3,084,484		4,904
U.S. Treasury 10-Year Notes		09/21		5		657,767		662,500		(4,733	)
U.S. Treasury Ultra 10-Year Notes		09/21		9		1,306,554		1,324,828		(18,274	)
U.S. Ultra Long Bonds		09/21		7		1,283,069		1,348,813		(65,744	)

										(99,714	)


Total Futures Contracts										($87,219	)


Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
AUD	532,509	USD	403,936		07/21		UBS		$—		($4,577	)
GBP	27,000	USD	37,509		07/21		UBS		—		(160	)
USD	612,961	AUD	790,771		07/21		UBS		19,917		—
USD	403,989	AUD	532,509		08/21		UBS		4,566		—
USD	1,629,506	EUR	1,332,000		07/21		SCB		50,022		—
USD	1,580,655	EUR	1,332,000		08/21		SCB		130		—
USD	549,940	GBP	389,000		07/21		GSC		11,833		—
USD	5,586	GBP	4,000		07/21		SCB		53		—
USD	505,653	GBP	366,000		08/21		SCB		—		(685	)
USD	107,420	NZD	148,000		07/21		JPM		3,968		—


Total Forward Foreign Currency Contracts									$90,489		($5,422	)


Description	Exercise Rate		Expiration Date		Counterparty		Notional Amount		Premium		Value
Put - iTraxx Main 35 5Y		0.700%		07/21/21		BRC		EUR 200,000		$222		($17	)
Put - CDX IG 36 5Y		0.900%		07/21/21		GSC		$100,000		129		(5	)
Put - iTraxx Main 35 5Y		0.700%		08/18/21		BRC		EUR 100,000		147		(27	)
Put - iTraxx Main 35 5Y		0.750%		08/18/21		BRC		200,000		233		(46	)
Put - iTraxx Main 35 5Y		0.800%		09/15/21		DUB		300,000		392		(117	)
Put - CDX IG 36 5Y		0.900%		09/15/21		DUB		$100,000		107		(26	)

										$1,230		($238	)


Description	Initial Index		Floating Rate	Expiration Date		Counterparty	Notional Amount		Premium		Value
Cap - U.S. CPI Urban Consumers		233.92	Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)¹⁰]		04/22/24	JPM		$1,900,000		$13,822		($19	)
Cap - U.S. CPI Urban Consumers		234.78	Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)¹⁰]		05/16/24	JPM		200,000		1,390		—

										$15,212		($19	)


Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate			Expiration Date		Counterparty		Notional Amount		Premium		Value
Call - 5-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		0.550%			08/24/21		MSC		$2,000,000		$3,150		($205	)
Call - 1-Year Interest Rate Swap		Receive		3-Month EUR-LIBOR		(0.526%	)		11/17/22		GSC		EUR 1,600,000		2,489		(750	)

															5,639		(955	)


Put - 10-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		2.300%			09/29/21		DUB		$300,000		2,093		(182	)
Put - 10-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		2.300%			09/29/21		MSC		400,000		2,791		(243	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/02/22		MSC		EUR 200,000		4,851		(9,150	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/04/22		BRC		600,000		14,726		(27,566	)

															24,461		(37,141	)


Total Interest Rate Swaptions															$30,100		($38,096	)


Total Written Options															$46,542		($38,353	)


Receive	Pay	Payment Frequency Receive Rate/ Pay Rate	Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1.690%	U.S. CPI Urban Consumers	Z / Z		LCH		08/07/21		$200,000		($7,886	)		($10	)		($7,876	)
1.825%	U.S. CPI Urban Consumers	Z / Z		LCH		08/14/21		200,000		(7,559	)		—			(7,559	)
1.840%	U.S. CPI Urban Consumers	Z / Z		LCH		08/14/21		100,000		(3,764	)		(5	)		(3,759	)
1.863%	U.S. CPI Urban Consumers	Z / Z		LCH		08/26/21		200,000		(7,350	)		(20	)		(7,330	)
2.180%	U.S. CPI Urban Consumers	Z / Z		LCH		01/19/22		200,000		(5,230	)		(2	)		(5,228	)
2.200%	U.S. CPI Urban Consumers	Z / Z		LCH		01/21/22		200,000		(5,189	)		—			(5,189	)
2.170%	U.S. CPI Urban Consumers	Z / Z		LCH		02/01/22		100,000		(2,620	)		—			(2,620	)
2.155%	U.S. CPI Urban Consumers	Z / Z		LCH		02/04/22		200,000		(5,242	)		—			(5,242	)
2.200%	U.S. CPI Urban Consumers	Z / Z		LCH		02/05/22		100,000		(2,529	)		—			(2,529	)
(0.526%)	3-Month EUR-LIBOR	A / Q		LCH		11/21/23		EUR 800,000		(1,156	)		—			(1,156	)
3.850%	GBP Retail Price	Z / Z		LCH		09/15/24		GBP 200,000		11,344			—			11,344
3.330%	GBP Retail Price	Z / Z		LCH		01/15/25		400,000		2,304			11,260			(8,956	)
2.335%	U.S. CPI Urban Consumers	Z / Z		LCH		02/05/28		$190,000		(2,258	)		338			(2,596	)
2.364%	U.S. CPI Urban Consumers	Z / Z		LCH		05/10/28		50,000		(319	)		—			(319	)
2.379%	U.S. CPI Urban Consumers	Z / Z		LCH		07/09/28		500,000		(2,754	)		(288	)		(2,466	)
3.593%	GBP Retail Price	Z / Z		LCH		11/15/28		GBP 45,000		2,095			—			2,095
2.165%	U.S. CPI Urban Consumers	Z / Z		LCH		04/16/29		$100,000		(3,778	)		—			(3,778	)
1.998%	U.S. CPI Urban Consumers	Z / Z		LCH		07/25/29		100,000		(5,292	)		—			(5,292	)
1.760%	U.S. CPI Urban Consumers	Z / Z		LCH		11/04/29		400,000		(32,660	)		(708	)		(31,952	)
3.400%	GBP Retail Price	Z / Z		LCH		06/15/30		GBP 200,000		8,296			2,555			5,741
3.475%	GBP Retail Price	Z / Z		LCH		08/15/30		200,000		(7,709	)		2,476			(10,185	)
1.380%	Eurostat Eurozone HICP	Z / Z		LCH		03/15/31		EUR 200,000		(6,918	)		(1,361	)		(5,557	)
3.566%	GBP Retail Price	Z / Z		LCH		03/15/36		GBP 190,000		(4,266	)		(907	)		(3,359	)
3.580%	GBP Retail Price	Z / Z		LCH		03/15/36		40,000		(730	)		(413	)		(317	)
1.387%	Eurostat Eurozone HICP	Z / Z		LCH		08/15/49		EUR 20,000		(2,645	)		—			(2,645	)

										($93,815	)		$12,915			($106,730	)

Interest Rate Swaps - Short
Pay	Receive	Payment Frequency Pay Rate/ Receive Rate	Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.090%	Eurostat Eurozone HICP	Z / Z		LCH		05/15/22		EUR 200,000		$6,198			$—			$6,198
2.210%	U.S. CPI Urban Consumers	Z / Z		LCH		02/05/23		$120,000		1,786			—			1,786
2.263%	U.S. CPI Urban Consumers	Z / Z		LCH		04/27/23		60,000		570			—			570
2.263%	U.S. CPI Urban Consumers	Z / Z		LCH		05/09/23		120,000		1,216			—			1,216
2.281%	U.S. CPI Urban Consumers	Z / Z		LCH		05/10/23		180,000		1,333			—			1,333
1.030%	France CPI Ex Tobacco	Z / Z		LCH		03/15/24		EUR 140,000		(478	)		(53	)		(425	)
2.314%	U.S. CPI Urban Consumers	Z / Z		LCH		02/26/26		$200,000		5,502			—			5,502
2.419%	U.S. CPI Urban Consumers	Z / Z		LCH		03/05/26		100,000		2,151			—			2,151
2.768%	U.S. CPI Urban Consumers	Z / Z		LCH		05/13/26		100,000		(69	)		—			(69	)
2.690%	U.S. CPI Urban Consumers	Z / Z		LCH		06/01/26		100,000		185			—			185
1.798%	U.S. CPI Urban Consumers	Z / Z		LCH		08/25/27		500,000		38,396			—			38,396
1.890%	U.S. CPI Urban Consumers	Z / Z		LCH		08/27/27		500,000		34,838			—			34,838
3.250%	3-Month NZD-Bank Bills	S / Q		CME		03/21/28		NZD 100,000		(8,219	)		290			(8,509	)
3.470%	GBP Retail Price	Z / Z		LCH		01/15/31		GBP 120,000		6,535			—			6,535
2.311%	U.S. CPI Urban Consumers	Z / Z		LCH		02/24/31		$200,000		6,085			94			5,991

										$96,029			$331			$95,698


Total Interest Rate Swaps										$2,214			$13,246			($11,032	)


Total Swap Agreements										$2,214			$13,246			($11,032	)


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		09/21		48		$3,713,454		$3,599,040		($114,414	)
Australia 10-Year Bonds		09/21		36		3,802,463		3,811,849		9,386
CAD FX		09/21		20		1,654,846		1,612,400		(42,446	)
EUR FX		09/21		48		7,325,737		7,119,000		(206,737	)
Euro-Bobl		09/21		7		1,111,829		1,113,479		1,650
Eurodollar		03/22		142		35,407,998		35,429,000		21,002
Eurodollar		09/23		13		3,219,540		3,217,500		(2,040	)
Eurodollar		12/23		370		91,492,665		91,459,375		(33,290	)
Euro-OAT		09/21		13		2,423,858		2,451,562		27,704
JPY FX		09/21		18		2,053,800		2,026,575		(27,225	)
Long Gilt		09/21		1		175,155		177,201		2,046
MXN FX		09/21		46		1,156,315		1,143,100		(13,215	)
RUB FX		09/21		5		170,638		168,813		(1,825	)
U.S. Treasury 5-Year Notes		09/21		592		73,212,826		73,070,376		(142,450	)
U.S. Treasury 10-Year Notes		09/21		166		21,945,174		21,995,000		49,826
U.S. Treasury Long Bonds		09/21		418		65,300,991		67,193,500		1,892,509

										1,420,481


Short Futures Outstanding
Euro-Bund		09/21		85		17,244,822		17,397,146		(152,324	)
Euro-Buxl		09/21		6		1,409,516		1,445,951		(36,435	)
Eurodollar		12/21		308		76,813,041		76,842,150		(29,109	)
GBP FX		09/21		2		176,471		172,563		3,908
Japan 10-Year Bonds		09/21		3		4,088,506		4,096,224		(7,718	)
Long Gilt		09/21		2		350,941		354,401		(3,460	)
U.S. Treasury 2-Year Notes		09/21		63		13,899,305		13,880,180		19,125
U.S. Treasury 10-Year Notes		09/21		309		40,793,332		40,942,500		(149,168	)
U.S. Treasury Long Bonds		09/21		1		156,116		160,750		(4,634	)
U.S. Ultra Long Bonds		09/21		31		5,821,994		5,973,313		(151,319	)

										(511,134	)


Total Futures Contracts										$909,347


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	1,206,925	USD	923,824	07/21	CIT		$—		($18,602	)
BRL	4,465,032	USD	844,243	07/21	BRC		53,278		—
BRL	960,000	USD	171,392	07/21	CIT		21,234		—
BRL	2,651,707	USD	465,015	07/21	MSC		67,055		—
BRL	4,465,032	USD	902,665	08/21	SCB		—		(8,241	)
CAD	11,228,819	USD	8,969,453	07/21	CIT		88,879		—
CLP	316,624,149	USD	442,311	11/21	DUB		—		(13,001	)
EUR	55,000	USD	65,609	07/21	HSB		—		(390	)
EUR	310,000	USD	378,960	07/21	GSC		—		(11,233	)
GBP	2,623,471	USD	3,604,898	07/21	GSC		24,358		—
GBP	94,000	USD	132,292	08/21	BRC		—		(2,247	)
IDR	36,838,359,174	USD	2,509,254	07/21	JPM		19,033		—
INR	32,903,342	USD	442,398	07/21	CIT		—		(819	)
JPY	155,358,283	USD	1,413,736	07/21	MSC		—		(15,090	)
MXN	15,638,000	USD	743,626	09/21	HSB		34,593		—
PEN	1,275,180	USD	320,357	07/21	SCB		11,215		—
RUB	169,200,000	USD	2,164,264	07/21	CIT		142,043		—
RUB	142,357,313	USD	1,816,492	07/21	GSC		123,932		—
USD	611,748	AUD	791,000	07/21	HSB		18,531		—
USD	905,411	BRL	4,465,032	07/21	SCB		7,889		—
USD	610,178	BRL	3,132,290	07/21	GSC		—		(18,321	)


Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Cost		Value
Put - EUR versus USD		$1.19		07/06/21		BNP		$3,106,836		$37,851		$6,411
Put - JPY versus USD		JPY 107.45		07/08/21		CIT		3,090,000		18,679		18
Put - EUR versus USD		$1.21		07/20/21		GSC		1,150,000		13,662		646
Put - NOK versus USD		NOK 8.13		08/05/21		GSC		1,100,000		10,584		450
Put - NOK versus USD		8.14		08/09/21		CIT		1,050,000		9,807		593
Put - EUR versus USD		$1.23		08/11/21		BNP		3,210,000		23,460		689
Put - NOK versus USD		NOK 8.21		08/13/21		CIT		1,050,000		9,135		1,160
Put - EUR versus USD		$1.22		08/19/21		GSC		3,100,000		38,192		2,058

										$161,370		$12,025


Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counterparty		Implied Credit Spread at 06/30/21 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Barclays Bank PLC		Q		1.000%		12/20/21		MSC		0.150%		EUR 400,000		$2,072			$2,801			($729	)
Russian Federation		Q		1.000%		12/20/24		JPM		0.579%		$400,000		5,955			1,972			3,983

														8,027			4,773			3,254


							Exchange
Rolls-Royce PLC		Q		1.000%		12/20/24		ICE		1.884%		EUR 800,000		(28,292	)		(4,034	)		(24,258	)
General Electric Co		Q		1.000%		06/20/26		ICE		0.718%		$400,000		5,618			2,736			2,882

														(22,674	)		(1,298	)		(21,376	)


Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection														($14,647	)		$3,475			($18,122	)


Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Exchange		Notional Amount (3)		Value (4)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX IG 36 5Y		Q		1.000%		06/20/26		ICE		$38,230,000		$984,757		$842,876		$141,881
CDX HY 36 5Y		Q		5.000%		06/20/26		ICE		5,540,000		574,946		470,084		104,862
CDX iTraxx Main 35 5Y		Q		5.000%		06/20/26		ICE		EUR 2,700,000		402,643		368,707		33,936

												$1,962,346		$1,681,667		$280,679


Total Credit Default Swaps												$1,947,699		$1,685,142		$262,557


Receive	Pay		Payment Frequency Receive Rate/ Pay Rate		Counterparty		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
7.024%		Brazil CETIP Interbank		Z / Z		CIT		01/04/27		BRL 5,712,000		$1,666			$2,294			($628	)
7.044%		Brazil CETIP Interbank		Z / Z		JPM		01/04/27		1,400,000		667			—			667

												2,333			2,294			39


					Exchange
3.350%		Brazil CETIP Interbank		Z / Z		CME		01/03/22		50,000,000		(87,651	)		2,683			(90,334	)
3.700%		Brazil CETIP Interbank		Z / Z		CME		01/03/22		32,000,000		(46,154	)		(1,092	)		(45,062	)
0.190%		3-Month USD-LIBOR		S / Q		CME		06/15/22		$5,492,000		981			(25	)		1,006
2.800%		3-Month USD-LIBOR		S / Q		CME		08/22/23		500,000		31,115			—			31,115
0.100%		6-Month JPY-LIBOR		S / S		LCH		03/20/24		JPY 1,395,000,000		49,042			52,017			(2,975	)
0.820%		3-Month USD-LIBOR		S / Q		CME		06/04/24		$27,829,000		(45,548	)		—			(45,548	)
1.100%		3-Month USD-LIBOR		S / Q		CME		12/18/25		10,186,000		(45,062	)		—			(45,062	)
(0.068%)		6-Month JPY-LIBOR		S / S		LCH		09/18/26		JPY 120,000,000		(3,471	)		—			(3,471	)
(0.097%)		6-Month JPY-LIBOR		S / S		LCH		09/24/26		82,000,000		(3,571	)		111			(3,682	)
0.300%		6-Month JPY-LIBOR		S / S		LCH		03/20/28		170,000,000		31,085			26,374			4,711
7.450%		28-Day MXN TIIE		L / L		CME		07/18/29		MXN 63,630,000		117,633			26,769			90,864

												(1,601	)		106,837			(108,438	)


Total Interest Rate Swaps - Long												$732			$109,131			($108,399	)


Pay	Receive	Payment Frequency Pay Rate/ Receive Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.300%	6-Month JPY-LIBOR	S / S	CME		03/18/26		JPY 5,000,000		($710	)		($782	)		$72
0.260%	1-Day U.S. Fed Funds	A / A	CME		05/15/27		$5,461,000		195,640			(18,331	)		213,971
0.450%	3-Month USD-LIBOR	S / Q	CME		05/15/27		6,272,000		221,394			(15,869	)		237,263
1.250%	3-Month USD-LIBOR	S / Q	CME		02/15/28		4,111,000		(25,284	)		4,113			(29,397	)
1.350%	3-Month USD-LIBOR	S / Q	CME		02/15/28		14,870,000		(187,785	)		33,106			(220,891	)
0.450%	6-Month JPY-LIBOR	S / S	LCH		03/20/29		JPY 260,000,000		(78,948	)		(95,871	)		16,923
0.800%	6-Month JPY-LIBOR	S / S	LCH		10/22/38		10,000,000		(8,226	)		—			(8,226	)
0.785%	6-Month JPY-LIBOR	S / S	LCH		11/12/38		13,260,000		(10,541	)		45			(10,586	)
0.560%	1-Day USD-SOFR	A / A	CME		07/20/45		$1,380,000		254,077			12,421			241,656
0.740%	1-Day USD-SOFR	A / A	CME		08/19/45		640,000		93,490			—			93,490
0.641%	6-Month JPY-LIBOR	S / S	CME		05/09/46		JPY 187,300,000		(84,307	)		—			(84,307	)
1.000%	3-Month USD-LIBOR	S / Q	CME		02/15/47		$683,000		107,357			6,648			100,709
1.200%	3-Month USD-LIBOR	S / Q	CME		02/15/47		901,000		102,065			4,963			97,102
1.225%	3-Month USD-LIBOR	S / Q	CME		02/15/47		362,000		39,018			416			38,602
1.600%	3-Month USD-LIBOR	S / Q	CME		02/15/47		458,000		12,491			2,697			9,794
1.729%	1-Day USD-SOFR	A / A	CME		02/15/47		240,000		(13,293	)		—			(13,293	)
2.000%	3-Month USD-LIBOR	S / Q	CME		02/15/47		561,000		(31,097	)		8,127			(39,224	)
0.900%	3-Month USD-LIBOR	S / Q	CME		03/17/50		8,335,000		1,651,755			2,304,860			(653,105	)
1.200%	3-Month USD-LIBOR	S / Q	CME		10/07/50		751,000		97,226			3,830			93,396
0.538%	6-Month JPY-LIBOR	S / S	LCH		03/15/51		JPY 41,000,000		(4,540	)		(238	)		(4,302	)


	Shares		Value
Unisys Corp *		38,990		$986,837

				4,885,293

Utilities - 2.4%

IDACORP Inc		15,920		1,552,200
Southwest Gas Holdings Inc		18,460		1,221,867

				2,774,067


Total Common Stocks (Cost $80,050,623)				116,653,159


Receive	Pay		Payment Frequency		Counterparty		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Russell 1000 Growth Index		3-Month USD-LIBOR + 0.150%		Z		BOA		10/15/21		$45,253,539		$11,545,250			$—		$11,545,250
Russell 1000 Value Index		3-Month USD-LIBOR + 0.150%		Z		BOA		10/15/21		91,418,907		30,375,935			—		30,375,935
Russell Mid-Cap Growth Index		3-Month USD-LIBOR + 0.130%		Z		BOA		10/15/21		46,023,210		15,523,419			—		15,523,419
MSCI EAFE Index		3-Month USD-LIBOR - 0.120%		Z		BRC		10/15/21		45,296,715		10,208,732			—		10,208,732
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.390%		Z		BOA		03/22/22		49,850,380		6,456,602			—		6,456,602
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.060%		Z		CIT		03/22/22		30,637,780		1,995,147			—		1,995,147
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.380%		Z		CIT		03/22/22		30,870,869		3,955,738			—		3,955,738
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.330%		Z		CIT		03/22/22		8,842,487		567,821			—		567,821
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.350%		Z		CIT		03/22/22		12,912,184		1,850,383			—		1,850,383
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.040%		Z		BOA		06/16/22		19,591,861		850,556			—		850,556
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.430%		Z		BOA		06/16/22		72,045,217		10,036,070			—		10,036,070
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.440%		Z		GSC		06/16/22		61,020,763		3,531,363			—		3,531,363
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.380%		Z		GSC		06/16/22		73,661,207		8,574,242			—		8,574,242
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.380%		Z		GSC		06/16/22		24,894,918		1,265,405			—		1,265,405
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.020%		Z		CIT		09/15/22		16,452,647		(502,988	)		—		(502,988	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.400%		Z		CIT		09/15/22		83,546,714		3,101,753			—		3,101,753
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.330%		Z		CIT		09/15/22		10,127,554		464,261			—		464,261
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.350%		Z		CIT		09/15/22		91,544,568		(1,083,278	)		—		(1,083,278	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		09/15/22		97,531,801		(971,643	)		—		(971,643	)
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.400%		Z		CIT		03/28/23		46,475,970		(550,999	)		—		(550,999	)
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.060%		Z		SGN		03/28/23		8,354,435		(255,541	)		—		(255,541	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		03/28/23		42,416,146		1,573,586			—		1,573,586
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.490%		Z		SGN		03/28/23		49,515,270		(493,672	)		—		(493,672	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		03/28/23		5,139,668		235,330			—		235,330


												$108,253,472			$—		$108,253,472


	Beginning				Distributions				Net			Change in Unrealized		As of June 30, 2021
Fund/Underlying Fund	Value as of April 1, 2021		Purchase Cost (1)		Received and Reinvested (2)		Sales Proceeds		Realized Gain (Loss) (3)			Appreciation (Depreciation)		Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$8,135,956		$73,982		$44,129		$248,108		($2,944	)		$139,432		$8,142,447		712,999
Pacific Funds Floating Rate Income		2,499,111		32,369		23,180		76,916		1,950			10,830		2,490,524		254,655
Pacific Funds High Income		26,407,784		201,569		331,072		883,021		11,291			321,693		26,390,388		2,544,878
PF Inflation Managed		13,788,608		87,187		—		431,900		4,528			438,743		13,887,166		1,360,153
PF Managed Bond		99,416,259		787,545		—		3,034,538		(184,916	)		2,801,638		99,785,988		8,909,463
PF Short Duration Bond		28,680,120		362,028		—		877,914		10,039			46,703		28,220,976		2,777,655
PF Emerging Markets Debt		12,319,162		122,848		—		498,995		(5,212	)		749,761		12,687,564		1,450,007
PF Growth		1,271,912		7,926		—		66,228		4,403			151,157		1,369,170		39,836
PF Large-Cap Value		5,553,329		34,875		—		291,425		19,302			402,902		5,718,983		431,621
PF Small-Cap Growth		2,463,945		25,008		—		103,275		(133	)		185,777		2,571,322		110,027
PF Small-Cap Value		4,856,817		49,140		—		210,421		46,610			119,712		4,861,858		434,482
PF Emerging Markets		6,136,048		72,591		—		219,710		1,032			232,309		6,222,270		402,736
PF International Small-Cap		1,248,783		7,925		—		66,233		28,978			58,704		1,278,157		102,581
PF Multi-Asset		37,130,175		234,613		—		1,960,496		468,958			2,436,403		38,309,653		2,744,245
		$249,908,009		$2,099,606		$398,381		$8,969,180		$403,886			$8,095,764		$251,936,466

Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$8,910,746		$24,939		$48,288		$201,254		($2,282	)		$151,960		$8,932,397		782,171
Pacific Funds Floating Rate Income		1,678,420		6,071		15,534		38,354		978			7,596		1,670,245		170,782
Pacific Funds High Income		25,336,856		54,590		318,294		569,585		7,486			313,018		25,460,659		2,455,223
PF Inflation Managed		8,418,047		15,820		—		189,860		1,456			268,584		8,514,047		833,893
PF Managed Bond		108,676,585		298,788		—		2,456,807		(152,498	)		3,015,017		109,381,085		9,766,168
PF Short Duration Bond		23,450,928		76,683		—		531,614		10,014			36,094		23,042,105		2,267,924
PF Emerging Markets Debt		13,239,973		28,189		—		366,347		(8,413	)		806,525		13,699,927		1,565,706
PF Growth		9,910,306		12,576		—		422,554		41,929			1,178,623		10,720,880		311,926
PF Large-Cap Value		17,465,964		22,333		—		750,399		56,166			1,267,093		18,061,157		1,363,106
PF Small-Cap Growth		4,967,737		11,182		—		114,360		(1,266	)		381,556		5,244,849		224,427
PF Small-Cap Value		8,163,518		17,618		—		253,720		68,645			205,574		8,201,635		732,943
PF Emerging Markets		13,195,967		37,765		—		320,344		53,763			448,325		13,415,476		868,316
PF International Large-Cap		3,490,322		7,058		—		109,590		4,842			230,584		3,623,216		294,331
PF International Small-Cap		3,355,877		4,337		—		135,657		8,355			227,526		3,460,438		277,724
PF International Value		1,811,011		5,192		—		55,821		7,019			72,105		1,839,506		218,989
PF Multi-Asset		82,083,174		105,595		—		3,548,001		983,907			5,462,758		85,087,433		6,095,088
PF Real Estate		1,709,047		2,168		—		72,854		13,571			193,691		1,845,623		120,866
		$335,864,478		$730,904		$382,116		$10,137,121		$1,093,672			$14,266,629		$342,200,678

Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$19,943,673		$60,687		$108,727		$305,043		($3,177	)		$339,676		$20,144,543		1,763,970
Pacific Funds Floating Rate Income		5,380,649		18,821		50,022		83,669		(3,660	)		31,286		5,393,449		551,477
Pacific Funds High Income		54,153,669		133,789		684,285		824,432		4,327			683,450		54,835,088		5,287,858
PF Inflation Managed		10,795,352		32,756		—		164,877		1,230			346,432		11,010,893		1,078,442
PF Managed Bond		243,946,530		738,439		—		3,734,690		(224,304	)		6,678,768		247,404,743		22,089,709
PF Short Duration Bond		32,221,674		101,451		—		494,655		745			62,779		31,891,994		3,138,976
PF Emerging Markets Debt		21,223,422		58,950		—		329,778		(8,935	)		1,291,751		22,235,410		2,541,190
PF Growth		55,875,727		74,630		—		1,903,882		163,668			6,755,127		60,965,270		1,773,793
PF Large-Cap Value		60,345,894		81,217		—		2,071,873		423,705			4,159,605		62,938,548		4,750,079
PF Small-Cap Growth		21,234,933		47,315		—		329,778		(787	)		1,636,729		22,588,412		966,556
PF Small-Cap Value		36,640,527		99,895		—		793,360		200,196			1,028,953		37,176,211		3,322,271
PF Emerging Markets		47,593,965		152,177		—		741,986		7,687			1,810,635		48,822,478		3,160,031
PF International Large-Cap		12,255,700		27,208		—		260,670		26,746			801,988		12,850,972		1,043,946
PF International Small-Cap		10,758,960		14,633		—		298,427		67,446			691,417		11,234,029		901,607
PF International Value		6,333,898		20,290		—		136,006		16,851			260,019		6,495,052		773,221
PF Multi-Asset		433,374,976		586,801		—		12,748,030		696,572			33,532,190		455,442,509		32,624,822
PF Real Estate		5,479,322		7,316		—		186,655		103,011			563,995		5,966,989		390,765
		$1,077,558,871		$2,256,375		$843,034		$25,407,811		$1,471,321			$60,674,800		$1,117,396,590

Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$8,810,631		$8,866		$47,872		$157,977		($1,673	)		$149,967		$8,857,686		775,629
Pacific Funds High Income		35,407,320		34,099		446,174		632,019		7,363			441,523		35,704,460		3,443,053
PF Managed Bond		105,628,480		106,382		—		1,896,064		(112,832	)		2,901,284		106,627,250		9,520,290
PF Short Duration Bond		13,167,120		13,298		—		237,011		460			25,531		12,969,398		1,276,516
PF Emerging Markets Debt		13,009,011		11,306		—		237,011		(5,816	)		791,693		13,569,183		1,550,764
PF Growth		77,006,525		51,791		—		2,754,552		219,923			9,289,968		83,813,655		2,438,570
PF Large-Cap Value		71,092,979		48,177		—		2,562,374		180,301			5,219,502		73,978,585		5,583,289
PF Small-Cap Growth		21,693,223		22,162		—		395,016		(4,294	)		1,668,532		22,984,607		983,509
PF Small-Cap Value		42,779,195		33,932		—		847,619		233,996			1,199,893		43,399,397		3,878,409
PF Emerging Markets		51,862,738		52,812		—		948,037		7,843			1,966,782		52,942,138		3,426,676
PF International Large-Cap		22,210,232		17,306		—		525,215		35,607			1,465,293		23,203,223		1,884,908
PF International Small-Cap		13,189,776		9,034		—		387,811		75,273			854,514		13,740,786		1,102,792
PF International Value		22,000,443		17,306		—		496,055		17,088			944,751		22,483,533		2,676,611
PF Multi-Asset		369,207,902		251,727		—		9,039,924		2,460,494			26,715,740		389,595,939		27,908,019
PF Real Estate		13,434,845		9,032		—		480,445		96,627			1,536,614		14,596,673		955,905
		$880,500,420		$687,230		$494,046		$21,597,130		$3,210,360			$55,171,587		$918,466,513


Fund	Ownership Percentage
Pacific Funds Ultra Short Income		80.41	%
Pacific Funds Small-Cap Value		46.00	%
Pacific Funds ESG Core Bond		91.36	%