NPORT-EX 2 b_vc9nport113023.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam Multi-Asset Income Fund
The fund's portfolio
11/30/23 (Unaudited)


CORPORATE BONDS AND NOTES (29.0%)(a)
        Principal amount Value
Basic materials (2.5%)
ATI, Inc. sr. unsec. notes 7.25%, 8/15/30 $75,000 $75,352
ATI, Inc. sr. unsec. sub. notes 5.875%, 12/1/27 135,000 130,463
Avient Corp. 144A sr. unsec. unsub. notes 7.125%, 8/1/30 105,000 105,607
Axalta Coating Systems, LLC 144A company guaranty sr. unsec. notes 3.375%, 2/15/29 150,000 130,685
Beacon Roofing Supply, Inc. 144A company guaranty sr. notes 6.50%, 8/1/30 20,000 19,978
Beacon Roofing Supply, Inc. 144A company guaranty sr. notes 4.50%, 11/15/26 40,000 38,149
Beacon Roofing Supply, Inc. 144A sr. unsec. unsub. notes 4.125%, 5/15/29 40,000 35,325
Big River Steel, LLC/BRS Finance Corp. 144A sr. notes 6.625%, 1/31/29 70,000 69,880
Boise Cascade Co. 144A company guaranty sr. unsec. notes 4.875%, 7/1/30 95,000 86,450
Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 6.375%, 6/15/32 110,000 108,235
Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.55%, 11/15/30 (Germany) 140,000 143,562
Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.33%, 7/15/29 (Germany) 198,000 201,655
Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.165%, 7/15/27 (Germany) 194,000 195,710
Celanese US Holdings, LLC company guaranty sr. unsec. notes 3.50%, 5/8/24 (Germany) 40,000 39,555
Celanese US Holdings, LLC company guaranty sr. unsec. notes 1.40%, 8/5/26 (Germany) 120,000 106,790
CF Industries, Inc. company guaranty sr. unsec. bonds 4.95%, 6/1/43 120,000 101,720
CF Industries, Inc. 144A company guaranty sr. notes 4.50%, 12/1/26 10,000 9,662
Commercial Metals Co. sr. unsec. notes 4.375%, 3/15/32 140,000 119,785
Compass Minerals International, Inc. 144A company guaranty sr. unsec. notes 6.75%, 12/1/27 10,000 9,734
Constellium SE sr. unsec. notes Ser. REGS, 3.125%, 7/15/29 (France) EUR 100,000 96,319
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 8.625%, 6/1/31 (Canada) $200,000 161,500
FMC Corp. sr. unsec. unsub. notes 5.65%, 5/18/33 210,000 197,593
FMG Resources August 2006 Pty, Ltd. 144A sr. unsec. notes 6.125%, 4/15/32 (Australia) 50,000 48,323
Glencore Funding, LLC 144A company guaranty sr. unsec. notes 2.50%, 9/1/30 325,000 266,032
Graphic Packaging International, LLC company guaranty sr. unsec. unsub. notes Ser. REGS, 2.625%, 2/1/29 EUR 100,000 95,889
Graphic Packaging International, LLC 144A company guaranty sr. unsec. notes 3.75%, 2/1/30 $60,000 52,119
HudBay Minerals, Inc. 144A company guaranty sr. unsec. notes 6.125%, 4/1/29 (Canada) 80,000 75,406
Huntsman International, LLC sr. unsec. notes 4.50%, 5/1/29 260,000 240,975
IHS Holding, Ltd. company guaranty sr. unsec. notes Ser. REGS, 6.25%, 11/29/28 (Nigeria) 270,000 214,650
Ingevity Corp. 144A company guaranty sr. unsec. notes 3.875%, 11/1/28 55,000 46,613
Intelligent Packaging Holdco Issuer LP 144A sr. unsec. notes 9.00%, 1/15/26 (Canada)(PIK) 20,000 17,000
Intelligent Packaging, Ltd., Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer, LLC 144A sr. notes 6.00%, 9/15/28 (Canada) 100,000 89,647
International Flavors & Fragrances, Inc. sr. unsec. notes 4.45%, 9/26/28 105,000 100,054
International Flavors & Fragrances, Inc. 144A company guaranty sr. unsec. bonds 3.468%, 12/1/50 35,000 22,050
Louisiana-Pacific Corp. 144A sr. unsec. notes 3.625%, 3/15/29 80,000 69,384
LSF11 A5 HoldCo, LLC 144A sr. unsec. notes 6.625%, 10/15/29 90,000 75,075
Mauser Packaging Solutions Holding Co. 144A company guaranty notes 9.25%, 4/15/27 70,000 63,702
Mauser Packaging Solutions Holding Co. 144A sr. notes 7.875%, 8/15/26 90,000 89,404
Mercer International, Inc. sr. unsec. notes 5.125%, 2/1/29 (Canada) 65,000 54,283
Mercer International, Inc. 144A sr. unsec. notes 12.875%, 10/1/28 (Canada) 30,000 31,212
Minsur SA sr. unsec. notes Ser. REGS, 4.50%, 10/28/31 (Peru) 260,000 220,350
NOVA Chemicals Corp. 144A sr. notes 8.50%, 11/15/28 (Canada) 10,000 10,330
Novelis Corp. 144A company guaranty sr. unsec. notes 4.75%, 1/30/30 140,000 127,099
Pactiv Evergreen Group Issuer, LLC/Pactiv Evergreen Group Issuer, Inc. 144A sr. notes 4.375%, 10/15/28 45,000 40,894
PMHC II, Inc. 144A sr. unsec. notes 9.00%, 2/15/30 90,000 69,331
SCIH Salt Holdings, Inc. 144A sr. notes 4.875%, 5/1/28 120,000 108,677
SCIH Salt Holdings, Inc. 144A sr. unsec. notes 6.625%, 5/1/29 105,000 93,015
Sherwin-Williams Co. (The) sr. unsec. unsub. bonds 3.45%, 6/1/27 130,000 123,078
Smyrna Ready Mix Concrete, LLC 144A sr. notes 8.875%, 11/15/31 75,000 76,125
Summit Materials, LLC/Summit Materials Finance Corp. 144A sr. unsec. notes 7.25%, 1/15/31 10,000 10,067
TMS International Holding Corp. 144A sr. unsec. notes 6.25%, 4/15/29 110,000 87,224
Westlake Corp. sr. unsec. bonds 3.125%, 8/15/51 125,000 75,906
Westlake Corp. sr. unsec. bonds 2.875%, 8/15/41 120,000 77,518
WestRock MWV, LLC company guaranty sr. unsec. unsub. notes 8.20%, 1/15/30 161,000 182,788
Weyerhaeuser Co. sr. unsec. unsub. notes 7.375%, 3/15/32(R) 25,000 27,697
WR Grace Holdings, LLC 144A sr. notes 7.375%, 3/1/31 140,000 136,150
WR Grace Holdings, LLC 144A sr. unsec. notes 5.625%, 8/15/29 95,000 79,968
5,381,744
Capital goods (2.2%)
Allison Transmission, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 1/30/31 55,000 45,937
Amsted Industries, Inc. 144A sr. unsec. bonds 4.625%, 5/15/30 80,000 68,851
Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC sr. unsec. notes Ser. REGS, 3.00%, 9/1/29 EUR 100,000 83,760
Benteler International AG 144A company guaranty sr. notes 10.50%, 5/15/28 (Austria) $200,000 206,000
Berry Global, Inc. 144A company guaranty sr. notes 1.65%, 1/15/27 170,000 149,994
Boeing Co. (The) sr. unsec. notes 2.196%, 2/4/26 225,000 210,341
Boeing Co. (The) sr. unsec. unsub. notes 6.125%, 2/15/33 270,000 280,961
Bombardier, Inc. 144A sr. unsec. notes 7.875%, 4/15/27 (Canada) 40,000 40,029
Bombardier, Inc. 144A sr. unsec. notes 7.50%, 2/1/29 (Canada) 5,000 4,954
Bombardier, Inc. 144A sr. unsec. notes 7.125%, 6/15/26 (Canada) 43,000 42,996
Bombardier, Inc. 144A sr. unsec. unsub. notes 8.75%, 11/15/30 (Canada) 35,000 35,833
Chart Industries, Inc. 144A company guaranty sr. notes 7.50%, 1/1/30 85,000 86,692
Chart Industries, Inc. 144A company guaranty sr. unsec. notes 9.50%, 1/1/31 60,000 64,041
Clarios Global LP 144A sr. notes 6.75%, 5/15/28 15,000 15,135
Clarios Global LP/Clarios US Finance Co. company guaranty sr. notes Ser. REGS, 4.375%, 5/15/26 EUR 155,000 165,215
Covanta Holding Corp. 144A company guaranty sr. unsec. notes 4.875%, 12/1/29 $35,000 29,050
Emerald Debt Merger Sub, LLC 144A sr. notes 6.625%, 12/15/30 90,000 89,775
GFL Environmental, Inc. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29 (Canada) 35,000 31,967
GFL Environmental, Inc. 144A company guaranty sr. unsec. notes 4.00%, 8/1/28 (Canada) 80,000 71,376
GFL Environmental, Inc. 144A sr. notes 6.75%, 1/15/31 (Canada) 25,000 25,219
Great Lakes Dredge & Dock Corp. 144A company guaranty sr. unsec. notes 5.25%, 6/1/29 165,000 136,130
Howmet Aerospace, Inc. sr. unsec. unsub. bonds 5.95%, 2/1/37 50,000 49,152
Howmet Aerospace, Inc. sr. unsec. unsub. notes 3.00%, 1/15/29 141,000 124,256
L3Harris Technologies, Inc. sr. unsec. notes 3.85%, 12/15/26 300,000 289,655
Madison IAQ, LLC 144A sr. notes 4.125%, 6/30/28 45,000 39,977
Madison IAQ, LLC 144A sr. unsec. notes 5.875%, 6/30/29 120,000 100,679
MajorDrive Holdings IV, LLC 144A sr. unsec. notes 6.375%, 6/1/29 70,000 59,308
Northrop Grumman Corp. sr. unsec. unsub. notes 3.25%, 1/15/28 260,000 243,058
Owens-Brockway Glass Container, Inc. 144A company guaranty sr. unsec. notes 7.25%, 5/15/31 100,000 99,251
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 144A company guaranty sr. unsec. notes 8.50%, 5/15/27 25,000 25,150
Raytheon Technologies Corp. sr. unsec. unsub. bonds 6.40%, 3/15/54 195,000 211,685
Ritchie Bros Holdings, Inc. 144A company guaranty sr. notes 6.75%, 3/15/28 30,000 30,563
Ritchie Bros Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 7.75%, 3/15/31 60,000 62,250
Roller Bearing Co. of America, Inc. 144A sr. notes 4.375%, 10/15/29 140,000 125,727
RTX Corp. sr. unsec. notes 5.15%, 2/27/33 85,000 83,487
Sensata Technologies BV 144A company guaranty sr. unsec. unsub. notes 5.875%, 9/1/30 235,000 225,515
Spirit AeroSystems, Inc. 144A company guaranty sr. notes 9.75%, 11/15/30 75,000 78,979
Spirit AeroSystems, Inc. 144A sr. unsub. notes 9.375%, 11/30/29 35,000 37,845
Terex Corp. 144A company guaranty sr. unsec. notes 5.00%, 5/15/29 75,000 68,769
TransDigm, Inc. company guaranty sr. unsec. sub. notes 4.875%, 5/1/29 240,000 217,486
TransDigm, Inc. 144A company guaranty sr. notes 7.125%, 12/1/31 15,000 15,257
TransDigm, Inc. 144A sr. notes 6.875%, 12/15/30 65,000 65,081
TransDigm, Inc. 144A sr. notes 6.75%, 8/15/28 290,000 290,000
Vertiv Group Corp. 144A company guaranty sr. notes 4.125%, 11/15/28 85,000 76,940
Waste Connections, Inc. sr. unsec. notes 4.25%, 12/1/28 215,000 207,043
Waste Management, Inc. company guaranty sr. unsec. notes 4.875%, 2/15/29 160,000 160,087
4,871,456
Communication services (2.2%)
Altice France SA 144A company guaranty sr. notes 5.50%, 10/15/29 (France) 200,000 144,305
American Tower Corp. sr. unsec. bonds 2.70%, 4/15/31(R) 145,000 119,358
American Tower Corp. sr. unsec. notes 3.125%, 1/15/27(R) 275,000 255,246
American Tower Corp. sr. unsec. notes 2.90%, 1/15/30(R) 150,000 128,868
American Tower Corp. sr. unsec. sub. notes 2.75%, 1/15/27(R) 110,000 101,252
AT&T, Inc. company guaranty sr. unsec. unsub. notes 2.30%, 6/1/27 77,000 70,077
AT&T, Inc. sr. unsec. bonds 3.55%, 9/15/55 115,000 75,816
AT&T, Inc. sr. unsec. unsub. bonds 2.55%, 12/1/33 265,000 206,288
AT&T, Inc. sr. unsec. unsub. bonds 2.25%, 2/1/32 180,000 142,659
AT&T, Inc. sr. unsec. unsub. notes 4.75%, 5/15/46 20,000 16,950
CCO Holdings, LLC/CCO Holdings Capital Corp. sr. unsec. bonds 4.50%, 5/1/32 220,000 181,198
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 5.375%, 6/1/29 215,000 199,374
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 4.75%, 3/1/30 95,000 83,140
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. unsub. notes 4.75%, 2/1/32 120,000 100,799
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. company guaranty sr. notes 2.25%, 1/15/29 100,000 84,266
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. company guaranty sr. sub. bonds 6.484%, 10/23/45 85,000 78,882
Comcast Corp. company guaranty sr. unsec. notes 3.45%, 2/1/50 105,000 75,135
Comcast Corp. company guaranty sr. unsec. unsub. bonds 3.999%, 11/1/49 40,000 31,288
Comcast Corp. company guaranty sr. unsec. unsub. bonds 2.35%, 1/15/27 45,000 41,689
Crown Castle, Inc. sr. unsec. bonds 3.80%, 2/15/28(R) 75,000 69,811
Crown Castle, Inc. sr. unsec. bonds 3.65%, 9/1/27(R) 90,000 84,118
Crown Castle, Inc. sr. unsec. notes 4.75%, 5/15/47(R) 45,000 36,739
CSC Holdings, LLC 144A sr. unsec. bonds 5.75%, 1/15/30 200,000 113,000
DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 5.875%, 8/15/27 135,000 121,479
DISH DBS Corp. company guaranty sr. unsec. unsub. notes 5.125%, 6/1/29 60,000 27,185
DISH DBS Corp. 144A company guaranty sr. notes 5.25%, 12/1/26 85,000 68,344
Embarq Corp. sr. unsec. unsub. bonds 7.995%, 6/1/36 150,000 86,236
Equinix, Inc. sr. unsec. sub. notes 3.20%, 11/18/29(R) 240,000 212,007
Frontier Communications Corp. 144A company guaranty sr. notes 5.875%, 10/15/27 105,000 98,645
Frontier Communications Holdings, LLC 144A company guaranty sr. notes 8.75%, 5/15/30 60,000 59,830
Level 3 Financing, Inc. 144A company guaranty sr. unsec. notes 4.25%, 7/1/28 75,000 29,813
Rogers Communications, Inc. company guaranty sr. unsec. unsub. notes Ser. REGS, 3.80%, 3/15/32 (Canada) 123,000 107,064
Sprint Capital Corp. company guaranty sr. unsec. unsub. notes 6.875%, 11/15/28 130,000 137,464
T-Mobile USA, Inc. company guaranty sr. notes 3.875%, 4/15/30 10,000 9,185
T-Mobile USA, Inc. company guaranty sr. notes 3.75%, 4/15/27 290,000 276,489
T-Mobile USA, Inc. company guaranty sr. unsec. bonds 5.75%, 1/15/54 105,000 103,924
T-Mobile USA, Inc. company guaranty sr. unsec. bonds 5.05%, 7/15/33 205,000 198,139
T-Mobile USA, Inc. company guaranty sr. unsec. bonds 2.875%, 2/15/31 65,000 55,076
T-Mobile USA, Inc. company guaranty sr. unsec. notes 3.375%, 4/15/29 150,000 135,943
Time Warner Cable Enterprises, LLC company guaranty sr. unsub. notes 8.375%, 7/15/33 95,000 106,539
Verizon Communications, Inc. sr. unsec. bonds 3.70%, 3/22/61 160,000 113,154
Verizon Communications, Inc. sr. unsec. unsub. notes 4.329%, 9/21/28 315,000 304,007
Viasat, Inc. 144A sr. unsec. notes 7.50%, 5/30/31 70,000 50,050
4,740,831
Consumer cyclicals (4.3%)
ADT Security Corp. 144A sr. notes 4.125%, 8/1/29 125,000 111,104
Alimentation Couche-Tard, Inc. 144A company guaranty sr. unsec. notes 3.55%, 7/26/27 (Canada) 160,000 151,000
Amazon.com, Inc. sr. unsec. notes 3.15%, 8/22/27 105,000 99,435
Amazon.com, Inc. sr. unsec. unsub. bonds 2.70%, 6/3/60 250,000 153,199
American Builders & Contractors Supply Co., Inc. 144A sr. notes 4.00%, 1/15/28 100,000 92,044
American Builders & Contractors Supply Co., Inc. 144A sr. unsec. notes 3.875%, 11/15/29 65,000 56,282
Anywhere Real Estate Group, LLC/Anywhere Co-Issuer Corp. 144A company guaranty notes 7.00%, 4/15/30 16,000 13,820
Bath & Body Works, Inc. company guaranty sr. unsec. bonds 6.75%, perpetual maturity 60,000 55,797
Bath & Body Works, Inc. 144A company guaranty sr. unsec. unsub. bonds 6.625%, 10/1/30 145,000 143,520
Block, Inc. sr. unsec. notes 3.50%, 6/1/31 145,000 121,351
BMW US Capital, LLC 144A company guaranty sr. unsec. notes 3.45%, 4/1/27 105,000 99,539
Booking Holdings, Inc. sr. unsec. sub. notes 4.625%, 4/13/30 205,000 200,154
Boyd Gaming Corp. 144A sr. unsec. bonds 4.75%, 6/15/31 195,000 172,557
Caesars Entertainment, Inc. 144A sr. notes 7.00%, 2/15/30 210,000 210,189
Caesars Entertainment, Inc. 144A sr. unsec. notes 4.625%, 10/15/29 140,000 123,019
Camelot Return Merger Sub, Inc. 144A sr. notes 8.75%, 8/1/28 95,000 93,694
Carnival Corp. 144A company guaranty sr. notes 7.00%, 8/15/29 25,000 25,489
Carnival Corp. 144A company guaranty sr. unsec. unsub. notes 10.50%, 6/1/30 45,000 47,983
Carnival Corp. 144A sr. unsec. notes 5.75%, 3/1/27 120,000 114,069
Carnival Holdings Bermuda, Ltd. 144A company guaranty sr. unsec. unsub. notes 10.375%, 5/1/28 (Bermuda) 50,000 54,370
Carriage Services, Inc. 144A company guaranty sr. unsec. notes 4.25%, 5/15/29 65,000 55,003
CDI Escrow Issuer, Inc. 144A sr. unsec. notes 5.75%, 4/1/30 90,000 84,263
Cinemark USA, Inc. 144A company guaranty sr. unsec. notes 5.25%, 7/15/28 70,000 63,007
Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. unsec. sub. notes 7.75%, 4/15/28 80,000 65,574
Crocs, Inc. 144A company guaranty sr. unsec. notes 4.25%, 3/15/29 50,000 43,750
Everi Holdings, Inc. 144A company guaranty sr. unsec. notes 5.00%, 7/15/29 140,000 122,724
Full House Resorts, Inc. 144A company guaranty sr. notes 8.25%, 2/15/28 125,000 112,309
Garda World Security Corp. 144A sr. notes 7.75%, 2/15/28 (Canada) 90,000 90,450
Gartner, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30 216,000 188,592
Gartner, Inc. 144A company guaranty sr. unsec. notes 3.625%, 6/15/29 29,000 25,912
Global Payments, Inc. sr. unsec. notes 2.15%, 1/15/27 90,000 81,145
Gray Escrow II, Inc. 144A sr. unsec. bonds 5.375%, 11/15/31 170,000 121,194
GW B-CR Security Corp. 144A sr. unsec. notes 9.50%, 11/1/27 (Canada) 70,000 67,517
Hilton Domestic Operating Co., Inc. company guaranty sr. unsec. bonds 4.875%, 1/15/30 290,000 272,950
iHeartCommunications, Inc. company guaranty sr. unsec. notes 8.375%, 5/1/27 160,000 111,982
IHO Verwaltungs GmbH sr. unsub. notes Ser. REGS, 8.75%, 5/15/28 (Germany)(PIK) EUR 100,000 116,524
Interpublic Group of Cos., Inc. (The) sr. unsec. unsub. notes 2.40%, 3/1/31 $100,000 81,383
JELD-WEN, Inc. 144A company guaranty sr. unsec. notes 4.875%, 12/15/27 15,000 13,836
Kontoor Brands, Inc. 144A company guaranty sr. unsec. notes 4.125%, 11/15/29 125,000 108,594
Las Vegas Sands Corp. sr. unsec. unsub. notes 3.90%, 8/8/29 95,000 84,797
LBM Acquisition, LLC 144A company guaranty sr. unsec. notes 6.25%, 1/15/29 95,000 79,574
Lennar Corp. company guaranty sr. unsec. unsub. notes 4.75%, 11/29/27 235,000 230,239
Levi Strauss & Co. 144A sr. unsec. sub. bonds 3.50%, 3/1/31 150,000 125,625
LGI Homes, Inc. 144A company guaranty sr. unsec. notes 8.75%, 12/15/28 100,000 102,860
Light & Wonder International, Inc. 144A company guaranty sr. unsec. notes 7.50%, 9/1/31 15,000 15,220
Light & Wonder International, Inc. 144A company guaranty sr. unsec. notes 7.25%, 11/15/29 195,000 195,488
Live Nation Entertainment, Inc. 144A sr. notes 6.50%, 5/15/27 70,000 69,980
Masonite International Corp. 144A company guaranty sr. unsec. notes 5.375%, 2/1/28 40,000 38,000
Masonite International Corp. 144A company guaranty sr. unsec. notes 3.50%, 2/15/30 85,000 71,839
Mattamy Group Corp. 144A sr. unsec. notes 4.625%, 3/1/30 (Canada) 70,000 61,633
Mattel, Inc. 144A company guaranty sr. unsec. notes 3.75%, 4/1/29 60,000 53,165
McGraw-Hill Education, Inc. 144A sr. notes 5.75%, 8/1/28 145,000 132,313
McGraw-Hill Education, Inc. 144A sr. unsec. notes 8.00%, 8/1/29 120,000 108,150
Michaels Cos., Inc. (The) 144A sr. unsec. notes 7.875%, 5/1/29 35,000 19,897
Moody's Corp. sr. unsec. notes 3.25%, 1/15/28 120,000 112,080
NCL Corp., Ltd. 144A company guaranty sr. notes 8.125%, 1/15/29 30,000 30,488
NCL Corp., Ltd. 144A sr. unsec. unsub. notes 7.75%, 2/15/29 50,000 47,250
Neptune Bidco US, Inc. 144A sr. notes 9.29%, 4/15/29 180,000 167,164
Netflix, Inc. sr. unsec. unsub. notes 5.875%, 11/15/28 45,000 46,284
Netflix, Inc. 144A sr. unsec. bonds 5.375%, 11/15/29 235,000 236,537
News Corp. 144A sr. unsec. notes 3.875%, 5/15/29 80,000 70,771
Omnicom Group, Inc. company guaranty sr. unsec. unsub. notes 3.60%, 4/15/26 70,000 67,500
Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. notes 7.375%, 2/15/31 60,000 61,530
Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. unsec. notes 5.00%, 8/15/27 50,000 47,145
Paramount Global sr. unsec. unsub. notes 2.90%, 1/15/27 40,000 36,271
Penn Entertainment, Inc. 144A sr. unsec. notes 5.625%, 1/15/27 130,000 123,680
Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A notes 6.25%, 1/15/28 65,000 62,417
Royal Caribbean Cruises, Ltd. 144A company guaranty sr. unsec. notes 7.25%, 1/15/30 50,000 50,929
Royal Caribbean Cruises, Ltd. 144A company guaranty sr. unsec. unsub. notes 9.25%, 1/15/29 115,000 122,381
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 5.50%, 8/31/26 20,000 19,456
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 4.25%, 7/1/26 20,000 18,942
S&P Global, Inc. company guaranty sr. unsec. notes 1.25%, 8/15/30 70,000 55,293
Sabre GLBL, Inc. 144A company guaranty sr. sub. notes 8.625%, 6/1/27 80,000 66,796
Scientific Games Holdings LP/Scientific Games US FinCo., Inc. 144A sr. unsec. notes 6.625%, 3/1/30 110,000 98,450
Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/1/26 115,000 109,118
Sirius XM Radio, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 9/1/31 135,000 109,231
Spectrum Brands, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 10/1/29 105,000 96,883
Standard Industries, Inc. 144A sr. unsec. notes 4.75%, 1/15/28 115,000 108,079
Standard Industries, Inc. 144A sr. unsec. notes 4.375%, 7/15/30 130,000 113,949
Station Casinos, LLC 144A sr. unsec. bonds 4.625%, 12/1/31 30,000 25,490
Station Casinos, LLC 144A sr. unsec. notes 4.50%, 2/15/28 160,000 144,712
Stellantis Finance US, Inc. 144A company guaranty sr. unsec. notes 1.711%, 1/29/27 200,000 177,597
SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse HSP Gaming Finance Corp. 144A company guaranty sr. unsub. notes 5.875%, 5/15/25 115,000 112,825
Tapestry, Inc. company guaranty sr. unsec. notes 7.85%, 11/27/33 49,000 49,764
Tapestry, Inc. company guaranty sr. unsec. notes 7.70%, 11/27/30 101,000 102,388
Taylor Morrison Communities, Inc. 144A company guaranty sr. unsec. notes 5.875%, 6/15/27 30,000 29,420
Taylor Morrison Communities, Inc. 144A sr. unsec. bonds 5.125%, 8/1/30 60,000 55,350
Taylor Morrison Communities, Inc. 144A sr. unsec. notes 5.75%, 1/15/28 35,000 34,059
Townsquare Media, Inc. 144A sr. notes 6.875%, 2/1/26 60,000 57,834
Univision Communications, Inc. 144A sr. notes 8.00%, 8/15/28 15,000 15,163
Univision Communications, Inc. 144A sr. notes 7.375%, 6/30/30 190,000 186,467
Urban One, Inc. 144A company guaranty sr. notes 7.375%, 2/1/28 70,000 59,341
Victoria's Secret & Co. 144A sr. unsec. notes 4.625%, 7/15/29 150,000 121,500
Warnermedia Holdings, Inc. company guaranty sr. unsec. notes 4.279%, 3/15/32 70,000 61,751
Warnermedia Holdings, Inc. company guaranty sr. unsec. notes 3.755%, 3/15/27 390,000 367,993
White Cap Buyer, LLC 144A sr. unsec. notes 6.875%, 10/15/28 70,000 63,870
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A company guaranty sr. unsec. unsub. notes 7.125%, 2/15/31 140,000 139,300
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A sr. unsec. bonds 5.125%, 10/1/29 90,000 81,056
9,318,608
Consumer staples (1.4%)
1011778 BC ULC/New Red Finance, Inc. 144A bonds 4.00%, 10/15/30 (Canada) 205,000 176,727
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 4.875%, 2/15/30 80,000 74,801
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 4.625%, 1/15/27 115,000 110,481
Aramark Services, Inc. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28 95,000 89,903
Ashtead Capital, Inc. 144A notes 4.375%, 8/15/27 200,000 188,323
Ashtead Capital, Inc. 144A notes 4.00%, 5/1/28 200,000 183,976
Avis Budget Finance PLC 144A sr. unsec. notes 7.25%, 7/31/30 EUR 100,000 110,311
CDW, LLC/CDW Finance Corp. company guaranty sr. unsec. notes 3.25%, 2/15/29 $105,000 92,306
Coty, Inc. 144A company guaranty sr. notes 4.75%, 1/15/29 75,000 69,826
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US, LLC 144A company guaranty sr. notes 6.625%, 7/15/30 45,000 45,234
ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 5.625%, 3/15/42 95,000 92,544
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. 144A company guaranty sr. notes 4.625%, 1/15/29 15,000 13,327
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. 144A company guaranty sr. unsec. notes 6.75%, 1/15/30 50,000 42,192
Haleon US Capital, LLC company guaranty sr. unsec. unsub. notes 3.375%, 3/24/27 250,000 236,162
Herc Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 7/15/27 130,000 126,234
Hertz Corp. (The) 144A company guaranty sr. unsec. notes 5.00%, 12/1/29 110,000 84,427
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 144A company guaranty sr. unsec. bonds 6.75%, 3/15/34 190,000 190,979
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 3.00%, 2/2/29 205,000 175,243
Kenvue, Inc. company guaranty sr. unsec. notes Ser. REGS, 4.90%, 3/22/33 353,000 349,891
Kenvue, Inc. company guaranty sr. unsec. unsub. notes Ser. REGS, 5.05%, 3/22/53 64,000 61,250
Kenvue, Inc. company guaranty sr. unsec. unsub. notes Ser. REGS, 5.05%, 3/22/28 53,000 53,351
Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.125%, 1/31/30 80,000 71,617
Match Group Holdings II, LLC 144A sr. unsec. bonds 3.625%, 10/1/31 90,000 73,575
Match Group Holdings II, LLC 144A sr. unsec. unsub. notes 4.625%, 6/1/28 120,000 111,862
McCormick & Co., Inc. sr. unsec. notes 1.85%, 2/15/31 21,000 16,640
McDonald's Corp. sr. unsec. unsub. bonds Ser. MTN, 6.30%, 10/15/37 115,000 124,521
TripAdvisor, Inc. 144A company guaranty sr. unsec. notes 7.00%, 7/15/25 85,000 85,286
US Foods, Inc. 144A company guaranty sr. unsec. notes 7.25%, 1/15/32 20,000 20,463
US Foods, Inc. 144A company guaranty sr. unsec. notes 4.75%, 2/15/29 50,000 46,347
3,117,799
Energy (3.1%)
Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A company guaranty sr. unsec. notes 7.875%, 5/15/26 15,000 15,294
Antero Resources Corp. 144A company guaranty sr. unsec. notes 7.625%, 2/1/29 70,000 71,688
Apache Corp. sr. unsec. unsub. notes 5.10%, 9/1/40 120,000 98,853
Callon Petroleum Co. 144A company guaranty sr. unsec. notes 8.00%, 8/1/28 110,000 111,545
Callon Petroleum Co. 144A company guaranty sr. unsec. notes 7.50%, 6/15/30 110,000 108,598
Centennial Resource Production, LLC 144A company guaranty sr. unsec. notes 6.875%, 4/1/27 105,000 104,155
Cheniere Energy Partners LP company guaranty sr. unsec. notes 4.50%, 10/1/29 280,000 261,212
Cheniere Energy Partners LP company guaranty sr. unsec. unsub. notes 3.25%, 1/31/32 220,000 181,122
Chord Energy Corp. 144A company guaranty sr. unsec. notes 6.375%, 6/1/26 55,000 54,645
Civitas Resources, Inc. 144A company guaranty sr. unsec. notes 8.625%, 11/1/30 10,000 10,357
Civitas Resources, Inc. 144A company guaranty sr. unsec. notes 8.375%, 7/1/28 45,000 46,089
Civitas Resources, Inc. 144A company guaranty sr. unsec. unsub. notes 8.75%, 7/1/31 85,000 87,972
Columbia Pipelines Operating Co., LLC 144A sr. unsec. bonds 6.544%, 11/15/53 105,000 106,900
Columbia Pipelines Operating Co., LLC 144A sr. unsec. notes 5.927%, 8/15/30 100,000 100,403
Comstock Resources, Inc. 144A company guaranty sr. unsec. notes 5.875%, 1/15/30 125,000 108,430
Diamondback Energy, Inc. company guaranty sr. unsec. notes 6.25%, 3/15/33 185,000 191,523
Diamondback Energy, Inc. company guaranty sr. unsec. notes 3.25%, 12/1/26 125,000 118,534
Ecopetrol SA sr. unsec. unsub. notes 6.875%, 4/29/30 (Colombia) 170,000 161,953
Endeavor Energy Resources LP/EER Finance, Inc. 144A sr. unsec. bonds 5.75%, 1/30/28 260,000 253,623
EnLink Midstream, LLC 144A company guaranty sr. unsec. notes 5.625%, 1/15/28 145,000 140,686
EQT Corp. sr. unsec. notes 7.00%, 2/1/30 70,000 73,451
Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 5.50%, 10/15/30 115,000 108,529
Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 5.125%, 6/15/28 115,000 110,053
KazMunayGas National Co. JSC sr. unsec. notes Ser. REGS, 5.375%, 4/24/30 (Kazakhstan) 220,000 207,350
Kinetik Holdings LP 144A company guaranty sr. unsec. notes 5.875%, 6/15/30 235,000 223,858
Nabors Industries, Inc. company guaranty sr. unsec. notes 5.75%, 2/1/25 90,000 89,775
Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 7.375%, 5/15/27 195,000 188,540
Occidental Petroleum Corp. sr. unsec. sub. bonds 6.20%, 3/15/40 420,000 414,107
Occidental Petroleum Corp. sr. unsec. sub. notes 7.50%, 5/1/31 120,000 130,646
ONEOK, Inc. company guaranty sr. unsec. sub. bonds 6.05%, 9/1/33 40,000 40,718
ONEOK, Inc. company guaranty sr. unsec. unsub. notes 6.10%, 11/15/32 165,000 168,054
Ovintiv, Inc. company guaranty sr. unsec. bonds 6.25%, 7/15/33 80,000 79,751
Ovintiv, Inc. company guaranty sr. unsec. notes 5.65%, 5/15/28 59,000 58,821
Ovintiv, Inc. company guaranty sr. unsec. notes 5.65%, 5/15/25 46,000 45,980
Patterson-UTI Energy, Inc. sr. unsec. sub. notes 5.15%, 11/15/29 85,000 78,744
Permian Resources Operating, LLC 144A company guaranty sr. unsec. notes 5.375%, 1/15/26 75,000 72,549
Pertamina Persero PT sr. unsec. unsub. notes Ser. REGS, 2.30%, 2/9/31 (Indonesia) 220,000 179,358
Petroleos Mexicanos company guaranty sr. unsec. notes Ser. REGS, 10.00%, 2/7/33 (Mexico) 90,000 84,042
Petroleos Mexicanos company guaranty sr. unsec. unsub. notes 6.49%, 1/23/27 (Mexico) 70,000 63,272
Petronas Capital, Ltd. company guaranty sr. unsec. unsub. bonds Ser. REGS, 2.48%, 1/28/32 (Malaysia) 300,000 246,516
Precision Drilling Corp. 144A company guaranty sr. unsec. notes 7.125%, 1/15/26 (Canada) 68,000 67,586
Precision Drilling Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/15/29 (Canada) 50,000 47,250
Rockcliff Energy II, LLC 144A sr. unsec. notes 5.50%, 10/15/29 165,000 153,210
Sitio Royalties Operating Partnership LP/Sitio Finance Corp. 144A sr. unsec. notes 7.875%, 11/1/28 80,000 80,314
SM Energy Co. sr. unsec. unsub. notes 6.75%, 9/15/26 65,000 64,151
SM Energy Co. sr. unsec. unsub. notes 6.50%, 7/15/28 95,000 92,470
Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 3/15/30 210,000 199,114
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 144A company guaranty sr. unsec. notes 6.00%, 12/31/30 125,000 112,500
Targa Resources Partners LP/Targa Resources Partners Finance Corp. company guaranty sr. unsec. unsub. notes 4.875%, 2/1/31 195,000 180,518
Transocean Aquila, Ltd. 144A company guaranty sr. notes 8.00%, 9/30/28 20,000 20,039
Transocean Titan Financing, Ltd. 144A company guaranty sr. notes 8.375%, 2/1/28 (Cayman Islands) 120,000 122,400
Transocean, Inc. 144A company guaranty sr. unsec. notes 11.50%, 1/30/27 85,000 88,400
USA Compression Partners LP/USA Compression Finance Corp. company guaranty sr. unsec. notes 6.875%, 4/1/26 140,000 139,209
Venture Global Calcasieu Pass, LLC 144A company guaranty sr. notes 6.25%, 1/15/30 60,000 58,882
Venture Global LNG, Inc. 144A sr. notes 9.875%, 2/1/32 70,000 71,739
Venture Global LNG, Inc. 144A sr. notes 9.50%, 2/1/29 75,000 77,385
Venture Global LNG, Inc. 144A sr. notes 8.375%, 6/1/31 105,000 103,460
Venture Global LNG, Inc. 144A sr. notes 8.125%, 6/1/28 40,000 39,659
Viper Energy Partners LP 144A company guaranty sr. unsec. notes 7.375%, 11/1/31 50,000 50,600
Viper Energy Partners LP 144A company guaranty sr. unsec. notes 5.375%, 11/1/27 35,000 33,403
6,799,985
Financials (5.7%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust company guaranty sr. unsec. bonds 3.30%, 1/30/32 (Ireland) 355,000 294,258
Air Lease Corp. sr. unsec. notes Ser. MTN, 3.00%, 2/1/30 265,000 225,822
Air Lease Corp. sr. unsec. sub. bonds 4.625%, 10/1/28 55,000 52,336
Air Lease Corp. sr. unsec. sub. notes 3.25%, 10/1/29 150,000 131,549
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. unsec. notes 6.75%, 10/15/27 115,000 110,283
Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31 205,000 217,300
Aon PLC company guaranty sr. unsec. unsub. notes 4.25%, 12/12/42 205,000 155,069
Ares Capital Corp. sr. unsec. sub. notes 7.00%, 1/15/27 85,000 85,948
Ares Capital Corp. sr. unsec. sub. notes 3.875%, 1/15/26 250,000 236,835
Aretec Escrow Issuer 2, Inc. 144A company guaranty sr. unsec. notes 10.00%, 8/15/30 55,000 57,291
Aretec Escrow Issuer, Inc. 144A sr. unsec. notes 7.50%, 4/1/29 75,000 63,379
Australia and New Zealand Banking Group, Ltd. 144A unsec. sub. FRB 2.57%, 11/25/35 (Australia) 245,000 189,240
Banco Santander SA unsec. sub. notes 5.179%, 11/19/25 (Spain) 200,000 195,439
Bank of America Corp. sr. unsec. FRN Ser. MTN, 2.551%, 2/4/28 105,000 95,658
Bank of America Corp. unsec. sub. FRB 3.846%, 3/8/37 570,000 480,875
Bank of America Corp. unsec. sub. notes 6.11%, 1/29/37 100,000 102,501
Bank of Montreal unsec. sub. FRN 3.803%, 12/15/32 (Canada) 65,000 58,094
Bank of Nova Scotia (The) sr. unsec. unsub. notes 5.35%, 12/7/26 (Canada) 185,000 184,506
Berkshire Hathaway Finance Corp. company guaranty sr. unsec. notes 4.30%, 5/15/43 130,000 116,341
BNP Paribas SA 144A unsec. sub. FRB 2.588%, 8/12/35 (France) 200,000 154,469
Capital One Financial Corp. sr. unsec. unsub. FRN 7.624%, 10/30/31 110,000 114,963
Capital One Financial Corp. sr. unsec. unsub. notes 3.75%, 3/9/27 190,000 177,283
Citigroup, Inc. sr. unsec. FRN 5.61%, 9/29/26 290,000 289,657
Citigroup, Inc. sub. unsec. bonds 6.174%, 5/25/34 64,000 63,508
Citigroup, Inc. unsec. sub. bonds 4.75%, 5/18/46 250,000 208,875
Corebridge Financial, Inc. sr. unsec. notes 3.85%, 4/5/29 125,000 114,448
Deutsche Bank AG/New York, NY sr. unsec. unsub. FRN 2.311%, 11/16/27 (Germany) 170,000 151,931
Deutsche Bank AG/New York, NY unsec. sub. FRB 3.729%, 1/14/32 (Germany) 200,000 157,465
EPR Properties company guaranty sr. unsec. unsub. notes 4.50%, 6/1/27(R) 47,000 43,137
Extra Space Storage LP company guaranty sr. unsec. notes 5.90%, 1/15/31(R) 255,000 255,803
Fairfax Financial Holdings, Ltd. sr. unsec. notes 4.85%, 4/17/28 (Canada) 200,000 194,273
Fidelity National Financial, Inc. sr. unsec. bonds 3.20%, 9/17/51 95,000 54,854
Fifth Third Bancorp sr. unsec. unsub. FRN 6.339%, 7/27/29 150,000 151,420
First-Citizens Bank & Trust Co. unsec. sub. notes 6.125%, 3/9/28 210,000 209,796
Freedom Mortgage Corp. 144A sr. unsec. notes 12.25%, 10/1/30 20,000 21,075
Freedom Mortgage Corp. 144A sr. unsec. notes 12.00%, 10/1/28 15,000 15,806
Freedom Mortgage Corp. 144A sr. unsec. notes 7.625%, 5/1/26 160,000 152,877
General Motors Financial Co., Inc. sr. unsec. notes 6.40%, 1/9/33 130,000 133,432
General Motors Financial Co., Inc. sr. unsec. notes 1.25%, 1/8/26 40,000 36,389
General Motors Financial Co., Inc. sr. unsec. sub. notes 1.50%, 6/10/26 65,000 58,586
GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. sub. notes 6.75%, 12/1/33(R) 15,000 15,146
GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. unsub. notes 5.375%, 4/15/26(R) 200,000 195,438
goeasy, Ltd. 144A company guaranty sr. unsec. notes 9.25%, 12/1/28 (Canada) 45,000 46,224
Goldman Sachs Group, Inc. (The) sr. unsec. FRB 4.223%, 5/1/29 370,000 349,290
HUB International, Ltd. 144A sr. notes 7.25%, 6/15/30 45,000 45,993
HUB International, Ltd. 144A sr. unsec. notes 7.00%, 5/1/26 90,000 89,529
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. sub. notes 4.375%, 2/1/29 165,000 135,279
ING Groep NV sr. unsec. unsub. FRN 6.083%, 9/11/27 (Netherlands) 200,000 201,377
Intercontinental Exchange, Inc. sr. unsec. bonds 2.65%, 9/15/40 160,000 111,423
Intercontinental Exchange, Inc. sr. unsec. notes 4.35%, 6/15/29 142,000 136,806
JPMorgan Chase & Co. jr. unsec. bonds 6.10%, perpetual maturity 30,000 29,844
JPMorgan Chase & Co. jr. unsec. sub. FRB Ser. HH, 4.60%, perpetual maturity 180,000 172,772
JPMorgan Chase & Co. jr. unsec. sub. FRB Ser. W, (CME Term SOFR 3 Month + 1.26%), 6.641%, 5/15/47 110,000 93,776
JPMorgan Chase & Co. sr. unsec. unsub. FRB 3.964%, 11/15/48 280,000 221,632
JPMorgan Chase & Co. sr. unsec. unsub. FRN 3.782%, 2/1/28 340,000 323,685
JPMorgan Chase & Co. sr. unsec. unsub. notes 6.07%, 10/22/27 218,000 221,540
KKR Group Finance Co. VI, LLC 144A company guaranty sr. unsec. bonds 3.75%, 7/1/29 15,000 13,540
Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29(R) 75,000 65,298
Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A sr. unsec. notes 4.25%, 2/1/27(R) 120,000 110,722
Lloyds Banking Group PLC unsec. sub. FRB 3.369%, 12/14/46 (United Kingdom) 200,000 128,169
LPL Holdings, Inc. company guaranty sr. unsec. notes 6.75%, 11/17/28 99,000 101,274
Massachusetts Mutual Life Insurance Co. 144A unsec. sub. bonds 3.729%, 10/15/70 192,000 121,888
Metropolitan Life Global Funding I 144A sr. notes 2.95%, 4/9/30 325,000 280,132
Morgan Stanley sr. unsec. notes 5.123%, 2/1/29 270,000 265,758
Morgan Stanley unsec. sub. notes Ser. GMTN, 4.35%, 9/8/26 560,000 543,247
Nasdaq, Inc. sr. unsec. bonds 5.95%, 8/15/53 39,000 39,493
Nasdaq, Inc. sr. unsec. sub. bonds 5.55%, 2/15/34 36,000 35,976
Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.75%, 11/15/31 90,000 78,581
Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 8/15/28 85,000 78,657
NatWest Group PLC sr. unsec. unsub. FRN 5.847%, 3/2/27 (United Kingdom) 200,000 199,278
OneMain Finance Corp. company guaranty sr. unsec. sub. notes 6.625%, 1/15/28 95,000 92,327
OneMain Finance Corp. company guaranty sr. unsec. unsub. notes 5.375%, 11/15/29 165,000 148,507
PennyMac Financial Services, Inc. 144A company guaranty sr. unsec. notes 5.375%, 10/15/25 115,000 111,821
PHH Mortgage Corp. 144A company guaranty sr. notes 7.875%, 3/15/26 90,000 79,425
PNC Financial Services Group, Inc. (The) unsec. sub. FRB 4.626%, 6/6/33 277,000 246,562
Prologis LP sr. unsec. unsub. notes 2.25%, 4/15/30(R) 75,000 62,611
Royal Bank of Canada unsec. sub. notes Ser. GMTN, 4.65%, 1/27/26 (Canada) 50,000 49,154
Toronto-Dominion Bank (The) sr. unsec. notes 4.108%, 6/8/27 (Canada) 120,000 115,410
UBS Group AG 144A sr. unsec. bonds 3.869%, 1/12/29 (Switzerland) 250,000 230,185
UBS Group AG 144A sr. unsec. FRB 9.016%, 11/15/33 (Switzerland) 250,000 295,880
US Bancorp unsec. sub. FRB 2.491%, 11/3/36 295,000 217,783
USI, Inc./NY 144A sr. unsec. notes 6.875%, 5/1/25 90,000 89,321
VICI Properties LP sr. unsec. unsub. notes 4.75%, 2/15/28(R) 125,000 118,482
VICI Properties LP/VICI Note Co., Inc. 144A company guaranty sr. unsec. notes 3.75%, 2/15/27(R) 45,000 41,667
Wells Fargo Bank, NA unsec. sub. notes Ser. BKNT, 6.60%, 1/15/38 250,000 263,135
Westpac Banking Corp. unsec. sub. bonds 4.421%, 7/24/39 (Australia) 110,000 87,528
Westpac Banking Corp. unsec. sub. bonds 2.963%, 11/16/40 (Australia) 95,000 60,905
12,575,241
Health care (2.4%)
Amgen, Inc. sr. unsec. bonds 4.663%, 6/15/51 115,000 98,438
Amgen, Inc. sr. unsec. unsub. bonds 5.75%, 3/2/63 375,000 366,971
Amgen, Inc. sr. unsec. unsub. notes 2.60%, 8/19/26 45,000 42,160
Bausch & Lomb Escrow Corp. 144A sr. notes 8.375%, 10/1/28 (Canada) 90,000 92,025
Centene Corp. sr. unsec. notes 4.625%, 12/15/29 115,000 106,804
Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 3.75%, 3/15/29 80,000 71,200
CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 5.625%, 3/15/27 155,000 138,300
CHS/Community Health Systems, Inc. 144A jr. notes 6.875%, 4/15/29 100,000 59,000
Elanco Animal Health, Inc. sr. unsec. notes Ser. WI, 6.65%, 8/28/28 75,000 74,906
Eli Lilly and Co. sr. unsec. unsub. bonds 4.875%, 2/27/53 100,000 97,577
GE Healthcare Holding, LLC company guaranty sr. unsec. notes 5.65%, 11/15/27 110,000 111,391
HCA, Inc. company guaranty sr. bonds 5.25%, 6/15/26 25,000 24,785
HCA, Inc. company guaranty sr. unsec. notes 5.375%, 9/1/26 75,000 74,632
HCA, Inc. company guaranty sr. unsec. sub. notes 3.625%, 3/15/32 55,000 47,475
HCA, Inc. company guaranty sr. unsec. unsub. notes 5.375%, 2/1/25 75,000 74,560
Humana, Inc. sr. unsec. unsub. bonds 5.50%, 3/15/53 110,000 104,794
Humana, Inc. sr. unsec. unsub. notes 5.75%, 3/1/28 170,000 173,431
Jazz Securities DAC 144A company guaranty sr. unsub. notes 4.375%, 1/15/29 (Ireland) 200,000 179,925
Minerva Merger Sub, Inc. 144A sr. unsec. notes 6.50%, 2/15/30 90,000 78,012
Mozart Debt Merger Sub, Inc. 144A sr. notes 3.875%, 4/1/29 190,000 168,634
Mozart Debt Merger Sub, Inc. 144A sr. unsec. notes 5.25%, 10/1/29 80,000 72,397
Owens & Minor, Inc. 144A company guaranty sr. unsec. notes 6.625%, 4/1/30 160,000 149,849
Pfizer Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 5.30%, 5/19/53 (Singapore) 148,000 144,305
Pfizer Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 4.75%, 5/19/33 (Singapore) 208,000 202,347
Pfizer Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 4.45%, 5/19/28 (Singapore) 124,000 121,723
Service Corp. International sr. unsec. bonds 5.125%, 6/1/29 110,000 105,050
Service Corp. International sr. unsec. notes 4.625%, 12/15/27 30,000 28,388
Service Corp. International sr. unsec. sub. notes 4.00%, 5/15/31 345,000 293,940
Tenet Healthcare Corp. company guaranty sr. notes 5.125%, 11/1/27 185,000 177,478
Tenet Healthcare Corp. company guaranty sr. unsub. notes 6.125%, 6/15/30 275,000 267,881
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. notes 6.75%, 3/1/28 (Israel) 230,000 230,771
Thermo Fisher Scientific, Inc. sr. unsec. notes 5.00%, 1/31/29 270,000 270,472
Thermo Fisher Scientific, Inc. sr. unsec. notes 4.80%, 11/21/27 270,000 270,867
UnitedHealth Group, Inc. sr. unsec. notes 2.95%, 10/15/27 235,000 219,177
UnitedHealth Group, Inc. sr. unsec. unsub. notes 5.25%, 2/15/28 305,000 310,957
Wyeth, LLC company guaranty sr. unsec. bonds 5.95%, 4/1/37 10,000 10,553
Zoetis, Inc. sr. unsec. notes 3.90%, 8/20/28 148,000 141,119
Zoetis, Inc. sr. unsec. sub. notes 2.00%, 5/15/30 102,000 84,388
5,286,682
Technology (2.7%)
Ahead DB Holdings, LLC 144A company guaranty sr. unsec. notes 6.625%, 5/1/28 50,000 42,915
Alphabet, Inc. sr. unsec. notes 1.998%, 8/15/26 120,000 111,940
Alteryx, Inc. 144A sr. unsec. unsub. notes 8.75%, 3/15/28 60,000 60,337
Apple, Inc. sr. unsec. bonds 3.95%, 8/8/52 292,000 242,791
Apple, Inc. sr. unsec. unsub. notes 4.375%, 5/13/45 55,000 49,994
Apple, Inc. sr. unsec. unsub. notes 3.85%, 5/4/43 80,000 68,270
Arches Buyer, Inc. 144A sr. notes 4.25%, 6/1/28 190,000 165,545
Arches Buyer, Inc. 144A sr. unsec. notes 6.125%, 12/1/28 40,000 34,250
Boxer Parent Co., Inc. 144A company guaranty sr. notes 7.125%, 10/2/25 50,000 49,938
Broadcom, Inc. company guaranty sr. unsec. bonds 4.15%, 11/15/30 185,000 171,490
Broadcom, Inc. 144A sr. unsec. bonds 4.926%, 5/15/37 520,000 476,284
Broadcom, Inc. 144A sr. unsec. bonds 3.187%, 11/15/36 110,000 84,048
Central Parent, Inc./CDK Global, Inc. 144A company guaranty sr. notes 7.25%, 6/15/29 55,000 54,953
Clarivate Science Holdings Corp. 144A sr. unsec. notes 4.875%, 7/1/29 105,000 93,962
Cloud Software Group, Inc. 144A notes 9.00%, 9/30/29 120,000 107,850
Cloud Software Group, Inc. 144A sr. notes. 6.50%, 3/31/29 255,000 234,824
CommScope Finance, LLC 144A sr. notes 6.00%, 3/1/26 55,000 47,163
CommScope Technologies, LLC 144A company guaranty sr. unsec. notes 6.00%, 6/15/25 30,000 23,550
CrowdStrike Holdings, Inc. company guaranty sr. unsec. notes 3.00%, 2/15/29 150,000 131,701
Fidelity National Information Services, Inc. sr. unsec. bonds 3.10%, 3/1/41 61,000 42,667
Fidelity National Information Services, Inc. sr. unsec. notes 2.25%, 3/1/31 31,000 25,137
Fidelity National Information Services, Inc. sr. unsec. unsub. notes 5.10%, 7/15/32 51,000 50,281
Gen Digital, Inc. 144A company guaranty sr. unsec. unsub. notes 7.125%, 9/30/30 85,000 86,852
Imola Merger Corp. 144A sr. notes 4.75%, 5/15/29 210,000 190,804
Marvell Technology, Inc. sr. unsec. notes 5.95%, 9/15/33 142,000 143,853
Marvell Technology, Inc. sr. unsec. notes 5.75%, 2/15/29 143,000 144,314
Meta Platforms, Inc. sr. unsec. bonds 5.60%, 5/15/53 223,000 226,573
Meta Platforms, Inc. sr. unsec. notes 4.95%, 5/15/33 178,000 177,027
Meta Platforms, Inc. sr. unsec. unsub. bonds 4.45%, 8/15/52 140,000 119,699
Micron Technology, Inc. sr. unsec. unsub. notes 5.875%, 9/15/33 270,000 270,244
Microsoft Corp. sr. unsec. unsub. bonds 2.921%, 3/17/52 190,000 131,195
MSCI, Inc. 144A company guaranty sr. unsec. notes 3.625%, 9/1/30 284,000 247,112
NCR Corp. 144A company guaranty sr. unsec. sub. notes 5.125%, 4/15/29 140,000 128,219
Oracle Corp. sr. unsec. bonds 3.95%, 3/25/51 70,000 51,792
Oracle Corp. sr. unsec. bonds 3.65%, 3/25/41 290,000 219,723
Oracle Corp. sr. unsec. notes 1.65%, 3/25/26 225,000 207,329
RingCentral, Inc. 144A sr. unsec. notes 8.50%, 8/15/30 85,000 84,681
Rocket Software, Inc. 144A sr. unsec. notes 6.50%, 2/15/29 130,000 105,788
salesforce.com, Inc. sr. unsec. bonds 3.05%, 7/15/61 100,000 63,984
salesforce.com, Inc. sr. unsec. bonds 2.90%, 7/15/51 235,000 155,968
Seagate HDD Cayman company guaranty sr. unsec. notes 3.125%, 7/15/29 (Cayman Islands) 10,000 7,798
Sensata Technologies, Inc. 144A company guaranty sr. unsec. notes 3.75%, 2/15/31 215,000 181,772
ServiceNow, Inc. sr. unsec. notes 1.40%, 9/1/30 250,000 198,813
TTM Technologies, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/1/29 145,000 128,506
Twilio, Inc. company guaranty sr. unsec. notes 3.875%, 3/15/31 215,000 185,487
ZoomInfo Technologies, LLC/ZoomInfo Finance Corp. 144A company guaranty sr. unsec. notes 3.875%, 2/1/29 160,000 137,776
5,965,199
Transportation (0.3%)
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 144A company guaranty sr. notes 5.50%, 4/20/26 120,833 118,955
Penske Truck Leasing Co. LP/PTL Finance Corp. 144A sr. unsec. notes 4.40%, 7/1/27 350,000 332,442
United Airlines, Inc. 144A company guaranty sr. notes 4.625%, 4/15/29 80,000 71,417
Watco Cos., LLC/Watco Finance Corp. 144A sr. unsec. notes 6.50%, 6/15/27 165,000 159,086
681,900
Utilities and power (2.2%)
AES Corp. (The) sr. unsec. unsub. notes 2.45%, 1/15/31 170,000 137,186
Alexander Funding Trust II 144A sr. notes 7.467%, 7/31/28 100,000 102,456
American Electric Power Co., Inc. sr. unsec. unsub. bonds 5.625%, 3/1/33 230,000 229,231
American Electric Power Co., Inc. sr. unsec. unsub. notes Ser. J, 4.30%, 12/1/28 85,000 81,422
American Transmission Systems, Inc. 144A sr. unsec. bonds 2.65%, 1/15/32 60,000 48,647
Calpine Corp. 144A sr. unsec. notes 5.00%, 2/1/31 100,000 88,414
Calpine Corp. 144A sr. unsec. notes 4.625%, 2/1/29 20,000 18,114
Consolidated Edison Co. of New York, Inc. sr. unsec. unsub. notes 4.20%, 3/15/42 40,000 32,420
Constellation Energy Generation, LLC sr. unsec. bonds 6.50%, 10/1/53 106,000 110,829
Constellation Energy Generation, LLC sr. unsec. bonds 6.125%, 1/15/34 44,000 45,161
Duke Energy Carolinas, LLC sr. mtge. notes 4.25%, 12/15/41 85,000 70,617
Duke Energy Ohio, Inc. sr. bonds 3.65%, 2/1/29 45,000 42,000
Electricite De France SA 144A sr. unsec. unsub. bonds 4.75%, 10/13/35 (France) 225,000 199,713
Enbridge, Inc. sr. unsec. unsub. bonds 4.25%, 12/1/26 (Canada) 70,000 68,044
Energy Transfer LP jr. unsec. sub. FRN 6.625%, perpetual maturity 310,000 250,882
Energy Transfer LP sr. unsec. unsub. notes 6.50%, 2/1/42 20,000 20,245
Enterprise Products Operating, LLC company guaranty sr. unsec. notes 2.80%, 1/31/30 275,000 240,950
Enterprise Products Operating, LLC company guaranty sr. unsec. unsub. bonds 4.25%, 2/15/48 95,000 78,996
Evergy Missouri West, Inc. 144A sr. notes 5.15%, 12/15/27 265,000 261,657
Eversource Energy sr. unsec. unsub. notes 5.45%, 3/1/28 100,000 100,103
Eversource Energy sr. unsec. unsub. notes 5.125%, 5/15/33 220,000 212,241
Georgia Power Co. sr. unsec. unsub. notes 4.95%, 5/17/33 190,000 183,884
IPALCO Enterprises, Inc. sr. sub. notes 3.70%, 9/1/24 55,000 53,836
Kinder Morgan, Inc. company guaranty sr. unsec. notes Ser. GMTN, 7.75%, 1/15/32 220,000 244,236
NextEra Energy Capital Holdings, Inc. company guaranty sr. unsec. unsub. notes 6.051%, 3/1/25 190,000 190,684
NRG Energy, Inc. 144A jr. unsec. sub. FRB 10.25%, perpetual maturity 30,000 29,716
NRG Energy, Inc. 144A sr. notes 2.45%, 12/2/27 145,000 127,074
Oncor Electric Delivery Co., LLC 144A sr. bonds 4.95%, 9/15/52 280,000 254,303
Pacific Gas and Electric Co. notes 2.10%, 8/1/27 40,000 35,284
Pacific Gas and Electric Co. sr. bonds 6.95%, 3/15/34 30,000 31,614
Pacific Gas and Electric Co. sr. bonds 5.90%, 6/15/32 85,000 83,032
Pacific Gas and Electric Co. sr. bonds 4.95%, 7/1/50 90,000 71,608
Pacific Gas and Electric Co. sr. notes 3.30%, 12/1/27 170,000 154,462
PacifiCorp sr. bonds 2.70%, 9/15/30 105,000 85,743
PG&E Corp. sr. sub. notes 5.25%, 7/1/30 145,000 136,208
Puget Sound Energy, Inc. sr. bonds 5.448%, 6/1/53 120,000 115,172
Sempra Energy sr. unsec. unsub. bonds 5.50%, 8/1/33 105,000 104,087
Southern Co. (The) sr. unsec. bonds 5.70%, 3/15/34 80,000 81,512
Vistra Corp. 144A jr. unsec. sub. FRN 8.00%, 10/15/51 65,000 63,579
Vistra Operations Co., LLC 144A company guaranty sr. notes 3.55%, 7/15/24 85,000 83,231
Vistra Operations Co., LLC 144A sr. bonds 6.95%, 10/15/33 245,000 250,121
Vistra Operations Co., LLC 144A sr. unsec. notes 7.75%, 10/15/31 35,000 35,820
4,854,534
Total corporate bonds and notes (cost $63,546,868) $63,593,979








COMMON STOCKS (27.2%)(a)
        Shares Value
Basic materials (1.2%)
AdvanSix, Inc. 270 $7,055
American Vanguard Corp. 213 1,998
American Woodmark Corp.(NON) 171 12,380
Andersons, Inc. (The) 292 14,559
ArcelorMittal SA (France) 3,422 86,402
Arcosa, Inc. 60 4,452
Atkore, Inc.(NON) 174 22,603
Avient Corp. 100 3,435
Beacon Roofing Supply, Inc.(NON) 44 3,536
BHP Group, Ltd. (ASE Exchange) (Australia) 6,342 194,019
BHP Group, Ltd. (London Exchange) (Australia) 385 11,704
BlueScope Steel, Ltd. (Australia) 5,703 78,304
Boise Cascade Co. 218 23,827
Builders FirstSource, Inc.(NON) 183 24,542
Cie de Saint-Gobain SA (France) 2,049 133,539
Clearwater Paper Corp.(NON) 108 3,788
Commercial Metals Co. 75 3,400
Constellium SE (France)(NON) 1,132 19,697
CRH PLC (Ireland) 1,117 70,449
Dole PLC (Ireland) 391 4,500
Dow, Inc. 11,375 588,656
Fortescue, Ltd. (Australia) 8,443 139,412
Freeport-McMoRan, Inc. (Indonesia) 1,231 45,941
Frontdoor, Inc.(NON) 587 20,152
Glencore PLC (United Kingdom) 5,671 31,796
Innospec, Inc. 117 12,293
Janus International Group, Inc.(NON) 316 3,334
LightWave Logic, Inc.(NON) 1,282 5,102
Limbach Holdings, Inc.(NON) 138 5,261
LSB Industries, Inc.(NON) 395 3,385
LyondellBasell Industries NV Class A 6,576 625,378
Minerals Technologies, Inc. 63 3,946
Mueller Industries, Inc. 96 3,987
Orion Engineered Carbons SA (Luxembourg) 232 5,529
PotlatchDeltic Corp.(R) 70 3,209
PPG Industries, Inc. 346 49,129
Proto Labs, Inc.(NON) 93 3,367
Rio Tinto PLC (United Kingdom) 2,303 157,202
Rio Tinto, Ltd. (Australia) 926 76,506
Simpson Manufacturing Co., Inc. 72 12,022
Standex International Corp. 29 3,881
Sterling Construction Co., Inc.(NON) 268 17,021
Tronox Holdings PLC Class A 1,272 16,218
Tutor Perini Corp.(NON) 321 2,687
UFP Industries, Inc. 257 28,175
Weyerhaeuser Co.(R) 1,390 43,577
Worthington Industries, Inc. 96 6,883
2,638,238
Capital goods (0.8%)
A.O. Smith Corp. 606 45,668
Adient PLC(NON) 110 3,542
Alamo Group, Inc. 21 3,858
Albany International Corp. Class A 50 4,291
Allison Transmission Holdings, Inc. 866 46,314
American Axle & Manufacturing Holdings, Inc.(NON) 1,708 11,888
Applied Industrial Technologies, Inc. 111 17,768
Argan, Inc. 74 3,451
Astronics Corp.(NON) 250 3,713
Belden, Inc. 101 6,710
Canon, Inc. (Japan) 400 10,271
Caterpillar, Inc. 178 44,628
Columbus McKinnon Corp./NY 96 3,352
Comfort Systems USA, Inc. 26 5,033
Cummins, Inc. 213 47,746
Emerson Electric Co. 502 44,628
Encore Wire Corp. 71 13,085
Enviri Corp.(NON) 558 3,292
Franklin Electric Co., Inc. 48 4,272
GEA Group AG (Germany) 349 12,819
Gentex Corp. 1,500 45,615
Gentherm, Inc.(NON) 78 3,582
GrafTech International, Ltd. 2,717 6,711
Hillenbrand, Inc. 146 5,656
Hitachi, Ltd. (Japan) 1,000 69,371
Hyster-Yale Materials Handling, Inc. 130 6,197
Interface, Inc. 370 3,741
Johnson Controls International PLC 915 48,312
Komatsu, Ltd. (Japan) 4,200 106,856
Kone Oyj Class B (Finland) 1,088 48,463
L3Harris Technologies, Inc. 242 46,176
Leggett & Platt, Inc. 1,931 44,162
LKQ Corp. 1,075 47,870
Lockheed Martin Corp. 102 45,673
MYR Group, Inc.(NON) 32 3,981
nLight, Inc.(NON) 259 3,424
O-I Glass, Inc.(NON) 990 14,612
Parker Hannifin Corp. 113 48,949
Powell Industries, Inc. 85 7,069
Republic Services, Inc. 289 46,772
Ryerson Holding Corp. 443 13,720
Shyft Group, Inc. (The) 294 3,255
Standard Motor Products, Inc. 48 1,727
Stoneridge, Inc.(NON) 185 2,960
Tennant Co. 21 1,798
Terex Corp. 389 19,256
Titan International, Inc.(NON) 369 4,823
Vertiv Holdings Co. 14,666 640,318
Vinci SA (France) 1,250 153,037
Watts Water Technologies, Inc. Class A 130 25,026
1,855,441
Communication services (0.8%)
AT&T, Inc. 44,712 740,878
Comcast Corp. Class A 2,828 118,465
Crown Castle, Inc.(R) 5,099 598,011
KDDI Corp. (Japan) 3,200 99,825
Liberty Latin America, Ltd. Class C (Chile)(NON) 851 5,812
Preformed Line Products Co. 26 3,240
Verizon Communications, Inc. 3,460 132,622
Vodafone Group PLC (United Kingdom) 118,694 107,118
1,805,971
Conglomerates (0.6%)
3M Co. 7,685 761,353
AMETEK, Inc. 294 45,638
Marubeni Corp. (Japan) 7,300 113,592
Mitsubishi Corp. (Japan) 2,900 134,692
Mitsui & Co., Ltd. (Japan) 3,600 130,927
SPX Technologies, Inc.(NON) 150 12,797
1,198,999
Consumer cyclicals (3.6%)
AAON, Inc. 58 3,631
Aaron's Co., Inc. (The) 877 7,726
Amazon.com, Inc.(NON) 6,525 953,237
Apogee Enterprises, Inc. 213 9,606
Aristocrat Leisure, Ltd. (Australia) 2,222 59,594
Arrowhead Pharmaceuticals, Inc.(NON) 189 4,007
Automatic Data Processing, Inc. 3,138 721,489
Barrett Business Services, Inc. 39 4,288
Bayerische Motoren Werke AG (Germany) 1,180 122,769
Beazer Homes USA, Inc.(NON) 619 16,286
Best Buy Co., Inc. 1,848 131,097
Blue Bird Corp.(NON) 232 4,427
BlueLinx Holdings, Inc.(NON) 97 8,521
Booking Holdings, Inc.(NON) 18 56,263
Buckle, Inc. (The) 105 4,049
Caleres, Inc. 540 16,394
Cimpress PLC (Ireland)(NON) 181 12,759
Dana, Inc. 281 3,712
Dillard's, Inc. Class A 57 19,784
DraftKings, Inc. Class A(NON) 7,312 279,611
Expedia Group, Inc.(NON) 388 52,838
Ford Motor Co. 53,178 545,606
Forestar Group, Inc.(NON) 277 8,457
Franklin Covey Co.(NON) 50 1,944
Gap, Inc. (The) 4,754 95,413
General Motors Co. 1,705 53,878
Genuine Parts Co. 315 41,826
GMS, Inc.(NON) 321 21,712
Golden Entertainment, Inc. 171 6,094
Goodyear Tire & Rubber Co. (The)(NON) 291 4,042
Green Dot Corp. Class A(NON) 214 1,716
H & M Hennes & Mauritz AB Class B (Sweden) 5,960 95,378
Hermes International (France) 9 18,696
Hilton Worldwide Holdings, Inc. 264 44,225
Home Depot, Inc. (The) 148 46,397
Hovnanian Enterprises, Inc. Class A(NON) 83 7,503
Huron Consulting Group, Inc.(NON) 42 4,375
Industria de Diseno Textil SA (Spain) 3,475 143,420
Informa PLC (United Kingdom) 2,747 25,792
International Game Technology PLC 768 20,529
J. Jill, Inc.(NON) 67 1,977
JAKKS Pacific, Inc.(NON) 112 3,297
JD Sports Fashion PLC (United Kingdom) 62,060 123,135
JELD-WEN Holding, Inc.(NON) 849 13,567
KB Home 82 4,272
Kimberly-Clark Corp. 376 46,522
La Francaise des Jeux SAEM (France) 1,892 68,520
Laureate Education, Inc. 1,345 17,660
Lennar Corp. Class B 2,566 294,423
Light & Wonder, Inc.(NON) 330 29,179
LiveRamp Holdings, Inc.(NON) 600 19,896
Lowe's Cos., Inc. 226 44,936
LVMH Moet Hennessy Louis Vuitton SA (France) 47 34,881
M/I Homes, Inc.(NON) 209 22,052
Macy's, Inc. 3,502 55,542
Masonite International Corp.(NON) 60 5,331
MasterCraft Boat Holdings, Inc.(NON) 168 3,360
Mercedes-Benz Group AG (Germany) 1,987 128,876
Modine Manufacturing Co.(NON) 421 20,713
Monarch Casino & Resort, Inc. 53 3,333
Movado Group, Inc. 128 3,347
Netflix, Inc.(NON) 106 50,241
Nike, Inc. Class B 426 46,975
Nintendo Co., Ltd. (Japan) 3,000 139,862
Owens Corning 363 49,216
PGT Innovations, Inc.(NON) 172 5,537
PROG Holdings, Inc.(NON) 344 9,377
Publicis Groupe SA (France) 1,368 116,076
PulteGroup, Inc. 557 49,250
Red Rock Resorts, Inc. Class A 415 18,480
Ross Stores, Inc. 5,961 777,195
Ryman Hospitality Properties, Inc.(R) 263 26,392
Signet Jewelers, Ltd. 280 23,010
Sinclair, Inc. 332 4,187
Skyline Champion Corp.(NON) 63 3,792
SP Plus Corp.(NON) 107 5,473
Stellantis NV (Italy) 6,497 140,942
StoneCo., Ltd. Class A (Brazil)(NON) 1,453 22,667
Subaru Corp. (Japan) 1,300 22,982
Tapestry, Inc. 1,747 55,327
Taylor Wimpey PLC (United Kingdom) 12,864 21,124
Tesla, Inc.(NON) 182 43,695
TJX Cos., Inc. (The) 2,591 228,293
Toll Brothers, Inc. 2,468 211,977
Toyota Motor Corp. (Japan) 1,500 28,273
Trane Technologies PLC 208 46,885
Travel + Leisure Co. 1,245 44,372
TRI Pointe Homes, Inc.(NON) 737 21,506
TuSimple Holdings, Inc. Class A(NON) 2,722 2,316
Universal Music Group NV (Netherlands) 1,411 37,338
USS Co., Ltd. (Japan) 1,500 29,270
Vail Resorts, Inc. 200 43,462
Visteon Corp.(NON) 186 22,073
Volkswagen AG (Preference) (Germany) 895 103,575
Walmart, Inc. 4,173 649,694
Whirlpool Corp. 410 44,649
7,769,393
Consumer staples (2.1%)
ACCO Brands Corp. 709 3,814
Brink's Co. (The) 249 19,646
British American Tobacco PLC (United Kingdom) 4,596 146,249
Cal-Maine Foods, Inc. 74 3,546
Cargurus, Inc.(NON) 694 15,004
Carrols Restaurant Group, Inc.(NON) 623 4,704
CK Hutchison Holdings, Ltd. (Hong Kong) 19,000 95,227
Coca-Cola Co. (The) 13,744 803,199
Coca-Cola Consolidated, Inc. 33 24,239
CoreCivic, Inc.(NON) 385 5,571
Coursera, Inc.(NON) 328 6,478
Dave & Buster's Entertainment, Inc.(NON) 89 3,653
DoorDash, Inc. Class A(NON) 798 74,996
Eventbrite, Inc. Class A(NON) 463 3,264
First Watch Restaurant Group, Inc.(NON) 205 3,706
Heidrick & Struggles International, Inc. 227 6,170
Hudson Technologies, Inc.(NON) 409 5,051
Imperial Brands PLC (United Kingdom) 5,236 122,251
Ingles Markets, Inc. Class A 90 7,346
Insperity, Inc. 34 3,868
Inter Parfums, Inc. 152 19,024
ITOCHU Corp. (Japan) 3,400 131,588
Itron, Inc.(NON) 323 21,764
J.M. Smucker Co. (The) 2 219
Japan Tobacco, Inc. (Japan) 5,200 133,314
John B. Sanfilippo & Son, Inc. 48 4,418
Kenvue, Inc. 2,301 47,032
Keurig Dr Pepper, Inc. 1,459 46,061
Koninklijke Ahold Delhaize NV (Netherlands) 4,026 116,430
Korn Ferry 335 17,333
Kraft Heinz Co. (The) 1,522 53,437
McDonald's Corp. 194 54,677
Molson Coors Beverage Co. Class B 777 47,817
Mondelez International, Inc. Class A 642 45,621
Nestle SA (Switzerland) 932 106,090
PepsiCo, Inc. 280 47,121
Perdoceo Education Corp. 561 9,773
Philip Morris International, Inc. 8,646 807,191
Procter & Gamble Co. (The) 1,348 206,945
Reckitt Benckiser Group PLC (United Kingdom) 1,873 127,899
Resideo Technologies, Inc.(NON) 250 4,108
Resources Connection, Inc. 231 3,142
Sally Beauty Holdings, Inc.(NON) 433 4,187
Simply Good Foods Co. (The)(NON) 350 13,559
Starbucks Corp. 487 48,359
Sumitomo Corp. (Japan) 5,500 115,001
Sysco Corp. 324 23,383
Toyota Tsusho Corp. (Japan) 100 5,524
Turning Point Brands, Inc. 126 2,877
Uber Technologies, Inc.(NON) 14,638 825,290
Unilever PLC (United Kingdom) 3,747 178,526
United Natural Foods, Inc.(NON) 250 3,638
Upwork, Inc.(NON) 1,370 19,303
USANA Health Sciences, Inc.(NON) 75 3,545
Vector Group, Ltd. 454 4,862
ZOZO, Inc. (Japan) 2,000 42,156
4,699,196
Energy (1.4%)
Alpha Metallurgical Resources, Inc. 88 24,689
Amplify Energy Corp.(NON) 523 3,211
Antero Midstream Corp. 3,544 47,206
Arch Resources, Inc. 62 10,290
California Resources Corp. 404 20,689
Chevron Corp. 796 114,306
CONSOL Energy, Inc. 223 23,787
Devon Energy Corp. 7,038 316,499
DMC Global, Inc.(NON) 207 3,302
Equinor ASA (Norway) 2,662 85,191
Exxon Mobil Corp. 8,451 868,256
FutureFuel Corp. 478 2,839
Golar LNG, Ltd. (Norway) 748 16,104
Marathon Oil Corp. 1,868 47,503
Marathon Petroleum Corp. 3,402 507,544
Murphy Oil Corp. 76 3,251
Nabors Industries, Ltd.(NON) 60 5,209
Newpark Resources, Inc.(NON) 576 4,003
Norsk Hydro ASA (Norway) 12,772 74,095
NOW, Inc.(NON) 1,133 11,296
Oceaneering International, Inc.(NON) 172 3,554
OMV AG (Austria) 2,189 93,241
ONEOK, Inc. 664 45,716
Par Pacific Holdings, Inc.(NON) 606 20,768
PBF Energy, Inc. Class A 553 24,553
Peabody Energy Corp. 181 4,315
Phillips 66 396 51,040
Repsol SA (Spain) 4,994 76,656
Shell PLC (United Kingdom) 1,583 51,307
SM Energy Co. 517 19,362
SunCoke Energy, Inc. 751 6,992
Thermon Group Holdings, Inc.(NON) 239 7,206
US Silica Holdings, Inc.(NON) 1,276 14,393
Valero Energy Corp. 2,290 287,074
W&T Offshore, Inc.(NON) 884 2,953
Warrior Met Coal, Inc. 420 23,507
Weatherford International PLC(NON) 277 25,121
Woodside Energy Group, Ltd. (Australia) 5,596 114,624
3,061,652
Financials (4.2%)
3i Group PLC (United Kingdom) 4,552 128,620
AGNC Investment Corp.(R) 5,128 45,229
AIB Group PLC (Ireland) 1,125 5,223
Alexander & Baldwin, Inc.(R) 458 7,672
Allianz SE (Germany) 552 138,538
Ally Financial, Inc. 2,852 83,335
Amalgamated Financial Corp. 169 3,549
American Assets Trust, Inc.(R) 184 3,706
American Equity Investment Life Holding Co. 421 23,222
American Express Co. 284 48,499
American International Group, Inc. 842 55,412
Ameriprise Financial, Inc. 136 48,077
Amundi SA (France) 1,624 100,028
Anywhere Real Estate, Inc.(NON) 1,813 9,754
Apartment Income REIT Corp.(R) 1,535 47,769
Apple Hospitality REIT, Inc.(R) 527 8,785
Armada Hoffler Properties, Inc.(R) 415 4,557
Associated Banc-Corp. 201 3,566
Aviva PLC (United Kingdom) 3,366 17,754
AXA SA (France) 4,556 141,938
Axis Capital Holdings, Ltd. 856 48,227
Axos Financial, Inc.(NON) 532 20,360
Banco Bilbao Vizcaya Argentaria SA (Spain) 16,096 149,659
Banco Latinoamericano de Comercio Exterior SA (Panama) 150 3,656
Bank Hapoalim MB (Israel) 14,119 119,455
Bank of America Corp. 1,623 49,485
Bank of New York Mellon Corp. (The) 924 44,648
Bank of NT Butterfield & Son, Ltd. (The) (Bermuda) 193 5,352
Banner Corp. 342 15,438
Barratt Developments PLC (United Kingdom) 7,074 46,010
Berkshire Hathaway, Inc. Class B(NON) 124 44,640
BGC Group, Inc. Class A 3,163 20,560
Bread Financial Holdings, Inc. 552 15,511
BrightSpire Capital, Inc.(R) 1,336 9,071
Brixmor Property Group, Inc.(R) 2,094 45,063
Broadstone Net Lease, Inc.(R) 242 3,872
Capital One Financial Corp. 420 46,897
Cathay General Bancorp 449 16,469
Centerspace(R) 150 8,001
Central Pacific Financial Corp. 346 6,079
Citigroup, Inc. 9,278 427,716
CNA Financial Corp. 3,565 150,193
CNO Financial Group, Inc. 836 22,154
ConnectOne Bancorp, Inc. 253 4,974
COPT Defense Properties(R) 147 3,557
Corebridge Financial, Inc. 24,285 510,714
Credit Agricole SA (France) 8,579 112,364
CrossFirst Bankshares, Inc.(NON) 178 1,997
Cushman & Wakefield PLC(NON) 992 8,144
Customers Bancorp, Inc.(NON) 381 17,172
DBS Group Holdings, Ltd. (Singapore) 2,000 47,455
Discover Financial Services 493 45,849
DNB Bank ASA (Norway) 366 6,971
East West Bancorp, Inc. 838 52,727
Eastern Bankshares, Inc. 303 3,624
Elme Communities(R) 127 1,669
Employers Holdings, Inc. 110 4,214
Enova International, Inc.(NON) 113 4,656
Enterprise Financial Services Corp. 259 10,155
EPR Properties(R) 1,077 48,056
Equitable Holdings, Inc. 2,299 70,556
Equity Residential(R) 828 47,064
Erste Group Bank AG (Czech Republic) 393 15,890
Essent Group, Ltd. 497 24,025
Essential Properties Realty Trust, Inc.(R) 166 3,943
FB Financial Corp. 223 7,484
Fifth Third Bancorp 1,610 46,610
First BanCorp/Puerto Rico (Puerto Rico) 1,421 21,315
First Financial Corp./IN 95 3,634
Genworth Financial, Inc. Class A(NON) 3,668 21,605
Goldman Sachs Group, Inc. (The) 141 48,157
Granite Point Mortgage Trust, Inc.(R) 734 4,037
Hancock Whitney Corp. 435 17,944
Hanmi Financial Corp. 312 5,192
Healthpeak Properties, Inc.(R) 2,534 43,889
Heartland Financial USA, Inc. 293 9,062
Heritage Commerce Corp. 420 3,566
Hilltop Holdings, Inc. 145 4,270
Hope Bancorp, Inc. 925 9,065
Horace Mann Educators Corp. 365 12,213
HSBC Holdings PLC (United Kingdom) 867 6,611
Huntington Bancshares, Inc./OH 4,202 47,315
Independent Bank Corp./MI 151 3,265
International Bancshares Corp. 98 4,397
Intesa Sanpaolo SpA (Italy) 35,046 100,867
Invesco, Ltd. 3,458 49,346
Investor AB Class B (Sweden) 6,028 125,322
Jackson Financial, Inc. Class A 511 24,390
Janus Henderson Group PLC (United Kingdom) 1,746 45,728
JPMorgan Chase & Co. 6,252 975,812
Julius Baer Group, Ltd. (Switzerland) 1,446 73,261
Kennedy-Wilson Holdings, Inc. 1,243 14,108
Kilroy Realty Corp. 1,491 49,173
Kimco Realty Corp. 2,441 47,160
Kite Realty Group Trust(R) 276 5,829
Ladder Capital Corp.(R) 349 3,912
Lincoln National Corp. 2,007 47,726
M&G PLC (United Kingdom) 41,463 109,870
MetLife, Inc. 7,657 487,215
MFA Financial, Inc.(R) 630 6,804
MGIC Investment Corp. 2,483 43,676
Mid-America Apartment Communities, Inc.(R) 365 45,435
Mr. Cooper Group, Inc.(NON) 390 23,603
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) 39 16,589
National Bank Holdings Corp. Class A 119 3,928
National Health Investors, Inc.(R) 203 11,015
National Retail Properties, Inc. 1,715 69,663
Navient Corp. 1,125 19,271
NMI Holdings, Inc. Class A(NON) 126 3,465
NN Group NV (Netherlands) 751 28,557
Nordea Bank ABP (Finland) 10,928 122,073
NU Holdings, Ltd./Cayman Islands Class A (Brazil)(NON) 5,915 48,148
OceanFirst Financial Corp. 262 3,631
OFG Bancorp (Puerto Rico) 345 11,578
OneMain Holdings, Inc. 1,198 50,675
ORIX Corp. (Japan) 800 14,561
Oversea-Chinese Banking Corp., Ltd. (Singapore) 5,700 53,434
Pathward Financial, Inc. 295 14,629
PennyMac Financial Services, Inc. 114 8,868
Piedmont Office Realty Trust, Inc. Class A(R) 722 4,491
PNC Financial Services Group, Inc. (The) 363 48,627
Preferred Bank/Los Angeles CA 138 8,505
Premier Financial Corp. 212 4,234
Prudential Financial, Inc. 507 49,574
Public Storage(R) 189 48,906
QCR Holdings, Inc. 82 4,074
Reinsurance Group of America, Inc. 309 50,386
Retail Opportunity Investments Corp.(R) 885 11,390
Rithm Capital Corp.(R) 68,313 709,089
RLJ Lodging Trust(R) 341 3,645
RMR Group, Inc. (The) Class A 128 3,050
S&T Bancorp, Inc. 131 3,667
Sekisui House, Ltd. (Japan) 1,000 20,430
Service Properties Trust(R) 484 3,461
Simon Property Group, Inc.(R) 4,704 587,483
SiriusPoint, Ltd. (Bermuda)(NON) 391 4,176
SITE Centers Corp.(R) 283 3,733
SLM Corp. 3,191 47,961
State Street Corp. 661 48,134
Stockland (Australia) 31,322 85,475
StoneX Group, Inc.(NON) 205 12,532
Sunstone Hotel Investors, Inc.(R) 1,994 19,701
Swiss Re AG (Switzerland) 1,121 132,263
Synchrony Financial 5,154 166,783
Tanger, Inc.(R) 151 3,769
Taylor Morrison Home Corp.(NON) 548 24,715
Terreno Realty Corp.(R) 57 3,255
TPG RE Finance Trust, Inc.(R) 606 3,581
Truist Financial Corp. 2,370 76,172
TrustCo Bank Corp. NY 123 3,301
Trustmark Corp. 154 3,528
U.S. Bancorp 1,198 45,668
UDR, Inc.(R) 1,307 43,654
UMB Financial Corp. 52 3,726
United Overseas Bank, Ltd. (Singapore) 5,000 101,742
Universal Insurance Holdings, Inc. 254 4,308
Unum Group 991 42,613
Urban Edge Properties(R) 1,194 20,000
Virtu Financial, Inc. Class A 2,819 50,686
Virtus Investment Partners, Inc. 50 9,781
Wells Fargo & Co. 7,017 312,888
WesBanco, Inc. 184 4,898
Westamerica Bancorp 272 13,793
Whitestone REIT(R) 384 4,209
Xenia Hotels & Resorts, Inc.(R) 141 1,722
9,228,257
Health care (3.2%)
Abbott Laboratories 2,788 290,761
AbbVie, Inc. 6,826 971,954
ACADIA Pharmaceuticals, Inc.(NON) 924 20,587
Adaptive Biotechnologies Corp.(NON) 1,903 8,335
Addus HomeCare Corp.(NON) 43 3,750
Agenus, Inc. 3,129 2,432
Alkermes PLC(NON) 760 18,346
American Well Corp. Class A(NON) 2,147 2,727
Amgen, Inc. 178 47,996
AMN Healthcare Services, Inc.(NON) 59 4,000
Amneal Pharmaceuticals, Inc.(NON) 1,639 7,064
AngioDynamics, Inc.(NON) 502 3,278
Arcellx, Inc.(NON) 396 20,802
Arcturus Therapeutics Holdings, Inc.(NON) 596 14,268
Arvinas, Inc.(NON) 728 15,994
AstraZeneca PLC (United Kingdom) 291 37,234
AtriCure, Inc.(NON) 344 12,205
Avanos Medical, Inc.(NON) 293 6,314
Biohaven, Ltd.(NON) 652 21,725
Bristol-Myers Squibb Co. 15,705 775,513
Butterfly Network, Inc.(NON) 3,039 2,894
Cardinal Health, Inc. 6,872 735,854
Castle Biosciences, Inc.(NON) 246 4,918
Catalyst Pharmaceuticals, Inc.(NON) 269 3,882
Cigna Group (The) 170 44,690
Cogent Biosciences, Inc.(NON) 504 3,866
Corcept Therapeutics, Inc.(NON) 238 6,062
Cullinan Oncology, Inc.(NON) 225 1,843
CVS Health Corp. 7,303 496,239
Dyne Therapeutics, Inc.(NON) 399 4,421
Elevance Health, Inc. 119 57,059
Eli Lilly and Co. 83 49,056
Enanta Pharmaceuticals, Inc.(NON) 400 3,736
Fate Therapeutics, Inc.(NON) 2,481 6,178
Fulgent Genetics, Inc.(NON) 250 6,895
Genelux Corp.(NON) 214 2,547
Glaukos Corp.(NON) 103 6,581
GlaxoSmithKline PLC (United Kingdom) 8,156 146,691
Health Catalyst, Inc.(NON) 728 5,227
HealthEquity, Inc.(NON) 62 4,155
Humana, Inc. 91 44,122
Immunovant, Inc.(NON) 50 1,957
Inari Medical, Inc.(NON) 65 3,880
Ipsen SA (France) 814 91,909
Johnson & Johnson 295 45,625
Keros Therapeutics, Inc.(NON) 108 3,277
Kiniksa Pharmaceuticals, Ltd. Class A(NON) 401 6,484
Lantheus Holdings, Inc.(NON) 290 20,770
Ligand Pharmaceuticals, Inc.(NON) 59 3,440
LivaNova PLC (United Kingdom)(NON) 322 14,442
MacroGenics, Inc.(NON) 702 5,763
McKesson Corp. 104 48,938
Medtronic PLC 598 47,403
Merck & Co., Inc. 9,424 965,772
MiMedx Group, Inc.(NON) 845 6,566
Mural Oncology PLC (Ireland)(NON) 76 274
Nevro Corp.(NON) 226 3,914
Novartis AG (Switzerland) 2,362 230,965
Novavax, Inc.(NON) 1,949 10,720
Novo Nordisk A/S Class B (Denmark) 2,935 298,755
Nurix Therapeutics, Inc.(NON) 625 3,888
Nuvation Bio, Inc.(NON) 1,543 1,913
Ono Pharmaceutical Co., Ltd. (Japan) 1,000 18,353
Option Care Health, Inc.(NON) 661 19,665
OraSure Technologies, Inc.(NON) 978 7,159
Orthofix Medical, Inc. (Netherlands)(NON) 329 3,635
Pacific Biosciences of California, Inc.(NON) 487 4,130
PetIQ, Inc.(NON) 471 8,205
Pfizer, Inc. 17,667 538,313
PTC Therapeutics, Inc.(NON) 453 10,428
Quanterix Corp.(NON) 321 7,694
RadNet, Inc.(NON) 245 8,141
RAPT Therapeutics, Inc.(NON) 276 4,008
Roche Holding AG (Switzerland) 824 222,363
Sabra Health Care REIT, Inc.(R) 965 14,089
SANOFI SA (France) 1,659 154,536
Schrodinger, Inc.(NON) 130 4,042
Select Medical Holdings Corp. 547 12,362
Shionogi & Co., Ltd. (Japan) 1,800 84,719
SI-BONE, Inc.(NON) 210 3,982
Sonic Healthcare, Ltd. (Australia) 1,545 29,778
STAAR Surgical Co.(NON) 247 7,746
Surmodics, Inc.(NON) 106 3,479
Takeda Pharmaceutical Co., Ltd. (Japan) 2,000 56,185
TG Therapeutics, Inc.(NON) 415 5,316
UnitedHealth Group, Inc. 96 53,085
Veradigm, Inc.(NON) 1,117 12,823
Viatris, Inc. 4,831 44,349
Vir Biotechnology, Inc.(NON) 358 3,397
Voyager Therapeutics, Inc.(NON) 581 4,218
Zymeworks, Inc.(NON) 704 6,244
7,091,300
Technology (8.1%)
8x8, Inc.(NON) 1,143 3,532
A10 Networks, Inc. 1,006 12,565
Adeia, Inc. 969 8,905
Adobe, Inc.(NON) 80 48,881
Agilysys, Inc.(NON) 120 10,331
Allied Motion Technologies, Inc. 89 2,321
Alphabet, Inc. Class A(NON) 15,101 2,001,336
Ambarella, Inc.(NON) 66 3,875
Amplitude, Inc. Class A(NON) 360 3,834
AppFolio, Inc. Class A(NON) 21 3,974
Apple, Inc. 19,749 3,751,323
Applied Materials, Inc. 313 46,881
ASML Holding NV (Netherlands) 108 73,529
Atlassian Corp. Class A(NON) 272 51,938
Autodesk, Inc.(NON) 209 45,652
Axcelis Technologies, Inc.(NON) 145 18,021
Bandwidth, Inc. Class A(NON) 449 4,930
Broadcom, Inc. 1,120 1,036,818
Cadence Design Systems, Inc.(NON) 218 59,573
Calix, Inc.(NON) 441 17,018
CEVA, Inc.(NON) 174 3,786
Cisco Systems, Inc. 16,381 792,513
CommVault Systems, Inc.(NON) 301 22,148
CSG Systems International, Inc. 237 11,658
DocuSign, Inc.(NON) 1,094 47,151
Domo, Inc. Class B(NON) 880 8,351
eBay, Inc. 15,013 615,683
EnerSys 38 3,362
Enfusion, Inc. Class A(NON) 373 3,816
ESCO Technologies, Inc. 62 6,509
Extreme Networks, Inc.(NON) 872 14,074
Fidelity National Information Services, Inc. 861 50,489
Fujitsu, Ltd. (Japan) 900 128,207
Garmin, Ltd. 384 46,940
HealthStream, Inc. 170 4,250
HubSpot, Inc.(NON) 100 49,393
Intapp, Inc.(NON) 444 16,650
Integral Ad Science Holding Corp.(NON) 861 12,562
Intuit, Inc. 97 55,432
KLA Corp. 96 52,284
Lam Research Corp. 74 52,978
Leidos Holdings, Inc. 437 46,899
MaxLinear, Inc. Class A(NON) 549 10,283
Meta Platforms, Inc. Class A(NON) 4,452 1,456,472
Microsoft Corp. 7,365 2,790,672
NEC Corp. (Japan) 2,100 116,714
NetApp, Inc. 571 52,184
NetScout Systems, Inc.(NON) 172 3,454
Nexon Co., Ltd. (Japan) 1,500 32,355
NVIDIA Corp. 3,921 1,833,852
Otsuka Corp. (Japan) 2,600 105,834
PDF Solutions, Inc.(NON) 113 3,389
Pegasystems, Inc. 863 44,859
Photronics, Inc.(NON) 163 3,444
Phreesia, Inc.(NON) 521 8,029
Pinterest, Inc. Class A(NON) 3,309 112,738
PlayAGS, Inc.(NON) 464 3,550
PROS Holdings, Inc.(NON) 331 12,098
Pure Storage, Inc. Class A(NON) 1,205 40,139
Q2 Holdings, Inc.(NON) 120 4,262
Qualcomm, Inc. 6,551 845,407
Qualys, Inc.(NON) 152 28,096
Rambus, Inc.(NON) 401 27,136
Rapid7, Inc.(NON) 407 22,039
Roku, Inc.(NON) 256 26,675
Salesforce, Inc.(NON) 205 51,640
Sapiens International Corp. NV (Israel) 243 6,252
SCSK Corp. (Japan) 6,200 113,913
ServiceNow, Inc.(NON) 83 56,916
Shimadzu Corp. (Japan) 300 7,760
Smartsheet, Inc. Class A(NON) 1,048 44,414
Snowflake, Inc. Class A(NON) 276 51,800
SolarWinds Corp.(NON) 526 6,096
Spotify Technology SA (Sweden)(NON) 261 48,314
Square Enix Holdings Co., Ltd. (Japan) 1,100 38,076
Squarespace, Inc. Class A(NON) 627 17,575
STMicroelectronics NV (France) 1,321 62,883
Super Micro Computer, Inc.(NON) 120 32,816
Synaptics, Inc.(NON) 86 8,707
TIS, Inc. (Japan) 300 6,327
TTM Technologies, Inc.(NON) 680 10,207
Unisys Corp.(NON) 867 4,153
Viavi Solutions, Inc.(NON) 395 3,192
Vimeo, Inc.(NON) 1,689 5,945
Vishay Intertechnology, Inc. 195 4,335
Weave Communications, Inc.(NON) 664 6,268
Western Union Co. (The) 34,513 401,386
Xerox Holdings Corp. 248 3,470
Yext, Inc.(NON) 1,577 10,456
17,836,954
Transportation (0.4%)
A.P. Moeller-Maersck A/S Class B (Denmark) 61 96,251
ArcBest Corp. 123 14,660
Ardmore Shipping Corp. (Ireland) 345 4,692
Arlo Technologies, Inc.(NON) 949 8,626
CSX Corp. 1,448 46,770
Daseke, Inc.(NON) 490 2,146
Deutsche Post AG (Germany) 1,649 77,232
FedEx Corp. 174 45,036
Hub Group, Inc. Class A(NON) 162 12,239
International Seaways, Inc. 68 3,104
Kuehne + Nagel International AG (Switzerland) 333 96,389
Matson, Inc. 238 22,793
Nippon Yusen (Japan) 3,800 101,856
Norfolk Southern Corp. 108 23,561
Scorpio Tankers, Inc. 355 19,486
SITC International Holdings Co., Ltd. (Hong Kong) 50,000 75,532
SkyWest, Inc.(NON) 328 15,508
Teekay Corp. (Bermuda)(NON) 841 5,803
Teekay Tankers, Ltd. Class A (Canada) 341 16,944
Union Pacific Corp. 211 47,532
United Parcel Service, Inc. Class B 312 47,302
783,462
Utilities and power (0.8%)
ALLETE, Inc. 394 21,859
American Electric Power Co., Inc. 574 45,662
Black Hills Corp. 65 3,353
Centrica PLC (United Kingdom) 41,358 77,952
Chesapeake Utilities Corp. 38 3,633
Dominion Energy, Inc. 979 44,388
Duke Energy Corp. 523 48,262
E.ON SE (Germany) 9,675 125,672
Edison International 750 50,243
Endesa SA (Spain) 1,091 22,792
Enel SpA (Italy) 20,765 147,051
ENGIE SA (France) 2,818 48,854
Glow Energy PCL (Thailand)(NON)(F) 35,800 10
Hawaiian Electric Industries, Inc. 3,356 40,910
Kinder Morgan, Inc. 2,786 48,950
National Fuel Gas co. 834 42,359
New Jersey Resources Corp. 126 5,317
Northwest Natural Holding Co. 209 7,654
Otter Tail Corp. 46 3,510
PNM Resources, Inc. 437 18,166
Portland General Electric Co. 166 6,816
SJW Group 108 7,089
Texas Competitive Electric Holdings Co., LLC/TCEH Finance, Inc. (Rights) 25,989 31,187
Tokyo Gas Co., Ltd. (Japan) 1,900 43,918
UGI Corp. 2,114 46,487
Unitil Corp. 77 3,733
Vistra Corp. 19,597 693,889
1,639,716
Total common stocks (cost $55,141,031) $59,608,579








U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (22.6%)(a)
        Principal amount Value
U.S. Government Guaranteed Mortgage Obligations (2.8%)
Government National Mortgage Association Pass-Through Certificates
6.00%, 11/20/53 $1,177,000 $1,201,072
5.50%, 5/20/49 15,993 16,090
5.00%, 5/20/49 49,301 48,420
4.00%, with due dates from 9/20/52 to 1/20/53 1,169,895 1,077,817
3.50%, with due dates from 3/20/47 to 11/20/49 1,172,586 1,059,916
2.50%, TBA, 12/1/53 1,000,000 835,602
2.50%, with due dates from 2/20/52 to 3/20/52 1,217,119 1,010,196
2.00%, TBA, 12/1/53 1,000,000 807,559
6,056,672
U.S. Government Agency Mortgage Obligations (19.8%)
Federal Home Loan Mortgage Corporation Pass-Through Certificates
5.50%, 12/1/52 332,382 330,516
4.50%, 9/1/52 555,027 520,822
4.00%, 9/1/49 1,096,465 1,017,321
3.50%, 8/1/43 213,194 193,534
3.00%, with due dates from 3/1/43 to 8/1/52 1,402,582 1,207,358
2.50%, with due dates from 1/1/52 to 4/1/52 4,353,660 3,571,981
2.50%, 10/1/36 1,136,775 1,024,438
2.00%, 3/1/51 1,297,289 1,015,169
Federal National Mortgage Association Pass-Through Certificates
6.50%, 4/1/53 489,533 498,321
5.50%, with due dates from 1/1/38 to 11/1/52 841,009 842,696
5.00%, with due dates from 1/1/49 to 8/1/49 52,853 51,450
4.50%, with due dates from 5/1/49 to 1/1/53 575,274 539,669
3.50%, 6/1/56 1,256,005 1,101,016
3.50%, with due dates from 6/1/42 to 6/1/52 2,761,240 2,440,793
3.00%, with due dates from 2/1/43 to 3/1/52 2,870,065 2,460,177
2.50%, with due dates from 11/1/51 to 3/1/52 1,871,917 1,531,487
2.00%, with due dates from 10/1/50 to 3/1/52 6,515,082 5,115,350
2.00%, 3/1/36 1,176,582 1,035,038
1.50%, 1/1/51 1,417,457 1,054,773
1.50%, 7/1/36 1,196,271 1,025,953
Uniform Mortgage-Backed Securities
6.50%, TBA, 1/1/54 1,000,000 1,015,820
6.50%, TBA, 12/1/53 1,000,000 1,016,250
6.00%, TBA, 1/1/54 5,000,000 5,016,209
6.00%, TBA, 12/1/53 6,000,000 6,020,154
5.00%, TBA, 1/1/54 2,000,000 1,927,420
5.00%, TBA, 12/1/53 2,000,000 1,926,639
43,500,354
Total U.S. government and agency mortgage obligations (cost $50,988,384) $49,557,026








U.S. TREASURY OBLIGATIONS (7.7%)(a)
        Principal amount Value
U.S. Treasury Bonds
3.625%, 2/15/53 $470,000 $401,024
3.00%, 2/15/49 5,000,000 3,766,211
2.75%, 8/15/42(SEG) 6,000,000 4,533,750
U.S. Treasury Notes
2.75%, 8/15/32 2,700,000 2,384,332
2.75%, 2/15/28 1,000,000 938,203
1.625%, 9/30/26 2,500,000 2,313,477
1.625%, 2/15/26 1,000,000 937,484
1.125%, 2/15/31 1,900,000 1,531,578
Total U.S. treasury obligations (cost $17,652,034) $16,806,059








MORTGAGE-BACKED SECURITIES (9.6%)(a)
        Principal amount Value
Commercial mortgage-backed securities (5.1%)
AREIT CRE Trust 144A FRB Ser. 22-CRE6, Class A, 6.575%, 1/20/37 (Cayman Islands) $138,582 $136,773
Banc of America Commercial Mortgage Trust
Ser. 15-UBS7, Class AS, 3.989%, 9/15/48(WAC) 205,000 193,354
FRB Ser. 07-1, Class XW, IO, 0.508%, 1/15/49(WAC) 85,526 212
BANK FRB Ser. 20-BN26, Class XA, IO, 1.326%, 3/15/63(WAC) 2,401,894 126,600
Barclays Commercial Mortgage Trust Ser. 19-C5, Class C, 3.71%, 11/15/52 402,000 298,695
Benchmark Mortgage Trust
Ser. 19-B12, Class A5, 3.116%, 8/15/52 131,000 114,099
FRB Ser. 20-B21, Class XA, IO, 1.559%, 12/17/53(WAC) 5,678,162 391,560
Citigroup Commercial Mortgage Trust
FRB Ser. 15-P1, Class B, 4.461%, 9/15/48(WAC) 475,000 437,906
Ser. 14-GC21, Class B, 4.328%, 5/10/47(WAC) 137,000 126,581
FRB Ser. 16-P6, Class B, 4.299%, 12/10/49(WAC) 368,000 327,396
COMM Mortgage Trust
FRB Ser. 17-COR2, Class C, 4.741%, 9/10/50(WAC) 660,000 500,353
FRB Ser. 15-CR26, Class B, 4.614%, 10/10/48(WAC) 332,000 293,818
Ser. 15-DC1, Class B, 4.035%, 2/10/48(WAC) 352,000 301,474
FRB Ser. 15-LC19, Class B, 3.829%, 2/10/48(WAC) 152,000 133,679
COMM Mortgage Trust 144A Ser. 13-CR6, Class B, 3.397%, 3/10/46 210,954 176,311
CSAIL Commercial Mortgage Trust
Ser. 17-CX10, Class A3, 3.398%, 11/15/50 126,012 118,842
FRB Ser. 19-C15, Class XA, IO, 1.193%, 3/15/52(WAC) 5,756,200 225,789
CSMC Trust FRB Ser. 16-NXSR, Class AS, 4.049%, 12/15/49(WAC) 176,000 154,674
GS Mortgage Securities Trust
FRB Ser. 16-GS2, Class C, 4.854%, 5/10/49(WAC) 489,000 440,329
Ser. 14-GC22, Class B, 4.391%, 6/10/47(WAC) 239,000 186,790
JPMDB Commercial Mortgage Securities Trust FRB Ser. 18-C8, Class C, 4.917%, 6/15/51(WAC) 187,000 141,789
JPMorgan Chase Commercial Mortgage Securities Trust
Ser. 14-C20, Class B, 4.399%, 7/15/47(WAC) 252,000 235,691
FRB Ser. 13-C10, Class C, 4.25%, 12/15/47(WAC) 114,253 102,051
Ladder Capital Commercial Mortgage Trust 144A FRB Ser. 17-LC26, Class XA, IO, 1.683%, 7/12/50(WAC) 3,101,030 122,349
Morgan Stanley Bank of America Merrill Lynch Trust
Ser. 14-C15, Class B, 4.565%, 4/15/47(WAC) 304,000 298,333
Ser. 14-C17, Class AS, 4.011%, 8/15/47 388,000 372,286
Ser. 14-C19, Class B, 4.00%, 12/15/47(WAC) 402,000 374,179
Ser. 16-C32, Class AS, 3.994%, 12/15/49(WAC) 410,000 368,904
Ser. 15-C22, Class B, 3.883%, 4/15/48(WAC) 138,000 123,385
Ser. 13-C9, Class B, 3.708%, 5/15/46(WAC) 134,736 109,285
FRB Ser. 16-C32, Class XA, IO, 0.791%, 12/15/49(WAC) 9,285,629 153,658
Morgan Stanley Capital I Trust
FRB Ser. 18-L1, Class C, 4.942%, 10/15/51(WAC) 422,000 327,488
Ser. 18-L1, Class AS, 4.637%, 10/15/51(WAC) 310,000 280,652
Ser. 18-L1, Class A4, 4.407%, 10/15/51(WAC) 221,000 207,796
PFP, Ltd. 144A
FRB Ser. 21-7, Class B, 6.844%, 4/14/38 (Cayman Islands) 646,968 628,309
FRB Ser. 21-7, Class AS, 6.594%, 4/14/38 (Cayman Islands) 413,709 409,082
Ready Capital Mortgage Financing, LLC 144A FRB Ser. 22-FL10, Class AS, 8.413%, 10/25/39 371,000 370,827
UBS Commercial Mortgage Trust Ser. 17-C1, Class A4, 3.46%, 6/15/50 210,000 193,083
Wachovia Bank Commercial Mortgage Trust FRB Ser. 06-C29, IO, 0.451%, 11/15/48(WAC) 24,133 366
Wachovia Bank Commercial Mortgage Trust 144A FRB Ser. 05-C21, Class E, 5.137%, 10/15/44(WAC) 362,519 289,217
Wells Fargo Commercial Mortgage Trust
Ser. 18-C47, Class AS, 4.673%, 9/15/61(WAC) 327,000 301,425
Ser. 19-C49, Class B, 4.546%, 3/15/52 581,000 489,493
Ser. 17-C39, Class B, 4.025%, 9/15/50 491,000 429,233
WF-RBS Commercial Mortgage Trust Ser. 13-C11, Class B, 3.714%, 3/15/45(WAC) 242,026 210,412
11,224,528
Residential mortgage-backed securities (non-agency) (4.5%)
A&D Mortgage Trust 144A Ser. 23-NQM5, Class A1, 7.049%, 11/25/68 579,000 580,616
BRAVO Residential Funding Trust 144A FRB Ser. 21-HE2, Class A1, (US 30 Day Average SOFR + 0.75%), 6.078%, 11/25/69 455,765 442,092
COLT Mortgage Loan Trust 144A Ser. 23-3, Class A1, 7.18%, 9/25/68 867,465 873,564
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk FRN Ser. 15-HQA1, Class M3, (US 30 Day Average SOFR + 4.81%), 10.143%, 3/25/28 207,016 214,113
Federal Home Loan Mortgage Corporation 144A
Structured Agency Credit Risk Debt FRN Ser. 22-DNA5, Class M1A, (US 30 Day Average SOFR + 2.95%), 8.278%, 6/25/42 412,594 422,582
Structured Agency Credit Risk Trust REMICs FRB Ser. 22-HQA3, Class M1A, (US 30 Day Average SOFR + 2.30%), 7.628%, 8/25/42 442,736 448,960
Structured Agency Credit Risk Trust REMICs FRB Ser. 22-DNA4, Class M1A, (US 30 Day Average SOFR + 2.20%), 7.528%, 5/25/42 533,161 542,824
Structured Agency Credit Risk Trust REMICs FRB Ser. 22-DNA6, Class M1A, (US 30 Day Average SOFR + 2.15%), 7.478%, 9/25/42 158,834 160,374
Structured Agency Credit Risk Trust REMICs FRB Ser. 22-DNA3, Class M1A, (US 30 Day Average SOFR + 2.00%), 7.328%, 4/25/42 309,018 312,273
Structured Agency Credit Risk Trust REMICs FRB Ser. 21-DNA5, Class M2, (US 30 Day Average SOFR + 1.65%), 6.978%, 1/25/34 29,376 29,440
Structured Agency Credit Risk Trust REMICs FRB Ser. 22-DNA1, Class M1A, (US 30 Day Average SOFR + 1.00%), 6.328%, 1/25/42 60,181 59,869
Structured Agency Credit Risk Trust REMICs FRB Ser. 21-HQA3, Class M1, (US 30 Day Average SOFR + 0.85%), 6.178%, 9/25/41 76,132 75,293
Federal National Mortgage Association Connecticut Avenue Securities FRB Ser. 14-C04, Class 1M2, (US 30 Day Average SOFR + 4.90%), 10.343%, 11/25/24 2,964 3,080
Federal National Mortgage Association 144A
Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2M2, (US 30 Day Average SOFR + 3.00%), 8.328%, 1/25/42 543,000 549,109
Connecticut Avenue Securities Trust FRB Ser. 22-R07, Class 1M1, (US 30 Day Average SOFR + 2.95%), 8.279%, 6/25/42 321,304 329,839
Connecticut Avenue Securities Trust FRB Ser. 22-R06, Class 1M1, (US 30 Day Average SOFR + 2.75%), 8.078%, 5/25/42 397,953 407,629
Connecticut Avenue Securities Trust FRB Ser. 22-R08, Class 1M1, (US 30 Day Average SOFR + 2.55%), 7.878%, 7/25/42 175,819 180,215
Connecticut Avenue Securities Trust FRB Ser. 19-HRP1, Class M2, (US 30 Day Average SOFR + 2.26%), 7.593%, 11/25/39 97,563 98,308
Connecticut Avenue Securities Trust FRB Ser. 22-R03, Class 1M1, (US 30 Day Average SOFR + 2.10%), 7.428%, 3/25/42 646,179 653,650
Connecticut Avenue Securities Trust FRB Ser. 22-R04, Class 1M1, (US 30 Day Average SOFR + 2.00%), 7.328%, 3/25/42 364,494 367,221
Connecticut Avenue Securities Trust FRB Ser. 22-R05, Class 2M1, (US 30 Day Average SOFR + 1.90%), 7.228%, 4/25/42 210,503 211,029
Connecticut Avenue Securities Trust FRB Ser. 23-R06, Class 1M1, (US 30 Day Average SOFR + 1.70%), 7.028%, 7/25/43 61,206 61,388
Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2M1, (US 30 Day Average SOFR + 1.10%), 6.528%, 1/25/42 77,761 77,628
FirstKey Homes Trust 144A Ser. 20-SFR2, Class A, 1.266%, 10/19/37 1,039,858 951,282
GCAT Trust 144A Ser. 20-NQM2, Class A3, 2.935%, 4/25/65 22,444 20,864
Mill City Mortgage Loan Trust 144A Ser. 23-NQM1, Class A1, 6.05%, 10/25/67 308,439 305,595
MortgageIT Trust FRB Ser. 04-1, Class M2, (CME Term SOFR 1 Month + 1.12%), 6.462%, 11/25/34 93,655 86,803
Residential Accredit Loans, Inc. FRB Ser. 06-QO5, Class 1A1, (CME Term SOFR 1 Month + 0.54%), 5.887%, 5/25/46 133,598 115,562
Structured Asset Mortgage Investments II Trust FRB Ser. 07-AR1, Class 2A1, (CME Term SOFR 1 Month + 0.29%), 5.637%, 1/25/37 514,364 428,741
Tricon American Homes Trust 144A Ser. 18-SFR1, Class A, 3.53%, 5/17/37 840,218 810,557
9,820,500
Total mortgage-backed securities (cost $21,195,111) $21,045,028








FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (4.0%)(a)
        Principal amount Value
Angola (Republic of) sr. unsec. unsub. notes Ser. REGS, 8.75%, 4/14/32 (Angola) $200,000 $166,750
Argentine (Republic of) sr. unsec. unsub. bonds 3.625%, 7/9/35 (Argentina) 200,000 64,528
Argentine (Republic of) sr. unsec. unsub. notes 0.75%, 7/9/30 (Argentina) 240,000 89,003
Bahrain (Kingdom of) sr. unsec. notes Ser. REGS, 7.375%, 5/14/30 (Bahrain) 200,000 204,750
Brazil (Federal Republic of) sr. unsec. unsub. bonds 4.75%, 1/14/50 (Brazil) 330,000 238,319
Chile (Republic of) sr. unsec. unsub. bonds 4.34%, 3/7/42 (Chile) 340,000 286,940
Colombia (Republic of) sr. unsec. unsub. bonds 8.00%, 4/20/33 (Colombia) 250,000 259,679
Colombia (Republic of) sr. unsec. unsub. notes 8.00%, 11/14/35 (Colombia) 200,000 206,530
Cote d'lvoire (Republic of) sr. unsec. unsub. bonds Ser. REGS, 6.125%, 6/15/33 (Cote d'lvoire) 250,000 219,375
Dominican (Republic of) sr. unsec. bonds Ser. REGS, 4.875%, 9/23/32 (Dominican Republic) 150,000 129,375
Dominican (Republic of) sr. unsec. unsub. bonds Ser. REGS, 7.45%, 4/30/44 (Dominican Republic) 100,000 99,013
Dominican (Republic of) sr. unsec. unsub. notes Ser. REGS, 5.95%, 1/25/27 (Dominican Republic) 153,000 150,489
Ecuador (Republic of) sr. unsec. unsub. bonds Ser. REGS, 3.50%, 7/31/35 (Ecuador) 230,000 81,363
Egypt (Arab Republic of) sr. unsec. bonds Ser. REGS, 7.30%, 9/30/33 (Egypt) 400,000 243,500
El Salvador (Republic of) sr. unsec. unsub. notes Ser. REGS, 8.625%, 2/28/29 (El Salvador) 90,000 76,500
Gabon (Republic of) sr. unsec. notes Ser. REGS, 6.625%, 2/6/31 (Gabon) 200,000 156,250
Ghana (Republic of) sr. unsec. unsub. notes Ser. REGS, 8.125%, 1/18/26 (Ghana) (In default)(NON) 250,000 111,875
Ghana (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.375%, 2/11/27 (Ghana) (In default)(NON) 200,000 87,250
Guatemala (Republic of) sr. unsec. unsub. bonds Ser. REGS, 3.70%, 10/7/33 (Guatemala) 240,000 186,600
Hungary (Government of) sr. unsec. bonds Ser. REGS, 5.50%, 6/16/34 (Hungary) 210,000 200,046
Indonesia (Republic of) sr. unsec. unsub. notes 4.65%, 9/20/32 (Indonesia) 390,000 374,519
Indonesia (Republic of) sr. unsec. unsub. notes 4.55%, 1/11/28 (Indonesia) 200,000 195,920
Jamaica (Government of) sr. unsec. unsub. bonds 8.00%, 3/15/39 (Jamaica) 100,000 121,003
Kenya (Republic of) sr. unsec. unsub. notes Ser. REGS, 7.00%, 5/22/27 (Kenya) 230,000 207,288
Morocco (Kingdom of) sr. unsec. bonds Ser. REGS, 3.00%, 12/15/32 (Morocco) 200,000 157,000
Mozambique (Republic of) unsec. notes Ser. REGS, 9.00%, 9/15/31 (Mozambique) 200,000 159,750
Nigeria (Government of) sr. unsec. unsub. notes Ser. REGS, 6.50%, 11/28/27 (Nigeria) 200,000 176,750
Oman (Sultanate of) sr. unsec. notes Ser. REGS, 7.375%, 10/28/32 (Oman) 300,000 330,750
Panama (Republic of) sr. unsec. unsub. bonds 6.70%, 1/26/36 (Panama) 275,000 261,938
Paraguay (Republic of) sr. unsec. notes Ser. REGS, 4.95%, 4/28/31 (Paraguay) 200,000 189,250
People's Republic of China sr. unsec. notes Ser. REGS, 1.75%, 10/26/31 (China) 350,000 290,274
Philippines (Republic of) sr. unsec. unsub. notes 3.75%, 1/14/29 (Philippines) 200,000 188,911
Qatar (State of) sr. unsec. notes Ser. REGS, 3.75%, 4/16/30 (Qatar) 300,000 284,232
Qatar (State of) sr. unsec. unsub. bonds Ser. REGS, 6.40%, 1/20/40 (Qatar) 170,000 186,187
Romania (Government of) sr. unsec. unsub. notes 6.125%, 1/22/44 (Romania) 100,000 92,000
Romania (Government of) 144A sr. unsec. unsub. notes 6.625%, 2/17/28 (Romania) 400,000 406,572
Saudi Arabia (Kingdom of) sr. unsec. bonds Ser. REGS, 4.50%, 10/26/46 (Saudi Arabia) 230,000 186,565
Serbia (Republic of) sr. unsec. notes 6.25%, 5/26/28 (Serbia) 200,000 200,250
Serbia (Republic of) 144A sr. unsec. notes 6.50%, 9/26/33 (Serbia) 200,000 196,500
South Africa (Republic of) sr. unsec. unsub. notes 5.875%, 4/20/32 (South Africa) 280,000 250,938
Turkey (Republic of) sr. unsec. unsub. notes 8.60%, 9/24/27 (Turkey) 200,000 207,250
Ukraine (Government of) sr. unsec. notes Ser. REGS, 7.375%, 9/25/34 (Ukraine) (In default)(NON) 370,000 90,650
United Arab Emirates sr. unsec. unsub. bonds Ser. REGS, 2.875%, 10/19/41 (United Arab Emirates) 230,000 162,361
United Mexican States sr. unsec. unsub. bonds 4.28%, 8/14/41 (Mexico) 380,000 296,760
United Mexican States sr. unsec. unsub. notes 4.50%, 4/22/29 (Mexico) 200,000 192,039
Uruguay (Oriental Republic of) sr. unsec. bonds 5.10%, 6/18/50 (Uruguay) 160,000 150,852
Total foreign government and agency bonds and notes (cost $9,104,851) $8,814,644








COLLATERALIZED LOAN OBLIGATIONS (2.2%)(a)
        Principal amount Value
AB BSL CLO 2, Ltd. 144A FRB Ser. 21-2A, Class A, (CME Term SOFR 3 Month + 1.36%), 6.755%, 4/15/34 (Cayman Islands) $250,000 $248,273
BlueMountain CLO XXXII, Ltd. 144A FRB Ser. 21-32A, Class A, (CME Term SOFR 3 Month + 1.43%), 6.825%, 10/15/34 (Cayman Islands) 250,000 249,150
CBAM CLO Management, Ltd. 144A FRB Ser. 21-2A, Class AR, (CME Term SOFR 3 Month + 1.45%), 6.854%, 7/17/34 (Cayman Islands) 200,000 198,839
Elevation CLO, Ltd. 144A FRB Ser. 21-13A, Class A1, (CME Term SOFR 3 Month + 1.45%), 6.845%, 7/15/34 (Cayman Islands) 250,000 247,329
Ellington CLO III, Ltd. 144A FRB Ser. 18-3A, Class A1, (CME Term SOFR 3 Month + 1.91%), 7.327%, 7/20/30 170,723 170,465
Elmwood CLO 19, Ltd. 144A FRB Ser. 23-6A, Class AR, (CME Term SOFR 3 Month + 1.70%), 7.097%, 10/17/36 (Cayman Islands) 250,000 250,152
Golub Capital Partners CLO, Ltd. 144A FRB Ser. 23-70A, Class A, (CME Term SOFR 3 Month + 1.75%), 7.103%, 10/25/36 (Jersey) 250,000 246,787
Gulf Stream Meridian 4, Ltd. 144A FRB Ser. 21-4A, Class A1, (CME Term SOFR 3 Month + 1.46%), 6.855%, 7/15/34 (Cayman Islands) 300,000 299,679
ICG US CLO, Ltd. 144A FRB Ser. 21-1A, Class ARR, (CME Term SOFR 3 Month + 1.43%), 6.822%, 7/28/34 250,000 246,492
Invesco CLO, Ltd. 144A FRB Ser. 21-2A, Class A, (CME Term SOFR 3 Month + 1.38%), 6.775%, 7/15/34 (Cayman Islands) 250,000 248,283
Juniper Valley Park CLO, LLC 144A FRB Ser. 23-1A, Class A1, (CME Term SOFR 3 Month + 1.85%), 7.266%, 7/20/35 250,000 250,295
Magnetite XXXVII, Ltd. 144A FRB Ser. 23-37A, Class A, (CME Term SOFR 3 Month + 1.65%), 7.076%, 10/20/36 (Cayman Islands) 250,000 249,600
Rad CLO 22, Ltd. 144A FRB Ser. 23-22A, Class A1, (CME Term SOFR 3 Month + 1.83%), 7.213%, 1/20/37 (Cayman Islands) 250,000 249,785
Sound Point CLO IX, Ltd. 144A FRB Ser. 21-2A, Class ARRR, (CME Term SOFR 3 Month + 1.47%), 6.887%, 7/20/32 (Cayman Islands) 250,000 247,744
TCW CLO, Ltd. 144A FRB Ser. 21-2A, Class AS, (CME Term SOFR 3 Month + 1.44%), 6.82%, 7/25/34 (Cayman Islands) 200,000 199,150
Texas Debt Capital CLO, Ltd. 144A FRB Ser. 23-1A, Class A, (CME Term SOFR 3 Month + 1.80%), 7.216%, 4/20/36 (Cayman Islands) 250,000 250,380
Trestles CLO V, Ltd. 144A FRB Ser. 21-5A, Class A1, (CME Term SOFR 3 Month + 1.43%), 6.847%, 10/20/34 (Cayman Islands) 300,000 298,316
Venture 37 CLO, Ltd. 144A FRB Ser. 21-37A, Class A1R, (CME Term SOFR 3 Month + 1.41%), 6.805%, 7/15/32 (Cayman Islands) 200,000 197,195
Venture CLO XV, Ltd. 144A FRB Ser. 21-15A, Class AR3, (CME Term SOFR 3 Month + 1.44%), 6.835%, 7/15/32 (Cayman Islands) 300,000 297,286
Venture XIX CLO, Ltd. 144A FRB Ser. 18-19A, Class ARR, (CME Term SOFR 3 Month + 1.52%), 6.915%, 1/15/32 (Cayman Islands) 250,000 247,972
Total collateralized loan obligations (cost $4,885,112) $4,893,172








ASSET-BACKED SECURITIES (0.6%)(a)
        Principal amount Value
Foursight Capital Automobile Receivables Trust 144A Ser. 22-2, Class A2, 4.49%, 3/16/26 $65,752 $65,560
Harley-Davidson Motorcycle Trust Ser. 22-A, Class A3, 3.06%, 2/15/27 139,496 136,955
Mello Warehouse Securitization Trust 144A FRB Ser. 21-3, Class E, (CME Term SOFR 1 Month + 3.36%), 8.707%, 10/22/24 520,000 514,800
Station Place Securitization Trust 144A FRB Ser. 23-2, Class A1, (CME Term SOFR 1 Month + 0.95%), 6.291%, 6/29/24 525,000 524,850
Total asset-backed securities (cost $1,211,007) $1,242,165








SENIOR LOANS (0.5%)(a)(c)
        Principal amount Value
AppleCaramel Buyer, LLC bank term loan FRN (CME Term SOFR 1 Month + 3.75%), 9.098%, 10/19/27 $89,318 $89,227
Ascend Learning, LLC bank term loan FRN (CME Term SOFR 1 Month + 5.75%), 10.98%, 11/18/29 80,000 68,129
Clear Channel Outdoor Holdings, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.50%), 8.81%, 8/21/26 129,328 126,742
CP Atlas Buyer, Inc. bank term loan FRN Ser. B1, (CME Term SOFR 1 Month + 3.75%), 8.952%, 11/23/27 114,145 107,235
CQP Holdco LP bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 9.048%, 5/27/28 104,201 104,370
Crocs, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 8.54%, 2/19/29 28,571 28,632
DIRECTV Financing, LLC bank term loan FRN (CME Term SOFR 3 Month + 5.00%), 10.645%, 7/22/27 21,108 20,741
Genesys Cloud Services Holdings, LLC bank term loan FRN (CME Term SOFR 3 Month + 4.00%), 9.463%, 12/1/27 69,464 69,496
IRB Holding Corp. bank term loan FRN (CME Term SOFR 3 Month Plus CSA + 3.00%), 8.448%, 12/15/27 99,495 99,294
Klockner-Pentaplast of America, Inc. bank term loan FRN (CME Term SOFR 6 Month + 4.73%), 10.476%, 2/4/26 49,745 45,797
LSF11 A5 HoldCo, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.25%), 9.698%, 10/15/28 14,963 14,791
Madison IAQ, LLC bank term loan FRN (CME Term SOFR 1 Month + 3.25%), 8.334%, 6/15/28 24,720 24,346
Mattress Firm, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 4.25%), 9.95%, 9/21/28 74,409 73,712
Michaels Cos., Inc. (The) bank term loan FRN (CME Term SOFR 3 Month + 4.25%), 9.902%, 4/15/28 19,898 15,098
Nouryon USA, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.00%), 9.467%, 4/3/28 34,913 34,618
Nouryon USA, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.00%), 9.423%, 4/3/28 34,913 34,636
Polaris Newco, LLC bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 4.00%), 9.298%, 6/3/28 44,431 43,187
United Airlines, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.75%), 9.207%, 4/21/28 71,086 71,005
VM Consolidated, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.25%), 8.593%, 3/19/28 64,915 65,064
Total senior loans (cost $1,128,593) $1,136,120








PURCHASED OPTIONS OUTSTANDING (0.2%)(a)
  Counterparty Expiration date/strike Notional amount   Contract amount Value
Citibank, N.A.
S&P 500 Index (Put) Dec-24/4500.00 $6,764,912 $1,481 $293,099
S&P 500 Index (Put) Jun-24/4500.00 6,764,912 1,481 188,895
Total purchased options outstanding (cost $602,915) $481,994








CONVERTIBLE BONDS AND NOTES (0.2%)(a)
        Principal amount Value
Fiverr International, Ltd. cv. sr. unsec. notes zero %, 11/1/25 (Israel) $65,000 $56,836
Middleby Corp. (The) cv. sr. unsec. notes 1.00%, 9/1/25 40,000 44,140
Realogy Group, LLC/Realogy Co-Issuer Corp. company guaranty cv. sr. unsec. notes 0.25%, 6/15/26 68,000 49,388
Shake Shack, Inc. cv. sr. unsec. notes zero %, 3/1/28 70,000 52,850
Spotify USA, Inc. company guaranty cv. sr. unsec. notes zero %, 3/15/26 65,000 56,752
Teladoc Health, Inc. cv. sr. unsec. sub. notes 1.25%, 6/1/27 70,000 56,266
Unity Software, Inc. cv. sr. unsec. notes zero %, 11/15/26 70,000 56,455
Total convertible bonds and notes (cost $386,158) $372,687








INVESTMENT COMPANIES (0.1%)(a)
        Shares Value
SPDR S&P 500 ETF Trust 340 $155,176
SPDR S&P MidCap 400 ETF Trust 47 22,035
Total investment companies (cost $163,078) $177,211








CONVERTIBLE PREFERRED STOCKS (—%)(a)
        Shares Value
Apollo Global Management, Inc. $3.38 cv. pfd. 1,225 $67,975
Total convertible preferred stocks (cost $61,250) $67,975








SHORT-TERM INVESTMENTS (3.9%)(a)
        Shares Value
Putnam Short Term Investment Fund Class P 5.57%(AFF) 8,164,845 $8,164,845
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.31%(P) 450,000 450,000
Total short-term investments (cost $8,614,845) $8,614,845
TOTAL INVESTMENTS
Total investments (cost $234,681,237) $236,411,484








FORWARD CURRENCY CONTRACTS at 11/30/23 (aggregate face value $650,744) (Unaudited)
  Counterparty Currency Contract type* Delivery date Value Aggregate face value Unrealized
appreciation/
(depreciation)
Morgan Stanley & Co. International PLC
Euro Sell 12/20/23 $199,267 $197,164 $(2,103)
State Street Bank and Trust Co.
Euro Sell 12/20/23 205,272 202,894 (2,378)
UBS AG
Euro Sell 12/20/23 254,188 250,686 (3,502)
Unrealized appreciation —
Unrealized (depreciation) (7,983)
Total $(7,983)
* The exchange currency for all contracts listed is the United States Dollar.








FUTURES CONTRACTS OUTSTANDING at 11/30/23 (Unaudited)
    Number of contracts Notional amount Value Expiration date Unrealized
appreciation/
(depreciation)
S&P 500 Index E-Mini (Short) 7 $1,598,730 $1,601,863 Dec-23 $(22,956)
U.S. Treasury Bond Ultra 30 yr (Long) 19 2,337,000 2,337,000 Mar-24 26,418
U.S. Treasury Note 2 yr (Long) 58 11,858,734 11,858,734 Mar-24 38,940
U.S. Treasury Note 5 yr (Long) 8 854,813 854,813 Mar-24 4,607
U.S. Treasury Note 10 yr (Long) 8 878,375 878,375 Mar-24 4,920
Unrealized appreciation 74,885
Unrealized (depreciation) (22,956)
Total $51,929








WRITTEN OPTIONS OUTSTANDING at 11/30/23 (premiums $108,484) (Unaudited)
  Counterparty Expiration date/strike Notional amount   Contract amount Value
Citibank, N.A.
S&P 500 Index (Put) Dec-24/3500.00 $6,764,912 $1,481 $74,249
Total $74,249








TBA SALE COMMITMENTS OUTSTANDING at 11/30/23 (proceeds receivable $8,902,891) (Unaudited)
  Agency Principal amount Settlement date Value
Uniform Mortgage-Backed Securities, 6.50%, 12/1/53 $1,000,000 12/13/23 $1,016,250
Uniform Mortgage-Backed Securities, 6.00%, 12/1/53 6,000,000 12/13/23 6,020,154
Uniform Mortgage-Backed Securities, 5.00%, 12/1/53 2,000,000 12/13/23 1,926,639
Total $8,963,043










CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 11/30/23 (Unaudited)
  Notional amount Value   Upfront premium received (paid)   Termi-
nation
date		 Payments made
by fund		   Payments received
by fund		 Unrealized
appreciation/
(depreciation)
$1,913,000 $11,286 (E) $1,442 12/20/25 US SOFR — Annually 4.80% — Annually $12,728
1,142,000 21,024 (E) 4,429 12/20/28 4.40% — Annually US SOFR — Annually (16,595)
1,361,000 4,056 (E) (21,960) 12/20/33 4.00% — Annually US SOFR — Annually (26,016)
741,000 28,090 (E) 44,668 12/20/53 US SOFR — Annually 3.60% — Annually 16,578
Total $28,579 $(13,305)
(E) Extended effective date.








CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 11/30/23 (Unaudited)
  Referenced debt* Rating*** Upfront premium received (paid)**   Notional
amount		 Value   Termi-
nation
date		   Payments received
by fund		 Unrealized
appreciation/
(depreciation)
CDX NA HY Series 41 Index B+/P $(18,608) $7,920,000 $308,880 12/20/28 500 bp — Quarterly $353,813
Total $(18,608) $353,813
* Payments related to the referenced debt are made upon a credit default event.
** Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.
*** Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at November 30, 2023. Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor’s classifications.










Key to holding's currency abbreviations
EUR Euro
USD / $ United States Dollar
Key to holding's abbreviations
BKNT Bank Note
bp Basis Points
CME Chicago Mercantile Exchange
DAC Designated Activity Company
ETF Exchange Traded Fund
FRB Floating Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
FRN Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
GMTN Global Medium Term Notes
IO Interest Only
JSC Joint Stock Company
MTN Medium Term Notes
REGS Securities sold under Regulation S may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
REMICs Real Estate Mortgage Investment Conduits
SOFR Secured Overnight Financing Rate
SPDR S&P Depository Receipts
TBA To Be Announced Commitments
Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2023 through November 30, 2023 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $219,103,850.
(NON) This security is non-income-producing.
(PIK) Income may be received in cash or additional securities at the discretion of the issuer. The rate shown in parenthesis is the rate paid in kind, if applicable.
(AFF) Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows:
Name of affiliate Fair value
as of
8/31/23		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
11/30/23
Short-term investments
Putnam Short Term Investment Fund** $6,128,842 $17,939,219 $15,903,216 $84,380 $8,164,845
Putnam Government Money Market Fund*** — 1,923,747 1,923,747 474 —
Total Short-term investments $6,128,842 $19,862,966 $17,826,963 $84,854 $8,164,845
** Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
*** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund. There were no realized or unrealized gains or losses during the period.
(SEG) This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $373,464.
(c) Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown. Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities.
Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations.
(F) This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.
(P) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(R) Real Estate Investment Trust.
(WAC) The rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor.
Debt obligations are considered secured unless otherwise indicated.
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The dates shown on debt obligations are the original maturity dates.
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Stripped securities: The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive to changes in interest rates.
Options contracts: The fund used options contracts to hedge against changes in values of securities it owns, owned or expects to own.
The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.
Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap options contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.
For the fund's average contract amount on options contracts, see the appropriate table at the end of these footnotes.
Futures contracts: The fund used futures contracts to manage exposure to market risk and to equitize cash.
The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”.
For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes.
Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk and to gain exposure to currencies.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
Interest rate swap contracts: The fund entered into OTC and/or centrally cleared interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, to hedge interest rate risk, to gain exposure on interest rates and to hedge prepayment risk.
An OTC and centrally cleared interest rate swap can be purchased or sold with an upfront premium. For OTC interest rate swap contracts, an upfront payment received by the fund is recorded as a liability on the fund's books. An upfront payment made by the fund is recorded as an asset on the fund's books. OTC and centrally cleared interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change is recorded as an unrealized gain or loss on OTC interest rate swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments, including upfront premiums, received or made are recorded as realized gains or losses at the reset date or the closing of the contract. Certain OTC and centrally cleared interest rate swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract.
The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults, in the case of OTC interest rate contracts, or the central clearing agency or a clearing member defaults, in the case of centrally cleared interest rate swap contracts, on its respective obligation to perform under the contract. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC interest rate swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared interest rate swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared interest rate swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default.
For the fund's average notional amount on interest rate swap contracts, see the appropriate table at the end of these footnotes.
At the close of the reporting period, the fund has deposited cash valued at $36,216 in a segregated account to cover margin requirements on open centrally cleared interest rate swap contracts.
Credit default contracts: The fund entered into OTC and/or centrally cleared credit default contracts to hedge credit risk, to hedge market risk and to gain exposure on individual names and/or baskets of securities.
In OTC and centrally cleared credit default contracts, the protection buyer typically makes a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. For OTC credit default contracts, an upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. Centrally cleared credit default contracts provide the same rights to the protection buyer and seller except the payments between parties, including upfront premiums, are settled through a central clearing agent through variation margin payments. Upfront and periodic payments received or paid by the fund for OTC and centrally cleared credit default contracts are recorded as realized gains or losses at the reset date or close of the contract. The OTC and centrally cleared credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change in value of OTC credit default contracts is recorded as an unrealized gain or loss. Daily fluctuations in the value of centrally cleared credit default contracts are recorded as unrealized gain or loss. Upon the occurrence of a credit event, the difference between the par value and fair value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or loss.
In addition to bearing the risk that the credit event will occur, the fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that the fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the fund may enter into offsetting OTC and centrally cleared credit default contracts which would mitigate its risk of loss. The fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated for OTC credit default contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared credit default contracts through the daily exchange of variation margin. Counterparty risk is further mitigated with respect to centrally cleared credit default swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Where the fund is a seller of protection, the maximum potential amount of future payments the fund may be required to make is equal to the notional amount.
For the fund's average notional amount on credit default contracts, see the appropriate table at the end of these footnotes.
At the close of the reporting period, the fund has deposited cash valued at $685,257 in a segregated account to cover margin requirements on open centrally cleared credit default contracts.
TBA commitments: The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.
The fund may also enter into TBA sale commitments to hedge its portfolio positions to sell mortgage-backed securities it owns under delayed delivery arrangements or to take a short position in mortgage-backed securities. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, either equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction, or other liquid assets in an amount equal to the notional value of the TBA sale commitment are segregated. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.
TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform its obligations. Counterparty risk is mitigated by having a master agreement between the fund and the counterparty.
Unsettled TBA commitments are valued at their fair value according to the procedures described under "Security valuation" above. The contract is marked to market daily and the change in fair value is recorded by the fund as an unrealized gain or loss. Based on market circumstances, Putnam Management will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund's portfolio.
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
At the close of the reporting period, the fund had a net liability position of $7,983 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements.








ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
  Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks*:
Basic materials $2,147,146 $491,092 $—
Capital goods 1,641,122 214,319 —
Communication services 1,698,853 107,118 —
Conglomerates 1,198,999 — —
Consumer cyclicals 6,588,871 1,180,522 —
Consumer staples 3,901,751 797,445 —
Energy 2,681,162 380,490 —
Financials 7,530,394 1,697,863 —
Health care 5,908,847 1,182,453 —
Technology 17,700,542 136,412 —
Transportation 513,590 269,872 —
Utilities and power 1,186,198 453,508 10
Total common stocks 52,697,475 6,911,094 10
Asset-backed securities — 1,242,165 —
Collateralized loan obligations — 4,893,172 —
Convertible bonds and notes — 372,687 —
Convertible preferred stocks — 67,975 —
Corporate bonds and notes — 63,593,979 —
Foreign government and agency bonds and notes — 8,814,644 —
Investment companies 177,211 — —
Mortgage-backed securities — 21,045,028 —
Purchased options outstanding — 481,994 —
Senior loans — 1,136,120 —
U.S. government and agency mortgage obligations — 49,557,026 —
U.S. treasury obligations — 16,806,059 —
Short-term investments 450,000 8,164,845 —
Totals by level $53,324,686 $183,086,788 $10
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(7,983) $—
Futures contracts 51,929 — —
Written options outstanding — (74,249) —
TBA sale commitments — (8,963,043) —
Interest rate swap contracts — (41,884) —
Credit default contracts — 372,421 —
Totals by level $51,929 $(8,714,738) $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Purchased equity option contracts (contract amount) $3,000
Written equity option contracts (contract amount) $1,000
Futures contracts (number of contracts) 100
Forward currency contracts (contract amount) $660,000
Centrally cleared interest rate swap contracts (notional) $5,200,000
Centrally cleared credit default contracts (notional) $7,900,000
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com