UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-00816
AMERICAN CENTURY MUTUAL FUNDS, INC.
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI				64111
(Address of principal executive offices)				(Zip Code)
JOHN PAK 4500 MAIN STREET, KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
Registrant’s telephone number, including area code:			816-531-5575
Date of fiscal year end:	10-31
Date of reporting period:	10-31-2023

ITEM 1. REPORTS TO STOCKHOLDERS.

(a)Provided under separate cover.

Annual Report

October 31, 2023

Balanced Fund

Investor Class (TWBIX)

I Class (ABINX)

R5 Class (ABGNX)

Table of Contents

President’s Letter	2
Performance	3
Portfolio Commentary	5
Fund Characteristics	7
Shareholder Fee Example	8
Schedule of Investments	10
Statement of Assets and Liabilities	30
Statement of Operations	31
Statement of Changes in Net Assets	32
Notes to Financial Statements	33
Financial Highlights	41
Report of Independent Registered Public Accounting Firm	43
Management	44
Approval of Management Agreement	47
Additional Information	51

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ending October 31, 2023. Annual reports help convey important information about fund returns, including market factors that affect performance. For additional investment insights, please visit americancentury.com.

Asset Class Performance Was Mixed as Volatility Reigned

While most asset class returns improved versus the previous fiscal year, investors faced ongoing challenges from a variety of sources. The Federal Reserve (Fed) and other central banks continued to aggressively raise interest rates, and inflation persisted. Additionally, banking industry turmoil, economic uncertainty and geopolitical unrest added to the volatile backdrop.

Overall, investor expectations for the Fed to conclude its rate-hike campaign fueled optimism. Early on, inflation’s steady slowdown, a series of bank failures and mounting recession worries prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still higher than central bank targets, the Fed and its developed markets peers continued to raise rates.

By period-end, most central banks had paused their tightening campaigns, leaving government bond yields and interest rates at multiyear highs. While many observers believed the pauses indicated tightening had ended, still-high inflation prompted policymakers to leave their options open. Economic growth remained stronger than expected in the U.S., muddying the Fed’s monetary policy strategy, but it cooled notably in Europe and the U.K.

Despite this volatile backdrop, corporate earnings generally remained better than expected. The broad S&P 500 Index gained 10.14% for the 12-month period. However, returns for size and style indices varied widely. Bond returns in developed markets were modest. Conversely, emerging markets bonds rallied as inflation eased and most central banks ended their tightening campaigns.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions and recession risk. In addition, the Israel-Hamas war further complicates the global backdrop and represents another key geopolitical consideration for our investment teams.

Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re determined to meet today’s challenges. Thank you for your trust and confidence in American Century Investments.

With appreciation and respect,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of October 31, 2023
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	TWBIX	5.20%	5.32%	5.64%	—	10/20/88
Blended Index	—	6.26%	6.83%	7.21%	—	—
S&P 500 Index	—	10.14%	11.01%	11.18%	—	—
Bloomberg U.S. Aggregate Bond Index	—	0.36%	-0.06%	0.88%	—	—
I Class	ABINX	5.41%	5.53%	5.85%	—	5/1/00
R5 Class	ABGNX	5.41%	5.53%	—	5.61%	4/10/17

Average annual returns since inception are presented when ten years of performance history is not available.

The blended index combines monthly returns of two widely known indices in proportion to the asset mix of the fund. The S&P 500 Index represents 60% of the index and the remaining 40% is represented by the Bloomberg U.S. Aggregate Bond Index.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

3

Growth of $10,000 Over 10 Years

$10,000 investment made October 31, 2013

Performance for other share classes will vary due to differences in fee structure.

Value on October 31, 2023
	Investor Class — $17,305
	Blended Index — $20,053
	S&P 500 Index — $28,847
	Bloomberg U.S. Aggregate Bond Index — $10,921

Total Annual Fund Operating Expenses
Investor Class	I Class	R5 Class
0.91%	0.71%	0.71%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

4

Portfolio Commentary

Equity Portfolio Managers: Joseph Reiland, Justin Brown and Robert Bove

Fixed-Income Portfolio Managers: Bob Gahagan, Charles Tan and Jason Greenblath

Performance Summary

Balanced returned 5.20%* for the 12 months ended October 31, 2023. By comparison, the fund’s benchmark (a blended index consisting of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Bond Index) returned 6.26%. The fund’s return reflects operating expenses, while the index return does not.

Communication Services Hampered Equity Performance

Significant detractors in the communication services sector included Meta Platforms, where an underweight to Facebook’s parent company hampered relative performance. Meta beat sales and earnings estimates as digital advertising revenue is starting to recover and cost-cutting measures have proved helpful.

Elsewhere, NextEra Energy was a top detractor. Utilities generally underperformed on a combination of higher interest rates and investor rotation to growth-oriented sectors. Semiconductor company Broadcom detracted from relative performance because the fund did not own the benchmark component. Broadcom delivered solid results and recently detailed strong exposure to artificial intelligence, specifically in its custom ASIC and networking businesses. Keysight Technologies manufactures test and measurement instruments for use in communications, networking and electronics applications. It posted mixed results with revenues and earnings that beat expectations but new orders that lagged. The company also issued disappointing guidance

Information Technology Stocks Benefited Performance

Top contributors in the information technology sector included a pair of semiconductor stocks, led by NVIDIA. The chipmaker’s stock surged after increasing its future business guidance well above expectations. NVIDIA’s growth was driven by its data center business, which reflects the demand for computing power required for artificial intelligence applications. Applied Materials, a semiconductor equipment manufacturer, continued to benefit from management’s greater focus on margins and returns on capital. The company also was helped by industry consolidation and increased demand for chips.

Software company Microsoft reported better-than-expected revenue and earnings and offered upbeat guidance. Microsoft benefited from lower expenses and improved performance of its cloud unit. Other significant contributors included Novo Nordisk. The Denmark-based pharmaceutical company surged on its weight-loss drug Wegovy, and late-stage trial results also showed that Wegovy was beneficial for treating Type 2 diabetes and chronic kidney disease.

Bonds Also Lagged

The fiscal year includes the last two months of 2022, which concluded the worst calendar year on record for bond markets. Though inflation moderated and the Federal Reserve (Fed) paused rate hikes in June, the second quarter of 2023 was difficult amid better-than-expected economic data. What’s more, U.S. investment-grade bonds declined again in the third quarter of 2023. Surging Treasury yields and a still-hawkish Fed were among the key culprits. Indeed, the yield on the benchmark 10-year Treasury note touched 5% for the first time in 16 years in October 2023. In that environment, the fixed-income portion of the portfolio posted a loss in absolute terms and underperformed its benchmark.

*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 3 for returns for all share classes.

5

Because the fund considers environmental, social and governance (ESG) metrics in addition to fundamental financial metrics when selecting securities, its portfolio may perform differently than funds that do not use ESG metrics. ESG considerations may prioritize long-term rather than short-term returns. Furthermore, when analyzing ESG criteria for securities, the portfolio management team relies on the information and scoring models published by third-party sources, there is a risk that this information might be incorrect or only take into account one of many ESG-related components of portfolio companies. Moreover, scores and ratings across third-party providers may be inconsistent or incomparable.

6

Fund Characteristics

OCTOBER 31, 2023
Types of Investments in Portfolio	% of net assets
Common Stocks	60.0%
U.S. Government Agency Mortgage-Backed Securities	13.6%
Corporate Bonds	9.6%
U.S. Treasury Securities	8.7%
Collateralized Loan Obligations	2.1%
Asset-Backed Securities	1.4%
Collateralized Mortgage Obligations	1.1%
Municipal Securities	0.5%
U.S. Government Agency Securities	0.5%
Sovereign Governments and Agencies	0.3%
Commercial Mortgage-Backed Securities	0.2%
Exchange-Traded Funds	—*
Short-Term Investments	2.4%
Other Assets and Liabilities	(0.4)%
*Category is less than 0.05% of total net assets.
Top Five Common Stocks Industries*	% of net assets
Software	7.1%
Interactive Media and Services	3.7%
Semiconductors and Semiconductor Equipment	3.6%
Technology Hardware, Storage and Peripherals	3.2%
Health Care Providers and Services	2.8%

*Exposure indicated excludes Exchange-Traded Funds. The Schedule of Investments provides additional information on the fund's portfolio holdings.

7

Shareholder Fee Example 

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from May 1, 2023 to October 31, 2023.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8

	Beginning Account Value 5/1/23	Ending Account Value 10/31/23	Expenses Paid During Period(1) 5/1/23 - 10/31/23	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$979.10	$4.54	0.91%
I Class	$1,000	$979.50	$3.54	0.71%
R5 Class	$1,000	$980.10	$3.54	0.71%
Hypothetical
Investor Class	$1,000	$1,020.62	$4.63	0.91%
I Class	$1,000	$1,021.63	$3.62	0.71%
R5 Class	$1,000	$1,021.63	$3.62	0.71%

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

9

Schedule of Investments

OCTOBER 31, 2023

	Shares/Principal Amount	Value
COMMON STOCKS — 60.0%
Aerospace and Defense — 0.4%
Lockheed Martin Corp.	7,217	$	3,281,137
Air Freight and Logistics — 0.5%
FedEx Corp.	3,261	782,966
United Parcel Service, Inc., Class B	24,505	3,461,331
		4,244,297
Automobile Components — 0.5%
Aptiv PLC(1)	48,816	4,256,755
Automobiles — 0.7%
Tesla, Inc.(1)	27,192	5,461,241
Banks — 1.7%
Bank of America Corp.	149,879	3,947,813
JPMorgan Chase & Co.	52,269	7,268,527
Regions Financial Corp.	174,885	2,541,079
		13,757,419
Beverages — 0.8%
PepsiCo, Inc.	41,661	6,802,408
Biotechnology — 1.4%
AbbVie, Inc.	40,339	5,695,060
Amgen, Inc.	13,950	3,567,015
Vertex Pharmaceuticals, Inc.(1)	5,885	2,131,017
		11,393,092
Broadline Retail — 1.8%
Amazon.com, Inc.(1)	110,142	14,658,799
Building Products — 0.8%
Johnson Controls International PLC	90,191	4,421,163
Masco Corp.	43,377	2,259,508
		6,680,671
Capital Markets — 2.3%
Ameriprise Financial, Inc.	9,589	3,016,412
BlackRock, Inc.	5,892	3,607,554
Intercontinental Exchange, Inc.	22,438	2,410,739
Morgan Stanley	91,305	6,466,220
S&P Global, Inc.	8,372	2,924,423
		18,425,348
Chemicals — 1.3%
Air Products & Chemicals, Inc.	11,763	3,322,342
Ecolab, Inc.	12,804	2,147,743
Linde PLC	12,782	4,884,769
		10,354,854
Communications Equipment — 0.8%
Cisco Systems, Inc.	119,740	6,242,046
Consumer Finance — 0.3%
American Express Co.	17,068	2,492,440
Consumer Staples Distribution & Retail — 1.7%
Costco Wholesale Corp.	6,018	3,324,584
Kroger Co.	67,947	3,082,755

10

	Shares/Principal Amount	Value
Sysco Corp.	67,520	$	4,489,405
Target Corp.	26,617	2,948,898
		13,845,642
Containers and Packaging — 0.3%
Ball Corp.	43,804	2,109,163
Distributors — 0.4%
LKQ Corp.	70,645	3,102,728
Diversified Telecommunication Services — 0.7%
Verizon Communications, Inc.	161,406	5,670,193
Electric Utilities — 0.9%
NextEra Energy, Inc.	123,995	7,228,909
Electrical Equipment — 0.7%
Eaton Corp. PLC	23,874	4,963,643
Generac Holdings, Inc.(1)	5,482	460,872
		5,424,515
Electronic Equipment, Instruments and Components — 1.1%
CDW Corp.	23,872	4,783,949
Keysight Technologies, Inc.(1)	34,793	4,246,485
		9,030,434
Energy Equipment and Services — 0.9%
Schlumberger NV	125,898	7,007,483
Entertainment — 0.6%
Electronic Arts, Inc.	14,885	1,842,614
Liberty Media Corp.-Liberty Formula One, Class C(1)	16,020	1,036,334
Walt Disney Co.(1)	24,922	2,033,386
		4,912,334
Financial Services — 1.8%
Mastercard, Inc., Class A	14,867	5,595,195
Visa, Inc., Class A	37,977	8,928,393
		14,523,588
Food Products — 0.5%
Mondelez International, Inc., Class A	56,740	3,756,755
Ground Transportation — 0.7%
Uber Technologies, Inc.(1)	29,195	1,263,560
Union Pacific Corp.	20,195	4,192,684
		5,456,244
Health Care Equipment and Supplies — 0.4%
Dexcom, Inc.(1)	7,952	706,376
Intuitive Surgical, Inc.(1)	9,114	2,389,873
		3,096,249
Health Care Providers and Services — 2.8%
Cigna Group	26,139	8,082,179
CVS Health Corp.	56,429	3,894,165
UnitedHealth Group, Inc.	20,038	10,731,551
		22,707,895
Hotels, Restaurants and Leisure — 0.6%
Airbnb, Inc., Class A(1)	9,686	1,145,757
Chipotle Mexican Grill, Inc.(1)	610	1,184,742
Starbucks Corp.	26,466	2,441,224
		4,771,723

11

	Shares/Principal Amount	Value
Household Products — 0.8%
Colgate-Palmolive Co.	26,686	$	2,004,652
Procter & Gamble Co.	31,869	4,781,306
		6,785,958
Industrial Conglomerates — 0.5%
Honeywell International, Inc.	21,256	3,895,375
Industrial REITs — 0.9%
Prologis, Inc.	71,879	7,241,809
Insurance — 1.6%
Marsh & McLennan Cos., Inc.	21,070	3,995,926
MetLife, Inc.	29,042	1,742,810
Prudential Financial, Inc.	33,412	3,055,193
Travelers Cos., Inc.	23,647	3,959,454
		12,753,383
Interactive Media and Services — 3.7%
Alphabet, Inc., Class A(1)	173,921	21,580,118
Meta Platforms, Inc., Class A(1)	28,306	8,527,748
		30,107,866
IT Services — 1.3%
Accenture PLC, Class A	17,599	5,228,487
International Business Machines Corp.	33,286	4,814,487
		10,042,974
Life Sciences Tools and Services — 1.5%
Agilent Technologies, Inc.	34,352	3,550,966
Danaher Corp.	20,376	3,912,600
Thermo Fisher Scientific, Inc.	9,901	4,403,668
		11,867,234
Machinery — 1.4%
Cummins, Inc.	16,409	3,549,267
Deere & Co.	6,751	2,466,545
Parker-Hannifin Corp.	7,392	2,726,983
Xylem, Inc.	23,966	2,241,779
		10,984,574
Oil, Gas and Consumable Fuels — 1.9%
ConocoPhillips	68,386	8,124,257
EOG Resources, Inc.	55,069	6,952,461
		15,076,718
Pharmaceuticals — 2.3%
Bristol-Myers Squibb Co.	80,947	4,171,199
Eli Lilly & Co.	5,245	2,905,363
Merck & Co., Inc.	43,768	4,494,973
Novo Nordisk AS, Class B	37,324	3,600,878
Zoetis, Inc.	22,952	3,603,464
		18,775,877
Semiconductors and Semiconductor Equipment — 3.6%
Advanced Micro Devices, Inc.(1)	46,477	4,577,984
Analog Devices, Inc.	21,699	3,413,904
Applied Materials, Inc.	28,448	3,765,093
ASML Holding NV	2,124	1,276,780
GLOBALFOUNDRIES, Inc.(1)	17,663	876,438
NVIDIA Corp.	36,518	14,892,040
		28,802,239

12

	Shares/Principal Amount		Value
Software — 7.1%
Adobe, Inc.(1)	3,173		$	1,688,226
Cadence Design Systems, Inc.(1)	18,994		4,555,711
Microsoft Corp.	127,962		43,265,232
Salesforce, Inc.(1)	24,848		4,990,224
ServiceNow, Inc.(1)	2,187		1,272,506
Workday, Inc., Class A(1)	7,756		1,642,023
			57,413,922
Specialized REITs — 0.4%
Equinix, Inc.	3,909		2,852,163
Specialty Retail — 2.0%
CarMax, Inc.(1)	18,007		1,100,048
Home Depot, Inc.	27,548		7,842,640
TJX Cos., Inc.	60,536		5,331,405
Tractor Supply Co.	8,426		1,622,511
			15,896,604
Technology Hardware, Storage and Peripherals — 3.2%
Apple, Inc.	149,514		25,532,506
Textiles, Apparel and Luxury Goods — 0.4%
Deckers Outdoor Corp.(1)	4,820		2,877,829
TOTAL COMMON STOCKS (Cost $385,311,343)			481,601,393
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 13.6%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%
FHLMC, VRN, 5.11%, (1-year H15T1Y plus 2.25%), 9/1/35	$	51,673	52,471
FHLMC, VRN, 5.30%, (1-year RFUCC plus 1.87%), 7/1/36	13,238		13,454
FHLMC, VRN, 6.04%, (1-year H15T1Y plus 2.14%), 10/1/36	42,387		43,172
FHLMC, VRN, 5.03%, (1-year H15T1Y plus 2.26%), 4/1/37	53,604		54,332
FHLMC, VRN, 5.67%, (1-year RFUCC plus 1.89%), 7/1/41	24,077		23,902
FHLMC, VRN, 3.60%, (1-year RFUCC plus 1.63%), 1/1/44	56,247		57,061
FHLMC, VRN, 5.51%, (1-year RFUCC plus 1.60%), 6/1/45	27,105		27,334
FHLMC, VRN, 5.76%, (1-year RFUCC plus 1.63%), 8/1/46	67,106		67,969
FHLMC, VRN, 3.11%, (1-year RFUCC plus 1.64%), 9/1/47	116,752		115,352
FNMA, VRN, 6.94%, (6-month RFUCC plus 1.57%), 6/1/35	21,690		22,045
FNMA, VRN, 6.94%, (6-month RFUCC plus 1.57%), 6/1/35	21,618		21,961
FNMA, VRN, 5.56%, (1-year H15T1Y plus 2.15%), 3/1/38	53,360		54,358
FNMA, VRN, 3.19%, (1-year RFUCC plus 1.61%), 3/1/47	98,507		92,174
FNMA, VRN, 3.12%, (1-year RFUCC plus 1.61%), 4/1/47	53,213		49,740
FNMA, VRN, 3.20%, (1-year RFUCC plus 1.62%), 5/1/47	78,330		78,842
			774,167
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 13.5%
FHLMC, 2.00%, 6/1/36	1,799,868		1,538,708
FHLMC, 3.50%, 2/1/49	1,825,651		1,556,261
FHLMC, 3.00%, 1/1/50	1,664,242		1,336,526
FHLMC, 3.50%, 5/1/50	295,184		250,239
FHLMC, 2.50%, 5/1/51	1,961,945		1,516,547
FHLMC, 3.50%, 5/1/51	959,173		811,528
FHLMC, 3.00%, 7/1/51	744,119		601,083
FHLMC, 2.00%, 8/1/51	1,617,020		1,196,638
FHLMC, 2.50%, 8/1/51	1,764,500		1,359,764
FHLMC, 2.50%, 10/1/51	922,152		718,775
FHLMC, 3.00%, 12/1/51	1,138,094		913,934

13

	Shares/Principal Amount		Value
FHLMC, 3.00%, 2/1/52	$	1,022,329	$	823,745
FHLMC, 3.50%, 5/1/52	1,240,906		1,049,461
FHLMC, 4.00%, 5/1/52	1,525,837		1,320,433
FHLMC, 4.00%, 5/1/52	1,091,204		952,001
FHLMC, 4.00%, 6/1/52	3,323,205		2,898,479
FHLMC, 5.00%, 7/1/52	663,536		617,350
FHLMC, 4.50%, 10/1/52	2,314,759		2,069,371
FHLMC, 4.50%, 10/1/52	1,733,157		1,550,282
FHLMC, 6.00%, 11/1/52	3,023,491		2,961,664
FHLMC, 5.50%, 12/1/52	486,961		462,669
FHLMC, 6.00%, 1/1/53	1,636,006		1,601,275
FNMA, 2.00%, 5/1/36	822,078		701,810
FNMA, 2.00%, 11/1/36	2,802,366		2,390,531
FNMA, 2.50%, 12/1/36	1,973,180		1,732,811
FNMA, 2.00%, 1/1/37	1,120,312		955,717
FNMA, 4.50%, 9/1/41	133,043		122,688
FNMA, 3.50%, 5/1/42	640,827		563,139
FNMA, 3.50%, 6/1/42	211,392		185,764
FNMA, 3.00%, 2/1/50	251,310		203,378
FNMA, 2.50%, 6/1/50	955,642		742,609
FNMA, 2.50%, 10/1/50	1,997,025		1,535,268
FNMA, 2.50%, 12/1/50	1,374,566		1,059,366
FNMA, 2.50%, 2/1/51	2,473,830		1,917,259
FNMA, 3.00%, 6/1/51	130,051		106,574
FNMA, 2.50%, 12/1/51	1,066,032		820,863
FNMA, 2.50%, 2/1/52	590,042		456,218
FNMA, 3.00%, 2/1/52	1,940,375		1,563,451
FNMA, 3.00%, 2/1/52	1,100,864		887,005
FNMA, 2.00%, 3/1/52	2,897,490		2,148,171
FNMA, 2.50%, 3/1/52	1,348,770		1,047,017
FNMA, 3.00%, 3/1/52	1,990,327		1,620,889
FNMA, 3.00%, 4/1/52	445,596		359,116
FNMA, 3.50%, 4/1/52	733,458		611,917
FNMA, 4.00%, 4/1/52	1,414,054		1,228,072
FNMA, 4.00%, 4/1/52	638,690		557,253
FNMA, 4.00%, 4/1/52	462,971		401,283
FNMA, 3.00%, 5/1/52	1,158,207		946,025
FNMA, 3.50%, 5/1/52	2,034,291		1,703,075
FNMA, 3.50%, 5/1/52	1,808,977		1,509,770
FNMA, 3.50%, 5/1/52	1,735,756		1,472,336
FNMA, 4.00%, 5/1/52	1,944,107		1,683,199
FNMA, 3.00%, 6/1/52	510,181		416,714
FNMA, 3.50%, 6/1/52	1,658,576		1,408,193
FNMA, 4.50%, 7/1/52	1,492,976		1,335,345
FNMA, 5.00%, 8/1/52	3,294,120		3,042,151
FNMA, 4.50%, 9/1/52	815,481		738,623
FNMA, 5.00%, 9/1/52	987,977		919,270
FNMA, 5.50%, 10/1/52	1,607,430		1,526,562
FNMA, 5.50%, 1/1/53	2,725,318		2,590,046
FNMA, 6.50%, 1/1/53	2,772,926		2,759,335
FNMA, 5.00%, 8/1/53	1,716,463		1,595,036

14

	Shares/Principal Amount		Value
FNMA, 6.00%, 9/1/53	$	1,621,969	$	1,580,387
FNMA, 6.00%, 9/1/53	1,613,389		1,572,151
GNMA, 7.00%, 4/20/26	5,061		5,130
GNMA, 7.50%, 8/15/26	4,088		4,098
GNMA, 7.00%, 5/15/31	13,810		14,080
GNMA, 5.50%, 11/15/32	33,924		33,306
GNMA, 4.50%, 6/15/41	137,423		129,549
GNMA, 3.50%, 6/20/42	244,060		212,755
GNMA, 3.00%, 4/20/50	522,307		434,971
GNMA, 3.00%, 5/20/50	534,003		444,463
GNMA, 3.00%, 6/20/50	798,608		665,461
GNMA, 3.00%, 7/20/50	1,409,181		1,171,018
GNMA, 2.00%, 10/20/50	4,379,565		3,402,068
GNMA, 2.50%, 11/20/50	1,890,707		1,475,819
GNMA, 2.50%, 2/20/51	1,351,193		1,078,954
GNMA, 3.50%, 6/20/51	927,357		796,108
GNMA, 2.50%, 9/20/51	1,158,247		924,427
GNMA, 2.50%, 12/20/51	1,772,795		1,414,868
GNMA, 4.00%, 9/20/52	3,571,245		3,142,614
GNMA, 4.50%, 9/20/52	3,422,896		3,098,470
GNMA, 4.50%, 10/20/52	2,785,463		2,519,727
GNMA, 5.00%, 4/20/53	1,596,432		1,487,920
GNMA, 5.50%, 4/20/53	2,004,765		1,919,066
GNMA, 6.00%, TBA	1,660,000		1,626,391
GNMA, 6.50%, TBA	987,000		984,798
UMBS, 5.00%, TBA	2,522,000		2,433,064
			108,242,245
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $119,349,170)			109,016,412
CORPORATE BONDS — 9.6%
Aerospace and Defense — 0.1%
Boeing Co., 5.81%, 5/1/50	168,000		144,769
Northrop Grumman Corp., 5.15%, 5/1/40	195,000		171,058
RTX Corp., 4.125%, 11/16/28	520,000		477,720
RTX Corp., 3.125%, 7/1/50	165,000		95,806
			889,353
Air Freight and Logistics†
GXO Logistics, Inc., 2.65%, 7/15/31	257,000		190,794
Automobiles — 0.3%
Ford Motor Credit Co. LLC, 7.20%, 6/10/30	260,000		260,104
General Motors Financial Co., Inc., 2.75%, 6/20/25	700,000		660,821
Hyundai Capital America, 6.50%, 1/16/29(2)(3)	117,000		116,692
Hyundai Capital America, 6.20%, 9/21/30(2)	233,000		226,432
Toyota Motor Credit Corp., 5.25%, 9/11/28	310,000		305,257
Toyota Motor Credit Corp., 4.55%, 5/17/30	490,000		458,625
			2,027,931
Banks — 2.0%
Banco Santander SA, 6.94%, 11/7/33(3)	200,000		200,754
Banco Santander SA, VRN, 1.72%, 9/14/27	400,000		346,841
Bank of America Corp., VRN, 5.82%, 9/15/29	380,000		370,110
Bank of America Corp., VRN, 2.88%, 10/22/30	1,421,000		1,163,254

15

	Shares/Principal Amount		Value
Bank of America Corp., VRN, 2.57%, 10/20/32	$	225,000	$	168,573
Bank of America Corp., VRN, 4.57%, 4/27/33	375,000		323,537
Bank of America Corp., VRN, 5.29%, 4/25/34	340,000		307,217
Barclays PLC, VRN, 2.28%, 11/24/27	267,000		233,793
Barclays PLC, VRN, 6.69%, 9/13/34	200,000		189,250
BNP Paribas SA, VRN, 5.34%, 6/12/29(2)	295,000		283,341
BPCE SA, VRN, 7.00%, 10/19/34(2)	260,000		252,778
Canadian Imperial Bank of Commerce, 5.00%, 4/28/28	350,000		333,399
Canadian Imperial Bank of Commerce, 6.09%, 10/3/33	145,000		139,733
Citigroup, Inc., VRN, 3.07%, 2/24/28	376,000		338,533
Citigroup, Inc., VRN, 3.52%, 10/27/28	178,000		160,063
Citigroup, Inc., VRN, 3.98%, 3/20/30	273,000		241,607
Citigroup, Inc., VRN, 4.41%, 3/31/31	120,000		106,206
Citigroup, Inc., VRN, 3.06%, 1/25/33	560,000		431,341
Citigroup, Inc., VRN, 6.27%, 11/17/33	160,000		155,420
Credit Agricole SA, VRN, 6.32%, 10/3/29(2)	377,000		370,552
Credit Agricole SA, VRN, 4.00%, 1/10/33(2)	555,000		483,354
Danske Bank A/S, VRN, 1.55%, 9/10/27(2)	385,000		334,425
HSBC Holdings PLC, VRN, 5.89%, 8/14/27	330,000		324,279
HSBC Holdings PLC, VRN, 2.80%, 5/24/32	415,000		312,571
Huntington Bancshares, Inc., VRN, 6.21%, 8/21/29	206,000		198,084
Intesa Sanpaolo SpA, 6.625%, 6/20/33(2)	380,000		348,817
JPMorgan Chase & Co., VRN, 4.01%, 4/23/29	347,000		316,130
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29	862,000		716,693
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	550,000		437,609
JPMorgan Chase & Co., VRN, 2.58%, 4/22/32	375,000		289,734
JPMorgan Chase & Co., VRN, 6.25%, 10/23/34	190,000		187,513
KeyBank NA, 3.40%, 5/20/26	370,000		325,737
KeyCorp, VRN, 3.88%, 5/23/25	330,000		315,935
Lloyds Banking Group PLC, VRN, 5.99%, 8/7/27	314,000		309,544
PNC Financial Services Group, Inc., VRN, 6.62%, 10/20/27	320,000		320,879
PNC Financial Services Group, Inc., VRN, 5.58%, 6/12/29	144,000		137,923
PNC Financial Services Group, Inc., VRN, 5.94%, 8/18/34	205,000		191,174
PNC Financial Services Group, Inc., VRN, 6.875%, 10/20/34	210,000		209,961
Societe Generale SA, VRN, 6.69%, 1/10/34(2)	286,000		267,998
Truist Bank, 3.625%, 9/16/25	250,000		235,932
Truist Bank, 3.30%, 5/15/26	495,000		453,399
Truist Bank, VRN, 2.64%, 9/17/29	270,000		249,145
Truist Financial Corp., VRN, 7.16%, 10/30/29	123,000		123,758
U.S. Bancorp, VRN, 6.79%, 10/26/27	475,000		478,680
U.S. Bancorp, VRN, 5.78%, 6/12/29	521,000		501,129
Wells Fargo & Co., VRN, 5.57%, 7/25/29	220,000		212,200
Wells Fargo & Co., VRN, 6.30%, 10/23/29	145,000		143,838
Wells Fargo & Co., VRN, 5.39%, 4/24/34	841,000		761,705
Wells Fargo & Co., VRN, 5.56%, 7/25/34	372,000		340,672
			15,645,120
Beverages — 0.2%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36	840,000		739,680
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	795,000		662,630
			1,402,310

16

	Shares/Principal Amount		Value
Biotechnology — 0.3%
AbbVie, Inc., 4.40%, 11/6/42	$	260,000	$	206,636
Amgen, Inc., 4.05%, 8/18/29	740,000		677,078
Amgen, Inc., 5.25%, 3/2/33	428,000		399,360
Amgen, Inc., 5.65%, 3/2/53	465,000		409,308
Gilead Sciences, Inc., 5.55%, 10/15/53	450,000		406,822
			2,099,204
Capital Markets — 0.8%
Bank of New York Mellon Corp., VRN, 6.47%, 10/25/34	480,000		481,800
Blue Owl Capital Corp., 3.40%, 7/15/26	72,000		64,264
Blue Owl Credit Income Corp., 3.125%, 9/23/26	183,000		160,653
Charles Schwab Corp., VRN, 5.85%, 5/19/34	358,000		328,524
Charles Schwab Corp., VRN, 6.14%, 8/24/34	180,000		168,692
Deutsche Bank AG, VRN, 7.15%, 7/13/27	315,000		314,859
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25	199,000		196,566
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27	714,000		626,369
Goldman Sachs Group, Inc., VRN, 6.48%, 10/24/29	290,000		290,005
Goldman Sachs Group, Inc., VRN, 1.99%, 1/27/32	225,000		165,131
Goldman Sachs Group, Inc., VRN, 2.65%, 10/21/32	220,000		165,481
Golub Capital BDC, Inc., 2.50%, 8/24/26	168,000		147,047
Morgan Stanley, VRN, 1.16%, 10/21/25	544,000		514,747
Morgan Stanley, VRN, 2.63%, 2/18/26	209,000		199,035
Morgan Stanley, VRN, 3.59%, 7/22/28	65,000		58,970
Morgan Stanley, VRN, 5.12%, 2/1/29	118,000		112,380
Morgan Stanley, VRN, 5.16%, 4/20/29	311,000		295,973
Morgan Stanley, VRN, 2.70%, 1/22/31	540,000		434,033
Morgan Stanley, VRN, 2.51%, 10/20/32	460,000		344,212
Morgan Stanley, VRN, 5.42%, 7/21/34	172,000		157,040
Morgan Stanley, VRN, 6.63%, 11/1/34(3)	320,000		319,866
Nasdaq, Inc., 5.55%, 2/15/34	261,000		242,225
Nasdaq, Inc., 5.95%, 8/15/53	116,000		103,607
UBS AG, 5.80%, 9/11/25	295,000		293,509
UBS Group AG, 4.28%, 1/9/28(2)	319,000		291,138
UBS Group AG, VRN, 6.30%, 9/22/34(2)	255,000		241,636
			6,717,762
Chemicals†
CF Industries, Inc., 4.95%, 6/1/43	195,000		150,744
Commercial Services and Supplies — 0.2%
Republic Services, Inc., 2.30%, 3/1/30	358,000		290,598
Veralto Corp., 5.45%, 9/18/33(2)	510,000		476,836
Waste Connections, Inc., 3.20%, 6/1/32	335,000		271,377
Waste Management, Inc., 4.625%, 2/15/33	170,000		154,286
			1,193,097
Construction and Engineering†
Quanta Services, Inc., 2.35%, 1/15/32	410,000		295,367
Consumer Finance — 0.1%
American Express Co., VRN, 6.34%, 10/30/26	500,000		501,508
Containers and Packaging†
WRKCo, Inc., 3.00%, 9/15/24	201,000		195,814
Distributors†
Genuine Parts Co., 6.50%, 11/1/28(3)	204,000		204,070

17

	Shares/Principal Amount		Value
Diversified Consumer Services†
Novant Health, Inc., 3.17%, 11/1/51	$	245,000	$	147,979
Pepperdine University, 3.30%, 12/1/59	355,000		203,589
			351,568
Diversified REITs — 0.2%
Agree LP, 2.90%, 10/1/30	400,000		318,768
Essex Portfolio LP, 3.00%, 1/15/30	247,000		201,824
Extra Space Storage LP, 5.50%, 7/1/30	136,000		128,709
Extra Space Storage LP, 2.20%, 10/15/30	120,000		91,629
Federal Realty OP LP, 3.50%, 6/1/30	380,000		317,903
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	200,000		191,866
Kilroy Realty LP, 3.05%, 2/15/30	125,000		96,089
Kilroy Realty LP, 2.50%, 11/15/32	165,000		109,338
Kilroy Realty LP, 2.65%, 11/15/33	16,000		10,471
Spirit Realty LP, 3.20%, 2/15/31	192,000		151,269
			1,617,866
Diversified Telecommunication Services — 0.3%
AT&T, Inc., 5.40%, 2/15/34	453,000		416,389
AT&T, Inc., 4.50%, 5/15/35	357,000		297,841
AT&T, Inc., 4.90%, 8/15/37	286,000		240,971
AT&T, Inc., 4.85%, 3/1/39	390,000		318,383
Ooredoo International Finance Ltd., 2.625%, 4/8/31(2)	323,000		262,612
Sprint Capital Corp., 6.875%, 11/15/28	291,000		298,860
Sprint Capital Corp., 8.75%, 3/15/32	545,000		614,161
Telefonica Emisiones SA, 4.90%, 3/6/48	285,000		205,486
Verizon Communications, Inc., 4.81%, 3/15/39	145,000		120,241
			2,774,944
Electric Utilities — 0.8%
Baltimore Gas & Electric Co., 2.25%, 6/15/31	207,000		161,190
CenterPoint Energy Houston Electric LLC, 4.95%, 4/1/33	153,000		141,407
CenterPoint Energy Houston Electric LLC, 4.45%, 10/1/32	340,000		304,436
Commonwealth Edison Co., 5.30%, 2/1/53	264,000		228,156
Duke Energy Carolinas LLC, 2.55%, 4/15/31	154,000		123,234
Duke Energy Corp., 2.55%, 6/15/31	230,000		177,439
Duke Energy Corp., 5.00%, 8/15/52	230,000		178,810
Duke Energy Florida LLC, 1.75%, 6/15/30	370,000		284,941
Duke Energy Florida LLC, 3.85%, 11/15/42	220,000		156,544
Duke Energy Progress LLC, 2.00%, 8/15/31	440,000		331,080
Duke Energy Progress LLC, 4.15%, 12/1/44	335,000		245,070
Duke Energy Progress LLC, 5.35%, 3/15/53	120,000		102,310
Exelon Corp., 5.15%, 3/15/28	203,000		197,030
Florida Power & Light Co., 2.45%, 2/3/32	391,000		305,139
Florida Power & Light Co., 4.125%, 2/1/42	169,000		131,260
Georgia Power Co., 4.95%, 5/17/33	150,000		137,005
MidAmerican Energy Co., 4.40%, 10/15/44	265,000		205,139
MidAmerican Energy Co., 3.15%, 4/15/50	200,000		119,970
MidAmerican Energy Co., 5.85%, 9/15/54	90,000		84,396
Nevada Power Co., 6.00%, 3/15/54	90,000		82,837
NextEra Energy Capital Holdings, Inc., 4.90%, 2/28/28	280,000		267,709
NextEra Energy Capital Holdings, Inc., 5.05%, 2/28/33	170,000		154,394
NextEra Energy Capital Holdings, Inc., 5.25%, 2/28/53	240,000		195,028

18

	Shares/Principal Amount		Value
Northern States Power Co., 3.20%, 4/1/52	$	240,000	$	143,748
Northern States Power Co., 5.10%, 5/15/53	260,000		220,481
Oncor Electric Delivery Co. LLC, 4.95%, 9/15/52(2)	150,000		123,375
Pacific Gas & Electric Co., 6.40%, 6/15/33	80,000		75,113
Pacific Gas & Electric Co., 4.20%, 6/1/41	155,000		103,399
PECO Energy Co., 4.375%, 8/15/52	340,000		256,067
Public Service Co. of Colorado, 1.875%, 6/15/31	312,000		234,289
Southern Co., 5.20%, 6/15/33	182,000		167,439
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	200,000		147,728
Union Electric Co., 3.90%, 4/1/52	238,000		164,154
Union Electric Co., 5.45%, 3/15/53	240,000		209,311
Xcel Energy, Inc., 3.40%, 6/1/30	174,000		147,483
Xcel Energy, Inc., 4.60%, 6/1/32	136,000		120,318
			6,427,429
Energy Equipment and Services†
Schlumberger Investment SA, 4.85%, 5/15/33	150,000		138,145
Entertainment — 0.1%
Warnermedia Holdings, Inc., 3.64%, 3/15/25	111,000		107,307
Warnermedia Holdings, Inc., 3.79%, 3/15/25	93,000		89,952
Warnermedia Holdings, Inc., 3.76%, 3/15/27	83,000		76,430
Warnermedia Holdings, Inc., 5.05%, 3/15/42	250,000		185,309
Warnermedia Holdings, Inc., 5.14%, 3/15/52	330,000		233,688
			692,686
Financial Services — 0.1%
Antares Holdings LP, 2.75%, 1/15/27(2)	256,000		215,167
Corebridge Financial, Inc., 3.90%, 4/5/32	375,000		306,986
GE Capital Funding LLC, 4.55%, 5/15/32	360,000		323,560
			845,713
Food Products — 0.3%
J M Smucker Co., 5.90%, 11/15/28	573,000		568,728
JDE Peet's NV, 2.25%, 9/24/31(2)	325,000		236,581
Kraft Heinz Foods Co., 5.00%, 6/4/42	985,000		812,401
Mars, Inc., 4.75%, 4/20/33(2)	352,000		323,352
Mars, Inc., 3.875%, 4/1/39(2)	109,000		83,580
Mondelez International, Inc., 2.625%, 3/17/27	310,000		280,637
Nestle Holdings, Inc., 4.85%, 3/14/33(2)	310,000		291,077
			2,596,356
Ground Transportation — 0.2%
Ashtead Capital, Inc., 5.50%, 8/11/32(2)	304,000		272,199
Ashtead Capital, Inc., 5.95%, 10/15/33(2)	400,000		365,174
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	300,000		224,476
Burlington Northern Santa Fe LLC, 3.30%, 9/15/51	175,000		109,216
Burlington Northern Santa Fe LLC, 5.20%, 4/15/54	162,000		140,049
CSX Corp., 4.25%, 3/15/29	224,000		209,129
Union Pacific Corp., 3.55%, 8/15/39	480,000		354,558
United Rentals North America, Inc., 6.00%, 12/15/29(2)	170,000		163,699
			1,838,500
Health Care Equipment and Supplies — 0.2%
GE HealthCare Technologies, Inc., 5.65%, 11/15/27	735,000		727,726
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24	750,000		714,324
			1,442,050

19

	Shares/Principal Amount		Value
Health Care Providers and Services — 0.6%
Centene Corp., 2.45%, 7/15/28	$	560,000	$	471,590
Centene Corp., 4.625%, 12/15/29	214,000		191,346
Centene Corp., 3.375%, 2/15/30	349,000		288,884
CVS Health Corp., 4.78%, 3/25/38	160,000		132,452
CVS Health Corp., 5.05%, 3/25/48	400,000		314,729
CVS Health Corp., 5.625%, 2/21/53	505,000		428,325
Duke University Health System, Inc., 3.92%, 6/1/47	160,000		116,183
HCA, Inc., 5.20%, 6/1/28	310,000		295,273
HCA, Inc., 2.375%, 7/15/31	250,000		186,000
HCA, Inc., 5.50%, 6/1/33	307,000		280,218
HCA, Inc., 5.90%, 6/1/53	335,000		283,450
Kaiser Foundation Hospitals, 3.00%, 6/1/51	220,000		129,331
Quest Diagnostics, Inc., 6.40%, 11/30/33(3)	300,000		299,427
Roche Holdings, Inc., 2.61%, 12/13/51(2)	440,000		244,185
UnitedHealth Group, Inc., 5.05%, 4/15/53	540,000		454,599
Universal Health Services, Inc., 1.65%, 9/1/26	377,000		332,614
			4,448,606
Hotels, Restaurants and Leisure — 0.1%
Marriott International, Inc., 3.50%, 10/15/32	212,000		168,407
Starbucks Corp., 2.55%, 11/15/30	475,000		383,321
			551,728
Household Durables†
DR Horton, Inc., 2.50%, 10/15/24	310,000		299,879
Household Products†
Clorox Co., 1.80%, 5/15/30	385,000		296,350
Insurance — 0.1%
Belrose Funding Trust, 2.33%, 8/15/30(2)	358,000		260,727
Five Corners Funding Trust III, 5.79%, 2/15/33(2)	184,000		174,106
MetLife, Inc., 5.375%, 7/15/33	199,000		186,225
			621,058
IT Services — 0.1%
Black Knight InfoServ LLC, 3.625%, 9/1/28(2)	715,000		638,241
Kyndryl Holdings, Inc., 3.15%, 10/15/31	79,000		57,614
			695,855
Machinery — 0.1%
Ingersoll Rand, Inc., 5.70%, 8/14/33	197,000		186,232
John Deere Capital Corp., 4.95%, 7/14/28	430,000		419,651
John Deere Capital Corp., 4.70%, 6/10/30	283,000		266,533
John Deere Capital Corp., Series I, 5.15%, 9/8/33	180,000		171,269
			1,043,685
Media — 0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45	290,000		243,956
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49	235,000		162,700
Comcast Corp., 3.20%, 7/15/36	320,000		236,336
Comcast Corp., 3.75%, 4/1/40	440,000		323,558
Comcast Corp., 2.94%, 11/1/56	285,000		151,115
Cox Communications, Inc., 3.15%, 8/15/24(2)	96,000		93,758
Cox Communications, Inc., 3.85%, 2/1/25(2)	172,000		167,038
Cox Communications, Inc., 5.70%, 6/15/33(2)	149,000		140,195

20

	Shares/Principal Amount		Value
Cox Communications, Inc., 4.50%, 6/30/43(2)	$	83,000	$	59,718
Fox Corp., 6.50%, 10/13/33	255,000		249,167
Paramount Global, 4.00%, 1/15/26	495,000		469,945
Paramount Global, 4.95%, 1/15/31	525,000		438,615
WPP Finance 2010, 3.75%, 9/19/24	316,000		308,416
			3,044,517
Metals and Mining — 0.1%
Glencore Funding LLC, 6.375%, 10/6/30(2)	165,000		161,746
Glencore Funding LLC, 2.625%, 9/23/31(2)	440,000		331,626
South32 Treasury Ltd., 4.35%, 4/14/32(2)	285,000		234,374
			727,746
Multi-Utilities — 0.3%
Ameren Corp., 3.50%, 1/15/31	430,000		360,739
Ameren Illinois Co., 4.95%, 6/1/33	170,000		156,703
CenterPoint Energy, Inc., 2.65%, 6/1/31	255,000		199,186
Dominion Energy, Inc., 4.90%, 8/1/41	270,000		216,110
DTE Energy Co., 4.875%, 6/1/28	200,000		190,347
Public Service Enterprise Group, Inc., 6.125%, 10/15/33	480,000		468,765
Sempra, 3.25%, 6/15/27	180,000		163,238
Sempra, 5.50%, 8/1/33	400,000		372,242
WEC Energy Group, Inc., 1.375%, 10/15/27	60,000		50,621
			2,177,951
Oil, Gas and Consumable Fuels — 0.7%
Aker BP ASA, 6.00%, 6/13/33(2)	480,000		452,474
BP Capital Markets America, Inc., 3.06%, 6/17/41	250,000		165,506
Cenovus Energy, Inc., 2.65%, 1/15/32	255,000		192,849
Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33(2)	370,000		351,529
ConocoPhillips Co., 5.55%, 3/15/54	83,000		74,263
Diamondback Energy, Inc., 6.25%, 3/15/33	320,000		316,017
Enbridge, Inc., 5.70%, 3/8/33	323,000		302,166
Energy Transfer LP, 5.75%, 2/15/33	312,000		292,717
Energy Transfer LP, 6.55%, 12/1/33	156,000		154,079
Energy Transfer LP, 4.90%, 3/15/35	270,000		229,444
Energy Transfer LP, 6.125%, 12/15/45	140,000		121,068
Enterprise Products Operating LLC, 4.85%, 3/15/44	237,000		196,451
Equinor ASA, 3.25%, 11/18/49	230,000		146,250
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	173,000		160,605
Occidental Petroleum Corp., 6.625%, 9/1/30	527,000		529,027
Occidental Petroleum Corp., 6.45%, 9/15/36	150,000		145,817
ONEOK, Inc., 6.05%, 9/1/33	125,000		119,856
Petroleos Mexicanos, 6.625%, 6/15/35	50,000		33,010
Sabine Pass Liquefaction LLC, 5.00%, 3/15/27	460,000		443,170
Shell International Finance BV, 2.375%, 11/7/29	290,000		242,763
Shell International Finance BV, 4.375%, 5/11/45	180,000		140,685
Western Midstream Operating LP, 6.15%, 4/1/33	195,000		184,611
Williams Cos., Inc., 5.30%, 8/15/28	215,000		207,307
			5,201,664
Personal Care Products — 0.1%
Kenvue, Inc., 4.90%, 3/22/33	1,020,000		956,427
Pharmaceuticals — 0.2%
Eli Lilly & Co., 4.875%, 2/27/53	255,000		221,205
Pfizer Investment Enterprises Pte. Ltd., 5.11%, 5/19/43	525,000		461,142

21

	Shares/Principal Amount		Value
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 5/19/53	$	335,000	$	293,328
Utah Acquisition Sub, Inc., 3.95%, 6/15/26	675,000		632,439
Viatris, Inc., 4.00%, 6/22/50	91,000		52,395
			1,660,509
Residential REITs†
Invitation Homes Operating Partnership LP, 5.50%, 8/15/33	140,000		127,023
Retail REITs — 0.1%
Kimco Realty OP LLC, 4.60%, 2/1/33	520,000		449,684
NNN REIT, Inc., 5.60%, 10/15/33	405,000		373,569
NNN REIT, Inc., 4.80%, 10/15/48	270,000		199,418
			1,022,671
Semiconductors and Semiconductor Equipment — 0.1%
Broadcom, Inc., 3.42%, 4/15/33(2)	380,000		295,582
Intel Corp., 5.70%, 2/10/53	316,000		283,025
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.50%, 5/11/31	495,000		378,220
			956,827
Software — 0.1%
Oracle Corp., 3.85%, 7/15/36	153,000		116,767
Oracle Corp., 3.60%, 4/1/40	422,000		289,951
			406,718
Specialized REITs — 0.1%
American Tower Corp., 5.55%, 7/15/33	457,000		421,197
Crown Castle, Inc., 4.15%, 7/1/50	221,000		147,676
			568,873
Specialty Retail — 0.1%
AutoZone, Inc., 4.00%, 4/15/30	280,000		246,756
AutoZone, Inc., 6.55%, 11/1/33	203,000		203,642
Lowe's Cos., Inc., 5.625%, 4/15/53	595,000		514,541
			964,939
Technology Hardware, Storage and Peripherals — 0.1%
Apple, Inc., 3.95%, 8/8/52	545,000		404,419
Dell International LLC / EMC Corp., 5.75%, 2/1/33	230,000		217,583
			622,002
Trading Companies and Distributors†
Aircastle Ltd., 5.25%, 8/11/25(2)	196,000		190,888
Water Utilities†
Essential Utilities, Inc., 2.70%, 4/15/30	380,000		307,132
Wireless Telecommunication Services†
Vodafone Group PLC, 6.15%, 2/27/37	210,000		199,474
TOTAL CORPORATE BONDS (Cost $86,245,204)			77,330,853
U.S. TREASURY SECURITIES — 8.7%
U.S. Treasury Bonds, 5.00%, 5/15/37	200,000		200,461
U.S. Treasury Bonds, 4.375%, 11/15/39	300,000		273,586
U.S. Treasury Bonds, 1.375%, 11/15/40	200,000		112,817
U.S. Treasury Bonds, 4.375%, 5/15/41	1,400,000		1,263,500
U.S. Treasury Bonds, 3.25%, 5/15/42	1,500,000		1,142,754
U.S. Treasury Bonds, 3.375%, 8/15/42	600,000		464,426
U.S. Treasury Bonds, 2.75%, 11/15/42	750,000		522,861
U.S. Treasury Bonds, 4.00%, 11/15/42	1,900,000		1,611,252
U.S. Treasury Bonds, 3.875%, 2/15/43	1,400,000		1,164,297
U.S. Treasury Bonds, 2.875%, 5/15/43	1,300,000		919,877

22

	Shares/Principal Amount		Value
U.S. Treasury Bonds, 3.875%, 5/15/43	$	2,400,000	$	1,993,688
U.S. Treasury Bonds, 4.375%, 8/15/43	780,000		695,784
U.S. Treasury Bonds, 3.75%, 11/15/43	600,000		487,172
U.S. Treasury Bonds, 3.00%, 11/15/44	600,000		426,281
U.S. Treasury Bonds, 2.50%, 2/15/45	1,500,000		968,408
U.S. Treasury Bonds, 2.375%, 11/15/49	1,400,000		841,477
U.S. Treasury Bonds, 3.00%, 8/15/52	100,000		68,617
U.S. Treasury Bonds, 4.00%, 11/15/52	3,100,000		2,591,406
U.S. Treasury Bonds, 3.625%, 2/15/53	200,000		155,875
U.S. Treasury Bonds, 4.125%, 8/15/53	500,000		427,813
U.S. Treasury Notes, 1.50%, 2/15/25(4)	1,500,000		1,429,277
U.S. Treasury Notes, 2.875%, 6/15/25(4)	500,000		482,188
U.S. Treasury Notes, 0.875%, 6/30/26	200,000		180,195
U.S. Treasury Notes, 4.375%, 8/15/26	3,500,000		3,450,234
U.S. Treasury Notes, 4.625%, 9/15/26	18,060,000		17,928,783
U.S. Treasury Notes, 1.625%, 10/31/26	100,000		90,965
U.S. Treasury Notes, 1.75%, 12/31/26	700,000		636,371
U.S. Treasury Notes, 1.125%, 2/29/28	1,000,000		855,625
U.S. Treasury Notes, 3.625%, 5/31/28	6,000,000		5,706,328
U.S. Treasury Notes, 4.375%, 8/31/28	9,300,000		9,123,445
U.S. Treasury Notes, 3.125%, 11/15/28	6,000,000		5,533,359
U.S. Treasury Notes, 1.875%, 2/28/29	1,500,000		1,289,766
U.S. Treasury Notes, 2.875%, 4/30/29	700,000		632,051
U.S. Treasury Notes, 3.875%, 11/30/29	700,000		661,664
U.S. Treasury Notes, 3.875%, 12/31/29	1,000,000		944,492
U.S. Treasury Notes, 4.125%, 8/31/30	1,600,000		1,526,500
U.S. Treasury Notes, 4.875%, 10/31/30	2,880,000		2,874,600
TOTAL U.S. TREASURY SECURITIES (Cost $74,643,715)			69,678,195
COLLATERALIZED LOAN OBLIGATIONS — 2.1%
ABPCI Direct Lending Fund CLO IV Ltd., Series 2017-2A, Class BR, VRN, 7.55%, (3-month SOFR plus 2.16%), 10/27/33(2)	600,000		572,960
ACREC LLC, Series 2023-FL2, Class A, VRN, 7.56%, (1-month SOFR plus 2.23%), 2/19/38(2)	474,000		473,463
AIMCO CLO Ltd., Series 2019-10A, Class BR, VRN, 7.27%, (3-month SOFR plus 1.86%), 7/22/32(2)	650,000		641,570
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL1, Class A, VRN, 6.42%, (1-month SOFR plus 1.08%), 12/15/35(2)	506,083		499,271
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL2, Class A, VRN, 6.55%, (1-month SOFR plus 1.21%), 5/15/36(2)	545,000		537,626
Ares XL CLO Ltd., Series 2016-40A, Class BRR, VRN, 7.46%, (3-month SOFR plus 2.06%), 1/15/29(2)	500,000		493,716
Barings Private Credit Corp. CLO Ltd., Series 2023-1A, Class A1, VRN, 7.81%, (3-month SOFR plus 2.40%), 7/15/31(2)	500,000		500,189
BDS Ltd., Series 2021-FL8, Class A, VRN, 6.37%, (1-month SOFR plus 1.03%), 1/18/36(2)	482,488		474,683
BDS Ltd., Series 2021-FL8, Class D, VRN, 7.35%, (1-month SOFR plus 2.01%), 1/18/36(2)	400,000		371,418
BXMT Ltd., Series 2020-FL2, Class C, VRN, 7.10%, (1-month SOFR plus 1.76%), 2/15/38(2)	1,090,000		943,146
Canyon Capital CLO Ltd., Series 2017-1A, Class BR, VRN, 7.26%, (3-month SOFR plus 1.86%), 7/15/30(2)	350,000		345,297

23

	Shares/Principal Amount		Value
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 7.83%, (3-month SOFR plus 2.46%), 8/14/30(2)	$	450,000	$	449,347
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 7.16%, (3-month SOFR plus 1.76%), 4/15/32(2)	398,842		397,618
Cerberus Loan Funding XXXIX LP, Series 2022-3A, Class A, VRN, 7.79%, (3-month SOFR plus 2.40%), 1/20/33(2)	687,015		684,705
Cerberus Loan Funding XXXVI LP, Series 2021-6A, Class A, VRN, 7.06%, (3-month SOFR plus 1.66%), 11/22/33(2)	106,465		106,129
FS Rialto Issuer LLC, Series 2022-FL6, Class A, SEQ, VRN, 7.91%, (1-month SOFR plus 2.58%), 8/17/37(2)	566,000		567,891
KKR CLO Ltd., Series 2018, Class BR, VRN, 7.26%, (3-month SOFR plus 1.86%), 7/18/30(2)	575,000		568,477
KKR CLO Ltd., Series 2022A, Class A, VRN, 6.83%, (3-month SOFR plus 1.41%), 7/20/31(2)	442,217		440,352
KREF Ltd., Series 2021-FL2, Class B, VRN, 7.10%, (1-month SOFR plus 1.76%), 2/15/39(2)	800,000		742,862
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 6.90%, (1-month SOFR plus 1.56%), 10/16/36(2)	1,075,000		1,041,483
Mountain View CLO LLC, Series 2017-2A, Class B, VRN, 7.36%, (3-month SOFR plus 1.96%), 1/16/31(2)	375,000		369,256
Octagon Investment Partners XV Ltd., Series 2013-1A, Class BRR, VRN, 7.16%, (3-month SOFR plus 1.76%), 7/19/30(2)	700,000		687,803
Palmer Square CLO Ltd., Series 2023-4A, Class B, VRN, 7.56%, (3-month SOFR plus 2.15%), 10/20/33(2)	650,000		649,217
Palmer Square Loan Funding Ltd., Series 2022-2A, Class A2, VRN, 7.29%, (3-month SOFR plus 1.90%), 10/15/30(2)	550,000		547,857
PFP Ltd., Series 2021-8, Class C, VRN, 7.25%, (1-month SOFR plus 1.91%), 8/9/37(2)	807,000		769,554
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, VRN, 8.09%, (1-month SOFR plus 2.75%), 5/19/38(2)	475,500		473,635
Sound Point CLO XXII Ltd., Series 2019-1A, Class BR, VRN, 7.38%, (3-month SOFR plus 1.96%), 1/20/32(2)	500,000		491,000
TCW CLO Ltd., Series 2018-1A, Class BR, VRN, 7.29%, (3-month SOFR plus 1.91%), 4/25/31(2)	725,000		718,267
THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 7.23%, (3-month SOFR plus 1.83%), 10/18/30(2)	525,000		516,438
THL Credit Wind River CLO Ltd., Series 2017-4A, Class B, VRN, 7.09%, (3-month SOFR plus 1.71%), 11/20/30(2)	300,000		294,703
TSTAT Ltd., Series 2022-1A, Class B, VRN, 8.60%, (3-month SOFR plus 3.27%), 7/20/31(2)	500,000		500,482
Wind River CLO Ltd., Series 2013-1A, Class A1RR, VRN, 6.66%, (3-month SOFR plus 1.24%), 7/20/30(2)	228,777		227,899
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $17,480,146)			17,098,314
ASSET-BACKED SECURITIES — 1.4%
Aaset Trust, Series 2021-2A, Class A, SEQ, 2.80%, 1/15/47(2)	698,466		588,479
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(2)	642,000		550,089
Blackbird Capital Aircraft, Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(2)	699,287		591,475
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A, SEQ, 2.74%, 8/15/41(2)	350,794		318,734
Clsec Holdings 22t LLC, Series 2021-1, Class B, 3.46%, 5/11/37(2)	1,428,959		1,168,857
DI Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.72%, 9/15/51(2)	1,826,955		1,609,170
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2, SEQ, 4.25%, 3/25/52(2)	930,225		834,674

24

	Shares/Principal Amount		Value
FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, 8/17/38(2)	$	600,000	$	520,189
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(2)	1,150,000		997,832
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(2)	298,386		271,533
Goodgreen Trust, Series 2020-1A, Class A, SEQ, 2.63%, 4/15/55(2)	559,395		459,716
Goodgreen Trust, Series 2021-1A, Class A, SEQ, 2.66%, 10/15/56(2)	389,297		316,627
J.G. Wentworth XL LLC, Series 2017-3A, Class B, 5.43%, 2/15/69(2)	81,602		68,496
J.G. Wentworth XLII LLC, Series 2018-2A, Class B, 4.70%, 10/15/77(2)	509,320		420,784
J.G. Wentworth XXXIX LLC, Series 2017-2A, Class B, 5.09%, 9/17/74(2)	153,527		126,405
J.G. Wentworth XXXVIII LLC, Series 2017-1A, Class B, 5.43%, 8/15/62(2)	185,953		157,793
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(2)	931,946		804,959
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(2)	1,310,000		1,094,490
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(2)	152,924		142,350
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(2)	133,306		129,255
TOTAL ASSET-BACKED SECURITIES (Cost $13,178,755)			11,171,907
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.1%
Private Sponsor Collateralized Mortgage Obligations — 1.1%
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33	3,014		2,631
Bellemeade Re Ltd., Series 2019-3A, Class B1, VRN, 7.94%, (1-month LIBOR plus 2.50%), 7/25/29(2)	400,000		401,777
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 7.39%, (1-month LIBOR plus 1.95%), 7/25/29(2)	198,300		198,858
CHL Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	996		897
CHNGE Mortgage Trust, Series 2022-1, Class A1, SEQ, VRN, 3.01%, 1/25/67(2)	614,244		537,909
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2, SEQ, VRN, 1.38%, 2/25/66(2)	260,307		213,731
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A1, SEQ, VRN, 1.17%, 7/25/66(2)	230,775		177,074
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A3, SEQ, VRN, 1.59%, 7/25/66(2)	618,147		472,292
Credit Suisse Mortgage Trust, Series 2022-NQM4, Class A3, SEQ, 4.82%, 6/25/67(2)	472,045		445,127
Deephaven Residential Mortgage Trust, Series 2020-2, Class M1, VRN, 4.11%, 5/25/65(2)	525,000		484,837
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 8.02%, (30-day average SOFR plus 2.70%), 10/25/33(2)	343,890		345,479
FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, SEQ, 7.07%, 11/10/27(2)(3)	760,000		764,702
GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66(2)	942,134		841,169
GCAT Trust, Series 2021-NQM1, Class A3, SEQ, VRN, 1.15%, 1/25/66(2)	203,078		159,230
GCAT Trust, Series 2023-NQM3, Class A2, VRN, 7.19%, 8/25/68(2)	572,390		571,805

25

	Shares/Principal Amount		Value
Home RE Ltd., Series 2022-1, Class M1A, VRN, 8.17%, (30-day average SOFR plus 2.85%), 10/25/34(2)	$	350,244	$	352,850
JP Morgan Mortgage Trust, Series 2017-1, Class A2, VRN, 3.45%, 1/25/47(2)	115,786		97,365
JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(2)	172,134		142,607
MFA Trust, Series 2021-INV2, Class A3, SEQ, VRN, 2.26%, 11/25/56(2)	673,825		549,712
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, VRN, 6.19%, (1-month SOFR plus 0.86%), 5/25/55(2)	650,000		648,745
PRMI Securitization Trust, Series 2021-1, Class A5, VRN, 2.50%, 4/25/51(2)	815,606		584,736
Sofi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46(2)	37,424		31,204
Starwood Mortgage Residential Trust, Series 2020-2, Class B1E, VRN, 3.00%, 4/25/60(2)	446,000		402,193
Verus Securitization Trust, Series 2021-6, Class A2, VRN, 1.78%, 10/25/66(2)	181,708		142,997
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(2)	201,079		171,546
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(2)	229,941		196,264
			8,937,737
U.S. Government Agency Collateralized Mortgage Obligations†
FHLMC, Series 2023-HQA2, Class M1A, VRN, 7.32%, (30-day average SOFR plus 2.00%), 6/25/43(2)	221,567		222,544
FNMA, Series 2014-C02, Class 2M2, VRN, 8.04%, (30-day average SOFR plus 2.71%), 5/25/24	97,023		97,702
FNMA, Series 2017-C03, Class 1M2C, VRN, 8.44%, (30-day average SOFR plus 3.11%), 10/25/29	110,000		113,326
			433,572
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,213,470)			9,371,309
MUNICIPAL SECURITIES — 0.5%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	295,000		316,860
California State University Rev., 2.98%, 11/1/51	500,000		298,711
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	275,000		198,156
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34	660,000		504,286
Houston GO, 3.96%, 3/1/47	120,000		94,373
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47	570,000		388,261
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	130,000		127,660
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	200,000		225,279
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	95,000		104,072
New York City GO, 6.27%, 12/1/37	95,000		97,560
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	330,000		213,240
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	50,000		42,957
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60	245,000		143,034
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	300,000		292,343
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	210,000		214,493
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	105,000		104,336

26

		Shares/Principal Amount		Value
State of California GO, 4.60%, 4/1/38		$	180,000	$	157,090
State of California GO, 7.55%, 4/1/39		100,000		114,326
State of California GO, 7.30%, 10/1/39		160,000		176,690
State of California GO, 7.60%, 11/1/40		80,000		91,668
Texas Natural Gas Securitization Finance Corp. Rev., 5.17%, 4/1/41		185,000		171,354
University of California Rev., 3.07%, 5/15/51		180,000		107,323
TOTAL MUNICIPAL SECURITIES (Cost $5,183,787)				4,184,072
U.S. GOVERNMENT AGENCY SECURITIES — 0.5%
FHLMC, 6.25%, 7/15/32		700,000		756,011
FNMA, 0.75%, 10/8/27		2,000,000		1,702,675
FNMA, 0.875%, 8/5/30		1,200,000		909,841
FNMA, 6.625%, 11/15/30		400,000		433,994
Tennessee Valley Authority, 1.50%, 9/15/31		300,000		227,082
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $4,564,146)				4,029,603
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.3%
Germany — 0.2%
Bundesrepublik Deutschland Bundesanleihe, 0.00%, 5/15/35(5)	EUR	1,700,000		1,290,441
Mexico — 0.1%
Mexico Government International Bond, 4.15%, 3/28/27		$	600,000	576,266
Peru†
Peruvian Government International Bond, 5.625%, 11/18/50		170,000		150,606
Philippines†
Philippine Government International Bond, 6.375%, 10/23/34		150,000		154,264
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,347,172)				2,171,577
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.2%
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.54%, 3/9/44(2)		537,839		425,780
BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, VRN, 7.85%, (1-month SOFR plus 2.51%), 9/15/36(2)		600,000		559,028
BX Trust, Series 2018-GW, Class A, VRN, 6.43%, (1-month SOFR plus 1.10%), 5/15/35(2)		492,000		486,764
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,644,283)				1,471,572
EXCHANGE-TRADED FUNDS†
SPDR S&P 500 ETF Trust (Cost $232,107)		549		229,592
SHORT-TERM INVESTMENTS — 2.4%
Money Market Funds — 2.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class		15,698,034		15,698,034
Treasury Bills(6) — 0.4%
U.S. Treasury Bills, 4.21%, 10/3/24		$	3,500,000	3,330,447
TOTAL SHORT-TERM INVESTMENTS (Cost $19,029,808)				19,028,481
TOTAL INVESTMENT SECURITIES — 100.4% (Cost $739,423,106)				806,383,280
OTHER ASSETS AND LIABILITIES — (0.4)%				(3,295,233)
TOTAL NET ASSETS — 100.0%				$	803,088,047

27

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	25,048	USD	26,636	Bank of America N.A.	12/15/23	$	(81)
EUR	20,315	USD	21,553	Bank of America N.A.	12/15/23	(16)
EUR	21,540	USD	22,812	Bank of America N.A.	12/15/23	23
EUR	27,262	USD	28,823	Bank of America N.A.	12/22/23	90
EUR	958,564	USD	1,014,072	Morgan Stanley	12/22/23	2,566
EUR	36,830	USD	39,103	Morgan Stanley	12/22/23	(41)
USD	1,322,184	EUR	1,225,118	Bank of America N.A.	12/15/23	23,381
USD	30,867	EUR	29,002	JPMorgan Chase Bank N.A.	12/15/23	121
USD	696,254	EUR	655,025	Bank of America N.A.	12/22/23	1,545
USD	31,592	EUR	29,970	Bank of America N.A.	12/22/23	(194)
USD	696,380	EUR	655,025	JPMorgan Chase Bank N.A.	12/22/23	1,671
USD	696,520	EUR	655,025	Morgan Stanley	12/22/23	1,810
USD	28,038	EUR	26,359	Morgan Stanley	12/22/23	82
						$	30,957

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	266	December 2023	$	53,844,219	$	(34,086)
U.S. Treasury 5-Year Notes	207	December 2023	21,626,649		(70,004)
U.S. Treasury 10-Year Notes	25	December 2023	2,654,297		4,210
U.S. Treasury 10-Year Ultra Notes	13	December 2023	1,414,766		(6,119)
U.S. Treasury Long Bonds	1	December 2023	109,437		(1,096)
U.S. Treasury Ultra Bonds	42	December 2023	4,727,625		(200,036)
			$	84,376,993	$	(307,131)

^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type‡	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America Investment Grade Index Series 41	Sell	1.00%	12/20/28	$	6,400,000	$	55,523	$	10,747	$	66,270

‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

28

NOTES TO SCHEDULE OF INVESTMENTS
CDX	–	Credit Derivatives Indexes
EUR	–	Euro
FHLMC	–	Federal Home Loan Mortgage Corporation
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
GO	–	General Obligation
H15T1Y	–	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
LIBOR	–	London Interbank Offered Rate
RFUCC	–	Refinitiv USD IBOR Consumer Cash Fallbacks
SEQ	–	Sequential Payer
SOFR	–	Secured Overnight Financing Rate
TBA	–	To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS	–	Uniform Mortgage-Backed Securities
USD	–	United States Dollar
VRN	–	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

†Category is less than 0.05% of total net assets.

(1)Non-income producing.

(2)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $48,725,548, which represented 6.1% of total net assets. 

(3)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,333,996.

(5)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(6)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

See Notes to Financial Statements.

29

Statement of Assets and Liabilities

OCTOBER 31, 2023
Assets
Investment securities, at value (cost of $739,423,106)	$	806,383,280
Cash	62,842
Receivable for investments sold	1,351,561
Receivable for capital shares sold	1,238,400
Receivable for variation margin on swap agreements	4,757
Unrealized appreciation on forward foreign currency exchange contracts	31,289
Interest and dividends receivable	2,739,408
	811,811,537
Liabilities
Payable for investments purchased	7,769,072
Payable for capital shares redeemed	301,359
Payable for variation margin on futures contracts	41,703
Unrealized depreciation on forward foreign currency exchange contracts	332
Accrued management fees	611,024
	8,723,490
Net Assets	$	803,088,047