DOS

Issues

Maturity

Date

Principal
Amount

Value

BONDS – 92.04%

ASSET-BACKED SECURITIES — 5.54%**

Academic Loan Funding Trust,

Series 2012-1A, Class A2

(LIBOR USD 1-Month plus 1.10%)

1.28%

12/27/44

^1,2

692,357

662,838

AMMC CLO 19 Ltd., Series 2016-19A,

Class AR (Cayman Islands)

(LIBOR USD 3-Month plus 1.14%)

2.36%

10/16/28

^1,2,3

920,000

905,319

Barings CLO Ltd., Series 2013-IA,

Class AR (Cayman Islands)

(LIBOR USD 3-Month plus 0.80%)

1.94%

01/20/28

^1,2,3

1,243,363

1,232,132

Barings CLO Ltd., Series 2016-2A,

Class AR (Cayman Islands)

(LIBOR USD 3-Month plus 1.08%)

2.22%

07/20/28

^1,2,3

50,000

49,602

Bayview Commercial Asset Trust,

Series 2004-3, Class A1

(LIBOR USD 1-Month plus 0.56%)

0.74%

01/25/35

^1,2

347,090

321,944

Brazos Higher Education Authority, Inc.,

Series 2010-1, Class A2

(LIBOR USD 3-Month plus 1.20%)

1.56%

02/25/35

650,000

623,052

Brazos Higher Education Authority, Inc.,

Series 2011-1, Class A2

(LIBOR USD 3-Month plus 0.80%)

1.16%

02/25/30

24,338

24,067

Brazos Higher Education Authority, Inc.,

Series 2011-2, Class A3

(LIBOR USD 3-Month plus 1.00%)

1.99%

10/27/36

1,030,000

971,683

CIT Education Loan Trust, Series 2007-1,

Class A

(LIBOR USD 3-Month plus 0.09%)

0.39%

03/25/42

^1,2

248,799

220,580

Citigroup Mortgage Loan Trust, Inc.,

Series 2006-WFH1, Class M5

(LIBOR USD 1-Month plus 0.78%)

0.96%

01/25/36

2,000,000

1,891,235

Corevest American Finance Trust,

Series 2019-1, Class XA (IO)

2.35%

03/15/52

^2,4

5,925,756

473,927

Dryden XXVI Senior Loan Fund,

Series 2013-26A, Class AR

(Cayman Islands)

(LIBOR USD 3-Month plus 0.90%)

2.12%

04/15/29

^1,2,3

1,785,000

1,752,281

Educational Funding of the South, Inc.,

Series 2011-1, Class A2

(LIBOR USD 3-Month plus 0.65%)

1.64%

04/25/35

253,978

247,755

Issues

Maturity

Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (continued)

GCO Education Loan Funding Trust II,

Series 2006-2AR, Class A1RN

(LIBOR USD 1-Month plus 0.65%)

0.83%

08/27/46

^1,2

769,270

713,586

Global SC Finance II SRL, Series 2014-1A,

Class A2 (Barbados)

3.09%

07/17/29

^2,3

683,958

672,067

Higher Education Funding I,

Series 2014-1, Class A

(LIBOR USD 3-Month plus 1.05%)

1.41%

05/25/34

^1,2

1,037,273

1,027,861

J.G. Wentworth XXX LLC,

Series 2013-3A, Class A

4.08%

01/17/73

427,244

476,083

J.G. Wentworth XXXII LLC,

Series 2014-2A, Class A

3.61%

01/17/73

804,269

871,070

LCM XVIII LP, Series 19A, Class AR

(Cayman Islands)

(LIBOR USD 3-Month plus 1.24%)

2.46%

07/15/27

^1,2,3

50,000

49,438

LCM XX LP, Series 20A, Class AR

(Cayman Islands)

(LIBOR USD 3-Month plus 1.04%)

2.18%

10/20/27

^1,2,3

1,700,000

1,675,573

Magnetite XVIII Ltd., Series 2016-18A,

Class AR (Cayman Islands)

(LIBOR USD 3-Month plus 1.08%)

1.47%

11/15/28

^1,2,3

50,000

49,204

Navient Student Loan Trust, Series 2014-1,

Class A3

(LIBOR USD 1-Month plus 0.51%)

0.69%

06/25/31

707,151

679,568

Navient Student Loan Trust, Series 2014-2,

Class A

(LIBOR USD 1-Month plus 0.64%)

0.82%

03/25/83

65,265

60,182

Navient Student Loan Trust, Series 2014-3,

Class A

(LIBOR USD 1-Month plus 0.62%)

0.80%

03/25/83

1,768,158

1,669,300

Navient Student Loan Trust, Series 2014-4,

Class A

(LIBOR USD 1-Month plus 0.62%)

0.80%

03/25/83

1,613,721

1,479,975

Navient Student Loan Trust, Series 2016-2A, Class A3

(LIBOR USD 1-Month plus 1.50%)

1.68%

06/25/65

^1,2

1,640,000

1,631,027

Nelnet Student Loan Trust, Series 2014-4A,

Class A2

(LIBOR USD 1-Month plus 0.95%)

1.13%

11/25/48

^1,2

1,370,000

1,213,429

Issues

Maturity

Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (continued)

Northstar Education Finance, Inc.,

Series 2007-1, Class A2

(LIBOR USD 3-Month plus 0.75%)

1.64%

01/29/46

61,743

60,645

OCP CLO Ltd., Series 2020-19A, Class A1

(Cayman Islands)

(LIBOR USD 3-Month plus 1.75%)

2.07%

07/20/31

^1,2,3

1,850,000

1,853,714

Recette CLO Ltd., Series 2015-1A, Class AR

(Cayman Islands)

(LIBOR USD 3-Month plus 0.92%)

2.06%

10/20/27

^1,2,3

1,257,795

1,242,475

SLC Student Loan Trust I, Series 2002-2,

Class B2

(28 Day Auction Rate plus 0.00%)

1.61%

07/01/42

^1,2

600,000

532,380

SLC Student Loan Trust, Series 2004-1,

Class B

(LIBOR USD 3-Month plus 0.29%)

0.68%

08/15/31

141,275

119,982

SLC Student Loan Trust, Series 2008-1,

Class A4A

(LIBOR USD 3-Month plus 1.60%)

1.91%

12/15/32

307,059

307,532

SLM Student Loan Trust, Series 2004-2,

Class B

(LIBOR USD 3-Month plus 0.47%)

1.46%

07/25/39

175,049

156,184

SLM Student Loan Trust, Series 2006-2,

Class A6

(LIBOR USD 3-Month plus 0.17%)

1.16%

01/25/41

83,078

76,599

SLM Student Loan Trust, Series 2006-8,

Class A6

(LIBOR USD 3-Month plus 0.16%)

1.15%

01/25/41

1,025,000

949,795

SLM Student Loan Trust, Series 2008-2,

Class A3

(LIBOR USD 3-Month plus 0.75%)

1.74%

04/25/23

3,844,647

3,587,883

SLM Student Loan Trust, Series 2008-2,

Class B

(LIBOR USD 3-Month plus 1.20%)

2.19%

01/25/83

185,000

156,806

SLM Student Loan Trust, Series 2008-3,

Class B

(LIBOR USD 3-Month plus 1.20%)

2.19%

04/26/83

185,000

168,091

SLM Student Loan Trust, Series 2008-4,

Class B

(LIBOR USD 3-Month plus 1.85%)

2.84%

04/25/73

185,000

161,092

Issues

Maturity

Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (continued)

SLM Student Loan Trust, Series 2008-5,

Class B

(LIBOR USD 3-Month plus 1.85%)

2.84%

07/25/73

2,235,000

1,836,091

SLM Student Loan Trust, Series 2008-6,

Class A4

(LIBOR USD 3-Month plus 1.10%)

2.09%

07/25/23

2,044,777

1,947,947

SLM Student Loan Trust, Series 2008-6,

Class B

(LIBOR USD 3-Month plus 1.85%)

2.84%

07/26/83

185,000

154,514

SLM Student Loan Trust, Series 2008-7,

Class B

(LIBOR USD 3-Month plus 1.85%)

2.84%

07/26/83

185,000

162,655

SLM Student Loan Trust, Series 2008-8,

Class B

(LIBOR USD 3-Month plus 2.25%)

3.24%

10/25/75

185,000

179,056

SLM Student Loan Trust, Series 2008-9,

Class A

(LIBOR USD 3-Month plus 1.50%)

2.49%

04/25/23

744,533

728,619

SLM Student Loan Trust, Series 2008-9,

Class B

(LIBOR USD 3-Month plus 2.25%)

3.24%

10/25/83

1,885,000

1,797,575

SLM Student Loan Trust, Series 2009-3,

Class A

(LIBOR USD 1-Month plus 0.75%)

0.93%

01/25/45

^1,2

3,266,356

2,973,848

SLM Student Loan Trust, Series 2011-2,

Class A2

(LIBOR USD 1-Month plus 1.20%)

1.38%

10/25/34

500,000

488,239

SLM Student Loan Trust, Series 2012-7,

Class A3

(LIBOR USD 1-Month plus 0.65%)

0.83%

05/26/26

656,722

602,807

Structured Receivables Finance LLC,

Series 2010-A, Class B

7.61%

01/16/46

501,450

561,733

TCI-Flatiron CLO Ltd., Series 2016-1A,

Class AR (Cayman Islands)

(LIBOR USD 3-Month plus 1.22%)

2.35%

07/17/28

^1,2,3

10,000

9,879

Issues

Maturity

Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (continued)

Treman Park CLO Ltd., Series 2015-1A,

Class ARR (Cayman Islands)

(LIBOR USD 3-Month plus 1.07%)

2.21%

10/20/28

^1,2,3

50,000

49,169

Total Asset-Backed Securities

(Cost $44,424,872)

42,510,088

BANK LOANS — 1.29%*

Automotive — 0.02%

Panther BF Aggregator 2 LP

Term Loan B, 1st Lien

(LIBOR plus 3.50%)

3.68%

04/30/26

198,500

189,816

Communications — 0.42%

CenturyLink, Inc.,

Term Loan A, 1st Lien

(LIBOR plus 2.00%)

2.18%

01/31/25

243,750

234,000

CenturyLink, Inc.,

Term Loan B, 1st Lien

(LIBOR plus 2.25%)

2.43%

03/15/27

348,250

329,556

Charter Communications Operating LLC,

Term Loan B2, 1st Lien

(LIBOR plus 1.75%)

1.93%

02/01/27

99,499

96,023

CSC Holdings LLC,

Term Loan B, 1st Lien

(LIBOR plus 2.25%)

2.43%

01/15/26

355,500

337,885

Frontier Communications Corp.,

Term Loan B, 1st Lien

(PRIME plus 2.75%)

6.00%

06/17/24

1,740

1,702

(LIBOR plus 3.75%)

5.35%

06/17/24

520,575

509,140

Intelsat Jackson Holdings SA,

Term Loan B5, 1st Lien (Luxembourg)

8.63%

01/02/24

^1,3

225,000

225,633

Intelsat Jackson Holdings,

Delayed-Draw Term Loan, 1st Lien

(Luxembourg)

(LIBOR plus 5.50%)

6.50%

07/13/21

^1,3,5

24,250

24,682

Level 3 Parent LLC,

Term Loan B, 1st Lien

(LIBOR plus 1.75%)

1.93%

03/01/27

400,000

379,572

T-Mobile USA, Inc.,

Term Loan B, 1st Lien

(LIBOR plus 3.00%)

3.18%

04/01/27

635,000

634,711

Issues

Maturity

Date

Principal
Amount

Value

BANK LOANS (continued)

Communications (continued)

Zayo Group Holdings, Inc.,

Term Loan B, 1st Lien

(LIBOR plus 3.00%)

3.18%

03/09/27

498,750

475,034

3,247,938

Consumer Discretionary — 0.05%

Reynolds Group Holdings, Inc.,

Term Loan B, 1st Lien

(LIBOR plus 2.75%)

2.92%

02/06/23

433,156

414,933

Electric — 0.02%

Vistra Operations Co., LLC,

Term Loan B3, 1st Lien

(LIBOR plus 1.75%)

1.93%

12/31/25

112,270

108,631

1.94%

12/31/25

26,963

26,089

134,720

Finance — 0.20%

Avolon TLB Borrower 1 US LLC,

Term Loan B3, 1st Lien

(LIBOR plus 1.75%)

2.50%

01/15/25

52,744

49,279

Delos Finance SARL,

Term Loan B, 1st Lien

(LIBOR plus 1.75%)

2.06%

10/06/23

1,556,095

1,494,334

1,543,613

Food — 0.04%

Hostess Brands LLC,

Term Loan, 1st Lien

(LIBOR plus 2.25%)

3.00%

08/03/25

80,795

78,210

3.01%

08/03/25

217,701

210,735

288,945

Gaming — 0.01%

Churchill Downs, Inc.,

Term Loan B, 1st Lien

(LIBOR plus 2.00%)

2.18%

12/27/24

53,894

52,370

Health Care — 0.20%

Change Healthcare Holdings LLC,

Term Loan B, 1st Lien

(LIBOR plus 2.50%)

3.50%

03/01/24

343,450

331,070

Issues

Maturity

Date

Principal
Amount

Value

BANK LOANS (continued)

Health Care (continued)

Elanco Animal Health, Inc.,

Term Loan B, 1st Lien

(LIBOR plus 1.75%)

1.75%

02/04/27

950,000

908,437

Gentiva Health Services, Inc.,

Term Loan, 1st Lien

(LIBOR plus 3.25%)

3.44%

07/02/25

29,551

28,738

Grifols Worldwide Operations USA, Inc.,

Term Loan B, 1st Lien

(LIBOR plus 2.00%)

2.11%

11/15/27

99,500

96,074

MPH Acquisition Holdings LLC,

Term Loan B, 1st Lien

(LIBOR plus 2.75%)

4.20%

06/07/23

166,103

158,398

1,522,717

Industrials — 0.10%

Berry Plastics Group, Inc.,

Term Loan Y, 1st Lien

(LIBOR plus 2.00%)

2.18%

07/01/26

545,992

523,506

TransDigm, Inc.,

Term Loan E, 1st Lien

(LIBOR plus 2.25%)

2.43%

05/30/25

296,495

267,842

791,348

Information Technology — 0.06%

Broadcom, Inc.,

Delayed-Draw Term Loan A3

(LIBOR plus 1.13%)

1.30%

11/04/22

312,500

311,523

SS&C Technologies, Inc.,

Term Loan B3, 1st Lien

(LIBOR plus 1.75%)

1.93%

04/16/25

92,004

88,425

SS&C Technologies, Inc.,

Term Loan B4, 1st Lien

(LIBOR plus 1.75%)

1.93%

04/16/25

64,639

62,124

462,072

Real Estate Investment Trust (REIT) — 0.14%

VICI Properties 1 LLC,

Term Loan B, 1st Lien

(LIBOR plus 1.75%)

1.94%

12/20/24

1,125,000

1,051,526



Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Services — 0.02%
GFL Environmental, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 3.00%)
4.00%		05/30/25	¹	$	154,731	$	150,862

Transportation — 0.01%
American Airlines, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 1.75%)
1.93%		01/29/27	¹		75,000		57,600


Total Bank Loans
(Cost $9,894,185)							9,908,460


CORPORATES — 34.65%*
Automotive — 0.12%
General Motors Co.
4.88%		10/02/23			845,000		902,075


Banking — 4.50%
Bank of America Corp.
2.59%		04/29/31	⁴		720,000		764,015
3.00%		12/20/23	⁴		3,721,000		3,910,442
Bank of America Corp. (MTN)
2.50%		02/13/31	⁴		1,235,000		1,294,836
3.09%		10/01/25	⁴		152,000		164,539
3.56%		04/23/27	⁴		605,000		675,587
3.97%		03/05/29	⁴		40,000		46,097
Bank of New York Mellon Corp. (The) (MTN)
2.50%		04/15/21			1,076,000		1,092,879
2.60%		02/07/22			665,000		685,840
3.25%		09/11/24			365,000		402,215
Fifth Third Bancorp
2.55%		05/05/27			910,000		976,381
JPMorgan Chase & Co.
2.01%		03/13/26	⁴		1,945,000		2,019,003
2.52%		04/22/31	⁴		2,145,000		2,270,280
3.20%		06/15/26			715,000		794,243
3.96%		01/29/27	⁴		50,000		56,996
4.02%		12/05/24	⁴		1,820,000		2,006,417
4.49%		03/24/31	⁴		1,485,000		1,819,603
Lloyds Banking Group PLC
(United Kingdom)
3.87%		07/09/25	^3,4		3,020,000		3,284,359
3.90%		03/12/24	³		355,000		389,027
Santander UK Group Holdings PLC
(United Kingdom)
2.88%		10/16/20	³		1,065,000		1,072,679
4.80%		11/15/24	^3,4		795,000		880,384
Santander UK PLC (United Kingdom)
5.00%		11/07/23	^2,3		330,000		360,588



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Wells Fargo & Co. (MTN)
2.39%		06/02/28	⁴	$	885,000	$	915,268
2.57%		02/11/31	⁴		2,435,000		2,549,849
2.88%		10/30/30	⁴		3,815,000		4,081,824
3.58%		05/22/28	⁴		1,810,000		2,010,109


							34,523,460


Communications — 3.44%
AT&T, Inc.
3.40%		05/15/25			325,000		357,392
3.55%		06/01/24			800,000		876,527
3.60%		07/15/25			1,155,000		1,281,898
3.88%		01/15/26			1,530,000		1,725,027
4.10%		02/15/28			50,000		57,235
4.35%		03/01/29			40,000		46,642
(LIBOR USD 3-Month plus 1.18%)
1.50%		06/12/24	¹		1,200,000		1,204,572
CCO Holdings LLC/CCO Holdings
Capital Corp.
4.50%		08/15/30	²		824,000		848,720
Charter Communications Operating LLC/
Charter Communications Operating Capital
4.91%		07/23/25			500,000		576,190
Comcast Corp.
1.95%		01/15/31			1,315,000		1,341,490
2.75%		03/01/23			45,000		47,812
CSC Holdings LLC
5.38%		02/01/28	²		65,000		68,114
5.50%		05/15/26	²		350,000		360,246
6.50%		02/01/29	²		43,000		47,112
Fox Corp.
3.50%		04/08/30			1,500,000		1,678,465
Intelsat Jackson Holdings SA (Luxembourg)⁶
8.50%		10/15/24	^2,3,7		1,003,000		613,084
9.75%		07/15/25	^2,3,7		585,000		360,329
Level 3 Financing, Inc.
4.63%		09/15/27	²		196,000		198,028
SES GLOBAL Americas Holdings GP
5.30%		03/25/44	²		750,000		748,015
SES SA (Luxembourg)
3.60%		04/04/23	^2,3		1,500,000		1,553,089
Sirius XM Radio, Inc.
3.88%		08/01/22	²		219,000		221,214
Sprint Corp.
7.88%		09/15/23			65,000		73,287
Sprint Spectrum Co. LLC/Sprint Spectrum
Co. II LLC/Sprint Spectrum Co. III LLC
3.36%		09/20/21	²		1,197,500		1,216,576
4.74%		03/20/25	²		780,000		849,315
5.15%		03/20/28	²		785,000		905,545



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Time Warner Cable LLC
4.00%		09/01/21		$	50,000	$	51,342
T-Mobile USA, Inc.
2.55%		02/15/31	²		740,000		744,455
3.88%		04/15/30	²		1,500,000		1,672,253
4.50%		02/01/26			172,000		175,629
6.00%		03/01/23			280,000		281,644
6.00%		04/15/24			293,000		300,271
6.50%		01/15/24			367,000		374,193
ViacomCBS, Inc.
3.70%		08/15/24			180,000		195,756
4.20%		05/19/32			1,000,000		1,117,912
Virgin Media Secured Finance PLC
(United Kingdom)
5.50%		05/15/29	^2,3		65,000		68,042
Vodafone Group PLC (United Kingdom)
4.13%		05/30/25	³		475,000		537,615
4.38%		05/30/28	³		780,000		928,291
Walt Disney Co. (The)
2.00%		09/01/29			1,385,000		1,412,487
2.65%		01/13/31			1,200,000		1,277,062


							26,392,876


Consumer Discretionary — 1.25%
Anheuser-Busch InBev Worldwide, Inc.
3.50%		06/01/30			1,090,000		1,228,175
4.38%		04/15/38			725,000		824,303
4.75%		01/23/29			730,000		882,675
Bacardi Ltd. (Bermuda)
4.70%		05/15/28	^2,3		605,000		685,182
BAT Capital Corp.
2.76%		08/15/22			755,000		782,083
3.46%		09/06/29			770,000		820,811
4.39%		08/15/37			830,000		906,705
Colt Merger Sub, Inc.
6.25%		07/01/25	²		230,000		229,506
Reckitt Benckiser Treasury Services PLC
(United Kingdom)
2.75%		06/26/24	^2,3		1,595,000		1,696,998
Reynolds American, Inc.
4.45%		06/12/25			365,000		411,525
5.70%		08/15/35			940,000		1,160,754


							9,628,717


Electric — 2.10%
AEP Texas, Inc.
3.85%		10/01/25	²		1,150,000		1,276,393
Consolidated Edison Co. of New York, Inc.,
Series 20A
3.35%		04/01/30			1,395,000		1,587,502



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Dominion Energy, Inc., Series A
3.30%		03/15/25		$	3,035,000	$	3,313,659
Duke Energy Corp.
2.65%		09/01/26			30,000		32,576
Duquesne Light Holdings, Inc.
5.90%		12/01/21	²		395,000		416,848
Entergy Corp.
4.00%		07/15/22			955,000		1,017,642
Entergy Mississippi LLC
3.10%		07/01/23			1,435,000		1,522,719
Evergy Metro, Inc.
3.65%		08/15/25			640,000		722,038
Evergy Missouri West, Inc.
8.27%		11/15/21			1,995,000		2,177,231
Metropolitan Edison Co.
4.00%		04/15/25	²		770,000		863,276
MidAmerican Energy Co.
3.10%		05/01/27			45,000		50,625
Public Service Co. of New Mexico
3.85%		08/01/25			1,405,000		1,547,127
Southwestern Electric Power Co.
3.55%		02/15/22			955,000		986,721
Tucson Electric Power Co.
3.85%		03/15/23			595,000		631,459


							16,145,816


Energy — 3.62%
BP Capital Markets America, Inc.
3.63%		04/06/30			1,000,000		1,137,030
Brooklyn Union Gas Co. (The)
3.41%		03/10/26	²		2,555,000		2,806,655
Canadian Natural Resources Ltd.
(Canada)
3.85%		06/01/27	³		8,000		8,586
Cheniere Energy Partners LP
5.25%		10/01/25			65,000		64,851
Chevron Corp.
2.24%		05/11/30			1,000,000		1,052,075
Concho Resources, Inc.
3.75%		10/01/27			30,000		31,979
Energy Transfer Operating LP
3.75%		05/15/30			385,000		383,691
4.05%		03/15/25			2,000,000		2,127,658
5.50%		06/01/27			71,000		79,248
5.88%		01/15/24			1,000,000		1,115,480
Energy Transfer Partners LP/Regency
Energy Finance Corp.
5.00%		10/01/22			130,000		138,371



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
EQT Corp.
3.90%		10/01/27		$	170,000	$	138,806
Exxon Mobil Corp.
2.61%		10/15/30			3,600,000		3,863,323
3.48%		03/19/30			195,000		222,376
NiSource, Inc.
2.65%		11/17/22			970,000		1,014,058
Petroleos Mexicanos (Mexico)
2.00%		12/20/22	³		750,000		762,293
5.95%		01/28/31	^2,3		2,360,000		1,947,826
6.63%		06/15/35	³		1,780,000		1,452,836
Plains All American Pipeline LP/PAA
Finance Corp.
4.65%		10/15/25			780,000		841,136
Range Resources Corp.
4.88%		05/15/25			134,000		101,334
Rockies Express Pipeline LLC
4.80%		05/15/30	²		400,000		373,520
4.95%		07/15/29	²		1,000,000		932,842
Ruby Pipeline LLC
7.00%		04/01/22	²		664,773		623,078
Sabine Pass Liquefaction LLC
5.75%		05/15/24			1,081,000		1,223,138
Shell International Finance BV (Netherlands)
2.38%		11/07/29	³		585,000		615,033
Spectra Energy Partners LP
4.75%		03/15/24			1,500,000		1,676,977
Sunoco Logistics Partners Operations LP
3.45%		01/15/23			105,000		108,645
Targa Resources Partners LP/Targa
Resources Partners Finance Corp.
6.88%		01/15/29			119,000		124,882
TC PipeLines LP
4.65%		06/15/21			2,030,000		2,078,252
USA Compression Partners LP/USA
Compression Finance Corp.
6.88%		04/01/26			60,000		58,115
6.88%		09/01/27			181,000		173,027
Williams Cos., Inc. (The)
3.35%		08/15/22			480,000		497,952


							27,775,073


Entertainment — 0.02%
Live Nation Entertainment, Inc.
4.75%		10/15/27	²		227,000		195,811


Finance — 5.54%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland)
3.50%		05/26/22	³		355,000		350,833
3.65%		07/21/27	³		355,000		314,521



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
3.95%		02/01/22	³	$	160,000	$	160,122
4.45%		12/16/21	³		750,000		757,600
Air Lease Corp.
2.25%		01/15/23			1,000,000		989,257
3.25%		03/01/25			820,000		820,966
3.25%		10/01/29			525,000		502,061
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.88%		02/15/25	^2,3		1,160,000		978,769
5.13%		10/01/23	^2,3		75,000		69,465
5.25%		05/15/24	^2,3		95,000		86,980
Citigroup, Inc.
2.57%		06/03/31	⁴		1,235,000		1,278,988
4.41%		03/31/31	⁴		985,000		1,170,143
Daimler Finance North America LLC
2.20%		10/30/21	²		760,000		770,462
3.00%		02/22/21	²		30,000		30,366
(LIBOR USD 3-Month plus 0.90%)
1.29%		02/15/22	^1,2		1,900,000		1,877,890
Durrah MSN 35603 (Cayman Islands)
1.68%		01/22/25	³		2,679,943		2,730,238
Ford Motor Credit Co. LLC
2.34%		11/02/20			1,095,000		1,090,894
3.20%		01/15/21			2,500,000		2,475,000
3.22%		01/09/22			500,000		488,855
3.34%		03/28/22			40,000		38,967
3.81%		10/12/21			385,000		382,709
(LIBOR USD 3-Month plus 0.81%)
1.11%		04/05/21	¹		850,000		818,643
GE Capital Funding LLC
4.40%		05/15/30	²		730,000		760,535
GE Capital International Funding Co.
(Ireland)
4.42%		11/15/35	³		1,805,000		1,816,805
General Motors Financial Co., Inc.
3.15%		06/30/22			495,000		503,954
3.20%		07/06/21			1,040,000		1,051,705
3.45%		04/10/22			120,000		122,390
3.55%		04/09/21			1,000,000		1,012,150
4.20%		11/06/21			265,000		272,396
4.38%		09/25/21			220,000		226,001
Goldman Sachs Group, Inc. (The)
2.60%		02/07/30			1,130,000		1,189,104
2.75%		09/15/20			1,275,000		1,278,223
3.75%		02/25/26			20,000		22,322
3.80%		03/15/30			775,000		881,513
3.81%		04/23/29	⁴		350,000		397,198
Morgan Stanley (GMTN)
(SOFR Rate plus 0.70%)



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
0.77%		01/20/23	¹	$	1,485,000	$	1,480,148
Nationwide Building Society
(United Kingdom)
3.62%		04/26/23	^2,3,4		390,000		405,439
3.77%		03/08/24	^2,3,4		730,000		769,877
Park Aerospace Holdings Ltd.
(Cayman Islands)
4.50%		03/15/23	^2,3		1,330,000		1,214,100
5.25%		08/15/22	^2,3		825,000		774,783
5.50%		02/15/24	^2,3		240,000		219,736
Raymond James Financial, Inc.
3.63%		09/15/26			250,000		278,009
4.65%		04/01/30			1,090,000		1,301,726
5.63%		04/01/24			1,990,000		2,264,714
Safina Ltd. (Cayman Islands)
2.00%		12/30/23	³		4,345,622		4,439,774
Sandalwood 2013 LLC
2.90%		07/10/25			1,591,389		1,671,577


							42,537,908


Food — 1.09%
Conagra Brands, Inc.
4.60%		11/01/25			1,400,000		1,615,581
JBS USA LUX SA/JBS USA
Food Co./JBS USA Finance, Inc. (Canada)
5.50%		01/15/30	^2,3		70,000		71,868
Kraft Heinz Foods Co.
5.00%		07/15/35			5,660,000		6,239,159
6.88%		01/26/39			245,000		305,276
Pilgrim’s Pride Corp.
5.88%		09/30/27	²		65,000		65,142
Post Holdings, Inc.
4.63%		04/15/30	²		65,000		63,742


							8,360,768


Gaming — 0.12%
Churchill Downs, Inc.
5.50%		04/01/27	²		908,000		889,221


Health Care — 5.52%
AbbVie, Inc.
3.20%		11/21/29	²		1,960,000		2,165,391
3.60%		05/14/25			1,767,000		1,955,157
3.85%		06/15/24	²		1,342,000		1,471,512
Advocate Health & Hospitals Corp.,
Series 2020
2.21%		06/15/30			985,000		1,011,530
Aetna, Inc.
2.80%		06/15/23			50,000		52,659
3.50%		11/15/24			1,250,000		1,356,089



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Alcon Finance Corp.
2.75%		09/23/26	²	$	2,300,000	$	2,477,749
Amgen, Inc.
3.63%		05/15/22			50,000		52,337
Banner Health
2.34%		01/01/30			1,095,000		1,128,758
Bausch Health Cos., Inc. (Canada)
5.75%		08/15/27	^2,3		294,000		312,319
Baxter International, Inc.
3.95%		04/01/30	²		1,000,000		1,186,047
Bayer U.S. Finance II LLC
3.88%		12/15/23	²		130,000		142,708
4.25%		12/15/25	²		575,000		661,114
4.38%		12/15/28	²		2,900,000		3,391,497
5.50%		08/15/25	²		1,100,000		1,317,300
Bayer U.S. Finance LLC
3.38%		10/08/24	²		1,020,000		1,112,344
Baylor Scott & White Holdings
2.65%		11/15/26			1,530,000		1,607,639
Becton Dickinson and Co.
2.89%		06/06/22			820,000		853,792
3.25%		11/12/20			8,000		8,070
3.36%		06/06/24			1,300,000		1,401,379
Boston Scientific Corp.
2.65%		06/01/30			1,100,000		1,146,816
Centene Corp.
3.38%		02/15/30			333,000		336,646
Cigna Corp.
2.40%		03/15/30			1,580,000		1,641,511
4.13%		11/15/25			2,365,000		2,719,921
CVS Health Corp.
2.88%		06/01/26			50,000		54,208
3.25%		08/15/29			2,890,000		3,199,305
DENTSPLY SIRONA, Inc.
3.25%		06/01/30			1,000,000		1,053,501
Elanco Animal Health, Inc.
4.66%		08/27/21			1,000,000		1,024,375
Encompass Health Corp.
4.75%		02/01/30			328,000		313,794
HCA, Inc.
4.13%		06/15/29			1,145,000		1,265,312
5.00%		03/15/24			815,000		906,009
5.25%		04/15/25			206,000		236,406
5.25%		06/15/26			1,070,000		1,236,984
Hologic, Inc.
4.63%		02/01/28	²		60,000		63,150
Humana, Inc.
3.85%		10/01/24			860,000		943,093
3.95%		03/15/27			885,000		1,004,864



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
UnitedHealth Group, Inc.
2.00%		05/15/30		$	555,000	$	581,827
3.70%		12/15/25			155,000		177,918
Zimmer Biomet Holdings, Inc.
3.55%		03/20/30			765,000		827,870


							42,398,901


Industrials — 1.38%
Amcor Finance USA, Inc.
3.63%		04/28/26			1,950,000		2,124,114
4.50%		05/15/28			30,000		34,529
BAE Systems Holdings, Inc.
3.80%		10/07/24	²		630,000		686,424
Berry Global, Inc.
4.88%		07/15/26	²		65,000		66,043
Crane Co.
4.45%		12/15/23			1,130,000		1,228,702
General Electric Co. (MTN)
(LIBOR USD 3-Month plus 0.38%)
0.92%		05/05/26	¹		1,090,000		956,122
(LIBOR USD 3-Month plus 0.48%)
0.87%		08/15/36	¹		1,115,000		721,675
General Electric Co., Series A (MTN)
6.75%		03/15/32			250,000		304,396
L3Harris Technologies, Inc.
3.85%		06/15/23			410,000		447,306
Mauser Packaging Solutions Holding Co.
5.50%		04/15/24	²		65,000		63,984
PowerTeam Services LLC
9.03%		12/04/25	²		685,000		699,040
Sealed Air Corp.
4.00%		12/01/27	²		65,000		65,325
5.50%		09/15/25	²		600,000		651,720
Sonoco Products Co.
3.13%		05/01/30			900,000		941,409
Sydney Airport Finance Co. Pty Ltd.
(Australia)
3.38%		04/30/25	^2,3		410,000		423,622
Trivium Packaging Finance BV (Netherlands)
5.50%		08/15/26	^2,3		65,000		66,194
Waste Management, Inc.
3.45%		06/15/29			225,000		231,940
WRKCo, Inc.
4.65%		03/15/26			730,000		850,059


							10,562,604


Information Technology — 1.18%
Apple, Inc.
3.25%		02/23/26			20,000		22,418



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Information Technology (continued)
Broadcom Corp./Broadcom Cayman
Finance Ltd.
3.63%		01/15/24		$	1,790,000	$	1,926,810
Broadcom, Inc.
3.63%		10/15/24	²		695,000		755,331
Change Healthcare Holdings LLC/Change
Healthcare Finance, Inc.
5.75%		03/01/25	²		65,000		64,513
Dell International LLC/EMC Corp.
4.42%		06/15/21	²		525,000		539,720
Fiserv, Inc.
2.65%		06/01/30			730,000		775,140
Intel Corp.
3.90%		03/25/30			2,565,000		3,114,553
IQVIA, Inc.
5.00%		05/15/27	²		224,000		230,160
NXP BV/NXP Funding LLC (Netherlands)
4.63%		06/15/22	^2,3		1,210,000		1,289,376
Oracle Corp.
2.40%		09/15/23			40,000		41,851
SS&C Technologies, Inc.
5.50%		09/30/27	²		323,000		329,200


							9,089,072


Insurance — 1.09%
Aon Corp.
2.80%		05/15/30			1,095,000		1,173,241
Berkshire Hathaway Finance Corp.
1.85%		03/12/30			1,550,000		1,595,744
Berkshire Hathaway, Inc.
3.13%		03/15/26			55,000		61,567
Marsh & McLennan Cos., Inc.
2.25%		11/15/30			1,095,000		1,138,911
Metropolitan Life Global Funding I
2.95%		04/09/30	²		1,080,000		1,185,071
Nationwide Mutual Insurance Co.
2.60%		12/15/24	^2,4		1,212,000		1,207,479
New York Life Global Funding
3.00%		01/10/28	²		50,000		55,459
Pricoa Global Funding I
2.55%		11/24/20	²		1,945,000		1,961,671


							8,379,143



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Materials — 0.12%
International Flavors & Fragrances, Inc.
4.45%		09/26/28		$	800,000	$	911,624


Real Estate Investment Trust (REIT) — 2.12%
American Campus Communities
Operating Partnership LP
3.75%		04/15/23			50,000		51,516
AvalonBay Communities, Inc. (MTN)
2.45%		01/15/31			750,000		799,479
Boston Properties LP
3.25%		01/30/31			725,000		783,544
CC Holdings GS V LLC/Crown Castle
GS III Corp.
3.85%		04/15/23			230,000		248,459
CyrusOne LP/CyrusOne Finance Corp.
2.90%		11/15/24			1,450,000		1,525,165
3.45%		11/15/29			1,000,000		1,041,417
GLP Capital LP/GLP Financing II, Inc.
3.35%		09/01/24			1,140,000		1,159,015
5.25%		06/01/25			685,000		748,294
5.38%		11/01/23			30,000		32,077
5.38%		04/15/26			1,373,000		1,503,305
5.75%		06/01/28			325,000		358,997
Healthcare Realty Trust, Inc.
3.75%		04/15/23			25,000		26,046
3.88%		05/01/25			1,400,000		1,503,493
Healthcare Trust of America Holdings LP
3.70%		04/15/23			920,000		963,181
Healthpeak Properties, Inc.
4.25%		11/15/23			29,000		31,599
Piedmont Operating Partnership LP
3.40%		06/01/23			1,210,000		1,230,132
SL Green Operating Partnership LP
3.25%		10/15/22			1,350,000		1,352,697
(LIBOR USD 3-Month plus 0.98%)
1.37%		08/16/21	¹		1,000,000		985,558
Ventas Realty LP
3.25%		10/15/26			1,155,000		1,189,945
Ventas Realty LP/Ventas Capital Corp.
3.25%		08/15/22			40,000		40,988
Welltower, Inc.
3.75%		03/15/23			640,000		677,913


							16,252,820


Retail — 0.29%
Alimentation Couche-Tard, Inc. (Canada)
2.70%		07/26/22	^2,3		10,000		10,245
3.55%		07/26/27	^2,3		640,000		688,270
Rite Aid Corp.
6.13%		04/01/23	²		248,000		241,583



Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Retail (continued)
Starbucks Corp.
2.00%		03/12/27		$	1,165,000	$	1,224,055
Walgreens Boots Alliance, Inc.
3.80%		11/18/24			65,000		71,644


							2,235,797


Services — 0.61%
Emory University, Series 2020
2.14%		09/01/30			1,465,000		1,527,044
IHS Markit Ltd. (Bermuda)
4.13%		08/01/23	³		1,245,000		1,363,244
4.75%		02/15/25	^2,3		1,340,000		1,504,967
Waste Pro USA, Inc.
5.50%		02/15/26	²		274,000		262,326


							4,657,581


Transportation — 0.54%
American Airlines Pass-Through Trust,
Series 2013-2, Class A
4.95%		01/15/23			368,016		298,976
Continental Airlines Pass-Through Trust,
Series 2007-1, Class A
5.98%		04/19/22			1,598,596		1,515,333
Delta Air Lines Pass-Through Trust,
Series 2002-1, Class G1
6.72%		01/02/23			505,464		487,847
Northwest Airlines Pass-Through Trust,
Series 2001-1, Class A1
7.04%		04/01/22			801,293		768,155
U.S. Airways Pass-Through Trust,
Series 2001-1, Class G
7.08%		03/20/21			114,897		112,384
U.S. Airways Pass-Through Trust,
Series 2011-1, Class A
7.13%		10/22/23			503,321		420,147
U.S. Airways Pass-Through Trust,
Series 2012-1, Class A
5.90%		10/01/24			344,579		315,976
U.S. Airways Pass-Through Trust,
Series 2012-2, Class A
4.63%		06/03/25			298,621		248,445


							4,167,263


Total Corporates
(Cost $254,679,352)							266,006,530


MORTGAGE-BACKED — 21.88%**
Non-Agency Commercial
Mortgage-Backed — 2.60%
Banc of America Merrill Lynch Commercial
Mortgage Trust, Series 2018-PARK, Class A
4.23%		08/10/38	^2,4		1,095,000		1,277,443



Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial
Mortgage-Backed (continued)
BX Trust, Series 2019-OC11, Class A
3.20%		12/09/41	²	$	375,000	$	393,673
CALI Mortgage Trust, Series 2019-101C,
Class A
3.96%		03/10/39	²		805,000		925,419
Century Plaza Towers, Series 2019-CPT,
Class A
2.87%		11/13/39	²		715,000		783,296
Citigroup Commercial Mortgage Trust,
Series 2016-GC36, Class A5
3.62%		02/10/49			3,250,000		3,594,100
Citigroup Commercial Mortgage Trust,
Series 2016-GC37, Class A4
3.31%		04/10/49			1,000,000		1,092,355
Commercial Mortgage Trust,
Series 2014-UBS2, Class XA (IO)
1.33%		03/10/47	⁴		24,724,043		831,932
Commercial Mortgage Trust,
Series 2016-787S, Class A
3.55%		02/10/36	²		1,225,000		1,332,099
DC Office Trust, Series 2019-MTC, Class A
2.97%		09/15/45	²		765,000		829,421
Hudson Yards Mortgage Trust,
Series 2019-30HY, Class A
3.23%		07/10/39	²		760,000		854,345
Hudson Yards Mortgage Trust,
Series 2019-55HY, Class A
3.04%		12/10/41	^2,4		765,000		846,579
JPMBB Commercial Mortgage Securities
Trust, Series 2015-C29, Class XA (IO)
0.84%		05/15/48	⁴		30,959,236		777,838
JPMorgan Chase Commercial Mortgage
Securities Trust, Series 2019-OSB,
Class A
3.40%		06/05/39	²		740,000		827,400
MKT Mortgage Trust, Series 2020-525M,
Class A
2.69%		02/12/40	²		945,000		1,001,697
Natixis Commercial Mortgage Securities
Trust, Series 2020-2PAC, Class A
2.97%		12/15/38	²		775,000		804,288
One Bryant Park Trust,
Series 2019-OBP, Class A
2.52%		09/15/54	²		960,000		1,023,180
RBS Commercial Funding, Inc., Trust,
Series 2013-GSP, Class A
3.96%		01/15/32	^2,4		1,170,000		1,111,340
SFAVE Commercial Mortgage Securities
Trust, Series 2015-5AVE, Class A2B
4.14%		01/05/43	^2,4		105,000		96,520

Issues

Maturity

Date

Principal
Amount

Value

MORTGAGE-BACKED (continued)

Non-Agency Commercial

Mortgage-Backed (continued)

Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class XA (IO)

1.35%

02/15/48

⁴

34,971,714

1,557,937

19,960,862

Non-Agency Mortgage-Backed — 6.77%

ACE Securities Corp. Home Equity Loan

Trust, Series 2005-HE2, Class M5

(LIBOR USD 1-Month plus 1.02%)

1.20%

04/25/35

2,600,000

2,534,611

Amresco Residential Securities Corp.

Mortgage Loan Trust, Series 1998-1,

Class A5 (STEP-reset date 08/25/20)

6.50%

10/25/27

20,259

20,088

Asset-Backed Securities Corp. Home Equity

Loan Trust, Series 2004-HE9, Class M1

(LIBOR USD 1-Month plus 0.98%)

1.16%

12/25/34

470,987

448,450

Banc of America Funding Trust,

Series 2003-2, Class 1A1

6.50%

06/25/32

6,191

6,430

Banc of America Funding Trust,

Series 2015-R2, Class 9A1

(LIBOR USD 1-Month plus 0.22%)

0.40%

03/27/36

^1,2

414,177

414,785

Bear Stearns ALT-A Trust, Series 2004-12,

Class 1M1

(LIBOR USD 1-Month plus 0.93%)

1.11%

01/25/35

3,677,580

3,489,777

Bear Stearns Asset-Backed Securities I

Trust, Series 2005-HE12, Class M2

(LIBOR USD 1-Month plus 0.50%)

0.68%

12/25/35

1,971,283

1,938,651

Chevy Chase Mortgage Funding LLC,

Mortgage-Backed Certificates,

Series 2005-2A, Class A1

(LIBOR USD 1-Month plus 0.18%)

0.36%

05/25/36

^1,2

64,669

57,798

Citigroup Mortgage Loan Trust, Inc.,

Series 2004-HYB1, Class A41

2.93%

02/25/34

⁴

7,036

7,020

Conseco Finance Corp., Series 1996-7,

Class M1

7.70%

09/15/26

⁴

116,767

120,934

Conseco Finance Corp., Series 1998-4,

Class A5

6.18%

04/01/30

76,900

76,988

Conseco Finance Corp., Series 1998-6,

Class A8

6.66%

06/01/30

⁴

102,487

104,621

Issues

Maturity

Date

Principal
Amount

Value

MORTGAGE-BACKED (continued)

Non-Agency Mortgage-Backed (continued)

Conseco Finance Home Equity Loan Trust,

Series 2002-C, Class BF2

8.00%

06/15/32

^2,4

53,707

54,365

Countrywide Home Loan Mortgage

Pass-Through Trust, Series 2004-14,

Class 4A1

3.97%

08/25/34

⁴

83,868

77,481

Credit-Based Asset Servicing and

Securitization LLC, Series 2003-CB3,

Class AF1 (STEP-reset date 08/25/20)

3.38%

12/25/32

686,715

698,843

Credit-Based Asset Servicing and

Securitization LLC, Series 2006-CB2,

Class AF4 (STEP-reset date 08/25/20)

3.26%

12/25/36

426,800

348,760

Credit-Based Asset Servicing and

Securitization LLC, Series 2007-CB5,

Class A1

(LIBOR USD 1-Month plus 0.06%)

0.24%

04/25/37

130,036

89,779

Credit-Based Asset Servicing and

Securitization LLC, Series 2007-CB5,

Class A3

(LIBOR USD 1-Month plus 0.25%)

0.43%

04/25/37

1,545,163

1,094,823

First Franklin Mortgage Loan Trust,

Series 2005-FFH4, Class M1

(LIBOR USD 1-Month plus 0.48%)

0.66%

12/25/35

2,422,145

2,401,130

First Horizon Alternative Mortgage Securities

Trust, Series 2004-AA3, Class A1

3.45%

09/25/34

⁴

93,132

90,257

GSR Mortgage Loan Trust,

Series 2004-9, Class 5A7

3.05%

08/25/34

⁴

39,934

39,228

HarborView Mortgage Loan Trust,

Series 2007-7, Class 2A1A

(LIBOR USD 1-Month plus 1.00%)

1.18%

10/25/37

2,509,643

2,408,992

HomeBanc Mortgage Trust, Series 2005-4,

Class A1

(LIBOR USD 1-Month plus 0.27%)

0.45%

10/25/35

42,295

42,378

HSI Asset Securitization Corp. Trust,

Series 2005-OPT1, Class M1

(LIBOR USD 1-Month plus 0.63%)

0.81%

11/25/35

405,999

401,016

IndyMac Index Mortgage Loan Trust,

Series 2004-AR7, Class A2

(LIBOR USD 1-Month plus 0.86%)

1.04%

09/25/34

10,882

9,804

Issues

Maturity

Date

Principal
Amount

Value

MORTGAGE-BACKED (continued)

Non-Agency Mortgage-Backed (continued)

IndyMac Index Mortgage Loan Trust,

Series 2004-AR8, Class 2A2A

(LIBOR USD 1-Month plus 0.80%)

0.98%

11/25/34

32,901

30,034

IndyMac Index Mortgage Loan Trust,

Series 2007-AR11, Class 1A1

3.04%

06/25/37

⁴

743,072

714,013

IndyMac Manufactured Housing Contract

Pass-Through Certificates, Series 1997-1,

Class A3

6.61%

02/25/28

76,745

77,711

IndyMac Manufactured Housing Contract

Pass-Through Certificates, Series 1997-1,

Class A4

6.75%

02/25/28

20,430

20,711

IndyMac Manufactured Housing Contract

Pass-Through Certificates, Series 1998-1,

Class A4

6.49%

09/25/28

91,346

92,817

JPMorgan Mortgage Acquisition Trust,

Series 2006-CH1, Class M2

(LIBOR USD 1-Month plus 0.29%)

0.47%

07/25/36

3,745,000

3,619,898

JPMorgan Mortgage Trust, Series 2007-A3,

Class 3A2

3.79%

05/25/37

⁴

178,404

177,206

MASTR Adjustable Rate Mortgages Trust,

Series 2003-6, Class 4A2

3.93%

01/25/34

⁴

77,134

78,027

MASTR Adjustable Rate Mortgages Trust,

Series 2004-5, Class 3A1

4.12%

06/25/34

⁴

1,801

1,857

MASTR Adjustable Rate Mortgages Trust,

Series 2007-HF2, Class A1

(LIBOR USD 1-Month plus 0.31%)

0.49%

09/25/37

2,143,226

2,081,406

MASTR Seasoned Securitization Trust,

Series 2004-1, Class 4A1

4.46%

10/25/32

⁴

9,877

9,638

MASTR Seasoned Securitization Trust,

Series 2005-1, Class 4A1

4.51%

10/25/32

⁴

22,966

22,391

Merrill Lynch First Franklin Mortgage Loan

Trust, Series 2007-3, Class A2C

(LIBOR USD 1-Month plus 0.18%)

0.36%

06/25/37

437,575

325,676

Merrill Lynch First Franklin Mortgage Loan

Trust, Series 2007-3, Class A2D

(LIBOR USD 1-Month plus 0.25%)

0.43%

06/25/37

808,627

651,789



Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Mid-State Capital Corp., Series 2004-1,
Class A
6.01%		08/15/37		$	245,062	$	262,818
Mid-State Capital Corp., Series 2004-1,
Class B
8.90%		08/15/37			336,360		372,288
Mid-State Capital Corp., Series 2004-1,
Class M1
6.50%		08/15/37			240,257		247,648
Mid-State Capital Corp., Series 2005-1,
Class M2
7.08%		01/15/40			432,535		484,941
Mid-State Trust XI, Series 2011, Class A1
4.86%		07/15/38			591,879		636,834
Morgan Stanley ABS Capital I Trust,
Series 2004-NC7, Class M2
(LIBOR USD 1-Month plus 0.93%)
1.11%		07/25/34	¹		163,132		157,066
Morgan Stanley ABS Capital I Trust,
Series 2006-NC1, Class A4
(LIBOR USD 1-Month plus 0.30%)
0.48%		12/25/35	¹		23,255		22,946
Nationstar Home Equity Loan Trust,
Series 2007-B, Class 1AV1
(LIBOR USD 1-Month plus 0.22%)
0.40%		04/25/37	¹		4,486,108		4,385,884
New Century Home Equity Loan Trust,
Series 2005-1, Class M1
(LIBOR USD 1-Month plus 0.68%)
0.86%		03/25/35	¹		5,176,559		5,068,766
New Century Home Equity Loan Trust,
Series 2005-D, Class A1
(LIBOR USD 1-Month plus 0.22%)
0.40%		02/25/36	¹		2,905,446		2,827,646
New York Mortgage Trust, Series 2005-3,
Class A1
(LIBOR USD 1-Month plus 0.48%)
0.66%		02/25/36	¹		950,194		918,136
Nomura Resecuritization Trust,
Series 2014-7R, Class 2A3
(LIBOR USD 1-Month plus 0.20%)
0.37%		12/26/35	^1,2		900,822		884,574
Option One Mortgage Loan Trust,
Series 2005-2, Class M1
(LIBOR USD 1-Month plus 0.66%)
0.84%		05/25/35	¹		133,804		133,248
RBSSP Resecuritization Trust,
Series 2009-12, Class 17A2
3.92%		10/25/35	^2,4		4,831,035		4,626,248

Issues

Maturity

Date

Principal
Amount

Value

MORTGAGE-BACKED (continued)

Non-Agency Mortgage-Backed (continued)

Residential Asset Mortgage Products Trust,

Series 2003-SL1, Class A41

8.00%

04/25/31

24,467

24,846

Residential Asset Mortgage Products Trust,

Series 2004-SL1, Class A7

7.00%

11/25/31

10,767

11,387

Residential Asset Mortgage Products Trust,

Series 2006-NC1, Class A3

(LIBOR USD 1-Month plus 0.60%)

0.78%

01/25/36

1,879,708

1,867,586

Residential Asset Securities Corp.,

Series 2005-AHL3, Class A3

(LIBOR USD 1-Month plus 0.34%)

0.52%

11/25/35

55,414

52,583

Residential Asset Securitization Trust,

Series 2004-IP2, Class 2A1

3.89%

12/25/34

⁴

17,848

17,044

Structured Adjustable Rate Mortgage Loan

Trust, Series 2004-15, Class A

3.81%

10/25/34

⁴

927,350

886,620

Structured Asset Mortgage Investments II

Trust, Series 2005-AR1, Class A1

(LIBOR USD 1-Month plus 0.48%)

0.67%

04/19/35

581,747

560,720

Structured Asset Mortgage Investments II

Trust, Series 2005-AR8, Class A2

(Federal Reserve US 12-Month Cumulative

Average plus 1.48%)

3.63%

02/25/36

510,878

481,664

Structured Asset Mortgage Investments II

Trust, Series 2006-AR3, Class 22A1

3.44%

05/25/36

⁴

2,115,036

1,375,542

WaMu Mortgage Pass-Through Certificates,

Series 2005-AR13, Class A1A3

(LIBOR USD 1-Month plus 0.78%)

0.96%

10/25/45

822,552

807,317

51,994,535

U.S. Agency Commercial

Mortgage-Backed — 0.80%

Fannie Mae-Aces, Series 2015-M4,

Class X2 (IO)

0.48%

07/25/22

⁴

84,639,879

411,130

Freddie Mac Multifamily Structured

Pass-Through Certificates, Series K021,

Class A2

2.40%

06/25/22

105,000

108,239

Freddie Mac Multifamily Structured

Pass-Through Certificates, Series K158,

Class A3

3.90%

10/25/33

⁴

1,250,000

1,536,815



Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial
Mortgage-Backed (continued)
Freddie Mac Multifamily Structured
Pass-Through Certificates, Series K159,
Class A3
3.95%		11/25/33	⁴	$	3,265,000	$	4,046,528


							6,102,712


U.S. Agency Mortgage-Backed — 11.71%
Fannie Mae Pool 253974
7.00%		08/01/31			1,391		1,569
Fannie Mae Pool 254232
6.50%		03/01/22			1,052		1,087
Fannie Mae Pool 527247
7.00%		09/01/26			18		19
Fannie Mae Pool 545191
7.00%		09/01/31			692		798
Fannie Mae Pool 545646
7.00%		09/01/26			10		11
Fannie Mae Pool 549740
6.50%		10/01/27			3,819		4,251
Fannie Mae Pool 606108
7.00%		03/01/31			374		378
Fannie Mae Pool 630599
7.00%		05/01/32			3,383		3,964
Fannie Mae Pool 655928
7.00%		08/01/32			2,642		3,195
Fannie Mae Pool 735207
7.00%		04/01/34			1,059		1,263
Fannie Mae Pool 735686
6.50%		12/01/22			312		321
Fannie Mae Pool 735861
6.50%		09/01/33			64,698		72,402
Fannie Mae Pool 764388
(LIBOR USD 6-Month plus 1.40%)
3.19%		03/01/34	¹		25,692		25,970
Fannie Mae Pool 776708
5.00%		05/01/34			102,872		118,221
Fannie Mae Pool 817611
(LIBOR USD 6-Month plus 1.58%)
2.95%		11/01/35	¹		6,300		6,388
Fannie Mae Pool 844773
(LIBOR USD 12-Month plus 1.59%)
3.59%		12/01/35	¹		8,623		8,680
Fannie Mae Pool 889125
5.00%		12/01/21			105		105
Fannie Mae Pool 889184
5.50%		09/01/36			86,875		99,716
Fannie Mae Pool 890221
5.50%		12/01/33			132,562		154,802



Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 918445
(LIBOR USD 12-Month plus 1.57%)
3.57%		05/01/37	¹	$	508	$	531
Fannie Mae Pool 939419
(LIBOR USD 12-Month plus 1.27%)
3.02%		05/01/37	¹		22,488		22,809
Fannie Mae Pool AL0209
4.50%		05/01/41			341,866		388,845
Fannie Mae Pool AM8645
2.69%		05/01/27			98,664		107,965
Fannie Mae Pool AN2786
2.76%		09/01/36			49,400		55,456
Fannie Mae Pool BL0661
3.99%		11/01/33			3,488,927		4,137,305
Fannie Mae Pool BL6060
2.46%		04/01/40			1,160,000		1,233,719
Fannie Mae Pool CA1710
4.50%		05/01/48			28,751		30,968
Fannie Mae Pool CA1711
4.50%		05/01/48			2,043,962		2,201,566
Fannie Mae Pool CA2208
4.50%		08/01/48			28,195		30,299
Fannie Mae Pool FM2318
3.50%		09/01/49			5,917,880		6,392,521
Fannie Mae Pool FN0039
3.18%		09/01/27	⁴		36,170		40,743
Fannie Mae Pool MA1527
3.00%		08/01/33			26,213		27,958
Fannie Mae Pool MA1561
3.00%		09/01/33			1,438,421		1,534,207
Fannie Mae Pool MA1608
3.50%		10/01/33			1,303,187		1,395,387
Fannie Mae Pool MA3427
4.00%		07/01/33			26,169		27,684
Fannie Mae Pool MA3537
4.50%		12/01/48			2,416,110		2,595,614
Fannie Mae Pool MA3811
3.00%		10/01/49			2,976,698		3,086,175
Fannie Mae REMICS, Series 1993-80,
Class S
(-1.22 X LIBOR USD 1-Month plus 10.87%, 10.87% Cap)
10.65%		05/25/23	¹		1,507		1,684
Fannie Mae REMICS, Series 2001-52,
Class YZ
6.50%		10/25/31			126,855		150,555
Fannie Mae REMICS, Series 2003-124,
Class TS
(-14.00 X LIBOR USD 1-Month plus 100.80%, 9.80% Cap)
9.80%		01/25/34	¹		4,420		5,402



Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2007-64,
Class FA
(LIBOR USD 1-Month plus 0.47%)
0.65%		07/25/37	¹	$	61,012	$	61,281
Fannie Mae REMICS, Series 2008-50,
Class SA (IO)
(-1.00 X LIBOR USD 1-Month plus 6.05%, 6.05% Cap)
5.87%		11/25/36	¹		1,054,713		234,227
Fannie Mae REMICS, Series 2018-38,
Class PA
3.50%		06/25/47			15,671		16,459
Fannie Mae REMICS, Series 2018-43,
Class CT
3.00%		06/25/48			801,940		826,443
Fannie Mae REMICS, Series 2018-55,
Class PA
3.50%		01/25/47			155,130		161,856
Fannie Mae REMICS, Series 2018-86,
Class JA
4.00%		05/25/47			971,431		1,017,316
Fannie Mae Trust, Series 2003-W6,
Class 5T (IO)
(-1.00 X LIBOR USD 1-Month plus 8.15%, 8.15% Cap)
0.55%		09/25/42	¹		9,613,712		148,557
Freddie Mac Gold Pool A25162
5.50%		05/01/34			112,464		130,514
Freddie Mac Gold Pool A33262
5.50%		02/01/35			34,481		39,940
Freddie Mac Gold Pool A68781
5.50%		10/01/37			6,985		8,059
Freddie Mac Gold Pool C03813
3.50%		04/01/42			937,041		1,023,363
Freddie Mac Gold Pool C90504
6.50%		12/01/21			115		118
Freddie Mac Gold Pool G01548
7.50%		07/01/32			237,287		292,428
Freddie Mac Gold Pool G01644
5.50%		02/01/34			66,511		76,317
Freddie Mac Gold Pool G02366
6.50%		10/01/36			52,064		61,695
Freddie Mac Gold Pool G08844
5.00%		10/01/48			605,402		661,185
Freddie Mac Gold Pool G12393
5.50%		10/01/21			6,864		6,945
Freddie Mac Gold Pool G12909
6.00%		11/01/22			34,527		35,926
Freddie Mac Gold Pool G13032
6.00%		09/01/22			10,746		10,988
Freddie Mac Gold Pool G15897
2.50%		09/01/31			34,734		36,742



Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool G16085
2.50%		02/01/32		$	2,095,767	$	2,227,350
Freddie Mac Gold Pool G16524
3.50%		05/01/33			93,916		100,529
Freddie Mac Gold Pool G16756
3.50%		01/01/34			2,011,883		2,140,351
Freddie Mac Gold Pool G18581
2.50%		01/01/31			40,738		42,787
Freddie Mac Gold Pool G18713
3.50%		11/01/33			61,254		64,457
Freddie Mac Gold Pool J06246
5.50%		10/01/21			2,574		2,606
Freddie Mac Pool RB5048
2.50%		05/01/40			3,458,665		3,615,181
Freddie Mac Pool RB5054
2.50%		06/01/40			1,762,870		1,842,645
Freddie Mac Pool SD7503
3.50%		08/01/49			6,692,150		7,220,526
Freddie Mac REMICS, Series 1602,
Class SN
(-4.25 X PRIME plus 46.22%, 10.09% Cap)
10.09%		10/15/23	¹		8,111		8,740
Freddie Mac REMICS, Series 2174,
Class PN
6.00%		07/15/29			25,070		28,362
Freddie Mac REMICS, Series 3460,
Class SA (IO)
(-1.00 X LIBOR USD 1-Month plus 6.20%, 6.20% Cap)
6.02%		06/15/38	¹		1,030,033		221,779
Freddie Mac REMICS, Series 4030,
Class HS (IO)
(-1.00 X LIBOR USD 1-Month plus 6.61%, 6.61% Cap)
6.43%		04/15/42	¹		876,415		185,450
Ginnie Mae I Pool 782810
4.50%		11/15/39			722,279		811,668
Ginnie Mae II Pool 80968
(US Treasury Yield Curve Rate T Note
Constant Maturity 1 Year plus 1.50%)
3.25%		07/20/34	¹		19,659		20,402
Ginnie Mae II Pool MA4454
5.00%		05/20/47			38,762		42,863
Ginnie Mae II Pool MA4511
4.00%		06/20/47			12,004		12,912
Ginnie Mae II Pool MA4588
4.50%		07/20/47			410,517		447,693
Ginnie Mae II Pool MA4589
5.00%		07/20/47			2,093,745		2,316,996
Ginnie Mae II Pool MA4838
4.00%		11/20/47			1,101,309		1,181,875



Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool MA4901
4.00%		12/20/47		$	888,920	$	953,948
Ginnie Mae II Pool MA5399
4.50%		08/20/48			1,323,234		1,424,004
Ginnie Mae II Pool MA5530
5.00%		10/20/48			17,302		18,866
Ginnie Mae II Pool MA6030
3.50%		07/20/49			495,960		511,875
Ginnie Mae II Pool MA6080
3.00%		08/20/49			216,966		225,211
Ginnie Mae II Pool MA6209
3.00%		10/20/49			3,607,213		3,749,434
Ginnie Mae Pool (TBA)
2.50%		07/20/50			3,325,000		3,500,342
3.00%		07/20/50			3,575,000		3,787,964
Ginnie Mae, Series 2004-8, Class SE
(-2.00 X LIBOR USD 1-Month plus 14.30%, 14.30% Cap)
13.94%		11/26/23	¹		14,003		16,193
UMBS (TBA)
2.00%		07/01/35			2,300,000		2,379,647
2.00%		08/01/35			1,275,000		1,316,836
2.00%		07/01/50			1,375,000		1,407,227
2.00%		08/01/50			2,075,000		2,119,620
2.50%		08/01/35			1,425,000		1,489,753
2.50%		07/01/50			8,625,000		8,992,236
2.50%		08/01/50			2,350,000		2,445,481
3.00%		08/01/35			165,000		173,302
3.00%		09/01/50			2,075,000		2,178,074
5.00%		07/01/50			1,700,000		1,857,191


							89,903,268


Total Mortgage-Backed
(Cost $163,589,840)							167,961,377


MUNICIPAL BONDS — 0.93%*
California — 0.17%
Los Angeles Department of Water & Power
Power System Revenue, Taxable Bonds,
Electric Light & Power Improvements,
Series C
5.52%		07/01/27			50,000		63,438
Los Angeles Unified School District, Build
America Taxable Bonds, School
Improvements, Series KR
5.75%		07/01/34			875,000		1,212,155
State of California, Build America Bonds,
School Improvements, General Obligation
7.95%		03/01/36			294		284


							1,275,877

Issues

Maturity

Date

Principal
Amount

Value

MUNICIPAL BONDS (continued)

New York — 0.75%

Metropolitan Transportation Authority, Build

America Bonds, Transit Improvements

6.55%

11/15/31

25,000

31,176

New York City Transitional Finance Authority

Future Tax Secured Revenue Bonds, Public

Improvements, Series B-1

4.00%

08/01/38

800,000

904,488

New York City Transitional Finance Authority

Revenue, Future Tax Secured Revenue,

Qualified School Construction Bonds, School

Improvements, Series G-3

5.27%

05/01/27

1,465,000

1,814,945

New York State Dormitory Authority, Build

America Bonds, University & College

Improvements, Series D

5.50%

03/15/30

70,000

87,013

New York State Dormitory Authority,

Revenue Bonds, School Improvements,

Series A

5.00%

03/15/47

640,000

792,198

New York State Dormitory Authority, Taxable

Bonds, Transit Improvements, Series F

3.03%

02/15/33

1,245,000

1,345,534

New York State Environmental Facilities

Corp., Revenue Bonds, Water Utility

Improvements, Series B

4.00%

06/15/37

675,000

809,609

5,784,963

Pennsylvania — 0.00%

Pennsylvania Economic Development

Financing Authority, Taxable Bonds,

University of Pittsburgh Medical Center,

Series B

3.20%

11/15/27

40,000

43,872

Washington — 0.01%

State of Washington, Build America Bonds,

Highway Improvements

5.04%

08/01/31

40,000

51,060

Total Municipal Bonds

(Cost $6,692,935)

7,155,772

U.S. AGENCY SECURITIES — 0.03%

U.S. Agency Securities — 0.03%

Resolution Funding Corp.

(Strip Principal) (PO)

0.00%

01/15/21

⁸

230,000

229,584

Total U.S. Agency Securities

(Cost $227,088)

U.S. TREASURY SECURITIES — 27.72%

U.S. Treasury Notes — 27.72%

U.S. Treasury Notes

0.13%

05/31/22

33,475,000

33,453,424



Issues	Maturity Date			Principal Amount		Value
U.S. TREASURY SECURITIES (continued)
U.S. Treasury Notes (continued)
0.25%		05/31/25		$	69,870,000	$	69,793,580
0.25%		06/30/25			52,505,000		52,408,604
0.38%		04/30/25			30,490,000		30,625,776
U.S. Treasury Notes - Treasury Inflation
Indexed Notes
0.13%		04/15/25	⁹		6,650,420		6,979,824
0.25%		07/15/29	⁹		8,115,866		8,887,374
U.S. Treasury Notes (WI)
0.63%		05/15/30			10,665,000		10,637,088


Total U.S. Treasury Securities
(Cost $211,284,951)							212,785,670


Total Bonds – 92.04%
(Cost $690,793,223)							706,557,481



Issues				Shares		Value
COMMON STOCK — 0.00%
Electric — 0.00%
Homer City Holdings
LLC^6,10,11					8,014		441

Total Common Stock
(Cost $457,400)


Issues	Maturity Date			Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS — 11.85%
Commercial Paper — 0.26%
Ford Motor Credit Co. LLC
3.20%¹²		10/08/20			2,000,000		1,983,457


Money Market Funds — 5.32%
Dreyfus Government Cash Management
Fund
8.42%¹³					37,935,000		37,935,000
Fidelity Investments Money Market Funds -
Government Portfolio
5.23%^13,14					23,711		23,711
JPMorgan U.S. Government
Money Market Fund
7.20%¹³					2,860,000		2,860,000


							40,818,711



Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS (continued)
U.S. Treasury Bills — 6.27%
U.S. Treasury Bills
0.16%¹²		11/27/20	$	10,000,000	$	9,993,378
0.16%¹²		12/03/20		15,000,000		14,990,635
0.18%¹²		12/10/20		5,000,000		4,996,569
0.27%^12,15		09/10/20		1,159,000		1,158,714
1.53%¹²		07/16/20		5,000,000		4,999,755
1.53%¹²		07/23/20		5,000,000		4,999,656
1.55%¹²		08/06/20		7,000,000		6,999,230


						48,137,937


Total Short-Term Investments
(Cost $90,920,843)						90,940,105


Total Investments – 103.89%
(Cost $782,171,466)						797,498,027


Net unrealized appreciation on unfunded commitments 0.00%						608

Liabilities in Excess of Other
Assets – (3.89)%						(29,847,761	)


Net Assets – 100.00%					$	767,650,266

¹	Floating rate security. The rate disclosed was in effect at June 30, 2020.

²	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

³	U.S. dollar-denominated security issued by foreign-domiciled entity.

⁴	Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁵	Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $24,682, at an interest rate of 3.60% and a maturity of July 13, 2021.The investment is not accruing an unused commitment fee.

⁶	Non-income producing security.

⁷	Security is currently in default with regard to scheduled interest or principal payments.

⁸	Zero coupon bond. The rate shown is the effective yield as of June 30, 2020.

⁹	Inflation protected security. Principal amount reflects original security face amount.

¹⁰	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

¹¹	Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $441, which is 0.00% of total net assets.

¹²	Represents annualized yield at date of purchase.

¹³	Represents the current yield as of June 30, 2020.

¹⁴	Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $34.

¹⁵	Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $1,158,714.

*	Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

**	Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(GMTN): Global medium-term note

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(PO): Principal only

(SOFR): Secured Overnight Financing Rate

(STEP): Step coupon bond

(TBA): To be announced

(USD): U.S. dollar (WI): When issued

The following is a summary of significant accounting policies consistently followed by the Fund:

The Net Asset Value (“NAV”) of each class of the Fund is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of the class of the Fund on each business day as of 4 p.m. ET.

Fixed-income securities for which market quotations are readily available are valued at prices as provided by independent pricing vendors or broker quotes. The Fund receives pricing information from independent pricing vendors approved by the Board of Trustees (the

“Board” or the “Board of Trustees”). Securities with a demand feature exercisable within one to seven days are valued at par. The Fund also uses a benchmark pricing system to the extent vendors’ prices for their securities are either inaccurate (such as when the reported prices are different from recent known market transactions) or are not available from another pricing source. For a security priced using this system, the Adviser initially selects a proxy composed of a relevant security (i.e., U.S. Treasury Note) or benchmark (e.g., LIBOR) and a multiplier, divisor or margin that the Adviser believes would together best reflect changes in the market value of the security. The value of the security changes daily based on changes to the market price of the assigned benchmark. The benchmark pricing system is continuously reviewed by the Adviser and implemented according to the pricing policy reviewed by the Board. S&P 500 Index futures contracts are valued at the first sale price after 4 p.m. ET on the Chicago Mercantile Exchange. All other futures contracts are valued at the official settlement price of the exchange where it is traded. Equity securities, including depository receipts, are valued at the last reported sale price or the market’s closing price on the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the average of the bid and asked prices. In cases where equity securities are traded on more than one exchange, the securities are valued on the exchange or market determined by the Adviser to be the broadest and most representative market, which may be either a securities exchange or the over-the-counter market. Equity options are valued at the average of the bid and asked prices. Securities and other assets that cannot be valued as described above will be valued at their fair value as determined by the Adviser under guidelines established by and under the general supervision and responsibility of the Board.

Investments in registered open-ended investment companies, including those classified as money market funds, are valued based upon the reported NAV of such investments.

Fair value methods approved by the Board of Trustees include, but are not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. General factors considered in determining the fair value of securities include fundamental analytical data, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influenced the market in which the investments are purchased and sold. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used. In the event that the security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or asset will be determined in good faith by the Pricing Committee of the Board, generally based upon recommendation provided by the Adviser. When the Fund uses these fair valuation methods applied by the Adviser that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Board or persons acting at their direction believe accurately reflect fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Fund’s policy is intended to result in a calculation of its NAV that fairly reflects security values as of the time of pricing, the Fund cannot guarantee that values determined by the Board or persons acting at their direction would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

Various inputs are used in determining the fair value of investments, which are as follows:

* Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

* Level 3 - significant unobservable inputs that are not corroborated by observable market data

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The summary of inputs used to value the Fund’s investments and other financial instruments carried at fair value as of June 30, 2020 is as follows:



INTERMEDIATE BOND FUND	LEVEL 1				LEVEL 2			LEVEL 3			TOTAL


Investments in Securities
Assets
Short-Term Investments:
Commercial Paper		$	—			$	1,983,457		$	—		$	1,983,457
Money Market Funds			40,818,711				—			—			40,818,711
U.S. Treasury Bills			48,137,937				—			—			48,137,937
Long-Term Investments:
Asset-Backed Securities			—				42,510,088			—			42,510,088
Bank Loans			—				9,908,460			—			9,908,460
Common Stock			—				—			441			441
Corporates			—				266,006,530			—			266,006,530
Mortgage-Backed			—				167,961,377			—			167,961,377
Municipal Bonds			—				7,155,772			—			7,155,772
U.S. Agency Securities			—				229,584			—			229,584
U.S. Treasury Securities			196,918,472				15,867,198			—			212,785,670

Other Financial Instruments *
Assets:
Interest rate contracts			119,887				—			—			119,887
Liabilities:
Interest rate contracts			(274,468	)			—			—			(274,468	)


Total		$	285,720,539			$	511,622,466		$	441		$	797,343,446

*Other financial instruments include futures. Interest rate contracts include futures.

Certain of the Fund’s investments are categorized as Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information without adjustment for which such inputs are unobservable. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 investments.

For the period ended June 30, 2020, a reconciliation of Level 3 investments is presented when the Fund had a significant amount of 1evel 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

* There were no transfers between level 2 and 3 for the period ended June 30, 2020.

Significant unobservable valuations inputs for Level 3 investments as of June 30, 2020, are as follows:

* The valuation technique employed on the Level 3 securities involves the use of vendor prices, broker quotes and benchmark pricing. The Adviser monitors the third-party brokers and vendors using the valuation process.

The Intermediate Bond Fund had the following unfunded commitments and unrealized gain/(loss) by investment as of June 30, 2020



Description	Number of Contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)

FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five Year Note		385		09/30/20	$	48,410,742		$	119,887		$	119,887
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten Year Ultra Bond		283		09/21/20		(44,568,078	)		(274,468	)		(274,468	)

TOTAL FUTURES CONTRACTS					$	3,842,664		$	(154,581	)	$	(154,581	)



INTERMEDIATE BOND FUND	COMMON STOCK

Balance as of
April 1, 2020		$	441
Accrued discounts/premiums			—
Realized gain/(loss)			—
Change in unrealized appreciation/(depreciation)			—
Purchases			—
Sales			—
Transfers into Level 3^*			—
Transfers out of Level 3^*			—

Balance as of
June 30, 2020		$	441



INTERMEDIATE BOND FUND	FAIR VALUE AT 6/30/20			VALUATION TECHNIQUE*		UNOBSERVABLE INPUT		RANGE			WEIGHTED AVERAGE

Common Stock		$	441		Third-party Vendor		Vendor Prices		$	0.06		$	0.06



UNFUNDED COMMITMENTS	MATURITY		AMOUNT			UNREALIZED GAIN

Intelsat Jackson Holdings, Delayed-Draw Term Loan, 1st Lien (Luxembourg)		July 2021		$	24,682		$	608