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Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — 42.3%
Aerospace & Defense — 0.7%
Boeing Co. (The)
4.88%, 5/1/2025		200,000		224,689
2.20%, 2/4/2026		125,000		125,534
Howmet Aerospace, Inc. 5.90%, 2/1/2027		50,000		58,016
Moog, Inc. 4.25%, 12/15/2027 (a)		25,000		25,625
TransDigm, Inc. 6.25%, 3/15/2026 (a)		50,000		52,704

				486,568

Air Freight & Logistics — 0.1%
XPO Logistics, Inc. 6.25%, 5/1/2025 (a)		50,000		53,466

Airlines — 0.1%
American Airlines, Inc.
5.50%, 4/20/2026 (a)		12,000		12,630
5.75%, 4/20/2029 (a)		24,750		26,550
United Airlines, Inc. 4.38%, 4/15/2026 (a)		33,000		34,196

				73,376

Auto Components — 0.3%
Allison Transmission, Inc. 5.88%, 6/1/2029 (a)		40,000		43,400
American Axle & Manufacturing, Inc. 6.50%, 4/1/2027 (b)		50,000		53,020
Clarios Global LP 6.25%, 5/15/2026 (a)		40,000		42,708
Dana, Inc. 5.38%, 11/15/2027		30,000		31,875
Goodyear Tire & Rubber Co. (The) 5.25%, 4/30/2031		39,000		39,778
Icahn Enterprises LP 5.25%, 5/15/2027		40,000		41,007

				251,788

Automobiles — 1.3%
BMW US Capital LLC (Germany) 3.90%, 4/9/2025 (a)		150,000		166,070
Hyundai Capital America
4.13%, 6/8/2023 (a)		150,000		160,021
1.80%, 10/15/2025 (a)		200,000		202,460
Nissan Motor Co. Ltd. (Japan) 3.52%, 9/17/2025 (a)		200,000		213,522
Volkswagen Group of America Finance LLC (Germany) 3.35%, 5/13/2025 (a)		200,000		216,631

				958,704


Investments	Principal Amount ($)		Value ($)
Banks — 12.0%
ABN AMRO Bank NV (Netherlands)
4.75%, 7/28/2025 (a)		200,000		224,980
AIB Group plc (Ireland) (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a)(c)		200,000		217,600
Australia & New Zealand Banking Group Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.29%), 2.95%, 7/22/2030 (a)(c)		200,000		208,226
Banco Santander SA (Spain) 2.75%, 5/28/2025		200,000		211,988
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (c)		200,000		214,118
(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (c)		250,000		259,462
(SOFR + 0.96%), 1.73%, 7/22/2027 (c)		125,000		126,570
Bank of New Zealand (New Zealand) 2.00%, 2/21/2025 (a)		250,000		259,214
Barclays plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (c)		200,000		205,867
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (c)		200,000		216,942
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025 (a)(c)		200,000		219,533
4.38%, 9/28/2025 (a)		200,000		222,831
CIT Group, Inc. 6.13%, 3/9/2028		35,000		42,350
Citigroup, Inc.
(SOFR + 1.67%), 1.68%, 5/15/2024 (c)		200,000		204,907
(SOFR + 0.67%), 0.98%, 5/1/2025 (c)		85,000		85,521
(SOFR + 2.84%), 3.11%, 4/8/2026 (c)		200,000		214,635
Citizens Bank NA 2.25%, 4/28/2025		250,000		261,476
Cooperatieve Rabobank UA (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.00%, 9/24/2026 (a)(c)		250,000		247,779
Credit Agricole SA (France)
4.38%, 3/17/2025 (a)		200,000		220,475
(SOFR + 1.68%), 1.91%, 6/16/2026 (a)(c)		250,000		255,945
Danske Bank A/S (Denmark)


Investments	Principal Amount ($)		Value ($)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.03%), 1.17%, 12/8/2023 (a)(c)		200,000		201,041
Federation des Caisses Desjardins du Quebec (Canada) 2.05%, 2/10/2025 (a)		200,000		207,239
Fifth Third Bancorp 2.38%, 1/28/2025		150,000		157,744
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		200,000		213,502
(SOFR + 1.54%), 1.64%, 4/18/2026 (c)		200,000		203,266
ING Groep NV (Netherlands) (SOFR + 1.01%), 1.73%, 4/1/2027 (c)		200,000		202,518
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (c)		200,000		209,574
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.19%, 2/25/2025		200,000		208,884
Mizuho Financial Group, Inc. (Japan)
(SOFR + 1.25%), 1.24%, 7/10/2024 (c)		200,000		203,002
(SOFR + 1.24%), 2.84%, 7/16/2025 (c)		200,000		211,955
Natwest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (c)		200,000		205,852
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (c)		200,000		215,588
Santander UK Group Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.08%), 3.37%, 1/5/2024 (c)		200,000		208,952
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (c)		200,000		201,014
Societe Generale SA (France)
3.88%, 3/28/2024 (a)		200,000		216,480
4.25%, 4/14/2025 (a)		200,000		218,211
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a)(c)		200,000		210,806


Investments	Principal Amount ($)		Value ($)
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a)(c)		200,000		210,543
Sumitomo Mitsui Financial Group, Inc. (Japan)
4.44%, 4/2/2024 (a)		200,000		219,092
2.35%, 1/15/2025		200,000		209,718
Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.85%, 3/25/2024 (a)		200,000		200,885
Wells Fargo & Co. (ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (c)		150,000		156,392
Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (c)		150,000		155,841

				8,768,518

Beverages — 0.3%
Constellation Brands, Inc. 4.25%, 5/1/2023		150,000		160,663
Keurig Dr Pepper, Inc. 0.75%, 3/15/2024		85,000		85,156

				245,819

Biotechnology — 0.0% (d)
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)		25,000		24,567

Building Products — 0.2%
Builders FirstSource, Inc. 6.75%, 6/1/2027 (a)		25,000		26,750
Griffon Corp. 5.75%, 3/1/2028		35,000		36,925
Standard Industries, Inc. 4.75%, 1/15/2028 (a)		50,000		51,969
Summit Materials LLC 5.25%, 1/15/2029 (a)		35,000		36,925

				152,569

Capital Markets — 3.5%
Ameriprise Financial, Inc. 3.00%, 4/2/2025		150,000		160,997
Credit Suisse Group AG (Switzerland) (SOFR + 1.56%), 2.59%, 9/11/2025 (a)(c)		250,000		261,326
Deutsche Bank AG (Germany)
(SOFR + 2.16%), 2.22%, 9/18/2024 (c)		150,000		154,280
1.69%, 3/19/2026		150,000		151,468
Goldman Sachs Group, Inc. (The)
(SOFR + 0.57%), 0.67%, 3/8/2024 (c)		200,000		200,569
3.50%, 1/23/2025		200,000		217,170


Investments	Principal Amount ($)		Value ($)
3.50%, 4/1/2025		100,000		109,027
Macquarie Bank Ltd. (Australia) 2.30%, 1/22/2025 (a)		150,000		156,572
Morgan Stanley
(SOFR + 0.62%), 0.73%, 4/5/2024 (c)		160,000		160,594
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		200,000		212,380
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		150,000		156,866
MSCI, Inc. 4.00%, 11/15/2029 (a)		35,000		36,301
Nomura Holdings, Inc. (Japan) 1.85%, 7/16/2025		200,000		203,433
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 1.01%, 7/30/2024 (a) (c)		400,000		403,551

				2,584,534

Chemicals — 0.6%
Braskem Netherlands Finance BV (Brazil) 4.50%, 1/31/2030 (e)		200,000		207,500
CF Industries, Inc. 4.95%, 6/1/2043		15,000		16,973
Chemours Co. (The) 5.75%, 11/15/2028 (a)		40,000		42,754
Element Solutions, Inc. 3.88%, 9/1/2028 (a)		30,000		30,087
NOVA Chemicals Corp. (Canada) 5.00%, 5/1/2025 (a)		35,000		37,270
Olin Corp. 5.63%, 8/1/2029		30,000		32,632
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		40,000		41,652

				408,868

Commercial Services & Supplies — 0.3%
ACCO Brands Corp. 4.25%, 3/15/2029 (a)		35,000		34,475
GFL Environmental, Inc. (Canada) 3.75%, 8/1/2025 (a)		55,000		56,306
Nielsen Finance LLC 5.63%, 10/1/2028 (a)		35,000		37,013
Prime Security Services Borrower LLC 5.75%, 4/15/2026 (a)		60,000		65,625
Stericycle, Inc. 3.88%, 1/15/2029 (a)		30,000		29,925

				223,344

Communications Equipment — 0.1%
CommScope, Inc. 6.00%, 3/1/2026 (a)		65,000		68,283


Investments	Principal Amount ($)		Value ($)
Construction & Engineering — 0.1%
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)		25,000		24,875
MasTec, Inc. 4.50%, 8/15/2028 (a)		45,000		46,969
Weekley Homes LLC 4.88%, 9/15/2028 (a)		30,000		31,116

				102,960

Consumer Finance — 1.9%
AerCap Ireland Capital DAC (Ireland) 4.88%, 1/16/2024		200,000		218,215
Avolon Holdings Funding Ltd. (Ireland) 5.25%, 5/15/2024 (a)		200,000		219,612
Capital One Financial Corp. 3.20%, 2/5/2025		150,000		161,853
Ford Motor Credit Co. LLC 4.27%, 1/9/2027		225,000		236,763
General Motors Financial Co., Inc.
1.05%, 3/8/2024		75,000		75,494
4.00%, 1/15/2025		150,000		163,730
OneMain Finance Corp. 7.13%, 3/15/2026		45,000		52,369
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023 (a)		100,000		104,929
5.50%, 2/15/2024 (a)		150,000		164,855

				1,397,820

Containers & Packaging — 0.5%
Ball Corp. 4.88%, 3/15/2026		35,000		39,082
Graphic Packaging International LLC 1.51%, 4/15/2026 (a)		70,000		69,910
Greif, Inc. 6.50%, 3/1/2027 (a)		30,000		31,500
LABL Escrow Issuer LLC 6.75%, 7/15/2026 (a)		40,000		42,600
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (a)		45,000		45,412
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)		25,000		27,156
Reynolds Group Issuer, Inc. 4.00%, 10/15/2027 (a)		55,000		54,038
Sealed Air Corp. 4.00%, 12/1/2027 (a)		30,000		31,500

				341,198

Diversified Consumer Services — 0.1%
Service Corp. International 5.13%, 6/1/2029		45,000		48,708


Investments	Principal Amount ($)		Value ($)
Diversified Financial Services — 0.2%
Element Fleet Management Corp. (Canada) 1.60%, 4/6/2024 (a)		145,000		146,967

Diversified Telecommunication Services — 1.3%
CCO Holdings LLC 5.00%, 2/1/2028 (a)		245,000		256,331
Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a)		40,000		42,500
Level 3 Financing, Inc. 4.63%, 9/15/2027 (a)		70,000		71,902
Lumen Technologies, Inc. 4.00%, 2/15/2027 (a)		65,000		65,812
NBN Co. Ltd. (Australia) 1.45%, 5/5/2026 (a)		200,000		199,749
Sprint Capital Corp. 8.75%, 3/15/2032		75,000		111,187
Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033		35,000		40,425
Verizon Communications, Inc.
1.45%, 3/20/2026		135,000		136,316

				924,222

Electric Utilities — 1.0%
NextEra Energy Capital Holdings, Inc. 0.65%, 3/1/2023		115,000		115,680
NRG Energy, Inc. 6.63%, 1/15/2027		110,000		114,157
Pacific Gas and Electric Co. 1.37%, 3/10/2023		130,000		130,108
PG&E Corp. 5.00%, 7/1/2028		40,000		39,800
Southern California Edison Co. 1.10%, 4/1/2024		150,000		151,077
Vistra Operations Co. LLC
3.55%, 7/15/2024 (a)		150,000		157,694
5.50%, 9/1/2026 (a)		45,000		46,460
4.38%, 5/1/2029 (a)		4,000		4,023

				758,999

Electrical Equipment — 0.0% (d)
EnerSys 4.38%, 12/15/2027 (a)		25,000		25,859

Electronic Equipment, Instruments & Components — 0.1%
CDW LLC 4.25%, 4/1/2028		35,000		36,531
Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)		40,000		41,300

				77,831

Energy Equipment & Services — 0.0% (d)
Oceaneering International, Inc. 4.65%, 11/15/2024		25,000		25,063


Investments	Principal Amount ($)		Value ($)
Entertainment — 0.3%
Cinemark USA, Inc. 4.88%, 6/1/2023		35,000		35,035
Live Nation Entertainment, Inc. 4.75%, 10/15/2027 (a)		55,000		56,170
Netflix, Inc. 4.88%, 6/15/2030 (a)		90,000		103,725
WMG Acquisition Corp. 3.88%, 7/15/2030 (a)		30,000		30,225

				225,155

Equity Real Estate Investment Trusts (REITs) — 0.9%
American Tower Corp. 2.40%, 3/15/2025		150,000		156,912
Equinix, Inc. 1.45%, 5/15/2026		140,000		140,664
Iron Mountain, Inc. 4.88%, 9/15/2027 (a)		30,000		31,092
MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		50,000		53,688
Office Properties Income Trust 2.65%, 6/15/2026		150,000		150,922
RHP Hotel Properties LP 4.75%, 10/15/2027		40,000		40,630
SBA Communications Corp. 3.13%, 2/1/2029 (a)		45,000		43,200
VICI Properties LP 3.50%, 2/15/2025 (a)		65,000		66,209

				683,317

Food & Staples Retailing — 0.2%
Albertsons Cos., Inc. 4.63%, 1/15/2027 (a)		110,000		113,850
Rite Aid Corp. 8.00%, 11/15/2026 (a)		50,000		51,901

				165,751

Food Products — 0.5%
Kraft Heinz Foods Co.
4.63%, 1/30/2029		30,000		33,926
6.88%, 1/26/2039		15,000		20,590
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028 (a)		30,000		32,962
Post Holdings, Inc. 5.63%, 1/15/2028 (a)		75,000		79,234
Viterra Finance BV (Netherlands) 2.00%, 4/21/2026 (a)		200,000		199,431

				366,143

Gas Utilities — 0.4%
AmeriGas Partners LP 5.88%, 8/20/2026		30,000		33,441
CenterPoint Energy Resources Corp. 0.70%, 3/2/2023		250,000		250,217

				283,658


Investments	Principal Amount ($)		Value ($)
Health Care Equipment & Supplies — 0.2%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		40,000		41,632
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (a)		40,000		41,448
Hologic, Inc. 3.25%, 2/15/2029 (a)		40,000		39,000

				122,080

Health Care Providers & Services — 1.4%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)		25,000		26,500
Centene Corp. 4.63%, 12/15/2029		120,000		129,531
Community Health Systems, Inc. 4.75%, 2/15/2031 (a)		60,000		58,831
CVS Health Corp. 4.10%, 3/25/2025		150,000		167,164
DaVita, Inc. 4.63%, 6/1/2030 (a)		55,000		56,094
Encompass Health Corp. 4.75%, 2/1/2030		45,000		47,194
HCA, Inc.
5.38%, 9/1/2026		175,000		197,969
5.63%, 9/1/2028		65,000		75,562
Highmark, Inc. 1.45%, 5/10/2026 (a)		130,000		129,827
Tenet Healthcare Corp.
5.13%, 11/1/2027 (a)		155,000		161,785
4.25%, 6/1/2029 (a)		10,000		9,996

				1,060,453

Hotels, Restaurants & Leisure — 0.9%
1011778 BC ULC (Canada) 3.88%, 1/15/2028 (a)		35,000		35,131
Boyd Gaming Corp. 8.63%, 6/1/2025 (a)		25,000		27,500
Caesars Resort Collection LLC 5.75%, 7/1/2025 (a)		45,000		47,195
Cedar Fair LP 5.38%, 4/15/2027		30,000		30,780
Gohl Capital Ltd. (Malaysia) 4.25%, 1/24/2027 (e)		200,000		210,242
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		30,000		31,250
MGM Resorts International 5.50%, 4/15/2027		40,000		43,395
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)		55,000		55,413
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (a)		40,000		41,610
Station Casinos LLC 5.00%, 10/1/2025 (a)		25,000		25,500


Investments	Principal Amount ($)		Value ($)
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		35,000		37,188
Wynn Resorts Finance LLC 7.75%, 4/15/2025 (a)		50,000		53,752
Yum! Brands, Inc.
7.75%, 4/1/2025 (a)		30,000		32,625
4.63%, 1/31/2032		8,000		8,360

				679,941

Household Durables — 0.6%
Lennar Corp. 4.75%, 5/30/2025		150,000		168,188
Newell Brands, Inc. 4.70%, 4/1/2026 (f)		40,000		44,950
PulteGroup, Inc. 5.50%, 3/1/2026		150,000		175,500
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a)		45,000		45,090

				433,728

Household Products — 0.2%
Central Garden & Pet Co. 4.13%, 4/30/2031 (a)		35,000		35,132
Energizer Holdings, Inc. 4.75%, 6/15/2028 (a)		45,000		45,678
Spectrum Brands, Inc. 5.00%, 10/1/2029 (a)		50,000		52,750

				133,560

Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp. 4.50%, 2/15/2028 (a)		65,000		65,731

Insurance — 0.7%
Athene Global Funding 0.95%, 1/8/2024 (a)		350,000		351,656
Jackson National Life Global Funding 3.88%, 6/11/2025 (a)		150,000		165,399

				517,055

IT Services — 0.2%
Arches Buyer, Inc. 4.25%, 6/1/2028 (a)		30,000		29,475
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)		40,000		39,350
Gartner, Inc. 3.75%, 10/1/2030 (a)		30,000		30,114
Square, Inc.
2.75%, 6/1/2026 (a)		17,000		17,138
3.50%, 6/1/2031 (a)		17,000		16,999

				133,076

Leisure Products — 0.1%
Mattel, Inc.
3.38%, 4/1/2026 (a)		14,000		14,511
3.75%, 4/1/2029 (a)		30,000		30,712

				45,223


Investments	Principal Amount ($)		Value ($)
Life Sciences Tools & Services — 0.1%
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a)		40,000		39,850

Machinery — 0.0% (d)
RBS Global, Inc. 4.88%, 12/15/2025 (a)		30,000		30,713

Media — 0.9%
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028 (a)		30,000		30,734
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027 (a)		30,000		30,291
DISH DBS Corp.
5.88%, 11/15/2024		50,000		53,222
7.75%, 7/1/2026		60,000		68,157
iHeartCommunications, Inc.
8.38%, 5/1/2027		25,000		26,733
5.25%, 8/15/2027 (a)		40,000		41,400
Lamar Media Corp. 4.00%, 2/15/2030		30,000		30,159
Meredith Corp. 6.88%, 2/1/2026		50,000		52,224
News Corp. 3.88%, 5/15/2029 (a)		29,000		29,254
Nexstar Broadcasting, Inc. 5.63%, 7/15/2027 (a)		40,000		42,300
Outfront Media Capital LLC 6.25%, 6/15/2025 (a)		22,000		23,320
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)		15,000		14,587
Sinclair Television Group, Inc. 4.13%, 12/1/2030 (a)		35,000		34,037
Sirius XM Radio, Inc.
5.00%, 8/1/2027 (a)		25,000		26,125
5.50%, 7/1/2029 (a)		90,000		97,425
TEGNA, Inc. 5.00%, 9/15/2029		30,000		30,712
Univision Communications, Inc. 4.50%, 5/1/2029 (a)		4,000		4,048
Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a)		45,000		47,025

				681,753

Metals & Mining — 0.6%
Allegheny Technologies, Inc. 5.88%, 12/1/2027		30,000		31,762
Arconic Corp. 6.13%, 2/15/2028 (a)		45,000		47,896
Cleveland-Cliffs, Inc. 6.75%, 3/15/2026 (a)		40,000		43,199


Investments	Principal Amount ($)		Value ($)
FMG Resources August 2006 Pty. Ltd. (Australia) 4.50%, 9/15/2027 (a)		30,000		32,575
Freeport-McMoRan, Inc. 4.38%, 8/1/2028		40,000		42,220
Glencore Funding LLC (Australia) 1.63%, 9/1/2025 (a)		150,000		151,438
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		30,000		30,648
Novelis Corp. 5.88%, 9/30/2026 (a)		40,000		41,712

				421,450

Multiline Retail — 0.1%
Macy’s, Inc. 8.38%, 6/15/2025 (a)		40,000		44,200
Nordstrom, Inc. 2.30%, 4/8/2024 (a)		20,000		20,072

				64,272

Oil, Gas & Consumable Fuels — 2.8%
Antero Midstream Partners LP
5.38%, 9/15/2024		25,000		25,670
7.88%, 5/15/2026 (a)		20,000		22,172
Antero Resources Corp. 5.63%, 6/1/2023		35,000		35,000
APT Pipelines Ltd. (Australia) 4.20%, 3/23/2025 (a)		150,000		164,433
Buckeye Partners LP 4.13%, 12/1/2027		40,000		39,800
Cheniere Corpus Christi Holdings LLC 5.13%, 6/30/2027		150,000		174,022
Cheniere Energy Partners LP 4.50%, 10/1/2029		50,000		52,875
CNX Resources Corp. 6.00%, 1/15/2029 (a)		25,000		26,687
Comstock Resources, Inc. 9.75%, 8/15/2026		45,000		48,857
Continental Resources, Inc. 5.75%, 1/15/2031 (a)		35,000		41,074
DCP Midstream Operating LP 5.63%, 7/15/2027		40,000		44,000
Energean Israel Finance Ltd. (Israel)
4.50%, 3/30/2024 (e)		12,000		12,350
4.88%, 3/30/2026 (e)		10,000		10,347
Energy Transfer LP 4.05%, 3/15/2025		105,000		114,019
EQM Midstream Partners LP 6.00%, 7/1/2025 (a)		40,000		43,300
EQT Corp. 3.90%, 10/1/2027		40,000		42,716
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a)		150,000		154,553
Greenko Dutch BV (India) 3.85%, 3/29/2026 (a)		200,000		203,812
Hess Midstream Operations LP 5.63%, 2/15/2026 (a)		30,000		31,100


Investments	Principal Amount ($)		Value ($)
Leviathan Bond Ltd. (Israel) 6.13%, 6/30/2025 (e)		50,000		54,875
MPLX LP 4.88%, 12/1/2024		150,000		169,219
NuStar Logistics LP 5.63%, 4/28/2027		40,000		42,257
Occidental Petroleum Corp.
5.88%, 9/1/2025		45,000		48,759
6.13%, 1/1/2031		45,000		49,912
Petroleos Mexicanos (Mexico)
4.50%, 1/23/2026		100,000		102,470
6.88%, 8/4/2026		30,000		33,145
Range Resources Corp. 4.88%, 5/15/2025		40,000		40,700
Southwestern Energy Co. 7.50%, 4/1/2026		30,000		31,695
Targa Resources Partners LP 6.88%, 1/15/2029		95,000		105,455
Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026 (a)		25,000		27,875
Western Midstream Operating LP 4.75%, 8/15/2028		40,000		42,852

				2,036,001

Personal Products — 0.1%
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		35,000		37,187

Pharmaceuticals — 0.4%
Bausch Health Americas, Inc. 9.25%, 4/1/2026 (a)		225,000		243,000
Bausch Health Cos., Inc. 4.88%, 6/1/2028 (a)		15,000		15,122
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		50,000		51,000

				309,122

Real Estate Management & Development — 0.0% (d)
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		35,000		35,855

Road & Rail — 0.4%
Avis Budget Car Rental LLC
5.75%, 7/15/2027 (a)(b)		45,000		47,419
4.75%, 4/1/2028 (a)		35,000		36,050
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (a)		184,000		185,461

				268,930

Semiconductors & Semiconductor Equipment — 0.5%
Broadcom Corp. 3.88%, 1/15/2027		150,000		164,793
Marvell Technology, Inc. 1.65%, 4/15/2026 (a)		125,000		124,935


Investments	Principal Amount ($)		Value ($)
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		40,000		40,600

				330,328

Software — 0.5%
CDK Global, Inc. 4.88%, 6/1/2027		35,000		36,923
Fair Isaac Corp. 4.00%, 6/15/2028 (a)		35,000		35,563
Nuance Communications, Inc. 5.63%, 12/15/2026		30,000		31,560
Oracle Corp. 1.65%, 3/25/2026		225,000		227,958
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		35,000		37,068

				369,072

Specialty Retail — 0.5%
AutoZone, Inc. 3.63%, 4/15/2025		150,000		164,248
Gap, Inc. (The) 8.88%, 5/15/2027 (a)		30,000		34,794
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)		35,000		35,219
L Brands, Inc.
5.25%, 2/1/2028		45,000		48,825
7.50%, 6/15/2029		20,000		23,000
Penske Automotive Group, Inc. 3.50%, 9/1/2025		30,000		30,906
Staples, Inc. 7.50%, 4/15/2026 (a)		45,000		46,674

				383,666

Technology Hardware, Storage & Peripherals — 0.1%
NCR Corp.
5.13%, 4/15/2029 (a)		9,000		9,233
6.13%, 9/1/2029 (a)		40,000		43,459
Western Digital Corp. 4.75%, 2/15/2026		25,000		27,806

				80,498

Thrifts & Mortgage Finance — 1.4%
BPCE SA (France)
2.38%, 1/14/2025 (a)		250,000		261,125
4.50%, 3/15/2025 (a)		200,000		221,606
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a)		50,000		51,563
Nationwide Building Society (United Kingdom)
(ICE LIBOR USD 3 Month + 1.06%), 3.77%, 3/8/2024 (a)(c)		200,000		210,958
(ICE LIBOR USD 3 Month + 1.39%), 4.36%, 8/1/2024 (a)(c)		200,000		215,474
Quicken Loans LLC 3.63%, 3/1/2029 (a)		50,000		48,732

				1,009,458


Investments	Principal Amount ($)		Value ($)
Tobacco — 0.7%
Altria Group, Inc. 2.35%, 5/6/2025		150,000		157,088
Imperial Brands Finance plc (United Kingdom) 3.13%, 7/26/2024 (a)		200,000		212,140
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025		150,000		166,778

				536,006

Trading Companies & Distributors — 1.1%
Air Lease Corp.
4.25%, 2/1/2024		150,000		162,958
2.30%, 2/1/2025		200,000		206,221
Aviation Capital Group LLC 5.50%, 12/15/2024 (a)		150,000		169,099
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		30,000		31,613
Imola Merger Corp. 4.75%, 5/15/2029 (a)		42,000		42,420
United Rentals North America, Inc. 4.88%, 1/15/2028		100,000		105,630
WESCO Distribution, Inc. 7.25%, 6/15/2028 (a)		70,000		77,612

				795,553

Wireless Telecommunication Services — 0.7%
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		40,000		44,350
Sprint Corp. 7.63%, 3/1/2026		120,000		145,800
T-Mobile USA, Inc.
3.50%, 4/15/2025		150,000		162,788
2.25%, 2/15/2026		60,000		60,507
4.75%, 2/1/2028		75,000		80,165

				493,610

TOTAL CORPORATE BONDS (Cost $30,917,436)				30,988,226

U.S. TREASURY OBLIGATIONS — 15.5%
U.S. Treasury Notes
0.13%, 1/31/2023		190,000		190,000
0.13%, 2/28/2023		2,375,000		2,374,907
0.13%, 4/30/2023		2,810,000		2,809,122
0.13%, 1/15/2024		2,640,000		2,632,266
0.13%, 2/15/2024		2,460,000		2,452,216
0.38%, 4/15/2024		25,000		25,062
0.25%, 5/15/2024		600,000		599,063
0.50%, 2/28/2026		15,000		14,822


Investments	Principal Amount ($)		Value ($)
0.75%, 4/30/2026		300,000		299,437

TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,388,930)				11,396,895

ASSET-BACKED SECURITIES — 15.2%
ACC Trust Series 2020-A, Class A, 6.00%, 3/20/2023 (a)		126,961		130,565
Affirm Asset Securitization Trust Series 2020-A, Class A, 2.95%, 2/18/2025 (a)		225,000		227,147
Atlas Senior Loan Fund (Cayman Islands) Series 2019-13A, Class A1NR, 1.26%, 4/22/2031 (a)(g)		200,000		199,949
Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 1.13%, 7/20/2030 (a)(g)		337,000		337,000
Business Jet Securities LLC Series 2021-1A, Class A, 2.16%, 4/15/2036 (a)		157,893		158,524
CarMax Auto Owner Trust Series 2018-1, Class D, 3.37%, 7/15/2024		185,000		188,794
CarNow Auto Receivables Trust Series 2021-1A, Class C, 2.16%, 2/17/2026 (a)		196,000		197,080
CIFC Funding Ltd. (Cayman Islands)
Series 2012-2RA, Class A1, 0.99%, 1/20/2028 (a)(g)		203,594		203,450
Series 2019-1A, Class AR, 1.29%, 4/20/2032 (a)(g)		250,000		249,937
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-HP1, Class B, 3.48%, 12/15/2026‡ (a)		200,000		205,791
Credit Acceptance Auto Loan Trust Series 2021-3A, Class C, 1.63%, 9/16/2030 (a)		250,000		250,878
Dryden 49 Senior Loan Fund (Cayman Islands) Series 2017-49A, Class AR, 1.14%, 7/18/2030 (a)(g)		300,000		299,924
DT Auto Owner Trust
Series 2018-2A, Class E, 5.54%, 6/16/2025 (a)		185,000		193,258
Series 2020-1A, Class D, 2.55%, 11/17/2025 (a)		190,000		196,543


Investments	Principal Amount ($)		Value ($)
Exeter Automobile Receivables Trust
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		195,000		201,712
Series 2021-2A, Class D, 1.40%, 4/15/2027		210,000		210,283
FCI Funding LLC Series 2021-1A, Class A, 1.13%, 4/15/2033 (a)		158,381		158,624
FHF Trust Series 2021-1A, Class A, 1.27%, 3/15/2027 (a)		183,015		183,161
First Investors Auto Owner Trust Series 2017-3A, Class D, 3.44%, 3/15/2024 (a)		163,000		166,804
Foundation Finance Trust Series 2021-1A, Class A, 1.27%, 5/15/2041 (a)		191,952		192,394
Foursight Capital Automobile Receivables Trust
Series 2018-1, Class F, 6.82%, 4/15/2025 (a)		160,000		165,044
Series 2018-2, Class F, 6.48%, 6/15/2026 (a)		145,000		152,395
FREED ABS Trust Series 2021-1CP, Class B, 1.41%, 3/20/2028‡ (a)		185,000		185,876
Galaxy CLO Ltd. (Cayman Islands)
Series 2015-19A, Class A1RR, 1.13%, 7/24/2030 (a)(g)		250,000		249,937
Series 2015-21A, Class AR, 1.21%, 4/20/2031 (a)(g)		250,000		250,187
GLS Auto Receivables Issuer Trust Series 2019-4A, Class C, 3.06%, 8/15/2025 (a)		175,000		181,804
LCM Ltd. (Cayman Islands) Series 26A, Class A1, 1.26%, 1/20/2031 (a)(g)		250,000		250,150
Lendmark Funding Trust Series 2019-2A, Class A, 2.78%, 4/20/2028 (a)		225,000		231,106
LL ABS Trust Series 2019-1A, Class B, 3.52%, 3/15/2027‡ (a)		200,000		202,384
LMREC LLC Series 2021-CRE4, Class A, 1.16%, 4/22/2037 (a)(g)		184,000		184,000
Longfellow Place CLO Ltd. (Cayman Islands) Series 2013-1A, Class AR3, 1.18%, 4/15/2029 (a)(g)		250,000		249,937
Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (a)		192,000		193,424


Investments	Principal Amount ($)		Value ($)
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 3/20/2026 (a)		184,000		184,674
MVW LLC
Series 2021-1WA, Class A, 1.14%, 1/22/2041 (a)		233,000		233,803
Series 2021-1WA, Class B, 1.44%, 1/22/2041 (a)		100,000		100,249
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2020-37A, Class AR, 7/20/2031 (a)(g)(h)		354,000		354,000
NMEF Funding LLC Series 2021-A, Class B, 1.85%, 12/15/2027‡ (a)		178,000		178,177
NRZ Excess Spread-Collateralized Notes Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (a)		167,173		166,536
Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028 (a)		172,000		172,481
Pagaya AI Debt Selection Trust Series 2021-1, Class A, 1.18%, 11/15/2027 (a)		186,000		186,363
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2020-1A, Class A1, 0.96%, 2/20/2028 (a)(g)		167,102		166,438
Series 2021-2A, Class A1, 0.99%, 5/20/2029 (a)(g)		200,000		199,950
Progress Residential Series 2021-SFR3, Class E1, 2.54%, 5/17/2026‡ (a)		200,000		201,027
Republic FInance Issuance Trust Series 2019-A, Class A, 3.43%, 11/22/2027 (a)		175,000		177,015
Santander Drive Auto Receivables Trust Series 2021-1, Class D, 1.13%, 11/16/2026		190,000		189,759
Skopos Auto Receivables Trust Series 2019-1A, Class C, 3.63%, 9/16/2024 (a)		175,000		179,040
SoFi Consumer Loan Program Trust Series 2018-4, Class D, 4.76%, 11/26/2027‡ (a)		175,000		182,012
Upstart Pass-Through Trust Series 2021-ST4, Class A, 2.00%, 7/20/2027 (a)		219,000		219,104
Upstart Securitization Trust Series 2019-3, Class B, 3.83%, 1/21/2030‡ (a)		250,000		256,107


Investments	Principal Amount ($)		Value( $)
Series 2021-2, Class B, 1.75%, 6/20/2031 (a)		275,000		275,930
Venture CLO Ltd. (Cayman Islands) Series 2018-32A, Class A2A, 1.26%, 7/18/2031 (a)(g)		150,000		150,065
Westlake Automobile Receivables Trust
Series 2020-1A, Class D, 2.80%, 6/16/2025 (a)		175,000		181,194
Series 2021-1A, Class C, 0.95%, 3/16/2026 (a)		260,000		260,409
Series 2021-1A, Class D, 1.23%, 4/15/2026 (a)		250,000		251,039

TOTAL ASSET-BACKED SECURITIES (Cost $11,100,232)				11,113,434

MORTGAGE-BACKED SECURITIES - 9.3%
FHLMC UMBS, 15 Year Pool # ZS6689, 2.50%, 4/1/2028		325,034		341,353
FNMA UMBS, 15 Year
Pool # FM2072, 3.00%, 12/1/2031		421,443		445,936
Pool # MA4329, 2.00%, 5/1/2036		2,516,371		2,601,507
Pool # MA4360, 2.00%, 6/1/2036		500,000		516,916
FNMA UMBS, 30 Year Pool # BM1285, 4.50%, 5/1/2047		271,414		297,036
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 1.50%, 6/25/2036(h)		480,000		485,831
TBA, 2.50%, 6/25/2036(h)		930,000		970,852
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 3.00%, 6/25/2051(h)		100,000		104,439
GNMA II, 30 Year
Pool # MA6089, 3.00%, 8/20/2049		82,698		86,317
Pool # MA6153, 3.00%, 9/20/2049		79,341		83,289
Pool # MA6218, 3.00%, 10/20/2049		66,779		70,023
Pool # MA6283, 3.00%, 11/20/2049		62,737		65,424
Pool # MA7257, 3.50%, 3/20/2051		196,579		208,376
Pool # MA7312, 2.50%, 4/20/2051		189,385		196,498


Investments	Principal Amount ($)		Value ($)
GNMA II, Single Family, 30 Year TBA, 3.00%, 6/15/2051(h)		360,000		375,546

TOTAL MORTGAGE-BACKED SECURITIES (Cost $6,848,064)				6,849,343

COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.7%
Beast Mortgage Trust Series 2021-1818, Class B, 1.70%, 3/15/2036‡ (a)(g)		179,000		179,223
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class D, 5.09%, 3/10/2047 (a)(g)		250,000		268,733
Series 2014-GC23, Class C, 4.43%, 7/10/2047‡(g)		200,000		214,639
Series 2015-GC27, Class B, 3.77%, 2/10/2048‡		200,000		214,041
Series 2015-GC27, Class C, 4.42%, 2/10/2048‡(g)		440,000		470,364
Series 2015-GC31, Class C, 4.05%, 6/10/2048‡(g)		250,000		263,359
COMM Mortgage Trust
Series 2013-CR10, Class AM, 4.52%, 8/10/2046 (a)(g)		200,000		215,220
Series 2015-CR26, Class B, 4.48%, 10/10/2048‡(g)		200,000		221,808
Series 2015-PC1, Class B, 4.32%, 7/10/2050(g)		200,000		218,916
Commercial Mortgage Trust Series 2014-CR20, Class C, 4.50%, 11/10/2047(g)		100,000		104,438
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K068, Class X1, IO, 0.43%, 8/25/2027(g)		3,669,717		92,448
Series K028, Class X3, IO, 1.66%, 6/25/2041(g)		4,629,000		144,397
Series K111, Class X3, IO, 3.18%, 4/25/2048(g)		405,000		97,742
Series K110, Class X3, IO, 3.40%, 6/25/2048(g)		380,000		96,584
Series K119, Class X3, IO, 2.73%, 9/25/2048(g)		460,000		97,561
Series K115, Class X3, IO, 2.96%, 9/25/2048(g)		430,000		96,182
Series K125, Class X3, IO, 2.65%, 2/25/2049(g)		460,000		97,145
GS Mortgage Securities Trust
Series 2016-GS3, Class C, 4.00%, 10/10/2049‡(g)		165,000		166,533
Series 2017-GS5, Class D, 3.51%, 3/10/2050 (a)(g)		250,000		244,532


Investments	Principal Amount ($)		Value ($)
Independence Plaza Trust
Series 2018-INDP, Class A, 3.76%, 7/10/2035 (a)		175,000		186,185
Series 2018-INDP, Class C, 4.16%, 7/10/2035 ‡ (a)		150,000		157,640
JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class C, 4.62%, 8/15/2048 ‡(g)		150,000		160,967
KKR Industrial Portfolio Trust Series 2021-KDIP, Class D, 1.35%, 12/15/2037 ‡(a)(g)		175,000		174,781
Life Mortgage Trust Series 2021-BMR, Class C, 1.20%, 3/15/2038 ‡(a)(g)		195,000		195,244
MHC Commercial Mortgage Trust Series 2021-MHC, Class D, 1.70%, 4/15/2038 ‡(a)(g)		250,000		250,150
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class D, 5.05%, 2/15/2047 (a)(g)		175,023		183,819
Multi-Family Connecticut Avenue Securities Trust Series 2019-01, Class M7, 1.79%, 10/15/2049 ‡ (a)(g)		185,013		184,281
PFP Ltd. (Cayman Islands) Series 2021-7, Class C, 1.75%, 4/14/2038 ‡(a)(g)		166,500		166,084
SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048‡		225,000		237,563
WFRBS Commercial Mortgage Trust Series 2014-C22, Class C, 3.76%, 9/15/2057(g)		225,000		237,600

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $5,621,252)				5,638,179

COLLATERALIZED MORTGAGE OBLIGATIONS - 6.0%
Citigroup Mortgage Loan Trust Series 2006-AR9, Class 1A3, 0.57%, 11/25/2036 (g)		73,128		73,568
FHLMC Structured Agency Credit Risk Debt Notes Series 2021-DNA2, Class M2, 2.31%, 8/25/2033 (a)(g)		100,000		102,195
FHLMC, REMIC Series 3993, Class BC, 3.50%, 1/15/2027		425,000		464,469


Investments	Principal Amount ($)		Value ($)
Series 2673, Class PE, 5.50%, 9/15/2033		161,460		185,942
Series 4718, Class DA, 3.00%, 2/15/2047		467,756		490,607
Series 4937, Class MS, IF, IO, 5.96%, 12/25/2049 (g)		471,047		89,244
Series 5021, Class MI, IO, 3.00%, 10/25/2050		592,725		96,872
FHLMC, STRIPS Series 311, Class S1, IF, IO, 5.85%, 8/15/2043 (g)		607,510		117,030
FNMA, Connecticut Avenue Securities
Series 2017-C07, Class 2M2, 2.59%, 5/25/2030 (g)		120,636		122,404
Series 2018-C05, Class 1M2, 2.44%, 1/25/2031 (g)		194,255		196,617
FNMA, REMIC Series 2012-136, Class DL, 3.50%, 12/25/2042		270,000		295,262
GNMA Series 2021-9, Class MI, IO, 2.50%, 1/20/2051		302,728		39,117
Legacy Mortgage Asset Trust Series 21-GS3, Class A1, 1.75%, 7/25/2061 (a)(f)		145,455		145,477
LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (a)(g)		188,000		188,432
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (a)(f)		241,496		241,769
PRPM LLC Series 2021-2, Class A1, 2.12%, 3/25/2026 (a)(g)		178,494		179,018
VCAT Asset Securitization LLC Series 2021-NPL3, Class A1, 1.74%, 5/25/2051 (a)(f)		240,000		240,077
VCAT LLC Series 2021-NPL2, Class A1, 2.12%, 3/27/2051 (a)(f)		236,001		236,136
Verus Securitization Trust Series 2021-2, Class M1, 2.19%, 2/25/2066‡ (a)(g)		144,000		144,395
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a)(f)		185,908		186,083
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a)(f)		153,464		153,469
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a)(f)		194,382		194,534


Investments	Principal Amount ($)		Value ($)
VOLT XCVIII LLC Series 2021-NPL7, Class A1, 2.12%, 4/25/2051 (a)(f)		211,205		211,400

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $4,374,820)				4,394,117

FOREIGN GOVERNMENT SECURITIES - 1.3%
Arab Republic of Egypt (Egypt) 3.88%, 2/16/2026 (a)		200,000		198,187
Dominican Republic Government Bond (Dominican Republic) 6.00%, 7/19/2028 (e)		150,000		170,578
Federal Republic of Nigeria (Nigeria) 6.50%, 11/28/2027 (e)		200,000		212,725
Republic of El Salvador (El Salvador) 5.88%, 1/30/2025 (e)		30,000		29,063
Republic of Kenya (Kenya) 7.00%, 5/22/2027 (e)		200,000		220,100
Ukraine Government Bond (Ukraine) 7.75%, 9/1/2024 (e)		100,000		109,988

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $942,183)				940,641

MUNICIPAL BONDS - 0.2%
California - 0.2%
California Housing Finance Series 2021-1, Class X, Rev., 0.80%, 6/20/2021 (g) (Cost $150,055)		2,200,000		153,369


	Shares
SHORT-TERM INVESTMENTS - 6.6%
INVESTMENT COMPANIES - 5.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (i)(j) (Cost $3,986,288)		3,984,296		3,986,288

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED - 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (i)(j) (Cost $85,410)		85,410		85,410


Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS - 1.1%
U.S. Treasury Bills
0.03%, 7/1/2021 (k)(l)		198,000		197,998
0.08%, 2/24/2022 (l)		590,000		589,896

TOTAL U.S. TREASURY OBLIGATIONS (Cost $787,659)				787,894

TOTAL SHORT-TERM INVESTMENTS (Cost $4,859,357)				4,859,592

Total Investments - 104.1% (Cost $76,202,329)				76,333,796
Liabilities in Excess of Other Assets - (4.1)%				(2,994,358	)

Net Assets - 100.0%				73,339,438

Percentages indicated are based on net assets.


Abbreviations

ABS		Asset-Backed Securities
CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
IF		Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of May 31, 2021. The rate may be subject to a cap and floor.
IO		Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR		London Interbank Offered Rate
REMIC		Real Estate Mortgage Investment Conduit
Rev.		Revenue
SOFR		Secured Overnight Financing Rate
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA		To Be Announced; Security is subject to delayed delivery.
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar
(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		The security or a portion of this security is on loan at May 31, 2021. The total value of securities on loan at May 31, 2021 is $82,512.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2021.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(f)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2021.

Centrally Cleared Credit default swap contracts outstanding - sell protection^(a) as of May 31, 2021:

A. Valuation of Investments – Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2021.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2021, which were valued using significant unobservable inputs (level 3), amounted to $11,440.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

C. Derivatives — The Fund used derivative instruments including futures contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.

(1). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is

required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open future contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Swaps — The Fund engaged in various swap transactions to manage credit risk within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 2 Year Note		22			09/2021		USD		4,856,156			989
U.S. Treasury Ultra Bond		1			09/2021		USD		184,813			(471	)

												518

Short Contracts
U.S. Treasury 5 Year Note		(20	)		09/2021		USD		(2,476,406	)		(2,071	)
U.S. Treasury 10 Year Note		(29	)		09/2021		USD		(3,823,469	)		(3,459	)
U.S. Treasury 10 Year Ultra Note		(12	)		09/2021		USD		(1,737,188	)		3,178
U.S. Treasury Long Bond		(1	)		09/2021		USD		(156,250	)		427

												(1,925	)

												(1,407	)


	Balance as of February 28, 2021		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3		Balance as of May 31, 2021
Investments in Securities:
Asset-Backed Securities	$	—	$	—	$	(517	)	$	(589	)	$	1,412,480	$	—		$	—	$	—	$	1,411,374
Collateralized Mortgage Obligations		—		—		397			—			143,998		—			—		—		144,395
Commercial Mortgage-Backed Securities		—		19		11,560			(1,840	)		3,264,500		(17,562	)		—		—		3,256,677

Total	$	—	$	19	$	11,440		$	(2,429	)	$	4,820,978	$	(17,562	)	$	—	$	—	$	4,812,446


	Fair Value at May 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)(a)
	$	1,411,374	Discounted Cash Flow	Constant Prepayment Rate	0.00% -30.00% (15.97%)
				Yield (Discount Rate of Cash Flows)	1.19% - 2.42% (1.65%)

Asset-Backed Securities		1,411,374

		144,395	Discounted Cash Flow	Constant Prepayment Rate	25.00% (25.00%)
				Yield (Discount Rate of Cash Flows)	2.08% (2.08%)

Collateralized Mortgage Obligations		144,395

		3,090,593	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	1.70% - 3.86% (2.41%)

Commercial Mortgage-Backed Securities		3,090,593

Total	$	4,646,362


For the period ended May 31, 2021
Security Description	Value at February 28, 2021(a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2021		Shares at May 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c)	$	—	$	27,797,709	$	23,810,503	$	(918	)	$	—	$	3,986,288		3,984,296	$	1,489	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(b)(c)		—		86,710		1,300		—			—		85,410		85,410		2		—

Total	$	—	$	27,884,419	$	23,811,803	$	(918	)	$	—	$	4,071,698			$	1,491	$	—


(g)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2021.
(h)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(j)		The rate shown is the current yield as of May 31, 2021.
(k)		All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(l)		The rate shown is the effective yield as of May 31, 2021.
‡		Value determined using significant unobservable inputs.


Abbreviations

CDX		Credit Default Swap Index
USD		United States Dollar


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	9,702,060	$	1,411,374	$	11,113,434
Collateralized Mortgage Obligations		—			4,249,722		144,395		4,394,117
Commercial Mortgage-Backed Securities		—			2,381,502		3,256,677		5,638,179
Corporate Bonds		—			30,988,226		—		30,988,226
Foreign Government Securities		—			940,641		—		940,641
Mortgage-Backed Securities		—			6,849,343		—		6,849,343
Municipal Bonds		—			153,369		—		153,369
U.S. Treasury Obligations		—			11,396,895		—		11,396,895
Short-Term Investments
Investment Companies		3,986,288			—		—		3,986,288
Investment of Cash Collateral from
Securities Loaned		85,410			—		—		85,410
U.S. Treasury Obligations		—			787,894		—		787,894

Total Short-Term Investments		4,071,698			787,894		—		4,859,592

Total Investments in Securities	$	4,071,698		$	67,449,652	$	4,812,446	$	76,333,796

Appreciation in Other Financial Instruments
Futures Contracts	$	4,594		$	—	$	—	$	4,594
Swaps		—			8,649		—		8,649
Depreciation in Other Financial Instruments
Futures Contracts		(6,001	)		—		—		(6,001	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(1,407	)	$	8,649	$	—	$	7,242