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	Par Value		Value

U.S. GOVERNMENT SECURITY—0.4%
U.S. Treasury Bond 2.875%, 5/15/49	$	535	$	645
TOTAL U.S. GOVERNMENT SECURITY (Identified Cost $636)				645

MUNICIPAL BONDS—1.2%

California—0.6%
State of California, Build America Bond Taxable 7.500%, 4/1/34		570		898


Illinois—0.6%
State of Illinois, Build America Bond Taxable 6.900%, 3/1/35		700		880
TOTAL MUNICIPAL BONDS (Identified Cost $1,472)				1,778

FOREIGN GOVERNMENT SECURITIES—20.1%
Bermuda RegS 4.854%, 2/6/24⁽¹⁾		346		382
Bolivarian Republic of Venezuela RegS 7.650%, 4/21/25⁽¹⁾⁽²⁾		1,380		210
Dominican Republic
144A 6.000%, 7/19/28⁽³⁾		800		883
144A 6.850%, 1/27/45⁽³⁾		800		915
Islamic Republic of Pakistan 144A 6.875%, 12/5/27⁽³⁾		345		345
Kingdom of Jordan 144A 5.750%, 1/31/27⁽³⁾		1,285		1,304
Kingdom of Morocco 144A 5.500%, 12/11/42⁽³⁾		800		974
Kingdom of Saudi Arabia
144A 4.375%, 4/16/29⁽³⁾		1,060		1,222
144A 4.500%, 10/26/46⁽³⁾		740		858
Republic of Angola 144A 8.250%, 5/9/28⁽³⁾		725		748


	Par Value			Value

FOREIGN GOVERNMENT SECURITIES—continued
Republic of Armenia 144A 7.150%, 3/26/25⁽³⁾	$	700		$	806
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28⁽³⁾		495			500
Republic of Egypt
144A 7.600%, 3/1/29⁽³⁾		855			922
144A 8.500%, 1/31/47⁽³⁾		630			684
Republic of Ghana
144A 7.625%, 5/16/29⁽³⁾		520			513
144A 8.125%, 3/26/32⁽³⁾		260			254
Republic of Indonesia
FR63 5.625%, 5/15/23		7,482,000	^IDR		509
FR77 8.125%, 5/15/24		7,135,000	^IDR		530
Republic of Kenya 144A 8.000%, 5/22/32⁽³⁾		950			1,005
Republic of Nigeria 144A 7.875%, 2/16/32⁽³⁾		1,440			1,482
Republic of South Africa
5.875%, 9/16/25		200			221
4.300%, 10/12/28		325			323
5.650%, 9/27/47		955			1,003
Republic of Sri Lanka
144A 6.750%, 4/18/28⁽³⁾		1,160			1,107
144A 7.550%, 3/28/30⁽³⁾		200			199
Republic of Turkey
6.250%, 9/26/22		780			787
7.375%, 2/5/25		420			435
4.875%, 10/9/26		1,630			1,459
7.625%, 4/26/29		1,165			1,193
4.875%, 4/16/43		935			717
Republic of Uruguay 5.100%, 6/18/50		500			620
Russian Federation 144A 5.625%, 4/4/42⁽³⁾		1,600			1,976
Sultanate of Oman 144A 5.375%, 3/8/27⁽³⁾		1,240			1,216


	Par Value			Value

FOREIGN GOVERNMENT SECURITIES—continued
144A 5.625%, 1/17/28⁽³⁾	$	760		$	748
Ukraine
144A 7.750%, 9/1/23⁽³⁾		785			834
144A 7.750%, 9/1/26⁽³⁾		820			869
United Mexican States
4.150%, 3/28/27		520			555
4.500%, 4/22/29		635			701
Series M 6.500%, 6/9/22		9,038	^MXN		446

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $31,012)					30,455

MORTGAGE-BACKED SECURITIES—17.3%

Agency—1.5%
Federal National Mortgage Association
Pool #MA2471, 3.500%, 12/1/45		863			901
Pool #MA2959, 3.500%, 4/1/47		1,390			1,443

					2,344


Non-Agency—15.8%
American Homes 4 Rent Trust 2014-SFR2, C 144A 4.705%, 10/17/36⁽³⁾		770			840
Angel Oak Mortgage Trust 2019-3, A1 144A 2.930%, 5/25/59⁽³⁾⁽⁴⁾		597			600
Angel Oak Mortgage Trust I LLC
2018-2, A1 144A 3.674%, 7/27/48⁽³⁾⁽⁴⁾		499			504
2019-1, A1 144A 3.920%, 11/25/48⁽³⁾⁽⁴⁾		646			658
Arroyo Mortgage Trust 2019-1, A1 144A 3.805%, 1/25/49⁽³⁾⁽⁴⁾		372			381


	Par Value		Value

Non-Agency—continued
Bayview Opportunity Master Fund IVa Trust
2016-SPL1, B1 144A 4.250%, 4/28/55⁽³⁾	$	540	$	570
2017-SPL5, B1 144A 4.000%, 6/28/57⁽³⁾⁽⁴⁾		130		136
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53⁽³⁾⁽⁴⁾		385		405
Bunker Hill Loan Depositary Trust 2019-1, A1 144A 3.613%, 10/26/48⁽³⁾⁽⁴⁾		368		372
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34⁽³⁾		425		447
CIT Home Equity Loan Trust 2003-1, A5 5.480%, 7/20/34⁽⁴⁾		428		432
Citigroup Commercial Mortgage Trust 2019-SST2, A (1 month LIBOR + 0.920%) 144A 3.115%, 12/15/36⁽³⁾⁽⁴⁾		585		584
Citigroup Mortgage Loan Trust 2019-RP1, A1 144A 3.500%, 1/25/66⁽³⁾⁽⁴⁾		291		300
COLT Mortgage Loan Trust Funding LLC 2019-1, A1 144A 3.705%, 3/25/49⁽³⁾⁽⁴⁾		382		387
CoreVest American Finance Trust 2018-2, A 144A 4.026%, 11/15/52⁽³⁾		291		309
Ellington Financial Mortgage Trust 2018-1, A1FX 144A 4.140%, 10/25/58⁽³⁾⁽⁴⁾		247		250
Galton Funding Mortgage Trust 2018-2, A41 144A 4.500%, 10/25/58⁽³⁾⁽⁴⁾		220		226


	Par Value		Value

Non-Agency—continued
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59⁽³⁾⁽⁴⁾	$	260	$	264
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35⁽⁴⁾		261		276
Homeward Opportunities Fund I Trust
2018-2, A1 144A 3.985%, 11/25/58⁽³⁾⁽⁴⁾		171		174
2019-1, A1 144A 3.454%, 1/25/59⁽³⁾⁽⁴⁾		361		364
JPMorgan Chase Mortgage Trust
2014-5, B2 144A 2.982%, 10/25/29⁽³⁾⁽⁴⁾		206		204
2016-SH1, M2 144A 3.750%, 4/25/45⁽³⁾⁽⁴⁾		231		239
2016-SH2, M2 144A 3.750%, 12/25/45⁽³⁾⁽⁴⁾		220		230
2018-8, A3 144A 4.000%, 1/25/49⁽³⁾⁽⁴⁾		286		293
Lending Home Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23⁽³⁾⁽⁴⁾		620		629
MetLife Securitization Trust 2019-1A, A1A 144A 3.750%, 4/25/58⁽³⁾⁽⁴⁾		490		510
Mill City Mortgage Loan Trust 2018-4, A1B 144A 3.500%, 4/25/66⁽³⁾⁽⁴⁾		1,340		1,380
New Residential Mortgage Loan Trust
2016-4A, B1A 144A 4.500%, 11/25/56⁽³⁾⁽⁴⁾		512		553
2018-1A, A1A 144A 4.000%, 12/25/57⁽³⁾⁽⁴⁾		731		761
OBX Trust 2019-INV1, A3 144A 4.500%, 11/25/48⁽³⁾⁽⁴⁾		520		537
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32⁽³⁾		520		542


	Par Value		Value

Non-Agency—continued
Preston Ridge Partners Mortgage LLC
2019-1A, A1 144A 4.500%, 1/25/24⁽³⁾⁽⁴⁾	$	861	$	871
2019-2A, A1 144A 3.967%, 4/25/24⁽³⁾⁽⁴⁾		691		698
Pretium Mortgage Credit Partners I LLC 2019-NPL1, A1 144A 4.213%, 7/25/60⁽³⁾⁽⁴⁾		417		420
Progress Residential Trust 2018-SFR2, B 144A 3.841%, 8/17/35⁽³⁾		530		545
RCO V Mortgage LLC 2019-1, A1 144A 3.721%, 5/24/24⁽³⁾⁽⁴⁾		200		201
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59⁽³⁾⁽⁴⁾		157		158
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A 3.468%, 2/25/49⁽³⁾⁽⁴⁾		467		476
Towd Point Mortgage Trust
2015-6, M1 144A 3.750%, 4/25/55⁽³⁾⁽⁴⁾		275		294
2017-1, M1 144A 3.750%, 10/25/56⁽³⁾⁽⁴⁾		265		279
2017-6, A2 144A 3.000%, 10/25/57⁽³⁾⁽⁴⁾		260		266
2018-6, A2 144A 3.750%, 3/25/58⁽³⁾⁽⁴⁾		215		229
2018-4, A1 144A 3.000%, 6/25/58⁽³⁾⁽⁴⁾		719		733
2018-SJ1, A1 144A 4.000%, 10/25/58⁽³⁾⁽⁴⁾		235		238
2015-2, 1M1 144A 3.250%, 11/25/60⁽³⁾⁽⁴⁾		615		631
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49⁽³⁾⁽⁴⁾		419		421


	Par Value		Value

Non-Agency—continued
Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7, A1A 144A 3.967%, 9/25/48⁽³⁾⁽⁴⁾	$	162	$	163
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49⁽³⁾⁽⁴⁾		358		361
Verus Securitization Trust
2018-2, A1 144A 3.677%, 6/1/58⁽³⁾⁽⁴⁾		293		296
2018-3, A1 144A 4.108%, 10/25/58⁽³⁾⁽⁴⁾		397		402
2019-1, A1 144A 3.836%, 2/25/59⁽³⁾⁽⁴⁾		649		659
2019-INV1, A1 144A 3.402%, 12/25/59⁽³⁾⁽⁴⁾		481		485
Wells Fargo Commercial Mortgage Trust 2015-LC20, B 3.719%, 4/15/50		690		729

				23,912

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $25,608)				26,256

ASSET-BACKED SECURITIES—10.9%

Automobiles—5.7%
ACC Trust
2018-1, B 144A 4.820%, 5/20/21⁽³⁾		470		472
2019-1, B 144A 4.470%, 10/20/22⁽³⁾		515		528
First Investors Auto Owner Trust 2018-1A, D 144A 4.110%, 6/17/24⁽³⁾		565		581
Flagship Credit Auto Trust 2016-3, D 144A 3.890%, 11/15/22⁽³⁾		785		797


	Par Value		Value

Automobiles—continued
GLS Auto Receivables Trust
2017-1A, C 144A 3.500%, 7/15/22⁽³⁾	$	790	$	794
2018-1A, B 144A 3.520%, 8/15/23⁽³⁾		760		767
2018-3A, C 144A 4.180%, 7/15/24⁽³⁾		845		877
OneMain Direct Auto Receivables Trust 2018-1A, C 144A 3.850%, 10/14/25⁽³⁾		520		537
Prestige Auto Receivables Trust 2019-1A, D 144A 3.010%, 8/15/25⁽³⁾		525		534
Skopos Auto Receivables Trust 2018-1A, B 144A 3.930%, 5/16/22⁽³⁾		790		794
Tricolor Auto Securitization Trust 2018-2A, B 144A 4.760%, 2/15/22⁽³⁾		506		516
United Auto Credit Securitization Trust 2019-1, E 144A 4.290%, 8/12/24⁽³⁾		520		526
Veros Automobile Receivables Trust 2018-1, B 144A 4.050%, 2/15/24⁽³⁾		535		542
Westlake Automobile Receivables Trust 2018-2A, D 144A 4.000%, 1/16/24⁽³⁾		381		390

				8,655


Other—5.2%
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35⁽³⁾		448		453


	Par Value		Value

Other—continued
Arbys Funding LLC 2015-1A, A2 144A 4.969%, 10/30/45⁽³⁾	$	659	$	682
Business Jet Securities LLC 2019-1, A 144A 4.212%, 7/15/34⁽³⁾		607		625
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47⁽³⁾		649		662
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29⁽³⁾		253		256
Drug Royalty III LP 1 2016-1A, A 144A 3.979%, 4/15/27⁽³⁾		175		176
Genesis Sales Finance Master Trust 2019-AA, A144A 4.680%, 8/20/23⁽³⁾		310		317
HOA Funding LLC 2014-1A, A2 144A 4.846%, 8/20/44⁽³⁾		178		179
Mariner Finance Issuance Trust 2018-AA, A 144A 4.200%, 11/20/30⁽³⁾		230		236
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24⁽³⁾		605		613
Primose Funding LLC 2019-1A, A2 144A 4.475%, 7/30/49⁽³⁾		520		524
Regional Management Issuance Trust 2018-2, A144A 4.560%, 1/18/28⁽³⁾		525		539
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47⁽³⁾		231		228
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49⁽³⁾		515		546
Upgrade Master Pass-Through-Trust 2019-ST1, A 144A 4.000%, 7/15/25⁽³⁾⁽⁵⁾		591		591


	Par Value			Value

Other—continued
Upstart Securitization Trust
2018-1, B 144A 3.887%, 8/20/25⁽³⁾	$	189		$	189
2019-1, B 144A 4.190%, 4/20/26⁽³⁾		620			626
Wendy’s Funding LLC 2018-1A, A2I 144A 3.573%, 3/15/48⁽³⁾		517			530

					7,972
TOTAL ASSET-BACKED SECURITIES (Identified Cost $16,351)					16,627

CORPORATE BONDS AND NOTES—71.0%

Communication Services—4.1%
America Movil SAB de C.V. 6.450%, 12/5/22		80	^MXN		382
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24⁽³⁾		575			525
Clear Channel Worldwide Holdings, Inc.
144A 9.250%, 2/15/24⁽³⁾		151			165
144A 5.125%, 8/15/27⁽³⁾		175			183
Consolidated Communications, Inc. 6.500%, 10/1/22		545			510
DISH DBS Corp.
5.875%, 7/15/22		260			269
7.750%, 7/1/26		170			167
Frontier Communications Corp.
8.500%, 4/15/20		195			121
11.000%, 9/15/25		305			155
144A 8.500%, 4/1/26⁽³⁾		175			170
Grupo Televisa SAB
4.625%, 1/30/26		525			564
7.250%, 5/14/43		8,000	^MXN		292


	Par Value		Value

Communication
Services—continued
iHeartCommunications, Inc.
6.375%, 5/1/26	$	15	$	17
8.375%, 5/1/27		28		30
144A 5.250%, 8/15/27⁽³⁾		40		42
Escrow 0.000%, 5/1/26⁽⁶⁾		255		—
McGraw-Hill Global Education Holdings LLC Senior Unsecured Notes 144A 7.875%, 5/15/24⁽³⁾		425		382
Meredith Corp. 6.875%, 2/1/26		315		332
Nexstar Escrow, Inc. 144A 5.625%, 7/15/27⁽³⁾		25		26
Sprint Spectrum Co. LLC 144A 5.152%, 3/20/28⁽³⁾		485		523
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28⁽³⁾		400		407
Tencent Holdings Ltd. 144A 3.975%, 4/11/29⁽³⁾		935		1,015

				6,277


Consumer Discretionary—3.3%
Beazer Homes USA, Inc.
6.750%, 3/15/25		195		196
5.875%, 10/15/27		375		355
Boyd Gaming Corp. 6.000%, 8/15/26		135		143
Downstream Development Authority of the Quapaw Tribe of Oklahoma 144A 10.500%, 2/15/23⁽³⁾		140		149
Eldorado Resorts, Inc. 6.000%, 9/15/26		180		197
Frontdoor, Inc. 144A 6.750%, 8/15/26⁽³⁾		415		450


	Par Value		Value

Consumer Discretionary—continued
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24⁽³⁾	$	495	$	515
GLP Capital LP 5.250%, 6/1/25		410		451
Lear Corp. 3.800%, 9/15/27		390		393
M/I Homes, Inc. 5.625%, 8/1/25		450		466
Neiman Marcus Group Ltd. LLC 144A 8.000%, 10/25/24⁽³⁾		299		102
Panther BF Aggregator 2 LP
144A 6.250%, 5/15/26⁽³⁾		35		36
144A 8.500%, 5/15/27⁽³⁾		355		346
Scientific Games International, Inc. 144A 8.250%, 3/15/26⁽³⁾		135		143
Vista Outdoor, Inc. 5.875%, 10/1/23		530		479
William Lyon Homes, Inc. 6.000%, 9/1/23		610		633

				5,054


Consumer Staples—1.9%
Albertson’s Cos., LLC
144A 7.500%, 3/15/26⁽³⁾		95		106
144A 5.875%, 2/15/28⁽³⁾		55		58
Altria Group, Inc.
4.400%, 2/14/26		103		113
4.800%, 2/14/29		787		891
JBS Investments II GmbH 144A 5.750%, 1/15/28⁽³⁾		325		341
JBS USA LUX S.A. 144A 5.500%, 1/15/30⁽³⁾		120		127
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23⁽³⁾		390		344


	Par Value		Value

Consumer Staples—continued
Sigma Finance Netherlands BV 144A 4.875%, 3/27/28⁽³⁾	$	880	$	928

				2,908


Energy—16.7%
Afren plc
144A 10.250%, 4/8/19^(2)(3)(5)		635		1
144A 6.625%, 12/9/20^(2)(3)(5)		732		—	⁽⁷⁾
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25⁽³⁾		490		501
Callon Petroleum Co. 6.125%, 10/1/24		218		212
Cheniere Energy Partners LP 5.625%, 10/1/26		200		211
Citgo Holding, Inc. 144A 9.250%, 8/1/24⁽³⁾		30		32
CrownRock LP 144A 5.625%, 10/15/25⁽³⁾		530		525
Denbury Resources, Inc.
144A 9.250%, 3/31/22⁽³⁾		224		188
144A 7.750%, 2/15/24⁽³⁾		225		156
Encana Corp. 8.125%, 9/15/30		280		380
EP Energy LLC
144A 9.375%, 5/1/24⁽³⁾⁽⁸⁾		115		9
144A 8.000%, 11/29/24⁽³⁾⁽⁸⁾		200		86
144A 7.750%, 5/15/26⁽³⁾⁽⁸⁾		125		104
Fermaca Enterprises S de RL de CV 144A 6.375%, 3/30/38⁽³⁾⁽⁹⁾		1,245		1,313
Gazprom OAO Via Gaz Capital S.A. RegS 7.288%, 8/16/37^(1)(10)		870		1,132


	Par Value		Value

Energy—continued
Geopark Ltd. 144A 6.500%, 9/21/24⁽³⁾	$	595	$	607
KazMunayGas National Co. JSC 144A 4.750%, 4/19/27⁽³⁾		1,310		1,434
Kinder Morgan, Inc. 7.750%, 1/15/32		980		1,384
Kosmos Energy Ltd. 144A 7.125%, 4/4/26⁽³⁾		500		492
Lukoil International Finance BV
144A 6.125%, 11/9/20^(3)(10)		1,100		1,145
144A 4.563%, 4/24/23⁽³⁾		400		423
Nabors Industries, Inc. 5.500%, 1/15/23		355		316
Odebrecht Offshore Drilling Finance Ltd. PIK, 144A 7.720%, 12/1/26^(3)(11)		1,080		281
Odebrecht Oil & Gas Finance Ltd. 144A 0.000%^(3)(12)		155		2
Pertamina Persero PT
144A 6.450%, 5/30/44⁽³⁾		1,705		2,252
RegS 6.450%, 5/30/44⁽¹⁾		815		1,076
Petrobras Global Finance BV
7.375%, 1/17/27		1,050		1,246
5.750%, 2/1/29		1,470		1,592
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24⁽²⁾⁽³⁾		1,820		227
Petroleos Mexicanos
4.625%, 9/21/23		255		255
6.500%, 3/13/27		500		513
5.350%, 2/12/28		550		521
6.500%, 6/2/41		295		276
6.375%, 1/23/45		1,515		1,396


	Par Value		Value

Energy—continued
Sanchez Energy Corp. 144A 7.250%, 2/15/23⁽²⁾⁽³⁾	$	135	$	95
Sinopec Group Overseas Development
2017 Ltd. 144A 3.625%, 4/12/27⁽³⁾		800		851
2018 Ltd. 144A 4.250%, 9/12/28⁽³⁾		1,000		1,118
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30⁽¹⁾		780		940
Transocean, Inc. 144A 9.000%, 7/15/23⁽³⁾		290		300
Transportadora de Gas del Peru SA 144A 4.250%, 4/30/28⁽³⁾		1,350		1,440
Vine Oil & Gas LP 144A 8.750%, 4/15/23⁽³⁾		430		232
Weatherford International Ltd. 9.875%, 2/15/24⁽²⁾		170		72

				25,336


Financials—18.4%
Acrisure LLC
144A 8.125%, 2/15/24⁽³⁾		205		221
144A 7.000%, 11/15/25⁽³⁾		620		571
Allstate Corp. (The) Series B 5.750%, 8/15/53⁽¹³⁾		606		645
Ares Finance Co., LLC 144A 4.000%, 10/8/24⁽³⁾⁽⁹⁾		830		832


	Par Value			Value

Financials—continued
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26⁽³⁾	$	755		$	813
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33⁽³⁾		700			670
Banco de Bogota S.A. 144A 6.250%, 5/12/26⁽³⁾		560			630
Banco de Credito e Inversiones S.A. 144A 3.500%, 10/12/27⁽³⁾		1,335			1,388
Banco Internacional del Peru SAA Interbank 144A 6.625%, 3/19/29⁽³⁾		1,085			1,227
Banco Nacional de Comercio Exterior SNC 144A 4.375%, 10/14/25⁽³⁾		510			531
Banco Santander Chile 144A 3.875%, 9/20/22⁽³⁾		900			933
Bancolombia S.A. 5.125%, 9/11/22		1,220			1,289
Bank of Montreal 3.803%, 12/15/32		1,064			1,115
Brighthouse Financial, Inc. 3.700%, 6/22/27		765			755
Brightsphere Investment Group, Inc. 4.800%, 7/27/26		675			710
Development Bank of Kazakhstan JSC 144A 8.950%, 5/4/23⁽³⁾		105,000	^KZT		255
Discover Bank 4.682%, 8/9/28		630			661


	Par Value		Value

Financials—continued
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽³⁾	$	925	$	939
E*TRADE Financial Corp. 4.500%, 6/20/28		600		659
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28		650		709
FS KKR Capital Corp. 4.750%, 5/15/22		225		232
Grupo de Inversiones Suramericana S.A. 144A 5.500%, 4/29/26⁽³⁾		1,040		1,160
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		632		642
ICAHN Enterprises LP 144A 6.250%, 5/15/26⁽³⁾		480		501
Industrial & Commercial Bank of China Ltd. 3.538%, 11/8/27		925		981
ING Groep N.V. 6.000% ^(12)(13)		615		620
Intercorp Peru Ltd. 144A 3.875%, 8/15/29⁽³⁾		730		736
Jefferies Group LLC 4.850%, 1/15/27		180		193
Kazakhstan Temir Zholy National Co. JSC 144A 4.850%, 11/17/27⁽³⁾		1,435		1,601
MDC-GMTN B.V. 144A 4.500%, 11/7/28⁽³⁾		750		878
Santander Holdings USA, Inc. 4.400%, 7/13/27		660		711
Springleaf Finance Corp. 7.125%, 3/15/26		290		331
Synchrony Financial 3.950%, 12/1/27		925		959
Synovus Financial Corp. 5.900%, 2/7/29		350		368
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54⁽³⁾⁽⁹⁾		640		676


	Par Value		Value

Financials—continued
Tempo Acquisition LLC 144A 6.750%, 6/1/25⁽³⁾	$	140	$	144
Toronto-Dominion Bank (The) 3.625%, 9/15/31		1,135		1,184
Ukreximbank Via Biz Finance plc 144A 9.625%, 4/27/22⁽³⁾		435		453

				27,923


Health Care—3.6%
Advanz Pharma Corp. 8.000%, 9/6/24		103		100
Avantor, Inc.
144A 6.000%, 10/1/24⁽³⁾		260		279
144A 9.000%, 10/1/25⁽³⁾		295		332
Bausch Health Americas, Inc.
144A 9.250%, 4/1/26⁽³⁾		155		175
144A 8.500%, 1/31/27⁽³⁾		165		183
Bausch Health Cos., Inc.
144A 6.500%, 3/15/22⁽³⁾		55		57
144A 7.000%, 3/15/24⁽³⁾		65		69
144A 5.500%, 11/1/25⁽³⁾		525		551
144A 7.000%, 1/15/28⁽³⁾		355		372
Eagle Holding Co. II, LLC
PIK, 144A 7.625%, 5/15/22^(3)(14)		300		303
PIK, 144A 7.750%, 5/15/22^(3)(15)		295		298
HCA, Inc. 5.875%, 2/1/29		80		92
Mylan NV 3.950%, 6/15/26		545		567


	Par Value		Value

Health Care—continued
Perrigo Finance Unlimited Co. 4.375%, 3/15/26	$	445	$	458
Select Medical Corp. 144A 6.250%, 8/15/26⁽³⁾		270		281
Surgery Center Holdings, Inc.
144A 6.750%, 7/1/25⁽³⁾		70		60
144A 10.000%, 4/15/27⁽³⁾		230		220
Takeda Pharmaceutical Co., Ltd. 144A 5.000%, 11/26/28⁽³⁾		315		373
Tenet Healthcare Corp.
8.125%, 4/1/22		140		151
7.000%, 8/1/25		200		202
Teva Pharmaceutical Finance Netherlands III BV 3.150%, 10/1/26		365		269

				5,392


Industrials—8.0%
Alfa SAB de CV 144A 5.250%, 3/25/24⁽³⁾		910		983
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26⁽³⁾		631		655
Bombardier, Inc. 144A 7.500%, 3/15/25⁽³⁾		210		205
Delhi International Airport Ltd. 144A 6.450%, 6/4/29⁽³⁾		355		373
Doric Nimrod Air Finance Alpha Pass-Through Trust 2012-1, A 144A 5.125%, 11/30/22⁽³⁾		474		487
DP World plc 144A 6.850%, 7/2/37⁽³⁾		1,250		1,686
Garda World Security Corp. 144A 8.750%, 5/15/25⁽³⁾		420		433


	Par Value		Value

Industrials—continued
GFL Environmental, Inc. 144A 7.000%, 6/1/26⁽³⁾	$	495	$	514
Hillman Group, Inc. (The) 144A 6.375%, 7/15/22⁽³⁾		340		303
JSL Europe S.A. 144A 7.750%, 7/26/24⁽³⁾		675		697
Navistar International Corp. 144A 6.625%, 11/1/25⁽³⁾		205		208
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22⁽³⁾		270		276
Norwegian Air Shuttle ASA Pass-Through Trust 2016-1, A 144A 4.875%, 5/10/28⁽³⁾		705		679
Oshkosh Corp. 4.600%, 5/15/28		752		816
Owens Corning 3.950%, 8/15/29		704		728
Pentair Finance S.a.r.l 4.500%, 7/1/29		730		770
Topaz Marine S.A. 144A 9.125%, 7/26/22⁽³⁾		440		458
Transnet SOC Ltd. 144A 4.000%, 7/26/22⁽³⁾		1,000		1,006
United Airlines Pass-Through Trust 2007-1, A 6.636%, 7/2/22		504		532
Vertiv Intermediate Holding Corp. PIK, 144A 12.000%, 2/15/22^(3)(14)		335		297

				12,106


Information Technology—2.4%
Alibaba Group Holding Ltd. 3.400%, 12/6/27		520		546


	Par Value		Value
Information Technology—continued
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26⁽³⁾	$	70	$	64
Broadcom Corp. 3.625%, 1/15/24		440		449
Broadcom, Inc. 144A 3.625%, 10/15/24⁽³⁾		355		360
Citrix Systems, Inc. 4.500%, 12/1/27		570		614
Dell International LLC 144A 8.100%, 7/15/36⁽³⁾		255		323
Exela Intermediate LLC 144A 10.000%, 7/15/23⁽³⁾		205		128
Juniper Networks, Inc. 3.750%, 8/15/29		560		565
VMware, Inc. 3.900%, 8/21/27		627		642

				3,691


Materials—8.2%
Alpek SAB de C.V. 144A 5.375%, 8/8/23⁽³⁾		1,000		1,076
Anglo American Capital plc 144A 4.000%, 9/11/27⁽³⁾		540		557
ArcelorMittal 4.550%, 3/11/26		400		421
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75^(3)(13)		635		744
CPG Merger Sub LLC 144A 8.000%, 10/1/21⁽³⁾		435		435
Equate Petrochemical BV 144A 4.250%, 11/3/26⁽³⁾		790		857
GTL Trade Finance, Inc. 144A 5.893%, 4/29/24⁽³⁾		386		425
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽³⁾		1,000		1,051


	Par Value		Value

Materials—continued
James Hardie International Finance DAC 144A 5.000%, 1/15/28⁽³⁾	$	515	$	528
Kraton Polymers LLC 144A 7.000%, 4/15/25⁽³⁾		455		471
NOVA Chemicals Corp. 144A 5.000%, 5/1/25⁽³⁾		215		220
OCP SA 144A 5.625%, 4/25/24⁽³⁾		1,500		1,651
SABIC Capital II BV 144A 4.500%, 10/10/28⁽³⁾		810		915
Severstal OAO Via Steel Capital S.A. 144A 5.900%, 10/17/22^(3)(10)		1,100		1,190
Syngenta Finance N.V.
144A 4.441%, 4/24/23⁽³⁾		355		372
144A 4.892%, 4/24/25⁽³⁾		250		265
Trident TPI Holdings, Inc. 144A 6.625%, 11/1/25⁽³⁾		345		298
United States Steel Corp. 6.250%, 3/15/26		485		429
Vedanta Resources Ltd. 144A 6.125%, 8/9/24⁽³⁾		645		581

				12,486


Real Estate—2.1%
EPR Properties
4.750%, 12/15/26		260		282
4.500%, 6/1/27		395		422
Hospitality Properties Trust 4.500%, 3/15/25		745		758
MPT Operating Partnership LP 5.000%, 10/15/27		270		288


	Par Value		Value

Real Estate—continued
Office Properties Income Trust 4.500%, 2/1/25	$	690	$	713
Physicians Realty LP 4.300%, 3/15/27		655		703

				3,166


Utilities—2.3%
Ferrellgas Partners LP 8.625%, 6/15/20		125		93
Perusahaan Listrik Negara PT 144A 4.125%, 5/15/27⁽³⁾		950		1,015
Talen Energy Supply LLC
144A 7.250%, 5/15/27⁽³⁾		115		114
144A 6.625%, 1/15/28⁽³⁾		415		402
TerraForm Power Operating LLC 144A 5.000%, 1/31/28⁽³⁾		450		469
Transportadora de Gas Internacional SA ESP 144A 5.550%, 11/1/28⁽³⁾		760		880
Vistra Operations Co., LLC 144A 4.300%, 7/15/29⁽³⁾		525		536

				3,509
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $106,249)				107,848

LEVERAGED LOANS⁽⁴⁾—11.6%

Aerospace—0.4%
Atlantic Aviation FBO, Inc. (1 Month LIBOR + 3.75%) 5.870%, 12/6/25		114		115
Dynasty Acquisition Co., Inc.
Tranche B-1 (3 Month LIBOR + 4.00%) 6.330%, 4/6/26		156		156


	Par Value		Value

Aerospace—continued
Tranche B-2 (3 Month LIBOR + 4.00%) 6.330%, 4/6/26	$	84	$	84
DynCorp International, Inc. Tranche B, First Lien (3 Month LIBOR + 6.00%) 8.197%, 8/18/25		235		228

				583


Chemicals—0.3%
Hexion, Inc. Tranche B (3 Month LIBOR + 3.50%) 5.820%, 7/1/26		60		60
Omnova Solutions, Inc. Tranche B-2 (1 Month LIBOR + 3.25%) 5.362%, 8/25/23		444		443

				503


Consumer Durables—0.1%
Global Appliance, Inc. Tranche B (1 Month LIBOR + 4.00%) 6.120%, 9/29/24		213		211


Consumer Non-Durables—0.6%
American Greetings Corp. (1 Month LIBOR + 4.50%) 6.612%, 4/6/24		480		476
Kronos Acquisition Holdings, Inc. Tranche B-3 (3 Month LIBOR + 4.00%) 6.256%, 5/15/23		228		216
Parfums Holding Co., Inc. First Lien (3 Month LIBOR + 4.25%) 6.374%, 6/30/24		266		264

				956


	Par Value		Value

Energy—0.4%
California Resources Corp. (1 Month LIBOR + 10.375%) 12.491%, 12/31/21	$	360	$	318
Citgo Petroleum Corp. 2019, Tranche B (3 Month LIBOR + 5.00%) 7.319%, 3/28/24		334		335

				653


Financial—1.3%
Asurion LLC Tranche B-2, Second Lien (1 Month LIBOR + 6.50%) 8.612%, 8/4/25		414		419
Blackhawk Network Holdings, Inc. First Lien (1 Month LIBOR + 3.00%) 5.112%, 6/15/25		497		492
Ditech Holding Corp. Tranche B (3 Month LIBOR + 5.00%) 12.250%, 6/30/22⁽²⁾		394		93
Financial & Risk US Holdings, Inc. (1 Month LIBOR + 3.75%) 5.862%, 10/1/25		303		305
Finco I LLC 2018 (1 Month LIBOR + 2.00%) 4.112%, 12/27/22		108		109
iStar, Inc. Tranche B (1 Month LIBOR + 2.75%) 4.948%, 6/28/23		608		608

				2,026


Food / Tobacco—0.3%
Chobani LLC Tranche B (1 Month LIBOR + 3.50%) 5.612%, 10/10/23		252		247
Milk Specialties Co. (1 Month LIBOR + 4.00%) 6.112%, 8/16/23		214		208

				455


	Par Value		Value

Food and Drug—0.1%
Albertson’s LLC 2019, Tranche B-8 (1 Month LIBOR + 2.75%) 4.862%, 8/17/26	$	178	$	179


Gaming / Leisure—0.9%
Everi Payments, Inc. Tranche B (1 Month LIBOR + 3.00%) 5.112%, 5/9/24		177		177
Gateway Casinos & Entertainment Ltd. (3 Month LIBOR + 3.00%) 5.330%, 12/1/23		149		146
Playa Resorts Holding B.V. (1 Month LIBOR + 2.75%) 4.860%, 4/29/24		287		275
Scientific Games International, Inc. Tranche B-5 (1 Month LIBOR + 2.75%) 4.889%, 8/14/24		227		224
Seminole Tribe of Florida (1 Month LIBOR + 1.75%) 3.862%, 7/8/24		334		334
Stars Group Holdings B.V. (3 Month LIBOR + 3.50%) 5.830%, 7/10/25		80		81
UFC Holdings LLC Tranche B (1 Month LIBOR + 3.25%) 5.370%, 4/29/26		178		178

				1,415


Healthcare—1.2%
21st Century Oncology, Inc. Tranche B (3 Month LIBOR + 6.125%) 8.455%, 1/16/23		158		142
AHP Health Partners, Inc. (1 Month LIBOR + 4.50%) 6.612%, 6/30/25		342		342


	Par Value		Value

Healthcare—continued
Bausch Health Cos., Inc.
(1 Month LIBOR + 2.75%) 4.951%, 11/27/25	$	167	$	166
(1 Month LIBOR + 3.00%) 5.201%, 6/2/25		62		62
CHG Healthcare Services, Inc. (1 Month LIBOR + 3.00%) 5.112%, 6/7/23		430		426
Envision Healthcare Corp. (1 Month LIBOR + 3.75%) 5.862%, 10/10/25		189		146
LifePoint Health, Inc. Tranche B, First Lien (1 Month LIBOR + 4.50%) 6.645%, 11/16/25		448		446

				1,730


Housing—0.5%
American Builders & Contractors Supply Co., Inc. Tranche B-2 (1 Month LIBOR + 2.00%) 4.112%, 10/31/23		573		567
Capital Automotive LP Tranche B, Second Lien (1 Month LIBOR + 6.00%) 8.120%, 3/24/25		194		194

				761


Information Technology—1.5%
Applied Systems, Inc. Second Lien (3 Month LIBOR + 7.00%) 9.330%, 9/19/25		222		224


	Par Value		Value

Information Technology—continued
Dell International LLC Tranche B (1 Month LIBOR + 2.00%) 4.120%, 9/7/23	$	173	$	173
Kronos, Inc.
2018 (3 Month LIBOR + 3.00%) 5.253%, 11/1/23		477		476
Second Lien (3 Month LIBOR + 8.25%) 10.503%, 11/1/24		166		170
Presidio LLC (3 Month LIBOR + 2.75%) 5.063%, 2/2/24		421		422
SS&C Technologies Holdings, Inc. Tranche B-5 (1 Month LIBOR + 2.25%) 4.362%, 4/16/25		89		89
SS&C Technologies, Inc.
Tranche B-3 (1 Month LIBOR + 2.25%) 4.362%, 4/16/25		155		154
Tranche B-4 (1 Month LIBOR + 2.25%) 4.362%, 4/16/25		104		104
Vertafore, Inc. First Lien (1 Month LIBOR + 3.25%) 5.362%, 7/2/25		474		457

				2,269


Manufacturing—0.3%
CPI Acquisition, Inc. First Lien (3 Month LIBOR + 4.50%) 6.710%, 8/17/22		520		406


	Par Value		Value

Media / Telecom - Broadcasting—0.2%
iHeartCommunications, Inc. (1 Month LIBOR + 4.00%) 6.230%, 5/1/26	$	53	$	53
Nexstar Broadcasting, Inc. Tranche B-4 0.000%, 6/19/26⁽¹⁶⁾		165		165

				218


Media / Telecom - Telecommunications—0.7%
CenturyLink, Inc. Tranche B (1 Month LIBOR + 2.75%) 4.862%, 1/31/25		354		349
Securus Technologies Holdings, Inc.
First Lien (3 Month LIBOR + 4.50%) 6.830%, 11/1/24		88		78
Second Lien (3 Month LIBOR + 8.25%) 10.580%, 11/1/25		295		261
West Corp. Tranche B (1 Month LIBOR + 4.00%) 6.112%, 10/10/24		422		376

				1,064


Media / Telecom - Wireless Communications—0.3%
Commscope, Inc. (1 Month LIBOR + 3.25%) 5.362%, 4/6/26		435		433


Metals / Minerals—0.1%
Covia Holdings Corp. (3 Month LIBOR + 4.00%) 6.313%, 6/1/25		153		126


Retail—0.2%
Neiman Marcus Group Ltd. LLC (1 Month LIBOR + 6.00%) 8.229%, 10/25/23		261		213


	Par Value		Value

Service—1.0%
Dun & Bradstreet Corp. (The) (1 Month LIBOR + 5.00%) 7.145%, 2/6/26	$	290	$	291
Hoya Midco LLC First Lien (1 Month LIBOR + 3.50%) 5.612%, 6/30/24		315		307
Pi US Mergerco, Inc. Tranche B-1 (1 Month LIBOR + 3.25%) 5.362%, 1/3/25		502		496
Sedgwick Claims Management Services, Inc. Tranche B 0.000%, 9/3/26⁽¹⁶⁾		160		159
TKC Holdings, Inc. First Lien (1 Month LIBOR + 3.75%) 5.870%, 2/1/23		267		260

				1,513


Transportation - Automotive—0.5%
Navistar, Inc. Tranche B (1 Month LIBOR + 3.50%) 5.700%, 11/6/24		483		480
Panther BF Aggregator 2 LP First Lien (1 Month LIBOR + 3.50%) 5.612%, 4/30/26		295		291

				771


Utility—0.7%
APLP Holdings LP (1 Month LIBOR + 2.75%) 4.862%, 4/13/23		379		378
Brookfield WEC Holdings, Inc. First Lien (1 Month LIBOR + 3.50%) 5.612%, 8/1/25		408		408


	Par Value			Value

Utility—continued
Calpine Corp. 2019 (3 Month LIBOR + 2.75%) 5.080%, 4/5/26	$	315		$	315

					1,101
TOTAL LEVERAGED LOANS (Identified Cost $18,267)					17,586

	Shares
PREFERRED STOCKS—2.8%

Financials—2.3%
Huntington Bancshares, Inc. Series E, 5.700%		253⁽¹⁷	⁾		256
KeyCorp Series D, 5.000%⁽¹⁸⁾		985⁽¹⁷	⁾		1,007
M&T Bank Corp. Series F, 5.125%⁽¹⁸⁾		512⁽¹⁷	⁾		536
MetLife, Inc. Series D, 5.875%		313⁽¹⁷	⁾		336
Zions Bancorp, 6.950%		47,150			1,350

					3,485


Industrials—0.5%
General Electric Co. Series D, 5.000%⁽⁹⁾		788⁽¹⁷	⁾		715
TOTAL PREFERRED STOCKS (Identified Cost $4,006)					4,200

COMMON STOCKS—0.1%

Communication Services—0.0%
Clear Channel Outdoor Holdings, Inc.⁽¹⁹⁾		6,403			17


Energy—0.1%
Frontera Energy Corp.		7,526			73
Hercules Offshore, Inc.⁽⁶⁾		10,017			7


	Shares		Value

Energy—continued
Sabine Oil & Gas Holdings, Inc.^(5)(19)		465	$	23

				103
TOTAL COMMON STOCKS (Identified Cost $790)				120

WARRANTS—0.0%

Communication Services—0.0%
iHeartMedia, Inc.^(5)(19)		2,723		35


Energy—0.0%
Sabine Oil & Gas Holdings, Inc.^(5)(19)		304		2
Sabine Oil & Gas Holdings, Inc.^(5)(19)		1,451		12

				14
TOTAL WARRANTS (Identified Cost $59)				49
TOTAL LONG-TERM INVESTMENTS—135.4% (Identified Cost $204,450)				205,564	⁽²⁰⁾

SHORT-TERM INVESTMENTS—0.5%

PURCHASED OPTIONS—0.0%
(See open purchased options schedule)
Total Purchased Options (Premiums paid $88)				34


	Shares		Value

Money Market Mutual Fund—0.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.995%)⁽²¹⁾		732,195	$	732	⁽²⁰⁾
Total Money Market Mutual Fund (Identified Cost $732)				732
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $820)				766
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—135.9% (Identified Cost $205,270)			$	206,330

WRITTEN OPTIONS—(0.0)%
(See open written options schedule)
Total Written Options (Premiums received $181)				(70	)

TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—135.9% (Identified Cost $205,089)			$	206,260
Other assets and liabilities, net—(35.9)%				(54,455	)

NET ASSETS—100.0%			$	151,805


Abbreviations:
LIBOR		London Interbank Offered Rate
LLC		Limited Liability Company
LP		Limited Partnership
PIK		Payment-in-Kind Security

Footnote Legend:

⁽¹⁾	Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽²⁾	Security in default; no interest payments are being received during the bankruptcy proceedings.

⁽³⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, these securities amounted to a value of $124,904 or 82.3% of net assets.

⁽⁴⁾

Variable rate security. Rate disclosed is as of August 31, 2019. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. 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, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁽⁵⁾	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

⁽⁶⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁷⁾	Amount is less than $500.

⁽⁸⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

⁽⁹⁾	All or a portion of the security is segregated as collateral for written options.

⁽¹⁰⁾	This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽¹¹⁾	13% of the income received was in PIK and 87% was in Cash.

⁽¹²⁾	No contractual maturity date.

⁽¹³⁾	Interest payments may be deferred.

⁽¹⁴⁾	100% of the income received was in cash.

⁽¹⁵⁾	First pay date will be in November 2019.

⁽¹⁶⁾	This loan will settle after August 31, 2019, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽¹⁷⁾	Value shown as par value.

⁽¹⁸⁾	Interest may be forfeited.

⁽¹⁹⁾	Non-income producing.

⁽²⁰⁾	All or a portion of the portfolio segregated as collateral for borrowings.

⁽²¹⁾	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.


Foreign Currencies:
IDR		Indonesian Rupiah
KZT		Kazakhstani Tenge
MXN		Mexican Peso


Country Weightings^†
United States	51	%
Mexico	5
Netherlands	5
Canada	4
Indonesia	3
Turkey	2
Chile	2
Other	28
Total	100	%
^†% of total investments net of written options as of August 31, 2019.

The following table summarizes the market value of the Fund’s investments as of August 31, 2019 based on the inputs used to value them (See Security Valuation Note 1A in the Notes to Financial Statements):

There were no transfers into or out of Level 3 related to securities held at August 31, 2019.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended August 31, 2019.

The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities, may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized

which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy.

Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.


Open Purchased Options Contracts as of August 31, 2019 were as follows:
Description of Options	Number of Contracts		Contract Notional Amount			Strike Price⁽¹⁾			Expiration Date		Value
Call Options
S&P 500^®Index		49		$	15,313		$	3,125		9/3/19		$	—⁽²⁾
S&P 500^®Index		57			17,727			3,110		9/4/19			—
S&P 500^®Index		57			17,584			3,085		9/6/19			—
S&P 500^®Index		57			17,613			3,090		9/9/19			—⁽²	⁾
S&P 500^®Index		53			16,483			3,110		9/11/19			—⁽²	⁾
S&P 500^®Index		57			17,784			3,120		9/13/19			—⁽²	⁾

													—

Put Options
S&P 500^®Index		49			13,230			2,700		9/3/19			1
S&P 500^®Index		57			15,504			2,720		9/4/19			3
S&P 500^®Index		57			14,820			2,600		9/6/19			3
S&P 500^®Index		57			14,962			2,625		9/9/19			5
S&P 500^®Index		53			13,966			2,635		9/11/19			7
S&P 500^®Index		57			15,219			2,670		9/13/19			15

													34
Total Purchased Options													$ 34

Open Written Options Contracts as of August 31, 2019 were as follows:
Description of Options	Number of Contracts		Contract Notional Amount			Strike Price⁽¹⁾			Expiration Date		Value
Call Options
S&P 500^®Index		49		$	14,970		$	3,055		9/3/19		$	—
S&P 500^®Index		57			17,385			3,050		9/4/19			—	⁽²⁾
S&P 500^®Index		57			17,242			3,025		9/6/19			(1	)
S&P 500^®Index		57			17,271			3,030		9/9/19			(3	)
S&P 500^®Index		53			16,138			3,045		9/11/19			(3	)
S&P 500^®Index		57			17,442			3,060		9/13/19			(3	)

													(10	)

Put Options
S&P 500^®Index		49			13,573			2,770		9/3/19			(2	)
S&P 500^®Index		57			15,846			2,780		9/4/19			(7	)
S&P 500^®Index		57			15,162			2,660		9/6/19			(3	)
S&P 500^®Index		57			15,305			2,685		9/9/19			(7	)
S&P 500^®Index		53			14,310			2,700		9/11/19			(13	)
S&P 500^®Index		57			15,561			2,730		9/13/19			(28	)

													(60	)
Total Written Options												$	(70	)


• Level 1 –		quoted prices in active markets for identical securities (security types generally include listed equities).

• Level 2 –		prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 –		prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).


	Total Value at August 31, 2019				Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities		$	16,627			$	—			$	16,036			$	591
Corporate Bonds and Notes			107,848				—				107,847				1
Foreign Government Securities			30,455				—				30,455				—
Leveraged Loans			17,586				—				17,586				—
Mortgage-Backed Securities			26,256				—				26,256				—
Municipal Bonds			1,778				—				1,778				—
U.S. Government Security			645				—				645				—
Equity Securities:
Preferred Stocks			4,200				1,350				2,850				—
Common Stocks			120				90				—				30
Warrants			49				—				—				49
Money Market Mutual Fund			732				732				—				—
Purchased Options			34				27				7				—

Total Investments, before Written Options			206,330				2,199				203,460				671

Liabilities:
Written Options			(70	)			(67	)			(3	)			—

Total Investments, Net of Written Options		$	206,260			$	2,132			$	203,457			$	671