WILSHIRE MUTUAL FUNDS, INC.


WILSHIRE INCOME OPPORTUNITIES FUND

September 30, 2023 (Unaudited)


SCHEDULE OF INVESTMENTS

Par Value

Value


U.S. TREASURY OBLIGATIONS  10.1%


U.S. Treasury Bonds  7.6%


2.375%, due 02/15/42

$ 
570,000

$ 
393,923


4.375%, due 08/15/43

136,000

126,948


3.000%, due 02/15/49

1,325,000

968,906


2.000%, due 02/15/50

528,000

308,137


3.000%, due 08/15/52

220,000

160,394


3.625%, due 02/15/53

545,000

451,073


3.625%, due 05/15/53

326,000

270,020


4.125%, due 08/15/53

13,000,000

11,807,656


14,487,057


U.S. Treasury Notes  2.5%


5.000%, due 08/31/25

260,000

259,472


1.500%, due 01/31/27

815,000

733,755


4.375%, due 08/31/28

700

693


1.875%, due 02/15/32

515,000

418,277


2.875%, due 05/15/32

1,990,000

1,746,847


2.750%, due 08/15/32

995,000

861,608


3.500%, due 02/15/33

830,000

761,784


3.875%, due 08/15/33

89,500

84,577


4,867,013


Total U.S. Tereasury Obligations (Cost $20,462,396)

19,354,070


MUNICIPAL BONDS  0.8%


Board of Regents of the University of Texas System


2.439%, due 08/15/49, Callable: 02/15/49

255,000

151,026


City of Norfolk VA


1.804%, due 10/01/31, Callable: 10/01/30

90,000

69,997


City of San Antonio TX Electric & Gas Systems Revenue


5.718%, due 02/01/41

50,000

49,518


Commonwealth of Massachusetts


2.900%, due 09/01/49

45,000

28,831


Louisiana Local Government Environmental Facilities & Community Development Authority


5.198%, due 12/01/39

155,000

146,563


Massachusetts Educational Financing Authority


5.950%, due 07/01/44, Callable: 07/01/33

110,000

105,773


Massachusetts School Building Authority


2.950%, due 05/15/43, Callable: 05/15/30

75,000

50,304


Massachusetts Water Resources Authority


3.124%, due 08/01/39, Callable: 08/01/29

155,000

118,673


South Carolina Public Service Authority


5.740%, due 01/01/30

50,000

49,242


State Board of Administration Finance Corp.


2.154%, due 07/01/30

48,000

38,531


State of Texas


5.235%, due 10/01/43, Callable: 10/01/33

175,000

166,458


Texas Natural Gas Securitization Finance Corp.


5.169%, due 04/01/41

185,000

176,812


The University of Nebraska Facilities Corp.


3.037%, due 10/01/49

65,000

44,413


University of Virginia


2.256%, due 09/01/50, Callable: 03/01/50

405,000

212,277


University of Washington


2.618%, due 04/01/42, Callable: 04/01/31

100,000

67,070


Utah Transit Authority


3.443%, due 12/15/42, Callable: 12/15/29

130,000

95,251


Total Municipal Bonds (Cost $1,711,801)

1,570,739


AGENCY MORTGAGEBACKED OBLIGATIONS  9.7%


Federal Home Loan Mortgage Corp.  4.6%


Freddie Mac Pool


4.500%, due 08/01/52

198,082

182,136


5.000%, due 08/01/52

115,758

110,098


5.000%, due 10/01/52

171,933

163,150


5.000%, due 11/01/52

98,095

92,893


5.000%, due 11/01/52

125,704

119,518


5.500%, due 11/01/52

154,888

150,377


5.500%, due 09/01/53

701,674

683,211


Freddie Mac REMICS


Series 2989, 1.159%, due 08/15/34 (33.419%  SOFR 30 Day Average) (a)

105,699

97,088


Series 4249, 0.577%, due 09/15/43 (4.564%  SOFR 30 Day Average) (a)

531,152

341,838


Series 4355, 4.000%, due 05/15/44

4,193,943

3,814,346


Freddie Mac STACR REMIC Trust 2020HQA1


Series 2020HQA1, 7.329%, due 01/25/50, Callable: 11/25/29 (SOFR 30 Day Average + 2.014%) (a)(b)

55,635

55,842


Freddie Mac STACR REMIC Trust 2021DNA5


Series 2021DNA5, 6.965%, due 01/25/34, Callable: 01/25/34 (SOFR 30 Day Average + 1.650%) (a)(b)

268,274

268,017


Freddie Mac STACR REMIC Trust 2021HQA1


Series M2, 7.565%, due 08/25/33, Callable: 08/25/33 (SOFR 30 Day Average + 2.250%) (a)(b)

275,446

273,793


Freddie Mac STACR REMIC Trust 2021HQA4


Series M2, 7.665%, due 12/25/41, Callable: 12/25/26 (SOFR 30 Day Average + 2.350%) (a)(b)

400,000

388,043


Series B1, 9.065%, due 12/25/41, Callable: 12/25/26 (SOFR 30 Day Average + 3.750%) (a)(b)

700,000

694,862


Freddie Mac STACR REMIC Trust 2022DNA2


Series FLT, 7.715%, due 02/25/42, Callable: 02/25/27 (SOFR 30 Day Average + 2.400%) (a)(b)

500,000

502,529


Freddie Mac STACR REMIC Trust 2022DNA3


Series FLT, 7.315%, due 04/25/42, Callable: 04/25/27 (SOFR 30 Day Average + 2.000%) (a)(b)

83,580

84,187


Freddie Mac STACR REMIC Trust 2022DNA4


Series FLT, 7.515%, due 05/25/42, Callable: 05/25/27 (SOFR 30 Day Average + 2.200%) (a)(b)

151,631

153,352


Series FLT, 8.665%, due 05/25/42, Callable: 05/25/27 (SOFR 30 Day Average + 3.350%) (a)(b)

125,000

129,498


Freddie Mac STACR REMIC Trust 2022DNA6


Series FLT, 7.465%, due 09/25/42, Callable: 09/25/27 (SOFR 30 Day Average + 2.150%) (a)(b)

141,495

142,832


Freddie Mac STACR REMIC Trust 2022DNA7


Series FLT, 7.815%, due 03/25/52, Callable: 09/25/27 (SOFR 30 Day Average + 2.500%) (a)(b)

115,276

117,065


Freddie Mac STACR REMIC Trust 2022HQA1


Series 2022HQA1, 8.815%, due 03/25/42, Callable: 03/25/27 (SOFR 30 Day Average + 3.500%) (a)(b)

85,000

87,804


Freddie Mac STACR REMIC Trust 2022HQA3


Series FLT, 8.865%, due 08/25/42, Callable: 08/25/27 (SOFR 30 Day Average + 3.550%) (a)(b)

125,000

129,106


8,781,585


Federal Home Loan Mortgage Corp. InterestOnly Strips  0.6%


Freddie Mac Multiclass Certificates Series 2021P011


Series X1, 1.848%, due 09/25/45 (c)

541,163

63,448


Freddie Mac Multifamily Structured Pass Through Certificates


Series KL06, 1.467%, due 12/25/29, Callable: 09/25/29 (c)

956,000

57,460


Series K109, 1.696%, due 04/25/30, Callable: 01/25/30 (c)

664,126

52,475


Series K117, 1.333%, due 08/25/30, Callable: 07/25/30 (c)

1,281,815

80,940


Series KG04, 0.938%, due 11/25/30, Callable: 08/25/30 (c)

1,895,552

85,259


Series K122, 0.970%, due 11/25/30, Callable: 08/25/30 (c)

1,847,380

84,224


Series K1515, 1.636%, due 02/25/35, Callable: 11/25/34 (c)

794,636

82,194


Series K1518, 0.955%, due 10/25/35, Callable: 07/25/35 (c)

1,476,340

98,812


Series K1521, 1.095%, due 08/25/36, Callable: 06/25/36 (c)

815,320

62,199


Freddie Mac REMICS


Series 2980, 1.265%, due 05/15/35 (6.586%  SOFR 30 Day Average) (a)

209,693

11,343


Series 3311, 0.975%, due 05/15/37 (6.296%  SOFR 30 Day Average) (a)

1,060,490

75,874


Series 3359, 0.285%, due 08/15/37 ( 5.606%  SOFR 30 Day Average) (a)

526,210

25,920


Series 4077, 0.565%, due 05/15/41 (5.886%  SOFR 30 Day Average) (a)

290,877

19,930


Series 3966, 0.465%, due 12/15/41 (5.786%  SOFR 30 Day Average) (a)

497,237

33,014


Series 4089, 0.565%, due 08/15/42 (5.886%  SOFR 30 Day Average) (a)

456,297

31,389


Series 4994, 0.171%, due 02/25/49 (5.486%  SOFR 30 Day Average) (a)

4,809,243

224,609


1,089,090


Federal National Mortgage Association  2.4%


Connecticut Avenue Securities Trust 2020R02


Series 2020R02, 7.429%, due 01/25/40, Callable: 01/25/27 (SOFR 30 Day Average + 2.114%) (a)(b)

157,286

158,221


Connecticut Avenue Securities Trust 2022R01


Series FLT, 6.315%, due 12/25/41, Callable: 12/25/26 (SOFR 30 Day Average + 1.000%) (a)(b)

48,025

47,780


Connecticut Avenue Securities Trust 2022R03


Series FLT, 7.415%, due 03/25/42, Callable: 03/25/27 (SOFR 30 Day Average + 2.100%) (a)(b)

20,408

20,646


Connecticut Avenue Securities Trust 2022R04


Series FLT, 7.315%, due 03/25/42, Callable: 03/25/27 (SOFR 30 Day Average + 2.000%) (a)(b)

43,911

44,264


Connecticut Avenue Securities Trust 2022R05


Series FLT, 8.315%, due 04/25/42, Callable: 04/25/27 (SOFR 30 Day Average + 3.000%) (a)(b)

305,000

309,464


Connecticut Avenue Securities Trust 2022R06


8.065%, due 05/25/42, Callable: 05/25/27 (SOFR 30 Day Average + 2.750%) (a)(b)

73,610

75,452


Connecticut Avenue Securities Trust 2022R08


Series FLT, 8.915%, due 07/25/42, Callable: 07/25/27 (SOFR 30 Day Average + 3.600%) (a)(b)

300,000

309,251


Connecticut Avenue Securities Trust 2022R09


Series FLT, 7.815%, due 09/25/42, Callable: 09/25/27 (SOFR 30 Day Average + 2.500%) (a)(b)

97,111

98,538


Connecticut Avenue Securities Trust 2023R01


Series 2023R01, 7.715%, due 12/25/42, Callable: 12/25/27 (SOFR 30 Day Average + 2.400%) (a)(b)

53,644

54,537


Connecticut Avenue Securities Trust 2023R03


Series 2023R03, 9.215%, due 04/25/43, Callable: 04/25/28 (SOFR 30 Day Average + 3.900%) (a)(b)

65,000

67,902


Connecticut Avenue Securities Trust 2023R06


Series 2023R06, 8.015%, due 07/25/43, Callable: 07/25/28 (SOFR 30 Day Average + 2.700%) (a)(b)

85,000

85,520


Fannie Mae Connecticut Avenue Securities


Series 2021R02, 11.515%, due 11/25/41, Callable: 11/25/26 (SOFR 30 Day Average + 6.200%) (a)(b)

55,000

54,970


Fannie Mae or Freddie Mac


5.500%, due 10/15/41

1,192,000

1,151,956


Fannie Mae Pool


4.500%, due 09/01/52

221,007

204,528


5.500%, due 10/01/52

125,792

122,246


5.000%, due 11/01/52

171,930

163,094


5.500%, due 11/01/52

194,922

188,696


5.500%, due 12/01/52

245,979

238,815


FNMA TBA 30YR TBA 02.500% OCT


2.500%, due 10/15/46

1,417,000

1,123,913


4,519,793


Federal National Mortgage Association InterestOnly Strips  2.0%


Fannie Mae Interest Strip


3.500%, due 04/25/44

2,145,429

348,014


Fannie Mae REMICS


Series 201360, 3.000%, due 06/25/31

949,675

11,945


Series 201463, 3.500%, due 06/25/33

447,227

6,935


Series 200750, 1.021%, due 06/25/37 (6.336%  SOFR 30 Day Average) (a)

1,663,268

120,801


Series 200952, 5.000%, due 07/25/39

70,798

10,911


Series 200978, 1.311%, due 10/25/39 (6.626%  SOFR 30 Day Average) (a)

2,465,513

226,832


Series 200986, 5.500%, due 10/25/39

62,983

11,833


Series 201019, 0.821%, due 03/25/40 (6.136%  SOFR 30 Day Average) (a)

3,795,876

271,536


Series 2011124, 1.071%, due 12/25/41 (6.386%  SOFR 30 Day Average) (a)

342,775

34,621


Series 201220, 1.021%, due 03/25/42 (6.336%  SOFR 30 Day Average) (a)

339,863

29,353


Series 201276, 0.571%, due 07/25/42 (5.886%  SOFR 30 Day Average) (a)

169,815

14,083


Series 201428, 0.621%, due 05/25/44 (5.936%  SOFR 30 Day Average) (a)

816,835

58,398


Series 201753, 4.000%, due 07/25/47

144,677

23,784


Series 200822, 0.731%, due 04/25/48 (6.046%  SOFR 30 Day Average) (a)

1,255,870

93,886


Series PS, 0.621%, due 07/25/49 (5.936%  SOFR 30 Day Average) (a)

4,295,618

365,396


Series QS, 0.521%, due 01/25/50 (5.836%  SOFR 30 Day Average) (a)

4,557,964

441,364


Series 202099, 3.500%, due 04/25/50

4,181,040

736,652


Series 202079, 4.000%, due 11/25/50

5,610,889

1,125,229


3,931,573


Government National Mortgage Association InterestOnly Strips  0.1%


Government National Mortgage Association


Series 2010133, 0.621%, due 10/16/40, Callable: Currently (5.956%  1 Month SOFR Rate) (a)

1,835,660

67,317


Series 2014102, 0.196%, due 02/20/44, Callable: Currently (5.536%  1 Month SOFR Rate) (a)

1,556,627

66,532


Series 2018083, 5.000%, due 01/20/48, Callable: Currently

721,451

112,157


246,006


Total Agency MortgageBacked Obligations (Cost $21,178,904)

18,568,047


NONAGENCY MORTGAGEBACKED OBLIGATIONS  13.4%


ACE Securities Corp Mortgage Loan Trust Series 2007D1


Series 2007D1, 6.930%, due 02/25/38, Callable: 12/25/26 (b)

298,181

234,590


Alternative Loan Trust 2006HY11


Series A1, 4.049%, due 06/25/36, Callable: 10/25/23 (1 Month SOFR Rate + 0.354%) (a)

226,081

194,098


Alternative Loan Trust 200716CB


Series 200716CB, 6.250%, due 08/25/37, Callable: 10/25/23

468,954

242,415


Alternative Loan Trust 2007OA4


Series 2007OA4, 4.800%, due 05/25/47, Callable: 10/25/23 (1 Month SOFR Rate + 0.454%) (a)

243,735

215,432


Angel Oak Mortgage Trust I LLC 20192


Series 20192, 6.286%, due 03/25/49, Callable: 10/25/23 (b)(c)

1,300,000

1,261,885


Arroyo Mortgage Trust 20191


Series 20191, 3.805%, due 01/25/49, Callable: 10/25/23 (b)(c)

48,667

44,154


Arroyo Mortgage Trust 20192


Series 20192, 3.800%, due 04/25/49, Callable: 10/25/23 (b)(c)

91,127

82,840


BAMLL Commercial Mortgage Securities Trust 2018DSNY


Series 2018DSNY, 6.982%, due 09/15/34, (1 Month SOFR Rate + 1.397%) (a)(b)

100,000

99,313


Bayview MSR Opportunity Master Fund Trust 2021INV2


Series AF, 5.000%, due 12/25/51, Callable: 12/25/45 (SOFR 30 Day Average + 0.850%) (a)(b)

438,610

399,419


BBCMS 2019BWAY Mortgage Trust


Series 2019BWAY, 8.298%, due 11/15/34 (1 Month SOFR Rate + 2.964%) (a)(b)

100,000

23,241


BCRR 2016FRR3 Trust


Series TRUST, 7.000%, due 05/26/26 (18.462%  SOFR 30 Day Average) (a)(b)

797,720

771,079


Bear Stearns ARM Trust 200410


Series 200410, 4.636%, due 01/25/35, Callable: 10/25/23 (c)

156,404

140,702


Benchmark 2018B2 Mortgage Trust


Series 2018B2, 4.292%, due 02/15/51, Callable: 02/15/28 (c)

150,000

116,177


Benchmark 2020IG3 Mortgage Trust


Series 2020IG3, 3.291%, due 09/15/48, Callable: 04/15/30 (b)(c)

1,000,000

655,334


BOCA Commercial Mortgage Trust 2022BOCA


Series 2022BOCA, 7.654%, due 05/15/39 (1 Month SOFR Rate + 2.319%) (a)(b)

100,000

98,632


BPR Trust 2021TY


Series 2021TY, 7.799%, due 09/15/38 (1 Month SOFR Rate + 2.464%) (a)(b)

167,000

155,542


BX Commercial Mortgage Trust 2019IMC


Series 2019IMC, 7.280%, due 04/15/34 (1 Month SOFR Rate + 2.014%) (a)(b)

100,000

98,500


BX Commercial Mortgage Trust 2019XL


Series 2019XL, 6.369%, due 10/15/36 (1 Month SOFR Rate + 1.034%) (a)(b)

229,730

229,083


BX Commercial Mortgage Trust 2020VKNG


Series 2020VKNG, 6.379%, due 10/15/37 (1 Month SOFR Rate + 1.044%) (a)(b)

125,231

123,939


BX Commercial Mortgage Trust 202121M


Series TR, 7.619%, due 10/15/36 (1 Month SOFR Rate + 2.285%) (a)(b)

186,253

177,987


BX Commercial Mortgage Trust 2021CIP


Series 2021CIP, 6.369%, due 12/15/38 (1 Month SOFR Rate + 1.035%) (a)(b)

110,000

107,662


BX Commercial Mortgage Trust 2021SOAR


Series 2021SOAR, 7.799%, due 06/15/38 (1 Month SOFR Rate + 2.464%) (a)(b)

928,405

887,579


BX Commercial Mortgage Trust 2021VOLT


Series 2021VOLT, 6.149%, due 09/15/36 (1 Month SOFR Rate + 0.814%) (a)(b)

115,000

111,971


BX Trust 2019CALM


Series 2019CALM, 7.448%, due 11/15/32 (1 Month SOFR Rate + 2.114%) (a)(b)

136,500

134,197


BX Trust 2021ARIA


Series 2021ARIA, 7.094%, due 10/15/36 (1 Month SOFR Rate + 1.760%) (a)(b)

350,000

337,201


BX Trust 2021LBA


Series 2021LBA, 7.449%, due 02/15/36 (1 Month SOFR Rate + 2.114%) (a)(b)

197,702

188,681


BX Trust 2021SDMF


Series 2021SDMF, 6.835%, due 09/15/34 (1 Month SOFR Rate + 1.501%) (a)(b)

350,000

337,529


BX Trust 2022CLS


Series 2022CLS, 5.760%, due 10/13/27 (b)

135,000

130,256


BX Trust 2022GPA


Series 2022GPA, 7.500%, due 08/15/39 (1 Month SOFR Rate + 2.165%) (a)(b)

180,000

180,338


BX Trust 2022GPA


Series 2022GPA, 7.999%, due 08/15/41 (1 Month SOFR Rate + 2.664%) (a)(b)

110,000

110,000


BX Trust 2022LBA6


Series 2022LBA6, 6.935%, due 01/15/39 (1 Month SOFR Rate + 1.600%) (a)(b)

350,000

340,373


CAMB Commercial Mortgage Trust 2019LIFE


Series 2019LIFE, 6.452%, due 12/15/37 (1 Month SOFR Rate + 1.117%) (a)(b)

100,000

99,500


CHL Mortgage PassThrough Trust 2007HY5


Series 2007HY5, 5.062%, due 09/25/37, Callable: 10/25/23 (c)

581,109

500,242


CIM Trust 2018INV1


Series 2018INV1, 4.000%, due 08/25/48, Callable: 01/25/38 (b)(c)

210,001

185,812


CIM Trust 2019INV2


Series 2019INV2, 4.000%, due 05/25/49, Callable: 05/25/33 (b)(c)

16,111

14,328


CIM Trust 2019J1


Series 2019J1, 3.942%, due 08/25/49, Callable: 08/25/28 (b)(c)

171,366

149,275


Citigroup Commercial Mortgage Trust 2013GC17


Series D, 5.100%, due 11/10/46, Callable: 11/10/23 (b)(c)

100,000

91,329


Citigroup Commercial Mortgage Trust 2015GC27


Series C, 4.419%, due 02/10/48, Callable: 01/10/25 (c)

164,000

145,002


Citigroup Commercial Mortgage Trust 2016P4


Series 2016P4, 3.940%, due 07/10/49, Callable: 07/10/26 (b)(c)

500,000

364,683


Citigroup Commercial Mortgage Trust 2018C6


Series D, 5.063%, due 11/10/51, Callable: 11/10/28 (b)(c)

380,000

264,958


Citigroup Commercial Mortgage Trust 2019SMRT


Series E, 4.745%, due 01/10/36 (b)(c)

116,000

115,741


Citigroup Commercial Mortgage Trust 2023SMRT


Series A, 5.820%, due 10/12/40 (b)(c)

100,000

97,944


Citigroup Mortgage Loan Trust 2015RP2


Series B4, 4.250%, due 01/25/53, Callable: 09/25/32 (b)

494,459

451,860


COLT 20225 Mortgage Loan Trust


Series 20225, 4.550%, due 04/25/67, Callable: 04/25/25 (b)(c)

84,538

79,889


Credit Suisse Mortgage Capital Certificates 2019ICE4


Series 2019ICE4, 6.362%, due 05/15/36 (1 Month SOFR Rate + 1.027%) (a)(b)

139,653

139,303


CSAIL 2020C19 Commercial Mortgage Trust


Series 2020C19, 2.500%, due 03/15/53, Callable: 03/15/30 (b)

400,000

180,135


CSMC 2020NET


Series 2020NET, 3.704%, due 08/15/37 (b)(c)

118,000

101,390


CSMC Series 2019NQM1


Series 2019NQM1, 2.656%, due 10/25/59, Callable: 10/25/23 (b)

12,749

12,028


Deephaven Residential Mortgage Trust 20222


Series 20222, 4.300%, due 03/25/67, Callable: 04/25/25 (b)(c)

501,744

457,060


First Republic Mortgage Trust 20201


Series B1, 2.886%, due 04/25/50 (b)(c)

693,736

574,327


Flagstar Mortgage Trust 20186RR


Series 20186RR, 4.919%, due 10/25/48, Callable: 12/25/28 (b)(c)

446,039

406,285


Fontainebleau Miami Beach Trust 2019FBLU


Series G, 3.963%, due 12/10/36 (b)(c)

112,000

105,063


FREMF 2019KF71 Mortgage Trust


Series 2019KF71, 11.426%, due 10/25/29, Callable: 10/25/29 (SOFR 30 Day Average + 6.114%) (a)(b)

150,013

145,390


GCAT 2022NQM4 Trust


Series 2022NQM4, 5.269%, due 08/25/67, Callable: 08/25/25 (b)

91,167

88,492


Great Wolf Trust 2019WOLF


Series 2019WOLF, 6.782%, due 12/15/36 (1 Month SOFR Rate + 1.448%) (a)(b)

100,000

99,000


Great Wolf Trust 2019WOLF


Series 2019WOLF, 7.081%, due 12/15/36 (1 Month SOFR Rate + 1.747%) (a)(b)

300,000

296,437


GS Mortgage Securities Corp Trust 2018RIVR


Series C, 6.882%, due 07/15/35 (1 Month SOFR Rate + 1.547%) (a)(b)

122,000

79,125


GS Mortgage Securities Corp Trust 2018RIVR


Series F, 7.732%, due 07/15/35 (1 Month SOFR Rate + 2.397%) (a)(b)(d)

1,000,000

158,534


GS Mortgage Securities Trust 2015GS1


Series 2015GS1, 4.037%, due 11/10/48, Callable: 11/10/25 (c)

87,000

77,152


GS MortgageBacked Securities Corp Trust 2020PJ6


Series A4, 2.500%, due 05/25/51, Callable: 07/25/43 (b)(c)

320,563

241,154


GS MortgageBacked Securities Trust 2022PJ1


Series 2022PJ1, 2.500%, due 05/28/52, Callable: 01/25/46 (b)(c)

271,076

199,315


GSAA Home Equity Trust 20056


Series 20056, 6.079%, due 06/25/35, Callable: 10/25/23 (1 Month SOFR Rate + 0.759%) (a)

315,205

306,389


GSAA Home Equity Trust 20064


Series 20064, 3.778%, due 03/25/36, Callable: 10/25/23 (c)

395,829

242,502


GSAA Home Equity Trust 20077


Series 20077, 5.974%, due 07/25/37, Callable: 10/25/23 (1 Month SOFR Rate + 0.654%) (a)

116,946

110,122


GSCG Trust 2019600C


Series 2019600C, 3.985%, due 09/06/34 (b)(c)(d)

183,000

45,750


Home RE 20211 Ltd.


Series LTD, 7.734%, due 07/25/33, Callable: 02/25/25 (SOFR 30 Day Average + 2.414%) (a)(b)

490,567

492,719


Homeward Opportunities Fund Trust 2020BPL1


Series A2, 5.438%, due 08/25/25, Callable: Currently (b)

28,340

28,301


Hundred Acre Wood Trust 2021INV1


Series A27, 2.500%, due 07/25/51, Callable: 05/25/42 (b)(c)

324,092

236,271


INTOWN 2022STAY Mortgage Trust


Series 2022STAY, 8.620%, due 08/15/39, Callable: 08/15/24 (1 Month SOFR Rate + 3.286%) (a)(b)

140,000

139,934


JP Morgan Chase Commercial Mortgage Securities Trust 2018AON


Series D, 4.613%, due 07/05/31 (b)(c)

132,000

77,006


JP Morgan Chase Commercial Mortgage Securities Trust 2018WPT


Series FLT, 5.364%, due 07/05/33, Callable: 07/05/25 (b)(c)

1,400,000

801,428


JP Morgan Chase Commercial Mortgage Securities Trust 2020NNN


Series 3.97200, 3.972%, due 01/16/37, Callable: 01/16/25 (b)

100,000

82,593


JP Morgan Mortgage Trust 20188


Series 20188, 4.042%, due 01/25/49, Callable: 10/25/23 (b)(c)

444,469

381,091


JP Morgan Mortgage Trust 20198


Series 20198, 3.158%, due 03/25/50, Callable: 08/25/26 (b)(c)

184,200

146,325


JP Morgan Mortgage Trust 20198


Series 20198, 3.500%, due 03/25/50, Callable: 08/25/26 (b)(c)

8,699

7,325


JP Morgan Mortgage Trust 20204


Series 20204, 3.000%, due 11/25/50, Callable: 05/25/36 (b)(c)

191,094

154,804


JP Morgan Mortgage Trust 20225


Series 20225, 2.800%, due 09/25/52, Callable: 10/25/43 (b)(c)

461,504

347,947


JPMBB Commercial Mortgage Securities Trust 2015C27


Series D, 3.803%, due 02/15/48, Callable: 09/15/26 (b)(c)

124,000

74,953


Legacy Mortgage Asset Trust 2020GS3


Series A2, 7.000%, due 05/25/60, Callable: 10/25/23 (b)

926,558

838,813


Life 2022BMR Mortgage Trust


Series A1, 6.630%, due 05/15/39, Callable: 05/15/24 (1 Month SOFR Rate + 1.295%) (a)(b)

170,000

166,918


Life 2022BMR Mortgage Trust


Series B, 7.128%, due 05/15/39, Callable: 05/15/24 (1 Month SOFR Rate + 1.794%) (a)(b)

250,000

244,374


LSTAR Commercial Mortgage Trust 20164


Series 20164, 4.606%, due 03/10/49, Callable: 03/10/26 (b)(c)

274,000

241,138


Med Trust 2021MDLN


Series 2021MDLN, 7.448%, due 11/15/38 (1 Month SOFR Rate + 2.114%) (a)(b)

348,328

333,522


MFA 2020NQM3 Trust


1.632%, due 01/26/65, Callable: 11/25/23 (b)(c)

107,576

97,122


MHC Commercial Mortgage Trust 2021MHC


Series 2021MHC, 8.049%, due 04/15/38 (1 Month SOFR Rate + 2.715%) (a)(b)

276,747

266,820


Morgan Stanley Capital I Trust 2019NUGS


Series E, 7.693%, due 12/15/36 (1 Month SOFR Rate + 2.358%) (a)(b)

147,000

34,659


Morgan Stanley Capital I Trust 2019NUGS


Series F, 8.293%, due 12/15/36 (1 Month SOFR Rate + 2.958%) (a)(b)

125,000

22,854


Morgan Stanley Capital I Trust 2019PLND


Series E, 7.599%, due 05/15/36, Callable: 05/15/24 (1 Month SOFR Rate + 2.264%) (a)(b)

189,000

95,050


MSCG Trust 2018SELF


Series 2018SELF, 8.632%, due 10/15/37 (1 Month SOFR Rate + 3.097%) (a)(b)

137,081

134,553


NewRez Warehouse Securitization Trust 20211


Series 211, 10.684%, due 05/25/55, Callable: 05/25/24 (1 Month SOFR Rate + 5.364%) (a)(b)

866,667

851,811


One New York Plaza Trust 20201NYP


Series C, 7.649%, due 01/15/36 (1 Month SOFR Rate + 2.314%) (a)(b)

160,000

140,143


PR Mortgage Loan Trust 20141


Series 20141, 5.851%, due 10/25/49, Callable: 04/25/30 (b)(c)(d)

1,047,973

926,105


Provident Funding Mortgage Trust 2021J1


Series FLT, 2.000%, due 10/25/51, Callable: 02/25/43 (b)(c)

200,000

104,568


RATE Mortgage Trust 2021HB1


Series FLT, 2.500%, due 12/25/51, Callable: 12/25/45 (b)(c)

455,140

332,377


RCKT Mortgage Trust 20211


Series 20211, 2.718%, due 03/25/51, Callable: 08/25/46 (b)(c)

465,416

342,751


Renaissance Home Equity Loan Trust 20044


Series 20044, 5.318%, due 02/25/35, Callable: 10/25/23

291,913

243,108


RLGH Trust 2021TROT


Series 2021TROT, 6.249%, due 04/15/36 (1 Month SOFR Rate + 0.914%) (a)(b)

100,000

97,501


RLGH Trust 2021TROT


Series 2021TROT, 7.163%, due 04/15/36 (1 Month SOFR Rate + 1.828%) (a)(b)

175,000

168,938


SCOTT Trust 2023SFS


Series 2023SFS, 6.204%, due 03/15/40 (b)

100,000

95,952


Sequoia Mortgage Trust 20213


Series B3, 2.650%, due 05/25/51, Callable: 07/25/42 (b)(c)

470,363

312,375


SMRT 2022MINI


Series 2022MINI, 6.685%, due 01/15/39 (1 Month SOFR Rate + 1.350%) (a)(b)

250,000

243,046


UBS Commercial Mortgage Trust 2017C4


Series 2017C4, 4.534%, due 10/15/50, Callable: 10/15/27 (c)

250,000

206,897


Velocity Commercial Capital Loan Trust 20202


5.000%, due 05/25/50, Callable: Currently (b)(c)

500,000

458,207


Verus Securitization Trust 20224


Series A2, 4.740%, due 04/25/67, Callable: 04/25/25 (b)(c)

80,670

74,805


Verus Securitization Trust 20228


Series 20228, 6.127%, due 09/25/67, Callable: 10/25/25 (b)

91,862

87,731


Verus Securitization Trust 2022INV1


Series 2022INV1, 5.041%, due 08/25/67, Callable: 08/25/25 (b)

89,218

85,763


WaMu Mortgage PassThrough Certificates Series 2007HY3 Trust


Series 2007HY3, 3.479%, due 03/25/37, Callable: 10/25/23 (c)

360,725

276,337


Wells Fargo Commercial Mortgage Trust 2021C59


Series E, 2.500%, due 04/15/54, Callable: 04/15/31 (b)

400,000

196,891


WFRBS Commercial Mortgage Trust 2014C21


Series 2014C21, 3.497%, due 08/15/47, Callable: 08/15/24 (b)

300,000

229,612


Total NonAgency MortgageBacked Obligations (Cost $31,050,753)

25,777,103


NONAGENCY MORTGAGEBACKED OBLIGATIONS INTERESTONLY STRIPS  1.8%


BANK 2017BNK8


Series 2017BNK8, 1.295%, due 11/15/50, Callable: 08/15/27 (b)(c)

7,050,000

305,816


BANK 2018BNK11


Series 2018BNK11, 0.450%, due 03/15/61, Callable: 01/15/28 (c)

11,220,549

200,186


BANK 2019BNK21


Series 2019BNK21, 0.838%, due 10/17/52, Callable: 07/15/29 (c)

4,030,909

153,730


BANK 2020BNK30


Series 2020BNK30, 1.302%, due 12/15/53 (c)

1,258,733

80,806


Barclays Commercial Mortgage Trust 2019C3


Series 2019C3, 1.309%, due 05/15/52, Callable: 03/15/29 (c)

1,408,678

78,757


BBCMS Mortgage Trust 2021C11


Series 2021C11, 1.520%, due 09/15/54 (b)(c)

1,255,000

116,164


Benchmark 2018B4 Mortgage Trust


Series 2018B4, 1.750%, due 07/15/51, Callable: 04/15/28 (b)(c)

7,000,000

453,911


Benchmark 2019B10 Mortgage Trust


Series 2019B10, 0.881%, due 03/15/62, Callable: 01/15/29 (b)(c)

2,820,000

118,430


Benchmark 2020B17 Mortgage Trust


Series 2020B17, 1.414%, due 03/15/53, Callable: 01/15/30 (c)

2,528,298

131,863


Benchmark 2020B18 Mortgage Trust


Series 2020B18, 1.786%, due 07/15/53, Callable: 05/15/30 (c)

1,550,561

103,915


Benchmark 2021B25 Mortgage Trust


Series 2021B25, 1.094%, due 04/15/54, Callable: 02/15/31 (c)

2,217,410

123,937


Benchmark 2023V2 Mortgage Trust


Series 2023V2, 0.994%, due 05/15/55, Callable: 03/15/28 (c)

1,802,034

69,569


CD 2017CD4 Mortgage Trust


Series 2017CD4, 1.223%, due 05/10/50, Callable: 05/10/27 (c)

1,371,621

44,821


CFCRE Commercial Mortgage Trust 2016C4


Series 2016C4, 1.603%, due 05/10/58, Callable: 05/10/26 (c)

642,518

18,807


Citigroup Commercial Mortgage Trust 2016C1


Series XA, 1.819%, due 05/10/49, Callable: 06/10/26 (c)

726,164

26,614


Citigroup Commercial Mortgage Trust 2017P8


Series XA, 0.868%, due 09/15/50, Callable: 07/15/27 (c)

962,287

24,899


Citigroup Commercial Mortgage Trust 2019C7


Series XA, 0.860%, due 12/15/72, Callable: 10/15/29 (c)

3,925,456

152,081


COMM 2013CCRE12 Mortgage Trust


Series 2013CCRE12, 0.819%, due 10/10/46, Callable: 11/10/23 (c)(d)

1,050,359

46


COMM 2015LC21 Mortgage Trust


Series 2015LC21, 0.635%, due 07/10/48, Callable: 07/10/25 (c)

1,290,353

10,744


CSAIL 2016C6 Commercial Mortgage Trust


Series 2016C6, 1.858%, due 01/15/49, Callable: 02/15/26 (c)

596,490

20,956


CSAIL 2017CX10 Commercial Mortgage Trust


Series 2017CX10, 0.748%, due 11/15/50, Callable: 09/15/27 (c)

4,715,516

106,243


CSAIL 2018CX12 Commercial Mortgage Trust


Series 2018CX12, 0.532%, due 08/15/51, Callable: 06/15/28 (c)

4,168,463

113,696


FREMF 2019KG01 Mortgage Trust


Series 2019KG01, 0.100%, due 04/25/29, Callable: 02/25/29 (b)

5,084,181

14,840


Series 2019KG01, 0.100%, due 05/25/29, Callable: 02/25/29 (b)

570,000

2,250


GS Mortgage Securities Trust 2011GC3


Series 2011GC3, 0.000%, due 03/10/44, Callable: 10/10/23 (b)(c)(d)

502,922

5


GS Mortgage Securities Trust 2019GC42


Series XA, 0.802%, due 09/10/52, Callable: 06/10/29 (c)

2,304,756

77,873


GS Mortgage Securities Trust 2020GC47


Series XA, 1.127%, due 05/12/53, Callable: 02/12/30 (c)

1,461,494

79,796


GS Mortgage Securities Trust 2020GSA2


Series XA, 1.717%, due 12/12/53, Callable: 10/10/30 (b)(c)

1,197,834

99,136


JPMBB Commercial Mortgage Securities Trust 2014C19


Series XA, 0.558%, due 04/15/47, Callable: 01/15/25 (c)

10,253,827

2,235


JPMDB Commercial Mortgage Securities Trust 2016C2


Series XA, 1.479%, due 06/15/49, Callable: 03/15/26 (c)

880,330

23,969


LSTAR Commercial Mortgage Trust 20164


Series 20164, 1.683%, due 03/10/49, Callable: 03/10/26 (b)(c)

835,446

17,092


LSTAR Commercial Mortgage Trust 20175


Series 20175, 0.801%, due 03/10/50, Callable: 03/10/27 (b)(c)

1,889,302

32,060


Morgan Stanley Bank of America Merrill Lynch Trust 2013C13


Series 2013C13, 0.768%, due 11/15/46, Callable: 12/15/23 (c)(d)

1,950,407

121


Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19


Series 2014C19, 0.951%, due 12/15/47, Callable: 10/15/26 (c)

2,026,587

12,010


Morgan Stanley Capital I Trust 2016UBS12


Series XA, 0.649%, due 12/15/49, Callable: 09/15/26 (c)

2,634,049

40,439


PMTT4


Series 2017PM1, 0.000%, due 10/25/48 (b)

149,674,533

454,517


SG Commercial Mortgage Securities Trust 2016C5


Series 2016C5, 1.860%, due 10/10/48, Callable: 07/10/26 (c)

933,007

31,775


UBS Commercial Mortgage Trust 2018C9


Series 2018C9, 0.913%, due 03/15/51, Callable: 01/15/28 (c)

2,186,938

71,757


Wells Fargo Commercial Mortgage Trust 2018C45


Series XA, 0.772%, due 06/15/51, Callable: 04/15/28 (c)

4,909,850

140,353


Total NonAgency MortgageBacked Obligations InterestOnly Strips (Cost $5,968,187)

3,556,219


ASSETBACKED SECURITIES  6.9%


Air Canada 20171 Class B Pass Through Trust


Series 20171, 3.700%, due 01/15/26 (b)

510,582

481,161


American Tower Trust #1


Series 20231, 5.490%, due 03/15/28, Callable: 03/15/27 (b)

155,000

151,853


AMSR 2021SFR1 Trust


Series 2021SFR1, 2.900%, due 06/17/38 (b)

1,200,000

966,054


AMSR 2021SFR3 Trust


Series 2021SFR3, 4.896%, due 10/17/38 (b)

550,000

483,447


Applebee's Funding LLC


Series 20191, 4.723%, due 06/05/49, Callable: 06/05/24 (b)

99,000

91,508


Aqua Finance Trust 2021A


Series 2021A, 1.540%, due 07/17/46, Callable: 03/17/28 (b)

76,665

66,966


Bojangles Issuer LLC


Series LLC, 3.832%, due 10/20/50, Callable: 10/20/23 (b)

98,500

89,590


CARDS II Trust


Series 20211, 0.931%, due 04/15/27, Callable: Currently (b)

150,000

145,564


Commonbond Student Loan Trust 2018BGS


Series C, 4.120%, due 09/25/45, Callable: 09/25/25 (b)

7,674

6,236


DataBank Issuer


Series 20231, 5.116%, due 02/25/53, Callable: 02/25/26 (b)

605,000

559,283


DB Master Finance LLC


Series 20191, 4.021%, due 05/20/49, Callable: 11/20/23 (b)

86,400

80,690


Domino's Pizza Master Issuer LLC


Series 3.15100, 3.151%, due 04/25/51, Callable: 04/25/28 (b)

97,750

78,978


First Franklin Mortgage Loan Trust 2004FF10


Series M1, 6.709%, due 07/25/34, Callable: 10/25/23 (1 Month SOFR Rate + 1.389%) (a)

113,997

110,585


FirstKey Homes 2020SFR2 Trust


Series TR, 1.266%, due 10/19/37 (b)

98,275

89,125


GM Financial Automobile Leasing Trust 20223


Series C, 5.130%, due 08/20/26, Callable: 12/20/24

250,000

244,334


GoodLeap Sustainable Home Solutions Trust 20231


Series A, 5.520%, due 02/22/55, Callable: 10/20/42 (b)

238,290

221,398


Home Partners of America 20191 Trust


Series 20191, 3.157%, due 09/17/39, Callable: 09/17/24 (b)

78,915

71,410


Marlette Funding Trust 20223


Series 20223, 5.180%, due 11/15/32, Callable: 11/15/26 (b)

55,272

55,062


Mill City Solar Loan 20192 Ltd.


Series 20192, 3.690%, due 07/20/43, Callable: 05/20/35 (b)

71,849

60,333


Morgan Stanley ABS Capital I Inc Trust 2006NC1


Series 2006NC1, 6.004%, due 12/25/35, Callable: 10/25/23 (1 Month SOFR Rate + 0.684%) (a)

203,526

198,762


Mosaic Solar Loan Trust 20181


Series 20181, 4.010%, due 06/22/43, Callable: 02/20/30 (b)

159,689

146,415


Mosaic Solar Loan Trust 20182GS


Series 20182GS, 4.200%, due 02/22/44, Callable: 02/20/30 (b)

175,291

160,522


Series 20182GS, 4.740%, due 02/22/44, Callable: 02/20/30 (b)

109,968

99,021


MVW Owner Trust 20181


Series 20181, 3.450%, due 01/21/36, Callable: 06/20/24 (b)

17,067

16,630


Navient Private Education Refi Loan Trust 2019G


Series A, 2.400%, due 10/15/68, Callable: 01/15/27 (b)

56,948

52,890


Navient Private Education Refi Loan Trust 2020B


Series A2, 2.120%, due 01/15/69, Callable: 02/15/27 (b)

114,572

104,258


Navient Private Education Refi Loan Trust 2020H


Series A, 1.310%, due 01/15/69, Callable: 08/15/27 (b)

74,048

67,260


Navient Private Education Refi Loan Trust 2021A


Series A, 0.840%, due 05/15/69, Callable: 04/15/28 (b)

59,346

51,209


Navient Private Education Refi Loan Trust 2021B


Series A, 0.940%, due 07/15/69, Callable: 01/15/29 (b)

50,973

43,826


Navient Private Education Refi Loan Trust 2021F


Series A, 1.110%, due 02/18/70, Callable: 03/15/30 (b)

443,603

369,690


Neighborly Issuer LLC


Series A2, 3.584%, due 04/30/51, Callable: 10/30/26 (b)

488,750

406,468


OCCU Auto Receivables Trust 20221


Series 20221, 5.500%, due 10/15/27, Callable: 02/15/27 (b)

135,000

133,933


Pagaya AI Debt Trust 20233


Series 20233, 7.600%, due 12/16/30, Callable: 04/15/25 (b)

424,379

427,260


Progress Residential 2020SFR3 Trust


Series TR, 4.105%, due 10/17/27 (b)

2,000,000

1,859,469


Progress Residential 2021SFR3


Series TR, 4.254%, due 05/17/26 (b)

1,100,000

974,904


Progress Residential Trust


Series TR, 4.003%, due 07/17/38, Callable: 07/17/26 (b)

700,000

605,581


Santander Drive Auto Receivables Trust 20223


Series C, 4.490%, due 08/15/29, Callable: 08/15/25

200,000

192,967


SBA Tower Trust


Series 20221, 6.599%, due 01/15/28, Callable: 01/15/27 (b)

210,000

210,092


SoFi Consumer Loan Program 20231S Trust


Series 20231S, 5.810%, due 05/15/31, Callable: 10/15/25 (b)

54,288

54,209


Sofi Professional Loan Program 2018C Trust


Series R1, 0.000%, due 01/25/48, Callable: 03/25/26 (b)(d)

10,000

105,341


SoFi Professional Loan Program 2020C Trust


Series 1.95000, 1.950%, due 02/15/46, Callable: 05/15/28 (b)

88,534

78,703


SoFi Professional Loan Program 2021B Trust


Series TR, 0.000%, due 02/15/47, Callable: 06/15/29 (b)(d)

10,000

348,063


Structured Asset Securities Corp Mortgage Loan Trust 2006BC3


Series A3, 5.754%, due 10/25/36, Callable: 10/25/23 (1 Month SOFR Rate + 0.434%) (a)

458,650

356,459


Sunnova Helios XI Issuer LLC


Series A, 5.300%, due 05/20/50 (b)

97,907

93,444


Sunnova Sol II Issuer LLC


Series A, 2.730%, due 11/01/55, Callable: 10/30/30 (b)

462,524

364,245


Sunrun Xanadu Issuer 20191 LLC


Series 20191, 3.980%, due 06/30/54, Callable: 06/30/30 (b)

100,939

90,007


Taco Bell Funding LLC


Series 20161, 4.970%, due 05/25/46, Callable: 11/25/23 (b)

251,250

242,530


Series 1.94600, 1.946%, due 08/25/51, Callable: 08/25/24 (b)

98,250

84,597


TMobile US Trust 20221


Series 20221, 4.910%, due 05/22/28, Callable: 11/20/25 (b)

160,000

158,046


VOLT XCII LLC


Series 2021NPL1, 4.949%, due 02/27/51, Callable: 10/25/23 (b)

700,000

621,808


Wendy's Funding LLC


Series 20191, 3.783%, due 06/15/49, Callable: 03/15/24 (b)

90,250

82,994


Wingstop Funding LLC


Series 20201, 2.841%, due 12/05/50, Callable: 06/05/24 (b)

246,250

213,160


ZAXBY'S FUNDING LLC


Series 20211, 3.238%, due 07/30/51, Callable: 07/30/25 (b)

147,000

120,983


Total AssetBacked Securities (Cost $15,103,219)

13,189,323


COLLATERALIZED LOAN OBLIGATIONS  6.5%


ACREC 2021FL1 Ltd.


Series 2021FL1, 7.599%, due 10/16/36, Callable: 10/16/23 (1 Month SOFR Rate + 2.264%) (a)(b)

375,000

357,882


ALM 2020 Ltd.


Series 20201, 7.505%, due 10/15/29, Callable: 10/15/23 (3 Month SOFR Rate + 2.112%) (a)(b)

500,000

500,054


Arbor Realty Commercial Real Estate Notes 2021FL4 Ltd.


Series 2021FL4, 8.349%, due 11/15/36, Callable: 06/15/24 (1 Month SOFR Rate + 3.014%) (a)(b)(d)

275,000

251,028


Ares XLIX CLO Ltd.


Series 201849, 7.624%, due 07/22/30, Callable: 10/22/23 (3 Month SOFR Rate + 2.212%) (a)(b)

1,000,000

976,105


BDS 2020FL5 Ltd.


Series LTD, 7.499%, due 02/16/37, Callable: 10/16/23 (1 Month SOFR Rate + 2.164%) (a)(b)(d)

340,000

327,085


BlueMountain CLO XXVIII Ltd.


Series C, 7.655%, due 04/15/34, Callable: 10/15/23 (3 Month SOFR Rate + 2.262%) (a)(b)

250,000

243,995


Canyon Capital CLO 20141 Ltd.


Series 20141R, 8.381%, due 01/30/31, Callable: 10/30/23 (3 Month SOFR Rate + 3.012%) (a)(b)

250,000

235,407


Canyon Capital CLO 20212 Ltd.


Series D, 9.005%, due 04/15/34, Callable: 10/15/23 (3 Month SOFR Rate + 3.612%) (a)(b)

500,000

484,789


CIFC Funding 2015IV Ltd.


Series IVR2, 7.577%, due 04/20/34, Callable: 10/20/23 (3 Month SOFR Rate + 2.162%) (a)(b)

250,000

245,508


CIFC Funding 2021IV Ltd.


Series 2021IV, 8.555%, due 07/15/33, Callable: 10/15/23 (3 Month SOFR Rate + 3.162%) (a)(b)

500,000

480,230


CLNC 2019FL1 Ltd.


Series 2019FL1, 7.348%, due 08/20/35, Callable: 10/19/23 (1 Month SOFR Rate + 2.014%) (a)(b)

100,000

96,995


Columbia Cent CLO 27 Ltd.


Series 201827R, 9.443%, due 01/25/35, Callable: 01/25/24 (3 Month SOFR Rate + 4.092%) (a)(b)

500,000

469,988


Dryden 40 Senior Loan Fund


Series 201540R, 7.726%, due 08/15/31, Callable: 11/15/23 (3 Month SOFR Rate + 2.362%) (a)(b)

500,000

489,299


Goldentree Loan Management US CLO 2 Ltd.


Series D, 8.327%, due 11/28/30, Callable: 10/20/23 (3 Month SOFR Rate + 2.912%) (a)(b)

500,000

489,909


Greystone CRE Notes 2019FL2 Ltd.


Series C, 7.449%, due 09/15/37, Callable: 10/15/23 (1 Month U.S. LIBOR + 2.000%) (a)(b)(d)

200,000

195,468


Hayfin US XII Ltd.


Series 20188, 7.157%, due 04/20/31, Callable: 10/20/23 (3 Month SOFR Rate + 1.742%) (a)(b)

500,000

493,557


Invesco US CLO 20231 Ltd.


Series 20231, 9.062%, due 04/22/35, Callable: 04/22/24 (3 Month SOFR Rate + 3.650%) (a)(b)

250,000

251,088


LCM XXIV Ltd.


Series LTD, 7.577%, due 03/20/30, Callable: 10/20/23 (3 Month SOFR Rate + 2.162%) (a)(b)

250,000

247,064


Madison Park Funding XXI Ltd.


Series FLT, 7.855%, due 10/15/32, Callable: 10/15/23 (3 Month SOFR Rate + 2.462%) (a)(b)

250,000

248,155


Neuberger Berman Loan Advisers Clo 40 Ltd.


Series C, 7.405%, due 04/16/33, Callable: 10/16/23 (3 Month SOFR Rate + 2.012%) (a)(b)

250,000

244,062


Octagon Investment Partners 31 Ltd.


Series CR, 7.727%, due 07/20/30, Callable: 10/20/23 (3 Month SOFR Rate + 2.312%) (a)(b)

280,000

277,879


Octagon Investment Partners XIV Ltd.


Series LTD, 9.555%, due 07/15/29, Callable: 10/15/23 (3 Month SOFR Rate + 4.162%) (a)(b)

500,000

479,102


OHA Credit Funding 5 Ltd.


Series E, 11.907%, due 04/18/33, Callable: 10/18/23 (3 Month SOFR Rate + 6.512%) (a)(b)

500,000

495,993


OHA Credit Funding 8 Ltd.


Series 20218, 7.557%, due 01/18/34, Callable: 10/18/23 (3 Month SOFR Rate + 2.162%) (a)(b)

250,000

247,957


OHA Credit Partners XIII Ltd.


Series DR, 8.874%, due 10/25/34, Callable: 10/21/23 (3 Month SOFR Rate + 3.462%) (a)(b)

500,000

492,885


OHA Loan Funding 20131 Ltd.


Series FLT, 7.744%, due 07/23/31, Callable: 10/23/23 (3 Month SOFR Rate + 2.332%) (a)(b)

500,000

498,757


Palmer Square CLO 20231 Ltd.


Series C, 8.666%, due 01/20/36, Callable: 01/20/25 (3 Month SOFR Rate + 3.250%) (a)(b)

500,000

503,154


Palmer Square Loan Funding 20222 Ltd.


Series B, 7.594%, due 10/15/30, Callable: 10/15/23 (3 Month SOFR Rate + 2.200%) (a)(b)

800,000

792,177


TCIFlatiron Clo 20181 Ltd.


Series CR, 7.381%, due 01/29/32, Callable: 10/29/23 (3 Month SOFR Rate + 2.012%) (a)(b)

250,000

244,504


TCW CLO 20211 Ltd.


Series LTD, 7.577%, due 03/18/34, Callable: 10/20/23 (3 Month SOFR Rate + 2.162%) (a)(b)

250,000

242,010


TCW CLO 20231 Ltd.


Series 20231, 8.866%, due 04/28/36, Callable: 04/28/25 (3 Month SOFR Rate + 3.500%) (a)(b)

400,000

396,175


Wind River 20143 CLO Ltd.


Series FLT, 9.074%, due 10/22/31, Callable: 10/22/23 (3 Month SOFR Rate + 3.662%) (a)(b)

500,000

436,538


Total Collateralized Loan Obligations (Cost $12,732,880)

12,434,799


CORPORATE BONDS  20.0%


Basic Materials  0.8%


AmeriTex Holdco Intermediate LLC


10.250%, due 10/15/28

15,000

14,831


Arsenal AIC Parent LLC


8.000%, due 10/01/30, Callable: 10/01/26 (b)

20,000

19,825


ASP Unifrax Holdings, Inc.


5.250%, due 09/30/28, Callable: 09/30/24 (b)

15,000

10,688


ATI, Inc.


7.250%, due 08/15/30, Callable: 08/15/26

25,000

24,844


BHP Billiton Finance USA Ltd.


5.250%, due 09/08/30, Callable: 07/08/30

90,000

87,920


ClevelandCliffs, Inc.


6.750%, due 04/15/30, Callable: 04/15/26 (b)

157,000

146,206


4.875%, due 03/01/31, Callable: 03/01/26 (b)

178,000

151,523


Coeur Mining, Inc.


5.125%, due 02/15/29, Callable: 02/15/24 (b)(e)

25,000

21,687


CSN Resources SA


5.875%, due 04/08/32, Callable: 04/08/27 (e)

200,000

162,000


FreeportMcMoRan, Inc.


4.125%, due 03/01/28, Callable: 10/30/23

25,000

22,906


4.375%, due 08/01/28, Callable: 10/30/23

50,000

45,750


4.625%, due 08/01/30, Callable: 08/01/25

105,000

94,500


5.400%, due 11/14/34, Callable: 05/14/34

95,000

87,044


5.450%, due 03/15/43, Callable: 09/15/42

400,000

340,500


Glencore Funding LLC


1.625%, due 04/27/26, Callable: 03/27/26 (b)

65,000

58,577


Illuminate Buyer LLC


9.000%, due 07/01/28, Callable: 10/30/23 (b)

25,000

23,687


Iris Holdings, Inc.


8.750%, due 02/15/26, Callable: 10/30/23 (b)

25,000

22,547


Mativ Holdings, Inc.


6.875%, due 10/01/26, Callable: 10/30/23 (b)

25,000

22,813


Novelis Corp.


3.875%, due 08/15/31, Callable: 08/15/26 (b)

25,000

19,937


Olin Corp.


5.125%, due 09/15/27, Callable: 10/30/23

25,000

23,312


Sasol Financing USA LLC


5.500%, due 03/18/31, Callable: 03/18/30

200,000

155,750


WR Grace Holdings LLC


5.625%, due 08/15/29, Callable: 08/15/24 (b)

35,000

28,088


1,584,935


Communications  2.0%


AMC Networks, Inc.


4.250%, due 02/15/29, Callable: 02/15/24

25,000

15,406


AT&T, Inc.


3.500%, due 09/15/53, Callable: 03/15/53

135,000

83,106


Beasley Mezzanine Holdings LLC


8.625%, due 02/01/26, Callable: 10/30/23 (b)

25,000

16,125


CCO Holdings LLC


4.750%, due 03/01/30, Callable: 09/01/24 (b)

40,000

33,550


4.750%, due 02/01/32, Callable: 02/01/27 (b)

30,000

24,000


4.250%, due 01/15/34, Callable: 01/15/28 (b)

25,000

18,406


Cengage Learning, Inc.


9.500%, due 06/15/24, Callable: 10/13/23 (b)

2,000

2,002


Charter Communications Operating LLC


4.908%, due 07/23/25, Callable: 04/23/25

185,000

180,766


2.800%, due 04/01/31, Callable: 01/01/31

70,000

54,543


5.750%, due 04/01/48, Callable: 10/01/47

90,000

72,124


5.125%, due 07/01/49, Callable: 01/01/49

305,000

221,938


Clear Channel Outdoor Holdings, Inc.


7.500%, due 06/01/29, Callable: 06/01/24 (b)

15,000

11,437


Comcast Corp.


3.400%, due 04/01/30, Callable: 01/01/30

95,000

83,768


CommScope Technologies LLC


5.000%, due 03/15/27, Callable: 10/10/23 (b)

25,000

14,438


CommScope, Inc.


4.750%, due 09/01/29, Callable: 09/01/24 (b)

25,000

18,406


CSC Holdings LLC


5.250%, due 06/01/24

25,000

23,750


Directv Financing LLC


5.875%, due 08/15/27, Callable: 10/30/23 (b)

45,000

39,825


DISH DBS Corp.


5.750%, due 12/01/28, Callable: 12/01/27 (b)

25,000

19,219


5.125%, due 06/01/29

25,000

13,750


Embarq Corp.


7.995%, due 06/01/36

25,000

13,844


Expedia Group, Inc.


5.000%, due 02/15/26, Callable: 11/15/25

95,000

92,937


3.250%, due 02/15/30, Callable: 11/15/29

105,000

88,656


Frontier Communications Holdings LLC


5.875%, due 10/15/27, Callable: 10/30/23 (b)

10,000

9,075


5.000%, due 05/01/28, Callable: 05/01/24 (b)

20,000

17,050


GCI LLC


4.750%, due 10/15/28, Callable: 10/16/23 (b)

25,000

21,656


Gray Escrow II, Inc.


5.375%, due 11/15/31, Callable: 11/15/26 (b)

25,000

16,313


Level 3 Financing, Inc.


10.500%, due 05/15/30, Callable: 05/15/26 (b)

15,000

15,056


Liberty Broadband Corp. CVRT


3.125%, due 03/31/53, Callable: 04/06/26 (b)

380,000

394,037


Liberty Media Corp. CVRT


2.375%, due 09/30/53, Callable: 09/30/28 (b)

100,000

100,662


Match Group Holdings II LLC


4.625%, due 06/01/28, Callable: 10/30/23 (b)

25,000

22,344


4.125%, due 08/01/30, Callable: 05/01/25 (b)

60,000

49,650


McGrawHill Education, Inc.


5.750%, due 08/01/28, Callable: 08/01/24 (b)

30,000

25,950


8.000%, due 08/01/29, Callable: 08/01/24 (b)

25,000

21,563


MercadoLibre, Inc.


2.375%, due 01/14/26, Callable: 12/14/25 (e)

200,000

182,000


Meta Platforms, Inc.


3.850%, due 08/15/32, Callable: 05/15/32

95,000

83,998


Millennium Escrow Corp.


6.625%, due 08/01/26, Callable: 10/30/23 (b)

25,000

19,781


Netflix, Inc.


5.875%, due 11/15/28

15,000

15,131


News Corp.


3.875%, due 05/15/29, Callable: 05/15/24 (b)

305,000

262,300


5.125%, due 02/15/32, Callable: 02/15/27 (b)

20,000

17,475


Paramount Global


6.250%, due 02/28/57, Callable: 02/28/27 (3 Month U.S. LIBOR + 3.899%) (a)

25,000

18,822


6.375%, due 03/30/62, Callable: 03/30/27 (5 Year CMT Rate + 3.999%) (a)

145,000

113,848


Radiate Holdco LLC


4.500%, due 09/15/26, Callable: 10/30/23 (b)

25,000

19,000


Scripps Escrow II, Inc.


3.875%, due 01/15/29, Callable: 01/15/24 (b)

35,000

26,206


Sirius XM Radio, Inc.


5.000%, due 08/01/27, Callable: 10/30/23 (b)

25,000

22,813


4.125%, due 07/01/30, Callable: 07/01/25 (b)

235,000

188,000


Spanish Broadcasting System, Inc.


9.750%, due 03/01/26, Callable: 10/10/23 (b)

25,000

17,063


Sprint LLC


7.625%, due 02/15/25, Callable: 11/15/24

75,000

76,031


Stagwell Global LLC


5.625%, due 08/15/29, Callable: 08/15/24 (b)

25,000

20,188


TMobile USA, Inc.


2.250%, due 02/15/26, Callable: 10/10/23

95,000

87,450


2.625%, due 02/15/29, Callable: 02/15/24

90,000

76,476


3.375%, due 04/15/29, Callable: 04/15/24

95,000

83,546


2.875%, due 02/15/31, Callable: 02/15/26

85,000

69,316


3.500%, due 04/15/31, Callable: 04/15/26

190,000

160,844


Townsquare Media, Inc.


6.875%, due 02/01/26, Callable: 10/30/23 (b)

30,000

28,163


Uber Technologies, Inc.


8.000%, due 11/01/26, Callable: 10/30/23 (b)

115,000

116,006


Uber Technologies, Inc. CVRT


0.000%, due 12/15/25

160,000

149,369


Univision Communications, Inc.


6.625%, due 06/01/27, Callable: 10/10/23 (b)

25,000

23,250


7.375%, due 06/30/30, Callable: 06/30/25 (b)

20,000

18,250


Urban One, Inc.


7.375%, due 02/01/28, Callable: 02/01/24 (b)

25,000

21,344


Viavi Solutions, Inc.


3.750%, due 10/01/29, Callable: 10/01/24 (b)

25,000

20,281


Zayo Group Holdings, Inc.


4.000%, due 03/01/27, Callable: 10/30/23 (b)

25,000

18,531


3,790,834


Consumer, Cyclical  2.9%


Affinity Interactive


6.875%, due 12/15/27, Callable: 12/01/23 (b)

25,000

21,125


Allison Transmission, Inc.


5.875%, due 06/01/29, Callable: 06/01/24 (b)

25,000

23,562


American Airlines Group, Inc. CVRT


6.500%, due 07/01/25

225,000

240,374


Arko Corp.


5.125%, due 11/15/29, Callable: 11/15/24 (b)

25,000

20,250


Asbury Automotive Group, Inc.


4.750%, due 03/01/30, Callable: 03/01/25

25,000

21,312


Ashton Woods USA LLC


4.625%, due 08/01/29, Callable: 08/01/24 (b)

25,000

21,094


Bath & Body Works, Inc.


6.750%, due 07/01/36

25,000

21,875


BCPE Empire Holdings, Inc.


7.625%, due 05/01/27, Callable: 10/30/23 (b)

35,000

33,119


Brinker International, Inc.


8.250%, due 07/15/30, Callable: 07/15/26 (b)

25,000

24,062


Burlington Stores, Inc. CVRT


1.250%, due 12/15/27 (b)

160,000

151,642


Caesars Entertainment, Inc.


6.250%, due 07/01/25, Callable: 10/10/23 (b)

25,000

24,688


4.625%, due 10/15/29, Callable: 10/15/24 (b)

30,000

25,387


Carrols Restaurant Group, Inc.


5.875%, due 07/01/29, Callable: 07/01/24 (b)

25,000

20,937


CCM Merger, Inc.


6.375%, due 05/01/26, Callable: 10/30/23 (b)

25,000

24,000


Dealer Tire LLC


8.000%, due 02/01/28, Callable: 10/30/23 (b)

5,000

4,650


Delta Air Lines 20201 Class A Pass Through Trust


2.500%, due 06/10/28

72,892

63,484


Delta Air Lines, Inc.


2.900%, due 10/28/24, Callable: 09/28/24

80,000

76,900


7.375%, due 01/15/26, Callable: 12/15/25

35,000

35,394


4.375%, due 04/19/28, Callable: 01/19/28 (e)

25,000

22,968


Dollar Tree, Inc.


4.000%, due 05/15/25, Callable: 03/15/25

190,000

183,875


Dream Finders Homes, Inc.


8.250%, due 08/15/28, Callable: 08/15/25 (b)

20,000

20,025


Ferrellgas LP


5.375%, due 04/01/26, Callable: 10/30/23 (b)

20,000

18,750


Fertitta Entertainment LLC


6.750%, due 01/15/30, Callable: 01/15/25 (b)

35,000

28,525


Foot Locker, Inc.


4.000%, due 10/01/29, Callable: 10/01/24 (b)

25,000

18,000


Ford Motor Co.


3.250%, due 02/12/32, Callable: 11/12/31

185,000

141,318


6.100%, due 08/19/32, Callable: 05/19/32 (e)

25,000

23,489


Ford Motor Credit Co. LLC


2.748%, due 06/14/24

GBP

100,000

117,890


4.950%, due 05/28/27, Callable: 04/28/27

$ 
200,000

187,047


4.125%, due 08/17/27, Callable: 06/17/27

300,000

271,598


3.625%, due 06/17/31, Callable: 03/17/31

245,000

197,182


General Motors Financial Co., Inc.


2.400%, due 10/15/28, Callable: 08/15/28

105,000

86,790


Golden Entertainment, Inc.


7.625%, due 04/15/26, Callable: 10/30/23 (b)

25,000

24,844


Hilton Domestic Operating Co., Inc.


4.875%, due 01/15/30, Callable: 01/15/25

160,000

145,600


4.000%, due 05/01/31, Callable: 05/01/26 (b)

25,000

20,937


3.625%, due 02/15/32, Callable: 08/15/26 (b)

100,000

80,625


Hyatt Hotels Corp.


6.000%, due 04/23/30, Callable: 01/23/30

223,000

216,063


Hyundai Capital America


5.680%, due 06/26/28, Callable: 05/26/28 (b)

75,000

73,226


Installed Building Products, Inc.


5.750%, due 02/01/28, Callable: 10/16/23 (b)

25,000

23,062


Interface, Inc.


5.500%, due 12/01/28, Callable: 12/01/23 (b)

25,000

21,250


LBM Acquisition LLC


6.250%, due 01/15/29, Callable: 01/15/24 (b)

25,000

20,500


LCM Investments Holdings II LLC


4.875%, due 05/01/29, Callable: 05/01/24 (b)

25,000

21,125


Light & Wonder International, Inc.


7.000%, due 05/15/28, Callable: 10/30/23 (b)

25,000

24,500


7.250%, due 11/15/29, Callable: 11/15/24 (b)

25,000

24,563


Lions Gate Capital Holdings LLC


5.500%, due 04/15/29, Callable: 04/15/24 (b)

25,000

16,500


Lowe's Cos., Inc.


5.625%, due 04/15/53, Callable: 10/15/52

35,000

31,915


M/I Homes, Inc.


3.950%, due 02/15/30, Callable: 08/15/29

25,000

20,500


Macy's Retail Holdings LLC


6.125%, due 03/15/32, Callable: 03/15/27 (b)

25,000

20,719


Marriott International, Inc.


3.125%, due 06/15/26, Callable: 03/15/26

100,000

93,417


Marriott Vacations Worldwide Corp. CVRT


3.250%, due 12/15/27 (b)

165,000

142,357


McDonald's Corp.


3.600%, due 07/01/30, Callable: 04/01/30

95,000

84,854


MGM Resorts International


4.750%, due 10/15/28, Callable: 07/15/28

45,000

39,600


Midwest Gaming Borrower LLC


4.875%, due 05/01/29, Callable: 05/01/24 (b)

45,000

38,250


Murphy Oil USA, Inc.


5.625%, due 05/01/27, Callable: 10/30/23

25,000

24,250


Premier Entertainment Sub LLC


5.625%, due 09/01/29, Callable: 09/01/24 (b)(e)

75,000

57,188


5.875%, due 09/01/31, Callable: 09/01/26 (b)(e)

97,000

71,780


Ritchie Bros Holdings, Inc.


7.750%, due 03/15/31, Callable: 03/15/26 (b)

25,000

25,344


Sally Holdings LLC


5.625%, due 12/01/25, Callable: 10/30/23

25,000

24,250


Scientific Games Holdings LP


6.625%, due 03/01/30, Callable: 03/01/25 (b)
