NPORT-EX 2 iof.htm WILSHIRE INCOME OPPORTUNITIES FUND PART F 9-30-23
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 MORTGAGE-BACKED 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 2020-HQA1
                 
Series 2020-HQA1, 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 2021-DNA5
                 
Series 2021-DNA5, 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 2021-HQA1
                 
Series M-2, 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 2021-HQA4
                 
Series M-2, 7.665%, due 12/25/41, Callable: 12/25/26 (SOFR 30 Day Average + 2.350%) (a)(b)
   
               400,000
       
               388,043
 
Series B-1, 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 2022-DNA2
                 
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 2022-DNA3
                 
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 2022-DNA4
                 
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 2022-DNA6
                 
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 2022-DNA7
                 
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 2022-HQA1
                 
Series 2022-HQA1, 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 2022-HQA3
                 
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. Interest-Only Strips - 0.6%
                 
Freddie Mac Multiclass Certificates Series 2021-P011
                 
Series X1, 1.848%, due 09/25/45 (c)
   
               541,163
       
                 63,448
 
Freddie Mac Multifamily Structured Pass Through Certificates
                 
Series K-L06, 1.467%, due 12/25/29, Callable: 09/25/29 (c)
   
               956,000
       
                 57,460
 
Series K-109, 1.696%, due 04/25/30, Callable: 01/25/30 (c)
   
               664,126
       
                 52,475
 
Series K-117, 1.333%, due 08/25/30, Callable: 07/25/30 (c)
   
            1,281,815
       
                 80,940
 
Series K-G04, 0.938%, due 11/25/30, Callable: 08/25/30 (c)
   
            1,895,552
       
                 85,259
 
Series K-122, 0.970%, due 11/25/30, Callable: 08/25/30 (c)
   
            1,847,380
       
                 84,224
 
Series K-1515, 1.636%, due 02/25/35, Callable: 11/25/34 (c)
   
               794,636
       
                 82,194
 
Series K-1518, 0.955%, due 10/25/35, Callable: 07/25/35 (c)
   
            1,476,340
       
                 98,812
 
Series K-1521, 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 2020-R02
                 
Series 2020-R02, 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 2022-R01
                 
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 2022-R03
                 
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 2022-R04
                 
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 2022-R05
                 
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 2022-R06
                 
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 2022-R08
                 
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 2022-R09
                 
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 2023-R01
                 
Series 2023-R01, 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 2023-R03
                 
Series 2023-R03, 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 2023-R06
                 
Series 2023-R06, 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 2021-R02, 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 Interest-Only Strips - 2.0%
                 
Fannie Mae Interest Strip
                 
3.500%, due 04/25/44
   
            2,145,429
       
               348,014
 
Fannie Mae REMICS
                 
Series 2013-60, 3.000%, due 06/25/31
   
               949,675
       
                 11,945
 
Series 2014-63, 3.500%, due 06/25/33
   
               447,227
       
                   6,935
 
Series 2007-50, 1.021%, due 06/25/37 (6.336% - SOFR 30 Day Average) (a)
   
            1,663,268
       
               120,801
 
Series 2009-52, 5.000%, due 07/25/39
   
                 70,798
       
                 10,911
 
Series 2009-78, 1.311%, due 10/25/39 (6.626% - SOFR 30 Day Average) (a)
   
            2,465,513
       
               226,832
 
Series 2009-86, 5.500%, due 10/25/39
   
                 62,983
       
                 11,833
 
Series 2010-19, 0.821%, due 03/25/40 (6.136% - SOFR 30 Day Average) (a)
   
            3,795,876
       
               271,536
 
Series 2011-124, 1.071%, due 12/25/41 (6.386% - SOFR 30 Day Average) (a)
   
               342,775
       
                 34,621
 
Series 2012-20, 1.021%, due 03/25/42 (6.336% - SOFR 30 Day Average) (a)
   
               339,863
       
                 29,353
 
Series 2012-76, 0.571%, due 07/25/42 (5.886% - SOFR 30 Day Average) (a)
   
               169,815
       
                 14,083
 
Series 2014-28, 0.621%, due 05/25/44 (5.936% - SOFR 30 Day Average) (a)
   
               816,835
       
                 58,398
 
Series 2017-53, 4.000%, due 07/25/47
   
               144,677
       
                 23,784
 
Series 2008-22, 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 2020-99, 3.500%, due 04/25/50
   
            4,181,040
       
               736,652
 
Series 2020-79, 4.000%, due 11/25/50
   
            5,610,889
       
            1,125,229
 
                 
            3,931,573
 
Government National Mortgage Association Interest-Only Strips - 0.1%
                 
Government National Mortgage Association
                 
Series 2010-133, 0.621%, due 10/16/40, Callable: Currently (5.956% - 1 Month SOFR Rate) (a)
   
            1,835,660
       
                 67,317
 
Series 2014-102, 0.196%, due 02/20/44, Callable: Currently (5.536% - 1 Month SOFR Rate) (a)
   
            1,556,627
       
                 66,532
 
Series 2018-083, 5.000%, due 01/20/48, Callable: Currently
   
               721,451
       
               112,157
 
                 
               246,006
 
Total Agency Mortgage-Backed Obligations (Cost $21,178,904)
             
           18,568,047
 
                   
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 13.4%
                 
ACE Securities Corp Mortgage Loan Trust Series 2007-D1
                 
Series 2007-D1, 6.930%, due 02/25/38, Callable: 12/25/26 (b)
   
               298,181
       
               234,590
 
Alternative Loan Trust 2006-HY11
                 
Series A-1, 4.049%, due 06/25/36, Callable: 10/25/23 (1 Month SOFR Rate + 0.354%) (a)
   
               226,081
       
               194,098
 
Alternative Loan Trust 2007-16CB
                 
Series 2007-16CB, 6.250%, due 08/25/37, Callable: 10/25/23
   
               468,954
       
               242,415
 
Alternative Loan Trust 2007-OA4
                 
Series 2007-OA4, 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 2019-2
                 
Series 2019-2, 6.286%, due 03/25/49, Callable: 10/25/23 (b)(c)
   
            1,300,000
       
            1,261,885
 
Arroyo Mortgage Trust 2019-1
                 
Series 2019-1, 3.805%, due 01/25/49, Callable: 10/25/23 (b)(c)
   
                 48,667
       
                 44,154
 
Arroyo Mortgage Trust 2019-2
                 
Series 2019-2, 3.800%, due 04/25/49, Callable: 10/25/23 (b)(c)
   
                 91,127
       
                 82,840
 
BAMLL Commercial Mortgage Securities Trust 2018-DSNY
                 
Series 2018-DSNY, 6.982%, due 09/15/34, (1 Month SOFR Rate + 1.397%) (a)(b)
   
               100,000
       
                 99,313
 
Bayview MSR Opportunity Master Fund Trust 2021-INV2
                 
Series A-F, 5.000%, due 12/25/51, Callable: 12/25/45 (SOFR 30 Day Average + 0.850%) (a)(b)
   
               438,610
       
               399,419
 
BBCMS 2019-BWAY Mortgage Trust
                 
Series 2019-BWAY, 8.298%, due 11/15/34 (1 Month SOFR Rate + 2.964%) (a)(b)
   
               100,000
       
                 23,241
 
BCRR 2016-FRR3 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 2004-10
                 
Series 2004-10, 4.636%, due 01/25/35, Callable: 10/25/23 (c)
   
               156,404
       
               140,702
 
Benchmark 2018-B2 Mortgage Trust
                 
Series 2018-B2, 4.292%, due 02/15/51, Callable: 02/15/28 (c)
   
               150,000
       
               116,177
 
Benchmark 2020-IG3 Mortgage Trust
                 
Series 2020-IG3, 3.291%, due 09/15/48, Callable: 04/15/30 (b)(c)
   
            1,000,000
       
               655,334
 
BOCA Commercial Mortgage Trust 2022-BOCA
                 
Series 2022-BOCA, 7.654%, due 05/15/39 (1 Month SOFR Rate + 2.319%) (a)(b)
   
               100,000
       
                 98,632
 
BPR Trust 2021-TY
                 
Series 2021-TY, 7.799%, due 09/15/38 (1 Month SOFR Rate + 2.464%) (a)(b)
   
               167,000
       
               155,542
 
BX Commercial Mortgage Trust 2019-IMC
                 
Series 2019-IMC, 7.280%, due 04/15/34 (1 Month SOFR Rate + 2.014%) (a)(b)
   
               100,000
       
                 98,500
 
BX Commercial Mortgage Trust 2019-XL
                 
Series 2019-XL, 6.369%, due 10/15/36 (1 Month SOFR Rate + 1.034%) (a)(b)
   
               229,730
       
               229,083
 
BX Commercial Mortgage Trust 2020-VKNG
                 
Series 2020-VKNG, 6.379%, due 10/15/37 (1 Month SOFR Rate + 1.044%) (a)(b)
   
               125,231
       
               123,939
 
BX Commercial Mortgage Trust 2021-21M
                 
Series TR, 7.619%, due 10/15/36 (1 Month SOFR Rate + 2.285%) (a)(b)
   
               186,253
       
               177,987
 
BX Commercial Mortgage Trust 2021-CIP
                 
Series 2021-CIP, 6.369%, due 12/15/38 (1 Month SOFR Rate + 1.035%) (a)(b)
   
               110,000
       
               107,662
 
BX Commercial Mortgage Trust 2021-SOAR
                 
Series 2021-SOAR, 7.799%, due 06/15/38 (1 Month SOFR Rate + 2.464%) (a)(b)
   
               928,405
       
               887,579
 
BX Commercial Mortgage Trust 2021-VOLT
                 
Series 2021-VOLT, 6.149%, due 09/15/36 (1 Month SOFR Rate + 0.814%) (a)(b)
   
               115,000
       
               111,971
 
BX Trust 2019-CALM
                 
Series 2019-CALM, 7.448%, due 11/15/32 (1 Month SOFR Rate + 2.114%) (a)(b)
   
               136,500
       
               134,197
 
BX Trust 2021-ARIA
                 
Series 2021-ARIA, 7.094%, due 10/15/36 (1 Month SOFR Rate + 1.760%) (a)(b)
   
               350,000
       
               337,201
 
BX Trust 2021-LBA
                 
Series 2021-LBA, 7.449%, due 02/15/36 (1 Month SOFR Rate + 2.114%) (a)(b)
   
               197,702
       
               188,681
 
BX Trust 2021-SDMF
                 
Series 2021-SDMF, 6.835%, due 09/15/34 (1 Month SOFR Rate + 1.501%) (a)(b)
   
               350,000
       
               337,529
 
BX Trust 2022-CLS
                 
Series 2022-CLS, 5.760%, due 10/13/27 (b)
   
               135,000
       
               130,256
 
BX Trust 2022-GPA
                 
Series 2022-GPA, 7.500%, due 08/15/39 (1 Month SOFR Rate + 2.165%) (a)(b)
   
               180,000
       
               180,338
 
BX Trust 2022-GPA
                 
Series 2022-GPA, 7.999%, due 08/15/41 (1 Month SOFR Rate + 2.664%) (a)(b)
   
               110,000
       
               110,000
 
BX Trust 2022-LBA6
                 
Series 2022-LBA6, 6.935%, due 01/15/39 (1 Month SOFR Rate + 1.600%) (a)(b)
   
               350,000
       
               340,373
 
CAMB Commercial Mortgage Trust 2019-LIFE
                 
Series 2019-LIFE, 6.452%, due 12/15/37 (1 Month SOFR Rate + 1.117%) (a)(b)
   
               100,000
       
                 99,500
 
CHL Mortgage Pass-Through Trust 2007-HY5
                 
Series 2007-HY5, 5.062%, due 09/25/37, Callable: 10/25/23 (c)
   
               581,109
       
               500,242
 
CIM Trust 2018-INV1
                 
Series 2018-INV1, 4.000%, due 08/25/48, Callable: 01/25/38 (b)(c)
   
               210,001
       
               185,812
 
CIM Trust 2019-INV2
                 
Series 2019-INV2, 4.000%, due 05/25/49, Callable: 05/25/33 (b)(c)
   
                 16,111
       
                 14,328
 
CIM Trust 2019-J1
                 
Series 2019-J1, 3.942%, due 08/25/49, Callable: 08/25/28 (b)(c)
   
               171,366
       
               149,275
 
Citigroup Commercial Mortgage Trust 2013-GC17
                 
Series D, 5.100%, due 11/10/46, Callable: 11/10/23 (b)(c)
   
               100,000
       
                 91,329
 
Citigroup Commercial Mortgage Trust 2015-GC27
                 
Series C, 4.419%, due 02/10/48, Callable: 01/10/25 (c)
   
               164,000
       
               145,002
 
Citigroup Commercial Mortgage Trust 2016-P4
                 
Series 2016-P4, 3.940%, due 07/10/49, Callable: 07/10/26 (b)(c)
   
               500,000
       
               364,683
 
Citigroup Commercial Mortgage Trust 2018-C6
                 
Series D, 5.063%, due 11/10/51, Callable: 11/10/28 (b)(c)
   
               380,000
       
               264,958
 
Citigroup Commercial Mortgage Trust 2019-SMRT
                 
Series E, 4.745%, due 01/10/36 (b)(c)
   
               116,000
       
               115,741
 
Citigroup Commercial Mortgage Trust 2023-SMRT
                 
Series A, 5.820%, due 10/12/40 (b)(c)
   
               100,000
       
                 97,944
 
Citigroup Mortgage Loan Trust 2015-RP2
                 
Series B-4, 4.250%, due 01/25/53, Callable: 09/25/32 (b)
   
               494,459
       
               451,860
 
COLT 2022-5 Mortgage Loan Trust
                 
Series 2022-5, 4.550%, due 04/25/67, Callable: 04/25/25 (b)(c)
   
                 84,538
       
                 79,889
 
Credit Suisse Mortgage Capital Certificates 2019-ICE4
                 
Series 2019-ICE4, 6.362%, due 05/15/36 (1 Month SOFR Rate + 1.027%) (a)(b)
   
               139,653
       
               139,303
 
CSAIL 2020-C19 Commercial Mortgage Trust
                 
Series 2020-C19, 2.500%, due 03/15/53, Callable: 03/15/30 (b)
   
               400,000
       
               180,135
 
CSMC 2020-NET
                 
Series 2020-NET, 3.704%, due 08/15/37 (b)(c)
   
               118,000
       
               101,390
 
CSMC Series 2019-NQM1
                 
Series 2019-NQM1, 2.656%, due 10/25/59, Callable: 10/25/23 (b)
   
                 12,749
       
                 12,028
 
Deephaven Residential Mortgage Trust 2022-2
                 
Series 2022-2, 4.300%, due 03/25/67, Callable: 04/25/25 (b)(c)
   
               501,744
       
               457,060
 
First Republic Mortgage Trust 2020-1
                 
Series B-1, 2.886%, due 04/25/50 (b)(c)
   
               693,736
       
               574,327
 
Flagstar Mortgage Trust 2018-6RR
                 
Series 2018-6RR, 4.919%, due 10/25/48, Callable: 12/25/28 (b)(c)
   
               446,039
       
               406,285
 
Fontainebleau Miami Beach Trust 2019-FBLU
                 
Series G, 3.963%, due 12/10/36 (b)(c)
   
               112,000
       
               105,063
 
FREMF 2019-KF71 Mortgage Trust
                 
Series 2019-KF71, 11.426%, due 10/25/29, Callable: 10/25/29 (SOFR 30 Day Average + 6.114%) (a)(b)
   
               150,013
       
               145,390
 
GCAT 2022-NQM4 Trust
                 
Series 2022-NQM4, 5.269%, due 08/25/67, Callable: 08/25/25 (b)
   
                 91,167
       
                 88,492
 
Great Wolf Trust 2019-WOLF
                 
Series 2019-WOLF, 6.782%, due 12/15/36 (1 Month SOFR Rate + 1.448%) (a)(b)
   
               100,000
       
                 99,000
 
Great Wolf Trust 2019-WOLF
                 
Series 2019-WOLF, 7.081%, due 12/15/36 (1 Month SOFR Rate + 1.747%) (a)(b)
   
               300,000
       
               296,437
 
GS Mortgage Securities Corp Trust 2018-RIVR
                 
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 2018-RIVR
                 
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 2015-GS1
                 
Series 2015-GS1, 4.037%, due 11/10/48, Callable: 11/10/25 (c)
   
                 87,000
       
                 77,152
 
GS Mortgage-Backed Securities Corp Trust 2020-PJ6
                 
Series A-4, 2.500%, due 05/25/51, Callable: 07/25/43 (b)(c)
   
               320,563
       
               241,154
 
GS Mortgage-Backed Securities Trust 2022-PJ1
                 
Series 2022-PJ1, 2.500%, due 05/28/52, Callable: 01/25/46 (b)(c)
   
               271,076
       
               199,315
 
GSAA Home Equity Trust 2005-6
                 
Series 2005-6, 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 2006-4
                 
Series 2006-4, 3.778%, due 03/25/36, Callable: 10/25/23 (c)
   
               395,829
       
               242,502
 
GSAA Home Equity Trust 2007-7
                 
Series 2007-7, 5.974%, due 07/25/37, Callable: 10/25/23 (1 Month SOFR Rate + 0.654%) (a)
   
               116,946
       
               110,122
 
GSCG Trust 2019-600C
                 
Series 2019-600C, 3.985%, due 09/06/34 (b)(c)(d)
   
               183,000
       
                 45,750
 
Home RE 2021-1 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 2020-BPL1
                 
Series A2, 5.438%, due 08/25/25, Callable: Currently (b)
   
                 28,340
       
                 28,301
 
Hundred Acre Wood Trust 2021-INV1
                 
Series A27, 2.500%, due 07/25/51, Callable: 05/25/42 (b)(c)
   
               324,092
       
               236,271
 
INTOWN 2022-STAY Mortgage Trust
                 
Series 2022-STAY, 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 2018-AON
                 
Series D, 4.613%, due 07/05/31 (b)(c)
   
               132,000
       
                 77,006
 
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT
                 
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 2020-NNN
                 
Series 3.97200, 3.972%, due 01/16/37, Callable: 01/16/25 (b)
   
               100,000
       
                 82,593
 
JP Morgan Mortgage Trust 2018-8
                 
Series 2018-8, 4.042%, due 01/25/49, Callable: 10/25/23 (b)(c)
   
               444,469
       
               381,091
 
JP Morgan Mortgage Trust 2019-8
                 
Series 2019-8, 3.158%, due 03/25/50, Callable: 08/25/26 (b)(c)
   
               184,200
       
               146,325
 
JP Morgan Mortgage Trust 2019-8
                 
Series 2019-8, 3.500%, due 03/25/50, Callable: 08/25/26 (b)(c)
   
                   8,699
       
                   7,325
 
JP Morgan Mortgage Trust 2020-4
                 
Series 2020-4, 3.000%, due 11/25/50, Callable: 05/25/36 (b)(c)
   
               191,094
       
               154,804
 
JP Morgan Mortgage Trust 2022-5
                 
Series 2022-5, 2.800%, due 09/25/52, Callable: 10/25/43 (b)(c)
   
               461,504
       
               347,947
 
JPMBB Commercial Mortgage Securities Trust 2015-C27
                 
Series D, 3.803%, due 02/15/48, Callable: 09/15/26 (b)(c)
   
               124,000
       
                 74,953
 
Legacy Mortgage Asset Trust 2020-GS3
                 
Series A2, 7.000%, due 05/25/60, Callable: 10/25/23 (b)
   
               926,558
       
               838,813
 
Life 2022-BMR Mortgage Trust
                 
Series A-1, 6.630%, due 05/15/39, Callable: 05/15/24 (1 Month SOFR Rate + 1.295%) (a)(b)
   
               170,000
       
               166,918
 
Life 2022-BMR 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 2016-4
                 
Series 2016-4, 4.606%, due 03/10/49, Callable: 03/10/26 (b)(c)
   
               274,000
       
               241,138
 
Med Trust 2021-MDLN
                 
Series 2021-MDLN, 7.448%, due 11/15/38 (1 Month SOFR Rate + 2.114%) (a)(b)
   
               348,328
       
               333,522
 
MFA 2020-NQM3 Trust
                 
1.632%, due 01/26/65, Callable: 11/25/23 (b)(c)
   
               107,576
       
                 97,122
 
MHC Commercial Mortgage Trust 2021-MHC
                 
Series 2021-MHC, 8.049%, due 04/15/38 (1 Month SOFR Rate + 2.715%) (a)(b)
   
               276,747
       
               266,820
 
Morgan Stanley Capital I Trust 2019-NUGS
                 
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 2019-NUGS
                 
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 2019-PLND
                 
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 2018-SELF
                 
Series 2018-SELF, 8.632%, due 10/15/37 (1 Month SOFR Rate + 3.097%) (a)(b)
   
               137,081
       
               134,553
 
NewRez Warehouse Securitization Trust 2021-1
                 
Series 21-1, 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 2020-1NYP
                 
Series C, 7.649%, due 01/15/36 (1 Month SOFR Rate + 2.314%) (a)(b)
   
               160,000
       
               140,143
 
PR Mortgage Loan Trust 2014-1
                 
Series 2014-1, 5.851%, due 10/25/49, Callable: 04/25/30 (b)(c)(d)
   
            1,047,973
       
               926,105
 
Provident Funding Mortgage Trust 2021-J1
                 
Series FLT, 2.000%, due 10/25/51, Callable: 02/25/43 (b)(c)
   
               200,000
       
               104,568
 
RATE Mortgage Trust 2021-HB1
                 
Series FLT, 2.500%, due 12/25/51, Callable: 12/25/45 (b)(c)
   
               455,140
       
               332,377
 
RCKT Mortgage Trust 2021-1
                 
Series 2021-1, 2.718%, due 03/25/51, Callable: 08/25/46 (b)(c)
   
               465,416
       
               342,751
 
Renaissance Home Equity Loan Trust 2004-4
                 
Series 2004-4, 5.318%, due 02/25/35, Callable: 10/25/23
   
               291,913
       
               243,108
 
RLGH Trust 2021-TROT
                 
Series 2021-TROT, 6.249%, due 04/15/36 (1 Month SOFR Rate + 0.914%) (a)(b)
   
               100,000
       
                 97,501
 
RLGH Trust 2021-TROT
                 
Series 2021-TROT, 7.163%, due 04/15/36 (1 Month SOFR Rate + 1.828%) (a)(b)
   
               175,000
       
               168,938
 
SCOTT Trust 2023-SFS
                 
Series 2023-SFS, 6.204%, due 03/15/40 (b)
   
               100,000
       
                 95,952
 
Sequoia Mortgage Trust 2021-3
                 
Series B-3, 2.650%, due 05/25/51, Callable: 07/25/42 (b)(c)
   
               470,363
       
               312,375
 
SMRT 2022-MINI
                 
Series 2022-MINI, 6.685%, due 01/15/39 (1 Month SOFR Rate + 1.350%) (a)(b)
   
               250,000
       
               243,046
 
UBS Commercial Mortgage Trust 2017-C4
                 
Series 2017-C4, 4.534%, due 10/15/50, Callable: 10/15/27 (c)
   
               250,000
       
               206,897
 
Velocity Commercial Capital Loan Trust 2020-2
                 
5.000%, due 05/25/50, Callable: Currently (b)(c)
   
               500,000
       
               458,207
 
Verus Securitization Trust 2022-4
                 
Series A-2, 4.740%, due 04/25/67, Callable: 04/25/25 (b)(c)
   
                 80,670
       
                 74,805
 
Verus Securitization Trust 2022-8
                 
Series 2022-8, 6.127%, due 09/25/67, Callable: 10/25/25 (b)
   
                 91,862
       
                 87,731
 
Verus Securitization Trust 2022-INV1
                 
Series 2022-INV1, 5.041%, due 08/25/67, Callable: 08/25/25 (b)
   
                 89,218
       
                 85,763
 
WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust
                 
Series 2007-HY3, 3.479%, due 03/25/37, Callable: 10/25/23 (c)
   
               360,725
       
               276,337
 
Wells Fargo Commercial Mortgage Trust 2021-C59
                 
Series E, 2.500%, due 04/15/54, Callable: 04/15/31 (b)
   
               400,000
       
               196,891
 
WFRBS Commercial Mortgage Trust 2014-C21
                 
Series 2014-C21, 3.497%, due 08/15/47, Callable: 08/15/24 (b)
   
               300,000
       
               229,612
 
Total Non-Agency Mortgage-Backed Obligations (Cost $31,050,753)
             
           25,777,103
 
                     
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS - 1.8%
                 
BANK 2017-BNK8
                 
Series 2017-BNK8, 1.295%, due 11/15/50, Callable: 08/15/27 (b)(c)
   
            7,050,000
       
               305,816
 
BANK 2018-BNK11
                 
Series 2018-BNK11, 0.450%, due 03/15/61, Callable: 01/15/28 (c)
   
          11,220,549
       
               200,186
 
BANK 2019-BNK21
                 
Series 2019-BNK21, 0.838%, due 10/17/52, Callable: 07/15/29 (c)
   
            4,030,909
       
               153,730
 
BANK 2020-BNK30
                 
Series 2020-BNK30, 1.302%, due 12/15/53 (c)
   
            1,258,733
       
                 80,806
 
Barclays Commercial Mortgage Trust 2019-C3
                 
Series 2019-C3, 1.309%, due 05/15/52, Callable: 03/15/29 (c)
   
            1,408,678
       
                 78,757
 
BBCMS Mortgage Trust 2021-C11
                 
Series 2021-C11, 1.520%, due 09/15/54 (b)(c)
   
            1,255,000
       
               116,164
 
Benchmark 2018-B4 Mortgage Trust
                 
Series 2018-B4, 1.750%, due 07/15/51, Callable: 04/15/28 (b)(c)
   
            7,000,000
       
               453,911
 
Benchmark 2019-B10 Mortgage Trust
                 
Series 2019-B10, 0.881%, due 03/15/62, Callable: 01/15/29 (b)(c)
   
            2,820,000
       
               118,430
 
Benchmark 2020-B17 Mortgage Trust
                 
Series 2020-B17, 1.414%, due 03/15/53, Callable: 01/15/30 (c)
   
            2,528,298
       
               131,863
 
Benchmark 2020-B18 Mortgage Trust
                 
Series 2020-B18, 1.786%, due 07/15/53, Callable: 05/15/30 (c)
   
            1,550,561
       
               103,915
 
Benchmark 2021-B25 Mortgage Trust
                 
Series 2021-B25, 1.094%, due 04/15/54, Callable: 02/15/31 (c)
   
            2,217,410
       
               123,937
 
Benchmark 2023-V2 Mortgage Trust
                 
Series 2023-V2, 0.994%, due 05/15/55, Callable: 03/15/28 (c)
   
            1,802,034
       
                 69,569
 
CD 2017-CD4 Mortgage Trust
                 
Series 2017-CD4, 1.223%, due 05/10/50, Callable: 05/10/27 (c)
   
            1,371,621
       
                 44,821
 
CFCRE Commercial Mortgage Trust 2016-C4
                 
Series 2016-C4, 1.603%, due 05/10/58, Callable: 05/10/26 (c)
   
               642,518
       
                 18,807
 
Citigroup Commercial Mortgage Trust 2016-C1
                 
Series XA, 1.819%, due 05/10/49, Callable: 06/10/26 (c)
   
               726,164
       
                 26,614
 
Citigroup Commercial Mortgage Trust 2017-P8
                 
Series X-A, 0.868%, due 09/15/50, Callable: 07/15/27 (c)
   
               962,287
       
                 24,899
 
Citigroup Commercial Mortgage Trust 2019-C7
                 
Series X-A, 0.860%, due 12/15/72, Callable: 10/15/29 (c)
   
            3,925,456
       
               152,081
 
COMM 2013-CCRE12 Mortgage Trust
                 
Series 2013-CCRE12, 0.819%, due 10/10/46, Callable: 11/10/23 (c)(d)
   
            1,050,359
       
                        46
 
COMM 2015-LC21 Mortgage Trust
                 
Series 2015-LC21, 0.635%, due 07/10/48, Callable: 07/10/25 (c)
   
            1,290,353
       
                 10,744
 
CSAIL 2016-C6 Commercial Mortgage Trust
                 
Series 2016-C6, 1.858%, due 01/15/49, Callable: 02/15/26 (c)
   
               596,490
       
                 20,956
 
CSAIL 2017-CX10 Commercial Mortgage Trust
                 
Series 2017-CX10, 0.748%, due 11/15/50, Callable: 09/15/27 (c)
   
            4,715,516
       
               106,243
 
CSAIL 2018-CX12 Commercial Mortgage Trust
                 
Series 2018-CX12, 0.532%, due 08/15/51, Callable: 06/15/28 (c)
   
            4,168,463
       
               113,696
 
FREMF 2019-KG01 Mortgage Trust
                 
Series 2019-KG01, 0.100%, due 04/25/29, Callable: 02/25/29 (b)
   
            5,084,181
       
                 14,840
 
Series 2019-KG01, 0.100%, due 05/25/29, Callable: 02/25/29 (b)
   
               570,000
       
                   2,250
 
GS Mortgage Securities Trust 2011-GC3
                 
Series 2011-GC3, 0.000%, due 03/10/44, Callable: 10/10/23 (b)(c)(d)
   
               502,922
       
                          5
 
GS Mortgage Securities Trust 2019-GC42
                 
Series X-A, 0.802%, due 09/10/52, Callable: 06/10/29 (c)
   
            2,304,756
       
                 77,873
 
GS Mortgage Securities Trust 2020-GC47
                 
Series X-A, 1.127%, due 05/12/53, Callable: 02/12/30 (c)
   
            1,461,494
       
                 79,796
 
GS Mortgage Securities Trust 2020-GSA2
                 
Series X-A, 1.717%, due 12/12/53, Callable: 10/10/30 (b)(c)
   
            1,197,834
       
                 99,136
 
JPMBB Commercial Mortgage Securities Trust 2014-C19
                 
Series X-A, 0.558%, due 04/15/47, Callable: 01/15/25 (c)
   
          10,253,827
       
                   2,235
 
JPMDB Commercial Mortgage Securities Trust 2016-C2
                 
Series X-A, 1.479%, due 06/15/49, Callable: 03/15/26 (c)
   
               880,330
       
                 23,969
 
LSTAR Commercial Mortgage Trust 2016-4
                 
Series 2016-4, 1.683%, due 03/10/49, Callable: 03/10/26 (b)(c)
   
               835,446
       
                 17,092
 
LSTAR Commercial Mortgage Trust 2017-5
                 
Series 2017-5, 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 2013-C13
                 
Series 2013-C13, 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 2014-C19, 0.951%, due 12/15/47, Callable: 10/15/26 (c)
   
            2,026,587
       
                 12,010
 
Morgan Stanley Capital I Trust 2016-UBS12
                 
Series X-A, 0.649%, due 12/15/49, Callable: 09/15/26 (c)
   
            2,634,049
       
                 40,439
 
PMTT4
                 
Series 2017-PM1, 0.000%, due 10/25/48 (b)
   
        149,674,533
       
               454,517
 
SG Commercial Mortgage Securities Trust 2016-C5
                 
Series 2016-C5, 1.860%, due 10/10/48, Callable: 07/10/26 (c)
   
               933,007
       
                 31,775
 
UBS Commercial Mortgage Trust 2018-C9
                 
Series 2018-C9, 0.913%, due 03/15/51, Callable: 01/15/28 (c)
   
            2,186,938
       
                 71,757
 
Wells Fargo Commercial Mortgage Trust 2018-C45
                 
Series X-A, 0.772%, due 06/15/51, Callable: 04/15/28 (c)
   
            4,909,850
       
               140,353
 
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $5,968,187)
             
            3,556,219
 
                   
ASSET-BACKED SECURITIES - 6.9%
                 
Air Canada 2017-1 Class B Pass Through Trust
                 
Series 2017-1, 3.700%, due 01/15/26 (b)
   
               510,582
       
               481,161
 
American Tower Trust #1
                 
Series 2023-1, 5.490%, due 03/15/28, Callable: 03/15/27 (b)
   
               155,000
       
               151,853
 
AMSR 2021-SFR1 Trust
                 
Series 2021-SFR1, 2.900%, due 06/17/38 (b)
   
            1,200,000
       
               966,054
 
AMSR 2021-SFR3 Trust
                 
Series 2021-SFR3, 4.896%, due 10/17/38 (b)
   
               550,000
       
               483,447
 
Applebee's Funding LLC
                 
Series 2019-1, 4.723%, due 06/05/49, Callable: 06/05/24 (b)
   
                 99,000
       
                 91,508
 
Aqua Finance Trust 2021-A
                 
Series 2021-A, 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 2021-1, 0.931%, due 04/15/27, Callable: Currently (b)
   
               150,000
       
               145,564
 
Commonbond Student Loan Trust 2018-BGS
                 
Series C, 4.120%, due 09/25/45, Callable: 09/25/25 (b)
   
                   7,674
       
                   6,236
 
DataBank Issuer
                 
Series 2023-1, 5.116%, due 02/25/53, Callable: 02/25/26 (b)
   
               605,000
       
               559,283
 
DB Master Finance LLC
                 
Series 2019-1, 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 2004-FF10
                 
Series M-1, 6.709%, due 07/25/34, Callable: 10/25/23 (1 Month SOFR Rate + 1.389%) (a)
   
               113,997
       
               110,585
 
FirstKey Homes 2020-SFR2 Trust
                 
Series TR, 1.266%, due 10/19/37 (b)
   
                 98,275
       
                 89,125
 
GM Financial Automobile Leasing Trust 2022-3
                 
Series C, 5.130%, due 08/20/26, Callable: 12/20/24
   
               250,000
       
               244,334
 
GoodLeap Sustainable Home Solutions Trust 2023-1
                 
Series A, 5.520%, due 02/22/55, Callable: 10/20/42 (b)
   
               238,290
       
               221,398
 
Home Partners of America 2019-1 Trust
                 
Series 2019-1, 3.157%, due 09/17/39, Callable: 09/17/24 (b)
   
                 78,915
       
                 71,410
 
Marlette Funding Trust 2022-3
                 
Series 2022-3, 5.180%, due 11/15/32, Callable: 11/15/26 (b)
   
                 55,272
       
                 55,062
 
Mill City Solar Loan 2019-2 Ltd.
                 
Series 2019-2, 3.690%, due 07/20/43, Callable: 05/20/35 (b)
   
                 71,849
       
                 60,333
 
Morgan Stanley ABS Capital I Inc Trust 2006-NC1
                 
Series 2006-NC1, 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 2018-1
                 
Series 2018-1, 4.010%, due 06/22/43, Callable: 02/20/30 (b)
   
               159,689
       
               146,415
 
Mosaic Solar Loan Trust 2018-2-GS
                 
Series 2018-2-GS, 4.200%, due 02/22/44, Callable: 02/20/30 (b)
   
               175,291
       
               160,522
 
Series 2018-2-GS, 4.740%, due 02/22/44, Callable: 02/20/30 (b)
   
               109,968
       
                 99,021
 
MVW Owner Trust 2018-1
                 
Series 2018-1, 3.450%, due 01/21/36, Callable: 06/20/24 (b)
   
                 17,067
       
                 16,630
 
Navient Private Education Refi Loan Trust 2019-G
                 
Series A, 2.400%, due 10/15/68, Callable: 01/15/27 (b)
   
                 56,948
       
                 52,890
 
Navient Private Education Refi Loan Trust 2020-B
                 
Series A-2, 2.120%, due 01/15/69, Callable: 02/15/27 (b)
   
               114,572
       
               104,258
 
Navient Private Education Refi Loan Trust 2020-H
                 
Series A, 1.310%, due 01/15/69, Callable: 08/15/27 (b)
   
                 74,048
       
                 67,260
 
Navient Private Education Refi Loan Trust 2021-A
                 
Series A, 0.840%, due 05/15/69, Callable: 04/15/28 (b)
   
                 59,346
       
                 51,209
 
Navient Private Education Refi Loan Trust 2021-B
                 
Series A, 0.940%, due 07/15/69, Callable: 01/15/29 (b)
   
                 50,973
       
                 43,826
 
Navient Private Education Refi Loan Trust 2021-F
                 
Series A, 1.110%, due 02/18/70, Callable: 03/15/30 (b)
   
               443,603
       
               369,690
 
Neighborly Issuer LLC
                 
Series A-2, 3.584%, due 04/30/51, Callable: 10/30/26 (b)
   
               488,750
       
               406,468
 
OCCU Auto Receivables Trust 2022-1
                 
Series 2022-1, 5.500%, due 10/15/27, Callable: 02/15/27 (b)
   
               135,000
       
               133,933
 
Pagaya AI Debt Trust 2023-3
                 
Series 2023-3, 7.600%, due 12/16/30, Callable: 04/15/25 (b)
   
               424,379
       
               427,260
 
Progress Residential 2020-SFR3 Trust
                 
Series TR, 4.105%, due 10/17/27 (b)
   
            2,000,000
       
            1,859,469
 
Progress Residential 2021-SFR3
                 
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 2022-3
                 
Series C, 4.490%, due 08/15/29, Callable: 08/15/25
   
               200,000
       
               192,967
 
SBA Tower Trust
                 
Series 2022-1, 6.599%, due 01/15/28, Callable: 01/15/27 (b)
   
               210,000
       
               210,092
 
SoFi Consumer Loan Program 2023-1S Trust
                 
Series 2023-1S, 5.810%, due 05/15/31, Callable: 10/15/25 (b)
   
                 54,288
       
                 54,209
 
Sofi Professional Loan Program 2018-C Trust
                 
Series R-1, 0.000%, due 01/25/48, Callable: 03/25/26 (b)(d)
   
                 10,000
       
               105,341
 
SoFi Professional Loan Program 2020-C Trust
                 
Series 1.95000, 1.950%, due 02/15/46, Callable: 05/15/28 (b)
   
                 88,534
       
                 78,703
 
SoFi Professional Loan Program 2021-B 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 2006-BC3
                 
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 2019-1 LLC
                 
Series 2019-1, 3.980%, due 06/30/54, Callable: 06/30/30 (b)
   
               100,939
       
                 90,007
 
Taco Bell Funding LLC
                 
Series 2016-1, 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
 
T-Mobile US Trust 2022-1
                 
Series 2022-1, 4.910%, due 05/22/28, Callable: 11/20/25 (b)
   
               160,000
       
               158,046
 
VOLT XCII LLC
                 
Series 2021-NPL1, 4.949%, due 02/27/51, Callable: 10/25/23 (b)
   
               700,000
       
               621,808
 
Wendy's Funding LLC
                 
Series 2019-1, 3.783%, due 06/15/49, Callable: 03/15/24 (b)
   
                 90,250
       
                 82,994
 
Wingstop Funding LLC
                 
Series 2020-1, 2.841%, due 12/05/50, Callable: 06/05/24 (b)
   
               246,250
       
               213,160
 
ZAXBY'S FUNDING LLC
                 
Series 2021-1, 3.238%, due 07/30/51, Callable: 07/30/25 (b)
   
               147,000
       
               120,983
 
Total Asset-Backed Securities (Cost $15,103,219)
             
          13,189,323
 
                   
COLLATERALIZED LOAN OBLIGATIONS - 6.5%
                 
ACREC 2021-FL1 Ltd.
                 
Series 2021-FL1, 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 2020-1, 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 2021-FL4 Ltd.
                 
Series 2021-FL4, 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 2018-49, 7.624%, due 07/22/30, Callable: 10/22/23 (3 Month SOFR Rate + 2.212%) (a)(b)
   
            1,000,000
       
               976,105
 
BDS 2020-FL5 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 2014-1 Ltd.
                 
Series 2014-1R, 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 2021-2 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 2015-IV 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 2021-IV Ltd.
                 
Series 2021-IV, 8.555%, due 07/15/33, Callable: 10/15/23 (3 Month SOFR Rate + 3.162%) (a)(b)
   
               500,000
       
               480,230
 
CLNC 2019-FL1 Ltd.
                 
Series 2019-FL1, 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 2018-27R, 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 2015-40R, 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 2019-FL2 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 2018-8, 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 2023-1 Ltd.
                 
Series 2023-1, 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 C-R, 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 2021-8, 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 D-R, 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 2013-1 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 2023-1 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 2022-2 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
 
TCI-Flatiron Clo 2018-1 Ltd.
                 
Series C-R, 7.381%, due 01/29/32, Callable: 10/29/23 (3 Month SOFR Rate + 2.012%) (a)(b)
   
               250,000
       
               244,504
 
TCW CLO 2021-1 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 2023-1 Ltd.
                 
Series 2023-1, 8.866%, due 04/28/36, Callable: 04/28/25 (3 Month SOFR Rate + 3.500%) (a)(b)
   
               400,000
       
               396,175
 
Wind River 2014-3 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
 
Cleveland-Cliffs, 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
 
Freeport-McMoRan, 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
 
McGraw-Hill 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
 
T-Mobile 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 2020-1 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)