SEC Form N-CSRS filed by Putnam Premier Income Trust

Putnam
Premier Income
Trust

Semiannual report
1 | 31 | 25

 

Message from the Trustees

March 17, 2025

Dear Fellow Shareholder:

We are pleased to provide the semi-annual report of Putnam Premier Income Trust for the six-month reporting period ended January 31, 2025. Please read on for Fund performance information during the Fund’s reporting period.

We extend our sincere thanks to Kenneth R. Leibler, who retired from the Board on June 30, 2024, after serving as a Trustee since 2006 and Chair of the Board since 2018. Effective July 1, 2024, Barbara M. Baumann, a Trustee since 2010 and Vice Chair from 2022 to 2024, was appointed Chair of the Board. Effective May 17, 2024, Gregory G. McGreevey joined the Board as an independent Trustee, having previously served as Senior Managing Director, Investments, at Invesco Ltd. until 2023.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. For more information on your Fund, visit www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:

• Fund prices and performance,
• Market insights and commentaries from our portfolio managers, and
• A host of educational resources.

We look forward to helping you meet your financial goals.

Allocations are shown as a percentage of the fund’s net assets as of 1/31/25. Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Allocations may not total 100% because the chart includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), including to-be-announced mortgage security trades, if any, in addition to the market value of securities. Holdings and allocations may vary over time.

 

Other information for shareholders

Important notice regarding share repurchase program

In September 2024, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal allows your fund to repurchase, in the 365 days beginning October 1, 2024, up to 10% of the fund’s common shares outstanding as of September 30, 2024.

Important notice regarding delivery of shareholder documents

In accordance with Securities and Exchange Commission (SEC) regulations, Putnam sends a single notice of internet availability, or a single printed copy, of annual and semian-nual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within 30 days.

Proxy voting

The Investment Manager is committed to managing our funds in the best interests of our shareholders. The Putnam Investments’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2024, are available at franklintempleton.com/regulatory-fund-documents and on the SEC’s website, www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330. You may also obtain The Putnam Investments’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.

Fund portfolio holdings

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the fund’s Form N-PORT on the SEC’s website at www.sec.gov.

 

Important notice regarding Putnam’s privacy policy

In order to conduct business with our shareholders, we must obtain certain personal information such as account holders’ names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.

It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.

Under certain circumstances, we must share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. Finally, it is our policy to share account information with your financial representative, if you’ve listed one on your Putnam account.

 

Summary of Putnam closed-end funds’ amended and restated dividend reinvestment plans

Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust and Putnam Premier Income Trust (each, a “Fund” and collectively, the “Funds”) each offer a dividend reinvestment plan (each, a “Plan” and collectively, the “Plans”). If you participate in a Plan, all income dividends and capital gain distributions are automatically reinvested in Fund shares by the Fund’s agent, Putnam Investor Services, Inc. (the “Agent”). If you are not participating in a Plan, every month you will receive all dividends and other distributions in cash, paid by check and mailed directly to you or your intermediary.

Upon a purchase (or, where applicable, upon registration of transfer on the shareholder records of a Fund) of shares of a Fund by a registered shareholder, each such shareholder will be deemed to have elected to participate in that Fund’s Plan. Each such shareholder will have all distributions by a Fund automatically reinvested in additional shares, unless such shareholder elects to terminate participation in a Plan by instructing the Agent to pay future distributions in cash. Shareholders who were not participants in a Plan as of January 31, 2010, will continue to receive distributions in cash but may enroll in a Plan at any time by contacting the Agent.

If you participate in a Fund’s Plan, the Agent will automatically reinvest subsequent distributions, and the Agent will send you a confirmation in the mail telling you how many additional shares were issued to your account.

To change your enrollment status or to request additional information about the Plans, you may contact the Agent either in writing, at P.O. Box 8383, Boston, MA 02266-8383, or by telephone at 1-800-225-1581 during normal East Coast business hours.

How you acquire additional shares through a Plan If the market price per share for your Fund’s shares (plus estimated brokerage commissions) is greater than or equal to their net asset value per share on the payment date for a distribution, you will be issued shares of the Fund at a value equal to the higher of the net asset value per share on that date or 95% of the market price per share on that date.

If the market price per share for your Fund’s shares (plus estimated brokerage commissions) is less than their net asset value per share on the payment date for a distribution, the Agent will buy Fund shares for participating accounts in the open market. The Agent will aggregate open-market purchases on behalf of all participants, and the average price (including brokerage commissions) of all shares purchased by the Agent will be the price per share allocable to each participant. The Agent will generally complete these open-market purchases within five business days following the payment date. If, before the Agent has completed open-market purchases, the market price per share (plus estimated brokerage commissions) rises to exceed the net asset value per share on the payment date, then the purchase price may exceed the net asset value per share, potentially resulting in the acquisition of fewer shares than if the distribution had been paid in newly issued shares.

How to withdraw from a Plan Participants may withdraw from a Fund’s Plan at any time by notifying the Agent, either in writing or by telephone. Such withdrawal will be effective immediately if notice is received by the Agent with sufficient time prior to any distribution record date; otherwise, such withdrawal will be effective with respect to any subsequent distribution following notice of withdrawal. There is no penalty for withdrawing from or not participating in a Plan.

Plan administration The Agent will credit all shares acquired for a participant under a Plan to the account in which the participant’s common shares are held. Each participant will

 

be sent reasonably promptly a confirmation by the Agent of each acquisition made for his or her account.

About brokerage fees Each participant pays a proportionate share of any brokerage commissions incurred if the Agent purchases additional shares on the open market, in accordance with the Plans. There are no brokerage charges applied to shares issued directly by the Funds under the Plans.

About taxes and Plan amendments Reinvesting dividend and capital gain distributions in shares of the Funds does not relieve you of tax obligations, which are the same as if you had received cash distributions. The Agent supplies tax information to you and to the IRS annually. Each Fund reserves the right to amend or terminate its Plan upon 30 days’ written notice. However, the Agent may assign its rights, and delegate its duties, to a successor agent with the prior consent of a Fund and without prior notice to Plan participants.

If your shares are held in a broker or nominee name If your shares are held in the name of a broker or nominee offering a dividend reinvestment service, consult your broker or nominee to ensure that an appropriate election is made on your behalf. If the broker or nominee holding your shares does not provide a reinvestment service, you may need to register your shares in your own name in order to participate in a Plan.

In the case of record shareholders such as banks, brokers or nominees that hold shares for others who are the beneficial owners of such shares, the Agent will administer the Plan on the basis of the number of shares certified by the record shareholder as representing the total amount registered in such shareholder’s name and held for the account of beneficial owners who are to participate in the Plan.

 

Trustee approval of management and sub-advisory contracts

At its meeting on September 27, 2024, the Board of Trustees of your fund, including all of the Trustees who are not “interested persons” (as this term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Putnam mutual funds, closed-end funds and exchange-traded funds (collectively, the “funds”) (the “Independent Trustees”), approved a new Sub-Advisory Agreement with respect to your fund (the “New FTIML Sub-Advisory Agreement”) between Franklin Advisers, Inc. (“Franklin Advisers”) and its affiliate, Franklin Templeton Investment Management Limited (“FTIML”). Franklin Advisers and FTIML are each direct or indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Templeton”). (Because FTIML is an affiliate of Franklin Advisers and Franklin Advisers remains fully responsible for all services provided by FTIML, the Trustees did not attempt to evaluate FTIML as a separate entity.)

The Board of Trustees, with the assistance of its Contract Committee (which consists solely of Independent Trustees) and its independent legal counsel (as that term is defined in Rule 0 – 1(a)(6) (i) under the 1940 Act), requested and evaluated all information it deemed reasonably necessary under the circumstances in connection with its review of the New FTIML Sub-Advisory Agreement. At its September 2024 meeting, the Contract Committee met with representatives of Franklin Templeton, and separately in executive session, to consider the information provided. At the September 2024 Board of Trustees’ meetings, the Contract Committee also met in executive session with the other Independent Trustees to discuss its observations and recommendations. Throughout this process, the Contract Committee was assisted by the members of the Board of Trustees’ independent staff and by independent legal counsel for the Independent Trustees.

Considerations in connection with the Trustees’ approval of the New FTIML Sub-Advisory Agreement

The Trustees considered the proposed New FTIML Sub-Advisory Agreement in connection with the planned November 1, 2024 merger (the “Merger”) of Putnam Investments Limited (“PIL”), an affiliate of Franklin Advisers and a sub-adviser to your fund prior to the Merger, with and into FTIML. The Trustees considered that, in connection with the Merger, PIL investment professionals would become employees of FTIML, and, upon consummation of the Merger, PIL would cease to exist as a separate legal entity.

The Trustees noted that Franklin Templeton viewed the Merger as a further step in the integration of the legacy Putnam and Franklin Templeton organizations, offering potential operational efficiencies and enhanced investment resources for the funds. The Trustees also considered, among other factors, that:

• The Merger and the New FTIML Sub-Advisory Agreement would not result in any reduction or material change in the nature or the level of the sub-advisory services provided to the funds;

• The PIL portfolio managers who are responsible for the day-to-day management of the applicable funds would be the same immediately prior to, and immediately after, the Merger, and these investment personnel would have access to the same research and other resources to support their respective investment advisory functions and operate under the same conditions both immediately before and after the Merger;

• Despite a change in the sub-advisory fee structure for certain funds, the New FTIML Sub-Advisory Agreement would not result in an increase in the advisory fee rates payable by each fund, as Franklin Advisers would be responsible for overseeing the investment advisory services provided to the applicable funds by FTIML under the New FTIML Sub-Advisory Agreement and would compensate FTIML for such services out of the fees it receives under each fund’s Management Contract with Franklin Advisers; and

• The terms of the New FTIML Sub-Advisory Agreement were substantially similar to those under the sub-management contract between Franklin Advisers and PIL with respect to the fund (the “PIL Sub-Management Contract”).¹

The Trustees also considered that, prior to the Merger, counsel to Franklin Advisers and FTIML had provided a legal opinion that the Merger and the appointment of FTIML as sub-adviser to the funds would not result in an “assignment” under

¹ The PIL Sub-Management Contract was operative until the effective date of the Merger, November 1, 2024, and was replaced by the New FTIML Sub-Advisory Agreement effective as of that date.

 

the 1940 Act of the PIL Sub-Management Contract and that the New FTIML Sub-Advisory Agreement did not require shareholder approval.

The Trustees also took into account that they had most recently approved the fund’s PIL Sub-Management Contract in June 2024. Because, other than the parties to the contract, the revised sub-advisory fee structure for certain funds, and certain other non-substantive changes to contractual terms, the New FTIML Sub-Advisory Agreement was substantially similar to the PIL Sub-Management Contract, the Trustees relied to a considerable extent on their previous approval of the PIL Sub-Management Contract.

Board of Trustees’ Conclusions

After considering the factors described above, as well as other factors, the Board of Trustees, including all of the Independent Trustees, concluded that the fees payable under the New FTIML Sub-Advisory Agreement represented reasonable compensation in light of the nature and quality of the services that would be provided to the funds, and determined to approve the New FTIML Sub-Advisory Agreement for your fund. These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor.

 

Financial statements

These sections of the report, as well as the accompanying Notes, constitute the fund’s financial statements.

The fund’s portfolio lists all the fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

Statement of assets and liabilities shows how the fund’s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share, which is calculated separately for each class of shares. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

Statement of operations shows the fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal period.

Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal period.

Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover (not required for money market funds) in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.

 

The fund’s portfolio 1/31/25 (Unaudited)

MORTGAGE-BACKED SECURITIES (35.1%)*		Principal amount	Value
Agency collateralized mortgage obligations (11.2%)
Federal Home Loan Mortgage Corporation
REMICs Ser. 4077, Class IK, IO, 5.00%, 7/15/42		$806,890	$156,079
REMICs Ser. 5093, Class YI, IO, 4.50%, 12/25/50		3,559,585	765,622
REMICs Ser. 5024, Class HI, IO, 4.50%, 10/25/50		8,609,377	1,953,913
REMICs Ser. 4984, Class IL, IO, 4.50%, 6/25/50		4,394,489	918,860
REMICs Ser. 4000, Class PI, IO, 4.50%, 1/15/42		294,603	41,480
REMICs Ser. 5134, Class IC, IO, 4.00%, 8/25/51		7,200,914	1,459,725
REMICs Ser. 23-5349, Class IB, IO, 4.00%, 12/15/46		4,058,090	820,305
REMICs Ser. 4105, Class HI, IO, 3.50%, 7/15/41		355,621	22,242
Strips Ser. 304, Class C37, IO, 3.50%, 12/15/27		92,284	2,239
REMICs IFB Ser. 5011, Class SA, IO, ((-1 x US 30 Day Average SOFR) + 6.14%), 1.785%, 9/25/50		7,209,774	966,524
REMICs IFB Ser. 5002, Class SJ, IO, ((-1 x US 30 Day Average SOFR) + 5.99%), 1.635%, 7/25/50		6,732,243	674,002
REMICs IFB Ser. 4945, Class SL, IO, ((-1 x US 30 Day Average SOFR) + 5.94%), 1.585%, 1/25/50		4,429,310	461,861
REMICs IFB Ser. 4839, Class WS, IO, ((-1 x US 30 Day Average SOFR) + 5.99%), 1.579%, 8/15/56		4,468,005	546,874
Federal National Mortgage Association
REMICs Ser. 16-3, Class NI, IO, 6.00%, 2/25/46		1,399,384	216,356
Interest Strip Ser. 374, Class 6, IO, 5.50%, 8/25/36		66,573	11,148
REMICs Ser. 15-30, IO, 5.50%, 5/25/45		2,107,028	308,124
Interest Strip Ser. 378, Class 19, IO, 5.00%, 6/25/35		182,879	26,727
REMICs Ser. 20-76, Class BI, IO, 4.50%, 11/25/50		6,363,074	1,443,992
REMICs Ser. 12-127, Class BI, IO, 4.50%, 11/25/42		261,227	54,055
REMICs IFB Ser. 10-35, Class SG, IO, ((-1 x US 30 Day Average SOFR) + 6.29%), 1.935%, 4/25/40		517,885	49,128
REMICs IFB Ser. 18-20, Class SB, IO, ((-1 x US 30 Day Average SOFR) + 6.14%), 1.785%, 3/25/48		2,635,745	221,594
REMICs IFB Ser. 18-38, Class SA, IO, ((-1 x US 30 Day Average SOFR) + 6.09%), 1.735%, 6/25/48		4,779,953	501,687
REMICs IFB Ser. 17-32, Class SA, IO, ((-1 x US 30 Day Average SOFR) + 6.04%), 1.685%, 5/25/47		5,785,034	495,029
REMICs IFB Ser. 19-43, Class JS, IO, ((-1 x US 30 Day Average SOFR) + 5.94%), 1.585%, 8/25/49		2,569,276	231,152
REMICs FRB Ser. 19-61, Class S, IO, ((-1 x US 30 Day Average SOFR) + 5.89%), 1.535%, 11/25/49		5,109,238	570,555
REMICs IFB Ser. 11-101, Class SA, IO, ((-1 x US 30 Day Average SOFR) + 5.79%), 1.435%, 10/25/41		1,171,942	98,426
Government National Mortgage Association
Ser. 24-4, Class IG, IO, 5.00%, 12/20/52		3,813,464	678,056
Ser. 16-42, IO, 5.00%, 2/20/46		1,595,772	315,297
Ser. 18-127, Class IC, IO, 5.00%, 10/20/44		2,768,986	562,250
Ser. 14-76, IO, 5.00%, 5/20/44		650,809	139,257
Ser. 12-146, IO, 5.00%, 12/20/42		466,223	101,057
Ser. 17-26, Class MI, IO, 5.00%, 11/20/39		2,200,533	363,137
Ser. 15-79, Class GI, IO, 5.00%, 10/20/39		389,890	88,243
Ser. 18-94, Class AI, IO, 4.50%, 7/20/48		1,197,610	242,472

MORTGAGE-BACKED SECURITIES (35.1%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Government National Mortgage Association
Ser. 21-122, Class GI, IO, 4.50%, 11/20/47		$6,753,561	$1,532,434
Ser. 13-34, Class IH, IO, 4.50%, 3/20/43		909,810	172,519
Ser. 17-42, Class IC, IO, 4.50%, 8/20/41		808,106	153,785
Ser. 21-214, Class AI, IO, 4.00%, 12/20/51		5,066,215	1,017,514
Ser. 20-13, Class AI, IO, 4.00%, 3/20/46		8,450,285	1,150,894
Ser. 15-53, Class MI, IO, 4.00%, 4/16/45		1,550,537	291,027
Ser. 15-64, Class YI, IO, 4.00%, 11/20/44		998,565	149,007
Ser. 17-93, Class TI, IO, 4.00%, 3/20/44		254,108	3,859
Ser. 21-156, IO, 3.50%, 7/20/51		8,170,895	1,372,115
Ser. 20-167, Class PI, IO, 3.50%, 11/20/50		4,822,642	846,470
Ser. 12-140, Class IC, IO, 3.50%, 11/20/42		1,749,196	286,523
Ser. 12-128, Class IA, IO, 3.50%, 10/20/42		1,723,815	277,234
Ser. 12-113, Class ID, IO, 3.50%, 9/20/42		740,864	115,023
Ser. 15-52, Class KI, IO, 3.50%, 11/20/40		612,633	33,486
Ser. 16-H18, Class QI, IO, 3.296%, 6/20/66 W		2,292,874	117,966
Ser. 24-186, IO, 3.00%, 9/20/51		8,019,060	1,283,868
Ser. 21-59, Class IP, IO, 3.00%, 4/20/51		6,796,594	1,138,217
Ser. 20-175, Class NI, IO, 3.00%, 11/20/50		5,362,511	898,312
Ser. 16-H23, Class NI, IO, 2.713%, 10/20/66 W		9,713,931	398,747
Ser. 15-H20, Class CI, IO, 2.678%, 8/20/65 W		3,701,877	180,485
Ser. 16-H22, Class AI, IO, 2.629%, 10/20/66 W		3,637,408	144,845
Ser. 18-H15, Class KI, IO, 2.23%, 8/20/68 W		3,715,985	143,582
Ser. 17-H19, Class MI, IO, 2.094%, 4/20/67 W		1,896,218	81,050
IFB Ser. 23-35, Class SH, IO, ((-1 x US 30 Day Average SOFR) + 6.45%), 2.077%, 2/20/53		13,217,431	1,004,940
Ser. 16-H06, Class DI, IO, 2.066%, 7/20/65		5,802,615	165,189
Ser. 15-H10, Class BI, IO, 2.022%, 4/20/65 W		2,331,283	97,012
Ser. 16-H03, Class DI, IO, 2.02%, 12/20/65 W		2,733,954	94,308
Ser. 17-H16, Class JI, IO, 2.003%, 8/20/67 W		9,808,951	425,924
Ser. 16-H09, Class BI, IO, 1.93%, 4/20/66 W		4,317,669	189,623
Ser. 15-H25, Class EI, IO, 1.927%, 10/20/65 W		2,393,785	71,249
IFB Ser. 21-98, Class SK, IO, ((-1 x CME Term SOFR 1 Month) + 6.19%), 1.887%, 6/20/51		9,366,025	1,220,083
IFB Ser. 21-77, Class SM, IO, ((-1 x CME Term SOFR 1 Month) + 6.19%), 1.887%, 5/20/51		5,929,678	721,183
IFB Ser. 21-59, Class SM, IO, ((-1 x CME Term SOFR 1 Month) + 6.19%), 1.887%, 4/20/51		11,933,024	1,421,755
IFB Ser. 21-59, Class SQ, IO, ((-1 x CME Term SOFR 1 Month) + 6.19%), 1.887%, 4/20/51		4,044,938	512,637
Ser. 15-H20, Class AI, IO, 1.88%, 8/20/65 W		3,249,292	78,314
Ser. 15-H23, Class BI, IO, 1.817%, 9/20/65 W		3,449,927	72,473
Ser. 17-H11, Class DI, IO, 1.798%, 5/20/67 W		3,701,724	175,343
FRB Ser. 21-116, Class ES, IO, ((-1 x CME Term SOFR 1 Month) + 6.09%), 1.78%, 11/20/47		6,363,581	618,725
IFB Ser. 14-60, Class SD, IO, ((-1 x CME Term SOFR 1 Month) + 6.07%), 1.767%, 4/20/44		3,188,706	331,810
IFB Ser. 20-97, Class QS, IO, ((-1 x CME Term SOFR 1 Month) + 6.04%), 1.737%, 7/20/50		3,267,403	382,556
Ser. 16-H24, Class CI, IO, 1.728%, 10/20/66 W		2,470,756	49,131

MORTGAGE-BACKED SECURITIES (35.1%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Government National Mortgage Association
IFB Ser. 20-63, Class SP, IO, ((-1 x CME Term SOFR 1 Month) + 5.99%), 1.687%, 5/20/50		$3,949,529	$442,242
IFB Ser. 20-63, Class PS, IO, ((-1 x CME Term SOFR 1 Month) + 5.99%), 1.687%, 4/20/50		5,095,481	602,060
IFB Ser. 19-96, Class SY, IO, ((-1 x CME Term SOFR 1 Month) + 5.99%), 1.687%, 8/20/49		3,928,775	445,438
IFB Ser. 19-83, Class SY, IO, ((-1 x CME Term SOFR 1 Month) + 5.99%), 1.687%, 7/20/49		3,476,420	377,420
IFB Ser. 19-89, Class PS, IO, ((-1 x CME Term SOFR 1 Month) + 5.99%), 1.687%, 7/20/49		4,273,149	415,812
Ser. 17-H12, Class QI, IO, 1.672%, 5/20/67 W		3,335,946	114,937
Ser. 18-H02, Class EI, IO, 1.659%, 1/20/68 W		7,367,621	340,598
IFB Ser. 19-152, Class ES, IO, ((-1 x CME Term SOFR 1 Month) + 5.94%), 1.637%, 12/20/49		2,309,017	239,197
IFB Ser. 19-110, Class SQ, IO, ((-1 x CME Term SOFR 1 Month) + 5.94%), 1.637%, 9/20/49		3,879,906	410,023
Ser. 14-H21, Class BI, IO, 1.625%, 10/20/64 W		3,647,672	83,254
Ser. 13-H08, Class CI, IO, 1.625%, 2/20/63 W		1,760,253	54,631
IFB Ser. 20-63, Class AS, IO, ((-1 x CME Term SOFR 1 Month) + 5.89%), 1.587%, 8/20/43		4,282,614	444,092
Ser. 17-H16, Class IG, IO, 1.567%, 7/20/67 W		7,978,691	195,374
Ser. 17-H06, Class BI, IO, 1.477%, 2/20/67 W		3,913,087	123,611
Ser. 18-H05, Class BI, IO, 1.457%, 2/20/68 W		4,876,832	221,642
Ser. 16-H03, Class AI, IO, 1.43%, 1/20/66 W		9,240,453	332,860
Ser. 17-H08, Class NI, IO, 1.413%, 3/20/67 W		5,178,422	170,391
Ser. 16-H10, Class AI, IO, 1.317%, 4/20/66 W		6,810,803	153,720
Ser. 17-H02, Class BI, IO, 1.287%, 1/20/67 W		2,334,021	85,761
Ser. 17-H09, IO, 1.211%, 4/20/67 W		5,566,137	160,928
IFB Ser. 14-119, Class SA, IO, ((-1 x CME Term SOFR 1 Month) + 5.49%), 1.187%, 8/20/44		1,367,845	102,660
			40,445,336
Commercial mortgage-backed securities (11.8%)
BANK FRB Ser. 24-BNK48, Class XA, IO, 1.148%, 10/15/57 W		9,728,153	826,121
Bank5
FRB Ser. 24-5YR7, Class XA, 1.334%, 6/15/57 W		10,895,615	555,618
FRB Ser. 24-5YR10, Class XA, 1.191%, 10/15/57 W		14,880,211	708,392
FRB Ser. 24-5YR12, Class XA, IO, 0.498%, 12/15/57 W		11,034,442	244,590
BBCMS Mortgage Trust
FRB Ser. 24-5C29, Class XA, IO, 1.60%, 9/15/57 W		16,441,351	1,045,698
FRB Ser. 24-5C31, Class XA, IO, 1.061%, 12/15/57 W		4,847,930	218,837
FRB Ser. 24-C26, Class XA, IO, 1.014%, 5/15/57 W		5,711,908	429,635
FRB Ser. 22-C14, Class XA, IO, 0.701%, 2/15/55 W		10,493,977	373,494
BDS, Ltd. 144A FRB Ser. 21-FL9, Class A, (CME Term SOFR 1 Month + 1.18%), 5.483%, 11/16/38 (Cayman Islands)		258,346	258,900
Benchmark Mortgage Trust
FRB Ser. 24-V10, Class XA, IO, 1.306%, 9/15/57 W		14,079,769	727,012
FRB Ser. 24-V11, Class XA, IO, 0.56%, 11/15/57 W		20,387,000	502,466

MORTGAGE-BACKED SECURITIES (35.1%)* cont.		Principal amount	Value
Commercial mortgage-backed securities cont.
BMO Mortgage Trust
FRB Ser. 24-5C6, Class XA, IO, 1.353%, 9/15/57 W		$12,367,004	$649,607
FRB Ser. 24-5C8, Class XA, IO, 1.021%, 12/15/57 W		5,935,901	257,125
CD Commercial Mortgage Trust Ser. 17-CD4, Class B, 3.947%, 5/10/50 W		1,008,000	937,275
CFCRE Commercial Mortgage Trust Ser. 16-C7, Class A3, 3.839%, 12/10/54		908,000	885,886
CFCRE Commercial Mortgage Trust 144A FRB Ser. 11-C2, Class E, 5.08%, 12/15/47 W		424,000	393,944
COMM Mortgage Trust
FRB Ser. 14-CR16, Class C, 4.786%, 4/10/47 W		912,000	858,489
FRB Ser. 14-CR20, Class C, 4.736%, 11/10/47 W		854,238	824,108
Ser. 13-CR12, Class AM, 4.30%, 10/10/46		380,828	355,789
Ser. 14-UBS5, Class AM, 4.193%, 9/10/47 W		525,250	515,036
Ser. 15-DC1, Class B, 4.035%, 2/10/48 W		906,000	874,000
Ser. 14-UBS3, Class AM, 4.012%, 6/10/47		701,279	670,547
Ser. 15-CR22, Class B, 3.926%, 3/10/48 W		370,000	361,103
FRB Ser. 15-LC19, Class B, 3.829%, 2/10/48 W		621,000	610,627
Ser. 15-DC1, Class AM, 3.724%, 2/10/48		365,000	361,952
COMM Mortgage Trust 144A
FRB Ser. 13-CR13, Class D, 5.093%, 11/10/46 W		1,081,000	663,754
FRB Ser. 14-CR17, Class D, 4.871%, 5/10/47 W		725,000	594,138
FRB Ser. 14-CR19, Class D, 4.511%, 8/10/47 W		194,952	185,461
Ser. 12-CR3, Class F, 4.292%, 10/15/45 (In default) † W		395,189	23,573
CSAIL Commercial Mortgage Trust
FRB Ser. 15-C2, Class B, 4.208%, 6/15/57 W		471,000	453,354
Ser. 15-C2, Class AS, 3.849%, 6/15/57 W		617,000	604,697
Ser. 15-C1, Class AS, 3.791%, 4/15/50 W		870,000	860,201
Ser. 16-C5, Class A5, 3.757%, 11/15/48		468,000	462,899
DBUBS Mortgage Trust 144A FRB Ser. 11-LC3A, Class D, 5.385%, 8/10/44 W		446,109	428,739
Federal Home Loan Mortgage Corporation Multifamily Structured Credit Risk FRB Ser. 21-MN1, Class M2, 8.101%, 1/25/51		555,000	568,201
Federal Home Loan Mortgage Corporation 144A Multifamily Structured Credit Risk FRB Ser. 21-MN3, Class M2, 8.351%, 11/25/51		1,746,000	1,812,317
Government National Mortgage Association FRB Ser. 24-32, IO, 0.706%, 6/16/63 W		10,875,357	550,853
GS Mortgage Securities Corp., II 144A FRB Ser. 13-GC10, Class D, 4.552%, 2/10/46 W		1,298,000	1,295,423
GS Mortgage Securities Trust FRB Ser. 19-GC42, Class XA, IO, 0.805%, 9/10/52 W		13,773,685	407,083
GS Mortgage Securities Trust 144A
FRB Ser. 14-GC24, Class D, 4.441%, 9/10/47 W		485,000	270,677
FRB Ser. 13-GC13, Class AS, 3.874%, 7/10/46 W		699,860	677,044
JPMBB Commercial Mortgage Securities Trust
FRB Ser. 14-C23, Class C, 4.59%, 9/15/47 W		436,000	413,044
Ser. 15-C31, Class A3, 3.801%, 8/15/48		438,251	434,700
Ser. 16-C1, Class A5, 3.576%, 3/17/49		275,000	271,286

MORTGAGE-BACKED SECURITIES (35.1%)* cont.		Principal amount	Value
Commercial mortgage-backed securities cont.
JPMBB Commercial Mortgage Securities Trust 144A
FRB Ser. 14-C18, Class D, 4.51%, 2/15/47 W		$513,000	$444,771
FRB Ser. 14-C23, Class D, 4.09%, 9/15/47 W		287,000	247,884
FRB Ser. C14, Class D, 4.09%, 8/15/46 W		500,000	385,767
JPMDB Commercial Mortgage Securities Trust
FRB Ser. 18-C8, Class C, 4.756%, 6/15/51 W		402,000	348,673
Ser. 18-C8, Class B, 4.522%, 6/15/51		504,000	454,896
JPMorgan Chase Commercial Mortgage Securities Trust FRB Ser. 13-LC11, Class D, 4.417%, 4/15/46 W		574,000	150,675
JPMorgan Chase Commercial Mortgage Securities Trust 144A
FRB Ser. 07-CB20, Class E, 7.615%, 2/12/51 W		23,266	28,553
FRB Ser. 12-C6, Class E, 4.964%, 5/15/45 W		432,000	414,068
FRB Ser. 13-LC11, Class E, 3.25%, 4/15/46 (In default) † W		1,390,000	94,868
LSTAR Commercial Mortgage Trust 144A Ser. 17-5, Class A5, 3.549%, 3/10/50		1,149,000	1,107,758
Morgan Stanley Bank of America Merrill Lynch Trust FRB Ser. 15-C22, Class C, 4.193%, 4/15/48 W		1,263,000	1,091,714
Morgan Stanley Bank of America Merrill Lynch Trust 144A
FRB Ser. 13-C12, Class D, 4.803%, 10/15/46 W		416,000	378,228
FRB Ser. 13-C10, Class F, 3.981%, 7/15/46 W		1,988,000	135,592
Morgan Stanley Capital I Trust
FRB Ser. 18-H3, Class C, 4.849%, 7/15/51 W		404,000	377,874
FRB Ser. 16-UB11, Class C, 3.691%, 8/15/49 W		663,000	632,443
Multifamily Connecticut Avenue Securities Trust 144A
FRB Ser. 20-01, Class M10, 8.215%, 3/25/50		1,459,974	1,486,856
FRB Ser. 19-01, Class M10, 7.715%, 10/25/49		1,126,002	1,139,477
Ready Capital Mortgage Financing, LLC 144A FRB Ser. 22-FL9, Class A, 6.778%, 6/25/37		301,884	302,713
SG Commercial Mortgage Securities Trust Ser. 16-C5, Class A4, 3.055%, 10/10/48		1,034,000	1,002,160
Shelter Growth CRE Issuer, Ltd. 144A FRB Ser. 22-FL4, Class A, 6.596%, 6/17/37 (Bermuda)		579,098	580,494
TIAA Real Estate CDO, Ltd. 144A Ser. 03-1A, Class E, 8.00%, 12/28/38 (In default) †		1,081,996	81
UBS Commercial Mortgage Trust FRB Ser. 17-C3, Class C, 4.381%, 8/15/50 W		498,000	461,848
Wells Fargo Commercial Mortgage Trust
FRB Ser. 15-SG1, Class B, 4.443%, 9/15/48 W		559,000	531,162
FRB Ser. 15-LC22, Class AS, 4.207%, 9/15/58 W		360,000	356,846
Ser. 15-NXS4, Class A4, 3.718%, 12/15/48		383,000	379,216
Ser. 15-C31, Class A4, 3.695%, 11/15/48		891,000	882,259
Ser. 15-NXS3, Class A4, 3.617%, 9/15/57		866,000	858,125
Ser. 20-C56, Class A2, 2.498%, 6/15/53		35,042	32,848
FRB Ser. 19-C52, Class XA, IO, 1.559%, 8/15/52 W		6,853,422	371,015
FRB Ser. 24-5C1, Class XA, 1.029%, 7/15/57 W		12,865,094	515,579
Wells Fargo Commercial Mortgage Trust 144A
FRB Ser. 15-C30, Class D, 4.488%, 9/15/58 W		265,000	256,557
Ser. 14-LC16, Class D, 3.938%, 8/15/50		682,932	86,021
FRB Ser. 13-LC12, Class D, 3.837%, 7/15/46 W		356,000	184,230

MORTGAGE-BACKED SECURITIES (35.1%)* cont.		Principal amount	Value
Commercial mortgage-backed securities cont.
WF-RBS Commercial Mortgage Trust
FRB Ser. 14-C23, Class B, 4.294%, 10/15/57 W		$275,000	$254,265
Ser. 14-C21, Class C, 4.234%, 8/15/47 W		365,000	347,656
WF-RBS Commercial Mortgage Trust 144A
FRB Ser. 12-C9, Class E, 4.876%, 11/15/45 W		393,608	384,167
FRB Ser. 13-C15, Class D, 4.186%, 8/15/46 W		1,310,502	551,486
			42,682,520
Residential mortgage-backed securities (non-agency) (12.1%)
A&D Mortgage Trust 144A Ser. 24-NQM1, Class A1, 6.195%, 2/25/69		1,486,869	1,498,947
American Home Mortgage Investment Trust FRB Ser. 07-1, Class GA1C, (CME Term SOFR 1 Month + 0.30%), 4.615%, 5/25/47		595,805	347,830
Bear Stearns Alt-A Trust FRB Ser. 05-10, Class 11A1, (CME Term SOFR 1 Month + 0.61%), 4.925%, 1/25/36		92,778	86,926
Chevy Chase Funding, LLC Mortgage-Backed Certificates 144A FRB Ser. 06-4A, Class A2, (CME Term SOFR 1 Month + 0.29%), 4.605%, 11/25/47		439,083	380,039
Citigroup Mortgage Loan Trust, Inc. FRB Ser. 07-AMC3, Class A2D, (CME Term SOFR 1 Month + 0.46%), 4.775%, 3/25/37		1,459,633	1,224,054
Countrywide Alternative Loan Trust
FRB Ser. 06-OA10, Class 1A1, (Federal Reserve US 12 Month Cumulative Avg 1 yr CMT + 0.96%), 5.706%, 8/25/46		185,313	169,568
FRB Ser. 06-OA7, Class 1A2, (Federal Reserve US 12 Month Cumulative Avg 1 yr CMT + 0.94%), 5.686%, 6/25/46		282,487	268,879
FRB Ser. 05-38, Class A3, (CME Term SOFR 1 Month + 0.81%), 5.125%, 9/25/35		358,271	320,449
FRB Ser. 05-59, Class 1A1, (CME Term SOFR 1 Month + 0.77%), 5.075%, 11/20/35		928,934	877,823
FRB Ser. 06-OA10, Class 3A1, (CME Term SOFR 1 Month + 0.49%), 4.805%, 8/25/46		434,158	380,630
FRB Ser. 06-OA10, Class 4A1, (CME Term SOFR 1 Month + 0.49%), 4.805%, 8/25/46		2,391,118	2,015,238
FRB Ser. 07-OH1, Class A1D, (CME Term SOFR 1 Month + 0.32%), 4.635%, 4/25/47		335,680	285,270
FRB Ser. 06-OA7, Class 1A1, 3.28%, 6/25/46 W		788,121	748,351
Federal Home Loan Mortgage Corporation
Structured Agency Credit Risk Debt FRN Ser. 15-HQA2, Class B, (US 30 Day Average SOFR + 10.61%), 14.965%, 5/25/28		823,741	879,092
Structured Agency Credit Risk Debt FRN Ser. 16-DNA1, Class B, (US 30 Day Average SOFR + 10.11%), 14.465%, 7/25/28		2,787,383	2,984,562
Structured Agency Credit Risk Debt FRN Ser. 15-DNA3, Class B, (US 30 Day Average SOFR + 9.46%), 13.815%, 4/25/28		1,279,818	1,345,996
Structured Agency Credit Risk Debt FRN Ser. 15-DNA1, Class B, (US 30 Day Average SOFR + 9.31%), 13.665%, 10/25/27		719,938	732,624
Federal Home Loan Mortgage Corporation 144A
Structured Agency Credit Risk Trust FRB Ser. 19-HQA1, Class B2, (US 30 Day Average SOFR + 12.36%), 16.715%, 2/25/49		254,000	315,690
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA5, Class B2, (US 30 Day Average SOFR + 11.50%), 15.851%, 10/25/50		491,000	686,070
Structured Agency Credit Risk Trust FRB Ser. 19-HQA2, Class B2, (US 30 Day Average SOFR + 11.36%), 15.715%, 4/25/49		298,000	359,836

MORTGAGE-BACKED SECURITIES (35.1%)* cont.		Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
Federal Home Loan Mortgage Corporation 144A
Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class B2, (US 30 Day Average SOFR + 11.11%), 15.465%, 10/25/48		$1,619,000	$2,071,633
Structured Agency Credit Risk Trust FRB Ser. 19-DNA1, Class B2, (US 30 Day Average SOFR + 10.86%), 15.215%, 1/25/49		315,000	394,456
Structured Agency Credit Risk Trust FRB Ser. 19-DNA2, Class B2, (US 30 Day Average SOFR + 10.61%), 14.965%, 3/25/49		252,000	306,027
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA4, Class B2, (US 30 Day Average SOFR + 10.11%), 14.465%, 8/25/50		966,000	1,338,660
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA3, Class B2, (US 30 Day Average SOFR + 10.11%), 14.465%, 7/25/50		1,027,000	1,389,393
Structured Agency Credit Risk Trust FRB Ser. 18-DNA3, Class B2, (US 30 Day Average SOFR + 7.86%), 12.215%, 9/25/48		389,000	456,010
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA2, Class B2, (US 30 Day Average SOFR + 7.71%), 12.065%, 3/25/50		625,000	761,959
Structured Agency Credit Risk Trust REMICs FRB Ser. 21-DNA3, Class B2, (US 30 Day Average SOFR + 6.25%), 10.601%, 10/25/33		299,000	372,445
Structured Agency Credit Risk Debt FRN Ser. 22-DNA2, Class M2, (US 30 Day Average SOFR + 3.75%), 8.101%, 2/25/42		450,000	471,865
Structured Agency Credit risk Debt FRN Class M1B, (US 30 Day Average SOFR + 3.35%), 7.701%, 6/25/43		700,000	737,616
Seasoned Credit Risk Transfer Trust Ser. 19-2, Class M, 4.75%, 8/25/58 W		685,000	653,800
Seasoned Credit Risk Transfer Trust Ser. 17-3, Class M2, 4.75%, 7/25/56 W		859,850	836,549
Seasoned Credit Risk Transfer Trust Ser. 19-4, Class M, 4.50%, 2/25/59 W		346,000	321,452
Federal National Mortgage Association
Connecticut Avenue Securities FRB Ser. 16-C03, Class 2B, (US 30 Day Average SOFR + 12.86%), 17.215%, 10/25/28		238,011	268,963
Connecticut Avenue Securities FRB Ser. 16-C02, Class 1B, (US 30 Day Average SOFR + 12.36%), 16.715%, 9/25/28		2,292,058	2,534,701
Connecticut Avenue Securities FRB Ser. 16-C03, Class 1B, (US 30 Day Average SOFR + 11.86%), 16.215%, 10/25/28		1,286,190	1,439,079
Connecticut Avenue Securities FRB Ser. 16-C01, Class 1B, (US 30 Day Average SOFR + 11.86%), 16.215%, 8/25/28		828,519	911,812
Connecticut Avenue Securities FRB Ser. 16-C05, Class 2B, (US 30 Day Average SOFR + 10.86%), 15.215%, 1/25/29		267,127	298,982
Connecticut Avenue Securities FRB Ser. 16-C04, Class 1B, (US 30 Day Average SOFR + 10.36%), 14.715%, 1/25/29		265,787	296,404
Connecticut Avenue Securities FRB Ser. 16-C06, Class 1B, (US 30 Day Average SOFR + 9.36%), 13.715%, 4/25/29		394,503	440,953
Federal National Mortgage Association 144A
Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2B1, (US 30 Day Average SOFR + 4.50%), 8.851%, 1/25/42		402,000	423,964
Connecticut Avenue Securities Trust FRB Ser. 19-R03, Class 1B1, (US 30 Day Average SOFR + 4.21%), 8.565%, 9/25/31		460,392	492,353
Connecticut Avenue Securities Trust FRB Ser. 20-R01, Class 1B1, (US 30 Day Average SOFR + 3.36%), 7.715%, 1/25/40		459,000	475,124
Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2M2, (US 30 Day Average SOFR + 3.00%), 7.351%, 1/25/42		1,640,000	1,688,352

MORTGAGE-BACKED SECURITIES (35.1%)* cont.		Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
GSR Mortgage Loan Trust FRB Ser. 07-OA1, Class 2A3A, (CME Term SOFR 1 Month + 0.42%), 4.735%, 5/25/37		$508,188	$281,746
HarborView Mortgage Loan Trust FRB Ser. 05-2, Class 1A, (CME Term SOFR 1 Month + 0.63%), 4.933%, 5/19/35		400,674	120,387
Home Re, Ltd. 144A FRB Ser. 21-2, Class B1, (US 30 Day Average SOFR + 4.15%), 8.501%, 1/25/34 (Bermuda)		300,000	305,222
JPMorgan Mortgage Trust 144A FRB Ser. 24-9, Class A11, (US 30 Day Average SOFR + 1.35%), 5.701%, 2/25/55		509,026	510,769
LHOME Mortgage Trust 144A Ser. 23-RTL2, Class A1, 8.00%, 6/25/28		786,000	795,327
MFA Trust Ser. 24-NPL1, Class A1, stepped-coupon 6.33% (9.33%, 9/25/27), 9/25/54 ††		690,380	693,348
Morgan Stanley Re-REMIC Trust 144A FRB Ser. 10-R4, Class 4B, (CME Term SOFR 1 Month + 0.34%), 2.883%, 2/26/37		359,876	328,440
Morgan Stanley Residential Mortgage Loan Trust 144A FRB Ser. 24-4, Class AF, (US 30 Day Average SOFR + 1.35%), 5.701%, 9/25/54		320,470	321,848
MortgageIT Trust FRB Ser. 05-3, Class M2, (CME Term SOFR 1 Month + 0.91%), 5.22%, 8/25/35		58,228	55,705
NYMT Loan Trust 144A Ser. 22-BPL1, Class A1, stepped-coupon 3.967% (5.967%, 7/25/25), 11/25/27 ††		362,371	362,506
Saluda Grade Alternative Mortgage Trust 144A
Ser. 24-RTL5, Class A1, stepped-coupon 7.762% (9.262%, 9/1/26), 4/25/30 ††		1,400,000	1,415,172
Ser. 24-RTL4, Class A1, stepped-coupon 7.50% (8.50%, 7/1/26), 2/25/30 ††		928,000	936,024
Structured Asset Mortgage Investments II Trust FRB Ser. 07-AR1, Class 2A1, (CME Term SOFR 1 Month + 0.47%), 4.785%, 1/25/37		486,505	422,329
Towd Point Mortgage Trust 144A
Ser. 19-2, Class A2, 3.75%, 12/25/58 W		1,033,000	925,934
Ser. 18-5, Class M1, 3.25%, 7/25/58 W		815,000	679,774
WaMu Mortgage Pass-Through Certificates Trust FRB Ser. 05-AR13, Class A1C3, (CME Term SOFR 1 Month + 1.09%), 5.405%, 10/25/45		201,334	194,225
			43,639,182
Total mortgage-backed securities (cost $132,272,627)			$126,767,038

CORPORATE BONDS AND NOTES (26.5%)*		Principal amount	Value
Basic materials (2.4%)
ArcelorMittal SA sr. unsec. unsub. notes 7.00%, 10/15/39 (France)		$515,000	$552,569
Arcosa, Inc. 144A company guaranty sr. unsec. notes 6.875%, 8/15/32		115,000	117,960
ATI, Inc. sr. unsec. notes 4.875%, 10/1/29		1,080,000	1,033,934
Avient Corp. 144A sr. unsec. notes 6.25%, 11/1/31		100,000	99,865
Boise Cascade Co. 144A company guaranty sr. unsec. notes 4.875%, 7/1/30		475,000	450,533
Braskem Idesa SAPI sr. notes Ser. REGS, 7.45%, 11/15/29 (Mexico)		500,000	419,758
Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 6.375%, 6/15/32		530,000	537,228
Cleveland-Cliffs, Inc. 144A company guaranty sr. unsec. notes 7.375%, 5/1/33		225,000	223,936

CORPORATE BONDS AND NOTES (26.5%)* cont.		Principal amount	Value
Basic materials cont.
Cleveland-Cliffs, Inc. 144A company guaranty sr. unsec. notes 7.00%, 3/15/32		$220,000	$219,736
Commercial Metals Co. sr. unsec. notes 4.375%, 3/15/32		595,000	542,323
Constellium SE company guaranty sr. unsec. unsub. notes Ser. REGS, 3.125%, 7/15/29 (France)	EUR	650,000	633,727
Constellium SE 144A company guaranty sr. unsec. unsub. notes 6.375%, 8/15/32 (France)		$385,000	379,838
Huntsman International, LLC sr. unsec. notes 4.50%, 5/1/29		480,000	459,161
IHS Holding, Ltd. company guaranty sr. unsec. notes Ser. REGS, 6.25%, 11/29/28 (Nigeria)		400,000	379,426
Intelligent Packaging, Ltd., Finco, Inc./Intelligent Packaging, Ltd. LLC Co-Issuer 144A sr. notes 6.00%, 9/15/28 (Canada)		460,000	458,031
Miter Brands Acquisition Holdco, Inc./MIWD Borrower, LLC 144A company guaranty sr. notes 6.75%, 4/1/32		455,000	460,774
Novelis Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/30/30		169,000	173,142
Quikrete Holdings, Inc. 144A sr. notes 6.375%, 3/1/32		165,000	165,617
Quikrete Holdings, Inc. 144A sr. unsec. notes 6.75%, 3/1/33		80,000	80,300
Smyrna Ready Mix Concrete, LLC 144A sr. notes 8.875%, 11/15/31		965,000	1,029,627
Standard Industries Solutions, Inc./NY 144A sr. unsec. notes 6.50%, 8/15/32		290,000	293,078
			8,710,563
Capital goods (1.6%)
Adient Global Holdings, Ltd. 144A company guaranty sr. unsec. notes 7.50%, 2/15/33 (Ireland)		80,000	81,166
Ambipar Lux SARL 144A company guaranty sr. unsec. notes 10.875%, 2/5/33 (Brazil)		400,000	405,700
Benteler International AG 144A company guaranty sr. notes 10.50%, 5/15/28 (Austria)		955,000	1,016,173
Boeing Co. (The) sr. unsec. notes 2.95%, 2/1/30		31,000	27,823
Boeing Co. (The) sr. unsec. notes 2.70%, 2/1/27		303,000	290,104
Boeing Co. (The) sr. unsec. unsub. notes 6.298%, 5/1/29		89,000	92,627
Bombardier, Inc. 144A sr. unsec. notes 7.00%, 6/1/32 (Canada)		1,020,000	1,041,381
GFL Environmental, Inc. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29 (Canada)		466,000	449,329
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer, LLC 144A company guaranty sr. notes 4.00%, 10/15/27		580,000	581,364
Ritchie Bros Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 7.75%, 3/15/31		607,000	639,913
Spirit AeroSystems, Inc. 144A sr. unsub. notes 9.375%, 11/30/29		206,000	221,738
Terex Corp. 144A sr. unsec. notes 6.25%, 10/15/32		135,000	133,623
TransDigm, Inc. 144A sr. notes 6.875%, 12/15/30		420,000	430,588
TransDigm, Inc. 144A sr. notes 6.625%, 3/1/32		145,000	147,657
Waste Pro USA, Inc. 144A sr. unsec. notes 7.00%, 2/1/33		105,000	106,431
			5,665,617
Communication services (1.5%)
American Tower Corp. sr. unsec. sub. notes 2.75%, 1/15/27 R		910,000	875,720
AT&T, Inc. sr. unsec. notes 4.10%, 2/15/28		910,000	893,483
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. unsub. notes 4.75%, 2/1/32		541,000	481,903

CORPORATE BONDS AND NOTES (26.5%)* cont.		Principal amount	Value
Communication services cont.
T-Mobile USA, Inc. company guaranty sr. unsec. notes 3.375%, 4/15/29		$1,820,000	$1,706,577
T-Mobile USA, Inc. company guaranty sr. unsec. notes 2.05%, 2/15/28		500,000	461,292
Vmed O2 UK Financing I PLC sr. notes Ser. REGS, 3.25%, 1/31/31 (United Kingdom)	EUR	610,000	595,715
Zegona Finance PLC 144A sr. notes 8.625%, 7/15/29 (United Kingdom)		$435,000	465,461
			5,480,151
Consumer cyclicals (5.3%)
Allied Universal Holdco, LLC/Allied Universal Finance Corp. 144A sr. notes 7.875%, 2/15/31		450,000	461,841
Banijay Entertainment SASU 144A sr. notes 8.125%, 5/1/29 (France)		795,000	827,418
Bath & Body Works, Inc. company guaranty sr. unsec. sub. bonds 6.875%, 11/1/35		985,000	1,017,266
Boyd Gaming Corp. 144A sr. unsec. bonds 4.75%, 6/15/31		490,000	457,460
Caesars Entertainment, Inc. 144A sr. notes 7.00%, 2/15/30		509,000	524,970
Carnival Holdings Bermuda, Ltd. 144A company guaranty sr. unsec. unsub. notes 10.375%, 5/1/28 (Bermuda)		193,000	205,521
Cinemark USA, Inc. 144A company guaranty sr. unsec. notes 5.25%, 7/15/28		595,000	583,756
Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. notes 7.875%, 4/1/30		445,000	461,011
Crocs, Inc. 144A company guaranty sr. unsec. notes 4.125%, 8/15/31		640,000	562,787
Dufry One BV company guaranty sr. unsec. notes Ser. REGS, 3.375%, 4/15/28 (Netherlands)	EUR	560,000	576,750
FirstCash, Inc. 144A sr. unsec. notes 6.875%, 3/1/32 (Mexico)		$814,000	826,301
Hyundai Capital America 144A sr. unsec. notes 4.55%, 9/26/29 (South Korea)		470,000	458,352
Levi Strauss & Co. sr. unsec. notes 3.375%, 3/15/27	EUR	668,000	692,689
Light & Wonder International, Inc. 144A company guaranty sr. unsec. notes 7.25%, 11/15/29		$995,000	1,027,067
Mattel, Inc. 144A company guaranty sr. unsec. notes 3.75%, 4/1/29		585,000	551,445
McGraw-Hill Education, Inc. 144A sr. notes 7.375%, 9/1/31		339,000	353,021
McGraw-Hill Education, Inc. 144A sr. notes 5.75%, 8/1/28		260,000	256,134
News Corp. 144A sr. unsec. notes 3.875%, 5/15/29		590,000	551,409
Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. notes 7.375%, 2/15/31		168,000	176,173
Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. unsec. notes 5.00%, 8/15/27		565,000	556,130
Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A company guaranty notes 6.25%, 1/15/28		455,000	454,846
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 6.25%, 3/15/32		50,000	50,905
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 6.00%, 2/1/33		425,000	428,632
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 5.625%, 9/30/31		175,000	173,812
RR Donnelley & Sons Co. 144A sr. notes 9.50%, 8/1/29		440,000	453,469
Sinclair Television Group, Inc. 144A sr. notes 8.125%, 2/15/33		334,000	336,098

CORPORATE BONDS AND NOTES (26.5%)* cont.		Principal amount	Value
Consumer cyclicals cont.
Six Flags Entertainment Corp. 144A company guaranty sr. unsec. notes 7.25%, 5/15/31		$610,000	$628,866
Standard Industries, Inc. sr. unsec. notes Ser. REGS, 2.25%, 11/21/26	EUR	560,000	570,757
Station Casinos, LLC 144A sr. unsec. bonds 4.625%, 12/1/31		$625,000	567,755
Taylor Morrison Communities, Inc. 144A sr. unsec. bonds 5.125%, 8/1/30		1,056,000	1,021,591
Toll Brothers Finance Corp. company guaranty sr. unsec. notes 3.80%, 11/1/29		485,000	457,741
Verisure Midholding AB company guaranty sr. unsec. notes Ser. REGS, 5.25%, 2/15/29 (Sweden)	EUR	1,310,000	1,370,246
Veritiv Operating Co. 144A company guaranty sr. notes 10.50%, 11/30/30		$75,000	81,603
Viking Ocean Cruises Ship VII, Ltd. 144A sr. notes 5.625%, 2/15/29 (Bermuda)		767,000	759,837
Volkswagen Group of America Finance, LLC 144A company guaranty sr. unsec. notes 1.625%, 11/24/27		510,000	462,845
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A company guaranty sr. unsec. unsub. notes 7.125%, 2/15/31		155,000	162,170
			19,108,674
Consumer staples (1.4%)
Aramark Services, Inc. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28		459,000	450,330
Ashtead Capital, Inc. 144A notes 4.00%, 5/1/28		475,000	459,498
Avis Budget Finance PLC company guaranty sr. unsec. notes Ser. REGS, 7.25%, 7/31/30	EUR	410,000	443,879
Avis Budget Finance PLC 144A sr. unsec. notes 7.25%, 7/31/30	EUR	245,000	265,245
EquipmentShare.com, Inc. 144A notes 9.00%, 5/15/28		$435,000	458,971
Haleon US Capital, LLC company guaranty sr. unsec. unsub. notes 3.375%, 3/24/29		485,000	457,678
Herc Holdings, Inc. 144A company guaranty sr. unsec. notes 6.625%, 6/15/29		140,000	143,203
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 5.50%, 1/15/30 (Luxembourg)		460,000	461,096
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 3.00%, 2/2/29 (Luxembourg)		244,000	224,911
Philip Morris International, Inc. sr. unsec. unsub. notes 5.125%, 2/15/30		900,000	908,214
United Rentals North America, Inc. company guaranty sr. unsec. unsub. notes 4.00%, 7/15/30		196,000	181,626
VM Consolidated, Inc. 144A company guaranty sr. unsec. notes 5.50%, 4/15/29		560,000	544,113
			4,998,764
Energy (3.4%)
6297782 LLC 144A company guaranty sr. unsec. notes 5.026%, 10/1/29		460,000	452,759
Aker BP ASA 144A sr. unsec. notes 5.60%, 6/13/28 (Norway)		450,000	458,336
Antero Resources Corp. 144A sr. unsec. notes 5.375%, 3/1/30		555,000	543,473
Chesapeake Energy Corp. 144A company guaranty sr. unsec. notes 6.75%, 4/15/29		454,000	459,228

CORPORATE BONDS AND NOTES (26.5%)* cont.		Principal amount	Value
Energy cont.
Civitas Resources, Inc. 144A company guaranty sr. unsec. unsub. notes 8.75%, 7/1/31		$925,000	$976,719
Ecopetrol SA sr. unsec. unsub. bonds 8.875%, 1/13/33 (Colombia)		1,170,000	1,206,644
Encino Acquisition Partners Holdings, LLC 144A company guaranty sr. unsec. notes 8.50%, 5/1/28		405,000	416,311
Expand Energy Corp. company guaranty sr. unsec. notes 5.375%, 2/1/29		560,000	553,693
Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 5.50%, 10/15/30		184,000	181,788
Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 4.25%, 2/15/30		590,000	552,291
KazMunayGas National Co. JSC sr. unsec. unsub. bonds Ser. REGS, 6.375%, 10/24/48 (Kazakhstan)		1,000,000	924,773
Kinetik Holdings LP 144A company guaranty sr. unsec. notes 5.875%, 6/15/30		1,005,000	997,775
Matador Resources Co. 144A company guaranty sr. unsec. unsub. notes 6.875%, 4/15/28		731,000	745,013
Petrobras Global Finance BV company guaranty sr. unsec. unsub. bonds 6.50%, 7/3/33 (Brazil)		683,000	686,739
Petroleos Mexicanos company guaranty sr. unsec. unsub. notes 6.70%, 2/16/32 (Mexico)		460,000	400,189
Petroleos Mexicanos company guaranty sr. unsec. unsub. notes 6.49%, 1/23/27 (Mexico)		410,000	396,761
Rockcliff Energy II, LLC 144A sr. unsec. notes 5.50%, 10/15/29		476,000	452,351
Targa Resources Corp. company guaranty sr. unsec. unsub. notes 6.15%, 3/1/29		440,000	457,470
Transocean Poseidon, Ltd. 144A company guaranty sr. notes 6.875%, 2/1/27		270,000	271,056
Venture Global LNG, Inc. 144A sr. notes 8.375%, 6/1/31		985,000	1,037,290
			12,170,659
Financials (5.2%)
Acrisure, LLC/Acrisure Finance, Inc. 144A sr. notes 7.50%, 11/6/30		435,000	450,044
AerCap Ireland Capital DAC/AerCap Global Aviation Trust company guaranty sr. unsec. sub. notes 4.625%, 9/10/29 (Ireland)		670,000	656,558
AIB Group PLC 144A sr. unsec. notes 6.608%, 9/13/29 (Ireland)		435,000	456,063
Air Lease Corp. sr. unsec. sub. notes 5.85%, 12/15/27		1,000,000	1,026,342
Aircastle, Ltd. 144A sr. unsec. notes 5.25%, 8/11/25		455,000	455,569
Ares Capital Corp. sr. unsec. sub. notes 7.00%, 1/15/27		905,000	936,697
Athene Global Funding 144A notes 5.583%, 1/9/29		450,000	455,043
Aviation Capital Group, LLC 144A sr. unsec. notes 5.375%, 7/15/29		455,000	456,521
Bank of America Corp. sr. unsec. notes 6.204%, 11/10/28		955,000	989,612
Bank of America Corp. unsec. sub. notes Ser. L, 4.183%, 11/25/27		470,000	463,098
CaixaBank SA 144A sr. unsec. notes 6.208%, 1/18/29 (Spain)		445,000	458,095
Dresdner Funding Trust I 144A jr. unsec. sub. notes 8.151%, 6/30/31		200,000	219,707
F&G Annuities & Life, Inc. company guaranty sr. unsec. notes 7.40%, 1/13/28		440,000	458,590
Ford Motor Co. sr. unsec. unsub. notes 5.80%, 3/5/27		200,000	201,870
Ford Motor Co. sr. unsec. unsub. notes 4.125%, 8/17/27		290,000	281,266
GA Global Funding Trust 144A notes 4.40%, 9/23/27		500,000	492,971
Jefferson Capital Holdings, LLC 144A sr. unsec. notes 9.50%, 2/15/29		995,000	1,064,288

CORPORATE BONDS AND NOTES (26.5%)* cont.		Principal amount	Value
Financials cont.
Jones Deslauriers Insurance Management, Inc. 144A sr. notes 8.50%, 3/15/30 (Canada)		$420,000	$447,272
JPMorgan Chase & Co. sr. unsec. unsub. notes 6.07%, 10/22/27		1,810,000	1,851,596
Morgan Stanley sr. unsec. notes 5.123%, 2/1/29		1,350,000	1,358,118
MPT Operating Partnership LP/MPT Finance Corp 144A company guaranty sr. notes 8.50%, 2/15/32		340,000	345,698
Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.75%, 11/15/31		1,100,000	1,065,382
New York Life Global Funding 144A sr. notes 4.90%, 6/13/28		455,000	457,775
Protective Life Global Funding 144A 5.467%, 12/8/28		585,000	596,450
RHP Hotel Properties LP/RHP Finance Corp. 144A company guaranty sr. unsec. sub. notes 6.50%, 4/1/32		455,000	458,761
Toronto-Dominion Bank (The) sr. unsec. notes 5.264%, 12/11/26 (Canada)		325,000	328,733
UBS Group AG 144A sr. unsec. notes 5.428%, 2/8/30 (Switzerland)		375,000	379,427
USB AG/Stamford, CT sr. unsec. unsub. notes 7.50%, 2/15/28		265,000	284,679
VICI Properties LP sr. unsec. unsub. notes 4.95%, 2/15/30		935,000	919,922
Wells Fargo & Co. sr. unsec. unsub. FRN Ser. MTN, 5.574%, 7/25/29		895,000	912,011
XHR LP 144A company guaranty sr. unsec. notes 6.625%, 5/15/30		80,000	80,963
			19,009,121
Government (0.2%)
Transnet SOC, Ltd. sr. unsec. notes Ser. REGS, 8.25%, 2/6/28 (South Africa)		650,000	663,401
			663,401
Health care (1.5%)
Elanco Animal Health, Inc. sr. unsec. notes Ser. WI, 6.65%, 8/28/28		525,000	540,953
GE HealthCare Technologies, Inc. sr. unsec. notes 4.80%, 8/14/29		460,000	457,709
Illumina, Inc. sr. unsec. sub. notes 4.65%, 9/9/26		258,000	257,327
Kedrion SpA 144A company guaranty sr. notes 6.50%, 9/1/29 (Italy)		1,120,000	1,068,889
Pharmacia, LLC company guaranty sr. unsec. notes 6.60%, 12/1/28		955,000	1,017,197
Tenet Healthcare Corp. company guaranty sr. notes 6.75%, 5/15/31		1,005,000	1,029,471
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 8.125%, 9/15/31 (Israel)		989,000	1,108,605
			5,480,151
Technology (0.8%)
Broadcom Corp./Broadcom Cayman Finance, Ltd. company guaranty sr. unsec. unsub. notes 3.875%, 1/15/27		455,000	448,391
Gartner, Inc. 144A company guaranty sr. unsec. notes 3.625%, 6/15/29		990,000	927,670
Imola Merger Corp. 144A sr. notes 4.75%, 5/15/29		598,000	570,816
Motorola Solutions, Inc. sr. unsec. unsub. notes 5.00%, 4/15/29		455,000	455,731
Seagate HDD Cayman company guaranty sr. unsec. notes 9.625%, 12/1/32 (Cayman Islands)		339,000	385,648
			2,788,256
Transportation (0.2%)
Air France-KLM sr. unsec. notes 8.125%, 5/31/28 (France)	EUR	500,000	582,783
OneSky Flight, LLC 144A sr. unsec. notes 8.875%, 12/15/29		$156,000	159,939
			742,722

CORPORATE BONDS AND NOTES (26.5%)* cont.		Principal amount	Value
Utilities and power (3.0%)
Ameren Corp. sr. unsec. unsub. notes 5.00%, 1/15/29		$325,000	$325,125
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 144A company guaranty sr. bonds 7.875%, 2/15/39 (Mexico)		530,000	537,353
Constellation Energy Generation, LLC sr. unsec. notes 5.60%, 3/1/28		445,000	453,901
Diamond II, Ltd. 144A company guaranty sr. notes 7.95%, 7/28/26 (India)		1,220,000	1,240,981
Duke Energy Carolinas, LLC company guaranty sr. unsec. unsub. notes Ser. A, 6.00%, 12/1/28		435,000	453,698
Electricite De France SA 144A jr. unsec. sub. FRB 9.125%, perpetual maturity (France)		535,000	608,983
Energo-Pro a.s. 144A sr. unsec. notes 11.00%, 11/2/28 (Czech Republic)		700,000	756,594
Energy Transfer LP company guaranty sr. unsec. notes 5.25%, 4/15/29		905,000	909,523
Eversource Energy sr. unsec. unsub. notes 5.45%, 3/1/28		450,000	456,657
Kinder Morgan, Inc. company guaranty sr. unsec. unsub. notes 5.00%, 2/1/29		555,000	554,125
NRG Energy, Inc. 144A company guaranty sr. unsec. bonds 6.25%, 11/1/34		250,000	246,492
Pacific Gas and Electric Co. sr. notes 6.10%, 1/15/29		440,000	446,431
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara sr. unsec. unsub. notes Ser. REGS, 5.45%, 5/21/28 (Indonesia)		400,000	403,799
PG&E Corp. sr. sub. notes 5.25%, 7/1/30		1,045,000	983,413
Southern Co. (The) sr. unsec. notes 5.50%, 3/15/29		570,000	581,973
Virginia Electric and Power Co. sr. unsec. unsub. notes Ser. A, 2.875%, 7/15/29		1,000,000	922,910
Vistra Operations Co., LLC 144A company guaranty sr. unsec. notes 6.875%, 4/15/32		465,000	478,822
Vistra Operations Co., LLC 144A company guaranty sr. unsec. unsub. notes 4.375%, 5/1/29		590,000	560,513
			10,921,293
Total corporate bonds and notes (cost $94,330,595)			$95,739,372

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (22.8%)*	Principal amount	Value
U.S. Government Guaranteed Mortgage Obligations (10.3%)
Government National Mortgage Association Pass-Through Certificates
5.50%, TBA, 2/1/55	$11,000,000	$10,922,656
5.50%, 5/20/49	37,871	38,260
5.00%, TBA, 2/1/55	8,000,000	7,775,000
5.00%, 5/20/49	110,828	108,769
4.50%, TBA, 2/1/55	12,000,000	11,349,375
4.50%, with due dates from 10/20/49 to 1/20/50	103,521	98,167
4.00%, TBA, 2/1/55	7,000,000	6,446,563
3.50%, with due dates from 8/20/49 to 3/20/50	319,652	283,637
		37,022,427

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (22.8%)* cont.	Principal amount	Value
U.S. Government Agency Mortgage Obligations (12.5%)
Federal National Mortgage Association Pass-Through Certificates
5.00%, with due dates from 1/1/49 to 8/1/49	$107,557	$105,591
Uniform Mortgage-Backed Securities
6.50%, TBA, 2/1/55	16,000,000	16,405,619
5.50%, TBA, 2/1/55	21,000,000	20,741,896
5.00%, TBA, 2/1/55	4,000,000	3,862,981
3.00%, TBA, 2/1/55	2,000,000	1,701,143
2.50%, TBA, 2/1/55	3,000,000	2,445,395
		45,262,625
Total U.S. government and agency mortgage obligations (cost $81,550,702)		$82,285,052

U.S. TREASURY OBLIGATIONS (—%)*	Principal amount	Value
U.S. Treasury Notes
4.375%, 8/31/28 i	$102,000	$104,184
2.25%, 3/31/26 i	64,000	63,065
Total U.S. treasury obligations (cost $167,249)		$167,249

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (8.2%)*		Principal amount	Value
Armenia (Republic of) sr. unsec. notes Ser. REGS, 3.60%, 2/2/31 (Armenia)		$500,000	$415,886
Benin (Republic of) sr. unsec. bonds Ser. REGS, 4.95%, 1/22/35 (Benin)	EUR	470,000	423,148
Benin (Republic of) sr. unsec. notes Ser. REGS, 4.875%, 1/19/32 (Benin)	EUR	258,000	246,770
Benin (Republic of) 144A sr. unsec. notes 7.96%, 2/13/38 (Benin)		$850,000	806,969
Brazil (Federal Republic of) sr. unsec. unsub. notes 6.125%, 3/15/34 (Brazil)		2,360,000	2,263,998
Brazil (Federal Republic of) sr. unsec. unsub. notes 6.00%, 10/20/33 (Brazil)		430,000	413,176
Bulgaria (Republic of) sr. unsec. bonds 5.00%, 3/5/37 (Bulgaria)		260,000	245,234
Bulgaria (Republic of) sr. unsec. bonds Ser. 30Y, 1.375%, 9/23/50 (Bulgaria)	EUR	632,000	396,677
Chile (Republic of) sr. unsec. unsub. bonds 5.65%, 1/13/37 (Chile)		$300,000	302,257
Chile (Republic of) sr. unsec. unsub. bonds 4.85%, 1/22/29 (Chile)		520,000	516,403
Colombia (Republic of) sr. unsec. unsub. notes 8.00%, 11/14/35 (Colombia)		1,240,000	1,252,927
Costa Rica (Government of) sr. unsec. unsub. notes Ser. REGS, 6.125%, 2/19/31 (Costa Rica)		710,000	717,604
Cote d’lvoire (Republic of) sr. unsec. notes Ser. REGS, 4.875%, 1/30/32 (Cote d’lvoire)	EUR	2,060,000	1,907,312
Dominican (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.875%, 1/29/26 (Dominican Republic)		$715,000	723,580
Dominican (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.00%, 7/19/28 (Dominican Republic)		1,350,000	1,347,705
Egypt (Arab Republic of) sr. unsec. notes Ser. REGS, 7.60%, 3/1/29 (Egypt)		930,000	909,650
Egypt (Republic of) 144A sr. unsec. notes 8.625%, 2/4/30 (Egypt)		700,000	697,521
Gabon (Republic of) sr. unsec. notes Ser. REGS, 6.625%, 2/6/31 (Gabon)		810,000	642,532

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (8.2%)* cont.		Principal amount	Value
Guatemala (Republic of) sr. unsec. unsub. bonds Ser. REGS, 6.60%, 6/13/36 (Guatemala)		$1,480,000	$1,464,176
Hungary (Government of) sr. unsec. notes Ser. REGS, 5.25%, 6/16/29 (Hungary)		420,000	416,481
Indonesia (Republic of) 144A sr. unsec. unsub. notes 4.35%, 1/8/27 (Indonesia)		900,000	896,834
Iraq (Republic of) sr. unsec. notes Ser. REGS, 5.80%, 1/15/28 (Iraq)		847,500	835,042
Jordan (Kingdom of) sr. unsec. notes Ser. REGS, 7.50%, 1/13/29 (Jordan)		450,000	450,412
Mongolia (Government of) sr. unsec. notes Ser. REGS, 5.125%, 4/7/26 (Mongolia)		670,000	661,672
Panama (Republic of) sr. unsec. unsub. bonds 7.50%, 3/1/31 (Panama)		1,610,000	1,651,757
Paraguay (Republic of) sr. unsec. notes Ser. REGS, 3.849%, 6/28/33 (Paraguay)		970,000	846,802
Philippines (Republic of) sr. unsec. unsub. bonds 5.50%, 2/4/35 (Philippines)		790,000	794,693
Romania (Government of) sr. unsec. bonds Ser. REGS, 5.625%, 2/22/36 (Romania)	EUR	800,000	788,915
Romania (Government of) 144A sr. unsec. notes 6.375%, 1/30/34 (Romania)		$1,170,000	1,119,608
Serbia (Republic of) sr. unsec. notes 6.25%, 5/26/28 (Serbia)		950,000	971,855
Serbia (Republic of) sr. unsec. notes Ser. REGS, 6.50%, 9/26/33 (Serbia)		830,000	860,492
South Africa (Republic of) sr. unsec. bonds 5.75%, 9/30/49 (South Africa)		250,000	187,188
South Africa (Republic of) sr. unsec. bonds 5.00%, 10/12/46 (South Africa)		600,000	416,159
South Africa (Republic of) sr. unsec. unsub. notes 5.875%, 6/22/30 (South Africa)		450,000	435,044
Turkey (Republic of) sr. unsec. unsub. notes 9.125%, 7/13/30 (Turkey)		660,000	733,319
United Mexican States sr. unsec. unsub. bonds 2.659%, 5/24/31 (Mexico)		1,500,000	1,233,724
Uzbekistan (Republic of) sr. unsec. notes Ser. REGS, 6.90%, 2/28/32 (Uzbekistan)		720,000	708,875
Total foreign government and agency bonds and notes (cost $29,785,403)			$29,702,397

SENIOR LOANS (5.9%)*c		Principal amount	Value
Basic materials (0.3%)
Nouryon Finance BV bank term loan FRN Ser. B, (EURIBOR 3 Month ACT/360 + 3.50%), 6.204%, 4/3/28 (Netherlands)	EUR	440,000	$458,738
Quikrete Holdings, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.25%), 6.562%, 3/26/29		$455,388	457,096
Treasure Holdco, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.25%), 8.764%, 10/10/31		200,000	201,313
			1,117,147
Capital goods (0.8%)
Chart Industries, Inc. bank term loan FRN (CME Term SOFR 1 Month + 2.50%), 6.805%, 3/18/30		953,044	959,000
Clarios Global LP bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.75%), 7.055%, 1/14/32		131,578	132,017

SENIOR LOANS (5.9%)*c cont.		Principal amount	Value
Capital goods cont.
CPM Holdings, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.50%), 8.809%, 9/28/28		$367,528	$351,142
Madison IAQ, LLC bank term loan FRN (CME Term SOFR 1 Month + 2.50%), 6.762%, 6/15/28		440,436	441,812
TK Elevator US Newco, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 7.737%, 4/15/30		292,329	294,841
TransDigm, Inc. bank term loan FRN Ser. J, (CME Term SOFR 1 Month + 2.50%), 6.829%, 2/28/31		265,993	267,290
WEC US Holdings, Ltd. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.25%), 6.559%, 1/20/31		442,775	444,546
			2,890,648
Communication services (0.4%)
CSC Holdings, LLC bank term loan FRN (CME Term SOFR 1 Month + 2.50%), 7.174%, 4/15/27		460,156	429,600
DIRECTV Financing, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 5.25%), 9.802%, 8/2/29		947,348	942,478
			1,372,078
Consumer cyclicals (1.5%)
APi Group DE, Inc. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.00%), 6.312%, 1/3/29		191,140	191,850
Banijay Group US Holding, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 7.583%, 3/1/28		193,035	194,314
Caesars Entertainment, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.25%), 6.562%, 1/24/31		491,288	493,488
Carnival Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.00%), 6.302%, 10/18/28		802,768	807,115
EMRLD Borrower LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.50%), 6.829%, 6/18/31		44,888	45,100
Flutter Entertainment PLC bank term loan FRN Class B, (CME Term SOFR 1 Month + 1.75%), 6.079%, 11/29/30		237,600	238,110
Gray Television, Inc. bank term loan FRN Ser. D, (CME Term SOFR 1 Month + 3.00%), 7.423%, 10/27/28		521,929	481,205
Hunter Douglas, Inc. bank term loan FRN Class B, (CME Term SOFR 3 Month + 3.25%), 7.553%, 1/14/32		401,436	404,113
PetSmart, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 8.162%, 1/29/28		448,298	449,979
PG Investment Co. 59 SARL bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.329%, 3/26/31		199,500	201,121
Scientific Games Holdings LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.296%, 4/4/29		457,688	459,785
Station Casinos, LLC bank term loan FRN (CME Term SOFR 1 Month + 2.00%), 6.375%, 3/7/31		104,213	104,545
White Cap Buyer, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 7.562%, 10/19/29		1,034,754	1,038,329
			5,109,054
Consumer staples (0.2%)
IRB Holding Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.50%), 6.812%, 3/10/28		588,337	590,888
Verde Purchaser, LLC bank term loan FRN (CME Term SOFR 1 Month + 4.50%), 8.829%, 12/2/30		72,829	73,031
			663,919

SENIOR LOANS (5.9%)*c cont.		Principal amount	Value
Energy (0.4%)
CQP Holdco LP bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.00%), 6.329%, 12/31/30		$1,521,791	$1,526,524
			1,526,524
Financials (0.1%)
Alliant Holdings Intermediate, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 7.052%, 9/12/31		436,700	438,584
			438,584
Health care (0.9%)
Bausch + Lomb Corp. bank term loan FRN (CME Term SOFR 1 Month + 4.00%), 8.329%, 9/29/28		274,223	277,052
Bausch + Lomb Corp. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 7.661%, 5/5/27		738,860	743,441
DaVita, Inc. bank term loan FRN Ser. B1, (CME Term SOFR 1 Month + 2.00%), 6.312%, 5/6/31		259,350	260,290
Medline Borrower LP bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.25%), 6.562%, 10/23/28		401,283	403,633
Pacific Dental Services, Inc. bank term loan FRN (CME Term SOFR 1 Month + 2.75%), 7.049%, 3/10/31		392,038	395,819
Phoenix Guarantor, Inc. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.50%), 6.812%, 2/21/31		456,556	458,898
Phoenix Newco, Inc. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.50%), 6.812%, 11/15/28		539,613	542,481
Waystar Technologies, Inc. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.25%), 6.562%, 10/22/29		206,265	207,554
			3,289,168
Technology (0.9%)
Ahead DB Holdings, LLC bank term loan FRN Ser. B3, (CME Term SOFR 1 Month + 3.50%), 7.829%, 2/3/31		202,654	204,526
Cloud Software Group, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 7.829%, 3/29/29		750,776	756,643
Dun & Bradstreet Corp. (The) bank term loan FRN Ser. B2, (CME Term SOFR 1 Month + 2.25%), 6.561%, 1/18/29		436,700	438,032
Idera, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 7.791%, 3/2/28		437,800	418,511
McAfee Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.00%), 7.309%, 3/1/29		483,788	486,146
Proofpoint, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.312%, 8/31/28		522,020	525,773
UKG, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.30%, 1/31/31		457,700	460,938
			3,290,569
Transportation (0.4%)
American Airlines, Inc. bank term loan FRN (CME Term SOFR 3 Month + 4.75%), 9.305%, 4/20/28		772,778	792,542
Genesee & Wyoming, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 1.75%), 6.079%, 4/5/31		299,250	299,314
WestJet Loyalty LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 7.579%, 2/14/31		372,187	374,048
			1,465,904
Total senior loans (cost $21,146,314)			$21,163,595

CONVERTIBLE BONDS AND NOTES (2.9%)*		Principal amount	Value
Capital goods (0.1%)
Axon Enterprise, Inc. company guaranty cv. sr. unsec. notes 0.50%, 12/15/27		$78,000	$223,124
Fluor Corp. cv. sr. unsec. notes 1.125%, 8/15/29		141,000	175,954
			399,078
Consumer cyclicals (0.6%)
Block, Inc. cv. sr. unsec. sub. notes 0.25%, 11/1/27		100,000	87,525
Booking Holdings, Inc. cv. sr. unsec. notes 0.75%, 5/1/25		90,000	227,071
Burlington Stores, Inc. cv. sr. unsec. notes 1.25%, 12/15/27		76,000	113,772
Carnival Corp. company guaranty cv. sr. unsec. unsub. notes 5.75%, 12/1/27		119,000	261,622
Global Payments, Inc. 144A cv. sr. unsec. notes 1.50%, 3/1/31		177,000	174,168
Liberty Media Corp.-Liberty Formula One cv. sr. unsec. notes 2.25%, 8/15/27		199,000	251,364
Live Nation Entertainment, Inc. 144A cv. sr. unsec. notes 3.125%, 1/15/29		155,000	229,881
Live Nation Entertainment, Inc. 144A cv. sr. unsec. unsub. notes 2.875%, 1/15/30		164,000	171,134
Meritage Homes Corp. 144A company guaranty cv. sr. unsec. notes 1.75%, 5/15/28		144,000	145,008
Patrick Industries, Inc. company guaranty cv. sr. unsec. notes 1.75%, 12/1/28		83,000	128,785
Rivian Automotive, Inc. cv. sr. unsec. sub. notes 4.625%, 3/15/29		122,000	121,441
Shift4 Payments, Inc. cv. sr. unsec. sub. notes 0.50%, 8/1/27		158,000	185,808
Spectrum Brands, Inc. 144A company guaranty cv. sr. unsec. notes 3.375%, 6/1/29		72,000	70,740
			2,168,319
Consumer staples (0.3%)
Chefs’ Warehouse, Inc. (The) cv. sr. unsec. unsub. notes 2.375%, 12/15/28		88,000	120,004
Etsy, Inc. cv. sr. unsec. notes 0.25%, 6/15/28		243,000	201,604
Itron, Inc. 144A cv. sr. unsec. notes 1.375%, 7/15/30		203,000	212,541
Shake Shack, Inc. cv. sr. unsec. notes zero %, 3/1/28		137,000	136,401
Uber Technologies, Inc. cv. sr. unsec. notes Ser. 2028, 0.875%, 12/1/28		198,000	230,670
Wayfair, Inc. cv. sr. unsec. unsub. notes 3.25%, 9/15/27		176,000	196,328
			1,097,548
Energy (0.1%)
Nabors Industries, Inc. company guaranty cv. sr. unsec. unsub. notes 1.75%, 6/15/29		138,000	99,748
Northern Oil and Gas, Inc. cv. sr. unsec. notes 3.625%, 4/15/29		133,000	153,316
			253,064
Financials (0.2%)
Coinbase Global, Inc. 144A cv. sr. unsec. sub. notes 0.25%, 4/1/30		89,000	103,997
Digital Realty Trust LP 144A cv. company guaranty sr. unsec. sub. notes 1.875%, 11/15/29		258,000	261,741
Welltower OP, LLC 144A company guaranty cv. sr. unsec. notes 3.125%, 7/15/29		109,000	130,637
Welltower OP, LLC 144A company guaranty cv. sr. unsec. notes 2.75%, 5/15/28 R		187,000	272,646
			769,021

CONVERTIBLE BONDS AND NOTES (2.9%)* cont.		Principal amount	Value
Health care (0.4%)
Alnylam Pharmaceuticals, Inc. cv. sr. unsec. unsub. notes 1.00%, 9/15/27		$139,000	$159,656
BioMarin Pharmaceutical, Inc. cv. sr. unsec. sub. notes 1.25%, 5/15/27		109,000	101,001
Dexcom, Inc. cv. sr. unsec. unsub. notes 0.375%, 5/15/28		248,000	229,819
Exact Sciences Corp. 144A cv. sr. unsec. notes 1.75%, 4/15/31		226,000	212,734
Haemonetics Corp. 144A cv. sr. unsec. sub. notes 2.50%, 6/1/29		107,000	103,148
Halozyme Therapeutics, Inc. cv. sr. unsec. notes 1.00%, 8/15/28		143,000	169,896
Insulet Corp. cv. sr. unsec. notes 0.375%, 9/1/26		130,000	172,671
Lantheus Holdings, Inc. company guaranty cv. sr. unsec. unsub. notes 2.625%, 12/15/27		100,000	136,009
Merit Medical Systems, Inc. 144A cv. sr. unsec. notes 3.00%, 2/1/29		82,000	113,701
Repligen Corp. cv. sr. unsec. notes 1.00%, 12/15/28		95,000	103,185
Sarepta Therapeutics, Inc. cv. sr. unsec. unsub. notes 1.25%, 9/15/27		45,000	48,308
			1,550,128
Technology (1.0%)
Akamai Technologies, Inc. cv. sr. unsec. notes 0.375%, 9/1/27		183,000	189,085
Bentley Systems, Inc. cv. sr. unsec. sub. notes 0.375%, 7/1/27		161,000	146,430
Box, Inc. 144A cv. sr. unsec. notes 1.50%, 9/15/29		111,000	110,945
Datadog, Inc. 144A cv. sr. unsec. notes zero %, 12/1/29		181,000	178,101
Guidewire Software, Inc. 144A cv. sr. unsec. notes 1.25%, 11/1/29		216,000	234,900
HubSpot, Inc. cv. sr. unsec. notes 0.375%, 6/1/25		16,000	44,032
Impinj, Inc. cv. sr. unsec. notes 1.125%, 5/15/27		53,000	70,424
Lumentum Holdings, Inc. cv. sr. unsec. sub. notes 0.50%, 6/15/28		245,000	242,489
Microchip Technology, Inc. 144A cv. sr. unsec. notes 0.75%, 6/1/30		105,000	97,822
MicroStrategy, Inc. 144A cv. sr. unsec. notes zero %, 12/1/29		230,000	200,804
MKS Instruments, Inc. 144A cv. sr. unsec. notes 1.25%, 6/1/30		144,000	146,485
Nutanix, Inc. 144A cv. sr. unsec. notes 0.50%, 12/15/29		145,000	151,018
ON Semiconductor Corp. company guaranty cv. sr. unsec. notes 0.50%, 3/1/29		194,000	175,019
OSI Systems,Inc. 144A cv. sr. unsec. notes 2.25%, 8/1/29		109,000	130,654
Parsons Corp. 144A cv. sr. unsec. notes 2.625%, 3/1/29		89,000	96,610
Progress Software Corp. 144A cv. sr. unsec. sub. notes 3.50%, 3/1/30		124,000	136,090
Seagate HDD Cayman company guaranty cv. sr. unsec. notes 3.50%, 6/1/28 (Cayman Islands)		223,000	288,200
Snap, Inc. cv. sr. unsec. notes zero %, 5/1/27		127,000	111,760
Snowflake, Inc. 144A cv. sr. unsec. notes zero %, 10/1/27		220,000	289,300
Tyler Technologies, Inc. cv. sr. unsec. sub. notes 0.25%, 3/15/26		199,000	249,944
Vertex, Inc. 144A cv. sr. unsec. sub. notes 0.75%, 5/1/29		112,000	189,311
Wolfspeed, Inc. cv. sr. unsec. notes 1.875%, 12/1/29		182,000	71,890
Workiva, Inc. cv. sr. unsec. sub. notes 1.25%, 8/15/28		145,000	146,124
			3,697,437
Utilities and power (0.2%)
CMS Energy Corp. cv. sr. unsec. notes 3.375%, 5/1/28		112,000	116,200
NRG Energy, Inc. company guaranty cv. sr. unsec. bonds 2.75%, 6/1/48		60,000	149,736

CONVERTIBLE BONDS AND NOTES (2.9%)* cont.		Principal amount	Value
Utilities and power cont.
PG&E Corp. cv. sr. notes 4.25%, 12/1/27		$202,000	$206,541
Southern Co. (The) cv. sr. unsec. unsub. notes 3.875%, 12/15/25		206,000	217,588
			690,065
Total convertible bonds and notes (cost $9,971,215)			$10,624,660

INVESTMENT COMPANIES (1.6%)*	Shares	Value
Franklin Ultra Short Bond ETF L	231,380	$5,778,623
Total investment companies (cost $5,751,839)		$5,778,623

SHORT-TERM INVESTMENTS (19.7%)*		Principal amount/ shares	Value
Barclays Bank PLC commercial paper 4.466%, 4/7/25 (United Kingdom)		$1,800,000	$1,785,552
Canadian Imperial Bank of Commerce/New York, NY FRN certificates of deposit 4.650%, 2/9/26		1,800,000	1,799,382
Putnam Government Money Market Fund Class P 4.09% L	Shares	37,685,057	37,685,057
Putnam Short Term Investment Fund Class P 4.54% L	Shares	22,115,968	22,115,968
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.33% P	Shares	2,542,000	2,542,000
U.S. Treasury Bills 4.283%, 3/25/25 ∆		$500,000	497,070
U.S. Treasury Bills 4.312%, 4/8/25 # ∆		1,700,000	1,687,329
U.S. Treasury Bills 4.299%, 4/22/25 ∆		1,300,000	1,288,240
Victory Receivables Corp. asset-backed commercial paper 4.459%, 4/15/25 (Japan)		1,800,000	1,783,825
Total short-term investments (cost $71,184,314)			$71,184,423

TOTAL INVESTMENTS
Total investments (cost $446,160,258)	$443,412,409

Key to holding’s currency abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona

Key to holding’s abbreviations
bp	Basis Points
CME	Chicago Mercantile Exchange
CMT	U.S. Constant Maturity Treasury
DAC	Designated Activity Company
ETF	Exchange Traded Fund
FRB	Floating Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.