NPORT-EX 2 b_073nport043022.htm QUARTERLY PORTFOLIO HOLDINGS

Putnam Premier Income Trust

The fund's portfolio

4/30/22 (Unaudited)

	U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (134.9%)(a)
					Principal amount	Value
	U.S. Government Guaranteed Mortgage Obligations (0.5%)
	Government National Mortgage Association Pass-Through Certificates
	5.50%, 5/20/49				$93,880	$99,781
	5.00%, with due dates from 5/20/49 to 3/20/50				338,770	358,018
	4.50%, with due dates from 10/20/49 to 1/20/50				167,354	172,229
	4.00%, with due dates from 8/20/49 to 1/20/50				140,184	141,453
	3.50%, with due dates from 8/20/49 to 3/20/50				1,097,869	1,079,174
						1,850,655
	U.S. Government Agency Mortgage Obligations (134.4%)
	Federal National Mortgage Association Pass-Through Certificates
	5.00%, with due dates from 1/1/49 to 8/1/49				143,116	148,406
	4.50%, 5/1/49				30,979	31,795
	Uniform Mortgage-Backed Securities
	5.50%, TBA, 5/1/52				2,000,000	2,083,159
	4.50%, TBA, 6/1/52				111,000,000	112,378,886
	4.50%, TBA, 5/1/52				29,000,000	29,502,982
	4.00%, TBA, 6/1/52				40,000,000	39,637,496
	4.00%, TBA, 5/1/52				122,000,000	121,280,383
	3.50%, TBA, 6/1/52				65,000,000	62,864,594
	3.50%, TBA, 5/1/52				40,000,000	38,784,340
	3.00%, TBA, 6/1/52				26,000,000	24,455,213
	3.00%, TBA, 5/1/52				35,000,000	32,995,673
	2.50%, TBA, 5/1/52				90,000,000	82,110,924
	2.00%, TBA, 5/1/52				27,000,000	23,809,999
						570,083,850
	Total U.S. government and agency mortgage obligations (cost $577,846,513)					$571,934,505

	U.S. TREASURY OBLIGATIONS (0.5%)(a)
					Principal amount	Value
	U.S. Treasury Notes
	1.75%, 9/30/22(i)				$230,000	$230,750
	1.625%, 5/15/26(i)				307,000	293,784
	1.125%, 2/28/27(i)				198,000	182,211
	0.50%, 11/30/23(i)				377,000	365,600
	0.25%, 6/30/25(i)				855,000	787,147
	0.25%, 5/31/25(i)				300,000	276,885
	Total U.S. treasury obligations (cost $2,136,377)					$2,136,377

	MORTGAGE-BACKED SECURITIES (49.1%)(a)
					Principal amount	Value
	Agency collateralized mortgage obligations (26.2%)
	Federal Home Loan Mortgage Corporation
	REMICs IFB Ser. 3852, Class SC, IO, ((-1 x 1 Month US LIBOR) + 6.65%), 6.096%, 4/15/40				$1,098,643	$48,923
	REMICs IFB Ser. 4742, Class S, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 5.646%, 12/15/47				1,736,507	239,291
	REMICs IFB Ser. 4752, Class PS, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 5.646%, 11/15/47				298,765	43,677
	REMICs IFB Ser. 5011, Class SA, IO, ((-1 x 1 Month US LIBOR) + 6.25%), 5.582%, 9/25/50				9,894,553	1,607,865
	REMICs IFB Ser. 4839, Class WS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.546%, 8/15/56				5,617,121	926,825
	REMICs IFB Ser. 4678, Class MS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.546%, 4/15/47				1,221,483	196,927
	REMICs Ser. 4813, IO, 5.50%, 8/15/48				3,156,218	666,720
	REMICs IFB Ser. 5002, Class SJ, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.432%, 7/25/50				9,404,816	1,371,817
	REMICs IFB Ser. 4945, Class SL, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.382%, 1/25/50				6,363,287	866,376
	REMICs Ser. 4991, Class IE, IO, 5.00%, 7/25/50				17,081,531	3,364,891
	REMICs Ser. 4077, Class IK, IO, 5.00%, 7/15/42				1,101,722	205,691
	REMICs Ser. 5179, Class BI, IO, 4.50%, 1/25/52				12,321,441	2,056,426
	REMICs Ser. 5152, Class MI, IO, 4.50%, 10/25/51				10,590,958	2,386,519
	REMICs Ser. 5091, Class IL, IO, 4.50%, 3/25/51				6,897,860	1,148,690
	REMICs Ser. 5049, Class AI, IO, 4.50%, 12/25/50				6,432,031	1,332,800
	REMICs Ser. 5093, Class YI, IO, 4.50%, 12/25/50				5,149,927	1,039,527
	REMICs Ser. 5115, Class IK, IO, 4.50%, 12/25/50				6,481,309	1,405,633
	REMICs Ser. 5024, Class HI, IO, 4.50%, 10/25/50				9,277,441	1,823,901
	REMICs Ser. 4984, Class IL, IO, 4.50%, 6/25/50				6,288,720	1,321,274
	REMICs Ser. 4122, Class TI, IO, 4.50%, 10/15/42				835,607	157,164
	REMICs Ser. 4000, Class PI, IO, 4.50%, 1/15/42				483,257	71,631
	REMICs Ser. 4024, Class PI, IO, 4.50%, 12/15/41				655,913	71,868
	REMICs Ser. 5134, Class IC, IO, 4.00%, 8/25/51				10,243,878	1,789,575
	REMICs Ser. 4546, Class TI, IO, 4.00%, 12/15/45				1,530,287	266,726
	REMICs Ser. 4425, IO, 4.00%, 1/15/45				1,483,240	227,752
	REMICs Ser. 4452, Class QI, IO, 4.00%, 11/15/44				1,964,198	392,148
	REMICs Ser. 4193, Class PI, IO, 4.00%, 3/15/43				1,416,640	200,419
	REMICs Ser. 4604, Class QI, IO, 3.50%, 7/15/46				2,147,172	299,015
	REMICs Ser. 4580, Class ID, IO, 3.50%, 8/15/45				1,358,223	165,798
	REMICs Ser. 4105, Class HI, IO, 3.50%, 7/15/41				717,873	54,823
	Strips Ser. 304, Class C37, IO, 3.50%, 12/15/27				586,784	26,880
	REMICs Ser. 5082, Class IQ, IO, 3.00%, 3/25/51				12,677,640	1,980,881
	REMICs Ser. 5051, Class BI, IO, 3.00%, 11/25/50				16,153,392	2,242,278
	REMICs Ser. 4165, Class TI, IO, 3.00%, 12/15/42				3,263,167	268,852
	REMICs Ser. 4183, Class MI, IO, 3.00%, 2/15/42				1,426,861	96,598
	REMICs Ser. 4210, Class PI, IO, 3.00%, 12/15/41				302,022	4,766
	Structured Pass-Through Certificates FRB Ser. 57, Class 1AX, IO, 0.395%, 7/25/43(WAC)				1,574,914	21,734
	Federal National Mortgage Association
	REMICs Ser. 16-3, Class NI, IO, 6.00%, 2/25/46				2,344,646	443,933
	REMICs Ser. 10-99, Class NI, IO, 6.00%, 9/25/40				2,194,396	435,457
	REMICs IFB Ser. 10-35, Class SG, IO, ((-1 x 1 Month US LIBOR) + 6.40%), 5.732%, 4/25/40				784,993	112,669
	REMICs IFB Ser. 18-20, Class SB, IO, ((-1 x 1 Month US LIBOR) + 6.25%), 5.582%, 3/25/48				3,818,236	496,752
	REMICs IFB Ser. 18-38, Class SA, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 5.532%, 6/25/48				6,908,871	900,758
	Interest Strip Ser. 374, Class 6, IO, 5.50%, 8/25/36				98,224	16,653
	REMICs Ser. 15-30, IO, 5.50%, 5/25/45				3,659,677	649,885
	REMICs IFB Ser. 17-32, Class SA, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 5.482%, 5/25/47				8,079,019	1,050,273
	REMICs IFB Ser. 13-18, Class SB, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 5.482%, 10/25/41				192,308	5,463
	REMICs IFB Ser. 16-96, Class ST, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.432%, 12/25/46				3,664,024	416,647
	REMICs IFB Ser. 16-78, Class CS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.432%, 5/25/39				11,724,875	1,374,788
	REMICs IFB Ser. 20-12, Class SK, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.382%, 3/25/50				5,620,189	771,258
	REMICs IFB Ser. 19-43, Class JS, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.382%, 8/25/49				3,550,809	396,848
	REMICs FRB Ser. 19-61, Class S, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.332%, 11/25/49				6,885,829	945,424
	REMICs Ser. 13-107, Class SB, IO, ((-1 x 1 Month US LIBOR) + 5.95%), 5.282%, 2/25/43				2,636,034	377,215
	REMICs IFB Ser. 11-101, Class SA, IO, ((-1 x 1 Month US LIBOR) + 5.90%), 5.232%, 10/25/41				1,692,036	199,231
	Interest Strip Ser. 378, Class 19, IO, 5.00%, 6/25/35				308,342	50,235
	REMICs Ser. 20-45, Class EI, IO, 5.00%, 7/25/50				4,215,600	823,142
	REMICs Ser. 21-77, Class BI, IO, 4.50%, 11/25/51				11,994,101	2,313,253
	REMICs Ser. 21-15, Class IJ, IO, 4.50%, 4/25/51				4,914,021	1,075,188
	REMICs Ser. 20-76, Class BI, IO, 4.50%, 11/25/50				9,737,949	1,746,296
	REMICs Ser. 12-127, Class BI, IO, 4.50%, 11/25/42				371,345	76,815
	REMICs Ser. 20-75, Class MI, IO, 4.00%, 11/25/50				15,597,694	2,944,065
	REMICs Ser. 15-88, Class QI, IO, 4.00%, 10/25/44				615,604	40,303
	REMICs Ser. 13-58, Class DI, IO, 4.00%, 6/25/43				3,356,741	574,163
	REMICs Ser. 13-41, Class IP, IO, 4.00%, 5/25/43				1,059,254	153,836
	REMICs Ser. 13-44, Class PI, IO, 4.00%, 1/25/43				809,438	99,820
	REMICs Ser. 13-60, Class IP, IO, 4.00%, 10/25/42				603,289	69,077
	REMICs Ser. 20-85, Class PI, IO, 3.00%, 12/25/50				13,342,169	2,184,780
	REMICs Ser. 12-145, Class TI, IO, 3.00%, 11/25/42				630,892	26,444
	REMICs Ser. 13-23, Class PI, IO, 3.00%, 10/25/41				255,872	2,308
	REMICs Ser. 21-56, Class WI, IO, 2.50%, 9/25/51				16,950,033	2,201,817
	REMICs Ser. 21-43, Class IO, IO, 2.50%, 6/25/51				16,773,451	2,629,327
	Grantor Trust Ser. 00-T6, IO, 0.717%, 11/25/40(WAC)				1,039,889	10,399
	Government National Mortgage Association
	IFB Ser. 21-98, Class SK, IO, ((-1 x 1 Month US LIBOR) + 6.30%), 5.706%, 6/20/51				8,794,840	1,264,258
	IFB Ser. 21-77, Class SM, IO, ((-1 x 1 Month US LIBOR) + 6.30%), 5.706%, 5/20/51				8,295,958	1,215,900
	IFB Ser. 21-59, Class SQ, IO, ((-1 x 1 Month US LIBOR) + 6.30%), 5.706%, 4/20/51				5,980,745	748,366
	IFB Ser. 20-133, Class CS, IO, ((-1 x 1 Month US LIBOR) + 6.30%), 5.706%, 9/20/50				7,326,821	1,167,888
	FRB Ser. 21-116, Class ES, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 5.606%, 11/20/47				8,195,953	1,540,149
	IFB Ser. 14-60, Class SD, IO, ((-1 x 1 Month US LIBOR) + 6.18%), 5.586%, 4/20/44				4,450,779	604,049
	IFB Ser. 20-97, Class QS, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 5.556%, 7/20/50				4,559,794	725,837
	IFB Ser. 19-5, Class SB, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 5.556%, 1/20/49				4,204,594	470,703
	IFB Ser. 13-129, Class SN, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 5.556%, 9/20/43				511,829	65,176
	IFB Ser. 20-63, Class SP, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.506%, 5/20/50				5,350,573	658,760
	IFB Ser. 20-63, Class PS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.506%, 4/20/50				6,855,666	976,416
	IFB Ser. 19-96, Class SY, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.506%, 8/20/49				5,572,681	656,518
	IFB Ser. 19-83, Class SY, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.506%, 7/20/49				4,946,113	551,986
	IFB Ser. 19-89, Class PS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.506%, 7/20/49				6,513,703	689,416
	IFB Ser. 20-15, Class CS, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.456%, 2/20/50				668,916	63,975
	IFB Ser. 20-7, Class SK, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.456%, 1/20/50				4,045,788	493,922
	IFB Ser. 19-152, Class ES, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.456%, 12/20/49				3,489,817	426,870
	IFB Ser. 19-110, Class SQ, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.456%, 9/20/49				5,567,039	576,784
	IFB Ser. 19-99, Class KS, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.456%, 8/20/49				451,752	49,117
	IFB Ser. 19-78, Class SJ, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.456%, 6/20/49				346,282	33,654
	IFB Ser. 20-63, Class AS, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.406%, 8/20/43				6,099,229	762,465
	IFB Ser. 10-90, Class ES, IO, ((-1 x 1 Month US LIBOR) + 5.95%), 5.356%, 7/20/40				4,886,510	586,181
	IFB Ser. 14-119, Class SA, IO, ((-1 x 1 Month US LIBOR) + 5.60%), 5.006%, 8/20/44				1,970,884	209,068
	Ser. 17-38, Class DI, IO, 5.00%, 3/16/47				957,658	193,773
	Ser. 16-42, IO, 5.00%, 2/20/46				2,351,611	433,353
	Ser. 18-127, Class ID, IO, 5.00%, 7/20/45				3,410,748	496,093
	Ser. 18-127, Class IC, IO, 5.00%, 10/20/44				3,972,730	773,411
	Ser. 14-76, IO, 5.00%, 5/20/44				924,268	178,749
	Ser. 13-3, Class IT, IO, 5.00%, 1/20/43				719,354	151,280
	Ser. 12-146, IO, 5.00%, 12/20/42				663,539	135,972
	Ser. 10-35, Class UI, IO, 5.00%, 3/20/40				937,893	183,034
	Ser. 10-20, Class UI, IO, 5.00%, 2/20/40				674,493	129,791
	Ser. 10-9, Class UI, IO, 5.00%, 1/20/40				3,027,348	626,298
	Ser. 09-121, Class UI, IO, 5.00%, 12/20/39				1,550,825	313,794
	Ser. 17-26, Class MI, IO, 5.00%, 11/20/39				3,132,743	593,442
	Ser. 15-79, Class GI, IO, 5.00%, 10/20/39				562,428	107,209
	Ser. 20-61, IO, 4.50%, 5/20/50				13,136,310	2,459,119
	Ser. 18-94, Class AI, IO, 4.50%, 7/20/48				1,739,530	289,072
	Ser. 15-167, Class BI, IO, 4.50%, 4/16/45				1,020,317	203,063
	Ser. 13-182, Class IQ, IO, 4.50%, 12/16/43				1,302,282	220,119
	Ser. 13-34, Class IH, IO, 4.50%, 3/20/43				1,271,208	216,033
	Ser. 14-108, Class IP, IO, 4.50%, 12/20/42				175,548	12,425
	Ser. 17-42, Class IC, IO, 4.50%, 8/20/41				1,126,869	207,993
	Ser. 10-35, Class AI, IO, 4.50%, 3/20/40				1,235,525	207,724
	Ser. 10-35, Class DI, IO, 4.50%, 3/20/40				1,997,880	366,871
	Ser. 10-35, Class QI, IO, 4.50%, 3/20/40				1,086,968	190,888
	Ser. 13-151, Class IB, IO, 4.50%, 2/20/40				1,276,432	208,649
	Ser. 10-9, Class QI, IO, 4.50%, 1/20/40				748,392	139,051
	Ser. 09-121, Class BI, IO, 4.50%, 12/16/39				821,112	154,985
	Ser. 20-78, Class DI, IO, 4.00%, 6/20/50				9,736,126	1,475,081
	Ser. 16-29, IO, 4.00%, 2/16/46				1,026,411	171,153
	Ser. 15-186, Class AI, IO, 4.00%, 12/20/45				2,554,906	431,345
	Ser. 15-53, Class MI, IO, 4.00%, 4/16/45				2,211,221	430,525
	Ser. 15-187, Class JI, IO, 4.00%, 3/20/45				1,747,545	260,821
	Ser. 15-64, Class YI, IO, 4.00%, 11/20/44				1,495,193	181,292
	Ser. 14-149, Class IP, IO, 4.00%, 7/16/44				4,808,406	701,586
	Ser. 17-93, Class TI, IO, 4.00%, 3/20/44				1,743,383	80,907
	Ser. 14-4, Class IC, IO, 4.00%, 1/20/44				584,384	96,513
	Ser. 14-100, Class NI, IO, 4.00%, 6/20/43				1,619,608	110,117
	Ser. 13-165, Class IL, IO, 4.00%, 3/20/43				566,754	87,218
	Ser. 12-56, Class IB, IO, 4.00%, 4/20/42				536,444	92,734
	Ser. 21-156, IO, 3.50%, 7/20/51				10,515,754	1,863,900
	Ser. 20-167, Class PI, IO, 3.50%, 11/20/50				6,119,323	980,668
	Ser. 20-138, Class IC, IO, 3.50%, 8/20/50				14,303,208	2,384,059
	Ser. 17-118, Class KI, IO, 3.50%, 10/20/46				132,588	4,894
	Ser. 16-75, Class EI, IO, 3.50%, 8/20/45				1,127,018	134,917
	Ser. 13-76, IO, 3.50%, 5/20/43				1,496,703	204,869
	Ser. 13-28, IO, 3.50%, 2/20/43				396,095	41,622
	Ser. 13-54, Class JI, IO, 3.50%, 2/20/43				593,012	65,949
	Ser. 13-37, Class JI, IO, 3.50%, 1/20/43				986,549	112,486
	Ser. 13-14, IO, 3.50%, 12/20/42				2,356,954	271,686
	Ser. 13-27, Class PI, IO, 3.50%, 12/20/42				404,683	48,878
	Ser. 12-136, Class BI, IO, 3.50%, 11/20/42				1,755,968	283,221
	Ser. 12-140, Class IC, IO, 3.50%, 11/20/42				2,413,108	376,001
	Ser. 12-128, Class IA, IO, 3.50%, 10/20/42				2,391,025	370,801
	Ser. 12-113, Class ID, IO, 3.50%, 9/20/42				1,056,487	175,400
	Ser. 15-52, Class KI, IO, 3.50%, 11/20/40				1,497,081	112,581
	Ser. 21-59, Class IM, IO, 3.00%, 4/20/51				8,150,465	1,123,420
	Ser. 21-59, Class IP, IO, 3.00%, 4/20/51				9,559,219	1,326,342
	Ser. 21-67, Class PI, IO, 3.00%, 4/20/51				16,523,053	2,267,369
	Ser. 21-55, Class PI, IO, 3.00%, 3/20/51				7,747,205	1,090,807
	Ser. 20-175, Class NI, IO, 3.00%, 11/20/50				7,122,940	1,109,713
	Ser. 17-H16, Class FI, IO, 2.366%, 8/20/67(WAC)				5,190,773	243,317
	Ser. 17-H12, Class QI, IO, 2.36%, 5/20/67(WAC)				5,385,824	264,864
	Ser. 17-H16, Class JI, IO, 2.348%, 8/20/67(WAC)				14,412,821	876,029
	Ser. 18-H15, Class KI, IO, 2.321%, 8/20/68(WAC)				5,783,451	316,282
	Ser. 17-H06, Class BI, IO, 2.252%, 2/20/67(WAC)				6,673,015	414,954
	Ser. 16-H16, Class EI, IO, 2.20%, 6/20/66(WAC)				5,011,194	253,566
	Ser. 18-H03, Class XI, IO, 2.137%, 2/20/68(WAC)				7,024,352	415,139
	Ser. 16-H22, Class AI, IO, 2.131%, 10/20/66(WAC)				6,958,189	328,844
	Ser. 18-H02, Class EI, IO, 2.121%, 1/20/68(WAC)				9,864,542	690,518
	Ser. 17-H02, Class BI, IO, 2.111%, 1/20/67(WAC)				4,481,899	236,738
	Ser. 16-H23, Class NI, IO, 2.094%, 10/20/66(WAC)				18,427,325	832,915
	Ser. 17-H19, Class MI, IO, 2.06%, 4/20/67(WAC)				3,012,520	193,705
	Ser. 16-H03, Class DI, IO, 2.031%, 12/20/65(WAC)				6,655,443	350,451
	Ser. 15-H10, Class BI, IO, 1.97%, 4/20/65(WAC)				4,232,521	228,556
	Ser. 16-H09, Class BI, IO, 1.961%, 4/20/66(WAC)				7,551,834	462,927
	Ser. 17-H09, IO, 1.954%, 4/20/67(WAC)				8,318,718	350,326
	Ser. 17-H08, Class NI, IO, 1.908%, 3/20/67(WAC)				8,568,722	416,440
	Ser. 16-H17, Class KI, IO, 1.887%, 7/20/66(WAC)				3,178,435	149,486
	Ser. 15-H15, Class BI, IO, 1.88%, 6/20/65(WAC)				3,840,011	206,593
	Ser. 17-H11, Class DI, IO, 1.858%, 5/20/67(WAC)				6,168,600	320,960
	Ser. 15-H25, Class EI, IO, 1.846%, 10/20/65(WAC)				4,962,304	257,047
	Ser. 15-H20, Class AI, IO, 1.826%, 8/20/65(WAC)				5,884,535	295,992
	Ser. 15-H20, Class CI, IO, 1.805%, 8/20/65(WAC)				6,760,885	430,668
	FRB Ser. 15-H08, Class CI, IO, 1.795%, 3/20/65(WAC)				4,480,897	217,323
	Ser. 15-H23, Class BI, IO, 1.753%, 9/20/65(WAC)				6,552,048	300,739
	Ser. 15-H24, Class AI, IO, 1.751%, 9/20/65(WAC)				5,482,338	215,598
	Ser. 18-H05, Class BI, IO, 1.742%, 2/20/68(WAC)				6,752,585	468,461
	Ser. 17-H16, Class IG, IO, 1.723%, 7/20/67(WAC)				13,025,004	482,332
	Ser. 16-H03, Class AI, IO, 1.717%, 1/20/66(WAC)				5,564,954	191,295
	Ser. 16-H18, Class QI, IO, 1.70%, 6/20/66(WAC)				4,509,551	243,119
	Ser. 16-H24, Class CI, IO, 1.694%, 10/20/66(WAC)				4,626,498	225,773
	Ser. 16-H14, IO, 1.679%, 6/20/66(WAC)				5,096,988	201,397
	Ser. 18-H05, Class AI, IO, 1.628%, 2/20/68(WAC)				4,246,977	294,634
	Ser. 13-H08, Class CI, IO, 1.606%, 2/20/63(WAC)				5,712,158	185,645
	Ser. 16-H06, Class DI, IO, 1.589%, 7/20/65(WAC)				9,424,220	299,766
	Ser. 16-H10, Class AI, IO, 1.569%, 4/20/66(WAC)				12,746,204	360,514
	Ser. 16-H02, Class HI, IO, 1.536%, 1/20/66(WAC)				7,299,857	199,286
	Ser. 14-H21, Class BI, IO, 1.532%, 10/20/64(WAC)				7,499,516	279,732
	Ser. 16-H06, Class CI, IO, 1.413%, 2/20/66(WAC)				8,008,960	183,253
						111,090,911
	Commercial mortgage-backed securities (9.3%)
	Barclays Commercial Mortgage Trust 144A Ser. 19-C4, Class E, 3.25%, 8/15/52				802,000	606,938
	Bear Stearns Commercial Mortgage Securities Trust
	FRB Ser. 07-T26, Class AJ, 5.566%, 1/12/45(WAC)				689,826	34,489
	Ser. 05-PWR7, Class D, 5.304%, 2/11/41(WAC)				1,026,000	719,226
	Ser. 05-PWR7, Class B, 5.214%, 2/11/41(WAC)				249,266	247,063
	Benchmark Mortgage Trust 144A Ser. 19-B13, Class D, 2.50%, 8/15/57				689,000	556,085
	BWAY Mortgage Trust 144A FRB Ser. 22-26BW, Class F, 5.029%, 2/10/44(WAC)				1,247,000	970,987
	CD Commercial Mortgage Trust 144A
	Ser. 17-CD3, Class D, 3.25%, 2/10/50				1,126,000	874,526
	Ser. 19-CD8, Class D, 3.00%, 8/15/57				569,000	438,895
	CFCRE Commercial Mortgage Trust 144A
	FRB Ser. 11-C2, Class F, 5.25%, 12/15/47(WAC)				2,275,000	2,263,853
	FRB Ser. 11-C2, Class E, 5.249%, 12/15/47(WAC)				1,068,000	1,063,593
	COMM Mortgage Trust
	FRB Ser. 14-CR16, Class C, 5.083%, 4/10/47(WAC)				428,000	418,941
	FRB Ser. 15-CR26, Class D, 3.627%, 10/10/48(WAC)				658,000	580,749
	COMM Mortgage Trust 144A
	FRB Ser. 14-CR17, Class E, 5.009%, 5/10/47(WAC)				682,000	503,514
	FRB Ser. 14-UBS3, Class D, 4.926%, 6/10/47(WAC)				481,000	441,845
	FRB Ser. 14-CR19, Class D, 4.854%, 8/10/47(WAC)				810,000	754,183
	Ser. 12-CR3, Class F, 4.75%, 10/15/45(WAC)				1,755,510	501,003
	FRB Ser. 18-COR3, Class D, 2.962%, 5/10/51(WAC)				409,000	323,076
	CSAIL Commercial Mortgage Trust 144A FRB Ser. 15-C1, Class D, 3.902%, 4/15/50(WAC)				1,390,000	1,097,948
	GS Mortgage Securities Corp., II 144A FRB Ser. 13-GC10, Class D, 4.547%, 2/10/46(WAC)				1,423,000	1,340,250
	GS Mortgage Securities Trust Ser. 14-GC18, Class B, 4.885%, 1/10/47(WAC)				700,000	650,119
	GS Mortgage Securities Trust 144A FRB Ser. 14-GC24, Class D, 4.665%, 9/10/47(WAC)				2,444,000	1,676,864
	JPMBB Commercial Mortgage Securities Trust 144A
	FRB Ser. 14-C18, Class D, 4.947%, 2/15/47(WAC)				2,173,000	1,296,255
	FRB Ser. 13-C14, Class E, 4.699%, 8/15/46(WAC)				1,277,000	929,327
	FRB Ser. C14, Class D, 4.699%, 8/15/46(WAC)				1,265,000	696,839
	FRB Ser. 14-C18, Class E, 4.447%, 2/15/47(WAC)				914,000	382,352
	FRB Ser. 14-C25, Class D, 4.086%, 11/15/47(WAC)				1,404,000	1,060,791
	Ser. 14-C25, Class E, 3.332%, 11/15/47(WAC)				1,823,000	987,794
	JPMCC Commercial Mortgage Securities Trust 144A FRB Ser. 17-JP7, Class D, 4.532%, 9/15/50(WAC)				577,000	503,902
	JPMDB Commercial Mortgage Securities Trust Ser. 17-C5, Class C, 4.512%, 3/15/50(WAC)				680,000	594,664
	JPMorgan Chase Commercial Mortgage Securities Trust
	FRB Ser. 13-LC11, Class D, 4.303%, 4/15/46(WAC)				1,312,000	1,070,175
	Ser. 13-LC11, Class B, 3.499%, 4/15/46				508,000	500,348
	JPMorgan Chase Commercial Mortgage Securities Trust 144A
	FRB Ser. 11-C3, Class F, 5.708%, 2/15/46(WAC)				1,113,000	164,336
	FRB Ser. 11-C4, Class C, 5.574%, 7/15/46(WAC)				44,867	45,199
	FRB Ser. 12-C6, Class E, 5.35%, 5/15/45(WAC)				659,000	613,143
	FRB Ser. 13-LC11, Class E, 3.25%, 4/15/46(WAC)				1,807,000	1,053,458
	Mezz Cap Commercial Mortgage Trust 144A FRB Ser. 07-C5, Class X, IO, 7.004%, 12/15/49(WAC)				26,213	—
	Morgan Stanley Bank of America Merrill Lynch Trust FRB Ser. 15-C22, Class C, 4.348%, 4/15/48(WAC)				510,000	474,642
	Morgan Stanley Bank of America Merrill Lynch Trust 144A
	FRB Ser. 13-C11, Class D, 4.496%, 8/15/46(WAC)				1,900,000	133,600
	FRB Ser. 15-C23, Class D, 4.281%, 7/15/50(WAC)				1,499,000	1,379,192
	FRB Ser. 13-C10, Class E, 4.21%, 7/15/46(WAC)				2,187,000	730,677
	FRB Ser. 13-C10, Class F, 4.21%, 7/15/46(WAC)				1,988,000	447,300
	Ser. 14-C17, Class E, 3.50%, 8/15/47				1,025,000	684,066
	Ser. 14-C19, Class D, 3.25%, 12/15/47				1,287,000	1,157,185
	Morgan Stanley Capital I Trust Ser. 06-HQ10, Class B, 5.448%, 11/12/41(WAC)				384,505	357,591
	Multifamily Connecticut Avenue Securities Trust 144A
	FRB Ser. 20-01, Class M10, 4.418%, 3/25/50				1,558,000	1,491,418
	FRB Ser. 19-01, Class M10, 3.918%, 10/15/49				1,271,000	1,208,660
	RIAL Issuer, Ltd. 144A FRB Ser. 22-FL8, Class B, 3.669%, 1/19/27				1,046,000	1,041,435
	TIAA Real Estate CDO, Ltd. 144A Ser. 03-1A, Class E, 8.00%, 12/28/38 (In default)(NON)				1,081,996	11
	UBS-Barclays Commercial Mortgage Trust 144A
	Ser. 12-C2, Class F, 5.00%, 5/10/63(WAC)				1,476,000	148
	FRB Ser. 12-C4, Class D, 4.607%, 12/10/45(WAC)				749,000	690,199
	Wachovia Bank Commercial Mortgage Trust 144A FRB Ser. 04-C15, Class G, 5.395%, 10/15/41(WAC)				73,537	66,257
	Wells Fargo Commercial Mortgage Trust 144A
	FRB Ser. 13-LC12, Class D, 4.44%, 7/15/46(WAC)				356,000	203,982
	Ser. 14-LC16, Class D, 3.938%, 8/15/50				2,218,000	321,409
	Ser. 16-C33, Class D, 3.123%, 3/15/59				985,000	844,558
	WF-RBS Commercial Mortgage Trust 144A
	Ser. 11-C4, Class F, 5.00%, 6/15/44(WAC)				2,560,000	1,268,224
	FRB Ser. 12-C9, Class E, 4.971%, 11/15/45(WAC)				537,000	505,109
	FRB Ser. 12-C10, Class D, 4.558%, 12/15/45(WAC)				687,000	484,618
						39,453,011
	Residential mortgage-backed securities (non-agency) (13.6%)
	American Home Mortgage Investment Trust FRB Ser. 07-1, Class GA1C, (1 Month US LIBOR + 0.19%), 0.858%, 5/25/47				685,457	425,191
	Bear Stearns Alt-A Trust
	FRB Ser. 05-7, Class 21A1, 2.632%, 9/25/35(WAC)				194,599	173,907
	FRB Ser. 05-10, Class 11A1, (1 Month US LIBOR + 0.50%), 1.168%, 1/25/36				148,705	216,782
	Cascade Funding Mortgage Trust, LLC 144A Ser. 20-HB4, Class M4, 4.948%, 12/26/30(WAC)				595,000	576,020
	Chevy Chase Funding, LLC Mortgage-Backed Certificates 144A FRB Ser. 06-4A, Class A2, (1 Month US LIBOR + 0.18%), 0.848%, 11/25/47				617,777	537,199
	Citigroup Mortgage Loan Trust, Inc.
	FRB Ser. 07-AR5, Class 1A1A, 2.926%, 4/25/37(WAC)				208,282	202,773
	FRB Ser. 07-AMC3, Class A2D, (1 Month US LIBOR + 0.35%), 1.018%, 3/25/37				1,812,761	1,666,536
	Countrywide Alternative Loan Trust
	FRB Ser. 06-OA7, Class 1A1, 2.229%, 6/25/46(WAC)				1,013,144	1,079,505
	FRB Ser. 05-38, Class A3, (1 Month US LIBOR + 0.70%), 1.368%, 9/25/35				502,450	453,537
	FRB Ser. 05-59, Class 1A1, (1 Month US LIBOR + 0.66%), 1.254%, 11/20/35				1,273,182	1,232,835
	FRB Ser. 06-OA10, Class 1A1, (1 Month US LIBOR + 0.96%), 1.179%, 8/25/46				234,541	226,401
	FRB Ser. 06-OA7, Class 1A2, (1 Month US LIBOR + 0.94%), 1.159%, 6/25/46				426,021	391,132
	FRB Ser. 06-OA10, Class 2A1, (1 Month US LIBOR + 0.38%), 1.048%, 8/25/46				395,734	346,448
	FRB Ser. 06-OA10, Class 3A1, (1 Month US LIBOR + 0.38%), 1.048%, 8/25/46				576,656	553,034
	FRB Ser. 06-OA10, Class 4A1, (1 Month US LIBOR + 0.38%), 1.048%, 8/25/46				2,971,033	2,657,997
	FRB Ser. 07-OH1, Class A1D, (1 Month US LIBOR + 0.21%), 0.878%, 4/25/47				499,025	424,445
	Federal Home Loan Mortgage Corporation
	Structured Agency Credit Risk Debt FRN Ser. 16-DNA3, Class B, (1 Month US LIBOR + 11.25%), 11.918%, 12/25/28				484,240	535,982
	Structured Agency Credit Risk Debt FRN Ser. 15-HQA2, Class B, (1 Month US LIBOR + 10.50%), 11.168%, 5/25/28				826,850	864,642
	Structured Agency Credit Risk Debt FRN Ser. 16-DNA1, Class B, (1 Month US LIBOR + 10.00%), 10.457%, 7/25/28				2,255,170	2,421,286
	Structured Agency Credit Risk Debt FRN Ser. 15-DNA3, Class B, (1 Month US LIBOR + 9.35%), 10.018%, 4/25/28				1,286,421	1,287,270
	Structured Agency Credit Risk Debt FRN Ser. 15-DNA1, Class B, (1 Month US LIBOR + 9.20%), 9.868%, 10/25/27				728,092	775,417
	Structured Agency Credit Risk Debt FRN Ser. 15-DNA2, Class B, (1 Month US LIBOR + 7.55%), 8.218%, 12/25/27				1,320,382	1,345,736
	Structured Agency Credit Risk Debt FRN Ser. 16-HQA1, Class M3, (1 Month US LIBOR + 6.35%), 7.018%, 9/25/28				122,239	131,315
	Structured Agency Credit Risk Debt FRN Ser. 17-DNA1, Class B1, (1 Month US LIBOR + 4.95%), 5.618%, 7/25/29				570,000	607,760
	Structured Agency Credit Risk Debt FRN Ser. 18-HQA1, Class M2, (1 Month US LIBOR + 2.30%), 2.968%, 9/25/30				1,266,693	1,274,649
	Federal Home Loan Mortgage Corporation 144A
	Structured Agency Credit Risk Trust FRB Ser. 19-HQA2, Class B2, (1 Month US LIBOR + 11.25%), 11.918%, 4/25/49				298,000	330,396
	Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA5, Class B2, (US 30 Day Average SOFR + 11.50%), 11.789%, 10/25/50				491,000	588,062
	Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class B2, (1 Month US LIBOR + 11.00%), 11.668%, 10/25/48				444,000	483,748
	Structured Agency Credit Risk Trust FRB Ser. 19-DNA1, Class B2, (1 Month US LIBOR + 10.75%), 11.418%, 1/25/49				315,000	346,759
	Structured Agency Credit Risk Trust FRB Ser. 19-DNA2, Class B2, (1 Month US LIBOR + 10.50%), 11.168%, 3/25/49				252,000	273,619
	Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA4, Class B2, (1 Month US LIBOR + 10.00%), 10.668%, 8/25/50				966,000	1,157,917
	Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA3, Class B2, (1 Month US LIBOR + 10.00%), 10.668%, 7/25/50				1,027,000	1,240,103
	Structured Agency Credit Risk Trust FRB Ser. 19-DNA3, Class B2, (1 Month US LIBOR + 8.15%), 8.818%, 7/25/49				342,000	352,304
	Structured Agency Credit Risk Trust FRB Ser. 18-DNA3, Class B2, (1 Month US LIBOR + 7.75%), 8.418%, 9/25/48				389,000	391,522
	Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA3, Class B1, (1 Month US LIBOR + 5.75%), 6.418%, 7/25/50				401,000	423,348
	Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class B1, (1 Month US LIBOR + 4.25%), 4.918%, 10/25/48				1,548,000	1,575,090
	Seasoned Credit Risk Transfer Trust Ser. 19-2, Class M, 4.75%, 8/25/58(WAC)				685,000	639,520
	Structured Agency Credit Risk Trust FRB Ser. 18-DNA3, Class B1, (1 Month US LIBOR + 3.90%), 4.568%, 9/25/48				420,000	420,770
	Seasoned Credit Risk Transfer Trust Ser. 19-4, Class M, 4.50%, 2/25/59(WAC)				346,000	311,666
	Structured Agency Credit Risk Trust FRB Ser. 18-DNA2, Class B1, (1 Month US LIBOR + 3.70%), 4.368%, 12/25/30				599,000	590,219
	Structured Agency Credit Risk Trust FRB Ser. 19-DNA1, Class M2, (1 Month US LIBOR + 2.65%), 3.318%, 1/25/49				335,034	337,504
	Structured Agency Credit Risk Trust FRB Ser. 19-DNA2, Class M2, (1 Month US LIBOR + 2.45%), 3.118%, 3/25/49				250,045	251,608
	Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class M2, (1 Month US LIBOR + 2.30%), 2.968%, 10/25/48				304,200	305,196
	Federal National Mortgage Association
	Connecticut Avenue Securities FRB Ser. 16-C03, Class 2B, (1 Month US LIBOR + 12.75%), 13.418%, 10/25/28				238,607	264,767
	Connecticut Avenue Securities FRB Ser. 16-C02, Class 1B, (1 Month US LIBOR + 12.25%), 12.918%, 9/25/28				2,302,986	2,624,120
	Connecticut Avenue Securities FRB Ser. 16-C03, Class 1B, (1 Month US LIBOR + 11.75%), 12.418%, 10/25/28				1,291,662	1,425,794
	Connecticut Avenue Securities FRB Ser. 16-C01, Class 1B, (1 Month US LIBOR + 11.75%), 12.418%, 8/25/28				834,884	933,920
	Connecticut Avenue Securities FRB Ser. 16-C05, Class 2B, (1 Month US LIBOR + 10.75%), 11.418%, 1/25/29				268,987	288,490
	Connecticut Avenue Securities FRB Ser. 16-C04, Class 1B, (1 Month US LIBOR + 10.25%), 10.918%, 1/25/29				267,313	286,236
	Connecticut Avenue Securities FRB Ser. 16-C06, Class 1B, (1 Month US LIBOR + 9.25%), 9.918%, 4/25/29				396,487	414,054
	Connecticut Avenue Securities FRB Ser. 15-C04, Class 1M2, (1 Month US LIBOR + 5.70%), 6.368%, 4/25/28				1,904,088	2,042,890
	Connecticut Avenue Securities FRB Ser. 15-C04, Class 2M2, (1 Month US LIBOR + 5.55%), 6.218%, 4/25/28				255,555	268,044
	Connecticut Avenue Securities FRB Ser. 17-C02, Class 2B1, (1 Month US LIBOR + 5.50%), 6.168%, 9/25/29				1,459,000	1,583,945
	Connecticut Avenue Securities FRB Ser. 17-C03, Class 1B1, (1 Month US LIBOR + 4.85%), 5.518%, 10/25/29				2,039,000	2,161,715
	Connecticut Avenue Securities FRB Ser. 18-C04, Class 2B1, (1 Month US LIBOR + 4.50%), 5.168%, 12/25/30				699,000	727,047
	Connecticut Avenue Securities FRB Ser. 17-C07, Class 2B1, (1 Month US LIBOR + 4.45%), 5.118%, 5/25/30				180,000	187,154
	Connecticut Avenue Securities FRB Ser. 17-C06, Class 2B1, (1 Month US LIBOR + 4.45%), 5.118%, 2/25/30				110,000	114,400
	Connecticut Avenue Securities FRB Ser. 18-C05, Class 1B1, (1 Month US LIBOR + 4.25%), 4.918%, 1/25/31				630,000	639,871
	Connecticut Avenue Securities FRB Ser. 15-C02, Class 1M2, (1 Month US LIBOR + 4.00%), 4.668%, 5/25/25				18,253	18,305
	Connecticut Avenue Securities FRB Ser. 17-C05, Class 1B1, (1 Month US LIBOR + 3.60%), 4.268%, 1/25/30				427,000	424,310
	Connecticut Avenue Securities FRB Ser. 18-C01, Class 1B1, (1 Month US LIBOR + 3.55%), 4.218%, 7/25/30				1,003,000	992,970
	Connecticut Avenue Securities FRB Ser. 17-C03, Class 1M2, (1 Month US LIBOR + 3.00%), 3.668%, 10/25/29				1,602,309	1,646,353
	Connecticut Avenue Securities FRB Ser. 17-C04, Class 2M2, (1 Month US LIBOR + 2.85%), 3.518%, 11/25/29				235,878	240,942
	Connecticut Avenue Securities FRB Ser. 17-C06, Class 2M2, (1 Month US LIBOR + 2.80%), 3.468%, 2/25/30				184,221	188,397
	Connecticut Avenue Securities FRB Ser. 17-C07, Class 2M2, (1 Month US LIBOR + 2.50%), 3.168%, 5/25/30				796,114	804,949
	Connecticut Avenue Securities FRB Ser. 18-C01, Class 1M2, (1 Month US LIBOR + 2.25%), 2.918%, 7/25/30				103,077	104,107
	Connecticut Avenue Securities FRB Ser. 18-C06, Class 2M2, (1 Month US LIBOR + 2.10%), 2.768%, 3/25/31				166,557	166,814
	Federal National Mortgage Association 144A
	Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2B1, (US 30 Day Average SOFR + 4.50%), 4.789%, 1/25/42				402,000	381,398
	Connecticut Avenue Securities Trust FRB Ser. 19-R03, Class 1B1, (1 Month US LIBOR + 4.10%), 4.768%, 9/25/31				578,000	582,755
	Connecticut Avenue Securities Trust FRB Ser. 20-R01, Class 1B1, (1 Month US LIBOR + 3.25%), 3.918%, 1/25/40				459,000	429,704
	Connecticut Avenue Securities Trust FRB Ser. 19-R01, Class 2M2, (1 Month US LIBOR + 2.45%), 3.118%, 7/25/31				30,062	30,156
	Connecticut Avenue Securities Trust FRB Ser. 20-R01, Class 1M2, (1 Month US LIBOR + 2.05%), 2.718%, 1/25/40				353,215	353,356
	GSR Mortgage Loan Trust FRB Ser. 07-OA1, Class 2A3A, (1 Month US LIBOR + 0.31%), 0.978%, 5/25/37				609,810	482,794
	HarborView Mortgage Loan Trust FRB Ser. 05-2, Class 1A, (1 Month US LIBOR + 0.52%), 1.074%, 5/19/35				425,116	169,277
	Home Re, Ltd. 144A FRB Ser. 21-2, Class B1, (US 30 Day Average SOFR + 4.15%), 4.439%, 1/25/34 (Bermuda)				300,000	286,992
	JPMorgan Alternative Loan Trust FRB Ser. 07-A2, Class 12A1, IO, (1 Month US LIBOR + 0.20%), 1.068%, 6/25/37				684,520	324,075
	Morgan Stanley Re-REMIC Trust 144A FRB Ser. 10-R4, Class 4B, (1 Month US LIBOR + 0.23%), 0.648%, 2/26/37				491,816	451,457
	MortgageIT Trust FRB Ser. 05-3, Class M2, (1 Month US LIBOR + 0.80%), 1.463%, 8/25/35				114,984	111,245
	Oaktown Re II, Ltd. 144A FRB Ser. 18-1A, Class M2, (1 Month US LIBOR + 2.85%), 3.518%, 7/25/28 (Bermuda)				1,230,000	1,208,183
	Radnor Re, Ltd. 144A FRB Ser. 18-1, Class M2, (1 Month US LIBOR + 2.70%), 3.368%, 3/25/28 (Bermuda)				620,000	617,873
	Structured Asset Mortgage Investments II Trust
	FRB Ser. 06-AR7, Class A1A, (1 Month US LIBOR + 0.21%), 1.088%, 8/25/36				637,149	582,991
	FRB Ser. 07-AR1, Class 2A1, (1 Month US LIBOR + 0.18%), 0.848%, 1/25/37				615,904	581,437
	Towd Point Mortgage Trust 144A
	Ser. 19-2, Class A2, 3.75%, 12/25/58(WAC)				1,033,000	999,859
	Ser. 18-5, Class M1, 3.25%, 7/25/58(WAC)				815,000	731,041
	WaMu Mortgage Pass-Through Certificates Trust FRB Ser. 05-AR13, Class A1C3, (1 Month US LIBOR + 0.98%), 1.648%, 10/25/45				328,127	322,536
						57,623,873
	Total mortgage-backed securities (cost $238,794,723)					$208,167,795

	CORPORATE BONDS AND NOTES (20.6%)(a)
					Principal amount	Value
	Basic materials (2.0%)
	Axalta Coating Systems, LLC 144A company guaranty sr. unsec. notes 3.375%, 2/15/29				$150,000	$129,785
	Beacon Roofing Supply, Inc. 144A company guaranty sr. notes 4.50%, 11/15/26				90,000	87,615
	Big River Steel, LLC/BRS Finance Corp. 144A sr. notes 6.625%, 1/31/29				200,000	204,500
	Boise Cascade Co. 144A company guaranty sr. unsec. notes 4.875%, 7/1/30				145,000	136,365
	Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 4.25%, 2/1/32				165,000	140,869
	BWAY Holding Co. 144A sr. unsec. notes 7.25%, 4/15/25				260,000	246,350
	CF Industries, Inc. company guaranty sr. unsec. bonds 4.95%, 6/1/43				1,110,000	1,071,110
	Coeur Mining, Inc. 144A company guaranty sr. unsec. notes 5.125%, 2/15/29				20,000	16,050
	Compass Minerals International, Inc. 144A company guaranty sr. unsec. notes 6.75%, 12/1/27				249,000	252,080
	Compass Minerals International, Inc. 144A company guaranty sr. unsec. notes 4.875%, 7/15/24				140,000	138,425
	First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 6.875%, 3/1/26 (Canada)				295,000	295,738
	Freeport-McMoRan, Inc. company guaranty sr. unsec. bonds 4.625%, 8/1/30 (Indonesia)				130,000	125,577
	Freeport-McMoRan, Inc. company guaranty sr. unsec. notes 4.375%, 8/1/28 (Indonesia)				130,000	125,873
	Freeport-McMoRan, Inc. company guaranty sr. unsec. unsub. notes 5.45%, 3/15/43 (Indonesia)				670,000	669,705
	GCP Applied Technologies, Inc. 144A sr. unsec. notes 5.50%, 4/15/26				453,000	456,964
	Herens Holdco SARL 144A company guaranty sr. notes 4.75%, 5/15/28 (Luxembourg)				445,000	390,488
	Intelligent Packaging, Ltd., Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer, LLC 144A sr. notes 6.00%, 9/15/28 (Canada)				50,000	47,000
	Kleopatra Holdings 2 SCA company guaranty sr. unsec. notes Ser. REGS, 6.50%, 9/1/26 (Luxembourg)			EUR	260,000	201,431
	Louisiana-Pacific Corp. 144A sr. unsec. notes 3.625%, 3/15/29				$345,000	296,700
	LSF11 A5 HoldCo, LLC 144A sr. unsec. notes 6.625%, 10/15/29				260,000	226,200
	Mercer International, Inc. sr. unsec. notes 5.50%, 1/15/26 (Canada)				164,000	162,583
	Mercer International, Inc. sr. unsec. notes 5.125%, 2/1/29 (Canada)				190,000	176,493
	Novelis Corp. 144A company guaranty sr. unsec. bonds 3.875%, 8/15/31				255,000	218,663
	Novelis Corp. 144A company guaranty sr. unsec. notes 4.75%, 1/30/30				175,000	160,953
	Olympus Water US Holding Corp. 144A sr. unsec. notes 6.25%, 10/1/29				235,000	195,050
	SCIH Salt Holdings, Inc. 144A sr. notes 4.875%, 5/1/28				298,000	257,634
	Sylvamo Corp. 144A company guaranty sr. unsec. notes 7.00%, 9/1/29				455,000	444,194
	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 144A company guaranty sr. unsec. notes 5.125%, 4/1/29 (Luxembourg)				495,000	436,313
	Tronox, Inc. 144A company guaranty sr. unsec. notes 4.625%, 3/15/29				195,000	174,038
	WR Grace Holdings, LLC 144A company guaranty sr. notes 5.625%, 10/1/24				267,000	267,668
	WR Grace Holdings, LLC 144A company guaranty sr. notes 4.875%, 6/15/27				615,000	578,223
						8,330,637
	Capital goods (1.5%)
	Allison Transmission, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 1/30/31				350,000	302,750
	Allison Transmission, Inc. 144A company guaranty sr. unsec. notes 4.75%, 10/1/27				75,000	72,270
	Amsted Industries, Inc. 144A company guaranty sr. unsec. sub. notes 5.625%, 7/1/27				260,000	258,050
	Amsted Industries, Inc. 144A sr. unsec. bonds 4.625%, 5/15/30				65,000	59,800
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 144A company guaranty sr. sub. notes 4.125%, 8/15/26 (Ireland)				470,000	434,750
	Clarios Global LP 144A company guaranty sr. notes 6.75%, 5/15/25				158,000	161,160
	Crown Cork & Seal Co., Inc. company guaranty sr. unsec. bonds 7.375%, 12/15/26				347,000	368,688
	GFL Environmental, Inc. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29 (Canada)				45,000	40,838
	GFL Environmental, Inc. 144A company guaranty sr. unsec. notes 4.00%, 8/1/28 (Canada)				53,000	46,640
	GFL Environmental, Inc. 144A sr. notes 5.125%, 12/15/26 (Canada)				250,000	245,725
	Great Lakes Dredge & Dock Corp. 144A company guaranty sr. unsec. notes 5.25%, 6/1/29				114,000	106,590
	Madison IAQ, LLC 144A sr. notes 4.125%, 6/30/28				90,000	78,975
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 144A company guaranty sr. unsec. notes 8.50%, 5/15/27				280,000	279,826
	PM General Purchaser, LLC 144A sr. notes 9.50%, 10/1/28				214,000	206,510
	Roller Bearing Co. of America, Inc. 144A sr. notes 4.375%, 10/15/29				270,000	243,000
	Sensata Technologies BV 144A company guaranty sr. unsec. notes 4.00%, 4/15/29				700,000	624,750
	Staples, Inc. 144A sr. notes 7.50%, 4/15/26				785,000	749,675
	Stevens Holding Co., Inc. 144A company guaranty sr. unsec. notes 6.125%, 10/1/26				465,000	466,163
	Terex Corp. 144A company guaranty sr. unsec. notes 5.00%, 5/15/29				130,000	119,462
	TransDigm, Inc. company guaranty sr. unsec. sub. notes 5.50%, 11/15/27				330,000	302,607
	TransDigm, Inc. company guaranty sr. unsec. sub. notes 4.875%, 5/1/29				265,000	232,206
	TransDigm, Inc. company guaranty sr. unsec. sub. notes 4.625%, 1/15/29				175,000	152,282
	Vertical US Newco, Inc. 144A company guaranty sr. notes 5.25%, 7/15/27				220,000	206,100
	Vertiv Group Corp. 144A company guaranty sr. notes 4.125%, 11/15/28				180,000	156,825
	Waste Pro USA, Inc. 144A sr. unsec. notes 5.50%, 2/15/26				395,000	351,392
	WESCO Distribution, Inc. 144A company guaranty sr. unsec. unsub. notes 7.25%, 6/15/28				245,000	252,963
						6,519,997
	Communication services (2.1%)
	Altice France SA 144A company guaranty sr. notes 5.50%, 1/15/28 (France)				200,000	177,000
	CCO Holdings, LLC/CCO Holdings Capital Corp. sr. unsec. bonds 4.50%, 5/1/32				185,000	155,614
	CCO Holdings, LLC/CCO Holdings Capital Corp. 144A company guaranty sr. unsec. bonds 5.50%, 5/1/26				295,000	295,738
	CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 5.375%, 6/1/29				1,293,000	1,225,118
	CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 4.75%, 3/1/30				130,000	116,188
	CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 4.50%, 8/15/30				130,000	113,425
	CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. notes 4.25%, 2/1/31				98,000	82,594
	CommScope Technologies, LLC 144A company guaranty sr. unsec. notes 6.00%, 6/15/25				185,000	161,875
	CSC Holdings, LLC sr. unsec. unsub. bonds 5.25%, 6/1/24				270,000	263,893
	DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 5.875%, 8/15/27				197,000	185,426
	DISH DBS Corp. company guaranty sr. unsec. notes 7.75%, 7/1/26				285,000	268,090
	DISH DBS Corp. company guaranty sr. unsec. unsub. notes 5.875%, 11/15/24				285,000	276,450
	DISH DBS Corp. company guaranty sr. unsec. unsub. notes 5.125%, 6/1/29				175,000	136,694
	DISH DBS Corp. 144A company guaranty sr. notes 5.75%, 12/1/28				145,000	129,700
	DISH DBS Corp. 144A company guaranty sr. notes 5.25%, 12/1/26				80,000	73,452
	Frontier Communications Corp. 144A company guaranty sr. notes 5.875%, 10/15/27				700,000	670,250
	IHS Holding, Ltd. company guaranty sr. unsec. notes Ser. REGS, 6.25%, 11/29/28 (Nigeria)				1,640,000	1,543,650
	Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 5.25%, 3/15/26				383,000	372,487
	Level 3 Financing, Inc. 144A company guaranty sr. unsec. notes 4.625%, 9/15/27				122,000	109,648
	Level 3 Financing, Inc. 144A company guaranty sr. unsec. notes 4.25%, 7/1/28				54,000	45,630
	Sprint Corp. company guaranty sr. unsec. notes 7.625%, 3/1/26				280,000	304,130
	Sprint Corp. company guaranty sr. unsec. sub. notes 7.875%, 9/15/23				579,000	607,950
	T-Mobile USA, Inc. company guaranty sr. notes 3.875%, 4/15/30				110,000	104,108
	T-Mobile USA, Inc. company guaranty sr. notes 3.75%, 4/15/27				280,000	272,242
	T-Mobile USA, Inc. company guaranty sr. unsec. bonds 2.875%, 2/15/31				175,000	148,549
	T-Mobile USA, Inc. company guaranty sr. unsec. notes 5.375%, 4/15/27				43,000	43,860
	T-Mobile USA, Inc. company guaranty sr. unsec. notes 2.625%, 2/15/29				125,000	108,058
	T-Mobile USA, Inc. company guaranty sr. unsec. unsub. bonds 4.75%, 2/1/28				326,000	321,646
	Virgin Media Finance PLC 144A sr. unsec. bonds 5.00%, 7/15/30 (United Kingdom)				200,000	174,000
	Virgin Media Secured Finance PLC 144A company guaranty sr. bonds 5.00%, 4/15/27 (United Kingdom)			GBP	255,000	312,250
						8,799,715
	Consumer cyclicals (3.7%)
	ADT Security Corp. 144A sr. notes 4.125%, 8/1/29				$150,000	127,355
	American Builders & Contractors Supply Co., Inc. 144A sr. notes 4.00%, 1/15/28				130,000	121,225
	American Builders & Contractors Supply Co., Inc. 144A sr. unsec. notes 3.875%, 11/15/29				125,000	110,313
	Asbury Automotive Group, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 2/15/32				15,000	13,313
	Asbury Automotive Group, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/15/29				35,000	31,505
	Bath & Body Works, Inc. company guaranty sr. unsec. notes 7.50%, perpetual maturity				719,000	754,950
	Bath & Body Works, Inc. company guaranty sr. unsec. sub. bonds 6.875%, 11/1/35				220,000	214,938
	Bath & Body Works, Inc. 144A company guaranty sr. unsec. notes 9.375%, 7/1/25				29,000	32,625
	Bath & Body Works, Inc. 144A company guaranty sr. unsec. unsub. bonds 6.625%, 10/1/30				120,000	119,353
	Block, Inc. 144A sr. unsec. bonds 3.50%, 6/1/31				165,000	138,188
	Boyd Gaming Corp. company guaranty sr. unsec. notes 4.75%, 12/1/27				130,000	122,868
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 144A sr. unsec. notes 5.00%, 6/15/29 (Canada)				125,000	110,556
	Caesars Entertainment, Inc. 144A sr. notes 6.25%, 7/1/25				220,000	222,391
	Caesars Entertainment, Inc. 144A sr. unsec. notes 4.625%, 10/15/29				245,000	210,088
	Carnival Corp. 144A sr. unsec. notes 7.625%, 3/1/26				33,000	32,299
	Carnival Corp. 144A sr. unsec. notes 5.75%, 3/1/27				240,000	217,324
	CDI Escrow Issuer, Inc. 144A sr. unsec. notes 5.75%, 4/1/30				161,000	154,761
	Cengage Learning, Inc. 144A sr. unsec. unsub. notes 9.50%, 6/15/24				240,000	235,200
	Cinemark USA, Inc. 144A company guaranty sr. notes 8.75%, 5/1/25				50,000	51,938
	Cinemark USA, Inc. 144A company guaranty sr. unsec. notes 5.25%, 7/15/28				185,000	164,382
	Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. notes 5.125%, 8/15/27				180,000	169,146
	Diamond Sports Group, LLC/Diamond Sports Finance Co. 144A company guaranty notes 5.375%, 8/15/26				526,000	194,620
	Entercom Media Corp. 144A company guaranty notes 6.75%, 3/31/29				260,000	225,194
	Entercom Media Corp. 144A company guaranty notes 6.50%, 5/1/27				544,000	467,840
	Ford Motor Co. sr. unsec. unsub. bonds 7.45%, 7/16/31				220,000	239,250
	Ford Motor Credit Co., LLC sr. unsec. unsub. notes 5.125%, 6/16/25				200,000	199,500
	Ford Motor Credit Co., LLC sr. unsec. unsub. notes 4.271%, 1/9/27				260,000	245,050
	Ford Motor Credit Co., LLC sr. unsec. unsub. notes 4.00%, 11/13/30				425,000	367,625
	Full House Resorts, Inc. 144A company guaranty sr. notes 8.25%, 2/15/28				260,000	257,449
	Gap, Inc. (The) 144A company guaranty sr. unsec. bonds 3.875%, 10/1/31				260,000	207,272
	Gartner, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30				300,000	266,625
	Gartner, Inc. 144A company guaranty sr. unsec. notes 3.625%, 6/15/29				45,000	40,275
	Gray Escrow II, Inc. 144A sr. unsec. bonds 5.375%, 11/15/31				130,000	112,055
	Hanesbrands, Inc. 144A company guaranty sr. unsec. unsub. notes 4.625%, 5/15/24				270,000	269,663
	iHeartCommunications, Inc. company guaranty sr. unsec. notes 8.375%, 5/1/27				419,739	416,591
	JELD-WEN, Inc. 144A company guaranty sr. sub. notes 6.25%, 5/15/25				68,000	69,190
	JELD-WEN, Inc. 144A company guaranty sr. unsec. notes 4.875%, 12/15/27				147,000	133,303
	La Financiere Atalian SASU company guaranty sr. unsec. notes Ser. REGS, 4.00%, 5/15/24 (France)			EUR	200,000	171,265
	Levi Strauss & Co. 144A sr. unsec. sub. bonds 3.50%, 3/1/31				$127,000	109,855
	Live Nation Entertainment, Inc. 144A company guaranty sr. unsec. sub. notes 5.625%, 3/15/26				218,000	215,275
	Live Nation Entertainment, Inc. 144A sr. notes 6.50%, 5/15/27				130,000	134,849
	Masonite International Corp. 144A company guaranty sr. unsec. notes 5.375%, 2/1/28				100,000	95,740
	Masonite International Corp. 144A company guaranty sr. unsec. notes 3.50%, 2/15/30				120,000	101,100
	Mattamy Group Corp. 144A sr. unsec. notes 4.625%, 3/1/30 (Canada)				280,000	238,234
	Mattel, Inc. 144A company guaranty sr. unsec. notes 5.875%, 12/15/27				380,000	388,740
	Mattel, Inc. 144A company guaranty sr. unsec. notes 3.75%, 4/1/29				430,000	409,575
	Mattel, Inc. 144A company guaranty sr. unsec. notes 3.375%, 4/1/26				55,000	53,488
	McGraw-Hill Education, Inc. 144A sr. notes 5.75%, 8/1/28				210,000	187,425
	NCL Corp., Ltd. 144A company guaranty sr. notes 5.875%, 2/15/27				70,000	66,675
	NESCO Holdings II, Inc. 144A company guaranty notes 5.50%, 4/15/29				415,000	391,067
	News Corp. 144A company guaranty sr. unsec. unsub. bonds 5.125%, 2/15/32				20,000	19,100
	News Corp. 144A sr. unsec. notes 3.875%, 5/15/29				200,000	180,845
	Nielsen Co. Luxembourg SARL (The) 144A company guaranty sr. unsec. notes 5.00%, 2/1/25 (Luxembourg)				125,000	125,152
	Nielsen Finance, LLC/Nielsen Finance Co. 144A company guaranty sr. unsec. notes 5.625%, 10/1/28				175,000	169,580
	Nielsen Finance, LLC/Nielsen Finance Co. 144A company guaranty sr. unsec. notes 4.50%, 7/15/29				95,000	89,780
	Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A company guaranty sr. notes 3.375%, 8/31/27				125,000	106,686
	Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A notes 6.25%, 1/15/28				250,000	224,088
	PulteGroup, Inc. company guaranty sr. unsec. unsub. notes 7.875%, 6/15/32				155,000	186,775
	Raptor Acquisition Corp./Raptor Co-Issuer, LLC 144A sr. notes 4.875%, 11/1/26				55,000	52,133
	Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 5.50%, 8/31/26				60,000	55,908
	Sabre GLBL, Inc. 144A company guaranty sr. notes 9.25%, 4/15/25				606,000	646,317
	Scotts Miracle-Gro Co. (The) company guaranty sr. unsec. notes 4.50%, 10/15/29				368,000	322,920
	Scotts Miracle-Gro Co. (The) company guaranty sr. unsec. unsub. bonds 4.375%, 2/1/32				85,000	70,975
	Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/1/26				221,000	211,608
	Signal Parent, Inc. 144A sr. unsec. notes 6.125%, 4/1/29				240,000	183,328
	Sinclair Television Group, Inc. 144A sr. bonds 4.125%, 12/1/30				130,000	107,829
	Sirius XM Radio, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 9/1/31				537,000	453,502
	Sirius XM Radio, Inc. 144A company guaranty sr. unsec. notes 4.00%, 7/15/28				275,000	248,531
	Six Flags Theme Parks, Inc. 144A company guaranty sr. notes 7.00%, 7/1/25				255,000	264,881
	Spectrum Brands, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 10/1/29				125,000	116,250
	Standard Industries, Inc. 144A sr. unsec. bonds 3.375%, 1/15/31				95,000	75,873
	Standard Industries, Inc. 144A sr. unsec. notes 4.75%, 1/15/28				25,000	23,000
	Station Casinos, LLC 144A sr. unsec. notes 4.50%, 2/15/28				250,000	226,919
	SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse HSP Gaming Finance Corp. 144A company guaranty sr. unsub. notes 5.875%, 5/15/25				240,000	235,200
	Univision Communications, Inc. 144A company guaranty sr. notes 9.50%, 5/1/25				134,000	139,672
	Univision Communications, Inc. 144A company guaranty sr. notes 6.625%, 6/1/27				255,000	255,638
	Univision Communications, Inc. 144A company guaranty sr. notes 4.50%, 5/1/29				90,000	80,775
	Urban One, Inc. 144A company guaranty sr. notes 7.375%, 2/1/28				238,000	230,563
	Victoria's Secret & Co. 144A sr. unsec. notes 4.625%, 7/15/29				340,000	279,650
	White Cap Buyer, LLC 144A sr. unsec. notes 6.875%, 10/15/28				245,000	224,481
	Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp. 144A company guaranty sr. unsec. sub. notes 5.25%, 5/15/27				153,000	140,710
	Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A sr. unsec. bonds 5.125%, 10/1/29				270,000	236,417
	Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A sr. unsec. notes 7.75%, 4/15/25				80,000	82,440
						15,697,034
	Consumer staples (1.5%)
	1011778 BC ULC/New Red Finance, Inc. 144A bonds 4.00%, 10/15/30 (Canada)				170,000	145,325
	1011778 BC ULC/New Red Finance, Inc. 144A company guaranty notes 4.375%, 1/15/28 (Canada)				182,000	166,075
	1011778 BC ULC/New Red Finance, Inc. 144A company guaranty sr. notes 3.875%, 1/15/28 (Canada)				225,000	206,438
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 4.875%, 2/15/30				75,000	67,879
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 3.50%, 3/15/29				880,000	741,312
	CDW, LLC/CDW Finance Corp. company guaranty sr. unsec. notes 3.25%, 2/15/29				40,000	35,200
	Herc Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 7/15/27				285,000	279,215
	IRB Holding Corp. 144A company guaranty sr. notes 7.00%, 6/15/25				130,000	133,793
	KFC Holding Co./Pizza Hut Holdings, LLC/Taco Bell of America, LLC 144A company guaranty sr. unsec. notes 4.75%, 6/1/27				235,000	234,413
	Kraft Heinz Foods Co. company guaranty sr. unsec. notes 5.00%, 7/15/35				110,000	109,399
	Kraft Heinz Foods Co. company guaranty sr. unsec. notes 3.00%, 6/1/26				228,000	217,930
	Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.875%, 5/15/28				185,000	179,913
	Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.125%, 1/31/30				190,000	171,000
	Match Group Holdings II, LLC 144A sr. unsec. bonds 5.00%, 12/15/27				80,000	78,000
	Match Group Holdings II, LLC 144A sr. unsec. bonds 3.625%, 10/1/31				70,000	58,233
	Match Group Holdings II, LLC 144A sr. unsec. notes 4.125%, 8/1/30				340,000	303,875
	Match Group Holdings II, LLC 144A sr. unsec. unsub. notes 4.625%, 6/1/28				130,000	121,182
	Millennium Escrow Corp. 144A sr. notes 6.625%, 8/1/26				115,000	106,260
	Netflix, Inc. sr. unsec. bonds Ser. REGS, 3.875%, 11/15/29			EUR	100,000	105,816
	Netflix, Inc. sr. unsec. notes 4.875%, 4/15/28				$95,000	92,999
	Netflix, Inc. sr. unsec. unsub. notes 5.875%, 11/15/28				544,000	560,320
	Netflix, Inc. 144A sr. unsec. bonds 5.375%, 11/15/29				135,000	135,135
	Newell Brands, Inc. sr. unsec. notes 4.875%, 6/1/25				143,000	144,855
	Newell Brands, Inc. sr. unsec. unsub. notes 4.45%, 4/1/26				235,000	232,988
	TripAdvisor, Inc. 144A company guaranty sr. unsec. notes 7.00%, 7/15/25				124,000	127,100
	United Rentals North America, Inc. company guaranty sr. unsec. unsub. notes 3.75%, 1/15/32				1,350,000	1,174,500
	Yum! Brands, Inc. sr. unsec. bonds 5.375%, 4/1/32				50,000	47,782
	Yum! Brands, Inc. sr. unsec. sub. bonds 3.625%, 3/15/31				125,000	107,408
	Yum! Brands, Inc. 144A sr. unsec. bonds 4.75%, 1/15/30				125,000	118,906
						6,203,251
	Energy (4.4%)
	Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A company guaranty sr. unsec. notes 7.875%, 5/15/26				150,000	156,899
	Antero Resources Corp. 144A company guaranty sr. unsec. notes 8.375%, 7/15/26				23,000	24,786
	Apache Corp. sr. unsec. unsub. notes 5.10%, 9/1/40				893,000	808,165
	Apache Corp. sr. unsec. unsub. notes 4.375%, 10/15/28				83,000	78,020
	Callon Petroleum Co. 144A company guaranty notes 9.00%, 4/1/25				125,000	132,500
	Cenovus Energy, Inc. sr. unsec. bonds 6.75%, 11/15/39 (Canada)				214,000	242,355
	Centennial Resource Production, LLC 144A company guaranty sr. unsec. notes 6.875%, 4/1/27				200,000	199,609
	ChampionX Corp. company guaranty sr. unsec. notes 6.375%, 5/1/26				95,000	95,791
	Cheniere Energy Partners LP company guaranty sr. unsec. notes 4.50%, 10/1/29				1,270,000	1,216,025
	Cheniere Energy Partners LP company guaranty sr. unsec. unsub. notes 4.00%, 3/1/31				200,000	181,021
	Cheniere Energy Partners LP 144A company guaranty sr. unsec. unsub. bonds 3.25%, 1/31/32				15,000	12,750
	Comstock Resources, Inc. 144A company guaranty sr. unsec. notes 7.50%, 5/15/25				49,000	50,005
	Comstock Resources, Inc. 144A company guaranty sr. unsec. notes 5.875%, 1/15/30				175,000	168,404
	Continental Resources, Inc. company guaranty sr. unsec. bonds 4.90%, 6/1/44				175,000	153,125
	Continental Resources, Inc. company guaranty sr. unsec. notes 4.375%, 1/15/28				249,000	242,705
	Continental Resources, Inc. company guaranty sr. unsec. unsub. notes 4.50%, 4/15/23				231,000	233,587
	Continental Resources, Inc. 144A company guaranty sr. unsec. bonds 5.75%, 1/15/31				212,000	216,736
	Continental Resources, Inc. 144A company guaranty sr. unsec. bonds 2.875%, 4/1/32				235,000	194,184
	DCP Midstream Operating LP company guaranty sr. unsec. notes 5.625%, 7/15/27				124,000	125,395
	DCP Midstream Operating LP 144A company guaranty sr. unsec. unsub. bonds 6.75%, 9/15/37				118,000	133,930
	Encino Acquisition Partners Holdings, LLC 144A company guaranty sr. unsec. notes 8.50%, 5/1/28				549,000	550,373
	Endeavor Energy Resources LP/EER Finance, Inc. 144A sr. unsec. bonds 5.75%, 1/30/28				438,000	439,130
	Endeavor Energy Resources LP/EER Finance, Inc. 144A sr. unsec. notes 6.625%, 7/15/25				131,000	134,603
	EnLink Midstream, LLC 144A company guaranty sr. unsec. notes 5.625%, 1/15/28				109,000	108,008
	EQT Corp. sr. unsec. notes 5.00%, 1/15/29				25,000	24,922
	Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 5.125%, 6/15/28				236,000	228,330
	Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 4.25%, 2/15/30				65,000	59,624
	Hess Midstream Operations LP 144A company guaranty sr. unsec. sub. notes 5.625%, 2/15/26				283,000	283,000
	Holly Energy Partners LP/Holly Energy Finance Corp. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28				433,000	411,961
	Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 9.00%, 2/1/25				160,671	165,893
	Oasis Petroleum, Inc. 144A company guaranty sr. unsec. notes 6.375%, 6/1/26				90,000	90,437
	Occidental Petroleum Corp. sr. unsec. bonds 6.625%, 9/1/30				60,000	65,025
	Occidental Petroleum Corp. sr. unsec. sub. bonds 6.20%, 3/15/40				248,000	256,715
	Occidental Petroleum Corp. sr. unsec. sub. notes 6.45%, 9/15/36				1,467,000	1,591,695
	Ovintiv, Inc. company guaranty sr. unsec. unsub. bonds 7.375%, 11/1/31				430,000	496,992
	Ovintiv, Inc. company guaranty sr. unsec. unsub. bonds 6.625%, 8/15/37				155,000	171,630
	PBF Holding Co., LLC/PBF Finance Corp. 144A company guaranty sr. notes 9.25%, 5/15/25				660,000	684,215
	Pertamina Persero PT 144A sr. unsec. unsub. notes 4.875%, 5/3/22 (Indonesia)				270,000	270,000
	Pertamina Persero PT 144A sr. unsec. unsub. notes 4.30%, 5/20/23 (Indonesia)				400,000	403,001
	Petrobras Global Finance BV company guaranty sr. unsec. unsub. notes 5.60%, 1/3/31 (Brazil)				946,000	928,499
	Petrobras Global Finance BV company guaranty sr. unsec. unsub. notes 5.299%, 1/27/25 (Brazil)				300,000	310,425
	Petroleos Mexicanos company guaranty sr. unsec. unsub. notes 6.70%, 2/16/32 (Mexico)				3,655,000	3,149,440
	Precision Drilling Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/15/29 (Canada)				40,000	38,809
	Rattler Midstream LP 144A company guaranty sr. unsec. notes 5.625%, 7/15/25				180,000	180,234
	Rockcliff Energy II, LLC 144A sr. unsec. notes 5.50%, 10/15/29				107,000	103,790
	SM Energy Co. sr. unsec. notes 6.625%, 1/15/27				137,000	136,299
	SM Energy Co. sr. unsec. unsub. notes 6.75%, 9/15/26				133,000	132,330
	SM Energy Co. sr. unsec. unsub. notes 6.50%, 7/15/28				439,000	432,788
	SM Energy Co. 144A company guaranty notes 10.00%, 1/15/25				70,000	75,615
	Southwestern Energy Co. company guaranty sr. unsec. bonds 4.75%, 2/1/32				397,000	375,415
	Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 3/15/30				757,000	747,424
	Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 2/1/29				505,000	498,839
	Transocean Pontus, Ltd. 144A company guaranty sr. notes 6.125%, 8/1/25 (Cayman Islands)				79,950	78,551
	Transocean Poseidon, Ltd. 144A company guaranty sr. notes 6.875%, 2/1/27				178,125	171,395
	Viper Energy Partners LP 144A company guaranty sr. unsec. notes 5.375%, 11/1/27				80,000	79,654
						18,541,053
	Financials (2.4%)
	AG Issuer, LLC 144A sr. notes 6.25%, 3/1/28				235,000	229,713
	Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. notes 4.25%, 10/15/27				60,000	55,413
	Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31				1,216,000	1,446,571
	AmWINS Group, Inc. 144A sr. unsec. notes 4.875%, 6/30/29				70,000	64,073
	Banca Monte dei Paschi di Siena SpA sr. unsec. unsub. notes Ser. EMTN, 2.625%, 4/28/25 (Italy)			EUR	230,000	226,666
	Bank of America Corp. jr. unsec. sub. FRN Ser. AA, 6.10%, perpetual maturity				$148,000	149,665
	CNO Financial Group, Inc. sr. unsec. notes 5.25%, 5/30/29				225,000	229,332
	Cobra AcquisitionCo, LLC 144A company guaranty sr. unsec. notes 6.375%, 11/1/29				428,000	327,420
	Coinbase Global, Inc. 144A company guaranty sr. unsec. unsub. bonds 3.625%, 10/1/31				80,000	59,098
	Coinbase Global, Inc. 144A company guaranty sr. unsec. unsub. notes 3.375%, 10/1/28				85,000	66,300
	Deutsche Bank AG jr. unsec. sub. FRN 6.00%, perpetual maturity (Germany)				200,000	186,000
	Dresdner Funding Trust I 144A jr. unsec. sub. notes 8.151%, 6/30/31				200,000	242,000
	Freedom Mortgage Corp. 144A sr. unsec. notes 8.125%, 11/15/24				120,000	116,240
	Freedom Mortgage Corp. 144A sr. unsec. notes 6.625%, 1/15/27				90,000	77,895
	goeasy, Ltd. 144A company guaranty sr. unsec. notes 5.375%, 12/1/24 (Canada)				75,000	73,500
	goeasy, Ltd. 144A company guaranty sr. unsec. notes 4.375%, 5/1/26 (Canada)				150,000	138,750
	Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 6.25%, 5/15/26				237,000	234,967
	Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 5.25%, 5/15/27				55,000	51,379
	Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. sub. notes 4.375%, 2/1/29				136,000	117,331
	International Lease Finance Corp. sr. unsec. unsub. notes 5.875%, 8/15/22				20,000	20,149
	Intesa Sanpaolo SpA 144A unsec. sub. notes 5.017%, 6/26/24 (Italy)				285,000	278,184
	iStar, Inc. sr. unsec. notes 5.50%, 2/15/26(R)				425,000	413,682
	iStar, Inc. sr. unsec. notes 4.75%, 10/1/24(R)				347,000	337,458
	Itau Unibanco Holding SA/Cayman Islands 144A unsec. sub. FRB 3.875%, 4/15/31 (Brazil)				2,050,000	1,841,238
	Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29(R)				379,000	339,993
	Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. unsub. notes 5.25%, 10/1/25(R)				55,000	54,038
	Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A sr. unsec. notes 4.25%, 2/1/27(R)				250,000	230,000
	Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.75%, 11/15/31				460,000	408,250
	Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 8/15/28				203,000	184,730
	OneMain Finance Corp. company guaranty sr. unsec. notes 8.875%, 6/1/25				105,000	110,198
	OneMain Finance Corp. company guaranty sr. unsec. unsub. notes 5.375%, 11/15/29				448,000	402,080
	PennyMac Financial Services, Inc. 144A company guaranty sr. unsec. notes 5.375%, 10/15/25				240,000	226,800
	PHH Mortgage Corp. 144A company guaranty sr. notes 7.875%, 3/15/26				235,000	211,469
	Provident Funding Associates LP/PFG Finance Corp. 144A sr. unsec. notes 6.375%, 6/15/25				525,000	515,156
	Service Properties Trust company guaranty sr. unsec. unsub. notes 7.50%, 9/15/25(R)				88,000	87,835
	Stichting AK Rabobank Certificaten jr. unsec. sub. FRN 6.50%, perpetual maturity (Netherlands)			EUR	252,125	289,734
	VTB Bank OJSC Via VTB Capital SA 144A unsec. sub. bonds 6.95%, 10/17/22 (Russia) (In default)(NON)				$3,280,000	164,000
						10,207,307
	Health care (1.7%)
	Bausch Health Cos., Inc. 144A company guaranty sr. notes 6.125%, 2/1/27				116,000	111,505
	Bausch Health Cos., Inc. 144A company guaranty sr. unsec. notes 7.25%, 5/30/29				235,000	177,765
	Bausch Health Cos., Inc. 144A company guaranty sr. unsec. notes 6.25%, 2/15/29				180,000	130,997
	Bausch Health Cos., Inc. 144A company guaranty sr. unsec. notes 5.00%, 2/15/29				100,000	70,326
	Bausch Health Cos., Inc. 144A sr. notes 4.875%, 6/1/28				140,000	124,215
	Centene Corp. sr. unsec. bonds 3.00%, 10/15/30				120,000	104,400
	Centene Corp. sr. unsec. notes 4.625%, 12/15/29				560,000	539,000
	Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/15/31				125,000	111,250
	Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 3.75%, 3/15/29				120,000	108,600
	CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 6.00%, 1/15/29				25,000	23,688
	CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 5.625%, 3/15/27				100,000	95,000
	CHS/Community Health Systems, Inc. 144A company guaranty sr. sub. notes 8.00%, 12/15/27				285,000	295,249
	Elanco Animal Health, Inc. sr. unsec. notes Ser. WI, 6.40%, 8/28/28				290,000	297,613
	Endo Luxembourg Finance Co. I SARL/Endo US, Inc. 144A company guaranty sr. notes 6.125%, 4/1/29 (Luxembourg)				105,000	91,875
	Global Medical Response, Inc. 144A sr. notes 6.50%, 10/1/25				125,000	121,094
	HCA, Inc. company guaranty sr. notes 4.125%, 6/15/29				155,000	148,298
	HCA, Inc. company guaranty sr. unsec. notes 5.375%, 9/1/26				540,000	552,693
	HCA, Inc. company guaranty sr. unsec. notes 3.50%, 9/1/30				125,000	111,979
	Jazz Securities DAC 144A company guaranty sr. unsub. notes 4.375%, 1/15/29 (Ireland)				200,000	184,250
	Laboratoire Eimer Selarl company guaranty sr. unsec. notes Ser. REGS, 5.00%, 2/1/29 (France)			EUR	250,000	230,684
	Mallinckrodt International Finance SA/Mallinckrodt CB, LLC 144A company guaranty sub. notes 10.00%, 4/15/25 (Luxembourg)				$235,000	224,425
	Option Care Health, Inc. 144A company guaranty sr. unsec. notes 4.375%, 10/31/29				50,000	44,949
	Organon Finance 1, LLC 144A sr. notes 4.125%, 4/30/28				270,000	251,181
	Owens & Minor, Inc. 144A sr. unsec. notes 4.50%, 3/31/29				130,000	116,944
	Service Corp. International sr. unsec. bonds 5.125%, 6/1/29				350,000	345,250
	Service Corp. International sr. unsec. notes 3.375%, 8/15/30				95,000	81,700
	Service Corp. International sr. unsec. sub. notes 4.00%, 5/15/31				90,000	81,000
	Tenet Healthcare Corp. company guaranty sr. notes 4.625%, 7/15/24				272,000	271,260
	Tenet Healthcare Corp. 144A company guaranty notes 6.25%, 2/1/27				63,000	62,528
	Tenet Healthcare Corp. 144A company guaranty sr. notes 5.125%, 11/1/27				525,000	509,757
	Tenet Healthcare Corp. 144A company guaranty sr. notes 4.875%, 1/1/26				555,000	543,442
	Tenet Healthcare Corp. 144A company guaranty sr. notes 4.25%, 6/1/29				210,000	189,733
	Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. notes 6.75%, 3/1/28 (Israel)				435,000	441,633
	Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 5.125%, 5/9/29 (Israel)				275,000	249,563
						7,043,846
	Technology (0.6%)
	Arches Buyer, Inc. 144A sr. notes 4.25%, 6/1/28				80,000	71,098
	Arches Buyer, Inc. 144A sr. unsec. notes 6.125%, 12/1/28				80,000	69,600
	CommScope Finance, LLC 144A sr. notes 6.00%, 3/1/26				40,000	37,728
	Crowdstrike Holdings, Inc. company guaranty sr. unsec. notes 3.00%, 2/15/29				542,000	482,380
	Diebold Nixdorf, Inc. 144A company guaranty sr. notes 9.375%, 7/15/25				119,000	105,315
	Imola Merger Corp. 144A sr. notes 4.75%, 5/15/29				290,000	269,700
	Microchip Technology, Inc. company guaranty sr. unsec. notes 4.25%, 9/1/25				257,000	254,834
	Tempo Acquisition, LLC/Tempo Acquisition Finance Corp. 144A company guaranty sr. notes 5.75%, 6/1/25				105,000	105,788
	TTM Technologies, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/1/29				195,000	171,600
	Twilio, Inc. company guaranty sr. unsec. notes 3.875%, 3/15/31				140,000	120,326
	Twilio, Inc. company guaranty sr. unsec. notes 3.625%, 3/15/29				695,000	613,296
	ZoomInfo Technologies, LLC/ZoomInfo Finance Corp. 144A company guaranty sr. unsec. notes 3.875%, 2/1/29				285,000	252,219
						2,553,884
	Transportation (0.2%)
	American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 144A company guaranty sr. notes 5.75%, 4/20/29				260,000	250,530
	American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 144A company guaranty sr. notes 5.50%, 4/20/26				260,000	257,725
	Delta Air Lines, Inc./SkyMiles IP, Ltd. 144A company guaranty sr. notes 4.75%, 10/20/28				375,000	370,626
	United Airlines, Inc. 144A company guaranty sr. notes 4.625%, 4/15/29				100,000	91,750
	United Airlines, Inc. 144A company guaranty sr. notes 4.375%, 4/15/26				100,000	96,550
						1,067,181
	Utilities and power (0.5%)
	Buckeye Partners LP sr. unsec. bonds 5.85%, 11/15/43				122,000	97,295
	Buckeye Partners LP sr. unsec. notes 3.95%, 12/1/26				67,000	63,315
	Buckeye Partners LP 144A sr. unsec. notes 4.50%, 3/1/28				100,000	91,250
	Calpine Corp. 144A company guaranty sr. notes 5.25%, 6/1/26				62,000	61,225
	Calpine Corp. 144A company guaranty sr. notes 4.50%, 2/15/28				380,000	351,774
	Calpine Corp. 144A sr. unsec. notes 4.625%, 2/1/29				25,000	21,849
	Energy Transfer LP jr. unsec. sub. FRN 6.625%, perpetual maturity				41,000	35,465
	NRG Energy, Inc. company guaranty sr. unsec. notes 6.625%, 1/15/27				19,000	19,238
	NRG Energy, Inc. 144A company guaranty sr. notes 3.75%, 6/15/24				385,000	381,358
	NRG Energy, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 2/15/32				185,000	154,428
	NRG Energy, Inc. 144A sr. unsec. bonds 5.25%, 6/15/29				109,000	102,664
	Pacific Gas and Electric Co. company guaranty sr. unsec. unsub. notes 2.95%, 3/1/26				240,000	222,110
	Pacific Gas and Electric Co. sr. notes 3.30%, 3/15/27				65,000	60,083
	Vistra Operations Co., LLC 144A company guaranty sr. notes 4.30%, 7/15/29				115,000	106,803
	Vistra Operations Co., LLC 144A company guaranty sr. unsec. notes 5.50%, 9/1/26				369,000	367,709
	Vistra Operations Co., LLC 144A company guaranty sr. unsec. sub. notes 5.00%, 7/31/27				165,000	157,163
						2,293,729
	Total corporate bonds and notes (cost $97,188,473)					$87,257,634

	FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (9.2%)(a)
					Principal amount	Value
	Cote d'Ivoire (Republic of) sr. unsec. unsub. bonds Ser. REGS, 6.125%, 6/15/33 (Côte d'Ivoire)				$5,125,000	$4,708,594
	Cote d'Ivoire (Republic of) sr. unsec. unsub. bonds Ser. REGS, 5.75%, 12/31/32 (Côte d'Ivoire)				1,353,307	1,287,333
	Cote d'Ivoire (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.375%, 3/3/28 (Côte d'Ivoire)				630,000	624,261
	Cote d'Ivoire (Republic of) sr. unsec. unsub. notes Ser. REGS, 5.375%, 7/23/24 (Côte d'Ivoire)				300,000	295,125
	Cote d'Ivoire (Republic of) 144A sr. unsec. unsub. bonds 5.25%, 3/22/30 (Côte d'Ivoire)			EUR	760,000	716,872
	Dominican (Republic of) sr. unsec. bonds Ser. REGS, 4.875%, 9/23/32 (Dominican Republic)				$690,000	580,463
	Dominican (Republic of) sr. unsec. unsub. bonds Ser. REGS, 5.875%, 1/30/60 (Dominican Republic)				1,325,000	1,004,202
	Dominican (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.875%, 1/29/26 (Dominican Republic)				715,000	750,750
	Dominican (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.00%, 7/19/28 (Dominican Republic)				1,350,000	1,332,428
	Dominican (Republic of) 144A sr. unsec. notes 4.50%, 1/30/30 (Dominican Republic)				230,000	197,959
	Dominican (Republic of) 144A sr. unsec. unsub. bonds 5.50%, 1/27/25 (Dominican Republic)				1,650,000	1,691,250
	Egypt (Arab Republic of) sr. unsec. bonds Ser. REGS, 7.30%, 9/30/33 (Egypt)				810,000	611,562
	Egypt (Arab Republic of) sr. unsec. notes Ser. REGS, 7.60%, 3/1/29 (Egypt)				1,850,000	1,586,368
	Germany (Federal Republic of) unsec. bonds, Ser. 179, zero %, 4/5/24 (Germany)			EUR	1,300,000	1,364,482
	Ghana (Republic of) sr. unsec. notes Ser. REGS, 7.625%, 5/16/29 (Ghana)				$1,310,000	825,300
	Ghana (Republic of) sr. unsec. unsub. notes Ser. REGS, 8.125%, 1/18/26 (Ghana)				3,040,000	2,348,400
	Indonesia (Republic of) sr. unsec. unsub. notes Ser. REGS, 4.75%, 1/8/26 (Indonesia)				2,370,000	2,444,063
	Indonesia (Republic of) sr. unsec. unsub. notes Ser. REGS, 4.125%, 1/15/25 (Indonesia)				760,000	768,544
	Indonesia (Republic of) 144A sr. unsec. notes 4.75%, 1/8/26 (Indonesia)				300,000	309,376
	Indonesia (Republic of) 144A sr. unsec. unsub. bonds 6.625%, 2/17/37 (Indonesia)				640,000	735,162
	Indonesia (Republic of) 144A sr. unsec. unsub. notes 4.35%, 1/8/27 (Indonesia)				1,265,000	1,293,481
	Indonesia (Republic of) 144A sr. unsec. unsub. notes 3.375%, 4/15/23 (Indonesia)				1,355,000	1,360,076
	Mongolia (Government of) sr. unsec. notes Ser. REGS, 5.125%, 4/7/26 (Mongolia)				670,000	626,442
	Senegal (Republic of) sr. unsec. unsub. bonds Ser. REGS, 6.75%, 3/13/48 (Senegal)				1,470,000	1,170,488
	Senegal (Republic of) unsec. bonds Ser. REGS, 6.25%, 5/23/33 (Senegal)				3,605,000	3,221,969
	Tunisia (Central Bank of) sr. unsec. unsub. notes Ser. REGS, 5.75%, 1/30/25 (Tunisia)				3,710,000	2,532,075
	Turkey (Republic of) sr. unsec. unsub. notes 6.35%, 8/10/24 (Turkey)				940,000	919,395
	United Mexican States sr. unsec. bonds 2.659%, 5/24/31 (Mexico)				2,230,000	1,868,562
	Vietnam (Socialist Republic of) sr. unsec. notes Ser. REGS, 4.80%, 11/19/24 (Vietnam)				1,720,000	1,760,850
	Total foreign government and agency bonds and notes (cost $41,916,178)					$38,935,832

	CONVERTIBLE BONDS AND NOTES (4.1%)(a)
					Principal amount	Value
	Capital goods (0.1%)
	John Bean Technologies Corp. 144A cv. sr. unsec. notes 0.25%, 5/15/26				$183,000	$172,295
	Middleby Corp. (The) cv. sr. unsec. notes 1.00%, 9/1/25				93,000	121,423
						293,718
	Communication services (0.3%)
	Cable One, Inc. company guaranty cv. sr. unsec. notes 1.125%, 3/15/28				153,000	125,613
	DISH Network Corp. cv. sr. unsec. notes 3.375%, 8/15/26				434,000	372,155
	Liberty Media Corp. cv. sr. unsec. bonds 1.375%, 10/15/23				84,000	109,200
	Liberty Media Corp. cv. sr. unsec. unsub. bonds 0.50%, 12/1/50				175,000	226,888
	Liberty Media Corp. 144A cv. sr. unsec. unsub. bonds 2.75%, 12/1/49				415,000	397,985
						1,231,841
	Consumer cyclicals (0.7%)
	Alarm.com Holdings, Inc. cv. sr. unsec. notes zero %, 1/15/26				139,000	115,231
	Block, Inc. cv. sr. unsec. sub. notes 0.25%, 11/1/27				217,000	176,964
	Block, Inc. cv. sr. unsec. sub. notes zero %, 5/1/26				95,000	81,759
	Booking Holdings, Inc. cv. sr. unsec. notes 0.75%, 5/1/25				181,000	251,590
	Burlington Stores, Inc. cv. sr. unsec. notes 2.25%, 4/15/25				113,000	135,529
	DraftKings, Inc. cv. sr. unsec. unsub. notes zero %, 3/15/28				182,000	120,939
	Expedia Group, Inc. company guaranty cv. sr. unsec. unsub. notes zero %, 2/15/26				217,000	254,433
	Ford Motor Co. cv. sr. unsec. notes zero %, 3/15/26				303,000	321,635
	Liberty TripAdvisor Holdings, Inc. 144A cv. sr. unsec. bonds 0.50%, 6/30/51				212,000	167,374
	National Vision Holdings, Inc. cv. sr. unsec. sub. notes 2.50%, 5/15/25				81,000	111,480
	NCL Corp, Ltd. company guaranty cv. sr. unsec. notes 5.375%, 8/1/25				81,000	109,512
	NCL Corp, Ltd. 144A company guaranty cv. sr. unsec. notes 2.50%, 2/15/27				164,000	148,912
	Royal Caribbean Cruises, Ltd. cv. sr. unsec. notes 2.875%, 11/15/23				287,000	330,194
	Shift4 Payments, Inc. cv. sr. unsec. sub. notes zero %, 12/15/25				204,000	196,248
	Vail Resorts, Inc. cv. sr. unsec. sub. notes zero %, 1/1/26				272,000	255,850
	Winnebago Industries, Inc. cv. sr. unsec. notes 1.50%, 4/1/25				80,000	85,480
						2,863,130
	Consumer staples (0.4%)
	Airbnb, Inc. cv. sr. unsec. sub. notes zero %, 3/15/26				312,000	285,948
	Beauty Health Co. (The) 144A cv. sr. unsec. sub. notes 1.25%, 10/1/26				144,000	120,816
	Cheesecake Factory, Inc. (The) cv. sr. unsec. sub. notes 0.375%, 6/15/26				148,000	126,355
	Chegg, Inc. cv. sr. unsec. notes zero %, 9/1/26				212,000	164,512
	Etsy, Inc. 144A cv. sr. unsec. notes 0.25%, 6/15/28				400,000	318,000
	Lyft, Inc. cv. sr. unsec. notes 1.50%, 5/15/25				107,000	120,001
	Shake Shack, Inc. cv. sr. unsec. notes zero %, 3/1/28				162,000	124,821
	Uber Technologies, Inc. cv. sr. unsec. notes zero %, 12/15/25				177,000	152,840
	Upwork, Inc. 144A cv. sr. unsec. notes 0.25%, 8/15/26				160,000	124,960
	Wayfair, Inc. cv. sr. unsec. notes 0.625%, 10/1/25				470,000	350,917
	Zillow Group, Inc. cv. sr. unsec. notes 2.75%, 5/15/25				90,000	92,790
						1,981,960
	Energy (0.2%)
	Enphase Energy, Inc. cv. sr. unsec. sub. notes zero %, 3/1/28				204,000	194,004
	Pioneer Natural Resources Co. cv. sr. unsec. notes 0.25%, 5/15/25				150,000	330,150
	SolarEdge Technologies, Inc. cv. sr. unsec. notes zero %, 9/15/25 (Israel)				126,000	146,475
	Sunrun, Inc. cv. sr. unsec. notes zero %, 2/1/26				137,000	104,805
	Transocean, Inc. company guaranty cv. sr. unsec. sub. notes 0.50%, 1/30/23				215,000	200,677
						976,111
	Financials (0.1%)
	Blackstone Mortgage Trust, Inc. cv. sr. unsec. notes 4.75%, 3/15/23(R)				129,000	129,065
	SoFi Technologies, Inc. 144A cv. sr. unsec. notes zero %, 10/15/26				176,000	118,026
						247,091
	Health care (0.6%)
	BioMarin Pharmaceutical, Inc. cv. sr. unsec. sub. notes 1.25%, 5/15/27				144,000	147,960
	DexCom, Inc. cv. sr. unsec. unsub. notes 0.25%, 11/15/25				190,000	198,669
	Exact Sciences Corp. cv. sr. unsec. sub. notes 0.375%, 3/1/28				291,000	233,964
	Guardant Health, Inc. cv. sr. unsec. sub. notes zero %, 11/15/27				169,000	135,099
	Halozyme Therapeutics, Inc. cv. sr. unsec. notes 0.25%, 3/1/27				331,000	284,039
	Insulet Corp. cv. sr. unsec. notes 0.375%, 9/1/26				128,000	157,440
	Ironwood Pharmaceuticals, Inc. cv. sr. unsec. notes 1.50%, 6/15/26				171,000	193,829
	Jazz Investments I, Ltd. company guaranty cv. sr. unsec. sub. notes 1.50%, 8/15/24 (Ireland)				252,000	256,253
	NeoGenomics, Inc. cv. sr. unsec. notes 0.25%, 1/15/28				198,000	136,422
	Neurocrine Biosciences, Inc. cv. sr. unsec. notes 2.25%, 5/15/24				92,000	117,645
	Omnicell, Inc. cv. sr. unsec. notes 0.25%, 9/15/25				94,000	115,902
	Pacira Pharmaceuticals, Inc. cv. sr. unsec. sub. notes 0.75%, 8/1/25				209,000	251,453
	Tandem Diabetes Care, Inc. 144A cv. sr. unsec. notes 1.50%, 5/1/25				118,000	131,334
	Teladoc Health, Inc. cv. sr. unsec. sub. notes 1.25%, 6/1/27				155,000	114,933
						2,474,942
	Technology (1.4%)
	3D Systems Corp. 144A cv. sr. unsec. notes zero %, 11/15/26				128,000	94,592
	Akamai Technologies, Inc. cv. sr. unsec. notes 0.375%, 9/1/27				379,000	416,900
	Akamai Technologies, Inc. cv. sr. unsec. notes 0.125%, 5/1/25				164,000	205,328
	Avalara, Inc. 144A cv. sr. unsec. notes 0.25%, 8/1/26				186,000	148,614
	Bentley Systems, Inc. 144A cv. sr. unsec. sub. notes 0.375%, 7/1/27				201,000	170,348
	Bill.com Holdings, Inc. 144A cv. sr. unsec. unsub. notes zero %, 4/1/27				196,000	165,130
	Blackline, Inc. cv. sr. unsec. notes zero %, 3/15/26				102,000	83,946
	Box, Inc. cv. sr. unsec. notes zero %, 1/15/26				138,000	182,091
	Ceridian HCM Holding, Inc. cv. sr. unsec. notes 0.25%, 3/15/26				152,000	125,126
	Coupa Software, Inc. cv. sr. unsec. notes 0.375%, 6/15/26				307,000	249,591
	CyberArk Software, Ltd. cv. sr. unsec. notes zero %, 11/15/24, (Israel)				137,000	162,345
	Datadog, Inc. cv. sr. unsec. notes 0.125%, 6/15/25				72,000	107,064
	DigitalOcean Holdings, Inc. 144A cv. sr. unsec. notes zero %, 12/1/26				131,000	96,739
	Everbridge, Inc. cv. sr. unsec. notes zero %, 3/15/26				153,000	131,484
	Five9, Inc. cv. sr. unsec. notes 0.50%, 6/1/25				104,000	111,904
	Guidewire Software, Inc. cv. sr. unsec. sub. notes 1.25%, 3/15/25				167,000	167,969
	Impinj, Inc. 144A cv. sr. unsec. notes 1.125%, 5/15/27				128,000	104,880
	Lumentum Holdings, Inc. cv. sr. unsec. notes 0.50%, 12/15/26				304,000	317,862
	MongoDB, Inc. cv. sr. unsec. notes 0.25%, 1/15/26				74,000	132,460
	Okta, Inc. cv. sr. unsec. notes 0.375%, 6/15/26				263,000	237,041
	ON Semiconductor Corp. 144A cv. sr. unsec. notes zero %, 5/1/27				139,000	165,083
	Palo Alto Networks, Inc. cv. sr. unsec. notes 0.375%, 6/1/25				145,000	277,965
	Pegasystems, Inc. 144A cv. sr. unsec. notes 0.75%, 3/1/25				159,000	147,234
	Perficient, Inc. 144A cv. sr. unsec. notes 0.125%, 11/15/26				78,000	66,963
	Rapid7, Inc. cv. sr. unsec. notes 0.25%, 3/15/27				139,000	154,777
	RingCentral, Inc. cv. sr. unsec. notes zero %, 3/1/25				199,000	166,762
	Silicon Laboratories, Inc. cv. sr. unsec. notes 0.625%, 6/15/25				131,000	166,213
	Snap, Inc. 144A cv. sr. unsec. notes zero %, 5/1/27				202,000	160,287
	Splunk, Inc. cv. sr. unsec. notes 1.125%, 6/15/27				326,000	292,422
	Spotify USA, Inc. company guaranty cv. sr. unsec. notes zero %, 3/15/26				152,000	123,766
	Twitter, Inc. cv. sr. unsec. sub. notes zero %, 3/15/26				181,000	170,955
	Unity Software, Inc. 144A cv. sr. unsec. notes zero %, 11/15/26				205,000	158,564
	Viavi Solutions, Inc. cv. sr. unsec. unsub. notes 1.00%, 3/1/24				109,000	130,051
	Wolfspeed, Inc. 144A cv. sr. unsec. unsub. notes 0.25%, 2/15/28				133,000	133,000
	Zendesk, Inc. cv. sr. unsec. notes 0.625%, 6/15/25				148,000	187,220
	Ziff Davis, Inc. 144A cv. sr. unsec. notes 1.75%, 11/1/26				157,000	167,284
	Zscaler, Inc. cv. sr. unsec. notes 0.125%, 7/1/25				81,000	120,245
						6,200,205
	Transportation (0.2%)
	American Airlines Group, Inc. company guaranty cv. notes 6.50%, 7/1/25				161,000	224,515
	JetBlue Airways Corp. 144A cv. sr. unsec. notes 0.50%, 4/1/26				163,000	132,535
	Southwest Airlines Co. cv. sr. unsec. notes 1.25%, 5/1/25				258,000	352,299
						709,349
	Utilities and power (0.1%)
	NextEra Energy Partners LP 144A company guaranty cv. sr. unsec. notes zero %, 11/15/25				234,000	226,629
	NRG Energy, Inc. company guaranty cv. sr. unsec. bonds 2.75%, 6/1/48				200,000	211,620
						438,249
	Total convertible bonds and notes (cost $18,922,294)					$17,416,596

	SENIOR LOANS (3.0%)(a)(c)
					Principal amount	Value
	Basic materials (0.2%)
	Klockner-Pentaplast of America, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.75%), 5.554%, 2/4/26				$69,300	$61,561
	PQ Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.50%), 3.739%, 6/9/28				44,663	44,115
	Starfruit US Holdco, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 4.006%, 10/1/25				375,674	369,881
	TAMKO Building Products, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 4.00%, 5/3/26				559,775	547,706
						1,023,263
	Capital goods (0.5%)
	Adient US, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 4.014%, 4/1/28				173,688	172,204
	American Axle and Manufacturing, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 2.25%), 3.00%, 4/6/24				48,577	48,304
	BWAY Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 3.705%, 4/3/24				772,788	756,753
	Filtration Group Corp. bank term loan FRN (1 Month US LIBOR + 3.50%), 4.264%, 10/19/28				24,875	24,533
	GFL Environmental, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.00%), 4.239%, 5/31/25				432,095	430,881
	Staples, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 5.00%), 5.317%, 4/9/26				190,669	182,480
	Titan Acquisition, Ltd. (United Kingdom) bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 4.006%, 3/28/25				487,667	476,007
	TK Elevator US Newco, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.50%), 4.019%, 7/31/27				103,479	102,380
						2,193,542
	Communication services (0.1%)
	Altice US Finance I Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 2.804%, 1/15/26				393,807	385,930
	Asurion, LLC bank term loan FRN Ser. B9, (BBA LIBOR USD 3 Month + 3.25%), 4.014%, 7/31/27				69,474	67,824
	DIRECTV Financing, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 5.00%), 5.764%, 7/22/27				167,125	166,273
						620,027
	Consumer cyclicals (0.8%)
	AppleCaramel Buyer, LLC bank term loan FRN (CME TERM SOFR 3 Month PLUS CSA + 0.00%), 4.45%, 10/19/27				468,556	456,988
	Cengage Learning, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.75%), 5.75%, 6/29/26				373,125	366,595
	Clear Channel Outdoor Holdings, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 4.739%, 8/21/26				501,199	488,514
	Cornerstone Building Brands, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.25%), 3.804%, 4/12/28				329,725	308,705
	Diamond Sports Group, LLC bank term loan FRN (CME TERM SOFR 3 Month PLUS CSA + 3.25%), 3.79%, 8/24/26				209,113	69,269
	Fertitta Entertainment, LLC/NV bank term loan FRN Ser. B, (CME TERM SOFR 3 Month PLUS CSA + 4.00%), 4.70%, 1/12/29				188,954	187,955
	Garda World Security Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.25%), 4.92%, 10/30/26				182,072	180,070
	iHeartCommunications, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 3.764%, 5/1/26				97,581	96,672
	Nexstar Broadcasting, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 2.955%, 6/19/26				276,079	273,362
	Robertshaw Holdings Corp. bank term loan FRN (BBA LIBOR USD 3 Month + 8.00%), 9.00%, 2/28/26				220,000	165,000
	Terrier Media Buyer, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.50%), 4.264%, 12/17/26				266,186	262,097
	Werner Finco LP bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 5.006%, 7/24/24				408,101	402,489
						3,257,716
	Consumer staples (0.2%)
	Brand Industrial Services, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.25%), 5.294%, 6/21/24				576,003	546,155
	IRB Holding Corp. bank term loan FRN (CME TERM SOFR 3 Month PLUS CSA + 3.00%), 3.75%, 12/15/27				88,875	87,542
	IRB Holding Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 3.756%, 2/5/25				218,182	216,061
						849,758
	Energy (0.1%)
	CQP Holdco LP bank term loan FRN (BBA LIBOR USD 3 Month + 3.75%), 4.756%, 6/4/28				208,425	207,643
	Southwestern Energy Co. bank term loan FRN Ser. B, (CME TERM SOFR 3 Month PLUS CSA + 2.50%), 3.301%, 6/8/27				144,638	144,276
						351,919
	Financials (0.1%)
	Forest City Enterprises LP bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 4.264%, 12/7/25				197,486	195,758
	HUB International, Ltd. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 4.348%, 4/25/25				97,763	97,178
						292,936
	Health care (0.4%)
	Elanco Animal Health, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 1.75%), 2.55%, 2/4/27				136,956	134,046
	Enterprise Merger Sub, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.75%), 4.514%, 10/10/25				226,489	137,592
	Global Medical Response, Inc. bank term loan FRN (1 Month US LIBOR + 4.25%), 5.25%, 10/2/25				513,500	508,899
	Jazz Financing Lux SARL bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 4.264%, 5/31/28				286,833	286,259
	One Call Corp. bank term loan FRN Ser. B, (1 Month US LIBOR + 5.50%), 6.25%, 4/22/27				302,713	275,468
	Ortho-Clinical Diagnostics, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.00%), 3.278%, 6/30/25				148,842	148,424
	Quorum Health Corp. bank term loan FRN (BBA LIBOR USD 3 Month + 6.50%), 7.467%, 4/29/25				196,163	155,950
						1,646,638
	Technology (0.5%)
	Arches Buyer, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.25%), 4.014%, 12/6/27				405,890	395,686
	Boxer Parent Co., Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 4.514%, 10/2/25				399,207	393,870
	Epicor Software Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 4.014%, 7/30/27				201,925	200,465
	Greeneden US Holdings II, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 4.00%), 4.764%, 12/1/27				399,938	398,438
	Plantronics, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.50%), 3.264%, 7/2/25				338,593	335,577
	Polaris Newco, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 4.764%, 6/3/28				203,975	201,595
	Proofpoint, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 6.25%), 6.75%, 8/31/29				43,000	42,960
	Rocket Software, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.25%), 5.014%, 11/28/25				133,988	132,732
						2,101,323
	Transportation (0.1%)
	American Airlines, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.75%), 5.813%, 4/20/28				120,000	122,033
	United Airlines, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 4.50%, 4/21/28				252,450	250,069
						372,102
	Total senior loans (cost $13,149,908)					$12,709,224

	PURCHASED SWAP OPTIONS OUTSTANDING (2.3%)(a)
	Counterparty Fixed right % to receive or (pay)/Floating rate index/Maturity date		Expiration date/strike		Notional/ Contract amount	Value
	Bank of America N.A.
	0.485/3 month USD-LIBOR-BBA/Jan-25		Jan-24/0.485		$49,147,400	$24,574
	Goldman Sachs International
	2.988/3 month USD-LIBOR-BBA/Feb-39		Feb-29/2.988		7,048,900	470,726
	(2.988)/3 month USD-LIBOR-BBA/Feb-39		Feb-29/2.988		7,048,900	449,720
	JPMorgan Chase Bank N.A.
	(2.7575)/3 month USD-LIBOR-BBA/Dec-37		Dec-27/2.7575		6,980,300	495,462
	(2.795)/3 month USD-LIBOR-BBA/Dec-37		Dec-27/2.795		6,980,300	485,619
	2.795/3 month USD-LIBOR-BBA/Dec-37		Dec-27/2.795		6,980,300	401,437
	2.7575/3 month USD-LIBOR-BBA/Dec-37		Dec-27/2.7575		6,980,300	391,804
	Morgan Stanley & Co. International PLC
	3.00/3 month USD-LIBOR-BBA/Feb-73		Feb-48/3.00		6,990,700	958,705
	3.00/3 month USD-LIBOR-BBA/Apr-72		Apr-47/3.00		6,990,700	926,338
	2.75/3 month USD-LIBOR-BBA/May-73		May-48/2.75		6,990,700	830,565
	NatWest Markets PLC
	(0.52)/Sterling Overnight Index Average/Sep-23 (United Kingdom)		Sep-22/0.52	GBP	92,703,900	2,128,578
	UBS AG
	(0.153)/6 month EUR-EURIBOR-Reuters/Sep-29		Sep-24/0.153	EUR	13,220,400	1,153,545
	(0.925)/6 month EUR-EURIBOR-Reuters/Mar-57		Mar-27/0.925	EUR	3,146,600	679,038
	0.925/6 month EUR-EURIBOR-Reuters/Mar-57		Mar-27/0.925	EUR	3,146,600	339,619
	0.153/6 month EUR-EURIBOR-Reuters/Sep-29		Sep-24/0.153	EUR	13,220,400	50,488
	Total purchased swap options outstanding (cost $6,756,254)					$9,786,218

	PURCHASED OPTIONS OUTSTANDING (0.3%)(a)
	Counterparty	Expiration date/ strike price	Notional amount		Contract amount	Value
	JPMorgan Chase Bank N.A.
	Uniform Mortgage-Backed Securities 30 yr 4.00% TBA commitments (Call)	Jun-22/$99.16	$39,637,496		$40,000,000	$341,400
	Uniform Mortgage-Backed Securities 30 yr 4.50% TBA commitments (Call)	Jun-22/101.11	101,242,240		100,000,000	754,000
	Total purchased options outstanding (cost $667,578)					$1,095,400

	ASSET-BACKED SECURITIES (0.3%)(a)
					Principal amount	Value
	1Sharpe Mortgage Trust 144A FRB Ser. 20-1, Class NOTE, (BBA LIBOR USD 3 Month + 2.90%), 3.025%, 7/25/24				$1,314,000	$1,310,715
	Total asset-backed securities (cost $1,314,000)					$1,310,715

	COMMON STOCKS (0.1%)(a)
					Shares	Value
	iHeartMedia, Inc. Class A(NON)				15,096	$241,385
	Oasis Petroleum, Inc.				854	113,292
	Texas Competitive Electric Holdings Co., LLC/TCEH Finance, Inc. (Rights)				21,073	26,341
	Tribune Media Co. Class 1C				92,963	930
	Total common stocks (cost $420,967)					$381,948

	SHORT-TERM INVESTMENTS (21.0%)(a)
					Principal amount/ shares	Value
	Interest in $352,511,000 joint tri-party repurchase agreement dated 4/29/2022 with BofA Securities, Inc. due 5/2/2022 - maturity value of $4,900,123 for an effective yield of 0.300% (collateralized by Agency Mortgage-Backed Securities with a coupon rate of 2.500% and a due date of 11/20/2051, valued at $359,561,220)				$4,900,000	$4,900,000
	Putnam Short Term Investment Fund Class P 0.43%(AFF)			Shares	35,090,667	35,090,667
	State Street Institutional U.S. Government Money Market Fund, Premier Class 0.29%(P)			Shares	3,060,000	3,060,000
	U.S. Treasury Bills 0.565%, 6/21/22(SEGSF)				$2,600,000	2,597,972
	U.S. Treasury Bills 0.534%, 6/23/22(SEG)(SEGSF)(SEGCCS)				10,900,000	10,890,707
	U.S. Treasury Bills 0.432%, 6/16/22(SEGSF)(SEGCCS)				3,100,000	3,098,278
	U.S. Treasury Bills 0.404%, 6/14/22(SEGSF)(SEGCCS)				3,500,000	3,498,129
	U.S. Treasury Bills 0.396%, 6/9/22(SEGSF)(SEGCCS)				12,500,000	12,494,269
	U.S. Treasury Bills 0.351%, 6/2/22(SEG)(SEGSF)(SEGCCS)				7,900,000	7,897,753
	U.S. Treasury Bills 0.376%, 6/7/22(SEGSF)(SEGCCS)(SEGTBA)				3,500,000	3,498,545
	U.S. Treasury Bills 0.055%, 5/19/22(SEG)(SEGSF)				2,000,000	1,999,792
	Total short-term investments (cost $89,027,691)					$89,026,112
	TOTAL INVESTMENTS
	Total investments (cost $1,088,140,956)					$1,040,158,356

	FORWARD CURRENCY CONTRACTS at 4/30/22 (aggregate face value $85,152,067) (Unaudited)
	Counterparty	Currency	Contract type*	Delivery date	Value	Aggregate face value	Unrealized appreciation/ (depreciation)
	Bank of America N.A.
		British Pound	Buy	6/15/22	$8,928	$9,354	$(426)
		Japanese Yen	Sell	5/18/22	744	840	96
		Norwegian Krone	Buy	6/15/22	16,282	17,496	(1,214)
		Swedish Krona	Sell	6/15/22	407,700	424,965	17,265
	Barclays Bank PLC
		British Pound	Sell	6/15/22	356,122	375,366	19,244
		Euro	Sell	6/15/22	103,694	106,811	3,117
		Norwegian Krone	Buy	6/15/22	2,325	2,428	(103)
		Swiss Franc	Buy	6/15/22	2,077,782	2,201,562	(123,780)
	Citibank, N.A.
		Chilean Peso	Buy	7/20/22	106,282	113,144	(6,862)
		Chilean Peso	Sell	7/20/22	106,282	110,741	4,459
		Swedish Krona	Sell	6/15/22	345,445	349,492	4,047
	Credit Suisse International
		Swiss Franc	Buy	6/15/22	342,966	357,261	(14,295)
	Goldman Sachs International
		Brazilian Real	Buy	7/5/22	123,437	122,260	1,177
		Brazilian Real	Sell	7/5/22	123,437	128,952	5,515
		Norwegian Krone	Sell	6/15/22	240,844	252,521	11,677
		Polish Zloty	Buy	6/15/22	570,021	584,365	(14,344)
		Swiss Franc	Buy	6/15/22	3,532,889	3,741,830	(208,941)
	HSBC Bank USA, National Association
		Australian Dollar	Sell	7/20/22	51,861	53,345	1,484
		British Pound	Sell	6/15/22	2,927,068	3,114,781	187,713
		New Zealand Dollar	Sell	7/20/22	104,592	109,733	5,141
		Norwegian Krone	Sell	6/15/22	44,816	47,798	2,982
		Polish Zloty	Sell	6/15/22	570,021	589,607	19,586
		Swedish Krona	Sell	6/15/22	5,251	5,427	176
	JPMorgan Chase Bank N.A.
		British Pound	Buy	6/15/22	3,395	3,572	(177)
		Euro	Sell	6/15/22	985,361	1,028,405	43,044
		Norwegian Krone	Buy	6/15/22	53,315	57,055	(3,740)
		Swedish Krona	Buy	6/15/22	33,085	35,040	(1,955)
		Swiss Franc	Sell	6/15/22	99,624	104,681	5,057
	Morgan Stanley & Co. International PLC
		Australian Dollar	Sell	7/20/22	136,267	142,478	6,211
		British Pound	Buy	6/15/22	55,330	59,137	(3,807)
		Canadian Dollar	Sell	7/20/22	101,010	101,084	74
		Euro	Sell	6/15/22	953,967	966,627	12,660
		New Zealand Dollar	Sell	7/20/22	3,746,288	4,072,018	325,730
		Norwegian Krone	Sell	6/15/22	123,913	126,208	2,295
		Swedish Krona	Sell	6/15/22	353,510	350,281	(3,229)
		Swiss Franc	Buy	6/15/22	65,111	66,156	(1,045)
	NatWest Markets PLC
		British Pound	Buy	6/15/22	267,720	281,501	(13,781)
		Norwegian Krone	Buy	6/15/22	14,950	15,922	(972)
		Swedish Krona	Buy	6/15/22	45,219	45,965	(746)
		Swiss Franc	Buy	6/15/22	4,636	4,829	(193)
	State Street Bank and Trust Co.
		Australian Dollar	Sell	7/20/22	3,875,042	4,189,254	314,212
		British Pound	Sell	6/15/22	2,456,514	2,616,131	159,617
		Canadian Dollar	Sell	7/20/22	434,933	443,013	8,080
		Euro	Sell	6/15/22	10,695,633	11,233,006	537,373
		Japanese Yen	Sell	5/18/22	5,077,182	5,426,746	349,564
		Mexican Peso	Buy	7/20/22	314,233	319,093	(4,860)
		Mexican Peso	Sell	7/20/22	314,233	320,297	6,064
		New Zealand Dollar	Buy	7/20/22	41,554	43,457	(1,903)
		Norwegian Krone	Sell	6/15/22	1,025,275	1,081,003	55,728
		Swedish Krona	Sell	6/15/22	2,784,551	2,816,029	31,478
		Swiss Franc	Buy	6/15/22	5,496,109	5,734,809	(238,700)
	Toronto-Dominion Bank
		British Pound	Buy	6/15/22	26,533	26,586	(53)
		Canadian Dollar	Sell	7/20/22	5,912,800	6,084,979	172,179
		Euro	Sell	6/15/22	52,640	52,732	92
		Japanese Yen	Buy	5/18/22	5,591,164	6,277,758	(686,594)
		Norwegian Krone	Sell	6/15/22	679,454	716,041	36,587
		Swedish Krona	Sell	6/15/22	60,971	61,725	754
	UBS AG
		British Pound	Buy	6/15/22	24,898	25,965	(1,067)
		Canadian Dollar	Sell	7/20/22	61,400	62,510	1,110
		Czech Koruna	Buy	6/15/22	563,489	562,220	1,269
		Czech Koruna	Sell	6/15/22	563,489	575,525	12,036
		Euro	Buy	6/15/22	15,855	16,731	(876)
		Japanese Yen	Buy	5/18/22	11,237,086	12,770,156	(1,533,070)
		Norwegian Krone	Buy	6/15/22	470,460	492,795	(22,335)
		Swedish Krona	Buy	6/15/22	710,475	702,489	7,986
		Swiss Franc	Sell	6/15/22	450,729	474,223	23,494
	WestPac Banking Corp.
		Australian Dollar	Sell	7/20/22	32,687	32,742	55
		Japanese Yen	Sell	5/18/22	1,617,562	1,671,266	53,704
		New Zealand Dollar	Buy	7/20/22	40,908	41,748	(840)
	Unrealized appreciation						2,450,132
	Unrealized (depreciation)						(2,889,908)
	Total						$(439,776)
*	The exchange currency for all contracts listed is the United States Dollar.

	FUTURES CONTRACTS OUTSTANDING at 4/30/22 (Unaudited)
		Number of contracts	Notional amount	Value	Expiration date	Unrealized appreciation
	U.S. Treasury Note 2 yr (Short)	1,192	$251,288,500	$251,288,500	Jun-22	$4,476,630
	U.S. Treasury Note Ultra 10 yr (Short)	30	3,870,000	3,870,000	Jun-22	343,292
	Unrealized appreciation					4,819,922
	Unrealized (depreciation)					—
	Total					$4,819,922

	WRITTEN SWAP OPTIONS OUTSTANDING at 4/30/22 (premiums $15,412,838) (Unaudited)
	Counterparty Fixed Obligation % to receive or (pay)/Floating rate index/Maturity date	Expiration date/strike		Notional/ Contract amount	Value
	Bank of America N.A.
	0.985/3 month USD-LIBOR-BBA/Jan-25	Jan-24/0.985		$49,147,400	$1,088,123
	Citibank, N.A.
	(1.865)/3 month USD-LIBOR-BBA/Oct-39	Oct-29/1.865		8,485,700	278,501
	1.865/3 month USD-LIBOR-BBA/Oct-39	Oct-29/1.865		8,485,700	928,845
	2.395/3 month USD-LIBOR-BBA/Nov-33	Nov-23/2.395		37,040,800	2,726,941
	Goldman Sachs International
	(1.448)/Sterling Overnight Index Average/Feb-39	Feb-29/1.448	GBP	4,577,200	325,134
	1.448/Sterling Overnight Index Average/Feb-39	Feb-29/1.448	GBP	4,577,200	439,613
	JPMorgan Chase Bank N.A.
	(0.968)/3 month USD-LIBOR-BBA/Mar-35	Mar-25/0.968		$3,624,700	31,426
	(1.07)/3 month USD-LIBOR-BBA/Mar-32	Mar-27/1.07		5,786,700	53,643
	(1.667)/6 month EUR-EURIBOR-Reuters/Feb-36	Feb-26/1.667	EUR	10,069,900	461,049
	1.07/3 month USD-LIBOR-BBA/Mar-32	Mar-27/1.07		$5,786,700	493,085
	0.968/3 month USD-LIBOR-BBA/Mar-35	Mar-25/0.968		3,624,700	610,508
	1.667/6 month EUR-EURIBOR-Reuters/Feb-36	Feb-26/1.667	EUR	10,069,900	819,796
	3.229/3 month USD-LIBOR-BBA/Nov-33	Nov-23/3.229		$26,351,000	987,372
	(3.229)/3 month USD-LIBOR-BBA/Nov-33	Nov-23/3.229		26,351,000	1,500,426
	Morgan Stanley & Co. International PLC
	(1.512)/3 month USD-LIBOR-BBA/Aug-32	Aug-22/1.512		8,725,000	3,316
	3.01/3 month USD-LIBOR-BBA/Feb-36	Feb-26/3.01		3,620,600	208,366
	2.97/3 month USD-LIBOR-BBA/Feb-36	Feb-26/2.97		3,620,600	212,891
	(2.97)/3 month USD-LIBOR-BBA/Feb-36	Feb-26/2.97		3,620,600	218,214
	(3.01)/3 month USD-LIBOR-BBA/Feb-36	Feb-26/3.01		3,620,600	224,694
	(3.00)/3 month USD-LIBOR-BBA/Apr-48	Apr-23/3.00		6,990,700	589,316
	(2.75)/3 month USD-LIBOR-BBA/May-49	May-25/2.75		6,990,700	705,851
	(3.00)/3 month USD-LIBOR-BBA/Jan-49	Jan-24/3.00		6,990,700	752,619
	1.512/3 month USD-LIBOR-BBA/Aug-32	Aug-22/1.512		8,725,000	1,150,740
	NatWest Markets PLC
	0.84/Sterling Overnight Index Average/Sep-23	Sep-22/0.84	GBP	92,703,900	1,770,706
	0.68/Sterling Overnight Index Average/Sep-23	Sep-22/0.68	GBP	92,703,900	1,949,059
	Toronto-Dominion Bank
	(1.17)/3 month USD-LIBOR-BBA/Mar-55	Mar-25/1.17		$529,000	13,601
	1.17/3 month USD-LIBOR-BBA/Mar-55	Mar-25/1.17		1,058,000	325,261
	UBS AG
	(1.9875)/3 month USD-LIBOR-BBA/Oct-36	Oct-26/1.9875		9,843,400	295,991
	1.9875/3 month USD-LIBOR-BBA/Oct-36	Oct-26/1.9875		9,843,400	1,030,112
	Total				$20,195,199

	WRITTEN OPTIONS OUTSTANDING at 4/30/22 (premiums $337,500) (Unaudited)
	Counterparty	Expiration date/ strike price	Notional amount		Contract amount	Value
	JPMorgan Chase Bank N.A.
	Uniform Mortgage-Backed Securities 30 yr 4.00% TBA commitments (Put)	Jun-22/$99.16	$39,637,496		$40,000,000	$360,120
	Uniform Mortgage-Backed Securities 30 yr 4.50% TBA commitments (Put)	Jun-22/101.11	101,242,240		100,000,000	605,600
	Total					$965,720

	FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING at 4/30/22 (Unaudited)
	Counterparty Fixed right or obligation % to receive or (pay)/Floating rate index/Maturity date	Expiration date/strike		Notional/ Contract amount	Premium receivable/ (payable)	Unrealized appreciation/ (depreciation)
	Bank of America N.A.
	(1.39)/SOFR/Dec-26 (Purchased)	Dec-24/1.39		$95,706,500	$(1,100,625)	$1,853,836
	(0.305)/3 month USD-LIBOR-BBA/May-23 (Purchased)	May-22/0.305		65,337,900	(78,405)	1,398,884
	(2.485)/3 month USD-LIBOR-BBA/Oct-54 (Purchased)	Oct-24/2.485		17,157,000	(1,035,425)	1,156,382
	(0.925)/3 month USD-LIBOR-BBA/Mar-40 (Purchased)	Mar-30/0.925		9,326,800	(667,799)	939,768
	(2.2875)/3 month USD-LIBOR-BBA/May-32 (Purchased)	May-22/2.2875		13,067,600	(169,879)	625,677
	(1.275)/3 month USD-LIBOR-BBA/Mar-50 (Purchased)	Mar-30/1.275		4,687,800	(610,586)	510,314
	(0.85)/3 month USD-LIBOR-BBA/Mar-40 (Purchased)	Mar-30/0.85		4,749,700	(346,728)	493,826
	(2.35)/3 month USD-LIBOR-BBA/Apr-56 (Purchased)	Apr-26/2.35		14,707,300	(1,911,949)	422,835
	(2.2275)/3 month USD-LIBOR-BBA/May-24 (Purchased)	May-22/2.2275		56,560,700	(521,772)	421,377
	(1.76)/3 month USD-LIBOR-BBA/Jan-29 (Purchased)	Jan-28/1.76		47,380,600	(306,197)	406,052
	(1.304)/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased)	Jun-24/1.304	EUR	4,782,000	(387,486)	341,027
	(2.3075)/3 month USD-LIBOR-BBA/Jun-52 (Purchased)	Jun-22/2.3075		$3,515,900	(79,544)	263,798
	(1.405)/SOFR/Dec-58 (Purchased)	Dec-28/1.405		2,121,700	(325,416)	196,724
	(1.053)/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased)	Jun-24/1.053	EUR	2,528,950	(576,785)	195,345
	(2.94)/SOFR/Apr-25 (Purchased)	Apr-23/2.94		$81,924,500	(876,592)	149,922
	1.76/3 month USD-LIBOR-BBA/Jan-29 (Purchased)	Jan-28/1.76		47,380,600	(306,197)	(55,909)
	1.053/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased)	Jun-24/1.053	EUR	2,528,950	(576,785)	(70,246)
	1.405/SOFR/Dec-58 (Purchased)	Dec-28/1.405		$2,121,700	(325,416)	(117,839)
	0.85/3 month USD-LIBOR-BBA/Mar-40 (Purchased)	Mar-30/0.85		4,749,700	(346,728)	(202,575)
	1.304/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased)	Jun-24/1.304	EUR	4,782,000	(774,972)	(224,291)
	2.35/3 month USD-LIBOR-BBA/Apr-56 (Purchased)	Apr-26/2.35		$14,707,300	(1,911,949)	(239,288)
	2.29/3 month USD-LIBOR-BBA/Mar-34 (Purchased)	Mar-24/2.29		11,377,800	(559,625)	(257,707)
	1.275/3 month USD-LIBOR-BBA/Mar-50 (Purchased)	Mar-30/1.275		4,687,800	(610,586)	(314,176)
	0.925/3 month USD-LIBOR-BBA/Mar-40 (Purchased)	Mar-30/0.925		9,326,800	(667,799)	(378,855)
	1.39/SOFR/Dec-26 (Purchased)	Dec-24/1.39		95,706,500	(1,100,625)	(471,833)
	2.2275/3 month USD-LIBOR-BBA/May-24 (Purchased)	May-22/2.2275		56,560,700	(521,772)	(516,399)
	2.17/3 month USD-LIBOR-BBA/Apr-34 (Purchased)	Apr-24/2.17		32,507,900	(1,570,132)	(765,886)
	2.3075/3 month USD-LIBOR-BBA/Jun-52 (Purchased)	Jun-22/2.3075		3,515,900	(1,653,091)	(1,628,881)
	(1.085)/3 month USD-LIBOR-BBA/Apr-34 (Written)	Apr-24/1.085		65,015,900	892,343	451,211
	(1.29)/3 month USD-LIBOR-BBA/Mar-34 (Written)	Mar-24/1.29		16,254,000	253,562	124,506
	(1.115)/3 month USD-LIBOR-BBA/Jan-26 (Written)	Jan-25/1.115		47,380,600	199,591	94,287
	(2.272)/SOFR/Apr-42 (Written)	Apr-32/2.272		6,291,200	524,057	65,051
	2.272/SOFR/Apr-42 (Written)	Apr-32/2.272		6,291,200	524,057	(76,061)
	3.69/SOFR/Apr-25 (Written)	Apr-23/3.69		163,849,000	917,554	(145,826)
	1.7875/3 month USD-LIBOR-BBA/May-32 (Written)	May-22/1.7875		6,533,800	182,946	(498,921)
	1.115/3 month USD-LIBOR-BBA/Jan-26 (Written)	Jan-25/1.115		47,380,600	199,591	(723,976)
	0.805/3 month USD-LIBOR-BBA/May-23 (Written)	May-22/0.805		130,675,800	42,470	(2,268,532)
	2.415/3 month USD-LIBOR-BBA/Oct-33 (Written)	Oct-23/2.415		53,186,700	1,123,569	(2,728,478)
	Citibank, N.A.
	(1.648)/SOFR/Sep-32 (Purchased)	Sep-22/1.648		16,909,300	(413,432)	1,281,725
	(1.752)/3 month USD-LIBOR-BBA/Dec-31 (Purchased)	Dec-26/1.752		35,403,600	(1,154,157)	1,250,455
	(1.75)/SOFR/Mar-53 (Purchased)	Mar-23/1.75		8,954,300	(670,229)	896,863
	(1.724)/SOFR/Mar-53 (Purchased)	Mar-23/1.724		7,816,900	(589,785)	811,785
	(1.735)/SOFR/Mar-53 (Purchased)	Mar-23/1.735		7,654,400	(565,852)	792,996
	(2.194)/3 month USD-LIBOR-BBA/Sep-52 (Purchased)	Sep-22/2.194		6,562,100	(160,952)	685,739
	(1.826)/SOFR/Jan-42 (Purchased)	Jan-32/1.826		14,768,300	(1,090,639)	564,444
	(2.31)/SOFR/Jun-32 (Purchased)	Jun-22/2.31		23,747,100	(509,375)	492,752
	(1.90)/3 month USD-LIBOR-BBA/Jun-28 (Purchased)	Jun-26/1.90		23,865,100	(318,122)	335,782
	(1.102)/3 month USD-LIBOR-BBA/Nov-32 (Purchased)	Nov-22/1.102		2,359,100	(74,960)	320,578
	(1.625)/3 month USD-LIBOR-BBA/Jan-61 (Purchased)	Jan-41/1.625		4,450,300	(656,419)	133,465
	(2.427)/3 month USD-LIBOR-BBA/Jun-41 (Purchased)	Jun-31/2.427		4,617,700	(336,399)	112,995
	(2.725)/SOFR/Jul-32 (Purchased)	Jul-22/2.725		21,278,800	(434,088)	18,300
	2.725/SOFR/Jul-32 (Purchased)	Jul-22/2.725		21,278,800	(434,088)	(26,599)
	(2.689)/3 month USD-LIBOR-BBA/Nov-49 (Purchased)	Nov-24/2.689		2,064,000	(265,740)	(34,923)
	2.427/3 month USD-LIBOR-BBA/Jun-41 (Purchased)	Jun-31/2.427		4,617,700	(336,399)	(38,050)
	1.625/3 month USD-LIBOR-BBA/Jan-61 (Purchased)	Jan-41/1.625		4,450,300	(656,419)	(47,885)
	2.689/3 month USD-LIBOR-BBA/Nov-49 (Purchased)	Nov-24/2.689		2,064,000	(265,740)	(56,100)
	1.102/3 month USD-LIBOR-BBA/Nov-32 (Purchased)	Nov-22/1.102		2,359,100	(74,960)	(72,873)
	1.90/3 month USD-LIBOR-BBA/Jun-28 (Purchased)	Jun-26/1.90		23,865,100	(318,122)	(74,936)
	1.826/SOFR/Jan-42 (Purchased)	Jan-32/1.826		14,768,300	(1,090,639)	(249,141)
	1.648/SOFR/Sep-32 (Purchased)	Sep-22/1.648		16,909,300	(413,432)	(387,223)
	1.735/SOFR/Mar-53 (Purchased)	Mar-23/1.735		7,654,400	(565,852)	(394,814)
	2.31/SOFR/Jun-32 (Purchased)	Jun-22/2.31		23,747,100	(509,375)	(396,814)
	1.724/SOFR/Mar-53 (Purchased)	Mar-23/1.724		7,816,900	(589,785)	(418,908)
	1.752/3 month USD-LIBOR-BBA/Dec-31 (Purchased)	Dec-26/1.752		35,403,600	(1,154,157)	(455,998)
	1.75/SOFR/Mar-53 (Purchased)	Mar-23/1.75		8,954,300	(670,229)	(466,071)
	0.555/6 month EUR-EURIBOR-Reuters/Mar-25 (Purchased)	Mar-24/0.555	EUR	109,579,100	(691,234)	(501,706)
	1.5625/SOFR/Jun-32 (Purchased)	Jun-22/1.5625		$74,045,900	(1,432,788)	(1,429,826)
	(1.3125)/SOFR/Jun-32 (Written)	Jun-22/1.3125		74,045,900	740,459	739,719
	(0.055)/6 month EUR-EURIBOR-Reuters/Mar-25 (Written)	Mar-24/0.055	EUR	219,158,200	703,152	524,826
	(1.245)/3 month USD-LIBOR-BBA/Aug-24 (Written)	Aug-22/1.245		$39,592,500	362,271	359,104
	(1.918)/3 month USD-LIBOR-BBA/Jan-51 (Written)	Jan-31/1.918		5,356,900	640,685	165,100
	(1.194)/3 month USD-LIBOR-BBA/Jun-25 (Written)	Jun-23/1.194		23,865,100	180,897	153,453
	(1.177)/3 month USD-LIBOR-BBA/Jul-40 (Written)	Jul-30/1.177		1,820,100	137,964	72,658
	1.177/3 month USD-LIBOR-BBA/Jul-40 (Written)	Jul-30/1.177		1,820,100	137,964	(150,304)
	1.918/3 month USD-LIBOR-BBA/Jan-51 (Written)	Jan-31/1.918		5,356,900	640,685	(306,897)
	1.194/3 month USD-LIBOR-BBA/Jun-25 (Written)	Jun-23/1.194		23,865,100	180,897	(795,662)
	1.245/3 month USD-LIBOR-BBA/Aug-24 (Written)	Aug-22/1.245		39,592,500	362,271	(1,212,718)
	1.7075/3 month USD-LIBOR-BBA/Sep-27 (Written)	Sep-22/1.7075		31,498,300	166,941	(1,901,552)
	1.8125/SOFR/Jun-32 (Written)	Jun-22/1.8125		74,045,900	740,459	(5,366,847)
	Deutsche Bank AG
	(1.724)/SOFR/Jan-47 (Purchased)	Jan-37/1.724		18,460,400	(1,523,906)	470,740
	2.235/SOFR/Jul-32 (Purchased)	Jul-22/2.235		25,062,000	(141,600)	(14,285)
	1.724/SOFR/Jan-47 (Purchased)	Jan-37/1.724		18,460,400	(1,523,906)	(201,034)
	(2.135)/SOFR/Mar-42 (Written)	Mar-32/2.135		16,721,700	1,405,459	252,330
	3.235/SOFR/Jul-32 (Written)	Jul-22/3.235		25,062,000	178,567	4,762
	2.135/SOFR/Mar-42 (Written)	Mar-32/2.135		16,721,700	1,405,459	(277,747)
	Goldman Sachs International
	(0.197)/6 month EUR-EURIBOR-Reuters/Jun-25 (Purchased)	Jun-23/-0.197	EUR	33,508,700	(148,873)	1,237,957
	(1.769)/SOFR/May-32 (Purchased)	May-22/1.769		$8,844,600	(137,003)	613,638
	(1.727)/3 month USD-LIBOR-BBA/Jan-55 (Purchased)	Jan-25/1.727		3,050,400	(456,035)	252,085
	2.8175/3 month USD-LIBOR-BBA/Mar-47 (Purchased)	Mar-27/2.8175		1,629,100	(205,674)	(14,255)
	(2.8175)/3 month USD-LIBOR-BBA/Mar-47 (Purchased)	Mar-27/2.8175		1,629,100	(205,674)	(22,547)
	(0.197)/6 month EUR-EURIBOR-Reuters/Jun-25 (Purchased)	Jun-23/-0.197	EUR	33,508,700	(148,873)	(119,130)
	1.727/3 month USD-LIBOR-BBA/Jan-55 (Purchased)	Jan-25/1.727		$3,050,400	(279,722)	(121,772)
	1.769/SOFR/May-32 (Purchased)	May-22/1.769		8,844,600	(137,003)	(137,003)
	(0.26)/6 month EUR-EURIBOR-Reuters/Jun-28 (Written)	Jun-26/0.26	EUR	33,508,700	373,680	195,132
	(0.555)/6 month EUR-EURIBOR-Reuters/Mar-40 (Written)	Mar-30/0.555	EUR	3,886,150	586,855	163,619
	0.555/6 month EUR-EURIBOR-Reuters/Mar-40 (Written)	Mar-30/0.555	EUR	3,886,150	586,855	(329,246)
	0.26/6 month EUR-EURIBOR-Reuters/Jun-28 (Written)	Jun-26/0.26	EUR	33,508,700	373,680	(840,270)
	2.41/3 month USD-LIBOR-BBA/Aug-33 (Written)	Aug-23/2.41		$15,622,700	228,091	(893,150)
	2.07/3 month USD-LIBOR-BBA/Aug-33 (Written)	Aug-23/2.07		13,162,300	272,460	(947,027)
	JPMorgan Chase Bank N.A.
	(1.805)/3 month USD-LIBOR-BBA/Dec-36 (Purchased)	Dec-26/1.805		9,707,800	(575,673)	606,640
	(2.495)/6 month AUD-BBR-BBSW/Nov-46 (Purchased)	Nov-26/2.495	AUD	5,302,300	(329,739)	322,035
	(1.445)/6 month AUD-BBR-BBSW/Mar-40 (Purchased)	Mar-30/1.445	AUD	4,317,900	(161,857)	307,888
	(1.441)/6 month AUD-BBR-BBSW/Jul-45 (Purchased)	Jul-25/1.441	AUD	2,068,300	(122,324)	286,485
	(1.692)/6 month AUD-BBR-BBSW/Jan-35 (Purchased)	Jan-25/1.692	AUD	3,098,200	(96,660)	273,848
	(1.905)/SOFR/Jan-42 (Purchased)	Jan-32/1.905		$7,514,600	(548,566)	267,369
	(2.032)/3 month USD-LIBOR-BBA/Jan-55 (Purchased)	Jan-25/2.032		3,549,600	(409,979)	255,216
	(1.544)/SOFR/Jan-62 (Purchased)	Jan-32/1.544		2,818,000	(473,424)	154,567
	1.921/6 month EUR-EURIBOR-Reuters/Oct-48 (Purchased)	Oct-28/1.921	EUR	2,828,800	(361,757)	113,431
	2.50/3 month USD-LIBOR-BBA/Nov-39 (Purchased)	Nov-29/2.50		$3,439,600	(198,809)	9,665
	(2.50)/3 month USD-LIBOR-BBA/Nov-39 (Purchased)	Nov-29/2.50		3,439,600	(357,718)	(12,417)
	(2.902)/3 month USD-LIBOR-BBA/Nov-49 (Purchased)	Nov-24/2.902		2,064,000	(221,467)	(28,731)
	(1.921)/6 month EUR-EURIBOR-Reuters/Oct-48 (Purchased)	Oct-28/1.921	EUR	2,828,800	(361,757)	(34,796)
	2.902/3 month USD-LIBOR-BBA/Nov-49 (Purchased)	Nov-24/2.902		$2,064,000	(319,094)	(66,089)
	1.692/6 month AUD-BBR-BBSW/Jan-35 (Purchased)	Jan-25/1.692	AUD	3,098,200	(96,660)	(82,964)
	1.441/6 month AUD-BBR-BBSW/Jul-45 (Purchased)	Jul-25/1.441	AUD	2,068,300	(122,324)	(102,120)
	1.544/SOFR/Jan-62 (Purchased)	Jan-32/1.544		$2,818,000	(473,424)	(106,239)
	1.905/SOFR/Jan-42 (Purchased)	Jan-32/1.905		7,514,600	(548,566)	(107,158)
	1.445/6 month AUD-BBR-BBSW/Mar-40 (Purchased)	Mar-30/1.445	AUD	4,317,900	(161,857)	(109,280)
	2.495/6 month AUD-BBR-BBSW/Nov-46 (Purchased)	Nov-26/2.495	AUD	5,302,300	(329,739)	(135,505)
	2.032/3 month USD-LIBOR-BBA/Jan-55 (Purchased)	Jan-25/2.032		$3,549,600	(409,979)	(161,116)
	1.805/3 month USD-LIBOR-BBA/Dec-36 (Purchased)	Dec-26/1.805		9,707,800	(575,673)	(251,044)
	(1.232)/3 month USD-LIBOR-BBA/Jun-37 (Written)	Jun-27/1.232		6,302,700	404,948	242,339
	(1.70)/SOFR/Jan-29 (Written)	Jan-24/1.70		22,135,000	472,306	230,425
	(1.168)/3 month USD-LIBOR-BBA/Jun-37 (Written)	Jun-27/1.168		5,725,500	368,436	225,470
	(1.204)/3 month USD-LIBOR-BBA/Jun-40 (Written)	Jun-30/1.204		4,997,800	372,586	192,965
	(2.50)/6 month AUD-BBR-BBSW/Nov-42 (Written)	Nov-22/2.50	AUD	3,287,400	118,659	105,939
	(1.81)/SOFR/Jan-37 (Written)	Jan-27/1.81		$3,636,400	214,911	70,183
	(2.317)/SOFR/Apr-42 (Written)	Apr-32/2.317		4,718,700	399,674	47,187
	2.317/SOFR/Apr-42 (Written)	Apr-32/2.317		4,718,700	399,674	(44,356)
	1.81/SOFR/Jan-37 (Written)	Jan-27/1.81		3,636,400	214,911	(181,856)
	2.50/6 month AUD-BBR-BBSW/Nov-42 (Written)	Nov-22/2.50	AUD	3,287,400	118,659	(270,410)
	1.204/3 month USD-LIBOR-BBA/Jun-40 (Written)	Jun-30/1.204		$4,997,800	372,586	(410,619)
	1.168/3 month USD-LIBOR-BBA/Jun-37 (Written)	Jun-27/1.168		5,725,500	368,436	(550,392)
	1.232/3 month USD-LIBOR-BBA/Jun-37 (Written)	Jun-27/1.232		6,302,700	404,948	(581,613)
	1.70/SOFR/Jan-29 (Written)	Jan-24/1.70		22,135,000	472,306	(820,766)
	Morgan Stanley & Co. International PLC
	3.27/3 month USD-LIBOR-BBA/Oct-53 (Purchased)	Oct-23/3.27		2,738,700	(312,486)	139,236
	2.505/3 month USD-LIBOR-BBA/Nov-49 (Purchased)	Nov-24/2.505		2,064,000	(222,086)	(45,718)
	(2.505)/3 month USD-LIBOR-BBA/Nov-49 (Purchased)	Nov-24/2.505		2,064,000	(316,205)	(47,575)
	(3.27)/3 month USD-LIBOR-BBA/Oct-53 (Purchased)	Oct-23/3.27		2,738,700	(312,486)	(171,169)
	(2.39)/3 month USD-LIBOR-BBA/Jun-34 (Written)	Jun-24/2.39		18,392,400	968,360	381,091
	(2.02)/SOFR/Mar-56 (Written)	Mar-26/2.02		4,845,700	635,998	110,870
	2.02/SOFR/Mar-56 (Written)	Mar-26/2.02		4,845,700	635,998	(167,467)
	2.39/3 month USD-LIBOR-BBA/Jun-34 (Written)	Jun-24/2.39		18,392,400	968,360	(498,986)
	Toronto-Dominion Bank
	(1.50)/3 month USD-LIBOR-BBA/Feb-33 (Purchased)	Feb-23/1.50		9,668,500	(332,355)	967,720
	(1.937)/3 month USD-LIBOR-BBA/Feb-36 (Purchased)	Feb-26/1.937		3,867,400	(202,265)	229,337
	(2.405)/3 month USD-LIBOR-BBA/Mar-41 (Purchased)	Mar-31/2.405		1,584,500	(110,519)	44,192
	2.405/3 month USD-LIBOR-BBA/Mar-41 (Purchased)	Mar-31/2.405		1,584,500	(110,519)	(11,187)
	1.937/3 month USD-LIBOR-BBA/Feb-36 (Purchased)	Feb-26/1.937		3,867,400	(202,265)	(78,740)
	1.50/3 month USD-LIBOR-BBA/Feb-33 (Purchased)	Feb-23/1.50		9,668,500	(332,355)	(306,105)
	(2.095)/3 month USD-LIBOR-BBA/Feb-56 (Written)	Feb-26/2.095		1,670,400	219,658	64,945
	2.095/3 month USD-LIBOR-BBA/Feb-56 (Written)	Feb-26/2.095		1,670,400	219,658	(92,223)
	UBS AG
	(0.271)/6 month EUR-EURIBOR-Reuters/Jan-36 (Purchased)	Jan-26/0.271	EUR	6,192,000	(323,851)	820,385
	(0.8925)/3 month USD-LIBOR-BBA/Apr-28 (Purchased)	Apr-23/0.8925		$7,636,900	(161,902)	610,952
	(0.44)/6 month EUR-EURIBOR-Reuters/Feb-41 (Purchased)	Feb-31/0.44	EUR	4,644,000	(364,332)	435,783
	(0.902)/3 month USD-LIBOR-BBA/Apr-35 (Purchased)	Apr-25/0.902		$3,054,700	(170,910)	371,116
	(0.87)/3 month USD-LIBOR-BBA/Apr-28 (Purchased)	Apr-27/0.87		25,456,200	(171,702)	353,587
	(0.45)/6 month EUR-EURIBOR-Reuters/Jan-41 (Purchased)	Jan-31/0.45	EUR	3,715,200	(292,255)	345,843
	(1.715)/3 month USD-LIBOR-BBA/Feb-53 (Purchased)	Feb-23/1.715		$1,933,700	(174,516)	253,663
	(0.983)/3 month USD-LIBOR-BBA/Apr-32 (Purchased)	Apr-30/0.983		10,182,500	(161,393)	234,910
	(0.90)/Sterling Overnight Index Average/Jan-40 (Purchased)	Jan-30/0.90	GBP	4,426,000	(417,777)	232,136
	(0.296)/6 month EUR-EURIBOR-Reuters/Jan-51 (Purchased)	Jan-31/0.296	EUR	1,548,000	(234,237)	188,472
	(1.125)/6 month EUR-EURIBOR-Reuters/Apr-48 (Purchased)	Apr-28/1.125	EUR	3,145,900	(414,800)	147,752
	(0.4879)/Sterling Overnight Index Average/Aug-39 (Purchased)	Aug-29/0.4879	GBP	1,894,900	(195,310)	137,055
	(1.25)/6 month EUR-EURIBOR-Reuters/Apr-48 (Purchased)	Apr-28/1.25	EUR	3,145,600	(409,476)	111,168
	(1.87)/3 month USD-LIBOR-BBA/Jul-46 (Purchased)	Jul-41/1.87		$9,047,900	(420,727)	110,746
	(2.00)/6 month AUD-BBR-BBSW/Sep-46 (Purchased)	Sep-36/2.00	AUD	4,626,600	(246,251)	103,756
	(1.325)/6 month EUR-EURIBOR-Reuters/Apr-49 (Purchased)	Apr-29/1.325	EUR	3,146,000	(436,172)	59,341
	(0.70)/6 month EUR-EURIBOR-Reuters/Mar-64 (Purchased)	Mar-34/0.70	EUR	1,573,000	(360,383)	43,510
	(0.70)/6 month EUR-EURIBOR-Reuters/Mar-64 (Purchased)	Mar-34/0.70	EUR	1,573,000	(365,652)	39,229
	(1.345)/6 month EUR-EURIBOR-Reuters/Apr-57 (Purchased)	Apr-27/1.345	EUR	10,961,500	(1,792,637)	26,583
	(2.70)/6 month AUD-BBR-BBSW/Apr-47 (Purchased)	Apr-37/2.70	AUD	2,202,100	(133,708)	6,192
	2.70/6 month AUD-BBR-BBSW/Apr-47 (Purchased)	Apr-37/2.70	AUD	2,202,100	(133,708)	(2,240)
	1.87/3 month USD-LIBOR-BBA/Jul-46 (Purchased)	Jul-41/1.87		$9,047,900	(420,727)	(19,543)
	2.00/6 month AUD-BBR-BBSW/Sep-46 (Purchased)	Sep-36/2.00	AUD	4,626,600	(246,251)	(43,967)
	1.345/6 month EUR-EURIBOR-Reuters/Apr-57 (Purchased)	Apr-27/1.345	EUR	10,961,500	(1,792,637)	(46,239)
	0.70/6 month EUR-EURIBOR-Reuters/Mar-64 (Purchased)	Mar-34/0.70	EUR	1,573,000	(360,383)	(59,441)
	0.70/6 month EUR-EURIBOR-Reuters/Mar-64 (Purchased)	Mar-34/0.70	EUR	1,573,000	(365,652)	(63,739)
	1.325/6 month EUR-EURIBOR-Reuters/Apr-49 (Purchased)	Apr-29/1.325	EUR	3,146,000	(436,172)	(69,564)
	0.983/3 month USD-LIBOR-BBA/Apr-32 (Purchased)	Apr-30/0.983		$10,182,500	(161,393)	(80,849)
	1.25/6 month EUR-EURIBOR-Reuters/Apr-48 (Purchased)	Apr-28/1.25	EUR	3,145,600	(409,476)	(91,125)
	0.4879/Sterling Overnight Index Average/Aug-39 (Purchased)	Aug-29/0.4879	GBP	1,894,900	(195,310)	(91,998)
	0.87/3 month USD-LIBOR-BBA/Apr-28 (Purchased)	Apr-27/0.87		$25,456,200	(171,702)	(92,661)
	0.296/6 month EUR-EURIBOR-Reuters/Jan-51 (Purchased)	Jan-31/0.296	EUR	1,548,000	(234,237)	(96,367)
	0.90/Sterling Overnight Index Average/Jan-40 (Purchased)	Jan-30/0.90	GBP	4,426,000	(417,777)	(114,482)
	1.125/6 month EUR-EURIBOR-Reuters/Apr-48 (Purchased)	Apr-28/1.125	EUR	3,145,900	(414,800)	(120,504)
	0.902/3 month USD-LIBOR-BBA/Apr-35 (Purchased)	Apr-25/0.902		$3,054,700	(170,910)	(132,269)
	0.45/6 month EUR-EURIBOR-Reuters/Jan-41 (Purchased)	Jan-31/0.45	EUR	3,715,200	(292,255)	(133,140)
	1.715/3 month USD-LIBOR-BBA/Feb-53 (Purchased)	Feb-23/1.715		$1,933,700	(174,516)	(150,403)
	0.8925/3 month USD-LIBOR-BBA/Apr-28 (Purchased)	Apr-23/0.8925		7,636,900	(161,902)	(154,036)
	0.44/6 month EUR-EURIBOR-Reuters/Feb-41 (Purchased)	Feb-31/0.44	EUR	4,644,000	(364,332)	(166,425)
	0.271/6 month EUR-EURIBOR-Reuters/Jan-36 (Purchased)	Jan-26/0.271	EUR	6,192,000	(323,851)	(209,097)
	0.32/6 month EUR-EURIBOR-Reuters/Sep-52 (Purchased)	Sep-22/0.32	EUR	9,253,300	(562,458)	(464,563)
	(0.16)/6 month EUR-EURIBOR-Reuters/Sep-52 (Written)	Sep-22/0.16	EUR	9,253,300	370,153	303,201
	(0.00)/6 month EUR-EURIBOR-Reuters/Sep-52 (Written)	Sep-22/0.00	EUR	9,253,300	239,943	194,259
	(0.958)/3 month USD-LIBOR-BBA/May-30 (Written)	May-25/0.958		$6,109,500	162,360	112,048
	(0.43)/6 month EUR-EURIBOR-Reuters/Aug-39 (Written)	Aug-29/0.43	EUR	1,762,700	141,313	87,176
	0.43/6 month EUR-EURIBOR-Reuters/Aug-39 (Written)	Aug-29/0.43	EUR	1,762,700	141,313	(163,009)
	0.958/3 month USD-LIBOR-BBA/May-30 (Written)	May-25/0.958		$6,109,500	162,360	(400,722)
	Wells Fargo Bank, N.A.
	(1.405)/3 month USD-LIBOR-BBA/Feb-29 (Purchased)	Feb-24/1.405		13,535,900	(277,148)	761,800
	(1.3875)/3 month USD-LIBOR-BBA/Feb-29 (Purchased)	Feb-24/1.3875		9,668,500	(198,446)	550,041
	(1.96)/3 month USD-LIBOR-BBA/Jan-41 (Purchased)	Jan-31/1.96		8,427,300	(570,528)	408,640
	(2.16)/3 month USD-LIBOR-BBA/Feb-35 (Purchased)	Feb-25/2.16		5,720,000	(285,285)	262,148
	(1.8225)/SOFR/Jan-42 (Purchased)	Jan-32/1.8225		5,538,100	(408,712)	212,663
	1.8225/SOFR/Jan-42 (Purchased)	Jan-32/1.8225		5,538,100	(408,712)	(93,705)
	2.16/3 month USD-LIBOR-BBA/Feb-35 (Purchased)	Feb-25/2.16		5,720,000	(285,285)	(104,218)
	1.3875/3 month USD-LIBOR-BBA/Feb-29 (Purchased)	Feb-24/1.3875		9,668,500	(198,446)	(138,066)
	1.96/3 month USD-LIBOR-BBA/Jan-41 (Purchased)	Jan-31/1.96		8,427,300	(570,528)	(147,141)
	1.405/3 month USD-LIBOR-BBA/Feb-29 (Purchased)	Feb-24/1.405		13,535,900	(277,148)	(190,992)
	(1.62)/SOFR/Jan-27 (Written)	Jan-25/1.62		42,458,900	467,048	129,924
	1.62/SOFR/Jan-27 (Written)	Jan-25/1.62		42,458,900	467,048	(715,857)
	Unrealized appreciation					36,316,946
	Unrealized (depreciation)					(40,221,995)
	Total					$(3,905,049)

	TBA SALE COMMITMENTS OUTSTANDING at 4/30/22 (proceeds receivable $606,144,316) (Unaudited)
	Agency		Principal amount	Settlement date	Value
	Government National Mortgage Association, 3.50%, 5/1/52		$1,000,000	5/19/22	$978,181
	Uniform Mortgage-Backed Securities, 4.50%, 6/1/52		100,000,000	6/13/22	101,242,240
	Uniform Mortgage-Backed Securities, 4.50%, 5/1/52		29,000,000	5/12/22	29,502,982
	Uniform Mortgage-Backed Securities, 4.00%, 6/1/52		38,000,000	6/13/22	37,655,621
	Uniform Mortgage-Backed Securities, 4.00%, 5/1/52		122,000,000	5/12/22	121,280,382
	Uniform Mortgage-Backed Securities, 3.50%, 6/1/52		34,000,000	6/13/22	32,883,018
	Uniform Mortgage-Backed Securities, 3.50%, 5/1/52		40,000,000	5/12/22	38,784,340
	Uniform Mortgage-Backed Securities, 3.00%, 5/1/52		35,000,000	5/12/22	32,995,673
	Uniform Mortgage-Backed Securities, 2.50%, 6/1/52		90,000,000	6/13/22	81,942,174
	Uniform Mortgage-Backed Securities, 2.50%, 5/1/52		90,000,000	5/12/22	82,110,924
	Uniform Mortgage-Backed Securities, 2.00%, 6/1/52		18,000,000	6/13/22	15,842,394
	Uniform Mortgage-Backed Securities, 2.00%, 5/1/52		27,000,000	5/12/22	23,809,999
	Total				$599,027,928

	CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 4/30/22 (Unaudited)
	Notional amount		Value		Upfront premium received (paid)		Termi- nation date	Payments made by fund		Payments received by fund	Unrealized appreciation/ (depreciation)
		$26,548,000	$842,899		$1,283		12/23/23	0.695% — Annually		Secured Overnight Financing Rate — Annually	$789,668
		17,960,000	1,308,745		1,544		12/23/26	1.085% — Annually		Secured Overnight Financing Rate — Annually	1,248,306
		8,583,000	1,036,483		1,037		12/23/31	1.285% — Annually		Secured Overnight Financing Rate — Annually	1,001,747
		4,489,000	969,265		(7,993)		12/23/51	Secured Overnight Financing Rate — Annually		1.437% — Annually	(956,104)
		39,725,000	1,260,077		(4,042)		12/24/23	0.697% — Annually		Secured Overnight Financing Rate — Annually	1,174,595
		6,991,000	506,288		(936)		12/24/26	1.096% — Annually		Secured Overnight Financing Rate — Annually	481,110
		9,943,000	1,201,015		(4,439)		12/24/31	1.285% — Annually		Secured Overnight Financing Rate — Annually	1,155,405
		17,998,000	3,893,507		(9,727)		12/24/51	1.435% — Annually		Secured Overnight Financing Rate — Annually	3,798,976
		8,125,000	1,606,719		(1,324)		12/31/51	1.525% — Annually		Secured Overnight Financing Rate — Annually	1,567,164
		3,304,000	234,452		(438)		12/31/26	Secured Overnight Financing Rate — Annually		1.135% — Annually	(223,633)
		867,000	99,731		15,612		12/31/31	Secured Overnight Financing Rate — Annually		1.355% — Annually	(80,932)
		51,309,000	3,126,257		847,597		1/12/27	Secured Overnight Financing Rate — Annually		1.372% — Annually	(2,138,318)
		2,215,200	76,934	(E)	(49)		1/15/47	1.724% — Annually		Secured Overnight Financing Rate — Annually	76,885
		5,869,000	974,137		(200)		1/21/52	1.679% — Annually		Secured Overnight Financing Rate — Annually	948,669
		3,669,000	649,193		(125)		1/19/52	Secured Overnight Financing Rate — Annually		1.626% — Annually	(633,761)
		2,384,000	407,783		(81)		2/1/52	1.6545% — Annually		Secured Overnight Financing Rate — Annually	398,790
		25,638,000	1,652,369		(6,236)		2/15/29	Secured Overnight Financing Rate — Annually		1.681% — Annually	(1,577,480)
		8,865,400	1,138,849		(302)		2/24/52	Secured Overnight Financing Rate — Annually		1.86% — Annually	(1,111,524)
		4,600,000	679,144		(157)		2/29/52	1.7674% — Annually		Secured Overnight Financing Rate — Annually	666,393
		4,617,000	381,364		(61)		2/29/32	Secured Overnight Financing Rate — Annually		1.75% — Annually	(368,924)
		30,452,000	1,478,749		(246)		2/28/27	1.675% — Annually		Secured Overnight Financing Rate — Annually	1,400,183
		48,806,000	1,068,363		(185)		2/29/24	Secured Overnight Financing Rate — Annually		1.47709% — Annually	(957,870)
		15,830,000	971,171		(181)		3/1/29	Secured Overnight Financing Rate — Annually		1.7355% — Annually	(929,234)
		4,119,800	364,767		(55)		3/7/32	3 month USD-LIBOR-BBA — Quarterly		1.9575% — Semiannually	(356,395)
		17,853,500	1,791,777		(237)		3/9/32	1.5475% — Annually		Secured Overnight Financing Rate — Annually	1,755,349
		18,511,500	1,867,440		(245)		3/9/32	1.5415% — Annually		Secured Overnight Financing Rate — Annually	1,830,070
		9,759,000	819,756		(129)		3/11/32	1.737% — Annually		Secured Overnight Financing Rate — Annually	798,115
		11,112,000	945,076	(E)	300,480		6/15/32	Secured Overnight Financing Rate — Annually		1.762% — Annually	(644,596)
		48,660,000	2,239,333		1,100,323		3/21/29	Secured Overnight Financing Rate — Annually		1.986% — Annually	(1,088,363)
		45,436,000	954,610	(E)	(660,134)		6/15/24	1.80% — Annually		Secured Overnight Financing Rate — Annually	294,477
		129,357,000	5,699,469	(E)	(3,031,510)		6/15/27	1.85% — Annually		Secured Overnight Financing Rate — Annually	2,667,965
		48,911,000	3,357,251	(E)	1,296,635		6/15/32	Secured Overnight Financing Rate — Annually		1.95% — Annually	(2,060,617)
		19,378,000	1,747,896	(E)	300,219		6/15/52	Secured Overnight Financing Rate — Annually		2.05% — Annually	(1,447,677)
		8,052,500	309,216		(107)		3/30/32	2.2655% — Annually		Secured Overnight Financing Rate — Annually	294,891
		8,052,500	313,081		(107)		3/30/32	2.26% — Annually		Secured Overnight Financing Rate — Annually	298,782
		8,223,000	148,343		(67)		3/30/27	2.3535% — Annually		Secured Overnight Financing Rate — Annually	133,114
		23,747,100	846,347		(315)		4/7/32	2.298% — Annually		Secured Overnight Financing Rate — Annually	813,999
		5,855,500	110,259		(47)		3/31/27	Secured Overnight Financing Rate — Annually		2.3365% — Annually	(99,932)
		17,590,000	133,332		(66)		3/31/24	2.307% — Annually		Secured Overnight Financing Rate — Annually	102,520
		11,830,000	249,140		(96)		3/31/27	Secured Overnight Financing Rate — Annually		2.288% — Annually	(228,751)
		12,255,000	281,375		(99)		4/1/27	2.247% — Annually		Secured Overnight Financing Rate — Annually	261,273
		7,740,000	398,455		(103)		4/4/32	2.116% — Annually		Secured Overnight Financing Rate — Annually	387,680
		467,000	4,161		(2)		4/4/24	Secured Overnight Financing Rate — Annually		2.243% — Annually	(3,473)
		789,000	41,888		(10)		4/4/32	Secured Overnight Financing Rate — Annually		2.0975% — Annually	(40,820)
		3,412,000	65,954		(28)		4/6/27	2.3265% — Annually		Secured Overnight Financing Rate — Annually	61,067
		14,144,000	273,828		(114)		4/6/27	2.326% — Annually		Secured Overnight Financing Rate — Annually	253,641
		12,222,000	213,763		(99)		4/7/27	Secured Overnight Financing Rate — Annually		2.3665% — Annually	(196,820)
		3,014,000	15,371		(11)		4/7/24	Secured Overnight Financing Rate — Annually		2.4485% — Annually	(11,016)
		605,000	7,714		(5)		4/7/27	2.469% — Annually		Secured Overnight Financing Rate — Annually	6,827
		682,000	22,376		(9)		4/7/23	2.3305% — Annually		Secured Overnight Financing Rate — Annually	21,436
		272,000	21,317		(9)		4/7/52	Secured Overnight Financing Rate — Annually		2.1005% — Annually	(20,996)
		8,550,000	227,687		(113)		4/8/32	Secured Overnight Financing Rate — Annually		2.4015% — Annually	(216,287)
		5,698,000	161,310		(76)		4/11/32	2.3825% — Annually		Secured Overnight Financing Rate — Annually	154,573
		4,818,000	94,144		(64)		4/12/32	Secured Overnight Financing Rate — Annually		2.483% — Annually	(88,582)
		11,686,000	122,586		(95)		4/12/27	2.518% — Annually		Secured Overnight Financing Rate — Annually	108,669
		5,552,000	165,838		(189)		4/13/52	2.3335% — Annually		Secured Overnight Financing Rate — Annually	159,936
		15,212,000	107,549		(123)		4/13/27	Secured Overnight Financing Rate — Annually		2.592% — Annually	(89,986)
		12,716,000	232,448		(169)		4/14/32	2.4975% — Annually		Secured Overnight Financing Rate — Annually	218,996
		11,082,000	317,167		(378)		4/14/52	Secured Overnight Financing Rate — Annually		2.3395% — Annually	(306,702)
		3,170,000	38,420		(26)		4/14/27	2.483% — Annually		Secured Overnight Financing Rate — Annually	35,088
		3,773,000	22,940		(14)		4/14/24	Secured Overnight Financing Rate — Annually		2.403% — Annually	(19,162)
		4,979,000	70,851		(40)		4/19/27	Secured Overnight Financing Rate — Annually		2.438% — Annually	(67,279)
		4,975,000	39,004		(66)		4/20/32	2.6173% — Annually		Secured Overnight Financing Rate — Annually	35,353
		5,027,000	30,866		(41)		4/21/27	Secured Overnight Financing Rate — Annually		2.612% — Annually	(27,604)
		5,557,000	18,283		(45)		4/22/27	Secured Overnight Financing Rate — Annually		2.673% — Annually	(14,998)
		2,047,000	16,908		(27)		4/25/32	Secured Overnight Financing Rate — Annually		2.6125% — Annually	(16,121)
		32,580,000	94,808		(308)		5/2/27	Secured Overnight Financing Rate — Annually		2.685% — Annually	(95,115)
		21,264,000	33,172		(282)		4/26/32	2.689% — Annually		Secured Overnight Financing Rate — Annually	25,592
		5,319,000	1,862		(20)		4/26/24	2.743% — Annually		Secured Overnight Financing Rate — Annually	(3,750)
		1,218,000	2,594		(16)		4/26/32	Secured Overnight Financing Rate — Annually		2.6825% — Annually	(2,193)
		3,004,000	40,884		(40)		4/27/32	2.5515% — Annually		Secured Overnight Financing Rate — Annually	40,060
		3,704,000	12,557		(14)		4/28/24	2.553% — Annually		Secured Overnight Financing Rate — Annually	11,839
		1,210,000	16,940		(16)		4/28/32	Secured Overnight Financing Rate — Annually		2.547% — Annually	(16,727)
		7,323,000	27,315		(59)		5/2/27	Secured Overnight Financing Rate — Annually		2.6675% — Annually	(27,374)
	AUD	177,000	20,401	(E)	(2)		1/30/35	1.692% — Semiannually		6 month AUD-BBR-BBSW — Semiannually	20,399
	AUD	596,700	75,778	(E)	(6)		3/5/35	1.47% — Semiannually		6 month AUD-BBR-BBSW — Semiannually	75,772
	AUD	221,500	28,899	(E)	(2)		3/25/35	1.4025% — Semiannually		6 month AUD-BBR-BBSW — Semiannually	28,898
	AUD	345,400	35,306	(E)	(4)		3/28/40	1.445% — Semiannually		6 month AUD-BBR-BBSW — Semiannually	35,302
	AUD	1,289,300	148,212	(E)	(15)		4/1/40	1.1685% — Semiannually		6 month AUD-BBR-BBSW — Semiannually	148,197
	AUD	82,700	16,168	(E)	(2)		7/2/45	1.441% — Semiannually		6 month AUD-BBR-BBSW — Semiannually	16,166
	AUD	4,100,000	379,401		(45)		4/6/31	6 month AUD-BBR-BBSW — Semiannually		1.87% — Semiannually	(377,411)
	AUD	4,617,000	272,324	(E)	(174,775)		6/15/32	2.67% — Semiannually		6 month AUD-BBR-BBSW — Semiannually	97,550
	CAD	9,629,000	680,660	(E)	(274,481)		6/15/32	2.325% — Semiannually		3 month CAD-BA-CDOR — Semiannually	406,177
	CHF	7,267,000	529,215	(E)	239,972		6/15/32	Swiss Average Rate Overnight — Annually		0.565% — Annually	(289,244)
	CZK	41,500,000	34,530	(E)	(17)		6/15/27	6 month CZK-PRIBOR — Semiannually		4.460% — Annually	(34,548)
	EUR	1,144,400	46,070	(E)	(44)		11/29/58	1.484% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	(46,114)
	EUR	1,556,300	69,958		(60)		2/19/50	6 month EUR-EURIBOR-REUTERS — Semiannually		1.354% — Annually	(63,960)
	EUR	1,719,000	112,362		(66)		3/11/50	1.267% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	107,874
	EUR	1,739,200	136,562		(66)		3/12/50	1.2115% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	132,418
	EUR	2,008,000	204,441		(77)		3/26/50	1.113% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	201,323
	EUR	1,798,800	14,005	(E)	(68)		11/29/58	6 month EUR-EURIBOR-REUTERS — Semiannually		1.343% — Annually	13,936
	EUR	2,077,000	242,931		(79)		2/19/50	1.051% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	236,109
	EUR	1,655,300	172,915	(E)	(63)		6/7/54	1.054% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	172,851
	EUR	1,510,500	229,624		(58)		2/19/50	0.9035% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	225,137
	EUR	904,900	159,804		(35)		2/21/50	0.80% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	157,317
	EUR	3,288,600	791,592	(E)	(125)		8/8/54	0.49% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	791,467
	EUR	2,023,200	631,754	(E)	(76)		6/6/54	6 month EUR-EURIBOR-REUTERS — Semiannually		0.207% — Annually	(631,830)
	EUR	2,735,100	851,595		(102)		2/19/50	0.233% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	847,385
	EUR	11,076,900	2,495,922		(418)		2/19/50	6 month EUR-EURIBOR-REUTERS — Semiannually		0.595% — Annually	(2,471,153)
	EUR	1,285,600	429,034	(E)	(48)		3/4/54	0.134% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	428,986
	EUR	585,600	247,322	(E)	(23)		3/13/54	—		0.2275% plus 6 month EUR-EURIBOR-REUTERS — Semiannually	247,299
	EUR	3,783,300	557,809	(E)	(80)		5/13/40	6 month EUR-EURIBOR-REUTERS — Semiannually		0.276% — Annually	(557,889)
	EUR	1,853,200	265,239	(E)	(40)		6/24/40	0.315% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	265,199
	EUR	2,522,800	369,885	(E)	(58)		1/16/40	0.315% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	369,827
	EUR	863,600	125,133	(E)	(20)		3/28/40	0.3175% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	125,113
	EUR	2,373,100	581,513		(97)		5/21/51	6 month EUR-EURIBOR-REUTERS — Semiannually		0.516% — Annually	(562,033)
	EUR	2,436,000	333,234		(42)		6/14/31	0.171% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	323,339
	EUR	2,079,900	306,792		(36)		7/15/31	0.0675% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	301,927
	EUR	694,000	197,830	(E)	(28)		9/14/52	6 month EUR-EURIBOR-REUTERS — Semiannually		0.374% — Annually	(197,858)
	EUR	6,666,000	719,615		(107)		3/7/32	6 month EUR-EURIBOR-REUTERS — Semiannually		0.60% — Annually	(707,794)
	EUR	1,527,000	126,795	(E)	(78,400)		6/15/32	0.915% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	48,395
	EUR	1,300,000	3,127		(5)		4/27/24	0.841% — Annually		6 month EUR-EURIBOR-REUTERS — Semiannually	2,957
	GBP	1,571,100	194,358		(31)		5/19/31	Sterling Overnight Index Average — Annually		0.754% — Annually	(181,980)
	GBP	37,081,600	601,971	(E)	(191)		9/15/23	1.065% — Annually		Sterling Overnight Index Average — Annually	601,780
	GBP	921,000	51,779	(E)	41,516		6/15/32	Sterling Overnight Index Average — Annually		1.455% — Annually	(10,264)
	JPY	110,098,700	7,746	(E)	(31)		8/29/43	0.8084% — Semiannually		Bank of Japan Unsecured Overnight Call Rate Expected Index — Semiannually	(7,777)
	JPY	140,532,700	103,915	(E)	(40)		8/29/43	0.2529% — Semiannually		Bank of Japan Unsecured Overnight Call Rate Expected Index — Semiannually	103,875
	JPY	267,307,900	50,176		(31)		2/25/31	0.0619% — Semiannually		Bank of Japan Unsecured Overnight Call Rate Expected Index — Semiannually	49,894
	JPY	271,350,600	165,288	(E)	(77)		8/29/43	Bank of Japan Unsecured Overnight Call Rate Expected Index — Annually		0.343% — Annually	(165,365)
	NOK	29,986,000	172,352	(E)	181,582		6/15/32	6 month NOK-NIBOR-NIBR — Semiannually		2.355% — Annually	9,232
	NZD	5,133,000	230,976	(E)	(3,757)		6/15/32	3.10% — Semiannually		3 month NZD-BBR-FRA — Quarterly	227,219
	SEK	73,444,000	597,458	(E)	(327,672)		6/15/32	1.497% — Annually		3 month SEK-STIBOR-SIDE — Quarterly	269,786
	Total				$(266,247)						$10,093,973
(E)	Extended effective date.

	OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 4/30/22 (Unaudited)
	Swap counterparty/ notional amount		Value		Upfront premium received (paid)		Termi- nation date	Payments received (paid) by fund		Total return received by or paid by fund	Unrealized depreciation
	Morgan Stanley & Co. International PLC
		$2,391,316	$2,140,974		$—		9/29/25	(0.165%) — Annually		Ephesus Funding DAC, 3.80%, Series 2020-01, 9/22/2025 — Annually	$(199,707)
		2,285,366	2,204,375		—		7/17/24	3.825% (3 month USD-LIBOR-BBA minus 0.12%) — Quarterly		Pera Funding DAC, 3.825%, Series 2019-01, 07/10/24 — Quarterly	(73,208)
Upfront premium received					—	Unrealized appreciation					—
Upfront premium (paid)					—	Unrealized (depreciation)					(272,915)
			Total		$—					Total	$(272,915)

	OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 4/30/22 (Unaudited)
	Swap counterparty/ referenced debt*	Rating***	Upfront premium received (paid)**		Notional amount	Value		Termi- nation date		Payments received by fund	Unrealized appreciation/ (depreciation)
	Bank of America N.A.
	CMBX NA BBB-.6 Index	B+/P	$9,980		$137,008	$33,170		5/11/63		300 bp — Monthly	$(23,121)
	CMBX NA BBB-.6 Index	B+/P	19,586		304,983	73,836		5/11/63		300 bp — Monthly	(54,098)
	CMBX NA BBB-.6 Index	B+/P	40,127		609,965	147,673		5/11/63		300 bp — Monthly	(107,240)
	CMBX NA BBB-.6 Index	B+/P	38,247		629,672	152,444		5/11/63		300 bp — Monthly	(113,882)
	Citigroup Global Markets, Inc.
	CMBX NA A.6 Index	BBB+/P	14,591		101,200	9,179		5/11/63		200 bp — Monthly	5,446
	CMBX NA A.6 Index	BBB+/P	17,760		112,640	10,216		5/11/63		200 bp — Monthly	7,581
	CMBX NA A.6 Index	BBB+/P	27,135		142,560	12,930		5/11/63		200 bp — Monthly	14,252
	CMBX NA A.6 Index	BBB+/P	28,714		163,680	14,846		5/11/63		200 bp — Monthly	13,923
	CMBX NA A.6 Index	BBB+/P	34,485		200,640	18,198		5/11/63		200 bp — Monthly	16,354
	CMBX NA A.6 Index	BBB+/P	63,321		315,040	28,574		5/11/63		200 bp — Monthly	34,852
	CMBX NA A.6 Index	BBB+/P	46,648		349,360	31,687		5/11/63		200 bp — Monthly	15,077
	CMBX NA A.6 Index	BBB+/P	71,820		380,160	34,481		5/11/63		200 bp — Monthly	37,466
	CMBX NA BB.11 Index	BB-/P	167,805		297,000	39,293		11/18/54		500 bp — Monthly	128,759
	CMBX NA BB.12 Index	BB-/P	11,025		21,000	3,035		8/17/61		500 bp — Monthly	8,008
	CMBX NA BB.13 Index	BB-/P	11,397		114,000	18,092		12/16/72		500 bp — Monthly	(6,600)
	CMBX NA BB.13 Index	BB-/P	35,081		385,000	61,100		12/16/72		500 bp — Monthly	(25,698)
	CMBX NA BB.13 Index	BB-/P	54,265		575,000	91,253		12/16/72		500 bp — Monthly	(36,509)
	CMBX NA BB.13 Index	BB-/P	102,570		1,125,000	178,538		12/16/72		500 bp — Monthly	(75,030)
	CMBX NA BB.14 Index	BB/P	28,945		264,000	34,663		12/16/72		500 bp — Monthly	(5,498)
	CMBX NA BB.6 Index	CCC+/P	244,400		561,200	231,944		5/11/63		500 bp — Monthly	12,924
	CMBX NA BB.6 Index	CCC+/P	385,740		2,473,880	1,022,455		5/11/63		500 bp — Monthly	(634,653)
	CMBX NA BB.7 Index	B/P	136,056		2,666,000	828,326		1/17/47		500 bp — Monthly	(690,049)
	CMBX NA BB.9 Index	B/P	8,348		41,000	10,336		9/17/58		500 bp — Monthly	(1,954)
	CMBX NA BB.9 Index	B/P	65,555		321,000	80,924		9/17/58		500 bp — Monthly	(15,101)
	CMBX NA BBB-.10 Index	BB+/P	26,678		215,000	27,112		11/17/59		300 bp — Monthly	(326)
	CMBX NA BBB-.10 Index	BB+/P	42,328		388,000	48,927		11/17/59		300 bp — Monthly	(6,405)
	CMBX NA BBB-.11 Index	BBB-/P	7,704		123,000	13,530		11/18/54		300 bp — Monthly	(5,764)
	CMBX NA BBB-.12 Index	BBB-/P	5,297		127,000	15,634		8/17/61		300 bp — Monthly	(10,273)
	CMBX NA BBB-.12 Index	BBB-/P	16,913		287,000	35,330		8/17/61		300 bp — Monthly	(18,273)
	CMBX NA BBB-.12 Index	BBB-/P	89,722		566,000	69,675		8/17/61		300 bp — Monthly	20,331
	CMBX NA BBB-.14 Index	BBB-/P	1,901		61,000	8,510		12/16/72		300 bp — Monthly	(6,578)
	CMBX NA BBB-.14 Index	BBB-/P	3,265		66,000	9,207		12/16/72		300 bp — Monthly	(5,909)
	CMBX NA BBB-.14 Index	BBB-/P	3,155		97,000	13,532		12/16/72		300 bp — Monthly	(10,328)
	CMBX NA BBB-.14 Index	BBB-/P	9,801		196,000	27,342		12/16/72		300 bp — Monthly	(17,443)
	CMBX NA BBB-.14 Index	BBB-/P	6,353		207,000	28,877		12/16/72		300 bp — Monthly	(22,420)
	CMBX NA BBB-.14 Index	BBB-/P	13,722		301,000	41,990		12/16/72		300 bp — Monthly	(28,117)
	CMBX NA BBB-.14 Index	BBB-/P	20,618		631,000	88,025		12/16/72		300 bp — Monthly	(67,091)
	CMBX NA BBB-.15 Index	BBB-/P	11,072		106,000	15,275		11/18/64		300 bp — Monthly	(4,149)
	CMBX NA BBB-.6 Index	B+/P	480		5,630	1,363		5/11/63		300 bp — Monthly	(881)
	CMBX NA BBB-.6 Index	B+/P	71,588		233,664	56,570		5/11/63		300 bp — Monthly	15,134
	CMBX NA BBB-.6 Index	B+/P	71,588		233,664	56,570		5/11/63		300 bp — Monthly	15,134
	CMBX NA BBB-.6 Index	B+/P	22,091		314,367	76,108		5/11/63		300 bp — Monthly	(53,860)
	CMBX NA BBB-.6 Index	B+/P	24,805		353,780	85,650		5/11/63		300 bp — Monthly	(60,668)
	CMBX NA BBB-.6 Index	B+/P	146,599		467,327	113,140		5/11/63		300 bp — Monthly	33,693
	CMBX NA BBB-.6 Index	B+/P	43,570		600,581	145,401		5/11/63		300 bp — Monthly	(101,530)
	CMBX NA BBB-.6 Index	B+/P	227,525		3,352,931	811,745		5/11/63		300 bp — Monthly	(582,543)
	Credit Suisse International
	CMBX NA BB.7 Index	B/P	63,938		478,000	148,515		1/17/47		500 bp — Monthly	(84,179)
	CMBX NA BBB-.6 Index	B+/P	108,504		921,516	223,099		5/11/63		300 bp — Monthly	(114,134)
	CMBX NA BBB-.6 Index	B+/P	251,482		2,135,816	517,081		5/11/63		300 bp — Monthly	(264,531)
	CMBX NA BBB-.6 Index	B+/P	2,111,242		21,085,085	5,104,699		5/11/63		300 bp — Monthly	(2,982,774)
	CMBX NA BBB-.7 Index	BB-/P	27,745		351,000	63,707		1/17/47		300 bp — Monthly	(35,786)
	CMBX NA BBB-.7 Index	BB-/P	138,664		1,876,000	340,494		1/17/47		300 bp — Monthly	(200,892)
	CMBX NA BBB-.7 Index	BB-/P	143,170		2,180,000	395,670		1/17/47		300 bp — Monthly	(251,410)
	Goldman Sachs International
	CMBX NA BB.9 Index	B/P	10,109		25,000	6,303		9/17/58		500 bp — Monthly	3,828
	CMBX NA BBB-.13 Index	BBB-/P	11,283		72,000	9,727		12/16/72		300 bp — Monthly	1,592
	CMBX NA BBB-.13 Index	BBB-/P	4,765		80,000	10,808		12/16/72		300 bp — Monthly	(6,003)
	CMBX NA BBB-.13 Index	BBB-/P	7,097		120,000	16,212		12/16/72		300 bp — Monthly	(9,055)
	CMBX NA BBB-.13 Index	BBB-/P	7,542		120,000	16,212		12/16/72		300 bp — Monthly	(8,610)
	CMBX NA BBB-.13 Index	BBB-/P	14,269		222,000	29,992		12/16/72		300 bp — Monthly	(15,612)
	CMBX NA BBB-.13 Index	BBB-/P	14,538		316,000	42,692		12/16/72		300 bp — Monthly	(27,995)
	CMBX NA BBB-.14 Index	BBB-/P	178		4,000	558		12/16/72		300 bp — Monthly	(378)
	CMBX NA BBB-.15 Index	BBB-/P	6,958		112,000	16,139		11/18/64		300 bp — Monthly	(9,125)
	CMBX NA BBB-.15 Index	BBB-/P	17,096		192,000	27,667		11/18/64		300 bp — Monthly	(10,476)
	CMBX NA BBB-.15 Index	BBB-/P	17,747		192,000	27,667		11/18/64		300 bp — Monthly	(9,824)
	CMBX NA BBB-.6 Index	B+/P	74		938	227		5/11/63		300 bp — Monthly	(153)
	CMBX NA BBB-.6 Index	B+/P	73		938	227		5/11/63		300 bp — Monthly	(153)
	CMBX NA BBB-.6 Index	B+/P	228		2,815	682		5/11/63		300 bp — Monthly	(452)
	CMBX NA BBB-.6 Index	B+/P	401		4,692	1,136		5/11/63		300 bp — Monthly	(733)
	CMBX NA BBB-.6 Index	B+/P	657		12,199	2,953		5/11/63		300 bp — Monthly	(2,291)
	CMBX NA BBB-.6 Index	B+/P	1,187		14,076	3,408		5/11/63		300 bp — Monthly	(2,214)
	CMBX NA BBB-.6 Index	B+/P	2,942		32,844	7,952		5/11/63		300 bp — Monthly	(4,993)
	CMBX NA BBB-.6 Index	B+/P	2,096		40,352	9,769		5/11/63		300 bp — Monthly	(7,653)
	CMBX NA BBB-.6 Index	B+/P	11,917		83,518	20,220		5/11/63		300 bp — Monthly	(8,261)
	CMBX NA BBB-.6 Index	B+/P	11,844		83,518	20,220		5/11/63		300 bp — Monthly	(8,334)
	CMBX NA BBB-.6 Index	B+/P	10,089		106,978	25,899		5/11/63		300 bp — Monthly	(15,757)
	CMBX NA BBB-.6 Index	B+/P	33,261		110,732	26,808		5/11/63		300 bp — Monthly	6,508
	CMBX NA BBB-.6 Index	B+/P	33,261		110,732	26,808		5/11/63		300 bp — Monthly	6,508
	CMBX NA BBB-.6 Index	B+/P	20,235		171,729	41,576		5/11/63		300 bp — Monthly	(21,254)
	CMBX NA BBB-.6 Index	B+/P	25,594		176,421	42,711		5/11/63		300 bp — Monthly	(17,029)
	CMBX NA BBB-.6 Index	B+/P	21,361		190,497	46,119		5/11/63		300 bp — Monthly	(24,663)
	CMBX NA BBB-.6 Index	B+/P	17,848		193,312	46,801		5/11/63		300 bp — Monthly	(28,856)
	CMBX NA BBB-.6 Index	B+/P	26,299		202,696	49,073		5/11/63		300 bp — Monthly	(22,673)
	CMBX NA BBB-.6 Index	B+/P	24,541		209,265	50,663		5/11/63		300 bp — Monthly	(26,018)
	CMBX NA BBB-.6 Index	B+/P	25,154		211,142	51,117		5/11/63		300 bp — Monthly	(25,858)
	CMBX NA BBB-.6 Index	B+/P	27,421		229,910	55,661		5/11/63		300 bp — Monthly	(28,125)
	CMBX NA BBB-.6 Index	B+/P	13,938		252,432	61,114		5/11/63		300 bp — Monthly	(47,049)
	CMBX NA BBB-.6 Index	B+/P	38,596		260,877	63,158		5/11/63		300 bp — Monthly	(24,432)
	CMBX NA BBB-.6 Index	B+/P	24,979		277,769	67,248		5/11/63		300 bp — Monthly	(42,130)
	CMBX NA BBB-.6 Index	B+/P	26,076		289,968	70,201		5/11/63		300 bp — Monthly	(43,981)
	CMBX NA BBB-.6 Index	B+/P	34,835		325,628	78,834		5/11/63		300 bp — Monthly	(43,836)
	CMBX NA BBB-.6 Index	B+/P	104,846		359,410	87,013		5/11/63		300 bp — Monthly	18,013
	CMBX NA BBB-.6 Index	B+/P	58,232		365,041	88,376		5/11/63		300 bp — Monthly	(29,962)
	CMBX NA BBB-.6 Index	B+/P	57,641		367,856	89,058		5/11/63		300 bp — Monthly	(31,233)
	CMBX NA BBB-.6 Index	B+/P	44,904		378,178	91,557		5/11/63		300 bp — Monthly	(46,464)
	CMBX NA BBB-.6 Index	B+/P	20,039		379,117	91,784		5/11/63		300 bp — Monthly	(71,555)
	CMBX NA BBB-.6 Index	B+/P	34,559		391,316	94,738		5/11/63		300 bp — Monthly	(59,983)
	CMBX NA BBB-.6 Index	B+/P	45,228		392,254	94,965		5/11/63		300 bp — Monthly	(49,541)
	CMBX NA BBB-.6 Index	B+/P	45,403		392,254	94,965		5/11/63		300 bp — Monthly	(49,365)
	CMBX NA BBB-.6 Index	B+/P	23,107		415,715	100,645		5/11/63		300 bp — Monthly	(77,329)
	CMBX NA BBB-.6 Index	B+/P	51,553		433,544	104,961		5/11/63		300 bp — Monthly	(53,191)
	CMBX NA BBB-.6 Index	B+/P	51,553		433,544	104,961		5/11/63		300 bp — Monthly	(53,191)
	CMBX NA BBB-.6 Index	B+/P	130,156		459,820	111,322		5/11/63		300 bp — Monthly	19,064
	CMBX NA BBB-.6 Index	B+/P	48,875		531,139	128,589		5/11/63		300 bp — Monthly	(79,448)
	CMBX NA BBB-.6 Index	B+/P	86,808		540,523	130,861		5/11/63		300 bp — Monthly	(43,782)
	CMBX NA BBB-.6 Index	B+/P	40,011		776,063	187,885		5/11/63		300 bp — Monthly	(147,486)
	CMBX NA BBB-.6 Index	B+/P	69,759		870,842	210,831		5/11/63		300 bp — Monthly	(140,637)
	CMBX NA BBB-.6 Index	B+/P	134,739		901,810	218,328		5/11/63		300 bp — Monthly	(83,138)
	CMBX NA BBB-.6 Index	B+/P	118,398		1,007,850	244,000		5/11/63		300 bp — Monthly	(125,098)
	CMBX NA BBB-.6 Index	B+/P	124,607		1,119,521	271,036		5/11/63		300 bp — Monthly	(145,869)
	CMBX NA BBB-.6 Index	B+/P	184,707		1,455,470	352,369		5/11/63		300 bp — Monthly	(166,935)
	CMBX NA BBB-.6 Index	B+/P	320,704		2,011,946	487,092		5/11/63		300 bp — Monthly	(165,382)
	CMBX NA BBB-.7 Index	BB-/P	54,254		734,000	133,221		1/17/47		300 bp — Monthly	(78,600)
	JPMorgan Securities LLC
	CMBX NA BB.10 Index	B+/P	17,251		215,000	62,866		5/11/63		500 bp — Monthly	(45,436)
	CMBX NA BB.6 Index	CCC+/P	10,811		19,320	7,985		5/11/63		500 bp — Monthly	2,842
	CMBX NA BBB-.12 Index	BBB-/P	469		11,000	1,354		8/17/61		300 bp — Monthly	(880)
	CMBX NA BBB-.12 Index	BBB-/P	646		12,000	1,477		8/17/61		300 bp — Monthly	(825)
	CMBX NA BBB-.12 Index	BBB-/P	6,330		100,000	12,310		8/17/61		300 bp — Monthly	(5,930)
	CMBX NA BBB-.13 Index	BBB-/P	2,898		49,000	6,620		12/16/72		300 bp — Monthly	(3,698)
	CMBX NA BBB-.13 Index	BBB-/P	21,140		105,000	14,186		12/16/72		300 bp — Monthly	7,007
	CMBX NA BBB-.13 Index	BBB-/P	16,522		105,000	14,186		12/16/72		300 bp — Monthly	2,389
	CMBX NA BBB-.6 Index	B+/P	6,372,946		18,706,221	4,528,776		5/11/63		300 bp — Monthly	1,850,437
	Merrill Lynch International
	CMBX NA BB.6 Index	CCC+/P	28,625		235,520	97,340		5/11/63		500 bp — Monthly	(68,519)
	CMBX NA BBB-.6 Index	B+/P	1,669		5,630	1,363		5/11/63		300 bp — Monthly	308
	CMBX NA BBB-.6 Index	B+/P	815,080		2,838,684	687,245		5/11/63		300 bp — Monthly	129,254
	Morgan Stanley & Co. International PLC
	CMBX NA BB.13 Index	BB-/P	4,192		46,000	7,300		12/16/72		500 bp — Monthly	(3,070)
	CMBX NA BB.13 Index	BB-/P	10,544		110,000	17,457		12/16/72		500 bp — Monthly	(6,821)
	CMBX NA BB.13 Index	BB-/P	12,184		131,000	20,790		12/16/72		500 bp — Monthly	(8,496)
	CMBX NA BB.13 Index	BB-/P	18,751		203,000	32,216		12/16/72		500 bp — Monthly	(13,296)
	CMBX NA BB.13 Index	BB-/P	41,316		450,000	71,415		12/16/72		500 bp — Monthly	(29,724)
	CMBX NA BB.6 Index	CCC+/P	120,960		264,960	109,508		5/11/63		500 bp — Monthly	11,673
	CMBX NA BB.6 Index	CCC+/P	261,415		566,720	234,225		5/11/63		500 bp — Monthly	27,662
	CMBX NA BBB-.12 Index	BBB-/P	6,954		118,000	14,526		8/17/61		300 bp — Monthly	(7,513)
	CMBX NA BBB-.12 Index	BBB-/P	21,210		494,000	60,811		8/17/61		300 bp — Monthly	(39,354)
	CMBX NA BBB-.13 Index	BBB-/P	118		2,000	270		12/16/72		300 bp — Monthly	(151)
	CMBX NA BBB-.13 Index	BBB-/P	2,205		24,000	3,242		12/16/72		300 bp — Monthly	(1,026)
	CMBX NA BBB-.13 Index	BBB-/P	3,083		33,000	4,458		12/16/72		300 bp — Monthly	(1,359)
	CMBX NA BBB-.13 Index	BBB-/P	4,295		63,000	8,511		12/16/72		300 bp — Monthly	(4,185)
	CMBX NA BBB-.15 Index	BBB-/P	6,150		67,000	9,655		11/18/64		300 bp — Monthly	(3,471)
	CMBX NA BBB-.15 Index	BBB-/P	6,092		108,000	15,563		11/18/64		300 bp — Monthly	(9,417)
	CMBX NA BBB-.6 Index	B+/P	147		1,877	454		5/11/63		300 bp — Monthly	(307)
	CMBX NA BBB-.6 Index	B+/P	1,202		14,076	3,408		5/11/63		300 bp — Monthly	(2,198)
	CMBX NA BBB-.6 Index	B+/P	20,598		292,783	70,883		5/11/63		300 bp — Monthly	(50,138)
	CMBX NA BBB-.6 Index	B+/P	20,812		297,475	72,019		5/11/63		300 bp — Monthly	(51,058)
	CMBX NA BBB-.6 Index	B+/P	101,566		362,225	87,695		5/11/63		300 bp — Monthly	14,053
	CMBX NA BBB-.6 Index	B+/P	124,403		441,052	106,779		5/11/63		300 bp — Monthly	17,845
	CMBX NA BBB-.6 Index	B+/P	382,260		1,039,756	251,725		5/11/63		300 bp — Monthly	131,055
	CMBX NA BBB-.6 Index	B+/P	471,201		6,674,425	1,615,878		5/11/63		300 bp — Monthly	(1,141,340)
	CMBX NA BBB-.9 Index	BB+/P	2,330		24,000	2,880		9/17/58		300 bp — Monthly	(538)
Upfront premium received			16,710,068			Unrealized appreciation					2,628,972
Upfront premium (paid)			—			Unrealized (depreciation)					(10,466,612)
	Total		$16,710,068							Total	$(7,837,640)
*	Payments related to the referenced debt are made upon a credit default event.
**	Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.
***	Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at April 30, 2022. Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor’s classifications.

	OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION PURCHASED at 4/30/22 (Unaudited)
	Swap counterparty/ referenced debt*		Upfront premium received (paid)**		Notional amount	Value		Termi- nation date		Payments (paid) by fund	Unrealized appreciation/ (depreciation)
	Citigroup Global Markets, Inc.
	CMBX NA BB.10 Index		$(201,802)		$837,000	$244,739		11/17/59		(500 bp) — Monthly	$42,239
	CMBX NA BB.10 Index		(136,680)		536,000	156,726		11/17/59		(500 bp) — Monthly	19,600
	CMBX NA BB.10 Index		(30,474)		292,000	85,381		11/17/59		(500 bp) — Monthly	54,663
	CMBX NA BB.10 Index		(26,425)		241,000	70,468		11/17/59		(500 bp) — Monthly	43,842
	CMBX NA BB.11 Index		(25,912)		200,000	26,460		11/18/54		(500 bp) — Monthly	381
	CMBX NA BB.11 Index		(3,683)		71,000	9,393		11/18/54		(500 bp) — Monthly	5,651
	CMBX NA BB.11 Index		(2,451)		26,000	3,440		11/18/54		(500 bp) — Monthly	967
	CMBX NA BB.8 Index		(84,415)		236,747	82,269		10/17/57		(500 bp) — Monthly	(2,343)
	CMBX NA BB.8 Index		(17,507)		136,250	47,347		10/17/57		(500 bp) — Monthly	29,726
	CMBX NA BBB-.10 Index		(117,433)		683,000	86,126		11/17/59		(300 bp) — Monthly	(31,648)
	CMBX NA BBB-.10 Index		(112,583)		485,000	61,159		11/17/59		(300 bp) — Monthly	(51,667)
	CMBX NA BBB-.10 Index		(47,101)		385,000	48,549		11/17/59		(300 bp) — Monthly	1,255
	CMBX NA BBB-.10 Index		(44,315)		349,000	44,009		11/17/59		(300 bp) — Monthly	(481)
	CMBX NA BBB-.10 Index		(82,547)		346,000	43,631		11/17/59		(300 bp) — Monthly	(39,089)
	CMBX NA BBB-.10 Index		(53,699)		246,000	31,021		11/17/59		(300 bp) — Monthly	(22,802)
	CMBX NA BBB-.10 Index		(46,791)		215,000	27,112		11/17/59		(300 bp) — Monthly	(19,787)
	CMBX NA BBB-.10 Index		(12,748)		100,000	12,610		11/17/59		(300 bp) — Monthly	(188)
	CMBX NA BBB-.10 Index		(9,561)		75,000	9,458		11/17/59		(300 bp) — Monthly	(141)
	CMBX NA BBB-.12 Index		(32,563)		473,000	58,226		8/17/61		(300 bp) — Monthly	25,427
	CMBX NA BBB-.12 Index		(139,005)		416,000	51,210		8/17/61		(300 bp) — Monthly	(88,003)
	CMBX NA BBB-.12 Index		(143,904)		414,000	50,963		8/17/61		(300 bp) — Monthly	(93,147)
	CMBX NA BBB-.12 Index		(97,719)		278,000	34,222		8/17/61		(300 bp) — Monthly	(63,636)
	CMBX NA BBB-.13 Index		(12,165)		208,000	28,101		12/16/72		(300 bp) — Monthly	15,832
	CMBX NA BBB-.13 Index		(4,939)		97,000	13,105		12/16/72		(300 bp) — Monthly	8,117
	CMBX NA BBB-.13 Index		(4,891)		97,000	13,105		12/16/72		(300 bp) — Monthly	8,165
	CMBX NA BBB-.13 Index		(3,833)		70,000	9,457		12/16/72		(300 bp) — Monthly	5,589
	CMBX NA BBB-.8 Index		(72,204)		455,000	59,651		10/17/57		(300 bp) — Monthly	(12,781)
	CMBX NA BBB-.8 Index		(71,920)		455,000	59,651		10/17/57		(300 bp) — Monthly	(12,497)
	CMBX NA BBB-.8 Index		(59,663)		430,000	56,373		10/17/57		(300 bp) — Monthly	(3,505)
	CMBX NA BBB-.8 Index		(53,250)		400,000	52,440		10/17/57		(300 bp) — Monthly	(1,010)
	CMBX NA BBB-.8 Index		(44,844)		287,000	37,626		10/17/57		(300 bp) — Monthly	(7,362)
	CMBX NA BBB-.8 Index		(29,831)		215,000	28,187		10/17/57		(300 bp) — Monthly	(1,752)
	CMBX NA BBB-.8 Index		(27,337)		191,000	25,040		10/17/57		(300 bp) — Monthly	(2,392)
	CMBX NA BBB-.8 Index		(19,250)		123,000	16,125		10/17/57		(300 bp) — Monthly	(3,186)
	CMBX NA BBB-.9 Index		(12,539)		53,000	6,360		9/17/58		(300 bp) — Monthly	(6,206)
	Credit Suisse International
	CMBX NA BB.10 Index		(80,855)		606,000	177,194		11/17/59		(500 bp) — Monthly	95,835
	CMBX NA BB.10 Index		(71,945)		605,000	176,902		11/17/59		(500 bp) — Monthly	104,453
	CMBX NA BB.10 Index		(39,651)		319,000	93,276		11/17/59		(500 bp) — Monthly	53,358
	CMBX NA BB.7 Index		(54,048)		293,000	91,035		1/17/47		(500 bp) — Monthly	36,743
	CMBX NA BB.7 Index		(4,130)		215,280	88,975		5/11/63		(500 bp) — Monthly	84,666
	Goldman Sachs International
	CMBX NA A.6 Index		(23,158)		207,680	18,837		5/11/63		(200 bp) — Monthly	(4,390)
	CMBX NA A.6 Index		(23,473)		201,520	18,278		5/11/63		(200 bp) — Monthly	(5,262)
	CMBX NA A.6 Index		(9,474)		125,840	11,414		5/11/63		(200 bp) — Monthly	1,898
	CMBX NA A.6 Index		(13,845)		124,960	11,334		5/11/63		(200 bp) — Monthly	(2,553)
	CMBX NA A.6 Index		(12,756)		114,400	10,376		5/11/63		(200 bp) — Monthly	(2,418)
	CMBX NA A.6 Index		(11,781)		102,080	9,259		5/11/63		(200 bp) — Monthly	(2,557)
	CMBX NA A.6 Index		(9,258)		80,960	7,343		5/11/63		(200 bp) — Monthly	(1,941)
	CMBX NA A.6 Index		(8,331)		75,680	6,864		5/11/63		(200 bp) — Monthly	(1,492)
	CMBX NA A.6 Index		(7,459)		67,760	6,146		5/11/63		(200 bp) — Monthly	(1,336)
	CMBX NA A.6 Index		(7,459)		67,760	6,146		5/11/63		(200 bp) — Monthly	(1,336)
	CMBX NA A.6 Index		(7,308)		65,120	5,906		5/11/63		(200 bp) — Monthly	(1,423)
	CMBX NA A.6 Index		(7,308)		65,120	5,906		5/11/63		(200 bp) — Monthly	(1,423)
	CMBX NA A.6 Index		(3,913)		35,200	3,193		5/11/63		(200 bp) — Monthly	(732)
	CMBX NA A.6 Index		(3,913)		35,200	3,193		5/11/63		(200 bp) — Monthly	(732)
	CMBX NA A.6 Index		(2,484)		22,000	1,995		5/11/63		(200 bp) — Monthly	(496)
	CMBX NA A.6 Index		(174)		1,760	160		5/11/63		(200 bp) — Monthly	(15)
	CMBX NA A.6 Index		(96)		880	80		5/11/63		(200 bp) — Monthly	(17)
	CMBX NA A.6 Index		(79)		880	80		5/11/63		(200 bp) — Monthly	1
	CMBX NA A.6 Index		(86)		880	80		5/11/63		(200 bp) — Monthly	(6)
	CMBX NA BB.6 Index		(11,756)		87,400	36,122		5/11/63		(500 bp) — Monthly	24,293
	CMBX NA BB.7 Index		(84,052)		513,000	159,389		1/17/47		(500 bp) — Monthly	74,910
	CMBX NA BB.7 Index		(31,765)		174,000	54,062		1/17/47		(500 bp) — Monthly	22,152
	CMBX NA BB.7 Index		(26,028)		172,000	53,440		1/17/47		(500 bp) — Monthly	27,269
	CMBX NA BB.7 Index		(17,056)		84,000	26,099		1/17/47		(500 bp) — Monthly	8,973
	CMBX NA BB.8 Index		(159,060)		437,740	152,115		10/17/57		(500 bp) — Monthly	(7,310)
	CMBX NA BB.8 Index		(158,786)		437,740	152,115		10/17/57		(500 bp) — Monthly	(7,037)
	CMBX NA BB.8 Index		(142,942)		374,930	130,288		10/17/57		(500 bp) — Monthly	(12,966)
	CMBX NA BB.8 Index		(106,164)		301,490	104,768		10/17/57		(500 bp) — Monthly	(1,648)
	CMBX NA BB.8 Index		(108,705)		291,827	101,410		10/17/57		(500 bp) — Monthly	(7,539)
	CMBX NA BB.8 Index		(5,212)		44,450	15,447		10/17/57		(500 bp) — Monthly	10,198
	CMBX NA BBB-.10 Index		(22,310)		102,000	12,862		11/17/59		(300 bp) — Monthly	(9,498)
	CMBX NA BBB-.12 Index		(19,885)		102,000	12,556		8/17/61		(300 bp) — Monthly	(7,380)
	CMBX NA BBB-.12 Index		(2,702)		8,000	985		8/17/61		(300 bp) — Monthly	(1,721)
	CMBX NA BBB-.13 Index		(20,233)		267,000	36,072		12/16/72		(300 bp) — Monthly	15,705
	CMBX NA BBB-.6 Index		(208,735)		718,820	174,026		5/11/63		(300 bp) — Monthly	(35,068)
	CMBX NA BBB-.8 Index		(29,239)		226,000	29,629		10/17/57		(300 bp) — Monthly	277
	CMBX NA BBB-.8 Index		(18,034)		115,000	15,077		10/17/57		(300 bp) — Monthly	(3,015)
	JPMorgan Securities LLC
	CMBX NA A.6 Index		(14,447)		129,360	11,733		5/11/63		(200 bp) — Monthly	(2,758)
	CMBX NA A.6 Index		(10,055)		87,120	7,902		5/11/63		(200 bp) — Monthly	(2,182)
	CMBX NA BB.17 Index		(1,004,767)		2,052,000	637,556		1/17/47		(500 bp) — Monthly	(368,922)
	CMBX NA BB.8 Index		(107,551)		209,690	72,867		10/17/57		(500 bp) — Monthly	(34,858)
	CMBX NA BBB-.10 Index		(59,441)		211,000	26,607		11/17/59		(300 bp) — Monthly	(32,939)
	CMBX NA BBB-.10 Index		(23,584)		143,000	18,032		11/17/59		(300 bp) — Monthly	(5,623)
	CMBX NA BBB-.10 Index		(32,176)		108,000	13,619		11/17/59		(300 bp) — Monthly	(18,611)
	CMBX NA BBB-.11 Index		(28,601)		91,000	10,010		11/18/54		(300 bp) — Monthly	(18,637)
	CMBX NA BBB-.11 Index		(25,144)		80,000	8,800		11/18/54		(300 bp) — Monthly	(16,384)
	CMBX NA BBB-.11 Index		(5,022)		16,000	1,760		11/18/54		(300 bp) — Monthly	(3,270)
	CMBX NA BBB-.12 Index		(3,009)		77,000	9,479		8/17/61		(300 bp) — Monthly	6,432
	CMBX NA BBB-.14 Index		(9,265)		152,000	21,204		12/16/72		(300 bp) — Monthly	11,863
	CMBX NA BBB-.6 Index		(583,423)		2,148,954	520,262		5/11/63		(300 bp) — Monthly	(64,236)
	CMBX NA BBB-.7 Index		(577,517)		2,460,000	446,490		1/17/47		(300 bp) — Monthly	(132,257)
	CMBX NA BBB-.8 Index		(75,341)		543,000	71,187		10/17/57		(300 bp) — Monthly	(4,425)
	Merrill Lynch International
	CMBX NA BB.10 Index		(33,229)		584,000	170,762		11/17/59		(500 bp) — Monthly	137,046
	CMBX NA BB.9 Index		(78)		2,000	504		9/17/58		(500 bp) — Monthly	425
	CMBX NA BBB-.10 Index		(41,601)		192,000	24,211		11/17/59		(300 bp) — Monthly	(17,486)
	CMBX NA BBB-.7 Index		(75,310)		919,000	166,799		1/17/47		(300 bp) — Monthly	91,029
	Morgan Stanley & Co. International PLC
	CMBX NA A.6 Index		(13,065)		117,920	10,695		5/11/63		(200 bp) — Monthly	(2,409)
	CMBX NA A.6 Index		(1,944)		17,600	1,596		5/11/63		(200 bp) — Monthly	(353)
	CMBX NA A.6 Index		(581)		5,280	479		5/11/63		(200 bp) — Monthly	(104)
	CMBX NA A.6 Index		(293)		2,640	239		5/11/63		(200 bp) — Monthly	(54)
	CMBX NA A.6 Index		(191)		1,760	160		5/11/63		(200 bp) — Monthly	(32)
	CMBX NA A.6 Index		(171)		1,760	160		5/11/63		(200 bp) — Monthly	(12)
	CMBX NA A.6 Index		(193)		1,760	160		5/11/63		(200 bp) — Monthly	(34)
	CMBX NA A.6 Index		(84)		880	80		5/11/63		(200 bp) — Monthly	(4)
	CMBX NA A.6 Index		(91)		880	80		5/11/63		(200 bp) — Monthly	(11)
	CMBX NA BB.10 Index		(108,971)		464,000	135,674		11/17/59		(500 bp) — Monthly	26,316
	CMBX NA BB.10 Index		(30,624)		292,000	85,381		11/17/59		(500 bp) — Monthly	54,513
	CMBX NA BB.12 Index		(1,533)		21,000	3,035		8/17/61		(500 bp) — Monthly	1,484
	CMBX NA BB.7 Index		(53,896)		268,000	83,268		1/17/47		(500 bp) — Monthly	29,148
	CMBX NA BB.7 Index		(36,252)		188,000	58,412		1/17/47		(500 bp) — Monthly	22,003
	CMBX NA BB.7 Index		(10,105)		54,000	16,778		1/17/47		(500 bp) — Monthly	6,628
	CMBX NA BB.7 Index		(8,476)		42,000	13,049		1/17/47		(500 bp) — Monthly	4,538
	CMBX NA BB.8 Index		(93,946)		261,871	91,000		10/17/57		(500 bp) — Monthly	(3,164)
	CMBX NA BB.8 Index		(77,599)		213,555	74,210		10/17/57		(500 bp) — Monthly	(3,566)
	CMBX NA BB.8 Index		(52,181)		139,149	48,354		10/17/57		(500 bp) — Monthly	(3,943)
	CMBX NA BB.8 Index		(62,786)		122,722	42,646		10/17/57		(500 bp) — Monthly	(20,242)
	CMBX NA BB.8 Index		(44,441)		121,755	42,310		10/17/57		(500 bp) — Monthly	(2,232)
	CMBX NA BB.8 Index		(22,220)		60,878	21,155		10/17/57		(500 bp) — Monthly	(1,116)
	CMBX NA BB.9 Index		(24,292)		161,000	40,588		9/17/58		(500 bp) — Monthly	16,162
	CMBX NA BB.9 Index		(5,715)		94,000	23,697		9/17/58		(500 bp) — Monthly	17,904
	CMBX NA BB.9 Index		(11,806)		78,000	19,664		9/17/58		(500 bp) — Monthly	7,792
	CMBX NA BB.9 Index		(5,724)		43,000	10,840		9/17/58		(500 bp) — Monthly	5,081
	CMBX NA BB.9 Index		(1,231)		9,000	2,269		9/17/58		(500 bp) — Monthly	1,031
	CMBX NA BBB-.10 Index		(113,959)		676,000	85,244		11/17/59		(300 bp) — Monthly	(29,053)
	CMBX NA BBB-.10 Index		(49,016)		566,000	71,373		11/17/59		(300 bp) — Monthly	22,073
	CMBX NA BBB-.10 Index		(39,854)		323,000	40,730		11/17/59		(300 bp) — Monthly	715
	CMBX NA BBB-.10 Index		(59,128)		250,000	31,525		11/17/59		(300 bp) — Monthly	(27,728)
	CMBX NA BBB-.10 Index		(53,390)		219,000	27,616		11/17/59		(300 bp) — Monthly	(25,884)
	CMBX NA BBB-.10 Index		(27,596)		215,000	27,112		11/17/59		(300 bp) — Monthly	(592)
	CMBX NA BBB-.10 Index		(22,321)		176,000	22,194		11/17/59		(300 bp) — Monthly	(216)
	CMBX NA BBB-.10 Index		(19,291)		161,000	20,302		11/17/59		(300 bp) — Monthly	931
	CMBX NA BBB-.10 Index		(17,629)		139,000	17,528		11/17/59		(300 bp) — Monthly	(170)
	CMBX NA BBB-.10 Index		(27,781)		121,000	15,258		11/17/59		(300 bp) — Monthly	(12,583)
	CMBX NA BBB-.10 Index		(26,413)		121,000	15,258		11/17/59		(300 bp) — Monthly	(11,216)
	CMBX NA BBB-.10 Index		(11,275)		52,000	6,557		11/17/59		(300 bp) — Monthly	(4,744)
	CMBX NA BBB-.10 Index		(9,947)		46,000	5,801		11/17/59		(300 bp) — Monthly	(4,170)
	CMBX NA BBB-.12 Index		(1,052)		19,000	2,339		8/17/61		(300 bp) — Monthly	1,277
	CMBX NA BBB-.13 Index		(35,253)		572,000	77,277		12/16/72		(300 bp) — Monthly	41,739
	CMBX NA BBB-.7 Index		(34,235)		336,000	60,984		1/17/47		(300 bp) — Monthly	26,581
	CMBX NA BBB-.7 Index		(30,222)		476,000	86,394		1/17/47		(300 bp) — Monthly	55,934
	CMBX NA BBB-.8 Index		(53,673)		422,000	55,324		10/17/57		(300 bp) — Monthly	1,440
	CMBX NA BBB-.8 Index		(53,541)		422,000	55,324		10/17/57		(300 bp) — Monthly	1,572
	CMBX NA BBB-.8 Index		(46,734)		343,000	44,967		10/17/57		(300 bp) — Monthly	(1,938)
	CMBX NA BBB-.8 Index		(46,519)		343,000	44,967		10/17/57		(300 bp) — Monthly	(1,724)
	CMBX NA BBB-.8 Index		(47,088)		329,000	43,132		10/17/57		(300 bp) — Monthly	(4,121)
	CMBX NA BBB-.8 Index		(39,437)		253,000	33,168		10/17/57		(300 bp) — Monthly	(6,395)
	CMBX NA BBB-.8 Index		(32,513)		209,000	27,400		10/17/57		(300 bp) — Monthly	(5,218)
	CMBX NA BBB-.8 Index		(18,438)		119,000	15,601		10/17/57		(300 bp) — Monthly	(2,897)
	CMBX NA BBB-.8 Index		(18,438)		118,000	15,470		10/17/57		(300 bp) — Monthly	(3,027)
	CMBX NA BBB-.8 Index		(16,622)		106,000	13,897		10/17/57		(300 bp) — Monthly	(2,779)
Upfront premium received			—					Unrealized appreciation			1,413,842
Upfront premium (paid)			(7,790,969)					Unrealized (depreciation)			(1,489,253)
	Total		$(7,790,969)							Total	$(75,411)
*	Payments related to the referenced debt are made upon a credit default event.
**	Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.

	Key to holding's currency abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
USD / $	United States Dollar
	Key to holding's abbreviations
bp	Basis Points
DAC	Designated Activity Company
EMTN	Euro Medium Term Notes
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.
FRN	Floating Rate Notes: The rate shown is the current interest rate or yield 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.
IFB	Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor.
IO	Interest Only
LIBOR	London Interbank Offered Rate
OJSC	Open Joint Stock Company
OTC	Over-the-counter
REGS	Securities sold under Regulation S may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced Commitments
	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from August 1, 2021 through April 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a)	Percentages indicated are based on net assets of $424,063,407.
(NON)	This security is non-income-producing.
(AFF)	Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows:
	Name of affiliate	Fair value as of 7/31/21	Purchase cost	Sale proceeds	Investment income	Shares outstanding and fair value as of 4/30/22
	Short-term investments
	Putnam Short Term Investment Fund*	$22,486,178	$168,157,867	$155,553,378	$26,527	$35,090,667
	Total Short-term investments	$22,486,178	$168,157,867	$155,553,378	$26,527	$35,090,667
	* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
(SEG)	This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $1,658,927.
(SEGSF)	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $37,304,307.
(SEGTBA)	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain TBA commitments at the close of the reporting period. Collateral at period end totaled $138,944.
(SEGCCS)	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on the initial margin on certain centrally cleared derivative contracts at the close of the reporting period. Collateral at period end totaled $3,509,255.
(c)	Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown. Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities.
	Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations.
(i)	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
(P)	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts and TBA commitments. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(R)	Real Estate Investment Trust.
(WAC)	The rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor.
	At the close of the reporting period, the fund maintained liquid assets totaling $309,689,681 to cover certain derivative contracts, delayed delivery securities and the settlement of certain securities.
	Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
	Debt obligations are considered secured unless otherwise indicated.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	The dates shown on debt obligations are the original maturity dates.
	DIVERSIFICATION BY COUNTRY
	Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value):
	United States	94.1%
	Indonesia	0.8
	Cote d'Ivoire	0.7
	Dominican Republic	0.5
	Mexico	0.5
	Other	3.4
	Total	100.0%
	Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
	Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
	Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
	Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
	Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
	To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
	To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
	Repurchase agreements: The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $4,998,000 at the end of the reporting period, is held at the counterparty’s custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.
	Stripped securities: The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive to changes in interest rates.
	Options contracts: The fund used options contracts to hedge duration and convexity, to isolate prepayment risk and to manage downside risks.
	The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
	Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.
	Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap options contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.
	For the fund's average contract amount on options contracts, see the appropriate table at the end of these footnotes.
	Futures contracts: The fund used futures contracts for hedging treasury term structure risk and for yield curve positioning.
	The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
	Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”.
	For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes.
	Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used for hedging currency exposures and to gain exposure to currencies.
	The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
	For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
	Interest rate swap contracts: The fund entered into OTC and/or centrally cleared interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, for hedging term structure risk, for yield curve positioning and for gaining exposure to rates in various countries.
	An OTC and centrally cleared interest rate swap can be purchased or sold with an upfront premium. For OTC interest rate swap contracts, an upfront payment received by the fund is recorded as a liability on the fund's books. An upfront payment made by the fund is recorded as an asset on the fund's books. OTC and centrally cleared interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change is recorded as an unrealized gain or loss on OTC interest rate swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments, including upfront premiums, received or made are recorded as realized gains or losses at the reset date or the closing of the contract. Certain OTC and centrally cleared interest rate swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract.
	The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults, in the case of OTC interest rate contracts, or the central clearing agency or a clearing member defaults, in the case of centrally cleared interest rate swap contracts, on its respective obligation to perform under the contract. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC interest rate swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared interest rate swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared interest rate swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default.
	For the fund's average notional amount on interest rate swap contracts, see the appropriate table at the end of these footnotes.
	Total return swap contracts: The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, to hedge sector exposure, for gaining exposure to specific sectors, for hedging inflation and for gaining exposure to inflation.
	To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default.
	For the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes.
	Credit default contracts: The fund entered into OTC and/or centrally cleared credit default contracts to hedge credit risk, for gaining liquid exposure to individual names, to hedge market risk and for gaining exposure to specific sectors.
	In OTC and centrally cleared credit default contracts, the protection buyer typically makes a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. For OTC credit default contracts, an upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. Centrally cleared credit default contracts provide the same rights to the protection buyer and seller except the payments between parties, including upfront premiums, are settled through a central clearing agent through variation margin payments. Upfront and periodic payments received or paid by the fund for OTC and centrally cleared credit default contracts are recorded as realized gains or losses at the reset date or close of the contract. The OTC and centrally cleared credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change in value of OTC credit default contracts is recorded as an unrealized gain or loss. Daily fluctuations in the value of centrally cleared credit default contracts are recorded as unrealized gain or loss. Upon the occurrence of a credit event, the difference between the par value and fair value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or loss.
	In addition to bearing the risk that the credit event will occur, the fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that the fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the fund may enter into offsetting OTC and centrally cleared credit default contracts which would mitigate its risk of loss. The fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated for OTC credit default contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared credit default contracts through the daily exchange of variation margin. Counterparty risk is further mitigated with respect to centrally cleared credit default swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Where the fund is a seller of protection, the maximum potential amount of future payments the fund may be required to make is equal to the notional amount.
	For the fund's average notional amount on credit default contracts, see the appropriate table at the end of these footnotes.
	TBA commitments: The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.
	The fund may also enter into TBA sale commitments to hedge its portfolio positions to sell mortgage-backed securities it owns under delayed delivery arrangements or to take a short position in mortgage-backed securities. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, either equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction, or other liquid assets in an amount equal to the notional value of the TBA sale commitment are segregated. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.
	TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform its obligations. Counterparty risk is mitigated by having a master agreement between the fund and the counterparty.
	Unsettled TBA commitments are valued at their fair value according to the procedures described under "Security valuation" above. The contract is marked to market daily and the change in fair value is recorded by the fund as an unrealized gain or loss. Based on market circumstances, Putnam Management will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.
	Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund's portfolio.
	Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
	With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
	At the close of the reporting period, the fund had a net liability position of $36,135,504 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $37,304,307 and may include amounts related to unsettled agreements.

	ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
	Level 1: Valuations based on quoted prices for identical securities in active markets.
	Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
	The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
		Valuation inputs
	Investments in securities:	Level 1	Level 2	Level 3
	Common stocks*:
	Consumer cyclicals	$241,385	$930	$—
	Energy	113,292	—	—
	Government	—	26,341	—
	Utilities and power	—	—	—
	Total common stocks	354,677	27,271	—
	Asset-backed securities	—	1,310,715	—
	Convertible bonds and notes	—	17,416,596	—
	Corporate bonds and notes	—	87,257,634	—
	Foreign government and agency bonds and notes	—	38,935,832	—
	Mortgage-backed securities	—	208,167,795	—
	Purchased options outstanding	—	1,095,400	—
	Purchased swap options outstanding	—	9,786,218	—
	Senior loans	—	12,709,224	—
	U.S. government and agency mortgage obligations	—	571,934,505	—
	U.S. treasury obligations	—	2,136,377	—
	Short-term investments	3,060,000	85,966,112	—
	Totals by level	$3,414,677	$1,036,743,679	$—
		Valuation inputs
	Other financial instruments:	Level 1	Level 2	Level 3
	Forward currency contracts	$—	$(439,776)	$—
	Futures contracts	4,819,922	—	—
	Written options outstanding	—	(965,720)	—
	Written swap options outstanding	—	(20,195,199)	—
	Forward premium swap option contracts	—	(3,905,049)	—
	TBA sale commitments	—	(599,027,928)	—
	Interest rate swap contracts	—	10,360,220	—
	Total return swap contracts	—	(272,915)	—
	Credit default contracts	—	(16,832,150)	—
	Totals by level	$4,819,922	$(631,278,517)	$—
	* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
	At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
	The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
	Purchased TBA commitment option contracts (contract amount)	$65,000,000
	Purchased swap option contracts (contract amount)	$1,891,100,000
	Written TBA commitment option contracts (contract amount)	$65,000,000
	Written swap option contracts (contract amount)	$1,856,400,000
	Futures contracts (number of contracts)	2,000
	Forward currency contracts (contract amount)	$499,200,000
	Centrally cleared interest rate swap contracts (notional)	$1,404,700,000
	OTC total return swap contracts (notional)	$5,300,000
	OTC credit default contracts (notional)	$164,400,000
	For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com