SEC Info - MML Series Investment Fund II


	Number of Shares		Value
EQUITIES — 61.9%

COMMON STOCK — 61.9%
Communications — 9.6%
Internet — 9.1%
Alibaba Group Holding Ltd. Sponsored ADR (a)		1,700	$	280,092
Booking Holdings, Inc. (a)		200		396,800
Facebook, Inc. Class A (a)		11,600		1,907,736
Rightmove PLC		35,000		214,859

				2,799,487

Telecommunications — 0.5%
NTT DOCOMO, Inc.		5,600		150,588

				2,950,075

Consumer, Cyclical — 7.6%
Distribution & Wholesale — 2.8%
Pool Corp.		5,100		851,088

Home Builders — 4.8%
NVR, Inc. (a)		600		1,482,480

				2,333,568

Consumer, Non-cyclical — 6.4%
Biotechnology — 1.3%
CSL Ltd.		2,800		404,861

Commercial Services — 1.9%
PayPal Holdings, Inc. (a)		6,800		597,312

Health Care – Products — 0.8%
Advanced Medical Solutions Group PLC		54,425		234,447

Health Care – Services — 1.4%
Fresenius SE & Co. KGaA		5,900		433,204

Household Products & Wares — 1.0%
Henkel AG & Co. KGaA		2,000		212,411
Portmeirion Group PLC		5,600		86,513

				298,924

				1,968,748

Financial — 16.4%
Banks — 11.1%
Associated Banc-Corp.		11,500		299,000
Bank of America Corp.		9,400		276,924
BOK Financial Corp.		3,100		301,568
Comerica, Inc.		3,000		270,600
Fifth Third Bancorp		9,000		251,280
JP Morgan Chase & Co.		2,600		293,384
KeyCorp		13,800		274,482
Regions Financial Corp.		15,200		278,920
SVB Financial Group (a)		1,100		341,913
Synovus Financial Corp.		5,800		265,582


	Number of Shares		Value
Western Alliance Bancorp (a)		4,900	$	278,761
Zions Bancorp		5,300		265,795

				3,398,209

Diversified Financial Services — 4.9%
Mastercard, Inc. Class A		5,300		1,179,833
Visa, Inc. Class A		2,200		330,198

				1,510,031

Private Equity — 0.4%
Onex Corp.		1,700		116,255

				5,024,495

Industrial — 15.1%
Aerospace & Defense — 11.4%
Lockheed Martin Corp.		5,400		1,868,184
Raytheon Co.		7,900		1,632,614

				3,500,798

Building Materials — 0.3%
Breedon Group PLC (a)		88,437		84,263

Electronics — 1.1%
Halma PLC		17,600		331,222

Hand & Machine Tools — 0.5%
Schindler Holding AG		700		174,288

Machinery – Diversified — 1.8%
Keyence Corp.		400		232,057
Roper Technologies, Inc.		1,100		325,831

				557,888

				4,648,459

Technology — 6.8%
Computers — 2.6%
Fortinet, Inc. (a)		8,800		811,976

Software — 4.2%
Adobe Systems, Inc. (a)		2,400		647,880
Constellation Software, Inc.		300		220,618
EMIS Group PLC		11,800		155,322
Nexus AG		3,400		105,413
Open Text Corp.		4,200		159,819

				1,289,052

				2,101,028


TOTAL COMMON STOCK (Cost $17,201,784)				19,026,373


TOTAL EQUITIES (Cost $17,201,784)				19,026,373


	Principal Amount		Value
BONDS & NOTES — 9.7%

U.S. TREASURY OBLIGATIONS — 9.7%
U.S. Treasury Bonds & Notes — 9.7%
U.S. Treasury Note 1.750% 11/30/19 (b)	$	3,000,000	$	2,967,457


TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,991,914)				2,967,457


TOTAL BONDS & NOTES (Cost $2,991,914)				2,967,457


	Number of Shares
MUTUAL FUNDS — 15.4%
Diversified Financial Services — 15.4%
iShares MSCI Brazil Capped Index Fund		36,000		1,214,280
iShares MSCI India ETF		6,600		214,302
Vanguard Total Stock Market ETF		22,200		3,322,230

				4,750,812


TOTAL MUTUAL FUNDS (Cost $4,602,219)				4,750,812


TOTAL LONG-TERM INVESTMENTS (Cost $24,795,917)				26,744,642


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 12.8%
Repurchase Agreement — 12.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (c)	$	3,937,700	$	3,937,700


TOTAL SHORT-TERM INVESTMENTS (Cost $3,937,700)				3,937,700


TOTAL INVESTMENTS — 99.8% (Cost $28,733,617) (d)				30,682,342

Other Assets/(Liabilities) — 0.2%				75,041


NET ASSETS — 100.0%			$	30,757,383

Abbreviation Legend

ADR	American Depositary Receipt

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	A portion of this security is pledged/held as collateral for open futures contracts. (Note 2).

(c)	Maturity value of $3,938,061. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $4,018,257.

(d)	See Note 3 for aggregate cost for federal tax purposes.


	Number of Shares		Value
EQUITIES — 69.2%

COMMON STOCK — 69.1%
Basic Materials — 1.8%
Chemicals — 1.4%
Air Products & Chemicals, Inc.		7,795	$	1,302,155
Albemarle Corp.		5,110		509,876
CF Industries Holdings, Inc.		16,190		881,384
DowDuPont, Inc.		32,520		2,091,361
Eastman Chemical Co.		6,070		581,020
LyondellBasell Industries NV Class A		17,640		1,808,276
The Mosaic Co.		61,400		1,994,272
PPG Industries, Inc.		8		873
Praxair, Inc.		6,736		1,082,677
The Sherwin-Williams Co.		3		1,366

				10,253,260

Forest Products & Paper — 0.0%
International Paper Co.		3,587		176,301

Iron & Steel — 0.1%
Nucor Corp.		12,056		764,953

Mining — 0.3%
Freeport-McMoRan, Inc.		70,864		986,427
Newmont Mining Corp.		23,670		714,834

				1,701,261

				12,895,775

Communications — 10.3%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		6,922		158,306
Omnicom Group, Inc.		3,747		254,871

				413,177

Internet — 6.6%
Alphabet, Inc. Class A (a)		6,800		8,208,144
Alphabet, Inc. Class C (a)		7,811		9,322,194
Amazon.com, Inc. (a)		7,880		15,783,640
Booking Holdings, Inc. (a)		891		1,767,744
eBay, Inc. (a)		20,777		686,057
Expedia Group, Inc.		5,157		672,885
F5 Networks, Inc. (a)		10,360		2,065,991
Facebook, Inc. Class A (a)		34,550		5,682,093
Netflix, Inc. (a)		8,613		3,222,382
Symantec Corp.		55		1,170
TripAdvisor, Inc. (a)		37		1,890
VeriSign, Inc. (a)		2,991		478,919

				47,893,109

Media — 1.2%
CBS Corp. Class B		57		3,275
Charter Communications, Inc. Class A (a)		3,201		1,043,142


	Number of Shares		Value
Comcast Corp. Class A		107,324	$	3,800,343
Discovery, Inc. Class A (a)		600		19,200
Discovery, Inc. Class C (a)		15,443		456,804
DISH Network Corp. Class A (a)		52,600		1,880,976
News Corp. Class A		7,566		99,795
Twenty-First Century Fox, Inc. Class A		19,567		906,539
Twenty-First Century Fox, Inc. Class B		8,100		371,142
Viacom, Inc. Class B		12,810		432,465
The Walt Disney Co.		2		234

				9,013,915

Telecommunications — 2.4%
AT&T, Inc.		144,626		4,856,541
CenturyLink, Inc.		28		594
Cisco Systems, Inc.		160,642		7,815,233
Juniper Networks, Inc.		25,489		763,905
Motorola Solutions, Inc.		3,137		408,249
Verizon Communications, Inc.		62,655		3,345,151

				17,189,673

				74,509,874

Consumer, Cyclical — 5.9%
Airlines — 0.7%
Alaska Air Group, Inc.		300		20,658
American Airlines Group, Inc.		28,200		1,165,506
Delta Air Lines, Inc.		23,200		1,341,656
Southwest Airlines Co.		10,383		648,418
United Continental Holdings, Inc. (a)		22,100		1,968,226

				5,144,464

Apparel — 0.6%
Hanesbrands, Inc.		6,900		127,167
Michael Kors Holdings Ltd. (a)		18,900		1,295,784
NIKE, Inc. Class B		12,184		1,032,228
PVH Corp.		1,620		233,928
Ralph Lauren Corp.		13,350		1,836,293
VF Corp.		2,200		205,590

				4,730,990

Auto Manufacturers — 0.5%
Ford Motor Co.		128,513		1,188,746
General Motors Co.		45,200		1,521,884
PACCAR, Inc.		14,022		956,160

				3,666,790

Auto Parts & Equipment — 0.3%
Aptiv PLC		9,300		780,270
BorgWarner, Inc.		33,300		1,424,574
The Goodyear Tire & Rubber Co.		4,351		101,770

				2,306,614


	Number of Shares		Value
Distribution & Wholesale — 0.1%
Fastenal Co.		82	$	4,758
W.W. Grainger, Inc.		1,072		383,143

				387,901

Home Builders — 0.2%
D.R. Horton, Inc.		4,747		200,229
PulteGroup, Inc.		57,173		1,416,175

				1,616,404

Home Furnishing — 0.0%
Leggett & Platt, Inc.		86		3,766
Whirlpool Corp.		1,243		147,606

				151,372

Leisure Time — 0.1%
Harley-Davidson, Inc.		10,002		453,091

Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		12,700		1,025,906
Marriott International, Inc. Class A		921		121,600
MGM Resorts International		40,600		1,133,146
Wynn Resorts Ltd.		3,038		386,008

				2,666,660

Retail — 3.0%
AutoZone, Inc. (a)		494		383,196
Best Buy Co., Inc.		22,992		1,824,645
Costco Wholesale Corp.		7,370		1,731,066
Darden Restaurants, Inc.		2,654		295,098
Dollar Tree, Inc. (a)		48		3,914
Foot Locker, Inc.		42,300		2,156,454
The Gap, Inc.		10,990		317,062
Genuine Parts Co.		34		3,380
The Home Depot, Inc.		7,617		1,577,862
Kohl’s Corp.		26,030		1,940,537
L Brands, Inc.		2,200		66,660
Lowe’s Cos., Inc.		95		10,908
Macy’s, Inc.		54,951		1,908,448
McDonald’s Corp.		2,040		341,272
Nordstrom, Inc.		2,308		138,041
O’Reilly Automotive, Inc. (a)		3,663		1,272,233
Ross Stores, Inc.		2,644		262,020
Starbucks Corp.		54		3,069
Tapestry, Inc.		6,220		312,679
Target Corp.		17,286		1,524,798
Tiffany & Co.		802		103,434
The TJX Cos., Inc.		3,106		347,934
Walgreens Boots Alliance, Inc.		16,557		1,207,005
Walmart, Inc.		40,322		3,786,639
Yum! Brands, Inc.		35		3,182

				21,521,536

Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		461		48,460


	Number of Shares		Value
Mattel, Inc.		90	$	1,413

				49,873

				42,695,695

Consumer, Non-cyclical — 14.0%
Agriculture — 0.6%
Altria Group, Inc.		10,559		636,813
Archer-Daniels-Midland Co.		92		4,625
Philip Morris International, Inc.		42,486		3,464,309

				4,105,747

Beverages — 0.9%
Brown-Forman Corp. Class B		15		758
The Coca-Cola Co.		31,830		1,470,228
Constellation Brands, Inc. Class A		542		116,866
Molson Coors Brewing Co. Class B		29,600		1,820,400
PepsiCo, Inc.		24,860		2,779,348

				6,187,600

Biotechnology — 1.8%
Amgen, Inc.		23,331		4,836,283
Biogen, Inc. (a)		7,472		2,639,933
Celgene Corp. (a)		16,176		1,447,590
Gilead Sciences, Inc.		54,610		4,216,438

				13,140,244

Commercial Services — 1.4%
Automatic Data Processing, Inc.		10,699		1,611,911
Cintas Corp.		1,878		371,487
Ecolab, Inc.		2		314
Equifax, Inc.		132		17,235
H&R Block, Inc.		69,363		1,786,097
Moody’s Corp.		3,330		556,776
PayPal Holdings, Inc. (a)		77		6,764
Quanta Services, Inc. (a)		28,813		961,778
Robert Half International, Inc.		17,426		1,226,442
S&P Global, Inc.		1,018		198,907
Total System Services, Inc.		8,207		810,359
United Rentals, Inc. (a)		7,110		1,163,196
The Western Union Co.		71,888		1,370,185

				10,081,451

Cosmetics & Personal Care — 0.8%
Colgate-Palmolive Co.		5,906		395,407
The Estee Lauder Cos., Inc. Class A		7,910		1,149,481
The Procter & Gamble Co.		53,729		4,471,865

				6,016,753

Foods — 0.5%
Campbell Soup Co.		1,624		59,487
Conagra Brands, Inc.		7,774		264,083
General Mills, Inc.		1,962		84,209
The Hershey Co.		1,647		167,994
Hormel Foods Corp.		15,732		619,841
The J.M. Smucker Co.		845		86,705


	Number of Shares		Value
Kellogg Co.		8,428	$	590,129
The Kraft Heinz Co.		4,958		273,235
The Kroger Co.		34,958		1,017,627
McCormick & Co., Inc.		161		21,212
Mondelez International, Inc. Class A		75		3,222
Sysco Corp.		5,334		390,715
Tyson Foods, Inc. Class A		4,301		256,039

				3,834,498

Health Care – Products — 1.1%
Abbott Laboratories		19,601		1,437,929
Baxter International, Inc.		9,361		721,639
Becton, Dickinson & Co.		242		63,162
Boston Scientific Corp. (a)		300		11,550
The Cooper Cos., Inc.		1,240		343,666
Danaher Corp.		11,256		1,223,077
DENTSPLY SIRONA, Inc.		56		2,113
Edwards Lifesciences Corp. (a)		30		5,223
Hologic, Inc. (a)		1,400		57,372
Intuitive Surgical, Inc. (a)		288		165,312
Medtronic PLC		28,000		2,754,360
Stryker Corp.		170		30,206
Thermo Fisher Scientific, Inc.		3,971		969,242
Varian Medical Systems, Inc. (a)		7		784
Zimmer Biomet Holdings, Inc.		2,455		322,759

				8,108,394

Health Care – Services — 1.8%
Aetna, Inc.		6,227		1,263,147
Anthem, Inc.		5,796		1,588,394
Centene Corp. (a)		3,010		435,788
Cigna Corp.		6,512		1,356,124
DaVita, Inc. (a)		3,030		217,039
HCA Healthcare, Inc.		2,600		361,712
Humana, Inc.		4,344		1,470,531
IQVIA Holdings, Inc. (a)		7,040		913,369
Laboratory Corp. of America Holdings (a)		2		347
Quest Diagnostics, Inc.		3,309		357,074
UnitedHealth Group, Inc.		19,694		5,239,392
Universal Health Services, Inc. Class B		50		6,392

				13,209,309

Household Products & Wares — 0.2%
Avery Dennison Corp.		1,915		207,490
The Clorox Co.		723		108,746
Kimberly-Clark Corp.		7,345		834,686

				1,150,922

Pharmaceuticals — 4.9%
AbbVie, Inc.		49,322		4,664,875
Allergan PLC		5,580		1,062,878
AmerisourceBergen Corp.		1,507		138,976


	Number of Shares		Value
Bristol-Myers Squibb Co.		20,767	$	1,289,215
Cardinal Health, Inc.		15,778		852,012
CVS Health Corp.		21,694		1,707,752
Eli Lilly & Co.		16,614		1,782,848
Express Scripts Holding Co. (a)		23,301		2,213,828
Johnson & Johnson		57,122		7,892,547
McKesson Corp.		7,525		998,191
Merck & Co., Inc.		51,583		3,659,298
Mylan NV (a)		12,047		440,920
Perrigo Co. PLC		2,200		155,760
Pfizer, Inc.		166,041		7,317,427
Zoetis, Inc.		11,400		1,043,784

				35,220,311

				101,055,229

Energy — 3.6%
Oil & Gas — 3.3%
Anadarko Petroleum Corp.		19,748		1,331,213
Andeavor		2,517		386,359
Apache Corp.		21		1,001
Cabot Oil & Gas Corp.		48		1,081
Chevron Corp.		31,788		3,887,037
ConocoPhillips		42,939		3,323,479
Devon Energy Corp.		147		5,871
EOG Resources, Inc.		6,478		826,398
EQT Corp.		97		4,290
Exxon Mobil Corp.		35,497		3,017,955
Helmerich & Payne, Inc.		60		4,126
Hess Corp.		32		2,291
HollyFrontier Corp.		11,700		817,830
Marathon Oil Corp.		106,627		2,482,276
Marathon Petroleum Corp.		23,806		1,903,766
Newfield Exploration Co. (a)		36,100		1,040,763
Noble Energy, Inc.		56		1,747
Occidental Petroleum Corp.		13,315		1,094,093
Phillips 66		12,369		1,394,234
Pioneer Natural Resources Co.		5,431		946,026
Valero Energy Corp.		10,440		1,187,550

				23,659,386

Oil & Gas Services — 0.3%
Baker Hughes a GE Co.		31		1,049
Halliburton Co.		17,867		724,149
National Oilwell Varco, Inc.		22,794		981,965
Schlumberger Ltd.		4,531		276,029
TechnipFMC PLC		8,340		260,625

				2,243,817

Pipelines — 0.0%
Kinder Morgan, Inc.		38		674
The Williams Cos., Inc.		48		1,305

				1,979

				25,905,182


	Number of Shares		Value
Financial — 12.9%
Banks — 5.9%
Bank of America Corp.		190,198	$	5,603,233
The Bank of New York Mellon Corp.		29,707		1,514,760
BB&T Corp.		3,166		153,678
Capital One Financial Corp.		17,052		1,618,747
Citigroup, Inc.		81,551		5,850,469
Citizens Financial Group, Inc.		26,500		1,022,105
Comerica, Inc.		16,821		1,517,254
Fifth Third Bancorp		42,921		1,198,354
The Goldman Sachs Group, Inc.		12,980		2,910,635
Huntington Bancshares, Inc.		6,800		101,456
JP Morgan Chase & Co.		68,562		7,736,536
KeyCorp		32,764		651,676
M&T Bank Corp.		6,045		994,644
Morgan Stanley		44,697		2,081,539
Northern Trust Corp.		13,759		1,405,207
The PNC Financial Services Group, Inc.		12,918		1,759,303
Regions Financial Corp.		79,715		1,462,770
State Street Corp.		6,576		550,937
SunTrust Banks, Inc.		23,700		1,582,923
SVB Financial Group (a)		3,870		1,202,912
US Bancorp		7,602		401,462
Wells Fargo & Co.		17,416		915,385
Zions Bancorp		4,241		212,686

				42,448,671

Diversified Financial Services — 2.9%
Alliance Data Systems Corp.		8,190		1,934,150
American Express Co.		2,519		268,248
Ameriprise Financial, Inc.		11,356		1,676,827
BlackRock, Inc.		3,180		1,498,829
The Charles Schwab Corp.		21,112		1,037,655
Discover Financial Services		1,783		136,310
E*TRADE Financial Corp. (a)		12,761		668,549
Franklin Resources, Inc.		6,387		194,229
Intercontinental Exchange, Inc.		15		1,123
Invesco Ltd.		2,112		48,323
Jefferies Financial Group, Inc.		37		813
Mastercard, Inc. Class A		22,760		5,066,604
Nasdaq, Inc.		45		3,861
Raymond James Financial, Inc.		4,900		451,045
Synchrony Financial		20,100		624,708
T. Rowe Price Group, Inc.		15,606		1,703,863
Visa, Inc. Class A		38,072		5,714,226

				21,029,363

Insurance — 3.0%
Aflac, Inc.		28,944		1,362,394
The Allstate Corp.		12,035		1,187,854
American International Group, Inc.		46		2,449
Aon PLC		3,445		529,772


	Number of Shares		Value
Assurant, Inc.		5,216	$	563,067
Berkshire Hathaway, Inc. Class B (a)		38,426		8,227,391
Brighthouse Financial, Inc. (a)		26		1,150
Chubb Ltd.		7,568		1,011,388
Cincinnati Financial Corp.		4,419		339,423
Everest Re Group Ltd.		3,000		685,410
The Hartford Financial Services Group, Inc.		5,952		297,362
Lincoln National Corp.		10,351		700,349
Loews Corp.		20,783		1,043,930
Marsh & McLennan Cos., Inc.		5,813		480,851
MetLife, Inc.		32,190		1,503,917
Principal Financial Group, Inc.		8,129		476,278
The Progressive Corp.		18,114		1,286,819
Prudential Financial, Inc.		15,737		1,594,473
Torchmark Corp.		3,282		284,517
The Travelers Cos., Inc.		2,287		296,647
Unum Group		2,731		106,700

				21,982,141

Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		24,287		1,071,057

Real Estate Investment Trusts (REITS) — 0.9%
American Tower Corp.		119		17,291
Apartment Investment & Management Co. Class A		85		3,751
AvalonBay Communities, Inc.		2,081		376,973
Boston Properties, Inc.		3		369
Digital Realty Trust, Inc.		280		31,494
Duke Realty Corp.		9,000		255,330
Equinix, Inc.		120		51,947
Equity Residential		56		3,710
Essex Property Trust, Inc.		1,500		370,065
Extra Space Storage, Inc.		7,000		606,480
HCP, Inc.		35		921
Host Hotels & Resorts, Inc.		27,837		587,361
Iron Mountain, Inc.		48		1,657
Kimco Realty Corp.		2,767		46,320
Mid-America Apartment Communities, Inc.		60		6,011
Prologis, Inc.		12,838		870,288
Public Storage		203		40,931
Simon Property Group, Inc.		645		114,004
SL Green Realty Corp.		18,490		1,803,330
Ventas, Inc.		1,025		55,739
Vornado Realty Trust		1,373		100,229
Welltower, Inc.		2,100		135,072
Weyerhaeuser Co.		20,626		665,601

				6,144,874

Savings & Loans — 0.1%
People’s United Financial, Inc.		25,351		434,009

				93,110,115


	Number of Shares		Value
Industrial — 5.7%
Aerospace & Defense — 1.5%
Arconic, Inc.		8	$	176
The Boeing Co.		18,292		6,802,795
General Dynamics Corp.		602		123,241
Harris Corp.		770		130,292
L3 Technologies, Inc.		970		206,241
Lockheed Martin Corp.		1,530		529,319
Northrop Grumman Corp.		348		110,445
Raytheon Co.		4,829		997,961
Rockwell Collins, Inc.		8		1,124
United Technologies Corp.		14,540		2,032,837

				10,934,431

Building Materials — 0.1%
Johnson Controls International PLC		19,765		691,775
Masco Corp.		25		915
Vulcan Materials Co.		5		556

				693,246

Electrical Components & Equipment — 0.1%
AMETEK, Inc.		7,700		609,224
Emerson Electric Co.		4,869		372,868

				982,092

Electronics — 1.0%
Agilent Technologies, Inc.		15,163		1,069,598
Allegion PLC		1,633		147,901
Amphenol Corp. Class A		4,264		400,901
Corning, Inc.		40,967		1,446,135
FLIR Systems, Inc.		2,852		175,313
Fortive Corp.		5,878		494,928
Garmin Ltd.		2,100		147,105
Honeywell International, Inc.		14,922		2,483,021
PerkinElmer, Inc.		2,720		264,574
Waters Corp. (a)		1,540		299,807

				6,929,283

Engineering & Construction — 0.3%
Fluor Corp.		16,809		976,603
Jacobs Engineering Group, Inc.		17,420		1,332,630

				2,309,233

Environmental Controls — 0.1%
Pentair PLC		18,023		781,297
Republic Services, Inc.		337		24,487
Stericycle, Inc. (a)		97		5,692
Waste Management, Inc.		1,973		178,280

				989,756

Hand & Machine Tools — 0.2%
Snap-on, Inc.		7,971		1,463,476
Stanley Black & Decker, Inc.		9		1,318

				1,464,794


	Number of Shares		Value
Machinery – Construction & Mining — 0.2%
Caterpillar, Inc.		11,225	$	1,711,700

Machinery – Diversified — 0.2%
Cummins, Inc.		3,325		485,683
Dover Corp.		5,173		457,966
Flowserve Corp.		70		3,828
Rockwell Automation, Inc.		493		92,447
Roper Technologies, Inc.		663		196,387
Xylem, Inc.		3,355		267,964

				1,504,275

Miscellaneous – Manufacturing — 0.4%
3M Co.		2		421
Eaton Corp. PLC		13,566		1,176,579
General Electric Co.		86		971
Illinois Tool Works, Inc.		285		40,219
Ingersoll-Rand PLC		9,600		982,080
Parker-Hannifin Corp.		2,848		523,833
Textron, Inc.		4,672		333,908

				3,058,011

Packaging & Containers — 0.3%
Ball Corp.		4		176
Packaging Corp. of America		750		82,268
Sealed Air Corp.		53		2,128
WestRock Co.		36,267		1,938,108

				2,022,680

Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		6,930		1,774,634

Transportation — 1.0%
C.H. Robinson Worldwide, Inc.		120		11,750
CSX Corp.		29,907		2,214,613
Expeditors International of Washington, Inc.		126		9,265
Norfolk Southern Corp.		7,813		1,410,247
Union Pacific Corp.		16,712		2,721,215
United Parcel Service, Inc. Class B		4,880		569,740

				6,936,830

				41,310,965

Technology — 13.3%
Computers — 5.4%
Accenture PLC Class A		4,240		721,648
Apple, Inc.		116,347		26,264,172
Cognizant Technology Solutions Corp. Class A		10,256		791,250
DXC Technology Co.		16,979		1,587,876
Hewlett Packard Enterprise Co.		67,274		1,097,239
HP, Inc.		71,974		1,854,770
International Business Machines Corp.		15,040		2,274,199
NetApp, Inc.		22,098		1,897,997


	Number of Shares		Value
Seagate Technology PLC		32,100	$	1,519,935
Western Digital Corp.		7,147		418,385

				38,427,471

Office & Business Equipment — 0.0%
Xerox Corp.		836		22,555

Semiconductors — 2.5%
Analog Devices, Inc.		1,072		99,117
Applied Materials, Inc.		1,939		74,942
Broadcom, Inc.		7,049		1,739,200
Intel Corp.		164,423		7,775,564
KLA-Tencor Corp.		10,279		1,045,477
Lam Research Corp.		1,193		180,978
Microchip Technology, Inc.		21		1,657
Micron Technology, Inc. (a)		29,817		1,348,623
NVIDIA Corp.		556		156,247
QUALCOMM, Inc.		35,100		2,528,253
Skyworks Solutions, Inc.		6,010		545,167
Texas Instruments, Inc.		22,274		2,389,778
Xilinx, Inc.		3,756		301,119

				18,186,122

Software — 5.4%
Activision Blizzard, Inc.		200		16,638
Adobe Systems, Inc. (a)		12,600		3,401,370
Akamai Technologies, Inc. (a)		20,026		1,464,902
ANSYS, Inc. (a)		2,350		438,698
Autodesk, Inc. (a)		37		5,776
Broadridge Financial Solutions, Inc.		6,090		803,575
CA, Inc.		15,073		665,473
Cadence Design Systems, Inc. (a)		3,600		163,152
Citrix Systems, Inc. (a)		17,837		1,982,761
Electronic Arts, Inc. (a)		867		104,465
Fidelity National Information Services, Inc.		5,500		599,885
Fiserv, Inc. (a)		3,352		276,138
Intuit, Inc.		5,540		1,259,796
Microsoft Corp.		199,845		22,856,273
Oracle Corp.		53,857		2,776,867
Paychex, Inc.		64		4,713
Red Hat, Inc. (a)		1		136
salesforce.com, Inc. (a)		13,554		2,155,493
Synopsys, Inc. (a)		600		59,166

				39,035,277

				95,671,425

Utilities — 1.6%
Electric — 1.6%
AES Corp.		55,887		782,418
Ameren Corp.		660		41,725
American Electric Power Co., Inc.		8,385		594,329
CenterPoint Energy, Inc.		23,731		656,162
CMS Energy Corp.		7,903		387,247


	Number of Shares		Value
Consolidated Edison, Inc.		2,182	$	166,247
Dominion Energy, Inc.		1,716		120,600
DTE Energy Co.		3,020		329,573
Duke Energy Corp.		15,190		1,215,504
Edison International		426		28,832
Entergy Corp.		5,198		421,714
Eversource Energy		812		49,889
Exelon Corp.		22,140		966,632
FirstEnergy Corp.		580		21,559
NextEra Energy, Inc.		3,040		509,504
NRG Energy, Inc.		1,200		44,880
PG&E Corp.		47,316		2,177,009
Pinnacle West Capital Corp.		1,396		110,535
PPL Corp.		11,618		339,943
Public Service Enterprise Group, Inc.		1,424		75,173
SCANA Corp.		2,947		114,609
Sempra Energy		2,231		253,776
The Southern Co.		26,922		1,173,799
WEC Energy Group, Inc.		4,542		303,224
Xcel Energy, Inc.		5,472		258,333

				11,143,216

Gas — 0.0%
NiSource, Inc.		713		17,768

				11,160,984


TOTAL COMMON STOCK (Cost $334,512,260)				498,315,244


PREFERRED STOCK — 0.1%
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp., The 3 mo. USD LIBOR + 3.165% 5.100% VRN		20,000		500,000


TOTAL PREFERRED STOCK (Cost $500,000)				500,000


TOTAL EQUITIES (Cost $335,012,260)				498,815,244


	Principal Amount
BONDS & NOTES — 30.2%

CORPORATE DEBT — 11.2%
Advertising — 0.0%
WPP Finance 2010 5.625% 11/15/43	$	204,000		208,637

Aerospace & Defense — 0.0%
United Technologies Corp. 6.125% 7/15/38		80,000		94,374


	Principal Amount		Value
Agriculture — 0.1%
Bunge Ltd. Finance Corp.
3.250% 8/15/26	$	292,000	$	264,227
4.350% 3/15/24		350,000		346,516
Reynolds American, Inc. 5.850% 8/15/45		195,000		212,058

				822,801

Airlines — 0.3%
American Airlines Group, Inc. 5.500% 10/01/19 (b)		1,379,000		1,397,961
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24		31,388		31,187
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, 4.100% 10/01/29		293,733		292,632
United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.600% 9/01/27		95,000		94,813
WestJet Airlines Ltd. 3.500% 6/16/21 (b)		117,000		115,096

				1,931,689

Auto Manufacturers — 0.3%
Ford Motor Co. 5.291% 12/08/46		80,000		71,253
Ford Motor Credit Co. LLC
3.810% 1/09/24		200,000		190,676
4.140% 2/15/23		465,000		457,403
4.375% 8/06/23		200,000		197,731
General Motors Co.
4.200% 10/01/27		215,000		202,808
5.150% 4/01/38		130,000		120,910
General Motors Financial Co., Inc.
3.500% 11/07/24		515,000		485,508
4.150% 6/19/23		235,000		234,060

				1,960,349

Auto Parts & Equipment — 0.0%
Lear Corp. 5.375% 3/15/24		85,000		87,390

Banks — 1.6%
Associated Banc-Corp. 4.250% 1/15/25		494,000		491,489
Banco Santander SA
3.125% 2/23/23		400,000		379,625
4.250% 4/11/27		200,000		188,892
Bank of America Corp.
4.183% 11/25/27		405,000		395,293
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		200,000		195,248
6.110% 1/29/37		220,000		253,011


	Principal Amount		Value
7.750% 5/14/38	$	95,000	$	128,228
Bank of Montreal 3.803% VRN 12/15/32 (c)		245,000		228,913
The Bank of Nova Scotia
4.500% 12/16/25		200,000		200,097
4.650% VRN 12/31/99 (c) (d)		415,000		389,322
Barclays Bank PLC 10.179% 6/12/21 (b)		190,000		216,453
Barclays PLC
3.695% FRN 5/16/24 (c)		345,000		343,195
4.337% 1/10/28		260,000		246,047
BPCE SA 3.500% 10/23/27 (b)		420,000		382,752
CIT Group, Inc. 4.750% 2/16/24		360,000		360,882
Citigroup, Inc.
3.875% 3/26/25		562,000		546,490
8.125% 7/15/39		90,000		129,912
Credit Suisse AG 6.500% 8/08/23 (b)		350,000		373,660
Credit Suisse Group AG 4.282% 1/09/28 (b)		500,000		486,291
Deutsche Bank AG 3.150% 1/22/21		310,000		302,933
Discover Bank 4.682% VRN 8/09/28 (c)		495,000		489,911
First Republic Bank 4.375% 8/01/46		685,000		636,167
Fulton Financial Corp. 3.600% 3/16/22		230,000		225,045
The Goldman Sachs Group, Inc.
3.814% VRN 4/23/29 (c)		260,000		248,017
5.950% 1/15/27		212,000		231,830
6.250% 2/01/41		60,000		72,116
6.750% 10/01/37		200,000		240,591
HSBC Holdings PLC
4.250% 3/14/24		200,000		198,938
4.583% VRN 6/19/29 (c)		255,000		255,004
ING Groep NV 4.100% 10/02/23		410,000		410,306
JP Morgan Chase & Co.
3.375% 5/01/23		140,000		137,424
3.625% 12/01/27		205,000		193,338
5.600% 7/15/41		195,000		225,085
Morgan Stanley 4.350% 9/08/26		600,000		595,371
SVB Financial Group 3.500% 1/29/25		400,000		386,761
Turkiye Garanti Bankasi AS 4.750% 10/17/19 (b)		445,000		434,427
Valley National Bancorp 5.125% 9/27/23		245,000		252,223


	Principal Amount		Value
Wells Fargo & Co.
5.375% 11/02/43	$	159,000	$	170,819
5.606% 1/15/44		110,000		121,509

				11,763,615

Beverages — 0.2%
Anheuser-Busch InBev Finance, Inc. 4.900% 2/01/46		825,000		834,340
Molson Coors Brewing Co.
4.200% 7/15/46		285,000		252,523
5.000% 5/01/42		60,000		59,491

				1,146,354

Biotechnology — 0.1%
Amgen, Inc. 5.150% 11/15/41		90,000		95,383
Celgene Corp.
3.450% 11/15/27		660,000		616,134
4.350% 11/15/47		200,000		179,038

				890,555

Building Materials — 0.2%
CRH America Finance, Inc. 3.950% 4/04/28 (b)		520,000		503,835
Standard Industries, Inc.
5.000% 2/15/27 (b)		771,000		725,704
5.375% 11/15/24 (b)		246,000		245,692
5.500% 2/15/23 (b)		178,000		180,003

				1,655,234

Chemicals — 0.3%
Incitec Pivot Finance LLC 6.000% 12/10/19 (b)		185,000		189,753
LYB International Finance BV 5.250% 7/15/43		175,000		178,614
The Mosaic Co. 4.050% 11/15/27		292,000		282,486
RPM International, Inc. 3.750% 3/15/27		110,000		104,531
The Sherwin-Williams Co. 4.500% 6/01/47		105,000		100,988
Syngenta Finance NV
3.698% 4/24/20 (b)		310,000		309,297
4.441% 4/24/23 (b)		400,000		397,561
Yara International ASA 4.750% 6/01/28 (b)		570,000		573,839

				2,137,069

Commercial Services — 0.2%
The ADT Security Corp. 6.250% 10/15/21		1,122,000		1,176,989
ERAC USA Finance LLC 6.700% 6/01/34 (b)		78,000		93,395

				1,270,384


	Principal Amount		Value
Computers — 0.1%
Dell International LLC/EMC Corp. 6.020% 6/15/26 (b)	$	76,000	$	81,231
Leidos Holdings, Inc. 4.450% 12/01/20		835,000		844,603

				925,834

Diversified Financial Services — 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300% 1/23/23		395,000		380,568
3.875% 1/23/28		980,000		909,751
4.500% 5/15/21		290,000		294,501
Affiliated Managers Group, Inc. 3.500% 8/01/25		590,000		563,979
Aircastle Ltd.
4.400% 9/25/23		190,000		190,025
5.000% 4/01/23		275,000		282,436
Ally Financial, Inc. 3.250% 11/05/18		485,000		484,806
Antares Holdings LP 6.000% 8/15/23 (b)		495,000		496,948
Ares Finance Co. LLC 4.000% 10/08/24 (b)		355,000		335,693
Discover Financial Services 4.100% 2/09/27		485,000		463,607
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		200,000		188,231
Genpact Luxembourg Sarl 3.700% 4/01/22		360,000		351,523
High Street Funding Trust I 4.111% 2/15/28 (b)		500,000		487,650
Lazard Group LLC
3.625% 3/01/27		184,000		171,594
4.500% 9/19/28		175,000		172,124
Legg Mason, Inc. 5.625% 1/15/44		175,000		177,020
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. 4.500% 3/15/27 (b)		170,000		168,912

				6,119,368

Electric — 0.5%
The Cleveland Electric Illuminating Co. 3.500% 4/01/28 (b)		155,000		146,195
CMS Energy Corp. 4.700% 3/31/43		115,000		116,330
Duke Energy Corp. 3.750% 9/01/46		195,000		171,357
EDP Finance BV 3.625% 7/15/24 (b)		420,000		400,948


	Principal Amount		Value
Entergy Louisiana LLC 4.950% 1/15/45	$	165,000	$	166,047
IPALCO Enterprises, Inc.
3.450% 7/15/20		615,000		612,085
3.700% 9/01/24		170,000		164,890
Israel Electric Corp. Ltd.
4.250% 8/14/28 (b)		425,000		403,223
7.250% 1/15/19 (b)		200,000		201,874
Nevada Power Co., Series N, 6.650% 4/01/36		135,000		170,647
Oncor Electric Delivery Co. 7.500% 9/01/38		40,000		56,211
Pacific Gas & Electric Co. 5.800% 3/01/37		120,000		133,859
Pennsylvania Electric Co. 4.150% 4/15/25 (b)		295,000		294,253
Progress Energy, Inc. 7.000% 10/30/31		25,000		31,178
Puget Energy, Inc. 3.650% 5/15/25		350,000		337,660
Xcel Energy, Inc. 6.500% 7/01/36		240,000		304,173

				3,710,930

Electronics — 0.1%
Arrow Electronics, Inc.
3.250% 9/08/24		155,000		146,501
3.875% 1/12/28		145,000		135,063
4.500% 3/01/23		80,000		80,889
Ingram Micro, Inc. 5.450% STEP 12/15/24		203,000		199,980

				562,433

Forest Products & Paper — 0.0%
Fibria Overseas Finance Ltd. 4.000% 1/14/25		250,000		231,656

Gas — 0.1%
NiSource, Inc. 5.800% 2/01/42		175,000		193,136
Spire, Inc. 4.700% 8/15/44		290,000		288,496

				481,632

Health Care – Products — 0.1%
Becton Dickinson & Co.
3.700% 6/06/27		295,000		282,090
4.685% 12/15/44		225,000		221,851
Zimmer Biomet Holdings, Inc. 4.450% 8/15/45		265,000		248,747

				752,688

Health Care – Services — 0.1%
Advocate Health & Hospitals Corp. 3.829% 8/15/28		165,000		166,442


	Principal Amount		Value
Humana, Inc.
3.950% 3/15/27	$	250,000	$	245,725
4.800% 3/15/47		125,000		127,491

				539,658

Home Builders — 0.1%
Lennar Corp.
4.500% 11/15/19		516,000		519,870
4.750% 5/30/25		200,000		195,000

				714,870

Household Products & Wares — 0.0%
Church & Dwight Co., Inc. 3.150% 8/01/27		85,000		78,704

Insurance — 0.9%
The Allstate Corp. 3 mo. USD LIBOR + 2.938% 5.750% VRN 8/15/53		790,000		813,700
American International Group, Inc.
4.200% 4/01/28		260,000		257,264
4.500% 7/16/44		200,000		188,757
4.750% 4/01/48		75,000		73,730
5.750% VRN 4/01/48 (c)		425,000		412,781
AmTrust Financial Services, Inc. 6.125% 8/15/23		495,000		479,807
Arch Capital Group US, Inc. 5.144% 11/01/43		170,000		180,138
The Athene Holding Ltd. 4.125% 1/12/28		830,000		775,468
AXIS Specialty Finance PLC 4.000% 12/06/27		415,000		392,555
CNA Financial Corp. 3.450% 8/15/27		185,000		171,295
CNO Financial Group, Inc. 5.250% 5/30/25		465,000		475,463
Enstar Group Ltd. 4.500% 3/10/22		140,000		140,614
The Progressive Corp. 5.375% VRN 12/31/99 (c) (d)		200,000		199,500
Prudential Financial, Inc. 5.700% VRN 9/15/48 (c)		480,000		478,358
Trinity Acquisition PLC 4.400% 3/15/26		70,000		69,647
USF&G Capital I 8.500% 12/15/45 (b)		150,000		206,492
Voya Financial, Inc. 4.700% VRN 1/23/48 (b) (c)		180,000		160,200
Willis North America, Inc.
4.500% 9/15/28		480,000		479,864
7.000% 9/29/19		97,000		100,317
XLIT Ltd.
4.450% 3/31/25		633,000		627,103
5.500% 3/31/45		100,000		105,241

				6,788,294


	Principal Amount		Value
Internet — 0.1%
Amazon.com, Inc. 4.050% 8/22/47	$	300,000	$	295,521
Tencent Holdings Ltd. 3.595% 1/19/28 (b)		225,000		212,965

				508,486

Investment Companies — 0.3%
Ares Capital Corp.
3.500% 2/10/23		510,000		487,341
3.875% 1/15/20		525,000		527,079
BlackRock TCP Capital Corp. 4.125% 8/11/22		470,000		446,260
FS Investment Corp. 4.000% 7/15/19		505,000		506,888

				1,967,568

Iron & Steel — 0.2%
ArcelorMittal
5.125% 6/01/20		320,000		327,718
5.250% STEP 8/05/20		618,000		636,214
Vale Overseas Ltd.
5.875% 6/10/21		475,000		499,852
6.875% 11/21/36		230,000		267,076

				1,730,860

Lodging — 0.1%
MGM Resorts International 6.625% 12/15/21		416,000		440,960

Machinery – Diversified — 0.1%
CNH Industrial Capital LLC 3.875% 10/15/21		700,000		698,042

Media — 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/01/27 (b)		200,000		189,500
Charter Communications Operating LLC/Charter Communications Operating Capital
3.579% 7/23/20		270,000		270,152
6.484% 10/23/45		225,000		241,871
Comcast Corp. 3.400% 7/15/46		220,000		178,003
Discovery Communications LLC
3.950% 3/20/28		250,000		237,488
5.000% 9/20/37		160,000		156,013
Grupo Televisa SAB 6.625% 3/18/25		175,000		197,426
Time Warner Cable, Inc.
6.750% 6/15/39		110,000		119,966
8.250% 4/01/19		45,000		46,150
8.750% 2/14/19		65,000		66,343


	Principal Amount		Value
Warner Media LLC 6.250% 3/29/41	$	25,000	$	27,033

				1,729,945

Mining — 0.2%
Glencore Finance Canada Ltd. 5.550% STEP 10/25/42 (b)		149,000		146,990
Glencore Funding LLC
3.875% 10/27/27 (b)		160,000		148,324
4.625% 4/29/24 (b)		600,000		603,678
Kinross Gold Corp.
4.500% 7/15/27		166,000		148,371
5.125% 9/01/21		600,000		616,500

				1,663,863

Miscellaneous – Manufacturing — 0.1%
General Electric Co. 4.125% 10/09/42		520,000		463,802

Office Equipment/Supplies — 0.1%
Pitney Bowes, Inc.
3.875% STEP 9/15/20		135,000		133,144
3.875% STEP 10/01/21		485,000		462,568

				595,712

Oil & Gas — 0.7%
Anadarko Petroleum Corp.
6.450% 9/15/36		250,000		285,270
6.600% 3/15/46		107,000		125,831
Andeavor 4.500% 4/01/48		85,000		79,228
Antero Resources Corp. 5.375% 11/01/21		539,000		545,899
Cenovus Energy, Inc.
3.000% 8/15/22		200,000		191,588
4.250% 4/15/27		300,000		289,995
6.750% 11/15/39		100,000		112,773
Continental Resources, Inc. 4.375% 1/15/28		260,000		258,057
Diamondback Energy, Inc. 4.750% 11/01/24 (b)		428,000		428,535
Encana Corp. 6.500% 2/01/38		80,000		93,763
EQT Corp. 3.900% 10/01/27		840,000		787,090
Helmerich & Payne International Drilling Co. 4.650% 3/15/25		190,000		194,301
Marathon Petroleum Corp.
4.750% 9/15/44		100,000		96,673
6.500% 3/01/41		170,000		198,929
Nabors Industries, Inc. 5.500% 1/15/23		215,000		211,196


	Principal Amount		Value
Newfield Exploration Co. 5.750% 1/30/22	$	200,000	$	209,250
Patterson-UTI Energy, Inc. 3.950% 2/01/28		160,000		148,032
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		175,000		182,000
Petroleos Mexicanos
3.500% 1/30/23		100,000		94,800
4.625% 9/21/23		100,000		99,100
5.350% 2/12/28 (b)		190,000		179,075
5.500% 1/21/21		285,000		294,094
6.375% 1/23/45		80,000		74,080
6.500% 3/13/27		60,000		61,290
6.625% 6/15/38		37,000		35,520

				5,276,369

Oil & Gas Services — 0.0%
National Oilwell Varco, Inc. 3.950% 12/01/42		366,000		317,488

Packaging & Containers — 0.1%
Amcor Finance USA, Inc. 3.625% 4/28/26 (b)		715,000		676,521

Pharmaceuticals — 0.5%
AbbVie, Inc. 4.700% 5/14/45		165,000		158,529
Allergan Funding SCS
4.550% 3/15/35		100,000		97,271
4.750% 3/15/45		190,000		184,726
Bayer US Finance II LLC 4.400% 7/15/44 (b)		340,000		302,471
CVS Health Corp.
4.300% 3/25/28		173,000		171,643
5.050% 3/25/48		240,000		245,483
6.125% 9/15/39		175,000		198,604
CVS Pass-Through Trust 5.926% 1/10/34 (b)		266,175		285,241
Express Scripts Holding Co.
4.500% 2/25/26		180,000		181,612
4.800% 7/15/46		195,000		190,318
McKesson Corp.
4.883% 3/15/44		60,000		59,862
6.000% 3/01/41		125,000		137,703
Mylan, Inc. 3.125% 1/15/23 (b)		118,000		112,530
Teva Pharmaceutical Finance IV LLC 2.250% 3/18/20		200,000		194,081
Teva Pharmaceutical Finance Netherlands III BV
1.700% 7/19/19		51,000		50,171
2.200% 7/21/21		670,000		629,599
4.100% 10/01/46		75,000		54,679

				3,254,523


	Principal Amount		Value
Pipelines — 0.9%
Andeavor Logistics LP 6.875% VRN 12/31/99 (c) (d)	$	300,000	$	301,350
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 6.250% 10/15/22		97,000		99,668
Energy Transfer Equity LP
5.875% 1/15/24		200,000		210,500
7.500% 10/15/20		175,000		187,250
Energy Transfer Partners LP
4.200% 4/15/27		165,000		159,374
6.125% 12/15/45		75,000		79,999
6.250% VRN 12/31/99 (c) (d)		385,000		370,562
6.500% 2/01/42		100,000		109,824
EnLink Midstream Partners LP
4.150% 6/01/25		350,000		331,875
4.850% 7/15/26		149,000		144,458
Enterprise Products Operating LLC 5.375% VRN 2/15/78 (c)		195,000		180,601
EQT Midstream Partners LP 4.750% 7/15/23		495,000		502,318
Kinder Morgan Energy Partners LP
5.300% 9/15/20		475,000		491,791
6.375% 3/01/41		65,000		74,104
6.500% 2/01/37		120,000		134,601
6.550% 9/15/40		90,000		103,060
6.950% 1/15/38		10,000		12,122
MPLX LP
4.500% 4/15/38		195,000		183,787
5.200% 3/01/47		35,000		35,070
5.500% 2/15/23		136,000		138,761
Phillips 66 Partners LP
3.750% 3/01/28		135,000		128,525
4.680% 2/15/45		28,000		26,535
Plains All American Pipeline LP 6.125% VRN 12/31/99 (c) (d)		385,000		374,894
Plains All American Pipeline LP/PAA Finance Corp.
3.650% 6/01/22		191,000		188,664
4.500% 12/15/26		210,000		209,786
4.700% 6/15/44		100,000		90,067
Sabine Pass Liquefaction LLC 4.200% 3/15/28		240,000		232,817
Sunoco Logistics Partners Operations LP
4.000% 10/01/27		230,000		218,368
5.300% 4/01/44		75,000		71,892
Western Gas Partners LP
4.000% 7/01/22		781,000		777,590
4.500% 3/01/28		105,000		100,721

				6,270,934


	Principal Amount		Value
Private Equity — 0.1%
Hercules Capital, Inc. 4.625% 10/23/22	$	470,000	$	452,310
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.250% 2/01/22		225,000		230,625

				682,935

Real Estate Investment Trusts (REITS) — 0.4%
American Tower Corp. 4.400% 2/15/26		140,000		140,162
American Tower Trust #1 3.652% 3/23/48 (b)		310,000		304,055
Crown Castle International Corp. 4.000% 3/01/27		120,000		116,268
Healthcare Trust of America Holdings LP 3.500% 8/01/26		375,000		349,786
Host Hotels & Resorts LP 3.875% 4/01/24		245,000		239,280
Kimco Realty Corp. 3.300% 2/01/25		160,000		151,811
Mid-America Apartments LP 3.600% 6/01/27		155,000		147,681
National Retail Properties, Inc. 4.300% 10/15/28		155,000		153,831
SBA Tower Trust
2.877% 7/10/46 (b)		200,000		196,645
3.156% 10/10/45 (b)		210,000		208,425
3.168% 4/09/47 (b)		260,000		254,945
UDR, Inc. 3.500% 7/01/27		220,000		208,055
Weingarten Realty Investors 3.250% 8/15/26		85,000		78,083

				2,549,027

Retail — 0.2%
Dollar Tree, Inc. 4.200% 5/15/28		320,000		310,809
El Puerto de Liverpool SAB de CV 3.950% 10/02/24 (b)		445,000		426,648
The Home Depot, Inc. 5.950% 4/01/41		150,000		186,742
QVC, Inc.
4.375% 3/15/23		150,000		148,159
5.125% 7/02/22		280,000		283,655

				1,356,013

Semiconductors — 0.1%
Marvell Technology Group Ltd. 4.200% 6/22/23		275,000		273,651
Microchip Technology, Inc. 3.922% 6/01/21 (b)		165,000		164,034

				437,685


	Principal Amount		Value
Software — 0.1%
Microsoft Corp. 4.450% 11/03/45	$	330,000	$	353,386

Telecommunications — 0.4%
AT&T, Inc.
3.400% 5/15/25		200,000		190,414
4.750% 5/15/46		460,000		420,273
5.250% 3/01/37		95,000		94,682
CenturyLink, Inc. 6.150% 9/15/19		140,000		142,625
Cisco Systems, Inc. 5.500% 1/15/40		55,000		65,585
Crown Castle Towers LLC 4.241% 7/15/48 (b)		250,000		252,292
Ericsson LM 4.125% 5/15/22		500,000		496,836
Hughes Satellite Systems Corp. 6.500% 6/15/19		175,000		178,500
Sprint Communications, Inc. 9.250% 4/15/22		410,000		465,350
Telefonica Emisiones SAU 4.665% 3/06/38		180,000		169,110
Verizon Communications, Inc.
4.862% 8/21/46		222,000		221,448
6.550% 9/15/43		149,000		181,243

				2,878,358

Transportation — 0.0%
Autoridad del Canal de Panama 4.950% 7/29/35 (b)		210,000		216,825
Pacific National Finance Pty Ltd. 4.625% 9/23/20 (b)		105,000		106,179

				323,004

Trucking & Leasing — 0.2%
DAE Funding LLC 4.000% 8/01/20 (b)		173,000		171,054
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (b)		250,000		244,062
5.250% 8/15/22 (b)		1,005,000		1,013,794

				1,428,910


TOTAL CORPORATE DEBT (Cost $81,738,737)				80,478,909


MUNICIPAL OBLIGATIONS — 0.2%
JobsOhio Beverage System Series B 4.532% 1/01/35		325,000		343,746
Orange County Local Transportation Authority BAB 6.908% 2/15/41		230,000		302,646
Panhandle-Plains Student Finance Corp., Series 2001-A2, 3.170% FRN 12/01/31 (c)		300,000		297,822


	Principal Amount		Value
State of California BAB
7.550% 4/01/39	$	425,000	$	620,321
7.600% 11/01/40		105,000		156,055

				1,720,590


TOTAL MUNICIPAL OBLIGATIONS (Cost $1,691,142)				1,720,590


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.2%
Automobile ABS — 0.5%
First Investors Auto Owner Trust, Series 2016-2A, Class B 2.210% 7/15/22 (b)		450,000		443,581
Hertz Vehicle Financing II LP
Series 2018-1A, Class A, 3.290% 2/25/24 (b)		1,240,000		1,205,951
Series 2018-1A, Class B, 3.600% 2/25/24 (b)		650,000		631,525
Oscar US Funding Trust II, Series 2015-1A, Class A4 2.440% 6/15/22 (b)		336,980		336,105
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700% 3.858% FRN 7/15/20 (b)		10,766		10,790
Oscar US Funding Trust V, Series 2016-2A, Class A4 2.990% 12/15/23 (b)		690,000		683,635
Oscar US Funding Trust VI, Series 2017-1A, Class A4 3.300% 5/10/24 (b)		150,000		149,262

				3,460,849

Commercial MBS — 0.7%
Aventura Mall Trust, Series 2018-AVM, Class C, 4.112% VRN 7/05/40 (b) (c)		710,000		702,377
BANK, Series 2018-BN14, Class C, 4.598% VRN 9/15/60 (c)		210,000		211,947
BBCMS Mortgage Trust
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (b) (c)		350,000		349,208
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (b) (c)		280,000		274,800
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (b) (c)		210,000		202,268
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 3.658% FRN 7/15/35 (b) (c)		850,000		851,303
Commercial Mortgage Pass-Through Certificates
Series 2012-CR4, Class B, 3.703% 10/15/45 (b)		195,000		192,099


	Principal Amount		Value
Series 2014-UBS2, Class A5, 3.961% 3/10/47	$	319,000	$	324,263
Series 2015-CR23, Class C, 4.394% VRN 5/10/48 (c)		140,000		137,451
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A 4.238% 1/10/34 (b)		165,000		169,197
DBUBS Mortgage Trust, Series 2011-LC1A, Class B, 5.471% VRN 11/10/46 (b) (c)		110,000		115,316
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.928% VRN 7/10/38 (c)		123,042		124,332
GS Mortgage Securities Corp. II, Series 2012-GC6, Class AS 4.948% 1/10/45 (b)		100,000		104,269
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class AM, 5.466% VRN 6/12/47 (c)		74,498		74,537
Morgan Stanley Capital I Trust
Series 2018-H3, Class B, 4.620% 7/15/51		120,000		122,049
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (b) (c)		250,000		258,454
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.481% VRN 8/15/39 (c)		11,538		11,591
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997% VRN 10/25/46 (c)		179,102		177,832
VNO Mortgage Trust, Series 2013-PENN, Class A 3.808% 12/13/29 (b)		240,000		242,151
Wells Fargo Commercial Mortgage Trust
Series 2010-C1, Class A1, 3.349% 11/15/43 (b)		14,017		14,062
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (c)		240,000		243,274
Series 2018-C45, Class B, 4.556% 6/15/51		60,000		61,251
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B 4.311% 8/15/45		190,000		193,395

				5,157,426

Home Equity ABS — 0.0%
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + ..720% 2.936% FRN 3/25/35		34,880		35,146


	Principal Amount		Value
Other ABS — 3.8%
321 Henderson Receivables LLC
Series 2005-1A, Class A1, 1 mo. USD LIBOR + .230% 2.388% FRN 11/15/40 (b)	$	63,199	$	60,195
Series 2015-1A, Class A, 3.260% 9/15/72 (b)		48,260		46,118
Aames Mortgage Investment Trust
Series 2005-1, Class M4, 1 mo. USD LIBOR + 1.125% 3.341% FRN 6/25/35		10,191		10,181
Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725% 3.941% FRN 1/25/35		63,129		62,671
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% 3.819% FRN 10/15/28 (b)		410,000		412,119
Alterna Funding II LLC, Series 2015-1A, Class A 2.500% 2/15/24 (b)		31,753		31,724
Apidos CLO XXV, Series 2016-25A, Class A1, 3 mo. USD LIBOR + 1.460% 3.808% FRN 10/20/28 (b)		250,000		250,047
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (b)		311,200		312,214
Assurant CLO III Ltd., Series 2018-2A, Class C, 4.409% FRN 10/20/31 (b) (c)		310,000		309,371
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120% 3.453% FRN 1/18/25 (b)		147,480		147,495
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250% 3.598% FRN 7/20/30 (b)		400,000		400,414
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3.207% FRN 4/20/31 (b) (c)		260,000		259,580
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (b)		104,631		104,631
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A 2.940% 5/25/29 (b)		141,604		138,328
CAL Funding III Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (b)		290,000		289,967


	Principal Amount		Value
Capital Automotive REIT
Series 2014-1A, Class A, 3.660% 10/15/44 (b)	$	160,000	$	153,962
Series 2017-1A, Class A2, 4.180% 4/15/47 (b)		138,017		136,281
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220% 3.539% FRN 8/14/30 (b)		750,000		751,096
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (b)		314,272		313,382
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A 2.000% 12/10/23 (b)		15,373		15,335
CIFC Funding V Ltd., Series 2017-5A, Class A1, 3.516% FRN 11/16/30 (b) (c)		340,000		340,104
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3.548% FRN 10/20/30 (b) (c)		480,000		480,800
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.676% FRN 9/25/34		12,845		12,828
Cronos Containers Program I Ltd., Series 2014-2A, Class A 3.270% 11/18/29 (b)		172,222		169,253
Diamond Resorts Owner Trust
Series 2014-1, Class A, 2.540% 5/20/27 (b)		31,122		31,106
Series 2016-1, Class A, 3.080% 11/20/28 (b)		275,225		268,545
Series 2018-1, Class A, 3.700% 1/21/31 (b)		322,311		320,688
Domino’s Pizza Master Issuer LLC
Series 2018-1A, Class A2I, 4.116% 7/25/48 (b)		309,225		307,366
Series 2017-1A, Class A23, 4.118% 7/25/47 (b)		108,900		107,277
Series 2015-1A, Class A2II, 4.474% 10/25/45 (b)		527,850		531,110
Drug Royalty Corp., Inc., Series 2012-1, Class A2 5.800% 7/15/24 (b)		6,923		6,916
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 1.000% FRN 10/15/30 (b) (c) (e)		700,000		700,000


	Principal Amount		Value
Element Rail Leasing II LLC
Series 2015-1A, Class A1, 2.707% 2/19/45 (b)	$	53,585	$	52,714
Series 2016-1A, Class A1, 3.968% 3/19/46 (b)		159,182		159,857
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		83,126		80,969
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 4.212% 10/15/42 (b)		369,940		369,702
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725% 3.941% FRN 1/25/35		420,000		435,148
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3.348% FRN 4/20/31 (b) (c)		500,000		497,919
Global SC Finance II SRL, Series 2014-1A, Class A1 3.190% 7/17/29 (b)		145,833		142,793
Goodgreen Trust
Series 2016-1A, Class A, 3.230% 10/15/52 (b)		358,181		345,094
Series 2017-2A, Class A, 3.260% 10/15/53 (b)		429,984		413,921
Series 2017-1A, Class A, 3.740% 10/15/52 (b)		167,504		166,028
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (b) (c)		305,850		304,461
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645% 2.861% FRN 4/25/35		16,728		16,699
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (b)		231,862		236,499
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 (b)		199,568		192,603
Series 2017-3A, Class A1, 3.190% 9/20/48 (b)		233,441		224,062
Series 2016-4A, Class A1, 3.570% 9/20/47 (b)		207,182		203,307
Series 2018-1A, Class A2, 4.670% 9/20/48 (b)		444,033		453,663
Highbridge Loan Management Ltd.
Series 13A-18, Class C, 1.000% FRN 10/15/30 (b) (c) (e)		350,000		350,000
Series 12A-18, Class B, 4.222% FRN 7/18/31 (b) (c)		250,000		248,199


	Principal Amount		Value
Hilton Grand Vacations Trust
Series 2013-A, Class A, 2.280% 1/25/26 (b)	$	30,409	$	30,232
Series 2018-AA, Class C, 4.000% VRN 2/25/32 (b) (c)		190,000		189,935
J.G. Wentworth XXXV LLC, Series 2015-2A, Class A 3.870% 3/15/58 (b)		90,369		89,249
KDAC Aircraft Finance Ltd., Series 2017-1A, Class A 4.212% 12/15/42 (b)		397,019		391,814
Lendmark Funding Trust
Series 2017-1A, Class A, 2.830% 12/22/25 (b)		200,000		198,853
Series 2018-1A, Class A, 3.810% 12/21/26 (b)		280,000		279,706
Madison Park Funding Ltd., 1.000% FRN 10/18/30 (e)		550,000		550,000
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3.937% FRN 7/15/30 (b) (c)		430,000		429,977
Marble Point CLO XI Ltd., Series 2017-2A, Class A, 3.513% FRN 12/18/30 (b) (c)		1,000,000		999,613
Mariner Finance Issuance Trust, Series 2017-BA, Class A 2.920% 12/20/29 (b)		750,000		737,995
Marlette Funding Trust, Series 2017-2A, Class B 3.190% 7/15/24 (b)		140,000		139,713
Mosaic Solar Loans LLC
Series 2017-2A, Class A, 3.820% 6/22/43 (b)		141,877		139,655
Series 2017-1A, Class A, 4.450% 6/20/42 (b)		66,110		66,580
MP CLO III Ltd., Series 2013-1A, Class AR, 3.598% FRN 10/20/30 (b) (c)		300,000		300,152
NP SPE II LLC, Series 2017-1A, Class A2 4.219% 10/21/47 (b)		380,000		377,065
NRZ Advance Receivables Trust
Series 2016-T3, Class AT3, 2.833% 10/16/51 (b)		1,650,000		1,604,527
Series 2016-T4, Class AT4, 3.107% 12/15/50 (b)		450,000		445,770
Orange Lake Timeshare Trust
Series 2014-AA, Class A, 2.290% 7/09/29 (b)		28,174		27,599
Series 2016-A, Class B, 2.910% 3/08/29 (b)		133,265		129,891


	Principal Amount		Value
Oxford Finance Funding Trust, Series 2016-1A, Class A 3.968% 6/17/24 (b)	$	211,706	$	210,307
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340% 3.662% FRN 2/20/30 (b)		250,000		251,163
Sierra Timeshare Receivables Funding LLC
Series 2015-3A, Class B, 3.080% 9/20/32 (b)		24,061		23,823
Series 2018-2A, Class C, 3.940% 6/20/35 (b)		263,965		262,629
SoFi Consumer Loan Program LLC, Series 2017-2, Class A 3.280% 2/25/26 (b)		270,796		270,112
Spirit Master Funding LLC, Series 2014-4A, Class A1 3.501% 1/20/45 (b)		159,450		159,221
SpringCastle America Funding LLC, Series 2016-AA, Class A 3.050% 4/25/29 (b)		149,878		149,220
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 2.750% 11/15/49 (b)		670,000		665,858
Steele Creek CLO Ltd., Series 2018-2A, Class C, 4.573% FRN 8/18/31 (b) (c)		290,000		289,979
Structured Receivables Finance LLC, Series 2010-B, Class A 3.730% 8/15/36 (b)		79,082		76,561
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A 4.190% 1/15/71 (b)		345,814		325,715
Symphony CLO XV Ltd., Series 2014-15A, Class AR, 3 mo. USD LIBOR + 1.180% 3.516% FRN 10/17/26 (b)		430,000		430,140
Taco Bell Funding LLC, Series 2016-1A, Class A2I 3.832% 5/25/46 (b)		384,150		384,553
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42		352,850		356,044
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% 3.817% FRN 10/13/29 (b)		340,000		340,980
Textainer Marine Containers V Ltd., Series 2017-2A, Class A 3.520% 6/20/42 (b)		225,097		219,225


	Principal Amount		Value
Treman Park CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.370% 3.718% FRN 4/20/27 (b)	$	490,000	$	490,168
Trinity Rail Leasing L.P., Series 2018-1A, Class A2 4.620% 6/17/48 (b)		410,000		413,325
Trip Rail Master Funding LLC, Series 2017-1A, Class A2 3.736% 8/15/47 (b)		140,000		137,959
Triton Container Finance VI LLC
Series 2017-1A, Class A, 3.520% 6/20/42 (b)		149,259		145,239
Series 2018-2A, Class A, 4.190% 6/22/43 (b)		458,250		457,331
VSE VOI Mortgage LLC, Series 2016-A, Class A 2.540% 7/20/33 (b)		212,534		206,786
WAVE Trust, Series 2017-1A, Class A 3.844% 11/15/42 (b)		655,130		645,716
Welk Resorts LLC
Series 2015-AA, Class A, 2.790% 6/16/31 (b)		90,253		88,197
Series 2017-AA, Class B, 3.410% 6/15/33 (b)		230,164		223,780
Wendy’s Funding LLC
Series 2015-1A, Class A2II, 4.080% 6/15/45 (b)		300,700		300,108
Series 2015-1A, Class A23, 4.497% 6/15/45 (b)		412,250		413,549

				27,440,756

Student Loans ABS — 3.8%
Academic Loan Funding Trust, Series 2012-1A, Class A2, 1 mo. USD LIBOR + 1.100% 3.316% FRN 12/27/44 (b)		453,162		456,544
AccessLex Institute
Series 2004-A, Class A3, 28 day ARS 1.699% FRN 7/01/39		400,000		394,587
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.190% FRN 7/01/38		84,043		82,194
CIT Education Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .210% 2.544% FRN 6/15/43		453,662		428,594
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS FRN1/25/47		130,000		102,237


	Principal Amount		Value
DRB Prime Student Loan Trust
Series 2016-R, Class A2, 3.070% 10/25/44 (b)	$	458,441	$	457,396
Series 2015-B, Class A1, 1 mo. USD LIBOR + 1.900% 4.116% FRN 10/27/31 (b)		28,501		29,325
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 4.116% FRN 10/25/44 (b)		458,441		465,443
Earnest Student Loan Program LLC
Series 2016-D, Class A2, 2.720% 1/25/41 (b)		186,216		182,496
Series 2016-B, Class A2, 3.020% 5/25/34 (b)		138,378		136,973
Series 2016-C, Class A1, 1 mo. USD LIBOR + 1.850% 4.066% FRN 10/27/36 (b)		209,820		214,753
ECMC Group Student Loan Trust
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.416% FRN 12/27/66 (b)		347,019		351,704
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.566% FRN 7/26/66 (b)		490,413		499,955
EdLinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $595,828), 3.350% FRN 12/01/47 (b) (c) (f) (g)		518,374		512,600
EdLinc Student Loan Funding Trust, Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240% 6.456% FRN 11/26/40 (b)		270,000		320,142
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450% 2.761% FRN 8/25/42		146,733		138,031
Goal Structured Solutions Trust, Series 2016-B, Class A2,, Update Replacements.xls: PRIME - 1.250% 3.750% FRN 8/25/51 (b)		500,000		503,779
KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950% 3.261% FRN 2/25/42		148,773		149,203
Laurel Road Prime Student Loan Trust
Series 2017-B, Class BFX, 3.020% 8/25/42 (b)		158,775		153,767
Series 2018-B, Class BFX, 3.720% 5/26/43 (b)		140,000		139,187
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 2.878% FRN 12/15/59 (b) (c)		150,000		150,443


	Principal Amount		Value
Navient Private Education Refi Loan Trust, Series 2018-CA, Class B 4.220% 6/16/42 (b)	$	250,000	$	249,861
Navient Student Loan Trust
Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 2.916% FRN 2/25/70 (b)		433,818		436,081
Series 2018-1A, Class A3, 2.936% FRN 3/25/67 (b) (c)		710,000		713,219
Series 2018-2A, Class A3, 2.966% FRN 3/25/67 (b) (c)		550,000		550,736
Series 2017-5A, Class A, 3.016% FRN 7/26/66 (b) (c)		441,393		445,618
Series 2018-3A, Class A3, 3.016% FRN 3/25/67 (b) (c)		750,000		757,048
Series 2018-4A, Class B, 3.439% FRN 6/27/67 (b) (c)		750,000		749,984
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.466% FRN 6/25/65 (b)		407,787		418,108
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.516% FRN 3/25/66 (b)		1,100,000		1,140,903
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 6/25/48		220,000		216,720
Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 7/26/49		155,000		157,327
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 10/25/58		150,000		152,181
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B 3.600% 12/26/40 (b)		137,812		132,464
Nelnet Student Loan Trust
Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% 2.466% FRN 3/23/37		272,955		271,008
Series 2005-4, Class A4R2, 28 day ARS 2.594% FRN 3/22/32		200,000		195,134
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 2.623% FRN 6/25/41		106,563		97,781
Series 2013-5A, Class A, 1 mo. USD LIBOR + .630% 2.846% FRN 1/25/37 (b)		163,207		163,258
Series 2018-3A, Class A3, 2.966% FRN 9/27/66 (b) (c)		600,000		600,024
Series 2018-1A, Class A2, 2.976% FRN 5/25/66 (b) (c)		650,000		653,342


	Principal Amount		Value
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 6/25/54 (b)	$	150,000	$	140,496
North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3 mo. USD LIBOR + .800% 3.135% FRN 7/25/36		250,000		251,080
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% 3.166% FRN 11/25/65 (b)		424,949		430,463
SLM Student Loan Trust
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 2.475% FRN 10/25/28		320,677		319,881
Series 2007-1, Class A6, 3 mo. USD LIBOR + .140% 2.475% FRN 1/27/42		150,000		144,960
Series 2005-3, Class B, 3 mo. USD LIBOR + .150% 2.485% FRN 4/25/40		171,009		156,677
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.485% FRN 3/25/44		1,740,000		1,674,753
Series 2006-2, Class A6, ABS, 3 mo. USD LIBOR + .170% 2.505% FRN 1/25/41		547,414		534,769
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.545% FRN 10/25/40		377,354		357,765
Series 2005-6, Class B,, 3 mo. USD LIBOR + .290% 2.625% FRN 1/25/44		407,915		381,496
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% 2.935% FRN 1/25/41		610,000		611,375
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 2.935% FRN 10/25/65 (b)		2,950,000		2,950,425
Series 2005-5, Class A5, 3 mo. USD LIBOR + .750% 3.085% FRN 10/25/40		300,000		298,921
Series 2002-7, Class A11, 28 day ARS 4.080% FRN 3/15/28		160,000		160,000
Series 2002-7, Class A10, 28 day ARS 4.088% FRN 3/15/28		129,000		129,000
Series 2003-5, Class A9, 28 day ARS + 2.500% 4.480% FRN 6/17/30		350,000		350,000


	Principal Amount		Value
Series 2003-5, Class A7, 28 day ARS + 2.500% 4.490% FRN 6/17/30	$	50,000	$	50,000
Series 2002-7, Class B, 28 day ARS 5.073% FRN 12/15/39		550,000		542,129
SMB Private Education Loan Trust
Series 2016-B, Class A2A, 2.430% 2/17/32 (b)		212,160		204,463
Series 2015-B, Class A2B, 1 mo. USD LIBOR + 1.200% 3.358% FRN 7/15/27 (b)		145,322		147,080
Series 2017-A, Class B, 3.500% 6/17/41 (b)		300,000		275,338
Series 2017-B, Class B, 3.500% 12/16/41 (b)		150,000		143,550
Series 2018-C, Class B, 4.000% 11/17/42 (b)		300,000		293,335
SoFi Professional Loan Program LLC
Series 2015-A, Class RC, (Acquired 4/19/17, Cost $281,375), 0.000% 3/25/33 (b) (f) (g)		100		106,875
Series 2017-D, Class R1 (Acquired 7/19/17, Cost $565,900), 0.000% 9/25/40 (b) (f) (g)		1,000,000		630,000
Series 2018-A, Class R1 (Acquired 1/22/18, Cost $718,200), 0.000% 2/25/42 (b) (f) (g)		1,000,000		718,200
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 3.416% FRN 6/25/33 (b)		160,843		163,346
Series 2017-A, Class B, 3.440% VRN 3/26/40 (b) (c)		180,000		172,708
Series 2017-D, Class BFX, 3.610% 9/25/40 (b)		500,000		482,144
Sofi Professional Loan Program Trust, Series 2018-D, Class R1 (Acquired 9/20/18, Cost $333,786) 0.000% 2/25/48 (b) (f) (g) (h)		968,900		333,786
South Carolina Student Loan Corp.
Series 2014-1, Class A2, 1 mo. USD LIBOR + 1.000% 3.104% FRN 1/03/33		290,000		291,792
Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050% 3.385% FRN 10/27/36		170,000		173,415

				27,590,372

WL Collateral CMO — 0.4%
Countrywide Home Loans, Inc.
Series 2004-2, Class 1A1, 3.715% VRN 2/25/34 (c)		19,777		19,879
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (c)		4,251		3,873


	Principal Amount		Value
Deephaven Residential Mortgage Trust, Series 2018-1A, Class A3, 3.202% VRN 12/25/57 (b) (c)	$	151,085	$	148,612
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.105% VRN 8/25/34 (c)		6,016		5,976
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.940% VRN 8/25/34 (c)		43,487		42,626
JP Morgan Mortgage Trust, Series 2017-1, Class A11, 3.500% VRN 1/25/47 (b) (c)		481,021		461,718
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class IA, 3.216% VRN 2/25/34 (c)		3,852		3,728
Series 2003-A4, Class IA, 4.544% VRN 7/25/33 (c)		2,944		2,949
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, 4.375% VRN 2/25/34 (c)		229		246
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A (Acquired 2/21/18, Cost $200,000), 5.066% FRN 2/25/23 (b) (c) (f) (g)		200,000		202,314
PSMC Trust, Series 2018-2, Class A1, 3.500% VRN 6/25/48 (b) (c)		638,330		620,625
Sequoia Mortgage Trust
Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (b) (c)		576,694		575,835
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (b) (c)		420,000		420,797
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 4.324% VRN 3/25/34 (c)		23,320		23,439
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.245% FRN 4/25/44		66,624		69,163

				2,601,780


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $66,415,435)				66,286,329


SOVEREIGN DEBT OBLIGATIONS — 0.2%
Colombia Government International Bond 6.125% 1/18/41		620,000		702,150


	Principal Amount		Value
Mexico Government International Bond
4.750% 3/08/44	$	724,000	$	691,782
6.750% 9/27/34		160,000		191,200

				1,585,132


TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,559,023)				1,585,132


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 8.0%
Collateralized Mortgage Obligations — 0.2%
Federal Home Loan Mortgage Corp.
Series 4303, Class AP, 3.000% 8/15/43		352,116		347,501
Series 2617, Class Z, 5.500% 5/15/33		195,937		210,284
Series 2693, Class Z, 5.500% 10/15/33		354,881		379,366
Series 3423, Class PB, 5.500% 3/15/38		69,746		75,272
Federal National Mortgage Association
Series 2014-7, Class VA, 3.500% 5/25/25		192,175		194,084
Series 2007-32, Class Z, 5.500% 4/25/37		111,272		119,995
Series 2010-60, Class HJ, 5.500% 5/25/40		75,128		79,301
Federal National Mortgage Association REMIC Series 2007-B2, Class ZA 5.500% 6/25/37		92,159		97,244

				1,503,047

Pass-Through Securities — 7.8%
Federal Home Loan Mortgage Corp.
Pool #U90432 3.500% 11/01/42		89,377		88,546
Pool #Q41916 3.500% 7/01/46		255,857		253,559
Pool #Q42045 3.500% 7/01/46		102,375		101,455
Pool #Q44275 3.500% 11/01/46		212,135		210,163
Pool #Q44277 3.500% 11/01/46		96,615		95,535
Pool #Q52216 3.500% 11/01/47		626,500		617,152
Pool #V83655 3.500% 12/01/47		1,827,960		1,800,683
Pool #V83763 3.500% 12/01/47		2,219,432		2,186,314
Pool #V83886 3.500% 1/01/48		927,714		913,871
Pool #V83764 4.000% 12/01/47		1,900,178		1,922,297
Pool #V83796 4.000% 12/01/47		2,763,078		2,793,946
Pool #Q52834 4.000% 12/01/47		241,577		244,275
Pool #V83962 4.000% 2/01/48		434,318		438,899
Pool #Q57232 4.000% 7/01/48		397,453		401,537
Pool #C03537 4.500% 8/01/40		208,374		217,392


	Principal Amount		Value
Pool #G06057 4.500% 10/01/40	$	153,344	$	159,789
Pool #G60485 4.500% 10/01/41		175,062		182,420
Pool #G60172 4.500% 9/01/43		184,915		192,918
Pool #Q48208 4.500% 5/01/47		114,740		118,595
Pool #Q48869 4.500% 6/01/47		821,938		849,551
Pool #C55867 7.500% 2/01/30		41,388		45,558
Pool #C01079 7.500% 10/01/30		6,123		6,928
Pool #C01135 7.500% 2/01/31		19,596		22,116
Pool #C00470 8.000% 8/01/26		13,557		15,085
Pool #G00924 8.000% 3/01/28		13,225		14,727
Federal Home Loan Mortgage Corp. TBA
Pool # 3376 3.500% 2/29/48 (e)		1,550,000		1,525,539
Federal National Mortgage Association
Pool #MA2806 3.000% 11/01/46		4,756,967		4,557,026
Pool #BM3564 3.000% 7/01/47		1,304,560		1,249,728
Pool #AS1304 3.500% 12/01/28		246,058		248,029
Pool #AV1897 3.500% 12/01/28		39,531		39,847
Pool #AV2325 3.500% 12/01/28		124,749		125,748
Pool #BF0196 3.500% 2/01/41		291,430		289,393
Pool #MA1356 3.500% 2/01/43		1,642,342		1,626,753
Pool #BM3994 3.500% 1/01/44		281,666		278,992
Pool #CA1073 3.500% 1/01/48		3,478,921		3,426,330
Pool #MA3287 3.500% 2/01/48		1,062,374		1,037,682
Pool #888586 1 year CMT + 2.198% 3.976% FRN 10/01/34		66,236		68,698
Pool #BH9008 4.000% 8/01/47		49,126		49,669
Pool #CA0181 4.000% 8/01/47		2,206,050		2,230,437
Pool #BH9011 4.000% 9/01/47		42,286		42,754
Pool #CA0620 4.000% 10/01/47		2,121,695		2,145,149
Pool #BJ0686 4.000% 4/01/48		807,986		816,223
Pool #CA1951 4.000% 7/01/48		741,144		748,700
Pool #CA2039 4.000% 7/01/48		916,456		926,587
Pool #BF0105 4.000% 6/01/56		233,778		236,727
Pool #725692 1 year CMT + 2.138% 4.019% FRN 10/01/33		41,425		43,430
Pool #AH6787 4.500% 3/01/41		160,610		167,493
Pool #CA1952 4.500% 6/01/48		544,242		561,951
Pool #BK7877 4.500% 7/01/48		324,131		334,677
Pool #AD6437 5.000% 6/01/40		84,083		89,433
Pool #AD6996 5.000% 7/01/40		569,055		603,309
Pool #AL8173 5.000% 2/01/44		216,344		229,299
Pool #564594 7.000% 1/01/31		9,914		11,027
Pool #572844 7.000% 4/01/31		22,492		25,292
Pool #253795 7.000% 5/01/31		50,160		56,155
Pool #499386 7.500% 9/01/29		1,173		1,320
Pool #521006 7.500% 12/01/29		447		505
Pool #522769 7.500% 12/01/29		62		71
Pool #252981 7.500% 1/01/30		7,063		7,951
Pool #531196 7.500% 2/01/30		883		991


	Principal Amount		Value
Pool #524317 7.500% 3/01/30	$	1,025	$	1,161
Pool #530299 7.500% 3/01/30		242		266
Pool #530520 7.500% 3/01/30		10,716		11,990
Pool #253183 7.500% 4/01/30		2,834		3,186
Pool #253265 7.500% 5/01/30		1,485		1,652
Pool #526380 8.000% 5/01/30		3,366		3,857
Pool #536949 8.000% 5/01/30		1,408		1,620
Pool #535351 8.000% 6/01/30		2,562		2,924
Pool #253481 8.000% 10/01/30		2,015		2,302
Pool #190317 8.000% 8/01/31		790		900
Pool #596656 8.000% 8/01/31		480		494
Pool #602008 8.000% 8/01/31		2,402		2,732
Federal National Mortgage Association TBA
Pool #9768 3.000% 4/29/47 (e)		1,090,000		1,042,909
Pool #17115 3.500% 1/29/48 (e)		900,000		885,656
Pool #18388 4.000% 3/29/48 (e)		2,275,000		2,297,039
Pool #21133 4.500% 4/29/48 (e)		1,800,000		1,856,813
Government National Mortgage Association
Pool #783896 3.500% 5/15/44		762,669		762,043
Pool #BF1053 3.500% 12/15/47		293,748		291,946
Pool #BF1120 3.500% 1/15/48		345,721		343,601
Pool #AV1854 3.500% 1/15/48		321,101		319,132
Pool #BF1214 3.500% 2/15/48		296,742		294,922
Pool #BF1245 3.500% 2/15/48		296,693		294,873
Pool #337539 7.000% 7/15/23		414		440
Pool #363066 7.000% 8/15/23		3,503		3,729
Pool #354674 7.000 % 10/15/23		3,235		3,441
Pool #362651 7.000% 10/15/23		2,654		2,721
Pool #352021 7.000% 11/15/23		1,915		2,034
Government National Mortgage Association II
Pool #82462, 1 year CMT + 1.500% 3.375% FRN 1/20/40		67,250		69,643
Pool #82488 1 year CMT + 1.500% 3.375% FRN 3/20/40		84,658		87,640
Pool #784314 3.500% 5/20/43		153,991		153,756
Pool #784026 3.500% 12/20/44		208,356		207,779
Pool #BC4641 3.500% 9/20/47		441,642		438,761
Pool #MA4778 3.500% 10/20/47		70,663		70,334
Pool #BC4885 3.500% 11/20/47		653,874		650,732
Pool #BE4328 3.500% 12/20/47		314,298		312,690
Pool #BD6940 3.500% 12/20/47		413,152		410,456
Pool #BD3899 3.500% 1/20/48		850,051		845,701
Pool #BE6487 3.500% 1/20/48		197,565		196,276
Pool #BD6461 3.500% 1/20/48		375,305		372,857
Pool #BF1119 3.500% 1/20/48		558,477		554,834
Pool #BF1269 3.500% 2/20/48		296,751		294,815
Pool #AC2985 4.000% 10/20/47		113,842		115,995
Pool #BF1270 4.000% 2/20/48		291,067		296,320


	Principal Amount		Value
Government National Mortgage Association II TBA
Pool #1635 3.500% 11/29/47 (e)	$	1,900,000	$	1,888,719
Pool #1367 4.000% 3/29/48 (e)		2,825,000		2,872,231

				55,970,148


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $58,870,703)				57,473,195


U.S. TREASURY OBLIGATIONS — 1.4%
U.S. Treasury Bonds & Notes — 1.4%
U.S. Treasury Bond
2.500% 5/15/46		4,180,000		3,644,960
3.500% 2/15/39 (i)		390,000		410,780
U.S. Treasury Note
1.625% 10/31/23		4,600,000		4,312,895
1.750% 5/15/23		1,530,000		1,451,241

				9,819,876


TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,952,038)				9,819,876


TOTAL BONDS & NOTES (Cost $220,227,078)				217,364,031


TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $1,663,830)				1,668,218


TOTAL LONG-TERM INVESTMENTS (Cost $556,903,168)				717,847,493


SHORT-TERM INVESTMENTS — 2.2%
Commercial Paper — 2.1%
DENTSPLY International, Inc. 2.437% 10/11/18 (b)		2,000,000		1,998,240
Entergy Corp. 2.652% 10/01/18 (b)		1,500,000		1,499,690
Enterprise Products Operating LLC 2.307% 10/09/18 (b)		1,800,000		1,798,666
FMC Tech, Inc. 2.418% 10/17/18 (b)		2,000,000		1,997,418
Marriott International, Inc. 2.620% 10/10/18 (b)		1,000,000		999,190
National Grid USA 2.656% 10/03/18 (b)		1,800,000		1,799,403
Northrop Grumman Corp.
2.397% 10/17/18		400,000		399,488
2.404% 10/03/18		1,000,000		999,673


	Principal Amount		Value
Spectra Energy Partners 2.540% 10/23/18 (b)	$	2,000,000	$	1,996,601
Westar Energy, Inc. 2.384% 10/05/18 (b)		2,000,000		1,999,067

				15,487,436

Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (j)		714,995		714,995


TOTAL SHORT-TERM INVESTMENTS (Cost $16,205,607)				16,202,431


TOTAL INVESTMENTS — 101.8% (Cost $573,108,775) (k)				734,049,924

Other Assets/(Liabilities) — (1.8)%				(12,888,801	)


NET ASSETS — 100.0%			$	721,161,123

Abbreviation Legend

ABS	Asset-Backed Security

ARS	Auction Rate Security

BAB	Build America Bonds

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

FRN	Floating Rate Note

MBS	Mortgage-Backed Security

MTA	Monthly Treasury Average Index

STEP	Step Up Bond

TBA	To Be Announced

VRN	Variable Rate Note

WL	Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $85,002,233 or 11.79% of net assets.

(c)

Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2018.

(d)	Security is perpetual and has no stated maturity date.

(e)	A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

Notes to Portfolio of Investments (Continued)

(f)	Investment was valued using significant unobservable inputs.

(g)	Restricted security. Certain securities are restricted as to resale. At September 30, 2018, these securities amounted to a value of $2,503,775 or 0.35% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(h)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $333,786 or 0.05% of net assets.


	Number of Shares		Value
EQUITIES — 0.0%

COMMON STOCK — 0.0%
Energy — 0.0%
Oil & Gas — 0.0%
SandRidge Energy, Inc. (a)		648	$	7,044


TOTAL COMMON STOCK (Cost $18,804)				7,044


TOTAL EQUITIES (Cost $18,804)				7,044


	Principal Amount
BONDS & NOTES — 92.6%

CORPORATE DEBT — 25.1%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. 5.400% 10/01/48	$	545,000		541,776

Aerospace & Defense — 0.2%
Lockheed Martin Corp. 4.700% 5/15/46		505,000		538,354
TransDigm, Inc. 6.375% 6/15/26		325,000		328,250

				866,604

Agriculture — 0.1%
BAT Capital Corp. 3.194% FRN 8/15/22 (b) (c)		180,000		181,424
Reynolds American, Inc. 4.000% 6/12/22		385,000		387,377

				568,801

Airlines — 0.2%
Delta Air Lines, Inc. 3.800% 4/19/23		570,000		559,868
Guanay Finance Ltd. 6.000% 12/15/20 (d)		366,890		367,807
Latam Finance Ltd. 6.875% 4/11/24 (d)		200,000		194,250

				1,121,925

Auto Manufacturers — 0.6%
Daimler Finance North America LLC 3.181% FRN 5/04/23 (b) (c)		1,135,000		1,139,480
Ford Motor Co. 7.450% 7/16/31		485,000		538,706
General Motors Co. 3 mo. USD LIBOR + .800% 3.143% FRN 8/07/20		210,000		210,705


	Principal Amount		Value
General Motors Financial Co., Inc.
3.327% FRN 1/05/23 (b)	$	505,000	$	505,896
3.950% 4/13/24		115,000		111,843

				2,506,630

Banks — 4.0%
Banco Bilbao Vizcaya Argentaria Colombia SA 4.875% 4/21/25 (d)		300,000		299,550
Banco de Credito e Inversiones 4.000% 2/11/23 (d)		200,000		200,500
Banco de Reservas de la Republica Dominicana 7.000% 2/01/23 (c)		200,000		203,002
Banco do Brasil SA 10 year CMT + 4.398% 6.250% VRN 10/29/49 (d) (e)		600,000		457,500
Banco Internacional del Peru SAA 5.750% 10/07/20 (d)		500,000		520,500
Banco Macro SA 5 year USD Swap + 5.463% 6.750% VRN 11/04/26 (d)		350,000		292,253
Banco Mercantil del Norte SA
5 year CMT + 4.447% 5.750% VRN 10/04/31 (d)		200,000		187,862
10 year CMT + 5.353% 7.625% VRN 12/31/99 (d) (e)		200,000		202,002
Banco Santander Chile 3.875% 9/20/22 (d)		150,000		149,706
Banco Santander Mexico SA 5.950% VRN 10/01/28 (b) (c) (f)		250,000		253,750
Banco Santander SA 3.400% FRN 2/23/23 (b)		600,000		601,991
Bancolombia SA 4.875% VRN 10/18/27 (b)		200,000		192,260
Banistmo SA 3.650% 9/19/22 (c)		200,000		190,750
Bank of Montreal 3.803% VRN 12/15/32 (b)		450,000		420,453
Barclays PLC 3.695% FRN 5/16/24 (b)		425,000		422,776
BBVA Bancomer SA 5.125% VRN 1/18/33 (b) (d)		600,000		545,250
BDO Unibank, Inc.
2.625% 10/24/21 (d)		300,000		287,351
2.950% 3/06/23 (d)		300,000		282,455
BNP Paribas SA 3.375% 1/09/25 (c)		595,000		563,261
Capital One Financial Corp. 3.059% FRN 1/30/23 (b)		140,000		139,380
Citigroup, Inc. 3 mo. USD LIBOR + 1.100% 3.412% FRN 5/17/24		845,000		851,720


	Principal Amount		Value
Credit Agricole SA 3.750% 4/24/23 (c)	$	535,000	$	525,030
Credit Suisse Group AG 3.574% FRN 6/12/24 (b) (c)		680,000		683,842
DBS Group Holdings Ltd. 5 year USD Swap + 2.390% 3.600% VRN 12/29/49 (d) (e)		600,000		579,000
Global Bank Corp. 5.125% 10/30/19 (d)		700,000		704,200
The Goldman Sachs Group, Inc.
3.122% FRN 10/31/22 (b)		370,000		371,784
3.484% FRN 5/15/26 (b)		360,000		360,220
HSBC Holdings PLC 3.714% FRN 9/12/26 (b)		835,000		835,083
Industrial Senior Trust 5.500% 11/01/22 (d)		100,000		98,000
Itau Unibanco Holding SA 6.500% VRN 12/31/99 (b) (d) (e)		350,000		328,230
Lloyds Banking Group PLC 3.574% VRN 11/07/28 (b)		600,000		549,599
Macquarie Group Ltd.
3.189% VRN 11/28/23 (b) (c)		330,000		316,739
4.150% VRN 3/27/24 (b) (c)		280,000		278,822
Malayan Banking Bhd 5 year USD Swap + 2.542% 3.905% VRN 10/29/26 (d)		600,000		591,654
Mitsubishi UFJ Financial Group, Inc. 3.061% FRN 3/02/23 (b)		565,000		566,690
Morgan Stanley 3 mo. USD LIBOR + 1.340% 3.591% VRN 7/22/28		585,000		555,042
Oversea-Chinese Banking Corp. Ltd. 5 year USD Swap + 2.203% 4.000% VRN 10/15/24 (d)		200,000		200,492
Royal Bank of Scotland Group PLC 3 mo. USD LIBOR + 1.480% 3.498% VRN 5/15/23		285,000		276,159
Sumitomo Mitsui Financial Group, Inc. 3.076% FRN 1/17/23 (b)		885,000		885,875
Union Bank of the Philippines 3.369% 11/29/22 (d)		400,000		383,043
United Overseas Bank Ltd.
5 year USD Swap + 2.236% 3.500% VRN 9/16/26 (d)		200,000		196,838
3.875% VRN 12/31/99 (b) (d) (e)		500,000		469,137
Westpac Banking Corp. 3.034% FRN 5/15/23 (b)		850,000		852,522

				17,872,273

Beverages — 0.3%
Anheuser-Busch InBev Finance, Inc. 4.900% 2/01/46		250,000		252,830
Anheuser-Busch InBev Worldwide, Inc. 4.600% 4/15/48		290,000		280,919


	Principal Amount		Value
Embotelladora Andina SA 5.000% 10/01/23 (d)	$	600,000	$	627,173

				1,160,922

Biotechnology — 0.1%
Celgene Corp. 4.350% 11/15/47		595,000		532,638

Building Materials — 0.2%
Builders FirstSource, Inc. 5.625% 9/01/24 (c)		320,000		307,600
Owens Corning 4.400% 1/30/48		295,000		244,301
Votorantim Cimentos SA 7.250% 4/05/41 (d)		200,000		198,002

				749,903

Chemicals — 0.4%
Braskem Finance Ltd. 6.450% 2/03/24		200,000		213,000
Grupo Idesa SA de CV 7.875% 12/18/20 (d)		400,000		350,000
Hexion, Inc.
6.625% 4/15/20		80,000		75,200
10.375% 2/01/22 (c)		245,000		238,262
The Mosaic Co. 4.050% 11/15/27		600,000		580,450
UPL Corp. Ltd. 3.250% 10/13/21 (d)		200,000		193,196

				1,650,108

Coal — 0.1%
Peabody Energy Corp. 6.000% 3/31/22 (c)		315,000		320,512
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.500% 6/15/25 (c)		315,000		324,450

				644,962

Commercial Services — 0.3%
Adani Ports & Special Economic Zone Ltd. 3.950% 1/19/22 (d)		375,000		367,275
ENA Norte Trust 4.950% 4/25/28 (d)		136,895		137,408
Garda World Security Corp. 8.750% 5/15/25 (c)		305,000		296,994
Prime Security Services Borrower LLC/Prime Finance, Inc. 9.250% 5/15/23 (c)		223,000		238,498
The ServiceMaster Co. LLC 5.125% 11/15/24 (c)		65,000		64,025
Verscend Escrow Corp. 9.750% 8/15/26 (c)		260,000		268,450

				1,372,650


	Principal Amount		Value
Diversified Financial Services — 1.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.500% 1/15/25	$	600,000	$	565,402
Air Lease Corp. 3.750% 2/01/22		585,000		586,082
Ally Financial, Inc.
4.125% 3/30/20		555,000		557,081
4.250% 4/15/21		30,000		30,150
American Express Co. 2.500% 8/01/22		1,115,000		1,068,856
ASP AMC Merger Sub, Inc. 8.000% 5/15/25 (c)		175,000		133,000
Banco BTG Pactual SA 5 year CMT + 6.978% 8.750% VRN 12/29/49 (d) (e)		200,000		201,002
BOC Aviation Ltd. 3.499% FRN 9/26/23 (b) (c)		565,000		564,309
Credito Real SAB de CV SOFOM ER 9.125% VRN 12/31/99 (b) (d) (e)		200,000		198,252
Discover Financial Services 4.100% 2/09/27		720,000		688,242
Interoceanica IV Finance Ltd. 0.010% 11/30/25 (d)		999,209		846,830
Nationstar Mortgage Holdings, Inc. 8.125% 7/15/23 (c)		145,000		151,859
NFP Corp. 6.875% 7/15/25 (c)		320,000		320,000
SPARC EM SPC Panama Metro Line 2 SP
0.010% 12/05/22 (c)		700,000		641,305
0.010% 12/05/22 (d)		600,000		549,690
Springleaf Finance Corp. 7.125% 3/15/26		100,000		99,500
SURA Asset Management SA 4.875% 4/17/24 (d)		200,000		200,100
Synchrony Financial
3.000% 8/15/19		530,000		528,920
3.950% 12/01/27		25,000		22,647
Unifin Financiera SAB de CV SOFOM ENR 8.875% VRN 12/31/99 (b) (d) (e)		400,000		374,004

				8,327,231

Electric — 2.8%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It 7.950% 5/11/26 (c)		500,000		516,255
American Electric Power Co., Inc. 2.950% 12/15/22		313,000		305,974
Cometa Energia SA de CV 6.375% 4/24/35 (d)		400,000		392,900


	Principal Amount		Value
DTE Energy Co. 3.800% 3/15/27	$	500,000	$	488,716
Duke Energy Corp.
3.750% 9/01/46		215,000		188,932
3.950% 8/15/47		240,000		216,317
Duke Energy Florida LLC 3.200% 1/15/27		1,000,000		957,061
Duke Energy Progress, Inc. 4.150% 12/01/44		470,000		458,907
Edison International 4.125% 3/15/28		575,000		569,071
Empresa Electrica Angamos SA 4.875% 5/25/29 (d)		191,300		189,292
Empresa Electrica Guacolda SA 4.560% 4/30/25 (d)		200,000		185,814
Enel Finance International NV 4.250% 9/14/23 (c)		565,000		558,110
Energuate Trust 5.875% 5/03/27 (d)		200,000		189,500
Engie Energia Chile SA 5.625% 1/15/21 (d)		100,000		103,666
Eversource Energy 2.750% 3/15/22		1,000,000		978,750
Exelon Corp. 3.400% 4/15/26		750,000		717,662
Fortis, Inc. 2.100% 10/04/21		580,000		554,081
Inkia Energy Ltd. 5.875% 11/09/27 (d)		400,000		380,004
Israel Electric Corp. Ltd. 5.000% 11/12/24 (c)		200,000		203,000
Mexico Generadora de Energia S. de R.L. 5.500% 12/06/32 (d)		175,942		175,282
NextEra Energy Capital Holdings, Inc. 3.550% 5/01/27		280,000		269,393
NextEra Energy Operating Partners LP 4.500% 9/15/27 (c)		340,000		325,550
Pampa Energia SA 7.500% 1/24/27 (d)		600,000		530,760
PSEG Power LLC 3.850% 6/01/23		430,000		428,402
Sierra Pacific Power Co. 2.600% 5/01/26		1,000,000		922,326
Southern California Edison Co. 4.125% 3/01/48		290,000		277,212
The Southern Co. 1.850% 7/01/19		65,000		64,510
Vistra Operations Co. LLC 5.500% 9/01/26 (c)		325,000		328,656
Xcel Energy, Inc. 3.300% 6/01/25		1,000,000		966,538

				12,442,641


	Principal Amount		Value
Electronics — 0.2%
Arrow Electronics, Inc. 3.875% 1/12/28	$	290,000	$	270,127
Corning, Inc. 4.375% 11/15/57		595,000		521,121

				791,248

Engineering & Construction — 0.4%
Aeropuerto Internacional de Tocumen SA 5.750% 10/09/23		776,615		797,980
Mexico City Airport Trust 4.250% 10/31/26 (c)		500,000		470,000
Sydney Airport Finance Co. Pty Ltd.
3.375% 4/30/25 (c)		300,000		285,567
3.625% 4/28/26 (c)		300,000		286,674

				1,840,221

Entertainment — 0.3%
Caesars Resort Collection LLC/CRC Finco, Inc. 5.250% 10/15/25 (c)		335,000		319,087
Delta Merger Sub, Inc. 6.000% 9/15/26 (c)		80,000		81,000
Eldorado Resorts, Inc. 6.000% 4/01/25		235,000		237,937
GLP Capital LP/GLP Financing II, Inc.
5.300% 1/15/29		215,000		215,624
5.750% 6/01/28		325,000		334,344

				1,187,992

Environmental Controls — 0.1%
Tervita Escrow Corp. 7.625% 12/01/21 (c)		310,000		319,687

Foods — 1.0%
Cosan Overseas Ltd. 8.250% 11/29/49 (d) (e)		500,000		496,250
ESAL GmbH 6.250% 2/05/23 (d)		400,000		396,500
JBS Investments GmbH 7.250% 4/03/24 (d)		200,000		203,502
JBS USA LUX SA/JBS USA Finance, Inc. 6.750% 2/15/28 (c)		260,000		258,375
The Kroger Co. 3.400% 4/15/22		565,000		560,246
MARB BondCo PLC
6.875% 1/19/25 (d)		200,000		186,000
7.000% 3/15/24 (d)		200,000		189,002
Marfrig Holdings Europe BV 8.000% 6/08/23 (c)		200,000		200,700
Minerva Luxembourg SA
5.875% 1/19/28 (d)		400,000		355,000
6.500% 9/20/26 (d)		400,000		374,500
Pilgrim’s Pride Corp. 5.750% 3/15/25 (c)		330,000		317,625


	Principal Amount		Value
Post Holdings, Inc. 5.500% 3/01/25 (c)	$	320,000	$	317,600
Smithfield Foods, Inc. 4.250% 2/01/27 (c)		595,000		559,575

				4,414,875

Forest Products & Paper — 0.2%
Celulosa Arauco y Constitucion SA 4.750% 1/11/22		200,000		204,500
Georgia-Pacific LLC 3.600% 3/01/25 (c)		565,000		559,465

				763,965

Health Care – Products — 0.5%
Avantor, Inc. 9.000% 10/01/25 (c)		325,000		335,562
Becton Dickinson and Co. 2.894% 6/06/22		860,000		836,130
Universal Hospital Services, Inc. 7.625% 8/15/20		330,000		330,413
Zimmer Biomet Holdings, Inc. 2.700% 4/01/20		570,000		564,460

				2,066,565

Health Care – Services — 0.3%
Centene Corp.
4.750% 1/15/25		330,000		329,175
5.375% 6/01/26 (c)		35,000		35,835
Halfmoon Parent, Inc. 3.224% FRN 7/15/23 (b) (c)		560,000		560,026
HCA, Inc. 5.375% 9/01/26		320,000		323,200
WellCare Health Plans, Inc. 5.375% 8/15/26 (c)		200,000		203,500

				1,451,736

Home Furnishing — 0.1%
Tempur Sealy International, Inc. 5.500% 6/15/26		335,000		321,181

Household Products & Wares — 0.1%
Kronos Acquisition Holdings, Inc. 9.000% 8/15/23 (c)		330,000		311,025

Insurance — 0.7%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 8.250% 8/01/23 (c)		315,000		326,025
Athene Global Funding 3.000% 7/01/22 (c)		600,000		581,667
AXA Equitable Holdings, Inc. 3.900% 4/20/23 (c)		585,000		580,726
Brighthouse Financial, Inc. 3.700% 6/22/27		575,000		510,451
Liberty Mutual Group, Inc. 6.500% 5/01/42 (c)		690,000		834,138


	Principal Amount		Value
Willis North America, Inc. 4.500% 9/15/28	$	565,000	$	564,840

				3,397,847

Internet — 0.2%
Alibaba Group Holding Ltd. 2.800% 6/06/23		200,000		192,562
Expedia, Inc. Co. 3.800% 2/15/28		595,000		548,415
Match Group, Inc. 5.000% 12/15/27 (c)		325,000		323,408

				1,064,385

Investment Companies — 0.1%
Temasek Financial I Ltd. 2.375% 1/23/23 (d)		500,000		479,520

Leisure Time — 0.1%
Royal Caribbean Cruises Ltd. 3.700% 3/15/28		295,000		273,586
Viking Cruises Ltd. 5.875% 9/15/27 (c)		330,000		322,014

				595,600

Lodging — 0.2%
Gohl Capital Ltd. 4.250% 1/24/27 (d)		600,000		571,630
Hilton Domestic Operating Co., Inc. 5.125% 5/01/26 (c)		565,000		562,175

				1,133,805

Machinery – Construction & Mining — 0.1%
BlueLine Rental Finance Corp./BlueLine Rental LLC 9.250% 3/15/24 (c)		300,000		315,375

Media — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.000% 2/01/28 (c)		175,000		164,483
5.750% 2/15/26 (c)		160,000		160,400
Cengage Learning, Inc. 9.500% 6/15/24 (c)		265,000		228,231
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908% 7/23/25		575,000		583,871
CSC Holdings LLC 5.250% 6/01/24		170,000		166,175
VTR Finance BV
6.875% 1/15/24 (d)		200,000		203,500
6.875% 1/15/24 (c)		200,000		203,500

				1,710,160

Mining — 0.4%
Anglo American Capital PLC 4.500% 3/15/28 (c)		585,000		561,439


	Principal Amount		Value
Fresnillo PLC 5.500% 11/13/23 (d)	$	500,000	$	515,000
Nexa Resources SA 5.375% 5/04/27 (d)		200,000		194,300
Vedanta Resources PLC 6.125% 8/09/24 (d)		400,000		371,628

				1,642,367

Oil & Gas — 2.1%
Andeavor 5.125% 12/15/26		530,000		554,449
Apache Corp. 4.375% 10/15/28		280,000		274,616
Bharat Petroleum Corp. Ltd. 4.625% 10/25/22 (d)		200,000		200,834
BPRL International Singapore Pte Ltd. 4.375% 1/18/27 (d)		500,000		470,029
Canacol Energy Ltd.
7.250% 5/03/25 (d)		400,000		387,004
7.250% 5/03/25 (c)		200,000		193,502
CNOOC Finance 2015 USA LLC 3.750% 5/02/23		570,000		565,257
Delek & Avner Tamar Bond Ltd.
5.082% 12/30/23 (c)		100,000		100,426
5.412% 12/30/25 (c)		100,000		100,334
Ecopetrol SA 7.625% 7/23/19		200,000		207,260
EP Energy LLC/Everest Acquisition Finance, Inc. 7.750% 5/15/26 (c)		160,000		163,800
EQT Corp. 3.900% 10/01/27		610,000		571,577
Extraction Oil & Gas, Inc. 5.625% 2/01/26 (c)		130,000		115,050
Geopark Ltd. 6.500% 9/21/24 (d)		200,000		201,000
Gran Tierra Energy International Holdings Ltd. 6.250% 2/15/25 (d)		400,000		391,720
Gulfport Energy Corp. 6.375% 5/15/25		335,000		328,300
Indian Oil Corp. Ltd. 5.750% 8/01/23 (d)		600,000		628,346
Indigo Natural Resources LLC 6.875% 2/15/26 (c)		190,000		183,825
Nabors Industries, Inc. 5.750% 2/01/25 (f)		200,000		191,733
ONGC Videsh Vankorneft Pte Ltd. 3.750% 7/27/26 (d)		850,000		783,414
Petrobras Global Finance BV
5.750% 2/01/29		500,000		446,425
7.250% 3/17/44		100,000		94,950
Petronas Capital Ltd. 3.500% 3/18/25 (d)		800,000		781,522


	Principal Amount		Value
QEP Resources, Inc. 5.625% 3/01/26	$	165,000	$	157,781
Sinopec Group Overseas Development Ltd. 2.750% 9/29/26 (d)		500,000		446,330
Sunoco LP/Sunoco Finance Corp. 5.500% 2/15/26 (c)		165,000		159,390
Transocean Guardian Ltd. 5.875% 1/15/24 (c)		85,000		85,744
YPF Sociedad Anonima
6.950% 7/21/27 (d)		350,000		306,145
8.500% 7/28/25 (d)		300,000		292,503

				9,383,266

Oil & Gas Services — 0.0%
USA Compression Partners LP/USA Compression Finance Corp. 6.875% 4/01/26 (c)		160,000		165,200

Packaging & Containers — 0.3%
Crown Americas LLC/Crown Americas Capital Corp. VI 4.750% 2/01/26 (c)		325,000		310,375
Flex Acquisition Co., Inc. 6.875% 1/15/25 (c)		325,000		310,375
Packaging Corp. of America 3.400% 12/15/27		290,000		272,554
WestRock Co. 3.750% 3/15/25 (c)		580,000		569,986

				1,463,290

Pharmaceuticals — 0.7%
AbbVie, Inc. 4.700% 5/14/45		580,000		557,254
AstraZeneca PLC 2.375% 6/12/22		600,000		576,693
CVS Health Corp. 5.050% 3/25/48		575,000		588,135
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23		580,000		552,355
Teva Pharmaceutical Finance Netherlands III BV 2.800% 7/21/23		780,000		694,545

				2,968,982

Pipelines — 1.0%
Cheniere Energy Partners LP 5.250% 10/01/25		325,000		325,400
Enable Midstream Partners LP 4.400% 3/15/27		590,000		566,227
Energy Transfer Partners LP
4.200% 4/15/27		80,000		77,272
4.750% 1/15/26		470,000		474,859


	Principal Amount		Value
EQT Midstream Partners LP 4.750% 7/15/23	$	720,000	$	730,644
Fermaca Enterprises S de RL de CV 6.375% 3/30/38 (c)		228,837		233,416
Kinder Morgan Energy Partners LP 6.950% 1/15/38		570,000		690,942
Sabine Pass Liquefaction LLC 5.000% 3/15/27		660,000		677,945
Sunoco Logistics Partners Operations LP 3.900% 7/15/26		750,000		711,505

				4,488,210

Real Estate Investment Trusts (REITS) — 1.2%
Alexandria Real Estate Equities, Inc. 4.000% 1/15/24		420,000		420,999
American Tower Corp.
3.600% 1/15/28		600,000		560,636
4.400% 2/15/26		950,000		951,098
Boston Properties LP 4.125% 5/15/21		520,000		528,813
Crown Castle International Corp.
3.650% 9/01/27		575,000		540,235
3.700% 6/15/26		700,000		668,987
4.000% 3/01/27		225,000		218,003
Digital Realty Trust LP 3.700% 8/15/27		250,000		237,500
ESH Hospitality, Inc. 5.250% 5/01/25 (c)		330,000		319,275
MPT Operating Partnership LP/MPT Finance Corp. 5.250% 8/01/26		340,000		337,875
Welltower, Inc. 3.950% 9/01/23		560,000		559,614

				5,343,035

Retail — 0.4%
1011778 BC ULC/New Red Finance, Inc. 5.000% 10/15/25 (c)		335,000		320,766
Beacon Roofing Supply, Inc. 4.875% 11/01/25 (c)		340,000		313,225
Dollar Tree, Inc. 4.000% 5/15/25		555,000		544,384
McDonald’s Corp. 4.450% 3/01/47		235,000		230,761
PetSmart, Inc.
5.875% 6/01/25 (c)		115,000		94,264
7.125% 3/15/23 (c)		200,000		143,750

				1,647,150

Semiconductors — 0.2%
Marvell Technology Group Ltd. 4.200% 6/22/23		560,000		557,254


	Principal Amount		Value
Microchip Technology, Inc. 4.333% 6/01/23 (c)	$	565,000	$	561,490

				1,118,744

Software — 0.4%
CDK Global, Inc. 5.875% 6/15/26		160,000		164,861
Fidelity National Information Services, Inc. 3.625% 10/15/20		415,000		417,310
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho 10.000% 11/30/24 (c)		290,000		321,175
Informatica LLC 7.125% 7/15/23 (c)		315,000		322,428
Oracle Corp. 4.125% 5/15/45		285,000		276,278
Riverbed Technology, Inc. 8.875% 3/01/23 (c)		85,000		80,112
Solera LLC/ Solera Finance, Inc. 10.500% 3/01/24 (c)		70,000		76,475
Sophia LP/Sophia Finance, Inc. 9.000% 9/30/23 (c)		310,000		323,175

				1,981,814

Telecommunications — 1.5%
AT&T, Inc. 5.250% 3/01/37		750,000		747,487
Axiata SPV2 Bhd 3.466% 11/19/20 (d)		500,000		497,458
Bharti Airtel International Netherlands BV 5.125% 3/11/23 (d)		400,000		394,813
Bharti Airtel Ltd. 4.375% 6/10/25 (d)		500,000		462,650
C&W Senior Financing DAC 6.875% 9/15/27 (d)		800,000		798,000
Colombia Telecomunicacio SA 8.500% 12/29/49 (d)		200,000		205,000
CommScope Technologies Finance LLC 6.000% 6/15/25 (c)		320,000		329,600
Comunicaciones Celulares SA Via Comcel Trust 6.875% 2/06/24 (d)		200,000		204,500
Digicel Group Ltd. 7.125% 4/01/22 (d)		500,000		327,425
Level 3 Financing, Inc. 5.375% 1/15/24		330,000		329,749
Millicom International Cellular SA 5.125% 1/15/28 (d)		200,000		184,000
Orange SA 2.750% 2/06/19		564,000		564,152
Sprint Capital Corp. 6.875% 11/15/28		80,000		80,400


	Principal Amount		Value
Sprint Corp. 7.125% 6/15/24	$	165,000	$	171,188
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738% 9/20/29 (c)		565,000		564,746
Telesat Canada/Telesat LLC 8.875% 11/15/24 (c)		285,000		304,950
Verizon Communications, Inc. 4.400% 11/01/34		565,000		550,979

				6,717,097

Toys, Games & Hobbies — 0.1%
Hasbro, Inc. 3.500% 9/15/27		610,000		566,337

Transportation — 0.5%
Burlington Northern Santa Fe LLC 4.550% 9/01/44		505,000		525,493
CSX Corp. 3.800% 11/01/46		600,000		542,539
Empresa de Transporte de Pasajeros Metro SA 5.000% 1/25/47 (c)		750,000		755,633
FedEx Corp. 4.750% 11/15/45		545,000		545,723

				2,369,388

Trucking & Leasing — 0.1%
Avolon Holdings Funding Ltd. 5.125% 10/01/23 (c)		325,000		328,503
Penske Truck Leasing Co. LP/PTL Finance Corp. 4.200% 4/01/27 (c)		275,000		269,908

				598,411


TOTAL CORPORATE DEBT (Cost $115,551,882)				112,977,542


MUNICIPAL OBLIGATIONS — 0.1%
Missouri Highway & Transportation Commission 5.063% 5/01/24		135,000		144,719
State of California BAB 7.550% 4/01/39		190,000		277,320

				422,039


TOTAL MUNICIPAL OBLIGATIONS (Cost $428,519)				422,039


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 25.8%
Automobile ABS — 0.1%
GLS Auto Receivables Trust, Series 2018-2A, Class B 3.710% 3/15/23 (c)		500,000		498,362


	Principal Amount		Value
Commercial MBS — 7.7%
BBCMS Mortgage Trust, Series 2017-C1, Class XA, 1.683% VRN 2/15/50 (b)	$	4,561,642	$	432,811
BHMS, Series 2018-ATLS, Class C, 4.058% FRN 7/15/35 (b) (c)		552,000		552,813
BX Trust
Series 2017-SLCT, Class D, 1 mo. LIBOR + 2.050% 4.208% FRN 7/15/34 (c)		191,749		192,054
Series 2017-SLCT, Class E, 1 mo. LIBOR + 3.150% 5.308% FRN 7/15/34 (c)		315,144		316,527
CD Mortgage Trust, Series 2017-CD4, Class XA, 1.476% VRN 5/10/50 (b)		5,786,721		468,710
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, 1.217% VRN 1/10/48 (b)		5,743,491		352,577
CHT Mortgage Trust
Series 2017-CSMO, Class E, 5.158% FRN 11/15/36 (b) (c)		378,000		380,127
Series 2017-CSMO, Class F, 5.900% FRN 11/15/36 (b) (c)		754,000		759,172
Citigroup Commercial Mortgage Trust
Series 2015-GC35, Class XA, 1.027% VRN 11/10/48 (b)		5,277,984		215,857
Series 2016-P4, Class XA, 2.156% VRN 7/10/49 (b)		3,725,985		413,614
Series 2016-GC36, Class D, 2.850% 2/10/49 (c)		519,000		416,007
Series 2016-P4, Class A4, 2.902% 7/10/49		547,000		515,375
Series 2016-P6, Class A5, 3.720% VRN 12/10/49 (b)		435,000		432,768
Series 2015-GC31, Class C, 4.197% VRN 6/10/48 (b)		700,000		675,101
Series 2015-GC35, Class C, 4.649% VRN 11/10/48 (b)		413,000		408,045
CLNS Trust
Series 2017-IKPR, Class D, 1 mo. LIBOR + 2.050% 4.181% FRN 6/11/32 (c)		190,000		190,716
Series 2017-IKPR, Class E, 1 mo. LIBOR + 3.500% 5.631% FRN 6/11/32 (c)		190,000		191,069
Series 2017-IKPR, Class F, 1 mo. LIBOR + 4.500% 6.631% FRN 6/11/32 (c)		190,000		191,426
COMM Mortgage Trust
Series 2016-DC2, Class XA, 1.199% VRN 2/10/49 (b)		976,804		56,145


	Principal Amount		Value
Series 2016-GCT, Class E, 3.577% VRN 8/10/29 (b) (c)	$	210,000	$	201,581
Series 2015-CR22, Class D, 4.259% VRN 3/10/48 (b) (c)		650,000		556,344
Series 2012-CR4, Class D, 4.726% VRN 10/15/45 (b) (c)		738,000		384,367
Series 2015-LC23, Class C, 4.800% VRN 10/10/48 (b)		470,000		474,010
Commercial Mortgage Trust, Series 2016-CR28, Class C, 4.802% VRN 2/10/49 (b)		517,000		514,477
Credit Suisse Mortgage Trust, Series 2008-C1, Class AM, 6.170% VRN 2/15/41 (b) (c)		120,908		120,734
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class XA, 1.065% VRN 4/15/50 (b)		9,106,848		385,556
Series 2017-C8, Class XA, 1.402% VRN 6/15/50 (b)		6,677,687		472,731
Series 2015-C4, Class C, 4.736% VRN 11/15/48 (b)		427,000		424,132
CSMC Trust
Series 2017-LSTK, Class C, 3.229% 4/05/33 (c)		257,000		252,891
Series 2017-LSTK, Class D, 3.442% VRN 4/05/33 (b) (c)		306,000		299,352
Series 2017-CHOP, Class D, 1 mo. LIBOR + 1.900% 4.058% FRN 7/15/32 (c)		285,000		285,715
Series 2017-CHOP, Class E, 1 mo. LIBOR + 3.300% 5.458% FRN 7/15/32 (c)		285,000		286,777
DBGS Mortgage Trust
Series 2018-5BP, Class D, 3.508% FRN 6/15/33 (b) (c)		550,000		547,952
Series 2018-5BP, Class F, 4.608% FRN 6/15/33 (b) (c)		550,000		550,183
Great Wolf Trust
Series 2017-WOLF, Class D, 4.408% FRN 9/15/34 (b) (c)		286,000		286,897
Series 2017-WOLF, Class E, 5.408% FRN 9/15/34 (b) (c)		443,000		445,216
Series 2017-WOLF, Class F, 6.378% FRN 9/15/34 (b) (c)		236,000		237,182
GS Mortgage Securities Corp. II, Series 2013-GC10, Class XA, 1.667% VRN 2/10/46 (b)		5,002,507		270,829
GS Mortgage Securities Corp. Trust, Series 2018-3PCK, Class A, 3.600% FRN 9/15/21 (b) (c)		551,000		551,023
GS Mortgage Securities Trust
Series 2015-GS1, Class XA, 0.958% VRN 11/10/48 (b)		8,078,321		380,609


	Principal Amount		Value
Series 2014-GC20, Class XA, 1.240% VRN 4/10/47 (b)	$	5,648,921	$	228,959
Series 2017-GS7, Class XA, 1.285% VRN 8/10/50 (b)		6,699,136		506,049
Series 2014-GC26, Class D, 4.659% VRN 11/10/47 (b) (c)		1,450,000		1,251,153
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2018-LAQ, Class C, 3.758% FRN 6/15/32 (b) (c)		551,000		553,423
Series 2018-LAQ, Class D, 4.258% FRN 6/15/32 (b) (c)		551,000		554,798
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class XA, 1.283% VRN 1/15/49 (b)		5,328,891		243,577
Series 2016-JP2, Class XA, 1.999% VRN 8/15/49 (b)		3,192,094		351,529
Series 2017-MAUI, Class C, 1 mo. LIBOR + 1.250% 3.383% FRN 7/15/34 (c)		145,000		145,366
Series 2016-JP2, Class B, 3.460% 8/15/49		174,000		166,443
Series 2016-JP2, Class C, 3.944% VRN 8/15/49 (b)		134,000		128,345
Series 2017-MAUI, Class D, 1 mo. LIBOR + 1.950% 4.083% FRN 7/15/34 (c)		136,000		136,768
Series 2017-MAUI, Class E, 1 mo. LIBOR + 2.950% 5.083% FRN 7/15/34 (c)		121,000		122,212
Series 2007-LDPX, Class AM, 5.464% VRN 1/15/49 (b)		68,960		68,494
Series 2017-MAUI, Class F, 1 mo. LIBOR + 3.750% 5.883% FRN 7/15/34 (c)		170,000		171,804
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class XA, 0.759% VRN 7/15/48 (b)		10,676,221		301,125
Series 2015-C29, Class XA, 0.965% VRN 5/15/48 (b)		11,557,224		353,190
Series 2014-C25, Class XA, 1.097% VRN 11/15/47 (b)		5,068,188		202,458
Series 2015-C28, Class XA, 1.289% VRN 10/15/48 (b)		8,670,754		381,559
Series 2015-C27, Class D, 3.983% VRN 2/15/48 (b) (c)		704,000		640,634
Series 2015-C29, Class C, 4.317% VRN 5/15/48 (b)		325,000		316,148
Series 2015-C33, Class C, 4.771% VRN 12/15/48 (b)		527,000		531,003


	Principal Amount		Value
Series 2015-C32, Class C, 4.817% VRN 11/15/48 (b)	$	100,000	$	99,761
Series 2016-C1, Class C, 4.902% VRN 3/15/49 (b)		466,000		475,062
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C26, Class D, 3.060% 10/15/48 (c)		368,000		314,984
Series 2015-C27, Class D, 3.237% VRN 12/15/47 (b) (c)		504,000		427,942
Series 2016-C32, Class A4, 3.720% 12/15/49		454,000		451,427
Series 2014-C19, Class C, 4.000% 12/15/47		650,000		621,564
Series 2015-C23, Class C, 4.270% VRN 7/15/50 (b)		650,000		632,159
Series 2015-C27, Class C, 4.684% VRN 12/15/47 (b)		351,000		343,991
Series 2016-C29, Class C, 4.910% VRN 5/15/49 (b)		475,000		485,989
Morgan Stanley Capital I Trust
Series 2015-UBS8, Class XA, 1.074% VRN 12/15/48 (b)		6,443,133		338,188
Series 2016-UB11, Class XA, 1.788% VRN 8/15/49 (b)		1,565,100		137,734
MSCG Trust, Series 2016-SNR, Class C 5.205% 11/15/34 (c)		458,150		454,981
Natixis Commercial Mortgage Securities Trust
Series 2018-FL1, Class A, 3.013% FRN 6/15/35 (b) (c)		368,000		367,356
Series 2018-FL1, Class C, 4.263% FRN 6/15/35 (b) (c)		368,000		367,312
PFP Ltd.
Series 2017-3, Class A, 1 mo. LIBOR + 1.050% 3.208% FRN 1/14/35 (c)		66,193		66,228
Series 2017-3, Class AS, 1 mo. LIBOR + 1.300% 3.458% FRN 1/14/35 (c)		164,000		164,107
Series 2017-3, Class B, 1 mo. LIBOR + 1.750% 3.908% FRN 1/14/35 (c)		94,000		94,060
Series 2017-3, Class C, 1 mo. LIBOR + 2.500% 4.658% FRN 1/14/35 (c)		99,000		99,051
RAIT Trust
Series 2017-FL7, Class A, 1 mo. LIBOR + .950% 3.108% FRN 6/15/37 (c)		370,546		370,666
Series 2017-FL7, Class AS, 1 mo. LIBOR + 1.300% 3.458% FRN 6/15/37 (c)		141,000		141,031


	Principal Amount		Value
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, 2.166% VRN 10/10/48 (b)	$	3,920,025	$	413,690
UBS Commercial Mortgage Trust
Series 2018-C9, Class XA, 1.065% VRN 3/15/51 (b)		5,141,621		354,951
Series 2017-C6, Class C, 4.602% VRN 12/15/50 (b)		580,000		570,766
Wachovia Bank Commercial Mortgage Trust Series, Series 2007-C30, Class AJ, 5.413% VRN 12/15/43 (b)		139,033		140,062
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS2, Class XA, 0.897% VRN 7/15/58 (b)		12,654,039		423,710
Series 2015-P2, Class XA, 1.151% VRN 12/15/48 (b)		5,440,146		271,203
Series 2015-C31, Class XA, 1.233% VRN 11/15/48 (b)		6,629,080		385,189
Series 2016-NXS6, Class XA, 1.789% VRN 11/15/49 (b)		2,371,244		205,872
Series 2015-P2, Class A4, 3.809% 12/15/48		392,000		394,076
Series 2014-LC16, Class D, 3.938% 8/15/50 (c)		560,000		463,861
Series 2015-LC22, Class C, 4.694% VRN 9/15/58 (b)		390,000		387,701
Series 2015-NXS4, Class C, 4.753% VRN 12/15/48 (b)		421,000		425,438
Series 2015-C31, Class C, 4.763% VRN 11/15/48 (b)		468,000		464,445
Series 2018-C46, Class C, 5.146% 8/15/51		270,000		271,280
WFRBS Commercial Mortgage Trust, Series 2014-C21, Class XA, 1.226% VRN 8/15/47 (b)		12,219,314		540,310

				34,610,656

Home Equity ABS — 0.7%
GSAA Home Equity Trust, Series 2007-10, Class A2A 6.500% 11/25/37		4,490,787		3,276,143

Other ABS — 9.0%
AASET US Ltd., Series 2018-1A, Class A 3.844% 1/16/38 (c)		935,242		926,414
ALM VII R Ltd., Series 2013-7RA, Class CR, 3 mo. USD LIBOR + 4.040% 6.379% FRN 10/15/28 (c)		1,000,000		1,008,104


	Principal Amount		Value
ALM XIX LLC
Series 2016-19A, Class B, 3 mo. USD LIBOR + 3.000% 5.339% FRN 7/15/28 (c)	$	500,000	$	501,740
Series 2016-19A, Class C, 3 mo. USD LIBOR + 4.350% 6.689% FRN 7/15/28 (c)		500,000		501,997
Anchorage Capital CLO Ltd., Series 2014-5RA, Class A, 3 mo. USD LIBOR + .990% 3.329% FRN 1/15/30 (b) (c)		1,000,000		1,000,169
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, 5.682% STEP 12/16/41 (c)		895,833		922,365
BlueMountain CLO Ltd.
Series 2015-3A, Class CR, 4.948% FRN 4/20/31 (b) (c)		1,000,000		988,944
Series 2013-1A, Class CR, 3 mo. USD LIBOR + 4.150% 6.498% FRN 1/20/29 (c)		1,000,000		1,007,098
CAL Funding III Ltd., Series 2018-1A, Class A 3.960% 2/25/43 (c)		470,833		466,805
Castle Aircraft SecuritizationTrust, Series 2015-1A, Class A, 4.703% STEP 12/15/40 (c)		882,612		886,728
CLI Funding V LLC, Series 2014-2A, Class A 3.380% 10/18/29 (c)		410,734		402,430
Dryden 40 Senior Loan Fund, Series 2015-40A, Class DR, 5.414% FRN 8/15/31 (b) (c)		500,000		499,939
Gilbert Park Clo Ltd., Series 2017-1A, Class D, 5.289% FRN 10/15/30 (b) (c)		500,000		496,595
Gilbert Park CLO Ltd., Series 2017-1A, Class E, 8.739% FRN 10/15/30 (b) (c)		1,000,000		1,010,008
Global SC Finance II SRL, Series 2014-1A, Class A1 3.190% 7/17/29 (c)		414,167		405,533
Global SC Finance IV Ltd., Series 2018-1A, Class A 4.290% 5/17/38 (c)		576,660		577,902
Grippen Park CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.300% 5.648% FRN 1/20/30 (c)		1,000,000		1,001,640
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (c)		231,862		236,499
Hero Funding Trust, Series 2016-4A, Class A2 4.290% 9/20/47 (c)		345,304		347,645


	Principal Amount		Value
Highbridge Loan Management Ltd., Series 13A-18, Class D, 1.000% FRN 10/15/30 (b) (c) (f)	$	500,000	$	500,000
Invitation Homes Trust
Series 2018-SFR1, Class C, 3.408% FRN 3/17/37 (b) (c)		1,145,000		1,144,993
Series 2018-SFR1, Class D, 3.608% FRN 3/17/37 (b) (c)		750,000		749,141
LCM XVIII LP, Series 19A, Class D, 3 mo. USD LIBOR + 3.450% 5.789% FRN 7/15/27 (c)		1,000,000		1,000,182
Madison Park Funding XV Ltd., Series 2014-15A, Class DR, 3 mo. USD LIBOR + 5.440% 7.777% FRN 1/27/26 (c)		1,000,000		1,000,725
Merrill Lynch Mortgage Investors Trust, Series 2006-OPT1, Class A2C, 1 mo. USD LIBOR + ..150% 2.366% FRN 8/25/37		2,673,556		2,543,098
Mosaic Solar Loans LLC
Series 2018-2GS, Class A, 4.200% 2/22/44 (c)		955,556		952,947
Series 2017-1A, Class A, 4.450% 6/20/42 (c)		600,997		605,276
Octagon Investment Partners Ltd.
Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.500% 5.848% FRN 3/17/30 (c)		1,000,000		1,002,477
Series 2017-1A, Class D, 3 mo. USD LIBOR + 6.200% 8.548% FRN 3/17/30 (c)		500,000		503,291
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class CR, 3 mo. USD LIBOR + 4.000% 6.339% FRN 7/15/29 (c)		1,000,000		1,014,431
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class ERR, 3 mo. USD LIBOR + 5.450% 7.797% FRN 1/22/30 (b) (c)		1,000,000		980,542
Oak Hill Credit Partners Ltd., Series 2018-1A, Class D, 1.000% FRN 10/20/30 (b) (c) (f)		500,000		500,000
OneMain Financial Issuance Trust
Series 2015-2A, Class A, 2.570% 7/18/25 (c)		2,088		2,088
Series 2015-1A, Class A, 3.190% 3/18/26 (c)		1,083,458		1,084,722
Springleaf Funding Trust, Series 2015-AA, Class A 3.160% 11/15/24 (c)		1,267,397		1,266,456
Sprite Ltd., Series 2017-1, Class A 4.250% 12/15/37 (c)		470,702		470,332


	Principal Amount		Value
Symphony CLO XVI Ltd., Series 2015-16A, Class DR, 1.000% FRN 10/15/31 (b) (c)	$	500,000	$	499,692
TAL Advantage V LLC
Series 2013-1A, Class A, 2.830% 2/22/38 (c)		220,833		216,295
Series 2014-1A, Class A, 3.510% 2/22/39 (c)		372,667		368,192
TCI-Cent CLO Income Note Issuer Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.650% 5.985% FRN 7/25/30 (c)		500,000		502,404
TCI-Cent CLO Ltd., Series 2016-1A, Class C, 3 mo. USD LIBOR + 4.000% 6.337% FRN 12/21/29 (c)		1,000,000		1,003,086
Thacher Park CLO Ltd., Series 2014-1A, Class D1R, 3 mo. USD LIBOR + 3.400% 5.748% FRN 10/20/26 (c)		1,000,000		1,000,158
THL Credit Wind River CLO Ltd.
Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.750% 6.083% FRN 4/18/29 (c)		1,000,000		1,003,805
Series 2012-1A, Class DR, 3 mo. USD LIBOR + 4.100% 6.439% FRN 1/15/26 (c)		1,000,000		1,003,250
Thunderbolt II Aircraft Lease Ltd., Series 2018-A, Class A, 4.147% STEP 9/15/38 (c)		500,000		497,025
Towd Point Mortgage Trust, Series 2015-2, Class 1A13, 2.500% VRN 11/25/60 (b) (c)		2,775,164		2,701,030
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 2.709% 8/15/47 (c)		398,152		392,042
Triton Container Finance V LLC, Series 2018-1A, Class A 3.950% 3/20/43 (c)		475,000		470,286
Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2 4.072% 2/16/43 (c)		745,625		746,057
Westcott Park Clo Ltd., Series 2016-1A, Class D, 3 mo. USD LIBOR + 4.350% 6.698% FRN 7/20/28 (c)		500,000		503,755
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (c)		900,000		902,030

				40,318,363

Student Loans ABS — 0.3%
College Ave Student Loans LLC, Series 2018-A, Class A1, 3.416% FRN 12/26/47 (b) (c)		494,589		494,588


	Principal Amount		Value
SoFi Professional Loan Program LLC
Series 2017-D, Class BFX, 3.610% 9/25/40 (c)	$	350,000	$	337,501
Series 2018-B, Class BFX, 3.830% 8/25/47 (c)		500,000		489,562

				1,321,651

WL Collateral CMO — 7.5%
CIM Trust, Series 2017-6, Class A1, 3.015% VRN 6/25/57 (b) (c)		2,486,772		2,382,227
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, 3.809% VRN 4/25/37 (b)		2,271,444		2,198,621
CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 1A5 5.500% 4/25/36		3,074,090		2,980,580
Countrywide Alternative Loan Trust
Series 2006-13T1, Class A11, 6.000% 5/25/36		2,571,428		2,038,408
Series 2006-36T2, Class 2A1, 6.250% 12/25/36		4,311,738		3,044,211
Countrywide Home Loans Mortgage Pass-Through Trust
Series 2007-HYB2, Class 3A1, 3.651% VRN 2/25/47 (b)		1,835,930		1,657,602
Series 2007-14, Class A6, 6.000% 9/25/37		1,922,981		1,669,748
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .170% 2.338% FRN 12/19/36		1,500,224		1,337,439
IndyMac INDX Mortgage Loan Trust, Series 2007-AR5, Class 2A1, 3.596% VRN 5/25/37 (b)		3,098,458		2,808,294
Lehman XS Trust, Series 2007-12N, Class 1A3A, 1 mo. LIBOR + .200% 2.416% FRN 7/25/47		3,781,417		3,419,568
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, 3.584% VRN 7/25/35 (b)		705,107		635,287
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR1, Class 2A1, 4.229% VRN 2/25/36 (b)		3,111,851		2,618,550
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, 6.500% VRN 10/26/37 (b) (c)		1,196,325		1,002,229
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600% 6.000% FRN 4/25/37		518,246		484,751
Seasoned Credit Risk Transfer Trust, Series 2018-2, Class HV, 3.000% VRN 11/25/57 (b)		2,969,887		2,766,427


	Principal Amount		Value
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, 4.138% VRN 10/25/37 (b)	$	1,607,760	$	1,528,364
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, 6.350% STEP 5/25/36		1,346,553		1,122,818

				33,695,124

WL Collateral PAC — 0.5%
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15 6.000% 8/25/36		2,369,925		2,131,263


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $119,196,255)				115,851,562


SOVEREIGN DEBT OBLIGATIONS — 1.3%
Provincia de Buenos Aires 7.875% 6/15/27 (d)		700,000		582,057
Argentine Republic Government International Bond
5.875% 1/11/28		200,000		158,300
6.625% 7/06/28		150,000		123,000
6.875% 1/26/27		550,000		467,500
Chile Government International Bond 3.125% 3/27/25		200,000		193,996
Fondo MIVIVIENDA SA
3.500% 1/31/23 (d)		200,000		194,000
3.500% 1/31/23 (c)		150,000		145,500
Israel Government International Bond 2.875% 3/16/26		400,000		377,944
Malaysia Sovereign Sukuk Bhd 3.043% 4/22/25 (d)		500,000		478,250
Mexico Government International Bond
3.750% 1/11/28		735,000		700,087
4.150% 3/28/27		643,000		632,712
Panama Government International Bond 4.000% 9/22/24		200,000		202,702
Perusahaan Penerbit SBSN Indonesia III
4.150% 3/29/27 (c)		400,000		386,000
4.150% 3/29/27 (d)		200,000		193,000
Philippine Government International Bond 4.200% 1/21/24		900,000		924,545

				5,177,536


TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $6,165,568)				5,759,593


	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 14.0%
Collateralized Mortgage Obligations — 8.8%
Federal Home Loan Mortgage Corp.
Series 4093, Class PA, 3.000% 8/15/42	$	4,853,744	$	4,671,020
Series 4481, Class B, 3.000% 12/15/42		6,753,335		6,549,498
Series 4483, Class CA, 3.000% 6/15/44		6,235,303		6,042,371
Series 4750, Class PA, 3.000% 7/15/46		2,887,651		2,810,802
Series 355, Class 300, 3.000% 8/15/47		3,492,719		3,344,878
Series 358, Class 300, 3.000% 10/15/47		3,073,620		2,941,202
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series K722, Class X1, 1.441% VRN 3/25/23 (b)		6,646,635		308,607
Series K053, Class A2, 2.995% 12/25/25		463,000		451,303
Series K050, Class A2, 3.334% VRN 8/25/25 (b)		350,000		349,040
Federal National Mortgage Association
Series 2018-21, Class PO, 0.010% 4/25/48		3,861,139		2,944,421
Series 2016-M3, Class A2, 2.702% 2/25/26		465,000		442,070
Series 2015-9, Class HA, 3.000% 1/25/45		904,504		885,536
Government National Mortgage Association
Series 2015-74, Class LZ, 3.500% 5/20/45		3,218,130		3,040,530
Series 2015-92, Class CZ, 3.500% 6/20/45		5,120,533		4,855,799

				39,637,077

Pass-Through Securities — 5.2%
Federal Home Loan Mortgage Corp.
Pool #G08520 2.500% 1/01/43		1,302,874		1,209,739
Pool #G08658 3.000% 8/01/45		3,729,211		3,579,314
Pool #G08632 3.500% 3/01/45		2,847,308		2,813,719
Federal National Mortgage Association
Pool #AL9238 3.000% 10/01/41		4,112,987		3,950,395
Pool #MA2248 3.000% 4/01/45		2,596,296		2,475,000
Pool #AS7661 3.000% 8/01/46		1,674,596		1,594,268
Pool #MA2711 3.000% 8/01/46		5,788,750		5,511,071
Pool #AX2501 4.000% 10/01/44		2,219,050		2,249,822

				23,383,328

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $65,361,356)				63,020,405


	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 26.3%
U.S. Treasury Bonds & Notes — 26.3%
U.S. Treasury Bond
2.750% 11/15/42	$	4,735,000	$	4,380,911
2.750% 8/15/47		2,500,000		2,289,414
2.750% 11/15/47		3,680,000		3,368,925
2.875% 8/15/45		4,130,000		3,887,814
3.000% 8/15/48		1,650,000		1,588,254
3.125% 2/15/43		3,440,000		3,397,914
3.375% 5/15/44		3,190,000		3,288,142
3.625% 8/15/43		5,070,000		5,439,318
3.750% 11/15/43		3,650,000		3,996,123
U.S. Treasury Note
1.125% 1/31/19		425,000		423,323
1.125% 6/30/21		6,070,000		5,791,729
1.500% 10/31/19		6,760,000		6,674,998
1.625% 11/30/20		5,775,000		5,628,234
1.750% 11/30/19		6,450,000		6,380,032
1.750% 10/31/20		5,320,000		5,203,749
1.875% 1/31/22		730,000		706,121
1.875% 8/31/24		6,010,000		5,651,325
2.000% 9/30/20		5,890,000		5,796,036
2.000% 5/31/21		5,840,000		5,710,060
2.125% 8/31/20		5,430,000		5,359,792
2.125% 9/30/24		6,030,000		5,745,930
2.250% 10/31/24		6,855,000		6,573,624
2.250% 8/15/27		6,470,000		6,066,889
2.250% 11/15/27		6,010,000		5,624,984
2.625% 7/31/20		5,310,000		5,292,825
2.750% 2/15/28		4,220,000		4,114,566

				118,381,032


TOTAL U.S. TREASURY OBLIGATIONS (Cost $120,583,620)				118,381,032


TOTAL BONDS & NOTES (Cost $427,287,200)				416,412,173


	Number of Shares
MUTUAL FUNDS — 3.5%
Diversified Financial Services — 3.5%
DoubleLine Floating Rate Fund		1,605,088		15,890,368


TOTAL MUTUAL FUNDS (Cost $16,154,937)				15,890,368


TOTAL LONG-TERM INVESTMENTS (Cost $443,460,941)				432,309,585


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.5%
Repurchase Agreement — 3.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (g)	$	14,106,690	$	14,106,690

U.S. Treasury Bill — 0.4%
U.S. Treasury Bill
0.000% 3/07/19		1,460,000		1,445,459
0.000% 3/07/19		80,000		79,203

				1,524,662


TOTAL SHORT-TERM INVESTMENTS (Cost $15,631,684)				15,631,352


TOTAL INVESTMENTS — 99.6% (Cost $459,092,625) (h)				447,940,937

Other Assets/(Liabilities) — 0.4%				2,005,263


NET ASSETS — 100.0%			$	449,946,200

Abbreviation Legend

ABS	Asset-Backed Security

BAB	Build America Bonds

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

FRN	Floating Rate Note

MBS	Mortgage-Backed Security

PAC	Planned Amortization Class

STEP	Step Up Bond

VRN	Variable Rate Note

WL	Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

(c)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $87,457,813 or 19.44% of net assets.

(d)

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in 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.


	Number of Shares		Value
EQUITIES — 97.6%

COMMON STOCK — 97.6%
Basic Materials — 2.4%
Chemicals — 1.3%
Celanese Corp. Series A		5,300	$	604,200
Eastman Chemical Co.		69,030		6,607,551
FMC Corp.		2,200		191,796
Huntsman Corp.		8,300		226,009
LyondellBasell Industries NV Class A		17,700		1,814,427
PPG Industries, Inc.		9,400		1,025,822
Westlake Chemical Corp.		4,900		407,239

				10,877,044

Forest Products & Paper — 0.1%
International Paper Co.		15,200		747,080

Iron & Steel — 0.1%
Nucor Corp.		12,200		774,090
Reliance Steel & Aluminum Co.		2,900		247,341
Steel Dynamics, Inc.		9,100		411,229

				1,432,660

Mining — 0.9%
Alcoa Corp. (a)		118,230		4,776,492
Freeport-McMoRan, Inc.		173,540		2,415,677
Newmont Mining Corp.		16,300		492,260

				7,684,429

				20,741,213

Communications — 7.4%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		14,700		336,189
Omnicom Group, Inc.		7,000		476,140

				812,329

Internet — 0.1%
CDW Corp.		5,900		524,628
eBay, Inc. (a)		11,000		363,220

				887,848

Media — 2.2%
CBS Corp. Class B (Non-Voting)		70,040		4,023,798
Comcast Corp. Class A		50,900		1,802,369
Viacom, Inc. Class B		10,800		364,608
The Walt Disney Co.		108,490		12,686,820

				18,877,595

Telecommunications — 5.0%
ARRIS International PLC (a)		6,700		174,133
AT&T, Inc.		358,610		12,042,124
Cisco Systems, Inc.		432,160		21,024,584
Juniper Networks, Inc.		10,700		320,679
Motorola Solutions, Inc.		6,300		819,882


	Number of Shares		Value
Verizon Communications, Inc.		155,900	$	8,323,501

				42,704,903

				63,282,675

Consumer, Cyclical — 8.3%
Airlines — 0.5%
Alaska Air Group, Inc.		2,000		137,720
Delta Air Lines, Inc.		27,200		1,572,976
JetBlue Airways Corp. (a)		11,100		214,896
Southwest Airlines Co.		22,700		1,417,615
United Continental Holdings, Inc. (a)		8,500		757,010

				4,100,217

Apparel — 0.1%
Carter’s, Inc.		1,700		167,620
Hanesbrands, Inc.		1,600		29,488
Michael Kors Holdings Ltd. (a)		4,400		301,664
PVH Corp.		3,100		447,640

				946,412

Auto Manufacturers — 1.1%
General Motors Co.		251,540		8,469,352
PACCAR, Inc.		13,600		927,384

				9,396,736

Auto Parts & Equipment — 0.6%
Allison Transmission Holdings, Inc.		5,500		286,055
Aptiv PLC		9,800		822,220
BorgWarner, Inc.		89,930		3,847,205
Lear Corp.		2,700		391,500

				5,346,980

Entertainment — 0.0%
The Madison Square Garden Co. Class A (a)		900		283,788

Home Builders — 0.3%
D.R. Horton, Inc.		11,600		489,288
Lennar Corp. Class A		32,600		1,522,094

				2,011,382

Home Furnishing — 0.0%
Leggett & Platt, Inc.		4,100		179,539

Leisure Time — 0.4%
Brunswick Corp.		3,600		241,272
Carnival Corp.		20,600		1,313,662
Harley-Davidson, Inc.		700		31,710
Norwegian Cruise Line Holdings Ltd. (a)		8,300		476,669
Royal Caribbean Cruises Ltd.		8,300		1,078,502

				3,141,815

Lodging — 0.2%
Hyatt Hotels Corp. Class A		1,500		119,385
Las Vegas Sands Corp.		31,560		1,872,455

				1,991,840


	Number of Shares		Value
Retail — 5.1%
AutoZone, Inc. (a)		1,100	$	853,270
Best Buy Co., Inc.		11,200		888,832
CarMax, Inc. (a)		7,100		530,157
Dollar General Corp.		9,300		1,016,490
Foot Locker, Inc.		3,700		188,626
The Gap, Inc.		14,900		429,865
Genuine Parts Co.		4,600		457,240
Kohl’s Corp.		6,100		454,755
Lowe’s Cos., Inc.		56,810		6,522,924
Macy’s, Inc.		9,000		312,570
McDonald’s Corp.		25,070		4,193,960
Nordstrom, Inc.		6,500		388,765
Target Corp.		141,180		12,453,488
Walgreens Boots Alliance, Inc.		15,800		1,151,820
Walmart, Inc.		143,430		13,469,512
Williams-Sonoma, Inc. (b)		900		59,148

				43,371,422

				70,770,131

Consumer, Non-cyclical — 22.1%
Agriculture — 1.0%
Archer-Daniels-Midland Co.		21,600		1,085,832
Bunge Ltd.		4,400		302,324
Philip Morris International, Inc.		83,580		6,815,113

				8,203,269

Beverages — 1.9%
The Coca-Cola Co.		216,620		10,005,678
Coca-Cola European Partners PLC		128,890		5,860,628

				15,866,306

Biotechnology — 2.2%
Amgen, Inc.		35,620		7,383,670
Biogen, Inc. (a)		8,200		2,897,142
Gilead Sciences, Inc.		114,540		8,843,633
United Therapeutics Corp. (a)		500		63,940

				19,188,385

Commercial Services — 0.1%
AMERCO		800		285,320
United Rentals, Inc. (a)		3,500		572,600
The Western Union Co.		17,700		337,362

				1,195,282

Cosmetics & Personal Care — 0.5%
The Procter & Gamble Co.		46,270		3,851,052

Foods — 0.8%
Conagra Brands, Inc.		11,800		400,846
General Mills, Inc.		50,110		2,150,721
The J.M. Smucker Co.		4,600		472,006
Kellogg Co.		10,600		742,212
The Kroger Co.		27,200		791,792
Mondelez International, Inc. Class A		45,300		1,946,088


	Number of Shares		Value
US Foods Holding Corp. (a)		3,500	$	107,870

				6,611,535

Health Care – Products — 3.4%
Abbott Laboratories		101,010		7,410,094
Boston Scientific Corp. (a)		148,550		5,719,175
Danaher Corp.		62,278		6,767,127
Thermo Fisher Scientific, Inc.		22,090		5,391,727
Zimmer Biomet Holdings, Inc.		30,440		4,001,947

				29,290,070

Health Care – Services — 3.9%
Aetna, Inc.		11,800		2,393,630
Anthem, Inc.		23,720		6,500,466
Cigna Corp.		9,200		1,915,900
DaVita, Inc. (a)		7,400		530,062
HCA Healthcare, Inc.		13,500		1,878,120
Laboratory Corp. of America Holdings (a)		4,200		729,456
Quest Diagnostics, Inc.		5,100		550,341
UnitedHealth Group, Inc.		71,520		19,027,181

				33,525,156

Household Products & Wares — 0.1%
Avery Dennison Corp.		1,000		108,350
Kimberly-Clark Corp.		5,600		636,384

				744,734

Pharmaceuticals — 8.2%
AbbVie, Inc.		48,700		4,606,046
AmerisourceBergen Corp.		5,900		544,098
Bristol-Myers Squibb Co.		91,420		5,675,354
Express Scripts Holding Co. (a)		21,800		2,071,218
Johnson & Johnson		96,200		13,291,954
McKesson Corp.		7,500		994,875
Merck & Co., Inc.		228,610		16,217,593
Mylan NV (a)		125,370		4,588,542
Perrigo Co. PLC		5,500		389,400
Pfizer, Inc.		489,150		21,556,841

				69,935,921

				188,411,710

Energy — 11.4%
Oil & Gas — 9.7%
Antero Resources Corp. (a)		9,700		171,787
Apache Corp.		2,200		104,874
Chevron Corp.		201,922		24,691,022
Concho Resources, Inc. (a)		26,300		4,017,325
ConocoPhillips		174,461		13,503,281
Devon Energy Corp.		15,300		611,082
Exxon Mobil Corp.		129,400		11,001,588
Helmerich & Payne, Inc.		4,400		302,588
Hess Corp.		12,100		866,118
HollyFrontier Corp.		6,400		447,360
Marathon Oil Corp.		32,700		761,256


	Number of Shares		Value
Marathon Petroleum Corp.		19,200	$	1,535,424
Murphy Oil Corp.		5,500		183,370
Newfield Exploration Co. (a)		6,200		178,746
Noble Energy, Inc.		7,800		243,282
Phillips 66		59,659		6,724,763
Suncor Energy, Inc.		404,420		15,647,010
Valero Energy Corp.		16,400		1,865,500

				82,856,376

Oil & Gas Services — 1.2%
Halliburton Co.		55,757		2,259,831
National Oilwell Varco, Inc.		14,600		628,968
Weatherford International PLC (a) (b)		2,686,490		7,280,388

				10,169,187

Pipelines — 0.5%
Enbridge, Inc.		118,037		3,811,415

				96,836,978

Financial — 26.3%
Banks — 16.8%
Bank of America Corp.		787,460		23,198,572
The Bank of New York Mellon Corp.		39,100		1,993,709
BB&T Corp.		29,900		1,451,346
BOK Financial Corp.		2,700		262,656
Capital One Financial Corp.		17,500		1,661,275
CIT Group, Inc.		81,950		4,229,439
Citigroup, Inc.		276,690		19,849,741
Citizens Financial Group, Inc.		18,700		721,259
Comerica, Inc.		5,600		505,120
Commerce Bancshares, Inc.		4,100		270,682
Cullen/Frost Bankers, Inc.		2,600		271,544
East West Bancorp, Inc.		5,700		344,109
Fifth Third Bancorp		27,100		756,632
The Goldman Sachs Group, Inc.		51,660		11,584,238
Huntington Bancshares, Inc.		41,400		617,688
JP Morgan Chase & Co.		305,220		34,441,025
KeyCorp		373,280		7,424,539
M&T Bank Corp.		5,900		970,786
Morgan Stanley		69,500		3,236,615
Northern Trust Corp.		7,600		776,188
The PNC Financial Services Group, Inc.		18,200		2,478,658
Prosperity Bancshares, Inc.		2,800		194,180
Regions Financial Corp.		43,700		801,895
State Street Corp.		14,100		1,181,298
SunTrust Banks, Inc.		18,000		1,202,220
Synovus Financial Corp.		4,800		219,792
Umpqua Holdings Corp.		6,400		133,120
US Bancorp		63,700		3,363,997
Webster Financial Corp.		3,700		218,152
Wells Fargo & Co.		186,900		9,823,464
Western Alliance Bancorp (a)		3,500		199,115


	Number of Shares		Value
Zions Bancorp		185,420	$	9,298,813

				143,681,867

Diversified Financial Services — 3.1%
Alliance Data Systems Corp.		2,200		519,552
Ally Financial, Inc.		16,500		436,425
American Express Co.		33,500		3,567,415
Ameriprise Financial, Inc.		32,480		4,795,997
BlackRock, Inc.		17,170		8,092,736
Credit Acceptance Corp. (a)		600		262,842
Discover Financial Services		14,600		1,116,170
E*TRADE Financial Corp. (a)		9,500		497,705
Lazard Ltd. Class A		5,100		245,463
LPL Financial Holdings, Inc.		1,400		90,314
Nasdaq, Inc.		53,470		4,587,726
Raymond James Financial, Inc.		5,100		469,455
Santander Consumer USA Holdings, Inc.		13,900		278,556
Synchrony Financial		29,200		907,536
T. Rowe Price Group, Inc.		8,800		960,784

				26,828,676

Insurance — 4.0%
Aflac, Inc.		29,900		1,407,393
Alleghany Corp.		700		456,771
The Allstate Corp.		14,100		1,391,670
American Financial Group, Inc.		6,400		710,208
American International Group, Inc.		45,200		2,406,448
Aon PLC		33,890		5,211,604
Athene Holding Ltd. Class A (a)		2,600		134,316
Chubb Ltd.		17,900		2,392,156
Cincinnati Financial Corp.		6,400		491,584
Everest Re Group Ltd.		1,300		297,011
Fidelity National Financial, Inc.		8,600		338,410
The Hartford Financial Services Group, Inc.		145,690		7,278,673
Lincoln National Corp.		8,400		568,344
Loews Corp.		12,700		637,921
Markel Corp. (a)		600		713,094
MetLife, Inc.		40,600		1,896,832
The Progressive Corp.		6,500		461,760
Prudential Financial, Inc.		16,100		1,631,252
Reinsurance Group of America, Inc.		2,600		375,856
RenaissanceRe Holdings Ltd.		1,200		160,296
Torchmark Corp.		10,600		918,914
The Travelers Cos., Inc.		24,100		3,126,011
Voya Financial, Inc.		7,200		357,624
W.R. Berkley Corp.		4,900		391,657

				33,755,805

Real Estate — 0.0%
CBRE Group, Inc. Class A (a)		1,900		83,790
The Howard Hughes Corp. (a)		500		62,110
Jones Lang LaSalle, Inc.		1,800		259,776

				405,676


	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 2.4%
Crown Castle International Corp.		44,550	$	4,959,752
Digital Realty Trust, Inc.		28,540		3,210,179
Equity Residential		50,660		3,356,732
Prologis, Inc.		103,650		7,026,433
Public Storage		8,600		1,734,018

				20,287,114

				224,959,138

Industrial — 9.2%
Aerospace & Defense — 1.2%
General Dynamics Corp.		4,800		982,656
Lockheed Martin Corp.		13,571		4,695,023
Spirit AeroSystems Holdings, Inc. Class A		4,800		440,016
United Technologies Corp.		29,000		4,054,490

				10,172,185

Building Materials — 0.1%
Johnson Controls International PLC		14,800		518,000
Masco Corp.		9,200		336,720

				854,720

Electrical Components & Equipment — 0.0%
Hubbell, Inc.		1,700		227,069

Electronics — 1.3%
Arrow Electronics, Inc. (a)		3,600		265,392
Corning, Inc.		45,100		1,592,030
Garmin Ltd.		7,300		511,365
Gentex Corp.		10,400		223,184
Honeywell International, Inc.		27,600		4,592,640
TE Connectivity Ltd.		39,460		3,469,718

				10,654,329

Engineering & Construction — 0.4%
Fluor Corp.		51,720		3,004,932

Environmental Controls — 0.6%
Pentair PLC		5,700		247,095
Stericycle, Inc. (a)		400		23,472
Waste Management, Inc.		55,070		4,976,125

				5,246,692

Hand & Machine Tools — 0.1%
Snap-on, Inc.		2,300		422,280

Machinery – Construction & Mining — 0.6%
Caterpillar, Inc.		33,590		5,122,139

Machinery – Diversified — 0.5%
Deere & Co.		23,590		3,546,285
Dover Corp.		4,900		433,797

				3,980,082

Miscellaneous – Manufacturing — 1.6%
Carlisle Cos., Inc.		2,500		304,500
Crane Co.		1,000		98,350


	Number of Shares		Value
Eaton Corp. PLC		16,900	$	1,465,737
General Electric Co.		211,060		2,382,867
Ingersoll-Rand PLC		9,500		971,850
Parker-Hannifin Corp.		46,133		8,485,243
Trinity Industries, Inc.		5,500		201,520

				13,910,067

Packaging & Containers — 0.5%
Packaging Corp. of America		3,500		383,915
Sonoco Products Co.		3,900		216,450
WestRock Co.		74,170		3,963,645

				4,564,010

Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		1,400		358,512

Transportation — 2.3%
FedEx Corp.		21,260		5,119,195
Kansas City Southern		47,140		5,340,019
Union Pacific Corp.		12,260		1,996,296
United Parcel Service, Inc. Class B		26,500		3,093,875
XPO Logistics, Inc. (a)		38,530		4,398,970

				19,948,355

				78,465,372

Technology — 7.7%
Computers — 2.9%
Apple, Inc.		58,000		13,092,920
DXC Technology Co.		4,500		420,840
Hewlett Packard Enterprise Co.		46,400		756,784
HP, Inc.		193,680		4,991,134
International Business Machines Corp.		35,700		5,398,197

				24,659,875

Office & Business Equipment — 0.3%
Xerox Corp.		4,100		110,618
Zebra Technologies Corp. Class A (a)		13,710		2,424,339

				2,534,957

Semiconductors — 1.8%
Intel Corp.		178,700		8,450,723
KLA-Tencor Corp.		6,200		630,602
Lam Research Corp.		6,300		955,710
Marvell Technology Group Ltd.		108,220		2,088,646
Qorvo, Inc. (a)		5,000		384,450
Skyworks Solutions, Inc.		5,600		507,976
Teradyne, Inc.		7,600		281,048
Texas Instruments, Inc.		21,700		2,328,193

				15,627,348

Software — 2.7%
Fidelity National Information Services, Inc.		20,750		2,263,202
Microsoft Corp.		67,810		7,755,430
Oracle Corp.		144,800		7,465,888


	Number of Shares		Value
Synopsys, Inc. (a)		54,580	$	5,382,134

				22,866,654

				65,688,834

Utilities — 2.8%
Electric — 2.8%
AES Corp.		20,500		287,000
Ameren Corp.		9,200		581,624
American Electric Power Co., Inc.		18,200		1,290,016
DTE Energy Co.		7,100		774,823
Duke Energy Corp.		21,500		1,720,430
Edison International		79,080		5,352,135
Entergy Corp.		61,080		4,955,420
Eversource Energy		11,300		694,272
NextEra Energy, Inc.		29,755		4,986,938
OGE Energy Corp.		6,200		225,184
Pinnacle West Capital Corp.		4,600		364,228
Public Service Enterprise Group, Inc.		19,400		1,024,126
WEC Energy Group, Inc.		12,100		807,796
Xcel Energy, Inc.		16,600		783,686

				23,847,678

Gas — 0.0%
UGI Corp.		5,400		299,592

				24,147,270


TOTAL COMMON STOCK (Cost $669,470,727)				833,303,321


TOTAL EQUITIES (Cost $669,470,727)				833,303,321


MUTUAL FUNDS — 1.3%
Diversified Financial Services — 1.3%
iShares Russell 1000 Value ETF		41,700		5,280,054
State Street Navigator Securities Lending Prime Portfolio (c)		6,134,962		6,134,962


TOTAL MUTUAL FUNDS (Cost $11,299,485)				11,415,016


TOTAL LONG-TERM INVESTMENTS (Cost $680,770,212)				844,718,337


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.8%
Repurchase Agreement — 1.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (d)	$	15,580,551	$	15,580,551


TOTAL SHORT-TERM INVESTMENTS (Cost $15,580,551)				15,580,551


TOTAL INVESTMENTS — 100.7% (Cost $696,350,763) (e)				860,298,888

Other Assets/(Liabilities) — (0.7)%				(6,118,717	)


NET ASSETS — 100.0%			$	854,180,171

Abbreviation Legend

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $5,546,344 or 0.65% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(c)	Represents investment of security lending collateral. (Note 2).

(d)	Maturity value of $15,581,979. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $15,896,096.

(e)	See Note 3 for aggregate cost for federal tax purposes.


	Number of Shares		Value
EQUITIES — 95.5%

COMMON STOCK — 95.5%
Basic Materials — 2.7%
Chemicals — 0.6%
Eastman Chemical Co.		300	$	28,716
Huntsman Corp.		4,700		127,981
Praxair, Inc.		200		32,146

				188,843

Iron & Steel — 0.5%
Reliance Steel & Aluminum Co.		2,100		179,109

Mining — 1.6%
Alcoa Corp. (a)		3,100		125,240
Hi-Crush Partners LP (b)		20,000		216,000
Kaiser Aluminum Corp.		1,600		174,496

				515,736

				883,688

Communications — 15.7%
Internet — 11.2%
Alibaba Group Holding Ltd. Sponsored ADR (a)		1,500		247,140
Alphabet, Inc. Class A (a)		990		1,195,009
Alphabet, Inc. Class C (a)		50		59,674
Amazon.com, Inc. (a)		790		1,582,370
Okta, Inc. (a)		2,800		197,008
Q2 Holdings, Inc. (a)		2,000		121,100
VeriSign, Inc. (a)		1,900		304,228

				3,706,529

Media — 0.9%
News Corp. Class A		2,400		31,656
Viacom, Inc. Class B		8,000		270,080

				301,736

Telecommunications — 3.6%
Cisco Systems, Inc.		6,000		291,900
Verizon Communications, Inc.		13,900		742,121
Zayo Group Holdings, Inc. (a)		3,900		135,408

				1,169,429

				5,177,694

Consumer, Cyclical — 4.2%
Airlines — 0.6%
Delta Air Lines, Inc.		3,700		213,971

Auto Manufacturers — 0.7%
General Motors Co.		6,800		228,956

Auto Parts & Equipment — 2.0%
Dana, Inc.		8,000		149,360
Lear Corp.		1,490		216,050
Magna International, Inc.		5,300		278,409

				643,819


	Number of Shares		Value
Distribution & Wholesale — 0.5%
HD Supply Holdings, Inc. (a)		3,900	$	166,881

Housewares — 0.4%
The Toro Co.		2,400		143,928

				1,397,555

Consumer, Non-cyclical — 26.6%
Agriculture — 0.8%
Archer-Daniels-Midland Co.		5,100		256,377

Biotechnology — 7.8%
Amgen, Inc.		6,650		1,378,478
Biogen, Inc. (a)		680		240,251
Celgene Corp. (a)		3,940		352,591
Gilead Sciences, Inc.		7,600		586,796

				2,558,116

Commercial Services — 4.5%
Quanta Services, Inc. (a)		5,400		180,252
S&P Global, Inc.		1,550		302,854
Square, Inc. Class A (a)		1,100		108,911
The Western Union Co.		8,500		162,010
Worldpay, Inc. Class A (a)		7,100		719,017

				1,473,044

Foods — 1.5%
US Foods Holding Corp. (a)		16,500		508,530

Health Care – Services — 4.1%
Aetna, Inc.		1,730		350,930
HCA Healthcare, Inc.		6,050		841,676
WellCare Health Plans, Inc. (a)		550		176,270

				1,368,876

Pharmaceuticals — 7.9%
Horizon Pharma PLC (a)		16,700		326,986
Johnson & Johnson		2,610		360,624
Merck & Co., Inc.		4,900		347,606
Neurocrine Biosciences, Inc. (a)		2,520		309,834
Pfizer, Inc.		26,800		1,181,076
Teva Pharmaceutical Industries Ltd. Sponsored ADR		4,000		86,160

				2,612,286

				8,777,229

Energy — 7.9%
Oil & Gas — 6.3%
Andeavor		2,900		445,150
Apache Corp.		400		19,068
Chevron Corp.		3,320		405,969
Devon Energy Corp.		16,000		639,040
Exxon Mobil Corp.		300		25,506
Marathon Petroleum Corp.		2,600		207,922
Occidental Petroleum Corp.		2,700		221,859
Rowan Cos. PLC Class A (a)		7,000		131,810

				2,096,324


	Number of Shares		Value
Oil & Gas Services — 1.6%
Halliburton Co.		12,800	$	518,784

				2,615,108

Financial — 17.3%
Banks — 7.7%
Bank of America Corp.		15,800		465,468
Comerica, Inc.		8,400		757,680
JP Morgan Chase & Co.		7,200		812,448
Morgan Stanley		5,600		260,792
State Street Corp.		3,100		259,718

				2,556,106

Diversified Financial Services — 6.4%
Mastercard, Inc. Class A		6,260		1,393,539
Visa, Inc. Class A		4,860		729,437

				2,122,976

Insurance — 3.2%
Aflac, Inc.		3,600		169,452
Berkshire Hathaway, Inc. Class B (a)		3,800		813,618
Torchmark Corp.		700		60,683

				1,043,753

				5,722,835

Industrial — 6.1%
Aerospace & Defense — 2.6%
Lockheed Martin Corp.		1,830		633,107
Spirit AeroSystems Holdings, Inc. Class A		2,500		229,175

				862,282

Electronics — 0.1%
KEMET Corp. (a)		2,300		42,665

Miscellaneous – Manufacturing — 1.1%
3M Co.		400		84,284
Eaton Corp. PLC		3,400		294,882

				379,166

Transportation — 1.9%
Landstar System, Inc.		1,240		151,280
Norfolk Southern Corp.		2,500		451,250
Union Pacific Corp.		200		32,566

				635,096

Trucking & Leasing — 0.4%
AerCap Holdings NV (a)		2,000		115,040

				2,034,249

Technology — 15.0%
Computers — 4.3%
Check Point Software Technologies Ltd. (a)		1,400		164,738
Leidos Holdings, Inc.		2,100		145,236
NetApp, Inc.		10,300		884,667


	Number of Shares		Value
Seagate Technology PLC		5,100	$	241,485

				1,436,126

Office & Business Equipment — 1.3%
Zebra Technologies Corp. Class A (a)		2,380		420,856

Semiconductors — 3.7%
Applied Materials, Inc.		10,100		390,365
ASML Holding NV		810		152,296
Broadcom, Inc.		500		123,365
Micron Technology, Inc. (a)		6,800		307,564
NXP Semiconductor NV		590		50,445
Skyworks Solutions, Inc.		2,000		181,420

				1,205,455

Software — 5.7%
Fidelity National Information Services, Inc.		1,000		109,070
Intuit, Inc.		1,360		309,264
Microsoft Corp.		6,680		763,992
ServiceNow, Inc. (a)		1,550		303,226
Veeva Systems, Inc. Class A (a)		2,200		239,514
Workday, Inc. Class A (a)		1,050		153,279

				1,878,345

				4,940,782


TOTAL COMMON STOCK (Cost $26,258,740)				31,549,140


TOTAL EQUITIES (Cost $26,258,740)				31,549,140


TOTAL LONG-TERM INVESTMENTS (Cost $26,258,740)				31,549,140


	Principal Amount
SHORT-TERM INVESTMENTS — 4.4%
Repurchase Agreement — 4.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (c)	$	1,435,337		1,435,337


TOTAL SHORT-TERM INVESTMENTS (Cost $1,435,337)				1,435,337


TOTAL INVESTMENTS — 99.9% (Cost $27,694,077) (d)				32,984,477

Other Assets/(Liabilities) — 0.1%				41,770


NET ASSETS — 100.0%			$	33,026,247

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Security is a Master Limited Partnership.

(c)	Maturity value of $1,435,469. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $1,466,687.

(d)	See Note 3 for aggregate cost for federal tax purposes.


	Number of Shares		Value
EQUITIES — 1.1%

COMMON STOCK — 0.6%
Energy — 0.6%
Oil & Gas — 0.6%
Fieldwood Energy LLC (a)		3,193	$	162,843
Fieldwood Energy LLC (a)		13,011		663,561

				826,404


TOTAL COMMON STOCK (Cost $392,368)				826,404


PREFERRED STOCK — 0.5%
Consumer, Non-cyclical — 0.5%
Agriculture — 0.5%
Pinnacle Agriculture Holdings LLC (a)		1,144,535		709,612


TOTAL PREFERRED STOCK (Cost $733,962)				709,612


TOTAL EQUITIES (Cost $1,126,330)				1,536,016


	Principal Amount
BONDS & NOTES — 96.4%

BANK LOANS — 3.8%
Advertising — 0.7%
Getty Images, Inc., Term Loan B, 1 mo. LIBOR + 3.500% 5.742% VRN 10/18/19	$	908,463		901,241

Oil & Gas — 2.2%
Caelus Energy Alaska O3 LLC, 2nd Lien Term Loan, 3 mo. LIBOR + 7.500% 9.839% VRN 4/15/20
		1,639,220		1,499,886
Fieldwood Energy LLC Exit 1st Lien Term Loan, 1 mo. LIBOR + 5.250% 7.492% VRN 4/11/22		674,554		677,421
Exit 2nd Lien Term Loan, 1 mo. LIBOR + 7.250% 9.492% VRN 4/11/23		387,384		375,115
Gulf Finance LLC, Term Loan B, 3 mo. LIBOR + 5.250% 7.640% VRN 8/25/23
		503,020		420,560

				2,972,982

Telecommunications — 0.9%
CenturyLink, Inc., 2017 Term Loan B, 2.750% 1/31/25
CenturyLink, Inc., 2017 Term Loan B, 2.750% 1/31/25		1,246,859		1,237,819


TOTAL BANK LOANS (Cost $4,992,598)				5,112,042


	Principal Amount		Value
CORPORATE DEBT — 92.6%
Aerospace & Defense — 2.1%
TransDigm UK Holdings PLC 6.875% 5/15/26 (b)
TransDigm UK Holdings PLC 6.875% 5/15/26 (b)	$	393,000	$	403,316
TransDigm, Inc. 6.375% 6/15/26
TransDigm, Inc. 6.375% 6/15/26		1,219,000		1,231,190
Triumph Group, Inc.
4.875% 4/01/21		422,000		407,230
5.250% 6/01/22		305,000		287,462
7.750% 8/15/25		471,000		457,459

				2,786,657

Agriculture — 1.1%
Pinnacle Operating Corp. 9.000% 5/15/23 (b)
Pinnacle Operating Corp. 9.000% 5/15/23 (b)		1,667,522		1,484,095

Airlines — 2.9%
Allegiant Travel Co. 5.500% 7/15/19
Allegiant Travel Co. 5.500% 7/15/19		1,350,000		1,363,500
American Airlines Group, Inc. 5.500% 10/01/19 (b)
American Airlines Group, Inc. 5.500% 10/01/19 (b)		1,891,000		1,917,001
VistaJet Malta Finance PLC / VistaJet Co. Finance LLC 7.750% 6/01/20 (b)
		688,000		694,399

				3,974,900

Auto Manufacturers — 1.8%
Deck Chassis Acquisition, Inc. 10.000% 6/15/23 (b)
Deck Chassis Acquisition, Inc. 10.000% 6/15/23 (b)		2,013,000		2,133,780
JB Poindexter & Co., Inc. 7.125% 4/15/26 (b)
JB Poindexter & Co., Inc. 7.125% 4/15/26 (b)		293,000		303,987

				2,437,767

Building Materials — 1.7%
Griffon Corp. 5.250% 3/01/22
Griffon Corp. 5.250% 3/01/22		174,000		172,043
James Hardie International Finance DAC 5.000% 1/15/28 (b)
James Hardie International Finance DAC 5.000% 1/15/28 (b)		485,000		457,719
PGT Escrow Issuer, Inc. 6.750% 8/01/26 (b)
PGT Escrow Issuer, Inc. 6.750% 8/01/26 (b)		446,000		462,725
Standard Industries, Inc. 4.750% 1/15/28 (b)
Standard Industries, Inc. 4.750% 1/15/28 (b)		1,345,000		1,242,376

				2,334,863

Chemicals — 2.9%
The Chemours Co. 7.000% 5/15/25
The Chemours Co. 7.000% 5/15/25		409,000		433,740
Consolidated Energy Finance SA 6.875% 6/15/25 (b)
Consolidated Energy Finance SA 6.875% 6/15/25 (b)		655,000		680,381
Kissner Holdings LP/Kissner Milling Co. Ltd./BSC Holding, Inc./Kissner USA 8.375% 12/01/22 (b)
		1,225,000		1,252,562
Platform Specialty Products Corp.
5.875% 12/01/25 (b)		414,000		408,523
6.500% 2/01/22 (b)		423,000		430,403


	Principal Amount		Value
Starfruit Finco BV/Starfruit US Holdco LLC 8.000% 10/01/26 (b) (c)
	$	705,000	$	715,575

				3,921,184

Coal — 2.2%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. 7.500% 5/01/25 (b)
		669,000		712,485
Peabody Energy Corp. 6.000% 3/31/22 (b)
Peabody Energy Corp. 6.000% 3/31/22 (b)		883,000		898,452
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.500% 6/15/25 (b)
		1,013,000		1,043,390
Warrior Met Coal, Inc. 8.000% 11/01/24 (b)
Warrior Met Coal, Inc. 8.000% 11/01/24 (b)		339,000		347,475

				3,001,802

Commercial Services — 4.7%
Cardtronics, Inc./Cardtronics USA, Inc. 5.500% 5/01/25 (b)
Cardtronics, Inc./Cardtronics USA, Inc. 5.500% 5/01/25 (b)		578,000		551,990
Financial & Risk US Holdings, Inc.
6.250% 5/15/26 (b) (c)		243,000		243,897
8.250% 11/15/26 (b) (c)		314,000		312,097
The Hertz Corp. 7.625% 6/01/22 (b)
The Hertz Corp. 7.625% 6/01/22 (b)		1,500,000		1,481,250
Nielsen Finance LLC/Nielsen Finance Co. 5.000% 4/15/22 (b)
Nielsen Finance LLC/Nielsen Finance Co. 5.000% 4/15/22 (b)		625,000		609,375
Prime Security Services Borrower LLC/Prime Finance, Inc. 9.250% 5/15/23 (b)
		1,830,000		1,957,185
StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary 7.875% 6/01/21
		680,000		625,600
United Rentals North America, Inc.
4.625% 10/15/25		249,000		241,530
4.875% 1/15/28		365,000		342,187

				6,365,111

Computers — 1.6%
Dell, Inc. 6.500% 4/15/38
Dell, Inc. 6.500% 4/15/38		501,000		492,859
GCI LLC 6.875% 4/15/25
GCI LLC 6.875% 4/15/25		1,550,000		1,602,762

				2,095,621

Diversified Financial Services — 2.6%
LPL Holdings, Inc. 5.750% 9/15/25 (b)
LPL Holdings, Inc. 5.750% 9/15/25 (b)		1,364,000		1,331,605
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.750% 6/01/25 (b)
		704,000		684,640


	Principal Amount		Value
VFH Parent LLC/Orchestra Co-Issuer, Inc. 6.750% 6/15/22 (b)
VFH Parent LLC/Orchestra Co-Issuer, Inc. 6.750% 6/15/22 (b)	$	1,477,000	$	1,525,002

				3,541,247

Electric — 0.5%
NRG Energy, Inc. 6.625% 1/15/27
NRG Energy, Inc. 6.625% 1/15/27		702,000		737,100

Engineering & Construction — 1.1%
Zachry Holdings, Inc. 7.500% 2/01/20 (b)
Zachry Holdings, Inc. 7.500% 2/01/20 (b)		1,510,000		1,513,775

Entertainment — 0.4%
Delta Merger Sub, Inc. 6.000% 9/15/26 (b)
Delta Merger Sub, Inc. 6.000% 9/15/26 (b)		324,000		328,050
WMG Acquisition Corp. 5.000% 8/01/23 (b)
WMG Acquisition Corp. 5.000% 8/01/23 (b)		262,000		262,000

				590,050

Foods — 4.3%
C&S Group Enterprises LLC 5.375% 7/15/22 (b)
C&S Group Enterprises LLC 5.375% 7/15/22 (b)		1,030,000		1,019,700
JBS USA LUX SA/JBS USA Finance, Inc.
5.875% 7/15/24 (b)		646,000		636,310
6.750% 2/15/28 (b)		824,000		818,850
KeHE Distributors LLC/KeHE Finance Corp. 7.625% 8/15/21 (b)
KeHE Distributors LLC/KeHE Finance Corp. 7.625% 8/15/21 (b)		650,000		625,625
Pilgrim’s Pride Corp.
5.750% 3/15/25 (b)		247,000		237,738
5.875% 9/30/27 (b)		877,000		828,765
Post Holdings, Inc.
5.500% 3/01/25 (b)		309,000		306,682
5.625% 1/15/28 (b)		468,000		450,450
5.750% 3/01/27 (b)		382,000		374,360
Simmons Foods, Inc.
5.750% 11/01/24 (b)		483,000		370,099
7.750% 1/15/24 (b)		189,000		195,615

				5,864,194

Forest Products & Paper — 0.0%
Appvion Inc. 9.000% 6/13/26 (d)
Appvion Inc. 9.000% 6/13/26 (d)		2,157,000		-

Gas — 0.8%
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (b)
		1,111,000		1,102,668

Hand & Machine Tools — 0.8%
Apex Tool Group LLC/BC Mountain Finance, Inc. 9.000% 2/15/23 (b)
		1,138,000		1,106,705


	Principal Amount		Value
Health Care – Products — 4.4%
Avanos Medical, Inc. 6.250% 10/15/22
Avanos Medical, Inc. 6.250% 10/15/22	$	1,300,000	$	1,327,794
Avantor, Inc.
6.000% 10/01/24 (b)		652,000		661,780
9.000% 10/01/25 (b)		1,397,000		1,442,402
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
5.500% 4/15/25 (b)		398,000		333,325
5.625% 10/15/23 (b)		202,000		178,770
5.750% 8/01/22 (b)		189,000		174,353
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 6.625% 5/15/22 (b)
		1,844,000		1,801,588

				5,920,012

Health Care – Services — 2.2%
Envision Healthcare Corp. 8.750% 10/15/26 (b) (c)
Envision Healthcare Corp. 8.750% 10/15/26 (b) (c)		789,000		789,000
HCA, Inc. 5.875% 2/15/26
HCA, Inc. 5.875% 2/15/26		1,138,000		1,184,942
RegionalCare Hospital Partners Holdings, Inc. 8.250% 5/01/23 (b)
		176,000		184,800
Tenet Healthcare Corp.
4.625% 7/15/24		400,000		389,000
8.125% 4/01/22		340,000		358,292

				2,906,034

Home Builders — 0.5%
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (b)
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (b)		491,000		481,180
William Lyon Homes, Inc. 6.000% 9/01/23
William Lyon Homes, Inc. 6.000% 9/01/23		194,000		187,210

				668,390

Insurance — 2.2%
Acrisure LLC/Acrisure Finance, Inc. 7.000% 11/15/25 (b)
Acrisure LLC/Acrisure Finance, Inc. 7.000% 11/15/25 (b)		791,000		737,568
AssuredPartners, Inc. 7.000% 8/15/25 (b)
AssuredPartners, Inc. 7.000% 8/15/25 (b)		514,000		508,860
USIS Merger Sub, Inc. 6.875% 5/01/25 (b)
USIS Merger Sub, Inc. 6.875% 5/01/25 (b)		836,000		833,910
York Risk Services Holding Corp. 8.500% 10/01/22 (b)
York Risk Services Holding Corp. 8.500% 10/01/22 (b)		992,000		870,480

				2,950,818

Internet — 0.4%
Netflix, Inc. 5.875% 11/15/28 (b)
Netflix, Inc. 5.875% 11/15/28 (b)		595,000		592,769

Iron & Steel — 0.9%
Allegheny Technologies, Inc. 5.950% 1/15/21
Allegheny Technologies, Inc. 5.950% 1/15/21		1,192,000		1,211,370


	Principal Amount		Value
Leisure Time — 3.1%
Brunswick Corp.
7.375% 9/01/23	$	285,000	$	319,060
7.125% 8/01/27		2,245,000		2,554,328
Carlson Travel, Inc.
6.750% 12/15/23 (b)		496,000		497,860
9.500% 12/15/24 (b)		862,000		831,830

				4,203,078

Lodging — 0.4%
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.250% 5/15/27 (b)		492,000		456,945
5.500% 3/01/25 (b)		140,000		135,275

				592,220

Machinery – Diversified — 0.1%
Stevens Holding Co., Inc. 6.125% 10/01/26 (b)
Stevens Holding Co., Inc. 6.125% 10/01/26 (b)		166,000		168,698

Media — 7.7%
Altice Financing SA 6.625% 2/15/23 (b)
Altice Financing SA 6.625% 2/15/23 (b)		600,000		604,500
Altice Finco SA 8.125% 1/15/24 (b)
Altice Finco SA 8.125% 1/15/24 (b)		615,000		621,150
Altice Luxembourg SA 7.625% 2/15/25 (b)
Altice Luxembourg SA 7.625% 2/15/25 (b)		700,000		637,980
CCO Holdings LLC/CCO Holdings Capital Corp.
5.000% 2/01/28 (b)		1,086,000		1,020,731
5.750% 2/15/26 (b)		550,000		551,375
5.875% 4/01/24 (b)		1,500,000		1,524,375
5.875% 5/01/27 (b)		822,000		814,808
Cequel Communications Holdings I LLC/Cequel Capital Corp. 7.500% 4/01/28 (b)
		565,000		592,544
Clear Channel Worldwide Holdings, Inc. 7.625% 3/15/20
Clear Channel Worldwide Holdings, Inc. 7.625% 3/15/20		1,476,000		1,479,690
DISH DBS Corp. 7.750% 7/01/26
DISH DBS Corp. 7.750% 7/01/26		1,031,000		972,542
Midcontinent Communications/Midcontinent Finance Corp. 6.875% 8/15/23 (b)
		864,000		904,219
Sirius XM Radio, Inc. 5.375% 7/15/26 (b)
Sirius XM Radio, Inc. 5.375% 7/15/26 (b)		167,000		165,748
Ziggo BV 5.500% 1/15/27 (b)
Ziggo BV 5.500% 1/15/27 (b)		489,000		458,804

				10,348,466

Mining — 4.5%
Compass Minerals International, Inc. 4.875% 7/15/24 (b)
Compass Minerals International, Inc. 4.875% 7/15/24 (b)		294,000		272,318
First Quantum Minerals Ltd.
7.250% 4/01/23 (b)		659,000		629,757
7.500% 4/01/25 (b)		652,000		618,585


	Principal Amount		Value
Hecla Mining Co. 6.875% 5/01/21
Hecla Mining Co. 6.875% 5/01/21	$	1,271,000	$	1,274,177
Kinross Gold Corp.
4.500% 7/15/27		640,000		572,032
5.950% 3/15/24		441,000		449,820
6.875% 9/01/41		476,000		485,520
New Gold, Inc. 6.250% 11/15/22 (b)
New Gold, Inc. 6.250% 11/15/22 (b)		998,000		870,755
Northwest Acquisitions ULC/Dominion Finco, Inc. 7.125% 11/01/22 (b)
		884,000		903,890

				6,076,854

Miscellaneous – Manufacturing — 1.0%
EnPro Industries, Inc. 5.875% 9/15/22
EnPro Industries, Inc. 5.875% 9/15/22		1,271,000		1,294,831

Oil & Gas — 9.3%
Calumet Specialty Products Partners LP/Calumet Finance Corp.
7.625% 1/15/22		362,000		362,905
7.750% 4/15/23		204,000		204,000
Chesapeake Energy Corp.
8.000% 1/15/25		898,000		926,062
8.000% 6/15/27		25,000		25,500
Citgo Holding, Inc. 10.750% 2/15/20 (b)
Citgo Holding, Inc. 10.750% 2/15/20 (b)		1,677,000		1,777,620
Ensco PLC 7.750% 2/01/26
Ensco PLC 7.750% 2/01/26		234,000		232,245
EP Energy LLC/Everest Acquisition Finance, Inc.
8.000% 2/15/25 (b)		1,081,000		826,965
9.375% 5/01/24 (b)		356,000		293,700
Jonah Energy LLC/Jonah Energy Finance Corp. 7.250% 10/15/25 (b)
		985,000		753,525
Jupiter Resources, Inc. 8.500% 10/01/22 (b)
Jupiter Resources, Inc. 8.500% 10/01/22 (b)		2,310,000		1,097,250
Kosmos Energy Ltd.
7.875% 8/01/21 (b)		1,823,000		1,854,902
7.875% 8/01/21 (b)		800,000		814,000
PBF Holding Co. LLC/PBF Finance Corp.
7.000% 11/15/23		47,000		48,880
7.250% 6/15/25		925,000		971,250
SM Energy Co. 6.625% 1/15/27
SM Energy Co. 6.625% 1/15/27		188,000		194,345
Transocean Guardian Ltd. 5.875% 1/15/24 (b)
Transocean Guardian Ltd. 5.875% 1/15/24 (b)		269,000		271,354
Transocean, Inc.
6.800% 3/15/38		483,000		417,795
9.350% STEP 12/15/41		150,000		150,938
Tullow Oil PLC 6.250% 4/15/22 (b)
Tullow Oil PLC 6.250% 4/15/22 (b)		1,364,000		1,364,273

				12,587,509


	Principal Amount		Value
Oil & Gas Services — 1.3%
KCA Deutag UK Finance PLC 9.625% 4/01/23 (b)
KCA Deutag UK Finance PLC 9.625% 4/01/23 (b)	$	341,000	$	334,180
Weatherford International Ltd. 9.875% 2/15/24
Weatherford International Ltd. 9.875% 2/15/24		319,000		312,620
Welltec A/S 9.500% 12/01/22 (b)
Welltec A/S 9.500% 12/01/22 (b)		1,000,000		1,037,500

				1,684,300

Packaging & Containers — 0.1%
Crown Americas LLC/Crown Americas Capital Corp. VI 4.750% 2/01/26 (b)
		200,000		191,000

Pharmaceuticals — 3.5%
Bausch Health Cos., Inc 6.125% 4/15/25 (b)
Bausch Health Cos., Inc 6.125% 4/15/25 (b)		1,643,000		1,560,850
Bausch Health Cos., Inc. 6.500% 3/15/22 (b)
Bausch Health Cos., Inc. 6.500% 3/15/22 (b)		171,000		177,840
Bausch Health Cos., Inc.
5.500% 3/01/23 (b)		452,000		435,050
5.875% 5/15/23 (b)		193,000		188,175
7.000% 3/15/24 (b)		290,000		306,385
9.250% 4/01/26 (b)		600,000		647,250
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.000% STEP 2/01/25 (b)
		981,000		845,622
Endo Finance LLC/Endo Finco, Inc.
5.375% STEP 1/15/23 (b)		139,000		122,320
7.250% STEP 1/15/22 (b)		112,000		109,200
Teva Pharmaceutical Finance Netherlands III BV 6.000% 4/15/24
		315,000		319,865

				4,712,557

Pipelines — 2.1%
Cheniere Energy Partners LP 5.625% 10/01/26 (b)
Cheniere Energy Partners LP 5.625% 10/01/26 (b)		725,000		730,220
Energy Transfer Equity LP 4.250% 3/15/23
Energy Transfer Equity LP 4.250% 3/15/23		1,364,000		1,355,475
Genesis Energy LP/Genesis Energy Finance Corp. 6.000% 5/15/23
		765,000		754,481

				2,840,176

Private Equity — 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.375% 12/15/25
		761,000		763,854

Real Estate Investment Trusts (REITS) — 1.0%
MPT Operating Partnership LP/MPT Finance Corp. 5.000% 10/15/27
		539,000		519,461


	Principal Amount		Value
RHP Hotel Properties LP/RHP Finance Corp. 5.000% 4/15/23
RHP Hotel Properties LP/RHP Finance Corp. 5.000% 4/15/23	$	789,000	$	787,028

				1,306,489

Retail — 2.4%
Ferrellgas LP/Ferrellgas Finance Corp. 6.750% 1/15/22
Ferrellgas LP/Ferrellgas Finance Corp. 6.750% 1/15/22		500,000		436,250
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.
8.625% 6/15/20		742,000		704,900
8.625% 6/15/20		449,000		426,550
Golden Nugget, Inc. 8.750% 10/01/25 (b)
Golden Nugget, Inc. 8.750% 10/01/25 (b)		242,000		253,684
KGA Escrow LLC 7.500% 8/15/23 (b)
KGA Escrow LLC 7.500% 8/15/23 (b)		426,000		441,975
Penske Automotive Group, Inc. 5.500% 5/15/26
Penske Automotive Group, Inc. 5.500% 5/15/26		1,000,000		972,200

				3,235,559

Software — 3.4%
RP Crown Parent LLC 7.375% 10/15/24 (b)
RP Crown Parent LLC 7.375% 10/15/24 (b)		191,000		198,163
TIBCO Software, Inc. 11.375% 12/01/21 (b)
TIBCO Software, Inc. 11.375% 12/01/21 (b)		2,877,000		3,071,197
Veritas US, Inc./Veritas Bermuda Ltd. 10.500% 2/01/24 (b)
Veritas US, Inc./Veritas Bermuda Ltd. 10.500% 2/01/24 (b)		1,500,000		1,372,500

				4,641,860

Telecommunications — 7.2%
CenturyLink, Inc. 6.750% 12/01/23
CenturyLink, Inc. 6.750% 12/01/23		500,000		519,375
Citizens Communications Co. 7.125% 3/15/19
Citizens Communications Co. 7.125% 3/15/19		1,250,000		1,257,875
Hughes Satellite Systems Corp.
5.250% 8/01/26		805,000		784,875
6.625% 8/01/26		272,000		263,160
Intelsat Connect Finance SA 9.500% 2/15/23 (b)
Intelsat Connect Finance SA 9.500% 2/15/23 (b)		156,000		155,220
Intelsat Jackson Holdings SA
7.500% 4/01/21		889,000		900,112
8.500% 10/15/24 (b)		703,000		710,733
9.750% 7/15/25 (b)		132,000		139,755
Sprint Corp.
7.250% 9/15/21		745,000		787,838
7.625% 3/01/26		422,000		446,793
7.875% 9/15/23		1,578,000		1,702,267
T-Mobile USA, Inc.
4.500% 2/01/26		147,000		140,292
4.750% 2/01/28		226,000		212,723
6.000% 4/15/24		453,000		469,421
6.500% 1/15/26		679,000		711,388
Telecom Italia SpA 5.303% 5/30/24 (b)
Telecom Italia SpA 5.303% 5/30/24 (b)		512,000		498,560

				9,700,387


	Principal Amount		Value
Toys, Games & Hobbies — 0.1%
Mattel, Inc. 6.750% 12/31/25 (b)	$	147,000	$	144,060

Transportation — 2.5%
The Kenan Advantage Group, Inc. 7.875% 7/31/23 (b)
The Kenan Advantage Group, Inc. 7.875% 7/31/23 (b)		3,200,000		3,310,000

Trucking & Leasing — 0.2%
Park Aerospace Holdings Ltd. 5.250% 8/15/22 (b)
Park Aerospace Holdings Ltd. 5.250% 8/15/22 (b)		249,000		251,179


TOTAL CORPORATE DEBT (Cost $128,281,558)				125,160,209


TOTAL BONDS & NOTES (Cost $133,274,156)				130,272,251


	Number of Shares
WARRANTS — 0.0%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
Appvion Holding Corp. (a) (d) (e)		2,106		-
Appvion Holding Corp. (a) (d) (e)		2,106		22,426

				22,426


TOTAL WARRANTS (Cost $0)				22,426


TOTAL LONG-TERM INVESTMENTS (Cost $134,400,486)				131,830,693


	Principal Amount
SHORT-TERM INVESTMENTS — 1.8%
Commercial Paper — 1.8%
Enterprise Products Operating LLC 2.434% 10/01/18 (b)
Enterprise Products Operating LLC 2.434% 10/01/18 (b)	$	2,500,000		2,499,505


TOTAL SHORT-TERM INVESTMENTS (Cost $2,500,000)				2,499,505


TOTAL INVESTMENTS — 99.3% (Cost $136,900,486) (f)				134,330,198

Other Assets/(Liabilities) — 0.7%				898,143


NET ASSETS — 100.0%			$	135,228,341

Abbreviation Legend

STEP	Step Up Bond

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $86,121,721 or 63.69% of net assets.

(c)	A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $22,426 or 0.02% of net assets.

(e)	Investment was valued using significant unobservable inputs.

(f)	See Note 3 for aggregate cost for federal tax purposes.


	Principal Amount		Value
BONDS & NOTES — 135.4%

CORPORATE DEBT — 2.7%
Auto Manufacturers — 1.0%
Ford Motor Credit Co. LLC 3.549% FRN 2/15/23 (a)	$	2,060,000	$	2,048,571
General Motors Financial Co., Inc. 3 mo. USD LIBOR + 2.060% 4.399% FRN 1/15/19		1,720,000		1,728,566

				3,777,137

Computers — 0.7%
Dell International LLC/EMC Corp. 3.480% 6/01/19 (b)		1,100,000		1,102,779
Hewlett Packard Enterprise Co. 3 mo. USD LIBOR + 1.930% 4.267% FRN 10/05/18		1,700,000		1,700,269

				2,803,048

Health Care – Products — 0.5%
Becton Dickinson & Co. 3.261% FRN 12/29/20 (a)		2,060,000		2,063,053

Pharmaceuticals — 0.5%
Cardinal Health, Inc. 3 mo. USD LIBOR + .770% 3.104% FRN 6/15/22		2,060,000		2,063,438


TOTAL CORPORATE DEBT (Cost $10,716,457)				10,706,676


MUNICIPAL OBLIGATIONS — 0.0%
Louisiana State Public Facilities Authority, Series 2011-A, Class A2, 3 mo. USD LIBOR 3.235% FRN 4/26/27		108,589		108,714


TOTAL MUNICIPAL OBLIGATIONS (Cost $108,589)				108,714


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 47.1%
Auto Floor Plan ABS — 0.5%
Ally Master Owner Trust, Series 2015-2, Class A1, 1 mo. LIBOR + .570% 2.728% FRN 1/15/21		1,200,000		1,201,469
NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A1, 2.798% FRN 2/15/23 (a) (b)		850,000		851,780

				2,053,249

Automobile ABS — 12.9%
American Credit Acceptance Receivables Trust
Series 2017-4, Class A, 2.000% 7/10/20 (b)		361,344		360,867


	Principal Amount		Value
Series 2017-1, Class B, 2.390% 2/16/21 (b)	$	222,543	$	222,449
Series 2018-3, Class A, 2.920% 8/12/21 (b)		350,000		350,000
Series 2018-2, Class A, 2.940% 1/10/22 (b)		873,294		873,506
Series 2017-4, Class C, 2.940% 1/10/24 (b)		1,450,000		1,443,248
AmeriCredit Automobile Receivables Trust, Series 2018-1, Class A1 2.450% 5/20/19		668,612		668,606
ARI Fleet Lease Trust, Series 2018-A, Class A1 1.950% 3/15/19 (b)		736,929		736,355
CarFinance Capital Auto Trust, Series 2015-1A, Class A 1.750% 6/15/21 (b)		14,279		14,274
Chesapeake Funding II LLC
Series 2018-1A, Class A2, 2.608% FRN 4/15/30 (a) (b)		1,100,000		1,103,301
Series 2016-2A, Class A2, 1 mo. USD LIBOR + 1.000% 3.158% FRN 6/15/28 (b)		854,282		857,061
CPS Auto Trust
Series 2017-D, Class A, 1.870% 3/15/21 (b)		816,818		813,111
Series 2018-A, Class A, 2.160% 5/17/21 (b)		204,555		203,840
Series 2017-A, Class B, 2.680% 5/17/21 (b)		2,000,000		1,994,442
Series 2018-C, Class A, 2.870% 9/15/21 (b)		676,899		676,188
Series 2018-C, Class B, 3.430% 7/15/22 (b)		260,000		259,447
Drive Auto Receivables Trust
Series 2018-4, Class A1, 2.451% P-1 9/16/19		2,510,000		2,509,627
Series 2017-1, Class C, 2.840% 4/15/22		650,000		648,670
Series 2018-2, Class B, 3.220% 4/15/22		350,000		349,537
DT Auto Owner Trust
Series 2017-4A, Class A, 1.850% 8/17/20 (b)		629,476		628,398
Series 2017-3A, Class B, 2.400% 5/17/21 (b)		810,000		807,647
Series 2018-1A, Class A, 2.590% 5/17/21 (b)		894,813		893,969
Series 2018 2A ,Class A, 2.840% 9/15/21 (b)		1,175,576		1,174,528
Series 2018-1A, Class B, 3.040% 1/18/22 (b)		520,000		518,565


	Principal Amount		Value
Enterprise Fleet Financing LLC, Series 2016-1, Class A2 1.830% 9/20/21 (b)	$	116,706	$	116,582
Exeter Automobile Receivables Trust
Series 2018-1A, Class A, 2.210% 5/17/21 (b)		463,496		462,144
Series 2018-1A, Class B, 2.750% 4/15/22 (b)		450,000		446,034
Series 2016-3A, Class B, 2.840% 8/16/21 (b)		420,000		419,435
Series 2018-3A, Class A, 2.900% 1/18/22 (b)		937,251		935,975
Series 2017-1A, Class B, 3.000% 12/15/21 (b)		700,000		698,567
First Investors Auto Owner Trust
Series 2017-3A, Class A1, 2.000% 3/15/22 (b)		1,131,792		1,124,975
Series 2018-1A, Class A1, 2.840% 5/16/22 (b)		1,061,132		1,059,591
Flagship Credit Auto Trust
Series 2015-2, Class A, 1.980% 10/15/20 (b)		29,696		29,687
Series 2017-4, Class A, 2.070% 4/15/22 (b)		1,439,533		1,427,760
Series 2015-3, Class A, 2.380% 10/15/20 (b)		613,924		613,458
Series 2018-1, Class A, 2.590% 6/15/22 (b)		1,636,404		1,628,927
Series 2017-4, Class B, 2.660% 10/17/22 (b)		2,190,000		2,147,844
Series 2016-4, Class C, 2.710% 11/15/22 (b)		680,000		659,710
Series 2016-1, Class A, 2.770% 12/15/20 (b)		134,441		134,447
Series 2017-1, Class B, 2.830% 3/15/23 (b)		1,320,000		1,314,337
Series 2018-2, Class A, 2.970% 10/17/22 (b)		2,979,448		2,975,625
Hertz Fleet Lease Funding LP
Series 2018-1, Class A1, 2.633% FRN 5/10/32 (a) (b)		2,530,000		2,534,973
Series 2016-1, Class A1, 1 mo. USD LIBOR + 1.100% 3.233% FRN 4/10/30 (b)		659,568		661,363
NextGear Floorplan Master Owner Trust, Series 2016-1A, Class A1, 1 mo. LIBOR + 1.700% 3.858% FRN 4/15/21 (b)		960,000		966,951
OneMain Direct Auto Receivables Trust, Series 2017-2A, Class A 2.310% 12/14/21 (b)		940,000		933,999


	Principal Amount		Value
Oscar US Funding Trust II, Series 2015-1A, Class A4 2.440% 6/15/22 (b)	$	722,100	$	720,226
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700% 3.858% FRN 7/15/20 (b)		23,839		23,891
Oscar US Funding Trust IX LLC, Series 2018-2A, Class A2B, 2.603% FRN 8/10/21 (a) (b)		1,500,000		1,499,528
Oscar US Funding Trust VI
Series 2017-1A, Class A3, 2.820% 6/10/21 (b)		500,000		498,070
Series 2017-1A, Class A4, 3.300% 5/10/24 (b)		420,000		417,934
Oscar US Funding Trust VII LLC, Series 2017-2A, Class A2A 2.130% 11/10/20 (b)		618,393		615,936
Oscar US Funding Trust VIII LLC, Series 2018-1A, Class A2A 2.910% 4/12/21 (b)		513,200		512,638
Prestige Auto Receivables Trust, Series 2018-1A, Class A1 2.528% 10/15/19 (b)		780,000		780,000
Santander Drive Auto Receivables Trust, Series 2015-2, Class C 2.440% 4/15/21		442,224		441,966
Securitized Equipment Receivable 3.760% 10/11/24		400,000		397,773
4.200% 10/11/24		430,000		427,390
Tesla Auto Lease Trust
Series 2018-A, Class A, 2.320% 12/20/19 (b)		647,029		645,266
Series 2018-A, Class B, 2.750% 2/20/20 (b)		265,000		263,866
Toyota Auto Receivables Owner Trust, Series 2018-C, Class A2B, 2.278% FRN 8/16/21 (a)		1,920,000		1,920,567
Westlake Automobile Receivables Trust
Series 2018-2A, Class A1, 2.500% 5/15/19 (b)		789,374		789,403
Series 2018-2A, Class A2A, 2.840% 9/15/21 (b)		1,440,000		1,438,320

				50,792,794

Commercial MBS — 1.5%
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 3.658% FRN 7/15/35 (a) (b)		1,700,000		1,702,606
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.928% VRN 7/10/38 (a)		276,499		279,397


	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 3.158% FRN 6/15/32 (a) (b)	$	1,150,000	$	1,151,429
RETL, Series 2018-RVP, Class A, 3.258% FRN 3/15/33 (a) (b)		940,527		944,067
TPG Real Estate Finance Issuer Ltd., Series 2018-FL1, Class A, 2.908% FRN 2/15/35 (a) (b)		640,000		639,809
VMC Finance LLC, Series 2018-FL1, Class A, 2.978% FRN 3/15/35 (a) (b)		1,169,231		1,168,516

				5,885,824

Credit Card ABS — 0.3%
Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 1 mo. LIBOR + .770% 2.904% FRN 5/14/29		1,100,000		1,108,208

Home Equity ABS — 0.0%
ACE Securities Corp., Series 2005-HE5, Class M2, 1 mo. USD LIBOR + .735% 2.951% FRN 8/25/35		4,251		4,268

Other ABS — 13.3%
321 Henderson Receivables I LLC
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 2.358% FRN 3/15/41 (b)		585,735		575,819
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% 2.358% FRN 6/15/41 (b)		1,659,261		1,625,318
Series 2006-4A, Class A1, 1 mo. USD LIBOR + .200% 2.358% FRN 12/15/41 (b)		302,088		295,897
321 Henderson Receivables II LLC, Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 2.358% FRN 9/15/41 (b)		167,434		159,508
321 Henderson Receivables LLC, Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 2.358% FRN 3/15/42 (b)		690,534		649,855
AIMCO CLO, Series 2015-AA, Class AR, 3.189% FRN 1/15/28 (a) (b)		2,450,000		2,440,673
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 3.308% FRN 6/15/28 (a) (b)		780,000		781,953
Avant Loans Funding Trust
Series 2017-B, Class A, 2.290% 6/15/20 (b)		159,577		159,491
Series 2018-A, Class A, 3.090% 6/15/21 (b)		1,250,051		1,249,783


	Principal Amount		Value
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100% 3.435% FRN 4/25/26 (b)	$	2,118,882	$	2,119,151
BCC Funding XIV LLC
Series 2018-1A, Class A1, 2.200% 2/20/19 (b)		1,189,556		1,189,138
Series 2018-1A, Class A2, 2.960% 6/20/23 (b)		980,000		974,552
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (b)		377,356		377,356
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A 2.000% 12/10/23 (b)		156,581		156,189
CCG Receivables Trust, Series 2018-2, Class A2 3.090% 12/15/25 (b)		1,120,000		1,116,961
CIFC Funding II Ltd., Series 2015-2A, Class AR, 3.119% FRN 4/15/27 (a) (b)		2,450,000		2,440,367
Citigroup Mortgage Loan Trust Asset Backed Pass-Through Certificates, Series 2005-OPT3, Class M2, 1 mo. USD LIBOR + .675% 2.891% FRN 5/25/35		15,238		15,241
Consumer Installment Loan Trust, Series 2016-LD1, Class A 3.960% 7/15/22 (b)		19,170		19,168
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.676% FRN 9/25/34		25,380		25,346
Diamond Resorts Owner Trust
Series 2015-1, Class A, 2.730% 7/20/27 (b)		54,609		54,603
Series 2015-2, Class B, 3.540% 5/22/28 (b)		103,441		102,838
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A1 1.950% 11/25/39 (b)		33,333		33,258
Drug Royalty II LP, Series 2014-1, Class A1, 3 mo. USD LIBOR + 2.850% 5.189% FRN 7/15/23 (b)		190,736		192,275
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (b)		175,320		169,774
Element Rail Leasing II LLC, Series 2016-1A, Class A1 3.968% 3/19/46 (b)		358,160		359,678


	Principal Amount		Value
Hilton Grand Vacations Trust, Series 2014-AA, Class A 1.770% 11/25/26 (b)	$	109,752	$	107,751
Lendmark Funding Trust, Series 2018-1A, Class A 3.810% 12/21/26 (b)		630,000		629,339
Mariner Finance Issuance Trust
Series 2017-BA, Class A, 2.920% 12/20/29 (b)		1,600,000		1,574,390
Series 2017-AA, Class A, 3.620% 2/20/29 (b)		770,000		769,869
Marlette Funding Trust
Series 2017-3A, Class A, 2.360% 12/15/24 (b)		298,892		297,803
Series 2017-2A, Class A, 2.390% 7/15/24 (b)		270,763		270,311
Series 2018-1A, Class A, 2.610% 3/15/28 (b)		1,379,143		1,374,881
Series 2017-1A, Class A, 2.827% 3/15/24 (b)		470,341		470,192
Series 2018-2A, Class A, 3.060% 7/17/28 (b)		992,458		990,717
Series 2018-3A, Class A, 3.200% 9/15/28 (b)		1,079,230		1,079,071
MVW Owner Trust, Series 2017-1A, Class A 2.420% 12/20/34 (b)		173,298		167,552
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3.139% FRN 1/15/28 (a) (b)		2,450,000		2,446,033
New Residential Advance Receivables Trust, Series 2016-T2, Class AT2 2.575% 10/15/49 (b)		1,900,000		1,883,761
OCP CLO Ltd., Series 2015-10A, Class A1R, 3.155% FRN 10/26/27 (a) (b)		2,450,000		2,441,699
Orange Lake Timeshare Trust, Series 2016-A, Class A 2.610% 3/08/29 (b)		363,917		353,488
Oxford Finance Funding Trust
Series 2014-1A, Class A, 3.475% 12/15/22 (b)		56,618		56,642
Series 2016-1A, Class A, 3.968% 6/17/24 (b)		481,149		477,972
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A (Acquired 2/21/18, Cost $440,000), 5.066% FRN 2/25/23 (a) (b) (c) (d)		440,000		445,091
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + ..250% 2.466% FRN 2/25/37 (b)		20,225		20,212
Sierra Receivables Funding Co. LLC, Series 2014-3A, Class A 2.300% 10/20/31 (b)		204,700		203,628


	Principal Amount		Value
Sierra Timeshare Receivables Funding LLC
Series 2014-2A, Class A, 2.050% VRN 6/20/31 (a) (b)	$	185,828	$	185,496
Series 2015-2A, Class A, 2.430% 6/20/32 (b)		452,937		447,325
Series 2014-3A, Class B, 2.800% 10/20/31 (b)		501,162		499,049
Series 2015-2A, Class B, 3.020% 6/20/32 (b)		1,315,328		1,303,260
Series 2015-1A, Class B, 3.050% 3/22/32 (b)		572,574		568,788
Series 2015-3A, Class B, 3.080% 9/20/32 (b)		43,747		43,315
SoFi Consumer Loan Program LLC
Series 2016-3, Class A, 3.050% 12/26/25 (b)		328,517		326,977
Series 2016-5, Class A, 3.060% 9/25/28 (b)		1,677,071		1,670,437
Series 2016-2A, Class A, 3.090% 10/27/25 (b)		462,529		461,072
Series 2016-1A, Class A, 3.260% 8/25/25 (b)		818,067		816,820
Series 2017-2, Class A, 3.280% 2/25/26 (b)		676,991		675,281
Sofi Consumer Loan Program Trust, Series 2018-3, Class A1 3.200% 8/25/27 (b)		1,861,331		1,861,042
SpringCastle America Funding LLC, Series 2016-AA, Class A 3.050% 4/25/29 (b)		826,912		823,282
Springleaf Funding Trust, Series 2016-AA, Class A 2.900% 11/15/29 (b)		1,830,000		1,825,042
Taco Bell Funding LLC, Series 2016-1A, Class A2I 3.832% 5/25/46 (b)		2,167,000		2,169,275
TLF National Tax Lien Trust, Series 2017-1A, Class A 3.090% 12/15/29 (b)		1,062,789		1,059,988
Trafigura Securitisation Finance PLC
Series 2017-1A, Class A1, 1 mo. USD LIBOR + .850% 3.008% FRN 12/15/20 (b)		1,000,000		999,372
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 3.858% FRN 12/15/20 (b)		1,330,000		1,328,778
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 2.709% 8/15/47 (b)		254,817		250,907
Westgate Resorts LLC
Series 2014-1A, Class A, 2.150% 12/20/26 (b)		134,248		133,686


	Principal Amount		Value
Series 2017-1A, Class A, 3.050% 12/20/30 (b)	$	586,384	$	579,378
Series 2015-2A, Class A, 3.200% 7/20/28 (b)		296,360		296,011
Series 2018-1A, Class A, 3.380% 12/20/31 (b)		728,339		724,565

				52,393,740

Student Loans ABS — 15.4%
Academic Loan Funding Trust, Series 2013-1A, Class A, 1 mo. USD LIBOR + .800% 3.016% FRN 12/26/44 (b)		2,062,857		2,056,303
AccessLex Institute
Series 2005-2, Class A3, 3 mo. USD LIBOR + .180% 2.490% FRN 11/22/24		54,927		54,927
Series 2005-1, Class B, 3 mo. USD LIBOR + .570% 2.936% FRN 9/22/37		713,110		684,875
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.190% FRN 7/01/38		84,043		82,194
Brazos Higher Education Authority, Inc., Series 2006-2, Class A10, 3 mo. USD LIBOR + .120% 2.493% FRN 6/25/26		1,166,063		1,148,671
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% 2.829% FRN 1/15/37		540,401		507,131
DRB Prime Student Loan Trust
Series 2015-A, Class A3, 2.320% 4/25/30		37,206		36,949
Series 2015-B, Class A3, 2.540% 4/27/26 (b)		97,713		96,444
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 4.116% FRN 10/25/44 (b)		1,018,758		1,034,318
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 4.216% FRN 4/25/40 (b)		141,994		145,928
Earnest Student Loan Program LLC
Series 2016-C, Class A1, 1 mo. USD LIBOR + 1.850% 4.066% FRN 10/27/36 (b)		474,856		486,020
Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% 4.266% FRN 2/26/35 (b)		369,861		379,044
ECMC Group Student Loan Trust
Series 2018-1A, Class A, 2.966% FRN 2/27/68 (a) (b)		4,125,662		4,126,282


	Principal Amount		Value
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.416% FRN 12/27/66 (b)	$	1,619,424	$	1,641,286
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.566% FRN 7/26/66 (b)		1,088,313		1,109,490
EdLinc Student Loan Funding Trust, Series 2017-A, Class A (Acquired 12/22/17, Cost $1,290,960), 3.350% FRN 12/01/47 (a) (b) (c) (d)		1,123,145		1,110,634
Edsouth Indenture No. 10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 12/25/58 (b)		1,000,000		1,014,942
Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800% 3.016% FRN 10/25/56 (b)		528,825		528,846
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 2.966% FRN 8/25/42 (a) (b)		1,027,497		1,027,496
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700% 3.011% FRN 8/25/48 (b)		378,975		378,793
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350% 2.689% FRN 6/28/39 (b)		600,178		573,261
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. USD LIBOR + .750% 2.854% FRN 12/01/31		406,472		407,090
KeyCorp Student Loan Trust
Series 2000-A, Class A2, 3 mo. USD LIBOR + .320% 2.631% FRN 5/25/29		338,205		335,706
Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310% 2.691% FRN 9/27/35		276,765		276,128
Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2A 1.870% 11/25/42 (b)		401,065		399,860
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200% 3.358% FRN 12/15/28 (b)		654,143		663,154
Navient Private Education Refi Loan Trust, Series 2018-A, Class A1 2.530% 2/18/42 (b)		2,454,757		2,434,853
Navient Student Loan Trust
Series 2018-1A, Class A1, 2.406% FRN 3/25/67 (a) (b)		819,309		819,309


	Principal Amount		Value
Series 2018-1A, Class A3, 2.936% FRN 3/25/67 (a) (b)	$	1,120,000	$	1,125,077
Series 2016-3A, Class A2, 1 mo. USD LIBOR + .850% 3.066% FRN 6/25/65 (b)		733,441		737,624
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.466% FRN 6/25/65 (b)		2,378,755		2,438,964
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.516% FRN 3/25/66 (b)		2,200,000		2,281,807
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 3.966% FRN 12/26/40 (b)		620,102		621,174
Nelnet Student Loan Trust
Series 2005-1, Class A5, 3 mo. USD LIBOR + .110% 2.445% FRN 10/25/33		733,150		728,759
Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% 2.466% FRN 3/23/37		1,286,789		1,277,607
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 2.535% FRN 1/25/38		892,491		848,790
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 2.536% FRN 3/23/37		1,024,499		969,000
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 2.623% FRN 6/25/41		415,597		381,346
Series 2018-3A, Class A2, 2.656% FRN 9/27/66 (a) (b)		900,000		900,036
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 2.685% FRN 10/25/40		1,396,754		1,340,486
Series 2018-1A, Class A2, 2.976% FRN 5/25/66 (a) (b)		1,790,000		1,799,203
Series 2010-4A, Class A, 1 mo. USD LIBOR + .800% 3.016% FRN 4/25/46 (b)		79,087		79,791
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 6/25/41 (b)		375,000		353,408
SLC Student Loan Trust
Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 2.564% FRN 12/15/39		1,426,539		1,342,586
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 2.614% FRN 3/15/40		2,133,941		1,997,262


	Principal Amount		Value
SLM Private Education Loan Trust, Series 2011-A, Class A3, 1 mo. USD LIBOR + 2.500% 4.658% FRN 1/15/43 (b)	$	440,000	$	448,702
SLM Student Loan Trust
Series 2007-5, Class A6, 3 mo. USD LIBOR + .110% 2.445% FRN 1/26/43		597,371		576,616
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 2.475% FRN 10/25/28		680,224		678,536
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.485% FRN 3/25/44		1,760,000		1,694,003
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 2.535% FRN 1/25/70		429,481		408,006
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.545% FRN 10/25/40		450,572		427,183
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 2.555% FRN 1/25/41		459,905		430,800
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% 2.555% FRN 3/25/44		1,007,405		952,994
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 2.635% FRN 7/25/25		400,000		399,152
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 2.645% FRN 1/25/55		452,335		427,212
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 2.805% FRN 10/25/64		342,897		325,865
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 2.935% FRN 10/25/65 (b)		2,550,000		2,550,367
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 2.984% FRN 12/15/38		503,051		481,487
Series 2002-7, Class A11, 28 day ARS 4.080% FRN 3/15/28		240,000		240,000
Series 2003-5, Class A9, 28 day ARS + 2.500% 4.480% FRN 6/17/30		700,000		700,000
Series 2003-5, Class A7, 28 day ARS + 2.500% 4.490% FRN 6/17/30		550,000		550,000
Series 2003-2, Class A7, 28 day ARS 5.083% FRN 9/15/28		750,000		750,000


	Principal Amount		Value
SMB Private Education Loan Trust
Series 2017-B, Class A1, 2.428% FRN 6/17/24 (a) (b)	$	394,860	$	394,820
Series 2018-C, Class A1, 2.431% FRN 9/15/25 (a) (b)		1,130,000		1,130,000
Series 2018-B, Class A2B, 2.878% FRN 1/15/37 (a) (b)		1,500,000		1,501,492
Series 2014-A, Class A2A, 3.050% 5/15/26 (b)		530,417		529,834
SoFi Professional Loan Program LLC
Series 2016-C, Class A2A, 1.480% 5/26/31 (b)		130,170		129,910
Series 2017-F, Class A1FX, 2.050% 1/25/41 (b)		835,471		826,936
Series 2017-A, Class A1, 1 mo. USD LIBOR + .700% 2.916% FRN 3/26/40 (b)		723,223		725,306
Series 2015-A, Class A1, 1 mo. USD LIBOR + 1.200% 3.416% FRN 3/25/33 (b)		137,967		138,973
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 3.966% FRN 8/25/36 (b)		471,914		486,040

				60,687,088

WL Collateral CMO — 3.2%
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-CF1, Class M1, 1 mo. USD LIBOR + .700% 2.916% FRN 3/25/45 (b)		29,786		30,153
Deephaven Residential Mortgage Trust
Series 2018-1A, Class A1, 2.976% VRN 12/25/57 (a) (b)		921,620		902,727
Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b)		921,620		903,586
Series 2018-2A, Class A1, 3.479% VRN 4/25/58 (a) (b)		2,309,235		2,299,838
JP Morgan Mortgage Trust
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)		710,475		700,796
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)		1,042,105		1,024,650
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)		1,024,689		1,011,372
PSMC Trust, Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b)		967,855		953,375
Sequoia Mortgage Trust
Series 2015-1, Class A6, 2.500% VRN 1/25/45 (a) (b)		834,867		808,750
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)		939,548		926,764
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b)		741,699		744,339


	Principal Amount		Value
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)	$	1,304,449	$	1,309,082
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)		903,323		907,823

				12,523,255


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $180,516,461)				185,448,426


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 0.7%
Pass-Through Securities — 0.1%
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.235% 3.798% 3/01/37		370,924		391,263
Government National Mortgage Association II Pool #82462, 1 year CMT + 1.500% 3.375% 1/20/40		141,973		147,024

				538,287

Whole Loans — 0.6%
Federal National Mortgage Association Connecticut Avenue Securities
Series 2018-C03, Class 1M1, 2.896% FRN 10/25/30 (a)		1,148,755		1,148,630
Series 2016-C06, Class 1M1, 1 mo. USD LIBOR + 1.300% 3.516% FRN 4/25/29		592,378		596,717
Series 2016-C05, Class 2M1, 1 mo. USD LIBOR + 1.350% 3.566% FRN 1/25/29		192,605		193,122
Series 2016-C04, Class 1M1, 1 mo. USD LIBOR + 1.450% 3.666% FRN 1/25/29		388,021		390,416

				2,328,885


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,850,468)				2,867,172


U.S. TREASURY OBLIGATIONS — 84.9%
U.S. Treasury Bonds & Notes — 84.9%
U.S. Treasury Inflation Index
0.125% 4/15/21 (e)		20,308,679		19,889,019
0.125% 4/15/22 (e)		24,900,607		24,191,847
0.125% 7/15/22 (e)		24,234,723		23,647,317
0.125% 1/15/23 (e)		24,641,249		23,854,372


	Principal Amount		Value
0.125% 7/15/24 (e)	$	18,254,704	$	17,535,182
0.125% 7/15/26 (e)		19,975,270		18,830,073
0.250% 1/15/25 (e)		20,119,673		19,304,106
0.375% 7/15/25 (e) (f)		21,434,054		20,746,378
0.375% 7/15/27 (e)		22,355,340		21,356,336
0.500% 1/15/28 (e)		12,413,048		11,910,869
0.625% 4/15/23 (e)		12,509,402		12,347,007
0.625% 1/15/24 (e)		12,420,460		12,253,475
0.625% 2/15/43 (e)		5,918,940		5,377,527
0.750% 7/15/28		6,525,610		6,420,249
0.750% 2/15/42		6,808,653		6,388,786
0.750% 2/15/45 (e)		8,850,306		8,224,907
0.875% 2/15/47 (e)		6,263,820		5,988,962
1.000% 2/15/48 (e)		7,817,765		7,719,941
1.125% 1/15/21 (g)		435,460		438,059
1.375% 2/15/44 (e)		8,109,675		8,686,856
1.750% 1/15/28 (e)		6,616,005		7,080,331
2.000% 1/15/26 (e)		7,618,133		8,193,745
2.125% 2/15/40		1,457,425		1,760,562
2.125% 2/15/41 (e)		4,614,548		5,612,984
2.375% 1/15/25 (e)		10,026,900		10,923,574
2.375% 1/15/27 (e)		6,498,076		7,238,130
3.375% 4/15/32 (e)		2,839,500		3,686,507
3.625% 4/15/28 (e)		4,674,270		5,798,895
3.875% 4/15/29 (e)		6,867,571		8,839,405

				334,245,401


TOTAL U.S. TREASURY OBLIGATIONS (Cost $342,550,171)				334,245,401


TOTAL BONDS & NOTES (Cost $536,742,146)				533,376,389


TOTAL PURCHASED OPTIONS (#) — 0.7% (Cost $2,611,695)				2,621,331


TOTAL LONG-TERM INVESTMENTS (Cost $539,353,841)				535,997,720


SHORT-TERM INVESTMENTS — 31.5%
Commercial Paper — 31.5%
Aon Corp. 2.387% 10/17/18 (b)		3,600,000		3,595,353
AT&T, Inc. 2.890% 12/06/18 (b)		6,000,000		5,970,272
Avery Dennison Corp. 2.412% 10/25/18 (b)		2,400,000		2,395,630
BAT International Finance
2.418% 00418, 10/11/18 (b)		3,600,000		3,596,831
2.485% 00418, 10/01/18 (b)		3,500,000		3,499,307


	Principal Amount		Value
Bell Canada 2.602% 12/10/18 (b)	$	6,000,000	$	5,969,279
CRH America Finance, Inc. 2.345% 10/03/18 (b)		2,000,000		1,999,337
Dominion Resources 2.551% 12/12/18		6,000,000		5,968,062
Entergy Corp. 2.500% 12/06/18 (b)		6,000,000		5,969,019
FMC Tech, Inc. 2.418% 10/17/18 (b)		6,000,000		5,992,254
HP, Inc. 2.673% 10/15/18 (b)		6,000,000		5,993,820
Keurig Dr Pepper, Inc. 2.410% 10/30/18 (b)		6,000,000		5,987,019
Marriott International 2.504% 11/13/18 (b)		6,000,000		5,981,086
Michelin Luxembourg SCS 2.499% 12/17/18 (b)		6,000,000		5,965,693
Nasdaq, Inc. 2.389% 10/24/18 (b)		6,000,000		5,989,570
Northrop Grumman Corp. 2.346% 10/03/18		6,000,000		5,998,036
Nutrien Ltd. 2.444% 10/29/18 (b)		6,000,000		5,985,838
Spectra Energy Partners
2.398% 00418, 10/10/18 (b)		2,800,000		2,797,731
2.539% 02095, 10/22/18 (b)		2,100,000		2,096,576
2.540% 02095, 10/23/18 (b)		1,100,000		1,098,131
Suncor Energy, Inc. 2.602% 12/18/18 (b)		6,000,000		5,965,210
Telus Corp. 2.602% 11/01/18 (b)		6,000,000		5,986,094
Thomson Reuters Corp. 2.439% 10/02/18 (b)		6,000,000		5,998,385
Transcanada Pipelines Ltd. 2.357% 10/15/18 (b)		6,000,000		5,993,064
Walgreens Boots Alliance, Inc. 2.336% 10/04/18		6,000,000		5,997,606
WPP CP LLC 2.806% 10/02/18 (b)		1,400,000		1,399,630

				124,188,833


TOTAL SHORT-TERM INVESTMENTS (Cost $124,218,446)				124,188,833


TOTAL INVESTMENTS — 167.6% (Cost $663,572,287) (h)				660,186,553

Other Assets/(Liabilities) — (67.6)%				(266,178,643	)


NET ASSETS — 100.0%			$	394,007,910

Abbreviation Legend

ABS	Asset-Backed Security

ARS	Auction Rate Security

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

FRN	Floating Rate Note

MBS	Mortgage-Backed Security

VRN	Variable Rate Note

WL	Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

(b)

Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $261,316,908 or 66.32% of net assets.

(c)	Investment was valued using significant unobservable inputs.

(d)	Restricted security. Certain securities are restricted as to resale. At September 30, 2018, these securities amounted to a value of $1,555,725 or 0.39% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e)	All or portion of this security is pledged as collateral for open reverse repurchase agreements. (Note 2).

(f)	All or a portion of this security is held as collateral for open swap agreements. (Note 2).

(g)	A portion of this security is pledged/held as collateral for open futures contracts and open swap agreements. (Note 2).

(h)	See Note 3 for aggregate cost for federal tax purposes.

Collateral for swap agreements held by Goldman Sachs International and Credit Suisse International amounted to $259,378 and $167,230 in securities, respectively, at September 30, 2018.


	Number of Shares		Value
EQUITIES — 0.2%

PREFERRED STOCK — 0.2%
Financial — 0.2%
Insurance — 0.2%
The Allstate Corp. 3 mo. USD LIBOR + 3.165%, 5.100% VRN 1/15/53		95,000	$	2,375,000


TOTAL PREFERRED STOCK (Cost $2,375,000)				2,375,000


TOTAL EQUITIES (Cost $2,375,000)				2,375,000


	Principal Amount
BONDS & NOTES — 98.1%

CORPORATE DEBT — 37.8%
Advertising — 0.1%
WPP Finance 2010 5.625% 11/15/43	$	1,205,000		1,232,394

Aerospace & Defense — 0.0%
United Technologies Corp. 6.125% 7/15/38		350,000		412,885

Agriculture — 0.4%
Bunge Ltd. Finance Corp.
3.250% 8/15/26		1,824,000		1,650,516
4.350% 3/15/24		1,910,000		1,890,987
Reynolds American, Inc. 5.850% 8/15/45		1,085,000		1,179,912

				4,721,415

Airlines — 1.0%
American Airlines Group, Inc. 5.500% 10/01/19 (a)		8,351,000		8,465,826
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24		191,813		190,586
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, 4.100% 10/01/29		1,688,967		1,682,633
United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.600% 9/01/27		565,000		563,889
WestJet Airlines Ltd. 3.500% 6/16/21 (a)		735,000		723,040

				11,625,974

Auto Manufacturers — 0.9%
Ford Motor Co. 5.291% 12/08/46		530,000		472,049


	Principal Amount		Value
Ford Motor Credit Co. LLC
4.140% 2/15/23	$	2,760,000	$	2,714,908
4.375% 8/06/23		340,000		336,142
General Motors Co.
4.200% 10/01/27		1,315,000		1,240,428
5.150% 4/01/38		800,000		744,064
General Motors Financial Co., Inc.
3.500% 11/07/24		3,200,000		3,016,750
4.150% 6/19/23		1,410,000		1,404,361

				9,928,702

Auto Parts & Equipment — 0.0%
Lear Corp. 5.375% 3/15/24		535,000		550,042

Banks — 5.3%
Associated Banc-Corp. 4.250% 1/15/25		2,991,000		2,975,798
Banco Santander SA 4.250% 4/11/27		1,800,000		1,700,023
Bank of America Corp.
4.183% 11/25/27		2,515,000		2,454,720
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		1,150,000		1,122,679
6.110% 1/29/37		1,550,000		1,782,577
7.750% 5/14/38		400,000		539,908
Bank of Montreal 3.803% VRN 12/15/32 (b)		1,505,000		1,406,182
The Bank of Nova Scotia
4.500% 12/16/25		1,295,000		1,295,625
4.650% VRN 12/31/99 (b) (c)		2,575,000		2,415,672
Barclays PLC 3.695% FRN 5/16/24 (b)		2,085,000		2,074,090
4.337% 1/10/28		1,720,000		1,627,699
CIT Group, Inc. 4.750% 2/16/24		2,100,000		2,105,145
Citigroup, Inc. 4.125% 7/25/28		2,975,000		2,874,243
Credit Suisse AG 6.500% 8/08/23 (a)		2,050,000		2,188,580
Credit Suisse Group AG
3.869% VRN 1/12/29 (a) (b)		910,000		855,697
4.282% 1/09/28 (a)		1,325,000		1,288,672
Deutsche Bank AG 3.150% 1/22/21		1,805,000		1,763,853
Discover Bank 4.682% VRN 8/09/28 (b)		2,905,000		2,875,137
First Republic Bank 4.375% 8/01/46		4,360,000		4,049,177
Fulton Financial Corp. 3.600% 3/16/22		1,565,000		1,531,286
The Goldman Sachs Group, Inc.
3.814% VRN 4/23/29 (b)		1,560,000		1,488,100


	Principal Amount		Value
5.950% 1/15/27	$	1,410,000	$	1,541,885
6.750% 10/01/37		1,145,000		1,377,384
HSBC Holdings PLC
4.250% 3/14/24		1,225,000		1,218,497
4.583% VRN 6/19/29 (b)		1,535,000		1,535,024
ING Groep NV 4.100% 10/02/23		2,060,000		2,061,535
JP Morgan Chase & Co.
3.625% 12/01/27		1,235,000		1,164,743
5.600% 7/15/41		1,125,000		1,298,568
Morgan Stanley 4.350% 9/08/26		3,500,000		3,472,999
Turkiye Garanti Bankasi AS 4.750% 10/17/19 (a)		3,010,000		2,938,482
Valley National Bancorp 5.125% 9/27/23		1,530,000		1,575,107
Wells Fargo & Co.
5.375% 11/02/43		909,000		976,569
5.606% 1/15/44		665,000		734,579

				60,310,235

Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc. 4.900% 2/01/46		3,825,000		3,868,303
Molson Coors Brewing Co.
4.200% 7/15/46		1,724,000		1,527,544
5.000% 5/01/42		360,000		356,948

				5,752,795

Biotechnology — 0.3%
Amgen, Inc. 5.150% 11/15/41		475,000		503,411
Celgene Corp.
3.450% 11/15/27		2,525,000		2,357,180
4.350% 11/15/47		1,230,000		1,101,083

				3,961,674

Building Materials — 0.7%
CRH America Finance, Inc. 3.950% 4/04/28 (a)		1,950,000		1,889,383
Standard Industries, Inc.
5.000% 2/15/27 (a)		3,037,000		2,858,576
5.375% 11/15/24 (a)		1,636,000		1,633,955
5.500% 2/15/23 (a)		1,238,000		1,251,927

				7,633,841

Chemicals — 1.0%
Ashland, Inc. 6.875% 5/15/43		302,000		309,550
Incitec Pivot Finance LLC 6.000% 12/10/19 (a)		1,160,000		1,189,804
The Mosaic Co. 4.050% 11/15/27		1,805,000		1,746,187
RPM International, Inc. 3.750% 3/15/27		725,000		688,952


	Principal Amount		Value
The Sherwin-Williams Co. 4.500% 6/01/47	$	700,000	$	673,252
Syngenta Finance NV
3.698% 4/24/20 (a)		1,870,000		1,865,757
4.441% 4/24/23 (a)		2,315,000		2,300,886
Yara International ASA 4.750% 6/01/28 (a)		2,100,000		2,114,146

				10,888,534

Commercial Services — 0.4%
The ADT Security Corp. 6.250% 10/15/21		4,613,000		4,839,083
ERAC USA Finance LLC 6.700% 6/01/34 (a)		125,000		149,671

				4,988,754

Computers — 0.6%
Dell International LLC/EMC Corp. 6.020% 6/15/26 (a)		487,000		520,521
Leidos Holdings, Inc. 4.450% 12/01/20		5,665,000		5,730,148

				6,250,669

Diversified Financial Services — 3.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300% 1/23/23		2,405,000		2,317,131
3.875% 1/23/28		4,660,000		4,325,957
4.500% 5/15/21		1,810,000		1,838,089
Affiliated Managers Group, Inc. 3.500% 8/01/25		2,080,000		1,988,264
Aircastle Ltd.
4.400% 9/25/23		970,000		970,130
5.000% 4/01/23		1,750,000		1,797,322
Ally Financial, Inc. 3.250% 11/05/18		3,060,000		3,058,776
Antares Holdings LP 6.000% 8/15/23 (a)		2,945,000		2,956,592
Ares Finance Co. LLC 4.000% 10/08/24 (a)		2,080,000		1,966,877
Discover Financial Services 4.100% 2/09/27		1,750,000		1,672,810
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		1,035,000		974,095
Genpact Luxembourg Sarl 3.700% 4/01/22		2,400,000		2,343,484
High Street Funding Trust I 4.111% 2/15/28 (a)		3,075,000		2,999,048
Lazard Group LLC
3.625% 3/01/27		1,253,000		1,168,521
4.500% 9/19/28		755,000		742,592
Legg Mason, Inc. 5.625% 1/15/44		1,195,000		1,208,792


	Principal Amount		Value
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. 4.500% 3/15/27 (a)	$	1,150,000	$	1,142,637

				33,471,117

Electric — 2.1%
The Cleveland Electric Illuminating Co. 3.500% 4/01/28 (a)		945,000		891,319
Duke Energy Corp. 3.750% 9/01/46		1,235,000		1,085,263
EDP Finance BV 3.625% 7/15/24 (a)		2,665,000		2,544,113
Entergy Louisiana LLC 4.950% 1/15/45		1,005,000		1,011,375
Infraestructura Energetica Nova SAB de CV 3.750% 1/14/28 (a)		820,000		733,900
IPALCO Enterprises, Inc.
3.450% 7/15/20		4,160,000		4,140,282
3.700% 9/01/24		1,060,000		1,028,134
Israel Electric Corp. Ltd.
4.250% 8/14/28 (a)		2,450,000		2,324,462
7.250% 1/15/19 (a)		417,000		420,907
Nevada Power Co., Series N, 6.650% 4/01/36		550,000		695,230
Oncor Electric Delivery Co. 7.500% 9/01/38		495,000		695,608
Pacific Gas & Electric Co. 5.800% 3/01/37		543,000		605,712
Pennsylvania Electric Co. 4.150% 4/15/25 (a)		1,860,000		1,855,292
Progress Energy, Inc. 7.000% 10/30/31		485,000		604,859
Puget Energy, Inc. 6.500% 12/15/20		1,580,000		1,673,991
Tri-State Pass-Through Trust, Series 2003, Class B, 7.144% 7/31/33 (a)		480,000		544,161
Virginia Electric and Power Co. 6.350% 11/30/37		640,000		803,111
Xcel Energy, Inc. 6.500% 7/01/36		1,435,000		1,818,701

				23,476,420

Electronics — 0.3%
Arrow Electronics, Inc.
3.250% 9/08/24		965,000		912,084
3.875% 1/12/28		985,000		917,499
Ingram Micro, Inc. 5.450% STEP 12/15/24		1,288,000		1,268,837
Tyco Electronics Group SA 7.125% 10/01/37		335,000		444,810

				3,543,230


	Principal Amount		Value
Forest Products & Paper — 0.1%
Fibria Overseas Finance Ltd. 4.000% 1/14/25	$	1,250,000	$	1,158,281

Gas — 0.3%
NiSource, Inc. 5.800% 2/01/42		950,000		1,048,453
Spire, Inc. 4.700% 8/15/44		1,840,000		1,830,454

				2,878,907

Health Care – Products — 0.1%
Becton Dickinson & Co. 4.685% 12/15/44		825,000		813,453

Health Care – Services — 0.3%
Advocate Health & Hospitals Corp. 3.829% 8/15/28		965,000		973,432
Humana, Inc.
3.950% 3/15/27		1,660,000		1,631,615
4.800% 3/15/47		830,000		846,539

				3,451,586

Home Builders — 0.4%
Lennar Corp.
4.500% 11/15/19		3,390,000		3,415,425
4.750% 5/30/25		1,230,000		1,199,250

				4,614,675

Household Products & Wares — 0.0%
Church & Dwight Co., Inc. 3.150% 8/01/27		520,000		481,485

Insurance — 3.4%
The Allstate Corp. 3 mo. USD LIBOR + 2.938% 5.750% VRN 8/15/53		3,410,000		3,512,300
American International Group, Inc.
4.200% 4/01/28		1,525,000		1,508,953
4.500% 7/16/44		1,175,000		1,108,944
4.750% 4/01/48		505,000		496,447
5.750% VRN 4/01/48 (b)		2,285,000		2,219,306
AmTrust Financial Services, Inc. 6.125% 8/15/23		3,030,000		2,937,003
Arch Capital Group US, Inc. 5.144% 11/01/43		1,040,000		1,102,023
The Athene Holding Ltd. 4.125% 1/12/28		5,070,000		4,736,893
AXIS Specialty Finance PLC 4.000% 12/06/27		2,500,000		2,364,789
CNA Financial Corp. 3.450% 8/15/27		1,115,000		1,032,402
CNO Financial Group, Inc.
4.500% 5/30/20		1,602,000		1,618,020
5.250% 5/30/25		2,321,000		2,373,223
Enstar Group Ltd. 4.500% 3/10/22		920,000		924,033


	Principal Amount		Value
The Progressive Corp. 5.375% VRN 12/31/99 (b) (c)	$	1,175,000	$	1,172,063
Prudential Financial, Inc. 5.700% VRN 9/15/48 (b)		2,440,000		2,431,655
Trinity Acquisition PLC 4.400% 3/15/26		445,000		442,756
USF&G Capital I 8.500% 12/15/45 (a)		885,000		1,218,305
Voya Financial, Inc. 4.700% VRN 1/23/48 (a) (b)		1,080,000		961,200
Willis North America, Inc.
4.500% 9/15/28		2,465,000		2,464,303
7.000% 9/29/19		566,000		585,356
XLIT Ltd. 4.450% 3/31/25		3,525,000		3,492,159

				38,702,133

Internet — 0.2%
Amazon.com, Inc. 4.050% 8/22/47		1,840,000		1,812,526

Investment Companies — 1.1%
Ares Capital Corp.
3.500% 2/10/23		3,100,000		2,962,266
3.875% 1/15/20		3,090,000		3,102,235
BlackRock TCP Capital Corp. 4.125% 8/11/22		2,870,000		2,725,035
FS Investment Corp. 4.000% 7/15/19		3,095,000		3,106,575

				11,896,111

Iron & Steel — 0.8%
ArcelorMittal
5.125% 6/01/20		2,165,000		2,217,217
5.250% STEP 8/05/20		2,034,000		2,093,946
6.250% STEP 2/25/22		1,201,000		1,288,073
Vale Overseas Ltd. 5.875% 6/10/21		2,825,000		2,972,804
6.875% 11/21/36		630,000		731,556

				9,303,596

Lodging — 0.1%
MGM Resorts International 6.625% 12/15/21		1,103,000		1,169,180

Machinery – Diversified — 0.3%
CNH Industrial Capital LLC 3.875% 10/15/21		3,280,000		3,270,826

Media — 0.8%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/01/27 (a)		1,275,000		1,208,062
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484% 10/23/45		1,285,000		1,381,354


	Principal Amount		Value
Comcast Corp.
3.400% 7/15/46	$	645,000	$	521,872
6.950% 8/15/37		515,000		636,046
Discovery Communications LLC
3.950% 3/20/28		1,550,000		1,472,424
5.000% 9/20/37		995,000		970,205
Grupo Televisa SAB 6.625% 3/18/25		1,075,000		1,212,761
Time Warner Cable, Inc.
6.750% 6/15/39		985,000		1,074,237
8.250% 4/01/19		75,000		76,917
8.750% 2/14/19		325,000		331,715
Warner Media LLC 6.250% 3/29/41		210,000		227,076

				9,112,669

Mining — 0.8%
Glencore Finance Canada Ltd. 5.550% STEP 10/25/42 (a)		894,000		881,940
Glencore Funding LLC
3.875% 10/27/27 (a)		975,000		903,850
4.625% 4/29/24 (a)		2,365,000		2,379,497
Kinross Gold Corp.
4.500% 7/15/27		1,020,000		911,676
5.125% 9/01/21		3,495,000		3,591,113

				8,668,076

Miscellaneous – Manufacturing — 0.1%
General Electric Co.
4.125% 10/09/42		1,430,000		1,275,455
6.875% 1/10/39		298,000		372,207

				1,647,662

Office Equipment/Supplies — 0.3%
Pitney Bowes, Inc.
3.875% STEP 9/15/20		845,000		833,381
3.875% STEP 10/01/21		3,005,000		2,866,019

				3,699,400

Oil & Gas — 2.6%
Anadarko Petroleum Corp. 6.600% 3/15/46		1,258,000		1,479,400
Andeavor 4.500% 4/01/48		510,000		475,369
Antero Resources Corp. 5.375% 11/01/21		3,409,000		3,452,635
Cenovus Energy, Inc.
3.000% 8/15/22		1,275,000		1,221,373
4.250% 4/15/27		1,875,000		1,812,469
6.750% 11/15/39		550,000		620,252
Continental Resources, Inc. 4.375% 1/15/28		1,573,000		1,561,242
Diamondback Energy, Inc. 4.750% 11/01/24 (a)		2,196,000		2,198,745


	Principal Amount		Value
Encana Corp. 6.500% 2/01/38	$	545,000	$	638,758
EQT Corp. 3.900% 10/01/27		4,085,000		3,827,694
Helmerich & Payne International Drilling Co. 4.650% 3/15/25		935,000		956,166
Marathon Petroleum Corp. 6.500% 3/01/41		1,120,000		1,310,589
Nabors Industries, Inc. 5.500% 1/15/23		1,415,000		1,389,967
Newfield Exploration Co. 5.750% 1/30/22		1,200,000		1,255,500
Patterson-UTI Energy, Inc. 3.950% 2/01/28		880,000		814,173
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		1,175,000		1,222,000
Petroleos Mexicanos
3.500% 1/30/23		675,000		639,900
4.625% 9/21/23		575,000		569,825
5.350% 2/12/28 (a)		1,165,000		1,098,013
5.500% 1/21/21		1,190,000		1,227,973
6.375% 1/23/45		595,000		550,970
6.500% 3/13/27		585,000		597,578
6.625% 6/15/35		140,000		139,090

				29,059,681

Oil & Gas Services — 0.1%
National Oilwell Varco, Inc. 3.950% 12/01/42		1,451,000		1,258,675

Packaging & Containers — 0.4%
Amcor Finance USA, Inc. 3.625% 4/28/26 (a)		3,105,000		2,937,900
The WestRock MWV LLC 7.550% 3/01/47		1,000,000		1,282,425

				4,220,325

Pharmaceuticals — 1.6%
AbbVie, Inc. 4.700% 5/14/45		1,060,000		1,018,430
Allergan Funding SCS 4.750% 3/15/45		1,270,000		1,234,751
Bayer US Finance II LLC
4.400% 7/15/44 (a)		650,000		578,254
4.625% 6/25/38 (a)		1,200,000		1,148,869
CVS Health Corp.
5.050% 3/25/48		1,455,000		1,488,238
6.125% 9/15/39		560,000		635,532
CVS Pass-Through Trust
5.926% 1/10/34 (a)		1,146,600		1,228,730
7.507% 1/10/32 (a)		1,007,816		1,170,789


	Principal Amount		Value
Express Scripts Holding Co.
4.500% 2/25/26	$	1,180,000	$	1,190,570
4.800% 7/15/46		1,180,000		1,151,668
McKesson Corp. 6.000% 3/01/41		550,000		605,894
Mylan, Inc. 3.125% 1/15/23 (a)		618,000		589,349
Teva Pharmaceutical Finance IV LLC 2.250% 3/18/20		1,300,000		1,261,527
Teva Pharmaceutical Finance Netherlands III BV
1.700% 7/19/19		315,000		309,877
2.200% 7/21/21		4,043,000		3,799,207
4.100% 10/01/46		460,000		335,362

				17,747,047

Pipelines — 2.5%
Andeavor Logistics LP 6.875% VRN 12/31/99 (b) (c)		1,775,000		1,782,987
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 6.250% 10/15/22		652,000		669,930
Energy Transfer Equity LP
5.875% 1/15/24		1,150,000		1,210,375
7.500% 10/15/20		1,125,000		1,203,750
Energy Transfer Partners LP
4.200% 4/15/27		1,085,000		1,048,006
6.125% 12/15/45		800,000		853,321
6.250% VRN 12/31/99 (b) (c)		2,370,000		2,281,125
EnLink Midstream Partners LP
4.150% 6/01/25		2,075,000		1,967,542
4.850% 7/15/26		951,000		922,008
Enterprise Products Operating LLC 5.375% VRN 2/15/78 (b)		1,205,000		1,116,025
EQT Midstream Partners LP 4.750% 7/15/23		2,925,000		2,968,241
Kinder Morgan Energy Partners LP
6.375% 3/01/41		376,000		428,666
6.500% 2/01/37		150,000		168,252
6.550% 9/15/40		500,000		572,558
6.950% 1/15/38		175,000		212,131
MPLX LP
4.500% 4/15/38		1,195,000		1,126,282
5.200% 3/01/47		245,000		245,492
5.500% 2/15/23		912,000		930,516
Phillips 66 Partners LP 4.680% 2/15/45		178,000		168,687
Plains All American Pipeline LP 6.125% VRN 12/31/99 (b) (c)		2,345,000		2,283,444
Plains All American Pipeline LP/PAA Finance Corp.
4.500% 12/15/26		1,360,000		1,358,616
4.700% 6/15/44		675,000		607,949


	Principal Amount		Value
Sabine Pass Liquefaction LLC 4.200% 3/15/28	$	1,585,000	$	1,537,565
Sunoco Logistics Partners Operations LP
4.000% 10/01/27		1,375,000		1,305,462
5.300% 4/01/44		525,000		503,242
Western Gas Partners LP 4.500% 3/01/28		655,000		628,304

				28,100,476

Private Equity — 0.3%
Hercules Capital, Inc. 4.625% 10/23/22		2,910,000		2,800,475
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.250% 2/01/22		1,125,000		1,153,125

				3,953,600

Real Estate Investment Trusts (REITS) — 1.2%
American Tower Corp. 4.400% 2/15/26		860,000		860,994
American Tower Trust #1 3.652% 3/23/48 (a)		1,910,000		1,873,374
Crown Castle International Corp. 4.000% 3/01/27		790,000		765,432
Healthcare Trust of America Holdings LP 3.500% 8/01/26		1,265,000		1,179,944
Host Hotels & Resorts LP 3.875% 4/01/24		1,675,000		1,635,893
Kimco Realty Corp. 3.300% 2/01/25		960,000		910,865
Mid-America Apartments LP 3.600% 6/01/27		1,115,000		1,062,351
National Retail Properties, Inc. 4.300% 10/15/28		810,000		803,888
SBA Tower Trust
2.877% 7/10/46 (a)		1,200,000		1,179,871
3.156% 10/10/45 (a)		1,200,000		1,191,000
3.168% 4/09/47 (a)		1,930,000		1,892,477
Weingarten Realty Investors 3.250% 8/15/26		535,000		491,466

				13,847,555

Retail — 0.5%
Dollar Tree, Inc. 4.200% 5/15/28		1,915,000		1,859,998
El Puerto de Liverpool SAB de CV 3.950% 10/02/24 (a)		2,620,000		2,511,951
The Home Depot, Inc. 5.950% 4/01/41		600,000		746,967
QVC, Inc. 5.125% 7/02/22		545,000		552,114

				5,671,030


	Principal Amount		Value
Semiconductors — 0.1%
Microchip Technology, Inc. 3.922% 6/01/21 (a)	$	985,000	$	979,229

Software — 0.2%
Microsoft Corp. 4.450% 11/03/45		2,064,000		2,210,270

Telecommunications — 1.8%
AT&T, Inc.
3.400% 5/15/25		1,075,000		1,023,474
4.750% 5/15/46		2,580,000		2,357,181
5.250% 3/01/37		648,000		645,829
CenturyLink, Inc. 6.150% 9/15/19		560,000		570,500
Cisco Systems, Inc. 5.500% 1/15/40		345,000		411,398
Crown Castle Towers LLC
3.222% 5/15/42 (a)		1,700,000		1,663,008
4.241% 7/15/48 (a)		1,750,000		1,766,048
Embarq Corp. 7.995% 6/01/36		145,000		145,000
Ericsson LM 4.125% 5/15/22		3,075,000		3,055,544
Hughes Satellite Systems Corp. 6.500% 6/15/19		1,125,000		1,147,500
Sprint Communications, Inc. 9.250% 4/15/22		2,550,000		2,894,250
Telecom Italia SpA 5.303% 5/30/24 (a)		605,000		589,119
Telefonica Emisiones SAU 4.665% 3/06/38		1,105,000		1,038,145
Turk Telekomunikasyon AS 3.750% 6/19/19 (a)		240,000		232,881
Verizon Communications, Inc.
4.862% 8/21/46		1,278,000		1,274,824
6.550% 9/15/43		885,000		1,076,508

				19,891,209

Transportation — 0.2%
Autoridad del Canal de Panama 4.950% 7/29/35 (a)		1,050,000		1,084,125
Burlington Northern Santa Fe LLC 6.150% 5/01/37		720,000		882,836
Pacific National Finance Pty Ltd. 4.625% 9/23/20 (a)		610,000		616,847

				2,583,808

Trucking & Leasing — 0.6%
DAE Funding LLC 4.000% 8/01/20 (a)		1,049,000		1,037,199
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (a)		1,550,000		1,513,186
5.250% 8/15/22 (a)		4,440,000		4,478,850

				7,029,235


TOTAL CORPORATE DEBT (Cost $433,736,787)				427,981,387


	Principal Amount		Value
MUNICIPAL OBLIGATIONS — 0.7%
JobsOhio Beverage System Series B 4.532% 1/01/35	$	3,950,000	$	4,177,836
New York City Water & Sewer System 5.882% 6/15/44		105,000		133,199
Orange County Local Transportation Authority BAB 6.908% 2/15/41		1,350,000		1,776,397
Panhandle-Plains Student Finance Corp., Series 2001-A2, 3.170% FRN 12/01/31 (b)		500,000		496,370
State of California BAB
7.550% 4/01/39		120,000		175,150
7.600% 11/01/40		1,115,000		1,657,157

				8,416,109


TOTAL MUNICIPAL OBLIGATIONS (Cost $8,179,059)				8,416,109


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 32.3%
Automobile ABS — 1.9%
First Investors Auto Owner Trust, Series 2016-2A, Class B 2.210% 7/15/22 (a)		2,990,000
		2,990,000		2,947,347
Hertz Vehicle Financing II LP
Series 2018-1A, Class A, 3.290% 2/25/24 (a)		7,680,000		7,469,116
Series 2018-1A, Class B, 3.600% 2/25/24 (a)		3,810,000		3,701,712
Oscar US Funding Trust II, Series 2015-1A, Class A4 2.440% 6/15/22 (a)		2,166,300		2,160,678
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700% 3.858% FRN 7/15/20 (a)		67,672		67,821
Oscar US Funding Trust V, Series 2016-2A, Class A4 2.990% 12/15/23 (a)		4,000,000		3,963,100
Oscar US Funding Trust VI, Series 2017-1A, Class A4 3.300% 5/10/24 (a)		950,000		945,326

				21,255,100

Commercial MBS — 2.5%
Aventura Mall Trust, Series 2018-AVM, Class C, 4.112% VRN 7/05/40 (a) (b)		4,270,000		4,224,155
BBCMS Mortgage Trust
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (a) (b)		2,250,000		2,244,906
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (a) (b)		1,610,000		1,580,100


	Principal Amount		Value
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (a) (b)	$	1,370,000	$	1,319,559
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, 5.513% VRN 1/12/45 (b)		467,438		466,283
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 3.658% FRN 7/15/35 (a) (b)		4,950,000		4,957,588
Commercial Mortgage Pass-Through Certificates
Series 2012-CR4, Class B, 3.703% 10/15/45 (a)		1,060,000		1,044,232
Series 2014-UBS2, Class AM, 4.199% 3/10/47		1,375,000		1,389,875
Series 2014-CR14, Class A4, 4.236% VRN 2/10/47 (b)		1,410,000		1,458,630
Series 2015-CR23, Class C, 4.394% VRN 5/10/48 (b)		1,000,000		981,795
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A 4.238% 1/10/34 (a)		995,000		1,020,310
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.928% VRN 7/10/38 (b)		857,147		866,130
GS Mortgage Securities Corp. II, Series 2012-GC6, Class AS 4.948% 1/10/45 (a)		488,000		508,831
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class AM, 5.466% VRN 6/12/47 (b)		455,424		455,660
Morgan Stanley Capital I Trust
Series 2018-H3, Class B, 4.620% 7/15/51		760,000		772,977
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (a) (b)		1,325,000		1,369,805
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.481% VRN 8/15/39 (b)		56,246		56,509
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997% VRN 10/25/46 (b)		1,237,433		1,228,655
Wells Fargo Commercial Mortgage Trust
Series 2010-C1, Class A1, 3.349% 11/15/43 (a)		63,074		63,277
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (b)		1,450,000		1,469,779
Series 2018-C45, Class B, 4.556% 6/15/51		400,000		408,337

				27,887,393


	Principal Amount		Value
Home Equity ABS — 0.1%
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900% 3.116% FRN 2/25/35	$	541,680	$	541,762
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + ..720% 2.936% FRN 3/25/35		211,053		212,662

				754,424

Other ABS — 14.4%
321 Henderson Receivables LLC
Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 2.358% FRN 3/15/42 (a)		537,082		505,443
Series 2015-1A, Class A, 3.260% 9/15/72 (a)		1,158,235		1,106,838
Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725% 3.941% FRN 1/25/35		218,523		216,936
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% 3.819% FRN 10/15/28 (a)		2,620,000		2,633,540
Alterna Funding II LLC, Series 2015-1A, Class A 2.500% 2/15/24 (a)		197,090		196,905
Apidos CLO XXV, Series 2016-25A, Class A1, 3 mo. USD LIBOR + 1.460% 3.808% FRN 10/20/28 (a)		770,000		770,145
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (a)		1,847,750		1,853,771
ASSURANT CLO III Ltd., Series 2018-2A, Class C, 4.409% FRN 10/20/31 (a) (b)		820,000		818,336
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120% 3.453% FRN 1/18/25 (a)		737,401		737,477
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250% 3.598% FRN 7/20/30 (a)		1,990,000		1,992,060
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (a)		617,492		617,492
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A 2.940% 5/25/29 (a)		923,800		902,424


	Principal Amount		Value
CAL Funding III Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (a)	$	1,520,000	$	1,519,829
Capital Automotive REIT
Series 2014-1A, Class A, 3.660% 10/15/44 (a)		900,000		866,036
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)		985,833		973,435
Carlyle Global Market Strategies CLO Ltd.
Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220% 3.539% FRN 8/14/30 (a)		4,000,000		4,005,844
Series 2015-3A, Class CR, 5.189% FRN 7/28/28 (a) (b)		330,000		329,987
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (a)		1,679,391		1,674,637
CBAM Ltd., Series 2017-3A, Class A, 3.566% FRN 10/17/29 (a) (b)		3,510,000		3,512,875
CIFC Funding V Ltd., Series 2017-5A, Class A1, 3.516% FRN 11/16/30 (a) (b)		2,330,000		2,330,713
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3.548% FRN 10/20/30 (a) (b)		2,040,000		2,043,401
Consumer Installment Loan Trust, Series 2016-LD1, Class A 3.960% 7/15/22 (a)		55,911		55,907
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.676% FRN 9/25/34		54,696		54,624
Cronos Containers Program I Ltd., Series 2014-2A, Class A 3.270% 11/18/29 (a)		344,444		338,505
Diamond Resorts Owner Trust
Series 2014-1, Class A, 2.540% 5/20/27 (a)		186,733		186,634
Series 2015-1, Class A, 2.730% 7/20/27 (a)		376,194		376,154
Series 2015-2, Class A, 2.990% 5/22/28 (a)		408,320		406,664
Series 2016-1, Class A, 3.080% 11/20/28 (a)		1,839,664		1,795,013
Series 2018-1, Class A, 3.700% 1/21/31 (a)		1,865,498		1,856,102
Domino’s Pizza Master Issuer LLC
Series 2018-1A, Class A2I, 4.116% 7/25/48 (a)		1,546,125		1,536,831
Series 2017-1A, Class A23, 4.118% 7/25/47 (a)		772,200		760,689


	Principal Amount		Value
Series 2015-1A, Class A2II, 4.474% 10/25/45 (a)	$	3,030,250	$	3,048,965
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A1 1.950% 11/25/39 (a)		83,333		83,145
Drug Royalty Corp., Inc.
Series 2014-1, Class A2, 3.484% 7/15/23 (a)		186,084		185,366
Series 2012-1, Class A2, 5.800% 7/15/24 (a)		27,692		27,664
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 4.200% FRN 10/15/30 (a) (d)		1,700,000		1,700,000
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A 2.730% 4/25/28 (a)		1,346,222		1,317,292
Element Rail Leasing II LLC
Series 2015-1A, Class A1, 2.707% 2/19/45 (a)		365,350		359,414
Series 2016-1A, Class A1, 3.968% 3/19/46 (a)		1,061,215		1,065,712
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		487,913		475,251
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 4.212% 10/15/42 (a)		1,912,048		1,910,820
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3.348% FRN 4/20/31 (a) (b)		3,000,000		2,987,514
Global SC Finance II SRL, Series 2014-1A, Class A1 3.190% 7/17/29 (a)		291,667		285,586
Global SC Finance IV Ltd., Series 2017-1A, Class A 3.850% 4/15/37 (a)		1,599,429		1,577,954
Goldentree Loan Management US CLO Ltd., Series 2017-2A, Class A, 3.498% FRN 11/28/30 (a) (b)		1,950,000		1,952,494
Goodgreen Trust
Series 2016-1A, Class A, 3.230% 10/15/52 (a)		2,370,093		2,283,493
Series 2017-1A, Class A, 3.740% 10/15/52 (a)		1,113,901		1,104,086
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (b)		2,851,599		2,838,648
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645% 2.861% FRN 4/25/35		66,913		66,794
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (a)		1,623,032		1,655,493


	Principal Amount		Value
Hercules Capital Funding Trust, Series 2014-1A, Class A 3.524% 4/16/21 (a)	$	27,188	$	27,188
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 (a)		1,297,194		1,251,922
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		1,418,603		1,361,608
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		419,263		410,383
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		1,450,275		1,423,146
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		337,054		339,042
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		2,519,404		2,574,046
Highbridge Loan Management Ltd., Series 12A-18, Class B, 4.222% FRN 7/18/31 (a) (b)		1,200,000		1,191,358
Hilton Grand Vacations Trust
Series 2013-A, Class A, 2.280% 1/25/26 (a)		399,113		396,797
Series 2018-AA, Class C, 4.000% VRN 2/25/32 (a) (b)		420,000		419,857
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 4.300% 1/15/42 (a)		2,526,250		2,527,881
LCM XXIII Ltd., Series 23A, Class A1, 3 mo. USD LIBOR + 1.400% 3.748% FRN 10/20/29 (a)		3,030,000		3,041,711
Lendmark Funding Trust
Series 2017-1A, Class A, 2.830% 12/22/25 (a)		1,270,000		1,262,717
Series 2018-1A, Class A, 3.810% 12/21/26 (a)		1,730,000		1,728,185
Madison Park Funding Ltd., 3.186% FRN 4/15/19 (b) (d)		620,000		620,000
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3.937% FRN 7/15/30 (a) (b)		1,665,000		1,664,910
Marble Point CLO XI Ltd., Series 2017-2A, Class A, 3.513% FRN 12/18/30 (a) (b)		1,200,000		1,199,536
Marlette Funding Trust, Series 2017-2A, Class B 3.190% 7/15/24 (a)		1,000,000		997,952
Marriott Vacation Club Owner Trust, Series 2012-1A, Class A 2.510% 5/20/30 (a)		138,767		138,283
Mosaic Solar Loans LLC
Series 2017-2A, Class A, 3.820% 6/22/43 (a)		922,203		907,754
Series 2018-1A, Class A, 4.010% 6/22/43 (a)		436,485		432,697


	Principal Amount		Value
Series 2017-1A, Class A, 4.450% 6/20/42 (a)	$	456,757	$	460,010
MP CLO III Ltd., Series 2013-1A, Class AR, 3.598% FRN 10/20/30 (a) (b)		1,750,000		1,750,889
MVW Owner Trust
Series 2017-1A, Class A, 2.420% 12/20/34 (a)		393,859		380,800
Series 2015-1A, Class A, 2.520% 12/20/32 (a)		489,914		477,805
NP SPE II LLC, Series 2017-1A, Class A2 4.219% 10/21/47 (a)		2,260,000		2,242,544
NRZ Advance Receivables Trust
Series 2016-T3, Class AT3, 2.833% 10/16/51 (a)		10,600,000		10,307,872
Series 2016-T4, Class AT4, 3.107% 12/15/50 (a)		3,000,000		2,971,799
Orange Lake Timeshare Trust
Series 2014-AA, Class A, 2.290% 7/09/29 (a)		176,088		172,493
Series 2016-A, Class A, 2.610% 3/08/29 (a)		1,040,495		1,010,678
Series 2016-A, Class B, 2.910% 3/08/29 (a)		871,347		849,289
Oxford Finance Funding Trust
Series 2014-1A, Class A, 3.475% 12/15/22 (a)		176,932		177,005
Series 2016-1A, Class A, 3.968% 6/17/24 (a)		1,347,217		1,338,320
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A (Acquired 2/21/18, Cost $1,270,000), 5.066% FRN 2/25/23 (a) (b) (e) (f)		1,270,000		1,284,695
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340% 3.662% FRN 2/20/30 (a)		700,000		703,256
RR 3 Ltd., Series 2018-3A, Class A1R2, 3.429% FRN 1/15/30 (a) (b)		2,450,000		2,446,533
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B 3.080% 9/20/32 (a)		153,116		151,601
SoFi Consumer Loan Program LLC, Series 2017-2, Class A 3.280% 2/25/26 (a)		1,805,308		1,800,750
Spirit Master Funding LLC, Series 2014-4A, Class A1 3.501% 1/20/45 (a)		996,562		995,130


	Principal Amount		Value
SpringCastle America Funding LLC, Series 2016-AA, Class A 3.050% 4/25/29 (a)	$	966,453	$	962,211
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 2.750% 11/15/49 (a)		4,490,000		4,462,244
Steele Creek CLO Ltd.
Series 2017-1A, Class A, 3.589% FRN 1/15/30 (a) (b)		660,000		660,835
Series 2018-2A, Class C, 4.573% FRN 8/18/31 (a) (b)		1,170,000		1,169,915
Structured Receivables Finance LLC, Series 2010-B, Class A 3.730% 8/15/36 (a)		221,429		214,370
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A 4.190% 1/15/71 (a)		2,015,599		1,898,450
Symphony CLO XV Ltd., Series 2014-15A, Class AR, 3 mo. USD LIBOR + 1.180% 3.516% FRN 10/17/26 (a)		2,900,000		2,900,945
Taco Bell Funding LLC, Series 2016-1A, Class A2I 3.832% 5/25/46 (a)		2,462,500		2,465,086
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42		2,332,249		2,353,362
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% 3.817% FRN 10/13/29 (a)		2,150,000		2,156,198
THL Credit Wind River CLO Ltd., Series 2018-2A, Class B, 3.861% FRN 7/15/30 (a) (b)		1,150,000		1,148,779
Treman Park CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.370% 3.718% FRN 4/20/27 (a)		1,750,000		1,750,600
Trinity Rail Leasing L.P., Series 2018-1A, Class A2 4.620% 6/17/48 (a)		2,420,000		2,439,627
Trip Rail Master Funding LLC
Series 2017-1A, Class A1, 2.709% 8/15/47 (a)		501,671		493,972
Series 2017-1A, Class A2, 3.736% 8/15/47 (a)		810,000		798,190
Triton Container Finance IV LLC, Series 2017-2A, Class A 3.620% 8/20/42 (a)		3,093,743		3,027,172
Triton Container Finance VI LLC
Series 2017-1A, Class A, 3.520% 6/20/42 (a)		842,874		820,172


	Principal Amount		Value
Series 2018-2A, Class A, 4.190% 6/22/43 (a)	$	1,599,000	$	1,595,793
Vivint Solar Financing V LLC, Series 2018-1A, Class B 7.370% 4/30/48 (a)		3,115,000		3,179,281
VSE VOI Mortgage LLC, Series 2016-A, Class A 2.540% 7/20/33 (a)		1,395,959		1,358,205
WAVE Trust
Series 2017-1A, Class A, 3.844% 11/15/42 (a)		3,799,754		3,745,155
Series 2017-1A, Class C, 6.656% 11/15/42 (a)		2,431,560		2,445,367
Wendy’s Funding LLC
Series 2015-1A, Class A2II, 4.080% 6/15/45 (a)		1,775,100		1,771,608
Series 2015-1A, Class A23, 4.497% 6/15/45 (a)		2,134,000		2,140,722
Westgate Resorts LLC, Series 2017-1A, Class A 3.050% 12/20/30 (a)		1,172,768		1,158,755
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (a)		1,350,000		1,353,045

				163,809,439

Student Loans ABS — 12.8%
AccessLex Institute
Series 2004-A, Class A3, 28 day ARS 1.699% FRN 7/01/39		2,950,000		2,910,081
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.190% FRN 7/01/38		277,342		271,239
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS 0.000% FRN 1/25/47		900,000		707,795
Collegiate Funding Services Education Loan Trust, Series 2005-B, Class A4, 3 mo. USD LIBOR + .160% 2.546% FRN 3/28/35		1,324,454		1,307,989
DRB Prime Student Loan Trust
Series 2015-D, Class A2, 3.200% 1/25/40 (a)		695,887		693,805
Series 2015-B, Class A1, 1 mo. USD LIBOR + 1.900% 4.116% FRN 10/27/31 (a)		142,505		146,627
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 4.116% FRN 10/25/44 (a)		2,954,397		2,999,522


	Principal Amount		Value
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 4.216% FRN 4/25/40 (a)	$	410,204	$	421,569
Earnest Student Loan Program LLC
Series 2016-D, Class A2, 2.720% 1/25/41 (a)		1,222,340		1,197,921
Series 2016-B, Class A2, 3.020% 5/25/34 (a)		901,551		892,400
Series 2016-C, Class A1, 1 mo. USD LIBOR + 1.850% 4.066% FRN 10/27/36 (a)		1,394,198		1,426,977
ECMC Group Student Loan Trust
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.416% FRN 12/27/66 (a)		2,621,925		2,657,321
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.566% FRN 7/26/66 (a)		3,191,041		3,253,134
EdLinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $ 3,773,575), 3.350% FRN 12/01/47 (a) (b) (e) (f)		3,283,038		3,246,469
Education Services of America
Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 6/25/48 (a)		1,200,000		1,126,570
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 10/25/56 (a)		1,100,000		1,042,876
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700% 6.035% FRN 4/25/46		625,000		656,465
Higher Education Funding I
Series 2004-1, Class B1, 28 day ARS 0.000% FRN 1/01/44 (a)		450,000		395,927
Series 2004-1, Class B2, 28 day ARS 0.000% FRN 1/01/44 (a)		450,000		383,920
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310% 2.691% FRN 9/27/35		220,282		219,775
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX 3.020% 8/25/42 (a)		1,011,144		979,253
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 2.878% FRN 12/15/59 (a) (b)		880,000		882,599
Navient Private Education Refi Loan Trust, Series 2018-CA, Class B 4.220% 6/16/42 (a)		1,530,000		1,529,152


	Principal Amount		Value
Navient Student Loan Trust
Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 2.916% FRN 2/25/70 (a)	$	2,602,906	$	2,616,485
Series 2018-1A, Class A3, 2.936% FRN 3/25/67 (a) (b)		4,150,000		4,168,813
Series 2014-1, Class A4, 1 mo. USD LIBOR + .750% 2.966% FRN 2/25/39		3,000,000		2,966,522
Series 2017-5A, Class A, 3.016% FRN 7/26/66 (a) (b)		1,808,012		1,825,320
Series 2018-3A, Class A3, 3.016% FRN 3/25/67 (a) (b)		4,700,000		4,744,166
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.466% FRN 6/25/65 (a)		2,552,442		2,617,047
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.516% FRN 3/25/66 (a)		7,050,000		7,312,154
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 10/25/58		940,000		953,665
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 3.716% FRN 6/25/65 (a)		2,370,000		2,468,160
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B 3.600% 12/26/40 (a)		895,775		861,015
Nelnet Student Loan Trust
Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% 2.466% FRN 3/23/37		1,013,834		1,006,600
Series 2005-4, Class A4A, 7 day ARS, 0.000% 2.594% FRN 3/22/32		325,000		317,093
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 2.623% FRN 6/25/41		772,585		708,912
Series 2013-5A, Class A, 1 mo. USD LIBOR + .630% 2.846% FRN 1/25/37 (a)		1,795,282		1,795,841
Series 2018-3A, Class A3, 2.966% FRN 9/27/66 (a) (b)		3,800,000		3,800,151
Series 2018-1A, Class A2, 2.976% FRN 5/25/66 (a) (b)		3,880,000		3,899,949
North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3 mo. USD LIBOR + .800% 3.135% FRN 7/25/36		1,600,000		1,606,911
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% 3.166% FRN 11/25/65 (a)		2,735,609		2,771,104


	Principal Amount		Value
SLM Student Loan Trust
Series 2007-1, Class A6, 3 mo. USD LIBOR + .140% 2.475% FRN 1/27/42	$	550,000	$	531,520
Series 2005-3, Class B, 3 mo. USD LIBOR + .150% 2.485% FRN 4/25/40		961,926		881,309
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.485% FRN 3/25/44		5,310,000		5,110,884
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.545% FRN 10/25/40		2,326,076		2,205,330
Series 2005-6, Class B,, 3 mo. USD LIBOR + .290% 2.625% FRN 1/25/44		2,421,994		2,265,134
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% 2.935% FRN 1/25/41		3,530,000		3,537,955
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 2.935% FRN 10/25/65 (a)		15,050,000		15,052,166
Series 2005-7, Class A5, 3 mo. USD LIBOR + .750% 3.085% FRN 1/25/40		5,300,000		5,280,125
Series 2005-5, Class A5, 3 mo. USD LIBOR + .750% 3.085% FRN 10/25/40		1,056,000		1,052,200
Series 2013-2, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 6/25/43		1,420,000		1,400,189
Series 2002-7, Class A11, 28 day ARS 4.080% FRN 3/15/28		568,000		568,000
Series 2002-7, Class A10, 28 day ARS 4.088% FRN 3/15/28		234,000		234,000
Series 2003-5, Class A7, 28 day ARS + 2.500% 4.490% FRN 6/17/30		250,000		250,000
Series 2002-7, Class B, 28 day ARS 5.073% FRN 12/15/39		3,950,000		3,893,474
Series 2003-2, Class A7, 28 day ARS 5.083% FRN 9/15/28		650,000		650,000
SMB Private Education Loan Trust
Series 2016-B, Class A2A, 2.430% 2/17/32 (a)		1,363,886		1,314,407
Series 2018-B, Class A2B, 2.878% FRN 1/15/37 (a) (b)		3,000,000		3,002,984


	Principal Amount		Value
SoFi Professional Loan Program LLC
Series 2015-A, Class RC (Acquired 4/19/17, Cost $3,376,500), 0.000% 3/25/33 (a) (e) (f)	$	1,200	$	1,282,500
Series 2018-A, Class R1 (Acquired 1/22/18, Cost $2,700,288), 0.000% 2/25/42 (a) (e) (f)		3,759,800		2,700,288
Series 2017-D, Class R1 (Acquired 7/19/17, Cost $2,653,222), 0.000% 9/25/40 (a) (e) (f)		4,688,500		2,953,755
Series 2018-B, Class R1 (Acquired 3/15/18 Cost $1,794,790), 0.000% 8/26/47 (a) (e) (f)		3,324,300		1,868,959
Series 2018-D, Class R1 (Acquired 9/20/18, Cost $1,709,271) 0.000% 2/25/48 (a) (e) (f) (g)		4,961,600		1,709,271
Series 2016-D, Class A2B, 2.340% 4/25/33 (a)		1,300,000		1,260,258
Series 2016-C, Class A2B, 2.360% 12/27/32 (a)		570,000		556,402
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 3.416% FRN 6/25/33 (a)		1,036,541		1,052,673
Series 2017-A, Class B, 3.440% VRN 3/26/40 (a) (b)		1,220,000		1,170,579
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 3.966% FRN 8/25/36 (a)		555,407		572,031
Series 2017-C, Class C, 4.210% VRN 7/25/40 (a) (b)		990,000		933,252
South Carolina Student Loan Corp.
Series 2014-1, Class A2, 1 mo. USD LIBOR + 1.000% 3.104% FRN 1/03/33		1,800,000		1,811,124
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 3.604% FRN 8/01/35		3,050,000		2,977,437
South Texas Higher Education Authority, Inc., Series 2012-1, Class A3, 3 mo. USD LIBOR + .850% 3.187% FRN 10/01/46		1,700,000		1,719,399

				145,586,899

WL Collateral CMO — 0.6%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, 4.628% VRN 8/25/34 (b)		32,328		32,665
Countrywide Home Loans, Inc.
Series 2004-2, Class 1A1, 3.715% VRN 2/25/34 (b)		18,646		18,743
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (b)		4,187		3,815
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.105% VRN 8/25/34 (b)		5,907		5,867


	Principal Amount		Value
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.940% VRN 8/25/34 (b)	$	42,444	$	41,603
JP Morgan Mortgage Trust, Series 2017-1, Class A11, 3.500% VRN 1/25/47 (a) (b)		3,148,502		3,022,156
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class IA, 3.216% VRN 2/25/34 (b)		3,705		3,586
Series 2003-A4, Class IA, 4.544% VRN 7/25/33 (b)		2,775		2,780
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, 4.375% VRN 2/25/34 (b)		219		235
PSMC Trust, Series 2018-2, Class A1, 3.500% VRN 6/25/48 (a) (b)		3,780,879		3,676,012
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 4.324% VRN 3/25/34 (b)		22,808		22,923
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.245% FRN 4/25/44		67,157		69,716

				6,900,101


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $367,833,826)				366,193,356


SOVEREIGN DEBT OBLIGATIONS — 0.7%
Colombia Government International Bond 6.125% 1/18/41		2,580,000		2,921,850
Mexico Government International Bond
4.750% 3/08/44		4,727,000		4,516,649
6.750% 9/27/34		685,000		818,575

				8,257,074


TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $8,257,423)				8,257,074


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 26.3%
Collateralized Mortgage Obligations — 0.9%
Federal Home Loan Mortgage Corp.
Series 4303, Class AP, 3.000% 8/15/43		2,217,469		2,188,409
Series 2617, Class Z, 5.500% 5/15/33		1,239,748		1,330,523


	Principal Amount		Value
Series 2693, Class Z, 5.500% 10/15/33	$	2,221,419	$	2,374,686
Series 3423, Class PB, 5.500% 3/15/38		446,373		481,741
Series 2178, Class PB, 7.000% 8/15/29		51,220		55,794
Federal National Mortgage Association
Series 2014-7, Class VA, 3.500% 5/25/25		1,209,758		1,221,778
Series 2007-32, Class Z, 5.500% 4/25/37		688,685		742,672
Series 2010-60, Class HJ, 5.500% 5/25/40		469,551		495,629
Federal National Mortgage Association REMIC Series 2007-B2, Class ZA 5.500% 6/25/37		584,735		616,993

				9,508,225

Pass-Through Securities — 25.0%
Federal Home Loan Mortgage Corp.
Pool #G11630 3.500% 6/01/19		6,101		6,112
Pool #J13972 3.500% 1/01/26		49,876		50,213
Pool #C91344 3.500% 11/01/30		143,267		143,518
Pool #C91424 3.500% 1/01/32		95,606		95,924
Pool #U90432 3.500% 11/01/42		491,574		487,004
Pool #Q41916 3.500% 7/01/46		1,655,548		1,640,674
Pool #Q42045 3.500% 7/01/46		694,686		688,445
Pool #Q44275 3.500% 11/01/46		1,387,038		1,374,143
Pool #Q44277 3.500% 11/01/46		402,561		398,064
Pool #Q52216 3.500% 11/01/47		3,638,521		3,584,227
Pool #V83655 3.500% 12/01/47		10,896,538		10,733,941
Pool #V83763 3.500% 12/01/47		12,958,620		12,765,252
Pool #V83886 3.500% 1/01/48		802,086		790,118
Pool #V83764 4.000% 12/01/47		10,174,371		10,292,807
Pool #V83796 4.000% 12/01/47		16,411,728		16,595,079
Pool #Q52834 4.000% 12/01/47		1,517,101		1,534,050
Pool #V83962 4.000% 2/01/48		2,678,295		2,706,542
Pool #Q57232 4.000% 7/01/48		2,347,956		2,372,077
Pool #C91239 4.500% 3/01/29		7,221		7,496
Pool #C91251 4.500% 6/01/29		45,156		46,879
Pool #C03537 4.500% 8/01/40		1,050,550		1,096,019
Pool #G06057 4.500% 10/01/40		1,022,294		1,065,262
Pool #G60485 4.500% 10/01/41		1,148,843		1,197,131
Pool #G60172 4.500% 9/01/43		1,237,902		1,291,480
Pool #Q48208 4.500% 5/01/47		1,101,506		1,138,510
Pool #Q48869 4.500% 6/01/47		9,300,883		9,613,335
Pool #G05253 5.000% 2/01/39		218,666		232,281
Pool #C90939 5.500% 12/01/25		26,973		28,807
Pool #D97258 5.500% 4/01/27		14,682		15,681
Pool #C91026 5.500% 4/01/27		43,000		45,925
Pool #C91074 5.500% 8/01/27		4,562		4,872


	Principal Amount		Value
Pool #D97417 5.500% 10/01/27	$	11,489	$	12,270
Pool #C91128 5.500% 12/01/27		2,224		2,375
Pool #C91148 5.500% 1/01/28		94,894		101,348
Pool #C91176 5.500% 5/01/28		33,674		35,964
Pool #C91217 5.500% 11/01/28		12,705		13,569
Pool #C01079 7.500% 10/01/30		1,713		1,939
Pool #C01135 7.500% 2/01/31		5,497		6,204
Federal National Mortgage Association
Pool #AO8180 3.000% 9/01/42		38,975		37,580
Pool #AR1975 3.000% 12/01/42		46,770		45,097
Pool #AP8668 3.000% 12/01/42		205,554		198,199
Pool #AB7397 3.000% 12/01/42		178,423		172,038
Pool #AB7401 3.000% 12/01/42		166,829		160,860
Pool #AR0306 3.000% 1/01/43		13,782		13,289
Pool #AR5391 3.000% 1/01/43		119,445		115,171
Pool #AR4109 3.000% 2/01/43		148,205		142,902
Pool #AL3215 3.000% 2/01/43		153,977		148,467
Pool #AR4432 3.000% 3/01/43		60,550		58,384
Pool #AT0169 3.000% 3/01/43		267,656		258,079
Pool #AB8809 3.000% 3/01/43		84,342		81,324
Pool #MA1368 3.000% 3/01/43		281,063		271,006
Pool #AR2174 3.000% 4/01/43		304,209		293,324
Pool #MA2806 3.000% 11/01/46		26,187,123		25,086,446
Pool #BM3564 3.000% 7/01/47		7,398,855		7,087,872
Pool #AS1304 3.500% 12/01/28		1,578,875		1,591,518
Pool #AV1897 3.500% 12/01/28		276,714		278,930
Pool #AV2325 3.500% 12/01/28		767,688		773,835
Pool #BF0196 3.500% 2/01/41		1,479,570		1,469,224
Pool #MA1356 3.500% 2/01/43		10,788,230		10,685,826
Pool #BM3994 3.500% 1/01/44		1,666,524		1,650,705
Pool #CA1073 3.500% 1/01/48		20,492,276		20,182,490
Pool #MA3287 3.500% 2/01/48		4,539,233		4,433,731
Pool #888586 1 year CMT + 2.198% 3.976% FRN 10/01/34		106,961		110,937
Pool #BH9008 4.000% 8/01/47		343,882		347,683
Pool #CA0181 4.000% 8/01/47		9,492,701		9,597,640
Pool #BH9011 4.000% 9/01/47		296,005		299,277
Pool #CA0620 4.000% 10/01/47		13,592,835		13,743,100
Pool #BJ0686 4.000% 4/01/48		3,407,168		3,441,906
Pool #CA1951 4.000% 7/01/48		4,422,160		4,467,245
Pool #CA2039 4.000% 7/01/48		4,458,433		4,507,720
Pool #BF0105 4.000% 6/01/56		1,948,146		1,972,727
Pool #725692 1 year CMT + 2.138% 4.019% FRN 10/01/33		111,674		117,080
Pool #775539 12 mo. USD LIBOR + 1.645% 4.179% FRN 5/01/34		46,077		47,945
Pool #AA3980 4.500% 4/01/28		71,125		74,684
Pool #AH6787 4.500% 3/01/41		963,661		1,004,956
Pool #CA1952 4.500% 6/01/48		3,295,140		3,402,361
Pool #BK7877 4.500% 7/01/48		2,259,092		2,332,600


	Principal Amount		Value
Pool #AD6437 5.000% 6/01/40	$	535,073	$	569,121
Pool #AD6996 5.000% 7/01/40		3,574,376		3,789,537
Pool #AL8173 5.000% 2/01/44		1,406,235		1,490,445
Pool #AD0836 5.500% 11/01/28		82,420		88,025
Pool #575667 7.000% 3/01/31		12,266		13,828
Pool #529453 7.500% 1/01/30		2,638		2,986
Pool #531196 7.500% 2/01/30		316		354
Pool #530299 7.500% 3/01/30		356		391
Pool #535996 7.500% 6/01/31		6,314		7,134
Pool #523499 8.000% 11/01/29		266		300
Pool #252926 8.000% 12/01/29		157		178
Pool #532819 8.000% 3/01/30		128		147
Pool #534703 8.000% 5/01/30		2,746		3,122
Pool #253437 8.000% 9/01/30		150		171
Pool #253481 8.000% 10/01/30		93		106
Pool #596656 8.000% 8/01/31		998		1,028
Pool #602008 8.000% 8/01/31		4,153		4,724
Pool #190317 8.000% 8/01/31		3,388		3,856
Pool #597220 8.000% 9/01/31		3,191		3,656
Federal National Mortgage Association TBA
Pool #9768 3.000% 4/29/47 (d)		5,900,000		5,645,102
Pool #18388 4.000% 3/29/48 (d)		1,710,000		1,726,566
Pool #21133 4.500% 4/29/48 (d)		5,200,000		5,364,125
Government National Mortgage Association
Pool #783896 3.500% 5/15/44		4,779,896		4,775,975
Pool #BF1053 3.500% 12/15/47		1,738,007		1,727,348
Pool #BF1120 3.500% 1/15/48		2,420,045		2,405,204
Pool #AV1854 3.500% 1/15/48		2,000,705		1,988,435
Pool #BF1214 3.500% 2/15/48		1,780,450		1,769,531
Pool #BF1245 3.500% 2/15/48		1,804,881		1,793,812
Pool #371146 7.000% 9/15/23		105		111
Pool #374440 7.000% 11/15/23		311		332
Pool #352022 7.000% 11/15/23		5,140		5,480
Pool #491089 7.000% 12/15/28		8,747		9,492
Pool #480539 7.000% 4/15/29		421		468
Pool #478658 7.000% 5/15/29		2,180		2,442
Pool #488634 7.000% 5/15/29		2,285		2,545
Pool #500928 7.000% 5/15/29		4,285		4,788
Pool #499410 7.000% 7/15/29		1,268		1,423
Pool #510083 7.000% 7/15/29		946		1,053
Pool #493723 7.000% 8/15/29		2,575		2,893
Pool #516706 7.000% 8/15/29		66		68
Pool #581417 7.000% 7/15/32		12,308		13,853
Government National Mortgage Association II
Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25		4,512		4,585
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27		882		899
Pool #82462, 1 year CMT + 1.500% 3.375% FRN 1/20/40		493,169		510,715


	Principal Amount		Value
Pool #82488 1 year CMT + 1.500% 3.375% FRN 3/20/40	$	431,929	$	447,145
Pool #784314 3.500% 5/20/43		885,933		884,583
Pool #784026 3.500% 12/20/44		1,640,181		1,635,633
Pool #BC4641 3.500% 9/20/47		2,747,994		2,730,068
Pool #MA4778 3.500% 10/20/47		1,813,674		1,805,243
Pool #BC4885 3.500% 11/20/47		4,068,548		4,049,000
Pool #BD6940 3.500% 12/20/47		2,576,121		2,559,316
Pool #BE4328 3.500% 12/20/47		1,958,317		1,948,297
Pool #BD3899 3.500% 1/20/48		5,148,879		5,122,532
Pool #BE6487 3.500% 1/20/48		1,160,693		1,153,122
Pool #BD6461 3.500% 1/20/48		2,271,582		2,256,763
Pool #BF1119 3.500% 1/20/48		3,666,523		3,642,605
Pool #BF1269 3.500% 2/20/48		1,805,234		1,793,457
Pool #AC2985 4.000% 10/20/47		774,128		788,763
Pool #BF1270 4.000% 2/20/48		1,212,780		1,234,667
Government National Mortgage Association II TBA Pool #1367 4.000% 3/29/48 (d)		14,700,000		14,945,766

				283,653,009

Whole Loans — 0.4%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2016-HQA3, Class M1, 1 mo. USD LIBOR + .800% 3.016% FRN 3/25/29		180,250		180,393
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% 3.566% FRN 3/25/29		790,000		800,168
Federal National Mortgage Association Connecticut Avenue Securities
Series 2016-C06, Class 1M1, 1 mo. USD LIBOR + 1.300% 3.516% FRN 4/25/29		1,638,914		1,650,917
Series 2016-C05, Class 2M1, 1 mo. USD LIBOR + 1.350% 3.566% FRN 1/25/29		1,198,154		1,201,369
Series 2016-C04, Class 1M1, 1 mo. USD LIBOR + 1.450% 3.666% FRN 1/25/29		1,132,844		1,139,835

				4,972,682


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $306,681,282)				298,133,916


	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bonds & Notes — 0.3%
U.S. Treasury Bond 3.500% 2/15/39 (h)	$	3,100,000	$	3,265,172


TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,360,285)				3,265,172


TOTAL BONDS & NOTES (Cost $1,128,048,662)				1,112,247,014


TOTAL PURCHASED OPTIONS (#) — 0.9% (Cost $10,172,309)				10,199,517


TOTAL LONG-TERM INVESTMENTS (Cost $1,140,595,971)				1,124,821,531


SHORT-TERM INVESTMENTS — 3.8%
Commercial Paper — 3.8%
Avangrid, Inc.
2.232% 10/02/18 (a)		6,250,000		6,248,347
2.353% 10/01/18 (a)		5,000,000		4,999,010
Comcast Corp. 2.480% 10/30/18 (a)		7,500,000		7,483,653
Fedex Corp. 2.438% 10/26/18 (a)		2,000,000		1,996,190
Mohawk Industries, Inc. 2.386% 10/15/18 (a)		8,500,000		8,490,174
Nutrien Ltd. 2.387% 10/16/18 (a)		6,500,000		6,491,121
Suncor Energy, Inc. 2.409% 10/17/18 (a)		3,500,000		3,495,482
Walgreens Boots Alliance, Inc. 2.437% 10/18/18		3,600,000		3,595,110

				42,799,087


TOTAL SHORT-TERM INVESTMENTS (Cost $42,809,644)				42,799,087


TOTAL INVESTMENTS — 103.0% (Cost $1,183,405,615) (i)				1,167,620,618

Other Assets/(Liabilities) — (3.0)%				(34,140,661	)


NET ASSETS — 100.0%			$	1,133,479,957

Abbreviation Legend

ABS	Asset-Backed Security

ARS	Auction Rate Security

BAB	Build America Bonds

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

FRN	Floating Rate Note

MBS	Mortgage-Backed Security

MTA	Monthly Treasury Average Index

STEP	Step Up Bond

TBA	To Be Announced

VRN	Variable Rate Note

WL	Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

(b)

(c)	Security is perpetual and has no stated maturity date.

(d)	A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(e)	Investment was valued using significant unobservable inputs.

(f)	Restricted security. Certain securities are restricted as to resale. At September 30, 2018, these securities amounted to a value of $15,045,937 or 1.33% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(g)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $1,709,271 or 0.15% of net assets.

(h)	A portion of this security is pledged/held as collateral for open futures contracts and open swap agreements. (Note 2).

(i)	See Note 3 for aggregate cost for federal tax purposes.

Collateral for swap agreements held by Goldman Sachs International amounted to $637,474 in securities at September 30, 2018.


	Principal Amount		Value
BONDS & NOTES — 95.0%

CORPORATE DEBT — 44.9%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. 3.750% 10/01/21	$	200,000	$	200,395

Aerospace & Defense — 0.4%
Harris Corp. 2.700% 4/27/20		954,000		944,566

Agriculture — 1.0%
Bunge Ltd. Finance Corp. 3.500% 11/24/20		1,080,000		1,076,627
Imperial Brands Finance PLC 2.950% 7/21/20 (a)		1,087,000		1,076,383
Reynolds American, Inc. 4.000% 6/12/22		98,000		98,605

				2,251,615

Airlines — 0.4%
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24		27,900		27,721
Delta Air Lines, Inc. 3.625% 3/15/22		850,000		839,366

				867,087

Auto Manufacturers — 1.6%
Ford Motor Credit Co. LLC
3.147% FRN 4/05/21 (b)		405,000		402,451
3.549% FRN 2/15/23 (b)		575,000		571,810
General Motors Financial Co., Inc. 3.250% 1/05/23		1,290,000		1,243,941
Hyundai Capital America
2.000% 7/01/19 (a)		65,000		64,566
2.550% 2/06/19 (a)		140,000		139,794
3.000% 10/30/20 (a)		800,000		787,562
Nissan Motor Acceptance Corp. 1.900% 9/14/21 (a)		380,000		361,965

				3,572,089

Auto Parts & Equipment — 0.4%
Lear Corp. 5.375% 3/15/24		920,000		945,867

Banks — 7.7%
Banco Santander SA 3.500% 4/11/22		1,200,000		1,174,498
Bancolombia SA 5.950% 6/03/21		195,000		204,165
Bank of America Corp. 3 mo. USD LIBOR + .930% 2.816% VRN 7/21/23		2,150,000		2,078,144
Barclays PLC 3.695% FRN 5/16/24 (b)		485,000		482,462


	Principal Amount		Value
Citigroup, Inc. 3.142% VRN 1/24/23 (b)	$	995,000	$	975,853
Compass Bank 5.500% 4/01/20		1,150,000		1,180,869
Discover Bank
3.350% 2/06/23		923,000		896,303
4.200% 8/08/23		310,000		311,104
First Horizon National Corp. 3.500% 12/15/20		1,130,000		1,131,666
The Goldman Sachs Group, Inc. 3.200% 2/23/23		2,105,000		2,058,891
JP Morgan Chase & Co. 4.500% 1/24/22		990,000		1,020,564
Macquarie Bank Ltd. 2.850% 1/15/21 (a)		130,000		127,876
Mitsubishi UFJ Financial Group, Inc. 2.665% 7/25/22		1,170,000		1,128,409
Morgan Stanley 3.750% 2/25/23		1,220,000		1,219,772
Regions Financial Corp. 3.200% 2/08/21		895,000		890,829
Sumitomo Mitsui Financial Group, Inc.
2.058% 7/14/21		585,000		562,430
2.846% 1/11/22		150,000		146,325
SVB Financial Group 5.375% 9/15/20		75,000		77,701
Synchrony Bank 3.000% 6/15/22		765,000		733,323
Turkiye Garanti Bankasi AS 4.750% 10/17/19 (a)		370,000		361,209

				16,762,393

Beverages — 0.8%
Anheuser-Busch InBev Worldwide, Inc. 3.500% 1/12/24		575,000		569,015
Keurig Dr Pepper, Inc. 4.057% 5/25/23 (a)		625,000		626,091
Molson Coors Brewing Co.
2.100% 7/15/21		330,000		317,318
3.500% 5/01/22		197,000		195,320

				1,707,744

Biotechnology — 0.4%
Celgene Corp.
3.250% 2/20/23		570,000		558,948
4.000% 8/15/23		330,000		333,042

				891,990

Building Materials — 1.1%
Holcim US Finance Sarl & Cie SCS 6.000% 12/30/19 (a)		960,000		990,153
Martin Marietta Materials, Inc. 3 mo. USD LIBOR + .650% 2.960% FRN 5/22/20		395,000		396,319


	Principal Amount		Value
Masco Corp.
3.500% 4/01/21	$	270,000	$	269,857
7.125% 3/15/20		65,000		68,269
Standard Industries, Inc. 5.500% 2/15/23 (a)		560,000		566,300

				2,290,898

Chemicals — 1.9%
Huntsman International LLC 5.125% 11/15/22		492,000		506,760
Incitec Pivot Finance LLC 6.000% 12/10/19 (a)		902,000		925,175
LyondellBasell Industries NV
5.000% 4/15/19		365,000		366,829
6.000% 11/15/21		500,000		530,905
RPM International, Inc.
3.450% 11/15/22		8,000		7,867
6.125% 10/15/19		878,000		901,052
The Sherwin-Williams Co. 2.750% 6/01/22		535,000		518,858
Syngenta Finance NV 3.698% 4/24/20 (a)		440,000		439,002

				4,196,448

Commercial Services — 0.2%
S&P Global, Inc. 3.300% 8/14/20		435,000		435,090

Computers — 0.9%
Dell International LLC/EMC Corp.
3.480% 6/01/19 (a)		280,000		280,707
4.420% 6/15/21 (a)		475,000		482,161
DXC Technology Co. 2.875% 3/27/20		230,000		228,082
Leidos Holdings, Inc. 4.450% 12/01/20		995,000		1,006,443

				1,997,393

Diversified Financial Services — 2.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21		1,010,000		1,025,674
Aircastle Ltd. 5.000% 4/01/23		1,210,000		1,242,719
Antares Holdings LP 6.000% 8/15/23 (a)		660,000		662,598
Genpact Luxembourg Sarl 3.700% 4/01/22		1,035,000		1,010,628
Lazard Group LLC 4.250% 11/14/20		457,000		463,973

				4,405,592

Electric — 1.4%
Ameren Corp. 2.700% 11/15/20		455,000		448,194
EDP Finance BV 4.125% 1/15/20 (a)		452,000		454,296


	Principal Amount		Value
Enel Finance International NV 2.875% 5/25/22 (a)	$	485,000	$	461,300
Entergy Texas, Inc.
2.550% 6/01/21		95,000		92,493
7.125% 2/01/19		798,000		808,701
Israel Electric Corp. Ltd. 7.250% 1/15/19 (a)		283,000		285,652
Puget Energy, Inc.
6.000% 9/01/21		260,000		276,396
6.500% 12/15/20		255,000		270,169

				3,097,201

Electronics — 0.2%
FLIR Systems, Inc. 3.125% 6/15/21		230,000		226,307
Tech Data Corp. 3.700% 2/15/22		240,000		234,917

				461,224

Foods — 0.8%
Danone SA 2.077% 11/02/21 (a)		1,140,000		1,091,076
JBS Investments GmbH 7.750% 10/28/20 (a)		200,000		204,078
McCormick & Co., Inc. 2.700% 8/15/22		570,000		552,142

				1,847,296

Health Care – Products — 1.0%
Abbott Laboratories
2.900% 11/30/21		575,000		567,812
3.250% 4/15/23		270,000		267,857
Becton Dickinson & Co. 3.261% FRN 12/29/20 (b)		1,085,000		1,086,608
Boston Scientific Corp. 2.850% 5/15/20		255,000		253,167

				2,175,444

Health Care – Services — 0.5%
Cigna Corp.
4.000% 2/15/22		316,000		318,462
4.500% 3/15/21		790,000		806,123

				1,124,585

Home Builders — 0.5%
Lennar Corp. 4.500% 11/15/19		1,028,000		1,035,710

Household Products & Wares — 0.3%
Church & Dwight Co., Inc. 2.875% 10/01/22		565,000		549,370

Insurance — 3.6%
American International Group, Inc. 3.300% 3/01/21		550,000		548,863
AmTrust Financial Services, Inc. 6.125% 8/15/23		585,000		567,045


	Principal Amount		Value
Athene Global Funding 4.000% 1/25/22 (a)	$	1,240,000	$	1,242,617
CNA Financial Corp. 5.750% 8/15/21		443,000		468,802
Enstar Group Ltd. 4.500% 3/10/22		575,000		577,521
Jackson National Life Global Funding 2.500% 6/27/22 (a)		945,000		909,561
Lincoln National Corp.
4.000% 9/01/23		122,000		123,378
6.250% 2/15/20		500,000		518,202
Nuveen Finance LLC 2.950% 11/01/19 (a)		1,005,000		1,003,621
Reinsurance Group of America, Inc. 5.000% 6/01/21		600,000		622,495
Trinity Acquisition PLC 3.500% 9/15/21		470,000		466,069
Willis Towers Watson PLC 5.750% 3/15/21		370,000		387,860
XLIT Ltd. 5.750% 10/01/21		465,000		492,005

				7,928,039

Investment Companies — 0.8%
Ares Capital Corp.
3.625% 1/19/22		30,000		29,332
3.875% 1/15/20		678,000		680,685
BlackRock TCP Capital Corp. 4.125% 8/11/22		675,000		640,905
FS Investment Corp. 4.000% 7/15/19		470,000		471,758

				1,822,680

Leisure Time — 0.5%
Brunswick Corp. 4.625% 5/15/21 (a)		1,088,000		1,079,900

Lodging — 0.4%
Marriott International, Inc.
2.300% 1/15/22		30,000		28,767
2.875% 3/01/21		775,000		763,310

				792,077

Machinery – Diversified — 0.9%
CNH Industrial Capital LLC
3.375% 7/15/19		353,000		353,459
3.875% 10/15/21		635,000		633,224
4.875% 4/01/21		115,000		117,855
Wabtec Corp. 4.150% 3/15/24		870,000		863,880

				1,968,418

Media — 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579% 7/23/20		505,000		505,285


	Principal Amount		Value
Discovery Communications LLC 2.950% 3/20/23	$	355,000	$	339,540
Sirius XM Radio, Inc. 3.875% 8/01/22 (a)		1,147,000		1,128,224

				1,973,049

Mining — 1.5%
Anglo American Capital PLC 3.750% 4/10/22 (a)		500,000		493,585
Glencore Finance Canada Ltd. 4.250% STEP 10/25/22 (a)		254,000		255,786
Glencore Funding LLC
3.000% 10/27/22 (a)		260,000		249,184
4.125% 5/30/23 (a)		590,000		589,280
Kinross Gold Corp.
5.125% 9/01/21		470,000		482,925
5.950% 3/15/24		550,000		561,000
Newcrest Finance Pty Ltd. 4.200% 10/01/22 (a)		565,000		566,803

				3,198,563

Office Equipment/Supplies — 0.6%
Pitney Bowes, Inc. 3.875% STEP 10/01/21		1,340,000		1,278,025

Oil & Gas — 0.6%
Antero Resources Corp. 5.375% 11/01/21		246,000		249,149
Continental Resources, Inc. 5.000% 9/15/22		568,000		576,236
EQT Corp. 3.000% 10/01/22		565,000		547,610

				1,372,995

Packaging & Containers — 0.5%
Graphic Packaging International LLC 4.750% 4/15/21		1,094,000		1,104,940

Pharmaceuticals — 2.8%
Bayer US Finance II LLC 3.344% FRN 12/15/23 (a) (b)		980,000		981,671
Cardinal Health, Inc. 3 mo. USD LIBOR + .770% 3.104% FRN 6/15/22		1,090,000		1,091,819
CVS Health Corp.
2.125% 6/01/21		840,000		810,789
3.700% 3/09/23		305,000		303,404
Express Scripts Holding Co. 3.300% 2/25/21		1,195,000		1,188,883
Shire Acquisitions Investments Ireland DAC
2.400% 9/23/21		235,000		226,984
2.875% 9/23/23		360,000		342,841
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21		1,125,000		1,057,163

				6,003,554


	Principal Amount		Value
Pipelines — 1.4%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 3.500% 12/01/22	$	170,000	$	167,394
Energy Transfer Partners LP 4.200% 9/15/23		1,060,000		1,068,414
EQT Midstream Partners LP 4.750% 7/15/23		660,000		669,757
The Williams Cos., Inc. 3.700% 1/15/23		1,120,000		1,108,341

				3,013,906

Private Equity — 0.5%
Hercules Capital, Inc. 4.625% 10/23/22		1,110,000		1,068,222

Real Estate Investment Trusts (REITS) — 1.4%
American Tower Corp.
2.250% 1/15/22		415,000		396,147
3.000% 6/15/23		640,000		616,147
Crown Castle International Corp. 3.400% 2/15/21		614,000		612,425
Digital Realty Trust LP 3.400% 10/01/20		220,000		220,209
Healthcare Trust of America Holdings LP 2.950% 7/01/22		275,000		265,975
SBA Tower Trust 3.168% 4/09/47 (a)		350,000		343,196
Simon Property Group LP 2.350% 1/30/22		450,000		434,824
Weyerhaeuser Co. 7.375% 10/01/19		135,000		140,633

				3,029,556

Retail — 0.9%
AutoNation, Inc. 3.350% 1/15/21		675,000		669,091
Dollar Tree, Inc. 3.700% 5/15/23		590,000		582,369
O’Reilly Automotive, Inc. 3.850% 6/15/23		183,000		183,312
QVC, Inc. 4.375% 3/15/23		560,000		553,130

				1,987,902

Semiconductors — 0.8%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.000% 1/15/22		800,000		779,408
Microchip Technology, Inc. 3.922% 6/01/21 (a)		450,000		447,364
NXP BV/NXP Funding LLC 4.125% 6/01/21 (a)		570,000		569,384

				1,796,156


	Principal Amount		Value
Telecommunications — 1.6%
Ericsson LM 4.125% 5/15/22	$	1,650,000	$	1,639,560
Hughes Satellite Systems Corp. 6.500% 6/15/19		883,000		900,660
Sprint Communications, Inc. 9.250% 4/15/22		490,000		556,150
Verizon Communications, Inc. 2.946% 3/15/22		480,000		472,379

				3,568,749

Transportation — 0.3%
Ryder System, Inc.
3.400% 3/01/23		175,000		172,713
3.750% 6/09/23		482,000		480,899

				653,612

Trucking & Leasing — 1.3%
DAE Funding LLC 4.000% 8/01/20 (a)		205,000		202,694
GATX Corp. 2.600% 3/30/20		455,000		449,243
Park Aerospace Holdings Ltd. 5.250% 8/15/22 (a)		1,105,000		1,114,669
Penske Truck Leasing Co. LP/PTL Finance Corp.
2.500% 6/15/19 (a)		370,000		368,716
3.050% 1/09/20 (a)		515,000		512,599
3.300% 4/01/21 (a)		150,000		148,475
3.375% 2/01/22 (a)		20,000		19,720

				2,816,116


TOTAL CORPORATE DEBT (Cost $99,725,816)				98,216,456


MUNICIPAL OBLIGATIONS — 0.0%
Louisiana State Public Facilities Authority, Series 2011-A, Class A2, 3 mo. USD LIBOR 3.235% FRN 4/26/27		45,849		45,902


TOTAL MUNICIPAL OBLIGATIONS (Cost $45,849)				45,902


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 48.6%
Auto Floor Plan ABS — 0.4%
Navistar Financial Dealer Note Master Owner Trust II
Series 2018-1, Class C, 3.218% FRN 9/25/23 (a) (b)		160,000		160,250
Series 2018-1, Class D, 3.718% FRN 9/25/23 (a) (b)		230,000		230,006


	Principal Amount		Value
NextGear Floorplan Master Owner Trust, Series 2016-2A, Class A2 2.190% 9/15/21 (a)	$	480,000	$	476,095

				866,351

Automobile ABS — 8.1%
American Credit Acceptance Receivables Trust
Series 2017-1, Class B, 2.390% 2/16/21 (a)		121,813		121,762
Series 2017-4, Class C, 2.940% 1/10/24 (a)		770,000		766,415
AmeriCredit Automobile Receivables Trust, Series 2014-1, Class D 2.540% 6/08/20		191,605		191,598
CarFinance Capital Auto Trust, Series 2015-1A, Class A 1.750% 6/15/21 (a)		4,981		4,979
CPS Auto Trust
Series 2018-A, Class A, 2.160% 5/17/21 (a)		126,343		125,901
Series 2016-C, Class B, 2.480% 9/15/20 (a)		150,982		150,829
Series 2017-A, Class B, 2.680% 5/17/21 (a)		1,150,000		1,146,804
Series 2018-C, Class B, 3.430% 7/15/22 (a)		180,000		179,617
Drive Auto Receivables Trust
Series 2017-2, Class C, 2.750% 9/15/23		140,000		139,646
Series 2017-1, Class C, 2.840% 4/15/22		270,000		269,448
Series 2018-2, Class B, 3.220% 4/15/22		200,000		199,735
Series 2018-4, Class C, 3.660% 11/15/24		230,000		229,669
DT Auto Owner Trust, Series 2018-1A, Class B 3.040% 1/18/22 (a)		290,000		289,200
Enterprise Fleet Financing LLC, Series 2016-1, Class A2 1.830% 9/20/21 (a)		51,488		51,433
Exeter Automobile Receivables Trust
Series 2018-1A, Class B, 2.750% 4/15/22 (a)		270,000		267,620
Series 2016-3A, Class B, 2.840% 8/16/21 (a)		260,000		259,650
Series 2017-1A, Class B, 3.000% 12/15/21 (a)		260,000		259,468
Series 2018-2A, Class B, 3.270% 5/16/22 (a)		250,000		249,143
Series 2015-2A, Class C, 3.900% 3/15/21 (a)		650,000		651,513


	Principal Amount		Value
First Investors Auto Owner Trust
Series 2016-2A, Class B, 2.210% 7/15/22 (a)	$	540,000	$	532,297
Series 2017-3A, Class B, 2.720% 4/17/23 (a)		340,000		332,494
Series 2018-1A, Class A2, 3.220% 1/17/23 (a)		290,000		289,701
Flagship Credit Auto Trust
Series 2015-2, Class A, 1.980% 10/15/20 (a)		5,011		5,010
Series 2015-3, Class A, 2.380% 10/15/20 (a)		19,654		19,639
Series 2016-4, Class B, 2.410% 10/15/21 (a)		910,000		906,326
Series 2018-1, Class A, 2.590% 6/15/22 (a)		581,832		579,174
Series 2016-4, Class C, 2.710% 11/15/22 (a)		410,000		397,766
Series 2016-1, Class A, 2.770% 12/15/20 (a)		61,110		61,112
Series 2017-1, Class B, 2.830% 3/15/23 (a)		615,000		612,361
Series 2017-4, Class C, 2.920% 11/15/23 (a)		650,000		633,998
Series 2018-1, Class B, 3.130% 1/17/23 (a)		1,250,000		1,237,736
Hertz Vehicle Financing II LP
Series 2018-1A, Class A, 3.290% 2/25/24 (a)		1,560,000		1,517,164
Series 2017-1A, Class B, 3.560% 10/25/21 (a)		510,000		505,746
Series 2018-1A, Class B, 3.600% 2/25/24 (a)		770,000		748,115
Hertz Vehicle Financing LLC, Series 2018-3A, Class B 4.370% 7/25/24 (a)		330,000		327,869
NextGear Floorplan Master Owner Trust
Series 2015-2A, Class A, 2.380% 10/15/20 (a)		250,000		249,983
Series 2016-1A, Class A1, 1 mo. LIBOR + 1.700% 3.858% FRN 4/15/21 (a)		370,000		372,679
Oscar US Funding Trust II, Series 2015-1A, Class A4 2.440% 6/15/22 (a)		288,840		288,090
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700% 3.858% FRN 7/15/20 (a)		9,613		9,634
OSCAR US Funding Trust IX LLC, Series 2018-2A, Class A4 3.630% 9/10/25 (a)		260,000		259,372


	Principal Amount		Value
Oscar US Funding Trust V, Series 2016-2A, Class A2A 2.310% 11/15/19 (a)	$	11,113	$	11,108
Oscar US Funding Trust VI
Series 2017-1A, Class A3, 2.820% 6/10/21 (a)		240,000		239,074
Series 2017-1A, Class A4, 3.300% 5/10/24 (a)		160,000		159,213
Oscar US Funding Trust VIII LLC, Series 2018-1A, Class A2A 2.910% 4/12/21 (a)		304,118		303,785
Santander Drive Auto Receivables Trust
Series 2016-1, Class B, 2.470% 12/15/20		52,928		52,920
Series 2014-4, Class D, 3.100% 11/16/20		179,118		179,346
Series 2016-1, Class D, 4.020% 4/15/22		500,000		503,989
Securitized Equipment Receivable
3.760% 10/11/24		270,000		268,497
4.200% 10/11/24		310,000		308,118
Tesla Auto Lease Trust, Series 2018-A, Class B 2.750% 2/20/20 (a)		150,000		149,358

				17,616,104

Commercial MBS — 1.5%
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 3.658% FRN 7/15/35 (a) (b)		950,000		951,456
Commercial Mortgage Pass-Through Certificates, Series 2014-CR14, Class A2 3.147% 2/10/47		244,646		244,738
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.928% VRN 7/10/38 (b)		110,600		111,759
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 3.158% FRN 6/15/32 (a) (b)		850,000		851,056
RETL, Series 2018-RVP, Class A, 3.258% FRN 3/15/33 (a) (b)		555,766		557,858
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.481% VRN 8/15/39 (b)		11,538		11,592
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997% VRN 10/25/46 (b)		255,085		253,275
VMC Finance LLC, Series 2018-FL1, Class A, 2.978% FRN 4/15/35 (a) (b)		361,226		361,005

				3,342,739


	Principal Amount		Value
Home Equity ABS — 0.1%
ACE Securities Corp., Series 2005-HE5, Class M2, 1 mo. USD LIBOR + .735% 2.951% FRN 8/25/35	$	2,057	$	2,065
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900% 3.116% FRN 2/25/35		102,644		102,660
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240% 2.456% FRN 10/25/34 (a)		108,337		108,127

				212,852

Other ABS — 18.2%
321 Henderson Receivables I LLC
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 2.358% FRN 3/15/41 (a)		72,090		70,870
Series 2010-3A, Class A, 3.820% 12/15/48 (a)		230,512		231,241
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% 3.819% FRN 10/15/28 (a)		370,000		371,912
American Tower Trust #1, Series 13, Class 2A 3.070% 3/15/48 (a)		500,000		485,135
Apidos CLO XXV, Series 2016-25A, Class A1, 3 mo. USD LIBOR + 1.460% 3.808% FRN 10/20/28 (a)		520,000		520,098
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (a)		291,750		292,701
Avant Loans Funding Trust
Series 2017-B, Class A, 2.290% 6/15/20 (a)		57,552		57,521
Series 2018-A, Class A, 3.090% 6/15/21 (a)		285,099		285,038
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120% 3.453% FRN 1/18/25 (a)		342,154		342,189
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (a)		157,803		157,803
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A 2.940% 5/25/29 (a)		182,063		177,850
CAL Funding III Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (a)		290,000		289,967
Capital Automotive LLC, Series 2012-1A, Class A1 3.870% 4/15/47 (a)		256,317		254,394


	Principal Amount		Value
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (a)	$	363,377	$	362,348
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A 2.000% 12/10/23 (a)		34,163		34,078
CLI Funding VI LLC, Series 2017-1A, Class A 3.620% 5/18/42 (a)		512,174		500,701
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.676% FRN 9/25/34		10,463		10,449
Denali Capital CLO X LLC, Series 2013-1A, Class A1, 3.385% FRN 10/26/27 (a) (b)		350,000		350,155
Diamond Resorts Owner Trust
Series 2014-1, Class A, 2.540% 5/20/27 (a)		26,454		26,440
Series 2015-1, Class A, 2.730% 7/20/27 (a)		54,609		54,603
Series 2015-2, Class A, 2.990% 5/22/28 (a)		67,146		66,874
Series 2016-1, Class A, 3.080% 11/20/28 (a)		391,110		381,617
Series 2015-2, Class B, 3.540% 5/22/28 (a)		45,369		45,104
Series 2018-1, Class A, 3.700% 1/21/31 (a)		371,146		369,277
Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2I 4.116% 7/25/48 (a)		359,100		356,941
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A1 1.950% 11/25/39 (a)		12,500		12,472
Drug Royalty Corp., Inc., Series 2012-1, Class A1, 3 mo. USD LIBOR + 5.250% 7.322% FRN 7/15/24 (a)		18,000		18,078
Drug Royalty II LP, Series 2014-1, Class A1, 3 mo. USD LIBOR + 2.850% 5.189% FRN 7/15/23 (a)		65,129		65,655
Elara HGV Timeshare Issuer LLC
Series 2017-A, Class A, 2.690% 3/25/30 (a)		213,535		207,888
Series 2016-A, Class A, 2.730% 4/25/28 (a)		373,951		365,914
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (b)		70,963		68,718
Element Rail Leasing II LLC
Series 2015-1A, Class A1, 2.707% 2/19/45 (a)		48,713		47,922
Series 2016-1A, Class A1, 3.968% 3/19/46 (a)		139,284		139,875


	Principal Amount		Value
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27	$	72,283	$	70,407
FRS I LLC, Series 2013-1A, Class A1 1.800% 4/15/43 (a)		15,553		15,480
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3.348% FRN 4/20/31 (a) (b)		600,000		597,503
Global SC Finance II SRL, Series 2013-1A, Class A 2.980% 4/17/28 (a)		135,208		132,738
Global SC Finance IV Ltd., Series 2017-1A, Class A 3.850% 4/15/37 (a)		285,304		281,473
Goodgreen Trust
Series 2016-1A, Class A, 3.230% 10/15/52 (a)		434,390		418,518
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (b)		350,828		349,234
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645% 2.861% FRN 4/25/35		16,728		16,699
Hercules Capital Funding Trust, Series 2014-1A, Class A 3.524% 4/16/21 (a)		6,797		6,797
Hero Funding Trust
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		278,334		267,151
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		286,602		281,241
Series 2015-1A, Class A, 3.840% 9/21/40 (a)		628,700		648,816
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		501,950		512,837
Hilton Grand Vacations Trust
Series 2014-AA, Class A, 1.770% 11/25/26 (a)		93,406		91,703
Series 2013-A, Class A, 2.280% 1/25/26 (a)		72,981		72,557
Series 2017-AA, Class B, 2.960% VRN 12/26/28 (a) (b)		237,418		229,938
LCM XXIII Ltd., Series 23A, Class A1, 3 mo. USD LIBOR + 1.400% 3.748% FRN 10/20/29 (a)		590,000		592,280
Lendmark Funding Trust
Series 2017-1A, Class A, 2.830% 12/22/25 (a)		240,000		238,624
Series 2018-1A, Class A, 3.810% 12/21/26 (a)		350,000		349,633
Madison Park Funding XIV Ltd., Series 2014-14A, Class A1R, 3 mo. USD LIBOR + 1.120% 3.468% FRN 7/20/26 (a)		280,000		280,027


	Principal Amount		Value
Madison Park Funding XXII Ltd., Series 2016-22A, Class A, 3 mo. USD LIBOR + 1.480% 3.815% FRN 10/25/29 (a)	$	420,000	$	421,464
Magnetite XI Ltd., Series 2014-11A, Class A1R, 3 mo. USD LIBOR + 1.120% 3.453% FRN 1/18/27 (a)		700,000		700,057
Mariner Finance Issuance Trust
Series 2017-BA, Class A, 2.920% 12/20/29 (a)		900,000		885,595
Series 2017-AA, Class A, 3.620% 2/20/29 (a)		400,000		399,932
Marlette Funding Trust
Series 2017-3A, Class A, 2.360% 12/15/24 (a)		128,754		128,285
Series 2017-2A, Class A, 2.390% 7/15/24 (a)		102,130		101,959
Series 2017-1A, Class A, 2.827% 3/15/24 (a)		155,615		155,565
Series 2018-2A, Class A, 3.060% 7/17/28 (a)		250,068		249,630
Series 2018-3A, Class A, 3.200% 9/15/28 (a)		632,652		632,559
Mosaic Solar Loans LLC
Series 2017-2A, Class D, 0.010% 6/22/43 (a)		250,000		229,601
Series 2018-2GS, Class A, 4.200% 2/22/44 (a)		344,000		343,061
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		90,149		90,791
MVW Owner Trust
Series 2013-1A, Class A, 2.150% 4/22/30 (a)		70,598		69,568
Series 2014-2, Class A, 2.250% 9/22/31 (a)		119,109		116,390
Series 2016-1A, Class A, 2.250% 12/20/33 (a)		47,483		45,948
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BR, 3.589% FRN 1/15/28 (a) (b)		250,000		247,305
New Residential Advance Receivables Trust, Series 2016-T2, Class AT2 2.575% 10/15/49 (a)		975,000		966,667
NP SPE II LLC, Series 2017-1A, Class A1 3.372% 10/21/47 (a)		172,447		168,602
NRZ Advance Receivables Trust, Series 2016-T4, Class AT4 3.107% 12/15/50 (a)		700,000		693,420
OCP CLO Ltd., Series 2015-8A, Class A2AR, 3.786% FRN 4/17/27 (a) (b)		650,000		648,172


	Principal Amount		Value
OHA Loan Funding Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.410% 3.724% FRN 8/15/29 (a)	$	590,000	$	592,495
Orange Lake Timeshare Trust
Series 2014-AA, Class A, 2.290% 7/09/29 (a)		28,174		27,599
Series 2016-A, Class A, 2.610% 3/08/29 (a)		712,457		692,040
Series 2016-A, Class B, 2.910% 3/08/29 (a)		292,157		284,762
Oxford Finance Funding Trust
Series 2014-1A, Class A, 3.475% 12/15/22 (a)		23,591		23,601
Series 2016-1A, Class A, 3.968% 6/17/24 (a)		192,460		191,189
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + ..250% 2.466% FRN 2/25/37 (a)		11,731		11,723
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340% 3.662% FRN 2/20/30 (a)		700,000		703,256
Sierra Receivables Funding Co. LLC
Series 2014-3A, Class A, 2.300% 10/20/31 (a)		132,702		132,007
Series 2015-1A, Class A, 2.400% 3/22/32 (a)		268,792		264,095
Sierra Timeshare Receivables Funding LLC
Series 2014-2A, Class A, 2.050% VRN 6/20/31 (a) (b)		86,356		86,201
Series 2015-2A, Class A, 2.430% 6/20/32 (a)		262,703		259,449
Series 2015-3A, Class A, 2.580% 9/20/32 (a)		56,872		55,969
Series 2016-2A, Class B, 2.780% 7/20/33 (a)		216,578		213,338
Series 2017-1A, Class A, 2.910% 3/20/34 (a)		360,247		355,734
Series 2015-1A, Class B, 3.050% 3/22/32 (a)		327,640		325,473
Series 2015-3A, Class B, 3.080% 9/20/32 (a)		21,874		21,657
Series 2018-2A, Class C, 3.940% 6/20/35 (a)		300,374		298,853
SoFi Consumer Loan Program LLC
Series 2016-3, Class A, 3.050% 12/26/25 (a)		160,608		159,855
Series 2016-5, Class A, 3.060% 9/25/28 (a)		918,396		914,763
Series 2016-2A, Class A, 3.090% 10/27/25 (a)		179,534		178,969
Series 2016-1A, Class A, 3.260% 8/25/25 (a)		483,586		482,849


	Principal Amount		Value
Series 2015-2, Class A, 3.280% 9/15/23 (a)	$	239,986	$	240,200
Series 2017-2, Class A, 3.280% 2/25/26 (a)		361,062		360,150
Sofi Consumer Loan Program Trust, Series 2018-3, Class A1 3.200% 8/25/27 (a)		305,592		305,544
Springleaf Funding Trust, Series 2016-AA, Class A 2.900% 11/15/29 (a)		1,460,000		1,456,044
SPS Servicer Advance Receivables Trust, Series 2016-T1, Class AT1 2.530% 11/16/48 (a)		1,040,000		1,040,757
Symphony CLO XV Ltd., Series 2014-15A, Class AR, 3 mo. USD LIBOR + 1.180% 3.516% FRN 10/17/26 (a)		800,000		800,261
Taco Bell Funding LLC, Series 2016-1A, Class A2I 3.832% 5/25/46 (a)		374,300		374,693
TAL Advantage V LLC, Series 2014-2A, Class A2 3.330% 5/20/39 (a)		403,333		400,630
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42		430,304		434,200
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% 3.817% FRN 10/13/29 (a)		300,000		300,865
TLF National Tax Lien Trust, Series 2017-1A, Class A 3.090% 12/15/29 (a)		430,177		429,043
Trafigura Securitisation Finance PLC
Series 2018-1A, Class A1, 2.948% FRN 3/15/22 (a) (b)		610,000		610,000
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 3.858% FRN 12/15/20 (a)		260,000		259,761
Series 2018-1A, Class B, 4.290% 3/15/22 (a)		920,000		919,939
Treman Park CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.370% 3.718% FRN 4/20/27 (a)		950,000		950,326
Trinity Rail Leasing LP, Series 2018-1A, Class A1 3.820% 6/17/48 (a)		585,000		586,156
Trip Rail Master Funding LLC
Series 2017-1A, Class A1, 2.709% 8/15/47 (a)		143,335		141,135
Series 2011-1A, Class A2, 6.024% 7/15/41 (a)		669,679		693,197


	Principal Amount		Value
Triton Container Finance IV LLC, Series 2017-2A, Class A 3.620% 8/20/42 (a)	$	938,044	$	917,860
Triton Container Finance VI LLC, Series 2018-2A, Class A 4.190% 6/22/43 (a)		536,250		535,174
VSE VOI Mortgage LLC
Series 2016-A, Class A, 2.540% 7/20/33 (a)		425,067		413,571
Series 2018-A, Class C, 4.020% 2/20/36 (a)		312,346		310,363
Welk Resorts LLC
Series 2015-AA, Class A, 2.790% 6/16/31 (a)		78,481		76,693
Series 2017-AA, Class B, 3.410% 6/15/33 (a)		230,164		223,780
Westgate Resorts LLC
Series 2014-1A, Class A, 2.150% 12/20/26 (a)		64,365		64,096
Series 2017-1A, Class A, 3.050% 12/20/30 (a)		219,894		217,267
Series 2015-2A, Class A, 3.200% 7/20/28 (a)		129,834		129,681
Series 2018-1A, Class A, 3.380% 12/20/31 (a)		391,482		389,454
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (a)		260,000		260,586

				39,887,358

Student Loans ABS — 15.4%
Access Group, Inc.
Series 2015-1, Class A, 1 mo. USD LIBOR + .700% 2.916% FRN 7/25/56 (a)		233,890		233,172
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 7/25/58 (a)		140,000		125,852
AccessLex Institute
Series 2004-A, Class A3, 28 day ARS 1.699% FRN 7/01/39		1,250,000		1,233,085
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.190% FRN 7/01/38		42,022		41,097
College Ave Student Loans LLC, Series 2018-A, Class A1, 3.416% FRN 12/26/47 (a) (b)		593,506		593,506
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% 2.829% FRN 1/15/37		216,160		202,852
Commonbond Student Loan Trust
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)		230,000		228,115


	Principal Amount		Value
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)	$	230,000	$	229,320
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)		243,580		242,251
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B 2.500% 1/25/30 (a)		87,209		80,631
DRB Prime Student Loan Trust
Series 2015-A, Class A3, 2.320% 4/25/30		29,765		29,559
Series 2015-B, Class A3, 2.540% 4/27/26 (a)		39,696		39,181
Series 2015-A, Class A2, 3.060% 7/25/31 (a)		83,171		82,227
Series 2015-D, Class A2, 3.200% 1/25/40 (a)		589,571		587,807
Series 2015-D, Class A1, 1 mo. USD LIBOR + 1.700% 3.916% FRN 1/25/40 (a)		148,748		151,627
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 4.116% FRN 10/25/44 (a)		560,317		568,875
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 4.216% FRN 4/25/40 (a)		129,372		132,957
Earnest Student Loan Program LLC
Series 2016-C, Class A2, 2.680% 7/25/35 (a)		292,060		279,798
Series 2016-D, Class A2, 2.720% 1/25/41 (a)		257,837		252,687
Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% 4.266% FRN 2/26/35 (a)		150,684		154,425
ECMC Group Student Loan Trust
Series 2018-1A, Class A, 2.966% FRN 2/27/68 (a) (b)		853,585		853,713
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.416% FRN 12/27/66 (a)		886,827		898,800
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.566% FRN 7/26/66 (a)		450,105		458,863
EdLinc Student Loan Funding, Series 2017-A, Class A, (Acquired 12/22/17, Cost $695,132), 3.350% FRN 12/01/47 (a) (b) (c) (d)		604,770		598,034
Education Loan Asset-Backed Trust I, Series 2013-1, Class A1, 1 mo. USD LIBOR + .800% 3.016% FRN 6/25/26 (a)		363,517		363,656
ELFI Graduate Loan Program LLC
Series 2018-A, Class A1, 2.966% FRN 8/25/42 (a) (b)		596,611		596,611


	Principal Amount		Value
Series 2018-A, Class B, 4.000% 8/25/42 (a)	$	250,000	$	241,449
Higher Education Funding I, Series 2004-1, Class B1, 28 day ARS FRN 1/01/44 (a)		950,000		835,845
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310% 2.691% FRN 9/27/35		36,714		36,629
Laurel Road Prime Student Loan Trust, Series 2017-B, Class CFX 3.610% 8/25/42 (a)		317,651		302,227
Navient Private Education Loan Trust
Series 2014-AA, Class A2A, 2.740% 2/15/29 (a)		208,354		204,642
Series 2018-BA, Class A2B, 2.878% FRN 12/15/59 (a) (b)		170,000		170,502
Navient Private Education Refi Loan Trust, Series 2018-A, Class A1 2.530% 2/18/42 (a)		425,593		422,142
Navient Student Loan Trust
Series 2018-1A, Class A3, 2.936% FRN 3/25/67 (a) (b)		850,000		853,853
Series 2018-2A, Class A3, 2.966% FRN 3/25/67 (a) (b)		540,000		540,723
Series 2017-5A, Class A, 3.016% FRN 7/26/66 (a) (b)		373,486		377,061
Series 2018-3A, Class A3, 3.016% FRN 3/25/67 (a) (b)		900,000		908,457
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 3.366% FRN 7/26/66 (a)		750,000		767,395
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.466% FRN 6/25/65 (a)		679,644		696,847
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.516% FRN 3/25/66 (a)		560,000		580,824
Nelnet Private Education Loan Trust
Series 2016-A, Class A1B, 3.600% 12/26/40 (a)		177,186		170,311
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 3.966% FRN 12/26/40 (a)		246,072		246,498
Nelnet Student Loan Trust
Series 2005-1, Class A5, 3 mo. USD LIBOR + .110% 2.445% FRN 10/25/33		224,434		223,089
Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% 2.466% FRN 3/23/37		233,962		232,292
Series 2007-2A, Class A4A2, 28 day ARS 2.856% FRN 6/25/35 (a)		600,000		591,790
Series 2018-3A, Class A3, 2.966% FRN 9/27/66 (a) (b)		700,000		700,028


	Principal Amount		Value
Series 2018-1A, Class A2, 2.976% FRN 5/25/66 (a) (b)	$	800,000	$	804,113
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 10/25/47 (a)		170,000		163,160
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 6/25/54 (a)		130,000		121,763
Northstar Education Finance, Inc., Series 2005-1, Class A5, 3 mo. USD LIBOR + .750% 3.089% FRN 10/30/45		198,587		197,097
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% 3.166% FRN 11/25/65 (a)		537,826		544,804
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% 2.514% FRN 2/15/45		376,579		349,184
SLM Student Loan Trust
Series 2007-5, Class A6, 3 mo. USD LIBOR + .110% 2.445% FRN 1/26/43		119,474		115,323
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 2.475% FRN 10/25/28		272,089		271,415
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.485% FRN 3/25/44		940,000		904,752
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 2.535% FRN 1/27/42		1,180,478		1,125,595
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.545% FRN 10/25/40		450,572		427,183
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% 2.555% FRN 3/25/44		717,035		678,307
Series 2005-6, Class B,, 3 mo. USD LIBOR + .290% 2.625% FRN 1/25/44		611,872		572,244
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 2.635% FRN 7/25/25		150,000		149,682
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 2.635% FRN 1/25/41		453,416		433,092
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 2.645% FRN 1/25/55		181,974		171,867
Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550% 2.885% FRN 10/25/64 (a)		850,000		853,687


	Principal Amount		Value
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% 2.935% FRN 1/25/41	$	710,000	$	711,600
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 2.935% FRN 10/25/65 (a)		2,150,000		2,150,309
Series 2005-7, Class A5, 3 mo. USD LIBOR + .750% 3.085% FRN 1/25/40		770,000		767,113
Series 2013-4, Class B, 1 mo. USD LIBOR + 1.500% 3.716% FRN 12/28/70		120,000		116,795
Series 2003-5, Class A7, 28 day ARS + 2.500% 4.490% FRN 6/17/30		50,000		50,000
SMB Private Education Loan Trust
Series 2018-B, Class A2B, 2.878% FRN 1/15/37 (a) (b)		550,000		550,547
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 3.258% FRN 9/15/34 (a)		290,000		293,676
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 3.308% FRN 5/15/26 (a)		472,649		477,720
Series 2016-B, Class A2B, 1 mo. USD LIBOR + 1.450% 3.608% FRN 2/17/32 (a)		124,698		127,400
SoFi Professional Loan Program LLC
Series 2015-A, Class RC, (Acquired 4/19/17, Cost $562,750), 0.000% 3/25/33 (a) (c) (d)		200		213,750
Series 2017-D, Class R1, (Acquired 7/19/17, Cost $565,900), 0.000% 9/25/40 (a) (c) (d)		1,000,000		630,000
Series 2018-A, Class R1 (Acquired 1/22/18, Cost $718,200), 0.000% 2/25/42 (a) (c) (d)		1,000,000		718,200
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 3.166% FRN 1/25/39 (a)		86,753		87,237
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 3.416% FRN 6/25/33 (a)		142,971		145,196
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 3.966% FRN 8/25/36 (a)		152,465		157,028
Sofi Professional Loan Program Trust, Series 2018-D, Class R1 (Acquired 9/20/18, Cost $314,012) 2/25/48 (a) (c) (d) (e)		956,000		329,342

				33,770,486


	Principal Amount		Value
WL Collateral CMO — 4.9%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, 4.628% VRN 8/25/34 (b)	$	6,158	$	6,222
Countrywide Home Loans, Inc.
Series 2004-2, Class 1A1, 3.715% VRN 2/25/34 (b)		3,552		3,570
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (b)		786		716
Deephaven Residential Mortgage Trust
Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b)		528,798		518,451
Series 2018-2A, Class A3, 3.684% VRN 4/25/58 (a) (b)		886,803		883,221
Series 2018-3A, Class A3, 3.963% VRN 8/25/58 (a) (b)		320,000		320,204
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.105% VRN 8/25/34 (b)		1,127		1,119
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.940% VRN 8/25/34 (b)		8,002		7,843
JP Morgan Mortgage Trust
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)		412,534		406,914
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)		615,789		605,475
Series 2018-4, Class A15, 3.500% VRN 10/25/48 (a) (b)		566,181		558,493
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)		571,287		563,862
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class IA, 3.216% VRN 2/25/34 (b)		697		675
Series 2003-A4, Class IA, 4.544% VRN 7/25/33 (b)		526		527
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, 4.375% VRN 2/25/34 (b)		42		46
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, 3.750% VRN 11/25/56 (a) (b)		330,852		329,342
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A (Acquired 2/21/18, Cost $250,000), 5.066% FRN 2/25/23 (a) (b) (c) (d)		250,000		252,893
PSMC Trust
Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b)		595,603		586,692
Series 2018-2, Class A3, 3.500% VRN 6/25/48 (a) (b)		624,680		614,671
Sequoia Mortgage Trust
Series 2015-1, Class A6, 2.500% VRN 1/25/45 (a) (b)		467,525		452,900


	Principal Amount		Value
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)	$	723,452	$	713,608
Series 2018-5, Class A4, 3.500% VRN 5/25/48 (a) (b)		577,351		569,497
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b)		370,850		372,170
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)		931,749		935,058
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)		665,607		668,922
Series 2018-7, Class A4, 4.000% VRN 9/25/48 (a) (b)		237,644		240,602
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, 3.000% VRN 10/25/31 (a) (b)		799,402		763,823
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 4.324% VRN 3/25/34 (b)		4,357		4,379
TIAA Bank Mortgage Loan Trust, Series 2018-2, Class A4, 3.500% VRN 7/25/48 (a) (b)		332,485		327,964
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.245% FRN 4/25/44		12,792		13,279

				10,723,138


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $106,865,210)				106,419,028


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 1.1%
Collateralized Mortgage Obligations — 1.0%
Federal Home Loan Mortgage Corp.
Series 4740, Class CA, 3.000% 5/15/39		279,346		273,633
Series 4491, Class B, 3.000% 8/15/40		448,361		439,635
Series 4720, Class A, 3.000% 3/15/41		380,492		373,520
Federal National Mortgage Association
Series 2015-80, Class CA, 3.000% 4/25/40		627,484		615,559
Series 2015-63, Class KA, 3.000% 1/25/41		299,236		294,448
Government National Mortgage Association (b) Series 2014-131, Class BW 3.789% 5/20/41		131,916		140,016

				2,136,811


	Principal Amount		Value
Pass-Through Securities — 0.1%
Federal Home Loan Mortgage Corp.
Pool #C01079 7.500% 10/01/30	$	327	$	370
Pool #C01135 7.500% 2/01/31		1,036		1,170
Federal National Mortgage Association
Pool #888586 1 year CMT + 2.198% 3.976% FRN 10/01/34		20,234		20,987
Pool #725692 1 year CMT + 2.138% 4.019% FRN 10/01/33		21,230		22,258
Pool #775539 12 mo. USD LIBOR + 1.645% 4.179% FRN 5/01/34		8,777		9,132
Pool #575667 7.000% 3/01/31		2,336		2,634
Pool #529453 7.500% 1/01/30		503		569
Pool #531196 7.500% 2/01/30		63		70
Pool #530299 7.500% 3/01/30		67		73
Pool #535996 7.500% 6/01/31		1,200		1,355
Pool #523499 8.000% 11/01/29		53		60
Pool #252926 8.000% 12/01/29		24		27
Pool #532819 8.000% 3/01/30		30		35
Pool #534703 8.000% 5/01/30		511		581
Pool #253437 8.000% 9/01/30		31		35
Pool #253481 8.000% 10/01/30		14		16
Pool #596656 8.000% 8/01/31		193		199
Pool #602008 8.000% 8/01/31		790		899
Pool #190317 8.000% 8/01/31		632		720
Pool #597220 8.000% 9/01/31		621		712
Government National Mortgage Association
Pool #371146 7.000% 9/15/23		65		68
Pool #352022 7.000% 11/15/23		1,035		1,103
Pool #491089 7.000% 12/15/28		1,686		1,830
Pool #500928 7.000% 5/15/29		794		887
Pool #478658 7.000% 5/15/29		415		465
Pool #499410 7.000% 7/15/29		241		271
Pool #510083 7.000% 7/15/29		180		201
Pool #493723 7.000% 8/15/29		484		543
Pool #581417 7.000% 7/15/32		2,344		2,639
Government National Mortgage Association II
Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25		863		877
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27		162		165
Pool #82462 1 year CMT + 1.500% 3.375% FRN 1/20/40		59,778		61,905
Pool #82488 1 year CMT + 1.500% 3.375% FRN 3/20/40		68,245		70,649

				203,505


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,405,489)				2,340,316


	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bonds & Notes — 0.4%
U.S. Treasury Note 8.000% 11/15/21 (f)	$	720,000	$	829,271


TOTAL U.S. TREASURY OBLIGATIONS (Cost $846,056)				829,271


TOTAL BONDS & NOTES (Cost $209,888,420)				207,850,973


TOTAL PURCHASED OPTIONS (#) — 0.9% (Cost $2,011,623)				2,016,930


TOTAL LONG-TERM INVESTMENTS (Cost $211,900,043)				209,867,903


SHORT-TERM INVESTMENTS — 4.6%
Commercial Paper — 4.6%
Avangrid, Inc. 2.353% 10/01/18 (a)		1,750,000		1,749,653
Comcast Corp. 2.406% 10/16/18 (a)		2,250,000		2,247,247
Glencore Funding LLC 2.415% 10/05/18 (a)		2,000,000		1,999,063
Mohawk Industries, Inc. 2.386% 10/15/18 (a)		2,250,000		2,247,399
Walgreens Boots Alliance, Inc. 2.437% 10/18/18		1,750,000		1,747,623

				9,990,985


TOTAL SHORT-TERM INVESTMENTS (Cost $9,993,210)				9,990,985


TOTAL INVESTMENTS — 100.5% (Cost $221,893,253) (g)				219,858,888

Other Assets/(Liabilities) — (0.5)%				(1,152,102	)


NET ASSETS — 100.0%			$	218,706,786

Abbreviation Legend

ABS	Asset-Backed Security

ARS	Auction Rate Security

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

FRN	Floating Rate Note

MBS	Mortgage-Backed Security

MTA	Monthly Treasury Average Index

STEP	Step Up Bond

VRN	Variable Rate Note

WL	Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

(b)


	Number of Shares		Value
EQUITIES — 98.1%

COMMON STOCK — 98.1%
Basic Materials — 3.5%
Iron & Steel — 1.2%
Allegheny Technologies, Inc. (a)		49,225	$	1,454,599

Mining — 2.3%
Compass Minerals International, Inc.		18,480		1,241,856
Kaiser Aluminum Corp.		15,655		1,707,334

				2,949,190

				4,403,789

Communications — 4.8%
Internet — 4.0%
Etsy, Inc. (a)		34,690		1,782,372
Q2 Holdings, Inc. (a)		20,850		1,262,468
Yelp, Inc. (a)		42,470		2,089,524

				5,134,364

Media — 0.8%
Houghton Mifflin Harcourt Co. (a)		134,140		938,980

				6,073,344

Consumer, Cyclical — 14.1%
Airlines — 1.1%
Spirit Airlines, Inc. (a)		29,770		1,398,297

Auto Manufacturers — 0.8%
Navistar International Corp. (a)		26,840		1,033,340

Auto Parts & Equipment — 2.8%
Dorman Products, Inc. (a)		22,750		1,749,930
Visteon Corp. (a)		19,450		1,806,905

				3,556,835

Retail — 9.4%
The Children’s Place, Inc.		15,220		1,945,116
Group 1 Automotive, Inc.		31,490		2,043,701
Jack in the Box, Inc.		15,620		1,309,424
The Michaels Cos., Inc. (a)		38,990		632,808
Nu Skin Enterprises, Inc. Class A		16,790		1,383,832
Suburban Propane Partners LP (b)		76,110		1,790,868
Texas Roadhouse, Inc.		23,830		1,651,181
The Wendy’s Co.		71,780		1,230,309

				11,987,239

				17,975,711

Consumer, Non-cyclical — 21.2%
Agriculture — 0.8%
Universal Corp.		16,340		1,062,100

Biotechnology — 2.6%
Emergent BioSolutions, Inc. (a)		19,840		1,306,067
Ligand Pharmaceuticals, Inc. (a)		5,560		1,526,164
Sage Therapeutics, Inc. (a)		3,046		430,248

				3,262,479


	Number of Shares		Value
Commercial Services — 5.3%
ASGN, Inc. (a)		30,716	$	2,424,414
Korn/Ferry International		48,031		2,365,046
Monro, Inc.		11,520		801,792
Paylocity Holding Corp. (a)		14,840		1,191,949

				6,783,201

Health Care – Products — 4.3%
Inogen, Inc. (a)		4,020		981,362
Inspire Medical Systems, Inc. (a) (c)		15,088		634,903
Intersect ENT, Inc. (a)		23,770		683,387
Quidel Corp. (a)		16,280		1,060,968
Repligen Corp. (a)		21,410		1,187,399
Wright Medical Group NV (a)		33,460		971,009

				5,519,028

Health Care – Services — 4.7%
Addus HomeCare Corp. (a)		12,212		856,672
Amedisys, Inc. (a)		15,540		1,941,878
American Renal Associates Holdings, Inc. (a)		24,120		522,198
Molina Healthcare, Inc. (a)		6,360		945,732
Teladoc Health, Inc. (a) (c)		19,030		1,643,241

				5,909,721

Household Products & Wares — 1.2%
Acco Brands Corp.		137,170		1,550,021

Pharmaceuticals — 2.3%
Diplomat Pharmacy, Inc. (a)		44,770		868,986
Senseonics Holdings, Inc. (a) (c)		115,880		552,747
TherapeuticsMD, Inc. (a) (c)		113,800		746,528
uniQure NV (a)		10,920		397,379
Zogenix, Inc. (a)		7,600		376,960

				2,942,600

				27,029,150

Energy — 3.8%
Energy – Alternate Sources — 1.3%
Renewable Energy Group, Inc. (a)		58,949		1,697,731

Oil & Gas — 1.8%
Matador Resources Co. (a)		67,635		2,235,337

Pipelines — 0.7%
Noble Midstream Partners LP (b)		26,605		942,083

				4,875,151

Financial — 20.5%
Banks — 6.2%
The Bank of NT Butterfield & Son Ltd.		15,399		798,592
BankUnited, Inc.		34,909		1,235,779
Chemical Financial Corp.		23,902		1,276,367
Columbia Banking System, Inc.		21,980		852,165
Customers Bancorp, Inc. (a)		26,220		616,957


	Number of Shares		Value
FCB Financial Holdings, Inc. Class A (a)		23,553	$	1,116,412
Heritage Financial Corp.		18,200		639,730
IBERIABANK Corp.		16,390		1,333,326

				7,869,328

Diversified Financial Services — 1.6%
Focus Financial Partners, Inc. Class A (a)		14,980		710,951
Stifel Financial Corp.		25,810		1,323,021

				2,033,972

Insurance — 1.5%
James River Group Holdings Ltd.		16,285		694,067
ProAssurance Corp.		26,990		1,267,180

				1,961,247

Real Estate Investment Trusts (REITS) — 6.2%
Brandywine Realty Trust		98,790		1,552,979
DiamondRock Hospitality Co.		162,000		1,890,540
EPR Properties		12,090		827,077
Four Corners Property Trust, Inc.		75,960		1,951,412
National Storage Affiliates Trust		65,530		1,667,083

				7,889,091

Savings & Loans — 5.0%
Beneficial Bancorp, Inc.		50,170		847,873
Berkshire Hills Bancorp, Inc.		26,750		1,088,725
OceanFirst Financial Corp.		38,030		1,035,177
Pacific Premier Bancorp, Inc. (a)		16,790		624,588
Sterling Bancorp		56,410		1,241,020
WSFS Financial Corp.		33,630		1,585,654

				6,423,037

				26,176,675

Industrial — 14.4%
Building Materials — 2.0%
Masonite International Corp. (a)		21,143		1,355,266
Summit Materials, Inc. Class A (a)		62,559		1,137,323

				2,492,589

Electrical Components & Equipment — 2.7%
Energizer Holdings, Inc.		25,170		1,476,220
Generac Holdings, Inc. (a)		34,290		1,934,299

				3,410,519

Engineering & Construction — 2.8%
Dycom Industries, Inc. (a)		14,570		1,232,622
KBR, Inc.		71,896		1,519,162
TopBuild Corp. (a)		14,080		800,026

				3,551,810

Environmental Controls — 1.8%
Advanced Disposal Services, Inc. (a)		49,818		1,349,071
Evoqua Water Technologies Corp. (a)		55,670		989,813

				2,338,884


	Number of Shares		Value
Machinery – Diversified — 0.5%
The Manitowoc Co., Inc. (a)		27,897	$	669,249

Metal Fabricate & Hardware — 1.2%
Rexnord Corp. (a)		50,670		1,560,636

Miscellaneous – Manufacturing — 0.8%
EnPro Industries, Inc.		13,970		1,018,832

Transportation — 1.4%
CryoPort, Inc. (a) (c)		24,270		310,899
Genesee & Wyoming, Inc. Class A (a)		15,690		1,427,633

				1,738,532

Trucking & Leasing — 1.2%
The Greenbrier Cos., Inc.		25,110		1,509,111

				18,290,162

Technology — 13.1%
Computers — 4.0%
CACI International, Inc. Class A (a)		14,051		2,587,492
Perspecta, Inc.		49,535		1,274,040
Teradata Corp. (a)		33,510		1,263,662

				5,125,194

Semiconductors — 2.0%
Brooks Automation, Inc.		33,810		1,184,364
MKS Instruments, Inc.		16,970		1,360,146

				2,544,510

Software — 7.1%
Blackline, Inc. (a)		24,130		1,362,621
Envestnet, Inc. (a)		13,980		852,081
j2 Global, Inc.		22,541		1,867,522
Pegasystems, Inc.		24,296		1,520,929
SendGrid, Inc. (a)		36,009		1,324,771
Zynga, Inc. Class A (a)		524,896		2,104,833

				9,032,757

				16,702,461

Utilities — 2.7%
Electric — 2.7%
Black Hills Corp.		32,070		1,862,947
NorthWestern Corp.		26,720		1,567,395

				3,430,342


TOTAL COMMON STOCK (Cost $95,651,202)				124,956,785


TOTAL EQUITIES (Cost $95,651,202)				124,956,785


	Number of Shares		Value
MUTUAL FUNDS — 2.0%
Diversified Financial Services — 2.0%
State Street Navigator Securities Lending Prime Portfolio (d)		2,622,653	$	2,622,653


TOTAL MUTUAL FUNDS (Cost $2,622,653)				2,622,653


TOTAL LONG-TERM INVESTMENTS (Cost $98,273,855)				127,579,438


	Principal Amount
SHORT-TERM INVESTMENTS — 2.0%
Repurchase Agreement — 2.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (e)	$	2,511,549		2,511,549


TOTAL SHORT-TERM INVESTMENTS (Cost $2,511,549)				2,511,549


TOTAL INVESTMENTS — 102.1% (Cost $100,785,404) (f)				130,090,987

Other Assets/(Liabilities) — (2.1)%				(2,703,965	)


NET ASSETS — 100.0%			$	127,387,022

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Security is a Master Limited Partnership.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $2,543,470 or 2.00% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(d)	Represents investment of security lending collateral. (Note 2).

(e)	Maturity value of $2,511,779. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $2,563,970.

(f)	See Note 3 for aggregate cost for federal tax purposes.


	Number of Shares		Value
EQUITIES — 95.5%

COMMON STOCK — 95.5%
Basic Materials — 5.7%
Chemicals — 4.5%
The Chemours Co.		10,379	$	409,348
Ingevity Corp. (a)		6,639		676,381
Rayonier Advanced Materials, Inc.		4,600		84,778

				1,170,507

Mining — 1.2%
Alcoa Corp. (a)		8,100		327,240

				1,497,747

Communications — 12.0%
Internet — 0.2%
Liberty Expedia Holdings, Inc. Class A (a)		1,360		63,974

Media — 6.8%
Cable One, Inc.		500		441,805
Liberty Broadband Corp. Class A (a)		3,500		295,155
Liberty Broadband Corp. Class C (a)		3,600		303,480
Liberty Media Corp-Liberty Formula One Class C (a)		5,300		197,107
Liberty Media Corp-Liberty SiriusXM Class A (a)		5,600		243,264
Liberty Media Corp-Liberty SiriusXM Class C (a)		5,600		243,320
News Corp. Class A		5,800		76,502

				1,800,633

Telecommunications — 5.0%
GCI Liberty, Inc. Class A (a)		3,440		175,440
Liberty Latin America Ltd. Class A (a)		54,100		1,127,444

				1,302,884

				3,167,491

Consumer, Cyclical — 5.8%
Auto Parts & Equipment — 1.5%
Aptiv PLC		4,679		392,568

Entertainment — 2.2%
The Madison Square Garden Co. Class A (a)		1,810		570,729

Lodging — 1.6%
Hilton Grand Vacations, Inc. (a)		12,500		413,750

Retail — 0.5%
J Alexander’s Holdings, Inc. (a)		11,500		136,850

				1,513,897

Consumer, Non-cyclical — 30.8%
Commercial Services — 11.7%
PayPal Holdings, Inc. (a)		35,000		3,074,400


	Number of Shares		Value
Foods — 2.9%
Lamb Weston Holdings, Inc.		11,733	$	781,418

Health Care – Products — 6.1%
Avanos Medical, Inc. (a)		6,100		417,850
Danaher Corp.		5,400		586,764
Varex Imaging Corp. (a)		7,500		214,950
West Pharmaceutical Services, Inc.		3,100		382,757

				1,602,321

Household Products & Wares — 1.0%
Avery Dennison Corp.		2,400		260,040

Pharmaceuticals — 9.1%
AbbVie, Inc.		6,300		595,854
Zoetis, Inc.		19,700		1,803,732

				2,399,586

				8,117,765

Energy — 3.2%
Oil & Gas — 2.7%
Andeavor		1,900		291,650
Murphy USA, Inc. (a)		5,000		427,300

				718,950

Oil & Gas Services — 0.5%
KLX Energy Services Holdings, Inc. (a)		3,600		115,236

				834,186

Financial — 4.5%
Diversified Financial Services — 1.1%
Synchrony Financial		9,540		296,503

Real Estate Investment Trusts (REITS) — 2.9%
Four Corners Property Trust, Inc.		10,300		264,607
Gaming and Leisure Properties, Inc.		13,900		489,975

				754,582

Savings & Loans — 0.5%
Poage Bankshares, Inc.		5,400		136,890

				1,187,975

Industrial — 23.6%
Aerospace & Defense — 2.2%
KLX, Inc. (a)		9,000		565,020

Electronics — 16.0%
Allegion PLC		8,500		769,845
Fortive Corp.		22,600		1,902,920
Honeywell International, Inc.		3,060		509,184
Keysight Technologies, Inc. (a)		14,570		965,700
nVent Electric PLC		2,340		63,554

				4,211,203

Engineering & Construction — 1.6%
TopBuild Corp. (a)		7,600		431,832


	Number of Shares		Value
Environmental Controls — 0.4%
Pentair PLC		2,340	$	101,439

Machinery – Construction & Mining — 0.5%
Oshkosh Corp.		2,002		142,623

Metal Fabricate & Hardware — 0.4%
TimkenSteel Corp. (a)		7,100		105,577

Miscellaneous – Manufacturing — 2.5%
Trinseo SA		8,300		649,890

				6,207,584

Technology — 7.6%
Computers — 7.6%
DXC Technology Co.		3,874		362,296
Hewlett Packard Enterprise Co.		81,600		1,330,896
Lumentum Holdings, Inc. (a)		4,500		269,775
Perspecta, Inc.		1,937		49,820

				2,012,787

Utilities — 2.3%
Gas — 2.3%
ONE Gas, Inc.		7,300		600,644


TOTAL COMMON STOCK (Cost $19,972,298)				25,140,076


TOTAL EQUITIES (Cost $19,972,298)				25,140,076


TOTAL LONG-TERM INVESTMENTS (Cost $19,972,298)				25,140,076


	Principal Amount
SHORT-TERM INVESTMENTS — 4.6%
Repurchase Agreement — 4.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (b)	$	1,224,463		1,224,463


TOTAL SHORT-TERM INVESTMENTS (Cost $1,224,463)				1,224,463


TOTAL INVESTMENTS — 100.1% (Cost $21,196,761) (c)				26,364,539

Other Assets/(Liabilities) — (0.1)%				(27,342	)


NET ASSETS — 100.0%			$	26,337,197


	Number of Shares		Value
EQUITIES — 95.9%

COMMON STOCK — 94.8%
Bermuda — 2.6%
Credicorp Ltd.		7,110	$	1,586,099
Jardine Strategic Holdings Ltd.		45,462		1,650,148

				3,236,247

Brazil — 4.0%
Atacadao Distribuicao Comercio e Industria Ltda		330,000		1,210,162
B3 SA — Brasil Bolsa Balcao		330,465		1,914,767
Itau Unibanco Holding SA Sponsored ADR		55,670		611,256
Vale SA Sponsored ADR		87,700		1,301,468

				5,037,653

Cayman Islands — 17.8%
3SBio, Inc. (a)		63,500		106,811
AAC Technologies Holdings, Inc.		37,500		385,004
Alibaba Group Holding Ltd. Sponsored ADR (b)		43,553		7,175,792
BEST, Inc. ADR (b) (c)		24,302		143,868
Huazhu Group Ltd. ADR		78,241		2,527,184
Hutchison China MediTech Ltd. ADR (b)		8,517		274,162
Meituan Dianping Class B (b)		159,800		1,402,372
New Oriental Education & Technology Group, Inc. Sponsored ADR		15,580		1,153,076
Pinduoduo, Inc. ADR (b) (c)		38,870		1,021,892
Ping An Healthcare and Technology Co. Ltd. (a) (b)		9,465		63,281
Sunny Optical Technology Group Co. Ltd.		36,000		415,586
Tencent Holdings Ltd.		141,059		5,828,870
Wuxi Biologics Cayman, Inc. (a) (b)		40,500		405,614
ZTO Express Cayman, Inc. ADR		74,210		1,229,660

				22,133,172

Chile — 0.2%
Banco de Chile		1,378,985		211,092

China — 4.1%
China International Capital Corp. Ltd. Class H (a)		289,600		535,235
Dong-E-E-Jiao Co. Ltd.		86,899		599,910
Jiangsu Hengrui Medicine Co. Ltd. Class A		165,650		1,529,975
Sinopharm Group Co. Ltd. Class H		502,200		2,461,327

				5,126,447

Colombia — 0.7%
Grupo Aval Acciones y Valores SA ADR (c)		91,700		711,592


	Number of Shares		Value
Grupo de Inversiones Suramericana SA		12,420	$	145,713

				857,305

Egypt — 0.5%
Commercial International Bank Egypt SAE		120,952		566,948

France — 6.4%
Kering SA		8,405		4,494,331
LVMH Moet Hennessy Louis Vuitton SE		9,776		3,451,564

				7,945,895

Hong Kong — 3.9%
AIA Group Ltd.		392,000		3,502,413
Hong Kong Exchanges & Clearing Ltd.		49,536		1,407,560

				4,909,973

India — 9.5%
Apollo Hospitals Enterprise Ltd.		23,424		341,481
Biocon Ltd.		85,266		811,820
Cholamandalam Investment & Finance Co. Ltd.		22,827		368,261
Dalmia Bharat Ltd.		4,771		151,605
Housing Development Finance Corp. Ltd.		141,992		3,426,923
Kotak Mahindra Bank Ltd.		193,122		3,027,187
Tata Consultancy Services Ltd.		49,506		1,490,414
UltraTech Cement Ltd.		14,639		821,834
Zee Entertainment Enterprises Ltd.		220,960		1,341,753

				11,781,278

Indonesia — 0.9%
Bank Central Asia Tbk PT		377,500		611,359
Indocement Tunggal Prakarsa Tbk PT		424,000		525,890

				1,137,249

Italy — 1.4%
PRADA SpA		368,300		1,764,804

Malaysia — 0.3%
Genting Bhd		180,500		340,586

Mexico — 5.3%
Fomento Economico Mexicano SAB de CV		213,550		2,112,677
Fomento Economico Mexicano SAB de CV Sponsored ADR		10,410		1,030,278
Grupo Aeroportuario del Sureste SAB de CV Class B		40,883		835,399
Grupo Financiero Inbursa SAB de CV Class O		722,011		1,135,063
Grupo Mexico SAB de CV Series B		502,563		1,446,406

				6,559,823


	Number of Shares		Value
Netherlands — 1.4%
Steinhoff International Holdings NV (b) (c)		380,496	$	61,864
Yandex NV Class A (b)		51,539		1,695,118

				1,756,982

Philippines — 3.6%
Ayala Corp.		25,450		437,429
Ayala Land, Inc.		1,055,400		782,514
BDO Unibank, Inc.		53,800		119,299
Jollibee Foods Corp.		141,490		673,079
SM Investments Corp.		90,200		1,509,166
SM Prime Holdings, Inc.		1,393,500		935,052

				4,456,539

Republic of Korea — 8.6%
Amorepacific Corp.		3,544		833,966
AMOREPACIFIC Group		1,977		166,216
Kakao Corp.		4,205		451,172
LG Household & Health Care Ltd.		1,914		2,200,702
NAVER Corp.		4,213		2,714,204
Netmarble Corp. (a)		2,898		300,286
Samsung Biologics Co. Ltd. (a) (b)		3,816		1,836,176
Samsung Electronics Co. Ltd.		51,800		2,169,501

				10,672,223

Russia — 6.8%
LUKOIL PJSC Sponsored ADR		3,230		246,901
LUKOIL PJSC Sponsored ADR		11,334		868,122
Magnit PJSC		4,273		249,516
Novatek PJSC Sponsored GDR Registered (d)		31,584		5,802,036
Polyus PJSC GDR (a) (e)		8,200		257,480
Sberbank of Russia PJSC		330,097		1,021,822

				8,445,877

South Africa — 2.5%
FirstRand Ltd.		462,730		2,217,022
Shoprite Holdings Ltd.		70,271		951,504

				3,168,526

Taiwan — 5.9%
Taiwan Semiconductor Manufacturing Co. Ltd.		854,000		7,291,836

Thailand — 0.5%
Siam Commercial Bank PCL		145,600		670,822

Turkey — 0.6%
Anadolu Efes Biracilik Ve Malt Sanayii AS		129,726		452,919
BIM Birlesik Magazalar AS		22,402		301,906

				754,825

United Arab Emirates — 1.6%
DP World Ltd.		74,184		1,414,625
Emaar Properties PJSC		427,468		576,364

				1,990,989


	Number of Shares		Value
United Kingdom — 4.4%
Glencore PLC		1,157,561	$	4,989,905
Mediclinic International PLC		78,150		436,482

				5,426,387

United States — 1.3%
MercadoLibre, Inc.		1,780		606,036
Snap, Inc. Class A (b) (c)		49,568		420,337
Yum China Holdings, Inc.		16,710		586,688

				1,613,061


TOTAL COMMON STOCK (Cost $103,611,663)				117,856,539


PREFERRED STOCK — 1.1%
Brazil — 1.1%
Lojas Americanas SA 0.410%		332,400		1,306,209

India — 0.0%
Zee Entertainment Enterprises Ltd. 6.000%		503,840		54,422


TOTAL PREFERRED STOCK (Cost $1,681,387)				1,360,631


TOTAL EQUITIES (Cost $105,293,050)				119,217,170


MUTUAL FUNDS — 1.4%
United States — 1.4%
State Street Navigator Securities Lending Prime Portfolio (f)		1,756,987		1,756,987


TOTAL MUTUAL FUNDS (Cost $1,756,987)				1,756,987


TOTAL LONG-TERM INVESTMENTS (Cost $107,050,037)				120,974,157


	Principal Amount
SHORT-TERM INVESTMENTS — 4.1%
Repurchase Agreement — 4.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (g)	$	5,021,748		5,021,748


TOTAL SHORT-TERM INVESTMENTS (Cost $5,021,748)				5,021,748


TOTAL INVESTMENTS — 101.4% (Cost $112,071,785) (h)				125,995,905

Other Assets/(Liabilities) — (1.4)%				(1,681,922	)


NET ASSETS — 100.0%			$	124,313,983

Abbreviation Legend

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

PJSC	Public Joint Stock Company

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $3,504,883 or 2.82% of net assets.

(b)	Non-income producing security.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $1,695,277 or 1.36% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(d)

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $257,480 or 0.21% of net assets.

(f)	Represents investment of security lending collateral. (Note 2).

(g)	Maturity value of $5,022,208. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity dates ranging from 8/15/42 – 11/15/42, and an aggregate market value, including accrued interest, of $5,126,276.

(h)	See Note 3 for aggregate cost for federal tax purposes.


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 100.0%
Discount Notes — 77.5%
Federal Farm Credit Bank
1 mo. USD LIBOR - .080% 2.053% FRN 10/09/18, 11/09/18 (a)	$	5,000,000	$	5,000,407
1 mo. USD LIBOR + .150% 2.308% FRN 10/15/18, 3/15/19 (a)		5,000,000		5,006,463
1 mo. USD LIBOR + .175% 2.391% FRN 10/25/18, 2/25/19 (a)		1,500,000		1,501,873
Federal Home Loan Bank
1.980% 10/01/18, 10/01/18 (a)		800,000		799,913
1.996% FRN 10/09/18, 6/07/19 (a) (b)		6,000,000		5,999,997
1 mo. USD LIBOR - .110% 2.021% FRN 10/11/18, 10/11/18 (a)		2,000,000		2,000,000
2.024% 10/31/18, 10/31/18 (a)		810,000		808,575
2.028% FRN 10/15/18, 11/15/18 (a) (b)		4,000,000		4,000,064
2.029% 10/03/18, 10/03/18 (a)		2,000,000		1,999,556
2.032% 10/10/18, 10/10/18 (a)		1,720,000		1,718,949
2.068% FRN 10/17/18, 7/17/19 (a) (b)		10,000,000		10,000,060
2.080% 10/12/18, 10/12/18 (a)		1,000,000		999,260
2.082% FRN 10/21/18, 8/21/19 (a) (b)		4,000,000		4,000,000
2.090% 10/12/18, 10/12/18 (a)		4,640,000		4,636,548
2.092% 12/13/18, 12/13/18 (a)		4,000,000		3,983,000
2.098% FRN 10/19/18, 12/19/18 (a) (b)		8,000,000		8,000,685
2.101% FRN 10/25/18, 10/25/18 (a) (b)		5,000,000		4,999,190
2.101% 10/17/18, 10/17/18 (a)		10,000,000		9,989,650
2.102% FRN 10/22/18, 4/22/19 (a) (b)		2,500,000		2,500,192
2.111% FRN 10/01/18, 11/01/18 (a) (b)		3,800,000		3,800,004
3 mo. USD LIBOR - .220% 2.121% FRN 11/09/18, 11/09/18 (a)		3,000,000		3,000,592
1 mo. USD LIBOR - .090% 2.122% FRN 10/22/18, 1/22/19 (a)		1,600,000		1,600,179
3 mo. USD LIBOR - .220% 2.123% FRN 11/01/18, 2/01/19 (a)		3,000,000		3,001,322
1 mo. USD LIBOR - .090% 2.126% FRN 10/25/18, 1/25/19 (a)		5,000,000		5,000,259
1 mo. USD LIBOR - .100% 2.130% FRN 10/27/18, 12/27/18 (a)		5,000,000		5,000,083
2.131% 11/30/18, 11/30/18 (a)		2,890,000		2,879,648
2.132% 10/19/18, 10/19/18 (a)		7,000,000		6,991,833


	Principal Amount		Value
3 mo. USD LIBOR - .160% 2.152% FRN 11/24/18, 5/24/19 (a)	$	7,000,000	$	7,006,214
2.171% 10/26/18, 10/26/18 (a)		10,000,000		9,983,965
2.173% 10/26/18, 10/26/18 (a)		5,000,000		4,991,975
1 mo. USD LIBOR - .035% 2.177% FRN 10/23/18, 1/23/19 (a)		1,400,000		1,400,338
2.192% 11/23/18, 11/23/18 (a)		5,000,000		4,983,538
Federal National Mortgage Association 1.959% , 10/01/18, 10/01/18 (a)		3,000,000		2,999,678

				140,584,010

Repurchase Agreement — 11.0%
HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 9/28/18, 2.220%, due 10/01/18 (c)		20,000,000		20,000,000

U.S. Treasury Bonds & Notes — 11.5%
U.S. Treasury Note
0.750% 2/15/19, 2/15/19		5,000,000		4,972,118
1.125% 1/31/19, 1/31/19		8,000,000		7,971,036
1.500% 3/31/19, 3/31/19		8,000,000		7,964,879

				20,908,033


TOTAL SHORT-TERM INVESTMENTS (Cost $181,492,043)				181,492,043


TOTAL INVESTMENTS — 100.0% (Cost $181,492,043) (d)				181,492,043

Other Assets/(Liabilities) — 0.0%				3,562


NET ASSETS — 100.0%			$	181,495,605

Abbreviation Legend

FRN	Floating Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	The stated maturity dates reflect demand date and stated maturity date, respectively.

(b)

(c)	Maturity value of $20,003,700. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% – 3.375%, maturity dates ranging from 11/08/18 –8/15/47, and an aggregate market value, including accrued interest, of $20,400,000.

(d)	See Note 3 for aggregate cost for federal tax purposes.

MML Series Investment Fund II (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a no-load, open-end, management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)

MML U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the MML Allocation Funds, which are “funds of funds” series of MML Series Investment Fund, another open-end management investment company sponsored by MassMutual, are the record owners of all of the outstanding shares of the Funds.

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value

securities in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (with the exception of debt securities held by the U.S. Government Money Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day. The U.S. Government Money Market Fund’s debt securities are typically valued at amortized cost, but may be valued using a vendor quote if the Fund’s investment adviser determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. It is the intention of the U.S. Government Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral. Restricted securities are generally valued at a discount to similar publicly traded securities.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of

the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability

and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

The types of assets and liabilities categorized in Level 1 generally include actively traded domestic and certain foreign equity securities, derivatives actively traded on a national securities exchange (such as some warrants, rights, futures, and options), and shares of open-end mutual funds.

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

The types of assets and liabilities categorized in Level 2 generally include debt securities such as U.S. Government and agency securities, mortgage-backed securities, asset-backed securities, municipal obligations, sovereign debt obligations, bank loans, corporate bonds, and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, and forward foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Funds determine their net asset values.

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The types of assets and liabilities categorized in Level 3 generally include securities for which prices, spreads, or any of the other aforementioned significant inputs are unobservable. Generally, securities whose trading has been suspended or that have been de-listed from their current primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions; and any illiquid Rule 144A securities or restricted securities issued by non-public entities are categorized in Level 3.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the overall fair value measurement.

The U.S. Government Money Market Fund characterized all investments at Level 2, as of September 30, 2018. The Equity Fund, Equity Rotation Fund, and Special Situations Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of September 30, 2018. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of September 30, 2018, for the remaining Funds’ investments:

The Funds, with the exception of the Blend Fund and Strategic Emerging Markets Fund, had no transfers between Levels of the fair value hierarchy during the period ended September 30, 2018. The Blend Fund had transfers between Level 2 and Level 3 of the fair value hierarchy during the period ended September 30, 2018; however, none of the transfers individually or collectively had a material impact on the Fund. The Funds recognize transfers between the Levels as of the beginning of the year.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than their original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives at September 30, 2018, the following table shows how the Fund used these types of derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).

At September 30, 2018, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

At September 30, 2018, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

Further details regarding the derivatives and other investments held by the Fund(s) at September 30, 2018, are discussed below.

A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments. A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

When a futures 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 settlement price established each day by the board of trade or exchange on which they are traded.

Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the

protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment or stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. A Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange

rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security.

Swap agreements outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments. A Fund’s current exposure to a counterparty is the fair value of the transaction.

A Fund may purchase and sell put and call options on securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date.

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify

for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Collateral for certain tri-party repurchase agreements is held at the Fund’s custodian or sub-custodian in a segregated account for the benefit of the Fund and the counterparty.

Each Fund may enter into reverse repurchase agreements with banks and broker-dealers to enhance return. Reverse repurchase agreements involve sales by a Fund of portfolio securities concurrently with an agreement by the Fund to repurchase the same securities at a later date at a fixed price (typically equal to the original sale price plus interest). During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on the securities and also has the opportunity to earn a return on the purchase price received by it from the counterparty.

Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements generally create

investment leverage and involve the risk that the market value of the security that a Fund is obligated to repurchase under the agreement may decline below the repurchase price. For financial reporting purposes, cash received in exchange for securities delivered plus accrued interest payments to be made to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short term nature of reverse repurchase agreements, face value approximates fair value. Interest payments made by a Fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for a security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund.

Reverse repurchase transactions are entered into by a Fund under a Master Repurchase Agreement (“MRA”), which permits the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and creates one single net payment due to or from the Fund. With reverse repurchase transactions, typically a Fund and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

In the event the buyer of securities under an MRA files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of its securities may be restricted or forfeited, and the counterparty may fail to return/resell the securities in question to the Fund.

Open reverse repurchase transactions outstanding at September 30, 2018, if any, are listed in each applicable Fund’s Portfolio of Investments.

At September 30, 2018, the average balance outstanding for open reverse repurchase agreements for the Inflation-Protected and Income Fund was $300,028,273. The maximum balance outstanding for the Inflation-Protected and Income Fund was $349,736,919 during the period ended September 30, 2018. The weighted average maturity was 45 days, at a weighted average interest rate of 1.920%.

Average balance outstanding was calculated based on daily balances outstanding during the period that the Inflation-Protected and Income Fund had entered into reverse repurchase transactions.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.

The Asset Momentum Fund, Blend Fund, Dynamic Bond Fund, Equity Fund, Equity Rotation Fund, High Yield Fund, Inflation-Protected and Income Fund, Managed Bond Fund, Short-Duration Bond Fund, Small Cap Equity Fund, Special Situations Fund, and Strategic Emerging Markets Fund may lend their securities; however, lending cannot exceed 10% of the total assets of the Managed Bond Fund taken at current value, and 33% of the total assets of the Asset Momentum Fund, Blend Fund, Dynamic Bond Fund, Equity Fund, Equity Rotation Fund, High Yield Fund, Inflation-Protected and Income Fund, Short-Duration Bond Fund, Small Cap Equity Fund, Special Situations Fund, and Strategic Emerging Markets Fund, respectively, taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio of securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At September 30, 2018, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at September 30, 2018.

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from

litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among classes to which the expense relates based on relative net assets.

The Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

It is each Fund’s intent to continue to comply with the provisions of subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

Dividends from net investment income are declared and paid quarterly for the Blend Fund, Dynamic Bond Fund, High Yield Fund, Inflation-Protected and Income Fund, Managed Bond Fund, and Short-Duration Bond Fund and annually for the Asset Momentum

Fund, Equity Fund, Equity Rotation Fund, Small Cap Equity Fund, Special Situations Fund, and Strategic Emerging Markets Fund, and at other times as may be required to satisfy tax or regulatory requirements. Dividends from net investment income are declared daily and paid monthly for the U.S. Government Money Market Fund. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

At September 30, 2018, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at September 30, 2018, is the same for financial reporting and federal income tax purposes.

In October 2016, the Securities and Exchange Commission (“SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments, for all reporting periods ending after August 1, 2017. The Funds have adopted the Rule’s Regulation S-X amendments and the Funds’ financial statements are in compliance with those amendments. In December 2017, the SEC issued a temporary final rule (“Temporary Rule”) that provides for a nine-month delay of N-PORT filing with the SEC. Under the Temporary Rule, those funds subject to the original June 1, 2018 compliance date will still be required to gather and maintain all of the data required by Form N-PORT as of the original reporting date and such information will be subject to examination by the SEC staff.

In March 2017, FASB issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For entities that hold callable debt securities at a premium, ASU 2017-08 requires that the premium be amortized to the earliest call date. ASU 2017-08 would first be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statements.

In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments modify fair value measurement disclosures and are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statements.

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds.

The potential amount sought to be recovered from the Blend Fund and Small Cap Equity Fund plus interest and the Official Committee’s court costs, are approximately $207,400 and $93,500, respectively.

In addition, on June 2, 2011, the Blend Fund was named as a defendant in a closely related, parallel adversary proceeding brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), in the United States District Court for the District of Massachusetts. The Plaintiffs also seek to recover payments of the Proceeds.

The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Official Committee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset value depending on the net assets of each applicable Fund at the time of such judgment or settlement.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))), are effective, as of a date within 90 days of the filing date of this Form N-Q, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

(a) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


100 Bright Meadow Blvd., Enfield, CT		06082
(Address of principal executive offices)		(Zip code)
Tina Wilson 100 Bright Meadow Blvd., Enfield, CT		06082
(Name and address of agent for service)


		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contracts to Buy
GBP	1,016,335	HSBC Bank USA	6/21/19	$	1,400,000	$	(57,707	)
THB	42,808,350	HSBC Bank USA	11/13/18		1,300,000		25,390

				$	2,700,000	$	(32,317	)

Cross Currency Forwards
MYR	6,000,000	Barclays Bank PLC	2/22/19	JPY	159,300,000	$	28,568
GBP	995,000	HSBC Bank USA	4/05/19	AUD	1,846,464		(28,538	)

						$	30


	Expiration Date		Number of Contracts		Notional Amount		Value/Net Unrealized Appreciation/ (Depreciation)
Long
NASDAQ 100 E-Mini Index		12/21/18		12	$	1,791,832	$	45,428
S&P 500 E-Mini Index		12/21/18		111		16,074,556		125,894

							$	171,322


OTC Counterparty	Units		Notional Amount			Expiration Date		Pay/Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC		5,300,000		USD	5,300,000		12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44%	$	264,960	$	181,851	$	(83,109	)
Credit Suisse International		5,990,000		USD	5,990,000		1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61%		287,520		229,650		(57,870	)

												552,480		411,501		(140,979	)

Put
Barclays Bank PLC		10,790,000		USD	10,790,000		12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94%	$	539,424	$	627,197	$	87,773
Credit Suisse International		11,940,000		USD	11,940,000		1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11%		571,926		629,520		57,594

												1,111,350		1,256,717		145,367

											$	1,663,830	$	1,668,218	$	4,388

MML Series Investment Fund II – ‘N-Q’ for 9/30/18

On: Tuesday, 11/27/18, at 12:13pm ET · Effective: 11/27/18 · For: 9/30/18 · Accession #: 1193125-18-334869 · File #: 811-21714

Previous ‘N-Q’: ‘N-Q’ on 5/25/18 for 3/31/18 · Next & Latest: ‘N-Q’ on 5/29/19 for 3/31/19

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

N-Q — Mml Series Investment Fund Ii

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Dates Referenced Herein and Documents Incorporated by Reference


Registrant’s telephone number, including area code:		(860) 562-1000


Counterparty	Currency	Notional Amount		Expiration Date	Payment Frequency	Receive (Pay) Fixed Rate		Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps
Goldman Sachs International	USD		500,000	5/11/63	Monthly		3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)	$	(59,274	)	$	308		$	(58,966	)
Goldman Sachs International	USD		430,000	5/11/63	Monthly		3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(13,472	)		(37,238	)		(50,710	)
Goldman Sachs International	USD		160,000	5/11/63	Monthly		3.000%	CMBX.NA.BBB-.6† (Rating: BBB-)		(6,050	)		(12,819	)		(18,869	)

									$	(78,796	)	$	(49,749	)	$	(128,545	)


OTC Counterparty	Units		Notional Amount			Expiration Date		Pay/Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC		11,240,000		USD	11,240,000		12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44%	$	561,913	$	385,661	$	(176,252	)
Credit Suisse International		6,310,000		USD	6,310,000		1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61%		302,881		241,919		(60,962	)

												864,794		627,580		(237,214	)

Put
Barclays Bank PLC		22,880,000		USD	22,880,000		12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94%	$	1,143,840	$	1,329,961	$	186,121
Credit Suisse International		12,590,000		USD	12,590,000		1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11%		603,061		663,790		60,729

												1,746,901		1,993,751		246,850

											$	2,611,695	$	2,621,331	$	9,636


Description	Value		Value Including Accrued Interest
Agreement with BNP Paribas SA, dated 8/03/18, 2.240%, to be repurchased on demand until 11/02/18 at value plus accrued interest.	$	58,268,750	$	58,482,661
Agreement with Daiwa Securities, dated 7/10/18, 2.200%, to be repurchased on demand until 10/10/18 at value plus accrued interest.		57,797,500		58,090,663
Agreement with Goldman Sachs & Co., dated 9/21/18, 2.380%, to be repurchased on demand until 11/20/18 at value plus accrued interest.		33,536,458		33,558,629
Agreement with HSBC Bank USA, dated 7/17/18, 2.200%, to be repurchased on demand until 10/17/18 at value plus accrued interest.		21,970,625		22,072,666
Agreement with HSBC Bank USA, dated 9/20/18, 2.340%, to be repurchased on demand until 12/05/18 at value plus accrued interest.		61,697,500		61,741,614
Agreement with Morgan Stanley & Co. LLC, dated 9/19/18, 2.370%, to be repurchased on demand until 11/02/18 at value plus accrued interest.		33,363,750		33,390,107

	$	266,634,583	$	267,336,340


	Level 1			Level 2			Level 3			Total
Asset Momentum Fund
Asset Investments
Common Stock	$	16,206,925		$	2,819,448	*	$	-		$	19,026,373
U.S. Treasury Obligations		-			2,967,457			-			2,967,457
Mutual Funds		4,750,812			-			-			4,750,812
Short-Term Investments		-			3,937,700			-			3,937,700

Total Investments	$	20,957,737		$	9,724,605		$	-		$	30,682,342

Asset Derivatives
Futures Contracts	$	171,322		$	-		$	-		$	171,322
Forwards Contracts		-			53,958			-			53,958

Total	$	171,322		$	53,958		$	-		$	225,280

Liability Derivatives
Forwards contracts	$	-		$	(86,245	)	$	-		$	(86,245	)


Blend Fund
Asset Investments
Common Stock	$	498,315,244		$	-		$	-		$	498,315,244
Preferred Stock		500,000			-			-			500,000
Corporate Debt		-			80,478,909			-			80,478,909
Municipal Obligations		-			1,720,590			-			1,720,590
Non-U.S. Government Agency Obligations		-			63,782,554			2,503,775	**		66,286,329
Sovereign Debt Obligations		-			1,585,132			-			1,585,132
U.S. Government Agency Obligations and Instrumentalities		-			57,473,195			-			57,473,195
U.S. Treasury Obligations		-			9,819,876			-			9,819,876
Purchased Options		-			1,668,218			-			1,668,218
Short-Term Investments		-			16,202,431			-			16,202,431

Total Investments	$	498,815,244		$	232,730,905		$	2,503,775		$	734,049,924

Asset Derivatives
Futures Contracts	$	92,908		$	-		$	-		$	92,908

Liability Derivatives
Futures Contracts	$	(541,647	)	$	-		$	-		$	(541,647	)
Swap Agreements		-			(128,545	)		-			(128,545	)

Total	$	(541,647	)	$	(128,545	)	$	-		$	(670,192	)


Dynamic Bond Fund
Asset Investments
Common Stock	$	7,044		$	-		$	-		$	7,044
Corporate Debt		-			112,977,542			-			112,977,542
Municipal Obligations		-			422,039			-			422,039
Non-U.S. Government Agency Obligations		-			115,851,562			-			115,851,562
Sovereign Debt Obligations		-			5,759,593			-			5,759,593
U.S. Government Agency Obligations and Instrumentalities		-			63,020,405			-			63,020,405
U.S. Treasury Obligations		-			118,381,032			-			118,381,032
Mutual Funds		15,890,368			-			-			15,890,368
Short-Term Investments		-			15,631,352			-			15,631,352

Total Investments	$	15,897,412		$	432,043,525		$	-		$	447,940,937


	Transfers In*				Transfers Out*
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs
Strategic Emerging Markets Fund	$	2,682,026	$	-	$	-	$	(2,682,026	)


Type of Derivative and Objective for Use	Asset Momentum Fund	Blend Fund	Inflation- Protected and Income Fund	Managed Bond Fund	Short- Duration Bond Fund
Foreign Currency Exchange Transactions*
Hedging/Risk Management	M
Directional Exposures to Currencies	A
Intention to Create Investment Leverage in Portfolio	M

Futures Contracts**
Hedging/Risk Management	A	A	A	A	A
Duration/Credit Quality Management	M	A	A	A	A
Substitution for Direct Investment	A	A	A	A	A
Intention to Create Investment Leverage in Portfolio	M	M	M	M	M

Interest Rate Swaps***
Hedging/Risk Management			A
Duration Management			A
Asset/Liability Management			M
Substitution for Direct Investment			M
Intention to Create Investment Leverage in Portfolio			M

Credit Default Swaps (Protection Seller)
Hedging/Risk Management		A	A	A	A
Duration/Credit Quality Management		A	A	A	A
Income		A	A	A	A
Substitution for Direct Investment		A	A	A	A
Intention to Create Investment Leverage in Portfolio		M	M	M	M

Options (Purchased)
Hedging/Risk Management		A	A	A	A
Duration/Credit Quality Management		A	A	A	A
Substitution for Direct Investment		A	A	A	A
Directional Investment		A	A	A	A
Intention to Create Investment Leverage in Portfolio		M	M	M	M


	Credit Risk		Equity Risk		Foreign Exchange Risk			Interest Rate Risk		Total
Asset Momentum Fund
Asset Derivatives
Forward Contracts	$	-	$	-	$	53,958		$	-	$	53,958
Futures Contracts		-		171,322		-			-		171,322

Total Value	$	-	$	171,322	$	53,958		$	-	$	225,280

Liability Derivatives
Forward Contracts	$	-	$	-	$	(86,245	)	$	-	$	(86,245	)


	Number of Contracts, Notional Amounts or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Swaptions
Asset Momentum Fund		123	$	5,640,491	$	-	$	-
Blend Fund		340		-		1,090,000		34,020,000
Inflation-Protected and Income Fund		94		-		93,560,000		53,020,000
Managed Bond Fund		2,196		-		6,660,000		207,950,000
Short-Duration Bond Fund		1,271		-		970,000		41,140,000


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Asset Momentum Fund	$	28,733,617	$	2,531,898	$	(583,173	)	$	1,948,725
Blend Fund		573,108,775		169,439,217		(8,498,068	)		160,941,149
Dynamic Bond Fund		459,092,625		3,572,728		(14,724,416	)		(11,151,688	)
Equity Fund		696,350,763		184,937,950		(20,989,825	)		163,948,125
Equity Rotation Fund		27,694,077		6,257,365		(966,965	)		5,290,400
High Yield Fund		136,900,486		3,824,941		(6,395,229	)		(2,570,288	)
Inflation-Protected and Income Fund		663,572,287		6,470,944		(9,856,678	)		(3,385,734	)
Managed Bond Fund		1,183,405,615		11,001,822		(26,786,819	)		(15,784,997	)
Short-Duration Bond Fund		221,893,253		1,703,200		(3,737,565	)		(2,034,365	)
Small Cap Equity Fund		100,785,404		31,821,583		(2,516,000	)		29,305,583
Special Situations Fund		21,196,761		5,745,255		(577,477	)		5,167,778
Strategic Emerging Markets Fund		112,071,785		20,622,425		(6,698,305	)		13,924,120


Date of reporting period:		9/30/2018



By		/s/ *Tina Wilson*
		Tina Wilson, President and Principal Executive Officer
Date		11/21/2018

This ‘N-Q’ Filing	Date	Other Filings

	12/15/19
	12/15/18
Filed on / Effective on:	11/27/18
For Period End:	9/30/18	N-MFP2
	6/1/18
	8/1/17
	12/15/11	497, DEF 14A, PRE 14A
	6/2/11
	12/7/10	N-MFP
	2/28/05
	2/8/05
		List all Filings

MML Series Investment Fund II – ‘N-Q’ for 9/30/18

On: Tuesday, 11/27/18, at 12:13pm ET · Effective: 11/27/18 · For: 9/30/18 · Accession #: 1193125-18-334869 · File #: 811-21714

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