Eaton Vance Limited Duration Income Fund

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

For the first three months of the 12-month period that began April 1, 2021, U.S. Treasury yields rose and bond prices declined in anticipation of rising economic growth, driven by new federal stimulus and progress on COVID-19 vaccinations. In late spring and early summer, high year-over-year inflation numbers put further upward pressure on interest rates, as investors worried the U.S. Federal Reserve (the Fed) might need to raise rates to tame inflation.

By July, however, the emergence of a new, more contagious Delta variant of COVID-19 threatened the U.S. economic rebound and diminished inflation concerns. Investors again turned to U.S. Treasurys as relatively safe-haven assets, leading bond prices to rise and interest rates to fall in July.

From August through October, fixed income markets reversed direction again. Bond prices declined due, in part, to anticipation that the Fed would begin tapering its monthly bond purchases, which had helped hold interest rates down through much of the pandemic.

In the closing months of 2021, the Fed confirmed that tapering would begin in November and accelerate in the months to come. The reduction of monetary stimulus put additional upward pressure on shorter-term interest rates, as did the passage of President Biden’s infrastructure bill. Additionally, as the Fed issued more hawkish monetary statements, Treasury rates rose in December against the backdrop of inflationary concerns and potential interest rate hikes.

As the new year began, investors appeared to reevaluate the twin threats of inflation and projected rate hikes. When the Russian Federation — a significant energy supplier for much of the world and especially Europe — began massing troops on its border with Ukraine, the threat and the subsequent reality of a prolonged war in Europe sent shock waves through markets worldwide and exacerbated energy price inflation.

For the period as a whole, fixed-income asset class returns were generally negative. The Bloomberg U.S. Aggregate Bond Index, a broad measure of the U.S. bond market, returned (4.15)% during the period and the ICE BofA U.S. Mortgage-Backed Securities Index returned (5.10)% during the same period. In the below-investment-grade space, the ICE BofA U.S. High Yield Index returned (0.29)%. The S&P/LSTA Leveraged Loan Index, a broad measure of corporate floating-rate loans, was an outlier with a 12-month return of 3.25%, as the asset class benefitted from investor demand for floating-rate coupons in a rising rate environment.

For the 12-month period ended March 31, 2022, Eaton Vance Limited Duration Income Fund (the Fund) returned (0.42)% at net asset value of its common shares (NAV), outperforming the Bloomberg U.S. Aggregate Bond Index (the Index), which returned (4.15)%. In addition, the Fund outperformed its blended benchmark (the Blended Index) — 33.33% S&P/LSTA Leveraged Loan Index (the Loan Index), 33.33% ICE BofA B U.S. High Yield Index (the High Yield Index), and 33.34% ICE BofA U.S. Mortgage-Backed Securities Index (the MBS Index) — which returned (0.63)% during the same period.

Within the Fund’s benchmark allocations, exposure to mortgage-backed securities (MBS) had a positive contribution to performance versus the Blended Index during the period, as the Fund’s MBS allocation outperformed the Index as well as the MBS Index. During the period, the MBS market gradually priced in a more hawkish posture from the Fed regarding its MBS purchases. The Fed entered the period increasing its MBS holdings by roughly $40 billion per month, but its purchases slowed to zero by period-end. A reduction in demand from the Fed, coupled with record-high new MBS supply in 2021, pushed spreads wider for much of the period, although rising mortgage rates in the closing months of the period cooled mortgage refinancing activity.

The Fund’s allocation to floating-rate corporate loans was also a relative contributor to performance, as this allocation outperformed the Index as well as the Loan Index during the period. In particular, a modest allocation to collateralized loan obligations (CLOs) contributed to performance relative to the Index, as CLO prices rose during the period. The Index does not include CLOs. Additionally, loan selections in the containers & glass products and the oil & gas industries aided relative performance. In contrast, loan selections within the health care industry detracted from results relative to the Loan Index.

The Fund’s allocation to high-yield corporate bonds outperformed the Index and the High Yield Index and thus contributed to relative performance as well. From a sector perspective, bond selections in the services, automotive and auto parts, and steel sectors were the largest contributors to relative performance. An overweight position in the energy sector, relative to the High Yield Index, also helped relative performance. Security selections in B rated securities, along with a modest out-of-Index position in non-rated securities, helped performance relative to the High Yield Index as well. In contrast, bond selections in the technology, broadcasting, and building materials sectors, along with an overweight position in the retail sector, detracted from relative performance. The Fund’s overweight exposure to higher quality, BB rated high yield bonds, as well as security selections in CCC rated bonds, also hurt performance relative to the High Yield Index.

For the Fund’s out-of-benchmark allocations, exposure to commercial MBS and European floating-rate loans contributed to performance during the 12-month period. Meanwhile, the Fund’s out-of-benchmark exposures to emerging-market debt detracted from relative performance, as this asset class underperformed the Index.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

Portfolio Manager(s) Catherine C. McDermott, Andrew Szczurowski, CFA, Eric A. Stein, CFA and Kelley Baccei Gerrity

This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Investment Objectives. The Fund’s investment objective is to provide a high level of current income. The Fund may, as a secondary objective, also seek capital appreciation to the extent consistent with its primary goal of high current income. Under normal market conditions, the Fund expects to maintain an average duration of no more than five years (including the effect of anticipated leverage).

Principal Strategies. In pursuing its investment objectives, the Fund normally invests at least 25% of its total assets in each of: (1) investments rated investment grade, including, but not limited to, U.S. Government securities (which may include U.S. Treasuries and mortgage-backed securities (MBS) and other securities issued, backed, or otherwise guaranteed by the U.S. Government, or its agencies or instrumentalities), commercial MBS and corporate debt obligations; and (2) investments rated below investment grade, including, but not limited to, senior loans and high-yield debt securities. Investment-grade investments are those rated BBB- or higher by S&P Global Ratings or Fitch Ratings, Baa3 or higher as determined by Moody’s Investor Service, Inc. or, if not rated, determined to be of comparable credit quality by the Fund’s portfolio managers.

Under normal market conditions, the Fund structures and seeks to maintain its portfolio of high-quality investments (such as MBS) and lower quality non-investment grade bonds and senior loans in such a manner that the Fund has an average dollar-weighted portfolio credit quality of investment grade. Within the foregoing guideline, the Fund may invest in individual investments of any credit quality.

The Fund may invest without limit in foreign investments denominated in U.S. dollars and may invest up to 15% of its net assets in foreign investments denominated in authorized foreign currencies, which include euros, British pounds, Swiss francs, Canadian dollars and Australian dollars. The Fund seeks to hedge against foreign currency fluctuations through the use of currency exchange contracts and other permitted hedging strategies. The Fund may enter into forward commitments to buy or sell agency MBS (to-be-announced transactions, or “TBAs”). The Fund may also invest in other types of investments that are not part of its principal strategy from time to time.

The Fund employs leverage to seek opportunities for additional income. Leverage may amplify the effect on the Fund’s NAV of any increase or decrease in the value of investments held. There can be no assurance that the use of borrowings will be successful. The Fund has issued preferred shares and borrowed to establish leverage. The Fund also may establish leverage through derivatives and reverse repurchase agreements. The Fund is permitted to invest up to 10% of its gross assets in credit default swaps (“CDS”) on below investment grade corporate securities, senior floating-rate bank loans and/or indices related to such investments to gain exposure to such underlying credits or indices. In addition, the Fund may invest in CDS for risk management purposes, including diversification.

Principal Risks

Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include such events as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s

investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

Loans Risk. Loans are traded in a private, unregulated inter-dealer or interbank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It also may take longer than seven days for transactions in loans to settle. The types of covenants included in loan agreements generally vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly other factors. Loans with fewer covenants that restrict activities of the borrower may provide the borrower with more flexibility to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event of such actions or if covenants are breached. The Fund may experience relatively greater realized or unrealized losses or delays and expense in enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. may have substantially different lender protections and covenants as compared to loans to U.S. entities and may involve greater risks. The Fund may have difficulties and incur expenses enforcing its rights with respect to non-U.S. loans and such loans could be subject to bankruptcy laws that are materially different than in the U.S. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments, including credit risk and risks of lower rated investments.

Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of mortgage- and asset-backed securities. Although certain mortgage- and asset-backed securities are guaranteed as to timely payment of interest and principal by a government entity, the market price for such securities is not guaranteed and will fluctuate. The purchase of mortgage- and asset-backed securities issued by non-government entities may entail greater risk than such

The Fund’s Investment Objective, Principal Strategies and Principal Risks^‡ — continued

securities that are issued or guaranteed by a government entity. Mortgage-and asset-backed securities issued by non-government entities may offer higher yields than those issued by government entities, but may also be subject to greater volatility than government issues and can also be subject to greater credit risk and the risk of default on the underlying mortgages or other assets. Investments in mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. Asset-backed securities represent interests in a pool of assets, such as home equity loans, commercial mortgage-backed securities (“CMBS”), automobile receivables or credit card receivables, and include collateralized loan obligations (“CLOs”) and stripped securities. Interests in collateralized loan obligations (“CLOs”) are split into two or more portions, called tranches, which vary in risk, maturity, payment priority and yield. Each CLO tranche is entitled to scheduled debt payments from the underlying loans and assumes the risk of a default by the underlying loans. The Fund will indirectly bear any management fees and expenses incurred by a CLO.

U.S. Government Securities Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity.

Credit Risk. Investments in fixed income and other debt obligations, including loans, (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value.

Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. In a rising interest rate environment, the duration of income securities that have the ability to be prepaid or called by

the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.

LIBOR Risk. The London Interbank Offered Rate or LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. The Fund has exposure to LIBOR-based instruments. Although the transition process away from LIBOR has become increasingly well defined, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, such as floating-rate debt obligations. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates, as well as other unforeseen effects, could result in losses to the Fund, and such effects may occur prior to the anticipated discontinuation of the remaining LIBOR settings in 2023. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.

Foreign Investment Risk. Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which U.S. companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States, and as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country.

Emerging Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets.

Currency Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.

Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the

The Fund’s Investment Objective, Principal Strategies and Principal Risks^‡ — continued

underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the reference instrument underlying the investment.

When-Issued and Forward Commitment Risk. Securities purchased on a when-issued or forward commitment basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price.

Risks of Repurchase Agreements and Reverse Repurchase Agreements. In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. In a repurchase agreement, such insolvency may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount equal to the repurchase price. In a reverse repurchase agreement, the counterparty’s insolvency may result in a loss equal to the amount by which the value of the securities sold by the Fund exceeds the repurchase price payable by the Fund; if the value of the purchased securities increases during such a delay, that loss may also be increased. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities sold to the counterparty or the securities which the Fund purchases with its proceeds from the agreement would affect the value of the Fund’s assets. As a result, such agreements may increase fluctuations in the net asset value of the Fund’s shares. Because reverse repurchase agreements may be considered to be a form of borrowing by the Fund (and a loan from the counterparty), they constitute leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.

Leverage Risk. Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying reference instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment.

Liquidity Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance. These effects may be exacerbated during times of financial or political stress.

Market Discount Risk. As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.

Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions.

Recent Market Conditions. An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in a substantial economic downturn, which may continue for an extended period of time. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. For example, a global pandemic or other widespread health crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have led to large portions of the populations of many countries working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The impact of such responses could adversely affect the information technology and operational systems upon which the Fund and the Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service providers to perform critical tasks relating to the Fund. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.

Cybersecurity Risk. With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. The

The Fund’s Investment Objective, Principal Strategies and Principal Risks^‡ — continued

Fund uses third party service providers who are also heavily dependent on computers and technology for their operations. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund’s ability to calculate its NAV, impede shareholders to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, litigation costs, or additional compliance costs.

General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Important Notice to Shareholders

The following information in this annual report is a summary of certain changes since March 31, 2021. This information may not reflect all of the changes that have occurred since you purchased this Fund.

The Board of Trustees of the Fund approved a change to the Fund’s investment policies with respect to the Fund’s ability to enter into commitments to buy and sell mortgage-backed securities (to-be-announced transactions or "TBAs"). Effective December 22, 2021, the Fund’s former investment restrictions with respect to TBAs have been removed. The Fund will continue to comply with asset segregation requirements for derivatives transactions, including TBAs, under the U.S. Securities and Exchange Commission’s current framework until it must instead comply with Rule 18f-4 under the Investment Company Act of 1940, as amended, in 2022.

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The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

^‡	The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are available for purchase and sale only at current market prices in secondary market trading.

Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® is a registered trademark of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. ICE BofA B U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds with a credit quality rating of B. ICE BofA U.S. Mortgage-Backed Securities Index is an unmanaged index of fixed rate residential mortgage pass-through securities issued by U.S. agencies. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index is rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

Performance results reflect the effects of leverage. Included in the average annual total return at NAV for the five- and ten-year periods is the impact of the 2018 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 92% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Pursuant to the Fund’s Dividend Reinvestment Plan, if the NAV per share on the distribution payment date is equal to or less than the market price per share plus estimated brokerage commissions, then new shares are issued. The number of shares shall be determined by the greater of the NAV per share or 95% of the market price. Otherwise, shares generally are purchased on the open market by the Plan’s agent.

The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.

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The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with “yield” or “income.” Distributions in excess of Fund returns may include a return of capital which, over time, will cause the Fund’s net assets and net asset value per share to erode. When the Fund’s distributions include amounts from sources other than net investment income, shareholders are notified. The final determination of the tax characteristics of Fund distributions will occur after the end of the year, at which time that determination will be reported to shareholders.

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Leverage represents the liquidation value of the Fund’s APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

Fund profile subject to change due to active management.

Additional Information

ICE BofA U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds.

Ratings are based on the average of Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

Important Notice to Shareholders

Effective October 11, 2021, pursuant to new Securities and Exchange Commission rules that require closed-end funds to compare their performance to a primary broad-based securities market index, the Fund adopted the Bloomberg U.S. Aggregate Bond Index as its primary benchmark.


Asset-Backed Securities — 7.4%
Security	Principal Amount (000’s omitted)		Value

AIG CLO, Ltd., Series 2019-1A, Class ER, 6.959%, (3 mo. SOFR + 6.70%), 4/18/35⁽¹⁾⁽²⁾	$	2,877	$	2,848,880

Alinea CLO, Ltd., Series 2018-1A, Class E, 6.254%, (3 mo. USD LIBOR + 6.00%), 7/20/31⁽¹⁾⁽²⁾		1,000		950,963

AMMC CLO 15, Ltd., Series 2014-15A, Class ERR, 7.151%, (3 mo. USD LIBOR + 6.91%), 1/15/32⁽¹⁾⁽²⁾		500		475,805

AMMC CLO XII, Ltd., Series 2013-12A, Class ER, 6.546%, (3 mo. USD LIBOR + 6.18%), 11/10/30⁽¹⁾⁽²⁾		2,000		1,875,974

Ares XXXIV CLO, Ltd., Series 2015-2A, Class ER, 7.091%, (3 mo. USD LIBOR + 6.85%), 4/17/33⁽¹⁾⁽²⁾		2,000		1,919,712

Ares XXXVR CLO, Ltd., Series 2015-35RA, Class E, 5.941%, (3 mo. USD LIBOR + 5.70%), 7/15/30⁽¹⁾⁽²⁾		2,000		1,909,950

Benefit Street Partners CLO XVI, Ltd., Series 2018-16A, Class E, 6.941%, (3 mo. USD LIBOR + 6.70%), 1/17/32⁽¹⁾⁽²⁾		3,000		2,910,873

Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class ER, 6.591%, (3 mo. USD LIBOR + 6.35%), 7/15/32⁽¹⁾⁽²⁾		3,000		2,915,553

Benefit Street Partners CLO XVIII, Ltd., Series 2019-18A, Class ER, 6.991%, (3 mo. USD LIBOR + 6.75%), 10/15/34⁽¹⁾⁽²⁾		4,500		4,383,117

Benefit Street Partners CLO XXII, Ltd., Series 2022-22A, Class ER, 7.307%, (3 mo. SOFR + 6.93%), 4/20/35⁽¹⁾⁽²⁾		2,000		1,977,294

BlueMountain CLO XXII, Ltd., Series 2018-1A, Class E, 6.249%, (3 mo. USD LIBOR + 5.95%), 7/30/30⁽¹⁾⁽²⁾		1,000		912,098

BlueMountain CLO XXIV, Ltd., Series 2019-24A, Class ER, 7.094%, (3 mo. USD LIBOR + 6.84%), 4/20/34⁽¹⁾⁽²⁾		1,000		953,427

BlueMountain CLO XXV, Ltd., Series 2019-25A, Class ER, 7.491%, (3 mo. USD LIBOR + 7.25%), 7/15/36⁽¹⁾⁽²⁾		2,000		1,949,844

BlueMountain CLO XXVI, Ltd., Series 2019-26A, Class ER, 7.384%, (3 mo. USD LIBOR + 7.13%), 10/20/34⁽¹⁾⁽²⁾		2,500		2,397,063

BlueMountain CLO XXX, Ltd., Series 2020-30A, Class ER, 6.918%, (3 mo. SOFR + 6.70%), 4/15/35⁽¹⁾⁽²⁾		2,000		1,980,460

BlueMountain CLO XXXIV, Ltd., Series 2022-34A, Class E, (3 mo. SOFR + 7.55%), 4/20/35⁽¹⁾⁽³⁾		1,000		984,300

BlueMountain CLO, Ltd., Series 2016-3A, Class ER, 6.456%, (3 mo. USD LIBOR + 5.95%), 11/15/30⁽¹⁾⁽²⁾		2,000		1,812,252


Security	Principal Amount (000’s omitted)		Value

Canyon Capital CLO, Ltd.:

Series 2016-2A, Class ER, 6.239%, (3 mo. USD LIBOR + 6.00%), 10/15/31⁽¹⁾⁽²⁾	$	3,350	$	3,071,990

Series 2019-2A, Class ER, 6.991%, (3 mo. USD LIBOR + 6.75%), 10/15/34⁽¹⁾⁽²⁾		1,000		976,523

Carlyle CLO 17, Ltd., Series C17A, Class DR, 6.299%, (3 mo. USD LIBOR + 6.00%), 4/30/31⁽¹⁾⁽²⁾		1,750		1,613,283

Carlyle Global Market Strategies CLO, Ltd.:

Series 2012-3A, Class DR2, 6.738%, (3 mo. USD LIBOR + 6.50%), 1/14/32⁽¹⁾⁽²⁾		2,000		1,825,646

Series 2014-4RA, Class D, 5.891%, (3 mo. USD LIBOR + 5.65%), 7/15/30⁽¹⁾⁽²⁾		1,250		1,099,078

Series 2015-5A, Class DR, 6.954%, (3 mo. USD LIBOR + 6.70%), 1/20/32⁽¹⁾⁽²⁾		1,000		932,577

Cedar Funding X CLO, Ltd., Series 2019-10A, Class ER, 6.754%, (3 mo. USD LIBOR + 6.50%), 10/20/32⁽¹⁾⁽²⁾		1,500		1,450,349

Dryden Senior Loan Fund:

Series 2015-41A, Class ER, 5.539%, (3 mo. USD LIBOR + 5.30%), 4/15/31⁽¹⁾⁽²⁾		2,000		1,872,698

Series 2016-42A, Class ER, 5.791%, (3 mo. USD LIBOR + 5.55%), 7/15/30⁽¹⁾⁽²⁾		1,000		947,756

Elmwood CLO 14, Ltd., Series 2022-1A, Class E, 7.00%, (3 mo. SOFR + 6.35%), 4/20/35⁽¹⁾⁽²⁾		1,000		990,214

FOCUS Brands Funding, LLC, Series 2017-1A, Class A2IB, 3.857%, 4/30/47⁽¹⁾		1,543		1,522,851

Galaxy XIX CLO, Ltd., Series 2015-19A, Class D2R, 7.259%, (3 mo. USD LIBOR + 7.00%), 7/24/30⁽¹⁾⁽²⁾		1,600		1,523,870

Galaxy XV CLO, Ltd., Series 2013-15A, Class ER, 6.886%, (3 mo. USD LIBOR + 6.65%), 10/15/30⁽¹⁾⁽²⁾		3,275		3,120,076

Galaxy XXI CLO, Ltd., Series 2015-21A, Class ER, 5.504%, (3 mo. USD LIBOR + 5.25%), 4/20/31⁽¹⁾⁽²⁾		1,100		1,026,477

Galaxy XXV CLO, Ltd., Series 2018-25A, Class E, 6.208%, (3 mo. USD LIBOR + 5.95%), 10/25/31⁽¹⁾⁽²⁾		1,000		945,599

Golub Capital Partners CLO 37B, Ltd., Series 2018-37A, Class E, 6.004%, (3 mo. USD LIBOR + 5.75%), 7/20/30⁽¹⁾⁽²⁾		3,000		2,643,336

Golub Capital Partners CLO 50B-R, Ltd., Series 2020-50A, Class ER, 7.492%, (3 mo. SOFR + 7.10%), 4/20/35⁽¹⁾⁽²⁾		2,000		1,967,340

Madison Park Funding XVII, Ltd., Series 2015-17A, Class ER, 6.755%, (3 mo. USD LIBOR + 6.50%), 7/21/30⁽¹⁾⁽²⁾		2,000		1,958,586

Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class ER, 7.354%, (3 mo. SOFR + 7.05%), 4/15/35⁽¹⁾⁽²⁾		3,000		2,950,986

Madison Park Funding XXXVII, Ltd., Series 2019-37A, Class ER, 6.391%, (3 mo. USD LIBOR + 6.15%), 7/15/33⁽¹⁾⁽²⁾		3,500		3,395,840


Security	Principal Amount (000’s omitted)		Value

Neuberger Berman CLO XXII, Ltd., Series 2016-22A, Class ER, 6.301%, (3 mo. USD LIBOR + 6.06%), 10/17/30⁽¹⁾⁽²⁾	$	1,500	$	1,443,696

Neuberger Berman Loan Advisers CLO 30, Ltd., Series 2018-30A, Class ER, 6.454%, (3 mo. USD LIBOR + 6.20%), 1/20/31⁽¹⁾⁽²⁾		2,000		1,955,510

Neuberger Berman Loan Advisers CLO 31, Ltd., Series 2019-31A, Class ER, 6.754%, (3 mo. USD LIBOR + 6.50%), 4/20/31⁽¹⁾⁽²⁾		1,000		980,939

Neuberger Berman Loan Advisers CLO 48, Ltd., Series 2022-48A, Class E, 7.228%, (3 mo. SOFR + 6.50%), 4/25/36⁽¹⁾⁽²⁾		2,000		1,987,202

NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A, 3.474%, 11/25/26⁽¹⁾		4,522		4,360,829

Palmer Square CLO, Ltd.:

Series 2013-2A, Class DRR, 6.091%, (3 mo. USD LIBOR + 5.85%), 10/17/31⁽¹⁾⁽²⁾		2,000		1,924,410

Series 2018-2A, Class D, 5.839%, (3 mo. USD LIBOR + 5.60%), 7/16/31⁽¹⁾⁽²⁾		1,000		959,868

Series 2019-1A, Class DR, 6.895%, (3 mo. USD LIBOR + 6.50%), 11/14/34⁽¹⁾⁽²⁾		2,000		1,959,878

Series 2021-3A, Class E, 6.382%, (3 mo. USD LIBOR + 6.15%), 1/15/35⁽¹⁾⁽²⁾		2,500		2,441,970

RAD CLO 5, Ltd., Series 2019-5A, Class E, 6.959%, (3 mo. USD LIBOR + 6.70%), 7/24/32⁽¹⁾⁽²⁾		4,550		4,528,187

Regatta IX Funding, Ltd., Series 2017-1A, Class E, 6.241%, (3 mo. USD LIBOR + 6.00%), 4/17/30⁽¹⁾⁽²⁾		450		434,308

Regatta XII Funding, Ltd., Series 2019-1A, Class ER, 6.591%, (3 mo. USD LIBOR + 6.35%), 10/15/32⁽¹⁾⁽²⁾		2,000		1,935,304

Regatta XIII Funding, Ltd., Series 2018-2A, Class D, 6.191%, (3 mo. USD LIBOR + 5.95%), 7/15/31⁽¹⁾⁽²⁾		2,000		1,831,026

Regatta XIV Funding, Ltd., Series 2018-3A, Class E, 6.208%, (3 mo. USD LIBOR + 5.95%), 10/25/31⁽¹⁾⁽²⁾		1,000		933,402

Regatta XVI Funding, Ltd., Series 2019-2A, Class E, 7.241%, (3 mo. USD LIBOR + 7.00%), 1/15/33⁽¹⁾⁽²⁾		1,800		1,750,649

Vibrant CLO IX, Ltd., Series 2018-9A, Class D, 6.504%, (3 mo. USD LIBOR + 6.25%), 7/20/31⁽¹⁾⁽²⁾		1,000		889,052

Vibrant CLO XI, Ltd., Series 2019-11A, Class D, 7.024%, (3 mo. USD LIBOR + 6.77%), 7/20/32⁽¹⁾⁽²⁾		575		534,615

Voya CLO, Ltd.:

Series 2015-3A, Class DR, 6.454%, (3 mo. USD LIBOR + 6.20%), 10/20/31⁽¹⁾⁽²⁾		3,000		2,664,375

Series 2016-3A, Class DR, 6.321%, (3 mo. USD LIBOR + 6.08%), 10/18/31⁽¹⁾⁽²⁾		1,400		1,208,512


Security	Principal Amount (000’s omitted)		Value

Wellfleet CLO, Ltd., Series 2020-1A, Class D, 7.481%, (3 mo. USD LIBOR + 7.24%), 4/15/33⁽¹⁾⁽²⁾	$	2,000	$	1,945,206

Total Asset-Backed Securities (identified cost $109,296,662)			$	105,661,578

Closed-End Funds — 1.6%

Security	Shares		Value

BlackRock Corporate High Yield Fund, Inc.		2,188,579	$	23,570,996

Total Closed-End Funds (identified cost $26,062,179)			$	23,570,996

Collateralized Mortgage Obligations — 7.1%
Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.:

Series 24, Class J, 6.25%, 11/25/23	$	40	$	41,295

Series 1497, Class K, 7.00%, 4/15/23		26		26,314

Series 1529, Class Z, 7.00%, 6/15/23		53		54,435

Series 1620, Class Z, 6.00%, 11/15/23		32		32,567

Series 1677, Class Z, 7.50%, 7/15/23		26		26,951

Series 1702, Class PZ, 6.50%, 3/15/24		419		427,573

Series 2113, Class QG, 6.00%, 1/15/29		220		228,206

Series 2122, Class K, 6.00%, 2/15/29		42		43,713

Series 2130, Class K, 6.00%, 3/15/29		29		29,616

Series 2167, Class BZ, 7.00%, 6/15/29		33		34,967

Series 2182, Class ZB, 8.00%, 9/15/29		341		362,607

Series 2198, Class ZA, 8.50%, 11/15/29		362		386,103

Series 2458, Class ZB, 7.00%, 6/15/32		440		470,479

Series 3762, Class SH, 9.538%, (10.00% - 1 mo USD LIBOR x 2.00), 11/15/40⁽⁴⁾		430		491,838

Series 4273, Class PU, 4.00%, 11/15/43		2,263		2,268,034

Series 4273, Class SP, 11.385%, (12.00% - 1 mo USD LIBOR x 2.67), 11/15/43⁽⁴⁾		503		574,965

Series 4452, Class ZJ, 3.00%, 11/15/44		448		448,238

Series 4678, Class PC, 3.00%, 1/15/46		3,748		3,730,863

Series 5028, Class TZ, 2.00%, 10/25/50		2,602		2,426,746

Series 5035, Class AZ, 2.00%, 11/25/50		8,007		7,592,206

Series 5083, Class SK, 3.801%, (3.867% - 30-day average SOFR x 1.33), 3/25/51⁽⁴⁾		2,381		2,027,609

Series 5160, Class ZY, 3.00%, 10/25/50		2,758		2,623,993

Interest Only:⁽⁵⁾

Series 284, Class S6, 5.703%, (6.10% - 1 mo. USD LIBOR), 10/15/42⁽⁴⁾		1,393		263,082

Series 362, Class C7, 3.50%, 9/15/47		5,297		871,169

Series 362, Class C11, 4.00%, 12/15/47		5,284		877,207


Security	Principal Amount (000’s omitted)		Value

Interest Only: (continued)

Series 4067, Class JI, 3.50%, 6/15/27	$	1,108	$	70,119

Series 4070, Class S, 5.703%, (6.10% - 1 mo. USD LIBOR), 6/15/32⁽⁴⁾		3,127		395,714

Series 4088, Class EI, 3.50%, 9/15/41		456		5,611

Series 4094, Class CS, 5.603%, (6.00% - 1 mo USD LIBOR), 8/15/42⁽⁴⁾		967		189,093

Series 4095, Class HS, 5.703%, (6.10% - 1 mo USD LIBOR), 7/15/32⁽⁴⁾		769		72,762

Series 4109, Class ES, 5.753%, (6.15% - 1 mo USD LIBOR), 12/15/41⁽⁴⁾		82		14,622

Series 4110, Class SA, 5.253%, (5.65% - 1 mo USD LIBOR), 9/15/42⁽⁴⁾		2,633		359,294

Series 4149, Class S, 5.853%, (6.25% - 1 mo. USD LIBOR), 1/15/33⁽⁴⁾		1,698		263,706

Series 4188, Class AI, 3.50%, 4/15/28		873		47,794

Series 4203, Class QS, 5.853%, (6.25% - 1 mo USD LIBOR), 5/15/43⁽⁴⁾		2,821		322,375

Series 4408, Class IP, 3.50%, 4/15/44		1,783		185,714

Series 4435, Class BI, 3.50%, 7/15/44		3,946		575,389

Series 4629, Class QI, 3.50%, 11/15/46		1,668		243,728

Series 4644, Class TI, 3.50%, 1/15/45		1,835		213,618

Series 4667, Class PI, 3.50%, 5/15/42		774		13,428

Series 4744, Class IO, 4.00%, 11/15/47		2,700		476,850

Series 4749, Class IL, 4.00%, 12/15/47		1,188		202,598

Series 4767, Class IM, 4.00%, 5/15/45		240		601

Series 4793, Class SD, 5.803%, (6.20% - 1 mo USD LIBOR), 6/15/48⁽⁴⁾		5,751		783,536

Series 4966, Class SY, 5.593%, (6.05% - 1 mo USD LIBOR), 4/25/50⁽⁴⁾		13,420		2,137,819

Principal Only:⁽⁶⁾

Series 242, Class PO, 0.00%, 11/15/36		2,341		2,022,149

Series 259, Class PO, 0.00%, 4/15/39		1,440		1,246,607

Series 3606, Class PO, 0.00%, 12/15/39		1,543		1,299,792

Series 4417, Class KO, 0.00%, 12/15/43		194		141,144

Series 4478, Class PO, 0.00%, 5/15/45		839		702,190

			$	38,347,029

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class M2, 4.207%, (1 mo. USD LIBOR + 3.75%), 8/25/50⁽¹⁾⁽²⁾	$	1,133	$	1,140,229

Federal National Mortgage Association:

Series G92-46, Class Z, 7.00%, 8/25/22		1		1,303

Series G92-60, Class Z, 7.00%, 10/25/22		2		1,896

Series G93-35, Class ZQ, 6.50%, 11/25/23		447		461,622

Series G93-40, Class H, 6.40%, 12/25/23		100		103,144

Series 1992-77, Class ZA, 8.00%, 5/25/22		1		871

Series 1992-113, Class Z, 7.50%, 7/25/22		2		1,645

Series 1992-185, Class ZB, 7.00%, 10/25/22		4		3,643


Security	Principal Amount (000’s omitted)		Value

Federal National Mortgage Association: (continued)

Series 1993-16, Class Z, 7.50%, 2/25/23	$	14	$	13,890

Series 1993-22, Class PM, 7.40%, 2/25/23		12		12,367

Series 1993-25, Class J, 7.50%, 3/25/23		22		22,558

Series 1993-30, Class PZ, 7.50%, 3/25/23		35		35,096

Series 1993-42, Class ZQ, 6.75%, 4/25/23		54		55,254

Series 1993-56, Class PZ, 7.00%, 5/25/23		9		9,031

Series 1993-156, Class ZB, 7.00%, 9/25/23		12		12,651

Series 1994-45, Class Z, 6.50%, 2/25/24		98		101,549

Series 1994-89, Class ZQ, 8.00%, 7/25/24		123		131,904

Series 1996-57, Class Z, 7.00%, 12/25/26		156		162,580

Series 1997-77, Class Z, 7.00%, 11/18/27		97		103,451

Series 1998-44, Class ZA, 6.50%, 7/20/28		100		105,912

Series 1999-45, Class ZG, 6.50%, 9/25/29		30		31,629

Series 2000-22, Class PN, 6.00%, 7/25/30		362		375,245

Series 2002-1, Class G, 7.00%, 7/25/23		15		15,305

Series 2002-21, Class PE, 6.50%, 4/25/32		261		286,710

Series 2005-75, Class CS, 22.374%, (24.20% -1 mo. USD LIBOR x 4.00), 9/25/35⁽⁴⁾		679		991,872

Series 2007-74, Class AC, 5.00%, 8/25/37		2,765		2,920,370

Series 2011-49, Class NT, 6.00%, (66.00% - 1 mo

USD LIBOR x 10.00, Cap 6.00%), 6/25/41⁽⁴⁾		288		300,869

Series 2011-109, Class PE, 3.00%, 8/25/41		438		441,044

Series 2012-134, Class ZT, 2.00%, 12/25/42		1,458		1,322,459

Series 2013-6, Class TA, 1.50%, 1/25/43		1,648		1,585,980

Series 2013-67, Class NF, 1.457%, (1 mo. USD LIBOR + 1.00%), 7/25/43⁽²⁾		950		961,387

Series 2014-64, Class PA, 3.00%, 3/25/44		259		259,844

Series 2017-15, Class LE, 3.00%, 6/25/46		1,006		1,016,178

Series 2017-48, Class LG, 2.75%, 5/25/47		1,848		1,784,249

Series 2018-18, Class QD, 4.50%, 5/25/45		174		173,914

Interest Only:⁽⁵⁾

Series 2011-101, Class IC, 3.50%, 10/25/26		2,766		133,969

Series 2011-101, Class IE, 3.50%, 10/25/26		894		42,062

Series 2012-33, Class CI, 3.50%, 3/25/27		1,650		70,947

Series 2012-94, Class KS, 6.193%, (6.65% - 1 mo USD LIBOR), 5/25/38⁽⁴⁾		246		2,457

Series 2012-118, Class IN, 3.50%, 11/25/42		3,625		700,606

Series 2012-124, Class IO, 1.346%, 11/25/42⁽⁷⁾		1,928		82,618

Series 2012-125, Class IG, 3.50%, 11/25/42		11,761		2,468,920

Series 2012-150, Class SK, 5.693%, (6.15% -1 mo. USD LIBOR), 1/25/43⁽⁴⁾		2,172		420,767

Series 2013-12, Class SP, 5.193%, (5.65% - 1 mo USD LIBOR), 11/25/41⁽⁴⁾		493		25,161

Series 2013-15, Class DS, 5.743%, (6.20% - 1 mo USD LIBOR), 3/25/33⁽⁴⁾		5,276		622,911

Series 2013-16, Class SY, 5.693%, (6.15% - 1 mo USD LIBOR), 3/25/43⁽⁴⁾		1,059		212,648


Security	Principal Amount (000’s omitted)		Value

Interest Only: (continued)

Series 2013-54, Class HS, 5.843%, (6.30% - 1 mo USD LIBOR), 10/25/41⁽⁴⁾	$	385	$	9,263

Series 2013-64, Class PS, 5.793%, (6.25% - 1 mo USD LIBOR), 4/25/43⁽⁴⁾		1,572		175,712

Series 2013-75, Class SC, 5.793%, (6.25% - 1 mo USD LIBOR), 7/25/42⁽⁴⁾		2,430		140,062

Series 2014-32, Class EI, 4.00%, 6/25/44		441		67,552

Series 2014-55, Class IN, 3.50%, 7/25/44		1,006		200,007

Series 2014-89, Class IO, 3.50%, 1/25/45		1,205		249,973

Series 2015-52, Class MI, 3.50%, 7/25/45		1,144		224,607

Series 2018-21, Class IO, 3.00%, 4/25/48		4,590		734,189

Series 2019-1, Class AS, 5.543%, (6.00% - 1 mo USD LIBOR), 2/25/49⁽⁴⁾		7,911		777,856

Series 2019-33, Class SK, 5.593%, (6.05% - 1 mo USD LIBOR), 7/25/49⁽⁴⁾		6,119		645,697

Series 2020-23, Class SP, 5.593%, (6.05% - 1 mo USD LIBOR), 2/25/50⁽⁴⁾		4,472		710,357

Principal Only:⁽⁶⁾

Series 379, Class 1, 0.00%, 5/25/37		1,446		1,240,460

Series 2006-8, Class WQ, 0.00%, 3/25/36		2,440		2,027,020

			$	25,793,243

Government National Mortgage Association:

Series 2017-121, Class DF, 0.949%, (1 mo. USD LIBOR + 0.50%), 8/20/47⁽²⁾	$	4,270	$	4,277,064

Series 2017-137, Class AF, 0.949%, (1 mo. USD LIBOR + 0.50%), 9/20/47⁽²⁾		2,346		2,349,291

Series 2018-6, Class JZ, 4.00%, 1/20/48		4,902		5,793,724

Series 2021-160, Class NZ, 3.00%, 9/20/51		3,048		3,032,334

Series 2021-165, Class MZ, 2.50%, 9/20/51		9,447		8,774,549

Interest Only:⁽⁵⁾

Series 2017-104, Class SD, 5.751%, (6.20% -1 mo. USD LIBOR), 7/20/47⁽⁴⁾		3,129		402,514

Series 2020-151, Class AI, 2.00%, 10/20/50		13,442		1,475,048

Series 2020-154, Class PI, 2.50%, 10/20/50		12,485		1,364,016

Series 2020-176, Class HI, 2.50%, 11/20/50		14,691		1,703,282

Series 2021-131, Class QI, 3.00%, 7/20/51		13,214		1,417,324

Series 2021-193, Class IU, 3.00%, 11/20/49		27,516		3,003,809

Series 2021-209, Class IW, 3.00%, 11/20/51		18,222		1,945,467

			$	35,538,422

Total Collateralized Mortgage Obligations (identified cost $138,245,559)			$	100,818,923


Commercial Mortgage-Backed Securities — 6.2%
Security	Principal Amount (000’s omitted)		Value
BAMLL Commercial Mortgage Securities Trust:

Series 2019-BPR, Class ENM, 3.843%, 11/5/32⁽¹⁾⁽⁷⁾	$	910	$	793,043

Series 2019-BPR, Class FNM, 3.843%, 11/5/32⁽¹⁾⁽⁷⁾		3,505		2,601,806

BBCMS Mortgage Trust, Series 2017-C1, Class D, 3.492%, 2/15/50⁽¹⁾⁽⁷⁾		2,000		1,707,969

CFCRE Commercial Mortgage Trust:

Series 2016-C3, Class D, 3.052%, 1/10/48⁽¹⁾⁽⁷⁾		3,500		2,851,660

Series 2016-C7, Class D, 4.548%, 12/10/54⁽¹⁾⁽⁷⁾		1,675		1,413,436

CGMS Commercial Mortgage Trust:

Series 2015-P1, Class D, 3.225%, 9/15/48⁽¹⁾		1,000		889,059

Series 2017-MDRB, Class C, 2.897%, (1 mo. USD LIBOR + 2.50%), 7/15/30⁽¹⁾⁽²⁾		5,000		4,986,603

COMM Mortgage Trust:

Series 2013-CR11, Class D, 5.284%, 8/10/50⁽¹⁾⁽⁷⁾		7,400		7,309,198

Series 2015-CR22, Class D, 4.211%, 3/10/48⁽¹⁾⁽⁷⁾		4,100		3,864,756

Credit Suisse Mortgage Trust:

Series 2016-NXSR, Class C, 4.451%, 12/15/49⁽⁷⁾		2,770		2,296,272

Series 2016-NXSR, Class D, 4.451%, 12/15/49⁽¹⁾⁽⁷⁾		3,000		2,279,634

Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust:

Series 2019-01, Class M7, 2.157%, (1 mo. USD LIBOR + 1.70%), 10/15/49⁽¹⁾⁽²⁾		60		59,055

Series 2019-01, Class M10, 3.707%, (1 mo. USD LIBOR + 3.25%), 10/15/49⁽¹⁾⁽²⁾		1,620		1,537,840

Series 2020-01, Class M10, 4.207%, (1 mo. USD LIBOR + 3.75%), 3/25/50⁽¹⁾⁽²⁾		2,000		1,931,616

JPMBB Commercial Mortgage Securities Trust:

Series 2014-C22, Class D, 4.554%, 9/15/47⁽¹⁾⁽⁷⁾		5,276		4,179,099

Series 2014-C23, Class D, 3.981%, 9/15/47⁽¹⁾⁽⁷⁾		2,000		1,859,694

Series 2014-C25, Class D, 3.943%, 11/15/47⁽¹⁾⁽⁷⁾		4,400		3,431,916

Series 2015-C29, Class D, 3.697%, 5/15/48⁽⁷⁾		2,000		1,569,900

JPMorgan Chase Commercial Mortgage Securities Trust:

Series 2011-C5, Class D, 5.735%, 8/15/46⁽¹⁾⁽⁷⁾		711		708,175

Series 2013-C13, Class D, 4.077%, 1/15/46⁽¹⁾⁽⁷⁾		3,000		2,950,770

Series 2013-C16, Class D, 5.008%, 12/15/46⁽¹⁾⁽⁷⁾		3,500		3,456,672

Series 2014-DSTY, Class B, 3.771%, 6/10/27⁽¹⁾		2,600		768,101

Series 2021-MHC, Class C, 1.697%, (1 mo. USD LIBOR + 1.30%), 4/15/38⁽¹⁾⁽²⁾		1,900		1,855,295

Morgan Stanley Bank of America Merrill Lynch Trust:

Series 2015-C23, Class D, 4.144%, 7/15/50^(1)(7)(8)		2,000		1,866,948

Series 2016-C29, Class D, 3.00%, 5/15/49⁽¹⁾⁽⁸⁾		3,577		2,984,932

Series 2016-C32, Class D, 3.396%, 12/15/49^(1)(7)(8)		1,600		1,236,954

Morgan Stanley Capital I Trust:

Series 2016-UB12, Class D, 3.312%, 12/15/49⁽¹⁾⁽⁸⁾		4,489		2,644,734


Security	Principal Amount (000’s omitted)		Value

Morgan Stanley Capital I Trust: (continued)

Series 2017-CLS, Class F, 2.997%, (1 mo. USD LIBOR + 2.60%), 11/15/34^(1)(2)(8)	$	569	$	562,594

Series 2019-BPR, Class C, 3.447%, (1 mo. USD LIBOR + 3.05%), 5/15/36^(1)(2)(8)		1,845		1,769,714

UBS Commercial Mortgage Trust, Series 2012-C1, Class D, 6.069%, 5/10/45⁽¹⁾⁽⁷⁾		3,000		2,815,670

UBS-Barclays Commercial Mortgage Trust,

Series 2013-C6, Class D, 4.442%, 4/10/46⁽¹⁾⁽⁷⁾		4,437		3,526,517

VMC Finance, LLC, Series 2021-HT1, Class B, 4.968%, (1 mo. USD LIBOR + 4.50%), 1/18/37⁽¹⁾⁽²⁾		6,000		5,835,001

Wells Fargo Commercial Mortgage Trust:

Series 2013-LC12, Class D, 4.305%, 7/15/46⁽¹⁾⁽⁷⁾		3,000		1,846,074

Series 2015-C31, Class D, 3.852%, 11/15/48		2,475		2,170,214

Series 2015-LC22, Class C, 4.558%, 9/15/58⁽⁷⁾		1,250		1,215,389

Series 2016-C35, Class D, 3.142%, 7/15/48⁽¹⁾		1,850		1,479,651

Series 2016-C36, Class D, 2.942%, 11/15/59⁽¹⁾		1,500		1,073,711

ZH Trust, Series 2021-1, Class A, 2.253%, 2/18/27⁽¹⁾		2,000		1,976,401

Total Commercial Mortgage-Backed Securities (identified cost $94,553,556)			$	88,306,073

Common Stocks — 0.8%
Security	Shares		Value

Aerospace and Defense — 0.0%⁽⁹⁾

IAP Global Services, LLC^(10)(11)(12)		31	$	143,155

			$	143,155

Automotive — 0.0%⁽⁹⁾

Dayco Products, LLC^(11)(12)		27,250	$	204,375

			$	204,375

Containers and Glass Products — 0.1%

LG Newco Holdco, Inc.^(11)(12)		166,175	$	2,118,731

			$	2,118,731

Electronics/Electrical — 0.1%

Riverbed Technology, Inc.^(11)(12)		21,990	$	137,435

Skillsoft Corp.^(11)(12)		143,062		864,095

			$	1,001,530

Health Care — 0.0%⁽⁹⁾

Akorn Holding Company, LLC, Class A^(11)(12)		42,374	$	365,476

			$	365,476


Security	Shares		Value

Nonferrous Metals/Minerals — 0.0%⁽⁹⁾

ACNR Holdings, Inc., Class A^(11)(12)		3,818	$	258,669

			$	258,669

Oil and Gas — 0.2%

AFG Holdings, Inc.^(10)(11)(12)		29,751	$	181,778

McDermott International, Ltd.^(11)(12)		93,940		60,967

Nine Point Energy Holdings, Inc.^(10)(11)(13)		29,787		0

QuarterNorth Energy, Inc.^(11)(12)		21,520		2,878,300

RDV Resources, Inc., Class A^(11)(12)		27,724		83,172

			$	3,204,217

Radio and Television — 0.1%

Clear Channel Outdoor Holdings, Inc.^(11)(12)		74,443	$	257,573

Cumulus Media, Inc., Class A^(11)(12)		50,522		502,694

iHeartMedia, Inc., Class A^(11)(12)		31,657		599,267

			$	1,359,534

Retailers (Except Food and Drug) — 0.0%⁽⁹⁾

David’s Bridal, LLC^(10)(11)(12)		40,851	$	0

Phillips Pet Holding Corp.^(10)(11)(12)		582		211,020

			$	211,020

Road & Rail — 0.2%

Hertz Global Holdings, Inc.⁽¹¹⁾		101,898	$	2,257,041

			$	2,257,041

Telecommunications — 0.1%

GEE Acquisition Holdings Corp.^(10)(11)(12)		37,259	$	746,298

			$	746,298

Utilities — 0.0%⁽⁹⁾

Longview Intermediate Holdings, LLC, Class A^(11)(12)		10,730	$	160,950

			$	160,950

Total Common Stocks (identified cost $11,645,747)			$	12,030,996


Convertible Bonds — 0.1%
Security		Principal Amount (000’s omitted)			Value

Semiconductors & Semiconductor Equipment — 0.1%

ams-OSRAM, 0.875%, 9/28/22⁽¹⁴⁾	$	1,000		$	983,665

				$	983,665

Technology — 0.0%(9)

1Life Healthcare, Inc., 3.00%, 6/15/25	$	1,124		$	975,632

				$	975,632

Total Convertible Bonds (identified cost $1,965,964)				$	1,959,297

Convertible Preferred Stocks — 0.2%
Security	Shares			Value

Containers and Glass Products — 0.2%

LG Newco Holdco, Inc., Series A, 13.00%^(11)(12)		25,199		$	3,244,433

				$	3,244,433

Electronics/Electrical — 0.0%⁽⁹⁾

Riverbed Technology, Inc., Series A, 6.50%, (1.50% cash, 5.00% PIK)^(11)(12)		7,179		$	77,180

				$	77,180

Oil and Gas — 0.0%

Nine Point Energy Holdings, Inc., Series A, 12.00%, PIK^(10)(11)(13)		555		$	0

				$	0

Total Convertible Preferred Stocks (identified cost $2,093,357)				$	3,321,613

Corporate Bonds — 50.5%
Security		Principal Amount (000’s omitted)	*		Value

Aerospace and Defense — 0.9%

Bombardier, Inc.:

7.125%, 6/15/26⁽¹⁾		736		$	722,174

7.875%, 4/15/27⁽¹⁾		1,257			1,232,149

Moog, Inc., 4.25%, 12/15/27⁽¹⁾		955			929,363

Rolls-Royce PLC, 5.75%, 10/15/27⁽¹⁾		2,954			3,037,731

TransDigm UK Holdings PLC, 6.875%, 5/15/26		725			739,214


Security		Principal Amount (000’s omitted)	*		Value

Aerospace and Defense (continued)

TransDigm, Inc.:

5.50%, 11/15/27		2,052		$	2,039,165

6.25%, 3/15/26⁽¹⁾		2,408			2,475,111

6.375%, 6/15/26		100			101,030

7.50%, 3/15/27		1,862			1,921,146

				$	13,197,083

Air Transport — 1.0%

Air Canada:

3.875%, 8/15/26⁽¹⁾		2,039		$	1,926,845

4.625%, 8/15/29⁽¹⁾	CAD	717			540,197

Air France-KLM, 1.875%, 1/16/25⁽¹⁴⁾	EUR	200			200,549

American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:

5.50%, 4/20/26⁽¹⁾		3,023			3,049,920

5.75%, 4/20/29⁽¹⁾		1,952			1,947,364

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28⁽¹⁾		1,016			1,025,554

Deutsche Lufthansa AG:

3.00%, 5/29/26⁽¹⁴⁾	EUR	100			106,788

3.50%, 7/14/29⁽¹⁴⁾	EUR	100			102,464

Gatwick Airport Finance PLC, 4.375%, 4/7/26⁽¹⁴⁾	GBP	100			122,179

Heathrow Finance PLC, 5.25% to 12/1/23, 3/1/24^(14)(15)	GBP	125			161,580

Mileage Plus Holdings, LLC/Mileage Plus Intellectual

Property Assets, Ltd., 6.50%, 6/20/27⁽¹⁾		2,418			2,523,787

United Airlines, Inc.:

4.375%, 4/15/26⁽¹⁾		835			822,475

4.625%, 4/15/29⁽¹⁾		1,276			1,215,039

				$	13,744,741

Automotive — 1.6%

Adler Pelzer Holding GmbH, 4.125%, 4/1/24⁽¹⁴⁾	EUR	100		$	100,902

Asbury Automotive Group, Inc.:

4.625%, 11/15/29⁽¹⁾		512			477,430

4.75%, 3/1/30		788			744,699

5.00%, 2/15/32⁽¹⁾		217			202,010

Clarios Global, L.P.:

4.375%, 5/15/26⁽¹⁴⁾	EUR	400			439,181

6.25%, 5/15/26⁽¹⁾		1,504			1,549,586

6.75%, 5/15/25⁽¹⁾		432			447,887

8.50%, 5/15/27⁽¹⁾		1,638			1,701,636

Dana Financing Luxembourg S.a.r.l., 3.00%, 7/15/29⁽¹⁴⁾	EUR	100			101,064

Faurecia S.E.:

2.75%, 2/15/27⁽¹⁴⁾	EUR	300			304,392


Security		Principal Amount (000’s omitted)	*		Value

Automotive (continued)

Faurecia S.E.: (continued) 3.75%, 6/15/28⁽¹⁴⁾	EUR	260		$	271,057

Ford Motor Co.:

3.25%, 2/12/32		2,825			2,527,838

4.75%, 1/15/43		274			249,355

7.45%, 7/16/31		457			540,121

9.625%, 4/22/30		201			262,180

Frigoglass Finance B.V., 6.875%, 2/12/25⁽¹⁴⁾	EUR	300			234,192

General Motors Co., 5.00%, 4/1/35		495			504,499

GKN Holdings, Ltd., 4.625%, 5/12/32⁽¹⁴⁾	GBP	120			156,703

Goodyear Tire & Rubber Co. (The):

5.00%, 7/15/29⁽¹⁾		2,056			1,917,724

5.25%, 7/15/31⁽¹⁾		1,657			1,534,332

IHO Verwaltungs GmbH, 6.375%, (6.375% cash or 7.125% PIK), 5/15/29^(1)(16)		200			197,394

Jaguar Land Rover Automotive PLC, 6.875%, 11/15/26⁽¹⁴⁾	EUR	100			114,082

Lithia Motors, Inc.:

3.875%, 6/1/29⁽¹⁾		651			616,321

4.375%, 1/15/31⁽¹⁾		1,696			1,642,169

4.625%, 12/15/27⁽¹⁾		514			510,811

Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29⁽¹⁾		1,087			992,551

Renault S.A.:

1.25%, 6/24/25⁽¹⁴⁾	EUR	300			309,258

2.375%, 5/25/26⁽¹⁴⁾	EUR	100			104,677

2.50%, 6/2/27⁽¹⁴⁾	EUR	200			204,598

Schaeffler AG, 3.375%, 10/12/28⁽¹⁴⁾	EUR	100			108,649

Sonic Automotive, Inc.:

4.625%, 11/15/29⁽¹⁾		1,297			1,168,928

4.875%, 11/15/31⁽¹⁾		1,081			961,333

TI Automotive Finance PLC, 3.75%, 4/15/29⁽¹⁴⁾	EUR	212			212,089

Tupy Overseas S.A., 4.50%, 2/16/31⁽¹⁾		700			618,166

Volkswagen International Finance N.V., 3.875% to 6/17/29^(14)(17)(18)	EUR	200			218,346

Wheel Pros, Inc., 6.50%, 5/15/29⁽¹⁾		1,305			1,146,025

ZF North America Capital, Inc., 4.75%, 4/29/25⁽¹⁾		200			200,960

				$	23,593,145

Banks and Thrifts — 1.0%

American Express Co., 2.55%, 3/4/27		2,000		$	1,947,079

Banco de Chile, 2.99%, 12/9/31⁽¹⁾		445			411,293

Banco do Brasil S.A., 3.25%, 9/30/26⁽¹⁾		1,000			963,710

Banco Mercantil del Norte S.A./Grand Cayman, 5.75% to 10/4/26, 10/4/31^(1)(18)		1,160			1,145,013


Security		Principal Amount (000’s omitted)	*		Value

Banks and Thrifts (continued)

Bank Hapoalim BM, 3.255% to 1/21/27, 1/21/32^(1)(14)(18)		800		$	740,000

BankUnited, Inc., 5.125%, 6/11/30		481			496,466

BBVA Bancomer S.A., 5.125% to 1/18/28, 1/18/33^(1)(18)		1,100			1,040,199

BPCE S.A., 3.648% to 1/14/32, 1/14/37^(1)(18)		410			383,886

Capital One Financial Corp., 3.273% to 3/1/29, 3/1/30⁽¹⁸⁾		667			644,724

Commonwealth Bank of Australia, 3.784%, 3/14/32⁽¹⁾		1,000			967,753

Deutsche Bank AG, 7.125% to 4/30/26^(14)(17)(18)	GBP	500			665,856

Nationwide Building Society, 4.125% to 10/18/27, 10/18/32^(1)(18)		1,280			1,261,824

SVB Financial Group, 4.10% to 2/15/31^(17)(18)		1,403			1,199,565

Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31⁽¹⁸⁾		1,500			1,465,177

Unicaja Banco S.A., 4.875% to 11/18/26^(14)(17)(18)	EUR	600			608,924

United Overseas Bank, Ltd., 3.863% to 10/7/27, 10/7/32^(1)(3)(18)		921			921,000

				$	14,862,469

Beverage and Tobacco — 0.2%

Altria Group, Inc., 3.875%, 9/16/46		650		$	552,618

Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30		1,500			1,523,160

BAT Capital Corp., 4.54%, 8/15/47		650			581,782

				$	2,657,560

Brokerage/Securities Dealers/Investment Houses — 0.1%

Alliance Data Systems Corp., 4.75%, 12/15/24⁽¹⁾		1,071		$	1,054,421

Intrum AB, 3.50%, 7/15/26⁽¹⁴⁾	EUR	200			212,727

				$	1,267,148

Building and Development — 2.0%

Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR

Nimbus, LLC/GGSI Sellco, LLC:

4.50%, 4/1/27⁽¹⁾		1,916		$	1,792,246

5.75%, 5/15/26⁽¹⁾		1,592			1,579,527

Builders FirstSource, Inc.:

4.25%, 2/1/32⁽¹⁾		1,546			1,442,171

5.00%, 3/1/30⁽¹⁾		2,150			2,118,825

6.75%, 6/1/27⁽¹⁾		672			698,292

Empire Communities Corp., 7.00%, 12/15/25⁽¹⁾		1,627			1,609,363

Greystar Real Estate Partners, LLC, 5.75%, 12/1/25⁽¹⁾		1,396			1,408,801

HT Troplast GmbH, 9.25%, 7/15/25⁽¹⁴⁾	EUR	315			349,081

James Hardie International Finance DAC, 3.625%, 10/1/26⁽¹⁴⁾	EUR	200			224,116

Masonite International Corp., 5.375%, 2/1/28⁽¹⁾		570			575,056


Security		Principal Amount (000’s omitted)	*		Value

Building and Development (continued)

MDC Holdings, Inc., 2.50%, 1/15/31		837		$	732,030

MIWD Holdco II, LLC/MIWD Finance Corp., 5.50%, 2/1/30⁽¹⁾		1,149			1,074,918

Patrick Industries, Inc., 4.75%, 5/1/29⁽¹⁾		1,236			1,065,216

PCF GmbH, 4.75%, 4/15/26⁽¹⁴⁾	EUR	325			346,563

PGT Innovations, Inc., 4.375%, 10/1/29⁽¹⁾		1,066			996,038

SRM Escrow Issuer, LLC, 6.00%, 11/1/28⁽¹⁾		3,099			3,060,170

SRS Distribution, Inc.:

6.00%, 12/1/29⁽¹⁾		1,100			1,019,673

6.125%, 7/1/29⁽¹⁾		1,195			1,103,839

Standard Industries, Inc.:

2.25%, 11/21/26⁽¹⁴⁾	EUR	500			519,555

3.375%, 1/15/31⁽¹⁾		1,634			1,432,209

4.375%, 7/15/30⁽¹⁾		1,779			1,631,699

5.00%, 2/15/27⁽¹⁾		457			453,865

Taylor Morrison Communities, Inc.:

5.75%, 1/15/28⁽¹⁾		1,062			1,096,165

5.875%, 6/15/27⁽¹⁾		808			842,021

Victoria PLC, 3.625%, 8/24/26⁽¹⁴⁾	EUR	485			517,672

White Cap Buyer, LLC, 6.875%, 10/15/28⁽¹⁾		439			416,521

White Cap Parent, LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26^(1)(16)		691			679,726

				$	28,785,358

Business Equipment and Services — 1.3%

Adtalem Global Education, Inc., 5.50%, 3/1/28⁽¹⁾		2,258		$	2,189,210

Allied Universal Holdco, LLC:

3.625%, 6/1/28⁽¹⁴⁾	EUR	100			101,568

4.625%, 6/1/28⁽¹⁾		1,941			1,828,739

4.875%, 6/1/28⁽¹⁴⁾	GBP	100			120,498

6.00%, 6/1/29⁽¹⁾		278			245,613

6.625%, 7/15/26⁽¹⁾		2,534			2,567,449

9.75%, 7/15/27⁽¹⁾		1,148			1,187,950

CDW, LLC/CDW Finance Corp., 3.276%, 12/1/28		447			421,867

GEMS MENASA Cayman, Ltd./GEMS Education

Delaware, LLC:

7.125%, 7/31/26⁽¹⁾		2,576			2,587,798

7.125%, 7/31/26⁽¹⁴⁾		350			351,603

Iron Mountain, Inc.:

4.50%, 2/15/31⁽¹⁾		750			693,600

5.00%, 7/15/28⁽¹⁾		94			91,808

Sabre GLBL, Inc., 9.25%, 4/15/25⁽¹⁾		1,459			1,619,928

Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 7/30/26⁽¹⁴⁾	EUR	264			292,727


Security		Principal Amount (000’s omitted)	*		Value

Business Equipment and Services (continued)

Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 7/15/25⁽¹⁴⁾	EUR	153		$	163,151

Terminix Co., LLC (The), 7.45%, 8/15/27		3,993			4,539,702

				$	19,003,211

Cable and Satellite Television — 1.8%

Altice France S.A.:

3.375%, 1/15/28⁽¹⁴⁾	EUR	100		$	100,535

5.125%, 7/15/29⁽¹⁾		767			688,459

5.50%, 1/15/28⁽¹⁾		841			781,062

5.50%, 10/15/29⁽¹⁾		755			678,473

8.125%, 2/1/27⁽¹⁾		4,904			5,061,860

CCO Holdings, LLC/CCO Holdings Capital Corp.:

4.25%, 2/1/31⁽¹⁾		2,263			2,056,603

4.50%, 8/15/30⁽¹⁾		2,140			2,011,595

4.50%, 5/1/32		771			706,313

4.75%, 3/1/30⁽¹⁾		1,789			1,721,009

4.75%, 2/1/32⁽¹⁾		1,044			973,760

5.00%, 2/1/28⁽¹⁾		1,755			1,739,924

5.375%, 6/1/29⁽¹⁾		595			596,044

Charter Communications Operating, LLC/Charter Communications Operating Capital, 4.80%, 3/1/50		975			929,090

Comcast Corp., 1.95%, 1/15/31		1,000			903,356

CSC Holdings, LLC:

3.375%, 2/15/31⁽¹⁾		698			588,962

5.875%, 9/15/22		1,085			1,094,879

6.50%, 2/1/29⁽¹⁾		543			548,359

7.50%, 4/1/28⁽¹⁾		619			609,319

UPC Holding B.V., 5.50%, 1/15/28⁽¹⁾		593			586,895

UPCB Finance VII, Ltd., 3.625%, 6/15/29⁽¹⁴⁾	EUR	300			326,455

Virgin Media Finance PLC, 5.00%, 7/15/30⁽¹⁾		946			894,821

Virgin Media Secured Finance PLC, 5.00%, 4/15/27⁽¹⁴⁾	GBP	100			133,314

Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28⁽¹⁴⁾	GBP	200			248,442

Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28⁽¹⁾		425			408,810

Ziggo B.V., 4.875%, 1/15/30⁽¹⁾		628			592,622

Ziggo Bond Co., B.V.:

3.375%, 2/28/30⁽¹⁴⁾	EUR	230			225,650

6.00%, 1/15/27⁽¹⁾		745			750,945

				$	25,957,556

Capital Markets — 0.2%

BWX Technologies, Inc.: 4.125%, 6/30/28⁽¹⁾		948		$	914,327


Security		Principal Amount (000’s omitted)	*		Value

Capital Markets (continued)

BWX Technologies, Inc.: (continued)

4.125%, 4/15/29⁽¹⁾		733		$	707,037

Valmont Industries, Inc., 5.25%, 10/1/54		610			665,284

				$	2,286,648

Chemicals and Plastics — 0.6%

Alpek SAB de CV, 4.25%, 9/18/29⁽¹⁾		610		$	603,964

Ashland Services B.V., 2.00%, 1/30/28⁽¹⁴⁾	EUR	100			102,459

ASP Unifrax Holdings Inc, 5.25%, 9/30/28⁽¹⁾		826			768,370

Herens Holdco S.a.r.l., 4.75%, 5/15/28⁽¹⁾		545			489,448

Herens Midco S.a.r.l., 5.25%, 5/15/29⁽¹⁴⁾	EUR	316			300,386

INEOS Quattro Finance 2 PLC, 2.50%, 1/15/26⁽¹⁴⁾	EUR	154			161,397

NOVA Chemicals Corp., 4.25%, 5/15/29⁽¹⁾		1,242			1,146,701

Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30⁽¹⁾		1,307			1,290,310

OCI N.V., 3.625%, 10/15/25⁽¹⁴⁾	EUR	180			202,908

SGL Carbon SE, 3.00%, 9/20/23⁽¹⁴⁾	EUR	300			315,381

SPCM S.A., 2.625%, 2/1/29⁽¹⁴⁾	EUR	150			155,092

Valvoline, Inc.:

3.625%, 6/15/31⁽¹⁾		802			694,283

4.25%, 2/15/30⁽¹⁾		790			722,388

WR Grace Holdings, LLC, 4.875%, 6/15/27⁽¹⁾		1,472			1,442,119

				$	8,395,206

Clothing/Textiles — 0.1%

Hanesbrands Finance Luxembourg SCA, 3.50%, 6/15/24⁽¹⁴⁾	EUR	200		$	226,785

PrestigeBidCo GmbH, 6.25%, 12/15/23⁽¹⁴⁾	EUR	365			405,162

William Carter Co. (The):

5.50%, 5/15/25⁽¹⁾		331			341,479

5.625%, 3/15/27⁽¹⁾		811			823,992

				$	1,797,418

Commercial Services — 1.1%

Abertis Infraestructuras Finance B.V., 3.248% to 11/24/25^(14)(17)(18)	EUR	300		$	325,612

APi Escrow Corp., 4.75%, 10/15/29⁽¹⁾		1,079			1,004,161

Autostrade per l’Italia SpA:

1.75%, 2/1/27⁽¹⁴⁾	EUR	200			216,251

2.00%, 12/4/28⁽¹⁴⁾	EUR	700			756,116

6.25%, 6/9/22	GBP	250			330,830

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.375%, 3/1/29⁽¹⁾		792			781,197

BCP V Modular Services Finance II PLC, 4.75%, 11/30/28⁽¹⁴⁾	EUR	100			106,241


Security		Principal Amount (000’s omitted)	*		Value

Commercial Services (continued)

Block Financial, LLC, 3.875%, 8/15/30		988		$	972,000

EC Finance PLC, 3.00%, 10/15/26⁽¹⁴⁾	EUR	102			111,067

HealthEquity, Inc., 4.50%, 10/1/29⁽¹⁾		1,380			1,309,275

Korn Ferry, 4.625%, 12/15/27⁽¹⁾		355			347,000

LABL, Inc.:

5.875%, 11/1/28⁽¹⁾		507			476,263

8.25%, 11/1/29⁽¹⁾		1,016			898,525

Loxam S.A.S.:

3.25%, 1/14/25⁽¹⁴⁾	EUR	200			218,431

4.25%, 4/15/24⁽¹⁴⁾	EUR	200			222,337

MoneyGram International, Inc., 5.375%, 8/1/26⁽¹⁾		1,509			1,572,770

Mooney Group SpA, 3.875%, (3 mo. EURIBOR + 3.875%), 12/17/26^(2)(14)	EUR	110			121,353

NESCO Holdings II, Inc., 5.50%, 4/15/29⁽¹⁾		1,282			1,261,155

Nexi SpA, 1.75%, 10/31/24⁽¹⁴⁾	EUR	200			222,481

PROG Holdings, Inc., 6.00%, 11/15/29⁽¹⁾		1,085			1,008,524

S&P Global, Inc., 2.90%, 3/1/32⁽¹⁾		1,000			970,786

Verisure Midholding AB, 5.25%, 2/15/29⁽¹⁴⁾	EUR	175			179,209

WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26⁽¹⁾		2,060			2,068,518

				$	15,480,102

Computers — 0.6%

Booz Allen Hamilton, Inc.:

3.875%, 9/1/28⁽¹⁾		1,341		$	1,295,936

4.00%, 7/1/29⁽¹⁾		717			701,061

Condor Merger Sub, Inc., 7.375%, 2/15/30⁽¹⁾		1,121			1,076,861

Presidio Holdings, Inc., 8.25%, 2/1/28⁽¹⁾		3,176			3,243,681

Seagate HDD Cayman:

3.125%, 7/15/29		865			778,128

5.75%, 12/1/34		995			1,019,392

				$	8,115,059

Conglomerates — 0.1%

Spectrum Brands, Inc.:

5.00%, 10/1/29⁽¹⁾		406		$	382,720

5.50%, 7/15/30⁽¹⁾		691			664,583

				$	1,047,303

Consumer Products — 0.0%⁽⁹⁾

Central Garden & Pet Co.:

4.125%, 10/15/30		419		$	378,845

5.125%, 2/1/28		285			283,486

				$	662,331


Security		Principal Amount (000’s omitted)	*		Value

Containers and Glass Products — 0.2%

Ardagh Metal Packaging Finance USA, LLC/Ardagh

Metal Packaging Finance PLC, 4.00%, 9/1/29⁽¹⁾		1,177		$	1,062,007

Canpack S.A./Canpack U.S., LLC, 3.875%, 11/15/29⁽¹⁾		468			410,239

Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26		660			662,350

Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26		750			759,083

Graphic Packaging International, LLC, 2.625%, 2/1/29⁽¹⁴⁾	EUR	100			104,065

Verallia S.A., 1.875%, 11/10/31⁽¹⁴⁾	EUR	100			97,767

				$	3,095,511

Cosmetics/Toiletries — 0.2%

Edgewell Personal Care Co.:

4.125%, 4/1/29⁽¹⁾		441		$	406,320

5.50%, 6/1/28⁽¹⁾		1,067			1,063,388

Natura Cosmeticos S.A., 4.125%, 5/3/28⁽¹⁾		843			813,305

				$	2,283,013

Distribution & Wholesale — 0.5%

BCPE Empire Holdings, Inc., 7.625%, 5/1/27⁽¹⁾		2,993		$	2,824,943

Parts Europe S.A.:

4.00%, (3 mo. EURIBOR + 4.00%), 7/20/27^(2)(14)	EUR	128			141,449

6.50%, 7/16/25⁽¹⁴⁾	EUR	100			114,408

Performance Food Group, Inc.:

4.25%, 8/1/29⁽¹⁾		2,429			2,216,463

5.50%, 10/15/27⁽¹⁾		935			931,648

Ritchie Bros Holdings, Inc., 4.75%, 12/15/31⁽¹⁾		844			824,267

				$	7,053,178

Diversified Financial Services — 1.7%

American AgCredit Corp., 5.25% to 6/15/26^(1)(17)(18)		410		$	405,900

BrightSphere Investment Group, Inc., 4.80%, 7/27/26		2,195			2,121,083

CI Financial Corp., 3.20%, 12/17/30		1,000			912,789

Coinbase Global, Inc.:

3.375%, 10/1/28⁽¹⁾		844			746,687

3.625%, 10/1/31⁽¹⁾		1,120			956,978

Discover Bank, 4.682% to 8/9/23, 8/9/28⁽¹⁸⁾		1,750			1,775,469

Enact Holdings, Inc., 6.50%, 8/15/25⁽¹⁾		750			774,994

Encore Capital Group, Inc.:

4.25%, (3 mo. EURIBOR + 4.25%), 1/15/28^(2)(14)	EUR	600			661,609

5.375%, 2/15/26⁽¹⁴⁾	GBP	100			130,938

Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29⁽¹⁾		1,823			1,729,672

Jefferson Capital Holdings, LLC, 6.00%, 8/15/26⁽¹⁾		1,275			1,218,556


Security		Principal Amount (000’s omitted)	*		Value

Diversified Financial Services (continued)

Lincoln Financing S.a.r.l., 3.625%, 4/1/24⁽¹⁴⁾	EUR	245		$	271,163

Louvre Bidco S.A.S., 6.50%, 9/30/24⁽¹⁴⁾	EUR	400			446,101

PRA Group, Inc.:

5.00%, 10/1/29⁽¹⁾		901			855,603

7.375%, 9/1/25⁽¹⁾		1,566			1,633,933

ProGroup AG, 3.00%, 3/31/26⁽¹⁴⁾	EUR	400			425,702

Rocket Mortgage, LLC/Rocket Mortgage Co.-Issuer, Inc.:

3.625%, 3/1/29⁽¹⁾		1,035			947,077

3.875%, 3/1/31⁽¹⁾		600			543,915

Sherwood Financing PLC, 6.00%, 11/15/26⁽¹⁴⁾	GBP	150			187,109

Stifel Financial Corp., 4.00%, 5/15/30		769			778,641

UniCredit SpA:

5.861% to 6/19/27, 6/19/32^(1)(18)		715			703,333

7.296% to 4/2/29, 4/2/34^(1)(18)		500			530,403

Unifin Financiera SAB de CV, 7.375%, 2/12/26⁽¹⁾		620			363,382

VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30⁽¹⁾		1,536			1,447,219

Vivion Investments S.a.r.l.:

3.00%, 8/8/24⁽¹⁴⁾	EUR	3,400			3,628,891

3.50%, 11/1/25⁽¹⁴⁾	EUR	100			106,513

				$	24,303,660

Drugs — 0.8%

AdaptHealth, LLC:

4.625%, 8/1/29⁽¹⁾		405		$	370,338

5.125%, 3/1/30⁽¹⁾		1,019			948,378

6.125%, 8/1/28⁽¹⁾		685			681,229

Bausch Health Companies, Inc.:

5.25%, 1/30/30⁽¹⁾		431			339,260

6.25%, 2/15/29⁽¹⁾		473			388,619

9.00%, 12/15/25⁽¹⁾		1,763			1,828,407

Endo DAC/Endo Finance, LLC/Endo Finco, Inc., 5.875%, 10/15/24⁽¹⁾		649			612,468

Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29⁽¹⁾		1,550			1,416,243

Gruenenthal Gmbh, 3.625%, 11/15/26⁽¹⁴⁾	EUR	200			219,941

Hikma Finance USA, LLC, 3.25%, 7/9/25⁽¹⁴⁾		1,250			1,212,531

Jazz Securities DAC, 4.375%, 1/15/29⁽¹⁾		1,371			1,330,000

Nidda Healthcare Holding GmbH, 3.50%, 9/30/24⁽¹⁴⁾	EUR	300			319,015

Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.125%, 4/30/31⁽¹⁾		1,037			1,002,105

Perrigo Finance Unlimite Co., 3.90%, 6/15/30		871			819,991

				$	11,488,525


Security		Principal Amount (000’s omitted)	*		Value

Ecological Services and Equipment — 0.5%

Clean Harbors, Inc.:

4.875%, 7/15/27⁽¹⁾		551		$	550,606

5.125%, 7/15/29⁽¹⁾		332			333,695

Covanta Holding Corp.:

4.875%, 12/1/29⁽¹⁾		1,536			1,468,339

5.00%, 9/1/30		319			302,946

GFL Environmental, Inc.:

3.50%, 9/1/28⁽¹⁾		1,679			1,578,596

3.75%, 8/1/25⁽¹⁾		776			762,936

4.75%, 6/15/29⁽¹⁾		2,095			1,995,446

Paprec Holding S.A., 3.50%, 7/1/28⁽¹⁴⁾	EUR	129			136,313

				$	7,128,877

Electric Utilities — 0.8%

Consolidated Edison Co. of New York, Inc., 4.125%, 5/15/49		400		$	405,492

ContourGlobal Power Holdings S.A., 4.125%, 8/1/25⁽¹⁴⁾	EUR	200			221,471

Drax Finco PLC, 6.625%, 11/1/25⁽¹⁾		1,119			1,133,239

Edison International, 3.55%, 11/15/24		614			616,454

FirstEnergy Corp.:

2.65%, 3/1/30		410			373,018

Series B, 4.40%, 7/15/27		1,630			1,643,146

Series C, 7.375%, 11/15/31		357			440,967

Liberty Utilities Finance GP 1, 2.05%, 9/15/30⁽¹⁾		526			461,824

MidAmerican Energy Co., 2.70%, 8/1/52		500			428,939

Pattern Energy Operations, L.P./Pattern Energy

Operations, Inc., 4.50%, 8/15/28⁽¹⁾		1,132			1,114,975

Southern California Edison Co., 4.00%, 4/1/47		845			815,188

Southern Co. (The), 4.40%, 7/1/46		971			995,312

Virginia Electric & Power Co., 4.00%, 1/15/43		410			419,107

WESCO Distribution, Inc.:

7.125%, 6/15/25⁽¹⁾		1,024			1,066,404

7.25%, 6/15/28⁽¹⁾		915			972,920

				$	11,108,456

Electronics/Electrical — 0.7%

Electricite de France S.A., 2.875% to 12/15/26^(14)(17)(18)	EUR	400		$	412,981

Engie Energia Chile S.A., 3.40%, 1/28/30⁽¹⁾		960			885,278

II-VI, Inc., 5.00%, 12/15/29⁽¹⁾		1,055			1,032,766

Imola Merger Corp., 4.75%, 5/15/29⁽¹⁾		3,082			2,971,973

Jabil, Inc., 3.00%, 1/15/31		1,040			954,220

LogMeIn, Inc., 5.50%, 9/1/27⁽¹⁾		174			162,730

Nobel Bidco B.V., 3.125%, 6/15/28⁽¹⁴⁾	EUR	150			148,231

Open Text Corp., 3.875%, 2/15/28⁽¹⁾		1,009			969,155


Security		Principal Amount (000’s omitted)	*		Value

Electronics/Electrical (continued)

Open Text Holdings, Inc., 4.125%, 2/15/30⁽¹⁾		883		$	839,027

RWE AG, 6.625% to 3/30/26, 7/30/75^(14)(18)		266			287,451

Sensata Technologies, Inc.:

3.75%, 2/15/31⁽¹⁾		680			630,057

4.375%, 2/15/30⁽¹⁾		627			600,948

SS&C Technologies, Inc., 5.50%, 9/30/27⁽¹⁾		517			521,524

Verisure Holding AB, 3.25%, 2/15/27⁽¹⁴⁾	EUR	100			104,195

				$	10,520,536

Energy — 0.5%

Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26⁽¹⁾		1,988		$	2,047,232

New Fortress Energy, Inc., 6.50%, 9/30/26⁽¹⁾		2,374			2,354,937

Sunoco, L.P./Sunoco Finance Corp.:

4.50%, 5/15/29		884			835,115

4.50%, 4/30/30⁽¹⁾		1,692			1,561,378

				$	6,798,662

Engineering & Construction — 0.4%

Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26⁽¹⁾		1,038		$	1,000,461

Dycom Industries, Inc., 4.50%, 4/15/29⁽¹⁾		1,389			1,310,772

TopBuild Corp., 4.125%, 2/15/32⁽¹⁾		1,562			1,418,647

VM Consolidated, Inc., 5.50%, 4/15/29⁽¹⁾		1,684			1,583,945

				$	5,313,825

Entertainment — 1.0%

Banijay Entertainment SASU, 3.50%, 3/1/25⁽¹⁴⁾	EUR	200		$	221,449

Caesars Entertainment, Inc.:

4.625%, 10/15/29⁽¹⁾		529			495,276

6.25%, 7/1/25⁽¹⁾		2,521			2,606,008

8.125%, 7/1/27⁽¹⁾		1,589			1,704,711

CDI Escrow Issuer, Inc., 5.75%, 4/1/30⁽¹⁾⁽³⁾		1,314			1,328,782

CPUK Finance, Ltd.:

4.50%, 8/28/27⁽¹⁴⁾	GBP	100			126,763

4.875%, 8/28/25⁽¹⁴⁾	GBP	135			173,242

Gamma Bidco SpA:

5.125%, 7/15/25⁽¹⁴⁾	EUR	200			219,040

6.25%, 7/15/25⁽¹⁴⁾	EUR	100			112,008

Jacobs Entertainment, Inc., 6.75%, 2/15/29⁽¹⁾		1,485			1,494,311

Live Nation Entertainment, Inc., 4.75%, 10/15/27⁽¹⁾		1,226			1,197,520

Pinewood Finance Co., Ltd., 3.25%, 9/30/25⁽¹⁴⁾	GBP	200			254,848

Powdr Corp., 6.00%, 8/1/25⁽¹⁾		1,402			1,439,370


Security	Principal Amount (000’s omitted)	*		Value

Entertainment (continued)

Scientific Games International, Inc., 7.00%, 5/15/28⁽¹⁾	1,647		$	1,709,998

Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27⁽¹⁾	1,515			1,477,913

			$	14,561,239

Equipment Leasing — 0.0%⁽⁹⁾

Ashtead Capital, Inc., 4.25%, 11/1/29⁽¹⁾	526		$	524,125

			$	524,125

Financial Intermediaries — 2.1%

Ally Financial, Inc., Series B, 4.70% to 5/15/26^(17)(18)	1,453		$	1,372,264

Alpha Holding S.A. de CV:

9.00%, 2/10/25^(1)(19)	765			47,813

10.00%, 12/19/22^(1)(19)	200			14,252

Banco Santander S.A., 4.175% to 3/24/27, 3/24/28⁽¹⁸⁾	400			402,297

Blackstone Private Credit Fund, 4.70%, 3/24/25⁽¹⁾	2,000			2,030,031

Citigroup, Inc., 3.98% to 3/20/29, 3/20/30⁽¹⁸⁾	1,700			1,728,791

Ford Motor Credit Co., LLC:

1.741%, (3 mo. USD LIBOR + 1.235%), 2/15/23⁽²⁾	479			475,442

2.90%, 2/16/28	420			380,476

3.087%, 1/9/23	439			440,043

3.37%, 11/17/23	513			512,795

3.625%, 6/17/31	1,307			1,182,848

3.815%, 11/2/27	1,984			1,883,282

4.00%, 11/13/30	995			938,574

4.125%, 8/17/27	2,739			2,680,632

4.25%, 9/20/22	500			503,665

4.271%, 1/9/27	476			470,421

5.125%, 6/16/25	938			957,904

5.584%, 3/18/24	257			264,610

Goldman Sachs Group, Inc. (The), 3.615% to 3/15/27, 3/15/28⁽¹⁸⁾	1,496			1,495,769

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.:

5.25%, 5/15/27	1,614			1,586,723

6.25%, 5/15/26	1,095			1,118,307

6.375%, 12/15/25	820			827,400

JPMorgan Chase & Co.:

2.545% to 11/8/31, 11/8/32⁽¹⁸⁾	1,500			1,372,678

Series HH, 4.60% to 2/1/25^(17)(18)	1,674			1,617,502

Macquarie Group, Ltd., 2.871% to 1/14/32, 1/14/33^(1)(18)	1,007			895,822

MSCI, Inc.:

3.625%, 9/1/30⁽¹⁾	520			488,540

3.875%, 2/15/31⁽¹⁾	899			854,230


Security		Principal Amount (000’s omitted)	*		Value

Financial Intermediaries (continued)

Oxford Finance, LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/27⁽¹⁾		1,209		$	1,233,797

Synovus Financial Corp., 5.90% to 2/7/24, 2/7/29⁽¹⁸⁾		1,011			1,036,378

UBS Group AG, 4.375% to 2/10/31^(1)(17)(18)		801			724,905

				$	29,538,191

Financial Services — 0.7%

Banco BTG Pactual S.A., 4.50%, 1/10/25⁽¹⁾		1,100		$	1,093,240

Bank of America Corp.:

1.922% to 10/24/30, 10/24/31⁽¹⁸⁾		1,819			1,582,160

3.846% to 3/8/32, 3/8/37⁽¹⁸⁾		1,210			1,160,409

Brookfield Finance, Inc., 4.70%, 9/20/47		1,050			1,117,466

Carlyle Finance Subsidiary, LLC, 3.50%, 9/19/29⁽¹⁾		1,000			983,969

Nordea Bank Abp, 4.625% to 9/13/28, 9/13/33^(1)(18)		1,515			1,547,689

Vietnam Debt and Asset Trading Corp., 1.00%, 10/10/25⁽¹⁴⁾		2,600			2,357,251

				$	9,842,184

Food Products — 1.0%

Bellis Acquisition Co. PLC, 3.25%, 2/16/26⁽¹⁴⁾	GBP	200		$	243,384

Chobani, LLC/Chobani Finance Corp., Inc., 4.625%, 11/15/28⁽¹⁾		436			403,023

HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.875%, 6/1/29⁽¹⁾		747			656,154

Ingles Markets, Inc., 4.00%, 6/15/31⁽¹⁾		854			807,653

JBS USA LUX S.A./JBS USA Finance, Inc., 6.75%, 2/15/28⁽¹⁾		650			686,215

JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30⁽¹⁾		2,139			2,191,234

Kraft Heinz Foods Co.:

3.875%, 5/15/27		1,261			1,282,588

4.25%, 3/1/31		1,502			1,548,232

4.375%, 6/1/46		282			279,572

4.625%, 10/1/39		425			432,833

4.875%, 10/1/49		309			325,958

5.50%, 6/1/50		258			294,257

Nomad Foods Bondco PLC, 2.50%, 6/24/28⁽¹⁴⁾	EUR	336			348,933

Pilgrim’s Pride Corp., 3.50%, 3/1/32⁽¹⁾		2,387			2,089,102

Post Holdings, Inc.:

4.50%, 9/15/31⁽¹⁾		900			798,741

4.625%, 4/15/30⁽¹⁾		1,158			1,044,632

Premier Foods Financing PLC, 3.50%, 10/15/26⁽¹⁴⁾	GBP	125			153,245

Smithfield Foods, Inc., 3.00%, 10/15/30⁽¹⁾		1,000			908,998

				$	14,494,754


Security		Principal Amount* (000’s omitted)		Value

Food Service — 0.6%

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.:

3.875%, 1/15/28⁽¹⁾			1,906	$	1,809,518

4.00%, 10/15/30⁽¹⁾			2,705		2,443,670

4.375%, 1/15/28⁽¹⁾			1,014		975,230

5.75%, 4/15/25⁽¹⁾			372		383,186

IRB Holding Corp.:

6.75%, 2/15/26⁽¹⁾			448		456,330

7.00%, 6/15/25⁽¹⁾			615		640,507

US Foods, Inc., 4.75%, 2/15/29⁽¹⁾			1,457		1,391,530

				$	8,099,971

Food/Drug Retailers — 0.2%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC:

4.875%, 2/15/30⁽¹⁾			1,595	$	1,556,122

5.875%, 2/15/28⁽¹⁾			1,004		1,002,444

				$	2,558,566

Forest Products & Paper — 0.0%⁽⁹⁾

Glatfelter Corp., 4.75%, 11/15/29⁽¹⁾			244	$	207,251

				$	207,251

Health Care — 3.7%

Amgen, Inc., 3.375%, 2/21/50			700	$	633,749

Anthem, Inc., 3.125%, 5/15/50			500		442,308

Avantor Funding, Inc., 4.625%, 7/15/28⁽¹⁾			1,075		1,064,556

Baxter International, Inc.:

3.50%, 8/15/46			500		460,753

3.95%, 4/1/30			500		516,436

Centene Corp.:

2.50%, 3/1/31			1,992		1,761,267

3.00%, 10/15/30			2,345		2,157,423

3.375%, 2/15/30			2,311		2,178,580

4.25%, 12/15/27			1,005		1,009,804

4.625%, 12/15/29			1,758		1,775,299

Chrome Bidco SASU, 3.50%, 5/31/28⁽¹⁴⁾	EUR		100		106,153

CHS/Community Health Systems, Inc.:

5.25%, 5/15/30⁽¹⁾			432		415,260

6.125%, 4/1/30⁽¹⁾			1,113		1,037,839

6.875%, 4/15/29⁽¹⁾			885		870,734

Emergent BioSolutions, Inc., 3.875%, 8/15/28⁽¹⁾			974		875,558

Encompass Health Corp.:

4.625%, 4/1/31			683		640,487


Security		Principal Amount* (000’s omitted)		Value

Health Care (continued)

Encompass Health Corp.: (continued) 4.75%, 2/1/30			639	$	614,504

Gilead Sciences, Inc., 2.60%, 10/1/40			750		633,737

Grifols Escrow Issuer S.A.:

3.875%, 10/15/28⁽¹⁴⁾	EUR		344		363,033

4.75%, 10/15/28⁽¹⁾			1,060		999,161

Grifols S.A., 3.20%, 5/1/25⁽¹⁴⁾	EUR		250		275,643

HCA, Inc.:

5.375%, 9/1/26			1,610		1,692,110

5.625%, 9/1/28			1,472		1,593,786

5.875%, 2/15/26			2,705		2,879,986

5.875%, 2/1/29			1,076		1,178,026

IQVIA, Inc.:

2.25%, 1/15/28⁽¹⁴⁾	EUR		250		263,392

5.00%, 10/15/26⁽¹⁾			850		865,869

Legacy LifePoint Health, LLC:

4.375%, 2/15/27⁽¹⁾			751		727,118

6.75%, 4/15/25⁽¹⁾			731		756,658

LifePoint Health, Inc., 5.375%, 1/15/29⁽¹⁾			2,690		2,547,127

ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29⁽¹⁾			759		708,986

ModivCare, Inc., 5.875%, 11/15/25⁽¹⁾			1,122		1,134,286

Molina Healthcare, Inc.:

3.875%, 11/15/30⁽¹⁾			1,511		1,453,605

3.875%, 5/15/32⁽¹⁾			1,450		1,382,031

Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29⁽¹⁾			3,620		3,370,039

Option Care Health, Inc., 4.375%, 10/31/29⁽¹⁾			1,442		1,354,521

STERIS Irish FinCo Unlimited Co., 3.75%, 3/15/51			750		700,405

Team Health Holdings, Inc., 6.375%, 2/1/25⁽¹⁾			1,890		1,699,403

Tenet Healthcare Corp.:

4.375%, 1/15/30⁽¹⁾			799		768,011

4.625%, 9/1/24⁽¹⁾			268		270,278

4.875%, 1/1/26⁽¹⁾			1,607		1,623,006

5.125%, 11/1/27⁽¹⁾			1,607		1,616,642

6.125%, 10/1/28⁽¹⁾			1,146		1,165,889

6.875%, 11/15/31			64		68,467

Thermo Fisher Scientific, Inc., 4.10%, 8/15/47			400		430,328

US Acute Care Solutions, LLC, 6.375%, 3/1/26⁽¹⁾			2,637		2,607,083

Varex Imaging Corp., 7.875%, 10/15/27⁽¹⁾


% Average Annual Total Returns^1,2	Inception Date		One Year			Five Years			Ten Years

Fund at NAV		05/30/2003		(0.42	)%		4.21	%			5.38	%

Fund at Market Price		—		1.70			5.01				5.18



Bloomberg U.S. Aggregate Bond Index		—		(4.15	)%		2.14	%			2.24	%

Blended Index		—		(0.63	)		3.28				3.81

% Premium/Discount to NAV³

											(4.88	)%

Distributions⁴

Total Distributions per share for the period										$	1.200

Distribution Rate at NAV											9.76	%

Distribution Rate at Market Price											10.26

% Total Leverage⁵

Auction Preferred Shares (APS)											9.72	%

Borrowings											26.00

Table of Contents

Table of Contents

Table of Contents



Table of Contents

Management’s Discussion of Fund Performance			2

Performance			3

Fund Profile			4

The Fund’s Investment Objective, Principal Strategies and Principal Risks			5

Endnotes and Additional Disclosures			9

Financial Statements			11

Report of Independent Registered Public Accounting Firm			75

Federal Tax Information			76

Annual Meeting of Shareholders			77

Dividend Reinvestment Plan			78

Management and Organization			80

Privacy Notice			83

Potential Conflicts of Interest			85

Important Notices			91


		11		See Notes to Financial Statements.


		12		See Notes to Financial Statements.


		13		See Notes to Financial Statements.


		14		See Notes to Financial Statements.