|
|
|
Principal
Amount ($)
|
Value ($)
|
|
|
|||
|
Corporate Bonds 40.8%
|
|
||
|
Communication Services 3.7%
|
|
||
|
Alphabet, Inc., 5.25%, 5/15/2055 (a)
|
|
425,000
|
419,482
|
|
AT&T, Inc.:
|
|
|
|
|
3.55%, 9/15/2055
|
|
220,000
|
147,329
|
|
5.4%, 2/15/2034
|
|
1,700,000
|
1,735,983
|
|
Bell Telephone Co. of Canada or Bell Canada, 6.875%, 9/15/2055
|
|
1,073,000
|
1,071,745
|
|
CCO Holdings LLC, 144A, 5.125%, 5/1/2027
|
|
2,000,000
|
1,972,641
|
|
Charter Communications Operating LLC, 6.1%, 6/1/2029
|
|
570,000
|
590,282
|
|
Comcast Corp., 5.5%, 5/15/2064
|
|
250,000
|
229,935
|
|
Expedia Group, Inc., 5.4%, 2/15/2035
|
|
417,000
|
410,487
|
|
Meta Platforms, Inc., 5.4%, 8/15/2054
|
|
291,000
|
280,002
|
|
Paramount Global, 4.2%, 6/1/2029
|
|
725,000
|
699,855
|
|
T-Mobile U.S.A., Inc.:
|
|
|
|
|
5.125%, 5/15/2032
|
|
390,000
|
394,316
|
|
5.875%, 11/15/2055
|
|
500,000
|
492,702
|
|
Verizon Communications, Inc.:
|
|
|
|
|
2.65%, 11/20/2040
|
|
117,000
|
82,246
|
|
2.85%, 9/3/2041
|
|
150,000
|
104,860
|
|
3.7%, 3/22/2061
|
|
132,000
|
89,691
|
|
Warnermedia Holdings, Inc., 4.279%, 3/15/2032
|
|
250,000
|
214,070
|
|
|
|
|
8,935,626
|
|
Consumer Discretionary 2.8%
|
|
||
|
AutoZone, Inc., 5.125%, 6/15/2030
|
|
165,000
|
168,782
|
|
Carnival Corp., 144A, 6.125%, 2/15/2033 (b)
|
|
144,000
|
142,782
|
|
Daimler Truck Finance North America LLC, 144A, 5.625%, 1/13/2035
|
|
315,000
|
315,014
|
|
Ford Motor Credit Co. LLC:
|
|
|
|
|
5.8%, 3/8/2029
|
|
500,000
|
490,901
|
|
6.5%, 2/7/2035
|
|
500,000
|
483,911
|
|
General Motors Financial Co., Inc.:
|
|
|
|
|
5.35%, 1/7/2030
|
|
1,000,000
|
1,002,522
|
|
5.55%, 7/15/2029
|
|
975,000
|
982,074
|
|
Las Vegas Sands Corp., 5.625%, 6/15/2028
|
|
419,000
|
419,962
|
|
Marriott International, Inc., 5.5%, 4/15/2037
|
|
610,000
|
594,310
|
|
Mattel, Inc., 144A, 5.875%, 12/15/2027
|
|
1,000,000
|
993,619
|
|
Saks Global Enterprises LLC, 144A, 11.0%, 12/15/2029
|
|
1,048,000
|
635,651
|
|
Tapestry, Inc., 5.5%, 3/11/2035
|
|
627,000
|
610,643
|
|
|
|
|
6,840,171
|
|
Consumer Staples 1.7%
|
|
||
|
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046
|
|
165,000
|
150,430
|
|
Japan Tobacco, Inc., 144A, 5.85%, 6/15/2035
|
|
447,000
|
464,137
|
|
JBS USA Holding Lux SARL, 6.75%, 3/15/2034
|
|
831,000
|
900,903
|
|
Kroger Co., 5.0%, 9/15/2034
|
|
500,000
|
490,060
|
|
Mars, Inc.:
|
|
|
|
|
144A, 5.2%, 3/1/2035
|
|
572,000
|
574,244
|
|
144A, 5.65%, 5/1/2045
|
|
282,000
|
280,052
|
|
144A, 5.7%, 5/1/2055
|
|
334,000
|
329,211
|
|
Sysco Corp., 5.4%, 3/23/2035
|
|
309,000
|
309,252
|
|
Viterra Finance BV, 144A, 5.25%, 4/21/2032
|
|
750,000
|
755,010
|
|
|
|
|
4,253,299
|
|
Energy 4.8%
|
|
||
|
BP Capital Markets PLC, 6.125%, Perpetual
|
|
750,000
|
723,948
|
|
Cheniere Energy, Inc., 5.65%, 4/15/2034
|
|
320,000
|
318,708
|
|
ConocoPhillips Co., 5.55%, 3/15/2054
|
|
310,000
|
289,725
|
|
Coterra Energy, Inc., 5.9%, 2/15/2055
|
|
350,000
|
318,239
|
|
DT Midstream, Inc., 144A, 5.8%, 12/15/2034
|
|
257,000
|
254,594
|
|
Energy Transfer LP, 5.7%, 4/1/2035
|
|
657,000
|
650,315
|
|
EQT Corp., 5.75%, 2/1/2034
|
|
745,000
|
744,807
|
|
Expand Energy Corp., 5.375%, 2/1/2029
|
|
585,000
|
582,354
|
|
Hess Midstream Operations LP:
|
|
|
|
|
144A, 5.875%, 3/1/2028
|
|
298,000
|
298,626
|
|
144A, 6.5%, 6/1/2029
|
|
1,000,000
|
1,015,569
|
|
HF Sinclair Corp., 5.75%, 1/15/2031
|
|
453,000
|
449,562
|
|
Kinder Morgan, Inc.:
|
|
|
|
|
5.15%, 6/1/2030 (a)
|
|
300,000
|
302,866
|
|
5.85%, 6/1/2035 (a)
|
|
1,250,000
|
1,265,603
|
|
Kinetik Holdings LP, 144A, 6.625%, 12/15/2028
|
|
536,000
|
539,918
|
|
Occidental Petroleum Corp., 8.875%, 7/15/2030
|
|
1,000,000
|
1,120,430
|
|
ONEOK, Inc., 144A, 6.5%, 9/1/2030
|
|
890,000
|
940,302
|
|
Saudi Arabian Oil Co.:
|
|
|
|
|
144A, 5.75%, 7/17/2054
|
|
350,000
|
325,150
|
|
144A, 5.875%, 7/17/2064
|
|
418,000
|
384,828
|
|
Sunoco LP, 144A, 6.25%, 7/1/2033
|
|
235,000
|
234,684
|
|
Targa Resources Partners LP, 5.0%, 1/15/2028
|
|
800,000
|
799,626
|
|
Western Midstream Operating LP, 5.45%, 11/15/2034
|
|
320,000
|
304,002
|
|
|
|
|
11,863,856
|
|
Financials 13.7%
|
|
||
|
AerCap Ireland Capital DAC, 6.5%, 1/31/2056
|
|
1,000,000
|
971,093
|
|
Arthur J Gallagher & Co., 5.15%, 2/15/2035
|
|
493,000
|
489,242
|
|
Avolon Holdings Funding Ltd., 144A, 5.375%, 5/30/2030
|
|
377,000
|
375,819
|
|
Bank of America Corp.:
|
|
|
|
|
2.972%, 7/21/2052
|
|
154,000
|
96,942
|
|
5.468%, 1/23/2035
|
|
410,000
|
415,868
|
|
Series OO, 6.625%, Perpetual
|
|
1,000,000
|
1,000,460
|
|
Bank of New York Mellon Corp., Series I, 3.75%, Perpetual
|
|
729,000
|
689,062
|
|
Barclays PLC:
|
|
|
|
|
5.335%, 9/10/2035
|
|
347,000
|
336,736
|
|
5.785%, 2/25/2036
|
|
312,000
|
312,348
|
|
7.625%, Perpetual
|
|
1,000,000
|
956,648
|
|
Beacon Funding Trust, 144A, 6.266%, 8/15/2054
|
|
415,000
|
405,639
|
|
BGC Group, Inc., 144A, 6.15%, 4/2/2030
|
|
961,000
|
957,359
|
|
BlackRock Funding, Inc., 5.35%, 1/8/2055
|
|
365,000
|
351,645
|
|
Blackstone Private Credit Fund:
|
|
|
|
|
144A, 5.25%, 4/1/2030
|
|
500,000
|
487,171
|
|
6.0%, 1/29/2032
|
|
320,000
|
317,333
|
|
144A, 6.0%, 11/22/2034
|
|
500,000
|
477,083
|
|
Canadian Imperial Bank of Commerce, 6.95%, 1/28/2085
|
|
1,150,000
|
1,108,840
|
|
Charles Schwab Corp., Series F, 5.0%, Perpetual
|
|
1,250,000
|
1,155,209
|
|
Citigroup, Inc.:
|
|
|
|
|
5.592%, 11/19/2034
|
|
1,705,000
|
1,715,293
|
|
Series FF, 6.95%, Perpetual
|
|
1,250,000
|
1,224,528
|
|
Fortitude Group Holdings LLC, 144A, 6.25%, 4/1/2030
|
|
670,000
|
679,816
|
|
HSBC Holdings PLC, 6.95%, Perpetual
|
|
1,000,000
|
979,106
|
|
Jane Street Group:
|
|
|
|
|
144A, 6.125%, 11/1/2032
|
|
460,000
|
452,125
|
|
144A, 6.75%, 5/1/2033
|
|
726,000
|
729,420
|
|
JPMorgan Chase & Co.:
|
|
|
|
|
5.572%, 4/22/2036
|
|
1,097,000
|
1,122,041
|
|
Series OO, 6.5%, Perpetual
|
|
1,441,000
|
1,439,925
|
|
6.875%, Perpetual
|
|
900,000
|
927,086
|
|
Lloyds Banking Group PLC, 5.679%, 1/5/2035
|
|
235,000
|
238,004
|
|
Macquarie Airfinance Holdings Ltd., 144A, 6.4%, 3/26/2029
|
|
1,000,000
|
1,026,374
|
|
Marsh & McLennan Companies, Inc., 5.45%, 3/15/2053
|
|
240,000
|
229,171
|
|
Morgan Stanley:
|
|
|
|
|
5.664%, 4/17/2036
|
|
438,000
|
447,228
|
|
5.831%, 4/19/2035
|
|
770,000
|
795,056
|
|
PNC Financial Services Group, Inc., 5.575%, 1/29/2036
|
|
313,000
|
316,816
|
|
Prudential Financial, Inc., 5.2%, 3/14/2035
|
|
545,000
|
546,313
|
|
Royal Bank of Canada, 6.35%, 11/24/2084
|
|
1,250,000
|
1,146,815
|
|
Societe Generale SA:
|
|
|
|
|
144A, 6.066%, 1/19/2035
|
|
330,000
|
334,520
|
|
144A, 8.125%, Perpetual
|
|
1,000,000
|
987,123
|
|
Standard Chartered PLC, 144A, 5.005%, 10/15/2030
|
|
777,000
|
780,521
|
|
State Street Corp.:
|
|
|
|
|
Series K, 6.45%, Perpetual
|
|
1,044,000
|
1,023,133
|
|
Series J, 6.7%, Perpetual
|
|
750,000
|
753,106
|
|
Sumitomo Mitsui Financial Group, Inc., 6.45%, Perpetual
|
|
1,500,000
|
1,426,988
|
|
The Goldman Sachs Group, Inc.:
|
|
|
|
|
5.016%, 10/23/2035
|
|
367,000
|
355,610
|
|
5.218%, 4/23/2031
|
|
645,000
|
656,900
|
|
5.734%, 1/28/2056
|
|
360,000
|
350,613
|
|
Series Y, 6.125%, Perpetual
|
|
1,143,000
|
1,077,657
|
|
U.S. Bancorp, 5.678%, 1/23/2035
|
|
590,000
|
601,183
|
|
UBS Group AG, 144A, 4.375%, Perpetual (b)
|
|
301,000
|
257,758
|
|
|
|
|
33,524,726
|
|
Health Care 1.5%
|
|
||
|
AbbVie, Inc., 5.2%, 3/15/2035
|
|
424,000
|
429,595
|
|
Amgen, Inc.:
|
|
|
|
|
3.0%, 1/15/2052
|
|
171,000
|
106,686
|
|
5.65%, 3/2/2053
|
|
318,000
|
305,218
|
|
CVS Health Corp., 6.75%, 12/10/2054
|
|
667,000
|
662,509
|
|
Eli Lilly & Co.:
|
|
|
|
|
5.0%, 2/9/2054
|
|
320,000
|
297,223
|
|
5.2%, 8/14/2064
|
|
120,000
|
112,579
|
|
HCA, Inc., 5.75%, 3/1/2035
|
|
675,000
|
680,983
|
|
Stryker Corp., 5.2%, 2/10/2035
|
|
646,000
|
651,046
|
|
UnitedHealth Group, Inc., 5.15%, 7/15/2034
|
|
368,000
|
369,179
|
|
|
|
|
3,615,018
|
|
Industrials 4.2%
|
|
||
|
BNSF Funding Trust I, 6.613%, 12/15/2055
|
|
1,000,000
|
1,000,244
|
|
Boeing Co., 6.858%, 5/1/2054
|
|
330,000
|
352,448
|
|
Burlington Northern Santa Fe LLC, 5.2%, 4/15/2054
|
|
410,000
|
383,656
|
|
Canadian Pacific Railway Co., 5.2%, 3/30/2035
|
|
400,000
|
401,507
|
|
Carrier Global Corp., 5.9%, 3/15/2034
|
|
820,000
|
863,220
|
|
Keysight Technologies, Inc., 5.35%, 7/30/2030
|
|
892,000
|
915,777
|
|
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027
|
|
1,350,000
|
1,354,231
|
|
Norfolk Southern Corp., 5.95%, 3/15/2064
|
|
500,000
|
506,443
|
|
OT Midco Ltd., 144A, 10.0%, 2/15/2030
|
|
411,000
|
334,408
|
|
Paychex, Inc.:
|
|
|
|
|
5.1%, 4/15/2030
|
|
252,000
|
255,770
|
|
5.35%, 4/15/2032
|
|
1,160,000
|
1,178,302
|
|
5.6%, 4/15/2035
|
|
595,000
|
605,994
|
|
Rentokil Terminix Funding LLC, 144A, 5.625%, 4/28/2035
|
|
302,000
|
303,010
|
|
Rollins, Inc., 144A, 5.25%, 2/24/2035
|
|
286,000
|
285,324
|
|
Tyco Electronics Group SA, 5.0%, 5/9/2035 (a)
|
|
488,000
|
482,673
|
|
Verisk Analytics, Inc., 5.25%, 3/15/2035
|
|
816,000
|
809,087
|
|
Waste Management, Inc., 4.95%, 3/15/2035
|
|
361,000
|
359,434
|
|
|
|
|
10,391,528
|
|
Information Technology 1.3%
|
|
||
|
Apple, Inc.:
|
|
|
|
|
2.375%, 2/8/2041
|
|
13,000
|
9,004
|
|
2.7%, 8/5/2051
|
|
16,000
|
9,929
|
|
AppLovin Corp., 5.95%, 12/1/2054
|
|
257,000
|
245,419
|
|
Broadcom, Inc.:
|
|
|
|
|
144A, 3.137%, 11/15/2035
|
|
148,000
|
122,626
|
|
144A, 3.187%, 11/15/2036
|
|
220,000
|
179,533
|
|
Foundry JV Holdco LLC, 144A, 6.1%, 1/25/2036
|
|
363,000
|
369,843
|
|
International Business Machines Corp., 5.0%, 2/10/2032
|
|
500,000
|
505,109
|
|
Microsoft Corp., 2.921%, 3/17/2052
|
|
465,000
|
308,607
|
|
Oracle Corp.:
|
|
|
|
|
5.375%, 9/27/2054
|
|
710,000
|
629,285
|
|
5.5%, 9/27/2064
|
|
220,000
|
195,212
|
|
Texas Instruments, Inc., 5.15%, 2/8/2054
|
|
515,000
|
478,774
|
|
|
|
|
3,053,341
|
|
Materials 2.2%
|
|
||
|
BHP Billiton Finance USA Ltd., 5.3%, 2/21/2035
|
|
903,000
|
907,733
|
|
Celanese U.S. Holdings LLC, 6.5%, 4/15/2030
|
|
318,000
|
310,726
|
|
Cleveland-Cliffs, Inc., 144A, 6.875%, 11/1/2029
|
|
515,000
|
498,792
|
|
Corp. Nacional del Cobre de Chile, 144A, 6.78%, 1/13/2055
|
|
240,000
|
244,524
|
|
Dow Chemical Co., 5.95%, 3/15/2055
|
|
285,000
|
265,516
|
|
Olin Corp.:
|
|
|
|
|
5.0%, 2/1/2030 (b)
|
|
1,750,000
|
1,643,450
|
|
144A, 6.625%, 4/1/2033
|
|
159,000
|
150,868
|
|
Rio Tinto Finance USA PLC:
|
|
|
|
|
5.25%, 3/14/2035
|
|
379,000
|
380,426
|
|
5.875%, 3/14/2065
|
|
326,000
|
321,971
|
|
Vale Overseas Ltd., 6.4%, 6/28/2054
|
|
750,000
|
724,378
|
|
|
|
|
5,448,384
|
|
Real Estate 0.8%
|
|
||
|
CBRE Services, Inc.:
|
|
|
|
|
4.8%, 6/15/2030 (a)
|
|
417,000
|
414,670
|
|
5.5%, 6/15/2035 (a)
|
|
459,000
|
457,280
|
|
Prologis LP, (REIT), 5.0%, 1/31/2035
|
|
1,070,000
|
1,057,759
|
|
|
|
|
1,929,709
|
|
Utilities 4.1%
|
|
||
|
Constellation Energy Generation LLC, 5.75%, 3/15/2054
|
|
465,000
|
439,238
|
|
Dominion Energy, Inc., 6.625%, 5/15/2055
|
|
700,000
|
688,232
|
|
Duke Energy Indiana LLC, 2.75%, 4/1/2050
|
|
288,000
|
172,520
|
|
Edison International, 5.25%, 3/15/2032 (b)
|
|
397,000
|
378,950
|
|
Entergy Arkansas LLC, 5.75%, 6/1/2054
|
|
470,000
|
461,607
|
|
Entergy Louisiana LLC, 5.8%, 3/15/2055
|
|
350,000
|
345,405
|
|
Eversource Energy, 5.5%, 1/1/2034
|
|
710,000
|
710,079
|
|
Exelon Corp., 6.5%, 3/15/2055
|
|
400,000
|
397,683
|
|
Nevada Power Co., 6.0%, 3/15/2054
|
|
410,000
|
415,044
|
|
NextEra Energy Capital Holdings, Inc.:
|
|
|
|
|
5.45%, 3/15/2035
|
|
1,025,000
|
1,032,359
|
|
6.375%, 8/15/2055
|
|
1,000,000
|
1,002,108
|
|
6.75%, 6/15/2054
|
|
627,000
|
633,387
|
|
Pacific Gas and Electric Co.:
|
|
|
|
|
3.95%, 12/1/2047
|
|
350,000
|
245,270
|
|
5.9%, 10/1/2054
|
|
163,000
|
149,179
|
|
PG&E Corp., 7.375%, 3/15/2055
|
|
375,000
|
364,046
|
|
Sempra, 4.125%, 4/1/2052
|
|
1,000,000
|
916,316
|
|
Sierra Pacific Power Co., 5.9%, 3/15/2054
|
|
240,000
|
237,979
|
|
Southern California Edison Co., 5.9%, 3/1/2055
|
|
570,000
|
523,818
|
|
Southwestern Public Service Co., 6.0%, 6/1/2054
|
|
435,000
|
435,674
|
|
Vistra Operations Co. LLC, 144A, 5.7%, 12/30/2034
|
|
603,000
|
600,170
|
|
|
|
|
10,149,064
|
|
Total Corporate Bonds (Cost $101,495,802)
|
100,004,722
|
||
|
|
|||
|
Mortgage-Backed Securities Pass-Throughs 20.3%
|
|
||
|
Federal Home Loan Mortgage Corp.:
|
|
|
|
|
3.0%, 4/1/2052
|
|
1,644,847
|
1,433,573
|
|
3.5%, with various maturities from 6/1/2028 until 9/1/2052
|
|
6,712,627
|
6,135,053
|
|
4.5%, 12/1/2040
|
|
23,559
|
23,410
|
|
5.5%, with various maturities from 6/1/2039 until 12/1/2054
|
|
4,516,330
|
4,552,329
|
|
6.0%, 1/1/2055
|
|
4,382,501
|
4,468,682
|
|
Federal National Mortgage Association:
|
|
|
|
|
2.5%, with various maturities from 10/1/2051 until 3/1/2052
|
|
3,190,307
|
2,663,677
|
|
3.0%, 5/1/2052
|
|
2,115,516
|
1,849,685
|
|
3.5%, with various maturities from 1/1/2046 until 12/1/2046
|
|
1,287,489
|
1,187,054
|
|
4.5%, 11/1/2043
|
|
132,819
|
131,538
|
|
5.5%, with various maturities from 2/1/2031 until 10/1/2054
|
|
5,381,359
|
5,480,084
|
|
6.0%, with various maturities from 7/1/2054 until 2/1/2055
|
|
15,452,412
|
15,772,562
|
|
Government National Mortgage Association:
|
|
|
|
|
4.5%, 7/15/2040
|
|
27,675
|
27,431
|
|
5.5%, 5/20/2054 (a)
|
|
6,000,000
|
5,994,246
|
|
Total Mortgage-Backed Securities Pass-Throughs (Cost $49,830,260)
|
49,719,324
|
||
|
|
|||
|
Asset-Backed 11.0%
|
|
||
|
Automobile Receivables 2.5%
|
|
||
|
Ally Bank Auto Credit-Linked Notes:
|
|
|
|
|
“C”, Series 2024-B, 144A, 5.215%, 9/15/2032
|
|
201,359
|
201,877
|
|
“D”, Series 2024-B, 144A, 5.41%, 9/15/2032
|
|
201,359
|
201,072
|
|
“C”, Series 2024-A, 144A, 6.022%, 5/17/2032
|
|
334,692
|
338,964
|
|
Avis Budget Rental Car Funding AESOP LLC:
|
|
|
|
|
“B”, Series 2024-2A, 144A, 5.57%, 10/20/2028
|
|
750,000
|
755,339
|
|
“C”, Series 2023-1A, 144A, 6.23%, 4/20/2029
|
|
100,000
|
101,181
|
|
“C”, Series 2022-5A, 144A, 6.24%, 4/20/2027
|
|
500,000
|
500,705
|
|
“D”, Series 2024-2A, 144A, 7.43%, 10/20/2028
|
|
400,000
|
402,903
|
|
Bayview Opportunity Master Fund VII LLC, “B”, Series 2024-CAR1, 144A, 30 day
USD SOFR Average + 1.3%, 5.654% (c), 12/26/2031
|
|
149,051
|
149,332
|
|
Enterprise Fleet Financing LLC, “A4”, Series 2025-2, 144A, 4.58%, 12/22/2031 (a)
|
|
361,000
|
361,096
|
|
Foursight Capital Automobile Receivables Trust, “C”, Series 2023-2, 144A, 6.21%,
4/16/2029
|
|
750,000
|
768,554
|
|
Hertz Vehicle Financing III LLC, “C”, Series 2023-1A, 144A, 6.91%, 6/25/2027
|
|
1,640,000
|
1,652,982
|
|
Huntington Bank Auto Credit-Linked Notes:
|
|
|
|
|
“B1”, Series 2024-2, 144A, 5.442%, 10/20/2032
|
|
401,854
|
403,864
|
|
“B1”, Series 2024-1, 144A, 6.153%, 5/20/2032
|
|
208,629
|
211,234
|
|
|
|
|
6,049,103
|
|
Credit Card Receivables 0.8%
|
|
||
|
Brex Commercial Charge Card Master Trust, “A1”, Series 2024-1, 144A, 6.05%,
7/15/2027
|
|
500,000
|
504,708
|
|
Evergreen Credit Card Trust, “C”, Series 2025-CRT5, 144A, 5.53%, 5/15/2029
|
|
150,000
|
151,072
|
|
Mercury Financial Credit Card Master Trust, “A”, Series 2024-2A, 144A, 6.56%,
7/20/2029
|
|
500,000
|
506,074
|
|
Mission Lane Credit Card Master Trust, “A”, Series 2024-B, 144A, 5.88%, 1/15/2030
|
|
750,000
|
754,528
|
|
|
|
|
1,916,382
|
|
Home Equity Loans 0.2%
|
|
||
|
CIT Home Equity Loan Trust, “AF6”, Series 2002-1, 6.2%, 2/25/2030
|
|
504
|
502
|
|
Towd Point Mortgage Trust, “A1”, Series 2025-CRM1, 144A, 5.799%, 1/25/2065
|
|
485,301
|
489,388
|
|
|
|
|
489,890
|
|
Miscellaneous 7.5%
|
|
||
|
AB BSL CLO 5 Ltd., “B”, Series 2024-5A, 144A, 3 mo. USD Term SOFR + 1.7%,
6.015% (c), 1/20/2038
|
|
400,000
|
398,770
|
|
Allegro CLO XV Ltd., “BR”, Series 2022-1A, 144A, 3 mo. USD Term SOFR + 1.62%,
5.931% (c), 4/20/2038
|
|
750,000
|
746,750
|
|
Apidos CLO LI Ltd., “C”, Series 2024-51A, 144A, 3 mo. USD Term SOFR + 1.75%,
6.047% (c), 1/20/2038
|
|
500,000
|
494,188
|
|
Apidos CLO XL Ltd., “AR”, Series 2022-40A, 144A, 3 mo. USD Term SOFR + 1.35%,
5.606% (c), 7/15/2037
|
|
500,000
|
500,199
|
|
Apidos CLO XLVII Ltd., “C”, Series 2024-47A, 144A, 3 mo. USD Term SOFR +
2.35%, 6.633% (c), 4/26/2037
|
|
625,000
|
623,970
|
|
Apidos CLO XVIII-R, “A2R2”, Series 2018-18A, 144A, 3 mo. USD Term SOFR +
1.58%, 5.852% (c), 1/22/2038
|
|
500,000
|
498,024
|
|
ARES LIX CLO Ltd., “C2”, Series 2021-59A, 144A, 3.35%, 4/25/2034
|
|
500,000
|
445,042
|
|
Carlyle Global Market Strategies CLO Ltd., “BR4”, Series 2012-4A, 144A, 3 mo. USD
Term SOFR + 1.75%, 6.022% (c), 4/22/2032
|
|
500,000
|
499,254
|
|
CIFC Funding Ltd., “BR”, Series 2022-7A, 144A, 3 mo. USD Term SOFR + 1.7%,
5.972% (c), 1/22/2038
|
|
442,000
|
440,807
|
|
Cloud Capital Holdco LP, “A2”, Series 2024-1A, 144A, 5.781%, 11/22/2049
|
|
450,000
|
451,103
|
|
CyrusOne Data Centers Issuer I LLC, “A2”, Series 2024-2A, 144A, 4.5%, 5/20/2049
|
|
1,000,000
|
966,886
|
|
Dryden 64 CLO Ltd., “C”, Series 2018-64A, 144A, 3 mo. USD Term SOFR + 2.012%,
6.281% (c), 4/18/2031
|
|
1,200,000
|
1,200,031
|
|
Elmwood CLO II Ltd., “A2RR”, Series 2019-2A, 144A, 3 mo. USD Term SOFR +
1.55%, 5.819% (c), 10/20/2037
|
|
500,000
|
498,738
|
|
Frontier Issuer LLC, “A2”, Series 2023-1, 144A, 6.6%, 8/20/2053
|
|
500,000
|
507,882
|
|
Galaxy 34 CLO Ltd., “A”, Series 2024-34A, 144A, 3 mo. USD Term SOFR + 1.37%,
5.639% (c), 10/20/2037
|
|
500,000
|
499,731
|
|
Golub Capital Partners CLO 53B Ltd., “CR”, Series 2021-53A, 144A, 3 mo. USD Term
SOFR + 1.7%, 6.011% (c), 7/20/2034
|
|
600,000
|
587,239
|
|
Hilton Grand Vacations Trust, “B”, Series 2024-2A, 144A, 5.65%, 3/25/2038
|
|
711,032
|
723,707
|
|
HINNT LLC, “B”, Series 2024-A, 144A, 5.84%, 3/15/2043
|
|
640,082
|
647,874
|
|
Jersey Mike's Funding LLC, “A2”, Series 2024-1A, 144A, 5.636%, 2/15/2055
|
|
330,000
|
328,406
|
|
Lewey Park CLO Ltd., “A2”, Series 2024-1A, 144A, 3 mo. USD Term SOFR + 1.56%,
5.829% (c), 10/21/2037
|
|
500,000
|
498,435
|
|
Mosaic Solar Loan Trust:
|
|
|
|
|
“B”, Series 2023-1A, 144A, 6.92%, 6/20/2053
|
|
235,813
|
222,038
|
|
“C”, Series 2023-1A, 144A, 8.48%, 6/20/2053
|
|
520,000
|
268,469
|
|
“C”, Series 2022-3A, 144A, 8.56%, 6/20/2053
|
|
1,703,000
|
420,149
|
|
Neuberger Berman Loan Advisers CLO 44 Ltd., “CR”, Series 2021-44A, 144A, 3 mo.
USD Term SOFR + 1.7%, 5.961% (c), 10/16/2035
|
|
367,000
|
360,684
|
|
NRZ Excess Spread-Collateralized Notes, “A”, Series 2021-GNT1, 144A, 3.474%,
11/25/2026
|
|
359,067
|
340,851
|
|
OCP CLO Ltd., “B1”, Series 2024-36A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.961%
(c), 10/16/2037
|
|
500,000
|
498,025
|
|
OZLM XXIV Ltd., “A1AR”, Series 2019-24A, 144A, 3 mo. USD Term SOFR +
1.422%, 5.691% (c), 7/20/2032
|
|
237,054
|
236,580
|
|
Palmer Square CLO Ltd., “C”, Series 2023-3A, 144A, 3 mo. USD Term SOFR + 2.9%,
7.169% (c), 1/20/2037
|
|
250,000
|
251,771
|
|
Race Point X CLO Ltd., “C2R”, Series 2016-10A, 144A, 3 mo. USD Term SOFR +
2.262%, 6.543% (c), 7/25/2031
|
|
759,634
|
760,520
|
|
RR 35 Ltd., “A2”, Series 2024-35A, 144A, 3 mo. USD Term SOFR + 1.7%, 6.002% (c),
1/15/2040
|
|
600,000
|
598,575
|
|
RR 37 Ltd., “B”, Series 2025-37A, 144A, 3 mo. USD Term SOFR + 1.7%, 6.012% (c),
4/15/2038
|
|
600,000
|
583,064
|
|
Sixth Street CLO XIV Ltd., “A2R2”, Series 2019-14A, 144A, 3 mo. USD Term SOFR +
1.4%, 5.717% (c), 1/20/2038
|
|
1,000,000
|
989,485
|
|
Switch ABS Issuer LLC, “A2”, Series 2024-2A, 144A, 5.436%, 6/25/2054
|
|
500,000
|
496,578
|
|
TICP CLO XI Ltd., “AR”, Series 2018-11A, 144A, 3 mo. USD Term SOFR + 1.53%,
5.812% (c), 4/25/2037
|
|
500,000
|
499,036
|
|
Venture XXVII CLO Ltd., “AR”, Series 2017-27A, 144A, 3 mo. USD Term SOFR +
1.312%, 5.581% (c), 7/20/2030
|
|
119,110
|
119,047
|
|
Wingstop Funding LLC, “A2”, Series 2024-1A, 144A, 5.858%, 12/5/2054
|
|
300,000
|
304,220
|
|
|
|
|
18,506,128
|
|
Total Asset-Backed (Cost $28,312,398)
|
26,961,503
|
||
|
|
|||
|
Commercial Mortgage-Backed Securities 9.5%
|
|
||
|
20 Times Square Trust:
|
|
|
|
|
“B”, Series 2018-20TS, 144A, 3.203% (c), 5/15/2035
|
|
500,000
|
430,000
|
|
“C”, Series 2018-20TS, 144A, 3.203% (c), 5/15/2035
|
|
500,000
|
420,000
|
|
BAHA Trust:
|
|
|
|
|
“A”, Series 2024-MAR, 144A, 6.171%, 12/10/2041
|
|
836,000
|
863,034
|
|
“B”, Series 2024-MAR, 144A, 7.069%, 12/10/2041
|
|
650,000
|
664,374
|
|
Benchmark Mortgage Trust, “A4”, Series 2020-IG3, 144A, 2.437%, 9/15/2048
|
|
500,000
|
430,046
|
|
BPR Trust, “B”, Series 2021-TY, 144A, 1 mo. USD Term SOFR + 1.264%, 5.586% (c),
9/15/2038
|
|
300,000
|
296,145
|
|
BX Trust:
|
|
|
|
|
“B”, Series 2019-OC11, 144A, 3.605%, 12/9/2041
|
|
750,000
|
698,886
|
|
“D”, Series 2019-OC11, 144A, 4.075% (c), 12/9/2041
|
|
750,000
|
695,506
|
|
CHI Commercial Mortgage Trust, “C”, Series 2025-SFT, 144A, 6.819%, 4/15/2042
|
|
500,000
|
502,306
|
|
CSAIL Commercial Mortgage Trust, “AS”, Series 2016-C6, 3.346%, 1/15/2049
|
|
500,000
|
482,998
|
|
FREMF Mortgage Trust:
|
|
|
|
|
“B”, Series 2018-K75, 144A, 4.111%, 4/25/2051
|
|
1,000,000
|
983,200
|
|
“B”, Series 2018-K77, 144A, 4.302%, 5/25/2051
|
|
1,832,000
|
1,809,460
|
|
Hawaii Hotel Trust, “B”, Series 2025-MAUI, 144A, 1 mo. USD Term SOFR + 1.742%,
6.064% (c), 3/15/2042
|
|
250,000
|
247,344
|
|
Hudson Yards Mortgage Trust:
|
|
|
|
|
“A”, Series 2025-SPRL, 144A, 5.649%, 1/13/2040
|
|
190,000
|
195,252
|
|
“C”, Series 2025-SPRL, 144A, 6.15% (c), 1/13/2040
|
|
1,135,000
|
1,165,960
|
|
IRV Trust:
|
|
|
|
|
“A”, Series 2025-200P, 144A, 5.471%, 3/14/2047
|
|
750,000
|
751,135
|
|
“C”, Series 2025-200P, 144A, 5.921%, 3/14/2047
|
|
476,000
|
469,812
|
|
JPMorgan Chase Commercial Mortgage Securities Trust:
|
|
|
|
|
“A”, Series 2021-1MEM, 144A, 2.516%, 10/9/2042
|
|
1,750,000
|
1,436,679
|
|
“A”, Series 2016-NINE, 144A, 2.949% (c), 9/6/2038
|
|
500,000
|
486,033
|
|
“A”, Series 2018-PHH, 144A, 1 mo. USD Term SOFR + 1.257%, 5.579% (c),
6/15/2035
|
|
1,938,171
|
1,669,001
|
|
JW Commercial Mortgage Trust, “B”, Series 2024-MRCO, 144A, 1 mo. USD Term
SOFR + 1.941%, 6.263% (c), 6/15/2039
|
|
1,000,000
|
990,000
|
|
KIND Trust, “A”, Series 2021-KIND, 144A, 1 mo. USD Term SOFR + 1.064%, 5.39%
(c), 8/15/2038
|
|
495,860
|
488,401
|
|
LEX Mortgage Trust, “A”, Series 2024-BBG, 144A, 5.036% (c), 10/13/2033
|
|
1,250,000
|
1,255,174
|
|
MRCD Mortgage Trust, “B”, Series 2019-PARK, 144A, 2.718%, 12/15/2036
|
|
155,000
|
129,363
|
|
Natixis Commercial Mortgage Securities Trust, “A”, Series 2018-OSS, 144A, 4.177%,
12/15/2037
|
|
750,000
|
699,143
|
|
ROCK Trust:
|
|
|
|
|
“A”, Series 2024-CNTR, 144A, 5.388%, 11/13/2041
|
|
1,643,000
|
1,673,518
|
|
“B”, Series 2024-CNTR, 144A, 5.93%, 11/13/2041
|
|
1,000,000
|
1,030,287
|
|
“C”, Series 2024-CNTR, 144A, 6.471%, 11/13/2041
|
|
450,000
|
467,020
|
|
“E”, Series 2024-CNTR, 144A, 8.819%, 11/13/2041
|
|
300,000
|
313,622
|
|
SLG Office Trust, “A”, Series 2021-OVA, 144A, 2.585%, 7/15/2041
|
|
1,000,000
|
873,149
|
|
SWCH Commercial Mortgage Trust, “A”, Series 2025-DATA, 144A, 1 mo. USD Term
SOFR + 1.443%, 5.765% (c), 3/15/2042
|
|
500,000
|
491,245
|
|
UBS Commercial Mortgage Trust, “A3”, Series 2017-C4, 3.301%, 10/15/2050
|
|
91,103
|
89,152
|
|
Total Commercial Mortgage-Backed Securities (Cost $23,222,369)
|
23,197,245
|
||
|
|
|||
|
Collateralized Mortgage Obligations 8.2%
|
|
||
|
Alternative Loan Trust, “1A4”, Series 2006-43CB, 6.0%, 2/25/2037
|
|
97,567
|
49,587
|
|
Arroyo Mortgage Trust, “A1”, Series 2021-1R, 144A, 1.175%, 10/25/2048
|
|
1,630,107
|
1,466,736
|
|
Banc of America Mortgage Trust, “2A2”, Series 2004-A, 5.912% (c), 2/25/2034
|
|
34,548
|
33,744
|
|
Bear Stearns Adjustable Rate Mortgage Trust, “2A1”, Series 2005-11, 7.783% (c),
12/25/2035
|
|
44,249
|
44,879
|
|
CHL Mortgage Pass Through Trust, “2A5”, Series 2004-13, 5.75%, 8/25/2034
|
|
103,077
|
100,657
|
|
CSFB Mortgage-Backed Pass-Through Certificates, “10A3”, Series 2005-10, 6.0%,
11/25/2035
|
|
191,338
|
43,156
|
|
Federal Home Loan Mortgage Corp.:
|
|
|
|
|
“DI”, Series 5011, Interest Only, 2.0%, 7/25/2050
|
|
4,798,877
|
583,606
|
|
“MI”, Series 5034, Interest Only, 2.0%, 11/25/2050
|
|
3,126,095
|
398,874
|
|
“MI”, Series 5135, Interest Only, 2.5%, 8/25/2051
|
|
8,300,943
|
969,587
|
|
“P”, Series 4916, 3.0%, 9/25/2049
|
|
1,458,228
|
1,309,232
|
|
“JI”, Series 5236, Interest Only, 4.0%, 2/25/2052
|
|
4,792,521
|
579,982
|
|
“6”, Series 233, Interest Only, 4.5%, 8/15/2035
|
|
55,314
|
7,034
|
|
Federal National Mortgage Association:
|
|
|
|
|
“AO”, Series 2023-53, Principal Only, Zero Coupon, 11/25/2053
|
|
1,300,655
|
1,093,918
|
|
“FE”, Series 2024-87, 30 day USD SOFR Average + 1.85%, 6.0% (c), 12/25/2054
|
|
943,348
|
947,566
|
|
Federal National Mortgage Association Connecticut Avenue Securities, “2B1”,
Series 2024-R03, 144A, 30 day USD SOFR Average + 2.8%, 7.153% (c), 3/25/2044
|
|
750,000
|
757,500
|
|
Freddie Mac Structured Agency Credit Risk Debt Notes, “M1B”, Series 2022-DNA2,
144A, 30 day USD SOFR Average + 2.4%, 6.754% (c), 2/25/2042
|
|
1,000,000
|
1,020,780
|
|
Government National Mortgage Association:
|
|
|
|
|
“GA”, Series 2021-122, 1.0%, 11/20/2047
|
|
1,093,320
|
871,903
|
|
“IO”, Series 2021-19, Interest Only, 2.0%, 1/20/2051
|
|
11,974,438
|
1,440,040
|
|
“ID”, Series 2023-151, Interest Only, 2.0%, 8/20/2051
|
|
7,902,401
|
1,004,263
|
|
“QI”, Series 2021-225, Interest Only, 2.5%, 12/20/2051
|
|
8,495,546
|
1,024,812
|
|
“DI”, Series 2014-102, Interest Only, 3.5%, 7/16/2029
|
|
190,940
|
2,717
|
|
“HI”, Series 2015-77, Interest Only, 4.0%, 5/20/2045
|
|
705,817
|
141,759
|
|
“AZ”, Series 2023-120, 5.5%, 8/20/2053
|
|
2,191,540
|
2,210,254
|
|
JPMorgan Mortgage Trust:
|
|
|
|
|
“2A1”, Series 2006-A2, 5.306% (c), 4/25/2036
|
|
186,236
|
158,757
|
|
“A11”, Series 2024-6, 144A, 30 day USD SOFR Average + 1.25%, 5.604% (c),
12/25/2054
|
|
799,896
|
790,325
|
|
Merrill Lynch Mortgage Investors Trust, “2A”, Series 2003-A6, 7.64% (c), 10/25/2033
|
|
64,097
|
61,642
|
|
RCKT Mortgage Trust:
|
|
|
|
|
“A1A”, Series 2024-CES7, 144A, 5.158%, 10/25/2044
|
|
448,800
|
447,936
|
|
“A2”, Series 2024-INV2, 144A, 5.5%, 9/25/2054
|
|
1,101,977
|
1,091,646
|
|
“A1B”, Series 2024-CES9, 144A, 5.683%, 12/25/2044
|
|
334,036
|
336,178
|
|
Western Alliance Bank, “M1”, Series 2021-CL2, 144A, 30 day USD SOFR Average +
3.15%, 7.504% (c), 7/25/2059
|
|
1,106,322
|
1,131,448
|
|
Total Collateralized Mortgage Obligations (Cost $20,635,470)
|
20,120,518
|
||
|
|
|||
|
Government & Agency Obligations 11.2%
|
|
||
|
Sovereign Bonds 0.5%
|
|
||
|
Indonesia Government International Bond, 5.65%, 1/11/2053
|
|
230,000
|
225,728
|
|
Mexico Government International Bond:
|
|
|
|
|
6.0%, 5/13/2030
|
|
200,000
|
205,016
|
|
6.0%, 5/7/2036
|
|
940,000
|
895,320
|
|
|
|
|
1,326,064
|
|
U.S. Government Sponsored Agencies 0.7%
|
|
||
|
Federal Home Loan Mortgage Corp., 6.75%, 3/15/2031
|
|
1,500,000
|
1,720,258
|
|
U.S. Treasury Obligations 10.0%
|
|
||
|
U.S. Treasury Bills:
|
|
|
|
|
4.049% (d), 9/11/2025 (e)
|
|
200,000
|
196,957
|
|
4.111% (d), 9/11/2025 (e)
|
|
1,000,000
|
984,787
|
|
U.S. Treasury Bonds:
|
|
|
|
|
4.625%, 2/15/2055
|
|
1,668,400
|
1,650,934
|
|
4.75%, 2/15/2045
|
|
5,682,900
|
5,721,970
|
|
U.S. Treasury Notes:
|
|
|
|
|
3.875%, 3/15/2028
|
|
4,976,400
|
5,017,222
|
|
4.0%, 2/28/2030
|
|
2,517,100
|
2,549,744
|
|
4.125%, 2/28/2027
|
|
2,392,400
|
2,412,586
|
|
4.125%, 2/29/2032
|
|
3,076,500
|
3,113,033
|
|
4.625%, 2/15/2035
|
|
2,752,600
|
2,855,823
|
|
|
|
|
24,503,056
|
|
Total Government & Agency Obligations (Cost 27,446,346)
|
27,549,378
|
||
|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Warrants 0.0%
|
|
||
|
Materials
|
|
||
|
Hercules Trust II, Expiration Date 3/31/2029* (f) (Cost $70,220)
|
|
315
|
3,685
|
|
|
|||
|
Securities Lending Collateral 0.7%
|
|
||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 4.24% (g) (h) (Cost $1,776,378)
|
|
1,776,378
|
1,776,378
|
|
|
|||
|
Cash Equivalents 1.7%
|
|
||
|
DWS Central Cash Management Government Fund, 4.36% (g) (Cost $4,142,760)
|
|
4,142,760
|
4,142,760
|
|
|
|||
|
|
|
% of Net
Assets
|
Value ($)
|
|
Total Investment Portfolio (Cost $256,932,003)
|
103.4
|
253,475,513
|
|
|
Other Assets and Liabilities, Net
|
(3.4
)
|
(8,375,188
)
|
|
|
Net Assets
|
100.0
|
245,100,325
|
|
|
Value ($) at
1/31/2025
|
Purchases
Cost ($)
|
Sales
Proceeds ($)
|
Net Realized
Gain/
(Loss) ($)
|
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
|
Income ($)
|
Capital Gain
Distributions ($)
|
Number
of Shares
at
4/30/2025
|
Value ($) at
4/30/2025
|
|
Securities Lending Collateral 0.7%
|
||||||||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
4.24% (g) (h)
|
||||||||
|
1,626,895
|
149,483 (i)
|
—
|
—
|
—
|
2,063
|
—
|
1,776,378
|
1,776,378
|
|
Cash Equivalents 1.7%
|
||||||||
|
DWS Central Cash Management Government Fund, 4.36% (g)
|
||||||||
|
6,420,767
|
67,708,337
|
69,986,344
|
—
|
—
|
129,985
|
—
|
4,142,760
|
4,142,760
|
|
8,047,662
|
67,857,820
|
69,986,344
|
—
|
—
|
132,048
|
—
|
5,919,138
|
5,919,138
|
|
*
|
Non-income producing security.
|
|
(a)
|
When-issued, delayed delivery or forward commitment securities included.
|
|
(b)
|
All or a portion of these securities were on loan. In addition, "Other Assets and
Liabilities, Net" may include pending sales that
are also on loan. The value of securities loaned at April 30, 2025 amounted to $1,710,964,
which is 0.7% of net assets.
|
|
(c)
|
Variable or floating rate security. These securities are shown at their current rate
as of April 30, 2025. For securities based on a
published reference rate and spread, the reference rate and spread are indicated within
the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust
periodically based on current market conditions,
prepayment of underlying positions and/or other variables. Securities with a floor
or ceiling feature are disclosed at the inherent
rate, where applicable.
|
|
(d)
|
Annualized yield at time of purchase; not a coupon rate.
|
|
(e)
|
At April 30, 2025, this security has been pledged, in whole or in part, to cover initial
margin requirements for open futures
contracts.
|
|
(f)
|
Investment was valued using significant unobservable inputs.
|
|
(g)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown
is the annualized seven-day yield at
period end.
|
|
(h)
|
Represents cash collateral held in connection with securities lending. Income earned
by the Fund is net of borrower rebates.
|
|
(i)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount
invested in cash collateral for the period
ended April 30, 2025.
|
|
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
|
|
CLO: Collateralized Loan Obligation
|
|
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments
on a pool of underlying mortgages or
mortgage-backed securities. IO securities are subject to prepayment risk of the pool
of underlying mortgages.
|
|
Perpetual: Callable security with no stated maturity date.
|
|
Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or
mortgage-backed securities.
|
|
REIT: Real Estate Investment Trust
|
|
SOFR: Secured Overnight Financing Rate
|
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
10 Year
U.S. Treasury
Note
|
USD
|
6/18/2025
|
200
|
22,172,539
|
22,443,750
|
271,211
|
|
2 Year
U.S. Treasury
Note
|
USD
|
6/30/2025
|
143
|
29,501,923
|
29,765,227
|
263,304
|
|
5 Year
U.S. Treasury
Note
|
USD
|
6/30/2025
|
65
|
7,036,192
|
7,097,695
|
61,503
|
|
U.S. Treasury
Long Bond
|
USD
|
6/18/2025
|
1
|
116,815
|
116,625
|
(190
)
|
|
Ultra Long
U.S. Treasury
Bond
|
USD
|
6/18/2025
|
121
|
14,821,015
|
14,644,781
|
(176,234
)
|
|
Total net unrealized appreciation
|
419,594
|
|||||
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Depreciation ($)
|
|
Ultra 10 Year
U.S. Treasury
Note
|
USD
|
6/18/2025
|
166
|
18,804,753
|
19,045,906
|
(241,153
)
|
|
USD
|
United States Dollar
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Corporate Bonds (a)
|
$—
|
$100,004,722
|
$—
|
$100,004,722
|
|
Mortgage-Backed Securities Pass-Throughs
|
—
|
49,719,324
|
—
|
49,719,324
|
|
Asset-Backed (a)
|
—
|
26,961,503
|
—
|
26,961,503
|
|
Commercial Mortgage-Backed Securities
|
—
|
23,197,245
|
—
|
23,197,245
|
|
Collateralized Mortgage Obligations
|
—
|
20,120,518
|
—
|
20,120,518
|
|
Government & Agency Obligations (a)
|
—
|
27,549,378
|
—
|
27,549,378
|
|
Warrants
|
—
|
—
|
3,685
|
3,685
|
|
Short-Term Investments (a)
|
5,919,138
|
—
|
—
|
5,919,138
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
596,018
|
—
|
—
|
596,018
|
|
Total
|
$6,515,156
|
$247,552,690
|
$3,685
|
$254,071,531
|
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
$(417,577
)
|
$—
|
$—
|
$(417,577
)
|
|
Total
|
$(417,577
)
|
$—
|
$—
|
$(417,577
)
|
|
(a)
|
See Investment Portfolio for additional detailed categorizations.
|
|
(b)
|
Derivatives include unrealized appreciation (depreciation) on open futures contracts.
|