| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 102.3% | |||||
| Asset-Backed Securities 6.9% | |||||
| Collateralized Loan Obligations | |||||
| Anchorage Capital CLO Ltd. (Cayman Islands), Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.659 %(c) | 04/20/35 | 2,250 | $2,254,217 | |
| Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 5.589(c) | 04/18/35 | 1,500 | 1,502,389 | |
| Birch Grove CLO Ltd. (Cayman Islands), Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.709(c) | 01/22/38 | 2,050 | 2,052,625 | |
| Elevation CLO Ltd. (Cayman Islands), Series 2025-18A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.525(c) | 03/28/38 | 2,500 | 2,491,250 | |
| LCM Ltd. (Cayman Islands), Series 42A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.636(c) | 01/15/38 | 1,750 | 1,753,068 | |
| Marble Point CLO Ltd. (Cayman Islands), Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | 5.486(c) | 03/15/38 | 1,500 | 1,497,824 | |
| Texas Debt Capital CLO Ltd. (Cayman Islands), Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 5.400(c) | 04/24/38 | 2,000 | 1,997,089 | |
| Tikehau US CLO Ltd. (Bermuda), Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 5.492(c) | 02/25/38 | 2,400 | 2,396,450 | |
| Total Asset-Backed Securities (cost $15,958,394) | 15,944,912 | ||||
| Commercial Mortgage-Backed Securities 15.0% | |||||
| BANK5, Series 2025-05YR14, Class A3 | 5.646 | 04/15/58 | 1,190 | 1,229,774 | |
| Barclays Commercial Mortgage Securities Trust, Series 2019-C04, Class A4 | 2.661 | 08/15/52 | 2,603 | 2,430,841 | |
| Benchmark Mortgage Trust, Series 2025-V15, Class A3 | 5.805 | 05/15/30 | 570 | 591,122 | |
| Fannie Mae-Aces, | |||||
| Series 2019-M22, Class A2 | 2.522 | 08/25/29 | 5,705 | 5,322,045 | |
| Series 2021-M01G, Class A2 | 1.468(cc) | 11/25/30 | 2,500 | 2,142,863 | |
| Series 2022-M03, Class A2 | 1.707(cc) | 11/25/31 | 8,500 | 7,142,535 | |
| Series 2022-M13, Class A2 | 2.594(cc) | 06/25/32 | 5,000 | 4,433,268 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Commercial Mortgage-Backed Securities (Continued) | |||||
| FHLMC Multifamily Structured Pass-Through Certificates, | |||||
| Series K075, Class A2 | 3.650 %(cc) | 02/25/28 | 5,000 | $4,923,774 | |
| Series K151, Class A3 | 3.511 | 04/25/30 | 900 | 867,465 | |
| Series K152, Class A2 | 3.080 | 01/25/31 | 375 | 351,257 | |
| Series K512, Class A2 | 5.000 | 11/25/28 | 5,000 | 5,106,945 | |
| Total Commercial Mortgage-Backed Securities (cost $35,975,220) | 34,541,889 | ||||
| Corporate Bond 0.4% | |||||
| Diversified Financial Services | |||||
| Private Export Funding Corp., U.S. Gov’t. Gtd. Notes, Series PP (cost $1,003,870) | 1.400 | 07/15/28 | 1,005 | 922,300 | |
| U.S. Government Agency Obligations 64.4% | |||||
| Fannie Mae Interest Strips | 5.372(s) | 07/15/32 | 635 | 440,993 | |
| Fannie Mae Principal Strips, MTN | 4.359(s) | 05/15/30 | 1,595 | 1,300,138 | |
| Federal Agricultural Mortgage Corp., MTN | 3.950 | 02/02/26 | 15 | 14,956 | |
| Federal Farm Credit Bank | 1.680 | 09/17/35 | 160 | 117,495 | |
| Federal Farm Credit Bank | 1.730 | 09/22/31 | 600 | 508,362 | |
| Federal Farm Credit Bank | 1.770 | 02/04/31 | 1,245 | 1,078,731 | |
| Federal Farm Credit Bank | 1.900 | 10/21/30 | 196 | 172,451 | |
| Federal Farm Credit Bank | 2.040 | 03/19/40 | 1,330 | 873,017 | |
| Federal Farm Credit Bank | 2.150 | 12/01/31 | 3,430 | 2,958,514 | |
| Federal Farm Credit Bank | 2.200 | 12/09/31 | 1,545 | 1,336,516 | |
| Federal Farm Credit Bank | 2.350 | 03/10/36 | 365 | 281,849 | |
| Federal Farm Credit Bank | 2.400 | 03/24/36 | 222 | 172,203 | |
| Federal Farm Credit Bank | 2.460 | 02/05/35 | 925 | 747,663 | |
| Federal Farm Credit Bank | 2.490 | 05/19/36 | 165 | 129,362 | |
| Federal Farm Credit Bank | 2.500 | 04/14/36 | 430 | 337,403 | |
| Federal Home Loan Bank | 1.150(cc) | 02/10/31 | 485 | 410,152 | |
| Federal Home Loan Bank | 1.250(cc) | 03/17/31 | 100 | 91,334 | |
| Federal Home Loan Bank | 1.350 | 02/18/31 | 30 | 25,378 | |
| Federal Home Loan Bank | 1.750 | 06/20/31 | 980 | 838,827 | |
| Federal Home Loan Bank | 1.790 | 12/21/35 | 1,065 | 783,714 | |
| Federal Home Loan Bank | 1.870 | 02/08/36 | 345 | 253,974 | |
| Federal Home Loan Bank | 2.000(cc) | 05/27/31 | 100 | 91,414 | |
| Federal Home Loan Bank | 2.000(cc) | 05/27/31 | 140 | 127,940 | |
| Federal Home Loan Bank | 2.050 | 05/12/31 | 160 | 139,760 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| U.S. Government Agency Obligations (Continued) | |||||
| Federal Home Loan Bank | 2.090 % | 02/22/36 | 325 | $244,490 | |
| Federal Home Loan Bank | 4.250 | 09/10/32 | 370 | 365,190 | |
| Federal Home Loan Mortgage Corp., | |||||
| MTN | 1.220 | 08/19/30 | 280 | 238,976 | |
| MTN | 1.300 | 08/12/30 | 62 | 53,176 | |
| MTN | 1.460 | 08/17/35 | 280 | 201,610 | |
| MTN | 1.899(s) | 11/15/38 | 1,680 | 883,083 | |
| Federal Home Loan Mortgage Corp. | 1.500 | 01/01/36 | 149 | 131,096 | |
| Federal Home Loan Mortgage Corp. | 1.500 | 02/01/36 | 60 | 52,978 | |
| Federal Home Loan Mortgage Corp. | 1.500 | 06/01/36 | 68 | 59,886 | |
| Federal Home Loan Mortgage Corp. | 1.500 | 07/01/36 | 472 | 414,554 | |
| Federal Home Loan Mortgage Corp. | 1.500 | 11/01/50 | 745 | 550,753 | |
| Federal Home Loan Mortgage Corp. | 2.000 | 01/01/32 | 118 | 111,859 | |
| Federal Home Loan Mortgage Corp. | 2.500 | 05/01/28 | 200 | 194,678 | |
| Federal Home Loan Mortgage Corp. | 2.500 | 05/01/28 | 245 | 239,379 | |
| Federal Home Loan Mortgage Corp. | 2.500 | 03/01/30 | 190 | 183,617 | |
| Federal Home Loan Mortgage Corp. | 2.500 | 10/01/32 | 195 | 185,628 | |
| Federal Home Loan Mortgage Corp. | 2.500 | 11/01/46 | 861 | 724,187 | |
| Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 2,325 | 1,906,730 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 10/01/28 | 27 | 26,745 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 06/01/29 | 97 | 95,293 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 12/01/30 | 176 | 171,511 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 01/01/37 | 351 | 329,427 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 04/01/43 | 595 | 529,404 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 07/01/43 | 637 | 566,824 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 10/01/46 | 258 | 225,691 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 11/01/46 | 229 | 200,203 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 12/01/46 | 215 | 187,829 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 01/01/47 | 741 | 646,623 | |
| Federal Home Loan Mortgage Corp. | 3.000 | 03/01/47 | 169 | 147,751 | |
| Federal Home Loan Mortgage Corp. | 3.500 | 11/01/37 | 152 | 145,569 | |
| Federal Home Loan Mortgage Corp. | 3.500 | 06/01/42 | 420 | 388,800 | |
| Federal Home Loan Mortgage Corp. | 3.500 | 06/01/43 | 305 | 282,236 | |
| Federal Home Loan Mortgage Corp. | 3.500 | 07/01/43 | 909 | 838,807 | |
| Federal Home Loan Mortgage Corp. | 3.500 | 07/01/47 | 1,011 | 918,531 | |
| Federal Home Loan Mortgage Corp. | 3.500 | 08/01/47 | 765 | 694,705 | |
| Federal Home Loan Mortgage Corp. | 3.500 | 10/01/47 | 71 | 64,284 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 06/01/26 | 5 | 4,641 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 09/01/26 | 10 | 10,382 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 11/01/39 | 325 | 310,165 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 09/01/40 | 193 | 184,252 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 12/01/40 | 120 | 114,359 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| U.S. Government Agency Obligations (Continued) | |||||
| Federal Home Loan Mortgage Corp. | 4.000 % | 12/01/40 | 150 | $143,535 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 04/01/42 | 251 | 238,986 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 04/01/42 | 321 | 305,495 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 05/01/46 | 367 | 342,942 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 08/01/46 | 117 | 109,032 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 12/01/46 | 97 | 90,411 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 07/01/47 | 196 | 182,770 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 08/01/47 | 71 | 66,263 | |
| Federal Home Loan Mortgage Corp. | 4.000 | 08/01/47 | 206 | 192,243 | |
| Federal Home Loan Mortgage Corp. | 4.500 | 09/01/39 | 412 | 405,797 | |
| Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 72 | 68,930 | |
| Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 81 | 78,271 | |
| Federal Home Loan Mortgage Corp. | 4.500 | 08/01/47 | 234 | 225,375 | |
| Federal Home Loan Mortgage Corp. | 5.000 | 06/01/33 | 234 | 234,380 | |
| Federal Home Loan Mortgage Corp. | 5.000 | 03/01/34 | 9 | 8,651 | |
| Federal Home Loan Mortgage Corp. | 5.000 | 05/01/34 | 23 | 23,207 | |
| Federal Home Loan Mortgage Corp. | 5.000 | 05/01/34 | 145 | 146,840 | |
| Federal Home Loan Mortgage Corp. | 5.000 | 02/01/48 | 86 | 85,360 | |
| Federal Home Loan Mortgage Corp. | 5.000 | 05/01/53 | 4,676 | 4,536,709 | |
| Federal Home Loan Mortgage Corp. | 5.000 | 06/01/53 | 1,668 | 1,617,876 | |
| Federal Home Loan Mortgage Corp. | 5.500 | 05/01/37 | 35 | 36,020 | |
| Federal Home Loan Mortgage Corp. | 5.500 | 01/01/38 | 29 | 29,573 | |
| Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 1,839 | 1,825,827 | |
| Federal Home Loan Mortgage Corp. | 6.000 | 12/01/33 | 11 | 11,364 | |
| Federal Home Loan Mortgage Corp. | 6.000 | 09/01/34 | 63 | 64,022 | |
| Federal Home Loan Mortgage Corp. | 6.500 | 09/01/32 | 18 | 18,269 | |
| Federal Home Loan Mortgage Corp. | 6.500 | 09/01/32 | 20 | 20,573 | |
| Federal Home Loan Mortgage Corp. | 7.000 | 09/01/32 | 19 | 19,451 | |
| Federal National Mortgage Assoc. | 1.301(s) | 11/15/30 | 3,000 | 2,369,113 | |
| Federal National Mortgage Assoc. | 1.500 | 02/01/36 | 171 | 150,708 | |
| Federal National Mortgage Assoc. | 1.500 | 04/01/36 | 66 | 57,948 | |
| Federal National Mortgage Assoc. | 1.500 | 06/01/36 | 70 | 61,355 | |
| Federal National Mortgage Assoc. | 1.500 | 08/01/36 | 177 | 155,173 | |
| Federal National Mortgage Assoc. | 1.500 | 11/01/50 | 2,540 | 1,875,396 | |
| Federal National Mortgage Assoc. | 1.500 | 12/01/50 | 1,887 | 1,392,076 | |
| Federal National Mortgage Assoc. | 1.780 | 11/16/35 | 100 | 73,843 | |
| Federal National Mortgage Assoc. | 2.000 | 08/01/31 | 150 | 141,595 | |
| Federal National Mortgage Assoc. | 2.000 | 05/01/36 | 1,070 | 968,545 | |
| Federal National Mortgage Assoc. | 2.000 | 06/01/40 | 527 | 451,475 | |
| Federal National Mortgage Assoc. | 2.000 | 02/01/41 | 3,619 | 3,063,681 | |
| Federal National Mortgage Assoc. | 2.000 | 05/01/41 | 1,752 | 1,480,879 | |
| Federal National Mortgage Assoc. | 2.000 | 09/01/50 | 4,022 | 3,145,336 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| U.S. Government Agency Obligations (Continued) | |||||
| Federal National Mortgage Assoc.(k) | 2.000 % | 10/01/50 | 10,089 | $7,915,860 | |
| Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 1,004 | 787,099 | |
| Federal National Mortgage Assoc. | 2.500 | 06/01/28 | 68 | 66,138 | |
| Federal National Mortgage Assoc. | 2.500 | 08/01/28 | 109 | 106,027 | |
| Federal National Mortgage Assoc. | 2.500 | 08/01/29 | 25 | 23,892 | |
| Federal National Mortgage Assoc. | 2.500 | 02/01/36 | 361 | 335,294 | |
| Federal National Mortgage Assoc. | 2.500 | 05/01/41 | 690 | 598,096 | |
| Federal National Mortgage Assoc. | 2.500 | 06/01/41 | 1,070 | 923,746 | |
| Federal National Mortgage Assoc. | 2.500 | 02/01/43 | 117 | 101,474 | |
| Federal National Mortgage Assoc. | 2.500 | 12/01/46 | 553 | 462,892 | |
| Federal National Mortgage Assoc. | 2.500 | 01/01/50 | 1,221 | 1,007,793 | |
| Federal National Mortgage Assoc. | 2.500 | 03/01/50 | 184 | 151,826 | |
| Federal National Mortgage Assoc. | 2.500 | 05/01/50 | 880 | 726,671 | |
| Federal National Mortgage Assoc. | 2.500 | 06/01/50 | 455 | 374,959 | |
| Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 3,427 | 2,824,210 | |
| Federal National Mortgage Assoc. | 2.500 | 10/01/50 | 3,449 | 2,826,554 | |
| Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 2,231 | 1,829,986 | |
| Federal National Mortgage Assoc. | 2.500 | 04/01/51 | 2,218 | 1,819,887 | |
| Federal National Mortgage Assoc. | 2.500 | 05/01/52 | 786 | 648,260 | |
| Federal National Mortgage Assoc. | 3.000 | 01/01/27 | 47 | 46,798 | |
| Federal National Mortgage Assoc. | 3.000 | 08/01/28 | 176 | 172,198 | |
| Federal National Mortgage Assoc. | 3.000 | 02/01/31 | 161 | 156,734 | |
| Federal National Mortgage Assoc. | 3.000 | 11/01/36 | 125 | 117,346 | |
| Federal National Mortgage Assoc. | 3.000 | 12/01/42 | 657 | 583,927 | |
| Federal National Mortgage Assoc. | 3.000 | 02/01/43 | 288 | 256,375 | |
| Federal National Mortgage Assoc. | 3.000 | 03/01/43 | 254 | 225,556 | |
| Federal National Mortgage Assoc. | 3.000 | 04/01/43 | 278 | 247,423 | |
| Federal National Mortgage Assoc. | 3.000 | 06/01/43 | 125 | 111,181 | |
| Federal National Mortgage Assoc. | 3.000 | 06/01/43 | 246 | 218,934 | |
| Federal National Mortgage Assoc. | 3.000 | 07/01/43 | 839 | 745,565 | |
| Federal National Mortgage Assoc. | 3.000 | 09/01/46 | 678 | 591,934 | |
| Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 803 | 700,981 | |
| Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 860 | 751,198 | |
| Federal National Mortgage Assoc. | 3.000 | 01/01/47 | 101 | 88,274 | |
| Federal National Mortgage Assoc. | 3.000 | 04/01/47 | 1,748 | 1,525,297 | |
| Federal National Mortgage Assoc. | 3.000 | 12/01/49 | 222 | 191,499 | |
| Federal National Mortgage Assoc. | 3.000 | 12/01/49 | 522 | 447,233 | |
| Federal National Mortgage Assoc. | 3.000 | 01/01/50 | 38 | 32,904 | |
| Federal National Mortgage Assoc. | 3.000 | 06/01/50 | 218 | 186,864 | |
| Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 790 | 683,762 | |
| Federal National Mortgage Assoc. | 3.000 | 05/01/52 | 2,816 | 2,440,060 | |
| Federal National Mortgage Assoc. | 3.500 | 12/01/30 | 20 | 19,881 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| U.S. Government Agency Obligations (Continued) | |||||
| Federal National Mortgage Assoc. | 3.500 % | 11/01/32 | 670 | $657,089 | |
| Federal National Mortgage Assoc. | 3.500 | 02/01/33 | 36 | 35,593 | |
| Federal National Mortgage Assoc. | 3.500 | 05/01/33 | 60 | 58,836 | |
| Federal National Mortgage Assoc. | 3.500 | 10/01/41 | 605 | 560,334 | |
| Federal National Mortgage Assoc. | 3.500 | 12/01/41 | 177 | 164,179 | |
| Federal National Mortgage Assoc. | 3.500 | 03/01/42 | 212 | 195,933 | |
| Federal National Mortgage Assoc. | 3.500 | 05/01/42 | 788 | 728,648 | |
| Federal National Mortgage Assoc. | 3.500 | 07/01/42 | 269 | 248,531 | |
| Federal National Mortgage Assoc. | 3.500 | 12/01/42 | 612 | 565,205 | |
| Federal National Mortgage Assoc. | 3.500 | 03/01/43 | 221 | 204,289 | |
| Federal National Mortgage Assoc. | 3.500 | 06/01/45 | 1,335 | 1,214,581 | |
| Federal National Mortgage Assoc. | 3.500 | 01/01/46 | 354 | 322,306 | |
| Federal National Mortgage Assoc. | 3.500 | 12/01/46 | 683 | 619,561 | |
| Federal National Mortgage Assoc. | 3.500 | 04/01/48 | 1,071 | 969,456 | |
| Federal National Mortgage Assoc. | 3.500 | 11/01/48 | 713 | 645,448 | |
| Federal National Mortgage Assoc. | 4.000 | 09/01/40 | 332 | 316,894 | |
| Federal National Mortgage Assoc. | 4.000 | 01/01/41 | 397 | 378,762 | |
| Federal National Mortgage Assoc. | 4.000 | 09/01/44 | 269 | 253,157 | |
| Federal National Mortgage Assoc. | 4.000 | 06/01/47 | 987 | 912,898 | |
| Federal National Mortgage Assoc. | 4.000 | 06/01/47 | 1,030 | 961,043 | |
| Federal National Mortgage Assoc. | 4.000 | 08/01/47 | 212 | 198,059 | |
| Federal National Mortgage Assoc. | 4.000 | 09/01/47 | 1,255 | 1,173,786 | |
| Federal National Mortgage Assoc. | 4.000 | 10/01/47 | 618 | 576,743 | |
| Federal National Mortgage Assoc. | 4.000 | 11/01/47 | 713 | 665,206 | |
| Federal National Mortgage Assoc. | 4.336(s) | 03/17/31 | 530 | 409,545 | |
| Federal National Mortgage Assoc. | 4.500 | 04/01/41 | 272 | 267,043 | |
| Federal National Mortgage Assoc. | 4.500 | 05/01/41 | 247 | 241,861 | |
| Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 90 | 86,910 | |
| Federal National Mortgage Assoc. | 4.500 | 12/01/47 | 606 | 578,529 | |
| Federal National Mortgage Assoc. | 4.500 | 06/01/48 | 128 | 122,274 | |
| Federal National Mortgage Assoc. | 4.500 | 10/01/48 | 488 | 466,903 | |
| Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 893 | 843,577 | |
| Federal National Mortgage Assoc. | 5.000 | TBA | 1,500 | 1,451,784 | |
| Federal National Mortgage Assoc. | 5.000 | 12/01/31 | 41 | 40,293 | |
| Federal National Mortgage Assoc. | 5.000 | 03/01/34 | 108 | 108,901 | |
| Federal National Mortgage Assoc. | 5.000 | 07/01/35 | 46 | 46,056 | |
| Federal National Mortgage Assoc. | 5.000 | 09/01/35 | 37 | 36,766 | |
| Federal National Mortgage Assoc. | 5.000 | 11/01/35 | 41 | 41,072 | |
| Federal National Mortgage Assoc. | 5.000 | 05/01/36 | 17 | 16,953 | |
| Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 2,611 | 2,537,421 | |
| Federal National Mortgage Assoc. | 5.000 | 08/01/53 | 406 | 393,515 | |
| Federal National Mortgage Assoc. | 5.500 | 02/01/34 | 105 | 106,165 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| U.S. Government Agency Obligations (Continued) | |||||
| Federal National Mortgage Assoc. | 5.500 % | 09/01/34 | 194 | $197,134 | |
| Federal National Mortgage Assoc. | 5.500 | 02/01/35 | 139 | 142,068 | |
| Federal National Mortgage Assoc. | 5.500 | 06/01/35 | 42 | 43,028 | |
| Federal National Mortgage Assoc. | 5.500 | 06/01/35 | 69 | 69,025 | |
| Federal National Mortgage Assoc. | 5.500 | 09/01/35 | 17 | 17,389 | |
| Federal National Mortgage Assoc. | 5.500 | 09/01/35 | 129 | 131,264 | |
| Federal National Mortgage Assoc. | 5.500 | 10/01/35 | 119 | 120,528 | |
| Federal National Mortgage Assoc. | 5.500 | 11/01/35 | 54 | 54,282 | |
| Federal National Mortgage Assoc. | 5.500 | 11/01/35 | 83 | 84,921 | |
| Federal National Mortgage Assoc. | 5.500 | 11/01/36 | 3 | 3,063 | |
| Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 381 | 378,506 | |
| Federal National Mortgage Assoc. | 6.000 | 09/01/33 | —(r) | 329 | |
| Federal National Mortgage Assoc. | 6.000 | 02/01/34 | —(r) | 57 | |
| Federal National Mortgage Assoc. | 6.000 | 06/01/34 | —(r) | 42 | |
| Federal National Mortgage Assoc. | 6.000 | 09/01/34 | —(r) | 53 | |
| Federal National Mortgage Assoc. | 6.000 | 09/01/34 | 5 | 4,819 | |
| Federal National Mortgage Assoc. | 6.000 | 09/01/34 | 8 | 8,612 | |
| Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 3 | 2,889 | |
| Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 19 | 19,839 | |
| Federal National Mortgage Assoc. | 6.000 | 02/01/35 | —(r) | 41 | |
| Federal National Mortgage Assoc. | 6.000 | 03/01/35 | 3 | 2,911 | |
| Federal National Mortgage Assoc. | 6.000 | 04/01/35 | —(r) | 251 | |
| Federal National Mortgage Assoc. | 6.000 | 12/01/35 | 48 | 49,188 | |
| Federal National Mortgage Assoc. | 6.000 | 01/01/36 | 124 | 127,989 | |
| Federal National Mortgage Assoc. | 6.000 | 05/01/36 | 35 | 35,379 | |
| Federal National Mortgage Assoc. | 6.000 | 05/01/36 | 200 | 207,012 | |
| Federal National Mortgage Assoc. | 6.500 | 07/01/32 | 122 | 124,780 | |
| Federal National Mortgage Assoc. | 6.500 | 08/01/32 | 58 | 59,724 | |
| Federal National Mortgage Assoc. | 6.500 | 09/01/32 | 14 | 14,542 | |
| Federal National Mortgage Assoc. | 6.500 | 10/01/32 | 30 | 31,161 | |
| Federal National Mortgage Assoc. | 6.500 | 10/01/32 | 126 | 129,773 | |
| Federal National Mortgage Assoc. | 6.500 | 10/01/37 | 141 | 147,704 | |
| Federal National Mortgage Assoc. | 7.000 | 12/01/31 | 52 | 54,644 | |
| Federal National Mortgage Assoc. | 7.000 | 09/01/33 | 47 | 48,744 | |
| Federal National Mortgage Assoc. | 7.000 | 11/01/33 | 49 | 50,752 | |
| Freddie Mac Coupon Strips | 5.245(s) | 03/15/31 | 505 | 393,780 | |
| Freddie Mac Strips | 5.389(s) | 07/15/32 | 565 | 411,964 | |
| Government National Mortgage Assoc. | 2.000 | 10/20/51 | 291 | 233,766 | |
| Government National Mortgage Assoc. | 2.500 | 12/20/46 | 141 | 121,084 | |
| Government National Mortgage Assoc. | 2.500 | 08/20/51 | 1,875 | 1,571,830 | |
| Government National Mortgage Assoc. | 3.000 | 03/15/45 | 459 | 403,496 | |
| Government National Mortgage Assoc. | 3.000 | 07/20/45 | 1,050 | 929,487 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| U.S. Government Agency Obligations (Continued) | |||||
| Government National Mortgage Assoc. | 3.000 % | 07/20/46 | 507 | $448,625 | |
| Government National Mortgage Assoc. | 3.000 | 08/20/46 | 952 | 841,480 | |
| Government National Mortgage Assoc. | 3.000 | 10/20/46 | 77 | 67,636 | |
| Government National Mortgage Assoc. | 3.000 | 02/20/47 | 1,439 | 1,270,704 | |
| Government National Mortgage Assoc. | 3.000 | 05/20/47 | 269 | 237,572 | |
| Government National Mortgage Assoc. | 3.000 | 12/20/47 | 96 | 84,249 | |
| Government National Mortgage Assoc. | 3.000 | 04/20/49 | 389 | 342,551 | |
| Government National Mortgage Assoc. | 3.500 | 04/20/42 | 108 | 98,897 | |
| Government National Mortgage Assoc. | 3.500 | 01/20/43 | 674 | 617,485 | |
| Government National Mortgage Assoc. | 3.500 | 04/20/43 | 301 | 275,254 | |
| Government National Mortgage Assoc. | 3.500 | 03/20/45 | 396 | 359,728 | |
| Government National Mortgage Assoc. | 3.500 | 04/20/45 | 212 | 193,004 | |
| Government National Mortgage Assoc. | 3.500 | 07/20/46 | 770 | 695,752 | |
| Government National Mortgage Assoc. | 3.500 | 03/20/47 | 73 | 66,114 | |
| Government National Mortgage Assoc. | 3.500 | 07/20/47 | 442 | 399,128 | |
| Government National Mortgage Assoc. | 3.500 | 02/20/48 | 958 | 864,124 | |
| Government National Mortgage Assoc. | 3.500 | 11/20/48 | 251 | 225,902 | |
| Government National Mortgage Assoc. | 3.500 | 01/20/49 | 218 | 196,590 | |
| Government National Mortgage Assoc. | 3.500 | 05/20/49 | 351 | 314,899 | |
| Government National Mortgage Assoc. | 4.000 | 02/20/41 | 140 | 132,092 | |
| Government National Mortgage Assoc. | 4.000 | 06/20/44 | 282 | 264,785 | |
| Government National Mortgage Assoc. | 4.000 | 08/20/44 | 86 | 80,867 | |
| Government National Mortgage Assoc. | 4.000 | 11/20/45 | 166 | 154,972 | |
| Government National Mortgage Assoc. | 4.000 | 11/20/46 | 153 | 143,030 | |
| Government National Mortgage Assoc. | 4.000 | 02/20/47 | 134 | 123,983 | |
| Government National Mortgage Assoc. | 4.000 | 10/20/47 | 141 | 130,690 | |
| Government National Mortgage Assoc. | 4.000 | 12/20/47 | 101 | 93,852 | |
| Government National Mortgage Assoc. | 4.000 | 07/20/48 | 296 | 274,172 | |
| Government National Mortgage Assoc. | 4.000 | 02/20/49 | 345 | 319,601 | |
| Government National Mortgage Assoc. | 4.000 | 03/20/49 | 565 | 523,082 | |
| Government National Mortgage Assoc. | 4.500 | 02/20/40 | 86 | 84,299 | |
| Government National Mortgage Assoc. | 4.500 | 01/20/41 | 53 | 52,280 | |
| Government National Mortgage Assoc. | 4.500 | 02/20/41 | 254 | 248,471 | |
| Government National Mortgage Assoc. | 4.500 | 03/20/41 | 128 | 124,937 | |
| Government National Mortgage Assoc. | 4.500 | 06/20/44 | 190 | 183,359 | |
| Government National Mortgage Assoc. | 4.500 | 02/20/46 | 16 | 15,424 | |
| Government National Mortgage Assoc. | 4.500 | 03/20/46 | 80 | 77,204 | |
| Government National Mortgage Assoc. | 4.500 | 03/20/47 | 367 | 352,119 | |
| Government National Mortgage Assoc. | 4.500 | 08/20/47 | 66 | 63,214 | |
| Government National Mortgage Assoc. | 4.500 | 01/20/48 | 50 | 47,859 | |
| Government National Mortgage Assoc. | 4.500 | 02/20/48 | 303 | 290,281 | |
| Government National Mortgage Assoc. | 4.500 | 05/20/52 | 1,688 | 1,602,742 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| U.S. Government Agency Obligations (Continued) | |||||
| Government National Mortgage Assoc. | 4.500 % | 10/20/52 | 195 | $185,108 | |
| Government National Mortgage Assoc. | 5.000 | 07/15/33 | 155 | 155,194 | |
| Government National Mortgage Assoc. | 5.000 | 09/15/33 | 208 | 208,201 | |
| Government National Mortgage Assoc. | 5.000 | 04/15/34 | 12 | 11,621 | |
| Government National Mortgage Assoc. | 5.500 | 02/15/34 | 112 | 112,516 | |
| Government National Mortgage Assoc. | 5.500 | 02/15/36 | 67 | 67,627 | |
| Government National Mortgage Assoc. | 5.500 | 05/20/53 | 1,988 | 1,982,505 | |
| Government National Mortgage Assoc. | 6.000 | TBA | 3,000 | 3,024,147 | |
| Israel Government, USAID Bond, Gov’t. Gtd. Notes, Series 30Y | 5.500 | 09/18/33 | 370 | 390,116 | |
| Resolution Funding Corp. Interest Strips, Bonds | 2.776(s) | 01/15/30 | 630 | 517,770 | |
| Resolution Funding Corp. Interest Strips, Bonds | 3.617(s) | 04/15/30 | 1,025 | 830,532 | |
| Resolution Funding Corp. Interest Strips, Bonds | 4.330(s) | 01/15/29 | 745 | 640,109 | |
| Resolution Funding Corp. Principal Strips, Bonds | 4.247(s) | 04/15/30 | 4,835 | 3,938,971 | |
| Resolution Funding Corp. Principal Strips, Bonds | 4.612(s) | 01/15/30 | 7,595 | 6,267,243 | |
| Tennessee Valley Authority, Sr. Unsec’d. Notes | 1.500 | 09/15/31 | 640 | 540,596 | |
| Tennessee Valley Authority, Sr. Unsec’d. Notes | 5.880 | 04/01/36 | 170 | 185,128 | |
| Tennessee Valley Authority, Sr. Unsec’d. Notes, Series E | 6.750 | 11/01/25 | 1,300 | 1,311,917 | |
| Tennessee Valley Authority Generic Strips, Bonds | 4.724(s) | 07/15/34 | 20 | 12,667 | |
| Total U.S. Government Agency Obligations (cost $162,819,781) | 147,860,863 | ||||
| U.S. Treasury Obligations 15.0% | |||||
| U.S. Treasury Bonds | 3.000 | 02/15/49 | 675 | 486,000 | |
| U.S. Treasury Bonds | 3.375 | 11/15/48 | 640 | 494,900 | |
| U.S. Treasury Notes | 4.000 | 05/31/30 | 20 | 20,042 | |
| U.S. Treasury Strips Coupon | 1.677(s) | 02/15/43 | 1,180 | 474,981 | |
| U.S. Treasury Strips Coupon | 2.371(s) | 11/15/40 | 1,880 | 861,832 | |
| U.S. Treasury Strips Coupon | 2.472(s) | 08/15/40 | 2,420 | 1,124,357 | |
| U.S. Treasury Strips Coupon | 3.301(s) | 02/15/46 | 5,395 | 1,847,082 | |
| U.S. Treasury Strips Coupon | 3.490(s) | 02/15/42 | 7,070 | 3,015,320 | |
| U.S. Treasury Strips Coupon | 3.815(s) | 02/15/41 | 2,650 | 1,199,171 | |
| U.S. Treasury Strips Coupon | 4.135(s) | 02/15/39 | 5,690 | 2,906,674 | |
| U.S. Treasury Strips Coupon | 4.334(s) | 11/15/42 | 4,220 | 1,724,167 | |
| U.S. Treasury Strips Coupon | 4.350(s) | 08/15/41 | 8,735 | 3,847,543 | |
| U.S. Treasury Strips Coupon | 4.354(s) | 08/15/51 | 9,600 | 2,505,919 | |
| U.S. Treasury Strips Coupon | 4.458(s) | 02/15/49 | 13,080 | 3,843,715 | |
| U.S. Treasury Strips Coupon | 4.608(s) | 11/15/48 | 60 | 17,858 | |
| U.S. Treasury Strips Coupon | 4.663(s) | 02/15/50 | 410 | 114,907 | |
| U.S. Treasury Strips Coupon | 4.770(s) | 11/15/49 | 795 | 225,902 | |
| U.S. Treasury Strips Coupon | 4.800(s) | 05/15/42 | 115 | 48,394 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| U.S. Treasury Obligations (Continued) | |||||
| U.S. Treasury Strips Coupon | 4.920 %(s) | 08/15/48 | 225 | $67,861 | |
| U.S. Treasury Strips Coupon | 5.317(s) | 02/15/40 | 4,075 | 1,956,967 | |
| U.S. Treasury Strips Coupon(k) | 5.364(s) | 05/15/40 | 16,480 | 7,789,314 | |
| Total U.S. Treasury Obligations (cost $40,324,353) | 34,572,906 | ||||
| Shares | |||||||
| Affiliated Exchange-Traded Fund 0.6% | |||||||
| PGIM AAA CLO ETF (cost $1,280,773) | 25,000 | 1,285,000 | |||||
| Total Long-Term Investments (cost $257,362,391) | 235,127,870 | ||||||
| Short-Term Investment 0.4% | |||||
| Affiliated Mutual Fund | |||||
| PGIM Core Government Money Market Fund (7-day effective yield 4.462%) (cost $868,716)(wb) | 868,716 | 868,716 | |||
| TOTAL INVESTMENTS 102.7% (cost $258,231,107) | 235,996,586 | ||||
| Liabilities in excess of other assets(z) (2.7)% | (6,315,505) | ||||
| Net Assets 100.0% | $229,681,081 | ||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
| 144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
| A—Annual payment frequency for swaps | |
| Aces—Alternative Credit Enhancements Securities | |
| CLO—Collateralized Loan Obligation | |
| ETF—Exchange-Traded Fund | |
| FHLMC—Federal Home Loan Mortgage Corporation | |
| MTN—Medium Term Note | |
| N/A—Not Applicable | |
| SOFR—Secured Overnight Financing Rate | |
| STRIPs—Separate Trading of Registered Interest and Principal of Securities | |
| TBA—To Be Announced |
| UMBS—Uniform Mortgage-Backed Securities | |
| USAID—United States Agency for International Development |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2025. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (r) | Principal or notional amount is less than $500 par. |
| (s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
| Forward Commitment Contracts: | |||||||||||
| U.S. Government Agency Obligations | Interest Rate | Maturity Date | Settlement Date | Principal Amount (000)# | Value | ||||||
| Federal National Mortgage Assoc. | 3.000% | TBA | 06/12/25 | $(5,000) | $(4,253,705) | ||||||
| Federal National Mortgage Assoc. | 4.000% | TBA | 07/14/25 | (2,000) | (1,831,747) | ||||||
| Government National Mortgage Assoc. | 4.500% | TBA | 06/23/25 | (1,000) | (943,300) | ||||||
| TOTAL FORWARD COMMITMENT CONTRACTS (proceeds receivable $7,106,992) | $(7,028,752) | ||||||||||
| Futures contracts outstanding at May 31, 2025: | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Long Positions: | ||||||||
| 165 | 2 Year U.S. Treasury Notes | Sep. 2025 | $34,227,188 | $39,042 | ||||
| 59 | 5 Year U.S. Treasury Notes | Sep. 2025 | 6,383,063 | 31,580 | ||||
| 42 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 4,726,969 | 33,572 | ||||
| 12 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 1,392,750 | 13,607 | ||||
| 117,801 | ||||||||
| Short Positions: | ||||||||
| 1 | 10 Year U.S. Treasury Notes | Sep. 2025 | 110,750 | (533) | ||||
| 265 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 29,887,031 | (366,289) | ||||
| 25 | 30 Year UMBS TBA – 3.0% Coupon | Jul. 2025 | 2,123,828 | 66 | ||||
| 30 | 30 Year UMBS TBA – 3.5% Coupon | Jul. 2025 | 2,640,469 | (6,718) | ||||
| 5 | 30 Year UMBS TBA – 4.0% Coupon | Jul. 2025 | 457,617 | (5,221) | ||||
| (378,695) | ||||||||
| $(260,894) | ||||||||
| Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at May 31, 2025 | Unrealized Appreciation (Depreciation) | ||||||||
| Centrally Cleared Interest Rate Swap Agreement: | ||||||||||||||
| 7,835 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/ 4.350% | $— | $(17,845) | $(17,845) | ||||||||
| (1) | The Fund pays the fixed rate and receives the floating rate. |
| (2) | The Fund pays the floating rate and receives the fixed rate. |