|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities
|
|||
|
720 East CLO Ltd., Series 2023-IA, Class A1R, (3-mo.
CME Term SOFR + 1.37%), 5.65%, 04/15/38(a)(b)
|
USD
|
265
|
$ 266,082
|
|
Affirm Asset Securitization Trust, Series 2025-X1,
Class A, 5.08%, 04/15/30(a)
|
|
363
|
363,221
|
|
American Express Credit Account Master Trust,
Series 2024-2, Class A, 5.24%, 04/15/31
|
|
406
|
422,361
|
|
Anchorage Capital CLO 7 Ltd., Series 2015-7A,
Class AR3, (3-mo. CME Term SOFR + 1.56%),
5.84%, 04/28/37(a)(b)
|
|
865
|
868,328
|
|
ARI Fleet Lease Trust
|
|
|
|
|
Series 2024-A, Class A2, 5.30%, 11/15/32(a)
|
|
175
|
176,129
|
|
Series 2024-B, Class A2, 5.54%, 04/15/33(a)
|
|
91
|
91,779
|
|
Series 2025-B, Class A2, 4.59%, 03/15/34(a)
|
|
1,062
|
1,065,981
|
|
AutoNation Finance Trust, Series 2025-1A, Class A3,
4.62%, 11/13/29(a)
|
|
55
|
55,432
|
|
BA Credit Card Trust
|
|
|
|
|
Series 2022-A2, Class A2, 5.00%, 04/15/28
|
|
822
|
823,559
|
|
Series 2024-A1, Class A, 4.93%, 05/15/29
|
|
1,383
|
1,403,487
|
|
Benefit Street Partners CLO VIII Ltd., Series 2015-8A,
Class A1AR, (3-mo. CME Term SOFR + 1.36%),
5.63%, 01/20/31(a)(b)
|
|
113
|
112,909
|
|
Betony CLO 2 Ltd., Series 2018-1A, Class A1, (3-mo.
CME Term SOFR + 1.34%), 5.62%, 04/30/31(a)(b)
|
|
176
|
175,736
|
|
BMW Vehicle Owner Trust
|
|
|
|
|
Series 2022-A, Class A3, 3.21%, 08/25/26
|
|
238
|
237,120
|
|
Series 2023-A, Class A3, 5.47%, 02/25/28
|
|
473
|
476,083
|
|
Series 2025-A, Class A3, 4.56%, 09/25/29
|
|
500
|
504,281
|
|
BofA Auto Trust, Series 2025-1A, Class A3, 4.35%,
11/20/29(a)
|
|
253
|
254,108
|
|
Canyon CLO Ltd., Series 2021-4A, Class B, (3-mo.
CME Term SOFR + 1.96%), 6.22%, 10/15/34(a)(b)
|
|
250
|
250,428
|
|
Capital One Prime Auto Receivables Trust,
Series 2022-2, Class A3, 3.66%, 05/17/27
|
|
792
|
789,556
|
|
CarMax Auto Owner Trust
|
|
|
|
|
Series 2022-2, Class A3, 3.49%, 02/16/27
|
|
571
|
570,005
|
|
Series 2022-3, Class A3, 3.97%, 04/15/27
|
|
458
|
456,908
|
|
Chase Issuance Trust
|
|
|
|
|
Series 2023-A1, Class A, 5.16%, 09/15/28
|
|
2,680
|
2,710,973
|
|
Series 2024-A2, Class A, 4.63%, 01/15/31
|
|
293
|
298,233
|
|
Chesapeake Funding II LLC
|
|
|
|
|
Series 2023-2A, Class A1, 6.16%, 10/15/35(a)
|
|
212
|
214,760
|
|
Series 2024-1A, Class A1, 5.52%, 05/15/36(a)
|
|
398
|
402,260
|
|
CIFC Funding Ltd., Series 2021-7A, Class A1, (3-mo.
CME Term SOFR + 1.39%), 5.67%, 01/23/35(a)(b)
|
|
300
|
300,673
|
|
CNH Equipment Trust
|
|
|
|
|
Series 2022-B, Class A3, 3.89%, 11/15/27
|
|
289
|
287,877
|
|
Series 2024-A, Class A3, 4.77%, 06/15/29
|
|
452
|
454,538
|
|
Series 2024-C, Class A3, 4.03%, 01/15/30
|
|
203
|
202,679
|
|
College Ave Student Loans LLC
|
|
|
|
|
Series 2021-B, Class A1, (1-mo. CME Term SOFR
+ 0.91%), 5.24%, 06/25/52(a)(b)
|
|
154
|
151,256
|
|
Series 2021-C, Class B, 2.72%, 07/26/55(a)
|
|
71
|
64,802
|
|
Series 2023-A, Class A1, (SOFR (30-day) +
1.90%), 6.21%, 05/25/55(a)(b)
|
|
368
|
372,446
|
|
Dell Equipment Finance Trust
|
|
|
|
|
Series 2025-1, Class A2, 4.68%, 07/22/27(a)
|
|
265
|
266,056
|
|
Series 2025-1, Class A3, 4.61%, 02/24/31(a)
|
|
337
|
340,246
|
|
EDvestinU Private Education Loan Issue No. 3 LLC,
Series 2021-A, Class A, 1.80%, 11/25/45(a)
|
|
50
|
46,340
|
|
ELFI Graduate Loan Program LLC
|
|
|
|
|
Series 2022-A, Class A, 4.51%, 08/26/47(a)
|
|
398
|
389,156
|
|
Series 2023-A, Class A, 6.37%, 02/04/48(a)
|
|
376
|
391,345
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
Elmwood CLO III Ltd., Series 2019-3A, Class A2RR,
(3-mo. CME Term SOFR + 1.60%), 5.87%,
07/18/37(a)(b)
|
USD
|
425
|
$ 425,783
|
|
Enterprise Fleet Financing LLC
|
|
|
|
|
Series 2023-2, Class A2, 5.56%, 04/22/30(a)
|
|
452
|
454,843
|
|
Series 2024-1, Class A2, 5.23%, 03/20/30(a)
|
|
307
|
309,622
|
|
Series 2024-1, Class A3, 5.16%, 09/20/30(a)
|
|
50
|
50,940
|
|
Series 2024-3, Class A3, 4.98%, 08/21/28(a)
|
|
200
|
202,619
|
|
Series 2024-3, Class A4, 5.06%, 03/20/31(a)
|
|
66
|
67,362
|
|
Series 2024-4, Class A3, 4.56%, 11/20/28(a)
|
|
182
|
182,973
|
|
Series 2024-4, Class A4, 4.70%, 06/20/31(a)
|
|
50
|
50,573
|
|
Series 2025-2, Class A3, 4.41%, 06/20/29(a)
|
|
342
|
343,698
|
|
Flatiron CLO 23 LLC, Series 2023-1A, Class AR, (3-
mo. CME Term SOFR + 1.24%), 5.55%,
04/17/36(a)(b)
|
|
250
|
250,339
|
|
Ford Credit Auto Owner Trust
|
|
|
|
|
Series 2022-B, Class A4, 3.93%, 08/15/27
|
|
417
|
415,730
|
|
Series 2023-1, Class A, 4.85%, 08/15/35(a)
|
|
1,380
|
1,399,907
|
|
Series 2023-2, Class A, 5.28%, 02/15/36(a)
|
|
1,675
|
1,725,181
|
|
Series 2023-A, Class A3, 4.65%, 02/15/28
|
|
137
|
137,401
|
|
Series 2024-1, Class A, 4.87%, 08/15/36(a)(c)
|
|
1,288
|
1,312,644
|
|
Series 2024-A, Class A3, 5.09%, 12/15/28
|
|
1,900
|
1,918,541
|
|
Ford Credit Auto Owner Trust/Ford Credit,
Series 2025-1, Class A, 4.86%, 08/15/37(a)(c)
|
|
715
|
729,243
|
|
Ford Credit Floorplan Master Owner Trust A
|
|
|
|
|
Series 2018-4, Class A, 4.06%, 11/15/30
|
|
907
|
901,556
|
|
Series 2023-1, Class A1, 4.92%, 05/15/28(a)
|
|
1,246
|
1,251,309
|
|
Series 2023-1, Class A2, (SOFR (30-day) + 1.25%),
5.55%, 05/15/28(a)(b)
|
|
260
|
261,623
|
|
Series 2023-1, Class B, 5.31%, 05/15/28(a)
|
|
280
|
281,317
|
|
Series 2024-2, Class A, 5.24%, 04/15/31(a)
|
|
545
|
562,736
|
|
Foundation Finance Trust
|
|
|
|
|
Series 2024-1A, Class A, 5.50%, 12/15/49(a)
|
|
271
|
276,540
|
|
Series 2025-1A, Class A, 4.95%, 04/15/50(a)
|
|
346
|
348,002
|
|
FS Rialto Issuer Ltd., Series 2021-FL2, Class A, (1-
mo. CME Term SOFR + 1.33%), 5.65%,
05/16/38(a)(b)
|
|
147
|
146,368
|
|
GM Financial Consumer Automobile Receivables Trust
|
|
|
|
|
Series 2022-1, Class A4, 1.51%, 04/17/28
|
|
277
|
273,252
|
|
Series 2022-2, Class A3, 3.10%, 02/16/27
|
|
188
|
187,170
|
|
Series 2022-2, Class A4, 3.25%, 04/17/28
|
|
629
|
623,433
|
|
Series 2022-3, Class A4, 3.71%, 12/16/27
|
|
887
|
882,146
|
|
Series 2023-4, Class A3, 5.78%, 08/16/28
|
|
668
|
675,713
|
|
Series 2024-4, Class A3, 4.40%, 08/16/29
|
|
1,103
|
1,106,176
|
|
GM Financial Revolving Receivables Trust
|
|
|
|
|
Series 2023-2, Class A, 5.77%, 08/11/36(a)
|
|
1,031
|
1,078,725
|
|
Series 2024-1, Class A, 4.98%, 12/11/36(a)
|
|
284
|
290,279
|
|
Series 2024-2, Class A, 4.52%, 03/11/37(a)
|
|
824
|
828,790
|
|
GoodLeap Sustainable Home Solutions Trust
|
|
|
|
|
Series 2021-5CS, Class A, 2.31%, 10/20/48(a)
|
|
48
|
39,539
|
|
Series 2022-1GS, Class A, 2.70%, 01/20/49(a)
|
|
88
|
75,851
|
|
Series 2022-2CS, Class A, 4.00%, 04/20/49(a)
|
|
38
|
33,111
|
|
GreatAmerica Leasing Receivables Funding LLC
|
|
|
|
|
Series 2024-2, Class A2, 5.28%, 03/15/27(a)
|
|
210
|
210,495
|
|
Series 2025-1, Class A3, 4.49%, 04/16/29(a)
|
|
180
|
180,396
|
|
Honda Auto Receivables Owner Trust, Series 2023-4,
Class A3, 5.67%, 06/21/28
|
|
937
|
946,993
|
|
Hyundai Auto Receivables Trust
|
|
|
|
|
Series 2022-B, Class A3, 3.72%, 11/16/26
|
|
91
|
90,632
|
|
Series 2023-A, Class A3, 4.58%, 04/15/27
|
|
518
|
518,500
|
|
Series 2023-B, Class A3, 5.48%, 04/17/28
|
|
1,234
|
1,241,399
|
|
Series 2024-A, Class A3, 4.99%, 02/15/29
|
|
966
|
974,683
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
Hyundai Auto Receivables Trust
|
|
|
|
|
Series 2024-B, Class A3, 4.84%, 03/15/29
|
USD
|
1,338
|
$ 1,351,637
|
|
Series 2024-C, Class A3, 4.41%, 05/15/29
|
|
1,622
|
1,630,163
|
|
Series 2025-A, Class A3, 4.32%, 10/15/29
|
|
366
|
367,414
|
|
John Deere Owner Trust
|
|
|
|
|
Series 2023-B, Class A3, 5.18%, 03/15/28
|
|
447
|
448,903
|
|
Series 2024-A, Class A3, 4.96%, 11/15/28
|
|
981
|
990,062
|
|
Kubota Credit Owner Trust, Series 2025-1A, Class A2,
4.61%, 12/15/27(a)
|
|
216
|
216,605
|
|
M&T Equipment Notes, Series 2025-1A, Class A2,
4.70%, 12/16/27(a)
|
|
85
|
85,342
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2023-2, Class A3, 5.95%, 11/15/28
|
|
760
|
769,872
|
|
MMAF Equipment Finance LLC
|
|
|
|
|
Series 2024-A, Class A3, 4.95%, 07/14/31(a)
|
|
150
|
151,875
|
|
Series 2024-A, Class A4, 5.10%, 07/13/49(a)
|
|
745
|
763,436
|
|
Navient Education Loan Trust, Series 2025-A, Class A,
5.02%, 07/15/55(a)
|
|
335
|
334,943
|
|
Navient Private Education Loan Trust, Series 2020-A,
Class A2B, (1-mo. CME Term SOFR + 1.01%),
5.33%, 11/15/68(a)(b)
|
|
770
|
768,140
|
|
Navient Private Education Refi Loan Trust
|
|
|
|
|
Series 2019-CA, Class A2, 3.13%, 02/15/68(a)
|
|
115
|
112,299
|
|
Series 2019-GA, Class A, 2.40%, 10/15/68(a)
|
|
53
|
51,105
|
|
Series 2020-BA, Class A2, 2.12%, 01/15/69(a)
|
|
214
|
203,016
|
|
Series 2020-DA, Class A, 1.69%, 05/15/69(a)
|
|
258
|
244,436
|
|
Series 2020-FA, Class A, 1.22%, 07/15/69(a)
|
|
367
|
341,962
|
|
Series 2020-IA, Class A1A, 1.33%, 04/15/69(a)
|
|
581
|
533,498
|
|
Series 2021-A, Class A, 0.84%, 05/15/69(a)
|
|
47
|
42,976
|
|
Series 2021-BA, Class A, 0.94%, 07/15/69(a)
|
|
300
|
272,446
|
|
Series 2022-BA, Class A, 4.16%, 10/15/70(a)
|
|
729
|
708,429
|
|
Navient Student Loan Trust, Series 2023-BA,
Class A1B, (SOFR (30-day) + 1.70%), 6.00%,
03/15/72(a)(b)
|
|
190
|
191,312
|
|
Navistar Financial Dealer Note Master Owner Trust,
Series 2024-1, Class A, 5.59%, 04/25/29(a)
|
|
390
|
393,170
|
|
Navistar Financial Dealer Note Master Owner Trust II,
Series 2023-1, Class A, 6.18%, 08/25/28(a)
|
|
167
|
167,208
|
|
Nelnet Student Loan Trust
|
|
|
|
|
Series 2021-A, Class APT2, 1.36%, 04/20/62(a)
|
|
386
|
362,609
|
|
Series 2021-CA, Class AFL, (1-mo. CME Term
SOFR + 0.85%), 5.17%, 04/20/62(a)(b)
|
|
288
|
286,027
|
|
Series 2025-AA, Class A1B, (SOFR (30-day) +
1.10%), 5.40%, 03/15/57(a)(b)
|
|
393
|
390,093
|
|
Neuberger Berman CLO XV Ltd., Series 2013-15A,
Class A1R2, (3-mo. CME Term SOFR + 1.18%),
5.44%, 10/15/29(a)(b)
|
|
195
|
195,269
|
|
Nissan Auto Receivables Owner Trust, Series 2023-A,
Class A3, 4.91%, 11/15/27
|
|
1,418
|
1,421,091
|
|
OCP CLO Ltd., Series 2016-12A, Class BAR3, (3-mo.
CME Term SOFR + 1.68%), 5.95%, 10/18/37(a)(b)
|
|
260
|
260,331
|
|
Octagon 55 Ltd., Series 2021-1A, Class A1, (3-mo.
CME Term SOFR + 1.40%), 5.67%, 07/20/34(a)(b)
|
|
300
|
300,462
|
|
OHA Credit Partners XVI, Series 2021-16A, Class AR,
(3-mo. CME Term SOFR + 1.35%), 5.62%,
10/18/37(a)(b)
|
|
420
|
421,480
|
|
OneMain Direct Auto Receivables Trust, Series 2021-
1A, Class A, 0.87%, 07/14/28(a)
|
|
225
|
223,721
|
|
OneMain Financial Issuance Trust
|
|
|
|
|
Series 2019-2A, Class A, 3.14%, 10/14/36(a)
|
|
402
|
392,019
|
|
Series 2023-1A, Class A, 5.50%, 06/14/38(a)
|
|
150
|
154,622
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
OZLM XXII Ltd., Series 2018-22A, Class A2, (3-mo.
CME Term SOFR + 1.76%), 6.04%, 01/17/31(a)(b)
|
USD
|
250
|
$ 250,294
|
|
Pagaya AI Technology in Housing Trust,
Series 2023-1, Class A, 3.60%, 10/25/40(a)
|
|
495
|
478,660
|
|
PFS Financing Corp.
|
|
|
|
|
Series 2022-D, Class A, 4.27%, 08/15/27(a)
|
|
706
|
705,621
|
|
Series 2023-A, Class A, 5.80%, 03/15/28(a)
|
|
1,030
|
1,038,565
|
|
Series 2023-C, Class A, 5.52%, 10/15/28(a)
|
|
432
|
438,326
|
|
Series 2024-B, Class A, 4.95%, 02/15/29(a)
|
|
140
|
141,362
|
|
Series 2024-D, Class A, 5.34%, 04/15/29(a)
|
|
115
|
116,969
|
|
Series 2025-B, Class A, 4.85%, 02/15/30(a)
|
|
738
|
747,049
|
|
Pikes Peak CLO 14 Ltd., Series 2023-14A, Class A1R,
(3-mo. CME Term SOFR + 1.38%), 5.70%,
07/20/38(a)(b)
|
|
250
|
250,622
|
|
Point Broadband & Funding LLC, Series 2025-1A,
Class A2, 07/20/55(a)(d)
|
|
116
|
115,998
|
|
Porsche Financial Auto Securitization Trust,
Series 2024-1A, Class A3, 4.44%, 01/22/30(a)
|
|
2,163
|
2,173,017
|
|
Prodigy Finance DAC, Series 2021-1A, Class A, (1-
mo. CME Term SOFR + 1.36%), 5.68%,
07/25/51(a)(b)
|
|
35
|
34,835
|
|
Progress Residential Trust, Series 2021-SFR10,
Class A, 2.39%, 12/17/40(a)
|
|
446
|
419,555
|
|
Rad CLO 18 Ltd., Series 2023-18A, Class A1R, (3-mo.
CME Term SOFR + 1.40%), 5.72%, 07/15/37(a)(b)
|
|
490
|
491,593
|
|
Regional Management Issuance Trust
|
|
|
|
|
Series 2021-1, Class A, 1.68%, 03/17/31(a)
|
|
5
|
4,849
|
|
Series 2024-1, Class A, 5.83%, 07/15/36(a)
|
|
103
|
105,315
|
|
Series 2024-2, Class A, 5.11%, 12/15/33(a)
|
|
100
|
100,547
|
|
RR 21 Ltd., Series 2022-21A, Class A1AR, (3-mo.
CME Term SOFR + 1.40%), 5.66%, 07/15/39(a)(b)
|
|
260
|
260,855
|
|
Santander Drive Auto Receivables Trust,
Series 2023-5, Class A3, 6.02%, 09/15/28
|
|
774
|
777,460
|
|
SFS Auto Receivables Securitization Trust
|
|
|
|
|
Series 2025-1A, Class A3, 4.75%, 07/22/30(a)
|
|
450
|
454,717
|
|
Series 2025-2A, Class A3, 4.44%, 12/20/30(a)
|
|
656
|
660,356
|
|
SLM Student Loan Trust, Series 2013-4, Class A,
(SOFR (30-day) + 0.66%), 4.97%, 06/25/43(b)
|
|
117
|
114,712
|
|
SMB Private Education Loan Trust
|
|
|
|
|
Series 2017-A, Class A2B, (1-mo. CME Term SOFR
+ 1.01%), 5.33%, 09/15/34(a)(b)
|
|
59
|
59,326
|
|
Series 2019-B, Class A2B, (1-mo. CME Term SOFR
+ 1.11%), 5.43%, 06/15/37(a)(b)
|
|
378
|
378,455
|
|
Series 2021-A, Class A2A1, (1-mo. CME Term
SOFR + 0.84%), 5.16%, 01/15/53(a)(b)
|
|
612
|
608,784
|
|
Series 2021-A, Class APL, (1-mo. CME Term SOFR
+ 0.84%), 5.16%, 01/15/53(a)(b)
|
|
719
|
713,536
|
|
Series 2022-A, Class APT, 2.85%, 11/16/54(a)
|
|
500
|
469,514
|
|
Series 2022-B, Class A1A, 3.94%, 02/16/55(a)
|
|
517
|
502,850
|
|
Series 2023-B, Class A1B, (SOFR (30-day) +
1.80%), 6.10%, 10/16/56(a)(b)
|
|
568
|
579,485
|
|
Series 2023-C, Class A1A, 5.67%, 11/15/52(a)
|
|
124
|
127,632
|
|
Series 2024-A, Class A1B, (SOFR (30-day) +
1.45%), 5.75%, 03/15/56(a)(b)
|
|
656
|
662,544
|
|
Series 2024-C, Class A1A, 5.50%, 06/17/52(a)
|
|
1,044
|
1,068,450
|
|
SoFi Consumer Loan Program Trust
|
|
|
|
|
Series 2025-1, Class A, 4.80%, 02/27/34(a)
|
|
269
|
269,320
|
|
Series 2025-2, Class A, 4.82%, 06/25/34(a)
|
|
1,089
|
1,090,707
|
|
SoFi Personal Loan Trust
|
|
|
|
|
Series 2023-1A, Class A, 6.00%, 11/12/30(a)
|
|
87
|
88,081
|
|
Series 2024-1A, Class A, 6.06%, 02/12/31(a)
|
|
169
|
170,081
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
SoFi Professional Loan Program Trust
|
|
|
|
|
Series 2020-A, Class A2FX, 2.54%, 05/15/46(a)
|
USD
|
127
|
$ 122,596
|
|
Series 2020-C, Class AFX, 1.95%, 02/15/46(a)
|
|
184
|
172,319
|
|
Symphony CLO 40 Ltd., Series 2023-40A, Class AR,
(3-mo. CME Term SOFR + 1.31%), 5.55%,
01/05/38(a)(b)
|
|
645
|
647,086
|
|
Toyota Auto Loan Extended Note Trust
|
|
|
|
|
Series 2021-1A, Class A, 1.07%, 02/27/34(a)
|
|
572
|
559,445
|
|
Series 2023-1A, Class A, 4.93%, 06/25/36(a)
|
|
1,000
|
1,020,055
|
|
Series 2025-1A, Class A, 4.65%, 05/25/38(a)
|
|
1,195
|
1,210,948
|
|
Toyota Auto Receivables Owner Trust
|
|
|
|
|
Series 2022-B, Class A3, 2.93%, 09/15/26
|
|
182
|
181,661
|
|
Series 2022-B, Class A4, 3.11%, 08/16/27
|
|
573
|
568,102
|
|
Series 2023-C, Class A3, 5.16%, 04/17/28
|
|
331
|
332,970
|
|
Trinitas CLO XIX Ltd., Series 2022-19A, Class A1R,
(3-mo. CME Term SOFR + 1.11%), 5.38%,
10/20/33(a)(b)
|
|
425
|
425,339
|
|
Verizon Master Trust
|
|
|
|
|
Series 2024-1, Class A1A, 5.00%, 12/20/28
|
|
1,783
|
1,786,579
|
|
Series 2024-2, Class A, 4.83%, 12/22/31(a)
|
|
266
|
271,001
|
|
Series 2024-8, Class A1A, 4.62%, 11/20/30
|
|
1,042
|
1,054,616
|
|
Westlake Automobile Receivables Trust, Series 2025-
P1, Class A3, 4.58%, 06/15/29(a)
|
|
216
|
217,087
|
|
WF Card Issuance Trust, Series 2024-A1, Class A,
4.94%, 02/15/29
|
|
1,902
|
1,926,689
|
|
Whitebox CLO I Ltd., Series 2019-1A, Class A1RR,
(3-mo. CME Term SOFR + 1.32%), 5.60%,
07/24/36(a)(b)
|
|
410
|
410,384
|
|
Total Asset-Backed Securities — 22.5%
(Cost: $83,267,711)
|
83,646,158
|
||
|
Corporate Bonds
|
|||
|
Aerospace & Defense — 0.8%
|
|||
|
Boeing Co. (The), 6.30%, 05/01/29
|
|
550
|
581,434
|
|
L3Harris Technologies, Inc.
|
|
|
|
|
5.40%, 01/15/27
|
|
569
|
578,428
|
|
5.05%, 06/01/29
|
|
495
|
506,369
|
|
RTX Corp.
|
|
|
|
|
2.65%, 11/01/26
|
|
38
|
37,237
|
|
3.50%, 03/15/27
|
|
470
|
464,340
|
|
3.13%, 05/04/27
|
|
770
|
754,869
|
|
|
|
|
2,922,677
|
|
Automobile Components — 0.1%
|
|||
|
Aptiv Swiss Holdings Ltd., 4.65%, 09/13/29
|
|
440
|
438,853
|
|
Automobiles — 0.1%
|
|||
|
Stellantis NV, 3.38%, 11/19/28(e)
|
EUR
|
200
|
237,829
|
|
Traton Finance Luxembourg SA, 4.13%, 11/22/25(e)
|
|
100
|
118,464
|
|
|
|
|
356,293
|
|
Banks — 8.8%
|
|||
|
Bank of America Corp.
|
|
|
|
|
3.56%, 04/23/27
|
USD
|
914
|
907,434
|
|
1.73%, 07/22/27
|
|
255
|
247,855
|
|
2.55%, 02/04/28
|
|
125
|
121,487
|
|
6.20%, 11/10/28
|
|
1,235
|
1,285,237
|
|
3.42%, 12/20/28
|
|
385
|
376,331
|
|
4.98%, 01/24/29
|
|
690
|
699,842
|
|
4.62%, 05/09/29
|
|
200
|
201,269
|
|
5.82%, 09/15/29
|
|
166
|
172,925
|
|
5.16%, 01/24/31
|
|
778
|
797,411
|
|
Series N, 1.66%, 03/11/27
|
|
1,220
|
1,196,782
|
|
Security
|
|
Par
(000)
|
Value
|
|
Banks (continued)
|
|||
|
Citibank N.A., 4.91%, 05/29/30
|
USD
|
575
|
$ 586,039
|
|
Citigroup, Inc.
|
|
|
|
|
5.61%, 09/29/26
|
|
2,083
|
2,087,678
|
|
3.20%, 10/21/26
|
|
1,190
|
1,172,998
|
|
4.64%, 05/07/28
|
|
1,290
|
1,293,419
|
|
4.79%, 03/04/29
|
|
1,035
|
1,042,433
|
|
5.17%, 02/13/30
|
|
370
|
377,487
|
|
4.54%, 09/19/30
|
|
525
|
522,620
|
|
4.95%, 05/07/31
|
|
600
|
606,838
|
|
Goldman Sachs Bank U.S.A., 5.28%, 03/18/27
|
|
201
|
201,992
|
|
JPMorgan Chase & Co.
|
|
|
|
|
1.05%, 11/19/26
|
|
915
|
902,647
|
|
3.96%, 01/29/27
|
|
97
|
96,745
|
|
6.07%, 10/22/27
|
|
1,036
|
1,058,498
|
|
5.57%, 04/22/28
|
|
585
|
597,004
|
|
4.98%, 07/22/28
|
|
1,002
|
1,014,849
|
|
4.92%, 01/24/29
|
|
2,170
|
2,199,140
|
|
5.30%, 07/24/29
|
|
119
|
122,179
|
|
5.00%, 07/22/30
|
|
505
|
514,223
|
|
5.14%, 01/24/31
|
|
512
|
525,045
|
|
5.10%, 04/22/31
|
|
2,167
|
2,220,751
|
|
KeyCorp, 5.12%, 04/04/31
|
|
200
|
202,387
|
|
Morgan Stanley Bank N.A.
|
|
|
|
|
4.95%, 01/14/28
|
|
915
|
922,370
|
|
4.97%, 07/14/28
|
|
765
|
774,164
|
|
5.02%, 01/12/29
|
|
830
|
842,904
|
|
PNC Bank N.A., 4.54%, 05/13/27
|
|
1,060
|
1,060,533
|
|
Royal Bank of Canada, 4.88%, 01/12/26
|
|
12
|
12,024
|
|
Truist Financial Corp.
|
|
|
|
|
6.05%, 06/08/27
|
|
351
|
355,716
|
|
5.44%, 01/24/30
|
|
147
|
151,406
|
|
Wells Fargo & Co.
|
|
|
|
|
4.54%, 08/15/26
|
|
55
|
54,988
|
|
5.71%, 04/22/28
|
|
165
|
168,583
|
|
3.58%, 05/22/28
|
|
440
|
433,224
|
|
4.81%, 07/25/28
|
|
95
|
95,801
|
|
4.97%, 04/23/29
|
|
535
|
542,486
|
|
5.57%, 07/25/29
|
|
540
|
557,581
|
|
5.20%, 01/23/30
|
|
560
|
573,609
|
|
5.15%, 04/23/31
|
|
769
|
787,581
|
|
Series W, 4.90%, 01/24/28
|
|
821
|
826,945
|
|
Westpac Banking Corp., 4.18%, 05/22/28(a)
|
|
1,205
|
1,210,482
|
|
|
|
|
32,721,942
|
|
Biotechnology — 0.4%
|
|||
|
AbbVie, Inc.
|
|
|
|
|
4.80%, 03/15/29
|
|
381
|
388,471
|
|
3.20%, 11/21/29
|
|
155
|
148,258
|
|
Amgen, Inc.
|
|
|
|
|
2.60%, 08/19/26
|
|
346
|
339,612
|
|
4.05%, 08/18/29
|
|
482
|
476,411
|
|
|
|
|
1,352,752
|
|
Capital Markets — 4.5%
|
|||
|
Deutsche Bank AG
|
|
|
|
|
5.37%, 01/10/29
|
|
336
|
341,898
|
|
5.00%, 09/11/30
|
|
275
|
277,082
|
|
Goldman Sachs Group, Inc. (The)
|
|
|
|
|
1.43%, 03/09/27
|
|
1,235
|
1,208,322
|
|
1.95%, 10/21/27
|
|
689
|
667,132
|
|
2.64%, 02/24/28
|
|
400
|
388,481
|
|
4.94%, 04/23/28
|
|
1,965
|
1,980,315
|
|
4.48%, 08/23/28
|
|
940
|
941,249
|
|
6.48%, 10/24/29
|
|
515
|
546,295
|
|
Security
|
|
Par
(000)
|
Value
|
|
Capital Markets (continued)
|
|||
|
Goldman Sachs Group, Inc. (The)
|
|
|
|
|
5.05%, 07/23/30
|
USD
|
730
|
$ 742,121
|
|
5.21%, 01/28/31
|
|
543
|
555,710
|
|
5.22%, 04/23/31
|
|
1,740
|
1,783,798
|
|
Morgan Stanley
|
|
|
|
|
3.88%, 01/27/26
|
|
758
|
754,825
|
|
1.59%, 05/04/27
|
|
1,719
|
1,677,488
|
|
6.30%, 10/18/28
|
|
450
|
468,754
|
|
4.99%, 04/12/29
|
|
935
|
948,602
|
|
5.45%, 07/20/29
|
|
545
|
560,506
|
|
5.17%, 01/16/30
|
|
170
|
173,561
|
|
5.04%, 07/19/30
|
|
1,092
|
1,110,553
|
|
4.65%, 10/18/30
|
|
375
|
375,715
|
|
5.23%, 01/15/31
|
|
400
|
409,477
|
|
3.62%, 04/01/31
|
|
275
|
263,713
|
|
UBS AG, 5.00%, 07/09/27
|
|
491
|
498,584
|
|
|
|
|
16,674,181
|
|
Consumer Finance — 0.9%
|
|||
|
Ally Financial, Inc., 5.74%, 05/15/29
|
|
180
|
183,205
|
|
Capital One Financial Corp.
|
|
|
|
|
4.99%, 07/24/26
|
|
300
|
299,987
|
|
1.88%, 11/02/27
|
|
488
|
471,377
|
|
6.31%, 06/08/29
|
|
343
|
360,047
|
|
Ford Motor Credit Co. LLC
|
|
|
|
|
5.80%, 03/05/27
|
|
255
|
257,012
|
|
4.95%, 05/28/27
|
|
215
|
213,575
|
|
7.35%, 11/04/27
|
|
470
|
488,119
|
|
General Motors Financial Co., Inc., 5.55%, 07/15/29
|
|
152
|
155,273
|
|
Synchrony Financial
|
|
|
|
|
5.94%, 08/02/30
|
|
115
|
118,160
|
|
5.45%, 03/06/31
|
|
720
|
726,277
|
|
|
|
|
3,273,032
|
|
Containers & Packaging — 0.0%
|
|||
|
Amcor Flexibles North America, Inc., 5.10%,
03/17/30(a)
|
|
190
|
193,236
|
|
Diversified REITs — 3.3%
|
|||
|
American Tower Corp.
|
|
|
|
|
3.38%, 10/15/26
|
|
571
|
563,701
|
|
3.65%, 03/15/27
|
|
531
|
524,495
|
|
3.55%, 07/15/27
|
|
516
|
508,552
|
|
5.20%, 02/15/29
|
|
164
|
167,808
|
|
2.90%, 01/15/30
|
|
350
|
326,138
|
|
5.00%, 01/31/30
|
|
229
|
233,438
|
|
4.90%, 03/15/30
|
|
530
|
537,513
|
|
Crown Castle, Inc., 1.05%, 07/15/26
|
|
559
|
538,379
|
|
Equinix, Inc.
|
|
|
|
|
1.45%, 05/15/26
|
|
125
|
121,576
|
|
2.90%, 11/18/26
|
|
672
|
658,505
|
|
1.80%, 07/15/27
|
|
722
|
688,240
|
|
1.55%, 03/15/28
|
|
213
|
198,537
|
|
2.00%, 05/15/28
|
|
89
|
83,274
|
|
3.20%, 11/18/29
|
|
555
|
526,675
|
|
2.15%, 07/15/30
|
|
235
|
209,140
|
|
GLP Capital LP/GLP Financing II, Inc., 5.38%,
04/15/26
|
|
1,985
|
1,985,433
|
|
VICI Properties LP
|
|
|
|
|
4.75%, 02/15/28
|
|
206
|
207,130
|
|
4.75%, 04/01/28
|
|
110
|
110,900
|
|
4.95%, 02/15/30
|
|
225
|
226,316
|
|
VICI Properties LP/VICI Note Co., Inc.
|
|
|
|
|
4.50%, 09/01/26(a)
|
|
533
|
531,532
|
|
Security
|
|
Par
(000)
|
Value
|
|
Diversified REITs (continued)
|
|||
|
VICI Properties LP/VICI Note Co., Inc.
|
|
|
|
|
4.25%, 12/01/26(a)
|
USD
|
775
|
$ 770,275
|
|
5.75%, 02/01/27(a)
|
|
680
|
689,406
|
|
4.50%, 01/15/28(a)
|
|
874
|
869,399
|
|
3.88%, 02/15/29(a)
|
|
75
|
72,552
|
|
4.63%, 12/01/29(a)
|
|
532
|
522,657
|
|
4.13%, 08/15/30(a)
|
|
590
|
566,293
|
|
|
|
|
12,437,864
|
|
Diversified Telecommunication Services — 0.3%
|
|||
|
AT&T Inc.
|
|
|
|
|
1.65%, 02/01/28
|
|
435
|
408,085
|
|
4.70%, 08/15/30
|
|
580
|
585,264
|
|
NTT Finance Corp., 4.37%, 07/27/27(a)
|
|
275
|
275,066
|
|
|
|
|
1,268,415
|
|
Electric Utilities — 2.8%
|
|||
|
AEP Texas, Inc.
|
|
|
|
|
3.95%, 06/01/28
|
|
110
|
108,707
|
|
5.45%, 05/15/29
|
|
576
|
594,559
|
|
Dominion Energy, Inc., 5.00%, 06/15/30
|
|
273
|
278,610
|
|
Duke Energy Carolinas LLC, 4.85%, 03/15/30
|
|
335
|
342,365
|
|
Duke Energy Corp.
|
|
|
|
|
4.85%, 01/05/29
|
|
840
|
853,194
|
|
3.40%, 06/15/29
|
|
110
|
105,946
|
|
Edison International, 4.70%, 08/15/25
|
|
380
|
379,411
|
|
Eversource Energy
|
|
|
|
|
4.75%, 05/15/26
|
|
285
|
285,455
|
|
2.90%, 03/01/27
|
|
353
|
344,394
|
|
5.45%, 03/01/28
|
|
245
|
251,319
|
|
Exelon Corp.
|
|
|
|
|
5.15%, 03/15/28
|
|
253
|
258,601
|
|
5.15%, 03/15/29
|
|
270
|
276,976
|
|
FirstEnergy Corp.
|
|
|
|
|
Series B, 3.90%, 07/15/27
|
|
230
|
227,421
|
|
Series B, 2.25%, 09/01/30
|
|
237
|
210,444
|
|
FirstEnergy Transmission LLC, 4.55%, 01/15/30
|
|
175
|
175,088
|
|
National Rural Utilities Cooperative Finance Corp.,
4.75%, 02/07/28
|
|
117
|
118,510
|
|
NextEra Energy Capital Holdings, Inc.
|
|
|
|
|
4.85%, 02/04/28
|
|
485
|
491,672
|
|
1.90%, 06/15/28
|
|
22
|
20,557
|
|
NRG Energy, Inc., 2.45%, 12/02/27(a)
|
|
243
|
230,634
|
|
Ohio Edison Co., 4.95%, 12/15/29(a)
|
|
240
|
243,287
|
|
Oncor Electric Delivery Co. LLC, 4.65%, 11/01/29
|
|
444
|
449,115
|
|
Pacific Gas & Electric Co.
|
|
|
|
|
3.45%, 07/01/25
|
|
255
|
255,000
|
|
(3-mo. SOFR Index + 0.95%), 5.34%, 09/04/25(b)
|
|
720
|
719,997
|
|
5.55%, 05/15/29
|
|
1,177
|
1,195,979
|
|
Public Service Enterprise Group, Inc., 4.90%,
03/15/30
|
|
245
|
249,208
|
|
Southern California Edison Co.
|
|
|
|
|
5.65%, 10/01/28
|
|
110
|
112,666
|
|
5.15%, 06/01/29
|
|
122
|
123,226
|
|
Southern Co. (The), 5.50%, 03/15/29
|
|
719
|
748,498
|
|
Texas Electric Market Stabilization Funding N LLC,
Series A-1, 4.27%, 08/01/34(a)
|
|
283
|
280,298
|
|
Vistra Operations Co. LLC
|
|
|
|
|
5.05%, 12/30/26(a)
|
|
120
|
120,587
|
|
3.70%, 01/30/27(a)
|
|
265
|
261,549
|
|
|
|
|
10,313,273
|
|
Security
|
|
Par
(000)
|
Value
|
|
Electrical Equipment — 0.0%
|
|||
|
NXP BV/NXP Funding LLC/NXP U.S.A., Inc., 3.40%,
05/01/30
|
USD
|
39
|
$ 36,911
|
|
Electronic Equipment, Instruments & Components — 0.1%
|
|||
|
Tyco Electronics Group SA, 4.50%, 02/09/31
|
|
275
|
274,759
|
|
Financial Services — 0.8%
|
|||
|
Glencore Funding LLC
|
|
|
|
|
4.00%, 03/27/27(a)
|
|
916
|
908,505
|
|
4.91%, 04/01/28(a)
|
|
530
|
535,396
|
|
5.40%, 05/08/28(a)
|
|
254
|
259,574
|
|
6.13%, 10/06/28(a)
|
|
423
|
442,602
|
|
5.37%, 04/04/29(a)
|
|
310
|
317,854
|
|
TER Finance Jersey Ltd., Series 22, 0.00%,
10/02/25(a)(f)
|
|
580
|
566,950
|
|
|
|
|
3,030,881
|
|
Ground Transportation — 0.6%
|
|||
|
Canadian Pacific Railway Co., 4.00%, 06/01/28
|
|
68
|
67,633
|
|
Ryder System, Inc.
|
|
|
|
|
2.85%, 03/01/27
|
|
370
|
360,389
|
|
5.25%, 06/01/28
|
|
130
|
133,377
|
|
4.90%, 12/01/29
|
|
65
|
65,922
|
|
Uber Technologies, Inc.
|
|
|
|
|
4.50%, 08/15/29(a)
|
|
1,125
|
1,117,059
|
|
4.30%, 01/15/30
|
|
410
|
408,109
|
|
|
|
|
2,152,489
|
|
Health Care Equipment & Supplies — 0.2%
|
|||
|
Becton Dickinson & Co., 5.08%, 06/07/29
|
|
600
|
613,057
|
|
Edwards Lifesciences Corp., 4.30%, 06/15/28
|
|
12
|
11,981
|
|
|
|
|
625,038
|
|
Health Care Providers & Services — 1.4%
|
|||
|
Elevance Health, Inc., 5.15%, 06/15/29
|
|
414
|
425,812
|
|
HCA, Inc.
|
|
|
|
|
5.88%, 02/15/26
|
|
215
|
215,233
|
|
5.25%, 06/15/26
|
|
590
|
590,819
|
|
5.38%, 09/01/26
|
|
876
|
880,425
|
|
5.00%, 03/01/28
|
|
1,045
|
1,060,526
|
|
5.63%, 09/01/28
|
|
727
|
748,488
|
|
4.13%, 06/15/29
|
|
610
|
599,343
|
|
5.25%, 03/01/30
|
|
500
|
512,597
|
|
Humana, Inc., 5.75%, 03/01/28
|
|
124
|
127,949
|
|
PeaceHealth Obligated Group, Series 2020, 1.38%,
11/15/25
|
|
114
|
112,382
|
|
|
|
|
5,273,574
|
|
Health Care REITs — 0.0%
|
|||
|
Healthpeak OP LLC, 1.35%, 02/01/27
|
|
10
|
9,532
|
|
Industrial Conglomerates — 0.2%
|
|||
|
3M Co., 4.80%, 03/15/30
|
|
325
|
330,401
|
|
Honeywell International, Inc., 4.70%, 02/01/30
|
|
320
|
324,768
|
|
|
|
|
655,169
|
|
Interactive Media & Services — 0.1%
|
|||
|
Netflix, Inc.
|
|
|
|
|
5.88%, 11/15/28
|
|
215
|
226,638
|
|
4.88%, 06/15/30(a)
|
|
280
|
286,488
|
|
|
|
|
513,126
|
|
IT Services — 0.3%
|
|||
|
Fidelity National Information Services, Inc.
|
|
|
|
|
1.15%, 03/01/26
|
|
349
|
341,438
|
|
1.65%, 03/01/28
|
|
225
|
209,981
|
|
Foundry JV Holdco LLC, 5.90%, 01/25/30(a)
|
|
200
|
208,996
|
|
Security
|
|
Par
(000)
|
Value
|
|
IT Services (continued)
|
|||
|
Global Payments, Inc.
|
|
|
|
|
1.20%, 03/01/26
|
USD
|
282
|
$ 275,376
|
|
4.80%, 04/01/26
|
|
178
|
177,904
|
|
|
|
|
1,213,695
|
|
Media — 1.0%
|
|||
|
Charter Communications Operating LLC/Charter
Communications Operating Capital
|
|
|
|
|
6.15%, 11/10/26
|
|
1,335
|
1,360,555
|
|
4.20%, 03/15/28
|
|
813
|
805,884
|
|
2.25%, 01/15/29
|
|
1,372
|
1,263,591
|
|
Warnermedia Holdings, Inc., 3.76%, 03/15/27
|
|
145
|
140,843
|
|
|
|
|
3,570,873
|
|
Metals & Mining — 0.1%
|
|||
|
Anglo American Capital PLC, 3.75%, 06/15/29(e)
|
EUR
|
380
|
460,557
|
|
Multi-Utilities — 0.1%
|
|||
|
Consumers Energy Co., 4.50%, 01/15/31
|
USD
|
270
|
271,056
|
|
Oil, Gas & Consumable Fuels — 3.7%
|
|||
|
Canadian Natural Resources Ltd., 5.00%, 12/15/29(a)
|
|
300
|
302,703
|
|
Cheniere Corpus Christi Holdings LLC, 3.70%,
11/15/29
|
|
600
|
578,820
|
|
Cheniere Energy Partners LP, 4.50%, 10/01/29
|
|
1,593
|
1,575,948
|
|
Diamondback Energy, Inc.
|
|
|
|
|
3.50%, 12/01/29
|
|
493
|
471,613
|
|
5.15%, 01/30/30
|
|
480
|
490,952
|
|
Enbridge, Inc., 5.25%, 04/05/27
|
|
174
|
176,546
|
|
Energy Transfer LP
|
|
|
|
|
4.20%, 04/15/27
|
|
126
|
125,490
|
|
5.50%, 06/01/27
|
|
735
|
748,136
|
|
6.10%, 12/01/28
|
|
827
|
868,739
|
|
5.25%, 07/01/29
|
|
365
|
373,939
|
|
EQT Corp.
|
|
|
|
|
3.13%, 05/15/26(a)
|
|
111
|
109,291
|
|
6.50%, 07/01/27(a)
|
|
155
|
158,493
|
|
3.90%, 10/01/27
|
|
521
|
514,094
|
|
4.50%, 01/15/29(a)
|
|
270
|
266,718
|
|
5.00%, 01/15/29
|
|
188
|
189,593
|
|
6.38%, 04/01/29(a)
|
|
881
|
908,747
|
|
7.00%, 02/01/30
|
|
433
|
469,389
|
|
7.50%, 06/01/30(a)
|
|
890
|
978,121
|
|
4.75%, 01/15/31(a)
|
|
380
|
374,024
|
|
Expand Energy Corp., 5.38%, 03/15/30
|
|
619
|
620,736
|
|
Kinder Morgan, Inc., 5.15%, 06/01/30
|
|
150
|
153,153
|
|
Occidental Petroleum Corp., 5.00%, 08/01/27
|
|
68
|
68,585
|
|
Sabine Pass Liquefaction LLC
|
|
|
|
|
5.88%, 06/30/26
|
|
1,198
|
1,204,520
|
|
5.00%, 03/15/27
|
|
101
|
101,606
|
|
4.20%, 03/15/28
|
|
837
|
832,567
|
|
Targa Resources Partners LP/Targa Resources
Partners Finance Corp., 5.50%, 03/01/30
|
|
918
|
931,658
|
|
Williams Cos., Inc. (The), 3.75%, 06/15/27
|
|
99
|
97,854
|
|
|
|
|
13,692,035
|
|
Passenger Airlines — 0.1%
|
|||
|
AS Mileage Plan IP Ltd., 5.02%, 10/20/29(a)
|
|
545
|
539,306
|
|
Professional Services — 0.1%
|
|||
|
Paychex, Inc., 5.10%, 04/15/30
|
|
555
|
568,420
|
|
Retail REITs — 0.1%
|
|||
|
Realty Income Corp., 3.25%, 06/15/29
|
|
258
|
247,545
|
|
Security
|
|
Par
(000)
|
Value
|
|
Semiconductors & Semiconductor Equipment — 0.7%
|
|||
|
Broadcom, Inc.
|
|
|
|
|
5.05%, 07/12/27
|
USD
|
274
|
$ 277,876
|
|
4.80%, 04/15/28
|
|
505
|
512,304
|
|
5.05%, 07/12/29
|
|
807
|
826,383
|
|
4.15%, 11/15/30
|
|
545
|
536,274
|
|
Intel Corp., 5.13%, 02/10/30
|
|
310
|
316,986
|
|
|
|
|
2,469,823
|
|
Software — 1.0%
|
|||
|
AppLovin Corp., 5.13%, 12/01/29
|
|
2,118
|
2,145,568
|
|
Oracle Corp.
|
|
|
|
|
2.65%, 07/15/26
|
|
71
|
69,720
|
|
2.80%, 04/01/27
|
|
195
|
190,081
|
|
3.25%, 11/15/27
|
|
738
|
721,391
|
|
4.20%, 09/27/29
|
|
245
|
243,313
|
|
Synopsys, Inc.
|
|
|
|
|
4.65%, 04/01/28
|
|
190
|
191,934
|
|
4.85%, 04/01/30
|
|
240
|
243,329
|
|
|
|
|
3,805,336
|
|
Tobacco — 1.5%
|
|||
|
Altria Group, Inc.
|
|
|
|
|
6.20%, 11/01/28
|
|
399
|
421,178
|
|
4.80%, 02/14/29
|
|
625
|
631,934
|
|
BAT Capital Corp.
|
|
|
|
|
3.56%, 08/15/27
|
|
1,406
|
1,383,449
|
|
6.34%, 08/02/30
|
|
61
|
65,732
|
|
BAT International Finance PLC
|
|
|
|
|
1.67%, 03/25/26
|
|
91
|
89,113
|
|
4.45%, 03/16/28
|
|
277
|
277,444
|
|
5.93%, 02/02/29
|
|
555
|
582,423
|
|
Japan Tobacco, Inc., 4.85%, 05/15/28(a)
|
|
600
|
609,007
|
|
Philip Morris International, Inc.
|
|
|
|
|
4.88%, 02/15/28
|
|
778
|
791,103
|
|
3.13%, 03/02/28
|
|
152
|
148,061
|
|
4.38%, 04/30/30
|
|
490
|
488,815
|
|
|
|
|
5,488,259
|
|
Wireless Telecommunication Services — 1.2%
|
|||
|
Rogers Communications, Inc.
|
|
|
|
|
2.90%, 11/15/26
|
|
60
|
58,705
|
|
3.20%, 03/15/27
|
|
825
|
808,878
|
|
5.00%, 02/15/29
|
|
435
|
441,162
|
|
T-Mobile U.S.A., Inc.
|
|
|
|
|
1.50%, 02/15/26
|
|
260
|
254,906
|
|
4.75%, 02/01/28
|
|
868
|
867,835
|
|
2.05%, 02/15/28
|
|
902
|
852,556
|
|
3.38%, 04/15/29
|
|
410
|
394,480
|
|
3.88%, 04/15/30
|
|
723
|
702,190
|
|
|
|
|
4,380,712
|
|
Total Corporate Bonds — 35.3%
(Cost: $129,548,030)
|
131,231,614
|
||
|
Foreign Government Obligations
|
|||
|
Canada — 0.4%
|
|||
|
OMERS Finance Trust, 4.38%, 03/20/30(a)
|
|
550
|
557,592
|
|
Ontario Teachers’ Finance Trust, 4.25%, 04/25/28(a)
|
|
965
|
973,848
|
|
|
|
|
1,531,440
|
|
Uruguay — 0.0%
|
|||
|
Oriental Republic of Uruguay, 4.38%, 01/23/31
|
|
0
(g)
|
3
|
|
Total Foreign Government Obligations — 0.4%
(Cost: $1,513,004)
|
1,531,443
|
||
|
Security
|
|
Par
(000)
|
Value
|
|
Non-Agency Mortgage-Backed Securities
|
|||
|
Collateralized Mortgage Obligations — 6.6%
|
|||
|
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%,
10/25/64(a)(c)
|
USD
|
388
|
$ 388,272
|
|
Angel Oak Mortgage Trust
|
|
|
|
|
Series 2020-2, Class A1A, 2.53%, 01/26/65(a)(b)
|
|
103
|
97,334
|
|
Series 2022-2, Class A1, 3.35%, 01/25/67(a)(b)
|
|
253
|
237,971
|
|
Series 2023-6, Class A1, 6.50%, 12/25/67(a)(c)
|
|
146
|
146,758
|
|
Series 2025-2, Class A1, 5.64%, 02/25/70(a)(c)
|
|
212
|
213,031
|
|
Series 2025-7, Class A1, 5.51%, 06/25/70(a)(b)
|
|
780
|
783,835
|
|
Angel Oak Mortgage Trust I LLC, Series 2019-2,
Class B1, 5.02%, 03/25/49(a)(b)
|
|
314
|
313,562
|
|
Arroyo Mortgage Trust, Series 2022-2, Class A1,
4.95%, 07/25/57(a)(c)
|
|
212
|
211,396
|
|
Barclays Mortgage Loan Trust, Series 2024-NQM1,
Class A1, 5.90%, 01/25/64(a)(c)
|
|
327
|
328,592
|
|
BRAVO Residential Funding Trust
|
|
|
|
|
Series 2023-NQM6, Class A1, 6.60%, 09/25/63(a)(c)
|
|
306
|
308,375
|
|
Series 2024-NQM1, Class A1, 5.94%, 12/01/63(a)(c)
|
|
594
|
597,207
|
|
Series 2025-NQM2, Class A1, 5.68%, 11/25/64(a)(c)
|
|
302
|
303,581
|
|
Series 2025-NQM3, Class A1, 5.57%, 03/25/65(a)(c)
|
|
145
|
145,689
|
|
Series 2025-NQM4, Class A1, 5.61%, 02/25/65(a)(c)
|
|
387
|
389,780
|
|
Bunker Hill Loan Depositary Trust, Series 2019-3,
Class A1, 2.72%, 11/25/59(a)(c)
|
|
158
|
155,575
|
|
Chase Home Lending Mortgage Trust
|
|
|
|
|
Series 2019-ATR2, Class A3, 3.50%, 07/25/49(a)(b)
|
|
123
|
111,763
|
|
Series 2025-3, Class A11, (SOFR (30-day) +
1.30%), 7.50%, 02/25/56(a)(b)
|
|
565
|
565,686
|
|
COLT Mortgage Loan Trust
|
|
|
|
|
Series 2022-3, Class A1, 3.90%, 02/25/67(a)(b)
|
|
104
|
102,041
|
|
Series 2023-2, Class A1, 6.60%, 07/25/68(a)(c)
|
|
203
|
204,545
|
|
Series 2025-4, Class A1, 5.79%, 04/25/70(a)(c)
|
|
496
|
500,791
|
|
Series 2025-INV2, Class A1, 5.60%, 02/25/70(a)(c)
|
|
182
|
183,147
|
|
Credit Suisse Mortgage Trust, Series 2022-ATH1,
Class A1A, 2.87%, 01/25/67(a)(b)
|
|
214
|
206,256
|
|
Cross Mortgage Trust
|
|
|
|
|
Series 2025-H2, Class A1, 5.36%, 03/25/70(a)(b)
|
|
340
|
339,474
|
|
Series 2025-H3, Class A1, 5.88%, 04/25/70(a)(b)
|
|
702
|
710,079
|
|
Ellington Financial Mortgage Trust, Series 2025-INV2,
Class A1, 5.39%, 05/26/70(a)(c)
|
|
406
|
406,898
|
|
Flagstar Mortgage Trust
|
|
|
|
|
Series 2020-1INV, Class A11, (1-mo. CME Term
SOFR + 0.96%), 5.28%, 03/25/50(a)(b)
|
|
364
|
348,121
|
|
Series 2021-12, Class A19, 5.00%, 11/25/51(a)(b)
|
|
584
|
573,895
|
|
GCAT Trust, Series 2021-NQM7, Class A1, 1.92%,
08/25/66(a)(b)
|
|
173
|
160,498
|
|
HOMES Trust
|
|
|
|
|
Series 2023-NQM2, Class A1, 6.46%, 02/25/68(a)(c)
|
|
394
|
395,733
|
|
Series 2024-NQM2, Class A1, 5.72%, 10/25/69(a)(c)
|
|
463
|
465,159
|
|
Series 2025-NQM2, Class A1, 5.43%, 02/25/70(a)(c)
|
|
417
|
417,567
|
|
Homeward Opportunities Fund I Trust
|
|
|
|
|
Series 2020-2, Class A3, 3.20%, 05/25/65(a)(b)
|
|
335
|
331,657
|
|
Series 2022-1, Class A1, 5.08%, 07/25/67(a)(c)
|
|
156
|
155,183
|
|
JPMorgan Mortgage Trust
|
|
|
|
|
Series 2014-2, Class 1A1, 3.00%, 06/25/29(a)(b)
|
|
107
|
104,888
|
|
Series 2023-DSC1, Class A1, 4.63%, 07/25/63(a)(b)
|
|
328
|
318,698
|
|
Series 2024-2, Class A3, 6.00%, 08/25/54(a)(b)
|
|
84
|
85,050
|
|
Mello Mortgage Capital Acceptance, Series 2022-
INV2, Class A3, 3.00%, 04/25/52(a)(b)
|
|
387
|
328,272
|
|
MFA Trust
|
|
|
|
|
Series 2021-INV2, Class A1, 1.91%, 11/25/56(a)(b)
|
|
225
|
200,946
|
|
Series 2023-INV2, Class A1, 6.78%, 10/25/58(a)(c)
|
|
134
|
135,270
|
|
Series 2023-NQM3, Class A1, 6.62%, 07/25/68(a)(c)
|
|
329
|
331,750
|
|
Security
|
|
Par
(000)
|
Value
|
|
Collateralized Mortgage Obligations (continued)
|
|||
|
MFA Trust
|
|
|
|
|
Series 2025-NQM1, Class A1, 5.44%, 03/25/70(a)(c)
|
USD
|
695
|
$ 695,687
|
|
Series 2025-NQM2, Class A1, 5.68%, 05/27/70(a)(c)
|
|
363
|
364,611
|
|
Mill City Mortgage Loan Trust
|
|
|
|
|
Series 2017-1, Class M2, 3.25%, 11/25/58(a)(b)
|
|
123
|
121,434
|
|
Series 2017-3, Class A1, 2.75%, 01/25/61(a)(b)
|
|
1
|
1,057
|
|
Series 2023-NQM2, Class A1, 6.24%, 12/25/67(a)(c)
|
|
418
|
418,563
|
|
Mill City Mortgage Trust, Series 2015-2, Class M3,
3.71%, 09/25/57(a)(b)
|
|
326
|
321,710
|
|
Morgan Stanley Residential Mortgage Loan Trust
|
|
|
|
|
Series 2024-NQM5, Class A1, 5.65%, 10/25/69(a)(b)
|
|
688
|
691,105
|
|
Series 2025-DSC1, Class A1, 5.56%, 03/25/70(a)(c)
|
|
382
|
384,592
|
|
Series 2025-NQM4, Class A1, 5.59%, 06/25/70(a)(c)
|
|
570
|
569,993
|
|
New Residential Mortgage Loan Trust
|
|
|
|
|
Series 2020-1A, Class A1B, 3.50%, 10/25/59(a)(b)
|
|
256
|
239,571
|
|
Series 2025-NQM2, Class A1, 5.57%, 04/25/65(a)(c)
|
|
269
|
270,229
|
|
OBX Trust
|
|
|
|
|
Series 2020-EXP3, Class 2A1B, (1-mo. CME Term
SOFR + 1.01%), 5.33%, 01/25/60(a)(b)
|
|
457
|
455,381
|
|
Series 2022-INV3, Class A1, 3.00%, 02/25/52(a)(b)
|
|
172
|
146,525
|
|
Series 2023-NQM6, Class A1, 6.52%, 07/25/63(a)(c)
|
|
384
|
387,379
|
|
Series 2025-NQM3, Class A1, 5.65%, 12/01/64(a)(c)
|
|
166
|
167,215
|
|
Series 2025-NQM4, Class A1, 5.40%, 02/25/55(a)(c)
|
|
349
|
348,646
|
|
Series 2025-NQM6, Class A1, 5.60%, 03/25/65(a)(c)
|
|
275
|
276,187
|
|
PRET Trust, Series 2025-RPL2, Class A1, 4.00%,
08/25/64(a)(c)
|
|
97
|
94,154
|
|
PRKCM Trust
|
|
|
|
|
Series 2021-AFC2, Class A1, 2.07%, 11/25/56(a)(b)
|
|
282
|
249,830
|
|
Series 2023-AFC3, Class A1, 6.58%, 09/25/58(a)(c)
|
|
349
|
351,691
|
|
PRP Advisors LLC
|
|
|
|
|
Series 2023-NQM2, Class A1, 6.25%, 08/25/68(a)(c)
|
|
113
|
113,958
|
|
Series 2024-NQM2, Class A1, 6.33%, 06/25/69(a)(c)
|
|
89
|
90,571
|
|
Series 2024-RCF1, Class A1, 4.00%, 01/25/54(a)(c)
|
|
87
|
84,846
|
|
Series 2025-NQM1, Class A1, 5.80%, 11/25/69(a)(c)
|
|
261
|
262,949
|
|
RCKT Mortgage Trust, Series 2022-2, Class A1,
3.00%, 02/25/52(a)(b)
|
|
396
|
335,800
|
|
Residential Mortgage Loan Trust, Series 2019-3,
Class M1, 3.26%, 09/25/59(a)(b)
|
|
385
|
379,679
|
|
Santander Mortgage Asset Receivable Trust,
Series 2025-NQM2, Class A1, 5.73%, 02/25/65(a)(c)
|
|
334
|
336,874
|
|
Sequoia Mortgage Trust, Series 2024-HYB1,
Class A1A, 4.47%, 11/25/63(a)(b)
|
|
415
|
418,814
|
|
SG Residential Mortgage Trust, Series 2022-2,
Class A1, 5.35%, 08/25/62(a)(c)
|
|
130
|
129,229
|
|
Starwood Mortgage Residential Trust, Series 2020-3,
Class A1, 1.49%, 04/25/65(a)(b)
|
|
99
|
95,512
|
|
Towd Point Mortgage Trust
|
|
|
|
|
Series 2015-1, Class A5, 4.69%, 10/25/53(a)(b)
|
|
299
|
296,926
|
|
Series 2016-2, Class M1, 3.00%, 08/25/55(a)(b)
|
|
191
|
187,603
|
|
Series 2017-4, Class A1, 2.75%, 06/25/57(a)(b)
|
|
51
|
50,064
|
|
Series 2018-1, Class A1, 3.00%, 01/25/58(a)(b)
|
|
117
|
115,460
|
|
Series 2018-2, Class A1, 3.25%, 03/25/58(a)(b)
|
|
323
|
318,149
|
|
Series 2018-6, Class A1A, 3.75%, 03/25/58(a)(b)
|
|
303
|
299,845
|
|
Verus Securitization Trust
|
|
|
|
|
Series 2022-1, Class A1, 2.72%, 01/25/67(a)(c)
|
|
131
|
122,072
|
|
Series 2022-2, Class A1, 4.26%, 02/25/67(a)(c)
|
|
211
|
201,234
|
|
Series 2022-3, Class A1, 4.13%, 02/25/67(a)(c)
|
|
310
|
296,114
|
|
Series 2022-INV2, Class A1, 6.79%, 10/25/67(a)(c)
|
|
196
|
196,340
|
|
Series 2023-2, Class A1, 6.19%, 03/25/68(a)(c)
|
|
160
|
160,646
|
|
Series 2023-3, Class A1, 5.93%, 03/25/68(a)(c)
|
|
602
|
602,471
|
|
Series 2025-3, Class A1, 5.62%, 05/25/70(a)(c)
|
|
670
|
673,039
|
|
|
24,628,080
|
||
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Mortgage-Backed Securities — 9.2%
|
|||
|
1345 Trust
|
|
|
|
|
Series 2025-AOA, Class A, (1-mo. CME Term
SOFR + 1.60%), 5.90%, 06/15/30(a)(b)
|
USD
|
260
|
$ 260,406
|
|
Series 2025-AOA, Class B, (1-mo. CME Term
SOFR + 2.00%), 6.30%, 06/15/30(a)(b)
|
|
147
|
147,183
|
|
280 Park Avenue Mortgage Trust, Series 2017-280P,
Class A, (1-mo. CME Term SOFR + 1.18%), 5.49%,
09/15/34(a)(b)
|
|
600
|
594,375
|
|
ALA Trust
|
|
|
|
|
Series 2025-OANA, Class A, (1-mo. CME Term
SOFR + 1.74%), 6.04%, 06/15/40(a)(b)
|
|
299
|
300,589
|
|
Series 2025-OANA, Class B, (1-mo. CME Term
SOFR + 1.84%), 6.14%, 06/15/40(a)(b)
|
|
211
|
211,066
|
|
Alen Mortgage Trust, Series 2021-ACEN, Class A,
(1-mo. CME Term SOFR + 1.26%), 5.58%,
04/15/34(a)(b)
|
|
420
|
402,150
|
|
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF1, Class ASB, 2.58%, 05/15/53(a)
|
|
492
|
472,585
|
|
ARES Trust, Series 2025-IND3, Class A, (1-mo. CME
Term SOFR + 1.50%), 5.81%, 04/15/42(a)(b)
|
|
300
|
300,374
|
|
BANK5
|
|
|
|
|
Series 2024-5YR10, Class A3, 5.30%, 10/15/57
|
|
975
|
999,087
|
|
Series 2024-5YR11, Class A3, 5.89%, 11/15/57
|
|
195
|
204,280
|
|
Series 2024-5YR8, Class A3, 5.88%, 08/15/57
|
|
220
|
229,538
|
|
Barclays Commercial Mortgage Trust, Series 2019-C5,
Class ASB, 2.99%, 11/15/52
|
|
211
|
206,175
|
|
BAY Mortgage Trust, Series 2025-LIVN, Class A, (1-
mo. CME Term SOFR + 1.80%), 6.11%,
05/15/35(a)(b)
|
|
386
|
386,312
|
|
BBCMS Mortgage Trust
|
|
|
|
|
Series 2018-TALL, Class A, (1-mo. CME Term
SOFR + 0.92%), 5.23%, 03/15/37(a)(b)
|
|
200
|
189,032
|
|
Series 2024-5C29, Class A3, 5.21%, 09/15/57
|
|
640
|
652,695
|
|
Series 2024-5C31, Class A3, 5.61%, 12/15/57
|
|
390
|
404,256
|
|
Series 2025-5C33, Class A4, 5.84%, 03/15/58
|
|
250
|
261,683
|
|
Benchmark Mortgage Trust
|
|
|
|
|
Series 2022-B34, Class AM, 3.96%, 04/15/55(b)
|
|
265
|
236,098
|
|
Series 2024-V12, Class A3, 5.74%, 12/15/57
|
|
1,100
|
1,145,690
|
|
BFLD Trust
|
|
|
|
|
Series 2024-UNIV, Class A, (1-mo. CME Term
SOFR + 1.49%), 5.80%, 11/15/41(a)(b)
|
|
100
|
100,125
|
|
Series 2024-UNIV, Class B, (1-mo. CME Term
SOFR + 1.84%), 6.15%, 11/15/41(a)(b)
|
|
70
|
70,088
|
|
Series 2024-WRHS, Class A, (1-mo. CME Term
SOFR + 1.49%), 5.80%, 08/15/26(a)(b)
|
|
278
|
278,099
|
|
Series 2025-EWEST, Class B, (1-mo. CME Term
SOFR + 1.90%), 6.20%, 06/15/42(a)(b)
|
|
260
|
260,163
|
|
BMO Mortgage Trust
|
|
|
|
|
Series 2024-5C6, Class A3, 5.32%, 09/15/57
|
|
330
|
337,812
|
|
Series 2024-5C8, Class A3, 5.63%, 12/15/57(b)
|
|
390
|
404,703
|
|
Series 2025-5C9, Class AS, 6.17%, 04/15/58(b)
|
|
155
|
161,725
|
|
Series 2025-C11, Class A5, 5.69%, 02/15/58
|
|
216
|
225,909
|
|
Series 2025-C11, Class ASB, 5.68%, 02/15/58
|
|
185
|
194,947
|
|
BSTN Commercial Mortgage Trust, Series 2025-1C,
Class A, 5.55%, 06/15/44(a)(b)
|
|
197
|
201,419
|
|
BX Commercial Mortgage Trust
|
|
|
|
|
Series 2023-XL3, Class A, (1-mo. CME Term SOFR
+ 1.76%), 6.07%, 12/09/40(a)(b)
|
|
344
|
344,648
|
|
Series 2024-AIRC, Class A, (1-mo. CME Term
SOFR + 1.69%), 6.00%, 08/15/39(a)(b)
|
|
437
|
438,462
|
|
Series 2024-AIRC, Class B, (1-mo. CME Term
SOFR + 2.14%), 6.45%, 08/15/39(a)(b)
|
|
320
|
320,938
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Mortgage-Backed Securities (continued)
|
|||
|
BX Commercial Mortgage Trust
|
|
|
|
|
Series 2024-BRBK, Class A, (1-mo. CME Term
SOFR + 2.88%), 7.19%, 10/15/41(a)(b)
|
USD
|
201
|
$ 202,363
|
|
Series 2024-GPA3, Class A, (1-mo. CME Term
SOFR + 1.29%), 5.61%, 12/15/39(a)(b)
|
|
94
|
93,859
|
|
Series 2024-MF, Class B, (1-mo. CME Term SOFR
+ 1.69%), 6.00%, 02/15/39(a)(b)
|
|
124
|
124,196
|
|
BX Trust
|
|
|
|
|
Series 2022-IND, Class A, (1-mo. CME Term SOFR
+ 1.49%), 5.80%, 04/15/37(a)(b)
|
|
524
|
524,551
|
|
Series 2023-DELC, Class A, (1-mo. CME Term
SOFR + 2.69%), 7.00%, 05/15/38(a)(b)
|
|
460
|
462,869
|
|
Series 2024-BIO, Class A, (1-mo. CME Term SOFR
+ 1.64%), 5.95%, 02/15/41(a)(b)
|
|
626
|
626,000
|
|
Series 2024-CNYN, Class A, (1-mo. CME Term
SOFR + 1.44%), 5.75%, 04/15/41(a)(b)
|
|
111
|
111,104
|
|
Series 2024-PAT, Class A, (1-mo. CME Term SOFR
+ 2.09%), 6.40%, 03/15/41(a)(b)
|
|
250
|
250,000
|
|
Series 2024-PAT, Class B, (1-mo. CME Term SOFR
+ 3.04%), 7.35%, 03/15/41(a)(b)
|
|
100
|
100,000
|
|
Series 2024-VLT4, Class A, (1-mo. CME Term
SOFR + 1.49%), 5.80%, 07/15/29(a)(b)
|
|
380
|
379,881
|
|
Series 2025-LIFE, Class A, 5.88%, 06/13/47(a)(b)
|
|
500
|
509,307
|
|
Series 2025-ROIC, Class A, (1-mo. CME Term
SOFR + 1.14%), 5.46%, 03/15/30(a)(b)
|
|
513
|
509,794
|
|
Series 2025-TAIL, Class A, (1-mo. CME Term
SOFR + 1.40%), 5.71%, 06/15/35(a)(b)
|
|
185
|
185,289
|
|
CALI Mortgage Trust, Series 2024-SUN, Class A, (1-
mo. CME Term SOFR + 1.89%), 6.20%,
07/15/41(a)(b)
|
|
260
|
260,325
|
|
CD Mortgage Trust
|
|
|
|
|
Series 2016-CD2, Class A4, 3.53%, 11/10/49(b)
|
|
520
|
502,034
|
|
Series 2017-CD5, Class A4, 3.43%, 08/15/50
|
|
525
|
512,981
|
|
Series 2017-CD5, Class AAB, 3.22%, 08/15/50
|
|
395
|
390,998
|
|
CFCRE Commercial Mortgage Trust, Series 2016-C6,
Class A3, 3.22%, 11/10/49(b)
|
|
820
|
803,719
|
|
Citigroup Commercial Mortgage Trust
|
|
|
|
|
Series 2015-P1, Class A5, 3.72%, 09/15/48
|
|
62
|
61,853
|
|
Series 2016-C3, Class AAB, 2.98%, 11/15/49
|
|
190
|
188,378
|
|
Series 2018-B2, Class A4, 4.01%, 03/10/51
|
|
535
|
526,100
|
|
COAST Commercial Mortgage Trust, Series 2023-
2HTL, Class A, (1-mo. CME Term SOFR + 2.59%),
6.90%, 08/15/36(a)(b)
|
|
300
|
300,173
|
|
Commercial Mortgage Trust
|
|
|
|
|
Series 2015-CR24, Class B, 4.47%, 08/10/48(b)
|
|
500
|
494,645
|
|
Series 2015-CR25, Class A4, 3.76%, 08/10/48
|
|
487
|
486,335
|
|
Series 2015-LC23, Class A4, 3.77%, 10/10/48
|
|
550
|
547,757
|
|
CONE Trust, Series 2024-DFW1, Class A, (1-mo.
CME Term SOFR + 1.64%), 5.95%, 08/15/41(a)(b)
|
|
190
|
189,285
|
|
CSAIL Commercial Mortgage Trust, Series 2019-C17,
Class A4, 2.76%, 09/15/52
|
|
1,000
|
930,104
|
|
ELM Trust
|
|
|
|
|
Series 2024-ELM, Class A10, 5.99%, 06/10/39(a)(b)
|
|
730
|
737,701
|
|
Series 2024-ELM, Class A15, 5.99%, 06/10/39(a)(b)
|
|
730
|
735,520
|
|
EQT Trust, Series 2024-EXTR, Class A, 5.33%,
07/05/41(a)(b)
|
|
645
|
659,382
|
|
GS Mortgage Securities Trust
|
|
|
|
|
Series 2015-GC32, Class A4, 3.76%, 07/10/48
|
|
50
|
49,850
|
|
Series 2023-FUN, Class B, (1-mo. CME Term
SOFR + 2.79%), 7.10%, 03/15/28(a)(b)
|
|
415
|
416,297
|
|
Series 2024-RVR, Class A, 5.37%, 08/10/41(a)(b)
|
|
120
|
121,333
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Mortgage-Backed Securities (continued)
|
|||
|
Houston Galleria Mall Trust, Series 2025-HGLR,
Class A, 5.64%, 02/05/45(a)(b)
|
USD
|
110
|
$ 112,862
|
|
Hudson Yards Mortgage Trust, Series 2025-SPRL,
Class A, 5.65%, 01/13/40(a)(b)
|
|
280
|
288,638
|
|
ILPT Commercial Mortgage Trust, Series 2022-LPF2,
Class A, (1-mo. CME Term SOFR + 2.25%), 6.56%,
10/15/39(a)(b)
|
|
500
|
499,375
|
|
INCREF LLC, Series 2025-FL1, Class A, (1-mo. CME
Term SOFR + 1.73%), 6.05%, 10/19/42(a)(b)
|
|
465
|
465,915
|
|
INTOWN Mortgage Trust, Series 2025-STAY, Class A,
(1-mo. CME Term SOFR + 1.35%), 5.66%,
03/15/42(a)(b)
|
|
474
|
471,926
|
|
INV Mortgage Trust, Series 2024-IND, Class A, (1-mo.
CME Term SOFR + 1.74%), 6.05%, 11/15/41(a)(b)
|
|
160
|
159,909
|
|
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C33, Class ASB, 3.56%, 12/15/48
|
|
94
|
93,984
|
|
JPMorgan Chase Commercial Mortgage Securities
Trust
|
|
|
|
|
Series 2016-JP2, Class ASB, 2.71%, 08/15/49
|
|
79
|
79,091
|
|
Series 2017-JP6, Class A3, 3.11%, 07/15/50
|
|
414
|
403,586
|
|
Series 2019-BKWD, Class A, (1-mo. CME Term
SOFR + 1.61%), 5.93%, 09/15/29(a)(b)
|
|
93
|
89,824
|
|
Series 2022-OPO, Class D, 3.57%, 01/05/39(a)(b)
|
|
100
|
82,289
|
|
Series 2024-IGLG, Class A, 5.35%, 11/09/39(a)(b)
|
|
270
|
272,077
|
|
LBA Trust, Series 2024-7IND, Class A, (1-mo. CME
Term SOFR + 1.44%), 5.76%, 10/15/41(a)(b)
|
|
590
|
590,553
|
|
MCR Mortgage Trust, Series 2024-HF1, Class A, (1-
mo. CME Term SOFR + 1.79%), 6.11%,
12/15/41(a)(b)
|
|
100
|
100,063
|
|
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C30, Class ASB, 2.73%, 09/15/49
|
|
31
|
31,285
|
|
Morgan Stanley Capital I Trust, Series 2024-NSTB,
Class A, 3.90%, 09/24/57(a)(b)
|
|
137
|
132,075
|
|
NCMF Trust
|
|
|
|
|
Series 2025-MFS, Class A, 4.88%, 06/10/33(a)(b)
|
|
422
|
421,181
|
|
Series 2025-MFS, Class B, 5.51%, 06/10/33(a)(b)
|
|
256
|
257,859
|
|
NY Commercial Mortgage Trust, Series 2025-299P,
Class A, 5.85%, 02/10/47(a)(b)
|
|
210
|
218,212
|
|
NYC Commercial Mortgage Trust, Series 2025-3BP,
Class A, (1-mo. CME Term SOFR + 1.21%), 5.53%,
02/15/42(a)(b)
|
|
179
|
177,546
|
|
PRM5 Trust, Series 2025-PRM5, Class A, 4.62%,
03/10/33(a)(b)
|
|
376
|
374,486
|
|
SCG Commercial Mortgage Trust, Series 2025-DLFN,
Class B, (1-mo. CME Term SOFR + 1.50%), 5.81%,
03/15/35(a)(b)
|
|
100
|
99,251
|
|
SG Commercial Mortgage Securities Trust,
Series 2016-C5, Class A3, 2.78%, 10/10/48
|
|
596
|
586,339
|
|
TCO Commercial Mortgage Trust, Series 2024-DPM,
Class A, (1-mo. CME Term SOFR + 1.24%), 5.56%,
12/15/39(a)(b)
|
|
185
|
184,942
|
|
TEXAS Commercial Mortgage Trust, Series 2025-
TWR, Class A, (1-mo. CME Term SOFR + 1.29%),
5.61%, 04/15/42(a)(b)
|
|
327
|
326,388
|
|
Wells Fargo Commercial Mortgage Trust
|
|
|
|
|
Series 2015-NXS2, Class A5, 3.77%, 07/15/58(b)
|
|
25
|
24,617
|
|
Series 2015-P2, Class A3, 3.54%, 12/15/48
|
|
420
|
418,317
|
|
Series 2015-SG1, Class A4, 3.79%, 09/15/48
|
|
215
|
214,722
|
|
Series 2016-C32, Class A4, 3.56%, 01/15/59
|
|
530
|
526,039
|
|
Series 2016-C33, Class A4, 3.43%, 03/15/59
|
|
380
|
375,662
|
|
Series 2016-LC24, Class A3, 2.68%, 10/15/49
|
|
809
|
795,094
|
|
Series 2021-C60, Class ASB, 2.13%, 08/15/54
|
|
834
|
778,003
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Mortgage-Backed Securities (continued)
|
|||
|
Wells Fargo Commercial Mortgage Trust
|
|
|
|
|
Series 2024-5C2, Class A3, 5.92%, 11/15/57(b)
|
USD
|
90
|
$ 94,260
|
|
WEST Trust, Series 2025-ROSE, Class A, 5.45%,
04/10/35(a)(b)
|
|
331
|
335,164
|
|
WHARF Commercial Mortgage Trust, Series 2025-DC,
Class B, 5.54%, 07/15/40(a)(b)
|
|
100
|
101,715
|
|
|
34,119,844
|
||
|
Interest Only Commercial Mortgage-Backed Securities — 0.0%
|
|||
|
Citigroup Commercial Mortgage Trust, Series 2015-
P1, Class XA, 0.72%, 09/15/48(b)
|
|
1,473
|
21
|
|
CSAIL Commercial Mortgage Trust, Series 2016-C6,
Class XA, 2.02%, 01/15/49(b)
|
|
572
|
2,703
|
|
|
2,724
|
||
|
Total Non-Agency Mortgage-Backed Securities — 15.8%
(Cost: $58,859,586)
|
58,750,648
|
||
|
U.S. Government Sponsored Agency Securities
|
|||
|
Agency Obligations — 1.0%
|
|||
|
Federal Farm Credit Banks Funding Corp.
|
|
|
|
|
2.17%, 10/29/29
|
|
700
|
651,587
|
|
1.30%, 02/03/31
|
|
770
|
665,009
|
|
1.68%, 09/17/35
|
|
2,080
|
1,570,877
|
|
Federal Home Loan Banks, 2.06%, 09/27/29
|
|
1,000
|
925,915
|
|
|
3,813,388
|
||
|
Collateralized Mortgage Obligations — 2.7%
|
|||
|
Fannie Mae
|
|
|
|
|
Series 2018-21, Class CA, 3.50%, 04/25/45
|
|
40
|
39,309
|
|
Series 2019-73, Class P, 3.00%, 03/25/48
|
|
385
|
376,010
|
|
Series 2020-79, Class JA, 1.50%, 11/25/50
|
|
380
|
348,120
|
|
Series 2024-91, Class FA, (SOFR (30-day) +
1.20%), 5.51%, 12/25/54(b)
|
|
1,227
|
1,229,141
|
|
Series 2024-94, Class FB, (SOFR (30-day) +
1.42%), 5.73%, 12/25/54(b)
|
|
281
|
281,016
|
|
Freddie Mac
|
|
|
|
|
Series 3959, Class MA, 4.50%, 11/15/41
|
|
30
|
30,456
|
|
Series 4274, Class PN, 3.50%, 10/15/35
|
|
38
|
37,024
|
|
Series 4390, Class CA, 3.50%, 06/15/50
|
|
13
|
13,009
|
|
Series 4459, Class BN, 3.00%, 08/15/43
|
|
226
|
210,816
|
|
Series 4494, Class KA, 3.75%, 10/15/42
|
|
25
|
24,821
|
|
Series 4752, Class PL, 3.00%, 09/15/46
|
|
254
|
247,301
|
|
Series 4777, Class CB, 3.50%, 10/15/45
|
|
155
|
153,961
|
|
Series 4941, Class MB, 3.00%, 07/25/49
|
|
228
|
206,281
|
|
Series 5000, Class MA, 2.00%, 06/25/44
|
|
182
|
170,363
|
|
Series 5006, Class KA, 2.00%, 06/25/45
|
|
533
|
488,455
|
|
Series 5105, Class LA, 1.50%, 04/15/44
|
|
668
|
647,259
|
|
Series 5249, Class HA, 4.00%, 09/25/49
|
|
2,069
|
2,047,239
|
|
Series 5478, Class FH, (SOFR (30-day) + 1.45%),
5.76%, 04/25/54(b)
|
|
951
|
953,608
|
|
Series 5480, Class FA, (SOFR (30-day) + 1.45%),
5.76%, 03/25/54(b)
|
|
919
|
924,296
|
|
Freddie Mac Seasoned Credit Risk Transfer Trust,
Series 2018-3, Class MA, 3.50%, 08/25/57(b)
|
|
878
|
846,322
|
|
Ginnie Mae
|
|
|
|
|
Series 2017-136, Class GB, 3.00%, 03/20/47
|
|
327
|
306,939
|
|
Series 2020-127, Class LP, 1.50%, 06/20/50
|
|
370
|
297,535
|
|
|
9,879,281
|
||
|
Mortgage-Backed Securities — 5.9%
|
|||
|
Fannie Mae Mortgage-Backed Securities
|
|
|
|
|
1.50%, 07/01/31
|
|
962
|
903,018
|
|
2.50%, 12/01/27 - 12/01/36
|
|
1,121
|
1,066,791
|
|
Security
|
|
Par
(000)
|
Value
|
|
Mortgage-Backed Securities (continued)
|
|||
|
Fannie Mae Mortgage-Backed Securities
|
|
|
|
|
3.00%, 09/01/30 - 09/01/35
|
USD
|
4,716
|
$ 4,570,968
|
|
3.03%, 12/01/27
|
|
1,235
|
1,204,674
|
|
3.50%, 05/01/37
|
|
479
|
468,568
|
|
4.00%, 03/01/32 - 08/01/49
|
|
3,927
|
3,793,960
|
|
4.50%, 09/01/26 - 05/01/38
|
|
366
|
364,805
|
|
5.00%, 06/01/39
|
|
993
|
1,006,823
|
|
5.50%, 05/01/38
|
|
162
|
166,035
|
|
5.81%, 06/01/31
|
|
1,362
|
1,412,065
|
|
(Refinitiv USD IBOR Consumer Cash Fallbacks
Term 1 Year + 1.57%), 6.78%, 07/01/44(b)
|
|
88
|
90,858
|
|
(Refinitiv USD IBOR Consumer Cash Fallbacks
Term 1 Year + 1.59%), 6.75%, 06/01/45(b)
|
|
77
|
79,070
|
|
(Refinitiv USD IBOR Consumer Cash Fallbacks
Term 1 Year + 1.70%), 6.79%, 07/01/43(b)
|
|
123
|
127,656
|
|
Freddie Mac Mortgage-Backed Securities
|
|
|
|
|
2.50%, 11/01/27 - 03/01/37
|
|
417
|
391,962
|
|
3.00%, 12/01/31 - 02/01/36
|
|
668
|
643,465
|
|
3.50%, 04/01/32 - 11/01/38
|
|
524
|
514,287
|
|
4.00%, 09/01/33 - 06/01/37
|
|
1,050
|
1,039,508
|
|
(Refinitiv USD IBOR Consumer Cash Fallbacks
Term 1 Year + 1.62%), 6.62%, 03/01/45(b)
|
|
103
|
106,807
|
|
(Refinitiv USD IBOR Consumer Cash Fallbacks
Term 1 Year + 1.62%), 6.62%, 05/01/45(b)
|
|
300
|
308,916
|
|
Uniform Mortgage-Backed Securities, 6.00%,
07/01/55(h)
|
|
3,690
|
3,749,493
|
|
|
22,009,729
|
||
|
Total U.S. Government Sponsored Agency Securities — 9.6%
(Cost: $36,176,422)
|
35,702,398
|
||
|
U.S. Treasury Obligations
|
|||
|
U.S. Treasury Notes
|
|
|
|
|
0.75%, 05/31/26 - 08/31/26
|
|
21,550
|
20,819,325
|
|
2.13%, 05/31/26
|
|
8,450
|
8,304,106
|
|
4.38%, 08/15/26
|
|
1,500
|
1,506,504
|
|
3.50%, 09/30/26
|
|
800
|
795,875
|
|
0.38%, 07/31/27
|
|
2,000
|
1,866,562
|
|
3.75%, 04/15/28 - 05/15/28
|
|
2,840
|
2,843,878
|
|
3.63%, 05/31/28
|
|
3,300
|
3,293,039
|
|
3.88%, 06/15/28
|
|
5,300
|
5,328,156
|
|
1.00%, 07/31/28
|
|
8,000
|
7,375,312
|
|
2.88%, 08/15/28
|
|
11,100
|
10,826,836
|
|
Total U.S. Treasury Obligations — 17.0%
(Cost: $62,861,893)
|
62,959,593
|
||
|
Total Long-Term Investments — 100.6%
(Cost: $372,226,646)
|
373,821,854
|
||
|
Security
|
|
Shares
|
Value
|
|
Short-Term Securities
|
|||
|
Money Market Funds — 1.3%
|
|||
|
Dreyfus Treasury Securities Cash Management,
Institutional Class, 4.11%(i)
|
|
4,972,137
|
$ 4,972,137
|
|
Total Short-Term Securities — 1.3%
(Cost: $4,972,137)
|
4,972,137
|
||
|
Total Investments — 101.9%
(Cost: $377,198,783)
|
378,793,991
|
||
|
Liabilities in Excess of Other Assets — (1.9)%
|
(7,159,217
)
|
||
|
Net Assets — 100.0%
|
$ 371,634,774
|
||
|
(a)
|
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933,
as amended. These securities may be resold in transactions exempt from registration
to
qualified institutional investors.
|
|
(b)
|
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and
spread if published and available.
|
|
(c)
|
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently
in effect.
|
|
(d)
|
When-issued security.
|
|
(e)
|
This security may be resold to qualified foreign investors and foreign institutional
buyers
under Regulation S of the Securities Act of 1933.
|
|
(f)
|
Zero-coupon bond.
|
|
(g)
|
Rounds to less than 1,000.
|
|
(h)
|
Represents or includes a TBA transaction.
|
|
(i)
|
Annualized 7-day yield as of period end.
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Notional
Amount
(000)
|
Value/
Unrealized
Appreciation
(Depreciation)
|
|
Long Contracts
|
|
|
|
|
|
U.S. Treasury Notes (2 Year)
|
727
|
09/30/25
|
$ 151,250
|
$ 491,060
|
|
Short Contracts
|
|
|
|
|
|
Euro-Schatz
|
4
|
09/08/25
|
505
|
891
|
|
U.S. Treasury Bonds (30 Year)
|
25
|
09/19/25
|
2,884
|
(108,667
)
|
|
U.S. Treasury Notes (10 Year)
|
70
|
09/19/25
|
7,849
|
(152,989
)
|
|
U.S. Ultra Treasury Notes (10 Year)
|
53
|
09/19/25
|
6,055
|
(153,117
)
|
|
U.S. Treasury Notes (5 Year)
|
588
|
09/30/25
|
64,101
|
(747,025
)
|
|
|
|
|
|
(1,160,907
)
|
|
|
|
|
|
$ (669,847
)
|
|
Currency Purchased
|
Currency Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
USD
|
629,145
|
EUR
|
539,000
|
BNP Paribas SA
|
09/17/25
|
$(9,082
)
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Long-Term Investments
|
|
|
|
|
|
Asset-Backed Securities
|
$ —
|
$ 83,646,158
|
$ —
|
$ 83,646,158
|
|
Corporate Bonds
|
—
|
131,231,614
|
—
|
131,231,614
|
|
Foreign Government Obligations
|
—
|
1,531,443
|
—
|
1,531,443
|
|
Non-Agency Mortgage-Backed Securities
|
—
|
58,750,648
|
—
|
58,750,648
|
|
U.S. Government Sponsored Agency Securities
|
—
|
35,702,398
|
—
|
35,702,398
|
|
U.S. Treasury Obligations
|
—
|
62,959,593
|
—
|
62,959,593
|
|
Short-Term Securities
|
|
|
|
|
|
Money Market Funds
|
4,972,137
|
—
|
—
|
4,972,137
|
|
|
$ 4,972,137
|
$ 373,821,854
|
$ —
|
$ 378,793,991
|
|
Derivative Financial Instruments(a)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Interest Rate Contracts
|
$ 491,951
|
$ —
|
$ —
|
$ 491,951
|
|
Liabilities
|
|
|
|
|
|
Foreign Currency Exchange Contracts
|
—
|
(9,082
)
|
—
|
(9,082
)
|
|
Interest Rate Contracts
|
(1,161,798
)
|
—
|
—
|
(1,161,798
)
|
|
|
$ (669,847
)
|
$ (9,082
)
|
$ —
|
$ (678,929
)
|
|
(a)
|
Derivative financial instruments are futures contracts and forward foreign currency
exchange contracts. Futures contracts and forward foreign currency exchange contracts
are valued
at the unrealized appreciation (depreciation) on the instrument.
|
|
Currency Abbreviation
|
|
|
EUR
|
Euro
|
|
USD
|
United States Dollar
|
|
Portfolio Abbreviation
|
|
|
CLO
|
Collateralized Loan Obligation
|
|
CME
|
Chicago Mercantile Exchange
|
|
DAC
|
Designated Activity Co.
|
|
LP
|
Limited Partnership
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financing Rate
|