|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Agency securities: 34.06%
|
|
|
|
|
|
|
|
FHLMC##
|
|
5.50
%
|
10-1-2054
|
$
|
4,695,982
|
$4,696,864
|
|
FNMA%%
|
|
5.50
|
7-15-2054
|
|
4,385,000
|
4,383,997
|
|
FNMA%%
|
|
6.00
|
7-15-2054
|
|
11,245,000
|
11,426,301
|
|
FNMA%%
|
|
6.50
|
7-15-2054
|
|
11,515,000
|
11,888,968
|
|
GNMA##
|
|
5.00
|
12-20-2054
|
|
1,521,248
|
1,495,235
|
|
GNMA##
|
|
5.50
|
12-20-2054
|
|
2,887,811
|
2,893,365
|
|
GNMA%%
|
|
6.00
|
7-15-2054
|
|
11,765,000
|
11,936,855
|
|
GNMA%%
|
|
6.50
|
7-15-2054
|
|
16,755,000
|
17,199,504
|
|
Total agency securities (Cost $65,505,824)
|
|
|
|
|
|
65,921,089
|
|
Asset-backed securities: 8.66%
|
|
|
|
|
|
|
|
ACHM Trust Series 2023-HE2 Class A144A±±
|
|
7.50
|
10-25-2038
|
|
312,117
|
320,091
|
|
ACHM Trust Series 2025-HE1 Class A144A±±
|
|
5.92
|
3-25-2055
|
|
578,371
|
584,334
|
|
AFN ABSPROP001 LLC Series 2019-1A Class A2144A
|
|
4.46
|
5-20-2049
|
|
685,496
|
612,949
|
|
Aqua Finance Trust Series 2019-A Class A144A
|
|
3.14
|
7-16-2040
|
|
83,194
|
80,769
|
|
Aqua Finance Trust Series 2021-A Class A144A
|
|
1.54
|
7-17-2046
|
|
217,244
|
199,907
|
|
BHG Securitization Trust Series 2021-A Class A144A
|
|
1.42
|
11-17-2033
|
|
94,865
|
93,222
|
|
Bojangles Issuer LLC Series 2024-1A Class A2144A
|
|
6.58
|
11-20-2054
|
|
700,000
|
713,582
|
|
Centersquare Issuer LLC Series 2024-1A Class A2144A
|
|
5.20
|
10-26-2054
|
|
1,000,000
|
981,748
|
|
Centersquare Issuer LLC Series 2025-1A Class A2144A
|
|
5.50
|
3-26-2055
|
|
780,000
|
754,304
|
|
Coinstar Funding LLC Series 2017-1A Class A2144A
|
|
5.22
|
4-25-2047
|
|
1,025,800
|
948,875
|
|
Commonbond Student Loan Trust Series 2018-CGS
Class C144A
|
|
4.35
|
2-25-2046
|
|
66,652
|
58,627
|
|
Driven Brands Funding LLC Series 2019-2A Class A2144A
|
|
3.98
|
10-20-2049
|
|
322,726
|
317,787
|
|
FIGRE Trust Series 2023-HE1 Class A144A
|
|
5.85
|
3-25-2053
|
|
405,472
|
409,196
|
|
FIGRE Trust Series 2023-HE2 Class A144A±±
|
|
6.51
|
5-25-2053
|
|
275,432
|
281,251
|
|
Five Guys Holdings, Inc. Series 2023-1A Class A2144A
|
|
7.55
|
1-26-2054
|
|
179,100
|
185,071
|
|
FREED Mortgage Trust Series 2022-HE1 Class A144A±±
|
|
7.00
|
10-25-2037
|
|
281,345
|
286,126
|
|
Frontier Issuer LLC Series 2023-1 Class A2144A
|
|
6.60
|
8-20-2053
|
|
900,000
|
914,223
|
|
FS Rialto Issuer LLC Series 2021-FL3 Class B (U.S. SOFR 1
Month+1.91%)144A±
|
|
6.23
|
11-16-2036
|
|
1,000,000
|
993,336
|
|
Jimmy Johns Funding LLC Series 2017-1A Class A2II144A
|
|
4.85
|
7-30-2047
|
|
230,088
|
227,928
|
|
Jonah Energy ABS I LLC Series 2022-1 Class A1144A
|
|
7.20
|
12-10-2037
|
|
385,818
|
387,992
|
|
Laurel Road Prime Student Loan Trust Series 2017-C
Class C144A
|
|
3.29
|
11-25-2042
|
|
295,202
|
290,577
|
|
MNR ABS Issuer I LLC‡
|
|
8.12
|
12-15-2038
|
|
196,081
|
198,630
|
|
NBC Funding LLC Series 2024-1A Class A2144A
|
|
6.75
|
7-30-2054
|
|
900,475
|
917,199
|
|
New Economy Assets - Phase 1 Sponsor LLC Series 2021-1
Class B1144A##
|
|
2.41
|
10-20-2061
|
|
1,500,000
|
1,375,262
|
|
NMEF Funding LLC Series 2025-A Class B144A
|
|
5.18
|
7-15-2032
|
|
445,000
|
447,858
|
|
Octane Receivables Trust Series 2023-1A Class A144A
|
|
5.87
|
5-21-2029
|
|
25,634
|
25,689
|
|
Octane Receivables Trust Series 2023-1A Class B144A
|
|
5.96
|
7-20-2029
|
|
160,000
|
161,224
|
|
Pagaya AI Debt Trust Series 2025-4 Class A2144A
|
|
5.37
|
1-17-2033
|
|
635,000
|
635,908
|
|
SMB Private Education Loan Trust Series 2015-C
Class C144A
|
|
4.50
|
9-17-2046
|
|
970,000
|
952,129
|
|
Starwood LLC Series 2025-SIF5A Class A (U.S. SOFR 3
Month+1.55%)144A±
|
|
5.80
|
4-15-2037
|
|
875,000
|
876,915
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Asset-backed securities(continued)
|
|
|
|
|
|
|
|
Store Master Funding I-VII XIV XIX XX XXIV Series 2023-1A
Class A1144A
|
|
6.19
%
|
6-20-2053
|
$
|
494,792
|
$498,505
|
|
Uniti Fiber ABS Issuer LLC Series 2025-1A Class A2144A
|
|
5.88
|
4-20-2055
|
|
1,000,000
|
1,022,429
|
|
Total asset-backed securities (Cost $16,846,125)
|
|
|
|
|
|
16,753,643
|
|
|
|
|
|
Shares
|
|
|
|
Common stocks: 0.16%
|
|
|
|
|
|
|
|
Consumer staples: 0.00%
|
|
|
|
|
|
|
|
Consumer staples distribution & retail: 0.00%
|
|
|
|
|
|
|
|
Casino Guichard Perrachon SA†
|
|
|
|
|
1,285
|
630
|
|
Energy: 0.16%
|
|
|
|
|
|
|
|
Independent power and renewable electricity producers:
0.16%
|
|
|
|
|
|
|
|
Enviva, Inc.‡†
|
|
|
|
|
16,752
|
316,194
|
|
Financials: 0.00%
|
|
|
|
|
|
|
|
Financial services: 0.00%
|
|
|
|
|
|
|
|
Unifin Financiera SAB de CV♦†
|
|
|
|
|
78,042
|
0
|
|
Total common stocks (Cost $531,900)
|
|
|
|
|
|
316,824
|
|
|
|
|
|
Principal
|
|
|
|
Corporate bonds and notes: 23.76%
|
|
|
|
|
|
|
|
Basic materials: 0.69%
|
|
|
|
|
|
|
|
Chemicals: 0.25%
|
|
|
|
|
|
|
|
Celanese U.S. Holdings LLC
|
|
6.63
|
7-15-2032
|
$
|
20,000
|
20,967
|
|
LYB International Finance III LLC
|
|
5.50
|
3-1-2034
|
|
325,000
|
324,389
|
|
LYB International Finance III LLC
|
|
6.15
|
5-15-2035
|
|
140,000
|
145,308
|
|
|
|
|
|
|
|
490,664
|
|
Iron/steel: 0.43%
|
|
|
|
|
|
|
|
Cleveland-Cliffs, Inc.144A
|
|
4.88
|
3-1-2031
|
|
40,000
|
34,216
|
|
Cleveland-Cliffs, Inc.144A
|
|
7.00
|
3-15-2032
|
|
560,000
|
527,890
|
|
Nucor Corp.
|
|
5.10
|
6-1-2035
|
|
260,000
|
260,812
|
|
|
|
|
|
|
|
822,918
|
|
Mining: 0.01%
|
|
|
|
|
|
|
|
Kaiser Aluminum Corp.144A
|
|
4.63
|
3-1-2028
|
|
25,000
|
24,460
|
|
Communications: 3.26%
|
|
|
|
|
|
|
|
Advertising: 0.13%
|
|
|
|
|
|
|
|
Clear Channel Outdoor Holdings, Inc.144A
|
|
9.00
|
9-15-2028
|
|
185,000
|
193,847
|
|
Lamar Media Corp.
|
|
4.00
|
2-15-2030
|
|
40,000
|
38,212
|
|
Outfront Media Capital LLC/Outfront Media Capital
Corp.144A
|
|
7.38
|
2-15-2031
|
|
25,000
|
26,468
|
|
|
|
|
|
|
|
258,527
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Internet: 0.76%
|
|
|
|
|
|
|
|
Arches Buyer, Inc.144A
|
|
6.13
%
|
12-1-2028
|
$
|
345,000
|
$317,300
|
|
Booking Holdings, Inc.
|
|
4.13
|
5-12-2033
|
|
245,000
|
300,926
|
|
Cablevision Lightpath LLC144A
|
|
5.63
|
9-15-2028
|
|
390,000
|
376,762
|
|
Match Group Holdings II LLC144A
|
|
4.13
|
8-1-2030
|
|
90,000
|
84,167
|
|
MercadoLibre, Inc.
|
|
3.13
|
1-14-2031
|
|
445,000
|
400,170
|
|
|
|
|
|
|
|
1,479,325
|
|
Media: 1.79%
|
|
|
|
|
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.144A
|
|
4.25
|
1-15-2034
|
|
655,000
|
583,073
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital
|
|
3.90
|
6-1-2052
|
|
170,000
|
116,673
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital
|
|
4.40
|
12-1-2061
|
|
260,000
|
182,308
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital
|
|
6.10
|
6-1-2029
|
|
285,000
|
298,379
|
|
Comcast Corp.
|
|
6.05
|
5-15-2055
|
|
90,000
|
91,899
|
|
CSC Holdings LLC144A
|
|
5.50
|
4-15-2027
|
|
170,000
|
162,307
|
|
CSC Holdings LLC144A
|
|
11.25
|
5-15-2028
|
|
325,000
|
323,777
|
|
DISH Network Corp.144A
|
|
11.75
|
11-15-2027
|
|
205,000
|
211,319
|
|
News Corp.144A
|
|
3.88
|
5-15-2029
|
|
375,000
|
358,778
|
|
News Corp.144A
|
|
5.13
|
2-15-2032
|
|
310,000
|
303,365
|
|
Nexstar Media, Inc.144A
|
|
5.63
|
7-15-2027
|
|
120,000
|
119,719
|
|
Paramount Global (3 Month LIBOR+3.90%)±
|
|
6.25
|
2-28-2057
|
|
510,000
|
480,035
|
|
Sirius XM Radio LLC144A
|
|
4.00
|
7-15-2028
|
|
30,000
|
28,813
|
|
Time Warner Cable LLC
|
|
5.50
|
9-1-2041
|
|
215,000
|
195,493
|
|
|
|
|
|
|
|
3,455,938
|
|
Telecommunications: 0.58%
|
|
|
|
|
|
|
|
AT&T, Inc.
|
|
3.55
|
9-15-2055
|
|
265,000
|
178,808
|
|
EchoStar Corp. (PIK at 6.75%)¥
|
|
6.75
|
11-30-2030
|
|
518,562
|
473,255
|
|
Level 3 Financing, Inc.144A
|
|
3.75
|
7-15-2029
|
|
60,000
|
50,475
|
|
Level 3 Financing, Inc.144A
|
|
4.50
|
4-1-2030
|
|
120,000
|
108,600
|
|
Level 3 Financing, Inc.144A
|
|
10.75
|
12-15-2030
|
|
270,000
|
306,113
|
|
|
|
|
|
|
|
1,117,251
|
|
Consumer, cyclical: 2.73%
|
|
|
|
|
|
|
|
Airlines: 0.32%
|
|
|
|
|
|
|
|
American Airlines Pass-Through Trust Series 2015-1 Class A
|
|
3.38
|
5-1-2027
|
|
349,664
|
340,746
|
|
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property
Assets Ltd.144A
|
|
6.50
|
6-20-2027
|
|
158,000
|
158,207
|
|
United Airlines Pass-Through Trust Series 2020-1 Class B
|
|
4.88
|
1-15-2026
|
|
68,137
|
68,042
|
|
United Airlines Pass-Through Trust Series 2020-1 Class A
|
|
5.88
|
10-15-2027
|
|
55,649
|
56,785
|
|
|
|
|
|
|
|
623,780
|
|
Apparel: 0.38%
|
|
|
|
|
|
|
|
Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥%%
|
|
10.00
|
7-15-2033
|
|
555,000
|
575,266
|
|
Crocs, Inc.144A
|
|
4.13
|
8-15-2031
|
|
190,000
|
171,097
|
|
|
|
|
|
|
|
746,363
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Auto manufacturers: 0.13%
|
|
|
|
|
|
|
|
Ford Motor Co.
|
|
3.25
%
|
2-12-2032
|
$
|
110,000
|
$92,741
|
|
Ford Motor Co.
|
|
6.10
|
8-19-2032
|
|
165,000
|
164,768
|
|
|
|
|
|
|
|
257,509
|
|
Entertainment: 0.14%
|
|
|
|
|
|
|
|
Six Flags Entertainment Corp./Six Flags Theme Parks,
Inc./Canada’s Wonderland Co.144A
|
|
6.63
|
5-1-2032
|
|
25,000
|
25,786
|
|
Warnermedia Holdings, Inc.
|
|
4.28
|
3-15-2032
|
|
268,000
|
199,325
|
|
Warnermedia Holdings, Inc.%%
|
|
5.14
|
3-15-2052
|
|
74,000
|
45,695
|
|
|
|
|
|
|
|
270,806
|
|
Home builders: 0.01%
|
|
|
|
|
|
|
|
LGI Homes, Inc.144A
|
|
8.75
|
12-15-2028
|
|
20,000
|
20,791
|
|
Home furnishings: 0.03%
|
|
|
|
|
|
|
|
Whirlpool Corp.
|
|
6.13
|
6-15-2030
|
|
50,000
|
50,439
|
|
Housewares: 0.02%
|
|
|
|
|
|
|
|
Newell Brands, Inc.
|
|
6.38
|
5-15-2030
|
|
40,000
|
38,913
|
|
Leisure time: 0.26%
|
|
|
|
|
|
|
|
Sabre Global, Inc.144A
|
|
10.75
|
11-15-2029
|
|
484,000
|
497,332
|
|
Lodging: 0.49%
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
|
|
6.00
|
6-14-2030
|
|
380,000
|
392,036
|
|
Las Vegas Sands Corp.
|
|
6.20
|
8-15-2034
|
|
545,000
|
556,702
|
|
|
|
|
|
|
|
948,738
|
|
Retail: 0.67%
|
|
|
|
|
|
|
|
FirstCash, Inc.144A
|
|
6.88
|
3-1-2032
|
|
365,000
|
377,699
|
|
Kohl’s Corp.
|
|
5.13
|
5-1-2031
|
|
205,000
|
147,163
|
|
Macy’s Retail Holdings LLC144A
|
|
6.13
|
3-15-2032
|
|
205,000
|
195,442
|
|
Michaels Cos., Inc.144A
|
|
7.88
|
5-1-2029
|
|
215,000
|
140,825
|
|
PetSmart, Inc./PetSmart Finance Corp.144A
|
|
4.75
|
2-15-2028
|
|
155,000
|
151,148
|
|
PetSmart, Inc./PetSmart Finance Corp.144A
|
|
7.75
|
2-15-2029
|
|
155,000
|
150,620
|
|
Saks Global Enterprises LLC144A
|
|
11.00
|
12-15-2029
|
|
280,000
|
105,000
|
|
Sally Holdings LLC/Sally Capital, Inc.
|
|
6.75
|
3-1-2032
|
|
25,000
|
25,665
|
|
|
|
|
|
|
|
1,293,562
|
|
Toys/games/hobbies: 0.28%
|
|
|
|
|
|
|
|
Hasbro, Inc.
|
|
6.05
|
5-14-2034
|
|
280,000
|
288,763
|
|
Mattel, Inc.144A
|
|
5.88
|
12-15-2027
|
|
245,000
|
245,594
|
|
|
|
|
|
|
|
534,357
|
|
Consumer, non-cyclical: 3.15%
|
|
|
|
|
|
|
|
Agriculture: 0.34%
|
|
|
|
|
|
|
|
BAT Capital Corp.
|
|
5.63
|
8-15-2035
|
|
390,000
|
396,853
|
|
BAT Capital Corp.
|
|
6.25
|
8-15-2055
|
|
255,000
|
258,269
|
|
|
|
|
|
|
|
655,122
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Biotechnology: 0.09%
|
|
|
|
|
|
|
|
Biogen, Inc.
|
|
6.45
%
|
5-15-2055
|
$
|
180,000
|
$185,367
|
|
Commercial services: 1.58%
|
|
|
|
|
|
|
|
Ashtead Capital, Inc.144A
|
|
5.55
|
5-30-2033
|
|
355,000
|
358,524
|
|
Block, Inc.
|
|
3.50
|
6-1-2031
|
|
40,000
|
36,691
|
|
CoreCivic, Inc.
|
|
8.25
|
4-15-2029
|
|
175,000
|
185,545
|
|
GEO Group, Inc.
|
|
8.63
|
4-15-2029
|
|
300,000
|
317,619
|
|
GEO Group, Inc.
|
|
10.25
|
4-15-2031
|
|
125,000
|
137,095
|
|
Global Payments, Inc.
|
|
4.88
|
3-17-2031
|
|
595,000
|
735,855
|
|
Global Payments, Inc.
|
|
5.95
|
8-15-2052
|
|
70,000
|
67,292
|
|
Hertz Corp.144A
|
|
12.63
|
7-15-2029
|
|
340,000
|
355,558
|
|
Service Corp. International
|
|
5.75
|
10-15-2032
|
|
40,000
|
40,408
|
|
Shift4 Payments LLC/Shift4 Payments Finance Sub,
Inc.144A
|
|
5.50
|
5-15-2033
|
|
350,000
|
426,469
|
|
Toll Road Investors Partnership II LP Series 1999-B (NPFGC
Insured)144A¤
|
|
0.00
|
2-15-2027
|
|
200,000
|
180,720
|
|
United Rentals North America, Inc.
|
|
3.88
|
2-15-2031
|
|
15,000
|
14,105
|
|
Upbound Group, Inc.144A
|
|
6.38
|
2-15-2029
|
|
200,000
|
197,848
|
|
|
|
|
|
|
|
3,053,729
|
|
Food: 0.01%
|
|
|
|
|
|
|
|
U.S. Foods, Inc.144A
|
|
5.75
|
4-15-2033
|
|
20,000
|
19,979
|
|
Healthcare-services: 0.78%
|
|
|
|
|
|
|
|
CHS/Community Health Systems, Inc.144A
|
|
10.88
|
1-15-2032
|
|
220,000
|
233,171
|
|
DaVita, Inc.144A
|
|
6.88
|
9-1-2032
|
|
280,000
|
290,130
|
|
Highmark, Inc.144A
|
|
2.55
|
5-10-2031
|
|
215,000
|
184,359
|
|
Pediatrix Medical Group, Inc.144A
|
|
5.38
|
2-15-2030
|
|
125,000
|
123,574
|
|
Radiology Partners, Inc.144A
|
|
8.50
|
7-15-2032
|
|
200,000
|
200,466
|
|
Star Parent, Inc.144A
|
|
9.00
|
10-1-2030
|
|
400,000
|
420,728
|
|
Tenet Healthcare Corp.
|
|
6.75
|
5-15-2031
|
|
25,000
|
25,865
|
|
UnitedHealth Group, Inc.
|
|
5.95
|
6-15-2055
|
|
25,000
|
25,389
|
|
|
|
|
|
|
|
1,503,682
|
|
Household products/wares: 0.03%
|
|
|
|
|
|
|
|
Central Garden & Pet Co.
|
|
4.13
|
10-15-2030
|
|
60,000
|
56,639
|
|
Pharmaceuticals: 0.32%
|
|
|
|
|
|
|
|
AbbVie, Inc.
|
|
5.60
|
3-15-2055
|
|
265,000
|
265,094
|
|
Viatris, Inc.
|
|
3.85
|
6-22-2040
|
|
485,000
|
358,217
|
|
|
|
|
|
|
|
623,311
|
|
Energy: 2.83%
|
|
|
|
|
|
|
|
Energy-alternate sources: 0.12%
|
|
|
|
|
|
|
|
Enviva Partners LP/Enviva Partners Finance Corp.144A♦†
|
|
6.50
|
1-15-2026
|
|
400,000
|
0
|
|
TerraForm Power Operating LLC144A
|
|
4.75
|
1-15-2030
|
|
239,000
|
228,816
|
|
|
|
|
|
|
|
228,816
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Oil & gas: 1.15%
|
|
|
|
|
|
|
|
APA Corp.144A
|
|
5.25
%
|
2-1-2042
|
$
|
93,000
|
$74,392
|
|
BP Capital Markets America, Inc.
|
|
5.23
|
11-17-2034
|
|
480,000
|
488,377
|
|
California Resources Corp.144A
|
|
8.25
|
6-15-2029
|
|
150,000
|
153,971
|
|
ConocoPhillips Co.
|
|
5.50
|
1-15-2055
|
|
380,000
|
360,551
|
|
ConocoPhillips Co.
|
|
5.65
|
1-15-2065
|
|
75,000
|
71,346
|
|
Encino Acquisition Partners Holdings LLC144A
|
|
8.50
|
5-1-2028
|
|
105,000
|
107,888
|
|
Encino Acquisition Partners Holdings LLC144A
|
|
8.75
|
5-1-2031
|
|
105,000
|
115,957
|
|
Expand Energy Corp.
|
|
5.38
|
3-15-2030
|
|
130,000
|
130,364
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.144A
|
|
6.00
|
2-1-2031
|
|
165,000
|
159,123
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.144A
|
|
8.38
|
11-1-2033
|
|
15,000
|
15,564
|
|
Nabors Industries, Inc.144A
|
|
8.88
|
8-15-2031
|
|
155,000
|
115,135
|
|
Nabors Industries, Inc.144A
|
|
9.13
|
1-31-2030
|
|
220,000
|
210,651
|
|
Occidental Petroleum Corp.
|
|
6.13
|
1-1-2031
|
|
215,000
|
222,573
|
|
|
|
|
|
|
|
2,225,892
|
|
Oil & gas services: 0.29%
|
|
|
|
|
|
|
|
Bristow Group, Inc.144A
|
|
6.88
|
3-1-2028
|
|
190,000
|
190,951
|
|
Oceaneering International, Inc.
|
|
6.00
|
2-1-2028
|
|
155,000
|
156,278
|
|
Schlumberger Holdings Corp.144A
|
|
4.85
|
5-15-2033
|
|
210,000
|
206,279
|
|
|
|
|
|
|
|
553,508
|
|
Pipelines: 1.27%
|
|
|
|
|
|
|
|
Antero Midstream Partners LP/Antero Midstream Finance
Corp.144A
|
|
6.63
|
2-1-2032
|
|
135,000
|
139,435
|
|
Buckeye Partners LP
|
|
5.85
|
11-15-2043
|
|
60,000
|
52,881
|
|
Cheniere Energy Partners LP144A%%
|
|
5.55
|
10-30-2035
|
|
150,000
|
151,179
|
|
CQP Holdco LP/BIP-V Chinook Holdco LLC144A
|
|
7.50
|
12-15-2033
|
|
188,000
|
203,997
|
|
Energy Transfer LP (5 Year Treasury Constant
Maturity+4.02%)±
|
|
8.00
|
5-15-2054
|
|
70,000
|
74,472
|
|
Energy Transfer LP Series H (5 Year Treasury Constant
Maturity+5.69%)ʊ±
|
|
6.50
|
11-15-2026
|
|
115,000
|
115,514
|
|
Kinetik Holdings LP144A
|
|
5.88
|
6-15-2030
|
|
40,000
|
40,339
|
|
Prairie Acquiror LP144A
|
|
9.00
|
8-1-2029
|
|
410,000
|
427,063
|
|
Rockies Express Pipeline LLC144A
|
|
6.88
|
4-15-2040
|
|
90,000
|
90,157
|
|
South Bow USA Infrastructure Holdings LLC144A
|
|
5.03
|
10-1-2029
|
|
305,000
|
305,984
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.144A
|
|
6.00
|
12-31-2030
|
|
285,000
|
279,647
|
|
Venture Global LNG, Inc.144A
|
|
8.38
|
6-1-2031
|
|
150,000
|
155,795
|
|
Venture Global LNG, Inc. (5 Year Treasury Constant
Maturity+5.44%)144Aʊ±
|
|
9.00
|
9-30-2029
|
|
440,000
|
427,767
|
|
|
|
|
|
|
|
2,464,230
|
|
Financial: 6.08%
|
|
|
|
|
|
|
|
Banks: 2.56%
|
|
|
|
|
|
|
|
Bank of America Corp. (U.S. SOFR+1.74%)±
|
|
5.52
|
10-25-2035
|
|
195,000
|
195,002
|
|
Bank of America Corp. (U.S. SOFR+1.91%)±
|
|
5.43
|
8-15-2035
|
|
455,000
|
454,866
|
|
Bank of America Corp. Series DD (U.S. SOFR 3
Month+4.81%)ʊ±
|
|
6.30
|
3-10-2026
|
|
195,000
|
196,303
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Banks(continued)
|
|
|
|
|
|
|
|
Bank of America Corp. Series OO (5 Year Treasury Constant
Maturity+2.68%)ʊ±
|
|
6.63
%
|
5-1-2030
|
$
|
170,000
|
$176,061
|
|
Goldman Sachs Group, Inc. Series T (5 Year Treasury
Constant Maturity+2.97%)ʊ±
|
|
3.80
|
5-10-2026
|
|
520,000
|
511,848
|
|
JPMorgan Chase & Co. (U.S. SOFR+1.55%)±
|
|
5.53
|
11-29-2045
|
|
275,000
|
275,612
|
|
JPMorgan Chase & Co. (U.S. SOFR+1.75%)±
|
|
4.57
|
6-14-2030
|
|
305,000
|
306,344
|
|
Morgan Stanley (U.S. SOFR+1.29%)±
|
|
2.94
|
1-21-2033
|
|
750,000
|
669,371
|
|
Morgan Stanley (U.S. SOFR+1.71%)±
|
|
5.52
|
11-19-2055
|
|
430,000
|
420,209
|
|
Santander Holdings USA, Inc. (U.S. SOFR+1.88%)±
|
|
5.74
|
3-20-2031
|
|
190,000
|
195,044
|
|
Santander Holdings USA, Inc. (U.S. SOFR+3.28%)±
|
|
7.66
|
11-9-2031
|
|
70,000
|
78,078
|
|
U.S. Bancorp (U.S. SOFR+1.86%)±
|
|
5.68
|
1-23-2035
|
|
435,000
|
451,606
|
|
U.S. Bancorp (U.S. SOFR+2.26%)±
|
|
5.84
|
6-12-2034
|
|
325,000
|
341,384
|
|
Wells Fargo & Co. (U.S. SOFR+2.06%)±
|
|
6.49
|
10-23-2034
|
|
630,000
|
688,610
|
|
|
|
|
|
|
|
4,960,338
|
|
Diversified financial services: 0.78%
|
|
|
|
|
|
|
|
Aircastle Ltd.144A
|
|
5.95
|
2-15-2029
|
|
185,000
|
191,118
|
|
Aircastle Ltd./Aircastle Ireland DAC144A
|
|
5.25
|
3-15-2030
|
|
360,000
|
362,966
|
|
Citadel LP144A
|
|
6.38
|
1-23-2032
|
|
230,000
|
240,172
|
|
Computershare U.S., Inc.
|
|
1.13
|
10-7-2031
|
|
440,000
|
453,351
|
|
Jane Street Group/JSG Finance, Inc.144A
|
|
7.13
|
4-30-2031
|
|
60,000
|
63,129
|
|
PRA Group, Inc.144A
|
|
5.00
|
10-1-2029
|
|
185,000
|
170,494
|
|
United Wholesale Mortgage LLC144A
|
|
5.50
|
4-15-2029
|
|
35,000
|
33,973
|
|
|
|
|
|
|
|
1,515,203
|
|
Insurance: 1.42%
|
|
|
|
|
|
|
|
BroadStreet Partners, Inc.144A
|
|
5.88
|
4-15-2029
|
|
325,000
|
321,184
|
|
Brown & Brown, Inc.
|
|
4.90
|
6-23-2030
|
|
150,000
|
151,396
|
|
Guardian Life Insurance Co. of America144A
|
|
4.85
|
1-24-2077
|
|
145,000
|
120,375
|
|
Jackson Financial, Inc.
|
|
4.00
|
11-23-2051
|
|
320,000
|
217,253
|
|
MetLife, Inc.
|
|
6.40
|
12-15-2036
|
|
410,000
|
429,339
|
|
New York Life Insurance Co.144A
|
|
5.88
|
5-15-2033
|
|
255,000
|
267,078
|
|
Northwestern Mutual Life Insurance Co.144A
|
|
6.17
|
5-29-2055
|
|
280,000
|
292,392
|
|
Omnis Funding Trust144A
|
|
6.72
|
5-15-2055
|
|
455,000
|
471,505
|
|
PartnerRe Finance B LLC (5 Year Treasury Constant
Maturity+3.82%)±
|
|
4.50
|
10-1-2050
|
|
40,000
|
37,637
|
|
Prudential Financial, Inc. (5 Year Treasury Constant
Maturity+3.04%)±
|
|
3.70
|
10-1-2050
|
|
80,000
|
72,970
|
|
RGA Global Funding144A
|
|
5.05
|
12-6-2031
|
|
355,000
|
355,772
|
|
|
|
|
|
|
|
2,736,901
|
|
Investment Companies: 0.44%
|
|
|
|
|
|
|
|
Ares Capital Corp. BDC
|
|
2.88
|
6-15-2028
|
|
115,000
|
108,368
|
|
Ares Capital Corp. BDC
|
|
5.50
|
9-1-2030
|
|
230,000
|
229,286
|
|
Blue Owl Capital Corp. BDC
|
|
2.63
|
1-15-2027
|
|
320,000
|
309,055
|
|
Golub Capital Private Credit Fund BDC
|
|
5.88
|
5-1-2030
|
|
205,000
|
204,752
|
|
|
|
|
|
|
|
851,461
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
REITs: 0.88%
|
|
|
|
|
|
|
|
Brandywine Operating Partnership LP
|
|
8.30
%
|
3-15-2028
|
$
|
415,000
|
$444,952
|
|
Brandywine Operating Partnership LP
|
|
8.88
|
4-12-2029
|
|
35,000
|
37,893
|
|
EPR Properties
|
|
3.75
|
8-15-2029
|
|
175,000
|
166,629
|
|
Essential Properties LP
|
|
2.95
|
7-15-2031
|
|
240,000
|
213,434
|
|
Iron Mountain, Inc.144A
|
|
4.50
|
2-15-2031
|
|
180,000
|
171,502
|
|
Iron Mountain, Inc.144A
|
|
5.25
|
3-15-2028
|
|
20,000
|
19,913
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital
Finance Corp.144A
|
|
7.00
|
7-15-2031
|
|
280,000
|
292,793
|
|
Piedmont Operating Partnership LP
|
|
9.25
|
7-20-2028
|
|
130,000
|
144,799
|
|
Starwood Property Trust, Inc.144A
|
|
6.50
|
7-1-2030
|
|
25,000
|
25,822
|
|
WEA Finance LLC/Westfield U.K. & Europe Finance PLC144A
|
|
4.75
|
9-17-2044
|
|
230,000
|
187,098
|
|
|
|
|
|
|
|
1,704,835
|
|
Industrial: 1.04%
|
|
|
|
|
|
|
|
Aerospace/defense: 0.32%
|
|
|
|
|
|
|
|
Boeing Co.
|
|
6.86
|
5-1-2054
|
|
535,000
|
585,673
|
|
TransDigm, Inc.144A
|
|
6.63
|
3-1-2032
|
|
35,000
|
36,239
|
|
|
|
|
|
|
|
621,912
|
|
Building materials: 0.20%
|
|
|
|
|
|
|
|
Builders FirstSource, Inc.144A
|
|
6.38
|
3-1-2034
|
|
35,000
|
35,667
|
|
Camelot Return Merger Sub, Inc.144A
|
|
8.75
|
8-1-2028
|
|
320,000
|
295,107
|
|
EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A
|
|
6.63
|
12-15-2030
|
|
30,000
|
30,665
|
|
Quikrete Holdings, Inc.144A
|
|
6.38
|
3-1-2032
|
|
5,000
|
5,142
|
|
Standard Industries, Inc.144A
|
|
5.00
|
2-15-2027
|
|
20,000
|
19,955
|
|
|
|
|
|
|
|
386,536
|
|
Electrical components & equipment: 0.03%
|
|
|
|
|
|
|
|
WESCO Distribution, Inc.144A
|
|
6.63
|
3-15-2032
|
|
55,000
|
57,154
|
|
Engineering & construction: 0.16%
|
|
|
|
|
|
|
|
MasTec, Inc.144A
|
|
4.50
|
8-15-2028
|
|
320,000
|
315,689
|
|
Environmental control: 0.01%
|
|
|
|
|
|
|
|
Clean Harbors, Inc.144A
|
|
6.38
|
2-1-2031
|
|
18,000
|
18,442
|
|
Machinery-diversified: 0.03%
|
|
|
|
|
|
|
|
Chart Industries, Inc.144A
|
|
7.50
|
1-1-2030
|
|
54,000
|
56,534
|
|
Packaging & containers: 0.28%
|
|
|
|
|
|
|
|
Ball Corp.
|
|
2.88
|
8-15-2030
|
|
25,000
|
22,537
|
|
Clydesdale Acquisition Holdings, Inc.144A
|
|
8.75
|
4-15-2030
|
|
500,000
|
511,412
|
|
|
|
|
|
|
|
533,949
|
|
Transportation: 0.01%
|
|
|
|
|
|
|
|
Genesee & Wyoming, Inc.144A
|
|
6.25
|
4-15-2032
|
|
30,000
|
30,611
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Technology: 1.78%
|
|
|
|
|
|
|
|
Computers: 0.42%
|
|
|
|
|
|
|
|
Booz Allen Hamilton, Inc.
|
|
5.95
%
|
4-15-2035
|
$
|
175,000
|
$177,606
|
|
Insight Enterprises, Inc.144A
|
|
6.63
|
5-15-2032
|
|
25,000
|
25,753
|
|
Kyndryl Holdings, Inc.
|
|
4.10
|
10-15-2041
|
|
280,000
|
222,995
|
|
NetApp, Inc.
|
|
5.70
|
3-17-2035
|
|
350,000
|
359,437
|
|
Seagate HDD Cayman
|
|
9.63
|
12-1-2032
|
|
30,000
|
33,818
|
|
|
|
|
|
|
|
819,609
|
|
Semiconductors: 0.76%
|
|
|
|
|
|
|
|
Entegris, Inc.144A
|
|
4.75
|
4-15-2029
|
|
115,000
|
113,725
|
|
Entegris, Inc.144A
|
|
5.95
|
6-15-2030
|
|
35,000
|
35,557
|
|
Foundry JV Holdco LLC144A
|
|
5.88
|
1-25-2034
|
|
260,000
|
264,193
|
|
Foundry JV Holdco LLC144A
|
|
6.20
|
1-25-2037
|
|
350,000
|
364,310
|
|
Intel Corp.
|
|
2.80
|
8-12-2041
|
|
250,000
|
168,007
|
|
Intel Corp.
|
|
3.25
|
11-15-2049
|
|
85,000
|
53,835
|
|
Micron Technology, Inc.
|
|
6.05
|
11-1-2035
|
|
445,000
|
465,721
|
|
|
|
|
|
|
|
1,465,348
|
|
Software: 0.60%
|
|
|
|
|
|
|
|
AthenaHealth Group, Inc.144A
|
|
6.50
|
2-15-2030
|
|
535,000
|
526,582
|
|
Cloud Software Group, Inc.144A
|
|
8.25
|
6-30-2032
|
|
430,000
|
457,619
|
|
Cloud Software Group, Inc.144A
|
|
9.00
|
9-30-2029
|
|
170,000
|
176,209
|
|
|
|
|
|
|
|
1,160,410
|
|
Utilities: 2.20%
|
|
|
|
|
|
|
|
Electric: 1.97%
|
|
|
|
|
|
|
|
AES Corp. (5 Year Treasury Constant Maturity+3.20%)±
|
|
7.60
|
1-15-2055
|
|
30,000
|
30,888
|
|
Baltimore Gas & Electric Co.
|
|
5.45
|
6-1-2035
|
|
360,000
|
368,995
|
|
Dominion Energy, Inc. (5 Year Treasury Constant
Maturity+2.21%)±
|
|
6.63
|
5-15-2055
|
|
115,000
|
116,710
|
|
Duke Energy Corp.
|
|
3.10
|
6-15-2028
|
|
200,000
|
237,220
|
|
Duke Energy Corp.
|
|
3.85
|
6-15-2034
|
|
235,000
|
274,672
|
|
EUSHI Finance, Inc. (5 Year Treasury Constant
Maturity+3.14%)±
|
|
7.63
|
12-15-2054
|
|
210,000
|
217,394
|
|
Evergy, Inc. (5 Year Treasury Constant Maturity+2.56%)±
|
|
6.65
|
6-1-2055
|
|
110,000
|
111,676
|
|
Niagara Mohawk Power Corp.144A%%
|
|
6.00
|
7-3-2055
|
|
300,000
|
300,000
|
|
Oglethorpe Power Corp.
|
|
4.25
|
4-1-2046
|
|
125,000
|
96,918
|
|
PG&E Corp.
|
|
5.25
|
7-1-2030
|
|
40,000
|
38,106
|
|
PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)±
|
|
7.38
|
3-15-2055
|
|
550,000
|
520,861
|
|
PSEG Power LLC144A
|
|
5.75
|
5-15-2035
|
|
360,000
|
370,750
|
|
Sempra (5 Year Treasury Constant Maturity+2.35%)±
|
|
6.63
|
4-1-2055
|
|
315,000
|
304,709
|
|
Southern California Edison Co.
|
|
5.90
|
3-1-2055
|
|
360,000
|
329,171
|
|
Southern Co. Series B (5 Year Treasury Constant
Maturity+3.73%)±
|
|
4.00
|
1-15-2051
|
|
95,000
|
94,451
|
|
Vistra Operations Co. LLC144A
|
|
3.70
|
1-30-2027
|
|
365,000
|
360,248
|
|
Vistra Operations Co. LLC144A
|
|
7.75
|
10-15-2031
|
|
40,000
|
42,514
|
|
|
|
|
|
|
|
3,815,283
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Gas: 0.23%
|
|
|
|
|
|
|
|
Venture Global Plaquemines LNG LLC144A
|
|
7.50
%
|
5-1-2033
|
$
|
410,000
|
$439,037
|
|
Total corporate bonds and notes (Cost $44,863,378)
|
|
|
|
|
|
45,991,200
|
|
Foreign corporate bonds and notes: 12.71%
|
|
|
|
|
|
|
|
Basic materials: 0.13%
|
|
|
|
|
|
|
|
Mining: 0.13%
|
|
|
|
|
|
|
|
Anglo American Capital PLC
|
|
4.75
|
9-21-2032
|
EUR
|
205,000
|
256,146
|
|
Communications: 3.19%
|
|
|
|
|
|
|
|
Internet: 0.31%
|
|
|
|
|
|
|
|
United Group BV144A
|
|
6.50
|
10-31-2031
|
EUR
|
505,000
|
601,037
|
|
Media: 0.14%
|
|
|
|
|
|
|
|
Tele Columbus AG (PIK at 10.00%)144A¥
|
|
10.00
|
1-1-2029
|
EUR
|
339,095
|
274,014
|
|
Telecommunications: 2.74%
|
|
|
|
|
|
|
|
British Telecommunications PLC (UK Gilts 5 Year+3.82%)±
|
|
8.38
|
12-20-2083
|
GBP
|
295,000
|
433,926
|
|
Chorus Ltd.
|
|
3.63
|
9-7-2029
|
EUR
|
295,000
|
355,942
|
|
Eutelsat SA
|
|
1.50
|
10-13-2028
|
EUR
|
300,000
|
321,331
|
|
Fibercop SpA
|
|
1.63
|
1-18-2029
|
EUR
|
395,000
|
425,394
|
|
Koninklijke KPN NV
|
|
3.88
|
7-3-2031
|
EUR
|
300,000
|
366,755
|
|
Lorca Telecom Bondco SA
|
|
4.00
|
9-18-2027
|
EUR
|
400,000
|
470,793
|
|
SES SA (EURIBOR ICE Swap Rate 11:00am+3.23%)±
|
|
5.50
|
9-12-2054
|
EUR
|
400,000
|
456,128
|
|
TDC Net AS
|
|
5.62
|
2-6-2030
|
EUR
|
400,000
|
501,194
|
|
Telecom Italia SpA
|
|
1.63
|
1-18-2029
|
EUR
|
200,000
|
224,070
|
|
Telefonica Emisiones SA
|
|
4.18
|
11-21-2033
|
EUR
|
400,000
|
483,505
|
|
VMED O2 U.K. Financing I PLC
|
|
5.63
|
4-15-2032
|
EUR
|
390,000
|
470,771
|
|
Vodafone Group PLC (EUR Swap Annual (vs. 6 Month
EURIBOR) 5 Year+3.48%)±
|
|
3.00
|
8-27-2080
|
EUR
|
260,000
|
290,525
|
|
Zegona Finance PLC144A
|
|
6.75
|
7-15-2029
|
EUR
|
390,000
|
488,113
|
|
|
|
|
|
|
|
5,288,447
|
|
Consumer, cyclical: 2.42%
|
|
|
|
|
|
|
|
Auto manufacturers: 0.12%
|
|
|
|
|
|
|
|
BMW International Investment BV
|
|
3.50
|
1-22-2033
|
EUR
|
200,000
|
236,068
|
|
Entertainment: 1.18%
|
|
|
|
|
|
|
|
888 Acquisitions Ltd.144A
|
|
7.56
|
7-15-2027
|
EUR
|
320,000
|
379,300
|
|
Banijay Entertainment SASU144A
|
|
7.00
|
5-1-2029
|
EUR
|
390,000
|
480,120
|
|
Cirsa Finance International Sarl144A
|
|
10.38
|
11-30-2027
|
EUR
|
427,500
|
528,877
|
|
Motion Finco Sarl
|
|
7.38
|
6-15-2030
|
EUR
|
350,000
|
386,618
|
|
Universal Music Group NV
|
|
4.00
|
6-13-2031
|
EUR
|
420,000
|
515,597
|
|
|
|
|
|
|
|
2,290,512
|
|
Leisure time: 0.73%
|
|
|
|
|
|
|
|
TUI AG
|
|
5.88
|
3-15-2029
|
EUR
|
700,000
|
855,487
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Leisure time(continued)
|
|
|
|
|
|
|
|
TUI Cruises GmbH144A
|
|
5.00
%
|
5-15-2030
|
EUR
|
214,000
|
$253,512
|
|
TUI Cruises GmbH
|
|
5.00
|
5-15-2030
|
EUR
|
250,000
|
296,159
|
|
|
|
|
|
|
|
1,405,158
|
|
Lodging: 0.27%
|
|
|
|
|
|
|
|
Essendi SA
|
|
6.38
|
10-15-2029
|
EUR
|
415,000
|
512,666
|
|
Toys/games/hobbies: 0.12%
|
|
|
|
|
|
|
|
Asmodee Group AB
|
|
5.75
|
12-15-2029
|
EUR
|
186,667
|
230,054
|
|
Consumer, non-cyclical: 1.56%
|
|
|
|
|
|
|
|
Commercial services: 0.63%
|
|
|
|
|
|
|
|
Amber Finco PLC
|
|
6.63
|
7-15-2029
|
EUR
|
280,000
|
345,097
|
|
Nexi SpA
|
|
2.13
|
4-30-2029
|
EUR
|
250,000
|
280,357
|
|
Transurban Finance Co. Pty. Ltd.
|
|
4.23
|
4-26-2033
|
EUR
|
100,000
|
123,210
|
|
Verisure Holding AB
|
|
5.50
|
5-15-2030
|
EUR
|
113,000
|
138,106
|
|
Verisure Holding AB144A
|
|
9.25
|
10-15-2027
|
EUR
|
28,000
|
34,371
|
|
Worldline SA
|
|
4.13
|
9-12-2028
|
EUR
|
300,000
|
310,487
|
|
|
|
|
|
|
|
1,231,628
|
|
Food: 0.49%
|
|
|
|
|
|
|
|
Flora Food Management BV
|
|
6.88
|
7-2-2029
|
EUR
|
250,000
|
298,830
|
|
Iceland Bondco PLC
|
|
4.38
|
5-15-2028
|
GBP
|
400,000
|
510,310
|
|
Market Bidco Finco PLC
|
|
5.50
|
11-4-2027
|
GBP
|
100,000
|
134,524
|
|
|
|
|
|
|
|
943,664
|
|
Healthcare-services: 0.44%
|
|
|
|
|
|
|
|
Ephios Subco 3 Sarl
|
|
7.88
|
1-31-2031
|
EUR
|
200,000
|
253,378
|
|
Eurofins Scientific SE (3 Month EURIBOR+4.24%)ʊ±
|
|
6.75
|
4-24-2028
|
EUR
|
475,000
|
597,270
|
|
|
|
|
|
|
|
850,648
|
|
Energy: 0.62%
|
|
|
|
|
|
|
|
Oil & gas: 0.36%
|
|
|
|
|
|
|
|
Var Energi ASA (EURIBOR ICE Swap Rate 11:00am+4.77%)±
|
|
7.86
|
11-15-2083
|
EUR
|
200,000
|
258,560
|
|
Wintershall Dea Finance 2 BV Series NC8 (EUR Swap Annual
(vs. 6 Month EURIBOR) 5 Year+3.32%)ʊ±
|
|
3.00
|
7-20-2028
|
EUR
|
400,000
|
442,399
|
|
|
|
|
|
|
|
700,959
|
|
Oil & gas services: 0.26%
|
|
|
|
|
|
|
|
OEG Finance PLC
|
|
7.25
|
9-27-2029
|
EUR
|
400,000
|
492,206
|
|
Financial: 2.69%
|
|
|
|
|
|
|
|
Banks: 1.63%
|
|
|
|
|
|
|
|
ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month
EURIBOR) 5 Year+3.90%)ʊ±
|
|
4.75
|
9-22-2027
|
EUR
|
400,000
|
469,531
|
|
BAWAG Group AG (EURIBOR ICE Swap Rate
11:00am+5.05%)ʊ±
|
|
7.25
|
9-18-2029
|
EUR
|
200,000
|
245,337
|
|
CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5
Year+3.55%)±
|
|
6.25
|
2-23-2033
|
EUR
|
400,000
|
505,077
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Banks(continued)
|
|
|
|
|
|
|
|
Deutsche Bank AG (3 Month EURIBOR+2.95%)±
|
|
5.00
%
|
9-5-2030
|
EUR
|
200,000
|
$251,275
|
|
KBC Group NV (EURIBOR ICE Swap Rate
11:00am+4.93%)ʊ±
|
|
8.00
|
9-5-2028
|
EUR
|
200,000
|
260,940
|
|
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate
11:00am+1.60%)±
|
|
1.38
|
6-17-2033
|
EUR
|
200,000
|
221,329
|
|
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate
11:00am+5.20%)±
|
|
7.38
|
12-20-2032
|
EUR
|
400,000
|
505,717
|
|
Societe Generale SA (EURIBOR ICE Swap Rate
11:00am+1.65%)±
|
|
3.75
|
5-17-2035
|
EUR
|
600,000
|
701,169
|
|
|
|
|
|
|
|
3,160,375
|
|
Diversified financial services: 0.24%
|
|
|
|
|
|
|
|
Sherwood Financing PLC
|
|
4.50
|
11-15-2026
|
EUR
|
395,000
|
463,534
|
|
Insurance: 0.58%
|
|
|
|
|
|
|
|
AXA SA
|
|
3.63
|
1-10-2033
|
EUR
|
400,000
|
488,293
|
|
NN Group NV (3 Month EURIBOR+4.20%)±
|
|
5.25
|
3-1-2043
|
EUR
|
205,000
|
258,360
|
|
Sampo Oyj (3 Month EURIBOR+3.60%)±
|
|
2.50
|
9-3-2052
|
EUR
|
355,000
|
379,149
|
|
|
|
|
|
|
|
1,125,802
|
|
Real estate: 0.24%
|
|
|
|
|
|
|
|
Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5
Year+3.45%)ʊ±
|
|
3.13
|
12-2-2026
|
EUR
|
400,000
|
460,897
|
|
Government securities: 0.36%
|
|
|
|
|
|
|
|
Multi-national: 0.36%
|
|
|
|
|
|
|
|
Asian Development Bank
|
|
6.20
|
10-6-2026
|
INR
|
18,450,000
|
214,622
|
|
Banque Ouest Africaine de Developpement
|
|
2.75
|
1-22-2033
|
EUR
|
485,000
|
477,841
|
|
|
|
|
|
|
|
692,463
|
|
Industrial: 0.10%
|
|
|
|
|
|
|
|
Machinery-diversified: 0.10%
|
|
|
|
|
|
|
|
Nova Alexandre III SAS (3 Month EURIBOR+5.25%)144A±
|
|
7.53
|
7-15-2029
|
EUR
|
160,000
|
190,833
|
|
Technology: 0.39%
|
|
|
|
|
|
|
|
Computers: 0.39%
|
|
|
|
|
|
|
|
Almaviva-The Italian Innovation Co. SpA144A
|
|
5.00
|
10-30-2030
|
EUR
|
213,000
|
251,848
|
|
Teleperformance SE
|
|
5.75
|
11-22-2031
|
EUR
|
400,000
|
507,315
|
|
|
|
|
|
|
|
759,163
|
|
Utilities: 1.25%
|
|
|
|
|
|
|
|
Electric: 0.64%
|
|
|
|
|
|
|
|
Engie SA
|
|
2.13
|
3-30-2032
|
EUR
|
400,000
|
439,550
|
|
Engie SA
|
|
3.63
|
3-6-2031
|
EUR
|
300,000
|
362,422
|
|
Vattenfall AB (UK Gilts 5 Year+1.90%)±
|
|
2.50
|
6-29-2083
|
GBP
|
350,000
|
434,700
|
|
|
|
|
|
|
|
1,236,672
|
|
Gas: 0.34%
|
|
|
|
|
|
|
|
APA Infrastructure Ltd.
|
|
2.00
|
7-15-2030
|
EUR
|
595,000
|
661,415
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Water: 0.27%
|
|
|
|
|
|
|
|
Holding d’Infrastructures des Metiers de l’Environnement
|
|
4.88
%
|
10-24-2029
|
EUR
|
431,000
|
$525,924
|
|
Total foreign corporate bonds and notes (Cost $22,591,812)
|
|
|
|
|
|
24,590,285
|
|
Foreign government bonds: 8.99%
|
|
|
|
|
|
|
|
Brazil: 1.58%
|
|
|
|
|
|
|
|
Brazil##
|
|
10.00
|
1-1-2027
|
BRL
|
18,500,000
|
3,070,527
|
|
Colombia: 0.95%
|
|
|
|
|
|
|
|
Colombia TES##
|
|
7.75
|
9-18-2030
|
COP
|
8,700,000,000
|
1,839,169
|
|
France: 2.13%
|
|
|
|
|
|
|
|
French Republic OAT144A##
|
|
2.70
|
2-25-2031
|
EUR
|
3,495,000
|
4,120,986
|
|
Indonesia: 0.99%
|
|
|
|
|
|
|
|
Indonesia##
|
|
6.88
|
4-15-2029
|
IDR
|
30,500,000,000
|
1,914,046
|
|
South Africa: 0.72%
|
|
|
|
|
|
|
|
Republic of South Africa##
|
|
8.00
|
1-31-2030
|
ZAR
|
25,005,000
|
1,389,014
|
|
United Kingdom: 2.62%
|
|
|
|
|
|
|
|
U.K. Gilts##
|
|
3.25
|
1-31-2033
|
GBP
|
2,065,000
|
2,651,012
|
|
U.K. Gilts##
|
|
4.13
|
7-22-2029
|
GBP
|
1,750,000
|
2,424,517
|
|
|
|
|
|
|
|
5,075,529
|
|
Total foreign government bonds (Cost $16,866,956)
|
|
|
|
|
|
17,409,271
|
|
|
|
|
|
Shares
|
|
|
|
Investment companies: 0.86%
|
|
|
|
|
|
|
|
Exchange-traded funds: 0.86%
|
|
|
|
|
|
|
|
SPDR Portfolio High Yield Bond ETF
|
|
|
|
|
69,895
|
1,663,501
|
|
Total investment companies (Cost $1,598,356)
|
|
|
|
|
|
1,663,501
|
|
|
|
|
|
Principal
|
|
|
|
Loans: 1.06%
|
|
|
|
|
|
|
|
Communications: 0.14%
|
|
|
|
|
|
|
|
Media: 0.01%
|
|
|
|
|
|
|
|
DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)±
|
|
9.54
|
8-2-2027
|
$
|
26,051
|
26,122
|
|
Telecommunications: 0.13%
|
|
|
|
|
|
|
|
CommScope, Inc. (U.S. SOFR 1 Month+5.25%)±
|
|
9.58
|
12-17-2029
|
|
150,000
|
151,641
|
|
Lumen Technologies, Inc. (U.S. SOFR 1 Month+2.35%)±
|
|
6.79
|
4-15-2030
|
|
100,000
|
98,641
|
|
|
|
|
|
|
|
250,282
|
|
Consumer, cyclical: 0.56%
|
|
|
|
|
|
|
|
Airlines: 0.02%
|
|
|
|
|
|
|
|
Vista Management Holding, Inc. (U.S. SOFR 3
Month+3.75%)±
|
|
8.05
|
4-1-2031
|
|
35,000
|
35,059
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Auto parts & equipment: 0.09%
|
|
|
|
|
|
|
|
First Brands Group LLC (U.S. SOFR 3 Month+5.00%)±
|
|
9.54
%
|
3-30-2027
|
$
|
181,539
|
$171,202
|
|
Entertainment: 0.25%
|
|
|
|
|
|
|
|
Crown Finance U.S., Inc. (U.S. SOFR 1 Month+5.25%)±
|
|
9.57
|
12-2-2031
|
|
492,525
|
491,909
|
|
Housewares: 0.08%
|
|
|
|
|
|
|
|
American Greetings Corp. (U.S. SOFR 1 Month+5.75%)±
|
|
10.08
|
10-30-2029
|
|
154,642
|
154,514
|
|
Retail: 0.12%
|
|
|
|
|
|
|
|
Petco Health & Wellness Co., Inc. (U.S. SOFR 3
Month+3.25%)±
|
|
7.81
|
3-3-2028
|
|
260,000
|
238,945
|
|
Financial: 0.11%
|
|
|
|
|
|
|
|
Insurance: 0.11%
|
|
|
|
|
|
|
|
Asurion LLC (U.S. SOFR 1 Month+5.25%)±
|
|
9.69
|
1-31-2028
|
|
215,000
|
205,056
|
|
Industrial: 0.22%
|
|
|
|
|
|
|
|
Building materials: 0.22%
|
|
|
|
|
|
|
|
CP Atlas Buyer, Inc. (U.S. SOFR 1 Month+3.75%)±
|
|
8.18
|
11-23-2027
|
|
437,328
|
435,325
|
|
Technology: 0.03%
|
|
|
|
|
|
|
|
Software: 0.03%
|
|
|
|
|
|
|
|
Rocket Software, Inc. (U.S. SOFR 1 Month+4.25%)±
|
|
8.58
|
11-28-2028
|
|
49,151
|
49,246
|
|
Total loans (Cost $2,071,035)
|
|
|
|
|
|
2,057,660
|
|
Municipal obligations: 0.02%
|
|
|
|
|
|
|
|
Illinois: 0.02%
|
|
|
|
|
|
|
|
GO revenue: 0.02%
|
|
|
|
|
|
|
|
City of Chicago Series E
|
|
6.05
|
1-1-2029
|
|
30,000
|
30,447
|
|
Total municipal obligations (Cost $30,550)
|
|
|
|
|
|
30,447
|
|
Non-agency mortgage-backed securities: 3.25%
|
|
|
|
|
|
|
|
Brean Asset-Backed Securities Trust Series 2021-RM2
Class A144A±±
|
|
1.75
|
10-25-2061
|
|
758,314
|
728,109
|
|
BX Trust Series 2022-CLS Class C144A
|
|
6.79
|
10-13-2027
|
|
750,000
|
736,589
|
|
Hudson’s Bay Simon JV Trust Series 2015-HB10
Class A10144A
|
|
4.15
|
8-5-2034
|
|
535,000
|
532,401
|
|
JPMorgan Mortgage Trust Series 2017-6 Class B5144A±±
|
|
3.78
|
12-25-2048
|
|
399,183
|
319,841
|
|
MFA Trust Series 2020-NQM3 Class M1144A±±
|
|
2.65
|
1-26-2065
|
|
1,000,000
|
923,055
|
|
MFA Trust Series 2021-NQM1 Class A1144A±±
|
|
1.15
|
4-25-2065
|
|
51,721
|
48,397
|
|
RCKT Mortgage Trust Series 2025-CES1 Class A1A144A±±
|
|
5.65
|
1-25-2045
|
|
931,973
|
937,510
|
|
SDAL Trust Series 2025-DAL Class B (U.S. SOFR 1
Month+2.94%)144A±
|
|
7.25
|
4-15-2042
|
|
500,000
|
503,421
|
|
SFAVE Commercial Mortgage Securities Trust Series 2015-
5AVE Class A2B144A±±
|
|
4.14
|
1-5-2043
|
|
505,000
|
438,423
|
|
SFAVE Commercial Mortgage Securities Trust Series 2015-
5AVE Class D144A±±
|
|
4.53
|
1-5-2043
|
|
700,000
|
550,660
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Non-agency mortgage-backed securities(continued)
|
|
|
|
|
|
|
|
TRK Trust Series 2021-INV2 Class A2144A±±
|
|
2.12
%
|
11-25-2056
|
$
|
595,759
|
$527,077
|
|
Verus Securitization Trust Series 2021-2 Class A1144A±±
|
|
1.03
|
2-25-2066
|
|
60,662
|
53,835
|
|
Total non-agency mortgage-backed securities (Cost
$6,610,790)
|
|
|
|
|
|
6,299,318
|
|
U.S. Treasury securities: 17.71%
|
|
|
|
|
|
|
|
U.S. Treasury Bonds##
|
|
3.00
|
2-15-2049
|
|
135,000
|
99,468
|
|
U.S. Treasury Bonds##
|
|
4.25
|
8-15-2054
|
|
1,335,000
|
1,219,126
|
|
U.S. Treasury Bonds##
|
|
4.50
|
11-15-2054
|
|
60,000
|
57,178
|
|
U.S. Treasury Bonds##
|
|
4.63
|
11-15-2044
|
|
195,000
|
190,887
|
|
U.S. Treasury Bonds##
|
|
4.63
|
2-15-2055
|
|
1,400,000
|
1,362,812
|
|
U.S. Treasury Bonds##
|
|
4.75
|
2-15-2045
|
|
40,000
|
39,788
|
|
U.S. Treasury Notes##
|
|
3.88
|
3-31-2027
|
|
275,000
|
275,430
|
|
U.S. Treasury Notes##
|
|
3.88
|
4-30-2030
|
|
635,000
|
637,480
|
|
U.S. Treasury Notes##
|
|
4.00
|
3-31-2030
|
|
4,550,000
|
4,592,301
|
|
U.S. Treasury Notes##
|
|
4.00
|
5-31-2030
|
|
1,005,000
|
1,014,736
|
|
U.S. Treasury Notes##
|
|
4.13
|
10-31-2026
|
|
4,170,000
|
4,181,565
|
|
U.S. Treasury Notes##
|
|
4.13
|
2-28-2027
|
|
13,480,000
|
13,550,032
|
|
U.S. Treasury Notes##
|
|
4.25
|
5-15-2035
|
|
6,180,000
|
6,189,656
|
|
U.S. Treasury Notes##
|
|
4.63
|
2-15-2035
|
|
835,000
|
861,485
|
|
Total U.S. Treasury securities (Cost $34,098,825)
|
|
|
|
|
|
34,271,944
|
|
|
|
|
Expiration
date
|
Shares
|
|
|
|
Warrants: 0.00%
|
|
|
|
|
|
|
|
Consumer staples: 0.00%
|
|
|
|
|
|
|
|
Consumer staples distribution & retail: 0.00%
|
|
|
|
|
|
|
|
Casino Guichard Perrachon SA♦‡†
|
|
|
4-27-2029
|
|
128,399
|
76
|
|
Total warrants (Cost $0)
|
|
|
|
|
|
76
|
|
|
|
|
Maturity
date
|
Principal
|
|
|
|
Yankee corporate bonds and notes: 10.18%
|
|
|
|
|
|
|
|
Basic materials: 0.44%
|
|
|
|
|
|
|
|
Chemicals: 0.28%
|
|
|
|
|
|
|
|
Braskem Netherlands Finance BV144A
|
|
7.25
|
2-13-2033
|
$
|
400,000
|
316,886
|
|
Orbia Advance Corp. SAB de CV144A
|
|
7.50
|
5-13-2035
|
|
215,000
|
222,637
|
|
|
|
|
|
|
|
539,523
|
|
Mining: 0.16%
|
|
|
|
|
|
|
|
Rio Tinto Finance USA PLC
|
|
5.88
|
3-14-2065
|
|
315,000
|
316,349
|
|
Communications: 0.36%
|
|
|
|
|
|
|
|
Media: 0.02%
|
|
|
|
|
|
|
|
Virgin Media Secured Finance PLC144A
|
|
4.50
|
8-15-2030
|
|
45,000
|
41,823
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Telecommunications: 0.34%
|
|
|
|
|
|
|
|
Rogers Communications, Inc. (5 Year Treasury Constant
Maturity+2.62%)±
|
|
7.13
%
|
4-15-2055
|
$
|
475,000
|
$481,462
|
|
TELUS Corp. (5 Year Treasury Constant Maturity+2.71%)±
|
|
7.00
|
10-15-2055
|
|
180,000
|
181,204
|
|
|
|
|
|
|
|
662,666
|
|
Consumer, cyclical: 0.54%
|
|
|
|
|
|
|
|
Leisure time: 0.54%
|
|
|
|
|
|
|
|
Carnival Corp.144A
|
|
6.13
|
2-15-2033
|
|
330,000
|
337,640
|
|
Royal Caribbean Cruises Ltd.144A
|
|
5.63
|
9-30-2031
|
|
50,000
|
50,305
|
|
Royal Caribbean Cruises Ltd.144A
|
|
6.00
|
2-1-2033
|
|
645,000
|
657,434
|
|
|
|
|
|
|
|
1,045,379
|
|
Consumer, non-cyclical: 0.74%
|
|
|
|
|
|
|
|
Beverages: 0.30%
|
|
|
|
|
|
|
|
Coca-Cola Icecek AS144A
|
|
4.50
|
1-20-2029
|
|
595,000
|
578,407
|
|
Cosmetics/Personal Care: 0.02%
|
|
|
|
|
|
|
|
Perrigo Finance Unlimited Co.
|
|
6.13
|
9-30-2032
|
|
35,000
|
35,336
|
|
Pharmaceuticals: 0.42%
|
|
|
|
|
|
|
|
1261229 BC Ltd.144A
|
|
10.00
|
4-15-2032
|
|
585,000
|
590,131
|
|
Bausch Health Cos., Inc.144A
|
|
11.00
|
9-30-2028
|
|
150,000
|
148,500
|
|
Teva Pharmaceutical Finance Netherlands III BV
|
|
8.13
|
9-15-2031
|
|
70,000
|
79,265
|
|
|
|
|
|
|
|
817,896
|
|
Energy: 1.27%
|
|
|
|
|
|
|
|
Oil & gas: 0.97%
|
|
|
|
|
|
|
|
Aker BP ASA144A
|
|
5.13
|
10-1-2034
|
|
215,000
|
206,427
|
|
Borr IHC Ltd./Borr Finance LLC144A
|
|
10.00
|
11-15-2028
|
|
400,610
|
365,874
|
|
BP Capital Markets PLC (5 Year Treasury Constant
Maturity+4.40%)ʊ±
|
|
4.88
|
3-22-2030
|
|
725,000
|
717,487
|
|
Eni SpA144A
|
|
5.95
|
5-15-2054
|
|
420,000
|
406,324
|
|
TotalEnergies Capital SA
|
|
5.43
|
9-10-2064
|
|
195,000
|
182,432
|
|
|
|
|
|
|
|
1,878,544
|
|
Pipelines: 0.30%
|
|
|
|
|
|
|
|
Enbridge, Inc.
|
|
5.95
|
4-5-2054
|
|
220,000
|
217,732
|
|
Enbridge, Inc. Series 20-A (5 Year Treasury Constant
Maturity+5.31%)±
|
|
5.75
|
7-15-2080
|
|
340,000
|
339,048
|
|
Northriver Midstream Finance LP144A
|
|
6.75
|
7-15-2032
|
|
25,000
|
25,891
|
|
|
|
|
|
|
|
582,671
|
|
Financial: 5.64%
|
|
|
|
|
|
|
|
Banks: 3.95%
|
|
|
|
|
|
|
|
AIB Group PLC (U.S. SOFR+1.65%)144A±
|
|
5.32
|
5-15-2031
|
|
215,000
|
218,771
|
|
Banco Industrial SA (5 Year Treasury Constant
Maturity+4.44%)144A±
|
|
4.88
|
1-29-2031
|
|
300,000
|
298,350
|
|
Banco Mercantil del Norte SA (5 Year Treasury Constant
Maturity+4.07%)144Aʊ±
|
|
8.38
|
5-20-2031
|
|
650,000
|
658,372
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Banks(continued)
|
|
|
|
|
|
|
|
Banco Nacional de Comercio Exterior SNC (5 Year Treasury
Constant Maturity+2.00%)144A±
|
|
2.72
%
|
8-11-2031
|
$
|
385,000
|
$364,323
|
|
Bancolombia SA (5 Year Treasury Constant
Maturity+4.32%)±
|
|
8.63
|
12-24-2034
|
|
145,000
|
152,455
|
|
Barclays PLC (U.S. SOFR+1.23%)±
|
|
5.37
|
2-25-2031
|
|
260,000
|
265,587
|
|
Barclays PLC (U.S. SOFR+1.59%)±
|
|
5.79
|
2-25-2036
|
|
625,000
|
638,805
|
|
BBVA Mexico SA Institucion De Banca Multiple Grupo
Financiero (5 Year Treasury Constant
Maturity+4.31%)144A±
|
|
5.88
|
9-13-2034
|
|
300,000
|
294,821
|
|
BNP Paribas SA (5 Year Treasury Constant
Maturity+4.90%)144Aʊ±
|
|
7.75
|
8-16-2029
|
|
220,000
|
231,391
|
|
Commonwealth Bank of Australia (1 Year Treasury Constant
Maturity+1.32%)144A±
|
|
5.93
|
3-14-2046
|
|
415,000
|
407,507
|
|
Credit Agricole SA (5 Year USD Swap Rate+6.19%)144Aʊ±
|
|
8.13
|
12-23-2025
|
|
215,000
|
217,688
|
|
Danske Bank AS (1 Year Treasury Constant
Maturity+1.75%)144A±
|
|
4.30
|
4-1-2028
|
|
830,000
|
827,058
|
|
Lloyds Banking Group PLC (5 Year Treasury Constant
Maturity+4.82%)ʊ±
|
|
6.75
|
6-27-2026
|
|
215,000
|
216,140
|
|
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury
Constant Maturity+1.27%)±
|
|
5.62
|
4-24-2036
|
|
420,000
|
431,892
|
|
National Australia Bank Ltd. (5 Year Treasury Constant
Maturity+1.70%)144A±
|
|
3.35
|
1-12-2037
|
|
995,000
|
879,237
|
|
NatWest Group PLC (5 Year Treasury Constant
Maturity+5.63%)ʊ±
|
|
6.00
|
12-29-2025
|
|
315,000
|
314,483
|
|
UBS Group AG (1 Year Treasury Constant
Maturity+1.77%)144A±
|
|
5.70
|
2-8-2035
|
|
580,000
|
602,443
|
|
UBS Group AG (5 Year Treasury Constant
Maturity+3.40%)144Aʊ±
|
|
4.88
|
2-12-2027
|
|
430,000
|
418,237
|
|
UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5
Year+3.63%)144Aʊ±
|
|
6.85
|
9-10-2029
|
|
215,000
|
215,944
|
|
|
|
|
|
|
|
7,653,504
|
|
Diversified financial services: 1.06%
|
|
|
|
|
|
|
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5
Year Treasury Constant Maturity+2.72%)±
|
|
6.95
|
3-10-2055
|
|
575,000
|
597,534
|
|
Avolon Holdings Funding Ltd.144A
|
|
2.75
|
2-21-2028
|
|
190,000
|
180,307
|
|
Avolon Holdings Funding Ltd.144A
|
|
5.75
|
11-15-2029
|
|
215,000
|
221,316
|
|
Global Aircraft Leasing Co. Ltd.144A
|
|
8.75
|
9-1-2027
|
|
315,000
|
322,910
|
|
Macquarie AirFinance Holdings Ltd.144A
|
|
6.40
|
3-26-2029
|
|
175,000
|
182,692
|
|
Marex Group PLC
|
|
5.83
|
5-8-2028
|
|
495,000
|
501,413
|
|
Unifin Financiera SAB de CV144A
|
|
9.88
|
1-28-2029
|
|
600,000
|
36,600
|
|
|
|
|
|
|
|
2,042,772
|
|
Insurance: 0.63%
|
|
|
|
|
|
|
|
Aspen Insurance Holdings Ltd.
|
|
5.75
|
7-1-2030
|
|
130,000
|
132,149
|
|
Intact Financial Corp.144A
|
|
5.46
|
9-22-2032
|
|
620,000
|
634,817
|
|
RenaissanceRe Holdings Ltd.
|
|
5.80
|
4-1-2035
|
|
445,000
|
457,204
|
|
|
|
|
|
|
|
1,224,170
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Government securities: 0.12%
|
|
|
|
|
|
|
|
Multi-national: 0.12%
|
|
|
|
|
|
|
|
African Export-Import Bank144A
|
|
3.80
%
|
5-17-2031
|
$
|
260,000
|
$224,546
|
|
Industrial: 0.43%
|
|
|
|
|
|
|
|
Electronics: 0.01%
|
|
|
|
|
|
|
|
Sensata Technologies BV144A
|
|
5.88
|
9-1-2030
|
|
25,000
|
25,033
|
|
Engineering & construction: 0.02%
|
|
|
|
|
|
|
|
CIMIC Finance USA Pty. Ltd.144A
|
|
7.00
|
3-25-2034
|
|
40,000
|
42,587
|
|
Packaging & containers: 0.28%
|
|
|
|
|
|
|
|
Trivium Packaging Finance BV144A
|
|
12.25
|
1-15-2031
|
|
500,000
|
535,967
|
|
Trucking & leasing: 0.12%
|
|
|
|
|
|
|
|
SMBC Aviation Capital Finance DAC144A
|
|
5.45
|
5-3-2028
|
|
215,000
|
219,793
|
|
Utilities: 0.64%
|
|
|
|
|
|
|
|
Electric: 0.64%
|
|
|
|
|
|
|
|
Comision Federal de Electricidad144A
|
|
3.35
|
2-9-2031
|
|
280,000
|
246,649
|
|
Comision Federal de Electricidad144A
|
|
3.88
|
7-26-2033
|
|
700,000
|
595,297
|
|
Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)±
|
|
6.75
|
6-15-2076
|
|
395,000
|
397,478
|
|
|
|
|
|
|
|
1,239,424
|
|
Total yankee corporate bonds and notes (Cost $19,893,001)
|
|
|
|
|
|
19,706,390
|
|
Yankee government bonds: 2.16%
|
|
|
|
|
|
|
|
Argentina: 0.27%
|
|
|
|
|
|
|
|
Argentinaøø##
|
|
4.13
|
7-9-2035
|
|
260,000
|
174,907
|
|
Provincia de Cordoba144Aøø##
|
|
6.88
|
12-10-2025
|
|
42,413
|
42,519
|
|
Provincia de Cordoba144Aøø##
|
|
6.88
|
2-1-2029
|
|
332,619
|
313,493
|
|
|
|
|
|
|
|
530,919
|
|
Colombia: 0.32%
|
|
|
|
|
|
|
|
Colombia##
|
|
7.50
|
2-2-2034
|
|
325,000
|
322,990
|
|
Colombia##
|
|
8.00
|
11-14-2035
|
|
295,000
|
296,266
|
|
|
|
|
|
|
|
619,256
|
|
Dominican Republic: 0.13%
|
|
|
|
|
|
|
|
Dominican Republic144A##
|
|
7.05
|
2-3-2031
|
|
235,000
|
246,210
|
|
Israel: 0.17%
|
|
|
|
|
|
|
|
Israel##
|
|
5.75
|
3-12-2054
|
|
360,000
|
333,188
|
|
Ivory Coast: 0.15%
|
|
|
|
|
|
|
|
Ivory Coast144A##
|
|
8.25
|
1-30-2037
|
|
300,000
|
288,963
|
|
Mexico: 0.27%
|
|
|
|
|
|
|
|
Mexico##
|
|
6.35
|
2-9-2035
|
|
510,000
|
520,889
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Panama: 0.51%
|
|
|
|
|
|
|
|
Panama##
|
|
2.25
%
|
9-29-2032
|
$
|
645,000
|
$491,793
|
|
Panama##
|
|
4.50
|
1-19-2063
|
|
765,000
|
491,413
|
|
|
|
|
|
|
|
983,206
|
|
Peru: 0.34%
|
|
|
|
|
|
|
|
Corp. Financiera de Desarrollo SA144A##
|
|
5.95
|
4-30-2029
|
|
640,000
|
659,853
|
|
Total yankee government bonds (Cost $4,107,762)
|
|
|
|
|
|
4,182,484
|
|
|
|
Yield
|
|
Shares
|
|
|
|
Short-term investments: 4.61%
|
|
|
|
|
|
|
|
Investment companies: 1.51%
|
|
|
|
|
|
|
|
Allspring Government Money Market Fund Select
Class♠∞##
|
|
4.26
|
|
|
2,924,351
|
2,924,351
|
|
|
|
|
|
Principal
|
|
|
|
U.S. Treasury securities: 3.10%
|
|
|
|
|
|
|
|
U.S. Treasury Bills☼
|
|
3.75
|
7-10-2025
|
$
|
6,000,000
|
5,993,713
|
|
Total short-term investments (Cost $8,918,112)
|
|
|
|
|
|
8,918,064
|
|
Total investments in securities (Cost $244,534,426)
|
128.19
%
|
|
|
|
|
248,112,196
|
|
Other assets and liabilities, net
|
(28.19
)
|
|
|
|
|
(54,565,901
)
|
|
Total net assets
|
100.00
%
|
|
|
|
|
$193,546,295
|
|
##
|
All or a portion of this security is segregated as collateral for when-issued securities.
|
|
%%
|
The security is purchased on a when-issued basis.
|
|
144A
|
The security may be resold in transactions exempt from registration, normally to qualified
institutional buyers, pursuant to Rule 144A under the Securities Act of
1933.
|
|
±±
|
The coupon of the security is adjusted based on the principal and/or interest payments
received from the underlying pool of mortgages as well as the credit quality
and the actual prepayment speed of the underlying mortgages. The rate shown is the
rate in effect at period end.
|
|
±
|
Variable rate investment. The rate shown is the rate in effect at period end.
|
|
‡
|
Security is valued using significant unobservable inputs.
|
|
†
|
Non-income-earning security
|
|
♦
|
The security is fair valued in accordance with procedures approved by Allspring Funds
Management, LLC.
|
|
¥
|
A payment-in-kind (PIK) security is a security in which the issuer may make interest
or dividend payments in cash or additional securities or a combination of both.
The rate shown is the rate in effect at period end.
|
|
¤
|
The security is issued in zero coupon form with no periodic interest payments.
|
|
ʊ
|
Security is perpetual in nature and has no stated maturity date. The date shown reflects
the next call date.
|
|
øø
|
The interest rate is determined and reset by the issuer periodically depending upon
the terms of the security. The rate shown is the rate in effect at period end.
|
|
♠
|
The issuer of the security is an affiliated person of the Fund as defined in the Investment
Company Act of 1940.
|
|
∞
|
The rate represents the 7-day annualized yield at period end.
|
|
☼
|
Zero coupon security. The rate represents the current yield to maturity.
|
|
Abbreviations:
|
|
|
BDC
|
Business Development Company
|
|
BRL
|
Brazilian real
|
|
COP
|
Colombian peso
|
|
EUR
|
Euro
|
|
EURIBOR
|
Euro Interbank Offered Rate
|
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
|
FNMA
|
Federal National Mortgage Association
|
|
GBP
|
Great British pound
|
|
GNMA
|
Government National Mortgage Association
|
|
GO
|
General obligation
|
|
IDR
|
Indonesian rupiah
|
|
INR
|
Indian rupee
|
|
LIBOR
|
London Interbank Offered Rate
|
|
NPFGC
|
National Public Finance Guarantee Corporation
|
|
REIT
|
Real estate investment trust
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
ZAR
|
South African rand
|
|
|
Value,
beginning of
period
|
Purchases
|
Sales
proceeds
|
Net
realized
gains
(losses)
|
Net
change in
unrealized
gains
(losses)
|
Value,
end of
period
|
Shares,
end
of period
|
Income
from
affiliated
securities
|
|
Short-term investments
|
|
|
|
|
|
|
|
|
|
Allspring Government Money Market Fund Select
Class
|
$15,122,046
|
$133,401,358
|
$(145,599,053
)
|
$0
|
$0
|
$2,924,351
|
2,924,351
|
$225,729
|
|
Currency to be
received
|
Currency to be
delivered
|
Counterparty
|
Settlement
date
|
Unrealized
gains
|
Unrealized
losses
|
||
|
USD
|
1,315,649
|
BRL
|
7,400,000
|
Morgan Stanley, Inc.
|
9-30-2025
|
$0
|
$(16,034
)
|
|
USD
|
1,940,826
|
BRL
|
10,935,000
|
Morgan Stanley, Inc.
|
9-30-2025
|
0
|
(27,006
)
|
|
USD
|
28,715,816
|
EUR
|
24,794,000
|
Citibank N.A.
|
9-30-2025
|
0
|
(663,650
)
|
|
EUR
|
320,000
|
USD
|
373,293
|
Citibank N.A.
|
9-30-2025
|
5,888
|
0
|
|
USD
|
6,402,818
|
GBP
|
4,743,000
|
Citibank N.A.
|
9-30-2025
|
0
|
(111,451
)
|
|
USD
|
192,445
|
GBP
|
140,000
|
Citibank N.A.
|
9-30-2025
|
162
|
0
|
|
JPY
|
130,000,000
|
USD
|
903,316
|
Citibank N.A.
|
9-30-2025
|
8,551
|
0
|
|
JPY
|
22,000,000
|
USD
|
152,820
|
Citibank N.A.
|
9-30-2025
|
1,496
|
0
|
|
JPY
|
119,000,000
|
USD
|
821,625
|
Citibank N.A.
|
9-30-2025
|
13,085
|
0
|
|
USD
|
209,890
|
ZAR
|
3,800,000
|
Morgan Stanley, Inc.
|
9-30-2025
|
0
|
(3,360
)
|
|
USD
|
1,191,411
|
ZAR
|
21,470,000
|
Morgan Stanley, Inc.
|
9-30-2025
|
0
|
(13,451
)
|
|
|
|
|
|
|
|
$29,182
|
$(834,952
)
|
|
Description
|
Number of
contracts
|
Expiration
date
|
Notional
cost
|
Notional
value
|
Unrealized
gains
|
Unrealized
losses
|
|
Long
|
|
|
|
|
|
|
|
Ultra Long Term U.S. Treasury Bond
|
24
|
9-19-2025
|
$2,779,481
|
$2,859,000
|
$79,519
|
$0
|
|
2-Year U.S. Treasury Notes
|
82
|
9-30-2025
|
16,982,734
|
17,057,922
|
75,188
|
0
|
|
5-Year U.S. Treasury Notes
|
72
|
9-30-2025
|
7,801,724
|
7,848,000
|
46,276
|
0
|
|
Description
|
Number of
contracts
|
Expiration
date
|
Notional
cost
|
Notional
value
|
Unrealized
gains
|
Unrealized
losses
|
|
Short
|
|
|
|
|
|
|
|
10-Year Euro BUND Index
|
(43
)
|
9-8-2025
|
$(6,638,871
)
|
$(6,592,342
)
|
$46,529
|
$0
|
|
2-Year Euro SCHATZ
|
(41
)
|
9-8-2025
|
(5,188,610
)
|
(5,179,743
)
|
8,867
|
0
|
|
5-Year Euro-BOBL Futures
|
(44
)
|
9-8-2025
|
(6,124,658
)
|
(6,099,334
)
|
25,324
|
0
|
|
Ultra 10-Year U.S. Treasury Notes
|
(134
)
|
9-19-2025
|
(15,054,895
)
|
(15,311,594
)
|
0
|
(256,699
)
|
|
|
|
|
|
|
$281,703
|
$(256,699
)
|
|
Reference index
|
Fixed rate
received
|
Payment
frequency
|
Maturity
date
|
Notional
amount
|
Value
|
Premiums
paid
(received)
|
Unrealized
gains
|
Unrealized
losses
|
|
|
Buy Protection
|
|
|
|
|
|
|
|
|
|
|
Markit CDX Emerging Markets Index S42
|
5.00%
|
Quarterly
|
6-20-2029
|
USD
|
1,720,000
|
$133,484
|
$105,369
|
$28,115
|
$0
|
|
Sell Protection
|
|
|
|
|
|
|
|
|
|
|
Markit iTraxx Europe Crossover S42
|
5.00
|
Quarterly
|
12-20-2029
|
EUR
|
774,536
|
83,013
|
(15,974
)
|
98,987
|
0
|
|
|
|
|
|
|
|
|
|
$127,102
|
$0
|
|
|
Quoted prices
(Level 1)
|
Other significant
observable inputs
(Level 2)
|
Significant
unobservable inputs
(Level 3)
|
Total
|
|
Assets
|
|
|
|
|
|
Investments in:
|
|
|
|
|
|
Agency securities
|
$0
|
$65,921,089
|
$0
|
$65,921,089
|
|
Asset-backed securities
|
0
|
16,555,013
|
198,630
|
16,753,643
|
|
Common stocks
|
|
|
|
|
|
Consumer staples
|
630
|
0
|
0
|
630
|
|
Energy
|
0
|
0
|
316,194
|
316,194
|
|
Financials
|
0
|
0
|
0
|
0
|
|
Corporate bonds and notes
|
0
|
45,991,200
|
0
|
45,991,200
|
|
Foreign corporate bonds and notes
|
0
|
24,590,285
|
0
|
24,590,285
|
|
Foreign government bonds
|
0
|
17,409,271
|
0
|
17,409,271
|
|
Investment companies
|
1,663,501
|
0
|
0
|
1,663,501
|
|
Loans
|
0
|
2,057,660
|
0
|
2,057,660
|
|
Municipal obligations
|
0
|
30,447
|
0
|
30,447
|
|
Non-agency mortgage-backed securities
|
0
|
6,299,318
|
0
|
6,299,318
|
|
U.S. Treasury securities
|
34,271,944
|
0
|
0
|
34,271,944
|
|
Warrants
|
|
|
|
|
|
Consumer staples
|
0
|
0
|
76
|
76
|
|
Yankee corporate bonds and notes
|
0
|
19,706,390
|
0
|
19,706,390
|
|
Yankee government bonds
|
0
|
4,182,484
|
0
|
4,182,484
|
|
Short-term investments
|
|
|
|
|
|
Investment companies
|
2,924,351
|
0
|
0
|
2,924,351
|
|
U.S. Treasury securities
|
5,993,713
|
0
|
0
|
5,993,713
|
|
|
44,854,139
|
202,743,157
|
514,900
|
248,112,196
|
|
Forward foreign currency contracts
|
0
|
29,182
|
0
|
29,182
|
|
Futures contracts
|
281,703
|
0
|
0
|
281,703
|
|
Swap contracts
|
0
|
127,102
|
0
|
127,102
|
|
Total assets
|
$45,135,842
|
$202,899,441
|
$514,900
|
$248,550,183
|
|
Liabilities
|
||||
|
Forward foreign currency contracts
|
$0
|
$834,952
|
$0
|
$834,952
|
|
Futures contracts
|
256,699
|
0
|
0
|
256,699
|
|
Total liabilities
|
$256,699
|
$834,952
|
$0
|
$1,091,651
|