|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Asset-backed securities: 0.25%
|
|
|
|
|
|
|
|
Frontier Issuer LLC Series 2024-1 Class C144A
|
|
11.16
%
|
6-20-2054
|
$
|
196,350
|
$220,405
|
|
Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A
|
|
6.37
|
4-20-2055
|
|
380,000
|
387,033
|
|
Ziply Fiber Issuer LLC Series 2024-1A Class C144A
|
|
11.17
|
4-20-2054
|
|
245,000
|
263,794
|
|
Total asset-backed securities (Cost $840,406)
|
|
|
|
|
|
871,232
|
|
|
|
|
|
Shares
|
|
|
|
Common stocks: 35.61%
|
|
|
|
|
|
|
|
Communication services: 3.94%
|
|
|
|
|
|
|
|
Diversified telecommunication services: 1.70%
|
|
|
|
|
|
|
|
AT&T, Inc.
|
|
|
|
|
68,938
|
1,995,066
|
|
Orange SA
|
|
|
|
|
138,338
|
2,104,568
|
|
Telenor ASA
|
|
|
|
|
120,453
|
1,872,630
|
|
|
|
|
|
|
|
5,972,264
|
|
Interactive media & services: 1.46%
|
|
|
|
|
|
|
|
Alphabet, Inc. Class A
|
|
|
|
|
15,930
|
2,807,344
|
|
Meta Platforms, Inc. Class A
|
|
|
|
|
3,118
|
2,301,364
|
|
|
|
|
|
|
|
5,108,708
|
|
Media: 0.33%
|
|
|
|
|
|
|
|
Publicis Groupe SA
|
|
|
|
|
10,311
|
1,162,115
|
|
Wireless telecommunication services: 0.45%
|
|
|
|
|
|
|
|
SK Telecom Co. Ltd.
|
|
|
|
|
37,076
|
1,557,654
|
|
Consumer discretionary: 3.37%
|
|
|
|
|
|
|
|
Automobiles: 0.73%
|
|
|
|
|
|
|
|
BYD Co. Ltd. Class H
|
|
|
|
|
88,500
|
1,381,060
|
|
Tesla, Inc.†
|
|
|
|
|
3,700
|
1,175,342
|
|
|
|
|
|
|
|
2,556,402
|
|
Broadline retail: 1.14%
|
|
|
|
|
|
|
|
Amazon.com, Inc.†
|
|
|
|
|
13,424
|
2,945,091
|
|
JD.com, Inc. Class A
|
|
|
|
|
65,300
|
1,063,939
|
|
|
|
|
|
|
|
4,009,030
|
|
Hotels, restaurants & leisure: 0.37%
|
|
|
|
|
|
|
|
Booking Holdings, Inc.
|
|
|
|
|
225
|
1,302,579
|
|
Household durables: 0.59%
|
|
|
|
|
|
|
|
Haier Smart Home Co. Ltd. Class H
|
|
|
|
|
277,600
|
793,906
|
|
Panasonic Holdings Corp.
|
|
|
|
|
117,400
|
1,268,120
|
|
|
|
|
|
|
|
2,062,026
|
|
Specialty retail: 0.25%
|
|
|
|
|
|
|
|
Gap, Inc.
|
|
|
|
|
40,728
|
888,278
|
|
|
|
|
|
Shares
|
Value
|
|
|
Textiles, apparel & luxury goods: 0.29%
|
|
|
|
|
|
|
|
Deckers Outdoor Corp.†
|
|
|
|
|
9,796
|
$1,009,674
|
|
Consumer staples: 1.66%
|
|
|
|
|
|
|
|
Beverages: 0.58%
|
|
|
|
|
|
|
|
Coca-Cola HBC AG
|
|
|
|
|
39,286
|
2,051,342
|
|
Consumer staples distribution & retail: 1.08%
|
|
|
|
|
|
|
|
Sysco Corp.
|
|
|
|
|
22,013
|
1,667,265
|
|
Walmart, Inc.
|
|
|
|
|
21,525
|
2,104,714
|
|
|
|
|
|
|
|
3,771,979
|
|
Energy: 1.59%
|
|
|
|
|
|
|
|
Independent power and renewable electricity producers: 0.56%
|
|
|
|
|
|
|
|
Enviva, Inc.‡†
|
|
|
|
|
103,033
|
1,944,748
|
|
Oil, gas & consumable fuels: 1.03%
|
|
|
|
|
|
|
|
Cheniere Energy, Inc.
|
|
|
|
|
5,294
|
1,289,195
|
|
ConocoPhillips
|
|
|
|
|
15,631
|
1,402,726
|
|
Devon Energy Corp.
|
|
|
|
|
29,024
|
923,253
|
|
|
|
|
|
|
|
3,615,174
|
|
Financials: 6.35%
|
|
|
|
|
|
|
|
Banks: 2.79%
|
|
|
|
|
|
|
|
Banca Monte dei Paschi di Siena SpA
|
|
|
|
|
100,863
|
858,058
|
|
China Construction Bank Corp. Class H
|
|
|
|
|
1,558,000
|
1,571,903
|
|
Citigroup, Inc.
|
|
|
|
|
31,370
|
2,670,215
|
|
Credit Agricole SA
|
|
|
|
|
59,374
|
1,123,580
|
|
DBS Group Holdings Ltd.
|
|
|
|
|
36,500
|
1,289,198
|
|
UniCredit SpA
|
|
|
|
|
34,069
|
2,283,889
|
|
|
|
|
|
|
|
9,796,843
|
|
Capital markets: 0.90%
|
|
|
|
|
|
|
|
3i Group PLC
|
|
|
|
|
35,186
|
1,989,880
|
|
Plus500 Ltd.
|
|
|
|
|
24,696
|
1,151,208
|
|
|
|
|
|
|
|
3,141,088
|
|
Consumer finance: 0.43%
|
|
|
|
|
|
|
|
SLM Corp.
|
|
|
|
|
45,735
|
1,499,651
|
|
Insurance: 1.89%
|
|
|
|
|
|
|
|
Aviva PLC
|
|
|
|
|
173,132
|
1,471,526
|
|
BB Seguridade Participacoes SA
|
|
|
|
|
236,700
|
1,559,673
|
|
Power Corp. of Canada
|
|
|
|
|
44,396
|
1,734,109
|
|
Sompo Holdings, Inc.
|
|
|
|
|
61,900
|
1,867,682
|
|
|
|
|
|
|
|
6,632,990
|
|
Mortgage real estate investment trusts (REITs): 0.34%
|
|
|
|
|
|
|
|
Ladder Capital Corp. Class A
|
|
|
|
|
109,437
|
1,176,448
|
|
|
|
|
|
Shares
|
Value
|
|
|
Health care: 3.02%
|
|
|
|
|
|
|
|
Biotechnology: 1.00%
|
|
|
|
|
|
|
|
AbbVie, Inc.
|
|
|
|
|
9,369
|
$1,739,074
|
|
Gilead Sciences, Inc.
|
|
|
|
|
15,854
|
1,757,733
|
|
|
|
|
|
|
|
3,496,807
|
|
Health care equipment & supplies: 0.35%
|
|
|
|
|
|
|
|
Lantheus Holdings, Inc.†
|
|
|
|
|
15,150
|
1,240,179
|
|
Health care providers & services: 0.34%
|
|
|
|
|
|
|
|
Cencora, Inc.
|
|
|
|
|
4,029
|
1,208,096
|
|
Pharmaceuticals: 1.33%
|
|
|
|
|
|
|
|
Eli Lilly & Co.
|
|
|
|
|
1,656
|
1,290,902
|
|
Merck & Co., Inc.
|
|
|
|
|
24,253
|
1,919,867
|
|
Pfizer, Inc.
|
|
|
|
|
59,630
|
1,445,431
|
|
|
|
|
|
|
|
4,656,200
|
|
Industrials: 2.78%
|
|
|
|
|
|
|
|
Building products: 1.16%
|
|
|
|
|
|
|
|
Johnson Controls International PLC
|
|
|
|
|
11,611
|
1,226,354
|
|
Owens Corning
|
|
|
|
|
7,590
|
1,043,777
|
|
Trane Technologies PLC
|
|
|
|
|
4,147
|
1,813,939
|
|
|
|
|
|
|
|
4,084,070
|
|
Electrical equipment: 0.38%
|
|
|
|
|
|
|
|
Signify NV144A
|
|
|
|
|
48,757
|
1,319,818
|
|
Industrial conglomerates: 0.89%
|
|
|
|
|
|
|
|
Hitachi Ltd.
|
|
|
|
|
63,800
|
1,862,984
|
|
Siemens AG
|
|
|
|
|
4,935
|
1,265,240
|
|
|
|
|
|
|
|
3,128,224
|
|
Professional services: 0.35%
|
|
|
|
|
|
|
|
SS&C Technologies Holdings, Inc.
|
|
|
|
|
14,733
|
1,219,892
|
|
Information technology: 10.16%
|
|
|
|
|
|
|
|
Communications equipment: 0.53%
|
|
|
|
|
|
|
|
Arista Networks, Inc.†
|
|
|
|
|
18,124
|
1,854,266
|
|
Electronic equipment, instruments & components: 0.80%
|
|
|
|
|
|
|
|
TD SYNNEX Corp.
|
|
|
|
|
12,132
|
1,646,312
|
|
TE Connectivity PLC
|
|
|
|
|
6,792
|
1,145,607
|
|
|
|
|
|
|
|
2,791,919
|
|
IT services: 0.49%
|
|
|
|
|
|
|
|
International Business Machines Corp.
|
|
|
|
|
5,854
|
1,725,642
|
|
Semiconductors & semiconductor equipment: 3.74%
|
|
|
|
|
|
|
|
Broadcom, Inc.
|
|
|
|
|
12,102
|
3,335,916
|
|
KLA Corp.
|
|
|
|
|
1,739
|
1,557,692
|
|
|
|
|
|
Shares
|
Value
|
|
|
Semiconductors & semiconductor equipment(continued)
|
|
|
|
|
|
|
|
NVIDIA Corp.
|
|
|
|
|
34,374
|
$5,430,748
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
|
|
|
|
|
12,251
|
2,774,729
|
|
|
|
|
|
|
|
13,099,085
|
|
Software: 2.74%
|
|
|
|
|
|
|
|
InterDigital, Inc.
|
|
|
|
|
10,052
|
2,253,960
|
|
Microsoft Corp.
|
|
|
|
|
10,283
|
5,114,867
|
|
SAP SE
|
|
|
|
|
7,329
|
2,228,661
|
|
|
|
|
|
|
|
9,597,488
|
|
Technology hardware, storage & peripherals: 1.86%
|
|
|
|
|
|
|
|
Apple, Inc.
|
|
|
|
|
14,255
|
2,924,698
|
|
Dell Technologies, Inc. Class C
|
|
|
|
|
13,285
|
1,628,741
|
|
Seagate Technology Holdings PLC
|
|
|
|
|
13,689
|
1,975,734
|
|
|
|
|
|
|
|
6,529,173
|
|
Materials: 0.30%
|
|
|
|
|
|
|
|
Metals & mining: 0.30%
|
|
|
|
|
|
|
|
Alrosa PJSC (Acquired 5-6-2021, cost $65,232)♦†˃
|
|
|
|
|
42,660
|
0
|
|
Fortescue Ltd.
|
|
|
|
|
105,211
|
1,058,058
|
|
|
|
|
|
|
|
1,058,058
|
|
Real estate: 1.34%
|
|
|
|
|
|
|
|
Health care REITs: 0.42%
|
|
|
|
|
|
|
|
Omega Healthcare Investors, Inc.
|
|
|
|
|
40,189
|
1,472,927
|
|
Retail REITs: 0.36%
|
|
|
|
|
|
|
|
Simon Property Group, Inc.
|
|
|
|
|
7,841
|
1,260,519
|
|
Specialized REITs: 0.56%
|
|
|
|
|
|
|
|
VICI Properties, Inc. Class A
|
|
|
|
|
60,079
|
1,958,575
|
|
Utilities: 1.09%
|
|
|
|
|
|
|
|
Gas utilities: 0.59%
|
|
|
|
|
|
|
|
UGI Corp.
|
|
|
|
|
56,348
|
2,052,194
|
|
Multi-utilities: 0.50%
|
|
|
|
|
|
|
|
Engie SA
|
|
|
|
|
75,123
|
1,763,187
|
|
Investment Companies: 0.01%
|
|
|
|
|
|
|
|
Resolute Topco, Inc.‡†
|
|
|
|
|
5,151
|
28,331
|
|
Total common stocks (Cost $89,745,916)
|
|
|
|
|
|
124,803,643
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
|
|
|
Corporate bonds and notes: 34.59%
|
|
|
|
|
|
|
|
Basic materials: 0.60%
|
|
|
|
|
|
|
|
Chemicals: 0.47%
|
|
|
|
|
|
|
|
Celanese U.S. Holdings LLC
|
|
6.50
%
|
4-15-2030
|
$
|
545,000
|
557,877
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Chemicals(continued)
|
|
|
|
|
|
|
|
Chemours Co.144A
|
|
8.00
%
|
1-15-2033
|
$
|
495,000
|
$463,522
|
|
SCIH Salt Holdings, Inc.144A
|
|
6.63
|
5-1-2029
|
|
650,000
|
635,508
|
|
|
|
|
|
|
|
1,656,907
|
|
Iron/steel: 0.13%
|
|
|
|
|
|
|
|
Cleveland-Cliffs, Inc.144A
|
|
7.00
|
3-15-2032
|
|
460,000
|
433,624
|
|
Communications: 4.56%
|
|
|
|
|
|
|
|
Advertising: 0.63%
|
|
|
|
|
|
|
|
Clear Channel Outdoor Holdings, Inc.144A
|
|
5.13
|
8-15-2027
|
|
450,000
|
444,881
|
|
Clear Channel Outdoor Holdings, Inc.144A
|
|
9.00
|
9-15-2028
|
|
660,000
|
691,563
|
|
Outfront Media Capital LLC/Outfront Media Capital Corp.144A
|
|
4.63
|
3-15-2030
|
|
225,000
|
214,900
|
|
Outfront Media Capital LLC/Outfront Media Capital Corp.144A
|
|
7.38
|
2-15-2031
|
|
800,000
|
846,971
|
|
|
|
|
|
|
|
2,198,315
|
|
Internet: 0.38%
|
|
|
|
|
|
|
|
Arches Buyer, Inc.144A
|
|
4.25
|
6-1-2028
|
|
250,000
|
239,285
|
|
Arches Buyer, Inc.144A
|
|
6.13
|
12-1-2028
|
|
335,000
|
308,103
|
|
Cablevision Lightpath LLC144A
|
|
5.63
|
9-15-2028
|
|
425,000
|
410,574
|
|
Match Group Holdings II LLC144A
|
|
5.63
|
2-15-2029
|
|
360,000
|
357,369
|
|
|
|
|
|
|
|
1,315,331
|
|
Media: 2.20%
|
|
|
|
|
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.144A
|
|
4.25
|
1-15-2034
|
|
925,000
|
823,423
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.144A
|
|
4.50
|
8-15-2030
|
|
1,700,000
|
1,620,745
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.144A
|
|
5.00
|
2-1-2028
|
|
475,000
|
470,623
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.144A
|
|
5.38
|
6-1-2029
|
|
400,000
|
398,538
|
|
CSC Holdings LLC144A
|
|
3.38
|
2-15-2031
|
|
570,000
|
394,947
|
|
CSC Holdings LLC144A
|
|
5.50
|
4-15-2027
|
|
760,000
|
725,607
|
|
CSC Holdings LLC144A
|
|
5.75
|
1-15-2030
|
|
335,000
|
165,686
|
|
CSC Holdings LLC144A
|
|
11.25
|
5-15-2028
|
|
375,000
|
373,589
|
|
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor,
Inc.144A
|
|
5.88
|
8-15-2027
|
|
135,000
|
134,559
|
|
DISH DBS Corp.144A
|
|
5.75
|
12-1-2028
|
|
210,000
|
181,781
|
|
DISH Network Corp.144A
|
|
11.75
|
11-15-2027
|
|
1,220,000
|
1,257,608
|
|
Paramount Global (3 Month LIBOR+3.90%)±
|
|
6.25
|
2-28-2057
|
|
415,000
|
390,617
|
|
Sirius XM Radio LLC144A
|
|
4.13
|
7-1-2030
|
|
835,000
|
769,903
|
|
|
|
|
|
|
|
7,707,626
|
|
Telecommunications: 1.35%
|
|
|
|
|
|
|
|
CommScope LLC144A
|
|
8.25
|
3-1-2027
|
|
620,000
|
617,611
|
|
EchoStar Corp. (PIK at 6.75%)¥
|
|
6.75
|
11-30-2030
|
|
1,711,256
|
1,561,744
|
|
Level 3 Financing, Inc.144A
|
|
3.63
|
1-15-2029
|
|
525,000
|
448,875
|
|
Level 3 Financing, Inc.144A
|
|
3.88
|
10-15-2030
|
|
350,000
|
303,625
|
|
Level 3 Financing, Inc.144A
|
|
6.88
|
6-30-2033
|
|
275,000
|
279,819
|
|
Lumen Technologies, Inc.144A
|
|
10.00
|
10-15-2032
|
|
562,375
|
574,325
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Telecommunications(continued)
|
|
|
|
|
|
|
|
Viasat, Inc.144A
|
|
5.63
%
|
4-15-2027
|
$
|
335,000
|
$333,686
|
|
Windstream Services LLC/Windstream Escrow Finance
Corp.144A
|
|
8.25
|
10-1-2031
|
|
600,000
|
628,372
|
|
|
|
|
|
|
|
4,748,057
|
|
Consumer, cyclical: 5.32%
|
|
|
|
|
|
|
|
Airlines: 0.09%
|
|
|
|
|
|
|
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A
|
|
5.50
|
4-20-2026
|
|
108,333
|
108,085
|
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A
|
|
5.75
|
4-20-2029
|
|
225,000
|
224,802
|
|
|
|
|
|
|
|
332,887
|
|
Apparel: 0.11%
|
|
|
|
|
|
|
|
Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥%%
|
|
10.00
|
7-15-2033
|
|
380,000
|
393,876
|
|
Auto parts & equipment: 0.25%
|
|
|
|
|
|
|
|
Adient Global Holdings Ltd.144A
|
|
7.50
|
2-15-2033
|
|
380,000
|
388,588
|
|
Adient Global Holdings Ltd.144A
|
|
8.25
|
4-15-2031
|
|
115,000
|
120,836
|
|
ZF North America Capital, Inc.144A
|
|
6.88
|
4-23-2032
|
|
390,000
|
360,454
|
|
|
|
|
|
|
|
869,878
|
|
Distribution/wholesale: 0.04%
|
|
|
|
|
|
|
|
RB Global Holdings, Inc.144A
|
|
7.75
|
3-15-2031
|
|
140,000
|
147,176
|
|
Entertainment: 1.38%
|
|
|
|
|
|
|
|
CCM Merger, Inc.144A
|
|
6.38
|
5-1-2026
|
|
1,460,000
|
1,460,488
|
|
Churchill Downs, Inc.144A
|
|
6.75
|
5-1-2031
|
|
525,000
|
539,606
|
|
Cinemark USA, Inc.144A
|
|
7.00
|
8-1-2032
|
|
1,325,000
|
1,375,569
|
|
Six Flags Entertainment Corp./Six Flags Theme Parks,
Inc./Canada’s Wonderland Co.144A
|
|
6.63
|
5-1-2032
|
|
675,000
|
696,218
|
|
WarnerMedia Holdings, Inc.
|
|
5.05
|
3-15-2042
|
|
575,000
|
387,406
|
|
WarnerMedia Holdings, Inc. Series WI
|
|
4.05
|
3-15-2029
|
|
420,000
|
390,172
|
|
|
|
|
|
|
|
4,849,459
|
|
Home builders: 0.25%
|
|
|
|
|
|
|
|
LGI Homes, Inc.144A
|
|
8.75
|
12-15-2028
|
|
570,000
|
592,537
|
|
Tri Pointe Homes, Inc.
|
|
5.70
|
6-15-2028
|
|
270,000
|
272,391
|
|
|
|
|
|
|
|
864,928
|
|
Home furnishings: 0.03%
|
|
|
|
|
|
|
|
Whirlpool Corp.
|
|
6.13
|
6-15-2030
|
|
110,000
|
110,967
|
|
Housewares: 0.30%
|
|
|
|
|
|
|
|
Newell Brands, Inc.
|
|
6.38
|
5-15-2030
|
|
460,000
|
447,499
|
|
Newell Brands, Inc.144A
|
|
8.50
|
6-1-2028
|
|
575,000
|
603,872
|
|
|
|
|
|
|
|
1,051,371
|
|
Leisure time: 0.69%
|
|
|
|
|
|
|
|
NCL Corp. Ltd.144A
|
|
6.75
|
2-1-2032
|
|
280,000
|
286,056
|
|
NCL Corp. Ltd.144A
|
|
7.75
|
2-15-2029
|
|
330,000
|
350,883
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Leisure time(continued)
|
|
|
|
|
|
|
|
NCL Corp. Ltd.144A
|
|
8.13
%
|
1-15-2029
|
$
|
210,000
|
$221,378
|
|
Sabre Global, Inc.144A
|
|
10.75
|
11-15-2029
|
|
609,000
|
625,776
|
|
Sabre Global, Inc.144A
|
|
11.13
|
7-15-2030
|
|
55,000
|
57,530
|
|
Viking Cruises Ltd.144A
|
|
5.88
|
9-15-2027
|
|
170,000
|
170,095
|
|
Viking Cruises Ltd.144A
|
|
7.00
|
2-15-2029
|
|
690,000
|
696,051
|
|
|
|
|
|
|
|
2,407,769
|
|
Lodging: 0.34%
|
|
|
|
|
|
|
|
Genting New York LLC/GENNY Capital, Inc.144A
|
|
7.25
|
10-1-2029
|
|
525,000
|
544,693
|
|
Hilton Domestic Operating Co., Inc.144A
|
|
6.13
|
4-1-2032
|
|
615,000
|
629,843
|
|
|
|
|
|
|
|
1,174,536
|
|
Retail: 1.84%
|
|
|
|
|
|
|
|
Carvana Co. (PIK at 13.00%)144A¥
|
|
9.00
|
6-1-2030
|
|
1,090,000
|
1,145,970
|
|
FirstCash, Inc.144A
|
|
4.63
|
9-1-2028
|
|
405,000
|
397,639
|
|
FirstCash, Inc.144A
|
|
6.88
|
3-1-2032
|
|
705,000
|
729,529
|
|
Group 1 Automotive, Inc.144A
|
|
6.38
|
1-15-2030
|
|
430,000
|
441,551
|
|
Lithia Motors, Inc.144A
|
|
4.38
|
1-15-2031
|
|
505,000
|
480,192
|
|
Macy’s Retail Holdings LLC144A
|
|
6.13
|
3-15-2032
|
|
460,000
|
438,552
|
|
PetSmart, Inc./PetSmart Finance Corp.144A
|
|
7.75
|
2-15-2029
|
|
405,000
|
393,555
|
|
QXO Building Products, Inc.144A
|
|
6.75
|
4-30-2032
|
|
450,000
|
463,591
|
|
Saks Global Enterprises LLC144A
|
|
11.00
|
12-15-2029
|
|
720,000
|
270,000
|
|
Sally Holdings LLC/Sally Capital, Inc.
|
|
6.75
|
3-1-2032
|
|
370,000
|
379,845
|
|
Sonic Automotive, Inc.144A
|
|
4.63
|
11-15-2029
|
|
260,000
|
252,264
|
|
Sonic Automotive, Inc.144A
|
|
4.88
|
11-15-2031
|
|
495,000
|
470,486
|
|
Walgreens Boots Alliance, Inc.
|
|
8.13
|
8-15-2029
|
|
545,000
|
578,014
|
|
|
|
|
|
|
|
6,441,188
|
|
Consumer, non-cyclical: 6.08%
|
|
|
|
|
|
|
|
Commercial services: 2.26%
|
|
|
|
|
|
|
|
Allied Universal Holdco LLC144A
|
|
7.88
|
2-15-2031
|
|
520,000
|
543,240
|
|
Block, Inc.
|
|
6.50
|
5-15-2032
|
|
700,000
|
722,206
|
|
CoreCivic, Inc.
|
|
8.25
|
4-15-2029
|
|
1,230,000
|
1,304,113
|
|
GEO Group, Inc.
|
|
8.63
|
4-15-2029
|
|
725,000
|
767,579
|
|
GEO Group, Inc.
|
|
10.25
|
4-15-2031
|
|
725,000
|
795,149
|
|
Grand Canyon University
|
|
5.13
|
10-1-2028
|
|
1,000,000
|
969,864
|
|
Herc Holdings, Inc.144A
|
|
7.00
|
6-15-2030
|
|
625,000
|
652,723
|
|
Hertz Corp.144A
|
|
12.63
|
7-15-2029
|
|
150,000
|
156,864
|
|
Prime Security Services Borrower LLC/Prime Finance, Inc.144A
|
|
6.25
|
1-15-2028
|
|
150,000
|
150,235
|
|
Service Corp. International
|
|
5.75
|
10-15-2032
|
|
660,000
|
666,731
|
|
Sotheby’s ArtFi Master Trust144A
|
|
5.88
|
6-1-2029
|
|
795,000
|
715,915
|
|
Veritiv Operating Co.144A
|
|
10.50
|
11-30-2030
|
|
440,000
|
476,298
|
|
|
|
|
|
|
|
7,920,917
|
|
Food: 0.55%
|
|
|
|
|
|
|
|
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC144A
|
|
5.88
|
2-15-2028
|
|
450,000
|
449,548
|
|
B&G Foods, Inc.144A
|
|
8.00
|
9-15-2028
|
|
785,000
|
755,788
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Food(continued)
|
|
|
|
|
|
|
|
Lamb Weston Holdings, Inc.144A
|
|
4.38
%
|
1-31-2032
|
$
|
500,000
|
$468,250
|
|
Performance Food Group, Inc.144A
|
|
6.13
|
9-15-2032
|
|
260,000
|
265,963
|
|
|
|
|
|
|
|
1,939,549
|
|
Healthcare-services: 2.78%
|
|
|
|
|
|
|
|
CHS/Community Health Systems, Inc.144A
|
|
5.25
|
5-15-2030
|
|
355,000
|
314,795
|
|
CHS/Community Health Systems, Inc.144A
|
|
6.00
|
1-15-2029
|
|
475,000
|
456,888
|
|
CHS/Community Health Systems, Inc.144A
|
|
10.88
|
1-15-2032
|
|
475,000
|
503,437
|
|
Concentra Health Services, Inc.144A
|
|
6.88
|
7-15-2032
|
|
525,000
|
543,566
|
|
DaVita, Inc.144A
|
|
6.88
|
9-1-2032
|
|
1,300,000
|
1,347,034
|
|
Eastern Maine Healthcare Systems
|
|
5.02
|
7-1-2036
|
|
1,000,000
|
938,057
|
|
IQVIA, Inc.144A
|
|
6.25
|
6-1-2032
|
|
225,000
|
230,899
|
|
IQVIA, Inc.144A
|
|
6.50
|
5-15-2030
|
|
490,000
|
505,181
|
|
MPH Acquisition Holdings LLC144A
|
|
5.75
|
12-31-2030
|
|
235,163
|
193,716
|
|
MPH Acquisition Holdings LLC (PIK at 0.75%)144A¥
|
|
6.75
|
3-31-2031
|
|
396,993
|
296,256
|
|
MPH Acquisition Holdings LLC (PIK at 5.00%)144A¥
|
|
11.50
|
12-31-2030
|
|
207,685
|
205,966
|
|
Pediatrix Medical Group, Inc.144A
|
|
5.38
|
2-15-2030
|
|
390,000
|
385,551
|
|
Radiology Partners, Inc.144A
|
|
8.50
|
7-15-2032
|
|
395,000
|
395,920
|
|
Star Parent, Inc.144A
|
|
9.00
|
10-1-2030
|
|
875,000
|
920,342
|
|
Surgery Center Holdings, Inc.144A
|
|
7.25
|
4-15-2032
|
|
430,000
|
438,175
|
|
Tenet Healthcare Corp.
|
|
6.75
|
5-15-2031
|
|
1,125,000
|
1,163,913
|
|
Toledo Hospital
|
|
6.02
|
11-15-2048
|
|
1,000,000
|
911,250
|
|
|
|
|
|
|
|
9,750,946
|
|
Household products/wares: 0.09%
|
|
|
|
|
|
|
|
Central Garden & Pet Co.
|
|
4.13
|
10-15-2030
|
|
345,000
|
325,677
|
|
Pharmaceuticals: 0.40%
|
|
|
|
|
|
|
|
AdaptHealth LLC144A
|
|
5.13
|
3-1-2030
|
|
525,000
|
498,816
|
|
Endo Finance Holdings, Inc.144A
|
|
8.50
|
4-15-2031
|
|
840,000
|
889,189
|
|
|
|
|
|
|
|
1,388,005
|
|
Energy: 4.08%
|
|
|
|
|
|
|
|
Energy-alternate sources: 0.28%
|
|
|
|
|
|
|
|
Enviva Partners LP/Enviva Partners Finance Corp.144A♦†
|
|
6.50
|
1-15-2026
|
|
2,460,000
|
0
|
|
TerraForm Power Operating LLC144A
|
|
4.75
|
1-15-2030
|
|
300,000
|
287,218
|
|
TerraForm Power Operating LLC144A
|
|
5.00
|
1-31-2028
|
|
710,000
|
702,768
|
|
|
|
|
|
|
|
989,986
|
|
Oil & gas: 0.90%
|
|
|
|
|
|
|
|
Aethon United BR LP/Aethon United Finance Corp.144A
|
|
7.50
|
10-1-2029
|
|
375,000
|
393,350
|
|
California Resources Corp.144A
|
|
8.25
|
6-15-2029
|
|
300,000
|
307,943
|
|
Encino Acquisition Partners Holdings LLC144A
|
|
8.75
|
5-1-2031
|
|
240,000
|
265,045
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.144A
|
|
6.00
|
2-1-2031
|
|
700,000
|
675,065
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.144A
|
|
8.38
|
11-1-2033
|
|
65,000
|
67,443
|
|
Kimmeridge Texas Gas LLC144A
|
|
8.50
|
2-15-2030
|
|
145,000
|
150,067
|
|
Kraken Oil & Gas Partners LLC144A
|
|
7.63
|
8-15-2029
|
|
200,000
|
196,485
|
|
Murphy Oil Corp.
|
|
6.00
|
10-1-2032
|
|
305,000
|
290,784
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Oil & gas(continued)
|
|
|
|
|
|
|
|
Nabors Industries Ltd.144A
|
|
7.50
%
|
1-15-2028
|
$
|
285,000
|
$254,257
|
|
Nabors Industries, Inc.144A
|
|
8.88
|
8-15-2031
|
|
335,000
|
248,841
|
|
Nabors Industries, Inc.144A
|
|
9.13
|
1-31-2030
|
|
315,000
|
301,614
|
|
|
|
|
|
|
|
3,150,894
|
|
Oil & gas services: 0.53%
|
|
|
|
|
|
|
|
Archrock Partners LP/Archrock Partners Finance Corp.144A
|
|
6.63
|
9-1-2032
|
|
320,000
|
326,028
|
|
Bristow Group, Inc.144A
|
|
6.88
|
3-1-2028
|
|
1,245,000
|
1,251,234
|
|
Oceaneering International, Inc.
|
|
6.00
|
2-1-2028
|
|
300,000
|
302,473
|
|
|
|
|
|
|
|
1,879,735
|
|
Pipelines: 2.37%
|
|
|
|
|
|
|
|
Antero Midstream Partners LP/Antero Midstream Finance
Corp.144A
|
|
6.63
|
2-1-2032
|
|
220,000
|
227,227
|
|
Buckeye Partners LP
|
|
5.85
|
11-15-2043
|
|
425,000
|
374,577
|
|
Buckeye Partners LP144A
|
|
6.88
|
7-1-2029
|
|
260,000
|
269,366
|
|
CQP Holdco LP/BIP-V Chinook Holdco LLC144A
|
|
5.50
|
6-15-2031
|
|
150,000
|
148,184
|
|
CQP Holdco LP/BIP-V Chinook Holdco LLC144A
|
|
7.50
|
12-15-2033
|
|
955,000
|
1,036,259
|
|
Excelerate Energy LP144A
|
|
8.00
|
5-15-2030
|
|
445,000
|
469,101
|
|
Harvest Midstream I LP144A
|
|
7.50
|
9-1-2028
|
|
730,000
|
742,436
|
|
Hess Midstream Operations LP144A
|
|
5.50
|
10-15-2030
|
|
225,000
|
225,997
|
|
Hess Midstream Operations LP144A
|
|
6.50
|
6-1-2029
|
|
145,000
|
149,119
|
|
Kinetik Holdings LP144A
|
|
5.88
|
6-15-2030
|
|
705,000
|
710,978
|
|
Prairie Acquiror LP144A
|
|
9.00
|
8-1-2029
|
|
500,000
|
520,808
|
|
Rockies Express Pipeline LLC144A
|
|
6.75
|
3-15-2033
|
|
155,000
|
161,769
|
|
Rockies Express Pipeline LLC144A
|
|
6.88
|
4-15-2040
|
|
855,000
|
856,490
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.144A
|
|
6.00
|
12-31-2030
|
|
800,000
|
784,973
|
|
Venture Global Calcasieu Pass LLC144A
|
|
6.25
|
1-15-2030
|
|
445,000
|
458,962
|
|
Venture Global LNG, Inc.144A
|
|
8.38
|
6-1-2031
|
|
750,000
|
778,977
|
|
Venture Global LNG, Inc.144A
|
|
9.88
|
2-1-2032
|
|
355,000
|
383,387
|
|
|
|
|
|
|
|
8,298,610
|
|
Financial: 6.01%
|
|
|
|
|
|
|
|
Banks: 0.18%
|
|
|
|
|
|
|
|
Citigroup, Inc. Series X (5 Year Treasury Constant
Maturity+3.42%)ʊ±
|
|
3.88
|
2-18-2026
|
|
630,000
|
621,327
|
|
Diversified financial services: 2.42%
|
|
|
|
|
|
|
|
Aircastle Ltd. Series A (5 Year Treasury Constant
Maturity+4.41%)144Aʊ±
|
|
5.25
|
6-15-2026
|
|
820,000
|
811,637
|
|
Azorra Finance Ltd.144A%%
|
|
7.25
|
1-15-2031
|
|
180,000
|
183,766
|
|
Encore Capital Group, Inc.144A
|
|
9.25
|
4-1-2029
|
|
575,000
|
611,474
|
|
EZCORP, Inc.144A
|
|
7.38
|
4-1-2032
|
|
390,000
|
410,517
|
|
Jane Street Group/JSG Finance, Inc.144A
|
|
6.13
|
11-1-2032
|
|
120,000
|
121,146
|
|
Jane Street Group/JSG Finance, Inc.144A
|
|
6.75
|
5-1-2033
|
|
270,000
|
277,616
|
|
Jane Street Group/JSG Finance, Inc.144A
|
|
7.13
|
4-30-2031
|
|
655,000
|
689,163
|
|
Jefferies Finance LLC/JFIN Co-Issuer Corp.144A
|
|
5.00
|
8-15-2028
|
|
485,000
|
468,838
|
|
Jefferies Finance LLC/JFIN Co-Issuer Corp.144A
|
|
6.63
|
10-15-2031
|
|
425,000
|
423,469
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Diversified financial services(continued)
|
|
|
|
|
|
|
|
Jefferson Capital Holdings LLC144A
|
|
8.25
%
|
5-15-2030
|
$
|
230,000
|
$238,314
|
|
Jefferson Capital Holdings LLC144A
|
|
9.50
|
2-15-2029
|
|
425,000
|
448,608
|
|
Nationstar Mortgage Holdings, Inc.144A
|
|
6.50
|
8-1-2029
|
|
100,000
|
102,145
|
|
Nationstar Mortgage Holdings, Inc.144A
|
|
7.13
|
2-1-2032
|
|
610,000
|
633,604
|
|
Navient Corp.
|
|
11.50
|
3-15-2031
|
|
705,000
|
798,736
|
|
OneMain Finance Corp.
|
|
7.88
|
3-15-2030
|
|
710,000
|
754,424
|
|
PRA Group, Inc.144A
|
|
5.00
|
10-1-2029
|
|
410,000
|
377,852
|
|
Rocket Cos., Inc.144A
|
|
6.13
|
8-1-2030
|
|
270,000
|
275,138
|
|
United Wholesale Mortgage LLC144A
|
|
5.50
|
4-15-2029
|
|
900,000
|
873,590
|
|
|
|
|
|
|
|
8,500,037
|
|
Insurance: 0.90%
|
|
|
|
|
|
|
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer144A
|
|
7.38
|
10-1-2032
|
|
1,150,000
|
1,185,436
|
|
AmWINS Group, Inc.144A
|
|
6.38
|
2-15-2029
|
|
315,000
|
321,059
|
|
HUB International Ltd.144A
|
|
5.63
|
12-1-2029
|
|
365,000
|
365,049
|
|
HUB International Ltd.144A
|
|
7.25
|
6-15-2030
|
|
125,000
|
130,630
|
|
HUB International Ltd.144A
|
|
7.38
|
1-31-2032
|
|
755,000
|
789,978
|
|
Panther Escrow Issuer LLC144A
|
|
7.13
|
6-1-2031
|
|
350,000
|
363,563
|
|
|
|
|
|
|
|
3,155,715
|
|
REITs: 2.51%
|
|
|
|
|
|
|
|
Blackstone Mortgage Trust, Inc.144A
|
|
7.75
|
12-1-2029
|
|
465,000
|
494,627
|
|
Brandywine Operating Partnership LP
|
|
8.88
|
4-12-2029
|
|
1,175,000
|
1,272,135
|
|
Iron Mountain, Inc.144A
|
|
4.50
|
2-15-2031
|
|
335,000
|
319,185
|
|
Iron Mountain, Inc.144A
|
|
5.25
|
7-15-2030
|
|
1,525,000
|
1,504,141
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp.144A
|
|
7.00
|
7-15-2031
|
|
725,000
|
758,125
|
|
MPT Operating Partnership LP/MPT Finance Corp.144A
|
|
8.50
|
2-15-2032
|
|
460,000
|
481,416
|
|
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK
Finance Co-Issuer144A
|
|
5.88
|
10-1-2028
|
|
395,000
|
394,498
|
|
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK
Finance Co-Issuer144A
|
|
7.00
|
2-1-2030
|
|
230,000
|
236,541
|
|
RHP Hotel Properties LP/RHP Finance Corp.144A
|
|
6.50
|
6-15-2033
|
|
220,000
|
226,324
|
|
Service Properties Trust
|
|
8.38
|
6-15-2029
|
|
295,000
|
306,826
|
|
Service Properties Trust144A
|
|
8.63
|
11-15-2031
|
|
1,175,000
|
1,261,447
|
|
Starwood Property Trust, Inc.144A
|
|
6.50
|
7-1-2030
|
|
675,000
|
697,181
|
|
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC144A
|
|
6.00
|
1-15-2030
|
|
135,000
|
126,468
|
|
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC144A
|
|
8.63
|
6-15-2032
|
|
225,000
|
227,283
|
|
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC144A
|
|
10.50
|
2-15-2028
|
|
466,000
|
493,980
|
|
|
|
|
|
|
|
8,800,177
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Industrial: 3.40%
|
|
|
|
|
|
|
|
Aerospace/defense: 0.72%
|
|
|
|
|
|
|
|
Spirit AeroSystems, Inc.144A
|
|
9.75
%
|
11-15-2030
|
$
|
775,000
|
$854,709
|
|
TransDigm, Inc.144A
|
|
6.63
|
3-1-2032
|
|
1,595,000
|
1,651,453
|
|
|
|
|
|
|
|
2,506,162
|
|
Building materials: 0.63%
|
|
|
|
|
|
|
|
Builders FirstSource, Inc.144A
|
|
6.38
|
3-1-2034
|
|
455,000
|
463,678
|
|
Camelot Return Merger Sub, Inc.144A
|
|
8.75
|
8-1-2028
|
|
515,000
|
474,938
|
|
EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A
|
|
6.63
|
12-15-2030
|
|
725,000
|
741,075
|
|
Quikrete Holdings, Inc.144A
|
|
6.38
|
3-1-2032
|
|
185,000
|
190,239
|
|
Quikrete Holdings, Inc.144A
|
|
6.75
|
3-1-2033
|
|
325,000
|
335,344
|
|
|
|
|
|
|
|
2,205,274
|
|
Electrical components & equipment: 0.44%
|
|
|
|
|
|
|
|
Energizer Holdings, Inc.144A
|
|
4.38
|
3-31-2029
|
|
825,000
|
780,297
|
|
WESCO Distribution, Inc.144A
|
|
6.63
|
3-15-2032
|
|
725,000
|
753,398
|
|
|
|
|
|
|
|
1,533,695
|
|
Environmental control: 0.11%
|
|
|
|
|
|
|
|
Clean Harbors, Inc.144A
|
|
6.38
|
2-1-2031
|
|
380,000
|
389,319
|
|
Machinery-diversified: 0.30%
|
|
|
|
|
|
|
|
Chart Industries, Inc.144A
|
|
7.50
|
1-1-2030
|
|
230,000
|
240,793
|
|
Chart Industries, Inc.144A
|
|
9.50
|
1-1-2031
|
|
455,000
|
485,672
|
|
TK Elevator U.S. Newco, Inc.144A
|
|
5.25
|
7-15-2027
|
|
335,000
|
334,765
|
|
|
|
|
|
|
|
1,061,230
|
|
Packaging & containers: 0.54%
|
|
|
|
|
|
|
|
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal
Packaging Finance PLC144A
|
|
6.00
|
6-15-2027
|
|
730,000
|
732,242
|
|
Clydesdale Acquisition Holdings, Inc.144A
|
|
6.88
|
1-15-2030
|
|
245,000
|
250,458
|
|
Clydesdale Acquisition Holdings, Inc.144A
|
|
8.75
|
4-15-2030
|
|
370,000
|
378,445
|
|
Sealed Air Corp./Sealed Air Corp. U.S.144A
|
|
7.25
|
2-15-2031
|
|
500,000
|
526,239
|
|
|
|
|
|
|
|
1,887,384
|
|
Transportation: 0.17%
|
|
|
|
|
|
|
|
Genesee & Wyoming, Inc.144A
|
|
6.25
|
4-15-2032
|
|
585,000
|
596,918
|
|
Trucking & leasing: 0.49%
|
|
|
|
|
|
|
|
Fortress Transportation & Infrastructure Investors LLC144A
|
|
5.50
|
5-1-2028
|
|
560,000
|
556,986
|
|
Fortress Transportation & Infrastructure Investors LLC144A
|
|
7.00
|
5-1-2031
|
|
825,000
|
854,234
|
|
Fortress Transportation & Infrastructure Investors LLC144A
|
|
7.00
|
6-15-2032
|
|
310,000
|
320,084
|
|
|
|
|
|
|
|
1,731,304
|
|
Technology: 2.23%
|
|
|
|
|
|
|
|
Computers: 0.46%
|
|
|
|
|
|
|
|
Diebold Nixdorf, Inc.144A
|
|
7.75
|
3-31-2030
|
|
595,000
|
631,233
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Computers(continued)
|
|
|
|
|
|
|
|
Insight Enterprises, Inc.144A
|
|
6.63
%
|
5-15-2032
|
$
|
295,000
|
$303,890
|
|
Seagate HDD Cayman
|
|
8.50
|
7-15-2031
|
|
635,000
|
681,470
|
|
|
|
|
|
|
|
1,616,593
|
|
Office/business equipment: 0.14%
|
|
|
|
|
|
|
|
Zebra Technologies Corp.144A
|
|
6.50
|
6-1-2032
|
|
490,000
|
503,856
|
|
Semiconductors: 0.08%
|
|
|
|
|
|
|
|
Entegris, Inc.144A
|
|
5.95
|
6-15-2030
|
|
265,000
|
269,212
|
|
Software: 1.55%
|
|
|
|
|
|
|
|
AthenaHealth Group, Inc.144A
|
|
6.50
|
2-15-2030
|
|
650,000
|
639,773
|
|
Cloud Software Group, Inc.144A
|
|
6.50
|
3-31-2029
|
|
530,000
|
534,936
|
|
Cloud Software Group, Inc.144A
|
|
8.25
|
6-30-2032
|
|
1,025,000
|
1,090,835
|
|
Cloud Software Group, Inc.144A
|
|
9.00
|
9-30-2029
|
|
1,165,000
|
1,207,552
|
|
Ellucian Holdings, Inc.144A
|
|
6.50
|
12-1-2029
|
|
525,000
|
536,914
|
|
Rocket Software, Inc.144A
|
|
9.00
|
11-28-2028
|
|
650,000
|
670,023
|
|
SS&C Technologies, Inc.144A
|
|
6.50
|
6-1-2032
|
|
720,000
|
747,443
|
|
|
|
|
|
|
|
5,427,476
|
|
Utilities: 2.31%
|
|
|
|
|
|
|
|
Electric: 2.19%
|
|
|
|
|
|
|
|
AES Corp. (5 Year Treasury Constant Maturity+2.89%)±
|
|
6.95
|
7-15-2055
|
|
600,000
|
585,305
|
|
AES Corp. (5 Year Treasury Constant Maturity+3.20%)±
|
|
7.60
|
1-15-2055
|
|
495,000
|
509,652
|
|
Edison International (5 Year Treasury Constant
Maturity+3.86%)±
|
|
8.13
|
6-15-2053
|
|
420,000
|
405,676
|
|
EUSHI Finance, Inc. (5 Year Treasury Constant
Maturity+3.14%)±
|
|
7.63
|
12-15-2054
|
|
730,000
|
755,704
|
|
Pattern Energy Operations LP/Pattern Energy Operations,
Inc.144A
|
|
4.50
|
8-15-2028
|
|
925,000
|
896,197
|
|
PG&E Corp.
|
|
5.25
|
7-1-2030
|
|
750,000
|
714,482
|
|
PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)±
|
|
7.38
|
3-15-2055
|
|
870,000
|
823,907
|
|
Sempra (5 Year Treasury Constant Maturity+2.87%)±
|
|
4.13
|
4-1-2052
|
|
410,000
|
394,235
|
|
Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ±
|
|
7.00
|
12-15-2026
|
|
445,000
|
450,355
|
|
Vistra Corp. Series C (5 Year Treasury Constant
Maturity+5.05%)144Aʊ±
|
|
8.88
|
1-15-2029
|
|
625,000
|
679,305
|
|
Vistra Operations Co. LLC144A
|
|
7.75
|
10-15-2031
|
|
620,000
|
658,963
|
|
XPLR Infrastructure Operating Partners LP144A
|
|
7.25
|
1-15-2029
|
|
780,000
|
799,603
|
|
|
|
|
|
|
|
7,673,384
|
|
Gas: 0.12%
|
|
|
|
|
|
|
|
Venture Global Plaquemines LNG LLC144A
|
|
7.50
|
5-1-2033
|
|
400,000
|
428,329
|
|
Total corporate bonds and notes (Cost $119,271,092)
|
|
|
|
|
|
121,255,606
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Foreign corporate bonds and notes: 6.46%
|
|
|
|
|
|
|
|
Financial: 6.46%
|
|
|
|
|
|
|
|
Banks: 5.00%
|
|
|
|
|
|
|
|
ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 5
Year+3.90%)ʊ±
|
|
4.75
%
|
9-22-2027
|
EUR
|
1,300,000
|
$1,525,976
|
|
AIB Group PLC (EURIBOR ICE Swap Rate 11:00am+4.39%)ʊ±
|
|
7.13
|
10-30-2029
|
EUR
|
1,000,000
|
1,245,683
|
|
Bankinter SA (EURIBOR ICE Swap Rate 11:00am+3.86%)ʊ±
|
|
6.00
|
6-30-2030
|
EUR
|
1,000,000
|
1,172,061
|
|
Barclays PLC (5 Year GBP OIS (SONIA) SWAP Rate+4.69%)ʊ±
|
|
8.38
|
9-15-2031
|
GBP
|
600,000
|
849,327
|
|
BAWAG Group AG (EURIBOR ICE Swap Rate 11:00am+5.05%)ʊ±
|
|
7.25
|
9-18-2029
|
EUR
|
800,000
|
981,346
|
|
CaixaBank SA (EURIBOR ICE Swap Rate 11:00am+5.14%)ʊ±
|
|
8.25
|
3-13-2029
|
EUR
|
800,000
|
1,054,770
|
|
Credit Agricole SA (EURIBOR ICE Swap Rate
11:00am+4.44%)ʊ±
|
|
7.25
|
9-23-2028
|
EUR
|
1,300,000
|
1,650,014
|
|
Deutsche Bank AG (EURIBOR ICE Swap Rate
11:00am+5.11%)ʊ±
|
|
7.38
|
10-30-2031
|
EUR
|
600,000
|
735,686
|
|
Intesa Sanpaolo SpA (EUR Swap Annual (vs. 6 Month EURIBOR) 5
Year+5.85%)ʊ±
|
|
5.50
|
3-1-2028
|
EUR
|
1,200,000
|
1,443,579
|
|
Investec PLC (UK Gilts 5 Year+6.57%)ʊ±
|
|
10.50
|
8-28-2029
|
GBP
|
500,000
|
754,099
|
|
KBC Group NV (EURIBOR ICE Swap Rate 11:00am+3.99%)ʊ±
|
|
6.25
|
9-17-2031
|
EUR
|
1,000,000
|
1,209,883
|
|
Lloyds Banking Group PLC (UK Gilts 5 Year+5.88%)ʊ±
|
|
8.50
|
9-27-2027
|
GBP
|
1,000,000
|
1,439,566
|
|
NatWest Group PLC (UK Gilts 5 Year+3.29%)ʊ±
|
|
7.50
|
2-28-2032
|
GBP
|
1,000,000
|
1,360,639
|
|
Unicaja Banco SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5
Year+5.02%)ʊ±
|
|
4.88
|
11-18-2026
|
EUR
|
600,000
|
701,438
|
|
UniCredit SpA (EUR Swap Annual (vs. 6 Month EURIBOR) 5
Year+4.61%)ʊ±
|
|
4.45
|
12-3-2027
|
EUR
|
1,200,000
|
1,406,770
|
|
|
|
|
|
|
|
17,530,837
|
|
Insurance: 0.90%
|
|
|
|
|
|
|
|
Achmea BV (EURIBOR ICE Swap Rate 11:00am+3.74%)ʊ±
|
|
6.13
|
1-28-2035
|
EUR
|
250,000
|
296,079
|
|
ASR Nederland NV (EURIBOR ICE Swap Rate
11:00am+4.03%)ʊ±
|
|
6.63
|
12-27-2031
|
EUR
|
900,000
|
1,116,242
|
|
Aviva PLC (UK Gilts 5 Year+4.65%)ʊ±
|
|
6.88
|
12-15-2031
|
GBP
|
750,000
|
1,022,358
|
|
Gothaer Allgemeine Versicherung AG (3 Month
EURIBOR+3.50%)±
|
|
5.00
|
6-20-2045
|
EUR
|
200,000
|
237,012
|
|
SCOR SE (EURIBOR ICE Swap Rate 11:00am+3.86%)ʊ±
|
|
6.00
|
6-20-2034
|
EUR
|
400,000
|
477,713
|
|
|
|
|
|
|
|
3,149,404
|
|
Savings & loans: 0.56%
|
|
|
|
|
|
|
|
Coventry Building Society (UK Gilts 5 Year+4.73%)ʊ±
|
|
8.75
|
6-11-2029
|
GBP
|
400,000
|
575,217
|
|
Nationwide Building Society (UK Gilts 5 Year+3.85%)ʊ±
|
|
7.50
|
12-20-2030
|
GBP
|
1,000,000
|
1,385,415
|
|
|
|
|
|
|
|
1,960,632
|
|
Total foreign corporate bonds and notes (Cost $20,144,650)
|
|
|
|
|
|
22,640,873
|
|
|
|
|
|
Shares
|
|
|
|
Investment companies: 0.77%
|
|
|
|
|
|
|
|
Exchange-traded funds: 0.77%
|
|
|
|
|
|
|
|
iShares Core MSCI EAFE ETF
|
|
|
|
|
32,350
|
2,700,578
|
|
Total investment companies (Cost $2,459,000)
|
|
|
|
|
|
2,700,578
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Loans: 2.61%
|
|
|
|
|
|
|
|
Communications: 0.94%
|
|
|
|
|
|
|
|
Media: 0.46%
|
|
|
|
|
|
|
|
CSC Holdings LLC (U.S. SOFR 1 Month+4.50%)±
|
|
8.81
%
|
1-18-2028
|
$
|
611,403
|
$602,238
|
|
DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)±
|
|
9.79
|
8-2-2029
|
|
627,362
|
621,371
|
|
EW Scripps Co. (U.S. SOFR 1 Month+5.75%)±
|
|
10.18
|
7-14-2025
|
|
220,000
|
212,758
|
|
Hubbard Radio LLC (U.S. SOFR 1 Month+4.50%)±
|
|
8.83
|
9-30-2027
|
|
284,401
|
160,686
|
|
|
|
|
|
|
|
1,597,053
|
|
Telecommunications: 0.48%
|
|
|
|
|
|
|
|
CommScope, Inc. (U.S. SOFR 1 Month+5.25%)±
|
|
9.58
|
12-17-2029
|
|
1,160,000
|
1,172,691
|
|
Lumen Technologies, Inc. (U.S. SOFR 1 Month+2.35%)±
|
|
6.79
|
4-15-2030
|
|
530,000
|
522,797
|
|
|
|
|
|
|
|
1,695,488
|
|
Consumer, cyclical: 0.46%
|
|
|
|
|
|
|
|
Airlines: 0.16%
|
|
|
|
|
|
|
|
SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)±
|
|
8.02
|
10-20-2027
|
|
354,404
|
356,134
|
|
Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)±
|
|
8.05
|
4-1-2031
|
|
205,000
|
205,342
|
|
|
|
|
|
|
|
561,476
|
|
Auto parts & equipment: 0.08%
|
|
|
|
|
|
|
|
First Brands Group LLC (U.S. SOFR 3 Month+5.00%)±
|
|
9.54
|
3-30-2027
|
|
291,816
|
275,200
|
|
Housewares: 0.11%
|
|
|
|
|
|
|
|
American Greetings Corp. (U.S. SOFR 1 Month+5.75%)±
|
|
10.08
|
10-30-2029
|
|
377,714
|
377,401
|
|
Retail: 0.11%
|
|
|
|
|
|
|
|
Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+3.25%)±
|
|
7.81
|
3-3-2028
|
|
420,000
|
385,988
|
|
Consumer, non-cyclical: 0.46%
|
|
|
|
|
|
|
|
Commercial services: 0.17%
|
|
|
|
|
|
|
|
GEO Group, Inc. (U.S. SOFR 1 Month+5.25%)±
|
|
9.58
|
4-13-2029
|
|
235,959
|
236,254
|
|
Hertz Corp. (U.S. SOFR 3 Month+3.50%)±
|
|
8.04
|
6-30-2028
|
|
433,114
|
358,943
|
|
|
|
|
|
|
|
595,197
|
|
Healthcare-products: 0.02%
|
|
|
|
|
|
|
|
Bausch & Lomb Corp. (U.S. SOFR 1 Month+4.25%)±
|
|
8.57
|
6-26-2030
|
|
65,000
|
65,041
|
|
Healthcare-services: 0.27%
|
|
|
|
|
|
|
|
Modivcare, Inc. (U.S. SOFR 3 Month+4.75%)±
|
|
9.05
|
7-1-2031
|
|
1,064,622
|
773,629
|
|
Modivcare, Inc. (U.S. SOFR 3 Month+7.50%)±
|
|
11.71
|
1-9-2026
|
|
183,553
|
138,766
|
|
MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+3.75%)±
|
|
8.03
|
12-31-2030
|
|
50,032
|
49,156
|
|
|
|
|
|
|
|
961,551
|
|
Energy: 0.07%
|
|
|
|
|
|
|
|
Pipelines: 0.07%
|
|
|
|
|
|
|
|
Prairie Acquiror LP (U.S. SOFR 1 Month+4.25%)±
|
|
8.58
|
8-1-2029
|
|
266,635
|
268,051
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Financial: 0.26%
|
|
|
|
|
|
|
|
Insurance: 0.26%
|
|
|
|
|
|
|
|
Asurion LLC (U.S. SOFR 1 Month+3.25%)±
|
|
7.69
%
|
7-31-2027
|
$
|
272,863
|
$272,464
|
|
Asurion LLC (U.S. SOFR 1 Month+5.25%)±
|
|
9.69
|
1-31-2028
|
|
659,029
|
628,549
|
|
|
|
|
|
|
|
901,013
|
|
Industrial: 0.26%
|
|
|
|
|
|
|
|
Aerospace/defense: 0.04%
|
|
|
|
|
|
|
|
Spirit AeroSystems, Inc. (U.S. SOFR 3 Month+4.50%)±
|
|
8.78
|
1-15-2027
|
|
139,641
|
139,641
|
|
Building materials: 0.22%
|
|
|
|
|
|
|
|
CP Atlas Buyer, Inc. (U.S. SOFR 1 Month+3.75%)±
|
|
8.18
|
11-23-2027
|
|
571,508
|
568,890
|
|
Quikrete Holdings, Inc. (U.S. SOFR 1 Month+2.25%)±
|
|
6.58
|
2-10-2032
|
|
214,462
|
214,087
|
|
|
|
|
|
|
|
782,977
|
|
Technology: 0.16%
|
|
|
|
|
|
|
|
Computers: 0.11%
|
|
|
|
|
|
|
|
McAfee Corp. (U.S. SOFR 1 Month+3.00%)±
|
|
7.32
|
3-1-2029
|
|
379,050
|
367,599
|
|
Software: 0.05%
|
|
|
|
|
|
|
|
Rocket Software, Inc. (U.S. SOFR 1 Month+4.25%)±
|
|
8.58
|
11-28-2028
|
|
182,690
|
183,041
|
|
Total loans (Cost $9,624,776)
|
|
|
|
|
|
9,156,717
|
|
Municipal obligations: 3.25%
|
|
|
|
|
|
|
|
California: 0.48%
|
|
|
|
|
|
|
|
Education revenue: 0.27%
|
|
|
|
|
|
|
|
California PFA EEC, Inc. Series B144A
|
|
5.00
|
6-15-2031
|
|
860,000
|
824,762
|
|
California School Finance Authority Fenton Charter Public
Schools Series B144A
|
|
4.25
|
7-1-2025
|
|
140,000
|
140,000
|
|
|
|
|
|
|
|
964,762
|
|
Tobacco revenue: 0.21%
|
|
|
|
|
|
|
|
Golden State Tobacco Securitization Corp. Series A-1
|
|
4.21
|
6-1-2050
|
|
1,000,000
|
720,226
|
|
|
|
|
|
|
|
1,684,988
|
|
Colorado: 0.13%
|
|
|
|
|
|
|
|
Health revenue: 0.13%
|
|
|
|
|
|
|
|
Denver Health & Hospital Authority Series B
|
|
5.15
|
12-1-2026
|
|
445,000
|
445,177
|
|
Florida: 0.38%
|
|
|
|
|
|
|
|
Education revenue: 0.07%
|
|
|
|
|
|
|
|
Florida Higher Educational Facilities Financing Authority
Jacksonville University Series A-2144A
|
|
5.43
|
6-1-2027
|
|
255,000
|
256,322
|
|
Water & sewer revenue: 0.31%
|
|
|
|
|
|
|
|
Charlotte County IDA MSKP Town & Country Utility LLC
Series B144A
|
|
5.00
|
10-1-2036
|
|
1,180,000
|
1,069,687
|
|
|
|
|
|
|
|
1,326,009
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Georgia: 0.06%
|
|
|
|
|
|
|
|
Health revenue: 0.06%
|
|
|
|
|
|
|
|
Development Authority of Cobb County Presbyterian Village
Austell, Inc. Series B144A
|
|
5.75
%
|
12-1-2028
|
$
|
200,000
|
$198,146
|
|
Guam: 0.16%
|
|
|
|
|
|
|
|
Airport revenue: 0.16%
|
|
|
|
|
|
|
|
Antonio B Won Pat International Airport Authority Series A
|
|
4.46
|
10-1-2043
|
|
675,000
|
560,585
|
|
Illinois: 0.35%
|
|
|
|
|
|
|
|
GO revenue: 0.35%
|
|
|
|
|
|
|
|
Chicago Board of Education Series E
|
|
6.04
|
12-1-2029
|
|
1,255,000
|
1,233,521
|
|
Indiana: 0.14%
|
|
|
|
|
|
|
|
Health revenue: 0.14%
|
|
|
|
|
|
|
|
County of Knox Good Samaritan Hospital Obligated Group
Series B
|
|
5.90
|
4-1-2034
|
|
480,000
|
475,370
|
|
Iowa: 0.34%
|
|
|
|
|
|
|
|
Housing revenue: 0.34%
|
|
|
|
|
|
|
|
City of Coralville Series C
|
|
5.00
|
5-1-2030
|
|
1,200,000
|
1,197,504
|
|
Louisiana: 0.15%
|
|
|
|
|
|
|
|
Health revenue: 0.15%
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & CDA
Glen Retirement System Obligated Group Series B
|
|
5.75
|
1-1-2029
|
|
525,000
|
515,170
|
|
New Jersey: 0.27%
|
|
|
|
|
|
|
|
Education revenue: 0.27%
|
|
|
|
|
|
|
|
New Jersey Educational Facilities Authority Georgian Court
University A New Jersey Non Profit Corp. Series H
|
|
4.25
|
7-1-2028
|
|
1,000,000
|
961,026
|
|
New York: 0.07%
|
|
|
|
|
|
|
|
Health revenue: 0.04%
|
|
|
|
|
|
|
|
Jefferson County Civic Facility Development Corp. Samaritan
Medical Center Obligated Group Series B
|
|
4.25
|
11-1-2028
|
|
150,000
|
145,884
|
|
Utilities revenue: 0.03%
|
|
|
|
|
|
|
|
New York State Energy Research & Development Authority
Series A
|
|
4.81
|
4-1-2034
|
|
105,000
|
104,294
|
|
|
|
|
|
|
|
250,178
|
|
Oklahoma: 0.14%
|
|
|
|
|
|
|
|
Health revenue: 0.14%
|
|
|
|
|
|
|
|
Oklahoma Development Finance Authority OU Medicine
Obligated Group Series C
|
|
5.45
|
8-15-2028
|
|
500,000
|
486,484
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Texas: 0.46%
|
|
|
|
|
|
|
|
Industrial development revenue: 0.46%
|
|
|
|
|
|
|
|
Port of Beaumont IDA Jefferson 2020 Bond Lessee &
Borrower LLC Obligated Group Series B144A
|
|
4.10
%
|
1-1-2028
|
$
|
700,000
|
$619,399
|
|
Port of Beaumont Navigation District Jefferson 2020 Bond
Lessee & Borrower LLC Obligated Group Series B144A
|
|
10.00
|
7-1-2026
|
|
1,000,000
|
1,010,317
|
|
|
|
|
|
|
|
1,629,716
|
|
Wisconsin: 0.12%
|
|
|
|
|
|
|
|
Education revenue: 0.12%
|
|
|
|
|
|
|
|
PFA Burrell College of Osteopathic Medicine LLC144A
|
|
5.13
|
6-1-2028
|
|
430,000
|
421,825
|
|
Total municipal obligations (Cost $12,055,956)
|
|
|
|
|
|
11,385,699
|
|
|
|
Dividend
rate
|
|
Shares
|
|
|
|
Preferred stocks: 0.32%
|
|
|
|
|
|
|
|
Energy: 0.32%
|
|
|
|
|
|
|
|
Oil, gas & consumable fuels: 0.32%
|
|
|
|
|
|
|
|
Petroleo Brasileiro SA - Petrobras
|
|
0.06
|
|
|
194,412
|
1,122,867
|
|
Total preferred stocks (Cost $1,428,048)
|
|
|
|
|
|
1,122,867
|
|
|
|
Interest
rate
|
|
Principal
|
|
|
|
Yankee corporate bonds and notes: 9.87%
|
|
|
|
|
|
|
|
Communications: 1.86%
|
|
|
|
|
|
|
|
Internet: 0.48%
|
|
|
|
|
|
|
|
Rakuten Group, Inc.144A
|
|
9.75
|
4-15-2029
|
$
|
870,000
|
952,980
|
|
Rakuten Group, Inc. (5 Year Treasury Constant
Maturity+4.25%)144Aʊ±
|
|
8.13
|
12-15-2029
|
|
755,000
|
738,634
|
|
|
|
|
|
|
|
1,691,614
|
|
Media: 0.49%
|
|
|
|
|
|
|
|
Virgin Media Finance PLC144A
|
|
5.00
|
7-15-2030
|
|
250,000
|
228,463
|
|
Virgin Media Secured Finance PLC144A
|
|
4.50
|
8-15-2030
|
|
850,000
|
789,981
|
|
Virgin Media Vendor Financing Notes IV DAC144A
|
|
5.00
|
7-15-2028
|
|
165,000
|
161,533
|
|
VZ Secured Financing BV144A
|
|
5.00
|
1-15-2032
|
|
605,000
|
538,213
|
|
|
|
|
|
|
|
1,718,190
|
|
Telecommunications: 0.89%
|
|
|
|
|
|
|
|
Rogers Communications, Inc. (5 Year Treasury Constant
Maturity+2.62%)±
|
|
7.13
|
4-15-2055
|
|
1,200,000
|
1,216,324
|
|
Telecom Italia Capital SA
|
|
7.20
|
7-18-2036
|
|
365,000
|
388,521
|
|
TELUS Corp. (5 Year Treasury Constant Maturity+2.77%)±
|
|
6.63
|
10-15-2055
|
|
655,000
|
658,914
|
|
Zegona Finance PLC144A
|
|
8.63
|
7-15-2029
|
|
800,000
|
854,000
|
|
|
|
|
|
|
|
3,117,759
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Consumer, cyclical: 0.88%
|
|
|
|
|
|
|
|
Airlines: 0.35%
|
|
|
|
|
|
|
|
Air Canada Pass-Through Trust Series 2020-1 Class C144A
|
|
10.50
%
|
7-15-2026
|
$
|
500,000
|
$526,250
|
|
Latam Airlines Group SA144A%%
|
|
7.63
|
1-7-2031
|
|
140,000
|
140,525
|
|
Latam Airlines Group SA144A
|
|
7.88
|
4-15-2030
|
|
540,000
|
550,800
|
|
|
|
|
|
|
|
1,217,575
|
|
Entertainment: 0.22%
|
|
|
|
|
|
|
|
Banijay Entertainment SASU144A
|
|
8.13
|
5-1-2029
|
|
755,000
|
783,283
|
|
Leisure time: 0.31%
|
|
|
|
|
|
|
|
Carnival Corp.144A
|
|
6.00
|
5-1-2029
|
|
375,000
|
378,916
|
|
Carnival Corp.144A
|
|
6.13
|
2-15-2033
|
|
700,000
|
716,206
|
|
|
|
|
|
|
|
1,095,122
|
|
Consumer, non-cyclical: 1.11%
|
|
|
|
|
|
|
|
Cosmetics/Personal Care: 0.34%
|
|
|
|
|
|
|
|
Opal Bidco SAS144A
|
|
6.50
|
3-31-2032
|
|
625,000
|
637,883
|
|
Perrigo Finance Unlimited Co.
|
|
6.13
|
9-30-2032
|
|
555,000
|
560,323
|
|
|
|
|
|
|
|
1,198,206
|
|
Healthcare-products: 0.19%
|
|
|
|
|
|
|
|
Bausch & Lomb Corp.144A
|
|
8.38
|
10-1-2028
|
|
630,000
|
657,563
|
|
Pharmaceuticals: 0.58%
|
|
|
|
|
|
|
|
1261229 BC Ltd.144A
|
|
10.00
|
4-15-2032
|
|
1,135,000
|
1,144,954
|
|
Bausch Health Cos., Inc.144A
|
|
11.00
|
9-30-2028
|
|
215,000
|
212,850
|
|
Teva Pharmaceutical Finance Netherlands III BV
|
|
8.13
|
9-15-2031
|
|
600,000
|
679,416
|
|
|
|
|
|
|
|
2,037,220
|
|
Energy: 0.40%
|
|
|
|
|
|
|
|
Oil & gas: 0.29%
|
|
|
|
|
|
|
|
Baytex Energy Corp.144A
|
|
8.50
|
4-30-2030
|
|
295,000
|
295,179
|
|
Borr IHC Ltd./Borr Finance LLC144A
|
|
10.00
|
11-15-2028
|
|
516,342
|
471,571
|
|
Saturn Oil & Gas, Inc.144A
|
|
9.63
|
6-15-2029
|
|
243,000
|
241,505
|
|
|
|
|
|
|
|
1,008,255
|
|
Pipelines: 0.11%
|
|
|
|
|
|
|
|
Northriver Midstream Finance LP144A
|
|
6.75
|
7-15-2032
|
|
380,000
|
393,538
|
|
Financial: 4.69%
|
|
|
|
|
|
|
|
Banks: 4.11%
|
|
|
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria SA (5 Year Treasury Constant
Maturity+5.10%)ʊ±
|
|
9.38
|
3-19-2029
|
|
900,000
|
993,235
|
|
Banco del Estado de Chile (5 Year Treasury Constant
Maturity+3.23%)144Aʊ±
|
|
7.95
|
5-2-2029
|
|
450,000
|
467,437
|
|
Banco Santander SA (5 Year Treasury Constant
Maturity+5.31%)ʊ±
|
|
9.63
|
11-21-2028
|
|
800,000
|
883,174
|
|
Barclays PLC (USD SOFR ICE Swap Rate 11:00am NY 5
Year+5.78%)ʊ±
|
|
9.63
|
12-15-2029
|
|
1,400,000
|
1,554,991
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Banks(continued)
|
|
|
|
|
|
|
|
BNP Paribas SA (5 Year Treasury Constant
Maturity+3.73%)144Aʊ±
|
|
8.00
%
|
8-22-2031
|
$
|
330,000
|
$348,933
|
|
BNP Paribas SA (5 Year Treasury Constant Maturity+4.35%)ʊ±
|
|
8.50
|
8-14-2028
|
|
1,400,000
|
1,480,457
|
|
HSBC Holdings PLC (5 Year Treasury Constant
Maturity+3.65%)ʊ±
|
|
4.60
|
12-17-2030
|
|
1,500,000
|
1,366,578
|
|
ING Groep NV (5 Year Treasury Constant Maturity+3.51%)ʊ±
|
|
4.88
|
5-16-2029
|
|
1,000,000
|
937,530
|
|
Nordea Bank Abp (5 Year Treasury Constant
Maturity+2.60%)ʊ±
|
|
3.75
|
3-1-2029
|
|
1,200,000
|
1,077,683
|
|
Societe Generale SA (5 Year Treasury Constant
Maturity+5.39%)ʊ±
|
|
9.38
|
11-22-2027
|
|
1,200,000
|
1,273,463
|
|
Standard Chartered PLC (5 Year Treasury Constant
Maturity+3.81%)ʊ±
|
|
4.75
|
1-14-2031
|
|
1,000,000
|
900,977
|
|
Svenska Handelsbanken AB (5 Year Treasury Constant
Maturity+4.05%)ʊ±
|
|
4.75
|
3-1-2031
|
|
1,000,000
|
918,436
|
|
UBS Group AG (5 Year Treasury Constant
Maturity+3.40%)144Aʊ±
|
|
4.88
|
2-12-2027
|
|
395,000
|
384,195
|
|
UBS Group AG (5 Year Treasury Constant Maturity+3.40%)ʊ±
|
|
4.88
|
2-12-2027
|
|
1,600,000
|
1,556,232
|
|
UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5
Year+4.16%)144Aʊ±
|
|
7.75
|
4-12-2031
|
|
245,000
|
257,927
|
|
|
|
|
|
|
|
14,401,248
|
|
Diversified financial services: 0.48%
|
|
|
|
|
|
|
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5 Year
Treasury Constant Maturity+2.72%)±
|
|
6.95
|
3-10-2055
|
|
185,000
|
192,250
|
|
GGAM Finance Ltd.144A
|
|
5.88
|
3-15-2030
|
|
725,000
|
730,147
|
|
Global Aircraft Leasing Co. Ltd.144A
|
|
8.75
|
9-1-2027
|
|
735,000
|
753,457
|
|
|
|
|
|
|
|
1,675,854
|
|
Insurance: 0.10%
|
|
|
|
|
|
|
|
Allianz SE (5 Year Treasury Constant Maturity+2.17%)ʊ±
|
|
3.20
|
10-30-2027
|
|
400,000
|
350,387
|
|
Industrial: 0.71%
|
|
|
|
|
|
|
|
Aerospace/defense: 0.20%
|
|
|
|
|
|
|
|
Bombardier, Inc.144A
|
|
8.75
|
11-15-2030
|
|
625,000
|
676,612
|
|
Electronics: 0.20%
|
|
|
|
|
|
|
|
Sensata Technologies BV144A
|
|
5.88
|
9-1-2030
|
|
700,000
|
700,942
|
|
Machinery-diversified: 0.01%
|
|
|
|
|
|
|
|
TK Elevator Holdco GmbH144A
|
|
7.63
|
7-15-2028
|
|
45,000
|
45,047
|
|
Packaging & containers: 0.30%
|
|
|
|
|
|
|
|
Trivium Packaging Finance BV144A
|
|
8.25
|
7-15-2030
|
|
535,000
|
565,755
|
|
Trivium Packaging Finance BV144A
|
|
12.25
|
1-15-2031
|
|
455,000
|
487,730
|
|
|
|
|
|
|
|
1,053,485
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Utilities: 0.22%
|
|
|
|
|
|
|
|
Electric: 0.22%
|
|
|
|
|
|
|
|
Algonquin Power & Utilities Corp. (5 Year Treasury Constant
Maturity+3.25%)±
|
|
4.75
%
|
1-18-2082
|
$
|
800,000
|
$780,259
|
|
Total yankee corporate bonds and notes (Cost $33,962,592)
|
|
|
|
|
|
34,602,159
|
|
|
|
Yield
|
|
Shares
|
|
|
|
Short-term investments: 4.50%
|
|
|
|
|
|
|
|
Investment companies: 4.50%
|
|
|
|
|
|
|
|
Allspring Government Money Market Fund Select Class♠∞##
|
|
4.26
|
|
|
15,758,131
|
15,758,131
|
|
Total short-term investments (Cost $15,758,131)
|
|
|
|
|
|
15,758,131
|
|
Total investments in securities (Cost $305,290,567)
|
98.23
%
|
|
|
|
|
344,297,505
|
|
Other assets and liabilities, net
|
1.77
|
|
|
|
|
6,209,592
|
|
Total net assets
|
100.00
%
|
|
|
|
|
$350,507,097
|
|
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.
|
|
†
|
Non-income-earning security
|
|
‡
|
Security is valued using significant unobservable inputs.
|
|
♦
|
The security is fair valued in accordance with procedures approved by Allspring Funds
Management, LLC.
|
|
˃
|
Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted
securities with an aggregate current value of $0 (original an aggregate
cost of $65,232), representing 0.00% of its net assets as of period end.
|
|
±
|
Variable rate investment. The rate shown is the rate in effect at period end.
|
|
¥
|
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 purchased on a when-issued basis.
|
|
ʊ
|
Security is perpetual in nature and has no stated maturity date. The date shown reflects
the next call date.
|
|
♠
|
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.
|
|
##
|
All or a portion of this security is segregated as collateral for when-issued securities.
|
|
Abbreviations:
|
|
|
ADR
|
American depositary receipt
|
|
CDA
|
Community Development Authority
|
|
EUR
|
Euro
|
|
EURIBOR
|
Euro Interbank Offered Rate
|
|
GBP
|
Great British pound
|
|
GO
|
General obligation
|
|
IDA
|
Industrial Development Authority
|
|
LIBOR
|
London Interbank Offered Rate
|
|
PFA
|
Public Finance Authority
|
|
REIT
|
Real estate investment trust
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
|
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
|
$14,205,284
|
$117,505,958
|
$(115,953,111
)
|
$0
|
$0
|
$15,758,131
|
15,758,131
|
$534,964
|
|
Currency to be
received
|
Currency to be
delivered
|
Counterparty
|
Settlement
date
|
Unrealized
gains
|
Unrealized
losses
|
||
|
USD
|
14,515,444
|
EUR
|
12,630,000
|
Citibank N.A.
|
7-23-2025
|
$0
|
$(370,036
)
|
|
USD
|
422,487
|
EUR
|
360,000
|
Citibank N.A.
|
7-23-2025
|
0
|
(1,802
)
|
|
USD
|
7,266,252
|
GBP
|
5,410,000
|
Citibank N.A.
|
7-23-2025
|
0
|
(157,492
)
|
|
|
|
|
|
|
|
$0
|
$(529,330
)
|
|
Description
|
Number of
contracts
|
Expiration
date
|
Notional
cost
|
Notional
value
|
Unrealized
gains
|
Unrealized
losses
|
|
Long
|
|
|
|
|
|
|
|
Volatility Index
|
74
|
7-16-2025
|
$1,493,847
|
$1,384,725
|
$0
|
$(109,122
)
|
|
Euro STOXX 50 Index
|
168
|
9-19-2025
|
10,554,629
|
10,541,904
|
0
|
(12,725
)
|
|
FTSE 100 Index
|
59
|
9-19-2025
|
7,217,643
|
7,118,294
|
0
|
(99,349
)
|
|
|
|
|
|
|
$0
|
$(221,196
)
|
|
|
Quoted prices
(Level 1)
|
Other significant
observable inputs
(Level 2)
|
Significant
unobservable inputs
(Level 3)
|
Total
|
|
Assets
|
|
|
|
|
|
Investments in:
|
|
|
|
|
|
Asset-backed securities
|
$0
|
$871,232
|
$0
|
$871,232
|
|
Common stocks
|
|
|
|
|
|
Communication services
|
13,800,741
|
0
|
0
|
13,800,741
|
|
Consumer discretionary
|
11,827,989
|
0
|
0
|
11,827,989
|
|
Consumer staples
|
5,823,321
|
0
|
0
|
5,823,321
|
|
Energy
|
3,615,174
|
0
|
1,944,748
|
5,559,922
|
|
Financials
|
22,247,020
|
0
|
0
|
22,247,020
|
|
Health care
|
10,601,282
|
0
|
0
|
10,601,282
|
|
Industrials
|
9,752,004
|
0
|
0
|
9,752,004
|
|
Information technology
|
35,597,573
|
0
|
0
|
35,597,573
|
|
Investment Companies
|
0
|
0
|
28,331
|
28,331
|
|
Materials
|
1,058,058
|
0
|
0
|
1,058,058
|
|
Real estate
|
4,692,021
|
0
|
0
|
4,692,021
|
|
Utilities
|
3,815,381
|
0
|
0
|
3,815,381
|
|
Corporate bonds and notes
|
0
|
121,255,606
|
0
|
121,255,606
|
|
Foreign corporate bonds and notes
|
0
|
22,640,873
|
0
|
22,640,873
|
|
Investment companies
|
2,700,578
|
0
|
0
|
2,700,578
|
|
Loans
|
0
|
9,156,717
|
0
|
9,156,717
|
|
Municipal obligations
|
0
|
11,385,699
|
0
|
11,385,699
|
|
Preferred stocks
|
|
|
|
|
|
Energy
|
1,122,867
|
0
|
0
|
1,122,867
|
|
Yankee corporate bonds and notes
|
0
|
34,602,159
|
0
|
34,602,159
|
|
Short-term investments
|
|
|
|
|
|
Investment companies
|
15,758,131
|
0
|
0
|
15,758,131
|
|
Total assets
|
$142,412,140
|
$199,912,286
|
$1,973,079
|
$344,297,505
|
|
Liabilities
|
||||
|
Forward foreign currency contracts
|
$0
|
$529,330
|
$0
|
$529,330
|
|
Futures contracts
|
221,196
|
0
|
0
|
221,196
|
|
Total liabilities
|
$221,196
|
$529,330
|
$0
|
$750,526
|
|
|
Balance,
beginning
of
period
|
Net
Purchases
|
Net
Sales/
Settlements
|
Accrued
Discounts
(Premiums)
|
Realized
Gains
(Losses)
|
Net
Change in
Unrealized
gains
(losses)
|
Transfers
into
Level 3
|
Transfers
out
of Level 3
|
Balance,
end of
period
|
|
Investments in:
|
|||||||||
|
Common stocks
|
$0
|
$644,811
|
$0
|
$0
|
$0
|
$1,299,937
|
$28,331
|
$0
|
$1,973,079
|
|
Loans
|
740,097
|
213,150
|
(971,631
)
|
433
|
(12,731
)
|
30,682
|
0
|
0
|
0
|
|
|
$740,097
|
$857,961
|
$(971,631
)
|
$433
|
$(12,731
)
|
$1,330,619
|
$28,331
|
$0
|
$1,973,079
|
|
|
Net Change in
Unrealized
Gains (Losses) on
Investments
Held at
June 30, 2025
|
|
Investments in:
|
|
|
Common stocks
|
$1,299,937
|
|
Loans
|
0
|
|
|
$1,299,937
|
|
Level 3 Security
Types
|
Fair value at
June 30, 2025
|
Valuation
technique
|
Significant
unobservable input
|
Weighted
average
|
Range
|
Impact to valuation
from an increase to
input*
|
|
Common Stocks
|
$1,973,079
|
Market
Approach
|
Single
broker
quote
|
N/A
|
N/A
|
Increase/Decrease
|