|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Common Stocks – 60.2%
|
||||
|
Aerospace & Defense – 2.5%
|
|
|||
|
Boeing Co. (a)
|
|
132,596
|
$27,782,840
|
|
|
General Dynamics Corp.
|
|
147,037
|
42,884,811
|
|
|
Honeywell International, Inc.
|
|
213,154
|
49,639,303
|
|
|
L3Harris Technologies, Inc.
|
|
221,764
|
55,627,282
|
|
|
Leidos Holdings, Inc.
|
|
87,506
|
13,804,947
|
|
|
|
|
|
|
$189,739,183
|
|
Alcoholic Beverages – 0.7%
|
|
|||
|
Constellation Brands, Inc., “A”
|
|
179,644
|
$29,224,486
|
|
|
Diageo PLC
|
|
860,985
|
21,603,872
|
|
|
|
|
|
|
$50,828,358
|
|
Apparel Manufacturers – 0.2%
|
|
|||
|
NIKE, Inc., “B”
|
|
199,971
|
$14,205,940
|
|
|
Automotive – 2.1%
|
|
|||
|
Aptiv PLC (a)
|
|
963,254
|
$65,713,188
|
|
|
Lear Corp.
|
|
563,975
|
53,566,346
|
|
|
LKQ Corp. (l)
|
|
1,164,248
|
43,088,818
|
|
|
|
|
|
|
$162,368,352
|
|
Broadcasting – 1.4%
|
|
|||
|
Interpublic Group of Companies, Inc.
|
|
174,831
|
$4,279,863
|
|
|
Omnicom Group, Inc.
|
|
1,200,033
|
86,330,374
|
|
|
Warner Bros. Discovery, Inc. (a)
|
|
1,795,337
|
20,574,562
|
|
|
|
|
|
|
$111,184,799
|
|
Brokerage & Asset Managers – 3.4%
|
|
|||
|
Charles Schwab Corp.
|
|
2,254,855
|
$205,732,970
|
|
|
CME Group, Inc.
|
|
201,830
|
55,628,385
|
|
|
|
|
|
|
$261,361,355
|
|
Business Services – 2.5%
|
|
|||
|
Accenture PLC, “A”
|
|
120,142
|
$35,909,242
|
|
|
Amdocs Ltd.
|
|
301,364
|
27,496,451
|
|
|
Cognizant Technology Solutions Corp., “A”
|
|
451,273
|
35,212,832
|
|
|
Fidelity National Information Services, Inc.
|
|
477,649
|
38,885,405
|
|
|
Fiserv, Inc. (a)
|
|
306,206
|
52,792,977
|
|
|
|
|
|
|
$190,296,907
|
|
Chemicals – 0.7%
|
|
|||
|
PPG Industries, Inc.
|
|
504,879
|
$57,429,986
|
|
|
Computer Software – 1.8%
|
|
|||
|
Microsoft Corp.
|
|
271,416
|
$135,005,033
|
|
|
Construction – 1.5%
|
|
|||
|
Masco Corp.
|
|
1,087,954
|
$70,020,719
|
|
|
Mohawk Industries, Inc. (a)
|
|
181,423
|
19,020,387
|
|
|
Stanley Black & Decker, Inc.
|
|
374,554
|
25,376,034
|
|
|
|
|
|
|
$114,417,140
|
|
Consumer Products – 1.4%
|
|
|||
|
Kenvue, Inc.
|
|
5,159,266
|
$107,983,437
|
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Common Stocks – continued
|
||||
|
Containers – 0.3%
|
|
|||
|
Avery Dennison Corp.
|
|
62,871
|
$11,031,975
|
|
|
Smurfit Westrock PLC
|
|
368,355
|
15,894,518
|
|
|
|
|
|
|
$26,926,493
|
|
Electrical Equipment – 1.5%
|
|
|||
|
Johnson Controls International PLC
|
|
1,076,757
|
$113,727,074
|
|
|
Electronics – 1.4%
|
|
|||
|
Intel Corp.
|
|
1,889,015
|
$42,313,936
|
|
|
NXP Semiconductors N.V.
|
|
289,581
|
63,270,553
|
|
|
|
|
|
|
$105,584,489
|
|
Energy - Independent – 2.4%
|
|
|||
|
ConocoPhillips
|
|
944,809
|
$84,787,160
|
|
|
Hess Corp.
|
|
710,386
|
98,416,876
|
|
|
|
|
|
|
$183,204,036
|
|
Energy - Integrated – 1.5%
|
|
|||
|
Exxon Mobil Corp.
|
|
631,258
|
$68,049,612
|
|
|
Suncor Energy, Inc.
|
|
1,266,053
|
47,425,272
|
|
|
|
|
|
|
$115,474,884
|
|
Food & Beverages – 0.2%
|
|
|||
|
Archer Daniels Midland Co.
|
|
272,146
|
$14,363,866
|
|
|
Health Maintenance Organizations – 1.7%
|
|
|||
|
Cigna Group
|
|
407,267
|
$134,634,325
|
|
|
Insurance – 4.2%
|
|
|||
|
Aon PLC
|
|
300,606
|
$107,244,196
|
|
|
Chubb Ltd.
|
|
316,746
|
91,767,651
|
|
|
Principal Financial Group, Inc.
|
|
172,292
|
13,685,154
|
|
|
Travelers Cos., Inc.
|
|
88,448
|
23,663,378
|
|
|
Willis Towers Watson PLC
|
|
273,180
|
83,729,670
|
|
|
|
|
|
|
$320,090,049
|
|
Interactive Media Services – 0.2%
|
|
|||
|
Alphabet, Inc., “A”
|
|
69,861
|
$12,311,604
|
|
|
Leisure & Toys – 0.5%
|
|
|||
|
Electronic Arts, Inc.
|
|
241,161
|
$38,513,412
|
|
|
Machinery & Tools – 1.4%
|
|
|||
|
AGCO Corp.
|
|
257,324
|
$26,545,544
|
|
|
Eaton Corp. PLC
|
|
122,103
|
43,589,550
|
|
|
Regal Rexnord Corp.
|
|
264,188
|
38,296,692
|
|
|
|
|
|
|
$108,431,786
|
|
Major Banks – 7.1%
|
|
|||
|
Bank of America Corp.
|
|
2,730,162
|
$129,191,266
|
|
|
Goldman Sachs Group, Inc.
|
|
218,288
|
154,493,332
|
|
|
JPMorgan Chase & Co.
|
|
384,397
|
111,440,534
|
|
|
Morgan Stanley
|
|
371,312
|
52,303,009
|
|
|
PNC Financial Services Group, Inc.
|
|
307,838
|
57,387,160
|
|
|
Wells Fargo & Co.
|
|
451,994
|
36,213,759
|
|
|
|
|
|
|
$541,029,060
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Common Stocks – continued
|
||||
|
Medical & Health Technology & Services – 1.1%
|
|
|||
|
ICON PLC (a)
|
|
264,874
|
$38,525,923
|
|
|
McKesson Corp.
|
|
61,893
|
45,353,953
|
|
|
|
|
|
|
$83,879,876
|
|
Medical Equipment – 3.8%
|
|
|||
|
Agilent Technologies, Inc.
|
|
288,345
|
$34,027,593
|
|
|
Becton, Dickinson and Co.
|
|
676,531
|
116,532,465
|
|
|
Medtronic PLC
|
|
1,607,049
|
140,086,461
|
|
|
|
|
|
|
$290,646,519
|
|
Metals & Mining – 0.2%
|
|
|||
|
Glencore PLC
|
|
3,938,927
|
$15,333,594
|
|
|
Other Banks & Diversified Financials – 1.5%
|
|
|||
|
Northern Trust Corp.
|
|
912,807
|
$115,734,799
|
|
|
Pharmaceuticals – 3.8%
|
|
|||
|
Johnson & Johnson
|
|
811,217
|
$123,913,397
|
|
|
Organon & Co.
|
|
492,869
|
4,770,972
|
|
|
Pfizer, Inc.
|
|
5,013,805
|
121,534,633
|
|
|
Roche Holding AG
|
|
130,292
|
42,431,726
|
|
|
|
|
|
|
$292,650,728
|
|
Railroad & Shipping – 1.0%
|
|
|||
|
Union Pacific Corp.
|
|
328,386
|
$75,555,051
|
|
|
Restaurants – 0.3%
|
|
|||
|
U.S. Foods Holding Corp. (a)
|
|
177,171
|
$13,643,939
|
|
|
Wendy's Co.
|
|
733,182
|
8,372,938
|
|
|
|
|
|
|
$22,016,877
|
|
Specialty Chemicals – 1.1%
|
|
|||
|
Air Products & Chemicals, Inc.
|
|
60,624
|
$17,099,606
|
|
|
Axalta Coating Systems Ltd. (a)
|
|
1,104,425
|
32,790,378
|
|
|
DuPont de Nemours, Inc.
|
|
535,295
|
36,715,884
|
|
|
|
|
|
|
$86,605,868
|
|
Specialty Stores – 0.4%
|
|
|||
|
Target Corp.
|
|
309,103
|
$30,493,011
|
|
|
Telecom Services – 1.6%
|
|
|||
|
Comcast Corp., “A”
|
|
3,127,913
|
$111,635,215
|
|
|
T-Mobile USA, Inc.
|
|
37,721
|
8,987,405
|
|
|
|
|
|
|
$120,622,620
|
|
Tobacco – 1.7%
|
|
|||
|
Altria Group, Inc.
|
|
320,571
|
$18,795,078
|
|
|
Philip Morris International, Inc.
|
|
617,993
|
112,555,065
|
|
|
|
|
|
|
$131,350,143
|
|
Utilities - Electric Power – 3.1%
|
|
|||
|
Duke Energy Corp.
|
|
513,081
|
$60,543,558
|
|
|
Exelon Corp.
|
|
716,645
|
31,116,726
|
|
|
National Grid PLC
|
|
3,739,750
|
54,490,700
|
|
|
PG&E Corp.
|
|
4,923,287
|
68,630,621
|
|
|
Southern Co.
|
|
240,009
|
22,040,026
|
|
|
|
|
|
|
$236,821,631
|
|
Total Common Stocks
|
|
$4,610,822,285
|
||
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – 37.6%
|
||||
|
Aerospace & Defense – 0.1%
|
||||
|
BAE Systems PLC, 3.4%, 4/15/2030 (n)
|
|
$
|
2,846,000
|
$2,715,793
|
|
Boeing Co., 5.805%, 5/01/2050
|
|
|
3,057,000
|
2,931,665
|
|
Boeing Co., 6.858%, 5/01/2054
|
|
|
2,680,000
|
2,933,839
|
|
|
|
|
|
$8,581,297
|
|
Asset-Backed & Securitized – 6.4%
|
||||
|
Affirm, Inc., 5.08%, 4/15/2030 (n)
|
|
$
|
1,880,890
|
$1,882,651
|
|
AmeriCredit Automobile Receivables Trust, 2024-1, “A2-A”, 5.75%, 2/18/2028
|
|
|
2,805,509
|
2,811,798
|
|
Angel Oak Mortgage Trust, 2024-10, “A1”, 5.348%, 10/25/2069 (n)
|
|
|
9,577,837
|
9,556,660
|
|
Angel Oak Mortgage Trust, 2024-12, “A1”, 5.653%, 10/25/2069 (n)
|
|
|
8,599,904
|
8,620,365
|
|
Angel Oak Mortgage Trust, 2024-9, “A1”, 5.138%, 9/25/2069 (n)
|
|
|
5,402,707
|
5,373,995
|
|
Arbor Realty Trust, Inc., CLO, 2021-FL3, “B”, FLR, 6.026% ((SOFR - 1mo. + 0.11448%) + 1.6%), 8/15/2034 (n)
|
|
|
5,818,000
|
5,794,897
|
|
Arbor Realty Trust, Inc., CLO, 2022-FL1, “B”, FLR, 6.404% (SOFR - 30 day + 2.1%), 1/15/2037 (n)
|
|
|
16,706,500
|
16,727,373
|
|
ARDN Mortgage Trust, 2025-ARCP, “A”, FLR, 6.05% (SOFR - 1mo. + 1.75%), 6/15/2035 (n)
|
|
|
14,611,000
|
14,610,927
|
|
AREIT 2022-CRE6 Trust, “B”, FLR, 6.151% (SOFR - 30 day + 1.85%), 1/20/2037 (n)
|
|
|
10,151,500
|
10,074,341
|
|
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)
|
|
|
2,279,014
|
2,297,236
|
|
Bain Capital Credit CLO Ltd., 2020-4A, “A1R”, FLR, 6.019% (SOFR - 3mo. + 1.75%), 10/20/2036 (n)
|
|
|
11,516,802
|
11,535,229
|
|
Bain Capital Credit CLO Ltd., 2022-2A, “BR”, FLR, 5.942% (SOFR - 3mo. + 1.65%), 4/22/2035 (n)(w)
|
|
|
8,838,526
|
8,838,526
|
|
Bayview Financial Revolving Mortgage Loan Trust, FLR, 6.041% ((SOFR - 1mo. + 0.11448%)
+ 1.6%), 12/28/2040 (n)
|
|
|
545,607
|
1,115,263
|
|
Benchmark 2023-V3 Mortgage Trust, “A3”, 6.363%, 7/15/2056
|
|
|
1,190,323
|
1,247,589
|
|
Brazos Securitization LLC, 5.243%, 9/01/2040 (n)
|
|
|
5,403,000
|
5,379,987
|
|
BSPRT 2021-FL6 Issuer Ltd., “AS”, FLR, 5.726% ((SOFR - 1mo. + 0.11448%) + 1.3%), 3/15/2036 (n)
|
|
|
16,867,142
|
16,826,813
|
|
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 6.476% ((SOFR - 1mo. + 0.11448%) + 2.05%), 12/15/2038 (n)
|
|
|
2,794,000
|
2,777,473
|
|
BSPRT 2022-FL8 Issuer Ltd., “B”, FLR, 6.354% (SOFR - 30 day + 2.05%), 2/15/2037 (n)
|
|
|
5,979,000
|
5,955,172
|
|
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)
|
|
|
3,226,468
|
3,295,832
|
|
BXMT 2021-FL4 Ltd., “AS”, FLR, 5.728% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n)
|
|
|
16,816,500
|
16,388,291
|
|
Carlyle Global Market Strategies CLO Ltd., 2023-1A, “A2R”, FLR, 0% (SOFR - 3mo. + 1.6%), 7/20/2037 (n)
|
|
|
8,500,000
|
8,500,000
|
|
Colt Funding LLC, 2024-5, “A1”, 5.123%, 8/25/2069 (n)
|
|
|
6,164,911
|
6,141,128
|
|
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “A4”, 5.745%, 8/15/2056
|
|
|
16,647,021
|
17,431,519
|
|
Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028
|
|
|
2,902,502
|
2,922,825
|
|
Dryden Senior Loan Fund, 2013-26A, “AR”, CLO, FLR, 5.417% ((SOFR - 3mo. + 0.26161%) + 0.9%), 4/15/2029 (n)
|
|
|
2,575,968
|
2,576,424
|
|
Dryden Senior Loan Fund, 2018-55A, “A1”, CLO, FLR, 5.538% ((SOFR - 3mo. + 0.26161%) + 1.02%), 4/15/2031 (n)
|
|
|
4,617,967
|
4,619,500
|
|
Dwight 2025-FL1 Issuer LLC, “A”, FLR, 5.962% (SOFR - 1mo. + 1.662%), 9/18/2042 (n)
|
|
|
8,383,500
|
8,367,781
|
|
ELM Trust, 2024-ELM, “B10”, 5.995%, 6/10/2039 (n)
|
|
|
8,492,449
|
8,558,622
|
|
Empire District Bondco LLC, 4.943%, 1/01/2033
|
|
|
4,007,784
|
4,035,578
|
|
Enterprise Fleet Financing 2024-4 LLC, “A2”, 4.69%, 7/20/2027 (n)
|
|
|
2,360,000
|
2,363,154
|
|
GLS Auto Select Receivables Trust, 2023-1A, “A2”, 6.27%, 8/16/2027 (n)
|
|
|
1,250,413
|
1,252,081
|
|
GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n)
|
|
|
1,167,114
|
1,176,025
|
|
GLS Auto Select Receivables Trust, 2025-2A, “A2”, 4.75%, 3/15/2028 (n)
|
|
|
2,002,000
|
2,003,392
|
|
GMAC Mortgage Corp. Loan Trust, FGIC, 5.805%, 10/25/2036
|
|
|
125,531
|
124,530
|
|
Greystone Commercial Real Estate Notes, 2025-FL4, “AS”, FLR, 6.45% (SOFR - 1mo. + 2.1385%), 1/15/2043 (n)
|
|
|
2,031,000
|
2,026,369
|
|
Hyundai Auto Lease Securitization Trust, 2025-B, 4.58%, 9/15/2027 (n)
|
|
|
4,945,000
|
4,961,892
|
|
Kubota Credit Owner Trust, 2023-2A, “A2”, 5.61%, 7/15/2026 (n)
|
|
|
374,627
|
375,020
|
|
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 6.176% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n)
|
|
|
16,915,500
|
16,909,524
|
|
Magnetite CLO Ltd., 2017-19A, FLR, 5.729% (SOFR - 3mo. + 1.45%), 4/17/2034 (n)
|
|
|
3,285,540
|
3,284,075
|
|
MF1 2020-FL4 Ltd., “A”, FLR, 6.128% ((SOFR - 1mo. + 0.11448%) + 1.7%), 12/15/2035 (n)
|
|
|
785,963
|
786,618
|
|
MF1 2021-FL5 Ltd., “AS”, FLR, 5.628% ((SOFR - 1mo. + 0.11448%) + 1.2%), 7/15/2036 (n)
|
|
|
16,626,241
|
16,586,405
|
|
MF1 2022-FL8 Ltd., “B”, FLR, 6.267% (SOFR - 30 day + 1.95%), 2/19/2037 (n)
|
|
|
7,392,231
|
7,258,019
|
|
MF1 2024-FL15 LLC, “AS”, FLR, 6.355% (SOFR - 1mo. + 2.04%), 8/18/2041 (n)
|
|
|
8,571,000
|
8,600,462
|
|
MF1 2024-FL16 LLC, “A”, FLR, 5.855% (SOFR - 1mo. + 1.541%), 11/18/2039 (n)
|
|
|
17,590,246
|
17,623,259
|
|
MF1 2025-FL19 LLC, “A”, FLR, 5.886% (SOFR - 1mo. + 1.572%), 2/18/2040 (n)
|
|
|
15,153,744
|
15,043,334
|
|
MF1 2025-FL19 LLC, “A”, FLR, 5.802% (SOFR - 1mo. + 1.4881%), 5/18/2042 (n)
|
|
|
7,619,439
|
7,628,952
|
|
Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C34, “A4”, 3.536%, 11/15/2052
|
|
|
4,195,516
|
4,097,797
|
|
MSWF Commercial Mortgage Trust, 2023-2, “A5”, 6.014%, 12/15/2056
|
|
|
7,477,126
|
8,007,545
|
|
Neuberger Berman CLO Ltd., 2013-15A, “BR2”, FLR, 5.868% ((SOFR - 3mo. + 0.26161%) + 1.35%), 10/15/2029 (n)
|
|
|
5,618,950
|
5,620,950
|
|
Neuberger Berman CLO Ltd., 2015-20A, “A1R3”, FLR, 5.468% (SOFR - 3mo. + 1.15%), 4/15/2039 (n)
|
|
|
5,725,000
|
5,732,923
|
|
Nissan Master Owner Trust, 2024-A, “A”, FLR, 4.973% (SOFR - 1mo. + 0.67%), 2/15/2028 (n)
|
|
|
5,130,663
|
5,134,540
|
|
OBX Trust, 2024-NQM15, “A1”, 5.316%, 10/25/2064 (n)
|
|
|
3,661,505
|
3,654,670
|
|
OBX Trust, 2025-NQM1, “A1”, 5.547%, 12/25/2064 (n)
|
|
|
4,601,680
|
4,617,873
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Asset-Backed & Securitized – continued
|
||||
|
Palmer Square Loan Funding 2024-3A Ltd., “A-2”, FLR, 5.957% (SOFR - 3mo. + 1.65%), 8/08/2032 (n)
|
|
$
|
16,148,818
|
$16,157,328
|
|
Parallel Ltd., 2023-1A, “A2R”, FLR, 6.096% (SOFR - 3mo. + 1.8%), 7/20/2036 (n)
|
|
|
6,858,996
|
6,858,996
|
|
PFP III Ltd., 2025-12, “AS”, 6.063%, 12/18/2042 (n)
|
|
|
12,850,500
|
12,823,848
|
|
PRM Trust, 2025-PRM6, “A”, 4.48%, 7/05/2033 (n)
|
|
|
4,808,434
|
4,767,068
|
|
Provident Funding Mortgage Trust, 2025-2, “A4”, 5.5%, 6/25/2055 (n)
|
|
|
13,695,654
|
13,710,744
|
|
ReadyCap Commercial Mortgage Trust, 2021-FL7, “B”, FLR, 6.234% ((SOFR - 1mo. + 0.11448%) + 1.8%), 11/25/2036 (n)
|
|
|
3,695,000
|
3,675,203
|
|
Residential Funding Mortgage Securities, Inc., FGIC, 3.985%, 12/25/2035 (d)(q)
|
|
|
140,906
|
2,215
|
|
Rockford Tower CLO 2020-1A, Ltd., “A2R”, FLR, 5.569% (SOFR - 3mo. + 1.3%), 1/20/2036 (n)
|
|
|
18,536,627
|
18,393,098
|
|
Santander Drive Auto Receivables Trust, 2025-1, “A2”, 4.76%, 8/16/2027
|
|
|
8,696,553
|
8,699,401
|
|
SBNA Auto Lease Trust, 2024-C, “A2”, 4.94%, 11/20/2026 (n)
|
|
|
424,523
|
424,883
|
|
Starwood Commercial Mortgage, 2022-FL3, “AS”, FLR, 6.103% (SOFR - 30 day + 1.8%), 11/15/2038 (n)
|
|
|
17,154,000
|
17,031,275
|
|
Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n)
|
|
|
6,112,176
|
6,126,869
|
|
TPG Real Estate Finance, 2021-FL4, “A”, FLR, 5.628% ((SOFR - 1mo. + 0.11448%) + 1.2%), 3/15/2038 (n)
|
|
|
7,028,028
|
7,003,128
|
|
Verus Securitization Trust, 2024-8, “A1”, 5.364%, 10/25/2069 (n)
|
|
|
2,157,203
|
2,155,907
|
|
Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027
|
|
|
3,182,079
|
3,199,292
|
|
Voya CLO 2012-4A Ltd., “A2R3”, FLR, 5.968% ((SOFR - 3mo. + 0.26161%) + 1.45%), 10/15/2030 (n)
|
|
|
6,439,259
|
6,442,298
|
|
|
|
|
|
$486,604,757
|
|
Automotive – 0.2%
|
||||
|
Magna International, Inc., 2.45%, 6/15/2030
|
|
$
|
5,772,000
|
$5,221,848
|
|
Stellantis Finance US, Inc., 2.691%, 9/15/2031 (n)
|
|
|
9,598,000
|
8,111,390
|
|
|
|
|
|
$13,333,238
|
|
Broadcasting – 0.1%
|
||||
|
Walt Disney Co., 3.5%, 5/13/2040
|
|
$
|
7,354,000
|
$6,036,497
|
|
Brokerage & Asset Managers – 0.4%
|
||||
|
Charles Schwab Corp., 5.853% to 5/19/2033, FLR (SOFR - 1 day + 2.5%) to 5/19/2034
|
|
$
|
12,330,000
|
$13,098,298
|
|
Intercontinental Exchange, Inc., 2.1%, 6/15/2030
|
|
|
6,569,000
|
5,884,642
|
|
LPL Holdings, Inc., 6.75%, 11/17/2028
|
|
|
1,203,000
|
1,283,002
|
|
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)
|
|
|
13,709,000
|
13,116,543
|
|
|
|
|
|
$33,382,485
|
|
Building – 0.2%
|
||||
|
Martin Marietta Materials, Inc., 2.5%, 3/15/2030
|
|
$
|
586,000
|
$537,711
|
|
Masco Corp., 2%, 2/15/2031
|
|
|
12,460,000
|
10,716,597
|
|
Vulcan Materials Co., 3.5%, 6/01/2030
|
|
|
1,176,000
|
1,125,071
|
|
|
|
|
|
$12,379,379
|
|
Business Services – 0.4%
|
||||
|
Equinix, Inc., 1.8%, 7/15/2027
|
|
$
|
4,515,000
|
$4,303,884
|
|
Equinix, Inc., 2.5%, 5/15/2031
|
|
|
6,102,000
|
5,406,259
|
|
Experian Finance PLC, 4.25%, 2/01/2029 (n)
|
|
|
3,787,000
|
3,777,578
|
|
Fiserv, Inc., 2.65%, 6/01/2030
|
|
|
2,308,000
|
2,115,272
|
|
Global Payments, Inc., 1.2%, 3/01/2026
|
|
|
6,442,000
|
6,290,669
|
|
Global Payments, Inc., 2.9%, 11/15/2031
|
|
|
3,763,000
|
3,328,278
|
|
Verisk Analytics, Inc., 4.125%, 3/15/2029
|
|
|
2,596,000
|
2,578,547
|
|
Verisk Analytics, Inc., 5.75%, 4/01/2033
|
|
|
4,780,000
|
5,026,565
|
|
|
|
|
|
$32,827,052
|
|
Cable TV – 0.3%
|
||||
|
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
6.384%, 10/23/2035
|
|
$
|
3,223,000
|
$3,385,144
|
|
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
3.5%, 6/01/2041
|
|
|
6,422,000
|
4,659,120
|
|
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
5.375%, 5/01/2047
|
|
|
1,311,000
|
1,137,831
|
|
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
5.25%, 4/01/2053
|
|
|
5,404,000
|
4,591,196
|
|
Time Warner Entertainment Co. LP, 8.375%, 7/15/2033
|
|
|
6,188,000
|
7,205,830
|
|
|
|
|
|
$20,979,121
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Chemicals – 0.1%
|
||||
|
RPM International, Inc., 2.95%, 1/15/2032
|
|
$
|
4,405,000
|
$3,884,240
|
|
Computer Software – 0.1%
|
||||
|
Oracle Corp., 4.9%, 2/06/2033
|
|
$
|
2,441,000
|
$2,447,532
|
|
Roper Technologies, Inc., 2%, 6/30/2030
|
|
|
3,961,000
|
3,519,845
|
|
|
|
|
|
$5,967,377
|
|
Conglomerates – 0.1%
|
||||
|
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028
|
|
$
|
6,348,000
|
$6,384,404
|
|
Consumer Products – 0.0%
|
||||
|
Kenvue, Inc., 4.9%, 3/22/2033
|
|
$
|
3,446,000
|
$3,496,976
|
|
Consumer Services – 0.1%
|
||||
|
Booking Holdings, Inc., 4.625%, 4/13/2030
|
|
$
|
4,337,000
|
$4,386,834
|
|
Electrical Equipment – 0.1%
|
||||
|
Arrow Electronics, Inc., 2.95%, 2/15/2032
|
|
$
|
9,040,000
|
$7,935,804
|
|
Electronics – 0.1%
|
||||
|
Broadcom, Inc., 4.3%, 11/15/2032
|
|
$
|
4,049,000
|
$3,927,510
|
|
Broadcom, Inc., 4.926%, 5/15/2037 (n)
|
|
|
2,099,000
|
2,037,130
|
|
|
|
|
|
$5,964,640
|
|
Energy - Independent – 0.2%
|
||||
|
Diamondback Energy, Inc., 5.4%, 4/18/2034
|
|
$
|
4,479,000
|
$4,492,254
|
|
EQT Corp., 5.75%, 2/01/2034
|
|
|
9,954,000
|
10,292,112
|
|
|
|
|
|
$14,784,366
|
|
Energy - Integrated – 0.3%
|
||||
|
BP Capital Markets America, Inc., 2.721%, 1/12/2032
|
|
$
|
12,923,000
|
$11,553,933
|
|
Eni S.p.A., 4.75%, 9/12/2028 (n)
|
|
|
11,589,000
|
11,714,447
|
|
|
|
|
|
$23,268,380
|
|
Financial Institutions – 0.4%
|
||||
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026
|
|
$
|
12,829,000
|
$12,498,993
|
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027
|
|
|
7,298,000
|
7,187,268
|
|
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)
|
|
|
2,248,000
|
2,234,450
|
|
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n)
|
|
|
6,701,000
|
6,531,911
|
|
Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n)
|
|
|
5,539,000
|
5,265,290
|
|
|
|
|
|
$33,717,912
|
|
Food & Beverages – 0.4%
|
||||
|
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038
|
|
$
|
2,264,000
|
$2,112,469
|
|
Anheuser-Busch InBev Worldwide, Inc., 8%, 11/15/2039
|
|
|
9,025,000
|
11,421,035
|
|
Diageo Capital PLC, 2.375%, 10/24/2029
|
|
|
7,901,000
|
7,333,121
|
|
Keurig Dr Pepper, Inc., 3.2%, 5/01/2030
|
|
|
930,000
|
876,841
|
|
Mars, Inc., 5.2%, 3/01/2035 (n)
|
|
|
7,424,000
|
7,512,933
|
|
|
|
|
|
$29,256,399
|
|
Gaming & Lodging – 0.2%
|
||||
|
GLP Capital LP/GLP Financing II, Inc., 5.3%, 1/15/2029
|
|
$
|
4,735,000
|
$4,787,502
|
|
Las Vegas Sands Corp., 3.9%, 8/08/2029
|
|
|
2,476,000
|
2,357,435
|
|
Marriott International, Inc., 4.625%, 6/15/2030
|
|
|
6,341,000
|
6,356,012
|
|
Marriott International, Inc., 2.85%, 4/15/2031
|
|
|
23,000
|
20,884
|
|
Marriott International, Inc., 2.75%, 10/15/2033
|
|
|
4,957,000
|
4,219,729
|
|
|
|
|
|
$17,741,562
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Insurance – 0.6%
|
||||
|
AIA Group Ltd., 3.375%, 4/07/2030 (n)
|
|
$
|
7,948,000
|
$7,620,641
|
|
Corebridge Financial, Inc., 3.9%, 4/05/2032
|
|
|
10,497,000
|
9,852,597
|
|
Corebridge Financial, Inc., 5.75%, 1/15/2034
|
|
|
4,199,000
|
4,362,423
|
|
Metropolitan Life Global Funding I, 3.3%, 3/21/2029 (n)
|
|
|
14,375,000
|
13,860,094
|
|
Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n)
|
|
|
10,957,000
|
11,731,461
|
|
|
|
|
|
$47,427,216
|
|
Insurance - Health – 0.1%
|
||||
|
Humana, Inc., 5.875%, 3/01/2033
|
|
$
|
4,147,000
|
$4,285,659
|
|
UnitedHealth Group, Inc., 5%, 4/15/2034
|
|
|
7,182,000
|
7,179,242
|
|
|
|
|
|
$11,464,901
|
|
Insurance - Property & Casualty – 0.4%
|
||||
|
Aon Corp., 4.5%, 12/15/2028
|
|
$
|
6,567,000
|
$6,598,811
|
|
Brown & Brown, Inc., 4.2%, 3/17/2032
|
|
|
6,620,000
|
6,333,977
|
|
Brown & Brown, Inc., 5.55%, 6/23/2035
|
|
|
1,787,000
|
1,822,270
|
|
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032
|
|
|
13,592,000
|
13,959,224
|
|
Fairfax Financial Holdings Ltd., 6%, 12/07/2033
|
|
|
337,000
|
351,489
|
|
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n)
|
|
|
2,889,000
|
2,112,224
|
|
|
|
|
|
$31,177,995
|
|
International Market Quasi-Sovereign – 0.0%
|
||||
|
Electricite de France S.A., 6.9%, 5/23/2053 (n)
|
|
$
|
2,221,000
|
$2,370,012
|
|
Machinery & Tools – 0.2%
|
||||
|
Ashtead Capital, Inc., 5.5%, 8/11/2032 (n)
|
|
$
|
13,340,000
|
$13,509,838
|
|
CNH Industrial Capital LLC, 1.875%, 1/15/2026
|
|
|
1,459,000
|
1,437,135
|
|
|
|
|
|
$14,946,973
|
|
Major Banks – 2.4%
|
||||
|
Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032
|
|
$
|
11,068,000
|
$9,754,904
|
|
Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032
|
|
|
3,413,000
|
3,020,626
|
|
Barclays PLC, 7.437% to 11/02/2032, FLR (CMT - 1yr. + 3.5%) to 11/02/2033
|
|
|
8,955,000
|
10,163,476
|
|
Capital One Financial Corp., 3.273% to 3/01/2029, FLR (SOFR - 1 day + 1.79%) to 3/01/2030
|
|
|
15,546,000
|
14,869,885
|
|
Deutsche Bank AG, 7.146% to 7/13/2026, FLR (SOFR - 1 day + 2.52%) to 7/13/2027
|
|
|
2,814,000
|
2,885,098
|
|
Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027
|
|
|
2,716,000
|
2,635,260
|
|
Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029
|
|
|
7,588,000
|
7,970,986
|
|
Goldman Sachs Group, Inc., 2.6%, 2/07/2030
|
|
|
10,264,000
|
9,485,730
|
|
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032
|
|
|
8,505,000
|
7,427,806
|
|
HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169
|
|
|
2,870,000
|
2,601,509
|
|
HSBC Holdings PLC, 4% to 9/09/2026, FLR (CMT - 1yr. + 3.222%) to 9/09/2170
|
|
|
1,215,000
|
1,194,459
|
|
JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031
|
|
|
1,458,000
|
1,348,213
|
|
JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032
|
|
|
14,206,000
|
12,506,167
|
|
JPMorgan Chase & Co., 2.963% to 1/25/2032, FLR (SOFR - 1 day + 1.26%) to 1/25/2033
|
|
|
5,510,000
|
4,952,558
|
|
JPMorgan Chase & Co., 5.766%, 4/22/2035
|
|
|
4,397,000
|
4,619,439
|
|
JPMorgan Chase & Co., 3.109% to 4/22/2040, FLR (SOFR - 1 day + 2.46%) to 4/22/2041
|
|
|
7,432,000
|
5,696,177
|
|
JPMorgan Chase & Co., 3.897% to 1/23/2048, FLR ((SOFR - 3mo. + 0.26161%) + 1.22%)
to 1/23/2049
|
|
|
2,687,000
|
2,121,902
|
|
Mitsubishi UFJ Financial Group, Inc., 2.852% to 1/19/2032, FLR (CMT - 1yr. + 1.1%)
to 1/19/2033
|
|
|
8,693,000
|
7,700,821
|
|
Mitsubishi UFJ Financial Group, Inc., 5.615%, 4/24/2036
|
|
|
11,148,000
|
11,463,648
|
|
Morgan Stanley, 2.699% to 1/22/2030, FLR (SOFR - 1 day + 1.143%) to 1/22/2031
|
|
|
18,260,000
|
16,837,846
|
|
Morgan Stanley, 2.943% to 1/21/2032, FLR (SOFR - 1 day + 1.29%) to 1/21/2033
|
|
|
9,699,000
|
8,656,301
|
|
Sumitomo Mitsui Financial Group, Inc., 2.472%, 1/14/2029
|
|
|
16,151,000
|
15,163,981
|
|
UBS Group AG, 2.095% to 2/11/2031, FLR (CMT - 1yr. + 1.0%) to 2/11/2032 (n)
|
|
|
19,698,000
|
17,038,297
|
|
|
|
|
|
$180,115,089
|
|
Medical & Health Technology & Services – 0.4%
|
||||
|
Adventist Health System/West, 5.43%, 3/01/2032
|
|
$
|
8,829,000
|
$8,867,326
|
|
Alcon Finance Corp., 2.6%, 5/27/2030 (n)
|
|
|
944,000
|
863,001
|
|
Becton, Dickinson and Co., 4.669%, 6/06/2047
|
|
|
5,087,000
|
4,362,516
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Medical & Health Technology & Services – continued
|
||||
|
Cigna Corp., 3.2%, 3/15/2040
|
|
$
|
1,517,000
|
$1,161,622
|
|
CVS Health Corp., 5.3%, 6/01/2033
|
|
|
8,585,000
|
8,657,754
|
|
HCA, Inc., 5.125%, 6/15/2039
|
|
|
5,387,000
|
5,066,362
|
|
Northwell Healthcare, Inc., 3.979%, 11/01/2046
|
|
|
490,000
|
376,686
|
|
Northwell Healthcare, Inc., 4.26%, 11/01/2047
|
|
|
3,585,000
|
2,849,827
|
|
|
|
|
|
$32,205,094
|
|
Medical Equipment – 0.1%
|
||||
|
Boston Scientific Corp., 2.65%, 6/01/2030
|
|
$
|
4,819,000
|
$4,461,294
|
|
Metals & Mining – 0.3%
|
||||
|
Anglo American Capital PLC, 3.875%, 3/16/2029 (n)
|
|
$
|
1,639,000
|
$1,600,797
|
|
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)
|
|
|
4,021,000
|
4,171,280
|
|
Anglo American Capital PLC, 2.625%, 9/10/2030 (n)
|
|
|
14,011,000
|
12,667,052
|
|
Glencore Funding LLC, 2.5%, 9/01/2030 (n)
|
|
|
5,139,000
|
4,630,426
|
|
Glencore Funding LLC, 2.85%, 4/27/2031 (n)
|
|
|
2,163,000
|
1,950,141
|
|
|
|
|
|
$25,019,696
|
|
Midstream – 0.3%
|
||||
|
Enbridge, Inc., 5.625%, 4/05/2034
|
|
$
|
6,670,000
|
$6,852,859
|
|
Plains All American Pipeline LP, 3.8%, 9/15/2030
|
|
|
5,752,000
|
5,497,319
|
|
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030
|
|
|
1,572,000
|
1,569,370
|
|
Spectra Energy Partners LP, 3.375%, 10/15/2026
|
|
|
2,527,000
|
2,491,585
|
|
Targa Resources Corp., 4.2%, 2/01/2033
|
|
|
2,332,000
|
2,185,085
|
|
Targa Resources Corp., 6.125%, 3/15/2033
|
|
|
7,339,000
|
7,734,601
|
|
|
|
|
|
$26,330,819
|
|
Mortgage-Backed – 9.7%
|
|
|||
|
Fannie Mae, 5%, 3/01/2026 - 3/01/2042
|
|
$
|
3,241,798
|
$3,275,933
|
|
Fannie Mae, 4.54%, 7/01/2026
|
|
|
813,623
|
814,755
|
|
Fannie Mae, 3.95%, 1/01/2027
|
|
|
786,885
|
784,365
|
|
Fannie Mae, 3%, 11/01/2028 - 9/01/2046
|
|
|
3,000,562
|
2,830,049
|
|
Fannie Mae, 6.5%, 6/01/2031 - 7/01/2037
|
|
|
925,205
|
962,796
|
|
Fannie Mae, 2.5%, 11/01/2031
|
|
|
100,286
|
96,383
|
|
Fannie Mae, 5.5%, 2/01/2033 - 12/01/2038
|
|
|
4,064,443
|
4,143,454
|
|
Fannie Mae, 3%, 2/25/2033 (i)
|
|
|
480,698
|
33,542
|
|
Fannie Mae, 4.5%, 8/01/2033 - 6/01/2044
|
|
|
8,513,099
|
8,468,227
|
|
Fannie Mae, 6%, 1/01/2034 - 7/01/2037
|
|
|
2,499,991
|
2,581,039
|
|
Fannie Mae, 3.5%, 4/01/2038 - 7/01/2046
|
|
|
23,807,439
|
22,219,071
|
|
Fannie Mae, 3.25%, 5/25/2040
|
|
|
158,032
|
150,742
|
|
Fannie Mae, 4%, 9/01/2040 - 6/01/2047
|
|
|
19,406,619
|
18,695,795
|
|
Fannie Mae, 5.306%, 2/25/2045 (n)
|
|
|
2,711,751
|
2,713,437
|
|
Fannie Mae, 2%, 4/25/2046
|
|
|
343,329
|
318,970
|
|
Fannie Mae, 4%, 7/25/2046 (i)
|
|
|
628,180
|
116,387
|
|
Fannie Mae, UMBS, 2%, 11/01/2036 - 2/01/2052
|
|
|
37,680,916
|
31,158,917
|
|
Fannie Mae, UMBS, 3%, 2/01/2037 - 7/01/2052
|
|
|
42,666,071
|
37,285,053
|
|
Fannie Mae, UMBS, 2.5%, 7/01/2037 - 8/01/2052
|
|
|
100,219,180
|
84,267,702
|
|
Fannie Mae, UMBS, 5%, 10/01/2037 - 7/01/2053
|
|
|
10,583,276
|
10,414,764
|
|
Fannie Mae, UMBS, 1.5%, 2/01/2042 - 4/01/2052
|
|
|
14,387,144
|
10,858,359
|
|
Fannie Mae, UMBS, 3.5%, 5/01/2052 - 6/01/2053
|
|
|
5,886,793
|
5,305,102
|
|
Fannie Mae, UMBS, 4.5%, 8/01/2052 - 3/01/2053
|
|
|
4,297,125
|
4,126,925
|
|
Fannie Mae, UMBS, 6%, 11/01/2052 - 9/01/2054
|
|
|
10,731,345
|
10,933,179
|
|
Fannie Mae, UMBS, 5.5%, 3/01/2053 - 10/01/2053
|
|
|
8,683,718
|
8,692,027
|
|
Freddie Mac, 3.5%, 12/01/2025 - 10/25/2058
|
|
|
11,269,254
|
10,579,506
|
|
Freddie Mac, 0.775%, 6/25/2027 (i)
|
|
|
39,273,000
|
524,094
|
|
Freddie Mac, 0.866%, 6/25/2027 (i)
|
|
|
11,752,312
|
132,326
|
|
Freddie Mac, 0.696%, 7/25/2027 (i)
|
|
|
32,061,140
|
306,136
|
|
Freddie Mac, 0.457%, 8/25/2027 (i)
|
|
|
27,934,000
|
202,815
|
|
Freddie Mac, 0.539%, 8/25/2027 (i)
|
|
|
16,657,503
|
127,422
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Mortgage-Backed – continued
|
|
|||
|
Freddie Mac, 0.406%, 9/25/2027 (i)
|
|
$
|
30,183,000
|
$211,483
|
|
Freddie Mac, 0.324%, 11/25/2027 (i)
|
|
|
47,333,000
|
221,055
|
|
Freddie Mac, 0.407%, 11/25/2027 (i)
|
|
|
32,171,981
|
173,899
|
|
Freddie Mac, 0.449%, 11/25/2027 (i)
|
|
|
28,545,670
|
193,032
|
|
Freddie Mac, 0.378%, 12/25/2027 (i)
|
|
|
29,308,000
|
187,187
|
|
Freddie Mac, 0.417%, 12/25/2027 (i)
|
|
|
32,765,000
|
246,255
|
|
Freddie Mac, 0.487%, 12/25/2027 (i)
|
|
|
48,945,540
|
384,790
|
|
Freddie Mac, 1.214%, 7/25/2029 (i)
|
|
|
835,282
|
31,036
|
|
Freddie Mac, 1.261%, 8/25/2029 - 9/25/2030 (i)
|
|
|
15,308,321
|
638,912
|
|
Freddie Mac, 1.913%, 4/25/2030 (i)
|
|
|
2,500,000
|
186,827
|
|
Freddie Mac, 1.954%, 4/25/2030 (i)
|
|
|
7,819,828
|
597,481
|
|
Freddie Mac, 1.769%, 5/25/2030 (i)
|
|
|
4,048,749
|
290,450
|
|
Freddie Mac, 1.907%, 5/25/2030 (i)
|
|
|
8,995,049
|
691,169
|
|
Freddie Mac, 1.435%, 6/25/2030 (i)
|
|
|
3,687,431
|
215,377
|
|
Freddie Mac, 1.701%, 8/25/2030 (i)
|
|
|
3,331,192
|
238,174
|
|
Freddie Mac, 1.17%, 11/25/2030 (i)
|
|
|
4,320,889
|
218,842
|
|
Freddie Mac, 0.413%, 1/25/2031 (i)
|
|
|
16,982,882
|
236,833
|
|
Freddie Mac, 0.871%, 1/25/2031 (i)
|
|
|
6,541,106
|
249,454
|
|
Freddie Mac, 1.026%, 1/25/2031 (i)
|
|
|
4,767,487
|
215,070
|
|
Freddie Mac, 0.607%, 3/25/2031 (i)
|
|
|
13,763,897
|
325,105
|
|
Freddie Mac, 0.828%, 3/25/2031 (i)
|
|
|
5,934,811
|
220,750
|
|
Freddie Mac, 1.323%, 5/25/2031 (i)
|
|
|
2,518,959
|
153,276
|
|
Freddie Mac, 1.039%, 7/25/2031 (i)
|
|
|
4,010,843
|
199,600
|
|
Freddie Mac, 0.606%, 8/25/2031 (i)
|
|
|
5,114,887
|
132,313
|
|
Freddie Mac, 0.632%, 9/25/2031 (i)
|
|
|
16,898,337
|
495,307
|
|
Freddie Mac, 0.955%, 9/25/2031 (i)
|
|
|
5,075,984
|
227,083
|
|
Freddie Mac, 0.441%, 11/25/2031 (i)
|
|
|
25,136,487
|
500,156
|
|
Freddie Mac, 0.596%, 12/25/2031 (i)
|
|
|
23,600,379
|
645,982
|
|
Freddie Mac, 0.664%, 12/25/2031 (i)
|
|
|
40,016,231
|
1,214,909
|
|
Freddie Mac, 0.426%, 11/25/2032 (i)
|
|
|
23,658,049
|
362,297
|
|
Freddie Mac, 3%, 2/15/2033 (i)
|
|
|
438,828
|
21,659
|
|
Freddie Mac, 6%, 3/01/2033 - 6/01/2037
|
|
|
987,009
|
1,026,562
|
|
Freddie Mac, 5%, 9/01/2033 - 7/01/2041
|
|
|
1,583,012
|
1,607,956
|
|
Freddie Mac, 5.5%, 12/01/2033 - 10/01/2035
|
|
|
798,085
|
813,273
|
|
Freddie Mac, 6.5%, 5/01/2034 - 7/01/2037
|
|
|
357,717
|
373,940
|
|
Freddie Mac, 4.5%, 4/01/2035 - 5/01/2042
|
|
|
1,242,677
|
1,239,761
|
|
Freddie Mac, 5.5%, 2/15/2036 (i)
|
|
|
107,434
|
17,152
|
|
Freddie Mac, 4%, 8/01/2037 - 4/01/2044
|
|
|
3,957,532
|
3,820,390
|
|
Freddie Mac, 3%, 1/01/2038 - 2/25/2059
|
|
|
17,453,386
|
15,736,953
|
|
Freddie Mac, 4.5%, 12/15/2040 (i)
|
|
|
43,152
|
4,009
|
|
Freddie Mac, 4%, 8/15/2044 (i)
|
|
|
103,270
|
9,252
|
|
Freddie Mac, UMBS, 6.5%, 5/01/2028 - 11/01/2054
|
|
|
1,821,261
|
1,884,860
|
|
Freddie Mac, UMBS, 5%, 7/01/2035 - 9/01/2053
|
|
|
7,662,093
|
7,539,120
|
|
Freddie Mac, UMBS, 6%, 1/01/2036 - 7/01/2054
|
|
|
21,642,506
|
22,008,910
|
|
Freddie Mac, UMBS, 3%, 10/01/2037 - 7/01/2053
|
|
|
23,707,169
|
20,563,263
|
|
Freddie Mac, UMBS, 2.5%, 8/01/2040 - 9/01/2052
|
|
|
48,536,664
|
40,476,821
|
|
Freddie Mac, UMBS, 2%, 2/01/2042 - 3/01/2052
|
|
|
46,440,291
|
37,175,131
|
|
Freddie Mac, UMBS, 3.5%, 12/01/2046 - 7/01/2054
|
|
|
15,170,043
|
13,734,369
|
|
Freddie Mac, UMBS, 4%, 8/01/2047 - 5/01/2052
|
|
|
8,630,652
|
8,124,865
|
|
Freddie Mac, UMBS, 1.5%, 3/01/2051 - 10/01/2051
|
|
|
1,527,580
|
1,153,738
|
|
Freddie Mac, UMBS, 4.5%, 10/01/2052 - 1/01/2053
|
|
|
10,057,336
|
9,638,968
|
|
Freddie Mac, UMBS, 5.5%, 12/01/2052 - 8/01/2053
|
|
|
7,716,722
|
7,754,239
|
|
Ginnie Mae, 6%, 9/15/2032 - 1/15/2038
|
|
|
917,822
|
952,446
|
|
Ginnie Mae, 5.5%, 12/15/2032 - 1/20/2055
|
|
|
21,019,184
|
21,126,796
|
|
Ginnie Mae, 4.5%, 7/15/2033 - 12/20/2052
|
|
|
32,526,644
|
31,434,627
|
|
Ginnie Mae, 5%, 7/20/2033 - 5/20/2053
|
|
|
22,067,891
|
21,779,527
|
|
Ginnie Mae, 4%, 1/20/2041 - 10/20/2052
|
|
|
13,663,569
|
12,836,285
|
|
Ginnie Mae, 4.532%, 9/20/2041
|
|
|
2,529,953
|
2,465,048
|
|
Ginnie Mae, 3.5%, 12/15/2041 - 1/20/2053
|
|
|
25,087,025
|
23,000,346
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Mortgage-Backed – continued
|
|
|||
|
Ginnie Mae, 3%, 4/20/2045 - 10/20/2052
|
|
$
|
31,217,622
|
$27,757,018
|
|
Ginnie Mae, 2.5%, 8/20/2051 - 4/20/2052
|
|
|
41,044,785
|
34,888,646
|
|
Ginnie Mae, 2%, 1/20/2052 - 9/20/2052
|
|
|
28,884,348
|
23,528,737
|
|
Ginnie Mae, 6.5%, 7/20/2054
|
|
|
1,687,572
|
1,734,798
|
|
Ginnie Mae, TBA, 6.5%, 7/01/2055
|
|
|
1,925,000
|
1,976,069
|
|
Ginnie Mae, TBA, 6%, 8/01/2055
|
|
|
9,675,000
|
9,805,365
|
|
UMBS, TBA, 2%, 7/01/2040 - 8/01/2055
|
|
|
21,300,000
|
18,480,225
|
|
UMBS, TBA, 2.5%, 7/25/2040
|
|
|
3,175,000
|
2,963,745
|
|
UMBS, TBA, 3%, 7/01/2055
|
|
|
5,925,000
|
5,125,958
|
|
UMBS, TBA, 6.5%, 7/01/2055
|
|
|
17,300,000
|
17,861,845
|
|
|
|
|
|
$745,466,048
|
|
Municipals – 0.4%
|
||||
|
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 6.352%, 7/01/2049
|
|
$
|
9,860,000
|
$10,134,526
|
|
New Jersey Turnpike Authority Rev., Taxable (Build America Bonds), “F”, 7.414%, 1/01/2040
|
|
|
5,815,000
|
6,949,185
|
|
Rhode Island Student Loan Authority Education Loan Rev., Taxable, “1”, 6.081%, 12/01/2042
|
|
|
8,135,000
|
8,365,654
|
|
State of Florida, Taxable, “A”, 2.154%, 7/01/2030
|
|
|
3,243,000
|
2,901,677
|
|
|
|
|
|
$28,351,042
|
|
Natural Gas - Distribution – 0.1%
|
||||
|
NiSource, Inc., 2.95%, 9/01/2029
|
|
$
|
3,757,000
|
$3,544,379
|
|
NiSource, Inc., 5.65%, 2/01/2045
|
|
|
1,946,000
|
1,897,783
|
|
|
|
|
|
$5,442,162
|
|
Natural Gas - Pipeline – 0.0%
|
||||
|
APA Infrastructure Ltd., 4.25%, 7/15/2027 (n)
|
|
$
|
777,000
|
$773,448
|
|
Network & Telecom – 0.1%
|
||||
|
Verizon Communications, Inc., 3.15%, 3/22/2030
|
|
$
|
3,222,000
|
$3,053,826
|
|
Verizon Communications, Inc., 2.55%, 3/21/2031
|
|
|
2,662,000
|
2,387,516
|
|
Verizon Communications, Inc., 4.812%, 3/15/2039
|
|
|
5,693,000
|
5,341,863
|
|
|
|
|
|
$10,783,205
|
|
Oils – 0.1%
|
||||
|
Marathon Petroleum Corp., 4.75%, 9/15/2044
|
|
$
|
2,685,000
|
$2,233,232
|
|
Phillips 66 Co., 2.15%, 12/15/2030
|
|
|
9,419,000
|
8,294,673
|
|
|
|
|
|
$10,527,905
|
|
Pollution Control – 0.3%
|
||||
|
Waste Management, Inc., 4.875%, 2/15/2034
|
|
$
|
19,470,000
|
$19,737,209
|
|
Real Estate - Office – 0.0%
|
||||
|
Boston Properties LP, REIT, 2.55%, 4/01/2032
|
|
$
|
3,985,000
|
$3,361,810
|
|
Real Estate - Other – 0.2%
|
||||
|
Public Storage Operating, REIT, 5.1%, 8/01/2033
|
|
$
|
14,650,000
|
$15,031,558
|
|
Real Estate - Retail – 0.1%
|
||||
|
Brixmor Operating Partnership LP, REIT, 4.125%, 5/15/2029
|
|
$
|
535,000
|
$526,065
|
|
Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030
|
|
|
5,070,000
|
4,918,487
|
|
Realty Income Corp., REIT, 3.25%, 1/15/2031
|
|
|
1,504,000
|
1,409,742
|
|
|
|
|
|
$6,854,294
|
|
Retailers – 0.1%
|
||||
|
Alimentation Couche-Tard, Inc., 3.439%, 5/13/2041 (n)
|
|
$
|
6,827,000
|
$5,077,277
|
|
Specialty Stores – 0.1%
|
||||
|
Genuine Parts Co., 2.75%, 2/01/2032
|
|
$
|
12,549,000
|
$10,929,207
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Telecommunications - Wireless – 0.5%
|
||||
|
Crown Castle, Inc., REIT, 3.65%, 9/01/2027
|
|
$
|
7,499,000
|
$7,369,881
|
|
Rogers Communications, Inc., 3.8%, 3/15/2032
|
|
|
16,204,000
|
15,057,685
|
|
T-Mobile USA, Inc., 2.05%, 2/15/2028
|
|
|
5,846,000
|
5,525,545
|
|
T-Mobile USA, Inc., 4.5%, 4/15/2050
|
|
|
6,819,000
|
5,638,309
|
|
Vodafone Group PLC, 5.625%, 2/10/2053
|
|
|
2,470,000
|
2,330,324
|
|
|
|
|
|
$35,921,744
|
|
Tobacco – 0.4%
|
||||
|
B.A.T. International Finance PLC, 4.448%, 3/16/2028
|
|
$
|
16,056,000
|
$16,081,727
|
|
Philip Morris International, Inc., 5.125%, 11/17/2027
|
|
|
2,847,000
|
2,903,950
|
|
Philip Morris International, Inc., 5.625%, 11/17/2029
|
|
|
1,227,000
|
1,288,395
|
|
Philip Morris International, Inc., 5.125%, 2/15/2030
|
|
|
4,629,000
|
4,762,436
|
|
Philip Morris International, Inc., 5.75%, 11/17/2032
|
|
|
5,435,000
|
5,745,869
|
|
|
|
|
|
$30,782,377
|
|
Transportation - Services – 0.0%
|
||||
|
ERAC USA Finance LLC, 7%, 10/15/2037 (n)
|
|
$
|
2,559,000
|
$2,936,660
|
|
U.S. Treasury Obligations – 9.5%
|
||||
|
U.S. Treasury Bonds, 4%, 11/15/2042
|
|
$
|
8,150,000
|
$7,435,283
|
|
U.S. Treasury Bonds, 2.875%, 5/15/2043
|
|
|
36,361,000
|
28,024,957
|
|
U.S. Treasury Bonds, 4.5%, 2/15/2044
|
|
|
14,000,000
|
13,527,500
|
|
U.S. Treasury Bonds, 3%, 11/15/2045
|
|
|
215,000
|
163,795
|
|
U.S. Treasury Bonds, 2.25%, 8/15/2046
|
|
|
161,800,000
|
105,997,961
|
|
U.S. Treasury Bonds, 2.875%, 11/15/2046
|
|
|
14,148,000
|
10,416,465
|
|
U.S. Treasury Bonds, 1.875%, 11/15/2051
|
|
|
9,015,000
|
5,015,298
|
|
U.S. Treasury Bonds, 2.25%, 2/15/2052
|
|
|
44,658,400
|
27,278,258
|
|
U.S. Treasury Bonds, 4%, 11/15/2052
|
|
|
7,700,000
|
6,734,192
|
|
U.S. Treasury Bonds, 4.75%, 11/15/2053
|
|
|
20,000,000
|
19,818,750
|
|
U.S. Treasury Bonds, 4.25%, 2/15/2054
|
|
|
58,900,000
|
53,727,844
|
|
U.S. Treasury Notes, 0.375%, 11/30/2025 (f)
|
|
|
41,900,000
|
41,226,900
|
|
U.S. Treasury Notes, 4%, 1/15/2027
|
|
|
35,700,000
|
35,785,066
|
|
U.S. Treasury Notes, 2.5%, 3/31/2027
|
|
|
52,800,000
|
51,671,812
|
|
U.S. Treasury Notes, 4.5%, 4/15/2027
|
|
|
61,600,000
|
62,367,594
|
|
U.S. Treasury Notes, 2.75%, 4/30/2027
|
|
|
13,267,600
|
13,032,307
|
|
U.S. Treasury Notes, 4.125%, 7/31/2028
|
|
|
30,000,000
|
30,362,109
|
|
U.S. Treasury Notes, 4.25%, 6/30/2029
|
|
|
90,800,000
|
92,488,313
|
|
U.S. Treasury Notes, 3.875%, 4/30/2030
|
|
|
33,000,000
|
33,128,906
|
|
U.S. Treasury Notes, 4.25%, 11/15/2034
|
|
|
85,600,000
|
85,880,875
|
|
|
|
|
|
$724,084,185
|
|
Utilities - Electric Power – 1.0%
|
||||
|
American Electric Power Co., Inc., 5.95%, 11/01/2032
|
|
$
|
4,167,000
|
$4,417,460
|
|
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)
|
|
|
1,640,000
|
1,442,885
|
|
Duke Energy Carolinas LLC, 4.95%, 1/15/2033
|
|
|
13,077,000
|
13,305,765
|
|
Duke Energy Corp., 2.65%, 9/01/2026
|
|
|
1,167,000
|
1,145,080
|
|
Duke Energy Corp., 4.5%, 8/15/2032
|
|
|
9,846,000
|
9,626,773
|
|
Duke Energy Progress LLC, 3.45%, 3/15/2029
|
|
|
5,272,000
|
5,128,820
|
|
Enel Finance International N.V., 7.05%, 10/14/2025 (n)
|
|
|
2,896,000
|
2,913,025
|
|
Enel Finance International N.V., 4.75%, 5/25/2047 (n)
|
|
|
1,993,000
|
1,676,720
|
|
Exelon Corp., 4.05%, 4/15/2030
|
|
|
4,954,000
|
4,873,468
|
|
Georgia Power Co., 3.7%, 1/30/2050
|
|
|
454,000
|
338,375
|
|
Jersey Central Power & Light Co., 4.3%, 1/15/2026 (n)
|
|
|
4,141,000
|
4,132,819
|
|
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)
|
|
|
2,792,000
|
2,447,588
|
|
Jersey Central Power & Light Co., 5.1%, 1/15/2035
|
|
|
2,318,000
|
2,311,147
|
|
Oncor Electric Delivery Co. LLC, 5.75%, 3/15/2029
|
|
|
3,350,000
|
3,510,033
|
|
Pacific Gas & Electric Co., 2.1%, 8/01/2027
|
|
|
1,473,000
|
1,395,072
|
|
Pacific Gas & Electric Co., 3%, 6/15/2028
|
|
|
4,250,000
|
4,036,225
|
|
Pacific Gas & Electric Co., 2.5%, 2/01/2031
|
|
|
6,416,000
|
5,569,418
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Utilities - Electric Power – continued
|
||||
|
Pacific Gas & Electric Co., 3.3%, 8/01/2040
|
|
$
|
3,004,000
|
$2,149,050
|
|
Xcel Energy, Inc., 3.4%, 6/01/2030
|
|
|
3,122,000
|
2,961,809
|
|
|
|
|
|
$73,381,532
|
|
Utilities - Gas – 0.0%
|
||||
|
East Ohio Gas Co., 2%, 6/15/2030 (n)
|
|
$
|
3,473,000
|
$3,087,725
|
|
Total Bonds
|
|
$2,878,961,197
|
||
|
Preferred Stocks – 0.9%
|
||||
|
Computer Software - Systems – 0.4%
|
|
|
|
|
|
Samsung Electronics Co. Ltd.
|
|
732,245
|
$26,856,941
|
|
|
Consumer Products – 0.5%
|
|
|
|
|
|
Henkel AG & Co. KGaA
|
|
500,890
|
$39,330,958
|
|
|
Total Preferred Stocks
|
|
$66,187,899
|
||
|
Convertible Preferred Stocks – 0.3%
|
||||
|
Aerospace & Defense – 0.3%
|
|
|||
|
Boeing Co., 6%
|
|
338,957
|
$23,049,076
|
|
|
Mutual Funds (h) – 1.3%
|
||||
|
Money Market Funds – 1.3%
|
|
|||
|
MFS Institutional Money Market Portfolio, 4.35% (v)
|
|
|
99,042,296
|
$99,052,201
|
|
|
||||
|
Other Assets, Less Liabilities – (0.3)%
|
|
(21,405,531
)
|
||
|
Net Assets – 100.0%
|
$7,656,667,127
|
|||
|
(a)
|
Non-income producing security.
|
|
|
|
|
(d)
|
In default.
|
|
|
|
|
(f)
|
All or a portion of the security has been segregated as collateral for open futures
contracts.
|
|
|
|
|
(h)
|
An affiliated issuer, which may be considered one in which the fund owns 5% or more
of the outstanding voting securities, or a company which is
under common control. At period end, the aggregate values of the fund's investments
in affiliated issuers and in unaffiliated issuers were
$99,052,201 and $7,579,020,457, respectively.
|
|
|
|
|
(i)
|
Interest only security for which the fund receives interest on notional principal
(Par amount). Par amount shown is the notional principal and does
not reflect the cost of the security.
|
|
|
|
|
(l)
|
A portion of this security is on loan. See Note 2 for additional information.
|
|
|
|
|
(n)
|
Securities exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be sold in the ordinary course of business in
transactions exempt from registration, normally to qualified institutional buyers.
At period end, the aggregate value of these securities was
$618,368,981, representing 8.1% of net assets.
|
|
|
|
|
(q)
|
Interest received was less than stated coupon rate.
|
|
|
|
|
(v)
|
Affiliated issuer that is available only to investment companies managed by MFS. The
rate quoted for the MFS Institutional Money Market Portfolio is
the annualized seven-day yield of the fund at period end.
|
|
|
|
|
(w)
|
When-issued security.
|
|
|
|
|
The following abbreviations are used in this report and are defined:
|
|
|
CLO
|
Collateralized Loan Obligation
|
|
CMT
|
Constant Maturity Treasury
|
|
FGIC
|
Financial Guaranty Insurance Co.
|
|
FLR
|
Floating Rate. Interest rate resets periodically based on the parenthetically disclosed
reference rate plus a spread (if any). The period-end rate
reported may not be the current rate. All reference rates are USD unless otherwise
noted.
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
TBA
|
To Be Announced
|
|
UMBS
|
Uniform Mortgage-Backed Security
|
|
Derivative Contracts at 6/30/25
|
||||||
|
Futures Contracts
|
||||||
|
Description
|
Long/
Short
|
Currency
|
Contracts
|
Notional
Amount
|
Expiration
Date
|
Value/Unrealized
Appreciation
(Depreciation)
|
|
Asset Derivatives
|
||||||
|
Interest Rate Futures
|
||||||
|
U.S. Treasury Note 2 yr
|
Long
|
USD
|
1,135
|
$236,106,602
|
September – 2025
|
$1,006,765
|
|
U.S. Treasury Note 5 yr
|
Long
|
USD
|
747
|
81,423,000
|
September – 2025
|
761,186
|
|
U.S. Treasury Ultra Bond 30 yr
|
Long
|
USD
|
407
|
48,483,875
|
September – 2025
|
2,019,648
|
|
|
|
|
|
|
|
$3,787,599
|
|
Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Equity Securities
|
$4,700,059,260
|
$—
|
$—
|
$4,700,059,260
|
|
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents
|
—
|
724,084,185
|
—
|
724,084,185
|
|
Non - U.S. Sovereign Debt
|
—
|
2,370,012
|
—
|
2,370,012
|
|
Municipal Bonds
|
—
|
28,351,042
|
—
|
28,351,042
|
|
U.S. Corporate Bonds
|
—
|
624,786,414
|
—
|
624,786,414
|
|
Residential Mortgage-Backed Securities
|
—
|
800,539,398
|
—
|
800,539,398
|
|
Commercial Mortgage-Backed Securities
|
—
|
118,269,155
|
—
|
118,269,155
|
|
Asset-Backed Securities (including CDOs)
|
—
|
313,262,252
|
—
|
313,262,252
|
|
Foreign Bonds
|
—
|
267,298,739
|
—
|
267,298,739
|
|
Investment Companies
|
99,052,201
|
—
|
—
|
99,052,201
|
|
Total
|
$4,799,111,461
|
$2,878,961,197
|
$—
|
$7,678,072,658
|
|
Other Financial Instruments
|
|
|
|
|
|
Futures Contracts – Assets
|
$3,787,599
|
$—
|
$—
|
$3,787,599
|
|
Affiliated Issuers
|
Beginning
Value
|
Purchases
|
Sales
Proceeds
|
Realized
Gain
(Loss)
|
Change in
Unrealized
Appreciation or
Depreciation
|
Ending
Value
|
|
MFS Institutional Money Market Portfolio
|
$114,364,459
|
$1,024,054,500
|
$1,039,349,130
|
$6,135
|
$(23,763
)
|
$99,052,201
|
|
Affiliated Issuers
|
Dividend
Income
|
Capital Gain
Distributions
|
|
MFS Institutional Money Market Portfolio
|
$3,374,359
|
$—
|
