|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Asset-Backed Securities 3.8%
|
||
|
|
Affirm Asset Securitization Trust,
|
|
|
$461,681
|
5.08%, 4/15/2030, Series 2025-X1,
Class A a
|
$462,114
|
|
|
American Heritage Auto Receivables
Trust,
|
|
|
110,000
|
4.90%, 9/17/2029, Series 2024-1A,
Class A3 a
|
110,024
|
|
|
AMSR Trust,
|
|
|
500,000
|
3.66%, 6/17/2042, Series 2025-
SFR1, Class B a
|
468,934
|
|
|
ARES LXXI CLO, Ltd.,
|
|
|
235,000
|
(TSFR3M + 1.700%), 5.97%,
4/20/2037, Series 2024-71A,
Class A2 a,b
|
235,557
|
|
|
Avis Budget Rental Car Funding
AESOP LLC,
|
|
|
275,000
|
5.24%, 8/20/2029, Series 2025-1A,
Class B a
|
277,887
|
|
|
Balboa Bay Loan Funding, Ltd.,
|
|
|
250,000
|
(TSFR3M + 2.250%), 6.52%,
1/20/2035, Series 2021-2A,
Class CR a,b
|
250,065
|
|
|
Barings Loan Partners CLO, Ltd.,
|
|
|
180,000
|
(TSFR3M + 1.650%), 5.92%,
1/20/2034, Series LP-2A,
Class CR a,b
|
179,958
|
|
|
Battalion CLO XXI, Ltd.,
|
|
|
1,000,000
|
(TSFR3M + 2.000%), 6.31%,
7/15/2034, Series 2021-21A,
Class CR a,b,c
|
1,000,000
|
|
|
Chenango Park CLO, Ltd.,
|
|
|
250,000
|
(TSFR3M + 1.800%), 6.06%,
4/15/2030, Series 2018-1A,
Class BR a,b
|
250,423
|
|
|
Dryden 72 CLO, Ltd.,
|
|
|
1,000,000
|
(TSFR3M + 1.650%), 5.98%,
5/15/2032, Series 2019-72A,
Class BRR a,b
|
1,002,105
|
|
|
Dryden 78 CLO, Ltd.,
|
|
|
235,000
|
(TSFR3M + 1.730%), 6.01%,
4/17/2037, Series 2020-78A,
Class A2R a,b
|
235,449
|
|
|
Hertz Vehicle Financing III LLC,
|
|
|
250,000
|
5.45%, 9/25/2029, Series 2025-1A,
Class B a
|
252,909
|
|
750,000
|
5.59%, 12/26/2029, Series 2025-
3A, Class B a
|
753,193
|
|
|
Hertz Vehicle Financing LLC,
|
|
|
300,000
|
6.56%, 9/25/2026, Series 2022-4A,
Class D a
|
299,977
|
|
|
Hotwire Funding LLC,
|
|
|
205,000
|
5.89%, 6/20/2054, Series 2024-1A,
Class A2 a
|
208,077
|
|
|
LCM 41, Ltd.,
|
|
|
500,000
|
(TSFR3M + 3.600%), 7.91%,
4/15/2036, Series 41A,
Class D1R a,b
|
500,000
|
|
|
Madison Park Funding XXIV, Ltd.,
|
|
|
500,000
|
(TSFR3M + 1.550%), 5.82%,
10/20/2029, Series 2016-24A,
Class BR2 a,b
|
500,125
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Asset-Backed Securities 3.8% – continued
|
||
|
|
Park Blue CLO, Ltd.,
|
|
|
$500,000
|
(TSFR3M + 2.180%), 6.50%,
4/20/2038, Series 2023-3A,
Class CR a,b
|
$502,630
|
|
|
Point Securitization Trust,
|
|
|
348,939
|
6.25%, 6/25/2055, Series 2025-1,
Class A1 a
|
348,049
|
|
|
RFS Asset Securitization V LLC,
|
|
|
400,000
|
6.05%, 5/15/2032, Series 2025-1,
Class A a
|
402,986
|
|
|
SLM Private Credit Student Loan
Trust,
|
|
|
142,589
|
(TSFR3M + 0.662%), 4.98%,
6/15/2033, Series 2004-A,
Class A3 b
|
142,003
|
|
|
Veros Auto Receivables Trust,
|
|
|
367,514
|
5.31%, 9/15/2028, Series 2025-1,
Class A a
|
367,960
|
|
|
Vibrant CLO IV-R, Ltd.,
|
|
|
600,000
|
(TSFR3M + 1.650%), 5.92%,
10/20/2037, Series 2024-4RA,
Class A2 a,b
|
601,150
|
|
|
Total
|
9,351,575
|
|
Basic Materials 1.8%
|
||
|
|
Air Products & Chemicals, Inc.,
|
|
|
500,000
|
4.90%, 10/11/2032
|
507,006
|
|
|
Anglo American Capital plc,
|
|
|
375,000
|
5.75%, 4/5/2034 a
|
387,228
|
|
|
Cleveland-Cliffs, Inc.,
|
|
|
260,000
|
6.75%, 4/15/2030 a
|
251,411
|
|
|
Eastman Chemical Co.,
|
|
|
450,000
|
5.00%, 8/1/2029
|
456,277
|
|
|
Ecolab, Inc.,
|
|
|
750,000
|
4.30%, 6/15/2028
|
755,224
|
|
|
FMC Corp.,
|
|
|
500,000
|
(CMT 5Y + 4.366%), 8.45%,
11/1/2055 b
|
511,687
|
|
|
Georgia-Pacific LLC,
|
|
|
500,000
|
4.40%, 6/30/2028 a
|
502,509
|
|
|
Glencore Funding LLC,
|
|
|
50,000
|
6.50%, 10/6/2033 a
|
54,220
|
|
|
International Flavors & Fragrances,
Inc.,
|
|
|
221,000
|
2.30%, 11/1/2030 a
|
195,308
|
|
|
Methanex Corp.,
|
|
|
265,000
|
5.25%, 12/15/2029
|
261,789
|
|
|
OCP SA,
|
|
|
300,000
|
6.88%, 4/25/2044
|
289,585
|
|
|
Steel Dynamics, Inc.,
|
|
|
400,000
|
3.45%, 4/15/2030
|
380,508
|
|
|
Total
|
4,552,752
|
|
Collateralized Mortgage Obligations 2.5%
|
||
|
|
Cross Mortgage Trust,
|
|
|
231,962
|
6.42%, 4/25/2069, Series 2024-H2,
Class A2 a,d
|
233,669
|
|
|
Flagstar Mortgage Trust,
|
|
|
716,602
|
2.50%, 8/25/2051, Series 2021-
6INV, Class A4 a,b
|
583,471
|
|
|
GCAT Trust,
|
|
|
147,746
|
5.50%, 1/25/2054, Series 2024-
INV1, Class 1A2 a,b
|
146,835
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Collateralized Mortgage Obligations 2.5% – continued
|
||
|
$632,216
|
6.50%, 1/25/2054, Series 2024-
INV1, Class 2A2 a,b
|
$644,292
|
|
|
JP Morgan Mortgage Trust,
|
|
|
724,761
|
2.50%, 2/25/2052, Series 2021-
INV7, Class A2A a,b
|
593,303
|
|
|
Morgan Stanley Residential Mortgage
Loan Trust,
|
|
|
986,608
|
5.53%, 5/25/2070, Series 2025-
NQM3, Class A1 a,b
|
990,753
|
|
|
PMT Loan Trust,
|
|
|
534,487
|
2.50%, 7/25/2051, Series 2021-
INV1, Class A3 a,b
|
436,527
|
|
500,000
|
5.50%, 5/25/2056, Series 2025-
INV5, Class A12 a,b
|
487,379
|
|
|
PRET Trust,
|
|
|
97,376
|
4.00%, 8/25/2064, Series 2025-
RPL2, Class A1 a,d
|
94,155
|
|
|
Roc Mortgage Trust,
|
|
|
150,000
|
5.63%, 2/25/2040, Series 2025-
RTL1, Class A1 a,d
|
150,310
|
|
|
Toorak Mortgage Trust,
|
|
|
200,000
|
5.52%, 2/25/2040, Series 2025-
RRTL1, Class A1 a,d
|
200,024
|
|
|
Verus Securitization Trust,
|
|
|
393,208
|
6.97%, 12/25/2068, Series 2023-8,
Class A3 a,d
|
398,028
|
|
237,600
|
5.98%, 1/25/2070, Series 2025-1,
Class A3 a,d
|
238,853
|
|
1,000,000
|
5.58%, 6/25/2070, Series 2025-5,
Class A2 a,d
|
1,004,159
|
|
|
Total
|
6,201,758
|
|
Commercial Mortgage-Backed Securities 0.7%
|
||
|
|
Bank,
|
|
|
100,000
|
6.03%, 3/15/2058, Series 2025-
BNK49, Class AS b
|
105,048
|
|
400,000
|
2.14%, 3/15/2063, Series 2020-
BN28, Class AS
|
345,013
|
|
|
BBCMS Mortgage Trust,
|
|
|
500,000
|
5.99%, 5/15/2058, Series 2025-
5C34, Class AS b
|
521,452
|
|
|
Benchmark Mortgage Trust,
|
|
|
225,000
|
6.09%, 4/15/2057, Series 2025-
V14, Class AM b
|
235,377
|
|
|
CSAIL Commercial Mortgage Trust,
|
|
|
484,000
|
2.56%, 3/15/2053, Series 2020-
C19, Class A3
|
435,324
|
|
|
Total
|
1,642,214
|
|
Communication Services 2.2%
|
||
|
|
AT&T, Inc.,
|
|
|
250,000
|
4.70%, 8/15/2030
|
252,269
|
|
375,000
|
5.40%, 2/15/2034
|
385,696
|
|
250,000
|
5.15%, 2/15/2050
|
224,867
|
|
|
CCO Holdings LLC/CCO Holdings
Capital Corp.,
|
|
|
395,000
|
4.75%, 3/1/2030 a
|
382,677
|
|
|
Charter Communications
Operating LLC/Charter
Communications Operating Capital,
|
|
|
500,000
|
5.05%, 3/30/2029
|
504,767
|
|
250,000
|
6.38%, 10/23/2035
|
262,577
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Communication Services 2.2% – continued
|
||
|
|
Comcast Corp.,
|
|
|
$500,000
|
4.95%, 5/15/2032
|
$508,861
|
|
250,000
|
4.65%, 7/15/2042
|
222,087
|
|
|
Meta Platforms, Inc.,
|
|
|
375,000
|
4.75%, 8/15/2034
|
376,755
|
|
|
Netflix, Inc.,
|
|
|
500,000
|
4.90%, 8/15/2034
|
509,687
|
|
|
Paramount Global,
|
|
|
250,000
|
7.88%, 7/30/2030
|
276,973
|
|
|
T-Mobile USA, Inc.,
|
|
|
375,000
|
5.13%, 5/15/2032
|
382,422
|
|
375,000
|
3.00%, 2/15/2041
|
274,408
|
|
|
VeriSign, Inc.,
|
|
|
375,000
|
5.25%, 6/1/2032
|
382,168
|
|
|
Verizon Communications, Inc.,
|
|
|
500,000
|
5.25%, 4/2/2035
|
504,166
|
|
|
Total
|
5,450,380
|
|
Consumer Discretionary 4.0%
|
||
|
|
American Airlines, Inc./AAdvantage
Loyalty IP, Ltd.,
|
|
|
100,000
|
5.75%, 4/20/2029 a
|
99,912
|
|
|
Bath & Body Works, Inc.,
|
|
|
365,000
|
6.63%, 10/1/2030 a
|
376,187
|
|
|
Delta Air Lines, Inc.,
|
|
|
500,000
|
4.95%, 7/10/2028
|
502,856
|
|
|
Delta Air Lines, inc./ SkyMiles IP, Ltd.,
|
|
|
250,000
|
4.75%, 10/20/2028 a
|
250,580
|
|
|
Ford Motor Credit Co. LLC,
|
|
|
250,000
|
6.80%, 11/7/2028
|
259,011
|
|
|
General Motors Co.,
|
|
|
250,000
|
5.35%, 4/15/2028
|
253,800
|
|
|
General Motors Financial Co., Inc.,
|
|
|
375,000
|
5.75%, 2/8/2031
|
385,321
|
|
375,000
|
5.63%, 4/4/2032
|
379,428
|
|
|
Honda Motor Co., Ltd.,
|
|
|
1,000,000
|
4.44%, 7/8/2028 c
|
1,001,147
|
|
|
Hyundai Capital America,
|
|
|
500,000
|
4.88%, 6/23/2027 a
|
502,884
|
|
500,000
|
6.20%, 9/21/2030 a
|
529,047
|
|
|
International Game Technology plc,
|
|
|
250,000
|
5.25%, 1/15/2029 a
|
247,759
|
|
|
Las Vegas Sands Corp.,
|
|
|
400,000
|
5.63%, 6/15/2028
|
408,014
|
|
250,000
|
6.00%, 8/15/2029
|
256,950
|
|
|
Lennar Corp.,
|
|
|
500,000
|
5.20%, 7/30/2030
|
509,403
|
|
|
Marriott International, Inc.,
|
|
|
250,000
|
5.10%, 4/15/2032
|
252,817
|
|
|
Mattamy Group Corp.,
|
|
|
270,000
|
4.63%, 3/1/2030 a
|
259,508
|
|
|
Nissan Motor Acceptance Co. LLC,
|
|
|
250,000
|
5.30%, 9/13/2027 a
|
246,471
|
|
|
Resideo Funding, Inc.,
|
|
|
375,000
|
6.50%, 7/15/2032 a
|
384,184
|
|
|
Royal Caribbean Cruises, Ltd.,
|
|
|
370,000
|
6.25%, 3/15/2032 a
|
380,316
|
|
|
Stellantis Finance U.S., Inc.,
|
|
|
200,000
|
5.35%, 3/17/2028 a
|
201,665
|
|
|
Target Corp.,
|
|
|
750,000
|
4.35%, 6/15/2028
|
754,508
|
|
|
Toyota Motor Credit Corp.,
|
|
|
750,000
|
4.80%, 5/15/2030
|
761,963
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Consumer Discretionary 4.0% – continued
|
||
|
|
United Airlines Pass-Through Trust,
|
|
|
$23,608
|
3.75%, 3/3/2028, Series 2014-2,
Class A
|
$23,211
|
|
|
United Airlines, Inc.,
|
|
|
250,000
|
4.63%, 4/15/2029 a
|
242,666
|
|
|
Warnermedia Holdings, Inc.,
|
|
|
50,000
|
4.05%, 3/15/2029
|
40,000
|
|
|
Yum! Brands, Inc.,
|
|
|
380,000
|
5.38%, 4/1/2032
|
380,280
|
|
|
Total
|
9,889,888
|
|
Consumer Staples 4.4%
|
||
|
|
AbbVie, Inc.,
|
|
|
500,000
|
5.60%, 3/15/2055
|
500,178
|
|
|
Albertsons Cos., Inc./Safeway,
Inc./New
Albertsons LP/Albertsons LLC,
|
|
|
370,000
|
5.88%, 2/15/2028 a
|
369,629
|
|
|
Anheuser-Busch InBev Worldwide,
Inc.,
|
|
|
375,000
|
5.00%, 6/15/2034
|
382,798
|
|
|
AstraZeneca plc,
|
|
|
375,000
|
3.00%, 5/28/2051
|
252,335
|
|
|
BAT Capital Corp.,
|
|
|
375,000
|
7.75%, 10/19/2032
|
433,427
|
|
|
Becton Dickinson & Co.,
|
|
|
375,000
|
4.69%, 12/15/2044
|
326,343
|
|
|
Colgate-Palmolive Co.,
|
|
|
500,000
|
4.20%, 5/1/2030
|
502,062
|
|
|
Conagra Brands, Inc.,
|
|
|
600,000
|
4.85%, 11/1/2028
|
605,809
|
|
|
CVS Health Corp.,
|
|
|
375,000
|
5.05%, 3/25/2048
|
323,793
|
|
|
Diageo Investment Corp.,
|
|
|
100,000
|
5.63%, 4/15/2035
|
104,574
|
|
|
Edgewell Personal Care Co.,
|
|
|
380,000
|
5.50%, 6/1/2028 a
|
378,079
|
|
|
Elevance Health, Inc.,
|
|
|
500,000
|
6.38%, 6/15/2037
|
539,222
|
|
|
Encompass Health Corp.,
|
|
|
380,000
|
4.75%, 2/1/2030
|
375,177
|
|
|
GE HealthCare Technologies, Inc.,
|
|
|
50,000
|
6.38%, 11/22/2052
|
53,871
|
|
|
Global Payments, Inc.,
|
|
|
50,000
|
2.90%, 11/15/2031
|
44,224
|
|
|
HCA, Inc.,
|
|
|
375,000
|
5.50%, 3/1/2032
|
387,012
|
|
|
Imperial Brands Finance plc,
|
|
|
500,000
|
4.50%, 6/30/2028 a,c
|
499,940
|
|
|
JBS USA Holding Lux SARL/JBS
USA Foods Group Holdings, Inc./JBS
USA Food Co.,
|
|
|
500,000
|
5.50%, 1/15/2036 a,c
|
500,735
|
|
|
JBS USA LUX SARL/JBS USA Food
Co./JBS USA Foods Group,
|
|
|
500,000
|
6.38%, 2/25/2055 a
|
513,295
|
|
|
Keurig Dr. Pepper, Inc.,
|
|
|
375,000
|
4.05%, 4/15/2032
|
360,366
|
|
|
L'Oreal SA,
|
|
|
500,000
|
5.00%, 5/20/2035 a
|
508,399
|
|
|
Mars, Inc.,
|
|
|
100,000
|
4.60%, 3/1/2028 a
|
100,813
|
|
50,000
|
5.65%, 5/1/2045 a
|
50,121
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Consumer Staples 4.4% – continued
|
||
|
|
McKesson Corp.,
|
|
|
$500,000
|
4.65%, 5/30/2030
|
$504,074
|
|
|
Pfizer Investment Enterprises Pte.,
Ltd.,
|
|
|
50,000
|
5.30%, 5/19/2053
|
47,200
|
|
|
Philip Morris International, Inc.,
|
|
|
250,000
|
5.25%, 2/13/2034
|
254,985
|
|
375,000
|
4.13%, 3/4/2043
|
313,798
|
|
|
Post Holdings, Inc.,
|
|
|
365,000
|
6.25%, 2/15/2032 a
|
375,105
|
|
|
Roche Holdings, Inc.,
|
|
|
375,000
|
5.22%, 3/8/2054 a
|
363,699
|
|
|
Stryker Corp.,
|
|
|
250,000
|
5.20%, 2/10/2035
|
254,756
|
|
|
Takeda Pharmaceutical Co., Ltd.,
|
|
|
375,000
|
5.30%, 7/5/2034
|
380,806
|
|
|
UnitedHealth Group, Inc.,
|
|
|
375,000
|
5.88%, 2/15/2053
|
375,720
|
|
|
Total
|
10,982,345
|
|
Energy 2.5%
|
||
|
|
BP Capital Markets America, Inc.,
|
|
|
375,000
|
3.00%, 3/17/2052
|
236,409
|
|
|
Cheniere Energy Partners LP,
|
|
|
250,000
|
5.55%, 10/30/2035 a,c
|
251,966
|
|
|
Columbia Pipelines Holding Co. LLC,
|
|
|
375,000
|
5.10%, 10/1/2031 a
|
376,626
|
|
|
Coterra Energy, Inc.,
|
|
|
500,000
|
5.60%, 3/15/2034
|
504,245
|
|
|
Devon Energy Corp.,
|
|
|
50,000
|
5.20%, 9/15/2034
|
48,557
|
|
|
Diamondback Energy, Inc.,
|
|
|
500,000
|
6.25%, 3/15/2033
|
532,507
|
|
|
Energy Transfer LP,
|
|
|
375,000
|
5.70%, 4/1/2035
|
381,973
|
|
|
EOG Resources, Inc.,
|
|
|
500,000
|
5.00%, 7/15/2032 c
|
506,081
|
|
|
Hilcorp Energy I LP/Hilcorp Finance
Co.,
|
|
|
395,000
|
6.00%, 4/15/2030 a
|
383,997
|
|
|
Kinder Morgan, Inc.,
|
|
|
200,000
|
5.15%, 6/1/2030
|
204,204
|
|
375,000
|
5.45%, 8/1/2052
|
345,403
|
|
|
ONEOK, Inc.,
|
|
|
500,000
|
6.35%, 1/15/2031
|
534,190
|
|
|
Targa Resources Partners LP/Targa
Resources Partners Finance Corp.,
|
|
|
375,000
|
4.00%, 1/15/2032
|
349,496
|
|
|
Var Energi ASA,
|
|
|
250,000
|
5.88%, 5/22/2030 a
|
256,122
|
|
|
Venture Global LNG, Inc.,
|
|
|
255,000
|
7.00%, 1/15/2030 a
|
257,783
|
|
|
Venture Global Plaquemines
LNG LLC,
|
|
|
500,000
|
6.50%, 1/15/2034
|
500,000
|
|
|
Williams Cos., Inc.,
|
|
|
500,000
|
4.63%, 6/30/2030
|
500,346
|
|
|
Total
|
6,169,905
|
|
Financials 16.3%
|
||
|
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
375,000
|
3.30%, 1/30/2032
|
339,746
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Financials 16.3% – continued
|
||
|
|
Agree LP,
|
|
|
$250,000
|
5.60%, 6/15/2035
|
$254,478
|
|
|
Ally Financial, Inc.,
|
|
|
250,000
|
(SOFRINDEX + 1.960%), 5.74%,
5/15/2029 b
|
254,451
|
|
375,000
|
(SOFRRATE + 2.820%), 6.85%,
1/3/2030 b
|
395,918
|
|
|
American Express Co.,
|
|
|
500,000
|
(SOFRRATE + 1.790%), 5.67%,
4/25/2036 b
|
517,764
|
|
|
American Homes 4 Rent LP,
|
|
|
250,000
|
4.95%, 6/15/2030
|
252,551
|
|
|
American International Group, Inc.,
|
|
|
500,000
|
5.13%, 3/27/2033
|
508,328
|
|
|
American Tower Corp.,
|
|
|
375,000
|
5.65%, 3/15/2033
|
390,830
|
|
375,000
|
5.35%, 3/15/2035
|
381,470
|
|
|
Ameriprise Financial, Inc.,
|
|
|
500,000
|
5.20%, 4/15/2035
|
503,678
|
|
|
Aon Corp./Aon Global Holdings plc,
|
|
|
500,000
|
5.35%, 2/28/2033
|
514,714
|
|
|
ARES Capital Corp.,
|
|
|
500,000
|
5.50%, 9/1/2030
|
498,448
|
|
|
ARES Strategic Income Fund,
|
|
|
50,000
|
6.35%, 8/15/2029
|
51,261
|
|
|
Australia & New Zealand Banking
Group, Ltd.,
|
|
|
750,000
|
(CMT 1Y + 1.350%), 5.82%,
6/18/2036 a,b
|
761,768
|
|
|
Aviation Capital Group LLC,
|
|
|
75,000
|
5.13%, 4/10/2030 a
|
75,708
|
|
|
Avolon Holdings Funding, Ltd.,
|
|
|
375,000
|
5.75%, 11/15/2029 a
|
386,016
|
|
50,000
|
5.38%, 5/30/2030 a
|
50,933
|
|
|
Banco Santander SA,
|
|
|
400,000
|
(CMT 1Y + 1.450%), 5.54%,
3/14/2030 b
|
412,440
|
|
|
Bank of America Corp.,
|
|
|
850,000
|
(SOFRRATE + 1.000%), 5.16%,
1/24/2031 b
|
871,207
|
|
750,000
|
(SOFRRATE + 1.830%), 4.57%,
4/27/2033 b
|
738,053
|
|
|
Bank of Nova Scotia,
|
|
|
500,000
|
(SOFRRATE + 1.440%), 4.74%,
11/10/2032 b
|
499,549
|
|
|
Barclays plc,
|
|
|
250,000
|
(SOFRRATE + 1.560%), 4.94%,
9/10/2030 b
|
251,864
|
|
250,000
|
(CMT 1Y + 3.500%), 7.44%,
11/2/2033 b
|
283,737
|
|
50,000
|
(SOFRRATE + 1.910%), 5.34%,
9/10/2035 b
|
49,625
|
|
|
Belrose Funding Trust II,
|
|
|
500,000
|
6.79%, 5/15/2055 a
|
511,095
|
|
|
Blackstone Holdings Finance
Co. LLC,
|
|
|
500,000
|
6.20%, 4/22/2033 a
|
535,976
|
|
|
Blue Owl Capital Corp.,
|
|
|
500,000
|
5.95%, 3/15/2029
|
502,570
|
|
|
Blue Owl Technology Finance Corp.,
|
|
|
50,000
|
6.10%, 3/15/2028 a
|
50,271
|
|
|
BNP Paribas SA,
|
|
|
250,000
|
(SOFRRATE + 1.450%), 4.79%,
5/9/2029 a,b
|
251,277
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Financials 16.3% – continued
|
||
|
$500,000
|
(SOFRRATE + 1.590%), 5.50%,
5/20/2030 a,b
|
$513,409
|
|
50,000
|
(SOFRRATE + 1.620%), 5.79%,
1/13/2033 a,b
|
52,015
|
|
|
BPCE SA,
|
|
|
500,000
|
(SOFRRATE + 1.581%), 5.39%,
5/28/2031 a,b
|
509,121
|
|
|
Brown & Brown, Inc.,
|
|
|
750,000
|
6.25%, 6/23/2055
|
773,105
|
|
|
CaixaBank SA,
|
|
|
500,000
|
(SOFRRATE + 1.140%), 4.63%,
7/3/2029 a,b,c
|
501,245
|
|
|
Capital One Financial Corp.,
|
|
|
100,000
|
(SOFRRATE + 2.640%), 6.31%,
6/8/2029 b
|
104,970
|
|
|
Citadel Securities Global
Holdings LLC,
|
|
|
500,000
|
6.20%, 6/18/2035 a
|
513,012
|
|
|
Citibank NA,
|
|
|
1,000,000
|
4.58%, 5/29/2027
|
1,005,492
|
|
|
Citigroup, Inc.,
|
|
|
250,000
|
(SOFRRATE + 1.143%), 4.64%,
5/7/2028 b
|
250,663
|
|
375,000
|
(SOFRRATE + 1.338%), 4.54%,
9/19/2030 b
|
373,300
|
|
375,000
|
(SOFRRATE + 1.939%), 3.79%,
3/17/2033 b
|
350,541
|
|
|
Citizens Financial Group, Inc.,
|
|
|
50,000
|
(SOFRRATE + 1.259%), 5.25%,
3/5/2031 b
|
50,670
|
|
|
CME Group, Inc.,
|
|
|
250,000
|
4.40%, 3/15/2030
|
251,762
|
|
|
Cooperatieve Rabobank UA,
|
|
|
500,000
|
(CMT 1Y + 0.920%), 4.99%,
5/27/2031 a,b
|
506,983
|
|
|
Corebridge Financial, Inc.,
|
|
|
500,000
|
6.05%, 9/15/2033
|
526,318
|
|
|
Cousins Properties LP,
|
|
|
250,000
|
5.25%, 7/15/2030
|
254,724
|
|
|
Credit Agricole SA,
|
|
|
500,000
|
(SOFRRATE + 1.460%), 5.22%,
5/27/2031 a,b
|
509,324
|
|
|
Deutsche Bank AG,
|
|
|
250,000
|
(SOFRRATE + 2.510%), 6.82%,
11/20/2029 b
|
266,655
|
|
250,000
|
(SOFRRATE + 1.720%), 5.30%,
5/9/2031 b
|
253,905
|
|
50,000
|
(SOFRRATE + 1.718%), 3.04%,
5/28/2032 b
|
44,855
|
|
|
Encore Capital Group, Inc.,
|
|
|
240,000
|
8.50%, 5/15/2030 a
|
257,423
|
|
|
ERP Operating LP,
|
|
|
250,000
|
4.65%, 9/15/2034
|
242,597
|
|
|
Fifth Third Bancorp,
|
|
|
50,000
|
(SOFRRATE + 1.486%), 4.90%,
9/6/2030 b
|
50,555
|
|
|
Fortitude Group Holdings LLC,
|
|
|
375,000
|
6.25%, 4/1/2030 a
|
385,804
|
|
|
FS KKR Capital Corp.,
|
|
|
50,000
|
3.25%, 7/15/2027
|
47,950
|
|
|
GGAM Finance, Ltd.,
|
|
|
355,000
|
8.00%, 6/15/2028 a
|
375,490
|
|
|
Goldman Sachs Group, Inc.,
|
|
|
375,000
|
(SOFRRATE + 1.319%), 4.94%,
4/23/2028 b
|
377,923
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Financials 16.3% – continued
|
||
|
$250,000
|
(SOFRRATE + 1.380%), 5.54%,
1/28/2036 b
|
$256,372
|
|
|
Goldman Sachs Private Credit Corp.,
|
|
|
400,000
|
5.88%, 5/6/2028 a
|
404,294
|
|
|
HPS Corporate Lending Fund,
|
|
|
500,000
|
5.30%, 6/5/2027 a
|
500,805
|
|
|
HSBC Holdings plc,
|
|
|
250,000
|
(SOFRRATE + 1.460%), 5.55%,
3/4/2030 b
|
257,438
|
|
250,000
|
(SOFRRATE + 1.570%), 5.24%,
5/13/2031 b
|
254,547
|
|
|
HSBC USA, Inc.,
|
|
|
250,000
|
4.65%, 6/3/2028
|
251,972
|
|
|
Invitation Homes Operating
Partnership LP,
|
|
|
250,000
|
4.15%, 4/15/2032
|
236,651
|
|
|
Iron Mountain, Inc.,
|
|
|
255,000
|
4.88%, 9/15/2029 a
|
250,517
|
|
|
Jane Street Group/JSG Finance, Inc.,
|
|
|
245,000
|
6.13%, 11/1/2032 a
|
247,339
|
|
250,000
|
6.75%, 5/1/2033 a
|
257,051
|
|
|
JPMorgan Chase & Co.,
|
|
|
550,000
|
(SOFRRATE + 0.800%), 4.92%,
1/24/2029 b
|
557,386
|
|
500,000
|
(SOFRRATE + 1.435%), 5.10%,
4/22/2031 b
|
512,402
|
|
500,000
|
(SOFRRATE + 1.260%), 2.96%,
1/25/2033 b
|
449,415
|
|
|
KeyBank NA,
|
|
|
500,000
|
4.90%, 8/8/2032
|
482,484
|
|
|
KeyCorp,
|
|
|
50,000
|
(SOFRINDEX + 2.420%), 6.40%,
3/6/2035 b
|
53,335
|
|
|
Kilroy Realty LP,
|
|
|
250,000
|
2.65%, 11/15/2033
|
196,395
|
|
|
Lloyds Banking Group plc,
|
|
|
500,000
|
(CMT 1Y + 1.600%), 6.07%,
6/13/2036 b
|
514,050
|
|
|
LPL Holdings, Inc.,
|
|
|
500,000
|
5.65%, 3/15/2035
|
502,711
|
|
|
M&T Bank Corp.,
|
|
|
500,000
|
(SOFRRATE + 1.400%), 5.18%,
7/8/2031 b
|
508,283
|
|
|
Macquarie Airfinance Holdings, Ltd.,
|
|
|
250,000
|
6.40%, 3/26/2029 a
|
260,988
|
|
|
Mitsubishi UFJ Financial Group, Inc.,
|
|
|
200,000
|
(CMT 1Y + 1.170%), 5.16%,
4/24/2031 b
|
204,749
|
|
|
Mizuho Financial Group, Inc.,
|
|
|
500,000
|
(CMT 1Y + 0.920%), 4.71%,
7/8/2031 b,c
|
499,937
|
|
|
Morgan Stanley,
|
|
|
500,000
|
(SOFRRATE + 1.000%), 2.48%,
1/21/2028 b
|
485,325
|
|
375,000
|
(SOFRRATE + 1.260%), 5.66%,
4/18/2030 b
|
389,516
|
|
375,000
|
(SOFRRATE + 1.510%), 5.19%,
4/17/2031 b
|
384,424
|
|
250,000
|
(SOFRRATE + 1.757%), 5.66%,
4/17/2036 b
|
259,062
|
|
|
Morgan Stanley Direct Lending Fund,
|
|
|
250,000
|
6.00%, 5/19/2030
|
251,457
|
|
|
National Australia Bank, Ltd.,
|
|
|
500,000
|
4.31%, 6/13/2028
|
503,073
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Financials 16.3% – continued
|
||
|
|
NatWest Group plc,
|
|
|
$500,000
|
(CMT 1Y + 1.050%), 5.12%,
5/23/2031 b
|
$508,182
|
|
|
Nippon Life Insurance Co.,
|
|
|
250,000
|
(CMT 5Y + 3.189%), 6.50%,
4/30/2055 a,b
|
258,796
|
|
|
Nomura Holdings, Inc.,
|
|
|
500,000
|
4.90%, 7/1/2030 c
|
501,706
|
|
|
Omega Healthcare Investors, Inc.,
|
|
|
250,000
|
3.63%, 10/1/2029
|
237,979
|
|
250,000
|
5.20%, 7/1/2030
|
251,403
|
|
|
Omnis Funding Trust,
|
|
|
250,000
|
6.72%, 5/15/2055 a
|
259,069
|
|
|
Peachtree Corners Funding Trust II,
|
|
|
100,000
|
6.01%, 5/15/2035 a
|
102,497
|
|
|
Phillips Edison Grocery Center
Operating Partnership I LP,
|
|
|
500,000
|
5.25%, 8/15/2032
|
504,737
|
|
|
PNC Financial Services Group, Inc.,
|
|
|
500,000
|
(SOFRRATE + 1.333%), 4.90%,
5/13/2031 b
|
506,351
|
|
100,000
|
(SOFRINDEX + 1.850%), 4.63%,
6/6/2033 b
|
97,059
|
|
|
Pricoa Global Funding I,
|
|
|
500,000
|
4.70%, 5/28/2030 a
|
505,561
|
|
|
Regency Centers LP,
|
|
|
250,000
|
5.25%, 1/15/2034
|
253,640
|
|
|
Reinsurance Group of America, Inc.,
|
|
|
500,000
|
5.75%, 9/15/2034
|
513,216
|
|
|
RLJ Lodging Trust LP,
|
|
|
50,000
|
4.00%, 9/15/2029 a
|
46,657
|
|
|
Royal Bank of Canada,
|
|
|
100,000
|
(SOFRINDEX + 1.080%), 4.65%,
10/18/2030 b
|
100,176
|
|
|
Santander Holdings USA, Inc.,
|
|
|
50,000
|
(SOFRRATE + 1.249%), 2.49%,
1/6/2028 b
|
48,401
|
|
100,000
|
(SOFRRATE + 1.610%), 5.47%,
3/20/2029 b
|
101,678
|
|
|
Societe Generale SA,
|
|
|
250,000
|
(CMT 1Y + 2.550%), 6.45%,
1/10/2029 a,b
|
259,969
|
|
250,000
|
(SOFRRATE + 1.420%), 5.25%,
5/22/2029 a,b
|
253,052
|
|
|
State Street Corp.,
|
|
|
50,000
|
4.73%, 2/28/2030
|
50,758
|
|
500,000
|
4.83%, 4/24/2030
|
509,275
|
|
|
Svenska Handelsbanken AB,
|
|
|
750,000
|
4.38%, 5/23/2028 a
|
756,400
|
|
|
Synchrony Bank,
|
|
|
100,000
|
5.63%, 8/23/2027
|
101,981
|
|
|
Truist Financial Corp.,
|
|
|
50,000
|
(SOFRRATE + 1.620%), 5.44%,
1/24/2030 b
|
51,499
|
|
500,000
|
(SOFRRATE + 1.309%), 5.07%,
5/20/2031 b
|
507,600
|
|
|
U.S. Bancorp,
|
|
|
500,000
|
(SOFRRATE + 1.296%), 5.08%,
5/15/2031 b
|
510,021
|
|
|
UBS Group AG,
|
|
|
150,000
|
(SOFRRATE + 3.730%), 4.19%,
4/1/2031 a,b
|
146,886
|
|
500,000
|
(SOFRRATE + 3.920%), 6.54%,
8/12/2033 a,b
|
543,843
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Financials 16.3% – continued
|
||
|
|
Ventas Realty LP,
|
|
|
$250,000
|
5.10%, 7/15/2032
|
$252,852
|
|
|
Wells Fargo & Co.,
|
|
|
500,000
|
(SOFRRATE + 1.790%), 6.30%,
10/23/2029 b
|
528,444
|
|
250,000
|
(SOFRRATE + 1.500%), 5.15%,
4/23/2031 b
|
256,041
|
|
300,000
|
(SOFRRATE + 1.500%), 3.35%,
3/2/2033 b
|
273,975
|
|
|
Welltower OP LLC,
|
|
|
500,000
|
4.50%, 7/1/2030
|
502,367
|
|
|
Total
|
40,679,586
|
|
Foreign Government 1.8%
|
||
|
|
Brazil Government International
Bonds,
|
|
|
400,000
|
6.63%, 3/15/2035
|
403,909
|
|
|
Colombia Government International
Bonds,
|
|
|
350,000
|
8.50%, 4/25/2035
|
363,118
|
|
|
Costa Rica Government International
Bonds,
|
|
|
300,000
|
7.00%, 4/4/2044
|
305,991
|
|
|
Dominican Republic International
Bonds,
|
|
|
450,000
|
6.95%, 3/15/2037 a
|
457,515
|
|
|
Guatemala Government Bonds,
|
|
|
450,000
|
6.55%, 2/6/2037 a
|
452,790
|
|
|
Ivory Coast Government International
Bonds,
|
|
|
400,000
|
8.08%, 4/1/2036 a
|
384,900
|
|
|
Mexico Government International
Bonds,
|
|
|
500,000
|
6.00%, 5/7/2036
|
493,450
|
|
|
Oman Government International
Bonds,
|
|
|
250,000
|
6.75%, 1/17/2048 a
|
258,042
|
|
|
Paraguay Government International
Bonds,
|
|
|
350,000
|
6.10%, 8/11/2044
|
334,939
|
|
|
Peru Government International
Bonds,
|
|
|
250,000
|
3.00%, 1/15/2034
|
210,400
|
|
|
Republic of Uzbekistan International
Bonds,
|
|
|
300,000
|
6.95%, 5/25/2032 a
|
308,503
|
|
|
Serbia International Bonds,
|
|
|
300,000
|
6.00%, 6/12/2034 a
|
302,432
|
|
|
Turkiye Government International
Bonds,
|
|
|
250,000
|
6.88%, 3/17/2036
|
241,940
|
|
|
Total
|
4,517,929
|
|
Industrials 4.1%
|
||
|
|
Amrize Finance U.S. LLC,
|
|
|
100,000
|
4.95%, 4/7/2030 a
|
101,340
|
|
|
Axon Enterprise, Inc.,
|
|
|
240,000
|
6.25%, 3/15/2033 a
|
247,119
|
|
|
BAE Systems plc,
|
|
|
250,000
|
5.30%, 3/26/2034 a
|
255,568
|
|
|
Ball Corp.,
|
|
|
240,000
|
6.00%, 6/15/2029
|
246,042
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Industrials 4.1% – continued
|
||
|
|
Boeing Co.,
|
|
|
$375,000
|
5.81%, 5/1/2050
|
$359,625
|
|
375,000
|
6.86%, 5/1/2054
|
410,519
|
|
|
Bombardier, Inc.,
|
|
|
350,000
|
8.75%, 11/15/2030 a
|
378,903
|
|
|
Burlington Northern Santa Fe LLC,
|
|
|
500,000
|
5.80%, 3/15/2056
|
514,509
|
|
|
Canadian Pacific Railway Co.,
|
|
|
250,000
|
5.20%, 3/30/2035
|
253,483
|
|
|
Chart Industries, Inc.,
|
|
|
235,000
|
7.50%, 1/1/2030 a
|
246,028
|
|
|
Eaton Capital ULC,
|
|
|
250,000
|
4.45%, 5/9/2030
|
251,171
|
|
|
General Dynamics Corp.,
|
|
|
250,000
|
4.95%, 8/15/2035
|
250,956
|
|
|
Genesee & Wyoming, Inc.,
|
|
|
245,000
|
6.25%, 4/15/2032 a
|
249,991
|
|
|
John Deere Capital Corp.,
|
|
|
500,000
|
4.25%, 6/5/2028, Series I
|
502,957
|
|
|
L3Harris Technologies, Inc.,
|
|
|
250,000
|
5.25%, 6/1/2031
|
257,865
|
|
|
Molex Electronic Technologies LLC,
|
|
|
150,000
|
4.75%, 4/30/2028 a
|
150,943
|
|
|
Norfolk Southern Corp.,
|
|
|
250,000
|
4.55%, 6/1/2053
|
211,151
|
|
|
Northrop Grumman Corp.,
|
|
|
250,000
|
5.25%, 7/15/2035
|
255,091
|
|
|
Parker-Hannifin Corp.,
|
|
|
375,000
|
4.20%, 11/21/2034
|
357,141
|
|
|
Quikrete Holdings, Inc.,
|
|
|
245,000
|
6.38%, 3/1/2032 a
|
251,938
|
|
|
Rand Parent LLC,
|
|
|
50,000
|
8.50%, 2/15/2030 a
|
50,208
|
|
|
Regal Rexnord Corp.,
|
|
|
250,000
|
6.30%, 2/15/2030
|
261,881
|
|
|
RTX Corp.,
|
|
|
250,000
|
6.10%, 3/15/2034
|
270,278
|
|
|
Ryder System, Inc.,
|
|
|
500,000
|
4.85%, 6/15/2030
|
504,604
|
|
|
Siemens Funding BV,
|
|
|
1,000,000
|
4.35%, 5/26/2028 a
|
1,007,709
|
|
|
Smurfit Kappa Treasury ULC,
|
|
|
375,000
|
5.44%, 4/3/2034
|
380,243
|
|
|
Spirit AeroSystems, Inc.,
|
|
|
590,000
|
4.60%, 6/15/2028
|
579,964
|
|
|
United Parcel Service, Inc.,
|
|
|
750,000
|
4.65%, 10/15/2030
|
760,329
|
|
|
Waste Connections, Inc.,
|
|
|
250,000
|
4.20%, 1/15/2033
|
241,889
|
|
|
Wrangler Holdco Corp.,
|
|
|
360,000
|
6.63%, 4/1/2032 a
|
374,782
|
|
|
Total
|
10,184,227
|
|
Mortgage-Backed Securities 34.0%
|
||
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
4,345,475
|
5.50%, 2/1/2040
|
4,432,941
|
|
4,895,526
|
2.50%, 3/1/2052
|
4,110,256
|
|
3,761,159
|
4.00%, 10/1/2052
|
3,520,246
|
|
767,711
|
5.00%, 11/1/2052
|
756,051
|
|
1,162,103
|
5.50%, 7/1/2053
|
1,170,610
|
|
5,706,717
|
4.50%, 7/1/2053
|
5,478,865
|
|
4,897,793
|
4.00%, 11/1/2053
|
4,592,412
|
|
5,843,401
|
5.50%, 11/1/2054
|
5,878,896
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Mortgage-Backed Securities 34.0% – continued
|
||
|
|
Federal Home Loan Mortgage Corp.
Multifamily Structured Pass-Through
Certificates,
|
|
|
$100,000
|
5.07%, 10/25/2028, Series K510,
Class A2 b
|
$102,689
|
|
3,075,000
|
5.00%, 11/25/2028, Series K512,
Class A2
|
3,153,668
|
|
250,000
|
5.36%, 1/25/2029, Series K517,
Class A2 b
|
259,286
|
|
2,934,000
|
5.40%, 1/25/2029, Series K515,
Class A2
|
3,046,849
|
|
1,120,000
|
4.80%, 5/25/2029, Series K522,
Class A2
|
1,144,475
|
|
40,000
|
3.90%, 12/25/2030, Series K158,
Class A2 b
|
39,404
|
|
1,400,000
|
2.07%, 1/25/2031, Series K126,
Class A2
|
1,254,026
|
|
10,400,000
|
2.58%, 5/25/2032, Series K145,
Class A2
|
9,307,336
|
|
1,720,000
|
3.53%, 8/25/2032, Series K149,
Class A2
|
1,629,934
|
|
3,095,000
|
4.35%, 1/25/2033, Series K-154,
Class A2 b
|
3,076,634
|
|
1,472,829
|
5.15%, 12/25/2033, Series K-162,
Class A2 b
|
1,536,931
|
|
705,000
|
5.00%, 5/25/2034, Series K-164,
Class A2
|
727,746
|
|
|
Federal National Mortgage
Association,
|
|
|
7,446,397
|
2.00%, 3/1/2052
|
5,969,491
|
|
6,773,945
|
3.50%, 5/1/2052
|
6,139,808
|
|
5,893,312
|
3.00%, 7/1/2052
|
5,164,182
|
|
798,929
|
4.00%, 6/1/2053
|
745,033
|
|
1,129,635
|
6.00%, 9/1/2054
|
1,148,226
|
|
|
Uniform Mortgage-Backed Security,
TBA,
|
|
|
2,000,000
|
4.50%, 7/1/2039
|
1,987,091
|
|
1,075,000
|
4.50%, 7/1/2054
|
1,028,153
|
|
6,100,000
|
5.00%, 7/1/2054
|
5,977,391
|
|
1,300,000
|
6.00%, 7/1/2054
|
1,320,960
|
|
|
Total
|
84,699,590
|
|
Technology 2.4%
|
||
|
|
Accenture Capital, Inc.,
|
|
|
375,000
|
4.50%, 10/4/2034
|
364,955
|
|
|
Broadcom, Inc.,
|
|
|
375,000
|
3.42%, 4/15/2033 a
|
340,098
|
|
375,000
|
3.50%, 2/15/2041 a
|
297,206
|
|
|
Dell International LLC/EMC Corp.,
|
|
|
375,000
|
4.75%, 4/1/2028
|
379,389
|
|
250,000
|
4.85%, 2/1/2035
|
241,249
|
|
|
Fiserv, Inc.,
|
|
|
450,000
|
3.50%, 7/1/2029
|
433,485
|
|
|
Foundry JV Holdco LLC,
|
|
|
375,000
|
5.88%, 1/25/2034 a
|
381,048
|
|
|
Micron Technology, Inc.,
|
|
|
250,000
|
5.65%, 11/1/2032
|
259,870
|
|
250,000
|
5.88%, 2/9/2033
|
260,711
|
|
|
Open Text Holdings, Inc.,
|
|
|
415,000
|
4.13%, 12/1/2031 a
|
382,095
|
|
|
Oracle Corp.,
|
|
|
375,000
|
5.55%, 2/6/2053
|
352,640
|
|
|
Paychex, Inc.,
|
|
|
375,000
|
5.10%, 4/15/2030
|
384,068
|
|
Principal
Amount
|
Long-Term Fixed Income 100.7%
|
Value
|
|
Technology 2.4% – continued
|
||
|
|
QUALCOMM, Inc.,
|
|
|
$750,000
|
4.50%, 5/20/2030
|
$757,941
|
|
|
Roper Technologies, Inc.,
|
|
|
375,000
|
4.90%, 10/15/2034
|
369,811
|
|
|
Synopsys, Inc.,
|
|
|
400,000
|
5.15%, 4/1/2035
|
403,176
|
|
|
Texas Instruments, Inc.,
|
|
|
500,000
|
4.50%, 5/23/2030
|
505,344
|
|
|
Total
|
6,113,086
|
|
U.S. Government & Agencies 17.3%
|
||
|
|
U.S. Treasury Bonds,
|
|
|
9,940,000
|
1.88%, 2/15/2041
|
6,836,856
|
|
4,675,000
|
4.63%, 11/15/2044
|
4,576,387
|
|
6,645,000
|
3.00%, 8/15/2048
|
4,914,445
|
|
8,580,000
|
4.50%, 11/15/2054
|
8,176,472
|
|
|
U.S. Treasury Notes,
|
|
|
1,540,000
|
4.13%, 1/31/2027
|
1,547,038
|
|
7,950,000
|
4.25%, 2/15/2028
|
8,057,449
|
|
3,875,000
|
4.25%, 1/31/2030
|
3,951,440
|
|
5,000,000
|
4.00%, 5/31/2030
|
5,048,438
|
|
|
Total
|
43,108,525
|
|
Utilities 2.9%
|
||
|
|
American Electric Power Co., Inc.,
|
|
|
250,000
|
3.25%, 3/1/2050
|
163,149
|
|
|
Capital Power U.S. Holdings, Inc.,
|
|
|
500,000
|
5.26%, 6/1/2028 a
|
506,773
|
|
|
DTE Energy Co.,
|
|
|
375,000
|
5.20%, 4/1/2030
|
383,732
|
|
|
Duke Energy Corp.,
|
|
|
600,000
|
5.80%, 6/15/2054
|
585,837
|
|
375,000
|
(CMT 5Y + 2.588%), 6.45%,
9/1/2054 b
|
385,430
|
|
|
Eskom Holdings SOC, Ltd.,
|
|
|
350,000
|
6.35%, 8/10/2028 a
|
353,500
|
|
|
Evergy Kansas Central, Inc.,
|
|
|
375,000
|
4.70%, 3/13/2028
|
379,233
|
|
|
Exelon Corp.,
|
|
|
375,000
|
5.88%, 3/15/2055
|
374,159
|
|
|
FirstEnergy Corp.,
|
|
|
500,000
|
4.85%, 7/15/2047, Series C
|
424,862
|
|
|
Florida Power & Light Co.,
|
|
|
375,000
|
5.30%, 6/15/2034
|
386,526
|
|
|
Georgia Power Co.,
|
|
|
375,000
|
4.85%, 3/15/2031
|
383,136
|
|
|
NiSource, Inc.,
|
|
|
250,000
|
5.35%, 7/15/2035
|
252,051
|
|
375,000
|
4.38%, 5/15/2047
|
308,289
|
|
|
NRG Energy, Inc.,
|
|
|
375,000
|
5.25%, 6/15/2029 a
|
372,947
|
|
|
Pacific Gas & Electric Co.,
|
|
|
375,000
|
4.55%, 7/1/2030
|
366,009
|
|
|
Public Service Enterprise Group, Inc.,
|
|
|
375,000
|
4.90%, 3/15/2030
|
381,441
|
|
|
San Diego Gas & Electric Co.,
|
|
|
375,000
|
5.40%, 4/15/2035
|
382,915
|
|
|
Xcel Energy, Inc.,
|
|
|
500,000
|
4.75%, 3/21/2028
|
504,854
|
|
375,000
|
3.50%, 12/1/2049
|
256,829
|
|
|
Total
|
7,151,672
|
|
|
Total Long-Term Fixed Income
(Cost $246,590,801)
|
250,695,432
|
|
Shares or
Principal
Amount
|
Short-Term Investments 4.9%
|
Value
|
|
|
State Street Institutional
U.S. Government Money Market Fund -
Premier Class,
|
|
|
11,660,030
|
4.27% e
|
$11,660,029
|
|
|
U.S. Treasury Bills,
|
|
|
400,000
|
4.32%, 8/7/2025 e,f
|
398,253
|
|
200,000
|
4.33%, 8/7/2025 e,f
|
199,126
|
|
|
Total Short-Term Investments
(Cost $12,257,401)
|
12,257,408
|
|
|
Total Investments
(Cost $258,848,202) 105.6%
|
$262,952,840
|
|
|
Other Assets and Liabilities, Net
(5.6%)
|
(13,937,255)
|
|
|
Total Net Assets 100.0%
|
$249,015,585
|
|
a
|
Denotes securities sold under Rule 144A of the Securities Act of
1933, which exempts them from registration. These securities may
be resold to other dealers in the program or to other qualified
institutional buyers. As of June 30, 2025, the value of these
investments was $46,005,143 or 18.5% of total net assets.
|
|
b
|
Denotes variable rate securities. The rate shown is as of June 30,
2025. The rates of certain variable rate securities are based on a
published reference rate and spread; these may vary by security
and the reference rate and spread are indicated in their description.
The rates of other variable rate securities are determined by the
issuer or agent and are based on current market conditions. These
securities do not indicate a reference rate and spread in their
description.
|
|
c
|
Denotes investments purchased on a when-issued or delayed-
delivery basis.
|
|
d
|
Denotes step coupon securities. Step coupon securities pay an
initial coupon rate for the first period and then different coupon rates
for following periods. The rate shown is as of June 30, 2025.
|
|
e
|
The interest rate shown reflects the yield.
|
|
f
|
At June 30, 2025, $257,869 of investments were segregated to
cover exposure to a counterparty for margin on open mortgage-
backed security transactions.
|
|
Definitions:
|
||
|
CLO
|
–
|
Collateralized Loan Obligation
|
|
CME
|
–
|
Chicago Mercantile Exchange
|
|
plc
|
–
|
Public Limited Company
|
|
Reference Rate Index:
|
||
|
CMT 1Y
|
–
|
Constant Maturity Treasury Yield 1 Year
|
|
CMT 5Y
|
–
|
Constant Maturity Treasury Yield 5 Year
|
|
SOFRINDEX
|
–
|
Secured Overnight Financing Rate
Compounded Index
|
|
SOFRRATE
|
–
|
Secured Overnight Financing Rate
|
|
TSFR3M
|
–
|
CME Term SOFR 3 Month
|
|
Investments in Securities
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Long-Term Fixed Income
|
|
|
|
|
|
Asset-Backed Securities
|
9,351,575
|
—
|
9,351,575
|
—
|
|
Basic Materials
|
4,552,752
|
—
|
4,552,752
|
—
|
|
Collateralized Mortgage Obligations
|
6,201,758
|
—
|
6,201,758
|
—
|
|
Commercial Mortgage-Backed Securities
|
1,642,214
|
—
|
1,642,214
|
—
|
|
Communication Services
|
5,450,380
|
—
|
5,450,380
|
—
|
|
Consumer Discretionary
|
9,889,888
|
—
|
9,889,888
|
—
|
|
Consumer Staples
|
10,982,345
|
—
|
10,982,345
|
—
|
|
Energy
|
6,169,905
|
—
|
6,169,905
|
—
|
|
Financials
|
40,679,586
|
—
|
40,679,586
|
—
|
|
Foreign Government
|
4,517,929
|
—
|
4,517,929
|
—
|
|
Industrials
|
10,184,227
|
—
|
10,184,227
|
—
|
|
Mortgage-Backed Securities
|
84,699,590
|
—
|
84,699,590
|
—
|
|
Technology
|
6,113,086
|
—
|
6,113,086
|
—
|
|
U.S. Government & Agencies
|
43,108,525
|
—
|
43,108,525
|
—
|
|
Utilities
|
7,151,672
|
—
|
7,151,672
|
—
|
|
Short-Term Investments
|
12,257,408
|
11,660,029
|
597,379
|
—
|
|
Total Investments at Value
|
$262,952,840
|
$11,660,029
|
$251,292,811
|
$—
|
|
Shares
|
Common Stock 95.1%
|
Value
|
|
Consumer Discretionary 14.6%
|
||
|
19,560
|
Burlington Stores, Inc. a
|
$4,550,438
|
|
62,661
|
Champion Homes, Inc. a
|
3,923,205
|
|
20,012
|
Group 1 Automotive, Inc.
|
8,739,441
|
|
32,396
|
Installed Building Products, Inc.
|
5,841,647
|
|
100,526
|
Modine Manufacturing Co. a
|
9,901,811
|
|
11,024
|
Murphy USA, Inc.
|
4,484,563
|
|
1,063
|
NVR, Inc. a
|
7,850,957
|
|
89,445
|
Patrick Industries, Inc.
|
8,253,090
|
|
92,609
|
SharkNinja, Inc. a
|
9,167,365
|
|
116,846
|
Tractor Supply Co.
|
6,165,963
|
|
|
Total
|
68,878,480
|
|
Consumer Staples 5.8%
|
||
|
37,537
|
BJ's Wholesale Club Holdings, Inc. a
|
4,047,615
|
|
15,314
|
Casey's General Stores, Inc.
|
7,814,275
|
|
93,395
|
Turning Point Brands, Inc.
|
7,076,539
|
|
110,040
|
U.S. Foods Holding Corp. a
|
8,474,180
|
|
|
Total
|
27,412,609
|
|
Financials 12.3%
|
||
|
37,861
|
ARES Management Corp. Class A
|
6,557,525
|
|
91,936
|
Banner Corp.
|
5,897,694
|
|
125,898
|
Enterprise Financial Services Corp.
|
6,936,980
|
|
37,862
|
Federal Agricultural Mortgage Corp.
Class C
|
7,355,829
|
|
9,824
|
Kinsale Capital Group, Inc.
|
4,753,834
|
|
172,346
|
OneMain Holdings, Inc.
|
9,823,722
|
|
38,640
|
Raymond James Financial, Inc.
|
5,926,217
|
|
111,259
|
Synovus Financial Corp.
|
5,757,653
|
|
91,636
|
Triumph Financial, Inc. a
|
5,050,060
|
|
|
Total
|
58,059,514
|
|
Health Care 8.8%
|
||
|
121,461
|
Bio-Techne Corp.
|
6,249,168
|
|
90,355
|
Centene Corp. a
|
4,904,469
|
|
62,872
|
HealthEquity, Inc. a
|
6,586,471
|
|
40,209
|
Labcorp Holdings, Inc.
|
10,555,265
|
|
49,767
|
Merit Medical Systems, Inc. a
|
4,652,219
|
|
34,495
|
STERIS plc
|
8,286,389
|
|
|
Total
|
41,233,981
|
|
Industrials 25.2%
|
||
|
41,168
|
Advanced Drainage Systems, Inc.
|
4,728,557
|
|
52,668
|
Arcosa, Inc.
|
4,566,842
|
|
163,424
|
Atmus Filtration Technologies, Inc.
|
5,951,902
|
|
273,463
|
CECO Environmental Corp. a
|
7,741,738
|
|
21,158
|
Clean Harbors, Inc. a
|
4,891,306
|
|
163,903
|
Core & Main, Inc. Class A a
|
9,891,546
|
|
83,327
|
Federal Signal Corp.
|
8,867,659
|
|
74,726
|
FTAI Aviation, Ltd.
|
8,596,479
|
|
376,033
|
Gates Industrial Corp. plc a
|
8,660,040
|
|
23,988
|
IES Holdings, Inc. a
|
7,105,965
|
|
31,244
|
JB Hunt Transport Services, Inc.
|
4,486,638
|
|
95,906
|
Limbach Holdings, Inc. a
|
13,436,431
|
|
107,239
|
nVent Electric plc
|
7,855,257
|
|
17,300
|
Quanta Services, Inc.
|
6,540,784
|
|
102,769
|
REV Group, Inc.
|
4,890,777
|
|
28,101
|
Ryder System, Inc.
|
4,468,059
|
|
91,391
|
WNS Holdings, Ltd. a
|
5,779,567
|
|
|
Total
|
118,459,547
|
|
Shares
|
Common Stock 95.1%
|
Value
|
|
Information Technology 16.4%
|
||
|
115,667
|
Bel Fuse, Inc. Class B
|
$11,299,509
|
|
87,682
|
Celestica, Inc. a
|
13,688,037
|
|
74,389
|
Climb Global Solutions, Inc.
|
7,952,928
|
|
69,188
|
Coherent Corp. a
|
6,172,261
|
|
244,220
|
I3 Verticals, Inc. Class A a
|
6,711,166
|
|
398,793
|
Kyndryl Holdings, Inc. a
|
16,733,354
|
|
37,116
|
Littelfuse, Inc.
|
8,415,311
|
|
20,057
|
Zebra Technologies Corp. Class A a
|
6,184,777
|
|
|
Total
|
77,157,343
|
|
Materials 7.1%
|
||
|
279,845
|
Element Solutions, Inc.
|
6,338,489
|
|
43,934
|
Hawkins, Inc.
|
6,243,022
|
|
124,393
|
International Paper Co.
|
5,825,324
|
|
53,723
|
Knife River Corp. a
|
4,385,946
|
|
16,053
|
Reliance, Inc.
|
5,039,037
|
|
41,832
|
Steel Dynamics, Inc.
|
5,354,914
|
|
|
Total
|
33,186,732
|
|
Real Estate 1.2%
|
||
|
44,173
|
Colliers International Group, Inc.
|
5,766,343
|
|
|
Total
|
5,766,343
|
|
Utilities 3.7%
|
||
|
355,742
|
MDU Resources Group, Inc.
|
5,930,219
|
|
153,110
|
NiSource, Inc.
|
6,176,458
|
|
17,922
|
Talen Energy Corp. a
|
5,211,180
|
|
|
Total
|
17,317,857
|
|
|
Total Common Stock
(Cost $381,052,634)
|
447,472,406
|
|
Shares or
Principal
Amount
|
Short-Term Investments 4.9%
|
Value
|
|
23,198,039
|
State Street Institutional
U.S. Government Money Market Fund -
Premier Class, 4.27% b
|
23,198,039
|
|
|
Total Short-Term Investments
(Cost $23,198,039)
|
23,198,039
|
|
|
Total Investments
(Cost $404,250,673) 100.0%
|
470,670,445
|
|
|
Other Assets and Liabilities, Net
(0.0%) *
|
(88,712)
|
|
|
Total Net Assets 100.0%
|
$470,581,733
|
|
*
|
Amount is less than 0.05% of net assets.
|
|
a
|
Non-income producing security.
|
|
b
|
The interest rate shown reflects the yield.
|
|
Definitions:
|
||
|
plc
|
–
|
Public Limited Company
|
|
Investments in Securities
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Common Stock
|
|
|
|
|
|
Consumer Discretionary
|
$68,878,480
|
$68,878,480
|
$—
|
$—
|
|
Consumer Staples
|
27,412,609
|
27,412,609
|
—
|
—
|
|
Financials
|
58,059,514
|
58,059,514
|
—
|
—
|
|
Health Care
|
41,233,981
|
41,233,981
|
—
|
—
|
|
Industrials
|
118,459,547
|
118,459,547
|
—
|
—
|
|
Information Technology
|
77,157,343
|
77,157,343
|
—
|
—
|
|
Materials
|
33,186,732
|
33,186,732
|
—
|
—
|
|
Real Estate
|
5,766,343
|
5,766,343
|
—
|
—
|
|
Utilities
|
17,317,857
|
17,317,857
|
—
|
—
|
|
Short-Term Investments
|
23,198,039
|
23,198,039
|
—
|
—
|
|
Total Investments at Value
|
$470,670,445
|
$470,670,445
|
$—
|
$—
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Asset-Backed Securities 19.5%
|
||
|
|
Affirm Asset Securitization Trust,
|
|
|
$55,718
|
6.27%, 5/15/2029, Series 2024-X1,
Class A a
|
$55,763
|
|
161,625
|
5.22%, 12/17/2029, Series 2024-
X2, Class A a
|
161,706
|
|
461,681
|
5.08%, 4/15/2030, Series 2025-X1,
Class A a
|
462,114
|
|
|
American Credit Acceptance
Receivables Trust,
|
|
|
239,574
|
4.81%, 9/12/2028, Series 2025-2,
Class A a
|
239,619
|
|
|
American Heritage Auto Receivables
Trust,
|
|
|
110,000
|
4.90%, 9/17/2029, Series 2024-1A,
Class A3 a
|
110,024
|
|
|
American Homes 4 Rent Trust,
|
|
|
375,055
|
3.73%, 10/17/2052, Series 2015-
SFR2, Class A a
|
373,411
|
|
381,000
|
4.69%, 10/17/2052, Series 2015-
SFR2, Class C a
|
379,714
|
|
|
AmeriCredit Automobile Receivables
Trust,
|
|
|
600,108
|
2.77%, 4/19/2027, Series 2022-1,
Class B
|
597,861
|
|
|
AMSR Trust,
|
|
|
494,000
|
3.28%, 7/17/2037, Series 2020-
SFR2, Class D a
|
492,840
|
|
|
Amur Equipment Finance Receivables
XI LLC,
|
|
|
377,201
|
5.30%, 6/21/2028, Series 2022-2A,
Class A2 a
|
377,974
|
|
|
Anchorage Capital CLO 8, Ltd.,
|
|
|
250,000
|
(TSFR3M + 1.462%), 5.74%,
10/27/2034, Series 2016-8A,
Class AR2A a,b
|
250,308
|
|
|
Annisa CLO, Ltd.,
|
|
|
350,000
|
(TSFR3M + 1.500%), 5.77%,
7/20/2031, Series 2016-2A,
Class BRR a,b
|
350,019
|
|
|
Apidos CLO XV, Ltd.,
|
|
|
67,952
|
(TSFR3M + 1.272%), 5.54%,
4/20/2031, Series 2013-15A,
Class A1RR a,b
|
67,986
|
|
|
Ares LII CLO, Ltd.,
|
|
|
307,652
|
(TSFR3M + 0.880%), 5.15%,
4/22/2031, Series 2019-52A,
Class A1RR a,b
|
307,253
|
|
|
ARES LXXI CLO, Ltd.,
|
|
|
240,000
|
(TSFR3M + 1.700%), 5.97%,
4/20/2037, Series 2024-71A,
Class A2 a,b
|
240,569
|
|
|
Ares XXXIV CLO, Ltd.,
|
|
|
250,000
|
(TSFR3M + 1.320%), 5.60%,
4/17/2033, Series 2015-2A,
Class AR3 a,b
|
250,530
|
|
|
Ares XXXVII CLO, Ltd.,
|
|
|
134,800
|
(TSFR3M + 1.080%), 5.34%,
10/15/2030, Series 2015-4A,
Class A1RR a,b
|
134,762
|
|
|
ARI Fleet Lease Trust,
|
|
|
89,779
|
3.43%, 1/15/2031, Series 2022-A,
Class A3 a
|
89,599
|
|
57,778
|
5.41%, 2/17/2032, Series 2023-A,
Class A2 a
|
57,881
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Asset-Backed Securities 19.5% – continued
|
||
|
|
Atlas Senior Loan Fund XIII,
|
|
|
$106,685
|
(TSFR3M + 1.342%), 5.61%,
4/22/2031, Series 2019-13A,
Class A1NR a,b
|
$106,720
|
|
|
AutoNation Finance Trust,
|
|
|
250,000
|
4.72%, 4/10/2028, Series 2025-1A,
Class A2 a
|
250,250
|
|
|
Avis Budget Rental Car Funding
AESOP LLC,
|
|
|
650,000
|
2.02%, 2/20/2027, Series 2020-2A,
Class A a
|
642,513
|
|
500,000
|
1.63%, 8/20/2027, Series 2021-1A,
Class B a
|
484,977
|
|
500,000
|
1.66%, 2/20/2028, Series 2021-2A,
Class A a
|
480,312
|
|
290,000
|
5.44%, 2/22/2028, Series 2023-3A,
Class A a
|
293,612
|
|
|
Barings CLO, Ltd.,
|
|
|
92,461
|
(TSFR3M + 1.252%), 5.52%,
1/20/2031, Series 2015-IA,
Class AR a,b
|
92,481
|
|
89,969
|
(TSFR3M + 1.212%), 5.47%,
4/15/2031, Series 2018-1A,
Class A1 a,b
|
89,987
|
|
|
Barings Loan Partners CLO, Ltd.,
|
|
|
400,000
|
(TSFR3M + 0.950%), 5.22%,
7/20/2033, Series LP-3A,
Class AR2A a,b
|
398,286
|
|
|
BHG Securitization Trust,
|
|
|
131,757
|
1.42%, 11/17/2033, Series 2021-A,
Class A a
|
129,474
|
|
|
BOF VII AL Funding Trust I,
|
|
|
90,493
|
6.29%, 7/26/2032, Series 2023-
CAR3, Class A2 a
|
91,990
|
|
|
Carlyle Global Market Strategies
CLO, Ltd.,
|
|
|
377,473
|
(TSFR3M + 1.242%), 5.51%,
7/20/2031, Series 2015-1A,
Class AR3 a,b
|
378,022
|
|
|
CarMax Auto Owner Trust,
|
|
|
30,739
|
3.49%, 2/16/2027, Series 2022-2,
Class A3
|
30,668
|
|
200,000
|
0.82%, 4/15/2027, Series 2021-4,
Class A4
|
196,955
|
|
|
CarVal CLO III, Ltd.,
|
|
|
246,598
|
(TSFR3M + 0.990%), 5.26%,
7/20/2032, Series 2019-2A,
Class AR2A a,b
|
246,718
|
|
|
Carval CLO X-C, Ltd.,
|
|
|
250,000
|
(TSFR3M + 1.460%), 5.73%,
7/20/2037, Series 2024-2A,
Class A a,b
|
250,690
|
|
|
Carvana Auto Receivables Trust,
|
|
|
218,786
|
1.03%, 6/10/2027, Series 2021-P3,
Class A4
|
215,291
|
|
|
CCG Receivables Trust,
|
|
|
250,000
|
4.48%, 10/14/2032, Series 2025-1,
Class A2 a
|
250,494
|
|
|
CoreVest American Finance, Ltd.,
|
|
|
365,000
|
1.71%, 12/15/2052, Series 2020-4,
Class B a
|
357,378
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Asset-Backed Securities 19.5% – continued
|
||
|
|
Crestline Denali CLO XV, Ltd.,
|
|
|
$12,567
|
(TSFR3M + 1.292%), 5.56%,
4/20/2030, Series 2017-1A,
Class AR a,b
|
$12,569
|
|
|
Daimler Trucks Retail Trust,
|
|
|
2,390
|
5.23%, 2/17/2026, Series 2022-1,
Class A3
|
2,391
|
|
|
Dell Equipment Finance Trust,
|
|
|
500,000
|
4.68%, 7/22/2027, Series 2025-1,
Class A2 a
|
501,993
|
|
|
Dext ABS LLC,
|
|
|
210,032
|
6.56%, 5/15/2034, Series 2023-2,
Class A2 a
|
211,776
|
|
|
Dryden 55 CLO, Ltd.,
|
|
|
428,192
|
(TSFR3M + 1.282%), 5.54%,
4/15/2031, Series 2018-55A,
Class A1 a,b
|
428,325
|
|
|
Dryden 78 CLO, Ltd.,
|
|
|
240,000
|
(TSFR3M + 1.730%), 6.01%,
4/17/2037, Series 2020-78A,
Class A2R a,b
|
240,459
|
|
|
Dryden XXVI Senior Loan Fund,
|
|
|
144,989
|
(TSFR3M + 1.162%), 5.42%,
4/15/2029, Series 2013-26A,
Class AR a,b
|
145,141
|
|
|
Eaton Vance CLO, Ltd.,
|
|
|
264,000
|
(TSFR3M + 1.510%), 5.77%,
7/15/2037, Series 2019-1A,
Class AR2A a,b
|
264,729
|
|
|
Enterprise Fleet Financing LLC,
|
|
|
111,070
|
5.23%, 3/20/2030, Series 2024-1,
Class A2 a
|
111,868
|
|
|
Exeter Automobile Receivables Trust,
|
|
|
600,000
|
4.45%, 3/15/2028, Series 2024-5A,
Class A3
|
598,880
|
|
228,822
|
6.32%, 5/15/2028, Series 2022-6A,
Class C
|
229,907
|
|
300,000
|
6.21%, 6/15/2028, Series 2023-3A,
Class C
|
302,048
|
|
500,000
|
5.57%, 9/15/2028, Series 2024-3A,
Class B
|
503,134
|
|
|
First Investors Auto Owner Trust,
|
|
|
250,000
|
3.13%, 5/15/2028, Series 2022-1A,
Class C a
|
248,151
|
|
299,400
|
6.44%, 10/16/2028, Series 2023-
1A, Class A a
|
302,237
|
|
|
FirstKey Homes Trust,
|
|
|
94,244
|
1.34%, 8/17/2037, Series 2020-
SFR1, Class A a
|
93,568
|
|
367,000
|
1.74%, 8/17/2037, Series 2020-
SFR1, Class B a
|
364,234
|
|
355,000
|
2.24%, 8/17/2037, Series 2020-
SFR1, Class D a
|
352,366
|
|
244,990
|
1.27%, 10/19/2037, Series 2020-
SFR2, Class A a
|
241,887
|
|
305,027
|
4.25%, 7/17/2038, Series 2022-
SFR3, Class A a
|
303,026
|
|
322,010
|
1.54%, 8/17/2038, Series 2021-
SFR1, Class A a
|
311,155
|
|
750,000
|
1.79%, 8/17/2038, Series 2021-
SFR1, Class B a
|
724,869
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Asset-Backed Securities 19.5% – continued
|
||
|
|
Flatiron CLO 21, Ltd.,
|
|
|
$250,000
|
(TSFR3M + 1.360%), 5.63%,
10/19/2037, Series 2021-1A,
Class A1R a,b
|
$251,347
|
|
|
Ford Credit Auto Owner Trust,
|
|
|
397,087
|
1.56%, 5/15/2027, Series 2022-A,
Class A4
|
393,263
|
|
133,000
|
5.30%, 3/15/2028, Series 2022-D,
Class A4
|
134,313
|
|
100,000
|
1.61%, 10/17/2033, Series 2021-1,
Class B a
|
97,507
|
|
|
Galaxy XXVI CLO, Ltd.,
|
|
|
348,125
|
(TSFR3M + 1.170%), 5.50%,
11/22/2031, Series 2018-26A,
Class AR a,b
|
348,682
|
|
|
GreatAmerica Leasing Receivables
Funding LLC,
|
|
|
20,000
|
4.52%, 10/15/2027, Series 2025-1,
Class A2 a
|
20,024
|
|
|
GreenSky Home Improvement Issuer
Trust,
|
|
|
90,683
|
5.12%, 3/25/2060, Series 2025-1A,
Class A2 a
|
90,846
|
|
|
Hertz Vehicle Financing III LLC,
|
|
|
240,000
|
6.15%, 3/25/2030, Series 2023-4A,
Class A a
|
250,251
|
|
|
Hertz Vehicle Financing III LP,
|
|
|
100,000
|
2.12%, 12/27/2027, Series 2021-
2A, Class B a
|
95,617
|
|
|
Hertz Vehicle Financing LLC,
|
|
|
325,000
|
6.56%, 9/25/2026, Series 2022-4A,
Class D a
|
324,975
|
|
|
Hilton Grand Vacations Trust,
|
|
|
26,038
|
5.75%, 9/15/2039, Series 2024-1B,
Class A a
|
26,464
|
|
|
Home Partners of America Trust,
|
|
|
163,186
|
2.30%, 12/17/2026, Series 2021-2,
Class B a
|
157,094
|
|
|
HPEFS Equipment Trust,
|
|
|
140,000
|
6.48%, 1/21/2031, Series 2023-2A,
Class C a
|
141,242
|
|
|
Jamestown CLO XI, Ltd.,
|
|
|
147,386
|
(TSFR3M + 1.362%), 5.60%,
7/14/2031, Series 2018-11A,
Class A1 a,b
|
147,431
|
|
|
KKR CLO 11, Ltd.,
|
|
|
71,498
|
(TSFR3M + 1.442%), 5.70%,
1/15/2031, Series 11, Class AR a,b
|
71,543
|
|
|
KKR CLO 18, Ltd.,
|
|
|
210,444
|
(TSFR3M + 1.202%), 5.47%,
7/18/2030, Series 18, Class AR a,b
|
210,445
|
|
|
KKR CLO 9, Ltd.,
|
|
|
31,519
|
(TSFR3M + 1.212%), 5.47%,
7/15/2030, Series 9, Class AR2 a,b
|
31,523
|
|
|
LCM 29, Ltd.,
|
|
|
165,728
|
(TSFR3M + 1.332%), 5.59%,
4/15/2031, Series 29A, Class AR a,b
|
165,728
|
|
|
LCM XVIII LP,
|
|
|
108,772
|
(TSFR3M + 1.282%), 5.55%,
4/20/2031, Series 18A,
Class A1R a,b
|
108,790
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Asset-Backed Securities 19.5% – continued
|
||
|
|
Madison Park Funding XXIII, Ltd.,
|
|
|
$411,265
|
(TSFR3M + 1.232%), 5.51%,
7/27/2031, Series 2017-23A,
Class AR a,b
|
$411,676
|
|
|
Madison Park Funding XXIV, Ltd.,
|
|
|
500,000
|
(TSFR3M + 1.550%), 5.82%,
10/20/2029, Series 2016-24A,
Class BR2 a,b
|
500,125
|
|
|
Marathon CLO XIII, Ltd.,
|
|
|
320,933
|
(TSFR3M + 1.200%), 5.46%,
4/15/2032, Series 2019-1A,
Class AAR2 a,b
|
320,936
|
|
|
Marlette Funding Trust,
|
|
|
38,083
|
5.95%, 7/17/2034, Series 2024-1A,
Class A a
|
38,139
|
|
|
Master Credit Card Trust II,
|
|
|
600,000
|
(SOFR30A + 0.850%), 5.15%,
1/21/2027, Series 2023-2A,
Class A a,b
|
599,747
|
|
|
Neuberger Berman Loan Advisers
CLO 35, Ltd.,
|
|
|
250,000
|
(TSFR3M + 1.050%), 5.32%,
1/19/2033, Series 2019-35A,
Class ARR a,b
|
249,606
|
|
|
Neuberger Berman Loan Advisers
CLO, Ltd.,
|
|
|
370,000
|
(TSFR3M + 1.150%), 5.43%,
7/25/2035, Series 2022-49A,
Class AR a,b
|
370,167
|
|
|
Newark BSL CLO 2, Ltd.,
|
|
|
110,437
|
(TSFR3M + 1.232%), 5.51%,
7/25/2030, Series 2017-1A,
Class A1R a,b
|
110,458
|
|
|
Nissan Auto Receivables Owner Trust,
|
|
|
100,313
|
5.47%, 12/15/2026, Series 2024-A,
Class A2A
|
100,505
|
|
|
Northwoods Capital XII-B, Ltd.,
|
|
|
267,698
|
(TSFR3M + 1.190%), 5.51%,
6/15/2031, Series 2018-12BA,
Class AR a,b
|
267,389
|
|
|
OCCU Auto Receivables Trust,
|
|
|
400,000
|
6.29%, 9/17/2029, Series 2023-1A,
Class A4 a
|
409,442
|
|
|
Octagon Investment Partners 36, Ltd.,
|
|
|
370,172
|
(TSFR3M + 1.232%), 5.49%,
4/15/2031, Series 2018-1A,
Class A1 a,b
|
370,172
|
|
|
Octagon Investment Partners 39, Ltd.,
|
|
|
317,597
|
(TSFR3M + 1.150%), 5.42%,
10/20/2030, Series 2018-3A,
Class AR a,b
|
317,595
|
|
|
OneMain Financial Issuance Trust,
|
|
|
550,000
|
1.75%, 9/14/2035, Series 2020-2A,
Class A a
|
536,227
|
|
|
Pagaya AI Debt Grantor Trust &
Pagaya AI Debt Trust,
|
|
|
585,470
|
6.09%, 11/15/2031, Series 2024-6,
Class A a
|
589,247
|
|
|
Palmer Square Loan Funding, Ltd.,
|
|
|
78,318
|
(TSFR3M + 1.062%), 5.32%,
10/15/2029, Series 2021-4A,
Class A1 a,b
|
78,319
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Asset-Backed Securities 19.5% – continued
|
||
|
$384,567
|
(TSFR3M + 1.050%), 5.31%,
10/15/2032, Series 2024-1A,
Class A1 a,b
|
$384,302
|
|
250,000
|
(TSFR3M + 1.400%), 5.70%,
7/15/2033, Series 2025-2A,
Class A2 a,b,c
|
250,000
|
|
|
Rad CLO 14, Ltd.,
|
|
|
250,000
|
(TSFR3M + 1.432%), 5.69%,
1/15/2035, Series 2021-14A,
Class A a,b
|
250,324
|
|
|
Rad CLO 4, Ltd.,
|
|
|
205,296
|
(TSFR3M + 1.230%), 5.51%,
4/25/2032, Series 2019-4A,
Class AR a,b
|
205,461
|
|
|
Republic Finance Issuance Trust,
|
|
|
294,452
|
2.30%, 12/22/2031, Series 2021-A,
Class A a
|
292,702
|
|
|
Santander Bank Auto Credit-Linked
Notes,
|
|
|
250,000
|
4.97%, 1/18/2033, Series 2024-B,
Class B a
|
250,612
|
|
38,593
|
6.49%, 6/15/2033, Series 2023-A,
Class B a
|
38,717
|
|
|
Santander Drive Auto Receivables
Trust,
|
|
|
96,622
|
4.98%, 2/15/2028, Series 2023-1,
Class B
|
96,668
|
|
|
SFS Auto Receivables Securitization
Trust,
|
|
|
130,472
|
5.35%, 6/21/2027, Series 2024-1A,
Class A2 a
|
130,544
|
|
|
Shackleton CLO, Ltd.,
|
|
|
62,095
|
(TSFR3M + 1.362%), 5.66%,
5/7/2031, Series 2014-5RA,
Class A a,b
|
62,130
|
|
|
SLM Private Credit Student Loan
Trust,
|
|
|
162,266
|
(TSFR3M + 0.662%), 4.98%,
6/15/2033, Series 2004-A,
Class A3 b
|
161,599
|
|
|
SMB Private Education Loan Trust,
|
|
|
59,672
|
(TSFR1M + 0.864%), 5.18%,
10/15/2035, Series 2017-B,
Class A2B a,b
|
59,572
|
|
|
Symphony CLO XV, Ltd.,
|
|
|
383,048
|
(TSFR3M + 1.100%), 5.36%,
1/16/2032, Series 2018-20A,
Class AR2A a,b
|
383,051
|
|
268,138
|
(TSFR3M + 1.342%), 5.62%,
1/17/2032, Series 2014-15A,
Class AR3 a,b
|
268,458
|
|
|
THL Credit Wind River CLO, Ltd.,
|
|
|
551,002
|
(TSFR3M + 1.200%), 5.47%,
10/20/2030, Series 2015-1A,
Class A1R3 a,b
|
551,553
|
|
|
Tiaa CLO III, Ltd.,
|
|
|
153,768
|
(TSFR3M + 1.412%), 5.67%,
1/16/2031, Series 2017-2A,
Class A a,b
|
153,855
|
|
|
TIAA CLO IV, Ltd.,
|
|
|
187,277
|
(TSFR3M + 1.140%), 5.41%,
1/20/2032, Series 2018-1A,
Class A1AR a,b
|
187,362
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Asset-Backed Securities 19.5% – continued
|
||
|
|
Tricolor Auto Securitization Trust,
|
|
|
$500,000
|
5.12%, 1/16/2029, Series 2025-2A,
Class A a
|
$500,538
|
|
|
Tricon American Homes,
|
|
|
365,000
|
2.05%, 7/17/2038, Series 2020-
SFR1, Class B a
|
353,693
|
|
|
Tricon Residential Trust,
|
|
|
750,000
|
2.24%, 7/17/2038, Series 2021-
SFR1, Class B a
|
730,110
|
|
259,135
|
3.86%, 4/17/2039, Series 2022-
SFR1, Class A a
|
255,487
|
|
249,571
|
(TSFR1M + 1.100%), 5.41%,
3/17/2042, Series 2025-SFR1,
Class A a,b
|
249,610
|
|
|
Venture 37 CLO, Ltd.,
|
|
|
87,739
|
(TSFR3M + 1.250%), 5.51%,
7/15/2032, Series 2019-37A,
Class A1RR a,b
|
87,796
|
|
|
Venture 42 CLO, Ltd.,
|
|
|
250,000
|
(TSFR3M + 1.392%), 5.65%,
4/15/2034, Series 2021-42A,
Class A1A a,b
|
250,170
|
|
|
Venture XXVIII CLO, Ltd.,
|
|
|
116,810
|
(TSFR3M + 1.252%), 5.52%,
7/20/2030, Series 2017-28A,
Class A1R a,b
|
116,853
|
|
|
Vibrant CLO XI, Ltd.,
|
|
|
176,442
|
(TSFR3M + 1.382%), 5.65%,
7/20/2032, Series 2019-11A,
Class A1R1 a,b
|
176,135
|
|
|
Voya CLO, Ltd.,
|
|
|
20,025
|
(TSFR3M + 1.282%), 5.56%,
4/17/2030, Series 2014-2A,
Class A1RR a,b
|
20,025
|
|
398,354
|
(TSFR3M + 1.150%), 5.42%,
10/18/2031, Series 2016-3A,
Class A1R2 a,b
|
398,830
|
|
|
World Omni Auto Receivables Trust,
|
|
|
200,000
|
1.90%, 3/15/2028, Series 2022-A,
Class A4
|
196,729
|
|
|
Total
|
31,881,185
|
|
Basic Materials 1.0%
|
||
|
|
DuPont de Nemours, Inc.,
|
|
|
100,000
|
4.49%, 11/15/2025
|
99,849
|
|
|
Ecolab, Inc.,
|
|
|
750,000
|
4.30%, 6/15/2028
|
755,224
|
|
|
Georgia-Pacific LLC,
|
|
|
250,000
|
4.40%, 6/30/2028 a
|
251,255
|
|
|
Glencore Funding LLC,
|
|
|
400,000
|
1.63%, 4/27/2026 a
|
391,001
|
|
200,000
|
(SOFRINDEX + 0.750%), 5.16%,
10/1/2026 a,b
|
199,981
|
|
|
Total
|
1,697,310
|
|
Collateralized Mortgage Obligations 1.4%
|
||
|
|
CHNGE Mortgage Trust,
|
|
|
532,445
|
6.53%, 6/25/2058, Series 2023-2,
Class A1 a,d
|
534,409
|
|
|
CSMC Trust,
|
|
|
113,105
|
3.66%, 10/25/2059, Series 2019-
NQM1, Class A1 a,d
|
111,315
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Collateralized Mortgage Obligations 1.4% – continued
|
||
|
|
PRKCM Trust,
|
|
|
$665,403
|
6.60%, 2/25/2058, Series 2023-
AFC1, Class A1 a,d
|
$666,731
|
|
609,861
|
6.58%, 9/25/2058, Series 2023-
AFC3, Class A1 a,d
|
615,460
|
|
|
Roc Mortgage Trust,
|
|
|
150,000
|
5.63%, 2/25/2040, Series 2025-
RTL1, Class A1 a,d
|
150,310
|
|
|
Toorak Mortgage Trust,
|
|
|
200,000
|
5.52%, 2/25/2040, Series 2025-
RRTL1, Class A1 a,d
|
200,024
|
|
|
Total
|
2,278,249
|
|
Commercial Mortgage-Backed Securities 1.6%
|
||
|
|
Bank,
|
|
|
195,603
|
3.42%, 5/15/2050, Series 2017-
BNK4, Class ASB
|
194,134
|
|
|
Benchmark Mortgage Trust,
|
|
|
55,275
|
5.96%, 7/15/2056, Series 2023-V3,
Class A1
|
56,032
|
|
|
CD Mortgage Trust,
|
|
|
395,187
|
3.22%, 8/15/2050, Series 2017-
CD5, Class AAB
|
390,998
|
|
|
Citigroup Commercial Mortgage Trust,
|
|
|
186,220
|
3.05%, 4/10/2049, Series 2016-
GC37, Class A3
|
185,043
|
|
140,445
|
2.98%, 11/15/2049, Series 2016-
C3, Class AAB
|
139,539
|
|
|
CSAIL Commercial Mortgage Trust,
|
|
|
433,933
|
3.76%, 11/15/2048, Series 2016-
C5, Class A5
|
431,692
|
|
|
GS Mortgage Securities Trust,
|
|
|
245,107
|
2.78%, 10/10/2049, Series 2016-
GS3, Class AAB
|
243,409
|
|
|
Morgan Stanley Bank of America
Merrill Lynch Trust,
|
|
|
237,110
|
3.27%, 1/15/2049, Series 2016-
C28, Class A3
|
235,337
|
|
|
UBS Commercial Mortgage Trust,
|
|
|
566,271
|
3.26%, 8/15/2050, Series 2017-C2,
Class ASB
|
560,133
|
|
|
Wells Fargo Commercial Mortgage
Trust,
|
|
|
199,778
|
3.79%, 9/15/2048, Series 2015-
SG1, Class A4
|
199,207
|
|
|
Total
|
2,635,524
|
|
Communication Services 0.7%
|
||
|
|
Charter Communications
Operating LLC/Charter
Communications Operating Capital,
|
|
|
100,000
|
4.91%, 7/23/2025
|
99,993
|
|
|
Cisco Systems, Inc.,
|
|
|
100,000
|
4.55%, 2/24/2028
|
101,322
|
|
|
Discovery Communications LLC,
|
|
|
81,000
|
3.95%, 3/20/2028
|
77,407
|
|
|
Expedia Group, Inc.,
|
|
|
100,000
|
5.00%, 2/15/2026
|
100,096
|
|
|
Paramount Global,
|
|
|
250,000
|
2.90%, 1/15/2027
|
243,340
|
|
|
Rogers Communications, Inc.,
|
|
|
400,000
|
3.20%, 3/15/2027
|
392,183
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Communication Services 0.7% – continued
|
||
|
|
Sprint LLC,
|
|
|
$200,000
|
7.63%, 3/1/2026
|
$201,918
|
|
|
Total
|
1,216,259
|
|
Consumer Discretionary 7.8%
|
||
|
|
Air Canada,
|
|
|
400,000
|
3.88%, 8/15/2026 a
|
395,960
|
|
|
American Honda Finance Corp.,
|
|
|
200,000
|
(SOFRRATE + 0.820%), 5.21%,
3/3/2028 b
|
200,326
|
|
|
BMW U.S. Capital LLC,
|
|
|
200,000
|
(SOFRINDEX + 0.550%), 4.89%,
4/2/2026 a,b
|
200,076
|
|
200,000
|
(SOFRINDEX + 0.780%), 5.19%,
3/19/2027 a,b
|
200,149
|
|
|
Delta Air Lines, Inc.,
|
|
|
250,000
|
7.38%, 1/15/2026
|
253,481
|
|
500,000
|
4.95%, 7/10/2028
|
502,856
|
|
|
Ford Motor Credit Co. LLC,
|
|
|
1,100,000
|
6.95%, 3/6/2026
|
1,110,608
|
|
|
General Motors Financial Co., Inc.,
|
|
|
450,000
|
5.40%, 4/6/2026
|
452,042
|
|
500,000
|
(SOFRINDEX + 1.170%), 5.53%,
4/4/2028 b
|
496,401
|
|
|
Honda Motor Co., Ltd.,
|
|
|
1,000,000
|
4.44%, 7/8/2028 c
|
1,001,147
|
|
|
Hyundai Capital America,
|
|
|
1,100,000
|
(SOFRRATE + 0.990%), 5.40%,
3/25/2027 a,b
|
1,098,233
|
|
500,000
|
(SOFRRATE + 1.120%), 5.53%,
6/23/2027 a,b
|
500,590
|
|
|
Las Vegas Sands Corp.,
|
|
|
300,000
|
3.50%, 8/18/2026
|
295,940
|
|
300,000
|
5.63%, 6/15/2028
|
306,011
|
|
|
O'Reilly Automotive, Inc.,
|
|
|
250,000
|
5.75%, 11/20/2026
|
254,430
|
|
|
PACCAR Financial Corp.,
|
|
|
200,000
|
4.55%, 3/3/2028
|
202,859
|
|
|
Royal Caribbean Cruises, Ltd.,
|
|
|
350,000
|
5.50%, 8/31/2026 a
|
351,239
|
|
|
Stellantis Finance U.S., Inc.,
|
|
|
200,000
|
5.35%, 3/17/2028 a
|
201,665
|
|
|
Target Corp.,
|
|
|
750,000
|
4.35%, 6/15/2028
|
754,508
|
|
|
Toyota Motor Credit Corp.,
|
|
|
500,000
|
(SOFRRATE + 0.650%), 5.06%,
3/19/2027 b
|
500,686
|
|
250,000
|
(SOFRRATE + 0.710%), 5.08%,
5/14/2027 b
|
250,766
|
|
|
United Airlines, Inc.,
|
|
|
400,000
|
4.38%, 4/15/2026 a
|
397,356
|
|
|
Volkswagen Group of America
Finance LLC,
|
|
|
1,100,000
|
1.25%, 11/24/2025 a
|
1,084,997
|
|
200,000
|
(SOFRRATE + 1.060%), 5.47%,
3/25/2027 a,b
|
199,776
|
|
|
Walmart, Inc.,
|
|
|
500,000
|
(SOFRINDEX + 0.430%), 4.79%,
4/28/2027 b
|
501,555
|
|
1,000,000
|
4.10%, 4/28/2027
|
1,004,233
|
|
79,000
|
3.76%, 3/15/2027
|
76,735
|
|
|
Total
|
12,794,625
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Consumer Staples 8.3%
|
||
|
|
AbbVie, Inc.,
|
|
|
$200,000
|
4.65%, 3/15/2028
|
$203,024
|
|
|
Alcon Finance Corp.,
|
|
|
350,000
|
2.75%, 9/23/2026 a
|
342,399
|
|
|
Altria Group, Inc.,
|
|
|
450,000
|
4.88%, 2/4/2028
|
456,143
|
|
|
Amgen, Inc.,
|
|
|
350,000
|
2.60%, 8/19/2026
|
343,538
|
|
|
BAT Capital Corp.,
|
|
|
350,000
|
3.22%, 9/6/2026
|
345,139
|
|
|
Baxter International, Inc.,
|
|
|
350,000
|
2.60%, 8/15/2026
|
343,406
|
|
|
Becton Dickinson & Co.,
|
|
|
450,000
|
3.70%, 6/6/2027
|
444,582
|
|
|
Bunge, Ltd. Finance Corp.,
|
|
|
300,000
|
3.25%, 8/15/2026
|
296,299
|
|
|
Cargill, Inc.,
|
|
|
500,000
|
0.75%, 2/2/2026 a
|
489,523
|
|
|
Centene Corp.,
|
|
|
100,000
|
4.25%, 12/15/2027
|
98,485
|
|
|
Conagra Brands, Inc.,
|
|
|
500,000
|
1.38%, 11/1/2027
|
466,591
|
|
|
CVS Health Corp.,
|
|
|
50,000
|
3.88%, 7/20/2025
|
49,962
|
|
450,000
|
2.88%, 6/1/2026
|
443,138
|
|
|
Danone SA,
|
|
|
400,000
|
2.95%, 11/2/2026 a
|
392,974
|
|
|
Elevance Health, Inc.,
|
|
|
600,000
|
3.65%, 12/1/2027
|
592,880
|
|
|
ERAC USA Finance LLC,
|
|
|
500,000
|
3.80%, 11/1/2025 a
|
498,712
|
|
|
GE HealthCare Technologies, Inc.,
|
|
|
300,000
|
5.65%, 11/15/2027
|
309,083
|
|
|
GlaxoSmithKline Capital plc,
|
|
|
700,000
|
(SOFRRATE + 0.500%), 4.90%,
3/12/2027 b
|
701,182
|
|
|
Global Payments, Inc.,
|
|
|
350,000
|
2.15%, 1/15/2027
|
338,555
|
|
|
HCA, Inc.,
|
|
|
500,000
|
5.00%, 3/1/2028
|
507,429
|
|
|
Hershey Co.,
|
|
|
100,000
|
4.55%, 2/24/2028
|
101,265
|
|
|
Imperial Brands Finance plc,
|
|
|
350,000
|
3.50%, 7/26/2026 a
|
345,853
|
|
250,000
|
4.50%, 6/30/2028 a,c
|
249,970
|
|
|
JBS USA Holding Lux SARL/JBS
USA Food Co./JBS Lux Co. SARL,
|
|
|
550,000
|
2.50%, 1/15/2027
|
534,995
|
|
|
Keurig Dr. Pepper, Inc.,
|
|
|
400,000
|
(SOFRRATE + 0.580%), 4.95%,
11/15/2026 b
|
400,701
|
|
|
Kraft Heinz Foods Co.,
|
|
|
550,000
|
3.00%, 6/1/2026
|
542,821
|
|
|
Laboratory Corp. of America
Holdings,
|
|
|
400,000
|
1.55%, 6/1/2026
|
389,573
|
|
|
Mars, Inc.,
|
|
|
200,000
|
4.45%, 3/1/2027 a
|
200,692
|
|
|
Molson Coors Beverage Co.,
|
|
|
250,000
|
3.00%, 7/15/2026
|
246,280
|
|
|
Mondelez International Holdings
Netherlands BV,
|
|
|
300,000
|
1.25%, 9/24/2026 a
|
289,116
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Consumer Staples 8.3% – continued
|
||
|
|
PayPal Holdings, Inc.,
|
|
|
$100,000
|
(SOFRRATE + 0.670%), 5.06%,
3/6/2028 b
|
$100,054
|
|
|
Pernod Ricard SA,
|
|
|
300,000
|
3.25%, 6/8/2026 a
|
296,611
|
|
|
Philip Morris International, Inc.,
|
|
|
500,000
|
(SOFRRATE + 0.830%), 5.19%,
4/28/2028 b
|
502,162
|
|
|
Reckitt Benckiser Treasury Services
plc,
|
|
|
400,000
|
3.00%, 6/26/2027 a
|
391,003
|
|
|
Shire Acquisitions Investments Ireland
DAC,
|
|
|
350,000
|
3.20%, 9/23/2026
|
345,434
|
|
|
Solventum Corp.,
|
|
|
250,000
|
5.45%, 2/25/2027
|
254,078
|
|
|
Universal Health Services, Inc.,
|
|
|
100,000
|
1.65%, 9/1/2026
|
96,545
|
|
|
Viterra Finance BV,
|
|
|
350,000
|
2.00%, 4/21/2026 a
|
342,527
|
|
|
Zimmer Biomet Holdings, Inc.,
|
|
|
250,000
|
4.70%, 2/19/2027
|
251,352
|
|
|
Total
|
13,544,076
|
|
Energy 1.8%
|
||
|
|
BP Capital Markets America, Inc.,
|
|
|
450,000
|
3.12%, 5/4/2026
|
445,456
|
|
|
Chevron USA, Inc.,
|
|
|
250,000
|
(SOFRINDEX + 0.360%), 4.74%,
2/26/2027 b
|
250,608
|
|
|
Continental Resources, Inc.,
|
|
|
400,000
|
2.27%, 11/15/2026 a
|
386,559
|
|
|
EOG Resources, Inc.,
|
|
|
500,000
|
4.40%, 7/15/2028 c
|
502,887
|
|
|
EQT Corp.,
|
|
|
500,000
|
6.50%, 7/1/2027 a
|
511,266
|
|
|
Ovintiv, Inc.,
|
|
|
400,000
|
5.38%, 1/1/2026
|
400,358
|
|
|
Sabine Pass Liquefaction LLC,
|
|
|
400,000
|
5.88%, 6/30/2026
|
402,177
|
|
|
Total
|
2,899,311
|
|
Financials 28.0%
|
||
|
|
ABN AMRO Bank NV,
|
|
|
1,000,000
|
4.20%, 7/7/2028 a
|
1,000,803
|
|
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
800,000
|
2.45%, 10/29/2026
|
779,421
|
|
|
Aircastle, Ltd.,
|
|
|
450,000
|
4.25%, 6/15/2026
|
447,979
|
|
|
Ally Financial, Inc.,
|
|
|
450,000
|
5.75%, 11/20/2025
|
451,023
|
|
100,000
|
(SOFRINDEX + 1.960%), 5.74%,
5/15/2029 b
|
101,780
|
|
|
American Express Co.,
|
|
|
750,000
|
(SOFRRATE + 1.260%), 5.61%,
4/25/2029 b
|
756,739
|
|
|
American Tower Corp.,
|
|
|
500,000
|
3.38%, 10/15/2026
|
493,609
|
|
|
Aon North America, Inc.,
|
|
|
250,000
|
5.13%, 3/1/2027
|
252,947
|
|
|
ARES Capital Corp.,
|
|
|
300,000
|
2.88%, 6/15/2027
|
289,934
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Financials 28.0% – continued
|
||
|
|
Ares Strategic Income Fund,
|
|
|
$250,000
|
5.45%, 9/9/2028 a
|
$250,123
|
|
|
Athene Global Funding,
|
|
|
150,000
|
5.62%, 5/8/2026 a
|
151,344
|
|
|
Australia & New Zealand Banking
Group, Ltd.,
|
|
|
1,000,000
|
(SOFRRATE + 0.620%), 5.03%,
6/18/2028 a,b
|
1,000,749
|
|
|
Aviation Capital Group LLC,
|
|
|
400,000
|
3.50%, 11/1/2027 a
|
389,788
|
|
|
Banco Santander SA,
|
|
|
200,000
|
(SOFRRATE + 1.120%), 5.47%,
7/15/2028 b
|
200,544
|
|
|
Bank of America Corp.,
|
|
|
500,000
|
(SOFRRATE + 1.110%), 5.47%,
5/9/2029 b
|
503,198
|
|
500,000
|
(SOFRRATE + 1.010%), 5.37%,
1/24/2031 b
|
498,245
|
|
|
Bank of Montreal,
|
|
|
550,000
|
(SOFRRATE + 0.880%), 4.57%,
9/10/2027 b
|
551,262
|
|
350,000
|
(5 yr. USD Swap + 1.432%), 3.80%,
12/15/2032 b
|
340,899
|
|
|
Bank of New York Mellon Corp.,
|
|
|
1,000,000
|
(SOFRINDEX + 0.680%), 5.07%,
6/9/2028 b
|
1,000,970
|
|
|
Bank of Nova Scotia,
|
|
|
300,000
|
5.40%, 6/4/2027
|
306,942
|
|
|
Barclays plc,
|
|
|
1,100,000
|
5.20%, 5/12/2026
|
1,104,961
|
|
300,000
|
(CMT 1Y + 3.050%), 7.33%,
11/2/2026 b
|
302,491
|
|
|
Blackstone Private Credit Fund,
|
|
|
100,000
|
7.05%, 9/29/2025
|
100,551
|
|
250,000
|
2.63%, 12/15/2026
|
241,545
|
|
|
Blackstone Secured Lending Fund,
|
|
|
450,000
|
2.75%, 9/16/2026
|
438,153
|
|
|
Blue Owl Capital Corp.,
|
|
|
100,000
|
3.40%, 7/15/2026
|
98,393
|
|
|
Blue Owl Credit Income Corp.,
|
|
|
300,000
|
7.75%, 9/16/2027
|
314,678
|
|
|
Blue Owl Technology Finance Corp.,
|
|
|
350,000
|
6.10%, 3/15/2028 a
|
351,896
|
|
|
BNP Paribas SA,
|
|
|
350,000
|
(SOFRRATE + 1.004%), 1.32%,
1/13/2027 a,b
|
343,910
|
|
400,000
|
(5 yr. USD Swap + 1.483%), 4.38%,
3/1/2033 a,b
|
391,818
|
|
|
Boston Properties LP,
|
|
|
300,000
|
2.75%, 10/1/2026
|
293,365
|
|
|
Brown & Brown, Inc.,
|
|
|
750,000
|
4.70%, 6/23/2028
|
756,327
|
|
|
CaixaBank SA,
|
|
|
500,000
|
(SOFRRATE + 1.140%), 4.63%,
7/3/2029 a,b,c
|
501,245
|
|
|
Canadian Imperial Bank of
Commerce,
|
|
|
100,000
|
(SOFRRATE + 1.030%), 5.44%,
3/30/2029 b
|
100,117
|
|
|
Capital One Financial Corp.,
|
|
|
450,000
|
(SOFRRATE + 0.855%), 1.88%,
11/2/2027 b
|
434,672
|
|
|
Citibank NA,
|
|
|
500,000
|
4.58%, 5/29/2027
|
502,746
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Financials 28.0% – continued
|
||
|
|
Citigroup, Inc.,
|
|
|
$450,000
|
4.45%, 9/29/2027
|
$450,432
|
|
500,000
|
(SOFRRATE + 1.143%), 5.51%,
5/7/2028 b
|
502,403
|
|
400,000
|
(SOFRRATE + 0.870%), 5.26%,
3/4/2029 b
|
399,336
|
|
|
Commonwealth Bank of Australia,
|
|
|
500,000
|
(SOFRRATE + 0.640%), 5.05%,
3/14/2028 a,b
|
501,573
|
|
|
Cooperatieve Rabobank UA,
|
|
|
250,000
|
(SOFRRATE + 0.590%), 4.97%,
5/27/2027 b
|
250,463
|
|
300,000
|
(SOFRINDEX + 0.890%), 5.24%,
10/17/2029 b
|
301,395
|
|
|
Corebridge Financial, Inc.,
|
|
|
300,000
|
3.65%, 4/5/2027
|
296,031
|
|
|
Crown Castle, Inc.,
|
|
|
450,000
|
1.05%, 7/15/2026
|
433,400
|
|
|
Deutsche Bank AG,
|
|
|
400,000
|
(SOFRRATE + 2.520%), 7.15%,
7/13/2027 b
|
410,106
|
|
250,000
|
(SOFRRATE + 1.210%), 5.56%,
1/10/2029 b
|
250,237
|
|
|
Equitable America Global Funding,
|
|
|
500,000
|
4.65%, 6/9/2028 a
|
502,915
|
|
|
Extra Space Storage LP,
|
|
|
300,000
|
3.50%, 7/1/2026
|
296,975
|
|
|
Goldman Sachs Group, Inc.,
|
|
|
550,000
|
4.25%, 10/21/2025
|
549,325
|
|
1,600,000
|
(SOFRRATE + 1.290%), 5.64%,
4/23/2028 b
|
1,609,656
|
|
|
Goldman Sachs Private Credit Corp.,
|
|
|
200,000
|
5.88%, 5/6/2028 a
|
202,147
|
|
|
Golub Capital BDC, Inc.,
|
|
|
300,000
|
2.50%, 8/24/2026
|
291,950
|
|
|
HPS Corporate Lending Fund,
|
|
|
250,000
|
5.30%, 6/5/2027 a
|
250,403
|
|
|
HSBC Holdings plc,
|
|
|
200,000
|
(SOFRRATE + 1.030%), 5.42%,
3/3/2029 b
|
199,840
|
|
|
HSBC USA, Inc.,
|
|
|
750,000
|
4.65%, 6/3/2028
|
755,916
|
|
|
ING Groep NV,
|
|
|
200,000
|
(SOFRINDEX + 1.010%), 5.42%,
3/25/2029 b
|
200,131
|
|
|
JPMorgan Chase & Co.,
|
|
|
300,000
|
(SOFRRATE + 0.800%), 5.15%,
1/24/2029, Series FRN b
|
299,889
|
|
|
KeyCorp,
|
|
|
350,000
|
2.25%, 4/6/2027
|
337,496
|
|
|
Lloyds Banking Group plc,
|
|
|
550,000
|
(CMT 1Y + 1.750%), 4.72%,
8/11/2026 b
|
549,771
|
|
200,000
|
(SOFRINDEX + 1.060%), 5.43%,
11/26/2028 b
|
200,420
|
|
500,000
|
(SOFRRATE + 1.060%), 5.45%,
6/13/2029 b
|
500,145
|
|
|
LPL Holdings, Inc.,
|
|
|
350,000
|
4.90%, 4/3/2028
|
352,659
|
|
|
Macquarie Airfinance Holdings, Ltd.,
|
|
|
350,000
|
5.20%, 3/27/2028 a
|
353,900
|
|
|
Macquarie Group, Ltd.,
|
|
|
745,000
|
(SOFRRATE + 0.995%), 1.94%,
4/14/2028 a,b
|
711,316
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Financials 28.0% – continued
|
||
|
|
Manufacturers & Traders Trust Co.,
|
|
|
$750,000
|
(SOFRRATE + 0.950%), 4.76%,
7/6/2028 b
|
$755,204
|
|
|
Morgan Stanley,
|
|
|
1,150,000
|
3.59%, 7/22/2028 b
|
1,129,870
|
|
350,000
|
(SOFRRATE + 1.380%), 5.73%,
4/12/2029 b
|
354,136
|
|
|
National Australia Bank, Ltd.,
|
|
|
1,000,000
|
(SOFRRATE + 0.650%), 5.06%,
6/13/2028 a,b
|
1,001,436
|
|
|
National Bank of Canada,
|
|
|
550,000
|
(SOFRRATE + 0.557%), 4.70%,
3/5/2027 b
|
550,089
|
|
|
National Securities Clearing Corp.,
|
|
|
500,000
|
(SOFRRATE + 0.570%), 4.94%,
5/20/2027 a,b
|
501,048
|
|
|
NatWest Group plc,
|
|
|
250,000
|
(SOFRRATE + 1.100%), 5.47%,
5/23/2029 b
|
250,088
|
|
|
New York Life Global Funding,
|
|
|
350,000
|
(SOFRRATE + 0.880%), 5.23%,
4/25/2028 a,b
|
353,048
|
|
|
Omega Healthcare Investors, Inc.,
|
|
|
450,000
|
5.25%, 1/15/2026
|
450,222
|
|
|
Pacific Life Global Funding II,
|
|
|
250,000
|
4.45%, 5/1/2028 a
|
251,967
|
|
|
PNC Bank NA,
|
|
|
500,000
|
(SOFRRATE + 0.630%), 4.54%,
5/13/2027 b
|
500,251
|
|
|
PNC Financial Services Group, Inc.,
|
|
|
650,000
|
(SOFRINDEX + 1.085%), 4.76%,
1/26/2027 b
|
650,951
|
|
|
Reinsurance Group of America, Inc.,
|
|
|
350,000
|
3.95%, 9/15/2026
|
347,973
|
|
|
Royal Bank of Canada,
|
|
|
350,000
|
(SOFRINDEX + 0.720%), 4.51%,
10/18/2027 b
|
350,637
|
|
250,000
|
(SOFRINDEX + 0.830%), 5.18%,
1/24/2029 b
|
249,551
|
|
|
Santander Holdings USA, Inc.,
|
|
|
100,000
|
(SOFRRATE + 1.610%), 6.02%,
3/20/2029 b
|
100,986
|
|
|
Santander U.K. Group Holdings plc,
|
|
|
450,000
|
(SOFRRATE + 2.749%), 6.83%,
11/21/2026 b
|
453,689
|
|
200,000
|
(SOFRRATE + 0.989%), 1.67%,
6/14/2027 b
|
194,271
|
|
|
Simon Property Group LP,
|
|
|
350,000
|
3.30%, 1/15/2026
|
347,855
|
|
|
Skandinaviska Enskilda Banken AB,
|
|
|
500,000
|
(SOFRRATE + 0.750%), 5.14%,
6/2/2028 a,b
|
500,832
|
|
|
Societe Generale SA,
|
|
|
250,000
|
(SOFRRATE + 1.410%), 5.75%,
4/13/2029 a,b
|
250,128
|
|
|
State Street Corp.,
|
|
|
750,000
|
(SOFRRATE + 0.950%), 5.30%,
4/24/2028 b
|
753,490
|
|
|
Sumitomo Mitsui Financial Group,
Inc.,
|
|
|
200,000
|
(SOFRRATE + 1.170%), 5.51%,
7/9/2029 b
|
201,956
|
|
|
Svenska Handelsbanken AB,
|
|
|
250,000
|
4.38%, 5/23/2028 a
|
252,133
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Financials 28.0% – continued
|
||
|
|
Synchrony Bank,
|
|
|
$450,000
|
5.63%, 8/23/2027
|
$458,913
|
|
|
Toronto-Dominion Bank,
|
|
|
700,000
|
(5 yr. USD Swap + 2.205%), 3.63%,
9/15/2031 b
|
692,003
|
|
|
Truist Bank,
|
|
|
500,000
|
(SOFRRATE + 0.590%), 4.67%,
5/20/2027 b
|
500,745
|
|
|
Truist Financial Corp.,
|
|
|
450,000
|
(SOFRRATE + 2.050%), 6.05%,
6/8/2027 b
|
456,046
|
|
|
U.S. Bancorp,
|
|
|
750,000
|
(SOFRRATE + 1.430%), 5.73%,
10/21/2026 b
|
752,515
|
|
|
U.S. Bank NA,
|
|
|
250,000
|
(SOFRRATE + 0.910%), 5.28%,
5/15/2028 b
|
250,655
|
|
|
UBS Group AG,
|
|
|
1,150,000
|
(SOFRINDEX + 0.980%), 1.31%,
2/2/2027 a,b
|
1,128,306
|
|
|
VICI Properties LP/VICI Note Co.,
Inc.,
|
|
|
350,000
|
4.50%, 9/1/2026 a
|
349,036
|
|
|
Wells Fargo & Co.,
|
|
|
550,000
|
4.10%, 6/3/2026
|
547,802
|
|
1,000,000
|
(SOFRRATE + 1.370%), 5.72%,
4/23/2029 b
|
1,012,486
|
|
|
Westpac Banking Corp.,
|
|
|
650,000
|
(5 yr. USD SOFR ICE Swap +
2.236%), 4.32%, 11/23/2031 b
|
645,718
|
|
|
Weyerhaeuser Co.,
|
|
|
100,000
|
4.75%, 5/15/2026
|
100,196
|
|
|
Total
|
45,651,629
|
|
Industrials 3.7%
|
||
|
|
Amphenol Corp.,
|
|
|
500,000
|
4.38%, 6/12/2028
|
503,482
|
|
|
Amrize Finance U.S. LLC,
|
|
|
200,000
|
4.60%, 4/7/2027 a
|
200,810
|
|
|
BAE Systems plc,
|
|
|
400,000
|
5.00%, 3/26/2027 a
|
404,599
|
|
|
Boeing Co.,
|
|
|
500,000
|
3.10%, 5/1/2026
|
493,355
|
|
450,000
|
3.25%, 2/1/2028
|
436,471
|
|
|
Caterpillar Financial Services Corp.,
|
|
|
250,000
|
(SOFRRATE + 0.520%), 4.91%,
3/3/2028 b
|
250,258
|
|
|
Howmet Aerospace, Inc.,
|
|
|
400,000
|
5.90%, 2/1/2027
|
409,520
|
|
|
John Deere Capital Corp.,
|
|
|
750,000
|
(SOFRRATE + 0.400%), 4.71%,
1/5/2027 b
|
750,322
|
|
200,000
|
(SOFRRATE + 0.500%), 4.89%,
3/6/2028 b
|
199,753
|
|
|
L3Harris Technologies, Inc.,
|
|
|
500,000
|
3.85%, 12/15/2026
|
497,033
|
|
|
Molex Electronic Technologies LLC,
|
|
|
250,000
|
4.75%, 4/30/2028 a
|
251,572
|
|
|
Northrop Grumman Corp.,
|
|
|
350,000
|
3.25%, 1/15/2028
|
341,934
|
|
|
Regal Rexnord Corp.,
|
|
|
450,000
|
6.05%, 2/15/2026
|
452,602
|
|
|
Siemens Funding BV,
|
|
|
500,000
|
4.35%, 5/26/2028 a
|
503,854
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Industrials 3.7% – continued
|
||
|
|
Spirit AeroSystems, Inc.,
|
|
|
$300,000
|
4.60%, 6/15/2028
|
$294,897
|
|
|
Total
|
5,990,462
|
|
Mortgage-Backed Securities 3.8%
|
||
|
|
Federal Home Loan Mortgage Corp.
Multifamily Structured Pass-Through
Certificates,
|
|
|
768,795
|
3.31%, 9/25/2025, Series K051,
Class A2
|
765,452
|
|
353,994
|
3.00%, 12/25/2025, Series K053,
Class A2
|
351,255
|
|
|
Federal Home Loan Mortgage Corp.
REMICS,
|
|
|
279,289
|
(SOFR30A + 0.614%), 4.92%,
1/15/2032, Series 3218, Class FN b
|
277,901
|
|
321,070
|
1.50%, 5/15/2032, Series 4224,
Class KA
|
316,079
|
|
497,891
|
3.00%, 4/15/2034, Series 4482,
Class CA
|
490,998
|
|
88,164
|
4.00%, 9/15/2039, Series 3786,
Class ED
|
87,878
|
|
|
Federal National Mortgage
Association,
|
|
|
477,172
|
2.50%, 8/1/2032
|
466,953
|
|
|
Federal National Mortgage
Association REMICS,
|
|
|
110,164
|
1.50%, 9/25/2027, Series 100,
Class BA
|
107,374
|
|
1,031,251
|
2.25%, 7/25/2028, Series 2013-73,
Class BL
|
1,011,282
|
|
93,593
|
3.50%, 1/25/2035, Series 2014-53,
Class VB
|
93,012
|
|
396,463
|
(SOFR30A + 0.414%), 4.72%,
11/25/2036, Series 2006-108,
Class FB b
|
392,905
|
|
286,544
|
3.00%, 8/25/2043, Series 2016-99,
Class H
|
283,077
|
|
|
Government National Mortgage
Association REMICS,
|
|
|
269,464
|
3.50%, 9/20/2042, Series 2013-91,
Class PB
|
266,901
|
|
1,265,543
|
(TSFR1M + 0.314%), 4.63%,
9/20/2043, Series 2013-135,
Class FM b
|
1,260,786
|
|
|
Total
|
6,171,853
|
|
Technology 3.1%
|
||
|
|
Accenture Capital, Inc.,
|
|
|
300,000
|
3.90%, 10/4/2027
|
299,083
|
|
|
Analog Devices, Inc.,
|
|
|
500,000
|
4.25%, 6/15/2028
|
502,307
|
|
|
Apple, Inc.,
|
|
|
750,000
|
4.00%, 5/12/2028
|
751,424
|
|
|
Dell International LLC/EMC Corp.,
|
|
|
400,000
|
6.02%, 6/15/2026
|
403,781
|
|
300,000
|
4.75%, 4/1/2028
|
303,511
|
|
|
Fidelity National Information Services,
Inc.,
|
|
|
350,000
|
1.15%, 3/1/2026
|
342,416
|
|
|
Hewlett Packard Enterprise Co.,
|
|
|
450,000
|
4.45%, 9/25/2026
|
450,706
|
|
Principal
Amount
|
Long-Term Fixed Income 99.9%
|
Value
|
|
Technology 3.1% – continued
|
||
|
|
Oracle Corp.,
|
|
|
$800,000
|
2.65%, 7/15/2026
|
$785,576
|
|
|
Synopsys, Inc.,
|
|
|
400,000
|
4.55%, 4/1/2027
|
401,994
|
|
|
VMware LLC,
|
|
|
750,000
|
4.65%, 5/15/2027
|
754,375
|
|
|
Total
|
4,995,173
|
|
U.S. Government & Agencies 17.6%
|
||
|
|
U.S. Treasury Notes,
|
|
|
2,030,000
|
5.00%, 8/31/2025
|
2,031,467
|
|
26,700,000
|
4.88%, 11/30/2025
|
26,756,320
|
|
|
Total
|
28,787,787
|
|
Utilities 1.6%
|
||
|
|
Capital Power U.S. Holdings, Inc.,
|
|
|
250,000
|
5.26%, 6/1/2028 a
|
253,386
|
|
|
DTE Electric Co.,
|
|
|
400,000
|
4.25%, 5/14/2027
|
400,552
|
|
|
Duke Energy Progress LLC,
|
|
|
100,000
|
4.35%, 3/6/2027
|
100,476
|
|
|
Evergy Kansas Central, Inc.,
|
|
|
150,000
|
4.70%, 3/13/2028
|
151,693
|
|
|
Georgia Power Co.,
|
|
|
250,000
|
(SOFRINDEX + 0.280%), 4.68%,
9/15/2026 b
|
249,655
|
|
|
Jersey Central Power & Light Co.,
|
|
|
350,000
|
4.30%, 1/15/2026 a
|
349,309
|
|
|
NextEra Energy Capital Holdings,
Inc.,
|
|
|
350,000
|
4.95%, 1/29/2026
|
350,911
|
|
|
Pacific Gas & Electric Co.,
|
|
|
300,000
|
3.15%, 1/1/2026
|
297,131
|
|
|
Xcel Energy, Inc.,
|
|
|
400,000
|
3.35%, 12/1/2026
|
394,322
|
|
|
Total
|
2,547,435
|
|
|
Total Long-Term Fixed Income
(Cost $162,576,949)
|
163,090,878
|
|
Shares or
Principal
Amount
|
Short-Term Investments 1.2%
|
Value
|
|
|
Federal Home Loan Mortgage Corp.
Discount Notes,
|
|
|
200,000
|
4.24%, 9/22/2025 e,f
|
198,040
|
|
|
Federal National Mortgage Association
Discount Notes,
|
|
|
200,000
|
4.25%, 8/15/2025 e,f
|
198,922
|
|
Shares or
Principal
Amount
|
Short-Term Investments 1.2%
|
Value
|
|
|
State Street Institutional
U.S. Government Money Market Fund -
Premier Class,
|
|
|
1,495,023
|
4.27% f
|
$1,495,023
|
|
|
Total Short-Term Investments
(Cost $1,892,047)
|
1,891,985
|
|
|
Total Investments
(Cost $164,468,996) 101.1%
|
$164,982,863
|
|
|
Other Assets and Liabilities, Net
(1.1%)
|
(1,741,852)
|
|
|
Total Net Assets 100.0%
|
$163,241,011
|
|
a
|
Denotes securities sold under Rule 144A of the Securities Act of
1933, which exempts them from registration. These securities may
be resold to other dealers in the program or to other qualified
institutional buyers. As of June 30, 2025, the value of these
investments was $54,064,099 or 33.1% of total net assets.
|
|
b
|
Denotes variable rate securities. The rate shown is as of June 30,
2025. The rates of certain variable rate securities are based on a
published reference rate and spread; these may vary by security
and the reference rate and spread are indicated in their description.
The rates of other variable rate securities are determined by the
issuer or agent and are based on current market conditions. These
securities do not indicate a reference rate and spread in their
description.
|
|
c
|
Denotes investments purchased on a when-issued or delayed-
delivery basis.
|
|
d
|
Denotes step coupon securities. Step coupon securities pay an
initial coupon rate for the first period and then different coupon rates
for following periods. The rate shown is as of June 30, 2025.
|
|
e
|
All or a portion of the security is held on deposit with counterparty
and pledged as the initial margin deposit for open futures contracts.
|
|
f
|
The interest rate shown reflects the yield.
|
|
Definitions:
|
||
|
CLO
|
–
|
Collateralized Loan Obligation
|
|
REMICS
|
–
|
Real Estate Mortgage Investment Conduits
|
|
plc
|
–
|
Public Limited Company
|
|
Reference Rate Index:
|
||
|
CMT 1Y
|
–
|
Constant Maturity Treasury Yield 1 Year
|
|
ICE
|
–
|
Intercontinental Exchange
|
|
SOFR30A
|
–
|
Secured Overnight Financing Rate 30 Year
Average
|
|
SOFRINDEX
|
–
|
Secured Overnight Financing Rate
Compounded Index
|
|
SOFRRATE
|
–
|
Secured Overnight Financing Rate
|
|
TSFR1M
|
–
|
CME Term SOFR 1 Month
|
|
TSFR3M
|
–
|
CME Term SOFR 3 Month
|
|
Investments in Securities
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Long-Term Fixed Income
|
|
|
|
|
|
Asset-Backed Securities
|
31,881,185
|
—
|
31,881,185
|
—
|
|
Basic Materials
|
1,697,310
|
—
|
1,697,310
|
—
|
|
Collateralized Mortgage Obligations
|
2,278,249
|
—
|
2,278,249
|
—
|
|
Commercial Mortgage-Backed Securities
|
2,635,524
|
—
|
2,635,524
|
—
|
|
Communication Services
|
1,216,259
|
—
|
1,216,259
|
—
|
|
Consumer Discretionary
|
12,794,625
|
—
|
12,794,625
|
—
|
|
Consumer Staples
|
13,544,076
|
—
|
13,544,076
|
—
|
|
Energy
|
2,899,311
|
—
|
2,899,311
|
—
|
|
Financials
|
45,651,629
|
—
|
45,651,629
|
—
|
|
Industrials
|
5,990,462
|
—
|
5,990,462
|
—
|
|
Mortgage-Backed Securities
|
6,171,853
|
—
|
6,171,853
|
—
|
|
Technology
|
4,995,173
|
—
|
4,995,173
|
—
|
|
U.S. Government & Agencies
|
28,787,787
|
—
|
28,787,787
|
—
|
|
Utilities
|
2,547,435
|
—
|
2,547,435
|
—
|
|
Short-Term Investments
|
1,891,985
|
1,495,023
|
396,962
|
—
|
|
Total Investments at Value
|
$164,982,863
|
$1,495,023
|
$163,487,840
|
$—
|
|
Other Financial Instruments
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Liability Derivatives
|
|
|
|
|
|
Futures Contracts
|
175,448
|
175,448
|
—
|
—
|
|
Total Liability Derivatives
|
$175,448
|
$175,448
|
$—
|
$—
|
|
Futures Contracts Description
|
Number of
Contracts
Long/(Short)
|
Expiration
Date
|
Notional Principal
Amount
|
Value and
Unrealized
|
|
CBOT 2 Yr. U.S. Treasury Notes
|
(87)
|
September 2025
|
$(18,017,866)
|
$(80,173)
|
|
CBOT 3 Yr. U.S. Treasury Notes
|
(69)
|
September 2025
|
(14,564,530)
|
(95,275)
|
|
Total Futures Short Contracts
|
$(32,582,396)
|
$(175,448)
|
||
|
Total Futures Contracts
|
$(32,582,396)
|
$(175,448)
|
||
|
Reference Description:
|
||
|
CBOT
|
–
|
Chicago Board of Trade
|