|
Principal
Amount
|
Description
|
Value (†)
|
|
Bonds and Notes — 98.9% of Net Assets
|
||
|
|
Aerospace & Defense — 0.1%
|
|
|
$70,000
|
General Dynamics Corp., 4.950%, 8/15/2035
|
$70,268
|
|
|
Airlines — 0.4%
|
|
|
70,000
|
Delta Air Lines, Inc., 5.250%, 7/10/2030
|
70,449
|
|
300,000
|
Latam Airlines Group SA, 7.625%, 1/07/2031(a)
|
301,125
|
|
|
|
371,574
|
|
|
Automotive — 0.3%
|
|
|
90,000
|
Magna International, Inc., 5.875%, 6/01/2035
|
92,367
|
|
200,000
|
Stellantis Finance U.S., Inc., 6.450%, 3/18/2035(a)
|
200,976
|
|
|
|
293,343
|
|
|
Banking — 3.5%
|
|
|
600,000
|
Banco Bilbao Vizcaya Argentaria SA, (fixed rate to
1/14/2032, variable rate thereafter), 7.750%(b)
|
608,225
|
|
200,000
|
Banco Santander SA, (fixed rate to 11/07/2026,
variable rate thereafter), 6.527%, 11/07/2027
|
205,284
|
|
200,000
|
BBVA Mexico SA Institucion De Banca Multiple
Grupo Financiero BBVA Mexico, (fixed rate to
2/11/2030, variable rate thereafter),
7.625%, 2/11/2035(a)
|
205,360
|
|
250,000
|
Citibank NA, 4.914%, 5/29/2030
|
254,800
|
|
270,000
|
Credit Agricole SA, (fixed rate to 5/27/2030, variable
rate thereafter), 5.222%, 5/27/2031(a)
|
275,035
|
|
270,000
|
JPMorgan Chase & Co., (fixed rate to 4/22/2035,
variable rate thereafter), 5.572%, 4/22/2036
|
279,813
|
|
250,000
|
JPMorgan Chase & Co., Series OO, (fixed rate to
4/01/2030, variable rate thereafter), 6.500%(b)
|
258,193
|
|
310,000
|
Lloyds Banking Group PLC, (fixed rate to 6/13/2035,
variable rate thereafter), 6.068%, 6/13/2036
|
318,711
|
|
260,000
|
Morgan Stanley, (fixed rate to 7/19/2034, variable
rate thereafter), 5.320%, 7/19/2035
|
263,174
|
|
110,000
|
Morgan Stanley, (fixed rate to 4/19/2034, variable
rate thereafter), 5.831%, 4/19/2035
|
115,242
|
|
300,000
|
NatWest Group PLC, (fixed rate to 11/10/2033,
variable rate thereafter), 8.125%(b)
|
323,596
|
|
435,000
|
UBS Group AG, (fixed rate to 2/10/2030, variable
rate thereafter), 7.000%(a)(b)
|
432,730
|
|
|
|
3,540,163
|
|
|
Brokerage — 0.8%
|
|
|
300,000
|
Citadel Securities Global Holdings LLC,
6.200%, 6/18/2035(a)
|
307,807
|
|
315,000
|
LPL Holdings, Inc., 5.750%, 6/15/2035
|
318,680
|
|
170,000
|
Marex Group PLC, 6.404%, 11/04/2029
|
174,990
|
|
|
|
801,477
|
|
|
Construction Machinery — 0.5%
|
|
|
210,000
|
Ashtead Capital, Inc., 5.800%, 4/15/2034(a)
|
214,925
|
|
225,000
|
Caterpillar, Inc., 5.200%, 5/15/2035
|
229,354
|
|
115,000
|
Deere & Co., 5.700%, 1/19/2055
|
118,883
|
|
|
|
563,162
|
|
|
Consumer Cyclical Services — 0.0%
|
|
|
45,000
|
Rollins, Inc., 5.250%, 2/24/2035
|
45,163
|
|
|
Electric — 0.5%
|
|
|
110,000
|
DTE Electric Co., 5.250%, 5/15/2035
|
112,010
|
|
10,000
|
Edison International, 6.250%, 3/15/2030
|
10,157
|
|
60,000
|
Oncor Electric Delivery Co. LLC,
5.350%, 4/01/2035(a)
|
61,122
|
|
300,000
|
Pacific Gas & Electric Co., 6.000%, 8/15/2035
|
303,365
|
|
60,000
|
PPL Capital Funding, Inc., 5.250%, 9/01/2034
|
60,482
|
|
|
|
547,136
|
|
|
Finance Companies — 0.8%
|
|
|
175,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 5.375%, 12/15/2031
|
178,846
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
Finance Companies — continued
|
|
|
$120,000
|
Bain Capital Specialty Finance, Inc.,
5.950%, 3/15/2030
|
$118,623
|
|
495,000
|
HPS Corporate Lending Fund, 5.850%, 6/05/2030(a)
|
493,905
|
|
|
|
791,374
|
|
|
Food & Beverage — 0.1%
|
|
|
100,000
|
JBS USA LUX SARL/JBS USA Food Co./JBS USA
Foods Group, 5.950%, 4/20/2035(a)
|
103,598
|
|
|
Government Owned - No Guarantee — 0.2%
|
|
|
250,000
|
Antares Holdings LP, 6.350%, 10/23/2029(a)
|
252,568
|
|
|
Health Insurance — 0.2%
|
|
|
90,000
|
Elevance Health, Inc., 5.200%, 2/15/2035
|
90,942
|
|
140,000
|
UnitedHealth Group, Inc., 5.300%, 6/15/2035
|
142,691
|
|
|
|
233,633
|
|
|
Home Construction — 0.2%
|
|
|
160,000
|
Toll Brothers Finance Corp., 5.600%, 6/15/2035
|
161,275
|
|
|
Life Insurance — 0.8%
|
|
|
280,000
|
200 Park Funding Trust, 5.740%, 2/15/2055(a)
|
276,241
|
|
505,000
|
Athene Holding Ltd., (fixed rate to 3/28/2035,
variable rate thereafter), 6.875%, 6/28/2055
|
502,525
|
|
|
|
778,766
|
|
|
Lodging — 0.1%
|
|
|
100,000
|
Hyatt Hotels Corp., 5.750%, 3/30/2032
|
102,662
|
|
|
Metals & Mining — 0.6%
|
|
|
555,000
|
Windfall Mining Group, Inc./Groupe Minier
Windfall, Inc., 5.854%, 5/13/2032(a)
|
566,875
|
|
|
Midstream — 0.6%
|
|
|
165,000
|
Energy Transfer LP, 5.700%, 4/01/2035
|
168,068
|
|
290,000
|
Enterprise Products Operating LLC,
5.550%, 2/16/2055
|
279,772
|
|
125,000
|
Florida Gas Transmission Co. LLC,
5.750%, 7/15/2035(a)
|
127,916
|
|
|
|
575,756
|
|
|
Pharmaceuticals — 0.1%
|
|
|
125,000
|
Biogen, Inc., 5.050%, 1/15/2031
|
127,263
|
|
|
Refining — 0.5%
|
|
|
500,000
|
Raizen Fuels Finance SA, 6.700%, 2/25/2037(a)
|
488,750
|
|
|
Sovereigns — 0.1%
|
|
|
200,000
|
Abu Dhabi Government International Bonds,
3.875%, 4/16/2050(a)
|
155,372
|
|
|
Technology — 0.6%
|
|
|
250,000
|
Micron Technology, Inc., 5.300%, 1/15/2031
|
256,015
|
|
170,000
|
Micron Technology, Inc., 6.050%, 11/01/2035
|
177,916
|
|
75,000
|
NetApp, Inc., 5.700%, 3/17/2035
|
77,022
|
|
65,000
|
Synopsys, Inc., 5.150%, 4/01/2035
|
65,516
|
|
|
|
576,469
|
|
|
Transportation Services — 0.1%
|
|
|
80,000
|
United Parcel Service, Inc., 5.250%, 5/14/2035
|
81,583
|
|
|
Treasuries — 87.8%
|
|
|
11,727,816
|
U.S. Treasury Inflation-Indexed Bonds,
0.250%, 2/15/2050(c)
|
6,807,182
|
|
6,529,930
|
U.S. Treasury Inflation-Indexed Bonds,
0.750%, 2/15/2042(c)
|
5,069,250
|
|
13,757,687
|
U.S. Treasury Inflation-Indexed Notes,
0.125%, 4/15/2027(c)
|
13,469,604
|
|
13,044,902
|
U.S. Treasury Inflation-Indexed Notes,
0.125%, 7/15/2031(c)
|
12,003,745
|
|
7,243,585
|
U.S. Treasury Inflation-Indexed Notes,
0.375%, 1/15/2027(c)
|
7,144,565
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
Treasuries — continued
|
|
|
$21,798,282
|
U.S. Treasury Inflation-Indexed Notes,
0.625%, 7/15/2032(c)
|
$20,331,800
|
|
24,631,699
|
U.S. Treasury Inflation-Indexed Notes,
0.875%, 1/15/2029(c)
|
24,248,594
|
|
|
|
89,074,740
|
|
|
Total Bonds and Notes
(Identified Cost $109,061,084)
|
100,302,970
|
|
|
||
|
|
||
|
Short-Term Investments — 1.3%
|
||
|
1,330,775
|
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 6/30/2025 at
2.900% to be repurchased at $1,330,882 on
7/01/2025 collateralized by $1,357,300 U.S. Treasury
Note, 3.750% due 6/30/2027 valued at $1,357,422
including accrued interest(d)
(Identified Cost $1,330,775)
|
1,330,775
|
|
|
Total Investments — 100.2%
(Identified Cost $110,391,859)
|
101,633,745
|
|
|
Other assets less liabilities — (0.2)%
|
(169,180
)
|
|
|
Net Assets — 100.0%
|
$101,464,565
|
|
(†)
|
Registered investment companies are required to value portfolio investments using
an unadjusted, readily available market quotation. The Fund obtains
readily available market quotations from independent pricing services. Fund investments
for which readily available market quotations are not available
are priced at fair value pursuant to the Fund's Valuation Procedures. The Board of
Trustees has approved a valuation designee who is subject to the
Board's oversight.
Unadjusted readily available market quotations that are utilized for exchange traded
equity securities (including shares of closed-end investment
companies and exchange-traded funds) include the last sale price quoted on the exchange
where the security is traded most extensively. Shares of
open-end investment companies are valued at net asset value ("NAV") per share.
Exchange traded equity securities for which there is no reported sale during the day
are fair valued at the closing bid quotation as reported by an
independent pricing service. Unlisted equity securities (except unlisted preferred
equity securities) are fair valued at the last sale price quoted in the
market where they are traded most extensively or, if there is no reported sale during
the day, the closing bid quotation as reported by an independent
pricing service. If there is no last sale price or closing bid quotation available,
unlisted equity securities will be fair valued using evaluated bids furnished
by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on
evaluated bids furnished to the Fund by an independent pricing service
or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to
fair value debt and unlisted equities where an independent pricing
service is unable to price an investment or where an independent pricing service does
not provide a reliable price for the investment.
The Fund may also fair value investments in other circumstances such as when extraordinary
events occur after the close of a foreign market, but prior
to the close of the New York Stock Exchange. This may include situations relating
to a single issuer (such as a declaration of bankruptcy or a delisting of
the issuer's security from the primary market on which it has traded) as well as events
affecting the securities markets in general (such as market
disruptions or closings and significant fluctuations in U.S. and/or foreign markets).
When fair valuing a Fund's investments, the valuation designee may,
among other things, use modeling tools or other processes that may take into account
factors such as issuer specific information, or other related
market activity and/or information that occurred after the close of the foreign market
but before the time the Fund's NAV is calculated. Fair valuation by
the Fund's valuation designee may require subjective determinations about the value
of the investment, and fair values used to determine a Fund's NAV
may differ from quoted or published prices, or from prices that are used by others,
for the same investments. In addition, the use of fair value pricing may
not always result in adjustments to the prices of investments held by a Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities,
currencies and other assets and liabilities denominated in
currencies other than U.S. dollars, if any, are translated into U.S. dollars based
upon foreign exchange rates prevailing at the end of the period.
|
|
(a)
|
All or a portion of these securities are exempt from registration under Rule 144A
of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
At June 30, 2025, the value of Rule 144A holdings amounted to $4,464,305
or 4.4% of net assets.
|
|
(b)
|
Perpetual bond with no specified maturity date.
|
|
(c)
|
Treasury Inflation Protected Security (TIPS).
|
|
(d)
|
The Fund may enter into repurchase agreements, under the terms of a Master Repurchase
Agreement, under which the Fund acquires securities as
collateral and agrees to resell the securities at an agreed upon time and at an agreed
upon price. It is the Fund's policy that the market value of the
collateral for repurchase agreements be at least equal to 102% of the repurchase price,
including interest. Certain repurchase agreements are tri-party
arrangements whereby the collateral is held in a segregated account for the benefit
of the Fund and on behalf of the counterparty. Repurchase
agreements could involve certain risks in the event of default or insolvency of the
counterparty, including possible delays or restrictions upon the Fund's
ability to dispose of the underlying securities. As of June 30, 2025, the Fund had
an investment in a repurchase agreement for which the value of the
related collateral exceeded the value of the repurchase agreement.
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Bonds and Notes(a)
|
$ —
|
$100,302,970
|
$ —
|
$100,302,970
|
|
Short-Term Investments
|
—
|
1,330,775
|
—
|
1,330,775
|
|
Total Investments
|
$—
|
$101,633,745
|
$—
|
$101,633,745
|
|
(a)
|
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
|