|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Common Stocks 33.0%
|
|
||
|
Communication Services 2.8%
|
|
||
|
Diversified Telecommunication Services 0.0%
|
|
||
|
Singapore Telecommunications Ltd.
|
|
36,500
|
108,867
|
|
Entertainment 0.3%
|
|
||
|
NetEase, Inc. (ADR)
|
|
1,000
|
130,300
|
|
Netflix, Inc.*
|
|
1,373
|
1,591,856
|
|
|
|
|
1,722,156
|
|
Interactive Media & Services 2.0%
|
|
||
|
Alphabet, Inc. "A"
|
|
17,017
|
3,265,562
|
|
Alphabet, Inc. "C"
|
|
14,429
|
2,782,777
|
|
Tencent Holdings Ltd. (ADR)
|
|
80,700
|
5,654,649
|
|
|
|
|
11,702,988
|
|
Media 0.5%
|
|
||
|
Charter Communications, Inc. "A"*
|
|
9,484
|
2,554,610
|
|
Consumer Discretionary 3.5%
|
|
||
|
Automobile Components 0.8%
|
|
||
|
Cie Generale des Etablissements Michelin SCA
|
|
27,591
|
978,031
|
|
Denso Corp.
|
|
251,700
|
3,409,233
|
|
|
|
|
4,387,264
|
|
Automobiles 1.1%
|
|
||
|
BYD Co., Ltd. (ADR)
|
|
30,600
|
448,290
|
|
Ferrari NV
|
|
2,480
|
1,078,632
|
|
Mahindra & Mahindra Ltd. (GDR) REG S
|
|
139,833
|
5,047,971
|
|
|
|
|
6,574,893
|
|
Broadline Retail 0.3%
|
|
||
|
MercadoLibre, Inc.*
|
|
214
|
508,013
|
|
Next PLC
|
|
3,719
|
604,251
|
|
Prosus NV
|
|
14,373
|
821,465
|
|
|
|
|
1,933,729
|
|
Hotels, Restaurants & Leisure 0.7%
|
|
||
|
Booking Holdings, Inc.
|
|
218
|
1,199,885
|
|
Carnival Corp.*
|
|
45,700
|
1,360,489
|
|
Restaurant Brands International, Inc.
|
|
21,000
|
1,424,957
|
|
|
|
|
3,985,331
|
|
Specialty Retail 0.5%
|
|
||
|
Ulta Beauty, Inc.*
|
|
5,800
|
2,987,058
|
|
Textiles, Apparel & Luxury Goods 0.1%
|
|
||
|
Hermes International SCA
|
|
85
|
207,293
|
|
Consumer Staples 1.8%
|
|
||
|
Beverages 0.2%
|
|
||
|
Anheuser-Busch InBev SA
|
|
4,228
|
243,840
|
|
Heineken NV
|
|
11,851
|
930,492
|
|
|
|
|
1,174,332
|
|
Consumer Staples Distribution & Retail 0.9%
|
|
||
|
Costco Wholesale Corp.
|
|
5,355
|
5,031,772
|
|
Food Products 0.2%
|
|
||
|
Ajinomoto Co., Inc.
|
|
3,600
|
94,878
|
|
Kerry Group PLC "A"
|
|
1,317
|
121,679
|
|
Nestle SA (Registered)
|
|
1,151
|
100,492
|
|
Tyson Foods, Inc. "A"
|
|
20,100
|
1,051,230
|
|
|
|
|
1,368,279
|
|
Personal Care Products 0.0%
|
|
||
|
Unilever PLC
|
|
4,326
|
250,505
|
|
Tobacco 0.5%
|
|
||
|
Japan Tobacco, Inc.
|
|
97,400
|
2,783,930
|
|
Energy 1.1%
|
|
||
|
Oil, Gas & Consumable Fuels 1.1%
|
|
||
|
EQT Corp.
|
|
11,000
|
591,250
|
|
Expand Energy Corp.
|
|
57,200
|
5,993,416
|
|
|
|
|
6,584,666
|
|
Financials 5.9%
|
|
||
|
Banks 1.8%
|
|
||
|
Bank Hapoalim BM
|
|
24,681
|
463,443
|
|
Bank of Montreal
|
|
1,100
|
121,416
|
|
Canadian Imperial Bank of Commerce
|
|
43,900
|
3,137,570
|
|
DBS Group Holdings Ltd.
|
|
19,200
|
706,203
|
|
DNB Bank ASA
|
|
9,664
|
244,763
|
|
Erste Group Bank AG
|
|
1,165
|
106,484
|
|
ICICI Bank Ltd. (ADR)
|
|
49,784
|
1,677,721
|
|
Itau Unibanco Holding SA (ADR) (Preferred)
|
|
136,500
|
855,855
|
|
KBC Group NV
|
|
1,430
|
149,051
|
|
Shinhan Financial Group Co., Ltd. (ADR)
|
|
33,900
|
1,650,930
|
|
Skandinaviska Enskilda Banken AB "A"
|
|
90,135
|
1,572,901
|
|
|
|
|
10,686,337
|
|
Capital Markets 0.6%
|
|
||
|
3i Group PLC
|
|
46,845
|
2,560,999
|
|
Hong Kong Exchanges & Clearing Ltd.
|
|
16,700
|
903,966
|
|
|
|
|
3,464,965
|
|
Consumer Finance 1.1%
|
|
||
|
American Express Co.
|
|
5,080
|
1,520,495
|
|
Capital One Financial Corp.
|
|
5,780
|
1,242,700
|
|
Synchrony Financial
|
|
50,692
|
3,531,711
|
|
|
|
|
6,294,906
|
|
Financial Services 0.1%
|
|
||
|
PayPal Holdings, Inc.*
|
|
5,100
|
350,676
|
|
Insurance 2.3%
|
|
||
|
Hannover Rueck SE
|
|
4,794
|
1,454,546
|
|
Progressive Corp.
|
|
36,110
|
8,740,064
|
|
QBE Insurance Group Ltd.
|
|
183,699
|
2,722,338
|
|
Swiss Re AG
|
|
3,128
|
560,502
|
|
|
|
|
13,477,450
|
|
Health Care 2.8%
|
|
||
|
Health Care Equipment & Supplies 0.4%
|
|
||
|
Dexcom, Inc.*
|
|
7,800
|
630,006
|
|
IDEXX Laboratories, Inc.*
|
|
3,000
|
1,602,930
|
|
|
|
|
2,232,936
|
|
Pharmaceuticals 2.4%
|
|
||
|
Daiichi Sankyo Co., Ltd.
|
|
59,900
|
1,470,189
|
|
Eli Lilly & Co.
|
|
1,804
|
1,335,086
|
|
GSK PLC
|
|
104,380
|
1,919,057
|
|
Novartis AG (Registered)
|
|
30,254
|
3,439,118
|
|
Novo Nordisk A/S "B"
|
|
14,554
|
678,747
|
|
Pfizer, Inc.
|
|
219,210
|
5,105,401
|
|
|
|
|
13,947,598
|
|
Industrials 3.4%
|
|
||
|
Aerospace & Defense 1.8%
|
|
||
|
Airbus SE
|
|
17,111
|
3,426,699
|
|
Lockheed Martin Corp.
|
|
11,000
|
4,630,780
|
|
Rheinmetall AG
|
|
1,254
|
2,483,326
|
|
|
|
|
10,540,805
|
|
Building Products 0.7%
|
|
||
|
Carlisle Companies, Inc.
|
|
1,000
|
354,710
|
|
Trane Technologies PLC
|
|
8,549
|
3,745,146
|
|
|
|
|
4,099,856
|
|
Construction & Engineering 0.2%
|
|
||
|
Ferrovial SE
|
|
26,879
|
1,373,410
|
|
Ground Transportation 0.1%
|
|
||
|
Canadian National Railway Co.
|
|
8,800
|
821,697
|
|
Machinery 0.5%
|
|
||
|
Dover Corp.
|
|
11,900
|
2,155,566
|
|
Kone Oyj "B"
|
|
7,182
|
440,096
|
|
|
|
|
2,595,662
|
|
Passenger Airlines 0.0%
|
|
||
|
Ryanair Holdings PLC
|
|
3,371
|
99,373
|
|
Professional Services 0.1%
|
|
||
|
Recruit Holdings Co., Ltd.
|
|
4,300
|
254,836
|
|
Information Technology 9.0%
|
|
||
|
Communications Equipment 0.6%
|
|
||
|
Arista Networks, Inc.*
|
|
29,128
|
3,589,152
|
|
Electronic Equipment, Instruments & Components 1.5%
|
|
||
|
Amphenol Corp. "A"
|
|
81,525
|
8,683,228
|
|
IT Services 0.1%
|
|
||
|
Cognizant Technology Solutions Corp. "A"
|
|
5,500
|
394,680
|
|
Semiconductors & Semiconductor Equipment 4.7%
|
|
||
|
ASML Holding NV
|
|
220
|
152,294
|
|
Broadcom, Inc.
|
|
27,690
|
8,132,553
|
|
Lam Research Corp.
|
|
5,300
|
502,652
|
|
Microchip Technology, Inc.
|
|
75,300
|
5,089,527
|
|
NVIDIA Corp.
|
|
40,199
|
7,150,196
|
|
QUALCOMM, Inc.
|
|
15,285
|
2,243,227
|
|
Tokyo Electron Ltd.
|
|
23,800
|
4,253,615
|
|
|
|
|
27,524,064
|
|
Software 1.9%
|
|
||
|
Adobe, Inc.*
|
|
6,206
|
2,219,824
|
|
Autodesk, Inc.*
|
|
12,518
|
3,794,331
|
|
Microsoft Corp.
|
|
9,709
|
5,179,752
|
|
|
|
|
11,193,907
|
|
Technology Hardware, Storage & Peripherals 0.2%
|
|
||
|
Samsung Electronics Co., Ltd. (GDR) REG S
|
|
441
|
554,337
|
|
Samsung Electronics Co., Ltd. (GDR) (Preferred) REG S
|
|
336
|
339,360
|
|
|
|
|
893,697
|
|
Materials 1.2%
|
|
||
|
Metals & Mining 1.2%
|
|
||
|
Gold Fields Ltd. (ADR)
|
|
28,487
|
693,943
|
|
Nucor Corp.
|
|
45,700
|
6,538,299
|
|
|
|
|
7,232,242
|
|
Real Estate 0.6%
|
|
||
|
Industrial REITs 0.0%
|
|
||
|
Goodman Group
|
|
11,213
|
251,043
|
|
Real Estate Management & Development 0.2%
|
|
||
|
Daiwa House Industry Co., Ltd.
|
|
19,500
|
645,094
|
|
Mitsui Fudosan Co., Ltd.
|
|
26,700
|
239,043
|
|
|
|
|
884,137
|
|
Specialized REITs 0.4%
|
|
||
|
Equinix, Inc.
|
|
2,800
|
2,198,476
|
|
Public Storage
|
|
1,400
|
380,716
|
|
|
|
|
2,579,192
|
|
Utilities 0.9%
|
|
||
|
Electric Utilities 0.7%
|
|
||
|
Edison International
|
|
10,400
|
542,048
|
|
Enel SpA
|
|
17,568
|
155,065
|
|
NRG Energy, Inc.
|
|
20,097
|
3,360,218
|
|
|
|
|
4,057,331
|
|
Multi-Utilities 0.2%
|
|
||
|
E.ON SE
|
|
18,332
|
334,434
|
|
National Grid PLC
|
|
55,090
|
771,596
|
|
|
|
|
1,106,030
|
|
Total Common Stocks (Cost $174,062,964)
|
191,986,883
|
||
|
|
|||
|
Preferred Stocks 2.7%
|
|
||
|
Communication Services 0.4%
|
|
||
|
AT&T, Inc., 5.35%
|
|
100,000
|
2,318,000
|
|
Financials 1.9%
|
|
||
|
AGNC Investment Corp., Series C (REIT), 3 mo. USD Term SOFR + 5.373%,
9.673% (a)
|
|
64,439
|
1,667,681
|
|
Charles Schwab Corp., Series D, 5.95%
|
|
75,000
|
1,874,250
|
|
Fifth Third Bancorp., Series I, 3 mo. USD Term SOFR + 3.972%, 8.267% (a)
|
|
75,000
|
1,917,000
|
|
KeyCorp., Series E, 6.125%
|
|
75,000
|
1,872,000
|
|
Morgan Stanley, Series K, 5.85%
|
|
75,000
|
1,786,500
|
|
Wells Fargo & Co., Series A, 5.625%
|
|
75,000
|
1,794,000
|
|
|
|
|
10,911,431
|
|
Real Estate 0.4%
|
|
||
|
Kimco Realty Corp., Series L (REIT), 5.125%
|
|
75,000
|
1,533,750
|
|
Prologis, Inc., Series Q (REIT), 8.54%
|
|
236
|
12,859
|
|
Simon Property Group, Inc., Series A (REIT), 8.375%
|
|
17,000
|
942,140
|
|
|
|
|
2,488,749
|
|
Total Preferred Stocks (Cost $17,760,928)
|
15,718,180
|
||
|
|
|||
|
Rights 0.0%
|
|
||
|
Health Care
|
|
||
|
Contra Abiomed, Inc.,* (b) (Cost $1,122)
|
|
1,100
|
1,122
|
|
|
|||
|
Warrants 0.0%
|
|
||
|
Materials
|
|
||
|
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $90,210)
|
|
506
|
838
|
|
|
|
Principal
Amount ($) (c)
|
Value ($)
|
|
|
|||
|
Corporate Bonds 25.0%
|
|
||
|
Communication Services 1.3%
|
|
||
|
AT&T, Inc., 3.55%, 9/15/2055
|
|
570,000
|
382,164
|
|
CCO Holdings LLC, 144A, 5.125%, 5/1/2027
|
|
990,000
|
981,895
|
|
Charter Communications Operating LLC:
|
|
|
|
|
6.1%, 6/1/2029
|
|
720,000
|
751,074
|
|
6.384%, 10/23/2035
|
|
400,000
|
413,522
|
|
Comcast Corp., 5.5%, 5/15/2064
|
|
400,000
|
368,503
|
|
Paramount Global:
|
|
|
|
|
4.2%, 6/1/2029
|
|
1,050,000
|
1,021,662
|
|
4.6%, 1/15/2045
|
|
320,000
|
244,328
|
|
4.95%, 1/15/2031
|
|
850,000
|
828,892
|
|
T-Mobile U.S.A., Inc.:
|
|
|
|
|
4.375%, 4/15/2040
|
|
335,000
|
295,962
|
|
6.0%, 6/15/2054
|
|
460,000
|
464,999
|
|
Videotron Ltd., 144A, 5.7%, 1/15/2035
|
|
930,000
|
933,230
|
|
Warnermedia Holdings, Inc., 4.279%, 3/15/2032
|
|
755,000
|
634,004
|
|
|
|
|
7,320,235
|
|
Consumer Discretionary 1.3%
|
|
||
|
Ford Motor Credit Co. LLC:
|
|
|
|
|
4.125%, 8/17/2027
|
|
635,000
|
618,640
|
|
6.5%, 2/7/2035
|
|
940,000
|
937,431
|
|
6.798%, 11/7/2028
|
|
350,000
|
362,206
|
|
General Motors Co.:
|
|
|
|
|
5.625%, 4/15/2030
|
|
1,150,000
|
1,179,646
|
|
6.25%, 4/15/2035
|
|
580,000
|
599,644
|
|
Las Vegas Sands Corp., 5.625%, 6/15/2028
|
|
645,000
|
655,265
|
|
Lowe's Companies, Inc., 5.625%, 4/15/2053
|
|
300,000
|
286,827
|
|
Marriott International, Inc., 5.5%, 4/15/2037
|
|
1,140,000
|
1,138,119
|
|
Mattel, Inc., 144A, 5.875%, 12/15/2027
|
|
1,700,000
|
1,703,951
|
|
|
|
|
7,481,729
|
|
Consumer Staples 0.6%
|
|
||
|
Bunge Ltd. Finance Corp., 144A, 5.25%, 4/21/2032
|
|
700,000
|
706,379
|
|
JBS USA Holding Lux SARL, 6.75%, 3/15/2034
|
|
1,087,000
|
1,183,219
|
|
Mars, Inc.:
|
|
|
|
|
144A, 5.2%, 3/1/2035
|
|
989,000
|
993,735
|
|
144A, 5.7%, 5/1/2055
|
|
579,000
|
571,325
|
|
|
|
|
3,454,658
|
|
Energy 4.9%
|
|
||
|
BP Capital Markets PLC, 6.125%, Perpetual
|
|
2,425,000
|
2,432,055
|
|
Buckeye Partners LP, 144A, 6.75%, 2/1/2030
|
|
2,700,000
|
2,795,183
|
|
Cheniere Energy, Inc., 4.625%, 10/15/2028
|
|
1,765,000
|
1,755,562
|
|
Columbia Pipelines Holding Co. LLC, 144A, 5.681%, 1/15/2034
|
|
550,000
|
557,816
|
|
DT Midstream, Inc.:
|
|
|
|
|
144A, 4.125%, 6/15/2029
|
|
2,000,000
|
1,926,119
|
|
144A, 5.8%, 12/15/2034
|
|
437,000
|
444,511
|
|
Ecopetrol SA, 7.75%, 2/1/2032
|
|
1,700,000
|
1,692,817
|
|
Energy Transfer LP:
|
|
|
|
|
Series B, 6.625%, Perpetual
|
|
735,000
|
731,177
|
|
7.125%, 10/1/2054 (d)
|
|
700,000
|
717,791
|
|
144A, 7.375%, 2/1/2031
|
|
500,000
|
522,971
|
|
8.0%, 5/15/2054
|
|
825,000
|
878,860
|
|
EQT Corp., 5.75%, 2/1/2034
|
|
1,235,000
|
1,269,961
|
|
Expand Energy Corp., 5.375%, 2/1/2029
|
|
1,080,000
|
1,081,173
|
|
HF Sinclair Corp., 5.75%, 1/15/2031
|
|
837,000
|
856,711
|
|
Kinetik Holdings LP, 144A, 6.625%, 12/15/2028
|
|
894,000
|
914,305
|
|
NuStar Logistics LP, 6.375%, 10/1/2030
|
|
3,045,000
|
3,136,944
|
|
Occidental Petroleum Corp., 8.875%, 7/15/2030
|
|
1,700,000
|
1,937,539
|
|
ONEOK, Inc., 144A, 6.5%, 9/1/2030
|
|
1,550,000
|
1,653,807
|
|
Saudi Arabian Oil Co.:
|
|
|
|
|
144A, 5.75%, 7/17/2054
|
|
573,000
|
538,496
|
|
144A, 6.375%, 6/2/2055
|
|
1,105,000
|
1,120,690
|
|
Targa Resources Partners LP, 5.0%, 1/15/2028
|
|
1,000,000
|
998,702
|
|
Western Midstream Operating LP, 5.45%, 11/15/2034
|
|
525,000
|
514,729
|
|
|
|
|
28,477,919
|
|
Financials 8.9%
|
|
||
|
Acrisure LLC, 144A, 6.75%, 7/1/2032
|
|
1,714,000
|
1,735,423
|
|
AerCap Ireland Capital DAC, 6.95%, 3/10/2055
|
|
1,000,000
|
1,046,201
|
|
Aircastle Ltd.:
|
|
|
|
|
Series A, 144A, 5.25%, Perpetual
|
|
690,000
|
685,225
|
|
144A, 5.75%, 10/1/2031
|
|
593,000
|
608,578
|
|
144A, 6.5%, 7/18/2028
|
|
530,000
|
553,723
|
|
Banco Santander SA, 6.033%, 1/17/2035
|
|
400,000
|
421,026
|
|
Bank of Montreal, Series 6, 6.875%, 11/26/2085
|
|
500,000
|
501,000
|
|
Beacon Funding Trust, 144A, 6.266%, 8/15/2054
|
|
770,000
|
761,877
|
|
BGC Group, Inc., 144A, 6.15%, 4/2/2030
|
|
1,107,000
|
1,120,016
|
|
Blackstone Private Credit Fund:
|
|
|
|
|
5.25%, 4/1/2030
|
|
1,800,000
|
1,782,485
|
|
5.6%, 11/22/2029
|
|
1,100,000
|
1,108,204
|
|
6.0%, 11/22/2034
|
|
850,000
|
844,469
|
|
BNP Paribas SA, 144A, 8.5%, Perpetual (d)
|
|
1,020,000
|
1,087,609
|
|
Canadian Imperial Bank of Commerce, 6.95%, 1/28/2085
|
|
2,000,000
|
2,010,753
|
|
Capital One Financial Corp., Series M, 3.95%, Perpetual
|
|
1,520,000
|
1,482,980
|
|
Charles Schwab Corp.:
|
|
|
|
|
Series I, 4.0%, Perpetual
|
|
1,000,000
|
985,757
|
|
Series F, 5.0%, Perpetual (d)
|
|
2,400,000
|
2,353,970
|
|
Citigroup, Inc.:
|
|
|
|
|
6.02%, 1/24/2036
|
|
950,000
|
973,590
|
|
Series EE, 6.75%, Perpetual
|
|
800,000
|
803,382
|
|
Series FF, 6.95%, Perpetual
|
|
800,000
|
806,482
|
|
Corebridge Financial, Inc., 5.75%, 1/15/2034
|
|
700,000
|
726,517
|
|
HSBC Holdings PLC:
|
|
|
|
|
5.874%, 11/18/2035
|
|
570,000
|
578,482
|
|
6.95%, Perpetual (d)
|
|
1,950,000
|
1,993,456
|
|
JPMorgan Chase & Co.:
|
|
|
|
|
Series OO, 6.5%, Perpetual
|
|
1,491,000
|
1,528,400
|
|
6.875%, Perpetual
|
|
2,000,000
|
2,090,346
|
|
M&T Bank Corp., 5.385%, 1/16/2036
|
|
1,145,000
|
1,140,843
|
|
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049
|
|
245,000
|
180,811
|
|
Morgan Stanley, 5.664%, 4/17/2036
|
|
800,000
|
825,106
|
|
Navient Corp., 5.5%, 3/15/2029 (d)
|
|
1,715,000
|
1,677,693
|
|
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051
|
|
700,000
|
617,831
|
|
Nordea Bank Abp, 144A, 6.3%, Perpetual (d)
|
|
1,700,000
|
1,685,896
|
|
Royal Bank of Canada, 6.35%, 11/24/2084
|
|
3,500,000
|
3,335,019
|
|
Societe Generale SA:
|
|
|
|
|
144A, 5.512%, 5/22/2031
|
|
1,260,000
|
1,285,072
|
|
144A, 6.221%, 6/15/2033 (d)
|
|
1,275,000
|
1,321,143
|
|
State Street Corp., Series K, 6.45%, Perpetual
|
|
1,491,000
|
1,514,980
|
|
Sumitomo Mitsui Financial Group, Inc., 6.45%, Perpetual
|
|
2,100,000
|
2,085,231
|
|
Synchrony Bank, 5.625%, 8/23/2027
|
|
250,000
|
254,178
|
|
Synchrony Financial, 5.45%, 3/6/2031
|
|
1,030,000
|
1,037,165
|
|
The Goldman Sachs Group, Inc., Series Y, 6.125%, Perpetual (d)
|
|
1,385,000
|
1,369,572
|
|
Truist Financial Corp., Series N, 6.669%, Perpetual
|
|
2,000,000
|
1,998,701
|
|
U.S. Bancorp, 5.678%, 1/23/2035
|
|
1,010,000
|
1,046,628
|
|
UBS Group AG, 144A, 4.375%, Perpetual (d)
|
|
743,000
|
665,917
|
|
Wells Fargo & Co., 6.85%, Perpetual
|
|
1,250,000
|
1,294,776
|
|
|
|
|
51,926,513
|
|
Health Care 0.3%
|
|
||
|
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029
|
|
830,000
|
781,871
|
|
CVS Health Corp., 6.75%, 12/10/2054
|
|
1,120,000
|
1,120,927
|
|
|
|
|
1,902,798
|
|
Industrials 2.4%
|
|
||
|
American Airlines, Inc., 144A, 5.5%, 4/20/2026
|
|
155,000
|
154,859
|
|
BNSF Funding Trust I, 6.613%, 12/15/2055
|
|
1,500,000
|
1,507,157
|
|
Boeing Co.:
|
|
|
|
|
6.259%, 5/1/2027
|
|
770,000
|
789,661
|
|
6.858%, 5/1/2054
|
|
1,200,000
|
1,318,996
|
|
Delta Air Lines, Inc., 3.75%, 10/28/2029
|
|
865,000
|
827,940
|
|
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050
|
|
239,000
|
139,516
|
|
Keysight Technologies, Inc., 5.35%, 7/30/2030
|
|
1,427,000
|
1,467,540
|
|
Paychex, Inc.:
|
|
|
|
|
5.1%, 4/15/2030
|
|
424,000
|
433,192
|
|
5.35%, 4/15/2032
|
|
1,161,000
|
1,190,063
|
|
5.6%, 4/15/2035
|
|
999,000
|
1,026,639
|
|
RTX Corp., 6.4%, 3/15/2054
|
|
700,000
|
762,331
|
|
Stanley Black & Decker, Inc., 5 yr. CMT + 2.657%, 6.707% (a), 3/15/2060
|
|
2,500,000
|
2,432,908
|
|
United Airlines Pass-Through Trust, “A”, Series 2023-1, 5.8%, 7/15/2037
|
|
1,306,159
|
1,331,640
|
|
United Rentals North America, Inc., 144A, 6.0%, 12/15/2029
|
|
620,000
|
631,099
|
|
|
|
|
14,013,541
|
|
Information Technology 0.7%
|
|
||
|
AppLovin Corp., 5.95%, 12/1/2054
|
|
397,000
|
386,822
|
|
Broadcom, Inc., 144A, 2.6%, 2/15/2033
|
|
350,000
|
299,391
|
|
Foundry JV Holdco LLC, 144A, 6.1%, 1/25/2036
|
|
668,000
|
682,662
|
|
HP, Inc., 6.1%, 4/25/2035
|
|
1,005,000
|
1,041,915
|
|
Oracle Corp.:
|
|
|
|
|
5.375%, 9/27/2054
|
|
1,310,000
|
1,179,936
|
|
5.5%, 9/27/2064
|
|
400,000
|
357,387
|
|
|
|
|
3,948,113
|
|
Materials 0.9%
|
|
||
|
Celanese U.S. Holdings LLC:
|
|
|
|
|
6.665%, 7/15/2027
|
|
350,000
|
358,691
|
|
6.85%, 11/15/2028
|
|
270,000
|
281,077
|
|
Chemours Co., 5.375%, 5/15/2027
|
|
2,855,000
|
2,796,869
|
|
Corp. Nacional del Cobre de Chile:
|
|
|
|
|
144A, 5.95%, 1/8/2034
|
|
620,000
|
633,473
|
|
144A, 6.78%, 1/13/2055
|
|
416,000
|
427,024
|
|
Olin Corp., 5.0%, 2/1/2030
|
|
1,050,000
|
1,005,630
|
|
|
|
|
5,502,764
|
|
Real Estate 0.7%
|
|
||
|
CBRE Services, Inc.:
|
|
|
|
|
4.8%, 6/15/2030
|
|
694,000
|
697,962
|
|
5.5%, 6/15/2035
|
|
453,000
|
457,348
|
|
Iron Mountain, Inc., 144A, (REIT), 6.25%, 1/15/2033
|
|
2,800,000
|
2,847,818
|
|
|
|
|
4,003,128
|
|
Utilities 3.0%
|
|
||
|
CMS Energy Corp., 3.75%, 12/1/2050
|
|
1,900,000
|
1,708,017
|
|
Dominion Energy, Inc., 6.625%, 5/15/2055
|
|
1,400,000
|
1,434,549
|
|
Edison International, 5.25%, 3/15/2032
|
|
764,000
|
731,957
|
|
Entergy Arkansas LLC, 5.75%, 6/1/2054
|
|
810,000
|
806,704
|
|
Exelon Corp., 6.5%, 3/15/2055
|
|
533,000
|
544,633
|
|
Nevada Power Co., 6.0%, 3/15/2054
|
|
510,000
|
512,650
|
|
NextEra Energy Capital Holdings, Inc.:
|
|
|
|
|
6.375%, 8/15/2055
|
|
1,650,000
|
1,692,852
|
|
6.75%, 6/15/2054
|
|
537,000
|
560,292
|
|
NRG Energy, Inc., 144A, 2.45%, 12/2/2027
|
|
1,370,000
|
1,298,131
|
|
Pacific Gas and Electric Co.:
|
|
|
|
|
3.95%, 12/1/2047
|
|
500,000
|
359,186
|
|
5.9%, 10/1/2054
|
|
286,000
|
268,068
|
|
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 144A, 2.875%, 10/25/2025
|
EUR
|
1,505,000
|
1,718,536
|
|
PG&E Corp., 7.375%, 3/15/2055
|
|
525,000
|
506,616
|
|
Sempra, 4.125%, 4/1/2052
|
|
1,800,000
|
1,738,208
|
|
Sierra Pacific Power Co., 5.9%, 3/15/2054
|
|
290,000
|
288,924
|
|
Southern Co., Series 21-A, 3.75%, 9/15/2051
|
|
1,241,000
|
1,221,064
|
|
Southwestern Public Service Co., 6.0%, 6/1/2054
|
|
1,210,000
|
1,215,795
|
|
Vistra Operations Co. LLC, 144A, 5.7%, 12/30/2034
|
|
1,111,000
|
1,131,027
|
|
|
|
|
17,737,209
|
|
Total Corporate Bonds (Cost $144,805,283)
|
145,768,607
|
||
|
|
|||
|
Asset-Backed 8.5%
|
|||
|
Automobile Receivables 1.2%
|
|
||
|
Ally Bank Auto Credit-Linked Notes:
|
|
|
|
|
“C”, Series 2024-B, 144A, 5.215%, 9/15/2032
|
|
178,913
|
178,945
|
|
“D”, Series 2024-B, 144A, 5.41%, 9/15/2032
|
|
178,913
|
178,849
|
|
Avis Budget Rental Car Funding AESOP LLC, “C”, Series 2022-5A, 144A, 6.24%,
4/20/2027
|
|
1,500,000
|
1,503,142
|
|
Bayview Opportunity Master Fund VII LLC, “B”, Series 2024-CAR1, 144A, 30 day
USD SOFR Average + 1.3%, 5.65% (a), 12/26/2031
|
|
128,634
|
129,199
|
|
CPS Auto Receivables Trust, “C”, Series 2023-C, 144A, 6.27%, 10/15/2029
|
|
400,000
|
403,068
|
|
Exeter Automobile Receivables Trust, “C”, Series 2025-3A, 5.09%, 10/15/2031
|
|
272,000
|
273,990
|
|
Foursight Capital Automobile Receivables Trust, “C”, Series 2023-2, 144A, 6.21%,
4/16/2029
|
|
1,500,000
|
1,530,976
|
|
Hertz Vehicle Financing III LLC, “C”, Series 2023-1A, 144A, 6.91%, 6/25/2027
|
|
1,720,000
|
1,732,514
|
|
Huntington Bank Auto Credit-Linked Notes:
|
|
|
|
|
“B1”, Series 2024-2, 144A, 5.442%, 10/20/2032
|
|
351,977
|
354,239
|
|
“B1”, Series 2024-1, 144A, 6.153%, 5/20/2032
|
|
277,608
|
281,107
|
|
Santander Drive Auto Receivables Trust, “C”, Series 2023-3, 5.77%, 11/15/2030
|
|
400,000
|
406,443
|
|
Securitized Term Auto Receivables Trust, “C”, Series 2025-A, 144A, 5.185%, 7/25/2031
|
|
347,823
|
348,667
|
|
|
|
|
7,321,139
|
|
Credit Card Receivables 0.5%
|
|
||
|
Brex Commercial Charge Card Master Trust, “A1”, Series 2024-1, 144A, 6.05%,
7/15/2027
|
|
400,000
|
402,456
|
|
Continental Finance Credit Card ABS Master Trust, “A”, Series 2024-A, 144A, 5.78%,
12/15/2032
|
|
400,000
|
403,096
|
|
Evergreen Credit Card Trust, “C”, Series 2025-CRT5, 144A, 5.53%, 5/15/2029
|
|
250,000
|
251,498
|
|
Mercury Financial Credit Card Master Trust, “A”, Series 2024-2A, 144A, 6.56%,
7/20/2029
|
|
800,000
|
805,132
|
|
Mission Lane Credit Card Master Trust, “A”, Series 2024-B, 144A, 5.88%, 1/15/2030
|
|
1,000,000
|
1,005,180
|
|
|
|
|
2,867,362
|
|
Home Equity Loans 0.4%
|
|
||
|
RCKT Mortgage Trust:
|
|
|
|
|
“A1A”, Series 2024-CES7, 144A, 5.158%, 10/25/2044
|
|
1,028,469
|
1,022,698
|
|
“A1B”, Series 2024-CES9, 144A, 5.683%, 12/25/2044
|
|
496,171
|
496,161
|
|
Towd Point Mortgage Trust, “A1”, Series 2025-CRM1, 144A, 5.799%, 1/25/2065
|
|
820,354
|
823,100
|
|
|
|
|
2,341,959
|
|
Miscellaneous 6.4%
|
|
||
|
Allegro CLO V-S Ltd., “B1”, Series 2024-2A, 144A, 3 mo. USD Term SOFR + 1.9%,
6.219% (a), 7/24/2037
|
|
2,200,000
|
2,206,052
|
|
Allegro CLO XV Ltd., “BR”, Series 2022-1A, 144A, 3 mo. USD Term SOFR + 1.62%,
5.945% (a), 4/20/2038
|
|
1,000,000
|
1,001,107
|
|
Apidos CLO XVIII-R, “A2R2”, Series 2018-18A, 144A, 3 mo. USD Term SOFR +
1.58%, 5.912% (a), 1/22/2038
|
|
1,000,000
|
1,001,942
|
|
Apidos CLO XXIV Ltd., “A1AL”, Series 2016-24A, 144A, 3 mo. USD Term SOFR +
1.212%, 5.537% (a), 10/20/2030
|
|
1,044,585
|
1,044,167
|
|
ARES LIX CLO Ltd., “C2”, Series 2021-59A, 144A, 3.35%, 4/25/2034
|
|
900,000
|
826,556
|
|
ARES LXXVII CLO Ltd., “A2”, Series 2025-77A, 144A, 3 mo. USD Term SOFR +
1.6%, 5.922% (a), 7/15/2038
|
|
750,000
|
752,726
|
|
ARES XLI CLO Ltd., “BR”, Series 2016-41A, 144A, 3 mo. USD Term SOFR +
1.712%, 6.029% (a), 4/15/2034
|
|
2,000,000
|
2,009,592
|
|
Balboa Bay Loan Funding Ltd., “A1”, Series 2024-1A, 144A, 3 mo. USD Term SOFR +
1.51%, 5.835% (a), 7/20/2037
|
|
500,000
|
501,330
|
|
BlueMountain CLO XXXIV Ltd., “B1”, Series 2022-34A, 144A, 3 mo. USD Term
SOFR + 2.05%, 6.375% (a), 4/20/2035
|
|
750,000
|
751,535
|
|
Carlyle Global Market Strategies CLO Ltd., “BR4”, Series 2012-4A, 144A, 3 mo. USD
Term SOFR + 1.75%, 6.082% (a), 4/22/2032
|
|
1,000,000
|
1,001,147
|
|
CF Hippolyta Issuer LLC, “B1”, Series 2021-1A, 144A, 1.98%, 3/15/2061
|
|
2,949,861
|
2,256,138
|
|
Cloud Capital Holdco LP, “A2”, Series 2024-1A, 144A, 5.781%, 11/22/2049
|
|
600,000
|
606,697
|
|
Compass Datacenters Issuer III LLC, “A2”, Series 2025-3A, 144A, 5.286%, 7/25/2050
|
|
504,000
|
504,141
|
|
CyrusOne Data Centers Issuer I LLC, “A2”, Series 2024-2A, 144A, 4.5%, 5/20/2049
|
|
1,250,000
|
1,214,674
|
|
Elmwood CLO 43 Ltd., “B”, Series 2025-6A, 144A, 3 mo. USD Term SOFR + 1.7%,
6.019% (a), 7/20/2038
|
|
522,000
|
522,068
|
|
Frontier Issuer LLC, “A2”, Series 2023-1, 144A, 6.6%, 8/20/2053
|
|
500,000
|
506,289
|
|
Golub Capital Partners CLO 53B Ltd., “CR”, Series 2021-53A, 144A, 3 mo. USD Term
SOFR + 1.7%, 6.025% (a), 7/20/2034
|
|
1,000,000
|
991,916
|
|
HINNT LLC, “B”, Series 2024-A, 144A, 5.84%, 3/15/2043
|
|
224,371
|
226,574
|
|
Jersey Mike's Funding LLC, “A2”, Series 2024-1A, 144A, 5.636%, 2/15/2055
|
|
598,500
|
604,590
|
|
Madison Park Funding XXXVIII Ltd., “C”, Series 2021-38A, 144A, 3 mo. USD Term
SOFR + 2.162%, 6.484% (a), 7/17/2034
|
|
950,000
|
952,377
|
|
Morgan Stanley Eaton Vance CLO Ltd., “A”, Series 2021-1A, 144A, 3 mo. USD Term
SOFR + 1.422%, 5.741% (a), 10/20/2034
|
|
3,000,000
|
3,007,461
|
|
Mosaic Solar Loan Trust, “B”, Series 2023-1A, 144A, 6.92%, 6/20/2053
|
|
1,206,973
|
1,029,266
|
|
MVW LLC, “B”, Series 2025-1A, 144A, 5.21%, 9/22/2042
|
|
471,826
|
470,648
|
|
Octagon 63 Ltd., “A2”, Series 2024-2A, 144A, 3 mo. USD Term SOFR + 1.71%,
6.035% (a), 7/20/2037
|
|
1,900,000
|
1,904,704
|
|
Rad CLO 23 Ltd., “A1”, Series 2024-23A, 144A, 3 mo. USD Term SOFR + 1.6%,
5.925% (a), 4/20/2037
|
|
3,500,000
|
3,517,630
|
|
Regatta 34 Funding Ltd., “A2”, Series 2025-3A, 144A, 3 mo. USD Term SOFR +
1.75%, 6.044% (a), 7/20/2038
|
|
650,000
|
653,034
|
|
RR 35 Ltd., “A2”, Series 2024-35A, 144A, 3 mo. USD Term SOFR + 1.7%, 6.018% (a),
1/15/2040
|
|
1,000,000
|
1,005,326
|
|
Sixth Street CLO 29 Ltd., “B”, Series 2025-29A, 144A, 3 mo. USD Term SOFR +
1.65%, 5.972% (a), 7/17/2038
|
|
500,000
|
500,782
|
|
Sixth Street CLO XIV Ltd., “A2R2”, Series 2019-14A, 144A, 3 mo. USD Term SOFR +
1.4%, 5.725% (a), 1/20/2038
|
|
1,600,000
|
1,594,979
|
|
Switch ABS Issuer LLC:
|
|
|
|
|
“A2”, Series 2024-2A, 144A, 5.436%, 6/25/2054
|
|
400,000
|
399,815
|
|
“A2”, Series 2024-1A, 144A, 6.28%, 3/25/2054
|
|
800,000
|
808,606
|
|
Texas Debt Capital CLO Ltd., “A2R”, Series 2023-1A, 144A, 3 mo. USD Term SOFR +
1.55%, 5.865% (a), 7/20/2038
|
|
1,500,000
|
1,502,084
|
|
TICP CLO XI Ltd., “AR”, Series 2018-11A, 144A, 3 mo. USD Term SOFR + 1.53%,
5.848% (a), 4/25/2037
|
|
800,000
|
802,382
|
|
Wingstop Funding LLC, “A2”, Series 2024-1A, 144A, 5.858%, 12/5/2054
|
|
400,000
|
408,596
|
|
|
|
|
37,086,931
|
|
Total Asset-Backed (Cost $50,141,212)
|
49,617,391
|
||
|
|
|||
|
Mortgage-Backed Securities Pass-Throughs 6.0%
|
|
||
|
Federal Home Loan Mortgage Corp., 6.0%, 1/1/2055
|
|
3,882,695
|
3,957,847
|
|
Federal National Mortgage Association:
|
|
|
|
|
5.0%, 8/1/2054 (e)
|
|
2,100,000
|
2,043,959
|
|
5.5%, 8/1/2054 (e)
|
|
4,700,000
|
4,675,128
|
|
6.0%, with various maturities from 8/1/2054 until 2/1/2055 (e)
|
|
16,969,847
|
17,210,924
|
|
Government National Mortgage Association:
|
|
|
|
|
5.5%, 8/20/2054 (e)
|
|
7,000,000
|
6,981,954
|
|
6.5%, 8/20/2034
|
|
11,737
|
12,457
|
|
Total Mortgage-Backed Securities Pass-Throughs (Cost $34,820,053)
|
34,882,269
|
||
|
|
|||
|
Commercial Mortgage-Backed Securities 3.0%
|
|
||
|
20 Times Square Trust, “C”, Series 2018-20TS, 144A, 3.1% (a), 5/15/2035
|
|
800,000
|
744,000
|
|
2023-MIC Trust, “B”, Series 2023-MIC, 144A, 9.532% (a), 12/5/2038
|
|
900,000
|
974,075
|
|
BAHA Trust, “A”, Series 2024-MAR, 144A, 5.972% (a), 12/10/2041
|
|
1,114,000
|
1,143,977
|
|
Bank, “AS”, Series 2025-BNK50, 5.875%, 5/15/2068
|
|
980,000
|
1,018,109
|
|
Benchmark Mortgage Trust, “A4”, Series 2020-IG3, 144A, 2.437%, 9/15/2048
|
|
400,000
|
345,285
|
|
BPR Trust:
|
|
|
|
|
“A”, Series 2024-PMDW, 144A, 5.358%, 11/5/2041
|
|
536,000
|
540,789
|
|
“B”, Series 2021-TY, 144A, 1 mo. USD Term SOFR + 1.264%, 5.606% (a),
9/15/2038
|
|
600,000
|
597,022
|
|
BX Trust, “D”, Series 2019-OC11, 144A, 3.944% (a), 12/9/2041
|
|
700,000
|
652,392
|
|
BXP Trust:
|
|
|
|
|
“A”, Series 2021-601L, 144A, 2.618%, 1/15/2044
|
|
1,650,000
|
1,403,959
|
|
“B”, Series 2021-601L, 144A, 2.775% (a), 1/15/2044
|
|
750,000
|
631,633
|
|
CSAIL Commercial Mortgage Trust, “AS”, Series 2016-C6, 3.346%, 1/15/2049
|
|
500,000
|
485,807
|
|
Fontainebleau Miami Beach Mortgage Trust, “B”, Series 2024-FBLU, 144A, 1 mo. USD
Term SOFR + 1.85%, 6.192% (a), 12/15/2039
|
|
563,000
|
563,329
|
|
Freddie Mac Multifamily Structured Credit Risk, “M2”, Series 2021-MN1, 144A, 30
day USD SOFR Average + 3.75%, 8.1% (a), 1/25/2051
|
|
1,098,000
|
1,133,699
|
|
Hudson Yards Mortgage Trust, “C”, Series 2025-SPRL, 144A, 5.952% (a), 1/13/2040
|
|
225,000
|
230,607
|
|
IRV Trust, “C”, Series 2025-200P, 144A, 5.73% (a), 3/14/2047
|
|
667,000
|
658,416
|
|
JPMorgan Chase Commercial Mortgage Securities Trust:
|
|
|
|
|
“A”, Series 2021-1MEM, 144A, 2.516%, 10/9/2042
|
|
1,000,000
|
826,747
|
|
“A”, Series 2016-NINE, 144A, 2.854% (a), 9/6/2038
|
|
750,000
|
732,490
|
|
“A”, Series 2019-OSB, 144A, 3.397%, 6/5/2039
|
|
500,000
|
467,109
|
|
“A”, Series 2018-PHH, 144A, 1 mo. USD Term SOFR + 1.257%, 5.599% (a),
6/15/2035
|
|
1,550,537
|
1,320,366
|
|
JW Commercial Mortgage Trust, “B”, Series 2024-MRCO, 144A, 1 mo. USD Term
SOFR + 1.941%, 6.283% (a), 6/15/2039
|
|
970,000
|
970,303
|
|
KIND Trust, “A”, Series 2021-KIND, 144A, 1 mo. USD Term SOFR + 1.064%, 5.41%
(a), 8/15/2038
|
|
396,688
|
392,969
|
|
ROCK Trust, “A”, Series 2024-CNTR, 144A, 5.388%, 11/13/2041
|
|
635,000
|
646,702
|
|
SWCH Commercial Mortgage Trust, “A”, Series 2025-DATA, 144A, 1 mo. USD Term
SOFR + 1.443%, 5.785% (a), 2/15/2042
|
|
800,000
|
796,000
|
|
WHARF Commercial Mortgage Trust, “B”, Series 2025-DC, 144A, 5.544%, 7/15/2040
|
|
200,000
|
202,794
|
|
Total Commercial Mortgage-Backed Securities (Cost $16,933,238)
|
17,478,579
|
||
|
|
|||
|
Collateralized Mortgage Obligations 4.2%
|
|||
|
Federal Home Loan Mortgage Corp.:
|
|
|
|
|
“DI”, Series 5011, Interest Only, 2.0%, 7/25/2050
|
|
2,794,016
|
334,886
|
|
“MI”, Series 5034, Interest Only, 2.0%, 11/25/2050
|
|
1,923,090
|
239,216
|
|
Federal National Mortgage Association:
|
|
|
|
|
“AO”, Series 2023-53, Principal Only, Zero Coupon, 11/25/2053
|
|
1,581,379
|
1,348,013
|
|
“I”, Series 2003-84, Interest Only, 6.0%, 9/25/2033
|
|
85,337
|
10,367
|
|
“FE”, Series 2024-87, 30 day USD SOFR Average + 1.85%, 6.0% (a), 12/25/2054
|
|
1,360,681
|
1,361,393
|
|
“FG”, Series 2023-53, 30 day USD SOFR Average + 1.9%, 6.25% (a), 11/25/2053
|
|
11,860,342
|
11,990,771
|
|
Freddie Mac Structured Agency Credit Risk Debt Notes, “M2”, Series 2019-DNA2,
144A, 30 day USD SOFR Average + 2.564%, 6.914% (a), 3/25/2049
|
|
776,478
|
788,047
|
|
Government National Mortgage Association:
|
|
|
|
|
“IO”, Series 2021-19, Interest Only, 2.0%, 1/20/2051
|
|
3,308,840
|
392,411
|
|
“QI”, Series 2021-225, Interest Only, 2.5%, 12/20/2051
|
|
3,755,828
|
447,882
|
|
“SG”, Series 2025-60, 14.875% minus (2.5 x 30 day USD SOFR Average), 4.005%
(a), 4/20/2055
|
|
2,465,631
|
2,322,365
|
|
“AZ”, Series 2023-120, 5.5%, 8/20/2053
|
|
1,110,906
|
1,110,841
|
|
“UZ”, Series 2025-41, 6.0%, 3/20/2055
|
|
743,959
|
734,567
|
|
JPMorgan Mortgage Trust:
|
|
|
|
|
“A1”, Series 2025-DSC1, 144A, 5.577%, 9/25/2065
|
|
785,196
|
787,502
|
|
“A11”, Series 2024-6, 144A, 30 day USD SOFR Average + 1.25%, 5.6% (a),
12/25/2054
|
|
631,688
|
630,331
|
|
Sequoia Mortgage Trust, “A3”, Series 2024-INV1, 144A, 5.5%, 10/25/2054
|
|
1,283,617
|
1,270,731
|
|
Western Alliance Bank, “M1”, Series 2021-CL2, 144A, 30 day USD SOFR Average +
3.15%, 7.5% (a), 7/25/2059
|
|
866,233
|
912,895
|
|
Total Collateralized Mortgage Obligations (Cost $24,519,982)
|
24,682,218
|
||
|
|
|||
|
Government & Agency Obligations 9.7%
|
|||
|
Sovereign Bonds 1.8%
|
|
||
|
Brazilian Government International Bond, 6.0%, 10/20/2033
|
|
950,000
|
938,160
|
|
Eagle Funding Luxco Sarl, 144A, 5.5%, 8/17/2030
|
|
994,000
|
998,473
|
|
Indonesia Government International Bond, 4.75%, 9/10/2034
|
|
1,700,000
|
1,669,223
|
|
Mexico Cetes, Zero Coupon, 3/5/2026
|
MXN
|
117,000,000
|
5,919,500
|
|
Mexico Government International Bond:
|
|
|
|
|
6.0%, 5/7/2036
|
|
260,000
|
254,800
|
|
6.875%, 5/13/2037
|
|
538,000
|
555,216
|
|
|
|
|
10,335,372
|
|
U.S. Treasury Obligations 7.9%
|
|
||
|
U.S. Treasury Bills, 4.119% (f), 9/11/2025 (g)
|
|
20,000,000
|
19,902,340
|
|
U.S. Treasury Bonds, 4.625%, 2/15/2055
|
|
1,129,700
|
1,082,217
|
|
U.S. Treasury Floating Rate Notes:
|
|
|
|
|
3 mo. Treasury money market yield + 0.182%, 4.463% (a), 7/31/2026
|
|
10,000,000
|
10,010,590
|
|
3 mo. Treasury money market yield + 0.245%, 4.526% (a), 1/31/2026 (h)
|
|
12,774,500
|
12,787,137
|
|
U.S. Treasury Notes:
|
|
|
|
|
4.0%, 3/31/2030
|
|
878,000
|
880,024
|
|
4.25%, 6/30/2029
|
|
1,203,200
|
1,217,488
|
|
|
|
|
45,879,796
|
|
Total Government & Agency Obligations (Cost $56,116,833)
|
56,215,168
|
||
|
|
|||
|
Loan Participations and Assignments 0.4%
|
|||
|
Senior Loans (a) 0.4%
|
|
||
|
Hilton Domestic Operating Co., Inc., Term Loan B4, 1 mo. USD Term SOFR + 1.75%,
6.102%, 11/8/2030
|
|
1,389,235
|
1,393,959
|
|
TransDigm, Inc., Term Loan J, 3 mo. USD Term SOFR + 2.5%, 6.796%, 2/28/2031
|
|
1,033,603
|
1,037,825
|
|
|
|
|
2,431,784
|
|
Total Loan Participations and Assignments (Cost $2,423,594)
|
2,431,784
|
||
|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Exchange-Traded Funds 3.4%
|
|||
|
iShares Core International Aggregate Bond ETF
|
|
336,985
|
17,199,714
|
|
SPDR Blackstone Senior Loan ETF
|
|
60,000
|
2,499,000
|
|
Total Exchange-Traded Funds (Cost $19,567,639)
|
|
|
19,698,714
|
|
|
|||
|
Securities Lending Collateral 0.9%
|
|||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 4.25% (i) (j) (Cost $5,059,099)
|
|
5,059,099
|
5,059,099
|
|
|
|||
|
Cash Equivalents 8.9%
|
|||
|
DWS Central Cash Management Government Fund, 4.37% (i) (Cost $52,008,607)
|
|
52,008,607
|
52,008,607
|
|
|
|||
|
|
|
% of
Net Assets
|
Value ($)
|
|
Total Investment Portfolio (Cost $598,310,764)
|
|
105.7
|
615,549,459
|
|
Other Assets and Liabilities, Net
|
|
(5.7
)
|
(33,403,399
)
|
|
Net Assets
|
|
100.0
|
582,146,060
|
|
Value ($) at
10/31/2024
|
Purchases
Cost ($)
|
Sales
Proceeds ($)
|
Net
Realized
Gain/
(Loss) ($)
|
Net
Change in
Unrealized
Appreci-
ation
(Deprecia-
tion) ($)
|
Income ($)
|
Capital
Gain
Distribu-
tions ($)
|
Number of
Shares at
7/31/2025
|
Value ($) at
7/31/2025
|
|
Securities Lending Collateral 0.9%
|
||||||||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
4.25% (i) (j)
|
||||||||
|
5,493,504
|
—
|
434,405 (k)
|
—
|
—
|
40,096
|
—
|
5,059,099
|
5,059,099
|
|
Cash Equivalents 8.9%
|
||||||||
|
DWS Central Cash Management Government Fund, 4.37% (i)
|
||||||||
|
74,600,295
|
302,294,094
|
324,885,782
|
—
|
—
|
1,145,308
|
—
|
52,008,607
|
52,008,607
|
|
80,093,799
|
302,294,094
|
325,320,187
|
—
|
—
|
1,185,404
|
—
|
57,067,706
|
57,067,706
|
|
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Variable or floating rate security. These securities are shown at their current rate
as of July 31, 2025. For securities based on a
published reference rate and spread, the reference rate and spread are indicated within
the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust
periodically based on current market conditions,
prepayment of underlying positions and/or other variables. Securities with a floor
or ceiling feature are disclosed at the inherent
rate, where applicable.
|
|
(b)
|
Investment was valued using significant unobservable inputs.
|
|
(c)
|
Principal amount stated in U.S. dollars unless otherwise noted.
|
|
(d)
|
All or a portion of these securities were on loan. In addition, "Other Assets and
Liabilities, Net" may include pending sales that
are also on loan. The value of securities loaned at July 31, 2025 amounted to $4,849,027,
which is 0.8% of net assets.
|
|
(e)
|
When-issued or delayed delivery securities included.
|
|
(f)
|
Annualized yield at time of purchase; not a coupon rate.
|
|
(g)
|
At July 31, 2025, this security has been pledged, in whole or in part, to cover initial
margin requirements for open futures
contracts.
|
|
(h)
|
At July 31, 2025, this security has been pledged, in whole or in part, to cover initial
margin requirements for open centrally
cleared swap contracts.
|
|
(i)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown
is the annualized seven-day yield at
period end.
|
|
(j)
|
Represents cash collateral held in connection with securities lending. Income earned
by the Fund is net of borrower rebates.
|
|
(k)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount
invested in cash collateral for the period
ended July 31, 2025.
|
|
144A: Security exempt from registration under Rule 144A under the Securities Act of
1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
|
|
ADR: American Depositary Receipt
|
|
CLO: Collateralized Loan Obligation
|
|
CMT: Constant Maturity Treasury
|
|
FTSE: Financial Times and the London Stock Exchange
|
|
GDR: Global Depositary Receipt
|
|
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments
on a pool of underlying mortgages or
mortgage-backed securities. IO securities are subject to prepayment risk of the pool
of underlying mortgages.
|
|
MSCI: Morgan Stanley Capital International
|
|
Perpetual: Callable security with no stated maturity date.
|
|
Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or
mortgage-backed securities.
|
|
REG S: Securities sold under Regulation S may not be offered, sold or delivered within
the United States or to, or for the account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the
Securities Act of 1933.
|
|
REIT: Real Estate Investment Trust
|
|
S&P: Standard & Poor's
|
|
SOFR: Secured Overnight Financing Rate
|
|
SPDR: Standard & Poor's Depositary Receipt
|
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
2 Year
U.S. Treasury
Note
|
USD
|
9/30/2025
|
176
|
36,467,707
|
36,429,250
|
(38,457
)
|
|
DAX Index
|
EUR
|
9/19/2025
|
52
|
35,702,789
|
35,844,276
|
141,487
|
|
E-Mini S&P 500
Index
|
USD
|
9/19/2025
|
19
|
5,859,786
|
6,055,538
|
195,752
|
|
EURO STOXX 50
Index
|
EUR
|
9/19/2025
|
255
|
15,536,965
|
15,539,713
|
2,748
|
|
Euro-Bund Index
|
EUR
|
9/8/2025
|
144
|
21,366,784
|
21,313,954
|
(52,830
)
|
|
FTSE 100 Index
|
GBP
|
9/19/2025
|
82
|
9,602,524
|
9,880,679
|
278,155
|
|
MSCI Emerging
Market Index
|
USD
|
9/19/2025
|
226
|
14,179,404
|
13,992,790
|
(186,614
)
|
|
MSCI World
Index
|
USD
|
9/19/2025
|
776
|
98,143,306
|
102,075,040
|
3,931,734
|
|
Nikkei 225 Index
|
JPY
|
9/11/2025
|
108
|
27,884,904
|
29,506,631
|
1,621,727
|
|
STOXX Europe
600 Index
|
EUR
|
9/19/2025
|
297
|
9,213,507
|
9,266,517
|
53,010
|
|
Total net unrealized appreciation
|
5,946,712
|
|||||
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Depreciation ($)
|
|
5 Year
U.S. Treasury
Note
|
USD
|
9/30/2025
|
245
|
26,434,511
|
26,502,109
|
(67,598
)
|
|
U.S. Treasury
Long Bond
|
USD
|
9/19/2025
|
18
|
2,016,092
|
2,055,375
|
(39,283
)
|
|
Ultra 10 Year
U.S. Treasury
Note
|
USD
|
9/19/2025
|
101
|
11,311,773
|
11,420,891
|
(109,118
)
|
|
Ultra Long
U.S. Treasury
Bond
|
USD
|
9/19/2025
|
44
|
5,067,566
|
5,161,750
|
(94,184
)
|
|
Total unrealized depreciation
|
(310,183
)
|
|||||
|
Centrally Cleared Swaps
|
|||||||
|
Cash Flows
Paid by
the Fund/
Frequency
|
Cash Flows
Received by
the Fund/
Frequency
|
Effective/
Expiration
Date
|
Notional
Amount
($)
|
Currency
|
Value
($)
|
Upfront
Payments
Paid/
(Received)
($)
|
Unrealized
Depreciation
($)
|
|
Floating — 1-Day
SOFR
Semi-Annually β
|
Fixed — 3.907% Semi-Annually
|
8/28/2025/
8/28/2045
|
18,500,000
|
USD
|
(388,874
)
|
—
|
(388,874
)
|
|
Floating — 1-Day
SOFR
Semi-Annually β
|
Fixed — 3.757% Semi-Annually
|
8/28/2025/
8/27/2055
|
7,800,000
|
USD
|
(332,732
)
|
—
|
(332,732
)
|
|
|
|
|
|
|
|
|
(721,606
)
|
|
β
|
1-Day SOFR rate as of July 31, 2025 is 4.390%.
|
||||||
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Depreciation ($)
|
Counterparty
|
||
|
USD
|
1,733,436
|
JPY
|
254,990,000
|
10/10/2025
|
(29,867
)
|
State Street Bank and Trust
|
|
USD
|
4,963,565
|
CAD
|
6,780,000
|
10/10/2025
|
(53,672
)
|
State Street Bank and Trust
|
|
USD
|
7,725,375
|
GBP
|
5,730,000
|
10/10/2025
|
(153,146
)
|
State Street Bank and Trust
|
|
USD
|
17,061,645
|
EUR
|
14,549,604
|
10/10/2025
|
(383,989
)
|
Citigroup, Inc.
|
|
Total unrealized depreciation
|
(620,674
)
|
|
||||
|
CAD
|
Canadian Dollar
|
|
EUR
|
Euro
|
|
GBP
|
British Pound
|
|
JPY
|
Japanese Yen
|
|
MXN
|
Mexican Peso
|
|
USD
|
United States Dollar
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Common Stocks
|
|
|
|
|
|
Communication Services
|
$15,979,754
|
$108,867
|
$—
|
$16,088,621
|
|
Consumer Discretionary
|
12,976,663
|
7,098,905
|
—
|
20,075,568
|
|
Consumer Staples
|
6,083,002
|
4,525,816
|
—
|
10,608,818
|
|
Energy
|
6,584,666
|
—
|
—
|
6,584,666
|
|
Financials
|
22,829,138
|
11,445,196
|
—
|
34,274,334
|
|
Health Care
|
8,673,423
|
7,507,111
|
—
|
16,180,534
|
|
Industrials
|
11,707,899
|
8,077,740
|
—
|
19,785,639
|
|
Information Technology
|
47,872,819
|
4,405,909
|
—
|
52,278,728
|
|
Materials
|
7,232,242
|
—
|
—
|
7,232,242
|
|
Real Estate
|
2,579,192
|
1,135,180
|
—
|
3,714,372
|
|
Utilities
|
3,902,266
|
1,261,095
|
—
|
5,163,361
|
|
Preferred Stocks (a)
|
15,718,180
|
—
|
—
|
15,718,180
|
|
Rights
|
—
|
—
|
1,122
|
1,122
|
|
Warrants
|
—
|
—
|
838
|
838
|
|
Corporate Bonds (a)
|
—
|
145,768,607
|
—
|
145,768,607
|
|
Asset-Backed (a)
|
—
|
49,617,391
|
—
|
49,617,391
|
|
Mortgage-Backed Securities Pass-Throughs
|
—
|
34,882,269
|
—
|
34,882,269
|
|
Commercial Mortgage-Backed Securities
|
—
|
17,478,579
|
—
|
17,478,579
|
|
Collateralized Mortgage Obligations
|
—
|
24,682,218
|
—
|
24,682,218
|
|
Government & Agency Obligations (a)
|
—
|
56,215,168
|
—
|
56,215,168
|
|
Loan Participations and Assignments
|
—
|
2,431,784
|
—
|
2,431,784
|
|
Exchange-Traded Funds
|
19,698,714
|
—
|
—
|
19,698,714
|
|
Short-Term Investments (a)
|
57,067,706
|
—
|
—
|
57,067,706
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
6,224,613
|
—
|
—
|
6,224,613
|
|
Total
|
$245,130,277
|
$376,641,835
|
$1,960
|
$621,774,072
|
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
$(588,084
)
|
$—
|
$—
|
$(588,084
)
|
|
Interest Rate Swap Contracts
|
—
|
(721,606
)
|
—
|
(721,606
)
|
|
Forward Foreign Currency Contracts
|
—
|
(620,674
)
|
—
|
(620,674
)
|
|
Total
|
$(588,084
)
|
$(1,342,280
)
|
$—
|
$(1,930,364
)
|
|
(a)
|
See Investment Portfolio for additional detailed categorizations.
|
|
(b)
|
Derivatives include unrealized appreciation (depreciation) on open futures contracts,
interest rate swap contracts and forward
foreign currency contracts.
|