|
|
|
Number
of Shares
|
Value
|
|
Common Stocks – 90.0%
|
|||
|
Advertising & Marketing – 0.0%(a)
|
|||
|
Interpublic Group of Cos.
(The), Inc.
|
|
5,182
|
$127,477
|
|
Omnicom Group, Inc.(b)
|
|
2,385
|
171,840
|
|
Trade Desk (The), Inc.,
Class A*
|
|
3,546
|
308,360
|
|
|
|
|
607,677
|
|
Aerospace & Defense – 3.5%
|
|||
|
AAR Corp.*
|
|
20,439
|
1,526,998
|
|
Airbus S.E. ADR (France)
|
|
107,533
|
5,402,458
|
|
Boeing (The) Co.*
|
|
44,492
|
9,870,105
|
|
General Dynamics Corp.
|
|
29,595
|
9,222,098
|
|
Huntington Ingalls
Industries, Inc.
|
|
16,709
|
4,659,472
|
|
L3Harris Technologies, Inc.
|
|
11,611
|
3,190,935
|
|
Loar Holdings, Inc.*
|
|
31,406
|
2,321,217
|
|
Lockheed Martin Corp.
|
|
2,460
|
1,035,611
|
|
Moog, Inc., Class A
|
|
9,106
|
1,762,740
|
|
Northrop Grumman Corp.
|
|
11,836
|
6,824,756
|
|
RTX Corp.
|
|
103,002
|
16,230,025
|
|
TransDigm Group, Inc.
|
|
435
|
699,680
|
|
|
|
|
62,746,095
|
|
Apparel & Textile Products – 0.1%
|
|||
|
NIKE, Inc., Class B
|
|
9,621
|
718,592
|
|
Ralph Lauren Corp.
|
|
661
|
197,474
|
|
Skechers USA, Inc.,
Class A*
|
|
2,033
|
128,587
|
|
Tapestry, Inc.
|
|
1,754
|
189,485
|
|
|
|
|
1,234,138
|
|
Asset Management – 1.4%
|
|||
|
Ameriprise Financial, Inc.
|
|
398
|
206,240
|
|
Apollo Global
Management, Inc.
|
|
2,251
|
327,115
|
|
Ares Capital Corp.
|
|
21,335
|
482,811
|
|
Blackrock, Inc.
|
|
6,989
|
7,729,904
|
|
Cohen & Steers, Inc.
|
|
24,477
|
1,800,528
|
|
Franklin Resources, Inc.
|
|
3,061
|
73,464
|
|
Hamilton Lane, Inc.,
Class A(b)
|
|
15,417
|
2,348,009
|
|
Invesco Ltd.
|
|
4,129
|
86,750
|
|
KKR & Co., Inc.
|
|
53,263
|
7,807,291
|
|
LPL Financial Holdings, Inc.
|
|
8,818
|
3,489,547
|
|
Raymond James
Financial, Inc.
|
|
1,912
|
319,553
|
|
Stifel Financial Corp.
|
|
9,599
|
1,095,438
|
|
T. Rowe Price Group, Inc.(b)
|
|
640
|
64,928
|
|
|
|
|
25,831,578
|
|
Automotive – 0.7%
|
|||
|
Autoliv, Inc. (Sweden)
|
|
1,109
|
123,709
|
|
|
|
Number
of Shares
|
Value
|
|
Automotive (Continued)
|
|||
|
BorgWarner, Inc.
|
|
3,427
|
$126,113
|
|
General Motors Co.
|
|
9,300
|
496,062
|
|
Gentex Corp.
|
|
8,140
|
215,059
|
|
Lear Corp.
|
|
12,872
|
1,213,701
|
|
Tesla, Inc.*
|
|
28,010
|
8,634,643
|
|
XPEL, Inc.*
|
|
37,566
|
1,228,032
|
|
|
|
|
12,037,319
|
|
Banking – 3.2%
|
|||
|
Atlantic Union
Bankshares Corp.
|
|
55,119
|
1,747,272
|
|
Bank of NT Butterfield &
Son (The) Ltd. (Bermuda)
|
|
20,057
|
912,794
|
|
Bank OZK
|
|
49,877
|
2,458,936
|
|
Banner Corp.
|
|
27,593
|
1,712,836
|
|
Citigroup, Inc.
|
|
72,759
|
6,817,518
|
|
City Holding Co.(b)
|
|
13,514
|
1,650,060
|
|
Coastal Financial Corp.*
|
|
9,252
|
890,042
|
|
First Bancorp
|
|
34,488
|
1,727,504
|
|
JP Morgan Chase & Co.
|
|
62,209
|
18,428,794
|
|
National Bank
Holdings Corp., Class A
|
|
31,951
|
1,184,104
|
|
Pinnacle Financial
Partners, Inc.
|
|
16,752
|
1,472,333
|
|
PNC Financial Services
Group (The), Inc.
|
|
34,751
|
6,612,073
|
|
Renasant Corp.
|
|
44,049
|
1,613,955
|
|
Seacoast Banking Corp. of
Florida
|
|
59,345
|
1,672,936
|
|
Simmons First
National Corp., Class A
|
|
87,077
|
1,669,266
|
|
Webster Financial Corp.
|
|
31,319
|
1,805,540
|
|
Wells Fargo & Co.
|
|
61,917
|
4,992,368
|
|
|
|
|
57,368,331
|
|
Beverages – 0.7%
|
|||
|
Brown-Forman Corp.,
Class B(b)
|
|
3,321
|
95,811
|
|
Diageo PLC (United
Kingdom)
|
|
50,945
|
1,234,783
|
|
Monster Beverage Corp.*
|
|
94,942
|
5,577,842
|
|
PepsiCo, Inc.
|
|
43,811
|
6,042,413
|
|
|
|
|
12,950,849
|
|
Biotechnology & Pharmaceuticals – 1.7%
|
|||
|
AbbVie, Inc.
|
|
28,615
|
5,408,807
|
|
Amgen, Inc.
|
|
2,916
|
860,512
|
|
Biogen, Inc.*
|
|
606
|
77,568
|
|
Bristol-Myers Squibb Co.
|
|
8,864
|
383,900
|
|
Certara, Inc.*
|
|
173,618
|
1,708,401
|
|
Gilead Sciences, Inc.
|
|
9,396
|
1,055,077
|
|
Johnson & Johnson
|
|
50,768
|
8,363,520
|
|
Merck & Co., Inc.
|
|
46,680
|
3,646,642
|
|
|
|
Number
of Shares
|
Value
|
|
Biotechnology & Pharmaceuticals (Continued)
|
|||
|
Novo Nordisk A/S ADR
(Denmark)(b)
|
|
50,264
|
$2,365,926
|
|
Pfizer, Inc.
|
|
223,189
|
5,198,072
|
|
Regeneron
Pharmaceuticals, Inc.
|
|
1,159
|
632,188
|
|
Royalty Pharma PLC,
Class A
|
|
8,307
|
305,698
|
|
United Therapeutics Corp.*
|
|
656
|
180,203
|
|
Vertex
Pharmaceuticals, Inc.*
|
|
1,230
|
561,950
|
|
Zoetis, Inc.
|
|
6,052
|
882,321
|
|
|
|
|
31,630,785
|
|
Cable & Satellite – 0.4%
|
|||
|
Charter
Communications, Inc.,
Class A(b)*
|
|
448
|
120,673
|
|
Comcast Corp., Class A
|
|
190,552
|
6,332,043
|
|
Sirius XM Holdings, Inc.(b)
|
|
2,871
|
60,636
|
|
|
|
|
6,513,352
|
|
Chemicals – 1.4%
|
|||
|
Ashland Global
Holdings, Inc.
|
|
41,130
|
2,120,663
|
|
Avery Dennison Corp.
|
|
1,439
|
241,421
|
|
Axalta Coating
Systems Ltd.*
|
|
3,668
|
103,878
|
|
Balchem Corp.
|
|
11,745
|
1,790,760
|
|
CF Industries Holdings, Inc.
|
|
1,335
|
123,928
|
|
Corteva, Inc.
|
|
10,673
|
769,843
|
|
DuPont de Nemours, Inc.
|
|
10,358
|
744,740
|
|
Eastman Chemical Co.
|
|
1,301
|
94,466
|
|
Hawkins, Inc.
|
|
8,199
|
1,338,733
|
|
Innospec, Inc.
|
|
10,622
|
848,698
|
|
Linde PLC
|
|
8,200
|
3,774,132
|
|
LyondellBasell Industries
N.V., Class A(b)
|
|
1,646
|
95,353
|
|
PPG Industries, Inc.
|
|
747
|
78,808
|
|
Sensient
Technologies Corp.
|
|
15,706
|
1,763,627
|
|
Sherwin-Williams
(The) Co.
|
|
29,581
|
9,787,761
|
|
Stepan Co.
|
|
31,294
|
1,588,796
|
|
Westlake Corp.
|
|
913
|
72,401
|
|
|
|
|
25,338,008
|
|
Commercial Support Services – 0.6%
|
|||
|
Automatic Data
Processing, Inc.
|
|
5,820
|
1,801,290
|
|
Casella Waste
Systems, Inc., Class A*
|
|
50,532
|
5,494,344
|
|
Cintas Corp.
|
|
3,105
|
691,018
|
|
FTI Consulting, Inc.*
|
|
6,707
|
1,115,710
|
|
Paychex, Inc.
|
|
1,374
|
198,310
|
|
|
|
Number
of Shares
|
Value
|
|
Commercial Support Services (Continued)
|
|||
|
Robert Half, Inc.
|
|
2,340
|
$86,369
|
|
Verra Mobility Corp.*
|
|
72,128
|
1,821,953
|
|
|
|
|
11,208,994
|
|
Construction Materials – 0.5%
|
|||
|
CRH PLC
|
|
31,593
|
3,015,552
|
|
Martin Marietta
Materials, Inc.
|
|
4,227
|
2,430,018
|
|
Owens Corning
|
|
1,090
|
151,979
|
|
Trex Co., Inc.*
|
|
44,748
|
2,874,611
|
|
|
|
|
8,472,160
|
|
Containers & Packaging – 0.1%
|
|||
|
Crown Holdings, Inc.
|
|
965
|
95,882
|
|
Graphic Packaging
Holding Co.
|
|
7,681
|
171,747
|
|
International Paper Co.(b)
|
|
3,939
|
184,109
|
|
Packaging Corp. of
America
|
|
1,344
|
260,400
|
|
Sealed Air Corp.
|
|
2,825
|
82,688
|
|
Smurfit WestRock PLC
|
|
3,550
|
157,549
|
|
|
|
|
952,375
|
|
Diversified Industrials – 0.9%
|
|||
|
3M Co.
|
|
2,070
|
308,886
|
|
Emerson Electric Co.
|
|
4,489
|
653,194
|
|
Honeywell
International, Inc.
|
|
28,998
|
6,447,705
|
|
Illinois Tool Works, Inc.
|
|
16,587
|
4,245,775
|
|
Parker-Hannifin Corp.
|
|
6,928
|
5,070,603
|
|
|
|
|
16,726,163
|
|
E-Commerce Discretionary – 2.9%
|
|||
|
Amazon.com, Inc.*
|
|
226,463
|
53,017,253
|
|
eBay, Inc.
|
|
2,011
|
184,509
|
|
|
|
|
53,201,762
|
|
Electric Utilities – 2.5%
|
|||
|
Ameren Corp.
|
|
2,270
|
229,565
|
|
American Electric
Power Co., Inc.
|
|
19,832
|
2,243,793
|
|
Avista Corp.
|
|
46,798
|
1,745,565
|
|
CMS Energy Corp.
|
|
3,391
|
250,256
|
|
Consolidated Edison, Inc.
|
|
2,430
|
251,505
|
|
Dominion Energy, Inc.(b)
|
|
119,379
|
6,977,703
|
|
Duke Energy Corp.
|
|
66,099
|
8,040,282
|
|
Evergy, Inc.
|
|
3,377
|
239,092
|
|
Eversource Energy
|
|
2,275
|
150,378
|
|
Exelon Corp.
|
|
63,194
|
2,839,938
|
|
Northwestern Energy
Group, Inc.
|
|
26,600
|
1,428,420
|
|
NRG Energy, Inc.
|
|
1,517
|
253,642
|
|
OGE Energy Corp.
|
|
8,819
|
400,559
|
|
|
|
Number
of Shares
|
Value
|
|
Electric Utilities (Continued)
|
|||
|
PG&E Corp.
|
|
291,814
|
$4,091,232
|
|
Pinnacle West
Capital Corp.(b)
|
|
3,915
|
354,777
|
|
Sempra
|
|
15,299
|
1,249,622
|
|
Southern (The) Co.
|
|
78,498
|
7,416,491
|
|
TXNM Energy, Inc.
|
|
21,201
|
1,204,005
|
|
Xcel Energy, Inc.(b)
|
|
68,558
|
5,034,900
|
|
|
|
|
44,401,725
|
|
Electrical Equipment – 1.8%
|
|||
|
A.O. Smith Corp.
|
|
1,404
|
99,389
|
|
AAON, Inc.(b)
|
|
20,128
|
1,680,688
|
|
Allegion PLC
|
|
933
|
154,803
|
|
Amphenol Corp., Class A
|
|
4,956
|
527,864
|
|
Atmus Filtration
Technologies, Inc.
|
|
23,503
|
914,502
|
|
Camtek Ltd. (Israel)(b)*
|
|
22,684
|
2,135,699
|
|
Eaton Corp. PLC
|
|
41,123
|
15,820,841
|
|
Hayward Holdings, Inc.*
|
|
62,844
|
966,541
|
|
Hubbell, Inc.(b)
|
|
442
|
193,366
|
|
Johnson Controls
International PLC
|
|
19,166
|
2,012,430
|
|
Lennox International, Inc.
|
|
305
|
185,745
|
|
Modine
Manufacturing Co.*
|
|
20,670
|
2,781,355
|
|
Novanta, Inc.*
|
|
18,557
|
2,282,882
|
|
Otis Worldwide Corp.
|
|
12,252
|
1,049,874
|
|
Rockwell Automation, Inc.
|
|
360
|
126,616
|
|
Sensata Technologies
Holding PLC
|
|
2,236
|
68,779
|
|
TE Connectivity PLC
(Switzerland)
|
|
1,042
|
214,391
|
|
Trane Technologies PLC
|
|
4,704
|
2,060,728
|
|
|
|
|
33,276,493
|
|
Engineering & Construction – 0.1%
|
|||
|
Everus Construction
Group, Inc.*
|
|
23,701
|
1,760,036
|
|
Entertainment Content – 1.8%
|
|||
|
Electronic Arts, Inc.
|
|
2,075
|
316,417
|
|
Netflix, Inc.*
|
|
22,534
|
26,125,920
|
|
Walt Disney (The) Co.
|
|
57,175
|
6,810,114
|
|
|
|
|
33,252,451
|
|
Food – 1.1%
|
|||
|
BellRing Brands, Inc.*
|
|
41,383
|
2,258,684
|
|
Conagra Brands, Inc.
|
|
9,595
|
175,205
|
|
General Mills, Inc.
|
|
3,608
|
176,720
|
|
Hershey (The) Co.(b)
|
|
907
|
168,820
|
|
Hormel Foods Corp.
|
|
8,047
|
226,040
|
|
Ingredion, Inc.
|
|
1,849
|
243,218
|
|
J&J Snack Foods Corp.
|
|
7,419
|
837,531
|
|
|
|
Number
of Shares
|
Value
|
|
Food (Continued)
|
|||
|
Kraft Heinz (The) Co.
|
|
10,840
|
$297,666
|
|
Lamb Weston
Holdings, Inc.
|
|
2,159
|
123,214
|
|
Marzetti Co. (The)
|
|
8,305
|
1,476,297
|
|
Mondelez
International, Inc.,
Class A
|
|
83,936
|
5,429,820
|
|
Nestle S.A.(c)
|
|
40,034
|
3,498,054
|
|
Post Holdings, Inc.*
|
|
52,353
|
5,539,471
|
|
The Campbell's Co.(b)
|
|
4,684
|
149,513
|
|
|
|
|
20,600,253
|
|
Forestry, Paper & Wood Products – 0.2%
|
|||
|
Boise Cascade Co.
|
|
20,452
|
1,714,082
|
|
UFP Industries, Inc.
|
|
15,862
|
1,554,476
|
|
|
|
|
3,268,558
|
|
Gas & Water Utilities – 0.1%
|
|||
|
American Water
Works Co., Inc.
|
|
1,127
|
158,050
|
|
UGI Corp.(b)
|
|
58,415
|
2,113,455
|
|
|
|
|
2,271,505
|
|
Health Care Facilities & Services – 2.8%
|
|||
|
Cencora, Inc.
|
|
1,153
|
329,850
|
|
Charles River Laboratories
International, Inc.*
|
|
380
|
64,463
|
|
Cigna Group (The)
|
|
37,813
|
10,110,440
|
|
CVS Health Corp.
|
|
3,165
|
196,547
|
|
DaVita, Inc.(b)*
|
|
1,324
|
185,850
|
|
Elevance Health, Inc.
|
|
11,433
|
3,236,454
|
|
Encompass Health Corp.
|
|
1,773
|
195,225
|
|
Ensign Group (The), Inc.(b)
|
|
26,102
|
3,915,300
|
|
HCA Healthcare, Inc.
|
|
1,735
|
614,173
|
|
HealthEquity, Inc.*
|
|
47,100
|
4,568,700
|
|
Henry Schein, Inc.(b)*
|
|
2,388
|
161,548
|
|
Humana, Inc.
|
|
19,621
|
4,902,699
|
|
ICON PLC*
|
|
14,021
|
2,372,213
|
|
Labcorp Holdings, Inc.
|
|
8,541
|
2,221,343
|
|
McKesson Corp.
|
|
16,755
|
11,620,263
|
|
Medpace Holdings, Inc.*
|
|
6,567
|
2,805,422
|
|
Quest Diagnostics, Inc.
|
|
1,751
|
293,135
|
|
Tenet Healthcare Corp.*
|
|
540
|
87,091
|
|
UnitedHealth Group, Inc.
|
|
9,231
|
2,303,688
|
|
Universal Health
Services, Inc., Class B
|
|
831
|
138,320
|
|
|
|
|
50,322,724
|
|
Home & Office Products – 0.1%
|
|||
|
Arhaus, Inc.(b)*
|
|
154,369
|
1,352,273
|
|
|
|
Number
of Shares
|
Value
|
|
Home & Office Products (Continued)
|
|||
|
Somnigroup
International, Inc.(b)
|
|
1,685
|
$121,960
|
|
Whirlpool Corp.(b)
|
|
971
|
80,632
|
|
|
|
|
1,554,865
|
|
Home Construction – 0.4%
|
|||
|
Century Communities, Inc.
|
|
28,586
|
1,609,106
|
|
DR Horton, Inc.
|
|
1,131
|
161,552
|
|
Fortune Brands
Innovations, Inc.
|
|
31,356
|
1,710,156
|
|
Lennar Corp., Class A
|
|
1,222
|
137,084
|
|
Masco Corp.
|
|
1,960
|
133,535
|
|
Mohawk Industries, Inc.*
|
|
585
|
66,988
|
|
NVR, Inc.*
|
|
354
|
2,672,520
|
|
PulteGroup, Inc.
|
|
1,462
|
165,089
|
|
Toll Brothers, Inc.
|
|
2,038
|
241,218
|
|
|
|
|
6,897,248
|
|
Household Products – 0.8%
|
|||
|
Central Garden & Pet Co.,
Class A*
|
|
23,551
|
836,532
|
|
Church & Dwight Co., Inc.
|
|
3,509
|
329,039
|
|
Clorox (The) Co.
|
|
1,181
|
148,286
|
|
Colgate-Palmolive Co.
|
|
15,153
|
1,270,579
|
|
Interparfums, Inc.
|
|
12,954
|
1,562,253
|
|
Kenvue, Inc.
|
|
158,021
|
3,387,970
|
|
Kimberly-Clark Corp.
|
|
21,063
|
2,624,871
|
|
Prestige Consumer
Healthcare, Inc.*
|
|
22,942
|
1,696,561
|
|
Reckitt Benckiser Group
PLC (United Kingdom)
|
|
34,664
|
2,597,921
|
|
|
|
|
14,454,012
|
|
Industrial Intermediate Products – 0.5%
|
|||
|
AZZ, Inc.
|
|
11,996
|
1,313,562
|
|
Enpro, Inc.
|
|
14,484
|
3,076,547
|
|
RBC Bearings, Inc.*
|
|
11,715
|
4,537,688
|
|
Standex
International Corp.
|
|
3,415
|
562,587
|
|
|
|
|
9,490,384
|
|
Industrial Support Services – 1.2%
|
|||
|
Fastenal Co.
|
|
5,534
|
255,283
|
|
SiteOne Landscape
Supply, Inc.*
|
|
21,142
|
2,914,002
|
|
United Rentals, Inc.
|
|
190
|
167,759
|
|
W.W. Grainger, Inc.
|
|
10,147
|
10,548,212
|
|
Watsco, Inc.
|
|
247
|
111,367
|
|
WESCO International, Inc.
|
|
35,178
|
7,280,439
|
|
|
|
|
21,277,062
|
|
Institutional Financial Services – 1.4%
|
|||
|
CME Group, Inc.
|
|
6,694
|
1,862,806
|
|
|
|
Number
of Shares
|
Value
|
|
Institutional Financial Services (Continued)
|
|||
|
Intercontinental
Exchange, Inc.
|
|
9,530
|
$1,761,430
|
|
Moelis & Co., Class A
|
|
35,458
|
2,487,024
|
|
Morgan Stanley
|
|
56,491
|
8,047,708
|
|
Nasdaq, Inc.
|
|
81,164
|
7,809,600
|
|
Perella Weinberg Partners
|
|
44,748
|
892,275
|
|
Piper Sandler Cos.
|
|
5,553
|
1,750,972
|
|
SEI Investments Co.
|
|
3,706
|
326,573
|
|
|
|
|
24,938,388
|
|
Insurance – 3.7%
|
|||
|
American International
Group, Inc.
|
|
89,108
|
6,917,454
|
|
Aon PLC, Class A
|
|
23,268
|
8,276,660
|
|
Arthur J Gallagher & Co.
|
|
3,964
|
1,138,659
|
|
Baldwin Insurance Group
(The), Inc.(b)*
|
|
40,042
|
1,475,147
|
|
Chubb Ltd.
|
|
22,813
|
6,069,171
|
|
Goosehead Insurance, Inc.,
Class A
|
|
19,727
|
1,793,382
|
|
Hartford Insurance Group
(The), Inc.
|
|
18,473
|
2,297,856
|
|
Marsh & McLennan Cos.,
Inc.
|
|
65,501
|
13,047,799
|
|
Progressive (The) Corp.
|
|
59,706
|
14,451,240
|
|
RLI Corp.
|
|
21,007
|
1,386,252
|
|
Travelers (The) Cos., Inc.
|
|
26,199
|
6,818,028
|
|
Willis Towers Watson PLC
|
|
9,875
|
3,118,624
|
|
|
|
|
66,790,272
|
|
Internet Media & Services – 8.6%
|
|||
|
Airbnb, Inc., Class A*
|
|
47,016
|
6,225,389
|
|
Alphabet, Inc., Class A
|
|
371,418
|
71,275,114
|
|
Booking Holdings, Inc.
|
|
99
|
544,902
|
|
GoDaddy, Inc., Class A*
|
|
8,856
|
1,430,952
|
|
Meta Platforms, Inc.,
Class A
|
|
85,181
|
65,882,393
|
|
Uber Technologies, Inc.*
|
|
84,915
|
7,451,291
|
|
VeriSign, Inc.
|
|
11,929
|
3,207,350
|
|
|
|
|
156,017,391
|
|
IT Services – 0.9%
|
|||
|
Accenture PLC, Class A
(Ireland)
|
|
42,751
|
11,418,792
|
|
Amdocs Ltd.
|
|
2,827
|
241,313
|
|
CDW Corp.
|
|
6,588
|
1,148,815
|
|
Cognizant Technology
Solutions Corp., Class A
|
|
1,370
|
98,311
|
|
Globant S.A.(b)*
|
|
7,903
|
665,907
|
|
ICF International, Inc.
|
|
25,812
|
2,165,369
|
|
|
|
|
15,738,507
|
|
|
|
Number
of Shares
|
Value
|
|
Leisure Facilities & Services – 1.2%
|
|||
|
Cheesecake Factory
(The), Inc.(b)
|
|
20,222
|
$1,292,388
|
|
Chipotle Mexican
Grill, Inc.*
|
|
8,335
|
357,405
|
|
Domino's Pizza, Inc.
|
|
261
|
120,898
|
|
Marriott International, Inc.,
Class A
|
|
18,923
|
4,992,455
|
|
Red Rock Resorts, Inc.,
Class A
|
|
123,540
|
7,579,179
|
|
Starbucks Corp.
|
|
54,465
|
4,856,099
|
|
TKO Group Holdings, Inc.
|
|
686
|
115,255
|
|
Wingstop, Inc.
|
|
6,053
|
2,284,039
|
|
|
|
|
21,597,718
|
|
Leisure Products – 0.1%
|
|||
|
Brunswick Corp.
|
|
1,274
|
74,261
|
|
Hasbro, Inc.
|
|
817
|
61,406
|
|
Polaris, Inc.(b)
|
|
1,514
|
80,106
|
|
YETI Holdings, Inc.*
|
|
43,383
|
1,593,891
|
|
|
|
|
1,809,664
|
|
Machinery – 1.0%
|
|||
|
Alamo Group, Inc.(b)
|
|
8,141
|
1,812,024
|
|
Caterpillar, Inc.
|
|
2,245
|
983,355
|
|
CSW Industrials, Inc.
|
|
8,446
|
2,191,568
|
|
Federal Signal Corp.
|
|
21,574
|
2,730,621
|
|
Graco, Inc.
|
|
1,629
|
136,803
|
|
IDEX Corp.
|
|
1,058
|
172,994
|
|
Kadant, Inc.
|
|
10,569
|
3,517,046
|
|
Middleby (The) Corp.*
|
|
643
|
93,364
|
|
Regal Rexnord Corp.
|
|
38,003
|
5,809,899
|
|
Snap-on, Inc.
|
|
759
|
243,783
|
|
Stanley Black &
Decker, Inc.
|
|
913
|
61,764
|
|
Thermon Group
Holdings, Inc.*
|
|
33,617
|
950,689
|
|
Xylem, Inc.
|
|
1,152
|
166,602
|
|
|
|
|
18,870,512
|
|
Medical Equipment & Devices – 2.8%
|
|||
|
Abbott Laboratories
|
|
46,355
|
5,849,537
|
|
Baxter International, Inc.
|
|
1,650
|
35,904
|
|
Becton Dickinson & Co.
|
|
7,681
|
1,369,138
|
|
Boston Scientific Corp.*
|
|
31,856
|
3,342,331
|
|
CONMED Corp.
|
|
27,397
|
1,401,357
|
|
Envista Holdings Corp.*
|
|
44,069
|
832,463
|
|
Hologic, Inc.*
|
|
5,482
|
366,307
|
|
Illumina, Inc.*
|
|
22,770
|
2,338,707
|
|
Inspire Medical
Systems, Inc.*
|
|
13,839
|
1,723,509
|
|
Intuitive Surgical, Inc.*
|
|
17,960
|
8,640,376
|
|
Medtronic PLC
|
|
17,565
|
1,585,066
|
|
|
|
Number
of Shares
|
Value
|
|
Medical Equipment & Devices (Continued)
|
|||
|
Merit Medical
Systems, Inc.*
|
|
19,073
|
$1,618,535
|
|
Revvity, Inc.(b)
|
|
16,399
|
1,441,472
|
|
Solventum Corp.*
|
|
22,730
|
1,622,013
|
|
Stryker Corp.
|
|
21,823
|
8,570,547
|
|
Teleflex, Inc.
|
|
21,572
|
2,577,854
|
|
Thermo Fisher
Scientific, Inc.
|
|
16,563
|
7,746,184
|
|
Waters Corp.*
|
|
409
|
118,103
|
|
|
|
|
51,179,403
|
|
Metals & Mining – 0.2%
|
|||
|
Freeport-McMoRan, Inc.
|
|
94,399
|
3,798,616
|
|
Oil & Gas Supply Chain – 2.6%
|
|||
|
Antero Midstream Corp.
|
|
20,562
|
377,313
|
|
Cheniere Energy, Inc.
|
|
6,072
|
1,432,263
|
|
Chevron Corp.
|
|
34,547
|
5,238,707
|
|
Civitas Resources, Inc.
|
|
28,056
|
851,780
|
|
ConocoPhillips
|
|
77,070
|
7,347,854
|
|
Coterra Energy, Inc.
|
|
83,842
|
2,044,906
|
|
Diamondback Energy, Inc.
|
|
8,013
|
1,191,213
|
|
DT Midstream, Inc.
|
|
3,731
|
383,286
|
|
Enbridge, Inc. (Canada)
|
|
38,745
|
1,754,654
|
|
EOG Resources, Inc.
|
|
30,236
|
3,628,925
|
|
Exxon Mobil Corp.
|
|
67,350
|
7,518,954
|
|
Gulfport Energy Corp.(b)*
|
|
5,039
|
877,441
|
|
Infinity Natural
Resources, Inc., Class A*
|
|
39,240
|
585,068
|
|
Kinder Morgan, Inc.
|
|
88,905
|
2,494,674
|
|
Northern Oil & Gas, Inc.(b)
|
|
62,214
|
1,751,946
|
|
ONEOK, Inc.
|
|
23,447
|
1,925,233
|
|
Pembina Pipeline Corp.
(Canada)
|
|
13,297
|
494,223
|
|
SM Energy Co.
|
|
64,528
|
1,780,327
|
|
South Bow Corp. (Canada)
|
|
7,643
|
200,728
|
|
Targa Resources Corp.
|
|
3,087
|
513,708
|
|
TC Energy Corp. (Canada)
|
|
32,373
|
1,545,755
|
|
Texas Pacific Land Corp.(b)
|
|
127
|
122,952
|
|
Vital Energy, Inc.(b)*
|
|
42,756
|
799,110
|
|
Williams (The) Cos., Inc.
|
|
39,489
|
2,367,366
|
|
|
|
|
47,228,386
|
|
Oil, Gas Services & Equipment – 0.0%(a)
|
|||
|
Schlumberger N.V.
|
|
15,744
|
532,147
|
|
Publishing & Broadcasting – 0.1%
|
|||
|
Liberty Media Corp.-Liberty
Formula One, Class C(b)*
|
|
25,394
|
2,548,288
|
|
Nexstar Media Group, Inc.
|
|
485
|
90,748
|
|
|
|
|
2,639,036
|
|
|
|
Number
of Shares
|
Value
|
|
Real Estate Investment Trusts – 2.1%
|
|||
|
American Tower Corp.
|
|
2,559
|
$533,270
|
|
Brixmor Property
Group, Inc.
|
|
7,222
|
188,711
|
|
BXP, Inc.
|
|
1,456
|
95,266
|
|
COPT Defense Properties
|
|
65,081
|
1,775,410
|
|
CubeSmart
|
|
89,678
|
3,489,371
|
|
Equinix, Inc.
|
|
7,278
|
5,714,467
|
|
Extra Space Storage, Inc.
|
|
13,233
|
1,777,986
|
|
Federal Realty Investment
Trust
|
|
2,201
|
202,844
|
|
Four Corners Property
Trust, Inc.(b)
|
|
68,087
|
1,718,516
|
|
Kimco Realty Corp.
|
|
6,792
|
144,194
|
|
Mid-America Apartment
Communities, Inc.
|
|
20,416
|
2,907,851
|
|
Plymouth Industrial
REIT, Inc.(b)
|
|
102,710
|
1,491,349
|
|
PotlatchDeltic Corp.
|
|
40,080
|
1,638,871
|
|
Prologis, Inc.
|
|
57,872
|
6,179,572
|
|
Public Storage
|
|
4,053
|
1,102,173
|
|
Ryman Hospitality
Properties, Inc.
|
|
23,073
|
2,193,319
|
|
SBA
Communications Corp.
|
|
8,403
|
1,888,322
|
|
Simon Property Group, Inc.
|
|
4,217
|
690,703
|
|
Sunstone Hotel
Investors, Inc.
|
|
94,544
|
827,260
|
|
Urban Edge Properties
|
|
87,360
|
1,722,739
|
|
Ventas, Inc.
|
|
24,182
|
1,624,547
|
|
|
|
|
37,906,741
|
|
Real Estate Services – 0.0%(a)
|
|||
|
Jones Lang LaSalle, Inc.*
|
|
468
|
126,529
|
|
Newmark Group, Inc.,
Class A
|
|
47,742
|
724,246
|
|
|
|
|
850,775
|
|
Retail - Consumer Staples – 0.5%
|
|||
|
Costco Wholesale Corp.
|
|
1,171
|
1,100,318
|
|
Five Below, Inc.*
|
|
10,070
|
1,374,756
|
|
Kroger (The) Co.
|
|
4,182
|
293,158
|
|
Ollie's Bargain Outlet
Holdings, Inc.*
|
|
32,676
|
4,464,522
|
|
Target Corp.
|
|
24,843
|
2,496,722
|
|
|
|
|
9,729,476
|
|
Retail - Discretionary – 1.4%
|
|||
|
Academy Sports &
Outdoors, Inc.(b)
|
|
31,080
|
1,578,553
|
|
AutoNation, Inc.*
|
|
471
|
90,733
|
|
AutoZone, Inc.*
|
|
272
|
1,024,999
|
|
Best Buy Co., Inc.
|
|
1,338
|
87,050
|
|
Boot Barn Holdings, Inc.*
|
|
4,607
|
791,943
|
|
|
|
Number
of Shares
|
Value
|
|
Retail - Discretionary (Continued)
|
|||
|
Builders FirstSource, Inc.*
|
|
687
|
$87,338
|
|
CarMax, Inc.*
|
|
17,779
|
1,006,469
|
|
Dick's Sporting Goods, Inc.
|
|
553
|
116,965
|
|
Ferguson Enterprises, Inc.
|
|
11,334
|
2,531,222
|
|
Floor & Decor
Holdings, Inc., Class A*
|
|
24,082
|
1,845,644
|
|
Freshpet, Inc.(b)*
|
|
23,918
|
1,634,078
|
|
GMS, Inc.*
|
|
3,727
|
408,628
|
|
Lithia Motors, Inc.
|
|
256
|
73,728
|
|
Lowe's Cos., Inc.
|
|
30,873
|
6,902,277
|
|
Lululemon Athletica, Inc.*
|
|
658
|
131,949
|
|
O'Reilly Automotive, Inc.*
|
|
12,525
|
1,231,458
|
|
Sonic Automotive, Inc.
Class A
|
|
9,953
|
720,100
|
|
TJX (The) Cos., Inc.
|
|
8,639
|
1,075,815
|
|
Tractor Supply Co.(b)
|
|
3,944
|
224,611
|
|
Ulta Beauty, Inc.*
|
|
480
|
247,205
|
|
Valvoline, Inc.*
|
|
77,726
|
2,739,842
|
|
Williams-Sonoma, Inc.
|
|
1,158
|
216,604
|
|
|
|
|
24,767,211
|
|
Semiconductors – 10.4%
|
|||
|
Analog Devices, Inc.
|
|
33,801
|
7,592,719
|
|
Applied Materials, Inc.
|
|
1,632
|
293,858
|
|
ASML Holding N.V.
(Netherlands)(c)
|
|
8,091
|
5,620,899
|
|
Broadcom, Inc.
|
|
87,420
|
25,675,254
|
|
Intel Corp.
|
|
6,338
|
125,492
|
|
KLA Corp.
|
|
6,330
|
5,564,260
|
|
Lam Research Corp.
|
|
2,437
|
231,125
|
|
Marvell Technology, Inc.
|
|
47,400
|
3,809,538
|
|
Microchip Technology, Inc.
|
|
3,048
|
206,014
|
|
Nova Ltd. (Israel)(b)*
|
|
14,398
|
3,780,771
|
|
NVIDIA Corp.
|
|
642,189
|
114,226,158
|
|
NXP Semiconductors N.V.
(Netherlands)
|
|
24,638
|
5,266,865
|
|
QUALCOMM, Inc.
|
|
2,177
|
319,497
|
|
Rambus, Inc.*
|
|
23,030
|
1,702,608
|
|
Skyworks Solutions, Inc.
|
|
845
|
57,916
|
|
Taiwan Semiconductor
Manufacturing Co. Ltd.
ADR (Taiwan)
|
|
27,876
|
6,735,399
|
|
Teradyne, Inc.
|
|
1,226
|
131,709
|
|
Texas Instruments, Inc.
|
|
31,673
|
5,734,713
|
|
Veeco Instruments, Inc.(b)*
|
|
63,741
|
1,324,538
|
|
|
|
|
188,399,333
|
|
Software – 10.2%
|
|||
|
ACV Auctions, Inc.,
Class A*
|
|
82,044
|
1,165,845
|
|
Adobe, Inc.*
|
|
437
|
156,311
|
|
Akamai Technologies, Inc.*
|
|
1,686
|
128,659
|
|
|
|
Number
of Shares
|
Value
|
|
Software (Continued)
|
|||
|
Autodesk, Inc.*
|
|
2,364
|
$716,552
|
|
BlackLine, Inc.(b)*
|
|
32,213
|
1,732,415
|
|
Cadence Design
Systems, Inc.*
|
|
844
|
307,697
|
|
CCC Intelligent Solutions
Holdings, Inc.(b)*
|
|
242,927
|
2,349,104
|
|
Check Point Software
Technologies Ltd. (Israel)*
|
|
3,716
|
691,919
|
|
Clearwater Analytics
Holdings, Inc., Class A*
|
|
82,298
|
1,667,357
|
|
Donnelley Financial
Solutions, Inc.*
|
|
16,097
|
852,497
|
|
Global-e Online Ltd.
(Israel)*
|
|
37,164
|
1,231,987
|
|
Guidewire Software, Inc.*
|
|
10,703
|
2,421,233
|
|
Intuit, Inc.
|
|
13,578
|
10,660,495
|
|
Microsoft Corp.
|
|
196,760
|
104,971,460
|
|
nCino, Inc.(b)*
|
|
52,137
|
1,455,926
|
|
Oracle Corp.
|
|
10,700
|
2,715,339
|
|
Palo Alto Networks, Inc.*
|
|
59,184
|
10,274,342
|
|
Paylocity Holding Corp.*
|
|
14,393
|
2,660,978
|
|
Procore
Technologies, Inc.(b)*
|
|
64,536
|
4,622,714
|
|
Q2 Holdings, Inc.*
|
|
23,266
|
1,889,199
|
|
Roper Technologies, Inc.
|
|
1,833
|
1,008,883
|
|
Salesforce, Inc.
|
|
23,754
|
6,136,371
|
|
ServiceNow, Inc.*
|
|
3,400
|
3,206,608
|
|
SS&C Technologies
Holdings, Inc.
|
|
45,814
|
3,916,181
|
|
Synopsys, Inc.*
|
|
14,551
|
9,217,622
|
|
Vertex, Inc., Class A(b)*
|
|
43,224
|
1,433,740
|
|
Workday, Inc., Class A*
|
|
32,703
|
7,501,414
|
|
|
|
|
185,092,848
|
|
Specialty Finance – 3.4%
|
|||
|
American Express Co.
|
|
29,416
|
8,804,503
|
|
Corpay, Inc.*
|
|
409
|
132,127
|
|
Equifax, Inc.
|
|
14,942
|
3,589,517
|
|
FactSet Research
Systems, Inc.
|
|
407
|
163,980
|
|
Fidelity National
Information Services, Inc.
|
|
26,166
|
2,077,842
|
|
Jack Henry &
Associates, Inc.
|
|
2,083
|
353,725
|
|
Mr. Cooper Group, Inc.*
|
|
31,251
|
4,866,406
|
|
PayPal Holdings, Inc.*
|
|
94,210
|
6,477,880
|
|
S&P Global, Inc.
|
|
12,885
|
7,100,923
|
|
Shift4 Payments, Inc.,
Class A(b)*
|
|
53,295
|
5,489,385
|
|
Synchrony Financial
|
|
2,157
|
150,278
|
|
TransUnion
|
|
18,927
|
1,801,661
|
|
|
|
Number
of Shares
|
Value
|
|
Specialty Finance (Continued)
|
|||
|
Verisk Analytics, Inc.
|
|
639
|
$178,096
|
|
Visa, Inc., Class A(b)
|
|
56,678
|
19,580,549
|
|
|
|
|
60,766,872
|
|
Steel – 0.0%(a)
|
|||
|
Nucor Corp.
|
|
458
|
65,526
|
|
Technology Hardware – 5.4%
|
|||
|
Apple, Inc.
|
|
402,678
|
83,583,872
|
|
Arista Networks, Inc.*
|
|
2,630
|
324,069
|
|
Arrow Electronics, Inc.*
|
|
1,038
|
120,408
|
|
Ciena Corp.*
|
|
24,846
|
2,306,703
|
|
Cisco Systems, Inc.
|
|
18,680
|
1,271,734
|
|
F5, Inc.*
|
|
814
|
255,124
|
|
Fabrinet (Thailand)*
|
|
15,464
|
5,006,161
|
|
Hewlett Packard
Enterprise Co.
|
|
11,122
|
230,114
|
|
HP, Inc.
|
|
4,732
|
117,354
|
|
Motorola Solutions, Inc.
|
|
3,307
|
1,451,707
|
|
NetApp, Inc.
|
|
2,093
|
217,944
|
|
Seagate Technology
Holdings PLC
|
|
880
|
138,169
|
|
TD SYNNEX Corp.
|
|
1,877
|
271,020
|
|
Teledyne
Technologies, Inc.*
|
|
3,123
|
1,720,835
|
|
|
|
|
97,015,214
|
|
Telecommunications – 0.6%
|
|||
|
AT&T, Inc.
|
|
31,650
|
867,527
|
|
T-Mobile U.S., Inc.
|
|
8,384
|
1,998,829
|
|
Verizon
Communications, Inc.
|
|
173,103
|
7,401,884
|
|
|
|
|
10,268,240
|
|
Tobacco & Cannabis – 0.1%
|
|||
|
Altria Group, Inc.
|
|
19,897
|
1,232,420
|
|
Transportation & Logistics – 1.2%
|
|||
|
Alaska Air Group, Inc.*
|
|
18,496
|
979,548
|
|
ArcBest Corp.
|
|
17,600
|
1,287,088
|
|
C.H. Robinson
Worldwide, Inc.
|
|
1,136
|
131,004
|
|
Canadian National
Railway Co. (Canada)
|
|
15,674
|
1,464,735
|
|
CSX Corp.
|
|
21,370
|
759,490
|
|
Expeditors International of
Washington, Inc.
|
|
923
|
107,290
|
|
FedEx Corp.
|
|
1,587
|
354,679
|
|
JB Hunt Transport
Services, Inc.
|
|
687
|
98,962
|
|
Knight-Swift
Transportation
Holdings, Inc.
|
|
1,696
|
72,080
|
|
Landstar System, Inc.
|
|
1,033
|
137,771
|
|
|
|
Number
of Shares
|
Value
|
|
Transportation & Logistics (Continued)
|
|||
|
Norfolk Southern Corp.
|
|
2,333
|
$648,574
|
|
Saia, Inc.*
|
|
7,823
|
2,364,423
|
|
Union Pacific Corp.
|
|
59,631
|
13,236,293
|
|
United Parcel Service, Inc.,
Class B
|
|
6,176
|
532,124
|
|
|
|
|
22,174,061
|
|
Transportation Equipment – 0.4%
|
|||
|
Blue Bird Corp.(b)*
|
|
38,897
|
1,742,197
|
|
Cummins, Inc.
|
|
920
|
338,210
|
|
PACCAR, Inc.
|
|
44,827
|
4,427,115
|
|
|
|
|
6,507,522
|
|
Wholesale - Consumer Staples – 0.1%
|
|||
|
Sysco Corp.
|
|
32,419
|
2,580,552
|
|
Wholesale - Discretionary – 0.1%
|
|||
|
Pool Corp.(b)
|
|
7,410
|
2,283,317
|
|
Total Common Stocks
(Cost $1,214,473,026)
|
1,630,427,050
|
||
|
|
|||
|
Master Limited Partnerships – 0.2%
|
|||
|
Oil & Gas Supply Chain – 0.2%
|
|||
|
Energy Transfer L.P.
|
|
62,947
|
1,135,564
|
|
Enterprise Products
Partners L.P.
|
|
33,076
|
1,025,025
|
|
MPLX L.P.
|
|
14,610
|
767,025
|
|
Plains All American
Pipeline L.P.
|
|
52,623
|
960,370
|
|
Western Midstream
Partners L.P.
|
|
13,301
|
541,750
|
|
Total Master Limited Partnerships
(Cost $3,329,788)
|
4,429,734
|
||
|
|
|
Number
of Shares
|
Value
|
|
|
|||
|
Investment Companies – 8.0%
|
|||
|
Schwab U.S. REIT ETF
|
|
848,452
|
$17,758,100
|
|
Vanguard Consumer
Staples ETF
|
|
198,839
|
42,973,085
|
|
Vanguard Health Care ETF
|
|
351,624
|
84,910,163
|
|
Total Investment Companies
(Cost $144,084,946)
|
145,641,348
|
||
|
|
|
Par(d)/Number
of Shares
|
|
|
Short-Term Investments – 2.2%
|
|||
|
Money Market Funds – 2.0%
|
|||
|
Northern Institutional
Funds - Treasury Portfolio
(Premier), 4.17%(e)
|
|
29,195,830
|
29,195,830
|
|
Northern Institutional
Funds - Liquid Assets
Portfolio, 4.37%(e)(f)
|
|
6,977,129
|
6,977,129
|
|
|
|
|
36,172,959
|
|
U.S. Government Agencies – 0.2%(g)
|
|||
|
Federal Home Loan Bank
Discount Notes, 0.00%,
8/1/25(h)
|
|
$3,510,000
|
3,510,000
|
|
Total Short-Term Investments
(Cost $39,682,959)
|
39,682,959
|
||
|
Total Investments – 100.4%
(Cost $1,401,570,719)
|
1,820,181,091
|
||
|
Liabilities less Other Assets – (0.4)%
|
(7,816,402
)
|
||
|
NET ASSETS – 100.0%
|
$1,812,364,689
|
||
|
Percentages shown are based on Net Assets.
|
|
All securities are United States companies, unless noted otherwise in parentheses.
|
|||
|
(a)
|
Amount rounds to less than 0.05%.
|
|
|
|
(b)
|
Security either partially or fully on loan. As of July 31, 2025, the total value of
securities on loan is $66,174,907.
|
|
|
|
(c)
|
Security sold outside United States without registration under the Securities Act
of 1933.
|
|
|
|
(d)
|
Par value is in USD unless otherwise indicated.
|
|
|
|
(e)
|
7-day current yield as of July 31, 2025 is disclosed.
|
|
|
|
(f)
|
Security purchased with the cash proceeds from securities loaned. As of July 31, 2025,
total cash collateral has a value of $6,977,129 and
total non-cash collateral has a value of $61,703,533.
|
|
|
|
(g)
|
The obligations of certain U.S. government-sponsored entities are neither issued nor
guaranteed by the United States Treasury.
|
|
|
|
(h)
|
Zero coupon bond.
|
|
|
|
*
|
Non-Income Producing Security
|
|
|
|
Abbreviations:
|
|
ADR
|
American Depositary Receipt
|
|
ETF
|
Exchange-Traded Fund
|
|
L.P.
|
Limited Partnership
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
Morningstar U.S. Equity Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Investments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Common Stocks
|
$1,623,096,292
|
$7,330,758
|
$—
|
$1,630,427,050
|
|
Master Limited Partnerships
|
4,429,734
|
—
|
—
|
4,429,734
|
|
Investment Companies
|
145,641,348
|
—
|
—
|
145,641,348
|
|
Short-Term Investments
|
36,172,959
|
3,510,000
|
—
|
39,682,959
|
|
Total Investments
|
$1,809,340,333
|
$10,840,758
|
$—
|
$1,820,181,091
|
|
|
|
Number
of Shares
|
Value
|
|
Common Stocks – 93.9%
|
|||
|
Advertising & Marketing – 0.6%
|
|||
|
Dentsu Group, Inc.
(Japan)(a)
|
|
18,894
|
$372,601
|
|
DKSH Holding A.G.
(Switzerland)
|
|
2,080
|
143,833
|
|
Publicis Groupe S.A.
(France)
|
|
39,449
|
3,604,919
|
|
WPP PLC (United Kingdom)
|
|
292,921
|
1,585,988
|
|
|
|
|
5,707,341
|
|
Aerospace & Defense – 1.0%
|
|||
|
Airbus S.E. (France)
|
|
23,900
|
4,805,219
|
|
BAE Systems PLC (United
Kingdom)
|
|
30,329
|
723,669
|
|
QinetiQ Group PLC (United
Kingdom)
|
|
6,776
|
44,424
|
|
Rolls-Royce Holdings PLC
(United Kingdom)
|
|
47,673
|
676,622
|
|
Safran S.A. (France)
|
|
9,258
|
3,052,839
|
|
|
|
|
9,302,773
|
|
Apparel & Textile Products – 2.3%
|
|||
|
adidas A.G. (Germany)
|
|
29,932
|
5,720,875
|
|
Chow Tai Seng
Jewellery Co. Ltd.,
Class A (China)
|
|
30,600
|
54,926
|
|
Cie Financiere Richemont
S.A., Class A
(Switzerland)(b)
|
|
18,624
|
3,040,858
|
|
Eclat Textile Co. Ltd.
(Taiwan)
|
|
7,508
|
100,429
|
|
Kering S.A. (France)
|
|
31,765
|
7,799,754
|
|
LVMH Moet Hennessy
Louis Vuitton S.E. (France)
|
|
7,890
|
4,235,448
|
|
Shenzhou International
Group Holdings Ltd.
(China)
|
|
52,200
|
375,671
|
|
Titan Co. Ltd. (India)
|
|
12,005
|
456,987
|
|
Youngone Corp. (South
Korea)
|
|
3,165
|
137,571
|
|
|
|
|
21,922,519
|
|
Asset Management – 1.1%
|
|||
|
3i Group PLC (United
Kingdom)
|
|
10,993
|
600,681
|
|
Ashmore Group PLC
(United Kingdom)
|
|
95,421
|
220,279
|
|
EXOR N.V. (Netherlands)
|
|
30,123
|
2,903,150
|
|
Netwealth Group Ltd.
(Australia)
|
|
9,251
|
220,770
|
|
Partners Group Holding
A.G. (Switzerland)
|
|
201
|
270,204
|
|
Sanlam Ltd. (South Africa)
|
|
217,285
|
1,045,377
|
|
Schroders PLC (United
Kingdom)
|
|
971,193
|
4,992,080
|
|
|
|
Number
of Shares
|
Value
|
|
Asset Management (Continued)
|
|||
|
St. James's Place PLC
(United Kingdom)
|
|
8,429
|
$145,071
|
|
VZ Holding A.G.
(Switzerland)
|
|
1,193
|
252,498
|
|
XTB S.A. (Poland)(c)
|
|
4,733
|
94,587
|
|
|
|
|
10,744,697
|
|
Automotive – 4.0%
|
|||
|
Bayerische Motoren Werke
A.G. (Germany)
|
|
59,255
|
5,638,203
|
|
Bridgestone Corp. (Japan)
|
|
43,700
|
1,767,674
|
|
Cie Generale des
Etablissements Michelin
S.C.A. (France)
|
|
9,190
|
326,948
|
|
Contemporary Amperex
Technology Co. Ltd.,
Class A (China)
|
|
170,000
|
6,208,470
|
|
Continental A.G. (Germany)
|
|
81,807
|
6,987,192
|
|
Denso Corp. (Japan)
|
|
63,800
|
865,602
|
|
Fuyao Glass Industry
Group Co. Ltd., Class A
(China)
|
|
49,600
|
375,427
|
|
Honda Motor Co. Ltd.
(Japan)
|
|
186,000
|
1,925,640
|
|
Huayu Automotive
Systems Co. Ltd., Class A
(China)
|
|
262,400
|
638,166
|
|
Hyundai Mobis Co. Ltd.
(South Korea)
|
|
9,165
|
1,933,996
|
|
Kia Corp. (South Korea)
|
|
14,476
|
1,059,220
|
|
Koito Manufacturing Co.
Ltd. (Japan)
|
|
11,100
|
141,934
|
|
Li Auto, Inc., Class A
(China)*
|
|
32,400
|
424,171
|
|
Mercedes-Benz Group A.G.
(Germany)
|
|
63,690
|
3,606,146
|
|
NGK Insulators Ltd.
(Japan)
|
|
3,900
|
49,375
|
|
Nifco, Inc. (Japan)
|
|
8,097
|
197,567
|
|
Nissan Motor Co. Ltd.
(Japan)(a)*
|
|
124,476
|
263,927
|
|
Stanley Electric Co. Ltd.
(Japan)
|
|
49,500
|
933,546
|
|
Sumitomo Electric
Industries Ltd. (Japan)
|
|
20,400
|
506,220
|
|
Toyo Tire Corp. (Japan)
|
|
7,788
|
164,958
|
|
Toyota Motor Corp. (Japan)
|
|
224,900
|
4,000,433
|
|
|
|
|
38,014,815
|
|
Banking – 11.2%
|
|||
|
Al Rajhi Bank (Saudi
Arabia)
|
|
42,086
|
1,061,159
|
|
Axis Bank Ltd. (India)
|
|
270,624
|
3,286,479
|
|
Banco Bilbao Vizcaya
Argentaria S.A. (Spain)
|
|
288,819
|
4,817,001
|
|
|
|
Number
of Shares
|
Value
|
|
Banking (Continued)
|
|||
|
Banco do Brasil S.A.
(Brazil)
|
|
364,700
|
$1,288,276
|
|
Bank Central Asia Tbk PT
(Indonesia)
|
|
2,727,200
|
1,366,861
|
|
Bank for Foreign Trade of
Vietnam JSC (Vietnam)*
|
|
268,428
|
615,878
|
|
Bank Mandiri Persero Tbk
PT (Indonesia)
|
|
20,570,700
|
5,599,980
|
|
Bank Polska Kasa Opieki
S.A. (Poland)
|
|
11,423
|
620,308
|
|
Barclays PLC (United
Kingdom)
|
|
98,016
|
479,104
|
|
BDO Unibank, Inc.
(Philippines)
|
|
236,375
|
577,021
|
|
BNP Paribas S.A. (France)
|
|
85,698
|
7,813,797
|
|
Capitec Bank Holdings Ltd.
(South Africa)
|
|
3,471
|
672,848
|
|
China Construction
Bank Corp., Class H
(China)
|
|
3,277,000
|
3,351,727
|
|
China Merchants Bank Co.
Ltd., Class H (China)
|
|
224,613
|
1,457,547
|
|
Commercial International
Bank - Egypt (CIB) GDR
(Egypt)(b)
|
|
390,894
|
747,197
|
|
Credicorp Ltd. (Peru)
|
|
19,157
|
4,540,209
|
|
CTBC Financial Holding Co.
Ltd. (Taiwan)
|
|
613,000
|
842,322
|
|
DBS Group Holdings Ltd.
(Singapore)
|
|
295,687
|
10,853,047
|
|
E.Sun Financial
Holding Co. Ltd. (Taiwan)
|
|
295,934
|
316,500
|
|
Grupo Financiero Banorte
S.A.B. de C.V., Class O
(Mexico)
|
|
491,620
|
4,378,324
|
|
HDFC Bank Ltd. ADR (India)
|
|
127,729
|
9,805,755
|
|
HSBC Holdings PLC (United
Kingdom)
|
|
168,156
|
2,048,640
|
|
ICICI Bank Ltd. (India)
|
|
107,183
|
1,804,888
|
|
Intesa Sanpaolo S.p.A.
(Italy)
|
|
489,139
|
2,947,193
|
|
Kasikornbank PCL
(Thailand)(b)
|
|
155,700
|
769,763
|
|
KB Financial Group, Inc.
(South Korea)
|
|
99,335
|
7,891,990
|
|
Kotak Mahindra Bank Ltd.
(India)
|
|
55,239
|
1,244,554
|
|
Lloyds Banking Group PLC
(United Kingdom)
|
|
1,974,559
|
2,024,809
|
|
Mitsubishi UFJ Financial
Group, Inc. (Japan)
|
|
183,600
|
2,530,516
|
|
Mizuho Financial
Group, Inc. (Japan)
|
|
30,000
|
879,950
|
|
National Bank of Greece
S.A. (Greece)
|
|
93,082
|
1,298,360
|
|
|
|
Number
of Shares
|
Value
|
|
Banking (Continued)
|
|||
|
NatWest Group PLC
(United Kingdom)
|
|
52,184
|
$362,240
|
|
Nedbank Group Ltd. (South
Africa)
|
|
85,197
|
1,162,556
|
|
NU Holdings Ltd., Class A
(Brazil)*
|
|
59,389
|
725,734
|
|
OTP Bank Nyrt. (Hungary)
|
|
28,921
|
2,346,822
|
|
Qatar National Bank QPSC
(Qatar)
|
|
148,870
|
765,881
|
|
Resona Holdings, Inc.
(Japan)
|
|
54,600
|
497,079
|
|
Saudi National Bank (The)
(Saudi Arabia)
|
|
104,983
|
1,047,635
|
|
Sberbank of Russia PJSC
(Russia)(d)
|
|
405,212
|
—
|
|
Shinhan Financial
Group Co. Ltd. (South
Korea)
|
|
32,789
|
1,596,625
|
|
Skandinaviska Enskilda
Banken AB, Class A
(Sweden)
|
|
291,305
|
5,095,664
|
|
Standard Bank Group Ltd.
(South Africa)
|
|
90,321
|
1,162,203
|
|
Standard Chartered PLC
(United Kingdom)
|
|
21,408
|
383,781
|
|
Sumitomo Mitsui Financial
Group, Inc. (Japan)
|
|
100,200
|
2,527,706
|
|
Sumitomo Mitsui Trust
Group, Inc. (Japan)
|
|
54,400
|
1,426,083
|
|
|
|
|
107,032,012
|
|
Beverages – 2.3%
|
|||
|
Ambev S.A. (Brazil)
|
|
96,400
|
215,885
|
|
Anhui Kouzi Distillery Co.
Ltd., Class A (China)
|
|
18,800
|
86,613
|
|
Arca Continental S.A.B. de
C.V. (Mexico)
|
|
45,839
|
477,902
|
|
Asahi Group Holdings Ltd.
(Japan)
|
|
213,200
|
2,704,672
|
|
Carlsberg A.S., Class B
(Denmark)
|
|
1,082
|
134,890
|
|
China Resources Beer
Holdings Co. Ltd. (China)
|
|
112,000
|
372,388
|
|
Diageo PLC (United
Kingdom)
|
|
191,879
|
4,650,680
|
|
Fomento Economico
Mexicano S.A.B. de C.V.
ADR (Mexico)
|
|
51,144
|
4,626,486
|
|
Jiangsu King's Luck
Brewery JSC Ltd.,
Class A (China)
|
|
9,500
|
51,738
|
|
Jiangsu Yanghe
Distillery Co. Ltd., Class A
(China)
|
|
36,400
|
340,112
|
|
|
|
Number
of Shares
|
Value
|
|
Beverages (Continued)
|
|||
|
Kirin Holdings Co. Ltd.
(Japan)
|
|
65,300
|
$860,502
|
|
Kweichow Moutai Co. Ltd.,
Class A (China)
|
|
700
|
137,758
|
|
Pernod Ricard S.A. (France)
|
|
58,059
|
5,966,656
|
|
Tingyi Cayman Islands
Holding Corp. (China)
|
|
620,000
|
916,524
|
|
Wuliangye Yibin Co. Ltd.,
Class A (China)
|
|
3,300
|
55,368
|
|
|
|
|
21,598,174
|
|
Biotechnology & Pharmaceuticals – 4.8%
|
|||
|
3SBio, Inc. (China)(c)*
|
|
180,788
|
730,867
|
|
Astellas Pharma, Inc.
(Japan)
|
|
98,300
|
1,019,236
|
|
AstraZeneca PLC (United
Kingdom)
|
|
16,871
|
2,461,339
|
|
Bayer A.G. (Germany)(b)
|
|
203,233
|
6,320,904
|
|
Changchun High-Tech
Industry Group Co. Ltd.,
Class A (China)
|
|
8,000
|
116,714
|
|
China Medical System
Holdings Ltd. (China)
|
|
749,180
|
1,272,036
|
|
Chugai Pharmaceutical Co.
Ltd. (Japan)
|
|
154,700
|
7,415,846
|
|
CSPC Pharmaceutical
Group Ltd. (China)(a)
|
|
62,000
|
77,921
|
|
Daiichi Sankyo Co. Ltd.
(Japan)
|
|
69,300
|
1,700,063
|
|
Divi's Laboratories Ltd.
(India)
|
|
4,456
|
333,685
|
|
Genmab A/S (Denmark)*
|
|
10,067
|
2,167,399
|
|
GSK PLC
|
|
66,503
|
1,223,256
|
|
Hikma Pharmaceuticals
PLC (United Kingdom)
|
|
2,228
|
57,588
|
|
Jiangsu Hengrui
Pharmaceuticals Co. Ltd.,
Class A (China)
|
|
52,600
|
458,592
|
|
Kalbe Farma Tbk PT
(Indonesia)
|
|
1,290,800
|
111,642
|
|
Kobayashi
Pharmaceutical Co. Ltd.
(Japan)
|
|
5,800
|
203,972
|
|
Nippon Shinyaku Co. Ltd.
(Japan)
|
|
5,173
|
111,380
|
|
Novartis A.G.(b)
|
|
47,724
|
5,435,147
|
|
Ono Pharmaceutical Co.
Ltd. (Japan)
|
|
35,500
|
396,989
|
|
Orion OYJ, Class B
(Finland)
|
|
2,456
|
196,624
|
|
Renhe Pharmacy Co. Ltd.,
Class A (China)
|
|
128,000
|
104,258
|
|
Roche Holding A.G.
(Genusschein)
|
|
28,754
|
8,973,348
|
|
Sanofi S.A.
|
|
485
|
43,539
|
|
|
|
Number
of Shares
|
Value
|
|
Biotechnology & Pharmaceuticals (Continued)
|
|||
|
Shionogi & Co. Ltd. (Japan)
|
|
173,200
|
$2,896,652
|
|
Takeda Pharmaceutical Co.
Ltd. (Japan)
|
|
47,100
|
1,293,827
|
|
Tsumura & Co. (Japan)
|
|
9,200
|
226,944
|
|
Zhejiang Wolwo
Bio-Pharmaceutical Co.
Ltd., Class A (China)
|
|
19,800
|
69,611
|
|
|
|
|
45,419,379
|
|
Chemicals – 3.0%
|
|||
|
Aica Kogyo Co. Ltd.
(Japan)
|
|
9,100
|
224,068
|
|
Air Liquide S.A. (France)
|
|
18,144
|
3,569,589
|
|
Akzo Nobel N.V.
(Netherlands)
|
|
74,130
|
4,655,472
|
|
Brenntag S.E. (Germany)
|
|
94,669
|
5,873,187
|
|
C Uyemura & Co. Ltd.
(Japan)
|
|
765
|
48,997
|
|
Croda International PLC
(United Kingdom)
|
|
2,587
|
89,039
|
|
Dongyue Group Ltd. (China)
|
|
66,865
|
88,378
|
|
EMS-Chemie Holding A.G.
(Switzerland)(b)
|
|
612
|
481,516
|
|
Givaudan S.A.
(Switzerland)(b)
|
|
33
|
137,952
|
|
Linde PLC
|
|
9,145
|
4,209,078
|
|
Nitto Denko Corp. (Japan)
|
|
29,100
|
602,193
|
|
Novonesis Novozymes B
(Denmark)
|
|
36,014
|
2,330,018
|
|
SABIC Agri-Nutrients Co.
(Saudi Arabia)
|
|
4,469
|
141,755
|
|
Shin-Etsu Chemical Co.
Ltd. (Japan)
|
|
71,700
|
2,063,305
|
|
Symrise A.G. (Germany)
|
|
27,381
|
2,482,014
|
|
Toagosei Co. Ltd. (Japan)
|
|
18,300
|
179,388
|
|
Toray Industries, Inc.
(Japan)
|
|
71,500
|
489,050
|
|
UPL Ltd. (India)
|
|
133,423
|
1,067,431
|
|
Zeon Corp. (Japan)
|
|
5,200
|
55,190
|
|
|
|
|
28,787,620
|
|
Commercial Support Services – 1.6%
|
|||
|
ALSOK Co. Ltd. (Japan)
|
|
8,200
|
57,118
|
|
Bidvest Group Ltd. (South
Africa)
|
|
66,290
|
862,353
|
|
Brambles Ltd. (Australia)
|
|
3,855
|
58,980
|
|
Bureau Veritas S.A.
(France)
|
|
7,395
|
227,737
|
|
Compass Group PLC
(United Kingdom)
|
|
15,975
|
561,353
|
|
Daiseki Co. Ltd. (Japan)
|
|
2,549
|
59,343
|
|
Eurofins Scientific S.E.
(Luxembourg)
|
|
57,835
|
4,429,204
|
|
|
|
Number
of Shares
|
Value
|
|
Commercial Support Services (Continued)
|
|||
|
Intertek Group PLC (United
Kingdom)
|
|
5,691
|
$370,029
|
|
Recruit Holdings Co. Ltd.
(Japan)
|
|
32,000
|
1,898,597
|
|
RELX PLC (United Kingdom)
|
|
22,035
|
1,144,963
|
|
Rentokil Initial PLC (United
Kingdom)
|
|
615,929
|
3,072,530
|
|
S-1 Corp. (South Korea)
|
|
13,050
|
695,468
|
|
Secom Co. Ltd. (Japan)
|
|
45,000
|
1,616,096
|
|
Taiwan Secom Co. Ltd.
(Taiwan)
|
|
94,000
|
355,879
|
|
|
|
|
15,409,650
|
|
Construction Materials – 0.2%
|
|||
|
Anhui Conch Cement Co.
Ltd., Class H (China)
|
|
347,500
|
1,006,058
|
|
Astral Ltd. (India)
|
|
14,829
|
236,517
|
|
Cemex S.A.B. de C.V. ADR
(Mexico)
|
|
83,255
|
724,319
|
|
Xinyi Glass Holdings Ltd.
(China)(a)
|
|
65,374
|
67,387
|
|
Zhejiang Weixing New
Building Materials Co.
Ltd., Class A (China)
|
|
61,000
|
90,171
|
|
|
|
|
2,124,452
|
|
Consumer Services – 0.0%(e)
|
|||
|
Fu Shou Yuan International
Group Ltd. (China)
|
|
156,421
|
71,886
|
|
Humansoft Holding Co.
K.S.C. (Kuwait)
|
|
45,981
|
360,304
|
|
|
|
|
432,190
|
|
Containers & Packaging – 0.0%(e)
|
|||
|
CCL Industries, Inc.,
Class B (Canada)
|
|
1,104
|
61,710
|
|
Viscofan S.A. (Spain)
|
|
1,557
|
106,542
|
|
|
|
|
168,252
|
|
Diversified Industrials – 0.8%
|
|||
|
Alfa Laval AB (Sweden)
|
|
111,364
|
4,838,503
|
|
Hitachi Ltd. (Japan)
|
|
81,700
|
2,500,073
|
|
Sumitomo Heavy
Industries Ltd. (Japan)
|
|
24,564
|
544,008
|
|
|
|
|
7,882,584
|
|
E-Commerce Discretionary – 2.6%
|
|||
|
Alibaba Group Holding Ltd.
(China)
|
|
903,960
|
13,590,839
|
|
JD.com, Inc., Class A
(China)
|
|
139,000
|
2,190,910
|
|
MercadoLibre, Inc. (Brazil)*
|
|
2,587
|
6,141,253
|
|
PDD Holdings, Inc. (China)*
|
|
16,008
|
1,816,108
|
|
|
|
Number
of Shares
|
Value
|
|
E-Commerce Discretionary (Continued)
|
|||
|
Pilot Corp. (Japan)
|
|
5,000
|
$145,571
|
|
Sea Ltd. ADR (Singapore)*
|
|
3,416
|
535,116
|
|
|
|
|
24,419,797
|
|
Electric Utilities – 0.3%
|
|||
|
Chubu Electric Power Co.,
Inc. (Japan)
|
|
39,181
|
479,213
|
|
Engie Brasil Energia S.A.
(Brazil)
|
|
90,000
|
644,355
|
|
Fortum OYJ (Finland)
|
|
10,949
|
200,868
|
|
Manila Electric Co.
(Philippines)
|
|
20,977
|
193,111
|
|
National Grid PLC (United
Kingdom)
|
|
34,563
|
485,682
|
|
Power Grid Corp. of
India Ltd. (India)
|
|
218,244
|
721,464
|
|
SSE PLC (United Kingdom)
|
|
17,102
|
419,208
|
|
|
|
|
3,143,901
|
|
Electrical Equipment – 1.5%
|
|||
|
Assa Abloy AB, Class B
(Sweden)
|
|
104,736
|
3,465,741
|
|
Daikin Industries Ltd.
(Japan)
|
|
10,700
|
1,315,628
|
|
dormakaba Holding A.G.
(Switzerland)
|
|
163
|
157,348
|
|
Guangzhou Shiyuan
Electronic Technology Co.
Ltd., Class A (China)
|
|
12,300
|
59,620
|
|
Hexagon AB, Class B
(Sweden)
|
|
150,300
|
1,651,508
|
|
Hirose Electric Co. Ltd.
(Japan)
|
|
400
|
50,226
|
|
Huber + Suhner A.G.
(Switzerland)(b)
|
|
803
|
107,221
|
|
Kone OYJ, Class B
(Finland)
|
|
8,395
|
515,524
|
|
Legrand S.A. (France)
|
|
3,663
|
541,050
|
|
LEM Holding S.A.
(Switzerland)(b)*
|
|
124
|
100,795
|
|
Mitsubishi Electric Corp.
(Japan)
|
|
71,500
|
1,608,196
|
|
Opple Lighting Co. Ltd.,
Class A (China)
|
|
66,010
|
169,071
|
|
Schneider Electric S.E.
|
|
15,000
|
3,881,902
|
|
Voltas Ltd. (India)
|
|
29,633
|
447,261
|
|
Zhuzhou Hongda
Electronics Corp. Ltd.,
Class A (China)
|
|
28,600
|
140,164
|
|
|
|
|
14,211,255
|
|
Engineering & Construction – 0.4%
|
|||
|
Bravida Holding AB
(Sweden)(c)
|
|
17,112
|
160,578
|
|
|
|
Number
of Shares
|
Value
|
|
Engineering & Construction (Continued)
|
|||
|
China Tower Corp. Ltd.,
Class H (China)(c)
|
|
395,000
|
$552,730
|
|
COMSYS Holdings Corp.
(Japan)
|
|
7,139
|
163,661
|
|
Indus Towers Ltd. (India)*
|
|
372,720
|
1,537,120
|
|
Kinden Corp. (Japan)
|
|
7,573
|
238,449
|
|
Larsen & Toubro Ltd. (India)
|
|
17,020
|
703,874
|
|
Spirax Group PLC (United
Kingdom)
|
|
620
|
51,812
|
|
United Integrated
Services Co. Ltd. (Taiwan)
|
|
12,998
|
341,252
|
|
|
|
|
3,749,476
|
|
Entertainment Content – 0.8%
|
|||
|
G-bits Network Technology
Xiamen Co. Ltd., Class A
(China)
|
|
7,180
|
337,470
|
|
MIXI, Inc. (Japan)
|
|
4,550
|
104,126
|
|
NetEase, Inc. (China)
|
|
119,105
|
3,113,673
|
|
NetEase, Inc. ADR (China)
|
|
26,767
|
3,487,740
|
|
Nexon Co. Ltd. (Japan)
|
|
29,300
|
536,133
|
|
Square Enix Holdings Co.
Ltd. (Japan)
|
|
6,500
|
439,440
|
|
|
|
|
8,018,582
|
|
Food – 1.2%
|
|||
|
AVI Ltd. (South Africa)
|
|
41,553
|
214,195
|
|
Cheng De Lolo Co. Ltd.,
Class A (China)
|
|
98,500
|
119,334
|
|
Danone S.A. (France)
|
|
21,400
|
1,751,310
|
|
Gruma S.A.B. de C.V.,
Class B (Mexico)
|
|
3,300
|
56,846
|
|
Kerry Group PLC, Class A
(Ireland)
|
|
2,101
|
194,070
|
|
MEIJI Holdings Co. Ltd.
(Japan)
|
|
42,900
|
867,480
|
|
Nestle Malaysia Bhd.
(Malaysia)
|
|
7,100
|
146,431
|
|
Nestle S.A.(b)
|
|
7,140
|
623,872
|
|
Nestle S.A. ADR
|
|
54,361
|
4,728,320
|
|
Orion Corp. (South Korea)
|
|
1,162
|
92,780
|
|
Tiger Brands Ltd. (South
Africa)
|
|
9,816
|
163,544
|
|
United Plantations Bhd.
(Malaysia)
|
|
44,475
|
225,651
|
|
Universal Robina Corp.
(Philippines)
|
|
109,309
|
165,557
|
|
Want Want China
Holdings Ltd. (China)
|
|
1,353,000
|
977,913
|
|
Yamazaki Baking Co. Ltd.
(Japan)
|
|
21,900
|
467,835
|
|
Yihai International
Holding Ltd. (China)
|
|
78,975
|
135,978
|
|
|
|
|
10,931,116
|
|
|
|
Number
of Shares
|
Value
|
|
Forestry, Paper & Wood Products – 0.1%
|
|||
|
Suzano S.A. (Brazil)*
|
|
70,700
|
$657,058
|
|
Gas & Water Utilities – 0.2%
|
|||
|
ENN Natural Gas Co. Ltd.,
Class A (China)
|
|
287,476
|
734,550
|
|
Kunlun Energy Co. Ltd.
(China)
|
|
84,699
|
81,595
|
|
Osaka Gas Co. Ltd. (Japan)
|
|
19,800
|
500,967
|
|
Severn Trent PLC (United
Kingdom)(a)
|
|
5,874
|
205,985
|
|
|
|
|
1,523,097
|
|
Health Care Facilities & Services – 1.4%
|
|||
|
Alfresa Holdings Corp.
(Japan)
|
|
30,300
|
439,835
|
|
As One Corp. (Japan)
|
|
8,542
|
134,235
|
|
Fresenius Medical Care
A.G. (Germany)
|
|
107,900
|
5,472,845
|
|
Fresenius S.E. & Co. KGaA
(Germany)
|
|
92,300
|
4,405,543
|
|
Life Healthcare Group
Holdings Ltd. (South
Africa)
|
|
710,329
|
522,133
|
|
Rede D'Or Sao Luiz S.A.
(Brazil)(c)*
|
|
118,300
|
684,083
|
|
Sinopharm Group Co. Ltd.,
Class H (China)
|
|
515,523
|
1,239,126
|
|
|
|
|
12,897,800
|
|
Home & Office Products – 0.6%
|
|||
|
Coway Co. Ltd. (South
Korea)
|
|
18,133
|
1,414,296
|
|
Haier Smart Home Co. Ltd.,
Class A (China)
|
|
899,700
|
3,091,005
|
|
Hangzhou Robam
Appliances Co. Ltd.,
Class A (China)
|
|
31,800
|
83,991
|
|
Midea Group Co. Ltd.,
Class A (China)
|
|
94,600
|
918,759
|
|
Nien Made Enterprise Co.
Ltd. (Taiwan)
|
|
14,400
|
205,556
|
|
Societe BIC S.A. (France)
|
|
3,007
|
182,835
|
|
|
|
|
5,896,442
|
|
Home Construction – 0.2%
|
|||
|
Bellway PLC (United
Kingdom)
|
|
42
|
1,375
|
|
Berkeley Group Holdings
PLC (United Kingdom)
|
|
6,462
|
310,769
|
|
Forbo Holding A.G.
(Switzerland)(b)
|
|
46
|
43,632
|
|
Geberit A.G.
(Switzerland)(b)
|
|
590
|
451,998
|
|
Sekisui Chemical Co. Ltd.
(Japan)
|
|
14,600
|
253,239
|
|
|
|
Number
of Shares
|
Value
|
|
Home Construction (Continued)
|
|||
|
Sekisui House Ltd. (Japan)
|
|
18,869
|
$395,812
|
|
TOTO Ltd. (Japan)
|
|
2,000
|
50,912
|
|
|
|
|
1,507,737
|
|
Household Products – 2.8%
|
|||
|
Beiersdorf A.G. (Germany)
|
|
1,598
|
198,571
|
|
Haleon PLC
|
|
1,277,961
|
5,994,498
|
|
Hengan International
Group Co. Ltd. (China)
|
|
243,500
|
727,433
|
|
Kao Corp. (Japan)
|
|
29,200
|
1,313,897
|
|
Kimberly-Clark de Mexico
S.A.B. de C.V., Series A
(Mexico)
|
|
401,107
|
750,973
|
|
LG H&H Co. Ltd. (South
Korea)
|
|
305
|
69,136
|
|
L'Oreal S.A. (France)
|
|
13,993
|
6,191,673
|
|
Reckitt Benckiser Group
PLC (United Kingdom)
|
|
86,910
|
6,513,540
|
|
Unicharm Corp. (Japan)
|
|
385,200
|
2,664,485
|
|
Unilever PLC (United
Kingdom)
|
|
14,541
|
849,989
|
|
Unilever PLC (London
Exchange) (United
Kingdom)
|
|
30,170
|
1,750,478
|
|
|
|
|
27,024,673
|
|
Industrial Intermediate Products – 0.5%
|
|||
|
Bodycote PLC (United
Kingdom)
|
|
18,213
|
153,097
|
|
Elite Material Co. Ltd.
(Taiwan)
|
|
16,000
|
586,506
|
|
Hexpol AB (Sweden)
|
|
5,662
|
48,756
|
|
King Slide Works Co. Ltd.
(Taiwan)
|
|
5,000
|
440,248
|
|
SKF AB, Class B (Sweden)
|
|
162,112
|
3,775,987
|
|
|
|
|
5,004,594
|
|
Industrial Support Services – 0.7%
|
|||
|
Ashtead Group PLC (United
Kingdom)
|
|
93,930
|
6,275,592
|
|
Bossard Holding A.G.
(Switzerland)(b)
|
|
738
|
156,409
|
|
KEPCO Plant Service &
Engineering Co. Ltd.
(South Korea)
|
|
2,392
|
89,511
|
|
|
|
|
6,521,512
|
|
Institutional Financial Services – 0.3%
|
|||
|
Bursa Malaysia Bhd.
(Malaysia)
|
|
106,500
|
187,847
|
|
Daiwa Securities
Group, Inc. (Japan)(a)
|
|
65,900
|
458,786
|
|
Hong Kong Exchanges &
Clearing Ltd. (Hong Kong)
|
|
9,600
|
519,541
|
|
|
|
Number
of Shares
|
Value
|
|
Institutional Financial Services (Continued)
|
|||
|
IG Group Holdings PLC
(United Kingdom)
|
|
30,057
|
$447,573
|
|
Japan Exchange
Group, Inc. (Japan)
|
|
66,400
|
648,886
|
|
London Stock Exchange
Group PLC (United
Kingdom)
|
|
4,569
|
556,939
|
|
Nihon M&A Center
Holdings, Inc. (Japan)
|
|
48,400
|
241,962
|
|
Singapore Exchange Ltd.
(Singapore)
|
|
17,300
|
212,126
|
|
|
|
|
3,273,660
|
|
Insurance – 4.4%
|
|||
|
AIA Group Ltd. (Hong
Kong)
|
|
878,200
|
8,188,488
|
|
Allianz S.E. (Germany)(b)
|
|
24,807
|
9,803,183
|
|
ASR Nederland N.V.
(Netherlands)
|
|
48,300
|
3,208,277
|
|
Aviva PLC (United
Kingdom)
|
|
25,934
|
221,580
|
|
BB Seguridade
Participacoes S.A. (Brazil)
|
|
243,900
|
1,465,696
|
|
China Pacific Insurance
Group Co. Ltd., Class H
(China)
|
|
186,400
|
750,711
|
|
Dai-ichi Life Holdings, Inc.
(Japan)
|
|
110,800
|
876,670
|
|
HDFC Life Insurance Co.
Ltd. (India)(c)
|
|
92,288
|
792,956
|
|
Legal & General Group PLC
(United Kingdom)
|
|
60,889
|
205,992
|
|
Manulife Financial Corp.
(Canada)
|
|
174,183
|
5,389,164
|
|
MS&AD Insurance Group
Holdings, Inc. (Japan)
|
|
36,800
|
786,272
|
|
Ping An Insurance
Group Co. of China Ltd.,
Class H (China)
|
|
514,000
|
3,528,797
|
|
Prudential PLC (Hong Kong)
|
|
392,763
|
4,982,665
|
|
Sompo Holdings, Inc.
(Japan)
|
|
16,900
|
498,331
|
|
Tokio Marine Holdings, Inc.
(Japan)
|
|
33,600
|
1,349,138
|
|
|
|
|
42,047,920
|
|
Internet Media & Services – 3.2%
|
|||
|
Auto Trader Group PLC
(United Kingdom)(c)
|
|
34,262
|
378,245
|
|
Baidu, Inc., Class A
(China)*
|
|
201,300
|
2,202,491
|
|
Guangdong South New
Media Co. Ltd., Class A
(China)
|
|
65,800
|
373,936
|
|
Kakaku.com, Inc. (Japan)
|
|
11,526
|
195,902
|
|
|
|
Number
of Shares
|
Value
|
|
Internet Media & Services (Continued)
|
|||
|
Kanzhun Ltd.ADR (China)*
|
|
31,681
|
$600,672
|
|
M3, Inc. (Japan)
|
|
12,400
|
152,505
|
|
MakeMyTrip Ltd. (India)(a)*
|
|
4,804
|
449,606
|
|
Meituan, Class B (China)(c)*
|
|
137,990
|
2,128,847
|
|
MONY Group PLC (United
Kingdom)
|
|
65,190
|
172,479
|
|
NAVER Corp. (South Korea)
|
|
781
|
131,439
|
|
Prosus N.V. (China)*
|
|
59,991
|
3,427,034
|
|
REA Group Ltd.
(Australia)(a)
|
|
404
|
61,542
|
|
Rightmove PLC (United
Kingdom)
|
|
105,036
|
1,133,496
|
|
Tencent Holdings Ltd.
(China)
|
|
217,100
|
15,199,657
|
|
Tencent Music
Entertainment Group ADR
(China)
|
|
87,973
|
1,846,553
|
|
Trip.com Group Ltd. (China)
|
|
33,800
|
2,098,387
|
|
Zetrix Ai Bhd. (Malaysia)
|
|
548,164
|
112,429
|
|
|
|
|
30,665,220
|
|
IT Services – 1.0%
|
|||
|
Capgemini S.E. (France)
|
|
32,580
|
4,850,396
|
|
CGI, Inc. (Canada)
|
|
1,320
|
127,256
|
|
Fujitsu Ltd. (Japan)
|
|
79,700
|
1,736,178
|
|
Infosys Ltd. (India)
|
|
71,291
|
1,212,442
|
|
Otsuka Corp. (Japan)
|
|
12,300
|
233,050
|
|
Samsung SDS Co. Ltd.
(South Korea)
|
|
1,574
|
180,330
|
|
Tata Consultancy
Services Ltd. (India)
|
|
30,808
|
1,062,459
|
|
Wipro Ltd. (India)
|
|
66,106
|
185,954
|
|
|
|
|
9,588,065
|
|
Leisure Facilities & Services – 1.1%
|
|||
|
Accor S.A. (France)
|
|
82,719
|
4,192,523
|
|
Amadeus IT Group S.A.
(Spain)
|
|
11,700
|
939,438
|
|
Arcos Dorados
Holdings, Inc., Class A
(Brazil)(a)
|
|
74,333
|
494,314
|
|
Entain PLC (United
Kingdom)
|
|
10,914
|
146,561
|
|
Flutter Entertainment PLC
(United Kingdom)*
|
|
9,024
|
2,727,594
|
|
H World Group Ltd. ADR
(China)
|
|
15,486
|
483,473
|
|
InterContinental Hotels
Group PLC (United
Kingdom)
|
|
1,962
|
225,709
|
|
Jollibee Foods Corp.
(Philippines)
|
|
73,330
|
272,380
|
|
|
|
Number
of Shares
|
Value
|
|
Leisure Facilities & Services (Continued)
|
|||
|
OPAP S.A. (Greece)
|
|
25,571
|
$573,711
|
|
Yum China Holdings, Inc.
(China)
|
|
9,998
|
466,707
|
|
|
|
|
10,522,410
|
|
Leisure Products – 0.1%
|
|||
|
Fusheng Precision Co. Ltd.
(Taiwan)
|
|
14,257
|
133,450
|
|
Shimano, Inc. (Japan)
|
|
5,400
|
590,738
|
|
|
|
|
724,188
|
|
Machinery – 4.6%
|
|||
|
Airtac International Group
(China)
|
|
6,000
|
170,649
|
|
Atlas Copco AB, Class A
(Sweden)
|
|
179,273
|
2,730,039
|
|
CNH Industrial N.V.
|
|
561,966
|
7,283,079
|
|
Cummins India Ltd. (India)
|
|
16,038
|
647,745
|
|
Daifuku Co. Ltd. (Japan)
|
|
109,200
|
2,764,531
|
|
Doosan Bobcat, Inc. (South
Korea)*
|
|
4,241
|
168,127
|
|
Epiroc AB, Class A
(Sweden)
|
|
183,008
|
3,724,793
|
|
FANUC Corp. (Japan)
|
|
58,500
|
1,628,462
|
|
Haitian International
Holdings Ltd. (China)
|
|
36,000
|
97,587
|
|
IMI PLC (United Kingdom)
|
|
6,459
|
188,699
|
|
Keyence Corp. (Japan)
|
|
10,100
|
3,653,488
|
|
Komatsu Ltd. (Japan)
|
|
240,400
|
7,745,184
|
|
Nabtesco Corp. (Japan)
|
|
30,466
|
560,467
|
|
Rotork PLC (United
Kingdom)
|
|
53,483
|
229,400
|
|
Sandvik AB (Sweden)
|
|
114,700
|
2,798,642
|
|
Sany Heavy Industry Co.
Ltd., Class A (China)
|
|
200,900
|
554,726
|
|
SMC Corp. (Japan)
|
|
10,700
|
3,723,317
|
|
Smiths Group PLC (United
Kingdom)
|
|
43,120
|
1,335,693
|
|
Techtronic Industries Co.
Ltd. (Hong Kong)
|
|
234,500
|
2,804,070
|
|
Vesuvius PLC (United
Kingdom)
|
|
11,063
|
52,071
|
|
WEG S.A. (Brazil)
|
|
86,191
|
569,522
|
|
|
|
|
43,430,291
|
|
Medical Equipment & Devices – 2.3%
|
|||
|
Alcon A.G.(a)
|
|
50,480
|
4,419,524
|
|
Ansell Ltd. (Australia)
|
|
3,389
|
64,881
|
|
Coloplast A/S, Class B
(Denmark)
|
|
21,856
|
1,996,153
|
|
FUJIFILM Holdings Corp.
(Japan)
|
|
38,100
|
790,279
|
|
Hoya Corp. (Japan)
|
|
11,600
|
1,463,488
|
|
Nakanishi, Inc. (Japan)
|
|
7,900
|
101,692
|
|
|
|
Number
of Shares
|
Value
|
|
Medical Equipment & Devices (Continued)
|
|||
|
Olympus Corp. (Japan)
|
|
114,100
|
$1,363,159
|
|
Ovctek China, Inc., Class A
(China)
|
|
87,900
|
217,672
|
|
Shenzhen Mindray
Bio-Medical
Electronics Co. Ltd.,
Class A (China)
|
|
65,700
|
2,102,172
|
|
Siemens Healthineers A.G.
(Germany)(c)
|
|
1,000
|
53,863
|
|
Smith & Nephew PLC
(United Kingdom)
|
|
205,518
|
3,140,924
|
|
Sonova Holding A.G.
(Switzerland)(b)
|
|
8,774
|
2,388,353
|
|
Sysmex Corp. (Japan)
|
|
251,800
|
4,090,706
|
|
|
|
|
22,192,866
|
|
Metals & Mining – 2.6%
|
|||
|
Anglo American PLC
(South Africa)
|
|
10,558
|
297,082
|
|
BHP Group Ltd. ADR
(Australia)(a)
|
|
77,933
|
3,948,865
|
|
Bukit Asam Tbk PT
(Indonesia)
|
|
839,498
|
123,256
|
|
Cameco Corp. (Canada)
|
|
13,401
|
1,006,139
|
|
China Shenhua Energy Co.
Ltd., Class H (China)
|
|
34,500
|
149,528
|
|
CMOC Group Ltd., Class H
(China)
|
|
483,000
|
548,270
|
|
Exxaro Resources Ltd.
(South Africa)
|
|
12,511
|
109,394
|
|
Fortescue Ltd. (Australia)
|
|
19,404
|
219,542
|
|
Glencore PLC (Australia)(a)*
|
|
2,131,415
|
8,554,064
|
|
Grupo Mexico S.A.B. de
C.V., Series B (Mexico)
|
|
283,965
|
1,771,526
|
|
Indo Tambangraya Megah
Tbk PT (Indonesia)
|
|
138,830
|
193,710
|
|
Kumba Iron Ore Ltd. (South
Africa)
|
|
42,885
|
709,137
|
|
Rio Tinto PLC (Australia)
|
|
84,276
|
5,019,432
|
|
Shougang Fushan
Resources Group Ltd.
(China)
|
|
467,826
|
171,757
|
|
Sumitomo Metal
Mining Co. Ltd. (Japan)(a)
|
|
20,300
|
446,505
|
|
United Tractors Tbk PT
(Indonesia)
|
|
478,017
|
700,448
|
|
Vale S.A. (Brazil)
|
|
11,600
|
110,395
|
|
Vale S.A. ADR (Brazil)
|
|
101,925
|
971,345
|
|
Valterra Platinum Ltd.
(South Africa)
|
|
1,226
|
54,726
|
|
|
|
|
25,105,121
|
|
|
|
Number
of Shares
|
Value
|
|
Oil & Gas Supply Chain – 6.3%
|
|||
|
Abu Dhabi National Oil Co.
for Distribution PJSC
(United Arab Emirates)
|
|
52,427
|
$52,954
|
|
BP PLC
|
|
999,219
|
5,356,098
|
|
Canadian Natural
Resources Ltd. (Canada)
|
|
68,574
|
2,170,652
|
|
Cenovus Energy, Inc.
(Canada)
|
|
57,979
|
882,489
|
|
Chevron Corp.
|
|
10,825
|
1,641,503
|
|
China Petroleum &
Chemical Corp., Class H
(China)
|
|
1,603,092
|
940,731
|
|
ENEOS Holdings, Inc.
(Japan)
|
|
98,400
|
516,466
|
|
Eni S.p.A. (Italy)
|
|
97,615
|
1,666,030
|
|
Equinor ASA (Norway)
|
|
44,676
|
1,147,618
|
|
Exxon Mobil Corp.
|
|
21,594
|
2,410,754
|
|
Galp Energia SGPS S.A.
(Portugal)
|
|
21,531
|
411,140
|
|
Gazprom PJSC (Russia)(d)*
|
|
421,794
|
—
|
|
Imperial Oil Ltd. (Canada)
|
|
4,943
|
412,142
|
|
Inpex Corp. (Japan)
|
|
120,100
|
1,710,075
|
|
LUKOIL PJSC (Russia)(d)
|
|
13,736
|
—
|
|
MOL Hungarian Oil & Gas
PLC (Hungary)
|
|
103,662
|
900,670
|
|
Neste OYJ (Finland)
|
|
27,725
|
437,574
|
|
Petroleo Brasileiro S.A. -
Petrobras ADR (Brazil)
|
|
310,711
|
3,958,458
|
|
Petronas Gas Bhd.
(Malaysia)
|
|
54,600
|
230,178
|
|
PRIO S.A. (Brazil)*
|
|
109,600
|
823,632
|
|
PTT Exploration &
Production PCL (Thailand)
|
|
153,400
|
591,563
|
|
Reliance Industries Ltd.
(India)
|
|
73,676
|
1,163,528
|
|
Repsol S.A. (Spain)
|
|
81,756
|
1,239,566
|
|
Rosneft Oil Co. PJSC
(Russia)(d)
|
|
210,931
|
—
|
|
Santos Ltd. (Australia)
|
|
198,559
|
999,127
|
|
Shell PLC
|
|
544,458
|
19,564,080
|
|
Suncor Energy, Inc.
(Canada)
|
|
41,235
|
1,626,366
|
|
TotalEnergies S.E. (France)
|
|
99,938
|
5,942,864
|
|
Vibra Energia S.A. (Brazil)
|
|
290,400
|
1,103,090
|
|
Vista Energy S.A.B. de C.V.
ADR (Argentina)(a)*
|
|
4,744
|
212,057
|
|
Woodside Energy
Group Ltd. (Australia)
|
|
101,111
|
1,711,040
|
|
|
|
|
59,822,445
|
|
Oil, Gas Services & Equipment – 0.1%
|
|||
|
Schlumberger N.V.
|
|
31,636
|
1,069,297
|
|
|
|
Number
of Shares
|
Value
|
|
Publishing & Broadcasting – 0.1%
|
|||
|
Informa PLC (United
Kingdom)
|
|
20,200
|
$230,988
|
|
Metropole Television S.A.
(France)
|
|
13,097
|
191,314
|
|
Shandong Publishing &
Media Co. Ltd., Class A
(China)
|
|
107,391
|
134,002
|
|
|
|
|
556,304
|
|
Real Estate Investment Trusts – 0.0%(e)
|
|||
|
Parkway Life Real Estate
Investment Trust
(Singapore)
|
|
55,300
|
171,301
|
|
Real Estate Owners & Developers – 0.6%
|
|||
|
China Resources Land Ltd.
(China)
|
|
147,000
|
539,044
|
|
Emaar Development PJSC
(United Arab Emirates)
|
|
135,784
|
554,126
|
|
Emaar Properties PJSC
(United Arab Emirates)
|
|
42,137
|
174,502
|
|
Mitsubishi Estate Co. Ltd.
(Japan)
|
|
174,300
|
3,263,319
|
|
Mitsui Fudosan Co. Ltd.
(Japan)
|
|
52,600
|
470,155
|
|
Sumitomo Realty &
Development Co. Ltd.
(Japan)
|
|
13,600
|
496,797
|
|
|
|
|
5,497,943
|
|
Real Estate Services – 0.2%
|
|||
|
China Resources Mixc
Lifestyle Services Ltd.
(China)(c)
|
|
129,600
|
601,845
|
|
Country Garden Services
Holdings Co. Ltd. (China)
|
|
591,000
|
488,654
|
|
Daito Trust
Construction Co. Ltd.
(Japan)
|
|
2,300
|
235,469
|
|
KE Holdings, Inc., Class A
(China)
|
|
79,584
|
486,738
|
|
|
|
|
1,812,706
|
|
Retail - Consumer Staples – 1.5%
|
|||
|
Alibaba Health Information
Technology Ltd. (China)*
|
|
1,294,000
|
802,458
|
|
Alimentation
Couche-Tard, Inc.
(Canada)
|
|
68,777
|
3,573,863
|
|
BIM Birlesik Magazalar
A.S. (Turkey)
|
|
93,599
|
1,223,170
|
|
Clicks Group Ltd. (South
Africa)
|
|
30,573
|
640,974
|
|
CP ALL PCL (Thailand)(b)
|
|
412,600
|
596,553
|
|
|
|
Number
of Shares
|
Value
|
|
Retail - Consumer Staples (Continued)
|
|||
|
DaShenLin Pharmaceutical
Group Co. Ltd., Class A
(China)
|
|
316,839
|
$759,474
|
|
Jeronimo Martins SGPS
S.A. (Portugal)
|
|
45,159
|
1,100,871
|
|
Koninklijke Ahold Delhaize
N.V. (Netherlands)
|
|
60,900
|
2,405,334
|
|
President Chain
Store Corp. (Taiwan)
|
|
16,000
|
137,112
|
|
Raia Drogasil S.A. (Brazil)
|
|
246,845
|
595,121
|
|
Seria Co. Ltd. (Japan)
|
|
7,400
|
136,283
|
|
Seven & i Holdings Co. Ltd.
(Japan)
|
|
51,900
|
684,208
|
|
Sundrug Co. Ltd. (Japan)
|
|
6,900
|
204,509
|
|
Tesco PLC (United
Kingdom)
|
|
88,372
|
496,511
|
|
Wal-Mart de Mexico
S.A.B. de C.V. (Mexico)
|
|
251,345
|
740,778
|
|
|
|
|
14,097,219
|
|
Retail - Discretionary – 0.5%
|
|||
|
Associated British Foods
PLC (United Kingdom)
|
|
27
|
782
|
|
Astra International Tbk PT
(Indonesia)
|
|
2,667,000
|
824,425
|
|
Chengdu Fusen
Noble-House
Industrial Co. Ltd.,
Class A (China)
|
|
122,450
|
202,598
|
|
Dunelm Group PLC (United
Kingdom)
|
|
18,506
|
296,862
|
|
Fast Retailing Co. Ltd.
(Japan)
|
|
3,400
|
1,037,101
|
|
Jardine Matheson
Holdings Ltd. (Hong Kong)
|
|
9,600
|
521,293
|
|
JUMBO S.A. (Greece)
|
|
1,749
|
59,160
|
|
Localiza Rent a Car S.A.
(Brazil)*
|
|
70,283
|
433,028
|
|
Luk Fook Holdings
International Ltd. (Hong
Kong)
|
|
26,158
|
68,256
|
|
Moncler S.p.A. (Italy)
|
|
3,542
|
188,904
|
|
Mr Price Group Ltd. (South
Africa)
|
|
22,431
|
259,564
|
|
Next PLC (United Kingdom)
|
|
2,082
|
337,952
|
|
Pandora A/S (Denmark)
|
|
706
|
116,558
|
|
Truworths
International Ltd. (South
Africa)
|
|
43,193
|
167,710
|
|
USS Co. Ltd. (Japan)
|
|
41,200
|
447,798
|
|
Workman Co. Ltd. (Japan)
|
|
1,969
|
84,280
|
|
|
|
|
5,046,271
|
|
|
|
Number
of Shares
|
Value
|
|
Semiconductors – 5.5%
|
|||
|
ASE Technology
Holding Co. Ltd. (Taiwan)
|
|
309,000
|
$1,498,461
|
|
ASML Holding N.V.
(Netherlands)(b)
|
|
4,865
|
3,379,764
|
|
ASML Holding N.V.
(Euronext Amsterdam
Exchange) (Netherlands)
|
|
8,997
|
6,235,584
|
|
ASMPT Ltd. (Hong Kong)
|
|
78,100
|
660,704
|
|
DB HiTek Co. Ltd. (South
Korea)
|
|
16,712
|
545,071
|
|
Disco Corp. (Japan)
|
|
11,600
|
3,428,110
|
|
Globalwafers Co. Ltd.
(Taiwan)
|
|
68,000
|
771,869
|
|
Japan Material Co. Ltd.
(Japan)
|
|
4,796
|
43,712
|
|
King Yuan Electronics Co.
Ltd. (Taiwan)
|
|
166,000
|
649,338
|
|
LEENO Industrial, Inc.
(South Korea)
|
|
5,292
|
179,731
|
|
MediaTek, Inc. (Taiwan)
|
|
45,000
|
2,037,806
|
|
Novatek
Microelectronics Corp.
(Taiwan)
|
|
65,000
|
1,027,239
|
|
OmniVision Integrated
Circuits Group, Inc.
(China)
|
|
39,300
|
657,488
|
|
Powertech Technology, Inc.
(Taiwan)
|
|
12,000
|
50,123
|
|
SK Hynix, Inc. (South
Korea)
|
|
20,052
|
3,886,398
|
|
Taiwan Semiconductor
Manufacturing Co. Ltd.
(Taiwan)
|
|
340,945
|
13,126,140
|
|
Taiwan Semiconductor
Manufacturing Co. Ltd.
ADR (Taiwan)
|
|
48,883
|
11,811,111
|
|
Tokyo Electron Ltd. (Japan)
|
|
12,200
|
1,939,542
|
|
|
|
|
51,928,191
|
|
Software – 1.3%
|
|||
|
Atoss Software S.E.
(Germany)
|
|
701
|
94,027
|
|
Dassault Systemes S.E.
(France)
|
|
109,077
|
3,583,317
|
|
Nice Ltd. ADR (Israel)(a)*
|
|
11,265
|
1,757,903
|
|
Obic Co. Ltd. (Japan)
|
|
74,668
|
2,658,374
|
|
SAP S.E. (Germany)
|
|
1,194
|
341,431
|
|
SAP S.E. ADR (Germany)
|
|
12,407
|
3,557,087
|
|
|
|
|
11,992,139
|
|
Specialty Finance – 1.2%
|
|||
|
Adyen N.V.
(Netherlands)(c)*
|
|
2,142
|
3,673,856
|
|
Bajaj Finance Ltd. (India)
|
|
62,726
|
627,722
|
|
Edenred S.E. (France)
|
|
156,700
|
4,475,057
|
|
|
|
Number
of Shares
|
Value
|
|
Specialty Finance (Continued)
|
|||
|
Experian PLC
|
|
13,989
|
$737,091
|
|
ORIX Corp. (Japan)
|
|
30,200
|
678,384
|
|
Plus500 Ltd. (Israel)
|
|
10,817
|
480,076
|
|
Worldline S.A.
(France)(a)(c)*
|
|
231,410
|
843,021
|
|
Zenkoku Hosho Co. Ltd.
(Japan)
|
|
11,500
|
245,354
|
|
|
|
|
11,760,561
|
|
Steel – 0.5%
|
|||
|
Maruichi Steel Tube Ltd.
(Japan)
|
|
6,400
|
154,723
|
|
Mitsui & Co. Ltd. (Japan)
|
|
85,100
|
1,732,350
|
|
Ternium S.A. ADR (Mexico)
|
|
19,703
|
641,924
|
|
thyssenkrupp A.G.
(Germany)
|
|
189,749
|
2,196,375
|
|
Tokyo Steel
Manufacturing Co. Ltd.
(Japan)
|
|
23,807
|
247,708
|
|
|
|
|
4,973,080
|
|
Technology Hardware – 4.5%
|
|||
|
Advantech Co. Ltd.
(Taiwan)
|
|
18,000
|
200,229
|
|
Brother Industries Ltd.
(Japan)
|
|
17,439
|
296,739
|
|
Casio Computer Co. Ltd.
(Japan)
|
|
53,100
|
420,677
|
|
Delta Electronics, Inc.
(Taiwan)
|
|
375,000
|
7,064,291
|
|
Hon Hai Precision
Industry Co. Ltd. (Taiwan)
|
|
101,000
|
593,929
|
|
Inaba Denki Sangyo Co.
Ltd. (Japan)
|
|
9,500
|
249,133
|
|
Kyocera Corp. (Japan)
|
|
74,000
|
873,524
|
|
Largan Precision Co. Ltd.
(Taiwan)
|
|
6,000
|
470,599
|
|
Lenovo Group Ltd. (China)
|
|
574,000
|
736,012
|
|
Lotes Co. Ltd. (Taiwan)
|
|
11,000
|
514,359
|
|
Murata Manufacturing Co.
Ltd. (Japan)
|
|
126,800
|
1,887,302
|
|
Nidec Corp. (Japan)
|
|
47,100
|
903,674
|
|
Nintendo Co. Ltd. (Japan)
|
|
23,300
|
1,947,389
|
|
Panasonic Holdings Corp.
(Japan)
|
|
83,600
|
790,799
|
|
Quanta Computer, Inc.
(Taiwan)
|
|
92,000
|
856,903
|
|
Samsung Electronics Co.
Ltd. (South Korea)
|
|
68,249
|
3,478,240
|
|
Samsung Electronics Co.
Ltd. GDR (South Korea)(b)
|
|
6,270
|
7,846,092
|
|
Sony Group Corp. (Japan)
|
|
388,300
|
9,339,903
|
|
|
|
Number
of Shares
|
Value
|
|
Technology Hardware (Continued)
|
|||
|
TCL Technology
Group Corp., Class A
(China)
|
|
27,600
|
$16,841
|
|
TDK Corp. (Japan)
|
|
79,400
|
967,325
|
|
Venture Corp. Ltd.
(Singapore)
|
|
6,700
|
66,459
|
|
Wiwynn Corp. (Taiwan)
|
|
13,000
|
1,186,466
|
|
Xiamen Faratronic Co. Ltd.,
Class A (China)
|
|
11,000
|
167,482
|
|
Xiaomi Corp., Class B
(China)(c)*
|
|
106,600
|
717,200
|
|
Yageo Corp. (Taiwan)
|
|
54,936
|
965,316
|
|
Yealink Network
Technology Corp. Ltd.,
Class A (China)
|
|
45,100
|
209,148
|
|
|
|
|
42,766,031
|
|
Telecommunications – 1.6%
|
|||
|
America Movil S.A.B. de
C.V. ADR (Mexico)(a)
|
|
62,295
|
1,125,671
|
|
Bharti Airtel Ltd. (India)
|
|
54,515
|
1,186,745
|
|
BT Group PLC (United
Kingdom)
|
|
52,872
|
144,396
|
|
CELCOMDIGI Bhd.
(Malaysia)
|
|
137,200
|
123,528
|
|
Chunghwa Telecom Co.
Ltd. (Taiwan)
|
|
68,000
|
293,847
|
|
Elisa OYJ (Finland)
|
|
6,489
|
333,877
|
|
KDDI Corp. (Japan)
|
|
92,400
|
1,516,433
|
|
KT Corp. (South Korea)
|
|
22,720
|
901,528
|
|
Kuwait
Telecommunications Co.
(Kuwait)
|
|
69,601
|
130,722
|
|
Mobile TeleSystems PJSC
(Russia)(d)*
|
|
138,416
|
—
|
|
NTT, Inc. (Japan)
|
|
961,200
|
970,679
|
|
Saudi Telecom Co. (Saudi
Arabia)
|
|
17,503
|
195,923
|
|
Softbank Corp. (Japan)
|
|
307,000
|
443,565
|
|
SoftBank Group Corp.
(Japan)
|
|
25,200
|
1,924,246
|
|
Telkom Indonesia Persero
Tbk PT (Indonesia)
|
|
20,865,233
|
3,663,829
|
|
Telkom Indonesia Persero
Tbk PT ADR (Indonesia)(a)
|
|
65,840
|
1,158,784
|
|
Vodacom Group Ltd. (South
Africa)
|
|
149,186
|
1,139,026
|
|
Vodafone Group PLC
(United Kingdom)
|
|
304,553
|
330,196
|
|
|
|
|
15,582,995
|
|
Tobacco & Cannabis – 0.2%
|
|||
|
British American Tobacco
PLC (United Kingdom)
|
|
25,532
|
1,367,937
|
|
|
|
Number
of Shares
|
Value
|
|
Tobacco & Cannabis (Continued)
|
|||
|
Imperial Brands PLC
(United Kingdom)
|
|
83
|
$3,236
|
|
KT&G Corp. (South Korea)
|
|
10,129
|
949,329
|
|
|
|
|
2,320,502
|
|
Transportation & Logistics – 2.5%
|
|||
|
Canadian National
Railway Co. (Canada)
|
|
26,583
|
2,484,181
|
|
Canadian Pacific Kansas
City Ltd. (Canada)
|
|
1,030
|
75,748
|
|
Daqin Railway Co. Ltd.,
Class A (China)
|
|
68,400
|
61,974
|
|
DSV A/S (Denmark)
|
|
19,410
|
4,349,490
|
|
East Japan Railway Co.
(Japan)
|
|
63,200
|
1,354,640
|
|
Fujian Expressway
Development Co. Ltd.,
Class A (China)
|
|
302,300
|
145,645
|
|
Grupo Aeroportuario del
Pacifico S.A.B. de C.V.
ADR (Mexico)
|
|
7,395
|
1,699,297
|
|
International Container
Terminal Services, Inc.
(Philippines)
|
|
102,840
|
789,648
|
|
Kamigumi Co. Ltd. (Japan)
|
|
6,500
|
182,673
|
|
Motiva Infraestrutura de
Mobilidade S.A. (Brazil)
|
|
323,560
|
710,156
|
|
Ryanair Holdings PLC ADR
(Italy)
|
|
93,609
|
5,829,033
|
|
SF Holding Co. Ltd.,
Class A (China)
|
|
436,100
|
2,776,898
|
|
TangShan Port Group Co.
Ltd., Class A (China)
|
|
130,200
|
73,088
|
|
Westports Holdings Bhd.
(Malaysia)
|
|
63,618
|
83,378
|
|
ZTO Express Cayman, Inc.
(China)
|
|
39,460
|
769,258
|
|
ZTO Express Cayman, Inc.
ADR (China)(a)
|
|
132,441
|
2,607,763
|
|
|
|
|
23,992,870
|
|
Transportation Equipment – 1.1%
|
|||
|
CRRC Corp. Ltd., Class A
(China)
|
|
690,500
|
705,218
|
|
Daimler Truck Holding A.G.
(Germany)
|
|
118,039
|
5,742,043
|
|
Volvo AB, Class B
(Sweden)
|
|
94,100
|
2,702,533
|
|
Weichai Power Co. Ltd.,
Class H (China)
|
|
579,000
|
1,227,403
|
|
|
|
|
10,377,197
|
|
|
|
Number
of Shares
|
Value
|
|
Wholesale - Consumer Staples – 0.4%
|
|||
|
ITOCHU Corp. (Japan)
|
|
37,800
|
$1,982,709
|
|
Mitsubishi Corp. (Japan)
|
|
81,100
|
1,599,567
|
|
|
|
|
3,582,276
|
|
Wholesale - Discretionary – 0.0%(e)
|
|||
|
Bunzl PLC (United
Kingdom)
|
|
11,477
|
340,608
|
|
Total Common Stocks
(Cost $795,687,692)
|
895,293,175
|
||
|
|
|||
|
Master Limited Partnerships – 0.0%(e)
|
|||
|
Oil & Gas Supply Chain – 0.0%(e)
|
|||
|
Newmed Energy L.P.
(Israel)
|
|
82,971
|
373,723
|
|
Total Master Limited Partnership
(Cost $237,610)
|
373,723
|
||
|
|
|||
|
Preferred Stocks – 0.6%
|
|||
|
Banking – 0.1%
|
|||
|
Itau Unibanco Holding S.A.
ADR, 3.97% (Brazil)(f)
|
|
156,387
|
980,546
|
|
Technology Hardware – 0.5%
|
|||
|
Samsung Electronics Co.
Ltd., 2.53% (South
Korea)(f)
|
|
124,150
|
5,111,810
|
|
Total Preferred Stocks
(Cost $6,321,438)
|
6,092,356
|
||
|
|
|||
|
Investment Companies – 2.3%
|
|||
|
iShares Core MSCI Total
International Stock ETF(a)
|
|
156,396
|
11,989,317
|
|
iShares MSCI South Korea
ETF (South Korea)(a)
|
|
133,055
|
9,687,735
|
|
Total Investment Companies
(Cost $19,712,254)
|
21,677,052
|
||
|
|
|
Number
of Shares
|
Value
|
|
Short-Term Investments – 4.9%
|
|||
|
Money Market Funds – 4.9%
|
|||
|
Northern Institutional
Funds - Treasury Portfolio
(Premier), 4.15%(g)
|
|
29,525,886
|
$29,525,886
|
|
Northern Institutional
Funds - Liquid Assets
Portfolio, 4.37%(g)(h)
|
|
16,773,452
|
16,773,452
|
|
Total Short-Term Investments
(Cost $46,299,338)
|
46,299,338
|
||
|
Total Investments – 101.7%
(Cost $868,258,332)
|
969,735,644
|
||
|
Liabilities less Other Assets – (1.7)%
|
(16,207,083
)
|
||
|
NET ASSETS – 100.0%
|
$953,528,561
|
||
|
Percentages shown are based on Net Assets.
|
|
All securities are United States companies, unless noted otherwise in parentheses.
|
|||
|
(a)
|
Security either partially or fully on loan. As of July 31, 2025, the total value of
securities on loan is $24,360,329.
|
|
|
|
(b)
|
Security sold outside United States without registration under the Securities Act
of 1933.
|
|
|
|
(c)
|
Securities 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. As of July 31, 2025,
these securities had a total value of $11,412,678 or 1.20% of
net assets.
|
|
|
|
(d)
|
Investment is valued using significant unobservable inputs (Level 3).
|
|
|
|
(e)
|
Amount rounds to less than 0.05%.
|
|
|
|
(f)
|
Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
|
|
|
|
(g)
|
7-day current yield as of July 31, 2025 is disclosed.
|
|
|
|
(h)
|
Security purchased with the cash proceeds from securities loaned. As of July 31, 2025,
total cash collateral has a value of $16,773,452 and
total non-cash collateral has a value of $8,666,556.
|
|
|
|
*
|
Non-Income Producing Security
|
|
|
|
Abbreviations:
|
|
ADR
|
American Depositary Receipt
|
|
ETF
|
Exchange-Traded Fund
|
|
GDR
|
Global Depositary Receipt
|
|
JSC
|
Joint Stock Company
|
|
L.P.
|
Limited Partnership
|
|
MSCI
|
Morgan Stanley Capital International
|
|
PCL
|
Public Company Limited
|
|
PJSC
|
Public Joint Stock Company
|
|
PLC
|
Public Limited Company
|
|
QPSC
|
Qatari Public Shareholding Company
|
|
Concentration by Currency (%)(a)
|
|
|
Euro
|
20.9
|
|
Japanese Yen
|
15.2
|
|
U.S. Dollar
|
13.3
|
|
British Pound
|
11.2
|
|
Hong Kong Dollar
|
7.5
|
|
All other currencies less than 5%
|
31.9
|
|
Total
|
100.0
|
|
(a) Percentages shown are based on Net Assets.
|
|
|
Country Diversification (%)(a)
|
|
|
Japan
|
15.2
|
|
United States
|
14.2
|
|
China
|
11.1
|
|
France
|
7.8
|
|
Germany
|
7.2
|
|
United Kingdom
|
6.1
|
|
South Korea
|
5.0
|
|
All other countries less than 5%(b)
|
33.4
|
|
Total
|
100.0
|
|
(a) Percentages shown are based on Net Assets.
|
|
(b) Includes Other.
|
|
Morningstar International Equity Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Investments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Common Stocks
|
$152,732,759
|
$742,560,416
|
$—
*
|
$895,293,175
|
|
Master Limited Partnerships
|
—
|
373,723
|
—
|
373,723
|
|
Preferred Stocks
|
980,546
|
5,111,810
|
—
|
6,092,356
|
|
Investment Companies
|
21,677,052
|
—
|
—
|
21,677,052
|
|
Short-Term Investments
|
46,299,338
|
—
|
—
|
46,299,338
|
|
Total Investments
|
$221,689,695
|
$748,045,949
|
$—
|
$969,735,644
|
|
*Includes securities determined to have no value as of July 31, 2025.
|
|
|
|
Par(a)
|
Value
|
|
Asset-Backed Securities – 3.5%
|
|||
|
Other – 3.3%
|
|||
|
AMMC CLO Ltd., Series
2021-24A, Class DR, (3M
CME Term SOFR + 2.95%,
2.95% Floor), 7.28%,
1/20/35(b)(c)
|
|
$150,000
|
$150,105
|
|
Apex Credit CLO Ltd.,
Series 2022-1A, Class D,
(3M CME Term SOFR +
4.40%, 4.40% Floor),
8.73%, 4/22/33(b)(c)
|
|
130,000
|
130,000
|
|
Bain Capital Credit
CLO Ltd., Series 2022-2A,
Class D1R, (3M CME
Term SOFR + 3.20%),
7.53%, 4/22/35(b)(c)
|
|
250,000
|
250,526
|
|
Black Diamond CLO Ltd.,
Series 2021-1A,
Class CR, (3M CME Term
SOFR + 3.90%), 8.22%,
11/22/34(b)(c)(d)
|
|
150,000
|
150,000
|
|
Blueberry Park CLO Ltd.,
Series 2024-1A,
Class D1, (3M CME Term
SOFR + 2.90%, 2.90%
Floor), 7.23%,
10/20/37(b)(c)
|
|
110,000
|
110,472
|
|
BlueMountain CLO
XXIX Ltd., Series
2020-29A, Class ER, (3M
CME Term SOFR + 7.12%,
6.86% Floor), 11.44%,
7/25/34(b)(c)
|
|
250,000
|
247,360
|
|
BlueMountain CLO
XXX Ltd., Series
2020-30A, Class CR, (3M
CME Term SOFR + 2.15%,
2.15% Floor), 6.47%,
4/15/35(b)(c)
|
|
250,000
|
250,372
|
|
CIFC Funding Ltd., Series
2017-3A, Class D1R, (3M
CME Term SOFR + 3.70%,
3.70% Floor), 8.03%,
4/20/37(b)(c)
|
|
210,000
|
211,292
|
|
Columbia Cent CLO 35 Ltd.,
Series 2025-35A,
Class D1A, (3M CME
Term SOFR + 3.50%),
7.82%, 7/25/36(b)(c)
|
|
100,000
|
100,943
|
|
Cook Park CLO Ltd., Series
2018-1A, Class D, (3M
CME Term SOFR +
2.86%), 7.18%,
4/17/30(b)(c)
|
|
250,000
|
251,698
|
|
Dwight Issuer LLC, Series
2025-FL1, Class A, (1M
CME Term SOFR +
1.66%), 5.96%,
9/18/42(b)(c)
|
|
100,000
|
100,090
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
Goldentree Loan
Management U.S. CLO 1
Ltd., Series 2017-1A,
Class ER3, (3M CME Term
SOFR + 4.50%), 8.83%,
4/20/34(b)(c)
|
|
$150,000
|
$148,708
|
|
GoodLeap Sustainable
Home Solutions Trust,
Series 2021-3CS, Class C,
3.50%, 5/20/48(b)
|
|
441,959
|
265,649
|
|
Greywolf CLO IV Ltd.,
Series 2019-1A,
Class CR2, (3M CME
Term SOFR + 3.50%),
7.73%, 4/17/34(b)(c)(d)
|
|
100,000
|
100,000
|
|
Jamestown CLO IX Ltd.,
Series 2016-9A,
Class CR3, (3M CME
Term SOFR + 3.25%),
7.57%, 7/25/34(b)(c)(d)
|
|
150,000
|
150,000
|
|
Mountain View CLO
XVI Ltd., Series 2022-1A,
Class DR, (3M CME Term
SOFR + 4.19%, 4.19%
Floor), 8.51%,
4/15/34(b)(c)
|
|
140,000
|
140,340
|
|
Nassau Ltd., Series
2021-IA, Class DR, (3M
CME Term SOFR +
3.60%), 7.92%,
8/26/34(b)(c)
|
|
150,000
|
150,539
|
|
National Collegiate
Student Loan Trust,
Series 2007-2, Class A4,
(1M CME Term SOFR +
0.40%), 4.76%, 1/25/33(c)
|
|
196,618
|
191,411
|
|
New Mountain CLO 5 Ltd.,
Series 5A, Class D1R,
(3M CME Term SOFR +
3.15%), 7.48%,
7/20/36(b)(c)
|
|
100,000
|
99,999
|
|
Palmer Square CLO Ltd.,
Series 2022-3A,
Class D1R, (3M CME
Term SOFR + 2.95%,
2.95% Floor), 7.28%,
7/20/37(b)(c)
|
|
150,000
|
150,424
|
|
Palmer Square
Loan Funding Ltd., Series
2022-3A, Class CR, (3M
CME Term SOFR + 3.00%,
3.00% Floor), 7.32%,
4/15/31(b)(c)
|
|
160,000
|
160,841
|
|
Pioneer Aircraft
Finance Ltd., Series
2019-1, Class A, 3.97%,
6/15/44(b)
|
|
129,106
|
126,530
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
RAD CLO Ltd., Series
2023-21A, Class D1R,
(3M CME Term SOFR +
2.60%), 6.92%,
1/25/37(b)(c)
|
|
$160,000
|
$160,221
|
|
SMB Private Education
Loan Trust,
|
|
|
|
|
Series 2021-A, Class D1,
3.86%, 1/15/53(b)
|
|
135,505
|
121,822
|
|
Series 2024-D, Class D,
7.51%, 7/05/53(b)
|
|
100,000
|
104,909
|
|
|
|||
|
Stonepeak ABS, Series
2021-1A, Class A, 2.68%,
2/28/33(b)
|
|
152,107
|
144,897
|
|
Symphony CLO XXV Ltd.,
Series 2021-25A,
Class D, (3M CME Term
SOFR + 3.86%, 3.60%
Floor), 8.19%,
4/19/34(b)(c)
|
|
250,000
|
250,067
|
|
Trinitas CLO XXVII Ltd.,
Series 2024-27A,
Class D1, (3M CME Term
SOFR + 4.30%, 4.30%
Floor), 8.63%,
4/18/37(b)(c)
|
|
160,000
|
160,478
|
|
Valley Stream Park
CLO Ltd., Series 2022-1A,
Class DRR, (3M CME
Term SOFR + 2.70%,
2.70% Floor), 7.03%,
1/20/37(b)(c)
|
|
120,000
|
119,998
|
|
|
|
|
4,699,691
|
|
Specialty Finance – 0.2%
|
|||
|
Galaxy XXVI CLO Ltd.,
Series 2018-26A,
Class DR, (3M CME Term
SOFR + 2.95%, 2.95%
Floor), 7.28%,
11/22/31(b)(c)
|
|
110,000
|
110,420
|
|
MF1 LLC, Series 2022-FL9,
Class A, (1M CME Term
SOFR + 2.15%, 2.15%
Floor), 6.50%,
6/19/37(b)(c)
|
|
206,066
|
206,311
|
|
|
|
|
316,731
|
|
Total Asset-Backed Securities
(Cost $5,070,504)
|
5,016,422
|
||
|
|
|
Number
of Shares
|
Value
|
|
Common Stocks – 46.4%
|
|||
|
Aerospace & Defense – 1.9%
|
|||
|
BAE Systems PLC (United
Kingdom)
|
|
96,621
|
$2,305,439
|
|
Huntington Ingalls
Industries, Inc.
|
|
1,418
|
395,424
|
|
|
|
|
2,700,863
|
|
Asset Management – 0.7%
|
|||
|
Blackrock, Inc.
|
|
274
|
303,047
|
|
Blackstone, Inc.
|
|
1,056
|
182,646
|
|
Macquarie Korea
Infrastructure Fund
(South Korea)
|
|
30,161
|
256,328
|
|
T. Rowe Price Group, Inc.(e)
|
|
3,035
|
307,901
|
|
|
|
|
1,049,922
|
|
Automotive – 0.5%
|
|||
|
Hyundai Motor Co. (South
Korea)
|
|
5,060
|
769,765
|
|
Banking – 4.3%
|
|||
|
Bank Polska Kasa Opieki
S.A. (Poland)
|
|
10,408
|
565,190
|
|
JP Morgan Chase & Co.
|
|
6,282
|
1,860,980
|
|
PNC Financial Services
Group (The), Inc.
|
|
1,350
|
256,864
|
|
Truist Financial Corp.
|
|
4,831
|
211,163
|
|
U.S. Bancorp
|
|
7,571
|
340,392
|
|
UniCredit S.p.A. (Italy)
|
|
39,270
|
2,889,245
|
|
|
|
|
6,123,834
|
|
Beverages – 1.8%
|
|||
|
Coca-Cola (The) Co.
|
|
9,616
|
652,830
|
|
Coca-Cola Europacific
Partners PLC (United
Kingdom)
|
|
14,935
|
1,447,500
|
|
PepsiCo, Inc.
|
|
3,664
|
505,339
|
|
|
|
|
2,605,669
|
|
Biotechnology & Pharmaceuticals – 4.3%
|
|||
|
AbbVie, Inc.
|
|
2,287
|
432,289
|
|
Amgen, Inc.
|
|
1,310
|
386,581
|
|
Bristol-Myers Squibb Co.
|
|
5,388
|
233,354
|
|
Gilead Sciences, Inc.
|
|
3,489
|
391,780
|
|
Johnson & Johnson
|
|
13,604
|
2,241,123
|
|
Novartis A.G. ADR(e)
|
|
16,772
|
1,907,647
|
|
Pfizer, Inc.
|
|
19,811
|
461,398
|
|
|
|
|
6,054,172
|
|
Cable & Satellite – 0.5%
|
|||
|
Comcast Corp., Class A
|
|
20,020
|
665,265
|
|
|
|
Number
of Shares
|
Value
|
|
Chemicals – 0.6%
|
|||
|
Air Products and
Chemicals, Inc.
|
|
1,746
|
$502,639
|
|
International Flavors &
Fragrances, Inc.
|
|
4,173
|
296,408
|
|
|
|
|
799,047
|
|
Construction Materials – 0.9%
|
|||
|
Cie de Saint-Gobain S.A.
(France)
|
|
10,706
|
1,228,162
|
|
Consumer Services – 0.0%(f)
|
|||
|
WW International, Inc.*
|
|
786
|
33,256
|
|
Containers & Packaging – 0.3%
|
|||
|
Amcor PLC
|
|
48,141
|
450,118
|
|
Diversified Industrials – 2.1%
|
|||
|
Emerson Electric Co.
|
|
2,100
|
305,571
|
|
Honeywell
International, Inc.
|
|
1,031
|
229,243
|
|
Siemens A.G. (Germany)(g)
|
|
9,792
|
2,494,055
|
|
|
|
|
3,028,869
|
|
Electric Utilities – 2.8%
|
|||
|
American Electric
Power Co., Inc.
|
|
3,395
|
384,110
|
|
Dominion Energy, Inc.
|
|
4,492
|
262,557
|
|
Enel S.p.A. (Italy)
|
|
180,986
|
1,595,988
|
|
National Grid PLC (United
Kingdom)
|
|
125,436
|
1,762,638
|
|
|
|
|
4,005,293
|
|
Electrical Equipment – 0.7%
|
|||
|
Johnson Controls
International PLC
|
|
8,767
|
920,535
|
|
Food – 0.3%
|
|||
|
Mondelez
International, Inc.,
Class A
|
|
5,877
|
380,183
|
|
Gas & Water Utilities – 0.1%
|
|||
|
NiSource, Inc.
|
|
4,730
|
200,788
|
|
Health Care Facilities & Services – 0.2%
|
|||
|
CVS Health Corp.
|
|
3,345
|
207,724
|
|
Home & Office Products – 0.2%
|
|||
|
Midea Group Co. Ltd.,
Class H (China)
|
|
35,211
|
341,167
|
|
Household Products – 0.8%
|
|||
|
Kenvue, Inc.
|
|
14,339
|
307,428
|
|
Kimberly-Clark Corp.
|
|
2,337
|
291,237
|
|
Procter & Gamble (The) Co.
|
|
3,763
|
566,219
|
|
|
|
|
1,164,884
|
|
|
|
Number
of Shares
|
Value
|
|
Institutional Financial Services – 1.3%
|
|||
|
CME Group, Inc.
|
|
2,068
|
$575,483
|
|
Morgan Stanley
|
|
7,270
|
1,035,684
|
|
Northern Trust Corp.
|
|
2,249
|
292,370
|
|
|
|
|
1,903,537
|
|
Insurance – 2.3%
|
|||
|
MS&AD Insurance Group
Holdings, Inc. (Japan)
|
|
29,332
|
626,710
|
|
NN Group N.V.
(Netherlands)
|
|
23,030
|
1,550,741
|
|
Zurich Insurance Group
A.G. (Switzerland)
|
|
1,623
|
1,107,059
|
|
|
|
|
3,284,510
|
|
IT Services – 0.2%
|
|||
|
International Business
Machines Corp.
|
|
1,061
|
268,592
|
|
Leisure Facilities & Services – 2.1%
|
|||
|
McDonald's Corp.
|
|
1,191
|
357,383
|
|
OPAP S.A. (Greece)
|
|
105,269
|
2,361,815
|
|
Starbucks Corp.
|
|
2,699
|
240,643
|
|
|
|
|
2,959,841
|
|
Leisure Products – 0.2%
|
|||
|
Hasbro, Inc.
|
|
3,396
|
255,243
|
|
Medical Equipment & Devices – 0.5%
|
|||
|
Baxter International, Inc.
|
|
13,023
|
283,381
|
|
Medtronic PLC
|
|
5,197
|
468,977
|
|
|
|
|
752,358
|
|
Metals & Mining – 0.4%
|
|||
|
Rio Tinto Ltd. (Australia)
|
|
8,272
|
588,288
|
|
Oil & Gas Supply Chain – 4.3%
|
|||
|
Chevron Corp.
|
|
12,577
|
1,907,176
|
|
Enbridge, Inc. (Canada)
|
|
40,851
|
1,850,029
|
|
Exxon Mobil Corp.
|
|
4,885
|
545,362
|
|
Gazprom PJSC (Russia)(h)*
|
|
33,780
|
—
|
|
LUKOIL PJSC (Russia)(h)
|
|
1,232
|
—
|
|
ONEOK, Inc.
|
|
4,275
|
351,020
|
|
Petroleo Brasileiro S.A. -
Petrobras (Brazil)
|
|
233,597
|
1,485,546
|
|
Rosneft Oil Co. PJSC
(Russia)(h)
|
|
17,410
|
—
|
|
|
|
|
6,139,133
|
|
Real Estate Investment Trusts – 3.5%
|
|||
|
Crown Castle, Inc.
|
|
4,226
|
444,110
|
|
Federal Realty Investment
Trust
|
|
4,096
|
377,487
|
|
Prologis Property Mexico
S.A. de C.V. (Mexico)
|
|
387,469
|
1,468,542
|
|
Realty Income Corp.
|
|
3,547
|
199,093
|
|
|
|
Number
of Shares
|
Value
|
|
Real Estate Investment Trusts (Continued)
|
|||
|
Simon Property Group, Inc.
|
|
1,205
|
$197,367
|
|
Ventas, Inc.
|
|
3,030
|
203,555
|
|
VICI Properties, Inc.
|
|
62,629
|
2,041,706
|
|
|
|
|
4,931,860
|
|
Semiconductors – 2.3%
|
|||
|
ASE Technology
Holding Co. Ltd. (Taiwan)
|
|
157,000
|
761,354
|
|
MediaTek, Inc. (Taiwan)
|
|
45,011
|
2,038,304
|
|
Texas Instruments, Inc.
|
|
2,300
|
416,438
|
|
|
|
|
3,216,096
|
|
Specialty Finance – 0.1%
|
|||
|
Western Union (The) Co.(e)
|
|
16,077
|
129,420
|
|
Technology Hardware – 1.2%
|
|||
|
Cisco Systems, Inc.
|
|
3,729
|
253,870
|
|
NetApp, Inc.
|
|
949
|
98,820
|
|
Quanta Computer, Inc.
(Taiwan)
|
|
142,302
|
1,325,424
|
|
|
|
|
1,678,114
|
|
Telecommunications – 1.8%
|
|||
|
Softbank Corp. (Japan)
|
|
1,354,211
|
1,956,614
|
|
Verizon
Communications, Inc.
|
|
13,789
|
589,618
|
|
|
|
|
2,546,232
|
|
Tobacco & Cannabis – 2.3%
|
|||
|
British American Tobacco
PLC ADR (United
Kingdom)
|
|
51,512
|
2,765,164
|
|
Philip Morris
International, Inc.
|
|
2,929
|
480,503
|
|
|
|
|
3,245,667
|
|
Transportation & Logistics – 0.2%
|
|||
|
Spirit Aviation
Holdings, Inc.*
|
|
8,659
|
35,415
|
|
United Parcel Service, Inc.,
Class B
|
|
2,109
|
181,712
|
|
|
|
|
217,127
|
|
Transportation Equipment – 0.5%
|
|||
|
Volvo AB, Class B
(Sweden)
|
|
26,300
|
755,331
|
|
Wholesale - Consumer Staples – 0.2%
|
|||
|
Sysco Corp.
|
|
2,684
|
213,646
|
|
Total Common Stocks
(Cost $57,903,499)
|
65,814,511
|
||
|
|
|
Par(a)
|
Value
|
|
Corporate Bonds – 8.3%
|
|||
|
Aerospace & Defense – 0.1%
|
|||
|
Axon Enterprise, Inc.,
|
|
|
|
|
6.13%, 3/15/30(b)
|
|
$50,000
|
$51,065
|
|
6.25%, 3/15/33(b)
|
|
20,000
|
20,489
|
|
|
|||
|
TransDigm, Inc., 6.63%,
3/01/32(b)
|
|
50,000
|
51,414
|
|
|
|
|
122,968
|
|
Automotive – 0.2%
|
|||
|
PM General Purchaser LLC,
9.50%, 10/01/28(b)(e)
|
|
300,000
|
233,250
|
|
Beverages – 0.0%(f)
|
|||
|
Primo Water
Holdings, Inc./Triton
Water Holdings, Inc.,
6.25%, 4/01/29(b)
|
|
40,000
|
40,082
|
|
Biotechnology & Pharmaceuticals – 0.2%
|
|||
|
1261229 B.C. Ltd., 10.00%,
4/15/32(b)
|
|
200,000
|
203,618
|
|
Amneal
Pharmaceuticals LLC,
6.88%, 8/01/32(b)(d)
|
|
50,000
|
50,749
|
|
Bausch Health Cos., Inc.,
6.25%, 2/15/29(b)(e)
|
|
10,000
|
7,250
|
|
|
|
|
261,617
|
|
Cable & Satellite – 0.8%
|
|||
|
CCO Holdings LLC/CCO
Holdings Capital Corp.,
4.25%, 2/01/31(b)
|
|
140,000
|
127,876
|
|
CSC Holdings LLC, 11.75%,
1/31/29(b)
|
|
790,000
|
738,957
|
|
Directv
Financing LLC/Directv
Financing Co-Obligor, Inc.,
10.00%, 2/15/31(b)
|
|
50,000
|
48,219
|
|
DISH DBS Corp., 5.25%,
12/01/26(b)
|
|
80,000
|
75,298
|
|
DISH Network Corp.,
11.75%, 11/15/27(b)
|
|
160,000
|
166,631
|
|
|
|
|
1,156,981
|
|
Commercial Support Services – 0.5%
|
|||
|
CoreCivic, Inc.,
|
|
|
|
|
4.75%, 10/15/27
|
|
200,000
|
195,557
|
|
8.25%, 4/15/29
|
|
40,000
|
42,296
|
|
|
|||
|
GEO Group (The), Inc.,
10.25%, 4/15/31
|
|
90,000
|
98,948
|
|
RR Donnelley & Sons Co.,
9.50%, 8/01/29(b)
|
|
130,000
|
132,830
|
|
TKC Holdings, Inc.,
|
|
|
|
|
6.88%, 5/15/28(b)
|
|
90,000
|
89,925
|
|
10.50%, 5/15/29(b)(e)
|
|
80,000
|
82,091
|
|
|
|
|
641,647
|
|
|
|
Par(a)
|
Value
|
|
Construction Materials – 0.2%
|
|||
|
Advanced Drainage
Systems, Inc., 5.00%,
9/30/27(b)
|
|
$60,000
|
$59,376
|
|
JH North America
Holdings, Inc.,
|
|
|
|
|
5.88%, 1/31/31(b)
|
|
30,000
|
30,103
|
|
6.13%, 7/31/32(b)
|
|
40,000
|
40,415
|
|
|
|||
|
Quikrete Holdings, Inc.,
6.38%, 3/01/32(b)
|
|
90,000
|
92,303
|
|
|
|
|
222,197
|
|
Containers & Packaging – 0.1%
|
|||
|
Ardagh Packaging Finance
PLC/Ardagh Holdings
USA, Inc., 5.25%,
8/15/27(b)(e)
|
|
400,000
|
192,000
|
|
Diversified Industrials – 0.0%(f)
|
|||
|
Vortex Opco LLC, 8.00%,
4/30/30(b)
|
|
107,217
|
10,722
|
|
Electric Utilities – 0.3%
|
|||
|
Lightning Power LLC,
7.25%, 8/15/32(b)
|
|
200,000
|
209,094
|
|
NRG Energy, Inc., 6.25%,
11/01/34(b)
|
|
70,000
|
70,928
|
|
Vistra Operations Co. LLC,
|
|
|
|
|
4.38%, 5/01/29(b)
|
|
50,000
|
48,451
|
|
6.88%, 4/15/32(b)
|
|
70,000
|
72,733
|
|
|
|
|
401,206
|
|
Electrical Equipment – 0.1%
|
|||
|
Alpha Generation LLC,
6.75%, 10/15/32(b)
|
|
130,000
|
133,032
|
|
Engineering & Construction – 0.3%
|
|||
|
Railworks Holdings
L.P./Railworks Rally, Inc.,
8.25%, 11/15/28(b)
|
|
90,000
|
91,693
|
|
Tutor Perini Corp., 11.88%,
4/30/29(b)
|
|
240,000
|
269,852
|
|
|
|
|
361,545
|
|
Entertainment Content – 0.1%
|
|||
|
AMC Networks, Inc.,
10.25%, 1/15/29(b)
|
|
40,000
|
41,049
|
|
Univision
Communications, Inc.,
9.38%, 8/01/32(b)
|
|
40,000
|
41,504
|
|
Warnermedia
Holdings, Inc., 4.28%,
3/15/32
|
|
88,000
|
73,897
|
|
|
|
|
156,450
|
|
Health Care Facilities & Services – 0.6%
|
|||
|
Akumin, Inc., (100% Cash),
9.00%, 8/01/27(b)(e)(i)
|
|
250,000
|
234,165
|
|
|
|
Par(a)
|
Value
|
|
Health Care Facilities & Services (Continued)
|
|||
|
CHS/Community Health
Systems, Inc.,
|
|
|
|
|
6.88%, 4/15/29(b)
|
|
$180,000
|
$139,950
|
|
5.25%, 5/15/30(b)
|
|
100,000
|
87,477
|
|
9.75%, 1/15/34(b)(d)
|
|
150,000
|
150,958
|
|
|
|||
|
Claritev Corp., 6.75%,
3/31/31(b)(i)
|
|
100,911
|
72,656
|
|
LifePoint Health, Inc.,
9.88%, 8/15/30(b)
|
|
120,000
|
129,334
|
|
MPH Acquisition
Holdings LLC,
|
|
|
|
|
11.50%, 12/31/30(b)(e)(i)
|
|
18,266
|
18,038
|
|
5.75%, 12/31/30(b)
|
|
11,644
|
9,595
|
|
|
|||
|
U.S. Renal Care, Inc.,
10.63%, 6/28/28(b)
|
|
52,500
|
46,069
|
|
|
|
|
888,242
|
|
Industrial Intermediate Products – 0.2%
|
|||
|
Park-Ohio Industries, Inc.,
|
|
|
|
|
6.63%, 4/15/27
|
|
90,000
|
89,988
|
|
8.50%, 8/01/30(b)
|
|
160,000
|
153,603
|
|
|
|
|
243,591
|
|
Industrial Support Services – 0.1%
|
|||
|
EquipmentShare.com, Inc.,
|
|
|
|
|
8.63%, 5/15/32(b)
|
|
90,000
|
95,794
|
|
8.00%, 3/15/33(b)(e)
|
|
10,000
|
10,440
|
|
Herc Holdings, Inc.,
|
|
|
|
|
7.00%, 6/15/30(b)
|
|
50,000
|
51,677
|
|
7.25%, 6/15/33(b)
|
|
20,000
|
20,710
|
|
|
|
|
178,621
|
|
Institutional Financial Services – 0.2%
|
|||
|
Jane Street Group/JSG
Finance, Inc.,
|
|
|
|
|
7.13%, 4/30/31(b)
|
|
100,000
|
103,283
|
|
6.75%, 5/01/33(b)
|
|
50,000
|
51,169
|
|
|
|||
|
Stonex Escrow Issuer LLC,
6.88%, 7/15/32(b)
|
|
50,000
|
50,898
|
|
VFH Parent LLC/Valor
Co-Issuer, Inc., 7.50%,
6/15/31(b)
|
|
20,000
|
20,809
|
|
|
|
|
226,159
|
|
Insurance – 0.0%(f)
|
|||
|
APH Somerset Investor 2
LLC/APH2 Somerset
Investor 2 LLC/APH3
Somerset Investor 2 LLC,
7.88%, 11/01/29(b)
|
|
20,000
|
20,605
|
|
Internet Media & Services – 0.0%(f)
|
|||
|
Getty Images, Inc.,
11.25%, 2/21/30(b)(e)
|
|
30,000
|
28,725
|
|
|
|
Par(a)
|
Value
|
|
Leisure Facilities & Services – 0.7%
|
|||
|
AMC Entertainment
Holdings, Inc., 7.50%,
2/15/29(b)(e)
|
|
$110,000
|
$93,721
|
|
Caesars
Entertainment, Inc.,
6.50%, 2/15/32(b)
|
|
20,000
|
20,396
|
|
Carnival Corp., 6.13%,
2/15/33(b)(e)
|
|
120,000
|
122,129
|
|
Full House Resorts, Inc.,
8.25%, 2/15/28(b)
|
|
190,000
|
183,928
|
|
Hilton Domestic
Operating Co., Inc.,
3.63%, 2/15/32(b)
|
|
10,000
|
9,016
|
|
NCL Corp. Ltd.,
|
|
|
|
|
8.13%, 1/15/29(b)
|
|
70,000
|
73,538
|
|
6.75%, 2/01/32(b)
|
|
160,000
|
164,339
|
|
Viking Cruises Ltd.,
|
|
|
|
|
7.00%, 2/15/29(b)
|
|
130,000
|
131,000
|
|
9.13%, 7/15/31(b)
|
|
90,000
|
96,833
|
|
|
|||
|
VOC Escrow Ltd., 5.00%,
2/15/28(b)
|
|
60,000
|
59,455
|
|
Wynn Resorts
Finance LLC/Wynn
Resorts Capital Corp.,
7.13%, 2/15/31(b)
|
|
50,000
|
53,180
|
|
|
|
|
1,007,535
|
|
Machinery – 0.1%
|
|||
|
Titan International, Inc.,
7.00%, 4/30/28
|
|
130,000
|
129,923
|
|
Medical Equipment & Devices – 0.1%
|
|||
|
Medline Borrower L.P.,
5.25%, 10/01/29(b)
|
|
30,000
|
29,414
|
|
Medline Borrower
L.P./Medline
Co-Issuer, Inc., 6.25%,
4/01/29(b)
|
|
80,000
|
81,571
|
|
Sotera Health
Holdings LLC, 7.38%,
6/01/31(b)
|
|
70,000
|
72,413
|
|
|
|
|
183,398
|
|
Oil & Gas Supply Chain – 1.4%
|
|||
|
Blue Racer
Midstream LLC/Blue
Racer Finance Corp.,
7.25%, 7/15/32(b)
|
|
50,000
|
52,715
|
|
Chord Energy Corp.,
6.75%, 3/15/33(b)
|
|
60,000
|
61,201
|
|
Crescent Energy
Finance LLC,
|
|
|
|
|
7.63%, 4/01/32(b)
|
|
50,000
|
48,860
|
|
8.38%, 1/15/34(b)
|
|
70,000
|
69,283
|
|
|
|||
|
Howard Midstream Energy
Partners LLC, 7.38%,
7/15/32(b)
|
|
50,000
|
51,696
|
|
|
|
Par(a)
|
Value
|
|
Oil & Gas Supply Chain (Continued)
|
|||
|
|
|||
|
New Generation Gas
Gathering LLC, 10.34%,
9/30/29(h)
|
|
$172,973
|
$170,352
|
|
Northern Oil & Gas, Inc.,
8.13%, 3/01/28(b)
|
|
170,000
|
171,655
|
|
Occidental
Petroleum Corp., 4.40%,
8/15/49
|
|
60,000
|
41,510
|
|
PBF Holding Co. LLC/PBF
Finance Corp., 6.00%,
2/15/28
|
|
30,000
|
28,871
|
|
Permian Resources
Operating LLC,
|
|
|
|
|
7.00%, 1/15/32(b)
|
|
150,000
|
154,893
|
|
6.25%, 2/01/33(b)
|
|
90,000
|
90,535
|
|
Range Resources Corp.,
|
|
|
|
|
8.25%, 1/15/29
|
|
110,000
|
112,787
|
|
4.75%, 2/15/30(b)
|
|
90,000
|
87,486
|
|
Rockies Express
Pipeline LLC,
|
|
|
|
|
6.75%, 3/15/33(b)
|
|
40,000
|
41,552
|
|
7.50%, 7/15/38(b)
|
|
40,000
|
41,152
|
|
|
|||
|
Tallgrass Energy Partners
L.P./Tallgrass Energy
Finance Corp., 6.00%,
12/31/30(b)
|
|
50,000
|
48,988
|
|
Venture Global Calcasieu
Pass LLC,
|
|
|
|
|
4.13%, 8/15/31(b)
|
|
30,000
|
27,711
|
|
3.88%, 11/01/33(b)
|
|
150,000
|
130,880
|
|
Venture Global LNG, Inc.,
|
|
|
|
|
9.50%, 2/01/29(b)
|
|
150,000
|
163,587
|
|
9.88%, 2/01/32(b)
|
|
140,000
|
151,052
|
|
Venture Global
Plaquemines LNG LLC,
|
|
|
|
|
7.75%, 5/01/35(b)
|
|
20,000
|
21,929
|
|
6.75%, 1/15/36(b)
|
|
220,000
|
226,315
|
|
|
|
|
1,995,010
|
|
Oil, Gas Services & Equipment – 0.1%
|
|||
|
Noble Finance II LLC,
8.00%, 4/15/30(b)
|
|
70,000
|
71,398
|
|
Publishing & Broadcasting – 0.1%
|
|||
|
Clear Channel Outdoor
Holdings, Inc., 7.13%,
2/15/31(b)(d)
|
|
50,000
|
49,931
|
|
Gray Media, Inc.,
|
|
|
|
|
9.63%, 7/15/32(b)
|
|
50,000
|
50,438
|
|
7.25%, 8/15/33(b)
|
|
50,000
|
49,737
|
|
|
|||
|
iHeartCommunications, Inc.,
9.13%, 5/01/29(b)
|
|
28,500
|
23,773
|
|
|
|
|
173,879
|
|
|
|
Par(a)
|
Value
|
|
Real Estate Investment Trusts – 0.2%
|
|||
|
MPT Operating Partnership
L.P./MPT Finance Corp.,
|
|
|
|
|
5.00%, 10/15/27
|
|
$190,000
|
$174,307
|
|
8.50%, 2/15/32(b)(e)
|
|
60,000
|
62,364
|
|
|
|||
|
Service Properties Trust,
5.50%, 12/15/27
|
|
40,000
|
39,447
|
|
Uniti Group L.P./Uniti
Group Finance 2019,
Inc./CSL Capital LLC,
10.50%, 2/15/28(b)
|
|
18,000
|
19,024
|
|
|
|
|
295,142
|
|
Real Estate Owners & Developers – 0.0%(f)
|
|||
|
Five Point Operating Co.
L.P./Five Point
Capital Corp., (Step to
11.00% on 11/15/24),
10.50%, 1/15/28(b)(j)
|
|
65,562
|
66,295
|
|
Real Estate Services – 0.0%(f)
|
|||
|
Cushman & Wakefield
U.S. Borrower LLC,
6.75%, 5/15/28(b)
|
|
60,000
|
60,455
|
|
Renewable Energy – 0.0%(f)
|
|||
|
Sunnova Energy Corp.,
5.88%, 9/01/26(b)(k)
|
|
50,000
|
50
|
|
Retail - Discretionary – 0.3%
|
|||
|
Foot Locker, Inc., 4.00%,
10/01/29(b)
|
|
80,000
|
75,335
|
|
Michaels (The) Cos., Inc.,
5.25%, 5/01/28(b)
|
|
60,000
|
47,579
|
|
PetSmart, Inc./PetSmart
Finance Corp., 4.75%,
2/15/28(b)
|
|
250,000
|
245,332
|
|
Saks Global
Enterprises LLC, 11.00%,
12/15/29(b)
|
|
90,000
|
20,250
|
|
SGUS LLC, 11.00%,
12/15/29(b)(d)
|
|
24,545
|
22,916
|
|
|
|
|
411,412
|
|
Semiconductors – 0.0%(f)
|
|||
|
Intel Corp., 5.70%, 2/10/53
|
|
30,000
|
27,010
|
|
Software – 0.2%
|
|||
|
Citrix Systems, Inc.,
4.50%, 12/01/27
|
|
50,000
|
47,877
|
|
Cloud Software
Group, Inc., 8.25%,
6/30/32(b)
|
|
40,000
|
42,593
|
|
CoreWeave, Inc.,
|
|
|
|
|
9.25%, 6/01/30(b)
|
|
30,000
|
30,152
|
|
9.00%, 2/01/31(b)
|
|
30,000
|
29,872
|
|
|
|
Par(a)
|
Value
|
|
Software (Continued)
|
|||
|
|
|||
|
Gen Digital, Inc., 6.25%,
4/01/33(b)
|
|
$80,000
|
$81,558
|
|
|
|
|
232,052
|
|
Specialty Finance – 0.3%
|
|||
|
Arbor Realty SR, Inc.,
7.88%, 7/15/30(b)
|
|
40,000
|
40,848
|
|
FirstCash, Inc., 5.63%,
1/01/30(b)
|
|
50,000
|
49,482
|
|
Mcclatchy Media Co. LLC,
11.00%, 12/01/31(b)(i)
|
|
110,820
|
120,240
|
|
Rocket Cos, Inc., 6.13%,
8/01/30(b)
|
|
60,000
|
60,837
|
|
Rocket
Mortgage LLC/Rocket
Mortgage Co-Issuer, Inc.,
3.63%, 3/01/29(b)
|
|
160,000
|
151,142
|
|
Starwood Property
Trust, Inc., 7.25%,
4/01/29(b)
|
|
50,000
|
52,292
|
|
|
|
|
474,841
|
|
Technology Hardware – 0.1%
|
|||
|
CommScope LLC,
|
|
|
|
|
7.13%, 7/01/28(b)(e)
|
|
20,000
|
19,793
|
|
9.50%, 12/15/31(b)
|
|
130,000
|
136,899
|
|
|
|||
|
Viasat, Inc., 5.63%,
4/15/27(b)
|
|
50,000
|
49,758
|
|
|
|
|
206,450
|
|
Telecommunications – 0.2%
|
|||
|
EchoStar Corp., 10.75%,
11/30/29
|
|
194,800
|
205,270
|
|
Hughes Satellite
Systems Corp., 5.25%,
8/01/26(e)
|
|
30,000
|
27,650
|
|
Level 3 Financing, Inc.,
6.88%, 6/30/33(b)
|
|
50,000
|
50,668
|
|
|
|
|
283,588
|
|
Transportation & Logistics – 0.4%
|
|||
|
American Airlines, Inc.,
|
|
|
|
|
7.25%, 2/15/28(b)
|
|
40,000
|
40,817
|
|
8.50%, 5/15/29(b)(e)
|
|
70,000
|
73,159
|
|
|
|||
|
American
Airlines, Inc./Aadvantage
Loyalty IP Ltd., 5.75%,
4/20/29(b)
|
|
80,000
|
79,972
|
|
Carriage Purchaser, Inc.,
7.88%, 10/15/29(b)
|
|
200,000
|
185,455
|
|
|
|
Par(a)
|
Value
|
|
Transportation & Logistics (Continued)
|
|||
|
|
|||
|
JetBlue
Airways Corp./JetBlue
Loyalty L.P., 9.88%,
9/20/31(b)
|
|
$70,000
|
$67,679
|
|
Spirit Loyalty
Cayman Ltd./Spirit IP
Cayman Ltd., 11.00%,
3/12/30(b)(i)
|
|
223,884
|
143,286
|
|
|
|
|
590,368
|
|
Transportation Equipment – 0.1%
|
|||
|
JB Poindexter & Co., Inc.,
8.75%, 12/15/31(b)
|
|
90,000
|
92,046
|
|
Total Corporate Bonds
(Cost $11,982,470)
|
11,820,492
|
||
|
|
|||
|
Foreign Government Inflation-Linked
Bonds – 0.0%(f)
|
|||
|
Sovereign Government – 0.0%(f)
|
|||
|
Uruguay Government
International Bond,
3.40%, 5/16/45
|
UYU
|
60,000
|
1,602
|
|
Total Foreign Government Inflation-Linked
Bonds
(Cost $1,652)
|
1,602
|
||
|
|
|||
|
Foreign Issuer Bonds – 5.4%
|
|||
|
Angola – 0.1%
|
|||
|
Angolan Government
International Bond,
8.75%, 4/14/32(b)
|
|
210,000
|
190,876
|
|
Argentina – 0.1%
|
|||
|
Provincia de Buenos Aires,
6.63%, 9/01/37(b)
|
|
188,180
|
133,137
|
|
Brazil – 0.3%
|
|||
|
Brazil Notas do Tesouro
Nacional Serie F, 10.00%,
1/01/31
|
BRL
|
1,998,000
|
307,828
|
|
Suzano Austria GmbH,
3.13%, 1/15/32
|
|
120,000
|
105,488
|
|
|
|
|
413,316
|
|
Canada – 0.5%
|
|||
|
Bombardier, Inc.,
|
|
|
|
|
7.25%, 7/01/31(b)
|
|
64,000
|
66,829
|
|
7.00%, 6/01/32(b)(e)
|
|
80,000
|
82,759
|
|
6.75%, 6/15/33(b)
|
|
10,000
|
10,278
|
|
|
|||
|
Capstone Copper Corp.,
6.75%, 3/31/33(b)
|
|
30,000
|
30,575
|
|
Empire Communities Corp.,
9.75%, 5/01/29(b)
|
|
50,000
|
50,991
|
|
Hudbay Minerals, Inc.,
6.13%, 4/01/29(b)
|
|
50,000
|
50,280
|
|
|
|
Par(a)
|
Value
|
|
Canada (Continued)
|
|||
|
TransAlta Corp.,
|
|
|
|
|
7.75%, 11/15/29
|
|
$90,000
|
$93,775
|
|
6.50%, 3/15/40
|
|
30,000
|
29,094
|
|
|
|||
|
Vermilion Energy, Inc.,
7.25%, 2/15/33(b)(e)
|
|
100,000
|
94,538
|
|
Wrangler Holdco Corp.,
6.63%, 4/01/32(b)
|
|
140,000
|
144,643
|
|
|
|
|
653,762
|
|
Chile – 0.1%
|
|||
|
Latam Airlines Group S.A.,
7.88%, 4/15/30(b)(e)
|
|
100,000
|
103,450
|
|
China – 0.2%
|
|||
|
Prosus N.V., 3.06%,
7/13/31(b)
|
|
270,000
|
240,455
|
|
Colombia – 0.1%
|
|||
|
Ecopetrol S.A., 8.38%,
1/19/36
|
|
200,000
|
197,507
|
|
France – 0.5%
|
|||
|
Altice France S.A., 5.50%,
10/15/29(b)
|
|
840,000
|
728,416
|
|
Germany – 0.3%
|
|||
|
TK Elevator U.S. Newco,
Inc., 5.25%, 7/15/27(b)
|
|
200,000
|
199,105
|
|
ZF North America
Capital, Inc.,
|
|
|
|
|
6.75%, 4/23/30(b)
|
|
150,000
|
142,742
|
|
6.88%, 4/23/32(b)
|
|
150,000
|
139,969
|
|
|
|
|
481,816
|
|
Ireland – 0.3%
|
|||
|
AerCap Ireland Capital
DAC/AerCap Global
Aviation Trust, (5Y US
Treasury CMT + 2.72%),
6.95%, 3/10/55(l)
|
|
150,000
|
156,930
|
|
Flutter Treasury DAC,
5.88%, 6/04/31(b)
|
|
200,000
|
201,319
|
|
|
|
|
358,249
|
|
Israel – 0.2%
|
|||
|
Teva Pharmaceutical
Finance Netherlands III
B.V., 4.10%, 10/01/46
|
|
400,000
|
284,657
|
|
Italy – 0.3%
|
|||
|
Intesa Sanpaolo S.p.A.,
7.80%, 11/28/53(b)
|
|
400,000
|
475,922
|
|
Ivory Coast – 0.2%
|
|||
|
Ivory Coast Government
International Bond,
7.63%, 1/30/33(b)
|
|
300,000
|
299,822
|
|
|
|
Par(a)
|
Value
|
|
Jamaica – 0.0%(f)
|
|||
|
Jamaica Government
International Bond,
9.63%, 11/03/30
|
JMD
|
10,000,000
|
$64,776
|
|
Jordan – 0.2%
|
|||
|
Jordan Government
International Bond,
7.75%, 1/15/28(b)
|
|
$230,000
|
238,872
|
|
Kenya – 0.2%
|
|||
|
Republic of Kenya
Government International
Bond, 9.75%, 2/16/31(b)
|
|
280,000
|
287,530
|
|
Kuwait – 0.2%
|
|||
|
MEGlobal Canada ULC,
5.88%, 5/18/30(b)
|
|
210,000
|
217,951
|
|
Mexico – 0.3%
|
|||
|
Banco Mercantil del Norte
S.A., (10Y US Treasury
CMT + 5.47%), 7.50%,
6/27/29(b)(l)(m)
|
|
250,000
|
250,577
|
|
Mexico Government
International Bond,
4.75%, 3/08/44
|
|
150,000
|
118,200
|
|
|
|
|
368,777
|
|
Morocco – 0.1%
|
|||
|
OCP S.A., 6.75%,
5/02/34(b)
|
|
200,000
|
208,014
|
|
Peru – 0.1%
|
|||
|
Petroleos del Peru S.A.,
5.63%, 6/19/47(b)
|
|
250,000
|
167,683
|
|
Romania – 0.0%(f)
|
|||
|
Romanian Government
International Bond,
7.50%, 2/10/37(b)
|
|
60,000
|
63,669
|
|
Supranational – 0.3%
|
|||
|
Inter-American
Development Bank,
7.35%, 10/06/30
|
INR
|
34,000,000
|
399,059
|
|
Switzerland – 0.0%(f)
|
|||
|
VistaJet Malta Finance
PLC/Vista Management
Holding, Inc., 7.88%,
5/01/27(b)
|
|
40,000
|
40,137
|
|
Turkey – 0.1%
|
|||
|
Turk Telekomunikasyon
A.S., 7.38%, 5/20/29(b)
|
|
200,000
|
206,056
|
|
United Arab Emirates – 0.2%
|
|||
|
DP World Ltd., 5.63%,
9/25/48(b)
|
|
290,000
|
273,424
|
|
|
|
Par(a)
|
Value
|
|
United Kingdom – 0.1%
|
|||
|
Marks & Spencer PLC,
7.13%, 12/01/37(b)
|
|
$100,000
|
$108,617
|
|
Zambia – 0.4%
|
|||
|
First Quantum
Minerals Ltd.,
|
|
|
|
|
8.63%, 6/01/31(b)(e)
|
|
260,000
|
270,726
|
|
8.00%, 3/01/33(b)
|
|
230,000
|
236,997
|
|
|
|
|
507,723
|
|
Total Foreign Issuer Bonds
(Cost $7,688,805)
|
7,713,673
|
||
|
|
|
Number
of Shares
|
|
|
Master Limited Partnerships – 2.5%
|
|||
|
Oil & Gas Supply Chain – 2.5%
|
|||
|
Energy Transfer L.P.
|
|
77,383
|
1,395,989
|
|
Enterprise Products
Partners L.P.
|
|
68,127
|
2,111,256
|
|
Total Master Limited Partnerships
(Cost $2,939,579)
|
3,507,245
|
||
|
|
|
Par(a)
|
|
|
Mortgage-Backed Securities – 8.7%
|
|||
|
Commercial Mortgage-Backed Securities – 3.9%
|
|||
|
BANK,
|
|
|
|
|
Series 2022-BNK44,
Class D, 4.00%,
11/15/32(b)
|
|
$190,000
|
146,233
|
|
Series 2024-BNK48,
Class A5, 5.05%,
10/15/57
|
|
190,000
|
189,919
|
|
|
|||
|
Bank of America Merrill
Lynch Commercial
Mortgage Trust, Series
2017-BNK3, Class D,
3.25%, 2/15/50(b)
|
|
110,000
|
97,636
|
|
BFLD Commercial
Mortgage Trust, Series
2024-UNIV, Class D, (1M
CME Term SOFR + 2.69%,
2.69% Floor), 7.03%,
11/15/29(b)(c)
|
|
250,000
|
250,703
|
|
BHMS, Series 2018-ATLS,
Class A, (1M CME Term
SOFR + 1.55%, 1.50%
Floor), 5.89%,
7/15/35(b)(c)
|
|
190,000
|
189,963
|
|
|
|
Par(a)
|
Value
|
|
Commercial Mortgage-Backed Securities
(Continued)
|
|||
|
|
|||
|
BOCA Commercial
Mortgage Trust, Series
2024-BOCA, Class E, (1M
CME Term SOFR + 4.44%,
4.44% Floor), 8.78%,
8/15/41(b)(c)
|
|
$130,000
|
$130,666
|
|
BX Commercial Mortgage
Trust,
|
|
|
|
|
Series 2019-IMC, Class E,
(1M CME Term SOFR +
2.20%, 2.15% Floor),
6.54%, 4/15/34(b)(c)
|
|
300,000
|
291,750
|
|
Series 2021-ACNT,
Class A, (1M CME Term
SOFR + 0.96%, 0.85%
Floor), 5.31%,
11/15/38(b)(c)
|
|
168,888
|
168,888
|
|
Series 2021-VOLT,
Class D, (1M CME Term
SOFR + 1.76%, 1.65%
Floor), 6.11%,
9/15/36(b)(c)
|
|
261,584
|
260,777
|
|
Series 2024-BI02,
Class D, 7.71%,
8/13/41(b)(n)
|
|
100,000
|
98,826
|
|
BX Trust,
|
|
|
|
|
Series 2021-ARIA,
Class A, (1M CME Term
SOFR + 1.01%, 0.90%
Floor), 5.36%,
10/15/36(b)(c)
|
|
270,000
|
269,916
|
|
Series 2021-SDMF,
Class F, (1M CME Term
SOFR + 2.05%, 1.94%
Floor), 6.39%,
9/15/34(b)(c)
|
|
197,803
|
195,333
|
|
|
|||
|
BXHPP Trust, Series
2021-FILM, Class C, (1M
CME Term SOFR + 1.21%,
1.10% Floor), 5.56%,
8/15/36(b)(c)
|
|
270,000
|
242,586
|
|
Citigroup Commercial
Mortgage Trust, Series
2017-P8, Class A3,
3.20%, 9/15/50
|
|
250,000
|
243,409
|
|
Extended Stay America
Trust,
|
|
|
|
|
Series 2021-ESH,
Class C, (1M CME Term
SOFR + 1.81%, 1.70%
Floor), 6.16%,
7/15/38(b)(c)
|
|
223,009
|
223,287
|
|
Series 2021-ESH, Class E,
(1M CME Term SOFR +
2.96%, 2.85% Floor),
7.31%, 7/15/38(b)(c)
|
|
223,009
|
223,915
|
|
|
|
Par(a)
|
Value
|
|
Commercial Mortgage-Backed Securities
(Continued)
|
|||
|
GS Mortgage Securities
Trust,
|
|
|
|
|
Series 2015-GC30,
Class C, 4.03%,
5/10/50(n)
|
|
$180,000
|
$158,398
|
|
Series 2015-GC32,
Class D, 3.35%, 7/10/48
|
|
55,233
|
53,023
|
|
Series 2017-GS6,
Class A2, 3.16%,
5/10/50
|
|
184,774
|
181,449
|
|
|
|||
|
HIH Trust, Series 2024-61P,
Class F, (1M CME Term
SOFR + 5.44%, 5.44%
Floor), 9.78%,
10/15/41(b)(c)
|
|
197,051
|
196,685
|
|
JP Morgan Chase
Commercial Mortgage
Securities Trust, Series
2022-ACB, Class D, (30D
Average SOFR + 2.90%,
2.90% Floor), 7.24%,
3/15/39(b)(c)
|
|
190,000
|
190,119
|
|
KIND Trust, Series
2021-KIND, Class E, (1M
CME Term SOFR + 3.36%,
3.25% Floor), 7.71%,
8/15/38(b)(c)
|
|
158,697
|
155,780
|
|
KREF Ltd., Series 2022-FL3,
Class D, (1M CME Term
SOFR + 2.80%, 2.80%
Floor), 7.15%,
2/17/39(b)(c)
|
|
150,000
|
148,691
|
|
MF1 LLC,
|
|
|
|
|
Series 2025-FL17,
Class A, (1M CME Term
SOFR + 1.32%), 5.67%,
2/18/40(b)(c)
|
|
120,000
|
120,136
|
|
Series 2025-FL17,
Class D, (1M CME Term
SOFR + 2.74%), 7.09%,
2/18/40(b)(c)
|
|
100,000
|
98,607
|
|
|
|||
|
MF1 Ltd., Series 2020-FL4,
Class A, (1M CME Term
SOFR + 1.81%, 1.70%
Floor), 6.16%,
11/15/35(b)(c)
|
|
36,729
|
36,758
|
|
MHC Commercial
Mortgage Trust, Series
2021-MHC, Class F, (1M
CME Term SOFR + 2.72%,
2.60% Floor), 7.06%,
4/15/38(b)(c)
|
|
160,000
|
160,150
|
|
Morgan Stanley Capital I
Trust, Series 2021-230P,
Class B, (1M CME Term
SOFR + 1.56%, 1.45%
Floor), 5.91%,
12/15/38(b)(c)
|
|
110,000
|
100,128
|
|
|
|
Par(a)
|
Value
|
|
Commercial Mortgage-Backed Securities
(Continued)
|
|||
|
|
|||
|
MSWF Commercial
Mortgage Trust, Series
2023-2, Class C, 7.02%,
12/15/56(n)
|
|
$90,000
|
$93,344
|
|
MTN Commercial
Mortgage Trust, Series
2022-LPFL, Class F, (1M
CME Term SOFR + 5.29%,
5.29% Floor), 9.64%,
3/15/39(b)(c)
|
|
200,000
|
200,122
|
|
RIDE, Series 2025-SHRE,
Class D, 6.75%,
2/14/35(b)(n)
|
|
200,000
|
202,132
|
|
SMRT, Series 2022-MINI,
Class F, (1M CME Term
SOFR + 3.35%, 3.35%
Floor), 7.69%,
1/15/39(b)(c)
|
|
210,000
|
203,700
|
|
|
|
|
5,523,029
|
|
Federal Home Loan Mortgage Corporation – 0.4%
|
|||
|
Pool,
|
|
|
|
|
2.00%, 9/01/41 - 5/01/51
|
|
434,231
|
355,104
|
|
4.00%, 6/01/52
|
|
80,878
|
74,752
|
|
6.00%, 8/01/53
|
|
149,821
|
152,276
|
|
|
|
|
582,132
|
|
Federal National Mortgage Association – 0.5%
|
|||
|
Pool,
|
|
|
|
|
3.50%, 1/01/50
|
|
83,379
|
75,915
|
|
2.50%, 5/01/51 - 1/01/52
|
|
220,020
|
181,778
|
|
3.00%, 5/01/52
|
|
165,347
|
141,755
|
|
4.50%, 7/01/52
|
|
187,556
|
179,265
|
|
5.00%, 2/01/53
|
|
81,618
|
79,835
|
|
5.50%, 5/01/53
|
|
83,359
|
83,051
|
|
|
|
|
741,599
|
|
Whole Loan – 3.9%
|
|||
|
Angel Oak Mortgage Trust,
Series 2022-3, Class A3,
4.13%, 1/25/67(b)(n)
|
|
128,153
|
117,454
|
|
BRAVO Residential
Funding Trust,
|
|
|
|
|
Series 2022-NQM1,
Class A1, 3.63%,
9/25/61(b)(n)
|
|
147,199
|
142,886
|
|
Series 2022-NQM2,
Class A1, 4.27%,
11/25/61(b)(n)
|
|
107,504
|
106,840
|
|
Series 2022-NQM2,
Class A3, 5.24%,
11/25/61(b)
|
|
134,380
|
133,424
|
|
Series 2024-NQM2,
Class A3, (Step to
7.59% on 3/25/28),
6.59%, 2/25/64(b)(j)
|
|
129,333
|
129,988
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
|
|||
|
CAFL Issuer LLC, Series
2023-RTL1, Class A1,
(Step to 9.05% on
7/28/26), 7.55%,
12/28/30(b)(j)
|
|
$160,000
|
$161,024
|
|
Citigroup Mortgage Loan
Trust, Series 2022-A,
Class A1, (Step to 9.17%
on 9/25/25), 6.17%,
9/25/62(b)(j)
|
|
190,376
|
190,435
|
|
COLT Mortgage Loan Trust,
|
|
|
|
|
Series 2022-3, Class A1,
3.90%, 2/25/67(b)(n)
|
|
179,671
|
174,617
|
|
Series 2024-1, Class M1,
6.59%, 2/25/69(b)
|
|
160,000
|
160,600
|
|
|
|||
|
CSMC Trust, Series
2020-RPL4, Class A1,
2.00%, 1/25/60(b)
|
|
162,063
|
145,262
|
|
FHLMC Seasoned Credit
Risk Transfer Trust, Series
2022-1, Class M, 4.50%,
11/25/61(b)
|
|
130,000
|
115,166
|
|
FHLMC STACR REMIC
Trust,
|
|
|
|
|
Series 2020-DNA6,
Class B1, (30D Average
SOFR + 3.00%), 7.35%,
12/25/50(b)(c)
|
|
260,000
|
277,225
|
|
Series 2021-DNA1,
Class B2, (30D Average
SOFR + 4.75%), 9.10%,
1/25/51(b)(c)
|
|
240,000
|
266,695
|
|
Series 2021-DNA2,
Class B1, (30D Average
SOFR + 3.40%), 7.75%,
8/25/33(b)(c)
|
|
270,000
|
299,533
|
|
Series 2022-DNA2,
Class M2, (30D Average
SOFR + 3.75%), 8.10%,
2/25/42(b)(c)
|
|
225,000
|
233,630
|
|
FNMA Connecticut Avenue
Securities,
|
|
|
|
|
Series 2022-R08, Class
1M2, (30D Average
SOFR + 3.60%), 7.95%,
7/25/42(b)(c)
|
|
200,000
|
208,626
|
|
Series 2024-R01, Class
1B1, (30D Average SOFR
+ 2.70%), 7.05%,
1/25/44(b)(c)
|
|
200,000
|
205,958
|
|
|
|||
|
GS Mortgage-Backed
Securities Trust, Series
2022-NQM1, Class A4,
4.00%, 5/25/62(b)
|
|
173,460
|
157,038
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
|
|||
|
LHOME Mortgage Trust,
Series 2024-RTL1,
Class A1, (Step to 8.52%
on 9/25/26), 7.02%,
1/25/29(b)(j)
|
|
$160,000
|
$160,993
|
|
Mill City Mortgage Loan
Trust, Series 2018-2,
Class M3, 3.75%,
5/25/58(b)(n)
|
|
209,639
|
191,364
|
|
New Residential Mortgage
Loan Trust, Series
2022-NQM2, Class A1,
3.08%, 3/27/62(b)(n)
|
|
188,298
|
176,241
|
|
NYMT Loan Trust, Series
2024-BPL1, Class A1,
(Step to 8.65% on
8/25/26), 7.15%,
2/25/29(b)(j)
|
|
160,000
|
160,711
|
|
OBX Trust,
|
|
|
|
|
Series 2022-NQM6,
Class A1, (Step to
4.69% on 12/25/25),
4.70%, 7/25/62(b)(j)
|
|
191,532
|
190,542
|
|
Series 2024-NQM3,
Class M1, 6.85%,
12/25/63(b)
|
|
200,000
|
201,616
|
|
|
|||
|
Saluda Grade Alternative
Mortgage Trust, Series
2024-RTL4, Class A1,
(Step to 8.50% on
8/25/26), 7.50%,
2/25/30(b)(j)
|
|
160,000
|
160,763
|
|
SG Residential Mortgage
Trust, Series 2022-1,
Class A1, 3.17%,
3/27/62(b)(n)
|
|
202,579
|
187,384
|
|
Towd Point Mortgage
Trust,
|
|
|
|
|
Series 2015-5, Class B3,
4.01%, 5/25/55(b)(n)
|
|
220,000
|
208,555
|
|
Series 2019-HY2,
Class B1, (1M CME
Term SOFR + 2.36%,
2.25% Floor), 6.72%,
5/25/58(b)(c)
|
|
190,000
|
191,484
|
|
Verus Securitization Trust,
|
|
|
|
|
Series 2023-8, Class A3,
(Step to 7.97% on
1/25/28), 6.97%,
12/25/68(b)(j)
|
|
59,363
|
59,937
|
|
Series 2024-1, Class A3,
(Step to 7.12% on
2/25/28), 6.12%,
1/25/69(b)(j)
|
|
124,880
|
124,898
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
Verus Securitization Trust,
|
|
|
|
|
Series 2024-3, Class A3,
(Step to 7.85% on
5/25/28), 6.85%,
4/25/69(b)(j)
|
|
$99,124
|
$100,250
|
|
Series 2024-4, Class A3,
(Step to 7.67% on
6/25/28), 6.67%,
6/25/69(b)(j)
|
|
143,244
|
144,618
|
|
|
|
|
5,485,757
|
|
Total Mortgage-Backed Securities
(Cost $12,263,858)
|
12,332,517
|
||
|
|
|||
|
Term Loans – 5.9%(c)
|
|||
|
Advertising & Marketing – 0.0%(f)
|
|||
|
Neptune BidCo US, Inc.,
Term A Loan, (3M USD
CME Term SOFR + 4.75%,
0.50% Floor), 9.18%,
10/11/28
|
|
46,616
|
44,535
|
|
Apparel & Textile Products – 0.1%
|
|||
|
ABG Intermediate Holdings
2 LLC, 2025 Delayed
Draw Term Loan, (1M
USD CME Term SOFR +
2.25%), 6.61%, 2/13/32
|
|
93,976
|
93,595
|
|
Asset Management – 0.1%
|
|||
|
Focus Financial
Partners LLC, Tranche B
Incremental Term Loan,
(1M USD CME Term SOFR
+ 2.75%), 7.11%, 9/15/31
|
|
9,950
|
9,952
|
|
GC Ferry Intermediate, Inc.,
Delayed Draw Term Loan,
6/06/32(o)
|
|
13,125
|
13,125
|
|
GC Ferry Intermediate, Inc.,
Initial Term Loan, (3M
USD CME Term SOFR +
3.50%), 7.71%, 6/06/32
|
|
76,875
|
75,722
|
|
|
|
|
98,799
|
|
Automotive – 0.1%
|
|||
|
Clarios Global L.P.,
Amendment No. 6 Dollar
Term Loan, (1M USD CME
Term SOFR + 2.75%),
7.11%, 1/28/32
|
|
30,000
|
29,987
|
|
|
|
Par(a)
|
Value
|
|
Automotive (Continued)
|
|||
|
First Brands Group LLC,
2021 Term Loan, (3M
USD CME Term SOFR +
5.00%, 1.00% Floor),
9.57%, 3/30/27
|
|
$9,871
|
$9,637
|
|
First Brands Group LLC,
2022-II Incremental Term
Loan, (3M USD CME Term
SOFR + 5.00%, 1.00%
Floor), 9.57%, 3/30/27
|
|
136,850
|
133,458
|
|
|
|
|
173,082
|
|
Beverages – 0.2%
|
|||
|
Celsius, Inc., Initial Term
Loan, (3M USD CME Term
SOFR + 3.25%), 7.54%,
4/01/32
|
|
90,000
|
90,619
|
|
Primo Brands Corp., 2025
Refinancing Term Loan,
(3M USD CME Term SOFR
+ 2.25%, 0.50% Floor),
6.55%, 3/31/28
|
|
167,259
|
167,567
|
|
|
|
|
258,186
|
|
Cable & Satellite – 0.1%
|
|||
|
Virgin Media Bristol LLC,
Facility Y, (6M USD CME
Term SOFR + 3.18%),
7.37%, 3/31/31
|
|
100,000
|
98,000
|
|
Chemicals – 0.1%
|
|||
|
A-AP Buyer, Inc., Initial
Term Loan, (1M USD CME
Term SOFR + 2.75%),
7.11%, 9/09/31
|
|
59,700
|
59,999
|
|
Natgasoline LLC, 2025
Term Loan, (1M USD CME
Term SOFR + 5.50%),
9.86%, 3/29/30
|
|
39,750
|
39,750
|
|
|
|
|
99,749
|
|
Commercial Support Services – 0.4%
|
|||
|
Catawba Nation Gaming
Authority, Initial Term B
Loan, (3M USD CME Term
SOFR + 4.75%), 9.05%,
3/29/32
|
|
70,000
|
71,167
|
|
LTR Intermediate
Holdings, Inc., Initial Term
Loan, (1M USD CME Term
SOFR + 4.50%, 1.00%
Floor), 8.97%, 5/05/28
|
|
148,072
|
145,142
|
|
Prime Security Services
Borrower LLC, 2024-1
Refinancing Term B-1
Loan , (6M USD CME
Term SOFR + 2.00%),
6.13%, 10/13/30
|
|
89,103
|
89,053
|
|
|
|
Par(a)
|
Value
|
|
Commercial Support Services (Continued)
|
|||
|
Ryan LLC, Closing Date
Initial Term Loan, (1M
USD CME Term SOFR +
3.50%, 0.50% Floor),
7.86%, 11/14/30
|
|
$147,777
|
$147,796
|
|
WIN Waste Innovations
Holdings, Inc., Initial Term
Loan, (1M USD CME Term
SOFR + 2.75%, 0.50%
Floor), 7.22%, 3/24/28
|
|
49,366
|
49,285
|
|
|
|
|
502,443
|
|
Communications – 0.0%(f)
|
|||
|
Univision
Communications, Inc.,
2024 Replacement
Converted First-Lien Term
Loan, (1M USD CME Term
SOFR + 3.50%, 0.50%
Floor), 7.97%, 1/31/29
|
|
19,800
|
19,713
|
|
Consumer Cyclical – 0.3%
|
|||
|
DS Parent, Inc., Term Loan
B, (3M USD CME Term
SOFR + 5.50%, 0.75%
Floor), 9.80%, 1/31/31
|
|
178,200
|
161,494
|
|
Harbor Freight Tools
USA, Inc., Replacement
Term Loan, (1M USD CME
Term SOFR + 2.25%),
6.61%, 6/11/31
|
|
93,738
|
91,638
|
|
Spencer Spirit IH LLC,
Initial Term Loan, (3M
USD CME Term SOFR +
4.75%), 9.06%, 7/15/31
|
|
168,500
|
168,500
|
|
|
|
|
421,632
|
|
Consumer Non-Cyclical – 0.2%
|
|||
|
1261229 B.C. Ltd., Initial
Term Loan, (1M USD CME
Term SOFR + 6.25%),
10.61%, 10/08/30
|
|
40,000
|
39,138
|
|
Global Medical
Response, Inc., 2024
Extended Term Loan, (3M
USD CME Term SOFR +
4.75%, 1.00% Floor),
9.08%, 10/31/28
|
|
102,170
|
102,218
|
|
Opal Bidco SAS Facility
B-2, (6M USD CME Term
SOFR + 3.25%), 7.44%,
4/28/32
|
|
170,000
|
170,574
|
|
|
|
|
311,930
|
|
|
|
Par(a)
|
Value
|
|
Consumer Services – 0.0%(f)
|
|||
|
Adtalem Global
Education, Inc., 2024
Second Repricing Term
Loan, (1M USD CME Term
SOFR + 2.75%, 0.75%
Floor), 7.11%, 8/12/28
|
|
$14,838
|
$14,852
|
|
WW International, Inc.,
Initial Term Loan, (3M
USD CME Term SOFR +
6.80%), 11.12%, 6/24/30
|
|
40,232
|
37,732
|
|
|
|
|
52,584
|
|
Containers & Packaging – 0.1%
|
|||
|
Clydesdale Acquisition
Holdings, Inc., 2025
Incremental Closing Date
Term B Loan, (1M USD
CME Term SOFR + 3.25%,
0.50% Floor), 7.61%,
4/01/32
|
|
95,126
|
95,036
|
|
Electrical Equipment – 0.1%
|
|||
|
Alpha Generation LLC,
Initial Term B Loan, (1M
USD CME Term SOFR +
2.00%), 6.36%, 9/30/31
|
|
79,400
|
79,252
|
|
Entertainment Content – 0.0%(f)
|
|||
|
Allen Media LLC, Initial
Term Loan, (3M USD CME
Term SOFR + 5.50%),
9.95%, 2/10/27
|
|
76,445
|
45,676
|
|
Health Care Facilities & Services – 0.3%
|
|||
|
Clydesdale Acquisition
Holdings, Inc., 2025
Incremental Delayed
Draw Term B Loan,
|
|
|
|
|
4/01/32(p)
|
|
1,613
|
1,612
|
|
(1M USD CME Term SOFR
+ 3.25%, 0.50% Floor),
7.61%, 4/01/32
|
|
50
|
50
|
|
|
|||
|
LifePoint Health, Inc.,
2024-1 Refinancing Term
Loan, (3M USD CME Term
SOFR + 3.75%), 8.07%,
5/17/31
|
|
93,976
|
93,731
|
|
LifePoint Health, Inc.,
2024-2 Refinancing Term
Loan, (3M USD CME Term
SOFR + 3.50%), 7.82%,
5/19/31
|
|
39,700
|
39,458
|
|
MPH Acquisition
Holdings LLC, Exchange
First Out Term Loan, (3M
USD CME Term SOFR +
3.75%, 0.50% Floor),
8.06%, 12/31/30
|
|
14,803
|
14,714
|
|
|
|
Par(a)
|
Value
|
|
Health Care Facilities & Services (Continued)
|
|||
|
|
|||
|
MPH Acquisition
Holdings LLC, Second Out
Term Loan, (3M USD CME
Term SOFR + 4.60%,
0.50% Floor), 9.17%,
12/31/30
|
|
$122,713
|
$109,548
|
|
Sonrava Health
Holdings LLC, Second-Out
Term Loan, (3M USD CME
Term SOFR + 1.00%,
0.75% Floor), 5.58%,
8/18/28
|
|
315,581
|
102,302
|
|
TEAM Services Group LLC,
Incremental Term Loan,
(3M USD CME Term SOFR
+ 5.25%), 9.56%,
12/20/27
|
|
29,850
|
29,775
|
|
TEAM Services Group LLC,
Term Loan, (3M USD CME
Term SOFR + 5.00%,
1.00% Floor), 9.57%,
12/20/27
|
|
39,587
|
39,226
|
|
|
|
|
430,416
|
|
Industrial Support Services – 0.1%
|
|||
|
Accession Risk
Management Group, Inc.,
Tranche B Term Loan, (3M
USD CME Term SOFR +
4.75%), 9.08%, 11/01/29
|
|
1
|
1
|
|
BCPE Empire
Holdings, Inc.,
Amendment No. 8
Incremental Term Loan,
(1M USD CME Term SOFR
+ 3.25%, 0.50% Floor),
7.61%, 12/11/30
|
|
99,500
|
99,413
|
|
|
|
|
99,414
|
|
Institutional Financial Services – 0.2%
|
|||
|
Jane Street Group LLC,
Seventh Amendment
Extended Term Loan, (3M
USD CME Term SOFR +
2.00%), 6.33%, 12/15/31
|
|
93,966
|
93,521
|
|
VFH Parent LLC, Term B-2
Loan, (1M USD CME Term
SOFR + 2.50%), 6.86%,
6/21/31
|
|
120,000
|
120,300
|
|
|
|
|
213,821
|
|
Insurance – 0.5%
|
|||
|
Acrisure LLC, 2024
Repricing Term B-6 Loan,
(1M USD CME Term SOFR
+ 3.00%), 7.36%,
11/06/30
|
|
178,133
|
177,910
|
|
|
|
Par(a)
|
Value
|
|
Insurance (Continued)
|
|||
|
AmWINS Group, Inc.,
Initial Term Loan, (1M
USD CME Term SOFR +
2.25%, 0.75% Floor),
6.61%, 1/30/32
|
|
$93,975
|
$94,013
|
|
AssuredPartners, Inc.,
2024 Term Loan, (1M
USD CME Term SOFR +
3.50%, 0.50% Floor),
7.86%, 2/14/31
|
|
207,375
|
207,771
|
|
Asurion LLC, New B-9 Term
Loan, (1M USD CME Term
SOFR + 3.25%), 7.72%,
7/31/27
|
|
181,079
|
180,982
|
|
Sedgwick Claims
Management
Services, Inc. (Lightning
Cayman Merger
Sub, Ltd.), 2024 Term
Loan, (1M USD CME Term
SOFR + 2.50%), 6.86%,
7/31/31
|
|
93,142
|
93,219
|
|
|
|
|
753,895
|
|
Internet Media & Services – 0.1%
|
|||
|
Diamond Sports Net LLC,
Term Loan, (3M USD
FIXED + 0.00%), 0.00%,
1/02/28
|
|
50,962
|
44,337
|
|
MH Sub I LLC (Micro
Holding Corp.), 2023 May
Incremental Term Loan,
(1M USD CME Term SOFR
+ 4.25%, 0.50% Floor),
8.61%, 5/03/28
|
|
99,959
|
95,111
|
|
MH Sub I LLC, 2024
December New Term
Loan, (1M USD CME Term
SOFR + 4.25%, 0.50%
Floor), 8.61%, 12/31/31
|
|
67,654
|
60,156
|
|
|
|
|
199,604
|
|
IT Services – 0.3%
|
|||
|
Evertec Group LLC, Term
Loan B, (1M USD CME
Term SOFR + 2.75%,
0.50% Floor), 7.11%,
10/30/30
|
|
72,000
|
72,585
|
|
Nielsen Consumer, Inc.,
Eleventh Amendment
Dollar Refinancing Term
Loan, (1M USD CME Term
SOFR + 3.25%), 7.61%,
3/06/28
|
|
89,501
|
89,657
|
|
UST Global, Inc., Initial
Term Loan, (1M USD CME
Term SOFR + 3.00%,
0.50% Floor), 7.34%,
11/20/28
|
|
76,674
|
76,962
|
|
|
|
Par(a)
|
Value
|
|
IT Services (Continued)
|
|||
|
X Corp., Tranche B-1 Loan,
(3M USD CME Term SOFR
+ 6.50%, 0.50% Floor),
10.96%, 10/26/29
|
|
$149,235
|
$145,294
|
|
X Corp., Tranche B-3 Term
Loan, (6M USD FIXED +
9.50%), 9.50%, 10/26/29
|
|
90,000
|
87,200
|
|
|
|
|
471,698
|
|
Leisure Facilities & Services – 0.6%
|
|||
|
Allwyn Entertainment
Financing LLC, Facility
B-2, (3M USD CME Term
SOFR + 2.00%), 6.33%,
6/02/31
|
|
108,904
|
108,223
|
|
Alterra Mountain Co.,
Series B-6 Term Loan
Retired 07/28/2025, (1M
USD CME Term SOFR +
2.75%), 7.07%, 8/17/28
|
|
175,445
|
175,775
|
|
Caesars
Entertainment, Inc., 2023
Incremental Term B Loan,
(1M USD CME Term SOFR
+ 2.25%, 0.50% Floor),
6.61%, 2/06/30
|
|
65,400
|
65,291
|
|
Caesars
Entertainment, Inc., Term
B-1 Loan, (1M USD CME
Term SOFR + 2.25%,
0.50% Floor), 6.61%,
2/06/31
|
|
148,125
|
147,792
|
|
Endeavor Group
Holdings, Inc., Term Loan
B, (1M USD CME Term
SOFR + 3.00%), 7.36%,
3/24/32
|
|
100,000
|
100,063
|
|
Flutter Entertainment PLC,
2024 Refinancing Term B
Loan, (3M USD CME Term
SOFR + 1.75%, 0.50%
Floor), 6.05%, 11/30/30
|
|
93,973
|
93,550
|
|
Flutter Entertainment PLC,
Third Incremental Term B
Loan, (3M USD CME Term
SOFR + 2.00%, 0.50%
Floor), 6.30%, 6/04/32
|
|
110,000
|
109,862
|
|
UFC Holdings LLC,
Incremental Term B-4
Loan , (3M USD CME
Term SOFR + 2.25%),
6.57%, 11/21/31
|
|
93,976
|
94,192
|
|
|
|
|
894,748
|
|
|
|
Par(a)
|
Value
|
|
Machinery – 0.2%
|
|||
|
Alliance Laundry
Systems LLC, Initial Term
B Loan, (1M USD CME
Term SOFR + 2.50%),
6.86%, 8/19/31
|
|
$94,212
|
$94,053
|
|
Dynamo Midco B.V.,
Facility B, (1M USD CME
Term SOFR + 3.50%),
7.83%, 9/30/31
|
|
138,950
|
139,471
|
|
Madison IAQ LLC, 2025
Incremental Term Loan,
(6M USD CME Term SOFR
+ 3.25%, 0.50% Floor),
7.45%, 5/06/32
|
|
60,000
|
60,210
|
|
|
|
|
293,734
|
|
Medical Equipment & Devices – 0.2%
|
|||
|
Medline Borrower L.P.,
Third Amendment
Incremental Term Loan,
(1M USD CME Term SOFR
+ 2.25%, 0.50% Floor),
6.57%, 10/23/28
|
|
93,975
|
94,034
|
|
Sotera Health
Holdings LLC, 2024
Refinancing Term Loan,
(3M USD CME Term SOFR
+ 3.25%), 7.55%, 5/30/31
|
|
198,500
|
198,873
|
|
|
|
|
292,907
|
|
Metals & Mining – 0.0%(f)
|
|||
|
GEO Group (The), Inc., The
Term Loan Retired
08/01/2025, (1M USD
CME Term SOFR + 5.25%,
0.75% Floor), 9.61%,
4/13/29
|
|
29,310
|
29,339
|
|
Publishing & Broadcasting – 0.0%(f)
|
|||
|
Gray Television, Inc., Term
F Loan, (1M USD CME
Term SOFR + 5.25%),
9.58%, 6/04/29
|
|
1,000
|
1,000
|
|
Learfield
Communications LLC,
2024 Refinancing Term
Loan, (1M USD CME Term
SOFR + 4.50%), 8.86%,
6/30/28
|
|
8,033
|
8,093
|
|
|
|
|
9,093
|
|
Retail - Discretionary – 0.3%
|
|||
|
Peer Holding III B.V.,
Facility B-4B, (3M USD
CME Term SOFR +
2.50%), 6.80%, 10/28/30
|
|
93,974
|
94,121
|
|
|
|
Par(a)
|
Value
|
|
Retail - Discretionary (Continued)
|
|||
|
Peer Holding III B.V.,
Facility B-5B, (3M USD
CME Term SOFR +
2.50%), 6.80%, 7/01/31
|
|
$89,550
|
$89,718
|
|
Thermostat Purchaser
III, Inc., Initial Term B-1
Loan, (3M USD CME Term
SOFR + 4.25%, 0.75%
Floor), 8.55%, 8/31/28
|
|
206,843
|
207,274
|
|
|
|
|
391,113
|
|
Software – 0.7%
|
|||
|
Cloudera, Inc., Initial Term
Loan, (1M USD CME Term
SOFR + 3.75%, 0.50%
Floor), 8.21%, 10/08/28
|
|
89,049
|
85,181
|
|
Cotiviti, Inc., Amendment 2
Term Loan, (1M USD CME
Term SOFR + 2.75%),
7.08%, 3/26/32
|
|
80,000
|
79,766
|
|
Cotiviti, Inc., Initial Fixed
Rate Term Loan, (3M USD
FIXED + 7.63%), 7.63%,
5/01/31
|
|
90,000
|
90,488
|
|
Cotiviti, Inc., Initial
Floating Rate Term Loan,
(1M USD CME Term SOFR
+ 2.75%), 7.08%, 5/01/31
|
|
108,555
|
108,193
|
|
Dayforce, Inc., First
Amendment Refinancing
Term Loan, (3M USD CME
Term SOFR + 2.00%),
6.31%, 3/01/31
|
|
28,423
|
28,494
|
|
DCert Buyer, Inc., First
Amendment Refinancing
Loan, (1M USD CME Term
SOFR + 7.00%), 11.36%,
2/19/29
|
|
94,212
|
83,299
|
|
Liftoff Mobile, Inc., Initial
Term Loan, (1M USD CME
Term SOFR + 3.75%,
0.50% Floor), 8.21%,
10/02/28
|
|
59,536
|
59,300
|
|
Modena Buyer LLC, Initial
Term Loan, (3M USD CME
Term SOFR + 4.50%),
8.81%, 7/01/31
|
|
93,739
|
91,814
|
|
Starlight Parent LLC, Initial
Term Loan, (1M USD CME
Term SOFR + 4.00%),
8.34%, 4/16/32
|
|
117,764
|
116,293
|
|
X.AI Corp., Fixed Term
Loan, (3M USD FIXED +
0.00%), 12.50%, 6/28/30
|
|
130,000
|
130,511
|
|
X.AI Corp., Term Loan, (1M
USD CME Term SOFR +
7.25%), 11.55%, 6/28/30
|
|
170,000
|
162,739
|
|
|
|
|
1,036,078
|
|
|
|
Par(a)
|
Value
|
|
Specialty Finance – 0.3%
|
|||
|
Blackhawk Network
Holdings, Inc., Additional
Term B-2 Loan, (1M USD
CME Term SOFR + 4.00%,
1.00% Floor), 8.36%,
3/12/29
|
|
$99,002
|
$99,343
|
|
Boost Newco
Borrower LLC, USD Term
B-2 Loan, (3M USD CME
Term SOFR + 2.00%),
6.30%, 1/31/31
|
|
99,501
|
99,646
|
|
CFC Bidco 2022, Ltd., Term
Loan B, (3M USD CME
Term SOFR + 3.75%),
8.04%, 5/30/32
|
|
110,000
|
109,657
|
|
KREF Holdings X LLC,
Initial Term Loan, (1M
USD CME Term SOFR +
3.25%), 7.59%, 3/05/32
|
|
99,750
|
100,187
|
|
Starwood Property
Mortgage LLC, 2024
Repricing Term Loan
Retired 07/31/2025, (1M
USD CME Term SOFR +
2.25%, 0.50% Floor),
6.61%, 11/18/27
|
|
46,987
|
46,928
|
|
|
|
|
455,761
|
|
Technology Hardware – 0.1%
|
|||
|
Global Tel Link Corp., Initial
Term Loan, (1M USD CME
Term SOFR + 7.50%,
3.00% Floor), 11.86%,
8/06/29
|
|
89,325
|
88,074
|
|
Telecommunications – 0.1%
|
|||
|
QualityTech L.P., Term
Loan, (1M USD CME Term
SOFR + 3.50%), 7.83%,
11/04/31
|
|
139,650
|
139,999
|
|
Transportation & Logistics – 0.1%
|
|||
|
Brown Group Holding LLC,
Incremental Term B-2
Facility, (3M USD CME
Term SOFR + 2.50%,
0.50% Floor), 6.83%,
7/01/31
|
|
29,477
|
29,506
|
|
United AirLines, Inc.,
Class B Term Loan, (1M
USD CME Term SOFR +
2.00%), 6.35%, 2/22/31
|
|
149,167
|
149,540
|
|
|
|
|
179,046
|
|
Total Term Loans
(Cost $8,619,766)
|
8,372,952
|
||
|
|
|
Par(a)
|
Value
|
|
|
|||
|
U.S. Government Obligations – 0.7%
|
|||
|
U.S. Treasury Notes – 0.7%
|
|||
|
3.88%, 4/30/30
|
|
$1,000,000
|
$996,953
|
|
3.88%, 6/30/30(e)
|
|
20,000
|
19,928
|
|
Total U.S. Government Obligations
(Cost $1,008,025)
|
1,016,881
|
||
|
|
|
Number
of Shares
|
|
|
Warrants – 0.1%
|
|||
|
Transportation & Logistics – 0.1%
|
|||
|
Spirit Airlines LLC*
|
|
6,153
|
86,142
|
|
Total Warrants
(Cost $74,903)
|
86,142
|
||
|
|
|||
|
Investment Companies – 14.3%
|
|||
|
Schwab U.S. REIT ETF
|
|
73,125
|
1,530,506
|
|
Vanguard
Intermediate-Term
Treasury ETF
|
|
72,197
|
4,285,614
|
|
Vanguard Long-Term
Treasury ETF(e)
|
|
187,211
|
10,373,362
|
|
Vanguard Total
International Bond ETF
|
|
81,366
|
4,015,412
|
|
Total Investment Companies
(Cost $20,263,800)
|
20,204,894
|
||
|
|
|
Par(a)/Number
of Shares
|
|
|
Short-Term Investments – 6.1%
|
|||
|
Corporate Bonds – 0.2%
|
|||
|
Edison International, (5Y
US Treasury CMT +
4.70%), 5.38%,
3/09/26(l)(m)
|
|
110,000
|
104,597
|
|
|
|||
|
Plains All American
Pipeline L.P., (3M CME
Term SOFR + 4.37%),
8.70%, 8/31/25(c)(m)
|
|
130,000
|
130,074
|
|
|
|
|
234,671
|
|
Foreign Issuer Bonds – 0.0%(f)
|
|||
|
Brazil Letras do Tesouro
Nacional,0.00%,
1/01/26(q)
|
BRL
|
114,000
|
19,200
|
|
Money Market Funds – 5.9%
|
|||
|
Northern Institutional
Funds - Liquid Assets
Portfolio, 4.37%(r)(s)
|
|
4,415,619
|
4,415,619
|
|
|
|
Par(a)/Number
of Shares
|
Value
|
|
Money Market Funds (Continued)
|
|||
|
|
|||
|
Northern Institutional
Funds - Treasury Portfolio
(Premier), 4.15%(r)
|
|
3,998,182
|
$3,998,182
|
|
|
|
|
8,413,801
|
|
Total Short-Term Investments
(Cost $8,654,516)
|
8,667,672
|
||
|
Number of
Contracts
|
Notional
Amount
|
|
|
|
Purchased Options – 0.0%(f)
|
|||
|
Call Options - Exchange Traded – 0.0%(f)
|
|||
|
3-Month SOFR Future,
Strike Price USD 96.38,
Expires 12/12/25
|
36
|
8,637,300
|
4,500
|
|
Call Options - Over the Counter – 0.0%(f)
|
|||
|
Chinese Yuan vs.
U.S. Dollar, Strike Price
CNY 7.21, Expires
8/28/25,
Counterparty: BNP Paribas
|
1
|
270,000
|
281
|
|
Chinese Yuan vs.
U.S. Dollar, Strike Price
CNY 7.22, Expires
10/28/25,
Counterparty: BNP Paribas
|
1
|
270,000
|
741
|
|
|
|
|
1,022
|
|
Total Purchased Options
(Premiums Paid $7,489)
|
5,522
|
||
|
Total Investments – 101.9%
(Cost $136,478,866)
|
144,560,525
|
||
|
Liabilities less Other Assets – (1.9)%(t)
|
(2,727,085
)
|
||
|
NET ASSETS – 100.0%
|
$141,833,440
|
||
|
Percentages shown are based on Net Assets.
|
|
All securities are United States companies, unless noted otherwise in parentheses.
|
|||
|
(a)
|
Par value is in USD unless otherwise indicated.
|
|
|
|
(b)
|
Securities 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. As of July 31, 2025,
these securities had a total value of $31,185,416 or 21.99%
of net assets.
|
|
|
|
(c)
|
Variable or floating rate security. Rate as of July 31, 2025 is disclosed.
|
|
|
|
(d)
|
When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.
|
|
|
|
(e)
|
Security either partially or fully on loan. As of July 31, 2025, the total value of
securities on loan is $5,042,446.
|
|
|
|
(f)
|
Amount rounds to less than 0.05%.
|
|
|
|
(g)
|
Security sold outside United States without registration under the Securities Act
of 1933.
|
|
|
|
(h)
|
Investment is valued using significant unobservable inputs (Level 3).
|
|
|
|
(i)
|
Distributions from this security are made via payments in-kind (PIK) unless otherwise
noted in the description.
|
|
|
|
(j)
|
Step coupon bond. Rate as of July 31, 2025 is disclosed.
|
|
|
|
(k)
|
Issuer has defaulted on terms of debt obligation.
|
|
|
|
(l)
|
Variable rate security. Security issued at a fixed coupon rate, which converts to
a variable rate at a future date. Rate as of July 31, 2025 is
disclosed.
|
|
|
|
(m)
|
Perpetual bond. Maturity date represents next call date.
|
|
|
|
(n)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments
on the underlying pool of assets. Rate as of July 31, 2025 is disclosed.
|
|
|
|
(o)
|
Position is unsettled. Contract rate was not determined at July 31, 2025 and does
not take effect until settlement date.
|
|
|
|
(p)
|
Unfunded loan commitment. As of July 31, 2025, total value of unfunded loan commitment
is $1,612.
|
|
|
|
(q)
|
Zero coupon bond.
|
|
|
|
(r)
|
7-day current yield as of July 31, 2025 is disclosed.
|
|
|
|
(s)
|
Security purchased with the cash proceeds from securities loaned. As of July 31, 2025,
total cash collateral has a value of $4,415,619 and
total non-cash collateral has a value of $737,601.
|
|
|
|
(t)
|
Includes appreciation/(depreciation) on forward foreign currency exchange, futures, and
swap.
|
|
|
|
*
|
Non-Income Producing Security
|
|
|
|
Abbreviations:
|
|
1M
|
1 Month
|
|
3M
|
3 Month
|
|
5Y
|
5 Year
|
|
6M
|
6 Month
|
|
10Y
|
10 Year
|
|
30D
|
30 Day
|
|
ABS
|
Asset-Backed Security
|
|
ADR
|
American Depositary Receipt
|
|
AUD
|
Australian Dollar
|
|
BRL
|
Brazilian Real
|
|
BZDIO
|
Brazil Interbank Rate
|
|
CDX
|
Credit Default Swap Index
|
|
CLO
|
Collateralized Loan Obligation
|
|
CME
|
Chicago Mercantile Exchange
|
|
CMT
|
Constant Maturity
|
|
CNY
|
Chinese Offshore Yuan
|
|
CR
|
Custodial Receipts
|
|
ETF
|
Exchange-Traded Fund
|
|
EUR
|
Euro
|
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
|
FNMA
|
Federal National Mortgage Association
|
|
GBP
|
British Pound
|
|
INR
|
Indian Rupee
|
|
JMD
|
Jamaican Dollar
|
|
L.P.
|
Limited Partnership
|
|
LLC
|
Limited Liability Company
|
|
PJSC
|
Public Joint Stock Company
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
REMIC
|
Real Estate Mortgage Investment Conduit
|
|
SOFR
|
United States Secured Overnight Financing Rate
|
|
STACR
|
Structured Agency Credit Risk
|
|
TIIE
|
Tasa de Interés Interbancaria de Equilibrio
|
|
ULC
|
Unlimited Liability Corporation
|
|
USD
|
United States Dollar
|
|
UYU
|
Uruguay Peso
|
|
Futures Contracts outstanding at July 31, 2025:
Exchange Traded
|
|||||
|
|
|
|
|
|
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Trading
Currency
|
Notional
Amount
|
Value/
Unrealized
Appreciation
(Depreciation)
|
|
Long Contracts
|
|
|
|
|
|
|
Euro-Bund
|
2
|
9/10/2025
|
EUR
|
296,027
|
$(3,297
)
|
|
10-Year Australian Treasury Bond
|
7
|
9/15/2025
|
AUD
|
511,876
|
(3,032
)
|
|
10-Year U.S. Treasury Note
|
41
|
9/19/2025
|
USD
|
4,553,562
|
(15,563
)
|
|
U.S. Treasury Long Bond
|
21
|
9/19/2025
|
USD
|
2,397,938
|
47,032
|
|
Ultra U.S. Treasury Bond
|
5
|
9/19/2025
|
USD
|
586,563
|
10,787
|
|
Long Gilt
|
2
|
9/26/2025
|
GBP
|
243,422
|
2,636
|
|
2-Year U.S. Treasury Note
|
18
|
9/30/2025
|
USD
|
3,725,719
|
(3,067
)
|
|
5-Year U.S. Treasury Note
|
53
|
9/30/2025
|
USD
|
5,733,109
|
18,517
|
|
Total Long Contracts
|
|
|
|
|
$54,013
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
|
|
|
|
|
|
|
|
10/16/25
|
U.S. Dollars
|
297,205
|
British Pounds
|
217,642
|
Goldman Sachs
|
$9,560
|
|
10/16/25
|
U.S. Dollars
|
428,704
|
Indian Rupees
|
36,930,481
|
Citibank
|
8,446
|
|
10/16/25
|
U.S. Dollars
|
240,879
|
Chinese Offshore
Yuan
|
1,715,208
|
Citibank
|
1,545
|
|
10/16/25
|
U.S. Dollars
|
58,875
|
Euro
|
50,000
|
Goldman Sachs
|
1,515
|
|
9/03/25
|
U.S. Dollars
|
234,754
|
Brazilian Reals
|
1,320,000
|
Citibank
|
1,167
|
|
8/04/25
|
U.S. Dollars
|
471,707
|
Brazilian Reals
|
2,640,000
|
Citibank
|
751
|
|
10/16/25
|
U.S. Dollars
|
88,913
|
Mexican Pesos
|
1,679,356
|
Morgan Stanley
|
647
|
|
10/16/25
|
Chinese Offshore
Yuan
|
1,260,000
|
U.S. Dollars
|
175,742
|
BNP Paribas
|
74
|
|
Total Unrealized Appreciation
|
$23,705
|
|||||
|
|
|
|
|
|
|
|
|
10/16/25
|
British Pounds
|
100,000
|
U.S. Dollars
|
133,286
|
Goldman Sachs
|
$(1,122
)
|
|
8/04/25
|
Brazilian Reals
|
2,640,000
|
U.S. Dollars
|
472,185
|
Citibank
|
(1,230
)
|
|
10/16/25
|
Australian
Dollars
|
554,905
|
U.S. Dollars
|
362,103
|
JPMorgan Chase
|
(4,956
)
|
|
10/16/25
|
Euro
|
224,484
|
U.S. Dollars
|
262,485
|
JPMorgan Chase
|
(4,958
)
|
|
10/16/25
|
Japanese Yen
|
55,082,202
|
U.S. Dollars
|
379,494
|
Goldman Sachs
|
(10,994
)
|
|
Total Unrealized Depreciation
|
$(23,260
)
|
|||||
|
Net Unrealized Appreciation
|
$445
|
|||||
|
Interest Rate Swap Contracts outstanding at July 31, 2025:
Centrally Cleared
|
|||||||
|
|
|
|
|
|
|
|
|
|
Pay Rate Index/
Pay Rate
|
Receive Rate Index/
Receive Rate
|
Maturity
Date
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
1-Day MXN TIIE Funding Rate
(Monthly)
|
8.90% (Monthly)
|
11/16/2029
|
MXN
|
20,240,000
|
$45,921
|
$—
|
$45,921
|
|
3.49% (Annually)
|
1-Day USD SOFR (Annually)
|
5/31/2032
|
USD
|
1,300,000
|
13,621
|
6,199
|
7,422
|
|
1-Day MXN TIIE Funding Rate
(Monthly)
|
8.89% (Monthly)
|
11/10/2034
|
MXN
|
3,550,000
|
8,597
|
—
|
8,597
|
|
Total
|
|
|
|
|
$68,139
|
$6,199
|
$61,940
|
|
Interest Rate Swap Contracts outstanding at July 31, 2025:
Over the Counter
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Pay Rate Index/
Pay Rate
|
Receive Rate Index/
Receive Rate
|
Counterparty
|
Maturity
Date
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
1-Day BRL BZDIO (At
Maturity)
|
11.03% (At Maturity)
|
JPMorgan Chase
|
1/02/2026
|
BRL
|
4,988,414
|
$(28,250
)
|
$—
|
$(28,250
)
|
|
1-Day BRL BZDIO (At
Maturity)
|
10.26% (At Maturity)
|
JPMorgan Chase
|
1/02/2029
|
BRL
|
3,493,323
|
(87,175
)
|
—
|
(87,175
)
|
|
Total
|
|
|
|
|
|
$(115,425
)
|
$—
|
$(115,425
)
|
|
Reference Obligation
|
Fixed
Deal
Pay Rate
|
Maturity
Date
|
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid/
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
Markit CDX North America High Yield Index Series 44 (Pay
Quarterly)
|
5.00%
|
6/20/2030
|
|
USD
|
228,000
|
$(17,829
)
|
$(10,556
)
|
$(7,273
)
|
|
MGM Resorts International, 4.75%, Due: 10/15/2028 (Pay
Quarterly)
|
5.00%
|
6/20/2030
|
|
USD
|
75,000
|
(10,409
)
|
(9,915
)
|
(494
)
|
|
Total
|
|
|
|
|
|
$(28,238
)
|
$(20,471
)
|
$(7,767
)
|
|
Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:
Centrally Cleared
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Reference Obligation
|
Implied
Credit
Spread
|
Fixed
Deal
Receive Rate
|
Maturity
Date
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid/
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
Caesars Entertainment, Inc., 4.63%,
Due: 10/15/2029 (Pay Quarterly)
|
2.44%
|
5.00%
|
6/20/2030
|
USD
|
75,000
|
$8,525
|
$8,109
|
$416
|
|
Total
|
|
|
|
|
|
$8,525
|
$8,109
|
$416
|
|
Total Return Swap Contracts outstanding as of July 31, 2025:
Over the Counter
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Pay Rate Index/
Pay Rate
|
Receive Rate Index/
Receive Rate
|
Maturity
Date
|
Counterparty
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
1-Day USD SOFR
+0.04% (At Maturity)
|
Western Asset Management
Emerging Markets Frontier Custom Basket
|
10/03/2025
|
JPMorgan Chase
|
USD
|
445,000
|
$3,162
|
$—
|
$3,162
|
|
Total
|
|
|
|
|
|
$3,162
|
$—
|
$3,162
|
|
Morningstar Global Income Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Investments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$5,016,422
|
$—
|
$5,016,422
|
|
Common Stocks
|
40,896,709
|
24,917,802
|
—
*
|
65,814,511
|
|
Corporate Bonds
|
—
|
11,650,140
|
170,352
|
11,820,492
|
|
Foreign Government Inflation-Linked Bonds
|
—
|
1,602
|
—
|
1,602
|
|
Foreign Issuer Bonds
|
—
|
7,713,673
|
—
|
7,713,673
|
|
Master Limited Partnerships
|
3,507,245
|
—
|
—
|
3,507,245
|
|
Mortgage-Backed Securities
|
—
|
12,332,517
|
—
|
12,332,517
|
|
Term Loans
|
—
|
8,372,952
|
—
|
8,372,952
|
|
U.S. Government Obligations
|
—
|
1,016,881
|
—
|
1,016,881
|
|
Warrants
|
—
|
86,142
|
—
|
86,142
|
|
Investment Companies
|
20,204,894
|
—
|
—
|
20,204,894
|
|
Short-Term Investments
|
8,413,801
|
253,871
|
—
|
8,667,672
|
|
Morningstar Global Income Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Purchased Options
|
$—
|
$5,522
|
$—
|
$5,522
|
|
Total Investments
|
$73,022,649
|
$71,367,524
|
$170,352
|
$144,560,525
|
|
*Includes securities determined to have no value as of July 31, 2025.
|
|
Morningstar Global Income Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Derivative Financial Instruments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Futures Contracts
|
$78,972
|
$—
|
$—
|
$78,972
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
23,705
|
—
|
23,705
|
|
Swap Contracts
|
—
|
65,518
|
—
|
65,518
|
|
Total Assets - Derivative Financial Instruments
|
$78,972
|
$89,223
|
$—
|
$168,195
|
|
Liabilities:
|
|
|
|
|
|
Futures Contracts
|
$(24,959
)
|
$—
|
$—
|
$(24,959
)
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
(23,260
)
|
—
|
(23,260
)
|
|
Swap Contracts
|
—
|
(123,192
)
|
—
|
(123,192
)
|
|
Total Liabilities - Derivative Financial
Instruments
|
$(24,959
)
|
$(146,452
)
|
$—
|
$(171,411
)
|
|
Net Derivative Financial Instruments
|
$54,013
|
$(57,229
)
|
$—
|
$(3,216
)
|
|
|
|
Par(a)
|
Value
|
|
Long Positions – 113.0%
|
|||
|
Asset-Backed Securities – 7.0%
|
|||
|
Consumer Services – 0.1%
|
|||
|
Avis Budget Rental
Car Funding AESOP LLC,
|
|
|
|
|
Series 2025-2A, Class A,
5.12%, 8/20/31(b)
|
|
$1,000,000
|
$1,014,700
|
|
Series 2025-2A, Class B,
5.51%, 8/20/31(b)
|
|
600,000
|
604,989
|
|
|
|
|
1,619,689
|
|
Leisure Facilities & Services – 0.0%(c)
|
|||
|
Five Guys Holdings, Inc.,
Series 2023-1A,
Class A2, 7.55%,
1/26/54(b)
|
|
297,750
|
306,191
|
|
Other – 6.7%
|
|||
|
AASET, Series 2025-1A,
Class A, 5.94%,
2/16/50(b)
|
|
261,678
|
265,512
|
|
AASET MT-1 Ltd., Series
2025-2A, Class A, 5.52%,
2/16/50(b)
|
|
546,640
|
551,338
|
|
Affirm Master Trust, Series
2025-1A, Class A, 4.99%,
2/15/33(b)
|
|
304,000
|
305,260
|
|
AGL CLO 42 Ltd.,
|
|
|
|
|
Series 2025-42A, Class B,
(3M CME Term SOFR +
1.65%), 5.92%,
7/22/38(b)(d)
|
|
2,800,000
|
2,810,443
|
|
Series 2025-42A, Class C,
(3M CME Term SOFR +
1.80%), 6.07%,
7/22/38(b)(d)
|
|
350,000
|
350,122
|
|
|
|||
|
AGL Core CLO 38 Ltd.,
Series 2025-38A,
Class A1, (3M CME Term
SOFR + 1.24%), 5.57%,
1/20/38(b)(d)
|
|
250,000
|
250,381
|
|
BCC Middle Market
CLO LLC, Series 2019-1A,
Class A1RR, (3M CME
Term SOFR + 1.45%),
5.72%, 7/15/36(b)(d)
|
|
1,650,000
|
1,652,266
|
|
Benefit Street Partners
CLO X Ltd., Series
2016-10A, Class A1R3,
(3M CME Term SOFR +
1.30%), 5.63%,
7/20/38(b)(d)
|
|
322,000
|
322,620
|
|
Blue Stream Issuer LLC,
Series 2024-1A,
Class A2, 5.41%,
11/20/54(b)
|
|
1,000,000
|
1,003,017
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
|
|||
|
BlueMountain Fuji U.S.
CLO II Ltd., Series
2017-2A, Class A1AR,
(3M CME Term SOFR +
1.26%), 5.59%,
10/20/30(b)(d)
|
|
$170,179
|
$170,331
|
|
BXMT Ltd., Series
2025-FL5, Class A, (1M
CME Term SOFR +
1.64%), 5.99%,
10/18/42(b)(d)
|
|
116,000
|
115,685
|
|
Canyon CLO Ltd., Series
2020-3A, Class A1R, (3M
CME Term SOFR + 1.40%,
1.40% Floor), 5.72%,
10/15/37(b)(d)
|
|
330,000
|
331,218
|
|
Carbone CLO Ltd., Series
2017-1A, Class A1, (3M
CME Term SOFR +
1.40%), 5.73%,
1/20/31(b)(d)
|
|
69,591
|
69,656
|
|
Carlyle Global Market
Strategies CLO Ltd.,
Series 2014-1A,
Class A1R2, (3M CME
Term SOFR + 1.23%,
0.97% Floor), 5.55%,
4/17/31(b)(d)
|
|
42,132
|
42,153
|
|
CARS-DB4 L.P., Series
2020-1A, Class A6,
3.81%, 2/15/50(b)
|
|
244,844
|
228,191
|
|
Carva CLO VIII-C Ltd.,
Series 2022-2A,
Class A1R, (3M CME
Term SOFR + 1.42%,
1.42% Floor), 5.75%,
10/22/37(b)(d)
|
|
250,000
|
250,957
|
|
Castlelake Aircraft
Structured Trust, Series
2025-2A, Class A, 5.47%,
8/15/50(b)(e)
|
|
1,700,000
|
1,699,966
|
|
Cerberus Loan Funding 50
LLC,
|
|
|
|
|
Series 2025-1A, Class A,
(3M CME Term SOFR +
1.65%), 5.97%,
7/15/37(b)(d)
|
|
800,000
|
804,257
|
|
Series 2025-1A, Class B,
(3M CME Term SOFR +
1.95%), 6.27%,
7/15/37(b)(d)
|
|
800,000
|
798,598
|
|
Cerberus Loan Funding 51
LLC,
|
|
|
|
|
Series 2025-2A, Class A,
(3M CME Term SOFR +
1.52%), 5.75%,
10/15/37(b)(d)(e)
|
|
500,000
|
500,000
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
Cerberus Loan Funding 51
LLC,
|
|
|
|
|
Series 2025-2B, Class B,
(3M CME Term SOFR +
1.82%), 6.05%,
10/15/37(b)(d)(e)
|
|
$500,000
|
$500,000
|
|
CIFC Funding Ltd.,
|
|
|
|
|
Series 2017-4A,
Class A1R, (3M CME
Term SOFR + 1.21%,
0.95% Floor), 5.53%,
10/24/30(b)(d)
|
|
65,435
|
65,459
|
|
Series 2025-2A, Class A,
(3M CME Term SOFR +
1.13%), 5.41%,
4/15/38(b)(d)
|
|
250,000
|
249,755
|
|
|
|||
|
Citigroup Mortgage Loan
Trust, Inc., Series
2007-WFH4, Class M3A,
(1M CME Term SOFR +
3.86%, 3.75% Floor),
8.22%, 7/25/37(d)
|
|
500,000
|
485,465
|
|
CLI Funding IX LLC, Series
2025-1A, Class A, 5.35%,
6/20/50(b)
|
|
842,562
|
843,847
|
|
Compass Datacenters
Issuer II LLC, Series
2025-1A, Class A1,
5.32%, 5/25/50(b)
|
|
1,000,000
|
1,007,375
|
|
CWABS Asset-Backed
Certificates Trust, Series
2006-14, Class M1, (1M
CME Term SOFR + 0.55%,
0.44% Floor), 4.90%,
2/25/37(d)
|
|
109,935
|
93,126
|
|
DB Master Finance LLC,
Series 2021-1A,
Class A23, 2.79%,
11/20/51(b)
|
|
820,250
|
711,481
|
|
Dewolf Park CLO Ltd.,
Series 2017-1A,
Class AR, (3M CME Term
SOFR + 1.18%, 0.90%
Floor), 5.50%,
10/15/30(b)(d)
|
|
86,498
|
86,514
|
|
Diameter Capital CLO 10
Ltd., Series 2025-10A,
Class A, (3M CME Term
SOFR + 1.31%), 5.60%,
4/20/38(b)(d)
|
|
500,000
|
500,944
|
|
Dryden 40 Senior
Loan Fund, Series
2015-40A, Class AR2,
(3M CME Term SOFR +
1.15%, 1.15% Floor),
5.48%, 8/15/31(b)(d)
|
|
158,275
|
158,195
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
|
|||
|
EFMT, Series 2025-CES4,
Class A1, (Step to 6.43%
on 8/25/29), 5.43%,
6/25/60(b)(f)
|
|
$1,050,000
|
$1,049,997
|
|
Enterprise Fleet
Financing LLC, Series
2024-4, Class A4, 4.70%,
6/20/31(b)
|
|
50,000
|
50,334
|
|
FIGRE Trust,
|
|
|
|
|
Series 2025-HE1,
Class A, 5.83%,
1/25/55(b)
|
|
804,000
|
810,365
|
|
Series 2025-PF1, Class A,
5.76%, 6/25/55(b)
|
|
750,220
|
754,371
|
|
Series 2025-PF1, Class B,
5.91%, 6/25/55(b)
|
|
684,575
|
687,351
|
|
First Franklin Mortgage
Loan Trust,
|
|
|
|
|
Series 2003-FF4,
Class M1, (1M CME
Term SOFR + 1.91%,
1.80% Floor), 6.24%,
10/25/33(d)
|
|
183,376
|
181,103
|
|
Series 2006-FF13,
Class A1, (1M CME
Term SOFR + 0.35%,
0.24% Floor), 4.71%,
10/25/36(d)
|
|
25,252
|
16,150
|
|
Series 2006-FF13,
Class A2C, (1M CME
Term SOFR + 0.43%,
0.32% Floor), 4.79%,
10/25/36(d)
|
|
14,733
|
9,559
|
|
|
|||
|
FNA 8 LLC, Series 2025-1,
Class A, 5.62%,
3/15/45(b)
|
|
97,141
|
97,168
|
|
GoldenTree Loan
Management U.S. CLO 23
Ltd., Series 2024-23A,
Class B, (3M CME Term
SOFR + 1.60%, 1.60%
Floor), 5.93%,
1/20/39(b)(d)
|
|
610,000
|
611,378
|
|
Golub Capital Partners CLO
16M-R3,
|
|
|
|
|
Series 2013-16A,
Class A1R3, (3M CME
Term SOFR + 1.63%),
5.95%, 8/09/39(b)(d)
|
|
1,500,000
|
1,504,443
|
|
Series 2013-16A,
Class BR3, (3M CME
Term SOFR + 1.95%),
6.27%, 8/09/39(b)(d)
|
|
1,600,000
|
1,596,377
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
|
|||
|
Golub Capital Partners CLO
49M Ltd., Series
2020-49A, Class A1R2,
(3M CME Term SOFR +
1.52%), 5.84%,
7/20/38(b)(d)
|
|
$850,000
|
$850,000
|
|
Golub Capital Partners CLO
54M L.P, Series
2021-54A, Class A2R,
(3M CME Term SOFR +
1.70%), 5.80%,
8/05/37(b)(d)
|
|
800,000
|
800,000
|
|
GoodLeap Home
Improvement Solutions
Trust,
|
|
|
|
|
Series 2024-1A, Class A,
5.35%, 10/20/46(b)
|
|
116,367
|
117,262
|
|
Series 2025-1A, Class A,
5.38%, 2/20/49(b)
|
|
253,283
|
254,880
|
|
Series 2025-1A, Class B,
6.27%, 2/20/49(b)
|
|
49,488
|
50,315
|
|
|
|||
|
GreenSky Home
Improvement Issuer Trust,
Series 2025-2A, Class B,
5.07%, 6/25/60(b)
|
|
850,000
|
850,655
|
|
GSAA Home Equity Trust,
Series 2006-4, Class 1A1,
4.14%, 3/25/36(g)
|
|
40,908
|
27,500
|
|
HLEND CLO LLC, Series
2025-4A, Class B, (3M
CME Term SOFR +
1.85%), 6.08%,
8/15/37(b)(d)(e)
|
|
1,650,000
|
1,650,221
|
|
Hotwire Funding LLC,
Series 2024-1A,
Class A2, 5.89%,
6/20/54(b)
|
|
800,000
|
808,070
|
|
HPS Private Credit
CLO LLC, Series 2025-3A,
Class B, (3M CME Term
SOFR + 2.05%), 6.31%,
7/20/37(b)(d)
|
|
3,250,000
|
3,244,857
|
|
Huntington Bank Auto
Credit-Linked Notes,
Series 2024-2, Class B2,
(30D Average SOFR +
1.35%), 5.70%,
10/20/32(b)(d)
|
|
160,522
|
161,318
|
|
JCP Direct Lending
CLO LLC,
|
|
|
|
|
Series 2023-1A,
Class A1R, (3M CME
Term SOFR + 1.65%),
5.98%, 7/20/37(b)(d)
|
|
350,000
|
351,836
|
|
Series 2023-1A,
Class AJR, (3M CME
Term SOFR + 1.78%),
6.11%, 7/20/37(b)(d)
|
|
1,000,000
|
1,003,744
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
|
|||
|
LCM 36 Ltd., Series 36A,
Class A1R, (3M CME
Term SOFR + 1.07%),
5.39%, 1/15/34(b)(d)
|
|
$250,000
|
$250,389
|
|
Lendmark Funding Trust,
Series 2025-1A, Class A,
4.94%, 9/20/34(b)
|
|
145,000
|
145,607
|
|
Long Beach Mortgage
Loan Trust, Series 2006-6,
Class 2A3, (1M CME
Term SOFR + 0.41%,
0.30% Floor), 4.77%,
7/25/36(d)
|
|
702,058
|
274,360
|
|
Lyra Music Assets
Delaware L.P., Series
2025-1A, Class A2,
5.60%, 9/20/65(b)
|
|
100,000
|
99,999
|
|
Madison Park Funding
LXV Ltd., Series
2025-65A, Class C, (3M
CME Term SOFR +
1.80%), 6.12%,
7/16/38(b)(d)
|
|
800,000
|
800,000
|
|
MAPS Trust, Series
2021-1A, Class A, 2.52%,
6/15/46(b)
|
|
1,757,603
|
1,654,897
|
|
Mariner Finance Issuance
Trust,
|
|
|
|
|
Series 2024-BA, Class A,
4.91%, 11/20/38(b)
|
|
134,000
|
134,678
|
|
Series 2055-AA, Class A,
4.98%, 5/20/38(b)
|
|
219,000
|
220,727
|
|
|
|||
|
MFA Trust, Series
2024-NPL1, Class A1,
(Step to 0.36% on
8/25/25), 6.33%,
9/25/54(f)
|
|
94,503
|
94,610
|
|
MidOcean Credit CLO
XI Ltd., Series 2022-11A,
Class A1R2, (3M CME
Term SOFR + 1.21%,
1.21% Floor), 5.54%,
1/18/36(b)(d)
|
|
370,000
|
370,777
|
|
Morgan Stanley ABS
Capital I, Inc. Trust,
|
|
|
|
|
Series 2006-HE8,
Class A2FP, (1M CME
Term SOFR + 0.18%,
0.07% Floor), 4.54%,
10/25/36(d)
|
|
29,569
|
12,716
|
|
Series 2007-HE2,
Class A2B, (1M CME
Term SOFR + 0.20%,
0.09% Floor), 4.56%,
1/25/37(d)
|
|
1,775,498
|
807,989
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
|
|||
|
Nelnet Student Loan Trust,
Series 2025-AA,
Class A1B, (30D Average
SOFR + 1.10%), 5.44%,
3/15/57(b)(d)
|
|
$100,025
|
$99,451
|
|
Neuberger Berman
CLO Ltd., Series
2019-32RA, Class B, (3M
CME Term SOFR +
1.65%), 5.98%,
7/20/39(b)(d)
|
|
800,000
|
800,999
|
|
OCL CLO Ltd., Series
2025-40A, Class A, (3M
CME Term SOFR +
1.14%), 5.46%,
4/16/38(b)(d)
|
|
250,000
|
249,757
|
|
OCP Aegis CLO Ltd., Series
2024-39A, Class A1, (3M
CME Term SOFR + 1.22%,
1.22% Floor), 5.54%,
1/16/37(b)(d)
|
|
250,000
|
250,500
|
|
Option One Mortgage Loan
Trust, Series 2007-FXD1,
Class 3A4, (Step to
3.93% on 10/25/25),
5.86%, 1/25/37(f)
|
|
27,461
|
26,683
|
|
Owl Rock CLO VII LLC,
Series 2022-7A,
Class AR, (3M CME Term
SOFR + 1.40%), 5.73%,
4/20/38(b)(d)
|
|
500,000
|
497,165
|
|
Park Blue CLO Ltd., Series
2025-9A, Class A1, (3M
CME Term SOFR +
1.35%), 5.58%,
10/20/38(b)(d)(e)
|
|
250,000
|
250,000
|
|
PFP Ltd.,
|
|
|
|
|
Series 2025-12, Class A,
(1M CME Term SOFR +
1.49%), 5.84%,
12/18/42(b)(d)
|
|
1,500,000
|
1,501,752
|
|
Series 2025-12, Class AS,
(1M CME Term SOFR +
1.74%), 6.09%,
12/18/42(b)(d)
|
|
1,000,000
|
1,006,818
|
|
Series 2025-12, Class B,
(1M CME Term SOFR +
2.04%), 6.39%,
12/18/42(b)(d)
|
|
200,000
|
199,847
|
|
|
|||
|
QTS Issuer ABS I LLC,
Series 2025-1A,
Class A2, 5.44%,
5/25/55(b)
|
|
1,600,000
|
1,608,302
|
|
RCKT Mortgage Trust,
|
|
|
|
|
Series 2025-CES6,
Class A1A, (Step to
6.47% on 7/25/29),
5.47%, 6/25/55(b)(f)
|
|
1,680,918
|
1,688,246
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
RCKT Mortgage Trust,
|
|
|
|
|
Series 2025-CES7,
Class A1B, (Step to
6.48% on 8/25/29),
5.48%, 7/25/55(b)(f)
|
|
$800,000
|
$799,918
|
|
|
|||
|
Regatta 32 Funding Ltd.,
Series 2025-4A,
Class A1, (3M CME Term
SOFR + 1.34%), 5.63%,
7/25/38(b)(d)
|
|
250,000
|
250,783
|
|
Regatta IX Funding Ltd.,
Series 2017-1A,
Class B1R, (3M CME
Term SOFR + 2.00%,
2.00% Floor), 6.32%,
4/17/37(b)(d)
|
|
360,000
|
361,720
|
|
Republic Finance Issuance
Trust,
|
|
|
|
|
Series 2024-B, Class A,
5.42%, 11/20/37(b)
|
|
212,000
|
214,179
|
|
Series 2024-B, Class B,
5.86%, 11/20/37(b)
|
|
100,000
|
101,150
|
|
|
|||
|
Sagard-Halseypoint CLO 8
Ltd., Series 2024-8A,
Class A1, (3M CME Term
SOFR + 1.39%), 5.70%,
1/30/38(b)(d)
|
|
250,000
|
251,078
|
|
SERVPRO Master
Issuer LLC, Series
2024-1A, Class A2,
6.17%, 1/25/54(b)
|
|
837,250
|
858,717
|
|
Silver Point CLO Ltd.,
Series 2024-7A,
Class A1, (3M CME Term
SOFR + 1.36%, 1.36%
Floor), 5.68%,
1/15/38(b)(d)
|
|
250,000
|
250,937
|
|
Slam Ltd., Series 2024-1A,
Class A, 5.34%,
9/15/49(b)
|
|
94,727
|
94,576
|
|
SMB Private Education
Loan Trust, Series
2024-A, Class A1B, (30D
Average SOFR + 1.45%,
1.45% Floor), 5.79%,
3/15/56(b)(d)
|
|
101,943
|
103,238
|
|
SoFi Consumer Loan
Program Trust, Series
2025-1, Class A, 4.80%,
2/27/34(b)
|
|
422,572
|
423,026
|
|
Sound Point CLO Ltd.,
Series 2025-1RA,
Class C, (3M CME Term
SOFR + 2.10%), 6.42%,
2/20/38(b)(d)
|
|
1,000,000
|
1,005,347
|
|
SSI ABS Issuer LLC, Series
2025-1, Class A, 6.15%,
7/25/65(b)
|
|
246,380
|
245,806
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
|
|||
|
Stack Infrastructure
Issuer LLC, Series 2025-1,
Class A, 5.00%,
5/25/50(b)
|
|
$1,300,000
|
$1,281,114
|
|
STAR Trust,
|
|
|
|
|
Series 2025-SFR6,
Class A, (1M CME Term
SOFR + 1.40%), 5.76%,
8/17/42(b)(d)
|
|
500,000
|
501,092
|
|
Series 2025-SFR6,
Class B, (1M CME Term
SOFR + 1.65%), 6.01%,
8/17/42(b)(d)
|
|
500,000
|
501,562
|
|
|
|||
|
Store Master Funding I-VII,
XIV, XIX, XX, Series
2021-1A, Class A4,
3.70%, 6/20/51(b)
|
|
293,875
|
255,325
|
|
Stream Innovations Issuer
Trust, Series 2025-1A,
Class A, 5.05%,
9/15/45(b)
|
|
90,370
|
90,500
|
|
Sycamore Tree CLO Ltd.,
Series 2021-1A,
Class AR, (3M CME Term
SOFR + 1.39%, 1.39%
Floor), 5.72%,
1/20/38(b)(d)
|
|
250,000
|
251,097
|
|
TCI-Symphony CLO Ltd.,
Series 2016-1A,
Class AR2, (3M CME
Term SOFR + 1.28%,
1.02% Floor), 5.60%,
10/13/32(b)(d)
|
|
130,566
|
130,675
|
|
Tricon Residential Trust,
Series 2025-SFR2,
Class B, 5.42%,
8/09/44(b)(e)
|
|
1,000,000
|
998,217
|
|
Trimaran CAVU Ltd., Series
2024-1A, Class A, (3M
CME Term SOFR + 1.38%,
1.38% Floor), 5.70%,
1/25/38(b)(d)
|
|
250,000
|
250,912
|
|
Triton Container Finance
IX LLC, Series 2025-1A,
Class A, 5.43%,
6/20/50(b)
|
|
794,000
|
797,704
|
|
Vantage Data Centers
Germany Borrower Lux
S.a.r.l., Series 2025-1X,
Class A2, 4.29%, 6/28/50
|
EUR
|
171,000
|
197,062
|
|
Vista Point Securitization
Trust, Series 2025-CES1,
Class A1, (Step to 6.81%
on 4/25/29), 5.81%,
4/25/55(b)(f)
|
|
1,504,909
|
1,506,332
|
|
|
|
Par(a)
|
Value
|
|
Other (Continued)
|
|||
|
|
|||
|
WaMu Asset-Backed
Certificates Trust, Series
2007-HE2, Class 2A3,
(1M CME Term SOFR +
0.36%, 0.36% Floor),
4.72%, 4/25/37(d)
|
|
$8,809,556
|
$3,172,742
|
|
Warwick Capital CLO Ltd.,
Series 2024-5A,
Class A1, (3M CME Term
SOFR + 1.36%, 1.36%
Floor), 5.69%,
1/20/38(b)(d)
|
|
321,000
|
322,217
|
|
Washington Mutural
Asset-Backed Certificates
Trust,
|
|
|
|
|
Series 2007-HE1, Class
2A1, (1M CME Term
SOFR + 0.23%, 0.12%
Floor), 4.59%,
11/25/36(d)
|
|
4,064
|
1,261
|
|
Series 2007-HE1, Class
2A2, (1M CME Term
SOFR + 0.45%, 0.34%
Floor), 4.81%,
11/25/36(d)
|
|
35,848
|
11,175
|
|
|
|||
|
Wendy's Funding LLC,
Series 2022-1A,
Class A2II, 4.54%,
3/15/52(b)
|
|
145,474
|
138,924
|
|
|
|
|
63,178,041
|
|
Specialty Finance – 0.2%
|
|||
|
Dowson PLC,
|
|
|
|
|
Series 2024-1, Class E,
(SONIO/N Index +
3.95%), 8.17%,
8/20/31(d)
|
GBP
|
116,000
|
152,865
|
|
Series 2024-1, Class F,
(SONIO/N Index +
6.95%), 11.17%,
8/20/31(d)
|
|
170,000
|
224,044
|
|
|
|||
|
Neuberger Berman CLO
XXI Ltd., Series
2016-21A, Class A1R3,
(3M CME Term SOFR +
1.32%, 1.32% Floor),
5.65%, 1/20/39(b)(d)
|
|
340,000
|
341,018
|
|
Textainer Marine
Containers VII Ltd., Series
2021-3A, Class A, 1.94%,
8/20/46(b)
|
|
1,030,000
|
915,232
|
|
|
|
|
1,633,159
|
|
Total Asset-Backed Securities
(Cost $66,826,876)
|
66,737,080
|
||
|
|
|
Number
of Shares
|
Value
|
|
Common Stocks – 0.1%
|
|||
|
Asset Management – 0.0%(c)
|
|||
|
WM Cayman
Holdings Ltd. II(h)*
|
|
405
|
$10,125
|
|
Banking – 0.1%
|
|||
|
JP Morgan Chase & Co.
|
|
1,087
|
322,013
|
|
Electric Utilities – 0.0%(c)
|
|||
|
Vistra Corp.
|
|
287
|
59,851
|
|
Electrical Equipment – 0.0%(c)
|
|||
|
GE Vernova, Inc.
|
|
127
|
83,857
|
|
Oil & Gas Supply Chain – 0.0%(c)
|
|||
|
Kinder Morgan, Inc.
|
|
1,507
|
42,286
|
|
Real Estate Investment Trusts – 0.0%(c)
|
|||
|
Invitation Homes, Inc.
|
|
2,564
|
78,587
|
|
Specialty Finance – 0.0%(c)
|
|||
|
Blackstone Mortgage
Trust, Inc., Class A(i)
|
|
9,994
|
184,689
|
|
Total Common Stocks
(Cost $649,450)
|
781,408
|
||
|
|
|
Par(a)
|
|
|
Convertible Bonds – 0.0%(c)
|
|||
|
Telecommunications – 0.0%(c)
|
|||
|
WOM Chile Holdco S.p.A.,
5.00%, 4/01/32(b)(j)
|
|
$213,385
|
205,917
|
|
Total Convertible Bonds
(Cost $186,617)
|
205,917
|
||
|
|
|
Number
of Shares
|
|
|
Convertible Preferred Stocks – 0.0%(c)
|
|||
|
Aerospace & Defense – 0.0%(c)
|
|||
|
Boeing (The) Co., 6.00%
|
|
800
|
56,560
|
|
Total Convertible Preferred Stocks
(Cost $40,000)
|
56,560
|
||
|
|
|
Par(a)
|
|
|
Corporate Bonds – 14.5%
|
|||
|
Aerospace & Defense – 0.1%
|
|||
|
Boeing (The) Co.,
|
|
|
|
|
6.53%, 5/01/34
|
|
$150,000
|
163,261
|
|
3.75%, 2/01/50
|
|
240,000
|
169,730
|
|
7.01%, 5/01/64
|
|
105,000
|
115,869
|
|
|
|
Par(a)
|
Value
|
|
Aerospace & Defense (Continued)
|
|||
|
|
|||
|
Howmet Aerospace, Inc.,
3.00%, 1/15/29
|
|
$560,000
|
$533,951
|
|
L3Harris Technologies, Inc.,
5.25%, 6/01/31
|
|
40,000
|
41,170
|
|
Northrop Grumman Corp.,
|
|
|
|
|
4.03%, 10/15/47
|
|
206,000
|
163,703
|
|
4.95%, 3/15/53
|
|
73,000
|
65,284
|
|
|
|
|
1,252,968
|
|
Asset Management – 0.2%
|
|||
|
Apollo Management
Holdings L.P., 2.65%,
6/05/30(b)
|
|
360,000
|
328,262
|
|
KKR Group Finance Co.
VIII LLC, 3.50%,
8/25/50(b)
|
|
500,000
|
345,520
|
|
Nuveen LLC, 5.85%,
4/15/34(b)
|
|
320,000
|
332,114
|
|
Prime Investments
Group Ltd., 11.00%,
5/01/30
|
|
112,000
|
111,782
|
|
TPG Operating Group II L.P.,
5.88%, 3/05/34
|
|
320,000
|
332,329
|
|
Voya Financial, Inc.,
4.80%, 6/15/46
|
|
390,000
|
336,856
|
|
|
|
|
1,786,863
|
|
Automotive – 0.0%(c)
|
|||
|
General Motors
Financial Co., Inc., 6.10%,
1/07/34
|
|
166,000
|
171,278
|
|
Banking – 1.7%
|
|||
|
Bank of America Corp.,
|
|
|
|
|
(SOFR + 1.34%), 5.93%,
9/15/27(k)
|
|
343,000
|
348,161
|
|
(3M CME Term SOFR +
1.30%), 3.42%,
12/20/28(k)
|
|
433,000
|
422,823
|
|
(SOFR + 0.83%), 4.98%,
1/24/29(k)
|
|
364,000
|
368,519
|
|
(SOFR + 1.57%), 5.82%,
9/15/29(k)
|
|
140,000
|
145,445
|
|
(5Y US Treasury CMT +
2.68%), 6.63%,
5/01/30(k)(l)
|
|
800,000
|
819,242
|
|
(3M CME Term SOFR +
1.44%), 3.19%,
7/23/30(k)
|
|
39,000
|
37,103
|
|
(5Y US Treasury CMT +
2.35%), 6.25%,
7/26/30(k)(l)
|
|
25,000
|
24,914
|
|
(SOFR + 1.00%), 5.16%,
1/24/31(k)
|
|
102,000
|
104,356
|
|
(SOFR + 1.37%), 1.92%,
10/24/31(k)
|
|
87,000
|
75,872
|
|
|
|
Par(a)
|
Value
|
|
Banking (Continued)
|
|||
|
Bank of America Corp.,
|
|
|
|
|
(SOFR + 1.32%), 2.69%,
4/22/32(k)
|
|
$234,000
|
$209,824
|
|
(SOFR + 1.33%), 2.97%,
2/04/33(k)
|
|
569,000
|
509,386
|
|
(SOFR + 1.83%), 4.57%,
4/27/33(k)
|
|
267,000
|
262,861
|
|
(SOFR + 1.91%), 5.29%,
4/25/34(k)
|
|
51,000
|
51,955
|
|
(SOFR + 1.70%), 5.74%,
2/12/36(k)
|
|
780,000
|
793,505
|
|
(SOFR + 1.88%), 2.83%,
10/24/51(k)
|
|
40,000
|
25,005
|
|
Citigroup, Inc.,
|
|
|
|
|
(SOFR + 1.14%), 4.64%,
5/07/28(k)
|
|
398,000
|
398,404
|
|
(SOFR + 0.87%), 4.79%,
3/04/29(k)
|
|
373,000
|
374,962
|
|
(5Y US Treasury CMT +
2.69%), 7.13%,
8/15/29(k)(l)
|
|
400,000
|
409,103
|
|
(SOFR + 1.36%), 5.17%,
2/13/30(k)
|
|
168,000
|
171,057
|
|
(5Y US Treasury CMT +
2.57%), 6.75%,
2/15/30(i)(k)(l)
|
|
400,000
|
401,691
|
|
(3M CME Term SOFR +
1.60%), 3.98%,
3/20/30(k)
|
|
90,000
|
88,085
|
|
(5Y US Treasury CMT +
2.89%), 6.88%,
8/15/30(k)(l)
|
|
325,000
|
327,763
|
|
(SOFR + 1.34%), 4.54%,
9/19/30(k)
|
|
183,000
|
182,257
|
|
(SOFR + 1.42%), 2.98%,
11/05/30(k)
|
|
274,000
|
255,842
|
|
(SOFR + 1.15%), 2.67%,
1/29/31(k)
|
|
291,000
|
266,552
|
|
(SOFR + 1.46%), 4.95%,
5/07/31(k)
|
|
170,000
|
171,614
|
|
(SOFR + 1.35%), 3.06%,
1/25/33(k)
|
|
36,000
|
32,246
|
|
(SOFR + 1.94%), 3.79%,
3/17/33(k)
|
|
470,000
|
438,955
|
|
(SOFR + 2.06%), 5.83%,
2/13/35(k)
|
|
720,000
|
732,167
|
|
JP Morgan Chase & Co.,
|
|
|
|
|
(SOFR + 1.33%), 6.07%,
10/22/27(k)
|
|
45,000
|
45,816
|
|
(SOFR + 0.93%), 5.57%,
4/22/28(k)
|
|
409,000
|
416,239
|
|
(SOFR + 0.93%), 4.98%,
7/22/28(k)
|
|
117,000
|
118,126
|
|
(SOFR + 0.86%), 4.51%,
10/22/28(k)
|
|
842,000
|
842,991
|
|
|
|
Par(a)
|
Value
|
|
Banking (Continued)
|
|||
|
JP Morgan Chase & Co.,
|
|
|
|
|
(SOFR + 0.80%), 4.92%,
1/24/29(k)
|
|
$57,000
|
$57,620
|
|
(SOFR + 1.02%), 2.07%,
6/01/29(k)
|
|
540,000
|
506,010
|
|
(SOFR + 1.31%), 5.01%,
1/23/30(k)
|
|
530,000
|
538,936
|
|
(SOFR + 1.13%), 5.00%,
7/22/30(k)
|
|
1,997,000
|
2,030,893
|
|
(SOFR + 1.01%), 5.14%,
1/24/31(k)
|
|
249,000
|
254,471
|
|
(SOFR + 1.44%), 5.10%,
4/22/31(i)(k)
|
|
8,000
|
8,181
|
|
(SOFR + 1.07%), 1.95%,
2/04/32(k)
|
|
32,000
|
27,762
|
|
(SOFR + 1.32%), 5.50%,
1/24/36(k)
|
|
553,000
|
567,356
|
|
(SOFR + 1.68%), 5.57%,
4/22/36(k)
|
|
507,000
|
523,569
|
|
(SOFR + 1.64%), 5.58%,
7/23/36(k)
|
|
115,000
|
116,490
|
|
(SOFR + 2.44%), 3.11%,
4/22/51(k)
|
|
171,000
|
114,793
|
|
|
|||
|
KeyBank N.A., 5.00%,
1/26/33
|
|
350,000
|
346,520
|
|
Wells Fargo & Co.,
|
|
|
|
|
(SOFR + 1.07%), 5.71%,
4/22/28(k)
|
|
259,000
|
264,051
|
|
(SOFR + 1.11%), 5.24%,
1/24/31(k)
|
|
382,000
|
391,097
|
|
(SOFR + 1.50%), 3.35%,
3/02/33(k)
|
|
49,000
|
44,856
|
|
(SOFR + 2.10%), 4.90%,
7/25/33(k)
|
|
18,000
|
17,984
|
|
(SOFR + 2.02%), 5.39%,
4/24/34(k)
|
|
384,000
|
392,893
|
|
(SOFR + 1.78%), 5.50%,
1/23/35(k)
|
|
22,000
|
22,545
|
|
(SOFR + 2.13%), 4.61%,
4/25/53(k)
|
|
25,000
|
21,336
|
|
|
|
|
16,120,204
|
|
Biotechnology & Pharmaceuticals – 0.1%
|
|||
|
Amgen, Inc.,
|
|
|
|
|
3.00%, 1/15/52
|
|
43,000
|
27,301
|
|
4.40%, 2/22/62
|
|
65,000
|
50,044
|
|
Pfizer, Inc.,
|
|
|
|
|
1.75%, 8/18/31
|
|
25,000
|
21,496
|
|
2.70%, 5/28/50
|
|
95,000
|
58,063
|
|
|
|||
|
Royalty Pharma PLC,
3.55%, 9/02/50
|
|
500,000
|
338,817
|
|
|
|
|
495,721
|
|
|
|
Par(a)
|
Value
|
|
Cable & Satellite – 0.2%
|
|||
|
CCO Holdings LLC/CCO
Holdings Capital Corp.,
|
|
|
|
|
4.50%, 5/01/32
|
|
$150,000
|
$136,104
|
|
4.25%, 1/15/34(b)
|
|
118,000
|
101,675
|
|
Charter Communications
Operating LLC/Charter
Communications
Operating Capital,
|
|
|
|
|
6.65%, 2/01/34
|
|
25,000
|
26,501
|
|
6.55%, 6/01/34
|
|
286,000
|
301,569
|
|
6.38%, 10/23/35
|
|
99,000
|
102,347
|
|
3.50%, 3/01/42
|
|
16,000
|
11,257
|
|
5.75%, 4/01/48
|
|
50,000
|
44,250
|
|
4.80%, 3/01/50
|
|
171,000
|
132,591
|
|
3.70%, 4/01/51
|
|
33,000
|
21,303
|
|
3.90%, 6/01/52
|
|
663,000
|
439,552
|
|
5.25%, 4/01/53
|
|
48,000
|
39,577
|
|
3.85%, 4/01/61
|
|
245,000
|
150,634
|
|
3.95%, 6/30/62
|
|
679,000
|
422,567
|
|
5.50%, 4/01/63
|
|
17,000
|
13,914
|
|
|
|||
|
Comcast Corp., 2.99%,
11/01/63
|
|
212,000
|
118,171
|
|
|
|
|
2,062,012
|
|
Chemicals – 0.0%(c)
|
|||
|
Dow Chemical (The) Co.,
6.90%, 5/15/53(i)
|
|
200,000
|
209,340
|
|
Commercial Support Services – 0.0%(c)
|
|||
|
GXO Logistics, Inc., 6.25%,
5/06/29
|
|
320,000
|
332,846
|
|
Construction Materials – 0.0%(c)
|
|||
|
Owens Corning, 5.95%,
6/15/54(i)
|
|
330,000
|
332,435
|
|
Containers & Packaging – 0.1%
|
|||
|
Amcor Flexibles North
America, Inc., 2.63%,
6/19/30
|
|
360,000
|
326,666
|
|
Berry Global, Inc., 5.80%,
6/15/31
|
|
310,000
|
325,095
|
|
Sonoco Products Co.,
5.00%, 9/01/34(i)
|
|
340,000
|
330,571
|
|
|
|
|
982,332
|
|
Electric Utilities – 1.6%
|
|||
|
AEP Texas, Inc.,
|
|
|
|
|
5.70%, 5/15/34
|
|
125,000
|
127,620
|
|
3.45%, 5/15/51
|
|
174,000
|
116,288
|
|
|
|||
|
AEP Transmission Co. LLC,
3.15%, 9/15/49
|
|
211,000
|
140,351
|
|
Alabama Power Co.,
|
|
|
|
|
6.00%, 3/01/39
|
|
28,000
|
29,821
|
|
3.75%, 3/01/45
|
|
12,000
|
9,283
|
|
|
|
Par(a)
|
Value
|
|
Electric Utilities (Continued)
|
|||
|
|
|||
|
Allete, Inc., 5.79%,
7/09/37
|
|
$300,000
|
$300,000
|
|
Baltimore Gas and
Electric Co., 3.75%,
8/15/47
|
|
30,000
|
22,805
|
|
CMS Energy Corp., (5Y US
Treasury CMT + 1.96%),
6.50%, 6/01/55(k)
|
|
330,000
|
332,743
|
|
Consumers Energy Co.,
5.05%, 5/15/35(i)
|
|
44,000
|
44,148
|
|
Continuum Energy Pte.
Ltd., 12.85%, 9/11/27(h)
|
|
218,366
|
218,366
|
|
Dominion Energy, Inc., (5Y
US Treasury CMT +
2.51%), 7.00%, 6/01/54(k)
|
|
180,000
|
192,026
|
|
Duke Energy Carolinas LLC,
|
|
|
|
|
3.75%, 6/01/45
|
|
349,000
|
269,996
|
|
3.70%, 12/01/47
|
|
41,000
|
30,538
|
|
Duke Energy Corp.,
|
|
|
|
|
3.95%, 8/15/47
|
|
88,000
|
66,031
|
|
3.50%, 6/15/51
|
|
95,000
|
64,954
|
|
5.00%, 8/15/52
|
|
114,000
|
99,480
|
|
5.80%, 6/15/54
|
|
263,000
|
257,035
|
|
|
|||
|
Duke Energy Florida LLC,
3.00%, 12/15/51
|
|
47,000
|
29,595
|
|
Duke Energy Ohio, Inc.,
|
|
|
|
|
2.13%, 6/01/30(i)
|
|
249,000
|
223,679
|
|
5.65%, 4/01/53
|
|
17,000
|
16,783
|
|
5.55%, 3/15/54
|
|
29,000
|
28,181
|
|
Duke Energy Progress LLC,
|
|
|
|
|
2.50%, 8/15/50
|
|
415,000
|
242,786
|
|
5.55%, 3/15/55
|
|
76,000
|
74,293
|
|
FirstEnergy Corp.,
|
|
|
|
|
3.90%, 7/15/27
|
|
86,000
|
84,933
|
|
2.65%, 3/01/30
|
|
184,000
|
168,770
|
|
4.85%, 7/15/47
|
|
237,000
|
201,302
|
|
3.40%, 3/01/50
|
|
579,000
|
390,548
|
|
FirstEnergy
Transmission LLC,
|
|
|
|
|
5.00%, 1/15/35
|
|
330,000
|
326,272
|
|
5.45%, 7/15/44(b)
|
|
79,000
|
74,951
|
|
4.55%, 4/01/49(b)
|
|
200,000
|
167,052
|
|
Florida Power & Light Co.,
|
|
|
|
|
2.88%, 12/04/51
|
|
24,000
|
15,054
|
|
5.70%, 3/15/55
|
|
22,000
|
22,205
|
|
Georgia Power Co.,
|
|
|
|
|
4.55%, 3/15/30
|
|
82,000
|
82,468
|
|
4.85%, 3/15/31(i)
|
|
75,000
|
76,301
|
|
4.70%, 5/15/32
|
|
82,000
|
82,079
|
|
4.95%, 5/17/33
|
|
31,000
|
31,141
|
|
3.70%, 1/30/50
|
|
29,000
|
21,636
|
|
3.25%, 3/15/51
|
|
25,000
|
17,084
|
|
|
|
Par(a)
|
Value
|
|
Electric Utilities (Continued)
|
|||
|
|
|||
|
MidAmerican Energy Co.,
3.15%, 4/15/50
|
|
$51,000
|
$34,359
|
|
NextEra Energy Capital
Holdings, Inc.,
|
|
|
|
|
4.69%, 9/01/27
|
|
120,000
|
120,589
|
|
(5Y US Treasury CMT +
2.05%), 6.38%,
8/15/55(k)
|
|
320,000
|
328,311
|
|
NRG Energy, Inc.,
|
|
|
|
|
2.45%, 12/02/27(b)
|
|
350,000
|
331,639
|
|
4.45%, 6/15/29(b)(i)
|
|
185,000
|
181,952
|
|
7.00%, 3/15/33(b)
|
|
513,000
|
562,753
|
|
Ohio Power Co.,
|
|
|
|
|
2.60%, 4/01/30
|
|
18,000
|
16,531
|
|
1.63%, 1/15/31
|
|
26,000
|
22,077
|
|
4.00%, 6/01/49
|
|
147,000
|
110,998
|
|
Pacific Gas and
Electric Co.,
|
|
|
|
|
6.95%, 3/15/34
|
|
436,000
|
474,311
|
|
4.75%, 2/15/44
|
|
227,000
|
187,720
|
|
4.30%, 3/15/45
|
|
22,000
|
16,926
|
|
4.00%, 12/01/46
|
|
91,000
|
65,942
|
|
3.50%, 8/01/50
|
|
375,000
|
245,955
|
|
5.25%, 3/01/52
|
|
152,000
|
129,536
|
|
6.75%, 1/15/53
|
|
158,000
|
164,004
|
|
5.90%, 10/01/54
|
|
205,000
|
192,147
|
|
6.15%, 3/01/55
|
|
121,000
|
115,879
|
|
|
|||
|
PacifiCorp, (5Y US Treasury
CMT + 3.32%), 7.38%,
9/15/55(k)
|
|
320,000
|
327,603
|
|
PECO Energy Co.,
|
|
|
|
|
3.05%, 3/15/51
|
|
125,000
|
80,685
|
|
2.85%, 9/15/51
|
|
86,000
|
53,980
|
|
PG&E Corp.,
|
|
|
|
|
5.25%, 7/01/30
|
|
472,000
|
452,745
|
|
(5Y US Treasury CMT +
3.88%), 7.38%,
3/15/55(i)(k)
|
|
262,000
|
252,825
|
|
|
|||
|
Pinnacle West
Capital Corp., 5.15%,
5/15/30
|
|
294,000
|
299,702
|
|
Southern (The) Co.,
|
|
|
|
|
5.70%, 10/15/32
|
|
143,000
|
149,885
|
|
5.20%, 6/15/33
|
|
23,000
|
23,392
|
|
4.25%, 7/01/36
|
|
128,000
|
116,664
|
|
|
|||
|
Southwestern Public
Service Co., 3.70%,
8/15/47
|
|
1,150,000
|
837,547
|
|
Tennessee Valley
Authority,
|
|
|
|
|
5.25%, 2/01/55
|
|
175,000
|
169,464
|
|
4.63%, 9/15/60
|
|
50,000
|
42,845
|
|
4.25%, 9/15/65
|
|
3,950,000
|
3,149,024
|
|
|
|
Par(a)
|
Value
|
|
Electric Utilities (Continued)
|
|||
|
Vistra Operations Co. LLC,
|
|
|
|
|
5.05%, 12/30/26(b)
|
|
$135,000
|
$135,234
|
|
6.95%, 10/15/33(b)
|
|
173,000
|
190,185
|
|
6.00%, 4/15/34(b)
|
|
543,000
|
563,580
|
|
5.70%, 12/30/34(b)
|
|
425,000
|
432,661
|
|
|
|
|
15,278,248
|
|
Electrical Equipment – 0.0%(c)
|
|||
|
Vontier Corp., 2.95%,
4/01/31
|
|
370,000
|
332,581
|
|
Engineering & Construction – 0.0%(c)
|
|||
|
LBJ Infrastructure
Group LLC, 3.80%,
12/31/57(b)
|
|
500,000
|
339,160
|
|
Entertainment Content – 0.5%
|
|||
|
AppLovin Corp.,
|
|
|
|
|
5.13%, 12/01/29
|
|
358,000
|
362,326
|
|
5.38%, 12/01/31
|
|
667,000
|
679,683
|
|
5.95%, 12/01/54
|
|
344,000
|
335,181
|
|
|
|||
|
Discovery
Communications LLC,
3.95%, 3/20/28
|
|
490,000
|
471,625
|
|
Fox Corp., 6.50%,
10/13/33
|
|
310,000
|
334,397
|
|
Paramount Global,
|
|
|
|
|
3.70%, 10/04/26
|
|
84,000
|
82,050
|
|
2.90%, 1/15/27(i)
|
|
313,000
|
304,332
|
|
3.38%, 2/15/28
|
|
57,000
|
55,079
|
|
4.38%, 3/15/43
|
|
30,000
|
22,706
|
|
5.85%, 9/01/43
|
|
71,000
|
63,037
|
|
5.25%, 4/01/44
|
|
25,000
|
20,195
|
|
4.90%, 8/15/44
|
|
21,000
|
16,480
|
|
4.60%, 1/15/45
|
|
57,000
|
43,521
|
|
Warnermedia
Holdings, Inc.,
|
|
|
|
|
3.76%, 3/15/27
|
|
1,634,000
|
1,602,153
|
|
5.14%, 3/15/52(i)
|
|
8,000
|
4,941
|
|
|
|
|
4,397,706
|
|
Food – 0.2%
|
|||
|
Conagra Brands, Inc.,
5.75%, 8/01/35
|
|
350,000
|
350,828
|
|
JBS U.S.A. Holding Lux
Sarl/JBS U.S.A. Foods
Group Holdings, Inc./JBS
U.S.A. Food Co., 5.50%,
1/15/36(b)(i)
|
|
525,000
|
522,863
|
|
Kraft Heinz Foods Co.,
7.13%, 8/01/39(b)
|
|
290,000
|
318,897
|
|
Mars, Inc., 5.20%,
3/01/35(b)
|
|
330,000
|
331,580
|
|
|
|
|
1,524,168
|
|
|
|
Par(a)
|
Value
|
|
Health Care Facilities & Services – 0.3%
|
|||
|
CVS Health Corp.,
|
|
|
|
|
4.78%, 3/25/38
|
|
$9,000
|
$8,224
|
|
5.13%, 7/20/45
|
|
44,000
|
38,609
|
|
Elevance Health, Inc.,
|
|
|
|
|
3.13%, 5/15/50
|
|
42,000
|
26,773
|
|
3.60%, 3/15/51
|
|
42,000
|
29,056
|
|
4.55%, 5/15/52
|
|
103,000
|
83,043
|
|
HCA, Inc.,
|
|
|
|
|
5.20%, 6/01/28(i)
|
|
99,000
|
100,685
|
|
4.13%, 6/15/29
|
|
158,000
|
154,870
|
|
5.45%, 4/01/31
|
|
171,000
|
175,757
|
|
7.50%, 11/06/33
|
|
15,000
|
17,011
|
|
5.45%, 9/15/34
|
|
65,000
|
65,263
|
|
5.75%, 3/01/35
|
|
415,000
|
424,998
|
|
5.50%, 6/15/47
|
|
19,000
|
17,582
|
|
5.25%, 6/15/49
|
|
21,000
|
18,574
|
|
3.50%, 7/15/51
|
|
183,000
|
120,334
|
|
6.20%, 3/01/55
|
|
96,000
|
95,777
|
|
6.10%, 4/01/64
|
|
79,000
|
76,549
|
|
|
|||
|
Highmark, Inc., 2.55%,
5/10/31(b)(i)
|
|
390,000
|
334,251
|
|
Icon Investments Six DAC,
6.00%, 5/08/34
|
|
330,000
|
337,727
|
|
IQVIA, Inc., 6.25%,
6/01/32(b)
|
|
700,000
|
717,819
|
|
Universal Health
Services, Inc., 2.65%,
10/15/30
|
|
370,000
|
327,392
|
|
|
|
|
3,170,294
|
|
Institutional Financial Services – 1.3%
|
|||
|
Citadel Securities Global
Holdings LLC, 6.20%,
6/18/35(b)
|
|
250,000
|
254,919
|
|
Evercore, Inc., 5.74%,
7/24/32
|
|
800,000
|
807,382
|
|
Goldman Sachs Group
(The), Inc.,
|
|
|
|
|
(SOFR + 0.82%), 1.54%,
9/10/27(k)
|
|
17,000
|
16,429
|
|
(SOFR + 0.91%), 1.95%,
10/21/27(k)
|
|
163,000
|
157,848
|
|
(SOFR + 1.11%), 2.64%,
2/24/28(k)
|
|
299,000
|
290,201
|
|
(SOFR + 1.32%), 4.94%,
4/23/28(k)
|
|
414,000
|
416,492
|
|
(SOFR + 1.73%), 4.48%,
8/23/28(k)
|
|
297,000
|
296,981
|
|
(3M CME Term SOFR +
1.56%), 4.22%,
5/01/29(k)
|
|
731,000
|
726,520
|
|
2.60%, 2/07/30(i)
|
|
183,000
|
169,052
|
|
(SOFR + 1.21%), 5.05%,
7/23/30(k)
|
|
307,000
|
311,939
|
|
|
|
Par(a)
|
Value
|
|
Institutional Financial Services (Continued)
|
|||
|
Goldman Sachs Group
(The), Inc.,
|
|
|
|
|
(SOFR + 1.08%), 5.21%,
1/28/31(k)
|
|
$306,000
|
$312,483
|
|
(SOFR + 1.58%), 5.22%,
4/23/31(k)
|
|
370,000
|
378,337
|
|
(SOFR + 1.09%), 1.99%,
1/27/32(k)
|
|
597,000
|
517,966
|
|
(SOFR + 1.26%), 2.65%,
10/21/32(k)
|
|
79,000
|
69,584
|
|
(SOFR + 1.38%), 5.54%,
1/28/36(i)(k)
|
|
46,000
|
47,029
|
|
|
|||
|
Jefferies Financial
Group, Inc., 6.20%,
4/14/34
|
|
800,000
|
835,742
|
|
Lazard Group LLC,
|
|
|
|
|
6.00%, 3/15/31
|
|
320,000
|
335,281
|
|
5.63%, 8/01/35
|
|
550,000
|
549,421
|
|
Morgan Stanley,
|
|
|
|
|
(SOFR + 0.88%), 1.59%,
5/04/27(k)
|
|
163,000
|
159,323
|
|
(SOFR + 1.00%), 2.48%,
1/21/28(k)
|
|
98,000
|
95,118
|
|
(SOFR + 1.38%), 4.99%,
4/12/29(k)
|
|
1,066,000
|
1,079,145
|
|
(SOFR + 1.59%), 5.16%,
4/20/29(k)
|
|
127,000
|
129,048
|
|
(SOFR + 1.83%), 6.41%,
11/01/29(k)
|
|
127,000
|
134,039
|
|
(SOFR + 1.45%), 5.17%,
1/16/30(k)
|
|
20,000
|
20,402
|
|
(SOFR + 1.22%), 5.04%,
7/19/30(k)
|
|
1,053,000
|
1,071,153
|
|
(SOFR + 1.11%), 5.23%,
1/15/31(k)
|
|
513,000
|
525,501
|
|
(SOFR + 1.14%), 2.70%,
1/22/31(k)
|
|
18,000
|
16,588
|
|
(SOFR + 1.03%), 1.79%,
2/13/32(k)
|
|
579,000
|
495,284
|
|
(SOFR + 1.18%), 2.24%,
7/21/32(k)
|
|
41,000
|
35,528
|
|
(SOFR + 1.29%), 2.94%,
1/21/33(k)
|
|
67,000
|
59,872
|
|
(SOFR + 1.87%), 5.25%,
4/21/34(k)
|
|
478,000
|
485,726
|
|
(SOFR + 1.58%), 5.83%,
4/19/35(k)
|
|
320,000
|
335,442
|
|
(SOFR + 1.42%), 5.59%,
1/18/36(k)
|
|
17,000
|
17,448
|
|
(5Y US Treasury CMT +
1.80%), 5.94%,
2/07/39(k)
|
|
320,000
|
330,416
|
|
|
|||
|
VFH Parent LLC/Valor
Co-Issuer, Inc., 7.50%,
6/15/31(b)
|
|
520,000
|
541,036
|
|
|
|
|
12,024,675
|
|
|
|
Par(a)
|
Value
|
|
Insurance – 1.7%
|
|||
|
200 Park Funding Trust,
5.74%, 2/15/55(b)
|
|
$500,000
|
$491,725
|
|
Accident Fund
Insurance Co. of America,
8.50%, 8/01/32(b)
|
|
360,000
|
356,948
|
|
American National Global
Funding, 5.25%,
6/03/30(b)
|
|
350,000
|
351,944
|
|
American National
Group, Inc.,
|
|
|
|
|
5.00%, 6/15/27
|
|
740,000
|
742,020
|
|
6.00%, 7/15/35
|
|
75,000
|
75,447
|
|
|
|||
|
Americo Life, Inc., 3.45%,
4/15/31(b)
|
|
370,000
|
328,958
|
|
AmFam Holdings, Inc.,
|
|
|
|
|
2.81%, 3/11/31(b)
|
|
390,000
|
333,504
|
|
3.83%, 3/11/51(b)
|
|
200,000
|
125,092
|
|
|
|||
|
Aspen Insurance
Holdings Ltd., 5.75%,
7/01/30
|
|
325,000
|
329,957
|
|
Assured Guaranty
U.S. Holdings, Inc.,
3.60%, 9/15/51
|
|
500,000
|
341,301
|
|
Athene Global Funding,
5.03%, 7/17/30(b)
|
|
500,000
|
502,737
|
|
Beacon Funding Trust,
6.27%, 8/15/54(b)
|
|
340,000
|
336,413
|
|
Belrose Funding Trust II,
6.79%, 5/15/55(b)
|
|
320,000
|
327,404
|
|
Brown & Brown, Inc.,
|
|
|
|
|
5.55%, 6/23/35
|
|
150,000
|
151,634
|
|
6.25%, 6/23/55
|
|
150,000
|
153,693
|
|
|
|||
|
CNO Financial Group, Inc.,
6.45%, 6/15/34
|
|
320,000
|
333,383
|
|
Corebridge Life
Holdings, Inc., 8.13%,
3/15/46(b)
|
|
270,000
|
327,787
|
|
Enstar Group Ltd., (5Y US
Treasury CMT + 3.19%),
7.50%, 4/01/45(b)(k)
|
|
320,000
|
330,468
|
|
Equitable America Global
Funding, 4.95%,
6/09/30(b)(i)
|
|
400,000
|
403,183
|
|
Equitable Holdings, Inc.,
(5Y US Treasury CMT +
2.39%), 6.70%, 3/28/55(k)
|
|
410,000
|
417,937
|
|
Farmers Insurance
Exchange, (10Y US
Treasury CMT + 3.86%),
7.00%, 10/15/64(b)(k)
|
|
330,000
|
336,532
|
|
Fortitude Group
Holdings LLC, 6.25%,
4/01/30(b)
|
|
320,000
|
328,081
|
|
Global Atlantic Fin Co.,
7.95%, 6/15/33(b)
|
|
570,000
|
644,890
|
|
|
|
Par(a)
|
Value
|
|
Insurance (Continued)
|
|||
|
|
|||
|
Globe Life, Inc., 5.85%,
9/15/34
|
|
$320,000
|
$331,778
|
|
Jackson National Life
Global Funding, 4.70%,
6/05/28(b)
|
|
1,650,000
|
1,653,045
|
|
Maple Grove Funding Trust
I, 4.16%, 8/15/51(b)
|
|
700,000
|
477,143
|
|
Markel Group, Inc., 6.00%,
5/16/54
|
|
330,000
|
328,587
|
|
MetLife, Inc., (5Y US
Treasury CMT + 2.08%),
6.35%, 3/15/55(k)
|
|
480,000
|
492,700
|
|
Mutual of Omaha
Insurance Co., (10Y US
Treasury CMT + 2.95%),
6.14%, 1/16/64(b)(k)
|
|
330,000
|
330,026
|
|
Nassau Cos. of New York
(The), 7.88%, 7/15/30(b)
|
|
100,000
|
100,954
|
|
Nationwide Mutual
Insurance Co., 4.35%,
4/30/50(b)
|
|
650,000
|
495,919
|
|
Northwestern Mutual Life
Insurance (The) Co.,
6.17%, 5/29/55(b)
|
|
325,000
|
339,002
|
|
Old Republic
International Corp.,
5.75%, 3/28/34
|
|
320,000
|
327,885
|
|
Omnis Funding Trust,
6.72%, 5/15/55(b)
|
|
400,000
|
413,712
|
|
PartnerRe Finance B LLC,
(5Y US Treasury CMT +
3.82%), 4.50%,
10/01/50(i)(k)
|
|
590,000
|
548,325
|
|
Penn Mutual Life
Insurance (The) Co.,
3.80%, 4/29/61(b)
|
|
510,000
|
327,723
|
|
Prudential Financial, Inc.,
(5Y US Treasury CMT +
3.04%), 3.70%,
10/01/50(k)
|
|
360,000
|
328,659
|
|
Reinsurance Group of
America, Inc., 5.75%,
9/15/34
|
|
320,000
|
328,241
|
|
Selective Insurance
Group, Inc., 5.90%,
4/15/35
|
|
320,000
|
325,603
|
|
Symetra Life
Insurance Co., 6.55%,
10/01/55(b)
|
|
150,000
|
153,130
|
|
Trustage Financial
Group, Inc., 4.63%,
4/15/32(b)
|
|
350,000
|
329,826
|
|
|
|
|
15,703,296
|
|
Internet Media & Services – 0.1%
|
|||
|
Meta Platforms, Inc.,
|
|
|
|
|
4.65%, 8/15/62
|
|
284,000
|
238,258
|
|
|
|
Par(a)
|
Value
|
|
Internet Media & Services (Continued)
|
|||
|
Meta Platforms, Inc.,
|
|
|
|
|
5.75%, 5/15/63
|
|
$155,000
|
$155,733
|
|
5.55%, 8/15/64
|
|
51,000
|
49,479
|
|
|
|
|
443,470
|
|
IT Services – 0.1%
|
|||
|
Gartner, Inc.,
|
|
|
|
|
4.50%, 7/01/28(b)
|
|
659,000
|
648,246
|
|
3.63%, 6/15/29(b)
|
|
533,000
|
505,501
|
|
3.75%, 10/01/30(b)
|
|
72,000
|
67,382
|
|
|
|
|
1,221,129
|
|
Leisure Facilities & Services – 0.2%
|
|||
|
Carnival Corp., 5.75%,
8/01/32(b)
|
|
215,000
|
216,456
|
|
Choice Hotels
International, Inc., 3.70%,
1/15/31
|
|
360,000
|
334,234
|
|
Hyatt Hotels Corp., 5.75%,
3/30/32
|
|
320,000
|
328,142
|
|
Marriott International, Inc.,
5.50%, 4/15/37
|
|
330,000
|
329,455
|
|
Six Flags
Entertainment Corp./Six
Flags Theme
Parks, Inc./Canada's
Wonderland Co., 6.63%,
5/01/32(b)
|
|
900,000
|
916,476
|
|
|
|
|
2,124,763
|
|
Leisure Products – 0.0%(c)
|
|||
|
Polaris, Inc., 6.95%,
3/15/29
|
|
310,000
|
326,824
|
|
Machinery – 0.0%(c)
|
|||
|
Flowserve Corp., 3.50%,
10/01/30
|
|
350,000
|
329,404
|
|
Medical Equipment & Devices – 0.0%(c)
|
|||
|
Becton Dickinson & Co.,
5.08%, 6/07/29
|
|
68,000
|
69,273
|
|
Solventum Corp.,
|
|
|
|
|
5.40%, 3/01/29
|
|
82,000
|
84,365
|
|
5.60%, 3/23/34
|
|
131,000
|
134,362
|
|
6.00%, 5/15/64
|
|
43,000
|
42,451
|
|
|
|
|
330,451
|
|
Oil & Gas Supply Chain – 3.0%
|
|||
|
Antero Resources Corp.,
|
|
|
|
|
7.63%, 2/01/29(b)
|
|
110,000
|
112,316
|
|
5.38%, 3/01/30(b)
|
|
862,000
|
858,052
|
|
|
|||
|
Boardwalk Pipelines L.P.,
5.63%, 8/01/34
|
|
330,000
|
334,171
|
|
BP Capital Markets
America, Inc.,
|
|
|
|
|
4.89%, 9/11/33
|
|
24,000
|
23,957
|
|
|
|
Par(a)
|
Value
|
|
Oil & Gas Supply Chain (Continued)
|
|||
|
BP Capital Markets
America, Inc.,
|
|
|
|
|
5.23%, 11/17/34
|
|
$208,000
|
$210,467
|
|
|
|||
|
BP Capital Markets PLC,
(5Y US Treasury CMT +
1.92%), 6.13%,
3/18/35(k)(l)
|
|
830,000
|
832,415
|
|
Cameron LNG LLC, 3.40%,
1/15/38(b)
|
|
447,000
|
379,281
|
|
Cheniere Corpus Christi
Holdings LLC,
|
|
|
|
|
5.13%, 6/30/27
|
|
32,000
|
32,222
|
|
2.74%, 12/31/39
|
|
521,000
|
428,528
|
|
Cheniere Energy Partners
L.P.,
|
|
|
|
|
4.00%, 3/01/31
|
|
320,000
|
305,654
|
|
3.25%, 1/31/32
|
|
385,000
|
346,091
|
|
5.95%, 6/30/33
|
|
320,000
|
334,026
|
|
5.75%, 8/15/34
|
|
184,000
|
188,596
|
|
5.55%, 10/30/35(b)
|
|
50,000
|
50,252
|
|
|
|||
|
Cheniere Energy, Inc.,
5.65%, 4/15/34
|
|
1,083,000
|
1,101,635
|
|
CNX Resources Corp.,
7.25%, 3/01/32(b)
|
|
145,000
|
149,496
|
|
Diamondback Energy, Inc.,
|
|
|
|
|
3.25%, 12/01/26
|
|
1,525,000
|
1,499,968
|
|
3.50%, 12/01/29(i)
|
|
1,126,000
|
1,074,294
|
|
3.13%, 3/24/31
|
|
1,031,000
|
942,967
|
|
|
|||
|
DT Midstream, Inc.,
5.80%, 12/15/34(b)
|
|
360,000
|
366,187
|
|
Energy Transfer L.P.,
|
|
|
|
|
7.38%, 2/01/31(b)
|
|
294,000
|
307,507
|
|
5.15%, 2/01/43
|
|
23,000
|
20,238
|
|
5.95%, 5/15/54
|
|
277,000
|
261,827
|
|
6.20%, 4/01/55
|
|
340,000
|
333,416
|
|
EQT Corp.,
|
|
|
|
|
7.50%, 6/01/27(b)
|
|
225,000
|
229,013
|
|
6.50%, 7/01/27(b)
|
|
225,000
|
229,567
|
|
3.90%, 10/01/27
|
|
608,000
|
599,553
|
|
5.70%, 4/01/28
|
|
390,000
|
400,920
|
|
5.50%, 7/15/28(b)
|
|
31,000
|
31,090
|
|
5.00%, 1/15/29
|
|
674,000
|
678,120
|
|
4.50%, 1/15/29(b)
|
|
888,000
|
877,333
|
|
7.00%, 2/01/30
|
|
412,000
|
445,618
|
|
7.50%, 6/01/30(b)
|
|
1,157,000
|
1,267,875
|
|
4.75%, 1/15/31(b)
|
|
1,536,000
|
1,513,162
|
|
3.63%, 5/15/31(b)
|
|
1,088,000
|
1,009,091
|
|
5.75%, 2/01/34(i)
|
|
156,000
|
160,416
|
|
Expand Energy Corp.,
|
|
|
|
|
5.88%, 2/01/29(b)
|
|
83,000
|
83,130
|
|
5.38%, 2/01/29
|
|
377,000
|
377,409
|
|
6.75%, 4/15/29(b)
|
|
317,000
|
319,593
|
|
|
|
Par(a)
|
Value
|
|
Oil & Gas Supply Chain (Continued)
|
|||
|
Expand Energy Corp.,
|
|
|
|
|
5.38%, 3/15/30
|
|
$219,000
|
$219,231
|
|
4.75%, 2/01/32
|
|
86,000
|
83,532
|
|
5.70%, 1/15/35
|
|
1,018,000
|
1,030,902
|
|
|
|||
|
Florida Gas
Transmission Co. LLC,
5.75%, 7/15/35(b)
|
|
200,000
|
204,077
|
|
Gulfstream Natural Gas
System LLC, 5.60%,
7/23/35(b)
|
|
325,000
|
326,861
|
|
HF Sinclair Corp., 6.25%,
1/15/35
|
|
330,000
|
335,766
|
|
Kinder Morgan Energy
Partners L.P., 5.80%,
3/15/35
|
|
320,000
|
328,494
|
|
Midwest Connector
Capital Co. LLC, 4.63%,
4/01/29(b)
|
|
330,000
|
326,903
|
|
NGPL PipeCo LLC, 3.25%,
7/15/31(b)
|
|
446,000
|
395,632
|
|
ONEOK, Inc., 7.15%,
1/15/51
|
|
300,000
|
325,314
|
|
Plains All American
Pipeline L.P./PAA
Finance Corp.,
|
|
|
|
|
5.70%, 9/15/34
|
|
420,000
|
426,006
|
|
4.70%, 6/15/44
|
|
100,000
|
82,666
|
|
|
|||
|
Rockies Express
Pipeline LLC, 6.88%,
4/15/40(b)
|
|
400,000
|
402,639
|
|
Sabine Pass
Liquefaction LLC,
|
|
|
|
|
5.00%, 3/15/27
|
|
355,000
|
356,312
|
|
4.50%, 5/15/30
|
|
494,000
|
491,565
|
|
5.90%, 9/15/37
|
|
243,000
|
254,565
|
|
Targa Resources Corp.,
|
|
|
|
|
6.15%, 3/01/29
|
|
117,000
|
122,485
|
|
4.20%, 2/01/33
|
|
228,000
|
213,160
|
|
5.65%, 2/15/36
|
|
350,000
|
352,258
|
|
4.95%, 4/15/52
|
|
213,000
|
176,594
|
|
Targa Resources Partners
L.P./Targa Resources
Partners Finance Corp.,
|
|
|
|
|
6.88%, 1/15/29(i)
|
|
320,000
|
326,637
|
|
4.88%, 2/01/31
|
|
261,000
|
257,998
|
|
|
|||
|
Venture Global LNG, Inc.,
9.50%, 2/01/29(b)(i)
|
|
510,000
|
556,195
|
|
Venture Global
Plaquemines LNG LLC,
6.75%, 1/15/36(b)
|
|
200,000
|
205,741
|
|
Viper Energy Partners LLC,
|
|
|
|
|
4.90%, 8/01/30
|
|
468,000
|
466,025
|
|
5.70%, 8/01/35
|
|
436,000
|
433,340
|
|
|
|
Par(a)
|
Value
|
|
Oil & Gas Supply Chain (Continued)
|
|||
|
|
|||
|
Viper Energy, Inc., 5.38%,
11/01/27(b)
|
|
$822,000
|
$821,773
|
|
|
|
|
28,238,124
|
|
Real Estate Investment Trusts – 0.9%
|
|||
|
American Tower Corp.,
|
|
|
|
|
3.80%, 8/15/29
|
|
238,000
|
231,099
|
|
2.10%, 6/15/30
|
|
101,000
|
89,634
|
|
5.45%, 2/15/34
|
|
339,000
|
347,118
|
|
Crown Castle, Inc.,
|
|
|
|
|
4.30%, 2/15/29
|
|
102,000
|
100,658
|
|
2.50%, 7/15/31
|
|
39,000
|
34,118
|
|
|
|||
|
Equinix Europe 2
Financing Corp. LLC,
5.50%, 6/15/34
|
|
347,000
|
353,701
|
|
Equinix, Inc.,
|
|
|
|
|
2.50%, 5/15/31
|
|
526,000
|
466,427
|
|
3.90%, 4/15/32
|
|
246,000
|
231,975
|
|
3.00%, 7/15/50
|
|
52,000
|
32,536
|
|
2.95%, 9/15/51
|
|
35,000
|
21,378
|
|
3.40%, 2/15/52(i)
|
|
85,000
|
56,670
|
|
Extra Space Storage L.P.,
|
|
|
|
|
3.90%, 4/01/29
|
|
17,000
|
16,629
|
|
4.00%, 6/15/29
|
|
17,000
|
16,673
|
|
5.50%, 7/01/30
|
|
337,000
|
348,443
|
|
2.20%, 10/15/30
|
|
77,000
|
68,141
|
|
5.90%, 1/15/31
|
|
12,000
|
12,623
|
|
5.40%, 6/15/35
|
|
129,000
|
129,283
|
|
GLP Capital L.P./GLP
Financing II, Inc.,
|
|
|
|
|
5.75%, 6/01/28
|
|
216,000
|
220,670
|
|
5.30%, 1/15/29
|
|
24,000
|
24,221
|
|
4.00%, 1/15/30
|
|
133,000
|
127,211
|
|
4.00%, 1/15/31
|
|
350,000
|
329,828
|
|
3.25%, 1/15/32
|
|
419,000
|
370,633
|
|
6.25%, 9/15/54
|
|
191,000
|
188,164
|
|
|
|||
|
Host Hotels & Resorts L.P.,
5.70%, 7/01/34
|
|
830,000
|
833,522
|
|
Safehold GL Holdings LLC,
5.65%, 1/15/35
|
|
330,000
|
330,261
|
|
Store Capital LLC,
|
|
|
|
|
4.63%, 3/15/29
|
|
340,000
|
334,619
|
|
2.75%, 11/18/30
|
|
98,000
|
87,025
|
|
|
|||
|
VICI Properties L.P., 5.13%,
5/15/32
|
|
414,000
|
413,009
|
|
VICI Properties L.P./VICI
Note Co., Inc.,
|
|
|
|
|
3.75%, 2/15/27(b)
|
|
600,000
|
589,658
|
|
4.50%, 1/15/28(b)
|
|
20,000
|
19,797
|
|
3.88%, 2/15/29(b)
|
|
615,000
|
594,922
|
|
|
|
Par(a)
|
Value
|
|
Real Estate Investment Trusts (Continued)
|
|||
|
VICI Properties L.P./VICI
Note Co., Inc.,
|
|
|
|
|
4.63%, 12/01/29(b)
|
|
$745,000
|
$730,092
|
|
4.13%, 8/15/30(b)
|
|
350,000
|
334,406
|
|
|
|
|
8,085,144
|
|
Real Estate Investment Trusts – 0.1%
|
|||
|
Prime Property Fund LLC,
5.81%, 7/15/35
|
|
400,000
|
400,000
|
|
Real Estate Services – 0.0%(c)
|
|||
|
CoStar Group, Inc., 2.80%,
7/15/30(b)
|
|
440,000
|
396,845
|
|
Renewable Energy – 0.1%
|
|||
|
MN8 Portfolio IV LLC,
|
|
|
|
|
6.31%, 6/30/45(e)
|
|
367,200
|
367,200
|
|
6.31%, 6/30/45
|
|
532,800
|
532,800
|
|
|
|
|
900,000
|
|
Semiconductors – 0.4%
|
|||
|
Broadcom, Inc.,
|
|
|
|
|
2.45%, 2/15/31(b)
|
|
94,000
|
83,856
|
|
5.15%, 11/15/31
|
|
366,000
|
375,048
|
|
4.55%, 2/15/32
|
|
34,000
|
33,547
|
|
5.20%, 4/15/32
|
|
181,000
|
185,529
|
|
2.60%, 2/15/33(b)
|
|
40,000
|
34,216
|
|
3.42%, 4/15/33(b)
|
|
241,000
|
218,012
|
|
3.47%, 4/15/34(b)
|
|
695,000
|
617,703
|
|
4.80%, 10/15/34
|
|
134,000
|
131,487
|
|
5.20%, 7/15/35
|
|
33,000
|
33,156
|
|
4.93%, 5/15/37(b)
|
|
30,000
|
28,991
|
|
|
|||
|
Entegris, Inc., 4.75%,
4/15/29(b)
|
|
540,000
|
528,949
|
|
Foundry JV Holdco LLC,
|
|
|
|
|
5.90%, 1/25/33(b)
|
|
200,000
|
205,525
|
|
5.88%, 1/25/34(b)
|
|
920,000
|
928,949
|
|
|
|
|
3,404,968
|
|
Software – 0.1%
|
|||
|
Atlassian Corp., 5.50%,
5/15/34
|
|
320,000
|
324,947
|
|
Oracle Corp.,
|
|
|
|
|
6.00%, 8/03/55
|
|
226,000
|
221,377
|
|
5.50%, 9/27/64
|
|
144,000
|
128,659
|
|
6.13%, 8/03/65
|
|
238,000
|
233,826
|
|
|
|
|
908,809
|
|
Specialty Finance – 0.8%
|
|||
|
American Express Co.,
(SOFR + 1.22%), 4.92%,
7/20/33(k)
|
|
85,000
|
85,274
|
|
|
|
Par(a)
|
Value
|
|
Specialty Finance (Continued)
|
|||
|
AT&T Reign II
Multi-Property
Lease-Backed
Pass-Through Trust,
6.09%, 12/15/44(b)
|
|
$420,000
|
$416,372
|
|
Capital One
Financial Corp., (SOFR +
2.26%), 6.05%, 2/01/35(k)
|
|
320,000
|
333,380
|
|
First American
Financial Corp., 4.00%,
5/15/30(i)
|
|
460,000
|
437,570
|
|
Fiserv, Inc., 5.63%,
8/21/33
|
|
320,000
|
329,720
|
|
Flourishing Trade &
Investment Ltd., 11.04%,
4/01/30
|
|
425,389
|
425,389
|
|
Global Payments, Inc.,
2.90%, 11/15/31
|
|
370,000
|
324,826
|
|
Jefferies Finance LLC/JFIN
Co-Issuer Corp., 5.00%,
8/15/28(b)
|
|
570,000
|
549,677
|
|
MSCI, Inc., 3.63%,
11/01/31(b)
|
|
900,000
|
827,909
|
|
OneMain Finance Corp.,
6.13%, 5/15/30(e)
|
|
350,000
|
350,588
|
|
Penske Truck Leasing Co.
L.P./PTL Finance Corp.,
5.25%, 7/01/29(b)
|
|
320,000
|
326,354
|
|
Rocket Cos, Inc., 6.38%,
8/01/33(b)(i)
|
|
150,000
|
152,997
|
|
Stewart Information
Services Corp., 3.60%,
11/15/31
|
|
370,000
|
329,076
|
|
Synchrony Financial,
|
|
|
|
|
3.95%, 12/01/27
|
|
46,000
|
45,111
|
|
5.15%, 3/19/29
|
|
209,000
|
209,924
|
|
(SOFR + 1.40%), 5.02%,
7/29/29(k)
|
|
110,000
|
109,936
|
|
(SOFR Index + 2.13%),
5.94%, 8/02/30(k)
|
|
347,000
|
356,641
|
|
(SOFR + 1.68%), 5.45%,
3/06/31(k)
|
|
726,000
|
731,050
|
|
2.88%, 10/28/31
|
|
313,000
|
272,739
|
|
7.25%, 2/02/33
|
|
411,000
|
431,911
|
|
(SOFR + 2.07%), 6.00%,
7/29/36(k)
|
|
60,000
|
60,181
|
|
|
|||
|
United Wholesale
Mortgage LLC, 5.50%,
4/15/29(b)
|
|
570,000
|
557,540
|
|
|
|
|
7,664,165
|
|
Technology Hardware – 0.1%
|
|||
|
Motorola Solutions, Inc.,
|
|
|
|
|
5.60%, 6/01/32
|
|
75,000
|
77,783
|
|
5.55%, 8/15/35
|
|
173,000
|
176,464
|
|
|
|
Par(a)
|
Value
|
|
Technology Hardware (Continued)
|
|||
|
|
|||
|
TD SYNNEX Corp., 6.10%,
4/12/34
|
|
$320,000
|
$335,762
|
|
|
|
|
590,009
|
|
Telecommunications – 0.3%
|
|||
|
AT&T, Inc.,
|
|
|
|
|
4.30%, 2/15/30(b)
|
|
105,000
|
104,201
|
|
5.45%, 3/01/47
|
|
28,000
|
26,433
|
|
3.50%, 9/15/53
|
|
311,000
|
209,518
|
|
6.05%, 8/15/56
|
|
121,000
|
122,661
|
|
3.80%, 12/01/57
|
|
257,000
|
178,529
|
|
3.65%, 9/15/59
|
|
601,000
|
399,725
|
|
3.85%, 6/01/60(i)
|
|
29,000
|
20,042
|
|
Frontier Communications
Holdings LLC,
|
|
|
|
|
5.00%, 5/01/28(b)
|
|
263,000
|
262,669
|
|
5.88%, 11/01/29(i)
|
|
174,260
|
175,714
|
|
8.63%, 3/15/31(b)
|
|
83,000
|
87,930
|
|
T-Mobile USA, Inc.,
|
|
|
|
|
3.88%, 4/15/30
|
|
466,000
|
451,663
|
|
5.13%, 5/15/32
|
|
218,000
|
221,169
|
|
3.60%, 11/15/60
|
|
57,000
|
37,620
|
|
5.80%, 9/15/62
|
|
301,000
|
293,891
|
|
Verizon
Communications, Inc.,
|
|
|
|
|
1.50%, 9/18/30
|
|
61,000
|
52,488
|
|
5.40%, 7/02/37(b)
|
|
191,000
|
190,858
|
|
|
|
|
2,835,111
|
|
Tobacco & Cannabis – 0.1%
|
|||
|
Altria Group, Inc.,
|
|
|
|
|
3.40%, 2/04/41
|
|
400,000
|
297,038
|
|
4.45%, 5/06/50
|
|
430,000
|
335,681
|
|
6.20%, 2/14/59
|
|
158,000
|
156,754
|
|
|
|||
|
Philip Morris
International, Inc., 5.25%,
2/13/34
|
|
320,000
|
323,989
|
|
|
|
|
1,113,462
|
|
Transportation & Logistics – 0.2%
|
|||
|
AS Mileage Plan IP Ltd.,
5.31%, 10/20/31(b)
|
|
340,000
|
337,277
|
|
Delta Air Lines Pass
Through Trust, Series
2015-1, Class AA, 3.63%,
7/30/27
|
|
42,285
|
41,372
|
|
FedEx Corp.,
|
|
|
|
|
4.10%, 2/01/45(b)
|
|
25,000
|
19,005
|
|
4.75%, 11/15/45
|
|
400,000
|
329,824
|
|
|
|
Par(a)
|
Value
|
|
Transportation & Logistics (Continued)
|
|||
|
|
|||
|
Terminal Invest Ltd.,
5.63%, 7/09/32(e)
|
|
$600,000
|
$600,000
|
|
United Airlines Pass
Through Trust, Series
2023-1, Class A, 5.80%,
1/15/36
|
|
317,210
|
323,398
|
|
|
|
|
1,650,876
|
|
Total Corporate Bonds
(Cost $135,976,747)
|
137,479,681
|
||
|
|
|||
|
Foreign Issuer Bonds – 5.2%
|
|||
|
Argentina – 0.0%(c)
|
|||
|
Vista Energy Argentina
S.A.U., 7.63%,
12/10/35(b)
|
|
32,000
|
31,398
|
|
YPF S.A., 9.50%, 1/17/31(b)
|
|
26,000
|
27,506
|
|
|
|
|
58,904
|
|
Australia – 0.4%
|
|||
|
Australia & New Zealand
Banking Group Ltd.,
|
|
|
|
|
(5Y US Treasury CMT +
1.70%), 2.57%,
11/25/35(b)(k)
|
|
380,000
|
332,859
|
|
(1Y US Treasury CMT +
1.35%), 5.82%,
6/18/36(b)(k)
|
|
450,000
|
456,473
|
|
|
|||
|
Commonwealth Bank of
Australia, (1Y US
Treasury CMT + 1.32%),
5.93%, 3/14/46(b)(k)
|
|
350,000
|
348,021
|
|
Glencore Funding LLC,
|
|
|
|
|
6.38%, 10/06/30(b)
|
|
247,000
|
264,003
|
|
2.85%, 4/27/31(b)
|
|
23,000
|
20,699
|
|
2.63%, 9/23/31(b)
|
|
22,000
|
19,359
|
|
|
|||
|
Macquarie Group Ltd.,
(SOFR + 1.53%), 2.87%,
1/14/33(b)(i)(k)
|
|
950,000
|
837,736
|
|
National Australia
Bank Ltd., (1Y US
Treasury CMT + 1.30%),
5.90%, 1/14/36(b)(k)
|
|
810,000
|
830,371
|
|
Westpac Banking Corp.,
3.13%, 11/18/41(i)
|
|
470,000
|
343,644
|
|
|
|
|
3,453,165
|
|
Belgium – 0.1%
|
|||
|
Kingdom of Belgium
Government Bond,
3.30%, 6/22/54(b)
|
EUR
|
766,520
|
765,521
|
|
Brazil – 0.4%
|
|||
|
Brazil Notas do Tesouro
Nacional Serie F,
|
|
|
|
|
10.00%, 1/01/29
|
BRL
|
2,600,000
|
421,811
|
|
10.00%, 1/01/35
|
BRL
|
12,886,000
|
1,847,872
|
|
|
|
Par(a)
|
Value
|
|
Brazil (Continued)
|
|||
|
|
|||
|
Embraer Netherlands
Finance B.V., 5.98%,
2/11/35(i)
|
|
$283,000
|
$290,368
|
|
Raizen Fuels Finance S.A.,
6.45%, 3/05/34(i)
|
|
307,000
|
304,676
|
|
Suzano Austria GmbH,
3.13%, 1/15/32
|
|
355,000
|
312,068
|
|
Vale Overseas Ltd., 6.40%,
6/28/54(i)
|
|
314,000
|
308,359
|
|
|
|
|
3,485,154
|
|
Canada – 0.4%
|
|||
|
Alimentation
Couche-Tard, Inc., 3.80%,
1/25/50(b)
|
|
400,000
|
290,941
|
|
Ascot Group Ltd., (5Y US
Treasury CMT + 2.38%),
6.35%, 6/15/35(b)(k)
|
|
320,000
|
326,565
|
|
Brookfield Capital
Finance LLC, 6.09%,
6/14/33
|
|
310,000
|
328,700
|
|
Brookfield Finance, Inc.,
3.63%, 2/15/52
|
|
490,000
|
342,040
|
|
Enbridge, Inc.,
|
|
|
|
|
5.63%, 4/05/34
|
|
320,000
|
327,464
|
|
5.55%, 6/20/35(i)
|
|
500,000
|
504,742
|
|
|
|||
|
Fairfax Financial
Holdings Ltd., 5.75%,
5/20/35(b)
|
|
320,000
|
322,622
|
|
Rogers
Communications, Inc.,
4.55%, 3/15/52
|
|
420,000
|
340,690
|
|
TELUS Corp.,
|
|
|
|
|
(5Y US Treasury CMT +
2.71%), 7.00%,
10/15/55(i)(k)
|
|
150,000
|
151,863
|
|
(5Y US Treasury CMT +
2.77%), 6.63%,
10/15/55(k)
|
|
150,000
|
151,900
|
|
|
|||
|
Triton Container
International Ltd., 3.15%,
6/15/31(b)
|
|
380,000
|
329,694
|
|
Yamana Gold, Inc., 2.63%,
8/15/31
|
|
380,000
|
331,961
|
|
|
|
|
3,749,182
|
|
Chile – 0.1%
|
|||
|
AES Andes S.A., 6.30%,
3/15/29(i)
|
|
301,000
|
311,327
|
|
Corp Nacional del Cobre
de Chile, 6.44%, 1/26/36
|
|
293,000
|
307,060
|
|
WOM Mobile S.A.,
11.00%, 4/01/31(b)(j)
|
|
20,611
|
19,993
|
|
|
|
|
638,380
|
|
|
|
Par(a)
|
Value
|
|
China – 0.0%(c)
|
|||
|
Prosus N.V., 4.19%,
1/19/32
|
|
$330,000
|
$310,599
|
|
Colombia – 0.1%
|
|||
|
Colombia Government
International Bond,
8.00%, 11/14/35
|
|
200,000
|
205,000
|
|
Colombian TES, 6.25%,
7/09/36
|
COP
|
3,107,100,000
|
494,039
|
|
SURA Asset Management
S.A., 6.35%, 5/13/32(b)(i)
|
|
297,000
|
311,969
|
|
|
|
|
1,011,008
|
|
France – 0.4%
|
|||
|
BNP Paribas S.A., (SOFR +
1.68%), 5.09%,
5/09/31(b)(k)
|
|
330,000
|
333,188
|
|
BPCE S.A., (SOFR +
1.31%), 2.28%,
1/20/32(b)(k)
|
|
1,200,000
|
1,040,709
|
|
Credit Agricole S.A., (SOFR
+ 1.46%), 5.22%,
5/27/31(b)(k)
|
|
800,000
|
813,070
|
|
Societe Generale S.A., (1Y
US Treasury CMT +
1.50%), 5.52%,
1/19/28(b)(k)
|
|
400,000
|
404,166
|
|
Sodexo, Inc., 5.80%,
8/15/35(b)
|
|
800,000
|
818,400
|
|
Worldline S.A., 5.50%,
6/10/30
|
EUR
|
100,000
|
103,576
|
|
|
|
|
3,513,109
|
|
Germany – 0.2%
|
|||
|
Allianz S.E., (5Y US
Treasury CMT + 2.17%),
3.20%, 10/30/27(b)(k)(l)
|
|
800,000
|
730,146
|
|
Bundesrepublik
Deutschland
Bundesanleihe, 2.50%,
8/15/54
|
EUR
|
632,000
|
631,496
|
|
Muenchener
Rueckversicherungs-Gesellschaft
A.G. in Muenchen, (5Y
US Treasury CMT +
3.98%), 5.88%,
5/23/42(b)(k)
|
|
400,000
|
409,000
|
|
|
|
|
1,770,642
|
|
Hong Kong – 0.0%(c)
|
|||
|
Melco Resorts
Finance Ltd., 5.75%,
7/21/28
|
|
200,000
|
195,818
|
|
Hungary – 0.0%(c)
|
|||
|
MVM Energetika Zrt.,
6.50%, 3/13/31
|
|
298,000
|
309,369
|
|
|
|
Par(a)
|
Value
|
|
India – 0.2%
|
|||
|
Continuum Green Energy
India Pvt./Co-Issuers,
7.50%, 6/26/33
|
|
$385,800
|
$397,696
|
|
Greenko Power II Ltd.,
4.30%, 12/13/28
|
|
239,250
|
226,142
|
|
Greenko Wind Projects
Mauritius Ltd., 7.25%,
9/27/28
|
|
200,000
|
203,679
|
|
India Clean Energy
Holdings, 4.50%,
4/18/27(i)
|
|
400,000
|
387,157
|
|
India Green Power
Holdings, 4.00%, 2/22/27
|
|
216,650
|
210,359
|
|
IRB Infrastructure
Developers Ltd., 7.11%,
3/11/32(i)
|
|
400,000
|
402,943
|
|
ReNew Pvt. Ltd., 5.88%,
3/05/27
|
|
400,000
|
397,489
|
|
|
|
|
2,225,465
|
|
Indonesia – 0.1%
|
|||
|
Indonesia Government
International Bond,
|
|
|
|
|
2.85%, 2/14/30
|
|
400,000
|
374,571
|
|
3.05%, 3/12/51
|
|
222,000
|
146,823
|
|
|
|||
|
Medco Laurel Tree Pte.
Ltd., 6.95%, 11/12/28
|
|
200,000
|
200,180
|
|
Minejesa Capital B.V.,
5.63%, 8/10/37(i)
|
|
522,000
|
510,635
|
|
|
|
|
1,232,209
|
|
Ireland – 0.1%
|
|||
|
Flutter Treasury DAC,
6.38%, 4/29/29(b)(i)
|
|
320,000
|
329,094
|
|
Smurfit Kappa Treasury
ULC, 5.44%, 4/03/34
|
|
330,000
|
336,330
|
|
|
|
|
665,424
|
|
Israel – 0.0%(c)
|
|||
|
Israel Government
International Bond,
5.75%, 3/12/54
|
|
204,000
|
189,859
|
|
Italy – 0.1%
|
|||
|
Italy Buoni Poliennali Del
Tesoro, 3.60%, 10/01/35
|
EUR
|
741,000
|
852,930
|
|
Japan – 0.6%
|
|||
|
Dai-ichi Life Insurance
(The) Co. Ltd., (5Y US
Treasury CMT + 2.52%),
6.20%, 1/16/35(b)(k)(l)
|
|
330,000
|
335,738
|
|
Japan Government Thirty
Year Bond,
|
|
|
|
|
2.30%, 12/20/54
|
JPY
|
136,250,000
|
774,718
|
|
2.40%, 3/20/55
|
JPY
|
68,850,000
|
400,144
|
|
|
|
Par(a)
|
Value
|
|
Japan (Continued)
|
|||
|
|
|||
|
Meiji Yasuda Life
Insurance Co., (5Y US
Treasury CMT + 2.91%),
6.10%, 6/11/55(b)(k)
|
|
$550,000
|
$555,852
|
|
Mizuho Financial
Group, Inc., (1Y US
Treasury CMT + 1.07%),
5.32%, 7/08/36(k)
|
|
850,000
|
854,447
|
|
Nippon Life Insurance Co.,
(5Y US Treasury CMT +
2.65%), 2.75%,
1/21/51(b)(k)
|
|
1,190,000
|
1,050,313
|
|
NTT Finance Corp., 5.50%,
7/16/35(b)
|
|
200,000
|
203,099
|
|
Rakuten Group, Inc.,
9.75%, 4/15/29
|
|
400,000
|
437,967
|
|
SoftBank Corp., 5.33%,
7/09/35(b)
|
|
350,000
|
345,930
|
|
Sumitomo Life
Insurance Co., (5Y US
Treasury CMT + 2.75%),
3.38%, 4/15/81(b)(i)(k)
|
|
360,000
|
324,121
|
|
|
|
|
5,282,329
|
|
Kazakhstan – 0.1%
|
|||
|
Kaspi.KZ JSC, 6.25%,
3/26/30
|
|
308,000
|
314,212
|
|
KazMunayGas
National Co. JSC, 6.38%,
10/24/48
|
|
491,000
|
460,973
|
|
|
|
|
775,185
|
|
Macau – 0.0%(c)
|
|||
|
Wynn Macau Ltd., 5.63%,
8/26/28
|
|
200,000
|
197,809
|
|
Mexico – 0.4%
|
|||
|
Becle S.A.B. de C.V.,
2.50%, 10/14/31(b)
|
|
400,000
|
331,685
|
|
Eagle Funding Luxco
S.a.r.l., 5.50%,
8/17/30(b)(e)
|
|
450,000
|
452,025
|
|
Mexico Government
International Bond,
|
|
|
|
|
2.66%, 5/24/31
|
|
568,000
|
489,230
|
|
3.50%, 2/12/34
|
|
451,000
|
377,712
|
|
6.35%, 2/09/35(i)
|
|
512,000
|
519,680
|
|
6.88%, 5/13/37
|
|
693,000
|
715,176
|
|
4.50%, 1/31/50
|
|
420,000
|
304,500
|
|
|
|||
|
Orbia Advance Corp. S.A.B.
de C.V., 6.80%, 5/13/30(b)
|
|
305,000
|
311,062
|
|
Trust Fibra Uno, 7.70%,
1/23/32
|
|
293,000
|
309,475
|
|
|
|
|
3,810,545
|
|
|
|
Par(a)
|
Value
|
|
Netherlands – 0.1%
|
|||
|
ING Groep N.V., (SOFR +
1.61%), 5.53%, 3/25/36(k)
|
|
$330,000
|
$336,328
|
|
NXP B.V./NXP Funding
LLC/NXP U.S.A., Inc.,
5.00%, 1/15/33
|
|
17,000
|
16,949
|
|
Sunrise FinCo I B.V.,
4.88%, 7/15/31(b)
|
|
590,000
|
556,134
|
|
|
|
|
909,411
|
|
Panama – 0.1%
|
|||
|
Panama Government
International Bond,
|
|
|
|
|
3.88%, 3/17/28
|
|
200,000
|
193,624
|
|
4.50%, 4/01/56
|
|
247,000
|
163,529
|
|
|
|
|
357,153
|
|
Peru – 0.0%(c)
|
|||
|
Peruvian Government
International Bond,
3.55%, 3/10/51
|
|
180,000
|
121,719
|
|
Volcan Cia Minera S.A.A.,
8.75%, 1/24/30(b)
|
|
4,000
|
4,019
|
|
|
|
|
125,738
|
|
Philippines – 0.1%
|
|||
|
Philippine Government
International Bond,
|
|
|
|
|
3.00%, 2/01/28(i)
|
|
200,000
|
193,244
|
|
3.20%, 7/06/46
|
|
267,000
|
188,622
|
|
|
|
|
381,866
|
|
Poland – 0.0%(c)
|
|||
|
Orlen S.A., 6.00%, 1/30/35
|
|
300,000
|
308,185
|
|
Saudi Arabia – 0.1%
|
|||
|
Greensaif Pipelines Bidco
S.a.r.l.,
|
|
|
|
|
5.85%, 2/23/36
|
|
304,000
|
311,150
|
|
6.10%, 8/23/42(b)
|
|
500,000
|
508,354
|
|
|
|
|
819,504
|
|
Singapore – 0.0%(c)
|
|||
|
Puma International
Financing S.A., 7.75%,
4/25/29
|
|
200,000
|
206,495
|
|
South Africa – 0.0%(c)
|
|||
|
Anglo American Capital
PLC, 5.75%, 4/05/34(b)(i)
|
|
320,000
|
330,646
|
|
Spain – 0.0%(c)
|
|||
|
Cellnex Finance Co. S.A.,
3.88%, 7/07/41(b)
|
|
430,000
|
335,473
|
|
|
|
Par(a)
|
Value
|
|
Supranational – 0.3%
|
|||
|
European Union,
|
|
|
|
|
2.50%, 10/04/52
|
EUR
|
262,000
|
$232,086
|
|
3.00%, 3/04/53
|
EUR
|
2,498,389
|
2,444,956
|
|
|
|
|
2,677,042
|
|
Sweden – 0.0%(c)
|
|||
|
EQT AB, 5.85%, 5/08/35(b)
|
|
$320,000
|
324,520
|
|
Switzerland – 0.1%
|
|||
|
Argentum Netherlands B.V.
for Swiss Re Ltd., (3M
USD LIBOR + 3.78%),
5.63%, 8/15/52(k)
|
|
330,000
|
331,637
|
|
UBS Group A.G., (SOFR +
1.73%), 3.09%,
5/14/32(b)(k)
|
|
430,000
|
390,681
|
|
|
|
|
722,318
|
|
United Arab Emirates – 0.0%(c)
|
|||
|
DP World Ltd., 6.85%,
7/02/37
|
|
280,000
|
310,566
|
|
United Kingdom – 0.7%
|
|||
|
BAT Capital Corp.,
|
|
|
|
|
6.00%, 2/20/34
|
|
440,000
|
463,400
|
|
7.08%, 8/02/43
|
|
270,000
|
297,122
|
|
4.54%, 8/15/47
|
|
35,000
|
28,373
|
|
4.76%, 9/06/49
|
|
387,000
|
318,382
|
|
5.28%, 4/02/50
|
|
243,000
|
214,965
|
|
5.65%, 3/16/52
|
|
239,000
|
221,747
|
|
7.08%, 8/02/53
|
|
290,000
|
323,341
|
|
|
|||
|
British Airways Pass
Through Trust, Series
2020-1, Class A, 4.25%,
11/15/32(b)
|
|
346,893
|
334,753
|
|
Diageo Investment Corp.,
5.63%, 4/15/35
|
|
580,000
|
605,564
|
|
Fidelis Insurance
Holdings Ltd., (5Y US
Treasury CMT + 4.28%),
7.75%, 6/15/55(k)
|
|
325,000
|
341,251
|
|
HSBC Holdings PLC, (SOFR
+ 1.29%), 5.13%,
3/03/31(k)
|
|
320,000
|
324,425
|
|
Nationwide Building
Society, (SOFR + 1.65%),
5.54%, 7/14/36(b)(k)
|
|
200,000
|
202,132
|
|
NatWest Group PLC, (1Y
US Treasury CMT +
1.05%), 5.12%,
5/23/31(i)(k)
|
|
800,000
|
812,106
|
|
Reynolds American, Inc.,
8.13%, 5/01/40
|
|
205,000
|
239,052
|
|
Standard Chartered PLC,
|
|
|
|
|
(1Y US Treasury CMT +
1.15%), 5.01%,
10/15/30(b)(k)
|
|
596,000
|
602,640
|
|
|
|
Par(a)
|
Value
|
|
United Kingdom (Continued)
|
|||
|
Standard Chartered PLC,
|
|
|
|
|
(1Y US Treasury CMT +
3.85%), 4.64%,
4/01/31(b)(k)
|
|
$214,000
|
$212,248
|
|
United Kingdom Gilt,
|
|
|
|
|
4.38%, 3/07/30
|
GBP
|
451,730
|
605,854
|
|
4.38%, 7/31/54
|
GBP
|
330,718
|
372,956
|
|
|
|
|
6,520,311
|
|
Uruguay – 0.0%(c)
|
|||
|
Uruguay Government
International Bond,
5.10%, 6/18/50
|
|
267,641
|
245,242
|
|
Vietnam – 0.0%(c)
|
|||
|
Mong Duong Finance
Holdings B.V., 5.13%,
5/07/29
|
|
169,400
|
166,769
|
|
Total Foreign Issuer Bonds
(Cost $49,596,066)
|
49,233,845
|
||
|
|
|||
|
Mortgage-Backed Securities – 30.7%
|
|||
|
Commercial Mortgage-Backed Securities – 1.4%
|
|||
|
1301 Trust,
|
|
|
|
|
Series 2025-AOA,
Class A, 5.23%,
8/11/30(e)
|
|
10,000
|
10,000
|
|
Series 2025-AOA,
Class E, 7.48%,
8/11/30(b)(g)
|
|
13,000
|
13,000
|
|
Series 2025-AOA, Class F,
8.37%, 8/11/30(b)(g)
|
|
183,000
|
183,000
|
|
|
|||
|
245 Park Avenue Trust,
Series 2017-245P,
Class E, 3.66%,
6/05/37(b)(g)
|
|
740,000
|
692,532
|
|
ACRES LLC, Series
2025-FL3, Class A, (1M
CME Term SOFR +
1.62%), 5.95%,
8/18/40(b)(d)
|
|
200,000
|
199,993
|
|
Atrium Hotel Portfolio
Trust,
|
|
|
|
|
Series 2024-ATRM,
Class A, 5.41%,
11/10/29(b)(g)
|
|
150,000
|
151,589
|
|
Series 2024-ATRM,
Class E, 9.21%,
11/10/29(b)(g)
|
|
30,000
|
30,596
|
|
|
|||
|
BANK, Series 2021-BN35,
Class C, 2.90%, 6/15/64
|
|
32,000
|
27,120
|
|
BANK5, Series
2024-5YR11, Class A3,
5.89%, 11/15/57
|
|
39,000
|
40,673
|
|
|
|
Par(a)
|
Value
|
|
Commercial Mortgage-Backed Securities
(Continued)
|
|||
|
Bayview Commercial Asset
Trust,
|
|
|
|
|
Series 2006-1A,
Class A1, (1M CME
Term SOFR + 0.52%),
4.87%, 4/25/36(b)(d)
|
|
$175,582
|
$163,589
|
|
Series 2007-4A,
Class A1, (1M CME
Term SOFR + 0.79%,
0.68% Floor), 5.14%,
9/25/37(b)(d)
|
|
177,941
|
166,353
|
|
BBCMS Mortgage Trust,
|
|
|
|
|
Series 2025-C35,
Class A5, 5.59%,
7/15/58
|
|
171,000
|
176,986
|
|
Series 2025-C35,
Class AS, 5.84%,
7/15/58
|
|
16,000
|
16,499
|
|
Series 2025-C35, Class B,
6.12%, 7/15/58
|
|
14,000
|
14,479
|
|
Series 2025-C35, Class D,
4.50%, 7/15/58(b)
|
|
25,000
|
19,069
|
|
Benchmark Mortgage
Trust,
|
|
|
|
|
Series 2019-B9,
Class XA, 1.01%,
3/15/52(g)(m)
|
|
1,600,406
|
46,215
|
|
Series 2020-B21,
Class A5, 1.98%,
12/17/53
|
|
16,000
|
13,917
|
|
BFLD Commercial
Mortgage Trust,
|
|
|
|
|
Series 2024-UNIV,
Class A, (1M CME Term
SOFR + 1.49%, 1.49%
Floor), 5.83%,
11/15/29(b)(d)
|
|
80,000
|
80,250
|
|
Series 2024-UNIV,
Class E, (1M CME Term
SOFR + 3.64%, 3.64%
Floor), 7.98%,
11/15/29(b)(d)
|
|
50,000
|
50,026
|
|
|
|||
|
BHMS, Series 2018-ATLS,
Class A, (1M CME Term
SOFR + 1.55%, 1.50%
Floor), 5.89%,
7/15/35(b)(d)
|
|
190,000
|
189,963
|
|
BPR Commercial Mortgage
Trust, Series 2024-PARK,
Class A, 5.22%,
11/05/39(b)(g)
|
|
110,000
|
110,641
|
|
BPR Trust, Series
2024-PMDW, Class A,
5.36%, 11/05/29(b)
|
|
70,000
|
70,625
|
|
|
|
Par(a)
|
Value
|
|
Commercial Mortgage-Backed Securities
(Continued)
|
|||
|
BX Commercial Mortgage
Trust,
|
|
|
|
|
Series 2024-BRBK,
Class D, (1M CME Term
SOFR + 5.97%, 5.97%
Floor), 10.31%,
10/15/41(b)(d)
|
|
$10,000
|
$10,037
|
|
Series 2024-PURE,
Class A, (CORRA Index +
1.90%, 1.90% Floor),
4.66%, 11/15/29(b)(d)
|
CAD
|
26,000
|
19,055
|
|
|
|||
|
BX Trust, Series
2025-VLT6, Class A, (1M
CME Term SOFR + 1.44%,
1.44% Floor), 5.79%,
3/15/30(b)(d)
|
|
512,000
|
511,680
|
|
BXP Trust, Series
2017-GM, Class D,
3.42%, 6/13/39(b)(g)
|
|
370,000
|
350,438
|
|
CENT, Series 2025-CITY,
Class A, 5.09%,
7/10/40(b)(g)
|
|
170,000
|
170,580
|
|
CFK Trust, Series
2019-FAX, Class D,
4.64%, 1/15/39(b)(g)
|
|
100,000
|
92,841
|
|
COMM Mortgage Trust,
|
|
|
|
|
Series 2024-CBM,
Class A2, 5.87%,
12/10/41(b)
|
|
110,000
|
111,092
|
|
Series 2025-167G,
Class A, 5.50%,
8/10/40(b)
|
|
36,000
|
35,850
|
|
Series 2025-167G,
Class E, 8.47%,
8/10/40(b)(g)
|
|
30,000
|
29,880
|
|
Series 2025-167G,
Class F, 9.46%,
8/10/40(b)(g)
|
|
18,000
|
17,929
|
|
Series 2025-SBX,
Class B, 5.73%,
8/10/41(b)(e)(g)
|
|
14,000
|
13,995
|
|
|
|||
|
DBGS Mortgage Trust,
Series 2019-1735,
Class X, 0.29%,
4/10/37(g)(m)
|
|
13,945,000
|
123,232
|
|
Fontainbleau Miami Beach
Mortgage Trust, Series
2024-FBLU, Class G, (1M
CME Term SOFR + 5.65%,
5.65% Floor), 9.99%,
12/15/29(b)(d)
|
|
100,000
|
99,981
|
|
FS Rialto Issuer LLC,
|
|
|
|
|
Series 2024-FL9, Class A,
(1M CME Term SOFR +
1.63%, 1.63% Floor),
5.98%, 10/19/39(b)(d)
|
|
100,000
|
100,697
|
|
|
|
Par(a)
|
Value
|
|
Commercial Mortgage-Backed Securities
(Continued)
|
|||
|
FS Rialto Issuer LLC,
|
|
|
|
|
Series 2025-FL10,
Class A, (1M CME Term
SOFR + 1.39%), 5.74%,
8/19/42(b)(d)
|
|
$850,000
|
$847,974
|
|
|
|||
|
GS Mortgage
Securities Corp. Trust,
Series 2023-SHIP,
Class E, 7.43%,
9/10/38(b)(g)
|
|
32,000
|
32,060
|
|
HONO Mortgage Trust,
Series 2021-LULU,
Class A, (1M CME Term
SOFR + 1.26%, 1.15%
Floor), 5.61%,
10/15/36(b)(d)
|
|
580,300
|
578,487
|
|
JP Morgan Chase
Commercial Mortgage
Securities Trust,
|
|
|
|
|
Series 2024-IGLG,
Class A, 5.17%,
11/09/39(b)(g)
|
|
510,000
|
512,237
|
|
Series 2024-IGLG,
Class D, 6.48%,
11/09/39(b)(g)
|
|
140,000
|
138,693
|
|
Series 2024-IGLG,
Class E, 7.25%,
11/09/39(b)(g)
|
|
435,000
|
430,950
|
|
Series 2024-IGLG,
Class F, 8.22%,
11/09/39(b)(g)
|
|
372,000
|
368,547
|
|
|
|||
|
JW Commercial Mortgage
Trust, Series 2024-MRCO,
Class A, (1M CME Term
SOFR + 1.62%, 1.62%
Floor), 5.96%,
6/15/39(b)(d)
|
|
100,000
|
100,125
|
|
KSL Commercial Mortgage
Trust, Series 2024-HT2,
Class A, (1M CME Term
SOFR + 1.54%, 1.54%
Floor), 5.88%,
12/15/39(b)(d)
|
|
100,000
|
99,969
|
|
Lagarino European Loan
Conduit No. 40 DAC, (3M
Euribor + 3.55%), 5.55%,
6/22/37(d)
|
EUR
|
141,000
|
162,371
|
|
Last Mile Logistics Pan
Euro Finance DAC, Series
1X, Class E, (3M Euribor +
2.70%, 2.70% Floor),
4.83%, 8/17/33(d)
|
|
191,462
|
218,473
|
|
Last Mile Securities PE
DAC, Series 2021-1X,
Class D, (3M Euribor +
2.35%, 2.35% Floor),
4.48%, 8/17/31(d)
|
|
194,960
|
222,894
|
|
|
|
Par(a)
|
Value
|
|
Commercial Mortgage-Backed Securities
(Continued)
|
|||
|
|
|||
|
MCR Mortgage Trust,
Series 2024-HF1, Class A,
(1M CME Term SOFR +
1.79%, 1.79% Floor),
6.13%, 12/15/41(b)(d)
|
|
$328,000
|
$328,410
|
|
MILE Trust, Series
2025-STNE, Class B, (1M
CME Term SOFR + 1.70%,
1.70% Floor), 6.04%,
7/15/30(b)(d)
|
|
850,000
|
850,265
|
|
Morgan Stanley Capital I
Trust,
|
|
|
|
|
Series 2019-L2, Class XA,
0.99%, 3/15/52(g)(m)
|
|
2,320,149
|
68,060
|
|
Series 2021-230P,
Class B, (1M CME Term
SOFR + 1.56%, 1.45%
Floor), 5.91%,
12/15/38(b)(d)
|
|
10,000
|
9,103
|
|
|
|||
|
MSWF Commercial
Mortgage Trust, Series
2023-2, Class XA, 0.91%,
12/15/56(g)(m)
|
|
997,876
|
57,844
|
|
ORL Trust, Series
2024-GLKS, Class A, (1M
CME Term SOFR + 1.49%,
1.49% Floor), 5.83%,
12/15/39(b)(d)
|
|
100,000
|
100,089
|
|
PENN Commercial
Mortgage Trust, Series
2025-P11, Class A,
5.52%, 8/12/42(b)(g)
|
|
21,000
|
21,060
|
|
PFP Ltd., Series 2022-9,
Class A, (1M CME Term
SOFR + 2.27%, 2.27%
Floor), 6.61%,
8/19/35(b)(d)
|
|
66,822
|
66,931
|
|
ROCK Trust, Series
2024-CNTR, Class E,
8.82%, 11/13/41(b)
|
|
100,000
|
105,190
|
|
SCG Commercial Mortgage
Trust, Series 2025-FLWR,
Class A, (1M CME Term
SOFR + 1.25%), 5.60%,
8/15/30(b)(d)(e)
|
|
48,000
|
48,000
|
|
SELF Commerical
Mortgage Trust,
|
|
|
|
|
Series 2024-STRG,
Class A, (1M CME Term
SOFR + 1.54%, 1.54%
Floor), 5.88%,
11/15/34(b)(d)
|
|
210,000
|
211,331
|
|
Series 2024-STRG,
Class E, (1M CME Term
SOFR + 4.19%, 4.19%
Floor), 8.53%,
11/15/34(b)(d)
|
|
100,000
|
99,736
|
|
|
|
Par(a)
|
Value
|
|
Commercial Mortgage-Backed Securities
(Continued)
|
|||
|
SELF Commerical
Mortgage Trust,
|
|
|
|
|
Series 2024-STRG,
Class F, (1M CME Term
SOFR + 5.19%, 5.19%
Floor), 9.53%,
11/15/34(b)(d)
|
|
$100,000
|
$99,448
|
|
|
|||
|
STWD Ltd., Series
2021-FL2, Class AS, (1M
CME Term SOFR + 1.56%,
1.45% Floor), 5.91%,
4/18/38(b)(d)
|
|
850,000
|
850,051
|
|
Taurus UK DAC, Series
2025-UK2X, Class D,
(SONIO/N Index +
3.20%), 7.44%, 2/18/35(d)
|
GBP
|
157,265
|
209,098
|
|
THE Trust, Series
2023-MIC, Class A,
8.44%, 12/05/38(b)(g)
|
|
30,000
|
32,455
|
|
TTAN, Series 2021-MHC,
Class F, (1M CME Term
SOFR + 3.01%, 2.90%
Floor), 7.36%,
3/15/38(b)(d)
|
|
70,215
|
70,347
|
|
UK Logistics DAC, Series
2025-1X, Class D,
(SONIO/N Index +
4.00%), 8.32%, 5/17/35(d)
|
GBP
|
158,000
|
210,132
|
|
VDCM Commercial
Mortgage Trust, Series
2025-AZ, Class A, 5.23%,
7/13/44(b)(g)
|
|
1,000,000
|
999,918
|
|
VEGAS,
|
|
|
|
|
Series 2024-GCS,
Class C, 6.22%,
7/10/36(b)(g)
|
|
140,000
|
137,041
|
|
Series 2024-GCS,
Class D, 6.22%,
7/10/36(b)(g)
|
|
330,000
|
309,860
|
|
Velocity Commercial
Capital Loan Trust,
|
|
|
|
|
Series 2024-1, Class A,
6.55%, 1/25/54(b)
|
|
62,430
|
62,917
|
|
Series 2024-6, Class M3,
6.92%, 12/25/54(b)(g)
|
|
99,181
|
99,175
|
|
|
|
|
12,913,643
|
|
Federal Home Loan Mortgage Corporation – 2.5%
|
|||
|
Multiclass Certificates,
Series 2024-P015,
Class A1, 4.30%,
11/25/32(g)
|
|
46,781
|
45,253
|
|
|
|
Par(a)
|
Value
|
|
Federal Home Loan Mortgage Corporation
(Continued)
|
|||
|
Pool,
|
|
|
|
|
3.50%, 1/01/34 - 2/01/48
|
|
$273,129
|
$257,683
|
|
2.00%, 9/01/35 - 2/01/52
|
|
5,294,942
|
4,324,393
|
|
1.50%, 4/01/36 - 6/01/51
|
|
939,716
|
754,140
|
|
3.00%, 9/01/37 - 8/01/52
|
|
3,982,602
|
3,492,255
|
|
4.50%, 1/01/49 - 2/01/53
|
|
541,642
|
520,725
|
|
4.00%, 6/01/49 - 6/01/52
|
|
606,051
|
567,300
|
|
2.50%, 7/01/50 - 4/01/52
|
|
3,305,536
|
2,760,376
|
|
5.00%, 6/01/52 -
11/01/53
|
|
2,523,486
|
2,470,076
|
|
6.00%, 11/01/52 -
6/01/53
|
|
825,237
|
842,335
|
|
5.50%, 1/01/53 - 8/01/53
|
|
820,544
|
823,390
|
|
6.50%, 11/01/53
|
|
72,559
|
75,346
|
|
6.00%, 4/01/54 -
5/01/55(e)
|
|
202,997
|
206,640
|
|
Real Estate Mortgage
Investment Conduits,
|
|
|
|
|
Series 5112, Class KI,
3.50%, 6/25/51(m)
|
|
341,456
|
64,757
|
|
Series 5499, Class B,
5.50%, 7/25/53
|
|
851,357
|
850,936
|
|
Series 5513, Class FD,
(30D Average SOFR +
1.35%, 1.35% Floor,
6.50% Cap), 5.70%,
1/25/55(d)
|
|
1,038,597
|
1,038,651
|
|
Series 5516, Class FC,
(30D Average SOFR +
1.40%, 1.40% Floor,
6.50% Cap), 5.75%,
3/25/55(d)
|
|
2,402,968
|
2,404,684
|
|
Series 5554, Class A,
5.25%, 4/25/53
|
|
493,388
|
489,739
|
|
Series 5564, Class CA,
5.00%, 2/25/52
|
|
300,000
|
297,119
|
|
Series 5566, Class EA,
5.00%, 11/25/51
|
|
750,000
|
741,293
|
|
Series 5571, Class BA,
5.00%, 10/25/51
|
|
700,000
|
693,719
|
|
|
|
|
23,720,810
|
|
Federal Home Loan Mortgage Corporation Gold –
0.3%
|
|||
|
Pool,
|
|
|
|
|
3.00%, 10/01/32 -
12/01/32
|
|
373,653
|
361,114
|
|
4.50%, 4/01/47 - 4/01/49
|
|
428,803
|
416,809
|
|
5.00%, 11/01/48
|
|
22,776
|
22,659
|
|
3.50%, 4/01/49
|
|
1,740,487
|
1,597,601
|
|
|
|
|
2,398,183
|
|
|
|
Par(a)
|
Value
|
|
Federal National Mortgage Association – 11.2%
|
|||
|
Pool,
|
|
|
|
|
3.00%, 9/01/28 - 6/01/52
|
|
$19,312,534
|
$16,628,097
|
|
2.50%, 12/01/33 -
2/01/52
|
|
22,984,025
|
19,100,035
|
|
3.50%, 1/01/34 - 1/01/51
|
|
798,716
|
735,660
|
|
2.00%, 9/01/35 - 3/01/52
|
|
11,047,911
|
9,003,685
|
|
1.50%, 3/01/36 - 3/01/51
|
|
3,683,859
|
2,990,255
|
|
4.50%, 11/01/43 -
9/01/53
|
|
1,639,088
|
1,587,545
|
|
4.00%, 7/01/44 - 5/01/52
|
|
2,831,039
|
2,654,184
|
|
5.00%, 8/01/48 - 6/01/55
|
|
15,075,510
|
14,687,176
|
|
2.00%, 11/01/51(e)
|
|
937,365
|
736,371
|
|
3.00%, 7/01/52(e)
|
|
159,221
|
136,978
|
|
6.00%, 11/01/52 -
6/01/55
|
|
8,795,819
|
8,940,261
|
|
5.50%, 1/01/53 - 6/01/55
|
|
20,483,910
|
20,391,014
|
|
6.50%, 8/01/53 - 7/01/54
|
|
1,493,201
|
1,544,811
|
|
5.69%, 7/01/55
|
|
400,000
|
398,835
|
|
6.50%, 9/01/55(e)
|
|
3,180,000
|
3,277,034
|
|
Real Estate Mortgage
Investment Conduits,
|
|
|
|
|
Series 2020-32, Class PI,
4.00%, 5/25/50(m)
|
|
69,381
|
15,071
|
|
Series 2025-52,
Class GA, 5.00%,
1/25/53
|
|
739,208
|
732,128
|
|
Series 2025-64, Class BA,
5.00%, 5/25/52
|
|
450,000
|
445,872
|
|
Series 2025-65, Class BA,
5.00%, 11/25/53
|
|
800,000
|
790,678
|
|
Series 2025-68, Class CA,
5.00%, 1/25/53
|
|
450,000
|
446,417
|
|
Series 2025-69,
Class DA, 5.00%,
10/25/51
|
|
900,000
|
890,569
|
|
|
|
|
106,132,676
|
|
Government National Mortgage Association – 1.6%
|
|||
|
Pool,
|
|
|
|
|
2.00%, 8/01/53(e)
|
|
1,845,000
|
1,489,073
|
|
3.00%, 8/01/53(e)
|
|
939,000
|
820,330
|
|
3.50%, 8/01/53 -
9/01/55(e)
|
|
1,202,000
|
1,078,379
|
|
4.50%, 8/01/53(e)
|
|
1,478,000
|
1,402,447
|
|
5.00%, 8/01/53(e)
|
|
2,091,000
|
2,040,494
|
|
5.50%, 8/01/53(e)
|
|
2,384,000
|
2,377,566
|
|
6.00%, 8/01/53(e)
|
|
1,509,000
|
1,529,218
|
|
2.50%, 8/01/55(e)
|
|
1,195,000
|
1,004,742
|
|
4.00%, 8/01/55(e)
|
|
538,000
|
495,377
|
|
6.50%, 8/01/55(e)
|
|
712,000
|
730,798
|
|
Series 2021-58, Class IY,
3.00%, 2/20/51(m)
|
|
620,222
|
101,603
|
|
Series 2021-67, Class QI,
3.00%, 4/20/51(m)
|
|
62,897
|
10,749
|
|
|
|
Par(a)
|
Value
|
|
Government National Mortgage Association
(Continued)
|
|||
|
Pool,
|
|
|
|
|
Series 2021-76, Class JI,
3.00%, 8/20/50(m)
|
|
$64,595
|
$11,017
|
|
Series 2021-78, Class IP,
3.00%, 5/20/51(m)
|
|
586,411
|
98,428
|
|
Series 2021-83, Class PI,
3.00%, 5/20/51(m)
|
|
210,896
|
35,726
|
|
Series 2021-96, Class MI,
3.00%, 6/20/51(m)
|
|
112,947
|
19,321
|
|
Series 2021-97, Class LI,
3.00%, 8/20/50(m)
|
|
749,888
|
124,170
|
|
Series 2022-78, Class IO,
3.00%, 8/20/51(m)
|
|
67,739
|
11,479
|
|
Series 2022-85, Class IK,
3.00%, 5/20/51(m)
|
|
346,406
|
59,238
|
|
Series 2025-1, Class CT,
5.00%, 1/20/55
|
|
153,787
|
151,886
|
|
Series 2025-1, Class MT,
5.00%, 1/20/55
|
|
329,969
|
326,136
|
|
Series 2025-117,
Class NB, 5.25%,
3/20/52
|
|
650,000
|
648,928
|
|
Series 2025-126,
Class AD, 5.00%,
5/16/65
|
|
54,084
|
53,294
|
|
Series 2025-128,
Class AG, 4.75%,
7/16/66
|
|
81,000
|
77,077
|
|
Series 2025-128, Column
AD, 5.00%, 10/16/56
|
|
82,000
|
80,505
|
|
Series 2025-129,
Class AB, 4.75%,
8/16/54
|
|
40,000
|
39,351
|
|
Series 2025-130,
Class AL, 4.75%,
10/16/31
|
|
40,000
|
39,448
|
|
Series 2025-88, Class AT,
5.00%, 6/16/58
|
|
40,543
|
40,131
|
|
|
|
|
14,896,911
|
|
Government National Mortgage Association II – 0.7%
|
|||
|
Pool,
|
|
|
|
|
3.50%, 4/20/45 - 6/20/52
|
|
814,237
|
740,384
|
|
4.00%, 3/20/47 -
12/20/52
|
|
904,048
|
843,861
|
|
4.50%, 4/20/47 - 8/20/50
|
|
129,191
|
125,004
|
|
3.00%, 4/20/50 - 1/20/52
|
|
1,709,604
|
1,496,573
|
|
2.00%, 8/20/50 - 2/20/51
|
|
1,794,988
|
1,449,646
|
|
2.50%, 4/20/51 - 1/20/53
|
|
2,450,385
|
2,061,886
|
|
|
|
|
6,717,354
|
|
Uniform Mortgage-Backed Securities – 10.0%
|
|||
|
Pool,
|
|
|
|
|
1.50%, 8/01/38(e)
|
|
125,000
|
110,368
|
|
|
|
Par(a)
|
Value
|
|
Uniform Mortgage-Backed Securities (Continued)
|
|||
|
Pool,
|
|
|
|
|
2.50%, 8/01/40 -
8/01/53(e)
|
|
$143,600
|
$120,041
|
|
4.00%, 8/01/40 -
8/01/52(e)
|
|
676,000
|
630,085
|
|
4.50%, 8/01/40(e)
|
|
590,000
|
582,846
|
|
5.00%, 9/01/40 -
9/01/53(e)
|
|
23,474,000
|
23,304,546
|
|
3.00%, 8/01/52 -
9/01/53(e)
|
|
1,031,700
|
882,932
|
|
2.00%, 8/01/53(e)
|
|
1,437,000
|
1,123,857
|
|
3.50%, 8/01/53 -
9/01/53(e)
|
|
1,916,000
|
1,709,174
|
|
5.50%, 8/01/53 -
9/01/53(e)
|
|
39,443,000
|
39,231,308
|
|
6.00%, 8/01/53(e)
|
|
25,746,000
|
26,101,857
|
|
6.50%, 8/01/53(e)
|
|
1,277,000
|
1,317,113
|
|
|
|
|
95,114,127
|
|
Whole Loan – 3.0%
|
|||
|
A&D Mortgage Trust,
Series 2024-NQM5,
Class M1, 6.52%,
11/25/69(b)
|
|
201,500
|
203,159
|
|
ACRA Trust, Series
2024-NQM1, Class A1,
(Step to 6.61% on
11/25/28), 5.61%,
10/25/64(b)(f)
|
|
160,746
|
160,470
|
|
Anchor Mortgage Trust,
Series 2025-RTL1,
Class A1, 5.72%,
5/25/40(b)
|
|
800,000
|
798,712
|
|
Angel Oak Mortgage Trust,
|
|
|
|
|
Series 2023-7, Class A1,
(Step to 4.77% on
9/25/25), 4.80%,
11/25/67(b)(f)
|
|
101,810
|
100,784
|
|
Series 2024-10, Class A1,
(Step to 6.35% on
11/25/28), 5.35%,
10/25/69(b)(f)
|
|
44,150
|
43,906
|
|
Series 2024-11, Class A1,
(Step to 6.70% on
11/25/28), 5.70%,
8/25/69(b)(f)
|
|
367,948
|
368,080
|
|
Series 2025-1, Class A1,
(Step to 6.69% on
2/25/29), 5.69%,
1/25/70(b)(f)
|
|
184,425
|
184,447
|
|
Series 2025-8, Class A1,
(Step to 6.41% on
8/25/29), 5.41%,
7/25/70(b)(f)
|
|
112,264
|
112,175
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
|
|||
|
Braccan Mortgage Funding
PLC, Series 2024-1,
Class X, (SONIO/N Index
+ 4.34%), 8.58%,
1/15/67(d)
|
GBP
|
112,157
|
$148,785
|
|
BRAVO, Series
2024-NQM6, Class A3,
5.71%, 8/01/64(b)
|
|
$674,034
|
671,468
|
|
BRAVO Residential
Funding Trust,
|
|
|
|
|
Series 2023-NQM6,
Class B1, 8.00%,
9/25/63(b)(g)
|
|
100,000
|
100,772
|
|
Series 2025-NQM7,
Class A2, (Step to
6.66% on 8/25/29),
5.66%, 7/25/65(b)(e)(f)
|
|
850,000
|
848,852
|
|
|
|||
|
CAFL Issuer LLC, Series
2024-RTL1, Class A1,
(Step to 8.25% on
6/28/27), 6.75%,
11/28/31(b)(f)
|
|
100,000
|
100,968
|
|
CHL Mortgage
Pass-Through Trust,
|
|
|
|
|
Series 2006-17, Class A6,
6.00%, 12/25/36
|
|
5,089
|
2,224
|
|
Series 2007-9, Class A1,
5.75%, 7/25/37
|
|
25,409
|
11,757
|
|
Series 2007-9, Class A11,
5.75%, 7/25/37
|
|
13,884
|
6,424
|
|
|
|||
|
CIM Trust, Series 2025-I1,
Class M1, 6.44%,
10/25/69(b)
|
|
900,000
|
906,802
|
|
COLT Mortgage Loan Trust,
|
|
|
|
|
Series 2021-5, Class A1,
1.73%, 11/26/66(b)
|
|
58,853
|
52,598
|
|
Series 2024-6, Class A1,
(Step to 6.39% on
11/25/28), 5.39%,
11/25/69(b)(f)
|
|
87,625
|
87,522
|
|
Series 2025-7, Class A1,
(Step to 6.47% on
9/25/29), 5.47%,
6/25/70(b)(f)
|
|
117,000
|
116,958
|
|
Series 2025-8, Class A1,
(Step to 6.48% on
9/25/29), 5.48%,
8/25/70(b)(f)
|
|
100,000
|
99,900
|
|
|
|||
|
Cross Mortgage Trust,
Series 2023-H2,
Class A1A, (Step to
8.14% on 11/25/27),
7.14%, 11/25/68(b)(f)
|
|
60,876
|
61,647
|
|
CSMC Trust,
|
|
|
|
|
Series 2022-NQM3,
Class A1B, 4.27%,
3/25/67(b)(g)
|
|
111,000
|
107,699
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
CSMC Trust,
|
|
|
|
|
Series 2022-NQM6,
Class PT, 8.85%,
12/25/67(b)(g)
|
|
$100,700
|
$106,087
|
|
|
|||
|
Deephaven Residential
Mortgage Trust, Series
2024-1, Class A1, (Step
to 6.74% on 11/25/28),
5.74%, 7/25/69(b)(f)
|
|
136,817
|
137,169
|
|
EFMT,
|
|
|
|
|
Series 2024-NQM1,
Class A1A, (Step to
6.71% on 11/25/28),
5.71%, 11/25/69(b)(f)
|
|
342,631
|
342,581
|
|
Series 2025-INV1,
Class A1, (Step to
6.63% on 3/25/29),
5.63%, 3/25/70(b)(f)
|
|
157,686
|
157,893
|
|
Series 2025-INV3,
Class A1, (Step to
6.44% on 8/25/29),
5.44%, 7/25/70(b)(f)
|
|
116,000
|
115,901
|
|
GCAT Trust,
|
|
|
|
|
Series 2025-NQM2,
Class A1, (Step to
6.60% on 6/25/29),
5.60%, 4/25/70(b)(f)
|
|
1,554,068
|
1,557,155
|
|
Series 2025-NQM2,
Class A3, (Step to
7.01% on 6/25/29),
6.01%, 4/25/70(b)(f)
|
|
777,034
|
780,143
|
|
Series 2025-NQM3,
Class A1, (Step to
6.55% on 7/25/29),
5.55%, 5/25/70(b)(f)
|
|
1,635,251
|
1,637,557
|
|
Series 2025-NQM4,
Class A1, (Step to
6.53% on 8/25/29),
5.53%, 6/25/70(b)(f)
|
|
170,000
|
169,984
|
|
Series 2025-NQM4,
Class A2, (Step to
6.73% on 8/25/29),
5.73%, 6/25/70(b)(f)
|
|
500,000
|
499,948
|
|
GS Mortgage-Backed
Securities Trust,
|
|
|
|
|
Series 2022-NQM1,
Class A4, 4.00%,
5/25/62(b)
|
|
66,715
|
60,399
|
|
Series 2025-HE1,
Class A1, (30D Average
SOFR + 1.55%), 6.09%,
10/25/55(b)(d)
|
|
500,000
|
499,934
|
|
|
|||
|
GSR Mortgage Loan Trust,
Series 2007-1F, Class
2A4, 5.50%, 1/25/37
|
|
41,076
|
82,180
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
Homes Trust,
|
|
|
|
|
Series 2024-NQM2,
Class A1, (Step to
6.72% on 12/25/28),
5.72%, 10/25/69(b)(f)
|
|
$94,146
|
$94,316
|
|
Series 2025-AFC2,
Class A1B, (Step to
6.57% on 7/25/29),
5.57%, 6/25/60(b)(f)
|
|
784,148
|
782,785
|
|
Series 2025-NQM2,
Class A1, (Step to
6.43% on 5/25/29),
5.43%, 2/25/70(b)(f)
|
|
96,230
|
96,187
|
|
|
|||
|
Household Capital, Series
2025-1, Class A, (3M
Australian BBSW +
1.90%), 5.74%, 7/21/87(d)
|
AUD
|
60,000
|
38,563
|
|
Impac Secured Assets
Trust, Series 2006-3,
Class A1, (1M CME Term
SOFR + 0.45%, 0.34%
Floor), 4.81%, 11/25/36(d)
|
|
86,404
|
78,406
|
|
IndyMac INDX Mortgage
Loan Trust, Series
2006-AR41, Class A3,
(1M CME Term SOFR +
0.47%, 0.36% Floor,
11.00% Cap), 4.83%,
2/25/37(d)
|
|
8,984
|
8,472
|
|
JP Morgan Mortgage
Trust,
|
|
|
|
|
Series 2024-VIS2,
Class B1, 7.72%,
11/25/64(b)(g)
|
|
25,000
|
25,240
|
|
Series 2025-VIS1,
Class M1, 6.41%,
8/25/55(b)(g)
|
|
150,000
|
150,742
|
|
|
|||
|
Jupiter Mortgage No. 1
PLC, Series 1X, Class DR,
(SONIO/N Index +
3.00%), 7.24%, 7/20/55(d)
|
GBP
|
100,000
|
134,041
|
|
MASTR Asset
Securitization Trust,
|
|
|
|
|
Series 2007-1, Class 1A4,
6.50%, 11/25/37
|
|
562,796
|
92,767
|
|
Series 2007-2, Class A2,
6.25%, 1/25/38
|
|
299,998
|
154,221
|
|
Morgan Stanley
Residential Mortgage
Loan Trust,
|
|
|
|
|
Series 2025-DSC2,
Class A1, (Step to
6.44% on 8/25/29),
5.44%, 7/25/70(b)(f)
|
|
116,000
|
115,908
|
|
Series 2025-NQM1,
Class M1, 6.50%,
11/25/69(b)
|
|
182,800
|
184,527
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
New Residential Mortgage
Loan Trust,
|
|
|
|
|
Series 2024-NQM1,
Class A1, (Step to
6.64% on 12/25/32),
5.38%, 1/25/65(b)(f)
|
|
$142,492
|
$143,077
|
|
Series 2024-NQM1,
Class M1, 6.47%,
1/25/65(b)
|
|
501,164
|
506,169
|
|
Series 2024-NQM3,
Class B1, 7.17%,
11/25/64(b)(g)
|
|
100,000
|
102,365
|
|
Series 2025-NQM3,
Class A1, (Step to
6.53% on 9/25/40),
5.53%, 5/25/65(b)(f)
|
|
774,969
|
777,251
|
|
Series 2025-NQM3,
Class A3, (Step to
6.74% on 9/25/40),
5.99%, 5/25/65(b)(f)
|
|
774,969
|
777,464
|
|
Series 2025-NQM4,
Class A1, 5.35%,
7/25/65(b)(g)
|
|
100,000
|
99,839
|
|
|
|||
|
NYMT Loan Trust, Series
2025-CP1, Class A1,
3.75%, 11/25/69(b)(g)
|
|
850,000
|
808,584
|
|
OBX Trust,
|
|
|
|
|
Series 2024-NQM18,
Class A3, (Step to
6.87% on 12/25/28),
5.87%, 10/25/64(b)(f)
|
|
683,509
|
684,153
|
|
Series 2025-NQM10,
Class A3, (Step to
6.71% on 6/25/29),
5.71%, 5/25/65(b)(f)
|
|
791,523
|
793,449
|
|
Series 2025-NQM13,
Class A3, (Step to
6.82% on 8/25/29),
5.82%, 5/25/65(b)(f)
|
|
800,000
|
799,761
|
|
Series 2025-NQM3,
Class A1, (Step to
6.65% on 3/25/29),
5.65%, 12/01/64(b)(f)
|
|
106,616
|
106,846
|
|
|
|||
|
PMT Loan Trust, Series
2025-INV7, Class A7,
6.00%, 6/25/56(b)(g)
|
|
800,000
|
809,751
|
|
PRKCM Trust, Series
2023-AFC1, Class B1,
7.44%, 2/25/58(b)(g)
|
|
226,000
|
226,713
|
|
PRPM, Series 2025-3,
Class A1, (Step to 9.26%
on 6/25/28), 6.26%,
5/25/30(b)(f)
|
|
781,006
|
782,380
|
|
PRPM LLC,
|
|
|
|
|
Series 2025-5, Class A1,
(Step to 8.73% on
8/25/28), 5.93%,
7/25/30(b)(f)
|
|
800,000
|
799,452
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
PRPM LLC,
|
|
|
|
|
Series 2025-RCF3,
Class A1, (Step to
6.25% on 8/25/29),
5.25%, 7/25/55(b)(f)
|
|
$500,000
|
$499,090
|
|
PRPM Trust,
|
|
|
|
|
Series 2024-NQM1,
Class B1, 7.48%,
12/25/68(b)(g)
|
|
100,000
|
100,832
|
|
Series 2025-NQM1,
Class A1, (Step to
6.80% on 3/25/29),
5.80%, 11/25/69(b)(f)
|
|
94,607
|
94,807
|
|
Series 2025-NQM3,
Class A1, (Step to
6.61% on 8/25/29),
5.61%, 5/25/70(b)(f)
|
|
116,000
|
116,070
|
|
|
|||
|
RFMSI Trust, Series
006-SA4, Class 2A1,
5.54%, 11/25/36(g)
|
|
17,752
|
14,918
|
|
Saluda Grade Alternative
Mortgage Trust, Series
2025-LOC4, Class A1A,
(30D Average SOFR +
1.75%), 6.10%,
6/25/55(b)(d)
|
|
780,981
|
780,977
|
|
Sequoia Mortgage Trust,
|
|
|
|
|
Series 2025-5, Class A5,
5.50%, 6/25/55(b)(g)
|
|
949,060
|
947,879
|
|
Series 2025-6, Class A11,
5.50%, 3/25/38(b)(g)(l)
|
|
791,761
|
791,332
|
|
|
|||
|
Towd Point Mortgage
Trust, Series 2025-1,
Class A1B, 4.75%,
6/25/65(b)(g)
|
|
987,818
|
983,469
|
|
Verus Securitization Trust,
|
|
|
|
|
Series 2021-8, Class A1,
1.82%, 11/25/66(b)(g)
|
|
57,849
|
52,518
|
|
Series 2023-2, Class B1,
7.47%, 3/25/68(b)(g)
|
|
100,000
|
99,793
|
|
Series 2025-5, Class A1,
(Step to 6.43% on
7/25/29), 5.43%,
6/25/70(b)(f)
|
|
120,170
|
120,200
|
|
Series 2025-5, Class A2,
(Step to 6.58% on
7/25/29), 5.58%,
6/25/70(b)(f)
|
|
787,998
|
785,207
|
|
Series 2025-5, Class A3,
(Step to 6.68% on
7/25/29), 5.68%,
6/25/70(b)(f)
|
|
787,998
|
785,195
|
|
Series 2025-6, Class A1,
(Step to 6.42% on
8/25/29), 5.42%,
7/25/70(b)(f)
|
SAR
|
275,000
|
275,375
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
|
|||
|
Vista Point Securitization
Trust, Series 2020-2,
Class B2, 5.16%,
4/25/65(b)(g)
|
|
$142,800
|
$134,793
|
|
Voyager OPTONE
Delaware Trust, Series
2009-1, Class SAA7,
2.76%, 2/25/38(g)(m)
|
|
159,960
|
34,506
|
|
WaMu Mortgage
Pass-Through Certificates
Trust, Series 2006-AR13,
Class 1A, (12MTA +
0.88%, 0.88% Floor),
4.85%, 10/25/46(d)
|
|
229,290
|
196,384
|
|
|
|
|
28,429,814
|
|
Total Mortgage-Backed Securities
(Cost $295,678,513)
|
290,323,518
|
||
|
|
|||
|
Municipal Bonds – 0.3%
|
|||
|
California – 0.1%
|
|||
|
Bay Area Toll Authority Toll
Bridge Subordinate
Revenue Bonds, Series
S1, Build America Bonds,
7.04%, 4/01/50
|
|
160,000
|
181,547
|
|
California State Taxable
GO Unlimited Refunding
Bonds, Prerefunded,
4.60%, 4/01/28(n)
|
|
325,000
|
328,544
|
|
California State Various
Purpose Taxable GO
Unlimited Bonds, Build
America Bonds,
|
|
|
|
|
7.50%, 4/01/34
|
|
65,000
|
75,235
|
|
7.55%, 4/01/39
|
|
40,000
|
47,819
|
|
|
|||
|
Los Angeles Community
College District GO
Unlimited Bonds, Build
America Bonds, 6.60%,
8/01/42
|
|
45,000
|
47,792
|
|
University of California
Taxable General Revenue
Bonds, Series AD, 4.86%,
5/15/12(o)
|
|
25,000
|
20,687
|
|
|
|
|
701,624
|
|
Georgia – 0.0%(c)
|
|||
|
Municipal Electric
Authority of Georgia
Taxable Revenue Bonds,
Build America Bonds,
6.64%, 4/01/57
|
|
38,000
|
40,729
|
|
|
|
Par(a)
|
Value
|
|
Idaho – 0.1%
|
|||
|
Idaho State Housing &
Finance Association SFM
Taxable Revenue Bond,
Series D (GNMA, FNMA,
FHLMC Insured), 6.01%,
7/01/45
|
|
$850,000
|
$851,422
|
|
Illinois – 0.0%(c)
|
|||
|
Illinois State Taxable
Pension GO Unlimited
Bonds, 5.10%, 6/01/33
|
|
261,765
|
267,434
|
|
Louisiana – 0.0%(c)
|
|||
|
Louisiana State Local
Government
Environmental Facilities
& Community
Development Authority
Taxable Revenue Bonds,
Louisiana Utilities
Restoration Corp.,
Project, 4.15%, 2/01/33
|
|
70,000
|
69,221
|
|
New Jersey – 0.0%(c)
|
|||
|
New Jersey State Turnpike
Authority Taxable
Revenue Bonds, Build
America Bonds, 7.41%,
1/01/40
|
|
106,000
|
125,761
|
|
New York – 0.1%
|
|||
|
Metropolitan
Transportation Authority
Revenue Bonds, Build
America Bonds, 6.67%,
11/15/39
|
|
70,000
|
75,209
|
|
New York City Municipal
Water Finance Authority
Water & Sewer System
Second General
Resolution Taxable
Revenue Bonds, 5.88%,
6/15/44
|
|
30,000
|
30,320
|
|
New York City Municipal
Water Finance Authority
Water & Sewer System
Taxable Revenue Bonds,
Build America Bonds,
6.01%, 6/15/42
|
|
95,000
|
98,396
|
|
New York State Dormitory
Authority Personal
Income TRB, Build
America Bonds, 5.39%,
3/15/40
|
|
30,000
|
29,876
|
|
Port Authority of New York
& New Jersey
Consolidated 165th
Taxable Revenue Bonds,
5.65%, 11/01/40
|
|
65,000
|
67,810
|
|
|
|
Par(a)
|
Value
|
|
New York (Continued)
|
|||
|
Port Authority of New York
& New Jersey
Consolidated 168th
Revenue Bonds, 4.93%,
10/01/51
|
|
$85,000
|
$77,856
|
|
Port Authority of New York
& New Jersey
Consolidated Taxable
Revenue Bonds, Series
181, 4.96%, 8/01/46
|
|
60,000
|
56,129
|
|
|
|
|
435,596
|
|
Ohio – 0.0%(c)
|
|||
|
American Municipal
Power-Ohio, Inc., Taxable
Revenue Bonds, Series B,
Combined Hydroelectric
Projects, 8.08%, 2/15/50
|
|
75,000
|
94,348
|
|
Texas – 0.0%(c)
|
|||
|
San Antonio Electric & Gas
Junior Lien Revenue
Bonds, Build America
Bonds, 5.81%, 2/01/41
|
|
75,000
|
76,210
|
|
Texas State Taxable GO
Unlimited Bonds, Build
America Bonds, 5.52%,
4/01/39
|
|
95,000
|
96,973
|
|
|
|
|
173,183
|
|
Total Municipal Bonds
(Cost $3,009,779)
|
2,759,318
|
||
|
|
|||
|
Term Loans – 0.5%(d)
|
|||
|
Asset Management – 0.1%
|
|||
|
MG Azalea LP, Term Loan,
(1M USD CME Term SOFR
+ 2.10%), 6.45%, 6/24/32
|
|
1,300,000
|
1,300,000
|
|
Consumer Cyclical – 0.1%
|
|||
|
Burlington Coat Factory
Warehouse Corp., Term
B-7 Loan, (1M USD CME
Term SOFR + 1.75%),
6.11%, 9/24/31
|
|
797,990
|
794,199
|
|
Electric Utilities – 0.1%
|
|||
|
NRG Energy, Inc., 2024
New Term Loan,
4/16/31(p)
|
|
750,000
|
749,895
|
|
Energy – 0.1%
|
|||
|
Colossus AcquireCo LLC,
Initial Term Loan,
7/30/32(p)
|
|
800,000
|
795,432
|
|
|
|
Par(a)
|
Value
|
|
Leisure Facilities & Services – 0.1%(c)
|
|||
|
Entain Holdings
(Gibraltar) Ltd., Term Loan
B, 0.00%, 7/30/32(e)
|
|
$325,000
|
$324,594
|
|
Flutter Entertainment PLC,
2024 Refinancing Term B
Loan, (3M USD CME Term
SOFR + 1.75%, 0.50%
Floor), 6.05%, 11/30/30
|
|
89,544
|
89,141
|
|
Flutter Entertainment PLC,
Third Incremental Term B
Loan, (3M USD CME Term
SOFR + 2.00%, 0.50%
Floor), 6.30%, 6/04/32
|
|
450,000
|
449,438
|
|
|
|
|
863,173
|
|
Software – 0.0%(c)
|
|||
|
ConnectWise LLC, Initial
Term Loan, (3M USD CME
Term SOFR + 3.50%,
0.50% Floor), 8.06%,
9/29/28
|
|
22,735
|
22,796
|
|
Specialty Finance – 0.0%(c)
|
|||
|
IMC Financing LLC, Term
Loan, (1M USD CME Term
SOFR + 3.50%), 7.85%,
6/18/32
|
|
300,000
|
302,625
|
|
Total Term Loans
(Cost $4,818,258)
|
4,828,120
|
||
|
|
|||
|
U.S. Government Obligations – 17.6%
|
|||
|
U.S. Treasury Bonds – 5.3%
|
|||
|
4.25%, 5/15/39
|
|
64,000
|
61,673
|
|
4.38%, 11/15/39
|
|
18,814,000
|
18,263,544
|
|
1.13%, 5/15/40
|
|
1,373,000
|
847,667
|
|
1.13%, 8/15/40
|
|
1,373,000
|
839,675
|
|
4.25%, 11/15/40
|
|
1,312,700
|
1,245,834
|
|
1.38%, 11/15/40
|
|
1,373,000
|
869,763
|
|
1.88%, 2/15/41
|
|
1,863,700
|
1,273,431
|
|
3.75%, 8/15/41
|
|
1,029,000
|
912,755
|
|
3.88%, 2/15/43
|
|
652,500
|
577,794
|
|
3.63%, 8/15/43
|
|
1,009,600
|
858,870
|
|
3.75%, 11/15/43
|
|
1,009,600
|
871,845
|
|
4.13%, 8/15/44
|
|
325,700
|
294,911
|
|
4.63%, 11/15/44
|
|
388,000
|
375,329
|
|
2.50%, 2/15/45
|
|
3,008,200
|
2,092,462
|
|
2.75%, 11/15/47
|
|
3,558,600
|
2,499,639
|
|
3.00%, 2/15/48
|
|
1,433,000
|
1,052,135
|
|
2.25%, 8/15/49
|
|
1,430,000
|
884,813
|
|
1.38%, 8/15/50
|
|
389,000
|
189,090
|
|
1.63%, 11/15/50
|
|
251,800
|
130,749
|
|
2.38%, 5/15/51
|
|
391,300
|
244,547
|
|
2.00%, 8/15/51
|
|
389,000
|
220,970
|
|
1.88%, 11/15/51
|
|
1,164,000
|
637,654
|
|
|
|
Par(a)
|
Value
|
|
U.S. Treasury Bonds (Continued)
|
|||
|
2.25%, 2/15/52
|
|
$1,486,200
|
$894,274
|
|
3.00%, 8/15/52
|
|
26,000
|
18,483
|
|
3.63%, 2/15/53
|
|
41,000
|
32,991
|
|
3.63%, 5/15/53
|
|
35,500
|
28,535
|
|
4.63%, 2/15/55
|
|
132,000
|
126,452
|
|
4.75%, 5/15/55
|
|
2,040,000
|
1,995,375
|
|
0.00%, 5/15/45(q)(r)
|
|
8,000,000
|
2,986,740
|
|
0.00%, 5/15/55(r)
|
|
36,000,000
|
8,451,127
|
|
|
|
|
49,779,127
|
|
U.S. Treasury Notes – 12.3%
|
|||
|
1.25%, 4/15/28
|
|
1,280,000
|
1,368,813
|
|
2.13%, 4/15/29
|
|
2,870,000
|
3,061,973
|
|
1.63%, 10/15/29
|
|
3,420,000
|
3,538,687
|
|
1.38%, 7/15/33
|
|
260,000
|
266,623
|
|
1.88%, 7/15/34
|
|
4,710,000
|
4,817,924
|
|
2.13%, 1/15/35
|
|
8,180,000
|
8,437,865
|
|
4.63%, 10/15/26
|
|
53,000
|
53,306
|
|
2.00%, 11/15/26
|
|
1,385,800
|
1,349,423
|
|
4.25%, 11/30/26
|
|
5,998,000
|
6,009,481
|
|
4.38%, 12/15/26
|
|
1,952,700
|
1,960,633
|
|
4.25%, 12/31/26
|
|
156,000
|
156,372
|
|
4.00%, 1/15/27
|
|
1,332,700
|
1,331,659
|
|
1.88%, 2/28/27
|
|
4,000
|
3,870
|
|
4.25%, 3/15/27
|
|
1,332,700
|
1,337,646
|
|
3.75%, 4/30/27
|
|
111,000
|
110,562
|
|
0.50%, 5/31/27
|
|
688,000
|
646,344
|
|
3.25%, 6/30/27(i)
|
|
4,939,000
|
4,875,912
|
|
4.38%, 7/15/27
|
|
24,000
|
24,187
|
|
2.25%, 8/15/27
|
|
1,202,400
|
1,162,852
|
|
3.13%, 8/31/27
|
|
6,000
|
5,904
|
|
3.38%, 9/15/27(i)
|
|
100,000
|
98,898
|
|
0.38%, 9/30/27
|
|
970,000
|
899,372
|
|
4.13%, 10/31/27
|
|
1,096,600
|
1,101,269
|
|
0.63%, 11/30/27
|
|
12,000
|
11,130
|
|
3.88%, 11/30/27(i)
|
|
1,475,500
|
1,474,174
|
|
4.00%, 2/29/28
|
|
14,000
|
14,036
|
|
1.25%, 3/31/28
|
|
1,046,700
|
977,233
|
|
3.50%, 4/30/28
|
|
61,000
|
60,376
|
|
3.75%, 5/15/28
|
|
9,600,000
|
9,565,500
|
|
1.25%, 5/31/28
|
|
1,710,800
|
1,590,844
|
|
1.13%, 8/31/28
|
|
1,395,200
|
1,284,183
|
|
4.38%, 8/31/28
|
|
1,223,100
|
1,240,061
|
|
1.25%, 9/30/28
|
|
1,368,700
|
1,261,984
|
|
1.38%, 12/31/28
|
|
4,000
|
3,681
|
|
3.75%, 12/31/28
|
|
1,599,000
|
1,591,192
|
|
2.38%, 3/31/29
|
|
1,121,800
|
1,063,431
|
|
3.25%, 6/30/29
|
|
1,253,600
|
1,223,533
|
|
4.25%, 6/30/29
|
|
2,000
|
2,024
|
|
4.00%, 2/28/30
|
|
304,000
|
304,819
|
|
3.88%, 4/30/30
|
|
9,556,000
|
9,526,884
|
|
|
|
Par(a)
|
Value
|
|
U.S. Treasury Notes (Continued)
|
|||
|
3.75%, 5/31/30
|
|
$1,046,000
|
$1,036,521
|
|
4.00%, 5/31/30(q)
|
|
14,633,000
|
14,668,439
|
|
3.88%, 6/30/30(i)
|
|
170,000
|
169,389
|
|
4.00%, 7/31/30
|
|
175,000
|
175,260
|
|
4.88%, 10/31/30
|
|
844,300
|
879,490
|
|
3.75%, 12/31/30
|
|
13,000
|
12,840
|
|
4.25%, 6/30/31
|
|
1,278,500
|
1,291,485
|
|
3.63%, 9/30/31(i)
|
|
1,177,200
|
1,148,598
|
|
4.13%, 11/30/31
|
|
13,000
|
13,023
|
|
4.50%, 12/31/31
|
|
752,100
|
768,993
|
|
4.13%, 2/29/32
|
|
29,000
|
29,022
|
|
4.00%, 4/30/32
|
|
6,500,000
|
6,452,520
|
|
2.88%, 5/15/32
|
|
43,600
|
40,376
|
|
4.13%, 5/31/32
|
|
14,250,000
|
14,243,320
|
|
4.00%, 6/30/32
|
|
329,000
|
326,327
|
|
4.00%, 2/15/34
|
|
1,061,800
|
1,041,269
|
|
3.88%, 8/15/34
|
|
16,000
|
15,479
|
|
4.63%, 2/15/35
|
|
149,000
|
152,236
|
|
4.25%, 5/15/35
|
|
684,000
|
678,015
|
|
|
|
|
116,957,262
|
|
Total U.S. Government Obligations
(Cost $169,755,615)
|
166,736,389
|
||
|
|
|
Number
of Shares
|
|
|
Investment Companies – 33.5%
|
|||
|
BlackRock Allocation
Target Shares - BATS,
Series A
|
|
5,928,904
|
56,502,457
|
|
iShares U.S. Treasury Bond
ETF(s)
|
|
11,422,789
|
260,668,045
|
|
Total Investment Companies
(Cost $318,764,707)
|
317,170,502
|
||
|
|
|
Par(a)/Number
of Shares
|
|
|
Short-Term Investments – 3.5%
|
|||
|
Corporate Bonds – 0.0%(c)
|
|||
|
EQT Corp., 3.13%,
5/15/26(b)
|
|
$268,000
|
264,164
|
|
Foreign Issuer Bonds – 0.1%
|
|||
|
Diamond II Ltd., 7.95%,
7/28/26
|
|
450,000
|
453,747
|
|
|
|
Par(a)/Number
of Shares
|
Value
|
|
Money Market Funds – 2.9%
|
|||
|
Northern Institutional
Funds - Liquid Assets
Portfolio, 4.37%(t)(u)
|
|
$8,101,008
|
$8,101,008
|
|
Northern Institutional
Funds - Treasury Portfolio
(Premier), 4.15%(t)
|
|
19,121,168
|
19,121,168
|
|
|
|
|
27,222,176
|
|
Mortgage-Backed Securities – 0.0%(c)
|
|||
|
Petroleos Mexicanos,
7.50%, 3/20/26
|
|
422,000
|
422,638
|
|
U.S. Government Obligations – 0.5%
|
|||
|
U.S. Treasury Notes,
|
|
|
|
|
3.13%, 8/15/25(i)
|
|
213,000
|
212,885
|
|
4.63%, 3/15/26(i)
|
|
2,508,000
|
2,515,367
|
|
0.63%, 7/31/26
|
|
1,989,100
|
1,920,228
|
|
|
|
|
4,648,480
|
|
Total Short-Term Investments
(Cost $32,999,860)
|
33,011,205
|
||
|
Number of
Contracts
|
Notional
Amount
|
|
|
|
Purchased Options – 0.1%
|
|||
|
Call Options - Exchange Traded – 0.0%(c)
|
|||
|
3-Month SOFR Future,
Strike Price USD 96.19,
Expires 10/10/25
|
328
|
78,695,400
|
43,050
|
|
Call Swaptions - Over the Counter – 0.0%(c)
|
|||
|
Pay 1-Day USD SOFR
(Annually); Receive 3.93%
(Annually): Interest Rate
Swap Maturing
3/31/2037, Strike Price
USD 3.93, Expires 3/29/27,
Counterparty: Morgan
Stanley
|
1
|
1,046,700
|
38,372
|
|
Pay 1-Day USD SOFR
(Annually); Receive 4.00%
(Annually): Interest Rate
Swap Maturing
3/31/2037, Strike Price
USD 4.00, Expires 3/29/27,
Counterparty: BNP Paribas
|
1
|
428,800
|
16,990
|
|
Pay 1-Day USD SOFR
(Annually); Receive 4.00%
(Annually): Interest Rate
Swap Maturing
6/08/2037, Strike Price
USD 4.00, Expires 6/04/27,
Counterparty: Goldman
Sachs
|
1
|
1,390,000
|
55,707
|
|
Number of
Contracts
|
Notional
Amount
|
Value
|
|
|
Call Swaptions - Over the Counter (Continued)
|
|||
|
Pay 1-Day USD SOFR
(Annually); Receive 4.01%
(Annually): Interest Rate
Swap Maturing
4/16/2037, Strike Price
USD 4.01, Expires 4/14/27,
Counterparty: Deutsche
Bank
|
1
|
$169,133
|
$6,787
|
|
Pay 1-Day USD SOFR
(Annually); Receive 4.05%
(Annually): Interest Rate
Swap Maturing
4/14/2037, Strike Price
USD 4.05, Expires 4/12/27,
Counterparty: Citibank
|
1
|
337,050
|
14,072
|
|
Pay 1-Day USD SOFR
(Annually); Receive 4.05%
(Annually): Interest Rate
Swap Maturing
7/12/2037, Strike Price
USD 4.05, Expires 7/08/27,
Counterparty: Barclays
|
1
|
67,000
|
2,854
|
|
Pay 1-Day USD SOFR
(Annually); Receive 4.07%
(Annually): Interest Rate
Swap Maturing
7/16/2037, Strike Price
USD 4.07, Expires 7/14/27,
Counterparty: Deutsche
Bank
|
1
|
819,500
|
35,621
|
|
Pay 1-Day USD SOFR
(Annually); Receive 4.08%
(Annually): Interest Rate
Swap Maturing
7/19/2037, Strike Price
USD 4.08, Expires 7/15/27,
Counterparty: JPMorgan
Chase
|
1
|
819,500
|
36,062
|
|
Pay 1-Day USD SOFR
(Annually); Receive 4.34%
(Annually): Interest Rate
Swap Maturing
1/15/2037, Strike Price
USD 4.34, Expires 1/13/27,
Counterparty: Deutsche
Bank
|
1
|
745,360
|
41,339
|
|
Pay 1-Day USD SOFR
(Annually); Receive 4.35%
(Annually): Interest Rate
Swap Maturing
1/15/2037, Strike Price
USD 4.35, Expires 1/13/27,
Counterparty: Deutsche
Bank
|
1
|
745,360
|
41,745
|
|
|
|
|
289,549
|
|
Number of
Contracts
|
Notional
Amount
|
Value
|
|
|
Put Options - Over the Counter – 0.0%(c)
|
|||
|
Brazilian Real vs.
U.S. Dollar, Strike Price
BRL 5.48, Expires 8/12/25,
Counterparty: Morgan
Stanley
|
1
|
$7,152,000
|
$8,191
|
|
Chinese Yuan vs.
U.S. Dollar, Strike Price
CNH 7.00, Expires
1/16/26,
Counterparty: Standard
Chartered Bank
|
1
|
7,614,000
|
35,315
|
|
Japanese Yen vs.
U.S. Dollar, Strike Price
JPY 150.00, Expires
11/20/25,
Counterparty: Barclays
|
1
|
3,516,000
|
15,671
|
|
|
|
|
59,177
|
|
Put Swaptions - Over the Counter – 0.1%
|
|||
|
Pay 3.50% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
7/14/2029, Strike Price
USD 3.50, Expires 7/12/27,
Counterparty: BNP Paribas
|
1
|
6,434,214
|
56,247
|
|
Pay 3.50% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
7/14/2029, Strike Price
USD 3.50, Expires 7/12/27,
Counterparty: Bank of
America
|
1
|
7,045,786
|
61,593
|
|
Pay 3.93% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
3/31/2037, Strike Price
USD 3.93, Expires 3/29/27,
Counterparty: Morgan
Stanley
|
1
|
1,046,700
|
38,434
|
|
Pay 4.00% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
3/31/2037, Strike Price
USD 4.00, Expires 3/29/27,
Counterparty: BNP Paribas
|
1
|
428,800
|
14,671
|
|
Pay 4.00% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
6/08/2037, Strike Price
USD 4.00, Expires 6/04/27,
Counterparty: Goldman
Sachs
|
1
|
1,390,000
|
51,438
|
|
Number of
Contracts
|
Notional
Amount
|
Value
|
|
|
Put Swaptions - Over the Counter (Continued)
|
|||
|
Pay 4.01% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
4/16/2037, Strike Price
USD 4.01, Expires 4/14/27,
Counterparty: Deutsche
Bank
|
1
|
$169,133
|
$5,850
|
|
Pay 4.05% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
4/14/2037, Strike Price
USD 4.05, Expires 4/12/27,
Counterparty: Citibank
|
1
|
337,050
|
11,200
|
|
Pay 4.05% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
7/12/2037, Strike Price
USD 4.05, Expires 7/08/27,
Counterparty: Barclays
|
1
|
67,000
|
2,444
|
|
Pay 4.07% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
7/16/2037, Strike Price
USD 4.07, Expires 7/14/27,
Counterparty: Deutsche
Bank
|
1
|
819,500
|
29,558
|
|
Pay 4.08% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
7/19/2037, Strike Price
USD 4.08, Expires 7/15/27,
Counterparty: JPMorgan
Chase
|
1
|
819,500
|
29,255
|
|
Pay 4.33% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
10/16/2055, Strike Price
USD 4.33, Expires
10/14/25,
Counterparty: Citibank
|
1
|
4,800,000
|
38,210
|
|
Pay 4.34% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
1/15/2037, Strike Price
USD 4.34, Expires 1/13/27,
Counterparty: Deutsche
Bank
|
1
|
745,360
|
15,805
|
|
Number of
Contracts
|
Notional
Amount
|
Value
|
|
|
Put Swaptions - Over the Counter (Continued)
|
|||
|
Pay 4.35% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
1/15/2037, Strike Price
USD 4.35, Expires 1/13/27,
Counterparty: Deutsche
Bank
|
1
|
$745,360
|
$15,623
|
|
Pay 4.35% (Annually);
Receive 1-Day USD SOFR
(Annually): Interest Rate
Swap Maturing
8/15/2055, Strike Price
USD 4.35, Expires 8/13/25,
Counterparty: Goldman
Sachs
|
1
|
4,822,000
|
1,036
|
|
|
|
|
371,364
|
|
Total Purchased Options
(Premiums Paid 1,011,161)
|
763,140
|
||
|
Total Long Positions – 113.0%
(Cost $1,079,313,649)
|
1,070,086,683
|
||
|
|
|
Par(a)
|
Value
|
|
Short Positions – (0.9)%(v)
|
|||
|
Mortgage-Backed Securities – (0.9)%
|
|||
|
Uniform Mortgage-Backed Securities – (0.9)%
|
|||
|
Pool,
|
|
|
|
|
2.00%, 8/01/38(e)
|
|
(396,000
)
|
(359,455
)
|
|
3.00%, 8/01/40(e)
|
|
(128,000
)
|
(121,200
)
|
|
3.50%, 8/01/40(e)
|
|
(18,000
)
|
(17,243
)
|
|
4.50%, 8/01/53(e)
|
|
(8,202,000
)
|
(7,779,546
)
|
|
|
|
|
(8,277,444
)
|
|
Total Mortgage-Backed Securities
(Proceeds $8,254,389)
|
(8,277,444
)
|
||
|
Total Short Positions – (0.9)%
(Proceeds $8,254,389)
|
(8,277,444
)
|
||
|
Total Written Options – (0.0)%(c)
(Premiums Received $288,283)
|
(137,520
)
|
||
|
Liabilities less Other Assets – (12.1)%(w)
|
(114,664,382
)
|
||
|
NET ASSETS – 100.0%
|
$947,007,337
|
||
|
Percentages shown are based on Net Assets.
|
|||
|
|
|||
|
(a)
|
Par value is in USD unless otherwise indicated.
|
|
(b)
|
Securities 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. As of July 31, 2025, these
securities had a total value of $158,041,281 or 16.69% of net
assets.
|
|
(c)
|
Amount rounds to less than 0.05%.
|
|
(d)
|
Variable or floating rate security. Rate as of July 31, 2025 is disclosed.
|
|
(e)
|
When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.
|
|
(f)
|
Step coupon bond. Rate as of July 31, 2025 is disclosed.
|
|
(g)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments on
the underlying pool of assets. Rate as of July 31, 2025 is disclosed.
|
|
(h)
|
Investment is valued using significant unobservable inputs (Level 3).
|
|
(i)
|
Security either partially or fully on loan. As of July 31, 2025, the total value of
securities on loan is $18,693,580.
|
|
(j)
|
Distributions from this security are made via payments in-kind (PIK) unless otherwise
noted in the description.
|
|
(k)
|
Variable rate security. Security issued at a fixed coupon rate, which converts to
a variable rate at a future date. Rate as of July 31, 2025 is
disclosed.
|
|
(l)
|
Perpetual bond. Maturity date represents next call date.
|
|
(m)
|
Security is an Interest Only Strip.
|
|
(n)
|
Maturity date represents the prerefunded date.
|
|
(o)
|
Century bond maturing in 2112.
|
|
(p)
|
Position is unsettled. Contract rate was not determined at July 31, 2025 and does
not take effect until settlement date.
|
|
(q)
|
All or a portion of the security was held as collateral for open futures, options,
securities sold short and/or swap agreements.
|
|
(r)
|
Zero coupon bond.
|
|
(s)
|
Fair value of this security exceeds 25% of the Fund's Net Assets. Additional information
for this security, including the financial statements, is
available from the SEC's EDGAR database at www.sec.gov.
|
|
(t)
|
7-day current yield as of July 31, 2025 is disclosed.
|
|
(u)
|
Security purchased with the cash proceeds from securities loaned. As of July 31, 2025,
total cash collateral has a value of $8,101,008 and total
non-cash collateral has a value of $11,022,705.
|
|
(v)
|
Securities sold short are not owned by the Fund.
|
|
(w)
|
Includes appreciation/(depreciation) on forward foreign currency exchange, futures,
swap and written options contracts.
|
|
*
|
Non-Income Producing Security
|
|
Abbreviations:
|
|
1M
|
1 Month
|
|
1Y
|
1 Year
|
|
3M
|
3 Month
|
|
5Y
|
5 Year
|
|
6M
|
6 Month
|
|
10Y
|
10 Year
|
|
12MTA
|
12 Month Treasury Average
|
|
30D
|
30 Day
|
|
ABS
|
Asset-Backed Security
|
|
AUD
|
Australian Dollar
|
|
BATS
|
Better Alternative Trading System
|
|
BBSW
|
Bank Bill Swap Rate
|
|
BRL
|
Brazilian Real
|
|
CAD
|
Canadian Dollar
|
|
CDX
|
Credit Default Swap Index
|
|
CLO
|
Collateralized Loan Obligation
|
|
CME
|
Chicago Mercantile Exchange
|
|
CMS
|
Constant Maturity Swap
|
|
CMT
|
Constant Maturity
|
|
CNH
|
Chinese Yuan Renminbi
|
|
COP
|
Colombian Peso
|
|
CORRA
|
Canadian Overnight Repo Rate Average
|
|
ETF
|
Exchange-Traded Fund
|
|
EUR
|
Euro
|
|
EURIBOR
|
Euro Interbank Offered Rate
|
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
|
FNMA
|
Federal National Mortgage Association
|
|
GBP
|
British Pound
|
|
GNMA
|
Government National Mortgage Association
|
|
GO
|
Government Obligation
|
|
IO
|
Interest Only
|
|
JPY
|
Japanese Yen
|
|
JSC
|
Joint Stock Company
|
|
L.P.
|
Limited Partnership
|
|
LIBOR
|
London Interbank Offered Rate
|
|
LLC
|
Limited Liability Company
|
|
MSCI
|
Morgan Stanley Capital International
|
|
PLC
|
Public Limited Company
|
|
S&P
|
Standards & Poor's
|
|
SAR
|
Saudi Arabia Riyal
|
|
SFM
|
Single Family Mortgage
|
|
SOFR
|
United States Secured Overnight Financing Rate
|
|
TONAR
|
Tokyo Overnight Average Rate
|
|
TRB
|
Tax Revenue Bonds
|
|
ULC
|
Unlimited Liability Corporation
|
|
USD
|
United States Dollar
|
|
Futures Contracts outstanding at July 31, 2025:
Exchange Traded
|
|||||
|
|
|
|
|
|
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Trading
Currency
|
Notional
Amount
|
Value/
Unrealized
Appreciation
(Depreciation)
|
|
Long Contracts
|
|
|
|
|
|
|
Euro-Bobl
|
27
|
9/08/2025
|
EUR
|
3,613,371
|
$(17,602
)
|
|
10-Year U.S. Treasury Note
|
25
|
9/19/2025
|
USD
|
2,776,562
|
(1,570
)
|
|
U.S. Treasury Long Bond
|
41
|
9/19/2025
|
USD
|
4,681,687
|
36,854
|
|
Ultra U.S. Treasury Bond
|
70
|
9/19/2025
|
USD
|
8,211,875
|
94,564
|
|
2-Year U.S. Treasury Note
|
383
|
9/30/2025
|
USD
|
79,275,016
|
(184,169
)
|
|
5-Year U.S. Treasury Note
|
169
|
9/30/2025
|
USD
|
18,281,047
|
(9,250
)
|
|
CME 3-Month SOFR
|
71
|
3/17/2026
|
USD
|
17,034,675
|
(4,438
)
|
|
Total Long Contracts
|
|
|
|
|
$(85,611
)
|
|
Short Contracts
|
|
|
|
|
|
|
30-Year Euro-Buxl
|
(8
)
|
9/08/2025
|
EUR
|
1,071,633
|
$27,487
|
|
E-Mini S&P 500
|
(3
)
|
9/19/2025
|
USD
|
956,137
|
(50,955
)
|
|
Ultra 10-Year U.S. Treasury Note
|
(242
)
|
9/19/2025
|
USD
|
27,364,906
|
(89,638
)
|
|
Total Short Contracts
|
|
|
|
|
$(113,106
)
|
|
|
|
|
|
|
$(198,717
)
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
|
|
|
|
|
|
|
|
9/17/25
|
U.S. Dollars
|
3,553,619
|
Euro
|
3,012,000
|
Deutsche Bank
|
$104,886
|
|
9/17/25
|
U.S. Dollars
|
4,519,945
|
Euro
|
3,882,817
|
UBS
|
74,129
|
|
9/17/25
|
U.S. Dollars
|
2,710,567
|
British Pounds
|
1,996,100
|
Morgan Stanley
|
73,128
|
|
9/17/25
|
U.S. Dollars
|
1,249,146
|
Japanese Yen
|
177,489,111
|
JPMorgan Chase
|
65,563
|
|
9/17/25
|
U.S. Dollars
|
2,534,891
|
Euro
|
2,172,000
|
RBS
|
47,955
|
|
9/17/25
|
U.S. Dollars
|
631,641
|
British Pounds
|
465,000
|
UBS
|
17,238
|
|
9/17/25
|
U.S. Dollars
|
397,474
|
Colombian Pesos
|
1,635,827,000
|
Goldman Sachs
|
8,667
|
|
9/17/25
|
U.S. Dollars
|
188,060
|
Euro
|
160,000
|
Citibank
|
4,861
|
|
9/17/25
|
U.S. Dollars
|
212,756
|
Euro
|
182,304
|
State Street
|
4,018
|
|
9/17/25
|
U.S. Dollars
|
191,315
|
Euro
|
164,000
|
BNP Paribas
|
3,536
|
|
9/17/25
|
U.S. Dollars
|
65,484
|
Japanese Yen
|
9,339,000
|
HSBC
|
3,207
|
|
9/17/25
|
Mexican Pesos
|
6,366,714
|
U.S. Dollars
|
333,000
|
JPMorgan Chase
|
2,677
|
|
9/17/25
|
U.S. Dollars
|
138,069
|
Brazilian Reals
|
770,000
|
Toronto-Dominion
Bank
|
2,279
|
|
12/22/25
|
Egyptian Pounds
|
1,685,300
|
U.S. Dollars
|
30,052
|
Citibank
|
2,225
|
|
9/17/25
|
U.S. Dollars
|
99,537
|
Euro
|
85,348
|
Toronto-Dominion
Bank
|
1,813
|
|
9/17/25
|
U.S. Dollars
|
99,537
|
Euro
|
85,348
|
Standard Chartered
Bank
|
1,813
|
|
9/17/25
|
U.S. Dollars
|
285,476
|
Brazilian Reals
|
1,611,000
|
Citibank
|
1,375
|
|
9/17/25
|
Mexican Pesos
|
6,322,276
|
U.S. Dollars
|
332,000
|
Goldman Sachs
|
1,334
|
|
10/24/25
|
Turkish Lira
|
883,707
|
U.S. Dollars
|
19,000
|
UBS
|
1,135
|
|
9/17/25
|
U.S. Dollars
|
1,609,103
|
Brazilian Reals
|
9,118,787
|
Barclays
|
998
|
|
8/04/25
|
Peruvian Nuevo
Soles
|
174,250
|
U.S. Dollars
|
47,531
|
Citibank
|
966
|
|
9/03/25
|
Turkish Lira
|
780,000
|
U.S. Dollars
|
17,680
|
UBS
|
940
|
|
9/04/25
|
Nigerian Naira
|
13,170,300
|
U.S. Dollars
|
7,982
|
Morgan Stanley
|
475
|
|
9/17/25
|
U.S. Dollars
|
318,514
|
Brazilian Reals
|
1,804,000
|
Societe Generale
|
377
|
|
9/04/25
|
Nigerian Naira
|
25,441,348
|
U.S. Dollars
|
16,021
|
Citibank
|
316
|
|
9/17/25
|
U.S. Dollars
|
15,545
|
Japanese Yen
|
2,298,000
|
Barclays
|
221
|
|
Total Unrealized Appreciation
|
$426,132
|
|||||
|
|
|
|
|
|
|
|
|
9/17/25
|
U.S. Dollars
|
133,696
|
Colombian Pesos
|
562,618,329
|
JPMorgan Chase
|
$(29
)
|
|
9/17/25
|
Hungarian
Forints
|
3,552,000
|
U.S. Dollars
|
10,199
|
Morgan Stanley
|
(90
)
|
|
9/17/25
|
Czech Republic
Koruna
|
816,000
|
U.S. Dollars
|
38,223
|
State Street
|
(286
)
|
|
9/17/25
|
U.S. Dollars
|
144,098
|
Brazilian Reals
|
820,000
|
Citibank
|
(509
)
|
|
9/17/25
|
Brazilian Reals
|
292,052
|
U.S. Dollars
|
52,400
|
Goldman Sachs
|
(896
)
|
|
9/03/25
|
U.S. Dollars
|
17,482
|
Turkish Lira
|
780,000
|
Barclays
|
(1,138
)
|
|
8/04/25
|
U.S. Dollars
|
47,327
|
Peruvian Nuevo Soles
|
174,250
|
Citibank
|
(1,170
)
|
|
10/24/25
|
U.S. Dollars
|
19,000
|
Turkish Lira
|
892,383
|
Barclays
|
(1,332
)
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
12/22/25
|
U.S. Dollars
|
30,036
|
Egyptian Pounds
|
1,685,300
|
Citibank
|
$(2,241
)
|
|
9/04/25
|
U.S. Dollars
|
24,003
|
Nigerian Naira
|
41,669,208
|
Morgan Stanley
|
(2,754
)
|
|
9/17/25
|
Brazilian Reals
|
5,676,895
|
U.S. Dollars
|
1,003,888
|
Barclays
|
(2,763
)
|
|
9/17/25
|
Brazilian Reals
|
1,387,143
|
U.S. Dollars
|
249,300
|
Citibank
|
(4,677
)
|
|
9/17/25
|
Chinese Offshore
Yuan
|
11,797,615
|
U.S. Dollars
|
1,650,000
|
Barclays
|
(7,334
)
|
|
9/17/25
|
Euro
|
2,321,000
|
U.S. Dollars
|
2,670,171
|
HSBC
|
(12,632
)
|
|
9/17/25
|
British Pounds
|
830,000
|
U.S. Dollars
|
1,137,025
|
RBS
|
(40,349
)
|
|
9/17/25
|
Euro
|
2,685,000
|
U.S. Dollars
|
3,149,814
|
Toronto-Dominion
Bank
|
(75,495
)
|
|
Total Unrealized Depreciation
|
$(153,695
)
|
|||||
|
Net Unrealized Appreciation
|
$272,437
|
|||||
|
Written Call Option Contracts outstanding at July 31, 2025:
Exchange Traded
|
||||||
|
|
|
|
|
|
|
|
|
Description
|
Number of
Contracts
|
Notional
Amount
|
Exercise
Price
|
Expiration
Date
|
Value
|
|
|
3-Month SOFR Future
|
328
|
USD
|
78,695,400
|
96.44
|
10/10/2025
|
$(18,450
)
|
|
Total Written Call Options Contracts (Premiums Received $32,265)
|
$(18,450
)
|
|||||
|
Written Put Option Contracts outstanding at July 31, 2025:
Over the Counter
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Description
|
Counterparty
|
Number of
Contracts
|
Notional
Amount
|
Exercise
Price
|
Expiration
Date
|
Value
|
||
|
Brazilian Real vs.
U.S. Dollar
|
Morgan Stanley
|
1
|
USD
|
7,152,000
|
BRL
|
5.35
|
8/12/2025
|
$(613
)
|
|
Chinese Yuan vs.
U.S. Dollar
|
Standard Chartered Bank
|
1
|
USD
|
7,614,000
|
CNH
|
6.85
|
1/16/2026
|
(12,295
)
|
|
Total Written OTC Put Options Contracts (Premiums Received $37,688)
|
$(12,908
)
|
|||||||
|
Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:
Over the Counter
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Description
|
Pay Rate Index/
Pay Rate
|
Receive Rate Index/
Receive Rate
|
Counterparty
|
Expiration
Date
|
Exercise
Rate
|
Notional
Amount
|
Value
|
|
|
Interest Rate Swap
Maturing
10/16/2030
|
1-Day USD SOFR
(Annually)
|
3.81% (Annually)
|
Citibank
|
10/14/2025
|
3.81
%
|
USD
|
18,574,000
|
$(49,735
)
|
|
Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:
Over the Counter (continued)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Description
|
Pay Rate Index/
Pay Rate
|
Receive Rate Index/
Receive Rate
|
Counterparty
|
Expiration
Date
|
Exercise
Rate
|
Notional
Amount
|
Value
|
|
|
Interest Rate Swap
Maturing 7/14/2029
|
1-Day USD SOFR
(Annually)
|
4.25% (Annually)
|
BNP Paribas
|
7/12/2027
|
4.25
%
|
USD
|
6,434,214
|
$(26,890
)
|
|
Interest Rate Swap
Maturing 7/14/2029
|
1-Day USD SOFR
(Annually)
|
4.25% (Annually)
|
Bank of America
|
7/12/2027
|
4.25
|
USD
|
7,045,786
|
(29,446
)
|
|
Interest Rate Swap
Maturing 8/15/2030
|
1-Day USD SOFR
(Annually)
|
4.03% (Annually)
|
Goldman Sachs
|
8/13/2025
|
4.03
|
USD
|
18,516,000
|
(91
)
|
|
Total Written OTC Put Swaptions Contracts (Premiums Received $218,330)
|
$(106,162
)
|
|||||||
|
Interest Rate Swap Contracts outstanding at July 31, 2025:
Centrally Cleared
|
|||||||
|
|
|
|
|
|
|
|
|
|
Pay Rate Index/
Pay Rate
|
Receive Rate Index/
Receive Rate
|
Maturity
Date
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
1-Day U.S. Federal Funds Rate
(At Maturity)
|
4.31% (At Maturity)
|
9/17/2025
|
USD
|
255,477,000
|
$(7,113
)
|
$—
|
$(7,113
)
|
|
1-Day U.S. Federal Funds Rate
(At Maturity)
|
4.27% (At Maturity)
|
9/17/2025
|
USD
|
252,579,295
|
(18,991
)
|
—
|
(18,991
)
|
|
1-Day U.S. Federal Funds Rate
(At Maturity)
|
4.29% (At Maturity)
|
9/17/2025
|
USD
|
126,270,705
|
(6,931
)
|
—
|
(6,931
)
|
|
1-Day U.S. Federal Funds Rate
(At Maturity)
|
4.28% (At Maturity)
|
9/17/2025
|
USD
|
77,250,000
|
(5,075
)
|
—
|
(5,075
)
|
|
1-Day U.S. Federal Funds Rate
(At Maturity)
|
4.32% (At Maturity)
|
9/17/2025
|
USD
|
63,154,000
|
(347
)
|
—
|
(347
)
|
|
1-Day U.S. Federal Funds Rate
(At Maturity)
|
4.33% (At Maturity)
|
9/17/2025
|
USD
|
25,000,000
|
130
|
—
|
130
|
|
1-Day USD SOFR (At Maturity)
|
3.80% (At Maturity)
|
5/16/2026
|
USD
|
7,578,000
|
(31,756
)
|
—
|
(31,756
)
|
|
1-Day USD SOFR (At Maturity)
|
3.90% (At Maturity)
|
5/16/2026
|
USD
|
5,815,000
|
(18,635
)
|
—
|
(18,635
)
|
|
3.79% (At Maturity)
|
1-Day USD SOFR (At Maturity)
|
5/16/2026
|
USD
|
7,578,000
|
32,228
|
—
|
32,228
|
|
3.81% (At Maturity)
|
1-Day USD SOFR (At Maturity)
|
5/16/2026
|
USD
|
5,815,000
|
23,566
|
2,857
|
20,709
|
|
1.00% (At Maturity)
|
1-Day JPY TONAR (At Maturity)
|
3/12/2027
|
JPY
|
538,261,739
|
(4,901
)
|
—
|
(4,901
)
|
|
1.02% (At Maturity)
|
1-Day JPY TONAR (At Maturity)
|
3/12/2027
|
JPY
|
570,293,188
|
(5,976
)
|
—
|
(5,976
)
|
|
1.03% (At Maturity)
|
1-Day JPY TONAR (At Maturity)
|
3/12/2027
|
JPY
|
1,317,226,437
|
(14,496
)
|
—
|
(14,496
)
|
|
0.68% (At Maturity)
|
1-Day JPY TONAR (At Maturity)
|
4/21/2027
|
JPY
|
482,733,887
|
6,359
|
—
|
6,359
|
|
0.69% (At Maturity)
|
1-Day JPY TONAR (At Maturity)
|
4/21/2027
|
JPY
|
488,377,358
|
6,369
|
—
|
6,369
|
|
0.86% (At Maturity)
|
1-Day JPY TONAR (At Maturity)
|
4/21/2027
|
JPY
|
200,000,000
|
338
|
—
|
338
|
|
0.70% (At Maturity)
|
1-Day JPY TONAR (At Maturity)
|
5/11/2027
|
JPY
|
385,492,528
|
5,008
|
—
|
5,008
|
|
0.85% (At Maturity)
|
1-Day JPY TONAR (At Maturity)
|
7/07/2027
|
JPY
|
1,206,240,000
|
6,089
|
—
|
6,089
|
|
1-Day USD SOFR (Annually)
|
3.67% (Annually)
|
7/21/2027
|
USD
|
7,500,000
|
(10,189
)
|
172
|
(10,361
)
|
|
1-Day USD SOFR (Annually)
|
3.49% (Annually)
|
6/27/2028
|
USD
|
24,750,000
|
(98,156
)
|
(23,968
)
|
(74,188
)
|
|
2.49% (Semi-Annually)
|
6M EUR EURIBOR
(Semi-Annually)
|
2/19/2054
|
EUR
|
793,980
|
64,357
|
—
|
64,357
|
|
2.51% (Semi-Annually)
|
6M EUR EURIBOR
(Semi-Annually)
|
2/20/2054
|
EUR
|
1,517,980
|
116,284
|
—
|
116,284
|
|
2.51% (Semi-Annually)
|
6M EUR EURIBOR
(Semi-Annually)
|
3/01/2054
|
EUR
|
395,000
|
29,862
|
—
|
29,862
|
|
Interest Rate Swap Contracts outstanding at July 31, 2025:
Centrally Cleared (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Pay Rate Index/
Pay Rate
|
Receive Rate Index/
Receive Rate
|
Maturity
Date
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
2.46% (Semi-Annually)
|
6M EUR EURIBOR
(Semi-Annually)
|
3/22/2054
|
EUR
|
166,000
|
$14,546
|
$—
|
$14,546
|
|
2.54% (Semi-Annually)
|
6M EUR EURIBOR
(Semi-Annually)
|
4/22/2054
|
EUR
|
2,000
|
145
|
(4
)
|
149
|
|
2.44% (Semi-Annually)
|
6M EUR EURIBOR
(Semi-Annually)
|
6/19/2054
|
EUR
|
158,000
|
14,482
|
—
|
14,482
|
|
2.41% (Semi-Annually)
|
6M EUR EURIBOR
(Semi-Annually)
|
6/20/2054
|
EUR
|
248,000
|
24,584
|
9,081
|
15,503
|
|
6M EUR EURIBOR
(Semi-Annually)
|
2.44% (Annually)
|
6/24/2054
|
EUR
|
108,000
|
(9,833
)
|
—
|
(9,833
)
|
|
2.81% (Semi-Annually)
|
6M EUR EURIBOR
(Semi-Annually)
|
7/22/2054
|
EUR
|
80,000
|
643
|
(38
)
|
681
|
|
2.26% (Semi-Annually)
|
6M EUR EURIBOR
(Semi-Annually)
|
10/22/2054
|
EUR
|
270,000
|
32,562
|
—
|
32,562
|
|
6M EUR EURIBOR
(Semi-Annually)
|
2.18% (Annually)
|
11/07/2054
|
EUR
|
105,000
|
(14,565
)
|
—
|
(14,565
)
|
|
Total
|
|
|
|
|
$130,588
|
$(11,900
)
|
$142,488
|
|
Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:
Centrally Cleared
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Reference Obligation
|
Implied
Credit
Spread
|
Fixed
Deal
Receive Rate
|
Maturity
Date
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid/
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
Markit CDX North America High Yield
Index Series 44 (Pay Quarterly)
|
3.22%
|
5.00%
|
6/20/2030
|
USD
|
14,161,503
|
$1,107,386
|
$719,538
|
$387,848
|
|
Total
|
|
|
|
|
|
$1,107,386
|
$719,538
|
$387,848
|
|
Credit Default Swap Contracts outstanding - Buy Protection at July 31, 2025:
Over the Counter
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Reference Obligation
|
Fixed
Deal
Pay Rate
|
Maturity
Date
|
Counterparty
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid/
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
American Electric Power, 3.20%,
Due: 11/13/2027 (Pay Quarterly)
|
1.00%
|
12/20/2029
|
Bank of America
|
USD
|
703,000
|
$(20,860
)
|
$(17,159
)
|
$(3,701
)
|
|
American Express Co., 4.05%,
Due: 5/03/2029 (Pay Quarterly)
|
1.00%
|
12/20/2029
|
Goldman Sachs
|
USD
|
360,000
|
(11,008
)
|
(8,967
)
|
(2,041
)
|
|
Dominion Energy, Inc., 4.25%,
Due: 6/01/2028 (Pay Quarterly)
|
1.00%
|
12/20/2029
|
Goldman Sachs
|
USD
|
346,000
|
(9,720
)
|
(8,179
)
|
(1,541
)
|
|
Total
|
|
|
|
|
|
$(41,588
)
|
$(34,305
)
|
$(7,283
)
|
|
Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:
Over the Counter
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Reference Obligation
|
Implied
Credit
Spread
|
Fixed
Deal
Receive Rate
|
Maturity
Date
|
Counterparty
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid/
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
PacifiCorp, 3.30%,
Due: 3/15/2051 (Pay
Quarterly)
|
0.31%
|
0.13%
|
09/29/2027
|
JPMorgan Chase
|
USD
|
142,500
|
$(510
)
|
$(45
)
|
$(465
)
|
|
Total
|
|
|
|
|
|
|
$(510
)
|
$(45
)
|
$(465
)
|
|
Inflation Swap Contracts outstanding at July 31, 2025:
Centrally Cleared
|
|||||||
|
|
|
|
|
|
|
|
|
|
Pay Rate Index/
Pay Rate
|
Receive Rate Index/
Receive Rate
|
Maturity
Date
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
1-Day UK Retail Price Index (At
Maturity)
|
3.32% (At Maturity)
|
7/15/2027
|
GBP
|
1,944,518
|
$(7,658
)
|
$—
|
$(7,658
)
|
|
1-Day UK Retail Price Index (At
Maturity)
|
3.30% (At Maturity)
|
7/15/2027
|
GBP
|
992,664
|
(4,225
)
|
—
|
(4,225
)
|
|
1-Day UK Retail Price Index (At
Maturity)
|
3.28% (At Maturity)
|
7/15/2027
|
GBP
|
973,200
|
(4,637
)
|
—
|
(4,637
)
|
|
1-Day UK Retail Price Index (At
Maturity)
|
3.43% (At Maturity)
|
7/15/2027
|
GBP
|
953,719
|
(1,028
)
|
10
|
(1,038
)
|
|
2.69% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2028
|
USD
|
970,000
|
6,543
|
114
|
6,429
|
|
2.73% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2028
|
USD
|
1,120,000
|
5,041
|
—
|
5,041
|
|
2.79% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2028
|
USD
|
1,313,000
|
2,258
|
—
|
2,258
|
|
2.83% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2028
|
USD
|
1,220,000
|
(557
)
|
—
|
(557
)
|
|
2.84% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2028
|
USD
|
1,964,000
|
(1,168
)
|
558
|
(1,726
)
|
|
2.87% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2028
|
USD
|
1,313,000
|
(3,068
)
|
—
|
(3,068
)
|
|
2.53% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2029
|
USD
|
187,500
|
1,440
|
(33
)
|
1,473
|
|
2.54% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2029
|
USD
|
522,500
|
3,886
|
(74
)
|
3,960
|
|
2.56% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2029
|
USD
|
860,000
|
5,344
|
—
|
5,344
|
|
2.64% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2029
|
USD
|
751,000
|
1,767
|
—
|
1,767
|
|
2.67% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2029
|
USD
|
687,000
|
664
|
—
|
664
|
|
2.68% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2029
|
USD
|
525,000
|
136
|
—
|
136
|
|
Inflation Swap Contracts outstanding at July 31, 2025:
Centrally Cleared (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Pay Rate Index/
Pay Rate
|
Receive Rate Index/
Receive Rate
|
Maturity
Date
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
2.69% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2029
|
USD
|
1,051,000
|
$94
|
$—
|
$94
|
|
2.69% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2029
|
USD
|
1,025,000
|
217
|
1,226
|
(1,009
)
|
|
2.72% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2029
|
USD
|
1,051,000
|
(1,751
)
|
—
|
(1,751
)
|
|
3.41% (At Maturity)
|
1-Day UK Retail Price Index (At
Maturity)
|
7/15/2029
|
GBP
|
973,200
|
4,488
|
—
|
4,488
|
|
3.42% (At Maturity)
|
1-Day UK Retail Price Index (At
Maturity)
|
7/15/2029
|
GBP
|
992,664
|
3,925
|
—
|
3,925
|
|
3.43% (At Maturity)
|
1-Day UK Retail Price Index (At
Maturity)
|
7/15/2029
|
GBP
|
1,944,518
|
7,176
|
—
|
7,176
|
|
3.49% (At Maturity)
|
1-Day UK Retail Price Index (At
Maturity)
|
7/15/2029
|
GBP
|
953,719
|
411
|
(145
)
|
556
|
|
2.43% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
4/15/2030
|
USD
|
1,515,379
|
11,711
|
—
|
11,711
|
|
3.35% (At Maturity)
|
1-Day UK Retail Price Index (At
Maturity)
|
7/15/2030
|
GBP
|
638,000
|
4,468
|
—
|
4,468
|
|
3.37% (At Maturity)
|
1-Day UK Retail Price Index (At
Maturity)
|
7/15/2030
|
GBP
|
631,620
|
3,630
|
—
|
3,630
|
|
3.39% (At Maturity)
|
1-Day UK Retail Price Index (At
Maturity)
|
7/15/2030
|
GBP
|
424,500
|
1,799
|
—
|
1,799
|
|
3.40% (At Maturity)
|
1-Day UK Retail Price Index (At
Maturity)
|
7/15/2030
|
GBP
|
432,990
|
1,562
|
—
|
1,562
|
|
3.41% (At Maturity)
|
1-Day UK Retail Price Index (At
Maturity)
|
7/15/2030
|
GBP
|
848,179
|
2,926
|
—
|
2,926
|
|
3.46% (At Maturity)
|
1-Day UK Retail Price Index (At
Maturity)
|
7/15/2030
|
GBP
|
416,002
|
112
|
(105
)
|
217
|
|
2.69% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
7/17/2030
|
USD
|
2,106,000
|
(3,530
)
|
—
|
(3,530
)
|
|
2.70% (At Maturity)
|
1-Day U.S. Consumer Price Index
(At Maturity)
|
7/22/2030
|
USD
|
686,000
|
(1,510
)
|
—
|
(1,510
)
|
|
1-Day UK Retail Price Index (At
Maturity)
|
3.24% (At Maturity)
|
7/15/2035
|
GBP
|
1,705,669
|
(6,152
)
|
—
|
(6,152
)
|
|
1-Day UK Retail Price Index (At
Maturity)
|
3.27% (At Maturity)
|
7/15/2035
|
GBP
|
416,002
|
20
|
241
|
(221
)
|
|
Total
|
|
|
|
|
$34,334
|
$1,792
|
$32,542
|
|
Total Return Swap Contracts outstanding as of July 31, 2025:
Over the Counter
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Pay Rate Index/
Pay Rate
|
Receive Rate Index/
Receive Rate
|
Maturity
Date
|
Counterparty
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
0.00% (Quarterly)
|
Goldman Sachs Intraday Delta Replication
VX Series 5 Excess Return Strategy
|
11/06/2025
|
Goldman Sachs
|
USD
|
1,754,764
|
$2,021
|
$—
|
$2,021
|
|
Total
|
|
|
|
|
|
$2,021
|
$—
|
$2,021
|
|
Morningstar Total Return Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Investments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$66,737,080
|
$—
|
$66,737,080
|
|
Common Stocks
|
771,283
|
—
|
10,125
|
781,408
|
|
Convertible Bonds
|
—
|
205,917
|
—
|
205,917
|
|
Convertible Preferred Stocks
|
56,560
|
—
|
—
|
56,560
|
|
Corporate Bonds
|
—
|
137,261,315
|
218,366
|
137,479,681
|
|
Foreign Issuer Bonds
|
—
|
49,233,845
|
—
|
49,233,845
|
|
Mortgage-Backed Securities
|
—
|
290,323,518
|
—
|
290,323,518
|
|
Municipal Bonds
|
—
|
2,759,318
|
—
|
2,759,318
|
|
Term Loans
|
—
|
4,828,120
|
—
|
4,828,120
|
|
U.S. Government Obligations
|
—
|
166,736,389
|
—
|
166,736,389
|
|
Investment Companies
|
317,170,502
|
—
|
—
|
317,170,502
|
|
Short-Term Investments
|
27,222,176
|
5,789,029
|
—
|
33,011,205
|
|
Purchased Options
|
43,050
|
720,090
|
—
|
763,140
|
|
Total Assets – Investments at value
|
$345,263,571
|
$724,594,621
|
$228,491
|
$1,070,086,683
|
|
Liabilities:
|
|
|
|
|
|
Mortgage-Backed Securities
|
$—
|
$(8,277,444
)
|
$—
|
$(8,277,444
)
|
|
Total Liabilities – Investments at value
|
$—
|
$(8,277,444
)
|
$—
|
$(8,277,444
)
|
|
Net Investments
|
$345,263,571
|
$716,317,177
|
$228,491
|
$1,061,809,239
|
|
Morningstar Total Return Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Derivative Financial Instruments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Futures Contracts
|
$158,905
|
$—
|
$—
|
$158,905
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
426,132
|
—
|
426,132
|
|
Swap Contracts
|
—
|
825,147
|
—
|
825,147
|
|
Total Assets - Derivative Financial Instruments
|
$158,905
|
$1,251,279
|
$—
|
$1,410,184
|
|
Morningstar Total Return Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Liabilities:
|
|
|
|
|
|
Futures Contracts
|
$(357,622
)
|
$—
|
$—
|
$(357,622
)
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
(153,695
)
|
—
|
(153,695
)
|
|
Written Options
|
(18,450
)
|
(119,070
)
|
—
|
(137,520
)
|
|
Swap Contracts
|
—
|
(267,996
)
|
—
|
(267,996
)
|
|
Total Liabilities - Derivative Financial
Instruments
|
$(376,072
)
|
$(540,761
)
|
$—
|
$(916,833
)
|
|
Net Derivative Financial Instruments
|
$(217,167
)
|
$710,518
|
$—
|
$493,351
|
|
|
|
Par
|
Value
|
|
Municipal Bonds – 89.0%
|
|||
|
Alabama – 2.6%
|
|||
|
Alabama State University
Revenue Bonds (AG
Insured), 5.75%, 9/01/50
|
|
$100,000
|
$105,196
|
|
Birmingham Jefferson
Civic Center Authority
Special Tax Bonds, Series
A, 5.00%, 7/01/48
|
|
250,000
|
243,751
|
|
Black Belt Energy Gas
District Gas Project
Revenue Bonds, Series C,
5.50%, 6/01/32(a)(b)(c)
|
|
1,250,000
|
1,348,778
|
|
Black Belt Energy Gas
District Gas Project
Revenue Bonds, Series
C-1, 5.25%, 6/01/29(a)(b)(c)
|
|
1,030,000
|
1,080,524
|
|
Black Belt Energy Gas
District Gas Supply
Revenue Refunding
Bonds, 4.00%,
12/01/31(a)(b)(c)
|
|
500,000
|
505,671
|
|
Black Belt Energy Gas
District Project Variable
Revenue Bonds, Series
B-2, (SIFMA Municipal
Swap Index Yield +
0.65%), 2.94%,
10/01/27(a)(c)
|
|
250,000
|
244,578
|
|
Southeast Alabama State
Gas Supply District
Revenue Refunding
Bonds, Series 2024-B,
Project No. 2, 5.00%,
5/01/32(a)(b)(c)
|
|
350,000
|
369,666
|
|
Southeast Energy
Authority Commodity
Supply Revenue Bonds,
Series B, Project No. 6,
5.00%, 6/01/30
|
|
475,000
|
501,596
|
|
Southeast Energy
Authority Commodity
Supply Revenue Bonds,
Series B-1, Project No. 4,
5.00%, 8/01/28(a)(b)(c)
|
|
150,000
|
155,057
|
|
Southeast Energy
Authority Cooperative
District Energy Supply
Revenue Bonds, Series A,
|
|
|
|
|
5.00%, 6/01/30
|
|
175,000
|
185,761
|
|
5.00%, 6/01/31
|
|
325,000
|
345,160
|
|
Southeast Energy
Authority Cooperative
District Gas Supply
Revenue Bonds, Series F,
|
|
|
|
|
5.25%, 11/01/32
|
|
1,000,000
|
1,082,020
|
|
5.25%, 11/01/35
|
|
500,000
|
531,589
|
|
5.25%, 11/01/35(a)(b)(c)
|
|
500,000
|
537,130
|
|
|
|
Par
|
Value
|
|
Alabama (Continued)
|
|||
|
|
|||
|
Tuscaloosa County IDA
Gulf Opportunity Zone
Revenue Refunding
Bonds, Series A, Hunt
Refining Project, 5.25%,
5/01/44(d)
|
|
$260,000
|
$250,338
|
|
University of South
Alabama University
Revenue Bonds (BAM
Insured), 5.00%, 4/01/27
|
|
375,000
|
388,448
|
|
University of West
Alabama University
Revenue Refunding
Bonds (AGM Insured),
5.00%, 1/01/27
|
|
505,000
|
517,680
|
|
|
|
|
8,392,943
|
|
Alaska – 0.2%
|
|||
|
Alaska State Municipal
Bond Bank Authority
Revenue Bonds, Series 2
(AMT), 5.00%, 12/01/29
|
|
590,000
|
629,605
|
|
Arizona – 0.9%
|
|||
|
Arizona State IDA
Education Revenue
Bonds, Series B, Jerome
Facilities Project, Social
Bonds, 4.00%, 7/01/51
|
|
175,000
|
140,890
|
|
Arizona State IDA National
Charter School Revolving
Loan Fund Sustainable
Revenue Bonds,
Equitable School, 5.25%,
11/01/53
|
|
1,000,000
|
969,934
|
|
Chandler IDA Variable
Revenue Bonds,
Intel Corp., Project (AMT),
4.00%, 6/01/29(a)(b)(c)
|
|
500,000
|
497,215
|
|
Chandler Industrial
Development Authority
Development Variable
Revenue Bonds (AMT),
Intel Corp., Project,
4.10%, 6/15/28(a)(b)(c)
|
|
500,000
|
502,336
|
|
Maricopa County IDA
Revenue Bonds, Series A,
Banner Health, 4.00%,
1/01/41
|
|
250,000
|
224,653
|
|
Pima County IDA Education
Revenue Facility Revenue
Bonds, Paideia
Academies Project,
6.13%, 7/01/45(d)
|
|
240,000
|
234,664
|
|
|
|
Par
|
Value
|
|
Arizona (Continued)
|
|||
|
Sierra Vista Industrial
Development Authority
Education Facility
Revenue Bonds, Wake
Preparatory Academy,
6.25%, 6/15/45
|
|
$250,000
|
$248,907
|
|
Yuma Arizona IDA Hospital
Revenue Refunding
Bonds, Yuma Regional
Medical Center (AGC
Insured), 4.00%, 8/01/49
|
|
350,000
|
296,992
|
|
|
|
|
3,115,591
|
|
Arkansas – 0.1%
|
|||
|
Springdale Sales & Use
Revenue Bonds, Series B
(BAM Insured),
|
|
|
|
|
5.00%, 8/01/28
|
|
125,000
|
133,600
|
|
5.00%, 8/01/29
|
|
120,000
|
130,394
|
|
|
|||
|
Springdale Water & Sewer
Revenue Bonds, 5.00%,
9/01/30
|
|
150,000
|
165,933
|
|
|
|
|
429,927
|
|
California – 5.3%
|
|||
|
California Community
Choice Financing
Authority Sustainable
Revenue Bonds, Clean
Energy Project, 5.00%,
8/01/33(a)(b)(c)
|
|
150,000
|
162,603
|
|
California Community
Choice Financing
Authority Sustainable
Revenue Bonds, Series
B-1, Clean Energy Project,
4.00%, 8/01/31(a)(b)(c)
|
|
500,000
|
496,878
|
|
California Community
Choice Financing
Authority Variable
Revenue Bonds, Clean
Energy Project, Green
Bonds, 5.00%, 10/01/30
|
|
450,000
|
474,919
|
|
California Community
Choice Financing
Authority Variable
Sustainable Revenue
Bonds, Clean Energy
Project, 5.00%,
11/01/35(a)(b)(c)
|
|
300,000
|
318,346
|
|
California Housing Finance
Agency Municipal
Certificates Revenue
Bonds, Series 2, Class A,
4.00%, 3/20/33
|
|
215,433
|
217,051
|
|
California PFA Revenue
Refunding Bonds, Henry
Mayo Newhall Hospital,
5.00%, 10/15/47
|
|
580,000
|
536,780
|
|
|
|
Par
|
Value
|
|
California (Continued)
|
|||
|
California State GO
Unlimited Refunding
Bonds, 4.00%, 8/01/38
|
|
$300,000
|
$291,609
|
|
California State Health
Facilities Financing
Authority Revenue Bonds,
Episcopal Communities &
Services, 5.00%,
11/15/30
|
|
200,000
|
214,638
|
|
California State
Infrastructure &
Economic Development
Bank Revenue Refunding
Bonds, Los Angeles
County Museum of
Natural History
Foundation, 3.00%,
7/01/50
|
|
1,250,000
|
840,898
|
|
California State Municipal
Finance Authority
Refunding COPS, Series
A, Palomar Health (AGM
Insured), 5.25%,
11/01/52
|
|
110,000
|
109,963
|
|
California State Municipal
Finance Authority
Revenue Bonds, Charter
School John Adams
Academies-Lincoln
Project, 5.00%,
10/01/57(d)
|
|
330,000
|
276,921
|
|
California State Municipal
Finance Authority Senior
Living Revenue Refunding
Bonds, Mt. San Antonio
Gardens Project, 5.00%,
11/15/39
|
|
450,000
|
447,529
|
|
California State Municipal
Finance Authority
Student Housing Revenue
Bonds, Series A-P3,
Claremont Colleges
Project, 5.00%, 7/01/30(d)
|
|
320,000
|
323,417
|
|
California State School
Finance Authority Charter
Revenue Bonds, Fortune
School of Education,
5.13%, 6/01/59(d)
|
|
250,000
|
218,668
|
|
California State School
Finance Authority Charter
School Revenue Bonds,
Series A, John Adams
Academies, 5.00%,
7/01/52(d)
|
|
520,000
|
452,982
|
|
|
|
Par
|
Value
|
|
California (Continued)
|
|||
|
California State School
Finance Authority
Educational Facilities
Revenue Refunding
Bonds, New Designs
Charter School, 5.00%,
6/01/64(d)
|
|
$100,000
|
$86,287
|
|
California Statewide
Communities
Development Authority
Revenue Bonds, Lancer
Educational Standard
Housing Project, 5.00%,
6/01/34(d)
|
|
375,000
|
381,130
|
|
California Statewide
Communities
Development Authority
Revenue Bonds, Loma
Linda University Medical,
5.50%, 12/01/58(d)
|
|
500,000
|
481,875
|
|
California Statewide
Communities
Development Authority
Revenue Bonds, Series A,
Enloe Medical Center
(AGM Insured), 5.25%,
8/15/52
|
|
450,000
|
453,100
|
|
California Statewide
Communities
Development Authority
Revenue Bonds, Series A,
Loma Linda University
Medical Center, 5.25%,
12/01/56(d)
|
|
250,000
|
230,737
|
|
California Statewide
Communities
Development Authority
Special Assessment
Bonds, Statewide
Community Infrastructure
Program, 5.25%, 9/02/43
|
|
200,000
|
196,475
|
|
California Tobacco
Securitization Agency
Tobacco Settlement
Senior Revenue
Refunding Bonds, Series
A, 4.00%, 6/01/40
|
|
300,000
|
273,235
|
|
Cathedral City
Redevelopment Agency
Successor Agency Tax
Allocation Revenue
Refunding Bonds,
Merged Redevelopment
Project Area (BAM
Insured), 4.00%, 8/01/26
|
|
250,000
|
253,286
|
|
Central Valley Energy
Authority Commodity
Supply Variable Revenue
Bonds, 5.00%,
8/01/35(a)(b)(c)
|
|
650,000
|
693,977
|
|
|
|
Par
|
Value
|
|
California (Continued)
|
|||
|
Compton Community
Redevelopment Agency
Successor Agency Tax
Allocation Revenue
Refunding Bonds, Series
A (AGM Insured), 5.00%,
8/01/42
|
|
$250,000
|
$255,389
|
|
CSCDA Community
Improvement Authority
Essential Housing
Mezzanine Lien Revenue
Bonds, City of Orange,
4.00%, 3/01/57(d)
|
|
200,000
|
138,022
|
|
Foothill Eastern
Transportation Corridor
Agency Toll Road Junior
Lien Revenue Refunding
Bonds, Series C, 4.00%,
1/15/43
|
|
250,000
|
233,170
|
|
Lodi Unified School District
GO Unlimited Bonds,
3.00%, 8/01/46
|
|
400,000
|
291,649
|
|
Los Angeles Department of
Airports Airport
Subordinate Revenue
Bonds (AMT), Los
Angeles International
Airport,
|
|
|
|
|
5.00%, 5/15/34
|
|
510,000
|
513,922
|
|
5.00%, 5/15/46
|
|
280,000
|
275,564
|
|
|
|||
|
Los Angeles Department of
Airports Senior Revenue
Bonds (AMT), Private
Activity, 5.00%, 5/15/47
|
|
250,000
|
246,136
|
|
Los Angeles Department of
Airports Subordinate
Revenue Bonds, Series A
(AMT), Private Activity,
4.00%, 5/15/41
|
|
1,000,000
|
923,617
|
|
Los Angeles Department of
Water & Power
Waterworks Revenue
Refunding Bonds, Series
B, 5.00%, 7/01/30
|
|
500,000
|
527,403
|
|
Los Angeles Department of
Water and Power System
Revenue Refunding
Bonds, Series A, 5.00%,
7/01/28
|
|
500,000
|
526,375
|
|
Orange County Community
Facilities District No.
2023-1 Special Tax
Bonds, Rienda Phase 2B,
5.50%, 8/15/53
|
|
500,000
|
506,777
|
|
Pittsburg Public Financing
Authority Water Revenue
Bonds, Series A (AGM
Insured), 4.13%, 8/01/47
|
|
250,000
|
231,427
|
|
|
|
Par
|
Value
|
|
California (Continued)
|
|||
|
|
|||
|
Riverside County
Redevelopment
Successor Agency Tax
Allocation Revenue
Refunding Bonds, Series
B (AGM Insured), 4.00%,
10/01/37
|
|
$400,000
|
$386,329
|
|
Rocklin Community
Facilities District No. 10
Special Tax Bonds,
5.00%, 9/01/34
|
|
150,000
|
150,181
|
|
Sacramento Railyards
Community Facilities
District No. 2018 Special
Tax Bonds, 5.25%,
9/01/47(d)
|
|
550,000
|
539,551
|
|
San Francisco Bay Area
Rapid Transit District
Sustainable GO Unlimited
Bonds, Series C-1,
4.00%, 8/01/45
|
|
200,000
|
178,656
|
|
San Francisco California
City & County Airport
Commission International
Airport Revenue Bonds,
Series A (AMT), 5.25%,
5/01/42
|
|
480,000
|
481,362
|
|
San Joaquin Valley Clean
Energy Authority Variable
Sustainable Revenue
Bonds, Clean Energy
Project, 5.50%,
7/01/35(a)(b)(c)
|
|
500,000
|
549,983
|
|
Southern California Public
Power Authority Revenue
Bonds, Series A, Clean
Energy Project, 5.00%,
9/01/30(a)(b)(c)
|
|
1,000,000
|
1,046,257
|
|
Tobacco Securitization
Authority of Southern
California Tobacco
Settlement Revenue
Refunding Bonds, San
Diego Asset Securities,
5.00%, 6/01/35
|
|
100,000
|
102,655
|
|
Washington Township
Health Care District 2020
Election GO Unlimited
Bonds, Series B, 5.50%,
8/01/53
|
|
750,000
|
787,055
|
|
|
|
|
17,324,784
|
|
Colorado – 3.5%
|
|||
|
Adams & Arapahoe
Counties Joint School
District No. 28J Aurora
GO Unlimited Bonds
(State Aid Withholding),
5.50%, 12/01/45
|
|
150,000
|
161,660
|
|
|
|
Par
|
Value
|
|
Colorado (Continued)
|
|||
|
Aurora Crossroads
Metropolitan District No.
2 Senior Lien GO Limited
Bonds, Series A, 5.00%,
12/01/40
|
|
$500,000
|
$486,315
|
|
Baseline Metropolitan
District No. 1 Special GO
Unlimited Revenue
Refunding Bonds, Series
A (AGC Insured), 4.00%,
12/01/46
|
|
360,000
|
321,504
|
|
Colorado Educational &
Cultural Authority
Revenue Refunding
Bonds, Ascent Classical
Academy, 5.75%,
4/01/59(d)
|
|
100,000
|
92,953
|
|
Colorado Educational &
Cultural Authority
Revenue Refunding
Bonds, Prospect Ridge
Academy Project (Moral
Obligation Insured),
|
|
|
|
|
5.00%, 3/15/29
|
|
590,000
|
625,341
|
|
5.00%, 3/15/30
|
|
310,000
|
331,199
|
|
5.00%, 3/15/35
|
|
590,000
|
610,162
|
|
|
|||
|
Colorado High
Performance
Transportation Enterprise
Revenue Bonds, C-470
Express Lane, 5.00%,
12/31/56
|
|
1,000,000
|
922,301
|
|
Colorado Science and
Technology Park
Metropolitan District No.
1 Revenue Refunding
Bonds, Series A (AGM
Insured), 4.25%,
12/01/44
|
|
250,000
|
224,399
|
|
Colorado Springs School
District No. 11 COPS
(BAM Insured), 5.00%,
12/15/43
|
|
400,000
|
407,888
|
|
Colorado State COPS,
|
|
|
|
|
6.00%, 12/15/40
|
|
1,000,000
|
1,120,892
|
|
6.00%, 12/15/41
|
|
500,000
|
556,169
|
|
Colorado State COPS,
Series A,
|
|
|
|
|
4.00%, 12/15/36
|
|
200,000
|
198,273
|
|
4.00%, 12/15/40
|
|
375,000
|
349,815
|
|
|
|||
|
Colorado State Health
Facilities Authority
Revenue Refunding
Bonds, Series 2019-A,
AdventHealth Obligated
Group, 4.00%, 11/15/43
|
|
500,000
|
437,254
|
|
|
|
Par
|
Value
|
|
Colorado (Continued)
|
|||
|
|
|||
|
Colorado State Health
Facilities Authority
Revenue Refunding
Bonds, Series A,
Intermountain Health,
5.00%, 5/15/54
|
|
$350,000
|
$343,594
|
|
Colorado State Health
Facilities Authority
Revenue Refunding
Bonds, Series A, Sanford
Health, 4.00%, 11/01/39
|
|
200,000
|
186,123
|
|
Colorado State HFA MFH
Variable Revenue Bonds,
Albion Apartments
Project, 3.38%,
7/01/28(a)(b)(c)
|
|
100,000
|
100,814
|
|
Denver City & County
Airport Revenue
Refunding Bonds, Series
D (AMT), 5.75%,
11/15/41
|
|
325,000
|
346,455
|
|
Denver City & County
Airport System
Subordinate Revenue
Refunding Bonds, Series
A (AMT), 5.25%,
12/01/43
|
|
500,000
|
500,969
|
|
Denver Convention Center
Hotel Authority Senior
Revenue Refunding
Bonds,
|
|
|
|
|
5.00%, 12/01/36
|
|
500,000
|
501,963
|
|
5.00%, 12/01/40
|
|
250,000
|
245,556
|
|
|
|||
|
Denver Health & Hospital
Authority Healthcare
Revenue Bonds, Series A,
4.00%, 12/01/27
|
|
180,000
|
180,053
|
|
Midtown Clear Creek
Metropolitan District
Refunding GO Limited
Bonds, Series A (BAM
Insured), 5.00%,
12/01/53
|
|
845,000
|
858,601
|
|
Park Creek Metropolitan
District Revenue
Refunding Bonds, Series
A (NATL, IBC Insured),
5.00%, 12/01/45
|
|
500,000
|
485,902
|
|
Public Authority for
Colorado State Energy
Natural Gas Purchase
Revenue Bonds, 6.50%,
11/15/38
|
|
250,000
|
291,167
|
|
Trails at Crowfoot
Metropolitan District No.
3 GO Limited Refunding
Bonds, Series A (AGC
Insured),
|
|
|
|
|
5.00%, 12/01/27
|
|
100,000
|
104,063
|
|
|
|
Par
|
Value
|
|
Colorado (Continued)
|
|||
|
Trails at Crowfoot
Metropolitan District No.
3 GO Limited Refunding
Bonds, Series A (AGC
Insured),
|
|
|
|
|
5.00%, 12/01/28
|
|
$115,000
|
$121,611
|
|
5.00%, 12/01/29
|
|
130,000
|
139,365
|
|
5.00%, 12/01/31
|
|
150,000
|
164,123
|
|
|
|
|
11,416,484
|
|
Connecticut – 0.4%
|
|||
|
Connecticut State Health
& Educational Facilities
Authority Revenue Bonds,
Series K, Sacred Heart
University, 5.00%,
7/01/27
|
|
400,000
|
416,302
|
|
Connecticut State Health
& Educational Facilities
Authority Revenue
Refunding Bonds,
Forward Delivery,
Stamford Hospital Issue,
4.00%, 7/01/42
|
|
250,000
|
221,283
|
|
Connecticut State Health
& Educational Facilities
Authority Revenue
Refunding Bonds, Series
F, Masonicare Issue,
5.00%, 7/01/27
|
|
220,000
|
221,444
|
|
Connecticut State Health
& Educational Facilities
Authority Revenue
Refunding Bonds,
University of Hartford,
|
|
|
|
|
4.00%, 7/01/39
|
|
120,000
|
98,009
|
|
4.00%, 7/01/49
|
|
100,000
|
71,288
|
|
|
|||
|
Hamden Revenue
Refunding Bonds,
Whitney Center Project,
5.00%, 1/01/40
|
|
125,000
|
115,893
|
|
West Haven City GO
Unlimited Bonds (BAM
Insured), 5.00%, 2/15/27
|
|
255,000
|
263,874
|
|
|
|
|
1,408,093
|
|
Delaware – 0.5%
|
|||
|
Bridgeville Special Tax
Obligation Bonds,
Heritage Shores Special
Development, 5.25%,
7/01/44(d)
|
|
100,000
|
96,508
|
|
Delaware State
Transportation Authority
System Senior Revenue
Bonds, 3.00%, 7/01/43
|
|
1,500,000
|
1,191,584
|
|
|
|
Par
|
Value
|
|
Delaware (Continued)
|
|||
|
Kent County Student
Housing & Dining
Facilities Revenue Bonds,
CHF-Dover LLC-Delaware
State University Project,
|
|
|
|
|
5.00%, 7/01/32
|
|
$250,000
|
$253,610
|
|
5.00%, 7/01/48
|
|
100,000
|
91,519
|
|
|
|
|
1,633,221
|
|
District of Columbia – 1.4%
|
|||
|
District of Columbia
Hospital Revenue
Refunding Bonds,
Children's Hospital,
5.00%, 7/15/44
|
|
300,000
|
294,376
|
|
District of Columbia
Income Tax Secured
Revenue Bonds, Series A,
5.25%, 5/01/48
|
|
500,000
|
512,069
|
|
District of Columbia
Revenue Bonds, Ingleside
Rock Creek Project,
5.00%, 7/01/52
|
|
400,000
|
345,066
|
|
District of Columbia
Revenue Bonds, KIPP DC
Project, 4.00%, 7/01/39
|
|
100,000
|
91,198
|
|
Metropolitan Washington
Airports Authority Airport
System Revenue
Refunding Bonds, Series
A (AMT), 5.25%,
10/01/48
|
|
1,000,000
|
1,007,202
|
|
Metropolitan Washington
Airports Authority Dulles
Toll Road Revenue
Refunding Bonds, Dulles
Metrorail & Capital (AGM
Insured), 4.00%,
10/01/52
|
|
280,000
|
232,100
|
|
Metropolitan Washington
Airports Authority Dulles
Toll Road Subordinate
Lien Revenue Refunding
Bonds, Dulles Metrorail
& Capital Improvement
Projects, Series B, 4.00%,
10/01/35
|
|
350,000
|
349,051
|
|
Metropolitan Washington
Airports Authority System
Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
|
5.00%, 10/01/46
|
|
500,000
|
492,001
|
|
4.00%, 10/01/51
|
|
500,000
|
413,699
|
|
|
|
Par
|
Value
|
|
District of Columbia (Continued)
|
|||
|
|
|||
|
Washington Metropolitan
Area Transit Authority
Dedicated Revenue
Bonds, Series A, Green
Bonds, 5.50%, 7/15/51
|
|
$525,000
|
$545,673
|
|
Washington Metropolitan
Area Transit Authority
Dedicated Revenue
Bonds, Sustainability
Financed Bonds, 5.25%,
7/15/53
|
|
450,000
|
458,754
|
|
|
|
|
4,741,189
|
|
Florida – 4.0%
|
|||
|
Alachua County Health
Facilities Authority
Revenue Bonds, Shands
Teaching Hospital &
Clinics, 5.00%, 12/01/44
|
|
500,000
|
498,273
|
|
Broward County Airport
System Revenue Bonds,
Series A (AMT),
|
|
|
|
|
5.00%, 10/01/26
|
|
450,000
|
451,415
|
|
5.00%, 10/01/36
|
|
750,000
|
767,730
|
|
|
|||
|
Capital Trust Authority
Educational Facilities
Revenue Bonds, Florida
Institute of Technology,
5.00%, 7/01/45(d)
|
|
100,000
|
93,391
|
|
Greater Orlando Aviation
Authority Airport
Facilities Revenue Bonds,
Series A (AMT),
|
|
|
|
|
5.00%, 10/01/40
|
|
500,000
|
498,256
|
|
5.00%, 10/01/49
|
|
500,000
|
488,898
|
|
|
|||
|
Hillsborough County IDA
Health System Revenue
Refunding Bonds,
Baycare Health System,
4.13%, 11/15/51
|
|
330,000
|
282,961
|
|
Lakeland Hospital System
Revenue Refunding
Bonds, Lakeland Regional
Health Systems, 5.00%,
11/15/26
|
|
425,000
|
436,755
|
|
Lakewood Ranch
Stewardship District
Utility Revenue Bonds,
System Acquisition
Project (AGM Insured),
5.25%, 10/01/48
|
|
350,000
|
353,917
|
|
Lee County IDA Healthcare
Facilities Revenue Bonds,
Shell Point/Waterside
Health Project, 5.00%,
11/15/39
|
|
300,000
|
302,237
|
|
Lee County Local Optional
Gas TRB, 5.25%, 8/01/49
|
|
355,000
|
356,623
|
|
|
|
Par
|
Value
|
|
Florida (Continued)
|
|||
|
|
|||
|
Leon County School
District Sales TRB,
4.00%, 9/01/26
|
|
$800,000
|
$800,777
|
|
Miami Beach
Redevelopment Agency
Tax Allocation Bonds, City
Center/Historic
Convention (AG Insured),
5.00%, 2/01/41(e)
|
|
250,000
|
257,574
|
|
Miami-Dade County
Aviation Revenue Bonds,
Series A (AMT), 5.00%,
10/01/49
|
|
500,000
|
478,913
|
|
Miami-Dade County
Expressway Authority Toll
System Revenue Bonds,
Series A, 5.00%, 7/01/28
|
|
250,000
|
250,397
|
|
Miami-Dade County
Florida Aviation Revenue
Refunding Bonds, Series
A (AMT), 5.00%,
10/01/34
|
|
325,000
|
350,155
|
|
Miami-Dade County GO
Unlimited Bonds, Public
Health Trust Program,
4.00%, 7/01/42
|
|
250,000
|
229,639
|
|
Miami-Dade County
Seaport Revenue
Refunding Bonds, Series
A (AMT), Senior Bonds,
5.25%, 10/01/52
|
|
500,000
|
495,754
|
|
Miami-Dade County
Seaport Subordinate
Revenue Refunding
Bonds, Subseries B-1
(AMT), 4.00%, 10/01/46
|
|
500,000
|
421,246
|
|
Osceola County Florida
Transportation Revenue
Refunding CABS, Series
A-2,
|
|
|
|
|
0.00%, 10/01/26(f)
|
|
275,000
|
263,579
|
|
0.00%, 10/01/27(f)
|
|
360,000
|
332,609
|
|
|
|||
|
Palm Beach County Health
Facilities Authority
Revenue Refunding
Bonds, Acts Retirement -
Life Communities, 5.00%,
11/15/32
|
|
500,000
|
505,431
|
|
Polk County Utility System
Revenue Refunding
Bonds, 4.00%, 10/01/43
|
|
400,000
|
360,379
|
|
Saint John County School
Board COPS, Series A
(AGM Insured), 5.25%,
7/01/46
|
|
500,000
|
511,389
|
|
|
|
Par
|
Value
|
|
Florida (Continued)
|
|||
|
|
|||
|
Sarasota County Public
Hospital District Revenue
Bonds, Sarasota
Memorial Hospital
Project, 5.00%, 7/01/52
|
|
$250,000
|
$247,133
|
|
South Broward Hospital
District Revenue Bonds,
South Broward Hospital
District Obligated Group,
4.00%, 5/01/48
|
|
500,000
|
424,156
|
|
South Broward Hospital
District Revenue
Refunding Bonds, Series
A, 4.00%, 5/01/44
|
|
500,000
|
436,715
|
|
Tampa Health System
Revenue Bonds, Series A,
Baycare, 4.00%,
11/15/46
|
|
415,000
|
353,162
|
|
Tampa Hospital Revenue
Bonds, H. Lee Moffitt
Cancer Center, 5.00%,
7/01/27
|
|
125,000
|
129,928
|
|
Village Community
Development District No.
14 Special Assessment
Revenue Bonds, 5.50%,
5/01/53
|
|
235,000
|
235,197
|
|
Village Community
Development District No.
15 Special Assessment
Revenue Bonds, 4.20%,
5/01/39(d)
|
|
250,000
|
232,343
|
|
Volusia County Educational
Facilities Authority
Revenue Refunding
Bonds, Embry-Riddle
Aeronautical, 5.00%,
10/15/44
|
|
500,000
|
503,499
|
|
Wildwood Utility
Dependent District Senior
Lien Revenue Bonds,
South Sumter Utility
Project (BAM Insured),
5.00%, 10/01/41
|
|
465,000
|
476,850
|
|
Wildwood Utility
Dependent District
Subordinate Revenue
Bonds, South Sumter
Utility Project (BAM
Insured), 5.00%,
10/01/36
|
|
400,000
|
424,441
|
|
|
|
|
13,251,722
|
|
Georgia – 3.8%
|
|||
|
Atlanta Airport Passenger
Facility Charge
Subordinate Revenue
Bonds, Series C, 5.00%,
7/01/40
|
|
365,000
|
383,196
|
|
|
|
Par
|
Value
|
|
Georgia (Continued)
|
|||
|
Atlanta Development
Authority Senior Lien
Revenue Bonds, Series
A-1, 5.00%, 7/01/30
|
|
$200,000
|
$200,439
|
|
Atlanta Development
Authority Tax Allocation,
Westside Gulch Area
Project, Series A , 5.50%,
4/01/39(d)
|
|
250,000
|
249,372
|
|
Bartow County
Development Authority
Revenue Refunding
Bonds, Georgia Power
Company Plant Bowen
Project, 1.80%,
9/01/29(b)(c)
|
|
250,000
|
224,875
|
|
Burke County Development
Authority Pollution
Control Variable Revenue
Refunding Bonds,
Georgia Power Company
Plant Vogtle Project,
3.38%, 3/12/27(a)(b)(c)
|
|
575,000
|
575,533
|
|
City of Atlanta Airport
Passenger Facility Charge
Subordinate Lien Green
Revenue Bonds (AMT),
5.25%, 7/01/41
|
|
500,000
|
517,995
|
|
Fulton County
Development Authority
Transportation Corp., Toll
Revenue Refunding
Bonds, Robert W.
Woodruff Arts
Center, Inc., Project,
5.00%, 3/15/32
|
|
200,000
|
210,802
|
|
Gainesville & Hall County
Hospital Authority
Revenue Refunding
Bonds, Northeast Georgia
Health System, Inc.,
Project, 5.00%, 2/15/37
|
|
500,000
|
504,816
|
|
Geo L. Smith II Congress
Authority Convention
Center Hotel Revenue
Bonds, 4.00%, 1/01/36
|
|
500,000
|
496,560
|
|
Geo L. Smith II Congress
Center Authority
Convention Center Hotel
First Tier Revenue Bonds,
4.00%, 1/01/54
|
|
250,000
|
200,504
|
|
Georgia State Housing &
Finance Authority
Revenue Bonds, Series A,
4.70%, 12/01/54
|
|
265,000
|
248,335
|
|
Georgia State Ports
Authority Revenue Bonds,
5.00%, 7/01/47
|
|
1,000,000
|
1,019,340
|
|
|
|
Par
|
Value
|
|
Georgia (Continued)
|
|||
|
Glynn-Brunswick Memorial
Hospital Authority
Revenue Refunding
Anticipation Certificates
Bonds, Southeast
Georgia Health System,
5.00%, 8/01/34
|
|
$530,000
|
$530,165
|
|
Griffin-Spalding County
Hospital Authority
Revenue Anticipation
Certificates Bonds,
Wellstar, 5.00%, 4/01/35
|
|
150,000
|
152,598
|
|
Main Street Natural
Gas, Inc., Gas Supply
Revenue Bonds, Series
2024-B, 5.00%,
3/01/32(a)(b)(c)
|
|
750,000
|
794,572
|
|
Main Street Natural
Gas, Inc., Gas Supply
Revenue Bonds, Series A,
5.00%, 9/01/31(a)(b)(c)
|
|
250,000
|
265,034
|
|
Main Street Natural
Gas, Inc., Gas Supply
Revenue Bonds, Series B,
|
|
|
|
|
5.00%, 6/01/29(a)(b)(c)
|
|
700,000
|
730,298
|
|
5.00%, 3/01/30(a)(b)(c)
|
|
335,000
|
353,574
|
|
|
|||
|
Main Street Natural
Gas, Inc., Gas Supply
Revenue Bonds, Series C,
4.00%, 11/01/27(a)(b)(c)(d)
|
|
350,000
|
349,546
|
|
Main Street Natural
Gas, Inc., Gas Supply
Revenue Bonds, Series D,
5.00%, 12/01/30(a)(b)(c)
|
|
250,000
|
263,849
|
|
Main Street Natural
Gas, Inc., Gas Supply
Revenue Bonds, Series E,
5.00%, 12/01/32(a)(b)(c)
|
|
500,000
|
524,884
|
|
Main Street Natural
Gas, Inc., Gas Supply
Revenue Bonds, Series
E-1, 5.00%, 6/01/31(a)(b)(c)
|
|
150,000
|
158,452
|
|
Main Street Natural
Gas, Inc., Gas Supply
Variable Revenue Bonds,
Series B,
|
|
|
|
|
5.00%, 12/01/29
|
|
650,000
|
687,781
|
|
5.00%, 12/01/35(a)(b)(c)
|
|
250,000
|
260,764
|
|
|
|||
|
Monroe County
Development Authority
Pollution Control Variable
Revenue Bonds, Georgia
Power Company Plant
Scherer Project, 3.35%,
3/27/30(a)(b)(c)
|
|
1,000,000
|
1,001,564
|
|
|
|
Par
|
Value
|
|
Georgia (Continued)
|
|||
|
|
|||
|
Municipal Electric
Authority of Georgia
Revenue Bonds, Plant
Vogtle Units 3&4 Project
(AGM Insured), 5.00%,
7/01/55
|
|
$250,000
|
$248,322
|
|
Private Colleges &
Universities Authority
Revenue Refunding
Bonds, Series A, Emory
University,
|
|
|
|
|
5.25%, 9/01/43
|
|
1,000,000
|
1,052,473
|
|
5.25%, 9/01/44
|
|
250,000
|
261,591
|
|
|
|
|
12,467,234
|
|
Guam – 0.1%
|
|||
|
Guam Government
Business Privilege Tax
Revenue Refunding
Bonds, Series F, 4.00%,
1/01/42
|
|
250,000
|
220,529
|
|
Hawaii – 0.2%
|
|||
|
Honolulu City & County
Wastewater System
Sustainable Revenue
Bonds, Senior Series A,
5.25%, 7/01/54
|
|
600,000
|
617,946
|
|
Idaho – 0.5%
|
|||
|
Idaho Housing and Finance
Association SFM
Revenue Bonds, Series A
(GNMA, FNMA, FHLMC
Insured), 6.00%, 7/01/54
|
|
480,000
|
528,154
|
|
Southern Idaho Regional
Solid Waste District
RANS, USDA Takeout
Loan, 4.00%, 3/01/28
|
|
1,000,000
|
1,008,780
|
|
|
|
|
1,536,934
|
|
Illinois – 6.7%
|
|||
|
Chicago Board of
Education GO Unlimited
Bonds, Series A,
|
|
|
|
|
5.00%, 12/01/38
|
|
500,000
|
482,635
|
|
5.00%, 12/01/42
|
|
250,000
|
232,243
|
|
|
|||
|
Chicago Board of
Education GO Unlimited
Bonds, Series D, 5.00%,
12/01/46
|
|
350,000
|
311,292
|
|
Chicago Board of
Education GO Unlimited
Refunding Bonds,
Dedicated, Series D,
5.00%, 12/01/31
|
|
750,000
|
757,349
|
|
|
|
Par
|
Value
|
|
Illinois (Continued)
|
|||
|
|
|||
|
Chicago City Colleges
Capital Appreciation GO
Unlimited Bonds (NATL
Insured), 0.00%,
1/01/30(f)
|
|
$750,000
|
$642,035
|
|
Chicago GO Unlimited
Bonds, Series A, Chicago
Works, 5.50%, 1/01/39
|
|
250,000
|
257,493
|
|
Chicago GO Unlimited
Bonds, Series B, 5.00%,
1/01/32
|
|
1,000,000
|
1,054,820
|
|
Chicago O'Hare
International Airport
Revenue Refunding
Bonds, Series C (AMT),
5.00%, 1/01/31
|
|
500,000
|
538,810
|
|
Chicago O'Hare
International Airport
Revenue Refunding
Bonds, Series D, 5.00%,
1/01/45
|
|
500,000
|
507,598
|
|
Chicago O'Hare
International Airport
Senior Lien Revenue
Refunding Bonds (AMT),
5.00%, 1/01/28
|
|
680,000
|
714,211
|
|
Chicago O'Hare
International Airport
Senior Lien Revenue
Refunding Bonds,
Customer Facility (BAM
Insured), 5.00%, 1/01/28
|
|
220,000
|
232,442
|
|
Chicago O'Hare
International Airport
Senior Lien Revenue
Refunding Bonds, Series
A (AMT), 5.00%, 1/01/31
|
|
250,000
|
261,416
|
|
Chicago Refunding GO
Unlimited Bonds, Series
B, 5.00%, 1/01/31
|
|
1,000,000
|
1,055,046
|
|
Chicago Refunding GO
Unlimited Refunding
Bonds, Series A, Partially
Escrowed to Maturity,
5.00%, 1/01/27
|
|
250,000
|
255,154
|
|
Chicago Special
Assessment Refunding
Bonds, Lakeshore East
Project, 2.87%,
12/01/27(d)
|
|
254,000
|
247,093
|
|
Cook County Community
College District No. 508
GO Unlimited Refunding
Bonds, City Colleges of
Chicago (BAM Insured),
5.00%, 12/01/42
|
|
250,000
|
249,880
|
|
|
|
Par
|
Value
|
|
Illinois (Continued)
|
|||
|
|
|||
|
Du Page & Will Counties
Community School
District No. 204 Indian
Prairie GO Unlimited
Bonds, 5.00%, 1/15/45
|
|
$500,000
|
$506,455
|
|
Illinois State Finance
Authority Revenue Bonds,
Series A, The University
of Chicago, 5.25%,
5/15/48
|
|
100,000
|
100,938
|
|
Illinois State Finance
Authority Revenue Bonds,
The Chicago School,
5.25%, 4/01/43
|
|
250,000
|
246,740
|
|
Illinois State Finance
Authority Revenue
Refunding Bonds, Series
A, 4.00%, 7/15/39
|
|
250,000
|
231,029
|
|
Illinois State Finance
Authority Revenue
Refunding Bonds, Series
A, Bradley University
Project, 4.00%, 8/01/43
|
|
250,000
|
200,269
|
|
Illinois State Finance
Authority Revenue
Refunding Bonds, Series
A, Lutheran Communities,
5.00%, 11/01/40
|
|
350,000
|
227,500
|
|
Illinois State Finance
Authority Revenue
Refunding Bonds, Series
A, The Carle Foundation,
5.00%, 2/15/45
|
|
250,000
|
242,246
|
|
Illinois State Finance
Authority Variable
Revenue Bonds, Series
B-2, 5.00%,
11/15/26(a)(b)(c)
|
|
1,925,000
|
1,951,123
|
|
Illinois State GO Unlimited
Bonds, Series A, 5.00%,
5/01/32
|
|
500,000
|
518,639
|
|
Illinois State GO Unlimited
Bonds, Series B,
|
|
|
|
|
5.00%, 10/01/31
|
|
250,000
|
268,423
|
|
5.50%, 5/01/47
|
|
100,000
|
101,762
|
|
5.25%, 5/01/47
|
|
100,000
|
100,230
|
|
|
|||
|
Illinois State GO Unlimited
Refunding Bonds, Series
B, 5.00%, 10/01/28
|
|
250,000
|
264,409
|
|
Illinois State HDA MFH
Variable Revenue Bonds,
Hope Manor Village
Joliet (Housing & Urban
Development Sector 8
Program), 3.15%,
2/01/28(a)(b)(c)
|
|
500,000
|
500,792
|
|
|
|
Par
|
Value
|
|
Illinois (Continued)
|
|||
|
|
|||
|
Illinois State HDA Revenue
Refunding Bonds, Series
H, Social Bonds (GNMA,
FNMA, FHLMC Insured),
5.75%, 10/01/53
|
|
$210,000
|
$224,898
|
|
Illinois State Refunding GO
Unlimited Bonds, 5.00%,
2/01/39
|
|
200,000
|
207,943
|
|
Illinois State Sales Tax
Revenue Refunding
Bonds, Subseries D
(BAM, TCRS Insured),
3.00%, 6/15/31
|
|
390,000
|
373,238
|
|
Illinois State Sports
Facilities Authority State
Tax Supported Revenue
Refunding Bonds (AGM
Insured), 5.00%, 6/15/27
|
|
400,000
|
400,868
|
|
Illinois State Toll Highway
Authority Revenue Bonds,
Series A,
|
|
|
|
|
5.00%, 1/01/40
|
|
400,000
|
399,456
|
|
5.00%, 1/01/46
|
|
750,000
|
749,380
|
|
4.00%, 1/01/46
|
|
250,000
|
217,429
|
|
Illinois State Toll Highway
Authority Senior Revenue
Bonds, Series A,
|
|
|
|
|
5.00%, 1/01/40
|
|
500,000
|
512,495
|
|
5.00%, 1/01/45
|
|
250,000
|
250,015
|
|
|
|||
|
Macoupin Country
Community Unit School
District No. 7 GO
Unlimited Refunding
Bonds, Series D (AGM
Insured), 4.00%,
12/01/26
|
|
250,000
|
251,055
|
|
Metropolitan Pier &
Exposition Authority
Revenue Refunding
Bonds, McCormick Place
Expansion Project,
|
|
|
|
|
5.00%, 6/15/42
|
|
500,000
|
504,338
|
|
4.00%, 12/15/42
|
|
250,000
|
218,716
|
|
5.00%, 6/15/50
|
|
500,000
|
485,205
|
|
|
|||
|
Naperville GO Unlimited
Bonds, 4.00%, 12/01/41
|
|
145,000
|
138,344
|
|
Northern Illinois University
Board of Trustees
Auxiliary Facilities
System Revenue Bonds
(BAM Insured),
|
|
|
|
|
5.00%, 10/01/26
|
|
250,000
|
255,674
|
|
5.00%, 10/01/27
|
|
350,000
|
363,684
|
|
|
|
Par
|
Value
|
|
Illinois (Continued)
|
|||
|
|
|||
|
Peoria County School
District No. 150 GO
Unlimited Refunding
Bonds, Series A (AGM
Insured), 4.00%,
12/01/26
|
|
$390,000
|
$396,815
|
|
Regional Transportation
Authority Revenue Bonds,
Series B (NATL Insured),
5.50%, 6/01/27
|
|
190,000
|
197,438
|
|
Sales Tax
Securitization Corp.,
Second Lien Revenue
Refunding Bonds, Series
A, 4.00%, 1/01/38
|
|
250,000
|
236,219
|
|
Sangamon Logan &
Menard Counties
Community Unit School
District No. 15 GO
Unlimited Bonds, Series
B (BAM Insured), 4.00%,
12/01/39
|
|
250,000
|
228,153
|
|
Waukegan City Lake
County Water & Sewer
System Revenue
Refunding Bonds (AGM
Insured),
|
|
|
|
|
5.00%, 12/30/26
|
|
200,000
|
206,669
|
|
4.00%, 12/30/38
|
|
500,000
|
477,295
|
|
4.00%, 12/30/40
|
|
500,000
|
462,949
|
|
|
|||
|
Waukegan GO Unlimited
Bonds, Series A (AGM
Insured), 5.00%,
12/30/32
|
|
250,000
|
250,302
|
|
Will County Community
High School District No.
210 Lincoln-Way
Refunding GO Unlimited
Refunding Bonds (AGM
Insured), 4.00%, 1/01/34
|
|
650,000
|
648,571
|
|
|
|
|
21,917,221
|
|
Indiana – 2.1%
|
|||
|
Indiana Bond Bank
Revenue CABS,
Hamilton Co., Projects,
|
|
|
|
|
0.00%, 7/15/28(f)
|
|
900,000
|
811,596
|
|
0.00%, 1/15/29(f)
|
|
560,000
|
495,003
|
|
|
|||
|
Indiana Finance Authority
Educational Facilities
Revenue Refunding
Bonds, Series A, DePauw
University Project, 5.50%,
7/01/52
|
|
255,000
|
250,455
|
|
|
|
Par
|
Value
|
|
Indiana (Continued)
|
|||
|
|
|||
|
Indiana Finance Authority
Midwestern Disaster
Relief Revenue Bonds,
Series A, Ohio Valley
Electric Corp., Project,
4.25%, 11/01/30
|
|
$500,000
|
$507,526
|
|
Indiana State Finance
Authority Health System
Revenue Refunding
Bonds, Series C, Indiana
University Health, 5.25%,
10/01/44
|
|
150,000
|
156,749
|
|
Indiana State Finance
Authority Variable
Revenue Refunding
Bonds, Deaconess Health
System, (SIFMA
Municipal Swap Index
Yield + 0.30%), 2.59%,
3/01/27(a)(c)
|
|
1,265,000
|
1,252,965
|
|
Indianapolis Local Public
Improvement Bank
Income TRB, Indiana
Public
Transportation Corp.,
Project, 5.00%, 1/15/28
|
|
575,000
|
609,415
|
|
Ips Multi-School
Building Corp.,
Sustainable Revenue
Bonds, First Mortgage
(State Intercept Program),
5.00%, 7/15/44
|
|
250,000
|
253,471
|
|
Knox Middle School
Building Corp., Revenue
Bonds (State Intercept
Program), 5.00%, 1/15/27
|
|
440,000
|
454,601
|
|
Tippecanoe County School
Building Corp., Revenue
Bonds, Series B (State
Intercept Program),
5.00%, 7/15/29
|
|
195,000
|
211,270
|
|
Valparaiso Exempt
Facilities Revenue
Refunding Bonds (AMT),
Pratt Paper LLC Project,
|
|
|
|
|
4.88%, 1/01/44(d)
|
|
250,000
|
233,602
|
|
5.00%, 1/01/54(d)
|
|
250,000
|
228,132
|
|
Westfield Washington
Multi-School
Building Corp., Revenue
Bonds, Series B (BAM
State Intercept Program),
|
|
|
|
|
5.00%, 7/15/27
|
|
375,000
|
390,965
|
|
5.00%, 1/15/28
|
|
455,000
|
479,117
|
|
|
|
Par
|
Value
|
|
Indiana (Continued)
|
|||
|
|
|||
|
Whiting Environmental
Facilities Variable
Revenue Bonds (AMT),
BP Products North
America, 4.40%,
6/10/31(a)(b)(c)
|
|
$500,000
|
$509,160
|
|
|
|
|
6,844,027
|
|
Kentucky – 2.0%
|
|||
|
Fayette County School
District Finance Corp.,
Revenue Bonds, Series A
(State Intercept Program),
4.00%, 5/01/38
|
|
250,000
|
233,501
|
|
Kenton County Airport
Board Revenue Refunding
Bonds, 5.00%, 1/01/32
|
|
400,000
|
402,499
|
|
Kentucky Bond
Development Corp.,
Educational Facilities
Revenue Refunding
Bonds, Transylvania
University Project, 5.00%,
3/01/27
|
|
155,000
|
159,574
|
|
Kentucky State Economic
Development Finance
Authority Revenue Bonds,
Owensboro Health,
5.25%, 6/01/50
|
|
250,000
|
235,934
|
|
Kentucky State Economic
Development Finance
Authority Revenue
Refunding Bonds,
Masonic Home
Independent Living,
|
|
|
|
|
5.00%, 5/15/36
|
|
200,000
|
180,564
|
|
5.00%, 5/15/46
|
|
100,000
|
77,229
|
|
|
|||
|
Kentucky State Economic
Development Finance
Authority Revenue
Refunding Bonds, Series
B, Owensboro Health,
5.00%, 6/01/40
|
|
300,000
|
292,482
|
|
Kentucky State Interlocal
School Transportation
Association Equipment
Lease COPS (State
Intercept Program),
4.00%, 3/01/29
|
|
295,000
|
301,082
|
|
Kentucky State Public
Energy Authority Gas
Supply Revenue
Refunding Bonds, Series
A-1, 5.25%, 2/01/32(a)(b)(c)
|
|
1,775,000
|
1,902,829
|
|
|
|
Par
|
Value
|
|
Kentucky (Continued)
|
|||
|
|
|||
|
Louisville & Jefferson
County Metro
Government PCR
Refunding Bonds (AMT),
Louisville Gas & Electric,
1.35%, 11/01/27
|
|
$1,500,000
|
$1,426,832
|
|
Owen County Water
Facilities Variable
Revenue Refunding
Bonds, American Water
Company Project, 3.88%,
9/01/28(a)(b)(c)
|
|
500,000
|
491,046
|
|
Rural Water Financing
Agency Public Project
Revenue Bonds, Public
Project Construction,
3.70%, 5/01/27
|
|
1,000,000
|
1,001,560
|
|
|
|
|
6,705,132
|
|
Louisiana – 0.7%
|
|||
|
East Baton Rouge Parish
Sewerage Commission
Variable Revenue
Refunding Bonds, Series
A, 1.30%, 2/01/28(a)(b)(c)
|
|
500,000
|
466,417
|
|
Louisiana Public Facilities
Authority Revenue
Refunding Bonds, Loyola
University Project, 5.00%,
10/01/26
|
|
215,000
|
219,537
|
|
Louisiana Public Facilities
Authority Revenue
Refunding Bonds,
Ochsner Clinic
Foundation Project,
5.00%, 5/15/28
|
|
500,000
|
526,572
|
|
Louisiana State Local
Government
Environmental Facilities
& Community
Development Authority
Subordinate Revenue
Refunding Bonds, East
Baton Rouge, 5.00%,
2/01/27
|
|
400,000
|
412,613
|
|
Louisiana State offshore
Terminal Authority
Deepwater Port Variable
Revenue Refunding
bonds, Series C, Loop LLC
Project, 4.20%,
9/01/28(a)(b)(c)
|
|
300,000
|
301,694
|
|
|
|
Par
|
Value
|
|
Louisiana (Continued)
|
|||
|
Louisiana State Public
Facilities Authority Solid
Waste Disposal Variable
Revenue Bonds (AMT),
Waste Pro USA Inc.,
Project, 6.75%,
10/01/28(a)(b)(c)(d)
|
|
$200,000
|
$209,858
|
|
Saint John The Baptist
Parish Variable Revenue
Refunding Bonds,
Marathon Oil Corp.,
3.30%, 7/03/28(a)(b)(c)
|
|
100,000
|
100,531
|
|
|
|
|
2,237,222
|
|
Maine – 0.3%
|
|||
|
Maine Health & Higher
Educational Facilities
Authority Revenue Bonds,
Series A, 5.00%, 7/01/27
|
|
215,000
|
223,762
|
|
Maine State Health &
Higher Educational
Facilities Authority
Revenue Refunding
Bonds, Series A (State
Intercept State Resource
Fund Guaranty Program),
Prerefunded, 5.00%,
7/01/27(g)
|
|
30,000
|
31,296
|
|
Maine State Health &
Higher Educational
Facilities Authority
Revenue Refunding
Bonds, Series A (State
Intercept State Resource
Fund Guaranty Program),
Unrefunded Balance,
5.00%, 7/01/28
|
|
620,000
|
644,783
|
|
|
|
|
899,841
|
|
Maryland – 2.1%
|
|||
|
Baltimore Convention
Center Hotel Revenue
Refunding Bonds,
Convention Center Hotel,
5.00%, 9/01/39
|
|
500,000
|
484,026
|
|
Baltimore County GO
Unlimited Bonds, 4.00%,
3/01/42
|
|
1,000,000
|
939,348
|
|
Maryland State
Community Development
Administration
Department Housing &
Community Development
Revenue Bonds, Social
Bonds (GNMA, FNMA,
FHLMC Insured), 5.05%,
3/01/47
|
|
500,000
|
494,429
|
|
|
|
Par
|
Value
|
|
Maryland (Continued)
|
|||
|
Maryland State Economic
Development Corp.,
Private Activity Revenue
Bonds (AMT), Purple Line
Light Rail Project, Green
Bonds,
|
|
|
|
|
5.00%, 11/12/28
|
|
$1,320,000
|
$1,334,035
|
|
5.25%, 6/30/55
|
|
1,000,000
|
936,591
|
|
|
|||
|
Maryland State Economic
Development Corp.,
Revenue Bonds (AMT),
Seagirt Marine Terminal
Projects, 5.00%, 6/01/44
|
|
500,000
|
476,064
|
|
Maryland State Economic
Development Corp.,
Senior Lien Revenue
Bonds, Annapolis
Mobility & Resilience,
5.00%, 12/31/42
|
|
145,000
|
145,048
|
|
Maryland State Health &
Higher Educational
Facilities Authority
Revenue Bonds,
Adventist Healthcare
Obligated, 5.50%,
1/01/31
|
|
400,000
|
409,706
|
|
Maryland State Health &
Higher Educational
Facilities Authority
Revenue Refunding
Bonds, Series A,
Broadmead Issue, 4.00%,
7/01/35
|
|
285,000
|
282,929
|
|
Maryland State Health &
Higher Educational
Facilities Authority
Revenue Refunding
Bonds, Series A, Mercy
Medical Center, 4.00%,
7/01/42
|
|
120,000
|
105,110
|
|
Maryland State Health &
Higher Educational
Facilities Authority
Revenue Refunding
Bonds, Stevenson
University Project, 4.00%,
6/01/51
|
|
500,000
|
396,796
|
|
Montgomery County GO
Unlimited Refunding
Bonds, Series A,
Consolidated Public
Improvement Project,
2.00%, 8/01/41
|
|
1,000,000
|
664,812
|
|
|
|
Par
|
Value
|
|
Maryland (Continued)
|
|||
|
|
|||
|
Montgomery County
Housing Opportunities
Commission Multifamily
& Reconstruction
Development Revenue
Bonds, Series C (FHA 542
(C) Insured), 2.85%,
1/01/51
|
|
$250,000
|
$163,608
|
|
Washington County
Economic Development
Revenue Refunding
Bonds, Homewood
Maryland Obligated
Group Project, 4.00%,
5/01/42
|
|
225,000
|
198,464
|
|
|
|
|
7,030,966
|
|
Massachusetts – 0.5%
|
|||
|
Massachusetts
Educational Financing
Authority Senior Revenue
Bonds, Series B (AMT),
5.00%, 7/01/28
|
|
280,000
|
292,318
|
|
Massachusetts State
Development Finance
Agency Revenue Bonds,
UMass Boston Student
Housing Project, 5.00%,
10/01/48
|
|
500,000
|
448,663
|
|
Massachusetts State
Development Finance
Agency Revenue
Refunding Bonds, Series
F, Lahey Clinic Obligated
Group, 5.00%, 8/15/45
|
|
250,000
|
240,845
|
|
Massachusetts State Port
Authority Revenue Bonds,
Series B (AMT), 4.00%,
7/01/46
|
|
250,000
|
213,892
|
|
Massachusetts State Port
Authority Revenue Bonds,
Series E (AMT), 5.00%,
7/01/27
|
|
365,000
|
378,835
|
|
|
|
|
1,574,553
|
|
Michigan – 2.0%
|
|||
|
Detroit GO Unlimited
Bonds, 5.00%, 4/01/27
|
|
50,000
|
51,475
|
|
Detroit GO Unlimited
Bonds, Series A, Social
Bonds, 4.00%, 4/01/40
|
|
250,000
|
225,565
|
|
Michigan State Finance
Authority Limited
Obligation Revenue
Refunding Bonds,
Lawrence Technological
University, 4.00%,
2/01/27
|
|
95,000
|
94,869
|
|
|
|
Par
|
Value
|
|
Michigan (Continued)
|
|||
|
Michigan State Finance
Authority Limited
Obligation Revenue
Refunding Bonds,
University of Detroit
Mercy, 5.63%, 11/01/52
|
|
$300,000
|
$291,665
|
|
Michigan State Finance
Authority Revenue
Refunding Bonds, Trinity
Health Credit Group,
|
|
|
|
|
4.00%, 12/01/35
|
|
515,000
|
507,001
|
|
4.00%, 12/01/40
|
|
500,000
|
446,447
|
|
|
|||
|
Michigan State Finance
Authority Variable
Revenue Refunding
Bonds, Beaumont
Spectrum, (SIFMA
Municipal Swap Index
Yield + 0.75%), 3.04%,
4/15/27(a)(c)
|
|
1,500,000
|
1,494,897
|
|
Michigan State Hospital
Finance Authority
Revenue Refunding
Bonds, Ascenion Senior,
Prerefunded, 5.00%,
11/15/26(g)
|
|
420,000
|
432,950
|
|
Michigan State Strategic
Fund Limited Obligation
Variable Revenue Bonds
(AMT), Consumers
Energy Co., 3.35%,
10/01/27(a)(b)(c)
|
|
1,000,000
|
986,145
|
|
Michigan State Strategic
Fund Limited Obligation
Variable Revenue Bonds
(AMT), Green Bonds,
4.00%, 10/01/26(a)(b)(c)
|
|
100,000
|
99,391
|
|
Michigan State Trunk
Line Fund Revenue
Bonds, 4.00%, 11/15/46
|
|
250,000
|
221,812
|
|
Michigan State Trunk Line
Revenue Bonds,
Rebuilding Michigan
Program, 5.50%,
11/15/49
|
|
1,000,000
|
1,044,837
|
|
Okemos Public School
District GO Unlimited
Bonds, Series II (Q-SBLF
Insured), 5.00%, 5/01/49
|
|
500,000
|
503,172
|
|
Wayne State University
Revenue Refunding
Bonds, Series A (BAM,
TCRS Insured), 5.00%,
11/15/27
|
|
300,000
|
305,780
|
|
|
|
|
6,706,006
|
|
|
|
Par
|
Value
|
|
Minnesota – 2.1%
|
|||
|
Brainerd Independent
School Building District
No. 181 GO Unlimited
Bonds, Series A (School
District Credit Program),
4.00%, 2/01/39
|
|
$500,000
|
$486,824
|
|
Center City Health Care
Facilities Revenue
Refunding Bonds,
Hazelden Betty Ford
Foundation, 5.00%,
11/01/31
|
|
210,000
|
227,652
|
|
Cologne Charter School
Lease Revenue Bonds,
Academy Project A,
5.00%, 7/01/29
|
|
250,000
|
250,100
|
|
Gibbon Independent
School District No. 2365
GO Unlimited Bonds,
Series A (School District
Credit Program), 6.00%,
2/01/28
|
|
200,000
|
216,493
|
|
Minneapolis Health Care
System Revenue
Refunding Bonds,
Fairview Health Services,
Series A, 5.00%,
11/15/27
|
|
585,000
|
587,743
|
|
Rochester Health Care
Facilities Variable
Revenue Bonds, Series B,
Mayo Clinic, 5.00%,
5/15/32(a)(b)(c)
|
|
500,000
|
550,251
|
|
Rochester Health Care
Facilities Variable
Revenue Bonds, Series C,
Mayo Clinic, 1.10%,
11/15/64(c)(h)
|
|
4,600,000
|
4,600,000
|
|
|
|
|
6,919,063
|
|
Mississippi – 0.3%
|
|||
|
Mississippi Alcoholic
Beverage Control
Revenue Bonds, ABC
Warehouse Construction
Project, 5.00%, 10/01/44
|
|
250,000
|
255,728
|
|
Mississippi State Hospital
Equipment & Facilities
Authority Adjustable
Revenue Refunding
Bonds, North Mississippi
Health, 5.00%,
3/01/27(a)(b)(c)
|
|
265,000
|
272,175
|
|
|
|
Par
|
Value
|
|
Mississippi (Continued)
|
|||
|
Warren County Gulf
Opportunity Zone
Revenue Refunding
Bonds, International
Paper Company Project,
|
|
|
|
|
4.00%, 9/01/32
|
|
$100,000
|
$100,363
|
|
4.20%, 5/01/34
|
|
250,000
|
249,246
|
|
|
|
|
877,512
|
|
Missouri – 1.0%
|
|||
|
Central Southwest
Community College
District COPS, 5.00%,
3/01/27
|
|
225,000
|
232,912
|
|
Kansas City IDA Economic
Activity TRB, Historic
Northeast
Redevelopment Plan,
5.00%, 6/01/46(d)
|
|
200,000
|
184,034
|
|
Missouri State Health &
Educational Facilities
Authority Health
Facilities Revenue Bonds,
Mercy Health, 3.00%,
6/01/53
|
|
970,000
|
641,008
|
|
Missouri State Health &
Educational Facilities
Authority Revenue Bonds,
Lutheran Senior Services
Project, Series 2025-A,
5.00%, 2/01/29
|
|
875,000
|
914,391
|
|
Missouri State Health &
Educational Facilities
Authority Revenue
Refunding Bonds,
|
|
|
|
|
5.00%, 2/15/27
|
|
215,000
|
220,166
|
|
5.00%, 2/15/28
|
|
250,000
|
259,792
|
|
|
|||
|
Missouri State Health &
Educational Facilities
Authority Revenue
Refunding Bonds,
Bethesda Health
Group, Inc., 4.00%,
8/01/26
|
|
200,000
|
199,570
|
|
Missouri State Health &
Educational Facilities
Authority Revenue
Refunding Bonds, Series
C, 5.00%, 5/01/28(a)(b)(c)
|
|
500,000
|
530,407
|
|
Phelps County Hospital
Revenue Bonds, Phelps
Health, 6.00%,
12/01/55(e)
|
|
150,000
|
155,156
|
|
|
|
|
3,337,436
|
|
|
|
Par
|
Value
|
|
Nebraska – 0.9%
|
|||
|
Central Plains Energy
Project Gas Supply
Revenue Bonds,
Subseries A-1, 5.00%,
8/01/31(a)(b)(c)
|
|
$1,250,000
|
$1,326,916
|
|
Douglas County Hospital
Authority No. 3 Nebraska
Health Facilities Revenue
Refunding Bonds,
Nebraska Methodist
Health, 5.00%, 11/01/27
|
|
500,000
|
502,369
|
|
Lincoln MFH Variable
Revenue Bonds, Central
at South Haymarket,
3.37%, 7/01/28(a)(b)(c)
|
|
1,000,000
|
1,005,855
|
|
|
|
|
2,835,140
|
|
Nevada – 0.4%
|
|||
|
Clark County PCR
Refunding Bonds,
Southern California
Edison Company, 2.10%,
6/01/31
|
|
250,000
|
220,712
|
|
Clark County Stadium
Improvement GO Limited
Bonds, Series A, 5.00%,
5/01/48
|
|
500,000
|
496,363
|
|
Las Vegas Convention &
Visitors Authority
Convention Center
Expansion Revenue
Bonds, Series B,
|
|
|
|
|
5.00%, 7/01/43
|
|
250,000
|
247,759
|
|
4.00%, 7/01/49
|
|
150,000
|
124,914
|
|
|
|||
|
Las Vegas Special
Improvement District No.
814 Summerlin Village 21
& 24A Special
Assessment Bonds,
4.00%, 6/01/49
|
|
90,000
|
71,084
|
|
Las Vegas Valley Water
District GO Limited
Bonds, Series A, 4.00%,
6/01/46
|
|
250,000
|
218,689
|
|
|
|
|
1,379,521
|
|
New Hampshire – 0.6%
|
|||
|
National Finance Authority
Affordable Housing
Certificates Revenue
Bonds, 4.75%, 6/20/41
|
|
199,940
|
199,457
|
|
National Finance Authority
Municipal Certificates
Revenue Bonds, Series
1-A, 4.13%, 1/20/34
|
|
845,059
|
836,233
|
|
|
|
Par
|
Value
|
|
New Hampshire (Continued)
|
|||
|
New Hampshire State
Health & Education
Facilities Authority
Revenue Refunding
Bonds, Kendal at Hanover
Issue, 5.00%, 10/01/36
|
|
$180,000
|
$180,947
|
|
New Hampshire State
Health & Education
Facilities Authority
Revenue Refunding
Bonds, University of New
Hampshire, 5.00%,
7/01/40
|
|
455,000
|
455,203
|
|
New Hampshire State
Health & Educational
Facilities Authority
Revenue Bonds,
Dartmouth Hitchcock
Obligated Group, 4.00%,
8/01/43
|
|
250,000
|
218,566
|
|
|
|
|
1,890,406
|
|
New Jersey – 1.1%
|
|||
|
New Jersey State EDA
Energy Facility Revenue
Bonds, Series A (AMT),
UMM Energy Partners,
|
|
|
|
|
5.00%, 6/15/37
|
|
190,000
|
186,696
|
|
5.13%, 6/15/43
|
|
350,000
|
327,553
|
|
|
|||
|
New Jersey State EDA
Motor Vehicle Surcharge
Revenue Refunding
Bonds, Subseries A,
3.38%, 7/01/30
|
|
250,000
|
244,819
|
|
New Jersey State EDA
Private Activity Revenue
Bonds (AMT), The
Goethals Project, 5.38%,
1/01/43
|
|
100,000
|
100,049
|
|
New Jersey State EDA
Revenue Bonds, Portal
North Bridge Project NJ
Transit, 5.25%, 11/01/41
|
|
235,000
|
243,941
|
|
New Jersey State EDA
Revenue Bonds,
Provident Group Rowan
Properties LLC, 5.00%,
1/01/48
|
|
125,000
|
110,534
|
|
New Jersey State EDA
Revenue Refunding
Bonds, Cranes Mill
Project, 5.00%, 1/01/49
|
|
260,000
|
225,505
|
|
New Jersey State EDA
Water Facilities Revenue
Refunding Bonds (AMT),
New Jersey American
Water Co., Inc., Project,
2.20%, 12/03/29(a)(b)(c)
|
|
775,000
|
700,466
|
|
|
|
Par
|
Value
|
|
New Jersey (Continued)
|
|||
|
|
|||
|
New Jersey State GO
Unlimited Bonds, 2.00%,
6/01/37
|
|
$1,175,000
|
$868,960
|
|
New Jersey State
Transportation Trust Fund
Authority Revenue Bonds,
Series A, 4.00%, 6/15/42
|
|
250,000
|
223,736
|
|
New Jersey State
Transportation Trust Fund
Authority Revenue Bonds,
Series AA, 5.00%,
6/15/40
|
|
500,000
|
512,213
|
|
|
|
|
3,744,472
|
|
New York – 7.0%
|
|||
|
Build Resource Corp.,
Revenue Bonds, Friends
of Hellenic Classical
Charter Schools, Inc.,
4.00%, 12/01/31(d)
|
|
500,000
|
475,028
|
|
Hempstead Town Local
Develop Corp., Education
Revenue Refunding
Bonds, Academy Charter
School Project, 5.66%,
2/01/44
|
|
250,000
|
220,591
|
|
Hempstead Town Local
Development Corp.,
Education Revenue
Bonds, Academy Charter
School Project, 4.60%,
2/01/51
|
|
250,000
|
177,518
|
|
Hempstead Town Local
Development Corp.,
Revenue Refunding
Bonds, Adelphi University
Project, 5.00%, 6/01/27
|
|
300,000
|
310,812
|
|
Hudson Yards
Infrastructure Corp.,
Second Indenture
Revenue Refunding
Bonds, Series A (AGM
Insured), 4.00%, 2/15/47
|
|
250,000
|
216,743
|
|
Liberty Development Corp.,
Revenue Refunding
Bonds, Goldman Sachs
Headquarters, 5.25%,
10/01/35
|
|
250,000
|
279,588
|
|
Long Island Power
Authority Electric System
Variable Revenue
Refunding Bonds, Series
B, 1.50%, 9/01/26(a)(b)(c)
|
|
500,000
|
490,897
|
|
Metropolitan
Transportation Authority
Revenue Refunding
Bonds, Climate Bond
Certified, 5.00%,
11/15/29
|
|
340,000
|
371,058
|
|
|
|
Par
|
Value
|
|
New York (Continued)
|
|||
|
Metropolitan
Transportation Authority
Revenue Refunding
Bonds, Series D (BAM,
TCRS Insured), 4.00%,
11/15/42
|
|
$300,000
|
$264,536
|
|
New York City Housing
Development Corp., MFH
Sustainable
Neighborhood Revenue
Bonds, 3.95%, 11/01/43
|
|
275,000
|
249,557
|
|
New York City Housing
Development Corp., MFH
Sustainable Revenue
Bonds, Series F-1A,
5.00%, 11/01/54
|
|
250,000
|
246,112
|
|
New York City Housing
Development Corp., MFH
Variable Sustainable
Revenue Bonds, 3.75%,
7/02/29(a)(b)(c)
|
|
100,000
|
101,325
|
|
New York City Municipal
Water Finance Authority
Water & Sewer System
Revenue Bonds, Second
General Resolution,
Series CC-1, 5.00%,
6/15/49
|
|
250,000
|
250,195
|
|
New York City Municipal
Water Finance Authority
Water & Sewer System
Revenue Bonds, Series
AA-1, 5.25%, 6/15/52
|
|
250,000
|
255,217
|
|
New York City Municipal
Water Finance Authority
Water & Sewer System
Revenue Bonds, Series
BB-1, 5.25%, 6/15/54
|
|
500,000
|
511,461
|
|
New York City Transitional
Finance Authority
Adjustable Future Tax
Secured Subordinate
Revenue Bonds, 2.00%,
8/01/42(c)(h)
|
|
1,000,000
|
1,000,000
|
|
New York City Transitional
Finance Authority Future
Tax Subordinate Revenue
Bonds, 4.00%, 5/01/36
|
|
1,000,000
|
988,427
|
|
New York City Transitional
Finance Authority
Revenue Bonds,
Subseries B-1, 4.00%,
8/01/42
|
|
295,000
|
266,016
|
|
New York City Transitional
Finance Authority
Subordinate Revenue
Bonds, Series D, Fiscal
2025,
|
|
|
|
|
5.25%, 5/01/45
|
|
1,000,000
|
1,043,316
|
|
|
|
Par
|
Value
|
|
New York (Continued)
|
|||
|
New York City Transitional
Finance Authority
Subordinate Revenue
Bonds, Series D, Fiscal
2025,
|
|
|
|
|
5.50%, 5/01/52
|
|
$250,000
|
$262,004
|
|
|
|||
|
New York City Transitional
Finance Authority
Subordinate Revenue
Bonds, Series H, Fiscal
2025, 5.25%, 11/01/45
|
|
200,000
|
209,035
|
|
New York GO Unlimited
Bonds, Series A-1,
5.25%, 9/01/42
|
|
250,000
|
261,817
|
|
New York GO Unlimited
Bonds, Series C, 5.25%,
3/01/53
|
|
1,000,000
|
1,018,598
|
|
New York GO Unlimited
Bonds, Series D,
Subseries D1, 5.00%,
12/01/42
|
|
250,000
|
252,860
|
|
New York Multi Modal GO
Unlimited Bonds, Series
E, Fiscal 2025, 5.00%,
8/01/44
|
|
640,000
|
653,212
|
|
New York State
Convention Center
Development Corp.,
Revenue Refunding
Bonds, Hotel Unit Fee
Secured, 5.00%,
11/15/40
|
|
600,000
|
600,048
|
|
New York State Dormitory
Authority Non State
Supported Debt Revenue
Bonds, White Plains
Hospital Obligated Group,
5.25%, 10/01/49
|
|
100,000
|
99,010
|
|
New York State Dormitory
Authority Non State
Supported Debt Revenue
Refunding Bonds, Series
A, Barnard College,
4.00%, 7/01/49
|
|
300,000
|
248,214
|
|
New York State Dormitory
Authority Revenues Non
State Supported Debt
Revenue Bonds, Series A,
Pace University, 5.25%,
5/01/29
|
|
250,000
|
265,332
|
|
New York State Energy
Research & Development
Authority PCR Refunding
Bonds, New York Electric
& Gas, Series C, 4.00%,
4/01/34
|
|
250,000
|
249,762
|
|
|
|
Par
|
Value
|
|
New York (Continued)
|
|||
|
|
|||
|
New York State Liberty
Development Corp.,
Revenue Refunding
Bonds, 4 World Trade
Center Project, Green
Bonds, 1.20%, 11/15/28
|
|
$500,000
|
$454,106
|
|
New York State Liberty
Development Corp.,
Revenue Refunding
Bonds, Class 2, 3 World
Trade Center Project,
|
|
|
|
|
5.15%, 11/15/34(d)
|
|
500,000
|
500,010
|
|
5.38%, 11/15/40(d)
|
|
150,000
|
147,823
|
|
New York State
Transportation
Development Corp.,
Special Facilities
Revenue Bonds (AMT),
Delta Air Lines Inc.,
Laguardia Airport
Terminals,
|
|
|
|
|
5.00%, 1/01/27
|
|
635,000
|
645,781
|
|
5.00%, 1/01/30
|
|
345,000
|
351,981
|
|
4.00%, 10/01/30
|
|
1,500,000
|
1,472,443
|
|
5.00%, 10/01/35
|
|
500,000
|
505,991
|
|
|
|||
|
New York State
Transportation
Development Corp.,
Special Facilities
Revenue Bonds (AMT),
Laguardia Airport
Terminal, 5.63%, 4/01/40
|
|
250,000
|
256,409
|
|
New York State
Transportation
Development Corp.,
Special Facilities
Revenue Bonds (AMT),
Laguardia Airport
Terminal B
Redevelopment (AGM-CR
Insured), 4.00%, 7/01/32
|
|
250,000
|
249,996
|
|
New York State
Transportation
Development Corp.,
Special Facilities
Sustainable Revenue
Bonds (AMT), John F.
Kennedy International
Airport,
|
|
|
|
|
5.50%, 6/30/54
|
|
335,000
|
323,149
|
|
6.00%, 6/30/55
|
|
100,000
|
102,747
|
|
6.00%, 6/30/59
|
|
175,000
|
179,314
|
|
|
|
Par
|
Value
|
|
New York (Continued)
|
|||
|
|
|||
|
New York State
Transportation
Development Corp.,
Special Facilities
Sustainable Revenue
Bonds (AMT), John F.
Kennedy International
Airport (AGM Insured),
5.00%, 6/30/49
|
|
$250,000
|
$238,218
|
|
New York State
Transportation
Development Corp.,
Special Facilities
Sustainable Revenue
Bonds (AMT), John F.
Kennedy International
Airport New Terminal
One Project, 5.50%,
6/30/39
|
|
250,000
|
259,912
|
|
New York State
Transportation
Development Corp.,
Special Facilities
Sustainable Revenue
Refunding Bonds (AMT),
JFK Airport (AGC
Insured), 5.25%,
12/31/54
|
|
325,000
|
318,211
|
|
New York State
Transportation
Development Corp.,
Special Facility Revenue
Refunding Bonds (AMT),
John F. Kennedy
International Airport
Project, 5.38%, 8/01/36
|
|
250,000
|
254,545
|
|
New York State
Transportation
Development Corp.,
Special Facility Revenue
Refunding Bonds (AMT),
Terminal 4 John F.
Kennedy International
Airport Project, 5.00%,
12/01/33
|
|
250,000
|
260,282
|
|
New York State Urban
Development Corp.,
Personal Income TRB,
Series A,
|
|
|
|
|
4.00%, 3/15/38
|
|
500,000
|
485,795
|
|
5.00%, 3/15/41
|
|
250,000
|
254,109
|
|
|
|||
|
New York State Urban
Development Corp.,
Revenue Refunding
Bonds, Series E Group 3,
4.00%, 3/15/43
|
|
500,000
|
447,394
|
|
|
|
Par
|
Value
|
|
New York (Continued)
|
|||
|
|
|||
|
Onondaga County Trust
Cultural Resources
Revenue Refunding
Bonds, Syracuse
University Project, 4.00%,
12/01/41
|
|
$250,000
|
$233,271
|
|
Port Authority of New York
& New Jersey
Consolidated 183rd
Revenue Bonds, 4.00%,
12/15/39
|
|
440,000
|
413,656
|
|
Port Authority of New York
& New Jersey
Consolidated 211th
Revenue Refunding
Bonds, 5.00%, 9/01/48
|
|
830,000
|
830,212
|
|
Port Authority of New York
& New Jersey
Consolidated Revenue
Bonds, Series 221 (AMT),
4.00%, 7/15/40
|
|
500,000
|
455,017
|
|
Port Authority of New York
& New Jersey
Consolidated Revenue
Refunding Bonds (AMT),
5.50%, 8/01/52
|
|
600,000
|
612,264
|
|
Triborough Bridge & Tunnel
Authority Payroll Mobility
Tax Revenue Refunding
Bonds, Series A, MTA
Bridges & Tunnels,
5.00%, 5/15/47
|
|
250,000
|
252,175
|
|
Triborough Bridge & Tunnel
Authority Payroll Mobility
Tax Senior Lien Revenue
Bonds, Series C, 5.00%,
5/15/47
|
|
255,000
|
257,219
|
|
Troy Capital
Resource Corp., Revenue
Bonds, Rensselaer
Polytechnic Institute
Project, 4.00%, 9/01/33
|
|
100,000
|
100,591
|
|
Yonkers Economic
Development Corp.,
Educational Revenue
Bonds, Charter School
Educational Excellence
Project, 5.00%, 10/15/49
|
|
100,000
|
89,227
|
|
|
|
|
22,790,137
|
|
North Carolina – 2.2%
|
|||
|
Charlotte-Mecklenburg
Hospital Authority Health
Care System Variable
Revenue Refunding
Bonds, Series 2021-E,
Atrium Health (Royal
Bank of Canada LOC),
1.75%, 1/15/42(c)(h)
|
|
200,000
|
200,000
|
|
|
|
Par
|
Value
|
|
North Carolina (Continued)
|
|||
|
Columbus County
Industrial Facilities &
Pollution Control
Financing Authority
Recovery Zone Facility
Revenue Refunding
Bonds, International
Paper Company Project,
4.20%, 5/01/34
|
|
$250,000
|
$249,246
|
|
Forsyth County GO
Unlimited Bonds, Series
B, 2.00%, 3/01/37
|
|
1,000,000
|
775,837
|
|
Greater Asheville Regional
Airport Authority Airport
System Revenue Bonds
(AMT) (AGM Insured),
5.25%, 7/01/48
|
|
250,000
|
249,084
|
|
Greater Asheville Regional
Airport Authority Airport
System Revenue Bonds,
Series A (AMT) (AGM
Insured), 5.50%, 7/01/47
|
|
1,000,000
|
1,017,316
|
|
Macon County Limited
Obligation Revenue
Bonds, 4.00%, 10/01/44
|
|
525,000
|
475,865
|
|
North Carolina State
Capital Facilities Finance
Agency Revenue
Refunding Bonds, The Arc
of North Carolina
(Housing & Urban
Development Sector 8
Program),
|
|
|
|
|
5.00%, 10/01/28
|
|
300,000
|
303,895
|
|
5.00%, 10/01/34
|
|
250,000
|
247,804
|
|
|
|||
|
North Carolina State
Housing Finance Agency
Home Ownership
Revenue Bonds, Series
54-A (GNMA, FNMA,
FHLMC Insured), 4.80%,
1/01/55
|
|
200,000
|
191,410
|
|
North Carolina State
Medical Care
Commission Retirement
Facilities Revenue Bonds,
The Forest at Duke
Project,
|
|
|
|
|
4.00%, 9/01/33
|
|
180,000
|
175,582
|
|
4.00%, 9/01/34
|
|
185,000
|
178,333
|
|
|
|||
|
North Carolina State
Medical Care
Commission Retirement
Facilities Revenue Bonds,
United Methodist
Retirement House,
3.75%, 10/01/28
|
|
525,000
|
525,203
|
|
|
|
Par
|
Value
|
|
North Carolina (Continued)
|
|||
|
|
|||
|
North Carolina State
Medical Care
Commission Retirement
Facilities Revenue
Refunding Bonds, Series
A, Sharon Towers, 5.00%,
7/01/49
|
|
$100,000
|
$88,302
|
|
North Carolina State
Medical Care
Commission Retirement
Facilities Tax-Exempt
Revenue Bonds, First
Mortgage Twin Lakes
Community, 3.90%,
1/01/29
|
|
680,000
|
681,282
|
|
North Carolina State
Turnpike Authority Senior
Lien Revenue Bonds,
Triangle Expressway,
4.00%, 1/01/55
|
|
225,000
|
180,698
|
|
North Carolina State
Turnpike Authority Senior
Lien Revenue Bonds,
Triangle Expressway
(AGM Insured), 5.00%,
1/01/49
|
|
500,000
|
498,521
|
|
North Carolina State
Turnpike Authority Senior
Lien Revenue Refunding
Bonds, 5.00%, 1/01/40
|
|
550,000
|
556,125
|
|
Union County GO
Unlimited Bonds, Series
C, 2.50%, 9/01/38
|
|
590,000
|
471,087
|
|
|
|
|
7,065,590
|
|
North Dakota – 0.2%
|
|||
|
City of Grand Forks Health
Care System Revenue
Bonds, Altru Health
System, Series A (AGM
Insured), 5.00%,
12/01/29
|
|
125,000
|
134,165
|
|
University of North Dakota
COPS, Infrastructure
Energy Improvement,
5.00%, 4/01/48
|
|
500,000
|
500,902
|
|
|
|
|
635,067
|
|
Ohio – 2.1%
|
|||
|
Akron Bath Copley Joint
Township Hospital
District Revenue
Refunding Bonds, Summa
Health Obligated Group
Hospital,
|
|
|
|
|
5.00%, 11/15/26
|
|
350,000
|
358,347
|
|
5.00%, 11/15/27
|
|
370,000
|
384,372
|
|
|
|
Par
|
Value
|
|
Ohio (Continued)
|
|||
|
|
|||
|
Buckeye Tobacco
Settlement Financing
Authority Revenue
Refunding Bonds,
Senior-Class 2, Series
B-2, 5.00%, 6/01/55
|
|
$900,000
|
$731,074
|
|
Cleveland-Cuyahoga
County Port Authority
Cultural Facilities
Revenue Refunding
Bonds, Playhouse Square
Foundation Project,
5.50%, 12/01/43
|
|
175,000
|
174,150
|
|
Cleveland-Cuyahoga
County Port Authority
Cultural Facility Revenue
Bonds, Cleveland
Museum of Natural
History Project,
|
|
|
|
|
5.00%, 7/01/27
|
|
125,000
|
130,047
|
|
5.00%, 7/01/28
|
|
155,000
|
164,345
|
|
|
|||
|
Cleveland-Cuyahoga
County Port Authority
Financing Senior Tax
Allocation Increment
Revenue Refunding
Bonds, Flats East Bank
Project, 4.00%,
12/01/55(d)
|
|
250,000
|
186,806
|
|
Conotton Valley Union
Local School District
COPS, School Facilities
Project (FHLMC Insured),
4.00%, 12/01/42
|
|
500,000
|
444,783
|
|
Franklin County Convention
Facilities Authority Hotel
Project Revenue Bonds,
Greater Columbus
Convention Center,
|
|
|
|
|
5.00%, 12/01/34
|
|
170,000
|
168,950
|
|
5.00%, 12/01/36
|
|
305,000
|
299,859
|
|
|
|||
|
Hamilton County Hospital
Facilities Revenue Bonds,
Cincinnati Children's
Hospital Project, 5.00%,
11/15/41
|
|
250,000
|
264,612
|
|
Marion County Health Care
Facilities Revenue
Refunding Bonds, United
Church Homes, Inc.,
5.13%, 12/01/49
|
|
100,000
|
71,617
|
|
Miami Valley Career
Technology Center GO
Unlimited Bonds, 4.00%,
12/01/37
|
|
250,000
|
244,517
|
|
|
|
Par
|
Value
|
|
Ohio (Continued)
|
|||
|
|
|||
|
Middleburg Heights
Hospital Revenue
Refunding Bonds,
Southwest General
Health Center, 4.00%,
8/01/41
|
|
$500,000
|
$437,841
|
|
Ohio State Air Quality
Development Authority
Variable Revenue
Refunding Bonds (AMT),
Dayton Power and Light
Company Project, 4.25%,
6/01/27(a)(b)(c)
|
|
925,000
|
936,773
|
|
Ohio State Air Quality
Development Authority
Variable Revenue
Refunding Bonds (AMT),
Duke Energy Corp.,
Project, 4.25%,
6/01/27(a)(b)(c)
|
|
250,000
|
253,582
|
|
Ohio State Higher
Educational Facilities
Commission Revenue
Refunding Bonds, Xavier
University 2020 Project,
5.00%, 5/01/35
|
|
880,000
|
911,633
|
|
Ohio State Higher
Educational Facility
Commission Revenue
Refunding Bonds,
Otterbein University 2022
Project, 4.00%, 12/01/46
|
|
500,000
|
393,972
|
|
Ohio State Hospital
Revenue Refunding
Bonds, Premier Health
Partners Obligated Group,
5.00%, 11/15/26
|
|
145,000
|
147,904
|
|
Port of Greater Cincinnati
Development Authority
Subordinate Revenue
Refunding Bonds, Duke
Energy Convention Center
Project (AGM Insured),
4.38%, 12/01/58
|
|
100,000
|
87,149
|
|
|
|
|
6,792,333
|
|
Oklahoma – 2.5%
|
|||
|
Carter County Public
Facilities Authority
Educational Facilities
Lease Revenue Bonds,
5.00%, 9/01/28
|
|
1,230,000
|
1,284,715
|
|
Comanche County Hospital
Authority Revenue
Refunding Bonds, 5.00%,
7/01/29
|
|
570,000
|
570,217
|
|
|
|
Par
|
Value
|
|
Oklahoma (Continued)
|
|||
|
Creek County Educational
Facilities Authority Lease
Revenue Bonds, Sapulpa
Public Schools Project
(BAM Insured), 4.13%,
9/01/48
|
|
$250,000
|
$221,037
|
|
Muskogee Industrial Trust
Educational Facilities
Lease Revenue Bonds,
Muskogee Public Schools
Project, 5.00%, 9/01/26
|
|
150,000
|
152,694
|
|
Oklahoma City Water
Utilities Trust Utility
System Revenue Bonds,
5.25%, 7/01/64
|
|
500,000
|
515,288
|
|
Oklahoma County Finance
Authority Educational
Facilities Lease Revenue
Bonds, Western Heights
Public Schools, 5.00%,
9/01/31
|
|
1,000,000
|
1,046,268
|
|
Oklahoma County Finance
Authority Revenue Bonds,
Exchange-Epworth Villa
Project, 2.00%, 12/01/47
|
|
8,975
|
447
|
|
Oklahoma County Finance
Authority Revenue Bonds,
Exchange-Epworth Villa
Project-B, 5.88%,
12/01/47
|
|
43,620
|
26,990
|
|
Oklahoma Housing Finance
Agency Collateralized
Variable Revenue Bonds,
Crimson Flats West,
3.63%, 5/01/27(a)(b)(c)
|
|
625,000
|
630,552
|
|
Oklahoma State Turnpike
Authority Second Senior
Revenue Bonds, Series C,
5.00%, 1/01/47
|
|
1,000,000
|
1,000,521
|
|
Oklahoma State Turnpike
Authority Senior Lien
Revenue Bonds, 5.50%,
1/01/53
|
|
475,000
|
492,643
|
|
Oklahoma State Water
Resources Board
Revolving Fund Revenue
Bonds, Drinking Water
Program 2019 Master
Trust, 4.00%, 4/01/48
|
|
300,000
|
258,066
|
|
Texas County Development
Authority Educational
Facilities Lease Revenue
Bonds, Guymon Public
Schools Project, 5.00%,
10/01/29
|
|
720,000
|
781,824
|
|
|
|
Par
|
Value
|
|
Oklahoma (Continued)
|
|||
|
Tulsa County Industrial
Authority Educational
Facilities Lease Revenue
Bonds, Berryhill Public
Schools Project, 4.00%,
9/01/26
|
|
$500,000
|
$505,516
|
|
Tulsa County Industrial
Authority Educational
Facilities Lease Revenue
Bonds, Glenpool Public
Schools Project, 5.00%,
9/01/29
|
|
370,000
|
401,924
|
|
Washington County
Educational Facilities
Authority Lease Revenue
Bonds, Dewey Public
Schools Project, 5.00%,
9/01/29
|
|
435,000
|
459,597
|
|
|
|
|
8,348,299
|
|
Oregon – 1.0%
|
|||
|
Medford Hospital Facilities
Authority Revenue
Refunding Bonds, Series
A, Asante Projects,
5.00%, 8/15/45
|
|
500,000
|
495,002
|
|
Oregon State Business
Development
Commission Variable
Revenue Bonds, Series
232, Intel Corp., Project,
3.80%, 6/15/28(a)(b)(c)
|
|
500,000
|
505,662
|
|
Oregon State Facilities
Authority Revenue
Refunding Bonds,
Samaritan Health
Services, 5.00%,
10/01/30
|
|
300,000
|
318,436
|
|
Oregon State Facilities
Authority Revenue
Refunding Bonds, Series
A, Legacy Health Project,
5.00%, 6/01/46
|
|
500,000
|
490,571
|
|
Port of Morrow GO Limited
Refunding Bonds, Series
D,
|
|
|
|
|
4.00%, 12/01/26
|
|
170,000
|
171,685
|
|
4.00%, 12/01/27
|
|
240,000
|
244,163
|
|
|
|||
|
Port of Portland Airport
Revenue Refunding
Bonds, Series Thirty B
(AMT), 5.00%, 7/01/27
|
|
500,000
|
518,763
|
|
|
|
Par
|
Value
|
|
Oregon (Continued)
|
|||
|
|
|||
|
Port of Portland Airport
Sustainable Revenue
Bonds, Series Thirty
(AMT), 5.25%, 7/01/49
|
|
$250,000
|
$251,735
|
|
Salem Hospital Facility
Authority Revenue
Refunding Bonds, Capital
Manor Project, 5.00%,
5/15/27
|
|
260,000
|
265,660
|
|
|
|
|
3,261,677
|
|
Pennsylvania – 4.0%
|
|||
|
Allegheny County GO
Unlimited Bonds, Series
C-76, 5.00%, 11/01/41
|
|
500,000
|
505,057
|
|
Allentown Neighborhood
Improvement Zone
Development Authority
Tax Revenue Refunding
Bonds, Forward Delivery,
5.00%, 5/01/42
|
|
250,000
|
251,801
|
|
Chester County IDA
Revenue Bonds, Avon
Grove Charter School,
5.00%, 3/01/27
|
|
500,000
|
506,655
|
|
Chester County IDA
Sustainable Revenue
Bonds, Longwood
Gardens, 4.00%,
12/01/51
|
|
805,000
|
676,989
|
|
Cumberland County
Municipal Authority
Revenue Bonds, Penn
State Health, 4.00%,
11/01/44
|
|
500,000
|
432,605
|
|
Cumberland County
Municipal Authority
Revenue Refunding
Bonds, Asbury
Pennsylvania Obligated,
4.50%, 1/01/40(d)
|
|
185,000
|
161,223
|
|
Doylestown Hospital
Authority Revenue
Refunding Bonds,
Doylestown Hospital,
Unrefunded Balance,
5.00%, 7/01/41
|
|
350,000
|
350,460
|
|
Geisinger Authority Health
System Revenue
Refunding Bonds,
Geisinger Health System,
|
|
|
|
|
4.00%, 2/15/39
|
|
250,000
|
233,348
|
|
4.00%, 2/15/47
|
|
500,000
|
419,526
|
|
|
|||
|
Geisinger Authority Health
System Revenue
Refunding Bonds,
Geisinger Health System
Obligation, 4.00%,
4/01/39
|
|
340,000
|
317,355
|
|
|
|
Par
|
Value
|
|
Pennsylvania (Continued)
|
|||
|
|
|||
|
Lancaster County Hospital
Authority Revenue
Refunding Bonds,
Masonic Villages Project,
5.00%, 11/01/30
|
|
$470,000
|
$503,286
|
|
Lancaster Municipal
Authority Healthcare
Facilities Revenue
Refunding Bonds, Garden
Spot Village Project,
5.00%, 5/01/30
|
|
200,000
|
212,692
|
|
Luzerne County IDA
Revenue Refunding
Bonds (AMT),
Pennsylvania-American
Water Co., Project,
2.45%, 12/03/29(a)(b)(c)
|
|
750,000
|
664,118
|
|
Montgomery County IDA
Revenue Bonds, Acts
Retirement-Life
Communities, 5.00%,
11/15/45
|
|
500,000
|
475,804
|
|
Pennsylvania State
Economic Development
Financing Authority
Parking System Revenue
Refunding Bonds, Senior
Insured Capitol Region
(AGM Insured), 5.00%,
1/01/40
|
|
500,000
|
497,715
|
|
Pennsylvania State
Economic Development
Financing Authority
Revenue Bonds (AMT),
Pennsylvania Bridges
FINCO LP-P3 Project,
5.00%, 12/31/34
|
|
250,000
|
250,991
|
|
Pennsylvania State
Economic Development
Financing Authority
Tax-Exempt Private
Activity Revenue Bonds
(AMT), The Penndot
Major Bridges, 5.75%,
6/30/48
|
|
575,000
|
580,233
|
|
Pennsylvania State
Economic Development
Financing Authority
UPMC Revenue Bonds,
Series A-1, 4.00%,
4/15/45
|
|
500,000
|
432,908
|
|
Pennsylvania State
Economic Development
Financing Authority
UPMC Revenue Bonds,
Series A-2, 4.00%,
5/15/48
|
|
250,000
|
209,513
|
|
|
|
Par
|
Value
|
|
Pennsylvania (Continued)
|
|||
|
|
|||
|
Pennsylvania State Higher
Educational Facilities
Authority Revenue Bonds,
Trustees of the University
of Pennsylvania, Series
A, 4.00%, 2/15/43
|
|
$585,000
|
$526,337
|
|
Pennsylvania State
Turnpike Commission
Revenue Refunding
Bonds, Series B, 5.25%,
12/01/52
|
|
250,000
|
253,632
|
|
Pennsylvania State
Turnpike Commission
Revenue Refunding
Bonds, Series C, 5.00%,
12/01/46
|
|
250,000
|
248,580
|
|
Pennsylvania State
Turnpike Commission
Subordinate Revenue
Bonds, Series A (AGM
Insured), 4.00%,
12/01/49
|
|
350,000
|
302,521
|
|
Philadelphia Airport
Revenue Refunding
Bonds, Series B (AMT),
|
|
|
|
|
5.00%, 7/01/30
|
|
475,000
|
488,156
|
|
5.00%, 7/01/33
|
|
400,000
|
407,109
|
|
5.00%, 7/01/35
|
|
155,000
|
156,978
|
|
|
|||
|
Philadelphia Airport
Revenue Refunding
Bonds, Series C (AMT),
4.00%, 7/01/40
|
|
250,000
|
228,299
|
|
Philadelphia School
District GO Limited
Bonds, Series A (BAM,
TCRS Insured State Aid
Withholding),
|
|
|
|
|
4.00%, 9/01/39
|
|
500,000
|
476,036
|
|
4.00%, 9/01/40
|
|
500,000
|
470,646
|
|
|
|||
|
Philadelphia School
District GO Limited
Bonds, Series A (State
Aid Withholding), 5.00%,
9/01/44
|
|
500,000
|
491,351
|
|
Phoenixville Area School
District GO Limited Bonds
(State Aid Withholding),
4.00%, 11/15/40
|
|
250,000
|
235,450
|
|
Southcentral General
Authority Revenue Bonds,
York College of
Pennsylvania Project,
|
|
|
|
|
5.00%, 5/01/27
|
|
300,000
|
309,275
|
|
5.00%, 5/01/28
|
|
215,000
|
225,294
|
|
|
|
Par
|
Value
|
|
Pennsylvania (Continued)
|
|||
|
|
|||
|
Southeastern Pennsylvania
Transportation Authority
Revenue Bonds, Asset
Improvement Program,
5.25%, 6/01/47
|
|
$250,000
|
$254,140
|
|
West Cornwall Township
Municipal Authority
Healthcare Facilities
Revenue Refunding
Bonds, Lebanon Valley
Brethren Home Project,
|
|
|
|
|
4.00%, 11/15/26
|
|
125,000
|
124,786
|
|
4.00%, 11/15/27
|
|
130,000
|
129,801
|
|
|
|
|
13,010,670
|
|
Puerto Rico – 1.3%
|
|||
|
Puerto Rico
Commonwealth Aqueduct
& Sewer Authority Senior
Lien Revenue Refunding
Bonds, Series A, 5.00%,
7/01/30(d)
|
|
250,000
|
261,410
|
|
Puerto Rico
Commonwealth Notes,
|
|
|
|
|
2.64%, 11/01/43(b)(c)
|
|
19,776
|
12,286
|
|
1.77%, 11/01/51(b)(c)
|
|
402,046
|
253,288
|
|
Puerto Rico
Commonwealth
Restructured GO
Unlimited Bonds, Series
A1,
|
|
|
|
|
5.63%, 7/01/27
|
|
309,847
|
319,358
|
|
5.63%, 7/01/29
|
|
1,058,875
|
1,121,000
|
|
5.75%, 7/01/31
|
|
57,185
|
62,080
|
|
4.00%, 7/01/33
|
|
54,226
|
52,877
|
|
4.00%, 7/01/35
|
|
48,742
|
46,485
|
|
4.00%, 7/01/37
|
|
106,285
|
100,075
|
|
4.00%, 7/01/41
|
|
56,878
|
49,556
|
|
|
|||
|
Puerto Rico
Commonwealth
Restructured GO
Unlimited CABS, Series
A, 0.00%, 7/01/33(f)
|
|
69,785
|
48,360
|
|
Puerto Rico Sales Tax
Financing Corp.,
Restructured TRB, Series
A-1,
|
|
|
|
|
4.75%, 7/01/53
|
|
1,011,000
|
906,123
|
|
5.00%, 7/01/58
|
|
157,000
|
143,485
|
|
|
|||
|
Puerto Rico Sales Tax
Financing Corp., Revenue
CABS, Series A-1,
Restructured Bonds,
0.00%, 7/01/33(f)
|
|
500,000
|
361,634
|
|
|
|
Par
|
Value
|
|
Puerto Rico (Continued)
|
|||
|
Puerto Rico Sales Tax
Financing Corp., Sales
Tax Revenue CABS,
Series A-1,
|
|
|
|
|
0.00%, 7/01/27(f)
|
|
$160,000
|
$149,867
|
|
0.00%, 7/01/46(f)
|
|
875,000
|
270,635
|
|
|
|
|
4,158,519
|
|
Rhode Island – 0.2%
|
|||
|
Rhode Island
Commerce Corp., First
Lien Special Facility
Revenue Refunding
Bonds, Rhode Island
Airport Corp.,
International, 5.00%,
7/01/31
|
|
500,000
|
520,379
|
|
South Carolina – 0.5%
|
|||
|
Connector 2000
Association, Inc., Toll
Road Revenue CABS,
Senior Series A-1,
|
|
|
|
|
0.00%, 1/01/32(f)
|
|
354,582
|
230,871
|
|
0.00%, 1/01/42(f)
|
|
228,148
|
72,002
|
|
0.00%, 7/22/51(f)
|
|
262,488
|
38,100
|
|
|
|||
|
South Carolina State Jobs
EDA Healthcare Revenue
Bonds, Beaufort
Memorial Hospital &
South of Broad
Healthcare Project,
5.00%, 11/15/31
|
|
280,000
|
293,813
|
|
South Carolina State Jobs
EDA Hospital Revenue
Refunding Bonds, Prisma
Health Obligated Group,
5.00%, 5/01/38
|
|
400,000
|
405,931
|
|
South Carolina State
Public Service Authority
Revenue Bonds, Series E,
Santee Cooper, 5.75%,
12/01/47
|
|
250,000
|
263,445
|
|
South Carolina State
Public Service Authority
Revenue Refunding
Bonds, Series A, 4.00%,
12/01/36
|
|
350,000
|
342,349
|
|
|
|
|
1,646,511
|
|
South Dakota – 0.1%
|
|||
|
South Dakota State Health
& Educational Facilities
Authority Revenue
Refunding Bonds, Series
A, Avera Health, 4.25%,
7/01/49
|
|
475,000
|
422,199
|
|
|
|
Par
|
Value
|
|
Tennessee – 1.2%
|
|||
|
Knox County Health
Educational & Housing
Facility Board Student
Housing Revenue Bonds,
University of Tennessee
Project, Series A-1 (BAM
Insured), 5.50%, 7/01/54
|
|
$250,000
|
$254,446
|
|
Metropolitan Government
Nashville & Davidson
County Health &
Educational Facilities
Board Revenue Bonds,
Vanderbilt University
Medical Center, 5.00%,
7/01/40
|
|
400,000
|
397,783
|
|
Metropolitan Nashville
Airport Authority
Subordinate Revenue
Bonds, Series B (AMT),
5.00%, 7/01/39
|
|
1,000,000
|
1,008,019
|
|
Shelby County Health,
Educational & Housing
Facilities Board Revenue
Refunding Bonds,
Methodist Le Bonheur
Healthcare, 5.00%,
5/01/29
|
|
535,000
|
550,193
|
|
Shelby County Health,
Educational & Housing
Facilities Board Revenue
Refunding Bonds,
Methodist Le Bonheur
Healthcare (AG Insured),
5.00%, 6/01/35
|
|
250,000
|
267,231
|
|
Tennergy Corp., Gas
Revenue Bonds, Series A,
4.00%, 9/01/28(a)(b)(c)
|
|
500,000
|
502,638
|
|
Tennessee State Energy
Acquisition Corp.,
Variable Revenue
Refunding Bonds, Series
A, Gas Project, 5.00%,
5/01/28(a)(b)(c)
|
|
1,000,000
|
1,030,373
|
|
|
|
|
4,010,683
|
|
Texas – 12.2%
|
|||
|
Alvarado Independent
School District Variable
GO Unlimited Bonds (PSF,
Gtd), 4.00%,
8/15/28(a)(b)(c)(e)
|
|
675,000
|
694,875
|
|
Arlington Higher Education
Finance Corp., Revenue
Bonds, Riverwalk
Education Foundation
(PSF, Gtd), 5.00%,
8/15/47
|
|
500,000
|
503,256
|
|
Austin Airport System
Revenue Bonds, Series B
(AMT), 5.00%, 11/15/26
|
|
595,000
|
609,932
|
|
|
|
Par
|
Value
|
|
Texas (Continued)
|
|||
|
Austin Convention
Enterprises, Inc.,
Convention Center
Revenue Refunding
Bonds, First Tier, 5.00%,
1/01/32
|
|
$625,000
|
$628,721
|
|
Beaumont Waterworks &
Sewer System Revenue
Bonds (BAM Insured),
5.00%, 9/01/44
|
|
500,000
|
509,004
|
|
Bexar County Hospital
District Certificates GO
Limited Bonds, 4.00%,
2/15/43
|
|
250,000
|
220,133
|
|
Board of Managers Joint
Guadalupe County-City of
Seguin Hospital
Mortgage Revenue
Refunding Bonds, 5.00%,
12/01/40
|
|
200,000
|
187,460
|
|
Central Texas Regional
Mobility Authority Senior
Lien Revenue Refunding
Bonds, Series A, 5.00%,
1/01/49
|
|
500,000
|
496,479
|
|
Clifton Higher Education
Finance Corp., Education
Revenue Refunding
Bonds, International
Leadership of Texas (PSF,
Gtd),
|
|
|
|
|
4.38%, 2/15/42
|
|
500,000
|
475,759
|
|
5.25%, 2/15/43
|
|
200,000
|
205,074
|
|
|
|||
|
Clifton Higher Education
Finance Corp., Education
Revenue Refunding
Bonds, International
Leadership of Texas, Inc.
(PSF, Gtd), 5.25%,
2/15/44
|
|
450,000
|
458,859
|
|
Clifton Higher Education
Finance Corp., Variable
Revenue Bonds,
International Leadership
of Texas, Inc. (PSF, Gtd),
4.00%, 2/15/30(a)(b)(c)
|
|
1,500,000
|
1,536,198
|
|
Clifton Higher Educational
Finance Corp., Revenue
Refunding Bonds, Idea
Public School (PSF, Gtd),
4.00%, 8/15/44
|
|
1,000,000
|
883,582
|
|
Clifton Higher Educational
Finance Corp., Revenue
Refunding Bonds,
International Leadership
of Texas (PSF, Gtd),
4.13%, 8/15/49
|
|
200,000
|
170,876
|
|
|
|
Par
|
Value
|
|
Texas (Continued)
|
|||
|
|
|||
|
Dallas Refunding GO
Limited Bonds, Series B
(AGM-CR Insured),
4.00%, 2/15/43
|
|
$415,000
|
$376,579
|
|
Dallas Senior Lien Special
Tax Variable Revenue
Bonds, Fair Park Venue
Project, 6.25%,
8/15/28(a)(b)(c)(d)
|
|
250,000
|
250,053
|
|
Denton County Permanent
Improvement GO Limited
Bonds, 4.00%, 7/15/43
|
|
285,000
|
258,062
|
|
Denton County Special
Assessment Revenue
Bonds, Green Meadows
Public Improvement
District, 6.13%,
12/31/55(d)
|
|
100,000
|
100,069
|
|
El Paso Texas Airport
Revenue Bonds (AMT),
5.00%, 8/15/27
|
|
375,000
|
389,969
|
|
Fort Bend Independent
School District Refunding
GO Unlimited Bonds,
Series A (PSF, Gtd),
5.00%, 8/15/31
|
|
500,000
|
559,077
|
|
Fort Bend Independent
School District Variable
GO Unlimited Refunding
Bonds, Series B (PSF,
Gtd), 0.72%,
8/01/26(a)(b)(c)
|
|
820,000
|
796,411
|
|
Grand Parkway
Transportation Corp.,
System Toll Revenue
Refunding Bonds, First
Tier, 4.00%, 10/01/45
|
|
265,000
|
229,555
|
|
Greater Texoma Utility
Authority Contract
Revenue Bonds, Series A,
City of Sherman Project
(BAM Insured),
|
|
|
|
|
5.00%, 10/01/29
|
|
350,000
|
379,033
|
|
4.00%, 10/01/43
|
|
250,000
|
222,121
|
|
|
|||
|
Harris County Cultural
Education Facilities
Finance Corp., Revenue
Refunding Bonds,
Memorial Hermann
Health System, 5.00%,
7/01/29
|
|
255,000
|
275,505
|
|
Harris County Cultural
Education Facilities
Finance Corp., Revenue
Refunding Bonds, Texas
Children's Hospital,
|
|
|
|
|
5.00%, 10/01/31(a)(b)(c)
|
|
615,000
|
672,715
|
|
5.00%, 10/01/31
|
|
545,000
|
602,778
|
|
|
|
Par
|
Value
|
|
Texas (Continued)
|
|||
|
|
|||
|
Harris County Cultural
Education Facilities
Finance Corp., Variable
Revenue Refunding
Bonds, Memorial
Hermann Health, 5.00%,
12/01/28(a)(b)(c)
|
|
$570,000
|
$604,833
|
|
Harris County Cultural
Education Finance Corp.,
Medical Facilities
Revenue Bonds, Baylor
College of Medicine,
5.00%, 5/15/29
|
|
500,000
|
532,734
|
|
Harris County Cultural
Educational Facilities
Finance Corp., Revenue
Refunding Bonds, Texas
Children's Hospital,
4.00%, 10/01/38
|
|
350,000
|
331,301
|
|
Harris County Flood
Control District GO
Limited Bonds, Series A,
Sustainability Bonds,
4.00%, 9/15/43
|
|
250,000
|
222,420
|
|
Harris County Health
Facilities
Development Corp.,
Variable Revenue
Refunding Bonds,
Methodist Hospital
System, 1.55%,
12/01/41(c)(h)
|
|
3,650,000
|
3,650,000
|
|
Harris County-Houston
Sports Authority Second
Lien Revenue Refunding
Bonds, Series B (AGC
Insured), 5.00%,
11/15/43
|
|
225,000
|
228,435
|
|
Housing Options, Inc.,
Multifamily Variable
Revenue Bonds, The
Culbreath, 3.75%,
11/01/28(a)(b)(c)
|
|
1,000,000
|
1,013,298
|
|
Houston Airport System
Revenue Refunding
Bonds (AMT), United
Airlines, Inc.,
Improvement Projects,
5.00%, 7/15/27
|
|
175,000
|
175,696
|
|
Houston Airport System
Revenue Refunding
Bonds (AMT), United
Airlines, Inc., Terminal,
5.00%, 7/01/27
|
|
125,000
|
125,487
|
|
Houston Airport System
Subordinate Lien
Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
|
5.00%, 7/01/30(e)
|
|
750,000
|
809,438
|
|
|
|
Par
|
Value
|
|
Texas (Continued)
|
|||
|
Houston Airport System
Subordinate Lien
Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
|
5.50%, 7/01/43(e)
|
|
$125,000
|
$131,278
|
|
|
|||
|
Houston Airport System
Subordinate Lien
Revenue Refunding
Bonds, Series A (AMT)
(AGM Insured), 5.25%,
7/01/43
|
|
400,000
|
406,364
|
|
Houston Hotel Occupancy
Tax & Special Revenue
Refunding Bonds,
Convention &
Entertainment, 5.00%,
9/01/36
|
|
510,000
|
525,658
|
|
Katy Independent School
District Variable GO
Unlimited Bonds, Series
C (PSF, Gtd), 4.00%,
8/15/26(a)(b)(c)
|
|
1,000,000
|
1,011,736
|
|
Kilgore Independent
School District GO
Unlimited Bonds (PSF,
Gtd), 3.00%, 2/15/41
|
|
730,000
|
586,854
|
|
Leander Independent
School District GO
Unlimited Refunding
Bonds, Series A (PSF,
Gtd), 5.00%, 8/15/41
|
|
125,000
|
131,035
|
|
Matagorda County
Navigation District No. 1
Revenue Refunding
Bonds (AMBAC Insured),
4.40%, 5/01/30
|
|
500,000
|
522,381
|
|
Midland Independent
School District GO
Unlimited Bonds (PSF,
Gtd), 5.00%, 2/15/50
|
|
500,000
|
499,439
|
|
Montgomery County Toll
Road Authority Senior
Lien Revenue Bonds,
5.00%, 9/15/37
|
|
500,000
|
500,405
|
|
New Hope Cultural
Educational Facilities
Finance Corp., Retirement
Facilities Revenue
Refunding Bonds,
Presbyterian Village
North Project, 5.25%,
10/01/49
|
|
100,000
|
87,205
|
|
North Texas State
Municipal Water District
Water System Revenue
Improvement &
Refunding Bonds, 5.00%,
9/01/32
|
|
250,000
|
250,462
|
|
|
|
Par
|
Value
|
|
Texas (Continued)
|
|||
|
|
|||
|
Northside Independent
School District Variable
GO Unlimited Bonds (PSF,
Gtd), 3.55%,
6/01/28(a)(b)(c)
|
|
$500,000
|
$506,003
|
|
Northside Independent
School District Variable
Refunding GO Unlimited
Bonds, Series B (PSF,
Gtd), 3.45%,
8/01/27(a)(b)(c)
|
|
500,000
|
503,240
|
|
Northwest Independent
School District GO
Unlimited Bonds (PSF,
Gtd), 5.25%, 2/15/55
|
|
250,000
|
257,686
|
|
Odessa Junior College
District Consolidated
Revenue Bonds (AGM
Insured), 4.00%, 7/01/27
|
|
435,000
|
445,487
|
|
Pasadena Independent
School District GO
Unlimited Bonds, Series
A (PSF, Gtd), 4.00%,
2/15/32
|
|
700,000
|
700,242
|
|
Plano GO Limited
Refunding Bonds, 4.00%,
9/01/43
|
|
300,000
|
266,557
|
|
Port Arthur Certificates GO
Limited Bonds (BAM
Insured), 5.00%, 2/15/27
|
|
345,000
|
356,494
|
|
Port Beaumont Navigation
District Dock & Wharf
Facility Revenue
Refunding Bonds (AMT),
Jefferson Gulf Coast
Energy Project, 4.00%,
1/01/50(d)
|
|
375,000
|
262,318
|
|
Prosper Independent
School District GO
Unlimited Bonds (PSF,
Gtd), 4.00%, 2/15/54
|
|
1,225,000
|
1,028,709
|
|
Round Rock Independent
School District Variable
GO Unlimited Bonds,
Series A (PSF, Gtd),
5.00%, 8/01/30(a)(b)(c)
|
|
1,000,000
|
1,089,420
|
|
San Antonio Airport
System Subordinate Lien
Revenue Refunding
Bonds, Series A (AMT),
5.00%, 7/01/30
|
|
250,000
|
264,152
|
|
San Antonio Electric & Gas
Revenue Refunding
Bonds, Series D, 5.25%,
2/01/54
|
|
500,000
|
513,452
|
|
San Antonio Water Junior
Lien Revenue Refunding
Bonds, Series A, 5.00%,
5/15/43
|
|
500,000
|
501,978
|
|
|
|
Par
|
Value
|
|
Texas (Continued)
|
|||
|
|
|||
|
Spring Independent School
District GO Unlimited
Refunding Bonds (PSF,
Gtd), 5.00%, 8/15/32
|
|
$250,000
|
$250,215
|
|
Tarrant County Cultural
Educational Facilities
Finance Corp., Hospital
Variable Revenue
Refunding Bonds, Baylor
Scott & White Health
(Barclays Bank PLC LOC),
0.85%, 11/15/50(c)(h)
|
|
2,000,000
|
2,000,000
|
|
Texas City Industrial
Development Corp.,
Revenue Bonds, Series
2012, NRG Energy
Project, 4.13%, 12/01/45
|
|
545,000
|
450,064
|
|
Texas State Municipal Gas
Acquisition &
Supply Corp., V Gas
Supply Revenue Bonds,
5.00%, 1/01/34(a)(b)(c)
|
|
600,000
|
631,470
|
|
Texas State PFA Lease
Revenue Refunding
Bonds, 4.00%, 2/01/36
|
|
250,000
|
251,172
|
|
Texas State Private Activity
Bond Surface
Transportation Corp.,
Senior Lien Revenue
Refunding Bonds, North
Tarrant Express, 4.00%,
12/31/38
|
|
750,000
|
696,543
|
|
Texas State Private Activity
Surface
Transportation Corp.,
Senior Lien Revenue
Refunding Bonds (AMT),
5.50%, 6/30/42
|
|
1,000,000
|
1,013,858
|
|
Texas State Transportation
Commission First Tier Toll
Revenue CABS, 0.00%,
8/01/29(f)
|
|
480,000
|
418,466
|
|
Texas State Water
Development Board
Revenue Bonds, State
Water Implementation
Fund, 4.00%, 10/15/38
|
|
510,000
|
498,857
|
|
University of Houston
Revenue Refunding
Bonds, Series A, 5.00%,
2/15/47
|
|
250,000
|
250,913
|
|
University of North Texas
Revenue Refunding
Bonds, Series A, 5.00%,
4/15/27
|
|
1,000,000
|
1,040,958
|
|
University of Texas
Revenue Bonds, Series B,
5.00%, 8/15/42
|
|
150,000
|
156,451
|
|
|
|
Par
|
Value
|
|
Texas (Continued)
|
|||
|
|
|||
|
Upper Trinity Regional
Water District Revenue
Refunding Bonds (BAM
Insured), 4.25%, 8/01/49
|
|
$500,000
|
$443,288
|
|
Waller Independent School
District GO Unlimited
Bonds (BAM Insured),
5.00%, 2/15/44
|
|
235,000
|
238,526
|
|
|
|
|
40,075,113
|
|
Utah – 0.8%
|
|||
|
Black Desert Public
Infrastructure District
Special Assessment
Bonds, Black Desert
Assessment Area, 5.63%,
12/01/53(d)
|
|
100,000
|
97,084
|
|
Cache County School
District Building GO
Unlimited Refunding
Bonds (School Board
Guaranty Program),
4.00%, 6/15/30
|
|
925,000
|
934,551
|
|
Downtown Revitalization
Public Infrastructure
District First Lien Sales
Revenue Bonds, SEG
Redevelopment Project
(AG Insured), 5.00%,
6/01/38
|
|
100,000
|
103,232
|
|
Downtown Revitalization
Public Infrastructure
District Sales
Subordinate Revenue
Bonds Bond, 5.00%,
7/15/35(d)
|
|
100,000
|
100,213
|
|
Mida Mountain Village
Public Infrastructure
District Tax Allocation
Subordinate Revenue
Bonds, Series 2, 5.50%,
6/15/39(d)
|
|
500,000
|
497,059
|
|
Utah County Hospital
Revenue Bonds, Series A,
IHC Health Services Inc.,
4.00%, 5/15/45
|
|
500,000
|
437,785
|
|
Utah Municipal Power
Agency Power Supply
System Revenue Bonds,
Series B, 5.00%, 7/01/38
|
|
500,000
|
504,139
|
|
|
|
|
2,674,063
|
|
Virginia – 1.8%
|
|||
|
Arlington County IDA
Hospital Facilities
Revenue Refunding
Bonds, Virginia Hospital
Center, 3.75%, 7/01/50
|
|
500,000
|
390,445
|
|
|
|
Par
|
Value
|
|
Virginia (Continued)
|
|||
|
Fairfax County GO
Unlimited Bonds, Series
A (State Aid
Withholding), 2.00%,
10/01/41
|
|
$1,000,000
|
$651,375
|
|
Fairfax County IDA Health
Care Revenue Refunding
Bonds, Inova Health
System, 4.00%, 5/15/48
|
|
250,000
|
216,108
|
|
Fairfax County IDA Health
Care Revenue Refunding
Bonds, Inova Health
System Project, 3.50%,
5/15/39
|
|
525,000
|
481,676
|
|
Newport News EDA
Residential Care
Facilities Revenue
Refunding Bonds,
Lifespire of Virginia,
5.00%, 12/01/38
|
|
750,000
|
750,175
|
|
Virginia State
Commonwealth
Transportation Board
Capital Projects Revenue
Bonds, 3.00%, 5/15/37
|
|
1,000,000
|
874,161
|
|
Virginia State Small
Business Financing
Authority Senior Lien
Revenue Bonds (AMT),
Elizabeth River Crossings
OpCo, LLC Project,
|
|
|
|
|
4.00%, 7/01/32
|
|
275,000
|
276,543
|
|
4.00%, 1/01/37
|
|
660,000
|
629,298
|
|
Virginia State Small
Business Financing
Authority Senior Lien
Revenue Refunding
Bonds (AMT), 95 Express
Lanes,
|
|
|
|
|
5.00%, 7/01/38
|
|
910,000
|
916,407
|
|
4.00%, 7/01/39
|
|
240,000
|
217,391
|
|
4.00%, 1/01/40
|
|
280,000
|
250,869
|
|
4.00%, 1/01/48
|
|
225,000
|
181,877
|
|
|
|
|
5,836,325
|
|
Washington – 2.9%
|
|||
|
Energy Northwest Electric
Revenue Refunding
Bonds, Columbia
Generating Station,
4.00%, 7/01/42
|
|
1,515,000
|
1,399,566
|
|
King County Public
Hospital District No. 1 GO
Limited Tax Refunding
Bonds, Valley Medical
Center, 5.00%, 12/01/26
|
|
550,000
|
565,766
|
|
|
|
Par
|
Value
|
|
Washington (Continued)
|
|||
|
King County Sewer Junior
Lien Variable Revenue
Refunding Bonds, 1.85%,
1/01/42(c)(h)
|
|
$1,500,000
|
$1,500,000
|
|
King County Sewer
Revenue Refunding
Bonds, Unrefunded
Balance, 5.00%, 7/01/42
|
|
120,000
|
120,638
|
|
King County Tax Refunding
GO Limited Bonds,
4.00%, 7/01/29
|
|
500,000
|
510,405
|
|
Port of Seattle GO Limited
Bonds, Series B (AMT),
5.00%, 6/01/49
|
|
325,000
|
325,015
|
|
Port of Seattle
Intermediate Lien
Revenue Bonds (AMT),
5.00%, 4/01/44
|
|
500,000
|
483,674
|
|
Port of Seattle
Intermediate Lien
Revenue Bonds, Series C
(AMT), 5.00%, 5/01/28
|
|
250,000
|
257,656
|
|
Port of Seattle
Intermediate Lien
Revenue Refunding
Bonds (AMT), 5.00%,
8/01/47
|
|
250,000
|
241,650
|
|
Port of Seattle
Intermediate Lien
Revenue Refunding
Bonds, Series B (AMT),
|
|
|
|
|
5.25%, 7/01/43
|
|
315,000
|
320,291
|
|
5.25%, 7/01/44
|
|
365,000
|
369,186
|
|
|
|||
|
Seattle Municipal Light &
Power Revenue
Refunding Bonds, 4.00%,
9/01/40
|
|
500,000
|
462,485
|
|
Skagit County Public
Hospital District No. 1
Revenue Improvement &
Refunding Bonds, Skagit
Regional Health,
|
|
|
|
|
5.00%, 12/01/27
|
|
500,000
|
510,152
|
|
5.00%, 12/01/28
|
|
440,000
|
448,198
|
|
|
|||
|
Washington State Health
Care Facilities Authority
Revenue Bonds, Seattle
Cancer Care Alliance,
4.00%, 12/01/40(d)
|
|
350,000
|
317,521
|
|
Washington State Health
Care Facilities Authority
Revenue Bonds, Series A,
Providence Health &
Services, 4.00%,
10/01/34
|
|
500,000
|
498,424
|
|
|
|
Par
|
Value
|
|
Washington (Continued)
|
|||
|
|
|||
|
Washington State Higher
Educational Facilities
Authority Revenue Bonds,
Seattle University
Project, 4.00%, 5/01/50
|
|
$250,000
|
$207,959
|
|
Washington State Housing
Finance Commission
Nonprofit Revenue
Bonds, Blakeley & Laurel
Villages Portfolio (BAM
Insured), 5.25%,
7/01/55(d)
|
|
525,000
|
515,938
|
|
Washington State Housing
Finance Commission
Nonprofit Revenue
Bonds, Radford Court &
Nordheim Court, 5.50%,
7/01/59
|
|
400,000
|
399,160
|
|
|
|
|
9,453,684
|
|
West Virginia – 0.4%
|
|||
|
West Virginia State EDA
Solid Waste Disposal
Facilities Variable
Revenue Refunding
Bonds, Series 2015-A,
Appalachian Power
Company - Amos Project,
3.38%, 6/15/28(a)(b)(c)
|
|
750,000
|
753,744
|
|
West Virginia State
Housing Development
Fund Sustainable
Revenue Bonds, Series A,
4.40%, 11/01/44
|
|
500,000
|
462,978
|
|
|
|
|
1,216,722
|
|
Wisconsin – 2.3%
|
|||
|
Milwaukee GO Unlimited
Bonds, Promissory Notes,
Series N3 (AGM Insured),
5.00%, 4/01/31
|
|
500,000
|
549,028
|
|
Milwaukee Metropolitan
Sewerage District GO
Unlimited Bonds, Green
Bonds, Climate Bond
Certified, 4.00%,
10/01/43
|
|
500,000
|
456,417
|
|
PFA Education Revenue
Bonds, North Carolina
Leadership Academy,
5.00%, 6/15/49(d)
|
|
100,000
|
87,638
|
|
PFA Educational Revenue
Bonds, Piedmont
Community Charter
School,
|
|
|
|
|
5.00%, 6/15/39
|
|
490,000
|
485,121
|
|
5.00%, 6/15/49
|
|
150,000
|
137,071
|
|
|
|
Par
|
Value
|
|
Wisconsin (Continued)
|
|||
|
|
|||
|
PFA Exempt Facilities
Revenue Refunding
Bonds (AMT), National
Gypsum Co., 4.00%,
8/01/35
|
|
$370,000
|
$347,117
|
|
PFA Pollution Control
Variable Revenue
Refunding Bonds, Duke
Energy Progress Project,
3.30%, 10/01/26(a)(b)(c)
|
|
500,000
|
501,071
|
|
PFA Project Revenue
Bonds, CFP3 - Eastern
Michigan University
Housing Project (BAM
Insured), 5.50%, 7/01/52
|
|
250,000
|
251,006
|
|
PFA Revenue Bonds,
Roseman University,
Unrefunded Balance,
5.00%, 4/01/50(d)
|
|
250,000
|
219,859
|
|
PFA Senior Lien Toll
Revenue Bonds (AMT),
Georgia SR 400 Express,
|
|
|
|
|
6.50%, 6/30/60
|
|
100,000
|
105,133
|
|
5.75%, 6/30/60
|
|
200,000
|
192,616
|
|
6.50%, 12/31/65
|
|
125,000
|
130,460
|
|
5.75%, 12/31/65
|
|
350,000
|
333,677
|
|
|
|||
|
PFA Solid Waste Disposal
Revenue Refunding
Bonds (AMT), Waste
Management, Inc.,
Project, 2.88%, 5/01/27
|
|
495,000
|
487,293
|
|
PFA Student Housing
Revenue Bonds, Senior
Series 2025-A, KSU Bixby
Real Estate Foundation,
5.25%, 6/15/55
|
|
100,000
|
97,442
|
|
PFA Student Housing
Revenue Bonds,
Subordinate Series
2025-B, KSU Bixby Real
Estate Foundation,
5.25%, 6/15/45
|
|
200,000
|
195,476
|
|
PFA Variable Revenue
Refunding Bonds,
Providence St. Joseph,
Prerefunded, 4.00%,
10/01/30(b)(c)(g)
|
|
145,000
|
153,800
|
|
PFA Variable Revenue
Refunding Bonds,
Providence St. Joseph,
Unrefunded Balance,
4.00%, 10/01/30(a)(b)(c)
|
|
225,000
|
230,461
|
|
Slinger Redevelopment
Authority Revenue Bonds,
Series A, Police Station
Project,
|
|
|
|
|
5.00%, 3/01/29
|
|
110,000
|
117,569
|
|
5.00%, 3/01/31
|
|
50,000
|
54,578
|
|
|
|
Par
|
Value
|
|
Wisconsin (Continued)
|
|||
|
Slinger Redevelopment
Authority Revenue Bonds,
Series A, Police Station
Project,
|
|
|
|
|
5.00%, 3/01/32
|
|
$45,000
|
$49,386
|
|
|
|||
|
Wisconsin Center District
TRB, CABS, Junior
Dedicated, Series D
(AGM Moral Obligation
Insured), 0.00%,
12/15/45(f)
|
|
250,000
|
88,780
|
|
Wisconsin State Health &
Educational Facilities
Authority Revenue Bonds,
Series A, UnityPoint
Health, 5.00%, 12/01/28
|
|
590,000
|
591,426
|
|
Wisconsin State Health &
Educational Facilities
Authority Revenue Bonds,
Three Pillars Senior
Living Communities,
|
|
|
|
|
4.00%, 8/15/27
|
|
100,000
|
99,377
|
|
4.00%, 8/15/31
|
|
375,000
|
363,640
|
|
|
|||
|
Wisconsin State Health &
Educational Facilities
Authority Revenue
Refunding Bonds,
Ascension Health Credit
Group, 4.00%, 11/15/39
|
|
290,000
|
262,381
|
|
Wisconsin State Health &
Educational Facilities
Authority Revenue
Refunding Bonds,
Benevolent Corp., Cedar
Community, 5.00%,
6/01/41
|
|
250,000
|
225,411
|
|
Wisconsin State Health &
Educational Facilities
Authority Revenue
Refunding Bonds,
Froedtert Health, Inc.,
Series A, 4.00%, 4/01/41
|
|
350,000
|
320,202
|
|
Wisconsin State Health &
Educational Facilities
Authority Revenue
Refunding Bonds,
ThedaCare Inc., 4.00%,
12/15/49
|
|
350,000
|
292,932
|
|
|
|
|
7,426,368
|
|
Total Municipal Bonds
(Cost $305,965,092)
|
291,429,059
|
||
|
|
|
Par/Number
of Shares
|
Value
|
|
Short-Term Investments – 11.0%
|
|||
|
Money Market Fund – 1.0%
|
|||
|
Northern Institutional
Funds - Treasury Portfolio
(Premier),4.15%(i)
|
|
3,219,033
|
$3,219,033
|
|
Municipal – 10.0%
|
|||
|
Albuquerque Municipal
School District No. 12 GO
Unlimited Bonds, Series
A (State Aid
Withholding), 5.00%,
8/01/25
|
|
750,000
|
750,000
|
|
|
|||
|
California State Pollution
Control Financing
Authority Solid Waste
Disposal Refunding
Revenue Bonds, Series
B-1 (AMT), Waste
Management Inc.,
Project, 3.00%, 11/01/25
|
|
500,000
|
499,812
|
|
|
|||
|
California State Pollution
Control Financing
Authority Solid Waste
Disposal Variable
Revenue Refunding
Bonds (AMT), Republic
Services, Inc., Project,
3.70%, 8/15/25(a)(b)(c)(d)
|
|
500,000
|
499,992
|
|
|
|||
|
Central Plains Energy
Project Gas Supply
Revenue Refunding
Bonds, 4.00%,
8/01/25(a)(b)(c)
|
|
1,000,000
|
1,000,000
|
|
|
|||
|
Central Southwest
Community College
District COPS, 5.00%,
3/01/26
|
|
225,000
|
227,899
|
|
|
|||
|
Chicago Heights
Multifamily Variable
Revenue Bonds, Olympic
Village Apartments
Project (FHA Insured,
Housing & Urban
Development Sector 8
Program), 2.88%,
8/01/25(a)(b)(c)
|
|
500,000
|
500,000
|
|
|
|||
|
Chicago O'Hare
International Airport
Senior Lien General
Revenue Bonds, Series D
(AMT), 5.00%, 1/01/26
|
|
140,000
|
141,398
|
|
|
|||
|
City of Shakopee Senior
Housing Revenue Bonds,
Benedictine Living
Community of
Shakopee LLC Project,
5.85%, 11/01/25(a)(b)(c)(d)
|
|
250,000
|
249,390
|
|
|
|
Par/Number
of Shares
|
Value
|
|
Municipal (Continued)
|
|||
|
|
|||
|
City of Valley Center GO
Unlimited Temporary
Notes, Series 1, 4.38%,
12/01/25
|
|
485,000
|
$485,269
|
|
|
|||
|
Cleveland-Cuyahoga
County Port Authority
Cultural Facility Revenue
Bonds, Cleveland
Museum of Natural
History Project, 5.00%,
7/01/26
|
|
125,000
|
127,392
|
|
|
|||
|
Colorado Educational &
Cultural Authority
Revenue Refunding
Bonds, Prospect Ridge
Academy Project (Moral
Obligation Insured),
5.00%, 3/15/26
|
|
510,000
|
515,822
|
|
|
|||
|
Commonwealth Financing
Authority Taxable
Revenue Refunding
Bonds, Series B-1,
5.00%, 6/01/26
|
|
300,000
|
300,535
|
|
|
|||
|
Cuyahoga Metropolitan
Housing Authority MFH
Variable Revenue Bonds,
Wade Park Apartments
(FHA Insured, Housing &
Urban Development
Sector 8 Program),
4.75%, 12/01/25(a)(b)(c)
|
|
350,000
|
351,892
|
|
|
|||
|
Dallas-Fort Worth
International Airport
Revenue Refunding
Bonds, Series B, 5.00%,
11/01/25
|
|
400,000
|
402,303
|
|
|
|||
|
Douglas County Hospital
Authority No. 2 Revenue
Bonds, Children's
Hospital Obligated Group,
5.00%, 11/15/25(a)(b)(c)
|
|
600,000
|
600,910
|
|
|
|||
|
Florida State Development
Finance Corp., Solid
Waste Disposal Variable
Revenue Bonds, Waste
Pro USA, Inc. (AMT),
6.13%, 7/01/26(a)(b)(c)(d)
|
|
200,000
|
202,229
|
|
|
|||
|
Foothill Eastern
Transportation Corridor
Agency Toll Road Junior
Lien Revenue Bonds,
Series C, 5.00%, 1/15/26
|
|
200,000
|
202,047
|
|
|
|
Par/Number
of Shares
|
Value
|
|
Municipal (Continued)
|
|||
|
|
|||
|
Fort Wayne
Redevelopment Authority
Lease Rental Revenue
Refunding Bonds, Grand
Wayne Center Project
(State Intercept Program),
4.00%, 2/01/26
|
|
760,000
|
$765,267
|
|
|
|||
|
Gretna COPS, 5.00%,
12/15/25
|
|
500,000
|
500,703
|
|
|
|||
|
Guam Government
Waterworks Authority
Water and Wastewater
System Revenue
Refunding Bonds, 5.00%,
7/01/26
|
|
560,000
|
569,658
|
|
|
|||
|
Honolulu City & County
Multifamily Variable
Revenue Bonds,
Maunakea Tower
Apartments (Housing &
Urban Development
Sector 8 Program),
5.00%, 6/01/26(a)(b)(c)
|
|
135,000
|
137,173
|
|
|
|||
|
Illinois State HDA MFH
Variable Revenue Bonds,
6900 Crandon (FHA
Insured, Housing & Urban
Development Sector 8
Program), 5.00%,
2/01/26(a)(b)(c)
|
|
400,000
|
403,971
|
|
|
|||
|
Illinois State HDA MFH
Variable Revenue Bonds,
South Shore HHDC
(Housing & Urban
Development Sector 8
Program), 5.00%,
2/01/26(a)(b)(c)
|
|
670,000
|
676,652
|
|
|
|||
|
Illinois State Refunding GO
Limited Bonds, Series D,
5.00%, 7/01/26
|
|
1,500,000
|
1,530,371
|
|
|
|||
|
Indiana State Finance
Authority Economic
Development Revenue
Refunding Bonds (AMT),
Republic Services, Inc.,
Project, 3.95%,
9/02/25(a)(b)(c)
|
|
1,000,000
|
1,000,452
|
|
|
|||
|
Iowa City Community
School District GO
Unlimited Bonds, 5.00%,
6/01/26
|
|
500,000
|
509,287
|
|
|
|
Par/Number
of Shares
|
Value
|
|
Municipal (Continued)
|
|||
|
|
|||
|
Iowa State Finance
Authority Solid Waste
Facilities Variable
Revenue Bonds,
Sustainable Gevo NW
RNG (AMT) (Citibank N.A.
LOC), 3.88%,
4/01/26(a)(b)(c)
|
|
415,000
|
$415,372
|
|
|
|||
|
Kermit Independent School
District GO Unlimited
Bonds (PSF, Gtd), 5.00%,
2/15/26
|
|
325,000
|
329,132
|
|
|
|||
|
Klamath Falls
Intercommunity Hospital
Authority Revenue
Refunding Bonds, Sky
Lakes Medical Center
Project, 4.00%, 9/01/25
|
|
550,000
|
550,248
|
|
|
|||
|
Laurel Highlands School
District GO Limited
Refunding Bonds (BAM
State Aid Withholding),
4.00%, 2/01/26
|
|
350,000
|
352,217
|
|
|
|||
|
Los Angeles TRANS,
5.00%, 6/25/26
|
|
500,000
|
512,007
|
|
|
|||
|
Louisiana Public Facilities
Authority Revenue
Refunding Bonds, Loyola
University Project, 5.00%,
10/01/25
|
|
250,000
|
250,674
|
|
|
|||
|
Lower Alabama Gas
District Gas Project
Revenue Bonds, 4.00%,
12/01/25(a)(b)(c)
|
|
500,000
|
500,946
|
|
|
|||
|
Lowville GO Limited BANS,
5.38%, 8/21/25
|
|
700,000
|
700,582
|
|
|
|||
|
Maryland State Health &
Higher Educational
Facilities Authority
Revenue Refunding
Bonds, Adventist
Healthcare, 4.00%,
1/01/26
|
|
875,000
|
876,304
|
|
|
|||
|
Massachusetts State
Development Finance
Agency Revenue
Refunding Bonds, Lasell
University, 4.00%,
7/01/26
|
|
240,000
|
239,267
|
|
|
|||
|
Massachusetts State
Development Financing
Agency Variable Revenue
Bonds, Partners
Healthcare System,
(SIFMA Municipal Swap
Index Yield + 0.60%),
2.89%, 1/29/26(a)(c)(d)
|
|
1,000,000
|
999,378
|
|
|
|
Par/Number
of Shares
|
Value
|
|
Municipal (Continued)
|
|||
|
|
|||
|
Metropolitan Nashville
Airport Authority
Revenue Bonds, Series B
(AMT), 5.00%, 7/01/26
|
|
600,000
|
$611,207
|
|
|
|||
|
Metropolitan Pier &
Exposition Authority
Dedicated Capital
Appreciation Tax Revenue
Refunding Bonds, Series
B, McCormick Project
(AGM Insured), 0.00%,
6/15/26(f)
|
|
250,000
|
243,677
|
|
|
|||
|
Milwaukee Corp., Purpose
GO Unlimited Bonds,
Series B3, 4.00%,
4/01/26
|
|
1,000,000
|
1,000,808
|
|
|
|||
|
Mission Economic
Development Corp., Solid
Waste Disposal Variable
Revenue Bonds (AMT),
Waste Management,
3.95%, 9/02/25(a)(b)(c)
|
|
500,000
|
500,025
|
|
|
|||
|
Mission Economic
Development Corp., Solid
Waste Disposal Variable
Revenue Bonds (AMT),
Waste Management Inc.,
Project, 4.00%,
7/01/26(a)(b)(c)
|
|
1,000,000
|
997,945
|
|
|
|||
|
Missouri State Health &
Educational Facilities
Authority Revenue
Refunding Bonds, 5.00%,
2/15/26
|
|
200,000
|
201,098
|
|
|
|||
|
Missouri State Health &
Educational Facilities
Authority Revenue
Refunding Bonds,
Webster University
Project, 5.00%, 4/01/26
|
|
500,000
|
494,638
|
|
|
|||
|
Missouri State Health and
Educational Facilities
Authority Variable
Revenue Refunding
Bonds, Series B, BJC
Health System, 4.00%,
5/01/26(a)(b)(c)
|
|
1,000,000
|
1,007,459
|
|
|
|||
|
Mobile IDB Pollution
Control Variable Revenue
Bonds, Alabama Power
Company Barry Plant,
3.30%, 3/12/26(a)(b)(c)
|
|
500,000
|
501,114
|
|
|
|||
|
Mount Vernon GO Limited
BANS, 5.00%, 5/29/26(d)
|
|
1,000,000
|
1,008,853
|
|
|
|
Par/Number
of Shares
|
Value
|
|
Municipal (Continued)
|
|||
|
|
|||
|
Newman-Crows Landing
Unified School District
GO Unlimited CABS,
Escrowed to Maturity,
0.00%, 8/01/25(f)
|
|
250,000
|
$250,000
|
|
|
|||
|
Niagara Frontier
Transportation Authority
Revenue Refunding
Bonds (AMT), Buffalo
Niagara International
Airport, 5.00%, 4/01/26
|
|
250,000
|
252,827
|
|
|
|||
|
North Carolina State
Capital Facilities Finance
Agency Educational
Facilities Revenue
Refunding Bonds, High
Point University, 5.00%,
5/01/26
|
|
275,000
|
278,866
|
|
|
|||
|
Northern Illinois University
Board of Trustees
Auxiliary Facilities
System Revenue Bonds
(BAM Insured), 5.00%,
10/01/25
|
|
325,000
|
325,991
|
|
|
|||
|
Ohio State Higher
Educational Facility
Commission Healthcare
Revenue Bonds,
Ashtabula County
Medical Center Obligated
Group, 5.00%, 1/01/26
|
|
100,000
|
100,496
|
|
|
|||
|
Osceola County Florida
Transportation Revenue
Refunding CABS, Series
A-2, 0.00%, 10/01/25(f)
|
|
125,000
|
124,218
|
|
|
|||
|
Pennsylvania State
Economic Development
Financing Authority Solid
Waste Disposal Variable
Revenue Bonds (AMT),
Waste Management, Inc.,
Project, 3.85%,
11/03/25(a)(b)(c)
|
|
500,000
|
500,000
|
|
|
|||
|
Pennsylvania State
Housing Finance Agency
SFM Revenue Refunding
Bonds (AMT), Series
125A, 2.38%, 10/01/25
|
|
125,000
|
124,793
|
|
|
|||
|
Saint John The Baptist
Parish Variable Revenue
Refunding Bonds,
Marathon Oil Corp.,
Project, 2.38%,
7/01/26(a)(b)(c)
|
|
125,000
|
124,166
|
|
|
|
Par/Number
of Shares
|
Value
|
|
Municipal (Continued)
|
|||
|
|
|||
|
Sangamon Logan &
Menard Counties
Community Unit School
District No. 15 GO
Unlimited Bonds, Series
B (BAM Insured), 5.00%,
12/01/25
|
|
300,000
|
$301,917
|
|
|
|||
|
Seattle Housing Authority
Revenue Refunding
Bonds, Northgate Plaza
Project, 1.00%, 6/01/26
|
|
500,000
|
488,805
|
|
|
|||
|
South Dakota State Board
of Regents Housing &
Auxiliary Facilities
System Revenue
Refunding Bonds, 4.00%,
4/01/26
|
|
375,000
|
378,450
|
|
|
|||
|
Springfield Refunding GO
Unlimited Bonds, 5.00%,
12/01/25
|
|
450,000
|
453,072
|
|
|
|||
|
Sublette County Hospital
District Revenue Bonds,
Series A, Hospital
Construction Project,
5.00%, 6/15/26
|
|
500,000
|
500,130
|
|
|
|||
|
Susanville Natural Gas
Revenue Refunding
Bonds, Natural Gas
Enterprise (AGM Insured),
3.00%, 6/01/26
|
|
595,000
|
596,810
|
|
|
|||
|
Tampa Hospital Revenue
Bonds, H. Lee Moffitt
Cancer Center, 5.00%,
7/01/26
|
|
125,000
|
127,164
|
|
|
|||
|
Tennessee State Energy
Acquisition Corp., Gas
Revenue Bonds, 4.00%,
11/01/25(a)(b)(c)
|
|
1,000,000
|
1,001,249
|
|
|
|||
|
Virginia HDA Variable
Revenue Bonds, Series F,
3.63%, 4/01/26(a)(b)(c)
|
|
65,000
|
64,994
|
|
|
|
Par/Number
of Shares
|
Value
|
|
Municipal (Continued)
|
|||
|
|
|||
|
Washington State Housing
Finance Commission
Nonprofit Revenue
Refunding Bonds,
Emerald Heights Project,
Series A, 5.00%, 7/01/26
|
|
285,000
|
$288,892
|
|
|
|||
|
West Cornwall Township
Municipal Authority
Healthcare Facilities
Revenue Refunding
Bonds, Lebanon Valley
Brethren Home Project,
4.00%, 11/15/25
|
|
115,000
|
114,920
|
|
|
|||
|
West Virginia State
Economic Development
Authority Solid Waste
Disposal Facilities
Variable Revenue
Refunding Bonds (AMT),
Kentucky Power Company
- Mitchell Project, 4.70%,
6/17/26(a)(b)(c)
|
|
1,000,000
|
1,003,337
|
|
|
|||
|
Whiting Environmental
Facilities Revenue
Refunding Bonds (AMT),
BP Products North
America, 5.00%,
6/05/26(a)(b)(c)
|
|
150,000
|
151,985
|
|
|
|
|
32,996,457
|
|
Total Short-Term Investments
(Cost $36,277,496)
|
36,215,490
|
||
|
Total Investments – 100.0%
(Cost $342,242,588)
|
327,644,549
|
||
|
Liabilities less Other Assets – (0.0)%(j)
|
(81,637
)
|
||
|
NET ASSETS – 100.0%
|
$327,562,912
|
||
|
Percentages shown are based on Net Assets.
|
|
|
|||
|
(a)
|
Maturity date represents the puttable date.
|
|
|
|
(b)
|
These securities are remarketed by an agent, and the interest rate is determined by
general market conditions and supply and demand.
|
|
|
|
(c)
|
Variable or floating rate security. Rate as of July 31, 2025 is disclosed.
|
|
|
|
(d)
|
Securities 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. As of July 31, 2025,
these securities had a total value of $12,971,318 or 3.96% of
net assets.
|
|
|
|
(e)
|
When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.
|
|
|
|
(f)
|
Zero coupon bond.
|
|
|
|
(g)
|
Maturity date represents the prerefunded date.
|
|
|
|
(h)
|
Rate is determined by a Remarketing Agent which, in its judgment, on the basis of
prevailing financial markets, will be the lowest interest
rate necessary to enable the remarketing agent to sell the bonds at a price equal
to 100% of the principal amount.
|
|
|
|
(i)
|
7-day current yield as of July 31, 2025 is disclosed.
|
|
|
|
(j)
|
Amount rounds to less than 0.05%.
|
|
|
|
Abbreviations:
|
|
AG
|
Assured Guaranty
|
|
AGC
|
Assured Guaranty Corporation
|
|
AGM
|
Assured Guaranty Municipal Corporation
|
|
AMBAC
|
American Municipal Bond Assurance Corporation
|
|
AMT
|
Alternative Minimum Tax
|
|
BAM
|
Build America Mutual
|
|
BANS
|
Bond Anticipation Notes
|
|
CABS
|
Capital Appreciation Bonds
|
|
COPS
|
Certificates of Participation
|
|
CR
|
Custodial Receipts
|
|
EDA
|
Economic Development Administration
|
|
FHA
|
Federal Housing Administration
|
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
|
FNMA
|
Federal National Mortgage Association
|
|
GNMA
|
Government National Mortgage Association
|
|
GO
|
Government Obligation
|
|
GTD
|
Guaranteed
|
|
HDA
|
Housing Development Authority
|
|
HFA
|
Housing Finance Authority
|
|
HHDC
|
Hispanic Housing Development Corporation
|
|
IBC
|
Insured Bond Certificates
|
|
IDA
|
Industrial Development Association
|
|
IDB
|
Industrial Development Board
|
|
LLC
|
Limited Liability Company
|
|
LOC
|
Letter of Credit
|
|
MFH
|
Multifamily Housing
|
|
MTA
|
Metropolitan Transportation Authority
|
|
NATL
|
National Interstate Insurance
|
|
PCR
|
Pollution Control Revenue
|
|
PFA
|
Public Finance Authority
|
|
PLC
|
Public Limited Company
|
|
PSF
|
Permanent School Fund
|
|
Q-SBLF
|
Qualified School Band Loan Fund
|
|
RANS
|
Revenue Anticipation Notes
|
|
SFM
|
Single Family Mortgage
|
|
SIFMA
|
Securities Industry and Financial Markets Association
|
|
TCRS
|
Transferable Custodial Receipts
|
|
TRANS
|
Tax Revenue Anticipation Bonds
|
|
TRB
|
Tax Revenue Bonds
|
|
Municipal Issue Type (%)(a),(b)
|
|
|
Revenue Bonds
|
80.8
|
|
General Obligation Unlimited Bonds
|
11.8
|
|
General Obligation Limited Bonds
|
2.5
|
|
Certificates of Participation
|
1.7
|
|
Tax Allocation Bonds
|
0.6
|
|
Special Tax Bonds
|
0.5
|
|
General Obligation Limited Notes
|
0.5
|
|
Special Assessment Bonds
|
0.4
|
|
Revenue Notes
|
0.2
|
|
Total
|
99.0
|
|
(a)Percentages shown are based on Net Assets.
|
|
(b)Excludes Short-Term Money Market Fund Investments and
Other.
|
|
Sector Diversification (%)(a)
|
|
|
General
|
17.9
|
|
Medical
|
16.4
|
|
Development
|
8.1
|
|
Airport
|
8.0
|
|
General Obligation
|
7.9
|
|
Transportation
|
7.4
|
|
School District
|
6.2
|
|
All other sectors less than 5%(b)
|
28.1
|
|
Total
|
100.0
|
|
(a)Percentages shown are based on Net Assets.
|
|
(b)Includes Other.
|
|
Morningstar Municipal Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Investments
|
|
|
|
|
|
Municipal Bonds
|
$—
|
$291,429,059
|
$—
|
$291,429,059
|
|
Short-Term Investments
|
3,219,033
|
32,996,457
|
—
|
36,215,490
|
|
Total Investments
|
$3,219,033
|
$324,425,516
|
$—
|
$327,644,549
|
|
|
|
Par
|
Value
|
|
Asset-Backed Securities – 8.5%
|
|||
|
Consumer Services – 0.1%
|
|||
|
Avis Budget Rental
Car Funding AESOP LLC,
Series 2024-1A, Class A,
5.36%, 6/20/30(a)
|
|
$125,000
|
$127,909
|
|
Other – 8.4%
|
|||
|
ABPCI Direct Lending Fund
ABS I Ltd., Series
2020-1A, Class B, 4.94%,
12/20/30(a)
|
|
551,286
|
535,729
|
|
ABPCI Direct Lending Fund
ABS II LLC,
|
|
|
|
|
Series 2022-2A,
Class A1, (3M CME
Term SOFR + 2.10%,
2.10% Floor), 6.41%,
3/01/32(a)(b)
|
|
187,568
|
185,330
|
|
Series 2022-2A, Class C,
8.24%, 3/01/32(a)
|
|
782,928
|
747,095
|
|
|
|||
|
Avis Budget Rental
Car Funding AESOP LLC,
Series 2024-3A, Class A,
5.23%, 12/20/30(a)
|
|
467,000
|
476,195
|
|
Cerberus Loan Funding
XL LLC, Series 2023-1A,
Class A, (3M CME Term
SOFR + 2.40%, 2.40%
Floor), 6.72%,
3/22/35(a)(b)
|
|
250,000
|
250,990
|
|
Cerberus Loan Funding
XLI LLC, Series 2023-2A,
Class A1, (3M CME Term
SOFR + 2.55%, 2.55%
Floor), 6.87%,
7/15/35(a)(b)
|
|
419,000
|
420,488
|
|
Cerberus Loan Funding
XLIII LLC, Series 2023-4A,
Class A, (3M CME Term
SOFR + 2.43%, 2.43%
Floor), 6.74%,
10/15/35(a)(b)
|
|
451,000
|
457,409
|
|
Diamond Infrastructure
Funding LLC, Series
2021-1A, Class C, 3.48%,
4/15/49(a)
|
|
104,000
|
98,246
|
|
Diamond Issuer LLC, Series
2021-1A, Class C, 3.79%,
11/20/51(a)
|
|
282,000
|
260,346
|
|
Elm Trust,
|
|
|
|
|
Series 2020-3A,
Class A2, 2.95%,
8/20/29(a)
|
|
11,133
|
11,105
|
|
Series 2020-3A, Class B,
4.48%, 8/20/29(a)
|
|
30,397
|
30,301
|
|
Series 2020-4A,
Class A2, 2.29%,
10/20/29(a)
|
|
18,939
|
18,888
|
|
|
|
Par
|
Value
|
|
Other (Continued)
|
|||
|
Elm Trust,
|
|
|
|
|
Series 2020-4A, Class B,
3.87%, 10/20/29(a)
|
|
$73,265
|
$73,008
|
|
Ford Credit Floorplan
Master Owner Trust,
|
|
|
|
|
Series 2024-2, Class A,
5.24%, 4/15/31(a)
|
|
374,000
|
383,814
|
|
Series 2024-4, Class A,
4.40%, 9/15/31(a)
|
|
197,000
|
196,633
|
|
|
|||
|
Fortress Credit
Opportunities IX CLO Ltd.,
Series 2017-9A,
Class A1TR, (3M CME
Term SOFR + 1.81%,
1.55% Floor), 6.13%,
10/15/33(a)(b)
|
|
954,000
|
956,862
|
|
GMF Floorplan Owner
Revolving Trust, Series
2024-2A, Class A, 5.06%,
3/15/31(a)
|
|
342,000
|
348,505
|
|
Golub Capital Partners
ABS Funding Ltd.,
|
|
|
|
|
Series 2020-1A,
Class A2, 3.21%,
1/22/29(a)
|
|
62,123
|
61,716
|
|
Series 2020-1A, Class B,
4.50%, 1/22/29(a)
|
|
160,245
|
154,754
|
|
Series 2021-1A,
Class A2, 2.77%,
4/20/29(a)
|
|
105,328
|
104,216
|
|
Series 2021-1A, Class B,
3.82%, 4/20/29(a)
|
|
280,262
|
275,031
|
|
Series 2021-2A, Class B,
3.99%, 10/19/29(a)
|
|
736,121
|
693,849
|
|
|
|||
|
Golub Capital Partners CLO
46M Ltd., Series
2019-46A, Class A1R,
(3M CME Term SOFR +
1.81%, 1.81% Floor),
6.14%, 4/20/37(a)(b)
|
|
343,000
|
343,749
|
|
Hotwire Funding LLC,
Series 2023-1A,
Class A2, 5.69%,
5/20/53(a)
|
|
115,000
|
115,550
|
|
MMAF Equipment
Finance LLC, Series
2024-A, Class A4, 5.10%,
7/13/49(a)
|
|
132,000
|
134,791
|
|
Monroe Capital
ABS Funding Ltd.,
|
|
|
|
|
Series 2021-1A,
Class A2, 2.82%,
4/22/31(a)
|
|
167,157
|
164,710
|
|
Series 2021-1A, Class B,
3.91%, 4/22/31(a)
|
|
101,018
|
99,288
|
|
|
|
Par
|
Value
|
|
Other (Continued)
|
|||
|
Progress Residential Trust,
|
|
|
|
|
Series 2024-SFR3,
Class A, 3.00%,
6/17/41(a)
|
|
$130,720
|
$122,578
|
|
Series 2024-SFR4,
Class A, 3.10%,
7/17/41(a)
|
|
601,319
|
565,561
|
|
Series 2024-SFR5,
Class A, 3.00%,
8/09/29(a)
|
|
105,000
|
98,080
|
|
Series 2025-SFR3,
Class A, 3.39%,
7/17/30(a)
|
|
100,000
|
93,526
|
|
|
|||
|
SpringCastle America
Funding LLC, Series
2020-AA, Class A, 1.97%,
9/25/37(a)
|
|
142,129
|
133,429
|
|
Toyota Auto Loan Extended
Note Trust, Series
2024-1A, Class A, 5.16%,
11/25/36(a)
|
|
409,000
|
419,326
|
|
VCP RRL ABS I Ltd.,
|
|
|
|
|
Series 2021-1A, Class A,
2.15%, 10/20/31(a)
|
|
153,373
|
148,095
|
|
Series 2021-1A, Class B,
2.85%, 10/20/31(a)
|
|
141,470
|
131,885
|
|
|
|||
|
Verizon Master Trust,
Series 2024-7, Class A,
4.35%, 8/20/32(a)
|
|
233,000
|
231,933
|
|
WEPCO Environmental
Trust Finance I LLC,
Series 2021-1, Class A,
1.58%, 12/15/35
|
|
70,228
|
61,756
|
|
|
|
|
9,604,767
|
|
Total Asset-Backed Securities
(Cost $9,839,381)
|
9,732,676
|
||
|
|
|
Number
of Shares
|
|
|
Common Stocks – 1.5%
|
|||
|
Real Estate Services – 0.3%
|
|||
|
Copper Property CTL Pass
Through Trust(c)
|
|
25,536
|
318,179
|
|
Telecommunications – 0.1%
|
|||
|
Windstream Corp. PAC(d)*
|
|
3,665
|
62,305
|
|
Transportation & Logistics – 1.1%
|
|||
|
PHI Group, Inc.
|
|
44,387
|
1,309,416
|
|
Total Common Stocks
(Cost $1,040,620)
|
1,689,900
|
||
|
|
|
Par
|
Value
|
|
Convertible Bonds – 0.1%
|
|||
|
Telecommunications – 0.1%
|
|||
|
EchoStar Corp., 3.88%,
11/30/30(e)
|
|
$65,359
|
$82,744
|
|
Total Convertible Bonds
(Cost $60,394)
|
82,744
|
||
|
|
|||
|
Corporate Bonds – 3.3%
|
|||
|
Asset Management – 0.9%
|
|||
|
Blue Owl Credit
Income Corp., 7.95%,
6/13/28
|
|
468,000
|
495,454
|
|
HPS Corporate Lending
Fund, 6.75%, 1/30/29(f)
|
|
207,000
|
214,402
|
|
Oaktree Strategic Credit
Fund, 8.40%, 11/14/28
|
|
313,000
|
336,913
|
|
|
|
|
1,046,769
|
|
Commercial Support Services – 0.1%
|
|||
|
VT Topco, Inc., 8.50%,
8/15/30(a)
|
|
100,000
|
106,474
|
|
Electric Utilities – 0.7%
|
|||
|
PG&E Recovery
Funding LLC, 4.84%,
6/01/33
|
|
297,648
|
298,304
|
|
Texas Electric Market
Stabilization Funding N
LLC, 4.27%, 8/01/34(a)
|
|
83,285
|
82,226
|
|
Virginia Power Fuel
Securitization LLC,
4.88%, 5/01/31
|
|
424,000
|
428,471
|
|
|
|
|
809,001
|
|
Gas & Water Utilities – 0.3%
|
|||
|
Kansas Gas Service
Securitization I LLC,
5.49%, 8/01/32
|
|
371,850
|
383,862
|
|
Health Care Facilities & Services – 0.3%
|
|||
|
Heartland
Dental LLC/Heartland
Dental Finance Corp.,
10.50%, 4/30/28(a)
|
|
359,000
|
378,433
|
|
Retail - Discretionary – 0.1%
|
|||
|
Evergreen Acqco 1
L.P./TVI, Inc., 9.75%,
4/26/28(a)
|
|
100,000
|
104,111
|
|
Specialty Finance – 0.4%
|
|||
|
Midcap Financial Issuer
Trust, 6.50%, 5/01/28(a)
|
|
461,000
|
457,026
|
|
Telecommunications – 0.5%
|
|||
|
Consolidated
Communications, Inc.,
6.50%, 10/01/28(a)
|
|
180,000
|
182,423
|
|
|
|
Par
|
Value
|
|
Telecommunications (Continued)
|
|||
|
Frontier Communications
Holdings LLC,
|
|
|
|
|
5.88%, 10/15/27(a)
|
|
$137,000
|
$137,025
|
|
6.00%, 1/15/30(a)
|
|
214,000
|
216,544
|
|
|
|
|
535,992
|
|
Total Corporate Bonds
(Cost $3,705,402)
|
3,821,668
|
||
|
|
|||
|
Mortgage-Backed Securities – 25.4%
|
|||
|
Commercial Mortgage-Backed Securities – 2.5%
|
|||
|
Arbor Multifamily
Mortgage Securities
Trust, Series 2020-MF1,
Class A5, 2.76%,
5/15/53(a)
|
|
540,000
|
496,439
|
|
BBCMS Mortgage Trust,
Series 2025-5C36,
Class A3, 5.52%,
8/15/58(g)
|
|
100,000
|
103,201
|
|
Benchmark Mortgage
Trust, Series 2024-V11,
Class A3, 5.91%,
11/15/57
|
|
126,000
|
131,393
|
|
BMO Mortgage Trust,
Series 2024-5C7,
Class A3, 5.57%,
11/15/57
|
|
126,000
|
129,715
|
|
BX Commercial Mortgage
Trust,
|
|
|
|
|
Series 2021-VOLT,
Class E, (1M CME Term
SOFR + 2.11%, 2.00%
Floor), 6.46%,
9/15/36(a)(b)
|
|
234,456
|
233,945
|
|
Series 2021-VOLT,
Class F, (1M CME Term
SOFR + 2.51%, 2.40%
Floor), 6.86%,
9/15/36(a)(b)
|
|
358,467
|
357,573
|
|
|
|||
|
BX Trust, Series
2019-OC11, Class A,
3.20%, 12/09/41(a)
|
|
418,000
|
389,515
|
|
CHI Commercial Mortgage
Trust, Series 2025-SFT,
Class A, 5.48%,
4/15/42(a)(h)
|
|
291,000
|
294,841
|
|
ROCK Trust, Series
2024-CNTR, Class A,
5.39%, 11/13/41(a)
|
|
209,000
|
212,851
|
|
SLG Office Trust, Series
2021-OVA, Class A,
2.59%, 7/15/41(a)
|
|
455,000
|
397,733
|
|
WHARF Commercial
Mortgage Trust, Series
2025-DC, Class A, 5.35%,
7/15/40(a)(h)
|
|
100,000
|
101,590
|
|
|
|
|
2,848,796
|
|
|
|
Par
|
Value
|
|
Federal Home Loan Mortgage Corporation – 11.2%
|
|||
|
Multifamily Structured
Pass Through
Certificates,
|
|
|
|
|
Series K094, Class A2,
2.90%, 6/25/29
|
|
$532,000
|
$506,840
|
|
Series K095, Class A2,
2.79%, 6/25/29
|
|
725,000
|
688,119
|
|
Series K096, Class A2,
2.52%, 7/25/29
|
|
774,000
|
726,482
|
|
Series K097, Class A2,
2.51%, 7/25/29
|
|
359,000
|
336,412
|
|
Series K099, Class A2,
2.60%, 9/25/29
|
|
155,000
|
145,449
|
|
Series K101, Class A2,
2.52%, 10/25/29
|
|
404,000
|
377,324
|
|
Series K102, Class A2,
2.54%, 10/25/29
|
|
271,000
|
253,371
|
|
Series K103, Class A2,
2.65%, 11/25/29
|
|
382,000
|
358,081
|
|
Series K104, Class A2,
2.25%, 1/25/30
|
|
118,000
|
108,613
|
|
Series K105, Class A2,
1.87%, 1/25/30
|
|
100,000
|
90,388
|
|
Series K106, Class A2,
2.07%, 1/25/30
|
|
100,000
|
91,111
|
|
Series K107, Class A2,
1.64%, 1/25/30
|
|
100,000
|
89,609
|
|
Series K108, Class A2,
1.52%, 3/25/30
|
|
100,000
|
88,834
|
|
Series K109, Class A2,
1.56%, 4/25/30
|
|
151,000
|
133,832
|
|
Series K111, Class A2,
1.35%, 5/25/30
|
|
100,000
|
87,561
|
|
Series K114, Class A2,
1.37%, 6/25/30
|
|
100,000
|
87,218
|
|
Series K116, Class A2,
1.38%, 7/25/30
|
|
100,000
|
87,134
|
|
Series K117, Class A2,
1.41%, 8/25/30
|
|
493,000
|
429,119
|
|
Series K120, Class A2,
1.50%, 10/25/30
|
|
140,000
|
121,636
|
|
Series K151, Class A3,
3.51%, 4/25/30
|
|
183,000
|
176,652
|
|
Series K751, Class A2,
4.41%, 3/25/30
|
|
504,000
|
505,601
|
|
Series K752, Class A2,
4.28%, 7/25/30
|
|
136,000
|
135,682
|
|
Series K754, Class A2,
4.94%, 11/25/30
|
|
545,000
|
558,992
|
|
|
|
Par
|
Value
|
|
Federal Home Loan Mortgage Corporation
(Continued)
|
|||
|
Pool,
|
|
|
|
|
1.50%, 11/01/35 -
1/01/42
|
|
$5,501,920
|
$4,638,040
|
|
1.00%, 7/01/36 -
10/01/36
|
|
153,788
|
134,694
|
|
2.00%, 8/01/40 - 8/01/42
|
|
877,270
|
749,031
|
|
4.00%, 10/01/40 -
11/01/40
|
|
170,861
|
163,859
|
|
(2.13% - 30D Average
SOFR, 2.13% Floor,
6.66% Cap), 1.66%,
9/01/51(b)
|
|
75,649
|
67,121
|
|
(30D Average SOFR +
2.13%, 2.13% Floor,
7.56% Cap), 2.56%,
3/01/52(b)
|
|
90,983
|
82,911
|
|
(30D Average SOFR +
2.14%, 2.14% Floor,
7.55% Cap), 2.55%,
5/01/52(b)
|
|
65,276
|
59,418
|
|
(2.18% - 30D Average
SOFR, 2.18% Floor,
7.16% Cap), 2.16%,
7/01/52 - 5/01/53(b)
|
|
738,842
|
662,747
|
|
(30D Average SOFR +
2.22%, 2.22% Floor,
8.32% Cap), 3.32%,
11/01/52(b)
|
|
82,814
|
77,678
|
|
|
|||
|
Real Estate Mortgage
Investment Conduits,
Series 4162, Class P,
3.00%, 2/15/33
|
|
55,566
|
53,937
|
|
|
|
|
12,873,496
|
|
Federal National Mortgage Association – 8.0%
|
|||
|
Interest STRIP, Series 284,
Class 1, 0.00%, 7/25/27(i)
|
|
18,024
|
17,385
|
|
Pool,
|
|
|
|
|
1.50%, 12/01/35 -
3/01/42
|
|
5,498,836
|
4,697,617
|
|
1.00%, 4/01/36 - 3/01/37
|
|
2,239,734
|
1,931,556
|
|
2.00%, 11/01/40 -
8/01/42
|
|
1,357,001
|
1,158,410
|
|
2.50%, 5/01/41
|
|
126,829
|
111,736
|
|
3.50%, 4/01/44
|
|
254,004
|
233,964
|
|
4.00%, 6/01/45 - 3/01/48
|
|
659,854
|
632,239
|
|
(2.07% - 30D Average
SOFR, 2.07% Floor,
6.97% Cap), 1.97%,
8/01/51(b)
|
|
199,591
|
180,106
|
|
(2.33% - 30D Average
SOFR, 2.33% Floor,
6.89% Cap), 1.89%,
4/01/52(b)
|
|
184,268
|
164,794
|
|
|
|
Par
|
Value
|
|
Federal National Mortgage Association (Continued)
|
|||
|
|
|||
|
Real Estate Mortgage
Investment Conduits,
Series 2012-144,
Class PD, 3.50%, 4/25/42
|
|
$56,776
|
$55,918
|
|
|
|
|
9,183,725
|
|
Government National Mortgage Association – 0.3%
|
|||
|
Pool,
|
|
|
|
|
Series 2012-150,
Class IO, 0.44%,
11/16/52(h)(j)
|
|
543,295
|
4,842
|
|
Series 2015-108,
Class IO, 0.34%,
10/16/56(h)(j)
|
|
37,119
|
182
|
|
Series 2015-7, Class IO,
0.49%, 1/16/57(h)(j)
|
|
866,470
|
21,839
|
|
Series 2020-42, Class IO,
0.94%, 3/16/62(h)(j)
|
|
1,360,997
|
89,940
|
|
Series 2020-43, Class IO,
1.26%, 11/16/61(h)(j)
|
|
877,298
|
66,830
|
|
Series 2020-71, Class IO,
1.10%, 1/16/62(h)(j)
|
|
1,173,120
|
81,711
|
|
Series 2020-75, Class IO,
0.87%, 2/16/62(h)(j)
|
|
2,171,319
|
129,681
|
|
|
|
|
395,025
|
|
Whole Loan – 3.4%
|
|||
|
GS Mortgage-Backed
Securities Corp. Trust,
|
|
|
|
|
Series 2021-PJ4,
Class A8, 2.50%,
9/25/51(a)(h)
|
|
63,233
|
56,183
|
|
Series 2021-PJ5,
Class A8, 2.50%,
10/25/51(a)(h)
|
|
226,405
|
201,222
|
|
Series 2022-PJ2,
Class A24, 3.00%,
6/25/52(a)
|
|
110,752
|
99,977
|
|
Series 2022-PJ4,
Class A22, 2.50%,
9/25/52(a)(h)
|
|
194,409
|
172,583
|
|
GS Mortgage-Backed
Securities Trust,
|
|
|
|
|
Series 2021-PJ10,
Class A8, 2.50%,
3/25/52(a)(h)
|
|
69,643
|
61,544
|
|
Series 2021-PJ6,
Class A8, 2.50%,
11/25/51(a)(h)
|
|
129,546
|
114,805
|
|
Series 2021-PJ7,
Class A8, 2.50%,
1/25/52(a)
|
|
234,035
|
207,088
|
|
Series 2022-PJ3,
Class A22, 2.50%,
8/25/52(a)(h)
|
|
74,374
|
65,385
|
|
|
|
Par
|
Value
|
|
Whole Loan (Continued)
|
|||
|
GS Mortgage-Backed
Securities Trust,
|
|
|
|
|
Series 2022-PJ3,
Class A24, 3.00%,
8/25/52(a)(h)
|
|
$74,374
|
$66,881
|
|
Series 2022-PJ5,
Class A22, 2.50%,
10/25/52(a)(h)
|
|
576,393
|
503,076
|
|
Series 2022-PJ6,
Class A15, 2.50%,
1/25/53(a)(h)
|
|
286,168
|
250,536
|
|
JP Morgan Mortgage
Trust,
|
|
|
|
|
Series 2021-10, Class A4,
2.50%, 12/25/51(a)(h)
|
|
345,212
|
305,638
|
|
Series 2021-10,
Class A4A, 2.00%,
12/25/51(a)(h)
|
|
128,595
|
111,360
|
|
Series 2021-11, Class A4,
2.50%, 1/25/52(a)(h)
|
|
428,055
|
379,990
|
|
Series 2021-13, Class A4,
2.50%, 4/25/52(a)(h)
|
|
338,820
|
301,285
|
|
Series 2021-15,Class A4,
2.50%, 6/25/52(a)(h)
|
|
69,014
|
60,982
|
|
Series 2021-6, Class A4,
2.50%, 10/25/51(a)(h)
|
|
86,236
|
76,716
|
|
Series 2021-7, Class A4,
2.50%, 11/25/51(a)(h)
|
|
72,991
|
64,959
|
|
Series 2021-8, Class A4,
2.50%, 12/25/51(a)(h)
|
|
72,184
|
64,169
|
|
Series 2022-3,
Class A4A, 2.50%,
8/25/52(a)(h)
|
|
73,571
|
64,651
|
|
Series 2024-3, Class A4,
3.00%, 5/25/54(a)
|
|
233,929
|
210,050
|
|
|
|||
|
JP Morgan Seasoned
Mortgage Trust, Series
2025-1, Class A4, 3.70%,
1/25/63(a)(h)
|
|
152,374
|
141,854
|
|
PRET Trust, Series
2024-RPL1, Class A1,
3.90%, 10/25/63(a)(h)
|
|
81,332
|
78,010
|
|
Sequoia Mortgage Trust,
Series 2025-S1, Class A4,
2.50%, 9/25/54(a)(h)
|
|
295,503
|
259,813
|
|
|
|
|
3,918,757
|
|
Total Mortgage-Backed Securities
(Cost $29,518,838)
|
29,219,799
|
||
|
|
|
Par
|
Value
|
|
|
|||
|
Municipal Bonds – 0.1%
|
|||
|
Texas – 0.1%
|
|||
|
Texas Natural Gas
Securitization
Finance Corp., Taxable
Customer Rate Relief
Revenue Bonds, 5.10%,
4/01/35
|
|
$88,267
|
$89,959
|
|
Total Municipal Bonds
(Cost $88,267)
|
89,959
|
||
|
|
|||
|
Term Loans – 0.0%(b)(k)
|
|||
|
Retail - Discretionary – 0.0%(k)
|
|||
|
J.C. Penney Corp., Inc.,
Term Loan(c)(d)(l)
|
|
228,931
|
23
|
|
Total Term Loans
(Cost $—)
|
23
|
||
|
|
|||
|
U.S. Government Obligations – 4.7%
|
|||
|
U.S. Treasury Notes – 4.7%
|
|||
|
4.38%, 12/31/29
|
|
2,746,000
|
2,794,162
|
|
3.88%, 6/30/30(f)
|
|
1,666,000
|
1,660,013
|
|
4.63%, 9/30/30
|
|
883,000
|
909,421
|
|
Total U.S. Government Obligations
(Cost $5,246,691)
|
5,363,596
|
||
|
|
|
Number
of Shares
|
|
|
Investment Companies – 39.1%
|
|||
|
Schwab Short-Term
U.S. Treasury ETF(m)
|
|
1,687,675
|
40,993,626
|
|
Vanguard Short-Term
Inflation-Protected
Securities ETF
|
|
78,982
|
3,949,100
|
|
Total Investment Companies
(Cost $44,961,217)
|
44,942,726
|
||
|
|
|
Par/Number
of Shares
|
|
|
Short-Term Investments – 18.0%
|
|||
|
Money Market Funds – 16.0%
|
|||
|
Northern Institutional
Funds - Liquid Assets
Portfolio, 4.37%(n)(o)
|
|
768,774
|
768,774
|
|
|
|||
|
Northern Institutional
Funds - Treasury Portfolio
(Premier), 4.15%(n)
|
|
17,550,827
|
17,550,827
|
|
|
|
|
18,319,601
|
|
|
|
Par/Number
of Shares
|
Value
|
|
U.S. Treasury Bills – 2.0%
|
|||
|
U.S. Treasury Bills,
|
|
|
|
|
3.92%, 8/07/25(p)
|
|
1,051,000
|
$1,050,253
|
|
3.95%, 8/14/25(p)
|
|
1,243,000
|
1,241,078
|
|
|
|
|
2,291,331
|
|
Total Short-Term Investments
(Cost $20,610,963)
|
20,610,932
|
||
|
Total Investments – 100.7%
(Cost $115,071,773)
|
115,554,023
|
||
|
Liabilities less Other Assets – (0.7)%
|
(749,007
)
|
||
|
NET ASSETS – 100.0%
|
$114,805,016
|
||
|
Percentages shown are based on Net Assets.
|
|
|
|||
|
(a)
|
Securities 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. As of July 31, 2025,
these securities had a total value of $17,738,426 or 15.45%
of net assets.
|
|
|
|
(b)
|
Variable or floating rate security. Rate as of July 31, 2025 is disclosed.
|
|
|
|
(c)
|
Restricted securities (including private placements) - The Fund may own investment
securities that have other legal or contractual limitations.
At July 31, 2025, the value of restricted securities (excluding 144A issues) amounted
to $318,201 or 0.28% of net assets.
|
|
|
|
|
Restricted Security
|
Acquisition
Date
|
Acquisition
Cost
|
|
|
Copper Property CTL Pass Through Trust
|
11/27/18-2/12/21
|
$499,686
|
|
|
J.C. Penney Corp., Inc., Term Loan
|
2/12/21-4/29/22
|
—
|
|
|
|
|
(d)
|
Investment is valued using significant unobservable inputs (Level 3).
|
|
(e)
|
Distributions from this security are made via payments in-kind (PIK) unless otherwise
noted in the description.
|
|
(f)
|
Security either partially or fully on loan. As of July 31, 2025, the total value of
securities on loan is $1,769,286.
|
|
(g)
|
When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.
|
|
(h)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments on
the underlying pool of assets. Rate as of July 31, 2025 is disclosed.
|
|
(i)
|
Zero coupon bond.
|
|
(j)
|
Security is an Interest Only Strip.
|
|
(k)
|
Amount rounds to less than 0.05%.
|
|
(l)
|
Issuer has defaulted on terms of debt obligation. Income is not being accrued.
|
|
(m)
|
Fair value of this security exceeds 25% of the Fund's Net Assets. Additional information
for this security, including the financial statements, is
available from the SEC's EDGAR database at www.sec.gov.
|
|
(n)
|
7-day current yield as of July 31, 2025 is disclosed.
|
|
(o)
|
Security purchased with the cash proceeds from securities loaned. As of July 31, 2025,
total cash collateral has a value of $768,774 and total
non-cash collateral has a value of $1,036,662.
|
|
(p)
|
Discount rate at the time of purchase.
|
|
*
|
Non-Income Producing Security
|
|
Abbreviations:
|
|
1M
|
1 Month
|
|
3M
|
3 Month
|
|
30D
|
30 Day
|
|
ABS
|
Asset-Backed Security
|
|
CLO
|
Collateralized Loan Obligation
|
|
CME
|
Chicago Mercantile Exchange
|
|
ETF
|
Exchange-Traded Fund
|
|
IO
|
Interest Only
|
|
L.P.
|
Limited Partnership
|
|
LLC
|
Limited Liability Company
|
|
SOFR
|
United States Secured Overnight Financing Rate
|
|
STRIP
|
Separate Trading of Registered Interest and Principal
|
|
Morningstar Defensive Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Investments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$9,732,676
|
$—
|
$9,732,676
|
|
Common Stocks
|
1,309,416
|
318,179
|
62,305
|
1,689,900
|
|
Convertible Bonds
|
—
|
82,744
|
—
|
82,744
|
|
Corporate Bonds
|
—
|
3,821,668
|
—
|
3,821,668
|
|
Mortgage-Backed Securities
|
—
|
29,219,799
|
—
|
29,219,799
|
|
Municipal Bonds
|
—
|
89,959
|
—
|
89,959
|
|
Term Loans
|
—
|
—
|
23
|
23
|
|
U.S. Government Obligations
|
—
|
5,363,596
|
—
|
5,363,596
|
|
Investment Companies
|
44,942,726
|
—
|
—
|
44,942,726
|
|
Short-Term Investments
|
18,319,601
|
2,291,331
|
—
|
20,610,932
|
|
Total Investments
|
$64,571,743
|
$50,919,952
|
$62,328
|
$115,554,023
|
|
|
|
Number
of Shares
|
Value
|
|
Common Stocks – 1.5%
|
|||
|
Aerospace & Defense – 0.1%
|
|||
|
General Electric Co.
|
|
97
|
$26,295
|
|
Lockheed Martin Corp.
|
|
220
|
92,615
|
|
|
|
|
118,910
|
|
Biotechnology & Pharmaceuticals – 0.3%
|
|||
|
AbbVie, Inc.
|
|
407
|
76,931
|
|
BioMarin
Pharmaceutical, Inc.*
|
|
2,797
|
161,806
|
|
Bristol-Myers Squibb Co.
|
|
1,230
|
53,271
|
|
Gilead Sciences, Inc.
|
|
523
|
58,728
|
|
Johnson & Johnson
|
|
348
|
57,330
|
|
Merck & Co., Inc.
|
|
1,543
|
120,539
|
|
Teva Pharmaceutical
Industries Ltd. ADR
(Israel)*
|
|
4,499
|
69,510
|
|
|
|
|
598,115
|
|
Cable & Satellite – 0.1%
|
|||
|
Altice USA, Inc., Class A*
|
|
16,055
|
41,743
|
|
Comcast Corp., Class A
|
|
2,424
|
80,549
|
|
|
|
|
122,292
|
|
Chemicals – 0.0%(a)
|
|||
|
Linde PLC
|
|
53
|
24,394
|
|
Construction Materials – 0.1%
|
|||
|
Cemex S.A.B. de C.V. ADR
(Mexico)
|
|
10,364
|
90,167
|
|
Containers & Packaging – 0.1%
|
|||
|
Packaging Corp. of
America
|
|
434
|
84,087
|
|
Diversified Industrials – 0.0%(a)
|
|||
|
Emerson Electric Co.
|
|
465
|
67,662
|
|
Electric Utilities – 0.1%
|
|||
|
Duke Energy Corp.
|
|
719
|
87,459
|
|
Engineering & Construction – 0.0%(a)
|
|||
|
Mcdermott
International Ltd.*
|
|
16
|
123
|
|
Health Care Facilities & Services – 0.1%
|
|||
|
Elevance Health, Inc.
|
|
221
|
62,561
|
|
UnitedHealth Group, Inc.
|
|
335
|
83,602
|
|
|
|
|
146,163
|
|
Household Products – 0.1%
|
|||
|
Colgate-Palmolive Co.
|
|
758
|
63,558
|
|
Kimberly-Clark Corp.
|
|
766
|
95,459
|
|
Procter & Gamble (The) Co.
|
|
388
|
58,382
|
|
|
|
|
217,399
|
|
|
|
Number
of Shares
|
Value
|
|
Institutional Financial Services – 0.1%
|
|||
|
CME Group, Inc.
|
|
219
|
$60,943
|
|
Morgan Stanley
|
|
566
|
80,633
|
|
|
|
|
141,576
|
|
Internet Media & Services – 0.0%(a)
|
|||
|
Alphabet, Inc., Class A
|
|
270
|
51,813
|
|
Leisure Facilities & Services – 0.0%(a)
|
|||
|
Royal Caribbean
Cruises Ltd.
|
|
80
|
25,430
|
|
Machinery – 0.0%(a)
|
|||
|
Deere & Co.
|
|
45
|
23,597
|
|
Medical Equipment & Devices – 0.0%(a)
|
|||
|
Abbott Laboratories
|
|
282
|
35,586
|
|
Oil & Gas Supply Chain – 0.1%
|
|||
|
Battalion Oil Corp.*
|
|
363
|
468
|
|
Exxon Mobil Corp.
|
|
825
|
92,103
|
|
Williams (The) Cos., Inc.
|
|
1,170
|
70,142
|
|
|
|
|
162,713
|
|
Real Estate Investment Trusts – 0.0%(a)
|
|||
|
Simon Property Group, Inc.
|
|
279
|
45,697
|
|
Retail - Consumer Staples – 0.0%(a)
|
|||
|
Costco Wholesale Corp.
|
|
48
|
45,103
|
|
Retail - Discretionary – 0.0%(a)
|
|||
|
TJX (The) Cos., Inc.
|
|
595
|
74,095
|
|
Semiconductors – 0.1%
|
|||
|
Broadcom, Inc.
|
|
187
|
54,922
|
|
QUALCOMM, Inc.
|
|
328
|
48,137
|
|
Taiwan Semiconductor
Manufacturing Co. Ltd.
ADR (Taiwan)
|
|
109
|
26,337
|
|
|
|
|
129,396
|
|
Software – 0.1%
|
|||
|
Microsoft Corp.
|
|
150
|
80,025
|
|
Salesforce, Inc.
|
|
417
|
107,723
|
|
SAP S.E. ADR (Germany)
|
|
137
|
39,278
|
|
|
|
|
227,026
|
|
Specialty Finance – 0.0%(a)
|
|||
|
Mastercard, Inc., Class A
|
|
127
|
71,942
|
|
Technology Hardware – 0.0%(a)
|
|||
|
Apple, Inc.
|
|
302
|
62,686
|
|
|
|
Number
of Shares
|
Value
|
|
Transportation & Logistics – 0.1%
|
|||
|
Union Pacific Corp.
|
|
176
|
$39,067
|
|
United Parcel Service, Inc.,
Class B
|
|
843
|
72,633
|
|
|
|
|
111,700
|
|
Total Common Stocks
(Cost $3,152,854)
|
2,765,131
|
||
|
|
|
Par(b)
|
|
|
Convertible Bonds – 0.8%
|
|||
|
E-Commerce Discretionary – 0.0%(a)
|
|||
|
Alibaba Group
Holding Ltd., 0.50%,
6/01/31
|
|
$20,000
|
26,520
|
|
Electric Utilities – 0.0%(a)
|
|||
|
Evergy, Inc., 4.50%,
12/15/27
|
|
23,000
|
27,361
|
|
FirstEnergy Corp., 3.88%,
1/15/31(c)
|
|
26,000
|
26,884
|
|
|
|
|
54,245
|
|
Electrical Equipment – 0.0%(a)
|
|||
|
Advanced Energy
Industries, Inc., 2.50%,
9/15/28
|
|
22,000
|
26,999
|
|
Itron, Inc., 1.38%, 7/15/30
|
|
22,000
|
25,263
|
|
|
|
|
52,262
|
|
Engineering & Construction – 0.0%(a)
|
|||
|
Fluor Corp., 1.13%,
8/15/29
|
|
20,000
|
28,080
|
|
Granite Construction, Inc.,
3.75%, 5/15/28
|
|
11,000
|
23,061
|
|
|
|
|
51,141
|
|
Food – 0.1%
|
|||
|
Post Holdings, Inc., 2.50%,
8/15/27
|
|
61,000
|
68,851
|
|
Internet Media & Services – 0.1%
|
|||
|
DoorDash, Inc., 0.00%,
5/15/30(c)(d)
|
|
39,000
|
42,334
|
|
MakeMyTrip Ltd., 0.00%,
7/01/30(c)(d)
|
|
25,000
|
25,699
|
|
Uber Technologies, Inc.,
0.88%, 12/01/28
|
|
30,000
|
40,935
|
|
|
|
|
108,968
|
|
IT Services – 0.0%(a)
|
|||
|
Parsons Corp., 2.63%,
3/01/29
|
|
33,000
|
35,871
|
|
|
|
Par(b)
|
Value
|
|
Leisure Facilities & Services – 0.1%
|
|||
|
Carnival Corp., 5.75%,
12/01/27
|
|
$19,000
|
$43,871
|
|
NCL Corp. Ltd., 0.88%,
4/15/30(c)
|
|
49,000
|
59,719
|
|
|
|
|
103,590
|
|
Oil & Gas Supply Chain – 0.0%(a)
|
|||
|
Northern Oil & Gas, Inc.,
3.63%, 4/15/29
|
|
40,000
|
41,460
|
|
Real Estate Owners & Developers – 0.0%(a)
|
|||
|
Sunac China Holdings Ltd.,
1.00%, 9/30/32(c)(e)
|
|
21,898
|
2,409
|
|
Retail - Discretionary – 0.0%(a)
|
|||
|
Freshpet, Inc., 3.00%,
4/01/28
|
|
19,000
|
23,683
|
|
Semiconductors – 0.1%
|
|||
|
Wolfspeed, Inc.,
|
|
|
|
|
0.25%, 2/15/28(f)
|
|
15,000
|
4,538
|
|
1.88%, 12/01/29(f)
|
|
275,000
|
83,187
|
|
|
|
|
87,725
|
|
Software – 0.2%
|
|||
|
CyberArk Software Ltd.,
0.00%, 6/15/30(c)(d)
|
|
100,000
|
102,700
|
|
Datadog, Inc., 0.00%,
12/01/29(c)(d)
|
|
94,000
|
91,231
|
|
Guidewire Software, Inc.,
1.25%, 11/01/29(c)
|
|
46,000
|
52,739
|
|
Nutanix, Inc., 0.25%,
10/01/27
|
|
31,000
|
43,106
|
|
Rubrik, Inc., 0.00%,
6/15/30(c)(d)
|
|
44,000
|
47,146
|
|
Snowflake, Inc., 0.00%,
10/01/29(c)(d)
|
|
28,000
|
43,400
|
|
Vertex, Inc., 0.75%,
5/01/29
|
|
23,000
|
26,407
|
|
Zscaler, Inc., 0.00%,
7/15/28(c)(d)
|
|
27,000
|
26,325
|
|
|
|
|
433,054
|
|
Specialty Finance – 0.0%(a)
|
|||
|
Global Payments, Inc.,
1.50%, 3/01/31
|
|
55,000
|
49,775
|
|
Technology Hardware – 0.1%
|
|||
|
InterDigital, Inc., 3.50%,
6/01/27
|
|
13,000
|
43,654
|
|
Seagate HDD Cayman,
3.50%, 6/01/28
|
|
15,000
|
29,077
|
|
|
|
|
72,731
|
|
|
|
Par(b)
|
Value
|
|
Telecommunications – 0.1%
|
|||
|
EchoStar Corp., 3.88%,
11/30/30(g)
|
|
$201,346
|
$254,904
|
|
Total Convertible Bonds
(Cost $1,451,253)
|
1,467,189
|
||
|
|
|
Number
of Shares
|
|
|
Convertible Preferred Stocks – 0.1%
|
|||
|
Aerospace & Defense – 0.1%
|
|||
|
Boeing (The) Co., 6.00%
|
|
904
|
63,913
|
|
Asset Management – 0.0%(a)
|
|||
|
Apollo Global
Management, Inc., 6.75%
|
|
450
|
34,281
|
|
Electric Utilities – 0.0%(a)
|
|||
|
PG&E Corp., 6.00%
|
|
1,158
|
44,015
|
|
Total Convertible Preferred Stocks
(Cost $127,938)
|
142,209
|
||
|
|
|
Par(b)
|
|
|
Corporate Bonds – 42.4%
|
|||
|
Advertising & Marketing – 0.2%
|
|||
|
Dotdash Meredith, Inc.,
7.63%, 6/15/32(c)
|
|
$245,000
|
238,814
|
|
Neptune Bidco U.S., Inc.,
9.29%, 4/15/29(c)
|
|
195,000
|
188,717
|
|
|
|
|
427,531
|
|
Aerospace & Defense – 1.0%
|
|||
|
Axon Enterprise, Inc.,
|
|
|
|
|
6.13%, 3/15/30(c)
|
|
135,000
|
137,876
|
|
6.25%, 3/15/33(c)
|
|
45,000
|
46,101
|
|
Boeing (The) Co.,
|
|
|
|
|
5.93%, 5/01/60
|
|
91,000
|
87,066
|
|
7.01%, 5/01/64
|
|
115,000
|
126,904
|
|
|
|||
|
General Dynamics Corp.,
4.95%, 8/15/35
|
|
31,000
|
31,067
|
|
General Electric Co.,
|
|
|
|
|
4.30%, 7/29/30
|
|
87,000
|
86,585
|
|
4.90%, 1/29/36
|
|
51,000
|
50,828
|
|
|
|||
|
HEICO Corp., 5.25%,
8/01/28
|
|
53,000
|
54,009
|
|
Howmet Aerospace, Inc.,
5.95%, 2/01/37
|
|
17,000
|
18,019
|
|
L3Harris Technologies, Inc.,
|
|
|
|
|
5.40%, 7/31/33
|
|
66,000
|
67,739
|
|
5.35%, 6/01/34
|
|
72,000
|
73,338
|
|
Lockheed Martin Corp.,
|
|
|
|
|
5.00%, 8/15/35
|
|
73,000
|
73,001
|
|
|
|
Par(b)
|
Value
|
|
Aerospace & Defense (Continued)
|
|||
|
Lockheed Martin Corp.,
|
|
|
|
|
5.20%, 2/15/64
|
|
$63,000
|
$57,308
|
|
Northrop Grumman Corp.,
|
|
|
|
|
5.25%, 7/15/35
|
|
30,000
|
30,478
|
|
5.15%, 5/01/40
|
|
52,000
|
50,547
|
|
RTX Corp.,
|
|
|
|
|
4.45%, 11/16/38
|
|
50,000
|
45,875
|
|
4.80%, 12/15/43
|
|
7,000
|
6,310
|
|
3.13%, 7/01/50
|
|
14,000
|
9,218
|
|
5.38%, 2/27/53
|
|
28,000
|
26,620
|
|
TransDigm, Inc.,
|
|
|
|
|
6.75%, 8/15/28(c)
|
|
300,000
|
306,108
|
|
4.63%, 1/15/29
|
|
205,000
|
200,431
|
|
6.38%, 3/01/29(c)
|
|
235,000
|
240,511
|
|
6.38%, 5/31/33(c)
|
|
25,000
|
25,159
|
|
|
|
|
1,851,098
|
|
Asset Management – 0.6%
|
|||
|
Ameriprise Financial, Inc.,
5.70%, 12/15/28
|
|
44,000
|
45,792
|
|
Apollo Debt Solutions
BDC, 5.88%, 8/30/30(c)
|
|
66,000
|
66,079
|
|
BlackRock Funding, Inc.,
5.25%, 3/14/54
|
|
100,000
|
95,092
|
|
Blackstone Holdings
Finance Co. LLC, 2.00%,
1/30/32(c)
|
|
101,000
|
85,024
|
|
Citadel L.P.,
|
|
|
|
|
6.00%, 1/23/30(c)
|
|
65,000
|
66,979
|
|
6.38%, 1/23/32(c)
|
|
67,000
|
69,538
|
|
|
|||
|
Icahn Enterprises L.P./Icahn
Enterprises
Finance Corp., 5.25%,
5/15/27
|
|
25,000
|
24,356
|
|
Nuveen LLC, 5.55%,
1/15/30(c)
|
|
20,000
|
20,783
|
|
Osaic Holdings, Inc.,
|
|
|
|
|
6.75%, 8/01/32(c)(h)
|
|
330,000
|
333,980
|
|
8.00%, 8/01/33(c)(h)
|
|
255,000
|
259,133
|
|
|
|
|
1,066,756
|
|
Automotive – 0.7%
|
|||
|
Ford Motor Credit Co. LLC,
4.00%, 11/13/30
|
|
200,000
|
183,574
|
|
General Motors Co.,
6.25%, 10/02/43
|
|
32,000
|
31,703
|
|
General Motors
Financial Co., Inc.,
|
|
|
|
|
(3M USD LIBOR + 3.60%),
5.75%, 9/30/27(i)(j)
|
|
300,000
|
292,962
|
|
2.35%, 1/08/31
|
|
86,000
|
74,964
|
|
6.10%, 1/07/34
|
|
38,000
|
39,208
|
|
5.90%, 1/07/35
|
|
84,000
|
84,791
|
|
6.15%, 7/15/35
|
|
71,000
|
72,772
|
|
|
|
Par(b)
|
Value
|
|
Automotive (Continued)
|
|||
|
Hyundai Capital America,
|
|
|
|
|
5.68%, 6/26/28(c)
|
|
$53,000
|
$54,302
|
|
6.10%, 9/21/28(c)
|
|
86,000
|
89,324
|
|
5.15%, 3/27/30(c)
|
|
61,000
|
61,694
|
|
5.40%, 3/29/32(c)
|
|
88,000
|
89,165
|
|
Toyota Motor Credit Corp.,
|
|
|
|
|
4.80%, 5/15/30
|
|
83,000
|
84,190
|
|
5.55%, 11/20/30
|
|
62,000
|
65,025
|
|
4.60%, 10/10/31
|
|
66,000
|
65,933
|
|
|
|
|
1,289,607
|
|
Banking – 2.1%
|
|||
|
Bank of America Corp.,
|
|
|
|
|
(3M CME Term SOFR +
1.30%), 3.42%,
12/20/28(j)
|
|
85,000
|
83,002
|
|
(SOFR + 1.06%), 2.09%,
6/14/29(j)
|
|
6,000
|
5,617
|
|
(3M CME Term SOFR +
1.44%), 3.19%,
7/23/30(j)
|
|
34,000
|
32,347
|
|
(5Y US Treasury CMT +
2.35%), 6.25%,
7/26/30(i)(j)
|
|
74,000
|
73,745
|
|
(3M CME Term SOFR +
1.45%), 2.88%,
10/22/30(j)
|
|
40,000
|
37,460
|
|
(3M CME Term SOFR +
1.25%), 2.50%,
2/13/31(j)
|
|
9,000
|
8,215
|
|
(SOFR + 2.15%), 2.59%,
4/29/31(j)
|
|
106,000
|
96,897
|
|
(SOFR + 1.32%), 2.69%,
4/22/32(j)
|
|
177,000
|
158,713
|
|
(SOFR + 1.22%), 2.30%,
7/21/32(j)
|
|
91,000
|
79,317
|
|
(SOFR + 1.33%), 2.97%,
2/04/33(j)
|
|
184,000
|
164,723
|
|
(SOFR + 1.83%), 4.57%,
4/27/33(j)
|
|
61,000
|
60,055
|
|
(SOFR + 1.84%), 5.87%,
9/15/34(j)
|
|
70,000
|
73,743
|
|
(SOFR + 1.74%), 5.52%,
10/25/35(j)
|
|
88,000
|
88,085
|
|
(SOFR + 1.31%), 5.51%,
1/24/36(j)
|
|
46,000
|
47,137
|
|
(SOFR + 1.70%), 5.74%,
2/12/36(j)
|
|
118,000
|
120,043
|
|
(SOFR + 1.93%), 2.68%,
6/19/41(j)
|
|
7,000
|
4,991
|
|
|
|||
|
First Citizens
BancShares, Inc., (5Y US
Treasury CMT + 1.97%),
6.25%, 3/12/40(j)
|
|
144,000
|
144,046
|
|
|
|
Par(b)
|
Value
|
|
Banking (Continued)
|
|||
|
|
|||
|
Huntington
Bancshares, Inc., (5Y US
Treasury CMT + 1.70%),
6.14%, 11/18/39(j)
|
|
$124,000
|
$126,756
|
|
JP Morgan Chase & Co.,
|
|
|
|
|
(SOFR + 1.89%), 2.18%,
6/01/28(j)
|
|
23,000
|
22,096
|
|
(3M CME Term SOFR +
1.21%), 3.51%,
1/23/29(j)
|
|
69,000
|
67,496
|
|
(3M CME Term SOFR +
1.59%), 4.45%,
12/05/29(j)
|
|
148,000
|
147,859
|
|
(SOFR + 1.31%), 5.01%,
1/23/30(j)
|
|
67,000
|
68,130
|
|
(5Y US Treasury CMT +
2.15%), 6.50%,
4/01/30(i)(j)
|
|
250,000
|
256,675
|
|
(SOFR + 1.13%), 5.00%,
7/22/30(j)
|
|
60,000
|
61,018
|
|
(3M CME Term SOFR +
1.51%), 2.74%,
10/15/30(j)
|
|
25,000
|
23,288
|
|
(SOFR + 1.04%), 4.60%,
10/22/30(j)
|
|
67,000
|
67,148
|
|
(SOFR + 1.01%), 5.14%,
1/24/31(j)
|
|
29,000
|
29,637
|
|
(SOFR + 1.07%), 1.95%,
2/04/32(j)
|
|
45,000
|
39,040
|
|
(SOFR + 1.81%), 6.25%,
10/23/34(j)
|
|
39,000
|
42,322
|
|
(SOFR + 1.49%), 5.77%,
4/22/35(j)
|
|
56,000
|
58,732
|
|
(SOFR + 1.68%), 5.57%,
4/22/36(j)
|
|
167,000
|
172,458
|
|
(SOFR + 1.64%), 5.58%,
7/23/36(j)
|
|
131,000
|
132,697
|
|
|
|||
|
M&T Bank Corp., (5Y US
Treasury CMT + 1.43%),
5.40%, 7/30/35(j)
|
|
133,000
|
133,202
|
|
Morgan Stanley Private
Bank N.A., (SOFR +
1.08%), 4.73%, 7/18/31(j)
|
|
250,000
|
251,127
|
|
PNC Financial Services
Group (The), Inc.,
|
|
|
|
|
(SOFR Index + 2.14%),
6.04%, 10/28/33(j)
|
|
66,000
|
70,170
|
|
(SOFR + 1.42%), 5.37%,
7/21/36(j)
|
|
157,000
|
158,627
|
|
Truist Financial Corp.,
|
|
|
|
|
(SOFR + 2.30%), 6.12%,
10/28/33(j)
|
|
39,000
|
41,414
|
|
(SOFR + 2.36%), 5.87%,
6/08/34(j)
|
|
55,000
|
57,505
|
|
|
|
Par(b)
|
Value
|
|
Banking (Continued)
|
|||
|
Wells Fargo & Co.,
|
|
|
|
|
(SOFR + 2.06%), 6.49%,
10/23/34(j)
|
|
$18,000
|
$19,680
|
|
(SOFR + 1.78%), 5.50%,
1/23/35(j)
|
|
53,000
|
54,313
|
|
(SOFR + 1.74%), 5.61%,
4/23/36(j)
|
|
403,000
|
415,071
|
|
(SOFR + 2.53%), 3.07%,
4/30/41(j)
|
|
21,000
|
15,837
|
|
(3M CME Term SOFR +
4.50%), 5.01%,
4/04/51(j)
|
|
48,000
|
43,497
|
|
(SOFR + 2.13%), 4.61%,
4/25/53(j)
|
|
41,000
|
34,990
|
|
|
|
|
3,888,921
|
|
Beverages – 0.1%
|
|||
|
Coca-Cola (The) Co.,
5.40%, 5/13/64
|
|
25,000
|
24,156
|
|
PepsiCo, Inc.,
|
|
|
|
|
4.65%, 7/23/32
|
|
84,000
|
83,932
|
|
5.00%, 7/23/35
|
|
104,000
|
104,212
|
|
|
|
|
212,300
|
|
Biotechnology & Pharmaceuticals – 1.3%
|
|||
|
AbbVie, Inc.,
|
|
|
|
|
3.20%, 11/21/29
|
|
79,000
|
75,312
|
|
4.88%, 3/15/30
|
|
64,000
|
65,292
|
|
5.05%, 3/15/34
|
|
70,000
|
70,884
|
|
4.05%, 11/21/39
|
|
66,000
|
57,574
|
|
4.63%, 10/01/42
|
|
17,000
|
15,265
|
|
5.35%, 3/15/44
|
|
41,000
|
40,050
|
|
5.60%, 3/15/55
|
|
72,000
|
71,491
|
|
5.50%, 3/15/64
|
|
65,000
|
62,572
|
|
Amgen, Inc.,
|
|
|
|
|
2.45%, 2/21/30
|
|
28,000
|
25,594
|
|
5.25%, 3/02/30
|
|
41,000
|
42,123
|
|
2.30%, 2/25/31
|
|
13,000
|
11,538
|
|
5.25%, 3/02/33
|
|
53,000
|
54,062
|
|
3.15%, 2/21/40
|
|
82,000
|
62,844
|
|
5.75%, 3/02/63
|
|
93,000
|
89,224
|
|
Bausch Health Cos., Inc.,
|
|
|
|
|
4.88%, 6/01/28(c)
|
|
465,000
|
411,525
|
|
11.00%, 9/30/28(c)
|
|
95,000
|
97,612
|
|
|
|||
|
Bristol-Myers Squibb Co.,
6.40%, 11/15/63
|
|
60,000
|
64,285
|
|
Eli Lilly & Co.,
|
|
|
|
|
4.75%, 2/12/30
|
|
74,000
|
75,391
|
|
5.55%, 3/15/37
|
|
46,000
|
48,660
|
|
5.00%, 2/09/54
|
|
46,000
|
42,463
|
|
5.05%, 8/14/54
|
|
56,000
|
52,184
|
|
5.50%, 2/12/55
|
|
13,000
|
12,939
|
|
5.20%, 8/14/64
|
|
73,000
|
68,167
|
|
|
|
Par(b)
|
Value
|
|
Biotechnology & Pharmaceuticals (Continued)
|
|||
|
Gilead Sciences, Inc.,
|
|
|
|
|
4.80%, 11/15/29
|
|
$85,000
|
$86,358
|
|
5.10%, 6/15/35
|
|
77,000
|
77,542
|
|
4.60%, 9/01/35
|
|
63,000
|
60,928
|
|
5.60%, 11/15/64
|
|
27,000
|
26,315
|
|
Johnson & Johnson,
|
|
|
|
|
4.85%, 3/01/32
|
|
49,000
|
50,131
|
|
5.00%, 3/01/35
|
|
53,000
|
54,055
|
|
3.63%, 3/03/37
|
|
46,000
|
40,744
|
|
5.85%, 7/15/38
|
|
34,000
|
36,749
|
|
2.10%, 9/01/40
|
|
33,000
|
22,604
|
|
Pfizer Investment
Enterprises Pte. Ltd.,
|
|
|
|
|
4.65%, 5/19/30
|
|
33,000
|
33,271
|
|
5.34%, 5/19/63
|
|
128,000
|
117,174
|
|
Royalty Pharma PLC,
|
|
|
|
|
1.75%, 9/02/27
|
|
89,000
|
84,208
|
|
5.15%, 9/02/29
|
|
44,000
|
44,809
|
|
|
|
|
2,351,939
|
|
Cable & Satellite – 2.7%
|
|||
|
CCO Holdings LLC/CCO
Holdings Capital Corp.,
|
|
|
|
|
5.00%, 2/01/28(c)
|
|
245,000
|
240,414
|
|
4.75%, 3/01/30(c)
|
|
895,000
|
850,423
|
|
Charter Communications
Operating LLC/Charter
Communications
Operating Capital,
|
|
|
|
|
6.55%, 6/01/34
|
|
92,000
|
97,008
|
|
4.80%, 3/01/50
|
|
98,000
|
75,988
|
|
3.90%, 6/01/52
|
|
113,000
|
74,916
|
|
4.40%, 12/01/61
|
|
24,000
|
16,304
|
|
Comcast Corp.,
|
|
|
|
|
5.30%, 5/15/35
|
|
52,000
|
52,630
|
|
3.20%, 7/15/36
|
|
55,000
|
45,853
|
|
3.25%, 11/01/39
|
|
58,000
|
45,159
|
|
5.65%, 6/01/54
|
|
54,000
|
51,853
|
|
6.05%, 5/15/55
|
|
46,000
|
46,572
|
|
5.50%, 5/15/64
|
|
52,000
|
47,906
|
|
CSC Holdings LLC,
|
|
|
|
|
7.50%, 4/01/28(c)
|
|
475,000
|
383,722
|
|
11.25%, 5/15/28(c)
|
|
710,000
|
713,696
|
|
5.75%, 1/15/30(c)
|
|
900,000
|
443,734
|
|
4.63%, 12/01/30(c)
|
|
200,000
|
93,541
|
|
3.38%, 2/15/31(c)
|
|
200,000
|
130,818
|
|
|
|||
|
Directv Financing LLC,
8.88%, 2/01/30(c)
|
|
375,000
|
365,134
|
|
Directv
Financing LLC/Directv
Financing Co-Obligor, Inc.,
10.00%, 2/15/31(c)
|
|
625,000
|
602,735
|
|
|
|
Par(b)
|
Value
|
|
Cable & Satellite (Continued)
|
|||
|
DISH DBS Corp.,
|
|
|
|
|
5.25%, 12/01/26(c)
|
|
$505,000
|
$475,320
|
|
5.75%, 12/01/28(c)
|
|
190,000
|
169,784
|
|
|
|||
|
DISH Network Corp.,
11.75%, 11/15/27(c)
|
|
55,000
|
57,279
|
|
Time Warner Cable LLC,
5.88%, 11/15/40
|
|
30,000
|
28,379
|
|
|
|
|
5,109,168
|
|
Chemicals – 0.7%
|
|||
|
Air Products and
Chemicals, Inc., 4.30%,
6/11/28
|
|
55,000
|
55,036
|
|
Ashland, Inc., 3.38%,
9/01/31(c)
|
|
525,000
|
462,265
|
|
Chemours (The) Co.,
|
|
|
|
|
5.75%, 11/15/28(c)
|
|
445,000
|
408,702
|
|
4.63%, 11/15/29(c)
|
|
175,000
|
148,218
|
|
|
|||
|
Dow Chemical (The) Co.,
4.38%, 11/15/42
|
|
59,000
|
46,884
|
|
EIDP, Inc., 5.13%, 5/15/32
|
|
30,000
|
30,513
|
|
Sherwin-Williams
(The) Co.,
|
|
|
|
|
4.80%, 9/01/31
|
|
37,000
|
37,242
|
|
5.15%, 8/15/35
|
|
64,000
|
63,843
|
|
|
|
|
1,252,703
|
|
Commercial Support Services – 0.6%
|
|||
|
Automatic Data
Processing, Inc., 4.75%,
5/08/32
|
|
40,000
|
40,386
|
|
Clean Harbors, Inc.,
|
|
|
|
|
4.88%, 7/15/27(c)
|
|
20,000
|
19,836
|
|
5.13%, 7/15/29(c)
|
|
45,000
|
44,257
|
|
6.38%, 2/01/31(c)
|
|
105,000
|
107,211
|
|
GFL Environmental, Inc.,
|
|
|
|
|
4.00%, 8/01/28(c)
|
|
85,000
|
82,382
|
|
4.38%, 8/15/29(c)
|
|
70,000
|
67,767
|
|
6.75%, 1/15/31(c)
|
|
60,000
|
62,180
|
|
|
|||
|
Paychex, Inc., 5.10%,
4/15/30
|
|
36,000
|
36,780
|
|
Republic Services, Inc.,
|
|
|
|
|
4.88%, 4/01/29
|
|
28,000
|
28,530
|
|
2.38%, 3/15/33
|
|
82,000
|
69,923
|
|
|
|||
|
Rollins, Inc., 5.25%,
2/24/35
|
|
70,000
|
69,936
|
|
TriNet Group, Inc.,
|
|
|
|
|
3.50%, 3/01/29(c)
|
|
285,000
|
265,080
|
|
7.13%, 8/15/31(c)
|
|
25,000
|
25,726
|
|
Waste Management, Inc.,
|
|
|
|
|
4.95%, 3/15/35
|
|
166,000
|
165,830
|
|
5.35%, 10/15/54
|
|
41,000
|
39,633
|
|
|
|
|
1,125,457
|
|
|
|
Par(b)
|
Value
|
|
Construction Materials – 0.5%
|
|||
|
AmeriTex HoldCo
Intermediate LLC, 7.63%,
8/15/33(c)(h)
|
|
$400,000
|
$406,788
|
|
Amrize Finance U.S. LLC,
4.95%, 4/07/30(c)
|
|
63,000
|
63,621
|
|
Quikrete Holdings, Inc.,
6.38%, 3/01/32(c)
|
|
440,000
|
451,262
|
|
Vulcan Materials Co.,
4.95%, 12/01/29
|
|
95,000
|
96,535
|
|
|
|
|
1,018,206
|
|
Consumer Cyclical – 0.1%
|
|||
|
Saks Global
Enterprises LLC, 11.00%,
12/15/29
|
|
277,140
|
102,542
|
|
Containers & Packaging – 0.2%
|
|||
|
Ardagh Metal Packaging
Finance USA LLC/Ardagh
Metal Packaging Finance
PLC, 3.25%, 9/01/28(c)
|
|
200,000
|
188,574
|
|
Mauser Packaging
Solutions Holding Co.,
7.88%, 4/15/27(c)
|
|
55,000
|
55,480
|
|
Packaging Corp. of
America, 5.70%,
12/01/33
|
|
44,000
|
45,777
|
|
Sonoco Products Co.,
5.00%, 9/01/34
|
|
60,000
|
58,336
|
|
|
|
|
348,167
|
|
Diversified Industrials – 0.1%
|
|||
|
Honeywell
International, Inc.,
|
|
|
|
|
4.75%, 2/01/32
|
|
88,000
|
88,529
|
|
5.00%, 3/01/35
|
|
40,000
|
39,985
|
|
|
|
|
128,514
|
|
E-Commerce Discretionary – 0.0%(a)
|
|||
|
Amazon.com, Inc., 2.10%,
5/12/31
|
|
54,000
|
47,806
|
|
Electric Utilities – 2.5%
|
|||
|
AEP Transmission Co. LLC,
5.38%, 6/15/35
|
|
63,000
|
64,029
|
|
AES (The) Corp.,
|
|
|
|
|
5.45%, 6/01/28
|
|
41,000
|
41,661
|
|
5.80%, 3/15/32
|
|
40,000
|
40,603
|
|
Alabama Power Co.,
|
|
|
|
|
5.85%, 11/15/33
|
|
36,000
|
38,170
|
|
5.10%, 4/02/35
|
|
83,000
|
83,425
|
|
3.75%, 3/01/45
|
|
33,000
|
25,529
|
|
4.30%, 7/15/48
|
|
30,000
|
24,806
|
|
3.45%, 10/01/49
|
|
26,000
|
18,497
|
|
Ameren Corp.,
|
|
|
|
|
1.75%, 3/15/28
|
|
48,000
|
44,843
|
|
|
|
Par(b)
|
Value
|
|
Electric Utilities (Continued)
|
|||
|
Ameren Corp.,
|
|
|
|
|
5.00%, 1/15/29
|
|
$41,000
|
$41,678
|
|
|
|||
|
American Electric
Power Co., Inc., 5.63%,
3/01/33
|
|
18,000
|
18,667
|
|
Arizona Public Service Co.,
5.70%, 8/15/34
|
|
41,000
|
42,336
|
|
Black Hills Corp., 6.00%,
1/15/35
|
|
35,000
|
36,387
|
|
CenterPoint Energy
Houston Electric LLC,
5.05%, 3/01/35
|
|
35,000
|
34,818
|
|
CenterPoint Energy, Inc.,
5.40%, 6/01/29
|
|
38,000
|
39,139
|
|
CMS Energy Corp., (5Y US
Treasury CMT + 4.12%),
4.75%, 6/01/50(j)
|
|
70,000
|
67,381
|
|
Commonwealth
Edison Co.,
|
|
|
|
|
5.90%, 3/15/36
|
|
43,000
|
45,820
|
|
5.95%, 6/01/55
|
|
30,000
|
31,091
|
|
Consolidated Edison Co. of
New York, Inc.,
|
|
|
|
|
4.63%, 12/01/54
|
|
30,000
|
25,239
|
|
4.00%, 11/15/57
|
|
24,000
|
17,722
|
|
|
|||
|
Consumers Energy Co.,
4.90%, 2/15/29
|
|
72,000
|
73,275
|
|
DTE Electric Co.,
|
|
|
|
|
5.25%, 5/15/35
|
|
42,000
|
42,652
|
|
5.85%, 5/15/55
|
|
49,000
|
51,190
|
|
DTE Energy Co.,
|
|
|
|
|
4.95%, 7/01/27
|
|
30,000
|
30,271
|
|
5.85%, 6/01/34
|
|
48,000
|
50,235
|
|
Duke Energy Carolinas LLC,
|
|
|
|
|
4.25%, 12/15/41
|
|
18,000
|
15,360
|
|
3.75%, 6/01/45
|
|
6,000
|
4,642
|
|
|
|||
|
Duke Energy Corp., 3.15%,
8/15/27
|
|
32,000
|
31,239
|
|
Duke Energy Florida LLC,
|
|
|
|
|
2.40%, 12/15/31
|
|
35,000
|
30,812
|
|
5.88%, 11/15/33
|
|
29,000
|
30,731
|
|
5.95%, 11/15/52
|
|
29,000
|
29,819
|
|
Duke Energy Ohio, Inc.,
|
|
|
|
|
5.25%, 4/01/33
|
|
22,000
|
22,439
|
|
3.70%, 6/15/46
|
|
44,000
|
32,847
|
|
4.30%, 2/01/49
|
|
35,000
|
28,336
|
|
5.65%, 4/01/53
|
|
15,000
|
14,809
|
|
Duke Energy Progress LLC,
|
|
|
|
|
4.10%, 5/15/42
|
|
32,000
|
26,584
|
|
4.10%, 3/15/43
|
|
22,000
|
18,109
|
|
Entergy Arkansas LLC,
|
|
|
|
|
2.65%, 6/15/51
|
|
14,000
|
8,220
|
|
5.75%, 6/01/54
|
|
42,000
|
41,829
|
|
|
|
Par(b)
|
Value
|
|
Electric Utilities (Continued)
|
|||
|
|
|||
|
Entergy Texas, Inc., 5.80%,
9/01/53
|
|
$20,000
|
$19,692
|
|
Evergy Kansas
Central, Inc., 5.25%,
3/15/35
|
|
59,000
|
59,373
|
|
Eversource Energy,
|
|
|
|
|
5.45%, 3/01/28
|
|
44,000
|
44,982
|
|
5.95%, 2/01/29
|
|
47,000
|
48,967
|
|
1.65%, 8/15/30
|
|
62,000
|
53,746
|
|
5.13%, 5/15/33
|
|
34,000
|
33,982
|
|
5.50%, 1/01/34
|
|
32,000
|
32,548
|
|
Exelon Corp.,
|
|
|
|
|
5.15%, 3/15/28
|
|
40,000
|
40,669
|
|
5.13%, 3/15/31
|
|
69,000
|
70,401
|
|
4.95%, 6/15/35
|
|
48,000
|
46,468
|
|
|
|||
|
FirstEnergy Corp., 3.90%,
7/15/27
|
|
70,000
|
69,131
|
|
FirstEnergy Pennsylvania
Electric Co., 5.20%,
4/01/28(c)
|
|
36,000
|
36,643
|
|
Florida Power & Light Co.,
|
|
|
|
|
5.40%, 9/01/35
|
|
24,000
|
24,512
|
|
5.65%, 2/01/37
|
|
20,000
|
20,789
|
|
Indiana Michigan
Power Co.,
|
|
|
|
|
3.85%, 5/15/28
|
|
22,000
|
21,702
|
|
6.05%, 3/15/37
|
|
12,000
|
12,839
|
|
|
|||
|
IPALCO Enterprises, Inc.,
4.25%, 5/01/30
|
|
52,000
|
49,835
|
|
Liberty Utilities Co.,
5.87%, 1/31/34(c)
|
|
85,000
|
86,172
|
|
MidAmerican Energy Co.,
|
|
|
|
|
4.80%, 9/15/43
|
|
15,000
|
13,534
|
|
4.40%, 10/15/44
|
|
23,000
|
19,570
|
|
Mississippi Power Co.,
|
|
|
|
|
4.75%, 10/15/41
|
|
9,000
|
7,768
|
|
4.25%, 3/15/42
|
|
26,000
|
22,249
|
|
|
|||
|
Monongahela Power Co.,
5.85%, 2/15/34(c)
|
|
56,000
|
58,221
|
|
National Rural Utilities
Cooperative
Finance Corp.,
|
|
|
|
|
4.12%, 9/16/27
|
|
30,000
|
29,901
|
|
3.40%, 2/07/28
|
|
22,000
|
21,492
|
|
4.95%, 2/07/30
|
|
29,000
|
29,558
|
|
1.65%, 6/15/31
|
|
37,000
|
31,379
|
|
2.75%, 4/15/32
|
|
24,000
|
21,405
|
|
4.02%, 11/01/32
|
|
41,000
|
38,961
|
|
4.15%, 12/15/32
|
|
39,000
|
37,426
|
|
5.80%, 1/15/33
|
|
7,000
|
7,416
|
|
5.00%, 8/15/34
|
|
69,000
|
69,011
|
|
4.40%, 11/01/48
|
|
71,000
|
59,430
|
|
|
|
Par(b)
|
Value
|
|
Electric Utilities (Continued)
|
|||
|
|
|||
|
New York State Electric &
Gas Corp., 5.30%,
8/15/34(c)
|
|
$37,000
|
$37,456
|
|
NextEra Energy Capital
Holdings, Inc.,
|
|
|
|
|
2.25%, 6/01/30
|
|
54,000
|
48,560
|
|
5.30%, 3/15/32
|
|
53,000
|
54,398
|
|
5.45%, 3/15/35
|
|
32,000
|
32,556
|
|
(5Y US Treasury CMT +
2.05%), 6.38%,
8/15/55(j)
|
|
60,000
|
61,558
|
|
Niagara Mohawk
Power Corp.,
|
|
|
|
|
1.96%, 6/27/30(c)
|
|
48,000
|
42,309
|
|
5.66%, 1/17/54(c)
|
|
34,000
|
32,583
|
|
NRG Energy, Inc.,
|
|
|
|
|
5.25%, 6/15/29(c)
|
|
10,000
|
9,889
|
|
6.00%, 2/01/33(c)
|
|
125,000
|
125,339
|
|
NSTAR Electric Co.,
|
|
|
|
|
5.40%, 6/01/34
|
|
30,000
|
30,727
|
|
5.20%, 3/01/35
|
|
71,000
|
71,609
|
|
5.50%, 3/15/40
|
|
61,000
|
60,993
|
|
Oncor Electric Delivery Co.
LLC,
|
|
|
|
|
5.35%, 4/01/35(c)
|
|
36,000
|
36,709
|
|
5.55%, 6/15/54
|
|
63,000
|
60,924
|
|
5.80%, 4/01/55(c)
|
|
72,000
|
72,302
|
|
Pacific Gas and
Electric Co.,
|
|
|
|
|
4.45%, 4/15/42
|
|
52,000
|
41,894
|
|
4.30%, 3/15/45
|
|
46,000
|
35,390
|
|
4.95%, 7/01/50
|
|
72,000
|
59,502
|
|
6.75%, 1/15/53
|
|
53,000
|
55,014
|
|
|
|||
|
PacifiCorp, 4.10%, 2/01/42
|
|
71,000
|
56,738
|
|
PECO Energy Co.,
|
|
|
|
|
4.90%, 6/15/33
|
|
26,000
|
26,274
|
|
5.25%, 9/15/54
|
|
50,000
|
47,216
|
|
|
|||
|
PPL Capital Funding, Inc.,
5.25%, 9/01/34
|
|
30,000
|
30,255
|
|
PSEG Power LLC,
|
|
|
|
|
5.20%, 5/15/30(c)
|
|
59,000
|
60,283
|
|
5.75%, 5/15/35(c)
|
|
67,000
|
69,003
|
|
|
|||
|
Public Service Co. of New
Hampshire, 3.60%,
7/01/49
|
|
37,000
|
27,113
|
|
Public Service Co. of
Oklahoma, 5.20%,
1/15/35
|
|
75,000
|
74,832
|
|
Public Service Electric and
Gas Co.,
|
|
|
|
|
5.20%, 3/01/34
|
|
44,000
|
44,802
|
|
4.85%, 8/01/34
|
|
23,000
|
22,901
|
|
5.50%, 3/01/40
|
|
44,000
|
44,573
|
|
|
|
Par(b)
|
Value
|
|
Electric Utilities (Continued)
|
|||
|
Public Service Electric and
Gas Co.,
|
|
|
|
|
3.80%, 3/01/46
|
|
$5,000
|
$3,873
|
|
5.50%, 3/01/55
|
|
32,000
|
31,526
|
|
|
|||
|
Public Service Enterprise
Group, Inc., 2.45%,
11/15/31
|
|
55,000
|
48,072
|
|
San Diego Gas &
Electric Co., 5.40%,
4/15/35
|
|
62,000
|
63,209
|
|
Southern California
Edison Co.,
|
|
|
|
|
4.05%, 3/15/42
|
|
60,000
|
46,677
|
|
4.00%, 4/01/47
|
|
33,000
|
24,012
|
|
|
|||
|
Southwestern Electric
Power Co., 5.30%,
4/01/33
|
|
34,000
|
34,278
|
|
Southwestern Public
Service Co.,
|
|
|
|
|
5.30%, 5/15/35
|
|
60,000
|
60,170
|
|
6.00%, 6/01/54
|
|
25,000
|
25,120
|
|
|
|||
|
Trans-Allegheny Interstate
Line Co., 5.00%,
1/15/31(c)
|
|
88,000
|
89,144
|
|
Tucson Electric Power Co.,
5.20%, 9/15/34
|
|
31,000
|
31,105
|
|
Virginia Electric and
Power Co., 5.70%,
8/15/53
|
|
15,000
|
14,843
|
|
Vistra Operations Co. LLC,
5.70%, 12/30/34(c)
|
|
107,000
|
108,929
|
|
Xcel Energy, Inc., 5.60%,
4/15/35
|
|
50,000
|
50,927
|
|
|
|
|
4,710,599
|
|
Electric, Gas Marketing & Trading – 0.0%(a)
|
|||
|
Jersey Central Power &
Light Co., 5.10%, 1/15/35
|
|
95,000
|
94,608
|
|
Electrical Equipment – 0.5%
|
|||
|
Amphenol Corp., 4.38%,
6/12/28
|
|
41,000
|
41,096
|
|
Johnson Controls
International PLC, 4.95%,
7/02/64
|
|
35,000
|
29,927
|
|
Molex Electronic
Technologies LLC, 5.25%,
4/30/32(c)
|
|
37,000
|
37,118
|
|
Sensata Technologies B.V.,
4.00%, 4/15/29(c)
|
|
260,000
|
247,112
|
|
Sensata Technologies, Inc.,
|
|
|
|
|
4.38%, 2/15/30(c)
|
|
20,000
|
19,138
|
|
3.75%, 2/15/31(c)
|
|
345,000
|
314,776
|
|
6.63%, 7/15/32(c)
|
|
230,000
|
235,013
|
|
|
|
|
924,180
|
|
|
|
Par(b)
|
Value
|
|
Engineering & Construction – 0.1%
|
|||
|
Arcosa, Inc.,
|
|
|
|
|
4.38%, 4/15/29(c)
|
|
$75,000
|
$72,348
|
|
6.88%, 8/15/32(c)
|
|
90,000
|
92,975
|
|
|
|||
|
Brundage-Bone Concrete
Pumping Holdings, Inc.,
7.50%, 2/01/32(c)
|
|
65,000
|
64,702
|
|
|
|
|
230,025
|
|
Entertainment Content – 1.0%
|
|||
|
Discovery
Communications LLC,
|
|
|
|
|
3.63%, 5/15/30
|
|
255,000
|
225,883
|
|
6.35%, 6/01/40
|
|
215,000
|
162,325
|
|
Netflix, Inc.,
|
|
|
|
|
5.88%, 11/15/28
|
|
94,000
|
98,574
|
|
4.88%, 6/15/30(c)
|
|
37,000
|
37,694
|
|
Paramount Global,
|
|
|
|
|
3.70%, 6/01/28
|
|
65,000
|
62,973
|
|
5.25%, 4/01/44
|
|
45,000
|
36,351
|
|
4.95%, 5/19/50
|
|
66,000
|
50,945
|
|
(5Y US Treasury CMT +
4.00%), 6.38%,
3/30/62(j)
|
|
485,000
|
477,724
|
|
|
|||
|
Time Warner Cable
Enterprises LLC, 8.38%,
7/15/33
|
|
16,000
|
18,444
|
|
Warnermedia
Holdings, Inc.,
|
|
|
|
|
4.28%, 3/15/32
|
|
616,000
|
517,280
|
|
5.05%, 3/15/42
|
|
285,000
|
190,508
|
|
5.14%, 3/15/52
|
|
13,000
|
8,029
|
|
|
|
|
1,886,730
|
|
Food – 0.8%
|
|||
|
HLF Financing S.a.r.l.
LLC/Herbalife
International, Inc., 4.88%,
6/01/29(c)
|
|
70,000
|
58,336
|
|
Lamb Weston
Holdings, Inc.,
|
|
|
|
|
4.88%, 5/15/28(c)
|
|
50,000
|
49,469
|
|
4.38%, 1/31/32(c)
|
|
355,000
|
331,698
|
|
Mars, Inc.,
|
|
|
|
|
4.80%, 3/01/30(c)
|
|
27,000
|
27,268
|
|
5.00%, 3/01/32(c)
|
|
74,000
|
74,681
|
|
5.20%, 3/01/35(c)
|
|
130,000
|
130,622
|
|
2.38%, 7/16/40(c)
|
|
31,000
|
21,506
|
|
5.65%, 5/01/45(c)
|
|
18,000
|
17,877
|
|
5.70%, 5/01/55(c)
|
|
81,000
|
79,926
|
|
5.80%, 5/01/65(c)
|
|
75,000
|
74,269
|
|
Post Holdings, Inc.,
|
|
|
|
|
5.50%, 12/15/29(c)
|
|
60,000
|
59,480
|
|
4.63%, 4/15/30(c)
|
|
70,000
|
66,864
|
|
4.50%, 9/15/31(c)
|
|
190,000
|
175,620
|
|
|
|
Par(b)
|
Value
|
|
Food (Continued)
|
|||
|
Post Holdings, Inc.,
|
|
|
|
|
6.25%, 2/15/32(c)
|
|
$320,000
|
$325,977
|
|
6.38%, 3/01/33(c)
|
|
20,000
|
19,985
|
|
|
|||
|
Tyson Foods, Inc., 5.40%,
3/15/29
|
|
22,000
|
22,581
|
|
|
|
|
1,536,159
|
|
Forestry, Paper & Wood Products – 0.0%(a)
|
|||
|
Georgia-Pacific LLC,
4.95%, 6/30/32(c)
|
|
33,000
|
33,226
|
|
Gas & Water Utilities – 0.2%
|
|||
|
American Water
Capital Corp.,
|
|
|
|
|
5.25%, 3/01/35
|
|
39,000
|
39,413
|
|
4.15%, 6/01/49
|
|
11,000
|
8,695
|
|
5.45%, 3/01/54
|
|
42,000
|
40,472
|
|
|
|||
|
Atmos Energy Corp.,
5.20%, 8/15/35
|
|
67,000
|
67,481
|
|
Essential Utilities, Inc.,
5.38%, 1/15/34
|
|
33,000
|
33,404
|
|
NiSource, Inc., 5.85%,
4/01/55
|
|
95,000
|
93,714
|
|
ONE Gas, Inc., 5.10%,
4/01/29
|
|
28,000
|
28,653
|
|
South Jersey
Industries, Inc., 5.02%,
4/15/31
|
|
62,000
|
50,320
|
|
Southern California
Gas Co.,
|
|
|
|
|
5.45%, 6/15/35
|
|
53,000
|
54,023
|
|
6.00%, 6/15/55
|
|
45,000
|
45,779
|
|
|
|
|
461,954
|
|
Health Care Facilities & Services – 2.0%
|
|||
|
Cardinal Health, Inc.,
|
|
|
|
|
5.13%, 2/15/29
|
|
78,000
|
79,569
|
|
5.00%, 11/15/29
|
|
43,000
|
43,693
|
|
5.75%, 11/15/54
|
|
33,000
|
32,284
|
|
|
|||
|
Cencora, Inc., 4.85%,
12/15/29
|
|
30,000
|
30,340
|
|
Centene Corp.,
|
|
|
|
|
3.00%, 10/15/30
|
|
145,000
|
126,289
|
|
2.50%, 3/01/31
|
|
39,000
|
32,741
|
|
Cigna Group (The),
|
|
|
|
|
4.80%, 8/15/38
|
|
92,000
|
85,377
|
|
5.60%, 2/15/54
|
|
40,000
|
37,769
|
|
CVS Health Corp.,
|
|
|
|
|
5.00%, 1/30/29
|
|
33,000
|
33,441
|
|
5.13%, 2/21/30
|
|
29,000
|
29,467
|
|
4.78%, 3/25/38
|
|
117,000
|
106,913
|
|
4.13%, 4/01/40
|
|
13,000
|
10,812
|
|
6.00%, 6/01/63
|
|
9,000
|
8,595
|
|
|
|
Par(b)
|
Value
|
|
Health Care Facilities & Services (Continued)
|
|||
|
DaVita, Inc.,
|
|
|
|
|
4.63%, 6/01/30(c)
|
|
$35,000
|
$33,376
|
|
3.75%, 2/15/31(c)
|
|
180,000
|
163,235
|
|
Elevance Health, Inc.,
|
|
|
|
|
2.88%, 9/15/29
|
|
45,000
|
42,167
|
|
5.85%, 11/01/64
|
|
28,000
|
26,812
|
|
|
|||
|
HAH Group Holding Co.
LLC, 9.75%, 10/01/31(c)
|
|
225,000
|
218,007
|
|
HCA, Inc.,
|
|
|
|
|
5.88%, 2/01/29
|
|
15,000
|
15,516
|
|
3.38%, 3/15/29
|
|
20,000
|
19,176
|
|
4.13%, 6/15/29
|
|
66,000
|
64,693
|
|
3.50%, 9/01/30
|
|
31,000
|
29,223
|
|
2.38%, 7/15/31
|
|
24,000
|
20,871
|
|
5.50%, 3/01/32
|
|
39,000
|
40,027
|
|
5.75%, 3/01/35
|
|
16,000
|
16,385
|
|
5.13%, 6/15/39
|
|
48,000
|
45,001
|
|
6.00%, 4/01/54
|
|
49,000
|
47,580
|
|
6.20%, 3/01/55
|
|
117,000
|
116,728
|
|
6.10%, 4/01/64
|
|
11,000
|
10,659
|
|
|
|||
|
Laboratory Corp. of
America Holdings,
4.35%, 4/01/30
|
|
80,000
|
79,171
|
|
LifePoint Health, Inc.,
5.38%, 1/15/29(c)
|
|
215,000
|
202,100
|
|
McKesson Corp.,
|
|
|
|
|
4.95%, 5/30/32
|
|
40,000
|
40,322
|
|
5.25%, 5/30/35
|
|
164,000
|
165,867
|
|
Molina Healthcare, Inc.,
|
|
|
|
|
4.38%, 6/15/28
|
|
185,000
|
177,059
|
|
3.88%, 11/15/30(c)
|
|
265,000
|
239,288
|
|
3.88%, 5/15/32(c)
|
|
290,000
|
253,166
|
|
6.25%, 1/15/33(c)
|
|
120,000
|
118,393
|
|
|
|||
|
Owens & Minor, Inc.,
6.63%, 4/01/30(c)
|
|
60,000
|
54,030
|
|
Quest Diagnostics, Inc.,
|
|
|
|
|
2.95%, 6/30/30
|
|
20,000
|
18,585
|
|
2.80%, 6/30/31
|
|
25,000
|
22,578
|
|
|
|||
|
Radiology Partners, Inc.,
8.50%, 7/15/32(c)
|
|
320,000
|
323,331
|
|
UnitedHealth Group, Inc.,
|
|
|
|
|
4.40%, 6/15/28
|
|
33,000
|
33,019
|
|
2.88%, 8/15/29
|
|
27,000
|
25,383
|
|
4.80%, 1/15/30
|
|
59,000
|
59,624
|
|
4.65%, 1/15/31
|
|
27,000
|
27,019
|
|
3.50%, 8/15/39
|
|
32,000
|
25,575
|
|
2.75%, 5/15/40
|
|
63,000
|
45,043
|
|
3.05%, 5/15/41
|
|
18,000
|
13,127
|
|
4.45%, 12/15/48
|
|
9,000
|
7,350
|
|
3.25%, 5/15/51
|
|
30,000
|
19,578
|
|
5.38%, 4/15/54
|
|
59,000
|
54,220
|
|
5.63%, 7/15/54
|
|
119,000
|
113,358
|
|
|
|
Par(b)
|
Value
|
|
Health Care Facilities & Services (Continued)
|
|||
|
UnitedHealth Group, Inc.,
|
|
|
|
|
5.20%, 4/15/63
|
|
$45,000
|
$39,227
|
|
5.50%, 4/15/64
|
|
43,000
|
39,414
|
|
|
|
|
3,762,573
|
|
Home & Office Products – 0.3%
|
|||
|
Newell Brands, Inc.,
8.50%, 6/01/28(c)
|
|
245,000
|
256,729
|
|
Whirlpool Corp.,
|
|
|
|
|
6.13%, 6/15/30
|
|
160,000
|
159,619
|
|
6.50%, 6/15/33
|
|
170,000
|
167,514
|
|
|
|
|
583,862
|
|
Home Construction – 0.2%
|
|||
|
Taylor Morrison
Communities, Inc.,
|
|
|
|
|
5.75%, 1/15/28(c)
|
|
50,000
|
50,415
|
|
5.13%, 8/01/30(c)
|
|
260,000
|
256,666
|
|
|
|
|
307,081
|
|
Household Products – 0.0%(a)
|
|||
|
Kenvue, Inc., 5.05%,
3/22/53
|
|
20,000
|
18,345
|
|
Industrial Support Services – 0.7%
|
|||
|
Herc Holdings, Inc.,
|
|
|
|
|
7.00%, 6/15/30(c)
|
|
90,000
|
93,018
|
|
7.25%, 6/15/33(c)
|
|
115,000
|
119,084
|
|
Resideo Funding, Inc.,
|
|
|
|
|
4.00%, 9/01/29(c)
|
|
495,000
|
462,955
|
|
6.50%, 7/15/32(c)
|
|
185,000
|
187,672
|
|
United Rentals North
America, Inc.,
|
|
|
|
|
4.00%, 7/15/30
|
|
30,000
|
28,382
|
|
3.88%, 2/15/31
|
|
365,000
|
340,567
|
|
6.13%, 3/15/34(c)
|
|
10,000
|
10,253
|
|
|
|
|
1,241,931
|
|
Institutional Financial Services – 1.4%
|
|||
|
Bank of New York Mellon
(The) Corp., (SOFR +
1.35%), 5.32%, 6/06/36(j)
|
|
445,000
|
453,505
|
|
Goldman Sachs Capital I,
6.35%, 2/15/34
|
|
50,000
|
52,310
|
|
Goldman Sachs Group
(The), Inc.,
|
|
|
|
|
(SOFR + 1.73%), 4.48%,
8/23/28(j)
|
|
144,000
|
143,991
|
|
(SOFR + 1.77%), 6.48%,
10/24/29(j)
|
|
20,000
|
21,144
|
|
(SOFR + 1.27%), 5.73%,
4/25/30(j)
|
|
40,000
|
41,532
|
|
(SOFR + 1.55%), 5.33%,
7/23/35(j)
|
|
49,000
|
49,501
|
|
|
|
Par(b)
|
Value
|
|
Institutional Financial Services (Continued)
|
|||
|
Goldman Sachs Group
(The), Inc.,
|
|
|
|
|
(SOFR + 1.42%), 5.02%,
10/23/35(j)
|
|
$71,000
|
$70,029
|
|
6.25%, 2/01/41
|
|
8,000
|
8,555
|
|
(SOFR + 1.70%), 5.73%,
1/28/56(j)
|
|
131,000
|
131,551
|
|
Intercontinental
Exchange, Inc.,
|
|
|
|
|
3.63%, 9/01/28
|
|
81,000
|
79,271
|
|
2.10%, 6/15/30
|
|
95,000
|
85,230
|
|
Jane Street Group/JSG
Finance, Inc.,
|
|
|
|
|
7.13%, 4/30/31(c)
|
|
25,000
|
25,821
|
|
6.75%, 5/01/33(c)
|
|
165,000
|
168,858
|
|
|
|||
|
Lazard Group LLC, 5.63%,
8/01/35
|
|
80,000
|
79,916
|
|
LPL Holdings, Inc.,
|
|
|
|
|
4.63%, 11/15/27(c)
|
|
43,000
|
42,743
|
|
5.65%, 3/15/35
|
|
80,000
|
80,269
|
|
Morgan Stanley,
|
|
|
|
|
3.59%, 7/22/28(k)
|
|
22,000
|
21,622
|
|
(SOFR + 2.24%), 6.30%,
10/18/28(j)
|
|
58,000
|
60,207
|
|
(SOFR + 1.59%), 5.16%,
4/20/29(j)
|
|
65,000
|
66,048
|
|
(SOFR + 1.10%), 4.65%,
10/18/30(j)
|
|
125,000
|
125,250
|
|
(SOFR + 1.20%), 2.51%,
10/20/32(j)
|
|
18,000
|
15,757
|
|
(SOFR + 1.87%), 5.25%,
4/21/34(j)
|
|
102,000
|
103,649
|
|
(SOFR + 2.05%), 6.63%,
11/01/34(j)
|
|
57,000
|
62,862
|
|
(SOFR + 1.76%), 5.66%,
4/17/36(j)
|
|
399,000
|
411,522
|
|
State Street Corp.,
|
|
|
|
|
4.83%, 4/24/30
|
|
77,000
|
78,223
|
|
(SOFR + 1.05%), 4.68%,
10/22/32(j)
|
|
82,000
|
81,747
|
|
(SOFR + 1.49%), 3.03%,
11/01/34(j)
|
|
126,000
|
116,236
|
|
|
|
|
2,677,349
|
|
Insurance – 2.6%
|
|||
|
Alleghany Corp.,
|
|
|
|
|
4.90%, 9/15/44
|
|
44,000
|
39,780
|
|
3.25%, 8/15/51
|
|
115,000
|
77,239
|
|
Alliant Holdings
Intermediate LLC/Alliant
Holdings Co-Issuer,
|
|
|
|
|
7.00%, 1/15/31(c)
|
|
255,000
|
262,209
|
|
6.50%, 10/01/31(c)
|
|
615,000
|
623,932
|
|
|
|
Par(b)
|
Value
|
|
Insurance (Continued)
|
|||
|
American International
Group, Inc.,
|
|
|
|
|
3.40%, 6/30/30
|
|
$54,000
|
$51,221
|
|
5.45%, 5/07/35
|
|
188,000
|
192,077
|
|
|
|||
|
AmWINS Group, Inc.,
6.38%, 2/15/29(c)
|
|
260,000
|
264,765
|
|
Amynta Agency
Borrower, Inc./Amynta
Warranty Borrower, Inc.,
7.50%, 7/15/33(c)
|
|
265,000
|
265,777
|
|
APH Somerset Investor 2
LLC/APH2 Somerset
Investor 2 LLC/APH3
Somerset Investor 2 LLC,
7.88%, 11/01/29(c)
|
|
480,000
|
494,525
|
|
Athene Global Funding,
5.32%, 11/13/31(c)
|
|
48,000
|
48,284
|
|
Baldwin Insurance Group
Holdings LLC/Baldwin
Insurance Group Holdings
Finance, 7.13%,
5/15/31(c)
|
|
595,000
|
614,317
|
|
Beacon Funding Trust,
6.27%, 8/15/54(c)
|
|
100,000
|
98,945
|
|
Brown & Brown, Inc.,
4.90%, 6/23/30
|
|
39,000
|
39,157
|
|
Corebridge Financial, Inc.,
|
|
|
|
|
3.90%, 4/05/32
|
|
109,000
|
102,442
|
|
6.05%, 9/15/33
|
|
214,000
|
225,072
|
|
5.75%, 1/15/34
|
|
34,000
|
35,288
|
|
|
|||
|
Corebridge Global Funding,
4.85%, 6/06/30(c)
|
|
53,000
|
53,245
|
|
Equitable Holdings, Inc.,
4.57%, 2/15/29(c)
|
|
108,000
|
107,419
|
|
Hartford Insurance Group
(The), Inc.,
|
|
|
|
|
2.80%, 8/19/29
|
|
3,000
|
2,814
|
|
5.95%, 10/15/36
|
|
118,000
|
124,465
|
|
6.10%, 10/01/41
|
|
14,000
|
14,505
|
|
(3M CME Term SOFR +
2.39%), 6.71%,
2/12/47(c)(k)
|
|
87,000
|
80,903
|
|
4.40%, 3/15/48
|
|
22,000
|
18,301
|
|
2.90%, 9/15/51
|
|
48,000
|
30,141
|
|
|
|||
|
Liberty Mutual Group, Inc.,
4.30%, 2/01/61(c)
|
|
245,000
|
150,397
|
|
Marsh & McLennan Cos.,
Inc., 5.00%, 3/15/35
|
|
198,000
|
197,535
|
|
Panther Escrow Issuer LLC,
7.13%, 6/01/31(c)
|
|
205,000
|
211,990
|
|
Ryan Specialty LLC, 5.88%,
8/01/32(c)
|
|
330,000
|
330,912
|
|
|
|
Par(b)
|
Value
|
|
Insurance (Continued)
|
|||
|
|
|||
|
Symetra Life
Insurance Co., 6.55%,
10/01/55(c)
|
|
$86,000
|
$87,794
|
|
Travelers (The) Cos., Inc.,
5.70%, 7/24/55
|
|
44,000
|
44,300
|
|
|
|
|
4,889,751
|
|
Internet Media & Services – 0.3%
|
|||
|
Alphabet, Inc.,
|
|
|
|
|
5.25%, 5/15/55
|
|
63,000
|
61,816
|
|
5.30%, 5/15/65
|
|
35,000
|
33,985
|
|
Meta Platforms, Inc.,
|
|
|
|
|
5.40%, 8/15/54
|
|
49,000
|
47,350
|
|
5.55%, 8/15/64
|
|
56,000
|
54,330
|
|
|
|||
|
Uber Technologies, Inc.,
4.30%, 1/15/30
|
|
55,000
|
54,523
|
|
Ziff Davis, Inc., 4.63%,
10/15/30(c)
|
|
298,000
|
277,253
|
|
|
|
|
529,257
|
|
IT Services – 0.1%
|
|||
|
Accenture Capital, Inc.,
|
|
|
|
|
4.05%, 10/04/29
|
|
50,000
|
49,451
|
|
4.25%, 10/04/31
|
|
42,000
|
41,360
|
|
4.50%, 10/04/34
|
|
118,000
|
114,190
|
|
|
|
|
205,001
|
|
Leisure Facilities & Services – 1.9%
|
|||
|
Genting New
York LLC/GENNY
Capital, Inc., 7.25%,
10/01/29(c)
|
|
300,000
|
308,871
|
|
Hilton Domestic
Operating Co., Inc.,
|
|
|
|
|
4.00%, 5/01/31(c)
|
|
25,000
|
23,327
|
|
3.63%, 2/15/32(c)
|
|
390,000
|
351,634
|
|
5.75%, 9/15/33(c)
|
|
20,000
|
20,019
|
|
|
|||
|
Hilton Grand Vacations
Borrower LLC/Hilton
Grand Vacations
Borrower, Inc., 6.63%,
1/15/32(c)
|
|
690,000
|
697,745
|
|
Light & Wonder
International, Inc., 7.50%,
9/01/31(c)
|
|
185,000
|
192,823
|
|
Marriott Ownership
Resorts, Inc., 4.50%,
6/15/29(c)
|
|
535,000
|
511,830
|
|
McDonald's Corp., 4.20%,
4/01/50
|
|
18,000
|
14,287
|
|
NCL Corp. Ltd., 6.75%,
2/01/32(c)
|
|
315,000
|
323,543
|
|
Royal Caribbean
Cruises Ltd.,
|
|
|
|
|
5.63%, 9/30/31(c)
|
|
13,000
|
13,093
|
|
|
|
Par(b)
|
Value
|
|
Leisure Facilities & Services (Continued)
|
|||
|
Royal Caribbean
Cruises Ltd.,
|
|
|
|
|
6.25%, 3/15/32
|
|
$21,000
|
$21,554
|
|
6.00%, 2/01/33(c)
|
|
36,000
|
36,594
|
|
Sabre GLBL, Inc.,
|
|
|
|
|
8.63%, 6/01/27(c)
|
|
152,000
|
154,417
|
|
10.75%, 11/15/29(c)
|
|
144,000
|
148,316
|
|
|
|||
|
Starbucks Corp., 4.80%,
5/15/30
|
|
40,000
|
40,416
|
|
Travel + Leisure Co.,
|
|
|
|
|
6.00%, 4/01/27
|
|
10,000
|
10,076
|
|
4.50%, 12/01/29(c)
|
|
85,000
|
81,616
|
|
4.63%, 3/01/30(c)
|
|
155,000
|
148,544
|
|
Yum! Brands, Inc.,
|
|
|
|
|
3.63%, 3/15/31
|
|
300,000
|
276,516
|
|
4.63%, 1/31/32
|
|
95,000
|
90,943
|
|
|
|
|
3,466,164
|
|
Machinery – 0.4%
|
|||
|
Caterpillar, Inc.,
|
|
|
|
|
5.20%, 5/15/35
|
|
67,000
|
68,303
|
|
5.50%, 5/15/55
|
|
24,000
|
23,697
|
|
|
|||
|
Esab Corp., 6.25%,
4/15/29(c)
|
|
185,000
|
189,025
|
|
GrafTech Finance, Inc.,
4.63%, 12/23/29(c)
|
|
130,000
|
92,342
|
|
GrafTech Global
Enterprises, Inc., 9.88%,
12/23/29(c)
|
|
10,000
|
8,800
|
|
Ingersoll Rand, Inc.,
|
|
|
|
|
5.40%, 8/14/28
|
|
45,000
|
46,152
|
|
5.70%, 8/14/33
|
|
56,000
|
58,506
|
|
John Deere Capital Corp.,
|
|
|
|
|
4.55%, 6/05/30
|
|
79,000
|
79,408
|
|
4.90%, 3/07/31
|
|
73,000
|
74,301
|
|
4.40%, 9/08/31
|
|
71,000
|
70,597
|
|
5.10%, 4/11/34
|
|
61,000
|
62,019
|
|
|
|
|
773,150
|
|
Medical Equipment & Devices – 0.5%
|
|||
|
Avantor Funding, Inc.,
3.88%, 11/01/29(c)
|
|
175,000
|
165,043
|
|
Becton Dickinson & Co.,
4.69%, 2/13/28
|
|
67,000
|
67,527
|
|
GE HealthCare
Technologies, Inc.,
|
|
|
|
|
4.80%, 1/15/31
|
|
107,000
|
107,552
|
|
5.50%, 6/15/35
|
|
24,000
|
24,498
|
|
|
|||
|
Hologic, Inc., 3.25%,
2/15/29(c)
|
|
195,000
|
184,657
|
|
Solventum Corp.,
|
|
|
|
|
5.40%, 3/01/29
|
|
76,000
|
78,192
|
|
5.60%, 3/23/34
|
|
40,000
|
41,027
|
|
|
|
Par(b)
|
Value
|
|
Medical Equipment & Devices (Continued)
|
|||
|
Solventum Corp.,
|
|
|
|
|
5.90%, 4/30/54
|
|
$58,000
|
$57,509
|
|
|
|||
|
Thermo Fisher
Scientific, Inc., 5.40%,
8/10/43
|
|
42,000
|
41,560
|
|
Zimmer Biomet
Holdings, Inc.,
|
|
|
|
|
5.35%, 12/01/28
|
|
49,000
|
50,360
|
|
5.05%, 2/19/30
|
|
41,000
|
41,809
|
|
|
|
|
859,734
|
|
Metals & Mining – 0.1%
|
|||
|
Alumina Pty. Ltd., 6.38%,
9/15/32(c)
|
|
280,000
|
283,915
|
|
Oil & Gas Supply Chain – 5.3%
|
|||
|
BP Capital Markets
America, Inc., 3.00%,
2/24/50
|
|
34,000
|
21,657
|
|
BP Capital Markets PLC,
(5Y US Treasury CMT +
1.92%), 6.13%,
3/18/35(i)(j)
|
|
47,000
|
47,137
|
|
Cameron LNG LLC, 2.90%,
7/15/31(c)
|
|
57,000
|
51,566
|
|
Cheniere Energy Partners
L.P.,
|
|
|
|
|
4.50%, 10/01/29
|
|
59,000
|
58,360
|
|
5.55%, 10/30/35(c)
|
|
37,000
|
37,187
|
|
|
|||
|
Chord Energy Corp.,
6.75%, 3/15/33(c)
|
|
620,000
|
632,414
|
|
Civitas Resources, Inc.,
|
|
|
|
|
8.38%, 7/01/28(c)
|
|
145,000
|
149,107
|
|
8.63%, 11/01/30(c)
|
|
315,000
|
321,374
|
|
8.75%, 7/01/31(c)
|
|
450,000
|
455,552
|
|
|
|||
|
Columbia Pipelines
Holding Co. LLC, 6.04%,
8/15/28(c)
|
|
33,000
|
34,298
|
|
Coterra Energy, Inc.,
5.90%, 2/15/55
|
|
74,000
|
68,879
|
|
CQP Holdco L.P./BIP-V
Chinook Holdco LLC,
5.50%, 6/15/31(c)
|
|
250,000
|
244,229
|
|
Crescent Energy
Finance LLC, 7.63%,
4/01/32(c)
|
|
190,000
|
185,669
|
|
CVR Energy, Inc.,
|
|
|
|
|
5.75%, 2/15/28(c)
|
|
40,000
|
38,355
|
|
8.50%, 1/15/29(c)
|
|
275,000
|
270,184
|
|
|
|||
|
Diamondback Energy, Inc.,
5.90%, 4/18/64
|
|
51,000
|
47,100
|
|
Eastern Gas Transmission
& Storage, Inc., 3.00%,
11/15/29
|
|
111,000
|
104,650
|
|
|
|
Par(b)
|
Value
|
|
Oil & Gas Supply Chain (Continued)
|
|||
|
Energy Transfer L.P.,
|
|
|
|
|
5.70%, 4/01/35
|
|
$40,000
|
$40,560
|
|
5.95%, 10/01/43
|
|
48,000
|
46,307
|
|
6.00%, 6/15/48
|
|
71,000
|
67,979
|
|
(5Y US Treasury CMT +
4.02%), 8.00%,
5/15/54(j)
|
|
330,000
|
351,544
|
|
6.05%, 9/01/54
|
|
81,000
|
77,722
|
|
Enterprise Products
Operating LLC,
|
|
|
|
|
4.30%, 6/20/28
|
|
40,000
|
39,957
|
|
4.60%, 1/15/31
|
|
62,000
|
61,949
|
|
4.85%, 1/31/34
|
|
22,000
|
21,801
|
|
4.95%, 2/15/35
|
|
41,000
|
40,638
|
|
5.20%, 1/15/36
|
|
53,000
|
53,090
|
|
5.55%, 2/16/55
|
|
32,000
|
30,627
|
|
3.95%, 1/31/60
|
|
67,000
|
48,392
|
|
(3M CME Term SOFR +
3.29%), 5.25%,
8/16/77(j)
|
|
500,000
|
494,443
|
|
|
|||
|
EOG Resources, Inc.,
5.35%, 1/15/36
|
|
276,000
|
278,058
|
|
Exxon Mobil Corp., 4.23%,
3/19/40
|
|
87,000
|
77,314
|
|
Hess Midstream
Operations L.P.,
|
|
|
|
|
5.13%, 6/15/28(c)
|
|
370,000
|
368,094
|
|
6.50%, 6/01/29(c)
|
|
180,000
|
185,418
|
|
|
|||
|
Kinder Morgan, Inc.,
5.30%, 12/01/34
|
|
100,000
|
99,820
|
|
Kinetik Holdings L.P.,
5.88%, 6/15/30(c)
|
|
130,000
|
130,105
|
|
Marathon Petroleum Corp.,
|
|
|
|
|
5.70%, 3/01/35
|
|
74,000
|
75,080
|
|
6.50%, 3/01/41
|
|
5,000
|
5,215
|
|
5.00%, 9/15/54
|
|
35,000
|
28,502
|
|
Matador Resources Co.,
|
|
|
|
|
6.50%, 4/15/32(c)
|
|
155,000
|
155,457
|
|
6.25%, 4/15/33(c)
|
|
300,000
|
297,206
|
|
MPLX L.P.,
|
|
|
|
|
2.65%, 8/15/30
|
|
56,000
|
50,749
|
|
5.50%, 6/01/34
|
|
31,000
|
31,032
|
|
|
|||
|
Murphy Oil USA, Inc.,
3.75%, 2/15/31(c)
|
|
125,000
|
114,806
|
|
Northern Oil & Gas, Inc.,
|
|
|
|
|
8.13%, 3/01/28(c)
|
|
130,000
|
131,266
|
|
8.75%, 6/15/31(c)
|
|
365,000
|
374,995
|
|
|
|||
|
ONEOK, Inc., 5.70%,
11/01/54
|
|
107,000
|
98,263
|
|
Sabine Pass
Liquefaction LLC, 4.20%,
3/15/28
|
|
62,000
|
61,501
|
|
|
|
Par(b)
|
Value
|
|
Oil & Gas Supply Chain (Continued)
|
|||
|
|
|||
|
Shell International Finance
B.V., 2.88%, 11/26/41
|
|
$29,000
|
$20,724
|
|
SM Energy Co., 6.75%,
8/01/29(c)
|
|
260,000
|
260,205
|
|
Targa Resources Corp.,
|
|
|
|
|
4.90%, 9/15/30
|
|
42,000
|
42,226
|
|
5.50%, 2/15/35
|
|
32,000
|
31,981
|
|
6.25%, 7/01/52
|
|
106,000
|
104,463
|
|
6.13%, 5/15/55
|
|
39,000
|
38,102
|
|
|
|||
|
Targa Resources Partners
L.P./Targa Resources
Partners Finance Corp.,
4.88%, 2/01/31
|
|
33,000
|
32,620
|
|
Transcontinental Gas Pipe
Line Co. LLC, 3.25%,
5/15/30
|
|
54,000
|
50,780
|
|
Valero Energy Corp.,
5.15%, 2/15/30
|
|
99,000
|
100,753
|
|
Venture Global Calcasieu
Pass LLC,
|
|
|
|
|
3.88%, 8/15/29(c)
|
|
240,000
|
226,543
|
|
4.13%, 8/15/31(c)
|
|
65,000
|
60,040
|
|
3.88%, 11/01/33(c)
|
|
45,000
|
39,264
|
|
|
|||
|
Venture Global LNG, Inc.,
(5Y US Treasury CMT +
5.44%), 9.00%,
9/30/29(c)(i)(j)
|
|
605,000
|
605,154
|
|
Venture Global
Plaquemines LNG LLC,
|
|
|
|
|
7.50%, 5/01/33(c)
|
|
230,000
|
248,387
|
|
6.50%, 1/15/34(c)
|
|
450,000
|
462,938
|
|
7.75%, 5/01/35(c)
|
|
135,000
|
148,023
|
|
6.75%, 1/15/36(c)
|
|
315,000
|
324,042
|
|
Viper Energy Partners LLC,
|
|
|
|
|
4.90%, 8/01/30
|
|
92,000
|
91,612
|
|
5.70%, 8/01/35
|
|
71,000
|
70,567
|
|
Williams (The) Cos., Inc.,
|
|
|
|
|
4.90%, 3/15/29
|
|
35,000
|
35,390
|
|
4.63%, 6/30/30
|
|
64,000
|
63,747
|
|
5.30%, 9/30/35
|
|
64,000
|
63,725
|
|
5.10%, 9/15/45
|
|
45,000
|
40,561
|
|
|
|
|
9,867,455
|
|
Oil, Gas Services & Equipment – 0.3%
|
|||
|
Oceaneering
International, Inc., 6.00%,
2/01/28
|
|
190,000
|
191,103
|
|
Transocean Aquila Ltd.,
8.00%, 9/30/28(c)
|
|
93,769
|
94,955
|
|
Transocean Poseidon Ltd.,
6.88%, 2/01/27(c)
|
|
114,750
|
114,668
|
|
|
|
Par(b)
|
Value
|
|
Oil, Gas Services & Equipment (Continued)
|
|||
|
Transocean Titan
Financing Ltd., 8.38%,
2/01/28(c)
|
|
$56,667
|
$58,075
|
|
Transocean, Inc., 8.00%,
2/01/27(c)
|
|
25,000
|
24,814
|
|
|
|
|
483,615
|
|
Publishing & Broadcasting – 0.1%
|
|||
|
EW Scripps (The) Co.,
9.88%, 8/15/30(c)(h)
|
|
100,000
|
99,375
|
|
iHeartCommunications, Inc.,
|
|
|
|
|
7.75%, 8/15/30(c)
|
|
155,750
|
121,266
|
|
7.00%, 1/15/31(c)
|
|
48,000
|
36,220
|
|
|
|
|
256,861
|
|
Real Estate Investment Trusts – 1.5%
|
|||
|
American Homes 4 Rent
L.P.,
|
|
|
|
|
4.25%, 2/15/28
|
|
19,000
|
18,845
|
|
4.95%, 6/15/30
|
|
53,000
|
53,346
|
|
3.63%, 4/15/32
|
|
15,000
|
13,837
|
|
5.50%, 2/01/34
|
|
127,000
|
129,108
|
|
5.50%, 7/15/34
|
|
20,000
|
20,268
|
|
5.25%, 3/15/35
|
|
20,000
|
19,855
|
|
3.38%, 7/15/51
|
|
57,000
|
37,421
|
|
American Tower Corp.,
|
|
|
|
|
3.60%, 1/15/28
|
|
48,000
|
47,056
|
|
1.50%, 1/31/28
|
|
86,000
|
80,009
|
|
5.50%, 3/15/28
|
|
13,000
|
13,319
|
|
5.25%, 7/15/28
|
|
16,000
|
16,361
|
|
5.00%, 1/31/30
|
|
30,000
|
30,461
|
|
2.70%, 4/15/31
|
|
57,000
|
51,004
|
|
|
|||
|
Camden Property Trust,
2.80%, 5/15/30
|
|
68,000
|
63,135
|
|
Cousins Properties L.P.,
5.38%, 2/15/32
|
|
79,000
|
79,750
|
|
Crown Castle, Inc., 5.60%,
6/01/29
|
|
26,000
|
26,809
|
|
CubeSmart L.P., 2.50%,
2/15/32
|
|
54,000
|
46,687
|
|
Extra Space Storage L.P.,
|
|
|
|
|
3.90%, 4/01/29
|
|
34,000
|
33,258
|
|
4.00%, 6/15/29
|
|
20,000
|
19,615
|
|
|
|||
|
First Industrial L.P., 5.25%,
1/15/31
|
|
110,000
|
110,756
|
|
Invitation Homes
Operating Partnership
L.P.,
|
|
|
|
|
2.30%, 11/15/28
|
|
161,000
|
150,494
|
|
2.00%, 8/15/31
|
|
69,000
|
58,571
|
|
5.50%, 8/15/33
|
|
41,000
|
41,663
|
|
Iron Mountain, Inc.,
|
|
|
|
|
5.25%, 3/15/28(c)
|
|
60,000
|
59,695
|
|
4.88%, 9/15/29(c)
|
|
190,000
|
185,776
|
|
|
|
Par(b)
|
Value
|
|
Real Estate Investment Trusts (Continued)
|
|||
|
Iron Mountain, Inc.,
|
|
|
|
|
5.25%, 7/15/30(c)
|
|
$90,000
|
$88,446
|
|
4.50%, 2/15/31(c)
|
|
345,000
|
326,270
|
|
6.25%, 1/15/33(c)
|
|
180,000
|
183,074
|
|
MPT Operating Partnership
L.P./MPT Finance Corp.,
|
|
|
|
|
3.50%, 3/15/31
|
|
145,000
|
98,664
|
|
8.50%, 2/15/32(c)
|
|
170,000
|
176,699
|
|
|
|||
|
National Health
Investors, Inc., 3.00%,
2/01/31
|
|
52,000
|
46,009
|
|
NNN REIT, Inc., 4.60%,
2/15/31
|
|
58,000
|
57,410
|
|
Omega Healthcare
Investors, Inc., 5.20%,
7/01/30
|
|
51,000
|
51,162
|
|
Phillips Edison Grocery
Center Operating
Partnership I L.P., 5.25%,
8/15/32
|
|
85,000
|
85,493
|
|
Prologis Targeted
U.S. Logistics Fund L.P.,
5.25%, 4/01/29(c)
|
|
44,000
|
45,071
|
|
Regency Centers L.P.,
5.00%, 7/15/32
|
|
38,000
|
38,388
|
|
Rexford Industrial Realty
L.P.,
|
|
|
|
|
2.13%, 12/01/30
|
|
71,000
|
61,661
|
|
2.15%, 9/01/31
|
|
108,000
|
92,478
|
|
|
|||
|
Welltower OP LLC, 5.13%,
7/01/35
|
|
64,000
|
63,779
|
|
|
|
|
2,821,703
|
|
Retail - Consumer Staples – 0.4%
|
|||
|
Albertsons Cos.,
Inc./Safeway, Inc./New
Albertsons
L.P./Albertsons LLC,
|
|
|
|
|
4.88%, 2/15/30(c)
|
|
25,000
|
24,368
|
|
6.25%, 3/15/33(c)
|
|
205,000
|
208,951
|
|
|
|||
|
Dollar General Corp.,
5.20%, 7/05/28
|
|
35,000
|
35,611
|
|
Kroger (The) Co.,
|
|
|
|
|
5.00%, 9/15/34
|
|
18,000
|
17,806
|
|
5.50%, 9/15/54
|
|
62,000
|
58,505
|
|
5.65%, 9/15/64
|
|
72,000
|
67,905
|
|
|
|||
|
Target Corp., 5.00%,
4/15/35
|
|
39,000
|
38,947
|
|
Walmart, Inc.,
|
|
|
|
|
4.90%, 4/28/35
|
|
236,000
|
237,550
|
|
2.50%, 9/22/41
|
|
30,000
|
21,065
|
|
|
|
|
710,708
|
|
|
|
Par(b)
|
Value
|
|
Retail - Discretionary – 0.8%
|
|||
|
Builders FirstSource, Inc.,
6.75%, 5/15/35(c)
|
|
$550,000
|
$563,915
|
|
Evergreen Acqco 1
L.P./TVI, Inc., 9.75%,
4/26/28(c)
|
|
30,000
|
31,233
|
|
Home Depot (The), Inc.,
|
|
|
|
|
2.70%, 4/15/30
|
|
62,000
|
57,683
|
|
3.30%, 4/15/40
|
|
65,000
|
51,456
|
|
3.63%, 4/15/52
|
|
21,000
|
15,231
|
|
4.95%, 9/15/52
|
|
20,000
|
18,117
|
|
5.30%, 6/25/54
|
|
49,000
|
46,680
|
|
Lowe's Cos., Inc.,
|
|
|
|
|
3.75%, 4/01/32
|
|
16,000
|
15,027
|
|
5.00%, 4/15/33
|
|
16,000
|
16,118
|
|
2.80%, 9/15/41
|
|
30,000
|
20,821
|
|
4.65%, 4/15/42
|
|
25,000
|
22,083
|
|
4.25%, 4/01/52
|
|
26,000
|
20,168
|
|
4.45%, 4/01/62
|
|
86,000
|
65,961
|
|
5.80%, 9/15/62
|
|
30,000
|
28,898
|
|
5.85%, 4/01/63
|
|
24,000
|
23,181
|
|
O'Reilly Automotive, Inc.,
|
|
|
|
|
4.70%, 6/15/32
|
|
22,000
|
21,849
|
|
5.00%, 8/19/34
|
|
59,000
|
58,469
|
|
|
|||
|
QXO Building
Products, Inc., 6.75%,
4/30/32(c)
|
|
155,000
|
159,615
|
|
Saks Global
Enterprises LLC, 11.00%,
12/15/29(c)
|
|
310,000
|
69,750
|
|
SGUS LLC, 11.00%,
12/15/29(c)
|
|
119,028
|
111,129
|
|
|
|
|
1,417,384
|
|
Semiconductors – 0.7%
|
|||
|
Analog Devices, Inc.,
4.50%, 6/15/30
|
|
62,000
|
62,173
|
|
Broadcom, Inc.,
|
|
|
|
|
5.15%, 11/15/31
|
|
41,000
|
42,014
|
|
5.20%, 4/15/32
|
|
22,000
|
22,551
|
|
4.80%, 10/15/34
|
|
33,000
|
32,381
|
|
5.20%, 7/15/35
|
|
79,000
|
79,374
|
|
3.19%, 11/15/36(c)
|
|
150,000
|
123,786
|
|
4.93%, 5/15/37(c)
|
|
50,000
|
48,318
|
|
Entegris, Inc.,
|
|
|
|
|
4.38%, 4/15/28(c)
|
|
65,000
|
63,336
|
|
3.63%, 5/01/29(c)
|
|
25,000
|
23,456
|
|
5.95%, 6/15/30(c)
|
|
70,000
|
70,627
|
|
Intel Corp.,
|
|
|
|
|
2.45%, 11/15/29
|
|
55,000
|
50,049
|
|
2.00%, 8/12/31
|
|
65,000
|
55,303
|
|
2.80%, 8/12/41
|
|
100,000
|
65,743
|
|
Marvell Technology, Inc.,
|
|
|
|
|
4.88%, 6/22/28
|
|
79,000
|
79,697
|
|
|
|
Par(b)
|
Value
|
|
Semiconductors (Continued)
|
|||
|
Marvell Technology, Inc.,
|
|
|
|
|
4.75%, 7/15/30
|
|
$26,000
|
$26,015
|
|
2.95%, 4/15/31
|
|
41,000
|
37,184
|
|
5.45%, 7/15/35
|
|
37,000
|
37,321
|
|
Micron Technology, Inc.,
|
|
|
|
|
5.80%, 1/15/35
|
|
144,000
|
147,649
|
|
6.05%, 11/01/35
|
|
60,000
|
62,446
|
|
QUALCOMM, Inc.,
|
|
|
|
|
4.75%, 5/20/32
|
|
94,000
|
94,841
|
|
6.00%, 5/20/53
|
|
73,000
|
76,580
|
|
|
|||
|
Texas Instruments, Inc.,
3.88%, 3/15/39
|
|
74,000
|
64,519
|
|
|
|
|
1,365,363
|
|
Software – 0.4%
|
|||
|
Autodesk, Inc., 5.30%,
6/15/35
|
|
54,000
|
54,711
|
|
GoTo Group, Inc., 5.50%,
5/01/28(c)
|
|
113,361
|
95,436
|
|
Intuit, Inc., 5.50%, 9/15/53
|
|
77,000
|
76,240
|
|
Oracle Corp.,
|
|
|
|
|
2.30%, 3/25/28
|
|
59,000
|
55,867
|
|
2.95%, 4/01/30
|
|
116,000
|
107,930
|
|
5.50%, 8/03/35
|
|
30,000
|
30,421
|
|
3.80%, 11/15/37
|
|
11,000
|
9,333
|
|
4.00%, 11/15/47
|
|
29,000
|
21,964
|
|
3.95%, 3/25/51
|
|
22,000
|
15,981
|
|
5.38%, 9/27/54
|
|
69,000
|
62,149
|
|
4.38%, 5/15/55
|
|
24,000
|
18,433
|
|
6.00%, 8/03/55
|
|
104,000
|
101,873
|
|
5.50%, 9/27/64
|
|
94,000
|
83,986
|
|
6.13%, 8/03/65
|
|
31,000
|
30,456
|
|
|
|
|
764,780
|
|
Specialty Finance – 2.0%
|
|||
|
Ally Financial, Inc., (SOFR +
1.78%), 5.55%, 7/31/33(j)
|
|
53,000
|
53,074
|
|
American Express Co.,
(SOFR + 0.81%), 4.35%,
7/20/29(j)
|
|
66,000
|
65,870
|
|
Aviation Capital Group LLC,
4.80%, 10/24/30(c)
|
|
109,000
|
107,910
|
|
Azorra Finance Ltd.,
|
|
|
|
|
7.75%, 4/15/30(c)
|
|
250,000
|
260,380
|
|
7.25%, 1/15/31(c)
|
|
395,000
|
403,149
|
|
Block, Inc.,
|
|
|
|
|
3.50%, 6/01/31
|
|
140,000
|
128,304
|
|
6.50%, 5/15/32
|
|
480,000
|
492,570
|
|
|
|||
|
Equifax, Inc., 5.10%,
6/01/28
|
|
114,000
|
115,818
|
|
Fair Isaac Corp., 6.00%,
5/15/33(c)
|
|
440,000
|
442,066
|
|
|
|
Par(b)
|
Value
|
|
Specialty Finance (Continued)
|
|||
|
Freedom Mortgage
Holdings LLC,
|
|
|
|
|
9.25%, 2/01/29(c)
|
|
$280,000
|
$291,840
|
|
9.13%, 5/15/31(c)
|
|
205,000
|
213,101
|
|
8.38%, 4/01/32(c)
|
|
235,000
|
240,352
|
|
GATX Corp.,
|
|
|
|
|
5.50%, 6/15/35
|
|
51,000
|
51,659
|
|
6.05%, 6/05/54
|
|
42,000
|
42,242
|
|
MSCI, Inc.,
|
|
|
|
|
3.63%, 9/01/30(c)
|
|
62,000
|
58,153
|
|
3.63%, 11/01/31(c)
|
|
66,000
|
60,713
|
|
|
|||
|
Penske Truck Leasing Co.
L.P./PTL Finance Corp.,
5.25%, 2/01/30(c)
|
|
78,000
|
79,564
|
|
Rocket
Mortgage LLC/Rocket
Mortgage Co-Issuer, Inc.,
|
|
|
|
|
3.88%, 3/01/31(c)
|
|
200,000
|
184,484
|
|
4.00%, 10/15/33(c)
|
|
140,000
|
123,862
|
|
|
|||
|
Synchrony Financial,
7.25%, 2/02/33
|
|
400,000
|
420,351
|
|
|
|
|
3,835,462
|
|
Steel – 0.4%
|
|||
|
Cleveland-Cliffs, Inc.,
|
|
|
|
|
6.88%, 11/01/29(c)
|
|
25,000
|
25,012
|
|
7.38%, 5/01/33(c)
|
|
140,000
|
136,299
|
|
Commercial Metals Co.,
|
|
|
|
|
4.13%, 1/15/30
|
|
295,000
|
280,030
|
|
3.88%, 2/15/31
|
|
45,000
|
41,441
|
|
4.38%, 3/15/32
|
|
190,000
|
175,960
|
|
|
|||
|
Nucor Corp., 5.10%,
6/01/35
|
|
88,000
|
88,233
|
|
|
|
|
746,975
|
|
Technology Hardware – 1.0%
|
|||
|
Cisco Systems, Inc.,
|
|
|
|
|
4.95%, 2/26/31
|
|
74,000
|
75,795
|
|
5.30%, 2/26/54
|
|
30,000
|
28,906
|
|
5.50%, 2/24/55
|
|
62,000
|
61,395
|
|
5.35%, 2/26/64
|
|
55,000
|
52,952
|
|
|
|||
|
CommScope LLC, 9.50%,
12/15/31(c)
|
|
65,000
|
68,449
|
|
Dell
International LLC/EMC Corp.,
5.30%, 4/01/32
|
|
23,000
|
23,467
|
|
Hewlett Packard
Enterprise Co., 5.60%,
10/15/54
|
|
77,000
|
70,766
|
|
Imola Merger Corp.,
4.75%, 5/15/29(c)
|
|
305,000
|
295,920
|
|
Motorola Solutions, Inc.,
|
|
|
|
|
4.85%, 8/15/30
|
|
54,000
|
54,366
|
|
5.55%, 8/15/35
|
|
82,000
|
83,642
|
|
|
|
Par(b)
|
Value
|
|
Technology Hardware (Continued)
|
|||
|
Seagate Data Storage
Technology Pte. Ltd.,
|
|
|
|
|
4.09%, 6/01/29(c)
|
|
$90,000
|
$86,005
|
|
8.25%, 12/15/29(c)
|
|
95,000
|
101,259
|
|
5.88%, 7/15/30(c)
|
|
235,000
|
237,397
|
|
4.13%, 1/15/31(c)
|
|
95,000
|
83,844
|
|
9.63%, 12/01/32(c)
|
|
3,825
|
4,308
|
|
|
|||
|
Zebra Technologies Corp.,
6.50%, 6/01/32(c)
|
|
535,000
|
548,363
|
|
|
|
|
1,876,834
|
|
Telecommunications – 1.9%
|
|||
|
AT&T, Inc.,
|
|
|
|
|
3.50%, 6/01/41
|
|
115,000
|
89,933
|
|
3.55%, 9/15/55
|
|
344,000
|
230,639
|
|
3.80%, 12/01/57
|
|
78,000
|
54,184
|
|
3.65%, 9/15/59
|
|
46,000
|
30,595
|
|
|
|||
|
C&W Senior Finance Ltd.,
9.00%, 1/15/33(c)
|
|
200,000
|
206,177
|
|
EchoStar Corp.,
|
|
|
|
|
10.75%, 11/30/29
|
|
1,072,598
|
1,130,250
|
|
6.75%, 11/30/30(g)
|
|
75,630
|
71,659
|
|
|
|||
|
Level 3 Financing, Inc.,
4.25%, 7/01/28(c)
|
|
300,000
|
272,625
|
|
Sable International
Finance Ltd., 7.13%,
10/15/32(c)
|
|
200,000
|
200,008
|
|
Sprint Capital Corp.,
|
|
|
|
|
6.88%, 11/15/28
|
|
138,000
|
147,535
|
|
8.75%, 3/15/32
|
|
138,000
|
166,690
|
|
T-Mobile USA, Inc.,
|
|
|
|
|
2.63%, 2/15/29
|
|
24,000
|
22,547
|
|
3.38%, 4/15/29
|
|
60,000
|
57,605
|
|
2.88%, 2/15/31
|
|
106,000
|
96,289
|
|
2.55%, 2/15/31
|
|
23,000
|
20,547
|
|
3.50%, 4/15/31
|
|
116,000
|
108,744
|
|
5.13%, 5/15/32
|
|
50,000
|
50,727
|
|
5.30%, 5/15/35
|
|
34,000
|
34,261
|
|
5.65%, 1/15/53
|
|
38,000
|
36,591
|
|
5.75%, 1/15/54
|
|
21,000
|
20,517
|
|
5.25%, 6/15/55
|
|
24,000
|
21,813
|
|
|
|||
|
United States
Cellular Corp., 6.70%,
12/15/33
|
|
84,000
|
88,190
|
|
Verizon
Communications, Inc.,
|
|
|
|
|
1.75%, 1/20/31
|
|
26,000
|
22,380
|
|
2.55%, 3/21/31
|
|
27,000
|
24,182
|
|
2.36%, 3/15/32
|
|
116,000
|
99,726
|
|
4.81%, 3/15/39
|
|
31,000
|
28,925
|
|
6.55%, 9/15/43
|
|
65,000
|
70,573
|
|
3.88%, 3/01/52
|
|
88,000
|
65,351
|
|
|
|
|
3,469,263
|
|
|
|
Par(b)
|
Value
|
|
Tobacco & Cannabis – 0.2%
|
|||
|
Altria Group, Inc., 6.20%,
11/01/28
|
|
$60,000
|
$62,903
|
|
Philip Morris
International, Inc.,
|
|
|
|
|
4.38%, 4/30/30
|
|
68,000
|
67,527
|
|
4.75%, 11/01/31
|
|
68,000
|
68,064
|
|
5.25%, 2/13/34
|
|
74,000
|
74,922
|
|
4.88%, 4/30/35
|
|
88,000
|
86,195
|
|
|
|
|
359,611
|
|
Transportation & Logistics – 0.6%
|
|||
|
American Airlines Pass
Through Trust,
|
|
|
|
|
Series 2015-2, Class AA,
3.60%, 9/22/27
|
|
110,134
|
107,139
|
|
Series 2016-1, Class AA,
3.58%, 1/15/28
|
|
1,716
|
1,666
|
|
Series 2016-2, Class AA,
3.20%, 6/15/28
|
|
33,385
|
31,928
|
|
Series 2017-2, Class AA,
3.35%, 10/15/29
|
|
42,238
|
40,046
|
|
Burlington Northern Santa
Fe LLC,
|
|
|
|
|
4.40%, 3/15/42
|
|
32,000
|
27,979
|
|
4.38%, 9/01/42
|
|
5,000
|
4,328
|
|
4.55%, 9/01/44
|
|
25,000
|
21,951
|
|
3.90%, 8/01/46
|
|
51,000
|
40,311
|
|
5.20%, 4/15/54
|
|
55,000
|
51,344
|
|
5.50%, 3/15/55
|
|
25,000
|
24,406
|
|
CSX Corp.,
|
|
|
|
|
4.25%, 11/01/66
|
|
28,000
|
21,300
|
|
4.65%, 3/01/68
|
|
82,000
|
66,469
|
|
|
|||
|
Delta Air Lines, Inc.,
5.25%, 7/10/30
|
|
77,000
|
77,726
|
|
Federal Express Corp. Pass
Through Trusts, Series
2020-1, Class AA, 1.88%,
2/20/34
|
|
31,893
|
27,412
|
|
FedEx Corp., 4.55%,
4/01/46(c)
|
|
75,000
|
60,736
|
|
Norfolk Southern Corp.,
|
|
|
|
|
5.05%, 8/01/30
|
|
8,000
|
8,216
|
|
3.95%, 10/01/42
|
|
30,000
|
24,349
|
|
5.95%, 3/15/64
|
|
9,000
|
9,162
|
|
Ryder System, Inc.,
|
|
|
|
|
5.38%, 3/15/29
|
|
9,000
|
9,231
|
|
5.50%, 6/01/29
|
|
52,000
|
53,722
|
|
4.95%, 9/01/29
|
|
45,000
|
45,588
|
|
Union Pacific Corp.,
|
|
|
|
|
5.10%, 2/20/35
|
|
62,000
|
62,664
|
|
3.55%, 8/15/39
|
|
22,000
|
18,281
|
|
3.95%, 8/15/59
|
|
34,000
|
24,944
|
|
|
|
Par(b)
|
Value
|
|
Transportation & Logistics (Continued)
|
|||
|
United Airlines Pass
Through Trust,
|
|
|
|
|
Series 2014-2, Class A,
3.75%, 9/03/26
|
|
$62,797
|
$62,062
|
|
Series 2020-1, Class A,
5.88%, 10/15/27
|
|
28,028
|
28,561
|
|
Series 2016-2, Class AA,
2.88%, 10/07/28
|
|
1,871
|
1,759
|
|
Series 2018-1, Class AA,
3.50%, 3/01/30
|
|
29,932
|
28,212
|
|
United Parcel Service, Inc.,
|
|
|
|
|
5.25%, 5/14/35
|
|
41,000
|
41,669
|
|
5.95%, 5/14/55
|
|
36,000
|
36,615
|
|
6.05%, 5/14/65
|
|
25,000
|
25,449
|
|
|
|
|
1,085,225
|
|
Wholesale - Consumer Staples – 0.3%
|
|||
|
Bunge Ltd. Finance Corp.,
|
|
|
|
|
4.20%, 9/17/29
|
|
26,000
|
25,637
|
|
4.65%, 9/17/34
|
|
47,000
|
45,366
|
|
Performance Food
Group, Inc.,
|
|
|
|
|
4.25%, 8/01/29(c)
|
|
425,000
|
408,610
|
|
6.13%, 9/15/32(c)
|
|
55,000
|
55,852
|
|
|
|
|
535,465
|
|
Total Corporate Bonds
(Cost $79,444,075)
|
79,293,013
|
||
|
|
|||
|
Foreign Government Inflation-Linked
Bonds – 0.7%
|
|||
|
Sovereign Government – 0.7%
|
|||
|
Brazil Notas do Tesouro
Nacional Serie B, 6.00%,
5/15/35
|
BRL
|
1,974,000
|
1,439,887
|
|
Total Foreign Government Inflation-Linked
Bonds
(Cost $1,489,169)
|
1,439,887
|
||
|
|
|||
|
Foreign Issuer Bonds – 44.9%
|
|||
|
Angola – 0.5%
|
|||
|
Angolan Government
International Bond,
|
|
|
|
|
8.25%, 5/09/28
|
|
200,000
|
193,761
|
|
8.00%, 11/26/29
|
|
200,000
|
186,441
|
|
8.75%, 4/14/32
|
|
265,000
|
240,867
|
|
9.38%, 5/08/48
|
|
200,000
|
161,896
|
|
9.13%, 11/26/49
|
|
200,000
|
158,203
|
|
|
|
|
941,168
|
|
|
|
Par(b)
|
Value
|
|
Argentina – 0.4%
|
|||
|
Argentine Republic
Government International
Bond,
|
|
|
|
|
(Step to 1.75% on
7/09/27), 0.75%,
7/09/30(l)
|
|
$273,035
|
$211,163
|
|
(Step to 4.75% on
7/09/27), 4.13%,
7/09/35(l)
|
|
163,772
|
108,090
|
|
5.00%, 1/09/38
|
|
176,242
|
123,810
|
|
|
|||
|
Provincia de Buenos Aires,
6.63%, 9/01/37
|
|
407,410
|
288,242
|
|
Telecom Argentina S.A.,
9.25%, 5/28/33(c)
|
|
60,000
|
61,980
|
|
|
|
|
793,285
|
|
Australia – 0.8%
|
|||
|
BHP Billiton Finance
USA Ltd.,
|
|
|
|
|
5.00%, 2/21/30
|
|
119,000
|
121,846
|
|
4.90%, 2/28/33
|
|
44,000
|
44,236
|
|
5.25%, 9/08/33
|
|
68,000
|
69,658
|
|
5.30%, 2/21/35
|
|
119,000
|
121,470
|
|
|
|||
|
Commonwealth Bank of
Australia, (1Y US
Treasury CMT + 1.32%),
5.93%, 3/14/46(c)(j)
|
|
200,000
|
198,869
|
|
Mineral Resources Ltd.,
|
|
|
|
|
8.13%, 5/01/27(c)
|
|
55,000
|
55,162
|
|
8.00%, 11/01/27(c)
|
|
30,000
|
30,497
|
|
9.25%, 10/01/28(c)
|
|
515,000
|
538,253
|
|
|
|||
|
Rio Tinto Finance USA Ltd.,
2.75%, 11/02/51
|
|
35,000
|
21,150
|
|
Rio Tinto Finance USA PLC,
|
|
|
|
|
5.25%, 3/14/35
|
|
42,000
|
42,618
|
|
5.75%, 3/14/55
|
|
64,000
|
64,020
|
|
5.88%, 3/14/65
|
|
32,000
|
32,178
|
|
Woodside Finance Ltd.,
|
|
|
|
|
5.40%, 5/19/30
|
|
151,000
|
153,119
|
|
6.00%, 5/19/35
|
|
84,000
|
85,757
|
|
|
|
|
1,578,833
|
|
Bahrain – 0.1%
|
|||
|
Bahrain Government
International Bond,
6.75%, 9/20/29
|
|
200,000
|
205,237
|
|
Belgium – 0.2%
|
|||
|
Anheuser-Busch Cos.
LLC/Anheuser-Busch
InBev Worldwide, Inc.,
|
|
|
|
|
4.70%, 2/01/36
|
|
96,000
|
93,087
|
|
4.90%, 2/01/46
|
|
222,000
|
202,965
|
|
|
|
Par(b)
|
Value
|
|
Belgium (Continued)
|
|||
|
Anheuser-Busch InBev
Worldwide, Inc.,
|
|
|
|
|
4.38%, 4/15/38
|
|
$13,000
|
$12,061
|
|
4.95%, 1/15/42
|
|
60,000
|
56,233
|
|
|
|
|
364,346
|
|
Brazil – 3.0%
|
|||
|
Aegea Finance S.a.r.l.,
9.00%, 1/20/31(c)
|
|
200,000
|
214,960
|
|
Brazil Notas do Tesouro
Nacional Serie F,
|
|
|
|
|
10.00%, 1/01/29
|
BRL
|
13,061,000
|
2,118,951
|
|
10.00%, 1/01/31
|
BRL
|
7,381,000
|
1,137,178
|
|
Brazilian Government
International Bond,
|
|
|
|
|
6.13%, 1/22/32
|
|
200,000
|
203,356
|
|
6.00%, 10/20/33
|
|
200,000
|
197,507
|
|
6.13%, 3/15/34
|
|
200,000
|
197,770
|
|
6.63%, 3/15/35
|
|
200,000
|
200,893
|
|
5.00%, 1/27/45
|
|
200,000
|
150,610
|
|
|
|||
|
CSN Resources S.A.,
4.63%, 6/10/31(c)
|
|
200,000
|
157,487
|
|
Nexa Resources S.A.,
6.60%, 4/08/37(c)
|
|
200,000
|
202,680
|
|
Samarco Mineracao S.A.,
9.50%, 6/30/31(c)(g)
|
|
249,590
|
247,183
|
|
Yinson Bergenia
Production B.V., 8.50%,
1/31/45(c)
|
|
200,000
|
206,388
|
|
Yinson Boronia Production
B.V., 8.95%, 7/31/42(c)
|
|
304,138
|
327,818
|
|
|
|
|
5,562,781
|
|
Canada – 1.6%
|
|||
|
1011778 B.C. ULC/New
Red Finance, Inc.,
|
|
|
|
|
3.88%, 1/15/28(c)
|
|
390,000
|
376,172
|
|
4.38%, 1/15/28(c)
|
|
45,000
|
43,973
|
|
3.50%, 2/15/29(c)
|
|
40,000
|
37,849
|
|
6.13%, 6/15/29(c)
|
|
165,000
|
168,642
|
|
5.63%, 9/15/29(c)
|
|
10,000
|
10,060
|
|
4.00%, 10/15/30(c)
|
|
500,000
|
463,256
|
|
|
|||
|
Canadian Imperial Bank of
Commerce, (SOFR +
1.03%), 4.86%, 3/30/29(j)
|
|
87,000
|
87,698
|
|
Canadian Pacific
Railway Co., 2.88%,
11/15/29
|
|
62,000
|
57,990
|
|
MEG Energy Corp., 5.88%,
2/01/29(c)
|
|
255,000
|
255,033
|
|
Nutrien Ltd.,
|
|
|
|
|
4.90%, 3/27/28
|
|
19,000
|
19,205
|
|
2.95%, 5/13/30
|
|
158,000
|
146,824
|
|
|
|
Par(b)
|
Value
|
|
Canada (Continued)
|
|||
|
|
|||
|
Open Text Corp., 3.88%,
12/01/29(c)
|
|
$5,000
|
$4,680
|
|
Open Text Holdings, Inc.,
|
|
|
|
|
4.13%, 2/15/30(c)
|
|
320,000
|
299,938
|
|
4.13%, 12/01/31(c)
|
|
45,000
|
40,952
|
|
Parkland Corp.,
|
|
|
|
|
4.50%, 10/01/29(c)
|
|
235,000
|
226,411
|
|
6.63%, 8/15/32(c)
|
|
75,000
|
76,660
|
|
Royal Bank of Canada,
|
|
|
|
|
(SOFR Index + 0.81%),
4.72%, 3/27/28(j)
|
|
98,000
|
98,375
|
|
(SOFR + 1.10%), 4.97%,
8/02/30(j)
|
|
46,000
|
46,667
|
|
(SOFR Index + 1.08%),
4.65%, 10/18/30(j)
|
|
87,000
|
87,010
|
|
(SOFR + 1.03%), 5.15%,
2/04/31(j)
|
|
73,000
|
74,448
|
|
(SOFR Index + 1.13%),
4.97%, 5/02/31(j)
|
|
52,000
|
52,691
|
|
(SOFR + 1.06%), 4.70%,
8/06/31(h)(j)
|
|
26,000
|
26,024
|
|
|
|||
|
Saturn Oil & Gas, Inc.,
9.63%, 6/15/29(c)
|
|
164,000
|
162,388
|
|
Toronto-Dominion Bank
(The), 5.52%, 7/17/28
|
|
57,000
|
58,737
|
|
|
|
|
2,921,683
|
|
Chile – 1.1%
|
|||
|
Antofagasta PLC, 6.25%,
5/02/34(c)
|
|
200,000
|
209,331
|
|
Bonos de la Tesoreria de la
Republica en pesos,
|
|
|
|
|
5.00%, 10/01/28(c)
|
CLP
|
225,000,000
|
230,952
|
|
6.00%, 4/01/33(c)
|
CLP
|
140,000,000
|
148,105
|
|
5.00%, 3/01/35
|
CLP
|
355,000,000
|
350,492
|
|
Corp Nacional del Cobre
de Chile,
|
|
|
|
|
5.95%, 1/08/34
|
|
300,000
|
306,519
|
|
6.44%, 1/26/36
|
|
200,000
|
209,598
|
|
3.70%, 1/30/50
|
|
200,000
|
134,924
|
|
6.30%, 9/08/53
|
|
200,000
|
195,347
|
|
|
|||
|
Latam Airlines Group S.A.,
7.63%, 1/07/31(c)
|
|
200,000
|
206,300
|
|
|
|
|
1,991,568
|
|
China – 0.9%
|
|||
|
China Evergrande Group,
8.75%, 6/28/25(f)
|
|
200,000
|
3,000
|
|
China Government Bond,
|
|
|
|
|
2.11%, 8/25/34
|
CNY
|
6,060,000
|
868,194
|
|
2.57%, 5/20/54
|
CNY
|
4,650,000
|
727,981
|
|
|
|||
|
Fantasia Holdings
Group Co. Ltd., 11.88%,
6/01/23
|
|
200,000
|
5,000
|
|
|
|
Par(b)
|
Value
|
|
China (Continued)
|
|||
|
|
|||
|
Kaisa Group Holdings Ltd.,
9.38%, 6/30/24(f)
|
|
$200,000
|
$8,500
|
|
Sunac China Holdings Ltd.,
|
|
|
|
|
6.25%, 9/30/26(c)(e)
|
|
18,653
|
2,472
|
|
6.50%, 9/30/27(c)(e)
|
|
37,398
|
4,955
|
|
6.75%, 9/30/28(c)(e)
|
|
56,232
|
7,310
|
|
7.00%, 9/30/29(c)(e)
|
|
56,369
|
7,328
|
|
7.25%, 9/30/30(c)(e)
|
|
26,548
|
3,563
|
|
|
|||
|
Yuzhou Group Holdings Co.
Ltd., 6.35%, 1/13/27
|
|
200,000
|
13,766
|
|
|
|
|
1,652,069
|
|
Colombia – 2.7%
|
|||
|
Aris Mining Corp., 8.00%,
10/31/29(c)
|
|
200,000
|
205,664
|
|
Banco Davivienda S.A., (5Y
US Treasury CMT +
4.59%), 8.13%,
7/02/35(c)(j)
|
|
200,000
|
203,498
|
|
Colombia Government
International Bond,
|
|
|
|
|
7.38%, 4/25/30
|
|
200,000
|
209,500
|
|
7.75%, 11/07/36
|
|
850,000
|
847,450
|
|
8.75%, 11/14/53
|
|
400,000
|
406,000
|
|
Colombian TES,
|
|
|
|
|
7.00%, 6/30/32
|
COP
|
1,173,900,000
|
220,993
|
|
13.25%, 2/09/33
|
COP
|
1,994,500,000
|
508,724
|
|
7.25%, 10/18/34
|
COP
|
208,400,000
|
37,430
|
|
6.25%, 7/09/36
|
COP
|
5,912,200,000
|
940,059
|
|
9.25%, 5/28/42
|
COP
|
1,969,800,000
|
376,100
|
|
Ecopetrol S.A.,
|
|
|
|
|
7.75%, 2/01/32
|
|
105,000
|
104,556
|
|
8.38%, 1/19/36
|
|
220,000
|
217,258
|
|
5.88%, 5/28/45
|
|
195,000
|
138,267
|
|
|
|||
|
EnfraGen Energia Sur
S.A.U./EnfraGen Chile
S.p.A./EnfraGen Spain
S.A.U., 8.50%, 6/30/32(c)
|
|
200,000
|
203,490
|
|
Geopart Ltd., 8.75%,
1/31/30(c)
|
|
200,000
|
172,880
|
|
Termocandelaria Power
S.A., 7.75%, 9/17/31(c)
|
|
200,000
|
205,946
|
|
|
|
|
4,997,815
|
|
Costa Rica – 0.2%
|
|||
|
Costa Rica Government
International Bond,
|
|
|
|
|
6.55%, 4/03/34(c)
|
|
200,000
|
208,922
|
|
7.30%, 11/13/54(c)
|
|
200,000
|
207,750
|
|
|
|
|
416,672
|
|
|
|
Par(b)
|
Value
|
|
Czech Republic – 1.0%
|
|||
|
Czech Republic
Government Bond,
|
|
|
|
|
2.75%, 7/23/29
|
CZK
|
5,050,000
|
$225,523
|
|
0.95%, 5/15/30
|
CZK
|
10,910,000
|
442,261
|
|
5.00%, 9/30/30
|
CZK
|
13,930,000
|
677,381
|
|
1.20%, 3/13/31
|
CZK
|
6,210,000
|
248,749
|
|
1.75%, 6/23/32
|
CZK
|
5,220,000
|
209,044
|
|
|
|
|
1,802,958
|
|
Denmark – 0.1%
|
|||
|
Danske Bank A/S, (1Y US
Treasury CMT + 1.10%),
4.61%, 10/02/30(c)(j)
|
|
$200,000
|
199,390
|
|
Dominican Republic – 0.5%
|
|||
|
Dominican Republic
International Bond,
|
|
|
|
|
4.50%, 1/30/30(c)
|
|
280,000
|
266,812
|
|
4.88%, 9/23/32(c)
|
|
200,000
|
184,860
|
|
6.95%, 3/15/37(c)
|
|
200,000
|
204,900
|
|
6.85%, 1/27/45
|
|
200,000
|
199,800
|
|
|
|
|
856,372
|
|
Ecuador – 0.3%
|
|||
|
Ecuador Government
International Bond,
|
|
|
|
|
6.90%, 7/31/30
|
|
133,030
|
116,667
|
|
0.00%, 7/31/30(d)
|
|
105,700
|
75,681
|
|
6.90%, 7/31/35(c)
|
|
334,752
|
249,893
|
|
(Step to 5.50% on
7/31/26), 5.00%,
7/31/40(l)
|
|
114,300
|
71,495
|
|
|
|
|
513,736
|
|
Egypt – 0.5%
|
|||
|
Egypt Government
International Bond,
|
|
|
|
|
7.05%, 1/15/32(c)
|
|
313,000
|
287,034
|
|
7.63%, 5/29/32
|
|
426,000
|
400,214
|
|
8.50%, 1/31/47
|
|
300,000
|
243,649
|
|
|
|
|
930,897
|
|
El Salvador – 0.1%
|
|||
|
El Salvador Government
International Bond,
|
|
|
|
|
8.25%, 4/10/32
|
|
34,000
|
34,629
|
|
7.63%, 2/01/41
|
|
150,000
|
135,900
|
|
|
|
|
170,529
|
|
France – 0.1%
|
|||
|
L'Oreal S.A., 5.00%,
5/20/35(c)
|
|
200,000
|
201,731
|
|
TotalEnergies Capital S.A.,
5.64%, 4/05/64
|
|
50,000
|
47,946
|
|
|
|
|
249,677
|
|
|
|
Par(b)
|
Value
|
|
Gabon – 0.2%
|
|||
|
Gabon Government
International Bond,
6.63%, 2/06/31
|
|
$575,000
|
$472,007
|
|
Germany – 0.5%
|
|||
|
Deutsche Bank A.G.,
|
|
|
|
|
(SOFR + 1.72%), 5.30%,
5/09/31(j)
|
|
150,000
|
152,497
|
|
(SOFR + 1.30%), 4.95%,
8/04/31(j)
|
|
150,000
|
150,248
|
|
|
|||
|
Deutsche Telekom
International Finance
B.V., 4.38%, 6/21/28(c)
|
|
150,000
|
149,903
|
|
ZF North America
Capital, Inc.,
|
|
|
|
|
6.88%, 4/14/28(c)
|
|
300,000
|
299,447
|
|
6.88%, 4/23/32(c)
|
|
225,000
|
209,953
|
|
|
|
|
962,048
|
|
Ghana – 0.2%
|
|||
|
Ghana Government
International Bond,
|
|
|
|
|
(Step to 6.00% on
7/03/28), 5.00%,
7/03/29(l)
|
|
80,550
|
76,850
|
|
0.00%, 1/03/30(d)
|
|
40,999
|
34,279
|
|
(Step to 6.00% on
7/03/28), 5.00%,
7/03/35(l)
|
|
237,320
|
191,435
|
|
|
|
|
302,564
|
|
Guatemala – 0.2%
|
|||
|
Guatemala Government
Bond,
|
|
|
|
|
6.05%, 8/06/31(c)
|
|
200,000
|
203,838
|
|
6.55%, 2/06/37(c)
|
|
200,000
|
203,516
|
|
|
|
|
407,354
|
|
Honduras – 0.1%
|
|||
|
Honduras Government
International Bond,
8.63%, 11/27/34(c)
|
|
150,000
|
156,600
|
|
Hungary – 0.6%
|
|||
|
Hungary Government
Bond,
|
|
|
|
|
2.75%, 12/22/26
|
HUF
|
77,250,000
|
211,094
|
|
3.25%, 10/22/31
|
HUF
|
59,400,000
|
139,783
|
|
2.25%, 4/20/33
|
HUF
|
116,230,000
|
240,484
|
|
7.00%, 10/24/35
|
HUF
|
126,650,000
|
357,443
|
|
|
|||
|
Magyar Export-Import
Bank Zrt., 6.13%,
12/04/27(c)
|
|
200,000
|
204,737
|
|
|
|
|
1,153,541
|
|
|
|
Par(b)
|
Value
|
|
India – 1.9%
|
|||
|
India Government Bond,
|
|
|
|
|
6.75%, 12/23/29
|
INR
|
41,310,000
|
$484,753
|
|
7.17%, 4/17/30
|
INR
|
3,000,000
|
35,762
|
|
7.18%, 8/14/33
|
INR
|
120,260,000
|
1,436,544
|
|
7.10%, 4/08/34
|
INR
|
52,970,000
|
630,182
|
|
6.79%, 10/07/34
|
INR
|
38,030,000
|
446,740
|
|
7.09%, 8/05/54
|
INR
|
40,880,000
|
473,363
|
|
|
|
|
3,507,344
|
|
Indonesia – 1.9%
|
|||
|
Freeport Indonesia PT,
5.32%, 4/14/32(c)
|
|
$200,000
|
201,418
|
|
Indonesia Government
International Bond,
5.65%, 1/11/53
|
|
250,000
|
248,572
|
|
Indonesia Treasury Bond,
|
|
|
|
|
9.00%, 3/15/29
|
IDR
|
4,814,000,000
|
318,223
|
|
6.50%, 7/15/30
|
IDR
|
8,891,000,000
|
549,481
|
|
7.00%, 9/15/30
|
IDR
|
3,482,000,000
|
218,613
|
|
6.75%, 7/15/35
|
IDR
|
15,430,000,000
|
951,087
|
|
7.13%, 8/15/40
|
IDR
|
11,526,000,000
|
718,852
|
|
7.13%, 8/15/45
|
IDR
|
1,781,000,000
|
110,737
|
|
|
|||
|
Perusahaan Penerbit SBSN
Indonesia III, 5.60%,
11/15/33(c)
|
|
200,000
|
208,960
|
|
|
|
|
3,525,943
|
|
Ireland – 0.1%
|
|||
|
GGAM Finance Ltd.,
|
|
|
|
|
6.88%, 4/15/29(c)
|
|
50,000
|
51,511
|
|
5.88%, 3/15/30(c)
|
|
195,000
|
194,764
|
|
|
|
|
246,275
|
|
Israel – 1.0%
|
|||
|
Energean Israel
Finance Ltd., 5.38%,
3/30/28(c)
|
|
30,000
|
28,817
|
|
Israel Government
International Bond,
5.50%, 3/12/34
|
|
600,000
|
605,419
|
|
Leviathan Bond Ltd.,
6.50%, 6/30/27(c)
|
|
20,000
|
19,850
|
|
Teva Pharmaceutical
Finance Co. LLC, 6.15%,
2/01/36
|
|
30,000
|
30,477
|
|
Teva Pharmaceutical
Finance Netherlands III
B.V.,
|
|
|
|
|
3.15%, 10/01/26
|
|
77,000
|
75,316
|
|
7.88%, 9/15/29
|
|
200,000
|
218,094
|
|
4.10%, 10/01/46
|
|
917,000
|
652,575
|
|
|
|||
|
Teva Pharmaceutical
Finance Netherlands IV
B.V., 5.75%, 12/01/30
|
|
200,000
|
202,917
|
|
|
|
|
1,833,465
|
|
|
|
Par(b)
|
Value
|
|
Italy – 0.5%
|
|||
|
Fibercop S.p.A.,
|
|
|
|
|
6.38%, 11/15/33(c)
|
|
$59,000
|
$57,153
|
|
6.00%, 9/30/34(c)
|
|
9,000
|
8,501
|
|
7.20%, 7/18/36(c)
|
|
59,000
|
58,422
|
|
|
|||
|
Snam S.p.A., 5.00%,
5/28/30(c)
|
|
200,000
|
200,831
|
|
UniCredit S.p.A., (5Y US
Treasury CMT + 4.75%),
5.46%, 6/30/35(c)(j)
|
|
600,000
|
595,637
|
|
|
|
|
920,544
|
|
Ivory Coast – 0.4%
|
|||
|
Ivory Coast Government
International Bond,
|
|
|
|
|
5.75%, 12/31/32
|
|
134,084
|
128,238
|
|
6.13%, 6/15/33
|
|
244,000
|
225,721
|
|
8.08%, 4/01/36(c)
|
|
502,000
|
494,415
|
|
|
|
|
848,374
|
|
Jamaica – 0.2%
|
|||
|
Digicel International
Finance Ltd./Difl U.S.
LLC, 8.63%, 8/01/32(c)(h)
|
|
200,000
|
202,013
|
|
Montego Bay Airport
Revenue Finance Ltd.,
6.60%, 6/15/35(c)
|
|
200,000
|
199,934
|
|
|
|
|
401,947
|
|
Japan – 0.9%
|
|||
|
Honda Motor Co. Ltd.,
|
|
|
|
|
4.69%, 7/08/30
|
|
99,000
|
99,062
|
|
5.34%, 7/08/35
|
|
150,000
|
149,986
|
|
|
|||
|
Mitsubishi UFJ Financial
Group, Inc., (1Y US
Treasury CMT + 1.27%),
5.62%, 4/24/36(j)
|
|
200,000
|
206,587
|
|
NTT Finance Corp., 5.17%,
7/16/32(c)
|
|
200,000
|
201,726
|
|
ORIX Corp., 5.40%,
2/25/35
|
|
49,000
|
49,602
|
|
Rakuten Group, Inc.,
|
|
|
|
|
11.25%, 2/15/27(c)
|
|
400,000
|
433,500
|
|
9.75%, 4/15/29(c)
|
|
245,000
|
268,255
|
|
|
|||
|
SoftBank Corp., 5.33%,
7/09/35(c)
|
|
263,000
|
259,941
|
|
Toyota Motor Corp.,
5.05%, 6/30/35
|
|
53,000
|
53,110
|
|
|
|
|
1,721,769
|
|
Kazakhstan – 0.4%
|
|||
|
Baiterek National
Managing Holding JSC,
5.45%, 5/08/28(c)
|
|
200,000
|
201,678
|
|
ForteBank JSC, 7.75%,
2/04/30(c)
|
|
200,000
|
203,389
|
|
|
|
Par(b)
|
Value
|
|
Kazakhstan (Continued)
|
|||
|
Kaspi.KZ JSC, 6.25%,
3/26/30(c)
|
|
$200,000
|
$203,711
|
|
Kazakhstan Government
International Bond,
5.00%, 7/01/32(c)
|
|
200,000
|
200,640
|
|
|
|
|
809,418
|
|
Lebanon – 0.1%
|
|||
|
Lebanon Government
International Bond,
|
|
|
|
|
6.10%, 10/04/22(f)
|
|
200,000
|
36,900
|
|
6.00%, 1/27/23(f)
|
|
245,000
|
45,202
|
|
6.65%, 4/22/24(f)
|
|
178,000
|
33,019
|
|
6.20%, 2/26/25(f)
|
|
139,000
|
26,028
|
|
|
|
|
141,149
|
|
Luxembourg – 0.1%
|
|||
|
Altice Financing S.A.,
5.00%, 1/15/28(c)
|
|
240,000
|
192,350
|
|
Macau – 0.1%
|
|||
|
MGM China Holdings Ltd.,
7.13%, 6/26/31(c)
|
|
205,000
|
213,490
|
|
Malaysia – 1.8%
|
|||
|
Malaysia Government
Bond,
|
|
|
|
|
3.73%, 6/15/28
|
MYR
|
1,610,000
|
384,222
|
|
3.89%, 8/15/29
|
MYR
|
3,048,000
|
734,076
|
|
4.76%, 4/07/37
|
MYR
|
2,369,000
|
618,247
|
|
4.89%, 6/08/38
|
MYR
|
2,185,000
|
579,621
|
|
4.05%, 4/18/39
|
MYR
|
1,259,000
|
309,233
|
|
3.76%, 5/22/40
|
MYR
|
778,000
|
184,258
|
|
4.18%, 5/16/44
|
MYR
|
319,000
|
79,081
|
|
|
|||
|
Malaysia Government
Investment Issue, 3.47%,
10/15/30
|
MYR
|
1,720,000
|
407,370
|
|
|
|
|
3,296,108
|
|
Mexico – 3.0%
|
|||
|
Cemex S.A.B. de C.V., (5Y
US Treasury CMT +
3.52%), 7.20%,
6/10/30(c)(i)(j)
|
|
450,000
|
459,427
|
|
Comision Federal de
Electricidad, 6.45%,
1/24/35(c)
|
|
200,000
|
196,916
|
|
FIEMEX Energia - Banco
Actinver S.A. Institucion
de Banca Multiple,
7.25%, 1/31/41(c)
|
|
198,101
|
202,638
|
|
Mexican Bonos,
|
|
|
|
|
8.50%, 3/01/29
|
MXN
|
5,550,000
|
293,022
|
|
7.75%, 5/29/31
|
MXN
|
11,708,600
|
589,362
|
|
7.50%, 5/26/33
|
MXN
|
13,813,800
|
665,754
|
|
7.75%, 11/23/34
|
MXN
|
11,849,900
|
569,508
|
|
|
|
Par(b)
|
Value
|
|
Mexico (Continued)
|
|||
|
Mexican Bonos,
|
|
|
|
|
10.00%, 11/20/36
|
MXN
|
1,224,400
|
$67,749
|
|
8.50%, 11/18/38
|
MXN
|
10,499,200
|
508,932
|
|
7.75%, 11/13/42
|
MXN
|
5,936,800
|
258,868
|
|
Mexico Government
International Bond,
|
|
|
|
|
6.35%, 2/09/35
|
|
$600,000
|
609,000
|
|
6.88%, 5/13/37
|
|
200,000
|
206,400
|
|
6.34%, 5/04/53
|
|
330,000
|
301,455
|
|
Petroleos Mexicanos,
|
|
|
|
|
6.50%, 3/13/27
|
|
75,000
|
75,030
|
|
8.75%, 6/02/29
|
|
32,808
|
34,575
|
|
5.95%, 1/28/31
|
|
143,000
|
132,732
|
|
6.70%, 2/16/32
|
|
150,000
|
142,980
|
|
6.63%, 6/15/35
|
|
114,000
|
101,618
|
|
6.38%, 1/23/45
|
|
34,000
|
25,674
|
|
6.75%, 9/21/47
|
|
126,000
|
97,603
|
|
7.69%, 1/23/50
|
|
57,000
|
48,322
|
|
|
|
|
5,587,565
|
|
Mongolia – 0.1%
|
|||
|
Mongolia Government
International Bond,
8.65%, 1/19/28
|
|
200,000
|
211,298
|
|
Morocco – 0.3%
|
|||
|
Morocco Government
International Bond,
5.95%, 3/08/28(c)
|
|
200,000
|
205,588
|
|
OCP S.A.,
|
|
|
|
|
6.70%, 3/01/36(c)
|
|
200,000
|
202,392
|
|
7.50%, 5/02/54(c)
|
|
200,000
|
202,104
|
|
|
|
|
610,084
|
|
Mozambique – 0.1%
|
|||
|
Mozambique International
Bond, 9.00%, 9/15/31
|
|
200,000
|
175,109
|
|
Oman – 0.4%
|
|||
|
Oman Government
International Bond,
|
|
|
|
|
6.25%, 1/25/31(c)
|
|
500,000
|
536,518
|
|
6.50%, 3/08/47
|
|
200,000
|
210,005
|
|
|
|
|
746,523
|
|
Pakistan – 0.2%
|
|||
|
Pakistan Government
International Bond,
6.88%, 12/05/27
|
|
335,000
|
328,468
|
|
Panama – 0.4%
|
|||
|
Panama Government
International Bond,
|
|
|
|
|
3.16%, 1/23/30
|
|
200,000
|
180,130
|
|
|
|
Par(b)
|
Value
|
|
Panama (Continued)
|
|||
|
Panama Government
International Bond,
|
|
|
|
|
6.40%, 2/14/35
|
|
$200,000
|
$196,750
|
|
7.88%, 3/01/57
|
|
325,000
|
338,813
|
|
|
|
|
715,693
|
|
Peru – 0.3%
|
|||
|
Banco de Credito del Peru
S.A., (5Y US Treasury
CMT + 2.24%), 5.80%,
3/10/35(c)(j)
|
|
200,000
|
200,250
|
|
Peruvian Government
International Bond,
|
|
|
|
|
5.38%, 2/08/35
|
|
210,000
|
209,070
|
|
6.55%, 3/14/37
|
|
79,000
|
85,320
|
|
6.20%, 6/30/55
|
|
90,000
|
90,247
|
|
|
|
|
584,887
|
|
Philippines – 0.8%
|
|||
|
Philippine Government
Bond, 6.38%, 4/28/35
|
PHP
|
40,640,000
|
708,330
|
|
Philippine Government
International Bond,
|
|
|
|
|
5.50%, 1/17/48
|
|
600,000
|
591,850
|
|
5.90%, 2/04/50
|
|
200,000
|
205,579
|
|
|
|
|
1,505,759
|
|
Poland – 2.1%
|
|||
|
Bank Gospodarstwa
Krajowego, 5.75%,
7/09/34(c)
|
|
200,000
|
207,080
|
|
Republic of Poland
Government Bond,
|
|
|
|
|
1.25%, 10/25/30
|
PLN
|
2,014,000
|
449,825
|
|
1.75%, 4/25/32
|
PLN
|
4,442,000
|
958,009
|
|
5.00%, 10/25/34
|
PLN
|
4,288,000
|
1,113,982
|
|
Republic of Poland
Government International
Bond,
|
|
|
|
|
4.63%, 3/18/29
|
|
357,000
|
360,818
|
|
4.88%, 2/12/30
|
|
174,000
|
177,822
|
|
4.88%, 10/04/33
|
|
285,000
|
284,153
|
|
5.38%, 2/12/35
|
|
40,000
|
40,779
|
|
5.50%, 3/18/54
|
|
403,000
|
376,732
|
|
|
|
|
3,969,200
|
|
Romania – 1.7%
|
|||
|
Romania Government
Bond,
|
|
|
|
|
5.80%, 7/26/27
|
RON
|
620,000
|
136,009
|
|
5.00%, 2/12/29
|
RON
|
470,000
|
98,233
|
|
7.35%, 4/28/31
|
RON
|
1,605,000
|
361,620
|
|
6.70%, 2/25/32
|
RON
|
1,465,000
|
319,497
|
|
7.20%, 10/30/33
|
RON
|
545,000
|
122,088
|
|
4.75%, 10/11/34
|
RON
|
780,000
|
147,617
|
|
|
|
Par(b)
|
Value
|
|
Romania (Continued)
|
|||
|
Romanian Government
International Bond,
|
|
|
|
|
6.63%, 2/17/28(c)
|
|
$110,000
|
$113,917
|
|
5.88%, 1/30/29(c)
|
|
468,000
|
475,223
|
|
5.75%, 9/16/30(c)
|
|
260,000
|
261,164
|
|
7.13%, 1/17/33(c)
|
|
308,000
|
326,793
|
|
6.38%, 1/30/34(c)
|
|
288,000
|
287,111
|
|
5.75%, 3/24/35
|
|
68,000
|
64,433
|
|
7.50%, 2/10/37
|
|
96,000
|
101,870
|
|
4.00%, 2/14/51
|
|
104,000
|
67,520
|
|
7.63%, 1/17/53(c)
|
|
320,000
|
333,571
|
|
|
|
|
3,216,666
|
|
Saudi Arabia – 1.3%
|
|||
|
Saudi Arabian Oil Co.,
|
|
|
|
|
2.25%, 11/24/30
|
|
200,000
|
178,769
|
|
5.25%, 7/17/34(c)
|
|
200,000
|
202,314
|
|
6.38%, 6/02/55(c)
|
|
200,000
|
202,840
|
|
Saudi Government
International Bond,
|
|
|
|
|
4.75%, 1/16/30(c)
|
|
404,000
|
408,056
|
|
5.00%, 1/16/34
|
|
830,000
|
835,312
|
|
3.75%, 3/05/37(c)
|
EUR
|
200,000
|
224,926
|
|
5.75%, 1/16/54(c)
|
|
406,000
|
391,036
|
|
|
|
|
2,443,253
|
|
Senegal – 0.6%
|
|||
|
Senegal Government
International Bond,
|
|
|
|
|
7.75%, 6/10/31
|
|
834,000
|
681,741
|
|
6.25%, 5/23/33
|
|
600,000
|
443,807
|
|
|
|
|
1,125,548
|
|
Serbia – 0.1%
|
|||
|
Telecommunications co
Telekom Srbija AD
Belgrade, 7.00%,
10/28/29(c)
|
|
200,000
|
199,862
|
|
South Africa – 2.2%
|
|||
|
Eskom Holdings SOC Ltd.,
8.45%, 8/10/28
|
|
400,000
|
422,942
|
|
Republic of South Africa
Government Bond,
|
|
|
|
|
10.50%, 12/21/26
|
ZAR
|
6,400,000
|
364,069
|
|
7.00%, 2/28/31
|
ZAR
|
5,411,193
|
277,342
|
|
8.25%, 3/31/32
|
ZAR
|
5,528,933
|
293,887
|
|
8.88%, 2/28/35
|
ZAR
|
18,911,512
|
989,822
|
|
8.50%, 1/31/37
|
ZAR
|
12,160,510
|
593,487
|
|
9.00%, 1/31/40
|
ZAR
|
10,406,227
|
505,384
|
|
8.75%, 1/31/44
|
ZAR
|
7,461,447
|
342,396
|
|
|
|
Par(b)
|
Value
|
|
South Africa (Continued)
|
|||
|
Republic of South Africa
Government International
Bond,
|
|
|
|
|
4.85%, 9/30/29
|
|
$100,000
|
$96,360
|
|
5.65%, 9/27/47
|
|
250,000
|
187,438
|
|
|
|
|
4,073,127
|
|
Spain – 0.2%
|
|||
|
Banco Santander S.A.,
5.44%, 7/15/31
|
|
200,000
|
207,367
|
|
CaixaBank S.A., (SOFR +
1.36%), 4.89%,
7/03/31(c)(j)
|
|
220,000
|
220,492
|
|
|
|
|
427,859
|
|
Sri Lanka – 0.2%
|
|||
|
Sri Lanka Government
International Bond,
|
|
|
|
|
(Step to 3.35% on
7/15/27), 3.10%,
1/15/30(c)(l)
|
|
228,618
|
205,185
|
|
(Step to 5.10% on
12/15/27), 3.60%,
6/15/35(c)(l)
|
|
80,948
|
57,398
|
|
(Step to 3.85% on
11/15/27), 3.60%,
5/15/36(c)(l)
|
|
113,179
|
95,036
|
|
(Step to 3.85% on
8/15/27), 3.60%,
2/15/38(l)
|
|
60,000
|
50,293
|
|
|
|
|
407,912
|
|
Switzerland – 0.2%
|
|||
|
Tyco Electronics Group
S.A., 4.50%, 2/09/31
|
|
37,000
|
36,918
|
|
UBS Group A.G.,
|
|
|
|
|
7.00%, 2/05/35(i)
|
|
200,000
|
200,000
|
|
(SOFR + 1.76%), 5.58%,
5/09/36(c)(j)
|
|
200,000
|
203,700
|
|
|
|
|
440,618
|
|
Thailand – 1.0%
|
|||
|
Thailand Government
Bond,
|
|
|
|
|
3.39%, 6/17/37
|
THB
|
14,769,000
|
535,672
|
|
3.30%, 6/17/38
|
THB
|
4,435,000
|
160,029
|
|
3.45%, 6/17/43
|
THB
|
31,204,000
|
1,158,697
|
|
|
|
|
1,854,398
|
|
Trinidad and Tobago – 0.1%
|
|||
|
Port of Spain Waterfront
Development, 7.88%,
2/19/40(c)
|
|
200,000
|
195,500
|
|
|
|
Par(b)
|
Value
|
|
Turkey – 0.9%
|
|||
|
Akbank T.A.S., (5Y US
Treasury CMT + 5.27%),
9.37%, 3/14/29(c)(i)(j)
|
|
$200,000
|
$207,324
|
|
Hazine Mustesarligi Varlik
Kiralama AS, 8.51%,
1/14/29(c)
|
|
200,000
|
213,249
|
|
Istanbul Metropolitan
Municipality, 10.50%,
12/06/28(c)
|
|
200,000
|
216,377
|
|
Limak Cimento Sanayi ve
Ticaret AS, 9.75%,
7/25/29
|
|
200,000
|
203,021
|
|
Turkiye Government Bond,
30.00%, 9/12/29
|
TRY
|
20,200,000
|
457,674
|
|
Turkiye Vakiflar Bankasi
T.A.O., (5Y US Treasury
CMT + 5.49%), 10.12%,
4/24/29(c)(i)(j)
|
|
200,000
|
212,260
|
|
Zorlu Enerji Elektrik Uretim
A.S., 11.00%, 4/23/30(c)
|
|
200,000
|
193,507
|
|
|
|
|
1,703,412
|
|
Ukraine – 0.4%
|
|||
|
Ukraine Government
International Bond,
|
|
|
|
|
4.50%, 2/01/29
|
|
17,588
|
10,614
|
|
41.04%, 2/01/30
|
|
123,100
|
57,316
|
|
(Step to 3.00% on
2/01/27), 32.73%,
2/01/34(c)(l)
|
|
126,049
|
47,025
|
|
(Step to 6.00% on
2/01/27), 4.50%,
2/01/34(c)(l)
|
|
168,958
|
85,377
|
|
32.73%, 2/01/34
|
|
138,700
|
51,745
|
|
4.50%, 2/01/34
|
|
78,013
|
39,421
|
|
25.49%, 2/01/35
|
|
40,241
|
18,620
|
|
(Step to 3.00% on
2/01/27), 25.49%,
2/01/35(c)(l)
|
|
56,519
|
26,152
|
|
4.50%, 2/01/35
|
|
73,488
|
37,406
|
|
(Step to 6.00% on
2/01/27), 4.50%,
2/01/35(c)(l)
|
|
246,305
|
125,371
|
|
7.75%, 2/01/36
|
|
37,000
|
17,183
|
|
(Step to 6.00% on
2/01/27), 4.50%,
2/01/36(c)(l)
|
|
175,550
|
86,546
|
|
(Step to 3.00% on
2/01/27), 7.75%,
2/01/36(c)(l)
|
|
48,764
|
22,546
|
|
2.04%, 8/01/41
|
|
157,000
|
116,298
|
|
|
|
|
741,620
|
|
United Arab Emirates – 0.7%
|
|||
|
Adnoc Murban Rsc Ltd.,
|
|
|
|
|
4.50%, 9/11/34(c)
|
|
400,000
|
392,243
|
|
|
|
Par(b)
|
Value
|
|
United Arab Emirates (Continued)
|
|||
|
Adnoc Murban Rsc Ltd.,
|
|
|
|
|
5.13%, 9/11/54(c)
|
|
$225,000
|
$207,459
|
|
Galaxy Pipeline Assets
Bidco Ltd.,
|
|
|
|
|
2.63%, 3/31/36(c)
|
|
200,000
|
171,628
|
|
2.94%, 9/30/40(c)
|
|
198,729
|
164,459
|
|
MDGH GMTN RSC Ltd.,
|
|
|
|
|
5.50%, 4/28/33
|
|
200,000
|
209,292
|
|
5.88%, 5/01/34
|
|
200,000
|
213,500
|
|
|
|
|
1,358,581
|
|
United Kingdom – 1.4%
|
|||
|
Ardonagh Finco Ltd.,
7.75%, 2/15/31(c)
|
|
940,000
|
980,102
|
|
BAT Capital Corp.,
|
|
|
|
|
5.35%, 8/15/32
|
|
33,000
|
33,679
|
|
7.08%, 8/02/43
|
|
41,000
|
45,119
|
|
3.98%, 9/25/50
|
|
50,000
|
35,817
|
|
Global Auto
Holdings Ltd./AAG FH
UK Ltd.,
|
|
|
|
|
8.38%, 1/15/29(c)
|
|
400,000
|
372,198
|
|
11.50%, 8/15/29(c)
|
|
200,000
|
198,518
|
|
|
|||
|
Imperial Brands Finance
PLC, 5.63%, 7/01/35(c)
|
|
200,000
|
200,182
|
|
Lloyds Banking Group PLC,
(1Y US Treasury CMT +
1.60%), 6.07%, 6/13/36(j)
|
|
200,000
|
204,644
|
|
Macquarie Airfinance
Holdings Ltd., 8.13%,
3/30/29(c)
|
|
46,000
|
48,015
|
|
RELX Capital, Inc.,
|
|
|
|
|
4.75%, 3/27/30
|
|
31,000
|
31,373
|
|
5.25%, 3/27/35
|
|
102,000
|
103,883
|
|
|
|||
|
Reynolds American, Inc.,
5.85%, 8/15/45
|
|
20,000
|
19,379
|
|
Santander UK Group
Holdings PLC, (SOFR
Index + 1.52%), 5.69%,
4/15/31(j)
|
|
200,000
|
206,987
|
|
Smith & Nephew PLC,
2.03%, 10/14/30
|
|
75,000
|
65,615
|
|
|
|
|
2,545,511
|
|
Uruguay – 0.3%
|
|||
|
Uruguay Government
International Bond,
|
|
|
|
|
5.44%, 2/14/37
|
|
200,000
|
203,800
|
|
4.98%, 4/20/55
|
|
327,029
|
287,252
|
|
|
|
|
491,052
|
|
|
|
Par(b)
|
Value
|
|
Uzbekistan – 0.2%
|
|||
|
Republic of Uzbekistan
International Bond,
3.90%, 10/19/31
|
|
$200,000
|
$177,318
|
|
Uzbekneftegaz JSC,
8.75%, 5/07/30(c)
|
|
200,000
|
210,046
|
|
|
|
|
387,364
|
|
Venezuela – 0.2%
|
|||
|
Petroleos de Venezuela
S.A.,
|
|
|
|
|
9.00%, 11/17/21(f)
|
|
185,101
|
26,284
|
|
6.00%, 5/16/24(f)
|
|
340,653
|
47,010
|
|
5.38%, 4/12/27(f)
|
|
361,000
|
49,685
|
|
Venezuela Government
International Bond,
|
|
|
|
|
7.75%, 10/13/19(f)
|
|
93,400
|
14,253
|
|
8.25%, 10/13/24(f)
|
|
259,100
|
47,312
|
|
11.75%, 10/21/26(f)
|
|
42,200
|
9,183
|
|
9.25%, 9/15/27(f)
|
|
201,200
|
43,781
|
|
9.25%, 5/07/28(f)
|
|
425,300
|
82,976
|
|
11.95%, 8/05/31(f)
|
|
92,000
|
18,639
|
|
|
|
|
339,123
|
|
Zambia – 0.2%
|
|||
|
First Quantum
Minerals Ltd., 9.38%,
3/01/29(c)
|
|
290,000
|
307,316
|
|
Zambia Government
International Bond,
|
|
|
|
|
(Step to 7.50% on
6/30/31), 5.75%,
6/30/33(l)
|
|
47,373
|
44,091
|
|
0.50%, 12/31/53
|
|
77,000
|
56,255
|
|
|
|
|
407,662
|
|
Total Foreign Issuer Bonds
(Cost $82,980,958)
|
84,054,960
|
||
|
|
|||
|
Mortgage-Backed Securities – 0.5%
|
|||
|
Commercial Mortgage-Backed Securities – 0.5%
|
|||
|
Citigroup Commercial
Mortgage Trust, Series
2014-GC21, Class D,
4.74%, 5/10/47(c)(m)
|
|
175,000
|
150,934
|
|
COMM Mortgage Trust,
Series 2012-CR3, Class B,
3.92%, 10/15/45(c)
|
|
95,048
|
88,092
|
|
GS Mortgage Securities
Trust,
|
|
|
|
|
Series 2011-GC5,
Class C, 5.15%,
8/10/44(c)(m)
|
|
35,000
|
30,764
|
|
Series 2013-GC13,
Class C, 3.88%,
7/10/46(c)(m)
|
|
320,000
|
293,843
|
|
|
|
Par(b)
|
Value
|
|
Commercial Mortgage-Backed Securities
(Continued)
|
|||
|
GS Mortgage Securities
Trust,
|
|
|
|
|
Series 2014-GC22,
Class D, 4.57%,
6/10/47(c)(m)
|
|
$50,000
|
$12,521
|
|
|
|||
|
JP Morgan Chase
Commercial Mortgage
Securities Trust, Series
2011-C3, Class C, 5.36%,
2/15/46(c)
|
|
100,000
|
93,479
|
|
Morgan Stanley Bank of
America Merrill Lynch
Trust, Series 2013-C11,
Class B, 4.08%,
8/15/46(m)
|
|
110,000
|
73,150
|
|
MSBAM Commercial
Mortgage Securities
Trust, Series 2012-CKSV,
Class C, 4.28%,
10/15/30(c)(m)
|
|
100,000
|
65,530
|
|
Wells Fargo Commercial
Mortgage Trust, Series
2016-C36, Class C,
4.11%, 11/15/59(m)
|
|
45,000
|
38,985
|
|
WFRBS Commercial
Mortgage Trust,
|
|
|
|
|
Series 2011-C3, Class D,
5.85%, 3/15/44(c)(m)
|
|
56,647
|
18,412
|
|
Series 2012-C10, Class C,
4.31%, 12/15/45(m)
|
|
120,000
|
100,728
|
|
Total Mortgage-Backed Securities
(Cost $1,179,990)
|
966,438
|
||
|
|
|||
|
Term Loans – 3.1%(k)
|
|||
|
Asset Management – 0.6%
|
|||
|
Altera Corp., Term Loan B,
6/21/32(n)
|
|
330,000
|
330,412
|
|
Edelman Financial Engines
Center LLC, The 2024-2
Refinancing Term Loan,
(1M USD CME Term SOFR
+ 3.00%), 7.36%, 4/07/28
|
|
209,935
|
210,152
|
|
HighTower Holding LLC,
Amendment No. 10
Replacement Term Loan,
2/03/32(n)
|
|
112,122
|
112,122
|
|
HighTower Holding LLC,
Initial Term Loan, (3M
USD CME Term SOFR +
3.00%), 7.26%, 2/03/32
|
|
112,122
|
112,122
|
|
|
|
Par(b)
|
Value
|
|
Asset Management (Continued)
|
|||
|
Osaic Holdings, Inc., Initial
Term Loan, 7/30/32(n)
|
|
$49,093
|
$49,093
|
|
Russell Investments US
Institutional Holdco, Inc.,
2027 Term Loan,
5/30/27(n)
|
|
340,000
|
327,845
|
|
|
|
|
1,141,746
|
|
Chemicals – 0.1%
|
|||
|
Chemours Co., The Tranche
B-3 US$ Term Loan, (1M
USD CME Term SOFR +
3.00%, 0.50% Floor),
7.36%, 8/18/28
|
|
99,233
|
99,109
|
|
Commercial Support Services – 0.6%
|
|||
|
First Advantage
Holdings LLC, Term B-2
Loan, (1M USD CME Term
SOFR + 3.25%), 7.57%,
10/31/31
|
|
417,734
|
419,041
|
|
First Advantage
Holdings LLC, Term B-3
Loan, 10/31/31(n)
|
|
412,909
|
414,201
|
|
Ryan LLC, Closing Date
Initial Term Loan, (1M
USD CME Term SOFR +
3.50%, 0.50% Floor),
7.86%, 11/14/30
|
|
163,774
|
163,796
|
|
VT Topco, Inc., Second
Amendment Term Loan,
(1M USD CME Term SOFR
+ 3.00%, 0.50% Floor),
7.36%, 8/09/30
|
|
110,543
|
110,917
|
|
|
|
|
1,107,955
|
|
Consumer Cyclical – 0.1%
|
|||
|
Horizon Midco 2 Ltd., Term
B Loan, (3M USD CME
Term SOFR + 4.75%),
9.06%, 10/31/31
|
|
261,614
|
256,599
|
|
Diversified Industrials – 0.1%
|
|||
|
GrafTech Global
Enterprises, Inc., Delayed
Draw Term Loan,
12/21/29(n)(o)
|
|
70,299
|
71,704
|
|
GrafTech Global
Enterprises, Inc., Term
Loan, (1M USD CME Term
SOFR + 6.00%, 2.00%
Floor), 10.35%, 12/21/29
|
|
123,022
|
125,483
|
|
|
|
|
197,187
|
|
Health Care Facilities & Services – 0.2%
|
|||
|
Hanger, Inc., Delayed Draw
Term Loan,
|
|
|
|
|
10/23/31(o)
|
|
11,219
|
11,245
|
|
|
|
Par(b)
|
Value
|
|
Health Care Facilities & Services (Continued)
|
|||
|
Hanger, Inc., Delayed Draw
Term Loan,
|
|
|
|
|
(1M USD CME Term SOFR
+ 3.50%), 7.86%,
10/23/31
|
|
$1,975
|
$1,979
|
|
|
|||
|
Hanger, Inc., Initial Term
Loan, (1M USD CME Term
SOFR + 3.50%), 7.86%,
10/23/31
|
|
104,050
|
104,289
|
|
Inception Finco S.a.r.l.
Facility B-6, (3M USD
CME Term SOFR +
3.75%), 8.05%, 4/18/31
|
|
203,984
|
204,877
|
|
IVC Acquisition Ltd.,
Facility B-12, (3M USD
CME Term SOFR +
3.75%), 8.05%, 12/12/28
|
|
104,796
|
105,221
|
|
|
|
|
427,611
|
|
Insurance – 0.3%
|
|||
|
Amynta Agency
Borrower, Inc., (Amynta
Warranty Borrower, Inc.),
2025-1 Refinancing Term
Loan, 12/29/31(n)
|
|
277,903
|
277,973
|
|
Asurion LLC, New B-11
Term Loan, (1M USD CME
Term SOFR + 4.25%),
8.71%, 8/19/28
|
|
151,916
|
150,365
|
|
Truist Insurance
Holdings LLC, Initial Term
Loan, (3M USD CME Term
SOFR + 4.75%), 9.05%,
5/06/32
|
|
135,050
|
137,717
|
|
|
|
|
566,055
|
|
Internet Media & Services – 0.1%
|
|||
|
Stubhub Holdco Sub LLC,
Extended USD Term B
Loan, (1M USD CME Term
SOFR + 4.75%), 9.11%,
3/15/30
|
|
227,478
|
225,063
|
|
IT Services – 0.2%
|
|||
|
Fortress Intermediate 3,
Inc., Tranche B Term
Loan, (1M USD CME Term
SOFR + 3.00%), 7.32%,
6/27/31
|
|
304,462
|
304,462
|
|
Medical Equipment & Devices – 0.2%
|
|||
|
Bausch + Lomb Corp., Third
Amendment Term Loan,
(1M USD CME Term SOFR
+ 4.25%), 8.61%, 1/15/31
|
|
315,080
|
315,947
|
|
|
|
Par(b)
|
Value
|
|
Software – 0.1%
|
|||
|
GoTo Group, Inc., Exchange
First Out Term Loan, (3M
USD CME Term SOFR +
4.75%), 9.22%, 4/28/28
|
|
$73,442
|
$64,446
|
|
Project Alpha Intermediate
Holding, Inc., Second
Amendment Refinancing
Term Loan, (3M USD CME
Term SOFR + 3.25%,
0.50% Floor), 7.55%,
10/26/30
|
|
105,284
|
105,468
|
|
|
|
|
169,914
|
|
Specialty Finance – 0.2%
|
|||
|
Dechra Pharmaceuticals
Holdings Ltd., Facility
B-1, (6M USD CME Term
SOFR + 3.25%), 7.45%,
1/27/32
|
|
209,968
|
210,939
|
|
Mermaid Bidco, Inc.,
Facility B, (3M USD CME
Term SOFR + 3.25%),
7.51%, 7/03/31
|
|
179,547
|
179,597
|
|
|
|
|
390,536
|
|
Technology Hardware – 0.2%
|
|||
|
Commscope LLC, Initial
Term Loan, (1M USD CME
Term SOFR + 5.25%,
2.00% Floor), 9.61%,
12/17/29
|
|
352,997
|
358,535
|
|
Telecommunications – 0.1%
|
|||
|
Crown Subsea
Communications
Holding, Inc., 2024 Term
Loan Retired 07/15/2025,
(3M USD CME Term SOFR
+ 4.00%, 0.75% Floor),
8.33%, 1/30/31
|
|
104,735
|
105,346
|
|
Crown Subsea
Communications
Holding, Inc., 2025 Term
Loan, (3M USD CME Term
SOFR + 3.50%, 0.75%
Floor), 7.82%, 1/30/31
|
|
104,736
|
105,303
|
|
|
|
|
210,649
|
|
Total Term Loans
(Cost $5,748,435)
|
5,771,368
|
||
|
|
|||
|
U.S. Government Obligations – 0.4%
|
|||
|
U.S. Treasury Bonds – 0.1%
|
|||
|
5.00%, 5/15/45
|
|
72,400
|
73,463
|
|
4.63%, 2/15/55
|
|
39,100
|
37,457
|
|
|
|
|
110,920
|
|
U.S. Treasury Notes – 0.3%
|
|||
|
3.88%, 7/31/27
|
|
381,600
|
381,108
|
|
|
|
Par(b)
|
Value
|
|
U.S. Treasury Notes (Continued)
|
|||
|
3.88%, 7/15/28
|
|
$76,000
|
$75,976
|
|
3.88%, 6/30/30
|
|
35,000
|
34,874
|
|
3.88%, 7/31/30
|
|
60,100
|
59,884
|
|
4.00%, 7/31/32
|
|
18,800
|
18,639
|
|
4.25%, 5/15/35
|
|
48,400
|
47,977
|
|
|
|
|
618,458
|
|
Total U.S. Government Obligations
(Cost $729,426)
|
729,378
|
||
|
|
|
Number
of Shares
|
|
|
Warrants – 0.0%(a)
|
|||
|
Engineering & Construction – 0.0%(a)
|
|||
|
Mcdermott
International Ltd.(p)*
|
|
4,298
|
—
|
|
Mcdermott
International Ltd. (OTC
Exchange)(p)*
|
|
3,868
|
—
|
|
Total Warrants
(Cost $6,000)
|
—
|
||
|
|
|
Par(b)/Number
of Shares
|
|
|
Short-Term Investments – 6.0%
|
|||
|
Convertible Bonds – 0.0%(a)
|
|||
|
Sea Ltd., 2.38%, 12/01/25
|
|
26,000
|
45,045
|
|
|
|||
|
Spotify USA, Inc., 0.00%,
3/15/26(d)
|
|
13,000
|
16,426
|
|
|
|||
|
Tyler Technologies, Inc.,
0.25%, 3/15/26
|
|
20,000
|
24,170
|
|
|
|
|
85,641
|
|
Corporate Bonds – 0.3%
|
|||
|
DISH DBS Corp., 7.75%,
7/01/26
|
|
355,000
|
315,506
|
|
|
|||
|
Sempra, (5Y US Treasury
CMT + 4.55%), 4.88%,
10/15/25(i)(j)
|
|
91,000
|
90,570
|
|
|
|||
|
Travel + Leisure Co.,
6.63%, 7/31/26(c)
|
|
145,000
|
146,068
|
|
|
|||
|
United Airlines Pass
Through Trust, Series
2020-1, Class B, 4.88%,
1/15/26
|
|
35,375
|
35,317
|
|
|
|
|
587,461
|
|
Foreign Issuer Bonds – 1.7%
|
|||
|
Agile Group Holdings Ltd.,
6.05%, 10/13/25(f)
|
|
205,000
|
10,652
|
|
Egypt Treasury Bills,
|
|
|
|
|
22.91%, 9/09/25(q)
|
EGP
|
18,400,000
|
367,990
|
|
|
|
Par(b)/Number
of Shares
|
Value
|
|
Foreign Issuer Bonds (Continued)
|
|||
|
Egypt Treasury Bills,
|
|
|
|
|
24.24%, 9/16/25(q)
|
EGP
|
22,775,000
|
$453,017
|
|
23.18%, 10/14/25(q)
|
EGP
|
5,925,000
|
115,392
|
|
24.98%, 10/28/25(q)
|
EGP
|
9,850,000
|
189,890
|
|
|
|||
|
Ghana Government
International Bond,
0.00%, 7/03/26(d)
|
|
14,800
|
14,180
|
|
Nigeria OMO Bills,
|
|
|
|
|
24.15%, 8/19/25(q)
|
NGN
|
975,000,000
|
628,093
|
|
22.03%, 11/04/25(q)
|
NGN
|
1,193,000,000
|
729,179
|
|
22.26%, 12/02/25(q)
|
NGN
|
137,457,000
|
82,559
|
|
22.26%, 12/09/25(q)
|
NGN
|
209,884,000
|
127,005
|
|
20.75%, 3/17/26(q)
|
NGN
|
685,000,000
|
386,039
|
|
|
|||
|
Sunac China Holdings Ltd.,
6.00%, 9/30/25(c)(e)
|
|
18,607
|
2,457
|
|
|
|||
|
Times China Holdings Ltd.,
6.20%, 3/22/26(f)
|
|
215,000
|
7,202
|
|
|
|||
|
Zhenro Properties
Group Ltd., 6.63%,
1/07/26(f)
|
|
200,000
|
86
|
|
|
|
|
3,113,741
|
|
Money Market Fund – 3.4%
|
|||
|
Northern Institutional
Funds - Treasury Portfolio
(Premier),4.15%(r)
|
|
6,302,148
|
6,302,148
|
|
U.S. Treasury Bills – 0.6%
|
|||
|
U.S. Treasury Bills,
|
|
|
|
|
4.16%, 9/25/25(q)
|
|
870,000
|
864,285
|
|
4.18%, 10/09/25(q)(s)
|
|
330,000
|
327,310
|
|
|
|
|
1,191,595
|
|
Total Short-Term Investments
(Cost $11,693,852)
|
11,280,586
|
||
|
Number of
Contracts
|
Notional
Amount
|
Value
|
|
|
Purchased Options – 0.0%(a)
|
|||
|
Call Options - Over the Counter – 0.0%(a)
|
|||
|
U.S. Dollar vs. Euro, Strike
Price USD 1.18, Expires
11/05/25,
Counterparty: BNP Paribas
|
1
|
$1,627,119
(t)
|
$10,327
|
|
Total Purchased Options
(Premiums Paid $44,066)
|
10,327
|
||
|
Total Investments – 100.4%
(Cost $188,048,016)
|
187,920,486
|
||
|
Liabilities less Other Assets – (0.4)%(u)
|
(810,729
)
|
||
|
NET ASSETS – 100.0%
|
$187,109,757
|
||
|
Percentages shown are based on Net Assets.
|
|
|
|||
|
(a)
|
Amount rounds to less than 0.05%.
|
|
|
|
(b)
|
Par value is in USD unless otherwise indicated.
|
|
|
|
(c)
|
Securities 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. As of July 31, 2025,
these securities had a total value of $67,498,536 or 36.07%
of net assets.
|
|
|
|
(d)
|
Zero coupon bond.
|
|
|
|
(e)
|
Issuer has defaulted on terms of debt obligation.
|
|
|
|
(f)
|
Issuer has defaulted on terms of debt obligation. Income is not being accrued.
|
|
|
|
(g)
|
Distributions from this security are made via payments in-kind (PIK) unless otherwise
noted in the description.
|
|
|
|
(h)
|
When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.
|
|
|
|
(i)
|
Perpetual bond. Maturity date represents next call date.
|
|
|
|
(j)
|
Variable rate security. Security issued at a fixed coupon rate, which converts to
a variable rate at a future date. Rate as of July 31, 2025 is
disclosed.
|
|
|
|
(k)
|
Variable or floating rate security. Rate as of July 31, 2025 is disclosed.
|
|
|
|
(l)
|
Step coupon bond. Rate as of July 31, 2025 is disclosed.
|
|
|
|
(m)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments
on the underlying pool of assets. Rate as of July 31, 2025 is disclosed.
|
|
|
|
(n)
|
Position is unsettled. Contract rate was not determined at July 31, 2025 and does
not take effect until settlement date.
|
|
|
|
(o)
|
Unfunded loan commitment. As of July 31, 2025, total value of unfunded loan commitment
is $82,949.
|
|
|
|
(p)
|
Investment is valued using significant unobservable inputs (Level 3).
|
|
|
|
(q)
|
Discount rate at the time of purchase.
|
|
|
|
(r)
|
7-day current yield as of July 31, 2025 is disclosed.
|
|
|
|
(s)
|
All or a portion of the security was held as collateral for open futures, options,
securities sold short and/or swap agreements.
|
|
|
|
(t)
|
The notional amount is EUR.
|
|
|
|
(u)
|
Includes appreciation/(depreciation) on forward foreign currency exchange, futures
and swap contracts.
|
|
|
|
*
|
Non-Income Producing Security
|
|
|
|
Abbreviations:
|
|
1Y
|
1 Year
|
|
1M
|
1 Month
|
|
3M
|
3 Month
|
|
5Y
|
5 Year
|
|
6M
|
6 Month
|
|
ADR
|
American Depositary Receipt
|
|
BDC
|
Business Development Company
|
|
BRL
|
Brazilian Real
|
|
CDX
|
Credit Default Swap Index
|
|
CLP
|
Chilean Peso
|
|
CME
|
Chicago Mercantile Exchange
|
|
CMT
|
Constant Maturity
|
|
CNY
|
Chinese Offshore Yuan
|
|
COP
|
Colombian Peso
|
|
CZK
|
Czech Republic Koruna
|
|
EGP
|
Egyptian Pound
|
|
EUR
|
Euro
|
|
GMTN
|
Global Medium Term Note
|
|
HUF
|
Hungarian Forint
|
|
IDR
|
Indonesian Rupiah
|
|
INR
|
Indian Rupee
|
|
JSC
|
Joint Stock Company
|
|
L.P.
|
Limited Partnership
|
|
LIBOR
|
London Interbank Offered Rate
|
|
LLC
|
Limited Liability Company
|
|
MSCI
|
Morgan Stanley Capital International
|
|
MXN
|
Mexican Peso
|
|
MYR
|
Malaysian Ringgit
|
|
NGN
|
Nigerian Naira
|
|
PHP
|
Philippine Peso
|
|
PLC
|
Public Limited Company
|
|
PLN
|
Polish Zloty
|
|
REIT
|
Real Estate Investment Trust
|
|
RON
|
Romania New Leu
|
|
SOFR
|
United States Secured Overnight Financing Rate
|
|
THB
|
Thai Baht
|
|
TRY
|
Turkish Lira
|
|
USD
|
United States Dollar
|
|
ZAR
|
South African Rand
|
|
Futures Contracts outstanding at July 31, 2025:
Exchange Traded
|
|||||
|
|
|
|
|
|
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Trading
Currency
|
Notional
Amount
|
Value/
Unrealized
Appreciation
(Depreciation)
|
|
Long Contracts
|
|
|
|
|
|
|
U.S. Treasury Long Bond
|
17
|
9/19/2025
|
USD
|
1,941,187
|
$26,383
|
|
Ultra U.S. Treasury Bond
|
3
|
9/19/2025
|
USD
|
351,938
|
3,750
|
|
2-Year U.S. Treasury Note
|
51
|
9/30/2025
|
USD
|
10,556,203
|
(17,361
)
|
|
5-Year U.S. Treasury Note
|
2
|
9/30/2025
|
USD
|
216,344
|
406
|
|
Total Long Contracts
|
|
|
|
|
$13,178
|
|
Short Contracts
|
|
|
|
|
|
|
10-Year U.S. Treasury Note
|
(13
)
|
9/19/2025
|
USD
|
1,443,812
|
$(3,391
)
|
|
U.S. Treasury Long Bond
|
(7
)
|
9/19/2025
|
USD
|
799,312
|
(15,733
)
|
|
Ultra 10-Year U.S. Treasury Note
|
(52
)
|
9/19/2025
|
USD
|
5,880,063
|
(65,284
)
|
|
Ultra U.S. Treasury Bond
|
(1
)
|
9/19/2025
|
USD
|
117,313
|
(1,883
)
|
|
5-Year U.S. Treasury Note
|
(6
)
|
9/30/2025
|
USD
|
649,031
|
797
|
|
Total Short Contracts
|
|
|
|
|
$(85,494
)
|
|
|
|
|
|
|
$(72,316
)
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
|
|
|
|
|
|
|
|
10/27/25
|
Brazilian Reals
|
6,611,900
|
U.S. Dollars
|
1,109,100
|
JPMorgan Chase
|
$45,527
|
|
8/11/25
|
Mexican Pesos
|
14,785,400
|
U.S. Dollars
|
744,497
|
BNP Paribas
|
38,294
|
|
8/29/25
|
U.S. Dollars
|
736,228
|
Philippine Pesos
|
41,128,629
|
Barclays
|
30,448
|
|
10/07/25
|
U.S. Dollars
|
776,300
|
Colombian Pesos
|
3,154,106,900
|
Bank of America
|
28,423
|
|
8/14/25
|
U.S. Dollars
|
1,000,002
|
Hungarian Forints
|
341,115,400
|
Bank of America
|
27,473
|
|
9/23/25
|
Egyptian Pounds
|
19,182,240
|
U.S. Dollars
|
363,300
|
Morgan Stanley
|
19,810
|
|
8/07/25
|
U.S. Dollars
|
642,698
|
Hungarian Forints
|
219,490,300
|
Morgan Stanley
|
16,689
|
|
9/16/25
|
South Korean Won
|
1,297,486,197
|
U.S. Dollars
|
920,073
|
Barclays
|
12,465
|
|
9/16/25
|
U.S. Dollars
|
1,311,032
|
Thai Baht
|
42,389,689
|
Bank of America
|
8,870
|
|
8/29/25
|
U.S. Dollars
|
231,731
|
Philippine Pesos
|
13,108,408
|
BNP Paribas
|
6,787
|
|
9/26/25
|
U.S. Dollars
|
341,400
|
Colombian Pesos
|
1,413,296,994
|
BNP Paribas
|
5,868
|
|
10/14/25
|
U.S. Dollars
|
387,465
|
Singapore Dollars
|
492,810
|
Barclays
|
5,671
|
|
9/26/25
|
U.S. Dollars
|
197,954
|
Colombian Pesos
|
810,595,630
|
Barclays
|
5,510
|
|
10/27/25
|
U.S. Dollars
|
777,379
|
Brazilian Reals
|
4,426,787
|
Barclays
|
4,336
|
|
10/14/25
|
U.S. Dollars
|
383,362
|
Singapore Dollars
|
489,994
|
Bank of America
|
3,749
|
|
9/08/25
|
Turkish Lira
|
13,441,869
|
U.S. Dollars
|
317,100
|
Morgan Stanley
|
2,385
|
|
8/18/25
|
U.S. Dollars
|
371,654
|
Singapore Dollars
|
480,843
|
Bank of America
|
785
|
|
8/18/25
|
Malaysian Ringgit
|
1,587,156
|
U.S. Dollars
|
371,656
|
Barclays
|
479
|
|
Total Unrealized Appreciation
|
$263,569
|
|||||
|
|
|
|
|
|
|
|
|
8/22/25
|
Indonesian Rupiahs
|
2,769,290,608
|
U.S. Dollars
|
168,070
|
Barclays
|
$(223
)
|
|
9/16/25
|
Thai Baht
|
19,125,089
|
U.S. Dollars
|
587,831
|
Bank of America
|
(330
)
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
9/09/25
|
Polish Zloty
|
1,844,319
|
U.S. Dollars
|
492,557
|
Morgan Stanley
|
$(765
)
|
|
8/29/25
|
Philippine Pesos
|
13,083,900
|
U.S. Dollars
|
229,725
|
BNP Paribas
|
(5,201
)
|
|
9/08/25
|
Malaysian Ringgit
|
2,629,168
|
U.S. Dollars
|
621,920
|
Morgan Stanley
|
(5,251
)
|
|
8/22/25
|
Indonesian Rupiahs
|
12,062,158,784
|
U.S. Dollars
|
737,071
|
Morgan Stanley
|
(5,983
)
|
|
9/08/25
|
Thai Baht
|
49,120,560
|
U.S. Dollars
|
1,515,973
|
Barclays
|
(8,095
)
|
|
9/16/25
|
South Korean Won
|
513,904,500
|
U.S. Dollars
|
378,149
|
Bank of America
|
(8,793
)
|
|
9/23/25
|
U.S. Dollars
|
374,215
|
Egyptian Pounds
|
19,182,240
|
Morgan Stanley
|
(8,896
)
|
|
10/10/25
|
Chilean Pesos
|
585,286,308
|
U.S. Dollars
|
615,443
|
JPMorgan Chase
|
(13,651
)
|
|
10/14/25
|
Indian Rupees
|
66,188,250
|
U.S. Dollars
|
767,716
|
Barclays
|
(14,442
)
|
|
9/26/25
|
Colombian Pesos
|
2,223,892,624
|
U.S. Dollars
|
543,740
|
Barclays
|
(15,764
)
|
|
9/16/25
|
Japanese Yen
|
54,299,000
|
U.S. Dollars
|
379,666
|
Bank of America
|
(17,617
)
|
|
8/07/25
|
Euro
|
540,000
|
U.S. Dollars
|
634,618
|
Morgan Stanley
|
(18,074
)
|
|
9/08/25
|
U.S. Dollars
|
294,907
|
Turkish Lira
|
13,441,869
|
JPMorgan Chase
|
(24,578
)
|
|
8/14/25
|
Euro
|
843,600
|
U.S. Dollars
|
989,901
|
BNP Paribas
|
(26,260
)
|
|
9/16/25
|
Japanese Yen
|
135,492,453
|
U.S. Dollars
|
929,719
|
Barclays
|
(26,297
)
|
|
9/16/25
|
U.S. Dollars
|
1,832,977
|
Thai Baht
|
60,649,580
|
BNP Paribas
|
(30,110
)
|
|
10/27/25
|
U.S. Dollars
|
1,116,056
|
Brazilian Reals
|
6,611,900
|
BNP Paribas
|
(38,571
)
|
|
10/27/25
|
U.S. Dollars
|
1,109,100
|
Mexican Pesos
|
22,265,182
|
Morgan Stanley
|
(59,825
)
|
|
Total Unrealized Depreciation
|
$(328,726
)
|
|||||
|
Net Unrealized Depreciation
|
$(65,157
)
|
|||||
|
Reference Obligation
|
Fixed
Deal
Pay Rate
|
Maturity
Date
|
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid/
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
Markit CDX North America Investment Grade Index Series
44 (Pay Quarterly)
|
1.00%
|
6/20/2030
|
|
USD
|
1,016,000
|
$(23,198
)
|
$(17,289
)
|
$(5,909
)
|
|
Total
|
|
|
|
|
|
$(23,198
)
|
$(17,289
)
|
$(5,909
)
|
|
Morningstar Multisector Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Investments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Common Stocks
|
$2,765,131
|
$—
|
$—
|
$2,765,131
|
|
Convertible Bonds
|
—
|
1,467,189
|
—
|
1,467,189
|
|
Convertible Preferred Stocks
|
142,209
|
—
|
—
|
142,209
|
|
Morningstar Multisector Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Corporate Bonds
|
$256,675
|
$79,036,338
|
$—
|
$79,293,013
|
|
Foreign Government Inflation-Linked Bonds
|
—
|
1,439,887
|
—
|
1,439,887
|
|
Foreign Issuer Bonds
|
—
|
84,054,960
|
—
|
84,054,960
|
|
Mortgage-Backed Securities
|
—
|
966,438
|
—
|
966,438
|
|
Term Loans
|
—
|
5,771,368
|
—
|
5,771,368
|
|
U.S. Government Obligations
|
—
|
729,378
|
—
|
729,378
|
|
Warrants
|
—
|
—
|
—
*
|
—
|
|
Short-Term Investments
|
6,302,148
|
4,978,438
|
—
|
11,280,586
|
|
Purchased Options
|
—
|
10,327
|
—
|
10,327
|
|
Total Investments
|
$9,466,163
|
$178,454,323
|
$—
|
$187,920,486
|
|
*Includes securities determined to have no value as of July 31, 2025.
|
|
Morningstar Multisector Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Derivative Financial Instruments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Futures Contracts
|
$31,336
|
$—
|
$—
|
$31,336
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
263,569
|
—
|
263,569
|
|
Total Assets - Derivative Financial Instruments
|
$31,336
|
$263,569
|
$—
|
$294,905
|
|
Liabilities:
|
|
|
|
|
|
Futures Contracts
|
$(103,652
)
|
$—
|
$—
|
$(103,652
)
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
(328,726
)
|
—
|
(328,726
)
|
|
Swap Contracts
|
—
|
(5,909
)
|
—
|
(5,909
)
|
|
Total Liabilities - Derivative Financial
Instruments
|
$(103,652
)
|
$(334,635
)
|
$—
|
$(438,287
)
|
|
Net Derivative Financial Instruments
|
$(72,316
)
|
$(71,066
)
|
$—
|
$(143,382
)
|
|
|
|
Number
of Shares
|
Value
|
|
Common Stocks – 41.9%
|
|||
|
Advertising & Marketing – 1.6%
|
|||
|
Dentsu Group, Inc.
(Japan)(a)
|
|
3,400
|
$67,050
|
|
Omnicom Group, Inc.(a)
|
|
72,920
|
5,253,886
|
|
WPP PLC (United Kingdom)
|
|
3,737
|
20,234
|
|
|
|
|
5,341,170
|
|
Aerospace & Defense – 0.1%
|
|||
|
BAE Systems PLC (United
Kingdom)
|
|
4,944
|
117,967
|
|
Rolls-Royce Holdings PLC
(United Kingdom)
|
|
8,332
|
118,256
|
|
|
|
|
236,223
|
|
Apparel & Textile Products – 0.4%
|
|||
|
Burberry Group PLC (United
Kingdom)*
|
|
1,637
|
27,768
|
|
Cie Financiere Richemont
S.A., Class A
(Switzerland)(b)
|
|
595
|
97,149
|
|
Kering S.A. (France)
|
|
1,066
|
261,752
|
|
LVMH Moet Hennessy
Louis Vuitton S.E. (France)
|
|
657
|
352,686
|
|
NIKE, Inc., Class B
|
|
2,496
|
186,426
|
|
Puma S.E. (Germany)
|
|
6,637
|
140,296
|
|
PVH Corp.
|
|
808
|
59,323
|
|
Samsonite Group S.A.(c)
|
|
94,200
|
192,141
|
|
Swatch Group (The) A.G.
(Bearer) (Switzerland)
|
|
735
|
129,990
|
|
|
|
|
1,447,531
|
|
Asset Management – 0.0%(d)
|
|||
|
3i Group PLC (United
Kingdom)
|
|
893
|
48,795
|
|
St. James's Place PLC
(United Kingdom)
|
|
1,650
|
28,398
|
|
|
|
|
77,193
|
|
Automotive – 0.6%
|
|||
|
Bayerische Motoren Werke
A.G. (Germany)
|
|
941
|
89,538
|
|
Bridgestone Corp. (Japan)
|
|
7,200
|
291,242
|
|
Denso Corp. (Japan)
|
|
9,600
|
130,247
|
|
Honda Motor Co. Ltd.
(Japan)
|
|
33,800
|
349,928
|
|
Nissan Motor Co. Ltd.
(Japan)(a)*
|
|
22,600
|
47,919
|
|
Stanley Electric Co. Ltd.
(Japan)
|
|
8,400
|
158,420
|
|
Sumitomo Electric
Industries Ltd. (Japan)
|
|
3,700
|
91,814
|
|
|
|
Number
of Shares
|
Value
|
|
Automotive (Continued)
|
|||
|
Toyota Motor Corp. (Japan)
|
|
35,600
|
$633,239
|
|
Volkswagen A.G.
(Germany)
|
|
1,214
|
129,466
|
|
|
|
|
1,921,813
|
|
Banking – 0.6%
|
|||
|
Barclays PLC (United
Kingdom)
|
|
17,692
|
86,479
|
|
HSBC Holdings PLC (United
Kingdom)
|
|
29,358
|
357,668
|
|
Lloyds Banking Group PLC
(United Kingdom)
|
|
108,650
|
111,415
|
|
Mitsubishi UFJ Financial
Group, Inc. (Japan)
|
|
33,400
|
460,345
|
|
Mizuho Financial
Group, Inc. (Japan)
|
|
5,400
|
158,391
|
|
NatWest Group PLC
(United Kingdom)
|
|
9,313
|
64,647
|
|
Resona Holdings, Inc.
(Japan)
|
|
8,300
|
75,563
|
|
Standard Chartered PLC
(United Kingdom)
|
|
4,583
|
82,159
|
|
Sumitomo Mitsui Financial
Group, Inc. (Japan)
|
|
16,400
|
413,716
|
|
Sumitomo Mitsui Trust
Group, Inc. (Japan)
|
|
8,800
|
230,690
|
|
|
|
|
2,041,073
|
|
Beverages – 0.7%
|
|||
|
Asahi Group Holdings Ltd.
(Japan)
|
|
12,700
|
161,113
|
|
Brown-Forman Corp.,
Class B(a)
|
|
11,805
|
340,574
|
|
Constellation Brands, Inc.,
Class A
|
|
1,108
|
185,080
|
|
Diageo PLC (United
Kingdom)
|
|
53,887
|
1,306,090
|
|
Kirin Holdings Co. Ltd.
(Japan)
|
|
10,800
|
142,319
|
|
|
|
|
2,135,176
|
|
Biotechnology & Pharmaceuticals – 0.4%
|
|||
|
Astellas Pharma, Inc.
(Japan)
|
|
15,500
|
160,714
|
|
AstraZeneca PLC (United
Kingdom)
|
|
2,715
|
396,096
|
|
Chugai Pharmaceutical Co.
Ltd. (Japan)
|
|
2,600
|
124,636
|
|
Daiichi Sankyo Co. Ltd.
(Japan)
|
|
12,100
|
296,836
|
|
GSK PLC
|
|
8,570
|
157,637
|
|
|
|
Number
of Shares
|
Value
|
|
Biotechnology & Pharmaceuticals (Continued)
|
|||
|
Ono Pharmaceutical Co.
Ltd. (Japan)
|
|
6,800
|
$76,043
|
|
Takeda Pharmaceutical Co.
Ltd. (Japan)
|
|
7,700
|
211,517
|
|
|
|
|
1,423,479
|
|
Cable & Satellite – 0.2%
|
|||
|
Comcast Corp., Class A
|
|
21,233
|
705,573
|
|
Chemicals – 0.2%
|
|||
|
Nitto Denko Corp. (Japan)
|
|
4,000
|
82,776
|
|
Shin-Etsu Chemical Co.
Ltd. (Japan)
|
|
11,200
|
322,301
|
|
Toray Industries, Inc.
(Japan)
|
|
11,800
|
80,710
|
|
|
|
|
485,787
|
|
Commercial Support Services – 3.5%
|
|||
|
Compass Group PLC
(United Kingdom)
|
|
2,460
|
86,443
|
|
H&R Block, Inc.
|
|
78,131
|
4,245,639
|
|
Recruit Holdings Co. Ltd.
(Japan)
|
|
4,500
|
266,990
|
|
RELX PLC (United Kingdom)
|
|
2,930
|
152,246
|
|
Rentokil Initial PLC (United
Kingdom)
|
|
620,871
|
3,097,183
|
|
Secom Co. Ltd. (Japan)
|
|
72,615
|
2,607,840
|
|
SGS S.A. (Switzerland)(b)
|
|
8,115
|
824,593
|
|
|
|
|
11,280,934
|
|
Diversified Industrials – 0.1%
|
|||
|
Hitachi Ltd. (Japan)
|
|
13,400
|
410,049
|
|
Sumitomo Heavy
Industries Ltd. (Japan)
|
|
2,800
|
62,010
|
|
|
|
|
472,059
|
|
E-Commerce Discretionary – 0.9%
|
|||
|
Alibaba Group Holding Ltd.
(China)
|
|
115,300
|
1,733,510
|
|
JD.com, Inc., Class A
(China)
|
|
53,050
|
836,171
|
|
PDD Holdings, Inc. (China)*
|
|
3,904
|
442,909
|
|
Wayfair, Inc., Class A*
|
|
1,000
|
65,640
|
|
|
|
|
3,078,230
|
|
Electric Utilities – 0.9%
|
|||
|
Chubu Electric Power Co.,
Inc. (Japan)
|
|
6,500
|
79,500
|
|
National Grid PLC (United
Kingdom)
|
|
188,150
|
2,643,900
|
|
SSE PLC (United Kingdom)
|
|
2,837
|
69,541
|
|
|
|
|
2,792,941
|
|
|
|
Number
of Shares
|
Value
|
|
Electrical Equipment – 0.2%
|
|||
|
Daikin Industries Ltd.
(Japan)
|
|
1,900
|
$233,616
|
|
Mitsubishi Electric Corp.
(Japan)
|
|
12,100
|
272,156
|
|
|
|
|
505,772
|
|
Entertainment Content – 0.8%
|
|||
|
NetEase, Inc. (China)
|
|
23,000
|
601,272
|
|
Netflix, Inc.*
|
|
844
|
978,534
|
|
Nexon Co. Ltd. (Japan)
|
|
5,100
|
93,320
|
|
Square Enix Holdings Co.
Ltd. (Japan)
|
|
1,300
|
87,888
|
|
Walt Disney (The) Co.
|
|
6,783
|
807,923
|
|
|
|
|
2,568,937
|
|
Food – 0.1%
|
|||
|
MEIJI Holdings Co. Ltd.
(Japan)
|
|
6,600
|
133,458
|
|
Yamazaki Baking Co. Ltd.
(Japan)
|
|
4,086
|
87,287
|
|
|
|
|
220,745
|
|
Gas & Water Utilities – 3.0%
|
|||
|
Osaka Gas Co. Ltd. (Japan)
|
|
3,700
|
93,615
|
|
Severn Trent PLC (United
Kingdom)(a)
|
|
98,524
|
3,454,975
|
|
Snam S.p.A. (Italy)
|
|
593,124
|
3,437,314
|
|
United Utilities Group PLC
(United Kingdom)
|
|
176,106
|
2,628,885
|
|
|
|
|
9,614,789
|
|
Health Care Facilities & Services – 0.3%
|
|||
|
Alfresa Holdings Corp.
(Japan)
|
|
5,400
|
78,386
|
|
Henry Schein, Inc.(a)*
|
|
11,650
|
788,123
|
|
|
|
|
866,509
|
|
Home Construction – 0.0%(d)
|
|||
|
Berkeley Group Holdings
PLC (United Kingdom)
|
|
548
|
26,354
|
|
Sekisui House Ltd. (Japan)
|
|
2,861
|
60,015
|
|
|
|
|
86,369
|
|
Household Products – 1.0%
|
|||
|
Estee Lauder (The) Cos.,
Inc., Class A
|
|
1,403
|
130,956
|
|
Haleon PLC
|
|
10,390
|
48,736
|
|
Kao Corp. (Japan)
|
|
5,100
|
229,482
|
|
Reckitt Benckiser Group
PLC (United Kingdom)
|
|
1,957
|
146,669
|
|
Unicharm Corp. (Japan)
|
|
371,100
|
2,566,954
|
|
Unilever PLC (London
Exchange) (United
Kingdom)
|
|
4,481
|
259,990
|
|
|
|
|
3,382,787
|
|
|
|
Number
of Shares
|
Value
|
|
Industrial Support Services – 0.0%(d)
|
|||
|
Ashtead Group PLC (United
Kingdom)
|
|
630
|
$42,091
|
|
Institutional Financial Services – 0.1%
|
|||
|
Daiwa Securities
Group, Inc. (Japan)(a)
|
|
11,000
|
76,581
|
|
Japan Exchange
Group, Inc. (Japan)
|
|
5,600
|
54,725
|
|
London Stock Exchange
Group PLC (United
Kingdom)
|
|
667
|
81,304
|
|
|
|
|
212,610
|
|
Insurance – 0.2%
|
|||
|
Aviva PLC (United
Kingdom)
|
|
5,363
|
45,821
|
|
Dai-ichi Life Holdings, Inc.
(Japan)
|
|
20,000
|
158,244
|
|
Legal & General Group PLC
(United Kingdom)
|
|
10,687
|
36,155
|
|
MS&AD Insurance Group
Holdings, Inc. (Japan)
|
|
5,900
|
126,060
|
|
Prudential PLC (Hong Kong)
|
|
8,517
|
108,048
|
|
Sompo Holdings, Inc.
(Japan)
|
|
2,100
|
61,923
|
|
Tokio Marine Holdings, Inc.
(Japan)
|
|
5,700
|
228,872
|
|
|
|
|
765,123
|
|
Internet Media & Services – 4.5%
|
|||
|
Alphabet, Inc., Class A
|
|
27,661
|
5,308,146
|
|
Baidu, Inc., Class A
(China)*
|
|
83,250
|
910,866
|
|
Meituan, Class B (China)(c)*
|
|
52,870
|
815,655
|
|
Meta Platforms, Inc.,
Class A
|
|
5,226
|
4,041,997
|
|
Tencent Holdings Ltd.
(China)
|
|
28,700
|
2,009,351
|
|
Tencent Music
Entertainment Group ADR
(China)
|
|
30,623
|
642,777
|
|
Trip.com Group Ltd. (China)
|
|
15,050
|
934,341
|
|
|
|
|
14,663,133
|
|
IT Services – 0.5%
|
|||
|
Cognizant Technology
Solutions Corp., Class A
|
|
21,054
|
1,510,835
|
|
Leisure Facilities & Services – 3.0%
|
|||
|
Brightstar Lottery PLC(a)
|
|
375,443
|
5,571,574
|
|
Entain PLC (United
Kingdom)
|
|
2,131
|
28,617
|
|
FDJ UNITED (France)
|
|
127,020
|
3,961,990
|
|
|
|
Number
of Shares
|
Value
|
|
Leisure Facilities & Services (Continued)
|
|||
|
InterContinental Hotels
Group PLC (United
Kingdom)
|
|
267
|
$30,716
|
|
Las Vegas Sands Corp.
|
|
679
|
35,579
|
|
|
|
|
9,628,476
|
|
Leisure Products – 0.1%
|
|||
|
Hasbro, Inc.
|
|
815
|
61,256
|
|
Mattel, Inc.*
|
|
7,239
|
123,135
|
|
Shimano, Inc. (Japan)
|
|
800
|
87,517
|
|
|
|
|
271,908
|
|
Machinery – 0.3%
|
|||
|
FANUC Corp. (Japan)
|
|
9,300
|
258,884
|
|
Keyence Corp. (Japan)
|
|
500
|
180,866
|
|
Komatsu Ltd. (Japan)
|
|
4,300
|
138,537
|
|
Nabtesco Corp. (Japan)
|
|
4,138
|
76,124
|
|
SMC Corp. (Japan)
|
|
600
|
208,784
|
|
Smiths Group PLC (United
Kingdom)
|
|
1,296
|
40,145
|
|
|
|
|
903,340
|
|
Medical Equipment & Devices – 2.9%
|
|||
|
Baxter International, Inc.
|
|
123,561
|
2,688,687
|
|
Becton Dickinson & Co.
|
|
12,757
|
2,273,935
|
|
DENTSPLY SIRONA, Inc.
|
|
268,477
|
3,841,906
|
|
FUJIFILM Holdings Corp.
(Japan)
|
|
5,900
|
122,379
|
|
Hoya Corp. (Japan)
|
|
1,800
|
227,093
|
|
Olympus Corp. (Japan)
|
|
15,800
|
188,764
|
|
Smith & Nephew PLC
(United Kingdom)
|
|
2,930
|
44,779
|
|
|
|
|
9,387,543
|
|
Metals & Mining – 0.2%
|
|||
|
Anglo American PLC
(South Africa)
|
|
1,649
|
46,400
|
|
Cameco Corp. (Canada)
|
|
4,657
|
349,645
|
|
Glencore PLC (Australia)*
|
|
23,148
|
92,900
|
|
Rio Tinto PLC (Australia)
|
|
2,488
|
148,184
|
|
Sumitomo Metal
Mining Co. Ltd. (Japan)(a)
|
|
3,200
|
70,385
|
|
Valterra Platinum Ltd.
(South Africa)
|
|
191
|
8,526
|
|
|
|
|
716,040
|
|
Oil & Gas Supply Chain – 4.2%
|
|||
|
BP PLC
|
|
287,981
|
1,543,660
|
|
Canadian Natural
Resources Ltd. (Canada)
|
|
20,643
|
653,437
|
|
Cenovus Energy, Inc.
(Canada)
|
|
17,446
|
265,543
|
|
Chevron Corp.
|
|
3,474
|
526,797
|
|
|
|
Number
of Shares
|
Value
|
|
Oil & Gas Supply Chain (Continued)
|
|||
|
China Petroleum &
Chemical Corp., Class H
(China)
|
|
518,250
|
$304,121
|
|
ENEOS Holdings, Inc.
(Japan)
|
|
15,600
|
81,879
|
|
Eni S.p.A. (Italy)
|
|
32,903
|
561,567
|
|
Equinor ASA (Norway)
|
|
15,399
|
395,563
|
|
Exxon Mobil Corp.
|
|
6,612
|
738,164
|
|
Galp Energia SGPS S.A.
(Portugal)
|
|
6,650
|
126,983
|
|
Gazprom PJSC (Russia)(e)*
|
|
100,532
|
—
|
|
Imperial Oil Ltd. (Canada)
|
|
1,610
|
134,240
|
|
Inpex Corp. (Japan)
|
|
27,700
|
394,414
|
|
LUKOIL PJSC (Russia)(e)
|
|
3,271
|
—
|
|
Neste OYJ (Finland)
|
|
7,553
|
119,206
|
|
Petroleo Brasileiro S.A. -
Petrobras ADR (Brazil)
|
|
69,278
|
882,602
|
|
Repsol S.A. (Spain)
|
|
27,388
|
415,251
|
|
Rosneft Oil Co. PJSC
(Russia)(e)
|
|
48,304
|
—
|
|
Santos Ltd. (Australia)
|
|
71,076
|
357,647
|
|
Shell PLC
|
|
88,104
|
3,165,852
|
|
Suncor Energy, Inc.
(Canada)
|
|
13,288
|
524,097
|
|
TotalEnergies S.E. (France)
|
|
30,368
|
1,805,849
|
|
Woodside Energy
Group Ltd. (Australia)
|
|
33,483
|
566,612
|
|
|
|
|
13,563,484
|
|
Publishing & Broadcasting – 0.0%(d)
|
|||
|
Informa PLC (United
Kingdom)
|
|
3,132
|
35,815
|
|
Real Estate Owners & Developers – 0.1%
|
|||
|
Mitsubishi Estate Co. Ltd.
(Japan)
|
|
15,100
|
282,709
|
|
Mitsui Fudosan Co. Ltd.
(Japan)
|
|
7,100
|
63,462
|
|
Sumitomo Realty &
Development Co. Ltd.
(Japan)
|
|
2,100
|
76,711
|
|
|
|
|
422,882
|
|
Retail - Consumer Staples – 0.2%
|
|||
|
Alibaba Health Information
Technology Ltd. (China)*
|
|
632,000
|
391,927
|
|
Seven & i Holdings Co. Ltd.
(Japan)
|
|
10,100
|
133,151
|
|
Tesco PLC (United
Kingdom)
|
|
15,527
|
87,237
|
|
|
|
|
612,315
|
|
|
|
Number
of Shares
|
Value
|
|
Retail - Discretionary – 0.1%
|
|||
|
Fast Retailing Co. Ltd.
(Japan)
|
|
600
|
$183,018
|
|
RH*
|
|
148
|
30,432
|
|
|
|
|
213,450
|
|
Semiconductors – 0.1%
|
|||
|
Tokyo Electron Ltd. (Japan)
|
|
2,200
|
349,753
|
|
Software – 0.8%
|
|||
|
Nice Ltd. ADR (Israel)(a)*
|
|
16,823
|
2,625,229
|
|
Specialty Finance – 5.4%
|
|||
|
Edenred S.E. (France)
|
|
146,018
|
4,169,999
|
|
Experian PLC
|
|
1,385
|
72,977
|
|
Fiserv, Inc.*
|
|
30,831
|
4,283,659
|
|
Nexi SpA (Italy)(c)
|
|
902,416
|
5,153,012
|
|
ORIX Corp. (Japan)
|
|
5,400
|
121,300
|
|
PayPal Holdings, Inc.*
|
|
39,966
|
2,748,062
|
|
Visa, Inc., Class A
|
|
2,336
|
807,018
|
|
|
|
|
17,356,027
|
|
Steel – 0.1%
|
|||
|
Mitsui & Co. Ltd. (Japan)
|
|
14,500
|
295,171
|
|
Technology Hardware – 0.5%
|
|||
|
Casio Computer Co. Ltd.
(Japan)
|
|
9,400
|
74,470
|
|
Kyocera Corp. (Japan)
|
|
11,600
|
136,931
|
|
Murata Manufacturing Co.
Ltd. (Japan)
|
|
19,900
|
296,193
|
|
Nidec Corp. (Japan)
|
|
7,600
|
145,816
|
|
Nintendo Co. Ltd. (Japan)
|
|
3,400
|
284,168
|
|
Panasonic Holdings Corp.
(Japan)
|
|
12,500
|
118,241
|
|
Sony Group Corp. (Japan)
|
|
23,200
|
558,037
|
|
TDK Corp. (Japan)
|
|
12,800
|
155,942
|
|
|
|
|
1,769,798
|
|
Telecommunications – 1.6%
|
|||
|
BT Group PLC (United
Kingdom)
|
|
13,201
|
36,053
|
|
KDDI Corp. (Japan)
|
|
13,800
|
226,480
|
|
NTT, Inc. (Japan)
|
|
131,600
|
132,898
|
|
SES S.A. (Luxembourg)
|
|
443,344
|
3,048,745
|
|
Softbank Corp. (Japan)
|
|
59,000
|
85,246
|
|
SoftBank Group Corp.
(Japan)
|
|
5,600
|
427,610
|
|
T-Mobile U.S., Inc.
|
|
1,096
|
261,297
|
|
Verizon
Communications, Inc.
|
|
21,532
|
920,708
|
|
Vodafone Group PLC
(United Kingdom)
|
|
62,166
|
67,400
|
|
|
|
|
5,206,437
|
|
|
|
Number
of Shares
|
Value
|
|
Tobacco & Cannabis – 0.1%
|
|||
|
British American Tobacco
PLC (United Kingdom)
|
|
4,917
|
$263,440
|
|
Transportation & Logistics – 0.1%
|
|||
|
East Japan Railway Co.
(Japan)
|
|
9,500
|
203,625
|
|
Wholesale - Consumer Staples – 0.2%
|
|||
|
ITOCHU Corp. (Japan)
|
|
6,200
|
325,206
|
|
Mitsubishi Corp. (Japan)
|
|
14,700
|
289,934
|
|
|
|
|
615,140
|
|
Wholesale - Discretionary – 1.0%
|
|||
|
Bunzl PLC (United
Kingdom)
|
|
112,961
|
3,352,397
|
|
Total Common Stocks
(Cost $133,988,510)
|
135,671,152
|
||
|
|
|||
|
Preferred Stocks – 1.1%
|
|||
|
Automotive – 0.0%(d)
|
|||
|
Dr. Ing hc F Porsche A.G.,
3.35%(c)(f)
|
|
2,587
|
131,178
|
|
Household Products – 1.1%
|
|||
|
Henkel A.G. & Co. KGaA,
3.02%(f)
|
|
43,946
|
3,386,441
|
|
Total Preferred Stocks
(Cost $3,643,150)
|
3,517,619
|
||
|
|
|||
|
Investment Companies – 55.0%
|
|||
|
Fidelity MSCI Information
Technology Index ETF(a)
|
|
115,979
|
23,861,520
|
|
Franklin FTSE Brazil ETF
|
|
193,866
|
3,223,061
|
|
iShares Global Consumer
Staples ETF
|
|
293,821
|
18,734,027
|
|
|
|
Number
of Shares
|
Value
|
|
|
|||
|
iShares MSCI South Korea
ETF (South Korea)(a)
|
|
67,909
|
$4,944,454
|
|
Schwab Fundamental
Emerging Markets Equity
ETF(a)
|
|
561,672
|
18,754,228
|
|
Schwab U.S. REIT ETF
|
|
434,912
|
9,102,708
|
|
SPDR Portfolio S&P 600
Small Cap ETF
|
|
225,188
|
9,678,580
|
|
VanEck Morningstar Wide
Moat ETF(a)
|
|
77,770
|
7,528,914
|
|
Vanguard Health Care ETF
|
|
51,479
|
12,431,149
|
|
Vanguard Total Stock
Market ETF(a)
|
|
225,678
|
70,161,033
|
|
Total Investment Companies
(Cost $150,054,112)
|
178,419,674
|
||
|
|
|||
|
Short-Term Investments – 13.3%
|
|||
|
Money Market Funds – 13.3%
|
|||
|
Northern Institutional
Funds - Liquid Assets
Portfolio, 4.37%(g)(h)
|
|
36,567,138
|
36,567,138
|
|
|
|||
|
Northern Institutional
Funds - Treasury Portfolio
(Premier), 4.15%(g)
|
|
6,496,105
|
6,496,105
|
|
Total Short-Term Investments
(Cost $43,063,243)
|
43,063,243
|
||
|
Total Investments – 111.3%
(Cost $330,749,015)
|
360,671,688
|
||
|
Liabilities less Other Assets – (11.3)%
|
(36,551,024
)
|
||
|
NET ASSETS – 100.0%
|
$324,120,664
|
||
|
Percentages shown are based on Net Assets.
|
|
All securities are United States companies, unless noted otherwise in parentheses.
|
|||
|
(a)
|
Security either partially or fully on loan. As of July 31, 2025, the total value of
securities on loan is $47,943,220.
|
|
|
|
(b)
|
Security sold outside United States without registration under the Securities Act
of 1933.
|
|
|
|
(c)
|
Securities 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. As of July 31, 2025,
these securities had a total value of $6,291,986 or 1.94% of
net assets.
|
|
|
|
(d)
|
Amount rounds to less than 0.05%.
|
|
|
|
(e)
|
Investment is valued using significant unobservable inputs (Level 3).
|
|
|
|
(f)
|
Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
|
|
|
|
(g)
|
7-day current yield as of July 31, 2025 is disclosed.
|
|
|
|
(h)
|
Security purchased with the cash proceeds from securities loaned. As of July 31, 2025,
total cash collateral has a value of $36,567,138 and
total non-cash collateral has a value of $13,325,797.
|
|
|
|
*
|
Non-Income Producing Security
|
|
|
|
Abbreviations:
|
|
ADR
|
American Depositary Receipt
|
|
ETF
|
Exchange-Traded Fund
|
|
FTSE
|
Financial Times Stock Exchange
|
|
MSCI
|
Morgan Stanley Capital International
|
|
PJSC
|
Public Joint Stock Company
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
S&P
|
Standards & Poor's
|
|
SPDR
|
Standard & Poor's Depositary Receipt
|
|
Concentration by Currency (%)(a)
|
|
|
U.S. Dollar
|
72.1
|
|
Euro
|
8.4
|
|
British Pound
|
7.7
|
|
Japanese Yen
|
6.1
|
|
All other currencies less than 5%
|
5.7
|
|
Total
|
100.0
|
|
(a) Percentages shown are based on Net Assets.
|
|
|
Country Diversification (%)(a)
|
|
|
United States
|
83.7
|
|
Japan
|
6.1
|
|
United Kingdom
|
6.0
|
|
All other countries less than 5%(b)
|
4.2
|
|
Total
|
100.0
|
|
(a) Percentages shown are based on Net Assets.
|
|
(b) Includes Other.
|
|
Morningstar Global Opportunistic Equity Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Investments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Common Stocks
|
$56,049,869
|
$79,621,283
|
$—
*
|
$135,671,152
|
|
Preferred Stocks
|
—
|
3,517,619
|
—
|
3,517,619
|
|
Investment Companies
|
178,419,674
|
—
|
—
|
178,419,674
|
|
Short-Term Investments
|
43,063,243
|
—
|
—
|
43,063,243
|
|
Total Investments
|
$277,532,786
|
$83,138,902
|
$—
|
$360,671,688
|
|
*Includes securities determined to have no value as of July 31, 2025.
|
|
|
|
Par(a)
|
Value
|
|
Long Positions – 106.7%
|
|||
|
Asset-Backed Securities – 1.4%
|
|||
|
Other – 1.4%
|
|||
|
Affirm Asset Securitization
Trust,
|
|
|
|
|
Series 2023-B, Class D,
8.78%, 9/15/28(b)
|
|
$200,000
|
$200,729
|
|
Series 2024-A, Class 1D,
6.89%, 2/15/29(b)
|
|
300,000
|
301,919
|
|
Series 2024-X1, Class B,
6.34%, 5/15/29(b)
|
|
275,000
|
275,561
|
|
Series 2024-X1, Class C,
6.57%, 5/15/29(b)
|
|
417,000
|
418,787
|
|
Series 2025-X1, Class B,
5.19%, 4/15/30(b)
|
|
125,000
|
124,950
|
|
|
|||
|
Affirm Master Trust, Series
2025-2A, Class C, 5.26%,
7/15/33(b)
|
|
875,000
|
875,638
|
|
Carvana Auto Receivables
Trust, Series 2021-N2,
Class B, 0.75%, 3/10/28
|
|
18,244
|
17,708
|
|
NetCredit Combined
Receivables LLC,
|
|
|
|
|
Series 2024-A, Class B,
8.31%, 10/21/30(b)
|
|
250,000
|
255,284
|
|
Series 2025-A, Class A,
7.29%, 10/20/31(b)
|
|
184,771
|
186,364
|
|
|
|||
|
Sunbit Asset Securitization
Trust, Series 2025-1,
Class A, 5.36%,
7/15/30(b)
|
|
330,000
|
329,742
|
|
|
|
|
2,986,682
|
|
Total Asset-Backed Securities
(Cost $2,976,403)
|
2,986,682
|
||
|
|
|
Number
of Shares
|
|
|
Common Stocks – 26.2%
|
|||
|
Advertising & Marketing – 0.0%(c)
|
|||
|
Omnicom Group, Inc.
|
|
524
|
37,754
|
|
Aerospace & Defense – 0.1%
|
|||
|
AeroVironment, Inc.*
|
|
3
|
803
|
|
Axon Enterprise, Inc.*
|
|
2
|
1,511
|
|
Curtiss-Wright Corp.
|
|
2
|
981
|
|
General Dynamics Corp.
|
|
6
|
1,870
|
|
General Electric Co.
|
|
17
|
4,608
|
|
HEICO Corp.
|
|
3
|
980
|
|
Howmet Aerospace, Inc.
|
|
8
|
1,438
|
|
L3Harris Technologies, Inc.
|
|
237
|
65,132
|
|
Loar Holdings, Inc.*
|
|
7
|
517
|
|
Lockheed Martin Corp.
|
|
187
|
78,723
|
|
Northrop Grumman Corp.
|
|
66
|
38,056
|
|
|
|
Number
of Shares
|
Value
|
|
Aerospace & Defense (Continued)
|
|||
|
RTX Corp.
|
|
22
|
$3,467
|
|
TransDigm Group, Inc.
|
|
1
|
1,609
|
|
Woodward, Inc.
|
|
3
|
771
|
|
|
|
|
200,466
|
|
Apparel & Textile Products – 1.4%
|
|||
|
Deckers Outdoor Corp.*
|
|
7
|
743
|
|
Skechers USA, Inc.,
Class A(d)*
|
|
47,550
|
3,007,538
|
|
|
|
|
3,008,281
|
|
Asset Management – 1.1%
|
|||
|
CI Financial Corp. (Canada)
|
|
106,346
|
2,450,655
|
|
Automotive – 0.0%(c)
|
|||
|
Gentex Corp.
|
|
27
|
713
|
|
Tesla, Inc.*
|
|
45
|
13,872
|
|
|
|
|
14,585
|
|
Banking – 1.1%
|
|||
|
Pacific Premier
Bancorp, Inc.(e)
|
|
69,289
|
1,501,493
|
|
Veritex Holdings, Inc.(e)
|
|
27,759
|
880,515
|
|
|
|
|
2,382,008
|
|
Beverages – 0.0%(c)
|
|||
|
Brown-Forman Corp.,
Class B
|
|
27
|
779
|
|
Coca-Cola (The) Co.
|
|
67
|
4,549
|
|
Constellation Brands, Inc.,
Class A
|
|
6
|
1,002
|
|
Keurig Dr. Pepper, Inc.
|
|
36
|
1,175
|
|
Molson Coors
Beverage Co., Class B
|
|
8
|
390
|
|
Monster Beverage Corp.*
|
|
22
|
1,292
|
|
PepsiCo, Inc.
|
|
689
|
95,027
|
|
|
|
|
104,214
|
|
Biotechnology & Pharmaceuticals – 1.2%
|
|||
|
AbbVie, Inc.
|
|
477
|
90,162
|
|
Amgen, Inc.
|
|
267
|
78,792
|
|
BioMarin
Pharmaceutical, Inc.*
|
|
12
|
694
|
|
Bristol-Myers Squibb Co.
|
|
1,926
|
83,415
|
|
Corcept Therapeutics, Inc.*
|
|
9
|
604
|
|
Eli Lilly & Co.
|
|
14
|
10,361
|
|
Exelixis, Inc.*
|
|
17
|
616
|
|
Gilead Sciences, Inc.
|
|
823
|
92,415
|
|
Johnson & Johnson
|
|
613
|
100,986
|
|
Merck & Co., Inc.
|
|
1,148
|
89,682
|
|
Neurocrine
Biosciences, Inc.*
|
|
6
|
769
|
|
Regeneron
Pharmaceuticals, Inc.
|
|
3
|
1,636
|
|
|
|
Number
of Shares
|
Value
|
|
Biotechnology & Pharmaceuticals (Continued)
|
|||
|
United Therapeutics Corp.*
|
|
3
|
$824
|
|
Verona Pharma PLC ADR
(United Kingdom)(d)(e)*
|
|
20,084
|
2,110,628
|
|
Vertex
Pharmaceuticals, Inc.*
|
|
5
|
2,284
|
|
Zoetis, Inc.
|
|
10
|
1,458
|
|
|
|
|
2,665,326
|
|
Cable & Satellite – 0.0%(c)
|
|||
|
Comcast Corp., Class A
|
|
2,527
|
83,972
|
|
Chemicals – 0.0%(c)
|
|||
|
Avery Dennison Corp.
|
|
200
|
33,554
|
|
DuPont de Nemours, Inc.
|
|
13
|
935
|
|
Ecolab, Inc.
|
|
6
|
1,571
|
|
Linde PLC
|
|
8
|
3,682
|
|
NewMarket Corp.
|
|
1
|
687
|
|
RPM International, Inc.
|
|
7
|
822
|
|
Sherwin-Williams
(The) Co.
|
|
5
|
1,654
|
|
|
|
|
42,905
|
|
Commercial Support Services – 0.1%
|
|||
|
Automatic Data
Processing, Inc.
|
|
285
|
88,208
|
|
Casella Waste
Systems, Inc., Class A*
|
|
5
|
544
|
|
Cintas Corp.
|
|
8
|
1,780
|
|
Clean Harbors, Inc.*
|
|
3
|
707
|
|
GFL Environmental, Inc.
|
|
16
|
806
|
|
H&R Block, Inc.
|
|
1,256
|
68,251
|
|
Paychex, Inc.
|
|
9
|
1,299
|
|
Republic Services, Inc.
|
|
6
|
1,384
|
|
Rollins, Inc.
|
|
16
|
916
|
|
Thomson Reuters Corp.
(Canada)
|
|
9
|
1,808
|
|
Waste Connections, Inc.
|
|
6
|
1,120
|
|
Waste Management, Inc.
|
|
8
|
1,833
|
|
|
|
|
168,656
|
|
Construction Materials – 0.0%(c)
|
|||
|
Carlisle Cos., Inc.
|
|
2
|
709
|
|
CRH PLC
|
|
15
|
1,432
|
|
Eagle Materials, Inc.
|
|
3
|
673
|
|
Simpson
Manufacturing Co., Inc.
|
|
4
|
718
|
|
Vulcan Materials Co.
|
|
4
|
1,098
|
|
|
|
|
4,630
|
|
Containers & Packaging – 0.0%(c)
|
|||
|
Amcor PLC
|
|
5,210
|
48,713
|
|
|
|
Number
of Shares
|
Value
|
|
Containers & Packaging (Continued)
|
|||
|
AptarGroup, Inc.
|
|
4
|
$629
|
|
Packaging Corp. of
America
|
|
86
|
16,663
|
|
|
|
|
66,005
|
|
Diversified Industrials – 0.0%(c)
|
|||
|
Dover Corp.
|
|
5
|
906
|
|
Honeywell
International, Inc.
|
|
11
|
2,446
|
|
Illinois Tool Works, Inc.
|
|
6
|
1,536
|
|
ITT, Inc.
|
|
4
|
680
|
|
Parker-Hannifin Corp.
|
|
3
|
2,195
|
|
|
|
|
7,763
|
|
E-Commerce Discretionary – 0.0%(c)
|
|||
|
Amazon.com, Inc.*
|
|
60
|
14,047
|
|
Electric Utilities – 1.1%
|
|||
|
Alliant Energy Corp.
|
|
12
|
780
|
|
Ameren Corp.
|
|
9
|
910
|
|
American Electric
Power Co., Inc.
|
|
872
|
98,658
|
|
CenterPoint Energy, Inc.
|
|
24
|
932
|
|
CMS Energy Corp.
|
|
1,131
|
83,468
|
|
Consolidated Edison, Inc.
|
|
908
|
93,978
|
|
Duke Energy Corp.
|
|
778
|
94,636
|
|
Emera, Inc. (Canada)
|
|
16
|
752
|
|
Entergy Corp.
|
|
12
|
1,085
|
|
Evergy, Inc.
|
|
557
|
39,436
|
|
Exelon Corp.
|
|
1,978
|
88,891
|
|
FirstEnergy Corp.
|
|
1,215
|
51,893
|
|
Fortis, Inc. (Canada)
|
|
17
|
832
|
|
IDACORP, Inc.
|
|
111
|
13,912
|
|
OGE Energy Corp.
|
|
823
|
37,381
|
|
Pinnacle West
Capital Corp.
|
|
341
|
30,901
|
|
Portland General
Electric Co.
|
|
18
|
740
|
|
PPL Corp.
|
|
26
|
928
|
|
Public Service Enterprise
Group, Inc.
|
|
13
|
1,167
|
|
Sempra
|
|
16
|
1,307
|
|
Southern (The) Co.
|
|
998
|
94,291
|
|
TXNM Energy, Inc.(e)
|
|
27,629
|
1,569,051
|
|
WEC Energy Group, Inc.
|
|
868
|
94,681
|
|
Xcel Energy, Inc.
|
|
16
|
1,175
|
|
|
|
|
2,401,785
|
|
Electrical Equipment – 0.0%(c)
|
|||
|
Allegion PLC
|
|
5
|
830
|
|
AMETEK, Inc.
|
|
6
|
1,109
|
|
Amphenol Corp., Class A
|
|
22
|
2,343
|
|
Badger Meter, Inc.
|
|
3
|
566
|
|
|
|
Number
of Shares
|
Value
|
|
Electrical Equipment (Continued)
|
|||
|
BWX Technologies, Inc.
|
|
5
|
$760
|
|
Hubbell, Inc.
|
|
2
|
875
|
|
Lennox International, Inc.
|
|
1
|
609
|
|
Otis Worldwide Corp.
|
|
11
|
943
|
|
SPX Technologies, Inc.*
|
|
4
|
729
|
|
Trane Technologies PLC
|
|
4
|
1,752
|
|
|
|
|
10,516
|
|
Engineering & Construction – 0.0%(c)
|
|||
|
EMCOR Group, Inc.
|
|
2
|
1,255
|
|
Quanta Services, Inc.
|
|
3
|
1,219
|
|
Stantec, Inc. (Canada)
|
|
6
|
656
|
|
|
|
|
3,130
|
|
Entertainment Content – 0.0%(c)
|
|||
|
Electronic Arts, Inc.
|
|
7
|
1,068
|
|
Fox Corp., Class A
|
|
16
|
892
|
|
Netflix, Inc.*
|
|
6
|
6,956
|
|
Walt Disney (The) Co.
|
|
29
|
3,454
|
|
|
|
|
12,370
|
|
Food – 0.5%
|
|||
|
BellRing Brands, Inc.*
|
|
11
|
600
|
|
General Mills, Inc.
|
|
1,746
|
85,519
|
|
Hershey (The) Co.
|
|
6
|
1,117
|
|
Hormel Foods Corp.
|
|
2,960
|
83,146
|
|
Ingredion, Inc.
|
|
52
|
6,840
|
|
Kraft Heinz (The) Co.
|
|
38
|
1,043
|
|
McCormick & Co., Inc.
(Non Voting)
|
|
11
|
777
|
|
Mondelez
International, Inc.,
Class A
|
|
1,327
|
85,844
|
|
Post Holdings, Inc.*
|
|
6
|
635
|
|
The Campbell's Co.
|
|
1,744
|
55,668
|
|
Tyson Foods, Inc., Class A
|
|
799
|
41,788
|
|
WK Kellogg Co.(e)
|
|
31,294
|
721,327
|
|
|
|
|
1,084,304
|
|
Gas & Water Utilities – 0.1%
|
|||
|
American Water
Works Co., Inc.
|
|
647
|
90,735
|
|
Atmos Energy Corp.
|
|
6
|
936
|
|
Essential Utilities, Inc.
|
|
738
|
27,159
|
|
National Fuel Gas Co.
|
|
8
|
694
|
|
NiSource, Inc.
|
|
20
|
849
|
|
|
|
|
120,373
|
|
Health Care Facilities & Services – 1.6%
|
|||
|
Amedisys, Inc.*
|
|
35,851
|
3,534,909
|
|
Chemed Corp.
|
|
1
|
412
|
|
Cigna Group (The)
|
|
286
|
76,471
|
|
Encompass Health Corp.
|
|
6
|
661
|
|
|
|
Number
of Shares
|
Value
|
|
Health Care Facilities & Services (Continued)
|
|||
|
Ensign Group (The), Inc.
|
|
4
|
$600
|
|
Labcorp Holdings, Inc.
|
|
3
|
780
|
|
Quest Diagnostics, Inc.
|
|
5
|
837
|
|
UnitedHealth Group, Inc.
|
|
122
|
30,446
|
|
|
|
|
3,645,116
|
|
Home Construction – 0.0%(c)
|
|||
|
Armstrong World
Industries, Inc.
|
|
4
|
753
|
|
DR Horton, Inc.
|
|
8
|
1,143
|
|
Masco Corp.
|
|
11
|
749
|
|
PulteGroup, Inc.
|
|
8
|
903
|
|
|
|
|
3,548
|
|
Household Products – 0.1%
|
|||
|
Church & Dwight Co., Inc.
|
|
9
|
844
|
|
Clorox (The) Co.
|
|
217
|
27,247
|
|
Colgate-Palmolive Co.
|
|
692
|
58,024
|
|
Kimberly-Clark Corp.
|
|
689
|
85,863
|
|
Procter & Gamble (The) Co.
|
|
593
|
89,229
|
|
|
|
|
261,207
|
|
Industrial Intermediate Products – 0.3%
|
|||
|
Chart Industries, Inc.(e)*
|
|
3,592
|
714,197
|
|
Mueller Industries, Inc.
|
|
8
|
683
|
|
RBC Bearings, Inc.*
|
|
2
|
775
|
|
Valmont Industries, Inc.
|
|
2
|
728
|
|
|
|
|
716,383
|
|
Industrial Support Services – 0.0%(c)
|
|||
|
API Group Corp.*
|
|
21
|
757
|
|
Applied Industrial
Technologies, Inc.
|
|
3
|
814
|
|
Fastenal Co.
|
|
28
|
1,292
|
|
MSC Industrial Direct Co.,
Inc., Class A
|
|
7
|
606
|
|
W.W. Grainger, Inc.
|
|
1
|
1,040
|
|
Watsco, Inc.
|
|
2
|
902
|
|
|
|
|
5,411
|
|
Institutional Financial Services – 0.0%(c)
|
|||
|
Tradeweb Markets, Inc.,
Class A
|
|
7
|
970
|
|
Insurance – 0.7%
|
|||
|
Berkshire Hathaway, Inc.,
Class B*
|
|
28
|
13,213
|
|
Old Republic
International Corp.
|
|
1,563
|
56,534
|
|
ProAssurance Corp.(e)*
|
|
66,123
|
1,571,082
|
|
|
|
|
1,640,829
|
|
Internet Media & Services – 0.8%
|
|||
|
Alphabet, Inc., Class A
|
|
77
|
14,776
|
|
|
|
Number
of Shares
|
Value
|
|
Internet Media & Services (Continued)
|
|||
|
Booking Holdings, Inc.
|
|
1
|
$5,504
|
|
DoorDash, Inc., Class A*
|
|
8
|
2,002
|
|
GoDaddy, Inc., Class A*
|
|
5
|
808
|
|
Just Eat Takeaway.com
N.V. (United Kingdom)(b)*
|
|
72,375
|
1,653,221
|
|
Meta Platforms, Inc.,
Class A
|
|
18
|
13,922
|
|
Reddit, Inc., Class A*
|
|
6
|
963
|
|
Spotify Technology S.A.*
|
|
3
|
1,880
|
|
VeriSign, Inc.
|
|
3
|
807
|
|
|
|
|
1,693,883
|
|
IT Services – 0.9%
|
|||
|
Amdocs Ltd.
|
|
982
|
83,824
|
|
CGI, Inc. (Canada)
|
|
8
|
771
|
|
Cognizant Technology
Solutions Corp., Class A
|
|
14
|
1,005
|
|
ExlService Holdings, Inc.*
|
|
14
|
608
|
|
Gartner, Inc.*
|
|
2
|
677
|
|
Genpact Ltd.
|
|
14
|
617
|
|
International Business
Machines Corp.
|
|
15
|
3,797
|
|
Leidos Holdings, Inc.
|
|
5
|
798
|
|
WNS Holdings Ltd. (United
Kingdom)(e)*
|
|
24,177
|
1,808,198
|
|
|
|
|
1,900,295
|
|
Leisure Facilities & Services – 0.1%
|
|||
|
Chipotle Mexican
Grill, Inc.*
|
|
29
|
1,243
|
|
Darden Restaurants, Inc.
|
|
380
|
76,635
|
|
Hilton Worldwide
Holdings, Inc.
|
|
5
|
1,340
|
|
Marriott International, Inc.,
Class A
|
|
6
|
1,583
|
|
McDonald's Corp.
|
|
12
|
3,601
|
|
Restaurant Brands
International, Inc.
(Canada)
|
|
15
|
1,018
|
|
Texas Roadhouse, Inc.
|
|
4
|
741
|
|
TKO Group Holdings, Inc.
|
|
6
|
1,008
|
|
Vail Resorts, Inc.
|
|
213
|
32,005
|
|
Yum! Brands, Inc.
|
|
7
|
1,009
|
|
|
|
|
120,183
|
|
Machinery – 0.0%(c)
|
|||
|
CSW Industrials, Inc.
|
|
2
|
519
|
|
Donaldson Co., Inc.
|
|
9
|
648
|
|
Federal Signal Corp.
|
|
6
|
759
|
|
Graco, Inc.
|
|
9
|
756
|
|
IDEX Corp.
|
|
4
|
654
|
|
Ingersoll Rand, Inc.
|
|
12
|
1,016
|
|
Kadant, Inc.
|
|
2
|
666
|
|
|
|
Number
of Shares
|
Value
|
|
Machinery (Continued)
|
|||
|
Lincoln Electric
Holdings, Inc.
|
|
3
|
$731
|
|
Mueller Water
Products, Inc., Class A
|
|
23
|
569
|
|
Nordson Corp.
|
|
3
|
643
|
|
Pentair PLC
|
|
7
|
715
|
|
Snap-on, Inc.
|
|
2
|
642
|
|
Veralto Corp.
|
|
9
|
943
|
|
Xylem, Inc.
|
|
8
|
1,157
|
|
|
|
|
10,418
|
|
Medical Equipment & Devices – 0.1%
|
|||
|
Abbott Laboratories
|
|
28
|
3,533
|
|
Agilent Technologies, Inc.
|
|
8
|
918
|
|
Alcon A.G.
|
|
13
|
1,138
|
|
Becton Dickinson & Co.
|
|
112
|
19,964
|
|
Bio-Techne Corp.
|
|
13
|
711
|
|
Boston Scientific Corp.*
|
|
25
|
2,623
|
|
Cooper (The) Cos., Inc.*
|
|
10
|
707
|
|
Danaher Corp.
|
|
13
|
2,563
|
|
Edwards
Lifesciences Corp.*
|
|
15
|
1,190
|
|
Glaukos Corp.*
|
|
6
|
517
|
|
Globus Medical, Inc.,
Class A*
|
|
12
|
632
|
|
Hologic, Inc.*
|
|
11
|
735
|
|
IDEXX Laboratories, Inc.*
|
|
2
|
1,069
|
|
Intuitive Surgical, Inc.*
|
|
6
|
2,886
|
|
Medtronic PLC
|
|
1,021
|
92,135
|
|
Merit Medical
Systems, Inc.*
|
|
7
|
594
|
|
Natera, Inc.*
|
|
5
|
668
|
|
Penumbra, Inc.*
|
|
3
|
757
|
|
QIAGEN N.V.
|
|
15
|
740
|
|
ResMed, Inc.
|
|
4
|
1,088
|
|
STERIS PLC
|
|
4
|
906
|
|
Stryker Corp.
|
|
7
|
2,749
|
|
Thermo Fisher
Scientific, Inc.
|
|
7
|
3,274
|
|
West Pharmaceutical
Services, Inc.
|
|
3
|
718
|
|
|
|
|
142,815
|
|
Metals & Mining – 0.0%(c)
|
|||
|
Franco-Nevada Corp.
(Canada)
|
|
6
|
956
|
|
Royal Gold, Inc.
|
|
4
|
606
|
|
|
|
|
1,562
|
|
Oil & Gas Supply Chain – 2.2%
|
|||
|
Antero Midstream Corp.
|
|
896
|
16,442
|
|
Cheniere Energy, Inc.
|
|
5
|
1,179
|
|
Chevron Corp.(d)
|
|
18,062
|
2,738,934
|
|
|
|
Number
of Shares
|
Value
|
|
Oil & Gas Supply Chain (Continued)
|
|||
|
DT Midstream, Inc.
|
|
6
|
$616
|
|
Enbridge, Inc. (Canada)
|
|
43
|
1,948
|
|
EOG Resources, Inc.
|
|
12
|
1,440
|
|
Expand Energy Corp.
|
|
8
|
838
|
|
Exxon Mobil Corp.
|
|
869
|
97,015
|
|
Kinder Morgan, Inc.
|
|
400
|
11,224
|
|
Pembina Pipeline Corp.
(Canada)
|
|
22
|
818
|
|
Sitio Royalties Corp.,
Class A
|
|
109,716
|
1,993,540
|
|
TC Energy Corp. (Canada)
|
|
26
|
1,245
|
|
Williams (The) Cos., Inc.
|
|
248
|
14,868
|
|
|
|
|
4,880,107
|
|
Publishing & Broadcasting – 0.0%(c)
|
|||
|
New York Times (The) Co.,
Class A
|
|
11
|
571
|
|
News Corp., Class A
|
|
26
|
762
|
|
|
|
|
1,333
|
|
Real Estate Investment Trusts – 0.9%
|
|||
|
Camden Property Trust
|
|
64
|
6,989
|
|
CubeSmart
|
|
650
|
25,291
|
|
InterRent Real Estate
Investment Trust (Canada)
|
|
144,155
|
1,378,503
|
|
Mid-America Apartment
Communities, Inc.
|
|
578
|
82,324
|
|
NNN REIT, Inc.
|
|
706
|
29,130
|
|
Public Storage
|
|
290
|
78,863
|
|
Realty Income Corp.
|
|
1,556
|
87,338
|
|
Regency Centers Corp.
|
|
1,231
|
87,893
|
|
VICI Properties, Inc.
|
|
2,723
|
88,770
|
|
WP Carey, Inc.
|
|
666
|
42,731
|
|
|
|
|
1,907,832
|
|
Real Estate Owners & Developers – 0.4%
|
|||
|
McGrath RentCorp(e)
|
|
6,540
|
816,127
|
|
Real Estate Services – 0.0%(c)
|
|||
|
CoStar Group, Inc.*
|
|
12
|
1,142
|
|
Retail - Consumer Staples – 1.0%
|
|||
|
Albertsons Cos., Inc.,
Class A
|
|
208
|
3,998
|
|
BJ's Wholesale Club
Holdings, Inc.*
|
|
6
|
635
|
|
Casey's General
Stores, Inc.
|
|
2
|
1,040
|
|
Costco Wholesale Corp.
|
|
7
|
6,577
|
|
Dollar General Corp.
|
|
371
|
38,918
|
|
Kroger (The) Co.
|
|
1,269
|
88,957
|
|
SpartanNash Co.(e)
|
|
74,025
|
1,964,624
|
|
|
|
Number
of Shares
|
Value
|
|
Retail - Consumer Staples (Continued)
|
|||
|
Sprouts Farmers
Market, Inc.*
|
|
5
|
$758
|
|
Walmart, Inc.
|
|
113
|
11,072
|
|
|
|
|
2,116,579
|
|
Retail - Discretionary – 1.0%
|
|||
|
Ferguson Enterprises, Inc.
|
|
5
|
1,117
|
|
Foot Locker, Inc.(e)*
|
|
33,406
|
836,486
|
|
Genuine Parts Co.
|
|
586
|
75,524
|
|
GMS, Inc.*
|
|
10,522
|
1,153,632
|
|
Home Depot (The), Inc.
|
|
194
|
71,297
|
|
Lowe's Cos., Inc.
|
|
10
|
2,236
|
|
Lululemon Athletica, Inc.*
|
|
4
|
802
|
|
O'Reilly Automotive, Inc.*
|
|
17
|
1,671
|
|
Ross Stores, Inc.
|
|
9
|
1,229
|
|
TJX (The) Cos., Inc.
|
|
20
|
2,490
|
|
Tractor Supply Co.
|
|
17
|
968
|
|
|
|
|
2,147,452
|
|
Semiconductors – 0.0%(c)
|
|||
|
Analog Devices, Inc.
|
|
9
|
2,021
|
|
Applied Materials, Inc.
|
|
14
|
2,521
|
|
NVIDIA Corp.
|
|
86
|
15,297
|
|
Texas Instruments, Inc.
|
|
15
|
2,716
|
|
|
|
|
22,555
|
|
Software – 5.9%
|
|||
|
Appfolio, Inc., Class A*
|
|
3
|
802
|
|
AvidXchange
Holdings, Inc.(e)*
|
|
284,954
|
2,809,647
|
|
Cadence Design
Systems, Inc.*
|
|
6
|
2,187
|
|
Cantaloupe, Inc.*
|
|
111,417
|
1,233,386
|
|
Clearwater Analytics
Holdings, Inc., Class A*
|
|
28
|
567
|
|
Couchbase, Inc.*
|
|
29,128
|
706,645
|
|
CyberArk Software Ltd.(e)*
|
|
7,369
|
3,032,123
|
|
Descartes Systems Group
(The), Inc. (Canada)*
|
|
7
|
740
|
|
Doximity, Inc., Class A*
|
|
11
|
646
|
|
E2open Parent
Holdings, Inc.(e)*
|
|
216,131
|
713,232
|
|
Fortinet, Inc.*
|
|
16
|
1,598
|
|
Guidewire Software, Inc.*
|
|
3
|
679
|
|
Informatica, Inc.,
Class A(e)*
|
|
64,003
|
1,580,874
|
|
Intuit, Inc.
|
|
5
|
3,926
|
|
Manhattan
Associates, Inc.*
|
|
3
|
659
|
|
Microsoft Corp.
|
|
27
|
14,405
|
|
Olo, Inc., Class A(e)*
|
|
139,556
|
1,462,547
|
|
Palantir Technologies, Inc.,
Class A*
|
|
36
|
5,701
|
|
|
|
Number
of Shares
|
Value
|
|
Software (Continued)
|
|||
|
PTC, Inc.*
|
|
5
|
$1,074
|
|
Roper Technologies, Inc.
|
|
2
|
1,101
|
|
Shopify, Inc., Class A
(Canada)*
|
|
23
|
2,811
|
|
Synopsys, Inc.*
|
|
2,299
|
1,456,170
|
|
Tyler Technologies, Inc.*
|
|
2
|
1,169
|
|
Veeva Systems, Inc.,
Class A*
|
|
4
|
1,137
|
|
|
|
|
13,033,826
|
|
Specialty Finance – 1.5%
|
|||
|
Dun & Bradstreet
Holdings, Inc.
|
|
338,313
|
3,078,648
|
|
EZCORP, Inc., Class A*
|
|
13,081
|
187,320
|
|
FactSet Research
Systems, Inc.
|
|
2
|
806
|
|
Fair Isaac Corp.*
|
|
1
|
1,437
|
|
Fiserv, Inc.*
|
|
11
|
1,528
|
|
Jack Henry &
Associates, Inc.
|
|
4
|
679
|
|
Mastercard, Inc., Class A
|
|
14
|
7,931
|
|
Moody's Corp.
|
|
4
|
2,063
|
|
MSCI, Inc.
|
|
2
|
1,123
|
|
S&P Global, Inc.
|
|
5
|
2,755
|
|
Verisk Analytics, Inc.
|
|
4
|
1,115
|
|
Visa, Inc., Class A
|
|
29
|
10,019
|
|
|
|
|
3,295,424
|
|
Steel – 0.0%(c)
|
|||
|
Carpenter
Technology Corp.
|
|
3
|
748
|
|
Reliance, Inc.
|
|
2
|
580
|
|
|
|
|
1,328
|
|
Technology Hardware – 0.5%
|
|||
|
Apple, Inc.
|
|
68
|
14,115
|
|
Arista Networks, Inc.*
|
|
23
|
2,834
|
|
Cisco Systems, Inc.
|
|
1,362
|
92,725
|
|
Garmin Ltd.
|
|
5
|
1,094
|
|
Motorola Solutions, Inc.
|
|
4
|
1,756
|
|
Spirent Communications
PLC (United Kingdom)
|
|
374,386
|
962,632
|
|
Teledyne
Technologies, Inc.*
|
|
2
|
1,102
|
|
|
|
|
1,076,258
|
|
Telecommunications – 0.0%(c)
|
|||
|
AT&T, Inc.
|
|
3,272
|
89,686
|
|
GCI Liberty Escrow, Inc.,
Class A(f)*
|
|
31,520
|
—
|
|
TELUS Corp. (Canada)
|
|
54
|
869
|
|
|
|
Number
of Shares
|
Value
|
|
Telecommunications (Continued)
|
|||
|
T-Mobile U.S., Inc.
|
|
18
|
$4,291
|
|
Verizon
Communications, Inc.
|
|
72
|
3,079
|
|
|
|
|
97,925
|
|
Tobacco & Cannabis – 0.0%(c)
|
|||
|
Altria Group, Inc.
|
|
32
|
1,982
|
|
Philip Morris
International, Inc.
|
|
24
|
3,937
|
|
|
|
|
5,919
|
|
Transportation & Logistics – 1.5%
|
|||
|
Andlauer Healthcare
Group, Inc. (Canada)
|
|
45,258
|
1,731,145
|
|
Canadian National
Railway Co. (Canada)
|
|
14
|
1,308
|
|
Canadian Pacific Kansas
City Ltd. (Canada)
|
|
20
|
1,471
|
|
CSX Corp.
|
|
43
|
1,528
|
|
Expeditors International of
Washington, Inc.
|
|
7
|
814
|
|
Kirby Corp.*
|
|
5
|
477
|
|
Norfolk Southern Corp.(e)
|
|
5,918
|
1,645,204
|
|
Old Dominion Freight
Line, Inc.
|
|
6
|
895
|
|
Union Pacific Corp.
|
|
10
|
2,220
|
|
|
|
|
3,385,062
|
|
Transportation Equipment – 0.0%(c)
|
|||
|
Allison Transmission
Holdings, Inc.
|
|
7
|
631
|
|
Cummins, Inc.
|
|
4
|
1,470
|
|
Westinghouse Air Brake
Technologies Corp.
|
|
5
|
960
|
|
|
|
|
3,061
|
|
Wholesale - Consumer Staples – 0.0%(c)
|
|||
|
Performance Food
Group Co.*
|
|
8
|
803
|
|
Sysco Corp.
|
|
369
|
29,373
|
|
US Foods Holding Corp.*
|
|
10
|
833
|
|
|
|
|
31,009
|
|
Wholesale - Discretionary – 0.0%(c)
|
|||
|
Copart, Inc.*
|
|
24
|
1,088
|
|
LKQ Corp.
|
|
973
|
28,674
|
|
|
|
|
29,762
|
|
Total Common Stocks
(Cost $57,122,923)
|
57,879,066
|
||
|
|
|
Par(a)
|
Value
|
|
Convertible Bonds – 22.6%
|
|||
|
Asset Management – 1.1%
|
|||
|
Capital Southwest Corp.,
5.13%, 11/15/29(e)
|
|
$483,000
|
$483,906
|
|
IREN Ltd., 3.50%,
12/15/29(b)(e)
|
|
106,000
|
149,725
|
|
MARA Holdings, Inc.,
|
|
|
|
|
0.00%, 3/01/30(b)(g)
|
|
63,000
|
56,962
|
|
0.00%, 6/01/31(b)(g)
|
|
481,000
|
420,436
|
|
|
|||
|
WisdomTree, Inc., 5.75%,
8/15/28(e)
|
|
856,000
|
1,312,355
|
|
|
|
|
2,423,384
|
|
Automotive – 0.4%
|
|||
|
indie Semiconductor, Inc.,
4.50%, 11/15/27(b)(e)
|
|
484,000
|
458,344
|
|
Lucid Group, Inc., 1.25%,
12/15/26(b)(e)
|
|
316,000
|
290,720
|
|
Rivian Automotive, Inc.,
3.63%, 10/15/30(e)
|
|
246,000
|
212,421
|
|
|
|
|
961,485
|
|
Biotechnology & Pharmaceuticals – 2.1%
|
|||
|
Ascendis Pharma A/S,
2.25%, 4/01/28(e)
|
|
484,000
|
608,630
|
|
Bridgebio Pharma, Inc.,
2.25%, 2/01/29(e)
|
|
899,000
|
859,894
|
|
Celcuity, Inc., 2.75%,
8/01/31
|
|
72,000
|
79,505
|
|
Collegium
Pharmaceutical, Inc.,
2.88%, 2/15/29(e)
|
|
594,000
|
641,074
|
|
Ionis Pharmaceuticals, Inc.,
1.75%, 6/15/28(e)
|
|
228,000
|
249,727
|
|
Jazz Investments I Ltd.,
3.13%, 9/15/30(b)(e)
|
|
906,000
|
998,865
|
|
Mirum
Pharmaceuticals, Inc.,
4.00%, 5/01/29(e)
|
|
548,000
|
982,838
|
|
Pacira BioSciences, Inc.,
2.13%, 5/15/29(e)
|
|
348,000
|
327,533
|
|
|
|
|
4,748,066
|
|
Cable & Satellite – 0.8%
|
|||
|
Liberty Broadband Corp.,
3.13%, 3/31/53(b)
|
|
842,000
|
835,180
|
|
Sirius XM Holdings, Inc.,
3.75%, 3/15/28(e)
|
|
863,000
|
872,924
|
|
|
|
|
1,708,104
|
|
Commercial Support Services – 0.7%
|
|||
|
Alarm.com Holdings, Inc.,
2.25%, 6/01/29
|
|
581,000
|
559,794
|
|
CSG Systems
International, Inc., 3.88%,
9/15/28(e)
|
|
799,000
|
882,609
|
|
|
|
|
1,442,403
|
|
|
|
Par(a)
|
Value
|
|
E-Commerce Discretionary – 0.4%
|
|||
|
Wayfair, Inc., 3.50%,
11/15/28(e)
|
|
$572,000
|
$922,272
|
|
Electric Utilities – 0.8%
|
|||
|
CenterPoint Energy, Inc.,
4.25%, 8/15/26(e)
|
|
623,000
|
692,776
|
|
PG&E Corp., 4.25%,
12/01/27(e)
|
|
979,000
|
975,084
|
|
|
|
|
1,667,860
|
|
Electrical Equipment – 0.6%
|
|||
|
Bloom Energy Corp.,
3.00%, 6/01/29(e)
|
|
309,000
|
610,677
|
|
OSI Systems, Inc., 2.25%,
8/01/29(b)(e)
|
|
524,000
|
699,035
|
|
|
|
|
1,309,712
|
|
Engineering & Construction – 0.3%
|
|||
|
Tetra Tech, Inc., 2.25%,
8/15/28(e)
|
|
568,000
|
645,191
|
|
Entertainment Content – 0.5%
|
|||
|
Sphere Entertainment Co.,
3.50%, 12/01/28(e)
|
|
704,000
|
1,004,960
|
|
Health Care Facilities & Services – 0.2%
|
|||
|
Teladoc Health, Inc.,
1.25%, 6/01/27(e)
|
|
507,000
|
467,048
|
|
Household Products – 0.4%
|
|||
|
Oddity Finance LLC, 0.00%,
6/15/30(b)(e)(g)
|
|
250,000
|
263,281
|
|
Spectrum Brands, Inc.,
3.38%, 6/01/29(e)
|
|
737,000
|
665,880
|
|
|
|
|
929,161
|
|
Internet Media & Services – 0.5%
|
|||
|
MakeMyTrip Ltd., 0.00%,
7/01/30(b)(g)
|
|
82,000
|
84,291
|
|
Snap, Inc., 0.50%,
5/01/30(e)
|
|
544,000
|
476,272
|
|
Ziff Davis, Inc.,
|
|
|
|
|
1.75%, 11/01/26
|
|
417,000
|
396,671
|
|
3.63%, 3/01/28(b)
|
|
224,000
|
210,000
|
|
|
|
|
1,167,234
|
|
IT Services – 0.3%
|
|||
|
Parsons Corp., 2.63%,
3/01/29(e)
|
|
692,000
|
752,204
|
|
Leisure Facilities & Services – 2.1%
|
|||
|
Carnival Corp., 5.75%,
12/01/27(e)
|
|
173,000
|
399,457
|
|
Cheesecake Factory
(The), Inc., 2.00%,
3/15/30(b)(e)
|
|
834,000
|
918,354
|
|
DraftKings Holdings, Inc.,
0.00%, 3/15/28(e)(g)
|
|
769,000
|
697,160
|
|
|
|
Par(a)
|
Value
|
|
Leisure Facilities & Services (Continued)
|
|||
|
Live Nation
Entertainment, Inc.,
3.13%, 1/15/29(e)
|
|
$722,000
|
$1,084,660
|
|
Marriott Vacations
Worldwide Corp., 3.25%,
12/15/27(e)
|
|
857,000
|
806,865
|
|
NCL Corp. Ltd., 2.50%,
2/15/27(e)
|
|
671,000
|
711,931
|
|
|
|
|
4,618,427
|
|
Medical Equipment & Devices – 2.3%
|
|||
|
CONMED Corp., 2.25%,
6/15/27(e)
|
|
905,000
|
858,211
|
|
Dexcom, Inc., 0.38%,
5/15/28(e)
|
|
327,000
|
303,129
|
|
Enovis Corp., 3.88%,
10/15/28(e)
|
|
950,000
|
903,450
|
|
Exact Sciences Corp.,
|
|
|
|
|
0.38%, 3/15/27(e)
|
|
102,000
|
95,880
|
|
2.00%, 3/01/30(b)(e)
|
|
737,000
|
707,889
|
|
|
|||
|
Haemonetics Corp., 2.50%,
6/01/29(e)
|
|
454,000
|
451,957
|
|
Integer Holdings Corp.,
1.88%, 3/15/30(b)(e)
|
|
581,000
|
568,218
|
|
LeMaitre Vascular, Inc.,
2.50%, 2/01/30(b)(e)
|
|
434,000
|
428,575
|
|
Omnicell, Inc., 1.00%,
12/01/29(b)(e)
|
|
775,000
|
706,723
|
|
|
|
|
5,024,032
|
|
Metals & Mining – 1.4%
|
|||
|
Centrus Energy Corp.,
2.25%, 11/01/30(b)(e)
|
|
383,000
|
915,179
|
|
Century Aluminum Co.,
2.75%, 5/01/28(e)
|
|
393,000
|
517,306
|
|
Equinox Gold Corp., 4.75%,
10/15/28(e)
|
|
703,000
|
890,350
|
|
Fortuna Mining Corp.,
3.75%, 6/30/29
|
|
434,000
|
554,869
|
|
Peabody Energy Corp.,
3.25%, 3/01/28
|
|
159,000
|
179,320
|
|
|
|
|
3,057,024
|
|
Real Estate Investment Trusts – 0.4%
|
|||
|
Pebblebrook Hotel Trust,
1.75%, 12/15/26(e)
|
|
926,000
|
872,716
|
|
Renewable Energy – 0.1%
|
|||
|
Array Technologies, Inc.,
|
|
|
|
|
1.00%, 12/01/28(e)
|
|
244,000
|
197,030
|
|
2.88%, 7/01/31(b)
|
|
41,000
|
42,989
|
|
|
|
|
240,019
|
|
Retail - Consumer Staples – 0.1%
|
|||
|
Hims & Hers Health, Inc.,
0.00%, 5/15/30(b)(e)(g)
|
|
192,000
|
237,120
|
|
|
|
Par(a)
|
Value
|
|
Retail - Discretionary – 0.2%
|
|||
|
GameStop Corp., 0.00%,
6/15/32(b)(e)(g)
|
|
$408,000
|
$414,732
|
|
Semiconductors – 0.9%
|
|||
|
MKS, Inc., 1.25%,
6/01/30(e)
|
|
598,000
|
580,406
|
|
ON Semiconductor Corp.,
0.50%, 3/01/29(e)
|
|
743,000
|
710,847
|
|
Vishay
Intertechnology, Inc.,
2.25%, 9/15/30(e)
|
|
657,000
|
597,541
|
|
|
|
|
1,888,794
|
|
Software – 2.5%
|
|||
|
Bentley Systems, Inc.,
0.38%, 7/01/27(e)
|
|
657,000
|
631,377
|
|
BILL Holdings, Inc., 0.00%,
4/01/30(b)(e)(g)
|
|
369,000
|
310,698
|
|
Cloudflare, Inc., 0.00%,
6/15/30(b)(g)
|
|
24,000
|
26,784
|
|
Evolent Health, Inc.,
3.50%, 12/01/29(e)
|
|
739,000
|
608,936
|
|
Five9, Inc., 1.00%,
3/15/29(e)
|
|
409,000
|
358,299
|
|
Jamf Holding Corp.,
0.13%, 9/01/26
|
|
79,000
|
75,050
|
|
MicroStrategy, Inc., 0.00%,
12/01/29(b)(e)(g)
|
|
413,000
|
394,962
|
|
Pagaya Technologies Ltd.,
6.13%, 10/01/29(b)(e)
|
|
318,000
|
760,656
|
|
Progress Software Corp.,
3.50%, 3/01/30(e)
|
|
702,000
|
725,517
|
|
PROS Holdings, Inc.,
2.25%, 9/15/27(e)
|
|
506,000
|
476,652
|
|
Rapid7, Inc., 1.25%,
3/15/29(e)
|
|
606,000
|
535,246
|
|
Rubrik, Inc., 0.00%,
6/15/30(b)(g)
|
|
41,000
|
43,932
|
|
Tempus AI, Inc., 0.75%,
7/15/30(b)(e)
|
|
179,000
|
178,194
|
|
Unity Software, Inc.,
0.00%, 3/15/30(b)(e)(g)
|
|
317,000
|
384,489
|
|
Zscaler, Inc., 0.00%,
7/15/28(b)(g)
|
|
114,000
|
111,150
|
|
|
|
|
5,621,942
|
|
Specialty Finance – 1.9%
|
|||
|
Affirm Holdings, Inc.,
0.00%, 11/15/26(g)
|
|
325,000
|
305,012
|
|
Blackstone Mortgage
Trust, Inc., 5.50%,
3/15/27(e)
|
|
833,000
|
815,507
|
|
Block, Inc., 0.25%,
11/01/27(e)
|
|
400,000
|
359,200
|
|
EZCORP, Inc., 3.75%,
12/15/29(b)(e)
|
|
248,000
|
364,650
|
|
|
|
Par(a)
|
Value
|
|
Specialty Finance (Continued)
|
|||
|
PennyMac Corp., 8.50%,
6/01/29
|
|
$298,000
|
$300,682
|
|
Qifu Technology, Inc.,
0.50%, 4/01/30(b)(e)
|
|
221,000
|
194,370
|
|
Redwood Trust, Inc.,
7.75%, 6/15/27(e)
|
|
1,428,000
|
1,424,333
|
|
Upstart Holdings, Inc.,
0.25%, 8/15/26
|
|
386,000
|
366,700
|
|
|
|
|
4,130,454
|
|
Technology Hardware – 1.1%
|
|||
|
Applied
Optoelectronics, Inc.,
2.75%, 1/15/30(e)
|
|
367,000
|
343,463
|
|
Lumentum Holdings, Inc.,
0.50%, 6/15/28(e)
|
|
252,000
|
276,570
|
|
Super Micro
Computer, Inc., 0.00%,
6/15/30(b)(e)(g)
|
|
487,000
|
618,734
|
|
Western Digital Corp.,
3.00%, 11/15/28(e)
|
|
568,000
|
1,217,224
|
|
|
|
|
2,455,991
|
|
Telecommunications – 0.2%
|
|||
|
AST SpaceMobile, Inc.,
2.38%, 10/15/32(b)
|
|
193,000
|
202,276
|
|
BlackSky Technology, Inc.,
8.25%, 8/01/33(b)
|
|
148,000
|
158,212
|
|
|
|
|
360,488
|
|
Transportation Equipment – 0.3%
|
|||
|
Greenbrier (The) Cos., Inc.,
2.88%, 4/15/28(e)
|
|
690,000
|
733,815
|
|
Total Convertible Bonds
(Cost $45,244,803)
|
49,804,638
|
||
|
|
|
Number
of Shares
|
|
|
Convertible Preferred Stocks – 3.2%
|
|||
|
Asset Management – 1.2%
|
|||
|
AMG Capital Trust II,
5.15%(e)
|
|
14,751
|
870,309
|
|
Apollo Global
Management, Inc., 6.75%
|
|
11,036
|
840,723
|
|
Ares Management Corp.,
6.75%
|
|
15,778
|
893,035
|
|
|
|
|
2,604,067
|
|
Chemicals – 0.7%
|
|||
|
Albemarle Corp., 7.25%
|
|
25,957
|
881,500
|
|
Lyondellbasell Advanced
Polymers, Inc., 6.00%
|
|
669
|
592,734
|
|
|
|
|
1,474,234
|
|
|
|
Number
of Shares
|
Value
|
|
Health Care Facilities & Services – 0.3%
|
|||
|
BrightSpring Health
Services, Inc., 6.75%
|
|
8,198
|
$593,289
|
|
Industrial Intermediate Products – 0.3%
|
|||
|
Chart Industries, Inc.,
6.75%
|
|
8,900
|
637,151
|
|
Specialty Finance – 0.2%
|
|||
|
Shift4 Payments, Inc.,
6.00%
|
|
4,839
|
570,760
|
|
Technology Hardware – 0.5%
|
|||
|
Hewlett Packard
Enterprise Co., 7.63%
|
|
10,710
|
642,600
|
|
NCR Voyix Corp., (100%
Cash), 5.50%(h)
|
|
571
|
594,525
|
|
|
|
|
1,237,125
|
|
Total Convertible Preferred Stocks
(Cost $6,543,022)
|
7,116,626
|
||
|
|
|
Par(a)
|
|
|
Corporate Bonds – 17.0%
|
|||
|
Advertising & Marketing – 0.0%(c)
|
|||
|
Interpublic (The) Group of
Cos., Inc, 2.40%, 3/01/31
|
|
$5,000
|
4,430
|
|
Aerospace & Defense – 0.2%
|
|||
|
General Dynamics Corp.,
3.75%, 5/15/28
|
|
70,000
|
69,382
|
|
Hexcel Corp., 4.20%,
2/15/27
|
|
60,000
|
59,495
|
|
Lockheed Martin Corp.,
4.75%, 2/15/34
|
|
130,000
|
128,812
|
|
Moog, Inc., 4.25%,
12/15/27(b)
|
|
2,000
|
1,954
|
|
RTX Corp.,
|
|
|
|
|
5.75%, 1/15/29
|
|
15,000
|
15,642
|
|
6.00%, 3/15/31
|
|
30,000
|
32,095
|
|
TransDigm, Inc.,
|
|
|
|
|
6.75%, 8/15/28(b)
|
|
30,000
|
30,611
|
|
6.38%, 3/01/29(b)
|
|
51,000
|
52,196
|
|
6.88%, 12/15/30(b)
|
|
49,000
|
50,782
|
|
6.38%, 5/31/33(b)
|
|
27,000
|
27,172
|
|
|
|
|
468,141
|
|
Apparel & Textile Products – 0.1%
|
|||
|
Ralph Lauren Corp., 5.00%,
6/15/32
|
|
200,000
|
202,577
|
|
Tapestry, Inc., 5.10%,
3/11/30
|
|
80,000
|
81,103
|
|
|
|
Par(a)
|
Value
|
|
Apparel & Textile Products (Continued)
|
|||
|
Under Armour, Inc., 7.25%,
7/15/30(b)
|
|
$12,000
|
$12,243
|
|
Wolverine World
Wide, Inc., 4.00%,
8/15/29(b)
|
|
35,000
|
31,543
|
|
|
|
|
327,466
|
|
Asset Management – 0.4%
|
|||
|
Ameriprise Financial, Inc.,
|
|
|
|
|
5.70%, 12/15/28
|
|
100,000
|
104,072
|
|
5.15%, 5/15/33
|
|
85,000
|
86,756
|
|
|
|||
|
Blue Owl Finance LLC,
6.25%, 4/18/34
|
|
70,000
|
72,108
|
|
Charles Schwab
(The) Corp.,
|
|
|
|
|
5.88%, 8/24/26
|
|
75,000
|
76,017
|
|
3.20%, 1/25/28
|
|
2,000
|
1,951
|
|
(SOFR + 2.21%), 5.64%,
5/19/29(i)
|
|
30,000
|
31,008
|
|
(SOFR + 1.88%), 6.20%,
11/17/29(i)
|
|
38,000
|
40,102
|
|
2.30%, 5/13/31
|
|
4,000
|
3,544
|
|
1.95%, 12/01/31
|
|
34,000
|
28,977
|
|
2.90%, 3/03/32
|
|
2,000
|
1,797
|
|
(SOFR + 2.01%), 6.14%,
8/24/34(i)
|
|
40,000
|
43,166
|
|
FS KKR Capital Corp.,
|
|
|
|
|
2.63%, 1/15/27
|
|
235,000
|
225,829
|
|
3.25%, 7/15/27
|
|
10,000
|
9,605
|
|
3.13%, 10/12/28
|
|
20,000
|
18,440
|
|
6.13%, 1/15/30
|
|
40,000
|
40,138
|
|
|
|||
|
Golub Capital BDC, Inc.,
2.50%, 8/24/26
|
|
10,000
|
9,739
|
|
Icahn Enterprises L.P./Icahn
Enterprises
Finance Corp.,
|
|
|
|
|
9.75%, 1/15/29
|
|
33,000
|
33,330
|
|
10.00%, 11/15/29(b)
|
|
9,000
|
9,112
|
|
9.00%, 6/15/30
|
|
28,000
|
27,195
|
|
Osaic Holdings, Inc.,
|
|
|
|
|
6.75%, 8/01/32(b)(j)
|
|
5,000
|
5,060
|
|
8.00%, 8/01/33(b)(j)
|
|
5,000
|
5,081
|
|
|
|
|
873,027
|
|
Automotive – 0.1%
|
|||
|
Garrett Motion
Holdings, Inc./Garrett LX I
S.a.r.l., 7.75%, 5/31/32(b)
|
|
72,000
|
74,719
|
|
General Motors
Financial Co., Inc., 2.35%,
2/26/27
|
|
170,000
|
164,225
|
|
Nissan Motor
Acceptance Co. LLC,
6.95%, 9/15/26(b)
|
|
9,000
|
9,135
|
|
|
|
Par(a)
|
Value
|
|
Automotive (Continued)
|
|||
|
Phinia, Inc.,
|
|
|
|
|
6.75%, 4/15/29(b)
|
|
$18,000
|
$18,524
|
|
6.63%, 10/15/32(b)
|
|
40,000
|
40,748
|
|
|
|
|
307,351
|
|
Banking – 2.0%
|
|||
|
Bank of America Corp.,
|
|
|
|
|
(SOFR + 1.05%), 2.55%,
2/04/28(i)
|
|
25,000
|
24,291
|
|
(SOFR + 2.04%), 4.95%,
7/22/28(i)
|
|
85,000
|
85,755
|
|
(SOFR + 1.99%), 6.20%,
11/10/28(i)
|
|
125,000
|
129,727
|
|
(3M CME Term SOFR +
1.30%), 3.42%,
12/20/28(i)
|
|
55,000
|
53,707
|
|
(3M CME Term SOFR +
1.25%), 2.50%,
2/13/31(i)
|
|
275,000
|
251,018
|
|
(SOFR + 1.32%), 2.69%,
4/22/32(i)
|
|
50,000
|
44,834
|
|
(SOFR + 1.21%), 2.57%,
10/20/32(i)
|
|
30,000
|
26,439
|
|
(SOFR + 1.33%), 2.97%,
2/04/33(i)
|
|
50,000
|
44,762
|
|
(SOFR + 1.91%), 5.29%,
4/25/34(i)
|
|
80,000
|
81,498
|
|
Citigroup, Inc.,
|
|
|
|
|
4.45%, 9/29/27
|
|
100,000
|
99,719
|
|
(SOFR + 1.14%), 4.64%,
5/07/28(i)
|
|
80,000
|
80,081
|
|
(SOFR + 1.36%), 5.17%,
2/13/30(i)
|
|
50,000
|
50,910
|
|
(SOFR + 2.11%), 2.57%,
6/03/31(i)
|
|
375,000
|
340,054
|
|
|
|||
|
Fifth Third Bancorp, (SOFR
+ 2.34%), 6.34%,
7/27/29(i)
|
|
30,000
|
31,530
|
|
JP Morgan Chase & Co.,
|
|
|
|
|
(SOFR + 0.80%), 1.05%,
11/19/26(i)
|
|
180,000
|
178,027
|
|
(3M CME Term SOFR +
0.70%), 1.04%,
2/04/27(i)
|
|
205,000
|
201,378
|
|
(SOFR + 0.77%), 1.47%,
9/22/27(i)
|
|
95,000
|
91,755
|
|
(SOFR + 1.99%), 4.85%,
7/25/28(i)
|
|
160,000
|
161,288
|
|
(SOFR + 0.80%), 4.92%,
1/24/29(i)
|
|
300,000
|
303,263
|
|
(3M CME Term SOFR +
1.11%), 1.76%,
11/19/31(i)
|
|
100,000
|
86,625
|
|
(SOFR + 1.26%), 2.96%,
1/25/33(i)
|
|
45,000
|
40,431
|
|
|
|
Par(a)
|
Value
|
|
Banking (Continued)
|
|||
|
JP Morgan Chase & Co.,
|
|
|
|
|
(SOFR + 2.08%), 4.91%,
7/25/33(i)
|
|
$75,000
|
$75,452
|
|
(SOFR + 1.85%), 5.35%,
6/01/34(i)
|
|
134,000
|
137,458
|
|
(SOFR + 1.46%), 5.29%,
7/22/35(i)
|
|
57,000
|
57,752
|
|
(SOFR + 1.34%), 4.95%,
10/22/35(i)
|
|
35,000
|
34,613
|
|
(SOFR + 1.64%), 5.58%,
7/23/36(i)
|
|
60,000
|
60,777
|
|
|
|||
|
M&T Bank Corp., (SOFR +
2.80%), 7.41%,
10/30/29(i)
|
|
270,000
|
292,237
|
|
PNC Financial Services
Group (The), Inc.,
|
|
|
|
|
(SOFR Index + 1.73%),
6.62%, 10/20/27(i)
|
|
180,000
|
184,254
|
|
2.55%, 1/22/30
|
|
180,000
|
166,381
|
|
(SOFR + 1.60%), 5.40%,
7/23/35(i)
|
|
23,000
|
23,368
|
|
(SOFR + 1.42%), 5.37%,
7/21/36(i)
|
|
40,000
|
40,415
|
|
Truist Financial Corp.,
|
|
|
|
|
(SOFR + 0.86%), 1.89%,
6/07/29(i)
|
|
36,000
|
33,512
|
|
(SOFR + 1.92%), 5.71%,
1/24/35(i)
|
|
65,000
|
67,257
|
|
|
|||
|
U.S. Bancorp, (SOFR +
1.41%), 5.42%, 2/12/36(i)
|
|
155,000
|
157,772
|
|
Wells Fargo & Co.,
|
|
|
|
|
(3M CME Term SOFR +
1.57%), 3.58%,
5/22/28(i)
|
|
1,000
|
983
|
|
(SOFR + 1.98%), 4.81%,
7/25/28(i)
|
|
176,000
|
176,965
|
|
(3M CME Term SOFR +
1.43%), 2.88%,
10/30/30(i)
|
|
165,000
|
154,134
|
|
(SOFR + 1.11%), 5.24%,
1/24/31(i)
|
|
104,000
|
106,477
|
|
(3M CME Term SOFR +
1.26%), 2.57%,
2/11/31(i)
|
|
180,000
|
165,035
|
|
(SOFR + 1.50%), 3.35%,
3/02/33(i)
|
|
1,000
|
915
|
|
|
|
|
4,342,849
|
|
Beverages – 0.1%
|
|||
|
Coca-Cola (The) Co.,
5.00%, 5/13/34
|
|
90,000
|
92,158
|
|
|
|
Par(a)
|
Value
|
|
Beverages (Continued)
|
|||
|
Constellation Brands, Inc.,
4.35%, 5/09/27
|
|
$65,000
|
$64,786
|
|
Primo Water
Holdings, Inc./Triton
Water Holdings, Inc.,
4.38%, 4/30/29(b)
|
|
24,000
|
23,151
|
|
|
|
|
180,095
|
|
Biotechnology & Pharmaceuticals – 0.2%
|
|||
|
AbbVie, Inc., 5.05%,
3/15/34
|
|
105,000
|
106,326
|
|
Amgen, Inc., 5.25%,
3/02/30
|
|
108,000
|
110,957
|
|
Amneal
Pharmaceuticals LLC,
6.88%, 8/01/32(b)(j)
|
|
10,000
|
10,150
|
|
Eli Lilly & Co., 4.70%,
2/27/33
|
|
8,000
|
8,038
|
|
Jazz Securities DAC,
4.38%, 1/15/29(b)
|
|
41,000
|
39,662
|
|
Merck & Co., Inc., 4.50%,
5/17/33
|
|
60,000
|
59,522
|
|
Novartis Capital Corp.,
2.20%, 8/14/30
|
|
10,000
|
9,063
|
|
Pfizer Investment
Enterprises Pte. Ltd.,
4.45%, 5/19/28
|
|
30,000
|
30,117
|
|
Regeneron
Pharmaceuticals, Inc.,
1.75%, 9/15/30
|
|
20,000
|
17,366
|
|
Zoetis, Inc.,
|
|
|
|
|
3.00%, 9/12/27
|
|
140,000
|
136,190
|
|
2.00%, 5/15/30
|
|
20,000
|
17,913
|
|
|
|
|
545,304
|
|
Cable & Satellite – 0.2%
|
|||
|
CCO Holdings LLC/CCO
Holdings Capital Corp.,
|
|
|
|
|
6.38%, 9/01/29(b)
|
|
12,000
|
12,111
|
|
7.38%, 3/01/31(b)
|
|
183,000
|
188,133
|
|
4.50%, 6/01/33(b)
|
|
75,000
|
66,580
|
|
CSC Holdings LLC,
|
|
|
|
|
5.50%, 4/15/27(b)
|
|
30,000
|
29,038
|
|
11.25%, 5/15/28(b)
|
|
35,000
|
35,182
|
|
DISH DBS Corp.,
|
|
|
|
|
5.25%, 12/01/26(b)
|
|
27,000
|
25,413
|
|
7.38%, 7/01/28
|
|
10,000
|
7,675
|
|
5.13%, 6/01/29
|
|
15,000
|
11,137
|
|
|
|||
|
DISH Network Corp.,
11.75%, 11/15/27(b)
|
|
43,000
|
44,782
|
|
Sirius XM Radio LLC,
4.13%, 7/01/30(b)
|
|
73,000
|
66,593
|
|
|
|
|
486,644
|
|
|
|
Par(a)
|
Value
|
|
Chemicals – 0.1%
|
|||
|
CVR Partners L.P./CVR
Nitrogen Finance Corp.,
6.13%, 6/15/28(b)
|
|
$67,000
|
$66,507
|
|
Ecolab, Inc., 2.13%,
2/01/32
|
|
20,000
|
17,240
|
|
LSB Industries, Inc.,
6.25%, 10/15/28(b)
|
|
37,000
|
36,372
|
|
LYB International Finance II
B.V., 3.50%, 3/02/27
|
|
30,000
|
29,463
|
|
Rain Carbon, Inc., 12.25%,
9/01/29(b)
|
|
36,000
|
38,760
|
|
Sherwin-Williams
(The) Co., 4.80%, 9/01/31
|
|
60,000
|
60,392
|
|
SK Invictus Intermediate II
S.a.r.l., 5.00%,
10/30/29(b)
|
|
70,000
|
68,049
|
|
|
|
|
316,783
|
|
Commercial Support Services – 0.3%
|
|||
|
Automatic Data
Processing, Inc., 4.75%,
5/08/32
|
|
40,000
|
40,386
|
|
Cintas Corp. No. 2, 4.00%,
5/01/32
|
|
60,000
|
57,955
|
|
Deluxe Corp.,
|
|
|
|
|
8.00%, 6/01/29(b)
|
|
48,000
|
46,053
|
|
8.13%, 9/15/29(b)
|
|
44,000
|
45,297
|
|
GEO Group (The), Inc.,
|
|
|
|
|
8.63%, 4/15/29
|
|
59,000
|
62,642
|
|
10.25%, 4/15/31
|
|
51,000
|
56,071
|
|
|
|||
|
Republic Services, Inc.,
5.20%, 11/15/34
|
|
85,000
|
86,638
|
|
Waste Connections, Inc.,
|
|
|
|
|
2.60%, 2/01/30
|
|
5,000
|
4,629
|
|
3.20%, 6/01/32
|
|
55,000
|
50,142
|
|
|
|||
|
Waste Management, Inc.,
4.95%, 7/03/31
|
|
125,000
|
127,847
|
|
Williams Scotsman, Inc.,
|
|
|
|
|
6.63%, 6/15/29(b)
|
|
6,000
|
6,149
|
|
6.63%, 4/15/30(b)
|
|
5,000
|
5,155
|
|
7.38%, 10/01/31(b)
|
|
19,000
|
19,834
|
|
|
|
|
608,798
|
|
Construction Materials – 0.1%
|
|||
|
CRH America Finance, Inc.,
5.50%, 1/09/35
|
|
200,000
|
204,434
|
|
Eagle Materials, Inc.,
2.50%, 7/01/31
|
|
88,000
|
77,742
|
|
Martin Marietta
Materials, Inc., 5.15%,
12/01/34
|
|
25,000
|
25,077
|
|
|
|
|
307,253
|
|
|
|
Par(a)
|
Value
|
|
Consumer Services – 0.0%(c)
|
|||
|
Upbound Group, Inc.,
6.38%, 2/15/29(b)
|
|
$40,000
|
$39,006
|
|
Containers & Packaging – 0.2%
|
|||
|
Ardagh Metal Packaging
Finance USA LLC/Ardagh
Metal Packaging Finance
PLC, 4.00%, 9/01/29(b)
|
|
125,000
|
113,856
|
|
Ardagh Packaging Finance
PLC/Ardagh Holdings
USA, Inc.,
|
|
|
|
|
4.13%, 8/15/26(b)
|
|
82,000
|
80,975
|
|
5.25%, 8/15/27(b)
|
|
57,000
|
27,360
|
|
|
|||
|
Packaging Corp. of
America, 5.70%,
12/01/33
|
|
165,000
|
171,664
|
|
|
|
|
393,855
|
|
Diversified Industrials – 0.0%(c)
|
|||
|
Honeywell
International, Inc., 4.50%,
1/15/34
|
|
80,000
|
77,932
|
|
E-Commerce Discretionary – 0.1%
|
|||
|
Wayfair LLC,
|
|
|
|
|
7.25%, 10/31/29(b)
|
|
73,000
|
74,277
|
|
7.75%, 9/15/30(b)
|
|
44,000
|
45,095
|
|
|
|
|
119,372
|
|
Electric Utilities – 0.9%
|
|||
|
AEP Texas, Inc., 3.95%,
6/01/28
|
|
50,000
|
49,230
|
|
AES (The) Corp., 5.45%,
6/01/28
|
|
30,000
|
30,484
|
|
Appalachian Power Co.,
4.50%, 8/01/32
|
|
50,000
|
48,846
|
|
Arizona Public Service Co.,
2.20%, 12/15/31
|
|
10,000
|
8,544
|
|
Black Hills Corp., 3.15%,
1/15/27
|
|
20,000
|
19,581
|
|
CenterPoint Energy
Houston Electric LLC,
4.45%, 10/01/32
|
|
30,000
|
29,318
|
|
Commonwealth
Edison Co., 5.30%,
6/01/34
|
|
50,000
|
51,206
|
|
Consolidated Edison Co. of
New York, Inc., 5.38%,
5/15/34
|
|
50,000
|
51,337
|
|
Dominion Energy, Inc.,
3.38%, 4/01/30
|
|
50,000
|
47,480
|
|
DTE Electric Co., 5.20%,
4/01/33
|
|
50,000
|
51,351
|
|
Duke Energy Carolinas LLC,
4.95%, 1/15/33
|
|
20,000
|
20,256
|
|
Duke Energy Corp., 2.65%,
9/01/26
|
|
100,000
|
97,967
|
|
|
|
Par(a)
|
Value
|
|
Electric Utilities (Continued)
|
|||
|
Duke Energy Ohio, Inc.,
5.30%, 6/15/35
|
|
$40,000
|
$40,509
|
|
Duke Energy Progress LLC,
|
|
|
|
|
3.40%, 4/01/32
|
|
20,000
|
18,552
|
|
5.25%, 3/15/33
|
|
10,000
|
10,259
|
|
|
|||
|
Entergy Louisiana LLC,
1.60%, 12/15/30
|
|
90,000
|
77,660
|
|
Evergy Kansas
Central, Inc., 5.90%,
11/15/33
|
|
10,000
|
10,597
|
|
Eversource Energy, 5.13%,
5/15/33
|
|
50,000
|
49,974
|
|
Florida Power & Light Co.,
|
|
|
|
|
2.45%, 2/03/32
|
|
30,000
|
26,450
|
|
4.80%, 5/15/33
|
|
15,000
|
14,976
|
|
Georgia Power Co.,
|
|
|
|
|
4.65%, 5/16/28
|
|
30,000
|
30,256
|
|
4.70%, 5/15/32
|
|
20,000
|
20,019
|
|
|
|||
|
Interstate Power and
Light Co., 5.70%,
10/15/33
|
|
14,000
|
14,502
|
|
ITC Holdings Corp., 3.35%,
11/15/27
|
|
10,000
|
9,719
|
|
National Rural Utilities
Cooperative
Finance Corp.,
|
|
|
|
|
4.95%, 2/07/30
|
|
30,000
|
30,577
|
|
2.40%, 3/15/30
|
|
50,000
|
45,778
|
|
NextEra Energy Capital
Holdings, Inc.,
|
|
|
|
|
5.30%, 3/15/32
|
|
25,000
|
25,660
|
|
5.25%, 3/15/34
|
|
50,000
|
50,451
|
|
|
|||
|
Ohio Power Co., 5.65%,
6/01/34
|
|
5,000
|
5,138
|
|
Oncor Electric Delivery Co.
LLC,
|
|
|
|
|
4.30%, 5/15/28
|
|
25,000
|
24,957
|
|
5.65%, 11/15/33
|
|
10,000
|
10,509
|
|
Pacific Gas and
Electric Co.,
|
|
|
|
|
2.50%, 2/01/31
|
|
80,000
|
69,844
|
|
6.40%, 6/15/33
|
|
29,000
|
30,598
|
|
PacifiCorp,
|
|
|
|
|
2.70%, 9/15/30
|
|
20,000
|
18,222
|
|
5.30%, 2/15/31
|
|
10,000
|
10,262
|
|
|
|||
|
PECO Energy Co., 4.90%,
6/15/33
|
|
40,000
|
40,421
|
|
PG&E Corp.,
|
|
|
|
|
5.00%, 7/01/28
|
|
7,000
|
6,830
|
|
5.25%, 7/01/30
|
|
98,000
|
94,002
|
|
PPL Electric Utilities Corp.,
|
|
|
|
|
5.00%, 5/15/33
|
|
10,000
|
10,112
|
|
4.85%, 2/15/34
|
|
25,000
|
24,856
|
|
|
|
Par(a)
|
Value
|
|
Electric Utilities (Continued)
|
|||
|
Public Service Co. of
Colorado,
|
|
|
|
|
4.10%, 6/01/32
|
|
$25,000
|
$23,891
|
|
5.35%, 5/15/34
|
|
30,000
|
30,422
|
|
|
|||
|
Public Service Co. of
Oklahoma, 5.20%,
1/15/35
|
|
20,000
|
19,955
|
|
Public Service Electric and
Gas Co.,
|
|
|
|
|
4.65%, 3/15/33
|
|
10,000
|
9,906
|
|
5.20%, 8/01/33
|
|
20,000
|
20,539
|
|
4.85%, 8/01/34
|
|
10,000
|
9,957
|
|
|
|||
|
Public Service Enterprise
Group, Inc., 1.60%,
8/15/30
|
|
10,000
|
8,619
|
|
San Diego Gas &
Electric Co., 4.95%,
8/15/28
|
|
45,000
|
45,819
|
|
Sempra, 5.50%, 8/01/33
|
|
10,000
|
10,222
|
|
Southern (The) Co., 5.20%,
6/15/33
|
|
50,000
|
50,852
|
|
Southwestern Electric
Power Co., 5.30%,
4/01/33
|
|
10,000
|
10,082
|
|
System Energy
Resources, Inc., 5.30%,
12/15/34
|
|
120,000
|
118,044
|
|
Talen Energy Supply LLC,
8.63%, 6/01/30(b)
|
|
20,000
|
21,253
|
|
Tampa Electric Co., 5.15%,
3/01/35
|
|
90,000
|
90,071
|
|
Union Electric Co., 2.95%,
3/15/30
|
|
70,000
|
65,614
|
|
Virginia Electric and
Power Co.,
|
|
|
|
|
2.30%, 11/15/31
|
|
45,000
|
39,246
|
|
5.15%, 3/15/35
|
|
20,000
|
20,070
|
|
|
|||
|
WEC Energy Group, Inc.,
5.60%, 9/12/26
|
|
7,000
|
7,073
|
|
Wisconsin Electric
Power Co., 1.70%,
6/15/28
|
|
10,000
|
9,336
|
|
Wisconsin Power and
Light Co., 1.95%, 9/16/31
|
|
5,000
|
4,280
|
|
Xcel Energy, Inc., 4.60%,
6/01/32
|
|
10,000
|
9,762
|
|
|
|
|
1,952,303
|
|
Electrical Equipment – 0.0%(c)
|
|||
|
Keysight
Technologies, Inc.,
4.95%, 10/15/34
|
|
25,000
|
24,572
|
|
WESCO Distribution, Inc.,
6.38%, 3/15/33(b)
|
|
13,000
|
13,309
|
|
|
|
|
37,881
|
|
|
|
Par(a)
|
Value
|
|
Engineering & Construction – 0.1%
|
|||
|
Dycom Industries, Inc.,
4.50%, 4/15/29(b)
|
|
$16,000
|
$15,509
|
|
Quanta Services, Inc.,
|
|
|
|
|
2.90%, 10/01/30
|
|
110,000
|
101,115
|
|
2.35%, 1/15/32
|
|
30,000
|
25,886
|
|
|
|||
|
Tutor Perini Corp., 11.88%,
4/30/29(b)
|
|
22,000
|
24,737
|
|
|
|
|
167,247
|
|
Entertainment Content – 0.2%
|
|||
|
Discovery
Communications LLC,
|
|
|
|
|
5.00%, 9/20/37
|
|
65,000
|
47,022
|
|
6.35%, 6/01/40
|
|
9,000
|
6,795
|
|
TEGNA, Inc.,
|
|
|
|
|
4.63%, 3/15/28
|
|
103,000
|
99,984
|
|
5.00%, 9/15/29
|
|
88,000
|
84,589
|
|
Warnermedia
Holdings, Inc.,
|
|
|
|
|
4.28%, 3/15/32
|
|
30,000
|
25,192
|
|
5.05%, 3/15/42
|
|
135,000
|
90,241
|
|
|
|
|
353,823
|
|
Food – 0.1%
|
|||
|
Hershey (The) Co., 4.50%,
5/04/33
|
|
52,000
|
51,473
|
|
Mondelez
International, Inc., 2.63%,
3/17/27
|
|
40,000
|
38,879
|
|
Post Holdings, Inc.,
|
|
|
|
|
6.38%, 3/01/33(b)
|
|
34,000
|
33,974
|
|
6.25%, 10/15/34(b)
|
|
12,000
|
12,015
|
|
|
|
|
136,341
|
|
Gas & Water Utilities – 0.1%
|
|||
|
American Water
Capital Corp.,
|
|
|
|
|
4.45%, 6/01/32
|
|
30,000
|
29,477
|
|
5.15%, 3/01/34
|
|
5,000
|
5,068
|
|
AmeriGas Partners
L.P./AmeriGas
Finance Corp.,
|
|
|
|
|
5.75%, 5/20/27
|
|
41,000
|
40,765
|
|
9.38%, 6/01/28(b)
|
|
39,000
|
40,169
|
|
|
|||
|
Atmos Energy Corp.,
5.90%, 11/15/33
|
|
10,000
|
10,695
|
|
Essential Utilities, Inc.,
5.38%, 1/15/34
|
|
25,000
|
25,306
|
|
National Fuel Gas Co.,
5.95%, 3/15/35
|
|
45,000
|
46,085
|
|
ONE Gas, Inc., 4.25%,
9/01/32
|
|
25,000
|
24,143
|
|
Southern California
Gas Co., 5.20%, 6/01/33
|
|
30,000
|
30,417
|
|
|
|
Par(a)
|
Value
|
|
Gas & Water Utilities (Continued)
|
|||
|
|
|||
|
Southern Co. Gas
Capital Corp., 5.75%,
9/15/33
|
|
$10,000
|
$10,451
|
|
Southwest Gas Corp.,
4.05%, 3/15/32
|
|
25,000
|
23,626
|
|
|
|
|
286,202
|
|
Health Care Facilities & Services – 0.5%
|
|||
|
Cardinal Health, Inc.,
|
|
|
|
|
4.70%, 11/15/26
|
|
70,000
|
70,109
|
|
5.35%, 11/15/34
|
|
50,000
|
50,590
|
|
|
|||
|
Cencora, Inc., 2.70%,
3/15/31
|
|
90,000
|
81,208
|
|
Charles River Laboratories
International, Inc., 4.25%,
5/01/28(b)
|
|
28,000
|
27,142
|
|
DaVita, Inc.,
|
|
|
|
|
4.63%, 6/01/30(b)
|
|
59,000
|
56,263
|
|
6.88%, 9/01/32(b)
|
|
38,000
|
39,069
|
|
6.75%, 7/15/33(b)
|
|
15,000
|
15,469
|
|
HCA, Inc.,
|
|
|
|
|
3.50%, 9/01/30
|
|
50,000
|
47,134
|
|
5.45%, 4/01/31
|
|
111,000
|
114,088
|
|
3.63%, 3/15/32
|
|
91,000
|
83,752
|
|
5.60%, 4/01/34
|
|
179,000
|
182,420
|
|
|
|||
|
IQVIA, Inc., 6.25%,
2/01/29
|
|
25,000
|
26,124
|
|
MPH Acquisition
Holdings LLC,
|
|
|
|
|
5.75%, 12/31/30(b)
|
|
22,000
|
18,128
|
|
11.50%, 12/31/30(b)(h)
|
|
450
|
444
|
|
(100% Cash), 6.75%,
3/31/31(b)(h)
|
|
12,045
|
9,184
|
|
Tenet Healthcare Corp.,
|
|
|
|
|
4.63%, 6/15/28
|
|
19,000
|
18,677
|
|
6.13%, 10/01/28
|
|
27,000
|
27,002
|
|
4.38%, 1/15/30
|
|
23,000
|
22,113
|
|
UnitedHealth Group, Inc.,
|
|
|
|
|
2.00%, 5/15/30
|
|
125,000
|
111,295
|
|
4.50%, 4/15/33
|
|
21,000
|
20,347
|
|
Universal Health
Services, Inc.,
|
|
|
|
|
2.65%, 10/15/30
|
|
112,000
|
99,102
|
|
2.65%, 1/15/32
|
|
98,000
|
83,008
|
|
|
|
|
1,202,668
|
|
Home & Office Products – 0.0%(c)
|
|||
|
Somnigroup
International, Inc.,
|
|
|
|
|
4.00%, 4/15/29(b)
|
|
29,000
|
27,541
|
|
3.88%, 10/15/31(b)
|
|
19,000
|
17,153
|
|
|
|
Par(a)
|
Value
|
|
Home & Office Products (Continued)
|
|||
|
|
|||
|
Steelcase, Inc., 5.13%,
1/18/29
|
|
$22,000
|
$21,670
|
|
Whirlpool Corp., 6.13%,
6/15/30
|
|
15,000
|
14,964
|
|
|
|
|
81,328
|
|
Home Construction – 0.2%
|
|||
|
Forestar Group, Inc.,
6.50%, 3/15/33(b)
|
|
16,000
|
16,062
|
|
Lennar Corp., 5.00%,
6/15/27
|
|
35,000
|
35,155
|
|
Masco Corp., 3.50%,
11/15/27
|
|
45,000
|
43,975
|
|
NVR, Inc., 3.00%, 5/15/30
|
|
135,000
|
125,969
|
|
Toll Brothers Finance Corp.,
|
|
|
|
|
4.35%, 2/15/28
|
|
60,000
|
59,668
|
|
3.80%, 11/01/29
|
|
50,000
|
48,567
|
|
|
|
|
329,396
|
|
Industrial Intermediate Products – 0.0%(c)
|
|||
|
Enpro, Inc., 6.13%,
6/01/33(b)
|
|
5,000
|
5,044
|
|
Industrial Support Services – 0.1%
|
|||
|
Alta Equipment
Group, Inc., 9.00%,
6/01/29(b)
|
|
42,000
|
39,830
|
|
WW Grainger, Inc., 4.45%,
9/15/34
|
|
185,000
|
179,875
|
|
|
|
|
219,705
|
|
Institutional Financial Services – 1.1%
|
|||
|
Bank of New York Mellon
(The) Corp., (SOFR +
1.17%), 4.54%, 2/01/29(i)
|
|
50,000
|
50,219
|
|
Coinbase Global, Inc.,
|
|
|
|
|
3.38%, 10/01/28(b)
|
|
90,000
|
84,679
|
|
3.63%, 10/01/31(b)
|
|
10,000
|
8,950
|
|
Goldman Sachs Group
(The), Inc.,
|
|
|
|
|
(SOFR + 0.79%), 1.09%,
12/09/26(i)
|
|
450,000
|
444,172
|
|
(SOFR + 0.80%), 1.43%,
3/09/27(i)
|
|
160,000
|
156,880
|
|
(3M CME Term SOFR +
1.42%), 3.81%,
4/23/29(i)
|
|
50,000
|
49,077
|
|
(SOFR + 1.25%), 2.38%,
7/21/32(i)
|
|
205,000
|
179,080
|
|
|
|||
|
Intercontinental
Exchange, Inc., 1.85%,
9/15/32
|
|
125,000
|
103,661
|
|
Jane Street Group/JSG
Finance, Inc., 6.75%,
5/01/33(b)
|
|
18,000
|
18,421
|
|
|
|
Par(a)
|
Value
|
|
Institutional Financial Services (Continued)
|
|||
|
|
|||
|
LPL Holdings, Inc., 5.65%,
3/15/35
|
|
$80,000
|
$80,269
|
|
Morgan Stanley,
|
|
|
|
|
(SOFR + 0.72%), 0.99%,
12/10/26(i)
|
|
170,000
|
167,737
|
|
3.95%, 4/23/27
|
|
12,000
|
11,900
|
|
(SOFR + 1.14%), 2.70%,
1/22/31(i)
|
|
37,000
|
34,098
|
|
(SOFR + 1.03%), 1.79%,
2/13/32(i)
|
|
414,000
|
354,141
|
|
(SOFR + 1.18%), 2.24%,
7/21/32(i)
|
|
53,000
|
45,927
|
|
(SOFR + 1.20%), 2.51%,
10/20/32(i)
|
|
223,000
|
195,212
|
|
(SOFR + 1.87%), 5.25%,
4/21/34(i)
|
|
110,000
|
111,778
|
|
(SOFR + 1.56%), 5.32%,
7/19/35(i)
|
|
70,000
|
70,881
|
|
(SOFR + 1.42%), 5.59%,
1/18/36(i)
|
|
35,000
|
35,923
|
|
|
|||
|
Stonex Escrow Issuer LLC,
6.88%, 7/15/32(b)
|
|
15,000
|
15,269
|
|
StoneX Group, Inc., 7.88%,
3/01/31(b)
|
|
59,000
|
61,982
|
|
VFH Parent LLC/Valor
Co-Issuer, Inc., 7.50%,
6/15/31(b)
|
|
71,000
|
73,872
|
|
|
|
|
2,354,128
|
|
Insurance – 0.7%
|
|||
|
Acrisure LLC/Acrisure
Finance, Inc., 6.75%,
7/01/32(b)
|
|
10,000
|
10,125
|
|
Allstate (The) Corp.,
5.05%, 6/24/29
|
|
65,000
|
66,277
|
|
American International
Group, Inc., 4.85%,
5/07/30
|
|
60,000
|
60,790
|
|
Aon Corp., 2.80%, 5/15/30
|
|
20,000
|
18,545
|
|
Arthur J Gallagher & Co.,
|
|
|
|
|
2.40%, 11/09/31
|
|
20,000
|
17,430
|
|
5.50%, 3/02/33
|
|
30,000
|
30,800
|
|
6.50%, 2/15/34
|
|
125,000
|
136,377
|
|
|
|||
|
Assurant, Inc., 4.90%,
3/27/28
|
|
65,000
|
65,365
|
|
Assured Guaranty
U.S. Holdings, Inc.,
6.13%, 9/15/28
|
|
58,000
|
60,626
|
|
Baldwin Insurance Group
Holdings LLC/Baldwin
Insurance Group Holdings
Finance, 7.13%,
5/15/31(b)
|
|
45,000
|
46,461
|
|
Brown & Brown, Inc.,
|
|
|
|
|
4.50%, 3/15/29
|
|
90,000
|
89,564
|
|
4.20%, 3/17/32
|
|
100,000
|
94,993
|
|
|
|
Par(a)
|
Value
|
|
Insurance (Continued)
|
|||
|
Brown & Brown, Inc.,
|
|
|
|
|
5.65%, 6/11/34
|
|
$40,000
|
$40,725
|
|
|
|||
|
Enstar Group Ltd., 3.10%,
9/01/31
|
|
73,000
|
64,182
|
|
Marsh & McLennan Cos.,
Inc.,
|
|
|
|
|
2.38%, 12/15/31
|
|
410,000
|
358,253
|
|
5.75%, 11/01/32
|
|
50,000
|
53,033
|
|
|
|||
|
Principal Financial
Group, Inc., 5.38%,
3/15/33
|
|
18,000
|
18,446
|
|
Progressive (The) Corp.,
3.20%, 3/26/30
|
|
32,000
|
30,445
|
|
Unum Group, 4.00%,
6/15/29
|
|
135,000
|
132,160
|
|
Willis North America, Inc.,
5.35%, 5/15/33
|
|
140,000
|
142,830
|
|
|
|
|
1,537,427
|
|
Internet Media & Services – 0.2%
|
|||
|
Alphabet, Inc., 4.50%,
5/15/35
|
|
25,000
|
24,532
|
|
GrubHub Holdings, Inc.,
5.50%, 7/01/27(b)
|
|
56,000
|
54,812
|
|
Match Group Holdings
II LLC, 4.13%, 8/01/30(b)
|
|
18,000
|
16,787
|
|
Meta Platforms, Inc.,
4.80%, 5/15/30
|
|
40,000
|
40,983
|
|
Snap, Inc., 6.88%,
3/01/33(b)
|
|
23,000
|
23,583
|
|
Uber Technologies, Inc.,
4.80%, 9/15/34
|
|
50,000
|
49,111
|
|
VeriSign, Inc.,
|
|
|
|
|
2.70%, 6/15/31
|
|
150,000
|
133,574
|
|
5.25%, 6/01/32
|
|
30,000
|
30,325
|
|
|
|
|
373,707
|
|
IT Services – 0.2%
|
|||
|
Accenture Capital, Inc.,
4.50%, 10/04/34
|
|
10,000
|
9,677
|
|
ASGN, Inc., 4.63%,
5/15/28(b)
|
|
18,000
|
17,524
|
|
CACI International, Inc.,
6.38%, 6/15/33(b)
|
|
36,000
|
36,812
|
|
International Business
Machines Corp.,
|
|
|
|
|
2.20%, 2/09/27
|
|
100,000
|
96,836
|
|
4.15%, 7/27/27
|
|
285,000
|
284,580
|
|
|
|||
|
Leidos, Inc., 2.30%,
2/15/31
|
|
60,000
|
52,538
|
|
|
|
|
497,967
|
|
Leisure Facilities & Services – 0.5%
|
|||
|
Darden Restaurants, Inc.,
|
|
|
|
|
4.55%, 10/15/29
|
|
40,000
|
39,795
|
|
|
|
Par(a)
|
Value
|
|
Leisure Facilities & Services (Continued)
|
|||
|
Darden Restaurants, Inc.,
|
|
|
|
|
6.30%, 10/10/33
|
|
$30,000
|
$31,978
|
|
|
|||
|
Genting New
York LLC/GENNY
Capital, Inc., 7.25%,
10/01/29(b)
|
|
44,000
|
45,301
|
|
Hilton Grand Vacations
Borrower LLC/Hilton
Grand Vacations
Borrower, Inc.,
|
|
|
|
|
5.00%, 6/01/29(b)
|
|
21,000
|
20,099
|
|
4.88%, 7/01/31(b)
|
|
42,000
|
38,617
|
|
6.63%, 1/15/32(b)
|
|
5,000
|
5,056
|
|
Hyatt Hotels Corp.,
|
|
|
|
|
5.75%, 1/30/27
|
|
30,000
|
30,494
|
|
5.38%, 12/15/31
|
|
90,000
|
91,235
|
|
|
|||
|
Las Vegas Sands Corp.,
6.00%, 8/15/29
|
|
25,000
|
25,698
|
|
Life Time, Inc., 6.00%,
11/15/31(b)
|
|
19,000
|
19,140
|
|
Live Nation
Entertainment, Inc.,
3.75%, 1/15/28(b)
|
|
16,000
|
15,551
|
|
Marriott International, Inc.,
|
|
|
|
|
5.00%, 10/15/27
|
|
35,000
|
35,440
|
|
5.55%, 10/15/28
|
|
30,000
|
30,964
|
|
2.85%, 4/15/31
|
|
100,000
|
90,651
|
|
5.10%, 4/15/32
|
|
30,000
|
30,352
|
|
5.30%, 5/15/34
|
|
35,000
|
35,295
|
|
|
|||
|
McDonald's Corp., 4.60%,
9/09/32
|
|
284,000
|
283,581
|
|
Premier Entertainment
Sub LLC/Premier
Entertainment
Finance Corp.,
|
|
|
|
|
5.63%, 9/01/29(b)
|
|
102,000
|
61,200
|
|
5.88%, 9/01/31(b)
|
|
48,000
|
29,520
|
|
Resorts World Las
Vegas LLC/RWLV
Capital, Inc.,
|
|
|
|
|
4.63%, 4/16/29(b)
|
|
17,000
|
15,121
|
|
8.45%, 7/27/30(b)
|
|
52,000
|
51,770
|
|
Sabre GLBL, Inc.,
|
|
|
|
|
8.63%, 6/01/27(b)
|
|
8,000
|
8,127
|
|
11.25%, 12/15/27(b)
|
|
45,000
|
47,324
|
|
10.75%, 11/15/29(b)
|
|
39,000
|
40,169
|
|
11.13%, 7/15/30(b)
|
|
53,000
|
55,875
|
|
|
|
|
1,178,353
|
|
Machinery – 0.1%
|
|||
|
Eaton Corp., 4.15%,
3/15/33
|
|
20,000
|
19,396
|
|
|
|
Par(a)
|
Value
|
|
Machinery (Continued)
|
|||
|
IDEX Corp., 2.63%,
6/15/31
|
|
$50,000
|
$44,570
|
|
Pentair Finance S.a.r.l.,
4.50%, 7/01/29
|
|
60,000
|
59,764
|
|
|
|
|
123,730
|
|
Medical Equipment & Devices – 0.1%
|
|||
|
Bausch + Lomb Corp.,
8.38%, 10/01/28(b)
|
|
54,000
|
56,300
|
|
Edwards
Lifesciences Corp.,
4.30%, 6/15/28
|
|
70,000
|
69,836
|
|
Zimmer Biomet
Holdings, Inc.,
|
|
|
|
|
4.70%, 2/19/27
|
|
150,000
|
150,550
|
|
5.35%, 12/01/28
|
|
30,000
|
30,833
|
|
|
|
|
307,519
|
|
Metals & Mining – 0.1%
|
|||
|
Compass Minerals
International, Inc., 8.00%,
7/01/30(b)
|
|
36,000
|
37,297
|
|
Freeport-McMoRan, Inc.,
4.13%, 3/01/28
|
|
35,000
|
34,514
|
|
Novelis Corp.,
|
|
|
|
|
4.75%, 1/30/30(b)
|
|
21,000
|
20,116
|
|
6.88%, 1/30/30(b)
|
|
58,000
|
59,766
|
|
|
|||
|
SunCoke Energy, Inc.,
4.88%, 6/30/29(b)
|
|
46,000
|
42,065
|
|
|
|
|
193,758
|
|
Oil & Gas Supply Chain – 1.8%
|
|||
|
California Resources Corp.,
8.25%, 6/15/29(b)
|
|
87,000
|
89,369
|
|
Cheniere Corpus Christi
Holdings LLC, 5.13%,
6/30/27
|
|
41,000
|
41,284
|
|
Cheniere Energy Partners
L.P., 5.55%, 10/30/35(b)
|
|
30,000
|
30,151
|
|
Cheniere Energy, Inc.,
5.65%, 4/15/34
|
|
30,000
|
30,516
|
|
Chevron USA, Inc., 4.98%,
4/15/35
|
|
190,000
|
191,623
|
|
Chord Energy Corp.,
6.75%, 3/15/33(b)
|
|
37,000
|
37,741
|
|
CNX Midstream Partners
L.P., 4.75%, 4/15/30(b)
|
|
5,000
|
4,723
|
|
CNX Resources Corp.,
|
|
|
|
|
6.00%, 1/15/29(b)
|
|
2,000
|
1,999
|
|
7.38%, 1/15/31(b)
|
|
15,000
|
15,460
|
|
7.25%, 3/01/32(b)
|
|
22,000
|
22,682
|
|
Comstock Resources, Inc.,
|
|
|
|
|
6.75%, 3/01/29(b)
|
|
79,000
|
78,107
|
|
6.75%, 3/01/29(b)
|
|
24,000
|
23,575
|
|
|
|
Par(a)
|
Value
|
|
Oil & Gas Supply Chain (Continued)
|
|||
|
|
|||
|
ConocoPhillips Co., 5.05%,
9/15/33
|
|
$20,000
|
$20,309
|
|
CVR Energy, Inc., 8.50%,
1/15/29(b)
|
|
29,000
|
28,492
|
|
DCP Midstream Operating
L.P., 3.25%, 2/15/32
|
|
5,000
|
4,457
|
|
Delek Logistics Partners
L.P./Delek Logistics
Finance Corp.,
|
|
|
|
|
8.63%, 3/15/29(b)
|
|
104,000
|
108,234
|
|
7.38%, 6/30/33(b)
|
|
10,000
|
9,885
|
|
|
|||
|
Diamondback Energy, Inc.,
5.40%, 4/18/34
|
|
105,000
|
105,249
|
|
Encino Acquisition
Partners Holdings LLC,
8.50%, 5/01/28(b)
|
|
995,000
|
1,016,144
|
|
Energy Transfer L.P.,
|
|
|
|
|
5.20%, 4/01/30
|
|
30,000
|
30,572
|
|
5.75%, 2/15/33
|
|
10,000
|
10,355
|
|
6.55%, 12/01/33
|
|
65,000
|
70,134
|
|
Genesis Energy
L.P./Genesis Energy
Finance Corp.,
|
|
|
|
|
8.25%, 1/15/29
|
|
20,000
|
20,860
|
|
8.88%, 4/15/30
|
|
13,000
|
13,762
|
|
7.88%, 5/15/32
|
|
41,000
|
42,402
|
|
8.00%, 5/15/33
|
|
17,000
|
17,625
|
|
|
|||
|
Global Partners L.P./GLP
Finance Corp., 8.25%,
1/15/32(b)
|
|
39,000
|
40,892
|
|
Gulfport Energy
Operating Corp., 6.75%,
9/01/29(b)
|
|
58,000
|
58,943
|
|
Hess Corp., 4.30%,
4/01/27
|
|
50,000
|
49,980
|
|
Kinder Morgan, Inc.,
|
|
|
|
|
1.75%, 11/15/26
|
|
60,000
|
57,952
|
|
5.00%, 2/01/29
|
|
120,000
|
121,549
|
|
|
|||
|
Magnolia Oil & Gas
Operating LLC/Magnolia
Oil & Gas Finance Corp.,
6.88%, 12/01/32(b)
|
|
42,000
|
42,437
|
|
Matador Resources Co.,
6.88%, 4/15/28(b)
|
|
13,000
|
13,213
|
|
MPLX L.P.,
|
|
|
|
|
4.13%, 3/01/27
|
|
180,000
|
178,682
|
|
4.25%, 12/01/27
|
|
90,000
|
89,362
|
|
2.65%, 8/15/30
|
|
120,000
|
108,747
|
|
Northern Oil & Gas, Inc.,
|
|
|
|
|
8.13%, 3/01/28(b)
|
|
22,000
|
22,214
|
|
8.75%, 6/15/31(b)
|
|
30,000
|
30,822
|
|
|
|||
|
Plains All American
Pipeline L.P., 5.95%,
6/15/35
|
|
60,000
|
61,576
|
|
|
|
Par(a)
|
Value
|
|
Oil & Gas Supply Chain (Continued)
|
|||
|
Plains All American
Pipeline L.P./PAA
Finance Corp.,
|
|
|
|
|
3.55%, 12/15/29
|
|
$42,000
|
$40,085
|
|
5.70%, 9/15/34
|
|
20,000
|
20,286
|
|
|
|||
|
Sitio Royalties Operating
Partnership L.P./Sitio
Finance Corp., 7.88%,
11/01/28(b)
|
|
28,000
|
29,213
|
|
Summit Midstream
Holdings LLC, 8.63%,
10/31/29(b)
|
|
75,000
|
76,389
|
|
Sunoco L.P., 7.00%,
5/01/29(b)
|
|
28,000
|
28,982
|
|
Talos Production, Inc.,
|
|
|
|
|
9.00%, 2/01/29(b)
|
|
56,000
|
57,394
|
|
9.38%, 2/01/31(b)
|
|
43,000
|
43,848
|
|
Targa Resources Corp.,
|
|
|
|
|
5.20%, 7/01/27
|
|
160,000
|
161,859
|
|
5.50%, 2/15/35
|
|
40,000
|
39,977
|
|
5.55%, 8/15/35
|
|
75,000
|
75,155
|
|
Targa Resources Partners
L.P./Targa Resources
Partners Finance Corp.,
|
|
|
|
|
5.00%, 1/15/28
|
|
46,000
|
45,940
|
|
4.88%, 2/01/31
|
|
20,000
|
19,770
|
|
Venture Global LNG, Inc.,
|
|
|
|
|
9.50%, 2/01/29(b)
|
|
9,000
|
9,815
|
|
8.38%, 6/01/31(b)
|
|
67,000
|
69,302
|
|
9.88%, 2/01/32(b)
|
|
64,000
|
69,052
|
|
|
|||
|
Venture Global
Plaquemines LNG LLC,
6.75%, 1/15/36(b)
|
|
25,000
|
25,718
|
|
Western Midstream
Operating L.P., 6.15%,
4/01/33
|
|
30,000
|
31,291
|
|
Williams (The) Cos., Inc.,
2.60%, 3/15/31
|
|
125,000
|
111,694
|
|
|
|
|
3,897,849
|
|
Oil, Gas Services & Equipment – 0.1%
|
|||
|
Bristow Group, Inc.,
6.88%, 3/01/28(b)
|
|
6,000
|
6,014
|
|
Diamond Foreign
Asset Co./Diamond
Finance LLC, 8.50%,
10/01/30(b)
|
|
49,000
|
51,070
|
|
Noble Finance II LLC,
8.00%, 4/15/30(b)
|
|
78,000
|
79,557
|
|
Tidewater, Inc., 9.13%,
7/15/30(b)
|
|
5,000
|
5,244
|
|
|
|
Par(a)
|
Value
|
|
Oil, Gas Services & Equipment (Continued)
|
|||
|
USA Compression Partners
L.P./USA Compression
Finance Corp., 7.13%,
3/15/29(b)
|
|
$35,000
|
$35,779
|
|
Weatherford
International Ltd., 8.63%,
4/30/30(b)
|
|
28,000
|
28,765
|
|
|
|
|
206,429
|
|
Publishing & Broadcasting – 0.1%
|
|||
|
Nexstar Media, Inc.,
|
|
|
|
|
5.63%, 7/15/27(b)
|
|
13,000
|
12,975
|
|
4.75%, 11/01/28(b)
|
|
76,000
|
73,867
|
|
Sinclair Television
Group, Inc.,
|
|
|
|
|
5.50%, 3/01/30(b)
|
|
31,000
|
25,604
|
|
4.38%, 12/31/32(b)
|
|
18,000
|
13,351
|
|
9.75%, 2/15/33(b)
|
|
24,000
|
26,100
|
|
|
|
|
151,897
|
|
Real Estate Investment Trusts – 0.6%
|
|||
|
American Tower Corp.,
|
|
|
|
|
5.80%, 11/15/28
|
|
55,000
|
57,096
|
|
5.40%, 1/31/35
|
|
10,000
|
10,172
|
|
Crown Castle, Inc.,
|
|
|
|
|
3.65%, 9/01/27
|
|
80,000
|
78,526
|
|
3.80%, 2/15/28
|
|
17,000
|
16,663
|
|
2.10%, 4/01/31
|
|
80,000
|
68,843
|
|
|
|||
|
Diversified Healthcare
Trust, 4.38%, 3/01/31
|
|
21,000
|
17,550
|
|
ERP Operating L.P., 4.65%,
9/15/34
|
|
40,000
|
38,738
|
|
Host Hotels & Resorts L.P.,
5.50%, 4/15/35
|
|
20,000
|
19,735
|
|
Iron Mountain, Inc., 5.25%,
3/15/28(b)
|
|
17,000
|
16,913
|
|
MPT Operating Partnership
L.P./MPT Finance Corp.,
|
|
|
|
|
5.00%, 10/15/27
|
|
22,000
|
20,183
|
|
4.63%, 8/01/29
|
|
55,000
|
41,807
|
|
8.50%, 2/15/32(b)
|
|
5,000
|
5,197
|
|
|
|||
|
Omega Healthcare
Investors, Inc., 5.20%,
7/01/30
|
|
100,000
|
100,318
|
|
Prologis L.P.,
|
|
|
|
|
4.88%, 6/15/28
|
|
20,000
|
20,311
|
|
4.75%, 6/15/33
|
|
40,000
|
39,744
|
|
|
|||
|
Realty Income Corp.,
4.75%, 2/15/29
|
|
90,000
|
90,877
|
|
RLJ Lodging Trust L.P.,
4.00%, 9/15/29(b)
|
|
34,000
|
31,731
|
|
Simon Property Group L.P.,
|
|
|
|
|
1.38%, 1/15/27
|
|
10,000
|
9,574
|
|
5.50%, 3/08/33
|
|
40,000
|
41,661
|
|
|
|
Par(a)
|
Value
|
|
Real Estate Investment Trusts (Continued)
|
|||
|
Simon Property Group L.P.,
|
|
|
|
|
4.75%, 9/26/34
|
|
$50,000
|
$48,684
|
|
Uniti Group L.P./Uniti
Group Finance 2019,
Inc./CSL Capital LLC,
|
|
|
|
|
10.50%, 2/15/28(b)
|
|
23,000
|
24,308
|
|
6.50%, 2/15/29(b)
|
|
39,000
|
37,940
|
|
|
|||
|
Ventas Realty L.P., 5.10%,
7/15/32
|
|
80,000
|
80,852
|
|
VICI Properties L.P., 5.63%,
4/01/35
|
|
40,000
|
40,256
|
|
VICI Properties L.P./VICI
Note Co., Inc., 4.13%,
8/15/30(b)
|
|
50,000
|
47,772
|
|
Welltower OP LLC,
|
|
|
|
|
4.50%, 7/01/30
|
|
70,000
|
69,819
|
|
3.85%, 6/15/32
|
|
70,000
|
66,456
|
|
5.13%, 7/01/35
|
|
80,000
|
79,723
|
|
|
|
|
1,221,449
|
|
Real Estate Owners & Developers – 0.0%(c)
|
|||
|
Howard Hughes
(The) Corp., 4.38%,
2/01/31(b)
|
|
32,000
|
29,451
|
|
Real Estate Services – 0.0%(c)
|
|||
|
Anywhere Real Estate
Group LLC/Anywhere
Co-Issuer Corp., 7.00%,
4/15/30(b)
|
|
50,000
|
47,884
|
|
Anywhere Real Estate
Group LLC/Realogy,
9.75%, 4/15/30
|
|
23,000
|
23,952
|
|
|
|
|
71,836
|
|
Retail - Consumer Staples – 0.1%
|
|||
|
Kroger (The) Co., 5.00%,
9/15/34
|
|
50,000
|
49,460
|
|
Walgreens Boots
Alliance, Inc.,
|
|
|
|
|
8.13%, 8/15/29
|
|
58,000
|
62,259
|
|
4.10%, 4/15/50
|
|
65,000
|
55,655
|
|
|
|
|
167,374
|
|
Retail - Discretionary – 0.4%
|
|||
|
Advance Auto Parts, Inc.,
|
|
|
|
|
7.00%, 8/01/30(b)
|
|
15,000
|
15,076
|
|
7.38%, 8/01/33(b)
|
|
15,000
|
15,080
|
|
AutoZone, Inc.,
|
|
|
|
|
4.50%, 2/01/28
|
|
40,000
|
40,129
|
|
5.40%, 7/15/34
|
|
20,000
|
20,430
|
|
Avis Budget Car
Rental LLC/Avis Budget
Finance, Inc.,
|
|
|
|
|
8.25%, 1/15/30(b)
|
|
26,000
|
26,755
|
|
|
|
Par(a)
|
Value
|
|
Retail - Discretionary (Continued)
|
|||
|
Avis Budget Car
Rental LLC/Avis Budget
Finance, Inc.,
|
|
|
|
|
8.00%, 2/15/31(b)
|
|
$32,000
|
$32,676
|
|
8.38%, 6/15/32(b)
|
|
42,000
|
43,328
|
|
Bath & Body Works, Inc.,
|
|
|
|
|
6.88%, 11/01/35
|
|
66,000
|
67,913
|
|
6.75%, 7/01/36
|
|
60,000
|
60,723
|
|
|
|||
|
Builders FirstSource, Inc.,
6.75%, 5/15/35(b)
|
|
45,000
|
46,138
|
|
Carvana Co.,
|
|
|
|
|
9.00%, 12/01/28(b)(h)
|
|
29,803
|
30,487
|
|
9.00%, 6/01/30(b)(h)
|
|
53,640
|
56,106
|
|
9.00%, 6/01/31(b)(h)
|
|
35,310
|
41,990
|
|
|
|||
|
Gap (The), Inc., 3.88%,
10/01/31(b)
|
|
38,000
|
33,769
|
|
Hertz (The) Corp., 12.63%,
7/15/29(b)
|
|
36,000
|
37,610
|
|
Kohl's Corp., 5.13%,
5/01/31
|
|
29,000
|
20,890
|
|
Lowe's Cos., Inc.,
|
|
|
|
|
3.35%, 4/01/27
|
|
25,000
|
24,575
|
|
3.10%, 5/03/27
|
|
45,000
|
43,979
|
|
2.63%, 4/01/31
|
|
10,000
|
8,985
|
|
Macy's Retail
Holdings LLC,
|
|
|
|
|
6.13%, 3/15/32(b)
|
|
27,000
|
25,852
|
|
7.38%, 8/01/33(b)
|
|
15,000
|
15,057
|
|
|
|||
|
Patrick Industries, Inc.,
6.38%, 11/01/32(b)
|
|
32,000
|
32,021
|
|
QXO Building
Products, Inc., 6.75%,
4/30/32(b)
|
|
66,000
|
67,965
|
|
|
|
|
807,534
|
|
Semiconductors – 0.2%
|
|||
|
Analog Devices, Inc.,
|
|
|
|
|
1.70%, 10/01/28
|
|
40,000
|
36,942
|
|
2.10%, 10/01/31
|
|
30,000
|
26,154
|
|
|
|||
|
Broadcom Corp./Broadcom
Cayman Finance Ltd.,
3.88%, 1/15/27
|
|
160,000
|
158,626
|
|
Broadcom, Inc.,
|
|
|
|
|
4.00%, 4/15/29(b)
|
|
5,000
|
4,924
|
|
5.05%, 4/15/30
|
|
26,000
|
26,565
|
|
|
|||
|
Intel Corp., 3.75%, 3/25/27
|
|
50,000
|
49,328
|
|
Texas Instruments, Inc.,
|
|
|
|
|
1.90%, 9/15/31
|
|
54,000
|
46,761
|
|
4.90%, 3/14/33
|
|
25,000
|
25,410
|
|
4.85%, 2/08/34
|
|
60,000
|
60,609
|
|
|
|
|
435,319
|
|
|
|
Par(a)
|
Value
|
|
Software – 0.2%
|
|||
|
Autodesk, Inc., 5.30%,
6/15/35
|
|
$50,000
|
$50,658
|
|
CoreWeave, Inc.,
|
|
|
|
|
9.25%, 6/01/30(b)
|
|
86,000
|
86,434
|
|
9.00%, 2/01/31(b)
|
|
38,000
|
37,838
|
|
|
|||
|
Fortinet, Inc., 2.20%,
3/15/31
|
|
10,000
|
8,793
|
|
Intuit, Inc., 5.20%, 9/15/33
|
|
100,000
|
103,104
|
|
Oracle Corp.,
|
|
|
|
|
5.25%, 2/03/32
|
|
60,000
|
61,267
|
|
5.50%, 8/03/35
|
|
95,000
|
96,333
|
|
|
|||
|
Pagaya U.S. Holdings Co.
LLC, 8.88%, 8/01/30(b)
|
|
45,000
|
44,706
|
|
Roper Technologies, Inc.,
4.50%, 10/15/29
|
|
60,000
|
59,823
|
|
|
|
|
548,956
|
|
Specialty Finance – 1.9%
|
|||
|
Ally Financial, Inc., (5Y US
Treasury CMT + 2.45%),
6.65%, 1/17/40(i)
|
|
28,000
|
27,794
|
|
American Express Co.,
|
|
|
|
|
(SOFR + 1.22%), 4.92%,
7/20/33(i)
|
|
55,000
|
55,177
|
|
(SOFR Index + 1.32%),
5.44%, 1/30/36(i)
|
|
90,000
|
91,774
|
|
|
|||
|
Apollo Commercial Real
Estate Finance, Inc.,
4.63%, 6/15/29(b)
|
|
29,000
|
27,545
|
|
Blackstone Mortgage
Trust, Inc., 7.75%,
12/01/29(b)
|
|
33,000
|
34,884
|
|
Boost Newco
Borrower LLC, 7.50%,
1/15/31(b)
|
|
1,120,000
|
1,184,188
|
|
Bread Financial
Holdings, Inc., 9.75%,
3/15/29(b)
|
|
87,000
|
93,331
|
|
Broadridge Financial
Solutions, Inc., 2.60%,
5/01/31
|
|
10,000
|
8,862
|
|
Burford Capital Global
Finance LLC,
|
|
|
|
|
6.25%, 4/15/28(b)
|
|
14,000
|
13,962
|
|
6.88%, 4/15/30(b)
|
|
28,000
|
27,933
|
|
9.25%, 7/01/31(b)
|
|
83,000
|
87,770
|
|
Capital One
Financial Corp.,
|
|
|
|
|
(SOFR + 2.44%), 7.15%,
10/29/27(i)
|
|
110,000
|
113,298
|
|
(SOFR + 2.64%), 6.31%,
6/08/29(i)
|
|
78,000
|
81,486
|
|
(SOFR + 1.56%), 5.46%,
7/26/30(i)
|
|
80,000
|
82,192
|
|
|
|
Par(a)
|
Value
|
|
Specialty Finance (Continued)
|
|||
|
Credit Acceptance Corp.,
|
|
|
|
|
9.25%, 12/15/28(b)
|
|
$61,000
|
$64,513
|
|
6.63%, 3/15/30(b)
|
|
25,000
|
25,317
|
|
Enova International, Inc.,
|
|
|
|
|
11.25%, 12/15/28(b)
|
|
44,000
|
46,834
|
|
9.13%, 8/01/29(b)
|
|
17,000
|
17,799
|
|
|
|||
|
Equifax, Inc., 4.80%,
9/15/29
|
|
65,000
|
65,421
|
|
EZCORP, Inc., 7.38%,
4/01/32(b)
|
|
15,000
|
15,622
|
|
FactSet Research
Systems, Inc.,
|
|
|
|
|
2.90%, 3/01/27
|
|
150,000
|
146,467
|
|
3.45%, 3/01/32
|
|
72,000
|
65,643
|
|
|
|||
|
Fair Isaac Corp., 6.00%,
5/15/33(b)
|
|
15,000
|
15,070
|
|
FirstCash, Inc.,
|
|
|
|
|
5.63%, 1/01/30(b)
|
|
11,000
|
10,886
|
|
6.88%, 3/01/32(b)
|
|
30,000
|
30,753
|
|
Fiserv, Inc.,
|
|
|
|
|
5.38%, 8/21/28
|
|
30,000
|
30,716
|
|
5.60%, 3/02/33
|
|
150,000
|
154,180
|
|
5.45%, 3/15/34
|
|
30,000
|
30,453
|
|
|
|||
|
FTAI Aviation
Investors LLC, 7.88%,
12/01/30(b)
|
|
10,000
|
10,603
|
|
Mastercard, Inc.,
|
|
|
|
|
1.90%, 3/15/31
|
|
22,000
|
19,304
|
|
4.95%, 3/15/32
|
|
90,000
|
92,146
|
|
4.55%, 1/15/35
|
|
50,000
|
48,844
|
|
|
|||
|
MGIC Investment Corp.,
5.25%, 8/15/28
|
|
7,000
|
6,984
|
|
Nationstar Mortgage
Holdings, Inc.,
|
|
|
|
|
5.50%, 8/15/28(b)
|
|
504,000
|
503,321
|
|
6.50%, 8/01/29(b)
|
|
32,000
|
32,730
|
|
5.13%, 12/15/30(b)
|
|
23,000
|
22,956
|
|
5.75%, 11/15/31(b)
|
|
30,000
|
30,333
|
|
OneMain Finance Corp.,
|
|
|
|
|
7.88%, 3/15/30
|
|
60,000
|
63,160
|
|
7.50%, 5/15/31
|
|
65,000
|
67,741
|
|
7.13%, 11/15/31
|
|
12,000
|
12,388
|
|
PennyMac Financial
Services, Inc.,
|
|
|
|
|
7.13%, 11/15/30(b)
|
|
31,000
|
31,955
|
|
5.75%, 9/15/31(b)
|
|
49,000
|
47,945
|
|
6.88%, 5/15/32(b)
|
|
15,000
|
15,283
|
|
6.88%, 2/15/33(b)
|
|
18,000
|
18,346
|
|
Rithm Capital Corp.,
|
|
|
|
|
8.00%, 4/01/29(b)
|
|
64,000
|
65,377
|
|
8.00%, 7/15/30(b)
|
|
15,000
|
15,270
|
|
|
|
Par(a)
|
Value
|
|
Specialty Finance (Continued)
|
|||
|
Rocket Cos, Inc.,
|
|
|
|
|
6.13%, 8/01/30(b)
|
|
$15,000
|
$15,209
|
|
6.38%, 8/01/33(b)
|
|
15,000
|
15,300
|
|
S&P Global, Inc.,
|
|
|
|
|
1.25%, 8/15/30
|
|
110,000
|
94,658
|
|
2.90%, 3/01/32
|
|
90,000
|
81,334
|
|
|
|||
|
SLM Corp., 6.50%,
1/31/30
|
|
27,000
|
28,046
|
|
Starwood Property
Trust, Inc.,
|
|
|
|
|
7.25%, 4/01/29(b)
|
|
40,000
|
41,834
|
|
6.00%, 4/15/30(b)
|
|
10,000
|
10,098
|
|
6.50%, 10/15/30(b)
|
|
20,000
|
20,586
|
|
|
|||
|
Synchrony Financial,
7.25%, 2/02/33
|
|
69,000
|
72,511
|
|
United Wholesale
Mortgage LLC, 5.50%,
4/15/29(b)
|
|
59,000
|
57,710
|
|
UWM Holdings LLC,
6.63%, 2/01/30(b)
|
|
50,000
|
50,022
|
|
|
|
|
4,241,864
|
|
Steel – 0.0%(c)
|
|||
|
Reliance, Inc., 2.15%,
8/15/30
|
|
40,000
|
35,416
|
|
Technology Hardware – 0.6%
|
|||
|
Apple, Inc., 3.35%,
8/08/32
|
|
25,000
|
23,489
|
|
CDW LLC/CDW
Finance Corp.,
|
|
|
|
|
5.10%, 3/01/30
|
|
10,000
|
10,072
|
|
3.57%, 12/01/31
|
|
230,000
|
211,768
|
|
Cisco Systems, Inc.,
|
|
|
|
|
4.95%, 2/24/32
|
|
60,000
|
61,179
|
|
5.05%, 2/26/34
|
|
45,000
|
45,814
|
|
CommScope LLC,
|
|
|
|
|
8.25%, 3/01/27(b)
|
|
81,000
|
81,187
|
|
7.13%, 7/01/28(b)
|
|
50,000
|
49,484
|
|
9.50%, 12/15/31(b)
|
|
22,000
|
23,167
|
|
|
|||
|
Diebold Nixdorf, Inc.,
7.75%, 3/31/30(b)
|
|
8,000
|
8,488
|
|
Jabil, Inc.,
|
|
|
|
|
4.25%, 5/15/27
|
|
70,000
|
69,572
|
|
5.45%, 2/01/29
|
|
30,000
|
30,607
|
|
Motorola Solutions, Inc.,
|
|
|
|
|
4.60%, 5/23/29
|
|
180,000
|
180,483
|
|
2.75%, 5/24/31
|
|
40,000
|
35,916
|
|
5.60%, 6/01/32
|
|
50,000
|
51,856
|
|
5.40%, 4/15/34
|
|
70,000
|
71,399
|
|
5.55%, 8/15/35
|
|
60,000
|
61,201
|
|
|
|||
|
NCR Atleos Corp., 9.50%,
4/01/29(b)
|
|
72,000
|
78,002
|
|
|
|
Par(a)
|
Value
|
|
Technology Hardware (Continued)
|
|||
|
|
|||
|
NetApp, Inc., 5.70%,
3/17/35
|
|
$44,000
|
$45,021
|
|
Teledyne FLIR LLC, 2.50%,
8/01/30
|
|
40,000
|
36,151
|
|
Teledyne
Technologies, Inc.,
2.75%, 4/01/31
|
|
30,000
|
27,044
|
|
Viasat, Inc.,
|
|
|
|
|
6.50%, 7/15/28(b)
|
|
19,000
|
17,909
|
|
7.50%, 5/30/31(b)
|
|
61,000
|
53,113
|
|
|
|||
|
Western Digital Corp.,
3.10%, 2/01/32
|
|
20,000
|
17,780
|
|
|
|
|
1,290,702
|
|
Telecommunications – 1.1%
|
|||
|
AT&T, Inc., 4.35%, 3/01/29
|
|
2,000
|
1,994
|
|
Cogent Communications
Group LLC/Cogent
Finance, Inc.,
|
|
|
|
|
7.00%, 6/15/27(b)
|
|
37,000
|
37,036
|
|
6.50%, 7/01/32(b)
|
|
50,000
|
48,999
|
|
|
|||
|
EchoStar Corp., 10.75%,
11/30/29
|
|
30,000
|
31,613
|
|
Frontier Communications
Holdings LLC, 8.75%,
5/15/30(b)
|
|
1,318,000
|
1,379,383
|
|
GCI LLC, 4.75%,
10/15/28(b)
|
|
57,000
|
55,017
|
|
Hughes Satellite
Systems Corp.,
|
|
|
|
|
5.25%, 8/01/26
|
|
45,000
|
41,475
|
|
6.63%, 8/01/26
|
|
72,000
|
54,466
|
|
Level 3 Financing, Inc.,
|
|
|
|
|
4.25%, 7/01/28(b)
|
|
27,000
|
24,536
|
|
4.50%, 4/01/30
|
|
60,000
|
54,000
|
|
3.88%, 10/15/30
|
|
30,000
|
25,725
|
|
10.75%, 12/15/30(b)
|
|
23,000
|
25,904
|
|
6.88%, 6/30/33(b)
|
|
45,000
|
45,601
|
|
Lumen Technologies, Inc.,
|
|
|
|
|
4.13%, 4/15/30(b)
|
|
267
|
260
|
|
10.00%, 10/15/32(b)
|
|
32,000
|
32,360
|
|
|
|||
|
Sprint Capital Corp.,
8.75%, 3/15/32
|
|
30,000
|
36,237
|
|
T-Mobile USA, Inc.,
|
|
|
|
|
2.88%, 2/15/31
|
|
99,000
|
89,930
|
|
5.15%, 4/15/34
|
|
45,000
|
45,274
|
|
4.70%, 1/15/35
|
|
110,000
|
106,430
|
|
5.30%, 5/15/35
|
|
90,000
|
90,691
|
|
|
|||
|
Verizon
Communications, Inc.,
5.25%, 4/02/35
|
|
95,000
|
95,383
|
|
|
|
|
2,322,314
|
|
|
|
Par(a)
|
Value
|
|
Tobacco & Cannabis – 0.5%
|
|||
|
Altria Group, Inc.,
|
|
|
|
|
6.20%, 11/01/28
|
|
$110,000
|
$115,322
|
|
3.40%, 5/06/30
|
|
30,000
|
28,385
|
|
2.45%, 2/04/32
|
|
190,000
|
163,617
|
|
6.88%, 11/01/33
|
|
110,000
|
122,358
|
|
Philip Morris
International, Inc.,
|
|
|
|
|
3.38%, 8/15/29
|
|
15,000
|
14,406
|
|
5.63%, 11/17/29
|
|
204,000
|
212,880
|
|
2.10%, 5/01/30
|
|
60,000
|
53,802
|
|
5.75%, 11/17/32
|
|
25,000
|
26,240
|
|
5.38%, 2/15/33
|
|
50,000
|
51,312
|
|
5.63%, 9/07/33
|
|
90,000
|
93,606
|
|
4.90%, 11/01/34
|
|
100,000
|
98,682
|
|
|
|||
|
Turning Point Brands, Inc.,
7.63%, 3/15/32(b)
|
|
13,000
|
13,618
|
|
|
|
|
994,228
|
|
Transportation & Logistics – 0.1%
|
|||
|
American Airlines, Inc.,
|
|
|
|
|
7.25%, 2/15/28(b)
|
|
76,000
|
77,551
|
|
8.50%, 5/15/29(b)
|
|
20,000
|
20,902
|
|
|
|||
|
Clue Opco LLC, 9.50%,
10/15/31(b)
|
|
32,000
|
33,932
|
|
JetBlue
Airways Corp./JetBlue
Loyalty L.P., 9.88%,
9/20/31(b)
|
|
76,000
|
73,481
|
|
United Parcel Service, Inc.,
4.45%, 4/01/30
|
|
15,000
|
15,098
|
|
|
|
|
220,964
|
|
Transportation Equipment – 0.0%(c)
|
|||
|
Westinghouse Air Brake
Technologies Corp.,
5.61%, 3/11/34
|
|
60,000
|
62,034
|
|
Wholesale - Consumer Staples – 0.0%(c)
|
|||
|
United Natural Foods, Inc.,
6.75%, 10/15/28(b)
|
|
24,000
|
23,899
|
|
Total Corporate Bonds
(Cost $37,105,369)
|
37,466,348
|
||
|
|
|||
|
Foreign Issuer Bonds – 2.4%
|
|||
|
Australia – 0.2%
|
|||
|
BHP Billiton Finance
USA Ltd., 4.75%, 2/28/28
|
|
270,000
|
272,950
|
|
Fortescue Treasury Pty.
Ltd.,
|
|
|
|
|
4.38%, 4/01/31(b)
|
|
21,000
|
19,675
|
|
6.13%, 4/15/32(b)
|
|
42,000
|
42,827
|
|
|
|
Par(a)
|
Value
|
|
Australia (Continued)
|
|||
|
|
|||
|
Rio Tinto Finance USA Ltd.,
7.13%, 7/15/28
|
|
$8,000
|
$8,618
|
|
Rio Tinto Finance USA PLC,
5.25%, 3/14/35
|
|
70,000
|
71,030
|
|
|
|
|
415,100
|
|
Austria – 0.0%(c)
|
|||
|
ams-OSRAM A.G.,
12.25%, 3/30/29(b)
|
|
17,000
|
18,258
|
|
Bermuda – 0.0%(c)
|
|||
|
RenaissanceRe
Holdings Ltd., 5.75%,
6/05/33
|
|
81,000
|
83,419
|
|
Brazil – 0.1%
|
|||
|
Karoon USA Finance, Inc.,
10.50%, 5/14/29(b)
|
|
18,000
|
18,537
|
|
Klabin Austria GmbH,
|
|
|
|
|
3.20%, 1/12/31(b)
|
|
37,000
|
32,794
|
|
7.00%, 4/03/49(b)
|
|
44,000
|
44,636
|
|
|
|
|
95,967
|
|
Canada – 0.5%
|
|||
|
Algoma Steel, Inc., 9.13%,
4/15/29(b)
|
|
29,000
|
26,299
|
|
Bank of Montreal, 5.72%,
9/25/28
|
|
50,000
|
51,914
|
|
Brookfield Residential
Properties, Inc./Brookfield
Residential U.S. LLC,
|
|
|
|
|
6.25%, 9/15/27(b)
|
|
3,000
|
2,994
|
|
4.88%, 2/15/30(b)
|
|
40,000
|
36,373
|
|
|
|||
|
Canadian Imperial Bank of
Commerce, (SOFR +
1.34%), 4.63%, 9/11/30(i)
|
|
25,000
|
24,999
|
|
Canadian National
Railway Co., 3.85%,
8/05/32
|
|
60,000
|
56,835
|
|
CGI, Inc., 4.95%, 3/14/30(b)
|
|
100,000
|
101,207
|
|
Champion Iron Canda, Inc.,
7.88%, 7/15/32(b)
|
|
45,000
|
45,961
|
|
Enbridge, Inc., 5.63%,
4/05/34
|
|
35,000
|
35,816
|
|
Fairfax Financial
Holdings Ltd.,
|
|
|
|
|
3.38%, 3/03/31
|
|
25,000
|
23,103
|
|
5.63%, 8/16/32
|
|
70,000
|
71,573
|
|
6.00%, 12/07/33
|
|
181,000
|
188,367
|
|
goeasy Ltd.,
|
|
|
|
|
9.25%, 12/01/28(b)
|
|
14,000
|
14,819
|
|
7.63%, 7/01/29(b)
|
|
65,000
|
66,934
|
|
6.88%, 5/15/30(b)
|
|
20,000
|
20,039
|
|
7.38%, 10/01/30(b)
|
|
12,000
|
12,235
|
|
|
|
Par(a)
|
Value
|
|
Canada (Continued)
|
|||
|
|
|||
|
Greenfire Resources Ltd.,
12.00%, 10/01/28(b)
|
|
$20,000
|
$20,988
|
|
MEG Energy Corp., 5.88%,
2/01/29(b)
|
|
19,000
|
19,002
|
|
New Flyer Holdings, Inc.,
9.25%, 7/01/30(b)
|
|
35,000
|
37,248
|
|
New Gold, Inc., 6.88%,
4/01/32(b)
|
|
5,000
|
5,131
|
|
Parkland Corp., 6.63%,
8/15/32(b)
|
|
18,000
|
18,398
|
|
RB Global Holdings, Inc.,
6.75%, 3/15/28(b)
|
|
20,000
|
20,473
|
|
Royal Bank of Canada,
|
|
|
|
|
5.20%, 8/01/28
|
|
40,000
|
41,000
|
|
(SOFR + 0.83%), 4.97%,
1/24/29(i)
|
|
80,000
|
80,924
|
|
|
|||
|
Strathcona Resources Ltd.,
6.88%, 8/01/26(b)
|
|
43,000
|
43,054
|
|
Taseko Mines Ltd., 8.25%,
5/01/30(b)
|
|
46,000
|
48,030
|
|
Toronto-Dominion Bank
(The), 4.69%, 9/15/27
|
|
40,000
|
40,242
|
|
Vermilion Energy, Inc.,
7.25%, 2/15/33(b)
|
|
7,000
|
6,618
|
|
|
|
|
1,160,576
|
|
Colombia – 0.0%(c)
|
|||
|
Aris Mining Corp., 8.00%,
10/31/29(b)
|
|
31,000
|
31,878
|
|
Congo – 0.0%(c)
|
|||
|
Ivanhoe Mines Ltd.,
7.88%, 1/23/30(b)
|
|
50,000
|
50,242
|
|
Finland – 0.0%(c)
|
|||
|
Amer Sports Co., 6.75%,
2/16/31(b)
|
|
46,000
|
47,836
|
|
France – 0.0%(c)
|
|||
|
Vallourec SACA, 7.50%,
4/15/32(b)
|
|
25,000
|
26,467
|
|
Viridien, 10.00%,
10/15/30(b)
|
|
45,000
|
44,311
|
|
|
|
|
70,778
|
|
Germany – 0.0%(c)
|
|||
|
IHO Verwaltungs GmbH,
|
|
|
|
|
(100% Cash), 7.75%,
11/15/30(b)(h)
|
|
35,000
|
35,925
|
|
(100% Cash), 8.00%,
11/15/32(b)(h)
|
|
42,000
|
43,179
|
|
|
|
|
79,104
|
|
|
|
Par(a)
|
Value
|
|
Guatemala – 0.1%
|
|||
|
Millicom International
Cellular S.A.,
|
|
|
|
|
4.50%, 4/27/31(b)
|
|
$55,000
|
$50,677
|
|
7.38%, 4/02/32(b)
|
|
80,000
|
82,182
|
|
|
|
|
132,859
|
|
India – 0.0%(c)
|
|||
|
Biocon Biologics Global
PLC, 6.67%, 10/09/29(b)
|
|
74,000
|
69,675
|
|
Ireland – 0.1%
|
|||
|
AerCap Ireland Capital
DAC/AerCap Global
Aviation Trust, 4.95%,
9/10/34
|
|
300,000
|
292,585
|
|
Israel – 0.0%(c)
|
|||
|
Energean PLC, 6.50%,
4/30/27(b)
|
|
14,000
|
13,755
|
|
Japan – 0.5%
|
|||
|
Honda Motor Co. Ltd.,
|
|
|
|
|
2.53%, 3/10/27
|
|
70,000
|
67,942
|
|
4.69%, 7/08/30
|
|
110,000
|
110,069
|
|
5.34%, 7/08/35
|
|
120,000
|
119,988
|
|
|
|||
|
Mitsubishi UFJ Financial
Group, Inc., (1Y US
Treasury CMT + 0.83%),
2.34%, 1/19/28(i)
|
|
275,000
|
266,382
|
|
Mizuho Financial
Group, Inc., (1Y US
Treasury CMT + 0.92%),
4.71%, 7/08/31(i)
|
|
200,000
|
199,573
|
|
Nissan Motor Co. Ltd.,
8.13%, 7/17/35(b)
|
|
10,000
|
10,498
|
|
Rakuten Group, Inc.,
|
|
|
|
|
11.25%, 2/15/27(b)
|
|
79,000
|
85,616
|
|
9.75%, 4/15/29(b)
|
|
114,000
|
124,821
|
|
|
|
|
984,889
|
|
Jersey, C.I. – 0.0%(c)
|
|||
|
Aston Martin Capital
Holdings Ltd., 10.00%,
3/31/29(b)
|
|
72,000
|
68,671
|
|
South Africa – 0.1%
|
|||
|
Stillwater Mining Co.,
|
|
|
|
|
4.00%, 11/16/26(b)
|
|
42,000
|
41,073
|
|
4.50%, 11/16/29(b)
|
|
54,000
|
49,345
|
|
|
|
|
90,418
|
|
Spain – 0.0%(c)
|
|||
|
Banco Bilbao Vizcaya
Argentaria S.A., (5Y US
Treasury CMT + 3.25%),
7.75%, 1/14/32(i)(k)
|
|
61,000
|
63,213
|
|
|
|
Par(a)
|
Value
|
|
Turkey – 0.1%
|
|||
|
Eldorado Gold Corp.,
6.25%, 9/01/29(b)
|
|
$49,000
|
$48,964
|
|
Sisecam UK PLC,
|
|
|
|
|
8.25%, 5/02/29(b)
|
|
25,000
|
25,622
|
|
8.63%, 5/02/32(b)
|
|
65,000
|
66,861
|
|
|
|
|
141,447
|
|
United Kingdom – 0.6%
|
|||
|
BAT Capital Corp.,
|
|
|
|
|
6.34%, 8/02/30
|
|
96,000
|
102,916
|
|
5.63%, 8/15/35
|
|
70,000
|
71,103
|
|
|
|||
|
BAT International Finance
PLC, 4.45%, 3/16/28
|
|
20,000
|
19,935
|
|
Belron UK Finance PLC,
5.75%, 10/15/29(b)
|
|
23,000
|
23,216
|
|
Connect Finco
S.a.r.l./Connect U.S. Finco
LLC, 9.00%, 9/15/29(b)
|
|
35,000
|
35,343
|
|
Diageo Capital PLC,
5.50%, 1/24/33
|
|
260,000
|
271,075
|
|
HSBC Holdings PLC,
|
|
|
|
|
(SOFR + 1.97%), 6.16%,
3/09/29(i)
|
|
200,000
|
207,436
|
|
(SOFR + 1.29%), 5.29%,
11/19/30(i)
|
|
400,000
|
408,391
|
|
|
|||
|
Ithaca Energy North Sea
PLC, 8.13%, 10/15/29(b)
|
|
81,000
|
83,504
|
|
Jaguar Land Rover
Automotive PLC, 4.50%,
10/01/27(b)
|
|
16,000
|
15,702
|
|
Zegona Finance PLC,
8.63%, 7/15/29(b)
|
|
80,000
|
85,160
|
|
|
|
|
1,323,781
|
|
Zambia – 0.1%
|
|||
|
First Quantum
Minerals Ltd.,
|
|
|
|
|
9.38%, 3/01/29(b)
|
|
57,000
|
60,404
|
|
8.63%, 6/01/31(b)
|
|
21,000
|
21,866
|
|
8.00%, 3/01/33(b)
|
|
29,000
|
29,882
|
|
|
|
|
112,152
|
|
Total Foreign Issuer Bonds
(Cost $5,280,271)
|
5,346,603
|
||
|
|
|||
|
Mortgage-Backed Securities – 14.0%
|
|||
|
Federal National Mortgage Association – 0.0%(c)
|
|||
|
Pool,
|
|
|
|
|
4.50%, 1/01/49
|
|
6,837
|
6,598
|
|
2.50%, 11/01/50
|
|
62,094
|
51,472
|
|
|
|
|
58,070
|
|
Government National Mortgage Association – 1.3%
|
|||
|
Pool,
|
|
|
|
|
2.00%, 8/01/53(j)
|
|
925,000
|
746,554
|
|
|
|
Par(a)
|
Value
|
|
Government National Mortgage Association
(Continued)
|
|||
|
Pool,
|
|
|
|
|
3.00%, 8/01/53(j)
|
|
$425,000
|
$371,289
|
|
3.50%, 8/01/53(j)
|
|
250,000
|
224,600
|
|
4.50%, 8/01/53(j)
|
|
225,000
|
213,498
|
|
5.00%, 8/01/53(j)
|
|
250,000
|
243,962
|
|
5.50%, 8/01/53(j)
|
|
375,000
|
373,988
|
|
6.00%, 8/01/53(j)
|
|
125,000
|
126,675
|
|
2.50%, 8/01/55(j)
|
|
300,000
|
252,237
|
|
4.00%, 8/01/55(j)
|
|
150,000
|
138,116
|
|
6.50%, 8/01/55(j)
|
|
75,000
|
76,980
|
|
|
|
|
2,767,899
|
|
Government National Mortgage Association II –
0.0%(c)
|
|||
|
Pool,
2.50%, 12/20/46 -
1/20/51
|
|
141,584
|
117,848
|
|
Uniform Mortgage-Backed Securities – 3.3%
|
|||
|
Pool,
|
|
|
|
|
2.00%, 8/01/38 -
8/01/53(j)
|
|
1,825,000
|
1,477,558
|
|
2.50%, 8/01/40 -
8/01/53(j)
|
|
2,015,000
|
1,699,830
|
|
3.00%, 8/01/40 -
8/01/52(j)
|
|
775,000
|
674,534
|
|
3.50%, 8/01/40 -
8/01/53(j)
|
|
625,000
|
559,886
|
|
4.00%, 8/01/40 -
8/01/52(j)
|
|
700,000
|
649,171
|
|
4.50%, 8/01/53(j)
|
|
325,000
|
308,260
|
|
5.00%, 8/01/53(j)
|
|
450,000
|
437,939
|
|
5.50%, 8/01/53(j)
|
|
525,000
|
522,220
|
|
6.00%, 8/01/53(j)
|
|
575,000
|
582,948
|
|
6.50%, 8/01/53(j)
|
|
325,000
|
335,209
|
|
|
|
|
7,247,555
|
|
Whole Loan – 9.4%
|
|||
|
FHLMC STACR REMIC
Trust,
|
|
|
|
|
Series 2021-DNA1,
Class B1, (30D Average
SOFR + 2.65%), 7.00%,
1/25/51(b)(l)
|
|
700,000
|
733,689
|
|
Series 2021-DNA2,
Class B1, (30D Average
SOFR + 3.40%), 7.75%,
8/25/33(b)(l)
|
|
700,000
|
776,566
|
|
Series 2021-DNA3,
Class B1, (30D Average
SOFR + 3.50%), 7.85%,
10/25/33(b)(l)
|
|
250,000
|
281,170
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
FHLMC STACR REMIC
Trust,
|
|
|
|
|
Series 2021-DNA5,
Class B1, (30D Average
SOFR + 3.05%), 7.40%,
1/25/34(b)(l)
|
|
$784,414
|
$838,626
|
|
Series 2021-DNA5,
Class B2, (30D Average
SOFR + 5.50%), 9.85%,
1/25/34(b)(l)
|
|
250,000
|
295,672
|
|
Series 2021-DNA6,
Class B1, (30D Average
SOFR + 3.40%), 7.75%,
10/25/41(b)(l)
|
|
530,000
|
543,973
|
|
Series 2021-HQA1,
Class B1, (30D Average
SOFR + 3.00%), 7.35%,
8/25/33(b)(l)
|
|
629,000
|
690,357
|
|
Series 2021-HQA2,
Class B1, (30D Average
SOFR + 3.15%), 7.50%,
12/25/33(b)(l)
|
|
400,000
|
440,876
|
|
Series 2021-HQA2,
Class B2, (30D Average
SOFR + 5.45%), 9.80%,
12/25/33(b)(l)
|
|
200,000
|
233,702
|
|
Series 2021-HQA3,
Class B1, (30D Average
SOFR + 3.35%), 7.70%,
9/25/41(b)(l)
|
|
800,000
|
817,116
|
|
Series 2021-HQA3,
Class M2, (30D Average
SOFR + 2.10%), 6.45%,
9/25/41(b)(l)
|
|
355,000
|
358,106
|
|
Series 2021-HQA4,
Class B1, (30D Average
SOFR + 3.75%), 8.10%,
12/25/41(b)(l)
|
|
750,000
|
772,231
|
|
Series 2022-DNA1,
Class B1, (30D Average
SOFR + 3.40%), 7.75%,
1/25/42(b)(l)
|
|
250,000
|
257,193
|
|
Series 2022-DNA1,
Class M2, (30D Average
SOFR + 2.50%), 6.85%,
1/25/42(b)(l)
|
|
250,000
|
254,587
|
|
Series 2022-DNA2,
Class M2, (30D Average
SOFR + 3.75%), 8.10%,
2/25/42(b)(l)
|
|
300,000
|
311,507
|
|
Series 2022-DNA3.
Class M2, (30D Average
SOFR + 4.35%), 8.70%,
4/25/42(b)(l)
|
|
521,000
|
548,084
|
|
Series 2022-DNA4,
Class M2, (30D Average
SOFR + 5.25%), 9.60%,
5/25/42(b)(l)
|
|
550,000
|
587,471
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
FHLMC STACR REMIC
Trust,
|
|
|
|
|
Series 2022-DNA7,
Class M2, (30D Average
SOFR + 7.00%), 11.35%,
3/25/52(b)(l)
|
|
$500,000
|
$559,337
|
|
Series 2022-HQA1,
Class M2, (30D Average
SOFR + 5.25%), 9.60%,
3/25/42(b)(l)
|
|
788,000
|
836,666
|
|
Series 2022-HQA2,
Class M2, (30D Average
SOFR + 6.00%), 10.35%,
7/25/42(b)(l)
|
|
485,000
|
526,533
|
|
Series 2021-DNA7,
Class B1, (30D Average
SOFR + 3.65%), 8.00%,
11/25/41(b)(l)
|
|
710,000
|
731,645
|
|
FNMA Connecticut Avenue
Securities,
|
|
|
|
|
Series 2020-R01, Class
1B1, (30D Average SOFR
+ 3.36%), 7.71%,
1/25/40(b)(l)
|
|
100,870
|
103,329
|
|
Series 2020-SBT1, Class
1M2, (30D Average
SOFR + 3.76%), 8.11%,
2/25/40(b)(l)
|
|
625,000
|
648,631
|
|
Series 2020-SBT1, Class
2M2, (30D Average
SOFR + 3.76%), 8.11%,
2/25/40(b)(l)
|
|
745,000
|
773,895
|
|
Series 2021-R01, Class
1B1, (30D Average SOFR
+ 3.10%), 7.45%,
10/25/41(b)(l)
|
|
855,200
|
874,099
|
|
Series 2021-R02, Class
2B1, (30D Average SOFR
+ 3.30%), 7.65%,
11/25/41(b)(l)
|
|
750,000
|
768,013
|
|
Series 2021-R02, Class
2M2, (30D Average
SOFR + 2.00%), 6.35%,
11/25/41(b)(l)
|
|
267,561
|
269,646
|
|
Series 2021-R03, Class
1B1, (30D Average SOFR
+ 2.75%), 7.10%,
12/25/41(b)(l)
|
|
750,000
|
764,484
|
|
Series 2022-R01, Class
1B1, (30D Average SOFR
+ 3.15%), 7.50%,
12/25/41(b)(l)
|
|
802,000
|
822,528
|
|
Series 2022-R02, Class
2B1, (30D Average SOFR
+ 4.50%), 8.85%,
1/25/42(b)(l)
|
|
786,000
|
819,598
|
|
|
|
Par(a)
|
Value
|
|
Whole Loan (Continued)
|
|||
|
FNMA Connecticut Avenue
Securities,
|
|
|
|
|
Series 2022-R02, Class
2M2, (30D Average
SOFR + 3.00%), 7.35%,
1/25/42(b)(l)
|
|
$701,348
|
$718,363
|
|
Series 2022-R03, Class
1B1, (30D Average SOFR
+ 6.25%), 10.60%,
3/25/42(b)(l)
|
|
635,000
|
684,942
|
|
Series 2022-R04, Class
1B1, (30D Average SOFR
+ 5.25%), 9.60%,
3/25/42(b)(l)
|
|
250,000
|
265,994
|
|
Series 2022-R05, Class
2M2, (30D Average
SOFR + 3.00%), 7.35%,
4/25/42(b)(l)
|
|
540,000
|
553,667
|
|
Series 2022-R06, Class
1B1, (30D Average SOFR
+ 6.35%), 10.70%,
5/25/42(b)(l)
|
|
290,000
|
315,257
|
|
Series 2022-R08, Class
1B1, (30D Average SOFR
+ 5.60%), 9.95%,
7/25/42(b)(l)
|
|
235,000
|
253,361
|
|
Series 2024-R02, Class
1B1, (30D Average SOFR
+ 2.50%), 6.85%,
2/25/44(b)(l)
|
|
345,000
|
353,090
|
|
Series 2024-R06, Class
1B1, (30D Average SOFR
+ 2.05%), 6.40%,
9/25/44(b)(l)
|
|
250,000
|
251,327
|
|
|
|
|
20,635,331
|
|
Total Mortgage-Backed Securities
(Cost $30,620,130)
|
30,826,703
|
||
|
|
|
Number
of Shares
|
|
|
Preferred Stocks – 1.4%
|
|||
|
Specialty Finance – 1.4%
|
|||
|
AGNC Investment Corp.,
(3M CME Term SOFR +
4.96%), 9.28%(l)
|
|
23,314
|
594,041
|
|
AGNC Investment Corp.
(NASDAQ Exchange), (3M
CME Term SOFR +
5.25%), 9.57%(l)
|
|
3,228
|
82,927
|
|
MFA Financial, Inc., (3M
CME Term SOFR +
5.61%), 9.90%(l)
|
|
31,438
|
771,174
|
|
New York Mortgage
Trust, Inc., (3M USD
LIBOR + 6.43%), 11.28%(l)
|
|
2,103
|
52,070
|
|
|
|
Number
of Shares
|
Value
|
|
Specialty Finance (Continued)
|
|||
|
New York Mortgage
Trust, Inc. (NASDAQ
Exchange), (SOFR +
6.13%), 6.88%(l)
|
|
21,682
|
$472,668
|
|
Redwood Trust, Inc., (5Y
US Treasury CMT +
6.28%), 10.00%(l)
|
|
7,133
|
180,108
|
|
Rithm Capital Corp., (3M
CME Term SOFR +
5.90%), 10.16%(l)
|
|
5,335
|
137,376
|
|
Rithm Capital Corp. (New
York Exchange), (3M CME
Term SOFR + 5.23%),
9.56%(l)
|
|
28,302
|
715,758
|
|
Total Preferred Stocks
(Cost $2,641,817)
|
3,006,122
|
||
|
|
|||
|
Rights – 0.1%
|
|||
|
Biotechnology & Pharmaceuticals – 0.1%
|
|||
|
Albireo Pharma, Inc.
CVR(f)(m)*
|
|
21,904
|
59,259
|
|
CinCor Pharma, Inc.
CVR(f)(m)*
|
|
24,888
|
96,063
|
|
Concert
Pharmaceuticals, Inc.
CVR(f)(m)*
|
|
97,290
|
45,259
|
|
|
|
|
200,581
|
|
Forestry, Paper & Wood Products – 0.0%(c)
|
|||
|
Resolute Forest
Products, Inc. CVR(f)(m)*
|
|
44,100
|
69,969
|
|
Medical Equipment & Devices – 0.0%(c)
|
|||
|
ABIOMED, Inc. CVR(f)(m)*
|
|
8,954
|
14,327
|
|
Total Rights
(Cost $—)
|
284,877
|
||
|
|
|
Par(a)/Number
of Shares
|
|
|
Short-Term Investments – 18.4%
|
|||
|
Convertible Bonds – 3.8%
|
|||
|
Arbor Realty Trust, Inc.,
7.50%, 8/01/25
|
|
$970,000
|
970,000
|
|
Dayforce, Inc., 0.25%,
3/15/26(e)
|
|
331,000
|
320,243
|
|
Duke Energy Corp., 4.13%,
4/15/26(e)
|
|
673,000
|
720,783
|
|
Enphase Energy, Inc.,
0.00%, 3/01/26(g)
|
|
252,000
|
242,878
|
|
fuboTV, Inc., 3.25%,
2/15/26
|
|
695,000
|
682,142
|
|
Haemonetics Corp., 0.00%,
3/01/26(g)
|
|
390,000
|
377,715
|
|
|
|
Par(a)/Number
of Shares
|
Value
|
|
Convertible Bonds (Continued)
|
|||
|
Mesa Laboratories, Inc.,
1.38%, 8/15/25
|
|
$622,000
|
$617,273
|
|
Mitek Systems, Inc.,
0.75%, 2/01/26
|
|
141,000
|
136,911
|
|
NextEra Energy Partners
L.P., 0.00%,
11/15/25(b)(e)(g)
|
|
664,000
|
649,923
|
|
Peloton Interactive, Inc.,
0.00%, 2/15/26(g)
|
|
126,000
|
121,438
|
|
PennyMac Corp., 5.50%,
3/15/26(e)
|
|
741,000
|
728,773
|
|
SolarEdge
Technologies, Inc.,
0.00%, 9/15/25(e)(g)
|
|
817,000
|
801,886
|
|
Summit Hotel
Properties, Inc., 1.50%,
2/15/26(e)
|
|
513,000
|
497,097
|
|
Two Harbors
Investment Corp., 6.25%,
1/15/26(e)
|
|
1,549,000
|
1,539,706
|
|
|
|
|
8,406,768
|
|
Corporate Bonds – 0.7%
|
|||
|
Ares Capital Corp., 2.15%,
7/15/26
|
|
48,000
|
46,857
|
|
AT&T, Inc., 1.70%, 3/25/26
|
|
373,000
|
366,231
|
|
AutoZone, Inc., 5.05%,
7/15/26
|
|
120,000
|
120,638
|
|
Brookfield Property
REIT, Inc./BPR
Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco
LL, 5.75%, 5/15/26(b)
|
|
17,000
|
16,956
|
|
Charles Schwab
(The) Corp., 1.15%,
5/13/26
|
|
50,000
|
48,729
|
|
Equinix, Inc., 1.45%,
5/15/26
|
|
70,000
|
68,218
|
|
Jabil, Inc., 1.70%, 4/15/26
|
|
65,000
|
63,715
|
|
NextEra Energy Capital
Holdings, Inc., 5.75%,
9/01/25
|
|
30,000
|
30,019
|
|
NiSource, Inc., 0.95%,
8/15/25
|
|
100,000
|
99,869
|
|
ONEOK, Inc.,
|
|
|
|
|
2.20%, 9/15/25
|
|
80,000
|
79,747
|
|
5.85%, 1/15/26
|
|
77,000
|
77,392
|
|
|
|||
|
Oracle Corp., 1.65%,
3/25/26
|
|
180,000
|
176,471
|
|
Ovintiv, Inc., 5.38%,
1/01/26
|
|
10,000
|
10,009
|
|
PPG Industries, Inc.,
1.20%, 3/15/26
|
|
165,000
|
161,585
|
|
|
|
Par(a)/Number
of Shares
|
Value
|
|
Corporate Bonds (Continued)
|
|||
|
|
|||
|
PPL Capital Funding, Inc.,
3.10%, 5/15/26
|
|
$20,000
|
$19,760
|
|
Reliance, Inc., 1.30%,
8/15/25
|
|
40,000
|
39,946
|
|
|
|
|
1,426,142
|
|
Foreign Issuer Bonds – 0.1%
|
|||
|
Bank of Nova Scotia (The),
1.35%, 6/24/26
|
|
44,000
|
42,830
|
|
Lloyds Banking Group PLC,
4.58%, 12/10/25
|
|
200,000
|
199,886
|
|
|
|
|
242,716
|
|
Money Market Fund – 4.0%
|
|||
|
Northern Institutional
Funds - Treasury Portfolio
(Premier), 4.15%(n)
|
|
8,893,896
|
8,893,896
|
|
U.S. Treasury Bills – 9.8%
|
|||
|
U.S. Treasury Bills,
|
|
|
|
|
4.20%, 9/02/25(o)
|
|
9,673,000
|
9,636,234
|
|
4.20%, 9/04/25(o)
|
|
9,700,000
|
9,660,818
|
|
4.17%, 9/11/25(o)
|
|
400,000
|
398,047
|
|
4.19%, 9/16/25(o)
|
|
1,500,000
|
1,491,822
|
|
4.20%, 11/12/25(o)
|
|
400,000
|
395,154
|
|
|
|
|
21,582,075
|
|
Total Short-Term Investments
(Cost $40,527,790)
|
40,551,597
|
||
|
Number of
Contracts
|
Notional
Amount
|
|
|
|
Purchased Options – 0.0%(c)
|
|||
|
Call Options - Exchange Traded – 0.0%(c)
|
|||
|
Chevron Corp.,
|
|
|
|
|
Strike Price USD 170.00,
Expires 9/19/25
|
93
|
1,410,252
|
3,999
|
|
Strike Price USD 165.00,
Expires 9/19/25
|
93
|
1,410,252
|
7,905
|
|
Skechers USA, Inc., Strike
Price USD 65.00, Expires
8/15/25
|
131
|
828,575
|
1,310
|
|
|
|
|
13,214
|
|
Number of
Contracts
|
Notional
Amount
|
Value
|
|
|
Put Options - Exchange Traded – 0.0%(c)
|
|||
|
Skechers USA, Inc., Strike
Price USD 55.00, Expires
8/15/25
|
262
|
1,657,150
|
$2,620
|
|
Verona Pharma PLC, Strike
Price USD 100.00, Expires
12/19/25
|
10
|
105,090
|
360
|
|
|
|
|
2,980
|
|
Total Purchased Options
(Premiums Paid $97,520)
|
16,194
|
||
|
Total Long Positions – 106.7%
(Cost $228,160,048)
|
235,285,456
|
||
|
|
|
Number
of Shares
|
Value
|
|
Short Positions – (16.4)%(p)
|
|||
|
Common Stocks – (16.4)%
|
|||
|
Asset Management – (1.4)%
|
|||
|
Affiliated Managers
Group, Inc.
|
|
(2,346
)
|
(492,355
)
|
|
Apollo Global
Management, Inc.
|
|
(5,017
)
|
(729,070
)
|
|
Ares Management Corp.,
Class A
|
|
(3,916
)
|
(726,535
)
|
|
IREN Ltd. (Australia)
|
|
(6,523
)
|
(105,086
)
|
|
MARA Holdings, Inc.
|
|
(9,369
)
|
(150,654
)
|
|
WisdomTree, Inc.
|
|
(71,781
)
|
(952,534
)
|
|
|
|
|
(3,156,234
)
|
|
Automotive – (0.1)%
|
|||
|
indie Semiconductor, Inc.,
Class A (China)
|
|
(22,385
)
|
(87,526
)
|
|
Rivian Automotive, Inc.,
Class A
|
|
(7,921
)
|
(101,943
)
|
|
|
|
|
(189,469
)
|
|
Banking – (1.1)%
|
|||
|
Columbia Banking
System, Inc.
|
|
(63,400
)
|
(1,508,920
)
|
|
Huntington
Bancshares, Inc.
|
|
(54,130
)
|
(889,356
)
|
|
|
|
|
(2,398,276
)
|
|
Biotechnology & Pharmaceuticals – (1.0)%
|
|||
|
Ascendis Pharma A/S ADR
(Denmark)
|
|
(1,839
)
|
(319,066
)
|
|
Bridgebio Pharma, Inc.
|
|
(3,432
)
|
(162,231
)
|
|
Celcuity, Inc.
|
|
(800
)
|
(31,332
)
|
|
Collegium
Pharmaceutical, Inc.
|
|
(10,527
)
|
(314,336
)
|
|
Ionis Pharmaceuticals, Inc.
|
|
(2,169
)
|
(93,224
)
|
|
Jazz Pharmaceuticals PLC
|
|
(3,491
)
|
(400,173
)
|
|
|
|
Number
of Shares
|
Value
|
|
Biotechnology & Pharmaceuticals (Continued)
|
|||
|
Mirum
Pharmaceuticals, Inc.
|
|
(14,676
)
|
$(758,456
)
|
|
Pacira BioSciences, Inc.
|
|
(4,489
)
|
(94,673
)
|
|
|
|
|
(2,173,491
)
|
|
Cable & Satellite – (0.1)%
|
|||
|
Sirius XM Holdings, Inc.
|
|
(11,253
)
|
(237,663
)
|
|
Chemicals – (0.3)%
|
|||
|
Albemarle Corp.
|
|
(10,037
)
|
(681,010
)
|
|
Commercial Support Services – (0.3)%
|
|||
|
Alarm.com Holdings, Inc.
|
|
(2,860
)
|
(156,242
)
|
|
CSG Systems
International, Inc.
|
|
(6,523
)
|
(407,426
)
|
|
|
|
|
(563,668
)
|
|
E-Commerce Discretionary – (0.3)%
|
|||
|
Wayfair, Inc., Class A
|
|
(9,631
)
|
(632,179
)
|
|
Electric Utilities – (0.4)%
|
|||
|
CenterPoint Energy, Inc.
|
|
(10,687
)
|
(414,869
)
|
|
Duke Energy Corp.
|
|
(3,190
)
|
(388,032
)
|
|
PG&E Corp.
|
|
(9,041
)
|
(126,755
)
|
|
|
|
|
(929,656
)
|
|
Electrical Equipment – (0.4)%
|
|||
|
Bloom Energy Corp.,
Class A
|
|
(10,124
)
|
(378,536
)
|
|
OSI Systems, Inc.
|
|
(2,098
)
|
(463,679
)
|
|
|
|
|
(842,215
)
|
|
Engineering & Construction – (0.1)%
|
|||
|
Tetra Tech, Inc.
|
|
(8,575
)
|
(315,045
)
|
|
Entertainment Content – (0.3)%
|
|||
|
Sphere Entertainment Co.
|
|
(15,387
)
|
(662,410
)
|
|
Health Care Facilities & Services – (0.2)%
|
|||
|
BrightSpring Health
Services, Inc.
|
|
(25,731
)
|
(531,345
)
|
|
Household Products – (0.1)%
|
|||
|
Oddity Tech Ltd., Class A
(Israel)
|
|
(1,766
)
|
(123,744
)
|
|
Spectrum Brands
Holdings, Inc.
|
|
(1,557
)
|
(83,315
)
|
|
|
|
|
(207,059
)
|
|
Industrial Intermediate Products – (0.2)%
|
|||
|
Chart Industries, Inc.(e)
|
|
(2,759
)
|
(548,572
)
|
|
Internet Media & Services – (0.1)%
|
|||
|
MakeMyTrip Ltd. (India)
|
|
(377
)
|
(35,283
)
|
|
|
|
Number
of Shares
|
Value
|
|
Internet Media & Services (Continued)
|
|||
|
Snap, Inc., Class A
|
|
(11,029
)
|
$(104,004
)
|
|
Ziff Davis, Inc.
|
|
(116
)
|
(3,610
)
|
|
|
|
|
(142,897
)
|
|
IT Services – (0.1)%
|
|||
|
Parsons Corp.
|
|
(3,586
)
|
(266,081
)
|
|
Leisure Facilities & Services – (0.9)%
|
|||
|
Carnival Corp.
|
|
(11,716
)
|
(348,785
)
|
|
Cheesecake Factory
(The), Inc.
|
|
(7,600
)
|
(485,716
)
|
|
DraftKings, Inc., Class A
|
|
(2,102
)
|
(94,674
)
|
|
Live Nation
Entertainment, Inc.
|
|
(5,320
)
|
(785,764
)
|
|
Marriott Vacations
Worldwide Corp.
|
|
(391
)
|
(29,118
)
|
|
Norwegian Cruise Line
Holdings Ltd.
|
|
(7,615
)
|
(194,640
)
|
|
|
|
|
(1,938,697
)
|
|
Medical Equipment & Devices – (0.6)%
|
|||
|
CONMED Corp.
|
|
(329
)
|
(16,828
)
|
|
Dexcom, Inc.
|
|
(568
)
|
(45,878
)
|
|
Enovis Corp.
|
|
(4,412
)
|
(118,242
)
|
|
Exact Sciences Corp.
|
|
(5,334
)
|
(250,431
)
|
|
Haemonetics Corp.
|
|
(1,932
)
|
(143,045
)
|
|
Integer Holdings Corp.
|
|
(2,134
)
|
(231,560
)
|
|
LeMaitre Vascular, Inc.
|
|
(2,111
)
|
(171,498
)
|
|
Omnicell, Inc.
|
|
(6,414
)
|
(198,898
)
|
|
Tempus AI, Inc.
|
|
(1,107
)
|
(62,645
)
|
|
|
|
|
(1,239,025
)
|
|
Metals & Mining – (0.9)%
|
|||
|
Centrus Energy Corp.,
Class A
|
|
(3,520
)
|
(758,208
)
|
|
Century Aluminum Co.
|
|
(13,333
)
|
(282,393
)
|
|
Equinox Gold Corp.
(Canada)
|
|
(79,736
)
|
(486,389
)
|
|
Fortuna Mining Corp.
(Canada)
|
|
(48,511
)
|
(312,896
)
|
|
Peabody Energy Corp.
|
|
(5,104
)
|
(82,430
)
|
|
|
|
|
(1,922,316
)
|
|
Oil & Gas Supply Chain – (2.1)%
|
|||
|
Chevron Corp.(d)
|
|
(17,551
)
|
(2,661,434
)
|
|
Viper Energy, Inc.
|
|
(53,267
)
|
(2,006,035
)
|
|
|
|
|
(4,667,469
)
|
|
Real Estate Investment Trusts – (0.0)%(c)
|
|||
|
Pebblebrook Hotel Trust
|
|
(1,919
)
|
(19,248
)
|
|
Renewable Energy – (0.0)%(c)
|
|||
|
Array Technologies, Inc.
|
|
(5,821
)
|
(37,836
)
|
|
|
|
Number
of Shares
|
Value
|
|
Retail - Consumer Staples – (0.1)%
|
|||
|
Hims & Hers Health, Inc.
|
|
(1,992
)
|
$(131,831
)
|
|
Retail - Discretionary – (0.1)%
|
|||
|
GameStop Corp., Class A
|
|
(9,466
)
|
(212,512
)
|
|
Semiconductors – (0.2)%
|
|||
|
MKS, Inc.
|
|
(2,194
)
|
(208,825
)
|
|
ON Semiconductor Corp.
|
|
(3,164
)
|
(178,323
)
|
|
Vishay Intertechnology, Inc.
|
|
(9,643
)
|
(158,049
)
|
|
|
|
|
(545,197
)
|
|
Software – (2.7)%
|
|||
|
Bentley Systems, Inc.,
Class B
|
|
(2,218
)
|
(128,600
)
|
|
BILL Holdings, Inc.
|
|
(1,246
)
|
(53,391
)
|
|
Cloudflare, Inc., Class A
|
|
(64
)
|
(13,292
)
|
|
Evolent Health, Inc.,
Class A
|
|
(4,382
)
|
(44,039
)
|
|
Five9, Inc.
|
|
(1,437
)
|
(37,118
)
|
|
MicroStrategy, Inc.,
Class A
|
|
(384
)
|
(154,314
)
|
|
Pagaya Technologies Ltd.,
Class A
|
|
(20,503
)
|
(616,115
)
|
|
Palo Alto Networks, Inc.
|
|
(16,211
)
|
(2,814,230
)
|
|
Progress Software Corp.
|
|
(5,177
)
|
(248,910
)
|
|
PROS Holdings, Inc.
|
|
(1,558
)
|
(24,445
)
|
|
Rapid7, Inc.
|
|
(2,492
)
|
(52,631
)
|
|
Rubrik, Inc., Class A
|
|
(213
)
|
(20,224
)
|
|
Synopsys, Inc.
|
|
(2,298
)
|
(1,455,714
)
|
|
Unity Software, Inc.
|
|
(5,262
)
|
(175,540
)
|
|
Zscaler, Inc.
|
|
(130
)
|
(37,123
)
|
|
|
|
|
(5,875,686
)
|
|
Specialty Finance – (0.4)%
|
|||
|
Block, Inc.
|
|
(64
)
|
(4,945
)
|
|
EZCORP, Inc., Class A
|
|
(31,819
)
|
(455,648
)
|
|
Qifu Technology, Inc. ADR
(China)
|
|
(1,924
)
|
(66,051
)
|
|
Shift4 Payments, Inc.,
Class A
|
|
(4,248
)
|
(437,544
)
|
|
|
|
|
(964,188
)
|
|
Technology Hardware – (1.1)%
|
|||
|
Applied
Optoelectronics, Inc.
|
|
(5,595
)
|
(127,958
)
|
|
Hewlett Packard
Enterprise Co.
|
|
(24,306
)
|
(502,891
)
|
|
Lumentum Holdings, Inc.
|
|
(1,063
)
|
(117,015
)
|
|
NCR Voyix Corp.
|
|
(17,610
)
|
(239,848
)
|
|
Sandisk Corp.
|
|
(1
)
|
(43
)
|
|
Super Micro Computer, Inc.
|
|
(5,568
)
|
(328,345
)
|
|
Western Digital Corp.
|
|
(13,283
)
|
(1,045,239
)
|
|
|
|
|
(2,361,339
)
|
|
|
|
Number
of Shares
|
Value
|
|
Telecommunications – (0.1)%
|
|||
|
AST SpaceMobile, Inc.
|
|
(1,817
)
|
$(96,610
)
|
|
BlackSky Technology, Inc.
|
|
(2,000
)
|
(38,480
)
|
|
|
|
|
(135,090
)
|
|
Transportation & Logistics – (0.6)%
|
|||
|
Union Pacific Corp.
|
|
(5,913
)
|
(1,312,509
)
|
|
Transportation Equipment – (0.1)%
|
|||
|
Greenbrier (The) Cos., Inc.
|
|
(6,489
)
|
(295,249
)
|
|
Total Common Stocks
(Proceeds $32,859,592)
|
(36,135,462
)
|
||
|
|
|||
|
Rights – 0.0%(c)
|
|||
|
Biotechnology & Pharmaceuticals — 0.0%(c)
|
|||
|
Ligand
Pharmaceuticals, Inc.
CVR (Switzerland
Exchange)(f)
|
|
(52
)
|
—
|
|
Ligand
Pharmaceuticals, Inc.
CVR(f)
|
|
(52
)
|
—
|
|
Total Rights
(Proceeds $—)
|
—
|
||
|
Total Short Positions – (16.4)%
(Proceeds $32,859,592)
|
(36,135,462
)
|
||
|
Total Written Options – (0.0)%(c)
(Premiums Received $35,552)
|
(76,275
)
|
||
|
Other Assets less Liabilities – 9.7%(q)
|
21,500,675
|
||
|
NET ASSETS – 100.0%
|
$220,574,394
|
||
|
Percentages shown are based on Net Assets.
|
|||
|
All securities are United States companies, unless noted otherwise in
parentheses.
|
|||
|
(a)
|
Par value is in USD unless otherwise indicated.
|
|
(b)
|
Securities 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. As of July 31, 2025, these
securities had a total value of $52,650,985 or 23.87% of net
assets.
|
|
(c)
|
Amount rounds to less than 0.05%.
|
|
(d)
|
Security represents underlying investment on open options contracts.
|
|
(e)
|
All or a portion of the security was held as collateral for open futures, options,
securities sold short and/or swap agreements.
|
|
(f)
|
Investment is valued using significant unobservable inputs (Level 3).
|
|
(g)
|
Zero coupon bond.
|
|
(h)
|
Distributions from this security are made via payments in-kind (PIK) unless otherwise
noted in the description.
|
|
(i)
|
Variable rate security. Security issued at a fixed coupon rate, which converts to
a variable rate at a future date. Rate as of July 31, 2025 is
disclosed.
|
|
(j)
|
When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.
|
|
(k)
|
Perpetual bond. Maturity date represents next call date.
|
|
(l)
|
Variable or floating rate security. Rate as of July 31, 2025 is disclosed.
|
|
(m)
|
Restricted securities (including private placements) - The Fund may own investment
securities that have other legal or contractual limitations. At
July 31, 2025, the value of restricted securities (excluding 144A issues) amounted
to $284,877 or 0.13% of net assets.
|
|
|
Restricted Security
|
Acquisition
Date
|
Acquisition
Cost
|
|
|
ABIOMED, Inc. CVR
|
12/23/22
|
$—
|
|
|
Albireo Pharma, Inc. CVR
|
3/03/23
|
—
|
|
|
CinCor Pharma, Inc. CVR
|
2/27/23
|
—
|
|
|
Concert Pharmaceuticals, Inc. CVR
|
3/07/23
|
—
|
|
|
Resolute Forest Products, Inc. CVR
|
3/01/23
|
—
|
|
|
|
|
(n)
|
7-day current yield as of July 31, 2025 is disclosed.
|
|
(o)
|
Discount rate at the time of purchase.
|
|
(p)
|
Securities sold short are not owned by the Fund.
|
|
(q)
|
Includes appreciation/(depreciation) on forward foreign currency exchange, futures,
swaps and written option contracts.
|
|
*
|
Non-Income Producing Security
|
|
Abbreviations:
|
|
1Y
|
1 Year
|
|
3M
|
3 Month
|
|
5Y
|
5 Year
|
|
30D
|
30 Day
|
|
ADR
|
American Depositary Receipt
|
|
AUD
|
Australian Dollar
|
|
BDC
|
Business Development Company
|
|
CAD
|
Canadian Dollar
|
|
CDX
|
Credit Default Swap Index
|
|
CME
|
Chicago Mercantile Exchange
|
|
CMT
|
Constant Maturity
|
|
CVR
|
Contingent Value Rights
|
|
EUR
|
Euro
|
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
|
FNMA
|
Federal National Mortgage Association
|
|
GBP
|
British Pound
|
|
L.P.
|
Limited Partnership
|
|
LIBOR
|
London Interbank Offered Rate
|
|
LLC
|
Limited Liability Company
|
|
MSCI
|
Morgan Stanley Capital International
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
REMIC
|
Real Estate Mortgage Investment Conduit
|
|
S&P
|
Standards & Poor's
|
|
SOFR
|
United States Secured Overnight Financing Rate
|
|
STACR
|
Structured Agency Credit Risk
|
|
USD
|
United States Dollar
|
|
Futures Contracts outstanding at July 31, 2025:
Exchange Traded
|
|||||
|
|
|
|
|
|
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Trading
Currency
|
Notional
Amount
|
Value/
Unrealized
Appreciation
(Depreciation)
|
|
Long Contracts
|
|
|
|
|
|
|
10-Year Australian Treasury Bond
|
20
|
9/15/2025
|
AUD
|
1,462,502
|
$3,431
|
|
Ultra 10-Year U.S. Treasury Note
|
38
|
9/19/2025
|
USD
|
4,296,969
|
21,587
|
|
Long Gilt
|
9
|
9/26/2025
|
GBP
|
1,095,400
|
15,887
|
|
2-Year U.S. Treasury Note
|
150
|
9/30/2025
|
USD
|
31,047,656
|
(43,365
)
|
|
5-Year U.S. Treasury Note
|
44
|
9/30/2025
|
USD
|
4,759,563
|
11,195
|
|
Total Long Contracts
|
|
|
|
|
$8,735
|
|
Short Contracts
|
|
|
|
|
|
|
Euro-Bund
|
(12
)
|
9/10/2025
|
EUR
|
1,776,164
|
$18,613
|
|
10-Year Canadian Government Bond
|
(4
)
|
9/18/2025
|
CAD
|
347,921
|
2,212
|
|
10-Year U.S. Treasury Note
|
(117
)
|
9/19/2025
|
USD
|
12,994,312
|
(70,685
)
|
|
U.S. Treasury Long Bond
|
(15
)
|
9/19/2025
|
USD
|
1,712,813
|
(42,953
)
|
|
Ultra U.S. Treasury Bond
|
(5
)
|
9/19/2025
|
USD
|
586,563
|
(2,755
)
|
|
Total Short Contracts
|
|
|
|
|
$(95,568
)
|
|
|
|
|
|
|
$(86,833
)
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
|
|
|
|
|
|
|
|
9/15/25
|
U.S. Dollars
|
5,798,461
|
Canadian Dollars
|
7,888,100
|
Northern Trust
|
$92,337
|
|
9/15/25
|
U.S. Dollars
|
996,294
|
British Pounds
|
732,300
|
Northern Trust
|
28,729
|
|
9/17/25
|
U.S. Dollars
|
1,120,208
|
Swedish Kronor
|
10,700,000
|
Goldman Sachs
|
23,632
|
|
9/17/25
|
U.S. Dollars
|
596,052
|
Philippine Pesos
|
33,400,000
|
Goldman Sachs
|
23,191
|
|
9/17/25
|
U.S. Dollars
|
1,135,747
|
Euro
|
971,700
|
Morgan Stanley
|
23,153
|
|
9/15/25
|
U.S. Dollars
|
1,286,207
|
Euro
|
1,103,590
|
Northern Trust
|
22,777
|
|
9/17/25
|
U.S. Dollars
|
727,094
|
British Pounds
|
534,000
|
Citibank
|
21,521
|
|
9/17/25
|
U.S. Dollars
|
779,756
|
New Zealand Dollars
|
1,290,000
|
Goldman Sachs
|
18,459
|
|
9/17/25
|
U.S. Dollars
|
700,983
|
Australian Dollars
|
1,072,000
|
Bank of America
|
11,413
|
|
9/17/25
|
U.S. Dollars
|
476,425
|
South Korean Won
|
649,300,000
|
JPMorgan Chase
|
9,721
|
|
9/15/25
|
U.S. Dollars
|
426,581
|
Euro
|
365,620
|
BNY Mellon
|
8,006
|
|
9/17/25
|
U.S. Dollars
|
282,666
|
Philippine Pesos
|
16,019,000
|
Bank of America
|
7,915
|
|
9/17/25
|
U.S. Dollars
|
317,841
|
Euro
|
271,000
|
Goldman Sachs
|
7,546
|
|
9/17/25
|
U.S. Dollars
|
414,677
|
Euro
|
356,000
|
Barclays
|
7,058
|
|
9/17/25
|
U.S. Dollars
|
173,336
|
Japanese Yen
|
25,000,000
|
Morgan Stanley
|
6,624
|
|
9/17/25
|
U.S. Dollars
|
469,101
|
Australian Dollars
|
720,000
|
Deutsche Bank
|
5,958
|
|
9/17/25
|
U.S. Dollars
|
137,702
|
Japanese Yen
|
19,790,000
|
JPMorgan Chase
|
5,733
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
9/17/25
|
U.S. Dollars
|
210,399
|
British Pounds
|
155,000
|
Morgan Stanley
|
$5,598
|
|
9/17/25
|
U.S. Dollars
|
845,228
|
Polish Zloty
|
3,150,000
|
Deutsche Bank
|
5,374
|
|
9/17/25
|
U.S. Dollars
|
170,536
|
New Zealand Dollars
|
280,000
|
Deutsche Bank
|
5,293
|
|
9/17/25
|
U.S. Dollars
|
236,865
|
Singapore Dollars
|
300,000
|
Goldman Sachs
|
4,921
|
|
9/17/25
|
U.S. Dollars
|
178,242
|
Swiss Francs
|
140,000
|
Deutsche Bank
|
4,807
|
|
9/17/25
|
U.S. Dollars
|
253,170
|
South African Rand
|
4,544,000
|
Barclays
|
4,583
|
|
9/17/25
|
U.S. Dollars
|
177,999
|
Swiss Francs
|
140,000
|
JPMorgan Chase
|
4,564
|
|
9/17/25
|
U.S. Dollars
|
95,265
|
Swedish Kronor
|
900,000
|
Morgan Stanley
|
3,030
|
|
9/17/25
|
U.S. Dollars
|
127,176
|
British Pounds
|
94,000
|
Bank of America
|
2,974
|
|
9/17/25
|
U.S. Dollars
|
104,063
|
Philippine Pesos
|
5,900,000
|
Barclays
|
2,869
|
|
9/17/25
|
U.S. Dollars
|
165,312
|
Taiwan Dollars
|
4,839,000
|
Barclays
|
2,833
|
|
9/17/25
|
U.S. Dollars
|
125,480
|
Japanese Yen
|
18,400,000
|
Bank of America
|
2,779
|
|
9/17/25
|
U.S. Dollars
|
134,817
|
British Pounds
|
100,000
|
Barclays
|
2,688
|
|
9/17/25
|
U.S. Dollars
|
276,993
|
Euro
|
240,000
|
Citibank
|
2,194
|
|
9/17/25
|
U.S. Dollars
|
182,186
|
Australian Dollars
|
280,000
|
Goldman Sachs
|
2,075
|
|
9/17/25
|
U.S. Dollars
|
78,943
|
Australian Dollars
|
120,000
|
Barclays
|
1,752
|
|
9/17/25
|
U.S. Dollars
|
63,654
|
Swiss Francs
|
50,000
|
Morgan Stanley
|
1,713
|
|
9/17/25
|
U.S. Dollars
|
143,190
|
Australian Dollars
|
220,000
|
JPMorgan Chase
|
1,674
|
|
9/17/25
|
U.S. Dollars
|
120,043
|
Indonesian Rupiahs
|
1,956,459,000
|
Goldman Sachs
|
1,651
|
|
9/17/25
|
U.S. Dollars
|
80,451
|
Canadian Dollars
|
109,000
|
Barclays
|
1,595
|
|
9/17/25
|
U.S. Dollars
|
54,631
|
New Zealand Dollars
|
90,000
|
Morgan Stanley
|
1,518
|
|
9/17/25
|
U.S. Dollars
|
76,484
|
Japanese Yen
|
11,261,000
|
Citibank
|
1,390
|
|
9/17/25
|
U.S. Dollars
|
131,205
|
Mexican Pesos
|
2,462,261
|
Barclays
|
1,384
|
|
9/17/25
|
U.S. Dollars
|
60,470
|
Chilean Pesos
|
57,544,738
|
Citibank
|
1,301
|
|
9/17/25
|
U.S. Dollars
|
95,333
|
Canadian Dollars
|
130,000
|
Morgan Stanley
|
1,285
|
|
9/17/25
|
U.S. Dollars
|
81,829
|
Taiwan Dollars
|
2,400,000
|
Bank of America
|
1,245
|
|
9/17/25
|
U.S. Dollars
|
94,541
|
Polish Zloty
|
350,000
|
Bank of America
|
1,224
|
|
9/17/25
|
U.S. Dollars
|
27,889
|
Japanese Yen
|
4,000,000
|
Goldman Sachs
|
1,215
|
|
9/17/25
|
U.S. Dollars
|
139,774
|
Mexican Pesos
|
2,628,060
|
JPMorgan Chase
|
1,213
|
|
9/17/25
|
U.S. Dollars
|
109,722
|
Canadian Dollars
|
150,000
|
Goldman Sachs
|
1,204
|
|
9/17/25
|
U.S. Dollars
|
31,888
|
Swedish Kronor
|
300,000
|
Bank of America
|
1,143
|
|
9/17/25
|
U.S. Dollars
|
51,054
|
Colombian Pesos
|
210,000,000
|
Bank of America
|
1,140
|
|
9/17/25
|
U.S. Dollars
|
67,540
|
Japanese Yen
|
9,960,000
|
Barclays
|
1,122
|
|
9/17/25
|
U.S. Dollars
|
31,861
|
Swedish Kronor
|
300,000
|
Societe Generale
|
1,116
|
|
9/17/25
|
U.S. Dollars
|
81,008
|
Polish Zloty
|
300,000
|
Goldman Sachs
|
1,022
|
|
9/17/25
|
U.S. Dollars
|
109,692
|
South Korean Won
|
151,202,000
|
Citibank
|
1,012
|
|
9/17/25
|
U.S. Dollars
|
178,521
|
South African Rand
|
3,245,000
|
Citibank
|
998
|
|
9/17/25
|
Czech Republic
Koruna
|
4,320,000
|
U.S. Dollars
|
199,853
|
Goldman Sachs
|
992
|
|
9/17/25
|
U.S. Dollars
|
54,485
|
South African Rand
|
978,000
|
Bank of America
|
982
|
|
9/17/25
|
U.S. Dollars
|
78,166
|
Australian Dollars
|
120,000
|
Morgan Stanley
|
975
|
|
9/17/25
|
U.S. Dollars
|
39,765
|
Brazilian Reals
|
220,000
|
Bank of America
|
968
|
|
9/17/25
|
U.S. Dollars
|
78,625
|
Indonesian Rupiahs
|
1,284,071,000
|
Deutsche Bank
|
921
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
9/17/25
|
U.S. Dollars
|
74,040
|
Mexican Pesos
|
1,387,739
|
Royal Bank Of Canada
|
$872
|
|
9/17/25
|
U.S. Dollars
|
110,486
|
Indonesian Rupiahs
|
1,812,240,750
|
Morgan Stanley
|
820
|
|
9/17/25
|
Mexican Pesos
|
1,600,000
|
U.S. Dollars
|
83,542
|
Deutsche Bank
|
816
|
|
9/17/25
|
U.S. Dollars
|
61,174
|
Indonesian Rupiahs
|
997,442,000
|
Barclays
|
815
|
|
9/17/25
|
U.S. Dollars
|
17,430
|
Colombian Pesos
|
70,000,000
|
Barclays
|
793
|
|
9/17/25
|
Euro
|
188,528
|
Polish Zloty
|
807,000
|
Citibank
|
702
|
|
9/17/25
|
U.S. Dollars
|
39,316
|
Singapore Dollars
|
50,000
|
Bank of America
|
659
|
|
9/17/25
|
U.S. Dollars
|
37,095
|
South Korean Won
|
50,696,401
|
Deutsche Bank
|
656
|
|
9/17/25
|
U.S. Dollars
|
58,297
|
South African Rand
|
1,055,000
|
Goldman Sachs
|
582
|
|
9/17/25
|
U.S. Dollars
|
31,441
|
Singapore Dollars
|
40,000
|
Barclays
|
515
|
|
9/17/25
|
U.S. Dollars
|
26,910
|
British Pounds
|
20,000
|
Societe Generale
|
484
|
|
9/17/25
|
U.S. Dollars
|
57,379
|
Hungarian Forints
|
20,000,000
|
Morgan Stanley
|
460
|
|
9/17/25
|
U.S. Dollars
|
87,175
|
Swiss Francs
|
70,000
|
Goldman Sachs
|
458
|
|
9/17/25
|
U.S. Dollars
|
34,768
|
Euro
|
30,000
|
Deutsche Bank
|
418
|
|
9/17/25
|
U.S. Dollars
|
48,345
|
Singapore Dollars
|
62,000
|
Morgan Stanley
|
410
|
|
9/17/25
|
U.S. Dollars
|
13,595
|
British Pounds
|
10,000
|
JPMorgan Chase
|
382
|
|
9/17/25
|
U.S. Dollars
|
39,111
|
Indian Rupees
|
3,400,000
|
Goldman Sachs
|
363
|
|
9/17/25
|
Mexican Pesos
|
500,000
|
U.S. Dollars
|
26,032
|
Bank of America
|
330
|
|
9/17/25
|
U.S. Dollars
|
60,090
|
Indonesian Rupiahs
|
987,701,000
|
JPMorgan Chase
|
321
|
|
9/17/25
|
U.S. Dollars
|
33,367
|
Indian Rupees
|
2,900,000
|
Citibank
|
318
|
|
9/17/25
|
U.S. Dollars
|
37,292
|
Hungarian Forints
|
13,000,000
|
Bank of America
|
295
|
|
9/17/25
|
Euro
|
40,997
|
Polish Zloty
|
175,000
|
Deutsche Bank
|
283
|
|
9/17/25
|
U.S. Dollars
|
40,613
|
Mexican Pesos
|
765,000
|
Societe Generale
|
279
|
|
9/17/25
|
U.S. Dollars
|
86,585
|
Chilean Pesos
|
83,974,000
|
Goldman Sachs
|
242
|
|
9/17/25
|
Czech Republic
Koruna
|
1,463,000
|
Euro
|
59,195
|
Morgan Stanley
|
239
|
|
9/17/25
|
U.S. Dollars
|
14,683
|
Canadian Dollars
|
20,000
|
Citibank
|
213
|
|
9/17/25
|
U.S. Dollars
|
13,537
|
Polish Zloty
|
50,000
|
Barclays
|
206
|
|
9/17/25
|
Hungarian
Forints
|
53,904,000
|
Euro
|
133,820
|
Goldman Sachs
|
185
|
|
9/17/25
|
U.S. Dollars
|
8,402
|
Chilean Pesos
|
7,992,262
|
Bank of America
|
184
|
|
9/17/25
|
U.S. Dollars
|
56,477
|
Hong Kong Dollars
|
440,000
|
Morgan Stanley
|
178
|
|
9/17/25
|
Swedish Kronor
|
453,000
|
Euro
|
40,399
|
Barclays
|
169
|
|
9/17/25
|
Euro
|
51,504
|
Swedish Kronor
|
574,000
|
Barclays
|
146
|
|
9/17/25
|
U.S. Dollars
|
24,869
|
Mexican Pesos
|
468,940
|
Bank of America
|
145
|
|
9/17/25
|
Czech Republic
Koruna
|
1,457,000
|
Euro
|
59,037
|
Barclays
|
141
|
|
9/17/25
|
U.S. Dollars
|
105,441
|
Hungarian Forints
|
37,000,000
|
Barclays
|
140
|
|
9/17/25
|
U.S. Dollars
|
14,229
|
Brazilian Reals
|
80,000
|
Barclays
|
121
|
|
9/17/25
|
Euro
|
56,301
|
Swedish Kronor
|
628,000
|
Morgan Stanley
|
105
|
|
9/17/25
|
U.S. Dollars
|
3,697
|
South Korean Won
|
5,000,000
|
Barclays
|
103
|
|
9/17/25
|
Czech Republic
Koruna
|
400,000
|
U.S. Dollars
|
18,501
|
Barclays
|
95
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
9/17/25
|
U.S. Dollars
|
21,975
|
South African Rand
|
400,000
|
Morgan Stanley
|
$93
|
|
9/17/25
|
Euro
|
54,687
|
Hungarian Forints
|
21,970,000
|
Morgan Stanley
|
90
|
|
9/17/25
|
Czech Republic
Koruna
|
1,083,000
|
Euro
|
43,896
|
Citibank
|
90
|
|
9/17/25
|
Colombian Pesos
|
110,000,000
|
U.S. Dollars
|
26,056
|
Goldman Sachs
|
89
|
|
9/17/25
|
Hungarian
Forints
|
25,548,000
|
Euro
|
63,439
|
JPMorgan Chase
|
70
|
|
9/17/25
|
U.S. Dollars
|
13,387
|
Polish Zloty
|
50,000
|
Royal Bank Of Canada
|
56
|
|
9/17/25
|
U.S. Dollars
|
3,147
|
South Korean Won
|
4,303,599
|
Bank of America
|
54
|
|
9/17/25
|
Indonesian
Rupiahs
|
340,000,000
|
U.S. Dollars
|
20,527
|
Bank of America
|
48
|
|
9/17/25
|
Euro
|
68,561
|
Hungarian Forints
|
27,568,000
|
JPMorgan Chase
|
45
|
|
9/17/25
|
Brazilian Reals
|
60,000
|
U.S. Dollars
|
10,538
|
Goldman Sachs
|
43
|
|
9/17/25
|
Swiss Francs
|
10,000
|
U.S. Dollars
|
12,353
|
Barclays
|
35
|
|
9/17/25
|
Euro
|
51,383
|
Czech Republic
Koruna
|
1,265,000
|
Goldman Sachs
|
21
|
|
9/17/25
|
Euro
|
209,011
|
Swedish Kronor
|
2,335,000
|
JPMorgan Chase
|
17
|
|
9/17/25
|
U.S. Dollars
|
62,781
|
Brazilian Reals
|
356,000
|
Citibank
|
—
*
|
|
Total Unrealized Appreciation
|
$429,504
|
|||||
|
|
|
|
|
|
|
|
|
9/17/25
|
Brazilian Reals
|
20,000
|
U.S. Dollars
|
3,536
|
Societe Generale
|
$(9
)
|
|
9/17/25
|
Swedish Kronor
|
1,290,000
|
Euro
|
115,538
|
Barclays
|
(86
)
|
|
9/17/25
|
Euro
|
50,781
|
Norwegian Kroner
|
602,000
|
Morgan Stanley
|
(103
)
|
|
9/17/25
|
Mexican Pesos
|
1,450,000
|
U.S. Dollars
|
76,564
|
Bank of America
|
(114
)
|
|
9/17/25
|
Hungarian
Forints
|
20,879,000
|
Euro
|
52,002
|
Goldman Sachs
|
(121
)
|
|
9/17/25
|
South African
Rand
|
100,000
|
U.S. Dollars
|
5,615
|
Morgan Stanley
|
(145
)
|
|
9/17/25
|
U.S. Dollars
|
61,788
|
Swiss Francs
|
50,000
|
Goldman Sachs
|
(153
)
|
|
9/17/25
|
Euro
|
69,959
|
Hungarian Forints
|
28,200,000
|
Societe Generale
|
(153
)
|
|
9/17/25
|
U.S. Dollars
|
62,416
|
Hungarian Forints
|
22,000,000
|
Goldman Sachs
|
(195
)
|
|
9/17/25
|
Euro
|
56,176
|
Norwegian Kroner
|
667,000
|
Goldman Sachs
|
(215
)
|
|
9/17/25
|
South Korean
Won
|
100,485,000
|
U.S. Dollars
|
72,456
|
Barclays
|
(229
)
|
|
9/17/25
|
Norwegian
Kroner
|
100,000
|
U.S. Dollars
|
9,923
|
Morgan Stanley
|
(247
)
|
|
9/17/25
|
Hungarian
Forints
|
27,380,000
|
Euro
|
68,289
|
Citibank
|
(268
)
|
|
9/17/25
|
U.S. Dollars
|
264,403
|
Hungarian Forints
|
93,000,000
|
Morgan Stanley
|
(271
)
|
|
9/17/25
|
Thai Baht
|
2,646,000
|
U.S. Dollars
|
81,586
|
Goldman Sachs
|
(297
)
|
|
9/17/25
|
Brazilian Reals
|
310,000
|
U.S. Dollars
|
54,978
|
Deutsche Bank
|
(309
)
|
|
9/17/25
|
Norwegian
Kroner
|
100,000
|
U.S. Dollars
|
9,994
|
Citibank
|
(319
)
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
9/17/25
|
Singapore
Dollars
|
20,000
|
U.S. Dollars
|
15,787
|
Societe Generale
|
$(324
)
|
|
9/17/25
|
U.S. Dollars
|
20,762
|
Mexican Pesos
|
400,000
|
Societe Generale
|
(327
)
|
|
9/17/25
|
Indonesian
Rupiahs
|
1,300,000,000
|
U.S. Dollars
|
79,001
|
Barclays
|
(333
)
|
|
9/17/25
|
Taiwan Dollars
|
300,000
|
U.S. Dollars
|
10,413
|
Citibank
|
(339
)
|
|
9/17/25
|
Swiss Francs
|
60,000
|
U.S. Dollars
|
74,670
|
Morgan Stanley
|
(341
)
|
|
9/17/25
|
Singapore
Dollars
|
30,000
|
U.S. Dollars
|
23,540
|
Bank of America
|
(346
)
|
|
9/17/25
|
Thai Baht
|
1,696,000
|
U.S. Dollars
|
52,501
|
Bank of America
|
(398
)
|
|
9/17/25
|
Indian Rupees
|
4,873,000
|
U.S. Dollars
|
55,949
|
Deutsche Bank
|
(414
)
|
|
9/17/25
|
U.S. Dollars
|
167,115
|
Brazilian Reals
|
950,000
|
Goldman Sachs
|
(418
)
|
|
9/17/25
|
Euro
|
92,177
|
Swedish Kronor
|
1,034,000
|
Bank of America
|
(426
)
|
|
9/17/25
|
U.S. Dollars
|
70,701
|
Hungarian Forints
|
25,000,000
|
Royal Bank Of Canada
|
(448
)
|
|
9/17/25
|
Indian Rupees
|
2,000,000
|
U.S. Dollars
|
23,243
|
JPMorgan Chase
|
(450
)
|
|
9/17/25
|
Indonesian
Rupiahs
|
550,000,000
|
U.S. Dollars
|
33,759
|
JPMorgan Chase
|
(478
)
|
|
9/17/25
|
Indonesian
Rupiahs
|
500,000,000
|
U.S. Dollars
|
30,760
|
Citibank
|
(503
)
|
|
9/17/25
|
Euro
|
82,805
|
Swiss Francs
|
77,000
|
Morgan Stanley
|
(578
)
|
|
9/17/25
|
Euro
|
55,905
|
Norwegian Kroner
|
668,000
|
Bank of America
|
(622
)
|
|
9/17/25
|
Hungarian
Forints
|
9,000,000
|
U.S. Dollars
|
26,352
|
Bank of America
|
(738
)
|
|
9/17/25
|
U.S. Dollars
|
70,563
|
Colombian Pesos
|
300,000,000
|
JPMorgan Chase
|
(741
)
|
|
9/17/25
|
South Korean
Won
|
167,907,000
|
U.S. Dollars
|
121,446
|
JPMorgan Chase
|
(758
)
|
|
9/17/25
|
Chilean Pesos
|
17,000,000
|
U.S. Dollars
|
18,318
|
Barclays
|
(838
)
|
|
9/17/25
|
U.S. Dollars
|
158,501
|
Hungarian Forints
|
56,000,000
|
Barclays
|
(872
)
|
|
9/17/25
|
Swedish Kronor
|
500,000
|
U.S. Dollars
|
52,140
|
Morgan Stanley
|
(899
)
|
|
9/17/25
|
Chilean Pesos
|
130,310,000
|
U.S. Dollars
|
134,952
|
Bank of America
|
(966
)
|
|
9/17/25
|
South African
Rand
|
900,000
|
U.S. Dollars
|
50,215
|
Bank of America
|
(980
)
|
|
9/17/25
|
Canadian Dollars
|
60,000
|
U.S. Dollars
|
44,415
|
Barclays
|
(1,008
)
|
|
9/17/25
|
Thai Baht
|
7,702,000
|
U.S. Dollars
|
237,667
|
JPMorgan Chase
|
(1,050
)
|
|
9/17/25
|
U.S. Dollars
|
46,370
|
Mexican Pesos
|
900,000
|
Bank of America
|
(1,082
)
|
|
9/17/25
|
South Korean
Won
|
239,988,000
|
U.S. Dollars
|
173,633
|
Bank of America
|
(1,134
)
|
|
9/17/25
|
Canadian Dollars
|
100,000
|
U.S. Dollars
|
73,499
|
Bank of America
|
(1,154
)
|
|
9/17/25
|
Swiss Francs
|
200,000
|
U.S. Dollars
|
249,001
|
Deutsche Bank
|
(1,236
)
|
|
9/17/25
|
Indonesian
Rupiahs
|
1,610,000,000
|
U.S. Dollars
|
98,809
|
Bank of America
|
(1,382
)
|
|
9/17/25
|
Colombian Pesos
|
507,434,000
|
U.S. Dollars
|
121,999
|
Bank of America
|
(1,391
)
|
|
9/17/25
|
Colombian Pesos
|
330,000,000
|
U.S. Dollars
|
79,877
|
Citibank
|
(1,442
)
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
9/17/25
|
Swedish Kronor
|
500,000
|
U.S. Dollars
|
52,702
|
Deutsche Bank
|
$(1,460
)
|
|
9/17/25
|
Hungarian
Forints
|
85,983,000
|
Euro
|
215,136
|
Deutsche Bank
|
(1,626
)
|
|
9/17/25
|
South African
Rand
|
1,000,000
|
U.S. Dollars
|
56,354
|
Barclays
|
(1,647
)
|
|
9/17/25
|
U.S. Dollars
|
124,889
|
Mexican Pesos
|
2,400,000
|
Goldman Sachs
|
(1,649
)
|
|
9/17/25
|
Brazilian Reals
|
760,000
|
U.S. Dollars
|
135,746
|
Goldman Sachs
|
(1,719
)
|
|
9/17/25
|
South Korean
Won
|
214,977,000
|
U.S. Dollars
|
156,272
|
Citibank
|
(1,750
)
|
|
9/17/25
|
Taiwan Dollars
|
6,053,000
|
U.S. Dollars
|
205,039
|
Bank of America
|
(1,797
)
|
|
9/17/25
|
Singapore
Dollars
|
160,000
|
U.S. Dollars
|
125,698
|
Goldman Sachs
|
(1,994
)
|
|
9/17/25
|
Philippine Pesos
|
6,421,000
|
U.S. Dollars
|
112,253
|
Barclays
|
(2,123
)
|
|
9/17/25
|
Euro
|
50,000
|
U.S. Dollars
|
59,392
|
Deutsche Bank
|
(2,142
)
|
|
9/17/25
|
Czech Republic
Koruna
|
1,600,000
|
U.S. Dollars
|
76,528
|
Morgan Stanley
|
(2,142
)
|
|
9/17/25
|
South African
Rand
|
1,200,000
|
U.S. Dollars
|
67,835
|
Citibank
|
(2,187
)
|
|
9/17/25
|
Czech Republic
Koruna
|
1,500,000
|
U.S. Dollars
|
71,951
|
Barclays
|
(2,213
)
|
|
9/17/25
|
New Zealand
Dollars
|
181,000
|
U.S. Dollars
|
109,189
|
Barclays
|
(2,372
)
|
|
9/17/25
|
British Pounds
|
70,000
|
U.S. Dollars
|
94,891
|
Goldman Sachs
|
(2,400
)
|
|
9/17/25
|
Indian Rupees
|
9,300,000
|
U.S. Dollars
|
108,389
|
Goldman Sachs
|
(2,402
)
|
|
9/17/25
|
Norwegian
Kroner
|
1,000,000
|
U.S. Dollars
|
99,197
|
JPMorgan Chase
|
(2,441
)
|
|
9/17/25
|
Taiwan Dollars
|
1,752,000
|
U.S. Dollars
|
61,269
|
Barclays
|
(2,443
)
|
|
9/17/25
|
U.S. Dollars
|
381,532
|
Swiss Francs
|
310,000
|
Royal Bank Of Canada
|
(2,503
)
|
|
9/17/25
|
Norwegian
Kroner
|
1,200,000
|
U.S. Dollars
|
118,623
|
Barclays
|
(2,516
)
|
|
9/17/25
|
Taiwan Dollars
|
1,800,000
|
U.S. Dollars
|
62,990
|
Goldman Sachs
|
(2,551
)
|
|
9/17/25
|
Euro
|
111,000
|
U.S. Dollars
|
129,681
|
JPMorgan Chase
|
(2,586
)
|
|
9/17/25
|
British Pounds
|
70,000
|
U.S. Dollars
|
95,113
|
Bank of America
|
(2,623
)
|
|
9/17/25
|
Polish Zloty
|
300,000
|
U.S. Dollars
|
82,610
|
Societe Generale
|
(2,624
)
|
|
9/17/25
|
British Pounds
|
80,000
|
U.S. Dollars
|
108,521
|
Barclays
|
(2,818
)
|
|
9/17/25
|
Euro
|
364,298
|
Swiss Francs
|
339,000
|
Barclays
|
(2,842
)
|
|
9/17/25
|
Hungarian
Forints
|
30,000,000
|
U.S. Dollars
|
88,272
|
Morgan Stanley
|
(2,894
)
|
|
9/17/25
|
Colombian Pesos
|
385,584,000
|
U.S. Dollars
|
94,774
|
Barclays
|
(3,128
)
|
|
9/17/25
|
Indian Rupees
|
11,700,000
|
U.S. Dollars
|
136,520
|
Citibank
|
(3,183
)
|
|
9/17/25
|
Taiwan Dollars
|
2,100,000
|
U.S. Dollars
|
74,097
|
JPMorgan Chase
|
(3,586
)
|
|
9/17/25
|
Japanese Yen
|
11,000,000
|
U.S. Dollars
|
77,139
|
Goldman Sachs
|
(3,785
)
|
|
9/17/25
|
Swedish Kronor
|
1,500,000
|
U.S. Dollars
|
157,824
|
JPMorgan Chase
|
(4,098
)
|
|
9/17/25
|
Canadian Dollars
|
445,000
|
U.S. Dollars
|
326,229
|
Morgan Stanley
|
(4,292
)
|
|
Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)
|
||||||
|
|
|
|
|
|
|
|
|
Settlement
Date
|
Currency
Purchased
|
Amount
of Currency
Purchased
|
Currency
Sold
|
Amount
of Currency
Sold
|
Counterparty
|
Unrealized
Appreciation
(Depreciation)
|
|
9/17/25
|
Euro
|
131,000
|
U.S. Dollars
|
154,335
|
Citibank
|
$(4,340
)
|
|
9/17/25
|
New Zealand
Dollars
|
190,000
|
U.S. Dollars
|
116,529
|
Bank of America
|
(4,400
)
|
|
9/17/25
|
New Zealand
Dollars
|
322,000
|
U.S. Dollars
|
194,430
|
Morgan Stanley
|
(4,401
)
|
|
9/17/25
|
South Korean
Won
|
279,707,000
|
U.S. Dollars
|
205,624
|
Deutsche Bank
|
(4,576
)
|
|
9/17/25
|
Swedish Kronor
|
1,200,000
|
U.S. Dollars
|
127,656
|
Goldman Sachs
|
(4,675
)
|
|
9/17/25
|
Australian
Dollars
|
423,000
|
U.S. Dollars
|
277,294
|
Bank of America
|
(5,197
)
|
|
9/17/25
|
Chilean Pesos
|
126,000,000
|
U.S. Dollars
|
134,777
|
JPMorgan Chase
|
(5,222
)
|
|
9/17/25
|
Swedish Kronor
|
2,500,000
|
U.S. Dollars
|
262,133
|
Citibank
|
(5,923
)
|
|
9/17/25
|
Japanese Yen
|
21,000,000
|
U.S. Dollars
|
146,082
|
JPMorgan Chase
|
(6,044
)
|
|
9/17/25
|
Indonesian
Rupiahs
|
8,260,000,000
|
U.S. Dollars
|
505,941
|
Goldman Sachs
|
(6,096
)
|
|
9/17/25
|
British Pounds
|
223,000
|
U.S. Dollars
|
301,606
|
Morgan Stanley
|
(6,956
)
|
|
9/17/25
|
New Zealand
Dollars
|
449,000
|
U.S. Dollars
|
272,135
|
JPMorgan Chase
|
(7,157
)
|
|
9/17/25
|
Singapore
Dollars
|
1,110,000
|
U.S. Dollars
|
868,178
|
Morgan Stanley
|
(9,985
)
|
|
9/17/25
|
South Korean
Won
|
460,000,000
|
U.S. Dollars
|
341,251
|
Goldman Sachs
|
(10,612
)
|
|
9/17/25
|
New Zealand
Dollars
|
1,065,000
|
U.S. Dollars
|
639,245
|
Deutsche Bank
|
(10,731
)
|
|
9/17/25
|
British Pounds
|
510,000
|
U.S. Dollars
|
687,668
|
Citibank
|
(13,807
)
|
|
9/17/25
|
South African
Rand
|
16,200,000
|
U.S. Dollars
|
906,033
|
Goldman Sachs
|
(19,787
)
|
|
9/17/25
|
Euro
|
1,854,000
|
U.S. Dollars
|
2,143,624
|
Barclays
|
(20,799
)
|
|
9/17/25
|
Canadian Dollars
|
2,070,000
|
U.S. Dollars
|
1,520,019
|
Societe Generale
|
(22,473
)
|
|
9/17/25
|
Japanese Yen
|
89,000,000
|
U.S. Dollars
|
619,421
|
Barclays
|
(25,926
)
|
|
Total Unrealized Depreciation
|
$(309,293
)
|
|||||
|
Net Unrealized Appreciation
|
$120,211
|
|||||
|
*Amount rounds to less than one.
|
|
Written Call Option Contracts outstanding at July 31, 2025:
Exchange Traded
|
||||||
|
|
|
|
|
|
|
|
|
Description
|
Number of
Contracts
|
Notional
Amount
|
Exercise
Price
|
Expiration
Date
|
Value
|
|
|
Bloom Energy Corp.
|
30
|
USD
|
112,170
|
26.00
|
11/21/2025
|
$(42,300
)
|
|
Super Micro Computer, Inc.
|
18
|
USD
|
106,146
|
49.00
|
9/19/2025
|
(22,680
)
|
|
Written Call Option Contracts outstanding at July 31, 2025:
Exchange Traded (continued)
|
||||||
|
|
|
|
|
|
|
|
|
Description
|
Number of
Contracts
|
Notional
Amount
|
Exercise
Price
|
Expiration
Date
|
Value
|
|
|
Unity Software, Inc.
|
18
|
USD
|
60,048
|
30.00
|
10/17/2025
|
(11,295
)
|
|
Total Written Call Options Contracts (Premiums Received $35,552)
|
$(76,275
)
|
|||||
|
Long Contracts for Difference at July 31, 2025:
Over the Counter
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Pays
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
ADT, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
42,947
|
Monthly
|
$358,243
|
$(4,230
)
|
|
Aflac, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
133
|
Monthly
|
13,190
|
(193
)
|
|
Alcoa Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
13,465
|
Monthly
|
402,409
|
(8,408
)
|
|
Alcon A.G.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
1,859
|
Monthly
|
162,568
|
732
|
|
Alexandria Real Estate
Equities, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
4,113
|
Monthly
|
314,023
|
(17,855
)
|
|
Alexandria Real Estate
Equities, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
955
|
Monthly
|
72,851
|
(989
)
|
|
Allison Transmission
Holdings, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,409
|
Monthly
|
216,826
|
3,830
|
|
Allstate (The) Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,612
|
Monthly
|
327,339
|
8,493
|
|
Allstate (The) Corp.
|
U.S. Fed Funds + 0.20%
|
8/19/2026
|
Goldman Sachs
|
1,831
|
Monthly
|
371,486
|
19,146
|
|
Ally Financial, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
5,162
|
Monthly
|
195,180
|
(5,312
)
|
|
Altria Group, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
6,212
|
Monthly
|
384,400
|
15,158
|
|
Altria Group, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
3,685
|
Monthly
|
228,061
|
7,496
|
|
American Electric
Power Co., Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
3,328
|
Monthly
|
376,161
|
9,548
|
|
American International
Group, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
5,229
|
Monthly
|
405,522
|
(19,163
)
|
|
American International
Group, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
4,396
|
Monthly
|
340,286
|
(24,600
)
|
|
American Tower Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,859
|
Monthly
|
386,261
|
(24,020
)
|
|
American Water Works Co.,
Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
896
|
Monthly
|
125,464
|
(615
)
|
|
Aptiv PLC
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
4,477
|
Monthly
|
306,923
|
(2,374
)
|
|
Aramark Services, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
8,055
|
Monthly
|
342,364
|
(7,096
)
|
|
Assurant, Inc.
|
U.S. Fed Funds
|
1/23/2026
|
Barclays
|
92
|
Monthly
|
17,232
|
—
*
|
|
AutoZone, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
97
|
Monthly
|
365,164
|
(886
)
|
|
Avis Budget Group, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
668
|
Monthly
|
113,710
|
(11,661
)
|
|
Baker Hughes Co., Class A
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
5,488
|
Monthly
|
246,385
|
26,262
|
|
Ball Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,955
|
Monthly
|
169,094
|
(3,391
)
|
|
Barrick Gold Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
19,929
|
Monthly
|
420,464
|
(12,792
)
|
|
Barrick Gold Corp.
|
U.S. Fed Funds + 0.20%
|
8/19/2026
|
Goldman Sachs
|
17,270
|
Monthly
|
364,057
|
869
|
|
Bath & Body Works, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
12,885
|
Monthly
|
372,720
|
(53,902
)
|
|
Bath & Body Works, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
11,597
|
Monthly
|
334,773
|
(53,842
)
|
|
Becton Dickinson & Co.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,526
|
Monthly
|
271,272
|
4,786
|
|
Best Buy Co., Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
6,016
|
Monthly
|
391,035
|
(18,464
)
|
|
Long Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Pays
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Best Buy Co., Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
5,247
|
Monthly
|
$340,363
|
$(37,352
)
|
|
Bio-rad Laboratories,
Class A
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
7
|
Monthly
|
1,689
|
(66
)
|
|
Block, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,680
|
Monthly
|
129,579
|
(3,790
)
|
|
Booking Holdings, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
76
|
Monthly
|
417,867
|
(21,074
)
|
|
BorgWarner, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
10,207
|
Monthly
|
374,622
|
15,132
|
|
Boyd Gaming Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
18
|
Monthly
|
1,525
|
57
|
|
Bristol-Myers Squibb Co.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
16,102
|
Monthly
|
695,281
|
(62,157
)
|
|
Broadridge Financial
Solutions, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,659
|
Monthly
|
410,211
|
5,250
|
|
Builders FirstSource, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
2,806
|
Monthly
|
355,738
|
(1,297
)
|
|
Caesars Entertainment, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
976
|
Monthly
|
25,907
|
(2,509
)
|
|
Camden Property Trust
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
3,235
|
Monthly
|
352,316
|
(14,355
)
|
|
Campbell Soup
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
11,283
|
Monthly
|
359,542
|
12,138
|
|
Canadian National
Railway Co.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
2,346
|
Monthly
|
219,205
|
(2,750
)
|
|
Canadian Pacific
Railway Ltd.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
704
|
Monthly
|
51,777
|
(635
)
|
|
Cardinal Health, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
2,323
|
Monthly
|
359,519
|
(22,499
)
|
|
Carnival Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
15,907
|
Monthly
|
472,281
|
13,524
|
|
Centene Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
4,234
|
Monthly
|
109,995
|
(7,136
)
|
|
CF Industries Holdings, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
4,313
|
Monthly
|
399,216
|
(19,662
)
|
|
Charter
Communications, Inc.,
Class A
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,423
|
Monthly
|
382,860
|
(142,492
)
|
|
Cheniere Energy, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
1,643
|
Monthly
|
386,827
|
528
|
|
Chord Energy Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,974
|
Monthly
|
327,640
|
13,518
|
|
Chubb Ltd.
|
U.S. Fed Funds + 0.20%
|
8/19/2026
|
Goldman Sachs
|
1,322
|
Monthly
|
351,017
|
(13,432
)
|
|
Church & Dwight Co., Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,015
|
Monthly
|
94,901
|
(4,610
)
|
|
Cigna Group (The)
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,186
|
Monthly
|
316,243
|
(48,865
)
|
|
Cisco Systems, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,767
|
Monthly
|
120,034
|
(970
)
|
|
Clorox (The) Co.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
3,347
|
Monthly
|
419,465
|
3,868
|
|
Coca-Cola (The) Co.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
3,572
|
Monthly
|
398,749
|
(20,497
)
|
|
Colgate-Palmolive Co.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
4,575
|
Monthly
|
383,254
|
(21,614
)
|
|
ConocoPhillips
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
168
|
Monthly
|
16,011
|
59
|
|
Consolidated Edison, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,922
|
Monthly
|
198,462
|
6,473
|
|
Constellation Brands, Inc.,
Class A
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
884
|
Monthly
|
147,522
|
(2,321
)
|
|
Corteva, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
4,789
|
Monthly
|
345,075
|
(8,114
)
|
|
CRH PLC
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
4,418
|
Monthly
|
420,540
|
2,377
|
|
Crocs, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
4,088
|
Monthly
|
407,259
|
(27,337
)
|
|
Crown Castle, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
3,784
|
Monthly
|
397,371
|
(4,444
)
|
|
Crown Holdings, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,365
|
Monthly
|
135,295
|
(10,392
)
|
|
CVS Health Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
5,723
|
Monthly
|
355,048
|
5,299
|
|
CVS Health Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
4,768
|
Monthly
|
295,547
|
(8,138
)
|
|
Danaher Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
237
|
Monthly
|
46,555
|
(345
)
|
|
Long Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Pays
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Darden Restaurants, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,697
|
Monthly
|
$341,877
|
$(13,238
)
|
|
DaVita, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
5,283
|
Monthly
|
739,430
|
(20,266
)
|
|
Deere & Co.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
685
|
Monthly
|
358,477
|
10,410
|
|
Deere & Co.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
364
|
Monthly
|
190,575
|
7,588
|
|
Delta Air Lines, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
5,961
|
Monthly
|
316,688
|
(12,707
)
|
|
Dollar General Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,792
|
Monthly
|
292,745
|
(6,105
)
|
|
Dominion Energy, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
6,194
|
Monthly
|
361,674
|
(736
)
|
|
DuPont de Nemours, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
5,567
|
Monthly
|
399,120
|
(15,455
)
|
|
Eagle Materials, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,485
|
Monthly
|
332,724
|
9,499
|
|
Eastman Chemical Co.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
4,077
|
Monthly
|
295,210
|
(29,988
)
|
|
Eastman Chemical Co.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,231
|
Monthly
|
161,686
|
(10,822
)
|
|
eBay, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
1,670
|
Monthly
|
152,999
|
23,169
|
|
Electronic Arts, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,334
|
Monthly
|
203,211
|
(6,254
)
|
|
EQT Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
6,529
|
Monthly
|
350,202
|
(24,320
)
|
|
EQT Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
6,639
|
Monthly
|
356,651
|
(1,469
)
|
|
Equinix, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
195
|
Monthly
|
152,951
|
(3,156
)
|
|
Essex Property Trust, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
30
|
Monthly
|
7,790
|
(623
)
|
|
Eversource Energy
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
6,031
|
Monthly
|
397,571
|
8,210
|
|
Exelon Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
9,468
|
Monthly
|
424,724
|
18,074
|
|
FactSet Research
Systems, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
152
|
Monthly
|
61,241
|
(432
)
|
|
Fair Isaac Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
269
|
Monthly
|
385,715
|
(20,153
)
|
|
Federal Realty Investment
Trust
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
4,396
|
Monthly
|
404,364
|
(4,420
)
|
|
FedEx Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,751
|
Monthly
|
390,958
|
(13,518
)
|
|
Fiserv, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
2,425
|
Monthly
|
336,524
|
(65,977
)
|
|
Fiserv, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,495
|
Monthly
|
345,978
|
(56,130
)
|
|
Fortune Brands Home &
Security, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
463
|
Monthly
|
25,206
|
866
|
|
Fox Corp., Class A
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
7,208
|
Monthly
|
400,819
|
3,730
|
|
Gap (The), Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
20,028
|
Monthly
|
389,327
|
(25,653
)
|
|
Gap (The), Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
17,771
|
Monthly
|
344,783
|
(53,486
)
|
|
Gartner, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,139
|
Monthly
|
385,314
|
(20,763
)
|
|
Gen Digital, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
11,134
|
Monthly
|
327,340
|
(6,012
)
|
|
General Motors Co.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
5,118
|
Monthly
|
272,756
|
3,459
|
|
Gilead Sciences, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
1,133
|
Monthly
|
126,893
|
3,328
|
|
Global Payments, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
53
|
Monthly
|
4,168
|
(289
)
|
|
Goodyear Tire & Rubber
(The) Co.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,652
|
Monthly
|
27,224
|
(2,230
)
|
|
H&R Block, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
5,349
|
Monthly
|
290,384
|
(9,334
)
|
|
H&R Block, Inc.
|
U.S. Fed Funds + 0.20%
|
8/19/2026
|
Goldman Sachs
|
6,204
|
Monthly
|
336,483
|
(4,055
)
|
|
Halliburton Co.
|
U.S. Fed Funds + 0.20%
|
8/19/2026
|
Goldman Sachs
|
24,381
|
Monthly
|
544,881
|
23,371
|
|
Hasbro, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
284
|
Monthly
|
21,345
|
(239
)
|
|
Honeywell
International, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,601
|
Monthly
|
354,920
|
(29,000
)
|
|
Host Hotels & Resorts, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
22,763
|
Monthly
|
357,457
|
(17,450
)
|
|
Long Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Pays
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Host Hotels & Resorts, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
14,573
|
Monthly
|
$228,638
|
$(9,339
)
|
|
HP, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,622
|
Monthly
|
40,221
|
(1,015
)
|
|
HP, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
9,097
|
Monthly
|
225,185
|
2,126
|
|
International Flavors &
Fragrances, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
280
|
Monthly
|
19,886
|
(1,056
)
|
|
Invitation Homes, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
2,100
|
Monthly
|
64,361
|
(1,228
)
|
|
JB Hunt Transport
Services, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
2,814
|
Monthly
|
404,952
|
(21,272
)
|
|
Johnson Controls
International PLC
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
3,264
|
Monthly
|
341,767
|
(2,585
)
|
|
Johnson Controls
International PLC
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,967
|
Monthly
|
310,944
|
(3,898
)
|
|
Keysight Technologies, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,312
|
Monthly
|
214,832
|
(2,003
)
|
|
Kimberly-Clark Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
3,169
|
Monthly
|
394,422
|
(9,868
)
|
|
Kinder Morgan, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
12,894
|
Monthly
|
361,168
|
2,412
|
|
Kinder Morgan, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
741
|
Monthly
|
20,756
|
73
|
|
Kinross Gold Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
13,803
|
Monthly
|
220,449
|
7,501
|
|
Kroger (The) Co.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
5,039
|
Monthly
|
352,866
|
(13,016
)
|
|
Lamb Weston Holdings, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,406
|
Monthly
|
80,209
|
(3,916
)
|
|
Lamb Weston Holdings, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,982
|
Monthly
|
170,081
|
(7,910
)
|
|
Las Vegas Sands Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
3,683
|
Monthly
|
192,793
|
14,002
|
|
Lincoln National Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
9,818
|
Monthly
|
373,165
|
29,731
|
|
Linde PLC
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
364
|
Monthly
|
167,061
|
(4,001
)
|
|
Lithia Motors, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,231
|
Monthly
|
353,350
|
(72,083
)
|
|
Lowe's Cos., Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
172
|
Monthly
|
38,259
|
1,077
|
|
Manulife Financial Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
9,833
|
Monthly
|
304,055
|
1,198
|
|
Marsh & McLennan Cos.,
Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
1,068
|
Monthly
|
212,320
|
(12,921
)
|
|
Match Group, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
8,003
|
Monthly
|
273,544
|
13,927
|
|
Mattel, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
23,457
|
Monthly
|
398,280
|
(52,184
)
|
|
McDonald's Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
815
|
Monthly
|
244,312
|
488
|
|
McDonald's Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
401
|
Monthly
|
120,004
|
3,045
|
|
McDonald's Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
438
|
Monthly
|
131,183
|
(51
)
|
|
McKesson Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
67
|
Monthly
|
46,098
|
(2,417
)
|
|
MGM Resorts International
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
14,651
|
Monthly
|
533,202
|
(19,611
)
|
|
Micron Technology, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
276
|
Monthly
|
30,123
|
(1,546
)
|
|
Mid-America Apartment
Communities, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,476
|
Monthly
|
352,179
|
(14,550
)
|
|
Mohawk Industries, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
2,577
|
Monthly
|
294,767
|
(1,845
)
|
|
Motorola Solutions, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
869
|
Monthly
|
381,105
|
15,021
|
|
Motorola Solutions, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
996
|
Monthly
|
436,456
|
29,361
|
|
MSCI, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
759
|
Monthly
|
425,265
|
(2,150
)
|
|
Murphy Oil USA, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
995
|
Monthly
|
360,231
|
(73,021
)
|
|
Netflix, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
294
|
Monthly
|
340,514
|
(9,157
)
|
|
New Gold, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
6,066
|
Monthly
|
25,389
|
(2,151
)
|
|
Newmont Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
5,671
|
Monthly
|
351,817
|
1,916
|
|
Long Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Pays
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Newmont Corp.
|
U.S. Fed Funds + 0.20%
|
8/19/2026
|
Goldman Sachs
|
6,567
|
Monthly
|
$407,100
|
$30,482
|
|
Norwegian Cruise Line
Holdings Ltd.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
6,656
|
Monthly
|
169,919
|
12,837
|
|
NRG Energy, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
4,830
|
Monthly
|
806,202
|
95,971
|
|
Omnicom Group, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
4,933
|
Monthly
|
354,683
|
(3,787
)
|
|
O'Reilly Automotive, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,545
|
Monthly
|
151,756
|
4,440
|
|
Otis Worldwide Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
4,574
|
Monthly
|
391,492
|
(66,806
)
|
|
Ovintiv, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
3,658
|
Monthly
|
150,492
|
6,915
|
|
Owens Corning
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
995
|
Monthly
|
138,334
|
(5,642
)
|
|
Packaging Corp. of America
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,799
|
Monthly
|
347,546
|
(17,237
)
|
|
Pan American Silver Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
4,904
|
Monthly
|
132,165
|
(12,964
)
|
|
PayPal Holdings, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
4,571
|
Monthly
|
313,593
|
(23,717
)
|
|
Phillips 66
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
306
|
Monthly
|
37,741
|
(1,509
)
|
|
Pilgrim's Pride Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
8,533
|
Monthly
|
403,298
|
12,828
|
|
Post Holdings, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,563
|
Monthly
|
270,750
|
(1,195
)
|
|
Procter & Gamble (The) Co.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
2,651
|
Monthly
|
397,771
|
(20,894
)
|
|
Prudential Financial, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
382
|
Monthly
|
39,527
|
(285
)
|
|
Quest Diagnostics, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
2,076
|
Monthly
|
346,568
|
(10,922
)
|
|
Ralph Lauren Corp.
|
U.S. Fed Funds + 0.20%
|
8/19/2026
|
Goldman Sachs
|
45
|
Monthly
|
13,419
|
547
|
|
Regal Rexnord Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
2,701
|
Monthly
|
412,523
|
9,453
|
|
Reinsurance Group of
America, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
1,621
|
Monthly
|
311,373
|
(329
)
|
|
Rexford Industrial
Reality, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
336
|
Monthly
|
12,261
|
(295
)
|
|
Rocket Co., Inc., Class A
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
20,928
|
Monthly
|
308,594
|
27,299
|
|
Rockwell Automation, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
96
|
Monthly
|
33,674
|
1,212
|
|
Ross Stores, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,535
|
Monthly
|
209,030
|
7,085
|
|
Ryder System, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
221
|
Monthly
|
39,272
|
(150
)
|
|
Ryman Hospitality
Properties, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
4,167
|
Monthly
|
395,697
|
(19,878
)
|
|
S&P Global, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
340
|
Monthly
|
186,879
|
7,906
|
|
Schlumberger N.V.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
11,048
|
Monthly
|
372,305
|
(31,389
)
|
|
Scotts Miracle-Gro (The) Co.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,673
|
Monthly
|
104,628
|
(10,307
)
|
|
Sempra
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
4,541
|
Monthly
|
370,273
|
33,604
|
|
Service Corp., (U.S.)
International
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
4,936
|
Monthly
|
375,543
|
(30,295
)
|
|
Simon Property Group, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,115
|
Monthly
|
346,018
|
116
|
|
Smurfit WestRock PLC
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
9,035
|
Monthly
|
400,199
|
(9,990
)
|
|
Southern Copper Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
4,471
|
Monthly
|
420,266
|
(14,749
)
|
|
SS&C Technologies
Holdings, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
4,074
|
Monthly
|
347,240
|
8,161
|
|
Stanley Black & Decker, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
5,923
|
Monthly
|
400,257
|
(30,938
)
|
|
Sun Communities, Inc.
|
U.S. Fed Funds + 0.20%
|
8/19/2026
|
Goldman Sachs
|
3,383
|
Monthly
|
418,829
|
(1,409
)
|
|
Targa Resources Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
110
|
Monthly
|
18,225
|
347
|
|
Targa Resources Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
1,048
|
Monthly
|
173,813
|
(8,958
)
|
|
TC Energy Corp.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
654
|
Monthly
|
31,356
|
267
|
|
Long Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Pays
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Tenet Healthcare Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
2,728
|
Monthly
|
$438,785
|
$(26,188
)
|
|
TJX (The) Cos., Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,924
|
Monthly
|
363,413
|
7,445
|
|
T-Mobile U.S., Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
2,359
|
Monthly
|
560,868
|
4,215
|
|
TransDigm Group, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
96
|
Monthly
|
154,372
|
70
|
|
Transocean Ltd.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
1,768
|
Monthly
|
5,313
|
146
|
|
Twilio, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
3,296
|
Monthly
|
424,749
|
(7,027
)
|
|
Tyson Foods, Inc., Class A
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
5,788
|
Monthly
|
302,143
|
(4,113
)
|
|
Uber Technologies, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
4,647
|
Monthly
|
407,369
|
(18,109
)
|
|
UDR, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
2,377
|
Monthly
|
93,324
|
(3,869
)
|
|
Union Pacific Corp.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,639
|
Monthly
|
363,431
|
(12,294
)
|
|
United Airlines
Holdings, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
3,986
|
Monthly
|
351,354
|
7,043
|
|
United Parcel Service, Inc.,
Class B
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
3,848
|
Monthly
|
331,192
|
(52,467
)
|
|
Universal Health
Services, Inc., Class B
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
2,248
|
Monthly
|
373,824
|
8,552
|
|
Vail Resorts, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,622
|
Monthly
|
393,190
|
(26,356
)
|
|
Valero Energy Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
716
|
Monthly
|
98,019
|
(8,428
)
|
|
VeriSign, Inc.
|
U.S. Fed Funds + 0.20%
|
8/19/2026
|
Goldman Sachs
|
1,516
|
Monthly
|
406,857
|
(18,570
)
|
|
Verisk Analytics, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,469
|
Monthly
|
409,023
|
(26,432
)
|
|
Verizon
Communications, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
5,744
|
Monthly
|
244,829
|
(2,508
)
|
|
Vistra Operations Co. LLC
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
1,811
|
Monthly
|
377,081
|
33,913
|
|
Walmart, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,454
|
Monthly
|
142,285
|
2,796
|
|
Walt Disney (The) Co.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
3,070
|
Monthly
|
365,294
|
(6,361
)
|
|
WEC Energy Group, Inc.
|
U.S. Fed Funds + 0.20%
|
8/19/2026
|
Goldman Sachs
|
3,379
|
Monthly
|
367,913
|
13,828
|
|
Weyerhaeuser Co.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
18,523
|
Monthly
|
463,573
|
(20,097
)
|
|
Willis Towers Watson PLC
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
200
|
Monthly
|
63,047
|
2,169
|
|
Workday, Inc., Class A
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,812
|
Monthly
|
415,200
|
(18,067
)
|
|
WP Carey, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
338
|
Monthly
|
21,664
|
127
|
|
Wynn Resorts
Finance LLC/Wynn Resorts
Capital Corp.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
3,973
|
Monthly
|
431,961
|
(6,896
)
|
|
Yum! Brands, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
2,526
|
Monthly
|
363,745
|
(11,442
)
|
|
Yum! Brands, Inc.
|
U.S. Fed Funds + 0.20%
|
2/9/2026
|
JPMorgan Chase
|
2,827
|
Monthly
|
406,334
|
(19,214
)
|
|
Zebra Technologies Corp.,
Class A
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
1,307
|
Monthly
|
442,311
|
24,659
|
|
Zoetis, Inc.
|
U.S. Fed Funds + 0.20%
|
8/18/2026
|
Goldman Sachs
|
2,671
|
Monthly
|
388,640
|
(19,302
)
|
|
Total (Notional Payable $63,212,626)
|
|
$949,489
|
|
$61,756,079
|
$(1,456,547
)
|
||
|
*
|
Amount rounds to less than one.
|
|
Short Contracts for Difference at July 31, 2025:
Over the Counter
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Receives
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Advanced Auto Parts, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
7,251
|
Monthly
|
$(384,583
)
|
$54,167
|
|
Advanced Micro
Devices, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
2,101
|
Monthly
|
(369,034
)
|
(75,347
)
|
|
AES (The) Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
15,672
|
Monthly
|
(205,754
)
|
(6,455
)
|
|
AGCO Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
3,715
|
Monthly
|
(437,532
)
|
(40,584
)
|
|
Air Products and
Chemicals, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
862
|
Monthly
|
(247,800
)
|
1,588
|
|
Albemarle Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
3,255
|
Monthly
|
(219,843
)
|
8,040
|
|
Albertsons Cos., Inc.,
Class A
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
13,712
|
Monthly
|
(263,207
)
|
15,223
|
|
Ally Financial, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/19/2026
|
Goldman Sachs
|
9,272
|
Monthly
|
(350,315
)
|
11,664
|
|
Amazon.com, Inc.
|
U.S. Fed Funds + 0.20%
|
1/23/2026
|
Barclays
|
1,948
|
Monthly
|
(455,600
)
|
(12,489
)
|
|
Amazon.com, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
1,332
|
Monthly
|
(311,442
)
|
(8,679
)
|
|
Amcor PLC
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,157
|
Monthly
|
(20,149
)
|
753
|
|
American Airlines
Group, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
30,499
|
Monthly
|
(350,097
)
|
28,831
|
|
American Express Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,481
|
Monthly
|
(441,258
)
|
28,997
|
|
American Express Co.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
738
|
Monthly
|
(220,491
)
|
8,768
|
|
AmerisourceBergen Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
89
|
Monthly
|
(25,421
)
|
653
|
|
Amgen, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,186
|
Monthly
|
(349,652
)
|
12,897
|
|
Amgen, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
114
|
Monthly
|
(33,625
)
|
977
|
|
Amphenol Corp., Class A
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
4,111
|
Monthly
|
(436,014
)
|
(35,562
)
|
|
Apache Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
4,359
|
Monthly
|
(83,887
)
|
3,391
|
|
Apache Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
1,401
|
Monthly
|
(27,012
)
|
(328
)
|
|
Apollo Global
Management, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
2,827
|
Monthly
|
(409,772
)
|
171
|
|
Archer-Daniels-Midland Co.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
5,259
|
Monthly
|
(284,666
)
|
6,762
|
|
Arrow Electronics, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
2,749
|
Monthly
|
(318,284
)
|
40,097
|
|
Arthur J Gallagher & Co.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
538
|
Monthly
|
(154,384
)
|
13,692
|
|
Arthur J Gallagher & Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
797
|
Monthly
|
(228,353
)
|
19,843
|
|
AT&T, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
12,960
|
Monthly
|
(354,903
)
|
460
|
|
AutoNation, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
926
|
Monthly
|
(177,900
)
|
17,337
|
|
AutoNation, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
639
|
Monthly
|
(122,868
)
|
8,331
|
|
Baxter International, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/19/2026
|
Goldman Sachs
|
6,394
|
Monthly
|
(138,862
)
|
42,039
|
|
BCE, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
3,004
|
Monthly
|
(70,015
)
|
3,222
|
|
BCE, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
14,669
|
Monthly
|
(341,613
)
|
11,323
|
|
Boeing (The) Co.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
2,727
|
Monthly
|
(602,333
)
|
24,877
|
|
Booz Allen Hamilton
Holding Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
3,724
|
Monthly
|
(399,310
)
|
17,368
|
|
Boston Scientific Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
3,291
|
Monthly
|
(344,948
)
|
(67
)
|
|
Boyd Gaming Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
655
|
Monthly
|
(55,608
)
|
669
|
|
Broadcom, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,405
|
Monthly
|
(410,690
)
|
(28,811
)
|
|
Broadcom, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
160
|
Monthly
|
(46,875
)
|
(1,924
)
|
|
Brookfield Asset
Management, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,958
|
Monthly
|
(130,652
)
|
(7,690
)
|
|
Short Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Receives
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Brown-Forman Corp.,
Class B
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
5,589
|
Monthly
|
$(160,876
)
|
$(2,599
)
|
|
Brown-Forman Corp.,
Class B
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
8,452
|
Monthly
|
(243,436
)
|
(11,090
)
|
|
Bunge Ltd.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,892
|
Monthly
|
(230,463
)
|
(11,596
)
|
|
Canadian Natural
Resources Ltd.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
11,253
|
Monthly
|
(356,394
)
|
(5,300
)
|
|
Capital One
Financial Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,083
|
Monthly
|
(447,424
)
|
5,462
|
|
Capital One
Financial Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,594
|
Monthly
|
(341,824
)
|
4,871
|
|
Carlisle Cos., Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
53
|
Monthly
|
(18,761
)
|
2,379
|
|
Caterpillar, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
1,811
|
Monthly
|
(792,005
)
|
(57,369
)
|
|
CBRE Group, Inc., Class A
|
U.S. Fed Funds
|
1/23/2026
|
Barclays
|
166
|
Monthly
|
(25,853
)
|
—
|
|
CDW Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
2,374
|
Monthly
|
(413,251
)
|
4,027
|
|
Celanese Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,411
|
Monthly
|
(73,591
)
|
9,291
|
|
Celanese Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
2,852
|
Monthly
|
(148,484
)
|
15,535
|
|
Cenovus Energy, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
6,350
|
Monthly
|
(96,626
)
|
(5,758
)
|
|
CenterPoint Energy, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
11,054
|
Monthly
|
(428,422
)
|
(30,036
)
|
|
Charter
Communications, Inc.,
Class A
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
1,245
|
Monthly
|
(335,083
)
|
76,926
|
|
Cleveland Cliffs, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
38,134
|
Monthly
|
(400,769
)
|
30,908
|
|
Cleveland Cliffs, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/19/2026
|
Goldman Sachs
|
26,700
|
Monthly
|
(280,086
)
|
(37,917
)
|
|
Coca-Cola (The) Co.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
5,922
|
Monthly
|
(401,329
)
|
9,421
|
|
Comcast Corp., Class A
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,714
|
Monthly
|
(90,097
)
|
5,625
|
|
Comcast Corp., Class A
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
5,991
|
Monthly
|
(198,944
)
|
11,109
|
|
Conagra Brands, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
18,205
|
Monthly
|
(332,073
)
|
20,576
|
|
ConocoPhillips
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
692
|
Monthly
|
(65,916
)
|
(1,573
)
|
|
Coterra Energy, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
126
|
Monthly
|
(3,070
)
|
(101
)
|
|
Coterra Energy, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
5,827
|
Monthly
|
(141,870
)
|
1,707
|
|
CSX Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
11,337
|
Monthly
|
(402,638
)
|
(1,771
)
|
|
Cummins, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,208
|
Monthly
|
(443,684
)
|
(12,126
)
|
|
Dell Technologies, Inc.,
Class C
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,857
|
Monthly
|
(378,765
)
|
(23,555
)
|
|
Dell Technologies, Inc.,
Class C
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
3,290
|
Monthly
|
(435,505
)
|
(26,262
)
|
|
Devon Energy Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
11,823
|
Monthly
|
(392,400
)
|
(4,487
)
|
|
Devon Energy Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
10,400
|
Monthly
|
(345,131
)
|
(3,594
)
|
|
Diamondback Energy, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
145
|
Monthly
|
(21,524
)
|
(1,736
)
|
|
Dick's Sporting
Goods, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,704
|
Monthly
|
(359,509
)
|
(5,639
)
|
|
Digital Realty Trust, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
332
|
Monthly
|
(58,433
)
|
(1,728
)
|
|
Digital Realty Trust, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
1,768
|
Monthly
|
(311,419
)
|
(8,861
)
|
|
Dollar Tree, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
3,337
|
Monthly
|
(377,297
)
|
(28,948
)
|
|
Dow, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
3,979
|
Monthly
|
(92,551
)
|
12,554
|
|
Dow, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
18,478
|
Monthly
|
(429,693
)
|
85,849
|
|
Short Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Receives
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
DR Horton, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
5,241
|
Monthly
|
$(746,866
)
|
$(58,355
)
|
|
Ecolab, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
238
|
Monthly
|
(62,239
)
|
2,152
|
|
Edison International
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
5,869
|
Monthly
|
(305,132
)
|
(7,339
)
|
|
Edison International
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
2,508
|
Monthly
|
(130,497
)
|
(4,043
)
|
|
Emerson Electric Co.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,200
|
Monthly
|
(319,920
)
|
(127
)
|
|
Enbridge, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
2,948
|
Monthly
|
(133,182
)
|
(2,880
)
|
|
Equity Residential
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
3,151
|
Monthly
|
(198,607
)
|
11,313
|
|
Equity Residential
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
1,876
|
Monthly
|
(118,347
)
|
5,713
|
|
Estee Lauder (The) Cos.,
Inc., Class A
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
4,688
|
Monthly
|
(436,875
)
|
(33,238
)
|
|
Expedia Group, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
207
|
Monthly
|
(37,300
)
|
778
|
|
Exxon Mobil Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
317
|
Monthly
|
(35,335
)
|
140
|
|
Fidelity National
Information
Services, Inc.
|
U.S. Fed Funds
|
1/23/2026
|
Barclays
|
376
|
Monthly
|
(21,218
)
|
(1
)
|
|
FirstEnergy Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
1,469
|
Monthly
|
(62,638
)
|
(3,246
)
|
|
FMC Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,385
|
Monthly
|
(93,014
)
|
10,399
|
|
FMC Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
3,939
|
Monthly
|
(153,343
)
|
17,216
|
|
FMC Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
3,066
|
Monthly
|
(119,476
)
|
7,365
|
|
Ford Motor Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
38,270
|
Monthly
|
(422,507
)
|
24,487
|
|
Ford Motor Co.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
31,447
|
Monthly
|
(347,485
)
|
16,357
|
|
Freeport-McMoRan, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
6,939
|
Monthly
|
(278,541
)
|
25,114
|
|
FTAI Aviation Ltd.
|
U.S. Fed Funds + (0.25)%
|
1/23/2026
|
Barclays
|
1,588
|
Monthly
|
(218,342
)
|
(42,201
)
|
|
General Electric Co.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
392
|
Monthly
|
(105,869
)
|
(2,213
)
|
|
General Mills, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
6,097
|
Monthly
|
(298,017
)
|
12,625
|
|
General Motors Co.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
5,292
|
Monthly
|
(282,045
)
|
(14,527
)
|
|
Genuine Parts Co.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,224
|
Monthly
|
(157,598
)
|
5,574
|
|
Graphic Packaging
Holding Co.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
3,034
|
Monthly
|
(67,724
)
|
(1,067
)
|
|
Hartford Insurance Group
(The), Inc.
|
U.S. Fed Funds + (0.15)%
|
8/19/2026
|
Goldman Sachs
|
792
|
Monthly
|
(98,407
)
|
(1,504
)
|
|
HCA Healthcare, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
996
|
Monthly
|
(350,419
)
|
24,503
|
|
HEICO Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
115
|
Monthly
|
(37,518
)
|
(931
)
|
|
Hewlett Packard
Enterprise Co.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
19,891
|
Monthly
|
(411,168
)
|
(5,192
)
|
|
HF Sinclair Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
7,377
|
Monthly
|
(322,486
)
|
8,594
|
|
Hilton Worldwide
Holdings, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,338
|
Monthly
|
(357,758
)
|
7,462
|
|
Home Depot (The), Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
727
|
Monthly
|
(266,642
)
|
923
|
|
Howmet Aerospace, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,895
|
Monthly
|
(339,795
)
|
281
|
|
Huntington Ingalls
Industries, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,626
|
Monthly
|
(453,043
)
|
(40,104
)
|
|
Hyatt Hotels Corp.,
Class A
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
2,207
|
Monthly
|
(309,622
)
|
13,328
|
|
Intel Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
119
|
Monthly
|
(2,354
)
|
412
|
|
Intel Corp.
|
U.S. Fed Funds + (0.15)%
|
8/19/2026
|
Goldman Sachs
|
9,178
|
Monthly
|
(181,358
)
|
29,002
|
|
Short Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Receives
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
International Business
Machines Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
296
|
Monthly
|
$(74,855
)
|
$8,605
|
|
International Business
Machines Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,006
|
Monthly
|
(253,923
)
|
38,240
|
|
International Business
Machines Corp.
|
U.S. Fed Funds + (0.50)%
|
8/18/2026
|
Goldman Sachs
|
1,554
|
Monthly
|
(392,646
)
|
44,739
|
|
International Paper Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
6,253
|
Monthly
|
(291,457
)
|
24,945
|
|
International Paper Co.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
443
|
Monthly
|
(20,600
)
|
1,962
|
|
Iron Mountain, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
3,213
|
Monthly
|
(312,521
)
|
6,530
|
|
Iron Mountain, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
435
|
Monthly
|
(42,278
)
|
30
|
|
JM Smucker (The) Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
470
|
Monthly
|
(50,379
)
|
(134
)
|
|
KB Home
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
2,001
|
Monthly
|
(110,058
)
|
(2,735
)
|
|
KKR & Co., Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,925
|
Monthly
|
(428,353
)
|
(4,315
)
|
|
KLA Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
53
|
Monthly
|
(46,312
)
|
3,248
|
|
Kohl's Corp.
|
U.S. Fed Funds + (3.50)%
|
1/23/2026
|
Barclays
|
7,219
|
Monthly
|
(78,249
)
|
25,271
|
|
Kohl's Corp.
|
U.S. Fed Funds + (2.58)%
|
2/9/2026
|
JPMorgan Chase
|
5,996
|
Monthly
|
(64,929
)
|
(10,485
)
|
|
Kraft Heinz (The) Co.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
23,158
|
Monthly
|
(635,452
)
|
28,056
|
|
Lennar Corp., Class A
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
6,892
|
Monthly
|
(772,386
)
|
44,523
|
|
LKQ Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
10,897
|
Monthly
|
(320,423
)
|
88,105
|
|
LyondellBasell Industries
N.V., Class A
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
6,878
|
Monthly
|
(398,052
)
|
48,433
|
|
Macy's, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
18,215
|
Monthly
|
(228,831
)
|
8,146
|
|
Marathon Petroleum Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,185
|
Monthly
|
(201,051
)
|
5,027
|
|
Marriott
International, Inc.,
Class A
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,341
|
Monthly
|
(353,456
)
|
12,610
|
|
Marriott
International, Inc.,
Class A
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
1,552
|
Monthly
|
(408,721
)
|
17,924
|
|
Matador Resources Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
500
|
Monthly
|
(24,916
)
|
542
|
|
McKesson Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
601
|
Monthly
|
(416,421
)
|
9,970
|
|
Medtronic PLC
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
4,585
|
Monthly
|
(413,038
)
|
(3,964
)
|
|
Metlife, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
89
|
Monthly
|
(6,372
)
|
543
|
|
Microchip Technology, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
5,408
|
Monthly
|
(365,149
)
|
41,857
|
|
Molina Healthcare, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,376
|
Monthly
|
(217,207
)
|
4,420
|
|
Mondelez
International, Inc.,
Class A
|
U.S. Fed Funds
|
8/18/2026
|
Goldman Sachs
|
11,523
|
Monthly
|
(744,035
)
|
25,010
|
|
Mosaic (The) Co.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
4,314
|
Monthly
|
(155,117
)
|
(245
)
|
|
Mosaic (The) Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
4,422
|
Monthly
|
(158,759
)
|
6,225
|
|
Murphy Oil Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,662
|
Monthly
|
(65,982
)
|
1,367
|
|
Murphy Oil Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
7,503
|
Monthly
|
(185,000
)
|
9,253
|
|
Murphy Oil Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
2,062
|
Monthly
|
(51,069
)
|
378
|
|
Nasdaq, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
4,539
|
Monthly
|
(436,075
)
|
(32,421
)
|
|
Newell Brands, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
3,362
|
Monthly
|
(18,295
)
|
936
|
|
NextEra Energy, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/19/2026
|
Goldman Sachs
|
4,808
|
Monthly
|
(341,031
)
|
18,127
|
|
NIKE, Inc., Class B
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
5,128
|
Monthly
|
(382,864
)
|
11,038
|
|
Short Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Receives
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Northrop Grumman Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
328
|
Monthly
|
$(189,073
)
|
$(1,794
)
|
|
Nucor Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
966
|
Monthly
|
(138,153
)
|
473
|
|
Nutrien Ltd.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
24
|
Monthly
|
(1,422
)
|
18
|
|
nVent Electric PLC
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
5,498
|
Monthly
|
(429,267
)
|
(21,315
)
|
|
NXP Semiconductors N.V.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
549
|
Monthly
|
(116,947
)
|
4,415
|
|
Occidental
Petroleum Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,588
|
Monthly
|
(69,730
)
|
469
|
|
Oracle Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,545
|
Monthly
|
(391,733
)
|
(23,853
)
|
|
Oracle Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,736
|
Monthly
|
(439,505
)
|
(32,413
)
|
|
Patterson-UTI Energy, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
7,883
|
Monthly
|
(46,507
)
|
239
|
|
Performance Food
Group Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,446
|
Monthly
|
(145,100
)
|
(1,778
)
|
|
Performance Food
Group Co.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
2,505
|
Monthly
|
(251,094
)
|
(8,508
)
|
|
Pfizer, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
8,963
|
Monthly
|
(208,539
)
|
16,791
|
|
PG&E Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
26,888
|
Monthly
|
(376,629
)
|
(9,338
)
|
|
Philip Morris
International, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
966
|
Monthly
|
(158,034
)
|
13,644
|
|
Prologis, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
187
|
Monthly
|
(19,932
)
|
379
|
|
Prudential Financial, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
311
|
Monthly
|
(32,128
)
|
1,329
|
|
Prudential Financial, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/19/2026
|
Goldman Sachs
|
3,225
|
Monthly
|
(333,467
)
|
(1,357
)
|
|
PulteGroup, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
3,040
|
Monthly
|
(343,042
)
|
17,372
|
|
PulteGroup, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
303
|
Monthly
|
(34,130
)
|
(1,140
)
|
|
Qorvo, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,399
|
Monthly
|
(200,090
)
|
10,542
|
|
Quanta Services, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,024
|
Monthly
|
(415,355
)
|
(10,946
)
|
|
Raytheon
Technologies Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
134
|
Monthly
|
(21,110
)
|
(197
)
|
|
Raytheon
Technologies Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
2,234
|
Monthly
|
(351,601
)
|
(10,643
)
|
|
Roger
Communications, Inc.,
Class B
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
5,084
|
Monthly
|
(169,665
)
|
4,268
|
|
Royal Caribbean
Cruises Ltd.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
1,157
|
Monthly
|
(367,131
)
|
27,961
|
|
Royalty Pharma PLC,
Class A
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
11,871
|
Monthly
|
(436,098
)
|
(2,688
)
|
|
Seagate Technology
Holdings PLC
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
2,842
|
Monthly
|
(445,485
)
|
(21,885
)
|
|
Sealed Air Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
170
|
Monthly
|
(4,354
)
|
917
|
|
Sempra
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
5,321
|
Monthly
|
(432,632
)
|
(37,175
)
|
|
Sherwin-Williams
(The) Co.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
374
|
Monthly
|
(123,528
)
|
3,276
|
|
Sirius XM Holdings, Inc.
|
U.S. Fed Funds + (0.25)%
|
1/23/2026
|
Barclays
|
3,102
|
Monthly
|
(65,447
)
|
8,722
|
|
Sirius XM Holdings, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
7,291
|
Monthly
|
(153,531
)
|
24,661
|
|
Sirius XM Holdings, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
4,543
|
Monthly
|
(95,766
)
|
12,169
|
|
Somnigroup
International, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
5,456
|
Monthly
|
(394,526
)
|
13,637
|
|
Short Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Receives
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Southern (The) Co.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
3,017
|
Monthly
|
$(284,778
)
|
$4,402
|
|
Southern (The) Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,068
|
Monthly
|
(100,656
)
|
(3,190
)
|
|
Southwest Airlines Co.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
11,239
|
Monthly
|
(347,331
)
|
52,312
|
|
Southwest Airlines Co.
|
U.S. Fed Funds + (0.15)%
|
8/19/2026
|
Goldman Sachs
|
2,330
|
Monthly
|
(71,410
)
|
15,103
|
|
Steel Dynamics, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
105
|
Monthly
|
(13,370
)
|
160
|
|
Stellantis N.V.
|
U.S. Fed Funds + (0.75)%
|
1/23/2026
|
Barclays
|
13,542
|
Monthly
|
(120,288
)
|
5,246
|
|
Stellantis N.V.
|
U.S. Fed Funds + (0.96)%
|
2/9/2026
|
JPMorgan Chase
|
8,180
|
Monthly
|
(72,550
)
|
10,150
|
|
Stellantis N.V.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
5,151
|
Monthly
|
(45,707
)
|
3,176
|
|
Synchrony Financial
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,224
|
Monthly
|
(85,050
)
|
1,819
|
|
Synnex Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,861
|
Monthly
|
(268,039
)
|
(5,471
)
|
|
Synnex Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
1,152
|
Monthly
|
(166,054
)
|
(3,645
)
|
|
Take-Two Interactive
Software, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/19/2026
|
Goldman Sachs
|
898
|
Monthly
|
(199,421
)
|
14,034
|
|
Tapestry, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
187
|
Monthly
|
(20,185
)
|
229
|
|
Target Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
2,698
|
Monthly
|
(269,688
)
|
5,721
|
|
Target Corp.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
171
|
Monthly
|
(17,054
)
|
274
|
|
Teck Resources Ltd.,
Class B
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
5,185
|
Monthly
|
(168,107
)
|
13,439
|
|
Tenet Healthcare Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
737
|
Monthly
|
(118,053
)
|
(1,792
)
|
|
Tesla, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
859
|
Monthly
|
(264,632
)
|
13,333
|
|
Texas Instruments, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
813
|
Monthly
|
(146,927
)
|
24,480
|
|
Thermo Fisher
Scientific, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
614
|
Monthly
|
(287,109
)
|
7,079
|
|
Toll Brothers, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
5,350
|
Monthly
|
(632,597
)
|
44,660
|
|
TopBuild Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
741
|
Monthly
|
(274,307
)
|
4,454
|
|
Tractor Supply Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,470
|
Monthly
|
(83,638
)
|
2,254
|
|
Transocean Ltd.
|
U.S. Fed Funds + (0.25)%
|
1/23/2026
|
Barclays
|
7,075
|
Monthly
|
(20,640
)
|
(193
)
|
|
Transocean Ltd.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
59,697
|
Monthly
|
(173,909
)
|
(2,778
)
|
|
Trimble, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,358
|
Monthly
|
(113,879
)
|
331
|
|
U.S. Foods Holding Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
3,916
|
Monthly
|
(326,224
)
|
1,263
|
|
United Rentals North
America, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
259
|
Monthly
|
(228,323
)
|
(20,006
)
|
|
UnitedHealth Group, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
281
|
Monthly
|
(70,182
)
|
1,065
|
|
UnitedHealth Group, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
1,197
|
Monthly
|
(298,196
)
|
44,080
|
|
Viatris, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
47,725
|
Monthly
|
(415,988
)
|
25,946
|
|
Walmart, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
770
|
Monthly
|
(75,442
)
|
(76
)
|
|
Warner Bros.
Discovery, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
4,235
|
Monthly
|
(55,724
)
|
(1,305
)
|
|
Warner Bros.
Discovery, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/19/2026
|
Goldman Sachs
|
28,204
|
Monthly
|
(370,856
)
|
(31,562
)
|
|
Welltower, Inc.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
244
|
Monthly
|
(40,275
)
|
113
|
|
Western Union (The) Co.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
24,688
|
Monthly
|
(198,444
)
|
2,926
|
|
Westlake Corp.
|
U.S. Fed Funds + (0.15)%
|
2/9/2026
|
JPMorgan Chase
|
240
|
Monthly
|
(19,000
)
|
499
|
|
Whirlpool Corp.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
2,062
|
Monthly
|
(171,060
)
|
25,643
|
|
Williams (The) Cos., Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
4,030
|
Monthly
|
(241,384
)
|
(10,223
)
|
|
Xcel Energy, Inc.
|
U.S. Fed Funds + (0.15)%
|
1/23/2026
|
Barclays
|
1,008
|
Monthly
|
(73,959
)
|
(315
)
|
|
Short Contracts for Difference at July 31, 2025:
Over the Counter (continued)
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reference Company
|
The Fund Receives
Financing Rate
|
Expiration
Date
|
Counterparty
|
Contracts
|
Pay
Frequency
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Xylem, Inc.
|
U.S. Fed Funds + (0.15)%
|
8/18/2026
|
Goldman Sachs
|
3,376
|
Monthly
|
$(487,475
)
|
$(49,709
)
|
|
Total (Notional Payable $53,324,666)
|
|
$1,129,881
|
|
$(52,487,559
)
|
$837,107
|
||
|
Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:
Centrally Cleared
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Reference Obligation
|
Implied
Credit
Spread
|
Fixed
Deal
Receive Rate
|
Maturity
Date
|
|
Notional
Amount
|
Value
|
Upfront
Premiums
Paid/
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
Markit CDX North America High Yield Index
Series 44 (Pay Quarterly)
|
3.22%
|
5.00%
|
6/20/2030
|
USD
|
387,500
|
$30,301
|
$29,569
|
$732
|
|
Total
|
|
|
|
|
|
$30,301
|
$29,569
|
$732
|
|
Morningstar Alternatives Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Investments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$2,986,682
|
$—
|
$2,986,682
|
|
Common Stocks
|
55,263,213
|
2,615,853
|
—
*
|
57,879,066
|
|
Convertible Bonds
|
—
|
49,804,638
|
—
|
49,804,638
|
|
Convertible Preferred Stocks
|
5,929,367
|
1,187,259
|
—
|
7,116,626
|
|
Corporate Bonds
|
—
|
37,466,348
|
—
|
37,466,348
|
|
Foreign Issuer Bonds
|
—
|
5,346,603
|
—
|
5,346,603
|
|
Mortgage-Backed Securities
|
—
|
30,826,703
|
—
|
30,826,703
|
|
Preferred Stocks
|
3,006,122
|
—
|
—
|
3,006,122
|
|
Rights
|
—
|
—
|
284,877
|
284,877
|
|
Short-Term Investments
|
8,893,896
|
31,657,701
|
—
|
40,551,597
|
|
Purchased Options
|
16,194
|
—
|
—
|
16,194
|
|
Total Assets – Investments at value
|
$73,108,792
|
$161,891,787
|
$284,877
|
$235,285,456
|
|
Morningstar Alternatives Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Liabilities:
|
|
|
|
|
|
Common Stocks
|
$(36,135,462
)
|
$—
|
$—
|
$(36,135,462
)
|
|
Rights
|
—
|
—
|
—
*
|
—
|
|
Total Liabilities – Investments at value
|
$(36,135,462
)
|
$—
|
$—
|
$(36,135,462
)
|
|
Net Investments
|
$36,973,330
|
$161,891,787
|
$284,877
|
$199,149,994
|
|
*Includes securities determined to have no value as of July 31, 2025.
|
|
Morningstar Alternatives Fund
|
Level 1
|
Level 2
|
Level 3
|
Totals
|
|
Derivative Financial Instruments
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Futures Contracts
|
$72,925
|
$—
|
$—
|
$72,925
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
429,504
|
—
|
429,504
|
|
Contracts for Difference
|
—
|
2,696,208
|
—
|
2,696,208
|
|
Swap Contracts
|
—
|
732
|
—
|
732
|
|
Total Assets - Derivative Financial Instruments
|
$72,925
|
$3,126,444
|
$—
|
$3,199,369
|
|
Liabilities:
|
|
|
|
|
|
Futures Contracts
|
$(159,758
)
|
$—
|
$—
|
$(159,758
)
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
(309,293
)
|
—
|
(309,293
)
|
|
Written Options
|
(40,723
)
|
—
|
—
|
(40,723
)
|
|
Contracts for Difference
|
—
|
(3,315,649
)
|
—
|
(3,315,649
)
|
|
Total Liabilities - Derivative Financial
Instruments
|
$(200,481
)
|
$(3,624,942
)
|
$—
|
$(3,825,423
)
|
|
Total Derivative Financial Instruments
|
$(127,556
)
|
$(498,498
)
|
$—
|
$(626,054
)
|