NYLI Candriam Emerging Markets Debt Fund
Portfolio of Investments January 31, 2026^(Unaudited)
  Principal
Amount
Value
Long-Term Bonds 92.4%
Corporate Bonds 4.2%
Brazil 1.6% 
Raizen Fuels Finance SA    
Series Reg S                     
6.25%, due 7/8/32 $     600,000 $    502,500
Series Reg S                     
6.95%, due 3/5/54    500,000    381,350
    883,850
Czech Republic 1.0% 
Energo-Pro A/S    
Series Reg S    
6.45%, due 4/15/31 EUR 500,000 589,204
Georgia 0.9% 
Georgian Railway JSC    
Series Reg S    
4.00%, due 6/17/28 $ 500,000 476,972
Turkey 0.7% 
TAV Havalimanlari Holding A/S    
Series Reg S    
8.50%, due 12/7/28 400,000 415,872
Total Corporate Bonds
(Cost $2,416,391)
  2,365,898
Foreign Government Bonds 88.2%
Albania 0.5% 
Albania Government Bond    
Series Reg S    
4.75%, due 2/14/35 EUR 250,000 301,168
Angola 0.5% 
Angola Government Bond    
Series Reg S    
9.125%, due 11/26/49 $ 300,000 259,661
Argentina 4.3% 
Argentina Government Bond (a)    
0.75%, due 7/9/30 125,217 105,934
3.50%, due 7/9/41 1,750,000 1,265,250
4.125%, due 7/9/35 909,091 703,182
4.125%, due 7/9/46 465,909 341,278
    2,415,644

  Principal
Amount
Value
Foreign Government Bonds
Azerbaijan 0.8% 
Azerbaijan Government Bond    
Series Reg S                     
3.50%, due 9/1/32 $     500,000 $    465,719
Benin 0.4% 
Benin Government Bond    
Series Reg S                     
7.96%, due 2/13/38    200,000    208,880
Brazil 4.3% 
Brazil Government Bond    
6.125%, due 3/15/34 500,000 505,450
6.625%, due 3/15/35 700,000 719,250
7.125%, due 5/13/54 500,000 499,670
7.25%, due 1/12/56 700,000 698,600
    2,422,970
Chile 3.4% 
Chile Government Bond    
3.25%, due 9/21/71 1,000,000 618,150
5.65%, due 1/13/37 1,250,000 1,318,125
    1,936,275
Colombia 5.1% 
Colombia Government Bond    
7.375%, due 4/25/30 600,000 627,300
7.75%, due 11/7/36 500,000 522,350
8.00%, due 4/20/33 500,000 536,575
8.00%, due 11/14/35 625,000 667,125
Ecopetrol SA    
8.375%, due 1/19/36 500,000 517,311
    2,870,661
Costa Rica 2.9% 
Costa Rica Government Bond    
Series Reg S    
5.625%, due 4/30/43 (b) 1,000,000 953,670
Series Reg S    
7.30%, due 11/13/54 600,000 666,666
    1,620,336
Dominican Republic 4.6% 
Dominican Republic Government Bond    
Series Reg S    
4.875%, due 9/23/32 800,000 764,984
Series Reg S    
5.30%, due 1/21/41 500,000 453,500

  Principal
Amount
Value
Foreign Government Bonds
Dominican Republic  
Dominican Republic Government Bond    
Series Reg S                     
6.60%, due 6/1/36 $   1,000,000 $  1,044,500
Series Reg S                     
7.05%, due 2/3/31    300,000    319,950
    2,582,934
Ecuador 2.3% 
Ecuador Government Bond (a)    
Series Reg S    
5.00%, due 7/31/40 1,250,000 1,031,250
Series Reg S    
6.90%, due 7/31/35 300,000 273,300
    1,304,550
Egypt 3.5% 
Egypt Government Bond    
Series Reg S    
7.50%, due 2/16/61 800,000 680,405
Series Reg S    
7.625%, due 5/29/32 300,000 310,269
Series Reg S    
8.70%, due 3/1/49 500,000 489,538
Series Reg S    
8.875%, due 5/29/50 500,000 493,747
    1,973,959
El Salvador 1.1% 
El Salvador Government Bond    
Series Reg S    
7.65%, due 6/15/35 291,000 301,185
Series Reg S    
8.25%, due 4/10/32 300,000 322,416
    623,601
Ghana 1.9% 
Ghana Government Bond    
Series Reg S    
5.00%, due 7/3/35 (a) 1,200,000 1,094,119
Hungary 5.1% 
Hungary Government Bond    
Series Reg S    
2.125%, due 9/22/31 1,250,000 1,076,035
Series Reg S    
5.50%, due 3/26/36 900,000 894,403

  Principal
Amount
Value
Foreign Government Bonds
Hungary  
Hungary Government Bond    
Series Reg S                     
6.00%, due 9/26/35 $     300,000 $    309,466
7.625%, due 3/29/41    500,000    581,121
    2,861,025
Indonesia 2.7% 
Indonesia Government Bond    
4.85%, due 1/11/33 1,500,000  1,505,337
Kenya 0.4% 
Kenya Government Bond    
Series Reg S    
9.50%, due 3/5/36 200,000 213,988
Lebanon 0.9% 
Lebanon Government Bond (c)(d)    
Series Reg S    
6.65%, due 11/3/28 1,000,000 293,636
Series Reg S    
7.00%, due 3/23/32 750,000 222,975
    516,611
Mexico 6.0% 
Mexico Government Bond    
3.50%, due 2/12/34 500,000 430,750
3.75%, due 4/19/71 500,000 293,525
4.75%, due 3/8/44 500,000 408,925
4.875%, due 5/19/33 600,000 573,570
5.00%, due 4/27/51 500,000 399,325
6.00%, due 5/7/36 500,000 501,875
6.625%, due 1/29/38 750,000 779,588
    3,387,558
Montenegro 1.1% 
Montenegro Government Bond    
Series Reg S    
7.25%, due 3/12/31 600,000 639,059
Nigeria 1.9% 
Nigeria Government Bond    
Series Reg S    
7.875%, due 2/16/32 300,000 312,561
Series Reg S    
9.13%, due 1/13/46 300,000 321,162

  Principal
Amount
Value
Foreign Government Bonds
Nigeria  
Nigeria Government Bond    
Series Reg S                     
10.375%, due 12/9/34 $     400,000 $    472,272
    1,105,995
Oman 2.7% 
Oman Government Bond    
Series Reg S                     
6.75%, due 1/17/48 1,400,000  1,510,408
Pakistan 0.9% 
Pakistan Government Bond    
Series Reg S    
8.875%, due 4/8/51 500,000 502,519
Panama 2.7% 
Panama Government Bond    
3.87%, due 7/23/60 500,000 323,950
4.50%, due 4/1/56 250,000 183,625
6.70%, due 1/26/36 300,000 319,515
6.853%, due 3/28/54 700,000 720,020
    1,547,110
Papua New Guinea 0.7% 
Papua New Guinea Government Bond    
Series Reg S    
8.375%, due 10/4/28 400,000 417,136
Peru 2.9% 
Peru Government Bond    
1.862%, due 12/1/32 300,000 248,700
3.23%, due 7/28/2121 500,000 269,550
3.60%, due 1/15/72 500,000 314,350
6.55%, due 3/14/37 750,000 824,025
    1,656,625
Poland 1.4% 
Bank Gospodarstwa Krajowego    
Series Reg S    
6.25%, due 7/9/54 800,000 821,262
Republic of North Macedonia 1.6% 
North Macedonia Government Bond    
Series Reg S    
4.75%, due 1/21/34 EUR 800,000 933,585

  Principal
Amount
Value
Foreign Government Bonds
Romania 6.2% 
Romanian Government Bond    
Series Reg S                     
5.75%, due 3/24/35 $     300,000 $    297,529
Series Reg S                     
6.375%, due 1/30/34    300,000     312,277
Series Reg S                     
6.50%, due 10/7/45 EUR 1,156,000   1,428,986
Series Reg S                     
6.75%, due 7/11/39 600,000 766,623
Series Reg S    
7.125%, due 1/17/33 $ 250,000 273,013
Series Reg S    
7.50%, due 2/10/37 400,000 444,255
    3,522,683
Senegal 1.5% 
Senegal Government Bond    
Series Reg S    
5.375%, due 6/8/37 EUR 500,000 325,398
Series Reg S    
6.75%, due 3/13/48 $ 500,000 268,571
Series Reg S    
7.75%, due 6/10/31 400,000 241,041
    835,010
South Africa 4.0% 
South Africa Government Bond    
5.75%, due 9/30/49 500,000 411,787
5.875%, due 6/22/30 500,000 514,822
Series Reg S    
7.10%, due 11/19/36 500,000 529,931
Series Reg S    
7.95%, due 11/19/54 750,000 787,307
    2,243,847
Sri Lanka 1.3% 
Sri Lanka Government Bond (a)    
Series Reg S    
3.35%, due 3/15/33 300,000 275,100
Series Reg S    
3.60%, due 6/15/35 200,000 164,000
Series Reg S    
3.60%, due 2/15/38 300,000 296,998
    736,098
Suriname 1.1% 
Suriname Government Bond    
Series Reg S    
7.70%, due 11/6/30 400,000 414,000

  Principal
Amount
Value
Foreign Government Bonds
Suriname  
Suriname Government Bond    
Series Reg S                     
8.50%, due 11/6/35 $     200,000 $    214,992
    628,992
Turkey 3.9% 
Turkey Government Bond    
4.875%, due 4/16/43    800,000     602,553
6.875%, due 1/14/38 1,200,000   1,188,478
7.25%, due 5/29/32 (b) 400,000 419,467
    2,210,498
Ukraine 1.7% 
Ukraine Government Bond (a)    
Series Reg S    
4.50%, due 2/1/35 347,982 215,269
Series Reg S    
4.50%, due 2/1/36 1,273,536 774,608
    989,877
United Arab Emirates 0.6% 
Sharjah Government Bond    
Series Reg S    
4.00%, due 7/28/50 500,000 332,881
Venezuela 1.3% 
Petroleos de Venezuela SA (c)(d)    
Series Reg S    
6.00%, due 5/16/24 1,500,000 454,500
Series Reg S    
6.00%, due 11/15/26 1,000,000 300,000
    754,500
Total Foreign Government Bonds
(Cost $48,700,168)
  49,953,081
Total Long-Term Bonds
(Cost $51,116,559)
  52,318,979

  Principal
Amount
  Value
Short-Term Investment 2.1%
Unaffiliated Investment Company 2.1% 
United States 2.1% 
Invesco Government & Agency Portfolio, 3.682% (e)(f) 1,168,895   $  1,168,895
Total Short-Term Investment
(Cost $1,168,895)
    1,168,895
Total Investments
(Cost $52,285,454)
94.5%   53,487,874
Other Assets, Less Liabilities 5.5   3,125,950
Net Assets 100.0%   $ 56,613,824
    
Percentages indicated are based on Fund net assets.
^ Industry and country classifications may be different than those used for compliance monitoring purposes.
(a) Step coupon—Rate shown was the rate in effect as of January 31, 2026.
(b) All or a portion of this security was held on loan. As of January 31, 2026, the aggregate market value of securities on loan was $1,136,233. The Fund received cash collateral with a value of $1,168,895.  
(c) Issue in default.
(d) Issue in non-accrual status.
(e) Current yield as of January 31, 2026.
(f) Represents a security purchased with cash collateral received for securities on loan.
Foreign Currency Forward Contracts
As of January 31, 2026, the Fund held the following foreign currency forward contracts1:
Currency Purchased Currency Sold Counterparty Settlement
Date
Unrealized
Appreciation
(Depreciation)2
EUR 2,000,000 USD 2,354,287 JPMorgan Chase Bank N.A. 3/25/26  $ 22,151
Total Unrealized Appreciation 22,151
EUR 1,000,000 USD 1,188,335 Barclays Capital 3/25/26     (116)
USD 8,735,512 EUR 7,400,000 Barclays Capital 3/25/26  (57,308)
Total Unrealized Depreciation (57,424)
Net Unrealized Depreciation $ (35,273)
    
1. Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Fund would be able to exit the transaction through other means, such as through the execution of an offsetting transaction.
2. As of January 31, 2026, cash in the amount of $890,000 was on deposit with a broker or forward commission merchant for forward transactions.
Futures Contracts
As of January 31, 2026, the Fund held the following futures contracts1:
Type Number of
Contracts
Expiration
Date
Value at
Trade Date
Current
Notional
Amount
Unrealized
Appreciation
(Depreciation)2
Long Contracts          
U.S. Treasury 2 Year Notes 30 March 2026  $ 6,266,791  $ 6,254,766  $ (12,025)
U.S. Treasury 5 Year Notes 55 March 2026  6,033,804  5,991,133  (42,671)
Total Long Contracts         (54,696)

Type Number of
Contracts
Expiration
Date
Value at
Trade Date
Current
Notional
Amount
Unrealized
Appreciation
(Depreciation)2
Short Contracts          
Euro-Bobl (7) March 2026    $ (968,257)    $ (967,566)     $ 691
Euro-Bund (26) March 2026  (3,960,460)  (3,950,084)  10,376
U.S. Treasury 10 Year Ultra Bonds (25) March 2026  (2,857,905)  (2,853,906)   3,999
Total Short Contracts         15,066
Net Unrealized Depreciation         $ (39,630)
    
1. As of January 31, 2026, cash in the amount of $156,903 was on deposit with a broker or futures commission merchant for futures transactions.
2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2026.
Abbreviation(s):
Bobl—Bundesobligation, the German word for federal government bond
EUR—Euro
USD—United States Dollar
The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund’s assets and liabilities:
Description Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Long-Term Bonds              
Corporate Bonds         $ —     $ 2,365,898   $ —     $ 2,365,898
Foreign Government Bonds         —    49,953,081      49,953,081
Total Long-Term Bonds   52,318,979     52,318,979
Short-Term Investment              
Unaffiliated Investment Company  1,168,895            —       1,168,895
Total Investments in Securities 1,168,895   52,318,979     53,487,874
Other Financial Instruments (b)              
Foreign Currency Forward Contracts         —        22,151          22,151
Futures Contracts     15,066            —          15,066
Total Other Financial Instruments 15,066   22,151     37,217
Total Investments in Securities and Other Financial Instruments $ 1,183,961   $ 52,341,130   $ —   $ 53,525,091
Liability Valuation Inputs              
Other Financial Instruments (b)              
Foreign Currency Forward Contracts         $ —        $ (57,424)   $ —        $ (57,424)
Futures Contracts     (54,696)            —          (54,696)
Total Other Financial Instruments $ (54,696)   $ (57,424)   $ —   $ (112,120)
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.
(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

NYLI Income Builder Fund
Portfolio of Investments January 31, 2026^(Unaudited)
  Principal
Amount
Value
Long-Term Bonds 34.3%
Asset-Backed Securities 4.2%
Automobile Asset-Backed Securities 1.6% 
Ally Bank Auto Credit-Linked Notes (a)    
Series 2025-B, Class F                         
6.942%, due 9/15/33 $      894,890 $       897,542
Series 2025-A, Class G                         
10.219%, due 6/15/33     737,993        743,895
Series 2024-A, Class G                         
12.748%, due 5/17/32     346,554        360,168
Bridgecrest Lending Auto Securitization Trust    
Series 2025-2, Class D    
5.62%, due 3/17/31 890,000 906,269
Series 2025-3, Class E    
6.62%, due 5/17/32 (a) 1,315,000 1,325,512
CarMax Select Receivables Trust    
Series 2025-B, Class D    
5.33%, due 7/15/31 1,095,000 1,105,482
Exeter Automobile Receivables Trust    
Series 2021-3A, Class E    
3.04%, due 12/15/28 (a) 855,000 851,697
Series 2022-2A, Class E    
6.34%, due 10/15/29 (a) 1,060,000 1,035,308
Series 2023-4A, Class D    
6.95%, due 12/17/29 175,000 178,653
Series 2025-3A, Class E    
7.52%, due 12/15/32 (a) 1,400,000 1,448,800
Series 2025-2A, Class E    
7.81%, due 10/15/32 (a) 1,665,000 1,735,073
Exeter Select Automobile Receivables Trust    
Series 2025-2, Class D    
5.34%, due 1/15/32 910,000 916,518
Flagship Credit Auto Trust (a)    
Series 2021-1, Class D    
1.27%, due 3/15/27 354,017 351,687
Series 2021-3, Class E    
3.32%, due 12/15/28 1,316,000 1,212,598
Series 2022-1, Class D    
3.64%, due 3/15/28 491,000 476,877
Series 2022-2, Class D    
5.80%, due 4/17/28 1,385,000 1,244,656
Hertz Vehicle Financing III LP    
Series 2021-2A, Class D    
4.34%, due 12/27/27 (a) 1,175,000 1,161,637
Huntington Bank Auto Credit-Linked Notes    
Series 2024-2, Class E    
11.203% (SOFR 30A + 7.50%), due 10/20/32 (a)(b) 574,527 580,527
OneMain Direct Auto Receivables Trust    
Series 2019-1A, Class D    
4.68%, due 4/14/31 (a) 770,000 769,239

  Principal
Amount
Value
Asset-Backed Securities
Automobile Asset-Backed Securities  
Santander Bank Auto Credit-Linked Notes    
Series 2023-B, Class F                         
12.24%, due 12/15/33 (a) $      462,069 $       485,761
    17,787,899
Other Asset-Backed Securities 2.6% 
AGL CLO 32 Ltd.    
Series 2024-32A, Class A1                         
5.05% (3 Month SOFR + 1.38%), due 7/21/37 (a)(b)     800,000        802,456
AGL CLO 35 Ltd.    
Series 2024-35A, Class A2    
5.22% (3 Month SOFR + 1.55%), due 1/21/38 (a)(b) 250,000 250,641
AIMCO CLO    
Series 2018-AA, Class B1R    
5.318% (3 Month SOFR + 1.65%), due 10/17/37 (a)(b) 800,000 802,550
American Airlines Pass-Through Trust    
Series 2016-2, Class AA    
3.20%, due 6/15/28 397,460 388,875
Series 2016-2, Class A    
3.65%, due 6/15/28 923,510 895,931
Apidos CLO    
Series 2018-18A, Class BR2    
5.369% (3 Month SOFR + 1.70%), due 1/22/38 (a)(b) 950,000 954,542
Apidos CLO LI Ltd.    
Series 2024-51A, Class B    
5.218% (3 Month SOFR + 1.55%), due 1/20/38 (a)(b) 420,000 420,945
ARES Direct Lending CLO 3 LLC    
Series 2024-3A, Class A2    
5.418% (3 Month SOFR + 1.75%), due 1/20/37 (a)(b) 450,000 450,407
Bain Capital Credit CLO Ltd.    
Series 2021-6A, Class DR    
6.62% (3 Month SOFR + 2.95%), due 10/21/34 (a)(b) 350,000 345,758
Bayfront Labs VII Pte. Ltd.    
Series 7A, Class A    
4.956% (SOFR + 1.28%), due 4/11/48 (a)(b) 850,000 851,776
Benefit Street Partners CLO XXXII Ltd.    
Series 2023-32A, Class AR    
4.878% (3 Month SOFR + 1.21%), due 10/25/38 (a)(b) 1,000,000 1,004,054
British Airways Pass-Through Trust    
Series 2021-1, Class A    
2.90%, due 3/15/35 (a) 1,589,329 1,453,134
CF Hippolyta Issuer LLC (a)    
Series 2021-1A, Class A1    
1.53%, due 3/15/61 1,602,614 1,299,647
Series 2020-1, Class A1    
1.69%, due 7/15/60 727,067 610,938

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
Consolidated Communications LLC    
Series 2025-4A, Class A2                         
5.522%, due 12/20/55 (a) $      920,000 $       931,552
Fortress Credit Opportunities XXI CLO LLC    
Series 2023-21A, Class A1TR                         
5.24% (3 Month SOFR + 1.57%), due 1/21/37 (a)(b)     750,000        752,321
Golub Capital CLO 86B Ltd.    
Series 2026-86A, Class C                         
(zero coupon) (3 Month SOFR + 1.70%), due 1/25/39 (a)(b) 400,000 400,000
Golub Capital Partners CLO 67M Ltd.    
Series 2023-67A, Class CR    
6.065% (3 Month SOFR + 2.20%), due 5/9/36 (a)(b) 525,000 525,488
Golub Capital Partners CLO 76 B Ltd.    
Series 2024-76A, Class A1    
5.038% (3 Month SOFR + 1.37%), due 10/25/37 (a)(b) 650,000 651,318
Great Lakes CLO Ltd.    
Series 2019-1A, Class ARR    
5.152% (3 Month SOFR + 1.48%), due 4/15/37 (a)(b) 850,000 852,264
Home Partners of America Trust    
Series 2021-2, Class B    
2.302%, due 12/17/26 (a) 484,545 475,383
HPEFS Equipment Trust    
Series 2024-1A, Class D    
5.82%, due 11/20/31 (a) 1,265,000 1,280,249
Invitation Homes Trust    
Series 2024-SFR1, Class D    
4.25%, due 9/17/41 (a) 1,053,000 1,019,297
Ivy Hill Middle Market Credit Fund VII Ltd.    
Series 7A, Class AR3    
5.272% (3 Month SOFR + 1.60%), due 10/15/36 (a)(b) 450,000 451,121
Kinetic ABS Issuer LLC    
Series 2026-1A, Class B    
5.561%, due 2/25/56 (a) 1,110,000 1,110,000
New Economy Assets Phase 1 Sponsor LLC    
Series 2021-1, Class B1    
2.41%, due 10/20/61 (a) 660,000 416,570
OCP CLO Ltd.    
Series 2017-14A, Class A1R    
5.038% (3 Month SOFR + 1.37%), due 7/20/37 (a)(b) 650,000 651,987
Owl Rock CLO XX LLC    
Series 2024-20A, Class C    
5.768% (3 Month SOFR + 2.10%), due 10/24/34 (a)(b) 500,000 501,361
Rad CLO 25 Ltd.    
Series 2024-25A, Class A1    
5.128% (3 Month SOFR + 1.46%), due 7/20/37 (a)(b) 450,000 451,710
Regatta 30 Funding Ltd.    
Series 2024-4A, Class B    
5.318% (3 Month SOFR + 1.65%), due 1/25/38 (a)(b) 800,000 804,718

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
Regatta XI Funding Ltd.    
Series 2018-1A, Class AR                         
5.068% (3 Month SOFR + 1.40%), due 7/17/37 (a)(b) $      650,000 $       652,075
RIN V LLC    
Series 2023-2A, Class A1R                         
5.007% (3 Month SOFR + 1.34%), due 10/14/36 (a)(b)     850,000        849,980
Signal Peak CLO 12 Ltd.    
Series 2022-12A, Class A1R                         
5.068% (3 Month SOFR + 1.40%), due 7/18/37 (a)(b) 530,000 531,453
Silver Point SCF CLO IV Ltd.    
Series 2021-1A, Class A2R    
5.622% (3 Month SOFR + 1.95%), due 10/15/36 (a)(b) 450,000 452,046
Subway Funding LLC (a)    
Series 2024-3A, Class A23    
5.914%, due 7/30/54 910,800 896,219
Series 2024-1A, Class A2I    
6.028%, due 7/30/54 881,100 892,710
Texas Debt Capital CLO Ltd.    
Series 2024-2A, Class B    
5.368% (3 Month SOFR + 1.70%), due 1/24/37 (a)(b) 500,000 503,624
United Airlines Pass-Through Trust    
Series 2020-1, Class A    
5.875%, due 10/15/27 641,444 657,365
Vantage Data Centers Issuer LLC    
Series 2021-1A, Class A2    
2.165%, due 10/15/46 (a) 835,000 820,255
Zayo Issuer LLC    
Series 2025-2A, Class B    
6.586%, due 6/20/55 (a) 810,000 836,060
    28,898,780
Total Asset-Backed Securities
(Cost $46,930,749)
  46,686,679
Corporate Bonds 10.6%
Airlines 0.3% 
American Airlines, Inc. (a)    
5.50%, due 4/20/26 116,668 116,752
5.75%, due 4/20/29 850,000 858,843
Avianca Midco 2 plc    
Series Reg S    
9.625%, due 2/14/30 (c) 775,000 793,988
Delta Air Lines, Inc.    
4.75%, due 10/20/28 (a) 1,947,917 1,962,645
    3,732,228

  Principal
Amount
Value
Corporate Bonds
Auto Manufacturers 0.7% 
Ford Motor Credit Co. LLC    
2.70%, due 8/10/26 $      940,000 $       932,465
4.125%, due 8/17/27   1,050,000      1,044,885
6.80%, due 5/12/28     730,000        763,905
6.95%, due 3/6/26     660,000        661,131
General Motors Financial Co., Inc.    
2.35%, due 1/8/31     810,000        730,227
2.70%, due 6/10/31   1,080,000        982,206
4.30%, due 4/6/29 680,000 680,838
Nissan Motor Acceptance Co. LLC    
1.85%, due 9/16/26 (a) 1,905,000 1,865,372
    7,661,029
Banks 2.9% 
Australia & New Zealand Banking Group Ltd.    
5.731% (5 Year Treasury Constant Maturity Rate + 1.618%), due 9/18/34 (a)(b) 1,155,000 1,196,845
Banco Santander SA    
2.749%, due 12/3/30 1,000,000 911,949
Barclays plc    
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 (b)(d) 2,000,000 1,945,618
BNP Paribas SA (a)    
3.052%, due 1/13/31 (e) 1,170,000 1,107,968
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(d) 1,450,000 1,444,565
6.875% (5 Year Treasury Constant Maturity Rate + 2.853%), due 12/15/33 (b)(d) 105,000 105,950
BPCE SA    
2.045%, due 10/19/27 (a)(e) 1,255,000 1,237,399
Citizens Financial Group, Inc.    
2.638%, due 9/30/32 1,720,000 1,499,523
5.299% (5 Year Treasury Constant Maturity Rate + 1.45%), due 1/29/36 (b) 950,000 954,517
Deutsche Bank AG    
3.035%, due 5/28/32 (e) 600,000 550,683
4.908% (SOFR + 1.219%), due 11/16/27 (b) 1,945,000 1,952,153
First Horizon Bank    
5.75%, due 5/1/30 1,555,000 1,603,383
First Horizon Corp.    
5.514%, due 3/7/31 (e) 625,000 643,614
Goldman Sachs Group, Inc. (The)    
1.992%, due 1/27/32 (e) 1,165,000 1,034,014
6.75%, due 10/1/37 444,000 492,913
Huntington Bancshares, Inc.    
4.623%, due 1/28/32 (e) 755,000 756,249
5.605% (5 Year Treasury Constant Maturity Rate + 1.35%), due 1/28/41 (b) 535,000 532,413
KeyBank NA    
4.90%, due 8/8/32 870,000 868,779
KeyCorp    
6.401%, due 3/6/35 (e) 360,000 390,068
Lloyds Banking Group plc    
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) 870,000 885,202

  Principal
Amount
Value
Corporate Bonds
Banks  
M&T Bank Corp.    
5.385%, due 1/16/36 (e) $      365,000 $       370,115
Morgan Stanley (e)    
2.484%, due 9/16/36   2,115,000      1,859,783
2.511%, due 10/20/32   1,530,000      1,373,352
Santander Holdings USA, Inc.    
6.499%, due 3/9/29 (e)     735,000        766,616
Societe Generale SA (a)(b)(d)    
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 935,000 934,460
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 1,300,000 1,263,896
UBS Group AG (a)    
3.091%, due 5/14/32 (e) 1,040,000 965,869
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (b)(d) 1,260,000 1,150,768
USB Realty Corp.    
5.081% (3 Month SOFR + 1.409%), due 1/15/27 (a)(b)(d) 680,000 571,491
Wells Fargo & Co.    
3.35%, due 3/2/33 (e) 935,000 871,826
Western Alliance Bank    
6.537% (5 Year Treasury Constant Maturity Rate + 2.85%), due 11/15/35 (b) 600,000 607,587
Westpac Banking Corp.    
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (b) 1,255,000 1,136,551
    31,986,119
Chemicals 0.5% 
Braskem Netherlands Finance BV    
4.50%, due 1/10/28 (a) 1,535,000 696,890
Celanese US Holdings LLC    
7.20%, due 11/15/33 (f) 865,000 915,090
Huntsman International LLC    
4.50%, due 5/1/29 (c) 1,862,000 1,791,691
Qnity Electronics, Inc.    
5.75%, due 8/15/32 (a) 455,000 463,515
Sasol Financing USA LLC    
8.75%, due 5/3/29 (a) 1,260,000 1,294,140
    5,161,326
Commercial Services 0.2% 
Ashtead Capital, Inc.    
4.00%, due 5/1/28 (a) 935,000 927,470
Global Payments, Inc.    
4.875%, due 11/15/30 1,075,000 1,074,752
    2,002,222
Computers 0.0% ‡
Dell International LLC    
3.375%, due 12/15/41 400,000 302,345

  Principal
Amount
Value
Corporate Bonds
Diversified Financial Services 0.7% 
Ally Financial, Inc.    
Series C                         
4.70% (7 Year Treasury Constant Maturity Rate + 3.481%), due 5/15/28 (b)(d) $      705,000 $       675,749
6.992%, due 6/13/29 (e)     550,000        580,057
Avolon Holdings Funding Ltd. (a)    
2.125%, due 2/21/26   1,515,000      1,512,906
4.70%, due 1/30/31     555,000        552,044
Capital One Financial Corp. (e)    
4.722%, due 1/30/32 630,000 630,188
5.197%, due 9/11/36 475,000 468,384
6.051%, due 2/1/35 160,000 168,049
Jefferies Financial Group, Inc.    
6.20%, due 4/14/34 250,000 262,915
OneMain Finance Corp.    
6.75%, due 3/15/32 885,000 904,510
7.50%, due 5/15/31 800,000 838,674
Synchrony Financial    
5.45%, due 3/6/31 (e) 880,000 897,035
    7,490,511
Electric 1.3% 
AEP Texas, Inc.    
4.70%, due 5/15/32 1,135,000 1,138,290
Arizona Public Service Co.    
2.20%, due 12/15/31 1,930,000 1,697,379
Duquesne Light Holdings, Inc.    
3.616%, due 8/1/27 (a) 2,265,000 2,240,967
Edison International (b)    
7.875% (5 Year Treasury Constant Maturity Rate + 3.658%), due 6/15/54 430,000 447,865
8.125% (5 Year Treasury Constant Maturity Rate + 3.864%), due 6/15/53 530,000 548,487
EnfraGen Energia Sur SA    
5.375%, due 12/30/30 (a) 820,000 764,908
Evergy Missouri West, Inc.    
5.25%, due 12/15/35 (a) 350,000 351,251
Jersey Central Power & Light Co.    
2.75%, due 3/1/32 (a) 1,655,000 1,493,379
Nevada Power Co.    
Series GG    
5.90%, due 5/1/53 530,000 533,440
Ohio Power Co.    
Series R    
2.90%, due 10/1/51 1,000,000 620,076
PacifiCorp    
7.375% (5 Year Treasury Constant Maturity Rate + 3.319%), due 9/15/55 (b) 485,000 498,097
Southern California Edison Co.    
4.00%, due 4/1/47 660,000 498,267
5.70%, due 3/1/53 570,000 536,191

  Principal
Amount
Value
Corporate Bonds
Electric  
Virginia Electric and Power Co.    
2.95%, due 11/15/51 $    1,035,000 $       650,605
XPLR Infrastructure Operating Partners LP (a)    
4.50%, due 9/15/27     614,000        608,417
7.25%, due 1/15/29     785,000        810,029
8.375%, due 1/15/31 (c)     575,000        603,991
Zorlu Enerji Elektrik Uretim A/S    
Series Reg S                         
11.00%, due 4/23/30 525,000 489,125
    14,530,764
Engineering & Construction 0.0% ‡
Great Lakes Dredge & Dock Corp.    
5.25%, due 6/1/29 (a)(c) 415,000 408,197
Food 0.5% 
Grupo Nutresa SA    
Series Reg S    
8.00%, due 5/12/30 200,000 212,995
9.00%, due 5/12/35 (a) 550,000 613,525
JBS NV    
5.75%, due 4/1/33 1,228,000 1,281,491
Minerva Luxembourg SA    
8.875%, due 9/13/33 (a) 1,225,000 1,338,309
Post Holdings, Inc. (a)    
4.50%, due 9/15/31 220,000 208,420
4.625%, due 4/15/30 490,000 478,491
Smithfield Foods, Inc.    
4.25%, due 2/1/27 (a) 1,180,000 1,179,488
    5,312,719
Forest Products & Paper 0.1% 
Suzano Austria GmbH    
3.75%, due 1/15/31 1,200,000 1,132,189
Gas 0.3% 
Brooklyn Union Gas Co. (The)    
6.388%, due 9/15/33 (a) 865,000 926,431
National Fuel Gas Co.    
2.95%, due 3/1/31 1,375,000 1,258,232
Southern California Gas Co.    
Series VV    
4.30%, due 1/15/49 845,000 688,591
    2,873,254
Healthcare-Services 0.1% 
Prime Healthcare Services, Inc.    
9.375%, due 9/1/29 (a) 625,000 650,781

  Principal
Amount
Value
Corporate Bonds
Insurance 0.1% 
Belrose Funding Trust II    
6.792%, due 5/15/55 (a) $      705,000 $       739,141
Five Corners Funding Trust III    
5.791%, due 2/15/33 (a)     770,000       812,553
    1,551,694
Internet 0.2% 
Cogent Communications Group LLC    
6.50%, due 7/1/32 (a)(c)     950,000        872,350
Meta Platforms, Inc.    
5.625%, due 11/15/55 420,000 399,623
Rakuten Group, Inc.    
9.75%, due 4/15/29 (a) 870,000 974,708
    2,246,681
Iron & Steel 0.1% 
Mineral Resources Ltd.    
7.00%, due 4/1/31 (a)(c) 630,000 662,102
Samarco Mineracao SA    
Series Reg S    
9.50% (9.00% PIK), due 6/30/31 (g) 386,837 386,580
    1,048,682
Lodging 0.2% 
Fortune Star BVI Ltd.    
Series Reg S    
8.50%, due 5/19/28 220,000 227,099
Las Vegas Sands Corp.    
5.625%, due 6/15/28 1,025,000 1,049,409
Studio City Finance Ltd.    
5.00%, due 1/15/29 (a) 965,000 934,863
    2,211,371
Machinery—Construction & Mining 0.1% 
Terex Corp.    
6.25%, due 10/15/32 (a) 810,000 829,366
Media 0.0% ‡
Nexstar Media, Inc.    
4.75%, due 11/1/28 (a) 235,000 233,581
Mining 0.2% 
Perenti Finance Pty. Ltd.    
7.50%, due 4/26/29 (a) 665,000 690,496
Vedanta Resources Finance II plc    
9.85%, due 4/24/33 (a) 960,000 1,034,715

  Principal
Amount
Value
Corporate Bonds
Mining  
Vedanta Resources Finance II plc    
Series Reg S                         
10.875%, due 9/17/29 $      510,000 $       546,341
    2,271,552
Miscellaneous—Manufacturing 0.1% 
Textron Financial Corp.    
5.848% (3 Month SOFR + 1.997%), due 2/15/42 (a)(b)   1,085,000       978,124
Oil & Gas 0.2% 
California Resources Corp.    
8.25%, due 6/15/29 (a) 755,000 794,094
Comstock Resources, Inc.    
6.75%, due 3/1/29 (a) 580,000 583,698
Energean Israel Finance Ltd.    
Series Reg S    
5.375%, due 3/30/28 (a) 120,000 118,665
Hilcorp Energy I LP    
5.75%, due 2/1/29 (a) 1,210,000 1,210,291
    2,706,748
Pipelines 0.7% 
Cheniere Corpus Christi Holdings LLC    
2.742%, due 12/31/39 1,580,000 1,352,868
DT Midstream, Inc.    
4.30%, due 4/15/32 (a) 1,000,000 967,172
Energy Transfer LP    
5.35%, due 5/15/45 205,000 186,347
Flex Intermediate Holdco LLC    
3.363%, due 6/30/31 (a) 2,030,000 1,870,329
ONEOK, Inc.    
5.625%, due 1/15/28 (a) 565,000 576,645
6.25%, due 10/15/55 725,000 728,906
Transcontinental Gas Pipe Line Co. LLC    
4.60%, due 3/15/48 1,035,000 897,153
Western Midstream Operating LP    
5.25%, due 2/1/50 (f) 860,000 738,535
    7,317,955
Real Estate 0.0% ‡
Alpha Star Holding IX Ltd.    
Series Reg S    
7.00%, due 8/26/28 400,000 409,439
Real Estate Investment Trusts 0.3% 
GLP Capital LP    
4.00%, due 1/15/30 1,540,000 1,498,445

  Principal
Amount
Value
Corporate Bonds
Real Estate Investment Trusts  
Trust 2401 (a)    
7.375%, due 2/13/34 $      623,000 $       681,033
7.70%, due 1/23/32     780,000        856,323
Trust Fibra Uno    
Series Reg S                         
7.375%, due 2/13/34     252,000       276,507
    3,312,308
Retail 0.4% 
Arcos Dorados BV    
6.375%, due 1/29/32 (a) 1,070,000 1,121,895
AutoNation, Inc.    
4.75%, due 6/1/30 594,000 599,199
Bath & Body Works, Inc.    
6.625%, due 10/1/30 (a) 1,155,000 1,182,840
Macy's Retail Holdings LLC    
6.125%, due 3/15/32 (a) 215,000 217,311
PetSmart LLC    
7.50%, due 9/15/32 (a) 565,000 579,385
Sally Holdings LLC    
6.75%, due 3/1/32 (c) 200,000 207,301
    3,907,931
Semiconductors 0.1% 
Kioxia Holdings Corp.    
6.25%, due 7/24/30 (a) 870,000 898,764
Software 0.1% 
Cloud Software Group, Inc.    
8.25%, due 6/30/32 (a) 585,000 594,993
Telecommunications 0.2% 
AT&T, Inc.    
3.50%, due 9/15/53 1,344,000 897,723
Uniti Services LLC    
7.50%, due 10/15/33 (a) 765,000 789,827
WULF Compute LLC    
7.75%, due 10/15/30 (a) 565,000 589,306
    2,276,856
Water 0.0% ‡
Aegea Finance SARL    
9.00%, due 1/20/31 (a) 410,000 435,734
Total Corporate Bonds
(Cost $119,553,105)
  116,475,463

  Principal
Amount
Value
Foreign Government Bonds 0.9%
Argentina 0.1% 
Argentina Government Bond    
4.125%, due 7/9/35 (f) $    1,535,000 $     1,187,323
Bahamas 0.1% 
Bahamas Government Bond    
8.25%, due 6/24/36     965,000     1,076,274
Chile 0.1% 
Empresa Nacional del Petroleo    
3.45%, due 9/16/31 (a)     554,000       510,527
Colombia 0.2% 
Colombia Government Bond    
3.25%, due 4/22/32 1,780,000 1,502,943
7.75%, due 11/7/36 965,000 1,008,135
    2,511,078
Dominican Republic 0.1% 
Dominican Republic Government Bond    
4.875%, due 9/23/32 (a) 1,195,000 1,142,695
Egypt 0.1% 
Egypt Government Bond    
7.625%, due 5/29/32 (a) 1,010,000 1,044,571
Paraguay 0.1% 
Paraguay Government Bond    
6.10%, due 8/11/44 (a) 1,325,000 1,349,685
Uruguay 0.1% 
Uruguay Government Bond    
9.75%, due 7/20/33 UYU 29,490,000 861,021
Total Foreign Government Bonds
(Cost $9,087,661)
  9,683,174
Loan Assignments 0.3%
Diversified/Conglomerate Service 0.0%  ‡
TruGreen LP    
First Lien Term Loan B    
7.667% (3 Month SOFR + 4.00%), due 11/2/27 (b) USD $ 729,396 711,617
Finance 0.1% 
Arches Buyer, Inc.    
First Lien New Term Loan    

  Principal
Amount
Value
Loan Assignments
Finance  
Arches Buyer, Inc.    
7.022% (1 Month SOFR + 3.25%), due 12/6/27 (b) $      786,719 $       782,785
Media 0.2% 
DIRECTV Financing LLC    
First Lien 2024 Refinancing Term Loan B                         
9.178% (3 Month SOFR + 5.25%), due 8/2/29 (b)     887,582        887,266
Virgin Media Bristol LLC    
First Lien Facility Advance Term Loan Q                         
7.045% (1 Month SOFR + 3.25%), due 1/31/29 (b) 1,340,000 1,333,635
    2,220,901
Services Business 0.0%  ‡
Beach Acquisition Bidco LLC    
First Lien Tranche Term Loan B1    
6.922% (3 Month SOFR + 3.25%), due 9/13/32 (b) 365,000 365,912
Total Loan Assignments
(Cost $4,064,383)
  4,081,215
Mortgage-Backed Securities 11.0%
Agency (Collateralized Mortgage Obligations) 3.9% 
FHLMC    
REMIC, Series 5326, Class QO    
(zero coupon), due 9/25/50 1,425,219 964,640
REMIC, Series 5021, Class SA    
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(h) 2,570,967 52,378
REMIC, Series 5200, Class SA    
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(h) 352,724 7,754
REMIC, Series 5351, Class DO    
(zero coupon), due 9/25/53 586,870 474,130
REMIC, Series 5357, Class OE    
(zero coupon), due 11/25/53 428,123 353,243
REMIC, Series 5363    
(zero coupon), due 12/25/53 496,674 426,285
REMIC, Series 5315, Class OQ    
(zero coupon), due 1/25/55 630,239 520,315
REMIC, Series 5514, Class SA    
1.403% (SOFR 30A + 5.10%), due 3/25/55 (b)(h) 2,306,370 69,509
REMIC, Series 5531, Class SD    
2.203% (SOFR 30A + 5.90%), due 4/25/55 (b)(h) 2,939,132 183,994
REMIC, Series 4994, Class TS    
2.288% (SOFR 30A + 5.986%), due 7/25/50 (b)(h) 1,738,514 222,197
REMIC, Series 5070, Class PI    
3.00%, due 8/25/50 (h) 1,353,487 240,703
REMIC, Series 5011, Class MI    
3.00%, due 9/25/50 (h) 1,439,404 231,412

  Principal
Amount
Value
Mortgage-Backed Securities
Agency (Collateralized Mortgage Obligations)  
FHLMC    
REMIC, Series 5023, Class LI                         
3.00%, due 10/25/50 (h) $    1,023,250 $       163,895
REMIC, Series 5094, Class IP                         
3.00%, due 4/25/51 (h)   1,168,237        188,271
REMIC, Series 5160                         
3.00%, due 10/25/51 (h)   1,240,611        136,764
REMIC, Series 5547, Class ES                         
3.303% (SOFR 30A + 7.00%), due 6/25/55 (b)(h) 1,255,751 85,544
REMIC, Series 5040    
3.50%, due 11/25/50 (h) 900,815 164,621
FHLMC MSCR Trust    
REMIC, Series 2025-MN12, Class B1    
8.197% (SOFR 30A + 4.50%), due 11/25/45 (a)(b) 1,060,000 1,077,807
FHLMC, Strips    
Series 272    
(zero coupon), due 8/15/42 895,655 695,918
Series 402    
(zero coupon), due 9/25/53 733,704 623,033
Series 311, Class S1    
2.128% (SOFR 30A + 5.836%), due 8/15/43 (b)(h) 2,702,139 279,215
Series 397, Class C61    
5.50%, due 1/25/53 (h) 1,255,287 216,437
FNMA    
REMIC, Series 2023-70, Class AO    
(zero coupon), due 3/25/53 605,562 515,748
REMIC, Series 2023-45    
(zero coupon), due 10/25/53 709,588 561,195
REMIC, Series 2023-24, Class OQ    
(zero coupon), due 7/25/54 900,844 761,489
REMIC, Series 2025-44, Class SD    
1.403% (SOFR 30A + 5.10%), due 6/25/55 (b)(h) 3,859,340 146,472
REMIC, Series 2024-82, Class DS    
1.453% (SOFR 30A + 5.15%), due 11/25/54 (b)(h) 2,906,252 91,842
REMIC, Series 2020-57, Class LJ    
2.00%, due 8/25/50 1,700,000 1,298,744
REMIC, Series 2022-10, Class SA    
2.053% (SOFR 30A + 5.75%), due 2/25/52 (b)(h) 1,598,662 182,120
REMIC, Series 2025-103, Class SA    
2.133% (SOFR 30A + 5.83%), due 6/25/55 (b)(h) 2,257,955 140,692
REMIC, Series 2016-57, Class SN    
2.238% (SOFR 30A + 5.936%), due 6/25/46 (b)(h) 1,422,421 154,191
REMIC, Series 2021-3, Class TI    
2.50%, due 2/25/51 (h) 1,109,542 188,861
REMIC, Series 2021-12, Class JI    
2.50%, due 3/25/51 (h) 1,126,244 176,826
REMIC, Series 2021-34, Class MI    
2.50%, due 3/25/51 (h) 3,127,830 413,677

  Principal
Amount
Value
Mortgage-Backed Securities
Agency (Collateralized Mortgage Obligations)  
FNMA    
REMIC, Series 2021-54, Class HI                         
2.50%, due 6/25/51 (h) $      476,126 $        55,878
REMIC, Series 2021-53, Class GI                         
3.00%, due 7/25/48 (h)   4,523,457        741,297
REMIC, Series 2021-85, Class BI                         
3.00%, due 12/25/51 (h)   3,181,185        566,173
REMIC, Series 2025-18, Class SM                         
3.403% (SOFR 30A + 7.10%), due 9/25/54 (b)(h) 1,053,338 73,471
REMIC, Series 2021-8, Class ID    
3.50%, due 3/25/51 (h) 2,001,406 427,975
FNMA, Strips (h)    
Series 426, Class C32    
1.50%, due 2/25/52 3,588,937 340,946
Series 440, Class C46    
4.00%, due 10/25/53 2,241,694 474,572
Series 438, Class C34    
6.00%, due 8/25/53 1,671,222 369,831
GNMA    
REMIC, Series 2020-1, Class YS    
(zero coupon) (1 Month SOFR + 2.716%), due 1/20/50 (b)(h) 2,775,525 11,669
REMIC, Series 2021-16, Class AS    
(zero coupon) (1 Month SOFR + 2.636%), due 1/20/51 (b)(h) 3,957,805 12,484
REMIC, Series 2023-101, Class KO    
(zero coupon), due 1/20/51 1,249,169 824,573
REMIC, Series 2021-29, Class AS    
(zero coupon) (SOFR 30A + 2.70%), due 2/20/51 (b)(h) 3,767,446 13,575
REMIC, Series 2021-97, Class SA    
(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(h) 5,082,016 22,325
REMIC, Series 2021-136, Class SB    
(zero coupon) (SOFR 30A + 3.20%), due 8/20/51 (b)(h) 13,644,744 129,686
REMIC, Series 2021-205, Class DS    
(zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (b)(h) 5,641,110 57,043
REMIC, Series 2021-226, Class SA    
(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (b)(h) 3,047,454 2,629
REMIC, Series 2022-87, Class SA    
(zero coupon) (SOFR 30A + 3.30%), due 5/20/52 (b)(h) 3,980,779 38,229
REMIC, Series 2022-107, Class SA    
(zero coupon) (SOFR 30A + 3.47%), due 6/20/52 (b)(h) 10,048,534 104,958
REMIC, Series 2022-101, Class SB    
(zero coupon) (SOFR 30A + 3.30%), due 6/20/52 (b)(h) 1,994,803 19,689
REMIC, Series 2023-66, Class OQ    
(zero coupon), due 7/20/52 1,263,924 1,021,716
REMIC, Series 2023-53    
(zero coupon), due 4/20/53 397,536 326,283
REMIC, Series 2021-158, Class SB    
0.038% (SOFR 30A + 3.70%), due 9/20/51 (b)(h) 3,184,690 85,285

  Principal
Amount
Value
Mortgage-Backed Securities
Agency (Collateralized Mortgage Obligations)  
GNMA    
REMIC, Series 2022-78, Class S                         
0.038% (SOFR 30A + 3.70%), due 4/20/52 (b)(h) $    2,085,015 $        38,563
REMIC, Series 2023-80, Class SA                         
1.547% (SOFR 30A + 5.25%), due 6/20/53 (b)(h)   3,831,786        170,110
REMIC, Series 2020-166, Class IC                         
2.00%, due 11/20/50 (h)     663,337         81,794
REMIC, Series 2020-188                         
2.00%, due 12/20/50 (h) 2,966,089 340,922
REMIC, Series 2022-10, Class IC    
2.00%, due 11/20/51 (h) 1,947,139 234,029
REMIC, Series 2025-2, Class WZ    
2.00%, due 8/20/52 1,647,598 1,062,814
REMIC, Series 2020-34, Class SC    
2.26% (1 Month SOFR + 5.936%), due 3/20/50 (b)(h) 1,895,120 237,663
REMIC, Series 2025-131, Class S    
2.347% (SOFR 30A + 6.05%), due 8/20/55 (b)(h) 1,745,829 135,940
REMIC, Series 2020-188, Class DI    
2.50%, due 12/20/50 (h) 3,918,648 576,602
REMIC, Series 2021-1, Class PI    
2.50%, due 12/20/50 (h) 760,237 116,270
REMIC, Series 2021-83, Class FM    
2.50% (SOFR 30A + 0.51%), due 5/20/51 (b) 1,584,770 1,307,227
REMIC, Series 2021-188    
2.50%, due 10/20/51 (h) 3,466,623 570,345
REMIC, Series 2020-146, Class SA    
2.51% (1 Month SOFR + 6.186%), due 10/20/50 (b)(h) 1,858,434 251,065
REMIC, Series 2021-179, Class SA    
2.51% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) 2,520,237 353,235
REMIC, Series 2020-167, Class SN    
2.51% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) 1,206,335 165,351
REMIC, Series 2020-189, Class NS    
2.51% (1 Month SOFR + 6.186%), due 12/20/50 (b)(h) 2,956,884 418,713
REMIC, Series 2020-189, Class SU    
2.51% (1 Month SOFR + 6.186%), due 12/20/50 (b)(h) 606,608 86,012
REMIC, Series 2021-46, Class QS    
2.51% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) 658,250 86,333
REMIC, Series 2021-57, Class SD    
2.51% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) 6,272,001 836,882
REMIC, Series 2021-46, Class TS    
2.51% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) 1,434,864 188,219
REMIC, Series 2021-96, Class NS    
2.51% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) 3,754,033 485,860
REMIC, Series 2021-97, Class SM    
2.51% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) 953,257 128,431
REMIC, Series 2021-96, Class SN    
2.51% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) 2,228,482 281,306

  Principal
Amount
Value
Mortgage-Backed Securities
Agency (Collateralized Mortgage Obligations)  
GNMA    
REMIC, Series 2021-122, Class HS                         
2.51% (1 Month SOFR + 6.186%), due 7/20/51 (b)(h) $    2,191,466 $       298,721
REMIC, Series 2021-96, Class JS                         
2.56% (1 Month SOFR + 6.236%), due 6/20/51 (b)(h)   1,762,854        245,930
REMIC, Series 2023-86, Class SE                         
2.947% (SOFR 30A + 6.65%), due 9/20/50 (b)(h)   1,483,581        223,027
REMIC, Series 2021-1, Class IT                         
3.00%, due 1/20/51 (h) 1,772,135 307,474
REMIC, Series 2021-44, Class IQ    
3.00%, due 3/20/51 (h) 3,016,173 506,226
REMIC, Series 2021-74, Class HI    
3.00%, due 4/20/51 (h) 314,842 47,161
REMIC, Series 2021-67, Class PI    
3.00%, due 4/20/51 (h) 1,289,089 219,089
REMIC, Series 2021-98, Class IN    
3.00%, due 6/20/51 (h) 1,259,675 228,761
REMIC, Series 2024-48, Class JI    
3.00%, due 7/20/51 (h) 1,918,253 323,345
REMIC, Series 2022-207    
3.00%, due 8/20/51 (h) 1,974,606 331,723
REMIC, Series 2021-139, Class IA    
3.00%, due 8/20/51 (h) 4,189,975 753,050
REMIC, Series 2021-177, Class IM    
3.00%, due 10/20/51 (h) 2,899,536 493,123
REMIC, Series 2019-128, Class YF    
3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) 462,681 420,339
REMIC, Series 2023-1, Class HD    
3.50%, due 1/20/52 671,968 612,363
REMIC, Series 2023-60, Class ES    
3.794% (SOFR 30A + 11.20%), due 4/20/53 (b) 817,529 758,495
REMIC, Series 2016-93, Class AI    
4.50%, due 7/20/44 (h) 1,494,014 347,987
REMIC, Series 2024-164, Class PB    
4.50%, due 1/20/54 322,359 319,884
REMIC, Series 2023-66, Class MP    
4.894% (SOFR 30A + 12.30%), due 5/20/53 (b) 1,093,758 1,040,369
REMIC, Series 2023-38, Class WT    
6.464%, due 12/20/51 (i) 546,467 576,709
REMIC, Series 2023-59, Class YC    
7.076%, due 9/20/51 (i) 1,191,635 1,312,526
REMIC, Series 2023-55, Class LB    
7.722%, due 11/20/51 (i) 787,834 899,445
REMIC, Series 2023-55, Class CG    
7.833%, due 7/20/51 (i) 816,392 929,472
Multifamily Connecticut Avenue Securities Trust (a)(b)    
Series 2025-01, Class M2    
6.797% (SOFR 30A + 3.10%), due 5/25/55 930,000 927,887

  Principal
Amount
Value
Mortgage-Backed Securities
Agency (Collateralized Mortgage Obligations)  
Multifamily Connecticut Avenue Securities Trust (a)(b)    
Series 2019-01, Class B10                         
9.312% (SOFR 30A + 5.614%), due 10/25/49 $    1,040,000 $     1,060,449
Series 2023-01, Class M10                         
10.197% (SOFR 30A + 6.50%), due 11/25/53     735,000        837,022
Series 2020-01, Class CE                         
11.312% (SOFR 30A + 7.614%), due 3/25/50   1,400,000      1,447,633
Seasoned Credit Risk Transfer Trust    
Series 2025-1, Class MTU    
3.25%, due 11/25/64 2,164,452 1,883,738
    43,235,843
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.3% 
BAMLL Commercial Mortgage Securities Trust    
Series 2016-ISQ, Class A    
2.848%, due 8/14/34 (a) 1,270,000 1,055,687
BANK    
Series 2019-BN19, Class C    
4.031%, due 8/15/61 (j) 1,060,000 783,905
Series 2017-BNK4, Class C    
4.372%, due 5/15/50 (i) 1,020,000 905,422
Bank of America Merrill Lynch Commercial Mortgage Trust    
Series 2016-UB10, Class D    
3.00%, due 7/15/49 (a) 1,170,000 1,018,301
Benchmark Mortgage Trust (j)    
Series 2018-B6, Class D    
3.086%, due 10/10/51 (a) 815,000 614,984
Series 2019-B14, Class C    
3.778%, due 12/15/62 1,260,000 892,267
Series 2018-B1, Class C    
4.201%, due 1/15/51 1,055,000 864,163
BF Mortgage Trust    
Series 2019-NYT, Class F    
6.978% (1 Month SOFR + 3.297%), due 12/15/35 (a)(b) 1,280,000 1,142,450
BFLD Commercial Mortgage Trust    
Series 2025-5MW, Class C    
5.451%, due 10/10/42 (a)(j) 1,050,000 1,060,137
BMO Mortgage Trust    
Series 2022-C1, Class 111A    
3.269%, due 2/17/55 (a)(j) 1,400,000 1,315,532
BSST Mortgage Trust    
Series 2022-1700, Class A    
4.981% (1 Month SOFR + 1.30%), due 2/15/37 (a)(b) 1,025,000 882,276
BWAY Mortgage Trust    
Series 2013-1515, Class C    
3.446%, due 3/10/33 (a) 955,000 881,024

  Principal
Amount
Value
Mortgage-Backed Securities
Commercial Mortgage Loans (Collateralized Mortgage Obligations)  
BX Commercial Mortgage Trust (a)    
Series 2024-VLT5, Class E                         
8.134%, due 11/13/46 (j) $      945,000 $     1,015,124
Series 2024-BRBK, Class D                         
9.648% (1 Month SOFR + 5.971%), due 10/15/41 (b)     780,000        782,925
BX Trust    
Series 2025-VLT7, Class E                         
7.43% (1 Month SOFR + 3.75%), due 7/15/44 (a)(b)     525,000        525,000
CFCRE Commercial Mortgage Trust    
Series 2016-C3, Class D    
3.052%, due 1/10/48 (a)(j) 890,000 863,300
CFK Trust    
Series 2020-MF2, Class E    
3.458%, due 3/15/39 (a)(j) 1,400,000 1,064,300
Citigroup Commercial Mortgage Trust    
Series 2018-B2, Class D    
3.145%, due 3/10/51 (a)(j) 1,730,000 1,317,317
Commercial Mortgage Trust (a)    
Series 2020-CX, Class D    
2.683%, due 11/10/46 (j) 1,270,000 1,014,219
Series 2018-HCLV, Class A    
4.976% (1 Month SOFR + 1.296%), due 9/15/33 (b) 850,000 784,531
DLIC Re-REMIC Trust    
Series 2025-FRR1, Class C104    
1.635%, due 12/27/52 (a)(i) 1,300,000 1,098,252
FHLMC MSCR Trust (a)(b)    
Series 2021-MN3, Class M1    
5.997% (SOFR 30A + 2.30%), due 11/25/51 321,788 322,094
Series 2024-MN9, Class M2    
6.947% (SOFR 30A + 3.25%), due 10/25/44 1,175,000 1,193,335
GNMA (h)    
REMIC, Series 2025-112    
0.566%, due 3/16/66 (j) 5,481,945 281,280
REMIC, Series 2023-194, Class CI    
0.818%, due 10/16/65 (j) 4,185,411 257,472
REMIC, Series 2023-159, Class CI    
0.955%, due 7/16/65 (i) 5,640,059 394,426
REMIC, Series 2020-168, Class IA    
0.974%, due 12/16/62 (j) 2,796,030 198,729
REMIC, Series 2021-47    
0.992%, due 3/16/61 (j) 6,658,876 440,110
REMIC, Series 2022-185, Class DI    
1.022%, due 10/16/65 (j) 2,435,598 166,373
REMIC, Series 2023-172    
1.331%, due 2/16/66 (j) 3,856,912 351,008
GS Mortgage Securities Trust    
Series 2015-GC30, Class D    
3.384%, due 5/10/50 2,150,000 1,198,625

  Principal
Amount
Value
Mortgage-Backed Securities
Commercial Mortgage Loans (Collateralized Mortgage Obligations)  
GS Mortgage Securities Trust    
Series 2015-GC30, Class B                         
3.998%, due 5/10/50 (j) $      357,456 $       346,679
J.P. Morgan Chase Commercial Mortgage Securities Trust (a)    
Series 2012-WLDN, Class A                         
3.905%, due 5/5/30     864,997        834,722
Series 2021-1440, Class A                         
5.095% (1 Month SOFR + 1.414%), due 3/15/36 (b)     910,000        855,915
JPMDB Commercial Mortgage Securities Trust    
Series 2017-C7, Class D    
3.00%, due 10/15/50 (a) 1,055,000 813,918
Morgan Stanley Bank of America Merrill Lynch Trust (a)(j)    
Series 2015-C22, Class D    
3.973%, due 4/15/48 1,450,000 819,395
Series 2015-C23, Class D    
4.209%, due 7/15/50 155,047 150,631
Morgan Stanley Capital I Trust (a)    
Series 2021-230P, Class A    
4.964% (1 Month SOFR + 1.284%), due 12/15/38 (b) 580,000 563,325
Series 2015-420, Class A    
7.982%, due 10/12/50 (f) 657,843 666,126
Natixis Commercial Mortgage Securities Trust    
Series 2020-2PAC, Class AMZ1    
3.50%, due 1/15/37 (a)(j) 1,275,000 1,103,524
UBS Commercial Mortgage Trust    
Series 2018-C10, Class D    
3.00%, due 5/15/51 (a) 640,000 530,384
Series 2019-C16, Class AS    
3.887%, due 4/15/52 480,000 456,401
Series 2018-C9, Class C    
4.962%, due 3/15/51 (j) 1,390,000 952,625
WB Commercial Mortgage Trust    
Series 2024-HQ, Class A    
6.134%, due 3/15/40 (a)(j) 615,000 616,018
Wells Fargo Commercial Mortgage Trust    
Series 2018-C43, Class D    
3.00%, due 3/15/51 (a) 250,000 209,552
Series 2016-NXS5, Class D    
4.875%, due 1/15/59 (j) 570,000 434,032
Series 2022-ONL, Class E    
4.928%, due 12/15/39 (a)(j) 1,020,000 937,830
WP Glimcher Mall Trust    
Series 2015-WPG, Class C    
3.516%, due 6/5/35 (a)(j) 1,140,000 968,989
    35,944,634

  Principal
Amount
Value
Mortgage-Backed Securities
Whole Loan (Collateralized Mortgage Obligations) 3.8% 
BRAVO Residential Funding Trust    
Series 2024-NQM8, Class A1A                         
4.30%, due 8/1/53 (a)(f) $      471,505 $       467,520
CIM Trust    
Series 2021-J2, Class AS                         
0.21%, due 4/25/51 (a)(h)(i) 36,998,026        459,553
Citigroup Mortgage Loan Trust (a)(i)    
Series 2014-C, Class B3                         
4.25%, due 2/25/54 1,580,000 1,359,338
Series 2025-LTV1, Class A1    
5.237%, due 12/25/55 1,221,573 1,223,996
Connecticut Avenue Securities Trust (a)(b)    
Series 2025-R01, Class 1B1    
5.397% (SOFR 30A + 1.70%), due 1/25/45 710,000 707,787
Series 2025-R02, Class 1B1    
5.647% (SOFR 30A + 1.95%), due 2/25/45 370,000 373,033
Series 2021-R03, Class 1B1    
6.447% (SOFR 30A + 2.75%), due 12/25/41 450,000 456,750
Series 2023-R07, Class 2M2    
6.947% (SOFR 30A + 3.25%), due 9/25/43 1,730,000 1,789,975
Series 2023-R03, Class 2M2    
7.597% (SOFR 30A + 3.90%), due 4/25/43 1,355,000 1,428,534
Series 2021-R03, Class 1B2    
9.197% (SOFR 30A + 5.50%), due 12/25/41 475,000 490,621
Series 2021-R02, Class 2B2    
9.897% (SOFR 30A + 6.20%), due 11/25/41 880,000 908,505
Series 2020-SBT1, Class 1B1    
10.562% (SOFR 30A + 6.864%), due 2/25/40 1,580,000 1,658,510
Series 2022-R02, Class 2B2    
11.347% (SOFR 30A + 7.65%), due 1/25/42 1,055,000 1,115,369
Series 2019-HRP1, Class B1    
13.062% (SOFR 30A + 9.364%), due 11/25/39 1,790,241 1,889,981
FHLMC STACR REMIC Trust (a)(b)    
Series 2020-HQA1, Class B2    
8.912% (SOFR 30A + 5.214%), due 1/25/50 1,320,000 1,471,278
Series 2022-HQA3, Class M2    
9.047% (SOFR 30A + 5.35%), due 8/25/42 640,000 681,114
Series 2021-HQA3, Class B2    
9.947% (SOFR 30A + 6.25%), due 9/25/41 1,865,000 1,918,396
Series 2021-HQA4, Class B2    
10.697% (SOFR 30A + 7.00%), due 12/25/41 1,505,000 1,571,310
Series 2022-HQA1, Class B1    
10.697% (SOFR 30A + 7.00%), due 3/25/42 1,355,000 1,443,540
Series 2022-DNA1, Class B2    
10.797% (SOFR 30A + 7.10%), due 1/25/42 1,360,000 1,425,277
FHLMC STACR Securitized Participation Interests Trust    
REMIC, Series 2018-SPI3, Class B    
4.156%, due 8/25/48 (a)(i) 1,563,234 1,220,198

  Principal
Amount
Value
Mortgage-Backed Securities
Whole Loan (Collateralized Mortgage Obligations)  
FHLMC STACR Trust (a)(b)    
REMIC, Series 2019-FTR3, Class B2                         
8.612% (SOFR 30A + 4.914%), due 9/25/47 $    1,345,000 $     1,470,879
REMIC, Series 2019-FTR1, Class B2                         
12.162% (SOFR 30A + 8.464%), due 1/25/48   1,090,000      1,304,710
REMIC, Series 2019-HQA2, Class B2                         
15.062% (SOFR 30A + 11.364%), due 4/25/49   1,010,000      1,211,689
Flagstar Mortgage Trust    
Series 2021-6INV, Class A18    
2.50%, due 8/25/51 (a)(i) 82,738 69,118
GS Mortgage-Backed Securities Trust (a)    
Series 2021-PJ6, Class A2    
2.50%, due 11/25/51 (i) 1,800,045 1,512,038
Series 2022-HP1, Class B4    
3.31%, due 9/25/52 (j) 717,645 602,312
J.P. Morgan Mortgage Trust    
Series 2021-4, Class B1    
2.879%, due 8/25/51 (a)(j) 2,319,714 1,962,349
LOANDEPOT GMSR Master Trust    
Series 2025-GT2, Class A    
6.823% (1 Month SOFR + 3.15%), due 7/16/30 (a)(b) 1,250,000 1,259,736
Mill City Mortgage Loan Trust (a)(i)    
Series 2018-4, Class B4    
3.045%, due 4/25/66 1,063,757 634,830
Series 2018-3, Class B2    
3.25%, due 8/25/58 1,806,150 1,397,003
Series 2018-3, Class B4    
3.672%, due 8/25/58 668,575 428,112
OBX Trust    
Series 2025-R1, Class A1    
4.94%, due 9/25/62 (a)(f) 640,447 642,826
RCKT Mortgage Trust    
Series 2021-5, Class A1    
2.50%, due 11/25/51 (a)(i) 2,109,632 1,770,773
STACR Trust    
Series 2018-HRP1, Class B2    
15.562% (SOFR 30A + 11.864%), due 5/25/43 (a)(b) 1,823,352 2,148,691
Towd Point Mortgage Trust (a)(i)    
Series 2018-2, Class B5    
(zero coupon), due 3/25/58 1,204,022 533,484
Series 2017-4, Class B5    
3.643%, due 6/25/57 857,704 607,255
    41,616,390
Total Mortgage-Backed Securities
(Cost $119,218,224)
  120,796,867

  Principal
Amount
Value
U.S. Government & Federal Agencies 7.3%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 1.3% 
FHLMC Gold Pools, 30 Year    
3.50%, due 9/1/47 $      981,673 $       925,070
3.50%, due 11/1/47   1,880,000      1,770,844
UMBS Pool, 30 Year    
2.00%, due 3/1/52   3,455,006      2,811,793
3.00%, due 6/1/52   1,465,671      1,301,699
3.50%, due 9/1/52      36,797         34,072
4.00%, due 3/1/53   1,948,926      1,872,574
4.50%, due 10/1/52 1,975,611 1,943,389
5.00%, due 12/1/55 793,888 797,815
5.50%, due 7/1/53 895,721 910,987
5.50%, due 11/1/54 695,378 710,307
6.00%, due 8/1/55 1,667,808 1,708,046
    14,786,596
Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.9% 
UMBS, 30 Year    
2.00%, due 10/1/50 4,048,465 3,306,692
2.00%, due 3/1/52 639,829 520,613
2.50%, due 6/1/51 324,978 281,209
2.50%, due 11/1/51 4,418,656 3,784,451
2.50%, due 5/1/52 1,553,677 1,327,162
4.00%, due 8/1/48 353,549 343,738
4.00%, due 2/1/49 197,939 190,403
4.00%, due 6/1/52 736,335 705,037
4.00%, due 6/1/52 597,289 573,935
4.00%, due 5/1/53 858,577 822,602
4.50%, due 1/1/54 882,136 866,657
5.00%, due 11/1/52 2,393,081 2,402,443
5.00%, due 3/1/53 1,252,530 1,257,366
5.50%, due 2/1/53 335,796 341,726
5.50%, due 8/1/53 400,563 411,045
5.50%, due 5/1/54 2,027,043 2,056,658
6.00%, due 9/1/53 3,272 3,367
6.00%, due 9/1/54 1,535,468 1,575,163
    20,770,267
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.4% 
GNMA I, Single Family, 30 Year    
6.50%, due 4/15/29 3 3
GNMA II, Single Family, 30 Year    
3.00%, due 10/20/51 2,308,314 2,085,980
3.00%, due 11/20/51 2,663,712 2,407,296
    4,493,279

  Principal
Amount
Value
U.S. Government & Federal Agencies
United States Treasury Bonds 0.8% 
U.S. Treasury Bonds    
4.625%, due 11/15/45 (c) $    5,105,000 $     4,965,410
4.625%, due 11/15/55   3,370,000     3,229,934
    8,195,344
United States Treasury Notes 2.9% 
U.S. Treasury Notes    
3.50%, due 1/15/29   2,415,000      2,408,019
3.75%, due 1/31/31   8,525,000      8,503,687
4.00%, due 1/31/33 14,755,000 14,729,640
4.00%, due 11/15/35 3,975,000 3,893,637
4.25%, due 12/31/26 2,500,000 2,515,059
    32,050,042
Total U.S. Government & Federal Agencies
(Cost $79,851,774)
  80,295,528
Total Long-Term Bonds
(Cost $378,705,896)
  378,018,926
 
  Shares  
 
Common Stocks 62.2%
Aerospace & Defense 1.6% 
BAE Systems plc (United Kingdom) 241,859 6,532,909
General Dynamics Corp. 10,267 3,604,641
Lockheed Martin Corp. 11,387 7,221,863
    17,359,413
Air Freight & Logistics 0.9% 
Deutsche Post AG (Germany) 95,682 5,366,876
United Parcel Service, Inc., Class B 38,989 4,141,412
    9,508,288
Automobile Components 0.3% 
Cie Generale des Etablissements Michelin SCA (France) 100,950 3,751,375
Automobiles 0.4% 
Toyota Motor Corp. (Japan) 197,000 4,460,377
Banks 4.7% 
Bank of America Corp. 147,227 7,832,476
BAWAG Group AG (Austria) (a) 36,139 5,885,854
Columbia Banking System, Inc. 194,504 5,726,198
JPMorgan Chase & Co. 25,000 7,647,250
Lloyds Banking Group plc (United Kingdom) 2,882,846 4,297,797
Regions Financial Corp. 165,404 4,714,014
Royal Bank of Canada (Canada) 28,311 4,713,891
Truist Financial Corp. 90,156 4,635,821

  Shares Value
Common Stocks
Banks  
U.S. Bancorp    116,244 $     6,522,451
    51,975,752
Beverages 1.6% 
Coca-Cola Co. (The)     76,969      5,758,051
Coca-Cola Europacific Partners plc (United Kingdom)     83,034      7,614,218
PepsiCo, Inc.     27,166     4,173,512
    17,545,781
Biotechnology 1.2% 
AbbVie, Inc.     59,082    13,175,877
Capital Markets 1.3% 
BlackRock, Inc.      3,273      3,662,291
Lazard, Inc.    128,639      6,910,487
Schroders plc (United Kingdom)    655,242     4,049,047
    14,621,825
Chemicals 1.4% 
Croda International plc (United Kingdom)     90,812      3,389,884
Linde plc 13,216 6,039,316
Nutrien Ltd. (Canada) 80,460 5,542,889
    14,972,089
Commercial Services & Supplies 0.0%  ‡
Quad/Graphics, Inc. 10 61
Communications Equipment 1.4% 
Cisco Systems, Inc. 197,976 15,505,480
Construction & Engineering 0.4% 
Vinci SA (France) 26,457 3,799,361
Consumer Staples Distribution & Retail 0.3% 
Walmart, Inc. 31,318 3,731,227
Diversified Telecommunication Services 2.8% 
AT&T, Inc. 316,605 8,298,217
Deutsche Telekom AG (Registered) (Germany) 161,370 5,388,356
Infrastrutture Wireless Italiane SpA (Italy) (c) 407,090 3,590,128
Orange SA (France) 365,160 6,760,998
Verizon Communications, Inc. 145,940 6,497,249
    30,534,948
Electric Utilities 3.2% 
American Electric Power Co., Inc. 66,006 7,905,869
Duke Energy Corp. 31,572 3,831,262

  Shares Value
Common Stocks
Electric Utilities  
Entergy Corp.     76,899 $     7,373,845
NextEra Energy, Inc.     90,434      7,949,149
Pinnacle West Capital Corp.     41,552      3,887,605
Terna - Rete Elettrica Nazionale (Italy)    354,395     3,833,669
    34,781,399
Electrical Equipment 0.3% 
Eaton Corp. plc     10,628     3,734,892
Food Products 1.2% 
McCormick & Co., Inc. (Non-Voting)     81,321      5,028,078
Mondelez International, Inc., Class A     85,311      4,988,134
Nestle SA (Registered)     35,832     3,403,588
    13,419,800
Gas Utilities 0.5% 
Snam SpA (Italy)    851,828     5,854,324
Health Care Equipment & Supplies 0.6% 
Medtronic plc     67,321     6,931,370
Health Care Providers & Services 0.8% 
CVS Health Corp. 123,736 9,220,807
Hotels, Restaurants & Leisure 1.4% 
McDonald's Corp. 19,613 6,178,095
Restaurant Brands International, Inc. (Canada) 94,413 6,324,727
Vail Resorts, Inc.  (c) 25,159 3,347,908
    15,850,730
Household Products 0.4% 
Reckitt Benckiser Group plc (United Kingdom) 45,485 3,791,624
Industrial Conglomerates 0.9% 
Honeywell International, Inc. 18,729 4,261,222
Siemens AG (Registered) (Germany) 16,891 5,131,574
    9,392,796
Industrial REITs 0.4% 
Segro plc (United Kingdom) 379,222 3,936,439
Insurance 3.3% 
AIA Group Ltd. (Hong Kong) 472,000 5,458,865
Allianz SE (Registered) (Germany) 13,278 5,851,789
AXA SA (France) 105,513 4,806,434
Manulife Financial Corp. (Canada) 255,835 9,745,648
MetLife, Inc. 99,271 7,830,497

  Shares Value
Common Stocks
Insurance  
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)      5,077 $     3,083,634
    36,776,867
Interactive Media & Services 1.1% 
Alphabet, Inc., Class C     18,542      6,277,023
Meta Platforms, Inc., Class A      8,637     6,188,411
    12,465,434
IT Services 1.3% 
International Business Machines Corp.     45,671    14,007,296
Leisure Products 0.7% 
Hasbro, Inc.     89,273     7,972,972
Machinery 1.2% 
Cummins, Inc.     11,478      6,643,696
Toro Co. (The)     71,174     6,512,421
    13,156,117
Media 0.4% 
Omnicom Group, Inc.     59,369     4,573,788
Multi-Utilities 0.5% 
NiSource, Inc. 127,025 5,625,937
Oil, Gas & Consumable Fuels 2.5% 
Chevron Corp. 39,014 6,901,577
Equinor ASA (Norway) 156,921 4,187,601
MPLX LP 122,724 6,860,272
ONEOK, Inc. 61,725 4,888,003
TotalEnergies SE (France) 56,328 4,082,887
    26,920,340
Personal Care Products 0.4% 
Unilever plc (United Kingdom) 56,992 3,852,849
Pharmaceuticals 5.6% 
Astellas Pharma, Inc. (Japan) 355,500 4,924,993
AstraZeneca plc, Sponsored ADR (United Kingdom) 71,996 6,679,069
Bristol-Myers Squibb Co. 86,784 4,777,459
Eli Lilly & Co. 3,634 3,769,003
GSK plc 225,993 5,802,842
Johnson & Johnson 27,262 6,195,289
Merck & Co., Inc. 57,631 6,354,970
Novartis AG (Registered) 50,381 7,469,983
Pfizer, Inc. 144,431 3,818,756
Roche Holding AG 10,976 4,979,346

  Shares Value
Common Stocks
Pharmaceuticals  
Sanofi SA (France)     72,975 $     6,850,873
    61,622,583
Professional Services 0.6% 
Intertek Group plc (United Kingdom)     60,538      3,697,851
Paychex, Inc.     31,970     3,297,066
    6,994,917
Retail REITs 0.4% 
Realty Income Corp.     64,255     3,929,836
Semiconductors & Semiconductor Equipment 5.7% 
Analog Devices, Inc.     39,619     12,316,755
Broadcom, Inc.     40,229     13,327,868
Microchip Technology, Inc.    145,887     11,075,741
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Taiwan)     45,070     14,898,339
Texas Instruments, Inc.     52,341    11,282,102
    62,900,805
Software 1.2% 
Microsoft Corp. 31,012 13,344,153
Specialized REITs 0.9% 
Iron Mountain, Inc. 65,574 6,041,333
VICI Properties, Inc. 133,526 3,749,410
    9,790,743
Specialty Retail 0.8% 
Best Buy Co., Inc. 49,865 3,246,211
Home Depot, Inc. (The) 15,900 5,955,981
    9,202,192
Technology Hardware, Storage & Peripherals 4.6% 
Apple, Inc. 30,286 7,858,611
Dell Technologies, Inc., Class C 97,051 11,106,517
Hewlett Packard Enterprise Co. 566,579 12,192,780
NetApp, Inc. 55,764 5,372,861
Samsung Electronics Co. Ltd., GDR (Republic of Korea) 5,226 14,392,404
    50,923,173
Tobacco 1.3% 
Imperial Brands plc (United Kingdom) 123,765 5,192,389
Philip Morris International, Inc. 47,302 8,487,871
    13,680,260
Trading Companies & Distributors 1.0% 
MSC Industrial Direct Co., Inc., Class A 81,914 6,908,627
Watsco, Inc. 11,378 4,397,028
    11,305,655

  Shares   Value
Common Stocks
Water Utilities 0.3% 
Essential Utilities, Inc.     92,538   $     3,589,549
Wireless Telecommunication Services 0.4% 
Rogers Communications, Inc., Class B (Canada)    101,091       3,816,015
Total Common Stocks
(Cost $426,608,436)
    684,307,516
Short-Term Investments 2.7%
Affiliated Investment Company 1.8% 
NYLI U.S. Government Liquidity Fund, 3.523% (k) 20,102,324      20,102,324
Unaffiliated Investment Company 0.9% 
Invesco Government & Agency Portfolio, 3.682% (k)(l)  9,423,949       9,423,949
Total Short-Term Investments
(Cost $29,526,273)
    29,526,273
Total Investments
(Cost $834,840,605)
99.2%   1,091,852,715
Other Assets, Less Liabilities 0.8   9,055,865
Net Assets 100.0%   $ 1,100,908,580
    
Percentages indicated are based on Fund net assets.
^ Industry classifications may be different than those used for compliance monitoring purposes.
Less than one-tenth of a percent.
(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(b) Floating rate—Rate shown was the rate in effect as of January 31, 2026.
(c) All or a portion of this security was held on loan. As of January 31, 2026, the aggregate market value of securities on loan was $10,473,335; the total market value of collateral held by the Fund was $10,882,772. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,458,823. The Fund received cash collateral with a value of $9,423,949.  
(d) Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(e) Fixed to floating rate—Rate shown was the rate in effect as of January 31, 2026.
(f) Step coupon—Rate shown was the rate in effect as of January 31, 2026.
(g) PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash.
(h) Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities.
(i) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of January 31, 2026.
(j) Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of January 31, 2026.

(k) Current yield as of January 31, 2026.
(l) Represents a security purchased with cash collateral received for securities on loan.
Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Investment Companies Value,
Beginning
of Period
Purchases
at Cost
Proceeds
from
Sales
Net
Realized
Gain/(Loss)
on Sales
Change in
Unrealized
Appreciation/
(Depreciation)
Value,
End of
Period
Dividend
Income
Other
Distributions
Shares
End of
Period
NYLI U.S. Government Liquidity Fund $ 12,099 $ 68,647 $ (60,644) $ — $ — $ 20,102 $ 145 $ — 20,102
    
Foreign Currency Forward Contracts
As of January 31, 2026, the Fund held the following foreign currency forward contracts1:
Currency Purchased Currency Sold Counterparty Settlement
Date
Unrealized
Appreciation
(Depreciation)
AUD 23,293,000 USD 15,265,177 JPMorgan Chase Bank N.A. 2/3/26    $ 954,903
AUD 23,293,000 USD 16,202,977 JPMorgan Chase Bank N.A. 5/7/26     10,921
EUR 6,436,664 USD 7,528,038 JPMorgan Chase Bank N.A. 2/3/26    101,662
USD 7,681,933 EUR 6,436,664 JPMorgan Chase Bank N.A. 2/3/26     52,234
USD 13,494,999 GBP 9,813,000 JPMorgan Chase Bank N.A. 5/7/26     69,171
USD 12,428,409 JPY 1,885,255,000 JPMorgan Chase Bank N.A. 2/3/26    246,611
USD 12,416,472 JPY 1,885,255,000 JPMorgan Chase Bank N.A. 5/7/26    135,325
Total Unrealized Appreciation 1,570,827
EUR 6,436,664 USD 7,716,363 JPMorgan Chase Bank N.A. 5/7/26     (53,373)
EUR 5,485,000 USD 6,535,597 JPMorgan Chase Bank N.A. 5/7/26      (5,584)
GBP 9,813,000 USD 13,497,446 JPMorgan Chase Bank N.A. 2/3/26 (69,827)
JPY 1,885,255,000 USD 12,318,109 JPMorgan Chase Bank N.A. 2/3/26 (136,312)
USD 16,206,228 AUD 23,293,000 JPMorgan Chase Bank N.A. 2/3/26 (13,852)
USD 13,081,175 GBP 9,813,000 JPMorgan Chase Bank N.A. 2/3/26 (346,444)
Total Unrealized Depreciation (625,392)
Net Unrealized Appreciation $ 945,435
    
1. Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Fund would be able to exit the transaction through other means, such as through the execution of an offsetting transaction.
Futures Contracts
As of January 31, 2026, the Fund held the following futures contracts1:
Type Number of
Contracts
Expiration
Date
Value at
Trade Date
Current
Notional
Amount
Unrealized
Appreciation
(Depreciation)2
Long Contracts          
Euro STOXX 50 Index 286 March 2026  $ 19,927,179  $ 20,174,491    $ 247,312
MSCI EAFE Index 90 March 2026  13,051,098  13,665,600    614,502
S&P 500 E-Mini Index 216 March 2026  74,411,384  75,230,100    818,716
S&P Midcap 400 E-Mini Index 36 March 2026  12,246,711  12,411,000    164,289
U.S. Treasury 10 Year Notes 97 March 2026  10,927,444  10,847,328     (80,116)
U.S. Treasury 10 Year Ultra Bonds 386 March 2026  44,044,943  44,064,313     19,370
U.S. Treasury Long Bonds 214 March 2026  25,017,074  24,636,750    (380,324)
U.S. Treasury Ultra Bonds 154 March 2026  18,585,365  18,085,375    (499,990)

Type Number of
Contracts
Expiration
Date
Value at
Trade Date
Current
Notional
Amount
Unrealized
Appreciation
(Depreciation)2
Yen Denominated Nikkei 225 Index 177 March 2026  $ 29,040,820  $ 30,574,131  $ 1,533,311
Total Long Contracts         2,437,070
Short Contracts          
Euro-BTP (283) March 2026  (40,464,594)  (40,626,840)    (162,246)
FTSE 100 Index (151) March 2026  (20,227,510)  (21,053,632)    (826,122)
U.S. Treasury 2 Year Notes (63) March 2026  (13,153,173)  (13,135,008)     18,165
U.S. Treasury 5 Year Notes (86) March 2026   (9,399,513)   (9,367,953)     31,560
Total Short Contracts         (938,643)
Net Unrealized Appreciation         $ 1,498,427
    
1. As of January 31, 2026, cash in the amount of $15,174,592 was on deposit with a broker or futures commission merchant for futures transactions.
2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2026.
Abbreviation(s):
ADR—American Depositary Receipt
AUD—Australia Dollar
BTP—Buoni del Tesoro Poliennali (Eurex Exchange index)
CLO—Collateralized Loan Obligation
EAFE—Europe, Australasia and Far East
EUR—Euro
FHLMC—Federal Home Loan Mortgage Corp.
FNMA—Federal National Mortgage Association
FTSE—Financial Times Stock Exchange
GBP—British Pound Sterling
GDR—Global Depositary Receipt
GMSR—Ginnie Mae Mortgage Servicing Rights
GNMA—Government National Mortgage Association
JPY—Japanese Yen
MSCI—Morgan Stanley Capital International
MSCR—Multifamily Structured Credit Risk
REIT—Real Estate Investment Trust
REMIC—Real Estate Mortgage Investment Conduit
SARL—Société À Responsabilité Limitée
SOFR—Secured Overnight Financing Rate
STACR—Structured Agency Credit Risk
UMBS—Uniform Mortgage Backed Securities
USD—United States Dollar
UYU—Uruguay Peso

The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund’s assets and liabilities:
Description Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Long-Term Bonds              
Asset-Backed Securities           $ —     $ 46,686,679   $ —       $ 46,686,679
Corporate Bonds           —    116,475,463        116,475,463
Foreign Government Bonds           —      9,683,174          9,683,174
Loan Assignments           —      4,081,215          4,081,215
Mortgage-Backed Securities           —    120,796,867        120,796,867
U.S. Government & Federal Agencies           —     80,295,528         80,295,528
Total Long-Term Bonds   378,018,926     378,018,926
Common Stocks  684,307,516             —        684,307,516
Short-Term Investments              
Affiliated Investment Company   20,102,324             —         20,102,324
Unaffiliated Investment Company    9,423,949             —          9,423,949
Total Short-Term Investments 29,526,273       29,526,273
Total Investments in Securities 713,833,789   378,018,926     1,091,852,715
Other Financial Instruments (b)              
Foreign Currency Forward Contracts           —      1,570,827          1,570,827
Futures Contracts    3,447,225             —          3,447,225
Total Other Financial Instruments 3,447,225   1,570,827     5,018,052
Total Investments in Securities and Other Financial Instruments $ 717,281,014   $ 379,589,753   $ —   $ 1,096,870,767
Liability Valuation Inputs              
Other Financial Instruments (b)              
Foreign Currency Forward Contracts           $ —        $ (625,392)   $ —          $ (625,392)
Futures Contracts    (1,948,798)             —          (1,948,798)
Total Other Financial Instruments $ (1,948,798)   $ (625,392)   $ —   $ (2,574,190)
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.
(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

NYLI WMC Enduring Capital Fund
Portfolio of Investments January 31, 2026^(Unaudited)
  Shares Value
Common Stocks 98.5%
Air Freight & Logistics 4.6% 
Expeditors International of Washington, Inc.    126,048 $  20,235,746
Banks 5.0% 
M&T Bank Corp.     99,346  22,012,093
Beverages 2.0% 
Brown-Forman Corp., Class B    325,190   8,900,450
Capital Markets 3.7% 
Brookfield Asset Management Ltd., Class A     80,566    4,004,936
Brookfield Corp.    273,654  12,464,939
    16,469,875
Chemicals 8.2% 
Linde plc     46,799   21,385,739
Sherwin-Williams Co. (The)     41,548  14,734,583
    36,120,322
Commercial Services & Supplies 10.5% 
Cintas Corp.     86,272   16,511,598
Copart, Inc. (a)   420,744   17,073,792
Waste Connections, Inc.  76,139 12,760,896
    46,346,286
Consumer Finance 4.0% 
Credit Acceptance Corp. (a)(b) 36,025 17,949,096
Consumer Staples Distribution & Retail 2.8% 
Costco Wholesale Corp.  13,167 12,380,272
Containers & Packaging 2.0% 
Ball Corp.  153,556 8,732,730
Electronic Equipment, Instruments & Components 6.5% 
Amphenol Corp., Class A  139,377 20,081,438
CDW Corp.  67,132 8,484,814
    28,566,252
Financial Services 4.0% 
Berkshire Hathaway, Inc., Class B (a) 36,661 17,616,710
Ground Transportation 3.5% 
Old Dominion Freight Line, Inc.  89,813 15,555,612
Household Durables 5.7% 
NVR, Inc. (a) 3,302 25,213,180

  Shares Value
Common Stocks
Insurance 10.2% 
Markel Group, Inc. (a)    11,537 $  23,542,864
Progressive Corp. (The)    102,829  21,388,432
    44,931,296
Life Sciences Tools & Services 2.4% 
Danaher Corp.     49,428  10,819,295
Machinery 9.9% 
Deere & Co.     21,160   11,172,480
IDEX Corp.     43,363    8,609,724
PACCAR, Inc.    194,909  23,956,265
    43,738,469
Software 4.9% 
Constellation Software, Inc.     11,392   21,024,228
Lumine Group, Inc. (a)    44,836     738,568
    21,762,796
Specialized REITs 1.6% 
Public Storage     25,872   7,145,588
Specialty Retail 4.1% 
O'Reilly Automotive, Inc. (a) 185,599 18,264,797
Trading Companies & Distributors 2.9% 
Watsco, Inc.  33,006 12,755,169
Total Common Stocks
(Cost $280,187,670)
  435,516,034
 
  Number of
Warrants
 
 
Warrants 0.0% ‡
Software 0.0% ‡
Constellation Software, Inc.    
Expires 3/31/40 (a)(c) 16,496
Total Warrants
(Cost $0)
 
 
  Shares  
 
Short-Term Investments 5.0%
Affiliated Investment Company 1.6% 
NYLI U.S. Government Liquidity Fund, 3.523% (d) 7,310,691 7,310,691

  Shares   Value
Short-Term Investments
Unaffiliated Investment Companies 3.4% 
Dreyfus Treasury Obligations Cash Management Fund, 3.70% (d)(e) 7,000,000   $   7,000,000
Invesco Government & Agency Portfolio, 3.682% (d)(e) 2,954,738      2,954,738
Morgan Stanley Institutional Liquidity Fund Government Portfolio, 3.70% (d)(e) 5,000,000     5,000,000
      14,954,738
Total Short-Term Investments
(Cost $22,265,429)
    22,265,429
Total Investments
(Cost $302,453,099)
103.5%   457,781,463
Other Assets, Less Liabilities (3.5)   (15,635,150)
Net Assets 100.0%   $ 442,146,313
    
Percentages indicated are based on Fund net assets.
^ Industry classifications may be different than those used for compliance monitoring purposes.
Less than one-tenth of a percent.
(a) Non-income producing security.
(b) All or a portion of this security was held on loan. As of January 31, 2026, the aggregate market value of securities on loan was $14,654,019. The Fund received cash collateral with a value of $14,954,738.  
(c) Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(d) Current yield as of January 31, 2026.
(e) Represents a security purchased with cash collateral received for securities on loan.
Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Investment Companies Value,
Beginning
of Period
Purchases
at Cost
Proceeds
from
Sales
Net
Realized
Gain/(Loss)
on Sales
Change in
Unrealized
Appreciation/
(Depreciation)
Value,
End of
Period
Dividend
Income
Other
Distributions
Shares
End of
Period
NYLI U.S. Government Liquidity Fund $ 4,642 $ 24,632 $ (21,963) $ — $ — $ 7,311 $ 41 $ — 7,311
    
    
Abbreviation(s):
REIT—Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund’s assets:
Description Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Common Stocks  $ 435,516,034   $ —   $ —    $ 435,516,034
Warrants           —                 —
Short-Term Investments              
Affiliated Investment Company    7,310,691          7,310,691
Unaffiliated Investment Companies   14,954,738         14,954,738
Total Short-Term Investments 22,265,429       22,265,429
Total Investments in Securities $ 457,781,463   $ —   $ —   $ 457,781,463
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

NYLI MacKay Convertible Fund
Portfolio of Investments January 31, 2026^(Unaudited)
  Principal
Amount
Value
Convertible Securities 95.4%
Convertible Bonds 85.8%
Aerospace & Defense 1.0% 
AeroVironment, Inc.    
(zero coupon), due 7/15/30 $    4,835,000 $     5,698,047
BWX Technologies, Inc.    
(zero coupon), due 11/1/30 (a) 10,120,000    10,459,020
    16,157,067
Automobile Components 1.1% 
Patrick Industries, Inc.    
1.75%, due 12/1/28 9,454,000 18,383,303
Automobiles 1.4% 
Ford Motor Co.    
(zero coupon), due 3/15/26 14,455,000 15,329,527
Rivian Automotive, Inc.    
4.625%, due 3/15/29 7,336,000 7,757,820
    23,087,347
Beverages 0.6% 
MGP Ingredients, Inc.    
1.875%, due 11/15/41 9,940,000 9,641,930
Biotechnology 7.6% 
Alnylam Pharmaceuticals, Inc.    
1.00%, due 9/15/27 5,460,000 7,130,963
Arrowhead Pharmaceuticals, Inc.    
(zero coupon), due 1/15/32 1,542,000 1,734,495
BioMarin Pharmaceutical, Inc.    
1.25%, due 5/15/27 19,573,000 19,003,462
Bridgebio Pharma, Inc.    
2.25%, due 2/1/29 14,242,000 16,225,199
Halozyme Therapeutics, Inc. (a)    
(zero coupon), due 2/15/31 8,856,000 9,121,680
0.875%, due 11/15/32 8,857,000 9,304,279
Ionis Pharmaceuticals, Inc.    
(zero coupon), due 12/1/30 (a) 10,631,000 11,774,779
1.75%, due 6/15/28 5,324,000 8,750,082
Mirum Pharmaceuticals, Inc.    
4.00%, due 5/1/29 12,752,000 42,256,940
    125,301,879
Broadline Retail 1.0% 
Etsy, Inc.    
0.125%, due 10/1/26 15,617,000 15,577,177

  Principal
Amount
Value
Convertible Bonds
Commercial Services & Supplies 1.9% 
Tetra Tech, Inc.    
2.25%, due 8/15/28 $   26,609,000 $    30,939,615
Communications Equipment 2.6% 
Lumentum Holdings, Inc.    
0.50%, due 6/15/28 13,970,000    42,184,272
Construction & Engineering 0.8% 
Fluor Corp.    
1.125%, due 8/15/29 10,495,000    12,972,870
Consumer Finance 0.6% 
Upstart Holdings, Inc.    
1.00%, due 11/15/30 11,789,000 10,094,331
Consumer Staples Distribution & Retail 0.9% 
Chefs' Warehouse, Inc. (The)    
2.375%, due 12/15/28 9,332,000 14,377,812
Electric Utilities 1.7% 
PG&E Corp.    
4.25%, due 12/1/27 24,558,000 25,000,044
Southern Co. (The)    
3.25%, due 6/15/28 (a) 3,000,000 3,009,000
    28,009,044
Electrical Equipment 0.5% 
Bloom Energy Corp.    
(zero coupon), due 11/15/30 (a) 7,394,000 8,384,796
Electronic Equipment, Instruments & Components 4.8% 
Advanced Energy Industries, Inc.    
2.50%, due 9/15/28 18,209,000 35,434,714
Avnet, Inc.    
1.75%, due 9/1/30 (a) 9,700,000 10,534,200
Mirion Technologies, Inc.    
0.25%, due 6/1/30 (a) 9,743,000 12,605,006
OSI Systems, Inc.    
0.50%, due 2/1/31 (a) 20,280,000 20,170,488
    78,744,408
Energy Equipment & Services 0.2% 
Oil States International, Inc.    
4.75%, due 4/1/26 2,706,000 2,765,383

  Principal
Amount
Value
Convertible Bonds
Entertainment 2.8% 
IMAX Corp.    
0.75%, due 11/15/30 (a)(b) $   14,719,000 $    15,767,729
Liberty Media Corp.-Liberty Formula One    
2.25%, due 8/15/27 13,561,000     15,886,711
Live Nation Entertainment, Inc.    
2.875%, due 1/15/30 13,975,000    14,827,475
    46,481,915
Financial Services 2.8% 
Affirm Holdings, Inc.    
0.75%, due 12/15/29 11,397,000 11,802,164
Euronet Worldwide, Inc.    
0.625%, due 10/1/30 (a) 7,250,000 6,511,406
Global Payments, Inc.    
1.50%, due 3/1/31 11,829,000 10,492,323
Shift4 Payments, Inc.    
0.50%, due 8/1/27 18,090,000 17,420,670
    46,226,563
Food Products 2.2% 
Freshpet, Inc.    
3.00%, due 4/1/28 9,309,000 11,538,505
Post Holdings, Inc.    
2.50%, due 8/15/27 22,194,000 24,424,497
    35,963,002
Ground Transportation 1.4% 
Uber Technologies, Inc.    
Series 2028    
0.875%, due 12/1/28 17,288,000 22,189,679
Health Care Equipment & Supplies 6.9% 
DexCom, Inc.    
0.375%, due 5/15/28 15,040,000 14,051,120
Haemonetics Corp.    
(zero coupon), due 3/1/26 1,912,000 1,912,000
Integer Holdings Corp.    
1.875%, due 3/15/30 (a) 25,460,000 24,365,220
iRhythm Holdings, Inc.    
1.50%, due 9/1/29 14,384,000 18,368,368
Lantheus Holdings, Inc.    
2.625%, due 12/15/27 23,906,000 27,414,205
Merit Medical Systems, Inc.    
3.00%, due 2/1/29 (a) 23,436,000 27,138,888
    113,249,801

  Principal
Amount
Value
Convertible Bonds
Health Care REITs 2.6% 
Welltower OP LLC    
3.125%, due 7/15/29 (a) $   28,150,000 $    42,956,900
Health Care Technology 0.4% 
Teladoc Health, Inc.    
1.25%, due 6/1/27   7,157,000     6,899,349
Hotels, Restaurants & Leisure 2.7% 
Cheesecake Factory, Inc. (The)    
0.375%, due 6/15/26   9,208,000      9,156,323
DoorDash, Inc.    
(zero coupon), due 5/15/30 (a) 12,055,000 12,091,165
Expedia Group, Inc.    
(zero coupon), due 2/15/26 2,822,000 3,134,907
NCL Corp. Ltd.    
1.125%, due 2/15/27 20,225,000 20,285,675
    44,668,070
Household Durables 0.8% 
Meritage Homes Corp.    
1.75%, due 5/15/28 (b) 13,302,000 13,564,784
Household Products 0.4% 
Spectrum Brands, Inc.    
3.375%, due 6/1/29 7,412,000 7,180,375
Interactive Media & Services 0.8% 
Match Group Financeco 2, Inc.    
0.875%, due 6/15/26 (a) 12,450,000 12,294,997
IT Services 2.9% 
Akamai Technologies, Inc.    
0.375%, due 9/1/27 16,800,000 17,865,209
Cloudflare, Inc.    
(zero coupon), due 6/15/30 (a) 12,025,000 12,693,588
Snowflake, Inc.    
(zero coupon), due 10/1/27 12,188,000 16,545,210
    47,104,007
Life Sciences Tools & Services 0.2% 
Tempus AI, Inc.    
0.75%, due 7/15/30 (a)(b) 3,415,000 3,708,714
Machinery 0.6% 
Greenbrier Cos., Inc. (The)    
2.875%, due 4/15/28 8,991,000 10,178,262

  Principal
Amount
Value
Convertible Bonds
Media 1.4% 
Liberty Broadband Corp.    
3.125%, due 3/31/53 (a) $    9,263,000 $     9,230,580
Sirius XM Holdings, Inc.    
3.75%, due 3/15/28 13,850,000    14,085,450
    23,316,030
Metals & Mining 0.6% 
MP Materials Corp.    
3.00%, due 3/1/30 (a)   3,271,000     9,328,892
Oil, Gas & Consumable Fuels 0.8% 
Northern Oil & Gas, Inc.    
3.625%, due 4/15/29 12,935,000 13,134,198
Pharmaceuticals 2.3% 
Amphastar Pharmaceuticals, Inc.    
2.00%, due 3/15/29 8,159,000 7,666,820
Jazz Investments I Ltd.    
2.00%, due 6/15/26 12,247,000 13,583,118
Zoetis, Inc.    
0.25%, due 6/15/29 (a) 15,259,000 15,678,622
    36,928,560
Professional Services 2.2% 
Parsons Corp.    
2.625%, due 3/1/29 12,747,000 13,674,763
Planet Labs PBC    
0.50%, due 10/15/30 (a) 9,797,000 22,373,899
    36,048,662
Real Estate Management & Development 0.7% 
Compass, Inc.    
0.25%, due 4/15/31 (a) 10,279,000 11,101,351
Residential REITs 0.5% 
Tanger Properties LP    
2.375%, due 1/15/31 (a) 8,023,000 7,951,595
Semiconductors & Semiconductor Equipment 5.5% 
Impinj, Inc.    
(zero coupon), due 9/15/29 (a) 10,175,000 9,849,400
MKS, Inc.    
1.25%, due 6/1/30 15,811,000 26,632,726
Nova Ltd.    
(zero coupon), due 9/15/30 (a) 9,006,000 14,463,906
ON Semiconductor Corp.    
(zero coupon), due 5/1/27 19,255,000 24,349,660

  Principal
Amount
Value
Convertible Bonds
Semiconductors & Semiconductor Equipment  
Semtech Corp.    
(zero coupon), due 10/15/30 (a) $    6,119,000 $     6,898,172
Synaptics, Inc.    
0.75%, due 12/1/31   7,650,000     8,675,198
    90,869,062
Software 11.8% 
BILL Holdings, Inc.    
(zero coupon), due 4/1/30 13,980,000     12,538,313
Check Point Software Technologies Ltd.    
(zero coupon), due 12/15/30 (a) 11,393,000 11,290,297
CyberArk Software Ltd.    
(zero coupon), due 6/15/30 (a) 9,288,000 9,798,840
Datadog, Inc.    
(zero coupon), due 12/1/29 16,717,000 16,503,858
Dropbox, Inc.    
(zero coupon), due 3/1/28 11,036,000 10,947,712
Five9, Inc.    
1.00%, due 3/15/29 5,835,000 5,286,510
Guidewire Software, Inc.    
1.25%, due 11/1/29 11,315,000 10,969,893
Life360, Inc.    
(zero coupon), due 6/1/30 (a) 8,200,000 8,637,819
Nebius Group NV    
1.00%, due 9/15/30 (a) 7,292,000 7,288,354
Nutanix, Inc.    
0.50%, due 12/15/29 15,180,000 13,836,570
Progress Software Corp.    
3.50%, due 3/1/30 12,780,000 12,910,995
Q2 Holdings, Inc.    
0.75%, due 6/1/26 (b) 12,470,000 12,376,475
Rapid7, Inc.    
1.25%, due 3/15/29 6,025,000 5,490,281
Rubrik, Inc.    
(zero coupon), due 6/15/30 (a) 7,215,000 6,493,500
Tyler Technologies, Inc.    
0.25%, due 3/15/26 14,176,000 14,126,384
Unity Software, Inc.    
(zero coupon), due 3/15/30 (a)(b) 10,909,000 12,286,671
Vertex, Inc.    
0.75%, due 5/1/29 8,473,000 7,956,359
Workiva, Inc.    
1.25%, due 8/15/28 7,850,000 7,612,538
Zscaler, Inc.    
(zero coupon), due 7/15/28 (a) 8,460,000 7,886,017
    194,237,386

  Principal
Amount
Value
Convertible Bonds
Specialty Retail 0.9% 
Burlington Stores, Inc.    
1.25%, due 12/15/27 $    9,505,000 $    14,433,343
Technology Hardware, Storage & Peripherals 4.9% 
Seagate HDD Cayman    
3.50%, due 6/1/28   7,135,000     35,421,707
Western Digital Corp.    
3.00%, due 11/15/28   6,875,000    45,687,161
    81,108,868
Total Convertible Bonds
(Cost $1,181,397,235)
  1,407,745,599
 
  Shares  
 
Convertible Preferred Stocks 9.6%
Aerospace & Defense 1.6% 
Boeing Co. (The)  
6.00% 346,200 25,868,064
Banks 1.8% 
Bank of America Corp.  
Series L    
7.25% (c) 12,072 15,041,712
Wells Fargo & Co.  
Series L    
7.50% (b)(c) 11,552 14,254,706
    29,296,418
Capital Markets 0.6% 
Ares Management Corp.  
Series B    
6.75% 195,700 9,360,331
Electric Utilities 0.5% 
NextEra Energy, Inc.  
7.299% 162,500 9,013,875
Financial Services 1.2% 
Apollo Global Management, Inc.  
6.75% 289,050 20,051,398
Semiconductors & Semiconductor Equipment 1.0% 
Microchip Technology, Inc.  
7.50% 235,175 15,719,097

  Shares   Value
Convertible Preferred Stocks
Technology Hardware, Storage & Peripherals 0.9% 
Hewlett Packard Enterprise Co.    
7.625%    240,100   $    14,542,857
Trading Companies & Distributors 2.0% 
QXO, Inc.    
5.50%    519,808      32,929,837
Total Convertible Preferred Stocks
(Cost $132,686,457)
    156,781,877
Total Convertible Securities
(Cost $1,314,083,692)
    1,564,527,476
Short-Term Investments 4.8%
Affiliated Investment Company 4.3% 
NYLI U.S. Government Liquidity Fund, 3.523% (d)(e) 70,346,082      70,346,082
Unaffiliated Investment Company 0.5% 
Invesco Government & Agency Portfolio, 3.682% (e)(f)  8,283,864       8,283,864
Total Short-Term Investments
(Cost $78,629,946)
    78,629,946
Total Investments
(Cost $1,392,713,638)
100.2%   1,643,157,422
Other Assets, Less Liabilities (0.2)   (3,423,105)
Net Assets 100.0%   $ 1,639,734,317
    
Percentages indicated are based on Fund net assets.
^ Industry classifications may be different than those used for compliance monitoring purposes.
(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(b) All or a portion of this security was held on loan. As of January 31, 2026, the aggregate market value of securities on loan was $7,411,868; the total market value of collateral held by the Fund was $8,410,607. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $126,743. The Fund received cash collateral with a value of $8,283,864.  
(c) Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(d) As of January 31, 2026, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class.
(e) Current yield as of January 31, 2026.
(f) Represents a security purchased with cash collateral received for securities on loan.
Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Investment Companies Value,
Beginning
of Period
Purchases
at Cost
Proceeds
from
Sales
Net
Realized
Gain/(Loss)
on Sales
Change in
Unrealized
Appreciation/
(Depreciation)
Value,
End of
Period
Dividend
Income
Other
Distributions
Shares
End of
Period
NYLI U.S. Government Liquidity Fund $ 85,131 $ 118,637 $ (133,422) $ — $ — $ 70,346 $ 699 $ — 70,346
    

    
Abbreviation(s):
REIT—Real Estate Investment Trust
The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund’s assets:
Description Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Convertible Securities              
Convertible Bonds           $ —    $ 1,407,745,599   $ —    $ 1,407,745,599
Convertible Preferred Stocks  156,781,877               —        156,781,877
Total Convertible Securities 156,781,877   1,407,745,599     1,564,527,476
Short-Term Investments              
Affiliated Investment Company   70,346,082               —         70,346,082
Unaffiliated Investment Company    8,283,864               —          8,283,864
Total Short-Term Investments 78,629,946       78,629,946
Total Investments in Securities $ 235,411,823   $ 1,407,745,599   $ —   $ 1,643,157,422
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

NYLI MacKay High Yield Corporate Bond Fund
Portfolio of Investments January 31, 2026^(Unaudited)
  Principal
Amount
Value
Long-Term Bonds 93.1%
Convertible Bonds 0.4%
Energy-Alternate Sources 0.1% 
XPLR Infrastructure LP    
2.50%, due 6/15/26 (a) $   16,000,000 $     15,740,800
Media 0.3% 
Cable One, Inc.    
(zero coupon), due 3/15/26   6,000,000       5,910,000
1.125%, due 3/15/28 29,800,000     22,722,500
    28,632,500
Total Convertible Bonds
(Cost $51,488,162)
  44,373,300
Corporate Bonds 86.2%    
Advertising 1.2%   
Clear Channel Outdoor Holdings, Inc. (a)    
7.125%, due 2/15/31 7,690,000 8,019,155
7.75%, due 4/15/28 17,605,000 17,610,510
Lamar Media Corp.    
3.625%, due 1/15/31 32,590,000 30,775,995
3.75%, due 2/15/28 11,750,000 11,535,248
4.00%, due 2/15/30 33,500,000 32,387,023
4.875%, due 1/15/29 11,500,000 11,501,150
Outfront Media Capital LLC (a)    
4.625%, due 3/15/30 5,650,000 5,516,993
5.00%, due 8/15/27 10,000,000 9,997,935
7.375%, due 2/15/31 5,000,000 5,265,830
    132,609,839
Aerospace & Defense 2.9%   
AAR Escrow Issuer LLC    
6.75%, due 3/15/29 (a) 11,500,000 11,902,404
Efesto Bidco SpA Efesto US LLC    
Series XR    
7.50%, due 2/15/32 (a) 7,945,000 8,099,292
TransDigm, Inc.    
4.625%, due 1/15/29 24,500,000 24,351,907
4.875%, due 5/1/29 13,245,000 13,220,757
6.00%, due 1/15/33 (a) 28,500,000 29,038,451
6.375%, due 3/1/29 (a) 78,065,000 80,276,191
6.375%, due 5/31/33 (a) 50,940,000 51,857,531
6.625%, due 3/1/32 (a) 33,150,000 34,276,205
6.75%, due 8/15/28 (a) 31,380,000 31,908,094
6.75%, due 1/31/34 (a) 19,950,000 20,648,569
6.875%, due 12/15/30 (a) 12,250,000 12,759,416
7.125%, due 12/1/31 (a) 11,560,000 12,123,076
    330,461,893

  Principal
Amount
Value
Corporate Bonds    
Agriculture 0.0%  ‡  
Darling Ingredients, Inc.    
6.00%, due 6/15/30 (a) $    5,750,000 $      5,826,567
Airlines 0.2%   
American Airlines, Inc.    
5.75%, due 4/20/29 (a) 10,000,000      10,104,040
United Airlines Holdings, Inc.    
5.375%, due 3/1/31   9,000,000      9,089,379
    19,193,419
Apparel 0.1%   
William Carter Co. (The)    
7.375%, due 2/15/31 (a) 7,255,000 7,500,296
Auto Manufacturers 0.5%   
General Motors Financial Co., Inc.    
5.25%, due 3/1/26 5,000,000 5,005,161
JB Poindexter & Co., Inc.    
8.75%, due 12/15/31 (a) 54,340,000 56,448,936
    61,454,097
Auto Parts & Equipment 2.2%   
Adient Global Holdings Ltd. (a)    
7.00%, due 4/15/28 3,000,000 3,068,208
8.25%, due 4/15/31 6,250,000 6,548,619
American Axle & Manufacturing, Inc. (a)    
6.375%, due 10/15/32 9,000,000 9,182,655
7.75%, due 10/15/33 10,240,000 10,534,168
Clarios Global LP    
6.75%, due 2/15/30 (a) 5,000,000 5,230,655
Forvia SE    
6.75%, due 9/15/33 (a) 2,500,000 2,563,352
Garrett Motion Holdings, Inc.    
7.75%, due 5/31/32 (a) 16,800,000 17,786,261
IHO Verwaltungs GmbH (a)(b)    
6.375% (6.375% Cash or 7.13% PIK), due 5/15/29 40,980,000 41,469,342
7.75% (7.75% Cash or 8.50% PIK), due 11/15/30 39,000,000 41,001,358
8.00% (8.00% Cash or 8.75% PIK), due 11/15/32 18,655,000 19,881,007
Phinia, Inc. (a)    
6.625%, due 10/15/32 8,410,000 8,755,214
6.75%, due 4/15/29 16,150,000 16,694,709
Real Hero Merger Sub 2, Inc.    
6.25%, due 2/1/29 (a) 40,336,000 19,898,556
Tenneco, Inc.    
8.00%, due 11/17/28 (a) 23,685,000 23,825,949

  Principal
Amount
Value
Corporate Bonds    
Auto Parts & Equipment    
ZF North America Capital, Inc.    
7.50%, due 3/24/31 (a) $   23,700,000 $     24,292,239
    250,732,292
Banks 0.0%  ‡  
Walker & Dunlop, Inc.    
6.625%, due 4/1/33 (a)   2,000,000      2,050,166
Biotechnology 0.3%   
BioMarin Pharmaceutical, Inc.    
5.50%, due 2/15/34 (a)(c) 5,000,000 5,013,850
GENMAB A/S (a)    
6.25%, due 12/15/32 18,350,000 18,809,445
7.25%, due 12/15/33 10,600,000 11,218,607
    35,041,902
Building Materials 1.5%   
EMRLD Borrower LP    
6.625%, due 12/15/30 (a) 33,075,000 34,235,172
James Hardie International Finance DAC    
5.00%, due 1/15/28 (a) 28,095,000 28,063,478
Knife River Corp.    
7.75%, due 5/1/31 (a) 18,540,000 19,304,775
Masterbrand, Inc.    
7.00%, due 7/15/32 (a) 7,500,000 7,777,695
Quikrete Holdings, Inc. (a)    
6.375%, due 3/1/32 54,355,000 56,371,116
6.75%, due 3/1/33 18,500,000 19,219,058
    164,971,294
Chemicals 3.0%   
ASP Unifrax Holdings, Inc. (a)(b)    
6.425% (6.425% Cash or 4.75% PIK), due 9/30/29 16,385,146 12,379,205
7.10% (5.85% Cash and 1.25% PIK), due 9/30/29 38,080,456 3,001,480
Axalta Coating Systems Dutch Holding B BV    
7.25%, due 2/15/31 (a) 4,000,000 4,209,820
Celanese US Holdings LLC (d)    
6.85%, due 11/15/28 1,870,000 1,963,092
7.05%, due 11/15/30 11,000,000 11,637,461
7.20%, due 11/15/33 2,500,000 2,644,768
7.33%, due 7/15/29 2,500,000 2,628,700
7.379%, due 7/15/32 10,000,000 10,432,900
GPD Cos., Inc.    
12.50% (10.125% Cash and 2.375% PIK), due 12/31/29 (a)(b) 26,065,565 13,559,033
Innophos Holdings, Inc.    
11.50%, due 6/15/29 (a) 54,615,550 53,659,778
Inversion Escrow Issuer LLC    
6.75%, due 8/1/32 (a) 12,215,000 12,098,904

  Principal
Amount
Value
Corporate Bonds    
Chemicals    
Mativ Holdings, Inc.    
8.00%, due 10/1/29 (a) $    4,700,000 $      4,733,647
NOVA Chemicals Corp. (a)    
5.25%, due 6/1/27 24,000,000      24,112,128
7.00%, due 12/1/31   8,385,000       8,950,451
8.50%, due 11/15/28 14,360,000      14,998,848
9.00%, due 2/15/30 22,710,000      24,218,603
Olympus Water US Holding Corp.    
7.25%, due 2/15/33 (a) 12,480,000 12,431,433
Perimeter Holdings LLC    
6.25%, due 1/15/34 (a) 22,970,000 22,970,919
Qnity Electronics, Inc. (a)    
5.75%, due 8/15/32 15,335,000 15,621,979
6.25%, due 8/15/33 11,525,000 11,894,883
SCIH Salt Holdings, Inc.    
4.875%, due 5/1/28 (a) 9,000,000 8,978,145
SK Invictus Intermediate II SARL    
5.00%, due 10/30/29 (a) 44,380,000 43,669,907
Solstice Advanced Materials, Inc.    
5.625%, due 9/30/33 (a) 16,590,000 16,677,695
    337,473,779
Coal 0.2%   
Alliance Resource Operating Partners LP    
8.625%, due 6/15/29 (a) 17,000,000 17,900,626
Coronado Finance Pty. Ltd.    
9.25%, due 10/1/29 (a) 6,625,000 6,269,855
    24,170,481
Commercial Services 3.7%   
Alta Equipment Group, Inc.    
9.00%, due 6/1/29 (a) 2,000,000 1,911,108
AMN Healthcare, Inc.    
6.50%, due 1/15/31 (a) 9,225,000 9,345,934
Belron UK Finance plc    
5.75%, due 10/15/29 (a) 13,360,000 13,614,391
Block, Inc.    
5.625%, due 8/15/30 (a) 15,595,000 15,873,262
6.00%, due 8/15/33 (a) 14,285,000 14,591,882
6.50%, due 5/15/32 18,500,000 19,220,640
Clarivate Science Holdings Corp. (a)    
3.875%, due 7/1/28 31,724,000 29,940,543
4.875%, due 7/1/29 62,496,000 53,719,362
Dcli Bidco LLC    
7.75%, due 11/15/29 (a) 23,880,000 24,297,207
GEO Group, Inc. (The)    
8.625%, due 4/15/29 5,000,000 5,228,664
10.25%, due 4/15/31 6,015,000 6,563,087

  Principal
Amount
Value
Corporate Bonds    
Commercial Services    
Graham Holdings Co.    
5.625%, due 12/1/33 (a) $   16,640,000 $     16,720,255
Herc Holdings, Inc. (a)    
5.75%, due 3/15/31   4,560,000       4,592,376
6.00%, due 3/15/34   3,000,000       3,015,204
7.00%, due 6/15/30   8,605,000       9,031,490
Korn Ferry    
4.625%, due 12/15/27 (a)   9,685,000       9,654,160
NES Fircroft Bondco A/S    
Series Reg S    
8.00%, due 9/30/29 (a) 16,375,000 16,586,333
NESCO Holdings II, Inc.    
5.50%, due 4/15/29 (a) 30,274,000 29,832,003
OT Midco, Inc.    
10.00%, due 2/15/30 (a) 23,155,000 10,797,336
Raven Acquisition Holdings LLC    
6.875%, due 11/15/31 (a) 7,420,000 7,435,768
TriNet Group, Inc.    
7.125%, due 8/15/31 (a) 14,050,000 14,455,118
United Rentals North America, Inc.    
3.875%, due 2/15/31 10,135,000 9,661,630
4.875%, due 1/15/28 12,760,000 12,762,807
5.375%, due 11/15/33 (a) 20,815,000 20,802,760
Williams Scotsman, Inc. (a)    
4.625%, due 8/15/28 19,500,000 19,427,212
6.625%, due 6/15/29 14,250,000 14,732,505
6.625%, due 4/15/30 9,000,000 9,324,999
7.375%, due 10/1/31 9,515,000 9,920,272
    413,058,308
Computers 0.5%   
Amentum Holdings, Inc.    
7.25%, due 8/1/32 (a) 25,500,000 26,872,487
CACI International, Inc.    
6.375%, due 6/15/33 (a) 18,000,000 18,675,666
Diebold Nixdorf, Inc.    
7.75%, due 3/31/30 (a) 6,000,000 6,354,444
Gartner, Inc.    
3.75%, due 10/1/30 (a) 5,000,000 4,739,988
McAfee Corp.    
7.375%, due 2/15/30 (a) 3,220,000 2,561,829
    59,204,414
Cosmetics & Personal Care 1.1%   
Edgewell Personal Care Co. (a)    
4.125%, due 4/1/29 21,750,000 20,851,077
5.50%, due 6/1/28 20,505,000 20,511,644

  Principal
Amount
Value
Corporate Bonds    
Cosmetics & Personal Care    
Perrigo Finance Unlimited Co.    
6.125%, due 9/30/32 $   17,340,000 $     17,054,356
Prestige Brands, Inc. (a)    
3.75%, due 4/1/31 40,485,000      37,842,358
5.125%, due 1/15/28 26,880,000     26,890,187
    123,149,622
Distribution & Wholesale 0.6%   
Dealer Tire LLC    
8.00%, due 2/1/28 (a) 5,000,000 4,992,004
Gates Corp.    
6.875%, due 7/1/29 (a) 3,215,000 3,342,099
RB Global Holdings, Inc. (a)    
6.75%, due 3/15/28 13,290,000 13,536,941
7.75%, due 3/15/31 29,540,000 30,792,112
Velocity Vehicle Group LLC    
8.00%, due 6/1/29 (a) 15,290,000 14,965,279
    67,628,435
Diversified Financial Services 3.4%   
Aretec Group, Inc. (a)    
7.50%, due 4/1/29 19,867,000 19,818,330
10.00%, due 8/15/30 12,140,000 13,077,087
Cantor Fitzgerald LP    
7.20%, due 12/12/28 (a) 4,000,000 4,258,272
Enact Holdings, Inc.    
6.25%, due 5/28/29 5,750,000 6,025,991
Jane Street Group (a)    
6.125%, due 11/1/32 47,310,000 48,185,566
6.75%, due 5/1/33 11,530,000 11,992,799
7.125%, due 4/30/31 58,500,000 61,507,660
Jefferies Finance LLC    
5.00%, due 8/15/28 (a) 2,000,000 1,939,151
Osaic Holdings, Inc. (a)    
6.75%, due 8/1/32 21,435,000 22,214,509
6.75%, due 8/1/32 14,270,000 14,786,859
8.00%, due 8/1/33 7,550,000 7,825,802
8.00%, due 8/1/33 6,260,000 6,486,988
PennyMac Financial Services, Inc. (a)    
4.25%, due 2/15/29 9,500,000 9,141,890
5.75%, due 9/15/31 7,000,000 6,912,922
6.75%, due 2/15/34 10,350,000 10,444,547
6.875%, due 2/15/33 5,000,000 5,100,053
7.125%, due 11/15/30 17,000,000 17,550,732
Planet Financial Group LLC    
10.50%, due 12/15/29 (a) 11,025,000 11,454,821
Provident Funding Associates LP    
9.75%, due 9/15/29 (a) 8,890,000 9,324,721

  Principal
Amount
Value
Corporate Bonds    
Diversified Financial Services    
Rocket Cos., Inc. (a)    
6.125%, due 8/1/30 $   16,980,000 $     17,384,277
6.375%, due 8/1/33 12,205,000      12,662,211
Stonex Escrow Issuer LLC    
6.875%, due 7/15/32 (a) 28,290,000      29,186,765
StoneX Group, Inc.    
7.875%, due 3/1/31 (a) 37,305,000     39,688,155
    386,970,108
Electric 4.3%   
Alpha Generation LLC    
6.75%, due 10/15/32 (a) 12,000,000 12,441,624
Clearway Energy Operating LLC (a)    
4.75%, due 3/15/28 24,940,000 24,922,420
5.75%, due 1/15/34 6,050,000 6,072,055
EUSHI Finance, Inc.    
6.25% (5 Year Treasury Constant Maturity Rate + 2.509%), due 4/1/56 (e) 10,100,000 10,142,521
Keystone Power Pass-Through Holders LLC    
13.00% (12.00% PIK), due 6/1/28 (a)(b)(f) 4,397,206 4,306,330
Leeward Renewable Energy Operations LLC    
4.25%, due 7/1/29 (a) 10,500,000 10,141,948
Lightning Power LLC    
7.25%, due 8/15/32 (a) 38,415,000 40,888,695
NRG Energy, Inc. (a)    
5.75%, due 1/15/34 24,520,000 24,682,617
6.00%, due 2/1/33 12,500,000 12,739,850
6.00%, due 1/15/36 41,995,000 42,433,302
6.25%, due 11/1/34 7,000,000 7,186,151
Pattern Energy Operations LP    
4.50%, due 8/15/28 (a) 5,250,000 5,199,459
PG&E Corp.    
5.00%, due 7/1/28 19,310,000 19,269,034
5.25%, due 7/1/30 15,000,000 14,909,107
Talen Energy Supply LLC (a)    
6.25%, due 2/1/34 24,550,000 24,880,443
6.50%, due 2/1/36 29,385,000 30,126,780
8.625%, due 6/1/30 55,045,000 58,078,530
TransAlta Corp.    
5.875%, due 2/1/34 2,310,000 2,311,848
Vistra Corp. (a)(e)(g)    
7.00% (5 Year Treasury Constant Maturity Rate + 5.74%), due 12/15/26 10,280,000 10,435,475
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 35,500,000 36,154,513
Vistra Operations Co. LLC    
6.875%, due 4/15/32 (a) 10,650,000 11,190,381
VoltaGrid LLC    
7.375%, due 11/1/30 (a) 16,490,000 16,701,259
XPLR Infrastructure Operating Partners LP (a)    
4.50%, due 9/15/27 9,450,000 9,364,076

  Principal
Amount
Value
Corporate Bonds    
Electric    
XPLR Infrastructure Operating Partners LP (a)    
7.25%, due 1/15/29 $    4,000,000 $      4,127,536
7.75%, due 4/15/34   8,915,000       9,087,470
8.375%, due 1/15/31 17,090,000      17,951,667
8.625%, due 3/15/33 14,190,000     14,886,994
    480,632,085
Electrical Components & Equipment 0.4%   
EnerSys    
6.625%, due 1/15/32 (a) 10,000,000 10,357,420
WESCO Distribution, Inc. (a)    
6.375%, due 3/15/29 7,500,000 7,732,665
6.375%, due 3/15/33 7,300,000 7,601,271
6.625%, due 3/15/32 19,720,000 20,605,329
    46,296,685
Electronics 0.1%   
Sensata Technologies BV    
5.875%, due 9/1/30 (a) 12,000,000 12,178,368
Engineering & Construction 1.0%   
AECOM    
6.00%, due 8/1/33 (a) 24,730,000 25,333,338
Arcosa, Inc.    
6.875%, due 8/15/32 (a) 23,860,000 25,133,695
Artera Services LLC    
8.50%, due 2/15/31 (a) 10,000,000 8,128,470
Great Lakes Dredge & Dock Corp.    
5.25%, due 6/1/29 (a) 14,178,000 13,945,601
Weekley Homes LLC (a)    
4.875%, due 9/15/28 21,580,000 21,259,241
6.75%, due 1/15/34 18,900,000 18,997,127
    112,797,472
Entertainment 4.4%   
Affinity Interactive    
6.875%, due 12/15/27 (a) 12,395,000 7,437,000
Boyne USA, Inc.    
4.75%, due 5/15/29 (a) 20,480,000 20,208,980
Caesars Entertainment, Inc. (a)    
6.00%, due 10/15/32 29,875,000 29,064,163
6.50%, due 2/15/32 9,000,000 9,202,725
7.00%, due 2/15/30 19,750,000 20,394,245
Churchill Downs, Inc. (a)    
4.75%, due 1/15/28 50,525,000 50,352,543
5.50%, due 4/1/27 40,174,000 40,166,909
5.75%, due 4/1/30 27,000,000 27,146,367
6.75%, due 5/1/31 12,800,000 13,188,275

  Principal
Amount
Value
Corporate Bonds    
Entertainment    
Flutter Treasury DAC    
5.875%, due 6/4/31 (a) $    7,000,000 $      7,090,674
Jacobs Entertainment, Inc. (a)    
6.75%, due 2/15/29 26,374,000      26,039,578
6.75%, due 2/15/29   8,775,000       8,636,618
Light & Wonder International, Inc. (a)    
6.25%, due 10/1/33 13,330,000      13,496,625
7.25%, due 11/15/29 15,665,000      16,082,472
7.50%, due 9/1/31 18,000,000 18,836,028
Live Nation Entertainment, Inc. (a)    
4.75%, due 10/15/27 12,000,000 11,996,287
6.50%, due 5/15/27 39,280,000 39,456,482
Merlin Entertainments Group US Holdings, Inc.    
7.375%, due 2/15/31 (a) 12,050,000 10,202,912
Motion Bondco DAC    
6.625%, due 11/15/27 (a) 20,500,000 19,456,888
Motion Finco SARL    
8.375%, due 2/15/32 (a) 14,435,000 12,438,295
Rivers Enterprise Borrower LLC    
6.625%, due 2/1/33 (a) 20,000,000 20,356,840
Rivers Enterprise Lender LLC    
6.25%, due 10/15/30 (a) 17,975,000 18,247,465
Voyager Parent LLC    
9.25%, due 7/1/32 (a) 26,825,000 28,496,734
Warnermedia Holdings, Inc.    
4.279%, due 3/15/32 23,900,000 21,032,000
5.05%, due 3/15/42 13,600,000 9,554,000
    498,581,105
Environmental Control 0.3%   
Clean Harbors, Inc.    
5.75%, due 10/15/33 (a) 11,000,000 11,238,150
Luna 1.5 SARL    
12.00%, due 7/1/32 (a) 12,100,000 12,769,162
Waste Pro USA, Inc.    
7.00%, due 2/1/33 (a) 12,650,000 12,996,167
    37,003,479
Food 2.0%   
Albertsons Cos., Inc. (a)    
5.625%, due 3/31/32 8,600,000 8,591,286
5.75%, due 3/31/34 13,275,000 13,055,613
C&S Group Enterprises LLC    
5.00%, due 12/15/28 (a) 4,000,000 3,754,528
Chobani Holdco II LLC    
8.75% (8.75% Cash or 9.50% PIK), due 10/1/29 (a)(b) 28,465,050 29,414,891
Chobani LLC    
7.625%, due 7/1/29 (a) 21,750,000 22,621,087

  Principal
Amount
Value
Corporate Bonds    
Food    
Land O'Lakes Capital Trust I    
7.45%, due 3/15/28 (a) $   19,509,000 $     20,060,896
Performance Food Group, Inc. (a)    
4.25%, due 8/1/29 19,000,000      18,603,892
5.50%, due 10/15/27   5,000,000       5,002,710
6.125%, due 9/15/32 13,250,000      13,608,518
Post Holdings, Inc. (a)    
6.375%, due 3/1/33   5,000,000       5,038,340
6.50%, due 3/15/36 9,290,000 9,298,396
Simmons Foods, Inc.    
4.625%, due 3/1/29 (a) 46,335,000 44,656,806
United Natural Foods, Inc.    
6.75%, due 10/15/28 (a) 27,018,000 27,065,606
    220,772,569
Forest Products & Paper 0.4%   
Mercer International, Inc.    
5.125%, due 2/1/29 47,150,000 29,134,612
12.875%, due 10/1/28 (a) 19,975,000 14,604,010
    43,738,622
Gas 0.2%   
AltaGas Ltd.    
7.20% (5 Year Treasury Constant Maturity Rate + 3.573%), due 10/15/54 (a)(e) 20,545,000 21,367,642
Healthcare-Products 1.6%   
Bausch + Lomb Corp.    
8.375%, due 10/1/28 (a) 31,040,000 32,359,200
Hologic, Inc. (a)    
3.25%, due 2/15/29 38,100,000 37,960,817
4.625%, due 2/1/28 11,005,000 10,992,584
Neogen Food Safety Corp.    
8.625%, due 7/20/30 (a) 16,600,000 17,696,646
Teleflex, Inc.    
4.25%, due 6/1/28 (a) 37,960,000 37,433,001
Varex Imaging Corp.    
7.875%, due 10/15/27 (a) 39,702,000 40,397,460
    176,839,708
Healthcare-Services 3.3%   
Acadia Healthcare Co., Inc. (a)    
5.00%, due 4/15/29 3,750,000 3,600,231
5.50%, due 7/1/28 4,195,000 4,145,150
DaVita, Inc. (a)    
3.75%, due 2/15/31 18,035,000 16,543,343
4.625%, due 6/1/30 13,490,000 12,980,291
Encompass Health Corp.    
4.50%, due 2/1/28 23,970,000 23,857,272

  Principal
Amount
Value
Corporate Bonds    
Healthcare-Services    
Encompass Health Corp.    
4.625%, due 4/1/31 $    9,200,000 $      9,005,251
4.75%, due 2/1/30 23,300,000      23,193,020
Fortrea Holdings, Inc.    
7.50%, due 7/1/30 (a)   6,767,000       6,884,353
Global Medical Response, Inc.    
7.375%, due 10/1/32 (a) 16,600,000      17,164,234
HCA, Inc.    
7.50%, due 11/6/33 31,500,000 36,067,656
IQVIA, Inc. (a)    
5.00%, due 10/15/26 29,113,000 29,102,417
5.00%, due 5/15/27 5,000,000 5,001,683
6.25%, due 6/1/32 40,300,000 41,869,685
6.50%, due 5/15/30 6,000,000 6,215,250
LifePoint Health, Inc. (a)    
5.375%, due 1/15/29 17,023,000 16,529,362
8.375%, due 2/15/32 20,120,000 21,862,191
10.00%, due 6/1/32 26,175,000 27,615,141
11.00%, due 10/15/30 22,800,000 24,865,156
Molina Healthcare, Inc.    
6.50%, due 2/15/31 (a) 8,000,000 8,198,784
Tenet Healthcare Corp.    
5.50%, due 11/15/32 (a) 11,155,000 11,269,845
6.00%, due 11/15/33 (a) 5,120,000 5,268,644
6.125%, due 6/15/30 10,500,000 10,715,345
6.75%, due 5/15/31 10,000,000 10,386,530
    372,340,834
Holding Companies-Diversified 0.5%   
Stena International SA (a)    
7.25%, due 1/15/31 27,285,000 28,033,217
7.625%, due 2/15/31 30,250,000 31,306,179
    59,339,396
Home Builders 1.2%   
Brookfield Residential Properties, Inc.    
6.25%, due 9/15/27 (a) 15,860,000 15,861,523
Century Communities, Inc.    
3.875%, due 8/15/29 (a) 10,545,000 10,035,453
Installed Building Products, Inc.    
5.625%, due 2/1/34 (a) 10,230,000 10,288,803
M/I Homes, Inc.    
3.95%, due 2/15/30 4,000,000 3,849,653
4.95%, due 2/1/28 7,500,000 7,480,247
Mattamy Group Corp.    
6.00%, due 12/15/33 (a) 21,695,000 21,316,828
Shea Homes LP    
4.75%, due 2/15/28 26,925,000 26,874,096

  Principal
Amount
Value
Corporate Bonds    
Home Builders    
Shea Homes LP    
4.75%, due 4/1/29 $    5,500,000 $      5,428,047
STL Holding Co. LLC    
8.75%, due 2/15/29 (a) 12,500,000      13,144,737
Winnebago Industries, Inc.    
6.25%, due 7/15/28 (a) 17,777,000     17,762,325
    132,041,712
Housewares 1.4%   
Central Garden & Pet Co.    
4.125%, due 10/15/30 15,620,000 14,997,260
4.125%, due 4/30/31 (a) 14,875,000 14,078,072
Newell Brands, Inc.    
6.375%, due 5/15/30 31,650,000 31,283,816
6.625%, due 5/15/32 13,250,000 12,976,176
8.50%, due 6/1/28 (a) 13,410,000 14,059,647
Scotts Miracle-Gro Co. (The)    
4.00%, due 4/1/31 27,461,000 25,849,797
4.375%, due 2/1/32 19,465,000 18,350,056
4.50%, due 10/15/29 26,750,000 26,339,275
    157,934,099
Insurance 1.3%   
Asurion LLC and Asurion Co-Issuer, Inc. (a)    
8.00%, due 12/31/32 22,255,000 23,252,124
8.375%, due 2/1/34 10,755,000 10,872,876
Baldwin Insurance Group Holdings LLC    
7.125%, due 5/15/31 (a) 11,000,000 11,311,564
Broadstreet Partners Group LLC    
5.875%, due 4/15/29 (a) 5,000,000 4,988,187
Fairfax Financial Holdings Ltd.    
8.30%, due 4/15/26 5,435,000 5,476,965
HUB International Ltd.    
7.25%, due 6/15/30 (a) 10,000,000 10,433,540
MGIC Investment Corp.    
5.25%, due 8/15/28 23,857,000 23,843,233
NMI Holdings, Inc.    
6.00%, due 8/15/29 5,675,000 5,855,692
Panther Escrow Issuer LLC    
7.125%, due 6/1/31 (a) 15,000,000 15,448,890
Ryan Specialty LLC    
5.875%, due 8/1/32 (a) 19,710,000 20,037,458
USI, Inc.    
7.50%, due 1/15/32 (a) 10,000,000 10,468,700
    141,989,229
Internet 0.8%   
Cars.com, Inc.    
6.375%, due 11/1/28 (a) 14,900,000 14,866,256

  Principal
Amount
Value
Corporate Bonds    
Internet    
Cogent Communications Group LLC (a)    
6.50%, due 7/1/32 $   26,800,000 $     24,609,462
7.00%, due 6/15/27 12,270,000      12,217,240
Gen Digital, Inc. (a)    
6.25%, due 4/1/33   5,750,000       5,777,709
6.75%, due 9/30/27 10,000,000      10,083,558
7.125%, due 9/30/30   8,000,000       8,199,368
Go Daddy Operating Co. LLC    
3.50%, due 3/1/29 (a) 5,000,000 4,751,186
Match Group Holdings II LLC    
6.125%, due 9/15/33 (a) 8,020,000 8,049,780
    88,554,559
Investment Companies 0.3%   
Ares Capital Corp.    
5.50%, due 9/1/30 11,170,000 11,228,770
Compass Group Diversified Holdings LLC    
5.25%, due 4/15/29 (a) 26,146,019 24,374,318
Icahn Enterprises LP    
6.25%, due 5/15/26 2,554,000 2,554,082
    38,157,170
Iron & Steel 1.4%   
Big River Steel LLC    
6.625%, due 1/31/29 (a) 41,082,000 41,463,241
Commercial Metals Co. (a)    
5.75%, due 11/15/33 12,235,000 12,439,288
6.00%, due 12/15/35 12,665,000 12,939,948
Mineral Resources Ltd. (a)    
7.00%, due 4/1/31 30,150,000 31,686,312
8.00%, due 11/1/27 5,465,000 5,588,625
8.50%, due 5/1/30 24,729,000 25,634,990
9.25%, due 10/1/28 27,835,000 29,238,143
    158,990,547
Leisure Time 0.4%   
Carnival Corp. (a)    
5.75%, due 8/1/32 23,630,000 24,268,577
7.00%, due 8/15/29 5,000,000 5,232,504
MajorDrive Holdings IV LLC    
6.375%, due 6/1/29 (a) 16,905,000 13,599,645
Royal Caribbean Cruises Ltd.    
5.50%, due 4/1/28 (a) 5,000,000 5,101,627
    48,202,353
Lodging 2.0%   
Boyd Gaming Corp.    
4.75%, due 12/1/27 39,340,000 39,325,070
4.75%, due 6/15/31 (a) 51,375,000 50,045,585

  Principal
Amount
Value
Corporate Bonds    
Lodging    
Hilton Domestic Operating Co., Inc.    
4.00%, due 5/1/31 (a) $   38,340,000 $     36,597,340
4.875%, due 1/15/30 41,960,000      42,041,990
5.50%, due 3/31/34 (a)   6,650,000       6,682,080
5.75%, due 9/15/33 (a) 12,425,000      12,657,969
5.875%, due 3/15/33 (a) 33,000,000      33,861,960
Wynn Macau Ltd.    
6.75%, due 2/15/34 (a)   8,000,000      8,108,949
    229,320,943
Machinery—Construction & Mining 0.3%   
Vertiv Group Corp.    
4.125%, due 11/15/28 (a) 28,856,000 28,416,102
Machinery-Diversified 1.3%   
Briggs & Stratton Corp. Escrow Claim Shares    
6.875%, due 12/15/20 (f)(h)(i) 9,200,000
Chart Industries, Inc.    
7.50%, due 1/1/30 (a) 12,000,000 12,485,580
Columbus McKinnon Corp.    
7.125%, due 2/1/33 (a) 15,365,000 15,444,898
CompoSecure Holdings LLC    
5.625%, due 2/1/33 (a) 18,030,000 17,972,304
Maxim Crane Works Holdings Capital LLC    
11.50%, due 9/1/28 (a) 16,750,000 17,845,149
Regal Rexnord Corp.    
6.05%, due 2/15/26 5,350,000 5,351,484
6.05%, due 4/15/28 5,000,000 5,183,088
6.30%, due 2/15/30 4,000,000 4,241,070
6.40%, due 4/15/33 7,000,000 7,480,389
TK Elevator U.S. Newco, Inc.    
5.25%, due 7/15/27 (a) 56,561,000 56,577,459
    142,581,421
Media 5.5%   
Block Communications, Inc.    
4.875%, due 3/1/28 (a) 10,595,000 10,396,196
Cable One, Inc.    
4.00%, due 11/15/30 (a) 12,795,000 9,312,909
CCO Holdings LLC    
4.25%, due 2/1/31 (a) 23,590,000 21,597,709
4.25%, due 1/15/34 (a) 14,000,000 11,825,668
4.50%, due 8/15/30 (a) 19,000,000 17,856,977
4.50%, due 5/1/32 62,595,000 56,171,962
4.75%, due 3/1/30 (a) 31,835,000 30,412,007
5.00%, due 2/1/28 (a) 24,000,000 23,867,861
5.125%, due 5/1/27 (a) 32,000,000 32,013,100
5.375%, due 6/1/29 (a) 12,495,000 12,356,367

  Principal
Amount
Value
Corporate Bonds    
Media    
CSC Holdings LLC (a)    
5.50%, due 4/15/27 $   18,250,000 $     16,108,244
5.75%, due 1/15/30 20,500,000       8,057,612
6.50%, due 2/1/29 16,805,000      10,760,191
7.50%, due 4/1/28 11,650,000       6,970,545
11.25%, due 5/15/28   2,155,000       1,727,201
11.75%, due 1/31/29 15,150,000      11,046,866
Directv Financing LLC (a)    
5.875%, due 8/15/27 15,243,000 15,317,249
8.875%, due 2/1/30 4,210,000 4,262,663
Discovery Communications LLC    
3.625%, due 5/15/30 9,540,000 8,813,147
4.125%, due 5/15/29 18,000,000 17,485,020
Gray Media, Inc. (a)    
7.25%, due 8/15/33 10,000,000 10,237,730
9.625%, due 7/15/32 11,500,000 11,855,943
10.50%, due 7/15/29 9,404,000 10,100,977
LCPR Senior Secured Financing DAC (a)    
5.125%, due 7/15/29 15,800,000 10,506,989
6.75%, due 10/15/27 56,917,000 39,699,608
Midcontinent Communications    
8.00%, due 8/15/32 (a) 3,500,000 3,367,593
News Corp. (a)    
3.875%, due 5/15/29 28,380,000 27,649,754
5.125%, due 2/15/32 12,545,000 12,526,920
Scripps Escrow II, Inc.    
3.875%, due 1/15/29 (a) 3,500,000 3,230,166
Sinclair Television Group, Inc.    
8.125%, due 2/15/33 (a) 22,700,000 23,481,334
Sirius XM Radio LLC (a)    
5.00%, due 8/1/27 9,425,000 9,408,617
5.50%, due 7/1/29 8,140,000 8,176,443
TEGNA, Inc.    
4.625%, due 3/15/28 5,000,000 4,965,216
Univision Communications, Inc.    
9.375%, due 8/1/32 (a) 17,400,000 18,733,814
Versant Media Group, Inc.    
7.25%, due 1/30/31 (a) 33,485,000 34,315,078
Virgin Media Finance plc    
5.00%, due 7/15/30 (a) 24,300,000 21,232,643
Virgin Media Secured Finance plc    
5.50%, due 5/15/29 (a) 17,050,000 16,816,615
VZ Secured Financing BV    
5.00%, due 1/15/32 (a) 6,000,000 5,417,747
Ziggo BV    
4.875%, due 1/15/30 (a) 17,000,000 16,049,093
    614,131,774

  Principal
Amount
Value
Corporate Bonds    
Metal Fabricate & Hardware 0.5%   
Advanced Drainage Systems, Inc. (a)    
5.00%, due 9/30/27 $   18,315,000 $     18,291,328
6.375%, due 6/15/30 14,615,000      14,942,858
Park-Ohio Industries, Inc.    
8.50%, due 8/1/30 (a) 10,000,000      10,269,400
Vallourec SACA    
7.50%, due 4/15/32 (a) 10,000,000     10,627,350
    54,130,936
Mining 1.8%   
Alcoa Nederland Holding BV    
7.125%, due 3/15/31 (a) 18,500,000 19,569,837
Alumina Pty. Ltd. (a)    
6.125%, due 3/15/30 10,000,000 10,315,590
6.375%, due 9/15/32 18,020,000 18,732,889
Century Aluminum Co.    
6.875%, due 8/1/32 (a) 23,640,000 24,480,793
Compass Minerals International, Inc.    
8.00%, due 7/1/30 (a) 15,735,000 16,689,103
Eldorado Gold Corp.    
6.25%, due 9/1/29 (a) 24,350,000 24,471,823
First Quantum Minerals Ltd. (a)    
7.25%, due 2/15/34 13,425,000 14,104,278
8.625%, due 6/1/31 8,500,000 8,928,834
9.375%, due 3/1/29 16,850,000 17,677,065
IAMGOLD Corp.    
5.75%, due 10/15/28 (a) 43,085,000 43,259,064
    198,229,276
Miscellaneous—Manufacturing 1.0%   
Amsted Industries, Inc. (a)    
4.625%, due 5/15/30 13,090,000 12,948,724
6.375%, due 3/15/33 10,790,000 11,167,013
Avient Corp.    
7.125%, due 8/1/30 (a) 11,745,000 12,080,966
Calderys Financing II LLC    
11.75% (11.75% Cash or 12.50% PIK), due 6/1/28 (a)(b) 27,359,375 27,778,098
Calderys Financing LLC    
11.25%, due 6/1/28 (a) 13,900,000 14,482,563
Enpro, Inc.    
6.125%, due 6/1/33 (a) 6,500,000 6,683,748
LSB Industries, Inc.    
6.25%, due 10/15/28 (a) 5,510,000 5,515,918
Trinity Industries, Inc.    
7.75%, due 7/15/28 (a) 18,775,000 19,379,761
    110,036,791

  Principal
Amount
Value
Corporate Bonds    
Oil & Gas 5.5%   
Ascent Resources Utica Holdings LLC (a)    
6.625%, due 10/15/32 $    9,250,000 $      9,586,469
9.00%, due 11/1/27 11,295,000      13,914,649
Chord Energy Corp. (a)    
6.00%, due 10/1/30 14,500,000      14,782,725
6.75%, due 3/15/33   1,615,000       1,674,225
Comstock Resources, Inc. (a)    
6.75%, due 3/1/29 14,790,000      14,884,301
6.75%, due 3/1/29 14,000,000 14,017,360
Crescent Energy Finance LLC (a)    
7.625%, due 4/1/32 7,000,000 6,943,178
7.75%, due 7/31/29 23,958,000 24,017,895
7.875%, due 4/15/32 16,800,000 16,714,884
Diamond Foreign Asset Co.    
8.50%, due 10/1/30 (a) 29,785,000 31,671,284
Gulfport Energy Operating Corp.    
6.75%, due 9/1/29 (a) 13,955,000 14,391,610
Hilcorp Energy I LP (a)    
5.75%, due 2/1/29 6,000,000 6,001,440
6.00%, due 2/1/31 12,845,000 12,404,815
Matador Resources Co. (a)    
6.25%, due 4/15/33 16,680,000 16,810,905
6.50%, due 4/15/32 11,250,000 11,455,290
6.875%, due 4/15/28 6,100,000 6,232,687
Moss Creek Resources Holdings, Inc.    
8.25%, due 9/1/31 (a) 21,700,000 21,103,636
Murphy Oil Corp.    
6.00%, due 10/1/32 9,750,000 9,741,834
6.50%, due 2/15/34 12,845,000 12,798,590
Noble Finance II LLC    
8.00%, due 4/15/30 (a) 38,500,000 40,134,516
PBF Holding Co. LLC    
9.875%, due 3/15/30 (a) 10,200,000 10,816,784
Permian Resources Operating LLC    
5.875%, due 7/1/29 (a) 7,000,000 7,023,513
Range Resources Corp.    
4.75%, due 2/15/30 (a) 5,000,000 4,931,400
Seadrill Finance Ltd.    
8.375%, due 8/1/30 (a) 19,515,000 20,443,660
SM Energy Co.    
6.625%, due 1/15/27 5,150,000 5,155,285
6.75%, due 8/1/29 (a) 12,750,000 12,895,133
7.00%, due 8/1/32 (a) 8,500,000 8,521,780
Sunoco LP    
4.50%, due 10/1/29 (a) 25,035,000 24,499,421
4.625%, due 5/1/30 (a) 18,195,000 17,741,539
5.875%, due 7/15/27 (a) 16,025,000 16,038,276
6.00%, due 4/15/27 18,965,000 18,984,572

  Principal
Amount
Value
Corporate Bonds    
Oil & Gas    
Talos Production, Inc. (a)    
9.00%, due 2/1/29 $   24,000,000 $     25,006,800
9.375%, due 2/1/31 29,745,000      31,510,396
TGNR Intermediate Holdings LLC    
5.50%, due 10/15/29 (a) 40,500,000      40,077,010
Transocean Aquila Ltd.    
8.00%, due 9/30/28 (a)   8,676,923       8,894,358
Transocean International Ltd. (a)    
8.25%, due 5/15/29 6,000,000 6,113,220
8.75%, due 2/15/30 38,118,750 39,736,281
Wildfire Intermediate Holdings LLC    
7.50%, due 10/15/29 (a) 17,055,000 17,290,120
    614,961,841
Oil & Gas Services 1.2%   
Archrock Services LP    
6.00%, due 2/1/34 (a) 7,250,000 7,244,530
Bristow Group, Inc. (a)    
6.75%, due 2/1/33 18,645,000 18,863,441
6.875%, due 3/1/28 37,250,000 37,289,448
Kodiak Gas Services LLC    
6.75%, due 10/1/35 (a) 7,750,000 8,007,889
Nine Energy Service, Inc.    
13.00%, due 2/1/28 30,200,000 7,430,106
Oceaneering International, Inc.    
6.00%, due 2/1/28 10,600,000 10,770,490
SESI LLC    
7.875%, due 9/30/30 (a) 23,500,000 23,695,638
Tidewater, Inc.    
9.125%, due 7/15/30 (a) 23,075,000 24,959,789
    138,261,331
Packaging & Containers 0.1%   
Cascades USA, Inc.    
5.375%, due 1/15/28 (a) 13,500,000 13,488,379
Trivium Packaging Finance BV    
8.25%, due 7/15/30 (a) 2,003,000 2,137,349
    15,625,728
Pharmaceuticals 2.2%   
1261229 BC Ltd.    
10.00%, due 4/15/32 (a) 32,913,000 33,777,196
Bausch Health Cos., Inc.    
11.00%, due 9/30/28 (a) 11,162,000 11,603,792
BellRing Brands, Inc.    
7.00%, due 3/15/30 (a) 27,581,000 28,340,819
Endo Finance Holdings LP    
8.50%, due 4/15/31 (a) 27,445,000 29,039,747

  Principal
Amount
Value
Corporate Bonds    
Pharmaceuticals    
Jazz Securities DAC    
4.375%, due 1/15/29 (a) $   59,385,000 $     58,429,970
Organon & Co. (a)    
4.125%, due 4/30/28 38,025,000      37,295,661
5.125%, due 4/30/31 54,405,000     49,408,064
    247,895,249
Pipelines 4.5%   
Antero Midstream Partners LP    
5.75%, due 1/15/28 (a) 14,995,000 15,000,953
Buckeye Partners LP (a)    
6.75%, due 2/1/30 7,500,000 7,858,260
6.875%, due 7/1/29 17,708,000 18,409,839
Energy Transfer LP    
4.40%, due 3/15/27 8,000,000 8,027,984
4.95%, due 5/15/28 11,000,000 11,178,078
Excelerate Energy LP    
8.00%, due 5/15/30 (a) 28,625,000 30,611,031
Genesis Energy LP    
7.75%, due 2/1/28 27,165,000 27,281,837
Global Partners LP    
7.125%, due 7/1/33 (a) 4,585,000 4,696,448
Harvest Midstream I LP (a)    
7.50%, due 9/1/28 26,675,000 27,041,594
7.50%, due 5/15/32 5,000,000 5,222,520
Hess Midstream Operations LP (a)    
5.50%, due 10/15/30 11,450,000 11,570,763
5.875%, due 3/1/28 10,000,000 10,189,730
6.50%, due 6/1/29 7,500,000 7,762,530
ITT Holdings LLC    
6.50%, due 8/1/29 (a) 27,870,000 26,869,222
NuStar Logistics LP    
6.00%, due 6/1/26 16,000,000 16,020,928
Plains All American Pipeline LP    
Series B    
8.223% (3 Month SOFR + 4.372%), due 11/15/2174 (e)(g) 45,303,000 45,218,596
Prairie Acquiror LP    
9.00%, due 8/1/29 (a) 21,250,000 22,040,521
Rockies Express Pipeline LLC (a)    
4.80%, due 5/15/30 2,500,000 2,463,543
4.95%, due 7/15/29 8,250,000 8,224,367
South Bow Canadian Infrastructure Holdings Ltd.    
7.625% (5 Year Treasury Constant Maturity Rate + 3.949%), due 3/1/55 (e) 10,000,000 10,424,780
Tallgrass Energy Partners LP (a)    
5.50%, due 1/15/28 12,500,000 12,495,684
6.75%, due 3/15/34 11,450,000 11,652,791
7.375%, due 2/15/29 29,250,000 30,322,656

  Principal
Amount
Value
Corporate Bonds    
Pipelines    
TransMontaigne Partners LLC    
8.50%, due 6/15/30 (a) $   14,490,000 $     15,032,192
Venture Global LNG, Inc. (a)    
8.125%, due 6/1/28 14,110,000      14,444,367
8.375%, due 6/1/31 21,500,000      21,990,522
9.50%, due 2/1/29 16,865,000      17,959,033
Venture Global Plaquemines LNG LLC (a)    
6.125%, due 12/15/30   5,560,000       5,722,919
6.50%, due 1/15/34 19,815,000 20,563,974
6.50%, due 6/15/34 7,500,000 7,767,224
6.75%, due 1/15/36 9,495,000 9,953,228
7.50%, due 5/1/33 1,500,000 1,644,552
Western Midstream Operating LP    
4.65%, due 7/1/26 5,000,000 5,004,961
4.75%, due 8/15/28 12,000,000 12,151,888
    502,819,515
Real Estate Investment Trusts 1.7%   
Blackstone Mortgage Trust, Inc.    
7.75%, due 12/1/29 (a) 12,200,000 13,077,424
CTR Partnership LP    
3.875%, due 6/30/28 (a) 9,000,000 8,832,604
Millrose Properties, Inc. (a)    
6.25%, due 9/15/32 11,115,000 11,240,366
6.375%, due 8/1/30 18,415,000 18,795,914
MPT Operating Partnership LP    
4.625%, due 8/1/29 7,485,000 6,417,445
5.00%, due 10/15/27 20,640,000 20,180,758
8.50%, due 2/15/32 (a) 13,250,000 14,195,480
RHP Hotel Properties LP    
4.50%, due 2/15/29 (a) 10,000,000 9,855,233
4.75%, due 10/15/27 28,050,000 28,027,709
6.50%, due 4/1/32 (a) 13,000,000 13,443,963
6.50%, due 6/15/33 (a) 10,460,000 10,842,752
7.25%, due 7/15/28 (a) 8,660,000 8,916,163
Starwood Property Trust, Inc.    
5.75%, due 1/15/31 (a) 13,600,000 13,770,925
Vornado Realty LP    
5.75%, due 2/1/33 17,215,000 17,411,798
    195,008,534
Retail 4.6%   
1011778 B.C. Unlimited Liability Co. (a)    
3.875%, due 1/15/28 19,585,000 19,292,821
4.00%, due 10/15/30 55,052,000 52,526,562
5.625%, due 9/15/29 11,000,000 11,186,142
6.125%, due 6/15/29 19,500,000 19,990,763

  Principal
Amount
Value
Corporate Bonds    
Retail    
Asbury Automotive Group, Inc.    
4.50%, due 3/1/28 $   23,137,000 $     23,057,069
4.75%, due 3/1/30 18,525,000      18,238,240
5.00%, due 2/15/32 (a) 14,110,000      13,712,119
Cougar JV Subsidiary LLC    
8.00%, due 5/15/32 (a)   9,250,000       9,884,707
Group 1 Automotive, Inc. (a)    
4.00%, due 8/15/28   9,500,000       9,290,270
6.375%, due 1/15/30 4,035,000 4,142,012
Ken Garff Automotive LLC    
4.875%, due 9/15/28 (a) 31,855,000 31,636,131
KFC Holding Co.    
4.75%, due 6/1/27 (a) 18,287,000 18,314,504
LCM Investments Holdings II LLC (a)    
4.875%, due 5/1/29 48,000,000 47,298,461
8.25%, due 8/1/31 17,300,000 18,224,806
Murphy Oil USA, Inc.    
4.75%, due 9/15/29 7,500,000 7,463,296
5.625%, due 5/1/27 16,817,000 16,824,097
Papa John's International, Inc.    
3.875%, due 9/15/29 (a) 21,634,000 20,657,281
PetSmart LLC    
7.50%, due 9/15/32 (a) 7,000,000 7,178,227
QXO Building Products, Inc.    
6.75%, due 4/30/32 (a) 17,300,000 17,827,304
Sonic Automotive, Inc.    
4.875%, due 11/15/31 (a) 13,120,000 12,650,465
Yum! Brands, Inc.    
3.625%, due 3/15/31 40,870,000 38,636,381
4.625%, due 1/31/32 46,500,000 45,466,282
4.75%, due 1/15/30 (a) 19,935,000 19,886,071
5.375%, due 4/1/32 30,000,000 30,385,230
    513,769,241
Semiconductors 0.1%   
Amkor Technology, Inc.    
5.875%, due 10/1/33 (a) 14,700,000 14,980,829
Software 2.9%   
Cloud Software Group, Inc. (a)    
6.50%, due 3/31/29 36,355,000 36,128,419
6.625%, due 8/15/33 15,000,000 14,378,797
8.25%, due 6/30/32 6,000,000 6,102,498
9.00%, due 9/30/29 16,630,000 16,792,497
Fair Isaac Corp. (a)    
5.25%, due 5/15/26 11,250,000 11,238,910
6.00%, due 5/15/33 22,300,000 22,722,250

  Principal
Amount
Value
Corporate Bonds    
Software    
MSCI, Inc. (a)    
3.625%, due 9/1/30 $    5,000,000 $      4,778,981
3.875%, due 2/15/31   5,500,000       5,278,378
Open Text Corp. (a)    
3.875%, due 2/15/28 20,685,000      20,023,314
6.90%, due 12/1/27 11,340,000      11,708,850
Open Text Holdings, Inc. (a)    
4.125%, due 2/15/30 37,897,000      35,202,906
4.125%, due 12/1/31 10,000,000 8,983,696
PTC, Inc.    
4.00%, due 2/15/28 (a) 36,369,000 35,839,045
SS&C Technologies, Inc. (a)    
5.50%, due 9/30/27 27,745,000 27,720,995
6.50%, due 6/1/32 20,500,000 21,164,692
UKG, Inc.    
6.875%, due 2/1/31 (a) 44,500,000 44,464,129
    322,528,357
Telecommunications 2.9%   
Bell Canada    
6.875% (5 Year Treasury Constant Maturity Rate + 2.39%), due 9/15/55 (e) 6,500,000 6,734,442
Cipher Compute LLC    
7.125%, due 11/15/30 (a) 27,180,000 28,006,571
Connect Finco SARL    
9.00%, due 9/15/29 (a) 5,250,000 5,572,177
EchoStar Corp.    
6.75% (6.75% PIK), due 11/30/30 (b) 23,846,250 24,269,235
10.75%, due 11/30/29 22,605,000 24,780,053
Frontier Communications Holdings LLC (a)    
5.00%, due 5/1/28 8,000,000 8,000,264
8.625%, due 3/15/31 26,195,000 27,386,768
Iliad Holding SAS (a)    
7.00%, due 4/15/32 12,530,000 12,842,749
8.50%, due 4/15/31 10,000,000 10,708,200
Rogers Communications, Inc. (e)    
Series NC5    
7.00% (5 Year Treasury Constant Maturity Rate + 2.653%), due 4/15/55 22,295,000 23,125,979
7.125% (5 Year Treasury Constant Maturity Rate + 2.62%), due 4/15/55 16,675,000 17,486,193
Sprint Capital Corp.    
6.875%, due 11/15/28 19,570,000 20,995,418
TELUS Corp. (e)    
6.375% (5 Year Treasury Constant Maturity Rate + 2.694%), due 6/9/56 11,070,000 11,184,408
6.625% (5 Year Treasury Constant Maturity Rate + 2.769%), due 10/15/55 16,500,000 16,875,045
6.625% (5 Year Treasury Constant Maturity Rate + 2.515%), due 6/9/56 5,315,000 5,338,752
Uniti Group LP (a)    
4.75%, due 4/15/28 15,060,000 15,027,269
6.50%, due 2/15/29 16,085,000 15,644,038

  Principal
Amount
Value
Corporate Bonds    
Telecommunications    
VMED O2 UK Financing I plc (a)    
6.75%, due 1/15/33 $   10,500,000 $     10,239,181
7.75%, due 4/15/32   7,500,000       7,712,962
Windstream Services LLC    
8.25%, due 10/1/31 (a) 28,320,000     29,665,908
    321,595,612
Toys, Games & Hobbies 0.1%   
Mattel, Inc.    
5.875%, due 12/15/27 (a) 7,000,000 7,002,787
Transportation 1.3%   
Clue Opco LLC    
9.50%, due 10/15/31 (a) 14,830,000 15,722,558
Seaspan Corp.    
5.50%, due 8/1/29 (a) 24,865,000 23,648,279
Star Leasing Co. LLC    
7.625%, due 2/15/30 (a) 52,660,000 50,395,383
Watco Cos. LLC    
7.125%, due 8/1/32 (a) 50,350,000 52,781,402
    142,547,622
Total Corporate Bonds
(Cost $9,706,804,811)
  9,683,098,435
Foreign Government Bond 0.0% ‡
France 0.0%  ‡
Electricite de France SA    
9.125% (5 Year Treasury Constant Maturity Rate + 5.411%), due 3/15/33 (a)(e)(g) 3,325,000 3,935,573
Total Foreign Government Bond
(Cost $3,776,528)
  3,935,573
Loan Assignments 6.5%
Aerospace & Defense 0.1% 
Chromalloy Corp.  
First Lien Term Loan
6.911% (3 Month SOFR + 3.25%), due 3/27/31 (e) 11,967,185 11,952,226
Automobile 0.3% 
Clarios Global LP  
First Lien Amendment No. 6 Dollar Term Loan
6.422% (1 Month SOFR + 2.75%), due 1/28/32 (e) 12,867,750 12,875,792
Tenneco, Inc.  
First Lien Term Loan B 8.772% - 8.989%
(3 Month SOFR + 5.00%), due 11/17/28 (e) 20,550,000 20,298,838
    33,174,630

  Principal
Amount
Value
Loan Assignments
Beverage, Food & Tobacco 0.2% 
B&G Foods, Inc.  
First Lien Tranche Term Loan B5
7.172% (1 Month SOFR + 3.50%), due 10/10/29 (e) $   14,438,447 $     13,656,359
Clover Holdings 2 LLC  
First Lien Initial Floating Rate Term Loan
7.674% (1 Month SOFR + 4.00%), due 12/9/31 (e)   7,612,550      7,431,752
    21,088,111
Broadcasting & Entertainment 0.0%  ‡
Gray Media, Inc.  
First Lien Term Loan D
6.814% (1 Month SOFR + 3.00%), due 12/1/28 (e) 4,007,861 3,981,809
Gray Television, Inc.  
First Lien Term Loan B
8.95% (1 Month SOFR + 5.25%), due 5/23/29 (e) 261,433 261,025
    4,242,834
Capital Equipment 0.5% 
EMRLD Borrower LP  
First Lien Second Amendment Incremental Term Loan
6.122% (6 Month SOFR + 2.25%), due 8/4/31 (e) 10,764,159 10,741,177
TK Elevator Midco GmbH  
First Lien Term Loan B1
6.947% (6 Month SOFR + 2.75%), due 4/30/30 (e) 41,475,928 41,527,774
    52,268,951
Cargo Transport 0.1% 
Clue Opco LLC  
First Lien Term Loan B
8.167% (3 Month SOFR + 4.50%), due 12/19/30 (e) 8,649,222 8,605,976
NA Rail Hold Co. LLC  
First Lien Tranche Term Loan B3
6.738% (3 Month SOFR + 3.00%), due 3/8/32 (e) 7,462,500 7,469,500
    16,075,476
Chemicals 0.2% 
ASP Unifrax Holdings, Inc.  
First Lien Term Loan
11.75% (4.75% PIK) (3 Month SOFR + 7.75%), due 9/28/29 (b)(e) 26,335,132 20,047,619
Chemicals, Plastics & Rubber 0.3% 
Innophos Holdings, Inc.  
First Lien Initial Term Loan
8.036% (1 Month SOFR + 4.25%), due 3/16/29 (e) 10,856,021 10,530,341
Jazz Financing Lux SARL  
First Lien Dollar Tranche Term Loan B2
5.922% (1 Month SOFR + 2.25%), due 5/5/28 (e) 20,718,225 20,777,085
    31,307,426

  Principal
Amount
Value
Loan Assignments
Electronics 0.2% 
Camelot US Acquisition LLC (e)  
First Lien Incremental Term Loan B
6.422% (1 Month SOFR + 2.75%), due 1/31/31 $   11,023,603 $     10,279,509
First Lien Incremental Term Loan
6.922% (1 Month SOFR + 3.25%), due 1/31/31 10,000,000       9,433,330
Proofpoint, Inc.  
First Lien 2024 Refinancing Term Loan
6.672% (3 Month SOFR + 3.00%), due 8/31/28 (e)   2,062,171      2,025,568
    21,738,407
Energy (Electricity) 0.4% 
BCP VI Summit Holdings LP  
First Lien Initial Term Loan
6.70% (1 Month SOFR + 3.00%), due 1/30/32 (e) 13,930,000 13,903,881
Lightning Power LLC  
First Lien Initial Term Loan B
5.922% (1 Month SOFR + 2.25%), due 8/18/31 (e) 9,875,000 9,882,544
Talen Energy Supply LLC (e)  
First Lien Initial Term Loan B
6.353% (3 Month SOFR + 2.50%), due 5/17/30 5,816,571 5,820,207
First Lien 2024-1 Incremental Term Loan B
6.353% (3 Month SOFR + 2.50%), due 12/11/31 13,365,000 13,365,000
    42,971,632
Entertainment 0.0%  ‡
Sterling Entertainment Enterprises LLC  
Second Lien Initial Term Loan
10.25% (17.75% PIK), due 4/10/26 (b)(f) 22,078,641 4,451,453
Finance 0.6% 
Arches Buyer, Inc.  
First Lien New Term Loan
7.022% (1 Month SOFR + 3.25%), due 12/6/27 (e) 14,074,582 14,004,210
Belron Finance 2019 LLC  
First Lien 2031 Dollar Incremental Term Loan
6.12% (3 Month SOFR + 2.25%), due 10/16/31 (e) 7,467,973 7,477,307
Blackstone Mortgage Trust, Inc.  
First Lien Term Loan
6.172% (1 Month SOFR + 2.50%), due 12/10/30 (e) 1,323,982 1,325,637
Osaic Holdings, Inc.  
First Lien Initial Term Loan
6.595% (6 Month SOFR + 3.00%), due 8/2/32 (e) 15,000,000 14,862,495
RealTruck Group, Inc. (e)  
First Lien Initial Term Loan
7.536% (1 Month SOFR + 3.75%), due 1/31/28 21,172,367 16,395,352
First Lien Second Amendment Incremental Term Loan
8.786% (1 Month SOFR + 5.00%), due 1/31/28 15,046,851 11,711,461
    65,776,462

  Principal
Amount
Value
Loan Assignments
Healthcare & Pharmaceuticals 0.1% 
1261229 BC Ltd.  
First Lien Initial Term Loan
9.922% (1 Month SOFR + 6.25%), due 10/8/30 (e) $   15,248,375 $     14,848,105
Healthcare, Education & Childcare 0.4% 
Endo Finance Holdings LP  
First Lien 2024 Refinancing Term Loan
7.422% (1 Month SOFR + 3.75%), due 4/23/31 (e) 20,951,571      20,947,821
LifePoint Health, Inc.  
First Lien Term Loan B1
7.422% (3 Month SOFR + 3.75%), due 5/19/31 (e) 24,900,084 24,865,074
    45,812,895
High Tech Industries 0.1% 
Aretec Group, Inc.  
First Lien Term Loan B4
6.672% (1 Month SOFR + 3.00%), due 8/9/30 (e) 15,192,030 15,137,779
Hotels, Motels, Inns & Gaming 0.1% 
Caesars Entertainment, Inc.  
First Lien Term Loan B1
5.922% (1 Month SOFR + 2.25%), due 2/6/31 (e) 8,842,500 8,771,760
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.1% 
Columbus McKinnon Corp.  
First Lien Term Loan B
7.17% (1 Year SOFR + 3.50%), due 2/3/33 (e) 10,000,000 9,943,750
Media 0.3% 
Block Communications, Inc.  
First Lien Term Loan
6.081% (1 Month SOFR + 2.25%), due 2/25/27 (e) 6,981,482 6,850,579
DIRECTV Financing LLC  
First Lien 2024 Refinancing Term Loan B
9.178% (3 Month SOFR + 5.25%), due 8/2/29 (e) 32,548,756 32,537,136
    39,387,715
Mining, Steel, Iron & Non-Precious Metals 0.3% 
American Rock Salt Co. LLC (e)  
First Lien First Out Term Loan 10.966% - 11.084%
(3 Month SOFR + 7.00%), due 6/11/28 9,853,754 9,878,389
First Lien Initial Term Loan
8.084% (3 Month SOFR + 4.00%), due 6/9/28 25,782,375 21,764,630
    31,643,019

  Principal
Amount
Value
Loan Assignments
Oil & Gas 0.4% 
New Fortress Energy, Inc.  
First Lien Second Amendment Term Loan
9.658% (1 Year SOFR + 5.50%), due 10/30/28 (e) $   36,986,638 $     14,116,579
PetroQuest Energy LLC (b)(f)  
First Lien Term Loan
13.25% (13.75% PIK) (PRIME + 6.50%), due 6/30/26 (e) 32,596,244         325,962
First Lien 2020 Term Loan
13.75% (14.00% PIK), due 9/19/26   1,178,727       1,178,727
Prairie Acquiror LP  
First Lien Term Loan B4
7.466% (1 Month SOFR + 3.75%), due 8/1/29 (e) 10,317,298 10,330,195
TransMontaigne Operating Co. LP  
First Lien Tranche Term Loan B
6.172% (1 Month SOFR + 2.50%), due 11/17/28 (e) 15,168,495 15,160,365
    41,111,828
Personal, Food & Miscellaneous Services 0.0%  ‡
WW International, Inc.  
First Lien Initial Term Loan
10.489% (3 Month SOFR + 6.80%), due 6/24/30 (e) 6,038,716 5,340,490
Retail 1.1% 
C&S Wholesale Grocers, Inc.  
First Lien Initial Term Loan
8.672% (3 Month SOFR + 5.00%), due 8/6/30 (e) 22,044,750 21,493,631
Great Outdoors Group LLC  
First Lien Term Loan B
6.922% (1 Month SOFR + 3.25%), due 1/23/32 (e) 98,076,877 98,076,877
    119,570,508
Retail Store 0.1% 
PetSmart LLC  
First Lien Initial Term Loan
7.671% (1 Month SOFR + 4.00%), due 8/18/32 (e) 12,200,000 12,149,163
Services: Business 0.2% 
Amentum Holdings, Inc.  
First Lien Initial Term Loan
5.672% (1 Month SOFR + 2.00%), due 9/29/31 (e) 7,416,750 7,418,604
Dynamo US Bidco, Inc.  
First Lien Term Loan B
6.938% (1 Month SOFR + 3.25%), due 9/30/31 (e) 7,854,050 7,858,959
Orion US Finco, Inc.  
First Lien Initial Term Loan
7.15% (3 Month SOFR + 3.50%), due 10/8/32 (e) 5,700,000 5,697,150
    20,974,713

  Principal
Amount
Value
Loan Assignments
Software 0.4% 
Cloud Software Group, Inc. (e)  
First Lien Incremental Term Loan B
6.922% (3 Month SOFR + 3.25%), due 3/21/31 $    9,960,153 $      9,631,469
First Lien Initial Dollar Term Loan B
6.922% (3 Month SOFR + 3.25%), due 8/16/32 22,344,436      21,562,380
McAfee Corp.  
First Lien Tranche Term Loan B1
6.672% (1 Month SOFR + 3.00%), due 3/1/29 (e) 11,178,568      9,683,434
    40,877,283
Total Loan Assignments
(Cost $814,364,345)
  730,664,235
Total Long-Term Bonds
(Cost $10,576,433,846)
  10,462,071,543
 
  Shares  
 
Common Stocks 0.8%
Electric Utilities 0.1% 
Keycon Power Holdings LLC (f)(j) 385,976 14,161,459
Electrical Equipment 0.1% 
Energy Technologies, Inc. (f)(j) 16,724 7,325,112
Entertainment 0.0% ‡
Warner Bros Discovery, Inc. (j) 161,000 4,433,940
Independent Power and Renewable Electricity Producers 0.1% 
GenOn Energy, Inc. (i)(j) 386,241 12,552,833
Oil, Gas & Consumable Fuels 0.3% 
Gulfport Energy Corp. (j) 62,223 12,704,070
PetroQuest Energy, Inc. (f)(j) 284,709
Talos Energy, Inc. (j) 1,821,793 21,715,773
    34,419,843
Pharmaceuticals 0.2% 
Keenova Therapeutics plc (j) 168,818 16,020,828
Total Common Stocks
(Cost $155,326,590)
  88,914,015
Preferred Stocks 0.4%
Electrical Equipment 0.4% 
Energy Technologies Ltd. (f)(j) 37,258 40,983,800

  Shares   Value
Preferred Stocks
Pharmaceuticals 0.0% ‡
Par Health, Inc. (j)    168,818   $      1,403,384
Total Preferred Stocks
(Cost $37,073,027)
    42,387,184
Exchange-Traded Funds 0.4%
iShares Gold Trust (j)    452,000        41,222,400
SPDR Gold Shares (j)     15,336        6,823,753
Total Exchange-Traded Funds
(Cost $13,331,696)
    48,046,153
Total Investments
(Cost $10,782,165,159)
94.7%   10,641,418,895
Other Assets, Less Liabilities 5.3   592,067,732
Net Assets 100.0%   $ 11,233,486,627
    
Percentages indicated are based on Fund net assets.
^ Industry classifications may be different than those used for compliance monitoring purposes.
Less than one-tenth of a percent.
(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(b) PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash.
(c) Delayed delivery security.
(d) Step coupon—Rate shown was the rate in effect as of January 31, 2026.
(e) Floating rate—Rate shown was the rate in effect as of January 31, 2026.
(f) Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(g) Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(h) Issue in non-accrual status.
(i) Restricted security.  
(j) Non-income producing security.
Abbreviation(s):
SARL—Société À Responsabilité Limitée
SOFR—Secured Overnight Financing Rate
SPDR—Standard & Poor’s Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund’s assets:
Description Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Long-Term Bonds              
Convertible Bonds           $ —        $ 44,373,300            $ —        $ 44,373,300
Corporate Bonds           —     9,678,792,105     4,306,330     9,683,098,435
Foreign Government Bond           —         3,935,573            —         3,935,573
Loan Assignments           —       724,708,093     5,956,142       730,664,235
Total Long-Term Bonds   10,451,809,071   10,262,472   10,462,071,543
Common Stocks   54,874,611        12,552,833    21,486,571        88,914,015
Preferred Stocks    1,403,384                —    40,983,800        42,387,184
Exchange-Traded Funds   48,046,153                —            —        48,046,153
Total Investments in Securities $ 104,324,148   $ 10,464,361,904   $ 72,732,843   $ 10,641,418,895
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

NYLI MacKay Tax Free Bond Fund
Portfolio of Investments January 31, 2026^(Unaudited)
  Principal
Amount
Value
Municipal Bonds 99.1%
Long-Term Municipal Bonds 96.2%
Alabama 5.1% 
Alabama Housing Finance Authority, Revenue Bonds    
Series B, Insured: GNMA / FNMA / FHLMC                         
6.00%, due 4/1/55 $    8,770,000 $     9,688,813
Black Belt Energy Gas District, Gas Project, Revenue Bonds    
Series B                         
2.93%, due 4/1/53 34,600,000     34,224,279
Series D-1                         
4.00%, due 7/1/52 (a) 6,300,000 6,381,031
Series B-1    
4.00%, due 4/1/53 (a) 19,350,000 19,647,448
Series D-3    
4.302%, due 6/1/49 9,250,000 9,483,539
Series B    
5.00%, due 10/1/35 8,500,000 8,870,201
Series F    
5.00%, due 12/1/35 15,000,000 16,203,111
Series E    
5.00%, due 12/1/55 (a) 16,250,000 17,437,963
Series B-2    
5.25%, due 12/1/53 (a) 12,620,000 13,613,088
Series A    
5.25%, due 5/1/55 (a) 14,295,000 15,430,130
Series D-1    
5.50%, due 6/1/49 (a) 5,805,000 6,158,266
Black Belt Energy Gas District, Revenue Bonds    
Series B    
5.00%, due 12/1/34 20,800,000 22,628,676
Series C-1    
5.25%, due 2/1/53 (a) 5,550,000 5,852,895
City of Gadsden, Unlimited General Obligation    
Series A, Insured: BAM    
5.00%, due 10/1/50 1,405,000 1,466,609
Energy Southeast, A Cooperative District Energy Supply, Revenue Bonds    
Series B-2    
4.652%, due 4/1/54 20,000,000 20,478,068
Series B    
5.25%, due 7/1/54 (a) 60,255,000 65,409,918
Series B-1    
5.75%, due 4/1/54 (a) 16,850,000 18,614,342
Lower Alabama Gas District (The), Gas Project, Revenue Bonds    
Series A    
5.00%, due 9/1/46 20,795,000 21,985,281
Southeast Alabama Gas Supply District (The), Revenue Bonds (a)    
Series B    
5.00%, due 6/1/49 3,015,000 3,229,372
Series A    
5.00%, due 8/1/54 5,670,000 6,082,529

  Principal
Amount
Value
Long-Term Municipal Bonds
Alabama  
Southeast Energy Authority A Cooperative District, Project No. 2, Revenue Bonds    
Series B                         
4.00%, due 12/1/51 (a) $   14,815,000 $    14,946,332
Southeast Energy Authority A Cooperative District, Revenue Bonds    
Series A                         
5.00%, due 11/1/35 25,250,000     26,901,764
Series C                         
5.00%, due 5/1/55 (a) 45,320,000     48,479,316
Series C    
5.00%, due 10/1/55 (a) 12,855,000 13,879,894
Series A    
5.00%, due 1/1/56 (a) 10,985,000 11,444,710
Series B    
5.25%, due 3/1/55 (a) 9,030,000 9,562,212
Southeast Energy Authority A Cooperative District, Project No. 4, Revenue Bonds    
Series B-1    
5.00%, due 5/1/53 (a) 25,185,000 26,231,439
    474,331,226
Alaska 0.2% 
Alaska Housing Finance Corp., General Mortgage, Revenue Bonds    
Series C-II, Insured: GNMA / FNMA / FHLMC    
5.75%, due 12/1/52 4,780,000 5,068,310
Alaska Industrial Development & Export Authority, Greater Fairbanks Community Hospital Foundation Obligated Group, Revenue Bonds    
5.00%, due 4/1/32 3,050,000 3,058,763
Alaska Municipal Bond Bank Authority, Master Resolution, Revenue Bonds    
Series A    
5.50%, due 10/1/42 6,000,000 6,204,915
Municipality of Anchorage, Unlimited General Obligation    
Series B    
5.00%, due 9/1/26 5,340,000 5,346,270
State of Alaska, International Airports System, Revenue Bonds    
Series C    
5.00%, due 10/1/27 (b) 3,000,000 3,113,631
    22,791,889
Arizona 1.0% 
Arizona Board of Regents, Arizona State University, Revenue Bonds    
Series A    
5.50%, due 7/1/48 7,500,000 8,082,352
Chandler Industrial Development Authority, Intel Corp. Project, Revenue Bonds (a)(b)    
4.00%, due 6/1/49 11,100,000 11,326,226
Series 1    
5.00%, due 9/1/42 10,180,000 10,388,207
Coconino County Unified School District No. 1, Flagstaff, Unlimited General Obligation    
Series B    
1.75%, due 7/1/35 2,375,000 2,008,663

  Principal
Amount
Value
Long-Term Municipal Bonds
Arizona  
Coconino County Unified School District No. 1, Flagstaff, Unlimited General Obligation    
Series B                         
1.75%, due 7/1/36 $    2,760,000 $     2,267,257
Gilbert Water Resource Municipal Property Corp., Waterworks & Sewer System, Revenue Bonds, Senior Lien    
4.00%, due 7/15/40 23,480,000     24,289,769
4.00%, due 7/15/41   7,915,000      8,165,190
Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds    
Series B, Insured: GNMA / FNMA / FHLMC                         
6.00%, due 3/1/55 5,335,000 5,899,901
Maricopa County Industrial Development Authority, Banner Health, Revenue Bonds    
Series A    
4.00%, due 1/1/41 8,000,000 7,937,899
Maricopa County Pollution Control Corp., Public Service Co. of New Mexico, Revenue Bonds    
Series A    
0.875%, due 6/1/43 (a) 3,855,000 3,788,677
Salt River Project Agricultural Improvement & Power District, Revenue Bonds    
Series A    
5.00%, due 1/1/45 5,000,000 5,416,947
    89,571,088
Arkansas 0.4% 
Arkansas Development Finance Authority, Revenue Bonds    
Series C, Insured: GNMA / FNMA / FHLMC    
5.00%, due 1/1/55 3,875,000 4,138,794
Fayetteville School District No. 1, Limited General Obligation    
Insured: State Aid Withholding    
2.125%, due 6/1/32 3,210,000 3,023,725
Hot Springs School District No. 6, Limited General Obligation    
Insured: State Aid Withholding    
2.50%, due 6/1/40 3,485,000 2,835,819
Little Rock School District, Limited General Obligation    
Series A, Insured: BAM State Aid Withholding    
3.00%, due 2/1/46 15,230,000 11,836,464
North Little Rock School District No. 1, Limited General Obligation    
Insured: State Aid Withholding    
2.00%, due 2/1/42 10,625,000 7,564,418
Insured: State Aid Withholding    
2.00%, due 2/1/43 9,875,000 6,859,697
Springdale School District No. 50, Limited General Obligation    
Series A, Insured: State Aid Withholding    
2.50%, due 6/1/40 3,380,000 2,762,385
    39,021,302
California 13.8% 
Alameda Corridor Transportation Authority, Revenue Bonds    
Series A, Insured: NATL-RE    
(zero coupon), due 10/1/34 5,095,000 3,875,908

  Principal
Amount
Value
Long-Term Municipal Bonds
California  
Alameda Corridor Transportation Authority, Revenue Bonds    
Series A, Insured: NATL-RE                         
(zero coupon), due 10/1/36 $   14,420,000 $    10,022,387
Series C, Insured: AG                         
(zero coupon), due 10/1/52 (c)   7,000,000      4,053,601
Alameda Corridor Transportation Authority, Revenue Bonds, Senior Lien    
Series A, Insured: BAM                         
(zero coupon), due 10/1/48 (c)   6,000,000      3,529,561
Allan Hancock Joint Community College District, Election of 2006, Unlimited General Obligation    
Series C    
(zero coupon), due 8/1/44 (c) 8,500,000 6,602,439
Antelope Valley Community College District, Election of 2016, Unlimited General Obligation    
Series B    
3.00%, due 8/1/50 3,750,000 2,836,691
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds, Senior Lien (b)    
Series B    
5.00%, due 7/1/32 6,250,000 7,046,324
Series B    
5.00%, due 7/1/34 5,000,000 5,747,834
Series B    
5.00%, due 7/1/35 5,000,000 5,704,450
Series B    
5.00%, due 7/1/36 5,345,000 6,042,644
Series B    
5.00%, due 7/1/38 7,570,000 8,428,140
California Community Choice Financing Authority, Revenue Bonds    
Series A-2    
3.902%, due 4/1/56 29,050,000 29,080,375
California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds    
Series B-1    
4.00%, due 2/1/52 (a) 12,505,000 12,663,097
Series A    
4.00%, due 10/1/52 (a) 8,000,000 8,146,444
Series A-1    
4.00%, due 5/1/53 (a) 12,780,000 13,021,821
Series E-2    
4.122%, due 2/1/54 27,500,000 27,936,265
Series A-2    
4.402%, due 12/1/53 14,250,000 14,504,394
Series B-1    
5.00%, due 7/1/53 (a) 24,545,000 25,967,049
Series B    
5.00%, due 1/1/55 (a) 6,750,000 7,127,401
Series D    
5.00%, due 2/1/55 (a) 7,540,000 8,209,861
Series C    
5.00%, due 8/1/55 (a) 26,880,000 28,512,033

  Principal
Amount
Value
Long-Term Municipal Bonds
California  
California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds    
Series G                         
5.00%, due 11/1/55 (a) $   29,855,000 $    31,463,265
Series C                         
5.25%, due 1/1/54 (a) 57,835,000     61,561,974
California Community Choice Financing Authority, Clean Energy, Revenue Bonds    
Series F                         
5.00%, due 11/1/33 20,085,000     22,038,905
California Health Facilities Financing Authority, CommonSpirit Health, Revenue Bonds    
Series A, Insured: BAM    
3.00%, due 4/1/44 2,075,000 1,820,747
Series A    
4.00%, due 4/1/49 170,000 182,275
Series A    
4.00%, due 4/1/49 4,000,000 3,657,462
California Health Facilities Financing Authority, Sutter Health, Revenue Bonds    
Series B    
4.00%, due 11/15/41 11,375,000 11,320,856
California Infrastructure & Economic Development Bank, Clean Water and Drinking Water, Revenue Bonds    
4.00%, due 10/1/40 5,100,000 5,326,176
California Municipal Finance Authority, Revenue Bonds (a)    
Series 1, Class A-1    
3.439%, due 2/20/41 17,373,405 16,441,664
Series 2, Class A-1    
4.217%, due 11/20/40 8,982,128 8,986,108
California State University, Systemwide, Revenue Bonds    
Series C    
3.00%, due 11/1/40 4,750,000 4,379,480
Series A    
5.00%, due 11/1/42 9,725,000 9,934,609
Carlsbad Unified School District, Election of 2018, Unlimited General Obligation    
Series A    
3.00%, due 8/1/42 4,000,000 3,494,612
Series B    
3.00%, due 8/1/46 2,725,000 2,160,627
Center Joint Unified School District, Election of 2008, Unlimited General Obligation    
Series B, Insured: BAM    
3.00%, due 8/1/51 4,750,000 3,542,246
Chaffey Joint Union High School District, Election of 2012, Unlimited General Obligation    
Series C    
5.25%, due 8/1/47 5,000,000 5,063,161
City of Los Angeles, Department of Airports, Revenue Bonds (b)    
Series D    
4.00%, due 5/15/40 2,200,000 2,198,932
Series A    
4.00%, due 5/15/41 15,000,000 14,980,153
Series A    
5.25%, due 5/15/43 10,000,000 11,016,098

  Principal
Amount
Value
Long-Term Municipal Bonds
California  
City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien (b)    
Series G                         
5.00%, due 5/15/47 $    3,250,000 $     3,344,167
Series G                         
5.50%, due 5/15/36 15,175,000     17,114,928
Series G                         
5.50%, due 5/15/38   4,775,000      5,325,184
Series G                         
5.50%, due 5/15/39 3,250,000 3,607,823
Series G    
5.50%, due 5/15/40 6,700,000 7,394,506
Series H    
5.50%, due 5/15/47 8,150,000 8,604,878
City of Oakland, Measure KK, Unlimited General Obligation    
Series B-1, Insured: BAM    
3.00%, due 1/15/50 4,000,000 2,981,496
Corona-Norco Unified School District, Unlimited General Obligation    
Series C    
3.00%, due 8/1/44 5,000,000 4,165,612
Fresno Unified School District, Unlimited General Obligation    
Series B    
3.00%, due 8/1/43 7,500,000 6,145,688
Golden State Tobacco Securitization Corp., Revenue Bonds    
Series A-1    
2.587%, due 6/1/29 10,000,000 9,479,552
Inglewood Unified School District, Election of 2020, Unlimited General Obligation    
Series B    
5.50%, due 8/1/41 2,300,000 2,735,369
Series B    
5.50%, due 8/1/42 2,795,000 3,272,641
Series B    
5.50%, due 8/1/43 2,500,000 2,886,569
Long Beach Unified School District, Election of 2016, Unlimited General Obligation    
Series B    
3.00%, due 8/1/41 4,650,000 4,154,871
Los Angeles Department of Water & Power, Power System, Revenue Bonds    
Series E    
5.00%, due 7/1/28 6,965,000 7,412,643
Series D    
5.00%, due 7/1/29 70,000 76,206
Series B    
5.00%, due 7/1/31 2,120,000 2,273,069
Series E    
5.00%, due 7/1/31 15,000,000 16,953,913
Series A    
5.00%, due 7/1/32 1,355,000 1,524,445
Series B    
5.00%, due 7/1/32 6,340,000 6,781,802

  Principal
Amount
Value
Long-Term Municipal Bonds
California  
Los Angeles Department of Water & Power, Power System, Revenue Bonds    
Series A                         
5.00%, due 7/1/33 $    3,020,000 $     3,149,910
Series B                         
5.00%, due 7/1/33   6,000,000      6,838,667
Series C                         
5.00%, due 7/1/33   2,835,000      3,056,989
Series A                         
5.00%, due 7/1/35 7,000,000 8,077,843
Series E    
5.00%, due 7/1/35 12,625,000 14,677,954
Series A    
5.00%, due 7/1/36 1,830,000 1,897,653
Series B    
5.00%, due 7/1/36 2,605,000 2,982,051
Series C    
5.00%, due 7/1/36 2,135,000 2,444,023
Series E    
5.00%, due 7/1/36 1,620,000 1,841,211
Series A    
5.00%, due 7/1/37 2,130,000 2,203,955
Series E    
5.00%, due 7/1/38 7,000,000 7,832,113
Series B    
5.00%, due 7/1/39 10,000,000 10,705,381
Series A    
5.00%, due 7/1/44 1,205,000 1,291,153
Series C    
5.00%, due 7/1/44 4,040,000 4,328,845
Series A    
5.00%, due 7/1/50 5,000,000 5,190,524
Series D    
5.00%, due 7/1/52 1,535,000 1,586,752
Series A, Insured: BAM    
5.00%, due 7/1/53 9,500,000 9,856,946
Series E    
5.00%, due 7/1/53 5,350,000 5,505,465
Series A    
5.25%, due 7/1/49 6,400,000 6,550,095
Series B    
5.25%, due 7/1/53 3,810,000 3,974,921
Series D    
6.574%, due 7/1/45 15,680,000 16,983,983
Los Angeles Department of Water & Power, Water System, Revenue Bonds    
Series C    
5.00%, due 7/1/41 19,485,000 21,825,906
Series C, Insured: BAM    
5.00%, due 7/1/42 6,500,000 7,205,091

  Principal
Amount
Value
Long-Term Municipal Bonds
California  
Los Angeles Department of Water & Power, Water System, Revenue Bonds    
Series C                         
5.00%, due 7/1/43 $   10,000,000 $    10,923,352
Series C, Insured: BAM                         
5.00%, due 7/1/44   7,500,000      8,151,279
Series A                         
6.603%, due 7/1/50 48,635,000     52,802,027
Modesto Irrigation District, Domestic Water Project, Revenue Bonds    
Series F, Insured: NATL-RE    
3.296%, due 9/1/27 3,040,000 3,032,818
Moreno Valley Unified School District, Election 2014, Unlimited General Obligation    
Series C, Insured: BAM    
3.00%, due 8/1/46 4,750,000 3,778,827
Municipal Improvement Corp. of Lof Angelese, Los Angeles Convention Center, Revenue Bonds    
Series A    
5.50%, due 5/1/55 15,000,000 16,257,529
Norman Y Mineta San Jose International Airport SJC, Revenue Bonds    
Series A    
5.00%, due 3/1/41 (b) 8,500,000 8,574,280
Novato Unified School District, Unlimited General Obligation    
Series B    
3.00%, due 8/1/41 2,500,000 2,277,995
Oakland Unified School District, Election of 2020, Unlimited General Obligation    
Series A, Insured: AG    
5.25%, due 8/1/48 20,000,000 21,379,948
Ocean View School District of Orange County, Unlimited General Obligation    
Series C, Insured: AG    
3.00%, due 8/1/47 4,250,000 3,328,243
Peninsula Corridor Joint Powers Board, Green Bond, Revenue Bonds    
Series A    
5.00%, due 6/1/47 3,000,000 3,147,630
Pittsburg Successor Agency Redevelopment Agency, Tax Allocation    
Series A, Insured: AG    
5.00%, due 9/1/26 3,000,000 3,044,810
Richmond Joint Powers Financing Authority, Civic Center Project, Revenue Bonds    
Series A, Insured: AG    
5.00%, due 11/1/36 2,750,000 2,968,151
Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2, Special Assessment    
Series A    
5.00%, due 10/1/36 3,195,000 3,246,958
Sacramento City Unified School District, Election of 2020, Unlimited General Obligation    
Series A, Insured: BAM    
5.50%, due 8/1/47 5,000,000 5,294,193
Series A, Insured: BAM    
5.50%, due 8/1/52 5,000,000 5,245,384
Series C, Insured: AG    
5.50%, due 8/1/54 10,000,000 10,912,339

  Principal
Amount
Value
Long-Term Municipal Bonds
California  
Sacramento City Unified School District, Election of 2024, Unlimited General Obligation    
Series A, Insured: AG                         
5.50%, due 8/1/53 $   14,500,000 $    15,834,860
San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien    
Series B                         
5.25%, due 7/1/42 (b)   4,000,000      4,465,702
San Diego Public Facilities Financing Authority, Water Utility, Revenue Bonds    
Series A                         
5.25%, due 8/1/48 5,250,000 5,715,720
San Diego Unified School District, Unlimited General Obligation    
Series R-2    
(zero coupon), due 7/1/41 (c) 11,000,000 11,864,042
San Diego Unified School District, Election of 2012, Unlimited General Obligation    
Series I    
5.00%, due 7/1/41 3,750,000 3,859,216
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series (b)    
Series A    
5.00%, due 5/1/31 10,500,000 11,680,628
Series C    
5.00%, due 5/1/33 15,750,000 17,956,699
Series A    
5.00%, due 5/1/34 7,350,000 8,095,203
Series E    
5.00%, due 5/1/50 15,875,000 15,998,460
Series A    
5.25%, due 5/1/41 30,820,000 34,207,272
Series A    
5.25%, due 5/1/43 6,000,000 6,521,005
Series A    
5.25%, due 5/1/44 4,500,000 4,842,713
Series A    
5.50%, due 5/1/55 51,630,000 54,759,542
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds (b)    
Series A    
5.00%, due 5/1/44 10,740,000 11,001,151
Series B    
5.00%, due 5/1/46 11,240,000 11,243,055
San Francisco Community College District, Election of 2020, Unlimited General Obligation    
Series B, Insured: BAM    
5.00%, due 6/15/26 8,200,000 8,291,505
San Jose Evergreen Community College District, Election of 2016, Unlimited General Obligation    
Series B    
3.00%, due 9/1/41 1,065,000 977,394
San Mateo Union High School District, Capital Appreciation, Election of 2010, Unlimited General Obligation    
Series A    
(zero coupon), due 9/1/41 (c) 7,840,000 8,632,060
Santa Clara Unified School District, Election of 2018, Unlimited General Obligation    
3.25%, due 7/1/44 7,585,000 6,635,341

  Principal
Amount
Value
Long-Term Municipal Bonds
California  
Santa Cruz City High School District, Unlimited General Obligation    
Series C                         
2.00%, due 8/1/37 $    2,870,000 $     2,423,859
Santa Monica Public Financing Authority, City Yards Project, Revenue Bonds    
2.25%, due 7/1/51   6,500,000      3,998,677
Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds    
Series C                         
4.00%, due 7/1/27   3,935,000      3,942,949
Series 1    
5.00%, due 7/1/33 3,410,000 3,956,552
Series 1    
5.00%, due 7/1/34 3,480,000 4,076,759
Series 1    
5.00%, due 7/1/35 4,185,000 4,792,760
Series 1    
5.00%, due 7/1/37 8,330,000 9,379,356
Series 1    
5.00%, due 7/1/40 7,225,000 8,104,053
Series A-1    
5.00%, due 7/1/48 15,550,000 16,178,887
Series 1    
5.00%, due 7/1/53 16,890,000 17,447,390
Series 2    
5.00%, due 7/1/53 (a) 8,000,000 8,497,566
Southern California Public Power Authority, Apex Power Project, Revenue Bonds    
Series A    
5.00%, due 7/1/33 4,000,000 4,646,969
Southern California Public Power Authority, Southern Transmissional System Renewal Project, Revenue Bonds    
Series A-1    
5.25%, due 7/1/53 11,930,000 12,477,963
Southern Mono Health Care District, Election of 2001, Unlimited General Obligation    
Series B, Insured: NATL-RE    
(zero coupon), due 8/1/32 2,600,000 2,125,136
Series B, Insured: NATL-RE    
(zero coupon), due 8/1/33 2,505,000 1,969,749
State of California, Unlimited General Obligation    
7.60%, due 11/1/40 9,615,000 11,684,723
Sunnyvale School District, Election of 2013, Unlimited General Obligation    
Series C    
3.00%, due 9/1/44 6,750,000 5,672,927
Twin Rivers Unified School District, Election 2006, Unlimited General Obligation    
Insured: AG    
(zero coupon), due 8/1/32 4,370,000 3,643,460
University of California, Revenue Bonds    
Series AR    
5.00%, due 5/15/41 12,260,000 12,296,383

  Principal
Amount
Value
Long-Term Municipal Bonds
California  
Val Verde Unified School District, Election of 2012, Unlimited General Obligation    
Series F, Insured: AG                         
3.00%, due 8/1/47 $    8,910,000 $     7,019,640
Yosemite Community College District, Election of 2004, Unlimited General Obligation    
Series D                         
(zero coupon), due 8/1/42 (c) 15,575,000    14,432,368
    1,290,586,319
Colorado 2.0% 
Adams County School District No. 1, Unlimited General Obligation    
Insured: State Aid Withholding    
5.25%, due 12/1/40 5,910,000 6,002,916
Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation    
Series B, Insured: State Aid Withholding    
2.30%, due 12/15/28 5,790,000 5,716,062
City & County of Denver, Board of Water Commissioners, Revenue Bonds    
Series A    
3.00%, due 9/15/42 6,285,000 5,532,708
City & County of Denver, Airport System, Revenue Bonds (b)    
Series A    
4.00%, due 12/1/43 3,470,000 3,310,941
Series A    
5.00%, due 12/1/34 6,000,000 6,897,338
Series A    
5.00%, due 12/1/37 15,675,000 16,267,775
Series A    
5.00%, due 12/1/43 4,915,000 5,013,043
Series A    
5.50%, due 11/15/35 5,250,000 6,006,494
Series A    
5.50%, due 11/15/40 17,760,000 19,700,291
Series D    
5.75%, due 11/15/38 3,000,000 3,410,233
City & County of Denver, Convention Center Expansion Project, Certificate of Participation    
Series A    
5.375%, due 6/1/43 12,875,000 12,944,035
City of Colorado Springs, Utilities System, Revenue Bonds    
Series B    
5.25%, due 11/15/52 10,000,000 10,522,444
Series A    
5.25%, due 11/15/54 4,895,000 5,201,880
Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds    
Series A-1, Insured: BAM    
4.00%, due 8/1/44 8,100,000 7,589,784
Colorado Health Facilities Authority, Adventist Health System, Revenue Bonds    
Series A    
4.00%, due 11/15/48 13,500,000 12,254,903

  Principal
Amount
Value
Long-Term Municipal Bonds
Colorado  
Colorado Health Facilities Authority, AdventHealth Obligated Group, Revenue Bonds    
Series A-1                         
5.00%, due 11/15/59 (a) $    4,625,000 $     5,042,216
Colorado Housing and Finance Authority, Revenue Bonds    
Series B, Insured: GNMA                         
3.00%, due 5/1/51 (b)   2,570,000      2,549,015
Colorado Housing and Finance Authority, Sustainable Bonds, Revenue Bonds    
Series B, Class 1, Insured: GNMA                         
3.25%, due 5/1/52 4,790,000 4,770,565
Gunnison Watershed School District No. Re 1J, Unlimited General Obligation    
Insured: State Aid Withholding    
5.00%, due 12/1/47 14,150,000 14,767,994
State of Colorado, Certificate of Participation    
Series J    
5.25%, due 3/15/42 18,500,000 18,843,730
6.00%, due 12/15/40 5,025,000 5,860,681
6.00%, due 12/15/41 4,560,000 5,298,489
    183,503,537
Connecticut 1.4% 
Connecticut State Health & Educational Facilities Authority, Hartford HealthCare Corp., Revenue Bonds (d)    
Series A, Insured: AG    
5.50%, due 7/1/51 8,750,000 9,374,709
Series A, Insured: AG    
5.50%, due 7/1/55 16,400,000 17,550,401
New Canaan Housing Authority, HANC Lakeview LLC, Revenue Bonds    
Series A, Insured: FNMA    
4.00%, due 12/1/34 10,000,000 10,439,192
State of Connecticut, Unlimited General Obligation    
Series A    
3.00%, due 1/15/37 6,420,000 6,169,290
State of Connecticut, Special Tax    
Series A    
3.125%, due 5/1/40 11,355,000 10,442,963
State of Connecticut, Transportation Infrastructure, Special Tax, Special Tax    
Series A    
5.25%, due 7/1/40 20,420,000 23,289,149
Series A    
5.25%, due 7/1/41 18,980,000 21,516,455
Series A    
5.25%, due 7/1/42 25,220,000 28,299,412
Waterbury Housing Authority, Laurel Estates Preservation Project, Revenue Bonds    
Series A, Insured: HUD Sector 8 FHLMC    
4.50%, due 2/1/42 4,605,000 4,699,576
    131,781,147

  Principal
Amount
Value
Long-Term Municipal Bonds
Delaware 0.8% 
Delaware State Health Facilities Authority, Christiana Care Health System, Revenue Bonds    
5.25%, due 10/1/51 (d) $    5,500,000 $     5,785,021
Delaware State Housing Authority, Revenue Bonds, Senior Lien    
Series A, Insured: GNMA / FNMA / FHLMC                         
4.55%, due 7/1/45   3,195,000      3,182,618
Series A, Insured: GNMA / FNMA / FHLMC                         
5.75%, due 1/1/56   9,585,000     10,594,175
Series B, Insured: GNMA / FNMA / FHLMC                         
6.00%, due 1/1/56 8,780,000 9,844,947
Delaware State Housing Authority, Revenue Bonds    
Series E, Insured: GNMA / FNMA / FHLMC    
5.50%, due 1/1/56 20,000,000 21,972,124
Series A, Insured: GNMA / FNMA / FHLMC    
5.75%, due 1/1/55 5,320,000 5,830,120
Series C, Insured: GNMA / FNMA / FHLMC    
6.00%, due 1/1/55 11,035,000 12,244,914
Series C, Insured: GNMA / FNMA / FHLMC    
6.00%, due 1/1/56 4,000,000 4,462,362
    73,916,281
District of Columbia 0.9% 
District of Columbia, Revenue Bonds    
Series A    
5.50%, due 7/1/47 6,250,000 6,703,761
Metropolitan Washington Airports Authority, Aviation, Revenue Bonds (b)    
Series A    
5.00%, due 10/1/29 7,000,000 7,579,011
Series A    
5.00%, due 10/1/30 6,000,000 6,593,240
Series A    
5.00%, due 10/1/31 8,000,000 8,918,140
Series A    
5.00%, due 10/1/32 16,945,000 19,111,068
Series A    
5.00%, due 10/1/35 3,955,000 4,189,382
Series A    
5.25%, due 10/1/48 5,000,000 5,171,278
Metropolitan Washington Airports Authority, Airport System, Revenue Bonds    
Series A    
5.00%, due 10/1/30 (b) 3,840,000 4,132,497
Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Second Lien    
Series C, Insured: AG    
6.50%, due 10/1/41 (c) 6,730,000 6,913,619
Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Senior Lien (c)    
Series B    
6.50%, due 10/1/44 6,040,000 6,428,701

  Principal
Amount
Value
Long-Term Municipal Bonds
District of Columbia  
Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Senior Lien (c)    
Series B                         
6.50%, due 10/1/44 $    2,600,000 $     2,767,322
Washington Metropolitan Area Transit Authority, Green bond, Revenue Bonds    
Series A                         
4.00%, due 7/15/39   5,600,000     5,728,512
    84,236,531
Florida 4.4% 
Central Florida Tourism Oversight District Utility, Revenue Bonds    
Series 1    
5.00%, due 10/1/42 5,000,000 5,480,489
Series 1    
5.00%, due 10/1/43 2,500,000 2,704,029
Series 1    
5.00%, due 10/1/45 3,000,000 3,180,882
Collier County Industrial Development Authority, NCH Healthcare System, Inc. Obligated Group, Revenue Bonds    
Series A, Insured: AG    
5.00%, due 10/1/49 5,500,000 5,638,532
County of Brevard, Solid Waste Management System, Revenue Bonds    
5.50%, due 9/1/53 8,720,000 9,414,240
County of Broward, Airport System, Revenue Bonds    
5.00%, due 10/1/42 (b) 5,045,000 5,104,959
County of Hillsborough, Utility, Revenue Bonds    
3.00%, due 8/1/40 4,000,000 3,568,587
County of Lee, Airport, Revenue Bonds (b)    
Series A    
5.00%, due 10/1/29 8,000,000 8,606,590
Series B    
5.00%, due 10/1/46 4,750,000 4,815,658
5.25%, due 10/1/38 5,000,000 5,605,605
5.25%, due 10/1/39 3,240,000 3,607,926
5.25%, due 10/1/49 4,250,000 4,407,644
5.25%, due 10/1/54 35,000,000 36,044,218
County of Miami-Dade, Revenue Bonds    
(zero coupon), due 10/1/42 6,200,000 3,081,924
Series A    
5.00%, due 10/1/31 (b) 5,750,000 6,409,913
County of Miami-Dade, Water & Sewer System, Revenue Bonds    
Insured: BAM    
3.00%, due 10/1/36 2,100,000 2,027,328
Series B, Insured: BAM    
4.00%, due 10/1/49 10,000,000 9,152,207
County of Miami-Dade, Transit System, Revenue Bonds    
3.00%, due 7/1/37 4,000,000 3,892,504
4.00%, due 7/1/32 2,465,000 2,477,153

  Principal
Amount
Value
Long-Term Municipal Bonds
Florida  
County of Miami-Dade, Aviation, Revenue Bonds    
Series A                         
5.00%, due 10/1/33 (b) $    5,000,000 $     5,696,154
County of Pasco, H. Lee Moffitt Cancer Center Project, Revenue Bonds    
Series A, Insured: AG                         
5.00%, due 9/1/48   5,000,000      5,094,949
County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds    
Series A, Insured: AG                         
5.75%, due 9/1/54 20,000,000 21,513,790
County of Sarasota, Utility System, Revenue Bonds    
5.25%, due 10/1/52 5,500,000 5,773,583
Florida Housing Finance Corp., Revenue Bonds    
Series 2, Insured: GNMA / FNMA / FHLMC    
4.25%, due 7/1/37 2,750,000 2,850,070
Florida State Board of Governors, University of North Florida Dormitory Facilities Revenue, Revenue Bonds    
Series A, Insured: BAM    
5.00%, due 11/1/48 4,000,000 4,144,363
Greater Orlando Aviation Authority, Revenue Bonds (b)    
Series A    
4.00%, due 10/1/35 3,000,000 3,056,299
5.25%, due 10/1/48 8,790,000 9,177,806
5.25%, due 10/1/49 2,410,000 2,511,576
Hillsborough County Aviation Authority, Tampa International Airport, Revenue Bonds (b)    
Series B    
5.50%, due 10/1/49 7,125,000 7,577,230
Series B    
5.50%, due 10/1/54 38,485,000 40,642,658
Hillsborough County Industrial Development Authority, BayCare Obligated Group, Revenue Bonds    
Series C    
5.50%, due 11/15/54 9,985,000 10,678,640
JEA Water & Sewer System, Revenue Bonds    
Series A    
5.50%, due 10/1/54 21,655,000 23,261,333
Miami-Dade County Health Facilities Authority, Nicklaus Children's Hospital Project, Revenue Bonds    
Series A, Insured: AG-CR    
4.00%, due 8/1/51 5,000,000 4,520,470
5.00%, due 8/1/47 4,295,000 4,323,556
North Broward Hospital District, Revenue Bonds    
Series B    
5.00%, due 1/1/42 6,500,000 6,622,446
Series B    
5.00%, due 1/1/48 3,500,000 3,513,117
Okaloosa Gas District, Revenue Bonds    
Series B, Insured: AG    
5.00%, due 10/1/43 7,900,000 8,524,751
Series B, Insured: AG    
5.25%, due 10/1/44 5,375,000 5,851,384

  Principal
Amount
Value
Long-Term Municipal Bonds
Florida  
Orange County Health Facilities Authority, Orlando Health, Revenue Bonds    
Series A                         
4.00%, due 10/1/49 $    4,185,000 $     3,633,197
Orange County Health Facilities Authority, Orlando Health, Inc., Revenue Bonds    
Insured: AG-CR                         
4.00%, due 10/1/52   7,000,000      6,246,035
Peace River Manasota Regional Water Supply Authority, Revenue Bonds    
Series B                         
5.25%, due 10/1/50 6,500,000 6,895,851
South Broward Hospital District, Revenue Bonds    
Series A, Insured: BAM    
3.00%, due 5/1/51 21,200,000 15,569,185
4.00%, due 5/1/48 13,135,000 12,222,290
St. Lucie County Housing Finance Authority, Live Oak Preservations Ltd., Revenue Bonds    
Insured: FNMA    
4.45%, due 1/1/41 8,335,000 8,598,578
State of Florida, Department of Transportation Turnpike System, Revenue Bonds    
Series C    
3.00%, due 7/1/51 2,150,000 1,601,447
State of Florida, Unlimited General Obligation    
Series E    
3.10%, due 6/1/28 7,235,000 7,237,380
Village Community Development District No. 8, Special Assessment    
Insured: AG    
3.50%, due 5/1/40 4,735,000 4,701,182
West Palm Beach Community Redevelopment Agency, City center community redevelopment, Tax Allocation    
Insured: AG-CR    
5.00%, due 3/1/34 8,450,000 9,010,812
Insured: AG-CR    
5.00%, due 3/1/35 9,020,000 9,598,656
Wildwood Utility Dependent District, 2023 Project, Revenue Bonds    
Insured: AG    
5.25%, due 10/1/43 10,250,000 11,119,968
Insured: AG    
5.50%, due 10/1/53 14,000,000 14,900,984
    411,890,128
Georgia 3.8% 
Augusta Development Authority, WellStar Health System Project, Revenue Bonds    
Series A, Insured: AG    
5.125%, due 4/1/53 5,400,000 5,585,944
Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds    
Series A    
4.00%, due 7/1/44 27,935,000 27,417,756
Series A    
4.00%, due 7/1/49 15,865,000 14,542,606

  Principal
Amount
Value
Long-Term Municipal Bonds
Georgia  
City of Atlanta, Airport Passenger Facility Charge, Revenue Bonds, Sub. Lien (b)    
Series D                         
4.00%, due 7/1/35 $    5,820,000 $     5,911,688
Series D                         
4.00%, due 7/1/38   3,500,000      3,515,811
City of Atlanta, Airport Passenger Facility Charge, Revenue Bonds    
Series E                         
5.00%, due 7/1/33 (b)   2,750,000      3,131,125
City of Atlanta, Water & Wastewater, Revenue Bonds    
5.00%, due 11/1/29 4,250,000 4,277,542
City of Atlanta, Public Improvement, Unlimited General Obligation    
Series A-1    
5.00%, due 12/1/42 11,750,000 12,842,645
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System, Revenue Bonds    
4.00%, due 8/15/48 4,000,000 3,624,102
Development Authority of Burke County (The), Georgia Power Co., Revenue Bonds, Second Series    
Series 2    
3.375%, due 11/1/48 (a) 5,650,000 5,688,351
Development Authority of Burke County (The), Georgia Power Co., Revenue Bonds (a)    
Series 4    
3.80%, due 10/1/32 2,000,000 2,006,012
Series 4    
3.80%, due 10/1/32 2,000,000 2,006,012
Gainesville & Hall County Hospital Authority, Northeast Georgia Health System, Revenue Bonds    
Series A    
2.50%, due 2/15/51 8,500,000 5,352,361
Series B, Insured: County Guaranteed    
5.50%, due 2/15/42 9,290,000 9,482,289
Gainesville & Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project, Revenue Bonds    
Series A    
4.00%, due 2/15/51 2,000,000 1,768,605
Georgia Housing & Finance Authority, Revenue Bonds    
Series B    
3.55%, due 12/1/42 5,500,000 5,206,567
Georgia Ports Authority, Revenue Bonds    
5.25%, due 7/1/43 4,695,000 5,137,131
Griffin-Spalding County Hospital Authority, WellStar Health System, Revenue Bonds    
4.00%, due 4/1/42 3,440,000 3,295,329
Main Street Energy, Inc., Energy Project, Revenue Bonds    
Series D    
5.00%, due 12/1/33 15,000,000 16,200,048
Main Street Natural Gas, Inc., Revenue Bonds    
Series C    
4.00%, due 3/1/50 (a) 2,975,000 2,992,260
Series C    
4.00%, due 5/1/52 (a) 18,285,000 18,635,772
Series A    
4.00%, due 7/1/52 (a) 21,645,000 21,991,318

  Principal
Amount
Value
Long-Term Municipal Bonds
Georgia  
Main Street Natural Gas, Inc., Revenue Bonds    
Series A                         
4.00%, due 9/1/52 (a) $   18,500,000 $    18,912,611
Series A                         
5.00%, due 5/15/34   2,750,000      2,895,584
Series A                         
5.00%, due 5/15/37   2,265,000      2,496,729
Series A                         
5.00%, due 6/1/53 (a) 5,605,000 5,952,713
Series B    
5.00%, due 7/1/53 (a) 12,750,000 13,505,044
Series D    
5.00%, due 4/1/54 (a) 10,000,000 10,719,956
Series A    
5.00%, due 5/1/54 (a) 16,665,000 18,024,742
Series C    
5.00%, due 12/1/54 (a) 11,300,000 12,119,110
Series E    
5.00%, due 5/1/55 (a) 22,680,000 24,441,490
Series A    
5.50%, due 9/15/27 8,860,000 9,196,450
Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds    
Series A, Insured: AG-CR    
4.00%, due 1/1/41 2,545,000 2,566,126
Series A    
4.00%, due 1/1/49 4,500,000 4,007,165
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds    
Series B    
4.00%, due 1/1/49 5,500,000 4,841,833
Series A    
5.00%, due 1/1/39 11,250,000 11,605,116
Series A    
5.25%, due 7/1/64 5,000,000 5,147,391
Municipal Electric Authority of Georgia, Power, Revenue Bonds    
Series HH    
5.00%, due 1/1/36 3,515,000 3,638,549
Municipal Electric Authority of Georgia, Revenue Bonds    
Series HH    
5.00%, due 1/1/37 3,695,000 3,811,895
Series A    
5.50%, due 7/1/64 8,415,000 8,680,742
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Revenue Bonds    
Series A, Insured: AG    
5.00%, due 7/1/52 4,800,000 4,875,193
Municipal Electric Authority of Georgia, Project One, Revenue Bonds    
5.25%, due 1/1/49 5,645,000 5,865,974
    353,915,687

  Principal
Amount
Value
Long-Term Municipal Bonds
Guam 0.1% 
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds    
5.00%, due 1/1/46 $    5,000,000 $     5,006,954
Hawaii 0.4% 
State of Hawaii, Revenue Bonds    
Series A                         
4.00%, due 7/1/31 (b) 10,420,000     10,810,034
State of Hawaii, Airports System, Revenue Bonds    
Series A                         
5.50%, due 7/1/54 (b) 17,950,000 19,096,659
State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc., Revenue Bonds    
Insured: AG-CR    
3.50%, due 10/1/49 (b) 5,675,000 4,660,100
    34,566,793
Idaho 0.2% 
Idaho Housing & Finance Association, Revenue Bonds    
Series A, Insured: GNMA / FNMA / FHLMC    
4.45%, due 1/1/44 6,695,000 6,731,469
Idaho Housing & Finance Association, Department of Transportation, Transportation Expansion & Congestion, Revenue Bonds    
Series A    
5.25%, due 8/15/48 7,010,000 7,457,886
    14,189,355
Illinois 8.3% 
Chicago Board of Education, Capital Appreciation, School Reform, Unlimited General Obligation    
Series A, Insured: NATL-RE    
(zero coupon), due 12/1/26 17,245,000 16,775,227
Chicago Board of Education, Unlimited General Obligation    
Series A, Insured: AG    
5.00%, due 12/1/27 7,000,000 7,261,911
Series A, Insured: AG    
5.00%, due 12/1/34 3,000,000 3,115,663
Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds    
5.00%, due 4/1/46 9,500,000 9,344,202
5.75%, due 4/1/48 23,415,000 24,618,206
6.00%, due 4/1/46 64,735,000 65,613,130
Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien    
Series A    
4.00%, due 1/1/36 10,000,000 10,250,033
Series A, Insured: BAM    
4.00%, due 1/1/43 (b) 13,500,000 13,107,371
Series D, Insured: AG    
5.00%, due 1/1/38 4,750,000 5,196,382
Series A, Insured: AG    
5.50%, due 1/1/53 (b) 23,525,000 24,181,794

  Principal
Amount
Value
Long-Term Municipal Bonds
Illinois  
Chicago O'Hare International Airport, Revenue Bonds, Senior Lien    
Series A                         
4.50%, due 1/1/48 (b) $    4,725,000 $     4,506,077
Series E                         
5.00%, due 1/1/28 (b) 18,345,000     19,138,983
Series C                         
5.00%, due 1/1/35 (b)   3,615,000      4,133,615
Series A                         
5.25%, due 1/1/41 (b) 5,000,000 5,511,387
Series A    
5.25%, due 1/1/42 (b) 7,550,000 8,228,480
Series A    
5.25%, due 1/1/48 (b) 9,500,000 9,781,333
Series E    
5.50%, due 1/1/48 (b) 25,875,000 27,376,405
Series A    
5.50%, due 1/1/53 (b) 5,960,000 6,210,446
Series A    
5.50%, due 1/1/55 (b) 5,175,000 5,334,186
Series E    
5.50%, due 1/1/55 (b) 32,100,000 33,490,810
Series B    
5.50%, due 1/1/59 15,290,000 16,210,038
Chicago O'Hare International Airport, Senior Lien, Revenue Bonds, Senior Lien    
Series A    
5.00%, due 1/1/37 (b) 5,000,000 5,194,720
Chicago Park District, Limited Tax, Limited General Obligation    
Series C    
4.00%, due 1/1/35 4,000,000 4,083,951
City of Chicago, Unlimited General Obligation    
Series B    
4.00%, due 1/1/37 4,750,000 4,572,212
Series A    
5.00%, due 1/1/32 1,400,000 1,481,764
Series A    
6.00%, due 1/1/38 29,950,000 30,408,340
Series A, Insured: BAM    
6.00%, due 1/1/38 5,000,000 5,095,896
City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien    
Series A, Insured: AG    
5.25%, due 1/1/42 4,150,000 4,198,755
Series A, Insured: AG    
5.50%, due 1/1/62 7,240,000 7,582,975
City of Chicago, Waterworks, Revenue Bonds, Second Lien    
Series A, Insured: AG    
5.25%, due 11/1/48 6,000,000 6,258,012
Series A, Insured: AG    
5.50%, due 11/1/62 7,730,000 8,156,902

  Principal
Amount
Value
Long-Term Municipal Bonds
Illinois  
City of Springfield, Electric, Revenue Bonds, Senior Lien    
Insured: BAM                         
3.00%, due 3/1/37 $   22,825,000 $    21,946,669
Cook County High School District No. 209, Proviso Township, Limited General Obligation    
Series B, Insured: AG                         
4.00%, due 12/1/38   3,000,000      3,027,033
County of Cook, Sales Tax, Revenue Bonds    
4.00%, due 11/15/37   4,250,000      4,288,312
Grand Prairie Water Commission, Revenue Bonds, Senior Lien    
Insured: BAM    
5.25%, due 1/1/55 4,250,000 4,439,563
Illinois Finance Authority, Maine Township High School District No. 207, Revenue Bonds    
4.00%, due 12/1/37 3,500,000 3,572,416
Illinois Finance Authority, University of Chicago Medical Center Obligated Group, Revenue Bonds    
Series B    
4.00%, due 8/15/41 3,500,000 3,394,970
Illinois Finance Authority, Northwestern Memorial Healthcare, Revenue Bonds    
Series A    
4.00%, due 7/15/47 16,660,000 14,929,537
Illinois Finance Authority, Uchicago Medicine, Revenue Bonds    
Series A    
5.00%, due 8/15/52 4,250,000 4,268,989
Illinois Housing Development Authority, Sustainable Bonds, Revenue Bonds    
Series C, Insured: GNMA / FNMA / FHLMC    
4.70%, due 10/1/44 11,105,000 11,298,707
Illinois Housing Development Authority, Revenue Bonds    
Series A, Insured: GNMA / FNMA / FHLMC    
6.00%, due 10/1/54 6,190,000 6,750,659
Series I, Insured: GNMA / FNMA / FHLMC    
6.00%, due 10/1/55 4,905,000 5,504,839
Series G, Insured: GNMA / FNMA / FHLMC    
6.25%, due 4/1/56 9,250,000 10,655,848
Illinois State Toll Highway Authority, Revenue Bonds    
Series A    
5.00%, due 1/1/45 8,475,000 9,119,523
Series A    
5.00%, due 1/1/46 5,015,000 5,345,132
Series A    
5.00%, due 1/1/47 41,300,000 43,761,484
Kane County Forest Preserve District, Unlimited General Obligation    
Series C    
3.00%, due 12/15/26 2,880,000 2,880,681
Lake County Community High School District No. 115, Lake Forest, Unlimited General Obligation    
4.25%, due 11/1/41 7,260,000 7,574,420
4.50%, due 11/1/42 7,585,000 7,943,067
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Capital Appreciation, Revenue Bonds    
Series A, Insured: NATL-RE    
(zero coupon), due 6/15/35 17,500,000 12,689,752

  Principal
Amount
Value
Long-Term Municipal Bonds
Illinois  
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Capital Appreciation, Revenue Bonds    
Series A, Insured: NATL-RE                         
(zero coupon), due 6/15/36 $   27,500,000 $    19,012,320
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds    
Series B-1, Insured: AG                         
(zero coupon), due 6/15/43 10,000,000      4,757,857
Northern Illinois Municipal Power Agency, Revenue Bonds    
Series A                         
5.00%, due 12/1/41 5,125,000 5,174,573
Regional Transportation Authority, Revenue Bonds    
Series A    
5.00%, due 6/1/37 3,000,000 3,436,006
Sales Tax Securitization Corp., Revenue Bonds    
Series A    
4.00%, due 1/1/48 8,750,000 7,704,092
Series C    
5.25%, due 1/1/34 4,250,000 4,504,590
Series C, Insured: BAM    
5.25%, due 1/1/48 35,150,000 35,664,255
Series C    
5.50%, due 1/1/33 7,280,000 7,785,942
Sangamon County School District No. 186, Springfield, Unlimited General Obligation    
Insured: AG    
5.50%, due 6/1/58 5,375,000 5,712,572
State of Illinois, Unlimited General Obligation    
Series B    
5.00%, due 3/1/26 4,000,000 4,007,838
Series D    
5.00%, due 11/1/26 7,375,000 7,509,817
5.00%, due 2/1/27 3,980,000 4,076,995
Series D    
5.00%, due 11/1/27 10,000,000 10,417,453
5.00%, due 1/1/28 5,155,000 5,169,986
Series A    
5.00%, due 12/1/34 4,500,000 4,649,165
Series A    
5.50%, due 3/1/47 4,750,000 4,988,415
Series A    
6.00%, due 5/1/27 8,190,000 8,537,408
United City of Yorkville, Service Area Nos. 2005-108 & 2005-109 Special Tax Refunding Bonds, Special Tax    
Insured: AG    
5.00%, due 3/1/32 2,999,000 3,004,596
Village of Bellwood, Unlimited General Obligation    
Insured: AG    
5.00%, due 12/1/29 1,500,000 1,502,914
Village of Rosemont, Corporate Purpose, Unlimited General Obligation    
Series A, Insured: AG    
5.00%, due 12/1/40 6,790,000 6,855,678

  Principal
Amount
Value
Long-Term Municipal Bonds
Illinois  
Village of Schaumburg, Unlimited General Obligation    
Series A, Insured: BAM                         
4.00%, due 12/1/41 $   32,050,000 $    32,055,945
Will County School District No. 114, Manhattan, Unlimited General Obligation    
Insured: BAM                         
5.50%, due 1/1/49   6,210,000     6,586,494
    772,925,718
Indiana 0.9% 
Crown Point Multi School Building Corp., Revenue Bonds    
Insured: State Intercept    
5.00%, due 1/15/40 15,000,000 16,096,911
Indiana Finance Authority, Indiana University Health, Revenue Bonds    
Series A    
5.00%, due 10/1/41 7,750,000 8,438,069
Series B-2    
5.00%, due 10/1/60 (a) 9,000,000 9,862,668
Indiana Finance Authority, CWA Authority, Inc., Revenue Bonds, First Lien    
Series B    
5.25%, due 10/1/47 13,695,000 14,306,067
Indiana Housing & Community Development Authority, Revenue Bonds    
Series C-1, Insured: GNMA / FNMA / FHLMC    
4.70%, due 7/1/49 11,000,000 11,032,911
Series A-1, Insured: GNMA / FNMA / FHLMC    
5.75%, due 7/1/53 2,120,000 2,258,864
Indiana Municipal Power Agency, Revenue Bonds    
Series A, Insured: AG    
5.00%, due 1/1/43 11,000,000 11,935,725
Series A    
5.50%, due 1/1/47 8,115,000 8,636,853
    82,568,068
Iowa 0.6% 
Ames Community School District, Unlimited General Obligation    
1.875%, due 6/1/36 4,000,000 3,308,864
1.875%, due 6/1/37 4,000,000 3,212,958
City of Des Moines, Unlimited General Obligation    
Series F    
2.00%, due 6/1/37 4,450,000 3,649,363
PEFA, Inc., Gas Project, Revenue Bonds    
5.00%, due 9/1/49 (a) 14,795,000 14,971,170
State of Iowa Board of Regents, University of Iowa Health Care's Hospital System, Revenue Bonds    
Series A    
4.50%, due 9/1/48 4,205,000 4,210,964
Series A    
4.75%, due 9/1/50 15,810,000 15,925,852

  Principal
Amount
Value
Long-Term Municipal Bonds
Iowa  
Waukee Community School District, Unlimited General Obligation    
Series B                         
2.00%, due 6/1/35 $    4,000,000 $     3,447,326
Series B                         
2.00%, due 6/1/37   4,265,000      3,475,179
Series B                         
2.00%, due 6/1/38   5,370,000     4,293,913
    56,495,589
Kansas 0.1% 
City of Hutchinson, Hutchinson Regional Medical Center, Inc., Revenue Bonds    
5.00%, due 12/1/26 565,000 566,405
5.00%, due 12/1/28 410,000 410,752
5.00%, due 12/1/30 500,000 500,352
City of Topeka, Combined Utility, Revenue Bonds    
Series A    
4.00%, due 8/1/48 5,000,000 4,744,403
    6,221,912
Kentucky 0.7% 
County of Carroll, Kentucky Utilities Co., Revenue Bonds    
Series B    
2.125%, due 10/1/34 (b) 7,500,000 6,536,044
Kentucky Housing Corp., Revenue Bonds    
Series A, Insured: GNMA / FNMA / FHLMC    
6.25%, due 7/1/55 4,930,000 5,488,222
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds    
Series A-2    
3.645%, due 8/1/52 18,100,000 18,294,208
Series C    
4.00%, due 2/1/50 (a) 8,640,000 8,776,661
Series A-1    
4.00%, due 8/1/52 (a) 9,125,000 9,202,271
Series A    
5.00%, due 5/1/55 (a) 8,830,000 9,357,668
Kentucky Public Energy Authority, Revenue Bonds    
Series A    
5.25%, due 6/1/55 (a) 8,000,000 8,515,406
    66,170,480
Louisiana 0.5% 
Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax    
5.50%, due 7/15/53 17,135,000 17,863,947
Louisiana Housing Corp., Sustainable Bonds, Revenue Bonds    
Series D, Insured: GNMA / FNMA / FHLMC    
3.25%, due 6/1/52 1,105,000 1,100,553
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Obligated Group, Revenue Bonds    
4.00%, due 5/15/42 4,250,000 4,085,195

  Principal
Amount
Value
Long-Term Municipal Bonds
Louisiana  
Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project, Revenue Bonds, Senior Lien (b)    
5.50%, due 9/1/54 $    4,385,000 $     4,473,818
5.50%, due 9/1/59   3,595,000      3,645,330
Louisiana Public Facilities Authority, Calcasieu Bridge Partners LLC, Revenue Bonds, Senior Lien    
5.75%, due 9/1/64 (b) 10,785,000     11,119,985
Terrebonne Parish Hospital Service District No. 1, General Medical Center Project, Revenue Bonds    
5.50%, due 4/1/51   5,510,000     5,801,528
    48,090,356
Maine 0.0%  ‡
Maine State Housing Authority, Revenue Bonds    
Series D    
2.65%, due 11/15/46 2,380,000 1,772,206
Maryland 0.2% 
County of Frederick, Public Facilities Project, Unlimited General Obligation    
Series A    
1.75%, due 10/1/36 5,630,000 4,609,652
Maryland Community Development Administration, Revenue Bonds    
Series E, Insured: GNMA / FNMA / FHLMC    
6.25%, due 3/1/54 5,460,000 5,965,475
Maryland Department of Housing & Community Development, Revenue Bonds    
Series G    
6.25%, due 9/1/56 3,500,000 4,032,139
Maryland Stadium Authority, Baltimore City Public School Construction Financing Fund, Revenue Bonds    
Series A, Insured: State Intercept    
5.00%, due 5/1/34 4,250,000 4,450,948
    19,058,214
Massachusetts 2.1% 
Boston Water & Sewer Commission, Revenue Bonds    
Series B    
3.00%, due 11/1/41 8,500,000 7,528,713
City of Worcester, Limited General Obligation    
Insured: AG    
3.00%, due 2/1/37 2,750,000 2,691,850
Commonwealth of Massachusetts, Consolidated Loan, Limited General Obligation    
Series B    
3.00%, due 2/1/48 18,695,000 14,398,756
Series C    
3.00%, due 3/1/49 13,250,000 10,038,888
Series B    
3.00%, due 4/1/49 7,465,000 5,652,969
Massachusetts Bay Transportation Authority, Sales Tax, Revenue Bonds    
Series A    
(zero coupon), due 7/1/31 11,500,000 9,820,171

  Principal
Amount
Value
Long-Term Municipal Bonds
Massachusetts  
Massachusetts Development Finance Agency, Mass General Brigham Issue, Revenue Bonds    
Series F                         
5.00%, due 7/1/45 $    4,000,000 $     4,273,510
Series F                         
5.00%, due 7/1/46   9,000,000      9,527,890
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Revenue Bonds    
Series N, Insured: AG                         
5.00%, due 7/1/50   3,575,000      3,654,636
Series N, Insured: AG    
5.50%, due 7/1/50 30,850,000 33,161,007
Series N, Insured: AG    
5.50%, due 7/1/55 14,500,000 15,421,172
Series N, Insured: AG-CR    
5.50%, due 7/1/55 20,000,000 21,308,832
Massachusetts Educational Financing Authority, Revenue Bonds, Senior Lien (b)    
Series B    
5.00%, due 7/1/28 2,000,000 2,089,154
Series B    
5.00%, due 7/1/30 3,960,000 4,256,775
Massachusetts Housing Finance Agency, Revenue Bonds    
Series 220, Insured: GNMA / FNMA / FHLMC    
2.125%, due 12/1/40 6,670,000 5,158,729
Series 222, Insured: GNMA / FNMA / FHLMC    
2.30%, due 12/1/41 4,115,000 3,225,907
Series 220, Insured: GNMA / FNMA / FHLMC    
2.30%, due 12/1/44 4,500,000 3,239,200
Series A-1, Insured: FHA 542(C)    
3.00%, due 12/1/45 2,205,000 1,772,188
Series 249, Insured: GNMA / FNMA / FHLMC    
5.00%, due 12/1/50 5,485,000 5,622,310
Massachusetts Water Resources Authority, Revenue Bonds    
Series D    
3.00%, due 8/1/42 29,000,000 25,250,770
Town of Belmont, Limited General Obligation    
2.00%, due 6/1/34 3,175,000 2,921,627
Town of Middleton, Limited General Obligation    
2.00%, due 12/15/39 2,675,000 2,141,141
Town of Stoneham, Limited General Obligation    
2.25%, due 1/15/39 4,430,000 3,774,260
    196,930,455
Michigan 1.5% 
Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds, Second Lien    
Series C    
5.00%, due 7/1/36 2,435,000 2,454,571
Series B    
5.50%, due 7/1/52 7,470,000 7,899,925

  Principal
Amount
Value
Long-Term Municipal Bonds
Michigan  
Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds, Senior Lien    
Series A                         
5.25%, due 7/1/52 $    5,000,000 $     5,235,746
Great Lakes Water Authority, Water Supply System, Revenue Bonds, Second Lien    
Series B                         
5.50%, due 7/1/52   6,305,000      6,671,478
Holly Area School District, Unlimited General Obligation    
Series I, Insured: Q-SBLF                         
5.25%, due 5/1/48 3,415,000 3,573,315
Lapeer Community Schools, Unlimited General Obligation    
Insured: AG    
5.25%, due 5/1/46 9,000,000 9,515,489
Michigan Finance Authority, Trinity Health Credit Group, Revenue Bonds    
Series MI-3    
3.75%, due 12/1/38 (a) 7,000,000 7,284,271
Michigan Finance Authority, Trinity Health Corp., Revenue Bonds    
Series MI-2    
3.875%, due 12/1/44 (a)(e) 11,000,000 11,009,228
Series MI    
5.25%, due 12/1/41 11,940,000 12,003,905
Michigan Finance Authority, McLaren Health Care Corp., Revenue Bonds    
Series A    
4.00%, due 2/15/44 25,500,000 23,772,334
Michigan Finance Authority, Trinity Health Corp. Obligated Group, Revenue Bonds    
Series MI    
4.00%, due 12/1/45 7,725,000 7,116,177
Michigan Finance Authority, Beaumont Health Obligated Group, Revenue Bonds    
Series A    
5.00%, due 11/1/44 4,660,000 4,662,101
Michigan State Housing Development Authority, Rental Housing, Revenue Bonds    
Series A    
3.75%, due 4/1/27 8,120,000 8,121,398
Michigan State Housing Development Authority, Revenue Bonds    
Series A    
4.35%, due 10/1/47 9,095,000 8,766,105
Series A    
4.70%, due 12/1/43 4,800,000 4,901,127
Southgate Community School District, Unlimited General Obligation    
Series II, Insured: Q-SBLF    
5.25%, due 5/1/49 9,440,000 9,993,631
State of Michigan, Trunk Line, Revenue Bonds    
Series A    
4.00%, due 11/15/44 8,500,000 8,297,447
    141,278,248

  Principal
Amount
Value
Long-Term Municipal Bonds
Minnesota 1.0% 
County of Washington, Unlimited General Obligation    
Series A                         
2.25%, due 2/1/28 $    5,075,000 $     5,020,127
Elk River Independent School District No. 728, Unlimited General Obligation    
Series A, Insured: SD CRED PROG                         
2.25%, due 2/1/36   5,250,000      4,613,792
Series A, Insured: SD CRED PROG                         
2.50%, due 2/1/38   9,000,000      7,773,649
Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds    
Series B    
5.00%, due 1/1/28 (b) 5,000,000 5,216,403
Minnesota Housing Finance Agency, Revenue Bonds    
Series B, Insured: GNMA / FNMA / FHLMC    
2.80%, due 1/1/44 2,915,000 2,348,009
Series D, Insured: GNMA / FNMA / FHLMC    
3.00%, due 1/1/52 4,740,000 4,694,165
Series U, Insured: GNMA / FNMA / FHLMC    
6.25%, due 7/1/55 19,870,000 22,562,153
Minnesota Housing Finance Agency, Residential Housing Finance, Revenue Bonds    
Series R, Insured: GNMA / FNMA / FHLMC    
6.25%, due 7/1/54 5,285,000 5,783,800
Moorhead Independent School District No. 152, Unlimited General Obligation    
Series A, Insured: SD CRED PROG    
2.50%, due 2/1/38 8,000,000 6,996,770
Mounds View Independent School District No. 621, School Building, Unlimited General Obligation    
Series A, Insured: SD CRED PROG    
3.55%, due 2/1/38 8,000,000 7,877,286
State of Minnesota, Unlimited General Obligation    
Series B    
1.625%, due 8/1/37 4,000,000 3,128,110
White Bear Lake Independent School District No. 624, Unlimited General Obligation    
Series A, Insured: SD CRED PROG    
2.50%, due 2/1/39 8,300,000 7,109,782
Series A, Insured: SD CRED PROG    
2.50%, due 2/1/40 8,105,000 6,801,955
Series A, Insured: SD CRED PROG    
3.00%, due 2/1/43 4,060,000 3,426,467
    93,352,468
Mississippi 0.1% 
Mississippi Home Corp., Jackson Housing Portfolio Project, Revenue Bonds    
Series 1, Insured: HUD Sector 8 FNMA    
4.55%, due 4/1/42 4,980,000 5,104,666
Mississippi Home Corp., Revenue Bonds    
Series C, Insured: GNMA / FNMA / FHLMC    
5.00%, due 12/1/39 7,500,000 8,170,913
    13,275,579

  Principal
Amount
Value
Long-Term Municipal Bonds
Missouri 0.8% 
Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Revenue Bonds    
3.00%, due 6/1/53 $    5,760,000 $     4,109,540
5.50%, due 12/1/48 16,245,000     17,277,066
Health & Educational Facilities Authority of the State of Missouri, St Luke's Health System, Revenue Bonds    
Series A                         
4.00%, due 11/15/48   8,500,000      7,783,118
Health & Educational Facilities Authority of the State of Missouri, CoxHealth, Revenue Bonds    
Series A                         
4.00%, due 11/15/49 6,750,000 6,074,158
Health & Educational Facilities Authority of the State of Missouri, BJC Healthcare, Revenue Bonds    
Series D    
4.00%, due 1/1/58 (a) 13,020,000 11,790,723
Missouri Housing Development Commission, First Place Homeownership Loan Program, Revenue Bonds    
Series A, Insured: GNMA / FNMA / FHLMC    
4.25%, due 5/1/47 1,060,000 1,074,262
Series F, Insured: GNMA / FNMA / FHLMC    
6.00%, due 5/1/56 14,500,000 16,192,217
Missouri State Environmental Improvement & Energy Resources Authority, Revenue Bonds    
Series C    
2.75%, due 9/1/33 8,000,000 7,589,964
Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Co., Revenue Bonds    
Series B    
2.90%, due 9/1/33 5,000,000 4,732,590
    76,623,638
Nebraska 1.5% 
County of Sarpy, Highway Allocation Fund, Limited General Obligation    
1.875%, due 6/1/39 2,890,000 2,200,557
Douglas County Hospital Authority No. 3, Nebraska Methodist Health System, Revenue Bonds    
5.00%, due 11/1/49 3,705,000 3,794,363
Nebraska Investment Finance Authority, Revenue Bonds    
Series C, Insured: GNMA / FNMA / FHLMC    
4.55%, due 9/1/44 5,175,000 5,227,142
Series C, Insured: GNMA / FNMA / FHLMC    
4.70%, due 9/1/49 8,750,000 8,775,519
Series G, Insured: GNMA / FNMA / FHLMC    
6.00%, due 9/1/55 12,485,000 14,223,070
Omaha Public Power District, Electric System, Revenue Bonds    
Series A    
5.00%, due 2/1/47 17,500,000 18,108,099
Omaha Public Power District, Revenue Bonds    
Series A    
5.25%, due 2/1/52 16,680,000 17,488,823
Series A    
5.50%, due 2/1/54 27,500,000 29,479,956
Omaha School District, Unlimited General Obligation    
1.75%, due 12/15/36 7,635,000 6,166,491
1.75%, due 12/15/37 6,755,000 5,300,530

  Principal
Amount
Value
Long-Term Municipal Bonds
Nebraska  
Village of Boys Town Projects, Revenue Bonds    
5.00%, due 7/1/46 $   25,500,000 $    26,473,192
    137,237,742
Nevada 0.6% 
City of Reno, Capital Improvement, Revenue Bonds    
Series A-1, Insured: AG                         
4.00%, due 6/1/46   1,600,000      1,523,366
Clark County School District, Limited General Obligation    
Series B, Insured: BAM    
3.00%, due 6/15/36 5,500,000 5,228,780
Las Vegas Convention & Visitors Authority, Convention Center Expansion, Revenue Bonds    
Series B    
4.00%, due 7/1/49 32,845,000 29,615,972
Series B    
5.00%, due 7/1/43 10,000,000 10,280,016
Series A    
5.00%, due 7/1/49 8,150,000 8,434,059
    55,082,193
New Hampshire 2.8% 
New Hampshire Business Finance Authority, St. Luke's Hospital Obligated Group, Revenue Bonds    
Series B, Insured: AG    
3.00%, due 8/15/46 2,995,000 2,362,912
New Hampshire Business Finance Authority, Revenue Bonds    
Series 2    
3.625%, due 8/20/39 19,710,506 19,258,391
Series 4, Class A    
4.064%, due 11/20/39 (a) 18,847,093 18,943,015
Series 1, Class A    
4.086%, due 1/20/41 (a) 7,445,665 7,443,323
Series 2, Class A-1    
4.086%, due 11/20/42 (a) 29,374,655 28,904,461
Series 2    
4.25%, due 7/20/41 4,402,132 4,467,817
Series 3, Class A-1    
4.795%, due 2/20/41 (a) 23,969,864 25,339,548
New Hampshire Business Finance Authority, Sustainable Certificates, Revenue Bonds    
Series 3, Class A    
4.163%, due 10/1/51 15,604,123 15,748,545
New Hampshire Business Finance Authority, Adventist Health Energy Project, Revenue Bonds    
Series C    
5.25%, due 7/1/54 8,250,000 8,137,349
New Hampshire Business Finance Authority, Centurion Foundation Andrews Avenue Med Center LLC, Revenue Bonds    
5.625%, due 9/15/57 36,300,000 35,826,906
New Hampshire Business Finance Authority, Wheeling Power Co., Revenue Bonds    
Series A    
6.89%, due 4/1/34 (e) 59,175,000 62,457,076

  Principal
Amount
Value
Long-Term Municipal Bonds
New Hampshire  
New Hampshire Housing Finance Authority, Revenue Bonds    
Series E, Insured: GNMA / FNMA / FHLMC                         
6.25%, due 7/1/56 $   12,250,000 $    14,083,652
Series D, Insured: GNMA / FNMA / FHLMC                         
6.50%, due 7/1/55   6,595,000      7,278,749
Series A, Insured: GNMA / FNMA / FHLMC                         
6.50%, due 1/1/56 10,195,000    11,696,960
    261,948,704
New Jersey 2.1% 
New Jersey Economic Development Authority, New Jersey-American Water Co., Inc., Revenue Bonds (a)(b)    
Series D    
1.10%, due 11/1/29 6,500,000 6,171,287
Series A    
2.20%, due 10/1/39 10,000,000 9,490,266
Series B    
3.75%, due 11/1/34 4,625,000 4,691,225
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project, Revenue Bonds    
5.00%, due 1/1/28 (b) 1,000,000 1,002,151
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Revenue Bonds    
Series A    
4.00%, due 7/1/36 3,420,000 3,423,596
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Senior Lien    
Series B    
4.25%, due 12/1/45 (b) 5,000,000 5,111,301
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds    
Series M    
4.75%, due 10/1/40 4,250,000 4,458,198
Series M    
5.10%, due 10/1/50 4,935,000 5,024,248
New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bonds    
Series C, Insured: NATL-RE    
(zero coupon), due 12/15/30 6,000,000 5,266,509
Series C, Insured: AG    
(zero coupon), due 12/15/34 25,900,000 19,822,513
Series A    
(zero coupon), due 12/15/37 25,000,000 16,491,850
Series A    
5.00%, due 12/15/26 3,500,000 3,583,475
New Jersey Transportation Trust Fund Authority, State of New Jersey, Revenue Bonds    
Series AA    
5.25%, due 6/15/41 8,235,000 9,327,461
New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds    
Series AA    
5.25%, due 6/15/43 10,525,000 10,938,154
New Jersey Turnpike Authority, Revenue Bonds    
Series C    
5.00%, due 1/1/45 11,600,000 12,438,342

  Principal
Amount
Value
Long-Term Municipal Bonds
New Jersey  
New Jersey Turnpike Authority, Revenue Bonds    
Series B                         
5.00%, due 1/1/46 $   14,150,000 $    14,938,471
Series B                         
5.25%, due 1/1/52 35,000,000     36,775,708
State of New Jersey, Various Purpose, Unlimited General Obligation    
2.00%, due 6/1/37   7,500,000      6,299,682
5.00%, due 6/1/40   5,585,000      5,943,911
Tobacco Settlement Financing Corp., Revenue Bonds    
Series A    
5.00%, due 6/1/30 6,815,000 7,168,533
Series A    
5.00%, due 6/1/33 3,250,000 3,375,779
Township of Edison, Unlimited General Obligation    
2.00%, due 3/15/36 4,545,000 3,894,093
    195,636,753
New Mexico 0.3% 
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Revenue Bonds    
Series A    
4.00%, due 8/1/39 1,500,000 1,486,341
New Mexico Mortgage Finance Authority, Single-Family Mortgage Program, Revenue Bonds    
Series C, Class I, Insured: GNMA / FNMA / FHLMC    
3.00%, due 1/1/52 5,850,000 5,783,750
New Mexico Mortgage Finance Authority, Revenue Bonds    
Series D, Class I, Insured: GNMA / FNMA / FHLMC    
3.00%, due 7/1/52 8,100,000 8,012,962
Series A, Insured: GNMA / FNMA / FHLMC    
3.00%, due 3/1/53 11,470,000 11,346,305
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Revenue Bonds    
Series A, Class I, Insured: GNMA / FNMA / FHLMC    
5.75%, due 3/1/56 3,700,000 4,088,980
    30,718,338
New York 11.3% 
City of New York, Unlimited General Obligation    
Series A, Insured: BAM    
3.00%, due 8/1/36 9,200,000 8,895,516
Series E-1    
4.00%, due 4/1/42 8,760,000 8,647,674
Series F-1    
5.00%, due 3/1/43 4,000,000 4,207,964
Series B-1    
5.25%, due 10/1/33 6,260,000 6,521,342
Series G-1    
5.25%, due 2/1/45 5,000,000 5,407,209
Series D    
5.50%, due 4/1/46 23,215,000 25,035,365

  Principal
Amount
Value
Long-Term Municipal Bonds
New York  
Dormitory Authority of the State of New York, Cornell University, Revenue Bonds    
Series A                         
5.50%, due 7/1/54 $   37,185,000 $    40,311,783
Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds    
Series A                         
5.00%, due 2/15/39   4,500,000      4,586,301
Long Island Power Authority, Electric System, Revenue Bonds    
5.00%, due 9/1/37   2,000,000      2,111,539
Metropolitan Transportation Authority, Revenue Bonds    
Series B    
4.00%, due 11/15/36 3,500,000 3,502,148
Series B-1    
5.00%, due 11/15/42 10,000,000 11,046,797
Series B-2    
5.00%, due 11/15/48 5,000,000 5,203,306
Series A    
5.25%, due 11/15/49 13,330,000 13,899,523
Metropolitan Transportation Authority, Special Tax    
Series A    
5.00%, due 11/15/49 5,000,000 5,189,594
Metropolitan Transportation Authority, Green Bond, Revenue Bonds    
Series D    
5.00%, due 11/15/44 5,750,000 5,960,046
Metropolitan Transportation Authority, Metropolitan Transportation Authority Dedicated Tax Fund, Revenue Bonds    
Series A    
5.00%, due 11/15/45 6,725,000 7,052,754
New York City Housing Development Corp., Sustainable Neighborhood, Revenue Bonds    
Series E-1    
3.00%, due 11/1/39 3,135,000 2,871,724
Series A-1    
4.15%, due 11/1/38 14,250,000 14,260,016
Series A-1    
4.25%, due 11/1/43 5,380,000 5,288,924
New York City Housing Development Corp., Triborough Preservation LLC, Revenue Bonds    
Series A-1    
3.95%, due 11/15/44 3,000,000 2,799,684
New York City Housing Development Corp., Revenue Bonds    
Series C-1-B    
3.95%, due 11/1/48 7,355,000 6,599,564
Series F-1-A    
4.30%, due 11/1/44 5,650,000 5,545,448
Series F-1-A    
4.55%, due 11/1/54 5,400,000 5,236,420
New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds    
Series BB-1    
3.00%, due 6/15/44 32,510,000 26,827,024
Series DD-1    
3.00%, due 6/15/50 3,765,000 2,830,456

  Principal
Amount
Value
Long-Term Municipal Bonds
New York  
New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds    
Series BB-1                         
4.00%, due 6/15/45 $    7,250,000 $     6,951,753
Series BB-1                         
5.00%, due 6/15/44   3,250,000      3,446,228
New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds    
Series BB                         
5.00%, due 6/15/43   6,915,000      7,613,855
Series BB-1    
5.25%, due 6/15/54 4,120,000 4,306,687
Series CC-1    
5.25%, due 6/15/54 7,070,000 7,417,182
New York City Transitional Finance Authority, Building Aid, Revenue Bonds    
Series S-1A, Insured: State Aid Withholding    
3.00%, due 7/15/39 5,000,000 4,585,524
Series S-1B, Insured: State Aid Withholding    
3.00%, due 7/15/49 10,000,000 7,459,616
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds    
Series C-1    
4.00%, due 11/1/42 6,355,000 6,291,878
Series E-1    
4.00%, due 2/1/46 15,105,000 14,041,798
Series C-3    
5.00%, due 5/1/41 5,250,000 5,432,165
Series C-1    
5.00%, due 5/1/42 5,295,000 5,803,933
Series H-1    
5.25%, due 11/1/45 3,065,000 3,326,151
Series C    
5.25%, due 5/1/48 7,000,000 7,371,477
Series C    
5.50%, due 5/1/42 10,000,000 11,243,200
Series C    
5.50%, due 5/1/43 5,000,000 5,537,370
Series C    
5.50%, due 5/1/44 22,000,000 24,305,492
Series D-1    
5.50%, due 11/1/45 14,760,000 16,005,695
Series C    
5.50%, due 5/1/53 12,500,000 13,245,294
New York City Transitional Finance Authority, Revenue Bonds    
Series A-1    
5.00%, due 5/1/40 4,400,000 4,956,717
Series H-1    
5.00%, due 11/1/41 3,890,000 4,317,756
Series E    
5.00%, due 11/1/42 8,865,000 9,719,328

  Principal
Amount
Value
Long-Term Municipal Bonds
New York  
New York City Transitional Finance Authority, Revenue Bonds    
Series C-1                         
5.25%, due 5/1/49 $    2,715,000 $     2,861,018
Series E                         
5.50%, due 11/1/49 17,250,000     18,509,968
Series H-1                         
5.50%, due 11/1/51   5,545,000      5,939,424
New York Liberty Development Corp., Port Authority of New York & New Jersey, Revenue Bonds    
Series 1WTC    
2.25%, due 2/15/41 2,830,000 2,220,365
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds    
2.45%, due 9/15/69 11,125,000 10,547,539
New York Liberty Development Corp., 4 World Trade Center Project, Revenue Bonds    
Series A    
2.50%, due 11/15/36 4,000,000 3,545,637
Series A    
2.75%, due 11/15/41 14,255,000 11,478,097
Series A    
2.875%, due 11/15/46 31,600,000 23,611,552
New York Liberty Development Corp., 1 World Trade Center Project, Revenue Bonds    
Insured: BAM    
2.75%, due 2/15/44 18,000,000 13,851,189
Insured: AG-CR    
3.00%, due 2/15/42 22,150,000 19,428,875
Insured: BAM    
4.00%, due 2/15/43 3,250,000 3,195,149
New York State Dormitory Authority, Fordham University, Revenue Bonds    
Series A    
3.00%, due 7/1/38 10,065,000 9,394,725
New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds    
Series A    
3.00%, due 7/1/48 9,000,000 6,726,938
Series A    
4.00%, due 7/1/50 6,360,000 5,665,273
New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds    
Series A    
4.00%, due 3/15/39 17,200,000 17,581,733
Series A    
4.00%, due 3/15/40 13,840,000 14,031,136
Series E    
4.00%, due 3/15/45 2,550,000 2,442,547
Series A    
5.00%, due 3/15/46 4,750,000 4,950,669
New York State Dormitory Authority, School Districts Financing Program, Revenue Bonds    
Series A, Insured: BAM    
5.00%, due 10/1/36 3,750,000 4,098,821

  Principal
Amount
Value
Long-Term Municipal Bonds
New York  
New York State Dormitory Authority, Revenue Bonds    
Series A                         
5.00%, due 3/15/41 $    5,000,000 $     5,577,832
Series A                         
5.00%, due 3/15/48 13,690,000     14,243,251
New York State Dormitory Authority, New York University, Revenue Bonds    
Series A, Insured: NATL-RE                         
5.75%, due 7/1/27   1,395,000      1,437,635
New York State Environmental Facilities Corp., Clean Water & Drinking Water, Revenue Bonds    
Series B    
3.00%, due 6/15/38 8,100,000 7,698,617
New York State Thruway Authority, Revenue Bonds    
Series B, Insured: AG-CR    
3.00%, due 1/1/46 9,715,000 7,577,398
Series A    
5.00%, due 3/15/40 5,000,000 5,747,334
New York State Thruway Authority, State Personal Income Tax, Revenue Bonds    
Series A-1    
4.00%, due 3/15/43 4,725,000 4,684,485
New York State Urban Development Corp., Sales Tax, Revenue Bonds    
Series A    
3.00%, due 3/15/40 4,550,000 4,104,006
Series A    
4.00%, due 3/15/37 11,875,000 12,208,095
Series A    
4.00%, due 3/15/38 5,550,000 5,678,008
New York State Urban Development Corp., Personal Income Tax, Revenue Bonds    
Series A    
5.00%, due 3/15/42 10,000,000 10,798,776
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds (b)    
Series A, Insured: AG    
4.00%, due 7/1/35 10,730,000 10,729,803
Series A, Insured: AG    
4.00%, due 7/1/37 10,000,000 9,976,419
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b)    
Insured: AG-CR    
5.00%, due 12/1/27 4,250,000 4,421,380
Insured: AG-CR    
5.00%, due 12/1/28 4,250,000 4,512,848
Insured: AG-CR    
5.00%, due 12/1/29 7,900,000 8,551,378
5.00%, due 12/1/30 10,000,000 10,900,229
5.00%, due 12/1/34 4,000,000 4,396,121
5.00%, due 12/1/36 2,000,000 2,165,726
5.00%, due 12/1/37 3,000,000 3,227,469
5.00%, due 12/1/40 2,875,000 3,037,980
Insured: AG    
5.50%, due 6/30/43 5,015,000 5,301,971

  Principal
Amount
Value
Long-Term Municipal Bonds
New York  
New York Transportation Development Corp., JFK International Airport New Terminal One Project, Revenue Bonds    
Insured: AG                         
5.00%, due 6/30/49 (b) $    6,000,000 $     6,007,503
New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds    
Insured: AG                         
5.00%, due 6/30/49 (b)   4,310,000      4,311,814
New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Revenue Bonds    
Series A, Insured: AG                         
5.25%, due 12/31/54 (b) 20,000,000 20,335,464
New York Transportation Development Corp., JFK International Airport, Revenue Bonds    
Insured: AG    
6.00%, due 6/30/50 (b) 19,340,000 21,004,427
Port Authority of New York & New Jersey, Revenue Bonds (b)    
4.00%, due 3/15/35 9,250,000 9,373,188
Series 218    
4.00%, due 11/1/41 6,560,000 6,508,550
Series 223    
4.00%, due 7/15/46 4,175,000 3,760,389
Series 242    
5.00%, due 12/1/30 10,000,000 11,008,974
Series 242    
5.00%, due 12/1/31 18,000,000 20,079,979
Series 246    
5.00%, due 9/1/32 7,700,000 8,652,445
Series 242    
5.00%, due 12/1/35 5,000,000 5,636,641
Series 231    
5.50%, due 8/1/40 9,205,000 10,190,578
Series 231    
5.50%, due 8/1/42 2,750,000 3,001,018
Series 231    
5.50%, due 8/1/47 15,250,000 16,148,803
State of New York, Mortgage Agency, Revenue Bonds    
Series 227    
2.30%, due 10/1/40 6,250,000 4,998,307
Series 239, Insured: SONYMA    
2.60%, due 10/1/44 13,955,000 10,623,516
State of New York Mortgage Agency Homeowner Mortgage, Revenue Bonds    
Series 242, Insured: SONYMA    
3.25%, due 10/1/47 4,250,000 3,408,867
Series 242, Insured: SONYMA    
3.30%, due 10/1/47 3,925,000 3,158,814
Suffolk County Water Authority, Waterworks, Revenue Bonds    
Series A    
3.75%, due 6/1/36 4,900,000 4,901,542
Town of Hempstead, Limited General Obligation    
2.00%, due 6/15/36 6,070,000 5,209,242
2.125%, due 6/15/38 6,720,000 5,580,871

  Principal
Amount
Value
Long-Term Municipal Bonds
New York  
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien    
Series C-3                         
3.00%, due 5/15/51 $   15,000,000 $    10,964,832
Series C-3, Insured: AG-CR                         
3.00%, due 5/15/51 16,010,000     11,787,422
Series C                         
5.25%, due 11/15/40   5,000,000      5,670,341
Series D-2                         
5.25%, due 5/15/47 22,750,000 23,990,974
Series D-2    
5.50%, due 5/15/52 25,000,000 26,496,677
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds    
Series B    
5.00%, due 3/15/27 15,500,000 15,982,399
Series B    
5.00%, due 11/15/37 2,850,000 2,929,831
Series A    
5.00%, due 11/15/43 4,000,000 4,118,170
Series A    
5.00%, due 5/15/48 4,500,000 4,676,927
Series A    
5.00%, due 5/15/53 5,250,000 5,402,488
Series A    
5.25%, due 5/15/52 4,340,000 4,516,299
Series A    
5.25%, due 12/1/54 4,585,000 4,829,332
Triborough Bridge & Tunnel Authority, Revenue Bonds    
Series A-1    
5.25%, due 5/15/64 11,000,000 11,460,937
TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds    
Series A    
5.00%, due 6/1/33 5,890,000 5,997,867
Series A    
5.00%, due 6/1/41 2,500,000 2,514,447
    1,055,514,511
North Carolina 0.7% 
City of Fayetteville, Public Works Commission, Revenue Bonds    
2.00%, due 3/1/35 3,330,000 2,982,011
2.00%, due 3/1/37 3,465,000 2,935,009
2.00%, due 3/1/38 3,535,000 2,922,469
2.125%, due 3/1/39 3,605,000 2,960,261
2.125%, due 3/1/40 3,680,000 2,918,351
County of Pender, Unlimited General Obligation    
3.00%, due 3/1/41 5,000,000 4,564,867
3.00%, due 3/1/42 5,000,000 4,455,580

  Principal
Amount
Value
Long-Term Municipal Bonds
North Carolina  
County of Union, Unlimited General Obligation    
Series C                         
2.50%, due 9/1/36 $    4,000,000 $     3,704,143
North Carolina Housing Finance Agency, Revenue Bonds    
Series 39-B, Insured: GNMA / FNMA / FHLMC                         
4.00%, due 7/1/48   1,545,000      1,558,079
Series 42, Insured: GNMA / FNMA / FHLMC                         
4.00%, due 1/1/50   1,850,000      1,870,237
Series 49, Insured: GNMA / FNMA / FHLMC    
6.00%, due 7/1/53 6,365,000 6,809,875
Series 52-A, Insured: GNMA / FNMA / FHLMC    
6.25%, due 1/1/55 8,555,000 9,332,267
North Carolina Housing Finance Agency, 1998 Trust Agreement, Revenue Bonds    
Series 57-A, Insured: GNMA / FNMA / FHLMC    
6.25%, due 1/1/56 8,970,000 10,196,833
Series 59-A, Insured: GNMA / FNMA / FHLMC    
6.25%, due 1/1/57 9,250,000 10,655,329
    67,865,311
North Dakota 0.1% 
North Dakota Housing Finance Agency, Home Mortgage Finance Project, Revenue Bonds    
Series A    
2.05%, due 7/1/36 2,400,000 2,031,420
North Dakota Housing Finance Agency, Revenue Bonds    
Series A    
3.00%, due 1/1/52 3,425,000 3,394,849
North Dakota Housing Finance Agency, Home Mortgate Finance Program, Revenue Bonds    
Series C    
4.25%, due 7/1/40 5,030,000 5,154,316
North Dakota Housing Finance Agency, Sustainable Bond, Revenue Bonds    
Series C    
5.00%, due 7/1/42 1,500,000 1,628,827
    12,209,412
Ohio 1.0% 
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien    
Series A-2    
3.00%, due 6/1/48 31,105,000 21,998,797
Buckeye Tobacco Settlement Financing Authority, Senior Living Project, Revenue Bonds, Senior Lien    
Series A-2, Class 1    
5.00%, due 6/1/35 4,250,000 4,486,413
Columbus Regional Airport Authority, John Glenn Columbus International Airport, Revenue Bonds    
Series A    
5.00%, due 1/1/37 (b) 4,800,000 5,324,019
Northeast Ohio Regional Sewer District, Revenue Bonds    
3.25%, due 11/15/40 2,000,000 1,850,424

  Principal
Amount
Value
Long-Term Municipal Bonds
Ohio  
Ohio Air Quality Development Authority, American Electric Power Co., Inc., Revenue Bonds    
Series B                         
2.60%, due 6/1/41 (a)(b) $    3,000,000 $     2,907,161
Ohio Higher Educational Facility Commission, Ashtabula County Medical Center Obligated Group, Revenue Bonds    
5.00%, due 1/1/30     210,000        224,047
5.00%, due 1/1/34     360,000        389,938
5.25%, due 1/1/36     495,000        540,817
5.25%, due 1/1/52   2,500,000      2,491,670
Ohio Housing Finance Agency, Revenue Bonds    
Series B, Insured: GNMA / FNMA / FHLMC    
2.25%, due 9/1/40 1,055,000 838,348
Series A, Insured: GNMA / FNMA / FHLMC    
6.25%, due 3/1/56 4,975,000 5,538,648
Series B, Insured: GNMA / FNMA / FHLMC    
6.50%, due 3/1/56 4,000,000 4,636,546
Ohio Housing Finance Agency, First Tiem Homebuyer Progam, Revenue Bonds    
Series A, Insured: GNMA / FNMA / FHLMC    
3.00%, due 3/1/50 2,135,000 1,623,888
Ohio Housing Finance Agency, Mortgage-Backed Securities Program, Revenue Bonds    
Series D, Insured: GNMA / FNMA / FHLMC    
6.375%, due 3/1/56 10,000,000 11,575,189
Worthington City School District, Unlimited General Obligation    
5.50%, due 12/1/54 27,920,000 29,625,108
    94,051,013
Oklahoma 0.8% 
City of Tulsa, Unlimited General Obligation    
Series A    
0.05%, due 11/1/40 7,670,000 4,281,831
Grand River Dam Authority, Revenue Bonds    
Series A    
5.00%, due 6/1/41 6,000,000 6,608,184
Lincoln County Educational Facilities Authority, Stroud Public Schools Project, Revenue Bonds    
5.00%, due 9/1/28 2,450,000 2,479,925
Oklahoma Housing Finance Agency, Revenue Bonds    
Series A, Insured: GNMA / FNMA / FHLMC    
4.00%, due 9/1/49 2,210,000 2,233,050
Series E, Insured: GNMA / FNMA / FHLMC    
6.25%, due 3/1/57 7,500,000 8,640,298
Oklahoma Turnpike Authority, Revenue Bonds    
5.50%, due 1/1/53 44,455,000 47,206,485
    71,449,773
Oregon 0.5% 
City of Portland, Limited General Obligation    
Series A    
2.00%, due 10/1/38 2,535,000 2,066,497

  Principal
Amount
Value
Long-Term Municipal Bonds
Oregon  
City of Portland, Limited General Obligation    
Series A                         
2.00%, due 10/1/39 $    2,015,000 $     1,605,580
Clackamas County School District No. 12, North Clackamas, Unlimited General Obligation    
Series A, Insured: School Bond Guaranty                         
(zero coupon), due 6/15/41     835,000        429,157
Series A, Insured: School Bond Guaranty                         
(zero coupon), due 6/15/41   6,965,000      3,499,697
Multnomah County School District No. 40, Unlimited General Obligation    
Series B, Insured: School Bond Guaranty    
5.50%, due 6/15/53 7,750,000 8,338,078
Port of Portland, Airport, Revenue Bonds (b)    
Series A-27    
5.00%, due 7/1/37 5,550,000 5,881,603
Series 29-A    
5.00%, due 7/1/45 3,300,000 3,366,428
Series 29    
5.50%, due 7/1/48 5,750,000 6,062,424
Seaside School District No. 10, Unlimited General Obligation    
Series A, Insured: School Bond Guaranty    
(zero coupon), due 6/15/44 6,000,000 2,607,224
State of Oregon, Housing & Community Services Department, Revenue Bonds    
Series A    
3.50%, due 1/1/51 3,235,000 3,236,570
Tri-County Metropolitan Transportation District of Oregon, Payroll, Revenue Bonds, Senior Lien    
Series A    
3.00%, due 9/1/44 10,905,000 9,002,625
    46,095,883
Pennsylvania 2.7% 
Allegheny County Airport Authority, Revenue Bonds    
Series A    
4.00%, due 1/1/38 (b) 4,165,000 4,201,818
Allegheny County Higher Education Building Authority, Duquesne University of the Holy Spirit, Revenue Bonds    
4.50%, due 3/1/50 (d) 10,000,000 9,592,455
Allegheny County Hospital Development Authority, UPMC Obligated Group, Revenue Bonds    
Series B    
5.00%, due 10/15/28 3,000,000 3,200,780
Bethel Park School District, Limited General Obligation    
Insured: State Aid Withholding    
5.00%, due 8/1/46 2,500,000 2,645,305
Insured: State Aid Withholding    
5.50%, due 8/1/48 2,500,000 2,712,382
City of Philadelphia, Airport, Revenue Bonds    
Series B    
5.00%, due 7/1/42 (b) 8,020,000 8,121,306

  Principal
Amount
Value
Long-Term Municipal Bonds
Pennsylvania  
City of Philadelphia, Water & Wastewater, Revenue Bonds    
Series C                         
5.50%, due 6/1/47 $   15,500,000 $    16,577,317
Series B, Insured: AG                         
5.50%, due 9/1/53   8,865,000      9,464,249
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds    
5.00%, due 6/1/34   3,000,000      3,140,210
Pennsylvania Economic Development Financing Authority, UPMC Obligated Group, Revenue Bonds    
Series A-2    
4.00%, due 5/15/48 6,090,000 5,360,913
Series A-2    
4.00%, due 5/15/53 4,980,000 4,300,048
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (The), Revenue Bonds    
5.75%, due 6/30/48 (b) 6,140,000 6,444,303
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds    
Insured: AG    
5.75%, due 12/31/62 (b) 25,000,000 26,166,037
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Senior Lien    
Series 1-A    
4.125%, due 6/1/45 (b) 11,200,000 11,160,611
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Revenue Bonds    
Series A    
4.00%, due 8/15/42 4,000,000 3,920,337
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Revenue Bonds    
Series B-1, Insured: AG    
5.00%, due 11/1/51 28,000,000 28,384,815
Series B-1, Insured: AG    
5.25%, due 11/1/48 5,000,000 5,219,356
Series B-2    
5.50%, due 11/1/54 7,000,000 7,314,950
Pennsylvania Housing Finance Agency, Revenue Bonds    
Series 121    
2.80%, due 10/1/31 6,000,000 5,936,457
Series 135-A    
3.00%, due 10/1/51 4,185,000 4,165,123
Series 138-A    
3.00%, due 10/1/52 5,500,000 5,400,646
Series 149-A    
4.75%, due 10/1/40 14,500,000 15,252,892
Series A-141    
5.75%, due 10/1/53 5,225,000 5,572,242
Series 145-A    
6.00%, due 10/1/54 4,345,000 4,747,180
Series 147-A    
6.25%, due 10/1/54 7,906,887 8,774,580
Pennsylvania Housing Finance Agency, Single Family Mortgage, Revenue Bonds    
Series 137    
3.00%, due 10/1/51 8,465,000 8,267,758

  Principal
Amount
Value
Long-Term Municipal Bonds
Pennsylvania  
Pennsylvania Turnpike Commission, Revenue Bonds, Second Series    
5.00%, due 12/1/41 $    3,500,000 $     3,595,706
Pennsylvania Turnpike Commission, Revenue Bonds    
Series B                         
5.25%, due 12/1/44   4,085,000      4,396,282
Series A                         
5.50%, due 12/1/46 11,250,000     11,404,007
Philadelphia Authority for Industrial Development, Children's Hospital of Philadelphia Project, Revenue Bonds    
Series A    
5.00%, due 7/1/46 3,815,000 4,022,510
Philadelphia Authority for Industrial Development, St. Joseph's University Project, Revenue Bonds    
5.25%, due 11/1/52 3,250,000 3,323,612
State Public School Building Authority, School District of Philadelphia (The), Revenue Bonds    
Series A, Insured: AG State Aid Withholding    
5.00%, due 6/1/31 10,000,000 10,173,241
    252,959,428
Puerto Rico 1.2% 
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (e)    
Series A    
4.00%, due 7/1/42 16,600,000 15,799,341
Series A    
5.00%, due 7/1/47 9,000,000 8,933,668
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds    
Series B    
4.00%, due 7/1/42 (e) 34,665,000 32,993,020
Puerto Rico Electric Power Authority, Revenue Bonds    
Series UU, Insured: AG    
4.25%, due 7/1/27 2,345,000 2,332,606
Series NN, Insured: NATL-RE    
4.75%, due 7/1/33 1,140,000 1,123,016
Series TT, Insured: AG-CR    
5.00%, due 7/1/27 500,000 500,110
Series SS, Insured: AG    
5.00%, due 7/1/30 550,000 550,116
Series VV, Insured: NATL-RE    
5.25%, due 7/1/26 1,575,000 1,577,843
Series VV, Insured: NATL-RE    
5.25%, due 7/1/29 1,470,000 1,491,458
Series VV, Insured: NATL-RE    
5.25%, due 7/1/32 1,225,000 1,247,714
Series VV, Insured: NATL-RE    
5.25%, due 7/1/34 550,000 558,525
Puerto Rico Municipal Finance Agency, Revenue Bonds    
Series A, Insured: AG    
5.00%, due 8/1/27 80,000 80,246
Series A, Insured: AG    
5.00%, due 8/1/30 1,440,000 1,444,679

  Principal
Amount
Value
Long-Term Municipal Bonds
Puerto Rico  
Puerto Rico Sales Tax Financing Corp., Revenue Bonds    
Series A-1                         
(zero coupon), due 7/1/46 $   27,000,000 $     9,402,750
Series A-1                         
(zero coupon), due 7/1/51   2,193,000        558,341
Insured: BHAC-CR                         
(zero coupon), due 8/1/54      94,803         19,818
Series A-1                         
4.75%, due 7/1/53 14,784,000 14,282,728
Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds    
Series A-2    
4.329%, due 7/1/40 17,442,000 17,358,477
    110,254,456
Rhode Island 0.2% 
Providence Public Building Authority, Various Capital Projects, Revenue Bonds    
Series A, Insured: AG    
5.875%, due 6/15/26 355,000 355,889
Rhode Island Health and Educational Building Corp., PRG - RI Properties LLC, Revenue Bonds    
Series A, Insured: AG    
5.00%, due 7/1/50 3,250,000 3,270,155
Series A, Insured: AG    
5.00%, due 7/1/55 3,250,000 3,256,211
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds    
Series 77-A, Insured: GNMA    
4.25%, due 4/1/51 8,170,000 8,365,425
    15,247,680
South Carolina 1.3% 
Charleston County Airport District, Revenue Bonds    
Series B    
5.00%, due 7/1/49 5,000,000 5,193,759
Patriots Energy Group Financing Agency, Revenue Bonds    
Series B-2    
4.352%, due 2/1/54 15,000,000 15,701,980
South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group, Revenue Bonds    
Series A, Insured: AG-CR    
4.00%, due 11/1/42 3,575,000 3,535,214
South Carolina Jobs-Economic Development Authority, AnMed Health, Revenue Bonds    
4.25%, due 2/1/48 11,850,000 11,350,754
5.25%, due 2/1/53 8,180,000 8,463,625
South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds    
Series B, Insured: AG-CR    
4.00%, due 12/1/29 367,000 385,363
Series A, Insured: AG-CR    
5.00%, due 12/1/36 12,750,000 14,156,211
Series E, Insured: AG    
5.00%, due 12/1/52 14,550,000 14,875,466

  Principal
Amount
Value
Long-Term Municipal Bonds
South Carolina  
South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds    
Series E, Insured: AG                         
5.50%, due 12/1/42 $    9,125,000 $    10,062,168
South Carolina Public Service Authority, Santee Cooper, Revenue Bonds    
Series A                         
5.00%, due 12/1/41   3,000,000      3,300,562
Series B                         
5.00%, due 12/1/43   2,965,000      3,187,607
South Carolina Public Service Authority, Santee Cooper project, Revenue Bonds    
Series B, Insured: AG    
5.00%, due 12/1/42 4,605,000 5,041,716
South Carolina Public Service Authority, Revenue Bonds    
Series B    
5.00%, due 12/1/45 2,000,000 2,107,944
Series B    
5.25%, due 12/1/54 8,875,000 9,202,035
South Carolina State Housing Finance & Development Authority, Revenue Bonds    
Series A, Insured: GNMA / FNMA / FHLMC    
6.50%, due 7/1/55 9,830,000 11,279,446
Series B, Insured: GNMA / FNMA / FHLMC    
6.50%, due 7/1/55 5,465,000 6,300,562
    124,144,412
South Dakota 0.2% 
South Dakota Housing Development Authority, Revenue Bonds    
Series B    
3.00%, due 11/1/52 5,170,000 5,120,643
Series C, Insured: GNMA / FNMA / FHLMC    
6.25%, due 11/1/55 3,925,000 4,431,737
Series C, Insured: GNMA / FNMA / FHLMC    
6.25%, due 11/1/56 3,495,000 3,916,947
Series A, Insured: GNMA / FNMA / FHLMC    
6.50%, due 11/1/55 4,980,000 5,719,090
    19,188,417
Tennessee 0.7% 
County of Knox, Unlimited General Obligation    
Series B    
3.00%, due 6/1/34 3,665,000 3,659,676
County of Rutherford, Unlimited General Obligation    
1.625%, due 4/1/34 5,375,000 4,635,462
1.875%, due 4/1/39 4,120,000 3,200,161
Metropolitan Government of Nashville & Davidson County, Water & Sewer, Revenue Bonds    
Series A    
3.00%, due 7/1/40 3,500,000 3,148,588
Metropolitan Government of Nashville & Davidson County, Electric, Revenue Bonds    
Series A    
5.25%, due 5/15/49 5,000,000 5,323,390

  Principal
Amount
Value
Long-Term Municipal Bonds
Tennessee  
Metropolitan Nashville Airport Authority (The), Revenue Bonds    
Series A                         
4.00%, due 7/1/49 $    3,500,000 $     3,256,629
Series B                         
5.50%, due 7/1/40 (b)   2,000,000      2,211,065
Series B                         
5.50%, due 7/1/41 (b)   4,770,000      5,252,872
Series B                         
5.50%, due 7/1/52 (b) 3,500,000 3,662,539
State of Tennessee, Unlimited General Obligation    
Series A    
5.00%, due 5/1/42 10,000,000 10,979,863
Tennergy Corp., Revenue Bonds    
Series A    
5.00%, due 10/1/54 (a) 8,835,000 9,375,906
Tennessee Energy Acquisition Corp., Gas Project, Revenue Bonds    
Series A    
5.00%, due 11/1/34 4,995,000 5,433,523
Tennessee Housing Development Agency, Revenue Bonds    
Series 2    
2.50%, due 1/1/31 2,020,000 1,953,354
    62,093,028
Texas 10.1% 
Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc., Revenue Bonds    
Insured: PSF-GTD    
4.50%, due 8/15/45 16,235,000 16,058,967
Austin Community College District, Limited General Obligation    
5.25%, due 8/1/53 7,550,000 7,921,942
Bastrop Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
5.00%, due 2/15/48 6,785,000 7,042,882
Boerne Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
3.125%, due 2/1/53 (a) 8,360,000 8,394,775
Central Texas Turnpike System, Revenue Bonds, Second Tier    
Series C    
5.00%, due 8/15/32 5,000,000 5,747,384
Series C    
5.00%, due 8/15/33 7,500,000 8,713,114
Series C    
5.00%, due 8/15/34 20,000,000 23,416,150
Central Texas Turnpike System, Revenue Bonds, First Tier    
Series B    
5.00%, due 8/15/42 (a) 11,500,000 12,524,334
City of Austin, Electric Utility, Revenue Bonds    
5.00%, due 11/15/38 4,000,000 4,636,640
5.00%, due 11/15/41 8,750,000 9,863,463

  Principal
Amount
Value
Long-Term Municipal Bonds
Texas  
City of Austin, Electric Utility, Revenue Bonds    
5.00%, due 11/15/42 $    9,400,000 $    10,479,843
5.00%, due 11/15/43   8,750,000      9,645,695
City of Celina, Limited General Obligation    
1.75%, due 9/1/36   3,395,000      2,771,387
1.875%, due 9/1/37   3,455,000      2,772,734
1.875%, due 9/1/39   3,585,000      2,721,697
City of Dallas, Limited General Obligation    
Series A, Insured: AG    
2.25%, due 2/15/40 5,035,000 3,980,048
City of Dallas, Hotel Occupancy Tax, Revenue Bonds    
4.00%, due 8/15/36 1,150,000 1,151,853
City of El Paso, Limited General Obligation    
Insured: BAM    
4.00%, due 8/15/42 125,000 126,130
Insured: BAM    
4.00%, due 8/15/42 10,820,000 10,729,447
City of Fort Worth, Limited General Obligation    
2.00%, due 3/1/35 5,480,000 4,741,430
City of Fort Worth, General purpose, Limited General Obligation    
2.00%, due 3/1/38 5,000,000 3,934,312
2.00%, due 3/1/41 5,470,000 3,890,548
City of Frisco, Limited General Obligation    
2.00%, due 2/15/38 4,740,000 3,839,966
City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds    
5.00%, due 9/1/31 2,200,000 2,204,087
City of Houston, Airport System, Revenue Bonds (b)    
Series A    
5.25%, due 7/1/42 6,000,000 6,588,772
Series A, Insured: AG    
5.25%, due 7/1/48 7,755,000 8,011,621
City of Lubbock, Electric Light & Power System, Revenue Bonds    
Insured: AG-CR    
4.00%, due 4/15/46 8,150,000 7,648,362
City of Missouri City, Limited General Obligation    
2.125%, due 6/15/40 2,530,000 1,928,041
City of San Antonio, Electric & Gas Systems, Revenue Bonds, Junior Lien    
5.00%, due 2/1/44 4,500,000 4,752,226
City of San Antonio, Electric & Gas Systems, Revenue Bonds    
Series C    
5.50%, due 2/1/49 5,000,000 5,427,144
Comal Independent School District, School Building, Unlimited General Obligation    
Insured: PSF-GTD    
3.00%, due 2/1/39 7,670,000 7,208,472
Insured: PSF-GTD    
3.00%, due 2/1/40 12,500,000 11,512,081

  Principal
Amount
Value
Long-Term Municipal Bonds
Texas  
Conroe Independent School District, Unlimited General Obligation    
Insured: PSF-GTD                         
2.50%, due 2/15/37 $    4,000,000 $     3,613,549
Cottonwood Creek Municipal Utility District No. 1, Unlimited General Obligation    
Series A, Insured: BAM                         
2.50%, due 9/1/43   2,745,000      2,006,634
County of Bexar, Limited General Obligation    
3.00%, due 6/15/41   4,375,000      3,875,078
County of Collin, Limited General Obligation    
2.25%, due 2/15/41 4,740,000 3,696,093
Crowley Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
5.00%, due 2/1/49 10,230,000 10,645,306
Dallas Fort Worth International Airport, Revenue Bonds    
Series C    
5.00%, due 11/1/29 (b) 11,500,000 12,433,064
Dallas Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
1.75%, due 2/15/35 3,235,000 2,731,596
Denton Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
1.80%, due 8/15/37 6,000,000 4,756,754
Insured: PSF-GTD    
5.00%, due 8/15/48 18,125,000 18,827,607
El Paso County Hospital District, Limited General Obligation    
Insured: AG    
5.00%, due 8/15/40 3,750,000 4,109,652
EP Cimarron Ventanas PFC, Home Essential Function Housing Project, Revenue Bonds    
4.125%, due 12/1/39 6,600,000 6,679,415
Fort Bend County Fresh Water Supply District No. 1, Unlimited General Obligation    
Insured: BAM    
3.00%, due 8/15/43 4,000,000 3,363,407
Fort Bend County Municipal Utility District No. 131, Unlimited General Obligation    
Insured: AG    
2.50%, due 9/1/45 3,540,000 2,380,715
Fort Bend County Municipal Utility District No. 134B, Unlimited General Obligation    
Insured: BAM    
3.00%, due 9/1/44 540,000 416,412
Fort Bend County Municipal Utility District No. 142, Unlimited General Obligation    
Insured: AG    
2.50%, due 9/1/38 1,575,000 1,370,654
Fort Bend County Municipal Utility District No. 194, Unlimited General Obligation    
Series A, Insured: AG    
2.75%, due 9/1/40 520,000 438,988
Fort Bend County Municipal Utility District No. 26, Unlimited General Obligation    
Insured: BAM    
2.375%, due 3/1/46 615,000 433,145

  Principal
Amount
Value
Long-Term Municipal Bonds
Texas  
Fort Bend County Municipal Utility District No. 58, Unlimited General Obligation    
Insured: BAM                         
2.125%, due 4/1/43 $    1,425,000 $       999,864
Fort Bend Independent School District, Unlimited General Obligation    
Series B, Insured: PSF-GTD                         
4.00%, due 8/1/54 (a) 13,875,000     14,169,415
Harris County Hospital District, Limited General Obligation    
5.50%, due 2/15/50 12,500,000     13,509,311
Harris County Municipal Utility District No. 105, Unlimited General Obligation    
Insured: BAM    
3.00%, due 3/1/42 4,200,000 3,647,102
Harris County Municipal Utility District No. 165, Unlimited General Obligation    
Insured: AG    
2.25%, due 3/1/45 9,575,000 6,654,547
Harris County Municipal Utility District No. 166, Unlimited General Obligation    
Insured: AG    
2.75%, due 9/1/42 2,235,000 1,771,748
Harris County Municipal Utility District No. 399, Unlimited General Obligation    
Insured: AG    
2.50%, due 9/1/50 1,550,000 975,241
Hays Consolidated Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
5.00%, due 2/15/48 8,000,000 8,244,850
Hays County Development District No. 1, Unlimited General Obligation    
Insured: AG    
2.60%, due 4/1/50 1,700,000 1,119,148
Lamar Consolidated Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
3.00%, due 2/15/44 4,335,000 3,571,556
Insured: AG    
5.50%, due 2/15/58 6,685,000 7,082,148
Leander Independent School District, Unlimited General Obligation    
Series A, Insured: PSF-GTD    
(zero coupon), due 8/16/44 8,300,000 3,579,037
Love Field Airport Modernization Corp., Revenue Bonds    
Insured: AG    
4.00%, due 11/1/40 (b) 7,210,000 7,220,391
Lower Colorado River Authority, LCRA Transmission Services Corp., Revenue Bonds    
Insured: AG    
5.00%, due 5/15/49 7,790,000 8,022,729
Insured: AG    
5.50%, due 5/15/48 7,500,000 7,987,853
Insured: AG    
5.50%, due 5/15/53 8,470,000 8,942,313
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Revenue Bonds    
5.00%, due 5/15/50 6,660,000 6,841,401

  Principal
Amount
Value
Long-Term Municipal Bonds
Texas  
Matagorda County Navigation District No. 1, Central Power and Light Company Project, Revenue Bonds    
Series A                         
2.60%, due 11/1/29 $   13,500,000 $    13,163,307
Morningstar Ranch Municipal Utility District No. 1 of Parker County, Unlimited General Obligation    
Insured: BAM                         
3.00%, due 9/1/44     565,000        441,860
North Hays County Municipal Utility District No. 1, Unlimited General Obligation    
Series A, Insured: AG                         
3.00%, due 8/15/41 395,000 328,215
North Texas Municipal Water District, Sabine Creek Regional Wastewater System, Revenue Bonds    
Insured: AG    
4.375%, due 6/1/52 3,600,000 3,528,650
North Texas Tollway Authority, Revenue Bonds, First Tier    
Series A    
4.125%, due 1/1/39 2,000,000 2,054,221
Series A    
5.25%, due 1/1/38 6,700,000 7,510,917
Northside Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
3.35%, due 8/15/36 3,250,000 3,236,367
Insured: PSF-GTD    
3.45%, due 8/15/37 6,430,000 6,382,006
Pasadena Independent School District, Unlimited General Obligation    
Series B, Insured: PSF-GTD    
3.23%, due 2/15/44 (a) 10,475,000 10,552,201
Pearland Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
5.25%, due 2/15/32 845,000 845,855
Insured: PSF-GTD    
5.25%, due 2/15/32 4,155,000 4,159,205
Port Freeport, Revenue Bonds, Senior Lien    
Series A    
4.00%, due 6/1/44 (b) 7,930,000 7,157,574
Royse City Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
5.00%, due 2/15/53 10,000,000 10,296,113
San Antonio Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
5.00%, due 8/15/52 8,715,000 8,949,861
San Antonio Water System, Revenue Bonds, Junior Lien    
Series A    
5.25%, due 5/15/52 10,890,000 11,512,352
Series B    
5.25%, due 5/15/52 29,110,000 30,558,228
San Leon Municipal Utility District, Unlimited General Obligation    
Insured: AG    
3.00%, due 9/1/44 4,150,000 3,384,201

  Principal
Amount
Value
Long-Term Municipal Bonds
Texas  
Sienna Municipal Utility District No. 5, Unlimited General Obligation    
Insured: BAM                         
3.00%, due 11/1/43 $      420,000 $       334,147
Sienna Parks & Levee Improvement District of Fort Bend County, Unlimited General Obligation    
Insured: AG                         
2.25%, due 9/1/45   6,565,000      4,492,001
Insured: BAM                         
3.75%, due 9/1/48   3,680,000      3,171,444
State of Texas, College Student Loan, Unlimited General Obligation    
Series B    
4.00%, due 8/1/26 (b) 10,000,000 10,013,043
Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center, Revenue Bonds    
4.125%, due 12/1/54 8,750,000 7,931,227
Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Revenue Bonds    
Series B    
5.00%, due 11/15/46 5,265,000 5,100,716
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Revenue Bonds    
Series A    
5.00%, due 11/15/49 9,475,000 9,798,695
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Revenue Bonds    
Series D    
5.00%, due 11/15/51 4,600,000 4,706,939
Tarrant County Cultural Education Facilities Finance Corp., CHRISTUS Health Obligated Group, Revenue Bonds    
Series A    
5.00%, due 7/1/53 (a) 8,000,000 8,802,771
Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Revenue Bonds    
Series A    
5.50%, due 11/15/52 5,000,000 5,374,125
Texas Department of Housing & Community Affairs, Revenue Bonds    
Series A, Insured: GNMA    
3.50%, due 3/1/51 2,290,000 2,295,102
Series A, Insured: GNMA    
3.50%, due 7/1/52 10,120,000 10,144,452
Series A, Insured: GNMA / FNMA    
3.95%, due 1/1/50 3,270,000 2,886,138
Series A, Insured: GNMA    
5.00%, due 1/1/49 4,000,000 4,107,932
Series A, Insured: GNMA    
5.125%, due 1/1/54 3,250,000 3,350,589
Series A, Insured: GNMA    
5.50%, due 9/1/52 16,455,000 17,676,902
Series A, Insured: GNMA    
5.75%, due 1/1/56 4,950,000 5,504,083
Series B, Insured: GNMA    
6.00%, due 3/1/53 9,920,000 10,926,553
Series D-2, Insured: GNMA    
6.25%, due 1/1/56 7,750,000 8,819,733

  Principal
Amount
Value
Long-Term Municipal Bonds
Texas  
Texas Department of Housing & Community Affairs, Residential Mortgage, Revenue Bonds    
Series A, Insured: GNMA / FNMA                         
4.75%, due 1/1/49 $       15,000 $        15,211
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds    
Series C                         
3.32%, due 9/15/27 20,195,000     20,233,855
Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply, Revenue Bonds    
5.00%, due 12/15/26   4,925,000      5,017,172
5.00%, due 12/15/28 3,000,000 3,158,325
5.00%, due 12/15/32 10,075,000 10,979,546
Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds    
Series A    
5.50%, due 1/1/54 (a) 23,645,000 25,252,744
Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds    
5.00%, due 1/1/55 (a) 34,450,000 37,297,716
Texas Municipal Gas Acquisition and Supply Corp. I, Revenue Bonds, Senior Lien    
Series D    
6.25%, due 12/15/26 860,000 887,066
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC, Revenue Bonds, Senior Lien    
Series A    
4.00%, due 6/30/35 2,300,000 2,347,714
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue Bonds, Senior Lien (b)    
5.00%, due 12/31/33 2,740,000 2,922,087
5.00%, due 6/30/34 2,500,000 2,663,516
5.00%, due 12/31/34 3,125,000 3,326,010
5.125%, due 6/30/35 2,500,000 2,664,131
5.125%, due 12/31/35 3,750,000 3,990,101
Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Revenue Bonds, Senior Lien    
5.50%, due 12/31/58 (b) 14,875,000 15,351,262
Texas State Technical College, Financing System Improvement, Revenue Bonds    
Series A, Insured: AG    
5.50%, due 8/1/42 4,250,000 4,666,054
Texas Transportation Finance Corp., TELA Supported, Revenue Bonds    
Series A    
5.50%, due 10/1/55 11,545,000 12,507,753
Texas Water Development Board, State Water Implementation, Revenue Bonds    
2.50%, due 10/15/39 3,000,000 2,570,753
Texas Water Development Board, State Water Implementation Fund, Revenue Bonds    
4.65%, due 10/15/40 3,505,000 3,740,468
Series A    
4.75%, due 10/15/43 17,490,000 18,467,070
5.00%, due 10/15/47 4,385,000 4,571,994
Series A    
5.25%, due 10/15/51 22,000,000 23,241,288

  Principal
Amount
Value
Long-Term Municipal Bonds
Texas  
Valley Ranch Municipal Utility District No. 1, Unlimited General Obligation    
Insured: AG                         
2.125%, due 9/1/42 $    1,000,000 $       714,122
Verandah Municipal Utility District, Unlimited General Obligation    
Insured: BAM                         
4.375%, due 9/1/50   4,100,000      3,892,437
Waller Consolidated Independent School District, Unlimited General Obligation    
Insured: PSF-GTD                         
3.00%, due 2/15/40 4,250,000 3,817,701
Insured: PSF-GTD    
3.00%, due 2/15/41 7,000,000 6,161,398
Washington County Junior College District, Revenue Bonds    
Insured: BAM    
3.25%, due 10/1/41 1,105,000 969,161
Waxahachie Independent School District, Unlimited General Obligation    
Insured: PSF-GTD    
5.00%, due 2/15/48 3,035,000 3,159,274
West Harris County Regional Water Authority, Revenue Bonds    
Insured: BAM    
3.50%, due 12/15/46 4,500,000 3,834,672
Wylie Independent School District, Unlimited General Obligation    
Series A, Insured: PSF-GTD    
3.00%, due 8/15/44 20,000,000 16,448,352
Insured: PSF-GTD    
5.00%, due 2/15/49 5,000,000 5,151,223
Wylie Independent School District, School Building, Unlimited General Obligation    
Insured: PSF-GTD    
5.25%, due 8/15/54 35,855,000 37,675,918
    943,696,089
U.S. Virgin Islands 0.8% 
Matching Fund Special Purpose Securitization Corp., Revenue Bonds    
Series A    
5.00%, due 10/1/28 5,000,000 5,177,434
Series A    
5.00%, due 10/1/30 11,805,000 12,413,402
Series A    
5.00%, due 10/1/32 11,805,000 12,581,699
Series A    
5.00%, due 10/1/39 35,670,000 37,435,055
Virgin Islands Public Finance Authority, Revenue Bonds    
Series C, Insured: AG-CR    
5.00%, due 10/1/39 7,575,000 7,599,376
    75,206,966

  Principal
Amount
Value
Long-Term Municipal Bonds
Utah 2.3% 
City of Salt Lake City, Airport, Revenue Bonds (b)    
Series A                         
4.00%, due 7/1/41 $    5,750,000 $     5,709,790
Series A                         
5.00%, due 7/1/30   3,250,000      3,549,569
Series A                         
5.00%, due 7/1/32   3,750,000      4,138,983
Series A                         
5.00%, due 7/1/33 3,000,000 3,077,841
Series A    
5.00%, due 7/1/43 5,000,000 5,084,708
Series A    
5.00%, due 7/1/47 21,900,000 21,944,748
Series A    
5.25%, due 7/1/48 7,250,000 7,499,077
County of Salt Lake, Option Sales & Use Tax, Revenue Bonds    
Series B    
2.70%, due 2/1/28 2,625,000 2,626,188
Davis School District, Unlimited General Obligation    
Insured: School Bond Guaranty    
3.35%, due 6/1/35 4,525,000 4,524,858
Insured: School Bond Guaranty    
3.375%, due 6/1/36 4,675,000 4,675,035
Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, Revenue Bonds, First Lien    
Series A, Insured: AG    
5.50%, due 6/1/50 17,280,000 18,692,645
Intermountain Power Agency, Revenue Bonds    
Series A    
5.00%, due 7/1/34 5,000,000 5,599,264
Series A    
5.00%, due 7/1/39 50,000 56,057
Series A    
5.00%, due 7/1/42 4,265,000 4,634,227
Series A    
5.00%, due 7/1/43 4,450,000 4,730,436
Series A    
5.00%, due 7/1/43 900,000 978,637
Series A    
5.25%, due 7/1/43 17,180,000 18,744,888
Series A    
5.25%, due 7/1/44 20,950,000 22,642,858
Series A    
5.25%, due 7/1/45 13,020,000 13,956,250
Jordan School District, School Building, Unlimited General Obligation    
Insured: School Bond Guaranty    
2.25%, due 6/15/36 1,225,000 1,092,830

  Principal
Amount
Value
Long-Term Municipal Bonds
Utah  
University of Utah (The), Revenue Bonds    
Series B                         
5.25%, due 8/1/53 $    9,605,000 $    10,097,429
Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds    
Insured: BAM UT CSCE                         
4.00%, due 4/15/45   1,750,000      1,589,635
Utah Housing Corp., Mortgage-Backed, Revenue Bonds    
Series H-G2, Insured: GNMA                         
4.50%, due 10/21/48 442,376 445,740
Series J-G2, Insured: GNMA    
4.50%, due 12/21/48 394,679 397,599
Series A, Insured: GNMA    
4.50%, due 1/21/49 963,777 966,594
Series B-G2, Insured: GNMA    
4.50%, due 2/21/49 925,127 928,634
Series G-2, Insured: GNMA    
5.00%, due 7/21/52 11,312,934 11,720,221
Series H-G2, Insured: GNMA    
5.00%, due 8/21/52 18,206,890 18,440,120
Series C-G2, Insured: GNMA    
5.50%, due 4/21/53 3,876,295 4,083,898
Utah Housing Corp., Promontory Place Apartments, Revenue Bonds    
Series A, Insured: FNMA    
4.69%, due 2/1/45 5,000,000 5,157,176
Utah Housing Corp., Revenue Bonds    
Series J, Insured: GNMA / FNMA / FHLMC    
6.50%, due 7/1/55 5,000,000 5,801,265
    213,587,200
Virginia 0.6% 
Arlington County Industrial Development Authority, Virginia Hospital Center Arlington Health System Obligated Group, Revenue Bonds    
3.75%, due 7/1/50 8,775,000 7,297,108
Arlington County Industrial Development Authority, Virginia Hospital Center, Revenue Bonds    
4.00%, due 7/1/45 4,720,000 4,430,516
Series A    
5.00%, due 7/1/53 (a) 10,000,000 10,995,973
City of Alexandria, Unlimited General Obligation    
Series A, Insured: State Aid Withholding    
2.00%, due 12/15/39 1,550,000 1,212,513
City of Harrisonburg, Unlimited General Obligation    
Series A, Insured: State Aid Withholding    
1.875%, due 7/15/37 3,200,000 2,554,480
Norfolk Redevelopment & Housing Authority, Oak Park and Colonial Hall, Revenue Bonds    
Insured: FNMA    
4.25%, due 9/1/42 (a) 6,629,512 6,736,232

  Principal
Amount
Value
Long-Term Municipal Bonds
Virginia  
Roanoke Economic Development Authority, Carilion Clinic Obligated Group, Revenue Bonds    
Series A                         
3.00%, due 7/1/45 $    8,595,000 $     6,658,820
Virginia College Building Authority, 21st Century College & Equipment Programs, Revenue Bonds    
Series D, Insured: State Intercept                         
3.00%, due 2/1/26   4,000,000      4,000,000
Virginia Port Authority, Commonwealth Port, Revenue Bonds    
Series A                         
5.25%, due 7/1/48 3,900,000 4,149,063
Virginia Public School Authority, Revenue Bonds    
Series B, Insured: State Intercept    
2.25%, due 8/1/29 7,000,000 6,858,418
Virginia Small Business Financing Authority, Capital Beltway Express LLC, Revenue Bonds, Senior Lien    
5.00%, due 12/31/47 (b) 2,250,000 2,253,079
    57,146,202
Washington 1.4% 
Douglas County Public Utility District No. 1, Wells Hydroelectric Project, Revenue Bonds    
Series B    
5.00%, due 9/1/47 10,030,000 10,374,404
Energy Northwest, Bonneville Power Administration, Revenue Bonds    
Series A    
5.00%, due 7/1/35 4,250,000 4,675,347
Fircrest Properties, State of Washington Department of Social & Health Services, Revenue Bonds    
5.50%, due 6/1/49 13,570,000 14,580,774
Port of Seattle, Revenue Bonds (b)    
Series A    
5.00%, due 5/1/30 4,000,000 4,108,048
5.00%, due 4/1/44 5,580,000 5,685,274
Series B    
5.50%, due 8/1/47 6,025,000 6,345,373
Port of Seattle, Intermediate Lien, Revenue Bonds (b)    
Series C    
5.00%, due 8/1/30 5,000,000 5,477,261
Series C    
5.00%, due 8/1/38 8,965,000 9,618,698
State of Washington, Various Purpose, Unlimited General Obligation    
Series A    
5.00%, due 8/1/35 4,000,000 4,546,977
Series A    
5.00%, due 8/1/38 10,565,000 11,940,879
Series A    
5.00%, due 8/1/41 11,700,000 12,953,753
State of Washington, Unlimited General Obligation    
Series A    
5.00%, due 8/1/43 4,250,000 4,688,179
Series A    
5.00%, due 8/1/47 8,680,000 9,165,251

  Principal
Amount
Value
Long-Term Municipal Bonds
Washington  
Washington Health Care Facilities Authority, CommonSpirit Health, Revenue Bonds    
Series A                         
5.50%, due 9/1/55 $    5,500,000 $     5,823,068
Washington State Housing Finance Commission, Revenue Bonds    
Series 1-N, Insured: GNMA / FNMA / FHLMC                         
2.00%, due 6/1/33   1,340,000      1,187,705
Series 2-N, Insured: GNMA / FNMA / FHLMC                         
3.00%, due 12/1/50   2,770,000      2,747,610
Series 2-N, Insured: GNMA / FNMA / FHLMC    
3.75%, due 12/1/49 1,955,000 1,972,821
Series 2    
4.084%, due 3/1/50 (a) 5,545,515 5,466,545
Series 1-N, Insured: GNMA / FNMA / FHLMC    
5.00%, due 12/1/44 5,000,000 5,280,132
Washington State Housing Finance Commission, Single-Family Program, Revenue Bonds    
Series 1-N    
4.00%, due 6/1/49 75,000 75,692
    126,713,791
West Virginia 0.3% 
West Virginia Hospital Finance Authority, United Health System, Revenue Bonds    
Series A    
5.00%, due 6/1/52 14,825,000 14,889,708
West Virginia Hospital Finance Authority, Vandalia Heath Group, Revenue Bonds    
Series B, Insured: AG    
5.50%, due 9/1/48 8,600,000 9,160,947
    24,050,655
Wisconsin 1.3% 
FHLMC Multifamily VRD Certificates, Revenue Bonds    
Series M-051, Class A    
2.65%, due 6/15/35 (e) 2,575,000 2,186,574
Series ML-27, Insured: FHLMC    
4.759%, due 8/25/41 41,202,419 42,301,700
Howard-Suamico School District, Unlimited General Obligation    
2.00%, due 3/1/36 4,825,000 4,041,272
2.00%, due 3/1/39 5,200,000 5,163,978
2.00%, due 3/1/40 3,245,000 3,222,521
2.00%, due 3/1/41 4,540,000 4,508,550
Public Finance Authority, Georgia SR 400 Express Lanes Project, Revenue Bonds, Senior Lien (b)    
5.75%, due 12/31/65 7,325,000 7,580,575
6.50%, due 12/31/65 9,350,000 10,329,919
River Falls School District, Unlimited General Obligation    
Series A    
3.35%, due 4/1/34 2,765,000 2,779,655
Series A    
3.40%, due 4/1/35 2,595,000 2,607,445

  Principal
Amount
Value
Long-Term Municipal Bonds
Wisconsin  
River Falls School District, Unlimited General Obligation    
Series A                         
3.45%, due 4/1/36 $    3,130,000 $     3,142,747
Sun Prairie Area School District, Unlimited General Obligation    
2.00%, due 3/1/41   6,500,000      4,834,102
Waunakee Community School District, Unlimited General Obligation    
3.25%, due 4/1/28   5,170,000      5,171,916
Wisconsin Center District, Revenue Bonds, Senior Lien    
Series C, Insured: AG    
(zero coupon), due 12/15/45 10,000,000 3,972,113
Wisconsin Health & Educational Facilities Authority, Children's Hospital of Wisconsin, Revenue Bonds    
4.00%, due 8/15/42 9,950,000 9,636,128
Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. Obligated Group, Revenue Bonds    
4.00%, due 8/15/48 4,015,000 3,560,778
Wisconsin Housing & Economic Development Authority, Home Ownership, Sustainable Bond, Revenue Bonds    
Series B, Insured: GNMA / FNMA / FHLMC    
5.00%, due 9/1/39 6,100,000 6,673,614
    121,713,587
Wyoming 0.1% 
County of Campbell, Basin Electric Power Cooperative, Revenue Bonds    
Series A    
3.625%, due 7/15/39 6,115,000 5,940,984
Wyoming Community Development Authority, Revenue Bonds    
Series 1    
6.00%, due 12/1/54 3,320,000 3,637,111
    9,578,095
Total Long-Term Municipal Bonds
(Cost $8,719,909,021)
  8,967,460,807
Short-Term Municipal Notes 2.9%
California 0.1% 
Irvine Ranch Water District, Special Assessment    
Series B    
2.70%, due 10/1/41 (f) 6,830,000 6,830,000
Colorado 0.5% 
Colorado Health Facilities Authority, Intermountain Healthcare, Inc., Revenue Bonds    
Series E    
3.05%, due 5/15/62 (f) 45,000,000 45,000,000
Connecticut 0.2% 
Connecticut State Health & Educational Facilities Authority, Yale University, Revenue Bonds    
Series A-1    
2.85%, due 7/1/42 (f) 20,000,000 20,000,000

  Principal
Amount
Value
Short-Term Municipal Notes
Florida 0.2% 
Hillsborough County Industrial Development Authority, BayCare Health System, Revenue Bonds    
Series D                         
3.25%, due 11/15/54 (f) $   17,500,000 $    17,500,000
Illinois 0.3% 
Illinois Finance Authority, Northshore-Edward-Elmhurst Health Credit Group, Revenue Bonds    
Series F                         
3.05%, due 8/15/57 (f) 26,805,000    26,805,000
New Hampshire 0.3% 
New Hampshire Business Finance Authority, Novant Health Obligated Group, Revenue Bonds    
Series B    
3.25%, due 11/1/64 (f) 25,000,000 25,000,000
New York 0.0%  ‡
Metropolitan Transportation Authority, Transportation, Revenue Bonds    
Series E-1    
3.20%, due 11/15/50 (f) 5,000,000 5,000,000
North Carolina 0.7% 
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health, Revenue Bonds    
Series E    
3.20%, due 1/15/42 (f) 36,560,000 36,560,000
North Carolina Medical Care Commission, Duke University Health System, Revenue Bonds    
Series C    
3.20%, due 6/1/55 (f) 30,000,000 30,000,000
    66,560,000
Pennsylvania 0.1% 
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Revenue Bonds    
Series D-1    
3.20%, due 11/1/61 (f) 7,000,000 7,000,000
Texas 0.3% 
Harris County Cultural Education Facilities Finance Corp., Houston Methodist, Revenue Bonds    
Series D    
3.20%, due 12/1/60 (f) 16,000,000 16,000,000
San Antonio Water System, Revenue Bonds, Sub. Lien    
Series A    
3.20%, due 5/1/54 (f) 9,150,000 9,150,000
    25,150,000
Utah 0.0%  ‡
County of Utah, IHC Health Services, Inc., Revenue Bonds    
Series C    
2.30%, due 5/15/51 (f) 3,900,000 3,900,000

  Principal
Amount
  Value
Short-Term Municipal Notes
Wisconsin 0.2% 
BlackRock Municipal 2030 Target Term Trust      
Series W-7                           
2.43%, due 12/31/30 (b)(e)(f) $   19,100,000   $    19,100,000
Total Short-Term Municipal Notes
(Cost $267,845,000)
    267,845,000
Total Municipal Bonds
(Cost $8,987,754,021)
    9,235,305,807
 
  Shares    
Short-Term Investment 0.8%
Unaffiliated Investment Company 0.8% 
Dreyfus Government Cash Management - Institutional Shares, 3.579% (g) 71,678,623      71,678,623
Total Short-Term Investment
(Cost $71,678,623)
    71,678,623
Total Investments
(Cost $9,059,432,644)
99.9%   9,306,984,430
Other Assets, Less Liabilities 0.1   10,134,458
Net Assets 100.0%   $ 9,317,118,888
    
Percentages indicated are based on Fund net assets.
^ Industry classifications may be different than those used for compliance monitoring purposes.
Less than one-tenth of a percent.
(a) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of January 31, 2026.
(b) Interest on these securities is subject to alternative minimum tax.
(c) Step coupon—Rate shown was the rate in effect as of January 31, 2026.
(d) Delayed delivery security.
(e) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(f) Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.
(g) Current yield as of January 31, 2026.
Abbreviation(s):
AG—Assured Guaranty Ltd.
BAM—Build America Mutual Assurance Co.
BHAC—Berkshire Hathaway Assurance Corp.
CR—Custodial Receipts
FHA—Federal Housing Administration

FHLMC—Federal Home Loan Mortgage Corp.
FNMA—Federal National Mortgage Association
GNMA—Government National Mortgage Association
HUD—Housing and Urban Development
MTA—Metropolitan Transportation Authority
NATL-RE—National Public Finance Guarantee Corp.
PSF-GTD—Permanent School Fund Guaranteed
Q-SBLF—Qualified School Board Loan Fund
SD CRED PROG—School District Credit Enhancement Program
SONYMA—State of New York Mortgage Agency
UT CSCE—Utah Charter School Credit Enhancement Program
The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund’s assets:
Description Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Municipal Bonds              
Long-Term Municipal Bonds          $ —    $ 8,967,460,807   $ —    $ 8,967,460,807
Short-Term Municipal Notes          —      267,845,000        267,845,000
Total Municipal Bonds   9,235,305,807     9,235,305,807
Short-Term Investment              
Unaffiliated Investment Company  71,678,623               —         71,678,623
Total Investments in Securities $ 71,678,623   $ 9,235,305,807   $ —   $ 9,306,984,430
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

NYLI MacKay U.S. Infrastructure Bond Fund
Portfolio of Investments January 31, 2026^(Unaudited)
  Principal
Amount
Value
Long-Term Bonds 97.2%
Corporate Bonds 8.8%    
Commercial Services 3.0%   
Chapman University    
Series 2021                         
1.867%, due 4/1/29 $    1,000,000 $       921,643
Series 2021                         
2.067%, due 4/1/31   2,616,000      2,284,115
Cornell University    
Series 2025                         
4.733%, due 6/15/35 7,500,000 7,508,981
Johns Hopkins University    
Series A    
1.972%, due 7/1/30 2,270,000 2,067,384
President and Fellows of Harvard College    
4.887%, due 3/15/30 4,500,000 4,648,772
5.259%, due 3/15/36 5,000,000 5,236,684
5.625%, due 10/1/38 1,205,000 1,267,761
Puerto Rico Tollroads LLC    
Series 2025    
3.80% (N/A), due 7/1/35 23,000,000 23,000,000
Toll Road Investors Partnership II LP (a)    
(zero coupon), due 2/15/39 10,000,000 3,761,492
(zero coupon), due 2/15/41 10,000,000 3,033,176
Trustees of Princeton University (The)    
4.647%, due 7/1/30 4,975,000 5,091,993
Wake Forest University    
3.451%, due 1/15/32 3,500,000 3,346,585
    62,168,586
Healthcare-Services 5.1%   
Advocate Health & Hospitals Corp.    
3.829%, due 8/15/28 1,590,000 1,589,771
Ascension Health    
Series 2025    
4.294%, due 11/15/30 4,000,000 4,001,757
Series 2025    
4.923%, due 11/15/35 4,000,000 4,003,019
CommonSpirit Health    
4.825%, due 9/1/35 33,500,000 32,913,692
Lifespan Corp.    
4.65%, due 5/15/31 4,000,000 4,016,028
Series 2025    
5.05%, due 2/15/30 9,195,000 9,323,682
Marshfield Clinic Health System, Inc.    
Series 2024    
5.75%, due 2/15/34 9,000,000 9,187,026
Orlando Health Obligated Group    
5.475%, due 10/1/35 2,725,000 2,846,076

  Principal
Amount
Value
Corporate Bonds    
Healthcare-Services    
PeaceHealth Obligated Group    
4.855%, due 11/15/32 $    5,500,000 $     5,541,084
Sutter Health    
Series 2025                         
5.213%, due 8/15/32   6,750,000      6,990,555
Series 2025                         
5.537%, due 8/15/35   5,500,000      5,730,323
Toledo Hospital (The)    
Series B    
5.325%, due 11/15/28 6,624,000 6,726,778
UC Health LLC    
Series 2025    
5.858%, due 8/1/35 12,500,000 12,993,032
    105,862,823
Real Estate 0.7%   
Fort Carson Family Housing LLC    
5.677%, due 12/15/45 13,365,000 13,568,803
Total Corporate Bonds
(Cost $180,583,365)
  181,600,212
Municipal Bonds 88.4%
Alabama 0.9% 
Alabama Federal Aid Highway Finance Authority
Revenue Bonds
   
Series B    
1.856%, due 9/1/29 305,000 285,171
Series B    
2.156%, due 9/1/32 945,000 828,173
Series B    
2.156%, due 9/1/32 3,055,000 2,699,011
Series B    
2.256%, due 9/1/33 5,000 4,307
Black Belt Energy Gas District
Revenue Bonds
   
Series B    
5.00%, due 12/1/34 4,000,000 4,351,668
Black Belt Energy Gas District, Gas Project
Revenue Bonds
   
Series B    
5.00%, due 10/1/35 6,580,000 6,866,579
Series D    
5.00%, due 12/1/55 (b) 3,500,000 3,756,053
    18,790,962

  Principal
Amount
Value
Municipal Bonds
Arizona 0.2% 
Arizona Board of Regents, Arizona State University
Revenue Bonds
   
Series C                         
4.531%, due 7/1/29 $    1,525,000 $     1,563,606
Arizona Industrial Development Authority, Voyager Foundation Inc., Project
Revenue Bonds
   
3.65%, due 10/1/29   1,115,000      1,078,366
3.90%, due 10/1/34   1,900,000     1,685,086
    4,327,058
Arkansas 0.6% 
City of Springdale, Sales & Use Tax
Revenue Bonds
   
Series A, Insured: BAM    
5.053%, due 8/1/29 3,345,000 3,470,309
Series A, Insured: BAM    
5.103%, due 8/1/30 1,500,000 1,559,627
Series A, Insured: BAM    
5.11%, due 8/1/31 2,100,000 2,173,759
Series A, Insured: BAM    
5.16%, due 8/1/32 2,000,000 2,063,919
Series A, Insured: BAM    
5.21%, due 8/1/33 1,150,000 1,183,540
Rogers School District No. 30
Limited General Obligation
   
Insured: State Aid Withholding    
5.50%, due 12/1/29 1,000,000 1,033,279
    11,484,433
California 15.0% 
Alameda Corridor Transportation Authority
Revenue Bonds, Sub. Lien
   
Series B, Insured: AG-CR AMBAC    
(zero coupon), due 10/1/31 5,590,000 4,319,536
Series B, Insured: BAM AMBAC    
(zero coupon), due 10/1/32 4,000,000 2,948,201
Alameda Corridor Transportation Authority
Revenue Bonds, Senior Lien
   
Series C, Insured: NATL-RE    
(zero coupon), due 10/1/33 17,000,000 11,823,918
Series C, Insured: BHAC-CR NATL-RE    
6.60%, due 10/1/29 5,000,000 5,280,178
Anaheim Public Financing Authority, Convention Center Expansion
Revenue Bonds
   
Series A, Insured: AG    
2.971%, due 7/1/33 2,800,000 2,521,510

  Principal
Amount
Value
Municipal Bonds
California  
Antelope Valley Community College District
Unlimited General Obligation
   
2.738%, due 8/1/36 $    1,500,000 $     1,256,547
Burbank-Glendale-Pasadena Airport Authority Brick Campaign
Revenue Bonds, Senior Lien
   
Series C, Insured: AG                         
5.15%, due 7/1/31   1,000,000      1,051,929
California Community Choice Financing Authority, Clean Energy Project
Revenue Bonds
   
Series B                         
5.00%, due 1/1/55 (b)   7,545,000      7,966,850
California Health Facilities Financing Authority
Revenue Bonds, Senior Lien
   
1.829%, due 6/1/29 2,500,000 2,348,248
California Housing Finance Agency
Revenue Bonds
   
Series B, Insured: GNMA / FNMA / FHLMC    
6.25%, due 2/1/56 30,000 31,794
California Infrastructure & Economic Development Bank, Infrastructure State Revolving Fund
Revenue Bonds
   
Series A    
2.186%, due 10/1/34 1,900,000 1,603,908
California Infrastructure & Economic Development Bank, J. David Gladstone Institutes Project (The)
Revenue Bonds
   
4.00%, due 10/1/39 3,500,000 2,865,185
California Infrastructure & Economic Development Bank, PIH Health Energy Projects
Revenue Bonds
   
Series B    
5.889%, due 12/1/45 (a) 5,000,000 5,038,842
California Municipal Finance Authority, Channing House Project
Revenue Bonds
   
Series A, Insured: California Mortgage Insurance    
5.43%, due 5/15/36 425,000 426,922
California Public Finance Authority, PIH Health, Inc. Obligated Group
Revenue Bonds
   
Series B, Insured: AG    
5.447%, due 6/1/34 7,750,000 8,021,012
California State Public Works Board, Department of General Services
Revenue Bonds
   
Series B    
5.05%, due 4/1/32 4,000,000 4,145,423
California State University, Systemwide
Revenue Bonds
   
Series B    
1.994%, due 11/1/32 1,000,000 871,985
Series B    
4.90%, due 11/1/34 3,750,000 3,870,895

  Principal
Amount
Value
Municipal Bonds
California  
California State University
Revenue Bonds
   
Series B                         
4.282%, due 11/1/29 $      495,000 $       503,145
Series B                         
4.412%, due 11/1/30     665,000        678,697
Series B                         
4.555%, due 11/1/31     845,000        865,957
Series B                         
4.705%, due 11/1/32 500,000 514,925
Series B    
5.028%, due 11/1/35 2,025,000 2,108,951
Series B    
5.128%, due 11/1/36 1,105,000 1,151,304
Series B    
5.208%, due 11/1/37 1,075,000 1,118,906
Series B    
5.278%, due 11/1/38 2,025,000 2,103,151
California Statewide Communities Development Authority, Buck Institute for Research on Aging
Revenue Bonds
   
Insured: AG    
2.148%, due 11/15/30 1,480,000 1,434,149
Chaffey Joint Union High School District
Unlimited General Obligation
   
2.865%, due 8/1/31 2,200,000 2,077,657
Charter Oak Unified School District
Unlimited General Obligation
   
Insured: BAM    
2.481%, due 8/1/34 1,330,000 1,139,646
City of Los Angeles, Department of Airports Customer Facility Charge
Revenue Bonds
   
Series A, Insured: AG    
3.258%, due 5/15/30 8,160,000 7,917,540
Series A, Insured: AG    
3.408%, due 5/15/32 5,410,000 5,150,743
City of Los Angeles
Unlimited General Obligation
   
Series A    
3.55%, due 9/1/31 1,185,000 1,166,133
City of Los Angeles, Wastewater System
Revenue Bonds
   
Series B    
5.291%, due 6/1/34 2,040,000 2,146,208
Series B    
5.341%, due 6/1/35 3,615,000 3,808,126
Series B    
5.441%, due 6/1/36 3,925,000 4,136,074

  Principal
Amount
Value
Municipal Bonds
California  
City of Los Angeles, Wastewater System
Revenue Bonds
   
Series B                         
5.541%, due 6/1/37 $    4,000,000 $     4,216,727
City of Los Angeles, Sustainable Bond
Unlimited General Obligation
   
Series A                         
5.50%, due 9/1/32   6,895,000      7,384,599
City of Los Angeles, Department of Airports
Revenue Bonds
   
Series C                         
6.582%, due 5/15/39 1,990,000 2,141,858
City of Oakland
Unlimited General Obligation
   
Series A-2    
5.50%, due 7/15/31 1,000,000 1,063,938
Series A-2    
5.60%, due 7/15/32 2,580,000 2,755,894
Series A-2    
5.75%, due 7/15/34 4,205,000 4,508,532
Series A-2    
5.85%, due 7/15/35 4,430,000 4,741,348
Contra Costa Transportation Authority, Sales Tax
Revenue Bonds
   
Series B    
2.25%, due 3/1/34 1,580,000 1,352,198
County of Alameda
Unlimited General Obligation
   
Series B    
3.699%, due 8/1/31 3,050,000 2,998,890
Cupertino Union School District
Unlimited General Obligation
   
2.594%, due 8/1/38 3,000,000 2,384,515
2.65%, due 8/1/31 1,000,000 926,850
Foothill-De Anza Community College District, Election of 2006
Unlimited General Obligation
   
Series E    
2.896%, due 8/1/31 1,025,000 956,066
Glendale Community College District
Unlimited General Obligation
   
2.268%, due 8/1/30 1,500,000 1,397,144
Long Beach Community College District
Unlimited General Obligation
   
Series H    
2.587%, due 8/1/31 4,870,000 4,503,353
Los Angeles Community College District
Unlimited General Obligation
   
2.106%, due 8/1/32 2,450,000 2,172,629

  Principal
Amount
Value
Municipal Bonds
California  
Los Angeles Community College District, Election of 2008
Unlimited General Obligation
   
Series B                         
7.53%, due 8/1/29 $    6,000,000 $     6,522,181
Los Angeles County Public Works Financing Authority
Revenue Bonds
   
Series B                         
7.618%, due 8/1/40   4,025,000      4,759,721
Los Angeles Department of Water & Power, Power System
Revenue Bonds
   
Series D                         
6.574%, due 7/1/45 9,060,000 9,813,450
Los Angeles Unified School District
Revenue Bonds
   
Series A    
5.255%, due 10/1/37 3,175,000 3,279,791
Marin Community College District
Unlimited General Obligation
   
Series B    
1.89%, due 8/1/32 2,400,000 2,098,796
Northern California Power Agency
Revenue Bonds
   
Series B    
7.311%, due 6/1/40 2,060,000 2,284,691
Oakland Unified School District, Alameda County
Unlimited General Obligation
   
Insured: BAM    
2.874%, due 8/1/35 7,405,000 6,381,804
Port of Oakland
Revenue Bonds, Senior Lien
   
Series R    
2.099%, due 5/1/30 2,296,003 2,121,643
San Diego Community College District
Unlimited General Obligation
   
2.113%, due 8/1/31 3,470,000 3,144,593
Series B    
3.316%, due 8/1/41 3,000,000 2,535,460
Series A-2    
5.75%, due 8/1/31 1,230,000 1,333,263
San Diego County Regional Transportation Commission
Revenue Bonds
   
Series A    
2.499%, due 4/1/30 1,570,000 1,485,226
San Diego Public Facilities Financing Authority, Water Utility
Revenue Bonds
   
Series B    
2.333%, due 8/1/32 1,000,000 893,174

  Principal
Amount
Value
Municipal Bonds
California  
San Joaquin Hills Transportation Corridor Agency
Revenue Bonds, Senior Lien
   
Series B, Insured: AG                         
2.571%, due 1/15/30 $    1,250,000 $     1,188,571
San Jose Evergreen Community College District, Election of 2016
Unlimited General Obligation
   
Series B-1                         
2.61%, due 9/1/36   3,000,000      2,510,127
San Jose Evergreen Community College District
Unlimited General Obligation
   
Series B                         
4.928%, due 7/1/43 4,905,000 4,900,608
San Jose Unified School District
Unlimited General Obligation
   
1.847%, due 8/1/33 1,685,000 1,419,942
San Ramon Valley Unified School District
Unlimited General Obligation
   
2.014%, due 8/1/31 2,920,000 2,640,128
Santa Monica-Malibu Unified School District
Unlimited General Obligation
   
1.51%, due 7/1/30 2,510,000 2,270,236
Silicon Valley Clean Water
Revenue Bonds
   
Series A    
1.962%, due 8/1/31 3,035,000 2,714,072
Southern California Public Power Authority, National Gas Project
Revenue Bonds
   
Series A, Insured: AG    
5.93%, due 7/1/32 1,540,000 1,606,380
Series A, Insured: AG    
6.03%, due 7/1/32 6,050,000 6,331,041
State of California
Unlimited General Obligation
   
5.10%, due 9/1/35 3,500,000 3,639,278
7.55%, due 4/1/39 16,310,000 19,630,395
7.60%, due 11/1/40 40,750,000 49,521,837
State of California, Various Purpose
Unlimited General Obligation
   
5.875%, due 10/1/41 4,000,000 4,163,061
State of California Department of Water Resources, Central Valley Project
Revenue Bonds
   
Series BC    
1.769%, due 12/1/34 2,425,000 1,952,688
Series BE    
2.132%, due 12/1/33 7,500,000 6,400,304

  Principal
Amount
Value
Municipal Bonds
California  
University of California
Revenue Bonds
   
Series J                         
4.131%, due 5/15/45 $    1,000,000 $       907,789
Series BU                         
4.932%, due 5/15/34   2,000,000      2,071,888
William S Hart Union High School District
Unlimited General Obligation
   
(zero coupon), due 8/1/32   3,000,000     2,289,401
    310,730,275
Colorado 1.7% 
City & County of Denver, Airport System
Revenue Bonds
   
Series C    
2.237%, due 11/15/30 8,020,000 7,420,499
Colorado Housing and Finance Authority
Revenue Bonds
   
Series E-1, Insured: GNMA / FNMA / FHLMC    
6.00%, due 5/1/49 5,150,000 5,412,645
Series O-1, Insured: GNMA / FNMA / FHLMC    
6.00%, due 5/1/56 1,000,000 1,050,219
Series D-1, Class I, Insured: GNMA / FNMA / FHLMC    
6.25%, due 5/1/55 10,145,000 10,797,761
Series H-1, Class I, Insured: GNMA / FNMA / FHLMC    
6.25%, due 11/1/55 4,970,000 5,281,183
Series G-1, Class I, Insured: GNMA / FNMA / FHLMC    
6.50%, due 11/1/55 2,985,000 3,211,685
Park Creek Metropolitan District
Revenue Bonds, Senior Lien
   
Series B, Insured: AG    
3.344%, due 12/1/32 1,850,000 1,732,754
Regional Transportation District, Fastracks Project
Revenue Bonds
   
Series A    
2.337%, due 11/1/36 1,000,000 800,229
    35,706,975
Connecticut 2.5% 
Connecticut Housing Finance Authority
Revenue Bonds
   
Series A-2, Insured: GNMA / FNMA / FHLMC    
5.41%, due 5/15/55 8,440,000 8,616,587
Series E-2, Insured: GNMA / FNMA / FHLMC    
6.00%, due 11/15/55 6,000,000 6,306,118
Series A-2, Insured: GNMA / FNMA / FHLMC    
6.00%, due 5/15/56 (c) 3,000,000 3,164,969

  Principal
Amount
Value
Municipal Bonds
Connecticut  
State of Connecticut
Unlimited General Obligation
   
Series A                         
2.677%, due 7/1/30 $    3,805,000 $     3,612,603
Series A                         
4.06%, due 6/15/30   4,600,000      4,623,611
Series A                         
4.628%, due 5/15/32   5,060,000      5,182,511
Series A                         
4.657%, due 5/15/30 7,000,000 7,201,744
Series A    
4.846%, due 5/1/33 1,800,000 1,860,618
Series A    
4.89%, due 3/15/32 3,000,000 3,116,392
Series A    
5.049%, due 3/15/33 4,200,000 4,394,764
Series A    
5.099%, due 3/15/34 4,150,000 4,348,288
    52,428,205
District of Columbia 1.7% 
District of Columbia
Revenue Bonds
   
Series B    
5.153%, due 5/1/31 10,000,000 10,555,565
Series B    
5.203%, due 5/1/32 8,800,000 9,329,648
District of Columbia, Georgetown University
Revenue Bonds
   
Series B    
5.751%, due 4/1/35 1,500,000 1,600,791
District of Columbia, Howard University
Revenue Bonds
   
Series B, Insured: BAM    
7.625%, due 10/1/35 7,240,000 8,408,396
District of Columbia Income Tax
Revenue Bonds
   
Series B    
4.818%, due 6/1/34 5,550,000 5,736,353
    35,630,753
Florida 2.9% 
Bay Laurel Center Community Development District, Water & Sewer
Revenue Bonds
   
Series B, Insured: AG    
5.60%, due 9/1/42 1,000,000 1,029,262

  Principal
Amount
Value
Municipal Bonds
Florida  
Central Florida Tourism Oversight District
Limited General Obligation
   
Series A                         
2.547%, due 6/1/35 $    1,605,000 $     1,360,698
Central Florida Tourism Oversight District Utility
Revenue Bonds
   
Series 2                         
4.997%, due 10/1/38   3,645,000      3,617,114
City of Miramar
Revenue Bonds
   
2.443%, due 10/1/34   1,970,000      1,679,903
2.543%, due 10/1/35 2,395,000 2,012,466
County of Broward, Airport System
Revenue Bonds
   
Series C    
2.914%, due 10/1/32 9,255,000 8,480,291
County of Miami-Dade, Seaport Department
Revenue Bonds
   
Series A-3, Insured: AG    
2.012%, due 10/1/31 6,940,000 6,138,020
Series A-3, Insured: AG    
2.162%, due 10/1/32 4,000,000 3,474,745
Series A-3, Insured: AG    
2.312%, due 10/1/33 3,000,000 2,565,313
Series A-3, Insured: AG    
2.712%, due 10/1/37 1,000,000 803,228
5.499%, due 11/1/29 1,150,000 1,205,883
5.653%, due 11/1/32 3,545,000 3,786,380
County of Miami-Dade, Aviation
Revenue Bonds
   
Series B    
3.406%, due 10/1/32 1,500,000 1,413,373
Florida Housing Finance Corp., Homeowner Mortgage
Revenue Bonds
   
Series 2, Insured: GNMA / FNMA / FHLMC    
6.00%, due 7/1/55 2,190,000 2,275,668
Florida Housing Finance Corp.
Revenue Bonds
   
Series 2, Insured: GNMA / FNMA / FHLMC    
6.25%, due 1/1/57 2,750,000 2,919,216
Sumter Landing Community Development District
Revenue Bonds
   
4.172%, due 10/1/47 4,845,000 4,421,519
Insured: AG    
4.884%, due 10/1/30 1,700,000 1,755,267
Insured: AG    
4.981%, due 10/1/31 1,500,000 1,555,025

  Principal
Amount
Value
Municipal Bonds
Florida  
Sumter Landing Community Development District
Revenue Bonds
   
Insured: AG                         
5.031%, due 10/1/32 $    1,250,000 $     1,297,161
Insured: AG                         
5.118%, due 10/1/33   1,500,000      1,560,992
Insured: AG                         
5.168%, due 10/1/34   1,750,000      1,822,138
Insured: AG                         
5.188%, due 10/1/35 1,500,000 1,558,671
Tampa-Hillsborough County Expressway Authority
Revenue Bonds
   
Series B, Insured: BAM    
2.142%, due 7/1/31 4,375,000 3,953,492
    60,685,825
Georgia 3.6% 
City of Atlanta, Water & Wastewater
Revenue Bonds
   
1.637%, due 11/1/29 7,250,000 6,722,503
City of Atlanta, Airport Customer Facility Charge
Revenue Bonds
   
Series A    
4.776%, due 7/1/33 1,300,000 1,325,874
Series A    
4.976%, due 7/1/35 1,000,000 1,024,108
Series A    
5.076%, due 7/1/36 1,120,000 1,147,543
Series A    
5.196%, due 7/1/37 2,170,000 2,227,767
Georgia Higher Education Facilities Authority, USG Real Estate Foundation XIV LLC Project
Revenue Bonds
   
Series A, Insured: BAM    
4.525%, due 1/1/31 2,000,000 2,037,252
Series A    
4.763%, due 1/1/33 1,700,000 1,732,776
Series A, Insured: BAM    
5.093%, due 1/1/37 5,850,000 5,945,147
Series A, Insured: BAM    
5.173%, due 1/1/38 1,600,000 1,626,916
Series A    
5.223%, due 1/1/39 3,365,000 3,414,131
Main Street Energy, Inc., Energy Project
Revenue Bonds
   
Series D    
5.00%, due 12/1/33 26,000,000 28,080,083

  Principal
Amount
Value
Municipal Bonds
Georgia  
Municipal Electric Authority of Georgia, Seaport Department
Revenue Bonds
   
Series B                         
5.89%, due 7/1/33 $    1,370,000 $     1,426,957
Municipal Electric Authority of Georgia
Revenue Bonds
   
Series A, Insured: AG-CR AMBAC                         
5.95%, due 1/1/35   2,730,000      2,905,320
Oglethorpe Power Corp.
Revenue Bonds
   
Insured: NATL-RE                         
5.534%, due 1/1/35 (a) 11,595,000 12,090,512
Savannah Hospital Authority, St. Joseph's Candler Health System Obligated Group
Revenue Bonds
   
Series B    
3.989%, due 7/1/38 1,000,000 912,730
State of Georgia
Unlimited General Obligation
   
Series B    
1.85%, due 8/1/38 2,000,000 1,460,791
    74,080,410
Guam 0.0%  ‡
Port Authority of Guam
Revenue Bonds
   
Series C    
4.582%, due 7/1/28 1,000,000 1,003,636
Hawaii 1.5% 
City & County of Honolulu
Unlimited General Obligation
   
Series D    
3.068%, due 10/1/30 1,980,000 1,906,243
State of Hawaii
Unlimited General Obligation
   
Series GC    
1.718%, due 10/1/30 5,500,000 4,981,738
Series GC    
1.868%, due 10/1/31 6,000,000 5,333,472
Series GJ    
2.042%, due 8/1/31 4,255,000 3,835,334
Series FZ    
2.245%, due 8/1/38 3,475,000 2,660,945
Series GD    
2.642%, due 10/1/36 1,200,000 1,002,642
Series GD    
2.80%, due 10/1/38 2,000,000 1,628,803

  Principal
Amount
Value
Municipal Bonds
Hawaii  
State of Hawaii
Unlimited General Obligation
   
Series GD                         
2.83%, due 10/1/39 $    2,650,000 $     2,116,035
Series GM                         
4.821%, due 10/1/32   2,000,000      2,081,909
Series GN                         
4.936%, due 10/1/37   5,000,000     5,099,716
    30,646,837
Idaho 2.0% 
Idaho Housing & Finance Association
Revenue Bonds
   
Series A, Insured: GNMA / FNMA / FHLMC    
5.128%, due 1/1/35 1,235,000 1,249,506
Series A, Insured: GNMA / FNMA / FHLMC    
6.00%, due 1/1/65 11,680,000 12,196,824
Series D, Insured: GNMA / FNMA / FHLMC    
6.25%, due 1/1/56 4,980,000 5,265,513
Series E, Insured: GNMA / FNMA / FHLMC    
6.50%, due 7/1/56 13,480,000 14,409,089
Idaho Housing & Finance Association, Single-Family Mortgage
Revenue Bonds
   
Series B, Insured: GNMA / FNMA / FHLMC    
6.25%, due 7/1/54 7,210,000 7,617,798
    40,738,730
Illinois 6.0% 
Chicago Board of Education, Dedicated Capital Improvement
Unlimited General Obligation
   
Series C, Insured: BAM    
6.319%, due 11/1/29 2,000,000 2,089,272
Chicago Transit Authority
Revenue Bonds
   
Series B, Insured: BAM    
3.402%, due 12/1/32 4,610,000 4,345,669
Chicago Transit Authority Sales Tax Receipts Fund
Revenue Bonds
   
Series B, Insured: BAM    
3.102%, due 12/1/30 2,100,000 2,006,952
City of Chicago, Wastewater Transmission
Revenue Bonds, Second Lien
   
Series B, Insured: BAM    
6.90%, due 1/1/40 5,500,000 6,103,496
City of Chicago
Unlimited General Obligation
   
Series B, Insured: AG-CR    
7.375%, due 1/1/33 2,868,000 3,201,725

  Principal
Amount
Value
Municipal Bonds
Illinois  
County of Cook
Unlimited General Obligation
   
Series C                         
5.79%, due 11/15/29 $      490,000 $       504,974
Illinois Finance Authority, Ann & Robert H Lurie Children's Hospital
Revenue Bonds
   
3.598%, due 8/15/30   2,250,000      2,205,249
Illinois Housing Development Authority
Revenue Bonds
   
Series B, Insured: GNMA / FNMA / FHLMC                         
5.229%, due 10/1/34   2,450,000      2,492,800
Series B, Insured: GNMA / FNMA / FHLMC    
5.279%, due 4/1/35 2,315,000 2,358,925
Series B, Insured: GNMA / FNMA / FHLMC    
5.329%, due 10/1/35 2,295,000 2,336,216
Series F, Insured: GNMA / FNMA / FHLMC    
6.25%, due 10/1/54 2,395,000 2,512,836
Series H, Insured: GNMA / FNMA / FHLMC    
6.25%, due 4/1/56 2,500,000 2,643,261
Series B, Insured: GNMA / FNMA / FHLMC    
6.25%, due 10/1/56 3,410,000 3,620,962
Metropolitan Pier & Exposition Authority
Revenue Bonds
   
Series B    
7.20%, due 6/15/33 12,380,000 13,247,838
Sales Tax Securitization Corp.
Revenue Bonds, Second Lien
   
Series B, Insured: BAM    
2.857%, due 1/1/31 8,500,000 8,043,796
Series B    
4.847%, due 1/1/31 5,450,000 5,611,550
Sales Tax Securitization Corp.
Revenue Bonds
   
Series C    
3.23%, due 1/1/28 850,000 840,478
State of Illinois, Sales Tax
Revenue Bonds
   
3.45%, due 6/15/29 3,170,000 3,110,190
State of Illinois
Revenue Bonds
   
4.62%, due 6/15/38 21,770,669 21,474,309
State of Illinois
Unlimited General Obligation
   
Series B    
5.52%, due 4/1/38 6,950,000 7,199,767
Insured: AG-CR    
5.65%, due 12/1/38 6,453,055 6,724,928

  Principal
Amount
Value
Municipal Bonds
Illinois  
State of Illinois
Unlimited General Obligation
   
Series 1                         
6.63%, due 2/1/35 $    4,615,385 $     4,850,003
Series 3                         
6.725%, due 4/1/35 11,526,923     12,164,896
State of Illinois, Build America Bonds
Unlimited General Obligation
   
Series 5                         
7.35%, due 7/1/35   4,942,857     5,352,824
    125,042,916
Indiana 0.7% 
Indiana Finance Authority, Deaconess Health System
Revenue Bonds
   
Series A    
2.876%, due 3/1/38 2,000,000 1,638,744
Indiana Housing & Community Development Authority
Revenue Bonds
   
Series B-3, Insured: GNMA / FNMA / FHLMC    
6.25%, due 7/1/54 5,385,000 5,644,207
St. Joseph County Redevelopment Authority, Commission
Revenue Bonds
   
Series B, Insured: AG    
4.991%, due 2/1/31 1,085,000 1,131,571
Series B, Insured: AG    
5.033%, due 2/1/32 1,135,000 1,184,004
Series B, Insured: AG    
5.083%, due 2/1/33 1,000,000 1,043,678
State of Indiana Finance Authority
Revenue Bonds
   
Series A    
3.624%, due 7/1/36 5,000,000 4,670,846
    15,313,050
Iowa 1.1% 
Iowa Finance Authority
Revenue Bonds
   
Series F, Insured: GNMA / FNMA / FHLMC    
6.25%, due 7/1/55 3,250,000 3,428,828
Iowa Student Loan Liquidity Corp.
Revenue Bonds, Senior Lien
   
Series A    
5.343%, due 12/1/34 3,200,000 3,207,728
Series A    
5.426%, due 12/1/35 1,730,000 1,751,254

  Principal
Amount
Value
Municipal Bonds
Iowa  
Iowa Student Loan Liquidity Corp.
Revenue Bonds, Senior Lien
   
Series A                         
5.908%, due 12/1/45 $   15,150,000 $    15,413,665
    23,801,475
Kentucky 1.0% 
Kentucky Higher Education Student Loan Corp.
Revenue Bonds
   
Series A-2                         
5.945%, due 6/1/33   4,750,000      5,098,118
Series A-2    
5.995%, due 6/1/34 5,000,000 5,387,173
Series A-2    
6.045%, due 6/1/35 3,000,000 3,243,212
Series A-2    
6.195%, due 6/1/40 4,000,000 4,165,404
Kentucky Housing Corp.
Revenue Bonds
   
Series D, Insured: GNMA / FNMA / FHLMC    
6.50%, due 7/1/55 2,050,000 2,185,108
    20,079,015
Louisiana 0.9% 
Louisiana Local Government Environmental Facilities & Community Development Authority, Utilities Restoration Corp. Project
Revenue Bonds
   
5.197%, due 9/1/39 4,524,825 4,593,905
State of Louisiana
Revenue Bonds
   
Series A    
1.742%, due 6/15/32 1,450,000 1,250,722
State of Louisiana
Unlimited General Obligation
   
Series C-1    
1.804%, due 6/1/31 3,710,000 3,315,724
Tulane University
Revenue Bonds
   
Series C, Insured: NATL-RE    
4.413%, due 2/15/36 10,000,000 9,530,171
    18,690,522
Maryland 2.0% 
City of Baltimore
Unlimited General Obligation
   
Series B    
2.00%, due 10/15/34 1,145,000 944,796

  Principal
Amount
Value
Municipal Bonds
Maryland  
County of Howard
Unlimited General Obligation
   
Series E                         
1.55%, due 8/15/31 $    3,000,000 $     2,637,188
Maryland Department of Housing & Community Development
Revenue Bonds
   
Series D, Insured: GNMA / FNMA / FHLMC                         
5.50%, due 9/1/55   5,500,000      5,656,227
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System Issue
Revenue Bonds
   
Series D                         
3.052%, due 7/1/40 9,020,000 7,114,130
Maryland Stadium Authority, Baltimore City Public School Construction Financing Fund
Revenue Bonds
   
Series C, Insured: State Intercept    
2.207%, due 5/1/31 1,510,000 1,376,339
Maryland Stadium Authority, Pimlico Improvements Project
Revenue Bonds
   
4.347%, due 6/15/31 2,915,000 2,924,820
4.447%, due 6/15/32 2,915,000 2,921,549
4.754%, due 6/15/36 3,190,000 3,187,079
4.884%, due 6/15/37 6,220,000 6,234,631
4.984%, due 6/15/38 3,325,000 3,332,065
5.034%, due 6/15/39 2,190,000 2,191,203
5.054%, due 6/15/40 2,580,000 2,575,146
    41,095,173
Massachusetts 6.5% 
Commonwealth of Massachusetts
Limited General Obligation
   
Series C    
1.929%, due 7/1/34 1,700,000 1,400,772
Series C    
2.029%, due 7/1/35 2,000,000 1,621,911
Series D    
2.663%, due 9/1/39 17,301,479 14,648,081
Series D    
4.50%, due 8/1/31 1,500,000 1,486,853
Series E    
5.50%, due 10/1/29 9,000,000 9,500,159
Series E    
5.50%, due 10/1/31 5,050,000 5,392,140
Commonwealth of Massachusetts
Unlimited General Obligation
   
Series D    
5.00%, due 6/1/37 1,500,000 1,540,098

  Principal
Amount
Value
Municipal Bonds
Massachusetts  
Commonwealth of Massachusetts, COVID-19 Recovery Assessment
Revenue Bonds
   
Series A                         
3.769%, due 7/15/29 $   11,225,000 $    11,219,184
Commonwealth of Massachusetts, Unemployment Insurance Trust Fund
Revenue Bonds
   
Series A                         
3.881%, due 1/15/31   5,000,000      4,982,465
Massachusetts Bay Transportation Authority, Sales Tax
Revenue Bonds
   
Series B                         
2.235%, due 7/1/31 7,795,000 7,100,283
Massachusetts Development Finance Agency, Tufts Medicine, Inc.
Revenue Bonds
   
Series G, Insured: AG-CR    
6.625%, due 10/1/30 8,650,000 9,242,359
Massachusetts Educational Financing Authority
Revenue Bonds, Senior Lien
   
Series A    
5.95%, due 7/1/44 11,595,000 11,828,453
Series A    
6.166%, due 7/1/50 31,500,000 32,287,629
Massachusetts Housing Finance Agency
Revenue Bonds
   
Series 240    
6.25%, due 12/1/54 5,000,000 5,254,947
Massachusetts Port Authority
Revenue Bonds
   
Series C    
1.679%, due 7/1/31 1,625,000 1,439,292
Massachusetts Water Resources Authority
Revenue Bonds
   
Series E    
2.323%, due 8/1/29 1,515,000 1,442,778
Series C    
2.39%, due 8/1/33 6,275,000 5,518,907
University of Massachusetts, Building Authority
Revenue Bonds, Senior Lien
   
Series 4    
2.008%, due 11/1/31 2,330,000 2,083,089
Series 2    
3.646%, due 11/1/34 2,495,000 2,348,530
University of Massachusetts Building Authority
Revenue Bonds
   
Series 2    
5.45%, due 11/1/40 4,260,000 4,343,602
    134,681,532

  Principal
Amount
Value
Municipal Bonds
Michigan 0.1% 
Great Lakes Water Authority Sewage Disposal System
Revenue Bonds, Second Lien
   
Series B, Insured: AG                         
2.615%, due 7/1/36 $    1,000,000 $       847,223
Michigan State Building Authority
Revenue Bonds
   
Series II                         
2.032%, due 10/15/33   1,000,000       849,850
    1,697,073
Minnesota 1.0% 
Minnesota Housing Finance Agency
Revenue Bonds
   
Series A, Insured: GNMA / FNMA / FHLMC    
1.58%, due 2/1/51 4,879,236 3,711,805
Series V, Insured: GNMA / FNMA / FHLMC    
5.626%, due 7/1/39 1,995,000 2,014,705
Series A, Insured: GNMA / FNMA / FHLMC    
6.125%, due 7/1/55 5,460,000 5,722,400
Series J, Insured: GNMA / FNMA / FHLMC    
6.50%, due 7/1/54 2,950,000 3,104,722
University of Minnesota, University Supported Biomedical Science Research Facilities Funding Program
Revenue Bonds
   
Series C    
4.563%, due 8/1/36 7,020,000 7,025,985
    21,579,617
Mississippi 1.0% 
State of Mississippi
Unlimited General Obligation
   
Series A    
1.632%, due 11/1/31 9,000,000 7,959,797
Series B    
1.699%, due 6/1/29 2,935,000 2,761,705
Series B    
1.849%, due 6/1/30 2,135,000 1,977,804
Series E    
2.387%, due 10/1/34 5,000,000 4,338,811
Series F    
5.245%, due 11/1/34 4,075,000 4,181,272
    21,219,389
Missouri 0.5% 
Health & Educational Facilities Authority of the State of Missouri, Washington University (The)
Revenue Bonds
   
Series A    
3.535%, due 2/15/33 5,500,000 5,234,900

  Principal
Amount
Value
Municipal Bonds
Missouri  
Missouri Housing Development Commission, First Place Homeownership Loan Program
Revenue Bonds
   
Series G, Insured: GNMA / FNMA / FHLMC                         
6.00%, due 5/1/56 $    4,000,000 $     4,190,117
    9,425,017
Nebraska 0.1% 
City of Lincoln, Electric System
Revenue Bonds
   
Series B                         
1.499%, due 9/1/30   3,000,000     2,693,645
Nevada 0.4% 
County of Clark
Limited General Obligation
   
Series A    
2.75%, due 11/1/38 5,000,000 4,044,604
Nevada Housing Division
Revenue Bonds, Senior Lien
   
Series D, Insured: GNMA / FNMA / FHLMC    
6.25%, due 10/1/54 4,105,000 4,294,928
    8,339,532
New Hampshire 1.5% 
New Hampshire Business Finance Authority, Wheeling Power Co.
Revenue Bonds
   
Series A    
6.89%, due 4/1/34 (a) 22,200,000 23,431,299
New Hampshire Health and Education Facilities Authority Act, Granite Edvance Corp.
Revenue Bonds
   
Series A    
5.04%, due 11/1/34 3,865,000 3,888,821
Series A    
5.34%, due 11/1/44 4,180,000 3,916,659
    31,236,779
New Jersey 0.7% 
New Jersey Economic Development Authority
Revenue Bonds
   
Series NNN    
3.77%, due 6/15/31 1,500,000 1,471,944
New Jersey Turnpike Authority
Revenue Bonds
   
Series B    
1.713%, due 1/1/29 3,485,000 3,281,056

  Principal
Amount
Value
Municipal Bonds
New Jersey  
North Hudson Sewerage Authority
Revenue Bonds, Senior Lien
   
Insured: AG                         
3.258%, due 6/1/32 $      745,000 $       704,011
North Hudson Sewerage Authority
Senior Lien
   
Insured: AG                         
3.258%, due 6/1/34     255,000        250,760
State of New Jersey
Unlimited General Obligation
   
Series A                         
2.75%, due 6/1/31 3,900,000 3,657,867
Series A, Insured: BAM    
2.90%, due 6/1/33 5,180,000 4,762,351
    14,127,989
New Mexico 0.1% 
New Mexico Mortgage Finance Authority, Single Family Mortgage Program
Revenue Bonds
   
Series B, Class I, Insured: GNMA / FNMA / FHLMC    
6.25%, due 3/1/56 990,000 1,047,277
New York 12.9% 
Brookhaven Local Development Corp., Long Island Community Hospital Health Care Services Foundation
Revenue Bonds
   
Series B, Insured: AG-CR    
6.00%, due 10/1/30 1,855,000 1,948,636
City of New York
Unlimited General Obligation
   
Series D    
1.623%, due 8/1/28 1,210,000 1,147,060
Series D    
1.723%, due 8/1/29 230,000 213,513
Series D    
1.723%, due 8/1/29 1,070,000 991,835
Series D-2    
1.75%, due 3/1/30 2,450,000 2,239,932
Series D-3    
1.97%, due 3/1/31 1,000,000 899,509
Series D-3    
2.22%, due 3/1/35 6,000,000 4,919,934
Series E-1    
4.636%, due 10/1/34 5,000,000 4,999,993
Series E-1    
5.106%, due 10/1/39 20,500,000 20,499,104
Series C-1    
5.517%, due 10/1/37 4,220,000 4,298,127

  Principal
Amount
Value
Municipal Bonds
New York  
City of New York
Unlimited General Obligation
   
Series H                         
5.75%, due 2/1/38 $    4,500,000 $     4,761,117
City of New York, Fiscal of 2021
Unlimited General Obligation
   
Series D                         
1.923%, due 8/1/31   2,045,000      1,814,629
Dutchess County Local Development Corp., Bard College
Revenue Bonds
   
Series B                         
5.918%, due 7/1/39 16,665,000 16,711,267
Empire State Development Corp.
Revenue Bonds
   
Series E-1    
5.77%, due 3/15/39 3,000,000 3,083,014
Metropolitan Transportation Authority
Revenue Bonds
   
Series A    
6.668%, due 11/15/39 8,085,000 8,761,334
Series C    
7.336%, due 11/15/39 6,105,000 7,146,205
New York City Housing Development Corp., 8 Spruce Street
Revenue Bonds
   
Class A    
5.458%, due 12/15/31 18,825,000 19,261,503
Class B    
6.033%, due 12/15/31 8,500,000 8,744,393
Class B    
6.033%, due 12/15/31 4,400,000 4,526,509
New York City Transitional Finance Authority, Future Tax Secured
Revenue Bonds
   
Series D-3    
2.40%, due 11/1/32 7,500,000 6,643,801
Series B-3    
3.00%, due 11/1/33 9,180,000 8,296,707
Series C-3    
3.35%, due 11/1/30 4,000,000 3,869,776
Series G-2    
4.91%, due 5/1/32 5,000,000 5,162,472
Series G-3    
5.01%, due 5/1/34 2,500,000 2,580,850
Series G-3    
5.06%, due 5/1/35 3,250,000 3,344,488
Series D-3    
5.65%, due 11/1/35 6,000,000 6,333,971

  Principal
Amount
Value
Municipal Bonds
New York  
New York City Transitional Finance Authority
Revenue Bonds
   
Series F-2                         
4.66%, due 2/1/36 $    5,000,000 $     4,984,092
New York Power Authority
Revenue Bonds
   
Series A, Insured: AG                         
5.749%, due 11/15/33   8,280,000      8,897,795
New York State Dormitory Authority, University Facilities
Revenue Bonds
   
Series B                         
2.746%, due 7/1/30 6,430,000 6,102,642
New York State Dormitory Authority, Roswell Park Cancer Institute Corp. Obligated Group
Revenue Bonds
   
Series B, Insured: AG    
4.84%, due 7/1/32 10,000,000 10,207,782
New York State Dormitory Authority, New York University
Revenue Bonds
   
Series B    
5.228%, due 7/1/35 23,100,000 24,007,183
New York State Dormitory Authority, State Personal Income Tax
Revenue Bonds
   
Series H    
5.289%, due 3/15/33 6,264,657 6,361,175
New York State Energy Research & Development Authority
Revenue Bonds
   
Series A    
5.997%, due 4/1/30 2,500,000 2,535,082
Series A    
6.199%, due 4/1/31 1,500,000 1,526,945
Series A    
6.249%, due 4/1/32 1,000,000 1,019,932
Series A    
6.456%, due 4/1/33 865,000 883,696
Series A    
6.506%, due 4/1/34 500,000 511,509
New York State Energy Research & Development Authority, Revolving Loan Fund
Revenue Bonds
   
Series A    
6.004%, due 4/1/33 1,000,000 995,682
New York State Urban Development Corp., Personal Income Tax
Revenue Bonds
   
Series D    
3.32%, due 3/15/29 4,990,000 4,918,894
State of New York
Unlimited General Obligation
   
Series B    
2.35%, due 3/15/35 1,000,000 835,978

  Principal
Amount
Value
Municipal Bonds
New York  
State of New York
Unlimited General Obligation
   
Series B                         
2.70%, due 2/15/31 $    4,485,000 $     4,201,705
Series B                         
2.90%, due 2/15/33   6,000,000      5,475,052
Series B                         
2.95%, due 2/15/34   6,750,000      6,065,922
State of New York Mortgage Agency Homeowner Mortgage
Revenue Bonds
   
Series 268, Insured: SONYMA    
6.25%, due 10/1/55 6,000,000 6,317,667
Triborough Bridge & Tunnel Authority
Revenue Bonds
   
Series B    
5.50%, due 11/15/39 6,465,000 6,617,774
United Nations Development Corp.
Revenue Bonds
   
Series A    
5.661%, due 8/1/36 1,000,000 1,077,220
Series A    
5.761%, due 8/1/37 1,065,000 1,147,585
Series A    
5.861%, due 8/1/38 2,215,000 2,386,876
Series A    
5.931%, due 8/1/39 2,600,000 2,795,556
United Nations Development Corp., City of New York
Revenue Bonds
   
Series A    
6.011%, due 8/1/40 3,850,000 4,134,374
    267,207,797
North Carolina 0.4% 
City of Charlotte
Certificate of Participation
   
5.124%, due 6/1/36 2,845,000 2,958,897
5.224%, due 6/1/37 3,125,000 3,251,557
5.531%, due 6/1/41 2,300,000 2,380,405
    8,590,859
North Dakota 0.1% 
North Dakota Housing Finance Agency, Housing Finance and Home Mortgage Program
Revenue Bonds
   
Series B    
6.25%, due 7/1/54 2,300,000 2,407,134

  Principal
Amount
Value
Municipal Bonds
Ohio 3.0% 
American Municipal Power, Inc., Combined Hydroelectric
Revenue Bonds
   
Series B                         
6.424%, due 2/15/32 $    4,455,000 $     4,731,901
Series A                         
7.734%, due 2/15/33   6,620,000      7,670,832
City of Columbus
Limited General Obligation
   
Series D                         
4.022%, due 4/1/35   1,135,000      1,100,950
Cleveland Department of Public Utilities Division of Water
Revenue Bonds
   
Series GG    
2.145%, due 1/1/35 4,000,000 3,332,948
Columbus Metropolitan Housing Authority, Riverside Sunshine Phase II LLC
Revenue Bonds
   
5.375%, due 9/1/28 3,750,000 3,820,071
Franklin County Convention Facilities Authority
Revenue Bonds
   
Series B    
2.022%, due 12/1/30 4,795,000 4,338,209
JobsOhio Beverage System
Revenue Bonds, Senior Lien
   
Series A    
2.833%, due 1/1/38 2,005,000 1,710,947
Series A    
2.833%, due 1/1/38 35,000 29,509
JobsOhio Beverage System
Revenue Bonds
   
Series B    
4.532%, due 1/1/35 11,035,000 11,083,178
Ohio Higher Educational Facility Commission, Ashtabula County Medical Center Obligated Group
Revenue Bonds
   
5.25%, due 1/1/42 2,000,000 2,074,004
Ohio Housing Finance Agency
Revenue Bonds
   
Series C, Insured: GNMA / FNMA / FHLMC    
6.50%, due 3/1/56 6,665,000 7,192,636
Series E, Insured: GNMA / FNMA / FHLMC    
6.50%, due 3/1/56 3,000,000 3,241,952
Ohio Turnpike & Infrastructure Commission
Revenue Bonds, Senior Lien
   
Series A    
2.801%, due 2/15/36 1,500,000 1,284,551
Toledo Hospital (The)    
Insured: AG    
5.75%, due 11/15/38 10,735,000 10,837,719
    62,449,407

  Principal
Amount
Value
Municipal Bonds
Oklahoma 0.1% 
Oklahoma Municipal Power Authority, Power Supply System
Revenue Bonds
   
Series B, Insured: AG                         
2.251%, due 1/1/32 $    1,300,000 $     1,174,864
Oregon 2.3% 
Oregon State Lottery
Revenue Bonds
   
Series B                         
3.821%, due 4/1/31   3,000,000      2,972,673
Series B                         
4.851%, due 4/1/33 1,500,000 1,553,201
Series B    
5.031%, due 4/1/35 500,000 520,754
Series B    
5.181%, due 4/1/36 3,195,000 3,340,717
Series B    
5.281%, due 4/1/37 5,105,000 5,340,019
Series B    
5.381%, due 4/1/38 2,600,000 2,720,644
Port of Morrow, Bonneville Cooperation Project No. 4
Revenue Bonds
   
Series 1    
2.987%, due 9/1/36 6,001,000 5,189,946
Port of Morrow, Bonneville Power Administration
Revenue Bonds
   
4.819%, due 9/1/30 4,000,000 4,132,657
4.839%, due 9/1/31 7,250,000 7,495,162
State of Oregon, Article XI-Q State Project
Unlimited General Obligation
   
Series C    
1.975%, due 5/1/31 1,000,000 907,271
State of Oregon, Article XI-Q State Projects
Unlimited General Obligation
   
Series B    
5.124%, due 5/1/34 2,330,000 2,456,247
Series B    
5.174%, due 5/1/35 2,000,000 2,111,633
Series B    
5.304%, due 5/1/36 3,465,000 3,667,366
Series B    
5.424%, due 5/1/37 3,190,000 3,382,289
Tri-County Metropolitan Transportation, District of Oregon
Revenue Bonds, Senior Lien
   
Series B    
2.583%, due 9/1/36 2,100,000 1,755,523
    47,546,102

  Principal
Amount
Value
Municipal Bonds
Pennsylvania 1.9% 
City of Philadelphia, Water & Wastewater
Revenue Bonds
   
Series B                         
2.034%, due 11/1/31 $    1,000,000 $       910,988
City of Philadelphia
Unlimited General Obligation
   
Series B                         
4.846%, due 8/1/31   2,500,000      2,592,533
City of Pittsburgh
Unlimited General Obligation
   
Series B                         
1.619%, due 9/1/29 1,570,000 1,447,945
Commonwealth Financing Authority, Commonwealth of Pennsylvania
Revenue Bonds
   
Series A, Insured: AG    
3.657%, due 6/1/38 2,340,000 2,106,488
Commonwealth of Pennsylvania
Unlimited General Obligation
   
Series 1    
2.05%, due 8/1/31 9,520,000 8,571,637
Erie City Water Authority
Revenue Bonds
   
Series D, Insured: AG    
1.961%, due 12/1/30 2,945,000 2,673,642
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University
Revenue Bonds
   
Series C, Insured: AG    
5.362%, due 11/1/37 2,150,000 2,218,265
Pennsylvania Housing Finance Agency
Revenue Bonds
   
Series 149-B    
6.50%, due 10/1/55 2,000,000 2,156,283
Series 150-B    
6.50%, due 10/1/55 3,000,000 3,242,836
Pennsylvania State University (The)
Revenue Bonds
   
Series B    
4.385%, due 9/1/30 1,280,000 1,298,352
Series B    
4.675%, due 9/1/32 1,000,000 1,021,207
Series B    
4.958%, due 9/1/34 1,500,000 1,543,335
Series B    
5.008%, due 9/1/35 1,000,000 1,025,701
Series B    
5.088%, due 9/1/36 1,725,000 1,770,996
Series B    
5.308%, due 9/1/39 1,885,000 1,932,736

  Principal
Amount
Value
Municipal Bonds
Pennsylvania  
Pennsylvania State University (The)
Revenue Bonds
   
Series B                         
5.585%, due 9/1/45 $    1,265,000 $     1,282,684
Reading Area Water Authority
Revenue Bonds
   
Insured: BAM                         
2.952%, due 12/1/36   3,025,000      2,589,024
University of Pittsburgh-of the Commonwealth System of Higher Education
Revenue Bonds
   
Series C                         
2.629%, due 9/15/33 2,000,000 1,781,183
    40,165,835
Rhode Island 0.5% 
Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity
Revenue Bonds
   
Series 85-T, Insured: GNMA    
6.25%, due 10/1/53 1,000,000 1,055,641
Rhode Island Student Loan Authority
Revenue Bonds, Senior Lien
   
Series 1    
5.714%, due 12/1/44 5,780,000 5,821,433
Series 1    
5.797%, due 12/1/33 1,400,000 1,445,204
State of Rhode Island
Unlimited General Obligation
   
Series B    
4.51%, due 5/1/30 1,150,000 1,178,823
    9,501,101
South Carolina 0.7% 
South Carolina Public Service Authority
Revenue Bonds
   
Series C    
5.01%, due 12/1/32 1,645,000 1,708,595
Series C    
5.03%, due 12/1/33 1,500,000 1,555,674
Series C    
5.784%, due 12/1/41 1,430,000 1,482,109
South Carolina Public Service Authority, Santee Cooper Project
Revenue Bonds
   
Series F, Insured: AG-CR    
5.74%, due 1/1/30 3,032,000 3,165,847
South Carolina Student Loan Corp.
Revenue Bonds
   
Series A    
5.129%, due 12/1/36 5,150,000 5,129,132

  Principal
Amount
Value
Municipal Bonds
South Carolina  
South Carolina Student Loan Corp.
Revenue Bonds
   
Series A                         
5.567%, due 12/1/46 $    1,000,000 $       968,636
    14,009,993
Tennessee 0.3% 
Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project
Revenue Bonds
   
Series D                         
5.03%, due 7/1/30   1,000,000      1,043,909
Series D    
5.068%, due 7/1/31 1,600,000 1,676,770
Series D    
5.168%, due 7/1/33 1,550,000 1,632,849
State of Tennessee
Unlimited General Obligation
   
Series B    
1.925%, due 11/1/34 1,500,000 1,247,071
Series B    
1.975%, due 11/1/35 2,000,000 1,626,255
    7,226,854
Texas 6.2% 
Austin Community College District
Revenue Bonds
   
2.13%, due 2/1/33 3,030,000 2,632,588
City of Corpus Christi, Utility System
Revenue Bonds, Junior Lien
   
Series B    
2.166%, due 7/15/32 2,500,000 2,218,821
City of Dallas, Waterworks & Sewer System
Revenue Bonds
   
Series B    
3.648%, due 10/1/30 2,000,000 1,968,599
City of Houston, Airport System
Revenue Bonds, Sub. Lien
   
Series C    
2.485%, due 7/1/32 1,470,000 1,314,155
City of Midland
Limited General Obligation
   
Series A    
3.601%, due 3/1/31 1,420,000 1,396,971
City of San Antonio, Electric & Gas Systems
Revenue Bonds
   
Series A    
5.469%, due 2/1/45 6,500,000 6,569,911

  Principal
Amount
Value
Municipal Bonds
Texas  
Colony Community Development Corp., Nebraska Furniture Mart Project
Revenue Bonds
   
7.25%, due 10/1/42 $    8,785,000 $     8,734,399
County of Bexar, Combined Venue Tax
Revenue Bonds
   
Insured: AG                         
2.434%, due 8/15/33   1,000,000        871,487
Insured: AG                         
2.534%, due 8/15/34   2,805,000      2,406,321
Dallas Area Rapid Transit
Revenue Bonds
   
Series C    
1.846%, due 12/1/30 3,825,000 3,467,490
Series C    
1.946%, due 12/1/31 4,230,000 3,756,174
Series C    
2.046%, due 12/1/32 2,035,000 1,771,267
Series C    
2.096%, due 12/1/33 1,000,000 851,008
Dallas Fort Worth International Airport
Revenue Bonds
   
Series C    
2.246%, due 11/1/31 2,585,000 2,341,850
Series A    
2.454%, due 11/1/29 1,000,000 951,926
Series C    
2.591%, due 11/1/33 4,300,000 3,803,433
Dallas Independent School District
Unlimited General Obligation
   
Series B, Insured: PSF-GTD    
1.935%, due 8/15/30 4,875,000 4,502,774
Frisco Community Development Corp., Sales Tax
Revenue Bonds
   
4.98%, due 2/15/36 2,935,000 3,032,236
Harris County Cultural Education Facilities Finance Corp., Baylor College of Medicine
Revenue Bonds
   
3.344%, due 11/15/37 7,600,000 6,705,758
Hidalgo County Regional Mobility Authority
Revenue Bonds, Senior Lien
   
Series B, Insured: AG    
2.082%, due 12/1/32 2,400,000 2,071,983
Las Varas Public Facility Corp., Central at Commerce
Revenue Bonds
   
Series B    
4.35%, due 2/1/29 4,500,000 4,528,695

  Principal
Amount
Value
Municipal Bonds
Texas  
Mansfield Independent School District
Unlimited General Obligation
   
Insured: PSF-GTD                         
2.175%, due 2/15/36 $    2,000,000 $     1,634,299
State of Texas, Public Finance Authority
Unlimited General Obligation
   
Series B                         
1.844%, due 10/1/30   4,000,000      3,652,370
2.526%, due 10/1/31   7,500,000      6,932,053
2.746%, due 10/1/33   1,000,000        900,987
4.68%, due 10/1/32 7,470,000 7,693,131
4.90%, due 10/1/35 5,100,000 5,240,894
State of Texas
Unlimited General Obligation
   
Series B    
2.624%, due 10/1/38 3,000,000 2,398,406
Series A    
4.631%, due 4/1/33 1,855,000 1,851,254
4.857%, due 10/1/35 1,400,000 1,443,624
4.957%, due 10/1/36 3,250,000 3,352,715
5.157%, due 10/1/38 3,250,000 3,354,752
State of Texas, State Water Plan
Unlimited General Obligation
   
Series F    
4.509%, due 8/1/35 2,275,000 2,318,000
Series F    
4.609%, due 8/1/36 2,000,000 2,038,809
Series F    
4.709%, due 8/1/37 4,735,000 4,829,477
Series F    
4.809%, due 8/1/38 2,000,000 2,040,489
State of Texas Transportation Commission, Highway Improvement
Unlimited General Obligation
   
3.211%, due 4/1/44 2,250,000 1,835,427
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center Obligated Group
Revenue Bonds
   
Insured: AG    
2.901%, due 9/1/35 1,325,000 1,141,701
Texas Department of Housing & Community Affairs
Revenue Bonds
   
Series D, Insured: GNMA    
6.25%, due 9/1/53 2,410,000 2,529,421
Texas Natural Gas Securitization Finance Corp.
Revenue Bonds
   
Series A-2    
5.169%, due 4/1/41 4,780,000 4,852,437

  Principal
Amount
Value
Municipal Bonds
Texas  
Texas State Affordable Housing Corp., Single-Family Mortgage
Revenue Bonds
   
Series B, Insured: GNMA                         
6.00%, due 9/1/54 $    2,690,000 $     2,810,861
Via Metropolitan Transit Advanced Transportation District
Revenue Bonds
   
2.673%, due 8/1/38   1,000,000       801,963
    129,550,916
U.S. Virgin Islands 0.2% 
Virgin Islands Water & Power Authority, Electric System
Revenue Bonds
   
Series C, Insured: AG    
6.85%, due 7/1/35 4,000,000 4,373,306
Utah 2.0% 
City of Salt Lake City, Sales and Excise Tax
Revenue Bonds
   
Series B    
2.879%, due 4/1/32 3,365,000 3,143,153
County of Salt Lake, Convention Hotel
Revenue Bonds
   
5.25%, due 10/1/34 (a) 3,610,000 3,500,265
Intermountain Power Agency
Revenue Bonds
   
Series B    
4.978%, due 7/1/31 1,030,000 1,063,333
Utah Housing Corp.
Revenue Bonds
   
Series I, Insured: GNMA / FNMA / FHLMC    
5.358%, due 1/1/37 1,180,000 1,194,697
Series I, Insured: GNMA / FNMA / FHLMC    
5.408%, due 7/1/37 1,190,000 1,205,065
Series J, Insured: GNMA / FNMA / FHLMC    
6.00%, due 7/1/55 2,655,000 2,764,861
Series F, Insured: GNMA / FNMA / FHLMC    
6.25%, due 7/1/55 2,490,000 2,628,497
Series K, Insured: GNMA / FNMA / FHLMC    
6.25%, due 7/1/55 7,000,000 7,475,238
Series D, Insured: GNMA / FNMA / FHLMC    
6.50%, due 7/1/55 6,420,000 6,829,367
Series I, Insured: GNMA / FNMA / FHLMC    
6.50%, due 7/1/55 4,495,000 4,834,936
Utah Transit Authority
Revenue Bonds
   
2.289%, due 12/15/32 4,360,000 3,875,791
2.774%, due 12/15/38 3,400,000 2,749,044
    41,264,247

  Principal
Amount
Value
Municipal Bonds
Virginia 0.2% 
Farmville Industrial Development Authority, Longwood University Student Housing Project
Revenue Bonds
   
Series B                         
5.00%, due 1/1/34 $    1,935,000 $     1,800,988
Hampton Roads Sanitation District
Revenue Bonds
   
Series A                         
2.613%, due 2/1/35   2,000,000     1,698,240
    3,499,228
Washington 1.2% 
Central Puget Sound Regional Transit Authority
Revenue Bonds
   
Series S-2T    
5.491%, due 11/1/39 5,000,000 5,092,424
County of King, Sewer
Revenue Bonds
   
Series A    
2.091%, due 7/1/34 1,880,000 1,583,297
County of King
Limited General Obligation
   
Series C    
4.932%, due 12/1/31 1,600,000 1,670,285
Series C    
4.982%, due 12/1/32 1,650,000 1,725,667
Series C    
5.112%, due 12/1/34 1,550,000 1,621,146
County of Pierce, Sewer
Revenue Bonds
   
Series B    
2.467%, due 8/1/37 1,000,000 806,689
Energy Northwest, Bonneville Power Administration
Revenue Bonds
   
Series B    
2.166%, due 7/1/32 2,740,000 2,425,094
Pierce County School District No. 10, Tacoma
Unlimited General Obligation
   
Insured: School Bond Guaranty    
2.357%, due 12/1/39 1,195,000 916,087
Spokane Public Facilities District, Sales & Lodging tax
Revenue Bonds
   
Series B    
1.996%, due 12/1/30 3,050,000 2,781,062
Spokane Public Facilities District
Revenue Bonds
   
Series A    
2.596%, due 12/1/35 2,500,000 2,109,976

  Principal
Amount
  Value
Municipal Bonds
Washington  
Washington State Housing Finance Commission, Single-Family Program
Revenue Bonds
     
Series 1-T, Insured: GNMA / FNMA / FHLMC                           
5.50%, due 12/1/53 $    1,800,000   $     1,833,358
Washington State Housing Finance Commission
Revenue Bonds
     
Series 1-T, Insured: GNMA / FNMA / FHLMC                           
6.25%, due 6/1/54   2,125,000       2,226,636
      24,791,721
Wisconsin 0.2% 
State of Wisconsin
Unlimited General Obligation
     
Series 2      
2.614%, due 5/1/32 4,250,000   3,918,198
Total Municipal Bonds
(Cost $1,782,673,815)
    1,834,001,662
U.S. Government & Federal Agencies 0.0% ‡
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.0% ‡
FHLMC Gold Pools, 30 Year
4.00%, due 10/1/48 92,817   89,785
6.50%, due 4/1/37 17,696   18,790
      108,575
Government National Mortgage Association (Mortgage Pass-Through Security) 0.0% ‡
GNMA I, 30 Year
6.50%, due 4/15/31 34,590   35,726
Total U.S. Government & Federal Agencies
(Cost $145,966)
    144,301
Total Long-Term Bonds
(Cost $1,963,403,146)
    2,015,746,175
 
       
 
Short-Term Investment 2.0%
Unaffiliated Investment Company 2.0% 
Dreyfus Government Cash Management - Institutional Shares, 3.579% (d) 42,031,566   42,031,566
Total Short-Term Investment
(Cost $42,031,566)
    42,031,566
Total Investments
(Cost $2,005,434,712)
99.2%   2,057,777,741
Other Assets, Less Liabilities 0.8   16,362,404
Net Assets 100.0%   $ 2,074,140,145
    

Percentages indicated are based on Fund net assets.
^ Industry classifications may be different than those used for compliance monitoring purposes.
Less than one-tenth of a percent.
(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(b) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of January 31, 2026.
(c) Delayed delivery security.
(d) Current yield as of January 31, 2026.
Futures Contracts
As of January 31, 2026, the Fund held the following futures contracts1:
Type Number of
Contracts
Expiration
Date
Value at
Trade Date
Current
Notional
Amount
Unrealized
Appreciation
(Depreciation)2
Short Contracts          
U.S. Treasury 10 Year Ultra Bonds (384) March 2026  $ (44,102,617)  $ (43,836,000)  $ 266,617
    
1. As of January 31, 2026, cash in the amount of $979,200 was on deposit with a broker or futures commission merchant for futures transactions.
2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2026.
Abbreviation(s):
AG—Assured Guaranty Ltd.
AMBAC—Ambac Assurance Corp.
BAM—Build America Mutual Assurance Co.
CR—Custodial Receipts
FHLMC—Federal Home Loan Mortgage Corp.
FNMA—Federal National Mortgage Association
GNMA—Government National Mortgage Association
NATL-RE—National Public Finance Guarantee Corp.
PSF-GTD—Permanent School Fund Guaranteed
SONYMA—State of New York Mortgage Agency

The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund’s assets:
Description Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Long-Term Bonds              
Corporate Bonds          $ —      $ 181,600,212   $ —      $ 181,600,212
Municipal Bonds          —    1,834,001,662      1,834,001,662
U.S. Government & Federal Agencies          —          144,301            144,301
Total Long-Term Bonds   2,015,746,175     2,015,746,175
Short-Term Investment              
Unaffiliated Investment Company  42,031,566               —         42,031,566
Total Investments in Securities 42,031,566   2,015,746,175     2,057,777,741
Other Financial Instruments              
Futures Contracts (b)     266,617               —            266,617
Total Investments in Securities and Other Financial Instruments $ 42,298,183   $ 2,015,746,175   $ —   $ 2,058,044,358
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.
(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

NYLI MacKay Strategic Bond Fund
Portfolio of Investments January 31, 2026^(Unaudited)
  Principal
Amount
Value
Long-Term Bonds 96.6%
Asset-Backed Securities 14.8%
Automobile Asset-Backed Securities 6.8% 
Ally Bank Auto Credit-Linked Notes (a)  
Series 2025-B, Class F                            
6.942%, due 9/15/33 $       1,118,613 $     1,121,927
Series 2025-B, Class G                            
9.935%, due 9/15/33      2,179,057      2,188,123
Series 2025-A, Class G                            
10.219%, due 6/15/33      1,515,878      1,528,000
Series 2024-B, Class G    
11.395%, due 9/15/32 737,192 757,097
Series 2024-A, Class G    
12.748%, due 5/17/32 1,085,871 1,128,526
Avis Budget Rental Car Funding AESOP LLC (a)  
Series 2023-8A, Class D    
7.52%, due 2/20/30 3,000,000 3,103,128
Series 2023-1A, Class D    
7.59%, due 4/20/29 1,740,000 1,795,278
Bridgecrest Lending Auto Securitization Trust  
Series 2025-4, Class D    
5.41%, due 8/15/31 2,000,000 2,031,363
Series 2025-2, Class D    
5.62%, due 3/17/31 2,910,000 2,963,194
Series 2025-3, Class E    
6.62%, due 5/17/32 (a) 4,410,000 4,445,253
Series 2026-1, Class E    
6.63%, due 2/15/33 (a) 3,205,000 3,234,005
CarMax Auto Owner Trust  
Series 2024-1, Class D    
6.00%, due 7/15/30 1,325,000 1,356,184
CarMax Select Receivables Trust  
Series 2025-B, Class D    
5.33%, due 7/15/31 2,835,000 2,862,139
Series 2025-A, Class D    
5.86%, due 7/15/31 1,760,000 1,801,879
CPS Auto Receivables Trust  
Series 2024-C, Class E    
8.04%, due 3/15/32 (a) 2,360,000 2,479,934
DT Auto Owner Trust  
Series 2021-3A, Class D    
1.31%, due 5/17/27 (a) 606,767 605,925
Exeter Automobile Receivables Trust  
Series 2021-3A, Class E    
3.04%, due 12/15/28 (a) 3,790,000 3,775,358
Series 2025-3A, Class D    
5.57%, due 10/15/31 1,820,000 1,856,784
Series 2022-2A, Class E    
6.34%, due 10/15/29 (a) 3,225,000 3,149,876

  Principal
Amount
Value
Asset-Backed Securities
Automobile Asset-Backed Securities  
Exeter Automobile Receivables Trust  
Series 2025-4A, Class E                            
6.99%, due 4/15/33 (a) $       4,000,000 $     4,045,514
Series 2025-1A, Class E                            
7.48%, due 9/15/32 (a)      3,500,000      3,641,918
Series 2025-3A, Class E                            
7.52%, due 12/15/32 (a)      2,535,000      2,623,363
Flagship Credit Auto Trust (a)  
Series 2021-2, Class D    
1.59%, due 6/15/27 813,889 804,133
Series 2021-3, Class D    
1.65%, due 9/15/27 2,412,000 2,367,970
Series 2021-4, Class C    
1.96%, due 12/15/27 354,703 352,718
Series 2021-4, Class D    
2.26%, due 12/15/27 2,507,000 2,393,011
Series 2021-2, Class E    
3.16%, due 9/15/28 1,900,000 1,852,940
Series 2021-3, Class E    
3.32%, due 12/15/28 2,110,000 1,944,211
Series 2020-1, Class E    
3.52%, due 6/15/27 1,003,005 1,002,166
Series 2022-1, Class D    
3.64%, due 3/15/28 1,000,000 971,235
Series 2021-4, Class E    
4.03%, due 3/15/29 1,010,000 835,324
Series 2020-3, Class E    
4.98%, due 12/15/27 843,972 844,144
Series 2022-2, Class D    
5.80%, due 4/17/28 4,430,000 3,981,102
Series 2024-3, Class E    
8.83%, due 1/15/32 4,640,000 4,411,369
GLS Auto Receivables Issuer Trust (a)  
Series 2022-2A, Class E    
5.50%, due 6/15/29 3,740,000 3,760,947
Series 2022-3A, Class E    
8.35%, due 10/15/29 670,000 690,576
Hertz Vehicle Financing III LLC (a)  
Series 2025-6A, Class A    
4.89%, due 5/25/32 3,000,000 3,024,558
Series 2025-6A, Class B    
5.14%, due 5/25/32 3,450,000 3,441,082
Series 2025-1A, Class D    
7.98%, due 9/25/29 2,000,000 2,055,442
Series 2025-6A, Class D    
8.30%, due 5/25/32 2,200,000 2,245,792
Series 2025-3A, Class D    
8.55%, due 12/26/29 3,790,000 3,949,447

  Principal
Amount
Value
Asset-Backed Securities
Automobile Asset-Backed Securities  
Hertz Vehicle Financing III LP (a)  
Series 2021-2A, Class A                            
1.68%, due 12/27/27 $       2,870,000 $     2,823,767
Series 2021-2A, Class C                            
2.52%, due 12/27/27      1,577,000      1,550,579
Series 2021-2A, Class D                            
4.34%, due 12/27/27      3,000,000      2,965,882
Huntington Bank Auto Credit-Linked Notes (a)(b)  
Series 2025-2, Class E    
10.303% (SOFR 30A + 6.60%), due 9/20/33 1,341,618 1,349,544
Series 2024-1, Class E    
11.953% (SOFR 30A + 8.25%), due 5/20/32 521,053 536,160
OneMain Direct Auto Receivables Trust  
Series 2019-1A, Class D    
4.68%, due 4/14/31 (a) 1,270,000 1,268,746
Santander Bank Auto Credit-Linked Notes  
Series 2023-B, Class F    
12.24%, due 12/15/33 (a) 1,509,891 1,587,310
Santander Drive Auto Receivables Trust  
Series 2024-4, Class D    
5.32%, due 12/15/31 1,305,000 1,325,085
Truist Bank Auto Credit-Linked Notes  
Series 2025-1, Class D    
9.685%, due 9/26/33 (a) 2,022,794 2,037,023
    108,867,031
Home Equity Asset-Backed Securities 0.1% 
GSAA Home Equity Trust  
Series 2007-8, Class A3    
4.687% (1 Month SOFR + 1.014%), due 8/25/37 (b) 1,601 1,596
RCKT Mortgage Trust  
Series 2024-CES5, Class A1A    
5.846%, due 8/25/44 (a)(c) 2,359,888 2,387,487
    2,389,083
Other Asset-Backed Securities 7.9% 
AGL CLO 17 Ltd.  
Series 2022-17A, Class BR    
5.07% (3 Month SOFR + 1.40%), due 1/21/35 (a)(b) 2,550,000 2,550,564
AGL CLO 32 Ltd.  
Series 2024-32A, Class A1    
5.05% (3 Month SOFR + 1.38%), due 7/21/37 (a)(b) 1,300,000 1,303,991
AGL CLO 35 Ltd.  
Series 2024-35A, Class A2    
5.22% (3 Month SOFR + 1.55%), due 1/21/38 (a)(b) 500,000 501,281
AIMCO CLO  
Series 2018-AA, Class B1R    
5.318% (3 Month SOFR + 1.65%), due 10/17/37 (a)(b) 1,650,000 1,655,259

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
American Airlines Pass-Through Trust  
Series 2019-1, Class B                            
3.85%, due 2/15/28 $         510,432 $       500,018
Series 2021-1, Class B                            
3.95%, due 7/11/30        835,700        803,133
Series 2016-1, Class A                            
4.10%, due 1/15/28        698,807        688,831
Apex Credit CLO Ltd. (a)(b)  
Series 2022-1A, Class D1R    
7.169% (3 Month SOFR + 3.50%), due 10/22/38 1,900,000 1,890,487
Series 2022-1A, Class ER    
11.489% (3 Month SOFR + 7.82%), due 10/22/38 500,000 484,140
Apidos CLO  
Series 2018-18A, Class BR2    
5.369% (3 Month SOFR + 1.70%), due 1/22/38 (a)(b) 1,700,000 1,708,128
Apidos CLO LI Ltd.  
Series 2024-51A, Class B    
5.218% (3 Month SOFR + 1.55%), due 1/20/38 (a)(b) 870,000 871,957
ARES Direct Lending CLO 3 LLC  
Series 2024-3A, Class A2    
5.418% (3 Month SOFR + 1.75%), due 1/20/37 (a)(b) 850,000 850,768
Ares Loan Funding IX Ltd.  
Series 2025-ALF9A, Class A2    
5.072% (3 Month SOFR + 1.40%), due 3/31/38 (a)(b) 1,500,000 1,502,517
Avant Loans Funding Trust  
Series 2022-REV1, Class D    
11.02%, due 9/15/31 (a) 13,273 13,303
Bain Capital Credit CLO Ltd.  
Series 2021-6A, Class DR    
6.62% (3 Month SOFR + 2.95%), due 10/21/34 (a)(b) 800,000 790,304
Bayfront Labs VII Pte. Ltd.  
Series 7A, Class A    
4.956% (SOFR + 1.28%), due 4/11/48 (a)(b) 3,100,000 3,106,479
BCC Middle Market CLO LLC  
Series 2025-1A, Class A1    
5.29% (3 Month SOFR + 1.62%), due 7/17/37 (a)(b) 1,640,000 1,648,016
Benefit Street Partners CLO XXXII Ltd.  
Series 2023-32A, Class AR    
4.878% (3 Month SOFR + 1.21%), due 10/25/38 (a)(b) 1,000,000 1,004,054
Blackrock Rainier CLO VI Ltd.  
Series 2021-6A, Class A1R    
5.218% (3 Month SOFR + 1.55%), due 4/20/37 (a)(b) 1,200,000 1,204,043
BXDL Static CLO LLC (a)(b)  
Series 2025-1A, Class A1    
4.97% (3 Month SOFR + 1.30%), due 7/20/35 1,954,052 1,954,787
Series 2025-1A, Class C    
5.87% (3 Month SOFR + 2.20%), due 7/20/35 2,000,000 2,005,228

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
CF Hippolyta Issuer LLC (a)  
Series 2021-1A, Class A1                            
1.53%, due 3/15/61 $       2,322,628 $     1,883,547
Series 2021-1A, Class B1                            
1.98%, due 3/15/61      3,977,129      2,429,603
Series 2020-1, Class A2                            
1.99%, due 7/15/60      1,495,594      1,256,033
Series 2020-1, Class B1                            
2.28%, due 7/15/60 2,122,707 1,337,508
Series 2020-1, Class B2    
2.60%, due 7/15/60 2,428,520 1,541,952
Consolidated Communications LLC  
Series 2025-4A, Class A2    
5.522%, due 12/20/55 (a) 2,225,000 2,252,939
DataBank Issuer II LLC  
Series 2025-1A, Class A2    
5.18%, due 9/27/55 (a) 1,255,000 1,238,198
FirstKey Homes Trust  
Series 2022-SFR2, Class C    
4.50%, due 7/17/39 (a) 2,566,937 2,553,878
Fortress Credit Opportunities XXI CLO LLC  
Series 2023-21A, Class A1TR    
5.24% (3 Month SOFR + 1.57%), due 1/21/37 (a)(b) 1,600,000 1,604,952
Golub Capital CLO 86B Ltd.  
Series 2026-86A, Class C    
(zero coupon) (3 Month SOFR + 1.70%), due 1/25/39 (a)(b) 2,000,000 2,000,000
Golub Capital Partners CLO 49M Ltd.  
Series 2020-49A, Class A2R2    
5.348% (3 Month SOFR + 1.68%), due 7/20/38 (a)(b) 2,650,000 2,653,501
Golub Capital Partners CLO 67M Ltd.  
Series 2023-67A, Class CR    
6.065% (3 Month SOFR + 2.20%), due 5/9/36 (a)(b) 1,800,000 1,801,672
Golub Capital Partners CLO 76 B Ltd.  
Series 2024-76A, Class A1    
5.038% (3 Month SOFR + 1.37%), due 10/25/37 (a)(b) 1,200,000 1,202,434
Golub Capital Partners CLO 78M Ltd.  
Series 2025-78A, Class A1    
5.05% (3 Month SOFR + 1.38%), due 4/21/39 (a)(b) 1,550,000 1,554,050
Great Lakes CLO Ltd.  
Series 2019-1A, Class ARR    
5.152% (3 Month SOFR + 1.48%), due 4/15/37 (a)(b) 1,630,000 1,634,341
Home Partners of America Trust  
Series 2021-2, Class B    
2.302%, due 12/17/26 (a) 758,001 743,668
Ivy Hill Middle Market Credit Fund VII Ltd.  
Series 7A, Class AR3    
5.272% (3 Month SOFR + 1.60%), due 10/15/36 (a)(b) 800,000 801,994

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
Kinetic ABS Issuer LLC (a)  
Series 2026-1A, Class B                            
5.561%, due 2/25/56 $       1,250,000 $     1,250,000
Series 2026-1A, Class C                            
7.653%, due 2/25/56      3,500,000      3,562,195
Madison Park Funding XXXVIII Ltd.  
Series 2021-38A, Class A1R                            
4.908% (3 Month SOFR + 1.24%), due 10/17/38 (a)(b)      1,000,000      1,002,815
Magnetite 50 Ltd.  
Series 2025-50A, Class A1    
4.948% (3 Month SOFR + 1.28%), due 7/25/38 (a)(b) 2,450,000 2,456,196
Marathon CLO Ltd.  
Series 2021-16A, Class A2R    
5.222% (3 Month SOFR + 1.55%), due 4/15/34 (a)(b) 2,200,000 2,201,047
MFIC Bethesda CLO LLC  
Series 1A, Class A2R    
5.321% (3 Month SOFR + 1.65%), due 10/23/37 (a)(b) 2,000,000 2,006,452
Navient Private Education Refi Loan Trust (a)  
Series 2020-GA, Class B    
2.50%, due 9/16/69 1,145,000 967,360
Series 2020-HA, Class B    
2.78%, due 1/15/69 1,820,000 1,583,750
New Economy Assets Phase 1 Sponsor LLC  
Series 2021-1, Class B1    
2.41%, due 10/20/61 (a) 3,945,000 2,489,955
OCP CLO Ltd.  
Series 2017-14A, Class A1R    
5.038% (3 Month SOFR + 1.37%), due 7/20/37 (a)(b) 1,100,000 1,103,363
Owl Rock CLO XX LLC  
Series 2024-20A, Class C    
5.768% (3 Month SOFR + 2.10%), due 10/24/34 (a)(b) 1,000,000 1,002,722
Point Broadband Funding LLC  
Series 2025-1A, Class C    
8.156%, due 7/20/55 (a) 3,000,000 3,100,999
Progress Residential Trust  
Series 2025-SFR4, Class C    
5.05%, due 8/17/42 (a) 2,795,000 2,782,481
QTS Issuer ABS II LLC  
Series 2026-3A, Class A2    
6.156%, due 1/5/56 (a) 3,650,000 3,650,073
Rad CLO 25 Ltd.  
Series 2024-25A, Class A1    
5.128% (3 Month SOFR + 1.46%), due 7/20/37 (a)(b) 600,000 602,280
Regatta 30 Funding Ltd.  
Series 2024-4A, Class B    
5.318% (3 Month SOFR + 1.65%), due 1/25/38 (a)(b) 1,650,000 1,659,730

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
Regatta XI Funding Ltd.  
Series 2018-1A, Class AR                            
5.068% (3 Month SOFR + 1.40%), due 7/17/37 (a)(b) $       1,100,000 $     1,103,512
Regatta XXII Funding Ltd.  
Series 2022-2A, Class A1R2                            
4.933% (3 Month SOFR + 1.26%), due 1/15/39 (a)(b)      3,500,000      3,508,365
Retained Vantage Data Centers Issuer LLC  
Series 2023-1A, Class A2A                            
5.00%, due 9/15/48 (a) 2,465,000 2,462,896
RIN V LLC  
Series 2023-2A, Class A1R    
5.007% (3 Month SOFR + 1.34%), due 10/14/36 (a)(b) 3,000,000 2,999,931
Shentel Issuer LLC  
Series 2025-1A, Class A2    
5.64%, due 12/20/55 (a) 4,355,000 4,424,407
Signal Peak CLO 12 Ltd.  
Series 2022-12A, Class A1R    
5.068% (3 Month SOFR + 1.40%), due 7/18/37 (a)(b) 900,000 902,467
Silver Point SCF CLO IV Ltd.  
Series 2021-1A, Class A2R    
5.622% (3 Month SOFR + 1.95%), due 10/15/36 (a)(b) 800,000 803,637
Sixth Street CLO XIV Ltd.  
Series 2019-14A, Class A1R2    
4.82% (3 Month SOFR + 1.15%), due 1/20/38 (a)(b) 2,400,000 2,401,118
Subway Funding LLC (a)  
Series 2024-1A, Class A2I    
6.028%, due 7/30/54 2,970,000 3,009,134
Series 2024-1A, Class A2II    
6.268%, due 7/30/54 1,173,150 1,196,822
Texas Debt Capital CLO Ltd.  
Series 2024-2A, Class B    
5.368% (3 Month SOFR + 1.70%), due 1/24/37 (a)(b) 1,000,000 1,007,248
Tricon American Homes (a)  
Series 2020-SFR1, Class C    
2.249%, due 7/17/38 1,500,000 1,481,975
Series 2020-SFR1, Class D    
2.548%, due 7/17/38 3,560,000 3,517,647
United Airlines Pass-Through Trust  
Series 2020-1, Class A    
5.875%, due 10/15/27 496,550 508,874
Uniti Fiber ABS Issuer LLC  
Series 2025-2A, Class C    
7.834%, due 1/20/56 (a) 2,800,000 2,857,711
Vantage Data Centers Issuer LLC  
Series 2021-1A, Class A2    
2.165%, due 10/15/46 (a) 3,000,000 2,947,024

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
Zayo Issuer LLC (a)  
Series 2025-2A, Class B                            
6.586%, due 6/20/55 $       2,680,000 $     2,766,225
Series 2025-3A, Class C                            
8.435%, due 10/20/55      1,330,000     1,395,001
    126,242,970
Total Asset-Backed Securities
(Cost $238,853,451)
  237,499,084
Corporate Bonds 28.3%    
Agriculture 0.1%   
MHP Lux SA    
10.50%, due 7/28/29 (a) 898,000 924,062
Airlines 0.9%   
American Airlines, Inc. (a)    
5.50%, due 4/20/26 91,668 91,734
5.75%, due 4/20/29 2,450,000 2,475,490
Avianca Midco 2 plc    
9.50%, due 1/28/31 (a) 827,000 843,540
Series Reg S    
9.625%, due 2/14/30 3,400,000 3,483,300
Delta Air Lines, Inc.    
4.75%, due 10/20/28 (a) 2,442,917 2,461,388
Grupo Aeromexico SAB de CV    
Series Reg S    
8.25%, due 11/15/29 1,114,000 1,144,635
8.625%, due 11/15/31 (a) 450,000 464,625
Series Reg S    
8.625%, due 11/15/31 286,000 295,295
Pegasus Hava Tasimaciligi A/S    
Series Reg S    
8.00%, due 9/11/31 (d) 3,200,000 3,372,150
    14,632,157
Auto Manufacturers 0.9%   
Ford Motor Credit Co. LLC    
4.125%, due 8/17/27 1,295,000 1,288,691
6.054%, due 11/5/31 590,000 609,366
6.80%, due 5/12/28 2,105,000 2,202,768
6.95%, due 3/6/26 1,195,000 1,197,047
7.20%, due 6/10/30 625,000 672,348
General Motors Financial Co., Inc.    
2.35%, due 1/8/31 1,178,000 1,061,984
2.70%, due 6/10/31 1,525,000 1,386,912
4.30%, due 4/6/29 1,090,000 1,091,342

  Principal
Amount
Value
Corporate Bonds    
Auto Manufacturers    
Nissan Motor Acceptance Co. LLC (a)    
1.85%, due 9/16/26 $       3,610,000 $     3,534,904
7.05%, due 9/15/28        975,000     1,010,957
    14,056,319
Auto Parts & Equipment 0.3%   
Garrett Motion Holdings, Inc.    
7.75%, due 5/31/32 (a)      2,735,000      2,895,561
Goodyear Tire & Rubber Co. (The)    
6.625%, due 7/15/30 1,880,000 1,919,416
    4,814,977
Banks 3.8%   
Akbank TAS    
Series Reg S    
9.369% (5 Year Treasury Constant Maturity Rate + 5.27%), due 3/14/29 (b)(e) 1,100,000 1,145,252
Banco Bradesco SA    
6.50%, due 1/22/30 (a) 450,000 472,248
Banco de Credito del Peru SA    
6.45% (5 Year Treasury Constant Maturity Rate + 2.486%), due 7/30/35 (a)(b) 1,365,000 1,423,968
Banco Mercantil del Norte SA    
Series Reg S    
8.75% (10 Year Treasury Constant Maturity Rate + 4.299%), due 5/20/35 (b)(e) 1,950,000 2,110,157
Banco Santander SA    
2.749%, due 12/3/30 1,000,000 911,949
4.175% (1 Year Treasury Constant Maturity Rate + 2.00%), due 3/24/28 (b) 2,400,000 2,400,944
Bank of Georgia JSC    
Series Reg S    
9.50% (5 Year SOFR + 5.618%), due 7/16/29 (b)(e) 1,150,000 1,206,804
Barclays plc (b)(e)    
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 2,380,000 2,315,285
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 900,000 962,140
BNP Paribas SA (a)    
3.052%, due 1/13/31 (f) 1,605,000 1,519,905
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(e) 1,315,000 1,310,071
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(e) 1,610,000 1,502,204
6.875% (5 Year Treasury Constant Maturity Rate + 2.853%), due 12/15/33 (b)(e) 375,000 378,394
BPCE SA (a)(f)    
2.045%, due 10/19/27 2,240,000 2,208,585
4.76%, due 1/13/32 (d) 2,160,000 2,158,598
6.714%, due 10/19/29 665,000 704,732
Citizens Financial Group, Inc.    
5.299% (5 Year Treasury Constant Maturity Rate + 1.45%), due 1/29/36 (b) 3,620,000 3,637,212
Deutsche Bank AG    
3.035%, due 5/28/32 (f) 460,000 422,190
4.875% (USISDA05 + 2.553%), due 12/1/32 (b) 3,390,000 3,408,226
First Horizon Bank    
5.75%, due 5/1/30 1,673,000 1,725,054

  Principal
Amount
Value
Corporate Bonds    
Banks    
Huntington Bancshares, Inc.    
5.605% (5 Year Treasury Constant Maturity Rate + 1.35%), due 1/28/41 (b) $       2,030,000 $     2,020,185
Intesa Sanpaolo SpA    
4.198% (1 Year Treasury Constant Maturity Rate + 2.60%), due 6/1/32 (a)(b)      3,430,000      3,287,639
KeyCorp    
6.401%, due 3/6/35 (f)      1,275,000      1,381,491
Morgan Stanley (f)    
2.484%, due 9/16/36      2,170,000      1,908,146
2.511%, due 10/20/32 3,225,000 2,894,811
NatWest Group plc    
4.60% (5 Year Treasury Constant Maturity Rate + 3.10%), due 6/28/31 (b)(e) 2,650,000 2,464,049
Santander Holdings USA, Inc.    
6.499%, due 3/9/29 (f) 1,315,000 1,371,565
Societe Generale SA (a)(b)(e)    
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 1,240,000 1,239,284
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 1,920,000 1,866,677
Turkiye Is Bankasi A/S    
7.375% (5 Year Treasury Constant Maturity Rate + 3.629%), due 4/2/36 (a)(b) 1,600,000 1,592,909
UBS Group AG (a)    
3.091%, due 5/14/32 (f) 885,000 821,918
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (b)(e) 2,265,000 2,068,642
USB Realty Corp.    
5.081% (3 Month SOFR + 1.409%), due 1/15/27 (a)(b)(e) 2,590,000 2,176,710
Valley National Bancorp    
3.00%, due 6/15/31 (f) 2,005,000 1,919,845
Wells Fargo & Co.    
3.35%, due 3/2/33 (f) 2,330,000 2,172,571
    61,110,360
Building Materials 0.8%   
Cimko Cimento ve Beton Sanayi ve Ticaret AS    
10.75%, due 5/21/30 (a) 1,450,000 1,565,255
Masterbrand, Inc.    
7.00%, due 7/15/32 (a) 2,670,000 2,768,859
Miter Brands Acquisition Holdco, Inc.    
6.75%, due 4/1/32 (a) 2,500,000 2,567,657
MIWD Holdco II LLC    
5.50%, due 2/1/30 (a)(d) 3,305,000 3,210,775
Sisecam UK plc    
8.375%, due 1/23/33 (a) 2,179,000 2,229,046
    12,341,592
Chemicals 0.8%   
Alpek SAB de CV    
3.25%, due 2/25/31 (a) 1,255,000 1,072,403
Series Reg S    
3.25%, due 2/25/31 400,000 341,802

  Principal
Amount
Value
Corporate Bonds    
Chemicals    
Celanese US Holdings LLC    
7.20%, due 11/15/33 (c) $       3,115,000 $     3,295,381
Huntsman International LLC    
4.50%, due 5/1/29      4,000,000      3,848,961
Innophos Holdings, Inc.    
11.50%, due 6/15/29 (a)      2,020,000      1,984,650
Ma'aden Sukuk Ltd.    
5.50%, due 2/13/35 (a)        930,000        952,368
Qnity Electronics, Inc.    
5.75%, due 8/15/32 (a) 1,520,000 1,548,445
    13,044,010
Coal 0.1%   
SunCoke Energy, Inc.    
4.875%, due 6/30/29 (a) 2,400,000 2,263,145
Commercial Services 0.6%   
Ashtead Capital, Inc.    
4.25%, due 11/1/29 (a) 1,640,000 1,625,399
Kaspi.KZ JSC    
Series Reg S    
6.25%, due 3/26/30 2,550,000 2,617,011
NESCO Holdings II, Inc.    
5.50%, due 4/15/29 (a) 2,670,000 2,631,018
Valvoline, Inc.    
3.625%, due 6/15/31 (a) 3,185,000 2,925,390
    9,798,818
Cosmetics & Personal Care 0.1%   
Coty, Inc.    
4.75%, due 1/15/29 (a) 2,020,000 1,998,915
Diversified Financial Services 1.2%   
AerCap Ireland Capital DAC    
3.00%, due 10/29/28 1,650,000 1,600,649
Ally Financial, Inc.    
Series C    
4.70% (7 Year Treasury Constant Maturity Rate + 3.481%), due 5/15/28 (b)(e) 1,315,000 1,260,440
Avolon Holdings Funding Ltd. (a)    
3.25%, due 2/15/27 2,125,000 2,104,467
4.70%, due 1/30/31 1,975,000 1,964,480
5.75%, due 11/15/29 1,575,000 1,636,535
Banco BTG Pactual SA    
Series Reg S    
5.75%, due 1/22/30 815,000 827,225
Bread Financial Holdings, Inc. (a)    
6.75%, due 5/15/31 3,175,000 3,269,856
8.375% (5 Year Treasury Constant Maturity Rate + 4.30%), due 6/15/35 (b) 1,250,000 1,282,990

  Principal
Amount
Value
Corporate Bonds    
Diversified Financial Services    
Capital One Financial Corp.    
4.722%, due 1/30/32 (f) $       2,420,000 $     2,420,722
Macquarie Airfinance Holdings Ltd.    
6.40%, due 3/26/29 (a)      1,610,000      1,691,253
OneMain Finance Corp.    
6.75%, due 3/15/32      1,105,000     1,129,360
    19,187,977
Electric 2.3%   
AEP Texas, Inc.    
4.70%, due 5/15/32 1,175,000 1,178,406
AES Andes SA    
Series Reg S    
8.15% (5 Year Treasury Constant Maturity Rate + 3.835%), due 6/10/55 (b) 950,000 1,009,765
Alpha Generation LLC    
6.75%, due 10/15/32 (a) 3,035,000 3,146,694
Axia Energia    
6.50%, due 1/11/35 (a) 600,000 624,780
Aydem Yenilenebilir Enerji A/S    
9.875%, due 9/30/30 (a) 2,161,000 2,168,482
Banco Actinver SA Institucion de Banca Multiple    
7.25%, due 1/31/41 (a) 396,203 412,095
Clearway Energy Operating LLC    
5.75%, due 1/15/34 (a) 3,010,000 3,020,973
Edison International (b)    
7.875% (5 Year Treasury Constant Maturity Rate + 3.658%), due 6/15/54 925,000 963,430
8.125% (5 Year Treasury Constant Maturity Rate + 3.864%), due 6/15/53 2,870,000 2,970,106
EnfraGen Energia Sur SA    
Series Reg S    
5.375%, due 12/30/30 (d) 980,000 914,158
5.375%, due 12/30/30 (a) 1,305,000 1,217,323
IPALCO Enterprises, Inc.    
5.75%, due 4/1/34 1,485,000 1,513,767
Kentucky Power Co.    
7.00%, due 11/15/33 (a) 1,630,000 1,772,605
Ohio Power Co.    
Series R    
2.90%, due 10/1/51 955,000 592,173
Pacific Gas and Electric Co.    
3.50%, due 8/1/50 1,855,000 1,254,899
PacifiCorp    
7.375% (5 Year Treasury Constant Maturity Rate + 3.319%), due 9/15/55 (b) 1,135,000 1,165,650
ReNew Treasury IFSC Pvt. Ltd.    
6.50%, due 2/2/31 (a) 814,000 815,059
Sempra    
4.125% (5 Year Treasury Constant Maturity Rate + 2.868%), due 4/1/52 (b) 2,150,000 2,130,064
Vistra Operations Co. LLC    
6.875%, due 4/15/32 (a) 1,550,000 1,628,647

  Principal
Amount
Value
Corporate Bonds    
Electric    
XPLR Infrastructure Operating Partners LP (a)    
7.25%, due 1/15/29 $       2,990,000 $     3,085,333
8.375%, due 1/15/31 (d)      1,140,000      1,197,478
Zorlu Enerji Elektrik Uretim A/S    
Series Reg S                            
11.00%, due 4/23/30      3,725,000     3,470,457
    36,252,344
Electrical Components & Equipment 0.2%   
Energizer Holdings, Inc.    
4.375%, due 3/31/29 (a) 2,940,000 2,823,817
Engineering & Construction 0.1%   
Artera Services LLC    
8.50%, due 2/15/31 (a)(d) 2,000,000 1,625,694
Great Lakes Dredge & Dock Corp.    
5.25%, due 6/1/29 (a) 700,000 688,526
    2,314,220
Food 0.5%   
Grupo Nutresa SA (a)    
8.00%, due 5/12/30 460,000 489,889
9.00%, due 5/12/35 1,150,000 1,282,825
JBS NV    
6.375%, due 2/25/55 3,435,000 3,545,667
Post Holdings, Inc. (a)    
4.50%, due 9/15/31 480,000 454,735
4.625%, due 4/15/30 1,054,000 1,029,243
Smithfield Foods, Inc.    
3.00%, due 10/15/30 (a) 1,520,000 1,397,326
    8,199,685
Forest Products & Paper 0.4%   
Eldorado International Finance GmbH    
8.50%, due 12/1/32 (a) 2,200,000 2,285,147
Suzano Austria GmbH    
Series DM3N    
3.125%, due 1/15/32 700,000 628,133
3.75%, due 1/15/31 3,165,000 2,986,148
    5,899,428
Gas 0.3%   
AmeriGas Partners LP    
9.375%, due 6/1/28 (a) 2,455,000 2,538,487
National Fuel Gas Co.    
2.95%, due 3/1/31 1,695,000 1,551,057
    4,089,544

  Principal
Amount
Value
Corporate Bonds    
Healthcare-Services 0.5%   
Global Medical Response, Inc.    
7.375%, due 10/1/32 (a) $       2,500,000 $     2,584,975
Molina Healthcare, Inc.    
6.50%, due 2/15/31 (a)      3,020,000      3,095,041
Prime Healthcare Services, Inc.    
9.375%, due 9/1/29 (a)      2,170,000      2,259,512
Rede D'or Finance SARL    
6.45%, due 9/9/35 (a)        400,000       409,210
    8,348,738
Housewares 0.2%   
Newell Brands, Inc.    
8.50%, due 6/1/28 (a) 3,170,000 3,323,571
Insurance 0.3%   
Athene Global Funding    
5.526%, due 7/11/31 (a) 1,360,000 1,395,989
Lincoln National Corp.    
6.471% (3 Month SOFR + 2.619%), due 5/17/66 (b) 3,537,000 3,073,360
    4,469,349
Internet 1.0%   
Cogent Communications Group LLC (a)    
6.50%, due 7/1/32 805,000 739,202
7.00%, due 6/15/27 3,200,000 3,186,240
Prosus NV    
Series Reg S    
4.027%, due 8/3/50 2,350,000 1,647,361
Series Reg S    
4.987%, due 1/19/52 3,795,000 3,044,451
Rakuten Group, Inc.    
9.75%, due 4/15/29 (a) 2,500,000 2,800,884
Wayfair LLC    
6.75%, due 11/15/32 (a) 4,980,000 5,147,189
    16,565,327
Investment Companies 0.3%   
GACI First Investment Co.    
Series Reg S    
5.25%, due 1/29/34 2,645,000 2,686,936
Series Reg S    
5.375%, due 1/29/54 3,256,000 2,950,657
    5,637,593
Iron & Steel 0.7%   
Eregli Demir ve Celik Fabrikalari TAS    
8.375%, due 7/23/29 (a) 2,110,000 2,232,203

  Principal
Amount
Value
Corporate Bonds    
Iron & Steel    
Metinvest BV    
Series Reg S                            
8.50%, due 4/23/26 $       2,700,000 $     2,510,002
Mineral Resources Ltd. (a)    
7.00%, due 4/1/31 (d)      1,105,000      1,161,306
9.25%, due 10/1/28      2,400,000      2,520,982
Samarco Mineracao SA    
Series Reg S                            
9.50% (9.00% PIK), due 6/30/31 (g) 2,664,584 2,662,811
Usiminas International SARL    
7.50%, due 1/27/32 (a) 296,000 307,064
    11,394,368
Leisure Time 0.3%   
Carnival Corp.    
5.75%, due 8/1/32 (a) 3,140,000 3,224,855
NCL Finance Ltd.    
6.125%, due 3/15/28 (a) 2,095,000 2,153,474
    5,378,329
Lodging 0.7%   
Fortune Star BVI Ltd.    
Series Reg S    
8.50%, due 5/19/28 1,600,000 1,651,628
Las Vegas Sands Corp.    
5.625%, due 6/15/28 2,735,000 2,800,129
Melco Resorts Finance Ltd.    
Series Reg S    
5.625%, due 7/17/27 1,300,000 1,300,259
6.50%, due 9/24/33 (a) 800,000 798,109
Sands China Ltd.    
3.25%, due 8/8/31 (c) 2,400,000 2,220,064
Studio City Finance Ltd.    
6.50%, due 1/15/28 (a) 2,170,000 2,170,628
Series Reg S    
6.50%, due 1/15/28 960,000 960,278
    11,901,095
Machinery—Construction & Mining 0.2%   
Terex Corp.    
6.25%, due 10/15/32 (a) 2,540,000 2,600,729
Media 0.5%   
CCO Holdings LLC    
6.375%, due 9/1/29 (a) 2,785,000 2,811,622
Charter Communications Operating LLC    
6.10%, due 6/1/29 1,470,000 1,535,825

  Principal
Amount
Value
Corporate Bonds    
Media    
Nexstar Media, Inc.    
4.75%, due 11/1/28 (a) $         730,000 $       725,592
Paramount Global    
4.95%, due 1/15/31      2,675,000     2,559,123
    7,632,162
Mining 1.0%   
Compass Minerals International, Inc.    
8.00%, due 7/1/30 (a)      1,230,000      1,304,582
Freeport Indonesia PT    
Series Reg S    
5.315%, due 4/14/32 2,950,000 3,003,831
Series Reg S    
6.20%, due 4/14/52 1,745,000 1,775,019
Navoi Mining & Metallurgical Combinat (a)    
6.70%, due 10/17/28 500,000 517,602
6.75%, due 5/14/30 400,000 421,146
Perenti Finance Pty. Ltd.    
7.50%, due 4/26/29 (a) 1,075,000 1,116,215
Vedanta Resources Finance II plc    
9.125%, due 10/15/32 (a) 535,000 560,431
10.875%, due 9/17/29 (a) 1,600,000 1,714,012
Series Reg S    
10.875%, due 9/17/29 1,390,000 1,489,048
WE Soda Investments Holding plc    
9.375%, due 2/14/31 (a) 2,210,000 2,285,176
Series Reg S    
9.375%, due 2/14/31 1,245,000 1,287,350
Series Reg S    
9.50%, due 10/6/28 500,000 515,466
    15,989,878
Miscellaneous—Manufacturing 0.1%   
Textron Financial Corp.    
5.848% (3 Month SOFR + 1.997%), due 2/15/42 (a)(b) 2,140,000 1,929,204
Oil & Gas 2.6%   
ADNOC Murban RSC Ltd.    
Series Reg S    
5.125%, due 9/11/54 2,715,000 2,524,337
Azule Energy Finance plc    
8.125%, due 1/23/30 (a) 647,000 654,614
Series Reg S    
8.125%, due 1/23/30 500,000 505,884
8.625%, due 1/22/33 (a) 1,073,000 1,072,138
California Resources Corp.    
8.25%, due 6/15/29 (a) 3,200,000 3,365,696

  Principal
Amount
Value
Corporate Bonds    
Oil & Gas    
Comstock Resources, Inc.    
6.75%, due 3/1/29 (a) $       3,845,000 $     3,869,516
Diamond Foreign Asset Co.    
8.50%, due 10/1/30 (a)      2,500,000      2,658,325
Energean Israel Finance Ltd.    
Series Reg S                            
5.375%, due 3/30/28 (a)      1,655,000      1,636,590
Hilcorp Energy I LP    
5.75%, due 2/1/29 (a) 3,680,000 3,680,883
KazMunayGas National Co. JSC    
Series Reg S    
5.375%, due 4/24/30 2,382,000 2,437,784
Kosmos Energy Ltd.    
Series Reg S    
7.50%, due 3/1/28 1,550,000 1,171,389
Series Reg S    
8.75%, due 10/1/31 3,080,000 1,943,974
Moss Creek Resources Holdings, Inc.    
8.25%, due 9/1/31 (a) 2,130,000 2,071,463
Raizen Fuels Finance SA    
Series Reg S    
5.70%, due 1/17/35 239,000 185,345
Series Reg S    
6.45%, due 3/5/34 635,000 520,700
Series Reg S    
6.70%, due 2/25/37 (d) 200,000 163,000
6.95%, due 3/5/54 (a) 2,515,000 1,918,191
Series Reg S    
6.95%, due 3/5/54 750,000 572,025
SEPLAT Energy plc    
9.125%, due 3/21/30 (a) 1,550,000 1,627,702
SM Energy Co.    
6.75%, due 8/1/29 (a) 2,100,000 2,123,904
Transocean International Ltd.    
8.75%, due 2/15/30 (a) 1,601,250 1,669,197
Tullow Oil plc    
Series Reg S    
10.25%, due 5/15/26 4,030,000 3,103,100
Valaris Ltd.    
8.375%, due 4/30/30 (a) 2,000,000 2,089,820
    41,565,577
Oil & Gas Services 0.1%   
Yinson Boronia Production BV    
Series Reg S    
8.947%, due 7/31/42 1,908,220 2,117,611

  Principal
Amount
Value
Corporate Bonds    
Packaging & Containers 0.4%   
Berry Global, Inc.    
4.875%, due 7/15/26 (a) $         577,000 $       577,324
Cascades, Inc.    
6.75%, due 7/15/30 (a)      3,000,000      3,105,810
Clydesdale Acquisition Holdings, Inc.    
6.75%, due 4/15/32 (a)      2,500,000     2,519,511
    6,202,645
Pharmaceuticals 0.1%   
Hikma Finance USA LLC    
Series Reg S    
5.125%, due 7/8/30 1,440,000 1,441,971
Pipelines 1.1%   
Cheniere Corpus Christi Holdings LLC    
2.742%, due 12/31/39 1,710,000 1,464,180
CNX Midstream Partners LP    
4.75%, due 4/15/30 (a) 2,570,000 2,496,902
DCP Midstream Operating LP    
3.25%, due 2/15/32 3,090,000 2,844,196
Delek Logistics Partners LP    
7.125%, due 6/1/28 (a) 1,110,000 1,117,333
Energy Transfer LP    
Series H    
6.50% (5 Year Treasury Constant Maturity Rate + 5.694%), due 11/15/26 (b)(e) 2,520,000 2,531,642
Flex Intermediate Holdco LLC    
3.363%, due 6/30/31 (a) 2,490,000 2,294,147
Greensaif Pipelines Bidco SARL    
Series Reg S    
6.103%, due 8/23/42 1,500,000 1,549,961
Plains All American Pipeline LP    
3.80%, due 9/15/30 1,040,000 1,012,840
Western Midstream Operating LP    
5.25%, due 2/1/50 (c) 1,800,000 1,545,770
    16,856,971
Real Estate 0.8%   
Alpha Star Holding VII Ltd.    
Series Reg S    
7.75%, due 4/27/26 1,300,000 1,305,259
Dar Al-Arkan Sukuk Co. Ltd.    
Series Reg S    
6.875%, due 2/26/27 1,450,000 1,462,074
InRetail Shopping Malls    
5.65%, due 10/16/32 (a) 3,100,000 3,090,080
MAF Global Securities Ltd.    
Series Reg S    
7.875% (5 Year Treasury Constant Maturity Rate + 4.893%), due 6/30/27 (b)(e) 3,200,000 3,298,246

  Principal
Amount
Value
Corporate Bonds    
Real Estate    
Omniyat Sukuk 1 Ltd.    
Series Reg S                            
8.375%, due 5/6/28 $       3,000,000 $     3,086,799
    12,242,458
Real Estate Investment Trusts 0.7%   
MPT Operating Partnership LP    
8.50%, due 2/15/32 (a)      1,600,000      1,714,171
Park Intermediate Holdings LLC    
5.875%, due 10/1/28 (a) 2,565,000 2,565,026
Starwood Property Trust, Inc. (a)    
3.625%, due 7/15/26 3,172,000 3,151,066
6.00%, due 4/15/30 1,625,000 1,670,271
Trust 2401    
7.70%, due 1/23/32 (a) 1,731,000 1,900,378
Trust Fibra Uno    
8.25%, due 1/23/37 (a) 180,000 204,190
    11,205,102
Retail 1.4%   
Arcos Dorados BV    
6.375%, due 1/29/32 (a) 2,290,000 2,401,065
AutoNation, Inc.    
4.75%, due 6/1/30 1,116,000 1,125,767
Bath & Body Works, Inc.    
6.625%, due 10/1/30 (a) 2,485,000 2,544,898
El Puerto de Liverpool SAB de CV    
6.658%, due 1/22/37 (a) 681,000 731,354
Series Reg S    
6.658%, due 1/22/37 300,000 322,182
Macy's Retail Holdings LLC (a)    
6.125%, due 3/15/32 90,000 90,967
7.375%, due 8/1/33 (d) 3,400,000 3,590,305
PetSmart LLC    
7.50%, due 9/15/32 (a) 3,750,000 3,845,479
Sally Holdings LLC    
6.75%, due 3/1/32 (d) 765,000 792,926
Staples, Inc.    
10.75%, due 9/1/29 (a) 1,480,000 1,454,296
Victoria's Secret & Co.    
4.625%, due 7/15/29 (a)(d) 3,070,000 3,001,976
Victra Holdings LLC    
8.75%, due 9/15/29 (a) 2,135,000 2,247,517
    22,148,732
Semiconductors 0.2%   
Kioxia Holdings Corp.    
6.25%, due 7/24/30 (a) 2,720,000 2,809,929

  Principal
Amount
Value
Corporate Bonds    
Software 0.2%   
Cloud Software Group, Inc. (a)    
6.50%, due 3/31/29 $       1,720,000 $     1,709,280
8.25%, due 6/30/32      2,135,000     2,171,472
    3,880,752
Telecommunications 1.2%   
AT&T, Inc.    
3.50%, due 9/15/53      1,485,000        991,904
Axian Telecom Holding & Management plc    
7.25%, due 7/11/30 (a) 1,860,000 1,886,790
Iliad Holding SAS    
8.50%, due 4/15/31 (a) 2,135,000 2,286,201
Silk Road Group Holding LLC    
Series Reg S    
7.50%, due 9/15/30 1,100,000 1,123,650
Total Play Telecomunicaciones SA de CV    
Series Reg S    
10.50%, due 12/31/28 1,150,000 1,132,951
Series Reg S    
11.125%, due 12/31/32 1,450,000 1,392,000
Uniti Services LLC    
7.50%, due 10/15/33 (a) 1,390,000 1,435,110
Veon Midco BV    
Series Reg S    
3.375%, due 11/25/27 2,560,000 2,444,690
Windstream Services LLC    
8.25%, due 10/1/31 (a) 2,705,000 2,833,555
WULF Compute LLC    
7.75%, due 10/15/30 (a) 3,730,000 3,890,465
    19,417,316
Transportation 0.2%   
Danaos Corp.    
6.875%, due 10/15/32 (a) 1,720,000 1,776,488
Yinson Bergenia Production BV    
8.498%, due 1/31/45 (a) 1,950,000 2,119,833
    3,896,321
Water 0.1%   
Aegea Finance SARL (a)    
7.625%, due 1/20/36 1,120,000 1,093,030
9.00%, due 1/20/31 345,000 366,654
    1,459,684
Total Corporate Bonds
(Cost $452,513,962)
  454,166,782

  Principal
Amount
Value
Foreign Government Bonds 5.6%
Angola 0.2% 
Angola Government Bond    
8.75%, due 4/14/32 (a) $       3,075,000 $     3,007,908
Argentina 0.6% 
Argentina Government Bond    
1.00%, due 7/9/29      2,751,000      2,420,880
3.50%, due 7/9/41 (c)      2,268,000      1,639,764
4.125%, due 7/9/35 (c)      2,750,030      2,127,148
Provincia de Cordoba    
8.60%, due 2/3/35 (a) 1,430,000 1,401,648
YPF SA    
8.25%, due 1/17/34 (a) 1,700,000 1,730,692
    9,320,132
Bahamas 0.2% 
Bahamas Government Bond    
8.25%, due 6/24/36 (a) 1,250,000 1,394,137
Series Reg S    
8.25%, due 6/24/36 1,825,000 2,035,441
    3,429,578
Chile 0.3% 
Corp. Nacional del Cobre de Chile    
6.33%, due 1/13/35 (a) 1,600,000 1,698,304
6.44%, due 1/26/36 (a) 1,875,000 2,018,093
Series Reg S    
6.44%, due 1/26/36 520,000 559,684
Empresa Nacional del Petroleo    
3.45%, due 9/16/31 (a) 1,049,000 966,683
    5,242,764
Colombia 0.4% 
Colombia Government Bond    
7.75%, due 11/7/36 2,725,000 2,846,808
Ecopetrol SA    
5.875%, due 5/28/45 (d) 3,530,000 2,667,591
6.875%, due 4/29/30 275,000 278,004
8.375%, due 1/19/36 910,000 941,506
    6,733,909
Cote D'Ivoire 0.2% 
Ivory Coast Government Bond    
Series Reg S    
8.25%, due 1/30/37 2,140,000 2,308,939

  Principal
Amount
Value
Foreign Government Bonds
Dominican Republic 0.2% 
Dominican Republic Government Bond    
Series Reg S                            
4.875%, due 9/23/32 $         610,000 $       583,300
4.875%, due 9/23/32 (a)      2,160,000     2,065,457
    2,648,757
Ecuador 0.2% 
Ecuador Government Bond    
Series Reg S                            
6.90%, due 7/31/35 (c) 2,442,000 2,224,662
8.75%, due 1/29/34 (a) 1,210,000 1,222,100
    3,446,762
El Salvador 0.1% 
El Salvador Government Bond    
Series Reg S    
8.25%, due 4/10/32 (d) 1,500,000 1,612,080
Israel 0.1% 
Israel Government Bond    
5.75%, due 3/12/54 2,313,000 2,218,063
Kenya 0.1% 
Kenya Government Bond    
8.80%, due 10/9/38 (a) 2,220,000 2,245,277
Mexico 0.5% 
Mexico Government Bond    
6.338%, due 5/4/53 3,400,000 3,220,820
Petroleos Mexicanos    
7.69%, due 1/23/50 600,000 539,772
8.75%, due 6/2/29 675,000 724,752
10.00%, due 2/7/33 2,935,000 3,421,550
    7,906,894
Morocco 0.3% 
OCP SA    
Series Reg S    
6.75%, due 5/2/34 1,500,000 1,605,213
Series Reg S    
6.875%, due 4/25/44 3,365,000 3,474,362
    5,079,575

  Principal
Amount
Value
Foreign Government Bonds
Paraguay 0.1% 
Paraguay Government Bond    
Series Reg S                            
6.10%, due 8/11/44 $         450,000 $       458,384
6.10%, due 8/11/44 (a)      1,150,000     1,171,424
    1,629,808
Poland 0.1% 
Poland Government Bond    
5.125%, due 9/18/34      2,240,000     2,272,062
Romania 0.1% 
Romanian Government Bond    
Series Reg S    
3.00%, due 2/14/31 2,020,000 1,840,824
Saudi Arabia 0.4% 
KSA Sukuk Ltd.    
Series Reg S    
5.25%, due 6/4/34 (d) 2,985,000 3,060,327
Saudi Arabian Oil Co.    
Series Reg S    
5.75%, due 7/17/54 2,200,000 2,087,481
Saudi Government Bond    
Series Reg S    
4.875%, due 7/18/33 340,000 341,662
    5,489,470
Supranational 0.9% 
Africa Finance Corp.    
Series Reg S    
5.55%, due 10/8/29 (d) 1,600,000 1,637,681
7.50% (5 Year Treasury Constant Maturity Rate + 3.015%), due 1/21/30 (a)(b)(e) 1,820,000 1,856,778
Series Reg S    
7.50% (5 Year Treasury Constant Maturity Rate + 3.015%), due 1/21/30 (b)(e) 550,000 561,114
African Development Bank    
(zero coupon), due 4/5/46 ZAR 163,500,000 1,872,398
African Export-Import Bank (The)    
Series Reg S    
3.994%, due 9/21/29 $ 3,350,000 3,110,513
Banque Ouest Africaine de Developpement    
Series Reg S    
4.70%, due 10/22/31 2,100,000 1,951,094
European Bank for Reconstruction & Development    
(zero coupon), due 2/2/32 BRL 6,250,000 611,240
(zero coupon), due 7/11/36 TRY 1,350,000,000 2,375,457

  Principal
Amount
Value
Foreign Government Bonds
Supranational  
International Finance Corp.    
11.75%, due 7/18/30 BRL      3,600,000 $       685,064
    14,661,339
Ukraine 0.2% 
Ukraine Government Bond (c)    
4.50%, due 2/1/29 (a) $       735,525        570,828
Series Reg S                            
4.50%, due 2/1/29      2,798,325     2,171,731
    2,742,559
United Arab Emirates 0.2% 
Abu Dhabi Government Bond    
Series Reg S    
5.00%, due 4/30/34 2,515,000 2,625,067
Uzbekistan 0.2% 
Uzbekistan Government Bond    
Series Reg S    
7.85%, due 10/12/28 1,915,000 2,049,873
Uzbekneftegaz JSC    
8.75%, due 5/7/30 (a) 1,500,000 1,622,297
    3,672,170
Total Foreign Government Bonds
(Cost $86,509,149)
  90,133,937
Loan Assignments 1.9%
Automobile 0.1% 
Wand NewCo 3, Inc.  
First Lien Initial Term Loan
6.172% (1 Month SOFR + 2.50%), due 1/30/31 (b) 1,658,760 1,655,995
Cargo Transport 0.2% 
Genesee & Wyoming, Inc.  
First Lien Initial Term Loan
5.422% (3 Month SOFR + 1.75%), due 4/10/31 (b) 2,416,962 2,413,117
Chemicals, Plastics & Rubber 0.3% 
INEOS US Petrochem LLC  
First Lien New Term Loan B1
8.022% (1 Month SOFR + 4.25%), due 4/2/29 (b) 2,719,580 1,890,108
Magnera Corp.  
First Lien Term Loan
8.072% (3 Month SOFR + 4.25%), due 11/4/31 (b) 3,413,445 3,382,154
    5,272,262

  Principal
Amount
Value
Loan Assignments
Diversified/Conglomerate Service 0.0%  ‡
TruGreen LP  
First Lien Term Loan B
7.667% (3 Month SOFR + 4.00%), due 11/2/27 (b) $         742,623 $       724,522
Finance 0.4% 
Arches Buyer, Inc.  
First Lien New Term Loan
7.022% (1 Month SOFR + 3.25%), due 12/6/27 (b)      2,479,139      2,466,744
Champ Acquisition Corp.  
First Lien Initial Term Loan
6.966% (1 Month SOFR + 3.25%), due 11/7/31 (b) 1,974,684 1,967,278
Fortress Intermediate 3, Inc.  
First Lien Term Loan B
6.675% (1 Month SOFR + 3.00%), due 6/27/31 (b) 1,841,088 1,785,855
    6,219,877
High Tech Industries 0.1% 
Ahead DB Holdings LLC  
First Lien Term Loan B3
6.172% (3 Month SOFR + 2.50%), due 2/3/31 (b) 1,541,623 1,514,644
Media 0.3% 
DIRECTV Financing LLC (b)  
First Lien Closing Date Term Loan
8.928% (3 Month SOFR + 5.00%), due 8/2/27 350,811 350,701
First Lien 2024 Refinancing Term Loan B
9.178% (3 Month SOFR + 5.25%), due 8/2/29 1,869,780 1,869,112
Virgin Media Bristol LLC  
First Lien Facility Advance Term Loan Q
7.045% (1 Month SOFR + 3.25%), due 1/31/29 (b) 2,900,000 2,886,225
    5,106,038
Personal Transportation 0.1% 
First Student Bidco, Inc. (b)  
First Lien Term Loan C
6.172% (3 Month SOFR + 2.50%), due 8/15/30 398,937 398,189
First Lien Term Loan B
6.172% (3 Month SOFR + 2.50%), due 8/15/30 1,301,063 1,298,275
    1,696,464
Services: Business 0.2% 
Beach Acquisition Bidco LLC  
First Lien Tranche Term Loan B1
6.922% (3 Month SOFR + 3.25%), due 9/13/32 (b) 1,100,000 1,102,750
Staples, Inc.  
First Lien Closing Date Term Loan
9.604% (3 Month SOFR + 5.75%), due 8/23/29 (b) 2,124,244 2,023,874
    3,126,624

  Principal
Amount
Value
Loan Assignments
Software 0.2% 
OPAL US LLC  
First Lien Facility Term Loan B4
6.686% (3 Month SOFR + 3.00%), due 4/28/32 (b) $       2,493,750 $     2,494,920
Total Loan Assignments
(Cost $30,966,295)
  30,224,463
Mortgage-Backed Securities 26.8%
Agency (Collateralized Mortgage Obligations) 3.9% 
FHLMC  
REMIC, Series 5021, Class SA                            
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(h) 2,771,824 56,470
REMIC, Series 5200, Class SA    
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(h) 2,105,761 46,293
REMIC, Series 5351, Class EO    
(zero coupon), due 10/25/53 2,033,699 1,699,967
REMIC, Series 5357, Class OE    
(zero coupon), due 11/25/53 679,822 560,918
REMIC, Series 5363    
(zero coupon), due 12/25/53 796,920 683,980
REMIC, Series 4839, Class WO    
(zero coupon), due 8/15/56 891,054 567,988
REMIC, Series 5514, Class SA    
1.403% (SOFR 30A + 5.10%), due 3/25/55 (b)(h) 6,143,988 185,166
REMIC, Series 5471, Class SK    
1.653% (SOFR 30A + 5.35%), due 8/25/54 (b)(h) 4,530,682 163,177
REMIC, Series 5472, Class SB    
1.653% (SOFR 30A + 5.35%), due 11/25/54 (b)(h) 14,786,907 568,681
REMIC, Series 5531, Class SD    
2.203% (SOFR 30A + 5.90%), due 4/25/55 (b)(h) 7,839,116 490,740
REMIC, Series 4993, Class KS    
2.238% (SOFR 30A + 5.936%), due 7/25/50 (b)(h) 4,085,658 546,432
REMIC, Series 5031, Class IQ    
2.50%, due 10/25/50 (h) 1,356,054 212,460
REMIC, Series 5038, Class IB    
2.50%, due 10/25/50 (h) 862,102 133,735
REMIC, Series 5205, Class KI    
3.00%, due 12/25/48 (h) 1,252,694 127,661
REMIC, Series 5152, Class BI    
3.00%, due 7/25/50 (h) 2,946,525 509,879
REMIC, Series 5023, Class LI    
3.00%, due 10/25/50 (h) 1,031,415 165,203
REMIC, Series 5094, Class IP    
3.00%, due 4/25/51 (h) 1,434,981 231,259
REMIC, Series 5155, Class KI    
3.00%, due 10/25/51 (h) 3,551,088 519,110
REMIC, Series 5160    
3.00%, due 10/25/51 (h) 1,687,843 186,066

  Principal
Amount
Value
Mortgage-Backed Securities
Agency (Collateralized Mortgage Obligations)  
FHLMC  
REMIC, Series 5167, Class GI                            
3.00%, due 11/25/51 (h) $       3,393,899 $       562,508
REMIC, Series 5547, Class ES                            
3.303% (SOFR 30A + 7.00%), due 6/25/55 (b)(h)      3,343,388        227,758
REMIC, Series 5191                            
3.50%, due 9/25/50 (h)      1,807,524        323,370
REMIC, Series 5036                            
3.50%, due 11/25/50 (h) 2,216,722 483,154
REMIC, Series 5040    
3.50%, due 11/25/50 (h) 1,099,299 200,894
FHLMC MSCR Trust  
REMIC, Series 2025-MN12, Class B1    
8.197% (SOFR 30A + 4.50%), due 11/25/45 (a)(b) 3,380,000 3,436,780
FHLMC, Strips (h)  
Series 311, Class S1    
2.128% (SOFR 30A + 5.836%), due 8/15/43 (b) 3,625,830 374,660
Series 397, Class C61    
5.50%, due 1/25/53 2,488,868 429,131
FNMA  
REMIC, Series 2018-17, Class CS    
(zero coupon) (SOFR 30A + 3.336%), due 3/25/48 (b)(h) 36,364,524 391,417
REMIC, Series 2023-70, Class AO    
(zero coupon), due 3/25/53 964,071 821,085
REMIC, Series 2023-45    
(zero coupon), due 10/25/53 1,089,411 861,587
REMIC, Series 2025-44, Class SD    
1.403% (SOFR 30A + 5.10%), due 6/25/55 (b)(h) 10,282,417 390,243
REMIC, Series 2024-82, Class DS    
1.453% (SOFR 30A + 5.15%), due 11/25/54 (b)(h) 7,740,989 244,626
REMIC, Series 2022-10, Class SA    
2.053% (SOFR 30A + 5.75%), due 2/25/52 (b)(h) 1,978,763 225,421
REMIC, Series 2025-103, Class SA    
2.133% (SOFR 30A + 5.83%), due 6/25/55 (b)(h) 6,876,722 428,486
REMIC, Series 2024-48, Class SB    
2.203% (SOFR 30A + 5.90%), due 7/25/54 (b)(h) 10,084,009 556,362
REMIC, Series 2016-57, Class SN    
2.238% (SOFR 30A + 5.936%), due 6/25/46 (b)(h) 1,646,755 178,509
REMIC, Series 2019-32, Class SB    
2.238% (SOFR 30A + 5.936%), due 6/25/49 (b)(h) 1,246,712 135,178
REMIC, Series 2020-23, Class PS    
2.238% (SOFR 30A + 5.936%), due 2/25/50 (b)(h) 2,158,430 258,257
REMIC, Series 2016-19, Class SD    
2.288% (SOFR 30A + 5.986%), due 4/25/46 (b)(h) 3,136,009 292,627
REMIC, Series 2021-3, Class TI    
2.50%, due 2/25/51 (h) 3,583,214 609,918
REMIC, Series 2021-12, Class JI    
2.50%, due 3/25/51 (h) 1,623,414 254,885

  Principal
Amount
Value
Mortgage-Backed Securities
Agency (Collateralized Mortgage Obligations)  
FNMA  
REMIC, Series 2021-34, Class MI                            
2.50%, due 3/25/51 (h) $       4,259,128 $       563,299
REMIC, Series 2021-54, Class HI                            
2.50%, due 6/25/51 (h)        583,862         68,522
REMIC, Series 2021-85, Class BI                            
3.00%, due 12/25/51 (h)      3,747,361        666,938
REMIC, Series 2025-18, Class SM                            
3.403% (SOFR 30A + 7.10%), due 9/25/54 (b)(h) 2,810,198 196,013
REMIC, Series 2021-8, Class ID    
3.50%, due 3/25/51 (h) 4,430,662 947,439
FNMA, Strips (h)  
Series 426, Class C32    
1.50%, due 2/25/52 6,039,820 573,777
Series 440, Class C46    
4.00%, due 10/25/53 5,803,545 1,228,623
Series 438, Class C34    
6.00%, due 8/25/53 3,160,711 699,446
Series 2024-81    
6.00%, due 7/25/54 3,349,276 601,423
GNMA  
REMIC, Series 2020-1, Class YS    
(zero coupon) (1 Month SOFR + 2.716%), due 1/20/50 (b)(h) 3,119,060 13,113
REMIC, Series 2020-129, Class SB    
(zero coupon) (1 Month SOFR + 3.086%), due 9/20/50 (b)(h) 4,000,036 29,948
REMIC, Series 2021-16, Class AS    
(zero coupon) (1 Month SOFR + 2.636%), due 1/20/51 (b)(h) 6,393,377 20,166
REMIC, Series 2021-29, Class AS    
(zero coupon) (SOFR 30A + 2.70%), due 2/20/51 (b)(h) 6,089,168 21,941
REMIC, Series 2021-205, Class DS    
(zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (b)(h) 7,570,576 76,554
REMIC, Series 2021-226, Class SA    
(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (b)(h) 5,198,160 4,484
REMIC, Series 2022-87, Class SA    
(zero coupon) (SOFR 30A + 3.30%), due 5/20/52 (b)(h) 6,431,331 61,763
REMIC, Series 2022-101, Class SB    
(zero coupon) (SOFR 30A + 3.30%), due 6/20/52 (b)(h) 3,220,966 31,792
REMIC, Series 2022-107, Class SA    
(zero coupon) (SOFR 30A + 3.47%), due 6/20/52 (b)(h) 16,232,530 169,550
REMIC, Series 2023-66, Class OQ    
(zero coupon), due 7/20/52 1,725,238 1,394,626
REMIC, Series 2023-53    
(zero coupon), due 4/20/53 527,229 432,730
REMIC, Series 2023-101, Class EO    
(zero coupon), due 7/20/53 672,815 567,689
REMIC, Series 2021-158, Class SB    
0.038% (SOFR 30A + 3.70%), due 9/20/51 (b)(h) 4,016,181 107,552

  Principal
Amount
Value
Mortgage-Backed Securities
Agency (Collateralized Mortgage Obligations)  
GNMA  
REMIC, Series 2022-78, Class S                            
0.038% (SOFR 30A + 3.70%), due 4/20/52 (b)(h) $       3,368,413 $        62,300
REMIC, Series 2022-121, Class SG                            
0.267% (SOFR 30A + 3.97%), due 7/20/52 (b)(h)      6,658,444        106,943
REMIC, Series 2024-51, Class SX                            
1.497% (SOFR 30A + 5.20%), due 3/20/54 (b)(h)     15,426,147        606,595
REMIC, Series 2023-80, Class SA                            
1.547% (SOFR 30A + 5.25%), due 6/20/53 (b)(h) 5,893,606 261,643
REMIC, Series 2020-166, Class IC    
2.00%, due 11/20/50 (h) 1,197,692 147,683
REMIC, Series 2020-188    
2.00%, due 12/20/50 (h) 2,625,060 301,724
REMIC, Series 2021-30, Class HI    
2.00%, due 2/20/51 (h) 5,066,401 562,704
REMIC, Series 2021-205, Class GA    
2.00%, due 11/20/51 372,338 308,338
REMIC, Series 2020-34, Class SC    
2.26% (1 Month SOFR + 5.936%), due 3/20/50 (b)(h) 1,690,750 212,033
REMIC, Series 2020-96, Class CS    
2.31% (1 Month SOFR + 5.986%), due 8/20/49 (b)(h) 7,322,015 891,056
REMIC, Series 2025-131, Class S    
2.347% (SOFR 30A + 6.05%), due 8/20/55 (b)(h) 5,255,920 409,256
REMIC, Series 2021-56, Class FE    
2.50% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) 3,501,653 517,757
REMIC, Series 2021-1, Class PI    
2.50%, due 12/20/50 (h) 977,447 149,490
REMIC, Series 2021-137, Class HI    
2.50%, due 8/20/51 (h) 2,503,995 354,202
REMIC, Series 2021-188    
2.50%, due 10/20/51 (h) 4,398,108 723,597
REMIC, Series 2020-146, Class SA    
2.51% (1 Month SOFR + 6.186%), due 10/20/50 (b)(h) 2,112,634 285,406
REMIC, Series 2020-167, Class SN    
2.51% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) 1,159,292 158,903
REMIC, Series 2021-179, Class SA    
2.51% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) 3,350,291 469,575
REMIC, Series 2020-189, Class NS    
2.51% (1 Month SOFR + 6.186%), due 12/20/50 (b)(h) 3,727,982 527,905
REMIC, Series 2020-189, Class SU    
2.51% (1 Month SOFR + 6.186%), due 12/20/50 (b)(h) 1,190,246 168,766
REMIC, Series 2021-46, Class TS    
2.51% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) 1,632,033 214,083
REMIC, Series 2021-57, Class SA    
2.51% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) 5,456,886 718,656
REMIC, Series 2021-57, Class SD    
2.51% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) 11,023,132 1,470,833

  Principal
Amount
Value
Mortgage-Backed Securities
Agency (Collateralized Mortgage Obligations)  
GNMA  
REMIC, Series 2021-96, Class NS                            
2.51% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) $       4,762,778 $       616,416
REMIC, Series 2021-96, Class SN                            
2.51% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h)      2,912,975        367,711
REMIC, Series 2021-122, Class HS                            
2.51% (1 Month SOFR + 6.186%), due 7/20/51 (b)(h)      3,337,331        454,915
REMIC, Series 2021-135, Class GS                            
2.51% (1 Month SOFR + 6.186%), due 8/20/51 (b)(h) 5,666,017 751,621
REMIC, Series 2021-96, Class JS    
2.56% (1 Month SOFR + 6.236%), due 6/20/51 (b)(h) 2,743,555 382,744
REMIC, Series 2023-86, Class SE    
2.947% (SOFR 30A + 6.65%), due 9/20/50 (b)(h) 2,116,678 318,200
REMIC, Series 2021-1, Class IT    
3.00%, due 1/20/51 (h) 3,404,148 590,636
REMIC, Series 2021-67, Class PI    
3.00%, due 4/20/51 (h) 2,069,327 351,696
REMIC, Series 2021-74, Class HI    
3.00%, due 4/20/51 (h) 427,941 64,102
REMIC, Series 2021-98, Class IN    
3.00%, due 6/20/51 (h) 1,419,929 257,864
REMIC, Series 2024-48, Class JI    
3.00%, due 7/20/51 (h) 4,115,903 693,787
REMIC, Series 2022-207    
3.00%, due 8/20/51 (h) 2,506,089 421,010
REMIC, Series 2021-177, Class IM    
3.00%, due 10/20/51 (h) 2,548,913 433,493
REMIC, Series 2021-146, Class IN    
3.50%, due 8/20/51 (h) 4,298,195 749,433
REMIC, Series 2023-60, Class ES    
3.794% (SOFR 30A + 11.20%), due 4/20/53 (b) 1,136,142 1,054,101
REMIC, Series 2016-93, Class AI    
4.50%, due 7/20/44 (h) 2,881,629 671,191
REMIC, Series 2023-66, Class MP    
4.894% (SOFR 30A + 12.30%), due 5/20/53 (b) 1,552,095 1,476,333
Multifamily Connecticut Avenue Securities Trust (a)(b)  
Series 2025-01, Class M2    
6.797% (SOFR 30A + 3.10%), due 5/25/55 1,620,000 1,616,320
Series 2024-01, Class M10    
7.547% (SOFR 30A + 3.85%), due 7/25/54 660,000 678,220
Series 2025-01, Class B1    
8.897% (SOFR 30A + 5.20%), due 5/25/55 5,305,000 5,514,325
Series 2019-01, Class B10    
9.312% (SOFR 30A + 5.614%), due 10/25/49 3,400,000 3,466,854
Series 2020-01, Class CE    
11.312% (SOFR 30A + 7.614%), due 3/25/50 2,090,000 2,161,109

  Principal
Amount
Value
Mortgage-Backed Securities
Agency (Collateralized Mortgage Obligations)  
Multifamily Connecticut Avenue Securities Trust (a)(b)  
Series 2019-01, Class CE                            
12.562% (SOFR 30A + 8.864%), due 10/25/49 $       1,500,000 $     1,533,178
    62,074,136
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 12.1% 
Alen Mortgage Trust  
Series 2021-ACEN, Class A                            
4.945% (1 Month SOFR + 1.264%), due 4/15/34 (a)(b)      3,210,000      3,083,241
BAMLL Commercial Mortgage Securities Trust (a)  
Series 2016-ISQ, Class A    
2.848%, due 8/14/34 4,090,000 3,399,813
Series 2014-520M, Class A    
4.185%, due 8/15/46 (i) 3,120,000 2,862,173
BANK  
Series 2020-BN25, Class D    
2.50%, due 1/15/63 (a) 3,420,000 2,693,152
Series 2017-BNK8, Class D    
2.60%, due 11/15/50 (a) 1,100,000 578,545
Series 2017-BNK6, Class D    
3.10%, due 7/15/60 (a) 2,695,000 2,334,427
Series 2017-BNK8, Class B    
3.945%, due 11/15/50 (i) 1,500,000 1,385,732
Series 2017-BNK4, Class C    
4.372%, due 5/15/50 (j) 2,045,000 1,815,283
Bank of America Merrill Lynch Commercial Mortgage Trust  
Series 2016-UB10, Class D    
3.00%, due 7/15/49 (a) 2,880,000 2,506,588
Benchmark Mortgage Trust  
Series 2018-B6, Class D    
3.086%, due 10/10/51 (a)(i) 1,370,000 1,033,777
Series 2020-B17, Class C    
3.371%, due 3/15/53 (j) 1,910,000 1,448,235
Series 2019-B14, Class C    
3.778%, due 12/15/62 (i) 2,880,000 2,039,467
BF Mortgage Trust  
Series 2019-NYT, Class F    
6.978% (1 Month SOFR + 3.297%), due 12/15/35 (a)(b) 3,438,000 3,068,550
BX Commercial Mortgage Trust (a)  
Series 2019-IMC, Class F    
6.626% (1 Month SOFR + 2.946%), due 4/15/34 (b) 3,800,000 3,730,886
Series 2024-VLT5, Class E    
8.134%, due 11/13/46 (i) 4,480,000 4,812,442
Series 2024-BRBK, Class D    
9.648% (1 Month SOFR + 5.971%), due 10/15/41 (b) 1,840,000 1,846,900
BX Trust (a)  
Series 2025-VLT7, Class A    
5.38% (1 Month SOFR + 1.70%), due 7/15/44 (b) 2,735,000 2,743,543

  Principal
Amount
Value
Mortgage-Backed Securities
Commercial Mortgage Loans (Collateralized Mortgage Obligations)  
BX Trust (a)  
Series 2025-ARIA, Class C                            
5.517%, due 12/13/42 (i) $       4,070,000 $     4,134,744
Series 2025-VOLT, Class B                            
5.78% (1 Month SOFR + 2.10%), due 12/15/44 (b)      3,335,000      3,351,675
Series 2025-VLT7, Class E                            
7.43% (1 Month SOFR + 3.75%), due 7/15/44 (b)      1,600,000      1,599,999
CAMB Commercial Mortgage Trust  
Series 2021-CX2, Class D    
2.771%, due 11/10/46 (a)(i) 2,000,000 1,571,740
Cantor Commercial Real Estate Lending  
Series 2019-CF3, Class C    
3.597%, due 1/15/53 (i) 2,170,000 1,796,001
CD Mortgage Trust  
Series 2017-CD4, Class D    
3.30%, due 5/10/50 (a) 2,765,000 2,429,567
CFCRE Commercial Mortgage Trust (a)(i)  
Series 2016-C3, Class D    
3.052%, due 1/10/48 2,205,000 2,138,850
Series 2016-C4, Class D    
4.765%, due 5/10/58 1,940,000 1,890,653
Citigroup Commercial Mortgage Trust  
Series 2018-B2, Class D    
3.145%, due 3/10/51 (a)(i) 2,735,000 2,082,579
Series 2015-GC35, Class AS    
4.072%, due 11/10/48 (j) 1,165,000 1,103,260
Commercial Mortgage Trust  
Series 2020-CX, Class D    
2.683%, due 11/10/46 (a)(i) 2,805,000 2,240,067
Series 2014-CR20, Class D    
3.222%, due 11/10/47 (a) 2,070,000 1,524,017
Series 2015-CR22, Class C    
3.699%, due 3/10/48 (i) 973,000 904,890
Series 2013-CR6, Class D    
3.871%, due 3/10/46 (a)(i) 2,110,000 1,963,042
Series 2016-DC2, Class D    
3.882%, due 2/10/49 (a)(i) 4,160,000 3,788,767
Series 2018-HCLV, Class A    
4.976% (1 Month SOFR + 1.296%), due 9/15/33 (a)(b) 3,860,000 3,562,695
CSMC OA LLC  
Series 2014-USA, Class A2    
3.953%, due 9/15/37 (a) 2,740,000 2,521,061
DBUBS Mortgage Trust  
Series 2011-LC3A, Class PM2    
5.268%, due 5/10/44 (a)(i) 3,105,000 1,991,174
DLIC Re-REMIC Trust  
Series 2025-FRR1, Class C104    
1.635%, due 12/27/52 (a)(j) 3,705,000 3,130,018

  Principal
Amount
Value
Mortgage-Backed Securities
Commercial Mortgage Loans (Collateralized Mortgage Obligations)  
Durst Commercial Mortgage Trust  
Series 2025-151, Class D                            
7.018%, due 8/10/42 (a)(i) $       2,795,000 $     2,878,759
Extended Stay America Trust  
Series 2026-ESH2, Class D                            
5.91% (1 Month SOFR + 2.25%), due 2/15/43 (a)(b)(k)      3,250,000      3,272,344
FHLMC MSCR Trust (a)(b)  
Series 2021-MN3, Class M1                            
5.997% (SOFR 30A + 2.30%), due 11/25/51 613,300 613,883
REMIC, Series 2025-MN11, Class M2    
6.347% (SOFR 30A + 2.65%), due 7/25/45 3,430,000 3,383,324
Series 2025-MN10, Class M2    
6.547% (SOFR 30A + 2.85%), due 2/25/45 2,940,000 2,970,890
Series 2024-MN9, Class M2    
6.947% (SOFR 30A + 3.25%), due 10/25/44 4,435,000 4,504,206
Series 2024-MN8, Class M2    
7.947% (SOFR 30A + 4.25%), due 5/25/44 2,375,000 2,474,248
Series 2025-MN10, Class B1    
8.647% (SOFR 30A + 4.95%), due 2/25/45 4,515,000 4,571,395
REMIC, Series 2024-MN9, Class B1    
9.697% (SOFR 30A + 6.00%), due 10/25/44 3,525,000 3,719,085
GNMA (h)  
REMIC, Series 2025-112    
0.566%, due 3/16/66 (i) 14,503,799 744,193
REMIC, Series 2023-194, Class CI    
0.818%, due 10/16/65 (i) 6,707,995 412,653
REMIC, Series 2020-177    
0.822%, due 6/16/62 (i) 5,134,724 301,371
REMIC, Series 2023-159, Class CI    
0.955%, due 7/16/65 (j) 9,076,742 634,763
REMIC, Series 2020-168, Class IA    
0.974%, due 12/16/62 (i) 4,531,791 322,098
REMIC, Series 2021-47    
0.992%, due 3/16/61 (i) 10,153,093 671,056
REMIC, Series 2022-185, Class DI    
1.022%, due 10/16/65 (i) 4,702,726 321,238
REMIC, Series 2023-172    
1.331%, due 2/16/66 (i) 6,123,989 557,328
GS Mortgage Securities Corp. Trust (a)  
Series 2017-GPTX, Class A    
2.856%, due 5/10/34 3,491,745 3,090,143
Series 2012-BWTR, Class A    
2.954%, due 11/5/34 2,972,263 2,642,349
GS Mortgage Securities Trust  
Series 2018-GS10, Class D    
3.00%, due 7/10/51 (a) 3,600,000 2,907,932
Series 2015-GC30, Class D    
3.384%, due 5/10/50 6,924,500 3,860,409

  Principal
Amount
Value
Mortgage-Backed Securities
Commercial Mortgage Loans (Collateralized Mortgage Obligations)  
GS Mortgage Securities Trust  
Series 2015-GC30, Class B                            
3.998%, due 5/10/50 (i) $       1,039,575 $     1,008,232
Series 2014-GC22, Class B                            
4.391%, due 6/10/47 (j)      1,500,000      1,224,757
IRV Trust  
Series 2025-200P, Class A                            
5.295%, due 3/14/47 (a)(i)      3,500,000      3,595,495
J.P. Morgan Chase Commercial Mortgage Securities Trust (a)  
Series 2012-WLDN, Class A    
3.905%, due 5/5/30 686,613 662,581
Series 2022-NLP, Class A    
4.527% (1 Month SOFR + 0.847%), due 4/15/37 (b) 1,840,979 1,831,774
Series 2021-1440, Class A    
5.095% (1 Month SOFR + 1.414%), due 3/15/36 (b) 3,190,000 3,000,405
Series 2022-NLP, Class G    
8.205% (1 Month SOFR + 4.525%), due 4/15/37 (b) 2,817,825 2,709,730
JPMCC Commercial Mortgage Securities Trust  
Series 2019-COR5, Class D    
3.00%, due 6/13/52 (a) 520,000 406,119
JPMDB Commercial Mortgage Securities Trust  
Series 2017-C7, Class D    
3.00%, due 10/15/50 (a) 1,575,000 1,215,090
Series 2017-C5, Class B    
4.009%, due 3/15/50 (j) 2,870,000 2,404,072
LSTAR Commercial Mortgage Trust  
Series 2017-5, Class D    
4.687%, due 3/10/50 (a)(i) 1,790,000 1,490,569
MFT Trust  
Series 2020-ABC, Class B    
3.477%, due 2/10/42 (a)(i) 1,875,000 1,500,587
Morgan Stanley Bank of America Merrill Lynch Trust (a)(i)  
Series 2015-C22, Class D    
3.973%, due 4/15/48 3,650,000 2,062,615
Series 2015-C23, Class D    
4.209%, due 7/15/50 368,063 357,580
Morgan Stanley Capital I Trust (a)  
Series 2014-150E, Class A    
3.912%, due 9/9/32 1,300,000 1,220,440
Series 2021-230P, Class A    
4.964% (1 Month SOFR + 1.284%), due 12/15/38 (b) 1,760,000 1,709,400
Natixis Commercial Mortgage Securities Trust  
Series 2020-2PAC, Class AMZ1    
3.50%, due 1/15/37 (a)(i) 3,094,800 2,678,579
NCMF Trust  
Series 2025-MFS, Class E    
7.529%, due 6/10/33 (a)(i) 4,165,000 4,231,603

  Principal
Amount
Value
Mortgage-Backed Securities
Commercial Mortgage Loans (Collateralized Mortgage Obligations)  
ROCK Trust  
Series 2024-CNTR, Class E                            
8.819%, due 11/13/41 (a) $       3,340,000 $     3,550,689
SCMS Mortgage Trust  
Series 2025-BNC1, Class AS                            
5.308%, due 12/15/57 (a)(j)      2,796,000      2,822,754
SKY Trust  
Series 2025-LINE, Class D                            
9.614% (1 Month SOFR + 5.934%), due 4/15/42 (a)(b) 1,195,808 1,200,343
SWCH Commercial Mortgage Trust  
Series 2025-DATA, Class A    
5.123% (1 Month SOFR + 1.443%), due 2/15/42 (a)(b) 1,930,000 1,916,128
UBS Commercial Mortgage Trust  
Series 2018-C10, Class D    
3.00%, due 5/15/51 (a) 1,205,000 998,614
Series 2019-C18, Class C    
3.92%, due 12/15/52 (i) 1,621,000 1,388,883
Series 2018-C9, Class C    
4.962%, due 3/15/51 (i) 3,115,000 2,134,838
WB Commercial Mortgage Trust  
Series 2024-HQ, Class A    
6.134%, due 3/15/40 (a)(i) 2,300,000 2,303,805
Wells Fargo Commercial Mortgage Trust  
Series 2017-C40, Class D    
2.70%, due 10/15/50 (a) 2,525,000 2,163,511
Series 2018-C43, Class D    
3.00%, due 3/15/51 (a) 717,500 601,416
Series 2018-C44, Class D    
3.00%, due 5/15/51 (a) 3,471,000 2,527,846
Series 2016-NXS6, Class D    
3.059%, due 11/15/49 (a) 3,085,000 2,656,197
Series 2017-C39, Class D    
4.357%, due 9/15/50 (a)(i) 615,000 538,945
Series 2016-NXS5, Class D    
4.875%, due 1/15/59 (i) 3,055,000 2,326,260
Series 2022-ONL, Class E    
4.928%, due 12/15/39 (a)(i) 1,655,000 1,521,675
WP Glimcher Mall Trust  
Series 2015-WPG, Class C    
3.516%, due 6/5/35 (a)(i) 1,940,000 1,648,981
    193,571,733
Whole Loan (Collateralized Mortgage Obligations) 10.8% 
BRAVO Residential Funding Trust  
Series 2024-NQM8, Class A1A    
4.30%, due 8/1/53 (a)(c) 1,154,526 1,144,769

  Principal
Amount
Value
Mortgage-Backed Securities
Whole Loan (Collateralized Mortgage Obligations)  
CIM Trust (a)  
Series 2021-J2, Class AS                            
0.21%, due 4/25/51 (h)(j) $      41,791,485 $       519,092
Series 2025-NR1, Class A1                            
5.00%, due 6/25/64 (c)      1,322,962      1,322,465
Series 2019-INV1, Class B4                            
5.026%, due 2/25/49 (j)      2,553,276      2,494,591
Citigroup Mortgage Loan Trust (a)(j)  
Series 2014-C, Class B3    
4.25%, due 2/25/54 3,125,000 2,688,565
Series 2025-4, Class A2    
5.50%, due 10/25/55 1,723,666 1,734,372
Connecticut Avenue Securities Trust (a)(b)  
Series 2025-R01, Class 1M2    
5.197% (SOFR 30A + 1.50%), due 1/25/45 4,500,000 4,501,389
Series 2021-R03, Class 1M2    
5.347% (SOFR 30A + 1.65%), due 12/25/41 5,130,000 5,161,952
Series 2024-R05, Class 2M2    
5.397% (SOFR 30A + 1.70%), due 7/25/44 2,750,000 2,760,532
Series 2025-R01, Class 1B1    
5.397% (SOFR 30A + 1.70%), due 1/25/45 1,120,000 1,116,509
Series 2024-R03, Class 2M2    
5.647% (SOFR 30A + 1.95%), due 3/25/44 1,865,000 1,884,780
Series 2025-R02, Class 1B1    
5.647% (SOFR 30A + 1.95%), due 2/25/45 1,460,000 1,471,969
Series 2024-R05, Class 2B1    
5.697% (SOFR 30A + 2.00%), due 7/25/44 2,100,000 2,101,321
Series 2021-R03, Class 1B1    
6.447% (SOFR 30A + 2.75%), due 12/25/41 870,000 883,050
Series 2023-R05, Class 1M2    
6.797% (SOFR 30A + 3.10%), due 6/25/43 2,500,000 2,598,321
Series 2023-R07, Class 2M2    
6.947% (SOFR 30A + 3.25%), due 9/25/43 2,780,000 2,876,376
Series 2023-R03, Class 2M2    
7.597% (SOFR 30A + 3.90%), due 4/25/43 6,161,732 6,496,122
Series 2021-R03, Class 1B2    
9.197% (SOFR 30A + 5.50%), due 12/25/41 1,900,000 1,962,485
Series 2021-R01, Class 1B2    
9.697% (SOFR 30A + 6.00%), due 10/25/41 1,691,214 1,744,200
Series 2022-R01, Class 1B2    
9.697% (SOFR 30A + 6.00%), due 12/25/41 3,848,000 3,993,008
Series 2020-SBT1, Class 1B1    
10.562% (SOFR 30A + 6.864%), due 2/25/40 5,260,000 5,521,369
Series 2022-R02, Class 2B2    
11.347% (SOFR 30A + 7.65%), due 1/25/42 3,210,000 3,393,683
Series 2019-HRP1, Class B1    
13.062% (SOFR 30A + 9.364%), due 11/25/39 4,424,318 4,670,813

  Principal
Amount
Value
Mortgage-Backed Securities
Whole Loan (Collateralized Mortgage Obligations)  
FHLMC STACR REMIC Trust (a)(b)  
Series 2025-DNA2, Class M1                            
4.897% (SOFR 30A + 1.20%), due 5/25/45 $       2,832,953 $     2,836,308
Series 2025-DNA1, Class M2                            
5.047% (SOFR 30A + 1.35%), due 1/25/45      3,230,000      3,232,944
Series 2025-HQA1, Class M2                            
5.347% (SOFR 30A + 1.65%), due 2/25/45      2,185,000      2,189,776
Series 2023-DNA2, Class M1B                            
6.947% (SOFR 30A + 3.25%), due 4/25/43 595,000 619,887
Series 2021-DNA6, Class B1    
7.097% (SOFR 30A + 3.40%), due 10/25/41 5,470,000 5,565,725
Series 2020-HQA1, Class B2    
8.912% (SOFR 30A + 5.214%), due 1/25/50 2,940,000 3,276,938
Series 2022-HQA1, Class M2    
8.947% (SOFR 30A + 5.25%), due 3/25/42 1,080,000 1,128,935
Series 2021-DNA5, Class B2    
9.197% (SOFR 30A + 5.50%), due 1/25/34 3,780,000 4,578,525
Series 2021-HQA3, Class B2    
9.947% (SOFR 30A + 6.25%), due 9/25/41 3,311,667 3,406,481
Series 2021-HQA4, Class B2    
10.697% (SOFR 30A + 7.00%), due 12/25/41 4,225,000 4,411,153
Series 2022-HQA1, Class B1    
10.697% (SOFR 30A + 7.00%), due 3/25/42 2,500,000 2,663,358
Series 2022-DNA1, Class B2    
10.797% (SOFR 30A + 7.10%), due 1/25/42 2,010,000 2,106,475
Series 2022-DNA2, Class B2    
12.197% (SOFR 30A + 8.50%), due 2/25/42 1,300,000 1,389,754
FHLMC STACR Securitized Participation Interests Trust  
REMIC, Series 2018-SPI3, Class B    
4.156%, due 8/25/48 (a)(j) 4,797,512 3,744,747
FHLMC STACR Trust (a)(b)  
REMIC, Series 2019-FTR3, Class B2    
8.612% (SOFR 30A + 4.914%), due 9/25/47 3,913,000 4,279,219
REMIC, Series 2019-FTR1, Class B2    
12.162% (SOFR 30A + 8.464%), due 1/25/48 1,790,000 2,142,597
REMIC, Series 2019-HQA2, Class B2    
15.062% (SOFR 30A + 11.364%), due 4/25/49 3,435,000 4,120,943
J.P. Morgan Mortgage Trust (a)  
Series 2021-11, Class AX1    
0.219%, due 1/25/52 (h)(i) 59,590,039 757,342
Series 2022-1, Class B3    
3.085%, due 7/25/52 (i) 2,929,982 2,416,990
Series 2025-NQM4, Class A1F    
4.897% (SOFR 30A + 1.20%), due 3/25/66 (b) 965,411 967,316
LOANDEPOT GMSR Master Trust  
Series 2025-GT2, Class A    
6.823% (1 Month SOFR + 3.15%), due 7/16/30 (a)(b) 3,280,000 3,305,548

  Principal
Amount
Value
Mortgage-Backed Securities
Whole Loan (Collateralized Mortgage Obligations)  
MASTR Alternative Loan Trust  
Series 2005-6, Class 1A2                            
5.50%, due 12/25/35 $       1,068,663 $       677,076
Mill City Mortgage Loan Trust (a)(j)  
Series 2018-4, Class B4                            
3.045%, due 4/25/66      1,732,975      1,034,207
Series 2018-3, Class B2                            
3.25%, due 8/25/58      6,236,704      4,823,906
Series 2018-3, Class B4    
3.672%, due 8/25/58 1,112,628 712,455
Morgan Stanley Residential Mortgage Loan Trust  
Series 2025-SPL1, Class A1    
4.25%, due 2/25/65 (a)(j) 3,612,943 3,556,538
New Residential Mortgage Loan Trust (a)  
Series 2020-RPL1, Class B3    
3.83%, due 11/25/59 (j) 3,185,000 2,549,259
Series 2024-RPL1, Class B1    
3.873%, due 1/25/64 (i) 2,800,000 2,377,053
Series 2019-RPL3, Class B5    
3.977%, due 7/25/59 (j) 3,424,281 2,286,334
OBX Trust (a)  
Series 2025-R1, Class A1    
4.94%, due 9/25/62 (c) 2,503,121 2,512,418
Series 2026-J1, Class AF    
5.039% (SOFR 30A + 1.35%), due 2/25/56 (b)(k) 4,000,000 3,999,600
Series 2024-NQM16, Class A1    
5.53%, due 10/25/64 (c) 1,665,668 1,682,339
PMT Loan Trust  
Series 2025-J4, Class A35    
5.097% (SOFR 30A + 1.40%), due 12/1/56 (a)(b) 3,122,233 3,147,055
RCKT Mortgage Trust  
Series 2021-5, Class A1    
2.50%, due 11/25/51 (a)(j) 7,005,550 5,880,283
STACR Trust  
Series 2018-HRP1, Class B2    
15.562% (SOFR 30A + 11.864%), due 5/25/43 (a)(b) 4,207,736 4,958,518
Towd Point Mortgage Trust (a)(j)  
Series 2018-2, Class B5    
(zero coupon), due 3/25/58 4,686,625 2,076,571
Series 2017-4, Class B5    
3.643%, due 6/25/57 1,413,798 1,000,970
Series 2019-1, Class B2    
3.779%, due 3/25/58 920,000 719,318
Verus Securitization Trust (a)  
Series 2026-R1, Class A1    
4.832%, due 10/25/67 (j) 3,045,000 3,045,980
Series 2025-R2, Class A1    
5.086%, due 7/25/67 (j) 3,140,629 3,164,518

  Principal
Amount
Value
Mortgage-Backed Securities
Whole Loan (Collateralized Mortgage Obligations)  
Verus Securitization Trust (a)  
Series 2023-INV2, Class B2                            
8.011%, due 8/25/68 (i) $       1,000,000 $     1,001,482
    173,388,574
Total Mortgage-Backed Securities
(Cost $425,688,829)
  429,034,443
U.S. Government & Federal Agencies 19.2%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.7% 
UMBS Pool, 30 Year
5.00%, due 7/1/40 7,646,272 7,735,388
5.00%, due 12/1/55 2,706,210 2,719,595
    10,454,983
Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.4% 
UMBS, 30 Year
5.00%, due 9/1/53 8,587,594 8,610,626
5.00%, due 12/1/54 5,769,552 5,771,562
5.50%, due 5/1/54 3,381,060 3,430,458
5.50%, due 2/1/55 5,288,271 5,364,118
    23,176,764
United States Treasury Bonds 1.5% 
U.S. Treasury Bonds
4.625%, due 11/15/45 20,350,000 19,793,555
4.625%, due 11/15/55 4,870,000 4,667,590
    24,461,145
United States Treasury Notes 15.6% 
U.S. Treasury Notes
3.50%, due 1/31/28 2,835,000 2,833,117
3.50%, due 1/15/29 54,590,000 54,432,201
3.75%, due 1/31/31 7,955,000 7,935,113
4.00%, due 1/31/33 97,275,000 97,107,808
4.00%, due 11/15/35 67,780,000 66,392,628
4.25%, due 12/31/26 20,265,000 20,387,065
    249,087,932
Total U.S. Government & Federal Agencies
(Cost $308,281,552)
  307,180,824
Total Long-Term Bonds
(Cost $1,542,813,238)
  1,548,239,533
 

  Shares   Value
 
Common Stocks 0.1%
Commercial Services & Supplies 0.0% ‡
Quad/Graphics, Inc.             14   $            86
Tobacco 0.1% 
Turning Point Brands, Inc.          6,802         824,062
Total Common Stocks
(Cost $0)
    824,148
Short-Term Investments 2.6%
Affiliated Investment Company 0.4% 
NYLI U.S. Government Liquidity Fund, 3.523% (l)     5,286,228       5,286,228
Unaffiliated Investment Companies 0.8% 
Dreyfus Treasury Obligations Cash Management Fund, 3.70% (l)(m)     4,000,000        4,000,000
Invesco Government & Agency Portfolio, 3.682% (l)(m)     7,280,102        7,280,102
Morgan Stanley Institutional Liquidity Fund Government Portfolio, 3.70% (l)(m)     2,000,000       2,000,000
      13,280,102
 
  Principal
Amount
   
 
U.S. Treasury Debt 1.4% 
U.S. Treasury Bills (n)      
3.615%, due 3/26/26 $  2,800,000   2,785,332
3.618%, due 2/26/26 2,800,000   2,793,246
3.627%, due 2/17/26 550,000   549,171
3.745%, due 4/16/26 3,980,000   3,951,019
3.751%, due 4/30/26 12,500,000   12,391,849
      22,470,617
Total Short-Term Investments
(Cost $41,030,716)
    41,036,947
Total Investments
(Cost $1,583,843,954)
99.3%   1,590,100,628
Other Assets, Less Liabilities 0.7   11,865,483
 Net Assets 100.0%   $ 1,601,966,111
    
Percentages indicated are based on Fund net assets.
^ Industry classifications may be different than those used for compliance monitoring purposes.
Less than one-tenth of a percent.
(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(b) Floating rate—Rate shown was the rate in effect as of January 31, 2026.
(c) Step coupon—Rate shown was the rate in effect as of January 31, 2026.

(d) All or a portion of this security was held on loan. As of January 31, 2026, the aggregate market value of securities on loan was $14,575,741; the total market value of collateral held by the Fund was $15,232,837. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,952,735. The Fund received cash collateral with a value of $13,280,102.  
(e) Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(f) Fixed to floating rate—Rate shown was the rate in effect as of January 31, 2026.
(g) PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash.
(h) Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities.
(i) Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of January 31, 2026.
(j) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of January 31, 2026.
(k) Delayed delivery security.
(l) Current yield as of January 31, 2026.
(m) Represents a security purchased with cash collateral received for securities on loan.
(n) Interest rate shown represents yield to maturity.
Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Investment Companies Value,
Beginning
of Period
Purchases
at Cost
Proceeds
from
Sales
Net
Realized
Gain/(Loss)
on Sales
Change in
Unrealized
Appreciation/
(Depreciation)
Value,
End of
Period
Dividend
Income
Other
Distributions
Shares
End of
Period
NYLI U.S. Government Liquidity Fund $ 12,650 $ 180,441 $ (187,805) $ — $ — $ 5,286 $ 173 $ — 5,286
    
Futures Contracts
As of January 31, 2026, the Fund held the following futures contracts1:
Type Number of
Contracts
Expiration
Date
Value at
Trade Date
Current
Notional
Amount
Unrealized
Appreciation
(Depreciation)2
Long Contracts          
U.S. Treasury 10 Year Ultra Bonds 2,668 March 2026  $ 304,199,877  $ 304,568,875    $ 368,998
Short Contracts          
Euro-BTP (2,149) March 2026  (307,273,545)  (308,505,580)  (1,232,035)
Net Unrealized Depreciation         $ (863,037)
    
1. As of January 31, 2026, cash in the amount of $17,131,857 was on deposit with a broker or futures commission merchant for futures transactions.
2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2026.
Abbreviation(s):
BRL—Brazil Real
BTP—Buoni del Tesoro Poliennali (Eurex Exchange index)
CLO—Collateralized Loan Obligation

FHLMC—Federal Home Loan Mortgage Corp.
FNMA—Federal National Mortgage Association
GMSR—Ginnie Mae Mortgage Servicing Rights
GNMA—Government National Mortgage Association
MSCR—Multifamily Structured Credit Risk
REMIC—Real Estate Mortgage Investment Conduit
SARL—Société À Responsabilité Limitée
SOFR—Secured Overnight Financing Rate
STACR—Structured Agency Credit Risk
TRY—Turkish lira
UMBS—Uniform Mortgage Backed Securities
USISDA—U.S. International Swaps and Derivatives Association
ZAR—South African Rand
The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund’s assets and liabilities:
Description Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Long-Term Bonds              
Asset-Backed Securities          $ —      $ 237,499,084   $ —      $ 237,499,084
Corporate Bonds          —      454,166,782        454,166,782
Foreign Government Bonds          —       90,133,937         90,133,937
Loan Assignments          —       30,224,463         30,224,463
Mortgage-Backed Securities          —      429,034,443        429,034,443
U.S. Government & Federal Agencies          —      307,180,824        307,180,824
Total Long-Term Bonds   1,548,239,533     1,548,239,533
Common Stocks     824,148               —            824,148
Short-Term Investments              
Affiliated Investment Company   5,286,228               —          5,286,228
Unaffiliated Investment Companies  13,280,102               —         13,280,102
U.S. Treasury Debt          —       22,470,617         22,470,617
Total Short-Term Investments 18,566,330   22,470,617     41,036,947
Total Investments in Securities 19,390,478   1,570,710,150     1,590,100,628
Other Financial Instruments              
Futures Contracts (b)     368,998               —            368,998
Total Investments in Securities and Other Financial Instruments $ 19,759,476   $ 1,570,710,150   $ —   $ 1,590,469,626
Liability Valuation Inputs              
Other Financial Instruments              
Futures Contracts (b)   $ (1,232,035)               $ —   $ —        $ (1,232,035)
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.
(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

NYLI WMC Value Fund
Portfolio of Investments January 31, 2026^(Unaudited)
  Shares Value
Common Stocks 98.5%
Aerospace & Defense 1.6% 
L3Harris Technologies, Inc.      44,285 $  15,183,112
Automobile Components 1.1% 
Gentex Corp.     474,001  10,906,763
Banks 8.6% 
Huntington Bancshares, Inc.     761,784   13,315,984
JPMorgan Chase & Co.     117,869   36,054,949
M&T Bank Corp.      76,114   16,864,579
PNC Financial Services Group, Inc. (The)      72,120  16,104,396
    82,339,908
Beverages 1.3% 
Keurig Dr Pepper, Inc.     470,818  12,919,246
Biotechnology 1.9% 
Gilead Sciences, Inc.     125,834  17,862,136
Building Products 1.4% 
Johnson Controls International plc     114,638  13,671,728
Capital Markets 8.1% 
Ares Management Corp.  66,196 9,907,555
KKR & Co., Inc.  103,343 11,807,971
LPL Financial Holdings, Inc.  39,299 14,324,485
Morgan Stanley  87,676 16,027,173
Nasdaq, Inc.  119,677 11,595,505
Raymond James Financial, Inc.  83,110 13,784,625
    77,447,314
Communications Equipment 3.5% 
Cisco Systems, Inc.  251,934 19,731,471
F5, Inc. (a) 50,205 13,837,000
    33,568,471
Consumer Staples Distribution & Retail 1.5% 
U.S. Foods Holding Corp. (a) 171,793 14,365,331
Diversified Consumer Services 1.0% 
H&R Block, Inc.  235,263 9,281,125
Electric Utilities 1.4% 
American Electric Power Co., Inc.  112,930 13,526,191
Electrical Equipment 1.5% 
Emerson Electric Co.  97,635 14,348,440

  Shares Value
Common Stocks
Food Products 1.5% 
Archer-Daniels-Midland Co.     217,714 $  14,654,329
Gas Utilities 1.4% 
Atmos Energy Corp.      79,684  13,254,636
Health Care Providers & Services 3.7% 
Elevance Health, Inc.      50,427   17,434,631
UnitedHealth Group, Inc.      62,270  17,867,131
    35,301,762
Industrial Conglomerates 1.2% 
3M Co.      75,854  11,617,799
Insurance 7.7% 
American International Group, Inc.     191,340   14,327,539
Chubb Ltd.      48,226   14,928,840
Marsh & McLennan Cos., Inc.      77,156   14,519,988
MetLife, Inc.     189,551   14,951,783
Progressive Corp. (The)      70,566  14,677,728
    73,405,878
Interactive Media & Services 5.0% 
Alphabet, Inc., Class C  142,394 48,204,641
IT Services 3.5% 
Accenture plc, Class A  65,454 17,256,293
Amdocs Ltd.  193,356 15,843,590
    33,099,883
Machinery 2.7% 
Middleby Corp. (The) (a) 76,200 11,214,354
PACCAR, Inc.  116,960 14,375,553
    25,589,907
Metals & Mining 1.2% 
Freeport-McMoRan, Inc.  186,222 11,216,151
Multi-Utilities 1.7% 
Sempra  182,364 15,867,492
Oil, Gas & Consumable Fuels 6.7% 
Antero Resources Corp. (a) 404,904 14,726,358
ConocoPhillips  131,321 13,687,588
Coterra Energy, Inc.  364,063 10,503,217
Marathon Petroleum Corp.  64,099 11,293,603

  Shares Value
Common Stocks
Oil, Gas & Consumable Fuels  
Targa Resources Corp.      70,416 $  14,152,208
    64,362,974
Personal Care Products 1.4% 
Unilever plc, Sponsored ADR     196,027  13,400,406
Pharmaceuticals 12.0% 
AstraZeneca plc, Sponsored ADR     104,582    9,702,072
Eli Lilly & Co.       8,408    8,720,357
Johnson & Johnson     133,979   30,446,728
Merck & Co., Inc.     224,063   24,707,427
Pfizer, Inc.     657,742   17,390,699
Roche Holding AG      25,962   11,777,858
Zoetis, Inc.      97,915  12,221,750
    114,966,891
Semiconductors & Semiconductor Equipment 3.7% 
Broadcom, Inc.      36,040   11,940,052
NVIDIA Corp.      50,688    9,687,997
NXP Semiconductors NV  59,013 13,345,200
    34,973,249
Software 1.2% 
Microsoft Corp.  26,421 11,368,692
Specialized REITs 2.7% 
Crown Castle, Inc.  156,421 13,578,907
Gaming and Leisure Properties, Inc.  268,229 12,003,248
    25,582,155
Specialty Retail 2.9% 
Dick's Sporting Goods, Inc.  65,126 13,155,452
GCI Liberty, Inc. (a)(b) 15,319
Industria de Diseno Textil SA, ADR  888,246 14,425,115
    27,580,567
Technology Hardware, Storage & Peripherals 1.2% 
NetApp, Inc.  121,811 11,736,490
Trading Companies & Distributors 1.5% 
Ferguson Enterprises, Inc.  55,619 14,041,573
Water Utilities 1.1% 
American Water Works Co., Inc.  78,461 10,131,669

  Shares   Value
Common Stocks
Wireless Telecommunication Services 1.6% 
T-Mobile US, Inc.      77,301   $  15,244,530
Total Common Stocks
(Cost $717,508,634)
    941,021,439
Short-Term Investment 1.5%
Affiliated Investment Company 1.5% 
NYLI U.S. Government Liquidity Fund, 3.523% (c) 14,388,756    14,388,756
Total Short-Term Investment
(Cost $14,388,756)
    14,388,756
Total Investments
(Cost $731,897,390)
100.0%   955,410,195
Other Assets, Less Liabilities 0.0‡   127,163
Net Assets 100.0%   $ 955,537,358
    
Percentages indicated are based on Fund net assets.
^ Industry classifications may be different than those used for compliance monitoring purposes.
Less than one-tenth of a percent.
(a) Non-income producing security.
(b) Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(c) Current yield as of January 31, 2026.
Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Investment Companies Value,
Beginning
of Period
Purchases
at Cost
Proceeds
from
Sales
Net
Realized
Gain/(Loss)
on Sales
Change in
Unrealized
Appreciation/
(Depreciation)
Value,
End of
Period
Dividend
Income
Other
Distributions
Shares
End of
Period
NYLI U.S. Government Liquidity Fund $ 11,372 $ 40,809 $ (37,792) $ — $ — $ 14,389 $ 85 $ — 14,389
    
    
Abbreviation(s):
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund’s assets:
Description Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Common Stocks  $ 941,021,439   $ —   $ —    $ 941,021,439
Short-Term Investment              
Affiliated Investment Company   14,388,756         14,388,756
Total Investments in Securities $ 955,410,195   $ —   $ —   $ 955,410,195
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

NYLI Winslow Large Cap Growth Fund
Portfolio of Investments January 31, 2026^(Unaudited)
  Shares Value
Common Stocks 98.3%
Aerospace & Defense 3.2% 
Axon Enterprise, Inc. (a)    212,280 $    102,654,362
GE Aerospace     509,671     156,361,966
Howmet Aerospace, Inc.     709,212    147,572,833
    406,589,161
Automobiles 2.3% 
Tesla, Inc. (a)    671,895    289,190,327
Biotechnology 1.5% 
Vertex Pharmaceuticals, Inc. (a)    395,100    185,657,490
Broadline Retail 7.1% 
Amazon.com, Inc. (a)  3,761,763    900,189,886
Capital Markets 2.3% 
Ares Management Corp.     817,400     122,340,258
KKR & Co., Inc.     665,100      75,994,326
Nasdaq, Inc.     886,500     85,892,985
    284,227,569
Chemicals 1.1% 
Ecolab, Inc.  500,050 141,009,100
Commercial Services & Supplies 1.2% 
Cintas Corp.  818,800 156,710,132
Communications Equipment 1.7% 
Arista Networks, Inc. (a) 1,510,580 214,109,609
Construction & Engineering 1.3% 
Quanta Services, Inc.  343,800 163,177,794
Electrical Equipment 1.7% 
GE Vernova, Inc.  303,600 220,525,932
Electronic Equipment, Instruments & Components 2.0% 
Amphenol Corp., Class A  1,784,670 257,135,254
Entertainment 3.5% 
Netflix, Inc. (a) 3,090,200 258,000,798
Spotify Technology SA (a) 355,421 177,834,897
    435,835,695
Financial Services 4.1% 
Mastercard, Inc., Class A  346,888 186,899,786

  Shares Value
Common Stocks
Financial Services  
Visa, Inc., Class A   1,013,180 $    326,071,719
    512,971,505
Health Care Equipment & Supplies 4.1% 
Intuitive Surgical, Inc. (a)    548,883     276,757,786
Stryker Corp.     647,128    239,152,624
    515,910,410
Health Care Providers & Services 1.1% 
McKesson Corp.     171,500    142,552,515
Hotels, Restaurants & Leisure 4.3% 
Chipotle Mexican Grill, Inc. (a)  1,964,200      76,348,454
DoorDash, Inc., Class A (a)  1,098,150     224,703,453
Hilton Worldwide Holdings, Inc.     816,597    243,762,370
    544,814,277
Interactive Media & Services 11.7% 
Alphabet, Inc., Class C   2,588,330     876,227,355
Meta Platforms, Inc., Class A     835,434    598,588,461
    1,474,815,816
IT Services 3.3% 
Shopify, Inc., Class A (a) 1,328,436 174,330,656
Snowflake, Inc., Class A (a) 1,259,160 242,640,132
    416,970,788
Machinery 1.2% 
Parker-Hannifin Corp.  166,700 156,004,528
Pharmaceuticals 2.7% 
Eli Lilly & Co.  329,521 341,762,705
Semiconductors & Semiconductor Equipment 17.2% 
Advanced Micro Devices, Inc. (a) 314,610 74,477,626
ASML Holding NV (Registered)   60,000 85,380,000
Broadcom, Inc.  2,073,920 687,089,696
KLA Corp.  82,500 117,805,050
NVIDIA Corp.  6,198,879 1,184,791,744
Texas Instruments, Inc.  117,700 25,370,235
    2,174,914,351
Software 13.7% 
Atlassian Corp., Class A (a) 681,700 80,563,306
Cadence Design Systems, Inc. (a) 403,800 119,670,168
Intuit, Inc.  309,810 154,570,405
Microsoft Corp.  2,521,657 1,085,043,791
OpenAI (a)(b)(c) 29,095 12,510,850

  Shares   Value
Common Stocks
Software  
Oracle Corp.     419,932   $     69,112,409
Palantir Technologies, Inc., Class A (a)    491,700        72,078,303
ServiceNow, Inc. (a)  1,210,625      141,655,231
      1,735,204,463
Technology Hardware, Storage & Peripherals 6.0% 
Apple, Inc.   2,908,284      754,641,532
Total Common Stocks
(Cost $7,097,292,534)
    12,424,920,839
Preferred Stocks 0.9%
Software 0.9% 
Anthropic PBC (a)(b)(c)      
Series F-1 147,622   38,254,233
Series G-1 139,193   36,069,973
 
Databricks, Inc. Series L (a)(b)(c)    217,517       41,349,982
Total Preferred Stocks
(Cost $98,208,122)
    115,674,188
Short-Term Investment 0.6%
Affiliated Investment Company 0.6% 
NYLI U.S. Government Liquidity Fund, 3.523% (d)(e) 77,971,066   77,971,066
Total Short-Term Investment
(Cost $77,971,066)
    77,971,066
Total Investments
(Cost $7,273,471,722)
99.8%   12,618,566,093
Other Assets, Less Liabilities 0.2   19,471,425
Net Assets 100.0%   $ 12,638,037,518
    
Percentages indicated are based on Fund net assets.
^ Industry classifications may be different than those used for compliance monitoring purposes.
(a) Non-income producing security.
(b) Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(c) Restricted security.  

(d) As of January 31, 2026, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class.
(e) Current yield as of January 31, 2026.
Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Investment Companies Value,
Beginning
of Period
Purchases
at Cost
Proceeds
from
Sales
Net
Realized
Gain/(Loss)
on Sales
Change in
Unrealized
Appreciation/
(Depreciation)
Value,
End of
Period
Dividend
Income
Other
Distributions
Shares
End of
Period
NYLI U.S. Government Liquidity Fund $ 89,496 $ 1,051,069 $ (1,062,594) $ — $ — $ 77,971 $ 1,054 $ — 77,971
    
The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund’s assets:
Description Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Common Stocks  $ 12,412,409,989   $ —     $ 12,510,850    $ 12,424,920,839
Preferred Stocks              —      115,674,188       115,674,188
Short-Term Investment              
Affiliated Investment Company      77,971,066               —        77,971,066
Total Investments in Securities $ 12,490,381,055   $ —   $ 128,185,038   $ 12,618,566,093
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

New York Life Investments Funds
Notes to Portfolios of Investments January 31, 2026 (Unaudited)
Securities Valuation.
Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Funds are open for business ("valuation date").
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the New York Life Investments Funds (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund’s portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee’s responsibilities and establish prices of securities for which market quotations are not readily available. The Fund’s and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.
The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.
Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that each Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of each Fund. Unobservable inputs reflect each Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodologies used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.
Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability
Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)
Level 3—significant unobservable inputs (including each Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)
The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of each Fund’s assets and liabilities as of January 31, 2026, is included at the end of each Fund's respective Portfolio of Investments.

The Funds may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:
• Benchmark yields • Reported trades
• Broker/dealer quotes • Issuer spreads
• Two-sided markets • Benchmark securities
• Bids/offers • Reference data (corporate actions or material event notices)
• Industry and economic events • Comparable bonds
• Monthly payment information  
An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price a Fund may reasonably expect to receive upon the security's sale on the valuation date in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the period ended January 31, 2026, there were no material changes to the fair value methodologies.
Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.
Certain securities held by certain Funds may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which each of the Fund's net asset values ("NAVs") are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Valuation Designee conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Valuation Designee may, pursuant to the Valuation Procedures, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures and are generally categorized as Level 2 in the hierarchy.
If the principal market of certain foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy.
Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.
Exchange-traded funds  (“ETFs”) are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.
Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.
Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor(s). The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor(s), to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.
Foreign currency forward contracts are valued at their fair market values measured on the basis of the mean between the last current bid and ask prices based on dealer or exchange quotations and are generally categorized as Level 2 in the hierarchy.
Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy.
Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. In such cases, amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.
The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.