|
Principal
Amount
|
Description
|
Value (†)
|
|
Bonds and Notes — 85.2% of Net Assets
|
||
|
|
||
|
|
||
|
Non-Convertible Bonds — 85.0%
|
||
|
|
ABS Car Loan — 4.4%
|
|
|
$4,795,000
|
American Credit Acceptance Receivables
Trust, Series 2023-3, Class D,
6.820%, 10/12/2029(a)
|
$4,887,417
|
|
11,365,000
|
American Credit Acceptance Receivables
Trust, Series 2023-4, Class D,
7.650%, 9/12/2030(a)
|
11,682,257
|
|
5,340,000
|
American Credit Acceptance Receivables
Trust, Series 2024-3, Class D,
6.040%, 7/12/2030(a)
|
5,422,805
|
|
6,500,000
|
American Credit Acceptance Receivables
Trust, Series 2025-1, Class D,
5.540%, 8/12/2031(a)
|
6,556,792
|
|
1,875,000
|
AutoNation Finance Trust, Series 2025-1A,
Class C, 5.190%, 12/10/2030(a)
|
1,900,734
|
|
3,580,000
|
AutoNation Finance Trust, Series 2025-1A,
Class D, 5.630%, 9/10/2032(a)
|
3,624,055
|
|
11,605,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2021-2A, Class D, 4.080%, 2/20/2028(a)
|
11,473,349
|
|
3,960,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-3A, Class D, 7.320%, 2/20/2028(a)
|
3,990,888
|
|
7,985,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-4A, Class C, 7.240%, 6/20/2029(a)
|
8,250,025
|
|
5,280,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-5A, Class D, 7.350%, 4/20/2028(a)
|
5,345,414
|
|
8,910,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-8A, Class C, 7.340%, 2/20/2030(a)
|
9,293,915
|
|
14,660,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2024-1A, Class A, 5.360%, 6/20/2030(a)
|
14,982,052
|
|
8,845,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2024-1A, Class C, 6.480%, 6/20/2030(a)
|
9,070,264
|
|
8,638,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2024-3A, Class A, 5.230%, 12/20/2030(a)
|
8,781,020
|
|
6,595,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2024-3A, Class C, 6.110%, 12/20/2030(a)
|
6,682,830
|
|
21,010,000
|
Bridgecrest Lending Auto Securitization Trust,
Series 2023-1, Class D, 7.840%, 8/15/2029
|
21,889,384
|
|
8,930,000
|
Bridgecrest Lending Auto Securitization Trust,
Series 2024-2, Class C, 6.070%, 2/15/2030
|
9,055,366
|
|
9,890,000
|
Bridgecrest Lending Auto Securitization Trust,
Series 2024-2, Class D, 6.300%, 2/15/2030
|
10,124,394
|
|
1,100,000
|
CarMax Auto Owner Trust, Series 2022-1,
Class D, 2.470%, 7/17/2028
|
1,098,909
|
|
11,965,000
|
CarMax Auto Owner Trust, Series 2023-1,
Class D, 6.270%, 11/15/2029
|
12,152,149
|
|
1,540,000
|
CarMax Auto Owner Trust, Series 2023-2,
Class D, 6.550%, 10/15/2029
|
1,564,220
|
|
3,035,000
|
CarMax Auto Owner Trust, Series 2023-4,
Class D, 7.160%, 4/15/2030
|
3,135,395
|
|
4,250,000
|
CarMax Auto Owner Trust, Series 2024-1,
Class D, 6.000%, 7/15/2030
|
4,305,110
|
|
11,525,000
|
CarMax Auto Owner Trust, Series 2024-2,
Class B, 5.690%, 11/15/2029
|
11,753,863
|
|
390,000
|
CarMax Auto Owner Trust, Series 2024-2,
Class D, 6.420%, 10/15/2030
|
397,789
|
|
13,025,000
|
CarMax Select Receivables Trust,
Series 2025-A, Class C, 5.460%, 7/15/2031
|
13,280,552
|
|
21,175,000
|
CarMax Select Receivables Trust,
Series 2025-A, Class D, 5.860%, 7/15/2031
|
21,560,194
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Car Loan — continued
|
|
|
$3,810,000
|
Carvana Auto Receivables Trust,
Series 2023-N1, Class D, 6.690%, 7/10/2029(a)
|
$3,875,990
|
|
1,860,000
|
Carvana Auto Receivables Trust,
Series 2023-N4, Class D, 7.220%, 2/11/2030(a)
|
1,926,426
|
|
7,375,000
|
Carvana Auto Receivables Trust,
Series 2024-N1, Class C, 5.800%, 5/10/2030(a)
|
7,464,870
|
|
2,535,000
|
Carvana Auto Receivables Trust,
Series 2024-N1, Class D, 6.300%, 5/10/2030(a)
|
2,584,415
|
|
3,432,000
|
Carvana Auto Receivables Trust,
Series 2024-N2, Class D, 6.440%, 9/10/2030(a)
|
3,505,765
|
|
7,669,000
|
Carvana Auto Receivables Trust,
Series 2024-N3, Class D, 5.380%, 12/10/2030(a)
|
7,667,166
|
|
12,997,000
|
Carvana Auto Receivables Trust,
Series 2024-P1, Class A4, 5.080%, 3/11/2030(a)
|
13,161,563
|
|
1,810,000
|
Carvana Auto Receivables Trust,
Series 2024-P4, Class C, 5.100%, 5/12/2031
|
1,806,723
|
|
8,895,000
|
Carvana Auto Receivables Trust,
Series 2025-P1, Class C, 5.340%, 8/11/2031
|
8,931,514
|
|
880,000
|
Chesapeake Funding II LLC, Series 2023-1A,
Class D, 6.690%, 5/15/2035(a)
|
881,750
|
|
2,035,000
|
Credit Acceptance Auto Loan Trust,
Series 2023-3A, Class C, 7.620%, 12/15/2033(a)
|
2,084,176
|
|
3,460,000
|
Credit Acceptance Auto Loan Trust,
Series 2024-1A, Class C, 6.710%, 7/17/2034(a)
|
3,524,081
|
|
6,260,000
|
Credit Acceptance Auto Loan Trust,
Series 2024-2A, Class C, 6.700%, 10/16/2034(a)
|
6,458,957
|
|
6,255,000
|
Credit Acceptance Auto Loan Trust,
Series 2024-3A, Class C, 5.390%, 1/16/2035(a)
|
6,294,740
|
|
7,200,000
|
Credit Acceptance Auto Loan Trust,
Series 2025-2A, Class C, 5.380%, 3/17/2036(a)
|
7,241,684
|
|
21,060,000
|
Drive Auto Receivables Trust, Series 2024-1,
Class C, 5.430%, 11/17/2031
|
21,257,996
|
|
9,695,000
|
DT Auto Owner Trust, Series 2023-1A, Class D,
6.440%, 11/15/2028(a)
|
9,817,809
|
|
10,700,000
|
DT Auto Owner Trust, Series 2023-2A, Class D,
6.620%, 2/15/2029(a)
|
10,885,499
|
|
7,695,000
|
DT Auto Owner Trust, Series 2023-3A, Class D,
7.120%, 5/15/2029(a)
|
7,895,732
|
|
2,852,519
|
Exeter Automobile Receivables Trust,
Series 2022-3A, Class D, 6.760%, 9/15/2028
|
2,879,000
|
|
2,198,594
|
Exeter Automobile Receivables Trust,
Series 2023-1A, Class D, 6.690%, 6/15/2029
|
2,222,138
|
|
6,035,000
|
Exeter Automobile Receivables Trust,
Series 2023-2A, Class D, 6.320%, 8/15/2029
|
6,131,998
|
|
3,100,000
|
Exeter Automobile Receivables Trust,
Series 2023-3A, Class D, 6.680%, 4/16/2029
|
3,157,295
|
|
14,145,000
|
Exeter Automobile Receivables Trust,
Series 2023-5A, Class D, 7.130%, 2/15/2030
|
14,503,437
|
|
2,690,000
|
Exeter Automobile Receivables Trust,
Series 2024-3A, Class D, 5.980%, 9/16/2030
|
2,750,476
|
|
9,087,000
|
Exeter Automobile Receivables Trust,
Series 2024-5A, Class D, 5.060%, 2/18/2031
|
9,049,798
|
|
16,265,000
|
Exeter Automobile Receivables Trust,
Series 2025-1A, Class D, 5.490%, 5/15/2031
|
16,401,132
|
|
30,330,000
|
FHF Issuer Trust, Series 2025-2A, Class A2,
5.750%, 5/15/2030(a)
|
30,325,602
|
|
2,660,000
|
First Investors Auto Owner Trust,
Series 2022-1A, Class D, 3.790%, 6/15/2028(a)
|
2,654,867
|
|
1,910,000
|
First Investors Auto Owner Trust,
Series 2022-2A, Class D, 8.710%, 10/16/2028(a)
|
1,952,117
|
|
4,445,000
|
First Investors Auto Owner Trust,
Series 2025-1A, Class D, 5.220%, 12/15/2033(a)
|
4,455,504
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Car Loan — continued
|
|
|
$11,331,000
|
Flagship Credit Auto Trust, Series 2023-2,
Class D, 6.620%, 5/15/2029(a)
|
$11,083,656
|
|
1,800,000
|
Flagship Credit Auto Trust, Series 2023-3,
Class D, 6.580%, 8/15/2029(a)
|
1,704,362
|
|
4,225,000
|
Ford Credit Auto Lease Trust, Series 2023-B,
Class D, 6.970%, 6/15/2028
|
4,227,983
|
|
4,580,000
|
GLS Auto Receivables Issuer Trust,
Series 2023-2A, Class D, 6.310%, 3/15/2029(a)
|
4,655,964
|
|
3,550,000
|
GLS Auto Receivables Issuer Trust,
Series 2023-3A, Class D, 6.440%, 5/15/2029(a)
|
3,626,419
|
|
6,440,000
|
GLS Auto Receivables Issuer Trust,
Series 2023-4A, Class D, 7.180%, 8/15/2029(a)
|
6,624,706
|
|
4,140,000
|
GLS Auto Receivables Issuer Trust,
Series 2024-1A, Class D, 5.950%, 12/17/2029(a)
|
4,213,359
|
|
1,441,000
|
GLS Auto Receivables Issuer Trust,
Series 2024-2A, Class D, 6.190%, 2/15/2030(a)
|
1,472,086
|
|
2,025,000
|
GLS Auto Receivables Issuer Trust,
Series 2025-2A, Class D, 5.590%, 1/15/2031(a)
|
2,054,212
|
|
3,900,000
|
GLS Auto Select Receivables Trust,
Series 2024-3A, Class C, 5.920%, 8/15/2030(a)
|
4,002,824
|
|
6,345,000
|
GLS Auto Select Receivables Trust,
Series 2024-3A, Class D, 6.340%, 8/15/2031(a)
|
6,536,484
|
|
1,100,000
|
GLS Auto Select Receivables Trust,
Series 2024-4A, Class D, 5.280%, 10/15/2031(a)
|
1,100,570
|
|
870,000
|
GLS Auto Select Receivables Trust,
Series 2025-1A, Class B, 5.040%, 2/15/2031(a)
|
877,383
|
|
685,000
|
GLS Auto Select Receivables Trust,
Series 2025-1A, Class C, 5.260%, 3/15/2031(a)
|
688,895
|
|
1,350,000
|
GLS Auto Select Receivables Trust,
Series 2025-1A, Class D, 5.740%, 4/15/2032(a)
|
1,367,658
|
|
1,644,000
|
GLS Auto Select Receivables Trust,
Series 2025-3A, Class C, 4.940%, 9/15/2031(a)
|
1,638,838
|
|
1,925,000
|
Hertz Vehicle Financing III LLC, Series 2023-1A,
Class 1D, 9.130%, 6/25/2027(a)
|
1,933,885
|
|
2,088,781
|
Huntington Bank Auto Credit-Linked Notes,
Series 2024-1, Class B2, 30 day USD SOFR
Average + 1.400%, 5.073%, 5/20/2032(a)(b)
|
2,094,766
|
|
15,366,656
|
Huntington Bank Auto Credit-Linked Notes,
Series 2025-2, Class B1, 4.835%, 9/20/2033(a)
|
15,302,008
|
|
11,060,000
|
Hyundai Auto Receivables Trust, Series 2025-A,
Class C, 4.760%, 6/15/2032
|
11,067,399
|
|
2,715,000
|
LAD Auto Receivables Trust, Series 2023-4A,
Class C, 6.760%, 3/15/2029(a)
|
2,775,381
|
|
1,460,000
|
LAD Auto Receivables Trust, Series 2023-4A,
Class D, 7.370%, 4/15/2031(a)
|
1,510,994
|
|
790,000
|
LAD Auto Receivables Trust, Series 2024-1A,
Class B, 5.330%, 2/15/2029(a)
|
797,364
|
|
1,660,000
|
LAD Auto Receivables Trust, Series 2024-3A,
Class C, 4.930%, 3/15/2030(a)
|
1,670,804
|
|
4,901,645
|
Lendbuzz Securitization Trust, Series 2026-1A,
Class A2, 4.680%, 7/15/2030(a)
|
4,889,935
|
|
4,438,877
|
Merchants Fleet Funding LLC, Series 2023-1A,
Class A, 7.210%, 5/20/2036(a)
|
4,449,686
|
|
5,260,000
|
Merchants Fleet Funding LLC, Series 2023-1A,
Class D, 8.200%, 5/20/2036(a)
|
5,301,416
|
|
1,555,000
|
OneMain Direct Auto Receivables Trust,
Series 2023-1A, Class D, 7.070%, 2/14/2033(a)
|
1,570,368
|
|
4,970,000
|
Prestige Auto Receivables Trust,
Series 2023-1A, Class D, 6.330%, 4/16/2029(a)
|
4,979,634
|
|
4,500,000
|
Prestige Auto Receivables Trust,
Series 2023-2A, Class C, 7.120%, 8/15/2029(a)
|
4,525,985
|
|
2,725,000
|
Prestige Auto Receivables Trust,
Series 2023-2A, Class D, 7.710%, 8/15/2029(a)
|
2,759,078
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Car Loan — continued
|
|
|
$12,250,000
|
Red Oak Funding Master Trust, Series 2025-1A,
Class A, 30 day USD SOFR Average + 2.000%,
5.673%, 12/20/2030(a)(b)
|
$12,264,173
|
|
915,000
|
Santander Drive Auto Receivables Trust,
Series 2024-2, Class D, 6.280%, 8/15/2031
|
940,879
|
|
31,760,000
|
Santander Drive Auto Receivables Trust,
Series 2024-3, Class D, 5.970%, 10/15/2031
|
32,514,745
|
|
475,000
|
SBNA Auto Receivables Trust, Series 2024-A,
Class C, 5.590%, 1/15/2030(a)
|
481,429
|
|
716,000
|
SBNA Auto Receivables Trust, Series 2024-A,
Class D, 6.040%, 4/15/2030(a)
|
728,196
|
|
2,403,467
|
Securitized Term Auto Receivables Trust,
Series 2025-A, Class B, 5.038%, 7/25/2031(a)
|
2,416,451
|
|
2,730,000
|
SFS Auto Receivables Securitization Trust,
Series 2023-1A, Class C, 5.970%, 2/20/2031(a)
|
2,785,063
|
|
2,300,000
|
SFS Auto Receivables Securitization Trust,
Series 2025-1A, Class B, 5.110%, 2/20/2031(a)
|
2,327,725
|
|
6,820,000
|
SFS Auto Receivables Securitization Trust,
Series 2025-1A, Class C, 5.200%, 10/20/2032(a)
|
6,862,971
|
|
8,665,000
|
SFS Auto Receivables Securitization Trust,
Series 2025-2A, Class C, 5.050%, 4/20/2033(a)
|
8,700,379
|
|
1,285,000
|
USB Auto Owner Trust, Series 2025-1A,
Class D, 5.400%, 12/15/2032(a)
|
1,291,320
|
|
2,200,000
|
Veros Auto Receivables Trust, Series 2026-1,
Class C, 5.220%, 7/15/2031(a)
|
2,186,285
|
|
565,000
|
VStrong Auto Receivables Trust, Series 2024-A,
Class D, 7.290%, 7/15/2030(a)
|
581,153
|
|
4,155,000
|
Western Funding Auto Loan Trust,
Series 2025-1, Class C, 5.340%, 11/15/2035(a)
|
4,149,553
|
|
3,055,000
|
Westlake Automobile Receivables Trust,
Series 2023-1A, Class D, 6.790%, 11/15/2028(a)
|
3,103,903
|
|
7,350,000
|
Westlake Automobile Receivables Trust,
Series 2023-2A, Class D, 7.010%, 11/15/2028(a)
|
7,452,915
|
|
8,400,000
|
Westlake Automobile Receivables Trust,
Series 2023-3A, Class D, 6.470%, 3/15/2029(a)
|
8,552,330
|
|
13,315,000
|
Westlake Automobile Receivables Trust,
Series 2023-4A, Class D, 7.190%, 7/16/2029(a)
|
13,676,430
|
|
19,730,000
|
Westlake Automobile Receivables Trust,
Series 2024-1A, Class C, 5.650%, 2/15/2029(a)
|
19,893,157
|
|
14,870,000
|
Westlake Automobile Receivables Trust,
Series 2024-1A, Class D, 6.020%, 10/15/2029(a)
|
15,143,248
|
|
4,310,000
|
Westlake Automobile Receivables Trust,
Series 2024-2A, Class D, 5.910%, 4/15/2030(a)
|
4,396,018
|
|
13,330,000
|
Westlake Automobile Receivables Trust,
Series 2024-3A, Class D, 5.210%, 4/15/2030(a)
|
13,401,994
|
|
7,220,000
|
Westlake Automobile Receivables Trust,
Series 2025-1A, Class D, 5.540%, 11/15/2030(a)
|
7,277,158
|
|
|
|
738,642,939
|
|
|
ABS Credit Card — 0.5%
|
|
|
14,790,000
|
Avant Credit Card Master Trust, Series 2025-1A,
Class A, 4.890%, 4/15/2031(a)
|
14,677,686
|
|
16,315,000
|
Mercury Financial Credit Card Master Trust,
Series 2024-2A, Class A, 6.560%, 7/20/2029(a)
|
16,326,828
|
|
6,575,000
|
Mission Lane Credit Card Master Trust,
Series 2024-A, Class A1, 6.200%, 8/15/2029(a)
|
6,591,693
|
|
15,130,000
|
Mission Lane Credit Card Master Trust,
Series 2024-B, Class A, 5.880%, 1/15/2030(a)
|
15,154,559
|
|
9,395,000
|
Mission Lane Credit Card Master Trust,
Series 2025-A, Class A, 5.800%, 5/15/2030(a)
|
9,447,396
|
|
13,925,000
|
World Financial Network Credit Card Master
Trust, Series 2024-A, Class A, 5.470%, 2/15/2031
|
14,100,218
|
|
|
|
76,298,380
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Home Equity — 2.9%
|
|
|
$6,517,149
|
ATLX Trust, Series 2024-RPL1, Class A1,
3.850%, 4/25/2064(a)(b)
|
$6,337,522
|
|
9,459,727
|
ATLX Trust, Series 2024-RPL2, Class A1,
3.850%, 4/25/2063(a)(b)
|
9,181,953
|
|
30,520,000
|
CAFL Issuer LLC, Series 2026-R1, Class A1,
6.773%, 3/25/2036(a)(b)
|
30,485,268
|
|
14,015,000
|
Cardinal Mortgage Trust, Series 2025-RTL1,
Class A1, 5.593%, 11/25/2030(a)(b)
|
14,036,615
|
|
1,575,617
|
Citigroup Mortgage Loan Trust, Inc.,
Series 2019-RP1, Class A1,
3.500%, 1/25/2066(a)(b)
|
1,543,846
|
|
13,522,358
|
COLT Mortgage Loan Trust, Series 2021-6,
Class A1, 1.907%, 12/25/2066(a)(b)
|
12,407,871
|
|
1,870,000
|
CoreVest American Finance Ltd., Series 2021-3,
Class D, 3.469%, 10/15/2054(a)
|
1,680,708
|
|
455,313
|
CoreVest American Finance Trust,
Series 2019-1, Class D, 4.818%, 3/15/2052(a)
|
455,418
|
|
239,651
|
CoreVest American Finance Trust,
Series 2019-3, Class A, 2.705%, 10/15/2052(a)
|
239,206
|
|
2,929,000
|
CoreVest American Finance Trust,
Series 2019-3, Class B, 3.163%, 10/15/2052(a)
|
2,812,793
|
|
1,259,000
|
CoreVest American Finance Trust,
Series 2020-2, Class C, 4.536%, 5/15/2052(a)(b)
|
1,244,151
|
|
3,333,562
|
Credit Suisse Mortgage Trust,
Series 2021-RPL4, Class A1,
4.152%, 12/27/2060(a)(b)
|
3,321,843
|
|
6,086,850
|
CSMC Trust, Series 2017-RPL1, Class M1,
2.983%, 7/25/2057(a)(b)
|
5,212,988
|
|
4,073,013
|
Deephaven Residential Mortgage Trust,
Series 2021-2, Class A1, 0.899%, 4/25/2066(a)(b)
|
3,632,523
|
|
2,776,999
|
Federal Home Loan Mortgage Corp. Structured
Agency Credit Risk Debt Notes,
Series 2023-DNA2, Class M1A, REMICS, 30 day
USD SOFR Average + 2.100%,
5.762%, 4/25/2043(a)(b)
|
2,802,099
|
|
680,418
|
Federal National Mortgage Association
Connecticut Avenue Securities Trust,
Series 2023-R08, Class 1M1, 30 day USD SOFR
Average + 1.500%, 5.162%, 10/25/2043(a)(b)
|
680,629
|
|
2,605,177
|
Federal National Mortgage Association
Connecticut Avenue Securities Trust,
Series 2024-R02, Class 1M1, 30 day USD SOFR
Average + 1.100%, 4.762%, 2/25/2044(a)(b)
|
2,603,562
|
|
6,000,000
|
FirstKey Homes Trust, Series 2021-SFR2,
Class B, 1.607%, 9/17/2038(a)
|
5,919,599
|
|
10,000,000
|
FirstKey Homes Trust, Series 2021-SFR3,
Class B, 2.435%, 12/17/2038(a)
|
9,833,509
|
|
1,538,270
|
GCAT Trust, Series 2019-RPL1, Class A1,
2.650%, 10/25/2068(a)(b)
|
1,502,270
|
|
2,230,904
|
Home Partners of America Trust, Series 2019-1,
Class D, 3.406%, 9/17/2039(a)
|
2,174,954
|
|
2,409,604
|
Home Partners of America Trust, Series 2019-2,
Class D, 3.121%, 10/19/2039(a)
|
2,339,096
|
|
928,086
|
Home Partners of America Trust, Series 2021-1,
Class E, 2.577%, 9/17/2041(a)
|
839,659
|
|
10,312,958
|
Home Partners of America Trust, Series 2021-2,
Class E1, 2.852%, 12/17/2026(a)
|
10,128,983
|
|
5,146,886
|
Home Partners of America Trust, Series 2021-2,
Class E2, 2.952%, 12/17/2026(a)
|
5,056,664
|
|
1,420,198
|
Legacy Mortgage Asset Trust, Series 2021-GS4,
Class A1, 5.650%, 11/25/2060(a)(b)
|
1,421,080
|
|
1,145,326
|
Mill City Mortgage Loan Trust, Series 2018-2,
Class M1, 3.750%, 5/25/2058(a)(b)
|
1,128,590
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Home Equity — continued
|
|
|
$1,102,208
|
Mill City Mortgage Loan Trust, Series 2019-1,
Class A1, 3.250%, 10/25/2069(a)(b)
|
$1,080,581
|
|
2,744,944
|
Mill City Mortgage Loan Trust, Series 2019-1,
Class M1, 3.500%, 10/25/2069(a)(b)
|
2,617,636
|
|
1,567,886
|
Mill City Mortgage Loan Trust, Series 2019-GS1,
Class A1, 2.750%, 7/25/2059(a)(b)
|
1,542,112
|
|
540,000
|
Mill City Mortgage Loan Trust,
Series 2021-NMR1, Class M1,
1.850%, 11/25/2060(a)(b)
|
491,429
|
|
1,750,000
|
Mill City Mortgage Loan Trust,
Series 2021-NMR1, Class M2,
2.500%, 11/25/2060(a)(b)
|
1,536,910
|
|
23,129,558
|
New Residential Mortgage Loan Trust,
Series 2024-RPL1, Class A,
3.800%, 1/25/2064(a)(b)
|
21,801,995
|
|
15,130,000
|
New Residential Mortgage Loan Trust,
Series 2024-RTL1, Class A1,
6.664%, 3/25/2039(a)(b)
|
15,142,612
|
|
10,363,128
|
NLT Trust, Series 2023-1, Class A1,
3.200%, 10/25/2062(a)(b)
|
9,552,209
|
|
15,095,000
|
NYMT Loan Trust, Series 2024-BPL2, Class A1,
6.509%, 5/25/2039(a)(b)
|
15,157,210
|
|
7,730,732
|
NYMT Loan Trust, Series 2024-BPL3, Class A1,
5.268%, 9/25/2039(a)(b)
|
7,729,204
|
|
17,041,315
|
NYMT Loan Trust, Series 2024-CP1, Class A1,
3.750%, 2/25/2068(a)(b)
|
15,764,050
|
|
4,089,236
|
OBX Trust, Series 2021-NQM3, Class A1,
1.054%, 7/25/2061(a)(b)
|
3,429,763
|
|
31,346,772
|
Pretium Mortgage Credit Partners LLC,
Series 2025-RPL5, Class A1,
4.150%, 1/25/2070(a)(b)
|
30,425,058
|
|
8,750,000
|
Progress Residential Trust, Series 2021-SFR3,
Class C, 2.088%, 5/17/2026(a)
|
8,715,642
|
|
2,420,000
|
Progress Residential Trust, Series 2021-SFR3,
Class E1, 2.538%, 5/17/2026(a)
|
2,410,320
|
|
2,015,000
|
Progress Residential Trust, Series 2021-SFR3,
Class E2, 2.688%, 5/17/2026(a)
|
2,006,934
|
|
1,400,000
|
Progress Residential Trust, Series 2021-SFR9,
Class E1, 2.811%, 11/17/2040(a)
|
1,322,809
|
|
960,000
|
Progress Residential Trust, Series 2021-SFR9,
Class E2, 3.010%, 11/17/2040(a)
|
909,429
|
|
1,260,000
|
Progress Residential Trust, Series 2023-SFR1,
Class C, 4.650%, 3/17/2040(a)
|
1,242,360
|
|
1,935,000
|
Progress Residential Trust, Series 2023-SFR1,
Class D, 4.650%, 3/17/2040(a)
|
1,904,413
|
|
846,052
|
PRPM LLC, Series 2023-RCF2, Class A1,
4.000%, 11/25/2053(a)(b)
|
834,068
|
|
6,200,541
|
PRPM LLC, Series 2024-7, Class A1,
5.870%, 11/25/2029(a)(b)
|
6,202,796
|
|
1,947,908
|
PRPM LLC, Series 2024-RCF1, Class A1,
4.000%, 1/25/2054(a)(b)
|
1,922,341
|
|
7,070,175
|
PRPM LLC, Series 2024-RCF2, Class A1,
3.750%, 3/25/2054(a)(b)
|
6,925,509
|
|
16,069,579
|
PRPM LLC, Series 2024-RPL1, Class A1,
4.200%, 12/25/2064(a)(b)
|
15,826,795
|
|
5,007,538
|
PRPM LLC, Series 2025-2, Class A1,
6.469%, 5/25/2030(a)(b)
|
4,995,718
|
|
19,831,604
|
PRPM LLC, Series 2025-8, Class A1,
5.385%, 10/25/2030(a)(b)
|
19,742,062
|
|
6,969,608
|
PRPM LLC, Series 2025-RCF1, Class A1,
4.500%, 2/25/2055(a)(b)
|
6,878,215
|
|
7,702,902
|
PRPM LLC, Series 2025-RCF5, Class A1,
4.839%, 10/25/2055(a)(b)
|
7,618,589
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Home Equity — continued
|
|
|
$12,741,412
|
PRPM LLC, Series 2026-1, Class A1,
5.185%, 2/25/2031(a)(b)
|
$12,606,889
|
|
13,341,153
|
PRPM LLC, Series 2026-2, Class A1,
5.089%, 2/25/2031(a)(b)
|
13,298,755
|
|
23,045,000
|
Roc Mortgage Trust, Series 2024-RTL1,
Class A1, 5.589%, 10/25/2039(a)(b)
|
23,077,067
|
|
175,858
|
Sequoia Mortgage Trust, Series 2017-CH2,
Class A1, 4.000%, 12/25/2047(a)(b)
|
164,941
|
|
4,543,203
|
Toorak Mortgage Trust, Series 2024-RRTL1,
Class A1, 6.597%, 2/25/2039(a)(b)
|
4,546,185
|
|
4,930,000
|
Towd Point Mortgage Trust, Series 2017-4,
Class M2, 3.250%, 6/25/2057(a)(b)
|
4,338,639
|
|
1,943,340
|
Towd Point Mortgage Trust, Series 2018-5,
Class M1, 3.250%, 7/25/2058(a)(b)
|
1,660,490
|
|
4,495,000
|
Towd Point Mortgage Trust, Series 2019-2,
Class A2, 3.750%, 12/25/2058(a)(b)
|
4,065,294
|
|
17,610,000
|
Towd Point Mortgage Trust, Series 2019-2,
Class M1, 3.750%, 12/25/2058(a)(b)
|
15,219,238
|
|
2,810,282
|
Towd Point Mortgage Trust, Series 2019-4,
Class A1, 2.900%, 10/25/2059(a)(b)
|
2,701,107
|
|
1,505,000
|
Tricon American Homes Trust,
Series 2020-SFR1, Class B, 2.049%, 7/17/2038(a)
|
1,491,164
|
|
3,950,000
|
Tricon American Homes Trust,
Series 2020-SFR1, Class D, 2.548%, 7/17/2038(a)
|
3,916,289
|
|
23,100,000
|
TVC Mortgage Trust, Series 2024-RRTL1,
Class A1, 5.545%, 7/25/2039(a)(b)
|
23,147,618
|
|
5,355,000
|
TVC Mortgage Trust, Series 2026-RRTL1,
Class A1, 4.964%, 2/25/2041(a)(b)
|
5,328,261
|
|
8,564,931
|
Verus Securitization Trust, Series 2021-3,
Class A1, 1.046%, 6/25/2066(a)(b)
|
7,627,113
|
|
10,119,395
|
Verus Securitization Trust, Series 2021-7,
Class A1, 2.829%, 10/25/2066(a)(b)
|
9,272,303
|
|
|
|
487,213,521
|
|
|
ABS Other — 7.1%
|
|
|
1,524,811
|
AASET LLC, Series 2022-1A, Class A,
6.000%, 5/16/2047(a)
|
1,548,573
|
|
29,540,088
|
AASET Ltd., Series 2024-2A, Class A,
5.930%, 9/16/2049(a)
|
29,757,683
|
|
2,347,059
|
AASET Trust, Series 2021-1A, Class A,
2.950%, 11/16/2041(a)
|
2,263,584
|
|
2,260,000
|
Affirm Asset Securitization Trust,
Series 2024-X2, Class D, 6.080%, 12/17/2029(a)
|
2,265,998
|
|
20,489,957
|
ALTDE Trust, Series 2025-1A, Class A,
5.900%, 8/15/2050(a)
|
20,612,108
|
|
54,130,000
|
Applebee's Funding LLC/IHOP Funding LLC,
Series 2025-1A, Class A2, 6.720%, 6/07/2055(a)
|
54,142,033
|
|
11,723,297
|
Aqua Finance Issuer Trust, Series 2025-A,
Class A, 5.250%, 12/19/2050(a)
|
11,866,539
|
|
15,715,398
|
Aqua Finance Trust, Series 2024-A, Class A,
4.810%, 4/18/2050(a)
|
15,749,398
|
|
319,038
|
Auxilior Term Funding LLC, Series 2023-1A,
Class A2, 6.180%, 12/15/2028(a)
|
319,729
|
|
18,265,000
|
BasePoint MCA Securitization II LLC,
Series 2025-1A, Class A, 5.926%, 8/15/2031(a)
|
18,235,771
|
|
1,137,314
|
BHG Securitization Trust, Series 2022-A,
Class B, 2.700%, 2/20/2035(a)
|
1,135,858
|
|
3,724,000
|
BHG Securitization Trust, Series 2022-A,
Class C, 3.080%, 2/20/2035(a)
|
3,687,610
|
|
5,460,668
|
BHG Securitization Trust, Series 2023-B,
Class B, 7.450%, 12/17/2036(a)
|
5,682,870
|
|
2,593,049
|
BHG Securitization Trust, Series 2024-1CON,
Class A, 5.810%, 4/17/2035(a)
|
2,624,635
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$5,477,477
|
BHG Securitization Trust, Series 2024-1CON,
Class B, 6.490%, 4/17/2035(a)
|
$5,609,743
|
|
8,278,333
|
BHG Securitization Trust, Series 2025-1CON,
Class A, 4.820%, 4/17/2036(a)
|
8,288,032
|
|
1,614,513
|
BHG Securitization Trust, Series 2025-1CON,
Class B, 5.260%, 4/17/2036(a)
|
1,622,908
|
|
16,994,707
|
Business Jet Securities LLC, Series 2024-2A,
Class A, 5.364%, 9/15/2039(a)
|
16,949,622
|
|
4,626,563
|
CAL Funding IV Ltd., Series 2020-1A, Class A,
2.220%, 9/25/2045(a)
|
4,439,499
|
|
2,193,131
|
Castlelake Aircraft Structured Trust,
Series 2019-1A, Class A, 3.967%, 4/15/2039(a)
|
2,171,278
|
|
3,535,022
|
CLI Funding VI LLC, Series 2020-3A, Class A,
2.070%, 10/18/2045(a)
|
3,326,785
|
|
36,194,581
|
CLIF Holdings LLC, Series 2025-1H, Class A,
6.720%, 12/20/2050(a)
|
35,918,163
|
|
19,830,000
|
Compass Datacenters Issuer II LLC,
Series 2024-2A, Class A1, 5.022%, 8/25/2049(a)
|
19,664,751
|
|
15,075,000
|
Compass Datacenters Issuer III LLC,
Series 2025-1A, Class A2, 5.656%, 2/25/2050(a)
|
15,149,275
|
|
3,025,000
|
Compass Datacenters Issuer III LLC,
Series 2025-1A, Class A3, 5.852%, 2/25/2050(a)
|
3,031,890
|
|
18,140,000
|
Compass Datacenters Issuer III LLC,
Series 2025-3A, Class A2, 5.286%, 7/25/2050(a)
|
17,961,758
|
|
10,398,788
|
Crockett Partners Equipment Co. IIA LLC,
Series 2024-1C, Class A, 6.050%, 1/20/2031(a)
|
10,520,526
|
|
9,972,000
|
CyrusOne Data Centers Issuer I LLC,
Series 2024-2A, Class A2, 4.500%, 5/20/2049(a)
|
9,693,408
|
|
7,930,000
|
CyrusOne Data Centers Issuer I LLC,
Series 2024-3A, Class A2, 4.650%, 5/20/2049(a)
|
7,531,601
|
|
27,915,000
|
DataBank Issuer II LLC, Series 2025-1A,
Class A2, 5.180%, 9/27/2055(a)
|
27,077,896
|
|
23,695,000
|
EDI ABS Issuer 1 LLC, Series 2025-1A, Class A2,
4.450%, 7/25/2055(a)
|
22,683,816
|
|
6,514,959
|
EverBright Solar Trust, Series 2024-A, Class A,
6.430%, 6/22/2054(a)
|
5,498,618
|
|
3,646,433
|
Foundation Finance Trust, Series 2023-2A,
Class A, 6.530%, 6/15/2049(a)
|
3,781,814
|
|
1,903,249
|
Foundation Finance Trust, Series 2023-2A,
Class B, 6.970%, 6/15/2049(a)
|
1,974,977
|
|
25,121,294
|
GGAM Master Trust International Ltd.,
Series 2025-1A, Class A, 5.923%, 9/30/2060(a)
|
25,030,794
|
|
26,253,043
|
Global SC Finance X Ltd., Series 2025-1H,
Class A, 6.169%, 9/20/2045(a)
|
26,119,599
|
|
4,349,498
|
GoodLeap Home Improvement Solutions Trust,
Series 2024-1A, Class A, 5.350%, 10/20/2046(a)
|
4,383,753
|
|
5,880,000
|
GreenSky Home Improvement Issuer Trust,
Series 2024-1, Class A3, 5.550%, 6/25/2059(a)
|
5,980,337
|
|
3,978,301
|
GreenSky Home Improvement Issuer Trust,
Series 2024-1, Class C, 6.360%, 6/25/2059(a)
|
4,051,665
|
|
1,438,542
|
GreenSky Home Improvement Issuer Trust,
Series 2024-2, Class A4, 5.150%, 10/27/2059(a)
|
1,445,088
|
|
152,877
|
Hilton Grand Vacations Trust, Series 2022-1D,
Class C, 4.690%, 6/20/2034(a)
|
152,598
|
|
305,358
|
Hilton Grand Vacations Trust, Series 2023-1A,
Class C, 6.940%, 1/25/2038(a)
|
313,406
|
|
1,675,153
|
Hilton Grand Vacations Trust, Series 2024-2A,
Class C, 5.990%, 3/25/2038(a)
|
1,692,896
|
|
1,017,869
|
Hilton Grand Vacations Trust, Series 2025-1A,
Class C, 5.520%, 5/27/2042(a)
|
1,023,209
|
|
2,416,861
|
HINNT LLC, Series 2024-A, Class A,
5.490%, 3/15/2043(a)
|
2,436,539
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$1,474,166
|
Horizon Aircraft Finance I Ltd., Series 2018-1,
Class A, 4.458%, 12/15/2038(a)
|
$1,465,018
|
|
685,675
|
Horizon Aircraft Finance II Ltd., Series 2019-1,
Class A, 3.721%, 7/15/2039(a)
|
672,935
|
|
1,264,393
|
Horizon Aircraft Finance III Ltd., Series 2019-2,
Class A, 3.425%, 11/15/2039(a)
|
1,235,894
|
|
2,395,000
|
HPEFS Equipment Trust, Series 2023-2A,
Class D, 6.970%, 7/21/2031(a)
|
2,411,533
|
|
2,180,000
|
Island Finance Trust, Series 2025-1A, Class A,
6.540%, 3/19/2035(a)
|
2,194,593
|
|
4,214,807
|
Jack in the Box Funding LLC, Series 2019-1A,
Class A2II, 4.476%, 8/25/2049(a)
|
4,188,014
|
|
400,200
|
Jack in the Box Funding LLC, Series 2022-1A,
Class A2I, 3.445%, 2/26/2052(a)
|
388,572
|
|
20,825,000
|
Kapitus Asset Securitization IV LLC,
Series 2024-1A, Class 1A, 5.490%, 9/10/2031(a)
|
20,858,426
|
|
12,704,000
|
Kapitus Asset Securitization IV LLC,
Series 2024-1A, Class A, 5.490%, 9/10/2031(a)
|
12,724,391
|
|
25,165,000
|
Kapitus Asset Securitization V LLC,
Series 2025-1A, Class A, 5.460%, 4/10/2032(a)
|
25,102,238
|
|
9,305,000
|
Kinetic ABS Issuer LLC, Series 2026-1A,
Class A2, 5.219%, 2/25/2056(a)
|
9,278,491
|
|
1,456,337
|
Labrador Aviation Finance Ltd., Series 2016-1A,
Class A1, 4.300%, 1/15/2042(a)
|
1,493,753
|
|
45,670,000
|
Lightpath Fiber Issuer LLC, Series 2026-1A,
Class A2, 5.597%, 3/25/2056(a)
|
45,543,403
|
|
11,041,906
|
Lunar Structured Aircraft Portfolio Notes,
Series 2021-1, Class A, 2.636%, 10/15/2046(a)
|
10,486,486
|
|
1,944,332
|
MAPS Trust, Series 2021-1A, Class A,
2.521%, 6/15/2046(a)
|
1,869,256
|
|
5,330,000
|
Mariner Finance Issuance Trust,
Series 2024-AA, Class B, 5.680%, 9/22/2036(a)
|
5,386,126
|
|
691,000
|
Marlette Funding Trust, Series 2024-1A,
Class D, 6.930%, 7/17/2034(a)
|
702,909
|
|
29,314,464
|
MAST Ltd., Series 2026-1A, Class A,
5.134%, 2/15/2051(a)
|
28,815,361
|
|
2,761,130
|
Mosaic Solar Loan Trust, Series 2024-1A,
Class A, 5.500%, 9/20/2049(a)
|
2,594,328
|
|
32,649,177
|
Mosaic Solar Loan Trust, Series 2024-2A,
Class A, 5.600%, 4/22/2052(a)
|
30,967,379
|
|
131,016
|
MVW LLC, Series 2020-1A, Class C,
4.210%, 10/20/2037(a)
|
130,481
|
|
1,881,347
|
MVW LLC, Series 2024-1A, Class C,
6.200%, 2/20/2043(a)
|
1,911,843
|
|
8,533,343
|
Navigator Aircraft ABS Ltd., Series 2021-1,
Class A, 2.771%, 11/15/2046(a)(b)
|
8,093,863
|
|
16,270,000
|
NFAS3 LLC, Series 2025-1, Class A,
6.351%, 5/15/2031(a)
|
16,339,375
|
|
4,573,450
|
Octane Receivables Trust, Series 2024-1A,
Class A2, 5.680%, 5/20/2030(a)
|
4,598,091
|
|
7,119,000
|
Octane Receivables Trust, Series 2024-2A,
Class C, 5.900%, 7/20/2032(a)
|
7,181,078
|
|
6,695,000
|
OnDeck Asset Securitization Trust IV LLC,
Series 2024-2A, Class A, 4.980%, 10/17/2031(a)
|
6,712,647
|
|
3,120,000
|
Onemain Financial Issuance Trust,
Series 2025-1A, Class D, 5.790%, 7/14/2038(a)
|
3,139,334
|
|
1,675,000
|
OneMain Financial Issuance Trust,
Series 2019-2A, Class D, 4.050%, 10/14/2036(a)
|
1,596,764
|
|
8,040,000
|
OneMain Financial Issuance Trust,
Series 2022-S1, Class D, 5.200%, 5/14/2035(a)
|
8,050,804
|
|
16,042,937
|
OWN Equipment Fund I LLC, Series 2024-2M,
Class A, 5.700%, 12/20/2032(a)
|
16,139,337
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$9,206,862
|
OWN Equipment Fund II LLC, Series 2025-1M,
Class A, 5.480%, 9/26/2033(a)
|
$9,193,422
|
|
23,728,708
|
OWN Equipment Fund III LLC, Series 2025-2M,
Class A, 5.420%, 3/27/2034(a)
|
23,636,816
|
|
3,718,086
|
PK ALIFT Loan Funding 3 LP, Series 2024-1,
Class A1, 5.842%, 9/15/2039(a)
|
3,780,979
|
|
4,764,587
|
PK Alift Loan Funding 7 LP, Series 2025-2,
Class A, 4.750%, 3/15/2043(a)
|
4,741,049
|
|
11,405,000
|
Planet Fitness Master Issuer LLC,
Series 2025-1A, Class A2I, 5.274%, 12/06/2055(a)
|
11,400,904
|
|
6,380,000
|
Progress Residential Trust, Series 2022-SFR5,
Class C, 5.192%, 6/17/2039(a)
|
6,349,773
|
|
10,190,000
|
QTS Issuer ABS II LLC, Series 2025-1A, Class B,
5.778%, 10/05/2055(a)
|
9,856,257
|
|
2,600,000
|
QTS Issuer ABS II LLC, Series 2026-1A, Class B,
6.729%, 1/05/2056(a)
|
2,573,241
|
|
1,165,000
|
Reach ABS Trust, Series 2025-1A, Class C,
5.990%, 8/16/2032(a)
|
1,178,824
|
|
8,020,000
|
Reach ABS Trust, Series 2025-2A, Class B,
5.120%, 8/18/2032(a)
|
8,031,999
|
|
7,550,000
|
Regional Management Issuance Trust,
Series 2024-2, Class A, 5.110%, 12/15/2033(a)
|
7,577,323
|
|
1,825,000
|
Regional Management Issuance Trust,
Series 2024-2, Class C, 5.740%, 12/15/2033(a)
|
1,835,472
|
|
5,250,000
|
Regional Management Issuance Trust,
Series 2025-1, Class D, 6.580%, 4/17/2034(a)
|
5,295,137
|
|
9,940,000
|
Republic Finance Issuance Trust,
Series 2024-A, Class A, 5.910%, 8/20/2032(a)
|
9,977,173
|
|
12,420,000
|
Republic Finance Issuance Trust,
Series 2024-B, Class A, 5.420%, 11/20/2037(a)
|
12,542,536
|
|
14,675,000
|
RFS Asset Securitization II LLC, Series 2024-1,
Class A, 6.550%, 7/15/2031(a)
|
14,855,538
|
|
14,820,000
|
SEB Funding LLC, Series 2024-1A, Class A2,
7.386%, 4/30/2054(a)
|
15,083,337
|
|
43,000,000
|
SF ABS Issuer LLC, Series 2025-1A, Class A2,
5.377%, 11/25/2055(a)
|
42,078,682
|
|
22,002,000
|
Shentel Issuer LLC, Series 2025-1A, Class A2,
5.640%, 12/20/2055(a)
|
22,168,458
|
|
1,525,421
|
Shenton Aircraft Investment I Ltd.,
Series 2015-1A, Class A, 4.750%, 10/15/2042(a)
|
1,525,421
|
|
467,163
|
Sierra Timeshare Receivables Funding LLC,
Series 2023-1A, Class C, 7.000%, 1/20/2040(a)
|
476,937
|
|
556,724
|
Sierra Timeshare Receivables Funding LLC,
Series 2023-2A, Class C, 7.300%, 4/20/2040(a)
|
572,757
|
|
1,864,369
|
Sierra Timeshare Receivables Funding LLC,
Series 2023-3A, Class C, 7.120%, 9/20/2040(a)
|
1,914,103
|
|
16,331,250
|
Slam Ltd., Series 2024-1A, Class A,
5.335%, 9/15/2049(a)
|
16,268,651
|
|
10,545,677
|
Slam Super B Master Ltd., 6.472%, 12/15/2050
|
10,372,486
|
|
29,320,000
|
Sprite Ltd., Series 2026-1, Class A,
5.227%, 3/15/2041(a)
|
28,851,255
|
|
17,210,000
|
Sprite Ltd., Series 2026-1, Class C,
9.413%, 3/15/2041(a)
|
17,029,512
|
|
1,047,169
|
Stream Innovations Issuer Trust,
Series 2024-1A, Class A, 6.270%, 7/15/2044(a)
|
1,077,931
|
|
6,038,997
|
Stream Innovations Issuer Trust,
Series 2024-2A, Class A, 5.210%, 2/15/2045(a)
|
6,077,626
|
|
2,379,448
|
Sunnova Helios II Issuer LLC, Series 2019-AA,
Class A, 3.750%, 6/20/2046(a)
|
2,180,085
|
|
5,242,817
|
Sunnova Helios X Issuer LLC, Series 2022-C,
Class A, 5.300%, 11/22/2049(a)
|
4,825,644
|
|
22,229,549
|
Sunnova Helios XIII Issuer LLC, Series 2024-A,
Class A, 5.300%, 2/20/2051(a)
|
19,064,910
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$1,962,786
|
Sunnova Sol III Issuer LLC, Series 2021-1,
Class A, 2.580%, 4/28/2056(a)
|
$1,674,737
|
|
17,685,351
|
Sunrun Atlas Issuer LLC, Series 2019-2,
Class A, 3.610%, 2/01/2055(a)
|
17,061,095
|
|
2,226,428
|
Sunrun Demeter Issuer LLC, Series 2021-2A,
Class A, 2.270%, 1/30/2057(a)
|
2,020,809
|
|
8,517,687
|
Thrust Engine Leasing DAC, Series 2021-1A,
Class A, 4.163%, 7/15/2040(a)
|
8,424,255
|
|
4,603,583
|
TIC Home Improvement Trust, Series 2024-A,
Class A, 6.670%, 10/15/2046(a)
|
4,674,439
|
|
4,934,250
|
TIF Funding III LLC, Series 2024-1A, Class A,
5.480%, 4/20/2049(a)
|
4,954,832
|
|
3,251,250
|
TIF Funding III LLC, Series 2024-1A, Class C,
6.310%, 4/20/2049(a)
|
3,239,293
|
|
23,924,019
|
TMCL VII Holdings Ltd., Series 2025-1H,
Class A, 6.430%, 7/23/2050(a)
|
23,890,922
|
|
31,890,000
|
Trafigura Securitisation Finance PLC,
Series 2024-1A, Class A1, 1 day USD SOFR +
1.400%, 5.041%, 11/15/2027(a)(b)
|
31,876,702
|
|
190,591
|
Triumph Rail Holdings LLC, Series 2021-2,
Class A, 2.150%, 6/19/2051(a)
|
184,500
|
|
3,200,000
|
Uniti Fiber ABS Issuer LLC, Series 2025-1A,
Class A2, 5.877%, 4/20/2055(a)
|
3,249,012
|
|
8,159,956
|
Volofin Finance DAC, Series 2024-1A, Class A,
5.935%, 6/15/2037(a)
|
8,219,287
|
|
613,121
|
Wave LLC, Series 2019-1, Class A,
3.597%, 9/15/2044(a)
|
600,894
|
|
2,752,385
|
Willis Engine Structured Trust VI,
Series 2021-A, Class A, 3.104%, 5/15/2046(a)
|
2,592,308
|
|
2,159,401
|
Willis Engine Structured Trust VI,
Series 2021-A, Class B, 5.438%, 5/15/2046(a)
|
2,132,763
|
|
6,611,734
|
Willis Engine Structured Trust VII,
Series 2023-A, Class A, 8.000%, 10/15/2048(a)
|
6,741,146
|
|
|
|
1,191,622,588
|
|
|
ABS Residential Mortgage — 1.7%
|
|
|
15,223,574
|
GITSIT Mortgage Loan Trust, Series 2025-NPL1,
Class A1, 6.276%, 2/25/2055(a)(b)
|
15,233,211
|
|
24,591,586
|
GITSIT Mortgage Loan Trust, Series 2025-NPL2,
Class A1, 5.425%, 12/25/2055(a)(b)
|
24,459,160
|
|
12,827,057
|
MFA Trust, Series 2024-NPL1, Class A1,
6.330%, 9/25/2054(a)(b)
|
12,842,875
|
|
11,189,621
|
Pretium Mortgage Credit Partners LLC,
Series 2025-NPL3, Class A1,
6.708%, 4/25/2055(a)(b)
|
11,200,231
|
|
10,136,574
|
Pretium Mortgage Credit Partners LLC,
Series 2025-NPL6, Class A1,
5.744%, 6/25/2055(a)(b)
|
10,152,171
|
|
27,852,728
|
Pretium Mortgage Credit Partners LLC,
Series 2025-NPL8, Class A1,
5.732%, 8/25/2055(a)(b)
|
27,911,517
|
|
3,230,613
|
Pretium Mortgage Credit Partners LLC,
Series 2026-NPL1, Class A1,
5.180%, 1/25/2056(a)(b)
|
3,204,444
|
|
16,538,506
|
Pretium Mortgage Credit Partners LLC,
Series 2026-NPL2, Class A1,
5.151%, 2/25/2056(a)(b)
|
16,408,343
|
|
25,059,741
|
Pretium Mortgage Credit Partners LLC,
Series 2026-NPL3, Class A1,
4.968%, 2/25/2056(a)(b)
|
24,854,301
|
|
17,075,000
|
Pretium Mortgage Credit Partners LLC,
Series 2026-NPL4, Class A1,
5.510%, 4/25/2056(a)(b)
|
17,075,854
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Residential Mortgage — continued
|
|
|
$30,431,724
|
RCO IX Mortgage LLC, Series 2025-2, Class A1,
6.513%, 4/25/2030(a)(b)
|
$30,472,584
|
|
29,738,861
|
RCO IX Mortgage LLC, Series 2025-4, Class A1,
5.310%, 10/25/2030(a)(b)
|
29,715,608
|
|
2,684,731
|
RCO VIII Mortgage LLC, Series 2025-3,
Class A1, 6.435%, 5/25/2030(a)(b)
|
2,687,491
|
|
26,135,000
|
RCO X Mortgage LLC, Series 2026-1, Class A1,
5.536%, 3/25/2031(a)(b)
|
26,136,594
|
|
19,411,998
|
VCAT LLC, Series 2025-NPL3, Class A1,
5.889%, 2/25/2055(a)(b)
|
19,436,074
|
|
11,096,558
|
VCAT LLC, Series 2026-NPL1, Class A1,
5.101%, 1/25/2056(a)(b)
|
11,034,487
|
|
|
|
282,824,945
|
|
|
ABS Student Loan — 0.5%
|
|
|
573,002
|
Ascent Education Funding Trust, Series 2024-A,
Class A, 6.140%, 10/25/2050(a)
|
584,620
|
|
21,873,881
|
College Ave Student Loans LLC, Series 2024-B,
Class A1A, 5.690%, 8/25/2054(a)
|
22,314,038
|
|
2,150,000
|
College Ave Student Loans LLC, Series 2024-B,
Class B, 6.080%, 8/25/2054(a)
|
2,187,287
|
|
309,977
|
College Avenue Student Loans LLC,
Series 2021-A, Class C, 2.920%, 7/25/2051(a)
|
293,148
|
|
1,177,749
|
Commonbond Student Loan Trust,
Series 2020-1, Class A, 1.690%, 10/25/2051(a)
|
1,075,282
|
|
1,759,627
|
ELFI Graduate Loan Program LLC,
Series 2019-A, Class A, 2.540%, 3/25/2044(a)
|
1,663,633
|
|
1,903,422
|
Laurel Road Prime Student Loan Trust,
Series 2020-A, Class A2FX,
1.400%, 11/25/2050(a)
|
1,777,414
|
|
297,297
|
Navient Private Education Refi Loan Trust,
Series 2020-HA, Class A, 1.310%, 1/15/2069(a)
|
282,489
|
|
1,519,145
|
Navient Private Education Refi Loan Trust,
Series 2021-A, Class A, 0.840%, 5/15/2069(a)
|
1,390,779
|
|
690,000
|
Navient Private Education Refi Loan Trust,
Series 2021-A, Class B, 2.240%, 5/15/2069(a)
|
558,068
|
|
2,105,000
|
Navient Private Education Refi Loan Trust,
Series 2021-EA, Class B, 2.030%, 12/16/2069(a)
|
1,524,631
|
|
4,790,000
|
Navient Private Education Refi Loan Trust,
Series 2021-FA, Class B, 2.120%, 2/18/2070(a)
|
3,415,399
|
|
5,525,000
|
Navient Student Loan Trust, Series 2023-BA,
Class B, 7.230%, 3/15/2072(a)
|
5,949,596
|
|
6,710,000
|
Nelnet Student Loan Trust, Series 2021-BA,
Class B, 2.680%, 4/20/2062(a)
|
6,043,107
|
|
156,000
|
SLM Private Credit Student Loan Trust,
Series 2003-A, Class A3, 28 day Auction Rate
Security, 6.330%, 6/15/2032(b)
|
155,979
|
|
102,000
|
SLM Private Credit Student Loan Trust,
Series 2003-A, Class A4, 28 day Auction Rate
Security, 6.340%, 6/15/2032(b)
|
101,986
|
|
304,000
|
SLM Private Credit Student Loan Trust,
Series 2003-B, Class A3, 28 day Auction Rate
Security, 6.350%, 3/15/2033(b)
|
303,976
|
|
198,000
|
SLM Private Credit Student Loan Trust,
Series 2003-B, Class A4, 28 day Auction Rate
Security, 6.370%, 3/15/2033(b)
|
197,984
|
|
140,000
|
SLM Private Credit Student Loan Trust,
Series 2003-C, Class A3, 28 day Auction Rate
Security, 6.470%, 9/15/2032(b)
|
140,000
|
|
307,000
|
SLM Private Credit Student Loan Trust,
Series 2003-C, Class A4, 28 day Auction Rate
Security, 6.510%, 9/15/2032(b)
|
307,000
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Student Loan — continued
|
|
|
$215,000
|
SMB Private Education Loan Trust,
Series 2018-A, Class B, 3.960%, 7/15/2042(a)
|
$211,515
|
|
1,605,000
|
SMB Private Education Loan Trust,
Series 2018-B, Class B, 4.000%, 7/15/2042(a)
|
1,571,876
|
|
1,525,000
|
SMB Private Education Loan Trust,
Series 2018-C, Class B, 4.000%, 11/17/2042(a)
|
1,495,699
|
|
1,227,363
|
SMB Private Education Loan Trust,
Series 2019-A, Class A2A, 3.440%, 7/15/2036(a)
|
1,217,958
|
|
2,801,294
|
SMB Private Education Loan Trust,
Series 2019-B, Class A2A, 2.840%, 6/15/2037(a)
|
2,751,622
|
|
325,939
|
SMB Private Education Loan Trust,
Series 2020-A, Class A2A, 2.230%, 9/15/2037(a)
|
316,517
|
|
2,115,004
|
SMB Private Education Loan Trust,
Series 2021-B, Class A, 1.310%, 7/17/2051(a)
|
2,000,500
|
|
1,130,078
|
SMB Private Education Loan Trust,
Series 2021-D, Class A1A, 1.340%, 3/17/2053(a)
|
1,070,061
|
|
5,705,000
|
SMB Private Education Loan Trust,
Series 2023-C, Class B, 6.360%, 11/15/2052(a)
|
5,937,988
|
|
9,200,243
|
SMB Private Education Loan Trust,
Series 2024-A, Class A1A, 5.240%, 3/15/2056(a)
|
9,277,132
|
|
6,529,038
|
SMB Private Education Loan Trust,
Series 2024-C, Class A1A, 5.500%, 6/17/2052(a)
|
6,654,887
|
|
|
|
82,772,171
|
|
|
ABS Whole Business — 0.8%
|
|
|
30,940,000
|
Applebee's Funding LLC/IHOP Funding LLC,
Series 2023-1A, Class A2, 7.824%, 3/05/2053(a)
|
31,189,571
|
|
14,028,437
|
EWC Master Issuer LLC, Series 2022-1A,
Class A2, 5.500%, 3/15/2052(a)
|
13,920,180
|
|
18,825,000
|
FF Asset Securitization LLC, Series 2025-1A,
Class A, 5.807%, 12/17/2031(a)
|
18,622,104
|
|
4,775,088
|
FOCUS Brands Funding, Series 2023-2,
Class A2, 8.241%, 10/30/2053(a)
|
4,998,635
|
|
6,622,500
|
Planet Fitness Master Issuer LLC,
Series 2019-1A, Class A2, 3.858%, 12/05/2049(a)
|
6,306,582
|
|
2,160,000
|
Planet Fitness Master Issuer LLC,
Series 2022-1A, Class A2II,
4.008%, 12/05/2051(a)
|
2,015,396
|
|
9,446,150
|
Planet Fitness Master Issuer LLC,
Series 2024-1A, Class A2I, 5.765%, 6/05/2054(a)
|
9,506,599
|
|
3,525,000
|
Progress Residential Trust, Series 2022-SFR5,
Class B, 4.896%, 6/17/2039(a)
|
3,510,904
|
|
35,471,000
|
Subway Funding LLC, Series 2024-1A,
Class A2I, 6.028%, 7/30/2054(a)
|
35,699,912
|
|
10,037,937
|
Subway Funding LLC, Series 2024-3A,
Class A2I, 5.246%, 7/30/2054(a)
|
9,909,051
|
|
4,455,000
|
Wingstop Funding LLC, Series 2024-1A,
Class A2, 5.858%, 12/05/2054(a)
|
4,524,357
|
|
|
|
140,203,291
|
|
|
Aerospace & Defense — 3.3%
|
|
|
595,000
|
Axon Enterprise, Inc., 6.125%, 3/15/2030(a)
|
604,845
|
|
593,000
|
Axon Enterprise, Inc., 6.250%, 3/15/2033(a)
|
605,302
|
|
2,685,000
|
BAE Systems PLC, 5.250%, 3/26/2031(a)
|
2,754,649
|
|
35,660,000
|
BAE Systems PLC, 5.300%, 3/26/2034(a)
|
36,521,546
|
|
32,338,000
|
Boeing Co., 3.625%, 2/01/2031
|
30,754,148
|
|
26,030,000
|
Boeing Co., 5.150%, 5/01/2030
|
26,465,742
|
|
23,082,000
|
Boeing Co., 5.705%, 5/01/2040
|
23,118,288
|
|
106,429,000
|
Boeing Co., 5.805%, 5/01/2050
|
102,887,724
|
|
1,525,000
|
Boeing Co., 5.930%, 5/01/2060
|
1,463,829
|
|
6,685,000
|
Boeing Co., 6.388%, 5/01/2031
|
7,128,491
|
|
15,415,000
|
Boeing Co., 6.528%, 5/01/2034
|
16,792,216
|
|
112,921,000
|
Boeing Co., 6.858%, 5/01/2054
|
124,278,014
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Aerospace & Defense — continued
|
|
|
$10,340,000
|
Boeing Co., 7.008%, 5/01/2064
|
$11,431,078
|
|
9,955,000
|
Honeywell Aerospace, Inc.,
4.950%, 3/16/2036(a)
|
9,877,381
|
|
29,741,000
|
L3Harris Technologies, Inc., 5.350%, 6/01/2034
|
30,229,939
|
|
29,248,000
|
L3Harris Technologies, Inc., 5.400%, 7/31/2033
|
30,008,258
|
|
3,335,000
|
RTX Corp., 2.375%, 3/15/2032
|
2,936,076
|
|
26,330,000
|
RTX Corp., 5.150%, 2/27/2033
|
26,852,684
|
|
5,005,000
|
Textron, Inc., 2.450%, 3/15/2031
|
4,506,817
|
|
29,075,000
|
Textron, Inc., 3.000%, 6/01/2030
|
27,369,940
|
|
2,040,000
|
Textron, Inc., 4.950%, 3/15/2036
|
1,983,369
|
|
38,470,000
|
Textron, Inc., 6.100%, 11/15/2033
|
40,583,826
|
|
604,000
|
TransDigm, Inc., 6.000%, 1/15/2033(a)
|
603,661
|
|
580,000
|
TransDigm, Inc., 6.875%, 12/15/2030(a)
|
594,296
|
|
|
|
560,352,119
|
|
|
Agency Commercial Mortgage-Backed Securities — 0.1%
|
|
|
8,495,000
|
Arixa Mortgage Trust, Series 2025-RTL1,
Class A1, 5.735%, 8/25/2030(a)(b)
|
8,516,819
|
|
|
Airlines — 0.3%
|
|
|
8,878,250
|
American Airlines Pass-Through Trust,
Series 2016-3, Class A, 3.250%, 4/15/2030
|
8,450,931
|
|
3,769,443
|
American Airlines Pass-Through Trust,
Series A, Class A, 3.600%, 4/15/2031
|
3,590,007
|
|
8,946,746
|
American Airlines Pass-Through Trust,
Series B, Class B, 3.850%, 8/15/2029
|
8,675,928
|
|
2,494,238
|
British Airways Pass-Through Trust,
Series 2019-1, Class A, 3.350%, 12/15/2030(a)
|
2,413,923
|
|
2,155,513
|
United Airlines Pass-Through Trust,
Series 20-1, Class A, 5.875%, 4/15/2029
|
2,188,385
|
|
18,818,128
|
United Airlines Pass-Through Trust,
Series 2023-1, Class A, 5.800%, 7/15/2037
|
19,377,591
|
|
1,766,467
|
United Airlines Pass-Through Trust, Series A,
Class A, 3.700%, 9/01/2031
|
1,697,123
|
|
|
|
46,393,888
|
|
|
Apartment REITs — 0.1%
|
|
|
2,185,000
|
American Homes 4 Rent LP, 2.375%, 7/15/2031
|
1,922,725
|
|
8,745,000
|
Invitation Homes Operating Partnership LP,
4.875%, 2/01/2035
|
8,345,236
|
|
|
|
10,267,961
|
|
|
Automotive — 0.2%
|
|
|
4,895,000
|
Aptiv Swiss Holdings Ltd., 3.250%, 3/01/2032
|
4,581,318
|
|
360,000
|
General Motors Financial Co., Inc.,
5.850%, 4/06/2030
|
372,612
|
|
16,020,000
|
ZF North America Capital, Inc.,
6.750%, 4/23/2030(a)
|
15,497,465
|
|
811,000
|
ZF North America Capital, Inc.,
6.875%, 4/14/2028(a)
|
819,280
|
|
17,195,000
|
ZF North America Capital, Inc.,
6.875%, 4/23/2032(a)
|
16,337,021
|
|
|
|
37,607,696
|
|
|
Banking — 6.0%
|
|
|
15,870,000
|
CaixaBank SA, (fixed rate to 7/03/2035, variable
rate thereafter), 5.581%, 7/03/2036(a)
|
15,960,290
|
|
23,965,000
|
Capital One Financial Corp., (fixed rate to
9/11/2035, variable rate thereafter),
5.197%, 9/11/2036
|
23,232,375
|
|
36,104,000
|
Goldman Sachs Group, Inc., (fixed rate to
1/21/2036, variable rate thereafter),
5.065%, 1/21/2037
|
35,297,876
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Banking — continued
|
|
|
$75,598,000
|
Goldman Sachs Group, Inc., (fixed rate to
2/02/2036, variable rate thereafter),
5.387%, 2/02/2041
|
$73,039,068
|
|
4,980,000
|
Goldman Sachs Group, Inc., (fixed rate to
2/24/2032, variable rate thereafter),
3.102%, 2/24/2033
|
4,497,681
|
|
6,325,000
|
ING Groep NV, (fixed rate to 9/11/2033, variable
rate thereafter), 6.114%, 9/11/2034
|
6,671,207
|
|
24,795,000
|
JPMorgan Chase & Co., (fixed rate to 1/22/2036,
variable rate thereafter), 4.898%, 1/22/2037
|
24,262,147
|
|
2,745,000
|
JPMorgan Chase & Co., (fixed rate to 1/24/2035,
variable rate thereafter), 5.502%, 1/24/2036
|
2,809,614
|
|
13,075,000
|
JPMorgan Chase & Co., (fixed rate to
10/22/2034, variable rate thereafter),
4.946%, 10/22/2035
|
12,931,586
|
|
25,570,000
|
JPMorgan Chase & Co., (fixed rate to 4/22/2035,
variable rate thereafter), 5.572%, 4/22/2036
|
26,349,473
|
|
4,230,000
|
JPMorgan Chase & Co., (fixed rate to 7/25/2032,
variable rate thereafter), 4.912%, 7/25/2033
|
4,232,919
|
|
60,105,000
|
JPMorgan Chase & Co., Series OO, (fixed rate
to 4/01/2030, variable rate thereafter), 6.500%(c)
|
61,675,844
|
|
8,843,000
|
Morgan Stanley, (fixed rate to 1/18/2034,
variable rate thereafter), 5.466%, 1/18/2035
|
8,989,129
|
|
46,450,000
|
Morgan Stanley, (fixed rate to 1/18/2036,
variable rate thereafter), 5.314%, 1/18/2041
|
44,839,230
|
|
45,730,000
|
Morgan Stanley, (fixed rate to 1/19/2033,
variable rate thereafter), 5.948%, 1/19/2038
|
46,846,331
|
|
21,570,000
|
Morgan Stanley, (fixed rate to 10/18/2032,
variable rate thereafter), 6.342%, 10/18/2033
|
23,079,335
|
|
40,679,000
|
Morgan Stanley, (fixed rate to 11/01/2033,
variable rate thereafter), 6.627%, 11/01/2034
|
44,264,042
|
|
19,260,000
|
Morgan Stanley, (fixed rate to 2/07/2034,
variable rate thereafter), 5.942%, 2/07/2039
|
19,688,489
|
|
76,435,000
|
Morgan Stanley, (fixed rate to 4/19/2034,
variable rate thereafter), 5.831%, 4/19/2035
|
79,353,898
|
|
24,855,000
|
Morgan Stanley, (fixed rate to 4/20/2032,
variable rate thereafter), 5.297%, 4/20/2037
|
24,794,531
|
|
41,690,000
|
Morgan Stanley, (fixed rate to 9/16/2031,
variable rate thereafter), 2.484%, 9/16/2036
|
35,869,566
|
|
6,640,000
|
Morgan Stanley, MTN, (fixed rate to 7/21/2033,
variable rate thereafter), 5.424%, 7/21/2034
|
6,737,338
|
|
51,465,000
|
Morgan Stanley Private Bank NA, (fixed rate to
11/19/2030, variable rate thereafter),
4.465%, 11/19/2031
|
50,666,316
|
|
55,585,000
|
Societe Generale SA, (fixed rate to 10/03/2035,
variable rate thereafter), 5.439%, 10/03/2036(a)
|
54,383,838
|
|
572,000
|
Synchrony Financial, 7.250%, 2/02/2033
|
584,230
|
|
3,599,000
|
Synchrony Financial, (fixed rate to 2/25/2031,
variable rate thereafter), 4.947%, 2/25/2032
|
3,492,838
|
|
9,810,000
|
Synchrony Financial, (fixed rate to 3/06/2030,
variable rate thereafter), 5.450%, 3/06/2031
|
9,801,877
|
|
23,652,000
|
Synchrony Financial, (fixed rate to 7/29/2035,
variable rate thereafter), 6.000%, 7/29/2036
|
23,328,512
|
|
17,760,000
|
Synchrony Financial, (fixed rate to 8/02/2029,
variable rate thereafter), 5.935%, 8/02/2030
|
18,044,956
|
|
12,568,000
|
UBS Group AG, (fixed rate to 11/06/2032,
variable rate thereafter), 4.844%, 11/06/2033(a)
|
12,361,770
|
|
20,095,000
|
UBS Group AG, (fixed rate to 2/08/2034, variable
rate thereafter), 5.699%, 2/08/2035(a)
|
20,599,730
|
|
42,885,000
|
UBS Group AG, (fixed rate to 5/09/2035, variable
rate thereafter), 5.580%, 5/09/2036(a)
|
43,495,608
|
|
29,050,000
|
UBS Group AG, (fixed rate to 9/13/2029, variable
rate thereafter), 5.617%, 9/13/2030(a)
|
29,948,514
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Banking — continued
|
|
|
$14,149,000
|
UniCredit SpA, (fixed rate to 6/03/2031, variable
rate thereafter), 3.127%, 6/03/2032(a)
|
$13,000,184
|
|
7,993,000
|
UniCredit SpA, (fixed rate to 6/30/2030, variable
rate thereafter), 5.459%, 6/30/2035(a)
|
7,978,599
|
|
22,767,000
|
Wells Fargo & Co., (fixed rate to 1/23/2036,
variable rate thereafter), 4.960%, 1/23/2037
|
22,178,293
|
|
39,465,000
|
Wells Fargo & Co., (fixed rate to 4/23/2035,
variable rate thereafter), 5.605%, 4/23/2036
|
40,385,624
|
|
44,565,000
|
Wells Fargo & Co., (fixed rate to 9/15/2035,
variable rate thereafter), 4.892%, 9/15/2036
|
43,357,577
|
|
|
|
1,019,030,435
|
|
|
Brokerage — 0.9%
|
|
|
18,635,000
|
BGC Group, Inc., 6.150%, 4/02/2030
|
18,953,542
|
|
29,645,000
|
Blue Owl Finance LLC, 6.250%, 4/18/2034
|
28,500,162
|
|
10,620,000
|
Brookfield Asset Management Ltd.,
5.795%, 4/24/2035
|
10,820,917
|
|
7,775,000
|
Citadel LP, 6.000%, 1/23/2030(a)
|
8,003,957
|
|
5,880,000
|
Citadel LP, 6.375%, 1/23/2032(a)
|
6,094,270
|
|
26,772,000
|
Jane Street Group/JSG Finance, Inc.,
6.750%, 5/01/2033(a)
|
27,162,015
|
|
2,679,000
|
Jane Street Group/JSG Finance, Inc.,
7.125%, 4/30/2031(a)
|
2,753,894
|
|
6,810,000
|
Jefferies Financial Group, Inc.,
5.875%, 7/21/2028
|
6,953,483
|
|
26,635,000
|
Jefferies Financial Group, Inc.,
6.200%, 4/14/2034
|
27,162,690
|
|
19,498,000
|
Jefferies Financial Group, Inc.,
6.250%, 1/15/2036
|
19,765,160
|
|
393,000
|
Osaic Holdings, Inc., 6.750%, 8/01/2032(a)
|
393,049
|
|
|
|
156,563,139
|
|
|
Building Materials — 1.7%
|
|
|
18,540,000
|
Amrize Finance U.S. LLC, 5.400%, 4/07/2035
|
18,853,123
|
|
64,810,000
|
Cemex SAB de CV, 3.875%, 7/11/2031(a)
|
60,498,275
|
|
12,250,000
|
Cemex SAB de CV, 3.875%, 7/11/2031
|
11,435,023
|
|
11,320,000
|
Cemex SAB de CV, (fixed rate to 6/08/2026,
variable rate thereafter), 5.125%(a)(c)
|
11,272,917
|
|
46,030,000
|
CRH America Finance, Inc., 5.000%, 2/09/2036
|
45,188,501
|
|
51,195,000
|
Eagle Materials, Inc., 5.000%, 3/15/2036
|
49,019,519
|
|
9,825,000
|
JH North America Holdings, Inc.,
5.875%, 1/31/2031(a)
|
9,743,364
|
|
14,005,000
|
JH North America Holdings, Inc.,
6.125%, 7/31/2032(a)
|
13,949,187
|
|
37,990,000
|
Owens Corning, 5.700%, 6/15/2034
|
39,271,765
|
|
23,975,000
|
Owens Corning, 7.000%, 12/01/2036
|
26,719,488
|
|
1,184,000
|
Quikrete Holdings, Inc., 6.375%, 3/01/2032(a)
|
1,200,580
|
|
|
|
287,151,742
|
|
|
Cable Satellite — 1.4%
|
|
|
1,643,000
|
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.000%, 2/01/2028(a)
|
1,629,512
|
|
40,415,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 3.950%, 6/30/2062
|
23,746,211
|
|
11,447,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 6.384%, 10/23/2035
|
11,624,241
|
|
26,483,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 6.550%, 6/01/2034
|
27,493,429
|
|
13,218,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 6.650%, 2/01/2034
|
13,788,159
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Cable Satellite — continued
|
|
|
$4,204,000
|
CSC Holdings LLC, 4.125%, 12/01/2030(a)
|
$2,522,772
|
|
2,275,000
|
CSC Holdings LLC, 4.500%, 11/15/2031(a)
|
1,348,867
|
|
38,005,000
|
CSC Holdings LLC, 4.625%, 12/01/2030(a)
|
13,410,726
|
|
910,000
|
CSC Holdings LLC, 5.000%, 11/15/2031(a)
|
328,086
|
|
19,034,000
|
CSC Holdings LLC, 5.375%, 2/01/2028(a)
|
14,076,617
|
|
1,035,000
|
CSC Holdings LLC, 5.750%, 1/15/2030(a)
|
392,867
|
|
1,534,000
|
CSC Holdings LLC, 6.500%, 2/01/2029(a)
|
977,795
|
|
6,119,000
|
CSC Holdings LLC, 11.250%, 5/15/2028(a)
|
5,000,104
|
|
5,852,000
|
Directv Financing LLC, 8.875%, 2/01/2030(a)
|
5,824,729
|
|
5,614,000
|
Directv Financing LLC, 8.875%, 2/01/2030(a)
|
5,601,510
|
|
3,043,000
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 10.000%, 2/15/2031(a)
|
3,106,383
|
|
9,616,000
|
DISH DBS Corp., 5.250%, 12/01/2026(a)
|
9,533,527
|
|
6,160,000
|
DISH DBS Corp., 5.750%, 12/01/2028(a)
|
5,957,906
|
|
85,995,227
|
EchoStar Corp., 10.750%, 11/30/2029
|
92,896,410
|
|
4,610,000
|
Time Warner Cable LLC, 6.550%, 5/01/2037
|
4,647,783
|
|
|
|
243,907,634
|
|
|
Chemicals — 0.1%
|
|
|
9,537,000
|
ARC Falcon I, Inc./Arclin USA LLC/New Arclin
U.S. Holding Corp., 9.750%, 3/01/2033(a)
|
9,173,545
|
|
915,000
|
Ashland, Inc., 3.375%, 9/01/2031(a)
|
821,614
|
|
667,000
|
Chemours Co., 5.750%, 11/15/2028(a)
|
660,413
|
|
|
|
10,655,572
|
|
|
Collateralized Mortgage Obligations — 0.2%
|
|
|
24,791,768
|
Federal Home Loan Mortgage Corp.,
Series 406, Class F4, 30 day USD SOFR Average
+ 0.900%, 4.562%, 10/25/2053(b)
|
24,814,047
|
|
5,662,029
|
Verus Securitization Trust, Series 2021-5,
Class A1, 1.013%, 9/25/2066(a)(b)
|
4,872,098
|
|
|
|
29,686,145
|
|
|
Construction Machinery — 0.7%
|
|
|
10,740,000
|
Ashtead Capital, Inc., 5.800%, 4/15/2034(a)
|
10,949,334
|
|
5,270,000
|
Ashtead Capital, Inc., 5.950%, 10/15/2033(a)
|
5,423,209
|
|
6,065,000
|
United Rentals North America, Inc.,
3.750%, 1/15/2032
|
5,558,471
|
|
2,931,000
|
United Rentals North America, Inc.,
3.875%, 2/15/2031
|
2,755,344
|
|
60,936,000
|
United Rentals North America, Inc.,
5.375%, 11/15/2033(a)
|
59,252,923
|
|
27,620,000
|
United Rentals North America, Inc.,
6.125%, 3/15/2034(a)
|
27,967,653
|
|
|
|
111,906,934
|
|
|
Consumer Cyclical Services — 0.9%
|
|
|
56,355,000
|
Expedia Group, Inc., 2.950%, 3/15/2031
|
51,629,792
|
|
65,520,000
|
Expedia Group, Inc., 5.400%, 2/15/2035
|
65,000,173
|
|
438,000
|
TriNet Group, Inc., 3.500%, 3/01/2029(a)
|
397,040
|
|
393,000
|
TriNet Group, Inc., 7.125%, 8/15/2031(a)
|
381,368
|
|
29,390,000
|
Uber Technologies, Inc., 4.800%, 9/15/2034
|
28,773,054
|
|
10,540,000
|
Uber Technologies, Inc., 4.800%, 9/15/2035
|
10,227,533
|
|
|
|
156,408,960
|
|
|
Consumer Products — 0.0%
|
|
|
5,650,000
|
Hasbro, Inc., 6.600%, 7/15/2028
|
5,853,070
|
|
|
Diversified Manufacturing — 1.0%
|
|
|
26,895,000
|
Amphenol Corp., 4.625%, 2/15/2036
|
26,008,218
|
|
22,305,000
|
Amphenol Corp., 5.000%, 1/15/2035
|
22,276,657
|
|
7,110,000
|
Amphenol Corp., 5.250%, 4/05/2034
|
7,265,026
|
|
3,759,000
|
Esab Corp., 5.625%, 4/01/2031(a)
|
3,785,351
|
|
2,729,000
|
Esab Corp., 6.250%, 4/15/2029(a)
|
2,769,659
|
|
38,736,000
|
Ingersoll Rand, Inc., 5.700%, 8/14/2033
|
40,242,197
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Diversified Manufacturing — continued
|
|
|
$20,385,000
|
Nordson Corp., 5.800%, 9/15/2033
|
$21,188,837
|
|
38,470,000
|
Veralto Corp., 5.450%, 9/18/2033
|
39,284,823
|
|
|
|
162,820,768
|
|
|
Electric — 1.0%
|
|
|
13,229,030
|
Alta Wind Holdings LLC, 7.000%, 6/30/2035(a)
|
12,549,352
|
|
31,435,000
|
Duke Energy Corp., 5.450%, 6/15/2034
|
32,130,987
|
|
30,821,000
|
NRG Energy, Inc., 4.450%, 6/15/2029(a)
|
30,440,515
|
|
31,395,000
|
Southern Co., 5.700%, 3/15/2034
|
32,532,498
|
|
7,640,000
|
Southern Power Co., Series B,
4.900%, 10/01/2035
|
7,388,621
|
|
13,385,000
|
Vistra Operations Co. LLC, 4.700%, 1/31/2031(a)
|
13,169,494
|
|
8,545,000
|
Vistra Operations Co. LLC, 5.250%, 10/15/2035(a)
|
8,298,232
|
|
18,978,000
|
Vistra Operations Co. LLC, 5.350%, 1/31/2036(a)
|
18,564,156
|
|
6,270,000
|
Vistra Operations Co. LLC, 5.700%, 12/30/2034(a)
|
6,307,702
|
|
3,015,000
|
VoltaGrid LLC, 7.375%, 11/01/2030(a)
|
3,113,919
|
|
|
|
164,495,476
|
|
|
Environmental — 0.3%
|
|
|
20,913,000
|
Clean Harbors, Inc., 5.750%, 10/15/2033(a)
|
20,861,776
|
|
277,000
|
Clean Harbors, Inc., 6.375%, 2/01/2031(a)
|
281,314
|
|
6,581,000
|
GFL Environmental Holdings U.S., Inc.,
5.500%, 2/01/2034(a)
|
6,454,618
|
|
8,180,000
|
GFL Environmental, Inc., 4.375%, 8/15/2029(a)
|
7,958,509
|
|
21,623,000
|
GFL Environmental, Inc., 6.750%, 1/15/2031(a)
|
22,376,072
|
|
|
|
57,932,289
|
|
|
Finance Companies — 3.4%
|
|
|
26,609,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.000%, 10/29/2028
|
25,613,410
|
|
63,343,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.300%, 1/30/2032
|
57,529,744
|
|
15,387,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.400%, 10/29/2033
|
13,613,651
|
|
860,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.650%, 7/21/2027
|
850,810
|
|
13,190,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 4.750%, 1/15/2033
|
12,820,148
|
|
32,622,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 4.950%, 9/10/2034
|
31,706,061
|
|
8,070,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 5.375%, 12/15/2031
|
8,197,064
|
|
6,084,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 5.750%, 6/06/2028
|
6,233,431
|
|
13,515,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 6.150%, 9/30/2030
|
14,202,731
|
|
4,660,000
|
Aircastle Ltd., 5.950%, 2/15/2029(a)
|
4,787,381
|
|
18,295,000
|
Aircastle Ltd., 6.500%, 7/18/2028(a)
|
18,967,480
|
|
7,015,000
|
Aircastle Ltd./Aircastle Ireland DAC,
5.250%, 3/15/2030(a)
|
7,072,717
|
|
32,139,000
|
Aircastle Ltd./Aircastle Ireland DAC,
5.750%, 10/01/2031(a)
|
32,907,709
|
|
2,679,000
|
Aviation Capital Group LLC,
4.250%, 4/30/2029(a)
|
2,639,945
|
|
15,805,000
|
Aviation Capital Group LLC,
4.800%, 10/24/2030(a)
|
15,622,464
|
|
3,538,000
|
Aviation Capital Group LLC,
4.875%, 1/28/2033(a)
|
3,414,200
|
|
5,685,000
|
Aviation Capital Group LLC,
5.125%, 4/10/2030(a)
|
5,714,617
|
|
3,670,000
|
Aviation Capital Group LLC,
5.375%, 7/15/2029(a)
|
3,727,468
|
|
6,475,000
|
Aviation Capital Group LLC,
6.250%, 4/15/2028(a)
|
6,660,379
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Finance Companies — continued
|
|
|
$25,115,000
|
Aviation Capital Group LLC,
6.375%, 7/15/2030(a)
|
$26,434,570
|
|
18,470,000
|
Aviation Capital Group LLC,
6.750%, 10/25/2028(a)
|
19,326,126
|
|
21,050,000
|
Avolon Holdings Funding Ltd.,
4.700%, 1/30/2031(a)
|
20,626,801
|
|
19,480,000
|
Avolon Holdings Funding Ltd.,
4.850%, 4/01/2033(a)
|
18,661,163
|
|
11,275,000
|
Avolon Holdings Funding Ltd.,
5.375%, 5/30/2030(a)
|
11,397,937
|
|
388,000
|
Azorra Finance Ltd., 7.250%, 1/15/2031(a)
|
391,760
|
|
2,469,000
|
Azorra Finance Ltd., 7.750%, 4/15/2030(a)
|
2,542,998
|
|
2,243,000
|
Freedom Mortgage Holdings LLC,
8.375%, 4/01/2032(a)
|
2,206,426
|
|
2,240,000
|
Freedom Mortgage Holdings LLC,
9.125%, 5/15/2031(a)
|
2,276,960
|
|
2,805,000
|
Freedom Mortgage Holdings LLC,
9.250%, 2/01/2029(a)
|
2,843,120
|
|
2,965,000
|
GGAM Finance Ltd., 5.875%, 3/15/2030(a)
|
2,954,163
|
|
6,245,000
|
Macquarie Airfinance Holdings Ltd.,
5.150%, 3/17/2030(a)
|
6,213,058
|
|
15,134,000
|
Macquarie Airfinance Holdings Ltd.,
5.200%, 3/27/2028(a)
|
15,188,552
|
|
29,600,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 2.875%, 10/15/2026(a)
|
29,279,802
|
|
28,350,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.625%, 3/01/2029(a)
|
26,847,232
|
|
7,445,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.625%, 3/01/2029
|
7,050,358
|
|
29,285,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.875%, 3/01/2031(a)
|
27,023,557
|
|
25,002,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 4.000%, 10/15/2033(a)
|
22,410,968
|
|
10,599,000
|
SMBC Aviation Capital Finance DAC,
5.100%, 4/01/2030(a)
|
10,685,356
|
|
15,554,000
|
SMBC Aviation Capital Finance DAC,
5.300%, 4/03/2029(a)
|
15,790,686
|
|
27,777,000
|
Takeoff Merger Sub, Inc., 4.850%, 3/24/2031(a)
|
27,429,640
|
|
|
|
569,862,643
|
|
|
Financial Other — 0.0%
|
|
|
2,092,496
|
Country Garden Holdings Co. Ltd., Series AI,
5.000% PIK and/or 2.500% Cash,
12/31/2032(d)(e)
|
284,663
|
|
199,208
|
Shimao Group Holdings Ltd., 6.000% PIK and/or
5.000% Cash, 7/21/2031(a)(d)
|
6,474
|
|
2,004,370
|
Sino-Ocean Group Holding Ltd.,
3.000%, 3/27/2033(a)
|
124,772
|
|
723,044
|
Times China Holdings Ltd., 3.000% PIK and/or
1.000% Cash, 3/30/2029(a)(d)
|
21,178
|
|
2,697,194
|
Times China Holdings Ltd., 4.200% PIK,
9/30/2032(a)(d)
|
74,173
|
|
|
|
511,260
|
|
|
Food & Beverage — 1.1%
|
|
|
4,895,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
3.000%, 2/02/2029
|
4,695,345
|
|
10,465,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
3.000%, 5/15/2032
|
9,299,594
|
|
22,730,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
3.750%, 12/01/2031
|
21,226,865
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Food & Beverage — continued
|
|
|
$17,110,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.500%, 1/15/2036
|
$17,117,871
|
|
31,213,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.625%, 3/10/2037(a)
|
31,310,697
|
|
6,173,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.750%, 4/01/2033
|
6,372,019
|
|
11,855,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.950%, 4/20/2035
|
12,306,247
|
|
18,560,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
6.750%, 3/15/2034
|
20,413,197
|
|
424,000
|
Lamb Weston Holdings, Inc.,
4.125%, 1/31/2030(a)
|
403,668
|
|
429,000
|
Lamb Weston Holdings, Inc.,
4.375%, 1/31/2032(a)
|
398,520
|
|
417,000
|
Performance Food Group, Inc.,
4.250%, 8/01/2029(a)
|
400,555
|
|
46,487,000
|
Pilgrim's Pride Corp., 3.500%, 3/01/2032
|
42,198,305
|
|
20,030,000
|
Pilgrim's Pride Corp., 4.250%, 4/15/2031
|
19,132,981
|
|
4,016,000
|
Pilgrim's Pride Corp., 6.875%, 5/15/2034
|
4,335,525
|
|
639,000
|
Post Holdings, Inc., 4.625%, 4/15/2030(a)
|
613,443
|
|
|
|
190,224,832
|
|
|
Gaming — 0.0%
|
|
|
4,880,000
|
GLP Capital LP/GLP Financing II, Inc.,
3.250%, 1/15/2032
|
4,350,386
|
|
3,365,000
|
GLP Capital LP/GLP Financing II, Inc.,
6.750%, 12/01/2033
|
3,544,109
|
|
|
|
7,894,495
|
|
|
Government Owned - No Guarantee — 0.3%
|
|
|
23,729,000
|
Antares Holdings LP, 2.750%, 1/15/2027(a)
|
23,233,096
|
|
12,655,000
|
Antares Holdings LP, 3.750%, 7/15/2027(a)
|
12,298,672
|
|
21,876,000
|
Antares Holdings LP, 7.950%, 8/11/2028(a)
|
22,682,813
|
|
|
|
58,214,581
|
|
|
Health Care REITs — 0.0%
|
|
|
5,972,000
|
Welltower OP LLC, 6.500%, 3/15/2041,
|
6,535,890
|
|
|
Health Insurance — 0.5%
|
|
|
4,380,000
|
Elevance Health, Inc., 4.100%, 5/15/2032
|
4,203,051
|
|
66,060,000
|
Elevance Health, Inc., 5.200%, 2/15/2035
|
65,951,524
|
|
9,341,000
|
Molina Healthcare, Inc., 3.875%, 11/15/2030(a)
|
8,351,132
|
|
|
|
78,505,707
|
|
|
Healthcare — 0.8%
|
|
|
868,000
|
Avantor Funding, Inc., 3.875%, 11/01/2029(a)
|
814,352
|
|
240,574
|
CVS Pass-Through Trust, 5.773%, 1/10/2033(a)
|
243,406
|
|
151,644
|
CVS Pass-Through Trust, 6.036%, 12/10/2028
|
153,474
|
|
8,118,511
|
CVS Pass-Through Trust, Series 2013,
4.704%, 1/10/2036(a)
|
7,660,789
|
|
857,915
|
CVS Pass-Through Trust, Series 2014,
4.163%, 8/11/2036(a)
|
802,404
|
|
5,280,000
|
HCA, Inc., 2.375%, 7/15/2031
|
4,666,257
|
|
2,671,000
|
HCA, Inc., 3.500%, 9/01/2030
|
2,536,492
|
|
6,029,000
|
HCA, Inc., 4.900%, 11/15/2035
|
5,828,897
|
|
10,235,000
|
HCA, Inc., 5.125%, 6/15/2039
|
9,645,691
|
|
6,560,000
|
HCA, Inc., 5.450%, 9/15/2034
|
6,621,396
|
|
31,710,000
|
HCA, Inc., 5.500%, 6/01/2033
|
32,342,376
|
|
55,845,000
|
HCA, Inc., 5.600%, 4/01/2034
|
57,031,297
|
|
3,915,000
|
HCA, Inc., 5.750%, 3/01/2035
|
4,025,220
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Healthcare — continued
|
|
|
$3,750,000
|
Icon Investments Six DAC, 6.000%, 5/08/2034
|
$3,798,749
|
|
2,910,000
|
Quest Diagnostics, Inc., 6.400%, 11/30/2033
|
3,167,491
|
|
2,617,000
|
Radiology Partners, Inc., 8.500%, 7/15/2032(a)
|
2,653,298
|
|
|
|
141,991,589
|
|
|
Home Construction — 0.6%
|
|
|
18,455,000
|
DR Horton, Inc., 5.000%, 10/15/2034
|
18,211,598
|
|
11,360,000
|
DR Horton, Inc., 5.500%, 10/15/2035
|
11,527,283
|
|
12,374,000
|
Meritage Homes Corp., 3.875%, 4/15/2029(a)
|
12,042,245
|
|
42,520,000
|
Meritage Homes Corp., 5.650%, 3/15/2035
|
42,473,638
|
|
7,794,000
|
Sekisui House U.S., Inc., 6.000%, 1/15/2043
|
7,107,354
|
|
815,000
|
Taylor Morrison Communities, Inc.,
5.125%, 8/01/2030(a)
|
805,678
|
|
8,751,000
|
Taylor Morrison Communities, Inc.,
5.750%, 11/15/2032(a)
|
8,758,657
|
|
|
|
100,926,453
|
|
|
Independent Energy — 2.8%
|
|
|
7,360,000
|
Aker BP ASA, 3.100%, 7/15/2031(a)
|
6,719,078
|
|
19,261,000
|
Aker BP ASA, 4.000%, 1/15/2031(a)
|
18,476,828
|
|
3,180,000
|
Aker BP ASA, 5.125%, 10/01/2034(a)
|
3,112,054
|
|
11,000,000
|
Aker BP ASA, 6.000%, 6/13/2033(a)
|
11,458,644
|
|
77,325,000
|
Canadian Natural Resources Ltd.,
5.400%, 12/15/2034
|
78,221,430
|
|
614,000
|
Chord Energy Corp., 6.000%, 10/01/2030(a)
|
622,148
|
|
10,600,000
|
Chord Energy Corp., 6.750%, 3/15/2033(a)
|
10,943,887
|
|
82,984,000
|
Continental Resources, Inc.,
2.875%, 4/01/2032(a)
|
72,685,151
|
|
140,594,000
|
Continental Resources, Inc.,
5.750%, 1/15/2031(a)
|
143,287,867
|
|
2,697,000
|
Crescent Energy Finance LLC,
7.375%, 1/15/2033(a)
|
2,696,324
|
|
12,935,000
|
Energean Israel Finance Ltd., 5.375%, 3/30/2028
|
12,418,436
|
|
15,340,000
|
Energean Israel Finance Ltd., 5.875%, 3/30/2031
|
14,249,396
|
|
1,278,000
|
Matador Resources Co., 6.500%, 4/15/2032(a)
|
1,291,917
|
|
285,000
|
SM Energy Co., 6.750%, 8/01/2029(a)
|
289,317
|
|
291,000
|
SM Energy Co., 7.000%, 8/01/2032(a)
|
297,138
|
|
7,675,000
|
SM Energy Co., 8.375%, 7/01/2028(a)
|
7,886,239
|
|
591,000
|
SM Energy Co., 8.625%, 11/01/2030(a)
|
623,556
|
|
580,000
|
SM Energy Co., 8.750%, 7/01/2031(a)
|
606,269
|
|
2,957,000
|
Var Energi ASA, 8.000%, 11/15/2032(a)
|
3,363,196
|
|
89,272,000
|
Viper Energy Partners LLC, 5.700%, 8/01/2035
|
89,969,214
|
|
|
|
479,218,089
|
|
|
Industrial Other — 0.3%
|
|
|
3,231,000
|
Arcosa, Inc., 6.875%, 8/15/2032(a)
|
3,310,622
|
|
8,580,000
|
Jacobs Engineering Group, Inc.,
6.350%, 8/18/2028
|
8,903,960
|
|
21,721,000
|
Jacobs Solutions, Inc., 5.375%, 3/03/2036
|
21,183,370
|
|
15,650,000
|
TopBuild Corp., 5.625%, 1/31/2034(a)
|
15,317,777
|
|
|
|
48,715,729
|
|
|
Integrated Energy — 0.1%
|
|
|
12,351,000
|
Cenovus Energy, Inc., 5.400%, 3/20/2036
|
12,287,259
|
|
|
Leisure — 2.4%
|
|
|
8,000,000
|
Carnival Corp., 4.000%, 8/01/2028(a)
|
7,811,822
|
|
37,895,000
|
Carnival Corp., 5.750%, 3/15/2030(a)
|
38,195,583
|
|
40,295,000
|
Carnival Corp., 5.750%, 8/01/2032(a)
|
40,281,896
|
|
33,196,000
|
Carnival Corp., 6.125%, 2/15/2033(a)
|
33,528,790
|
|
3,075,000
|
Carnival Corp., 7.000%, 8/15/2029(a)
|
3,189,855
|
|
2,954,000
|
Kingpin Intermediate Holdings LLC,
7.250%, 10/15/2032(a)
|
2,610,081
|
|
44,408,000
|
Royal Caribbean Cruises Ltd., 4.750%, 5/15/2033
|
42,878,605
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Leisure — continued
|
|
|
$33,229,000
|
Royal Caribbean Cruises Ltd., 5.250%, 2/27/2038
|
$31,611,249
|
|
17,096,000
|
Royal Caribbean Cruises Ltd., 5.375%, 1/15/2036
|
16,795,918
|
|
50,665,000
|
Royal Caribbean Cruises Ltd.,
5.625%, 9/30/2031(a)
|
51,164,434
|
|
68,020,000
|
Royal Caribbean Cruises Ltd.,
6.000%, 2/01/2033(a)
|
68,699,591
|
|
10,265,000
|
Royal Caribbean Cruises Ltd.,
6.250%, 3/15/2032(a)
|
10,494,770
|
|
55,243,000
|
Viking Cruises Ltd., 5.875%, 10/15/2033(a)
|
54,542,068
|
|
|
|
401,804,662
|
|
|
Life Insurance — 0.6%
|
|
|
2,964,000
|
APH Somerset Investor 2 LLC/APH2 Somerset
Investor 2 LLC/APH3 Somerset Investor 2 LLC,
7.875%, 11/01/2029(a)
|
2,680,256
|
|
21,550,000
|
Athene Global Funding, 2.550%, 11/19/2030(a)
|
19,096,571
|
|
4,857,000
|
Athene Global Funding, 2.646%, 10/04/2031(a)
|
4,211,327
|
|
2,659,000
|
Athene Holding Ltd., 3.500%, 1/15/2031
|
2,466,296
|
|
9,063,000
|
Mutual of Omaha Insurance Co.,
6.800%, 6/15/2036(a)
|
9,870,960
|
|
26,914,000
|
National Life Insurance Co.,
10.500%, 9/15/2039(a)
|
34,988,738
|
|
6,440,000
|
NLV Financial Corp., 7.500%, 8/15/2033(a)
|
6,917,977
|
|
2,872,000
|
Penn Mutual Life Insurance Co.,
6.650%, 6/15/2034(a)
|
3,086,437
|
|
14,489,000
|
Penn Mutual Life Insurance Co.,
7.625%, 6/15/2040(a)
|
16,665,165
|
|
|
|
99,983,727
|
|
|
Lodging — 0.6%
|
|
|
5,810,000
|
Choice Hotels International, Inc.,
5.850%, 8/01/2034
|
5,859,529
|
|
3,024,000
|
Hilton Domestic Operating Co., Inc.,
3.625%, 2/15/2032(a)
|
2,747,818
|
|
4,559,000
|
Hilton Domestic Operating Co., Inc.,
5.500%, 3/31/2034(a)
|
4,454,038
|
|
2,714,000
|
Hilton Domestic Operating Co., Inc.,
6.125%, 4/01/2032(a)
|
2,754,718
|
|
804,000
|
Hilton Grand Vacations Borrower LLC/Hilton
Grand Vacations Borrower, Inc.,
6.625%, 1/15/2032(a)
|
794,120
|
|
15,737,000
|
Marriott International, Inc., 5.100%, 5/01/2038
|
14,961,014
|
|
11,480,000
|
Marriott International, Inc., 5.300%, 5/15/2034
|
11,586,758
|
|
36,045,000
|
Marriott International, Inc., 5.500%, 4/15/2037
|
35,887,234
|
|
10,685,000
|
Marriott Ownership Resorts, Inc.,
4.500%, 6/15/2029(a)
|
10,130,846
|
|
844,000
|
Marriott Ownership Resorts, Inc.,
4.750%, 1/15/2028
|
830,726
|
|
3,215,000
|
Travel & Leisure Co., 4.500%, 12/01/2029(a)
|
3,074,308
|
|
14,787,000
|
Travel & Leisure Co., 4.625%, 3/01/2030(a)
|
14,108,117
|
|
847,000
|
Travel & Leisure Co., 6.000%, 4/01/2027
|
851,114
|
|
235,000
|
Travel & Leisure Co., 6.625%, 7/31/2026(a)
|
235,199
|
|
|
|
108,275,539
|
|
|
Media Entertainment — 1.9%
|
|
|
15,590,000
|
AppLovin Corp., 5.125%, 12/01/2029
|
15,680,458
|
|
15,730,000
|
AppLovin Corp., 5.375%, 12/01/2031
|
15,884,340
|
|
81,580,000
|
AppLovin Corp., 5.500%, 12/01/2034
|
80,904,595
|
|
115,595,000
|
Beignet Investor LLC, 6.581%, 5/30/2049(a)
|
118,849,710
|
|
3,722,000
|
Discovery Communications LLC,
3.625%, 5/15/2030
|
3,460,438
|
|
13,837,000
|
Discovery Global Holdings, Inc.,
4.279%, 3/15/2032
|
12,245,745
|
|
50,891,000
|
Meta Platforms, Inc., 5.625%, 11/15/2055
|
47,704,733
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Media Entertainment — continued
|
|
|
$6,489,000
|
OAK-Eagle Acquireco, Inc.,
7.250%, 7/01/2033(a)
|
$6,723,217
|
|
3,477,000
|
Paramount Global, 4.200%, 5/19/2032
|
2,980,741
|
|
6,624,000
|
Paramount Global, 4.950%, 1/15/2031
|
6,135,899
|
|
5,900,000
|
Paramount Global, 7.875%, 7/30/2030
|
6,159,160
|
|
|
|
316,729,036
|
|
|
Metals & Mining — 1.8%
|
|
|
11,381,000
|
Anglo American Capital PLC,
5.250%, 3/19/2036(a)
|
11,128,124
|
|
11,405,000
|
ArcelorMittal SA, 6.750%, 3/01/2041
|
12,126,710
|
|
2,993,000
|
Carpenter Technology Corp.,
5.625%, 3/01/2034(a)
|
2,965,431
|
|
4,908,000
|
Commercial Metals Co., 5.750%, 11/15/2033(a)
|
4,856,400
|
|
5,780,000
|
Commercial Metals Co., 6.000%, 12/15/2035(a)
|
5,698,187
|
|
3,128,000
|
Fortescue Treasury Pty. Ltd.,
4.375%, 4/01/2031(a)
|
2,955,474
|
|
5,155,000
|
Glencore Funding LLC, 2.500%, 9/01/2030(a)
|
4,684,348
|
|
7,820,000
|
Glencore Funding LLC, 2.625%, 9/23/2031(a)
|
6,968,879
|
|
6,704,000
|
Glencore Funding LLC, 2.850%, 4/27/2031(a)
|
6,101,811
|
|
10,575,000
|
Glencore Funding LLC, 5.634%, 4/04/2034(a)
|
10,823,220
|
|
21,835,000
|
Glencore Funding LLC, 5.673%, 4/01/2035(a)
|
22,306,521
|
|
20,925,000
|
Glencore Funding LLC, 5.700%, 5/08/2033(a)
|
21,566,730
|
|
25,345,000
|
Glencore Funding LLC, 6.125%, 10/06/2028(a)
|
26,229,971
|
|
30,235,000
|
Glencore Funding LLC, 6.375%, 10/06/2030(a)
|
32,074,279
|
|
89,221,000
|
Glencore Funding LLC, 6.500%, 10/06/2033(a)
|
96,544,648
|
|
201,000
|
Mineral Resources Ltd., 8.000%, 11/01/2027(a)
|
203,567
|
|
583,000
|
Mineral Resources Ltd., 9.250%, 10/01/2028(a)
|
604,059
|
|
15,175,000
|
Steel Dynamics, Inc., 5.250%, 5/15/2035
|
15,181,503
|
|
19,952,000
|
Steel Dynamics, Inc., 5.375%, 8/15/2034
|
20,134,124
|
|
|
|
303,153,986
|
|
|
Midstream — 3.6%
|
|
|
2,995,000
|
Antero Midstream Partners LP/Antero
Midstream Finance Corp., 6.625%, 2/01/2032(a)
|
3,061,007
|
|
8,432,000
|
Cheniere Energy Partners LP, 3.250%, 1/31/2032
|
7,685,008
|
|
52,740,000
|
Cheniere Energy Partners LP, 5.950%, 6/30/2033
|
55,287,913
|
|
3,064,000
|
CQP Holdco LP/BIP-V Chinook Holdco LLC,
5.500%, 6/15/2031(a)
|
2,988,143
|
|
2,445,000
|
CQP Holdco LP/BIP-V Chinook Holdco LLC,
7.500%, 12/15/2033(a)
|
2,565,937
|
|
13,555,000
|
DCP Midstream Operating LP, 3.250%, 2/15/2032
|
12,321,004
|
|
3,045,000
|
DCP Midstream Operating LP, 5.125%, 5/15/2029
|
3,098,442
|
|
650,000
|
DCP Midstream Operating LP,
6.450%, 11/03/2036(a)
|
688,266
|
|
5,160,000
|
Energy Transfer LP, 5.550%, 5/15/2034
|
5,254,259
|
|
125,000
|
Energy Transfer LP, 5.600%, 9/01/2034
|
127,396
|
|
34,865,000
|
Energy Transfer LP, 5.700%, 4/01/2035
|
35,807,427
|
|
47,640,000
|
Energy Transfer LP, 5.750%, 2/15/2033
|
49,545,713
|
|
51,565,000
|
Energy Transfer LP, 6.550%, 12/01/2033
|
55,672,757
|
|
2,839,000
|
Energy Transfer LP, (fixed rate to 2/15/2029,
variable rate thereafter), 8.000%, 5/15/2054
|
2,973,552
|
|
4,355,000
|
MPLX LP, 5.000%, 3/01/2033
|
4,330,544
|
|
85,000
|
NGPL PipeCo LLC, 7.768%, 12/15/2037(a)
|
98,426
|
|
12,955,000
|
ONEOK, Inc., 6.500%, 9/01/2030(a)
|
13,713,125
|
|
5,314,000
|
Plains All American Pipeline LP/PAA Finance
Corp., 3.550%, 12/15/2029
|
5,142,313
|
|
18,993,000
|
Plains All American Pipeline LP/PAA Finance
Corp., 3.800%, 9/15/2030
|
18,301,091
|
|
1,385,000
|
Plains All American Pipeline LP/PAA Finance
Corp., 4.300%, 1/31/2043
|
1,122,816
|
|
1,212,000
|
Sunoco LP, 5.375%, 7/15/2031(a)
|
1,202,263
|
|
4,604,000
|
Sunoco LP, 5.625%, 3/15/2031(a)
|
4,582,883
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Midstream — continued
|
|
|
$1,595,000
|
Targa Resources Corp., 5.500%, 2/15/2035
|
$1,609,186
|
|
43,560,000
|
Targa Resources Corp., 6.125%, 3/15/2033
|
46,068,196
|
|
50,110,000
|
Targa Resources Corp., 6.500%, 3/30/2034
|
54,167,284
|
|
10,710,000
|
Targa Resources Partners LP/Targa Resources
Partners Finance Corp., 4.000%, 1/15/2032
|
10,155,865
|
|
1,955,000
|
Targa Resources Partners LP/Targa Resources
Partners Finance Corp., 4.875%, 2/01/2031
|
1,951,911
|
|
3,258,000
|
Venture Global LNG, Inc., (fixed rate to
9/30/2029, variable rate thereafter),
9.000%(a)(c)
|
3,245,118
|
|
17,402,000
|
Venture Global Plaquemines LNG LLC,
6.125%, 12/15/2030(a)
|
17,896,669
|
|
21,107,000
|
Venture Global Plaquemines LNG LLC,
6.500%, 1/15/2034(a)
|
22,002,871
|
|
8,858,000
|
Venture Global Plaquemines LNG LLC,
6.500%, 6/15/2034(a)
|
9,220,753
|
|
21,904,000
|
Venture Global Plaquemines LNG LLC,
7.500%, 5/01/2033(a)
|
24,076,964
|
|
12,616,000
|
Venture Global Plaquemines LNG LLC,
7.750%, 5/01/2035(a)
|
14,139,735
|
|
2,170,000
|
Western Midstream Operating LP,
4.050%, 2/01/2030
|
2,107,232
|
|
2,870,000
|
Western Midstream Operating LP,
5.250%, 2/01/2050
|
2,420,612
|
|
5,070,000
|
Western Midstream Operating LP,
5.300%, 3/01/2048
|
4,285,365
|
|
5,140,000
|
Western Midstream Operating LP,
5.450%, 4/01/2044
|
4,572,500
|
|
10,650,000
|
Western Midstream Operating LP,
5.500%, 12/15/2035
|
10,473,571
|
|
710,000
|
Western Midstream Operating LP,
5.500%, 8/15/2048
|
613,494
|
|
26,935,000
|
Western Midstream Operating LP,
6.150%, 4/01/2033
|
28,111,515
|
|
11,620,000
|
Western Midstream Operating LP,
6.350%, 1/15/2029
|
12,100,272
|
|
6,750,000
|
Whistler Pipeline LLC, 5.700%, 9/30/2031(a)
|
6,933,466
|
|
7,530,000
|
Whistler Pipeline LLC, 5.950%, 9/30/2034(a)
|
7,715,255
|
|
47,080,000
|
Williams Cos., Inc., 5.150%, 3/15/2034
|
47,140,423
|
|
|
|
616,578,542
|
|
|
Mortgage Related — 0.0%
|
|
|
174
|
Federal National Mortgage Association,
6.000%, 7/01/2029
|
178
|
|
|
Natural Gas — 0.0%
|
|
|
5,225,000
|
Southern Co. Gas Capital Corp.,
5.750%, 9/15/2033
|
5,430,077
|
|
|
Non-Agency Commercial Mortgage-Backed
Securities — 2.5%
|
|
|
4,955,000
|
ALA Trust, Series 2025-OANA, Class A, 1 mo.
USD SOFR + 1.743%, 5.416%, 6/15/2040(a)(b)
|
4,967,388
|
|
8,625,000
|
Bank, Series 2021-BN35, Class AS,
2.457%, 6/15/2064
|
7,470,630
|
|
410,000
|
BBSG Mortgage Trust, Series 2016-MRP,
Class A, 3.275%, 6/05/2036(a)
|
368,992
|
|
11,205,000
|
BFLD Commercial Mortgage Trust,
Series 2025-660F, Class A, 1 mo. USD SOFR +
1.500%, 5.173%, 11/15/2042(a)(b)
|
11,191,023
|
|
5,035,000
|
BFLD Commercial Mortgage Trust,
Series 2025-660F, Class B, 1 mo. USD SOFR +
1.800%, 5.473%, 11/15/2042(a)(b)
|
5,022,413
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Non-Agency Commercial Mortgage-Backed
Securities — continued
|
|
|
$3,560,000
|
BPR Commercial Mortgage Trust,
Series 2025-STAR, Class A,
4.617%, 11/05/2042(a)(b)
|
$3,529,695
|
|
4,400,000
|
BPR Trust, Series 2022-SSP, Class A, 1 mo. USD
SOFR + 3.000%, 6.673%, 5/15/2039(a)(b)
|
4,400,000
|
|
2,936,990
|
BX Commercial Mortgage Trust,
Series 2022-AHP, Class B, 1 mo. USD SOFR +
1.840%, 5.513%, 1/17/2039(a)(b)
|
2,936,072
|
|
11,290,000
|
BX Commercial Mortgage Trust,
Series 2024-VLT5, Class A,
5.050%, 11/13/2046(a)(b)
|
11,281,714
|
|
1,455,000
|
BX Commercial Mortgage Trust,
Series 2024-VLT5, Class B,
5.415%, 11/13/2046(a)(b)
|
1,470,737
|
|
7,770,000
|
BX Trust, Series 2024-VLT4, Class A, 1 mo. USD
SOFR + 1.491%, 5.164%, 6/15/2041(a)(b)
|
7,721,437
|
|
9,470,000
|
BX Trust, Series 2025-DELC, Class A, 1 mo. USD
SOFR + 1.550%, 5.223%, 12/15/2042(a)(b)
|
9,477,966
|
|
1,660,000
|
BX Trust, Series 2025-DELC, Class B, 1 mo. USD
SOFR + 1.800%, 5.473%, 12/15/2042(a)(b)
|
1,657,925
|
|
69,795,000
|
BX Trust, Series 2025-VLT6, Class A, 1 mo. USD
SOFR + 1.443%, 5.116%, 3/15/2042(a)(b)
|
69,315,159
|
|
54,890,000
|
BX Trust, Series 2025-VLT7, Class A, 1 mo. USD
SOFR + 1.700%, 5.373%, 7/15/2044(a)(b)
|
54,649,856
|
|
8,440,000
|
BX Trust, Series 2025-VLT7, Class B, 1 mo. USD
SOFR + 2.000%, 5.673%, 7/15/2044(a)(b)
|
8,389,887
|
|
54,410,000
|
CHI Commercial Mortgage Trust,
Series 2025-SFT, Class A,
5.117%, 4/15/2042(a)(b)
|
55,141,368
|
|
420,415
|
Commercial Mortgage Pass-Through
Certificates, Series 2012-LTRT, Class A2,
3.400%, 10/05/2030(a)
|
417,548
|
|
2,635,000
|
Commercial Mortgage Trust, Series 2024-CBM,
Class A2, 5.867%, 12/10/2041(a)(b)
|
2,642,355
|
|
2,470,000
|
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2, 3.953%, 9/15/2037(a)
|
2,261,635
|
|
370,000
|
Credit Suisse Mortgage Trust,
Series 2014-USA, Class B, 4.185%, 9/15/2037(a)
|
314,716
|
|
510,000
|
Credit Suisse Mortgage Trust,
Series 2014-USA, Class C, 4.336%, 9/15/2037(a)
|
429,042
|
|
12,790,000
|
Credit Suisse Mortgage Trust,
Series 2014-USA, Class D, 4.373%, 9/15/2037(a)
|
10,559,686
|
|
9,295,000
|
DC Commercial Mortgage Trust,
Series 2023-DC, Class B, 6.804%, 9/12/2040(a)
|
9,399,155
|
|
3,920,000
|
Extended Stay America Trust, Series 2025-ESH,
Class A, 1 mo. USD SOFR + 1.300%,
4.973%, 10/15/2042(a)(b)
|
3,920,000
|
|
3,320,000
|
Extended Stay America Trust, Series 2025-ESH,
Class B, 1 mo. USD SOFR + 1.600%,
5.273%, 10/15/2042(a)(b)
|
3,324,150
|
|
2,225,000
|
Extended Stay America Trust, Series 2025-ESH,
Class C, 1 mo. USD SOFR + 1.850%,
5.523%, 10/15/2042(a)(b)
|
2,228,477
|
|
6,166,978
|
Extended Stay America Trust,
Series 2026-ESH2, Class A, 1 mo. USD SOFR +
1.200%, 4.873%, 2/15/2043(a)(b)
|
6,166,978
|
|
7,544,022
|
Extended Stay America Trust,
Series 2026-ESH2, Class B, 1 mo. USD SOFR +
1.400%, 5.073%, 2/15/2043(a)(b)
|
7,551,094
|
|
6,523,622
|
Extended Stay America Trust,
Series 2026-ESH2, Class C, 1 mo. USD SOFR +
1.600%, 5.273%, 2/15/2043(a)(b)
|
6,533,815
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Non-Agency Commercial Mortgage-Backed
Securities — continued
|
|
|
$30,590,000
|
GFH Mortgage Trust, Series 2025-IND, Class A,
5.148%, 6/15/2033(a)
|
$30,525,571
|
|
7,751,473
|
GS Mortgage Securities Corp. Trust,
Series 2012-BWTR, Class A,
2.954%, 11/05/2034(a)
|
6,777,129
|
|
4,375,000
|
GS Mortgage Securities Corp. Trust,
Series 2013-PEMB, Class A,
3.550%, 3/05/2033(a)(b)
|
3,391,063
|
|
9,406,000
|
GS Mortgage Securities Corp. Trust,
Series 2013-PEMB, Class D,
3.550%, 3/05/2033(a)(b)(f)
|
47,030
|
|
2,026,350
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2012-LC9, Class C,
3.500%, 12/15/2047(a)(b)
|
1,985,782
|
|
340,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2012-LC9, Class D,
3.500%, 12/15/2047(a)(b)
|
331,051
|
|
11,510,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2025-BMS, Class A,
1 mo. USD SOFR + 1.600%,
5.273%, 1/15/2042(a)(b)
|
11,481,225
|
|
7,235,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2025-BMS, Class B,
1 mo. USD SOFR + 2.000%,
5.673%, 1/15/2042(a)(b)
|
7,216,912
|
|
1,303,936
|
JPMBB Commercial Mortgage Securities
Trust, Series 2015-C32, Class A5,
3.598%, 11/15/2048
|
1,271,325
|
|
6,140,000
|
LEX Mortgage Trust, Series 2024-BBG, Class A,
4.874%, 10/13/2033(a)(b)
|
6,114,038
|
|
241,973
|
Morgan Stanley Bank of America Merrill Lynch
Trust, Series 2013-C12, Class C,
4.601%, 10/15/2046(b)
|
234,106
|
|
1,675,900
|
MSBAM Commercial Mortgage Securities
Trust, Series 2012-CKSV, Class A2,
3.277%, 10/15/2030(a)
|
1,600,484
|
|
5,755,000
|
New Economy Assets - Phase 1 Sponsor LLC,
Series 2021-1, Class A1, 1.910%, 10/20/2061(a)
|
4,830,634
|
|
15,285,000
|
SCOTT Trust, Series 2023-SFS, Class A,
5.910%, 3/10/2040(a)
|
15,559,652
|
|
8,230,000
|
TCO Commercial Mortgage Trust,
Series 2024-DPM, Class A, 1 mo. USD SOFR +
1.243%, 4.915%, 12/15/2039(a)(b)
|
8,217,141
|
|
4,030,000
|
Wells Fargo Commercial Mortgage Trust,
Series 2016-C36, Class AS, 3.419%, 11/15/2059
|
3,961,138
|
|
535,000
|
WFRBS Commercial Mortgage Trust,
Series 2011-C3, Class D,
5.464%, 3/15/2044(a)(b)(f)
|
192,595
|
|
775,945
|
WFRBS Commercial Mortgage Trust,
Series 2012-C10, Class B, 3.744%, 12/15/2045
|
748,779
|
|
2,956,239
|
WFRBS Commercial Mortgage Trust,
Series 2014-C20, Class B, 4.378%, 5/15/2047
|
2,557,088
|
|
|
|
421,783,656
|
|
|
Office REITs — 0.0%
|
|
|
2,085,000
|
COPT Defense Properties LP, 2.750%, 4/15/2031,
|
1,887,819
|
|
|
Oil Field Services — 0.3%
|
|
|
39,301,000
|
Helmerich & Payne, Inc., 5.500%, 12/01/2034
|
38,635,302
|
|
2,338,000
|
Oceaneering International, Inc.,
6.000%, 2/01/2028
|
2,347,509
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Oil Field Services — continued
|
|
|
$1,845,000
|
Oceaneering International, Inc.,
6.000%, 2/01/2028
|
$1,852,504
|
|
2,725,000
|
Weatherford International Ltd.,
6.750%, 10/15/2033(a)
|
2,784,320
|
|
|
|
45,619,635
|
|
|
Other REITs — 0.3%
|
|
|
6,150,000
|
Extra Space Storage LP, 2.350%, 3/15/2032
|
5,276,972
|
|
12,900,000
|
Extra Space Storage LP, 5.900%, 1/15/2031
|
13,466,823
|
|
38,265,000
|
Host Hotels & Resorts LP, 5.500%, 4/15/2035
|
37,964,123
|
|
|
|
56,707,918
|
|
|
Pharmaceuticals — 1.2%
|
|
|
2,190,000
|
Bausch Health Cos., Inc., 4.875%, 6/01/2028(a)
|
2,005,405
|
|
44,165,000
|
Roche Holdings, Inc., 4.985%, 3/08/2034(a)
|
44,799,578
|
|
46,039,000
|
Teva Pharmaceutical Finance Co. LLC,
6.150%, 2/01/2036
|
47,434,626
|
|
9,089,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 3.150%, 10/01/2026
|
8,998,644
|
|
58,222,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 4.100%, 10/01/2046
|
43,158,868
|
|
4,139,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 4.750%, 5/09/2027
|
4,129,478
|
|
3,140,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 5.125%, 5/09/2029
|
3,129,872
|
|
5,947,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 6.000%, 12/01/2032
|
6,103,644
|
|
4,495,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 6.750%, 3/01/2028
|
4,606,971
|
|
13,080,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 7.875%, 9/15/2029
|
14,006,574
|
|
4,885,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 8.125%, 9/15/2031
|
5,461,039
|
|
10,760,000
|
Teva Pharmaceutical Finance Netherlands IV
BV, 5.750%, 12/01/2030
|
10,896,555
|
|
|
|
194,731,254
|
|
|
Property & Casualty Insurance — 0.9%
|
|
|
1,370,000
|
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 7.000%, 1/15/2031(a)
|
1,381,662
|
|
2,717,000
|
AmWINS Group, Inc., 6.375%, 2/15/2029(a)
|
2,732,734
|
|
6,731,000
|
Ardonagh Finco Ltd., 7.750%, 2/15/2031(a)
|
6,809,867
|
|
3,275,000
|
Arthur J Gallagher & Co., 5.000%, 2/15/2032
|
3,282,797
|
|
18,082,000
|
Arthur J Gallagher & Co., 5.150%, 2/15/2035
|
17,935,504
|
|
6,095,000
|
Arthur J Gallagher & Co., 5.450%, 7/15/2034
|
6,191,166
|
|
3,120,000
|
Baldwin Insurance Group
Holdings LLC/Baldwin Insurance Group
Holdings Finance, 7.125%, 5/15/2031(a)
|
3,135,817
|
|
6,505,000
|
Brown & Brown, Inc., 5.550%, 6/23/2035
|
6,496,359
|
|
4,720,000
|
CNA Financial Corp., 5.125%, 2/15/2034
|
4,646,653
|
|
26,635,000
|
Fidelity National Financial, Inc.,
3.400%, 6/15/2030
|
25,044,100
|
|
40,985,000
|
Marsh & McLennan Cos., Inc.,
5.000%, 3/15/2035
|
40,812,547
|
|
2,924,000
|
Panther Escrow Issuer LLC,
7.125%, 6/01/2031(a)
|
2,933,822
|
|
1,602,000
|
Ryan Specialty LLC, 5.875%, 8/01/2032(a)
|
1,583,360
|
|
32,940,000
|
Stewart Information Services Corp.,
3.600%, 11/15/2031
|
29,121,365
|
|
6,750,000
|
Willis North America, Inc., 5.150%, 3/15/2036
|
6,573,437
|
|
|
|
158,681,190
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Restaurants — 0.3%
|
|
|
$2,595,000
|
1011778 BC ULC/New Red Finance, Inc.,
3.500%, 2/15/2029(a)
|
$2,477,382
|
|
665,000
|
1011778 BC ULC/New Red Finance, Inc.,
3.875%, 1/15/2028(a)
|
650,024
|
|
36,627,000
|
1011778 BC ULC/New Red Finance, Inc.,
4.000%, 10/15/2030(a)
|
34,426,640
|
|
3,154,000
|
1011778 BC ULC/New Red Finance, Inc.,
5.625%, 9/15/2029(a)
|
3,160,869
|
|
7,503,000
|
Yum! Brands, Inc., 3.625%, 3/15/2031
|
6,931,073
|
|
2,871,000
|
Yum! Brands, Inc., 4.625%, 1/31/2032
|
2,741,597
|
|
7,056,000
|
Yum! Brands, Inc., 4.750%, 1/15/2030(a)
|
6,938,286
|
|
|
|
57,325,871
|
|
|
Retailers — 0.3%
|
|
|
34,640,000
|
Amazon.com, Inc., 4.875%, 3/13/2036
|
34,324,299
|
|
1,653,000
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd.,
8.375%, 1/15/2029(a)
|
1,517,520
|
|
10,037,000
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd.,
11.500%, 8/15/2029(a)
|
9,985,942
|
|
9,550,000
|
Home Depot, Inc., 4.950%, 6/25/2034
|
9,619,139
|
|
265,000
|
Murphy Oil USA, Inc., 3.750%, 2/15/2031(a)
|
246,249
|
|
|
|
55,693,149
|
|
|
Technology — 8.0%
|
|
|
38,650,000
|
Alphabet, Inc., 4.800%, 2/15/2036
|
38,484,440
|
|
21,490,000
|
Atlassian Corp., 5.250%, 5/15/2029
|
21,619,080
|
|
56,495,000
|
Atlassian Corp., 5.500%, 5/15/2034
|
55,321,982
|
|
797,000
|
Block, Inc., 6.500%, 5/15/2032
|
804,277
|
|
4,210,000
|
Broadcom, Inc., 2.600%, 2/15/2033
|
3,681,084
|
|
19,501,000
|
Broadcom, Inc., 3.137%, 11/15/2035(a)
|
16,567,774
|
|
49,825,000
|
Broadcom, Inc., 3.187%, 11/15/2036(a)
|
41,636,703
|
|
15,060,000
|
Broadcom, Inc., 3.419%, 4/15/2033
|
13,771,220
|
|
70,750,000
|
Broadcom, Inc., 3.469%, 4/15/2034
|
63,706,002
|
|
6,584,000
|
Broadcom, Inc., 4.300%, 11/15/2032
|
6,411,150
|
|
14,650,000
|
Broadcom, Inc., 4.800%, 10/15/2034
|
14,428,152
|
|
8,890,000
|
CDW LLC/CDW Finance Corp.,
3.250%, 2/15/2029
|
8,466,317
|
|
20,942,000
|
CDW LLC/CDW Finance Corp.,
3.276%, 12/01/2028
|
20,108,090
|
|
55,470,000
|
CDW LLC/CDW Finance Corp.,
3.569%, 12/01/2031
|
50,704,247
|
|
45,870,000
|
CDW LLC/CDW Finance Corp.,
5.550%, 8/22/2034
|
45,077,349
|
|
29,765,000
|
Dell International LLC/EMC Corp.,
5.100%, 2/15/2036
|
29,104,337
|
|
13,816,000
|
Entegris, Inc., 3.625%, 5/01/2029(a)
|
13,131,778
|
|
58,775,000
|
Entegris, Inc., 4.750%, 4/15/2029(a)
|
58,100,921
|
|
2,568,000
|
Entegris, Inc., 5.950%, 6/15/2030(a)
|
2,584,199
|
|
18,845,000
|
Fair Isaac Corp., 6.000%, 5/15/2033(a)
|
18,491,117
|
|
3,922,000
|
Imola Merger Corp., 4.750%, 5/15/2029(a)
|
3,811,924
|
|
613,000
|
Iron Mountain, Inc., 5.250%, 7/15/2030(a)
|
595,565
|
|
590,000
|
Iron Mountain, Inc., 7.000%, 2/15/2029(a)
|
601,335
|
|
14,147,000
|
Leidos, Inc., 2.300%, 2/15/2031
|
12,589,629
|
|
2,555,000
|
Leidos, Inc., 4.375%, 5/15/2030
|
2,513,699
|
|
57,888,000
|
Leidos, Inc., 5.000%, 3/15/2036
|
55,966,538
|
|
24,438,000
|
Leidos, Inc., 5.400%, 3/15/2032
|
24,910,880
|
|
21,165,000
|
Leidos, Inc., 5.500%, 3/15/2035
|
21,508,471
|
|
58,923,000
|
Leidos, Inc., 5.750%, 3/15/2033
|
61,081,671
|
|
20,817,000
|
Motorola Solutions, Inc., 5.550%, 8/15/2035
|
21,283,120
|
|
32,220,000
|
MSCI, Inc., 5.250%, 9/01/2035
|
31,561,304
|
|
15,560,000
|
NetApp, Inc., 5.500%, 3/17/2032
|
15,920,557
|
|
13,765,000
|
NetApp, Inc., 5.700%, 3/17/2035
|
14,022,948
|
|
20,953,000
|
Open Text Corp., 3.875%, 12/01/2029(a)
|
18,724,741
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Technology — continued
|
|
|
$16,645,000
|
Open Text Corp., 6.900%, 12/01/2027(a)
|
$17,084,078
|
|
4,504,000
|
Open Text Holdings, Inc., 4.125%, 2/15/2030(a)
|
4,024,450
|
|
1,246,000
|
Oracle Corp., 3.950%, 3/25/2051
|
789,535
|
|
76,028,000
|
Oracle Corp., 5.200%, 9/26/2035
|
71,313,881
|
|
13,135,000
|
Oracle Corp., 5.700%, 2/04/2036
|
12,629,149
|
|
31,416,000
|
Oracle Corp., 5.950%, 9/26/2055
|
26,429,360
|
|
2,472,000
|
Oracle Corp., 6.000%, 8/03/2055
|
2,072,482
|
|
35,552,000
|
Oracle Corp., 6.700%, 2/04/2056
|
32,995,937
|
|
30,882,000
|
Oracle Corp., 6.850%, 2/04/2066
|
28,390,502
|
|
11,575,000
|
Paychex, Inc., 5.600%, 4/15/2035
|
11,625,007
|
|
85,649,000
|
Salesforce, Inc., 5.550%, 3/15/2036
|
85,382,579
|
|
2,619,000
|
Science Applications International Corp.,
4.875%, 4/01/2028(a)
|
2,577,428
|
|
2,566,000
|
Science Applications International Corp.,
5.875%, 11/01/2033(a)
|
2,504,091
|
|
1,566,000
|
Seagate Data Storage Technology Pte. Ltd.,
5.750%, 12/01/2034(a)
|
1,564,403
|
|
1,517,000
|
Seagate Data Storage Technology Pte. Ltd.,
5.875%, 7/15/2030(a)
|
1,541,939
|
|
1,506,000
|
Seagate Data Storage Technology Pte. Ltd.,
8.250%, 12/15/2029(a)
|
1,581,583
|
|
19,846,000
|
Sensata Technologies BV, 4.000%, 4/15/2029(a)
|
19,150,590
|
|
2,460,000
|
Sensata Technologies BV, 5.875%, 9/01/2030(a)
|
2,464,448
|
|
14,479,000
|
Sensata Technologies, Inc.,
3.750%, 2/15/2031(a)
|
13,429,565
|
|
11,294,000
|
Sensata Technologies, Inc.,
4.375%, 2/15/2030(a)
|
10,800,829
|
|
19,820,000
|
Synopsys, Inc., 5.150%, 4/01/2035
|
19,857,897
|
|
23,235,000
|
Synopsys, Inc., 5.700%, 4/01/2055
|
22,214,582
|
|
11,132,000
|
TD SYNNEX Corp., 2.650%, 8/09/2031
|
9,878,122
|
|
67,882,000
|
TD SYNNEX Corp., 6.100%, 4/12/2034
|
70,016,271
|
|
35,170,000
|
Trimble, Inc., 6.100%, 3/15/2033
|
36,798,424
|
|
17,175,000
|
Verisk Analytics, Inc., 5.250%, 3/15/2035
|
17,028,075
|
|
9,945,000
|
Verisk Analytics, Inc., 5.750%, 4/01/2033
|
10,292,221
|
|
2,925,000
|
WULF Compute LLC, 7.750%, 10/15/2030(a)
|
3,090,789
|
|
779,000
|
Zebra Technologies Corp., 6.500%, 6/01/2032(a)
|
784,310
|
|
|
|
1,345,605,128
|
|
|
Treasuries — 12.8%
|
|
|
100,890,000
|
U.S. Treasury Bonds, 2.250%, 2/15/2052
|
60,801,989
|
|
148,890,000
|
U.S. Treasury Bonds, 4.250%, 2/15/2054
|
133,372,870
|
|
344,556,000
|
U.S. Treasury Bonds, 4.250%, 8/15/2054
|
308,592,968
|
|
154,991,000
|
U.S. Treasury Bonds, 4.625%, 11/15/2045
|
149,493,663
|
|
369,768,000
|
U.S. Treasury Bonds, 4.625%, 2/15/2046
|
356,479,462
|
|
342,498,000
|
U.S. Treasury Bonds, 4.750%, 2/15/2045(g)
|
336,531,041
|
|
87,335,000
|
U.S. Treasury Bonds, 4.875%, 8/15/2045
|
87,048,432
|
|
729,695,000
|
U.S. Treasury Bonds, 5.000%, 5/15/2045
|
739,186,734
|
|
|
|
2,171,507,159
|
|
|
Wireless — 1.1%
|
|
|
610,000
|
Sprint Capital Corp., 6.875%, 11/15/2028
|
644,958
|
|
43,355,000
|
Sprint Capital Corp., 8.750%, 3/15/2032
|
51,552,133
|
|
8,560,000
|
T-Mobile USA, Inc., 2.700%, 3/15/2032
|
7,614,588
|
|
7,565,000
|
T-Mobile USA, Inc., 3.500%, 4/15/2031
|
7,154,815
|
|
53,355,000
|
T-Mobile USA, Inc., 5.150%, 4/15/2034
|
53,745,630
|
|
55,305,000
|
T-Mobile USA, Inc., 5.750%, 1/15/2034
|
57,672,435
|
|
|
|
178,384,559
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Wirelines — 0.4%
|
|
|
$15,835,000
|
AT&T, Inc., 5.125%, 4/30/2036
|
$15,645,009
|
|
43,160,000
|
AT&T, Inc., 5.375%, 8/15/2035
|
43,720,495
|
|
|
|
59,365,504
|
|
|
Total Non-Convertible Bonds
(Identified Cost $14,352,253,603)
|
14,363,265,598
|
|
|
||
|
|
||
|
Convertible Bonds — 0.2%
|
||
|
|
Cable Satellite — 0.2%
|
|
|
7,330,223
|
EchoStar Corp., 3.875% PIK and/or 3.875%
Cash, 11/30/2030(d)
|
26,184,290
|
|
|
Financial Other — 0.0%
|
|
|
3,018,438
|
CIFI Holdings Group Co. Ltd., Series IAI, Zero
Coupon, 6/30/2029(e)
|
130,729
|
|
4,335,103
|
Country Garden Holdings Co. Ltd., Series AI,
Zero Coupon, 12/31/2031(e)
|
482,193
|
|
16,523,463
|
Shimao Group Holdings Ltd., Zero Coupon,
7/21/2026(a)
|
322,207
|
|
4,953,708
|
Sino-Ocean Group Holding Ltd., Zero Coupon,
3/27/2027(a)
|
37,153
|
|
3,228,768
|
Times China Holdings Ltd., Zero Coupon,
3/30/2027(a)
|
18,953
|
|
647,306
|
Times China Holdings Ltd., Zero Coupon,
3/30/2027(a)
|
2,518
|
|
|
|
993,753
|
|
|
Total Convertible Bonds
(Identified Cost $28,778,634)
|
27,178,043
|
|
|
||
|
|
||
|
Municipals — 0.0%
|
||
|
|
Virginia — 0.0%
|
|
|
6,730,000
|
Tobacco Settlement Financing Corp.,
6.706%, 6/01/2046
(Identified Cost $6,491,086)
|
5,117,438
|
|
|
Total Bonds and Notes
(Identified Cost $14,387,523,323)
|
14,395,561,079
|
|
|
||
|
|
||
|
Collateralized Loan Obligations — 4.9%
|
||
|
13,405,000
|
AGL CLO 42 Ltd., Series 2025-42A, Class A1,
3 mo. USD SOFR + 1.300%,
4.969%, 7/22/2038(a)(b)
|
13,407,681
|
|
9,975,000
|
AIMCO CLO 21 Ltd., Series 2024-21A, Class B,
3 mo. USD SOFR + 1.920%,
5.588%, 4/18/2037(a)(b)
|
9,975,000
|
|
7,159,697
|
Alinea CLO Ltd., Series 2018-1A, Class BR,
3 mo. USD SOFR + 1.150%,
4.818%, 7/20/2031(a)(b)
|
7,158,508
|
|
16,505,000
|
Anchorage Capital CLO 6 Ltd., Series 2015-6A,
Class AR4, 3 mo. USD SOFR + 1.370%,
5.039%, 7/22/2038(a)(b)
|
16,519,508
|
|
7,905,000
|
Anchorage Capital CLO 9 Ltd., Series 2016-9A,
Class AR3, 3 mo. USD SOFR + 1.450%,
5.122%, 7/15/2037(a)(b)
|
7,906,170
|
|
1,665,000
|
Atrium XV, Series 15A, Class D1R, 3 mo. USD
SOFR + 3.300%, 6.971%, 7/16/2037(a)(b)
|
1,596,202
|
|
20,050,000
|
Bain Capital Credit CLO Ltd., Series 2022-4A,
Class A1R, 3 mo. USD SOFR + 1.380%,
5.051%, 10/16/2037(a)(b)
|
20,059,083
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
$3,083,842
|
Battalion CLO VIII Ltd., Series 2015-8A,
Class A2R3, 3 mo. USD SOFR + 1.000%,
4.668%, 7/18/2030(a)(b)
|
$3,083,691
|
|
4,005,000
|
Benefit Street Partners CLO 43 Ltd.,
Series 2025-43A, Class A, 3 mo. USD SOFR +
1.270%, 5.072%, 10/20/2038(a)(b)
|
4,005,040
|
|
4,395,000
|
Benefit Street Partners CLO Ltd.,
Series 2015-6BR, Class A1R, 3 mo. USD SOFR +
1.180%, 4.848%, 4/20/2038(a)(b)
|
4,386,210
|
|
6,200,000
|
Benefit Street Partners CLO XXVIII Ltd.,
Series 2022-28A, Class BR, 3 mo. USD SOFR +
1.700%, 5.368%, 10/20/2037(a)(b)
|
6,215,736
|
|
3,579,000
|
Benefit Street Partners CLO XXXI Ltd.,
Series 2023-31A, Class BR, 3 mo. USD SOFR +
1.750%, 5.418%, 4/25/2038(a)(b)
|
3,586,652
|
|
2,695,000
|
Benefit Street Partners CLO XXXVII Ltd.,
Series 2024-37A, Class B, 3 mo. USD SOFR +
1.650%, 5.318%, 1/25/2038(a)(b)
|
2,688,424
|
|
17,040,000
|
Birch Grove CLO 13 Ltd., Series 2025-13A,
Class A1, 3 mo. USD SOFR + 1.310%,
5.467%, 10/23/2038(a)(b)
|
17,042,346
|
|
10,015,000
|
Birch Grove CLO 6 Ltd., Series 2023-6A,
Class A1R, 3 mo. USD SOFR + 1.380%,
5.048%, 7/20/2037(a)(b)
|
10,026,077
|
|
13,735,000
|
Birch Grove CLO 7 Ltd., Series 2023-7A,
Class A1R, 3 mo. USD SOFR + 1.260%,
4.928%, 10/20/2038(a)(b)
|
13,692,160
|
|
20,215,000
|
Birch Grove CLO 9 Ltd., Series 2024-9A,
Class A1, 3 mo. USD SOFR + 1.400%,
5.069%, 10/22/2037(a)(b)
|
20,230,339
|
|
2,525,000
|
Canyon CLO Ltd., Series 2018-1A, Class B, 3 mo.
USD SOFR + 1.962%, 5.634%, 7/15/2031(a)(b)
|
2,527,146
|
|
6,500,000
|
CIFC Funding Ltd., Series 2014-5A, Class BR3,
3 mo. USD SOFR + 1.750%,
5.418%, 7/17/2037(a)(b)
|
6,492,193
|
|
54,300,000
|
CIFC Funding Ltd., Series 2018-1A, Class A1R,
3 mo. USD SOFR + 1.320%,
4.988%, 1/18/2038(a)(b)
|
54,332,037
|
|
11,410,000
|
CIFC Funding Ltd., Series 2019-4A, Class A1R2,
3 mo. USD SOFR + 1.300%,
4.972%, 7/15/2038(a)(b)
|
11,416,492
|
|
11,715,000
|
CIFC Funding Ltd., Series 2019-7A, Class A1R,
3 mo. USD SOFR + 1.280%,
4.948%, 10/19/2038(a)(b)
|
11,715,012
|
|
3,970,000
|
CIFC Funding Ltd., Series 2021-4A, Class AR,
3 mo. USD SOFR + 1.360%,
5.031%, 7/23/2037(a)(b)
|
3,972,557
|
|
4,415,000
|
CIFC Funding Ltd., Series 2021-6A, Class B,
3 mo. USD SOFR + 1.912%,
5.584%, 10/15/2034(a)(b)
|
4,417,984
|
|
8,720,000
|
Clover CLO LLC, Series 2018-1A, Class A1RR,
3 mo. USD SOFR + 1.530%,
5.198%, 4/20/2037(a)(b)
|
8,720,541
|
|
19,410,000
|
Crown City CLO I, Series 2020-1A, Class A1RR,
3 mo. USD SOFR + 1.370%,
5.038%, 7/20/2038(a)(b)
|
19,415,318
|
|
7,115,000
|
Diameter Capital CLO 10 Ltd., Series 2025-10A,
Class A, 3 mo. USD SOFR + 1.310%,
4.978%, 4/20/2038(a)(b)
|
7,125,580
|
|
3,335,000
|
Dryden 53 CLO Ltd., Series 2017-53A, Class BR,
3 mo. USD SOFR + 1.300%,
4.972%, 1/15/2031(a)(b)
|
3,331,965
|
|
24,520,000
|
Garnet CLO 2 Ltd., Series 2025-2A, Class A,
3 mo. USD SOFR + 1.350%,
5.431%, 10/20/2038(a)(b)
|
24,499,550
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
$28,260,000
|
Garnet CLO 3 Ltd., Series 2025-3A, Class A1,
3 mo. USD SOFR + 1.270%,
5.053%, 10/20/2038(a)(b)
|
$28,249,041
|
|
14,870,000
|
GCP CLO Warehouse JP Ltd., Series 2025-82A,
Class A1, 3 mo. USD SOFR + 1.260%,
5.226%, 10/15/2038(a)(b)
|
14,855,050
|
|
3,620,000
|
Greenacre Park CLO LLC, Series 2021-2A,
Class AR, 3 mo. USD SOFR + 1.370%,
5.038%, 7/20/2037(a)(b)
|
3,621,538
|
|
3,545,000
|
Invesco CLO Ltd., Series 2021-1A, Class D,
3 mo. USD SOFR + 3.312%,
6.984%, 4/15/2034(a)(b)
|
3,377,095
|
|
37,555,000
|
Invesco U.S. CLO Ltd., Series 2024-4A,
Class A1, 3 mo. USD SOFR + 1.330%,
5.002%, 1/15/2038(a)(b)
|
37,573,777
|
|
2,420,000
|
Madison Park Funding XXXVII Ltd.,
Series 2019-37A, Class AR2, 3 mo. USD SOFR +
1.530%, 5.202%, 4/15/2037(a)(b)
|
2,417,941
|
|
25,360,000
|
Magnetite XLVIII Ltd., Series 2025-48A,
Class A1, 3 mo. USD SOFR + 1.280%,
4.952%, 10/15/2038(a)(b)
|
25,400,373
|
|
3,980,000
|
MidOcean Credit CLO XVIII LLC,
Series 2025-18A, Class A1, 3 mo. USD SOFR +
1.170%, 4.840%, 10/18/2035(a)(b)
|
3,973,162
|
|
22,900,000
|
MidOcean Credit CLO XXI, Series 2025-21A,
Class A1, 3 mo. USD SOFR + 1.260%,
5.122%, 10/20/2038(a)(b)
|
22,876,775
|
|
11,735,000
|
Northwoods Capital 20 Ltd., Series 2019-20A,
Class AR2, 3 mo. USD SOFR + 1.340%,
5.008%, 10/25/2038(a)(b)
|
11,738,479
|
|
18,665,000
|
OCP CLO Ltd., Series 2020-18A, Class A1R2,
3 mo. USD SOFR + 1.370%,
5.038%, 7/20/2037(a)(b)
|
18,668,621
|
|
33,920,000
|
OCP CLO Ltd., Series 2024-38A, Class A, 3 mo.
USD SOFR + 1.330%, 5.000%, 1/21/2038(a)(b)
|
33,953,920
|
|
7,170,000
|
Octagon Investment Partners 18-R Ltd.,
Series 2018-18A, Class A2, 3 mo. USD SOFR +
1.732%, 5.403%, 4/16/2031(a)(b)
|
7,157,627
|
|
1,729,438
|
Octagon Investment Partners 26 Ltd.,
Series 2016-1A, Class BR, 3 mo. USD SOFR +
1.862%, 5.534%, 7/15/2030(a)(b)
|
1,729,800
|
|
28,405,000
|
OHA Credit Funding 10-R Ltd.,
Series 2021-10RA, Class A1, 3 mo. USD SOFR +
1.260%, 4.928%, 7/18/2037(a)(b)
|
28,409,261
|
|
18,490,000
|
OHA Loan Funding Ltd., Series 2015-1A,
Class A1R4, 3 mo. USD SOFR + 1.250%,
4.918%, 10/19/2038(a)(b)
|
18,490,000
|
|
40,470,000
|
Palmer Square BDC CLO 1 Ltd., Series 1A,
Class A, 3 mo. USD SOFR + 1.600%,
5.272%, 7/15/2037(a)(b)
|
40,486,471
|
|
14,355,000
|
Palmer Square Loan Funding Ltd.,
Series 2024-2A, Class A2R, 3 mo. USD SOFR +
1.150%, 4.819%, 1/15/2033(a)(b)
|
14,350,421
|
|
12,855,000
|
Post CLO Ltd., Series 2022-1A, Class BR, 3 mo.
USD SOFR + 1.450%, 5.112%, 4/20/2035(a)(b)
|
12,815,021
|
|
19,620,000
|
Post CLO Ltd., Series 2023-1A, Class A1R, 3 mo.
USD SOFR + 1.300%, 4.968%, 10/20/2038(a)(b)
|
19,609,386
|
|
28,735,000
|
Rad CLO 26 Ltd., Series 2024-26A, Class A,
3 mo. USD SOFR + 1.370%,
5.038%, 10/20/2037(a)(b)
|
28,741,092
|
|
21,695,000
|
Regatta 35 Funding Ltd., Series 2025-5A,
Class A1, 3 mo. USD SOFR + 1.290%,
4.962%, 10/15/2038(a)(b)
|
21,697,517
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
$6,680,000
|
Rockford Tower CLO Ltd., Series 2017-1A,
Class DR2A, 3 mo. USD SOFR + 3.512%,
7.179%, 4/20/2034(a)(b)
|
$6,649,573
|
|
25,405,000
|
Silver Point CLO 12 Ltd., Series 2025-12A,
Class A1, 3 mo. USD SOFR + 1.310%,
5.289%, 10/15/2038(a)(b)
|
25,385,641
|
|
11,710,000
|
Sixth Street CLO XV Ltd., Series 2020-15A,
Class BR, 3 mo. USD SOFR + 1.750%,
5.418%, 10/24/2037(a)(b)
|
11,737,718
|
|
21,870,000
|
Symetra CLO Ltd., Series 2025-1A, Class A1,
3 mo. USD SOFR + 1.290%,
4.958%, 4/20/2038(a)(b)
|
21,872,209
|
|
4,275,000
|
Symetra CLO Ltd., Series 2025-1A, Class B,
3 mo. USD SOFR + 1.700%,
5.368%, 4/20/2038(a)(b)
|
4,264,424
|
|
12,070,000
|
Symphony CLO 48 Ltd., Series 2025-48A,
Class B, 3 mo. USD SOFR + 1.750%,
5.418%, 4/20/2038(a)(b)
|
12,100,972
|
|
25,310,000
|
TPG CLO Ltd., Series 2025-1A, Class A1, 3 mo.
USD SOFR + 1.370%, 5.333%, 7/15/2037(a)(b)
|
25,290,587
|
|
1,830,000
|
Vibrant CLO XIV Ltd., Series 2021-14A, Class C,
3 mo. USD SOFR + 4.012%,
7.679%, 10/20/2034(a)(b)
|
1,801,112
|
|
3,335,000
|
Voya CLO Ltd., Series 2013-3A, Class A2RR,
3 mo. USD SOFR + 1.961%,
5.631%, 10/18/2031(a)(b)
|
3,334,552
|
|
|
Total Collateralized Loan Obligations
(Identified Cost $832,304,436)
|
832,174,358
|
|
|
||
|
|
||
|
Senior Loans — 4.3%
|
||
|
|
Aerospace & Defense — 0.0%
|
|
|
2,812,932
|
TransDigm, Inc., 2025 Term Loan K, 1 mo. USD
SOFR + 2.250%, 5.918%, 3/22/2030(b)(h)
|
2,812,173
|
|
2,807,945
|
TransDigm, Inc., 2025 Term Loan M, 1 mo. USD
SOFR + 2.500%, 6.168%, 8/19/2032(b)(h)
|
2,807,271
|
|
3,930,000
|
TransDigm, Inc., 2026 Term Loan N, 1 mo. USD
SOFR + 2.500%, 6.168%, 2/13/2033(b)(h)
|
3,930,746
|
|
|
|
9,550,190
|
|
|
Automotive — 0.1%
|
|
|
24,390,000
|
Allison Transmission, Inc., 2025 Incremental
Term Loan B, 1 mo. USD SOFR + 1.750%,
5.422%, 1/02/2033(b)(h)
|
24,450,975
|
|
1,908,580
|
First Brands Group LLC, 2021 Term Loan,
10.759% PIK, 3/30/2027(d)(h)(i)
|
2,481
|
|
2,714,943
|
First Brands Group LLC, 2022 Incremental Term
Loan, 3 mo. USD SOFR + 5.000%,
10.786%, 3/30/2027(h)(i)
|
3,529
|
|
1,855,343
|
First Brands Group LLC, 2025 DIP Term Loan,
13.671% PIK, 6/29/2026(b)(d)(h)
|
426,729
|
|
5,302,130
|
First Brands Group LLC, 2025 PIK DIP Roll-Up
Term Loan B, 10.671% PIK, 6/29/2026(b)(d)(h)
|
3,553
|
|
|
|
24,887,267
|
|
|
Brokerage — 0.0%
|
|
|
7,731,442
|
Citadel Securities LP, 2024 First Lien Term Loan,
3 mo. USD SOFR + 2.000%,
5.700%, 10/31/2031(b)(h)
|
7,735,772
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Building Materials — 0.1%
|
|
|
$11,819,576
|
Advanced Drainage Systems, Inc., 2026 Term
Loan B, 1 mo. USD SOFR + 1.625%,
5.298%, 2/28/2033(b)(h)
|
$11,856,571
|
|
2,807,891
|
Quikrete Holdings, Inc., 2025 Term Loan B1,
1 mo. USD SOFR + 2.250%,
5.918%, 4/14/2031(b)(h)
|
2,801,826
|
|
|
|
14,658,397
|
|
|
Chemicals — 0.0%
|
|
|
2,389,769
|
Solstice Advanced Materials, Inc., Term Loan
B, 3 mo. USD SOFR + 1.750%,
5.417%, 10/29/2032(b)(h)
|
2,399,734
|
|
|
Construction Machinery — 0.1%
|
|
|
5,687,339
|
Terex Corp., 2025 Term Loan, 1 mo. USD SOFR +
1.750%, 5.418%, 10/08/2031(b)(h)
|
5,690,922
|
|
6,152,912
|
United Rentals, Inc., 2025 Repriced Term Loan
B, 1 mo. USD SOFR + 1.500%,
5.168%, 2/14/2031(b)(h)
|
6,169,832
|
|
|
|
11,860,754
|
|
|
Consumer Cyclical Services — 0.2%
|
|
|
3,640,000
|
Aramark Services, Inc., 2025 Repriced Term
Loan, 1 mo. USD SOFR + 1.750%,
5.418%, 4/06/2028(b)(h)
|
3,640,000
|
|
32,031,612
|
Aramark Services, Inc., 2025 Term Loan, 1 mo.
USD SOFR + 1.750%, 5.418%, 6/22/2030(b)(h)
|
32,031,612
|
|
568,482
|
Horizon U.S. Finco LP, Term Loan B, 6 mo. USD
SOFR + 4.500%, 8.448%, 10/31/2031(b)(h)
|
528,688
|
|
|
|
36,200,300
|
|
|
Diversified Manufacturing — 0.1%
|
|
|
6,321,155
|
Resideo Funding, Inc., 2024 1st Lien Term Loan
B, 1 mo. USD SOFR + 2.000%,
5.673%, 2/11/2028(b)(h)
|
6,321,155
|
|
5,466,692
|
Resideo Funding, Inc., 2024 M&A 1st lien Term
Loan B, 6 mo. USD SOFR + 2.000%,
5.641%, 6/13/2031(b)(h)
|
5,435,969
|
|
|
|
11,757,124
|
|
|
Electric — 0.5%
|
|
|
77,719,766
|
NRG Energy, Inc., 2024 Term Loan, 3 mo. USD
SOFR + 1.750%, 5.521%, 4/16/2031(b)(h)
|
77,804,481
|
|
|
Environmental — 0.1%
|
|
|
24,997,350
|
Clean Harbors, Inc., 2025 Term Loan, 1 mo. USD
SOFR + 1.500%, 5.168%, 10/08/2032(b)(h)
|
25,147,334
|
|
|
Gaming — 0.5%
|
|
|
19,720,800
|
DK Crown Holdings, Inc., 2025 Term Loan B,
1 mo. USD SOFR + 1.750%,
5.419%, 3/04/2032(b)(h)
|
19,683,922
|
|
50,117,695
|
Flutter Financing BV, 2024 Term Loan B, 3 mo.
USD SOFR + 1.750%, 5.450%, 11/30/2030(b)(h)
|
49,491,224
|
|
10,326,962
|
Flutter Financing BV, 2025 Term Loan B, 3 mo.
USD SOFR + 2.000%, 5.700%, 6/04/2032(b)(h)
|
10,197,875
|
|
|
|
79,373,021
|
|
|
Healthcare — 0.3%
|
|
|
3,849,000
|
Bausch & Lomb Corp., 2025 Repriced Term
Loan, 1/15/2031(j)
|
3,853,811
|
|
3,054,000
|
Bausch & Lomb Corp., 2025 Repriced Term
Loan, 1 mo. USD SOFR + 3.750%,
7.418%, 1/15/2031(b)(h)
|
3,057,818
|
|
38,211,753
|
DaVita, Inc., 2025 Term Loan B, 1 mo. USD SOFR
+ 1.750%, 5.418%, 5/09/2031(b)(h)
|
38,259,517
|
|
|
|
45,171,146
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Lodging — 0.4%
|
|
|
$20,599,845
|
Hilton Domestic Operating Co., Inc., 2023 Term
Loan B4, 1 mo. USD SOFR + 1.750%,
5.429%, 11/08/2030(b)
|
$20,625,595
|
|
54,956,137
|
Wyndham Hotels & Resorts, Inc., 2024 Term
Loan, 1 mo. USD SOFR + 1.750%,
5.418%, 5/24/2030(b)(h)
|
55,101,221
|
|
|
|
75,726,816
|
|
|
Media Entertainment — 0.1%
|
|
|
22,782,000
|
Electronic Arts, Inc., USD Term Loan B,
3/24/2033(j)
|
22,639,613
|
|
|
Metals & Mining — 0.2%
|
|
|
28,338,750
|
Novelis Corp., 2025 Term Loan B, 3 mo. USD
SOFR + 1.750%, 5.450%, 3/11/2032(b)(h)
|
28,326,848
|
|
|
Paper — 0.2%
|
|
|
29,587,317
|
Asplundh Tree Expert LLC, 2024 Incremental
Term Loan B, 1 mo. USD SOFR + 1.750%,
5.418%, 5/23/2031(b)
|
29,639,095
|
|
|
Pharmaceuticals — 0.3%
|
|
|
55,960,000
|
BioMarin Pharmaceutical, Inc., Term Loan B,
1/28/2033(j)
|
55,785,405
|
|
|
Property & Casualty Insurance — 0.2%
|
|
|
2,812,915
|
Alliant Holdings Intermediate LLC, 2025 Term
Loan B, 1 mo. USD SOFR + 2.500%,
6.168%, 9/19/2031(b)(h)
|
2,788,611
|
|
8,946,000
|
Amynta Agency Borrower, Inc., 2026 Repriced
Term Loan B, 12/29/2031(j)
|
8,803,848
|
|
19,593,768
|
Ardonagh Midco 3 PLC, 2024 USD Term Loan B,
USD SOFR + 2.750%, 6.374%, 2/15/2031(b)(h)
|
19,116,268
|
|
3,420,384
|
Baldwin Insurance Group Holdings LLC, 2025
Term Loan B2, 1 mo. USD SOFR + 2.500%,
6.178%, 5/26/2031(b)(h)
|
3,357,689
|
|
|
|
34,066,416
|
|
|
Retailers — 0.1%
|
|
|
6,902,200
|
PetSmart, Inc., 2025 USD Term Loan B,
8/18/2032(j)
|
6,848,708
|
|
3,392,000
|
PetSmart, Inc., 2025 USD Term Loan B, 1 mo.
USD SOFR + 4.000%, 7.675%, 8/18/2032(b)(h)
|
3,365,712
|
|
|
|
10,214,420
|
|
|
Technology — 0.7%
|
|
|
17,346,000
|
CACI International, Inc., 2026 Incremental Term
Loan B2, 3/09/2033(j)
|
17,324,318
|
|
6,850,303
|
Ciena Corp., 2025 Repriced Term Loan B, 1 mo.
USD SOFR + 1.750%, 5.425%, 10/24/2030(b)(h)
|
6,847,426
|
|
9,598,613
|
Darktrace PLC, 1st Lien Term Loan, 3 mo. USD
SOFR + 3.250%, 6.898%, 10/09/2031(b)
|
9,167,923
|
|
31,044,232
|
Open Text Corp., 2023 Term Loan B, 1 mo. USD
SOFR + 1.750%, 5.418%, 1/31/2030(b)(h)
|
30,334,561
|
|
56,140,407
|
Trans Union LLC, 2024 Term Loan B8, 3 mo. USD
SOFR + 1.750%, 5.450%, 6/24/2031(b)(h)
|
55,799,635
|
|
|
|
119,473,863
|
|
|
Wireless — 0.1%
|
|
|
10,733,401
|
SBA Senior Finance II LLC, 2024 Term Loan B,
1 mo. USD SOFR + 1.750%,
5.420%, 1/25/2031(b)(h)
|
10,764,742
|
|
|
Total Senior Loans
(Identified Cost $743,675,149)
|
733,182,738
|
|
Principal
Amount/
Shares
|
Description
|
Value (†)
|
|
Private Credit — 1.8%
|
||
|
|
ABS Other — 0.3%
|
|
|
$20,800,000
|
Chol Aviation Capital Ltd.,
7.134%, 8/30/2034(b)(e)(k)
|
$20,072,645
|
|
23,043,793
|
Coventry PACE SBC4 LLC,
7.250%, 1/31/2056(e)(k)
|
23,648,167
|
|
3,374,062
|
PureWest ABS Issuer LLC,
5.685%, 4/05/2040(e)(k)
|
3,361,633
|
|
|
|
47,082,445
|
|
|
Apartment REITs — 0.0%
|
|
|
6,221,748
|
BFW Issuer 2025-1 LLC, 7.250%, 9/30/2050, (e)(k)
|
6,222,913
|
|
|
Banking — 0.8%
|
|
|
43,300,000
|
AP Bosphorus Holdings Ltd.,
6.274%, 12/15/2037(k)
|
42,717,957
|
|
41,735,000
|
Bosphorous Financial Services Ltd.,
5.823%, 2/15/2033(e)(k)
|
40,884,595
|
|
8,700,000
|
Industrial DPR Funding Ltd.,
5.730%, 7/15/2032(e)(k)
|
8,701,864
|
|
21,750,000
|
Industrial DPR Funding Ltd.,
5.930%, 7/15/2035(e)(k)
|
21,779,974
|
|
20,000,000
|
Royal Bank of Scotland International Ltd.,
Series E, 4.660%, 12/16/2028(e)(k)
|
19,846,786
|
|
|
|
133,931,176
|
|
|
Building Materials — 0.2%
|
|
|
3,385
|
QXO, Inc., 4.750%(e)(f)(k)(l)(m)
|
38,359,835
|
|
|
Finance Companies — 0.3%
|
|
|
33,745,000
|
Lakeview Loan Servicing LLC, Series C,
5.650%, 12/02/2032(e)(k)
|
32,804,345
|
|
10,000,000
|
MSD Investment Corp., 7.110%, 5/20/2030(e)(k)
|
9,931,630
|
|
|
|
42,735,975
|
|
|
Technology — 0.2%
|
|
|
17,342,312
|
AP Grange Holdings, 6.500%, 3/20/2045(e)(k)
|
18,111,060
|
|
15,000,000
|
AP Grange Holdings LLC,
5.000%, 3/20/2045(e)(k)
|
16,684,275
|
|
|
|
34,795,335
|
|
|
Total Private Credit
(Identified Cost $299,410,783)
|
303,127,679
|
|
Shares
|
|
|
|
Common Stocks— 0.0%
|
||
|
|
Real Estate Management & Development — 0.0%
|
|
|
18,660
|
Country Garden Holdings Co. Ltd.(f)
|
764
|
|
1,825,231
|
Times China Holdings Ltd.(f)
|
17,258
|
|
|
Total Common Stocks
(Identified Cost $4,581,416)
|
18,022
|
|
|
Total Purchased Options — 0.0%
(Identified Cost $190,633) (see details below)
|
150,400
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
Short-Term Investments — 4.0%
|
||
|
$455,620,930
|
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 3/31/2026
at 2.150% to be repurchased at $455,648,141 on
4/01/2026 collateralized by $124,228,200
U.S. Treasury Note, 0.500% due 8/31/2027
valued at $118,544,690; $348,098,300
U.S. Treasury Note, 3.375% due 9/15/2027
valued at $346,188,768 including accrued
interest (n)
|
$455,620,930
|
|
43,801,000
|
U.S. Treasury Bills, 3.537%, 9/03/2026(o)
|
43,123,474
|
|
51,990,000
|
U.S. Treasury Bills, 3.551%, 8/27/2026(o)
|
51,221,617
|
|
78,392,000
|
U.S. Treasury Bills, 3.585%, 9/17/2026(o)
|
77,069,641
|
|
51,728,000
|
U.S. Treasury Bills, 3.601%, 9/24/2026(o)
|
50,824,061
|
|
|
Total Short-Term Investments
(Identified Cost $677,875,745)
|
677,859,723
|
|
|
Total Investments — 100.2%
(Identified Cost $16,945,561,485)
|
16,942,073,999
|
|
|
Other assets less liabilities — (0.2)%
|
(39,654,211
)
|
|
|
Net Assets — 100.0%
|
$16,902,419,788
|
|
Purchased Options — 0.0%
|
||||||
|
Description
|
Expiration
Date
|
Exercise
Price
|
Contracts
|
Notional
Amount
|
Cost
|
Value (†)
|
|
Options on Futures — 0.0%
|
||||||
|
CBOT 5 Year U.S. Treasury Notes, Put
|
4/24/2026
|
103
|
19,250,000
|
$2,082,458,994
|
$190,633
|
$150,400
|
|
Written Options — (0.1%)
|
||||||
|
Description
|
Expiration
Date
|
Exercise
Price
|
Contracts
|
Notional
Amount
|
Premiums
(Received)
|
Value (†)
|
|
Options on Futures — (0.1%)
|
||||||
|
CBOT 5 Year U.S. Treasury Notes, Put
|
4/24/2026
|
108.25
|
(19,250,000
)
|
$(2,082,458,994
)
|
$(4,069,835
)
|
$(10,076,182
)
|
|
(†)
|
Registered investment companies are required to value portfolio investments using
an unadjusted, readily available market quotation. The Fund obtains
readily available market quotations from independent pricing services. Fund investments
for which readily available market quotations are not available
are priced at fair value pursuant to the Fund's Valuation Procedures. The Board of
Trustees has approved a valuation designee who is subject to the
Board's oversight.
Unadjusted readily available market quotations that are utilized for exchange traded
equity securities (including shares of closed-end investment
companies and exchange-traded funds) include the last sale price quoted on the exchange
where the security is traded most extensively. Futures
contracts are valued at the closing settlement price on the exchange on which the
valuation designee believes that, over time, they are traded most
extensively. Domestic, exchange-traded index and single name equity option contracts
(including options on exchange-traded funds) are valued at the
mean of the National Best Bid and Offer quotations as determined by the Options Price
Reporting Authority. Shares of open-end investment companies
are valued at net asset value ("NAV") per share.
Exchange traded equity securities for which there is no reported sale during the day
are fair valued at the closing bid quotation as reported by an
independent pricing service. Unlisted equity securities (except unlisted preferred
equity securities) are fair valued at the last sale price quoted in the
market where they are traded most extensively or, if there is no reported sale during
the day, the closing bid quotation as reported by an independent
pricing service. If there is no last sale price or closing bid quotation available,
unlisted equity securities will be fair valued using evaluated bids
furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on
evaluated bids furnished to the Fund by an independent pricing service
or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations
("CLOs") are fair valued at bid prices supplied by an
independent pricing service, if available. Broker-dealer bid prices may be used to
fair value debt, unlisted equities, senior loans and CLOs where an
independent pricing service is unable to price an investment or where an independent
pricing service does not provide a reliable price for the
investment.
The Fund may also fair value investments in other circumstances such as when extraordinary
events occur after the close of a foreign market, but prior
to the close of the New York Stock Exchange. This may include situations relating
to a single issuer (such as a declaration of bankruptcy or a delisting
of the issuer's security from the primary market on which it has traded) as well as
events affecting the securities markets in general (such as market
disruptions or closings and significant fluctuations in U.S. and/or foreign markets).
When fair valuing a Fund's investments, the valuation designee may,
among other things, use modeling tools or other processes that may take into account
factors such as issuer specific information, or other related
market activity and/or information that occurred after the close of the foreign market
but before the time the Fund's NAV is calculated. Fair valuation by
the Fund's valuation designee may require subjective determinations about the value
of the investment, and fair values used to determine a Fund's NAV
may differ from quoted or published prices, or from prices that are used by others,
for the same investments. In addition, the use of fair value pricing
may not always result in adjustments to the prices of investments held by a Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities,
currencies and other assets and liabilities denominated in
currencies other than U.S. dollars, if any, are translated into U.S. dollars based
upon foreign exchange rates prevailing at the end of the period.
|
|
(a)
|
All or a portion of these securities are exempt from registration under Rule 144A
of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
At March 31, 2026, the value of Rule 144A holdings amounted to
$6,917,219,891 or 40.9% of net assets.
|
|
(b)
|
Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised
of various lots with differing coupon rates have been aggregated for
the purpose of presentation in the Portfolio of Investments and show a weighted average
rate. Certain variable rate securities are not based on a
published reference rate and spread, rather are determined by the issuer or agent
and are based on current market conditions. These securities may
not indicate a reference rate and/or spread in their description.
|
|
(c)
|
Perpetual bond with no specified maturity date.
|
|
(d)
|
Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal.
|
|
(e)
|
Securities subject to restriction on resale. At March 31, 2026, the restricted securities
held by the Fund are as follows:
|
|
|
Acquisition
Date
|
Acquisition
Cost
|
Value
|
% of
Net Assets
|
|
AP Grange Holdings
|
6/25/2025
|
$17,621,930
|
$18,111,060
|
0.1%
|
|
AP Grange Holdings LLC
|
6/26/2025
|
15,269,250
|
16,684,275
|
0.1%
|
|
BFW Issuer 2025-1 LLC
|
6/03/2025
|
6,221,748
|
6,222,913
|
Less than 0.1%
|
|
Bosphorous Financial Services Ltd.
|
1/20/2026
|
41,735,000
|
40,884,595
|
0.2%
|
|
Chol Aviation Capital Ltd.
|
2/10/2026
|
20,800,000
|
20,072,645
|
0.1%
|
|
CIFI Holdings Group Co. Ltd.
|
8/06/2021-12/29/2025
|
3,178,778
|
130,729
|
Less than 0.1%
|
|
Country Garden Holdings Co. Ltd.
|
8/02/2021-12/23/2025
|
4,798,818
|
482,193
|
Less than 0.1%
|
|
Country Garden Holdings Co. Ltd.
|
8/02/2021-12/23/2025
|
1,255,073
|
284,663
|
Less than 0.1%
|
|
Coventry PACE SBC4 LLC
|
5/07/2025
|
23,043,793
|
23,648,167
|
0.2%
|
|
Industrial DPR Funding Ltd.
|
8/07/2025
|
21,750,000
|
21,779,974
|
0.1%
|
|
Industrial DPR Funding Ltd.
|
8/07/2025
|
8,700,000
|
8,701,864
|
0.1%
|
|
Lakeview Loan Servicing LLC
|
11/13/2025
|
33,745,000
|
32,804,345
|
0.2%
|
|
MSD Investment Corp.
|
11/08/2024
|
10,000,000
|
9,931,630
|
0.1%
|
|
PureWest ABS Issuer LLC
|
3/06/2025
|
3,374,062
|
3,361,633
|
Less than 0.1%
|
|
QXO, Inc.
|
1/12/2026
|
33,850,000
|
38,359,835
|
0.2%
|
|
Royal Bank of Scotland International Ltd.
|
11/18/2025
|
20,000,000
|
19,846,786
|
0.1%
|
|
(f)
|
Non-income producing security.
|
|
(g)
|
Security (or a portion thereof) has been pledged as collateral for open derivative
contracts.
|
|
(h)
|
Stated interest rate has been determined in accordance with the provisions of the
loan agreement and is subject to a minimum benchmark floor rate
which may range from 0.00% to 1.00%, to which the spread is added.
|
|
(i)
|
The issuer is in default with respect to interest and/or principal payments. Income
is not being accrued.
|
|
(j)
|
Position is unsettled. Contract rate was not determined at March 31, 2026 and does
not take effect until settlement date. Maturity date is not finalized
until settlement date.
|
|
(k)
|
Level 3 security. Value has been determined using significant unobservable inputs.
|
|
(l)
|
Private credit preferred stock with no specified maturity date.
|
|
(m)
|
Investment has been committed to but has not been fully funded by the Fund.
|
|
(n)
|
The Fund may enter into repurchase agreements, under the terms of a Master Repurchase
Agreement, under which the Fund acquires securities as
collateral and agrees to resell the securities at an agreed upon time and at an agreed
upon price. It is the Fund's policy that the market value of the
collateral for repurchase agreements be at least equal to 102% of the repurchase price,
including interest. Certain repurchase agreements are tri-party
arrangements whereby the collateral is held in a segregated account for the benefit
of the Fund and on behalf of the counterparty. Repurchase
agreements could involve certain risks in the event of default or insolvency of the
counterparty, including possible delays or restrictions upon the
Fund's ability to dispose of the underlying securities. As of March 31, 2026, the
Fund had an investment in a repurchase agreement for which the value
of the related collateral exceeded the value of the repurchase agreement.
|
|
(o)
|
Interest rate represents discount rate at time of purchase; not a coupon rate.
|
|
ABS
|
Asset-Backed Securities
|
|
DIP
|
Debtor In Possession
|
|
MTN
|
Medium Term Note
|
|
PIK
|
Payment-in-Kind
|
|
REIT
|
Real Estate Investment Trust
|
|
REMICS
|
Real Estate Mortgage Investment Conduits
|
|
SLM
|
Sallie Mae
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
At March 31, 2026, the Fund had the following open long futures contracts:
|
|||||
|
Financial Futures
|
Expiration
Date
|
Contracts
|
Notional
Amount
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
CBOT 5 Year U.S. Treasury Notes Futures
|
6/30/2026
|
29,123
|
$3,193,060,063
|
$3,150,517,054
|
$(42,543,009
)
|
|
At March 31, 2026, the Fund had the following open short futures contracts:
|
|||||
|
Financial Futures
|
Expiration
Date
|
Contracts
|
Notional
Amount
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Ultra 10 Year U.S. Treasury Notes Futures
|
6/18/2026
|
5,816
|
$674,534,982
|
$660,206,875
|
$14,328,107
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Bonds and Notes(a)
|
$ —
|
$14,395,561,079
|
$ —
|
$14,395,561,079
|
|
Collateralized Loan Obligations
|
—
|
832,174,358
|
—
|
832,174,358
|
|
Senior Loans(a)
|
—
|
733,182,738
|
—
|
733,182,738
|
|
Private Credit
|
|
|
|
|
|
ABS Other
|
—
|
—
|
47,082,445
|
47,082,445
|
|
Apartment REITs
|
—
|
—
|
6,222,913
|
6,222,913
|
|
Banking
|
—
|
—
|
133,931,176
|
133,931,176
|
|
Building Materials
|
—
|
—
|
38,359,835
|
38,359,835
|
|
Finance Companies
|
—
|
—
|
42,735,975
|
42,735,975
|
|
Technology
|
—
|
—
|
34,795,335
|
34,795,335
|
|
Total Private Credit
|
—
|
—
|
303,127,679
|
303,127,679
|
|
Common Stocks
|
|
|
|
|
|
Real Estate Management & Development
|
—
|
18,022
|
—
|
18,022
|
|
Short-Term Investments
|
—
|
677,859,723
|
—
|
677,859,723
|
|
Purchased Options(a)
|
150,400
|
—
|
—
|
150,400
|
|
Total Investments
|
150,400
|
16,638,795,920
|
303,127,679
|
16,942,073,999
|
|
Futures Contracts (unrealized appreciation)
|
14,328,107
|
—
|
—
|
14,328,107
|
|
Total
|
$14,478,507
|
$16,638,795,920
|
$303,127,679
|
$16,956,402,106
|
|
Liability Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Written Options(a)
|
$(10,076,182
)
|
$ —
|
$ —
|
$(10,076,182
)
|
|
Futures Contracts (unrealized depreciation)
|
(42,543,009
)
|
—
|
—
|
(42,543,009
)
|
|
Total
|
$(52,619,191
)
|
$ —
|
$ —
|
$(52,619,191
)
|
|
(a)
|
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
|
|
|
||||||||||
|
Asset Valuation Inputs
|
||||||||||
|
Investments in Securities
|
Balance as of
December 31,
2025
|
Accrued
Discounts
(Premiums)
|
Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Purchases
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance as of
March 31,
2026
|
Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
March 31,
2026
|
|
Private Credit
|
|
|
|
|
|
|
|
|
|
|
|
ABS Other
|
$27,289,284
|
$ —
|
$ —
|
$(794,677
)
|
$20,800,000
|
$(212,162
)
|
$ —
|
$ —
|
$47,082,445
|
$(792,744
)
|
|
Apartment REITs
|
6,353,824
|
—
|
—
|
(130,911
)
|
—
|
—
|
—
|
—
|
6,222,913
|
(130,911
)
|
|
Banking
|
50,744,680
|
—
|
—
|
(1,848,504
)
|
85,035,000
|
—
|
—
|
—
|
133,931,176
|
(1,848,504
)
|
|
|
||||||||||
|
Asset Valuation Inputs
|
||||||||||
|
Investments in Securities
|
Balance as of
December 31,
2025
|
Accrued
Discounts
(Premiums)
|
Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Purchases
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance as of
March 31,
2026
|
Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
March 31,
2026
|
|
Building Materials
|
$ —
|
$ —
|
$ —
|
$4,509,835
|
$33,850,000
|
$ —
|
$ —
|
$ —
|
$38,359,835
|
$4,509,835
|
|
Finance Companies
|
43,827,918
|
—
|
—
|
(1,091,943
)
|
—
|
—
|
—
|
—
|
42,735,975
|
(1,091,943
)
|
|
Technology
|
34,654,900
|
—
|
—
|
25,294
|
115,141
|
—
|
—
|
—
|
34,795,335
|
25,294
|
|
Total
|
$162,870,606
|
$ —
|
$ —
|
$669,094
|
$139,800,141
|
$(212,162
)
|
$ —
|
$ —
|
$303,127,679
|
$671,027
|