|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
Bonds and Notes — 73.7% of Net Assets
|
||
|
|
||
|
|
||
|
Non-Convertible Bonds — 73.4%
|
||
|
|
ABS Car Loan — 2.8%
|
|
|
$730,000
|
American Credit Acceptance Receivables Trust,
Series 2023-4, Class D, 7.650%, 9/12/2030(a)
|
$750,378
|
|
300,000
|
American Credit Acceptance Receivables Trust,
Series 2025-1, Class D, 5.540%, 8/12/2031(a)
|
302,621
|
|
195,000
|
AutoNation Finance Trust, Series 2026-1A,
Class D, 5.070%, 1/11/2034(a)
|
193,702
|
|
940,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2024-3A, Class B, 5.580%, 12/20/2030(a)
|
952,886
|
|
205,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2024-3A, Class C, 6.110%, 12/20/2030(a)
|
207,730
|
|
945,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2025-2A, Class C, 6.240%, 8/20/2031(a)
|
962,844
|
|
875,000
|
Bridgecrest Lending Auto Securitization Trust,
Series 2024-2, Class D, 6.300%, 2/15/2030
|
895,738
|
|
1,720,000
|
CarMax Select Receivables Trust,
Series 2025-B, Class D, 5.330%, 7/15/2031
|
1,725,096
|
|
265,000
|
Carvana Auto Receivables Trust,
Series 2023-N1, Class D, 6.690%, 7/10/2029(a)
|
269,590
|
|
125,000
|
Carvana Auto Receivables Trust,
Series 2023-N4, Class D, 7.220%, 2/11/2030(a)
|
129,464
|
|
100,000
|
Carvana Auto Receivables Trust,
Series 2024-N1, Class C, 5.800%, 5/10/2030(a)
|
101,218
|
|
320,000
|
Carvana Auto Receivables Trust,
Series 2024-N3, Class D, 5.380%, 12/10/2030(a)
|
319,923
|
|
209,000
|
Carvana Auto Receivables Trust, Series 2024-P1,
Class D, 6.250%, 3/10/2031(a)
|
213,771
|
|
100,000
|
Credit Acceptance Auto Loan Trust,
Series 2024-1A, Class C, 6.710%, 7/17/2034(a)
|
101,852
|
|
290,000
|
Credit Acceptance Auto Loan Trust,
Series 2024-2A, Class C, 6.700%, 10/16/2034(a)
|
299,217
|
|
260,000
|
Credit Acceptance Auto Loan Trust,
Series 2024-3A, Class C, 5.390%, 1/16/2035(a)
|
261,652
|
|
190,000
|
Credit Acceptance Auto Loan Trust,
Series 2025-2A, Class C, 5.380%, 3/17/2036(a)
|
191,100
|
|
255,000
|
Drive Auto Receivables Trust, Series 2024-1,
Class C, 5.430%, 11/17/2031
|
257,397
|
|
680,000
|
Drive Auto Receivables Trust, Series 2025-2,
Class D, 4.900%, 12/15/2032
|
676,623
|
|
1,342,421
|
DT Auto Owner Trust, Series 2022-2A, Class D,
5.460%, 3/15/2028(a)
|
1,346,843
|
|
1,830,000
|
DT Auto Owner Trust, Series 2023-3A, Class D,
7.120%, 5/15/2029(a)
|
1,877,737
|
|
960,000
|
Exeter Automobile Receivables Trust,
Series 2023-5A, Class D, 7.130%, 2/15/2030
|
984,327
|
|
365,000
|
Exeter Automobile Receivables Trust,
Series 2024-5A, Class D, 5.060%, 2/18/2031
|
363,506
|
|
790,023
|
FHF Issuer Trust, Series 2025-1A, Class A2,
4.920%, 2/15/2031(a)
|
789,678
|
|
1,785,000
|
FHF Issuer Trust, Series 2025-2A, Class A2,
5.750%, 5/15/2030(a)
|
1,784,741
|
|
325,000
|
First Investors Auto Owner Trust,
Series 2025-1A, Class D, 5.220%, 12/15/2033(a)
|
325,768
|
|
168,659
|
Flagship Credit Auto Trust, Series 2022-3,
Class C, 4.990%, 7/17/2028(a)
|
168,889
|
|
950,000
|
Flagship Credit Auto Trust, Series 2022-3,
Class D, 6.000%, 7/17/2028(a)
|
896,687
|
|
151,565
|
Flagship Credit Auto Trust, Series 2022-4,
Class C, 7.710%, 10/16/2028(a)
|
153,091
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Car Loan — continued
|
|
|
$275,000
|
Flagship Credit Auto Trust, Series 2023-1,
Class C, 5.430%, 5/15/2029(a)
|
$275,462
|
|
320,000
|
Flagship Credit Auto Trust, Series 2023-3,
Class C, 6.010%, 7/16/2029(a)
|
322,782
|
|
735,000
|
Flagship Credit Auto Trust, Series 2023-3,
Class D, 6.580%, 8/15/2029(a)
|
695,948
|
|
180,000
|
Flagship Credit Auto Trust, Series 2024-1,
Class C, 5.790%, 2/15/2030(a)
|
181,289
|
|
285,000
|
Ford Credit Auto Lease Trust, Series 2023-B,
Class D, 6.970%, 6/15/2028
|
285,201
|
|
460,000
|
Ford Credit Auto Owner Trust, Series 2023-2,
Class D, 6.600%, 2/15/2036(a)
|
473,572
|
|
240,000
|
GLS Auto Receivables Issuer Trust,
Series 2023-3A, Class D, 6.440%, 5/15/2029(a)
|
245,166
|
|
200,000
|
GLS Auto Receivables Issuer Trust,
Series 2024-1A, Class D, 5.950%, 12/17/2029(a)
|
203,544
|
|
105,000
|
GLS Auto Select Receivables Trust,
Series 2024-2A, Class C, 5.930%, 6/17/2030(a)
|
107,557
|
|
100,000
|
GLS Auto Select Receivables Trust,
Series 2024-2A, Class D, 6.370%, 8/15/2031(a)
|
102,906
|
|
100,000
|
GLS Auto Select Receivables Trust,
Series 2024-4A, Class D, 5.280%, 10/15/2031(a)
|
100,052
|
|
1,530,000
|
Hertz Vehicle Financing III LLC, Series 2025-3A,
Class C, 6.130%, 12/26/2029(a)
|
1,540,750
|
|
316,137
|
Huntington Bank Auto Credit-Linked Notes,
Series 2025-2, Class C, 30 day USD SOFR
Average + 2.350%, 6.023%, 9/20/2033(a)(b)
|
316,658
|
|
100,000
|
LAD Auto Receivables Trust, Series 2024-3A,
Class D, 5.180%, 2/17/2032(a)
|
100,280
|
|
113,675
|
Lendbuzz Securitization Trust, Series 2026-1A,
Class B, 5.160%, 12/16/2030(a)
|
113,121
|
|
136,409
|
Lendbuzz Securitization Trust, Series 2026-1A,
Class C, 5.740%, 9/15/2031(a)
|
136,782
|
|
210,000
|
Prestige Auto Receivables Trust, Series 2023-2A,
Class D, 7.710%, 8/15/2029(a)
|
212,626
|
|
745,000
|
Red Oak Funding Master Trust, Series 2025-1A,
Class A, 30 day USD SOFR Average + 2.000%,
5.673%, 12/20/2030(a)(b)
|
745,862
|
|
1,760,000
|
Santander Bank Auto Credit-Linked Notes,
Series 2025-A, Class G, 11.049%, 1/16/2034(a)
|
1,750,822
|
|
955,000
|
Santander Drive Auto Receivables Trust,
Series 2024-3, Class D, 5.970%, 10/15/2031
|
977,695
|
|
100,000
|
SBNA Auto Receivables Trust, Series 2024-A,
Class D, 6.040%, 4/15/2030(a)
|
101,703
|
|
625,000
|
USB Auto Owner Trust, Series 2025-1A, Class D,
5.400%, 12/15/2032(a)
|
628,074
|
|
930,000
|
Western Funding Auto Loan Trust, Series 2025-1,
Class C, 5.340%, 11/15/2035(a)
|
928,781
|
|
635,000
|
Westlake Automobile Receivables Trust,
Series 2023-3A, Class D, 6.470%, 3/15/2029(a)
|
646,515
|
|
815,000
|
Westlake Automobile Receivables Trust,
Series 2023-4A, Class D, 7.190%, 7/16/2029(a)
|
837,123
|
|
290,000
|
Westlake Automobile Receivables Trust,
Series 2024-1A, Class C, 5.650%, 2/15/2029(a)
|
292,398
|
|
720,000
|
Westlake Automobile Receivables Trust,
Series 2024-1A, Class D, 6.020%, 10/15/2029(a)
|
733,231
|
|
195,000
|
Westlake Automobile Receivables Trust,
Series 2024-2A, Class D, 5.910%, 4/15/2030(a)
|
198,892
|
|
260,000
|
Westlake Automobile Receivables Trust,
Series 2025-1A, Class D, 5.540%, 11/15/2030(a)
|
262,058
|
|
|
|
31,020,919
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Credit Card — 0.3%
|
|
|
$1,100,000
|
Fortiva Retail Credit Master Note Business
Trust, Series 2024-ONE, Class B,
9.700%, 11/15/2029(a)
|
$1,107,330
|
|
585,000
|
Mercury Financial Credit Card Master Trust,
Series 2025-1A, Class B, 6.160%, 12/22/2031(a)
|
575,424
|
|
1,420,000
|
Mercury Financial Credit Card Master Trust,
Series 2025-1A, Class C, 8.290%, 12/22/2031(a)
|
1,397,599
|
|
|
|
3,080,353
|
|
|
ABS Home Equity — 2.6%
|
|
|
126,504
|
Banc of America Alternative Loan Trust,
Series 2003-8, Class 1CB1, 5.500%, 10/25/2033(c)
|
126,049
|
|
116,889
|
Banc of America Funding Trust, Series 2005-7,
Class 3A1, 5.750%, 11/25/2035(c)
|
117,362
|
|
65,336
|
Banc of America Funding Trust, Series 2007-4,
Class 5A1, 5.500%, 11/25/2034(c)
|
56,710
|
|
2,315,000
|
BINOM Securitization Trust, Series 2022-RPL1,
Class M1, 3.000%, 2/25/2061(a)(b)
|
1,889,206
|
|
1,950,000
|
CAFL Issuer LLC, Series 2026-R1, Class A1,
6.773%, 3/25/2036(a)(b)
|
1,947,781
|
|
235,000
|
Cardinal Mortgage Trust, Series 2025-RTL1,
Class A1, 5.593%, 11/25/2030(a)(b)
|
235,362
|
|
335,000
|
Cardinal Mortgage Trust, Series 2025-RTL1,
Class A2, 6.763%, 11/25/2030(a)(b)
|
336,301
|
|
18,237
|
CHL Mortgage Pass-Through Trust,
Series 2004-HYB4, Class 2A1,
5.158%, 9/20/2034(b)(c)
|
16,896
|
|
940,259
|
CoreVest American Finance Trust, Series 2019-2,
Class B, 3.424%, 6/15/2052(a)
|
908,065
|
|
245,000
|
CoreVest American Finance Trust, Series 2020-2,
Class C, 4.536%, 5/15/2052(a)(b)
|
242,110
|
|
1,340,000
|
CoreVest American Finance Trust, Series 2020-4,
Class C, 2.250%, 12/15/2052(a)
|
1,250,752
|
|
151,546
|
Countrywide Alternative Loan Trust,
Series 2003-22CB, Class 1A1, 5.750%, 12/25/2033
|
153,634
|
|
72,771
|
Countrywide Alternative Loan Trust,
Series 2004-16CB, Class 1A1,
5.500%, 7/25/2034(c)
|
71,230
|
|
58,244
|
Countrywide Alternative Loan Trust,
Series 2004-16CB, Class 3A1,
5.500%, 8/25/2034(c)
|
57,032
|
|
68,048
|
Countrywide Alternative Loan Trust,
Series 2004-J10, Class 2CB1,
6.000%, 9/25/2034(c)
|
68,224
|
|
1,456,706
|
Credit Suisse Mortgage Trust, Series 2021-RPL4,
Class A1, 4.152%, 12/27/2060(a)(b)
|
1,451,585
|
|
82,802
|
CSFB Mortgage-Backed Pass-Through
Certificates, Series 2003-27, Class 4A4,
5.750%, 11/25/2033
|
83,299
|
|
311,489
|
DSLA Mortgage Loan Trust, Series 2005-AR5,
Class 2A1A, 1 mo. USD SOFR + 0.774%,
4.451%, 9/19/2045(b)(c)
|
161,227
|
|
255,000
|
Federal National Mortgage Association
Connecticut Avenue Securities Trust,
Series 2023-R06, Class 1M2, 30 day USD SOFR
Average + 2.700%, 6.362%, 7/25/2043(a)(b)
|
260,572
|
|
45,000
|
Federal National Mortgage Association
Connecticut Avenue Securities Trust,
Series 2023-R08, Class 1M2, 30 day USD SOFR
Average + 2.500%, 6.162%, 10/25/2043(a)(b)
|
45,796
|
|
82,204
|
GCAT Trust, Series 2019-RPL1, Class A1,
2.650%, 10/25/2068(a)(b)
|
80,280
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Home Equity — continued
|
|
|
$218,850
|
Home Partners of America Trust, Series 2021-1,
Class E, 2.577%, 9/17/2041(a)
|
$197,998
|
|
281,679
|
IndyMac INDX Mortgage Loan Trust,
Series 2004-AR7, Class A5, 1 mo. USD SOFR +
1.334%, 5.013%, 9/25/2034(b)(c)
|
223,578
|
|
437,154
|
JP Morgan Mortgage Trust, Series 2004-S1,
Class 2A1, 6.000%, 9/25/2034
|
449,241
|
|
206,747
|
Lehman XS Trust, Series 2006-2N, Class 1A1,
1 mo. USD SOFR + 0.634%,
4.313%, 2/25/2046(b)(c)
|
186,714
|
|
181,107
|
MASTR Adjustable Rate Mortgages Trust,
Series 2004-4, Class 5A1, 6.750%, 5/25/2034(b)(c)
|
177,789
|
|
81,554
|
MASTR Alternative Loan Trust, Series 2003-9,
Class 4A1, 5.250%, 11/25/2033(c)
|
81,012
|
|
57,981
|
MASTR Alternative Loan Trust, Series 2004-5,
Class 1A1, 5.500%, 6/25/2034(c)
|
57,788
|
|
62,961
|
MASTR Alternative Loan Trust, Series 2004-5,
Class 2A1, 6.000%, 6/25/2034(c)
|
63,717
|
|
252,426
|
MASTR Alternative Loan Trust, Series 2004-8,
Class 2A1, 6.000%, 9/25/2034(c)
|
250,649
|
|
4,058
|
Merrill Lynch Mortgage Investors Trust,
Series 2006-2, Class 2A, 5.622%, 5/25/2036(b)(c)
|
3,833
|
|
245,000
|
Mill City Mortgage Loan Trust,
Series 2021-NMR1, Class M2,
2.500%, 11/25/2060(a)(b)
|
215,167
|
|
218,817
|
Morgan Stanley Mortgage Loan Trust,
Series 2005-7, Class 4A2, 5.500%, 11/25/2035(c)
|
126,093
|
|
381,100
|
Morgan Stanley Mortgage Loan Trust,
Series 2005-7, Class 7A5, 5.500%, 11/25/2035(c)
|
327,844
|
|
785,000
|
New Residential Mortgage Loan Trust,
Series 2024-RTL1, Class A1,
6.664%, 3/25/2039(a)(b)
|
785,654
|
|
658,399
|
NLT Trust, Series 2023-1, Class A1,
3.200%, 10/25/2062(a)(b)
|
606,879
|
|
820,000
|
NYMT Loan Trust, Series 2024-BPL2, Class A1,
6.509%, 5/25/2039(a)(b)
|
823,379
|
|
445,000
|
NYMT Loan Trust, Series 2024-BPL3, Class A2,
5.637%, 9/25/2039(a)(b)
|
445,034
|
|
347,374
|
NYMT Loan Trust, Series 2024-CP1, Class A1,
3.750%, 2/25/2068(a)(b)
|
321,338
|
|
570,000
|
Progress Residential Trust, Series 2021-SFR3,
Class E1, 2.538%, 5/17/2026(a)
|
567,720
|
|
470,000
|
Progress Residential Trust, Series 2021-SFR3,
Class E2, 2.688%, 5/17/2026(a)
|
468,118
|
|
930,000
|
Progress Residential Trust, Series 2021-SFR5,
Class E1, 2.209%, 7/17/2038(a)
|
922,593
|
|
400,000
|
Progress Residential Trust, Series 2021-SFR5,
Class E2, 2.359%, 7/17/2038(a)
|
396,848
|
|
415,000
|
Progress Residential Trust, Series 2021-SFR7,
Class E2, 2.640%, 8/17/2040(a)
|
388,564
|
|
235,000
|
Progress Residential Trust, Series 2023-SFR2,
Class D, 4.500%, 10/17/2040(a)
|
229,490
|
|
61,982
|
PRPM LLC, Series 2023-RCF2, Class A1,
4.000%, 11/25/2053(a)(b)
|
61,104
|
|
258,776
|
PRPM LLC, Series 2024-7, Class A1,
5.870%, 11/25/2029(a)(b)
|
258,870
|
|
72,145
|
PRPM LLC, Series 2024-RCF1, Class A1,
4.000%, 1/25/2054(a)(b)
|
71,198
|
|
90,265
|
PRPM LLC, Series 2025-2, Class A1,
6.469%, 5/25/2030(a)(b)
|
90,052
|
|
1,155,000
|
PRPM LLC, Series 2025-2, Class A2,
9.560%, 5/25/2030(a)(b)
|
1,151,576
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Home Equity — continued
|
|
|
$1,103,282
|
PRPM LLC, Series 2025-8, Class A1,
5.385%, 10/25/2030(a)(b)
|
$1,098,300
|
|
892,242
|
PRPM LLC, Series 2026-1, Class A1,
5.185%, 2/25/2031(a)(b)
|
882,822
|
|
854,101
|
PRPM LLC, Series 2026-2, Class A1,
5.089%, 2/25/2031(a)(b)
|
851,387
|
|
930,000
|
Roc Mortgage Trust, Series 2024-RTL1, Class A1,
5.589%, 10/25/2039(a)(b)
|
931,294
|
|
1,220,000
|
Roc Mortgage Trust, Series 2024-RTL1,
Class M1, 7.277%, 10/25/2039(a)(b)
|
1,226,989
|
|
1,465,514
|
Structured Adjustable Rate Mortgage Loan
Trust, Series 2005-14, Class A1, 1 mo. USD SOFR
+ 0.424%, 4.103%, 7/25/2035(b)
|
840,476
|
|
1,040,000
|
Tricon American Homes Trust, Series 2020-SFR1,
Class E, 3.544%, 7/17/2038(a)
|
1,033,385
|
|
1,170,000
|
Tricon American Homes Trust, Series 2020-SFR2,
Class E1, 2.730%, 11/17/2039(a)
|
1,119,154
|
|
525,000
|
TVC Mortgage Trust, Series 2024-RRTL1,
Class A2, 5.956%, 7/25/2039(a)(b)
|
526,553
|
|
110,000
|
TVC Mortgage Trust, Series 2026-RRTL1,
Class A1, 4.964%, 2/25/2041(a)(b)
|
109,451
|
|
150,000
|
TVC Mortgage Trust, Series 2026-RRTL1,
Class A2, 5.315%, 2/25/2041(a)(b)
|
148,928
|
|
|
|
28,278,052
|
|
|
ABS Other — 6.7%
|
|
|
1,117,250
|
AASET Ltd., Series 2024-2A, Class A,
5.930%, 9/16/2049(a)
|
1,125,480
|
|
716,365
|
AASET Trust, Series 2021-1A, Class A,
2.950%, 11/16/2041(a)
|
690,887
|
|
86,712
|
Accelerated Assets LLC, Series 2018-1, Class B,
4.510%, 12/02/2033(a)
|
85,620
|
|
130,000
|
Affirm Asset Securitization Trust,
Series 2024-X2, Class D, 6.080%, 12/17/2029(a)
|
130,345
|
|
2,218,114
|
AIM Aviation Finance Ltd., Series 2015-1A,
Class B1, 5.072%, 2/15/2040(a)(b)
|
1,810,869
|
|
661,862
|
ALTDE Trust, Series 2025-1A, Class A,
5.900%, 8/15/2050(a)
|
665,808
|
|
2,825,000
|
Applebee's Funding LLC/IHOP Funding LLC,
Series 2025-1A, Class A2, 6.720%, 6/07/2055(a)
|
2,825,628
|
|
119,785
|
Aqua Finance Trust, Series 2019-A, Class C,
4.010%, 7/16/2040(a)
|
117,239
|
|
250,000
|
Aqua Finance Trust, Series 2024-A, Class D,
6.530%, 4/18/2050(a)
|
251,184
|
|
1,070,000
|
BasePoint MCA Securitization II LLC,
Series 2025-1A, Class C, 11.789%, 8/15/2031(a)
|
1,063,989
|
|
236,142
|
BHG Securitization Trust, Series 2022-A, Class B,
2.700%, 2/20/2035(a)
|
235,839
|
|
343,242
|
BHG Securitization Trust, Series 2023-B, Class B,
7.450%, 12/17/2036(a)
|
357,209
|
|
112,551
|
BHG Securitization Trust, Series 2024-1CON,
Class B, 6.490%, 4/17/2035(a)
|
115,269
|
|
59,304
|
Business Jet Securities LLC, Series 2024-1A,
Class B, 6.924%, 5/15/2039(a)
|
60,672
|
|
335,067
|
Castlelake Aircraft Securitization Trust,
Series 2018-1, Class B, 5.300%, 6/15/2043(a)
|
328,373
|
|
102,903
|
Castlelake Aircraft Structured Trust,
Series 2019-1A, Class A, 3.967%, 4/15/2039(a)
|
101,878
|
|
1,813,117
|
CLI Funding VIII LLC, Series 2025-R, Class A,
6.610%, 6/21/2050(a)
|
1,796,599
|
|
2,204,974
|
CLIF Holdings LLC, Series 2025-1H, Class A,
6.720%, 12/20/2050(a)
|
2,188,135
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$457,946
|
Clsec Holdings 22t LLC, Series 2021-1, Class C,
6.171%, 5/11/2037(a)
|
$448,552
|
|
635,000
|
Compass Datacenters Issuer III LLC,
Series 2025-1A, Class A2, 5.656%, 2/25/2050(a)
|
638,129
|
|
115,000
|
Compass Datacenters Issuer III LLC,
Series 2025-1A, Class A3, 5.852%, 2/25/2050(a)
|
115,262
|
|
845,000
|
Compass Datacenters Issuer III LLC,
Series 2025-3A, Class A2, 5.286%, 7/25/2050(a)
|
836,697
|
|
334,545
|
Crockett Partners Equipment Co. IIA LLC,
Series 2024-1C, Class C, 10.160%, 1/20/2031(a)
|
347,592
|
|
1,215,000
|
DataBank Issuer II LLC, Series 2025-1A,
Class A2, 5.180%, 9/27/2055(a)
|
1,178,565
|
|
2,675,000
|
EDI ABS Issuer 1 LLC, Series 2025-1A, Class A2,
4.450%, 7/25/2055(a)
|
2,560,844
|
|
364,393
|
EverBright Solar Trust, Series 2024-A, Class A,
6.430%, 6/22/2054(a)
|
307,547
|
|
112,192
|
Foundation Finance Trust, Series 2023-2A,
Class D, 9.100%, 6/15/2049(a)
|
119,393
|
|
225,720
|
Foundation Finance Trust, Series 2024-2A,
Class D, 6.590%, 3/15/2050(a)
|
229,867
|
|
695,727
|
Foundation Finance Trust, Series 2025-1A,
Class B, 5.260%, 4/15/2050(a)
|
697,603
|
|
487,912
|
Foundation Finance Trust, Series 2025-1A,
Class D, 6.090%, 4/15/2050(a)
|
485,983
|
|
780,000
|
Foundation Finance Trust, Series 2025-2A,
Class D, 5.680%, 4/15/2052(a)
|
777,195
|
|
626,717
|
Global SC Finance X Ltd., Series 2025-1H,
Class A, 6.169%, 9/20/2045(a)
|
623,532
|
|
1,398,700
|
Global SC Finance X Ltd., Series 2025-1H,
Class B, 7.848%, 9/20/2045(a)
|
1,391,975
|
|
139,011
|
GoodLeap Home Improvement Solutions Trust,
Series 2024-1A, Class B, 6.380%, 10/20/2046(a)
|
140,402
|
|
25,622
|
Hilton Grand Vacations Trust, Series 2022-1D,
Class C, 4.690%, 6/20/2034(a)
|
25,575
|
|
236,475
|
Hilton Grand Vacations Trust, Series 2025-1A,
Class C, 5.520%, 5/27/2042(a)
|
237,715
|
|
706,292
|
Hilton Grand Vacations Trust, Series 2025-3EXT,
Class C, 5.390%, 10/25/2044(a)
|
703,278
|
|
142,532
|
Horizon Aircraft Finance III Ltd., Series 2019-2,
Class A, 3.425%, 11/15/2039(a)
|
139,319
|
|
1,745,000
|
Horizon Aircraft Finance III Ltd., Series 2019-2,
Class E, Zero Coupon, 11/15/2039(a)
|
314,100
|
|
150,000
|
HPEFS Equipment Trust, Series 2023-2A, Class D,
6.970%, 7/21/2031(a)
|
151,035
|
|
180,000
|
Kapitus Asset Securitization IV LLC,
Series 2024-1A, Class 1C, 7.150%, 9/10/2031(a)
|
177,530
|
|
500,000
|
Kapitus Asset Securitization IV LLC,
Series 2024-1A, Class A, 5.490%, 9/10/2031(a)
|
500,803
|
|
1,077,690
|
Labrador Aviation Finance Ltd., Series 2016-1A,
Class A1, 4.300%, 1/15/2042(a)
|
1,105,378
|
|
175,000
|
Lendmark Funding Trust, Series 2025-1A,
Class D, 6.480%, 9/20/2034(a)
|
177,600
|
|
1,175,000
|
Lightpath Fiber Issuer LLC, Series 2026-1A,
Class A2, 5.597%, 3/25/2056(a)
|
1,171,743
|
|
609,539
|
Lunar Structured Aircraft Portfolio Notes,
Series 2021-1, Class A, 2.636%, 10/15/2046(a)
|
578,878
|
|
110,000
|
Mariner Finance Issuance Trust,
Series 2024-AA, Class D, 6.770%, 9/22/2036(a)
|
111,801
|
|
910,000
|
Marlette Funding Trust, Series 2023-4A, Class B,
8.150%, 12/15/2033(a)
|
930,980
|
|
1,814,137
|
MAST Ltd., Series 2026-1A, Class A,
5.134%, 2/15/2051(a)
|
1,783,250
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$97,363
|
Mosaic Solar Loan Trust, Series 2022-3A,
Class A, 6.100%, 6/20/2053(a)
|
$95,094
|
|
60,290
|
MVW LLC, Series 2020-1A, Class C,
4.210%, 10/20/2037(a)
|
60,044
|
|
56,224
|
MVW LLC, Series 2024-1A, Class C,
6.200%, 2/20/2043(a)
|
57,136
|
|
710,000
|
NFAS3 LLC, Series 2025-1, Class A,
6.351%, 5/15/2031(a)
|
713,027
|
|
485,000
|
Octane Receivables Trust, Series 2025-1A,
Class D, 5.400%, 12/22/2031(a)
|
482,980
|
|
375,000
|
OnDeck Asset Securitization Trust IV LLC,
Series 2024-1A, Class C, 8.990%, 6/17/2031(a)
|
380,170
|
|
165,000
|
OnDeck Asset Securitization Trust IV LLC,
Series 2024-2A, Class C, 7.030%, 10/17/2031(a)
|
164,468
|
|
1,020,000
|
OneMain Financial Issuance Trust,
Series 2020-2A, Class C, 2.760%, 9/14/2035(a)
|
990,489
|
|
810,000
|
OneMain Financial Issuance Trust,
Series 2021-1A, Class D, 2.470%, 6/16/2036(a)
|
762,015
|
|
1,319,181
|
OWN Equipment Fund I LLC, Series 2024-2M,
Class A, 5.700%, 12/20/2032(a)
|
1,327,107
|
|
939,476
|
OWN Equipment Fund II LLC, Series 2025-1M,
Class A, 5.480%, 9/26/2033(a)
|
938,104
|
|
829,878
|
OWN Equipment Fund III LLC, Series 2025-2M,
Class B, 6.490%, 3/27/2034(a)
|
823,928
|
|
188,718
|
PK ALIFT Loan Funding 3 LP, Series 2024-1,
Class A1, 5.842%, 9/15/2039(a)
|
191,911
|
|
680,000
|
Planet Fitness Master Issuer LLC,
Series 2025-1A, Class A2I, 5.274%, 12/06/2055(a)
|
679,756
|
|
555,000
|
QTS Issuer ABS II LLC, Series 2025-1A, Class B,
5.778%, 10/05/2055(a)
|
536,823
|
|
165,000
|
QTS Issuer ABS II LLC, Series 2026-1A, Class B,
6.729%, 1/05/2056(a)
|
163,302
|
|
2,575,000
|
QTS Issuer ABS II LLC, Series 2026-5A, Class B,
7.200%, 3/05/2056(a)
|
2,570,702
|
|
1,945,000
|
Regional Management Issuance Trust,
Series 2025-2, Class C, 5.360%, 11/16/2037(a)
|
1,919,479
|
|
405,000
|
Regional Management Issuance Trust,
Series 2025-2, Class D, 6.010%, 11/16/2037(a)
|
398,563
|
|
435,000
|
Republic Finance Issuance Trust, Series 2024-A,
Class A, 5.910%, 8/20/2032(a)
|
436,627
|
|
120,000
|
Republic Finance Issuance Trust, Series 2024-B,
Class A, 5.420%, 11/20/2037(a)
|
121,184
|
|
430,000
|
Republic Finance Issuance Trust, Series 2024-B,
Class C, 6.600%, 11/20/2037(a)
|
437,059
|
|
645,000
|
RFS Asset Securitization II LLC, Series 2024-1,
Class A, 6.550%, 7/15/2031(a)
|
652,935
|
|
105,000
|
SCF Equipment Leasing LLC, Series 2024-1A,
Class C, 5.820%, 9/20/2032(a)
|
107,493
|
|
100,000
|
SCF Equipment Leasing LLC, Series 2024-1A,
Class D, 6.580%, 6/21/2033(a)
|
103,809
|
|
535,000
|
SEB Funding LLC, Series 2024-1A, Class A2,
7.386%, 4/30/2054(a)
|
544,506
|
|
2,490,000
|
SF ABS Issuer LLC, Series 2025-1A, Class B,
5.866%, 11/25/2055(a)
|
2,422,969
|
|
1,265,000
|
Shentel Issuer LLC, Series 2025-1A, Class A2,
5.640%, 12/20/2055(a)
|
1,274,570
|
|
58,689
|
Sierra Timeshare Receivables Funding LLC,
Series 2023-1A, Class C, 7.000%, 1/20/2040(a)
|
59,917
|
|
50,132
|
Sierra Timeshare Receivables Funding LLC,
Series 2023-2A, Class C, 7.300%, 4/20/2040(a)
|
51,575
|
|
144,976
|
Sierra Timeshare Receivables Funding LLC,
Series 2025-3A, Class C, 4.980%, 8/22/2044(a)
|
143,570
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$756,000
|
Slam Ltd., Series 2021-1A, Class B,
3.422%, 6/15/2046(a)
|
$721,471
|
|
668,056
|
Slam Ltd., Series 2024-1A, Class A,
5.335%, 9/15/2049(a)
|
665,495
|
|
662,370
|
SpringCastle America Funding LLC,
Series 2020-AA, Class A, 1.970%, 9/25/2037(a)
|
624,056
|
|
1,890,000
|
Sprite Ltd., Series 2026-1, Class A,
5.227%, 3/15/2041(a)
|
1,859,784
|
|
1,745,000
|
Sprite Ltd., Series 2026-1, Class C,
9.413%, 3/15/2041(a)
|
1,726,699
|
|
828,520
|
Stream Innovations Issuer Trust, Series 2025-1A,
Class C, 6.120%, 9/15/2045(a)
|
834,357
|
|
102,342
|
Sunnova Helios II Issuer LLC, Series 2019-AA,
Class A, 3.750%, 6/20/2046(a)
|
93,767
|
|
339,744
|
Sunnova Helios V Issuer LLC, Series 2021-A,
Class B, 3.150%, 2/20/2048(a)
|
173,480
|
|
388,322
|
Sunnova Helios XIII Issuer LLC, Series 2024-A,
Class A, 5.300%, 2/20/2051(a)
|
333,040
|
|
631,482
|
Sunrun Athena Issuer LLC, Series 2018-1,
Class A, 5.310%, 4/30/2049(a)
|
609,648
|
|
1,040,081
|
Sunrun Atlas Issuer LLC, Series 2019-2, Class A,
3.610%, 2/01/2055(a)
|
1,003,369
|
|
893,680
|
Sunrun Demeter Issuer LLC, Series 2021-2A,
Class A, 2.270%, 1/30/2057(a)
|
811,145
|
|
1,650,160
|
Sunrun Vulcan Issuer LLC, Series 2021-1A,
Class A, 2.460%, 1/30/2052(a)
|
1,519,502
|
|
1,653,117
|
Thrust Engine Leasing DAC, Series 2021-1A,
Class A, 4.163%, 7/15/2040(a)
|
1,634,984
|
|
140,250
|
TIF Funding III LLC, Series 2024-1A, Class A,
5.480%, 4/20/2049(a)
|
140,835
|
|
2,690,654
|
TMCL VII Holdings Ltd., Series 2025-1H, Class A,
6.430%, 7/23/2050(a)
|
2,686,932
|
|
950,000
|
Trafigura Securitisation Finance PLC,
Series 2024-1A, Class A1, 1 day USD SOFR +
1.400%, 5.041%, 11/15/2027(a)(b)
|
949,604
|
|
335,000
|
Trafigura Securitisation Finance PLC,
Series 2024-1A, Class B, 7.290%, 11/15/2027(a)
|
335,023
|
|
135,000
|
Uniti Fiber ABS Issuer LLC, Series 2025-1A,
Class A2, 5.877%, 4/20/2055(a)
|
137,068
|
|
138,532
|
Volofin Finance DAC, Series 2024-1A, Class A,
5.935%, 6/15/2037(a)
|
139,539
|
|
180,985
|
Volofin Finance DAC, Series 2024-1A, Class B,
6.211%, 6/15/2037(a)
|
184,456
|
|
1,744,882
|
Wave LLC, Series 2019-1, Class A,
3.597%, 9/15/2044(a)
|
1,710,084
|
|
1,580,084
|
Wave LLC, Series 2019-1, Class C,
6.413%, 9/15/2044(a)
|
1,330,270
|
|
586,150
|
Willis Engine Structured Trust V, Series 2020-A,
Class A, 3.228%, 3/15/2045(a)
|
568,194
|
|
181,664
|
Willis Engine Structured Trust V, Series 2020-A,
Class B, 4.212%, 3/15/2045(a)
|
176,166
|
|
200,436
|
Willis Engine Structured Trust VI, Series 2021-A,
Class A, 3.104%, 5/15/2046(a)
|
188,779
|
|
119,396
|
Willis Engine Structured Trust VII, Series 2023-A,
Class A, 8.000%, 10/15/2048(a)
|
121,733
|
|
|
|
73,849,938
|
|
|
ABS Residential Mortgage — 1.3%
|
|
|
643,079
|
GITSIT Mortgage Loan Trust, Series 2025-NPL1,
Class A1, 6.276%, 2/25/2055(a)(b)
|
643,486
|
|
935,000
|
GITSIT Mortgage Loan Trust, Series 2025-NPL1,
Class A2, 8.837%, 2/25/2055(a)(b)
|
936,390
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Residential Mortgage — continued
|
|
|
$1,489,450
|
GITSIT Mortgage Loan Trust, Series 2025-NPL2,
Class A1, 5.425%, 12/25/2055(a)(b)
|
$1,481,430
|
|
504,970
|
MFA Trust, Series 2024-NPL1, Class A1,
6.330%, 9/25/2054(a)(b)
|
505,592
|
|
546,061
|
Pretium Mortgage Credit Partners LLC,
Series 2025-NPL3, Class A1,
6.708%, 4/25/2055(a)(b)
|
546,579
|
|
683,264
|
Pretium Mortgage Credit Partners LLC,
Series 2025-NPL6, Class A1,
5.744%, 6/25/2055(a)(b)
|
684,315
|
|
1,458,872
|
Pretium Mortgage Credit Partners LLC,
Series 2025-NPL8, Class A1,
5.732%, 8/25/2055(a)(b)
|
1,461,951
|
|
194,909
|
Pretium Mortgage Credit Partners LLC,
Series 2026-NPL1, Class A1,
5.180%, 1/25/2056(a)(b)
|
193,330
|
|
1,001,593
|
Pretium Mortgage Credit Partners LLC,
Series 2026-NPL2, Class A1,
5.151%, 2/25/2056(a)(b)
|
993,711
|
|
1,105,000
|
Pretium Mortgage Credit Partners LLC,
Series 2026-NPL4, Class A1,
5.510%, 4/25/2056(a)(b)
|
1,105,055
|
|
1,392,024
|
RCO IX Mortgage LLC, Series 2025-2, Class A1,
6.513%, 4/25/2030(a)(b)
|
1,393,893
|
|
1,675,304
|
RCO IX Mortgage LLC, Series 2025-4, Class A1,
5.310%, 10/25/2030(a)(b)
|
1,673,994
|
|
1,695,000
|
RCO X Mortgage LLC, Series 2026-1, Class A1,
5.536%, 3/25/2031(a)(b)
|
1,695,103
|
|
836,316
|
VCAT LLC, Series 2025-NPL3, Class A1,
5.889%, 2/25/2055(a)(b)
|
837,353
|
|
683,808
|
VCAT LLC, Series 2026-NPL1, Class A1,
5.101%, 1/25/2056(a)(b)
|
679,983
|
|
|
|
14,832,165
|
|
|
ABS Student Loan — 1.0%
|
|
|
105,881
|
Ascent Education Funding Trust, Series 2024-A,
Class A, 6.140%, 10/25/2050(a)
|
108,028
|
|
105,000
|
Ascent Education Funding Trust, Series 2024-A,
Class C, 8.010%, 10/25/2050(a)
|
102,370
|
|
263,199
|
College Avenue Student Loans LLC,
Series 2021-A, Class D, 4.120%, 7/25/2051(a)
|
250,039
|
|
470,654
|
Education Funding Trust, Series 2020-A, Class A,
2.790%, 7/25/2041(a)
|
451,101
|
|
358,590
|
Navient Private Education Refi Loan Trust,
Series 2018-A, Class B, 3.680%, 2/18/2042(a)
|
353,417
|
|
1,092,396
|
Navient Private Education Refi Loan Trust,
Series 2018-CA, Class B, 4.220%, 6/16/2042(a)
|
1,078,246
|
|
3,410,000
|
Navient Private Education Refi Loan Trust,
Series 2019-FA, Class B, 3.120%, 8/15/2068(a)
|
3,040,937
|
|
695,000
|
Navient Private Education Refi Loan Trust,
Series 2019-GA, Class B, 3.080%, 10/15/2068(a)
|
627,330
|
|
320,000
|
Navient Private Education Refi Loan Trust,
Series 2020-DA, Class B, 3.330%, 5/15/2069(a)
|
283,671
|
|
1,290,000
|
Navient Private Education Refi Loan Trust,
Series 2020-FA, Class B, 2.690%, 7/15/2069(a)
|
1,115,181
|
|
730,000
|
Navient Private Education Refi Loan Trust,
Series 2020-HA, Class B, 2.780%, 1/15/2069(a)
|
634,036
|
|
810,000
|
Nelnet Student Loan Trust, Series 2021-DA,
Class B, 2.900%, 4/20/2062(a)
|
730,481
|
|
163,000
|
SLM Private Credit Student Loan Trust,
Series 2003-A, Class A3, 28 day Auction Rate
Security, 6.330%, 6/15/2032(b)
|
162,978
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Student Loan — continued
|
|
|
$609,000
|
SLM Private Credit Student Loan Trust,
Series 2003-B, Class A3, 28 day Auction Rate
Security, 6.350%, 3/15/2033(b)
|
$608,951
|
|
59,000
|
SLM Private Credit Student Loan Trust,
Series 2003-B, Class A4, 28 day Auction Rate
Security, 6.370%, 3/15/2033(b)
|
58,995
|
|
6,691
|
SMB Private Education Loan Trust,
Series 2017-B, Class A2B, 1 mo. USD SOFR +
0.864%, 4.537%, 10/15/2035(a)(b)
|
6,691
|
|
190,000
|
SMB Private Education Loan Trust,
Series 2018-B, Class B, 4.000%, 7/15/2042(a)
|
186,079
|
|
510,000
|
SMB Private Education Loan Trust,
Series 2018-C, Class B, 4.000%, 11/17/2042(a)
|
500,201
|
|
1,350,000
|
SoFi Professional Loan Program LLC,
Series 2020-A, Class BFX, 3.120%, 5/15/2046(a)
|
1,219,419
|
|
|
|
11,518,151
|
|
|
ABS Whole Business — 0.6%
|
|
|
1,510,000
|
Applebee's Funding LLC/IHOP Funding LLC,
Series 2023-1A, Class A2, 7.824%, 3/05/2053(a)
|
1,522,180
|
|
192,500
|
EWC Master Issuer LLC, Series 2022-1A,
Class A2, 5.500%, 3/15/2052(a)
|
191,014
|
|
244,375
|
FOCUS Brands Funding, Series 2023-2, Class A2,
8.241%, 10/30/2053(a)
|
255,815
|
|
2,882,812
|
Planet Fitness Master Issuer LLC,
Series 2019-1A, Class A2, 3.858%, 12/05/2049(a)
|
2,745,292
|
|
349,675
|
Planet Fitness Master Issuer LLC,
Series 2024-1A, Class A2I, 5.765%, 6/05/2054(a)
|
351,913
|
|
1,575,063
|
Subway Funding LLC, Series 2024-1A, Class A2I,
6.028%, 7/30/2054(a)
|
1,585,227
|
|
200,000
|
Wingstop Funding LLC, Series 2024-1A, Class A2,
5.858%, 12/05/2054(a)
|
203,114
|
|
|
|
6,854,555
|
|
|
Aerospace & Defense — 1.5%
|
|
|
289,000
|
Axon Enterprise, Inc., 6.125%, 3/15/2030(a)
|
293,782
|
|
159,000
|
Axon Enterprise, Inc., 6.250%, 3/15/2033(a)
|
162,299
|
|
1,630,000
|
Boeing Co., 3.625%, 2/01/2031
|
1,550,166
|
|
1,265,000
|
Boeing Co., 5.150%, 5/01/2030
|
1,286,176
|
|
1,170,000
|
Boeing Co., 5.705%, 5/01/2040
|
1,171,839
|
|
3,021,000
|
Boeing Co., 5.805%, 5/01/2050
|
2,920,480
|
|
70,000
|
Boeing Co., 5.930%, 5/01/2060
|
67,192
|
|
330,000
|
Boeing Co., 6.388%, 5/01/2031
|
351,893
|
|
2,240,000
|
Boeing Co., 6.528%, 5/01/2034
|
2,440,127
|
|
2,781,000
|
Boeing Co., 6.858%, 5/01/2054
|
3,060,699
|
|
485,000
|
Boeing Co., 7.008%, 5/01/2064
|
536,177
|
|
449,000
|
Honeywell Aerospace, Inc., 4.950%, 3/16/2036(a)
|
445,499
|
|
2,830,000
|
Textron Financial Corp., 3 mo. USD SOFR +
1.997%, 5.649%, 2/15/2067(a)(b)
|
2,534,152
|
|
29,000
|
TransDigm, Inc., 6.000%, 1/15/2033(a)
|
28,984
|
|
28,000
|
TransDigm, Inc., 6.875%, 12/15/2030(a)
|
28,690
|
|
|
|
16,878,155
|
|
|
Agency Commercial Mortgage-Backed Securities — 0.0%
|
|
|
460,000
|
Arixa Mortgage Trust, Series 2025-RTL1,
Class A1, 5.735%, 8/25/2030(a)(b)
|
461,181
|
|
|
Airlines — 0.1%
|
|
|
1,164,615
|
United Airlines Pass-Through Trust, Series B,
Class B, 3.500%, 11/01/2029
|
1,132,518
|
|
|
Automotive — 0.3%
|
|
|
1,006,000
|
Allison Transmission, Inc., 3.750%, 1/30/2031(a)
|
936,415
|
|
360,000
|
ZF North America Capital, Inc.,
6.750%, 4/23/2030(a)
|
348,258
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Automotive — continued
|
|
|
$465,000
|
ZF North America Capital, Inc.,
6.875%, 4/14/2028(a)
|
$469,748
|
|
535,000
|
ZF North America Capital, Inc.,
6.875%, 4/23/2032(a)
|
508,305
|
|
1,564,000
|
ZF North America Capital, Inc.,
7.125%, 4/14/2030(a)
|
1,543,809
|
|
|
|
3,806,535
|
|
|
Banking — 3.7%
|
|
|
5,305,000
|
American Express Co., (fixed rate to 2/09/2028,
variable rate thereafter), 4.009%, 2/09/2029
|
5,271,117
|
|
580,000
|
CaixaBank SA, (fixed rate to 7/03/2035, variable
rate thereafter), 5.581%, 7/03/2036(a)
|
583,300
|
|
905,000
|
Capital One Financial Corp., (fixed rate to
9/11/2035, variable rate thereafter),
5.197%, 9/11/2036
|
877,334
|
|
947,000
|
Goldman Sachs Group, Inc., (fixed rate to
1/21/2036, variable rate thereafter),
5.065%, 1/21/2037
|
925,855
|
|
1,982,000
|
Goldman Sachs Group, Inc., (fixed rate to
2/02/2036, variable rate thereafter),
5.387%, 2/02/2041
|
1,914,911
|
|
1,165,000
|
JPMorgan Chase & Co., (fixed rate to 1/22/2036,
variable rate thereafter), 4.898%, 1/22/2037
|
1,139,964
|
|
1,896,000
|
Morgan Stanley, (fixed rate to 1/18/2036,
variable rate thereafter), 5.314%, 1/18/2041
|
1,830,251
|
|
1,164,000
|
Morgan Stanley, (fixed rate to 1/19/2033,
variable rate thereafter), 5.948%, 1/19/2038
|
1,192,415
|
|
8,020,000
|
Morgan Stanley, (fixed rate to 2/07/2034,
variable rate thereafter), 5.942%, 2/07/2039
|
8,198,426
|
|
2,185,000
|
Societe Generale SA, (fixed rate to 10/03/2035,
variable rate thereafter), 5.439%, 10/03/2036(a)
|
2,137,783
|
|
5,485,000
|
Sumitomo Mitsui Trust Bank Ltd.,
3.950%, 3/05/2029(a)
|
5,422,002
|
|
28,000
|
Synchrony Financial, 7.250%, 2/02/2033
|
28,599
|
|
136,000
|
Synchrony Financial, (fixed rate to 2/25/2031,
variable rate thereafter), 4.947%, 2/25/2032
|
131,988
|
|
440,000
|
Synchrony Financial, (fixed rate to 3/06/2030,
variable rate thereafter), 5.450%, 3/06/2031
|
439,636
|
|
905,000
|
Synchrony Financial, (fixed rate to 7/29/2028,
variable rate thereafter), 5.019%, 7/29/2029
|
904,112
|
|
235,000
|
Synchrony Financial, (fixed rate to 7/29/2035,
variable rate thereafter), 6.000%, 7/29/2036
|
231,786
|
|
805,000
|
Synchrony Financial, (fixed rate to 8/02/2029,
variable rate thereafter), 5.935%, 8/02/2030
|
817,916
|
|
865,000
|
UBS Group AG, (fixed rate to 2/08/2034, variable
rate thereafter), 5.699%, 2/08/2035(a)
|
886,726
|
|
1,375,000
|
UBS Group AG, (fixed rate to 5/09/2035, variable
rate thereafter), 5.580%, 5/09/2036(a)
|
1,394,578
|
|
375,000
|
UBS Group AG, (fixed rate to 5/14/2031, variable
rate thereafter), 3.091%, 5/14/2032(a)
|
343,903
|
|
1,445,000
|
UBS Group AG, (fixed rate to 8/05/2030, variable
rate thereafter), 6.600%(a)(d)
|
1,410,369
|
|
1,000,000
|
UniCredit SpA, (fixed rate to 6/03/2031, variable
rate thereafter), 3.127%, 6/03/2032(a)
|
918,806
|
|
200,000
|
UniCredit SpA, (fixed rate to 6/30/2030, variable
rate thereafter), 5.459%, 6/30/2035(a)
|
199,640
|
|
1,435,000
|
Wells Fargo & Co., (fixed rate to 1/23/2036,
variable rate thereafter), 4.960%, 1/23/2037
|
1,397,894
|
|
2,440,000
|
Wells Fargo & Co., (fixed rate to 9/15/2035,
variable rate thereafter), 4.892%, 9/15/2036
|
2,373,892
|
|
|
|
40,973,203
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Brokerage — 0.6%
|
|
|
$500,000
|
BGC Group, Inc., 6.150%, 4/02/2030
|
$508,547
|
|
1,370,000
|
Blue Owl Finance LLC, 6.250%, 4/18/2034
|
1,317,093
|
|
465,000
|
Brookfield Asset Management Ltd.,
5.795%, 4/24/2035
|
473,797
|
|
315,000
|
Citadel LP, 6.000%, 1/23/2030(a)
|
324,276
|
|
240,000
|
Citadel LP, 6.375%, 1/23/2032(a)
|
248,746
|
|
29,000
|
Jane Street Group/JSG Finance, Inc.,
6.750%, 5/01/2033(a)
|
29,422
|
|
29,000
|
Jane Street Group/JSG Finance, Inc.,
7.125%, 4/30/2031(a)
|
29,811
|
|
2,015,000
|
Jefferies Financial Group, Inc., 6.200%, 4/14/2034
|
2,054,921
|
|
1,059,000
|
Osaic Holdings, Inc., 6.750%, 8/01/2032(a)
|
1,059,132
|
|
|
|
6,045,745
|
|
|
Building Materials — 1.2%
|
|
|
785,000
|
Amrize Finance U.S. LLC, 5.400%, 4/07/2035
|
798,258
|
|
2,745,000
|
Cemex SAB de CV, 3.875%, 7/11/2031(a)
|
2,562,379
|
|
2,330,000
|
Cemex SAB de CV, (fixed rate to 6/08/2026,
variable rate thereafter), 5.125%(a)(d)
|
2,320,309
|
|
295,000
|
Cemex SAB de CV, (fixed rate to 6/10/2030,
variable rate thereafter), 7.200%(a)(d)
|
298,687
|
|
2,580,000
|
CRH America Finance, Inc., 5.000%, 2/09/2036
|
2,532,834
|
|
1,035,000
|
JH North America Holdings, Inc.,
5.875%, 1/31/2031(a)
|
1,026,400
|
|
1,478,000
|
JH North America Holdings, Inc.,
6.125%, 7/31/2032(a)
|
1,472,110
|
|
2,072,000
|
Quikrete Holdings, Inc., 6.375%, 3/01/2032(a)
|
2,101,014
|
|
|
|
13,111,991
|
|
|
Cable Satellite — 2.9%
|
|
|
79,000
|
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.000%, 2/01/2028(a)
|
78,351
|
|
1,206,000
|
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.125%, 5/01/2027(a)
|
1,204,636
|
|
405,000
|
Charter Communications Operating LLC/Charter
Communications Operating Capital,
6.384%, 10/23/2035
|
411,271
|
|
940,000
|
Charter Communications Operating LLC/Charter
Communications Operating Capital,
6.550%, 6/01/2034
|
975,865
|
|
465,000
|
Charter Communications Operating LLC/Charter
Communications Operating Capital,
6.650%, 2/01/2034
|
485,058
|
|
2,200,000
|
CSC Holdings LLC, 3.375%, 2/15/2031(a)
|
1,292,385
|
|
400,000
|
CSC Holdings LLC, 4.500%, 11/15/2031(a)
|
237,163
|
|
4,965,000
|
CSC Holdings LLC, 4.625%, 12/01/2030(a)
|
1,751,987
|
|
956,000
|
CSC Holdings LLC, 5.375%, 2/01/2028(a)
|
707,011
|
|
2,292,000
|
CSC Holdings LLC, 11.250%, 5/15/2028(a)
|
1,872,894
|
|
1,387,000
|
Directv Financing LLC, 8.875%, 2/01/2030(a)
|
1,383,914
|
|
405,000
|
Directv Financing LLC, 8.875%, 2/01/2030(a)
|
403,113
|
|
1,211,000
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 10.000%, 2/15/2031(a)
|
1,236,224
|
|
4,420,000
|
DISH DBS Corp., 5.250%, 12/01/2026(a)
|
4,382,091
|
|
975,000
|
DISH DBS Corp., 5.750%, 12/01/2028(a)
|
943,013
|
|
13,530,358
|
EchoStar Corp., 10.750%, 11/30/2029
|
14,616,180
|
|
205,000
|
Time Warner Cable LLC, 6.550%, 5/01/2037
|
206,680
|
|
|
|
32,187,836
|
|
|
Chemicals — 0.2%
|
|
|
1,186,000
|
ARC Falcon I, Inc./Arclin USA LLC/New Arclin
U.S. Holding Corp., 9.750%, 3/01/2033(a)
|
1,140,802
|
|
44,000
|
Ashland, Inc., 3.375%, 9/01/2031(a)
|
39,509
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Chemicals — continued
|
|
|
$265,000
|
Chemours Co., 5.750%, 11/15/2028(a)
|
$262,383
|
|
1,074,000
|
Solstice Advanced Materials, Inc.,
5.625%, 9/30/2033(a)
|
1,059,009
|
|
|
|
2,501,703
|
|
|
Construction Machinery — 0.7%
|
|
|
3,340,000
|
John Deere Capital Corp., 1 day USD SOFR +
0.500%, 4.153%, 3/06/2028(b)
|
3,343,843
|
|
32,000
|
United Rentals North America, Inc.,
3.750%, 1/15/2032
|
29,327
|
|
31,000
|
United Rentals North America, Inc.,
3.875%, 2/15/2031
|
29,142
|
|
2,391,000
|
United Rentals North America, Inc.,
5.375%, 11/15/2033(a)
|
2,324,960
|
|
1,785,000
|
United Rentals North America, Inc.,
6.125%, 3/15/2034(a)
|
1,807,468
|
|
|
|
7,534,740
|
|
|
Consumer Cyclical Services — 0.1%
|
|
|
1,016,000
|
TriNet Group, Inc., 3.500%, 3/01/2029(a)
|
920,987
|
|
19,000
|
TriNet Group, Inc., 7.125%, 8/15/2031(a)
|
18,438
|
|
625,000
|
Uber Technologies, Inc., 4.800%, 9/15/2035
|
606,471
|
|
|
|
1,545,896
|
|
|
Diversified Manufacturing — 0.1%
|
|
|
728,000
|
Esab Corp., 5.625%, 4/01/2031(a)
|
733,103
|
|
29,000
|
Esab Corp., 6.250%, 4/15/2029(a)
|
29,432
|
|
|
|
762,535
|
|
|
Electric — 0.2%
|
|
|
565,000
|
Vistra Operations Co. LLC, 4.700%, 1/31/2031(a)
|
555,903
|
|
385,000
|
Vistra Operations Co. LLC, 5.250%, 10/15/2035(a)
|
373,882
|
|
801,000
|
Vistra Operations Co. LLC, 5.350%, 1/31/2036(a)
|
783,533
|
|
40,000
|
VoltaGrid LLC, 7.375%, 11/01/2030(a)
|
41,312
|
|
|
|
1,754,630
|
|
|
Environmental — 0.1%
|
|
|
12,000
|
Clean Harbors, Inc., 5.750%, 10/15/2033(a)
|
11,971
|
|
13,000
|
Clean Harbors, Inc., 6.375%, 2/01/2031(a)
|
13,203
|
|
797,000
|
GFL Environmental Holdings U.S., Inc.,
5.500%, 2/01/2034(a)
|
781,694
|
|
545,000
|
GFL Environmental, Inc., 4.375%, 8/15/2029(a)
|
530,243
|
|
28,000
|
GFL Environmental, Inc., 6.750%, 1/15/2031(a)
|
28,975
|
|
|
|
1,366,086
|
|
|
Finance Companies — 1.6%
|
|
|
2,770,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.300%, 1/30/2032
|
2,515,785
|
|
1,015,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.400%, 10/29/2033
|
898,021
|
|
835,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 4.750%, 1/15/2033
|
811,586
|
|
730,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 5.375%, 12/15/2031
|
741,494
|
|
405,000
|
Aircastle Ltd., 5.950%, 2/15/2029(a)
|
416,071
|
|
1,190,000
|
Aircastle Ltd., 6.500%, 7/18/2028(a)
|
1,233,742
|
|
460,000
|
Aircastle Ltd./Aircastle Ireland DAC,
5.750%, 10/01/2031(a)
|
471,002
|
|
101,000
|
Aviation Capital Group LLC, 4.250%, 4/30/2029(a)
|
99,528
|
|
4,240,000
|
Aviation Capital Group LLC,
4.800%, 10/24/2030(a)
|
4,191,031
|
|
134,000
|
Aviation Capital Group LLC, 4.875%, 1/28/2033(a)
|
129,311
|
|
864,000
|
Avolon Holdings Funding Ltd.,
4.700%, 1/30/2031(a)
|
846,630
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Finance Companies — continued
|
|
|
$895,000
|
Avolon Holdings Funding Ltd.,
4.850%, 4/01/2033(a)
|
$857,379
|
|
495,000
|
Avolon Holdings Funding Ltd.,
5.375%, 5/30/2030(a)
|
500,397
|
|
19,000
|
Azorra Finance Ltd., 7.250%, 1/15/2031(a)
|
19,184
|
|
19,000
|
Azorra Finance Ltd., 7.750%, 4/15/2030(a)
|
19,569
|
|
780,000
|
Freedom Mortgage Holdings LLC,
7.875%, 4/01/2033(a)
|
731,307
|
|
109,000
|
Freedom Mortgage Holdings LLC,
8.375%, 4/01/2032(a)
|
107,223
|
|
199,000
|
Freedom Mortgage Holdings LLC,
9.125%, 5/15/2031(a)
|
202,284
|
|
37,000
|
Freedom Mortgage Holdings LLC,
9.250%, 2/01/2029(a)
|
37,503
|
|
39,000
|
GGAM Finance Ltd., 5.875%, 3/15/2030(a)
|
38,857
|
|
255,000
|
Macquarie Airfinance Holdings Ltd.,
5.150%, 3/17/2030(a)
|
253,696
|
|
920,000
|
Macquarie Airfinance Holdings Ltd.,
5.200%, 3/27/2028(a)
|
923,316
|
|
798,000
|
SMBC Aviation Capital Finance DAC,
5.100%, 4/01/2030(a)
|
804,502
|
|
1,188,000
|
Takeoff Merger Sub, Inc., 4.850%, 3/24/2031(a)
|
1,173,144
|
|
|
|
18,022,562
|
|
|
Financial Other — 0.1%
|
|
|
239,295
|
Add Hero Holdings Ltd., Series IAI, 8.500% PIK
and/or 7.500% Cash, 9/30/2029(e)(f)
|
9,380
|
|
194,886
|
Add Hero Holdings Ltd., Series IAI, 9.000% PIK
and/or 8.000% Cash, 9/30/2030(e)(f)
|
2,436
|
|
257,255
|
Add Hero Holdings Ltd., Series IAI, 9.800% PIK
and/or 8.800% Cash, 9/30/2031(e)(f)
|
2,325
|
|
485,000
|
Central China Real Estate Ltd.,
7.250%, 7/16/2024(g)
|
4,850
|
|
410,000
|
Central China Real Estate Ltd.,
7.250%, 8/13/2024(g)
|
4,100
|
|
1,000,000
|
Central China Real Estate Ltd.,
7.650%, 8/27/2025(g)
|
10,000
|
|
625,000
|
Central China Real Estate Ltd.,
7.750%, 5/24/2024(g)
|
6,250
|
|
2,379,845
|
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(a)(h)
|
79,844
|
|
1,258,407
|
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(a)(h)
|
32,354
|
|
272,752
|
CFLD Cayman Investment Ltd., Zero Coupon,
1/31/2031(a)
|
5,777
|
|
337,685
|
China Aoyuan Group Ltd., Series IAI(b)(d)(f)
|
844
|
|
138,037
|
China Aoyuan Group Ltd., Series IAI, 5.500% PIK,
9/30/2031(e)(f)
|
345
|
|
630,000
|
China Evergrande Group, 8.250%, 3/23/2022(g)
|
7,875
|
|
1,020,000
|
China Evergrande Group, 8.750%, 6/28/2025(g)
|
10,200
|
|
270,000
|
China Evergrande Group, 9.500%, 4/11/2022(g)
|
2,700
|
|
220,000
|
China Evergrande Group, 9.500%, 3/29/2024(g)
|
2,200
|
|
663,120
|
Kaisa Group Holdings Ltd., 6.250% PIK and/or
5.250% Cash, 12/28/2028(a)(e)
|
13,262
|
|
1,110,116
|
Kaisa Group Holdings Ltd., 6.500% PIK and/or
5.500% Cash, 12/28/2029(a)(e)
|
19,427
|
|
1,338,038
|
Kaisa Group Holdings Ltd., 6.750% PIK and/or
5.750% Cash, 12/28/2030(a)(e)
|
20,070
|
|
2,015,904
|
Kaisa Group Holdings Ltd., 7.000% PIK and/or
6.000% Cash, 12/28/2031(a)(e)
|
35,278
|
|
1,897,143
|
Kaisa Group Holdings Ltd., 7.250% PIK and/or
6.250% Cash, 12/28/2032(a)(e)
|
23,714
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Financial Other — continued
|
|
|
$453,606
|
Kaisa Group Holdings Ltd., 7.721% PIK and/or
6.721% Cash, 12/28/2028(a)(e)
|
$9,072
|
|
400,000
|
Logan Group Co. Ltd., 4.250%, 7/12/2025(g)
|
41,524
|
|
230,000
|
Logan Group Co. Ltd., 4.850%, 12/14/2026(g)
|
24,141
|
|
22,237
|
Shimao Group Holdings Ltd., 6.000% PIK and/or
5.000% Cash, 7/21/2031(a)(e)
|
723
|
|
111,868
|
Times China Holdings Ltd., 3.000% PIK and/or
1.000% Cash, 3/30/2029(a)(e)
|
3,277
|
|
417,307
|
Times China Holdings Ltd., 4.200% PIK,
9/30/2032(a)(e)
|
11,476
|
|
360,266
|
Yuzhou Group Holdings Co. Ltd., 1.000% PIK,
6/30/2034(e)(f)
|
901
|
|
388,293
|
Yuzhou Group Holdings Co. Ltd., 4.000% PIK,
6/30/2028(e)(f)
|
11,117
|
|
677,799
|
Yuzhou Group Holdings Co. Ltd., 4.500% PIK,
6/30/2029(e)(f)
|
21,046
|
|
906,905
|
Yuzhou Group Holdings Co. Ltd., 5.000% PIK,
6/30/2030(e)(f)
|
24,940
|
|
1,275,279
|
Yuzhou Group Holdings Co. Ltd., 5.500% PIK,
6/30/2031(e)(f)
|
31,997
|
|
462,465
|
Yuzhou Group Holdings Co. Ltd., 7.000% PIK
and/or 6.000% Cash, 6/30/2027(e)(f)
|
35,841
|
|
|
|
509,286
|
|
|
Food & Beverage — 1.5%
|
|
|
3,230,000
|
Cargill, Inc., 1 day USD SOFR + 0.610%,
4.270%, 2/11/2028(a)(b)
|
3,232,862
|
|
1,540,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.500%, 1/15/2036
|
1,540,709
|
|
1,839,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.625%, 3/10/2037(a)
|
1,844,756
|
|
1,555,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.950%, 4/20/2035
|
1,614,189
|
|
20,000
|
Lamb Weston Holdings, Inc.,
4.125%, 1/31/2030(a)
|
19,041
|
|
21,000
|
Lamb Weston Holdings, Inc.,
4.375%, 1/31/2032(a)
|
19,508
|
|
6,450,000
|
PepsiCo, Inc., 4.400%, 2/07/2027
|
6,474,310
|
|
20,000
|
Performance Food Group, Inc.,
4.250%, 8/01/2029(a)
|
19,211
|
|
2,300,000
|
Pilgrim's Pride Corp., 3.500%, 3/01/2032
|
2,087,812
|
|
31,000
|
Post Holdings, Inc., 4.625%, 4/15/2030(a)
|
29,760
|
|
|
|
16,882,158
|
|
|
Government Owned - No Guarantee — 0.3%
|
|
|
465,000
|
Antares Holdings LP, 2.750%, 1/15/2027(a)
|
455,282
|
|
2,790,000
|
Antares Holdings LP, 3.750%, 7/15/2027(a)
|
2,711,442
|
|
|
|
3,166,724
|
|
|
Health Care REITs — 0.0%
|
|
|
455,000
|
National Health Investors, Inc.,
3.000%, 2/01/2031,
|
409,388
|
|
|
Health Insurance — 0.3%
|
|
|
22,000
|
Molina Healthcare, Inc., 3.875%, 11/15/2030(a)
|
19,669
|
|
1,429,000
|
Molina Healthcare, Inc., 3.875%, 5/15/2032(a)
|
1,241,260
|
|
585,000
|
Molina Healthcare, Inc., 4.375%, 6/15/2028(a)
|
565,673
|
|
20,000
|
Molina Healthcare, Inc., 6.250%, 1/15/2033(a)
|
19,392
|
|
1,542,000
|
Molina Healthcare, Inc., 6.500%, 2/15/2031(a)
|
1,515,948
|
|
|
|
3,361,942
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Healthcare — 1.0%
|
|
|
$5,465,000
|
Abbott Laboratories, 3.700%, 3/09/2029
|
$5,400,001
|
|
42,000
|
Avantor Funding, Inc., 3.875%, 11/01/2029(a)
|
39,404
|
|
430,000
|
Avantor Funding, Inc., 4.625%, 7/15/2028(a)
|
419,686
|
|
105,000
|
HCA, Inc., 4.900%, 11/15/2035
|
101,515
|
|
3,660,000
|
HCA, Inc., 5.600%, 4/01/2034
|
3,737,748
|
|
1,200,000
|
Hologic, Inc., 3.250%, 2/15/2029(a)
|
1,197,915
|
|
28,000
|
Radiology Partners, Inc., 8.500%, 7/15/2032(a)
|
28,388
|
|
|
|
10,924,657
|
|
|
Home Construction — 0.3%
|
|
|
2,330,000
|
Meritage Homes Corp., 5.650%, 3/15/2035
|
2,327,459
|
|
39,000
|
Taylor Morrison Communities, Inc.,
5.125%, 8/01/2030(a)
|
38,554
|
|
1,458,000
|
Taylor Morrison Communities, Inc.,
5.750%, 11/15/2032(a)
|
1,459,276
|
|
|
|
3,825,289
|
|
|
Independent Energy — 1.3%
|
|
|
1,995,000
|
Canadian Natural Resources Ltd.,
5.400%, 12/15/2034
|
2,018,128
|
|
1,378,000
|
Chord Energy Corp., 6.000%, 10/01/2030(a)
|
1,396,286
|
|
131,000
|
Chord Energy Corp., 6.750%, 3/15/2033(a)
|
135,250
|
|
2,800,000
|
Continental Resources, Inc., 2.875%, 4/01/2032(a)
|
2,452,502
|
|
4,195,000
|
Continental Resources, Inc., 5.750%, 1/15/2031(a)
|
4,275,379
|
|
21,000
|
Crescent Energy Finance LLC,
7.375%, 1/15/2033(a)
|
20,995
|
|
1,340,000
|
Energean Israel Finance Ltd., 5.375%, 3/30/2028
|
1,286,487
|
|
115,000
|
Leviathan Bond Ltd., 6.500%, 6/30/2027
|
114,936
|
|
10,000
|
Matador Resources Co., 6.500%, 4/15/2032(a)
|
10,109
|
|
14,000
|
SM Energy Co., 6.750%, 8/01/2029(a)
|
14,212
|
|
14,000
|
SM Energy Co., 7.000%, 8/01/2032(a)
|
14,295
|
|
1,060,000
|
SM Energy Co., 8.375%, 7/01/2028(a)
|
1,089,174
|
|
29,000
|
SM Energy Co., 8.625%, 11/01/2030(a)
|
30,597
|
|
28,000
|
SM Energy Co., 8.750%, 7/01/2031(a)
|
29,268
|
|
1,976,000
|
Viper Energy Partners LLC, 5.700%, 8/01/2035
|
1,991,433
|
|
|
|
14,879,051
|
|
|
Industrial Other — 0.1%
|
|
|
56,000
|
Arcosa, Inc., 6.875%, 8/15/2032(a)
|
57,380
|
|
1,070,000
|
Jacobs Solutions, Inc., 5.375%, 3/03/2036
|
1,043,516
|
|
40,000
|
TopBuild Corp., 5.625%, 1/31/2034(a)
|
39,151
|
|
|
|
1,140,047
|
|
|
Integrated Energy — 0.3%
|
|
|
3,265,000
|
Chevron USA, Inc., 1 day USD SOFR Index +
0.360%, 4.014%, 2/26/2027(b)
|
3,268,723
|
|
|
Leisure — 0.4%
|
|
|
823,000
|
Kingpin Intermediate Holdings LLC,
7.250%, 10/15/2032(a)
|
727,182
|
|
1,442,000
|
Royal Caribbean Cruises Ltd., 4.750%, 5/15/2033
|
1,392,338
|
|
1,080,000
|
Royal Caribbean Cruises Ltd., 5.250%, 2/27/2038
|
1,027,421
|
|
315,000
|
Royal Caribbean Cruises Ltd., 5.375%, 1/15/2036
|
309,471
|
|
700,000
|
Royal Caribbean Cruises Ltd.,
5.625%, 9/30/2031(a)
|
706,900
|
|
39,000
|
Viking Cruises Ltd., 5.875%, 10/15/2033(a)
|
38,505
|
|
|
|
4,201,817
|
|
|
Life Insurance — 0.1%
|
|
|
39,000
|
APH Somerset Investor 2 LLC/APH2 Somerset
Investor 2 LLC/APH3 Somerset Investor 2 LLC,
7.875%, 11/01/2029(a)
|
35,267
|
|
780,000
|
Global Atlantic Fin Co., 3.125%, 6/15/2031(a)
|
683,205
|
|
425,000
|
Global Atlantic Fin Co., 4.400%, 10/15/2029(a)
|
410,959
|
|
|
|
1,129,431
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Lodging — 0.4%
|
|
|
$255,000
|
Choice Hotels International, Inc.,
5.850%, 8/01/2034
|
$257,174
|
|
32,000
|
Hilton Domestic Operating Co., Inc.,
3.625%, 2/15/2032(a)
|
29,078
|
|
674,000
|
Hilton Domestic Operating Co., Inc.,
5.500%, 3/31/2034(a)
|
658,482
|
|
29,000
|
Hilton Domestic Operating Co., Inc.,
6.125%, 4/01/2032(a)
|
29,435
|
|
804,000
|
Hilton Grand Vacations Borrower LLC/Hilton
Grand Vacations Borrower, Inc.,
6.625%, 1/15/2032(a)
|
794,120
|
|
740,000
|
Marriott International, Inc., 5.100%, 5/01/2038
|
703,511
|
|
690,000
|
Marriott International, Inc., 5.300%, 5/15/2034
|
696,417
|
|
1,535,000
|
Marriott International, Inc., 5.500%, 4/15/2037
|
1,528,281
|
|
41,000
|
Marriott Ownership Resorts, Inc.,
4.750%, 1/15/2028
|
40,355
|
|
|
|
4,736,853
|
|
|
Media Entertainment — 1.7%
|
|
|
615,000
|
AppLovin Corp., 5.125%, 12/01/2029
|
618,568
|
|
3,620,000
|
AppLovin Corp., 5.500%, 12/01/2034
|
3,590,030
|
|
6,487,000
|
Beignet Investor LLC, 6.581%, 5/30/2049(a)
|
6,669,649
|
|
135,000
|
Discovery Communications LLC,
3.625%, 5/15/2030
|
125,513
|
|
425,000
|
Discovery Communications LLC,
6.350%, 6/01/2040
|
311,449
|
|
2,535,000
|
Discovery Global Holdings, Inc.,
4.279%, 3/15/2032
|
2,243,475
|
|
2,852,000
|
Meta Platforms, Inc., 5.625%, 11/15/2055
|
2,673,437
|
|
589,000
|
OAK-Eagle Acquireco, Inc., 7.250%, 7/01/2033(a)
|
610,260
|
|
553,000
|
Paramount Global, 4.200%, 5/19/2032
|
474,072
|
|
1,055,000
|
Paramount Global, 4.950%, 1/15/2031
|
977,260
|
|
939,000
|
Paramount Global, 7.875%, 7/30/2030
|
980,246
|
|
|
|
19,273,959
|
|
|
Metals & Mining — 0.9%
|
|
|
525,000
|
Anglo American Capital PLC,
5.250%, 3/19/2036(a)
|
513,335
|
|
40,000
|
Carpenter Technology Corp.,
5.625%, 3/01/2034(a)
|
39,632
|
|
634,000
|
Commercial Metals Co., 5.750%, 11/15/2033(a)
|
627,334
|
|
884,000
|
Commercial Metals Co., 6.000%, 12/15/2035(a)
|
871,487
|
|
41,000
|
Fortescue Treasury Pty. Ltd.,
4.375%, 4/01/2031(a)
|
38,739
|
|
4,413,000
|
Glencore Funding LLC, 5.673%, 4/01/2035(a)
|
4,508,298
|
|
1,930,000
|
Glencore Funding LLC, 6.500%, 10/06/2033(a)
|
2,088,423
|
|
10,000
|
Mineral Resources Ltd., 8.000%, 11/01/2027(a)
|
10,128
|
|
28,000
|
Mineral Resources Ltd., 9.250%, 10/01/2028(a)
|
29,011
|
|
880,000
|
Steel Dynamics, Inc., 5.250%, 5/15/2035
|
880,377
|
|
|
|
9,606,764
|
|
|
Midstream — 1.7%
|
|
|
250,000
|
CQP Holdco LP/BIP-V Chinook Holdco LLC,
5.500%, 6/15/2031(a)
|
243,811
|
|
3,374,000
|
Energy Transfer LP, 5.700%, 4/01/2035
|
3,465,202
|
|
37,000
|
Energy Transfer LP, (fixed rate to 2/15/2029,
variable rate thereafter), 8.000%, 5/15/2054
|
38,754
|
|
77,000
|
Sunoco LP, 5.375%, 7/15/2031(a)
|
76,381
|
|
293,000
|
Sunoco LP, 5.625%, 3/15/2031(a)
|
291,656
|
|
1,775,000
|
Targa Resources Corp., 5.550%, 8/15/2035
|
1,790,173
|
|
25,000
|
Targa Resources Corp., 6.125%, 3/15/2033
|
26,439
|
|
2,830,000
|
Targa Resources Corp., 6.500%, 3/30/2034
|
3,059,138
|
|
40,000
|
Venture Global LNG, Inc., (fixed rate to
9/30/2029, variable rate thereafter), 9.000%(a)(d)
|
39,842
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Midstream — continued
|
|
|
$1,053,000
|
Venture Global Plaquemines LNG LLC,
6.125%, 12/15/2030(a)
|
$1,082,933
|
|
1,661,000
|
Venture Global Plaquemines LNG LLC,
6.500%, 1/15/2034(a)
|
1,731,500
|
|
536,000
|
Venture Global Plaquemines LNG LLC,
6.500%, 6/15/2034(a)
|
557,950
|
|
2,514,000
|
Venture Global Plaquemines LNG LLC,
7.500%, 5/01/2033(a)
|
2,763,399
|
|
1,400,000
|
Venture Global Plaquemines LNG LLC,
7.750%, 5/01/2035(a)
|
1,569,089
|
|
465,000
|
Western Midstream Operating LP,
5.500%, 12/15/2035
|
457,297
|
|
1,665,000
|
Western Midstream Operating LP,
6.150%, 4/01/2033
|
1,737,727
|
|
|
|
18,931,291
|
|
|
Non-Agency Commercial Mortgage-Backed
Securities — 3.4%
|
|
|
385,000
|
BFLD Commercial Mortgage Trust,
Series 2025-660F, Class B, 1 mo. USD SOFR +
1.800%, 5.473%, 11/15/2042(a)(b)
|
384,037
|
|
315,000
|
BFLD Commercial Mortgage Trust,
Series 2025-660F, Class C, 1 mo. USD SOFR +
2.150%, 5.823%, 11/15/2042(a)(b)
|
314,213
|
|
220,000
|
BPR Commercial Mortgage Trust,
Series 2025-STAR, Class A,
4.617%, 11/05/2042(a)(b)
|
218,127
|
|
2,155,000
|
BPR Trust, Series 2021-NRD, Class F, 1 mo. USD
SOFR + 6.870%, 10.543%, 12/15/2038(a)(b)
|
2,115,806
|
|
1,925,000
|
BPR Trust, Series 2022-SSP, Class A, 1 mo. USD
SOFR + 3.000%, 6.673%, 5/15/2039(a)(b)
|
1,925,000
|
|
100,000
|
BX Commercial Mortgage Trust,
Series 2024-VLT5, Class B,
5.415%, 11/13/2046(a)(b)
|
101,082
|
|
530,000
|
BX Trust, Series 2024-VLT4, Class A, 1 mo. USD
SOFR + 1.491%, 5.164%, 6/15/2041(a)(b)
|
526,687
|
|
275,000
|
BX Trust, Series 2025-DELC, Class C, 1 mo. USD
SOFR + 2.200%, 5.873%, 12/15/2042(a)(b)
|
274,313
|
|
125,000
|
BX Trust, Series 2025-DELC, Class D, 1 mo. USD
SOFR + 2.600%, 6.273%, 12/15/2042(a)(b)
|
124,688
|
|
2,955,000
|
BX Trust, Series 2025-VLT6, Class A, 1 mo. USD
SOFR + 1.443%, 5.116%, 3/15/2042(a)(b)
|
2,934,684
|
|
1,260,000
|
BX Trust, Series 2025-VLT7, Class A, 1 mo. USD
SOFR + 1.700%, 5.373%, 7/15/2044(a)(b)
|
1,254,487
|
|
1,110,000
|
BX Trust, Series 2025-VLT7, Class B, 1 mo. USD
SOFR + 2.000%, 5.673%, 7/15/2044(a)(b)
|
1,103,409
|
|
2,040,000
|
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class D,
4.710%, 5/10/2047(a)(b)
|
1,901,235
|
|
2,444,601
|
Commercial Mortgage Trust, Series 2012-CR3,
Class B, 3.922%, 10/15/2045(a)
|
2,378,352
|
|
130,000
|
Commercial Mortgage Trust, Series 2024-CBM,
Class A2, 5.867%, 12/10/2041(a)(b)
|
130,363
|
|
1,890,000
|
Credit Suisse Mortgage Trust, Series 2014-USA,
Class D, 4.373%, 9/15/2037(a)
|
1,560,423
|
|
5,680,000
|
Credit Suisse Mortgage Trust, Series 2014-USA,
Class E, 4.373%, 9/15/2037(a)
|
4,486,306
|
|
920,000
|
DC Commercial Mortgage Trust, Series 2023-DC,
Class C, 7.141%, 9/12/2040(a)(b)
|
929,371
|
|
165,000
|
Extended Stay America Trust, Series 2025-ESH,
Class D, 1 mo. USD SOFR + 2.600%,
6.273%, 10/15/2042(a)(b)
|
165,206
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Non-Agency Commercial Mortgage-Backed
Securities — continued
|
|
|
$170,000
|
Extended Stay America Trust, Series 2025-ESH,
Class E, 1 mo. USD SOFR + 3.350%,
7.023%, 10/15/2042(a)(b)
|
$170,213
|
|
200,000
|
Extended Stay America Trust, Series 2025-ESH,
Class F, 1 mo. USD SOFR + 4.100%,
7.773%, 10/15/2042(a)(b)
|
200,250
|
|
108,975
|
Extended Stay America Trust, Series 2026-ESH2,
Class C, 1 mo. USD SOFR + 1.600%,
5.273%, 2/15/2043(a)(b)
|
109,145
|
|
312,064
|
Extended Stay America Trust, Series 2026-ESH2,
Class D, 1 mo. USD SOFR + 2.250%,
5.923%, 2/15/2043(a)(b)
|
312,747
|
|
455,712
|
Extended Stay America Trust, Series 2026-ESH2,
Class E, 1 mo. USD SOFR + 2.900%,
6.573%, 2/15/2043(a)(b)
|
456,709
|
|
448,198
|
GS Mortgage Securities Corp. Trust,
Series 2012-BWTR, Class A,
2.954%, 11/05/2034(a)
|
391,861
|
|
515,189
|
GS Mortgage Securities Corp. Trust,
Series 2013-G1, Class B, 3.722%, 4/10/2031(a)(b)
|
514,198
|
|
3,195,000
|
GS Mortgage Securities Corp. Trust,
Series 2013-PEMB, Class D,
3.550%, 3/05/2033(a)(b)(h)
|
15,975
|
|
411,398
|
GS Mortgage Securities Trust, Series 2011-GC5,
Class C, 5.558%, 8/10/2044(a)(b)
|
401,155
|
|
1,945,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2011-C3, Class C,
5.360%, 2/15/2046(a)(b)
|
1,872,627
|
|
761,680
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2012-LC9, Class C,
3.500%, 12/15/2047(a)(b)
|
746,431
|
|
295,000
|
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)
|
294,263
|
|
640,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2025-BMS, Class C,
1 mo. USD SOFR + 2.400%,
6.073%, 1/15/2042(a)(b)
|
638,400
|
|
420,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2025-BMS, Class D,
1 mo. USD SOFR + 3.150%,
6.823%, 1/15/2042(a)(b)
|
417,871
|
|
180,000
|
LEX Mortgage Trust, Series 2024-BBG, Class A,
4.874%, 10/13/2033(a)(b)
|
179,239
|
|
405,055
|
Morgan Stanley Capital I Trust, Series 2011-C2,
Class D, 5.213%, 6/15/2044(a)(b)
|
401,082
|
|
80,187
|
MSBAM Commercial Mortgage Securities Trust,
Series 2012-CKSV, Class A2,
3.277%, 10/15/2030(a)
|
76,578
|
|
390,000
|
New Economy Assets - Phase 1 Sponsor LLC,
Series 2021-1, Class A1, 1.910%, 10/20/2061(a)
|
327,358
|
|
1,060,000
|
Starwood Retail Property Trust,
Series 2014-STAR, Class C, Prime + 0.000%,
6.750%, 11/15/2027(a)(b)(c)(h)
|
21,200
|
|
4,243,654
|
Starwood Retail Property Trust,
Series 2014-STAR, Class D, Prime + 0.000%,
6.750%, 11/15/2027(a)(b)(c)(h)
|
42,437
|
|
3,575,000
|
Starwood Retail Property Trust,
Series 2014-STAR, Class E, Prime + 0.000%,
6.750%, 11/15/2027(a)(b)(c)(h)
|
17,875
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Non-Agency Commercial Mortgage-Backed
Securities — continued
|
|
|
$1,690,000
|
Wells Fargo Commercial Mortgage Trust,
Series 2016-C36, Class B, 3.671%, 11/15/2059(b)
|
$1,601,972
|
|
440,000
|
Wells Fargo Commercial Mortgage Trust,
Series 2016-C36, Class C, 4.088%, 11/15/2059(b)
|
373,697
|
|
941,396
|
WFRBS Commercial Mortgage Trust,
Series 2011-C3, Class D,
5.464%, 3/15/2044(a)(b)(h)
|
338,893
|
|
1,699,593
|
WFRBS Commercial Mortgage Trust,
Series 2011-C4, Class E, 4.960%, 6/15/2044(a)(b)
|
1,624,471
|
|
2,245,000
|
WFRBS Commercial Mortgage Trust,
Series 2012-C10, Class C, 4.333%, 12/15/2045(b)
|
1,902,615
|
|
1,005,698
|
WFRBS Commercial Mortgage Trust,
Series 2014-C20, Class B, 4.378%, 5/15/2047
|
869,908
|
|
|
|
37,146,959
|
|
|
Oil Field Services — 0.2%
|
|
|
2,044,000
|
Helmerich & Payne, Inc., 5.500%, 12/01/2034
|
2,009,378
|
|
10,000
|
Oceaneering International, Inc.,
6.000%, 2/01/2028
|
10,041
|
|
10,000
|
Oceaneering International, Inc.,
6.000%, 2/01/2028
|
10,040
|
|
29,000
|
Weatherford International Ltd.,
6.750%, 10/15/2033(a)
|
29,631
|
|
|
|
2,059,090
|
|
|
Packaging — 0.3%
|
|
|
3,547,000
|
Ball Corp., 5.500%, 9/15/2033
|
3,549,036
|
|
|
Pharmaceuticals — 2.8%
|
|
|
6,510,000
|
AbbVie, Inc., 4.650%, 3/15/2028
|
6,569,260
|
|
1,495,000
|
Bausch Health Cos., Inc., 4.875%, 6/01/2028(a)
|
1,368,986
|
|
6,475,000
|
Eli Lilly & Co., 4.550%, 2/12/2028
|
6,527,132
|
|
2,895,000
|
Johnson & Johnson, 4.500%, 3/01/2027
|
2,909,461
|
|
1,937,000
|
Teva Pharmaceutical Finance Co. LLC,
6.150%, 2/01/2036
|
1,995,718
|
|
930,000
|
Teva Pharmaceutical Finance Netherlands II BV,
4.375%, 5/09/2030, (EUR)
|
1,074,381
|
|
685,000
|
Teva Pharmaceutical Finance Netherlands II BV,
7.375%, 9/15/2029, (EUR)
|
862,900
|
|
570,000
|
Teva Pharmaceutical Finance Netherlands II BV,
7.875%, 9/15/2031, (EUR)
|
764,647
|
|
9,165,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 4.100%, 10/01/2046
|
6,793,841
|
|
340,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 6.000%, 12/01/2032
|
348,956
|
|
435,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 7.875%, 9/15/2029
|
465,815
|
|
305,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 8.125%, 9/15/2031
|
340,966
|
|
720,000
|
Teva Pharmaceutical Finance Netherlands IV
BV, 5.750%, 12/01/2030
|
729,138
|
|
|
|
30,751,201
|
|
|
Property & Casualty Insurance — 0.3%
|
|
|
1,006,000
|
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 6.500%, 10/01/2031(a)
|
987,839
|
|
239,000
|
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 6.750%, 4/15/2028(a)
|
240,303
|
|
278,000
|
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 7.000%, 1/15/2031(a)
|
280,366
|
|
29,000
|
AmWINS Group, Inc., 6.375%, 2/15/2029(a)
|
29,168
|
|
200,000
|
Ardonagh Finco Ltd., 7.750%, 2/15/2031(a)
|
202,343
|
|
537,000
|
Arthur J Gallagher & Co., 5.150%, 2/15/2035
|
532,649
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Property & Casualty Insurance — continued
|
|
|
$48,000
|
Baldwin Insurance Group Holdings LLC/Baldwin
Insurance Group Holdings Finance,
7.125%, 5/15/2031(a)
|
$48,243
|
|
345,000
|
Brown & Brown, Inc., 5.550%, 6/23/2035
|
344,542
|
|
38,000
|
Panther Escrow Issuer LLC, 7.125%, 6/01/2031(a)
|
38,128
|
|
77,000
|
Ryan Specialty LLC, 5.875%, 8/01/2032(a)
|
76,104
|
|
282,000
|
Willis North America, Inc., 5.150%, 3/15/2036
|
274,624
|
|
|
|
3,054,309
|
|
|
Restaurants — 0.3%
|
|
|
300,000
|
1011778 BC ULC/New Red Finance, Inc.,
3.500%, 2/15/2029(a)
|
286,402
|
|
75,000
|
1011778 BC ULC/New Red Finance, Inc.,
3.875%, 1/15/2028(a)
|
73,311
|
|
2,665,000
|
1011778 BC ULC/New Red Finance, Inc.,
4.000%, 10/15/2030(a)
|
2,504,901
|
|
469,000
|
1011778 BC ULC/New Red Finance, Inc.,
4.375%, 1/15/2028(a)
|
462,430
|
|
49,000
|
1011778 BC ULC/New Red Finance, Inc.,
5.625%, 9/15/2029(a)
|
49,107
|
|
32,000
|
Yum! Brands, Inc., 3.625%, 3/15/2031
|
29,561
|
|
31,000
|
Yum! Brands, Inc., 4.625%, 1/31/2032
|
29,603
|
|
|
|
3,435,315
|
|
|
Retailers — 0.3%
|
|
|
1,557,000
|
Amazon.com, Inc., 4.875%, 3/13/2036
|
1,542,810
|
|
1,890,000
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd.,
11.500%, 8/15/2029(a)
|
1,880,385
|
|
13,000
|
Murphy Oil USA, Inc., 3.750%, 2/15/2031(a)
|
12,080
|
|
|
|
3,435,275
|
|
|
Sovereigns — 2.6%
|
|
|
4,190,000
|
Chile Government International Bonds,
3.100%, 1/22/2061
|
2,578,107
|
|
6,195,000
|
Chile Government International Bonds,
3.250%, 9/21/2071
|
3,829,625
|
|
2,191,000
|
Colombia Government International Bonds,
5.625%, 2/26/2044
|
1,727,845
|
|
1,377,000
|
Colombia Government International Bonds,
6.125%, 1/18/2041
|
1,196,668
|
|
602,000
|
Colombia Government International Bonds,
7.375%, 9/18/2037
|
599,068
|
|
624,000
|
Egypt Government International Bonds,
5.800%, 9/30/2027
|
615,900
|
|
1,130,000
|
Kyrgyz Republic International Bonds,
7.750%, 6/03/2030(a)
|
1,127,005
|
|
2,836,000
|
Mexico Government International Bonds,
6.125%, 2/09/2038
|
2,763,682
|
|
2,356,000
|
Nigeria Government International Bonds,
6.500%, 11/28/2027
|
2,363,062
|
|
1,501,000
|
Pakistan Government International Bonds,
6.000%, 4/08/2026
|
1,499,124
|
|
2,281,000
|
Pakistan Government International Bonds,
6.875%, 12/05/2027
|
2,251,378
|
|
2,690,000
|
Republic of Poland Government International
Bonds, 5.500%, 3/18/2054
|
2,484,946
|
|
480,000
|
Republic of Uzbekistan International Bonds,
3.700%, 11/25/2030
|
436,269
|
|
1,670,000
|
Republic of Uzbekistan International Bonds,
3.900%, 10/19/2031
|
1,507,454
|
|
2,160,000
|
Republic of Uzbekistan International Bonds,
6.900%, 2/28/2032(a)
|
2,243,657
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Sovereigns — continued
|
|
|
$1,320,000
|
Republic of Uzbekistan International Bonds,
6.947%, 5/25/2032(a)
|
$1,374,542
|
|
220,000
|
Republic of Uzbekistan International Bonds,
7.850%, 10/12/2028(a)
|
230,002
|
|
|
|
28,828,334
|
|
|
Technology — 7.0%
|
|
|
5,313,000
|
Alphabet, Inc., 3.700%, 2/15/2029
|
5,267,338
|
|
2,402,000
|
Alphabet, Inc., 4.800%, 2/15/2036
|
2,391,711
|
|
1,925,000
|
Atlassian Corp., 5.500%, 5/15/2034
|
1,885,031
|
|
500,000
|
Black Pearl Compute LLC, 6.125%, 2/15/2031(a)
|
508,898
|
|
39,000
|
Block, Inc., 6.500%, 5/15/2032
|
39,356
|
|
7,500,000
|
Broadcom, Inc., 3.137%, 11/15/2035(a)
|
6,371,894
|
|
2,410,000
|
CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029
|
2,295,143
|
|
2,537,000
|
CDW LLC/CDW Finance Corp., 5.550%, 8/22/2034
|
2,493,160
|
|
406,000
|
Cipher Compute LLC, 7.125%, 11/15/2030(a)
|
420,628
|
|
3,255,000
|
Cisco Systems, Inc., 4.550%, 2/24/2028
|
3,287,927
|
|
21,000
|
Entegris, Inc., 3.625%, 5/01/2029(a)
|
19,960
|
|
1,115,000
|
Entegris, Inc., 4.750%, 4/15/2029(a)
|
1,102,212
|
|
19,000
|
Entegris, Inc., 5.950%, 6/15/2030(a)
|
19,120
|
|
2,950,000
|
Fair Isaac Corp., 6.000%, 5/15/2033(a)
|
2,894,603
|
|
1,200,000
|
Flash Compute LLC, 7.250%, 12/31/2030(a)
|
1,208,149
|
|
680,000
|
Go Daddy Operating Co. LLC/GD Finance Co.,
Inc., 5.250%, 12/01/2027(a)
|
677,228
|
|
81,000
|
Imola Merger Corp., 4.750%, 5/15/2029(a)
|
78,727
|
|
5,278,000
|
International Business Machines Corp.,
4.000%, 2/03/2029
|
5,224,688
|
|
6,450,000
|
International Business Machines Corp.,
4.650%, 2/10/2028
|
6,489,881
|
|
645,000
|
Iron Mountain, Inc., 4.500%, 2/15/2031(a)
|
605,683
|
|
350,000
|
Iron Mountain, Inc., 5.250%, 7/15/2030(a)
|
340,045
|
|
29,000
|
Iron Mountain, Inc., 7.000%, 2/15/2029(a)
|
29,557
|
|
3,096,000
|
Leidos, Inc., 5.000%, 3/15/2036
|
2,993,235
|
|
1,547,000
|
Leidos, Inc., 5.400%, 3/15/2032
|
1,576,935
|
|
859,000
|
Leidos, Inc., 5.750%, 3/15/2033
|
890,470
|
|
1,820,000
|
Mastercard, Inc., 1 day USD SOFR Index +
0.440%, 4.088%, 3/15/2028(b)
|
1,817,905
|
|
1,135,000
|
MSCI, Inc., 5.250%, 9/01/2035
|
1,111,796
|
|
670,000
|
NetApp, Inc., 5.500%, 3/17/2032
|
685,525
|
|
595,000
|
NetApp, Inc., 5.700%, 3/17/2035
|
606,150
|
|
379,000
|
Open Text Corp., 3.875%, 2/15/2028(a)
|
364,925
|
|
1,041,000
|
Open Text Corp., 3.875%, 12/01/2029(a)
|
930,294
|
|
127,000
|
Open Text Corp., 6.900%, 12/01/2027(a)
|
130,350
|
|
150,000
|
Open Text Holdings, Inc., 4.125%, 2/15/2030(a)
|
134,029
|
|
74,000
|
Oracle Corp., 3.950%, 3/25/2051
|
46,891
|
|
4,243,000
|
Oracle Corp., 5.200%, 9/26/2035
|
3,979,913
|
|
811,000
|
Oracle Corp., 5.700%, 2/04/2036
|
779,767
|
|
1,841,000
|
Oracle Corp., 5.950%, 9/26/2055
|
1,548,779
|
|
147,000
|
Oracle Corp., 6.000%, 8/03/2055
|
123,242
|
|
2,189,000
|
Oracle Corp., 6.700%, 2/04/2056
|
2,031,619
|
|
1,902,000
|
Oracle Corp., 6.850%, 2/04/2066
|
1,748,550
|
|
3,865,000
|
Salesforce, Inc., 5.550%, 3/15/2036
|
3,852,977
|
|
20,000
|
Science Applications International Corp.,
4.875%, 4/01/2028(a)
|
19,683
|
|
20,000
|
Science Applications International Corp.,
5.875%, 11/01/2033(a)
|
19,517
|
|
15,000
|
Seagate Data Storage Technology Pte. Ltd.,
5.750%, 12/01/2034(a)
|
14,985
|
|
15,000
|
Seagate Data Storage Technology Pte. Ltd.,
5.875%, 7/15/2030(a)
|
15,247
|
|
15,000
|
Seagate Data Storage Technology Pte. Ltd.,
8.250%, 12/15/2029(a)
|
15,753
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Technology — continued
|
|
|
$2,563,000
|
Sensata Technologies, Inc., 3.750%, 2/15/2031(a)
|
$2,377,234
|
|
20,000
|
Sensata Technologies, Inc., 4.375%, 2/15/2030(a)
|
19,127
|
|
845,000
|
Synopsys, Inc., 5.150%, 4/01/2035
|
846,616
|
|
995,000
|
Synopsys, Inc., 5.700%, 4/01/2055
|
951,302
|
|
1,255,000
|
TD SYNNEX Corp., 5.300%, 10/10/2035
|
1,215,874
|
|
1,970,000
|
TD SYNNEX Corp., 6.100%, 4/12/2034
|
2,031,939
|
|
1,337,000
|
WULF Compute LLC, 7.750%, 10/15/2030(a)
|
1,412,781
|
|
38,000
|
Zebra Technologies Corp., 6.500%, 6/01/2032(a)
|
38,259
|
|
|
|
77,982,608
|
|
|
Treasuries — 16.6%
|
|
|
51,475(i
)
|
Brazil Notas do Tesouro Nacional,
10.000%, 1/01/2031, (BRL)
|
8,691,171
|
|
5,273,000
|
Canada Government Bonds, 2.250%, 2/01/2028,
(CAD)
|
3,752,014
|
|
2,771,000
|
Malaysia Government Bonds, 3.476%, 7/02/2035,
(MYR)
|
674,792
|
|
12,138,000
|
Malaysia Government Bonds, 3.519%, 4/20/2028,
(MYR)
|
3,014,922
|
|
21,287,000
|
Malaysia Government Bonds, 4.054%, 4/18/2039,
(MYR)
|
5,329,010
|
|
1,072,934(j
)
|
Mexico Bonos, 8.000%, 7/31/2053, (MXN)
|
4,953,707
|
|
180,789,000
|
Republic of South Africa Government Bonds,
8.500%, 1/31/2037, (ZAR)
|
9,978,184
|
|
48,240,000
|
Republic of South Africa Government Bonds,
9.000%, 1/31/2040, (ZAR)
|
2,677,236
|
|
157,803,000
|
Turkiye Government Bonds, 36.000%, 8/12/2026,
(TRY)
|
3,488,765
|
|
209,517,000
|
Turkiye Government Bonds, 36.780%, 10/13/2027,
(TRY)
|
4,565,200
|
|
49,610,000
|
U.S. Treasury Notes, 0.625%, 5/15/2030
|
43,455,259
|
|
37,476,000
|
U.S. Treasury Notes, 3.750%, 4/15/2026(k)
|
37,475,721
|
|
825,000
|
U.S. Treasury Notes, 4.375%, 7/31/2026
|
826,736
|
|
51,526,000
|
U.S. Treasury Notes, 4.875%, 5/31/2026
|
51,610,938
|
|
73,524,000
|
Uruguay Government International Bonds,
8.000%, 10/29/2035, (UYU)
|
1,833,008
|
|
28,144,000
|
Uruguay Government International Bonds,
8.500%, 3/15/2028, (UYU)
|
711,324
|
|
35,915,000
|
Uruguay Government International Bonds,
9.750%, 7/20/2033, (UYU)
|
978,502
|
|
|
|
184,016,489
|
|
|
Wireless — 0.5%
|
|
|
985,000
|
Sprint Capital Corp., 8.750%, 3/15/2032
|
1,171,234
|
|
3,916,000
|
T-Mobile USA, Inc., 5.000%, 2/15/2036
|
3,856,929
|
|
|
|
5,028,163
|
|
|
Wirelines — 0.1%
|
|
|
1,314,000
|
AT&T, Inc., 5.125%, 4/30/2036
|
1,298,234
|
|
|
Total Non-Convertible Bonds
(Identified Cost $847,320,956)
|
814,351,842
|
|
|
||
|
|
||
|
Convertible Bonds — 0.3%
|
||
|
|
Cable Satellite — 0.2%
|
|
|
634,600
|
EchoStar Corp., 3.875% PIK and/or 3.875% Cash,
11/30/2030(e)
|
2,266,855
|
|
|
Financial Other — 0.1%
|
|
|
30,180
|
China Aoyuan Group Ltd., Series IAI, Zero
Coupon, 9/30/2028(f)
|
570
|
|
1,076,797
|
CIFI Holdings Group Co. Ltd., Series IAI, Zero
Coupon, 6/30/2029(f)
|
46,636
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Financial Other — continued
|
|
|
$394,309
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2026(a)
|
$986
|
|
492,908
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2027(a)
|
493
|
|
788,618
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2028(a)
|
394
|
|
788,618
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2029(a)
|
158
|
|
985,772
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2030(a)
|
296
|
|
985,772
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2031(a)
|
99
|
|
1,859,714
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2032(a)
|
186
|
|
1,844,930
|
Shimao Group Holdings Ltd., Zero Coupon,
7/21/2026(a)
|
35,976
|
|
2,168,236
|
Sunac China Holdings Ltd., Zero Coupon,
6/23/2026(a)
|
341,996
|
|
1,602,221
|
Sunac China Holdings Ltd., Zero Coupon,
6/23/2028(a)
|
405,522
|
|
499,552
|
Times China Holdings Ltd., Zero Coupon,
3/30/2027(a)
|
2,932
|
|
98,089
|
Times China Holdings Ltd., Zero Coupon,
3/30/2027(a)
|
381
|
|
|
|
836,625
|
|
|
Metals & Mining — 0.0%
|
|
|
9,000
|
B2Gold Corp., 2.750%, 2/01/2030(a)
|
14,521
|
|
|
Pharmaceuticals — 0.0%
|
|
|
16,000
|
Arrowhead Pharmaceuticals, Inc., Zero Coupon,
1/15/2032
|
16,554
|
|
15,000
|
Halozyme Therapeutics, Inc.,
0.875%, 11/15/2032(a)
|
14,797
|
|
9,000
|
Ligand Pharmaceuticals, Inc.,
0.750%, 10/01/2030(a)
|
10,886
|
|
|
|
42,237
|
|
|
Technology — 0.0%
|
|
|
8,000
|
Microchip Technology, Inc., Zero Coupon,
2/15/2030(a)
|
7,804
|
|
|
Total Convertible Bonds
(Identified Cost $7,384,767)
|
3,168,042
|
|
|
Total Bonds and Notes
(Identified Cost $854,705,723)
|
817,519,884
|
|
|
||
|
|
||
|
Collateralized Loan Obligations — 6.2%
|
||
|
975,000
|
720 East CLO V Ltd., Series 2024-2A, Class C,
3 mo. USD SOFR + 2.200%,
5.868%, 7/20/2037(a)(b)
|
975,394
|
|
875,000
|
AGL CLO 42 Ltd., Series 2025-42A, Class A1,
3 mo. USD SOFR + 1.300%,
4.969%, 7/22/2038(a)(b)
|
875,175
|
|
420,000
|
AGL Core CLO 36 Ltd., Series 2024-36A, Class B,
3 mo. USD SOFR + 1.600%,
5.271%, 1/23/2038(a)(b)
|
419,986
|
|
2,335,000
|
AIMCO CLO 10 Ltd., Series 2019-10A, Class BRR,
3 mo. USD SOFR + 1.750%,
5.419%, 7/22/2037(a)(b)
|
2,335,668
|
|
700,000
|
AIMCO CLO 16 Ltd., Series 2021-16A, Class BR,
3 mo. USD SOFR + 1.650%,
5.318%, 7/17/2037(a)(b)
|
700,726
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
$890,000
|
Anchorage Capital CLO 6 Ltd., Series 2015-6A,
Class AR4, 3 mo. USD SOFR + 1.370%,
5.039%, 7/22/2038(a)(b)
|
$890,782
|
|
2,835,000
|
ARES Loan Funding VIII Ltd., Series 2024-ALF8,
Class B, 3 mo. USD SOFR + 1.700%,
5.368%, 1/24/2038(a)(b)
|
2,834,904
|
|
1,660,000
|
ARES XXXIX CLO Ltd., Series 2016-39A,
Class BR3, 3 mo. USD SOFR + 1.750%,
5.418%, 7/18/2037(a)(b)
|
1,661,039
|
|
1,045,000
|
Bain Capital Credit CLO Ltd., Series 2020-1A,
Class C1RR, 3 mo. USD SOFR + 1.800%,
5.468%, 4/18/2033(a)(b)
|
1,044,683
|
|
1,080,000
|
Bain Capital Credit CLO Ltd., Series 2022-4A,
Class A1R, 3 mo. USD SOFR + 1.380%,
5.051%, 10/16/2037(a)(b)
|
1,080,489
|
|
250,000
|
Benefit Street Partners CLO 43 Ltd.,
Series 2025-43A, Class A, 3 mo. USD SOFR +
1.270%, 5.072%, 10/20/2038(a)(b)
|
250,002
|
|
575,000
|
Benefit Street Partners CLO Ltd.,
Series 2015-6BR, Class A1R, 3 mo. USD SOFR +
1.180%, 4.848%, 4/20/2038(a)(b)
|
573,850
|
|
2,005,000
|
Benefit Street Partners CLO XVI Ltd.,
Series 2018-16A, Class BR2, 3 mo. USD SOFR +
1.700%, 5.368%, 1/17/2038(a)(b)
|
2,007,645
|
|
1,590,000
|
Birch Grove CLO 12 Ltd., Series 2025-12A,
Class C, 3 mo. USD SOFR + 1.800%,
5.469%, 4/22/2038(a)(b)
|
1,582,583
|
|
1,660,000
|
Birch Grove CLO 13 Ltd., Series 2025-13A,
Class A1, 3 mo. USD SOFR + 1.310%,
5.467%, 10/23/2038(a)(b)
|
1,660,229
|
|
530,000
|
Birch Grove CLO 6 Ltd., Series 2023-6A,
Class A1R, 3 mo. USD SOFR + 1.380%,
5.048%, 7/20/2037(a)(b)
|
530,586
|
|
465,000
|
Birch Grove CLO 7 Ltd., Series 2023-7A,
Class A1R, 3 mo. USD SOFR + 1.260%,
4.928%, 10/20/2038(a)(b)
|
463,550
|
|
1,335,000
|
Birch Grove CLO 9 Ltd., Series 2024-9A,
Class A1, 3 mo. USD SOFR + 1.400%,
5.069%, 10/22/2037(a)(b)
|
1,336,013
|
|
1,925,000
|
CarVal CLO X-C Ltd., Series 2024-2A, Class B,
3 mo. USD SOFR + 1.800%,
5.468%, 7/20/2037(a)(b)
|
1,928,400
|
|
1,750,000
|
CIFC Funding Ltd., Series 2017-5A, Class BR,
3 mo. USD SOFR + 1.700%,
5.368%, 7/17/2037(a)(b)
|
1,750,126
|
|
1,140,000
|
CIFC Funding Ltd., Series 2019-7A, Class A1R,
3 mo. USD SOFR + 1.280%,
4.948%, 10/19/2038(a)(b)
|
1,140,001
|
|
290,000
|
CIFC Funding Ltd., Series 2021-4A, Class AR,
3 mo. USD SOFR + 1.360%,
5.031%, 7/23/2037(a)(b)
|
290,187
|
|
1,030,000
|
Crown City CLO I, Series 2020-1A, Class A1RR,
3 mo. USD SOFR + 1.370%,
5.038%, 7/20/2038(a)(b)
|
1,030,282
|
|
300,000
|
Diameter Capital CLO 10 Ltd., Series 2025-10A,
Class A, 3 mo. USD SOFR + 1.310%,
4.978%, 4/20/2038(a)(b)
|
300,446
|
|
250,000
|
Dryden 64 CLO Ltd., Series 2018-64A, Class C,
3 mo. USD SOFR + 2.012%,
5.679%, 4/18/2031(a)(b)
|
249,220
|
|
1,320,000
|
Garnet CLO 2 Ltd., Series 2025-2A, Class A, 3 mo.
USD SOFR + 1.350%, 5.431%, 10/20/2038(a)(b)
|
1,318,899
|
|
3,060,000
|
Garnet CLO 2 Ltd., Series 2025-2A, Class C, 3 mo.
USD SOFR + 2.000%, 6.081%, 10/20/2038(a)(b)
|
3,069,513
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
$950,000
|
Garnet CLO 3 Ltd., Series 2025-3A, Class A1,
3 mo. USD SOFR + 1.270%,
5.053%, 10/20/2038(a)(b)
|
$949,632
|
|
1,765,000
|
Garnet CLO Ltd., Series 2025-1A, Class C, 3 mo.
USD SOFR + 2.250%, 5.918%, 7/20/2037(a)(b)
|
1,771,375
|
|
770,000
|
GCP CLO Warehouse JP Ltd., Series 2025-82A,
Class A1, 3 mo. USD SOFR + 1.260%,
5.226%, 10/15/2038(a)(b)
|
769,226
|
|
815,000
|
Golub Capital Partners CLO 74 B Ltd.,
Series 2024-74A, Class B, 3 mo. USD SOFR +
1.850%, 5.518%, 7/25/2037(a)(b)
|
815,692
|
|
470,000
|
Golub Capital Partners CLO 74 B Ltd.,
Series 2024-74A, Class C, 3 mo. USD SOFR +
2.200%, 5.868%, 7/25/2037(a)(b)
|
470,177
|
|
395,000
|
Greenacre Park CLO LLC, Series 2021-2A,
Class AR, 3 mo. USD SOFR + 1.370%,
5.038%, 7/20/2037(a)(b)
|
395,168
|
|
1,900,000
|
Madison Park Funding LIX Ltd., Series 2021-59A,
Class CR, 3 mo. USD SOFR + 2.250%,
5.918%, 4/18/2037(a)(b)
|
1,900,085
|
|
2,210,000
|
Magnetite XXXVI Ltd., Series 2023-36A,
Class CR, 3 mo. USD SOFR + 1.850%,
5.518%, 7/25/2038(a)(b)
|
2,210,221
|
|
600,000
|
MidOcean Credit CLO XV Ltd., Series 2024-15A,
Class B, 3 mo. USD SOFR + 1.950%,
5.620%, 7/21/2037(a)(b)
|
600,412
|
|
435,000
|
MidOcean Credit CLO XVIII LLC,
Series 2025-18A, Class A1, 3 mo. USD SOFR +
1.170%, 4.840%, 10/18/2035(a)(b)
|
434,253
|
|
775,000
|
MidOcean Credit CLO XXI, Series 2025-21A,
Class A1, 3 mo. USD SOFR + 1.260%,
5.122%, 10/20/2038(a)(b)
|
774,214
|
|
625,000
|
Northwoods Capital 20 Ltd., Series 2019-20A,
Class AR2, 3 mo. USD SOFR + 1.340%,
5.008%, 10/25/2038(a)(b)
|
625,185
|
|
795,000
|
OCP CLO Ltd., Series 2016-12A, Class BAR3,
3 mo. USD SOFR + 1.680%,
5.348%, 10/18/2037(a)(b)
|
795,038
|
|
1,000,000
|
OCP CLO Ltd., Series 2020-18A, Class A1R2,
3 mo. USD SOFR + 1.370%,
5.038%, 7/20/2037(a)(b)
|
1,000,194
|
|
920,000
|
Octagon Investment Partners XXII Ltd.,
Series 2014-1A, Class CRR, 3 mo. USD SOFR +
2.162%, 5.831%, 1/22/2030(a)(b)
|
919,715
|
|
485,000
|
OHA Credit Partners XI Ltd., Series 2015-11A,
Class B1R2, 3 mo. USD SOFR + 1.800%,
5.468%, 4/20/2037(a)(b)
|
485,286
|
|
1,090,000
|
OHA Credit Partners XI Ltd., Series 2015-11A,
Class CR2, 3 mo. USD SOFR + 2.200%,
5.868%, 4/20/2037(a)(b)
|
1,090,510
|
|
885,000
|
OHA Loan Funding Ltd., Series 2013-1A,
Class CR3, 3 mo. USD SOFR + 2.350%,
6.021%, 4/23/2037(a)(b)
|
885,921
|
|
960,000
|
OHA Loan Funding Ltd., Series 2015-1A,
Class A1R4, 3 mo. USD SOFR + 1.250%,
4.918%, 10/19/2038(a)(b)
|
960,000
|
|
1,535,000
|
OHA Loan Funding Ltd., Series 2016-1A,
Class CR2, 3 mo. USD SOFR + 2.100%,
5.768%, 7/20/2037(a)(b)
|
1,535,797
|
|
1,945,000
|
Palmer Square BDC CLO 1 Ltd., Series 1A,
Class B1, 3 mo. USD SOFR + 2.150%,
5.822%, 7/15/2037(a)(b)
|
1,949,660
|
|
1,650,000
|
Palmer Square CLO Ltd., Series 2024-2A,
Class B, 3 mo. USD SOFR + 1.650%,
5.318%, 7/20/2037(a)(b)
|
1,650,223
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
$2,110,000
|
Post CLO Ltd., Series 2023-1A, Class A1R, 3 mo.
USD SOFR + 1.300%, 4.968%, 10/20/2038(a)(b)
|
$2,108,858
|
|
1,445,000
|
Post CLO VI Ltd., Series 2024-2A, Class C, 3 mo.
USD SOFR + 2.100%, 5.768%, 1/20/2038(a)(b)
|
1,446,735
|
|
1,150,000
|
Regatta 35 Funding Ltd., Series 2025-5A,
Class A1, 3 mo. USD SOFR + 1.290%,
4.962%, 10/15/2038(a)(b)
|
1,150,133
|
|
167,694
|
Rockford Tower CLO Ltd., Series 2018-1A,
Class A, 3 mo. USD SOFR + 1.362%,
5.017%, 5/20/2031(a)(b)
|
167,725
|
|
1,315,000
|
Silver Point CLO 12 Ltd., Series 2025-12A,
Class A1, 3 mo. USD SOFR + 1.310%,
5.289%, 10/15/2038(a)(b)
|
1,313,998
|
|
430,000
|
Sixth Street CLO XV Ltd., Series 2020-15A,
Class CR, 3 mo. USD SOFR + 2.000%,
5.668%, 10/24/2037(a)(b)
|
430,815
|
|
1,350,000
|
TPG CLO Ltd., Series 2025-1A, Class A1, 3 mo.
USD SOFR + 1.370%, 5.333%, 7/15/2037(a)(b)
|
1,348,965
|
|
1,660,000
|
Wellfleet CLO Ltd., Series 2022-1A, Class CR,
3 mo. USD SOFR + 2.200%,
5.872%, 7/15/2037(a)(b)
|
1,654,866
|
|
1,055,000
|
Wellfleet CLO Ltd., Series 2024-1A, Class B,
3 mo. USD SOFR + 2.050%,
5.718%, 7/18/2037(a)(b)
|
1,056,226
|
|
565,000
|
Wellfleet CLO Ltd., Series 2024-1A, Class C,
3 mo. USD SOFR + 2.450%,
6.118%, 7/18/2037(a)(b)
|
565,900
|
|
2,580,000
|
Wise CLO Ltd., Series 2025-1A, Class B1, 3 mo.
USD SOFR + 1.550%, 5.218%, 1/20/2038(a)(b)
|
2,550,188
|
|
|
Total Collateralized Loan Obligations
(Identified Cost $68,996,093)
|
69,082,771
|
|
|
||
|
|
||
|
Senior Loans — 5.0%
|
||
|
|
Aerospace & Defense — 0.0%
|
|
|
403,000
|
TransDigm, Inc., 2026 Term Loan N, 1 mo. USD
SOFR + 2.500%, 6.168%, 2/13/2033(b)(l)
|
403,077
|
|
|
Automotive — 0.1%
|
|
|
1,360,000
|
Allison Transmission, Inc., 2025 Incremental
Term Loan B, 1 mo. USD SOFR + 1.750%,
5.422%, 1/02/2033(b)(l)
|
1,363,400
|
|
213,581
|
First Brands Group LLC, 2021 Term Loan,
10.759% PIK, 3/30/2027(e)(g)(l)
|
278
|
|
300,860
|
First Brands Group LLC, 2022 Incremental Term
Loan, 3 mo. USD SOFR + 5.000%,
10.782%, 3/30/2027(g)(l)
|
391
|
|
206,437
|
First Brands Group LLC, 2025 DIP Term Loan,
13.671% PIK, 6/29/2026(b)(e)(l)
|
47,480
|
|
589,947
|
First Brands Group LLC, 2025 PIK DIP Roll-Up
Term Loan B, 10.671% PIK, 6/29/2026(b)(e)(l)
|
395
|
|
|
|
1,411,944
|
|
|
Building Materials — 0.2%
|
|
|
1,658,000
|
Advanced Drainage Systems, Inc., 2026 Term
Loan B, 1 mo. USD SOFR + 1.625%,
5.298%, 2/28/2033(b)(l)
|
1,663,189
|
|
|
Chemicals — 0.1%
|
|
|
1,580,000
|
Solstice Advanced Materials, Inc., Term Loan B,
3 mo. USD SOFR + 1.750%,
5.417%, 10/29/2032(b)(l)
|
1,586,589
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Construction Machinery — 0.3%
|
|
|
$3,198,829
|
Terex Corp., 2025 Term Loan, 1 mo. USD SOFR +
1.750%, 5.418%, 10/08/2031(b)(l)
|
$3,200,844
|
|
332,456
|
United Rentals, Inc., 2025 Repriced Term Loan B,
1 mo. USD SOFR + 1.500%,
5.168%, 2/14/2031(b)(l)
|
333,370
|
|
|
|
3,534,214
|
|
|
Consumer Cyclical Services — 0.1%
|
|
|
155,000
|
Aramark Services, Inc., 2025 Repriced Term
Loan, 1 mo. USD SOFR + 1.750%,
5.418%, 4/06/2028(b)(l)
|
155,000
|
|
1,382,183
|
Aramark Services, Inc., 2025 Term Loan, 1 mo.
USD SOFR + 1.750%, 5.418%, 6/22/2030(b)(l)
|
1,382,183
|
|
|
|
1,537,183
|
|
|
Electric — 0.4%
|
|
|
4,158,177
|
NRG Energy, Inc., 2024 Term Loan, 3 mo. USD
SOFR + 1.750%, 5.521%, 4/16/2031(b)(l)
|
4,162,710
|
|
|
Environmental — 0.1%
|
|
|
1,376,550
|
Clean Harbors, Inc., 2025 Term Loan, 1 mo. USD
SOFR + 1.500%, 5.168%, 10/08/2032(b)(l)
|
1,384,809
|
|
|
Gaming — 0.3%
|
|
|
831,600
|
DK Crown Holdings, Inc., 2025 Term Loan B,
1 mo. USD SOFR + 1.750%,
5.419%, 3/04/2032(b)(l)
|
830,045
|
|
1,436,629
|
Flutter Financing BV, 2024 Term Loan B, 3 mo.
USD SOFR + 1.750%, 5.450%, 11/30/2030(b)(l)
|
1,418,671
|
|
1,488,750
|
Flutter Financing BV, 2025 Term Loan B, 3 mo.
USD SOFR + 2.000%, 5.700%, 6/04/2032(b)(l)
|
1,470,140
|
|
117,627
|
Light & Wonder International, Inc., 2026 Term
Loan B, 1 mo. USD SOFR + 2.000%,
5.675%, 4/16/2029(b)(l)
|
117,530
|
|
|
|
3,836,386
|
|
|
Healthcare — 0.5%
|
|
|
490,484
|
Bausch & Lomb Corp., 2025 Repriced Term Loan,
1/15/2031(m)
|
491,097
|
|
1,290,122
|
Bausch & Lomb Corp., 2025 Repriced Term Loan,
1 mo. USD SOFR + 3.750%,
7.418%, 1/15/2031(b)(l)
|
1,291,735
|
|
3,192,594
|
DaVita, Inc., 2025 Term Loan B, 1 mo. USD SOFR
+ 1.750%, 5.418%, 5/09/2031(b)(l)
|
3,196,585
|
|
|
|
4,979,417
|
|
|
Media Entertainment — 0.2%
|
|
|
2,179,786
|
Electronic Arts, Inc., USD Term Loan B,
3/24/2033(m)
|
2,166,163
|
|
|
Metals & Mining — 0.3%
|
|
|
3,194,852
|
Novelis Corp., 2025 Term Loan B, 3 mo. USD
SOFR + 1.750%, 5.450%, 3/11/2032(b)(l)
|
3,193,510
|
|
|
Paper — 0.3%
|
|
|
3,192,326
|
Asplundh Tree Expert LLC, 2024 Incremental
Term Loan B, 1 mo. USD SOFR + 1.750%,
5.418%, 5/23/2031(b)
|
3,197,912
|
|
|
Pharmaceuticals — 0.3%
|
|
|
3,374,692
|
BioMarin Pharmaceutical, Inc., Term Loan B,
1/28/2033(m)
|
3,364,163
|
|
|
Property & Casualty Insurance — 0.5%
|
|
|
1,140,035
|
Amynta Agency Borrower, Inc., 2026 Repriced
Term Loan B, 12/29/2031(m)
|
1,121,920
|
|
3,462,622
|
Ardonagh Midco 3 PLC, 2024 USD Term Loan B,
USD SOFR + 2.750%, 6.374%, 2/15/2031(b)(l)
|
3,378,238
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Property & Casualty Insurance — continued
|
|
|
$75,530
|
Baldwin Insurance Group Holdings LLC, 2025
Term Loan B2, 1 mo. USD SOFR + 2.500%,
6.178%, 5/26/2031(b)(l)
|
$74,146
|
|
206,601
|
Ryan Specialty Group LLC, 2024 USD Term Loan
B, 1 mo. USD SOFR + 2.000%,
5.668%, 9/15/2031(b)(l)
|
206,084
|
|
357,169
|
Truist Insurance Holdings LLC, 2024 Term Loan
B, 3 mo. USD SOFR + 2.750%,
6.450%, 5/06/2031(b)(l)
|
351,701
|
|
|
|
5,132,089
|
|
|
Retailers — 0.1%
|
|
|
780,705
|
PetSmart, Inc., 2025 USD Term Loan B,
8/18/2032(m)
|
774,654
|
|
432,313
|
PetSmart, Inc., 2025 USD Term Loan B, 1 mo.
USD SOFR + 4.000%, 7.675%, 8/18/2032(b)(l)
|
428,963
|
|
|
|
1,203,617
|
|
|
Technology — 1.0%
|
|
|
1,100,000
|
CACI International, Inc., 2026 Incremental Term
Loan B2, 3/09/2033(m)
|
1,098,625
|
|
385,055
|
Darktrace PLC, 1st Lien Term Loan, 3 mo. USD
SOFR + 3.250%, 6.898%, 10/09/2031(b)
|
367,778
|
|
3,547,780
|
Dayforce, Inc., 2026 Term Loan, 3 mo. USD SOFR
+ 3.000%, 6.663%, 2/04/2033(b)(l)
|
3,351,658
|
|
2,943,569
|
Open Text Corp., 2023 Term Loan B, 1 mo. USD
SOFR + 1.750%, 5.418%, 1/31/2030(b)(l)
|
2,876,280
|
|
3,192,351
|
Trans Union LLC, 2024 Term Loan B8, 3 mo. USD
SOFR + 1.750%, 5.450%, 6/24/2031(b)(l)
|
3,172,973
|
|
|
|
10,867,314
|
|
|
Wireless — 0.2%
|
|
|
2,341,564
|
SBA Senior Finance II LLC, 2024 Term Loan B,
1 mo. USD SOFR + 1.750%,
5.420%, 1/25/2031(b)(l)
|
2,348,401
|
|
|
Total Senior Loans
(Identified Cost $57,276,566)
|
55,972,687
|
|
|
||
|
|
||
|
Equity-Linked Notes — 2.8%
|
||
|
858,600
|
Barclays Bank PLC, (Yum! Brands, Inc.),
9.570%, 8/21/2026(a)
|
870,742
|
|
935,203
|
Barclays Bank PLC, (Hilton Worldwide Holdings,
Inc.), 10.690%, 10/20/2026(a)
|
951,313
|
|
1,047,938
|
Barclays Bank PLC, (Cheniere Energy, Inc.),
12.000%, 1/28/2027(a)
|
1,084,263
|
|
869,900
|
Barclays Bank PLC, (Trane Technologies PLC),
12.120%, 5/13/2026(a)
|
839,530
|
|
999,248
|
Barclays Bank PLC, (AutoZone, Inc.),
12.310%, 12/18/2026(a)
|
910,866
|
|
669,192
|
Barclays Bank PLC, (Meta Platforms, Inc.),
14.920%, 4/07/2026(a)
|
642,602
|
|
1,087,385
|
Barclays Bank PLC, (Amazon.com, Inc.),
15.250%, 3/25/2027(a)
|
1,077,108
|
|
524,121
|
Barclays Bank PLC, (Palo Alto Networks, Inc.),
15.350%, 2/11/2027(a)
|
477,514
|
|
880,660
|
Barclays Bank PLC, (Adobe, Inc.),
17.110%, 6/09/2026(a)
|
645,119
|
|
522,316
|
Barclays Bank PLC, (Microsoft Corp.),
18.340%, 5/28/2026(a)
|
417,914
|
|
895,379
|
Barclays Bank PLC, (Freeport-McMoRan, Inc.),
20.380%, 4/29/2026(a)
|
932,478
|
|
1,092,284
|
Barclays Bank PLC, (Arista Networks, Inc.),
21.330%, 3/04/2027(a)
|
1,045,496
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
$322,250
|
Barclays Bank PLC, (Estee Lauder Companies,
Inc.), 22.940%, 9/10/2026(a)
|
$244,701
|
|
917,869
|
BNP Paribas Issuance BV, (Visa, Inc.),
12.010%, 4/01/2026(a)
|
807,779
|
|
457,774
|
BNP Paribas Issuance BV, (Kinder Morgan,
Inc.), 12.270%, 6/25/2026(a)
|
474,208
|
|
1,033,816
|
BNP Paribas Issuance BV, (Walt Disney Co.),
12.410%, 1/21/2027(a)
|
936,090
|
|
1,035,157
|
BNP Paribas Issuance BV, (Eaton Corp. PLC),
13.580%, 1/14/2027(a)
|
1,033,948
|
|
1,005,701
|
BNP Paribas Issuance BV, (McKesson Corp.),
15.650%, 6/17/2026(a)
|
1,016,538
|
|
886,139
|
BNP Paribas Issuance BV, (Crowdstrike
Holdings, Inc.), 17.830%, 5/26/2026(a)
|
794,714
|
|
1,544,743
|
BNP Paribas Issuance BV, (Carnival Corp.),
21.100%, 8/04/2026(a)
|
1,420,765
|
|
1,040,293
|
Citigroup Global Markets Holdings, Inc., (Home
Depot, Inc.), 13.340%, 8/06/2026(a)
|
945,059
|
|
1,061,729
|
Citigroup Global Markets Holdings, Inc., (EOG
Resources, Inc.), 14.010%, 2/18/2027(a)
|
1,113,152
|
|
325,953
|
Citigroup Global Markets Holdings, Inc., (United
Rentals, Inc.), 15.650%, 2/25/2027(a)
|
287,736
|
|
523,587
|
Citigroup Global Markets Holdings, Inc., (Ebay,
Inc.), 17.290%, 9/17/2026(a)
|
502,864
|
|
1,124,833
|
Citigroup Global Markets Holdings, Inc.,
(Parker-Hannifin Corp.), 17.870%, 10/15/2026(a)
|
1,101,124
|
|
1,011,606
|
Citigroup Global Markets Holdings, Inc., (Palo
Alto Networks, Inc.), 18.370%, 7/01/2026(a)
|
875,578
|
|
987,218
|
Citigroup Global Markets Holdings, Inc., (Vistra
Corp.), 21.690%, 11/17/2026(a)
|
881,906
|
|
853,759
|
Citigroup Global Markets Holdings, Inc.,
(AngloGold Ashanti PLC), 24.180%, 2/04/2027(a)
|
846,073
|
|
813,831
|
Citigroup Global Markets Holdings, Inc.,
(Coinbase Global, Inc.), 25.010%, 1/07/2027(a)
|
612,072
|
|
1,109,198
|
Citigroup Global Markets Holdings, Inc., (Dollar
Tree, Inc.), 25.610%, 9/24/2026(a)
|
1,065,187
|
|
961,367
|
GS Finance Corp., MTN, (GE Vernova, Inc.),
18.830%, 11/04/2026(a)
|
998,932
|
|
1,025,459
|
JPMorgan Chase Bank NA, (Dominion Energy,
Inc.), 12.280%, 4/06/2026(a)
|
1,047,046
|
|
1,113,436
|
JPMorgan Chase Bank NA, (Visa Inc.),
13.440%, 10/01/2026(a)
|
1,113,436
|
|
938,276
|
JPMorgan Chase Bank NA, (Netflix, Inc.),
15.650%, 7/14/2026(a)
|
793,218
|
|
1,020,540
|
JPMorgan Chase Bank NA, (Bank of America
Corp.), 16.220%, 4/23/2026(a)
|
1,057,119
|
|
880,930
|
Nomura America Finance LLC, (ServiceNow,
Inc.), 20.200%, 3/18/2027(a)
|
809,238
|
|
949,271
|
UBS AG, (ResMed, Inc.), 12.250%, 11/18/2026(a)
|
827,356
|
|
|
Total Equity-Linked Notes
(Identified Cost $33,326,961)
|
31,500,784
|
|
Principal
Amount/
Shares (‡)
|
Description
|
Value (†)
|
|
Private Credit — 0.8%
|
||
|
|
ABS Other — 0.1%
|
|
|
$1,300,000
|
Chol Aviation Capital Ltd.,
7.134%, 8/30/2034(b)(c)(f)
|
$1,254,540
|
|
|
Banking — 0.5%
|
|
|
2,700,000
|
AP Bosphorus Holdings Ltd.,
6.274%, 12/15/2037(c)
|
2,663,707
|
|
2,500,000
|
Bosphorous Financial Services Ltd.,
5.823%, 2/15/2033(c)(f)
|
2,449,059
|
|
|
|
5,112,766
|
|
|
Building Materials — 0.2%
|
|
|
208
|
QXO, Inc., 4.750%(c)(f)(h)(n)(o)
|
2,357,118
|
|
|
Total Private Credit
(Identified Cost $8,580,000)
|
8,724,424
|
|
Shares
|
|
|
|
Common Stocks— 0.6%
|
||
|
|
Aerospace & Defense — 0.0%
|
|
|
332
|
General Electric Co.
|
94,212
|
|
211
|
Howmet Aerospace, Inc.
|
48,627
|
|
|
|
142,839
|
|
|
Air Freight & Logistics — 0.0%
|
|
|
485
|
United Parcel Service, Inc., Class B
|
47,714
|
|
|
Banks — 0.0%
|
|
|
696
|
Citigroup, Inc.
|
78,934
|
|
459
|
PNC Financial Services Group, Inc.
|
95,513
|
|
2,035
|
U.S. Bancorp
|
105,840
|
|
|
|
280,287
|
|
|
Biotechnology — 0.2%
|
|
|
370
|
AbbVie, Inc.
|
80,471
|
|
35,406
|
BioMarin Pharmaceutical, Inc.(h)
|
2,000,085
|
|
659
|
Gilead Sciences, Inc.
|
91,845
|
|
|
|
2,172,401
|
|
|
Capital Markets — 0.1%
|
|
|
208
|
CME Group, Inc.
|
61,433
|
|
211
|
Moody's Corp.
|
92,049
|
|
846
|
Morgan Stanley
|
139,226
|
|
|
|
292,708
|
|
|
Chemicals — 0.0%
|
|
|
1,430
|
Corteva, Inc.
|
119,705
|
|
|
Consumer Staples Distribution & Retail — 0.0%
|
|
|
108
|
Costco Wholesale Corp.
|
107,614
|
|
|
Containers & Packaging — 0.0%
|
|
|
223
|
Packaging Corp. of America
|
47,325
|
|
|
Diversified Telecommunication Services — 0.0%
|
|
|
3,576
|
Comcast Corp., Class A
|
102,667
|
|
|
Electric Utilities — 0.0%
|
|
|
874
|
Duke Energy Corp.
|
114,442
|
|
445
|
NRG Energy, Inc.
|
65,032
|
|
|
|
179,474
|
|
|
Electrical Equipment — 0.0%
|
|
|
554
|
Emerson Electric Co.
|
72,585
|
|
Shares
|
Description
|
Value (†)
|
|
|
Electronic Equipment, Instruments & Components — 0.0%
|
|
|
740
|
Amphenol Corp., Class A
|
$93,499
|
|
|
Financial Services — 0.0%
|
|
|
244
|
Mastercard, Inc., Class A
|
121,917
|
|
|
Health Care Providers & Services — 0.0%
|
|
|
119
|
Cencora, Inc.
|
37,383
|
|
67
|
Elevance Health, Inc.
|
19,614
|
|
109
|
UnitedHealth Group, Inc.
|
29,494
|
|
|
|
86,491
|
|
|
Hotels, Restaurants & Leisure — 0.0%
|
|
|
24
|
Booking Holdings, Inc.
|
101,048
|
|
463
|
Royal Caribbean Cruises Ltd.
|
127,408
|
|
|
|
228,456
|
|
|
Household Durables — 0.0%
|
|
|
390
|
Garmin Ltd.
|
90,484
|
|
|
Household Products — 0.0%
|
|
|
824
|
Colgate-Palmolive Co.
|
70,230
|
|
960
|
Kimberly-Clark Corp.
|
92,611
|
|
604
|
Procter & Gamble Co.
|
87,242
|
|
|
|
250,083
|
|
|
Interactive Media & Services — 0.0%
|
|
|
542
|
Alphabet, Inc., Class A
|
155,858
|
|
|
Media — 0.0%
|
|
|
184,712
|
Optimum Communications, Inc., Class A(h)
|
240,126
|
|
|
Metals & Mining — 0.0%
|
|
|
2,847
|
Kinross Gold Corp.
|
86,890
|
|
|
Oil, Gas & Consumable Fuels — 0.0%
|
|
|
907
|
Exxon Mobil Corp.
|
153,881
|
|
910
|
Williams Cos., Inc.
|
66,230
|
|
|
|
220,111
|
|
|
Pharmaceuticals — 0.1%
|
|
|
2,398
|
Bristol-Myers Squibb Co.
|
145,439
|
|
1,235
|
Merck & Co., Inc.
|
148,558
|
|
|
|
293,997
|
|
|
Real Estate Management & Development — 0.0%
|
|
|
84,422
|
China Aoyuan Group Ltd.(h)
|
644
|
|
488,771
|
Kaisa Group Holdings Ltd.(h)
|
5,548
|
|
185,246
|
Sunac China Holdings Ltd.(h)
|
25,165
|
|
282,398
|
Times China Holdings Ltd.(h)
|
2,670
|
|
430,338
|
Yuzhou Group Holdings Co. Ltd.(h)
|
8,726
|
|
|
|
42,753
|
|
|
Retail REITs — 0.0%
|
|
|
535
|
Simon Property Group, Inc.
|
99,794
|
|
|
Semiconductors & Semiconductor Equipment — 0.1%
|
|
|
71
|
ASML Holding NV
|
93,779
|
|
440
|
Broadcom, Inc.
|
136,184
|
|
401
|
Lam Research Corp.
|
85,678
|
|
288
|
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR
|
97,330
|
|
|
|
412,971
|
|
|
Software — 0.1%
|
|
|
364
|
Microsoft Corp.
|
134,742
|
|
462
|
Salesforce, Inc.
|
86,241
|
|
494
|
SAP SE, ADR
|
84,578
|
|
|
|
305,561
|
|
Shares
|
Description
|
Value (†)
|
|
|
Specialty Retail — 0.0%
|
|
|
856
|
TJX Cos., Inc.
|
$136,703
|
|
|
Technology Hardware, Storage & Peripherals — 0.0%
|
|
|
534
|
Apple, Inc.
|
135,524
|
|
|
Total Common Stocks
(Identified Cost $11,031,519)
|
6,566,537
|
|
|
||
|
|
||
|
Preferred Stocks — 0.1%
|
||
|
|
||
|
|
||
|
Convertible Preferred Stock — 0.1%
|
||
|
|
Technology — 0.1%
|
|
|
15,850
|
Oracle Corp., Series D, 6.500%
(Identified Cost $792,500)
|
713,409
|
|
|
||
|
|
||
|
Other Investments — 0.0%
|
||
|
|
Aircraft ABS — 0.0%
|
|
|
900
|
ECAF I Blocker, Ltd.(c)(f)(h)
|
—
|
|
|
Professional Services — 0.0%
|
|
|
5,092,534
|
CFLD Cayman Trust Units(c)(h)
|
25,878
|
|
|
Total Other Investments
(Identified Cost $9,024,561)
|
25,878
|
|
|
Total Purchased Options — 0.0%
(Identified Cost $12,181) (see details below)
|
9,610
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
Short-Term Investments — 12.6%
|
||
|
$66,212,319
|
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 3/31/2026 at
2.150% to be repurchased at $66,216,274 on
4/01/2026 collateralized by $25,414,300
U.S. Treasury Inflation Indexed Note, 1.625%
due 10/15/2027 valued at $28,529,530; $38,316,900
U.S. Treasury Note, 3.875% due 10/15/2027
valued at $39,007,105 including accrued interest
(p)
|
$66,212,319
|
|
27,156,000
|
U.S. Treasury Bills,
3.585%–3.596%, 5/07/2026(q)(r)
|
27,057,084
|
|
13,981,000
|
U.S. Treasury Bills,
3.586%–3.602%, 6/04/2026(q)(r)
|
13,891,179
|
|
32,275,000
|
U.S. Treasury Bills, 3.586%, 6/18/2026(r)
|
32,023,465
|
|
|
Total Short-Term Investments
(Identified Cost $139,186,985)
|
139,184,047
|
|
|
Total Investments — 101.8%
(Identified Cost $1,182,933,089)
|
1,129,300,031
|
|
|
Other assets less liabilities — (1.8)%
|
(19,607,741
)
|
|
|
Net Assets — 100.0%
|
$1,109,692,290
|
|
Purchased Options — 0.0%
|
||||||
|
Description
|
Expiration
Date
|
Exercise
Price
|
Shares
|
Notional
Amount
|
Cost
|
Value (†)
|
|
Options on Futures — 0.0%
|
||||||
|
CBOT 5 Year U.S. Treasury Notes, Put
|
4/24/2026
|
103
|
1,230,000
|
$133,061,016
|
$12,181
|
$9,610
|
|
Written Options — (0.1%)
|
||||||
|
Description
|
Expiration
Date
|
Exercise
Price
|
Shares
|
Notional
Amount
|
Premiums
(Received)
|
Value (†)
|
|
Options on Futures — (0.1%)
|
||||||
|
CBOT 5 Year U.S. Treasury Notes, Put
|
4/24/2026
|
108.25
|
(1,230,000
)
|
$(133,061,016
)
|
$(260,047
)
|
$(643,829
)
|
|
(†)
|
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. Options on futures contracts are valued
using the current settlement price on the exchange on which, over time, they are traded
most extensively. Option contracts on foreign indices are
priced at the most recent settlement price. Other exchange-traded options are valued
at the average of the closing bid and ask quotations on the
exchange on which, over time, they are traded most extensively. Shares of open-end
investment companies are valued at net asset value ("NAV") per
share.
Exchange traded equity securities for which there is no reported sale during the day
are fair valued at the closing bid quotation as reported by an
independent pricing service. Unlisted equity securities (except unlisted preferred
equity securities) are fair valued at the last sale price quoted in the
market where they are traded most extensively or, if there is no reported sale during
the day, the closing bid quotation as reported by an independent
pricing service. If there is no last sale price or closing bid quotation available,
unlisted equity securities will be fair valued using evaluated bids
furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on
evaluated bids furnished to the Fund by an independent pricing service
or bid prices obtained from broker-dealers. Equity-linked notes are fair valued at
bid prices supplied by an independent pricing service. 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.
Forward foreign currency contracts are fair valued utilizing
interpolated rates determined based on information provided by an independent pricing
service. Bilateral credit default swaps are fair valued based on
mid prices (between the bid price and the ask price) supplied by an independent pricing
service. Bilateral interest rate swaps are fair valued based on
prices supplied by an independent pricing source.Centrally cleared swap agreements
are fair valued at settlement prices of the clearing house on
which the contracts were traded or prices obtained from broker-dealers. Over-the-counter (“OTC”) currency options and swaptions are valued at mid
prices (between the bid and the ask price) supplied by an independent pricing service,
if available. Other OTC option contracts (including currency
options and swaptions not priced through an independent pricing service) are valued
based on quotations obtained from broker-dealers.
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.
|
|
(‡)
|
Principal Amount stated in U.S. dollars unless otherwise noted.
|
|
(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
$451,578,468 or 40.7% 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)
|
Level 3 security. Value has been determined using significant unobservable inputs.
|
|
(d)
|
Perpetual bond with no specified maturity date.
|
|
(e)
|
Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal.
|
|
(f)
|
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
|
|
Add Hero Holdings Ltd.
|
9/01/2021-4/03/2024
|
$54,504
|
$9,380
|
Less than 0.1%
|
|
Add Hero Holdings Ltd.
|
9/01/2021-4/03/2024
|
42,078
|
2,436
|
Less than 0.1%
|
|
Add Hero Holdings Ltd.
|
9/01/2021-4/03/2024
|
54,080
|
2,325
|
Less than 0.1%
|
|
Bosphorous Financial Services Ltd.
|
1/20/2026
|
2,500,000
|
2,449,059
|
0.2%
|
|
China Aoyuan Group Ltd.
|
9/01/2021-3/26/2024
|
4,561
|
844
|
Less than 0.1%
|
|
|
Acquisition
Date
|
Acquisition
Cost
|
Value
|
% of
Net Assets
|
|
China Aoyuan Group Ltd.
|
9/01/2021-3/26/2024
|
$1,350
|
$570
|
Less than 0.1%
|
|
China Aoyuan Group Ltd.
|
9/01/2021-9/30/2024
|
16,441
|
345
|
Less than 0.1%
|
|
Chol Aviation Capital Ltd.
|
2/10/2026
|
1,300,000
|
1,254,540
|
0.1%
|
|
CIFI Holdings Group Co. Ltd.
|
8/30/2021-12/29/2025
|
1,108,197
|
46,636
|
Less than 0.1%
|
|
ECAF I Blocker, Ltd.
|
6/18/2015
|
9,000,000
|
—
|
0.0%
|
|
QXO, Inc.
|
1/12/2026
|
2,080,000
|
2,357,118
|
0.2%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/16/2026
|
1,011,122
|
35,841
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/07/2026
|
975,421
|
31,997
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/16/2026
|
844,521
|
24,940
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/07/2026
|
96,203
|
21,046
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/09/2026
|
521,511
|
11,117
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/07/2026
|
160,005
|
901
|
Less than 0.1%
|
|
(g)
|
The issuer is in default with respect to interest and/or principal payments. Income
is not being accrued.
|
|
(h)
|
Non-income producing security.
|
|
(i)
|
Amount shown represents units. One unit represents a principal amount of 1,000.
|
|
(j)
|
Amount shown represents units. One unit represents a principal amount of 100.
|
|
(k)
|
Security (or a portion thereof) has been pledged as collateral for open derivative
contracts.
|
|
(l)
|
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.
|
|
(m)
|
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.
|
|
(n)
|
Private credit preferred stock with no specified maturity date.
|
|
(o)
|
Investment has been committed to but has not been fully funded by the Fund.
|
|
(p)
|
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.
|
|
(q)
|
The Fund's investment in U.S. Government/Agency securities is comprised of various
lots with differing discount rates. These separate investments,
which have the same maturity date, have been aggregated for the purpose of presentation
in the Portfolio of Investments.
|
|
(r)
|
Interest rate represents discount rate at time of purchase; not a coupon rate.
|
|
ABS
|
Asset-Backed Securities
|
|
ADR
|
An American Depositary Receipt is a certificate issued by a custodian bank representing
the right to receive securities of the foreign issuer described.
The values of ADRs may be significantly influenced by trading on exchanges not located
in the United States.
|
|
DIP
|
Debtor In Possession
|
|
JIBAR
|
Johannesburg Interbank Agreed Rate
|
|
MTN
|
Medium Term Note
|
|
PIK
|
Payment-in-Kind
|
|
REIT
|
Real Estate Investment Trust
|
|
SAFEX
|
South African Futures Exchange
|
|
SLM
|
Sallie Mae
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
BRL
|
Brazilian Real
|
|
CAD
|
Canadian Dollar
|
|
EUR
|
Euro
|
|
MXN
|
Mexican Peso
|
|
MYR
|
Malaysian Ringgit
|
|
TRY
|
Turkish Lira
|
|
UYU
|
Uruguayan Peso
|
|
ZAR
|
South African Rand
|
|
At March 31, 2026, the Fund had the following open centrally cleared interest rate
swap agreements:
|
||||||
|
Notional
Value
|
Currency
|
Expiration Date
|
Fund Pays1
|
Fund Receives1
|
Market Value
|
Unrealized
Appreciation
(Depreciation)2
|
|
176,955,000
|
ZAR
|
5/07/2030
|
7.58
%
|
3 mo. SAFEX - JIBAR
|
$(18,176
)
|
$(18,967
)
|
|
At March 31, 2026, the Fund had the following open centrally cleared credit default
swap agreements:
|
|
Buy Protection
|
|
Reference Obligation
|
(Pay)/
Receive
Fixed Rate
|
Expiration
Date
|
Notional
Value(‡)
|
Unamortized
Up Front Premium
Paid/(Received)
|
Market
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
CDX.NA.HY* .S46
|
(5.00%)
|
6/20/2031
|
33,300,000
|
$(1,310,248
)
|
$(1,655,132
)
|
$(344,884
)
|
|
(‡)
|
Notional value stated in U.S. dollars unless otherwise noted.
|
|
1
|
Payments are made quarterly.
|
|
2
|
Differences between unrealized appreciation (depreciation) and market value, if any,
are due to interest booked as part of the initial trades.
|
|
*
|
CDX.NA.HY is an index composed of North American high yield credit default swaps.
|
|
At March 31, 2026, the Fund had the following open forward foreign currency contracts:
|
|||||||
|
Counterparty
|
Delivery
Date
|
Currency
Bought/
Sold (B/S)
|
Units
of
Currency
|
In Exchange
for
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Bank of America N.A.
|
6/05/2026
|
EUR
|
S
|
2,255,000
|
$2,626,669
|
$2,614,162
|
$12,507
|
|
BNP Paribas SA
|
5/19/2026
|
ZAR
|
B
|
62,356,000
|
3,743,551
|
3,672,170
|
(71,381
)
|
|
BNP Paribas SA
|
5/19/2026
|
ZAR
|
S
|
246,108,000
|
15,216,273
|
14,493,399
|
722,874
|
|
Total
|
|
|
|
|
|
|
$664,000
|
|
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
|
3,382
|
$371,222,203
|
$365,863,705
|
$(5,358,498
)
|
|
At March 31, 2026, the Fund had the following open short futures contracts:
|
|||||
|
Financial Futures
|
Expiration
Date
|
Contracts
|
Notional
Amount
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
CBOT 2 Year U.S. Treasury Notes Futures
|
6/30/2026
|
1,038
|
$216,887,486
|
$215,328,234
|
$1,559,252
|
|
CBOT U.S. Long Bond Futures
|
6/18/2026
|
99
|
11,644,560
|
11,273,625
|
370,935
|
|
CBOT Ultra Long-Term U.S. Treasury Bond Futures
|
6/18/2026
|
181
|
21,829,182
|
21,097,812
|
731,370
|
|
Ultra 10 Year U.S. Treasury Notes Futures
|
6/18/2026
|
953
|
110,605,551
|
108,180,391
|
2,425,160
|
|
Total
|
|
|
|
|
$5,086,717
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Bonds and Notes
|
|
|
|
|
|
Non-Convertible Bonds
|
|
|
|
|
|
ABS Home Equity
|
$ —
|
$26,104,305
|
$2,173,747
|
$28,278,052
|
|
Non-Agency Commercial Mortgage-Backed Securities
|
—
|
37,065,447
|
81,512
|
37,146,959
|
|
All Other Non-Convertible Bonds(a)
|
—
|
748,926,831
|
—
|
748,926,831
|
|
Total Non-Convertible Bonds
|
—
|
812,096,583
|
2,255,259
|
814,351,842
|
|
Convertible Bonds(a)
|
—
|
3,168,042
|
—
|
3,168,042
|
|
Total Bonds and Notes
|
—
|
815,264,625
|
2,255,259
|
817,519,884
|
|
Collateralized Loan Obligations
|
—
|
69,082,771
|
—
|
69,082,771
|
|
Senior Loans(a)
|
—
|
55,972,687
|
—
|
55,972,687
|
|
Equity-Linked Notes
|
—
|
31,500,784
|
—
|
31,500,784
|
|
Private Credit
|
|
|
|
|
|
ABS Other
|
—
|
—
|
1,254,540
|
1,254,540
|
|
Banking
|
—
|
—
|
5,112,766
|
5,112,766
|
|
Building Materials
|
—
|
—
|
2,357,118
|
2,357,118
|
|
Total Private Credit
|
—
|
—
|
8,724,424
|
8,724,424
|
|
Common Stocks
|
|
|
|
|
|
Real Estate Management & Development
|
14,274
|
28,479
|
—
|
42,753
|
|
All Other Common Stocks(a)
|
6,523,784
|
—
|
—
|
6,523,784
|
|
Total Common Stocks
|
6,538,058
|
28,479
|
—
|
6,566,537
|
|
Preferred Stocks(a)
|
713,409
|
—
|
—
|
713,409
|
|
Other Investments
|
|
|
|
|
|
Aircraft ABS
|
—
|
—
|
—
|
—
|
|
Professional Services
|
—
|
—
|
25,878
|
25,878
|
|
Total Other Investments
|
—
|
—
|
25,878
|
25,878
|
|
Short-Term Investments
|
—
|
139,184,047
|
—
|
139,184,047
|
|
Purchased Options(a)
|
9,610
|
—
|
—
|
9,610
|
|
Total Investments
|
7,261,077
|
1,111,033,393
|
11,005,561
|
1,129,300,031
|
|
Forward Foreign Currency Contracts (unrealized appreciation)
|
—
|
735,381
|
—
|
735,381
|
|
Futures Contracts (unrealized appreciation)
|
5,086,717
|
—
|
—
|
5,086,717
|
|
Total
|
$12,347,794
|
$1,111,768,774
|
$11,005,561
|
$1,135,122,129
|
|
Liability Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Written Options(a)
|
$(643,829
)
|
$ —
|
$ —
|
$(643,829
)
|
|
Centrally Cleared Interest Rate Swap Agreements (unrealized depreciation)
|
—
|
(18,967
)
|
—
|
(18,967
)
|
|
Centrally Cleared Credit Default Swap Agreements (unrealized depreciation)
|
—
|
(344,884
)
|
—
|
(344,884
)
|
|
Forward Foreign Currency Contracts (unrealized depreciation)
|
—
|
(71,381
)
|
—
|
(71,381
)
|
|
Futures Contracts (unrealized depreciation)
|
(5,358,498
)
|
—
|
—
|
(5,358,498
)
|
|
Total
|
$(6,002,327
)
|
$(435,232
)
|
$ —
|
$(6,437,559
)
|
|
(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
|
|
Bonds and Notes
|
|
|
|
|
|
|
|
|
|
|
|
Non-Convertible Bonds
|
|
|
|
|
|
|
|
|
|
|
|
ABS Home Equity
|
$2,245,145
|
$ —
|
$563
|
$(6,894
)
|
$ —
|
$(65,067
)
|
$ —
|
$ —
|
$2,173,747
|
$(9,134
)
|
|
Non-Agency Commercial
Mortgage-Backed
Securities
|
81,512
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
81,512
|
—
|
|
Private Credit
|
|
|
|
|
|
|
|
|
|
|
|
ABS Other
|
—
|
—
|
—
|
(45,460
)
|
1,300,000
|
—
|
—
|
—
|
1,254,540
|
(45,460
)
|
|
Banking
|
—
|
—
|
—
|
(87,234
)
|
5,200,000
|
—
|
—
|
—
|
5,112,766
|
(87,234
)
|
|
Building Materials
|
—
|
—
|
—
|
277,118
|
2,080,000
|
—
|
—
|
—
|
2,357,118
|
277,118
|
|
Other Investments
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft ABS
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Professional Services
|
25,551
|
—
|
—
|
327
|
—
|
—
|
—
|
—
|
25,878
|
327
|
|
Total
|
$2,352,208
|
$ —
|
$563
|
$137,857
|
$8,580,000
|
$(65,067
)
|
$ —
|
$ —
|
$11,005,561
|
$135,617
|