|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
Bonds and Notes — 85.3% of Net Assets
|
||
|
|
||
|
|
||
|
Non-Convertible Bonds — 84.3%
|
||
|
|
ABS Car Loan — 2.3%
|
|
|
$2,030,000
|
American Credit Acceptance Receivables Trust,
Series 2024-4, Class D, 5.340%, 8/12/2031(a)
|
$2,041,226
|
|
2,045,000
|
American Credit Acceptance Receivables Trust,
Series 2025-1, Class D, 5.540%, 8/12/2031(a)
|
2,062,868
|
|
3,470,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2021-2A, Class C, 2.350%, 2/20/2028(a)
|
3,410,864
|
|
1,155,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-3A, Class D, 7.320%, 2/20/2028(a)
|
1,164,009
|
|
1,320,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-8A, Class C, 7.340%, 2/20/2030(a)
|
1,376,876
|
|
765,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2024-1A, Class C, 6.480%, 6/20/2030(a)
|
784,483
|
|
7,005,000
|
Bridgecrest Lending Auto Securitization Trust,
Series 2024-2, Class D, 6.300%, 2/15/2030
|
7,171,019
|
|
1,255,000
|
CarMax Auto Owner Trust, Series 2022-1,
Class D, 2.470%, 7/17/2028
|
1,253,755
|
|
175,000
|
CarMax Auto Owner Trust, Series 2024-1,
Class D, 6.000%, 7/15/2030
|
177,269
|
|
900,000
|
Carvana Auto Receivables Trust,
Series 2024-N1, Class D, 6.300%, 5/10/2030(a)
|
917,544
|
|
2,420,000
|
Carvana Auto Receivables Trust,
Series 2024-N3, Class D, 5.380%, 12/10/2030(a)
|
2,419,421
|
|
3,391,000
|
Carvana Auto Receivables Trust,
Series 2024-N3, Class E, 7.660%, 4/12/2032(a)
|
3,381,729
|
|
2,245,000
|
Credit Acceptance Auto Loan Trust,
Series 2024-2A, Class C, 6.700%, 10/16/2034(a)
|
2,316,351
|
|
1,930,000
|
Credit Acceptance Auto Loan Trust,
Series 2024-3A, Class C, 5.390%, 1/16/2035(a)
|
1,942,262
|
|
2,000,000
|
Credit Acceptance Auto Loan Trust,
Series 2025-2A, Class C, 5.380%, 3/17/2036(a)
|
2,011,579
|
|
3,820,000
|
Exeter Automobile Receivables Trust,
Series 2023-2A, Class D, 6.320%, 8/15/2029
|
3,881,397
|
|
2,875,000
|
Exeter Automobile Receivables Trust,
Series 2024-5A, Class D, 5.060%, 2/18/2031
|
2,863,230
|
|
4,217,921
|
FHF Issuer Trust, Series 2025-1A, Class A2,
4.920%, 2/15/2031(a)
|
4,216,078
|
|
7,765,000
|
FHF Issuer Trust, Series 2025-2A, Class A2,
5.750%, 5/15/2030(a)
|
7,763,874
|
|
2,820,000
|
First Investors Auto Owner Trust,
Series 2022-2A, Class D, 8.710%, 10/16/2028(a)
|
2,882,183
|
|
2,700,000
|
First Investors Auto Owner Trust,
Series 2025-1A, Class D, 5.220%, 12/15/2033(a)
|
2,706,380
|
|
150,000
|
Flagship Credit Auto Trust, Series 2023-3,
Class C, 6.010%, 7/16/2029(a)
|
151,304
|
|
2,155,000
|
Ford Credit Auto Lease Trust, Series 2023-B,
Class D, 6.970%, 6/15/2028
|
2,156,521
|
|
2,915,000
|
GLS Auto Receivables Issuer Trust,
Series 2023-2A, Class D, 6.310%, 3/15/2029(a)
|
2,963,348
|
|
2,225,000
|
GLS Auto Receivables Issuer Trust,
Series 2024-2A, Class D, 6.190%, 2/15/2030(a)
|
2,272,999
|
|
215,000
|
GLS Auto Select Receivables Trust,
Series 2024-1A, Class D, 6.430%, 1/15/2031(a)
|
221,257
|
|
775,000
|
GLS Auto Select Receivables Trust,
Series 2024-2A, Class C, 5.930%, 6/17/2030(a)
|
793,873
|
|
375,000
|
GLS Auto Select Receivables Trust,
Series 2024-4A, Class D, 5.280%, 10/15/2031(a)
|
375,194
|
|
525,000
|
LAD Auto Receivables Trust, Series 2024-1A,
Class B, 5.330%, 2/15/2029(a)
|
529,894
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Car Loan — continued
|
|
|
$160,000
|
LAD Auto Receivables Trust, Series 2024-1A,
Class D, 6.150%, 6/16/2031(a)
|
$163,889
|
|
450,000
|
LAD Auto Receivables Trust, Series 2024-3A,
Class C, 4.930%, 3/15/2030(a)
|
452,929
|
|
375,000
|
LAD Auto Receivables Trust, Series 2024-3A,
Class D, 5.180%, 2/17/2032(a)
|
376,050
|
|
454,698
|
Lendbuzz Securitization Trust, Series 2026-1A,
Class B, 5.160%, 12/16/2030(a)
|
452,484
|
|
572,919
|
Lendbuzz Securitization Trust, Series 2026-1A,
Class C, 5.740%, 9/15/2031(a)
|
574,483
|
|
8,375,000
|
Prestige Auto Receivables Trust, Series 2022-1A,
Class D, 8.080%, 8/15/2028(a)
|
8,438,227
|
|
3,110,000
|
Red Oak Funding Master Trust, Series 2025-1A,
Class A, 30 day USD SOFR Average + 2.000%,
5.673%, 12/20/2030(a)(b)
|
3,113,598
|
|
7,605,000
|
Santander Drive Auto Receivables Trust,
Series 2024-3, Class D, 5.970%, 10/15/2031
|
7,785,725
|
|
505,000
|
SBNA Auto Receivables Trust, Series 2024-A,
Class C, 5.590%, 1/15/2030(a)
|
511,835
|
|
310,000
|
SBNA Auto Receivables Trust, Series 2024-A,
Class D, 6.040%, 4/15/2030(a)
|
315,280
|
|
795,000
|
Veros Auto Receivables Trust, Series 2026-1,
Class D, 5.660%, 7/15/2031(a)
|
793,232
|
|
430,000
|
VStrong Auto Receivables Trust, Series 2024-A,
Class D, 7.290%, 7/15/2030(a)
|
442,294
|
|
6,320,000
|
Westlake Automobile Receivables Trust,
Series 2023-4A, Class D, 7.190%, 7/16/2029(a)
|
6,491,554
|
|
1,615,000
|
Westlake Automobile Receivables Trust,
Series 2024-2A, Class D, 5.910%, 4/15/2030(a)
|
1,647,232
|
|
|
|
97,767,599
|
|
|
ABS Credit Card — 0.8%
|
|
|
9,695,000
|
Fortiva Retail Credit Master Note Business
Trust, Series 2024-ONE, Class B,
9.700%, 11/15/2029(a)
|
9,759,602
|
|
6,900,000
|
Mercury Financial Credit Card Master Trust,
Series 2024-2A, Class A, 6.560%, 7/20/2029(a)
|
6,905,002
|
|
2,605,000
|
Mercury Financial Credit Card Master Trust,
Series 2025-1A, Class B, 6.160%, 12/22/2031(a)
|
2,562,356
|
|
4,875,000
|
Mercury Financial Credit Card Master Trust,
Series 2025-1A, Class C, 8.290%, 12/22/2031(a)
|
4,798,097
|
|
3,940,000
|
Mission Lane Credit Card Master Trust,
Series 2024-A, Class B, 6.590%, 8/15/2029(a)
|
3,951,138
|
|
4,730,000
|
Mission Lane Credit Card Master Trust,
Series 2024-B, Class A, 5.880%, 1/15/2030(a)
|
4,737,678
|
|
3,905,000
|
Mission Lane Credit Card Master Trust,
Series 2025-A, Class A, 5.800%, 5/15/2030(a)
|
3,926,778
|
|
|
|
36,640,651
|
|
|
ABS Home Equity — 2.4%
|
|
|
2,517,865
|
ATLX Trust, Series 2024-RPL2, Class A1,
3.850%, 4/25/2063(a)(b)
|
2,443,931
|
|
7,705,000
|
CAFL Issuer LLC, Series 2026-R1, Class A1,
6.773%, 3/25/2036(a)(b)
|
7,696,232
|
|
3,660,000
|
Cardinal Mortgage Trust, Series 2025-RTL1,
Class A1, 5.593%, 11/25/2030(a)(b)
|
3,665,645
|
|
2,280,000
|
CoreVest American Finance Ltd., Series 2021-3,
Class D, 3.469%, 10/15/2054(a)
|
2,049,205
|
|
2,715,000
|
CoreVest American Finance Trust, Series 2021-1,
Class C, 2.800%, 4/15/2053(a)
|
2,418,145
|
|
3,716,673
|
Credit Suisse Mortgage Trust, Series 2021-RPL6,
Class M2, 3.125%, 10/25/2060(a)
|
2,876,989
|
|
7,995,000
|
FirstKey Homes Trust, Series 2021-SFR1,
Class E1, 2.389%, 8/17/2038(a)
|
7,904,653
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Home Equity — continued
|
|
|
$5,272,000
|
FirstKey Homes Trust, Series 2021-SFR2,
Class E1, 2.258%, 9/17/2038(a)
|
$5,201,347
|
|
3,120,000
|
FirstKey Homes Trust, Series 2021-SFR2,
Class E2, 2.358%, 9/17/2038(a)
|
3,078,079
|
|
1,191,517
|
Home Partners of America Trust, Series 2021-1,
Class E, 2.577%, 9/17/2041(a)
|
1,077,989
|
|
984
|
Home Partners of America Trust, Series 2021-2,
Class E2, 2.952%, 12/17/2026(a)
|
967
|
|
5,342,650
|
Legacy Mortgage Asset Trust, Series 2021-GS2,
Class A1, 5.750%, 4/25/2061(a)(b)
|
5,351,984
|
|
1,762,910
|
Legacy Mortgage Asset Trust, Series 2021-GS4,
Class A1, 5.650%, 11/25/2060(a)(b)
|
1,764,005
|
|
1,720,000
|
Mill City Mortgage Loan Trust, Series 2019-GS1,
Class M2, 3.250%, 7/25/2059(a)(b)
|
1,567,602
|
|
6,090,000
|
NYMT Loan Trust, Series 2024-BPL2, Class A1,
6.509%, 5/25/2039(a)(b)
|
6,115,098
|
|
2,490,465
|
NYMT Loan Trust, Series 2024-BPL3, Class A1,
5.268%, 9/25/2039(a)(b)
|
2,489,973
|
|
2,619,284
|
NYMT Loan Trust, Series 2024-CP1, Class A1,
3.750%, 2/25/2068(a)(b)
|
2,422,966
|
|
3,535,000
|
Progress Residential Trust, Series 2021-SFR5,
Class E1, 2.209%, 7/17/2038(a)
|
3,506,846
|
|
925,000
|
Progress Residential Trust, Series 2021-SFR5,
Class E2, 2.359%, 7/17/2038(a)
|
917,710
|
|
5,280,000
|
Progress Residential Trust, Series 2021-SFR7,
Class E1, 2.591%, 8/17/2040(a)
|
4,930,244
|
|
1,445,000
|
Progress Residential Trust, Series 2021-SFR7,
Class E2, 2.640%, 8/17/2040(a)
|
1,352,951
|
|
1,705,000
|
Progress Residential Trust, Series 2021-SFR9,
Class E1, 2.811%, 11/17/2040(a)
|
1,610,992
|
|
1,175,000
|
Progress Residential Trust, Series 2021-SFR9,
Class E2, 3.010%, 11/17/2040(a)
|
1,113,104
|
|
1,952,582
|
PRPM LLC, Series 2024-7, Class A1,
5.870%, 11/25/2029(a)(b)
|
1,953,293
|
|
919,840
|
PRPM LLC, Series 2025-2, Class A1,
6.469%, 5/25/2030(a)(b)
|
917,668
|
|
5,470,629
|
PRPM LLC, Series 2025-8, Class A1,
5.385%, 10/25/2030(a)(b)
|
5,445,929
|
|
3,225,798
|
PRPM LLC, Series 2026-1, Class A1,
5.185%, 2/25/2031(a)(b)
|
3,191,740
|
|
3,411,633
|
PRPM LLC, Series 2026-2, Class A1,
5.089%, 2/25/2031(a)(b)
|
3,400,790
|
|
1,004,369
|
Toorak Mortgage Trust, Series 2024-RRTL1,
Class A1, 6.597%, 2/25/2039(a)(b)
|
1,005,029
|
|
200,115
|
Towd Point Mortgage Trust, Series 2017-3,
Class A2, 3.000%, 7/25/2057(a)(b)
|
198,062
|
|
1,195,000
|
Towd Point Mortgage Trust, Series 2019-4,
Class M1, 3.500%, 10/25/2059(a)(b)
|
1,053,210
|
|
2,015,000
|
Tricon Residential Trust, Series 2021-SFR1,
Class E1, 2.794%, 7/17/2038(a)
|
1,999,028
|
|
5,360,000
|
Tricon Residential Trust, Series 2021-SFR1,
Class E2, 2.894%, 7/17/2038(a)
|
5,315,763
|
|
7,725,000
|
TVC Mortgage Trust, Series 2024-RRTL1,
Class A1, 5.545%, 7/25/2039(a)(b)
|
7,740,924
|
|
425,000
|
TVC Mortgage Trust, Series 2026-RRTL1,
Class A1, 4.964%, 2/25/2041(a)(b)
|
422,878
|
|
570,000
|
TVC Mortgage Trust, Series 2026-RRTL1,
Class A2, 5.315%, 2/25/2041(a)(b)
|
565,927
|
|
|
|
104,766,898
|
|
|
ABS Other — 5.2%
|
|
|
9,161,449
|
AASET Ltd., Series 2024-2A, Class A,
5.930%, 9/16/2049(a)
|
9,228,933
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$4,480,298
|
ALTDE Trust, Series 2025-1A, Class A,
5.900%, 8/15/2050(a)
|
$4,507,007
|
|
15,290,000
|
Applebee's Funding LLC/IHOP Funding LLC,
Series 2025-1A, Class A2, 6.720%, 6/07/2055(a)
|
15,293,399
|
|
785,342
|
Aqua Finance Trust, Series 2019-A, Class C,
4.010%, 7/16/2040(a)
|
768,649
|
|
1,362,860
|
BHG Securitization Trust, Series 2022-A, Class B,
2.700%, 2/20/2035(a)
|
1,361,115
|
|
1,131,281
|
BHG Securitization Trust, Series 2024-1CON,
Class B, 6.490%, 4/17/2035(a)
|
1,158,598
|
|
469,055
|
BHG Securitization Trust, Series 2024-1CON,
Class C, 6.860%, 4/17/2035(a)
|
476,898
|
|
2,554,057
|
Castlelake Aircraft Securitization Trust,
Series 2018-1, Class B, 5.300%, 6/15/2043(a)
|
2,503,035
|
|
708,748
|
Castlelake Aircraft Structured Trust,
Series 2019-1A, Class A, 3.967%, 4/15/2039(a)
|
701,686
|
|
3,866,837
|
CLI Funding VIII LLC, Series 2025-R, Class A,
6.610%, 6/21/2050(a)
|
3,831,609
|
|
9,454,890
|
CLIF Holdings LLC, Series 2025-1H, Class A,
6.720%, 12/20/2050(a)
|
9,382,683
|
|
2,535,057
|
Clsec Holdings 22t LLC, Series 2021-1, Class C,
6.171%, 5/11/2037(a)
|
2,483,057
|
|
4,325,000
|
Compass Datacenters Issuer III LLC,
Series 2025-1A, Class A2, 5.656%, 2/25/2050(a)
|
4,346,309
|
|
860,000
|
Compass Datacenters Issuer III LLC,
Series 2025-1A, Class A3, 5.852%, 2/25/2050(a)
|
861,959
|
|
2,265,000
|
CyrusOne Data Centers Issuer I LLC,
Series 2024-3A, Class A2, 4.650%, 5/20/2049(a)
|
2,151,208
|
|
5,145,000
|
DataBank Issuer II LLC, Series 2025-1A,
Class A2, 5.180%, 9/27/2055(a)
|
4,990,714
|
|
229,137
|
Elara HGV Timeshare Issuer LLC, Series 2021-A,
Class C, 2.090%, 8/27/2035(a)
|
219,229
|
|
2,708,439
|
EverBright Solar Trust, Series 2024-A, Class A,
6.430%, 6/22/2054(a)
|
2,285,919
|
|
969,655
|
Foundation Finance Trust, Series 2023-2A,
Class B, 6.970%, 6/15/2049(a)
|
1,006,199
|
|
467,281
|
Foundation Finance Trust, Series 2024-2A,
Class D, 6.590%, 3/15/2050(a)
|
475,865
|
|
4,120,149
|
Foundation Finance Trust, Series 2025-1A,
Class B, 5.260%, 4/15/2050(a)
|
4,131,262
|
|
2,927,475
|
Foundation Finance Trust, Series 2025-1A,
Class D, 6.090%, 4/15/2050(a)
|
2,915,896
|
|
7,278,804
|
Global SC Finance X Ltd., Series 2025-1H,
Class A, 6.169%, 9/20/2045(a)
|
7,241,806
|
|
1,250,173
|
GoodLeap Home Improvement Solutions Trust,
Series 2024-1A, Class A, 5.350%, 10/20/2046(a)
|
1,260,020
|
|
176,905
|
Hilton Grand Vacations Trust, Series 2024-1B,
Class C, 6.620%, 9/15/2039(a)
|
180,294
|
|
156,369
|
Hilton Grand Vacations Trust, Series 2024-1B,
Class D, 8.850%, 9/15/2039(a)
|
160,708
|
|
388,296
|
HINNT LLC, Series 2024-A, Class A,
5.490%, 3/15/2043(a)
|
391,458
|
|
665,000
|
Island Finance Trust, Series 2025-1A, Class A,
6.540%, 3/19/2035(a)
|
669,451
|
|
1,616,482
|
Jack in the Box Funding LLC, Series 2019-1A,
Class A2II, 4.476%, 8/25/2049(a)
|
1,606,206
|
|
5,002,256
|
JOL Air Ltd., Series 2019-1, Class A,
3.967%, 4/15/2044(a)
|
4,995,252
|
|
3,665,000
|
Kapitus Asset Securitization IV LLC,
Series 2024-1A, Class A, 5.490%, 9/10/2031(a)
|
3,670,883
|
|
755,000
|
Kinetic ABS Issuer LLC, Series 2026-1A,
Class A2, 5.219%, 2/25/2056(a)
|
752,849
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$697,877
|
Labrador Aviation Finance Ltd., Series 2016-1A,
Class A1, 4.300%, 1/15/2042(a)
|
$715,807
|
|
4,995,000
|
Lightpath Fiber Issuer LLC, Series 2026-1A,
Class A2, 5.597%, 3/25/2056(a)
|
4,981,154
|
|
4,219,092
|
MAPS Trust, Series 2021-1A, Class A,
2.521%, 6/15/2046(a)
|
4,056,181
|
|
815,000
|
Mariner Finance Issuance Trust,
Series 2024-AA, Class D, 6.770%, 9/22/2036(a)
|
828,345
|
|
420,141
|
Marlette Funding Trust, Series 2024-1A, Class B,
6.070%, 7/17/2034(a)
|
421,191
|
|
3,750,000
|
Marlette Funding Trust, Series 2024-1A, Class D,
6.930%, 7/17/2034(a)
|
3,814,627
|
|
457,969
|
Mosaic Solar Loan Trust, Series 2022-3A,
Class A, 6.100%, 6/20/2053(a)
|
447,296
|
|
3,437,311
|
MVW LLC, Series 2021-2A, Class C,
2.230%, 5/20/2039(a)
|
3,270,333
|
|
1,345,000
|
NFAS3 LLC, Series 2025-1, Class A,
6.351%, 5/15/2031(a)
|
1,350,735
|
|
2,280,000
|
Octane Receivables Trust, Series 2025-1A,
Class D, 5.400%, 12/22/2031(a)
|
2,270,505
|
|
5,485,000
|
OneMain Financial Issuance Trust,
Series 2021-1A, Class D, 2.470%, 6/16/2036(a)
|
5,160,064
|
|
2,872,111
|
OWN Equipment Fund II LLC, Series 2025-1M,
Class A, 5.480%, 9/26/2033(a)
|
2,867,919
|
|
6,499,099
|
OWN Equipment Fund III LLC, Series 2025-2M,
Class A, 5.420%, 3/27/2034(a)
|
6,473,931
|
|
1,330,962
|
PK ALIFT Loan Funding 3 LP, Series 2024-1,
Class A1, 5.842%, 9/15/2039(a)
|
1,353,476
|
|
2,985,000
|
Planet Fitness Master Issuer LLC,
Series 2025-1A, Class A2I, 5.274%, 12/06/2055(a)
|
2,983,928
|
|
2,790,000
|
QTS Issuer ABS II LLC, Series 2025-1A, Class B,
5.778%, 10/05/2055(a)
|
2,698,622
|
|
675,000
|
QTS Issuer ABS II LLC, Series 2026-1A, Class B,
6.729%, 1/05/2056(a)
|
668,053
|
|
1,790,000
|
Regional Management Issuance Trust,
Series 2025-2, Class D, 6.010%, 11/16/2037(a)
|
1,761,550
|
|
3,270,000
|
Republic Finance Issuance Trust, Series 2024-A,
Class A, 5.910%, 8/20/2032(a)
|
3,282,229
|
|
1,115,000
|
Republic Finance Issuance Trust, Series 2024-B,
Class A, 5.420%, 11/20/2037(a)
|
1,126,001
|
|
3,290,000
|
Republic Finance Issuance Trust, Series 2024-B,
Class C, 6.600%, 11/20/2037(a)
|
3,344,012
|
|
705,000
|
SCF Equipment Leasing LLC, Series 2024-1A,
Class C, 5.820%, 9/20/2032(a)
|
721,738
|
|
700,000
|
SCF Equipment Leasing LLC, Series 2024-1A,
Class D, 6.580%, 6/21/2033(a)
|
726,661
|
|
1,755,000
|
SCF Equipment Leasing LLC, Series 2025-2A,
Class E, 6.210%, 6/20/2036(a)
|
1,762,088
|
|
5,335,000
|
SEB Funding LLC, Series 2024-1A, Class A2,
7.386%, 4/30/2054(a)
|
5,429,798
|
|
10,950,000
|
SF ABS Issuer LLC, Series 2025-1A, Class A2,
5.377%, 11/25/2055(a)
|
10,715,385
|
|
5,665,000
|
Shentel Issuer LLC, Series 2025-1A, Class A2,
5.640%, 12/20/2055(a)
|
5,707,859
|
|
727,321
|
Shenton Aircraft Investment I Ltd.,
Series 2015-1A, Class A, 4.750%, 10/15/2042(a)
|
727,321
|
|
690,542
|
Sierra Timeshare Receivables Funding LLC,
Series 2025-3A, Class C, 4.980%, 8/22/2044(a)
|
683,847
|
|
534,121
|
Sierra Timeshare Receivables Funding LLC,
Series 2025-3A, Class D, 6.540%, 8/22/2044(a)
|
531,748
|
|
6,125,000
|
Sprite Ltd., Series 2026-1, Class C,
9.413%, 3/15/2041(a)
|
6,060,765
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$370,303
|
Stream Innovations Issuer Trust, Series 2024-1A,
Class A, 6.270%, 7/15/2044(a)
|
$381,181
|
|
2,051,043
|
Stream Innovations Issuer Trust, Series 2024-2A,
Class A, 5.210%, 2/15/2045(a)
|
2,064,163
|
|
686,156
|
Sunnova Helios II Issuer LLC, Series 2019-AA,
Class A, 3.750%, 6/20/2046(a)
|
628,666
|
|
1,860,844
|
Sunnova Helios V Issuer LLC, Series 2021-A,
Class B, 3.150%, 2/20/2048(a)
|
950,181
|
|
5,357,172
|
Sunnova Helios XIII Issuer LLC, Series 2024-A,
Class A, 5.300%, 2/20/2051(a)
|
4,594,515
|
|
1,897,553
|
Sunrun Atlas Issuer LLC, Series 2019-2, Class A,
3.610%, 2/01/2055(a)
|
1,830,573
|
|
648,889
|
Sunrun Demeter Issuer LLC, Series 2021-2A,
Class A, 2.270%, 1/30/2057(a)
|
588,962
|
|
1,648,985
|
Thrust Engine Leasing DAC, Series 2021-1A,
Class A, 4.163%, 7/15/2040(a)
|
1,630,897
|
|
6,630,866
|
TMCL VII Holdings Ltd., Series 2025-1H, Class A,
6.430%, 7/23/2050(a)
|
6,621,693
|
|
10,240,000
|
Trafigura Securitisation Finance PLC,
Series 2024-1A, Class A1, 1 day USD SOFR +
1.400%, 5.041%, 11/15/2027(a)(b)
|
10,235,730
|
|
1,675,000
|
Trafigura Securitisation Finance PLC,
Series 2024-1A, Class B, 7.290%, 11/15/2027(a)
|
1,675,114
|
|
2,678,160
|
Vivint Solar Financing V LLC, Series 2018-1A,
Class A, 4.730%, 4/30/2048(a)
|
2,602,833
|
|
2,455,584
|
Volofin Finance DAC, Series 2024-1A, Class A,
5.935%, 6/15/2037(a)
|
2,473,438
|
|
3,295,166
|
Willis Engine Structured Trust VI, Series 2021-A,
Class A, 3.104%, 5/15/2046(a)
|
3,103,520
|
|
547,360
|
Willis Engine Structured Trust VII, Series 2023-A,
Class A, 8.000%, 10/15/2048(a)
|
558,073
|
|
|
|
222,892,864
|
|
|
ABS Residential Mortgage — 1.7%
|
|
|
4,386,956
|
GITSIT Mortgage Loan Trust, Series 2025-NPL1,
Class A1, 6.276%, 2/25/2055(a)(b)
|
4,389,733
|
|
6,369,301
|
GITSIT Mortgage Loan Trust, Series 2025-NPL2,
Class A1, 5.425%, 12/25/2055(a)(b)
|
6,335,003
|
|
3,919,724
|
MFA Trust, Series 2024-NPL1, Class A1,
6.330%, 9/25/2054(a)(b)
|
3,924,557
|
|
3,146,792
|
Pretium Mortgage Credit Partners LLC,
Series 2025-NPL3, Class A1,
6.708%, 4/25/2055(a)(b)
|
3,149,775
|
|
2,791,491
|
Pretium Mortgage Credit Partners LLC,
Series 2025-NPL6, Class A1,
5.744%, 6/25/2055(a)(b)
|
2,795,786
|
|
7,308,433
|
Pretium Mortgage Credit Partners LLC,
Series 2025-NPL8, Class A1,
5.732%, 8/25/2055(a)(b)
|
7,323,859
|
|
828,362
|
Pretium Mortgage Credit Partners LLC,
Series 2026-NPL1, Class A1,
5.180%, 1/25/2056(a)(b)
|
821,652
|
|
4,187,149
|
Pretium Mortgage Credit Partners LLC,
Series 2026-NPL2, Class A1,
5.151%, 2/25/2056(a)(b)
|
4,154,195
|
|
4,350,000
|
Pretium Mortgage Credit Partners LLC,
Series 2026-NPL4, Class A1,
5.510%, 4/25/2056(a)(b)
|
4,350,218
|
|
8,111,137
|
RCO IX Mortgage LLC, Series 2025-2, Class A1,
6.513%, 4/25/2030(a)(b)
|
8,122,028
|
|
7,973,206
|
RCO IX Mortgage LLC, Series 2025-4, Class A1,
5.310%, 10/25/2030(a)(b)
|
7,966,972
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Residential Mortgage — continued
|
|
|
$3,692,890
|
RCO VIII Mortgage LLC, Series 2025-3, Class A1,
6.435%, 5/25/2030(a)(b)
|
$3,696,686
|
|
6,625,000
|
RCO X Mortgage LLC, Series 2026-1, Class A1,
5.536%, 3/25/2031(a)(b)
|
6,625,404
|
|
5,557,556
|
VCAT LLC, Series 2025-NPL3, Class A1,
5.889%, 2/25/2055(a)(b)
|
5,564,449
|
|
2,829,552
|
VCAT LLC, Series 2026-NPL1, Class A1,
5.101%, 1/25/2056(a)(b)
|
2,813,724
|
|
|
|
72,034,041
|
|
|
ABS Student Loan — 0.7%
|
|
|
1,504,130
|
Ascent Education Funding Trust, Series 2024-A,
Class A, 6.140%, 10/25/2050(a)
|
1,534,626
|
|
905,000
|
College Ave Student Loans LLC, Series 2024-B,
Class B, 6.080%, 8/25/2054(a)
|
920,695
|
|
1,374,284
|
College Avenue Student Loans LLC,
Series 2021-C, Class D, 4.110%, 7/26/2055(a)
|
1,292,110
|
|
438,511
|
ELFI Graduate Loan Program LLC, Series 2021-A,
Class B, 2.090%, 12/26/2046(a)(b)
|
359,810
|
|
2,565,000
|
Navient Private Education Refi Loan Trust,
Series 2021-EA, Class B, 2.030%, 12/16/2069(a)
|
1,857,804
|
|
5,895,000
|
Navient Private Education Refi Loan Trust,
Series 2021-FA, Class B, 2.120%, 2/18/2070(a)
|
4,203,294
|
|
3,250,000
|
Nelnet Student Loan Trust, Series 2021-A,
Class B2, 2.850%, 4/20/2062(a)
|
2,940,724
|
|
2,345,000
|
Nelnet Student Loan Trust, Series 2021-BA,
Class B, 2.680%, 4/20/2062(a)
|
2,111,935
|
|
2,120,000
|
Nelnet Student Loan Trust, Series 2021-DA,
Class C, 3.500%, 4/20/2062(a)
|
1,857,445
|
|
863,000
|
Nelnet Student Loan Trust, Series 2021-DA,
Class D, 4.380%, 4/20/2062(a)
|
756,520
|
|
5,735,000
|
SMB Private Education Loan Trust,
Series 2021-B, Class B, 2.650%, 7/17/2051(a)
|
5,164,380
|
|
7,070,000
|
SMB Private Education Loan Trust,
Series 2021-E, Class B, 2.490%, 2/15/2051(a)
|
6,260,240
|
|
|
|
29,259,583
|
|
|
ABS Whole Business — 0.4%
|
|
|
9,470,000
|
Applebee's Funding LLC/IHOP Funding LLC,
Series 2023-1A, Class A2, 7.824%, 3/05/2053(a)
|
9,546,388
|
|
399,438
|
EWC Master Issuer LLC, Series 2022-1A,
Class A2, 5.500%, 3/15/2052(a)
|
396,355
|
|
2,130,950
|
FOCUS Brands Funding, Series 2023-2, Class A2,
8.241%, 10/30/2053(a)
|
2,230,711
|
|
3,393,750
|
Planet Fitness Master Issuer LLC,
Series 2019-1A, Class A2, 3.858%, 12/05/2049(a)
|
3,231,856
|
|
768,000
|
Planet Fitness Master Issuer LLC,
Series 2022-1A, Class A2II, 4.008%, 12/05/2051(a)
|
716,585
|
|
|
|
16,121,895
|
|
|
Aerospace & Defense — 1.4%
|
|
|
1,750,000
|
Axon Enterprise, Inc., 6.125%, 3/15/2030(a)
|
1,778,955
|
|
935,000
|
Axon Enterprise, Inc., 6.250%, 3/15/2033(a)
|
954,397
|
|
28,038,000
|
Boeing Co., 5.805%, 5/01/2050
|
27,105,075
|
|
555,000
|
Boeing Co., 5.930%, 5/01/2060
|
532,738
|
|
2,960,000
|
Boeing Co., 6.528%, 5/01/2034
|
3,224,454
|
|
18,119,000
|
Boeing Co., 6.858%, 5/01/2054
|
19,941,316
|
|
3,805,000
|
Boeing Co., 7.008%, 5/01/2064
|
4,206,504
|
|
1,783,000
|
Honeywell Aerospace, Inc., 4.950%, 3/16/2036(a)
|
1,769,098
|
|
97,000
|
TransDigm, Inc., 6.000%, 1/15/2033(a)
|
96,946
|
|
93,000
|
TransDigm, Inc., 6.875%, 12/15/2030(a)
|
95,292
|
|
|
|
59,704,775
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Agency Commercial Mortgage-Backed Securities — 0.0%
|
|
|
$2,290,000
|
Arixa Mortgage Trust, Series 2025-RTL1,
Class A1, 5.735%, 8/25/2030(a)(b)
|
$2,295,882
|
|
|
Apartment REITs — 0.0%
|
|
|
2,725,000
|
Invitation Homes Operating Partnership LP,
4.875%, 2/01/2035,
|
2,600,431
|
|
|
Automotive — 0.3%
|
|
|
3,345,000
|
ZF North America Capital, Inc.,
6.750%, 4/23/2030(a)
|
3,235,894
|
|
3,455,000
|
ZF North America Capital, Inc.,
6.875%, 4/14/2028(a)
|
3,490,276
|
|
5,090,000
|
ZF North America Capital, Inc.,
6.875%, 4/23/2032(a)
|
4,836,024
|
|
3,490,000
|
ZF North America Capital, Inc.,
7.125%, 4/14/2030(a)
|
3,444,944
|
|
|
|
15,007,138
|
|
|
Banking — 3.8%
|
|
|
2,930,000
|
CaixaBank SA, (fixed rate to 7/03/2035, variable
rate thereafter), 5.581%, 7/03/2036(a)
|
2,946,670
|
|
4,575,000
|
Capital One Financial Corp., (fixed rate to
9/11/2035, variable rate thereafter),
5.197%, 9/11/2036
|
4,435,139
|
|
2,401,000
|
Goldman Sachs Group, Inc., (fixed rate to
1/21/2036, variable rate thereafter),
5.065%, 1/21/2037
|
2,347,391
|
|
4,943,000
|
Goldman Sachs Group, Inc., (fixed rate to
2/02/2036, variable rate thereafter),
5.387%, 2/02/2041
|
4,775,683
|
|
16,035,000
|
JPMorgan Chase & Co., Series OO, (fixed rate to
4/01/2030, variable rate thereafter), 6.500%(c)
|
16,454,075
|
|
551,000
|
Morgan Stanley, (fixed rate to 1/18/2034,
variable rate thereafter), 5.466%, 1/18/2035
|
560,105
|
|
20,193,000
|
Morgan Stanley, (fixed rate to 1/18/2036,
variable rate thereafter), 5.314%, 1/18/2041
|
19,492,757
|
|
30,734,000
|
Morgan Stanley, (fixed rate to 1/19/2033,
variable rate thereafter), 5.948%, 1/19/2038
|
31,484,258
|
|
2,533,000
|
Morgan Stanley, (fixed rate to 11/01/2033,
variable rate thereafter), 6.627%, 11/01/2034
|
2,756,233
|
|
10,510,000
|
Societe Generale SA, (fixed rate to 10/03/2035,
variable rate thereafter), 5.439%, 10/03/2036(a)
|
10,282,885
|
|
92,000
|
Synchrony Financial, 7.250%, 2/02/2033
|
93,967
|
|
497,000
|
Synchrony Financial, (fixed rate to 2/25/2031,
variable rate thereafter), 4.947%, 2/25/2032
|
482,340
|
|
2,795,000
|
Synchrony Financial, (fixed rate to 3/06/2030,
variable rate thereafter), 5.450%, 3/06/2031
|
2,792,686
|
|
752,000
|
Synchrony Financial, (fixed rate to 7/29/2035,
variable rate thereafter), 6.000%, 7/29/2036
|
741,715
|
|
6,436,000
|
Synchrony Financial, (fixed rate to 8/02/2029,
variable rate thereafter), 5.935%, 8/02/2030
|
6,539,265
|
|
8,805,000
|
UBS Group AG, (fixed rate to 2/08/2034, variable
rate thereafter), 5.699%, 2/08/2035(a)
|
9,026,157
|
|
510,000
|
UBS Group AG, (fixed rate to 5/14/2031, variable
rate thereafter), 3.091%, 5/14/2032(a)
|
467,709
|
|
7,185,000
|
UBS Group AG, (fixed rate to 8/05/2030, variable
rate thereafter), 6.600%(a)(c)
|
7,012,807
|
|
22,400,000
|
UniCredit SpA, (fixed rate to 6/30/2030, variable
rate thereafter), 5.459%, 6/30/2035(a)
|
22,359,641
|
|
5,442,000
|
Wells Fargo & Co., (fixed rate to 1/23/2036,
variable rate thereafter), 4.960%, 1/23/2037
|
5,301,281
|
|
12,410,000
|
Wells Fargo & Co., (fixed rate to 9/15/2035,
variable rate thereafter), 4.892%, 9/15/2036
|
12,073,769
|
|
|
|
162,426,533
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Brokerage — 1.0%
|
|
|
$5,235,000
|
BGC Group, Inc., 6.150%, 4/02/2030
|
$5,324,485
|
|
5,315,000
|
Blue Owl Finance LLC, 6.250%, 4/18/2034
|
5,109,744
|
|
2,275,000
|
Citadel LP, 6.000%, 1/23/2030(a)
|
2,341,994
|
|
1,725,000
|
Citadel LP, 6.375%, 1/23/2032(a)
|
1,787,860
|
|
6,584,000
|
Jane Street Group/JSG Finance, Inc.,
6.750%, 5/01/2033(a)
|
6,679,915
|
|
95,000
|
Jane Street Group/JSG Finance, Inc.,
7.125%, 4/30/2031(a)
|
97,656
|
|
11,745,000
|
Jefferies Financial Group, Inc., 6.200%, 4/14/2034
|
11,977,691
|
|
5,731,000
|
Jefferies Financial Group, Inc., 6.250%, 1/15/2036
|
5,809,526
|
|
4,650,000
|
Osaic Holdings, Inc., 6.750%, 8/01/2032(a)
|
4,650,581
|
|
|
|
43,779,452
|
|
|
Building Materials — 2.1%
|
|
|
3,325,000
|
Amrize Finance U.S. LLC, 5.400%, 4/07/2035
|
3,381,156
|
|
23,309,000
|
Cemex SAB de CV, 3.875%, 7/11/2031(a)
|
21,758,283
|
|
15,360,000
|
Cemex SAB de CV, (fixed rate to 6/08/2026,
variable rate thereafter), 5.125%(a)(c)
|
15,296,113
|
|
12,380,000
|
CRH America Finance, Inc., 5.000%, 2/09/2036
|
12,153,675
|
|
9,349,000
|
Eagle Materials, Inc., 5.000%, 3/15/2036
|
8,951,723
|
|
5,495,000
|
JH North America Holdings, Inc.,
5.875%, 1/31/2031(a)
|
5,449,342
|
|
7,820,000
|
JH North America Holdings, Inc.,
6.125%, 7/31/2032(a)
|
7,788,836
|
|
14,080,000
|
Quikrete Holdings, Inc., 6.375%, 3/01/2032(a)
|
14,277,162
|
|
|
|
89,056,290
|
|
|
Cable Satellite — 4.1%
|
|
|
264,000
|
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.000%, 2/01/2028(a)
|
261,833
|
|
18,325,000
|
Charter Communications Operating LLC/Charter
Communications Operating Capital,
3.950%, 6/30/2062
|
10,767,025
|
|
2,105,000
|
Charter Communications Operating LLC/Charter
Communications Operating Capital,
6.384%, 10/23/2035
|
2,137,593
|
|
4,875,000
|
Charter Communications Operating LLC/Charter
Communications Operating Capital,
6.550%, 6/01/2034
|
5,061,000
|
|
2,430,000
|
Charter Communications Operating LLC/Charter
Communications Operating Capital,
6.650%, 2/01/2034
|
2,534,818
|
|
950,000
|
CSC Holdings LLC, 4.125%, 12/01/2030(a)
|
570,084
|
|
815,000
|
CSC Holdings LLC, 4.500%, 11/15/2031(a)
|
483,221
|
|
46,092,000
|
CSC Holdings LLC, 4.625%, 12/01/2030(a)
|
16,264,364
|
|
1,665,000
|
CSC Holdings LLC, 5.000%, 11/15/2031(a)
|
600,288
|
|
19,355,000
|
CSC Holdings LLC, 5.375%, 2/01/2028(a)
|
14,314,013
|
|
1,390,000
|
CSC Holdings LLC, 5.750%, 1/15/2030(a)
|
527,618
|
|
6,213,000
|
Directv Financing LLC, 8.875%, 2/01/2030(a)
|
6,199,178
|
|
100,000
|
Directv Financing LLC, 8.875%, 2/01/2030(a)
|
99,534
|
|
6,437,000
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 10.000%, 2/15/2031(a)
|
6,571,078
|
|
26,600,000
|
DISH DBS Corp., 5.250%, 12/01/2026(a)
|
26,371,861
|
|
10,570,000
|
DISH DBS Corp., 5.750%, 12/01/2028(a)
|
10,223,225
|
|
14,719,000
|
DISH DBS Corp., 7.750%, 7/01/2026
|
14,647,940
|
|
41,025,000
|
EchoStar Corp., 10.750%, 11/30/2029
|
44,317,288
|
|
12,146,821
|
EchoStar Corp., 6.750% PIK and/or 6.750% Cash,
11/30/2030(d)
|
12,265,350
|
|
970,000
|
Time Warner Cable LLC, 6.550%, 5/01/2037
|
977,950
|
|
|
|
175,195,261
|
|
|
Chemicals — 0.2%
|
|
|
4,917,000
|
ARC Falcon I, Inc./Arclin USA LLC/New Arclin
U.S. Holding Corp., 9.750%, 3/01/2033(a)
|
4,729,613
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Chemicals — continued
|
|
|
$147,000
|
Ashland, Inc., 3.375%, 9/01/2031(a)
|
$131,997
|
|
1,106,000
|
Chemours Co., 5.750%, 11/15/2028(a)
|
1,095,077
|
|
4,780,000
|
Solstice Advanced Materials, Inc.,
5.625%, 9/30/2033(a)
|
4,713,282
|
|
|
|
10,669,969
|
|
|
Construction Machinery — 0.5%
|
|
|
106,000
|
United Rentals North America, Inc.,
3.750%, 1/15/2032
|
97,147
|
|
104,000
|
United Rentals North America, Inc.,
3.875%, 2/15/2031
|
97,767
|
|
8,856,000
|
United Rentals North America, Inc.,
5.375%, 11/15/2033(a)
|
8,611,394
|
|
11,225,000
|
United Rentals North America, Inc.,
6.125%, 3/15/2034(a)
|
11,366,289
|
|
|
|
20,172,597
|
|
|
Consumer Cyclical Services — 0.4%
|
|
|
10,513,000
|
Expedia Group, Inc., 5.400%, 2/15/2035
|
10,429,591
|
|
5,725,000
|
TriNet Group, Inc., 3.500%, 3/01/2029(a)
|
5,189,615
|
|
63,000
|
TriNet Group, Inc., 7.125%, 8/15/2031(a)
|
61,135
|
|
|
|
15,680,341
|
|
|
Diversified Manufacturing — 0.1%
|
|
|
2,880,000
|
Esab Corp., 5.625%, 4/01/2031(a)
|
2,900,189
|
|
96,000
|
Esab Corp., 6.250%, 4/15/2029(a)
|
97,430
|
|
|
|
2,997,619
|
|
|
Electric — 1.0%
|
|
|
26,239,493
|
Alta Wind Holdings LLC, 7.000%, 6/30/2035(a)
|
24,891,366
|
|
7,160,000
|
Duke Energy Corp., 5.450%, 6/15/2034
|
7,318,526
|
|
2,250,000
|
Southern Power Co., Series B,
4.900%, 10/01/2035
|
2,175,968
|
|
2,183,000
|
Vistra Operations Co. LLC, 4.700%, 1/31/2031(a)
|
2,147,852
|
|
1,480,000
|
Vistra Operations Co. LLC, 5.250%, 10/15/2035(a)
|
1,437,260
|
|
3,096,000
|
Vistra Operations Co. LLC, 5.350%, 1/31/2036(a)
|
3,028,487
|
|
1,895,000
|
Vistra Operations Co. LLC, 5.700%, 12/30/2034(a)
|
1,906,395
|
|
132,000
|
VoltaGrid LLC, 7.375%, 11/01/2030(a)
|
136,331
|
|
|
|
43,042,185
|
|
|
Environmental — 0.2%
|
|
|
5,628,000
|
Clean Harbors, Inc., 5.750%, 10/15/2033(a)
|
5,614,215
|
|
44,000
|
Clean Harbors, Inc., 6.375%, 2/01/2031(a)
|
44,685
|
|
3,347,000
|
GFL Environmental Holdings U.S., Inc.,
5.500%, 2/01/2034(a)
|
3,282,724
|
|
100,000
|
GFL Environmental, Inc., 4.375%, 8/15/2029(a)
|
97,292
|
|
93,000
|
GFL Environmental, Inc., 6.750%, 1/15/2031(a)
|
96,239
|
|
|
|
9,135,155
|
|
|
Finance Companies — 3.4%
|
|
|
14,055,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 4.950%, 9/10/2034
|
13,660,373
|
|
17,886,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 5.375%, 12/15/2031
|
18,167,619
|
|
2,060,000
|
AGFC Capital Trust I, 3 mo. USD SOFR + 2.012%,
5.684%, 1/15/2067(a)(b)
|
1,253,901
|
|
17,166,000
|
Air Lease Corp., Series B, (fixed rate to
6/15/2026, variable rate thereafter), 4.650%(c)
|
17,056,938
|
|
6,235,000
|
Aircastle Ltd./Aircastle Ireland DAC,
5.750%, 10/01/2031(a)
|
6,384,130
|
|
317,000
|
Aviation Capital Group LLC, 4.250%, 4/30/2029(a)
|
312,379
|
|
375,000
|
Aviation Capital Group LLC,
4.800%, 10/24/2030(a)
|
370,669
|
|
419,000
|
Aviation Capital Group LLC, 4.875%, 1/28/2033(a)
|
404,339
|
|
6,740,000
|
Aviation Capital Group LLC, 6.250%, 4/15/2028(a)
|
6,932,966
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Finance Companies — continued
|
|
|
$13,520,000
|
Aviation Capital Group LLC,
6.750%, 10/25/2028(a)
|
$14,146,683
|
|
3,484,000
|
Avolon Holdings Funding Ltd.,
4.700%, 1/30/2031(a)
|
3,413,956
|
|
3,162,000
|
Avolon Holdings Funding Ltd.,
4.850%, 4/01/2033(a)
|
3,029,086
|
|
3,160,000
|
Avolon Holdings Funding Ltd.,
5.375%, 5/30/2030(a)
|
3,194,455
|
|
62,000
|
Azorra Finance Ltd., 7.250%, 1/15/2031(a)
|
62,601
|
|
63,000
|
Azorra Finance Ltd., 7.750%, 4/15/2030(a)
|
64,888
|
|
3,880,000
|
Freedom Mortgage Holdings LLC,
7.875%, 4/01/2033(a)
|
3,637,784
|
|
666,000
|
Freedom Mortgage Holdings LLC,
8.375%, 4/01/2032(a)
|
655,140
|
|
1,221,000
|
Freedom Mortgage Holdings LLC,
9.125%, 5/15/2031(a)
|
1,241,146
|
|
123,000
|
Freedom Mortgage Holdings LLC,
9.250%, 2/01/2029(a)
|
124,672
|
|
129,000
|
GGAM Finance Ltd., 5.875%, 3/15/2030(a)
|
128,529
|
|
1,765,000
|
Macquarie Airfinance Holdings Ltd.,
5.150%, 3/17/2030(a)
|
1,755,972
|
|
650,000
|
Macquarie Airfinance Holdings Ltd.,
6.400%, 3/26/2029(a)
|
673,479
|
|
1,390,000
|
Macquarie Airfinance Holdings Ltd.,
6.500%, 3/26/2031(a)
|
1,455,528
|
|
9,529,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.625%, 3/01/2029(a)
|
9,023,890
|
|
28,741,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.875%, 3/01/2031(a)
|
26,521,565
|
|
8,134,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 4.000%, 10/15/2033(a)
|
7,291,049
|
|
4,694,000
|
Takeoff Merger Sub, Inc., 4.850%, 3/24/2031(a)
|
4,635,300
|
|
|
|
145,599,037
|
|
|
Food & Beverage — 0.9%
|
|
|
9,610,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.500%, 1/15/2036
|
9,614,421
|
|
5,442,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.625%, 3/10/2037(a)
|
5,459,033
|
|
4,060,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.950%, 4/20/2035
|
4,214,539
|
|
1,380,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
6.750%, 3/15/2034
|
1,517,792
|
|
68,000
|
Lamb Weston Holdings, Inc.,
4.125%, 1/31/2030(a)
|
64,739
|
|
69,000
|
Lamb Weston Holdings, Inc.,
4.375%, 1/31/2032(a)
|
64,098
|
|
67,000
|
Performance Food Group, Inc.,
4.250%, 8/01/2029(a)
|
64,358
|
|
14,000
|
Pilgrim's Pride Corp., 3.500%, 3/01/2032
|
12,708
|
|
995,000
|
Pilgrim's Pride Corp., 4.250%, 4/15/2031
|
950,440
|
|
15,455,000
|
Pilgrim's Pride Corp., 6.250%, 7/01/2033
|
16,184,167
|
|
239,000
|
Pilgrim's Pride Corp., 6.875%, 5/15/2034
|
258,016
|
|
3,135,000
|
Post Holdings, Inc., 4.500%, 9/15/2031(a)
|
2,914,959
|
|
103,000
|
Post Holdings, Inc., 4.625%, 4/15/2030(a)
|
98,880
|
|
|
|
41,418,150
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Gaming — 0.1%
|
|
|
$5,055,000
|
GLP Capital LP/GLP Financing II, Inc.,
5.625%, 9/15/2034
|
$4,976,093
|
|
415,000
|
Light & Wonder International, Inc.,
7.250%, 11/15/2029(a)
|
423,051
|
|
|
|
5,399,144
|
|
|
Health Insurance — 0.3%
|
|
|
73,000
|
Molina Healthcare, Inc., 3.875%, 11/15/2030(a)
|
65,264
|
|
6,545,000
|
Molina Healthcare, Inc., 3.875%, 5/15/2032(a)
|
5,685,127
|
|
66,000
|
Molina Healthcare, Inc., 6.250%, 1/15/2033(a)
|
63,993
|
|
8,187,000
|
Molina Healthcare, Inc., 6.500%, 2/15/2031(a)
|
8,048,683
|
|
|
|
13,863,067
|
|
|
Healthcare — 0.5%
|
|
|
139,000
|
Avantor Funding, Inc., 3.875%, 11/01/2029(a)
|
130,409
|
|
135,000
|
Bausch & Lomb Corp., 8.375%, 10/01/2028(a)
|
139,387
|
|
830,000
|
HCA, Inc., 4.900%, 11/15/2035
|
802,452
|
|
2,635,000
|
HCA, Inc., 5.450%, 9/15/2034
|
2,659,662
|
|
5,836,000
|
HCA, Inc., 5.500%, 6/01/2033
|
5,952,384
|
|
11,355,000
|
HCA, Inc., 5.600%, 4/01/2034
|
11,596,211
|
|
93,000
|
Radiology Partners, Inc., 8.500%, 7/15/2032(a)
|
94,290
|
|
|
|
21,374,795
|
|
|
Home Construction — 0.6%
|
|
|
3,265,000
|
DR Horton, Inc., 5.500%, 10/15/2035
|
3,313,079
|
|
15,560,000
|
Meritage Homes Corp., 5.650%, 3/15/2035
|
15,543,034
|
|
131,000
|
Taylor Morrison Communities, Inc.,
5.125%, 8/01/2030(a)
|
129,501
|
|
6,395,000
|
Taylor Morrison Communities, Inc.,
5.750%, 11/15/2032(a)
|
6,400,596
|
|
|
|
25,386,210
|
|
|
Independent Energy — 2.5%
|
|
|
4,170,000
|
Aker BP ASA, 5.125%, 10/01/2034(a)
|
4,080,901
|
|
6,770,000
|
Aker BP ASA, 6.000%, 6/13/2033(a)
|
7,052,274
|
|
10,585,000
|
Canadian Natural Resources Ltd.,
5.400%, 12/15/2034
|
10,707,712
|
|
6,046,000
|
Chord Energy Corp., 6.000%, 10/01/2030(a)
|
6,126,231
|
|
548,000
|
Chord Energy Corp., 6.750%, 3/15/2033(a)
|
565,778
|
|
41,847,000
|
Continental Resources, Inc., 5.750%, 1/15/2031(a)
|
42,648,814
|
|
69,000
|
Crescent Energy Finance LLC,
7.375%, 1/15/2033(a)
|
68,983
|
|
2,190,000
|
Energean Israel Finance Ltd., 5.375%, 3/30/2028
|
2,102,542
|
|
12,510,000
|
Energean Israel Finance Ltd., 5.875%, 3/30/2031
|
11,620,596
|
|
353,000
|
Matador Resources Co., 6.500%, 4/15/2032(a)
|
356,844
|
|
27,050,000
|
Sanchez Energy Corp., 6.125%, 1/15/2023(e)
|
2,705
|
|
12,420,000
|
Sanchez Energy Corp., 7.750%, 6/15/2021(e)
|
1,242
|
|
4,621,000
|
SM Energy Co., 6.750%, 8/01/2029(a)
|
4,690,994
|
|
47,000
|
SM Energy Co., 7.000%, 8/01/2032(a)
|
47,991
|
|
2,475,000
|
SM Energy Co., 8.375%, 7/01/2028(a)
|
2,543,120
|
|
2,020,000
|
SM Energy Co., 8.625%, 11/01/2030(a)
|
2,131,274
|
|
93,000
|
SM Energy Co., 8.750%, 7/01/2031(a)
|
97,212
|
|
14,872,000
|
Viper Energy Partners LLC, 5.700%, 8/01/2035
|
14,988,150
|
|
|
|
109,833,363
|
|
|
Industrial Other — 0.2%
|
|
|
187,000
|
Arcosa, Inc., 6.875%, 8/15/2032(a)
|
191,608
|
|
4,286,000
|
Jacobs Solutions, Inc., 5.375%, 3/03/2036
|
4,179,915
|
|
3,544,000
|
TopBuild Corp., 5.625%, 1/31/2034(a)
|
3,468,767
|
|
|
|
7,840,290
|
|
|
Leisure — 1.7%
|
|
|
10,875,000
|
Carnival Corp., 5.750%, 3/15/2030(a)
|
10,961,261
|
|
5,430,000
|
Carnival Corp., 5.750%, 8/01/2032(a)
|
5,428,234
|
|
9,775,000
|
Carnival Corp., 6.125%, 2/15/2033(a)
|
9,872,994
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Leisure — continued
|
|
|
$3,919,000
|
Kingpin Intermediate Holdings LLC,
7.250%, 10/15/2032(a)
|
$3,462,730
|
|
2,280,000
|
NCL Corp. Ltd., 6.750%, 2/01/2032(a)
|
2,262,701
|
|
3,695,000
|
NCL Finance Ltd., 6.125%, 3/15/2028(a)
|
3,726,747
|
|
5,792,000
|
Royal Caribbean Cruises Ltd., 5.250%, 2/27/2038
|
5,510,017
|
|
6,202,000
|
Royal Caribbean Cruises Ltd., 5.375%, 1/15/2036
|
6,093,138
|
|
11,095,000
|
Royal Caribbean Cruises Ltd.,
6.000%, 2/01/2033(a)
|
11,205,851
|
|
14,228,000
|
Viking Cruises Ltd., 5.875%, 10/15/2033(a)
|
14,047,473
|
|
|
|
72,571,146
|
|
|
Life Insurance — 3.4%
|
|
|
130,000
|
APH Somerset Investor 2 LLC/APH2 Somerset
Investor 2 LLC/APH3 Somerset Investor 2 LLC,
7.875%, 11/01/2029(a)
|
117,555
|
|
7,501,000
|
Brighthouse Financial, Inc., 3.850%, 12/22/2051
|
4,169,496
|
|
2,030,000
|
MetLife, Inc., 9.250%, 4/08/2068(a)
|
2,380,025
|
|
10,175,000
|
MetLife, Inc., 10.750%, 8/01/2069
|
13,187,706
|
|
57,985,000
|
Mutual of Omaha Insurance Co.,
6.800%, 6/15/2036(a)
|
63,154,323
|
|
38,476,000
|
National Life Insurance Co.,
10.500%, 9/15/2039(a)
|
50,019,569
|
|
12,950,000
|
NLV Financial Corp., 7.500%, 8/15/2033(a)
|
13,911,149
|
|
|
|
146,939,823
|
|
|
Lodging — 1.1%
|
|
|
2,010,000
|
Choice Hotels International, Inc.,
5.850%, 8/01/2034
|
2,027,135
|
|
107,000
|
Hilton Domestic Operating Co., Inc.,
3.625%, 2/15/2032(a)
|
97,228
|
|
2,957,000
|
Hilton Domestic Operating Co., Inc.,
5.500%, 3/31/2034(a)
|
2,888,921
|
|
96,000
|
Hilton Domestic Operating Co., Inc.,
6.125%, 4/01/2032(a)
|
97,440
|
|
2,324,000
|
Hilton Grand Vacations Borrower LLC/Hilton
Grand Vacations Borrower, Inc.,
6.625%, 1/15/2032(a)
|
2,295,442
|
|
5,240,000
|
Marriott International, Inc., 5.300%, 5/15/2034
|
5,288,729
|
|
9,975,000
|
Marriott International, Inc., 5.500%, 4/15/2037
|
9,931,340
|
|
3,489,000
|
Marriott Ownership Resorts, Inc.,
4.500%, 6/15/2029(a)
|
3,308,051
|
|
135,000
|
Marriott Ownership Resorts, Inc.,
4.750%, 1/15/2028
|
132,877
|
|
10,440,000
|
Travel & Leisure Co., 4.500%, 12/01/2029(a)
|
9,983,133
|
|
10,574,000
|
Travel & Leisure Co., 4.625%, 3/01/2030(a)
|
10,088,539
|
|
|
|
46,138,835
|
|
|
Media Entertainment — 2.1%
|
|
|
4,705,000
|
AppLovin Corp., 5.125%, 12/01/2029
|
4,732,300
|
|
2,765,000
|
AppLovin Corp., 5.375%, 12/01/2031
|
2,792,130
|
|
13,775,000
|
AppLovin Corp., 5.500%, 12/01/2034
|
13,660,956
|
|
30,405,000
|
Beignet Investor LLC, 6.581%, 5/30/2049(a)
|
31,261,088
|
|
587,000
|
Discovery Communications LLC,
3.625%, 5/15/2030
|
545,749
|
|
2,220,000
|
Discovery Communications LLC,
6.350%, 6/01/2040
|
1,626,860
|
|
11,764,000
|
Discovery Global Holdings, Inc.,
4.279%, 3/15/2032
|
10,411,140
|
|
13,275,000
|
Meta Platforms, Inc., 5.625%, 11/15/2055
|
12,443,857
|
|
2,242,000
|
OAK-Eagle Acquireco, Inc., 7.250%, 7/01/2033(a)
|
2,322,924
|
|
2,231,000
|
Paramount Global, 4.200%, 5/19/2032
|
1,912,578
|
|
4,249,000
|
Paramount Global, 4.950%, 1/15/2031
|
3,935,905
|
|
3,785,000
|
Paramount Global, 7.875%, 7/30/2030
|
3,951,257
|
|
|
|
89,596,744
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Metals & Mining — 1.7%
|
|
|
$2,018,000
|
Anglo American Capital PLC,
5.250%, 3/19/2036(a)
|
$1,973,162
|
|
131,000
|
Carpenter Technology Corp.,
5.625%, 3/01/2034(a)
|
129,794
|
|
2,872,000
|
Commercial Metals Co., 5.750%, 11/15/2033(a)
|
2,841,805
|
|
4,019,000
|
Commercial Metals Co., 6.000%, 12/15/2035(a)
|
3,962,113
|
|
137,000
|
Fortescue Treasury Pty. Ltd.,
4.375%, 4/01/2031(a)
|
129,444
|
|
1,670,000
|
Glencore Funding LLC, 5.673%, 4/01/2035(a)
|
1,706,063
|
|
50,525,000
|
Glencore Funding LLC, 6.500%, 10/06/2033(a)
|
54,672,312
|
|
242,000
|
Mineral Resources Ltd., 8.000%, 11/01/2027(a)
|
245,090
|
|
728,000
|
Mineral Resources Ltd., 9.250%, 10/01/2028(a)
|
754,297
|
|
5,290,000
|
Steel Dynamics, Inc., 5.250%, 5/15/2035
|
5,292,267
|
|
2,040,000
|
Steel Dynamics, Inc., 5.375%, 8/15/2034
|
2,058,621
|
|
|
|
73,764,968
|
|
|
Midstream — 2.2%
|
|
|
7,820,000
|
Cheniere Energy Partners LP, 5.950%, 6/30/2033
|
8,197,791
|
|
250,000
|
CQP Holdco LP/BIP-V Chinook Holdco LLC,
5.500%, 6/15/2031(a)
|
243,811
|
|
250,000
|
CQP Holdco LP/BIP-V Chinook Holdco LLC,
7.500%, 12/15/2033(a)
|
262,366
|
|
9,050,000
|
DCP Midstream Operating LP,
6.450%, 11/03/2036(a)
|
9,582,774
|
|
7,341,000
|
Energy Transfer LP, 5.600%, 9/01/2034
|
7,481,688
|
|
4,785,000
|
Energy Transfer LP, 5.700%, 4/01/2035
|
4,914,342
|
|
124,000
|
Energy Transfer LP, (fixed rate to 2/15/2029,
variable rate thereafter), 8.000%, 5/15/2054
|
129,877
|
|
3,745,000
|
Hess Midstream Operations LP,
4.250%, 2/15/2030(a)
|
3,598,710
|
|
205,000
|
NGPL PipeCo LLC, 7.768%, 12/15/2037(a)
|
237,380
|
|
311,000
|
Sunoco LP, 5.375%, 7/15/2031(a)
|
308,501
|
|
1,181,000
|
Sunoco LP, 5.625%, 3/15/2031(a)
|
1,175,583
|
|
14,943,000
|
Targa Resources Corp., 5.550%, 8/15/2035
|
15,070,738
|
|
133,000
|
Venture Global LNG, Inc., (fixed rate to
9/30/2029, variable rate thereafter), 9.000%(a)(c)
|
132,474
|
|
3,212,000
|
Venture Global Plaquemines LNG LLC,
6.500%, 1/15/2034(a)
|
3,348,331
|
|
11,705,000
|
Venture Global Plaquemines LNG LLC,
7.500%, 5/01/2033(a)
|
12,866,183
|
|
10,357,000
|
Venture Global Plaquemines LNG LLC,
7.750%, 5/01/2035(a)
|
11,607,898
|
|
3,495,000
|
Western Midstream Operating LP,
5.250%, 2/01/2050
|
2,947,748
|
|
6,105,000
|
Western Midstream Operating LP,
5.300%, 3/01/2048
|
5,160,188
|
|
1,130,000
|
Western Midstream Operating LP,
5.450%, 4/01/2044
|
1,005,238
|
|
1,091,000
|
Western Midstream Operating LP,
5.500%, 12/15/2035
|
1,072,926
|
|
840,000
|
Western Midstream Operating LP,
5.500%, 8/15/2048
|
725,824
|
|
1,090,000
|
Western Midstream Operating LP,
6.150%, 4/01/2033
|
1,137,611
|
|
2,285,000
|
Whistler Pipeline LLC, 5.700%, 9/30/2031(a)
|
2,347,107
|
|
2,550,000
|
Whistler Pipeline LLC, 5.950%, 9/30/2034(a)
|
2,612,736
|
|
|
|
96,167,825
|
|
|
Mortgage Related — 0.0%
|
|
|
2,692
|
Federal Home Loan Mortgage Corp.,
5.000%, 12/01/2031
|
2,684
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Non-Agency Commercial Mortgage-Backed
Securities — 1.5%
|
|
|
$505,000
|
BBSG Mortgage Trust, Series 2016-MRP,
Class A, 3.275%, 6/05/2036(a)
|
$454,490
|
|
1,705,000
|
BFLD Commercial Mortgage Trust,
Series 2025-660F, Class B, 1 mo. USD SOFR +
1.800%, 5.473%, 11/15/2042(a)(b)
|
1,700,737
|
|
1,485,000
|
BFLD Commercial Mortgage Trust,
Series 2025-660F, Class C, 1 mo. USD SOFR +
2.150%, 5.823%, 11/15/2042(a)(b)
|
1,481,287
|
|
1,040,000
|
BPR Commercial Mortgage Trust,
Series 2025-STAR, Class A,
4.617%, 11/05/2042(a)(b)
|
1,031,147
|
|
265,000
|
BPR Trust, Series 2021-NRD, Class E, 1 mo. USD
SOFR + 5.621%, 9.294%, 12/15/2038(a)(b)
|
262,788
|
|
11,095,000
|
BPR Trust, Series 2021-NRD, Class F, 1 mo. USD
SOFR + 6.870%, 10.543%, 12/15/2038(a)(b)
|
10,893,207
|
|
415,000
|
BX Commercial Mortgage Trust,
Series 2024-VLT5, Class B,
5.415%, 11/13/2046(a)(b)
|
419,488
|
|
3,765,000
|
BX Trust, Series 2024-VLT4, Class A, 1 mo. USD
SOFR + 1.491%, 5.164%, 6/15/2041(a)(b)
|
3,741,469
|
|
380,000
|
BX Trust, Series 2025-DELC, Class B, 1 mo. USD
SOFR + 1.800%, 5.473%, 12/15/2042(a)(b)
|
379,525
|
|
1,615,000
|
BX Trust, Series 2025-DELC, Class C, 1 mo. USD
SOFR + 2.200%, 5.873%, 12/15/2042(a)(b)
|
1,610,962
|
|
101,757
|
Commercial Mortgage Pass-Through
Certificates, Series 2012-LTRT, Class A2,
3.400%, 10/05/2030(a)
|
101,063
|
|
6,710,000
|
Credit Suisse Mortgage Trust, Series 2014-USA,
Class B, 4.185%, 9/15/2037(a)
|
5,707,413
|
|
630,000
|
Credit Suisse Mortgage Trust, Series 2014-USA,
Class C, 4.336%, 9/15/2037(a)
|
529,993
|
|
2,530,000
|
Credit Suisse Mortgage Trust, Series 2014-USA,
Class D, 4.373%, 9/15/2037(a)
|
2,088,820
|
|
540,000
|
Extended Stay America Trust, Series 2025-ESH,
Class C, 1 mo. USD SOFR + 1.850%,
5.523%, 10/15/2042(a)(b)
|
540,844
|
|
740,000
|
Extended Stay America Trust, Series 2025-ESH,
Class D, 1 mo. USD SOFR + 2.600%,
6.273%, 10/15/2042(a)(b)
|
740,925
|
|
810,000
|
Extended Stay America Trust, Series 2025-ESH,
Class E, 1 mo. USD SOFR + 3.350%,
7.023%, 10/15/2042(a)(b)
|
811,012
|
|
876,751
|
Extended Stay America Trust, Series 2026-ESH2,
Class C, 1 mo. USD SOFR + 1.600%,
5.273%, 2/15/2043(a)(b)
|
878,121
|
|
1,976,405
|
Extended Stay America Trust, Series 2026-ESH2,
Class D, 1 mo. USD SOFR + 2.250%,
5.923%, 2/15/2043(a)(b)
|
1,980,728
|
|
2,025,939
|
Extended Stay America Trust, Series 2026-ESH2,
Class E, 1 mo. USD SOFR + 2.900%,
6.573%, 2/15/2043(a)(b)
|
2,030,371
|
|
1,384,118
|
GS Mortgage Securities Corp. Trust,
Series 2013-G1, Class B, 3.722%, 4/10/2031(a)(b)
|
1,381,455
|
|
3,760,000
|
GS Mortgage Securities Corp. Trust,
Series 2013-PEMB, Class B,
3.550%, 3/05/2033(a)(b)(f)
|
1,692,000
|
|
1,500,000
|
GS Mortgage Securities Trust,
Series 2014-GC22, Class B, 4.391%, 6/10/2047(b)
|
1,223,569
|
|
435,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2012-LC9, Class D,
3.500%, 12/15/2047(a)(b)
|
423,551
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Non-Agency Commercial Mortgage-Backed
Securities — continued
|
|
|
$3,300,000
|
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)
|
$3,291,750
|
|
2,165,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2025-BMS, Class B,
1 mo. USD SOFR + 2.000%,
5.673%, 1/15/2042(a)(b)
|
2,159,587
|
|
1,705,000
|
Morgan Stanley Bank of America Merrill Lynch
Trust, Series 2013-C11, Class B,
3.892%, 8/15/2046(b)
|
1,057,049
|
|
1,134,640
|
MSBAM Commercial Mortgage Securities Trust,
Series 2012-CKSV, Class A2,
3.277%, 10/15/2030(a)
|
1,083,582
|
|
2,005,000
|
New Economy Assets - Phase 1 Sponsor LLC,
Series 2021-1, Class A1, 1.910%, 10/20/2061(a)
|
1,682,958
|
|
4,970,000
|
Wells Fargo Commercial Mortgage Trust,
Series 2016-C36, Class B, 3.671%, 11/15/2059(b)
|
4,711,126
|
|
969,312
|
WFRBS Commercial Mortgage Trust,
Series 2012-C10, Class B, 3.744%, 12/15/2045
|
935,376
|
|
6,675,341
|
WFRBS Commercial Mortgage Trust,
Series 2013-C15, Class B, 4.152%, 8/15/2046(b)
|
6,488,432
|
|
1,867,267
|
WFRBS Commercial Mortgage Trust,
Series 2014-C20, Class B, 4.378%, 5/15/2047
|
1,615,148
|
|
|
|
65,129,973
|
|
|
Oil Field Services — 0.2%
|
|
|
10,216,000
|
Helmerich & Payne, Inc., 5.500%, 12/01/2034
|
10,042,957
|
|
64,000
|
Oceaneering International, Inc.,
6.000%, 2/01/2028
|
64,260
|
|
96,000
|
Weatherford International Ltd.,
6.750%, 10/15/2033(a)
|
98,090
|
|
|
|
10,205,307
|
|
|
Other REITs — 0.4%
|
|
|
4,125,000
|
EPR Properties, 3.600%, 11/15/2031
|
3,743,965
|
|
12,575,000
|
Host Hotels & Resorts LP, 5.500%, 4/15/2035
|
12,476,123
|
|
|
|
16,220,088
|
|
|
Packaging — 0.4%
|
|
|
16,439,000
|
Ball Corp., 5.500%, 9/15/2033
|
16,448,436
|
|
|
Pharmaceuticals — 1.7%
|
|
|
7,285,000
|
Bausch Health Cos., Inc., 4.875%, 6/01/2028(a)
|
6,670,948
|
|
9,749,000
|
Teva Pharmaceutical Finance Co. LLC,
6.150%, 2/01/2036
|
10,044,531
|
|
1,975,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 3.150%, 10/01/2026
|
1,955,366
|
|
30,104,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 4.100%, 10/01/2046
|
22,315,526
|
|
9,412,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 4.750%, 5/09/2027
|
9,390,347
|
|
10,545,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 5.125%, 5/09/2029
|
10,510,988
|
|
285,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 6.000%, 12/01/2032
|
292,507
|
|
5,520,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 7.875%, 9/15/2029
|
5,911,031
|
|
3,965,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 8.125%, 9/15/2031
|
4,432,553
|
|
635,000
|
Teva Pharmaceutical Finance Netherlands IV
BV, 5.750%, 12/01/2030
|
643,059
|
|
|
|
72,166,856
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Property & Casualty Insurance — 1.3%
|
|
|
$6,682,000
|
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 7.000%, 1/15/2031(a)
|
$6,738,878
|
|
96,000
|
AmWINS Group, Inc., 6.375%, 2/15/2029(a)
|
96,556
|
|
200,000
|
Ardonagh Finco Ltd., 7.750%, 2/15/2031(a)
|
202,343
|
|
975,000
|
Arthur J Gallagher & Co., 5.000%, 2/15/2032
|
977,321
|
|
3,857,000
|
Arthur J Gallagher & Co., 5.150%, 2/15/2035
|
3,825,752
|
|
2,525,000
|
Arthur J Gallagher & Co., 5.450%, 7/15/2034
|
2,564,839
|
|
161,000
|
Baldwin Insurance Group Holdings LLC/Baldwin
Insurance Group Holdings Finance,
7.125%, 5/15/2031(a)
|
161,816
|
|
1,780,000
|
Brown & Brown, Inc., 5.550%, 6/23/2035
|
1,777,636
|
|
12,510,000
|
Marsh & McLennan Cos., Inc., 5.000%, 3/15/2035
|
12,457,362
|
|
12,288,000
|
Panther Escrow Issuer LLC, 7.125%, 6/01/2031(a)
|
12,329,275
|
|
12,897,000
|
Ryan Specialty LLC, 5.875%, 8/01/2032(a)
|
12,746,938
|
|
1,218,000
|
Willis North America, Inc., 5.150%, 3/15/2036
|
1,186,140
|
|
|
|
55,064,856
|
|
|
Restaurants — 0.4%
|
|
|
9,626,000
|
1011778 BC ULC/New Red Finance, Inc.,
4.000%, 10/15/2030(a)
|
9,047,720
|
|
6,597,000
|
1011778 BC ULC/New Red Finance, Inc.,
5.625%, 9/15/2029(a)
|
6,611,368
|
|
105,000
|
Yum! Brands, Inc., 3.625%, 3/15/2031
|
96,996
|
|
101,000
|
Yum! Brands, Inc., 4.625%, 1/31/2032
|
96,448
|
|
|
|
15,852,532
|
|
|
Retailers — 0.7%
|
|
|
6,137,000
|
Amazon.com, Inc., 4.875%, 3/13/2036
|
6,081,069
|
|
4,680,000
|
Dillard's, Inc., 7.000%, 12/01/2028
|
4,851,615
|
|
7,182,000
|
Dillard's, Inc., 7.750%, 7/15/2026
|
7,218,413
|
|
2,250,000
|
Dillard's, Inc., 7.750%, 5/15/2027
|
2,307,082
|
|
215,000
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd.,
8.375%, 1/15/2029(a)
|
197,379
|
|
8,390,000
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd.,
11.500%, 8/15/2029(a)
|
8,347,320
|
|
42,000
|
Murphy Oil USA, Inc., 3.750%, 2/15/2031(a)
|
39,028
|
|
|
|
29,041,906
|
|
|
Sovereigns — 3.1%
|
|
|
19,370,000
|
Chile Government International Bonds,
3.100%, 1/22/2061
|
11,918,361
|
|
26,583,000
|
Chile Government International Bonds,
3.250%, 9/21/2071
|
16,433,079
|
|
9,571,000
|
Colombia Government International Bonds,
5.625%, 2/26/2044
|
7,547,786
|
|
6,202,000
|
Colombia Government International Bonds,
6.125%, 1/18/2041
|
5,389,786
|
|
2,817,000
|
Colombia Government International Bonds,
7.375%, 9/18/2037
|
2,803,281
|
|
4,050,000
|
Egypt Government International Bonds,
5.800%, 9/30/2027
|
3,997,425
|
|
6,210,000
|
Kyrgyz Republic International Bonds,
7.750%, 6/03/2030(a)
|
6,193,544
|
|
12,304,000
|
Mexico Government International Bonds,
6.125%, 2/09/2038
|
11,990,248
|
|
10,475,000
|
Nigeria Government International Bonds,
6.500%, 11/28/2027
|
10,506,396
|
|
7,359,000
|
Pakistan Government International Bonds,
6.000%, 4/08/2026
|
7,349,800
|
|
10,464,000
|
Pakistan Government International Bonds,
6.875%, 12/05/2027
|
10,328,111
|
|
12,488,000
|
Republic of Poland Government International
Bonds, 5.500%, 3/18/2054
|
11,536,062
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Sovereigns — continued
|
|
|
$2,785,000
|
Republic of Uzbekistan International Bonds,
3.700%, 11/25/2030
|
$2,531,270
|
|
3,400,000
|
Republic of Uzbekistan International Bonds,
3.900%, 10/19/2031
|
3,069,067
|
|
205,000
|
Republic of Uzbekistan International Bonds,
5.375%, 2/20/2029
|
202,226
|
|
13,400,000
|
Republic of Uzbekistan International Bonds,
6.900%, 2/28/2032(a)
|
13,918,982
|
|
4,680,000
|
Republic of Uzbekistan International Bonds,
6.947%, 5/25/2032(a)
|
4,873,378
|
|
3,840,000
|
Republic of Uzbekistan International Bonds,
7.850%, 10/12/2028(a)
|
4,014,586
|
|
|
|
134,603,388
|
|
|
Technology — 5.7%
|
|
|
2,042,000
|
Black Pearl Compute LLC, 6.125%, 2/15/2031(a)
|
2,078,341
|
|
4,105,000
|
Block, Inc., 3.500%, 6/01/2031
|
3,732,863
|
|
128,000
|
Block, Inc., 6.500%, 5/15/2032
|
129,169
|
|
21,905,000
|
Broadcom, Inc., 5.200%, 7/15/2035
|
22,075,823
|
|
21,164,000
|
CDW LLC/CDW Finance Corp., 5.550%, 8/22/2034
|
20,798,278
|
|
1,795,000
|
Cipher Compute LLC, 7.125%, 11/15/2030(a)
|
1,859,672
|
|
8,035,000
|
Dell International LLC/EMC Corp.,
5.100%, 2/15/2036
|
7,856,655
|
|
69,000
|
Entegris, Inc., 3.625%, 5/01/2029(a)
|
65,583
|
|
15,050,000
|
Entegris, Inc., 4.750%, 4/15/2029(a)
|
14,877,395
|
|
64,000
|
Entegris, Inc., 5.950%, 6/15/2030(a)
|
64,404
|
|
11,289,000
|
Fair Isaac Corp., 6.000%, 5/15/2033(a)
|
11,077,008
|
|
4,616,000
|
Flash Compute LLC, 7.250%, 12/31/2030(a)
|
4,647,347
|
|
270,000
|
Imola Merger Corp., 4.750%, 5/15/2029(a)
|
262,422
|
|
98,000
|
Iron Mountain, Inc., 5.250%, 7/15/2030(a)
|
95,213
|
|
95,000
|
Iron Mountain, Inc., 7.000%, 2/15/2029(a)
|
96,825
|
|
3,854,000
|
Leidos, Inc., 5.000%, 3/15/2036
|
3,726,075
|
|
20,680,000
|
Leidos, Inc., 5.500%, 3/15/2035
|
21,015,600
|
|
11,333,000
|
Leidos, Inc., 5.750%, 3/15/2033
|
11,748,190
|
|
5,855,000
|
MSCI, Inc., 5.250%, 9/01/2035
|
5,735,302
|
|
4,415,000
|
NetApp, Inc., 5.500%, 3/17/2032
|
4,517,305
|
|
3,535,000
|
NetApp, Inc., 5.700%, 3/17/2035
|
3,601,244
|
|
5,045,000
|
Open Text Corp., 3.875%, 2/15/2028(a)
|
4,857,648
|
|
159,000
|
Open Text Corp., 3.875%, 12/01/2029(a)
|
142,091
|
|
1,681,000
|
Open Text Corp., 6.900%, 12/01/2027(a)
|
1,725,343
|
|
1,498,000
|
Open Text Holdings, Inc., 4.125%, 2/15/2030(a)
|
1,338,505
|
|
322,000
|
Oracle Corp., 3.950%, 3/25/2051
|
204,037
|
|
20,471,000
|
Oracle Corp., 5.200%, 9/26/2035
|
19,201,695
|
|
3,357,000
|
Oracle Corp., 5.700%, 2/04/2036
|
3,227,716
|
|
8,214,000
|
Oracle Corp., 5.950%, 9/26/2055
|
6,910,198
|
|
640,000
|
Oracle Corp., 6.000%, 8/03/2055
|
536,565
|
|
9,066,000
|
Oracle Corp., 6.700%, 2/04/2056
|
8,414,187
|
|
7,873,000
|
Oracle Corp., 6.850%, 2/04/2066
|
7,237,822
|
|
3,240,000
|
Paychex, Inc., 5.600%, 4/15/2035
|
3,253,998
|
|
15,341,000
|
Salesforce, Inc., 5.550%, 3/15/2036
|
15,293,280
|
|
67,000
|
Science Applications International Corp.,
4.875%, 4/01/2028(a)
|
65,937
|
|
66,000
|
Science Applications International Corp.,
5.875%, 11/01/2033(a)
|
64,408
|
|
51,000
|
Seagate Data Storage Technology Pte. Ltd.,
5.750%, 12/01/2034(a)
|
50,948
|
|
50,000
|
Seagate Data Storage Technology Pte. Ltd.,
5.875%, 7/15/2030(a)
|
50,822
|
|
48,000
|
Seagate Data Storage Technology Pte. Ltd.,
8.250%, 12/15/2029(a)
|
50,409
|
|
1,035,000
|
Sensata Technologies BV, 5.875%, 9/01/2030(a)
|
1,036,871
|
|
2,967,000
|
Sensata Technologies, Inc., 3.750%, 2/15/2031(a)
|
2,751,952
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Technology — continued
|
|
|
$753,000
|
Sensata Technologies, Inc., 4.375%, 2/15/2030(a)
|
$720,119
|
|
6,610,000
|
Synopsys, Inc., 5.700%, 4/01/2055
|
6,319,707
|
|
7,410,000
|
TD SYNNEX Corp., 5.300%, 10/10/2035
|
7,178,986
|
|
6,549,000
|
TD SYNNEX Corp., 6.100%, 4/12/2034
|
6,754,906
|
|
5,859,000
|
WULF Compute LLC, 7.750%, 10/15/2030(a)
|
6,191,088
|
|
125,000
|
Zebra Technologies Corp., 6.500%, 6/01/2032(a)
|
125,852
|
|
|
|
243,765,804
|
|
|
Treasuries — 19.0%
|
|
|
224,159(g
)
|
Brazil Notas do Tesouro Nacional,
10.000%, 1/01/2031, (BRL)
|
37,847,580
|
|
22,560,000
|
Canada Government Bonds, 2.250%, 2/01/2028,
(CAD)
|
16,052,613
|
|
54,692,000
|
Malaysia Government Bonds, 3.519%, 4/20/2028,
(MYR)
|
13,584,785
|
|
105,778,000
|
Malaysia Government Bonds, 4.054%, 4/18/2039,
(MYR)
|
26,480,576
|
|
5,055,294(h
)
|
Mexico Bonos, 8.000%, 7/31/2053, (MXN)
|
23,340,154
|
|
202,417,393
|
Republic of South Africa Government Bonds,
9.000%, 1/31/2040, (ZAR)
|
11,233,814
|
|
771,482,000
|
Turkiye Government Bonds, 36.000%, 8/12/2026,
(TRY)
|
17,056,198
|
|
823,975,000
|
Turkiye Government Bonds, 36.780%, 10/13/2027,
(TRY)
|
17,953,725
|
|
114,417,000
|
U.S. Treasury Notes, 3.500%, 11/30/2030
|
112,311,906
|
|
250,000,000
|
U.S. Treasury Notes, 3.500%, 2/28/2031
|
245,156,250
|
|
21,130,000
|
U.S. Treasury Notes, 4.375%, 7/15/2027
|
21,273,618
|
|
247,111,400
|
U.S. Treasury Notes, 4.875%, 10/31/2030(i)
|
256,735,230
|
|
183,162,000
|
Uruguay Government International Bonds,
8.000%, 10/29/2035, (UYU)
|
4,566,365
|
|
216,454,000
|
Uruguay Government International Bonds,
8.500%, 3/15/2028, (UYU)
|
5,470,756
|
|
281,405,000
|
Uruguay Government International Bonds,
9.750%, 7/20/2033, (UYU)
|
7,666,858
|
|
|
|
816,730,428
|
|
|
Wireless — 0.6%
|
|
|
9,135,000
|
Sprint Capital Corp., 8.750%, 3/15/2032
|
10,862,155
|
|
15,530,000
|
T-Mobile USA, Inc., 4.700%, 1/15/2035
|
15,020,422
|
|
|
|
25,882,577
|
|
|
Wirelines — 0.0%
|
|
|
1,016,000
|
AT&T, Inc., 5.125%, 4/30/2036
|
1,003,810
|
|
|
Total Non-Convertible Bonds
(Identified Cost $3,720,681,584)
|
3,629,259,201
|
|
|
||
|
|
||
|
Convertible Bonds — 0.3%
|
||
|
|
Cable Satellite — 0.3%
|
|
|
3,256,232
|
EchoStar Corp., 3.875% PIK and/or 3.875% Cash,
11/30/2030(d)
(Identified Cost $3,487,714)
|
11,631,586
|
|
Municipals — 0.7%
|
||
|
|
Virginia — 0.7%
|
|
|
41,590,000
|
Tobacco Settlement Financing Corp.,
6.706%, 6/01/2046
(Identified Cost $40,982,732)
|
31,624,703
|
|
|
Total Bonds and Notes
(Identified Cost $3,765,152,030)
|
3,672,515,490
|
|
|
||
|
|
||
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
Senior Loans — 6.2%
|
||
|
|
Aerospace & Defense — 0.0%
|
|
|
$1,690,000
|
TransDigm, Inc., 2026 Term Loan N, 1 mo. USD
SOFR + 2.500%, 6.168%, 2/13/2033(b)(j)
|
$1,690,321
|
|
|
Automotive — 0.1%
|
|
|
6,375,000
|
Allison Transmission, Inc., 2025 Incremental
Term Loan B, 1 mo. USD SOFR + 1.750%,
5.422%, 1/02/2033(b)(j)
|
6,390,938
|
|
|
Brokerage — 0.1%
|
|
|
2,138,346
|
Citadel Securities LP, 2024 First Lien Term Loan,
3 mo. USD SOFR + 2.000%,
5.700%, 10/31/2031(b)(j)
|
2,139,543
|
|
|
Building Materials — 0.2%
|
|
|
6,956,916
|
Advanced Drainage Systems, Inc., 2026 Term
Loan B, 1 mo. USD SOFR + 1.625%,
5.298%, 2/28/2033(b)(j)
|
6,978,691
|
|
|
Chemicals — 0.2%
|
|
|
7,865,000
|
Solstice Advanced Materials, Inc., Term Loan B,
3 mo. USD SOFR + 1.750%,
5.417%, 10/29/2032(b)(j)
|
7,897,797
|
|
|
Construction Machinery — 0.1%
|
|
|
1,579,080
|
Terex Corp., 2025 Term Loan, 1 mo. USD SOFR +
1.750%, 5.418%, 10/08/2031(b)(j)
|
1,580,075
|
|
1,697,013
|
United Rentals, Inc., 2025 Repriced Term Loan B,
1 mo. USD SOFR + 1.500%,
5.168%, 2/14/2031(b)(j)
|
1,701,679
|
|
|
|
3,281,754
|
|
|
Consumer Cyclical Services — 0.2%
|
|
|
1,035,000
|
Aramark Services, Inc., 2025 Repriced Term
Loan, 1 mo. USD SOFR + 1.750%,
5.418%, 4/06/2028(b)(j)
|
1,035,000
|
|
9,111,992
|
Aramark Services, Inc., 2025 Term Loan, 1 mo.
USD SOFR + 1.750%, 5.418%, 6/22/2030(b)(j)
|
9,111,992
|
|
|
|
10,146,992
|
|
|
Diversified Manufacturing — 0.1%
|
|
|
2,284,247
|
Resideo Funding, Inc., 2024 1st Lien Term Loan
B, 1 mo. USD SOFR + 2.000%,
5.673%, 2/11/2028(b)(j)
|
2,284,247
|
|
2,047,097
|
Resideo Funding, Inc., 2024 M&A 1st lien Term
Loan B, 6 mo. USD SOFR + 2.000%,
5.641%, 6/13/2031(b)(j)
|
2,035,592
|
|
|
|
4,319,839
|
|
|
Electric — 0.5%
|
|
|
21,516,975
|
NRG Energy, Inc., 2024 Term Loan, 3 mo. USD
SOFR + 1.750%, 5.521%, 4/16/2031(b)(j)
|
21,540,429
|
|
|
Environmental — 0.2%
|
|
|
6,802,950
|
Clean Harbors, Inc., 2025 Term Loan, 1 mo. USD
SOFR + 1.500%, 5.168%, 10/08/2032(b)(j)
|
6,843,768
|
|
|
Gaming — 0.6%
|
|
|
5,657,850
|
DK Crown Holdings, Inc., 2025 Term Loan B,
1 mo. USD SOFR + 1.750%,
5.419%, 3/04/2032(b)(j)
|
5,647,270
|
|
14,249,111
|
Flutter Financing BV, 2024 Term Loan B, 3 mo.
USD SOFR + 1.750%, 5.450%, 11/30/2030(b)(j)
|
14,070,997
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Gaming — continued
|
|
|
$5,319,800
|
Flutter Financing BV, 2025 Term Loan B, 3 mo.
USD SOFR + 2.000%, 5.700%, 6/04/2032(b)(j)
|
$5,253,303
|
|
517,142
|
Light & Wonder International, Inc., 2026 Term
Loan B, 1 mo. USD SOFR + 2.000%,
5.675%, 4/16/2029(b)(j)
|
516,712
|
|
|
|
25,488,282
|
|
|
Healthcare — 0.3%
|
|
|
1,974,955
|
Bausch & Lomb Corp., 2025 Repriced Term Loan,
1/15/2031(k)
|
1,977,424
|
|
1,566,082
|
Bausch & Lomb Corp., 2025 Repriced Term Loan,
1 mo. USD SOFR + 3.750%,
7.418%, 1/15/2031(b)(j)
|
1,568,039
|
|
10,569,936
|
DaVita, Inc., 2025 Term Loan B, 1 mo. USD SOFR
+ 1.750%, 5.418%, 5/09/2031(b)(j)
|
10,583,149
|
|
|
|
14,128,612
|
|
|
Lodging — 0.6%
|
|
|
7,383,321
|
Hilton Domestic Operating Co., Inc., 2023 Term
Loan B4, 1 mo. USD SOFR + 1.750%,
5.429%, 11/08/2030(b)
|
7,392,550
|
|
20,357,400
|
Wyndham Hotels & Resorts, Inc., 2024 Term
Loan, 1 mo. USD SOFR + 1.750%,
5.418%, 5/24/2030(b)(j)
|
20,411,144
|
|
|
|
27,803,694
|
|
|
Media Entertainment — 0.2%
|
|
|
8,630,000
|
Electronic Arts, Inc., USD Term Loan B,
3/24/2033(k)
|
8,576,062
|
|
|
Metals & Mining — 0.2%
|
|
|
7,980,894
|
Novelis Corp., 2025 Term Loan B, 3 mo. USD
SOFR + 1.750%, 5.450%, 3/11/2032(b)(j)
|
7,977,542
|
|
|
Paper — 0.3%
|
|
|
10,850,482
|
Asplundh Tree Expert LLC, 2024 Incremental
Term Loan B, 1 mo. USD SOFR + 1.750%,
5.418%, 5/23/2031(b)
|
10,869,471
|
|
|
Pharmaceuticals — 0.3%
|
|
|
14,445,000
|
BioMarin Pharmaceutical, Inc., Term Loan B,
1/28/2033(k)
|
14,399,932
|
|
|
Property & Casualty Insurance — 0.6%
|
|
|
4,590,558
|
Amynta Agency Borrower, Inc., 2026 Repriced
Term Loan B, 12/29/2031(k)
|
4,517,614
|
|
15,280,275
|
Ardonagh Midco 3 PLC, 2024 USD Term Loan B,
USD SOFR + 2.750%, 6.374%, 2/15/2031(b)(j)
|
14,907,895
|
|
304,214
|
Baldwin Insurance Group Holdings LLC, 2025
Term Loan B2, 1 mo. USD SOFR + 2.500%,
6.178%, 5/26/2031(b)(j)
|
298,638
|
|
1,490,138
|
Ryan Specialty Group LLC, 2024 USD Term Loan
B, 1 mo. USD SOFR + 2.000%,
5.668%, 9/15/2031(b)(j)
|
1,486,412
|
|
2,786,874
|
Truist Insurance Holdings LLC, 2024 Term Loan
B, 3 mo. USD SOFR + 2.750%,
6.450%, 5/06/2031(b)(j)
|
2,744,207
|
|
|
|
23,954,766
|
|
|
Retailers — 0.1%
|
|
|
3,129,479
|
PetSmart, Inc., 2025 USD Term Loan B,
8/18/2032(k)
|
3,105,225
|
|
1,740,788
|
PetSmart, Inc., 2025 USD Term Loan B, 1 mo.
USD SOFR + 4.000%, 7.675%, 8/18/2032(b)(j)
|
1,727,297
|
|
|
|
4,832,522
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Technology — 1.2%
|
|
|
$4,454,000
|
CACI International, Inc., 2026 Incremental Term
Loan B2, 3/09/2033(k)
|
$4,448,432
|
|
2,011,719
|
Ciena Corp., 2025 Repriced Term Loan B, 1 mo.
USD SOFR + 1.750%, 5.425%, 10/24/2030(b)(j)
|
2,010,874
|
|
1,771,055
|
Darktrace PLC, 1st Lien Term Loan, 3 mo. USD
SOFR + 3.250%, 6.898%, 10/09/2031(b)
|
1,691,588
|
|
15,399,901
|
Dayforce, Inc., 2026 Term Loan, 3 mo. USD SOFR
+ 3.000%, 6.663%, 2/04/2033(b)(j)
|
14,548,594
|
|
8,990,390
|
Open Text Corp., 2023 Term Loan B, 1 mo. USD
SOFR + 1.750%, 5.418%, 1/31/2030(b)(j)
|
8,784,870
|
|
20,143,842
|
Trans Union LLC, 2024 Term Loan B8, 3 mo. USD
SOFR + 1.750%, 5.450%, 6/24/2031(b)(j)
|
20,021,569
|
|
|
|
51,505,927
|
|
|
Wireless — 0.1%
|
|
|
4,685,557
|
SBA Senior Finance II LLC, 2024 Term Loan B,
1 mo. USD SOFR + 1.750%,
5.420%, 1/25/2031(b)(j)
|
4,699,239
|
|
|
Total Senior Loans
(Identified Cost $267,211,565)
|
265,466,121
|
|
|
||
|
|
||
|
Equity-Linked Notes — 4.1%
|
||
|
4,436,145
|
Barclays Bank PLC, (Yum! Brands, Inc.),
9.570%, 8/21/2026(a)
|
4,498,882
|
|
6,738,830
|
Barclays Bank PLC, (Hilton Worldwide Holdings,
Inc.), 10.690%, 10/20/2026(a)
|
6,854,916
|
|
6,791,062
|
Barclays Bank PLC, (Honeywell International,
Inc.), 11.390%, 4/29/2026(a)
|
7,007,325
|
|
4,434,550
|
Barclays Bank PLC, (Cheniere Energy, Inc.),
12.000%, 1/28/2027(a)
|
4,588,269
|
|
4,461,332
|
Barclays Bank PLC, (Trane Technologies PLC),
12.120%, 5/13/2026(a)
|
4,305,576
|
|
4,419,749
|
Barclays Bank PLC, (AutoZone, Inc.),
12.310%, 12/18/2026(a)
|
4,028,829
|
|
4,322,606
|
Barclays Bank PLC, (Amazon.com, Inc.),
15.250%, 3/25/2027(a)
|
4,281,751
|
|
4,401,853
|
Barclays Bank PLC, (Palo Alto Networks, Inc.),
15.350%, 2/11/2027(a)
|
4,010,421
|
|
4,493,063
|
Barclays Bank PLC, (Adobe, Inc.),
17.110%, 6/09/2026(a)
|
3,291,351
|
|
4,387,265
|
Barclays Bank PLC, (Microsoft Corp.),
18.340%, 5/28/2026(a)
|
3,510,324
|
|
4,424,853
|
Barclays Bank PLC, (Arista Networks, Inc.),
21.330%, 3/04/2027(a)
|
4,235,314
|
|
4,421,346
|
Barclays Bank PLC, (Estee Lauder Companies,
Inc.), 22.940%, 9/10/2026(a)
|
3,357,353
|
|
3,518,694
|
Barclays Bank PLC, (Reddit, Inc.),
36.380%, 7/23/2026(a)
|
2,382,702
|
|
6,707,801
|
BNP Paribas Issuance BV, (Kroger Co.),
11.370%, 10/06/2026(a)
|
6,753,344
|
|
6,709,602
|
BNP Paribas Issuance BV, (Visa, Inc.),
12.010%, 4/01/2026(a)
|
5,904,847
|
|
6,676,807
|
BNP Paribas Issuance BV, (Kinder Morgan,
Inc.), 12.270%, 6/25/2026(a)
|
6,916,504
|
|
4,352,720
|
BNP Paribas Issuance BV, (Walt Disney Co.),
12.410%, 1/21/2027(a)
|
3,941,263
|
|
4,394,836
|
BNP Paribas Issuance BV, (Eaton Corp. PLC),
13.580%, 1/14/2027(a)
|
4,389,706
|
|
4,389,967
|
BNP Paribas Issuance BV, (McKesson Corp.),
15.650%, 6/17/2026(a)
|
4,437,269
|
|
4,547,411
|
BNP Paribas Issuance BV, (Crowdstrike
Holdings, Inc.), 17.830%, 5/26/2026(a)
|
4,078,242
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
$4,093,036
|
Citigroup Global Markets Holdings, Inc., (Home
Depot, Inc.), 13.340%, 8/06/2026(a)
|
$3,718,337
|
|
4,413,999
|
Citigroup Global Markets Holdings, Inc., (EOG
Resources, Inc.), 14.010%, 2/18/2027(a)
|
4,627,781
|
|
4,405,301
|
Citigroup Global Markets Holdings, Inc., (United
Rentals, Inc.), 15.650%, 2/25/2027(a)
|
3,888,793
|
|
4,397,184
|
Citigroup Global Markets Holdings, Inc., (Ebay,
Inc.), 17.290%, 9/17/2026(a)
|
4,223,151
|
|
6,534,128
|
Citigroup Global Markets Holdings, Inc.,
(Carnival Corp.), 18.240%, 8/04/2026(a)
|
5,840,555
|
|
4,407,040
|
Citigroup Global Markets Holdings, Inc., (Palo
Alto Networks, Inc.), 18.370%, 7/01/2026(a)
|
3,814,438
|
|
3,546,319
|
Citigroup Global Markets Holdings, Inc.,
(AngloGold Ashanti PLC), 24.180%, 2/04/2027(a)
|
3,514,392
|
|
3,561,800
|
Citigroup Global Markets Holdings, Inc.,
(Coinbase Global, Inc.), 25.010%, 1/07/2027(a)
|
2,678,783
|
|
4,415,540
|
Citigroup Global Markets Holdings, Inc., (Dollar
Tree, Inc.), 25.610%, 9/24/2026(a)
|
4,240,340
|
|
6,860,496
|
GS Finance Corp., MTN, (GE Vernova, Inc.),
18.830%, 11/04/2026(a)
|
7,128,565
|
|
6,729,930
|
GS Finance Corp., MTN, (Chipotle Mexican Grill,
Inc.), 19.980%, 4/15/2026(a)
|
5,513,764
|
|
4,332,066
|
JPMorgan Chase Bank NA, (Visa Inc.),
13.440%, 10/01/2026(a)
|
4,332,066
|
|
6,732,042
|
JPMorgan Chase Bank NA, (Netflix, Inc.),
15.650%, 7/14/2026(a)
|
5,691,264
|
|
5,289,427
|
JPMorgan Chase Bank NA, (NVIDIA Corp.),
17.210%, 12/02/2026(a)
|
5,074,573
|
|
6,686,595
|
JPMorgan Chase Bank NA, (EQT Midstream
Partners LP), 17.970%, 4/28/2026(a)
|
6,932,026
|
|
3,515,948
|
Nomura America Finance LLC, (ServiceNow,
Inc.), 20.200%, 3/18/2027(a)
|
3,229,812
|
|
6,779,574
|
UBS AG, (ResMed, Inc.), 12.250%, 11/18/2026(a)
|
5,908,872
|
|
4,434,069
|
UBS AG, (Eli Lilly and Co.), 13.900%, 9/03/2026(a)
|
4,579,840
|
|
|
Total Equity-Linked Notes
(Identified Cost $190,164,986)
|
177,711,540
|
|
|
||
|
|
||
|
Collateralized Loan Obligations — 1.9%
|
||
|
9,977,000
|
522 Funding CLO Ltd., Series 2018-3A, Class DR,
3 mo. USD SOFR + 3.362%,
7.029%, 10/20/2031(a)(b)
|
9,979,245
|
|
7,865,000
|
Birch Grove CLO 9 Ltd., Series 2024-9A,
Class A1, 3 mo. USD SOFR + 1.400%,
5.069%, 10/22/2037(a)(b)
|
7,870,968
|
|
4,080,000
|
Elmwood CLO VIII Ltd., Series 2021-1A, Class DR,
3 mo. USD SOFR + 3.800%,
7.468%, 4/20/2037(a)(b)
|
4,082,016
|
|
10,050,000
|
Fort Greene Park CLO LLC, Series 2025-2A,
Class DR, 3 mo. USD SOFR + 2.350%,
6.019%, 4/22/2034(a)(b)
|
9,758,369
|
|
8,760,000
|
LCM 30 Ltd., Series 30A, Class BR, 3 mo. USD
SOFR + 1.762%, 5.429%, 4/20/2031(a)(b)
|
8,721,989
|
|
1,260,000
|
Madison Park Funding XXXI Ltd.,
Series 2018-31A, Class D1R, 3 mo. USD SOFR +
3.300%, 6.971%, 7/23/2037(a)(b)
|
1,204,605
|
|
9,215,000
|
Neuberger Berman CLO XX Ltd.,
Series 2015-20A, Class BR3, 3 mo. USD SOFR +
1.500%, 5.172%, 4/15/2039(a)(b)
|
9,191,594
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
$12,430,000
|
OHA Credit Funding 3 Ltd., Series 2019-3A,
Class B1R2, 3 mo. USD SOFR + 1.600%,
5.268%, 1/20/2038(a)(b)
|
$12,434,786
|
|
8,895,000
|
Palmer Square BDC CLO 1 Ltd., Series 1A,
Class A, 3 mo. USD SOFR + 1.600%,
5.272%, 7/15/2037(a)(b)
|
8,898,620
|
|
6,280,000
|
Palmer Square BDC CLO 1 Ltd., Series 1A,
Class B1, 3 mo. USD SOFR + 2.150%,
5.822%, 7/15/2037(a)(b)
|
6,295,047
|
|
2,135,000
|
Vibrant CLO XIV Ltd., Series 2021-14A, Class C,
3 mo. USD SOFR + 4.012%,
7.679%, 10/20/2034(a)(b)
|
2,101,298
|
|
|
Total Collateralized Loan Obligations
(Identified Cost $80,947,000)
|
80,538,537
|
|
Principal
Amount/
Shares
|
|
|
|
Private Credit — 0.8%
|
||
|
|
ABS Other — 0.1%
|
|
|
$5,400,000
|
Chol Aviation Capital Ltd.,
7.134%, 8/30/2034(b)(l)(m)
|
5,211,167
|
|
|
Banking — 0.5%
|
|
|
11,100,000
|
AP Bosphorus Holdings Ltd.,
6.274%, 12/15/2037(l)
|
10,950,792
|
|
10,750,000
|
Bosphorous Financial Services Ltd.,
5.823%, 2/15/2033(l)(m)
|
10,530,955
|
|
|
|
21,481,747
|
|
|
Building Materials — 0.2%
|
|
|
875
|
QXO, Inc., 4.750%(f)(l)(m)(n)(o)
|
9,915,763
|
|
|
Total Private Credit
(Identified Cost $36,000,000)
|
36,608,677
|
|
Shares
|
|
|
|
Preferred Stocks — 0.1%
|
||
|
Non-Convertible Preferred Stocks — 0.1%
|
||
|
|
Home Construction — 0.0%
|
|
|
52,867
|
Hovnanian Enterprises, Inc., 7.625%
|
1,083,774
|
|
|
Office REITs — 0.1%
|
|
|
2,318
|
Highwoods Properties, Inc., Series A, 8.625%, (l)
|
2,061,350
|
|
|
Total Non-Convertible Preferred Stocks
(Identified Cost $2,646,056)
|
3,145,124
|
|
|
Total Preferred Stocks
(Identified Cost $2,646,056)
|
3,145,124
|
|
|
||
|
|
||
|
Common Stocks— 0.0%
|
||
|
|
Real Estate Management & Development — 0.0%
|
|
|
23,310
|
Country Garden Holdings Co. Ltd.(f)
(Identified Cost $1,198)
|
954
|
|
|
Total Purchased Options — 0.0%
(Identified Cost $48,030) (see details below)
|
37,893
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
Short-Term Investments — 1.5%
|
||
|
$65,279,943
|
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 3/31/2026 at
2.150% to be repurchased at $65,283,842 on
4/01/2026 collateralized by $66,952,900
U.S. Treasury Note, 3.375% due 9/15/2027 valued
at $66,585,687 including accrued interest(p)
(Identified Cost $65,279,943)
|
$65,279,943
|
|
|
Total Investments — 99.9%
(Identified Cost $4,407,450,808)
|
4,301,304,279
|
|
|
Other assets less liabilities — 0.1%
|
2,507,310
|
|
|
Net Assets — 100.0%
|
$4,303,811,589
|
|
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
|
4,850,000
|
$524,671,487
|
$48,030
|
$37,893
|
|
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
|
(4,850,000
)
|
$(524,671,487
)
|
$(1,025,387
)
|
$(2,538,674
)
|
|
(†)
|
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. Options on futures contracts are valued using the current settlement
price 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.
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
$1,894,677,378 or 44.0% of net assets.
|
|
(b)
|
Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised
of various lots with differing coupon rates have been aggregated for
the purpose of presentation in the Portfolio of Investments and show a weighted average
rate. Certain variable rate securities are not based on a
published reference rate and spread, rather are determined by the issuer or agent
and are based on current market conditions. These securities may
not indicate a reference rate and/or spread in their description.
|
|
(c)
|
Perpetual bond with no specified maturity date.
|
|
(d)
|
Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal.
|
|
(e)
|
The issuer is in default with respect to interest and/or principal payments. Income
is not being accrued.
|
|
(f)
|
Non-income producing security.
|
|
(g)
|
Amount shown represents units. One unit represents a principal amount of 1,000.
|
|
(h)
|
Amount shown represents units. One unit represents a principal amount of 100.
|
|
(i)
|
Security (or a portion thereof) has been pledged as collateral for open derivative
contracts.
|
|
(j)
|
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 0.50%, to which the spread is added.
|
|
(k)
|
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.
|
|
(l)
|
Level 3 security. Value has been determined using significant unobservable inputs.
|
|
(m)
|
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
|
|
Bosphorous Financial Services Ltd.
|
1/20/2026
|
$10,750,000
|
$10,530,955
|
0.2%
|
|
Chol Aviation Capital Ltd.
|
2/10/2026
|
5,400,000
|
5,211,167
|
0.1%
|
|
QXO, Inc.
|
1/12/2026
|
8,750,000
|
9,915,763
|
0.2%
|
|
(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.
|
|
ABS
|
Asset-Backed Securities
|
|
MTN
|
Medium Term Note
|
|
PIK
|
Payment-in-Kind
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
BRL
|
Brazilian Real
|
|
CAD
|
Canadian Dollar
|
|
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 long futures contracts:
|
|||||
|
Financial Futures
|
Expiration
Date
|
Contracts
|
Notional
Amount
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
CBOT 10 Year U.S. Treasury Notes Futures
|
6/18/2026
|
3,796
|
$429,760,083
|
$421,533,938
|
$(8,226,145
)
|
|
CBOT 5 Year U.S. Treasury Notes Futures
|
6/30/2026
|
27,734
|
3,043,774,162
|
3,000,255,467
|
(43,518,695
)
|
|
Total
|
|
|
|
|
$(51,744,840
)
|
|
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
|
528
|
$110,324,271
|
$109,531,125
|
$793,146
|
|
CBOT U.S. Long Bond Futures
|
6/18/2026
|
701
|
82,452,893
|
79,826,375
|
2,626,518
|
|
CBOT Ultra Long-Term U.S. Treasury Bond Futures
|
6/18/2026
|
1,156
|
138,121,348
|
134,746,250
|
3,375,098
|
|
Ultra 10 Year U.S. Treasury Notes Futures
|
6/18/2026
|
9,672
|
1,122,536,082
|
1,097,923,125
|
24,612,957
|
|
Total
|
|
|
|
|
$31,407,719
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Bonds and Notes(a)
|
$ —
|
$3,672,515,490
|
$ —
|
$3,672,515,490
|
|
Senior Loans(a)
|
—
|
265,466,121
|
—
|
265,466,121
|
|
Equity-Linked Notes
|
—
|
177,711,540
|
—
|
177,711,540
|
|
Collateralized Loan Obligations
|
—
|
80,538,537
|
—
|
80,538,537
|
|
Private Credit
|
|
|
|
|
|
ABS Other
|
—
|
—
|
5,211,167
|
5,211,167
|
|
Banking
|
—
|
—
|
21,481,747
|
21,481,747
|
|
Building Materials
|
—
|
—
|
9,915,763
|
9,915,763
|
|
Total Private Credit
|
—
|
—
|
36,608,677
|
36,608,677
|
|
Preferred Stocks
|
|
|
|
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
|
Home Construction
|
1,083,774
|
—
|
—
|
1,083,774
|
|
Office REITs
|
—
|
—
|
2,061,350
|
2,061,350
|
|
Total Non-Convertible Preferred Stocks
|
1,083,774
|
—
|
2,061,350
|
3,145,124
|
|
Total Preferred Stocks
|
1,083,774
|
—
|
2,061,350
|
3,145,124
|
|
Common Stocks
|
|
|
|
|
|
Real Estate Management & Development
|
—
|
954
|
—
|
954
|
|
Short-Term Investments
|
—
|
65,279,943
|
—
|
65,279,943
|
|
Purchased Options(a)
|
37,893
|
—
|
—
|
37,893
|
|
Total Investments
|
1,121,667
|
4,261,512,585
|
38,670,027
|
4,301,304,279
|
|
Futures Contracts (unrealized appreciation)
|
31,407,719
|
—
|
—
|
31,407,719
|
|
Total
|
$32,529,386
|
$4,261,512,585
|
$38,670,027
|
$4,332,711,998
|
|
Liability Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Written Options(a)
|
$(2,538,674
)
|
$ —
|
$ —
|
$(2,538,674
)
|
|
Futures Contracts (unrealized depreciation)
|
(51,744,840
)
|
—
|
—
|
(51,744,840
)
|
|
Total
|
$(54,283,514
)
|
$ —
|
$ —
|
$(54,283,514
)
|
|
(a)
|
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
|
|
|
||||||||||
|
Asset Valuation Inputs
|
||||||||||
|
Investments in Securities
|
Balance as of
December 31,
2025
|
Accrued
Discounts
(Premiums)
|
Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Purchases
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance as of
March 31,
2026
|
Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
March 31,
2026
|
|
Private Credit
|
|
|
|
|
|
|
|
|
|
|
|
ABS Other
|
$ —
|
$ —
|
$ —
|
$(188,833
)
|
$5,400,000
|
$ —
|
$ —
|
$ —
|
$5,211,167
|
$(188,833
)
|
|
Banking
|
—
|
—
|
—
|
(368,253
)
|
21,850,000
|
—
|
—
|
—
|
21,481,747
|
(368,253
)
|
|
Building Materials
|
—
|
—
|
—
|
1,165,763
|
8,750,000
|
—
|
—
|
—
|
9,915,763
|
1,165,763
|
|
Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
Office REITs
|
2,068,666
|
—
|
—
|
(7,316
)
|
—
|
—
|
—
|
—
|
2,061,350
|
(7,316
)
|
|
Total
|
$2,068,666
|
$ —
|
$ —
|
$601,361
|
$36,000,000
|
$ —
|
$ —
|
$ —
|
$38,670,027
|
$601,361
|