|
|
|
Principal
Amount ($)
|
Value ($)
|
|
|
|||
|
Corporate Bonds 43.3%
|
|
||
|
Communication Services 4.9%
|
|
||
|
Airbnb, Inc., 5.25%, 3/16/2036
|
|
400,000
|
398,919
|
|
Alphabet, Inc., 5.25%, 5/15/2055
|
|
425,000
|
395,353
|
|
AT&T, Inc.:
|
|
|
|
|
3.55%, 9/15/2055
|
|
220,000
|
141,662
|
|
4.75%, 4/30/2033
|
|
488,000
|
481,620
|
|
4.9%, 11/1/2035
|
|
600,000
|
583,619
|
|
6.2%, 10/30/2056
|
|
500,000
|
495,305
|
|
CCO Holdings LLC, 144A, 5.125%, 5/1/2027
|
|
462,000
|
461,490
|
|
Charter Communications Operating LLC:
|
|
|
|
|
5.85%, 12/1/2035
|
|
571,000
|
557,126
|
|
6.384%, 10/23/2035
|
|
300,000
|
303,114
|
|
Discovery Global Holdings, Inc., 4.054%, 3/15/2029
|
|
1,300,000
|
1,265,199
|
|
Meta Platforms, Inc.:
|
|
|
|
|
4.875%, 5/15/2033 (a)
|
|
558,000
|
557,751
|
|
5.25%, 5/15/2036 (a)
|
|
581,000
|
579,370
|
|
5.4%, 8/15/2054
|
|
291,000
|
258,636
|
|
5.625%, 11/15/2055 (b)
|
|
300,000
|
275,464
|
|
6.3%, 5/15/2056 (a)
|
|
393,000
|
393,605
|
|
Omnicom Group, Inc., 4.2%, 3/2/2029
|
|
462,000
|
456,866
|
|
Orange SA, 144A, 5.0%, 1/13/2036
|
|
500,000
|
489,144
|
|
Paramount Global, 4.2%, 6/1/2029
|
|
725,000
|
698,483
|
|
TELUS Corp., 6.625%, 6/9/2056
|
|
600,000
|
596,698
|
|
T-Mobile U.S.A., Inc.:
|
|
|
|
|
5.3%, 5/15/2035 (b)
|
|
390,000
|
392,953
|
|
5.875%, 11/15/2055
|
|
500,000
|
483,209
|
|
Verizon Communications, Inc.:
|
|
|
|
|
2.65%, 11/20/2040
|
|
117,000
|
82,020
|
|
2.85%, 9/3/2041
|
|
150,000
|
105,391
|
|
3.7%, 3/22/2061
|
|
132,000
|
87,408
|
|
5.875%, 11/30/2055 (b)
|
|
220,000
|
212,612
|
|
Vodafone Group PLC, 4.375%, 2/19/2043 (b)
|
|
375,000
|
315,748
|
|
|
|
|
11,068,765
|
|
Consumer Discretionary 3.3%
|
|
||
|
Amazon.com, Inc.:
|
|
|
|
|
4.875%, 3/13/2036 (b)
|
|
750,000
|
738,999
|
|
5.8%, 3/13/2056
|
|
500,000
|
492,120
|
|
American Honda Finance Corp.:
|
|
|
|
|
Series A, 4.9%, 4/10/2031
|
|
460,000
|
459,105
|
|
5.1%, 1/8/2036 (b)
|
|
400,000
|
391,486
|
|
Carnival Corp.:
|
|
|
|
|
144A, 5.125%, 5/1/2029
|
|
500,000
|
498,501
|
|
144A, 5.875%, 6/15/2031
|
|
250,000
|
253,556
|
|
144A, 6.125%, 2/15/2033 (b)
|
|
144,000
|
146,111
|
|
Ford Motor Credit Co. LLC:
|
|
|
|
|
5.753%, 4/6/2033
|
|
600,000
|
594,804
|
|
7.35%, 3/6/2030
|
|
749,000
|
793,113
|
|
General Motors Financial Co., Inc., 6.4%, 1/9/2033
|
|
725,000
|
772,041
|
|
Marriott International, Inc., 5.1%, 5/1/2038
|
|
761,000
|
729,853
|
|
PulteGroup, Inc., 4.9%, 3/1/2036
|
|
684,000
|
664,113
|
|
Royal Caribbean Cruises Ltd., 5.25%, 2/27/2038 (b)
|
|
521,000
|
497,836
|
|
Wyndham Hotels & Resorts, Inc., 144A, 5.625%, 3/1/2033
|
|
500,000
|
494,780
|
|
|
|
|
7,526,418
|
|
Consumer Staples 1.4%
|
|
||
|
Coty, Inc., 144A, 5.6%, 1/15/2031 (b)
|
|
150,000
|
145,927
|
|
JBS NV:
|
|
|
|
|
3.625%, 1/15/2032
|
|
600,000
|
554,857
|
|
6.375%, 4/15/2066
|
|
305,000
|
293,656
|
|
6.75%, 3/15/2034
|
|
31,000
|
33,690
|
|
Kraft Heinz Foods Co., 4.375%, 6/1/2046
|
|
395,000
|
309,548
|
|
Maple Parent Holdings Corp.:
|
|
|
|
|
144A, 4.75%, 3/26/2029
|
|
544,000
|
543,894
|
|
144A, 5.05%, 3/26/2031
|
|
300,000
|
300,621
|
|
144A, 6.625%, 3/26/2056 (b)
|
|
250,000
|
253,112
|
|
Mars, Inc., 144A, 5.7%, 5/1/2055
|
|
334,000
|
324,994
|
|
Sysco Corp., 4.95%, 3/25/2036
|
|
500,000
|
479,770
|
|
|
|
|
3,240,069
|
|
Energy 5.6%
|
|
||
|
Baker Hughes Holdings LLC, 5.85%, 6/15/2056
|
|
275,000
|
271,444
|
|
BP Capital Markets PLC, 6.125%, Perpetual
|
|
750,000
|
766,871
|
|
DT Midstream, Inc., 144A, 4.125%, 6/15/2029
|
|
850,000
|
832,234
|
|
Enbridge, Inc., Series 20-A, 5.75%, 7/15/2080
|
|
300,000
|
301,748
|
|
Energy Transfer LP:
|
|
|
|
|
5.7%, 4/1/2035
|
|
657,000
|
673,102
|
|
6.5%, 2/15/2056
|
|
460,000
|
461,240
|
|
EQT Corp., 5.75%, 2/1/2034 (b)
|
|
745,000
|
771,270
|
|
Expand Energy Corp., 5.375%, 2/1/2029
|
|
585,000
|
584,859
|
|
Hess Midstream Operations LP, 144A, 6.5%, 6/1/2029
|
|
1,000,000
|
1,024,575
|
|
HF Sinclair Corp., 5.5%, 9/1/2032
|
|
468,000
|
473,586
|
|
Kinetik Holdings LP, 144A, 6.625%, 12/15/2028
|
|
550,000
|
561,051
|
|
Occidental Petroleum Corp., 8.875%, 7/15/2030
|
|
500,000
|
569,404
|
|
Petrobras Global Finance BV:
|
|
|
|
|
5.125%, 9/10/2030
|
|
675,000
|
668,959
|
|
6.25%, 1/10/2036
|
|
506,000
|
505,418
|
|
Santos Finance Ltd., 144A, 5.75%, 11/13/2035
|
|
318,000
|
321,740
|
|
Saudi Arabian Oil Co.:
|
|
|
|
|
144A, 5.0%, 2/2/2036
|
|
750,000
|
737,293
|
|
144A, 6.375%, 6/2/2055
|
|
210,000
|
213,961
|
|
Sunoco LP, 144A, 6.25%, 7/1/2033
|
|
550,000
|
562,113
|
|
Targa Resources Corp., 6.05%, 5/15/2056 (b)
|
|
425,000
|
412,632
|
|
Valero Energy Corp., 5.15%, 3/10/2036
|
|
700,000
|
689,225
|
|
Venture Global Plaquemines LNG LLC, 144A, 7.75%, 5/1/2035 (b)
|
|
500,000
|
562,357
|
|
Western Midstream Operating LP:
|
|
|
|
|
4.8%, 3/1/2031
|
|
150,000
|
149,002
|
|
5.45%, 11/15/2034
|
|
320,000
|
318,467
|
|
Williams Companies, Inc., 5.15%, 3/15/2036
|
|
400,000
|
394,237
|
|
|
|
|
12,826,788
|
|
Financials 13.7%
|
|
||
|
AerCap Ireland Capital DAC, 4.75%, 1/15/2033 (b)
|
|
423,000
|
413,611
|
|
Avolon Holdings Funding Ltd.:
|
|
|
|
|
144A, 4.2%, 4/15/2029 (b)
|
|
482,000
|
473,262
|
|
144A, 4.7%, 1/30/2031
|
|
213,000
|
209,230
|
|
Banco Bilbao Vizcaya Argentaria SA, 4.968%, 5/8/2031 (a)
|
|
800,000
|
800,290
|
|
Banco BTG Pactual SA, 144A, 5.5%, 1/27/2031 (b)
|
|
611,000
|
602,599
|
|
Bank of America Corp.:
|
|
|
|
|
5.464%, 5/9/2036
|
|
633,000
|
646,200
|
|
5.489%, 4/23/2037
|
|
623,000
|
619,411
|
|
Banque Federative du Credit Mutuel SA, 144A, 4.541%, 1/15/2031 (b)
|
|
600,000
|
592,953
|
|
Barclays PLC, 4.521%, 2/24/2032
|
|
660,000
|
646,042
|
|
Blackstone Private Credit Fund:
|
|
|
|
|
5.25%, 4/1/2030
|
|
500,000
|
483,847
|
|
5.95%, 7/16/2029
|
|
500,000
|
500,308
|
|
BNP Paribas SA:
|
|
|
|
|
144A, 4.916%, 1/15/2034
|
|
465,000
|
455,582
|
|
144A, 6.875%, Perpetual (b)
|
|
300,000
|
297,967
|
|
144A, 7.2%, Perpetual
|
|
750,000
|
754,400
|
|
CaixaBank SA:
|
|
|
|
|
144A, 4.818%, 4/22/2032
|
|
200,000
|
198,703
|
|
144A, 5.402%, 4/22/2037
|
|
458,000
|
452,460
|
|
Capital One Financial Corp.:
|
|
|
|
|
4.722%, 1/30/2032
|
|
666,000
|
658,097
|
|
5.399%, 1/30/2037
|
|
403,000
|
395,859
|
|
Carlyle Group, Inc., 5.05%, 9/19/2035 (b)
|
|
300,000
|
289,957
|
|
Carlyle Secured Lending, Inc., 5.75%, 2/15/2031
|
|
500,000
|
484,079
|
|
Charles Schwab Corp., Series H, 4.0%, Perpetual
|
|
750,000
|
699,032
|
|
Citadel Finance LLC, 144A, 4.75%, 2/14/2029
|
|
500,000
|
492,206
|
|
Citigroup, Inc.:
|
|
|
|
|
5.174%, 9/11/2036 (b)
|
|
220,000
|
217,947
|
|
6.02%, 1/24/2036
|
|
640,000
|
657,032
|
|
Series FF, 6.95%, Perpetual
|
|
525,000
|
534,291
|
|
EZCORP, Inc., 144A, 7.375%, 4/1/2032
|
|
550,000
|
581,438
|
|
Fidelity National Information Services, Inc., 4.45%, 3/10/2028
|
|
549,000
|
547,460
|
|
First Citizens BancShares, Inc.:
|
|
|
|
|
4.869%, 3/3/2032 (b)
|
|
1,000,000
|
968,828
|
|
5.6%, 9/5/2035
|
|
900,000
|
879,947
|
|
Fiserv, Inc.:
|
|
|
|
|
3.5%, 7/1/2029
|
|
500,000
|
480,719
|
|
5.25%, 8/11/2035 (b)
|
|
500,000
|
487,797
|
|
Global Payments, Inc., 5.55%, 11/15/2035
|
|
400,000
|
385,784
|
|
Goldman Sachs Group, Inc., 5.541%, 1/21/2047
|
|
221,000
|
211,331
|
|
HSBC Holdings PLC:
|
|
|
|
|
6.75%, Perpetual
|
|
200,000
|
202,571
|
|
6.95%, Perpetual (b)
|
|
750,000
|
766,223
|
|
Jane Street Group, 144A, 6.125%, 11/1/2032
|
|
460,000
|
462,418
|
|
Jefferies Financial Group, Inc.:
|
|
|
|
|
5.125%, 4/28/2031
|
|
436,000
|
429,946
|
|
5.5%, 2/15/2036 (b)
|
|
750,000
|
722,252
|
|
JPMorgan Chase & Co.:
|
|
|
|
|
5.148%, 4/23/2037
|
|
750,000
|
745,518
|
|
Series PP, 6.1%, Perpetual (a)
|
|
1,034,000
|
1,034,000
|
|
Series OO, 6.5%, Perpetual
|
|
441,000
|
452,711
|
|
M&T Bank Corp., 5.295%, 4/18/2036
|
|
460,000
|
456,227
|
|
Marsh & McLennan Companies, Inc., 5.45%, 3/15/2053
|
|
240,000
|
225,693
|
|
Mitsubishi UFJ Financial Group, Inc.:
|
|
|
|
|
4.592%, 4/18/2030
|
|
400,000
|
400,007
|
|
5.325%, 4/21/2037
|
|
500,000
|
499,143
|
|
Mizuho Bank Ltd., 144A, 5.185%, 4/16/2036
|
|
215,000
|
213,859
|
|
Morgan Stanley:
|
|
|
|
|
4.809%, 4/16/2032
|
|
500,000
|
498,776
|
|
5.073%, 1/30/2037
|
|
300,000
|
293,529
|
|
5.314%, 1/18/2041
|
|
136,000
|
132,358
|
|
5.664%, 4/17/2036
|
|
300,000
|
308,176
|
|
5.831%, 4/19/2035
|
|
500,000
|
520,223
|
|
PNC Financial Services Group, Inc., 5.423%, 1/25/2041 (b)
|
|
240,000
|
235,372
|
|
Royal Bank of Canada, 6.35%, 11/24/2084
|
|
300,000
|
290,160
|
|
Sompo Holdings, Inc., 144A, 5.411%, 4/22/2037
|
|
300,000
|
295,185
|
|
Standard Chartered PLC, 144A, 5.243%, 1/13/2037
|
|
750,000
|
734,426
|
|
Starwood Property Trust, Inc., 144A, (REIT), 5.25%, 10/15/2028
|
|
346,000
|
344,346
|
|
Sumisho Air Lease Corp., 144A, 4.5%, 3/24/2029
|
|
247,000
|
245,497
|
|
Sumitomo Mitsui Financial Group, Inc.:
|
|
|
|
|
5.57%, 1/15/2047
|
|
200,000
|
193,835
|
|
6.45%, Perpetual
|
|
350,000
|
349,054
|
|
Synchrony Financial, 4.947%, 2/25/2032
|
|
1,000,000
|
976,980
|
|
The Goldman Sachs Group, Inc., 4.939%, 10/21/2036
|
|
288,000
|
279,368
|
|
UBS AG, 4.632%, 2/16/2032
|
|
750,000
|
748,395
|
|
UBS Group AG:
|
|
|
|
|
144A, 4.375%, Perpetual
|
|
301,000
|
275,948
|
|
144A, 5.199%, 8/10/2037
|
|
311,000
|
304,963
|
|
Wells Fargo & Co., 5.433%, 1/23/2047
|
|
450,000
|
427,852
|
|
|
|
|
31,183,680
|
|
Health Care 1.4%
|
|
||
|
Amgen, Inc., 4.85%, 2/19/2036 (b)
|
|
733,000
|
717,184
|
|
CVS Health Corp.:
|
|
|
|
|
5.45%, 9/15/2035
|
|
299,000
|
301,820
|
|
6.2%, 9/15/2055 (b)
|
|
280,000
|
278,657
|
|
Eli Lilly & Co.:
|
|
|
|
|
5.0%, 2/9/2054
|
|
320,000
|
290,026
|
|
5.2%, 8/14/2064
|
|
120,000
|
109,003
|
|
HCA, Inc., 5.0%, 5/15/2033
|
|
1,000,000
|
993,404
|
|
Teva Pharmaceutical Finance Netherlands IV BV, 5.75%, 12/1/2030 (b)
|
|
550,000
|
564,511
|
|
|
|
|
3,254,605
|
|
Industrials 2.4%
|
|
||
|
ADT Security Corp., 144A, 4.875%, 7/15/2032 (b)
|
|
550,000
|
523,803
|
|
Block Financial LLC, 5.375%, 9/15/2032
|
|
480,000
|
468,564
|
|
Boeing Co., 6.858%, 5/1/2054
|
|
330,000
|
366,576
|
|
Burlington Northern Santa Fe LLC, 5.55%, 3/15/2056
|
|
500,000
|
483,715
|
|
Canadian Pacific Railway Co., 5.5%, 3/15/2056
|
|
208,000
|
199,266
|
|
Daimler Truck Finance North America LLC, 144A, 5.0%, 10/12/2032
|
|
441,000
|
439,960
|
|
Fedex Freight Holding Co., Inc., 144A, 4.95%, 3/15/2033
|
|
542,000
|
532,360
|
|
GFL Environmental, Inc., 144A, 6.75%, 1/15/2031
|
|
450,000
|
466,553
|
|
Honeywell Aerospace, Inc.:
|
|
|
|
|
144A, 4.95%, 3/16/2036
|
|
379,000
|
374,698
|
|
144A, 5.732%, 3/16/2056
|
|
450,000
|
442,595
|
|
Norfolk Southern Corp., 5.95%, 3/15/2064 (b)
|
|
500,000
|
499,187
|
|
Southwest Airlines Co., 4.375%, 11/15/2028
|
|
500,000
|
496,347
|
|
United Airlines Holdings, Inc.:
|
|
|
|
|
4.875%, 3/1/2029
|
|
78,000
|
76,835
|
|
5.375%, 3/1/2031
|
|
41,000
|
40,410
|
|
|
|
|
5,410,869
|
|
Information Technology 2.9%
|
|
||
|
AppLovin Corp., 5.95%, 12/1/2054 (b)
|
|
257,000
|
235,749
|
|
Broadcom, Inc.:
|
|
|
|
|
4.9%, 2/15/2038
|
|
583,000
|
563,389
|
|
5.7%, 1/15/2056 (b)
|
|
350,000
|
347,952
|
|
Dell International LLC, 5.1%, 2/15/2036
|
|
375,000
|
368,832
|
|
Foundry JV Holdco LLC, 144A, 6.1%, 1/25/2036
|
|
363,000
|
381,069
|
|
Intel Corp.:
|
|
|
|
|
5.0%, 8/15/2033
|
|
675,000
|
672,363
|
|
5.3%, 5/15/2036
|
|
750,000
|
746,852
|
|
Jabil, Inc.:
|
|
|
|
|
4.2%, 2/1/2029
|
|
296,000
|
292,401
|
|
4.75%, 2/1/2033
|
|
580,000
|
564,913
|
|
Marvell Technology, Inc., 5.3%, 4/15/2036
|
|
585,000
|
585,321
|
|
Microsoft Corp., 2.921%, 3/17/2052 (b)
|
|
465,000
|
295,817
|
|
Oracle Corp.:
|
|
|
|
|
4.95%, 2/4/2031
|
|
671,000
|
656,362
|
|
5.7%, 2/4/2036
|
|
425,000
|
408,148
|
|
6.7%, 2/4/2056
|
|
557,000
|
513,332
|
|
|
|
|
6,632,500
|
|
Materials 1.0%
|
|
||
|
Corp. Nacional del Cobre de Chile, 144A, 5.529%, 1/30/2037
|
|
350,000
|
347,515
|
|
Glencore Funding LLC:
|
|
|
|
|
144A, 4.9%, 7/1/2031
|
|
572,000
|
572,832
|
|
144A, 5.508%, 4/1/2036
|
|
750,000
|
755,273
|
|
Olin Corp., 144A, 6.625%, 4/1/2033 (b)
|
|
159,000
|
157,513
|
|
Rio Tinto Finance USA PLC, 5.875%, 3/14/2065 (b)
|
|
326,000
|
328,210
|
|
|
|
|
2,161,343
|
|
Real Estate 1.4%
|
|
||
|
CBRE Services, Inc., 4.9%, 1/15/2033
|
|
249,000
|
246,133
|
|
Equinix Europe 2 Financing Corp. LLC, (REIT), 4.7%, 3/15/2033
|
|
474,000
|
464,283
|
|
Iron Mountain, Inc., 144A, (REIT), 5.25%, 7/15/2030
|
|
575,000
|
569,050
|
|
RLJ Lodging Trust LP, 144A, (REIT), 4.0%, 9/15/2029
|
|
600,000
|
566,938
|
|
Ventas Realty LP, (REIT), 5.0%, 2/15/2036 (b)
|
|
587,000
|
575,574
|
|
Vornado Realty LP, (REIT), 5.75%, 2/1/2033
|
|
700,000
|
701,187
|
|
|
|
|
3,123,165
|
|
Utilities 5.3%
|
|
||
|
AEP Texas, Inc., 5.85%, 10/15/2055 (b)
|
|
250,000
|
240,368
|
|
Dominion Energy, Inc., 6.625%, 5/15/2055
|
|
250,000
|
255,687
|
|
Edison International, 5.0%, 5/5/2028 (a)
|
|
577,000
|
577,203
|
|
Electricite de France SA, 144A, 6.125%, 4/22/2056
|
|
550,000
|
532,654
|
|
ENEL Finance International NV, 144A, 5.75%, 9/30/2055
|
|
490,000
|
459,036
|
|
Entergy Arkansas LLC, 5.75%, 6/1/2054
|
|
470,000
|
458,822
|
|
Entergy Louisiana LLC, 5.8%, 3/15/2055
|
|
350,000
|
343,922
|
|
Exelon Corp., 6.5%, 3/15/2055
|
|
400,000
|
413,659
|
|
Florida Power & Light Co., 5.6%, 2/15/2066
|
|
450,000
|
429,203
|
|
Idaho Power Co., 4.85%, 3/1/2036
|
|
396,000
|
387,786
|
|
NextEra Energy Capital Holdings, Inc.:
|
|
|
|
|
5.45%, 3/15/2035 (b)
|
|
525,000
|
535,280
|
|
6.375%, 8/15/2055
|
|
500,000
|
510,266
|
|
NRG Energy, Inc.:
|
|
|
|
|
144A, 4.734%, 10/15/2030 (b)
|
|
750,000
|
741,966
|
|
144A, 4.955%, 4/30/2031
|
|
500,000
|
496,567
|
|
144A, 5.407%, 10/15/2035
|
|
313,000
|
306,993
|
|
Pacific Gas and Electric Co.:
|
|
|
|
|
3.95%, 12/1/2047
|
|
350,000
|
255,895
|
|
5.9%, 10/1/2054 (b)
|
|
163,000
|
152,768
|
|
Public Service Co. of Colorado, 5.15%, 9/15/2035
|
|
500,000
|
497,342
|
|
Puget Energy, Inc., 144A, 7.0%, 9/15/2056
|
|
1,000,000
|
1,001,252
|
|
Sempra, 4.125%, 4/1/2052
|
|
1,000,000
|
985,518
|
|
Sierra Pacific Power Co., 5.9%, 3/15/2054
|
|
240,000
|
236,086
|
|
Southwestern Electric Power Co., 5.2%, 4/1/2036
|
|
386,000
|
380,810
|
|
Southwestern Public Service Co., 6.0%, 6/1/2054
|
|
150,000
|
150,731
|
|
Virginia Electric & Power Co., 5.7%, 3/15/2056
|
|
500,000
|
482,036
|
|
Vistra Operations Co. LLC, 144A, 4.7%, 1/31/2031
|
|
1,250,000
|
1,230,628
|
|
|
|
|
12,062,478
|
|
Total Corporate Bonds (Cost $99,491,710)
|
98,490,680
|
||
|
|
|||
|
Mortgage-Backed Securities Pass-Throughs 18.4%
|
|
||
|
Federal Home Loan Mortgage Corp.:
|
|
|
|
|
3.0%, 4/1/2052
|
|
1,571,098
|
1,384,223
|
|
3.5%, with various maturities from 6/1/2028 until 5/1/2044
|
|
305,147
|
288,319
|
|
4.5%, 12/1/2040
|
|
21,735
|
21,561
|
|
5.0%, 11/1/2055
|
|
1,722,819
|
1,718,076
|
|
5.5%, with various maturities from 6/1/2039 until 12/1/2054
|
|
1,884,313
|
1,921,894
|
|
6.0%, 1/1/2055
|
|
4,005,124
|
4,118,294
|
|
Federal National Mortgage Association:
|
|
|
|
|
3.5%, with various maturities from 1/1/2046 until 12/1/2046
|
|
1,167,254
|
1,085,282
|
|
4.5%, 11/1/2043
|
|
126,491
|
124,795
|
|
5.5%, with various maturities from 2/1/2031 until 11/1/2055
|
|
9,622,339
|
9,806,747
|
|
6.0%, with various maturities from 7/1/2054 until 7/1/2055
|
|
20,932,929
|
21,492,232
|
|
Government National Mortgage Association, 4.5%, 7/15/2040
|
|
16,175
|
16,036
|
|
Total Mortgage-Backed Securities Pass-Throughs (Cost $41,810,904)
|
41,977,459
|
||
|
|
|||
|
Asset-Backed 12.0%
|
|
||
|
Automobile Receivables 4.8%
|
|
||
|
Avis Budget Rental Car Funding AESOP LLC:
|
|
|
|
|
“D”, Series 2024-2A, 144A, 7.43%, 10/20/2028
|
|
400,000
|
404,847
|
|
“D”, Series 2023-8A, 144A, 7.52%, 2/20/2030
|
|
650,000
|
655,168
|
|
Bayview Opportunity Master Fund VII LLC, “B”, Series 2024-CAR1, 144A, 30 day
USD SOFR Average + 1.3%, 4.945% (c), 12/26/2031
|
|
76,891
|
77,172
|
|
Foursight Capital Automobile Receivables Trust, “C”, Series 2023-2, 144A, 6.21%,
4/16/2029
|
|
750,000
|
761,286
|
|
Hertz Vehicle Financing III LLC, “A”, Series 2025-6A, 144A, 4.89%, 5/25/2032
|
|
1,875,000
|
1,869,211
|
|
Huntington Bank Auto Credit-Linked Notes, “B1”, Series 2026-1, 144A, 4.503%,
2/20/2034
|
|
1,871,940
|
1,861,314
|
|
Santander Drive Auto Receivables Trust, “D”, Series 2025-4, 4.95%, 1/15/2032
|
|
3,000,000
|
2,985,550
|
|
U.S. Bank NA, “B1”, Series 2026-RVM1, 144A, 4.959%, 12/25/2046
|
|
1,431,557
|
1,417,385
|
|
Yamaha Motor Master Trust II, “A1”, Series 2026-A, 144A, 4.43%, 4/15/2031
|
|
900,000
|
898,793
|
|
|
|
|
10,930,726
|
|
Home Equity Loans 0.1%
|
|
||
|
CIT Home Equity Loan Trust, “AF6”, Series 2002-1, 6.2%, 2/25/2030
|
|
50
|
50
|
|
Towd Point Mortgage Trust, “A1”, Series 2025-CRM1, 144A, 5.799%, 1/25/2065
|
|
359,674
|
360,993
|
|
|
|
|
361,043
|
|
Miscellaneous 7.1%
|
|
||
|
Apidos CLO XVIII-R, “A2R2”, Series 2018-18A, 144A, 3 mo. USD Term SOFR +
1.58%, 5.244% (c), 1/22/2038
|
|
500,000
|
500,666
|
|
ARES LIX CLO Ltd., “C2”, Series 2021-59A, 144A, 3.35%, 4/25/2034
|
|
500,000
|
444,595
|
|
CIFC Funding Ltd., “BR”, Series 2022-7A, 144A, 3 mo. USD Term SOFR + 1.7%,
5.364% (c), 1/22/2038
|
|
442,000
|
443,652
|
|
Cloud Capital Holdco LP, “A2”, Series 2024-1A, 144A, 5.781%, 11/22/2049
|
|
450,000
|
451,246
|
|
CyrusOne Data Centers Issuer I LLC, “A2”, Series 2024-2A, 144A, 4.5%, 5/20/2049
|
|
1,000,000
|
971,881
|
|
Dryden 64 CLO Ltd., “C”, Series 2018-64A, 144A, 3 mo. USD Term SOFR + 2.012%,
5.687% (c), 4/18/2031
|
|
1,200,000
|
1,201,664
|
|
Galaxy 34 CLO Ltd., “A”, Series 2024-34A, 144A, 3 mo. USD Term SOFR + 1.37%,
5.045% (c), 10/20/2037
|
|
500,000
|
500,460
|
|
Jersey Mike's Funding LLC:
|
|
|
|
|
“A2”, Series 2025-1A, 144A, 5.61%, 8/16/2055
|
|
1,791,000
|
1,814,126
|
|
“A2”, Series 2024-1A, 144A, 5.636%, 2/15/2055
|
|
326,700
|
330,181
|
|
Lewey Park CLO Ltd., “A2”, Series 2024-1A, 144A, 3 mo. USD Term SOFR + 1.56%,
5.232% (c), 10/21/2037
|
|
500,000
|
500,425
|
|
NRZ Excess Spread-Collateralized Notes, “A”, Series 2021-GNT1, 144A, 3.474%,
11/25/2026
|
|
296,812
|
293,317
|
|
OCP CLO Ltd., “B1”, Series 2024-36A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.38%
(c), 10/16/2037
|
|
500,000
|
500,523
|
|
OZLM XXIV Ltd., “A1AR”, Series 2019-24A, 144A, 3 mo. USD Term SOFR +
1.422%, 5.097% (c), 7/20/2032
|
|
33,584
|
33,602
|
|
Race Point X CLO Ltd., “C2R”, Series 2016-10A, 144A, 3 mo. USD Term SOFR +
2.262%, 5.928% (c), 7/25/2031
|
|
759,634
|
763,168
|
|
RR 35 Ltd., “A2”, Series 2024-35A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.373% (c),
1/15/2040
|
|
600,000
|
600,833
|
|
SERVPRO Master Issuer LLC, “A2”, Series 2025-1A, 144A, 5.525%, 10/25/2055
|
|
2,985,000
|
2,923,686
|
|
Sixth Street CLO XIV Ltd., “A2R2”, Series 2019-14A, 144A, 3 mo. USD Term SOFR +
1.4%, 5.072% (c), 1/20/2038
|
|
1,000,000
|
998,840
|
|
Switch ABS Issuer LLC, “A2”, Series 2024-2A, 144A, 5.436%, 6/25/2054
|
|
500,000
|
495,863
|
|
Taco Bell Funding LLC, “A2II”, Series 2025-1A, 144A, 5.049%, 8/25/2055
|
|
1,875,000
|
1,833,749
|
|
TICP CLO XI Ltd., “AR”, Series 2018-11A, 144A, 3 mo. USD Term SOFR + 1.53%,
5.197% (c), 4/25/2037
|
|
500,000
|
500,701
|
|
|
|
|
16,103,178
|
|
Total Asset-Backed (Cost $27,336,783)
|
27,394,947
|
||
|
|
|||
|
Commercial Mortgage-Backed Securities 11.4%
|
|
||
|
BAHA Trust:
|
|
|
|
|
“A”, Series 2024-MAR, 144A, 6.171% (c), 12/10/2041
|
|
836,000
|
854,416
|
|
“B”, Series 2024-MAR, 144A, 7.069% (c), 12/10/2041
|
|
650,000
|
671,748
|
|
Benchmark Mortgage Trust, “A4”, Series 2020-IG3, 144A, 2.437%, 9/15/2048
|
|
500,000
|
428,606
|
|
BRCK Trust, “A”, Series 2025-830B, 144A, 4.956%, 12/10/2042
|
|
2,000,000
|
1,986,743
|
|
BX Trust:
|
|
|
|
|
“A”, Series 2019-OC11, 144A, 3.202%, 12/9/2041
|
|
1,000,000
|
948,412
|
|
“D”, Series 2019-OC11, 144A, 4.075% (c), 12/9/2041
|
|
750,000
|
710,800
|
|
CENT Trust, “A”, Series 2025-CITY, 144A, 5.091% (c), 7/10/2040
|
|
1,000,000
|
1,004,647
|
|
CSAIL Commercial Mortgage Trust, “AS”, Series 2016-C6, 3.346%, 1/15/2049
|
|
195,217
|
194,633
|
|
FREMF Mortgage Trust:
|
|
|
|
|
“B”, Series 2018-K75, 144A, 4.11% (c), 4/25/2051
|
|
1,000,000
|
983,491
|
|
“B”, Series 2018-K77, 144A, 4.302% (c), 5/25/2051
|
|
1,832,000
|
1,806,335
|
|
Hawaii Hotel Trust, “B”, Series 2025-MAUI, 144A, 1 mo. USD Term SOFR + 1.742%,
5.397% (c), 3/15/2042
|
|
250,000
|
250,156
|
|
Hudson Yards Mortgage Trust:
|
|
|
|
|
“A”, Series 2025-SPRL, 144A, 5.649% (c), 1/13/2040
|
|
190,000
|
194,495
|
|
“B”, Series 2025-SPRL, 144A, 5.95% (c), 1/13/2040
|
|
225,000
|
230,266
|
|
“C”, Series 2025-SPRL, 144A, 6.15% (c), 1/13/2040
|
|
1,135,000
|
1,161,814
|
|
ILPT Commercial Mortgage Trust, “D”, Series 2025-LPF2, 144A, 6.725% (c),
7/13/2042
|
|
1,000,000
|
1,005,163
|
|
JPMorgan Chase Commercial Mortgage Securities Trust:
|
|
|
|
|
“A”, Series 2021-1MEM, 144A, 2.516%, 10/9/2042
|
|
1,750,000
|
1,475,160
|
|
“A”, Series 2018-PHH, 144A, 1 mo. USD Term SOFR + 1.257%, 4.912% (c),
6/15/2035
|
|
1,938,171
|
1,259,870
|
|
KIND Trust, “A”, Series 2021-KIND, 144A, 1 mo. USD Term SOFR + 1.064%, 4.72%
(c), 8/15/2038
|
|
495,860
|
494,042
|
|
Manhattan West Mortgage Trust, “A”, Series 2020-1MW, 144A, 2.13%, 9/10/2039
|
|
2,000,000
|
1,931,023
|
|
MRCD Mortgage Trust, “B”, Series 2019-PARK, 144A, 2.718%, 12/15/2036
|
|
155,000
|
127,295
|
|
MTN Commercial Mortgage Trust:
|
|
|
|
|
“A”, Series 2026-LPFX, 144A, 5.153%, 5/15/2043 (a)
|
|
833,000
|
833,442
|
|
“B”, Series 2026-LPFX, 144A, 5.455%, 5/15/2043 (a)
|
|
741,000
|
741,434
|
|
“C”, Series 2026-LPFX, 144A, 5.757%, 5/15/2043 (a)
|
|
500,000
|
500,293
|
|
ROCK Trust:
|
|
|
|
|
“B”, Series 2024-CNTR, 144A, 5.93%, 11/13/2041
|
|
1,000,000
|
1,022,046
|
|
“C”, Series 2024-CNTR, 144A, 6.471%, 11/13/2041
|
|
450,000
|
464,795
|
|
“E”, Series 2024-CNTR, 144A, 8.819%, 11/13/2041
|
|
300,000
|
313,935
|
|
SLG Office Trust:
|
|
|
|
|
“A”, Series 2021-OVA, 144A, 2.585%, 7/15/2041
|
|
1,000,000
|
892,200
|
|
“F”, Series 2021-OVA, 144A, 2.851%, 7/15/2041
|
|
1,000,000
|
828,500
|
|
SWCH Commercial Mortgage Trust, “A”, Series 2025-DATA, 144A, 1 mo. USD Term
SOFR + 1.443%, 5.098% (c), 2/15/2042
|
|
500,000
|
495,625
|
|
SYCA Commercial Mortgage Trust:
|
|
|
|
|
“A”, Series 2025-WAG, 144A, 5.433% (c), 11/10/2042
|
|
1,000,000
|
996,748
|
|
“B”, Series 2025-WAG, 144A, 5.884% (c), 11/10/2042
|
|
1,000,000
|
994,861
|
|
UBS Commercial Mortgage Trust, “A3”, Series 2017-C4, 3.301%, 10/15/2050
|
|
91,011
|
89,848
|
|
Total Commercial Mortgage-Backed Securities (Cost $26,122,040)
|
25,892,842
|
||
|
|
|||
|
Collateralized Mortgage Obligations 7.4%
|
|
||
|
Alternative Loan Trust, “1A4”, Series 2006-43CB, 6.0% , 2/25/2037
|
|
95,765
|
47,996
|
|
Arroyo Mortgage Trust, “A1”, Series 2021-1R, 144A, 1.175% , 10/25/2048
|
|
1,226,239
|
1,128,264
|
|
Banc of America Mortgage Trust, “2A2”, Series 2004-A, 5.276% (c), 2/25/2034
|
|
27,801
|
27,495
|
|
Bear Stearns Adjustable Rate Mortgage Trust, “2A1”, Series 2005-11, 6.968% (c),
12/25/2035
|
|
40,939
|
42,241
|
|
CHL Mortgage Pass Through Trust, “2A5”, Series 2004-13, 5.75% , 8/25/2034
|
|
90,257
|
88,983
|
|
CSFB Mortgage-Backed Pass-Through Certificates, “10A3”, Series 2005-10, 6.0% ,
11/25/2035
|
|
191,345
|
42,066
|
|
Federal Home Loan Mortgage Corp.:
|
|
|
|
|
“DI”, Series 5011, Interest Only, 2.0%, 7/25/2050
|
|
4,540,016
|
608,939
|
|
“MI”, Series 5034, Interest Only, 2.0%, 11/25/2050
|
|
2,937,139
|
402,827
|
|
“MI”, Series 5135, Interest Only, 2.5%, 8/25/2051
|
|
7,555,043
|
837,847
|
|
“P”, Series 4916, 3.0%, 9/25/2049
|
|
1,299,327
|
1,167,380
|
|
“JI”, Series 5236, Interest Only, 4.0%, 2/25/2052
|
|
3,964,956
|
424,686
|
|
“6”, Series 233, Interest Only, 4.5%, 8/15/2035
|
|
44,583
|
5,429
|
|
Federal National Mortgage Association:
|
|
|
|
|
“AO”, Series 2023-53, Principal Only, Zero Coupon, 11/25/2053
|
|
857,302
|
731,048
|
|
“C2”, Series 432, Interest Only, 2.0%, 7/25/2037
|
|
4,463,771
|
289,796
|
|
“MS”, Series 2025-35, 82.915% minus (16.75 x 30 day USD SOFR Average), 10.05%
(c), 5/25/2055
|
|
148,795
|
154,138
|
|
Government National Mortgage Association:
|
|
|
|
|
“GA”, Series 2021-122, 1.0%, 11/20/2047
|
|
965,443
|
784,819
|
|
Series 2021-19, Interest Only, 2.0%, 1/20/2051
|
|
11,396,731
|
1,396,265
|
|
“ID”, Series 2023-151, Interest Only, 2.0%, 8/20/2051
|
|
7,382,486
|
936,830
|
|
“SA”, Series 2014-10, Interest Only, 5.936% minus 1 mo. USD Term SOFR, 2.271%
(c), 1/16/2044
|
|
1,144,984
|
106,084
|
|
“QI”, Series 2021-225, Interest Only, 2.5%, 12/20/2051
|
|
7,771,653
|
1,012,220
|
|
“DI”, Series 2014-102, Interest Only, 3.5%, 7/16/2029
|
|
16,162
|
230
|
|
“HI”, Series 2015-77, Interest Only, 4.0%, 5/20/2045
|
|
633,362
|
123,782
|
|
“WI”, Series 2020-191, Interest Only, 4.5%, 12/20/2050
|
|
2,699,288
|
481,954
|
|
“ZT”, Series 2025-2, 4.5%, 5/20/2064
|
|
1,057,751
|
1,012,122
|
|
“AZ”, Series 2023-120, 5.5%, 8/20/2053
|
|
2,315,160
|
2,336,453
|
|
“SL”, Series 2025-98, 21.083% minus (3.667 x 30 day USD SOFR Average), 7.736%
(c), 6/20/2055
|
|
113,881
|
114,248
|
|
JPMorgan Mortgage Trust:
|
|
|
|
|
“A11”, Series 2024-6, 144A, 30 day USD SOFR Average + 1.25%, 4.895% (c),
12/25/2054
|
|
414,885
|
414,493
|
|
“2A1”, Series 2006-A2, 4.905% (c), 4/25/2036
|
|
160,628
|
137,892
|
|
Merrill Lynch Mortgage Investors Trust, “2A”, Series 2003-A6, 6.732% (c), 10/25/2033
|
|
53,723
|
53,140
|
|
RCKT Mortgage Trust, “A2”, Series 2024-INV2, 144A, 5.5% , 9/25/2054
|
|
840,973
|
841,269
|
|
Western Alliance Bank, “M1”, Series 2021-CL2, 144A, 30 day USD SOFR Average +
3.15%, 6.795% (c), 7/25/2059
|
|
1,020,653
|
1,094,576
|
|
Total Collateralized Mortgage Obligations (Cost $16,853,883)
|
16,845,512
|
||
|
|
|||
|
Government & Agency Obligations 6.4%
|
|
||
|
Sovereign Bonds 0.9%
|
|
||
|
African Development Bank, 5.875%, Perpetual
|
|
400,000
|
390,918
|
|
Brazilian Government International Bond, 6.25%, 5/22/2036
|
|
250,000
|
248,625
|
|
Eagle Funding Luxco SARL, 144A, 5.5%, 8/17/2030
|
|
621,000
|
625,782
|
|
Mexico Government International Bond:
|
|
|
|
|
5.375%, 3/22/2033
|
|
384,000
|
376,531
|
|
5.625%, 2/9/2034
|
|
431,000
|
425,470
|
|
|
|
|
2,067,326
|
|
U.S. Treasury Obligations 5.5%
|
|
||
|
U.S. Treasury Bills:
|
|
|
|
|
3.521% (d), 8/6/2026 (e)
|
|
1,380,000
|
1,366,643
|
|
3.529% (d), 8/6/2026 (e)
|
|
50,000
|
49,516
|
|
U.S. Treasury Bonds:
|
|
|
|
|
4.625%, 2/15/2046
|
|
3,030,100
|
2,893,745
|
|
4.75%, 2/15/2056
|
|
2,727,000
|
2,625,590
|
|
U.S. Treasury Notes:
|
|
|
|
|
3.875%, 4/15/2029
|
|
1,750,000
|
1,748,223
|
|
3.875%, 3/31/2031
|
|
2,753,500
|
2,735,215
|
|
4.125%, 2/15/2036
|
|
100,000
|
97,890
|
|
4.25%, 3/31/2033
|
|
1,079,000
|
1,082,035
|
|
|
|
|
12,598,857
|
|
Total Government & Agency Obligations (Cost 14,775,315)
|
14,666,183
|
||
|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Warrants 0.0%
|
|
||
|
Materials
|
|
||
|
Hercules Trust II, Expiration Date 3/31/2029* (f) (Cost $70,220)
|
|
315
|
2,158
|
|
|
|||
|
Securities Lending Collateral 0.5%
|
|
||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 3.56% (g) (h) (Cost $1,122,803)
|
|
1,122,803
|
1,122,803
|
|
|
|||
|
Cash Equivalents 1.2%
|
|
||
|
DWS Central Cash Management Government Fund, 3.67% (g) (Cost $2,693,301)
|
|
2,693,301
|
2,693,301
|
|
|
|||
|
|
|
% of Net
Assets
|
Value ($)
|
|
Total Investment Portfolio (Cost $230,276,959)
|
100.6
|
229,085,885
|
|
|
Other Assets and Liabilities, Net
|
(0.6
)
|
(1,437,748
)
|
|
|
Net Assets
|
100.0
|
227,648,137
|
|
|
Value ($) at
1/31/2026
|
Purchases
Cost ($)
|
Sales
Proceeds ($)
|
Net Realized
Gain/
(Loss) ($)
|
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
|
Income ($)
|
Capital Gain
Distributions ($)
|
Number
of Shares
at
4/30/2026
|
Value ($) at
4/30/2026
|
|
Securities Lending Collateral 0.5%
|
||||||||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
3.56% (g) (h)
|
||||||||
|
3,123,270
|
—
|
2,000,467 (i)
|
—
|
—
|
3,338
|
—
|
1,122,803
|
1,122,803
|
|
Cash Equivalents 1.2%
|
||||||||
|
DWS Central Cash Management Government Fund, 3.67% (g)
|
||||||||
|
4,529,834
|
37,028,407
|
38,864,940
|
—
|
—
|
46,842
|
—
|
2,693,301
|
2,693,301
|
|
7,653,104
|
37,028,407
|
40,865,407
|
—
|
—
|
50,180
|
—
|
3,816,104
|
3,816,104
|
|
*
|
Non-income producing security.
|
|
(a)
|
When-issued or delayed delivery securities included.
|
|
(b)
|
All or a portion of these securities were on loan. In addition, "Other Assets and
Liabilities, Net" may include pending sales that
are also on loan. The value of securities loaned at April 30, 2026 amounted to $9,738,632,
which is 4.3% of net assets.
|
|
(c)
|
Variable or floating rate security. These securities are shown at their current rate
as of April 30, 2026. For securities based on a
published reference rate and spread, the reference rate and spread are indicated within
the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust
periodically based on current market conditions,
prepayment of underlying positions and/or other variables. Securities with a floor
or ceiling feature are disclosed at the inherent
rate, where applicable.
|
|
(d)
|
Annualized yield at time of purchase; not a coupon rate.
|
|
(e)
|
At April 30, 2026, this security has been pledged, in whole or in part, to cover initial
margin requirements for open futures
contracts.
|
|
(f)
|
Investment was valued using significant unobservable inputs.
|
|
(g)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown
is the annualized seven-day yield at
period end.
|
|
(h)
|
Represents cash collateral held in connection with securities lending. Income earned
by the Fund is net of borrower rebates. In
addition, the Fund held non-cash U.S. Treasury securities collateral having a value
of $8,942,250.
|
|
(i)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount
invested in cash collateral for the period
ended April 30, 2026.
|
|
144A: Security exempt from registration under Rule 144A under the Securities Act of
1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
|
|
CLO: Collateralized Loan Obligation
|
|
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments
on a pool of underlying mortgages or
mortgage-backed securities. IO securities are subject to prepayment risk of the pool
of underlying mortgages.
|
|
Perpetual: Callable security with no stated maturity date.
|
|
Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or
mortgage-backed securities.
|
|
REIT: Real Estate Investment Trust
|
|
SOFR: Secured Overnight Financing Rate
|
|
UFJ: United Financial of Japan
|
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Depreciation ($)
|
|
10 Year
U.S. Treasury
Note
|
USD
|
6/18/2026
|
313
|
35,226,071
|
34,615,844
|
(610,227
)
|
|
2 Year
U.S. Treasury
Note
|
USD
|
6/30/2026
|
108
|
22,567,204
|
22,369,500
|
(197,704
)
|
|
5 Year
U.S. Treasury
Note
|
USD
|
6/30/2026
|
56
|
6,076,513
|
6,038,812
|
(37,701
)
|
|
Euro-BTP Italian
Bond
|
EUR
|
6/8/2026
|
80
|
11,016,602
|
10,981,605
|
(34,997
)
|
|
Ultra Long
U.S. Treasury
Bond
|
USD
|
6/18/2026
|
66
|
7,959,370
|
7,592,062
|
(367,308
)
|
|
Total unrealized depreciation
|
(1,247,937
)
|
|||||
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation ($)
|
|
Eurex 10 Year
Euro BUND
|
EUR
|
6/8/2026
|
70
|
10,347,112
|
10,299,011
|
48,101
|
|
U.S. Treasury
Long Bond
|
USD
|
6/18/2026
|
5
|
572,330
|
564,218
|
8,112
|
|
Ultra 10 Year
U.S. Treasury
Note
|
USD
|
6/18/2026
|
47
|
5,341,642
|
5,304,390
|
37,252
|
|
Total unrealized appreciation
|
93,465
|
|||||
|
EUR
|
Euro
|
|
USD
|
United States Dollar
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Corporate Bonds (a)
|
$—
|
$98,490,680
|
$—
|
$98,490,680
|
|
Mortgage-Backed Securities Pass-Throughs
|
—
|
41,977,459
|
—
|
41,977,459
|
|
Asset-Backed (a)
|
—
|
27,394,947
|
—
|
27,394,947
|
|
Commercial Mortgage-Backed Securities
|
—
|
25,892,842
|
—
|
25,892,842
|
|
Collateralized Mortgage Obligations
|
—
|
16,845,512
|
—
|
16,845,512
|
|
Government & Agency Obligations (a)
|
—
|
14,666,183
|
—
|
14,666,183
|
|
Warrants
|
—
|
—
|
2,158
|
2,158
|
|
Short-Term Investments (a)
|
3,816,104
|
—
|
—
|
3,816,104
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
93,465
|
—
|
—
|
93,465
|
|
Total
|
$3,909,569
|
$225,267,623
|
$2,158
|
$229,179,350
|
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
$(1,247,937
)
|
$—
|
$—
|
$(1,247,937
)
|
|
Total
|
$(1,247,937
)
|
$—
|
$—
|
$(1,247,937
)
|
|
(a)
|
See Investment Portfolio for additional detailed categorizations.
|
|
(b)
|
Derivatives include unrealized appreciation (depreciation) on open futures contracts.
|