|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Agency securities: 27.91%
|
|
|
|
|
|
|
|
FHLMC
|
|
2.00
%
|
10-1-2051
|
$
|
37,185,304
|
$29,953,955
|
|
FHLMC
|
|
2.00
|
1-1-2052
|
|
33,626,484
|
27,053,413
|
|
FHLMC
|
|
2.00
|
3-1-2052
|
|
22,734,459
|
18,266,717
|
|
FHLMC
|
|
2.00
|
6-1-2052
|
|
7,464,281
|
5,997,190
|
|
FHLMC
|
|
2.50
|
8-1-2037
|
|
4,020,028
|
3,787,235
|
|
FHLMC
|
|
2.50
|
9-1-2050
|
|
8,817,033
|
7,396,969
|
|
FHLMC
|
|
2.50
|
12-1-2050
|
|
23,883,596
|
20,030,707
|
|
FHLMC
|
|
2.50
|
6-1-2051
|
|
98,251,338
|
82,425,796
|
|
FHLMC
|
|
2.50
|
11-1-2051
|
|
8,196,075
|
7,010,385
|
|
FHLMC
|
|
2.50
|
4-1-2052
|
|
26,190,909
|
22,060,252
|
|
FHLMC
|
|
3.00
|
9-1-2034
|
|
195,404
|
187,110
|
|
FHLMC
|
|
3.00
|
6-1-2050
|
|
418,655
|
373,135
|
|
FHLMC
|
|
3.00
|
7-1-2050
|
|
1,293,346
|
1,152,336
|
|
FHLMC
|
|
3.00
|
8-1-2050
|
|
1,777,435
|
1,572,991
|
|
FHLMC
|
|
3.00
|
11-1-2050
|
|
23,225,266
|
20,391,743
|
|
FHLMC
|
|
3.00
|
3-1-2052
|
|
207,564
|
182,975
|
|
FHLMC
|
|
3.00
|
5-1-2052
|
|
17,220,541
|
15,143,311
|
|
FHLMC
|
|
3.00
|
6-1-2052
|
|
439,384
|
384,660
|
|
FHLMC
|
|
3.00
|
6-1-2053
|
|
14,467,311
|
12,687,102
|
|
FHLMC
|
|
3.50
|
7-1-2038
|
|
10,364,642
|
9,919,654
|
|
FHLMC
|
|
3.50
|
12-1-2045
|
|
764,021
|
711,314
|
|
FHLMC
|
|
3.50
|
5-1-2052
|
|
82,517
|
75,307
|
|
FHLMC
|
|
4.00
|
6-1-2037
|
|
1,919,042
|
1,864,509
|
|
FHLMC
|
|
4.00
|
4-1-2038
|
|
11,073,132
|
10,768,387
|
|
FHLMC
|
|
4.00
|
6-1-2044
|
|
455,600
|
436,375
|
|
FHLMC
|
|
4.00
|
5-1-2049
|
|
772,335
|
733,973
|
|
FHLMC
|
|
4.00
|
6-1-2052
|
|
4,803,950
|
4,521,747
|
|
FHLMC
|
|
4.00
|
8-1-2052
|
|
6,665,783
|
6,253,040
|
|
FHLMC
|
|
4.00
|
11-1-2053
|
|
18,378,277
|
17,220,142
|
|
FHLMC
|
|
4.00
|
5-1-2054
|
|
12,736,087
|
11,930,915
|
|
FHLMC
|
|
4.50
|
5-1-2053
|
|
11,402,740
|
11,023,730
|
|
FHLMC
|
|
5.00
|
6-1-2036
|
|
52,991
|
53,561
|
|
FHLMC
|
|
5.00
|
8-1-2040
|
|
58,353
|
58,983
|
|
FHLMC
|
|
5.00
|
7-1-2052
|
|
16,485,602
|
16,378,085
|
|
FHLMC
|
|
5.00
|
11-1-2052
|
|
14,922,995
|
14,784,112
|
|
FHLMC
|
|
5.00
|
5-1-2053
|
|
10,532,718
|
10,440,207
|
|
FHLMC
|
|
5.00
|
12-1-2053
|
|
9,644,007
|
9,578,578
|
|
FHLMC
|
|
5.00
|
12-1-2054
|
|
16,702,833
|
16,449,266
|
|
FHLMC
|
|
5.00
|
2-1-2056
|
|
85,337,581
|
83,999,166
|
|
FHLMC
|
|
5.00
|
5-1-2056
|
|
32,549,729
|
32,039,226
|
|
FHLMC
|
|
5.50
|
8-1-2038
|
|
14,610
|
15,004
|
|
FHLMC
|
|
5.50
|
12-1-2038
|
|
118,781
|
121,983
|
|
FHLMC
|
|
5.50
|
6-1-2040
|
|
222,975
|
228,525
|
|
FHLMC
|
|
5.50
|
11-1-2052
|
|
86,681
|
87,531
|
|
FHLMC
|
|
5.50
|
3-1-2053
|
|
57,783,673
|
58,340,198
|
|
FHLMC
|
|
5.50
|
9-1-2053
|
|
18,275,439
|
18,468,985
|
|
FHLMC
|
|
5.50
|
1-1-2054
|
|
50,237,968
|
50,567,703
|
|
FHLMC
|
|
5.50
|
2-1-2055
|
|
15,017,737
|
15,092,821
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Agency securities(continued)
|
|
|
|
|
|
|
|
FHLMC
|
|
5.50
%
|
9-1-2055
|
$
|
46,959,406
|
$47,194,187
|
|
FHLMC
|
|
6.00
|
5-1-2054
|
|
23,190,324
|
23,693,805
|
|
FHLMC
|
|
6.00
|
9-1-2054
|
|
9,407,669
|
9,611,917
|
|
FHLMC
|
|
6.00
|
12-1-2055
|
|
33,833,348
|
34,567,897
|
|
FHLMC
|
|
6.50
|
7-1-2055
|
|
40,883,816
|
42,633,999
|
|
FHLMC
|
|
6.50
|
9-1-2055
|
|
13,817,711
|
14,358,352
|
|
FHLMC
|
|
8.00
|
2-1-2030
|
|
19
|
19
|
|
FHLMC Structured Pass-Through Certificates
Series T-42 Class A5
|
|
7.50
|
2-25-2042
|
|
659,163
|
699,088
|
|
FHLMC Structured Pass-Through Certificates
Series T-57 Class 2A1±±
|
|
4.89
|
7-25-2043
|
|
20,817
|
20,304
|
|
FHLMC Structured Pass-Through Certificates
Series T-59 Class 2A1±±
|
|
4.21
|
10-25-2043
|
|
90,245
|
83,056
|
|
FHLMC Whole Loan Securities Trust Series 2015-SC01
Class 1A
|
|
3.50
|
5-25-2045
|
|
80,973
|
72,932
|
|
FHLMC (RFUCCT1Y+1.33%)±
|
|
5.58
|
1-1-2036
|
|
2,048
|
2,076
|
|
FNMA
|
|
2.00
|
4-1-2051
|
|
20,876,999
|
16,712,632
|
|
FNMA
|
|
2.00
|
5-1-2051
|
|
65,396,743
|
52,747,928
|
|
FNMA
|
|
2.00
|
8-1-2051
|
|
9,892,823
|
7,971,604
|
|
FNMA
|
|
2.00
|
10-1-2051
|
|
112,373,426
|
90,584,210
|
|
FNMA
|
|
2.00
|
12-1-2051
|
|
8,938,048
|
7,186,995
|
|
FNMA
|
|
2.00
|
1-1-2052
|
|
21,563,369
|
17,290,685
|
|
FNMA
|
|
2.00
|
2-1-2052
|
|
30,003,953
|
24,150,742
|
|
FNMA
|
|
2.00
|
6-1-2052
|
|
2,465,144
|
1,977,049
|
|
FNMA
|
|
2.50
|
12-1-2050
|
|
16,475,074
|
13,840,220
|
|
FNMA
|
|
2.50
|
12-1-2051
|
|
31,469,513
|
26,402,176
|
|
FNMA
|
|
2.50
|
1-1-2052
|
|
8,970,495
|
7,539,069
|
|
FNMA
|
|
2.50
|
2-1-2052
|
|
14,995,152
|
12,574,597
|
|
FNMA
|
|
2.50
|
3-1-2052
|
|
14,236,970
|
11,986,182
|
|
FNMA
|
|
3.00
|
11-1-2045
|
|
408,260
|
367,578
|
|
FNMA
|
|
3.00
|
12-1-2045
|
|
1,036,563
|
934,024
|
|
FNMA
|
|
3.00
|
12-1-2046
|
|
570,422
|
509,409
|
|
FNMA
|
|
3.00
|
8-1-2050
|
|
1,486,821
|
1,311,240
|
|
FNMA
|
|
3.00
|
10-1-2051
|
|
18,444,390
|
16,242,770
|
|
FNMA
|
|
3.00
|
11-1-2051
|
|
30,903,876
|
27,231,160
|
|
FNMA
|
|
3.00
|
1-1-2052
|
|
6,771,603
|
5,923,172
|
|
FNMA
|
|
3.00
|
2-1-2052
|
|
6,252,395
|
5,502,465
|
|
FNMA
|
|
3.00
|
6-1-2052
|
|
18,029,939
|
15,760,596
|
|
FNMA
|
|
3.00
|
8-1-2052
|
|
20,054,198
|
17,549,571
|
|
FNMA%%
|
|
3.00
|
6-11-2056
|
|
10,650,000
|
9,299,906
|
|
FNMA
|
|
3.50
|
12-1-2037
|
|
11,184,374
|
10,701,157
|
|
FNMA
|
|
3.50
|
10-1-2043
|
|
431,115
|
402,056
|
|
FNMA
|
|
3.50
|
4-1-2045
|
|
60,250
|
56,113
|
|
FNMA
|
|
3.50
|
8-1-2045
|
|
917,134
|
854,144
|
|
FNMA
|
|
3.50
|
3-1-2048
|
|
1,949,873
|
1,795,376
|
|
FNMA
|
|
3.50
|
6-1-2052
|
|
44,302,646
|
40,395,458
|
|
FNMA
|
|
3.50
|
8-1-2052
|
|
8,534,163
|
7,761,711
|
|
FNMA
|
|
3.50
|
9-1-2052
|
|
18,349,864
|
16,705,555
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Agency securities(continued)
|
|
|
|
|
|
|
|
FNMA
|
|
3.62
%
|
3-1-2029
|
$
|
415,519
|
$408,677
|
|
FNMA
|
|
4.00
|
8-1-2037
|
|
3,939,939
|
3,832,624
|
|
FNMA
|
|
4.00
|
9-1-2037
|
|
3,739,575
|
3,637,719
|
|
FNMA
|
|
4.00
|
1-1-2038
|
|
3,522,409
|
3,424,373
|
|
FNMA
|
|
4.00
|
11-1-2039
|
|
6,369,541
|
6,189,850
|
|
FNMA
|
|
4.00
|
2-1-2046
|
|
109,383
|
104,393
|
|
FNMA
|
|
4.00
|
4-1-2046
|
|
635,745
|
607,002
|
|
FNMA
|
|
4.00
|
6-1-2048
|
|
645,809
|
609,778
|
|
FNMA
|
|
4.00
|
2-1-2050
|
|
863,692
|
819,448
|
|
FNMA
|
|
4.00
|
10-1-2052
|
|
42,833,313
|
40,213,713
|
|
FNMA
|
|
4.00
|
6-1-2053
|
|
22,569,498
|
21,215,060
|
|
FNMA
|
|
4.00
|
9-1-2053
|
|
11,185,186
|
10,491,965
|
|
FNMA
|
|
4.50
|
11-1-2048
|
|
578,287
|
564,116
|
|
FNMA
|
|
4.50
|
6-1-2052
|
|
35,005,121
|
33,762,817
|
|
FNMA
|
|
4.50
|
9-1-2052
|
|
31,308,919
|
30,192,909
|
|
FNMA
|
|
4.50
|
4-1-2053
|
|
29,139,310
|
28,164,265
|
|
FNMA
|
|
5.00
|
2-1-2036
|
|
6,074
|
6,132
|
|
FNMA
|
|
5.00
|
6-1-2040
|
|
17,404
|
17,570
|
|
FNMA
|
|
5.00
|
8-1-2040
|
|
441,914
|
443,341
|
|
FNMA
|
|
5.00
|
3-1-2053
|
|
5,422,356
|
5,368,894
|
|
FNMA
|
|
5.00
|
11-1-2054
|
|
27,481,277
|
27,066,202
|
|
FNMA
|
|
5.00
|
11-1-2055
|
|
23,294,948
|
22,929,596
|
|
FNMA
|
|
5.50
|
8-1-2034
|
|
22,784
|
23,086
|
|
FNMA
|
|
5.50
|
2-1-2035
|
|
6,678
|
6,779
|
|
FNMA
|
|
5.50
|
8-1-2038
|
|
136,760
|
138,427
|
|
FNMA
|
|
5.50
|
2-1-2053
|
|
32,239,764
|
32,641,280
|
|
FNMA
|
|
5.50
|
6-1-2053
|
|
10,249,591
|
10,361,657
|
|
FNMA
|
|
5.50
|
1-1-2054
|
|
12,665,338
|
12,751,379
|
|
FNMA
|
|
5.50
|
12-1-2054
|
|
17,301,189
|
17,387,689
|
|
FNMA
|
|
5.50
|
1-1-2055
|
|
75,333,035
|
75,709,675
|
|
FNMA
|
|
5.50
|
12-1-2055
|
|
10,328,151
|
10,379,789
|
|
FNMA
|
|
5.50
|
1-1-2056
|
|
15,056,948
|
15,132,227
|
|
FNMA%%
|
|
5.50
|
6-11-2056
|
|
21,670,000
|
21,765,640
|
|
FNMA%%
|
|
5.50
|
7-13-2056
|
|
53,420,000
|
53,574,386
|
|
FNMA
|
|
6.00
|
10-1-2037
|
|
150,784
|
157,984
|
|
FNMA
|
|
6.00
|
11-1-2037
|
|
8,647
|
9,036
|
|
FNMA
|
|
6.00
|
6-1-2054
|
|
11,287,046
|
11,630,797
|
|
FNMA
|
|
6.00
|
5-1-2055
|
|
123,779,408
|
126,466,758
|
|
FNMA
|
|
6.00
|
9-1-2055
|
|
14,929,811
|
15,253,949
|
|
FNMA%%
|
|
6.00
|
6-11-2056
|
|
10,695,000
|
10,920,345
|
|
FNMA
|
|
6.50
|
7-1-2036
|
|
5,398
|
5,703
|
|
FNMA
|
|
6.50
|
11-1-2036
|
|
985
|
1,041
|
|
FNMA
|
|
6.50
|
11-1-2054
|
|
43,330,347
|
45,025,719
|
|
FNMA
|
|
6.50
|
9-1-2055
|
|
14,587,157
|
15,157,903
|
|
FNMA%%
|
|
6.50
|
6-11-2056
|
|
13,380,000
|
13,907,519
|
|
FNMA
|
|
7.00
|
7-1-2036
|
|
4,110
|
4,345
|
|
FNMA
|
|
7.00
|
11-1-2037
|
|
2,393
|
2,421
|
|
FNMA (1 Year Treasury Constant Maturity+2.24%)±
|
|
5.98
|
11-1-2038
|
|
6,231
|
6,500
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Agency securities(continued)
|
|
|
|
|
|
|
|
FNMA (1 Year Treasury Constant Maturity+2.30%)±
|
|
6.11
%
|
8-1-2036
|
$
|
121,937
|
$126,653
|
|
FNMA (RFUCCT1Y+1.61%)±
|
|
5.74
|
5-1-2046
|
|
133,614
|
138,073
|
|
FNMA (RFUCCT1Y+1.61%)±
|
|
5.86
|
3-1-2046
|
|
122,980
|
127,211
|
|
FNMA (RFUCCT1Y+1.73%)±
|
|
6.48
|
9-1-2036
|
|
2,760
|
2,839
|
|
FNMA (RFUCCT1Y+1.81%)±
|
|
6.53
|
8-1-2036
|
|
11,911
|
12,328
|
|
FNMA Series 2002-T12 Class A3
|
|
7.50
|
5-25-2042
|
|
2,809
|
2,969
|
|
FNMA Series 2003-W14 Class 2A±±
|
|
4.94
|
1-25-2043
|
|
78,819
|
77,179
|
|
FNMA Series 2003-W8 Class 4A±±
|
|
4.91
|
11-25-2042
|
|
40,206
|
40,366
|
|
FNMA Series 2004-W11 Class 1A3
|
|
7.00
|
5-25-2044
|
|
462,469
|
463,772
|
|
FNMA Series 2004-W15 Class 1A3
|
|
7.00
|
8-25-2044
|
|
96,196
|
99,442
|
|
FNMA Series 2005-W4 Class 3A±±
|
|
5.56
|
6-25-2045
|
|
16,748
|
17,055
|
|
GNMA
|
|
2.00
|
1-20-2052
|
|
12,234,193
|
10,039,636
|
|
GNMA
|
|
2.00
|
3-20-2052
|
|
28,104,288
|
23,062,970
|
|
GNMA
|
|
2.50
|
8-20-2051
|
|
68,049,602
|
58,251,800
|
|
GNMA
|
|
2.50
|
9-20-2051
|
|
15,416,186
|
13,201,080
|
|
GNMA
|
|
2.50
|
12-20-2051
|
|
10,383,632
|
8,891,581
|
|
GNMA
|
|
2.50
|
1-20-2052
|
|
16,991,281
|
14,548,340
|
|
GNMA
|
|
2.50
|
3-20-2052
|
|
12,220,727
|
10,463,646
|
|
GNMA
|
|
2.50
|
4-20-2052
|
|
16,610,289
|
14,222,048
|
|
GNMA
|
|
2.50
|
5-20-2052
|
|
26,927,436
|
23,055,775
|
|
GNMA
|
|
3.00
|
11-20-2045
|
|
845,144
|
762,154
|
|
GNMA
|
|
3.00
|
4-20-2051
|
|
3,820,813
|
3,399,494
|
|
GNMA
|
|
3.00
|
3-20-2052
|
|
336,191
|
299,107
|
|
GNMA
|
|
3.00
|
4-20-2052
|
|
9,032,964
|
8,036,562
|
|
GNMA
|
|
3.00
|
5-20-2052
|
|
52,896,296
|
47,061,445
|
|
GNMA
|
|
3.00
|
6-20-2052
|
|
4,786,772
|
4,258,755
|
|
GNMA
|
|
3.50
|
9-20-2047
|
|
471,452
|
435,044
|
|
GNMA
|
|
3.50
|
12-20-2047
|
|
1,013,114
|
933,620
|
|
GNMA
|
|
3.50
|
4-20-2052
|
|
11,927,540
|
10,829,334
|
|
GNMA
|
|
3.50
|
5-20-2052
|
|
4,432,602
|
4,040,898
|
|
GNMA
|
|
3.50
|
8-20-2052
|
|
10,754,055
|
9,773,831
|
|
GNMA
|
|
3.50
|
9-20-2052
|
|
16,588,882
|
15,040,858
|
|
GNMA%%
|
|
3.50
|
6-23-2055
|
|
9,365,000
|
8,435,298
|
|
GNMA
|
|
4.00
|
12-20-2047
|
|
546,445
|
518,510
|
|
GNMA
|
|
4.00
|
11-20-2052
|
|
11,042,960
|
10,380,027
|
|
GNMA
|
|
4.50
|
8-20-2049
|
|
177,008
|
172,415
|
|
GNMA
|
|
4.50
|
7-20-2052
|
|
8,893,378
|
8,627,751
|
|
GNMA
|
|
4.50
|
9-20-2052
|
|
5,815,629
|
5,638,484
|
|
GNMA
|
|
4.50
|
3-20-2053
|
|
14,619,560
|
14,164,087
|
|
GNMA
|
|
4.50
|
11-20-2054
|
|
8,424,345
|
8,111,498
|
|
GNMA
|
|
4.50
|
4-20-2055
|
|
10,332,704
|
9,948,963
|
|
GNMA%%
|
|
4.50
|
6-22-2056
|
|
11,265,000
|
10,835,292
|
|
GNMA
|
|
5.00
|
7-20-2040
|
|
142,715
|
144,742
|
|
GNMA
|
|
5.00
|
9-20-2052
|
|
6,830,496
|
6,791,948
|
|
GNMA
|
|
5.00
|
4-20-2053
|
|
4,071,806
|
4,042,579
|
|
GNMA
|
|
5.00
|
6-20-2053
|
|
12,730,274
|
12,645,355
|
|
GNMA
|
|
5.00
|
8-20-2053
|
|
6,838,297
|
6,780,924
|
|
GNMA
|
|
5.00
|
4-20-2054
|
|
11,048,061
|
10,943,382
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Agency securities(continued)
|
|
|
|
|
|
|
|
GNMA
|
|
5.00
%
|
10-20-2054
|
$
|
13,958,239
|
$13,804,504
|
|
GNMA
|
|
5.00
|
11-20-2054
|
|
153,709,483
|
151,997,655
|
|
GNMA%%
|
|
5.00
|
6-22-2056
|
|
78,140,000
|
77,156,887
|
|
GNMA
|
|
5.50
|
12-20-2052
|
|
10,217,682
|
10,371,315
|
|
GNMA
|
|
5.50
|
4-20-2053
|
|
11,721,357
|
11,889,064
|
|
GNMA
|
|
5.50
|
8-20-2054
|
|
13,874,885
|
13,995,272
|
|
GNMA
|
|
5.50
|
9-20-2054
|
|
52,192,932
|
52,668,784
|
|
GNMA
|
|
5.50
|
12-20-2054
|
|
64,019,785
|
64,522,633
|
|
GNMA
|
|
5.50
|
10-20-2055
|
|
97,023,229
|
97,723,572
|
|
GNMA%%
|
|
5.50
|
6-22-2056
|
|
15,400,000
|
15,494,976
|
|
GNMA
|
|
6.00
|
8-20-2054
|
|
38,407,885
|
39,330,562
|
|
GNMA
|
|
6.00
|
9-20-2054
|
|
38,986,725
|
39,843,927
|
|
GNMA
|
|
6.00
|
5-20-2056
|
|
19,230,000
|
19,621,154
|
|
GNMA
|
|
7.50
|
12-15-2029
|
|
78
|
80
|
|
GNMA Series 2008-22 Class XMƒ±±
|
|
1.40
|
2-16-2050
|
|
191,362
|
1,912
|
|
Total agency securities (Cost $3,073,784,248)
|
|
|
|
|
|
3,058,238,086
|
|
Asset-backed securities: 8.70%
|
|
|
|
|
|
|
|
ACHM Mortgage Trust Series 2024-HE1 Class A144A
|
|
6.55
|
5-25-2039
|
|
2,926,399
|
2,987,320
|
|
ACHM Trust Series 2023-HE2 Class A144A±±
|
|
7.50
|
10-25-2038
|
|
6,198,819
|
6,446,931
|
|
ACHM Trust Series 2024-HE2 Class A144A
|
|
5.35
|
10-25-2039
|
|
4,317,517
|
4,315,935
|
|
ACHM Trust Series 2025-HE1 Class A144A±±
|
|
5.92
|
3-25-2055
|
|
12,226,840
|
12,327,890
|
|
ACREC LLC Series 2025-FL3 Class A (U.S. SOFR 1
Month+1.31%)144A±
|
|
4.94
|
8-18-2042
|
|
9,300,000
|
9,294,889
|
|
Affirm Asset Securitization Trust Series 2024-B
Class A144A
|
|
4.62
|
9-15-2029
|
|
2,500,000
|
2,503,957
|
|
ALLO Issuer LLC Series 2024-1A Class A2144A
|
|
5.94
|
7-20-2054
|
|
7,595,000
|
7,668,413
|
|
Aqua Finance Issuer Trust Series 2026-A Class A144A
|
|
4.76
|
4-17-2051
|
|
7,138,504
|
7,080,946
|
|
Aqua Finance Trust Series 2021-A Class A144A
|
|
1.54
|
7-17-2046
|
|
1,392,908
|
1,272,206
|
|
Avant Loans Funding Trust Series 2024-REV1
Class B144A
|
|
6.17
|
10-15-2033
|
|
1,240,000
|
1,240,750
|
|
Avis Budget Rental Car Funding AESOP LLC
Series 2024-3A Class A144A
|
|
5.23
|
12-20-2030
|
|
1,000,000
|
1,012,927
|
|
Avis Budget Rental Car Funding AESOP LLC
Series 2025-4A Class A144A
|
|
4.40
|
2-20-2032
|
|
24,480,000
|
23,968,948
|
|
Bastion Funding I LLC Series 2023-1A Class A2144A
|
|
7.12
|
4-25-2038
|
|
7,394,299
|
7,434,406
|
|
Bayfront IABS VIII Pte. Ltd. Series 8A Class B
(U.S. SOFR+1.80%)144A±
|
|
5.40
|
7-11-2047
|
|
15,610,000
|
15,601,894
|
|
BHG Owner Loan Trust Series 2026-1CON Class B144A
|
|
5.30
|
6-17-2036
|
|
9,815,000
|
9,779,758
|
|
BHG Securitization Trust Series 2021-A Class B144A
|
|
2.79
|
11-17-2033
|
|
6,515,000
|
6,421,340
|
|
BHG Securitization Trust Series 2025-1CON
Class B144A
|
|
5.26
|
4-17-2036
|
|
4,384,292
|
4,393,724
|
|
Blue Bridge Funding LLC Series 2023-1A Class A144A
|
|
7.37
|
11-15-2030
|
|
384,494
|
386,462
|
|
Blue Bridge Funding LLC Series 2023-1A Class B144A
|
|
9.48
|
11-15-2030
|
|
1,168,000
|
1,185,865
|
|
Bojangles Issuer LLC Series 2024-1A Class A2144A
|
|
6.58
|
11-20-2054
|
|
19,056,000
|
19,208,065
|
|
Cajun Global LLC Series 2025-2A Class A2144A
|
|
5.91
|
11-20-2055
|
|
6,200,000
|
6,128,636
|
|
Camber Credit Auto Trust Series 2026-1A Class A144A
|
|
5.63
|
12-15-2031
|
|
5,727,370
|
5,701,070
|
|
CCAS LLC Series 2024-1A Class A144A
|
|
7.12
|
6-16-2031
|
|
18,589,000
|
18,749,382
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Asset-backed securities(continued)
|
|
|
|
|
|
|
|
CenterSquare Issuer LLC Series 2024-1A Class A2144A
|
|
5.20
%
|
10-26-2054
|
$
|
4,885,000
|
$4,755,468
|
|
CenterSquare Issuer LLC Series 2025-1A Class A2144A
|
|
5.50
|
3-26-2055
|
|
18,370,000
|
17,995,362
|
|
ClickLease Equipment Receivables Trust Series 2024-1
Class C144A
|
|
8.40
|
2-15-2030
|
|
689,503
|
693,348
|
|
Cloud Capital Holdco LP Series 2024-1A Class A2144A
|
|
5.78
|
11-22-2049
|
|
3,290,000
|
3,295,234
|
|
Cogent IPv4 LLC Series 2024-1A Class A2144A
|
|
7.92
|
5-25-2054
|
|
13,920,000
|
14,254,516
|
|
Cogent IPv4 LLC Series 2025-1A Class A2144A
|
|
6.65
|
4-25-2055
|
|
21,950,000
|
22,200,827
|
|
Consolidated Communications LLC/Fidium Fiber
Finance Holdco LLC Series 2025-1A Class A2144A
|
|
6.00
|
5-20-2055
|
|
2,820,000
|
2,861,651
|
|
CoreVest American Finance Trust Series 2021-3
Class B144A
|
|
2.49
|
10-15-2054
|
|
355,000
|
351,412
|
|
Crockett Partners Equipment Co. IIA LLC
Series 2024-1C Class A144A
|
|
6.05
|
1-20-2031
|
|
9,993,333
|
10,121,938
|
|
DataBank Issuer LLC Series 2024-1A Class A2144A
|
|
5.30
|
1-26-2054
|
|
17,250,000
|
16,972,741
|
|
DataBank Issuer LLC Series 2026-1A Class A2144A
|
|
5.81
|
2-25-2056
|
|
18,730,000
|
18,695,878
|
|
DI Issuer LLC Series 2024-1A Class A2144A
|
|
5.81
|
9-15-2054
|
|
15,500,000
|
15,272,257
|
|
Diversified ABS X LLC Series 2025-1A Class A1144A
|
|
5.95
|
2-28-2045
|
|
4,169,163
|
4,160,720
|
|
Driven Brands Funding LLC Series 2021-1A
Class A2144A
|
|
2.79
|
10-20-2051
|
|
3,717,053
|
3,451,318
|
|
ECMC Group Student Loan Trust Series 2020-3A
Class A1B (30 Day Average U.S. SOFR+1.11%)144A±
|
|
4.73
|
1-27-2070
|
|
1,786,550
|
1,790,129
|
|
Edgeconnex Data Centers Issuer LLC Series 2024-1
Class A2144A
|
|
6.00
|
7-27-2054
|
|
11,988,908
|
11,918,006
|
|
Edsouth Indenture No. 9 LLC Series 2015-1 Class A (30
Day Average U.S. SOFR+0.91%)144A±
|
|
4.53
|
10-25-2056
|
|
474,263
|
473,694
|
|
Enterprise Fleet Financing LLC Series 2023-2
Class A3144A
|
|
5.50
|
4-22-2030
|
|
7,185,000
|
7,247,383
|
|
FIGRE Trust Series 2023-HE1 Class A144A
|
|
5.85
|
3-25-2053
|
|
7,289,551
|
7,357,111
|
|
FIGRE Trust Series 2023-HE2 Class A144A±±
|
|
6.51
|
5-25-2053
|
|
5,300,541
|
5,406,645
|
|
FIGRE Trust Series 2023-HE3 Class A144A±±
|
|
6.44
|
11-25-2053
|
|
2,120,969
|
2,147,379
|
|
FIGRE Trust Series 2024-HE2 Class A144A±±
|
|
6.38
|
5-25-2054
|
|
4,646,109
|
4,731,768
|
|
FIGRE Trust Series 2024-HE5 Class A144A±±
|
|
5.44
|
10-25-2054
|
|
3,823,999
|
3,838,421
|
|
FIGRE Trust Series 2025-HE1 Class A144A±±
|
|
5.83
|
1-25-2055
|
|
2,525,800
|
2,553,479
|
|
FirstKey Homes Trust Series 2021-SFR1 Class A144A
|
|
1.54
|
8-17-2038
|
|
1,149,447
|
1,141,728
|
|
FirstKey Homes Trust Series 2021-SFR1 Class C144A
|
|
1.89
|
8-17-2038
|
|
6,770,000
|
6,722,889
|
|
FirstKey Homes Trust Series 2021-SFR2 Class B144A
|
|
1.61
|
9-17-2038
|
|
8,675,000
|
8,592,923
|
|
Five Guys Holdings, Inc. Series 2023-1A Class A2144A
|
|
7.55
|
1-26-2054
|
|
3,122,450
|
3,184,253
|
|
Flexential Issuer LLC Series 2025-1A Class A2144A
|
|
6.03
|
10-25-2060
|
|
8,050,000
|
8,028,680
|
|
FREED Mortgage Trust Series 2022-HE1 Class A144A±±
|
|
7.00
|
10-25-2037
|
|
3,896,015
|
3,979,411
|
|
FREED Mortgage Trust Series 2022-HE1 Class B144A±±
|
|
7.00
|
10-25-2037
|
|
6,890,597
|
7,001,056
|
|
FS Rialto Issuer LLC Series 2026-FL11 Class AS
(U.S. SOFR 1 Month+1.65%)144A±
|
|
5.26
|
1-19-2044
|
|
23,520,000
|
23,519,091
|
|
FS Rialto Issuer Ltd. Series 2021-FL3 Class B (U.S. SOFR
1 Month+1.91%)144A±
|
|
5.54
|
11-16-2036
|
|
3,000,000
|
2,997,003
|
|
Gracie Point International Funding LLC Series 2025-1A
Class A (30 Day Average U.S. SOFR+1.50%)144A±
|
|
5.15
|
8-15-2028
|
|
1,350,000
|
1,350,994
|
|
GS REFT Issuer Ltd. Series 2026-FL1 Class A (U.S. SOFR
1 Month+1.50%)144A±
|
|
5.11
|
4-19-2043
|
|
3,975,000
|
3,985,735
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Asset-backed securities(continued)
|
|
|
|
|
|
|
|
Hertz Vehicle Financing III LLC Series 2023-2A
Class A144A
|
|
5.57
%
|
9-25-2029
|
$
|
3,695,000
|
$3,752,473
|
|
Hertz Vehicle Financing III LLC Series 2023-4A
Class A144A
|
|
6.15
|
3-25-2030
|
|
10,700,000
|
11,032,912
|
|
Hipgnosis Music Assets LP Series 2022-1 Class A144A
|
|
5.00
|
5-16-2062
|
|
15,171,882
|
15,130,900
|
|
Hyundai Auto Receivables Trust Series 2026-A Class C
|
|
4.31
|
6-15-2033
|
|
5,135,000
|
5,048,291
|
|
ICG U.S. CLO Ltd. Series 2014-1A Class BR3 (U.S. SOFR
3 Month+1.75%)144A±
|
|
5.43
|
10-20-2034
|
|
4,400,000
|
4,314,213
|
|
INCREF LLC Series 2026-FL2 Class B (U.S. SOFR 1
Month+1.95%)144A±%%
|
|
5.62
|
12-19-2043
|
|
14,100,000
|
14,100,000
|
|
Jack in the Box Funding LLC Series 2022-1A
Class A2II144A
|
|
4.14
|
2-26-2052
|
|
4,758,000
|
4,040,503
|
|
JBHP ABS I LLC
|
|
5.39
|
12-15-2041
|
|
3,665,000
|
3,630,203
|
|
Jersey Mike’s Funding LLC Series 2024-1A
Class A2144A
|
|
5.64
|
2-15-2055
|
|
9,045,500
|
9,138,059
|
|
Jimmy Johns Funding LLC Series 2017-1A
Class A2II144A
|
|
4.85
|
7-30-2047
|
|
2,295,725
|
2,289,681
|
|
Jonah Energy ABS I LLC Series 2022-1 Class A1144A
|
|
7.20
|
12-10-2037
|
|
4,858,230
|
4,921,951
|
|
Lafayette Federal Credit Union Asset Trust Series 2026-
HI1A Class A2144A
|
|
5.38
|
1-25-2046
|
|
11,418,737
|
11,346,568
|
|
Lyra Music Assets Delaware LP Series 2024-2A
Class A2144A
|
|
5.76
|
12-22-2064
|
|
9,248,359
|
9,296,303
|
|
MF1 Ltd. Series 2022-FL8 Class C (U.S. SOFR 1
Month+2.20%)144A±
|
|
5.81
|
2-19-2037
|
|
8,750,000
|
8,727,769
|
|
Monroe Capital ABS Funding II Ltd. Series 2023-1A
Class A1R144A
|
|
6.77
|
7-22-2034
|
|
1,245,000
|
1,247,031
|
|
Navient Private Education Refinance Loan Trust
Series 2021-EA Class A144A
|
|
0.97
|
12-16-2069
|
|
3,269,226
|
2,934,209
|
|
NBC Funding LLC Series 2024-1A Class A2144A
|
|
6.75
|
7-30-2054
|
|
21,978,000
|
22,276,688
|
|
Neighborly Issuer LLC Series 2021-1A Class A2144A
|
|
3.58
|
4-30-2051
|
|
7,600,000
|
7,268,598
|
|
New Economy Assets - Phase 1 Sponsor LLC
Series 2021-1 Class B1144A
|
|
2.41
|
10-20-2061
|
|
3,750,000
|
2,282,812
|
|
NextGear Floorplan Master Owner Trust Series 2024-2A
Class A2144A
|
|
4.42
|
9-15-2029
|
|
13,650,000
|
13,664,514
|
|
NMABS Issuer I LLC Series 2025-1A Class B144A
|
|
5.33
|
11-22-2055
|
|
5,702,863
|
5,546,926
|
|
NMEF Funding LLC Series 2026-A Class C144A
|
|
4.71
|
2-15-2034
|
|
3,905,000
|
3,878,511
|
|
Oak Street Investment Grade Net Lease Fund
Series 2020-1A Class A5144A
|
|
3.39
|
11-20-2050
|
|
5,348,250
|
3,584,514
|
|
Oak Street Investment Grade Net Lease Fund
Series 2020-1A Class B1144A
|
|
5.11
|
11-20-2050
|
|
3,325,000
|
1,929,238
|
|
Oak Street Investment Grade Net Lease Fund
Series 2021-1A Class A3144A
|
|
2.80
|
1-20-2051
|
|
4,881,906
|
2,883,528
|
|
Octane Receivables Trust Series 2023-1A Class B144A
|
|
5.96
|
7-20-2029
|
|
525,963
|
526,563
|
|
OneMain Direct Auto Receivables Trust Series 2025-1A
Class A144A
|
|
5.36
|
4-16-2035
|
|
6,500,000
|
6,638,934
|
|
OneMain Financial Issuance Trust Series 2020-2A
Class A144A
|
|
1.75
|
9-14-2035
|
|
591,171
|
584,437
|
|
OWN Equipment Fund I LLC Series 2024-2M
Class A144A
|
|
5.70
|
12-20-2032
|
|
16,572,936
|
16,751,067
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Asset-backed securities(continued)
|
|
|
|
|
|
|
|
OWN Equipment Fund II LLC Series 2025-1M
Class A144A
|
|
5.48
%
|
9-26-2033
|
$
|
966,391
|
$967,871
|
|
OWN Equipment Fund III LLC Series 2025-2M
Class A144A
|
|
5.42
|
3-27-2034
|
|
14,684,141
|
14,654,623
|
|
Oxford Finance Credit Fund III LP Series 2024-A
Class A2144A
|
|
6.68
|
1-14-2032
|
|
7,183,683
|
7,246,955
|
|
Pagaya AI Debt Grantor Trust Series 2025-6
Class B144A
|
|
4.88
|
4-15-2033
|
|
10,739,010
|
10,696,138
|
|
Pagaya AI Debt Grantor Trust Series 2025-7
Class B144A
|
|
5.06
|
5-15-2033
|
|
4,244,243
|
4,232,873
|
|
Pagaya Point of Sale Holdings Grantor Trust
Series 2025-1 Class A144A
|
|
5.72
|
1-20-2034
|
|
4,000,000
|
4,011,177
|
|
PFS Financing Corp. Series 2024-B Class A144A
|
|
4.95
|
2-15-2029
|
|
1,575,000
|
1,583,127
|
|
Planet Fitness Master Issuer LLC Series 2024-1A
Class A2I144A
|
|
5.77
|
6-5-2054
|
|
22,827,375
|
22,958,390
|
|
Prestige Auto Receivables Trust Series 2024-2A
Class B144A
|
|
4.56
|
2-15-2029
|
|
1,786,187
|
1,785,767
|
|
PureWest ABS Issuer LLC
|
|
5.69
|
4-5-2040
|
|
3,331,837
|
3,313,699
|
|
RCKT Mortgage Trust Series 2023-CES3
Class A1A144A±±
|
|
7.11
|
11-25-2043
|
|
9,581,855
|
9,633,761
|
|
RCKT Mortgage Trust Series 2024-CES2
Class A1A144A±±
|
|
6.14
|
4-25-2044
|
|
3,255,221
|
3,272,122
|
|
RCKT Mortgage Trust Series 2025-CES1
Class A1A144A±±
|
|
5.65
|
1-25-2045
|
|
320,455
|
322,011
|
|
Retained Vantage Data Centers Issuer LLC
Series 2023-1A Class A2A144A
|
|
5.00
|
9-15-2048
|
|
16,130,000
|
16,011,306
|
|
Retained Vantage Data Centers Issuer LLC
Series 2024-1A Class A2144A
|
|
4.99
|
9-15-2049
|
|
22,900,000
|
22,352,761
|
|
Sabey Data Center Issuer LLC Series 2026-1
Class A2144A
|
|
5.48
|
1-20-2051
|
|
15,750,000
|
15,483,519
|
|
Saluda Grade Alternative Mortgage Trust Series 2023-
FIG3 Class A144A±±
|
|
7.07
|
8-25-2053
|
|
6,291,528
|
6,459,899
|
|
Saluda Grade Alternative Mortgage Trust Series 2023-
FIG4 Class A144A±±
|
|
6.72
|
11-25-2053
|
|
6,059,388
|
6,214,714
|
|
Scalelogix ABS U.S. Issuer LLC Series 2025-1A
Class A2144A
|
|
5.67
|
7-25-2055
|
|
1,400,000
|
1,367,146
|
|
SEB Funding LLC Series 2024-1A Class A2144A
|
|
7.39
|
4-30-2054
|
|
5,685,750
|
5,776,618
|
|
Service Experts Issuer LLC Series 2021-1A Class B144A
|
|
3.28
|
2-2-2032
|
|
6,445,000
|
6,281,449
|
|
Service Experts Issuer LLC Series 2024-1A Class A144A
|
|
6.39
|
11-20-2035
|
|
7,578,498
|
7,722,551
|
|
Service Experts Issuer LLC Series 2025-1A Class A144A
|
|
5.38
|
1-20-2037
|
|
4,311,815
|
4,290,496
|
|
ServiceMaster Funding LLC Series 2020-1
Class A2II144A
|
|
3.34
|
1-30-2051
|
|
2,746,181
|
2,435,793
|
|
SESAC Finance LLC Series 2024-1 Class A2144A
|
|
6.42
|
1-25-2054
|
|
2,297,125
|
2,301,899
|
|
SESAC Finance LLC Series 2025-1 Class A2144A
|
|
5.50
|
7-25-2055
|
|
5,000,000
|
4,870,462
|
|
SLM Student Loan Trust Series 2003-10A Class A4 (90
Day Average U.S. SOFR+0.93%)144A±
|
|
4.62
|
12-17-2068
|
|
2,240,531
|
2,216,864
|
|
Sotheby’s ArtFi Master Trust Series 2026-1A
Class B144A
|
|
4.90
|
6-20-2033
|
|
4,940,000
|
4,917,027
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Asset-backed securities(continued)
|
|
|
|
|
|
|
|
SpringCastle America Funding LLC Series 2020-AA
Class A144A
|
|
1.97
%
|
9-25-2037
|
$
|
977,093
|
$920,179
|
|
Stack Infrastructure Issuer LLC Series 2024-1A
Class A2144A
|
|
5.90
|
3-25-2049
|
|
1,500,000
|
1,510,048
|
|
Starwood Ltd. Series 2022-FL3 Class A (30 Day Average
U.S. SOFR+1.35%)144A±
|
|
4.99
|
11-15-2038
|
|
50,559
|
50,548
|
|
Subway Funding LLC Series 2024-3A Class A2I144A
|
|
5.25
|
7-30-2054
|
|
3,467,200
|
3,400,055
|
|
Subway Funding LLC Series 2024-3A Class A23144A
|
|
5.91
|
7-30-2054
|
|
2,167,000
|
2,079,400
|
|
Switch ABS Issuer LLC Series 2024-1A Class A2144A
|
|
6.28
|
3-25-2054
|
|
4,890,000
|
4,922,251
|
|
Switch ABS Issuer LLC Series 2024-2A Class A2144A
|
|
5.44
|
6-25-2054
|
|
13,115,000
|
13,041,321
|
|
Switch ABS Issuer LLC Series 2025-2A Class A22144A
|
|
5.37
|
10-25-2055
|
|
20,265,000
|
19,853,831
|
|
Taco Bell Funding LLC Series 2021-1A Class A23144A
|
|
2.54
|
8-25-2051
|
|
491,250
|
428,791
|
|
TierPoint Issuer LLC Series 2025-1A Class A2144A
|
|
6.15
|
4-26-2055
|
|
1,300,000
|
1,305,786
|
|
Towd Point Mortgage Trust Series 2023-CES1
Class A1A144A±±
|
|
6.75
|
7-25-2063
|
|
4,968,293
|
4,960,665
|
|
Towd Point Mortgage Trust Series 2024-CES1
Class A2144A±±
|
|
6.44
|
1-25-2064
|
|
2,769,000
|
2,782,002
|
|
Towd Point Mortgage Trust Series 2025-FIX1
Class A1144A±±
|
|
4.97
|
9-25-2065
|
|
16,280,484
|
16,187,283
|
|
TRTX Issuer Ltd. Series 2025-FL6 Class A (U.S. SOFR 1
Month+1.54%)144A±
|
|
5.16
|
9-18-2042
|
|
10,000,000
|
10,015,575
|
|
TSC SPV Funding LLC Series 2024-1A Class A2144A
|
|
6.29
|
8-20-2054
|
|
7,067,375
|
7,087,145
|
|
Uniti Fiber ABS Issuer LLC Series 2025-1A
Class A2144A
|
|
5.88
|
4-20-2055
|
|
3,610,000
|
3,650,068
|
|
Venture 44 CLO Ltd. Series 2021-44A Class A1NR
(U.S. SOFR 3 Month+1.14%)144A±
|
|
4.82
|
10-20-2034
|
|
4,650,000
|
4,647,675
|
|
Venture CLO Ltd. Series 2017-30A Class B (U.S. SOFR 3
Month+1.86%)144A±
|
|
5.53
|
1-15-2031
|
|
250,000
|
250,372
|
|
Vital Care Issuer LLC Series 2025-1A Class A2144A
|
|
6.74
|
1-30-2056
|
|
6,149,587
|
6,163,676
|
|
Wingstop Funding LLC Series 2024-1A Class A2144A
|
|
5.86
|
12-5-2054
|
|
3,800,000
|
3,837,258
|
|
Zaxby’s Funding LLC Series 2021-1A Class A2144A
|
|
3.24
|
7-30-2051
|
|
4,686,300
|
4,464,383
|
|
Zayo Issuer LLC Series 2025-2A Class A2144A
|
|
5.95
|
6-20-2055
|
|
3,640,000
|
3,685,932
|
|
Zayo Issuer LLC Series 2025-3A Class A2144A
|
|
5.57
|
10-20-2055
|
|
18,210,000
|
17,926,126
|
|
Total asset-backed securities (Cost $960,563,357)
|
|
|
|
|
|
953,480,946
|
|
|
|
|
|
Shares
|
|
|
|
Common stocks: 0.02%
|
|
|
|
|
|
|
|
Financials: 0.00%
|
|
|
|
|
|
|
|
Financial services: 0.00%
|
|
|
|
|
|
|
|
Unifin Financiera SAB de CV♦†
|
|
|
|
|
305,668
|
0
|
|
Health care: 0.02%
|
|
|
|
|
|
|
|
Health care providers & services: 0.02%
|
|
|
|
|
|
|
|
Modivcare Topco LLC†
|
|
|
|
|
413,952
|
2,328,480
|
|
Total common stocks (Cost $1,377,343)
|
|
|
|
|
|
2,328,480
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Corporate bonds and notes: 22.13%
|
|
|
|
|
|
|
|
Basic materials: 0.20%
|
|
|
|
|
|
|
|
Chemicals: 0.19%
|
|
|
|
|
|
|
|
Celanese U.S. Holdings LLC
|
|
6.50
%
|
4-15-2030
|
$
|
12,035,000
|
$12,341,944
|
|
Chemours Co.144A
|
|
8.00
|
1-15-2033
|
|
6,195,000
|
6,329,295
|
|
Westlake Corp.
|
|
1.63
|
7-17-2029
|
|
1,679,000
|
1,860,159
|
|
|
|
|
|
|
|
20,531,398
|
|
Iron/steel: 0.01%
|
|
|
|
|
|
|
|
Cleveland-Cliffs, Inc.144A
|
|
4.88
|
3-1-2031
|
|
1,305,000
|
1,213,355
|
|
Communications: 3.66%
|
|
|
|
|
|
|
|
Internet: 1.32%
|
|
|
|
|
|
|
|
Alphabet, Inc.
|
|
5.65
|
2-15-2056
|
|
7,915,000
|
7,868,303
|
|
Amazon.com, Inc.
|
|
4.25
|
3-13-2031
|
|
18,060,000
|
17,857,759
|
|
Amazon.com, Inc.
|
|
4.88
|
3-13-2036
|
|
14,110,000
|
13,940,302
|
|
Amazon.com, Inc.
|
|
5.80
|
3-13-2056
|
|
27,150,000
|
27,175,908
|
|
Booking Holdings, Inc.
|
|
4.13
|
5-12-2033
|
|
3,927,000
|
4,690,061
|
|
Meta Platforms, Inc.
|
|
4.55
|
5-15-2031
|
|
17,570,000
|
17,508,210
|
|
Meta Platforms, Inc.
|
|
5.25
|
5-15-2036
|
|
13,995,000
|
13,983,165
|
|
Meta Platforms, Inc.
|
|
5.63
|
11-15-2055
|
|
32,890,000
|
30,327,559
|
|
Meta Platforms, Inc.
|
|
6.30
|
5-15-2056
|
|
8,450,000
|
8,526,141
|
|
Wayfair LLC144A
|
|
6.75
|
11-15-2032
|
|
3,100,000
|
3,149,042
|
|
|
|
|
|
|
|
145,026,450
|
|
Media: 1.02%
|
|
|
|
|
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.144A
|
|
4.25
|
1-15-2034
|
|
30,480,000
|
25,459,243
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital
|
|
2.80
|
4-1-2031
|
|
19,800,000
|
17,691,098
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital
|
|
3.85
|
4-1-2061
|
|
6,000,000
|
3,490,456
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital
|
|
3.90
|
6-1-2052
|
|
5,420,000
|
3,443,349
|
|
Comcast Corp.
|
|
2.94
|
11-1-2056
|
|
7,000,000
|
3,925,813
|
|
Comcast Corp.
|
|
5.50
|
5-15-2064
|
|
9,770,000
|
8,639,836
|
|
Discovery Global Holdings, Inc.
|
|
4.28
|
3-15-2032
|
|
8,925,000
|
7,887,114
|
|
News Corp.144A
|
|
3.88
|
5-15-2029
|
|
26,740,000
|
25,927,336
|
|
News Corp.144A
|
|
5.13
|
2-15-2032
|
|
5,405,000
|
5,301,811
|
|
Time Warner Cable LLC
|
|
5.50
|
9-1-2041
|
|
12,015,000
|
10,367,110
|
|
|
|
|
|
|
|
112,133,166
|
|
Telecommunications: 1.32%
|
|
|
|
|
|
|
|
AT&T, Inc.
|
|
3.55
|
9-15-2055
|
|
19,995,000
|
13,072,847
|
|
AT&T, Inc.
|
|
5.25
|
10-30-2036
|
|
11,570,000
|
11,454,150
|
|
AT&T, Inc.
|
|
5.70
|
11-1-2054
|
|
21,295,000
|
20,086,677
|
|
AT&T, Inc.
|
|
6.20
|
10-30-2056
|
|
14,145,000
|
14,237,568
|
|
HUT 8 DC LLC144A
|
|
6.19
|
11-15-2042
|
|
8,965,000
|
9,071,939
|
|
Level 3 Financing, Inc.144A
|
|
7.00
|
3-31-2034
|
|
14,325,000
|
14,847,672
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Telecommunications(continued)
|
|
|
|
|
|
|
|
Sprint Spectrum Co. LLC/Sprint Spectrum Co.
II LLC/Sprint Spectrum Co. III LLC144A
|
|
5.15
%
|
3-20-2028
|
$
|
6,508,000
|
$6,534,574
|
|
SV RNO Property Owner 1 LLC144A
|
|
5.88
|
3-1-2031
|
|
17,955,000
|
17,729,599
|
|
Verizon Communications, Inc.
|
|
5.00
|
1-15-2036
|
|
25,050,000
|
24,600,453
|
|
Verizon Communications, Inc. (5 Year Treasury
Constant Maturity+2.04%)±
|
|
6.20
|
5-14-2056
|
|
5,365,000
|
5,445,835
|
|
WULF Compute LLC144A
|
|
7.75
|
10-15-2030
|
|
6,980,000
|
7,334,305
|
|
|
|
|
|
|
|
144,415,619
|
|
Consumer, cyclical: 1.85%
|
|
|
|
|
|
|
|
Airlines: 0.51%
|
|
|
|
|
|
|
|
American Airlines Pass-Through Trust Series 2015-1
Class A
|
|
3.38
|
5-1-2027
|
|
16,598,066
|
16,366,153
|
|
Delta Air Lines Pass-Through Trust Series 2020-AA
Class AA
|
|
2.00
|
6-10-2028
|
|
2,634,199
|
2,550,775
|
|
Delta Air Lines, Inc./SkyMiles IP Ltd.144A
|
|
4.75
|
10-20-2028
|
|
28,783,333
|
28,807,756
|
|
United Airlines Pass-Through Trust Series 2023-1
Class A
|
|
5.80
|
1-15-2036
|
|
7,813,188
|
8,103,431
|
|
|
|
|
|
|
|
55,828,115
|
|
Auto manufacturers: 0.69%
|
|
|
|
|
|
|
|
Ford Motor Credit Co. LLC
|
|
4.00
|
11-13-2030
|
|
17,500,000
|
16,533,790
|
|
Ford Motor Credit Co. LLC
|
|
5.13
|
11-5-2026
|
|
12,630,000
|
12,662,520
|
|
Hyundai Capital America144A
|
|
4.50
|
9-18-2030
|
|
12,595,000
|
12,402,623
|
|
Hyundai Capital America144A
|
|
5.30
|
3-19-2027
|
|
3,965,000
|
3,994,706
|
|
Hyundai Capital America144A
|
|
5.40
|
6-23-2032
|
|
13,869,000
|
14,144,917
|
|
Hyundai Capital America144A
|
|
5.65
|
6-26-2026
|
|
2,285,000
|
2,287,245
|
|
Hyundai Capital America144A
|
|
5.80
|
4-1-2030
|
|
13,590,000
|
14,014,283
|
|
|
|
|
|
|
|
76,040,084
|
|
Auto parts & equipment: 0.06%
|
|
|
|
|
|
|
|
Adient Global Holdings Ltd.144A
|
|
7.50
|
2-15-2033
|
|
5,870,000
|
6,088,129
|
|
Entertainment: 0.01%
|
|
|
|
|
|
|
|
Cinemark USA, Inc.144A
|
|
5.25
|
7-15-2028
|
|
700,000
|
696,335
|
|
Home builders: 0.20%
|
|
|
|
|
|
|
|
Century Communities, Inc.144A
|
|
6.63
|
9-15-2033
|
|
21,490,000
|
21,310,315
|
|
LGI Homes, Inc.144A
|
|
8.75
|
12-15-2028
|
|
710,000
|
736,161
|
|
|
|
|
|
|
|
22,046,476
|
|
Housewares: 0.01%
|
|
|
|
|
|
|
|
Newell Brands, Inc.
|
|
6.38
|
5-15-2030
|
|
1,055,000
|
1,040,928
|
|
Retail: 0.16%
|
|
|
|
|
|
|
|
Macy’s Retail Holdings LLC144A
|
|
5.88
|
3-15-2030
|
|
3,288,000
|
3,276,028
|
|
Macy’s Retail Holdings LLC144A
|
|
6.13
|
3-15-2032
|
|
995,000
|
995,137
|
|
PetSmart LLC/PetSmart Finance Corp.144A
|
|
7.50
|
9-15-2032
|
|
13,180,000
|
13,280,537
|
|
|
|
|
|
|
|
17,551,702
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Toys/games/hobbies: 0.21%
|
|
|
|
|
|
|
|
Mattel, Inc.
|
|
5.45
%
|
11-1-2041
|
$
|
8,147,000
|
$7,487,515
|
|
Mattel, Inc.144A
|
|
5.88
|
12-15-2027
|
|
16,020,000
|
16,020,572
|
|
|
|
|
|
|
|
23,508,087
|
|
Consumer, non-cyclical: 2.37%
|
|
|
|
|
|
|
|
Agriculture: 0.05%
|
|
|
|
|
|
|
|
BAT Capital Corp.
|
|
4.76
|
9-6-2049
|
|
5,825,000
|
4,912,007
|
|
Reynolds American, Inc.
|
|
7.00
|
8-4-2041
|
|
285,000
|
311,177
|
|
|
|
|
|
|
|
5,223,184
|
|
Beverages: 0.13%
|
|
|
|
|
|
|
|
Maple Parent Holdings Corp.144A
|
|
5.70
|
3-26-2036
|
|
14,045,000
|
14,193,975
|
|
Commercial services: 0.87%
|
|
|
|
|
|
|
|
Block, Inc.144A
|
|
6.00
|
8-15-2033
|
|
6,840,000
|
6,841,717
|
|
Block, Inc.
|
|
6.50
|
5-15-2032
|
|
5,595,000
|
5,701,216
|
|
GEO Group, Inc.
|
|
8.63
|
4-15-2029
|
|
2,190,000
|
2,283,616
|
|
GEO Group, Inc.
|
|
10.25
|
4-15-2031
|
|
1,135,000
|
1,229,964
|
|
Global Payments, Inc.
|
|
4.88
|
11-15-2030
|
|
25,550,000
|
25,145,310
|
|
Global Payments, Inc.
|
|
5.20
|
11-15-2032
|
|
17,545,000
|
17,220,678
|
|
Global Payments, Inc.
|
|
5.95
|
8-15-2052
|
|
8,960,000
|
8,493,777
|
|
Mobility Global, Inc.144A
|
|
5.45
|
6-15-2031
|
|
9,285,000
|
9,390,813
|
|
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.
|
|
5.50
|
5-15-2033
|
|
10,000,000
|
11,464,784
|
|
Toll Road Investors Partnership II LP Series 1999-B
(NPFGC Insured)144A¤
|
|
0.00
|
2-15-2027
|
|
1,050,000
|
996,573
|
|
Toll Road Investors Partnership II LP Series 1999-B
(NPFGC Insured)144A¤
|
|
0.00
|
2-15-2028
|
|
1,150,000
|
1,021,408
|
|
Upbound Group, Inc.144A
|
|
6.38
|
2-15-2029
|
|
5,750,000
|
5,690,703
|
|
|
|
|
|
|
|
95,480,559
|
|
Food: 0.12%
|
|
|
|
|
|
|
|
Mars, Inc.144A
|
|
5.70
|
5-1-2055
|
|
13,470,000
|
13,287,620
|
|
Healthcare-products: 0.63%
|
|
|
|
|
|
|
|
Abbott Laboratories
|
|
4.65
|
3-15-2036
|
|
18,415,000
|
17,897,736
|
|
Abbott Laboratories
|
|
5.50
|
3-15-2056
|
|
23,450,000
|
22,890,726
|
|
Danaher Corp.
|
|
2.50
|
3-30-2030
|
|
1,221,000
|
1,394,242
|
|
Medline Borrower LP144A
|
|
3.88
|
4-1-2029
|
|
22,077,000
|
21,485,381
|
|
VSP Optical Group, Inc.144A
|
|
5.40
|
6-1-2033
|
|
4,885,000
|
4,889,315
|
|
|
|
|
|
|
|
68,557,400
|
|
Healthcare-services: 0.29%
|
|
|
|
|
|
|
|
DaVita, Inc.144A
|
|
6.75
|
7-15-2033
|
|
9,775,000
|
10,101,808
|
|
UnitedHealth Group, Inc.
|
|
4.75
|
5-15-2052
|
|
1,675,000
|
1,438,967
|
|
UnitedHealth Group, Inc.
|
|
5.05
|
4-15-2053
|
|
10,975,000
|
9,817,789
|
|
UnitedHealth Group, Inc.
|
|
5.63
|
7-15-2054
|
|
10,790,000
|
10,476,940
|
|
|
|
|
|
|
|
31,835,504
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Pharmaceuticals: 0.28%
|
|
|
|
|
|
|
|
Eli Lilly & Co.
|
|
5.65
%
|
10-15-2065
|
$
|
11,415,000
|
$11,368,369
|
|
EMD Finance LLC144A
|
|
4.38
|
10-15-2030
|
|
19,540,000
|
19,298,428
|
|
|
|
|
|
|
|
30,666,797
|
|
Energy: 1.63%
|
|
|
|
|
|
|
|
Energy-alternate sources: 0.01%
|
|
|
|
|
|
|
|
TerraForm Power Operating LLC144A
|
|
4.75
|
1-15-2030
|
|
925,000
|
893,225
|
|
Oil & gas: 0.08%
|
|
|
|
|
|
|
|
APA Corp.
|
|
5.25
|
2-1-2042
|
|
5,921,000
|
5,149,706
|
|
ConocoPhillips Co.
|
|
5.65
|
1-15-2065
|
|
3,975,000
|
3,845,202
|
|
|
|
|
|
|
|
8,994,908
|
|
Oil & gas services: 0.46%
|
|
|
|
|
|
|
|
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor,
Inc.
|
|
5.00
|
6-15-2036
|
|
40,220,000
|
39,614,382
|
|
Schlumberger Holdings Corp.144A
|
|
4.85
|
5-15-2033
|
|
11,430,000
|
11,406,551
|
|
|
|
|
|
|
|
51,020,933
|
|
Pipelines: 1.08%
|
|
|
|
|
|
|
|
Energy Transfer LP
|
|
5.95
|
5-15-2054
|
|
24,515,000
|
23,663,600
|
|
Energy Transfer LP
|
|
6.20
|
4-1-2055
|
|
8,405,000
|
8,376,992
|
|
Energy Transfer LP (5 Year Treasury Constant
Maturity+4.02%)±
|
|
8.00
|
5-15-2054
|
|
3,575,000
|
3,803,375
|
|
Harvest Midstream I LP144A
|
|
6.75
|
5-15-2034
|
|
15,155,000
|
15,559,177
|
|
Harvest Midstream I LP144A
|
|
7.50
|
5-15-2032
|
|
1,415,000
|
1,470,235
|
|
MPLX LP
|
|
5.30
|
4-1-2036
|
|
10,845,000
|
10,725,846
|
|
Prairie Acquiror LP144A
|
|
9.00
|
8-1-2029
|
|
5,050,000
|
5,263,862
|
|
South Bow USA Infrastructure Holdings LLC
|
|
5.03
|
10-1-2029
|
|
22,180,000
|
22,326,804
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.144A
|
|
6.00
|
12-31-2030
|
|
12,345,000
|
12,421,329
|
|
Venture Global LNG, Inc.144A
|
|
9.50
|
2-1-2029
|
|
10,520,000
|
11,453,597
|
|
Venture Global LNG, Inc. (5 Year Treasury Constant
Maturity+5.44%)144Aʊ±
|
|
9.00
|
9-30-2029
|
|
2,920,000
|
2,883,639
|
|
|
|
|
|
|
|
117,948,456
|
|
Financial: 8.61%
|
|
|
|
|
|
|
|
Banks: 3.29%
|
|
|
|
|
|
|
|
Bank of America Corp. (5 Year Treasury Constant
Maturity+1.20%)±
|
|
2.48
|
9-21-2036
|
|
13,045,000
|
11,383,959
|
|
Bank of America Corp. (U.S. SOFR+1.57%)±
|
|
5.49
|
4-23-2037
|
|
9,905,000
|
9,859,536
|
|
Bank of America Corp. (U.S. SOFR+1.74%)±
|
|
5.52
|
10-25-2035
|
|
20,055,000
|
20,208,354
|
|
Bank of America Corp. (U.S. SOFR+1.91%)±
|
|
5.43
|
8-15-2035
|
|
6,770,000
|
6,800,797
|
|
Bank of America Corp. (U.S. SOFR 3 Month+1.84%)±
|
|
3.82
|
1-20-2028
|
|
6,200,000
|
6,180,113
|
|
Bank of America Corp. Series OO (5 Year Treasury
Constant Maturity+2.68%)ʊ±
|
|
6.63
|
5-1-2030
|
|
11,100,000
|
11,471,783
|
|
Citigroup, Inc. Series HH (5 Year Treasury Constant
Maturity+3.00%)ʊ±
|
|
6.63
|
2-15-2031
|
|
21,600,000
|
21,927,758
|
|
Depository Trust Co.144A
|
|
4.55
|
3-27-2031
|
|
11,075,000
|
11,039,515
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Banks(continued)
|
|
|
|
|
|
|
|
Goldman Sachs Group, Inc. (U.S. SOFR+0.96%)±
|
|
4.52
%
|
1-21-2032
|
$
|
14,520,000
|
$14,295,893
|
|
Goldman Sachs Group, Inc. (U.S. SOFR+0.99%)±
|
|
4.59
|
4-20-2030
|
|
16,524,000
|
16,468,373
|
|
Goldman Sachs Group, Inc. (U.S. SOFR+1.03%)±%%
|
|
4.97
|
6-3-2032
|
|
9,500,000
|
9,522,373
|
|
Goldman Sachs Group, Inc. (U.S. SOFR+1.25%)±
|
|
2.38
|
7-21-2032
|
|
20,275,000
|
17,927,759
|
|
Goldman Sachs Group, Inc. (U.S. SOFR+1.31%)±%%
|
|
5.43
|
6-3-2037
|
|
6,500,000
|
6,534,356
|
|
JPMorgan Chase & Co. (U.S. SOFR+0.84%)±
|
|
4.35
|
1-22-2032
|
|
8,240,000
|
8,099,187
|
|
JPMorgan Chase & Co. (U.S. SOFR+1.02%)±
|
|
2.07
|
6-1-2029
|
|
16,465,000
|
15,705,053
|
|
JPMorgan Chase & Co. (U.S. SOFR+1.26%)±
|
|
5.15
|
4-23-2037
|
|
48,725,000
|
48,427,153
|
|
JPMorgan Chase & Co. (U.S. SOFR+1.45%)±
|
|
5.30
|
7-24-2029
|
|
5,170,000
|
5,247,762
|
|
Morgan Stanley Private Bank NA (U.S. SOFR+1.08%)±
|
|
4.73
|
7-18-2031
|
|
25,015,000
|
24,949,007
|
|
Morgan Stanley (U.S. SOFR+1.20%)±
|
|
2.51
|
10-20-2032
|
|
14,615,000
|
12,953,973
|
|
Morgan Stanley (U.S. SOFR+1.22%)±
|
|
5.04
|
7-19-2030
|
|
8,750,000
|
8,830,098
|
|
Morgan Stanley (U.S. SOFR+1.59%)±
|
|
5.16
|
4-20-2029
|
|
8,265,000
|
8,350,119
|
|
Morgan Stanley (U.S. SOFR+1.71%)±
|
|
5.52
|
11-19-2055
|
|
12,570,000
|
12,183,986
|
|
Morgan Stanley (U.S. SOFR+1.73%)±
|
|
5.12
|
2-1-2029
|
|
10,725,000
|
10,820,187
|
|
Morgan Stanley (U.S. SOFR+1.76%)±
|
|
5.66
|
4-17-2036
|
|
4,120,000
|
4,240,154
|
|
Morgan Stanley (U.S. SOFR+1.83%)±
|
|
6.41
|
11-1-2029
|
|
14,845,000
|
15,435,905
|
|
National Securities Clearing Corp.144A
|
|
5.00
|
5-30-2028
|
|
5,165,000
|
5,230,742
|
|
Pinnacle Financial Partners, Inc. (U.S. SOFR+1.70%)±
|
|
5.60
|
5-19-2032
|
|
5,995,000
|
6,025,211
|
|
Wells Fargo & Co. (U.S. SOFR 3 Month+4.50%)±
|
|
5.01
|
4-4-2051
|
|
11,530,000
|
10,356,422
|
|
|
|
|
|
|
|
360,475,528
|
|
Diversified financial services: 1.36%
|
|
|
|
|
|
|
|
Aircastle Ltd.144A
|
|
5.95
|
2-15-2029
|
|
7,925,000
|
8,129,437
|
|
Ares Finance Co. II LLC144A
|
|
3.25
|
6-15-2030
|
|
13,170,000
|
12,321,258
|
|
Capital One Financial Corp. (U.S. SOFR+1.51%)±
|
|
5.40
|
1-30-2037
|
|
29,900,000
|
29,516,577
|
|
Citadel Finance LLC144A
|
|
5.15
|
2-14-2031
|
|
9,040,000
|
8,842,189
|
|
Citadel Finance LLC144A
|
|
5.90
|
2-10-2030
|
|
16,720,000
|
16,881,336
|
|
Computershare U.S., Inc.
|
|
1.13
|
10-7-2031
|
|
4,548,000
|
4,640,548
|
|
Equitable America Global Funding144A
|
|
4.95
|
6-9-2030
|
|
28,225,000
|
28,284,803
|
|
Gabx Leasing LLC144A
|
|
4.63
|
4-15-2031
|
|
10,435,000
|
10,298,594
|
|
LSEG U.S. Fin Corp.144A
|
|
5.25
|
3-23-2036
|
|
9,865,000
|
9,837,666
|
|
PRA Group, Inc.144A
|
|
5.00
|
10-1-2029
|
|
970,000
|
916,654
|
|
TPG Operating Group II LP
|
|
5.88
|
3-5-2034
|
|
5,818,000
|
5,954,775
|
|
United Wholesale Mortgage LLC144A
|
|
5.50
|
4-15-2029
|
|
1,025,000
|
978,999
|
|
Western Union Co.
|
|
4.75
|
6-15-2029
|
|
12,205,000
|
12,119,400
|
|
|
|
|
|
|
|
148,722,236
|
|
Insurance: 2.67%
|
|
|
|
|
|
|
|
Asurion LLC/Asurion Co-Issuer, Inc.144A
|
|
8.00
|
12-31-2032
|
|
15,195,000
|
15,845,162
|
|
Athene Global Funding144A
|
|
5.03
|
7-17-2030
|
|
16,815,000
|
16,676,652
|
|
Athene Global Funding144A
|
|
5.54
|
8-22-2035
|
|
14,055,000
|
13,875,227
|
|
Chubb INA Holdings LLC
|
|
5.30
|
5-20-2036
|
|
17,040,000
|
17,281,162
|
|
Cincinnati Financial Corp.
|
|
6.13
|
11-1-2034
|
|
10,825,000
|
11,419,149
|
|
Corebridge Global Funding144A
|
|
4.55
|
1-9-2031
|
|
19,090,000
|
18,807,169
|
|
Global Atlantic Fin Co.144A
|
|
7.95
|
6-15-2033
|
|
10,925,000
|
12,138,335
|
|
Global Atlantic Fin Co. (5 Year Treasury Constant
Maturity+3.55%)144A±
|
|
7.25
|
3-1-2056
|
|
9,940,000
|
9,881,810
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Insurance(continued)
|
|
|
|
|
|
|
|
Guardian Life Insurance Co. of America144A
|
|
4.85
%
|
1-24-2077
|
$
|
13,670,000
|
$11,139,025
|
|
Lincoln Financial Global Funding144A
|
|
4.95
|
5-21-2031
|
|
7,380,000
|
7,361,806
|
|
Loews Corp.
|
|
4.94
|
4-1-2036
|
|
13,080,000
|
12,763,919
|
|
MetLife, Inc. (5 Year Treasury Constant
Maturity+1.82%)±
|
|
5.85
|
3-15-2056
|
|
13,755,000
|
13,600,205
|
|
New York Life Insurance Co.144A
|
|
3.75
|
5-15-2050
|
|
6,500,000
|
4,787,662
|
|
New York Life Insurance Co.144A
|
|
5.88
|
5-15-2033
|
|
15,765,000
|
16,466,022
|
|
Northwestern Mutual Life Insurance Co.144A
|
|
3.45
|
3-30-2051
|
|
19,800,000
|
13,663,015
|
|
Northwestern Mutual Life Insurance Co.144A
|
|
6.17
|
5-29-2055
|
|
6,240,000
|
6,472,340
|
|
PartnerRe Finance B LLC (5 Year Treasury Constant
Maturity+3.82%)±
|
|
4.50
|
10-1-2050
|
|
9,060,000
|
8,727,144
|
|
Protective Life Corp.144A
|
|
4.70
|
1-15-2031
|
|
13,415,000
|
13,246,975
|
|
Protective Life Corp.144A
|
|
5.35
|
12-15-2035
|
|
8,625,000
|
8,520,202
|
|
Prudential Financial, Inc. (5 Year Treasury Constant
Maturity+3.04%)±
|
|
3.70
|
10-1-2050
|
|
11,051,000
|
10,171,470
|
|
Prudential Financial, Inc. (5 Year Treasury Constant
Maturity+3.16%)±
|
|
5.13
|
3-1-2052
|
|
2,740,000
|
2,686,257
|
|
RGA Global Funding144A
|
|
4.60
|
11-25-2030
|
|
16,985,000
|
16,814,033
|
|
RGA Global Funding144A
|
|
5.05
|
12-6-2031
|
|
15,606,000
|
15,616,279
|
|
Transatlantic Holdings, Inc.
|
|
8.00
|
11-30-2039
|
|
5,949,000
|
7,214,721
|
|
Unum Group144A
|
|
4.05
|
8-15-2041
|
|
8,788,000
|
7,133,755
|
|
|
|
|
|
|
|
292,309,496
|
|
Investment Companies: 0.50%
|
|
|
|
|
|
|
|
Ares Capital Corp. BDC
|
|
5.10
|
1-15-2031
|
|
10,395,000
|
10,107,370
|
|
Ares Capital Corp. BDC
|
|
5.50
|
9-1-2030
|
|
11,160,000
|
11,044,866
|
|
Ares Capital Corp. BDC
|
|
5.88
|
3-1-2029
|
|
6,035,000
|
6,099,550
|
|
Ares Strategic Income Fund BDC
|
|
5.70
|
3-15-2028
|
|
12,440,000
|
12,449,531
|
|
Blue Owl Capital Corp. BDC
|
|
5.95
|
3-15-2029
|
|
15,000,000
|
15,005,601
|
|
|
|
|
|
|
|
54,706,918
|
|
Real estate: 0.19%
|
|
|
|
|
|
|
|
CBRE Services, Inc.
|
|
4.90
|
1-15-2033
|
|
10,850,000
|
10,702,744
|
|
CBRE Services, Inc.
|
|
5.50
|
6-15-2035
|
|
10,675,000
|
10,804,670
|
|
|
|
|
|
|
|
21,507,414
|
|
REITs: 0.60%
|
|
|
|
|
|
|
|
Alexandria Real Estate Equities, Inc.
|
|
5.15
|
4-15-2053
|
|
7,870,000
|
6,929,573
|
|
Alexandria Real Estate Equities, Inc.
|
|
5.25
|
3-15-2036
|
|
9,225,000
|
9,056,887
|
|
Essential Properties LP
|
|
2.95
|
7-15-2031
|
|
21,843,000
|
19,734,946
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital
Finance Corp.144A
|
|
7.00
|
7-15-2031
|
|
710,000
|
735,340
|
|
Piedmont Operating Partnership LP
|
|
2.75
|
4-1-2032
|
|
3,230,000
|
2,745,931
|
|
Piedmont Operating Partnership LP
|
|
9.25
|
7-20-2028
|
|
7,163,000
|
7,800,988
|
|
Realty Income Corp.
|
|
5.13
|
7-6-2034
|
|
2,870,000
|
3,613,381
|
|
SBA Tower Trust144A
|
|
1.63
|
11-15-2026
|
|
6,595,000
|
6,512,887
|
|
Vornado Realty LP
|
|
5.75
|
2-1-2033
|
|
8,300,000
|
8,273,357
|
|
|
|
|
|
|
|
65,403,290
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Industrial: 0.53%
|
|
|
|
|
|
|
|
Electronics: 0.04%
|
|
|
|
|
|
|
|
Sensata Technologies, Inc.144A
|
|
6.63
%
|
7-15-2032
|
$
|
4,125,000
|
$4,272,143
|
|
Engineering & construction: 0.26%
|
|
|
|
|
|
|
|
Jacobs Solutions, Inc.
|
|
4.75
|
3-3-2031
|
|
20,825,000
|
20,595,801
|
|
Jacobs Solutions, Inc.
|
|
5.38
|
3-3-2036
|
|
7,915,000
|
7,748,297
|
|
|
|
|
|
|
|
28,344,098
|
|
Trucking & leasing: 0.23%
|
|
|
|
|
|
|
|
FTAI Aviation Investors LLC144A
|
|
7.00
|
6-15-2032
|
|
24,680,000
|
25,498,487
|
|
Technology: 1.53%
|
|
|
|
|
|
|
|
Computers: 0.13%
|
|
|
|
|
|
|
|
Booz Allen Hamilton, Inc.
|
|
5.95
|
8-4-2033
|
|
3,485,000
|
3,563,992
|
|
Hewlett Packard Enterprise Co.
|
|
5.60
|
10-15-2054
|
|
10,950,000
|
10,099,444
|
|
|
|
|
|
|
|
13,663,436
|
|
Semiconductors: 0.51%
|
|
|
|
|
|
|
|
Entegris, Inc.144A
|
|
4.75
|
4-15-2029
|
|
15,830,000
|
15,725,998
|
|
Foundry JV Holdco LLC144A
|
|
6.20
|
1-25-2037
|
|
21,215,000
|
22,380,923
|
|
Intel Corp.
|
|
2.80
|
8-12-2041
|
|
3,490,000
|
2,449,505
|
|
Intel Corp.
|
|
3.25
|
11-15-2049
|
|
5,915,000
|
3,887,122
|
|
Intel Corp.
|
|
5.30
|
5-15-2036
|
|
11,375,000
|
11,360,599
|
|
|
|
|
|
|
|
55,804,147
|
|
Software: 0.89%
|
|
|
|
|
|
|
|
Cloud Software Group, Inc.144A
|
|
8.25
|
6-30-2032
|
|
10,000,000
|
9,817,586
|
|
Fidelity National Information Services, Inc.
|
|
4.55
|
3-10-2029
|
|
16,790,000
|
16,697,938
|
|
Oracle Corp.
|
|
3.85
|
4-1-2060
|
|
6,405,000
|
3,867,712
|
|
Oracle Corp.
|
|
4.45
|
9-26-2030
|
|
12,300,000
|
11,925,595
|
|
Oracle Corp.
|
|
4.55
|
2-4-2029
|
|
7,100,000
|
7,029,068
|
|
Oracle Corp.
|
|
5.70
|
2-4-2036
|
|
31,565,000
|
31,011,825
|
|
Oracle Corp.
|
|
5.95
|
9-26-2055
|
|
13,870,000
|
12,128,580
|
|
Oracle Corp.
|
|
6.70
|
2-4-2056
|
|
5,720,000
|
5,508,997
|
|
|
|
|
|
|
|
97,987,301
|
|
Utilities: 1.75%
|
|
|
|
|
|
|
|
Electric: 1.65%
|
|
|
|
|
|
|
|
AEP Transmission Co. LLC
|
|
5.25
|
6-1-2036
|
|
8,635,000
|
8,693,470
|
|
Basin Electric Power Cooperative144A
|
|
5.85
|
10-15-2055
|
|
15,195,000
|
15,046,980
|
|
Dominion Energy, Inc. (5 Year Treasury Constant
Maturity+2.21%)±
|
|
6.63
|
5-15-2055
|
|
8,050,000
|
8,244,496
|
|
Duke Energy Corp.
|
|
3.10
|
6-15-2028
|
|
977,000
|
1,138,385
|
|
Duke Energy Corp.
|
|
3.85
|
6-15-2034
|
|
4,518,000
|
5,266,548
|
|
Duke Energy Indiana LLC
|
|
5.40
|
4-1-2053
|
|
8,165,000
|
7,723,727
|
|
Entergy Louisiana LLC
|
|
5.65
|
4-15-2056
|
|
8,725,000
|
8,517,759
|
|
Entergy Mississippi LLC
|
|
5.80
|
4-15-2055
|
|
5,970,000
|
5,948,041
|
|
EUSHI Finance, Inc. (5 Year Treasury Constant
Maturity+3.14%)±
|
|
7.63
|
12-15-2054
|
|
11,345,000
|
11,815,443
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Electric(continued)
|
|
|
|
|
|
|
|
Niagara Mohawk Power Corp.144A
|
|
6.00
%
|
7-3-2055
|
$
|
25,585,000
|
$25,424,534
|
|
PacifiCorp
|
|
5.45
|
4-15-2033
|
|
13,835,000
|
14,079,622
|
|
PacifiCorp
|
|
5.80
|
1-15-2055
|
|
11,280,000
|
10,771,034
|
|
PG&E Corp. (5 Year Treasury Constant
Maturity+3.88%)±
|
|
7.38
|
3-15-2055
|
|
12,805,000
|
13,040,386
|
|
San Diego Gas & Electric Co. Series EEEE
|
|
5.95
|
3-15-2056
|
|
11,365,000
|
11,507,073
|
|
Sempra (5 Year Treasury Constant Maturity+2.35%)±
|
|
6.63
|
4-1-2055
|
|
14,335,000
|
14,483,640
|
|
Southern California Edison Co.
|
|
3.65
|
2-1-2050
|
|
1,655,000
|
1,144,115
|
|
Southern California Edison Co.
|
|
5.75
|
4-15-2054
|
|
9,175,000
|
8,508,459
|
|
Vistra Operations Co. LLC144A
|
|
5.00
|
7-31-2027
|
|
9,215,000
|
9,209,226
|
|
|
|
|
|
|
|
180,562,938
|
|
Gas: 0.10%
|
|
|
|
|
|
|
|
Brooklyn Union Gas Co.144A
|
|
6.39
|
9-15-2033
|
|
10,590,000
|
11,277,462
|
|
Total corporate bonds and notes (Cost $2,428,840,997)
|
|
|
|
|
|
2,424,757,299
|
|
Foreign corporate bonds and notes: 1.70%
|
|
|
|
|
|
|
|
Basic materials: 0.05%
|
|
|
|
|
|
|
|
Chemicals: 0.05%
|
|
|
|
|
|
|
|
INEOS Finance PLC
|
|
6.63
|
5-15-2028
|
EUR
|
4,666,000
|
5,488,988
|
|
Communications: 0.59%
|
|
|
|
|
|
|
|
Media: 0.10%
|
|
|
|
|
|
|
|
Ziggo BV
|
|
2.88
|
1-15-2030
|
EUR
|
10,000,000
|
11,045,228
|
|
Telecommunications: 0.49%
|
|
|
|
|
|
|
|
British Telecommunications PLC
|
|
3.13
|
2-11-2032
|
EUR
|
3,205,000
|
3,665,920
|
|
British Telecommunications PLC (UK Gilts 5
Year+3.82%)±
|
|
8.38
|
12-20-2083
|
GBP
|
5,000,000
|
7,109,573
|
|
BT Finance PLC
|
|
3.38
|
11-17-2032
|
EUR
|
3,297,000
|
3,791,312
|
|
Chorus Ltd.
|
|
3.53
|
11-26-2032
|
EUR
|
3,297,000
|
3,802,150
|
|
Fibercop SpA
|
|
1.63
|
1-18-2029
|
EUR
|
5,824,000
|
6,427,409
|
|
Koninklijke KPN NV
|
|
3.88
|
7-3-2031
|
EUR
|
2,900,000
|
3,466,208
|
|
SES SA (EURIBOR ICE Swap Rate 11:00am+3.23%)±
|
|
5.50
|
9-12-2054
|
EUR
|
10,295,000
|
12,161,175
|
|
Telefonaktiebolaget LM Ericsson
|
|
1.00
|
5-26-2029
|
EUR
|
947,000
|
1,035,532
|
|
Telefonica Europe BV (EUR Swap Annual (vs. 6 Month
EURIBOR) 7 Year+3.35%)ʊ±
|
|
6.14
|
2-3-2030
|
EUR
|
5,000,000
|
6,191,610
|
|
VMED O2 U.K. Financing I PLC
|
|
5.63
|
4-15-2032
|
EUR
|
5,000,000
|
5,448,337
|
|
|
|
|
|
|
|
53,099,226
|
|
Consumer, cyclical: 0.11%
|
|
|
|
|
|
|
|
Auto manufacturers: 0.03%
|
|
|
|
|
|
|
|
RCI Banque SA
|
|
3.63
|
11-3-2032
|
EUR
|
3,300,000
|
3,777,495
|
|
Entertainment: 0.03%
|
|
|
|
|
|
|
|
Universal Music Group NV
|
|
4.00
|
6-13-2031
|
EUR
|
2,320,000
|
2,765,803
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Leisure time: 0.05%
|
|
|
|
|
|
|
|
TUI AG
|
|
5.88
%
|
3-15-2029
|
EUR
|
5,030,000
|
$5,976,461
|
|
Consumer, non-cyclical: 0.17%
|
|
|
|
|
|
|
|
Agriculture: 0.03%
|
|
|
|
|
|
|
|
BAT International Finance PLC
|
|
2.25
|
1-16-2030
|
EUR
|
3,205,000
|
3,603,965
|
|
Commercial services: 0.08%
|
|
|
|
|
|
|
|
Nexi SpA
|
|
2.13
|
4-30-2029
|
EUR
|
3,663,000
|
4,106,098
|
|
Rentokil Initial Finance BV
|
|
3.88
|
6-27-2027
|
EUR
|
1,832,000
|
2,152,766
|
|
Transurban Finance Co. Pty. Ltd.
|
|
4.23
|
4-26-2033
|
EUR
|
1,832,000
|
2,203,747
|
|
|
|
|
|
|
|
8,462,611
|
|
Food: 0.06%
|
|
|
|
|
|
|
|
Market Bidco Finco PLC
|
|
5.50
|
11-4-2027
|
GBP
|
5,000,000
|
6,702,979
|
|
Energy: 0.01%
|
|
|
|
|
|
|
|
Oil & gas: 0.01%
|
|
|
|
|
|
|
|
Aker BP ASA
|
|
1.13
|
5-12-2029
|
EUR
|
733,000
|
803,289
|
|
Repsol International Finance BV (EUR Swap Annual (vs.
6 Month EURIBOR) 5 Year+2.77%)ʊ±
|
|
2.50
|
12-22-2026
|
EUR
|
306,000
|
354,882
|
|
|
|
|
|
|
|
1,158,171
|
|
Financial: 0.42%
|
|
|
|
|
|
|
|
Banks: 0.32%
|
|
|
|
|
|
|
|
ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month
EURIBOR) 5 Year+3.90%)ʊ±
|
|
4.75
|
9-22-2027
|
EUR
|
4,900,000
|
5,747,125
|
|
BAWAG Group AG (EURIBOR ICE Swap Rate
11:00am+5.05%)ʊ±
|
|
7.25
|
9-18-2029
|
EUR
|
5,000,000
|
6,160,049
|
|
CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR)
5 Year+3.55%)±
|
|
6.25
|
2-23-2033
|
EUR
|
1,800,000
|
2,188,198
|
|
Credit Agricole SA (EURIBOR ICE Swap Rate
11:00am+4.44%)ʊ±
|
|
7.25
|
9-23-2028
|
EUR
|
2,900,000
|
3,586,851
|
|
Deutsche Bank AG (3 Month EURIBOR+1.50%)±
|
|
4.13
|
4-4-2030
|
EUR
|
3,100,000
|
3,688,268
|
|
Deutsche Bank AG (3 Month EURIBOR+2.95%)±
|
|
5.00
|
9-5-2030
|
EUR
|
1,000,000
|
1,221,050
|
|
KBC Group NV (EURIBOR ICE Swap Rate
11:00am+4.93%)ʊ±
|
|
8.00
|
9-5-2028
|
EUR
|
3,600,000
|
4,524,465
|
|
Raiffeisen Bank International AG (EURIBOR ICE Swap
Rate 11:00am+5.20%)±
|
|
7.38
|
12-20-2032
|
EUR
|
3,700,000
|
4,515,903
|
|
UBS Group AG (EURIBOR ICE Swap Rate
11:00am+4.95%)±
|
|
7.75
|
3-1-2029
|
EUR
|
2,870,000
|
3,604,706
|
|
|
|
|
|
|
|
35,236,615
|
|
Insurance: 0.02%
|
|
|
|
|
|
|
|
AXA SA
|
|
3.63
|
1-10-2033
|
EUR
|
1,801,000
|
2,138,023
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Real estate: 0.08%
|
|
|
|
|
|
|
|
Aroundtown SA
|
|
3.25
%
|
1-2-2031
|
EUR
|
3,400,000
|
$3,830,556
|
|
Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR)
5 Year+3.45%)ʊ±
|
|
3.13
|
12-2-2026
|
EUR
|
3,800,000
|
4,382,357
|
|
|
|
|
|
|
|
8,212,913
|
|
Government securities: 0.06%
|
|
|
|
|
|
|
|
Multi-national: 0.06%
|
|
|
|
|
|
|
|
Banque Ouest Africaine de Developpement
|
|
2.75
|
1-22-2033
|
EUR
|
6,319,000
|
6,261,792
|
|
Technology: 0.05%
|
|
|
|
|
|
|
|
Computers: 0.05%
|
|
|
|
|
|
|
|
Almaviva-The Italian Innovation Co. SpA144A
|
|
5.00
|
10-30-2030
|
EUR
|
5,000,000
|
5,676,236
|
|
Utilities: 0.24%
|
|
|
|
|
|
|
|
Electric: 0.15%
|
|
|
|
|
|
|
|
Contact Energy Ltd.
|
|
3.54
|
11-3-2032
|
EUR
|
3,297,000
|
3,798,684
|
|
Enel Finance International NVøø
|
|
0.75
|
6-17-2030
|
EUR
|
672,000
|
709,244
|
|
Enel Finance International NV
|
|
4.00
|
2-20-2031
|
EUR
|
1,832,000
|
2,192,923
|
|
Iberdrola Finanzas SA (EURIBOR ICE Swap Rate
11:00am+1.36%)ʊ±
|
|
3.75
|
8-5-2031
|
EUR
|
3,300,000
|
3,772,137
|
|
Vattenfall AB (UK Gilts 5 Year+1.90%)±
|
|
2.50
|
6-29-2083
|
GBP
|
4,713,000
|
6,003,678
|
|
|
|
|
|
|
|
16,476,666
|
|
Gas: 0.05%
|
|
|
|
|
|
|
|
APA Infrastructure Ltd.
|
|
2.00
|
7-15-2030
|
EUR
|
5,037,000
|
5,570,049
|
|
Water: 0.04%
|
|
|
|
|
|
|
|
Holding d’Infrastructures des Metiers de
l’Environnement SAS
|
|
4.88
|
10-24-2029
|
EUR
|
3,800,000
|
4,529,695
|
|
Total foreign corporate bonds and notes
(Cost $173,370,737)
|
|
|
|
|
|
186,182,916
|
|
Foreign government bonds: 4.97%
|
|
|
|
|
|
|
|
Australia: 0.63%
|
|
|
|
|
|
|
|
Australia
|
|
1.50
|
6-21-2031
|
AUD
|
67,000,000
|
41,643,127
|
|
Australia
|
|
2.25
|
5-21-2028
|
AUD
|
40,225,000
|
27,682,978
|
|
|
|
|
|
|
|
69,326,105
|
|
Belgium: 0.25%
|
|
|
|
|
|
|
|
Kingdom of Belgium144A
|
|
3.40
|
6-22-2036
|
EUR
|
23,850,000
|
27,707,743
|
|
Brazil: 0.48%
|
|
|
|
|
|
|
|
Brazil
|
|
10.00
|
1-1-2031
|
BRL
|
305,000,000
|
52,903,036
|
|
Chile: 0.13%
|
|
|
|
|
|
|
|
Republic of Chile144A
|
|
4.70
|
9-1-2030
|
CLP
|
13,200,000,000
|
14,586,342
|
|
Colombia: 0.47%
|
|
|
|
|
|
|
|
Colombia TES
|
|
5.75
|
11-3-2027
|
COP
|
210,000,000,000
|
51,186,058
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Czech Republic: 0.25%
|
|
|
|
|
|
|
|
Czech Republic
|
|
5.00
%
|
9-30-2030
|
CZK
|
551,060,000
|
$27,305,558
|
|
France: 0.49%
|
|
|
|
|
|
|
|
French Republic144A
|
|
0.10
|
7-25-2036
|
EUR
|
26,531,811
|
27,070,748
|
|
French Republic144A
|
|
2.70
|
2-25-2031
|
EUR
|
23,400,000
|
27,004,004
|
|
|
|
|
|
|
|
54,074,752
|
|
Germany: 0.37%
|
|
|
|
|
|
|
|
Bundesobligation
|
|
2.50
|
4-16-2031
|
EUR
|
23,500,000
|
27,247,028
|
|
Bundesschatzanweisungen
|
|
2.50
|
6-14-2028
|
EUR
|
11,750,000
|
13,696,551
|
|
|
|
|
|
|
|
40,943,579
|
|
Italy: 0.25%
|
|
|
|
|
|
|
|
Italy
|
|
2.20
|
2-28-2028
|
EUR
|
23,500,000
|
27,200,376
|
|
Mexico: 0.26%
|
|
|
|
|
|
|
|
Mexico
|
|
8.50
|
2-28-2030
|
MXN
|
488,245,000
|
28,271,010
|
|
South Africa: 0.26%
|
|
|
|
|
|
|
|
Republic of South Africa
|
|
8.00
|
1-31-2030
|
ZAR
|
458,000,000
|
28,401,923
|
|
Spain: 0.51%
|
|
|
|
|
|
|
|
Spain
|
|
2.60
|
5-31-2031
|
EUR
|
47,900,000
|
55,293,126
|
|
United Kingdom: 0.62%
|
|
|
|
|
|
|
|
U.K. Gilts
|
|
4.38
|
3-7-2028
|
GBP
|
10,050,000
|
13,571,887
|
|
U.K. Gilts
|
|
4.38
|
3-7-2030
|
GBP
|
20,311,000
|
27,435,549
|
|
U.K. Gilts
|
|
4.75
|
10-22-2035
|
GBP
|
19,930,000
|
26,723,374
|
|
|
|
|
|
|
|
67,730,810
|
|
Total foreign government bonds (Cost $542,137,284)
|
|
|
|
|
|
544,930,418
|
|
|
|
|
|
Shares
|
|
|
|
Investment companies: 2.76%
|
|
|
|
|
|
|
|
Exchange-traded funds: 2.76%
|
|
|
|
|
|
|
|
iShares Broad USD High Yield Corporate Bond ETF
|
|
|
|
|
2,088,515
|
77,630,103
|
|
State Street SPDR Portfolio High Yield Bond ETF
|
|
|
|
|
844,925
|
19,881,085
|
|
Vanguard Intermediate-Term Corporate Bond ETF
|
|
|
|
|
1,498,483
|
124,149,316
|
|
Vanguard Short-Term Corporate Bond ETF
|
|
|
|
|
1,020,236
|
80,792,489
|
|
Total investment companies (Cost $301,386,125)
|
|
|
|
|
|
302,452,993
|
|
|
|
|
|
Principal
|
|
|
|
Loans: 0.03%
|
|
|
|
|
|
|
|
Consumer, cyclical: 0.01%
|
|
|
|
|
|
|
|
Airlines: 0.01%
|
|
|
|
|
|
|
|
Vista Management Holding, Inc. (U.S. SOFR 3
Month+3.75%)±
|
|
7.44
|
4-1-2031
|
$
|
436,111
|
432,111
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Consumer, non-cyclical: 0.02%
|
|
|
|
|
|
|
|
Healthcare-services: 0.02%
|
|
|
|
|
|
|
|
Modivcare Buyer LLC (U.S. SOFR 3 Month+5.00%)‡±
|
|
8.70
%
|
12-30-2032
|
$
|
3,081,996
|
$2,588,877
|
|
Total loans (Cost $3,515,526)
|
|
|
|
|
|
3,020,988
|
|
Municipal obligations: 0.04%
|
|
|
|
|
|
|
|
Illinois: 0.02%
|
|
|
|
|
|
|
|
Housing revenue: 0.02%
|
|
|
|
|
|
|
|
Metropolitan Pier & Exposition Authority State of Illinois
McCormick Place Expansion Project Fund Series B
(AG Insured)¤
|
|
0.00
|
6-15-2026
|
|
1,975,000
|
1,972,688
|
|
Tax revenue: 0.00%
|
|
|
|
|
|
|
|
Metropolitan Pier & Exposition Authority State of Illinois
McCormick Place Expansion Project Fund Series B
CAB¤
|
|
0.00
|
12-15-2051
|
|
765,000
|
216,235
|
|
|
|
|
|
|
|
2,188,923
|
|
Pennsylvania: 0.02%
|
|
|
|
|
|
|
|
Housing revenue: 0.02%
|
|
|
|
|
|
|
|
Commonwealth Financing Authority Pennsylvania
Series A
|
|
4.14
|
6-1-2038
|
|
1,995,000
|
1,866,351
|
|
Total municipal obligations (Cost $4,091,820)
|
|
|
|
|
|
4,055,274
|
|
Non-agency mortgage-backed securities: 5.34%
|
|
|
|
|
|
|
|
1345 Trust Series 2025-AOA Class A (U.S. SOFR 1
Month+1.60%)144A±
|
|
5.23
|
6-15-2042
|
|
3,475,000
|
3,474,983
|
|
A&D Mortgage Trust Series 2024-NQM4 Class A1144A
|
|
5.46
|
8-25-2069
|
|
2,044,443
|
2,047,406
|
|
A&D Mortgage Trust Series 2024-NQM5 Class A1144A
|
|
5.70
|
11-25-2069
|
|
1,433,353
|
1,438,950
|
|
A&D Mortgage Trust Series 2024-NQM6
Class A2144A±±
|
|
5.92
|
1-25-2070
|
|
628,190
|
631,168
|
|
A&D Mortgage Trust Series 2025-NQM3
Class A1144A±±
|
|
5.37
|
8-25-2070
|
|
25,161,391
|
25,146,792
|
|
A&D Mortgage Trust Series 2026-NQM1
Class A1144A±±
|
|
4.91
|
2-25-2071
|
|
9,605,283
|
9,512,598
|
|
Agate Bay Mortgage Trust Series 2015-3
Class B3144A±±
|
|
3.44
|
4-25-2045
|
|
359,308
|
292,409
|
|
Ajax Mortgage Loan Trust Series 2021-E
Class A1144A±±
|
|
1.74
|
12-25-2060
|
|
2,399,342
|
2,101,634
|
|
ALA Trust Series 2025-OANA Class A (U.S. SOFR 1
Month+1.74%)144A±
|
|
5.37
|
6-15-2040
|
|
5,000,000
|
5,020,313
|
|
Angel Oak Mortgage Trust Series 2020-4
Class A1144A±±
|
|
1.47
|
6-25-2065
|
|
272,925
|
266,539
|
|
Angel Oak Mortgage Trust Series 2024-10
Class A1144A±±
|
|
5.35
|
10-25-2069
|
|
7,351,051
|
7,360,595
|
|
BAHA Trust Series 2024-MAR Class B144A±±
|
|
6.84
|
12-10-2041
|
|
20,000,000
|
20,630,644
|
|
Bank Series 2022-BNK44 Class A5±±
|
|
5.74
|
11-15-2055
|
|
1,085,000
|
1,126,386
|
|
BBCMS Mortgage Trust Series 2025-5C37 Class C±±
|
|
6.00
|
9-15-2058
|
|
2,500,000
|
2,500,704
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Non-agency mortgage-backed securities(continued)
|
|
|
|
|
|
|
|
Benchmark Mortgage Trust Series 2022-B33
Class A5±±
|
|
3.46
%
|
3-15-2055
|
$
|
14,391,000
|
$13,300,827
|
|
BHMS Commercial Mortgage Trust Series 2025-ATLS
Class B (U.S. SOFR 1 Month+2.55%)144A±
|
|
6.18
|
8-15-2042
|
|
8,570,000
|
8,580,713
|
|
BMO Mortgage Trust Series 2024-C8 Class AS±±
|
|
5.91
|
3-15-2057
|
|
10,685,000
|
11,011,248
|
|
BOCA Commercial Mortgage Trust Series 2025-BOCA
Class C (U.S. SOFR 1 Month+2.15%)144A±
|
|
5.78
|
12-15-2042
|
|
6,050,000
|
6,061,344
|
|
BX Trust Series 2019-OC11 Class A144A
|
|
3.20
|
12-9-2041
|
|
4,975,000
|
4,707,304
|
|
BX Trust Series 2024-BIO Class C (U.S. SOFR 1
Month+2.64%)144A±
|
|
6.27
|
2-15-2041
|
|
10,995,000
|
10,926,301
|
|
BX Trust Series 2025-VOLT Class B (U.S. SOFR 1
Month+2.10%)144A±
|
|
5.73
|
12-15-2044
|
|
25,900,000
|
25,916,188
|
|
BX Trust Series 2026-CLS Class B (U.S. SOFR 1
Month+1.70%)144A±
|
|
5.33
|
5-15-2043
|
|
3,400,000
|
3,402,122
|
|
CD Mortgage Trust Series 2017-CD6 Class A5
|
|
3.46
|
11-13-2050
|
|
1,035,000
|
1,022,216
|
|
CFMT LLC Series 2025-AB3 Class A144A±±
|
|
4.00
|
5-25-2055
|
|
1,823,935
|
1,743,832
|
|
CHNGE Mortgage Trust Series 2022-1 Class A1144A±±
|
|
4.01
|
1-25-2067
|
|
4,408,959
|
4,232,545
|
|
CHNGE Mortgage Trust Series 2022-2 Class A1144A±±
|
|
4.76
|
3-25-2067
|
|
936,721
|
915,763
|
|
CHNGE Mortgage Trust Series 2023-3 Class A1144A±±
|
|
7.10
|
7-25-2058
|
|
540,942
|
539,288
|
|
CHNGE Mortgage Trust Series 2023-4 Class A1144A±±
|
|
7.57
|
9-25-2058
|
|
2,156,905
|
2,159,780
|
|
COMM Mortgage Trust Series 2024-277P
Class C144A±±
|
|
7.00
|
8-10-2044
|
|
5,000,000
|
5,212,099
|
|
CRSO Trust Series 2023±±
|
|
7.12
|
7-10-2040
|
|
17,995,000
|
18,446,280
|
|
CSMC Trust Series 2013-IVR2 Class B4144A±±
|
|
3.39
|
4-25-2043
|
|
292,653
|
254,140
|
|
CSMC Trust Series 2014-IVR2 Class A2144A±±
|
|
3.82
|
4-25-2044
|
|
926,328
|
878,356
|
|
CSMC Trust Series 2018-RPL9 Class A144A±±
|
|
3.85
|
9-25-2057
|
|
1,734,080
|
1,660,107
|
|
CSMC Trust Series 2021-AFC1 Class A2144A±±
|
|
1.07
|
3-25-2056
|
|
3,273,594
|
2,747,996
|
|
CSMLT Trust Series 2015-1 Class B4144A±±
|
|
3.84
|
5-25-2045
|
|
1,685,803
|
1,611,423
|
|
DBSG Mortgage Trust Series 2024-ALTA
Class A144A±±
|
|
5.95
|
6-10-2037
|
|
13,810,000
|
13,906,170
|
|
DBSG Mortgage Trust Series 2024-ALTA
Class B144A±±
|
|
6.38
|
6-10-2037
|
|
3,015,000
|
3,034,211
|
|
Deephaven Residential Mortgage Trust Series 2021-3
Class A2144A±±
|
|
1.40
|
8-25-2066
|
|
1,707,100
|
1,514,414
|
|
EFMT Series 2025-NQM3 Class A1144A±±
|
|
5.49
|
8-25-2070
|
|
17,109,393
|
17,151,260
|
|
Finance of America Structured Securities Trust
Series 2024-S2 Class A1144A±±
|
|
3.50
|
4-25-2074
|
|
21,824,403
|
21,523,484
|
|
Finance of America Structured Securities Trust
Series 2024-S4 Class A1144A
|
|
3.50
|
11-25-2074
|
|
10,588,511
|
10,334,137
|
|
Financial Asset Securitization, Inc. Series 1997-NAM2
Class B2†±±
|
|
8.00
|
7-25-2027
|
|
15,908
|
2
|
|
FREMF Mortgage Trust Series 2020-KF76 Class B (30
Day Average U.S. SOFR+2.86%)144A±
|
|
6.51
|
1-25-2030
|
|
2,208,387
|
2,161,744
|
|
FS Trust Series 2026-HULA Class B (U.S. SOFR 1
Month+1.65%)144A±
|
|
5.28
|
3-15-2041
|
|
16,810,000
|
16,831,013
|
|
FS Trust Series 2026-ORL Class B (U.S. SOFR 1
Month+1.55%)144A±
|
|
5.18
|
2-15-2041
|
|
3,409,000
|
3,411,131
|
|
GCAT Trust Series 2019-RPL1 Class A1144A±±
|
|
2.65
|
10-25-2068
|
|
738,355
|
722,364
|
|
GCAT Trust Series 2022-NQM3 Class A1144A±±
|
|
5.35
|
4-25-2067
|
|
923,797
|
920,861
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Non-agency mortgage-backed securities(continued)
|
|
|
|
|
|
|
|
GCAT Trust Series 2026-NQM2 Class A1144A±±
|
|
5.45
%
|
2-25-2071
|
$
|
11,185,323
|
$11,209,898
|
|
GS Mortgage Securities Trust Series 2017-GS7
Class A3
|
|
3.17
|
8-10-2050
|
|
990,000
|
978,912
|
|
GS Mortgage Securities Trust Series 2019-GSA1
Class C±±
|
|
3.80
|
11-10-2052
|
|
500,000
|
441,513
|
|
GS Mortgage-Backed Securities Corp. Trust
Series 2019-PJ2 Class A4144A±±
|
|
4.00
|
11-25-2049
|
|
118,486
|
110,470
|
|
GS Mortgage-Backed Securities Trust Series 2024-RPL2
Class A1144A±±
|
|
3.75
|
7-25-2061
|
|
10,889,820
|
10,628,850
|
|
GS Mortgage-Backed Securities Trust Series 2024-RPL4
Class A1144A±±
|
|
3.90
|
9-25-2061
|
|
426,839
|
416,693
|
|
GSJP Trust Series 2025-BEDS Class A (U.S. SOFR 1
Month+1.50%)144A±
|
|
5.13
|
12-15-2042
|
|
7,995,000
|
7,956,514
|
|
GSJP Trust Series 2025-BEDS Class B (U.S. SOFR 1
Month+1.75%)144A±
|
|
5.38
|
12-15-2042
|
|
15,435,000
|
15,345,548
|
|
Harvest Commercial Capital Loan Trust Series 2024-1
Class A
|
|
6.16
|
10-25-2056
|
|
7,500,552
|
7,594,294
|
|
HAVN Trust Series 2025-MOB Class A (U.S. SOFR 1
Month+1.70%)144A±
|
|
5.33
|
10-15-2035
|
|
16,880,000
|
16,827,250
|
|
Imperial Fund Mortgage Trust Series 2020-NQM1
Class A1144A±±
|
|
1.38
|
10-25-2055
|
|
342,014
|
326,663
|
|
Imperial Fund Mortgage Trust Series 2021-NQM1
Class A1144A±±
|
|
1.07
|
6-25-2056
|
|
943,924
|
812,473
|
|
Imperial Fund Mortgage Trust Series 2021-NQM2
Class A2144A±±
|
|
1.36
|
9-25-2056
|
|
3,150,829
|
2,681,336
|
|
Imperial Fund Mortgage Trust Series 2022-NQM3
Class A3144A±±
|
|
4.41
|
5-25-2067
|
|
17,223,000
|
15,481,887
|
|
JPMorgan Mortgage Trust Series 2013-3
Class B4144A±±
|
|
3.39
|
7-25-2043
|
|
3,616,907
|
2,859,765
|
|
JPMorgan Mortgage Trust Series 2014-2
Class B4144A±±
|
|
3.32
|
6-25-2029
|
|
1,215,000
|
1,176,923
|
|
JPMorgan Mortgage Trust Series 2020-1
Class A15144A±±
|
|
3.50
|
6-25-2050
|
|
904,512
|
810,368
|
|
JPMorgan Mortgage Trust Series 2025-CES1
Class A3144A±±
|
|
6.07
|
5-25-2055
|
|
500,000
|
503,567
|
|
MFA Trust Series 2020-NQM3 Class A1144A±±
|
|
1.01
|
1-26-2065
|
|
343,787
|
330,625
|
|
MFA Trust Series 2020-NQM3 Class M1144A±±
|
|
2.65
|
1-26-2065
|
|
2,650,000
|
2,475,834
|
|
MFA Trust Series 2021-NQM1 Class A1144A±±
|
|
1.15
|
4-25-2065
|
|
850,163
|
801,159
|
|
MFA Trust Series 2021-NQM1 Class A2144A±±
|
|
1.38
|
4-25-2065
|
|
1,374,592
|
1,297,770
|
|
MFA Trust Series 2022-NQM2 Class A1144A±±
|
|
5.00
|
5-25-2067
|
|
5,039,853
|
4,926,476
|
|
Mill City Mortgage Loan Trust Series 2019-GS1
Class M2144A±±
|
|
3.25
|
7-25-2059
|
|
4,592,000
|
4,215,007
|
|
Mill City Mortgage Loan Trust Series 2021-NMR1
Class B2144A±±
|
|
2.50
|
11-25-2060
|
|
5,731,000
|
4,356,864
|
|
Mill City Mortgage Loan Trust Series 2026-R1
Class A1144A±±
|
|
5.46
|
10-25-2062
|
|
2,322,970
|
2,322,536
|
|
MOO Securitization Trust Series 2026-RM2
Class A1144A♦±±
|
|
4.75
|
6-25-2066
|
|
6,190,000
|
5,953,267
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Non-agency mortgage-backed securities(continued)
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C30 Class B±±
|
|
3.31
%
|
9-15-2049
|
$
|
4,610,000
|
$4,380,044
|
|
Morgan Stanley Capital I Trust Series 2014-150E
Class A144A
|
|
3.91
|
9-9-2032
|
|
6,695,000
|
6,303,496
|
|
Morgan Stanley Residential Mortgage Loan Trust
Series 2025-NQM5 Class A1144A±±
|
|
5.44
|
7-25-2070
|
|
14,663,993
|
14,682,046
|
|
New Residential Mortgage Loan Trust Series 2019-RPL3
Class M1144A±±
|
|
3.25
|
7-25-2059
|
|
10,800,000
|
9,776,388
|
|
NYMT Loan Trust Series 2024-CP1 Class A1144A±±
|
|
3.75
|
2-25-2068
|
|
2,332,136
|
2,161,725
|
|
OBX Trust Series 2020-INV1 Class A21144A±±
|
|
3.50
|
12-25-2049
|
|
1,229,915
|
1,100,798
|
|
OBX Trust Series 2022-NQM7 Class A1144A±±
|
|
5.11
|
8-25-2062
|
|
3,607,624
|
3,598,953
|
|
One New York Plaza Trust Series 2020-1NYP Class A
(U.S. SOFR 1 Month+1.06%)144A±
|
|
4.69
|
1-15-2036
|
|
10,534,018
|
10,231,165
|
|
PRPM Trust Series 2024-NQM3 Class A1144A±±
|
|
5.23
|
8-25-2069
|
|
9,559,187
|
9,542,266
|
|
RCKT Mortgage Trust Series 2023-CES2
Class A1A144A±±
|
|
6.81
|
9-25-2043
|
|
4,033,514
|
4,041,369
|
|
RCKT Mortgage Trust Series 2024-CES9
Class A1A144A±±
|
|
5.58
|
12-25-2044
|
|
4,827,596
|
4,846,056
|
|
Residential Mortgage Loan Trust Series 2020-1
Class M1144A±±
|
|
3.24
|
1-26-2060
|
|
4,740,287
|
4,650,903
|
|
Residential Mortgage Loan Trust Series 2021-1R
Class A2144A±±
|
|
1.10
|
1-25-2065
|
|
251,766
|
245,238
|
|
ROCK Trust Series 2024-CNTR Class C144A
|
|
6.47
|
11-13-2041
|
|
9,345,000
|
9,599,749
|
|
Saluda Grade Alternative Mortgage Trust Series 2024-
CES1 Class A1144A±±
|
|
6.31
|
3-25-2054
|
|
3,567,884
|
3,604,235
|
|
SDAL Trust Series 2025-DAL Class A (U.S. SOFR 1
Month+2.44%)144A±
|
|
6.07
|
4-15-2042
|
|
4,740,000
|
4,745,918
|
|
SDAL Trust Series 2025-DAL Class B (U.S. SOFR 1
Month+2.94%)144A±
|
|
6.57
|
4-15-2042
|
|
8,845,000
|
8,856,043
|
|
SFAVE Commercial Mortgage Securities Trust
Series 2015-5AVE Class B144A±±
|
|
4.39
|
1-5-2043
|
|
5,445,000
|
4,604,230
|
|
SFAVE Commercial Mortgage Securities Trust
Series 2015-5AVE Class D144A±±
|
|
4.39
|
1-5-2043
|
|
3,377,000
|
2,473,430
|
|
SG Residential Mortgage Trust Series 2021-1
Class A2144A±±
|
|
1.36
|
7-25-2061
|
|
4,933,531
|
4,124,311
|
|
Shellpoint Co-Originator Trust Series 2016-1
Class B2144A±±
|
|
3.59
|
11-25-2046
|
|
3,498,150
|
3,261,705
|
|
SHR Trust Series 2024-LXRY Class A (U.S. SOFR 1
Month+1.95%)144A±
|
|
5.58
|
10-15-2041
|
|
9,635,000
|
9,641,012
|
|
SPGN Trust Series 2026-TFLM Class C (U.S. SOFR 1
Month+1.80%)144A±
|
|
5.43
|
2-15-2041
|
|
2,400,000
|
2,386,500
|
|
Starwood Mortgage Residential Trust Series 2021-6
Class A1144A±±
|
|
1.92
|
11-25-2066
|
|
1,486,345
|
1,308,352
|
|
SWCH Commercial Mortgage Trust Series 2025-DATA
Class C (U.S. SOFR 1 Month+2.09%)144A±
|
|
5.72
|
2-15-2042
|
|
7,960,000
|
7,900,300
|
|
Towd Point Mortgage Trust Series 2017-4
Class A1144A±±
|
|
2.75
|
6-25-2057
|
|
242,373
|
238,602
|
|
Towd Point Mortgage Trust Series 2019-4
Class M1144A±±
|
|
3.50
|
10-25-2059
|
|
4,000,000
|
3,494,762
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Non-agency mortgage-backed securities(continued)
|
|
|
|
|
|
|
|
Towd Point Mortgage Trust Series 2019-4
Class M2144A±±
|
|
3.75
%
|
10-25-2059
|
$
|
3,680,000
|
$3,111,698
|
|
Towd Point Mortgage Trust Series 2020-1
Class A1144A±±
|
|
2.71
|
1-25-2060
|
|
4,362,498
|
4,212,676
|
|
Towd Point Mortgage Trust Series 2024-CES6
Class M1144A±±
|
|
6.10
|
11-25-2064
|
|
6,375,000
|
6,401,282
|
|
TRK Trust Series 2021-INV1 Class A2144A±±
|
|
1.41
|
7-25-2056
|
|
1,276,588
|
1,154,563
|
|
UBS Commercial Mortgage Trust Series 2017-C5
Class A5
|
|
3.47
|
11-15-2050
|
|
1,140,000
|
1,118,054
|
|
Verus Securitization Trust Series 2021-R3
Class A1144A±±
|
|
1.02
|
4-25-2064
|
|
3,589,995
|
3,462,598
|
|
Verus Securitization Trust Series 2024-9
Class M1144A±±
|
|
6.20
|
11-25-2069
|
|
1,659,000
|
1,660,869
|
|
Wells Fargo Commercial Mortgage Trust Series 2025-
NYCH Class A (U.S. SOFR 1 Month+1.74%)144A±
|
|
5.37
|
6-15-2042
|
|
1,500,000
|
1,494,085
|
|
Total non-agency mortgage-backed securities (Cost
$592,664,471)
|
|
|
|
|
|
585,649,667
|
|
U.S. Treasury securities: 12.12%
|
|
|
|
|
|
|
|
U.S. Treasury Bonds
|
|
2.25
|
8-15-2049
|
|
50,760,000
|
31,296,713
|
|
U.S. Treasury Bonds
|
|
2.88
|
5-15-2043
|
|
45,210,000
|
34,497,349
|
|
U.S. Treasury Bonds
|
|
3.00
|
2-15-2049
|
|
32,945,000
|
23,841,370
|
|
U.S. Treasury Bonds
|
|
3.13
|
5-15-2048
|
|
65,580,000
|
48,918,581
|
|
U.S. Treasury Bonds
|
|
3.88
|
5-15-2043
|
|
42,200,000
|
37,132,703
|
|
U.S. Treasury Bonds
|
|
4.13
|
8-15-2044
|
|
22,960,000
|
20,658,619
|
|
U.S. Treasury Bonds
|
|
4.38
|
8-15-2043
|
|
60,825,000
|
56,945,030
|
|
U.S. Treasury Bonds
|
|
4.63
|
5-15-2044
|
|
106,485,000
|
102,400,301
|
|
U.S. Treasury Bonds
|
|
4.63
|
11-15-2044
|
|
17,570,000
|
16,850,728
|
|
U.S. Treasury Bonds
|
|
4.63
|
11-15-2045
|
|
183,849,000
|
175,690,701
|
|
U.S. Treasury Bonds
|
|
4.63
|
2-15-2046
|
|
203,830,000
|
194,657,650
|
|
U.S. Treasury Bonds
|
|
4.63
|
11-15-2055
|
|
91,062,000
|
85,968,219
|
|
U.S. Treasury Bonds
|
|
4.75
|
8-15-2055
|
|
135,000
|
129,985
|
|
U.S. Treasury Bonds
|
|
5.00
|
5-15-2045
|
|
69,988,000
|
70,269,593
|
|
U.S. Treasury Inflation-Indexed Notes
|
|
1.88
|
1-15-2036
|
|
27,843,787
|
27,453,842
|
|
U.S. Treasury Notes
|
|
3.50
|
2-28-2031
|
|
8,025,000
|
7,808,701
|
|
U.S. Treasury Notes
|
|
3.88
|
5-15-2029
|
|
13,495,000
|
13,430,688
|
|
U.S. Treasury Notes
|
|
4.13
|
5-31-2031
|
|
162,938,000
|
162,836,164
|
|
U.S. Treasury Notes
|
|
4.13
|
2-15-2036
|
|
95,545,000
|
93,201,162
|
|
U.S. Treasury Notes
|
|
4.38
|
5-15-2036
|
|
113,776,000
|
113,189,343
|
|
U.S. Treasury STRIPS¤
|
|
0.00
|
5-15-2040
|
|
20,515,000
|
10,341,825
|
|
Total U.S. Treasury securities (Cost $1,378,608,636)
|
|
|
|
|
|
1,327,519,267
|
|
Yankee corporate bonds and notes: 9.81%
|
|
|
|
|
|
|
|
Basic materials: 0.03%
|
|
|
|
|
|
|
|
Mining: 0.03%
|
|
|
|
|
|
|
|
Glencore Finance Canada Ltd.144A
|
|
6.90
|
11-15-2037
|
|
2,675,000
|
2,972,305
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Communications: 0.46%
|
|
|
|
|
|
|
|
Media: 0.01%
|
|
|
|
|
|
|
|
Virgin Media Secured Finance PLC144A
|
|
4.50
%
|
8-15-2030
|
$
|
1,385,000
|
$1,205,188
|
|
Telecommunications: 0.45%
|
|
|
|
|
|
|
|
Nokia Oyj
|
|
6.63
|
5-15-2039
|
|
3,545,000
|
3,763,223
|
|
Rogers Communications, Inc. (5 Year Treasury Constant
Maturity+2.62%)±
|
|
7.13
|
4-15-2055
|
|
12,825,000
|
13,299,045
|
|
Rogers Communications, Inc. (5 Year Treasury Constant
Maturity+2.84%)±
|
|
6.88
|
7-31-2056
|
|
12,970,000
|
13,184,787
|
|
TELUS Corp. (5 Year Treasury Constant
Maturity+2.52%)±
|
|
6.63
|
6-9-2056
|
|
9,745,000
|
9,714,784
|
|
TELUS Corp. (5 Year Treasury Constant
Maturity+2.71%)±
|
|
7.00
|
10-15-2055
|
|
9,340,000
|
9,613,634
|
|
|
|
|
|
|
|
49,575,473
|
|
Consumer, cyclical: 0.70%
|
|
|
|
|
|
|
|
Airlines: 0.04%
|
|
|
|
|
|
|
|
Air Canada Pass-Through Trust Series 2020-1
Class C144A
|
|
10.50
|
7-15-2026
|
|
4,000,000
|
4,026,173
|
|
Apparel: 0.05%
|
|
|
|
|
|
|
|
Gildan Activewear, Inc.144A
|
|
5.40
|
10-7-2035
|
|
6,085,000
|
5,977,789
|
|
Leisure time: 0.61%
|
|
|
|
|
|
|
|
Carnival Corp. Ltd.144A
|
|
6.13
|
2-15-2033
|
|
32,365,000
|
32,778,881
|
|
Royal Caribbean Cruises Ltd.
|
|
5.25
|
2-27-2038
|
|
7,410,000
|
7,176,679
|
|
Royal Caribbean Cruises Ltd.144A
|
|
5.63
|
9-30-2031
|
|
1,575,000
|
1,588,820
|
|
Royal Caribbean Cruises Ltd.144A
|
|
6.00
|
2-1-2033
|
|
25,215,000
|
25,562,378
|
|
|
|
|
|
|
|
67,106,758
|
|
Consumer, non-cyclical: 0.14%
|
|
|
|
|
|
|
|
Beverages: 0.13%
|
|
|
|
|
|
|
|
Becle SAB de CV144A
|
|
2.50
|
10-14-2031
|
|
16,485,000
|
14,120,080
|
|
Cosmetics/Personal Care: 0.01%
|
|
|
|
|
|
|
|
Perrigo Finance Unlimited Co.
|
|
4.90
|
12-15-2044
|
|
1,500,000
|
1,083,834
|
|
Energy: 1.07%
|
|
|
|
|
|
|
|
Oil & gas: 0.95%
|
|
|
|
|
|
|
|
Aker BP ASA144A
|
|
5.80
|
10-1-2054
|
|
8,035,000
|
7,559,045
|
|
BP Capital Markets PLC (5 Year Treasury Constant
Maturity+2.15%)ʊ±
|
|
6.45
|
12-1-2033
|
|
8,555,000
|
8,988,995
|
|
BP Capital Markets PLC (5 Year Treasury Constant
Maturity+4.40%)ʊ±
|
|
4.88
|
3-22-2030
|
|
32,250,000
|
31,772,784
|
|
Eni SpA144A
|
|
5.25
|
5-18-2036
|
|
10,555,000
|
10,458,458
|
|
Eni SpA144A
|
|
6.00
|
5-18-2056
|
|
5,835,000
|
5,820,452
|
|
Harbour Energy PLC144A
|
|
6.33
|
4-1-2035
|
|
26,550,000
|
27,336,817
|
|
Santos Finance Ltd.144A
|
|
5.75
|
11-13-2035
|
|
11,900,000
|
12,042,455
|
|
|
|
|
|
|
|
103,979,006
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Pipelines: 0.12%
|
|
|
|
|
|
|
|
Enbridge, Inc. (5 Year Treasury Constant
Maturity+3.71%)±
|
|
7.38
%
|
1-15-2083
|
$
|
2,580,000
|
$2,646,012
|
|
Enbridge, Inc. Series 20-A (5 Year Treasury Constant
Maturity+5.31%)±
|
|
5.75
|
7-15-2080
|
|
10,530,000
|
10,622,780
|
|
|
|
|
|
|
|
13,268,792
|
|
Financial: 6.31%
|
|
|
|
|
|
|
|
Banks: 4.84%
|
|
|
|
|
|
|
|
Banco Mercantil del Norte SA (5 Year Treasury Constant
Maturity+4.07%)144Aʊ±
|
|
8.38
|
5-20-2031
|
|
5,000,000
|
5,193,750
|
|
Banco Mercantil del Norte SA (5 Year Treasury Constant
Maturity+4.64%)144Aʊ±
|
|
5.88
|
1-24-2027
|
|
9,050,000
|
8,977,242
|
|
Banco Nacional de Comercio Exterior SNC (5 Year
Treasury Constant Maturity+2.00%)144A±
|
|
2.72
|
8-11-2031
|
|
8,850,000
|
8,787,015
|
|
Banco Nacional de Mexico SA (5 Year Treasury Constant
Maturity+2.68%)144A±
|
|
6.70
|
8-7-2036
|
|
2,000,000
|
1,995,800
|
|
Banco Santander SA
|
|
5.44
|
7-15-2031
|
|
11,745,000
|
12,073,011
|
|
Bancolombia SA (5 Year Treasury Constant
Maturity+4.32%)±
|
|
8.63
|
12-24-2034
|
|
6,040,000
|
6,347,043
|
|
Bank of Ireland Group PLC (U.S. SOFR+1.16%)144A±
|
|
5.00
|
11-12-2032
|
|
13,275,000
|
13,263,988
|
|
Bank of Montreal Series J (U.S. SOFR+0.96%)±%%
|
|
4.88
|
6-2-2032
|
|
6,175,000
|
6,181,885
|
|
Bank of Montreal Series J (U.S. SOFR+1.21%)±%%
|
|
5.30
|
6-2-2037
|
|
15,410,000
|
15,433,405
|
|
Banque Federative du Credit Mutuel SA144A
|
|
5.19
|
2-16-2028
|
|
19,940,000
|
20,181,283
|
|
Barclays PLC (U.S. SOFR+1.51%)±
|
|
5.21
|
2-24-2037
|
|
8,825,000
|
8,591,762
|
|
BBVA Mexico SA Institucion De Banca Multiple Grupo
Financiero BBVA Mexico144A%%
|
|
5.40
|
6-3-2031
|
|
10,710,000
|
10,718,889
|
|
BBVA Mexico SA Institucion De Banca Multiple Grupo
Financiero (5 Year Treasury Constant
Maturity+4.31%)144A±
|
|
5.88
|
9-13-2034
|
|
3,800,000
|
3,733,226
|
|
BNP Paribas SA (5 Year Treasury Constant
Maturity+2.85%)144Aʊ±
|
|
6.88
|
12-15-2033
|
|
27,920,000
|
27,736,485
|
|
BNP Paribas SA (5 Year Treasury Constant
Maturity+3.73%)144Aʊ±
|
|
8.00
|
8-22-2031
|
|
3,805,000
|
4,068,725
|
|
BNP Paribas SA (5 Year Treasury Constant
Maturity+4.90%)144Aʊ±
|
|
7.75
|
8-16-2029
|
|
6,315,000
|
6,620,810
|
|
Canadian Imperial Bank of Commerce
(U.S. SOFR+0.79%)±
|
|
4.28
|
1-29-2030
|
|
24,080,000
|
23,862,732
|
|
Commonwealth Bank of Australia (1 Year Treasury
Constant Maturity+1.32%)144A±
|
|
5.93
|
3-14-2046
|
|
26,530,000
|
26,687,099
|
|
Credit Agricole SA (U.S. SOFR+1.36%)144A±
|
|
4.82
|
9-25-2033
|
|
16,425,000
|
16,076,908
|
|
Credit Agricole SA (U.S. SOFR+1.46%)144A±
|
|
5.22
|
5-27-2031
|
|
23,175,000
|
23,427,827
|
|
Danske Bank AS (1 Year Treasury Constant
Maturity+1.40%)144A±
|
|
5.71
|
3-1-2030
|
|
14,365,000
|
14,731,631
|
|
Danske Bank AS (1 Year Treasury Constant
Maturity+1.75%)144A±
|
|
4.30
|
4-1-2028
|
|
26,435,000
|
26,423,135
|
|
Deutsche Bank AG (U.S. SOFR+1.10%)±
|
|
4.47
|
12-10-2031
|
|
25,135,000
|
24,731,378
|
|
DNB Bank ASA (U.S. SOFR+1.13%)144A±
|
|
4.83
|
3-30-2032
|
|
33,975,000
|
33,854,928
|
|
HSBC Holdings PLC (U.S. SOFR+1.57%)±
|
|
5.24
|
5-13-2031
|
|
25,450,000
|
25,773,601
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Banks(continued)
|
|
|
|
|
|
|
|
Lloyds Banking Group PLC (5 Year Treasury Constant
Maturity+4.82%)ʊ±
|
|
6.75
%
|
6-27-2026
|
$
|
8,525,000
|
$8,542,851
|
|
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury
Constant Maturity+0.92%)±
|
|
4.85
|
4-21-2032
|
|
6,785,000
|
6,774,893
|
|
National Australia Bank Ltd. (5 Year Treasury Constant
Maturity+1.70%)144A±
|
|
3.35
|
1-12-2037
|
|
21,105,000
|
19,144,987
|
|
NatWest Markets PLC144A
|
|
1.60
|
9-29-2026
|
|
4,135,000
|
4,102,440
|
|
NatWest Markets PLC144A
|
|
4.65
|
3-27-2029
|
|
22,125,000
|
22,167,779
|
|
NatWest Markets PLC144A
|
|
4.89
|
3-27-2031
|
|
18,000,000
|
18,035,642
|
|
Royal Bank of Canada (U.S. SOFR+0.84%)±
|
|
4.40
|
4-17-2030
|
|
10,780,000
|
10,720,172
|
|
UBS Group AG (1 Year Treasury Constant
Maturity+0.85%)144A±
|
|
1.49
|
8-10-2027
|
|
16,330,000
|
16,233,832
|
|
UBS Group AG (1 Year Treasury Constant
Maturity+2.05%)144A±
|
|
4.70
|
8-5-2027
|
|
9,625,000
|
9,627,280
|
|
UBS Group AG (5 Year Treasury Constant
Maturity+3.40%)144Aʊ±
|
|
4.88
|
2-12-2027
|
|
3,940,000
|
3,924,831
|
|
UBS Group AG (U.S. SOFR+1.73%)144A±
|
|
3.09
|
5-14-2032
|
|
16,920,000
|
15,531,884
|
|
UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5
Year+3.63%)144Aʊ±
|
|
6.85
|
9-10-2029
|
|
19,390,000
|
19,817,724
|
|
|
|
|
|
|
|
530,097,873
|
|
Diversified financial services: 0.41%
|
|
|
|
|
|
|
|
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust (5 Year Treasury Constant Maturity+2.72%)±
|
|
6.95
|
3-10-2055
|
|
14,710,000
|
15,247,369
|
|
Avolon Holdings Funding Ltd.144A
|
|
2.75
|
2-21-2028
|
|
4,810,000
|
4,653,249
|
|
Avolon Holdings Funding Ltd.144A
|
|
4.95
|
1-15-2028
|
|
6,875,000
|
6,902,389
|
|
Avolon Holdings Funding Ltd.144A
|
|
5.75
|
3-1-2029
|
|
7,290,000
|
7,451,531
|
|
Brookfield Asset Management Ltd.
|
|
5.30
|
1-15-2036
|
|
4,270,000
|
4,190,671
|
|
Brookfield Asset Management Ltd.
|
|
6.08
|
9-15-2055
|
|
5,785,000
|
5,851,231
|
|
Unifin Financiera SAB de CV144A†
|
|
9.88
|
1-28-2029
|
|
2,350,000
|
195,050
|
|
|
|
|
|
|
|
44,491,490
|
|
Insurance: 0.77%
|
|
|
|
|
|
|
|
Allianz SE (5 Year Treasury Constant
Maturity+2.77%)144A±
|
|
5.60
|
9-3-2054
|
|
3,060,000
|
3,032,171
|
|
Allianz SE (5 Year Treasury Constant
Maturity+3.23%)144A±
|
|
6.35
|
9-6-2053
|
|
27,320,000
|
28,468,150
|
|
Aspen Insurance Holdings Ltd.
|
|
5.75
|
7-1-2030
|
|
14,032,000
|
14,472,106
|
|
Nippon Life Insurance Co.144A
|
|
4.75
|
4-2-2031
|
|
13,115,000
|
13,127,806
|
|
RenaissanceRe Holdings Ltd.
|
|
5.75
|
6-5-2033
|
|
7,335,000
|
7,534,988
|
|
RenaissanceRe Holdings Ltd.
|
|
5.80
|
4-1-2035
|
|
4,925,000
|
5,065,464
|
|
Sompo Holdings, Inc. (1 Year Treasury Constant
Maturity+2.13%)144A±
|
|
5.41
|
4-22-2037
|
|
13,265,000
|
13,079,722
|
|
|
|
|
|
|
|
84,780,407
|
|
Private equity: 0.10%
|
|
|
|
|
|
|
|
Brookfield Finance, Inc.
|
|
5.33
|
1-15-2036
|
|
11,475,000
|
11,336,980
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
REITs: 0.19%
|
|
|
|
|
|
|
|
Equinix Asia Financing Corp. Pte. Ltd.
|
|
4.40
%
|
3-15-2031
|
$
|
20,635,000
|
$20,267,046
|
|
Government securities: 0.33%
|
|
|
|
|
|
|
|
Multi-national: 0.33%
|
|
|
|
|
|
|
|
African Export-Import Bank144A
|
|
3.80
|
5-17-2031
|
|
21,665,000
|
19,629,759
|
|
Banque Ouest Africaine de Developpement144A
|
|
4.70
|
10-22-2031
|
|
8,715,000
|
8,017,485
|
|
Banque Ouest Africaine de Developpement144A
|
|
5.00
|
7-27-2027
|
|
8,960,000
|
8,909,897
|
|
|
|
|
|
|
|
36,557,141
|
|
Industrial: 0.45%
|
|
|
|
|
|
|
|
Electronics: 0.12%
|
|
|
|
|
|
|
|
Flex Ltd.
|
|
5.38
|
11-13-2035
|
|
13,485,000
|
13,276,285
|
|
Engineering & construction: 0.10%
|
|
|
|
|
|
|
|
CIMIC Finance Ltd.144A
|
|
6.00
|
4-22-2036
|
|
8,020,000
|
7,942,268
|
|
CIMIC Finance USA Pty. Ltd.144A
|
|
7.00
|
3-25-2034
|
|
3,010,000
|
3,220,378
|
|
|
|
|
|
|
|
11,162,646
|
|
Packaging & containers: 0.05%
|
|
|
|
|
|
|
|
Trivium Packaging Finance BV144A
|
|
8.25
|
7-15-2030
|
|
4,505,000
|
4,752,572
|
|
Trucking & leasing: 0.18%
|
|
|
|
|
|
|
|
SMBC Aviation Capital Finance DAC144A
|
|
5.25
|
11-26-2035
|
|
9,755,000
|
9,588,485
|
|
SMBC Aviation Capital Finance DAC144A
|
|
5.45
|
5-3-2028
|
|
9,720,000
|
9,850,397
|
|
|
|
|
|
|
|
19,438,882
|
|
Utilities: 0.32%
|
|
|
|
|
|
|
|
Electric: 0.32%
|
|
|
|
|
|
|
|
Comision Federal de Electricidad144A
|
|
3.35
|
2-9-2031
|
|
22,035,000
|
19,811,329
|
|
Comision Federal de Electricidad144A
|
|
3.88
|
7-26-2033
|
|
9,650,000
|
8,369,791
|
|
Emera, Inc. Series 16-A (U.S. SOFR 3 Month+5.44%)±
|
|
6.75
|
6-15-2076
|
|
6,795,000
|
6,796,542
|
|
|
|
|
|
|
|
34,977,662
|
|
Total yankee corporate bonds and notes
(Cost $1,072,318,738)
|
|
|
|
|
|
1,074,454,382
|
|
Yankee government bonds: 1.52%
|
|
|
|
|
|
|
|
Argentina: 0.25%
|
|
|
|
|
|
|
|
Argentinaøø
|
|
0.75
|
7-9-2030
|
|
1,226,866
|
1,068,846
|
|
Argentina
|
|
1.00
|
7-9-2029
|
|
144,417
|
130,337
|
|
Argentinaøø
|
|
4.13
|
7-9-2035
|
|
1,817,118
|
1,398,272
|
|
City of Buenos Aires144A
|
|
7.05
|
5-13-2036
|
|
600,000
|
583,500
|
|
City of Buenos Aires144A
|
|
7.80
|
11-26-2033
|
|
11,515,000
|
11,889,583
|
|
Province of Santa Fe144A
|
|
8.10
|
12-11-2034
|
|
12,580,000
|
12,391,300
|
|
|
|
|
|
|
|
27,461,838
|
|
Bermuda: 0.04%
|
|
|
|
|
|
|
|
Bermuda144A
|
|
3.38
|
8-20-2050
|
|
6,109,000
|
4,157,113
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Israel: 0.42%
|
|
|
|
|
|
|
|
Israel
|
|
4.50
%
|
1-13-2031
|
$
|
21,605,000
|
$21,197,770
|
|
Israel
|
|
5.75
|
3-12-2054
|
|
16,120,000
|
15,361,301
|
|
Israel
|
|
5.88
|
1-13-2056
|
|
10,000,000
|
9,676,633
|
|
|
|
|
|
|
|
46,235,704
|
|
Ivory Coast: 0.11%
|
|
|
|
|
|
|
|
Ivory Coast144A
|
|
8.25
|
1-30-2037
|
|
10,720,000
|
11,840,071
|
|
Mexico: 0.46%
|
|
|
|
|
|
|
|
Mexico
|
|
5.63
|
9-22-2035
|
|
9,495,000
|
9,191,160
|
|
Mexico
|
|
6.00
|
5-7-2036
|
|
7,225,000
|
7,201,736
|
|
Mexico
|
|
6.13
|
2-9-2038
|
|
11,550,000
|
11,324,775
|
|
Mexico
|
|
6.35
|
2-9-2035
|
|
11,980,000
|
12,201,031
|
|
Mexico
|
|
3.77
|
5-24-2061
|
|
17,000,000
|
10,200,000
|
|
|
|
|
|
|
|
50,118,702
|
|
Panama: 0.11%
|
|
|
|
|
|
|
|
Panama
|
|
2.25
|
9-29-2032
|
|
14,880,000
|
12,514,080
|
|
Peru: 0.04%
|
|
|
|
|
|
|
|
Fondo MIVIVIENDA SA144A
|
|
5.40
|
3-31-2031
|
|
4,070,000
|
4,081,437
|
|
Trinidad and Tobago: 0.09%
|
|
|
|
|
|
|
|
Trinidad & Tobago144A
|
|
6.50
|
1-28-2036
|
|
9,630,000
|
9,924,485
|
|
Total yankee government bonds (Cost $164,678,597)
|
|
|
|
|
|
166,333,430
|
|
|
|
Yield
|
|
Shares
|
|
|
|
Short-term investments: 4.65%
|
|
|
|
|
|
|
|
Investment companies: 4.65%
|
|
|
|
|
|
|
|
Allspring Government Money Market Fund Select
Class♠∞##
|
|
3.56
|
|
|
509,112,247
|
509,112,247
|
|
Total short-term investments (Cost $509,112,247)
|
|
|
|
|
|
509,112,247
|
|
Total investments in securities
(Cost $11,206,450,126)
|
101.70
%
|
|
|
|
|
11,142,516,393
|
|
Other assets and liabilities, net
|
(1.70
)
|
|
|
|
|
(185,964,370
)
|
|
Total net assets
|
100.00
%
|
|
|
|
|
$10,956,552,023
|
|
±
|
Variable rate investment. The rate shown is the rate in effect at period end.
|
|
±±
|
The coupon of the security is adjusted based on the principal and/or interest payments
received from the underlying pool of mortgages as well as the credit quality
and the actual prepayment speed of the underlying mortgages. The rate shown is the
rate in effect at period end.
|
|
%%
|
The security is purchased on a when-issued basis.
|
|
ƒ
|
Investment in an interest-only security that entitles holders to receive only the
interest payments on the underlying mortgages. The principal amount shown is the
notional amount of the underlying mortgages. The rate represents the coupon rate.
|
|
144A
|
The security may be resold in transactions exempt from registration, normally to qualified
institutional buyers, pursuant to Rule 144A under the Securities Act of
1933.
|
|
♦
|
The security is fair valued in accordance with procedures approved by Allspring Funds
Management, LLC.
|
|
†
|
Non-income-earning security
|
|
¤
|
The security is issued in zero coupon form with no periodic interest payments.
|
|
ʊ
|
Security is perpetual in nature and has no stated maturity date. The date shown reflects
the next call date.
|
|
øø
|
The interest rate is determined and reset by the issuer periodically depending upon
the terms of the security. The rate shown is the rate in effect at period end.
|
|
‡
|
Security is valued using significant unobservable inputs.
|
|
♠
|
The issuer of the security is an affiliated person of the Fund as defined in the Investment
Company Act of 1940.
|
|
∞
|
The rate represents the 7-day annualized yield at period end.
|
|
##
|
All or a portion of this security is segregated as collateral for when-issued securities.
|
|
Abbreviations:
|
|
|
AG
|
Assured Guaranty Incorporation
|
|
AUD
|
Australian dollar
|
|
BDC
|
Business Development Company
|
|
BRL
|
Brazilian real
|
|
CAB
|
Capital appreciation bond
|
|
CLO
|
Collateralized loan obligation
|
|
CLP
|
Chile peso
|
|
COP
|
Colombian peso
|
|
CZK
|
Czech Republic koruna
|
|
EUR
|
Euro
|
|
EURIBOR
|
Euro Interbank Offered Rate
|
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
|
FNMA
|
Federal National Mortgage Association
|
|
GBP
|
Great British pound
|
|
GNMA
|
Government National Mortgage Association
|
|
MXN
|
Mexican peso
|
|
NPFGC
|
National Public Finance Guarantee Corporation
|
|
REIT
|
Real estate investment trust
|
|
RFUCCT1Y
|
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
STRIPS
|
Separate trading of registered interest and principal of securities
|
|
ZAR
|
South African rand
|
|
|
Value,
beginning of
period
|
Purchases
|
Sales
proceeds
|
Net
realized
gains
(losses)
|
Net
change in
unrealized
gains
(losses)
|
Value,
end of
period
|
Shares,
end
of period
|
Income
from
affiliated
securities
|
|
Short-term investments
|
|
|
|
|
|
|
|
|
|
Allspring Government Money Market
Fund Select Class
|
$459,866,843
|
$3,492,506,533
|
$(3,443,261,129
)
|
$0
|
$0
|
$509,112,247
|
509,112,247
|
$8,385,666
|
|
Currency to be
received
|
Currency to be
delivered
|
Counterparty
|
Settlement
date
|
Unrealized
gains
|
Unrealized
losses
|
||
|
USD
|
54,996,645
|
COP
|
204,901,000,000
|
Morgan Stanley, Inc.
|
6-9-2026
|
$0
|
$(479,236
)
|
|
Currency to be
received
|
Currency to be
delivered
|
Counterparty
|
Settlement
date
|
Unrealized
gains
|
Unrealized
losses
|
||
|
USD
|
395,645,148
|
EUR
|
335,750,000
|
Bank of New York Mellon Corp.
|
6-11-2026
|
$3,866,278
|
$0
|
|
USD
|
3,272,308
|
EUR
|
2,816,000
|
Bank of New York Mellon Corp.
|
6-11-2026
|
0
|
(13,618
)
|
|
USD
|
13,319,455
|
EUR
|
11,440,000
|
Bank of New York Mellon Corp.
|
6-11-2026
|
0
|
(29,615
)
|
|
USD
|
25,731,387
|
SEK
|
241,170,000
|
Bank of New York Mellon Corp.
|
6-18-2026
|
0
|
(410,492
)
|
|
USD
|
1,479,098
|
SEK
|
13,730,000
|
Goldman Sachs International
|
6-18-2026
|
0
|
(9,180
)
|
|
SEK
|
130,460,000
|
USD
|
14,102,643
|
Bank of New York Mellon Corp.
|
6-18-2026
|
38,707
|
0
|
|
SEK
|
124,440,000
|
USD
|
13,453,075
|
Bank of New York Mellon Corp.
|
6-18-2026
|
35,732
|
0
|
|
USD
|
28,625,996
|
ZAR
|
470,850,000
|
Morgan Stanley, Inc.
|
6-18-2026
|
0
|
(373,736
)
|
|
USD
|
27,035,001
|
CZK
|
574,975,000
|
Goldman Sachs International
|
6-30-2026
|
0
|
(588,592
)
|
|
USD
|
52,636,121
|
MXN
|
958,109,000
|
Bank of New York Mellon Corp.
|
6-30-2026
|
0
|
(2,496,496
)
|
|
MXN
|
452,100,000
|
USD
|
26,075,597
|
State Street Bank & Trust Co.
|
6-30-2026
|
0
|
(60,335
)
|
|
USD
|
15,204,560
|
CLP
|
13,550,000,000
|
State Street Bank & Trust Co.
|
7-13-2026
|
0
|
(23,661
)
|
|
USD
|
71,355,204
|
AUD
|
98,535,000
|
Morgan Stanley, Inc.
|
7-20-2026
|
600,525
|
0
|
|
AUD
|
1,480,000
|
USD
|
1,050,554
|
Bank of New York Mellon Corp.
|
7-20-2026
|
12,184
|
0
|
|
USD
|
40,876,122
|
BRL
|
206,265,000
|
State Street Bank & Trust Co.
|
8-7-2026
|
624,528
|
0
|
|
USD
|
75,493,053
|
GBP
|
55,870,000
|
Bank of New York Mellon Corp.
|
8-18-2026
|
265,842
|
0
|
|
USD
|
13,653,364
|
GBP
|
10,175,000
|
Bank of New York Mellon Corp.
|
8-18-2026
|
0
|
(46,955
)
|
|
|
|
|
|
|
|
$5,443,796
|
$(4,531,916
)
|
|
Description
|
Number of
contracts
|
Expiration
date
|
Notional
cost
|
Notional
value
|
Unrealized
gains
|
Unrealized
losses
|
|
Long
|
|
|
|
|
|
|
|
10-Year U.S. Treasury Notes
|
6,505
|
9-21-2026
|
$712,745,746
|
$714,431,953
|
$1,686,207
|
$0
|
|
Ultra U.S. Treasury Bond
|
1,138
|
9-21-2026
|
129,841,230
|
130,194,313
|
353,083
|
0
|
|
2-Year U.S. Treasury Notes
|
11,856
|
9-30-2026
|
2,446,529,254
|
2,449,005,000
|
2,475,746
|
0
|
|
5-Year U.S. Treasury Notes
|
438
|
9-30-2026
|
46,894,076
|
46,958,391
|
64,315
|
0
|
|
Short
|
|
|
|
|
|
|
|
5-Year Euro-BOBL Futures
|
(120
)
|
6-8-2026
|
(16,404,050
)
|
(16,251,681
)
|
152,369
|
0
|
|
10-Year Euro BUND
|
(434
)
|
9-8-2026
|
(63,868,753
)
|
(64,087,135
)
|
0
|
(218,382
)
|
|
2-Year Euro SCHATZ
|
(248
)
|
9-8-2026
|
(30,609,358
)
|
(30,647,853
)
|
0
|
(38,495
)
|
|
Ultra 10-Year U.S. Treasury Notes
|
(1,589
)
|
9-21-2026
|
(177,814,960
)
|
(178,092,141
)
|
0
|
(277,181
)
|
|
|
|
|
|
|
$4,731,720
|
$(534,058
)
|
|
Reference index
|
Fixed rate
|
Payment
frequency
|
Maturity
date
|
Notional
amount
|
Value
|
Premiums
paid
(received)
|
Unrealized
gains
|
Unrealized
losses
|
|
|
Buy Protection
|
|
|
|
|
|
|
|
|
|
|
Markit CDX North American High Yield
Series 46
|
5.00%
|
Quarterly
|
6-20-2031
|
USD
|
50,252,400
|
$4,674,573
|
$3,071,776
|
$1,602,797
|
$0
|
|
|
Quoted prices
(Level 1)
|
Other significant
observable inputs
(Level 2)
|
Significant
unobservable inputs
(Level 3)
|
Total
|
|
Assets
|
|
|
|
|
|
Investments in:
|
|
|
|
|
|
Agency securities
|
$0
|
$3,058,238,086
|
$0
|
$3,058,238,086
|
|
Asset-backed securities
|
0
|
953,480,946
|
0
|
953,480,946
|
|
Common stocks
|
|
|
|
|
|
Financials
|
0
|
0
|
0
|
0
|
|
Health care
|
0
|
2,328,480
|
0
|
2,328,480
|
|
Corporate bonds and notes
|
0
|
2,424,757,299
|
0
|
2,424,757,299
|
|
Foreign corporate bonds and notes
|
0
|
186,182,916
|
0
|
186,182,916
|
|
Foreign government bonds
|
0
|
544,930,418
|
0
|
544,930,418
|
|
Investment companies
|
302,452,993
|
0
|
0
|
302,452,993
|
|
Loans
|
0
|
432,111
|
2,588,877
|
3,020,988
|
|
Municipal obligations
|
0
|
4,055,274
|
0
|
4,055,274
|
|
Non-agency mortgage-backed securities
|
0
|
585,649,667
|
0
|
585,649,667
|
|
U.S. Treasury securities
|
1,317,177,442
|
10,341,825
|
0
|
1,327,519,267
|
|
Yankee corporate bonds and notes
|
0
|
1,074,454,382
|
0
|
1,074,454,382
|
|
Yankee government bonds
|
0
|
166,333,430
|
0
|
166,333,430
|
|
Short-term investments
|
|
|
|
|
|
Investment companies
|
509,112,247
|
0
|
0
|
509,112,247
|
|
|
2,128,742,682
|
9,011,184,834
|
2,588,877
|
11,142,516,393
|
|
Forward foreign currency contracts
|
0
|
5,443,796
|
0
|
5,443,796
|
|
Futures contracts
|
4,731,720
|
0
|
0
|
4,731,720
|
|
Swap contracts
|
0
|
1,602,797
|
0
|
1,602,797
|
|
Total assets
|
$2,133,474,402
|
$9,018,231,427
|
$2,588,877
|
$11,154,294,706
|
|
Liabilities
|
||||
|
Forward foreign currency contracts
|
$0
|
$4,531,916
|
$0
|
$4,531,916
|
|
Futures contracts
|
534,058
|
0
|
0
|
534,058
|
|
Total liabilities
|
$534,058
|
$4,531,916
|
$0
|
$5,065,974
|