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THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
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JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
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J.P. Morgan Distribution Services, Inc., member FINRA.
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© J.P. Morgan Chase & Co., 2026.
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — 63.6%
|
||
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Aerospace & Defense — 0.7%
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Howmet Aerospace, Inc.
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3.75%, 3/3/2028
|
31,390,000
|
31,042,942
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3.90%, 4/15/2029
|
19,600,000
|
19,294,872
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L3Harris Technologies, Inc.
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3.85%, 12/15/2026
|
25,078,000
|
25,027,258
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5.40%, 1/15/2027
|
56,183,000
|
56,640,346
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RTX Corp.
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5.75%, 11/8/2026
|
85,325,000
|
85,822,836
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3.13%, 5/4/2027
|
66,004,000
|
65,394,817
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|
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283,223,071
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Automobiles — 2.8%
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BMW US Capital LLC (Germany)
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1.25%, 8/12/2026 (a)
|
20,155,000
|
20,042,958
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4.65%, 3/19/2027 (a)
|
40,876,000
|
41,053,383
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3.45%, 4/1/2027 (a) (b)
|
378,000
|
375,997
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4.30%, 3/17/2028 (a)
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170,216,000
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169,920,937
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General Motors Co. 5.35%, 4/15/2028
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35,357,000
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35,830,264
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Hyundai Capital America
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1.50%, 6/15/2026 (a)
|
8,713,000
|
8,703,698
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5.45%, 6/24/2026 (a)
|
41,417,000
|
41,453,662
|
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1.65%, 9/17/2026 (a)
|
3,451,000
|
3,423,015
|
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5.95%, 9/21/2026 (a)
|
9,200,000
|
9,249,417
|
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5.25%, 1/8/2027 (a)
|
43,989,000
|
44,227,406
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4.85%, 3/25/2027 (a)
|
54,856,000
|
55,108,940
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4.88%, 6/23/2027 (a)
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73,289,000
|
73,604,474
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4.30%, 9/24/2027 (a)
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67,237,000
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67,063,799
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2.38%, 10/15/2027 (a)
|
15,000,000
|
14,578,179
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4.88%, 11/1/2027 (a)
|
32,250,000
|
32,381,826
|
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4.25%, 1/8/2029 (a)
|
4,921,000
|
4,866,731
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Mercedes-Benz Finance North America LLC (Germany)
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4.88%, 7/31/2026 (a)
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112,280,000
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112,448,538
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5.20%, 8/3/2026 (a)
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3,886,000
|
3,893,695
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4.80%, 11/13/2026 (a) (b)
|
5,000,000
|
5,014,238
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4.80%, 1/11/2027 (a)
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4,500,000
|
4,520,263
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4.65%, 4/1/2027 (a) (b)
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4,500,000
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4,521,992
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4.13%, 3/10/2028 (a)
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82,635,000
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82,159,651
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Stellantis Finance US, Inc. 5.35%, 3/17/2028 (a)
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14,689,000
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14,767,038
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Volkswagen Group of America Finance LLC (Germany)
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4.90%, 8/14/2026 (a)
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40,897,000
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40,928,718
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5.70%, 9/12/2026 (a)
|
46,273,000
|
46,457,293
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3.20%, 9/26/2026 (a)
|
5,000,000
|
4,980,605
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6.00%, 11/16/2026 (a)
|
9,960,000
|
10,034,210
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|
5.30%, 3/22/2027 (a)
|
19,854,000
|
20,008,917
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4.95%, 3/25/2027 (a)
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27,916,000
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28,056,869
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4.85%, 8/15/2027 (a)
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12,997,000
|
13,042,215
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4.45%, 9/11/2027 (a)
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22,194,000
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22,166,656
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
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|
Corporate Bonds — continued
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Automobiles — continued
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5.05%, 3/27/2028 (a)
|
5,250,000
|
5,281,595
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4.55%, 9/11/2028 (a)
|
43,781,000
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43,591,724
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1,083,758,903
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Banks — 25.9%
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ABN AMRO Bank NV (Netherlands)
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (a) (b) (c)
|
5,000,000
|
4,994,282
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (c)
|
169,500,000
|
170,380,069
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(SOFRINDX + 0.75%), 4.40%, 7/7/2028 (a) (c)
|
114,262,000
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114,697,498
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 4.99%, 12/3/2028 (a) (c)
|
61,900,000
|
62,265,149
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|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.47%, 12/13/2029 (a) (c)
|
36,400,000
|
34,541,180
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ANZ New Zealand Int'l Ltd. (New Zealand)
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1.25%, 6/22/2026 (a) (b)
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3,555,000
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3,549,331
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4.00%, 1/22/2029 (a)
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20,873,000
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20,653,641
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(SOFR + 0.61%), 4.24%, 1/22/2029 (a) (c)
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30,229,000
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30,220,022
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Banco Bilbao Vizcaya Argentaria SA (Spain)
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4.15%, 3/3/2029
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69,000,000
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68,138,983
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(SOFR + 0.88%), 4.46%, 3/3/2029 (c)
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78,600,000
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78,662,094
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Banco Santander SA (Spain)
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5.29%, 8/18/2027
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24,000,000
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24,242,481
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (c)
|
123,801,000
|
122,844,501
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.53%, 11/7/2027 (c)
|
30,000,000
|
30,283,302
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.55%, 3/14/2028 (c)
|
47,700,000
|
48,098,285
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.18%, 3/24/2028 (c)
|
123,200,000
|
122,854,447
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4.60%, 4/15/2029
|
54,000,000
|
53,814,461
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4.55%, 11/6/2030
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69,600,000
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68,531,856
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Bank of America Corp.
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(SOFR + 0.96%), 1.73%, 7/22/2027 (c)
|
8,624,000
|
8,591,895
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(3-MONTH CME TERM SOFR + 1.84%), 3.82%, 1/20/2028 (c)
|
91,901,000
|
91,606,226
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|
(SOFR + 1.05%), 2.55%, 2/4/2028 (c)
|
71,720,000
|
70,858,507
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|
(SOFR + 1.58%), 4.38%, 4/27/2028 (c)
|
11,180,000
|
11,176,305
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|
Series FIX, (SOFR + 0.83%), 4.98%, 1/24/2029 (c)
|
80,400,000
|
81,032,474
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|
(SOFR + 1.11%), 4.62%, 5/9/2029 (c)
|
26,400,000
|
26,462,573
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(SOFR + 0.87%), 4.48%, 4/23/2030 (c)
|
34,246,000
|
34,094,142
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Bank of America NA 5.53%, 8/18/2026 (b)
|
3,000,000
|
3,005,825
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Bank of Montreal (Canada)
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1.25%, 9/15/2026
|
1,937,000
|
1,922,574
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5.27%, 12/11/2026
|
500,000
|
503,183
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Series f2f, (SOFR + 0.88%), 4.57%, 9/10/2027 (c)
|
103,274,000
|
103,312,825
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Series J, (SOFR + 0.53%), 4.10%, 12/15/2027 (c)
|
168,139,000
|
167,940,601
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(SOFR + 0.62%), 4.27%, 1/13/2028 (b) (c)
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143,930,000
|
144,180,438
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(SOFRINDX + 0.75%), 4.06%, 9/22/2028 (b) (c)
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82,466,000
|
82,075,068
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Bank of New Zealand (New Zealand) 4.85%, 2/7/2028 (a)
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63,250,000
|
63,786,388
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Bank of Nova Scotia (The) (Canada)
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|
1.35%, 6/24/2026
|
8,577,000
|
8,562,679
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|
1.30%, 9/15/2026
|
3,000,000
|
2,976,785
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|
5.35%, 12/7/2026
|
6,696,000
|
6,738,359
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(SOFR + 1.00%), 4.40%, 9/8/2028 (c)
|
66,856,000
|
66,866,319
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
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Banks — continued
|
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(SOFR + 0.76%), 4.04%, 9/15/2028 (c)
|
53,078,000
|
52,824,967
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|
Series I, (SOFR + 0.76%), 4.42%, 9/15/2028 (c)
|
49,504,000
|
49,602,018
|
|
(SOFR + 0.66%), 4.58%, 6/5/2029 (c) (d)
|
128,406,000
|
128,429,678
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|
(SOFR + 0.73%), 4.25%, 2/2/2030 (c)
|
63,401,000
|
62,757,082
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Banque Federative du Credit Mutuel SA (France)
|
||
|
5.90%, 7/13/2026 (a)
|
111,402,000
|
111,646,516
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|
5.09%, 1/23/2027 (a)
|
18,989,000
|
19,080,968
|
|
5.19%, 2/16/2028 (a)
|
4,556,000
|
4,611,130
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|
(SOFR + 0.99%), 4.63%, 10/16/2028 (a) (c)
|
142,680,000
|
143,458,660
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Barclays plc (United Kingdom)
|
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|
(SOFR + 1.88%), 6.50%, 9/13/2027 (c)
|
67,809,000
|
68,189,759
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|
(SOFR + 1.49%), 5.67%, 3/12/2028 (c)
|
8,572,000
|
8,647,563
|
|
(SOFR + 1.34%), 4.84%, 9/10/2028 (c)
|
36,113,000
|
36,237,874
|
|
(SOFR + 0.93%), 4.22%, 5/24/2030 (c)
|
48,914,000
|
48,147,669
|
|
BNP Paribas SA (France)
|
||
|
(SOFR + 0.91%), 1.68%, 6/30/2027 (a) (c)
|
8,603,000
|
8,583,710
|
|
4.40%, 8/14/2028 (a)
|
7,006,000
|
6,980,421
|
|
(SOFR + 1.45%), 4.79%, 5/9/2029 (a) (c)
|
146,310,000
|
146,498,096
|
|
BPCE SA (France)
|
||
|
5.20%, 1/18/2027 (a)
|
7,177,000
|
7,223,651
|
|
4.75%, 7/19/2027 (a)
|
5,330,000
|
5,352,928
|
|
3.50%, 10/23/2027 (a)
|
6,900,000
|
6,809,932
|
|
(SOFR + 2.27%), 6.71%, 10/19/2029 (a) (c)
|
38,799,000
|
40,525,443
|
|
CaixaBank SA (Spain)
|
||
|
(SOFR + 2.08%), 6.68%, 9/13/2027 (a) (c)
|
65,476,000
|
65,876,163
|
|
(SOFR + 2.70%), 6.21%, 1/18/2029 (a) (c)
|
53,857,000
|
55,229,325
|
|
(SOFR + 1.14%), 4.63%, 7/3/2029 (a) (c)
|
94,694,000
|
94,729,106
|
|
Canadian Imperial Bank of Commerce (Canada)
|
||
|
1.25%, 6/22/2026
|
3,000,000
|
2,995,115
|
|
5.93%, 10/2/2026
|
13,413,000
|
13,492,978
|
|
(SOFR + 0.93%), 4.51%, 9/11/2027 (c)
|
118,512,000
|
118,543,522
|
|
(SOFR + 0.72%), 4.86%, 1/13/2028 (c)
|
144,250,000
|
144,679,349
|
|
(SOFR + 0.80%), 4.46%, 9/8/2028 (c)
|
88,039,000
|
88,280,345
|
|
(SOFRINDX + 0.79%), 4.28%, 1/29/2030 (c)
|
58,625,000
|
58,096,040
|
|
Citibank NA
|
||
|
4.93%, 8/6/2026
|
20,508,000
|
20,526,735
|
|
4.58%, 5/29/2027
|
58,400,000
|
58,687,740
|
|
(SOFR + 0.71%), 4.88%, 11/19/2027 (c)
|
153,950,000
|
154,425,727
|
|
Citigroup, Inc.
|
||
|
3.20%, 10/21/2026
|
19,919,000
|
19,844,063
|
|
(SOFR + 0.77%), 1.46%, 6/9/2027 (c)
|
27,700,000
|
27,682,596
|
|
(SOFR + 1.14%), 4.64%, 5/7/2028 (c)
|
81,402,000
|
81,588,270
|
|
Citizens Bank NA (SOFR + 2.00%), 4.58%, 8/9/2028 (c)
|
7,500,000
|
7,505,383
|
|
Commonwealth Bank of Australia (Australia)
|
||
|
2.63%, 9/6/2026 (a)
|
3,000,000
|
2,988,296
|
|
4.58%, 11/27/2026
|
45,001,000
|
45,150,752
|
|
(SOFR + 0.63%), 4.27%, 3/27/2029 (a) (c)
|
74,170,000
|
74,429,595
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
Cooperatieve Rabobank UA (Netherlands)
|
||
|
4.33%, 8/28/2026 (b)
|
2,000,000
|
2,001,896
|
|
5.50%, 10/5/2026
|
2,000,000
|
2,009,761
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (a) (c)
|
60,578,000
|
59,805,334
|
|
Credit Agricole SA (France)
|
||
|
5.59%, 7/5/2026 (a)
|
49,357,000
|
49,427,657
|
|
(SOFR + 1.21%), 4.63%, 9/11/2028 (a) (c)
|
39,624,000
|
39,654,208
|
|
(SOFR + 1.13%), 5.23%, 1/9/2029 (a) (c)
|
76,000,000
|
76,763,429
|
|
Danske Bank A/S (Denmark)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.55%, 9/10/2027 (a) (c)
|
55,432,000
|
55,010,277
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 5.43%, 3/1/2028 (a) (c)
|
17,715,000
|
17,848,027
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.30%, 4/1/2028 (a) (c)
|
17,250,000
|
17,242,258
|
|
4.38%, 6/12/2028 (a)
|
1,435,000
|
1,431,079
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 4.66%, 3/27/2029 (a) (c)
|
68,679,000
|
68,692,308
|
|
Federation des Caisses Desjardins du Quebec (Canada) 4.51%, 5/26/2028 (a)
|
191,097,000
|
191,097,000
|
|
Fifth Third Bancorp
|
||
|
2.55%, 5/5/2027
|
6,723,000
|
6,622,071
|
|
(SOFR + 0.69%), 1.71%, 11/1/2027 (c)
|
31,398,000
|
31,041,507
|
|
(SOFR + 1.36%), 4.06%, 4/25/2028 (c)
|
9,377,000
|
9,343,029
|
|
Fifth Third Bank NA 2.25%, 2/1/2027
|
5,296,000
|
5,229,026
|
|
HSBC Holdings plc (United Kingdom)
|
||
|
(SOFR + 1.57%), 5.89%, 8/14/2027 (c)
|
53,564,000
|
53,715,036
|
|
(3-MONTH CME TERM SOFR + 1.81%), 4.04%, 3/13/2028 (c)
|
59,966,000
|
59,803,990
|
|
(SOFR + 1.06%), 5.60%, 5/17/2028 (c)
|
67,534,000
|
68,263,980
|
|
(SOFR + 1.04%), 5.13%, 11/19/2028 (c)
|
32,956,000
|
33,202,902
|
|
(SOFR + 0.99%), 4.40%, 3/10/2030 (c)
|
40,972,000
|
40,613,857
|
|
(SOFR + 0.94%), 4.71%, 5/12/2030 (c)
|
31,352,000
|
31,286,787
|
|
HSBC USA, Inc.
|
||
|
(SOFR + 0.96%), 4.61%, 3/4/2027 (c)
|
11,473,000
|
11,525,771
|
|
5.29%, 3/4/2027
|
31,441,000
|
31,721,603
|
|
4.65%, 6/3/2028
|
38,561,000
|
38,805,690
|
|
Huntington Bancshares, Inc. (SOFR + 1.97%), 4.44%, 8/4/2028 (c)
|
5,035,000
|
5,030,612
|
|
Huntington National Bank (The)
|
||
|
(SOFR + 0.72%), 4.87%, 4/12/2028 (c)
|
60,524,000
|
60,721,235
|
|
(SOFRINDX + 1.65%), 4.55%, 5/17/2028 (c)
|
32,536,000
|
32,563,861
|
|
ING Groep NV (Netherlands)
|
||
|
3.95%, 3/29/2027
|
26,749,000
|
26,704,735
|
|
(SOFR + 1.56%), 6.08%, 9/11/2027 (c)
|
64,164,000
|
64,432,469
|
|
(SOFR + 1.01%), 4.86%, 3/25/2029 (c)
|
35,879,000
|
36,092,730
|
|
Lloyds Banking Group plc (United Kingdom)
|
||
|
3.75%, 1/11/2027
|
22,436,000
|
22,393,904
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (c)
|
47,899,000
|
48,038,718
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (c)
|
94,932,000
|
95,520,071
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 5.09%, 11/26/2028 (c)
|
28,470,000
|
28,727,904
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 4.82%, 6/13/2029 (c)
|
46,590,000
|
46,848,110
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.60%), 4.24%, 2/10/2030 (c)
|
17,523,000
|
17,330,209
|
|
M&T Bank Corp. (SOFR + 0.93%), 4.83%, 1/16/2029 (c)
|
35,078,000
|
35,228,306
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
Manufacturers & Traders Trust Co.
|
||
|
(SOFR + 0.95%), 4.76%, 7/6/2028 (c)
|
47,184,000
|
47,280,922
|
|
(SOFR + 0.94%), 4.55%, 4/18/2030 (c)
|
109,659,000
|
109,195,778
|
|
Mitsubishi UFJ Financial Group, Inc. (Japan)
|
||
|
3.68%, 2/22/2027
|
26,576,000
|
26,493,958
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (c)
|
131,842,000
|
131,329,427
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, 1/19/2028 (c)
|
47,605,000
|
46,998,793
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 4.59%, 4/18/2030 (c)
|
48,631,000
|
48,543,238
|
|
Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.75%),
1.55%, 7/9/2027 (c)
|
35,751,000
|
35,642,343
|
|
Morgan Stanley Bank NA
|
||
|
5.88%, 10/30/2026
|
8,121,000
|
8,174,093
|
|
(SOFR + 0.93%), 4.97%, 7/14/2028 (c)
|
29,573,000
|
29,758,840
|
|
(SOFR + 0.91%), 5.02%, 1/12/2029 (c)
|
53,706,000
|
54,132,066
|
|
Morgan Stanley Private Bank NA
|
||
|
(SOFR + 0.78%), 4.20%, 11/17/2028 (c)
|
56,710,000
|
56,544,185
|
|
(SOFR + 0.76%), 4.21%, 2/8/2030 (c)
|
39,340,000
|
38,907,301
|
|
National Bank of Canada (Canada)
|
||
|
(SOFR + 1.04%), 5.60%, 7/2/2027 (c)
|
59,522,000
|
59,581,324
|
|
(SOFR + 0.64%), 4.37%, 4/30/2028 (c)
|
86,427,000
|
86,359,504
|
|
(SOFRINDX + 0.76%), 4.17%, 1/20/2029 (c)
|
62,253,000
|
61,980,362
|
|
(SOFR + 0.77%), 4.41%, 1/20/2029 (c)
|
39,503,000
|
39,514,397
|
|
NatWest Group plc (United Kingdom)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (c)
|
77,862,000
|
77,774,780
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 5.58%, 3/1/2028 (c)
|
49,676,000
|
50,091,404
|
|
(SOFR + 1.10%), 4.73%, 5/23/2029 (c)
|
39,998,000
|
40,195,923
|
|
NatWest Markets plc (United Kingdom)
|
||
|
4.17%, 11/6/2028 (a)
|
75,302,000
|
74,731,739
|
|
4.65%, 3/27/2029 (a)
|
92,478,000
|
92,656,807
|
|
Nordea Bank Abp (Finland)
|
||
|
1.50%, 9/30/2026 (a)
|
107,423,000
|
106,524,464
|
|
5.38%, 9/22/2027 (a)
|
15,016,000
|
15,227,019
|
|
PNC Bank NA (SOFR + 0.73%), 4.43%, 7/21/2028 (c)
|
10,682,000
|
10,684,818
|
|
PNC Financial Services Group, Inc. (The)
|
||
|
(SOFR + 0.80%), 5.10%, 7/23/2027 (c)
|
31,850,000
|
31,879,383
|
|
(SOFRINDX + 1.73%), 6.62%, 10/20/2027 (c)
|
82,343,000
|
83,081,548
|
|
Royal Bank of Canada (Canada)
|
||
|
5.20%, 7/20/2026
|
2,000,000
|
2,003,369
|
|
(SOFRINDX + 0.46%), 4.10%, 8/3/2026 (b) (c)
|
132,918,000
|
132,998,119
|
|
4.88%, 1/19/2027
|
43,506,000
|
43,706,918
|
|
(SOFR + 0.79%), 5.07%, 7/23/2027 (c)
|
88,296,000
|
88,395,877
|
|
(SOFRINDX + 0.72%), 4.51%, 10/18/2027 (c)
|
54,230,000
|
54,263,966
|
|
(SOFRINDX + 0.81%), 4.72%, 3/27/2028 (b) (c)
|
25,256,000
|
25,356,411
|
|
(SOFR + 0.83%), 4.97%, 1/24/2029 (c)
|
93,400,000
|
94,129,869
|
|
(SOFR + 0.84%), 4.40%, 4/17/2030 (c)
|
47,080,000
|
46,818,711
|
|
Santander Holdings USA, Inc. 3.24%, 10/5/2026
|
30,000,000
|
29,907,125
|
|
Santander UK Group Holdings plc (United Kingdom)
|
||
|
(SOFR + 0.99%), 1.67%, 6/14/2027 (c)
|
15,700,000
|
15,683,026
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
(SOFR + 1.22%), 2.47%, 1/11/2028 (c)
|
7,078,000
|
6,987,378
|
|
(SOFRINDX + 1.07%), 4.32%, 9/22/2029 (c)
|
36,151,000
|
35,838,525
|
|
Skandinaviska Enskilda Banken AB (Sweden) 1.20%, 9/9/2026 (a) (b)
|
3,000,000
|
2,976,848
|
|
Societe Generale SA (France)
|
||
|
(SOFR + 1.10%), 4.73%, 2/19/2027 (a) (c)
|
31,038,000
|
31,127,062
|
|
5.25%, 2/19/2027 (a)
|
96,088,000
|
96,700,709
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (c)
|
27,976,000
|
27,961,412
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (a) (c)
|
107,735,000
|
108,338,152
|
|
(SOFR + 1.10%), 4.45%, 4/12/2030 (a) (c)
|
73,600,000
|
72,785,578
|
|
Standard Chartered Bank (United Kingdom)
|
||
|
(SOFR + 0.65%), 4.29%, 10/8/2026 (c)
|
3,900,000
|
3,904,836
|
|
4.85%, 12/3/2027
|
68,066,000
|
68,582,621
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.65%), 4.72%, 5/28/2029 (c)
|
73,782,000
|
73,865,806
|
|
Standard Chartered plc (United Kingdom)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.19%, 7/6/2027 (a) (c)
|
59,627,000
|
59,711,670
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.75%, 2/8/2028 (a) (c)
|
36,259,000
|
36,688,307
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.69%, 5/14/2028 (a) (c)
|
31,459,000
|
31,770,444
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (a) (c)
|
31,336,000
|
32,745,807
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.55%, 1/21/2029 (a) (c)
|
35,583,000
|
36,006,794
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.77%), 4.30%, 1/13/2030 (a) (c)
|
20,736,000
|
20,479,081
|
|
(SOFR + 0.92%), 4.57%, 1/13/2030 (a) (c)
|
35,179,000
|
35,177,241
|
|
Sumitomo Mitsui Financial Group, Inc. (Japan)
|
||
|
2.63%, 7/14/2026
|
63,680,000
|
63,578,537
|
|
1.40%, 9/17/2026
|
92,062,000
|
91,382,136
|
|
3.01%, 10/19/2026
|
13,610,000
|
13,556,416
|
|
4.11%, 1/15/2029
|
24,412,000
|
24,184,319
|
|
Sumitomo Mitsui Trust Bank Ltd. (Japan)
|
||
|
5.65%, 9/14/2026 (a)
|
5,000,000
|
5,021,843
|
|
5.20%, 3/7/2027 (a)
|
14,107,000
|
14,219,057
|
|
4.45%, 9/10/2027 (a)
|
43,800,000
|
43,913,262
|
|
(SOFR + 0.75%), 4.33%, 9/11/2028 (a) (c)
|
30,397,000
|
30,436,086
|
|
Svenska Handelsbanken AB (Sweden) (US Treasury Yield Curve Rate T Note Constant Maturity
1 Year + 0.63%),
1.42%, 6/11/2027 (a) (c)
|
110,355,000
|
110,272,776
|
|
Swedbank AB (Sweden) 6.14%, 9/12/2026 (a)
|
36,878,000
|
37,082,707
|
|
Toronto-Dominion Bank (The) (Canada)
|
||
|
1.20%, 6/3/2026
|
9,406,000
|
9,404,634
|
|
5.53%, 7/17/2026
|
33,683,000
|
33,753,220
|
|
5.26%, 12/11/2026
|
1,845,000
|
1,855,468
|
|
4.57%, 12/17/2026
|
41,342,000
|
41,452,174
|
|
2.80%, 3/10/2027
|
19,361,000
|
19,166,438
|
|
3.91%, 1/13/2028
|
85,523,000
|
84,873,693
|
|
Series F, (SOFR + 0.58%), 4.23%, 1/13/2028 (c)
|
121,874,000
|
121,989,780
|
|
4.11%, 10/13/2028
|
68,194,000
|
67,685,222
|
|
Truist Bank
|
||
|
(SOFR + 0.77%), 4.42%, 7/24/2028 (c)
|
83,106,000
|
83,055,616
|
|
Series I, (SOFR + 0.66%), 4.14%, 1/27/2029 (c)
|
40,359,000
|
40,129,442
|
|
Truist Financial Corp. (SOFR + 2.05%), 6.05%, 6/8/2027 (c)
|
109,791,000
|
109,832,173
|
|
US Bancorp Series V, 2.38%, 7/22/2026
|
2,000,000
|
1,995,541
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
US Bank NA
|
||
|
(SOFR + 0.69%), 4.51%, 10/22/2027 (c)
|
121,301,000
|
121,384,847
|
|
(SOFR + 0.91%), 4.73%, 5/15/2028 (c)
|
54,680,000
|
54,860,486
|
|
(SOFR + 0.67%), 4.54%, 5/20/2029 (c)
|
71,586,000
|
71,610,379
|
|
Wells Fargo & Co.
|
||
|
3.00%, 10/23/2026
|
4,888,000
|
4,868,234
|
|
(SOFR + 0.78%), 4.41%, 1/24/2028 (c)
|
12,489,000
|
12,507,284
|
|
Series W, (SOFR + 0.78%), 4.90%, 1/24/2028 (c)
|
62,195,000
|
62,406,948
|
|
(SOFR + 0.72%), 4.58%, 5/20/2029 (c)
|
53,212,000
|
53,187,353
|
|
(SOFR + 0.74%), 4.18%, 1/23/2030 (c)
|
24,263,000
|
24,015,293
|
|
Westpac Banking Corp. (Australia)
|
||
|
1.15%, 6/3/2026 (b)
|
5,976,000
|
5,974,991
|
|
4.60%, 10/20/2026
|
40,646,000
|
40,748,148
|
|
Westpac New Zealand Ltd. (New Zealand)
|
||
|
5.13%, 2/26/2027 (a)
|
46,362,000
|
46,704,035
|
|
4.90%, 2/15/2028 (a)
|
34,255,000
|
34,542,201
|
|
4.13%, 1/29/2029 (a)
|
22,594,000
|
22,407,339
|
|
|
|
10,028,869,416
|
|
Beverages — 0.7%
|
||
|
Constellation Brands, Inc.
|
||
|
3.50%, 5/9/2027
|
11,976,000
|
11,901,824
|
|
4.35%, 5/9/2027
|
73,253,000
|
73,344,031
|
|
Molson Coors Beverage Co. 3.00%, 7/15/2026
|
163,380,000
|
163,135,570
|
|
|
|
248,381,425
|
|
Biotechnology — 0.7%
|
||
|
AbbVie, Inc.
|
||
|
2.95%, 11/21/2026
|
198,680,000
|
197,754,546
|
|
3.78%, 3/3/2028
|
54,721,000
|
54,271,552
|
|
(SOFRINDX + 0.48%), 4.13%, 3/3/2028 (c)
|
18,083,000
|
18,120,114
|
|
Amgen, Inc. 2.60%, 8/19/2026
|
14,631,000
|
14,583,002
|
|
|
|
284,729,214
|
|
Broadline Retail — 0.3%
|
||
|
Amazon.com, Inc. 3.85%, 3/13/2028
|
83,115,000
|
82,767,246
|
|
eBay, Inc. 4.25%, 3/6/2029
|
41,846,000
|
41,455,907
|
|
|
|
124,223,153
|
|
Building Products — 0.1%
|
||
|
Amrize Finance US LLC 4.60%, 4/7/2027
|
12,951,000
|
12,988,757
|
|
Carrier Global Corp. 2.49%, 2/15/2027
|
8,392,000
|
8,294,584
|
|
CRH America Finance, Inc. 3.40%, 5/9/2027 (a)
|
2,215,000
|
2,198,088
|
|
CRH SMW Finance DAC 5.13%, 1/9/2030
|
28,656,000
|
29,108,763
|
|
|
|
52,590,192
|
|
Capital Markets — 3.7%
|
||
|
Ameriprise Financial, Inc. 2.88%, 9/15/2026
|
2,723,000
|
2,714,418
|
|
Bank of New York Mellon Corp. (The) (SOFR + 0.63%), 4.03%, 1/22/2030 (c)
|
15,392,000
|
15,218,377
|
|
Charles Schwab Corp. (The) 5.88%, 8/24/2026
|
3,000,000
|
3,008,984
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Capital Markets — continued
|
||
|
Deutsche Bank AG (Germany)
|
||
|
(SOFR + 2.52%), 7.15%, 7/13/2027 (c)
|
10,034,000
|
10,063,721
|
|
(SOFR + 1.22%), 2.31%, 11/16/2027 (c)
|
181,568,000
|
179,760,540
|
|
Goldman Sachs Group, Inc. (The)
|
||
|
(SOFR + 0.82%), 1.54%, 9/10/2027 (c)
|
41,672,000
|
41,354,394
|
|
(SOFR + 0.91%), 1.95%, 10/21/2027 (c)
|
6,213,000
|
6,155,499
|
|
(SOFR + 1.32%), 4.94%, 4/23/2028 (c)
|
66,100,000
|
66,379,294
|
|
(SOFR + 0.71%), 4.15%, 1/21/2029 (c)
|
98,260,000
|
97,578,204
|
|
(SOFR + 0.71%), 4.35%, 1/21/2029 (c)
|
60,674,000
|
60,672,180
|
|
(SOFR + 0.99%), 4.59%, 4/20/2030 (c)
|
95,638,000
|
95,316,038
|
|
Macquarie Bank Ltd. (Australia)
|
||
|
5.39%, 12/7/2026 (a)
|
17,507,000
|
17,616,397
|
|
4.33%, 6/12/2028 (a)
|
37,964,000
|
37,982,600
|
|
Macquarie Group Ltd. (Australia)
|
||
|
(SOFR + 0.91%), 1.63%, 9/23/2027 (a) (c)
|
5,110,000
|
5,063,882
|
|
(SOFR + 2.13%), 4.10%, 6/21/2028 (a) (b) (c)
|
4,160,000
|
4,139,428
|
|
Mizuho Markets Cayman LP (Japan) (SOFR + 0.52%), 4.17%, 10/9/2026 (a) (b) (c)
|
109,561,000
|
109,628,039
|
|
Morgan Stanley
|
||
|
(SOFR + 0.86%), 1.51%, 7/20/2027 (c)
|
53,318,000
|
53,107,976
|
|
(SOFR + 1.00%), 2.48%, 1/21/2028 (c)
|
13,821,000
|
13,660,148
|
|
(SOFR + 0.80%), 4.24%, 1/9/2030 (c)
|
59,720,000
|
59,063,417
|
|
(SOFR + 0.80%), 4.44%, 1/9/2030 (c)
|
97,774,000
|
97,559,046
|
|
(SOFRINDX + 0.96%), 4.56%, 4/10/2030 (c)
|
38,920,000
|
38,769,262
|
|
Nasdaq, Inc. 3.85%, 6/30/2026
|
11,791,000
|
11,788,939
|
|
State Street Bank & Trust Co. 4.59%, 11/25/2026
|
62,407,000
|
62,642,829
|
|
State Street Corp. 5.27%, 8/3/2026
|
3,000,000
|
3,003,519
|
|
UBS AG (Switzerland)
|
||
|
1.25%, 6/1/2026
|
2,000,000
|
2,000,000
|
|
1.25%, 8/7/2026 (b)
|
2,620,000
|
2,606,133
|
|
(SOFR + 0.50%), 4.13%, 5/17/2027 (c)
|
84,643,000
|
84,711,561
|
|
UBS Group AG (Switzerland)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (a) (c)
|
23,616,000
|
23,621,595
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027 (a) (c)
|
39,236,000
|
39,004,937
|
|
4.28%, 1/9/2028 (a)
|
2,608,000
|
2,600,377
|
|
4.25%, 3/23/2028 (a)
|
12,110,000
|
12,057,233
|
|
(SOFR + 0.84%), 4.15%, 12/23/2029 (a) (c)
|
61,561,000
|
60,790,826
|
|
(SOFR + 0.84%), 4.21%, 4/10/2030 (a) (c)
|
107,542,000
|
105,961,158
|
|
|
|
1,425,600,951
|
|
Chemicals — 0.2%
|
||
|
Chevron Phillips Chemical Co. LLC 3.40%, 12/1/2026 (a)
|
8,320,000
|
8,290,338
|
|
Ecolab, Inc.
|
||
|
2.70%, 11/1/2026
|
2,172,000
|
2,160,690
|
|
4.30%, 6/15/2028
|
1,571,000
|
1,571,765
|
|
Mosaic Co. (The) 4.35%, 1/15/2029
|
29,035,000
|
28,786,623
|
|
Sherwin-Williams Co. (The) 3.45%, 6/1/2027
|
33,073,000
|
32,821,371
|
|
|
|
73,630,787
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Commercial Services & Supplies — 0.3%
|
||
|
Element Fleet Management Corp. (Canada)
|
||
|
5.64%, 3/13/2027 (a)
|
88,835,000
|
89,572,965
|
|
4.80%, 5/29/2029 (a)
|
17,955,000
|
17,984,537
|
|
|
|
107,557,502
|
|
Consumer Finance — 5.7%
|
||
|
AerCap Ireland Capital DAC (Ireland)
|
||
|
2.45%, 10/29/2026
|
108,577,000
|
107,818,698
|
|
6.10%, 1/15/2027
|
32,293,000
|
32,594,815
|
|
3.65%, 7/21/2027
|
20,917,000
|
20,720,602
|
|
4.63%, 10/15/2027
|
5,000,000
|
5,006,672
|
|
3.88%, 1/23/2028
|
3,447,000
|
3,408,566
|
|
4.88%, 4/1/2028
|
66,211,000
|
66,562,570
|
|
5.75%, 6/6/2028
|
4,862,000
|
4,966,442
|
|
4.13%, 2/28/2029
|
49,522,000
|
48,864,821
|
|
American Express Co.
|
||
|
(SOFR + 1.00%), 5.10%, 2/16/2028 (c)
|
43,118,000
|
43,360,868
|
|
(SOFR + 0.93%), 5.04%, 7/26/2028 (c)
|
26,600,000
|
26,801,056
|
|
(SOFR + 0.58%), 4.01%, 2/9/2029 (c)
|
74,870,000
|
74,349,097
|
|
(SOFR + 0.59%), 4.23%, 2/9/2029 (c)
|
71,665,000
|
71,743,115
|
|
American Honda Finance Corp.
|
||
|
(SOFR + 0.62%), 4.28%, 12/11/2026 (c)
|
107,725,000
|
107,814,473
|
|
(SOFR + 0.75%), 4.39%, 1/15/2027 (c)
|
111,290,000
|
111,475,665
|
|
(SOFR + 0.87%), 4.51%, 7/9/2027 (c)
|
42,312,000
|
42,433,959
|
|
(SOFR + 0.73%), 4.36%, 8/13/2027 (c)
|
71,499,000
|
71,585,304
|
|
Avolon Holdings Funding Ltd. (Ireland)
|
||
|
2.53%, 11/18/2027 (a)
|
17,303,000
|
16,775,258
|
|
4.95%, 1/15/2028 (a)
|
48,876,000
|
49,020,673
|
|
4.20%, 4/15/2029 (a)
|
53,220,000
|
52,290,247
|
|
Capital One Financial Corp.
|
||
|
(SOFR + 2.44%), 7.15%, 10/29/2027 (c)
|
44,923,000
|
45,395,550
|
|
(SOFR + 0.86%), 1.88%, 11/2/2027 (c)
|
228,997,000
|
226,485,517
|
|
3.80%, 1/31/2028
|
15,750,000
|
15,584,324
|
|
(SOFR + 2.06%), 4.93%, 5/10/2028 (c)
|
8,580,000
|
8,615,592
|
|
Caterpillar Financial Services Corp.
|
||
|
4.45%, 10/16/2026
|
36,349,000
|
36,428,380
|
|
(SOFR + 0.40%), 4.04%, 1/10/2028 (c)
|
143,008,000
|
143,045,457
|
|
(SOFR + 0.64%), 4.27%, 8/15/2028 (c)
|
160,000,000
|
160,624,000
|
|
General Motors Financial Co., Inc.
|
||
|
5.40%, 5/8/2027
|
51,347,000
|
51,862,392
|
|
5.05%, 4/4/2028
|
1,042,000
|
1,050,777
|
|
4.20%, 10/27/2028
|
32,000,000
|
31,761,908
|
|
4.75%, 4/6/2029
|
64,155,000
|
64,312,338
|
|
John Deere Capital Corp.
|
||
|
Series I, (SOFR + 0.40%), 3.97%, 1/7/2028 (c)
|
55,442,000
|
55,433,960
|
|
(SOFR + 0.58%), 4.16%, 9/11/2028 (c)
|
86,580,000
|
87,017,336
|
|
Toyota Motor Credit Corp.
|
||
|
(SOFR + 0.77%), 4.40%, 8/7/2026 (c)
|
33,926,000
|
33,961,622
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Consumer Finance — continued
|
||
|
4.50%, 5/14/2027
|
41,451,000
|
41,638,154
|
|
(SOFR + 0.60%), 4.12%, 7/21/2027 (c)
|
48,647,000
|
48,729,415
|
|
(SOFR + 0.50%), 4.01%, 8/25/2027 (c)
|
93,716,000
|
93,760,122
|
|
5.45%, 11/10/2027
|
13,162,000
|
13,405,339
|
|
(SOFR + 0.72%), 4.37%, 9/5/2028 (c)
|
100,000,000
|
100,482,052
|
|
|
|
2,217,187,136
|
|
Consumer Staples Distribution & Retail — 0.2%
|
||
|
Alimentation Couche-Tard, Inc. (Canada) 4.15%, 9/29/2028 (a)
|
73,008,000
|
72,397,651
|
|
Kroger Co. (The) 2.65%, 10/15/2026
|
7,172,000
|
7,134,599
|
|
|
|
79,532,250
|
|
Containers & Packaging — 0.4%
|
||
|
Amcor Flexibles North America, Inc.
|
||
|
4.80%, 3/17/2028
|
29,463,000
|
29,617,277
|
|
4.25%, 3/8/2029
|
96,153,000
|
95,210,584
|
|
Sonoco Products Co. 4.45%, 9/1/2026
|
37,666,000
|
37,676,896
|
|
|
|
162,504,757
|
|
Diversified REITs — 0.0% ^
|
||
|
WP Carey, Inc. 4.25%, 10/1/2026
|
10,032,000
|
10,030,556
|
|
Diversified Telecommunication Services — 0.2%
|
||
|
AT&T, Inc.
|
||
|
2.95%, 7/15/2026
|
3,000,000
|
2,995,326
|
|
4.25%, 3/1/2027
|
10,000,000
|
10,000,803
|
|
2.30%, 6/1/2027
|
2,225,000
|
2,182,906
|
|
Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027 (a)
|
1,638,000
|
1,631,752
|
|
NBN Co. Ltd. (Australia) 4.00%, 10/1/2027 (a)
|
13,656,000
|
13,581,949
|
|
Orange SA (France) 4.00%, 1/13/2029 (a)
|
45,065,000
|
44,602,404
|
|
|
|
74,995,140
|
|
Electric Utilities — 2.5%
|
||
|
Arizona Public Service Co. 2.55%, 9/15/2026
|
5,713,000
|
5,684,191
|
|
Centerpoint Energy Restoration Bond Co. III LLC Series a-1, 3.90%, 12/15/2030
|
7,510,000
|
7,423,665
|
|
Cleveland Electric Illuminating Co. (The) 3.50%, 4/1/2028 (a)
|
3,000,000
|
2,942,245
|
|
DTE Electric Co. 4.25%, 5/14/2027
|
6,399,000
|
6,411,468
|
|
Duke Energy Corp.
|
||
|
2.65%, 9/1/2026
|
18,740,000
|
18,669,133
|
|
4.85%, 1/5/2027
|
76,842,000
|
77,152,244
|
|
Emera US Finance LLC 4.50%, 4/1/2029
|
44,460,000
|
44,273,812
|
|
ENEL Finance International NV (Italy)
|
||
|
1.63%, 7/12/2026 (a) (e)
|
26,609,000
|
26,520,555
|
|
3.63%, 5/25/2027 (a)
|
30,242,000
|
30,056,397
|
|
2.13%, 7/12/2028 (a) (e)
|
5,000,000
|
4,760,433
|
|
4.13%, 9/30/2028 (a)
|
39,015,000
|
38,611,345
|
|
Entergy Corp. 2.95%, 9/1/2026
|
6,294,000
|
6,274,619
|
|
Evergy Kansas Central, Inc. 3.10%, 4/1/2027
|
17,447,000
|
17,287,940
|
|
Evergy Missouri West, Inc. 4.70%, 5/21/2029 (a)
|
10,596,000
|
10,621,241
|
|
Evergy, Inc. 4.25%, 3/15/2029
|
28,391,000
|
28,130,686
|
|
Eversource Energy 5.00%, 1/1/2027
|
12,766,000
|
12,825,950
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Electric Utilities — continued
|
||
|
Exelon Corp. 2.75%, 3/15/2027
|
5,575,000
|
5,509,223
|
|
Fells Point Funding Trust 3.05%, 1/31/2027 (a)
|
88,117,000
|
87,349,136
|
|
Georgia Power Co. (SOFRINDX + 0.42%), 4.04%, 11/22/2027 (c)
|
39,494,000
|
39,584,244
|
|
ITC Holdings Corp.
|
||
|
3.25%, 6/30/2026
|
1,165,000
|
1,163,998
|
|
4.95%, 9/22/2027 (a)
|
7,160,000
|
7,195,620
|
|
4.88%, 4/15/2031 (a)
|
30,000,000
|
29,907,977
|
|
Jersey Central Power & Light Co. 4.15%, 1/15/2029 (a)
|
20,000,000
|
19,762,677
|
|
NextEra Energy Capital Holdings, Inc.
|
||
|
1.88%, 1/15/2027
|
42,529,000
|
41,935,529
|
|
3.55%, 5/1/2027
|
135,698,000
|
134,883,227
|
|
4.69%, 9/1/2027
|
25,107,000
|
25,215,982
|
|
4.85%, 2/4/2028
|
46,322,000
|
46,707,054
|
|
Oncor Electric Delivery Co. LLC 4.50%, 3/20/2027
|
35,870,000
|
35,975,305
|
|
Southern Co. (The) 3.25%, 7/1/2026
|
80,438,000
|
80,379,701
|
|
Southwestern Electric Power Co. Series K, 2.75%, 10/1/2026
|
2,460,000
|
2,448,596
|
|
Virginia Electric and Power Co. Series A, 3.50%, 3/15/2027
|
21,327,000
|
21,220,007
|
|
Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027
|
13,143,794
|
13,230,184
|
|
Wisconsin Electric Power Co. 3.95%, 3/1/2029
|
16,224,000
|
16,037,456
|
|
|
|
946,151,840
|
|
Electronic Equipment, Instruments & Components — 0.1%
|
||
|
Amphenol Corp. 3.80%, 11/15/2027
|
44,117,000
|
43,857,425
|
|
TD SYNNEX Corp. 1.75%, 8/9/2026
|
2,859,000
|
2,844,548
|
|
|
|
46,701,973
|
|
Entertainment — 0.0% ^
|
||
|
Take-Two Interactive Software, Inc. 3.70%, 4/14/2027
|
11,594,000
|
11,537,040
|
|
TWDC Enterprises 18 Corp. 1.85%, 7/30/2026
|
3,000,000
|
2,990,354
|
|
|
|
14,527,394
|
|
Financial Services — 1.6%
|
||
|
Equitable America Global Funding
|
||
|
4.65%, 6/9/2028 (a)
|
17,655,000
|
17,654,298
|
|
4.30%, 12/15/2028 (a)
|
31,963,000
|
31,698,792
|
|
Global Payments, Inc. 4.45%, 6/1/2028
|
4,135,000
|
4,107,564
|
|
Lseg US Fin Corp. (United Kingdom)
|
||
|
4.88%, 3/28/2027 (a)
|
19,885,000
|
19,991,337
|
|
4.25%, 3/23/2029 (a)
|
118,996,000
|
118,009,984
|
|
National Rural Utilities Cooperative Finance Corp.
|
||
|
1.00%, 6/15/2026
|
1,651,000
|
1,649,074
|
|
(SOFR + 0.58%), 4.20%, 11/22/2026 (b) (c)
|
137,446,000
|
137,661,790
|
|
Series D, (SOFRINDX + 0.43%), 4.07%, 8/9/2027 (c)
|
29,346,000
|
29,356,858
|
|
Series D, 4.15%, 8/25/2028
|
69,986,000
|
69,584,034
|
|
Series D, 4.05%, 2/9/2029
|
33,172,000
|
32,873,383
|
|
Nationwide Building Society (United Kingdom)
|
||
|
1.50%, 10/13/2026 (a)
|
1,458,000
|
1,443,806
|
|
(SOFR + 1.91%), 6.56%, 10/18/2027 (a) (c)
|
21,543,000
|
21,714,572
|
|
(SOFR + 1.29%), 2.97%, 2/16/2028 (a) (c)
|
7,700,000
|
7,617,647
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Financial Services — continued
|
||
|
NTT Finance Corp. (Japan)
|
||
|
4.57%, 7/16/2027 (a)
|
27,026,000
|
27,080,196
|
|
1.59%, 4/3/2028 (a)
|
11,350,000
|
10,788,078
|
|
4.62%, 7/16/2028 (a)
|
36,760,000
|
36,787,893
|
|
4.88%, 7/16/2030 (a)
|
10,657,000
|
10,693,370
|
|
Visa, Inc. 3.80%, 2/12/2029
|
31,595,000
|
31,280,639
|
|
Woodside Finance Ltd. (Australia) 3.70%, 9/15/2026 (a)
|
7,070,000
|
7,053,888
|
|
|
|
617,047,203
|
|
Food Products — 0.3%
|
||
|
Archer-Daniels-Midland Co. 2.50%, 8/11/2026
|
10,150,000
|
10,122,921
|
|
Bunge Ltd. Finance Corp. 4.90%, 4/21/2027
|
55,361,000
|
55,679,740
|
|
Conagra Brands, Inc. 7.13%, 10/1/2026
|
3,000,000
|
3,023,432
|
|
Danone SA (France) 2.95%, 11/2/2026 (a)
|
10,041,000
|
9,989,466
|
|
Mars, Inc. 4.45%, 3/1/2027 (a)
|
18,021,000
|
18,071,923
|
|
Mondelez International Holdings Netherlands BV 1.25%, 9/24/2026 (a) (b)
|
13,305,000
|
13,184,618
|
|
|
|
110,072,100
|
|
Ground Transportation — 0.3%
|
||
|
Canadian Pacific Railway Co. (Canada) 1.75%, 12/2/2026
|
2,279,000
|
2,253,586
|
|
ERAC USA Finance LLC 3.30%, 12/1/2026 (a)
|
58,891,000
|
58,618,054
|
|
Penske Truck Leasing Co. LP
|
||
|
1.70%, 6/15/2026 (a)
|
8,153,000
|
8,144,466
|
|
3.40%, 11/15/2026 (a)
|
14,293,000
|
14,238,927
|
|
5.35%, 1/12/2027 (a)
|
32,079,000
|
32,216,198
|
|
6.05%, 8/1/2028 (a)
|
385,000
|
395,704
|
|
Ryder System, Inc. 1.75%, 9/1/2026
|
12,500,000
|
12,418,490
|
|
|
|
128,285,425
|
|
Health Care Equipment & Supplies — 0.4%
|
||
|
Stryker Corp. 4.55%, 2/10/2027
|
57,958,000
|
58,139,787
|
|
Zimmer Biomet Holdings, Inc. 4.70%, 2/19/2027
|
81,123,000
|
81,396,275
|
|
|
|
139,536,062
|
|
Health Care Providers & Services — 0.4%
|
||
|
Cardinal Health, Inc.
|
||
|
4.70%, 11/15/2026
|
33,465,000
|
33,553,626
|
|
3.41%, 6/15/2027
|
37,784,000
|
37,430,643
|
|
Cencora, Inc.
|
||
|
4.63%, 12/15/2027
|
10,254,000
|
10,300,336
|
|
3.95%, 2/13/2029
|
23,310,000
|
22,969,674
|
|
Cigna Group (The) 3.40%, 3/1/2027
|
10,626,000
|
10,550,933
|
|
HCA, Inc. 5.00%, 3/1/2028
|
19,629,000
|
19,794,146
|
|
Laboratory Corp. of America Holdings 1.55%, 6/1/2026
|
1,809,000
|
1,809,000
|
|
Quest Diagnostics, Inc. 3.45%, 6/1/2026
|
18,007,000
|
18,007,000
|
|
|
|
154,415,358
|
|
Health Care REITs — 0.3%
|
||
|
DOC DR LLC 4.30%, 3/15/2027
|
23,464,000
|
23,451,050
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Health Care REITs — continued
|
||
|
Healthpeak OP LLC
|
||
|
3.25%, 7/15/2026
|
35,799,000
|
35,750,359
|
|
1.35%, 2/1/2027
|
31,856,000
|
31,240,180
|
|
Ventas Realty LP 3.25%, 10/15/2026
|
21,758,000
|
21,671,917
|
|
|
|
112,113,506
|
|
Hotels, Restaurants & Leisure — 0.2%
|
||
|
Darden Restaurants, Inc.
|
||
|
3.85%, 5/1/2027
|
10,250,000
|
10,208,448
|
|
4.35%, 10/15/2027
|
31,860,000
|
31,798,120
|
|
Marriott International, Inc. 5.45%, 9/15/2026
|
44,438,000
|
44,519,573
|
|
Starbucks Corp. 2.45%, 6/15/2026
|
4,100,000
|
4,097,483
|
|
|
|
90,623,624
|
|
Household Products — 0.1%
|
||
|
Reckitt Benckiser Treasury Services plc (United Kingdom) 3.00%, 6/26/2027 (a)
|
25,070,000
|
24,742,919
|
|
Independent Power and Renewable Electricity Producers — 0.3%
|
||
|
Constellation Energy Generation LLC
|
||
|
3.90%, 1/8/2028
|
32,644,000
|
32,387,918
|
|
(SOFR + 0.60%), 4.24%, 1/8/2028 (c)
|
22,185,000
|
22,173,907
|
|
4.55%, 6/1/2029
|
69,092,000
|
68,947,382
|
|
|
|
123,509,207
|
|
Industrial Conglomerates — 0.0% ^
|
||
|
Honeywell International, Inc. 2.50%, 11/1/2026
|
2,000,000
|
1,987,328
|
|
Insurance — 8.0%
|
||
|
AEGON Funding Co. LLC 5.50%, 4/16/2027 (a)
|
73,400,000
|
73,978,545
|
|
Athene Global Funding
|
||
|
(SOFRINDX + 0.68%), 4.32%, 8/10/2026 (a) (c)
|
28,252,000
|
28,262,989
|
|
4.86%, 8/27/2026 (a)
|
223,572,000
|
223,827,686
|
|
2.95%, 11/12/2026 (a)
|
1,900,000
|
1,887,727
|
|
4.95%, 1/7/2027 (a)
|
108,158,000
|
108,450,793
|
|
3.21%, 3/8/2027 (a) (b)
|
6,896,000
|
6,792,305
|
|
5.52%, 3/25/2027 (a)
|
5,250,000
|
5,293,381
|
|
(SOFR + 0.95%), 4.60%, 4/19/2027 (a) (c)
|
30,292,000
|
30,348,519
|
|
Brighthouse Financial Global Funding
|
||
|
5.55%, 4/9/2027 (a)
|
63,367,000
|
63,750,365
|
|
2.00%, 6/28/2028 (a)
|
1,478,000
|
1,385,420
|
|
CNO Global Funding
|
||
|
5.88%, 6/4/2027 (a)
|
10,333,000
|
10,468,417
|
|
4.88%, 12/10/2027 (a)
|
33,847,000
|
33,882,141
|
|
4.38%, 9/8/2028 (a)
|
37,199,000
|
36,857,330
|
|
4.95%, 9/9/2029 (a)
|
18,017,000
|
18,066,130
|
|
Corebridge Global Funding
|
||
|
5.35%, 6/24/2026 (a)
|
27,300,000
|
27,318,441
|
|
5.75%, 7/2/2026 (a) (b)
|
64,606,000
|
64,696,052
|
|
4.65%, 8/20/2027 (a)
|
109,494,000
|
109,609,815
|
|
4.25%, 8/21/2028 (a)
|
21,973,000
|
21,812,229
|
|
(SOFR + 0.86%), 4.52%, 12/15/2028 (a) (c)
|
45,162,000
|
45,034,119
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Insurance — continued
|
||
|
4.80%, 5/29/2029 (a)
|
57,931,000
|
57,991,488
|
|
Equitable Financial Life Global Funding
|
||
|
1.30%, 7/12/2026 (a)
|
1,471,000
|
1,466,147
|
|
4.60%, 4/1/2027 (a) (b)
|
152,660,000
|
153,210,984
|
|
4.88%, 11/19/2027 (a)
|
70,402,000
|
70,628,221
|
|
F&G Global Funding
|
||
|
2.30%, 4/11/2027 (a)
|
18,101,000
|
17,738,597
|
|
4.65%, 9/8/2028 (a)
|
22,862,000
|
22,600,442
|
|
(SOFR + 1.33%), 4.99%, 9/8/2028 (a) (c)
|
65,911,000
|
65,648,989
|
|
4.50%, 1/9/2029 (a)
|
46,093,000
|
45,273,198
|
|
Fidelity National Financial, Inc. 4.50%, 8/15/2028
|
10,230,000
|
10,207,728
|
|
Guardian Life Global Funding 4.07%, 9/5/2028 (a)
|
71,279,000
|
70,719,979
|
|
Jackson National Life Global Funding
|
||
|
4.90%, 1/13/2027 (a)
|
1,000,000
|
1,003,417
|
|
(SOFR + 0.89%), 4.55%, 6/9/2027 (a) (c)
|
92,896,000
|
93,056,736
|
|
5.55%, 7/2/2027 (a)
|
50,732,000
|
51,276,852
|
|
(SOFR + 0.95%), 4.60%, 9/12/2028 (a) (c)
|
87,710,000
|
87,387,527
|
|
Lincoln Financial Global Funding
|
||
|
4.20%, 1/12/2029 (a)
|
24,056,000
|
23,743,723
|
|
4.95%, 5/21/2031 (a)
|
33,783,000
|
33,699,712
|
|
MassMutual Global Funding II
|
||
|
(SOFR + 0.68%), 4.31%, 8/1/2028 (a) (c)
|
104,772,000
|
104,904,851
|
|
(SOFR + 0.66%), 4.29%, 1/22/2029 (a) (c)
|
47,550,000
|
47,550,285
|
|
Met Tower Global Funding 4.85%, 1/16/2027 (a)
|
21,292,000
|
21,376,996
|
|
Metropolitan Life Global Funding I
|
||
|
5.05%, 6/11/2027 (a)
|
6,823,000
|
6,890,293
|
|
(SOFR + 0.70%), 4.33%, 8/25/2028 (a) (c)
|
63,788,000
|
63,795,905
|
|
Mutual of Omaha Cos. Global Funding 5.35%, 4/9/2027 (a)
|
13,008,000
|
13,132,128
|
|
New York Life Global Funding
|
||
|
5.45%, 9/18/2026 (a)
|
2,000,000
|
2,008,468
|
|
(SOFR + 0.67%), 4.31%, 4/2/2027 (a) (c)
|
9,017,000
|
9,025,997
|
|
(SOFR + 0.55%), 4.20%, 6/11/2027 (a) (c)
|
86,073,000
|
86,230,305
|
|
4.40%, 12/13/2027 (a)
|
115,001,000
|
115,097,918
|
|
(SOFR + 0.66%), 4.30%, 7/25/2028 (a) (c)
|
85,696,000
|
85,770,843
|
|
4.05%, 2/2/2029 (a)
|
44,260,000
|
43,792,328
|
|
(SOFR + 0.57%), 4.21%, 2/2/2029 (a) (c)
|
55,309,000
|
55,226,608
|
|
4.20%, 4/20/2029 (a)
|
56,861,000
|
56,481,066
|
|
Northwestern Mutual Global Funding
|
||
|
1.70%, 6/1/2028 (a)
|
4,257,000
|
4,040,582
|
|
(SOFR + 0.66%), 4.29%, 8/25/2028 (a) (c)
|
66,133,000
|
66,242,086
|
|
Pacific Life Global Funding II
|
||
|
(SOFR + 0.48%), 4.12%, 2/4/2027 (a) (c)
|
14,274,000
|
14,292,000
|
|
4.45%, 5/1/2028 (a)
|
27,004,000
|
27,000,882
|
|
(SOFR + 0.75%), 4.39%, 7/10/2028 (a) (c)
|
146,618,000
|
146,945,681
|
|
4.30%, 4/27/2029 (a)
|
66,603,000
|
66,107,023
|
|
Pricoa Global Funding I 5.55%, 8/28/2026 (a)
|
3,940,000
|
3,952,499
|
|
Principal Financial Group, Inc. 3.10%, 11/15/2026
|
500,000
|
497,283
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Insurance — continued
|
||
|
Principal Life Global Funding II
|
||
|
1.50%, 11/17/2026 (a)
|
2,052,000
|
2,027,514
|
|
4.60%, 8/19/2027 (a)
|
35,336,000
|
35,426,364
|
|
(SOFR + 0.81%), 4.44%, 8/18/2028 (a) (c)
|
53,224,000
|
53,268,324
|
|
5.10%, 1/25/2029 (a)
|
57,821,000
|
58,523,834
|
|
4.65%, 5/18/2029 (a)
|
46,449,000
|
46,407,788
|
|
Protective Life Global Funding 1.30%, 9/20/2026 (a)
|
4,003,000
|
3,968,320
|
|
Western-Southern Global Funding
|
||
|
4.38%, 6/2/2027 (a)
|
67,008,000
|
66,957,102
|
|
4.50%, 7/16/2028 (a)
|
53,528,000
|
53,389,576
|
|
|
|
3,077,706,993
|
|
IT Services — 0.2%
|
||
|
CGI, Inc. (Canada) 1.45%, 9/14/2026
|
73,085,000
|
72,464,367
|
|
Machinery — 0.3%
|
||
|
CNH Industrial Capital LLC 1.45%, 7/15/2026
|
11,650,000
|
11,611,116
|
|
Daimler Truck Finance North America LLC (Germany)
|
||
|
2.00%, 12/14/2026 (a)
|
17,100,000
|
16,903,884
|
|
5.00%, 1/15/2027 (a)
|
17,392,000
|
17,472,877
|
|
3.65%, 4/7/2027 (a)
|
1,825,000
|
1,817,512
|
|
4.95%, 1/13/2028 (a)
|
19,373,000
|
19,520,369
|
|
4.15%, 1/12/2029 (a)
|
31,141,000
|
30,787,983
|
|
|
|
98,113,741
|
|
Media — 0.0% ^
|
||
|
Cox Communications, Inc. 3.35%, 9/15/2026 (a)
|
2,735,000
|
2,726,724
|
|
Metals & Mining — 0.3%
|
||
|
Anglo American Capital plc (South Africa)
|
||
|
4.75%, 4/10/2027 (a)
|
12,857,000
|
12,899,942
|
|
4.50%, 3/15/2028 (a)
|
7,504,000
|
7,500,548
|
|
Glencore Funding LLC (Australia)
|
||
|
(SOFRINDX + 0.75%), 4.39%, 10/1/2026 (a) (c)
|
6,842,000
|
6,849,952
|
|
4.00%, 3/27/2027 (a)
|
4,841,000
|
4,829,555
|
|
5.34%, 4/4/2027 (a)
|
17,984,000
|
18,145,423
|
|
4.90%, 7/1/2031 (a)
|
50,000,000
|
50,026,778
|
|
Rio Tinto Finance USA plc (Australia)
|
||
|
4.38%, 3/12/2027
|
7,153,000
|
7,174,772
|
|
4.50%, 3/14/2028
|
3,547,000
|
3,562,475
|
|
|
|
110,989,445
|
|
Multi-Utilities — 0.5%
|
||
|
Dominion Energy, Inc. Series D, 2.85%, 8/15/2026
|
31,436,000
|
31,348,085
|
|
DTE Energy Co.
|
||
|
2.85%, 10/1/2026
|
121,995,000
|
121,452,674
|
|
4.88%, 6/1/2028
|
23,644,000
|
23,829,912
|
|
WEC Energy Group, Inc.
|
||
|
1.38%, 10/15/2027
|
5,000,000
|
4,805,585
|
|
4.75%, 1/15/2028
|
13,776,000
|
13,841,878
|
|
|
|
195,278,134
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Office REITs — 0.0% ^
|
||
|
Boston Properties LP 6.75%, 12/1/2027
|
5,000,000
|
5,150,981
|
|
Oil, Gas & Consumable Fuels — 1.3%
|
||
|
Enbridge, Inc. (Canada)
|
||
|
1.60%, 10/4/2026
|
30,860,000
|
30,579,785
|
|
5.90%, 11/15/2026
|
126,689,000
|
127,468,017
|
|
5.25%, 4/5/2027
|
25,145,000
|
25,336,154
|
|
4.60%, 6/20/2028
|
14,123,000
|
14,170,830
|
|
4.85%, 3/27/2031
|
48,701,000
|
48,864,079
|
|
Energy Transfer LP
|
||
|
4.40%, 3/15/2027
|
60,208,000
|
60,247,849
|
|
4.20%, 4/15/2027
|
23,465,000
|
23,433,037
|
|
Enterprise Products Operating LLC
|
||
|
4.60%, 1/11/2027
|
6,666,000
|
6,681,794
|
|
4.30%, 6/20/2028
|
11,778,000
|
11,770,707
|
|
MPLX LP 4.13%, 3/1/2027
|
9,517,000
|
9,505,053
|
|
Northwest Pipeline LLC 4.00%, 4/1/2027
|
8,833,000
|
8,814,273
|
|
ONEOK, Inc. 4.25%, 9/24/2027
|
71,029,000
|
70,873,208
|
|
Phillips 66 Co. 3.55%, 10/1/2026
|
7,656,000
|
7,640,545
|
|
Sabine Pass Liquefaction LLC 5.00%, 3/15/2027
|
63,259,000
|
63,362,037
|
|
|
|
508,747,368
|
|
Paper & Forest Products — 0.1%
|
||
|
Georgia-Pacific LLC
|
||
|
4.40%, 6/30/2028 (a)
|
2,544,000
|
2,541,974
|
|
4.40%, 5/15/2029 (a)
|
50,000,000
|
49,814,982
|
|
|
|
52,356,956
|
|
Personal Care Products — 0.0% ^
|
||
|
Haleon US Capital LLC 3.38%, 3/24/2027
|
1,000,000
|
993,436
|
|
Pharmaceuticals — 0.2%
|
||
|
Roche Holdings, Inc. 5.27%, 11/13/2026 (a)
|
500,000
|
502,337
|
|
Zoetis, Inc. 4.15%, 8/17/2028
|
73,930,000
|
73,517,421
|
|
|
|
74,019,758
|
|
Residential REITs — 0.2%
|
||
|
AvalonBay Communities, Inc.
|
||
|
3.35%, 5/15/2027
|
3,445,000
|
3,419,549
|
|
4.35%, 12/1/2030
|
44,000,000
|
43,592,635
|
|
Essex Portfolio LP 3.63%, 5/1/2027
|
11,538,000
|
11,470,736
|
|
Mid-America Apartments LP 1.10%, 9/15/2026
|
7,072,000
|
7,009,869
|
|
UDR, Inc.
|
||
|
2.95%, 9/1/2026
|
11,118,000
|
11,074,970
|
|
3.50%, 7/1/2027
|
15,000,000
|
14,882,971
|
|
|
|
91,450,730
|
|
Retail REITs — 0.3%
|
||
|
Brixmor Operating Partnership LP 3.90%, 3/15/2027
|
18,640,000
|
18,584,967
|
|
Kimco Realty OP LLC
|
||
|
3.25%, 8/15/2026
|
2,645,000
|
2,640,974
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Retail REITs — continued
|
||
|
2.80%, 10/1/2026
|
27,823,000
|
27,703,197
|
|
NNN REIT, Inc. 3.50%, 10/15/2027
|
20,339,000
|
20,087,742
|
|
Realty Income Corp.
|
||
|
4.88%, 6/1/2026
|
5,562,000
|
5,562,000
|
|
3.95%, 2/1/2029
|
39,237,000
|
38,733,723
|
|
|
|
113,312,603
|
|
Semiconductors & Semiconductor Equipment — 0.5%
|
||
|
Advanced Micro Devices, Inc. 4.21%, 9/24/2026 (b)
|
17,233,000
|
17,248,534
|
|
Analog Devices, Inc. 3.50%, 12/5/2026
|
2,000,000
|
1,995,201
|
|
Broadcom, Inc.
|
||
|
3.46%, 9/15/2026
|
40,286,000
|
40,199,646
|
|
5.05%, 7/12/2027
|
20,504,000
|
20,708,271
|
|
4.80%, 4/15/2028
|
48,284,000
|
48,731,879
|
|
Microchip Technology, Inc. 4.90%, 3/15/2028
|
5,000,000
|
5,029,762
|
|
NXP BV (Netherlands)
|
||
|
3.15%, 5/1/2027
|
37,630,000
|
37,188,600
|
|
4.40%, 6/1/2027
|
6,392,000
|
6,397,682
|
|
4.30%, 8/19/2028
|
29,250,000
|
29,136,025
|
|
|
|
206,635,600
|
|
Software — 0.7%
|
||
|
Oracle Corp.
|
||
|
2.65%, 7/15/2026
|
76,200,000
|
76,055,235
|
|
4.80%, 8/3/2028
|
56,807,000
|
56,804,917
|
|
Synopsys, Inc. 4.55%, 4/1/2027
|
106,023,000
|
106,340,238
|
|
VMware LLC 1.40%, 8/15/2026
|
17,163,000
|
17,064,880
|
|
|
|
256,265,270
|
|
Specialized REITs — 0.4%
|
||
|
American Tower Corp.
|
||
|
1.45%, 9/15/2026
|
39,421,000
|
39,122,603
|
|
3.38%, 10/15/2026
|
18,308,000
|
18,257,887
|
|
3.13%, 1/15/2027
|
6,725,000
|
6,676,967
|
|
3.65%, 3/15/2027
|
43,724,000
|
43,531,528
|
|
Crown Castle, Inc.
|
||
|
3.70%, 6/15/2026
|
3,118,000
|
3,116,755
|
|
1.05%, 7/15/2026
|
6,233,000
|
6,209,576
|
|
Equinix, Inc. 2.90%, 11/18/2026
|
22,772,000
|
22,625,852
|
|
Extra Space Storage LP 3.50%, 7/1/2026
|
19,643,000
|
19,633,667
|
|
|
|
159,174,835
|
|
Specialty Retail — 0.2%
|
||
|
AutoZone, Inc. 5.05%, 7/15/2026
|
28,370,000
|
28,396,902
|
|
Lowe's Cos., Inc. 3.10%, 5/3/2027
|
50,501,000
|
50,034,953
|
|
O'Reilly Automotive, Inc. 5.75%, 11/20/2026
|
11,532,000
|
11,599,450
|
|
|
|
90,031,305
|
|
Technology Hardware, Storage & Peripherals — 0.7%
|
||
|
Dell International LLC 4.90%, 10/1/2026
|
104,188,000
|
104,309,214
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Technology Hardware, Storage & Peripherals — continued
|
||
|
Hewlett Packard Enterprise Co.
|
||
|
4.45%, 9/25/2026
|
61,828,000
|
61,889,696
|
|
4.05%, 9/15/2027
|
53,473,000
|
53,252,770
|
|
4.50%, 3/23/2028
|
35,829,000
|
35,822,802
|
|
|
|
255,274,482
|
|
Tobacco — 0.6%
|
||
|
BAT Capital Corp. (United Kingdom)
|
||
|
3.22%, 9/6/2026
|
12,000,000
|
11,969,681
|
|
4.70%, 4/2/2027
|
141,472,000
|
141,889,117
|
|
Imperial Brands Finance plc (United Kingdom) 4.50%, 6/30/2028 (a)
|
39,829,000
|
39,791,865
|
|
Philip Morris International, Inc. 4.75%, 2/12/2027
|
14,373,000
|
14,443,602
|
|
|
|
208,094,265
|
|
Trading Companies & Distributors — 0.2%
|
||
|
Aviation Capital Group LLC
|
||
|
4.75%, 4/14/2027 (a)
|
29,135,000
|
29,193,205
|
|
3.50%, 11/1/2027 (a)
|
2,735,000
|
2,689,996
|
|
4.25%, 4/30/2029 (a)
|
24,531,000
|
24,147,437
|
|
TTX Co. 5.50%, 9/25/2026 (a)
|
5,705,000
|
5,722,794
|
|
|
|
61,753,432
|
|
Wireless Telecommunication Services — 0.5%
|
||
|
T-Mobile USA, Inc. 3.75%, 4/15/2027
|
182,072,000
|
181,355,805
|
|
Total Corporate Bonds
(Cost $24,581,808,567)
|
|
24,588,424,622
|
|
Asset-Backed Securities — 10.3%
|
||
|
Allegany Park CLO Ltd. (Cayman Islands) Series 2019-1A, Class ARR, 4.78%, 1/20/2035 (a) (f)
|
26,500,000
|
26,514,999
|
|
Ally Auto Receivables Trust
|
|
|
|
Series 2025-1, Class A2, 4.03%, 7/17/2028
|
9,827,210
|
9,827,150
|
|
Series 2026-1, Class A2, 3.91%, 11/15/2028
|
30,435,000
|
30,394,010
|
|
ARI Fleet Lease Trust
|
|
|
|
Series 2023-A, Class A3, 5.33%, 2/17/2032 (a)
|
3,087,593
|
3,094,384
|
|
Series 2026-B, Class A2, 4.34%, 2/15/2035 (a)
|
32,160,000
|
32,143,936
|
|
Bain Capital Credit CLO (Cayman Islands) Series 2019-2A, Class AR3, 4.60%, 10/17/2032 (a) (f)
|
76,401,577
|
76,398,827
|
|
Ballyrock CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R, 4.96%, 7/15/2032 (a) (f)
|
24,612,150
|
24,609,615
|
|
Barings CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2021-2A, Class A1R, 4.74%, 7/15/2034 (a) (f)
|
100,000,000
|
100,041,200
|
|
Series 2021-3A, Class AR, 4.81%, 1/18/2035 (a) (f)
|
100,000,000
|
99,992,600
|
|
BMW Vehicle Lease Trust
|
|
|
|
Series 2024-2, Class A3, 4.18%, 10/25/2027
|
13,189,069
|
13,194,739
|
|
Series 2025-2, Class A2A, 3.94%, 11/26/2027
|
23,606,616
|
23,599,400
|
|
Series 2025-1, Class A3, 4.43%, 6/26/2028
|
30,646,000
|
30,730,531
|
|
Series 2026-1, Class A2A, 4.03%, 7/25/2028
|
51,910,000
|
51,853,563
|
|
BofA Auto Trust
|
|
|
|
Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (a)
|
4,394,572
|
4,397,700
|
|
Series 2026-1A, Class A2A, 4.10%, 11/15/2028 (a)
|
32,265,000
|
32,250,432
|
|
Capital One Prime Auto Receivables Trust
|
|
|
|
Series 2022-2, Class A4, 3.69%, 12/15/2027
|
4,892,056
|
4,891,193
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2024-1, Class A3, 4.62%, 7/16/2029
|
9,320,377
|
9,357,604
|
|
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) Series 2016-3A, Class ARRR,
4.77%, 7/20/2034 (a)
(f)
|
9,000,000
|
9,000,648
|
|
Carlyle US CLO Ltd. (Cayman Islands) Series 2021-9A, Class AR, 4.79%, 10/20/2034 (a) (f)
|
50,000,000
|
50,065,000
|
|
CARLYLE US CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1A2, 4.63%, 4/20/2031 (a) (f)
|
25,530,753
|
25,534,480
|
|
CarMax Auto Owner Trust
|
|
|
|
Series 2023-1, Class A4, 4.65%, 1/16/2029
|
19,868,000
|
19,915,141
|
|
Series 2026-2, Class A2A, 4.11%, 8/15/2029
|
46,270,000
|
46,266,571
|
|
CarVal CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2018-1A, Class AR, 4.91%, 7/16/2031 (a) (f)
|
10,982,032
|
10,982,482
|
|
Series 2019-1A, Class AR2, 4.70%, 4/20/2032 (a) (f)
|
101,125,788
|
101,152,889
|
|
Series 2019-2A, Class AR2, 4.67%, 7/20/2032 (a) (f)
|
23,049,992
|
23,054,095
|
|
CCG Receivables Trust
|
|
|
|
Series 2024-1, Class A2, 4.99%, 3/15/2032 (a)
|
21,746,564
|
21,868,547
|
|
Series 2023-2, Class A2, 6.28%, 4/14/2032 (a)
|
2,346,045
|
2,365,053
|
|
Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a)
|
3,087,487
|
3,098,796
|
|
CIFC Funding Ltd. (Cayman Islands) Series 2022-3A, Class AR, 4.62%, 4/21/2035 (a) (f)
|
98,300,000
|
98,294,987
|
|
CNH Equipment Trust
|
|
|
|
Series 2023-B, Class A3, 5.60%, 2/15/2029
|
23,142,871
|
23,404,162
|
|
Series 2026-B, Class A2A, 4.18%, 11/15/2029
|
8,986,502
|
8,991,557
|
|
Crossroads Asset Trust Series 2025-A, Class A2, 4.91%, 2/20/2032 (a)
|
11,626,727
|
11,684,227
|
|
Dell Equipment Finance Trust
|
|
|
|
Series 2025-2, Class A2, 4.10%, 2/22/2028 (a)
|
24,600,000
|
24,602,322
|
|
Series 2024-2, Class A2, 4.69%, 8/22/2030 (a)
|
4,457,551
|
4,459,828
|
|
Discover Card Execution Note Trust
|
|
|
|
Series 2023-A2, Class A, 4.93%, 6/15/2028
|
28,425,000
|
28,438,047
|
|
Series 2021-A2, Class A2, 1.03%, 9/15/2028
|
117,266,000
|
116,299,986
|
|
DLLAD LLC
|
|
|
|
Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a)
|
3,102,355
|
3,107,611
|
|
Series 2025-1A, Class A2, 4.46%, 11/20/2028 (a)
|
9,628,429
|
9,653,683
|
|
Dryden CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2019-72A, Class ARR, 4.75%, 5/15/2032 (a) (f)
|
22,463,772
|
22,465,187
|
|
Series 2020-86A, Class A1R2, 4.81%, 7/17/2034 (a) (f)
|
92,050,000
|
92,134,042
|
|
Enterprise Fleet Financing LLC
|
|
|
|
Series 2024-4, Class A2, 4.69%, 7/20/2027 (a)
|
7,230,782
|
7,245,019
|
|
Series 2025-3, Class A2, 4.50%, 4/20/2028 (a)
|
49,258,590
|
49,377,692
|
|
Series 2025-4, Class A2, 4.05%, 8/20/2028 (a)
|
22,364,000
|
22,349,640
|
|
Series 2026-2, Class A2, 4.33%, 2/20/2029 (a)
|
34,410,000
|
34,422,618
|
|
Series 2023-3, Class A2, 6.40%, 3/20/2030 (a)
|
15,827,364
|
15,952,009
|
|
Ford Credit Auto Lease Trust Series 2024-A, Class A4, 5.05%, 6/15/2027
|
57,284
|
57,360
|
|
Ford Credit Auto Owner Trust
|
|
|
|
Series 2024-C, Class A2A, 4.32%, 8/15/2027
|
5,625,500
|
5,626,626
|
|
Series 2024-D, Class A2A, 4.59%, 10/15/2027
|
12,861,349
|
12,870,011
|
|
Series 2023-B, Class A3, 5.23%, 5/15/2028
|
4,919,080
|
4,940,759
|
|
Series 2024-A, Class A3, 5.09%, 12/15/2028
|
5,651,490
|
5,684,511
|
|
Series 2022-1, Class A, 3.88%, 11/15/2034 (a)
|
17,000,000
|
16,957,704
|
|
GM Financial Automobile Leasing Trust Series 2025-2, Class A2A, 4.55%, 7/20/2027
|
18,637,609
|
18,662,561
|
|
GM Financial Consumer Automobile Receivables Trust
|
|
|
|
Series 2025-1, Class A2A, 4.44%, 1/18/2028
|
3,445,606
|
3,446,794
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2023-3, Class A3, 5.45%, 6/16/2028
|
2,790,649
|
2,804,586
|
|
Series 2024-2, Class A3, 5.10%, 3/16/2029
|
8,821,105
|
8,869,606
|
|
Honda Auto Receivables Owner Trust
|
|
|
|
Series 2026-2, Class A2A, 4.11%, 12/15/2028
|
173,115,000
|
173,113,840
|
|
Series 2024-3, Class A3, 4.57%, 3/21/2029
|
6,669,028
|
6,688,803
|
|
Series 2024-1, Class A4, 5.17%, 5/15/2030
|
21,111,000
|
21,324,966
|
|
HPEFS Equipment Trust Series 2025-1A, Class A2, 4.49%, 9/20/2032 (a)
|
43,634,861
|
43,700,448
|
|
Hyundai Auto Lease Securitization Trust
|
|
|
|
Series 2024-B, Class A3, 5.41%, 5/17/2027 (a)
|
23,563,649
|
23,604,796
|
|
Series 2025-B, Class A3, 4.53%, 4/17/2028 (a)
|
11,328,000
|
11,368,696
|
|
Series 2026-A, Class A2A, 3.85%, 5/15/2028 (a)
|
112,985,000
|
112,765,176
|
|
Series 2025-C, Class A3, 4.36%, 7/17/2028 (a)
|
54,957,000
|
55,058,775
|
|
Series 2026-B, Class A2A, 4.06%, 9/15/2028 (a)
|
50,200,000
|
50,152,295
|
|
Hyundai Auto Receivables Trust
|
|
|
|
Series 2024-C, Class A2A, 4.53%, 9/15/2027
|
2,735,719
|
2,736,797
|
|
Series 2023-B, Class A3, 5.48%, 4/17/2028
|
12,758,703
|
12,813,202
|
|
Series 2026-A, Class A2A, 3.71%, 2/15/2029
|
40,190,000
|
40,088,432
|
|
Series 2024-C, Class A3, 4.41%, 5/15/2029
|
22,215,000
|
22,286,837
|
|
Jamestown CLO Ltd. (Cayman Islands) Series 2021-17A, Class AR, 4.87%, 1/25/2035 (a) (f)
|
99,000,000
|
99,015,147
|
|
John Deere Owner Trust Series 2023-B, Class A3, 5.18%, 3/15/2028
|
4,340,922
|
4,361,138
|
|
KKR CLO Ltd. (Cayman Islands)
|
|
|
|
Series 21, Class A, 4.93%, 4/15/2031 (a) (f)
|
775,723
|
775,547
|
|
Series 15, Class A1R2, 4.78%, 1/18/2032 (a) (f)
|
23,060,795
|
23,055,192
|
|
Series 24, Class A1R, 5.02%, 4/20/2032 (a) (f)
|
5,056,403
|
5,056,338
|
|
Series 34A, Class AR, 4.77%, 7/15/2034 (a) (f)
|
50,000,000
|
50,028,700
|
|
Series 26, Class ARR, 4.77%, 10/15/2034 (a) (f)
|
35,803,000
|
35,806,258
|
|
Series 27A, Class A1R2, 4.78%, 1/15/2035 (a) (f)
|
50,000,000
|
50,008,300
|
|
Series 28A, Class AR2, 4.80%, 2/9/2035 (a) (f)
|
50,000,000
|
50,006,650
|
|
KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class AR2, 4.66%, 7/20/2031 (a) (f)
|
10,716,379
|
10,714,000
|
|
LCM Ltd. (Cayman Islands) Series 29A, Class AR, 5.00%, 4/15/2031 (a) (f)
|
587,134
|
587,000
|
|
Madison Park Funding Ltd. (Cayman Islands)
|
|
|
|
Series 2014-14A, Class AR4, 4.62%, 10/22/2030 (a) (f)
|
30,857,195
|
30,849,759
|
|
Series 13A, Class AR2, 4.59%, 11/21/2030 (a) (f)
|
22,603,886
|
22,601,015
|
|
Series 2020-45A, Class ARR, 4.75%, 7/15/2034 (a) (f)
|
22,000,000
|
22,000,000
|
|
Series 2021-52A, Class AR, 4.76%, 1/22/2035 (a) (f)
|
50,000,000
|
50,039,050
|
|
Magnetite Ltd. (Cayman Islands) Series 2021-31A, Class A1R, 4.67%, 7/15/2034 (a) (f)
|
14,000,000
|
13,996,010
|
|
Marble Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R2, 4.71%, 7/23/2032 (a) (f)
|
13,433,149
|
13,435,339
|
|
Mercedes-Benz Auto Lease Trust
|
|
|
|
Series 2024-B, Class A3, 4.23%, 2/15/2028
|
25,015,013
|
25,034,597
|
|
Series 2025-A, Class A2A, 4.57%, 4/17/2028
|
30,892,863
|
30,962,591
|
|
Mercedes-Benz Auto Receivables Trust Series 2026-1, Class A2A, 4.13%, 1/16/2029
|
94,880,000
|
94,971,939
|
|
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2021-45A, Class AR, 4.73%, 10/14/2036 (a) (f)
|
70,000,000
|
70,043,750
|
|
Series 2020-38A, Class AR2, 4.64%, 10/20/2036 (a) (f)
|
10,000,000
|
10,000,840
|
|
Nissan Auto Receivables Owner Trust Series 2022-B, Class A3, 4.46%, 5/17/2027
|
289,026
|
289,089
|
|
Palmer Square Loan Funding Ltd. (Cayman Islands)
|
|
|
|
Series 2024-3A, Class A1R, 4.47%, 8/8/2032 (a) (f)
|
58,765,576
|
58,728,025
|
|
Series 2024-1A, Class A1R, 4.49%, 10/15/2032 (a) (f)
|
43,489,595
|
43,460,979
|
|
Series 2025-1A, Class A1, 4.45%, 2/15/2033 (a) (f)
|
109,740,200
|
109,629,143
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Porsche Financial Auto Securitization Trust Series 2023-1A, Class A3, 4.81%, 9/22/2028 (a)
|
453,929
|
454,663
|
|
Porsche Innovative Lease Owner Trust Series 2025-1A, Class A2A, 4.60%, 12/20/2027 (a)
|
11,271,848
|
11,299,579
|
|
RR Ltd. (Cayman Islands) Series 2021-17A, Class A1AR, 4.74%, 7/15/2034 (a) (f)
|
17,550,000
|
17,556,248
|
|
Santander Drive Auto Receivables Trust
|
|
|
|
Series 2025-4, Class A2, 4.28%, 1/15/2029
|
31,883,674
|
31,892,152
|
|
Series 2024-3, Class A3, 5.63%, 1/16/2029
|
2,533,918
|
2,537,927
|
|
Series 2026-1, Class A2, 4.04%, 3/15/2029
|
84,280,000
|
84,231,649
|
|
SBNA Auto Lease Trust
|
|
|
|
Series 2024-B, Class A3, 5.56%, 11/22/2027 (a)
|
11,315,341
|
11,334,283
|
|
Series 2024-C, Class A3, 4.56%, 2/22/2028 (a)
|
9,152,995
|
9,164,636
|
|
SCF Equipment Leasing LLC
|
|
|
|
Series 2025-1A, Class A2, 4.82%, 7/22/2030 (a)
|
4,299,569
|
4,310,676
|
|
Series 2025-2A, Class A2, 4.26%, 12/22/2031 (a)
|
24,910,000
|
24,926,236
|
|
Southwick Park CLO LLC (Cayman Islands) Series 2019-4A, Class A1RR, 4.68%, 7/20/2032 (a) (f)
|
28,343,540
|
28,350,740
|
|
Stellantis Financial Underwritten Enhanced Lease Trust Series 2026-AA, Class A2A,
4.21%, 1/22/2029 (a)
|
19,500,000
|
19,494,437
|
|
Symphony CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2018-19A, Class A, 4.90%, 4/16/2031 (a) (f)
|
679,521
|
679,601
|
|
Series 2018-20A, Class AR2, 4.78%, 1/16/2032 (a) (f)
|
8,474,537
|
8,472,562
|
|
Series 2019-21A, Class AR2, 4.57%, 7/15/2032 (a) (f)
|
13,678,500
|
13,676,927
|
|
TCI-Flatiron CLO Ltd. (Cayman Islands) Series 2018-1A, Class AR2, 4.62%, 7/29/2035 (a) (f)
|
61,261,216
|
61,280,329
|
|
Thompson Park CLO Ltd. (Cayman Islands) Series 2021-1A, Class A1R, 4.72%, 4/15/2034 (a) (f)
|
55,000,000
|
55,001,210
|
|
Toyota Auto Receivables Owner Trust
|
|
|
|
Series 2023-B, Class A3, 4.71%, 2/15/2028
|
4,417,917
|
4,427,774
|
|
Series 2025-B, Class A2A, 4.46%, 3/15/2028
|
2,050,817
|
2,053,604
|
|
Series 2023-C, Class A3, 5.16%, 4/17/2028
|
14,699,818
|
14,758,247
|
|
Series 2023-D, Class A3, 5.54%, 8/15/2028
|
27,615,613
|
27,833,669
|
|
Series 2026-B, Class A2A, 4.04%, 2/15/2029
|
107,860,000
|
107,800,030
|
|
Series 2025-A, Class A3, 4.64%, 8/15/2029
|
11,887,000
|
11,943,680
|
|
USAA Auto Owner Trust Series 2024-A, Class A3, 5.03%, 3/15/2029 (a)
|
11,230,514
|
11,284,051
|
|
Verdant Receivables LLC Series 2025-1A, Class A2, 4.85%, 3/13/2028 (a)
|
13,386,010
|
13,423,981
|
|
Volkswagen Auto Lease Trust
|
|
|
|
Series 2024-A, Class A3, 5.21%, 6/21/2027
|
24,335,609
|
24,374,718
|
|
Series 2025-A, Class A2A, 4.43%, 12/20/2027
|
57,805,982
|
57,906,593
|
|
Series 2025-B, Class A2A, 3.97%, 4/20/2028
|
46,062,946
|
46,019,076
|
|
Volkswagen Auto Loan Enhanced Trust
|
|
|
|
Series 2024-1, Class A2A, 4.65%, 11/22/2027
|
8,009,468
|
8,017,228
|
|
Series 2023-1, Class A3, 5.02%, 6/20/2028
|
4,671,583
|
4,688,303
|
|
Voya CLO Ltd. (Cayman Islands) Series 2019-2A, Class AR, 4.88%, 7/20/2032 (a) (f)
|
19,176,577
|
19,177,018
|
|
Wheels Fleet Lease Funding LLC
|
|
|
|
Series 2023-2A, Class A, 6.46%, 8/18/2038 (a)
|
10,677,300
|
10,767,059
|
|
Series 2024-1A, Class A2, 4.46%, 2/18/2039 (a) (f)
|
10,261,819
|
10,284,802
|
|
Series 2024-3A, Class A1, 4.80%, 9/19/2039 (a)
|
13,960,974
|
14,048,363
|
|
Series 2025-1A, Class A1, 4.57%, 1/18/2040 (a)
|
50,645,857
|
50,829,190
|
|
Series 2025-3A, Class A1, 4.08%, 9/18/2040 (a)
|
89,078,000
|
88,587,608
|
|
World Omni Auto Receivables Trust
|
|
|
|
Series 2025-A, Class A2A, 4.49%, 4/17/2028
|
18,826,964
|
18,838,623
|
|
Series 2025-B, Class A2A, 4.38%, 8/15/2028
|
11,591,489
|
11,603,009
|
|
Total Asset-Backed Securities
(Cost $3,981,667,034)
|
|
3,983,888,660
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
U.S. Treasury Obligations — 4.5%
|
||
|
U.S. Treasury Notes
|
|
|
|
4.63%, 9/15/2026
|
135,000,000
|
135,330,469
|
|
0.88%, 9/30/2026
|
270,000,000
|
267,479,296
|
|
4.13%, 9/30/2027
|
165,000,000
|
165,367,383
|
|
3.88%, 10/15/2027
|
100,000,000
|
99,886,719
|
|
3.38%, 2/29/2028
|
897,200,000
|
887,947,625
|
|
3.50%, 2/15/2029
|
203,200,000
|
200,358,374
|
|
Total U.S. Treasury Obligations
(Cost $1,763,042,009)
|
|
1,756,369,866
|
|
U.S. Government Agency Securities — 0.1%
|
||
|
FNMA
(SOFR+0.09%), 3.71%, 2/2/2028 (c) (Cost $47,560,000)
|
47,560,000
|
47,565,196
|
|
Short-Term Investments — 20.7%
|
||
|
Certificates of Deposits — 3.3%
|
||
|
Banco Bilbao Vizcaya Argentaria (Spain)
|
|
|
|
3.83, 3.83%, 8/31/2026
|
99,212,000
|
99,200,429
|
|
4.24%, 3/23/2027
|
89,608,000
|
89,627,651
|
|
4.30%, 6/1/2027
|
100,000,000
|
100,000,000
|
|
Bank of America NA , 4.09%, 5/5/2027
|
18,841,000
|
18,836,192
|
|
Bank of Nova Scotia (The) (Canada) , 4.03%, 2/17/2027
|
190,776,000
|
190,778,747
|
|
Credit Industriel et Commercial (France) , 4.20%, 5/19/2027
|
102,089,000
|
102,143,342
|
|
Deutsche Bank AG (Germany) , 4.41%, 7/8/2026
|
96,478,000
|
96,519,244
|
|
Goldman Sachs Bank USA , 4.12%, 3/31/2027
|
61,457,000
|
61,497,033
|
|
KEB Hana Bank (South Korea) , 3.94%, 9/4/2026
|
45,220,000
|
45,213,271
|
|
Lloyds Bank plc (United Kingdom) , 3.95%, 10/26/2026
|
152,253,000
|
152,234,501
|
|
Mitsubishi UFJ Trust & Banking Corp. (Japan)
|
|
|
|
(SOFR + 0.40%), 4.01%, 8/11/2026 (c)
|
38,743,000
|
38,765,138
|
|
3.96%, 1/12/2027
|
89,706,000
|
89,664,645
|
|
Mizuho Bank Ltd. (Japan) , 4.20%, 3/24/2027
|
139,940,000
|
140,072,579
|
|
Nordea Bank Abp (Finland) (SOFR + 0.38%), 3.99%, 2/5/2027 (c)
|
14,549,000
|
14,561,434
|
|
Oversea-Chinese Banking Corp. Ltd. (Singapore) , 3.84%, 3/3/2027
|
21,514,000
|
21,475,486
|
|
Total Certificates of Deposit
(Cost $1,260,393,041)
|
|
1,260,589,692
|
|
Commercial Paper — 13.4%
|
||
|
Bank of Montreal (Canada) 3.82%, 9/4/2026 (g)
|
11,550,000
|
11,431,066
|
|
Bank of Nova Scotia (The) (Canada) 4.06%, 5/14/2027 (a) (g)
|
55,173,000
|
53,048,713
|
|
BP Capital Markets plc 3.93%, 6/30/2026 (a) (g)
|
40,000,000
|
39,866,264
|
|
Camden Property Trust 3.78%, 6/1/2026 (g)
|
125,000,000
|
124,959,463
|
|
Charles Schwab Corp. (The) 3.91%, 8/27/2026 (a) (g)
|
146,857,000
|
145,469,201
|
|
Chevron Corp. 3.78%, 10/1/2026 (a) (g)
|
66,202,000
|
65,353,787
|
|
Citigroup Global Markets Holdings, Inc. 4.14%, 4/28/2027 (a) (g)
|
10,275,000
|
9,896,502
|
|
Constellation Energy Generation LLC
|
|
|
|
4.38%, 10/1/2026 (a) (g)
|
18,000,000
|
17,715,625
|
|
4.38%, 10/2/2026 (a) (g)
|
10,000,000
|
9,840,750
|
|
Credit Industriel et Commercial (France) 4.20%, 5/20/2027 (a) (g)
|
72,499,000
|
69,646,418
|
|
Danske Bank A/S (Denmark)
|
|
|
|
3.85%, 10/29/2026 (a) (g)
|
152,791,000
|
150,289,659
|
|
4.08%, 4/28/2027 (a) (g)
|
33,147,000
|
31,925,971
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Short-Term Investments — continued
|
||
|
Commercial Paper — continued
|
||
|
4.16%, 5/17/2027 (a) (g)
|
86,554,000
|
83,174,084
|
|
DNB Bank ASA (Norway)
|
|
|
|
3.93%, 8/3/2026 (a) (g)
|
148,720,000
|
147,716,437
|
|
3.70%, 2/24/2027 (a) (g)
|
214,600,000
|
208,296,661
|
|
3.73%, 2/25/2027 (a) (g)
|
117,676,000
|
114,206,382
|
|
Duke Energy Corp. 3.77%, 6/1/2026 (a) (g)
|
133,000,000
|
132,958,424
|
|
DZ Bank AG (Germany) 3.82%, 9/4/2026 (a) (g)
|
177,750,000
|
175,909,345
|
|
Energy Transfer LP 3.88%, 6/1/2026 (a) (g)
|
222,000,000
|
221,927,073
|
|
Evergy Metro, Inc. 3.83%, 6/1/2026 (a) (g)
|
39,800,000
|
39,787,093
|
|
Evergy, Inc. 3.83%, 6/1/2026 (g)
|
14,900,000
|
14,895,244
|
|
Federation des Caisses Desjardins du Quebec (Canada) 3.81%, 1/19/2027 (a) (g)
|
56,913,000
|
55,466,772
|
|
First Abu Dhabi Bank PJSC (United Arab Emirates)
|
|
|
|
3.93%, 11/10/2026 (a) (g)
|
226,479,000
|
222,472,201
|
|
3.84%, 1/29/2027 (a) (g)
|
84,798,000
|
82,549,886
|
|
General Motors Financial Co., Inc. 3.83%, 6/1/2026 (a) (g)
|
50,000,000
|
49,984,030
|
|
Glencore Funding LLC (Australia) 4.10%, 6/30/2026 (a) (g)
|
121,644,000
|
121,214,658
|
|
Imperial Brands Finance Plc (United Kingdom) 3.87%, 6/1/2026 (a) (g)
|
48,000,000
|
47,984,366
|
|
Jackson National Life Short Term Funding LLC
|
|
|
|
4.15%, 6/3/2026 (a) (g)
|
59,063,000
|
59,032,919
|
|
3.90%, 11/2/2026 (a) (g)
|
106,045,000
|
104,263,402
|
|
John Deere Financial, Inc. 3.75%, 7/2/2026 (a) (g)
|
24,500,000
|
24,412,736
|
|
KEB Hana Bank (South Korea) 3.94%, 9/4/2026 (a) (g)
|
42,074,000
|
41,634,108
|
|
Kinder Morgan, Inc. 3.85%, 6/1/2026 (a) (g)
|
15,000,000
|
14,994,869
|
|
Macquarie Bank Ltd. (Australia)
|
|
|
|
4.01%, 9/24/2026 (a) (g)
|
84,750,000
|
83,642,724
|
|
3.94%, 11/19/2026 (a) (g)
|
41,804,000
|
40,998,617
|
|
Macquarie Group Ltd. (Australia)
|
|
|
|
4.11%, 3/8/2027 (g)
|
40,971,000
|
39,634,071
|
|
4.15%, 3/10/2027 (g)
|
143,000,000
|
138,298,875
|
|
Marubeni Finance America LLC 3.82%, 6/1/2026 (a) (g)
|
35,000,000
|
34,988,387
|
|
Mizuho Bank Ltd. (Japan) 4.04%, 4/30/2027 (a) (g)
|
55,628,000
|
53,587,749
|
|
National Bank of Canada (Canada) 4.15%, 4/5/2027 (a) (g)
|
234,178,000
|
226,215,526
|
|
National Westminster Bank Plc (United Kingdom) 4.19%, 5/25/2027 (a) (g)
|
46,813,000
|
44,955,245
|
|
NatWest Markets plc (United Kingdom) 4.19%, 5/27/2027 (a) (g)
|
100,000,000
|
95,998,190
|
|
Nordea Bank Abp (Finland) 3.73%, 8/18/2026 (a) (g)
|
33,450,000
|
33,169,622
|
|
Penske Truck Leasing Co. LP 4.21%, 7/17/2026 (g)
|
4,877,000
|
4,848,952
|
|
Phillips 66 4.28%, 6/23/2026 (a) (g)
|
10,250,000
|
10,221,487
|
|
Prudential International Treasury Ltd. (Hong Kong) 4.23%, 8/21/2026 (a) (g)
|
73,845,000
|
73,184,036
|
|
Realty Income Corp. 3.83%, 6/1/2026 (g)
|
140,400,000
|
140,354,468
|
|
Royal Bank of Canada (Canada) 4.20%, 3/24/2027 (a) (g)
|
215,221,000
|
208,235,357
|
|
RWE AG (Germany)
|
|
|
|
4.42%, 2/11/2027 (a) (g)
|
20,000,000
|
19,399,052
|
|
4.60%, 4/19/2027 (a) (g)
|
90,000,000
|
86,562,693
|
|
4.60%, 4/21/2027 (a) (g)
|
88,700,000
|
85,290,310
|
|
Skandinaviska Enskilda Banken AB (Sweden) 4.10%, 4/13/2027 (a) (g)
|
31,706,000
|
30,616,528
|
|
Sumitomo Mitsui Banking Corp. (Japan) (SOFR + 0.40%), 4.01%, 12/4/2026 (a) (c)
|
92,371,000
|
92,435,069
|
|
Svenska Handelsbanken AB (Sweden)
|
|
|
|
3.74%, 8/18/2026 (a) (g)
|
82,930,000
|
82,238,579
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Short-Term Investments — continued
|
||
|
Commercial Paper — continued
|
||
|
3.73%, 2/24/2027 (a) (g)
|
164,872,000
|
160,006,050
|
|
4.08%, 4/13/2027 (a) (g)
|
67,066,000
|
64,725,209
|
|
Toronto-Dominion Bank (The) (Canada)
|
|
|
|
4.00%, 3/12/2027 (a) (g)
|
124,425,000
|
120,579,222
|
|
4.07%, 4/22/2027 (a) (g)
|
44,306,000
|
42,728,015
|
|
Ventas Realty LP 3.86%, 6/1/2026 (a) (g)
|
250,000,000
|
249,918,925
|
|
Westpac Banking Corp. (Australia) 3.73%, 2/19/2027 (a) (g)
|
116,250,000
|
112,853,245
|
|
Westpac Securities NZ Ltd. (New Zealand) 3.94%, 10/29/2026 (a) (g)
|
111,749,000
|
109,923,837
|
|
Total Commercial Paper
(Cost $5,181,151,071)
|
|
5,177,934,149
|
|
|
SHARES
|
|
|
Investment Companies — 2.9%
|
||
|
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.58% (h) (i)
(Cost $1,105,019,414)
|
1,105,019,414
|
1,105,019,414
|
|
Investment of Cash Collateral from Securities Loaned — 0.0% ^
|
||
|
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.63% (h) (i)
(Cost $15,557,786)
|
15,557,786
|
15,557,786
|
|
|
PRINCIPAL
AMOUNT($)
|
|
|
Repurchase Agreements — 1.1%
|
||
|
Wells Fargo Securities LLC, 4.08%, dated 5/29/2026, due 9/8/2026, repurchase price
$445,086,400,
collateralized by Collateralized Mortgage Obligations, 0.00% - 11.06%, due 8/25/2028
- 3/25/2071, with the
value of $481,662,720.
(Cost $440,000,000)
|
440,000,000
|
440,000,000
|
|
Total Short-Term Investments
(Cost $8,002,121,312)
|
|
7,999,101,041
|
|
Total Investments — 99.2%
(Cost $38,376,198,922)
|
|
38,375,349,385
|
|
Other Assets in Excess of Liabilities — 0.8%
|
|
322,635,990
|
|
NET ASSETS — 100.0%
|
|
38,697,985,375
|
|
Percentages indicated are based on net assets.
|
|
Abbreviations
|
|
|
CIFC
|
Commercial Industrial Finance Corp.
|
|
CLO
|
Collateralized Loan Obligations
|
|
CME
|
Chicago Mercantile Exchange
|
|
FNMA
|
Federal National Mortgage Association
|
|
PJSC
|
Public Joint Stock Company
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
SOFRINDX
|
Compounding index of the Secured Overnight Financing Rate
|
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
|
(a)
|
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
Act of 1933, as amended.
|
|
|
(b)
|
The security or a portion of this security is on loan at May 31, 2026. The total value
of securities on loan at May 31, 2026 is $14,723,691.
|
|
|
(c)
|
Variable or floating rate security, linked to the referenced benchmark. The interest
rate shown is the current rate as of May 31, 2026.
|
|
|
(d)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
|
(e)
|
Step bond. Interest rate is a fixed rate for an initial period that either resets
at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2026.
|
|
|
(f)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of
May 31, 2026.
|
|
|
(g)
|
The rate shown is the effective yield as of May 31, 2026.
|
|
|
(h)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
|
(i)
|
The rate shown is the current yield as of May 31, 2026.
|
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
|
Long Contracts
|
|
|
|
|
|
|
3 Month SOFR
|
4,511
|
06/16/2026
|
USD
|
1,086,784,481
|
327,905
|
|
Abbreviations
|
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
USD
|
United States Dollar
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$3,983,888,660
|
$—
|
$3,983,888,660
|
|
Corporate Bonds
|
—
|
24,588,424,622
|
—
|
24,588,424,622
|
|
U.S. Government Agency Securities
|
—
|
47,565,196
|
—
|
47,565,196
|
|
U.S. Treasury Obligations
|
—
|
1,756,369,866
|
—
|
1,756,369,866
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Short-Term Investments
|
|
|
|
|
|
Certificates of Deposits
|
$—
|
$1,260,589,692
|
$—
|
$1,260,589,692
|
|
Commercial Paper
|
—
|
5,177,934,149
|
—
|
5,177,934,149
|
|
Investment Companies
|
1,105,019,414
|
—
|
—
|
1,105,019,414
|
|
Investment of Cash Collateral from Securities
Loaned
|
15,557,786
|
—
|
—
|
15,557,786
|
|
Repurchase Agreements
|
—
|
440,000,000
|
—
|
440,000,000
|
|
Total Short-Term Investments
|
1,120,577,200
|
6,878,523,841
|
—
|
7,999,101,041
|
|
Total Investments in Securities
|
$1,120,577,200
|
$37,254,772,185
|
$—
|
$38,375,349,385
|
|
Appreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$327,905
|
$—
|
$—
|
$327,905
|
|
|
|||||||||
|
For the period ended May 31, 2026
|
|||||||||
|
Security
Description
|
Value at
February 28,
2026
|
Purchases at
Cost
|
Proceeds from
Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation/
(Depreciation)
|
Value at
May 31,
2026
|
Shares at
May 31,
2026
|
Dividend
Income
|
Capital Gain
Distributions
|
|
JPMorgan
Securities
Lending
Money
Market
Fund
Agency SL
Class Shares,
3.63%
(a) (b)
|
$44,727,090
|
$109,700,869
|
$138,870,173
|
$—
|
$—
|
$15,557,786
|
15,557,786
|
$249,570
|
$—
|
|
JPMorgan
U.S. Government
Money
Market
Fund
Class IM
Shares,
3.58%
(a) (b)
|
3,424,659,392
|
8,086,443,283
|
10,406,083,261
|
—
|
—
|
1,105,019,414
|
1,105,019,414
|
22,900,569
|
—
|
|
Total
|
$3,469,386,482
|
$8,196,144,152
|
$10,544,953,434
|
$—
|
$—
|
$1,120,577,200
|
|
$23,150,139
|
$—
|
|
|
|
|
(a)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
(b)
|
The rate shown is the current yield as of May 31, 2026.
|