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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 — 29.6%
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Aerospace & Defense — 0.1%
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ATI, Inc. 5.88%, 12/1/2027
|
108,000
|
108,183
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Axon Enterprise, Inc. 6.13%, 3/15/2030 (a)
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95,000
|
96,831
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Bombardier, Inc. (Canada) 7.25%, 7/1/2031 (a)
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130,000
|
136,596
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RTX Corp. 5.75%, 11/8/2026
|
850,000
|
854,959
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TransDigm, Inc. 6.38%, 3/1/2029 (a)
|
620,000
|
632,174
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1,828,743
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Automobile Components — 0.1%
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Adient Global Holdings Ltd.
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7.00%, 4/15/2028 (a)
|
90,000
|
91,518
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8.25%, 4/15/2031 (a)
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250,000
|
260,710
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7.50%, 2/15/2033 (a)
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30,000
|
31,115
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Allison Transmission, Inc. 5.88%, 6/1/2029 (a)
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324,000
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327,173
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American Axle & Manufacturing, Inc. 6.88%, 7/1/2028
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45,000
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45,182
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Clarios Global LP 6.75%, 5/15/2028 (a)
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300,000
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305,516
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Cooper-Standard Automotive, Inc. 9.25%, 3/1/2031 (a)
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290,000
|
293,263
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Dana, Inc. 4.50%, 2/15/2032
|
13,000
|
12,186
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Goodyear Tire & Rubber Co. (The)
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5.25%, 4/30/2031
|
307,000
|
274,168
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5.25%, 7/15/2031
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90,000
|
79,892
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Icahn Enterprises LP 5.25%, 5/15/2027
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225,000
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222,561
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1,943,284
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Automobiles — 1.0%
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BMW US Capital LLC (Germany)
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4.40%, 3/19/2029 (a)
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3,490,000
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3,481,740
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4.65%, 8/13/2029 (a)
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955,000
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954,384
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Hyundai Capital America
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5.25%, 1/8/2027 (a)
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965,000
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970,230
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4.75%, 4/6/2029 (a)
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3,500,000
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3,505,458
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4.55%, 9/26/2029 (a)
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1,930,000
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1,922,871
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Mercedes-Benz Finance North America LLC (Germany) 5.10%, 11/15/2029 (a)
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1,390,000
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1,408,721
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Volkswagen Group of America Finance LLC (Germany) 4.45%, 9/11/2027 (a)
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1,675,000
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1,672,936
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13,916,340
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Banks — 13.2%
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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)
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400,000
|
399,543
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (b)
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500,000
|
502,596
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AIB Group plc (Ireland)
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(SOFR + 2.33%), 6.61%, 9/13/2029 (a) (b)
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1,750,000
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1,824,173
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(SOFR + 1.65%), 5.32%, 5/15/2031 (a) (b)
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2,790,000
|
2,832,756
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ASB Bank Ltd. (New Zealand) 5.40%, 11/29/2027 (a)
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1,000,000
|
1,015,955
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Banco Bilbao Vizcaya Argentaria SA (Spain)
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4.15%, 3/3/2029
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3,000,000
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2,962,565
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5.38%, 3/13/2029
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1,200,000
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1,227,846
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4.97%, 5/8/2031
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2,200,000
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2,199,785
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Banco Nacional de Comercio Exterior SNC (Mexico) (US Treasury Yield Curve Rate T Note
Constant Maturity 5 Year +
1.96%), 6.00%, 5/14/2036 (a) (b)
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200,000
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198,500
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
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Corporate Bonds — continued
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Banks — continued
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Banco Santander SA (Spain)
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (b)
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200,000
|
198,455
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5.59%, 8/8/2028
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800,000
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817,419
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6.61%, 11/7/2028
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200,000
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209,383
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4.55%, 11/6/2030
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3,800,000
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3,741,682
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4.87%, 4/15/2031
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2,200,000
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2,187,436
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Bank of America Corp.
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(SOFR + 0.96%), 1.73%, 7/22/2027 (b)
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230,000
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229,144
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(SOFR + 1.34%), 5.93%, 9/15/2027 (b)
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1,000,000
|
1,004,892
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(SOFR + 1.05%), 2.55%, 2/4/2028 (b)
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345,000
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340,856
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(SOFR + 2.04%), 4.95%, 7/22/2028 (b)
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475,000
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478,015
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(SOFR + 1.99%), 6.20%, 11/10/2028 (b)
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400,000
|
409,910
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(SOFR + 1.63%), 5.20%, 4/25/2029 (b)
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870,000
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880,911
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(SOFR + 1.57%), 5.82%, 9/15/2029 (b)
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1,500,000
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1,540,329
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(SOFR + 0.87%), 4.48%, 4/23/2030 (b)
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3,550,000
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3,534,258
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(SOFR + 1.00%), 5.16%, 1/24/2031 (b)
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1,250,000
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1,271,105
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(SOFR + 0.87%), 4.46%, 2/6/2032 (b)
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2,680,000
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2,639,149
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Bank of Ireland Group plc (Ireland)
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (a) (b)
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245,000
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243,121
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(SOFR + 1.62%), 5.60%, 3/20/2030 (a) (b)
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1,480,000
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1,511,393
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(SOFRINDX + 1.16%), 5.00%, 11/12/2032 (a) (b)
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1,920,000
|
1,918,407
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Bank of Montreal (Canada) Series J, (SOFR + 0.96%), 4.88%, 6/2/2032 (b)
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3,090,000
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3,093,445
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Bank of Nova Scotia (The) (Canada)
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5.35%, 12/7/2026
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720,000
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724,555
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(SOFR + 1.00%), 4.40%, 9/8/2028 (b)
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995,000
|
995,154
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(SOFR + 0.73%), 4.25%, 2/2/2030 (b)
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3,480,000
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3,444,656
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(SOFR + 1.09%), 4.34%, 9/15/2031 (b)
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2,050,000
|
2,016,373
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Banque Federative du Credit Mutuel SA (France) 4.59%, 10/16/2028 (a)
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1,960,000
|
1,959,651
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Barclays plc (United Kingdom)
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.28%, 11/24/2027 (b)
|
820,000
|
811,867
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(SOFR + 1.56%), 4.94%, 9/10/2030 (b)
|
3,520,000
|
3,532,866
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(SOFR + 1.14%), 4.52%, 2/24/2032 (b)
|
1,270,000
|
1,243,375
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BNP Paribas SA (France)
|
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.34%, 6/12/2029 (a) (b)
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500,000
|
507,132
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(SOFR + 1.52%), 5.18%, 1/9/2030 (a) (b)
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3,000,000
|
3,039,363
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(SOFR + 1.28%), 5.28%, 11/19/2030 (a) (b)
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1,470,000
|
1,492,276
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(SOFR + 1.68%), 5.09%, 5/9/2031 (a) (b)
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1,150,000
|
1,159,518
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BPCE SA (France)
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(SOFR + 1.98%), 6.61%, 10/19/2027 (a) (b)
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1,525,000
|
1,537,109
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(SOFR + 1.58%), 5.39%, 5/28/2031 (a) (b)
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3,489,000
|
3,535,236
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(SOFR + 1.22%), 5.18%, 6/2/2032 (a) (b)
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1,855,000
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1,858,949
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CaixaBank SA (Spain)
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(SOFR + 2.08%), 6.68%, 9/13/2027 (a) (b)
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805,000
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809,920
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(SOFR + 2.70%), 6.21%, 1/18/2029 (a) (b)
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1,500,000
|
1,538,221
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(SOFRINDX + 1.78%), 5.67%, 3/15/2030 (a) (b)
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2,202,000
|
2,255,105
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(SOFR + 1.21%), 4.82%, 4/22/2032 (a) (b)
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2,540,000
|
2,524,772
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Canadian Imperial Bank of Commerce (Canada)
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(SOFRINDX + 0.79%), 4.28%, 1/29/2030 (b)
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2,930,000
|
2,903,563
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
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Corporate Bonds — continued
|
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Banks — continued
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(SOFR + 1.34%), 4.63%, 9/11/2030 (b)
|
1,100,000
|
1,099,804
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(SOFRINDX + 1.17%), 4.58%, 9/8/2031 (b)
|
1,205,000
|
1,195,199
|
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Citigroup, Inc.
|
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|
(SOFR + 1.28%), 3.07%, 2/24/2028 (b)
|
500,000
|
495,331
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|
(SOFR + 0.87%), 4.79%, 3/4/2029 (b)
|
3,000,000
|
3,013,866
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|
(SOFR + 1.36%), 5.17%, 2/13/2030 (b)
|
1,130,000
|
1,146,320
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|
(SOFR + 1.34%), 4.54%, 9/19/2030 (b)
|
3,610,000
|
3,595,437
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(SOFR + 1.46%), 4.95%, 5/7/2031 (b)
|
1,180,000
|
1,187,793
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Cooperatieve Rabobank UA (Netherlands)
|
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028 (a) (b)
|
535,000
|
531,454
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(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.92%), 4.99%, 5/27/2031 (a) (b)
|
2,630,000
|
2,648,682
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Credit Agricole SA (France)
|
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(SOFR + 1.13%), 5.23%, 1/9/2029 (a) (b)
|
945,000
|
954,493
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|
(SOFR + 1.46%), 5.22%, 5/27/2031 (a) (b)
|
955,000
|
965,419
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|
(SOFR + 1.17%), 4.66%, 1/12/2032 (a) (b)
|
2,245,000
|
2,212,831
|
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Danske Bank A/S (Denmark)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (a) (b)
|
1,350,000
|
1,384,455
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 4.61%, 10/2/2030 (a) (b)
|
615,000
|
611,823
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 4.42%, 9/12/2031 (a) (b)
|
2,000,000
|
1,965,340
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.98%), 5.00%, 3/27/2032 (a) (b)
|
2,400,000
|
2,405,891
|
|
DNB Bank ASA (Norway) (SOFR + 1.05%), 4.38%, 11/4/2031 (a) (b)
|
1,960,000
|
1,928,025
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Federation des Caisses Desjardins du Quebec (Canada)
|
||
|
5.70%, 3/14/2028 (a)
|
325,000
|
332,341
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|
5.25%, 4/26/2029 (a)
|
710,000
|
724,169
|
|
4.57%, 8/26/2030 (a)
|
1,790,000
|
1,783,833
|
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HSBC Holdings plc (United Kingdom)
|
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|
(SOFR + 1.57%), 5.89%, 8/14/2027 (b)
|
855,000
|
857,411
|
|
(SOFR + 1.97%), 6.16%, 3/9/2029 (b)
|
1,750,000
|
1,795,886
|
|
(SOFR + 1.46%), 5.55%, 3/4/2030 (b)
|
1,565,000
|
1,597,839
|
|
(SOFR + 0.99%), 4.40%, 3/10/2030 (b)
|
2,070,000
|
2,051,906
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|
(SOFR + 0.94%), 4.71%, 5/12/2030 (b)
|
1,980,000
|
1,975,882
|
|
(SOFR + 1.29%), 5.29%, 11/19/2030 (b)
|
860,000
|
872,402
|
|
(SOFR + 1.29%), 5.13%, 3/3/2031 (b)
|
585,000
|
590,424
|
|
(SOFR + 1.57%), 5.24%, 5/13/2031 (b)
|
1,305,000
|
1,321,593
|
|
(SOFR + 1.19%), 4.62%, 11/6/2031 (b)
|
1,105,000
|
1,091,559
|
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ING Groep NV (Netherlands) (SOFR + 1.44%), 5.34%, 3/19/2030 (b)
|
3,280,000
|
3,342,781
|
|
KBC Group NV (Belgium)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (a) (b)
|
1,030,000
|
1,050,409
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 4.93%, 10/16/2030 (a) (b)
|
2,500,000
|
2,512,068
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 4.45%, 9/23/2031 (a) (b)
|
1,350,000
|
1,327,173
|
|
Lloyds Banking Group plc (United Kingdom)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (b)
|
1,000,000
|
1,002,917
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.87%, 3/6/2029 (b)
|
755,000
|
772,171
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 4.82%, 6/13/2029 (b)
|
1,145,000
|
1,151,343
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.82%), 4.43%, 11/4/2031 (b)
|
1,485,000
|
1,460,662
|
|
Mitsubishi UFJ Financial Group, Inc. (Japan)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (b)
|
512,000
|
510,009
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, 1/19/2028 (b)
|
400,000
|
394,906
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 5.16%, 4/24/2031 (b)
|
465,000
|
471,704
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 4.53%, 9/12/2031 (b)
|
1,760,000
|
1,740,606
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 4.51%, 1/14/2032 (b)
|
1,780,000
|
1,754,414
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.92%), 4.85%, 4/21/2032 (b)
|
1,310,000
|
1,308,049
|
|
Mizuho Financial Group, Inc. (Japan)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.82%), 5.10%, 5/13/2031 (b)
|
1,425,000
|
1,443,203
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.92%), 4.71%, 7/8/2031 (b)
|
985,000
|
983,913
|
|
Morgan Stanley Bank NA
|
||
|
(SOFR + 0.87%), 5.50%, 5/26/2028 (b)
|
625,000
|
631,824
|
|
(SOFRINDX + 0.97%), 4.79%, 5/10/2030 (b)
|
1,950,000
|
1,955,528
|
|
Morgan Stanley Private Bank NA
|
||
|
(SOFR + 0.76%), 4.21%, 2/8/2030 (b)
|
3,190,000
|
3,154,913
|
|
(SOFR + 1.02%), 4.47%, 11/19/2031 (b)
|
2,490,000
|
2,452,138
|
|
National Bank of Canada (Canada)
|
||
|
5.60%, 12/18/2028
|
1,620,000
|
1,664,660
|
|
4.50%, 10/10/2029
|
1,000,000
|
997,024
|
|
NatWest Group plc (United Kingdom)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 4.96%, 8/15/2030 (b)
|
3,500,000
|
3,525,308
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.12%, 5/23/2031 (b)
|
750,000
|
756,987
|
|
NatWest Markets plc (United Kingdom)
|
||
|
5.42%, 5/17/2027 (a)
|
745,000
|
754,294
|
|
4.65%, 3/27/2029 (a)
|
1,605,000
|
1,608,103
|
|
5.41%, 5/17/2029 (a)
|
805,000
|
822,500
|
|
Nordea Bank Abp (Finland) 1.50%, 9/30/2026 (a)
|
500,000
|
495,818
|
|
Royal Bank of Canada (Canada) (SOFR + 0.89%), 4.50%, 8/6/2029 (b)
|
3,430,000
|
3,428,063
|
|
Santander UK Group Holdings plc (United Kingdom) (SOFRINDX + 1.07%), 4.32%, 9/22/2029 (b)
|
1,290,000
|
1,278,850
|
|
Skandinaviska Enskilda Banken AB (Sweden) 5.38%, 3/5/2029 (a)
|
940,000
|
959,937
|
|
Societe Generale SA (France)
|
||
|
(SOFR + 1.10%), 4.45%, 4/12/2030 (a) (b)
|
2,985,000
|
2,951,969
|
|
(SOFR + 1.65%), 5.51%, 5/22/2031 (a) (b)
|
1,620,000
|
1,650,034
|
|
Standard Chartered plc (United Kingdom)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.19%, 7/6/2027 (a) (b)
|
470,000
|
470,667
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.69%, 5/14/2028 (a) (b)
|
755,000
|
762,475
|
|
Sumitomo Mitsui Financial Group, Inc. (Japan)
|
||
|
5.52%, 1/13/2028
|
775,000
|
788,723
|
|
(SOFR + 1.19%), 4.66%, 7/8/2031 (b)
|
1,620,000
|
1,613,392
|
|
Sumitomo Mitsui Trust Bank Ltd. (Japan) 5.20%, 3/7/2029 (a)
|
820,000
|
834,515
|
|
Svenska Handelsbanken AB (Sweden) 5.50%, 6/15/2028 (a)
|
750,000
|
766,099
|
|
Swedbank AB (Sweden) 5.08%, 5/21/2030 (a)
|
1,030,000
|
1,045,643
|
|
Toronto-Dominion Bank (The) (Canada) 4.11%, 10/13/2028
|
4,455,000
|
4,421,762
|
|
Wells Fargo & Co.
|
||
|
(SOFR + 1.51%), 3.53%, 3/24/2028 (b)
|
285,000
|
283,029
|
|
(SOFR + 1.07%), 5.71%, 4/22/2028 (b)
|
1,245,000
|
1,259,189
|
|
(SOFR + 1.98%), 4.81%, 7/25/2028 (b)
|
945,000
|
947,910
|
|
(SOFR + 1.74%), 5.57%, 7/25/2029 (b)
|
975,000
|
994,187
|
|
(SOFR + 0.88%), 4.08%, 9/15/2029 (b)
|
2,000,000
|
1,977,730
|
|
(SOFR + 1.79%), 6.30%, 10/23/2029 (b)
|
210,000
|
218,069
|
|
(SOFR + 0.74%), 4.18%, 1/23/2030 (b)
|
2,080,000
|
2,058,765
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
(SOFR + 1.50%), 5.20%, 1/23/2030 (b)
|
3,100,000
|
3,146,409
|
|
(SOFR + 0.97%), 4.84%, 5/20/2032 (b)
|
2,760,000
|
2,757,714
|
|
|
|
194,300,654
|
|
Beverages — 0.1%
|
||
|
Constellation Brands, Inc. 4.80%, 5/1/2030
|
1,350,000
|
1,358,761
|
|
Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a)
|
110,000
|
110,276
|
|
|
|
1,469,037
|
|
Biotechnology — 0.1%
|
||
|
Biogen, Inc. 5.05%, 1/15/2031
|
1,115,000
|
1,131,453
|
|
Broadline Retail — 0.0% ^
|
||
|
Nordstrom, Inc. 4.38%, 4/1/2030
|
69,000
|
65,967
|
|
Wayfair LLC 7.25%, 10/31/2029 (a)
|
215,000
|
221,214
|
|
|
|
287,181
|
|
Building Products — 0.2%
|
||
|
Builders FirstSource, Inc. 4.25%, 2/1/2032 (a)
|
499,000
|
459,098
|
|
EMRLD Borrower LP 6.63%, 12/15/2030 (a)
|
675,000
|
690,089
|
|
Griffon Corp. 5.75%, 3/1/2028
|
125,000
|
124,972
|
|
JELD-WEN, Inc. 4.88%, 12/15/2027 (a)
|
79,000
|
64,912
|
|
Masterbrand, Inc. 7.00%, 7/15/2032 (a)
|
100,000
|
99,814
|
|
Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a)
|
250,000
|
245,815
|
|
Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a)
|
475,000
|
483,675
|
|
Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (a)
|
360,000
|
379,497
|
|
Standard Building Solutions, Inc. 6.50%, 8/15/2032 (a)
|
125,000
|
126,869
|
|
Standard Industries, Inc.
|
||
|
4.75%, 1/15/2028 (a)
|
414,000
|
411,996
|
|
4.38%, 7/15/2030 (a)
|
140,000
|
133,337
|
|
|
|
3,220,074
|
|
Capital Markets — 2.7%
|
||
|
Coinbase Global, Inc. 3.38%, 10/1/2028 (a)
|
155,000
|
148,769
|
|
Deutsche Bank AG (Germany)
|
||
|
(SOFR + 2.52%), 7.15%, 7/13/2027 (b)
|
350,000
|
351,037
|
|
(SOFR + 1.22%), 2.31%, 11/16/2027 (b)
|
150,000
|
148,507
|
|
(SOFR + 2.51%), 6.82%, 11/20/2029 (b)
|
1,303,000
|
1,366,070
|
|
(SOFR + 1.10%), 4.47%, 12/10/2031 (b)
|
2,110,000
|
2,076,117
|
|
Goldman Sachs Group, Inc. (The)
|
||
|
(SOFR + 0.91%), 1.95%, 10/21/2027 (b)
|
423,000
|
419,085
|
|
(SOFR + 1.11%), 2.64%, 2/24/2028 (b)
|
390,000
|
385,065
|
|
(SOFR + 0.90%), 4.15%, 10/21/2029 (b)
|
2,260,000
|
2,232,875
|
|
(SOFR + 0.99%), 4.59%, 4/20/2030 (b)
|
2,820,000
|
2,810,507
|
|
(SOFR + 1.21%), 5.05%, 7/23/2030 (b)
|
2,705,000
|
2,730,129
|
|
(SOFR + 1.14%), 4.69%, 10/23/2030 (b)
|
895,000
|
893,586
|
|
(SOFR + 0.96%), 4.52%, 1/21/2032 (b)
|
3,040,000
|
2,993,079
|
|
(SOFR + 1.03%), 4.97%, 6/3/2032 (b)
|
2,205,000
|
2,210,193
|
|
Macquarie Bank Ltd. (Australia) 5.21%, 6/15/2026 (a)
|
1,000,000
|
1,000,477
|
|
Macquarie Group Ltd. (Australia)
|
||
|
(SOFR + 0.91%), 1.63%, 9/23/2027 (a) (b)
|
140,000
|
138,736
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Capital Markets — continued
|
||
|
(SOFR + 2.13%), 4.10%, 6/21/2028 (a) (b)
|
380,000
|
378,121
|
|
Morgan Stanley
|
||
|
(SOFR + 0.86%), 1.51%, 7/20/2027 (b)
|
335,000
|
333,680
|
|
(SOFR + 1.00%), 2.48%, 1/21/2028 (b)
|
400,000
|
395,345
|
|
(SOFR + 2.24%), 6.30%, 10/18/2028 (b)
|
985,000
|
1,010,367
|
|
(SOFR + 1.59%), 5.16%, 4/20/2029 (b)
|
565,000
|
570,819
|
|
(SOFR + 1.63%), 5.45%, 7/20/2029 (b)
|
600,000
|
610,570
|
|
Series I, (SOFR + 0.91%), 4.13%, 10/18/2029 (b)
|
2,210,000
|
2,184,657
|
|
(SOFR + 0.80%), 4.24%, 1/9/2030 (b)
|
1,900,000
|
1,879,111
|
|
(SOFR + 1.26%), 5.66%, 4/18/2030 (b)
|
930,000
|
953,529
|
|
(SOFR + 1.10%), 4.65%, 10/18/2030 (b)
|
1,510,000
|
1,504,676
|
|
(SOFR + 1.20%), 4.71%, 3/12/2032 (b)
|
1,835,000
|
1,818,211
|
|
UBS Group AG (Switzerland)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (a) (b)
|
410,000
|
410,097
|
|
(SOFR + 3.70%), 6.44%, 8/11/2028 (a) (b)
|
870,000
|
889,970
|
|
(USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (a) (b)
|
1,585,000
|
1,627,261
|
|
(SOFR + 3.73%), 4.19%, 4/1/2031 (a) (b)
|
2,775,000
|
2,710,105
|
|
Voya Global Funding 4.60%, 11/24/2030 (a)
|
3,035,000
|
2,994,899
|
|
|
|
40,175,650
|
|
Chemicals — 0.2%
|
||
|
Axalta Coating Systems LLC 3.38%, 2/15/2029 (a)
|
150,000
|
143,184
|
|
Braskem Netherlands Finance BV (Brazil)
|
||
|
4.50%, 1/31/2030 (c)
|
200,000
|
123,000
|
|
8.00%, 10/15/2034 (a)
|
200,000
|
115,300
|
|
Celanese US Holdings LLC
|
||
|
7.00%, 2/15/2031
|
190,000
|
196,922
|
|
7.38%, 2/15/2034
|
315,000
|
329,001
|
|
Chemours Co. (The)
|
||
|
5.75%, 11/15/2028 (a)
|
220,000
|
219,606
|
|
8.00%, 1/15/2033 (a)
|
45,000
|
45,975
|
|
INEOS Finance plc (Luxembourg) 6.75%, 5/15/2028 (a)
|
200,000
|
201,234
|
|
NOVA Chemicals Corp. (Canada)
|
||
|
8.50%, 11/15/2028 (a)
|
315,000
|
326,892
|
|
4.25%, 5/15/2029 (a)
|
87,000
|
84,934
|
|
9.00%, 2/15/2030 (a)
|
85,000
|
89,519
|
|
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029
|
398,000
|
387,961
|
|
Solstice Advanced Materials, Inc. 5.63%, 9/30/2033 (a)
|
65,000
|
64,263
|
|
WR Grace Holdings LLC
|
||
|
5.63%, 8/15/2029 (a)
|
235,000
|
225,063
|
|
7.00%, 8/1/2033 (a)
|
45,000
|
44,639
|
|
|
|
2,597,493
|
|
Commercial Services & Supplies — 0.4%
|
||
|
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
|
122,000
|
112,297
|
|
ADT Security Corp. (The) 4.88%, 7/15/2032 (a)
|
155,000
|
146,771
|
|
Aramark Services, Inc. 5.00%, 2/1/2028 (a)
|
229,000
|
228,639
|
|
Brink's Co. (The) 6.75%, 6/15/2032 (a)
|
125,000
|
128,048
|
|
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a)
|
124,000
|
119,923
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Commercial Services & Supplies — continued
|
||
|
Element Fleet Management Corp. (Canada) 5.64%, 3/13/2027 (a)
|
1,845,000
|
1,860,327
|
|
GFL Environmental, Inc.
|
||
|
4.00%, 8/1/2028 (a)
|
340,000
|
332,490
|
|
4.75%, 6/15/2029 (a)
|
146,000
|
143,776
|
|
6.75%, 1/15/2031 (a)
|
110,000
|
113,578
|
|
Jonah
|
||
|
12.00%, 6/1/2029 ‡
|
1,321,002
|
1,321,002
|
|
12.50%, 3/21/2033 ‡
|
520,000
|
520,000
|
|
Madison IAQ LLC
|
||
|
4.13%, 6/30/2028 (a)
|
201,000
|
198,490
|
|
5.88%, 6/30/2029 (a)
|
135,000
|
134,984
|
|
Williams Scotsman, Inc.
|
||
|
4.63%, 8/15/2028 (a)
|
90,000
|
89,131
|
|
6.63%, 6/15/2029 (a)
|
115,000
|
117,895
|
|
|
|
5,567,351
|
|
Construction & Engineering — 0.1%
|
||
|
AECOM 6.00%, 8/1/2033 (a)
|
135,000
|
135,209
|
|
Bioceanico Sovereign Certificate Ltd. (Paraguay) Zero Coupon, 6/5/2034 (c)
|
137,819
|
115,110
|
|
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)
|
44,000
|
43,225
|
|
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a)
|
134,000
|
133,801
|
|
Kingston Airport Revenue Finance Ltd. (Jamaica) 6.75%, 12/15/2036 (a)
|
200,000
|
200,502
|
|
Weekley Homes LLC 4.88%, 9/15/2028 (a)
|
59,000
|
57,558
|
|
|
|
685,405
|
|
Construction Materials — 0.0% ^
|
||
|
Knife River Corp. 7.75%, 5/1/2031 (a)
|
100,000
|
103,820
|
|
Consumer Finance — 1.0%
|
||
|
AerCap Ireland Capital DAC (Ireland) 6.45%, 4/15/2027
|
695,000
|
706,507
|
|
American Express Co.
|
||
|
(SOFR + 0.81%), 4.44%, 5/3/2030 (b)
|
3,030,000
|
3,019,260
|
|
(SOFR + 1.44%), 5.02%, 4/25/2031 (b)
|
1,075,000
|
1,088,744
|
|
Avolon Holdings Funding Ltd. (Ireland)
|
||
|
5.75%, 3/1/2029 (a)
|
970,000
|
990,768
|
|
4.90%, 10/10/2030 (a)
|
1,365,000
|
1,354,831
|
|
4.70%, 1/30/2031 (a)
|
2,200,000
|
2,160,169
|
|
Capital One Financial Corp.
|
||
|
(SOFR + 2.08%), 5.47%, 2/1/2029 (b)
|
345,000
|
349,996
|
|
(SOFR + 1.25%), 4.49%, 9/11/2031 (b)
|
1,650,000
|
1,622,052
|
|
(SOFR + 1.15%), 4.72%, 1/30/2032 (b)
|
2,180,000
|
2,154,279
|
|
OneMain Finance Corp.
|
||
|
6.63%, 5/15/2029
|
230,000
|
233,585
|
|
5.38%, 11/15/2029
|
273,000
|
266,357
|
|
|
|
13,946,548
|
|
Consumer Staples Distribution & Retail — 0.0% ^
|
||
|
Albertsons Cos., Inc.
|
||
|
3.50%, 3/15/2029 (a)
|
260,000
|
248,056
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Consumer Staples Distribution & Retail — continued
|
||
|
5.63%, 3/31/2032 (a)
|
65,000
|
63,461
|
|
5.75%, 3/31/2034 (a)
|
20,000
|
19,267
|
|
|
|
330,784
|
|
Containers & Packaging — 0.1%
|
||
|
Ardagh Group SA 12.00% (Blend (Cash 5.50% + PIK 6.50%)), 12/1/2030 (a) (d) (e)
|
200,000
|
179,201
|
|
Ball Corp. 6.00%, 6/15/2029
|
250,000
|
254,167
|
|
Graphic Packaging International LLC 6.38%, 7/15/2032 (a)
|
130,000
|
131,087
|
|
Mauser Packaging Solutions Holding Co. 7.88%, 4/15/2030 (a)
|
283,000
|
285,835
|
|
TriMas Corp. 4.13%, 4/15/2029 (a)
|
130,000
|
124,885
|
|
|
|
975,175
|
|
Distributors — 0.0% ^
|
||
|
American Builders & Contractors Supply Co., Inc. 3.88%, 11/15/2029 (a)
|
125,000
|
118,926
|
|
RB Global Holdings, Inc. (Canada) 7.75%, 3/15/2031 (a)
|
190,000
|
197,555
|
|
|
|
316,481
|
|
Diversified — 0.1%
|
||
|
Ygrene Frn 8.50%, 7/25/2045 ‡ (a)
|
1,146,475
|
1,152,207
|
|
Diversified Consumer Services — 0.0% ^
|
||
|
Service Corp. International 4.00%, 5/15/2031
|
260,000
|
244,444
|
|
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a)
|
290,000
|
299,955
|
|
|
|
544,399
|
|
Diversified REITs — 0.2%
|
||
|
Equinix Europe 2 Financing Corp. LLC 4.60%, 11/15/2030
|
2,195,000
|
2,174,786
|
|
Diversified Telecommunication Services — 0.3%
|
||
|
Altice France SA (France) 6.50%, 4/15/2032 (a)
|
152,440
|
148,351
|
|
APLD ComputeCo 2 LLC 6.75%, 3/15/2031 (a)
|
100,000
|
100,793
|
|
CCO Holdings LLC
|
||
|
5.13%, 5/1/2027 (a)
|
76,000
|
75,950
|
|
6.38%, 9/1/2029 (a)
|
215,000
|
216,004
|
|
4.75%, 3/1/2030 (a)
|
1,602,000
|
1,514,031
|
|
4.50%, 8/15/2030 (a)
|
1,005,000
|
935,312
|
|
4.25%, 2/1/2031 (a)
|
205,000
|
185,607
|
|
4.75%, 2/1/2032 (a)
|
18,000
|
16,047
|
|
Cipher Compute LLC 7.13%, 11/15/2030 (a)
|
55,000
|
57,335
|
|
Edged Compute LLC 7.50%, 4/30/2031 (a)
|
65,000
|
65,168
|
|
Flash Compute LLC 7.25%, 12/31/2030 (a)
|
60,000
|
61,856
|
|
Level 3 Financing, Inc. 6.88%, 6/30/2033 (a)
|
320,000
|
329,610
|
|
Meridian Arc Holdco LLC 6.25%, 4/30/2031 (a)
|
210,000
|
211,080
|
|
PR RNO Property Owner 1 LLC 6.50%, 5/1/2031 (a)
|
225,000
|
225,308
|
|
SV RNO Property Owner 1 LLC 5.88%, 3/1/2031 (a)
|
165,000
|
162,929
|
|
WULF Compute LLC 7.75%, 10/15/2030 (a)
|
230,000
|
241,675
|
|
|
|
4,547,056
|
|
Electric Utilities — 1.1%
|
||
|
Alliant Energy Finance LLC 5.40%, 6/6/2027 (a)
|
1,145,000
|
1,155,342
|
|
Comision Ejecutiva Hidroelectrica del Rio Lempa (El Salvador) 8.65%, 1/24/2033 (a)
|
450,000
|
477,000
|
|
Comision Federal de Electricidad (Mexico) 6.50%, 1/28/2051 (a)
|
200,000
|
194,270
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Electric Utilities — continued
|
||
|
ENEL Finance International NV (Italy)
|
||
|
4.63%, 6/15/2027 (a)
|
445,000
|
446,541
|
|
4.38%, 9/30/2030 (a)
|
1,920,000
|
1,887,031
|
|
EnfraGen Energia Sur SA (Colombia) 5.38%, 12/30/2030 (c)
|
594,213
|
550,330
|
|
Fells Point Funding Trust 3.05%, 1/31/2027 (a)
|
2,535,000
|
2,512,910
|
|
FirstEnergy Pennsylvania Electric Co. 5.20%, 4/1/2028 (a)
|
240,000
|
242,732
|
|
FirstEnergy Transmission LLC 4.55%, 1/15/2030
|
325,000
|
323,854
|
|
Generadora de Gatun SA (Panama) 6.87%, 9/30/2044 (a)
|
272,000
|
277,364
|
|
Instituto Costarricense de Electricidad (Costa Rica) 6.75%, 10/7/2031 (a)
|
200,000
|
207,980
|
|
ITC Holdings Corp. 4.88%, 4/15/2031 (a)
|
2,670,000
|
2,661,810
|
|
NRG Energy, Inc.
|
||
|
3.38%, 2/15/2029 (a)
|
96,000
|
91,620
|
|
5.25%, 6/15/2029 (a)
|
387,000
|
385,037
|
|
6.00%, 2/1/2033 (a)
|
260,000
|
261,966
|
|
5.75%, 1/15/2034 (a)
|
210,000
|
207,718
|
|
PG&E Corp. 5.00%, 7/1/2028
|
190,000
|
189,070
|
|
Trans-Allegheny Interstate Line Co. 5.00%, 1/15/2031 (a)
|
370,000
|
373,600
|
|
Trinidad Generation UnLtd (Trinidad And Tobago) 7.75%, 6/16/2033 (a)
|
200,000
|
211,500
|
|
Vistra Operations Co. LLC
|
||
|
5.00%, 7/31/2027 (a)
|
150,000
|
149,906
|
|
4.60%, 10/15/2030 (a)
|
400,000
|
392,174
|
|
4.70%, 1/31/2031 (a)
|
2,525,000
|
2,480,983
|
|
7.75%, 10/15/2031 (a)
|
435,000
|
455,986
|
|
VoltaGrid LLC 7.38%, 11/1/2030 (a)
|
95,000
|
98,924
|
|
|
|
16,235,648
|
|
Electrical Equipment — 0.0% ^
|
||
|
EnerSys 6.63%, 1/15/2032 (a)
|
95,000
|
97,710
|
|
Sensata Technologies BV 5.88%, 9/1/2030 (a)
|
200,000
|
201,263
|
|
Vertiv Group Corp. 4.13%, 11/15/2028 (a)
|
139,000
|
137,315
|
|
|
|
436,288
|
|
Electronic Equipment, Instruments & Components — 0.1%
|
||
|
Coherent Corp. 5.00%, 12/15/2029 (a)
|
211,000
|
208,849
|
|
Ingram Micro, Inc. 4.75%, 5/15/2029 (a)
|
366,000
|
359,727
|
|
Sensata Technologies, Inc.
|
||
|
3.75%, 2/15/2031 (a)
|
50,000
|
46,894
|
|
6.63%, 7/15/2032 (a)
|
200,000
|
207,134
|
|
|
|
822,604
|
|
Energy Equipment & Services — 0.0% ^
|
||
|
Noble Finance II LLC 8.00%, 4/15/2030 (a)
|
145,000
|
150,777
|
|
Transocean International Ltd. 8.75%, 2/15/2030 (a)
|
91,000
|
95,344
|
|
Valaris Ltd. 8.38%, 4/30/2030 (a)
|
160,000
|
166,640
|
|
Yinson Boronia Production BV (Brazil) 8.95%, 7/31/2042 (a)
|
194,292
|
213,790
|
|
|
|
626,551
|
|
Entertainment — 0.1%
|
||
|
Cinemark USA, Inc. 5.25%, 7/15/2028 (a)
|
190,000
|
189,005
|
|
Discovery Global Holdings, Inc. 5.05%, 3/15/2042
|
85,000
|
62,157
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Entertainment — continued
|
||
|
Live Nation Entertainment, Inc.
|
||
|
6.50%, 5/15/2027 (a)
|
200,000
|
200,219
|
|
4.75%, 10/15/2027 (a)
|
370,000
|
368,593
|
|
|
|
819,974
|
|
Financial Services — 1.3%
|
||
|
BAML RCAP (United Kingdom) 8.00%, 10/26/2029 ‡
|
500,000
|
499,375
|
|
BCAP LLC Trust 0.00%, 9/17/2027 ‡
|
1,844,129
|
1,844,129
|
|
Block, Inc.
|
||
|
6.50%, 5/15/2032
|
365,000
|
371,929
|
|
6.00%, 8/15/2033 (a)
|
140,000
|
140,035
|
|
CFIN 2022-RTL1 Issuer LLC Class A, 0.00%, 8/17/2027 ‡
|
1,667,287
|
1,665,203
|
|
Commercial Credit, Inc. Series QIB, 8.75%, 8/30/2030 (a)
|
500,000
|
503,074
|
|
Equitable America Global Funding 4.95%, 6/9/2030 (a)
|
2,000,000
|
2,004,238
|
|
Gemini 10.50%, 2/20/2029 ‡
|
1,000,000
|
1,000,000
|
|
Global Payments, Inc.
|
||
|
4.95%, 8/15/2027
|
335,000
|
336,056
|
|
4.88%, 11/15/2030
|
3,025,000
|
2,977,087
|
|
Nationwide Building Society (United Kingdom)
|
||
|
(SOFR + 1.29%), 2.97%, 2/16/2028 (a) (b)
|
2,590,000
|
2,562,300
|
|
(SOFR + 1.06%), 4.65%, 7/14/2029 (a) (b)
|
990,000
|
990,892
|
|
5.13%, 7/29/2029 (a)
|
1,000,000
|
1,015,610
|
|
4.35%, 9/30/2030 (a)
|
1,725,000
|
1,699,478
|
|
NCR Atleos Corp. 9.50%, 4/1/2029 (a)
|
200,000
|
213,826
|
|
Rocket Cos., Inc. 6.13%, 8/1/2030 (a)
|
220,000
|
223,370
|
|
Rocket Mortgage LLC
|
||
|
2.88%, 10/15/2026 (a)
|
77,000
|
76,378
|
|
3.63%, 3/1/2029 (a)
|
249,000
|
239,425
|
|
4.00%, 10/15/2033 (a)
|
5,000
|
4,488
|
|
Shift4 Payments LLC 6.75%, 8/15/2032 (a)
|
205,000
|
204,815
|
|
Street Capital Group, Inc. (Canada) 0.00%, 2/15/2030 ‡
|
873,826
|
873,826
|
|
|
|
19,445,534
|
|
Food Products — 0.1%
|
||
|
Bunge Ltd. Finance Corp. 4.90%, 4/21/2027
|
570,000
|
573,282
|
|
Grupo Nutresa SA (Colombia) 8.00%, 5/12/2030 (c)
|
400,000
|
420,788
|
|
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a)
|
140,000
|
133,741
|
|
Post Holdings, Inc.
|
||
|
4.63%, 4/15/2030 (a)
|
191,000
|
185,807
|
|
6.25%, 2/15/2032 (a)
|
140,000
|
142,224
|
|
|
|
1,455,842
|
|
Gas Utilities — 0.0% ^
|
||
|
AmeriGas Partners LP 9.38%, 6/1/2028 (a)
|
95,000
|
97,322
|
|
Superior Plus LP (Canada) 4.50%, 3/15/2029 (a)
|
70,000
|
67,815
|
|
|
|
165,137
|
|
Ground Transportation — 0.1%
|
||
|
Avis Budget Car Rental LLC
|
||
|
5.75%, 7/15/2027 (a)
|
124,000
|
124,032
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Ground Transportation — continued
|
||
|
4.75%, 4/1/2028 (a)
|
51,000
|
50,254
|
|
8.25%, 1/15/2030 (a)
|
205,000
|
211,437
|
|
First Student Bidco, Inc. 4.00%, 7/31/2029 (a)
|
109,000
|
105,430
|
|
Hertz Corp. (The)
|
||
|
4.63%, 12/1/2026 (a)
|
79,000
|
74,624
|
|
12.63%, 7/15/2029 (a)
|
120,000
|
109,300
|
|
Transnet (South Africa) 8.25%, 2/6/2028 (c)
|
400,000
|
416,000
|
|
XPO, Inc.
|
||
|
6.25%, 6/1/2028 (a)
|
20,000
|
20,250
|
|
7.13%, 6/1/2031 (a)
|
240,000
|
247,687
|
|
|
|
1,359,014
|
|
Health Care Equipment & Supplies — 0.2%
|
||
|
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)
|
250,000
|
247,151
|
|
Medline Borrower LP
|
||
|
3.88%, 4/1/2029 (a)
|
435,000
|
423,343
|
|
6.25%, 4/1/2029 (a)
|
40,000
|
41,054
|
|
5.25%, 10/1/2029 (a)
|
190,000
|
189,674
|
|
Zimmer Biomet Holdings, Inc. 5.05%, 2/19/2030
|
1,555,000
|
1,577,333
|
|
|
|
2,478,555
|
|
Health Care Providers & Services — 0.7%
|
||
|
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)
|
186,000
|
185,131
|
|
Accendra Health, Inc. 4.50%, 3/31/2029 (a)
|
152,000
|
119,802
|
|
Adapthealth LLC 4.63%, 8/1/2029 (a)
|
69,000
|
66,593
|
|
Cardinal Health, Inc. 4.50%, 9/15/2030
|
1,830,000
|
1,815,253
|
|
Community Health Systems, Inc. 4.75%, 2/15/2031 (a)
|
153,000
|
140,676
|
|
DaVita, Inc. 4.63%, 6/1/2030 (a)
|
333,000
|
323,571
|
|
Encompass Health Corp. 4.75%, 2/1/2030
|
291,000
|
286,304
|
|
HCA, Inc.
|
||
|
5.20%, 6/1/2028
|
520,000
|
526,844
|
|
5.25%, 3/1/2030
|
1,390,000
|
1,413,982
|
|
4.70%, 5/15/2031
|
3,580,000
|
3,547,058
|
|
Star Parent, Inc. 9.00%, 10/1/2030 (a)
|
175,000
|
183,717
|
|
Tenet Healthcare Corp.
|
||
|
5.13%, 11/1/2027
|
99,000
|
99,088
|
|
4.25%, 6/1/2029
|
1,008,000
|
982,687
|
|
|
|
9,690,706
|
|
Health Care Technology — 0.1%
|
||
|
IQVIA, Inc.
|
||
|
5.00%, 5/15/2027 (a)
|
400,000
|
399,808
|
|
6.25%, 6/1/2032 (a)
|
280,000
|
286,048
|
|
|
|
685,856
|
|
Hotel & Resort REITs — 0.1%
|
||
|
RHP Hotel Properties LP
|
||
|
4.50%, 2/15/2029 (a)
|
125,000
|
122,750
|
|
6.50%, 4/1/2032 (a)
|
605,000
|
620,342
|
|
|
|
743,092
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Hotels, Restaurants & Leisure — 0.4%
|
||
|
1011778 BC ULC (Canada) 3.88%, 1/15/2028 (a)
|
86,000
|
84,499
|
|
Acushnet Co. 5.63%, 12/1/2033 (a)
|
70,000
|
69,453
|
|
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
|
140,000
|
137,902
|
|
Caesars Entertainment, Inc. 6.50%, 2/15/2032 (a)
|
330,000
|
321,739
|
|
Carnival Corp. Ltd. 6.13%, 2/15/2033 (a)
|
615,000
|
622,865
|
|
Churchill Downs, Inc.
|
||
|
5.50%, 4/1/2027 (a)
|
145,000
|
144,938
|
|
6.75%, 5/1/2031 (a)
|
160,000
|
163,348
|
|
Darden Restaurants, Inc. 4.55%, 10/15/2029
|
515,000
|
513,095
|
|
Hilton Domestic Operating Co., Inc.
|
||
|
4.88%, 1/15/2030
|
147,000
|
145,402
|
|
4.00%, 5/1/2031 (a)
|
330,000
|
312,873
|
|
6.13%, 4/1/2032 (a)
|
155,000
|
158,031
|
|
5.88%, 3/15/2033 (a)
|
215,000
|
217,436
|
|
5.75%, 9/15/2033 (a)
|
85,000
|
85,753
|
|
MGM Resorts International
|
||
|
6.13%, 9/15/2029
|
165,000
|
167,443
|
|
6.50%, 4/15/2032
|
190,000
|
193,620
|
|
Royal Caribbean Cruises Ltd.
|
||
|
6.25%, 3/15/2032 (a)
|
75,000
|
76,606
|
|
6.00%, 2/1/2033 (a)
|
150,000
|
152,066
|
|
Six Flags Entertainment Corp.
|
||
|
5.25%, 7/15/2029
|
160,000
|
154,997
|
|
6.63%, 5/1/2032 (a)
|
340,000
|
347,436
|
|
Station Casinos LLC 4.50%, 2/15/2028 (a)
|
349,000
|
344,003
|
|
Vail Resorts, Inc. 6.50%, 5/15/2032 (a)
|
155,000
|
157,910
|
|
Viking Cruises Ltd. 5.88%, 10/15/2033 (a)
|
375,000
|
375,751
|
|
Wynn Resorts Finance LLC
|
||
|
5.13%, 10/1/2029 (a)
|
300,000
|
297,759
|
|
6.25%, 3/15/2033 (a)
|
185,000
|
185,656
|
|
|
|
5,430,581
|
|
Household Durables — 0.1%
|
||
|
Lennar Corp. 5.20%, 7/30/2030
|
1,175,000
|
1,192,435
|
|
Newell Brands, Inc.
|
||
|
6.38%, 9/15/2027
|
140,000
|
141,284
|
|
6.63%, 9/15/2029
|
175,000
|
175,079
|
|
6.63%, 5/15/2032
|
115,000
|
111,877
|
|
Somnigroup International, Inc. 4.00%, 4/15/2029 (a)
|
295,000
|
283,554
|
|
|
|
1,904,229
|
|
Household Products — 0.0% ^
|
||
|
Central Garden & Pet Co.
|
||
|
4.13%, 10/15/2030
|
119,000
|
112,573
|
|
4.13%, 4/30/2031 (a)
|
231,000
|
216,710
|
|
Energizer Holdings, Inc.
|
||
|
4.75%, 6/15/2028 (a)
|
186,000
|
183,784
|
|
4.38%, 3/31/2029 (a)
|
99,000
|
95,294
|
|
|
|
608,361
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Independent Power and Renewable Electricity Producers — 0.0% ^
|
||
|
Saavi Energia SARL (Mexico) 8.88%, 2/10/2035 (a)
|
200,000
|
216,676
|
|
Termocandelaria Power SA (Colombia) 7.75%, 9/17/2031 (a)
|
200,000
|
205,330
|
|
|
|
422,006
|
|
Insurance — 1.4%
|
||
|
Alliant Holdings Intermediate LLC 6.75%, 4/15/2028 (a)
|
180,000
|
181,624
|
|
CNO Global Funding
|
||
|
5.88%, 6/4/2027 (a)
|
1,145,000
|
1,160,006
|
|
4.38%, 9/8/2028 (a)
|
2,005,000
|
1,986,584
|
|
2.65%, 1/6/2029 (a)
|
1,500,000
|
1,424,265
|
|
Corebridge Global Funding
|
||
|
4.25%, 8/21/2028 (a)
|
1,370,000
|
1,359,976
|
|
5.90%, 9/19/2028 (a)
|
645,000
|
662,437
|
|
5.20%, 6/24/2029 (a)
|
1,000,000
|
1,012,907
|
|
4.55%, 1/9/2031 (a)
|
2,500,000
|
2,462,961
|
|
F&G Global Funding
|
||
|
5.88%, 6/10/2027 (a)
|
1,170,000
|
1,183,646
|
|
4.65%, 9/8/2028 (a)
|
1,995,000
|
1,972,176
|
|
HUB International Ltd. 7.25%, 6/15/2030 (a)
|
135,000
|
138,571
|
|
Jackson National Life Global Funding 4.70%, 6/5/2028 (a)
|
1,600,000
|
1,595,556
|
|
Lincoln Financial Global Funding 4.20%, 1/12/2029 (a)
|
2,045,000
|
2,018,453
|
|
Met Tower Global Funding 5.40%, 6/20/2026 (a)
|
1,000,000
|
1,000,570
|
|
Mutual of Omaha Cos. Global Funding 4.55%, 1/13/2031 (a)
|
2,990,000
|
2,950,483
|
|
|
|
21,110,215
|
|
Interactive Media & Services — 0.0% ^
|
||
|
Snap, Inc. 6.88%, 3/1/2033 (a)
|
155,000
|
153,637
|
|
IT Services — 0.0% ^
|
||
|
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)
|
120,000
|
120,203
|
|
Arches Buyer, Inc. 4.25%, 6/1/2028 (a)
|
109,000
|
105,904
|
|
|
|
226,107
|
|
Machinery — 0.0% ^
|
||
|
Chart Industries, Inc.
|
||
|
7.50%, 1/1/2030 (a)
|
122,000
|
126,301
|
|
9.50%, 1/1/2031 (a)
|
50,000
|
52,557
|
|
Terex Corp. 5.00%, 5/15/2029 (a)
|
136,000
|
134,815
|
|
Trinity Industries, Inc. 7.75%, 7/15/2028 (a)
|
100,000
|
102,507
|
|
|
|
416,180
|
|
Marine Transportation — 0.0% ^
|
||
|
MV24 Capital BV (Brazil) 6.75%, 6/1/2034 (a)
|
138,806
|
139,805
|
|
Yinson Bergenia Production BV (Brazil) 8.50%, 1/31/2045 (a)
|
197,340
|
211,154
|
|
|
|
350,959
|
|
Media — 0.4%
|
||
|
Clear Channel Outdoor Holdings, Inc.
|
||
|
7.75%, 4/15/2028 (a)
|
36,000
|
36,077
|
|
7.50%, 6/1/2029 (a)
|
5,000
|
5,018
|
|
7.13%, 2/15/2031 (a)
|
225,000
|
232,580
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Media — continued
|
||
|
7.50%, 3/15/2033 (a)
|
120,000
|
125,907
|
|
CSC Holdings LLC 6.50%, 2/1/2029 (a)
|
400,000
|
235,051
|
|
DISH DBS Corp.
|
||
|
7.75%, 7/1/2026
|
76,000
|
75,620
|
|
5.25%, 12/1/2026 (a)
|
98,000
|
97,633
|
|
DISH Network Corp. 11.75%, 11/15/2027 (a)
|
314,000
|
323,539
|
|
Gray Media, Inc.
|
||
|
10.50%, 7/15/2029 (a)
|
143,000
|
151,383
|
|
5.38%, 11/15/2031 (a)
|
110,000
|
78,934
|
|
7.25%, 8/15/2033 (a)
|
185,000
|
183,377
|
|
iHeartCommunications, Inc.
|
||
|
9.13%, 5/1/2029 (a)
|
185,000
|
179,321
|
|
7.75%, 8/15/2030 (a)
|
208,550
|
191,505
|
|
Lamar Media Corp.
|
||
|
4.88%, 1/15/2029
|
160,000
|
158,737
|
|
5.38%, 11/1/2033 (a)
|
160,000
|
157,593
|
|
Nexstar Media, Inc.
|
||
|
4.75%, 11/1/2028 (a)
|
195,000
|
191,955
|
|
6.50%, 9/15/2033 (a)
|
355,000
|
357,829
|
|
7.25%, 4/15/2034 (a)
|
245,000
|
246,542
|
|
Outfront Media Capital LLC
|
||
|
4.25%, 1/15/2029 (a)
|
200,000
|
195,191
|
|
7.38%, 2/15/2031 (a)
|
85,000
|
88,648
|
|
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)
|
36,000
|
33,358
|
|
Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a)
|
110,000
|
113,025
|
|
Sirius XM Radio LLC
|
||
|
4.00%, 7/15/2028 (a)
|
555,000
|
540,655
|
|
5.50%, 7/1/2029 (a)
|
470,000
|
468,162
|
|
4.13%, 7/1/2030 (a)
|
95,000
|
89,556
|
|
5.88%, 4/15/2032 (a)
|
90,000
|
89,586
|
|
Stagwell Global LLC 5.63%, 8/15/2029 (a)
|
302,000
|
293,935
|
|
Univision Communications, Inc. 7.38%, 6/30/2030 (a)
|
150,000
|
149,364
|
|
|
|
5,090,081
|
|
Metals & Mining — 0.0% ^
|
||
|
Big River Steel LLC 6.63%, 1/31/2029 (a)
|
41,000
|
40,989
|
|
Cleveland-Cliffs, Inc.
|
||
|
4.63%, 3/1/2029 (a)
|
118,000
|
114,356
|
|
6.88%, 11/1/2029 (a)
|
115,000
|
117,584
|
|
Commercial Metals Co. 5.75%, 11/15/2033 (a)
|
125,000
|
125,094
|
|
Novelis Corp. 4.75%, 1/30/2030 (a)
|
157,000
|
151,232
|
|
|
|
549,255
|
|
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
|
||
|
Arbor Realty SR, Inc. Series QIB, 9.00%, 10/15/2027 (a)
|
750,000
|
742,578
|
|
Starwood Property Trust, Inc. 7.25%, 4/1/2029 (a)
|
325,000
|
337,039
|
|
|
|
1,079,617
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Multi-Utilities — 0.1%
|
||
|
DTE Energy Co. 5.10%, 3/1/2029
|
1,455,000
|
1,476,220
|
|
Oil, Gas & Consumable Fuels — 1.6%
|
||
|
Antero Midstream Partners LP
|
||
|
5.75%, 1/15/2028 (a)
|
165,000
|
165,048
|
|
5.38%, 6/15/2029 (a)
|
161,000
|
160,890
|
|
Blue Racer Midstream LLC 7.00%, 7/15/2029 (a)
|
190,000
|
195,395
|
|
Buckeye Partners LP
|
||
|
4.13%, 12/1/2027
|
240,000
|
236,582
|
|
6.88%, 7/1/2029 (a)
|
105,000
|
108,250
|
|
Cheniere Energy Partners LP 4.00%, 3/1/2031
|
2,490,000
|
2,402,019
|
|
Chord Energy Corp. 6.75%, 3/15/2033 (a)
|
85,000
|
87,270
|
|
CNX Resources Corp. 5.88%, 3/1/2034 (a)
|
125,000
|
123,049
|
|
Columbia Pipelines Holding Co. LLC 5.10%, 10/1/2031 (a)
|
3,320,000
|
3,338,977
|
|
Comstock Resources, Inc. 6.75%, 3/1/2029 (a)
|
302,000
|
296,727
|
|
Crescent Energy Finance LLC
|
||
|
9.75%, 10/15/2030 (a)
|
100,000
|
106,558
|
|
7.88%, 4/15/2032 (a)
|
145,000
|
148,618
|
|
DT Midstream, Inc. 4.13%, 6/15/2029 (a)
|
170,000
|
166,727
|
|
Ecopetrol SA (Colombia)
|
||
|
6.88%, 4/29/2030
|
200,000
|
200,830
|
|
8.88%, 1/13/2033
|
100,000
|
105,650
|
|
Enbridge, Inc. (Canada) 4.20%, 11/20/2028
|
3,000,000
|
2,979,670
|
|
FS Luxembourg SARL (Brazil) 8.88%, 2/12/2031 (a)
|
200,000
|
206,000
|
|
Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a)
|
90,000
|
92,342
|
|
Hess Midstream Operations LP 5.88%, 3/1/2028 (a)
|
275,000
|
277,756
|
|
Hilcorp Energy I LP 5.75%, 2/1/2029 (a)
|
292,000
|
291,352
|
|
Howard Midstream Energy Partners LLC 7.38%, 7/15/2032 (a)
|
110,000
|
113,703
|
|
Kinder Morgan, Inc. 5.15%, 6/1/2030
|
420,000
|
428,920
|
|
Kinetik Holdings LP 5.88%, 6/15/2030 (a)
|
255,000
|
256,277
|
|
Matador Resources Co.
|
||
|
6.50%, 4/15/2032 (a)
|
175,000
|
177,335
|
|
6.00%, 4/15/2034 (a)
|
135,000
|
133,389
|
|
MPLX LP 4.80%, 2/15/2031
|
2,425,000
|
2,423,483
|
|
NGL Energy Operating LLC 8.13%, 2/15/2029 (a)
|
180,000
|
187,029
|
|
NuStar Logistics LP
|
||
|
5.63%, 4/28/2027
|
115,000
|
115,350
|
|
6.38%, 10/1/2030
|
200,000
|
207,660
|
|
Permian Resources Operating LLC 7.00%, 1/15/2032 (a)
|
335,000
|
349,314
|
|
Peru LNG Srl (Peru) 5.38%, 3/22/2030 (c)
|
266,720
|
258,718
|
|
Petroleos Mexicanos (Mexico)
|
||
|
8.75%, 6/2/2029
|
200,000
|
215,050
|
|
6.84%, 1/23/2030
|
900,000
|
925,200
|
|
6.70%, 2/16/2032
|
1,850,000
|
1,862,950
|
|
10.00%, 2/7/2033
|
1,250,000
|
1,468,125
|
|
Range Resources Corp. 4.75%, 2/15/2030 (a)
|
49,000
|
47,952
|
|
Rockies Express Pipeline LLC 4.95%, 7/15/2029 (a)
|
180,000
|
178,356
|
|
SM Energy Co.
|
||
|
6.63%, 1/15/2027
|
84,000
|
84,107
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
6.50%, 7/15/2028
|
180,000
|
180,251
|
|
8.75%, 7/1/2031 (a)
|
295,000
|
308,815
|
|
Sonangol Finance Ltd. (Angola) 10.00%, 1/29/2031 (a)
|
210,000
|
216,336
|
|
Sunoco LP
|
||
|
5.88%, 3/15/2028
|
274,000
|
274,656
|
|
5.63%, 3/15/2031 (a)
|
205,000
|
205,258
|
|
7.25%, 5/1/2032 (a)
|
125,000
|
130,611
|
|
Tallgrass Energy Partners LP 6.00%, 12/31/2030 (a)
|
482,000
|
484,980
|
|
Uzbekneftegaz JSC (Uzbekistan) 4.75%, 11/16/2028 (c)
|
200,000
|
194,500
|
|
Venture Global Calcasieu Pass LLC 3.88%, 8/15/2029 (a)
|
280,000
|
268,268
|
|
Venture Global LNG, Inc.
|
||
|
8.13%, 6/1/2028 (a)
|
185,000
|
189,112
|
|
9.50%, 2/1/2029 (a)
|
120,000
|
130,649
|
|
8.38%, 6/1/2031 (a)
|
80,000
|
83,247
|
|
Venture Global Plaquemines LNG LLC
|
||
|
6.50%, 1/15/2034 (a)
|
245,000
|
256,149
|
|
7.75%, 5/1/2035 (a)
|
85,000
|
95,401
|
|
|
|
24,140,861
|
|
Passenger Airlines — 0.1%
|
||
|
American Airlines, Inc. 5.75%, 4/20/2029 (a)
|
946,750
|
945,699
|
|
JetBlue Airways Corp. 9.88%, 9/20/2031 (a)
|
205,000
|
188,568
|
|
United Airlines, Inc. 4.63%, 4/15/2029 (a)
|
110,000
|
108,496
|
|
VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a)
|
240,000
|
238,932
|
|
|
|
1,481,695
|
|
Personal Care Products — 0.0% ^
|
||
|
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)
|
273,000
|
272,033
|
|
Prestige Brands, Inc. 5.13%, 1/15/2028 (a)
|
104,000
|
103,630
|
|
|
|
375,663
|
|
Pharmaceuticals — 0.0% ^
|
||
|
Bausch Health Cos., Inc. (Canada) 4.88%, 6/1/2028 (a)
|
267,000
|
246,890
|
|
Real Estate Management & Development — 0.0% ^
|
||
|
Anywhere Real Estate Group LLC 5.75%, 1/15/2029 (a)
|
284,000
|
280,241
|
|
Residential REITs — 0.1%
|
||
|
American Homes 4 Rent LP 4.95%, 6/15/2030
|
1,140,000
|
1,145,116
|
|
Semiconductors & Semiconductor Equipment — 0.5%
|
||
|
Amkor Technology, Inc. 5.88%, 10/1/2033 (a)
|
170,000
|
170,780
|
|
ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a)
|
200,000
|
212,250
|
|
Broadcom, Inc. 4.60%, 7/15/2030
|
1,615,000
|
1,616,142
|
|
Entegris, Inc. 5.95%, 6/15/2030 (a)
|
500,000
|
505,160
|
|
Foundry JV Holdco LLC 5.90%, 1/25/2030 (a)
|
1,690,000
|
1,749,308
|
|
Kioxia Holdings Corp. (Japan) 6.25%, 7/24/2030 (a)
|
200,000
|
205,918
|
|
Marvell Technology, Inc.
|
||
|
5.75%, 2/15/2029
|
670,000
|
689,324
|
|
4.75%, 7/15/2030
|
310,000
|
310,976
|
|
NXP BV (Netherlands) 4.30%, 8/19/2028
|
1,860,000
|
1,852,752
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Semiconductors & Semiconductor Equipment — continued
|
||
|
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
|
125,000
|
121,957
|
|
Qnity Electronics, Inc. 5.75%, 8/15/2032 (a)
|
260,000
|
261,693
|
|
Synaptics, Inc. 4.00%, 6/15/2029 (a)
|
110,000
|
105,383
|
|
|
|
7,801,643
|
|
Software — 0.6%
|
||
|
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a)
|
130,000
|
125,313
|
|
Elastic NV 4.13%, 7/15/2029 (a)
|
100,000
|
95,753
|
|
Fair Isaac Corp. 4.00%, 6/15/2028 (a)
|
100,000
|
97,898
|
|
NCR Voyix Corp.
|
||
|
5.00%, 10/1/2028 (a)
|
222,000
|
218,199
|
|
5.13%, 4/15/2029 (a)
|
14,000
|
13,707
|
|
Oracle Corp. 4.95%, 2/4/2031
|
4,360,000
|
4,287,388
|
|
RingCentral, Inc. 8.50%, 8/15/2030 (a)
|
125,000
|
131,072
|
|
Roper Technologies, Inc. 4.45%, 9/15/2030
|
3,510,000
|
3,458,827
|
|
SS&C Technologies, Inc.
|
||
|
5.50%, 9/30/2027 (a)
|
295,000
|
295,023
|
|
6.50%, 6/1/2032 (a)
|
180,000
|
181,603
|
|
|
|
8,904,783
|
|
Specialized REITs — 0.0% ^
|
||
|
Iron Mountain, Inc.
|
||
|
4.88%, 9/15/2027 (a)
|
167,000
|
166,402
|
|
4.88%, 9/15/2029 (a)
|
155,000
|
152,295
|
|
5.25%, 7/15/2030 (a)
|
75,000
|
74,189
|
|
Millrose Properties, Inc. 6.38%, 8/1/2030 (a)
|
60,000
|
60,826
|
|
|
|
453,712
|
|
Specialty Retail — 0.1%
|
||
|
Asbury Automotive Group, Inc. 4.50%, 3/1/2028
|
124,000
|
123,137
|
|
Bath & Body Works, Inc.
|
||
|
7.50%, 6/15/2029
|
86,000
|
87,292
|
|
6.63%, 10/1/2030 (a)
|
210,000
|
213,708
|
|
6.75%, 7/1/2036
|
23,000
|
22,696
|
|
Escrow Rite Aid 0.00%, 12/31/2049 ‡ (f)
|
6,532
|
—
|
|
Gap, Inc. (The) 3.63%, 10/1/2029 (a)
|
180,000
|
168,505
|
|
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)
|
104,000
|
101,177
|
|
Lithia Motors, Inc.
|
||
|
4.63%, 12/15/2027 (a)
|
61,000
|
60,694
|
|
4.38%, 1/15/2031 (a)
|
146,000
|
138,366
|
|
Penske Automotive Group, Inc. 3.75%, 6/15/2029
|
64,000
|
61,339
|
|
Petco Health & Wellness Co., Inc. 8.25%, 2/1/2031 (a)
|
90,000
|
90,152
|
|
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a)
|
344,000
|
337,194
|
|
Staples, Inc.
|
||
|
10.75%, 9/1/2029 (a)
|
70,000
|
66,597
|
|
12.75%, 1/15/2030 (a)
|
74,684
|
57,166
|
|
|
|
1,528,023
|
|
Technology Hardware, Storage & Peripherals — 0.0% ^
|
||
|
Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a)
|
75,000
|
78,463
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Technology Hardware, Storage & Peripherals — continued
|
||
|
Seagate Data Storage Technology Pte. Ltd.
|
||
|
8.25%, 12/15/2029 (a)
|
48,000
|
50,022
|
|
8.50%, 7/15/2031 (a)
|
186,000
|
194,481
|
|
9.63%, 12/1/2032 (a)
|
74,000
|
82,197
|
|
|
|
405,163
|
|
Trading Companies & Distributors — 0.1%
|
||
|
Herc Holdings, Inc. 7.25%, 6/15/2033 (a)
|
170,000
|
177,333
|
|
QXO Building Products, Inc. 6.75%, 4/30/2032 (a)
|
100,000
|
101,896
|
|
United Rentals North America, Inc.
|
||
|
3.75%, 1/15/2032
|
280,000
|
258,968
|
|
5.38%, 11/15/2033 (a)
|
165,000
|
162,936
|
|
6.13%, 3/15/2034 (a)
|
215,000
|
220,651
|
|
WESCO Distribution, Inc.
|
||
|
6.38%, 3/15/2029 (a)
|
420,000
|
429,418
|
|
6.63%, 3/15/2032 (a)
|
210,000
|
216,624
|
|
|
|
1,567,826
|
|
Wireless Telecommunication Services — 0.2%
|
||
|
Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (a)
|
200,000
|
211,184
|
|
Digicel International Finance Ltd. (Jamaica) 8.63%, 8/1/2032 (a)
|
400,000
|
414,960
|
|
T-Mobile USA, Inc.
|
||
|
3.38%, 4/15/2029
|
600,000
|
582,304
|
|
3.88%, 4/15/2030
|
1,635,000
|
1,591,007
|
|
|
|
2,799,455
|
|
Total Corporate Bonds
(Cost $436,327,875)
|
|
436,127,241
|
|
Asset-Backed Securities — 21.7%
|
||
|
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (a)
|
308,873
|
288,192
|
|
ACHD Trust Series 2025-DS1, Class A, 5.98%, 1/9/2034 (a)
|
171,675
|
171,918
|
|
ACHM Trust Series 2025-HE3, Class A, 5.20%, 11/25/2055 (a) (e)
|
1,223,465
|
1,209,770
|
|
Affirm Asset Securitization Trust Series 2025-X2, Class B, 4.56%, 10/15/2030 (a)
|
2,100,000
|
2,101,796
|
|
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (a)
|
263,000
|
261,620
|
|
Ally Bank Auto Credit-Linked Notes Series 2025-A, Class C, 4.84%, 6/15/2033 (a)
|
1,015,720
|
1,016,960
|
|
American Credit Acceptance Receivables Trust
|
|
|
|
Series 2023-1, Class D, 6.35%, 4/12/2029 (a)
|
263,410
|
265,322
|
|
Series 2023-2, Class E, 9.79%, 2/12/2030 (a)
|
1,000,000
|
1,030,872
|
|
Series 2024-1, Class D, 5.86%, 5/13/2030 (a)
|
700,000
|
707,798
|
|
Series 2024-4, Class D, 5.34%, 8/12/2031 (a)
|
668,000
|
672,664
|
|
Series 2025-2, Class D, 5.50%, 8/12/2031 (a)
|
965,000
|
976,829
|
|
Series 2024-2, Class E, 7.87%, 11/12/2031 (a)
|
1,000,000
|
1,036,324
|
|
Series 2024-3, Class E, 7.92%, 3/12/2032 (a)
|
1,800,000
|
1,877,177
|
|
Series 2025-1, Class E, 7.39%, 12/13/2032 (a)
|
1,640,000
|
1,700,536
|
|
Series 2026-1, Class C, 4.55%, 1/12/2033 (a)
|
2,089,000
|
2,077,455
|
|
Series 2026-1, Class D, 5.10%, 1/12/2033 (a)
|
1,652,000
|
1,641,035
|
|
Series 2025-2, Class E, 7.66%, 2/14/2033 (a)
|
1,110,000
|
1,158,076
|
|
AMSR Trust
|
|
|
|
Series 2022-SFR3, Class F, 4.00%, 10/17/2039 (a)
|
800,000
|
769,504
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2023-SFR2, Class B, 3.95%, 6/17/2040 (a)
|
1,500,000
|
1,462,523
|
|
Series 2025-SFR2, Class A, 4.28%, 11/17/2042 (a)
|
940,000
|
912,355
|
|
Series 2025-SFR2, Class B, 4.28%, 11/17/2042 (a)
|
1,549,000
|
1,484,463
|
|
Series 2025-SFR2, Class D, 4.28%, 11/17/2042 (a)
|
447,000
|
421,978
|
|
Series 2026-SFR1, Class A, 3.78%, 4/17/2043 (a)
|
2,820,000
|
2,661,084
|
|
Ansley Park Capital LLC
|
|
|
|
Series 2025-A, Class A2, 4.43%, 4/20/2035 (a)
|
1,708,114
|
1,700,874
|
|
Series 2025-A, Class D, 5.33%, 4/20/2035 (a)
|
525,000
|
517,215
|
|
Aqua Finance Trust Series 2021-A, Class B, 2.40%, 7/17/2046 (a)
|
279,333
|
258,695
|
|
Avis Budget Rental Car Funding AESOP LLC
|
|
|
|
Series 2023-6A, Class C, 7.03%, 12/20/2029 (a)
|
400,000
|
412,390
|
|
Series 2024-3A, Class B, 5.58%, 12/20/2030 (a)
|
500,000
|
505,298
|
|
Bain Capital Credit CLO (Cayman Islands) Series 2019-2A, Class BR3, 5.13%, 10/17/2032 (a) (e)
|
1,750,000
|
1,752,760
|
|
Bayview Opportunity Master Fund Trust Series 2024-SN1, Class D, 6.36%, 7/16/2029 (a)
|
1,000,000
|
1,015,137
|
|
BOF Funding Trust Series 2023-CAR3, Class C, 4.50%, 7/26/2032 (a)
|
100,025
|
99,868
|
|
BRAVO Residential Funding Trust Series 2026-CES1, Class A1A, 5.25%, 4/25/2056 (a) (g)
|
1,931,000
|
1,928,043
|
|
Bridge Trust Series 2025-SFR1, Class C, 4.20%, 9/17/2042 (a)
|
862,652
|
804,423
|
|
Bridgecrest Lending Auto Securitization Trust
|
|
|
|
Series 2024-3, Class B, 5.37%, 10/16/2028
|
1,432,555
|
1,435,237
|
|
Series 2024-1, Class C, 5.65%, 4/16/2029
|
1,500,000
|
1,507,760
|
|
Series 2024-3, Class C, 5.70%, 7/16/2029
|
1,009,000
|
1,016,681
|
|
Series 2024-4, Class C, 4.83%, 8/15/2030
|
1,610,000
|
1,615,320
|
|
Series 2025-1, Class D, 5.64%, 11/15/2030
|
1,312,000
|
1,325,413
|
|
Series 2024-2, Class E, 8.21%, 1/15/2031 (a)
|
800,000
|
825,697
|
|
Series 2025-2, Class D, 5.62%, 3/17/2031
|
1,000,000
|
1,011,959
|
|
Series 2024-4, Class E, 7.47%, 8/15/2031 (a)
|
950,000
|
971,432
|
|
Series 2026-1, Class C, 4.44%, 11/17/2031
|
1,139,000
|
1,126,746
|
|
Series 2026-1, Class D, 4.99%, 11/17/2031
|
1,569,000
|
1,555,937
|
|
Series 2026-2, Class D, 5.19%, 2/17/2032
|
1,571,000
|
1,564,245
|
|
Series 2025-4, Class E, 7.18%, 11/15/2032 (a)
|
2,000,000
|
2,029,683
|
|
Business Jet Securities LLC
|
|
|
|
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (a)
|
239,191
|
236,478
|
|
Series 2024-1A, Class B, 6.92%, 5/15/2039 ‡ (a)
|
555,462
|
564,268
|
|
BXG Receivables Note Trust Series 2022-A, Class B, 4.61%, 9/28/2037 (a)
|
701,320
|
696,452
|
|
Carlyle US CLO Ltd. (Cayman Islands) Series 2021-9A, Class BR, 5.28%, 10/20/2034 (a) (e)
|
2,000,000
|
2,001,342
|
|
CarVal CLO Ltd. (Cayman Islands) Series 2019-1A, Class BR2, 5.23%, 4/20/2032 (a) (e)
|
1,139,000
|
1,141,166
|
|
Carvana Auto Receivables Trust
|
|
|
|
Series 2024-P2, Class A3, 5.33%, 7/10/2029
|
555,789
|
559,088
|
|
Series 2023-N3, Class C, 6.55%, 12/10/2029 (a)
|
1,600,000
|
1,612,980
|
|
Series 2023-N4, Class B, 6.46%, 2/11/2030 (a)
|
943,101
|
949,024
|
|
Series 2024-N1, Class C, 5.80%, 5/10/2030 (a)
|
1,250,000
|
1,265,109
|
|
Series 2024-P1, Class C, 5.57%, 7/10/2030 (a)
|
444,000
|
453,007
|
|
Cherry Securitization Trust Series 2024-1A, Class A, 5.70%, 4/15/2032 (a)
|
808,000
|
810,522
|
|
Columbia Cent CLO Ltd. (Cayman Islands) Series 2021-31A, Class BR, 5.28%, 4/20/2034 (a) (e)
|
850,000
|
849,848
|
|
Consumer Portfolio Services Auto Trust
|
|
|
|
Series 2025-B, Class D, 5.56%, 7/15/2031 (a)
|
2,000,000
|
2,018,573
|
|
Series 2025-D, Class C, 4.85%, 2/17/2032 (a)
|
667,000
|
666,262
|
|
CPS Auto Receivables Trust
|
|
|
|
Series 2022-A, Class D, 2.84%, 4/16/2029 (a)
|
132,000
|
131,815
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2023-A, Class D, 6.44%, 4/16/2029 (a)
|
693,069
|
702,084
|
|
Series 2023-C, Class C, 6.27%, 10/15/2029 (a)
|
430,664
|
433,258
|
|
Series 2022-C, Class D, 6.45%, 4/15/2030 (a)
|
136,126
|
137,050
|
|
Series 2024-C, Class C, 5.76%, 10/15/2030 (a)
|
896,000
|
903,773
|
|
Series 2024-D, Class D, 5.14%, 1/15/2031 (a)
|
2,897,000
|
2,908,022
|
|
Credit Acceptance Auto Loan Trust
|
|
|
|
Series 2023-5A, Class C, 7.30%, 4/17/2034 (a)
|
350,000
|
358,330
|
|
Series 2024-1A, Class C, 6.71%, 7/17/2034 (a)
|
600,000
|
609,692
|
|
Series 2024-2A, Class B, 6.11%, 8/15/2034 (a)
|
500,000
|
508,483
|
|
Series 2024-2A, Class C, 6.70%, 10/16/2034 (a)
|
500,000
|
514,018
|
|
Series 2025-1A, Class C, 5.71%, 7/16/2035 (a)
|
1,357,000
|
1,366,403
|
|
Series 2025-2A, Class B, 4.87%, 1/15/2036 (a)
|
1,250,000
|
1,244,336
|
|
Series 2025-2A, Class C, 5.38%, 3/17/2036 (a)
|
1,130,000
|
1,130,541
|
|
Series 2026-1A, Class C, 5.28%, 8/15/2036 (a)
|
972,000
|
965,741
|
|
Dec
|
|
|
|
6.02%, 3/13/2030 ‡ (a)
|
1,000,000
|
1,000,000
|
|
6.91%, 1/15/2031 ‡ (a)
|
1,000,000
|
1,000,000
|
|
Dext ABS LLC Series 2025-1, Class B, 4.98%, 8/15/2035 (a)
|
1,680,000
|
1,689,151
|
|
Drive Auto Receivables Trust
|
|
|
|
Series 2025-2, Class C, 4.39%, 9/15/2032
|
1,170,000
|
1,161,842
|
|
Series 2025-2, Class D, 4.90%, 12/15/2032
|
1,090,000
|
1,082,430
|
|
DT Auto Owner Trust
|
|
|
|
Series 2023-1A, Class D, 6.44%, 11/15/2028 (a)
|
301,328
|
304,266
|
|
Series 2022-1A, Class E, 5.53%, 3/15/2029 (a)
|
1,500,000
|
1,499,864
|
|
Series 2023-3A, Class C, 6.40%, 5/15/2029 (a)
|
1,101,106
|
1,108,070
|
|
Series 2023-2A, Class E, 11.06%, 4/15/2030 (a)
|
500,000
|
524,440
|
|
Series 2023-3A, Class E, 10.21%, 5/15/2030 (a)
|
500,000
|
526,945
|
|
EFMT Series 2025-CES1, Class A1A, 5.73%, 1/25/2060 (a) (g)
|
1,957,064
|
1,969,104
|
|
EJ Hugoton
|
|
|
|
Series 2026-1 B, 10.29%, 10/10/2041 ‡
|
1,000,000
|
1,000,000
|
|
Series 2026-1 B, 14.50%, 10/10/2041 ‡
|
1,000,000
|
1,000,000
|
|
Series 2026-1 B, 14.10%, 12/15/2041 ‡
|
1,567,000
|
1,567,000
|
|
Elara Hgv Timeshare Issuer LLC Series 2025-A, Class A, 4.54%, 1/25/2040 (a)
|
1,734,609
|
1,719,116
|
|
Elara HGV Timeshare Issuer LLC
|
|
|
|
Series 2023-A, Class A, 6.16%, 2/25/2038 (a)
|
231,695
|
237,275
|
|
Series 2023-A, Class C, 7.30%, 2/25/2038 (a)
|
384,733
|
393,973
|
|
Exeter Automobile Receivables Trust
|
|
|
|
Series 2021-4A, Class D, 1.96%, 1/17/2028
|
287
|
287
|
|
Series 2022-5A, Class D, 7.40%, 2/15/2029
|
323,886
|
328,009
|
|
Series 2022-6A, Class D, 8.03%, 4/6/2029
|
490,651
|
498,180
|
|
Series 2023-4A, Class D, 6.95%, 12/17/2029
|
800,000
|
815,005
|
|
Series 2023-5A, Class D, 7.13%, 2/15/2030
|
700,000
|
720,045
|
|
Series 2025-4A, Class C, 4.57%, 6/16/2031
|
325,000
|
323,831
|
|
Series 2025-2A, Class D, 5.89%, 7/15/2031
|
6,320,000
|
6,441,338
|
|
Series 2025-3A, Class D, 5.57%, 10/15/2031
|
1,500,000
|
1,512,891
|
|
Series 2025-4A, Class D, 5.23%, 1/15/2032
|
3,615,000
|
3,614,534
|
|
Series 2025-5A, Class C, 4.68%, 3/15/2032
|
1,070,000
|
1,065,984
|
|
Series 2025-5A, Class D, 5.16%, 3/15/2032
|
825,000
|
825,218
|
|
Series 2026-1A, Class C, 4.40%, 5/17/2032
|
1,620,000
|
1,598,118
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2026-1A, Class D, 5.00%, 5/17/2032
|
2,056,000
|
2,034,569
|
|
Series 2026-2A, Class C, 4.91%, 8/16/2032
|
1,307,000
|
1,303,077
|
|
Exeter Select Automobile Receivables Trust Series 2025-3, Class C, 5.00%, 3/15/2032
|
1,000,000
|
1,000,777
|
|
FHF Trust Series 2023-1A, Class A2, 6.57%, 6/15/2028 (a)
|
15,800
|
15,837
|
|
FIGRE Trust Series 2025-HE6, Class A, 5.04%, 9/25/2055 (a) (e)
|
787,646
|
779,894
|
|
FirstKey Homes Trust
|
|
|
|
Series 2022-SFR3, Class E2, 3.50%, 7/17/2038 (a)
|
1,500,000
|
1,493,841
|
|
Series 2021-SFR1, Class F2, 3.45%, 8/17/2038 (a)
|
500,000
|
497,120
|
|
Series 2021-SFR3, Class E1, 2.99%, 12/17/2038 (a)
|
500,000
|
492,976
|
|
Series 2022-SFR1, Class F1, PO, 5/19/2039 ‡ (a)
|
700,000
|
658,571
|
|
Series 2022-SFR1, Class F2, PO, 5/19/2039 ‡ (a)
|
350,000
|
329,132
|
|
Foundation Finance Trust
|
|
|
|
Series 2021-1A, Class A, 1.27%, 5/15/2041 (a)
|
33,962
|
32,417
|
|
Series 2023-1A, Class B, 6.27%, 12/15/2043 (a)
|
745,728
|
761,025
|
|
Series 2025-3A, Class A, 4.56%, 8/15/2052 (a)
|
1,782,680
|
1,762,404
|
|
FRTKL
|
|
|
|
Series 2021-SFR1, Class B, 1.72%, 9/17/2038 (a)
|
650,000
|
643,284
|
|
Series 2021-SFR1, Class D, 2.17%, 9/17/2038 (a)
|
238,000
|
235,499
|
|
GLS Auto Receivables Issuer Trust
|
|
|
|
Series 2022-1A, Class D, 3.97%, 1/18/2028 (a)
|
157,109
|
157,061
|
|
Series 2022-1A, Class E, 5.64%, 5/15/2029 (a)
|
2,000,000
|
2,009,226
|
|
Series 2023-3A, Class C, 6.01%, 5/15/2029 (a)
|
561,352
|
563,726
|
|
Series 2025-4A, Class B, 4.53%, 4/15/2030 (a)
|
1,190,000
|
1,188,882
|
|
Series 2025-2A, Class D, 5.59%, 1/15/2031 (a)
|
1,700,000
|
1,718,027
|
|
Series 2025-3A, Class D, 5.16%, 6/16/2031 (a)
|
1,608,000
|
1,603,441
|
|
Series 2025-4A, Class C, 4.74%, 8/15/2031 (a)
|
935,000
|
929,365
|
|
GLS Auto Select Receivables Trust
|
|
|
|
Series 2023-1A, Class A3, 5.96%, 10/16/2028 (a)
|
303,208
|
304,684
|
|
Series 2023-1A, Class B, 6.09%, 3/15/2029 (a)
|
722,000
|
731,386
|
|
Series 2024-3A, Class C, 5.92%, 8/15/2030 (a)
|
4,250,000
|
4,347,492
|
|
Series 2025-1A, Class B, 5.04%, 2/15/2031 (a)
|
1,500,000
|
1,510,478
|
|
GoldenTree Loan Management US CLO Ltd. (Cayman Islands) Series 2020-8A, Class BRR,
5.23%, 10/20/2034 (a) (e)
|
1,750,000
|
1,750,352
|
|
Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2, Class A, 1.15%, 6/25/2051 (a)
|
201,833
|
198,628
|
|
GoodLeap Home Improvement Solutions Trust Series 2025-3A, Class A, 5.00%, 10/20/2049 (a)
|
1,766,069
|
1,747,666
|
|
GreenSky Home Improvement Issuer Trust Series 2025-3A, Class A2, 4.59%, 12/27/2060 (a)
|
2,115,000
|
2,102,504
|
|
Grit Parent, Inc. 10.00%, 3/27/2030 ‡
|
1,300,000
|
1,287,000
|
|
GS Mortgage-Backed Securities Trust
|
|
|
|
Series 2025-CES1, Class A1A, 5.57%, 5/25/2055 (a) (g)
|
506,344
|
508,417
|
|
Series 2026-CES1, Class A1, 4.90%, 5/25/2056 (a) (g)
|
2,269,578
|
2,250,321
|
|
Series 2026-CES3, Class A1A, 5.36%, 9/25/2056 (a) (g)
|
1,886,000
|
1,885,987
|
|
Series 2025-SL1, Class A1, 5.85%, 11/25/2067 (a) (e)
|
1,462,803
|
1,470,587
|
|
Hilton Grand Vacations Trust
|
|
|
|
Series 2023-1A, Class A, 5.72%, 1/25/2038 (a)
|
313,467
|
317,467
|
|
Series 2024-2A, Class C, 5.99%, 3/25/2038 (a)
|
481,846
|
489,771
|
|
Series 2024-3A, Class C, 5.71%, 8/27/2040 (a)
|
762,989
|
763,991
|
|
Series 2025-2A, Class B, 4.73%, 5/25/2044 (a)
|
296,314
|
292,988
|
|
Series 2025-2A, Class C, 5.12%, 5/25/2044 (a)
|
96,552
|
95,589
|
|
Series 2025-3EXT, Class A, 4.56%, 10/25/2044 (a)
|
1,104,067
|
1,093,900
|
|
Series 2025-3EXT, Class B, 4.90%, 10/25/2044 (a)
|
1,170,328
|
1,161,535
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2025-3EXT, Class C, 5.39%, 10/25/2044 (a)
|
987,283
|
982,767
|
|
Home Partners of America Trust
|
|
|
|
Series 2021-3, Class D, 3.00%, 1/17/2041 (a)
|
894,918
|
836,953
|
|
Series 2021-3, Class E1, 3.20%, 1/17/2041 (a)
|
447,459
|
417,565
|
|
Huntington Bank Auto Credit-Linked Notes
|
|
|
|
Series 2024-2, Class B1, 5.44%, 10/20/2032 (a)
|
217,764
|
219,308
|
|
Series 2025-2, Class B1, 4.84%, 9/20/2033 (a)
|
1,860,152
|
1,859,133
|
|
Identity Digital Capital LLC 6.79%, 3/20/2065 ‡
|
1,000,000
|
996,000
|
|
Invitation Homes Trust Series 2024-SFR1, Class B, 4.00%, 9/17/2041 (a)
|
2,000,000
|
1,923,558
|
|
Ista Jet Seri 6.97%, 4/5/2032 ‡ (a)
|
987,500
|
987,500
|
|
JBHP 10.28%, 4/14/2041 ‡
|
1,167,000
|
1,167,000
|
|
KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class BR2, 5.13%, 7/20/2031 (a) (e)
|
1,151,563
|
1,151,516
|
|
LCM Ltd. (Cayman Islands) Series 36A, Class BR, 5.17%, 1/15/2034 (a) (e)
|
779,167
|
780,310
|
|
Lending Funding Trust Series 2020-2A, Class A, 2.32%, 4/21/2031 (a)
|
653,029
|
647,173
|
|
Lendmark Funding Trust
|
|
|
|
Series 2021-1A, Class A, 1.90%, 11/20/2031 (a)
|
3,650,610
|
3,584,474
|
|
Series 2025-2A, Class B, 4.98%, 10/20/2034 (a)
|
3,000,000
|
2,990,524
|
|
Series 2025-3A, Class A, 4.51%, 5/21/2035 (a)
|
700,000
|
690,298
|
|
Series 2025-3A, Class C, 5.04%, 5/21/2035 (a)
|
385,000
|
376,281
|
|
Liberty 7.25%, 5/14/2031 ‡
|
2,000,000
|
2,001,661
|
|
Madison Park Funding Ltd. (Cayman Islands)
|
|
|
|
Series 2020-46A, Class B1RR, 5.17%, 10/15/2034 (a) (e)
|
2,475,000
|
2,477,369
|
|
Series 2021-49A, Class B1R, 5.13%, 10/19/2034 (a) (e)
|
1,000,000
|
999,840
|
|
Mariner Finance Issuance Trust
|
|
|
|
Series 2021-AA, Class A, 1.86%, 3/20/2036 (a)
|
139,973
|
138,264
|
|
Series 2021-BA, Class A, 2.10%, 11/20/2036 (a)
|
1,500,000
|
1,469,847
|
|
Series 2025-AA, Class A, 4.98%, 5/20/2038 (a)
|
1,224,000
|
1,229,166
|
|
Series 2024-BA, Class B, 5.33%, 11/20/2038 (a)
|
250,000
|
251,730
|
|
Series 2024-BA, Class C, 5.73%, 11/20/2038 (a)
|
244,000
|
245,414
|
|
Series 2025-BA, Class C, 5.19%, 11/22/2038 (a)
|
1,250,000
|
1,241,184
|
|
Series 2026-AA, Class A, 5.01%, 5/20/2039 (a)
|
2,438,000
|
2,444,787
|
|
Merchants Fleet Funding LLC
|
|
|
|
Series 2023-1A, Class A, 7.21%, 5/20/2036 (a)
|
59,127
|
59,442
|
|
Series 2024-1A, Class B, 5.95%, 4/20/2037 (a)
|
1,000,000
|
1,008,111
|
|
Series 2025-1A, Class A, 4.49%, 1/20/2039 (a)
|
2,167,000
|
2,168,677
|
|
Mercury Financial Credit Card Master Trust Series 2026-1A, Class A, 5.34%, 2/20/2032 (a)
|
3,020,000
|
3,017,319
|
|
MVW LLC
|
|
|
|
Series 2021-2A, Class C, 2.23%, 5/20/2039 (a)
|
340,950
|
324,145
|
|
Series 2022-1A, Class C, 5.23%, 11/21/2039 (a)
|
335,039
|
332,854
|
|
Series 2023-2A, Class C, 7.06%, 11/20/2040 (a)
|
238,795
|
244,542
|
|
Series 2021-1WA, Class A, 1.14%, 1/22/2041 (a)
|
32,747
|
31,853
|
|
Series 2021-1WA, Class B, 1.44%, 1/22/2041 (a)
|
14,054
|
13,648
|
|
Series 2024-1A, Class B, 5.51%, 2/20/2043 (a)
|
624,534
|
631,691
|
|
Series 2025-2A, Class A, 4.48%, 10/20/2044 (a)
|
880,655
|
873,570
|
|
Series 2025-2A, Class C, 4.97%, 10/20/2044 (a)
|
1,226,782
|
1,197,741
|
|
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2021-42A, Class BR,
5.08%, 7/16/2036 (a) (e)
|
1,750,000
|
1,750,877
|
|
New Residential Mortgage Loan Trust
|
|
|
|
Series 2022-SFR1, Class B, 2.85%, 2/17/2039 (a)
|
650,000
|
639,307
|
|
Series 2022-SFR1, Class E1, 3.55%, 2/17/2039 (a)
|
520,000
|
510,501
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Nexus Nova 6.50%, 11/8/2028 ‡
|
1,000,000
|
1,000,030
|
|
NMABS Issuer LLC Series 2025-1A, Class A, 5.14%, 11/22/2055 (a)
|
1,251,434
|
1,217,321
|
|
NRM FNT1 Excess LLC Series 2024-FNT1, Class A, 7.40%, 11/25/2031 (a) (g)
|
870,642
|
872,000
|
|
Octane Receivables Trust Series 2023-1A, Class D, 7.76%, 3/20/2030 (a)
|
500,000
|
515,139
|
|
OnDeck Asset Securitization Trust LLC Series 2024-2A, Class A, 4.98%, 10/17/2031 (a)
|
1,500,000
|
1,497,295
|
|
OneMain Direct Auto Receivables Trust Series 2026-1A, Class D, 5.30%, 10/14/2036 (a)
|
1,160,000
|
1,146,722
|
|
Oportun Funding Trust Series 2024-3, Class B, 5.48%, 8/15/2029 (a)
|
618,693
|
618,939
|
|
Oportun Issuance Trust
|
|
|
|
Series 2021-B, Class A, 1.47%, 5/8/2031 (a)
|
323,806
|
318,912
|
|
Series 2021-B, Class B, 1.96%, 5/8/2031 (a)
|
64,761
|
63,852
|
|
Series 2025-D, Class C, 5.80%, 2/8/2033 (a)
|
768,000
|
768,191
|
|
Series 2025-C, Class B, 4.93%, 7/8/2033 (a)
|
1,250,000
|
1,245,526
|
|
Series 2025-C, Class C, 5.18%, 7/8/2033 (a)
|
750,000
|
744,289
|
|
Series 2026-A, Class C, 5.45%, 1/9/2034 (a)
|
933,000
|
930,488
|
|
PFP Ltd. (Cayman Islands) Series 2026-14, Class A, 4.97%, 12/18/2043 (a) (e) (h)
|
1,390,000
|
1,390,000
|
|
PowerPay Issuance Trust Series 2024-1A, Class A, 6.53%, 2/18/2039 (a)
|
421,867
|
428,503
|
|
PRET Trust Series 2026-RN1, Class A1, 5.92%, 6/25/2066 (a) (g) (h)
|
2,264,000
|
2,263,997
|
|
Progress Residential Trust
|
|
|
|
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (a)
|
350,000
|
346,284
|
|
Series 2022-SFR3, Class D, 4.45%, 4/17/2039 (a)
|
562,000
|
556,936
|
|
Series 2022-SFR1, Class D, 3.65%, 2/17/2041 (a)
|
1,000,000
|
957,735
|
|
Series 2024-SFR1, Class D, 3.75%, 2/17/2041 (a)
|
1,125,000
|
1,074,364
|
|
Series 2024-SFR2, Class B, 3.40%, 4/17/2041 (a) (e)
|
1,697,000
|
1,611,304
|
|
Series 2025-SFR1, Class D, 3.65%, 2/17/2042 (a)
|
1,500,000
|
1,399,892
|
|
Series 2025-SFR2, Class C, 3.56%, 4/17/2042 (a)
|
1,239,242
|
1,154,220
|
|
Series 2025-SFR2, Class D, 3.56%, 4/17/2042 (a)
|
1,987,557
|
1,841,423
|
|
Series 2025-SFR6, Class B, 4.00%, 12/17/2042 (a)
|
1,950,000
|
1,839,804
|
|
Series 2025-SFR6, Class D, 4.00%, 12/17/2042 (a)
|
1,563,000
|
1,448,074
|
|
Series 2026-SFR1, Class B, 4.00%, 2/17/2043 (a)
|
2,355,000
|
2,221,701
|
|
Series 2026-SFR1, Class D, 4.00%, 2/17/2043 (a)
|
750,000
|
694,944
|
|
Purewest ABS Issuer LLC Series 2025-1, Class A2, 6.53%, 4/5/2040 ‡ (a)
|
987,601
|
983,750
|
|
RCKT Mortgage Trust
|
|
|
|
Series 2024-CES7, Class A1A, 5.16%, 10/25/2044 (a) (g)
|
2,225,637
|
2,223,340
|
|
Series 2025-CES12, Class A1A, 5.03%, 11/25/2055 (a) (g)
|
1,117,820
|
1,112,562
|
|
Series 2026-CES2, Class A1A, 4.76%, 2/25/2056 (a) (g)
|
3,848,437
|
3,807,892
|
|
Series 2026-CES4, Class A1A, 5.12%, 4/25/2056 (a) (g)
|
1,512,436
|
1,508,021
|
|
RCKTL Series 2025-2A, Class B, 4.60%, 11/27/2034 (a)
|
2,000,000
|
1,994,924
|
|
Reach ABS Trust
|
|
|
|
Series 2026-1A, Class B, 4.37%, 2/15/2033 (a)
|
1,771,000
|
1,762,579
|
|
Series 2026-1A, Class C, 4.80%, 2/15/2033 (a)
|
1,400,000
|
1,384,810
|
|
Series 2026-2A, Class C, 5.35%, 2/15/2035 (a)
|
1,150,000
|
1,151,743
|
|
Regional Management Issuance Trust Series 2024-1, Class A, 5.83%, 7/15/2036 (a)
|
1,500,000
|
1,517,025
|
|
Republic Finance Issuance Trust
|
|
|
|
Series 2024-A, Class A, 5.91%, 8/20/2032 (a)
|
1,304,000
|
1,308,060
|
|
Series 2025-A, Class A, 4.59%, 11/20/2034 (a)
|
2,540,000
|
2,523,307
|
|
Series 2024-B, Class A, 5.42%, 11/20/2037 (a)
|
1,513,000
|
1,522,061
|
|
Research-Driven Pagaya Motor Asset Trust
|
|
|
|
Series 2026-2A, Class A2, 4.84%, 2/26/2035 (a)
|
2,500,000
|
2,501,753
|
|
Series 2026-2A, Class A3, 5.38%, 2/26/2035 (a)
|
1,199,000
|
1,200,854
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Santander Bank Auto Credit-Linked Notes
|
|
|
|
Series 2024-A, Class C, 5.82%, 6/15/2032 (a)
|
506,750
|
511,430
|
|
Series 2024-B, Class C, 5.14%, 1/18/2033 (a)
|
1,067,527
|
1,072,136
|
|
Santander Drive Auto Receivables Trust
|
|
|
|
Series 2022-4, Class C, 5.00%, 11/15/2029
|
761,541
|
763,728
|
|
Series 2022-6, Class D, 5.69%, 2/18/2031
|
500,000
|
503,228
|
|
Series 2023-6, Class C, 6.40%, 3/17/2031
|
928,000
|
952,640
|
|
Series 2025-2, Class D, 5.47%, 5/15/2031
|
1,500,000
|
1,515,907
|
|
Series 2024-4, Class D, 5.32%, 12/15/2031
|
675,000
|
679,429
|
|
Series 2023-4, Class C, 6.04%, 12/15/2031
|
2,000,000
|
2,038,204
|
|
Series 2025-4, Class B, 4.27%, 1/15/2032
|
760,000
|
756,892
|
|
Series 2025-4, Class D, 4.95%, 1/15/2032
|
2,720,000
|
2,704,461
|
|
Series 2024-5, Class D, 5.14%, 2/17/2032
|
2,016,000
|
2,023,459
|
|
Series 2026-1, Class D, 4.75%, 4/15/2032
|
656,000
|
646,509
|
|
SBNA Auto Receivables Trust Series 2024-A, Class D, 6.04%, 4/15/2030 (a)
|
1,250,000
|
1,267,773
|
|
SCF Equipment Leasing LLC
|
|
|
|
Series 2024-1A, Class B, 5.56%, 4/20/2032 (a)
|
1,083,000
|
1,101,281
|
|
Series 2024-1A, Class C, 5.82%, 9/20/2032 (a)
|
443,000
|
450,280
|
|
Series 2025-2A, Class A3, 4.33%, 6/20/2036 (a)
|
1,080,000
|
1,073,120
|
|
Series 2025-2A, Class C, 4.82%, 6/20/2036 (a)
|
750,000
|
733,055
|
|
Series 2025-2A, Class D, 5.33%, 6/20/2036 (a)
|
210,000
|
205,546
|
|
Series 2025-2A, Class E, 6.21%, 6/20/2036 (a)
|
235,000
|
230,471
|
|
Sierra Timeshare Receivables Funding LLC
|
|
|
|
Series 2023-2A, Class A, 5.80%, 4/20/2040 (a)
|
302,812
|
307,718
|
|
Series 2024-2A, Class C, 5.83%, 6/20/2041 (a)
|
700,799
|
703,463
|
|
Series 2025-1A, Class A, 4.81%, 1/21/2042 (a)
|
544,685
|
543,722
|
|
Series 2026-1A, Class B, 4.80%, 12/22/2042 (a)
|
760,460
|
752,583
|
|
Series 2024-1A, Class B, 5.35%, 1/20/2043 (a)
|
328,014
|
329,633
|
|
Series 2025-3A, Class C, 4.98%, 8/22/2044 (a)
|
340,101
|
335,362
|
|
Stream Innovations Issuer Trust Series 2024-2A, Class A, 5.21%, 2/15/2045 (a)
|
2,295,063
|
2,296,079
|
|
Symphony CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2015-16A, Class B1RR, 5.37%, 10/15/2031 (a) (e)
|
680,000
|
680,085
|
|
Series 2018-20A, Class BR2, 5.23%, 1/16/2032 (a) (e)
|
1,430,000
|
1,431,786
|
|
Towd Point Mortgage Trust
|
|
|
|
Series 2026-FIX1, Class A1, 4.98%, 12/25/2065 (a) (g)
|
2,003,232
|
1,988,371
|
|
Series 2026-CES1, Class A1, 4.96%, 1/25/2066 (a) (g)
|
1,635,497
|
1,623,801
|
|
Series 2026-FIX2, Class A1A, 5.31%, 4/25/2066 (a) (g)
|
1,413,564
|
1,409,593
|
|
Tricon Residential Trust
|
|
|
|
Series 2021-SFR1, Class E1, 2.79%, 7/17/2038 (a)
|
240,000
|
239,066
|
|
Series 2023-SFR1, Class B, 5.10%, 7/17/2040 (a)
|
800,000
|
793,620
|
|
Series 2024-SFR4, Class D, 5.35%, 11/17/2041 (a)
|
1,311,000
|
1,291,461
|
|
Tricon Trust Series 2026-SFR2, Class A, 4.85%, 6/17/2043 (a) (e) (h)
|
2,223,000
|
2,223,000
|
|
UPG HI Issuer Trust
|
|
|
|
Series 2025-2, Class A, 5.00%, 9/25/2047 (a)
|
1,270,993
|
1,267,907
|
|
Series 2026-1, Class A, 5.03%, 2/25/2048 (a)
|
1,560,000
|
1,556,358
|
|
Upstart Securitization Trust
|
|
|
|
Series 2025-3, Class A2, 4.60%, 9/20/2035 (a)
|
1,537,144
|
1,537,184
|
|
Series 2025-4, Class A2, 4.56%, 11/20/2035 (a)
|
2,137,770
|
2,137,794
|
|
Series 2026-2, Class B, 5.08%, 5/20/2036 (a)
|
1,616,000
|
1,612,114
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
UPX HIL Issuer Trust Series 2025-1, Class A, 5.16%, 1/25/2047 (a)
|
764,169
|
760,112
|
|
US Auto Funding Trust Series 2022-1A, Class B, 5.13%, 12/15/2026 ‡ (a)
|
498,310
|
154,792
|
|
US Bank NA Series 2023-1, Class B, 6.79%, 8/25/2032 (a)
|
485,358
|
488,677
|
|
Verdant Receivables LLC Series 2025-1A, Class A3, 4.96%, 5/12/2033 (a)
|
1,265,000
|
1,273,659
|
|
Veros Auto Receivables Trust
|
|
|
|
Series 2023-1, Class C, 8.32%, 11/15/2028 (a)
|
1,183,135
|
1,195,624
|
|
Series 2026-1, Class B, 4.84%, 5/15/2029 (a)
|
2,000,000
|
1,998,335
|
|
Series 2025-1, Class B, 5.54%, 7/16/2029 (a)
|
1,250,000
|
1,258,128
|
|
Westgate Resorts LLC Series 2024-1A, Class C, 7.06%, 1/20/2038 (a)
|
555,907
|
561,638
|
|
Westlake Automobile Receivables Trust
|
|
|
|
Series 2023-1A, Class D, 6.79%, 11/15/2028 (a)
|
500,000
|
506,649
|
|
Series 2023-2A, Class D, 7.01%, 11/15/2028 (a)
|
3,328,237
|
3,366,241
|
|
Series 2025-3A, Class C, 4.68%, 7/15/2031 (a)
|
2,080,000
|
2,076,877
|
|
Wingspire Equipment Finance LLC
|
|
|
|
Series 2024-1A, Class A2, 4.99%, 9/20/2032 (a)
|
608,987
|
611,214
|
|
Series 2025-1A, Class A2, 4.33%, 9/20/2033 (a)
|
2,030,000
|
2,029,466
|
|
Total Asset-Backed Securities
(Cost $318,832,020)
|
|
318,828,666
|
|
U.S. Treasury Obligations — 19.0%
|
||
|
U.S. Treasury Notes
|
|
|
|
4.13%, 1/31/2027
|
585,000
|
586,165
|
|
3.75%, 6/30/2027
|
172,700
|
172,403
|
|
3.88%, 7/31/2027
|
515,000
|
514,618
|
|
3.63%, 8/31/2027
|
17,687,000
|
17,617,910
|
|
3.38%, 9/15/2027
|
400,000
|
397,172
|
|
4.13%, 11/15/2027
|
915,000
|
916,859
|
|
4.00%, 12/15/2027
|
8,475,000
|
8,477,648
|
|
4.25%, 1/15/2028
|
555,000
|
557,168
|
|
4.25%, 2/15/2028
|
13,555,000
|
13,610,597
|
|
4.00%, 2/29/2028
|
172,700
|
172,713
|
|
3.63%, 3/31/2028
|
340,000
|
337,742
|
|
3.75%, 5/15/2028
|
1,210,000
|
1,204,139
|
|
3.88%, 6/15/2028
|
2,385,000
|
2,378,572
|
|
3.88%, 7/15/2028
|
40,730,000
|
40,607,492
|
|
3.63%, 8/15/2028
|
24,595,000
|
24,390,362
|
|
3.38%, 9/15/2028
|
28,320,000
|
27,917,325
|
|
3.50%, 10/15/2028
|
26,505,000
|
26,184,041
|
|
3.50%, 11/15/2028
|
48,260,000
|
47,652,980
|
|
3.50%, 12/15/2028
|
21,724,000
|
21,443,115
|
|
3.50%, 1/15/2029
|
7,020,000
|
6,925,395
|
|
4.25%, 2/28/2029
|
610,000
|
613,122
|
|
3.50%, 3/15/2029
|
15,289,700
|
15,071,105
|
|
3.88%, 4/15/2029
|
10,580,000
|
10,529,580
|
|
3.63%, 8/31/2030
|
4,336,000
|
4,252,668
|
|
3.63%, 9/30/2030
|
1,455,000
|
1,426,582
|
|
3.63%, 10/31/2030
|
430,000
|
421,366
|
|
3.63%, 12/31/2030
|
810,000
|
792,977
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
U.S. Treasury Obligations — continued
|
||
|
3.88%, 3/31/2031
|
690,000
|
682,076
|
|
3.88%, 4/30/2031
|
3,560,000
|
3,518,559
|
|
Total U.S. Treasury Obligations
(Cost $281,544,978)
|
|
279,372,451
|
|
Mortgage-Backed Securities — 14.8%
|
||
|
FHLMC Gold Pools, 30 Year Pool # G08878, 4.50%, 5/1/2049
|
181,013
|
176,718
|
|
FHLMC Gold Pools, Other Pool # WN5278, 4.25%, 2/1/2030
|
3,000,000
|
2,988,246
|
|
FHLMC UMBS, 15 Year
|
|
|
|
Pool # ZS6689, 2.50%, 4/1/2028
|
38,117
|
37,553
|
|
Pool # SB8184, 4.00%, 10/1/2037
|
463,843
|
451,208
|
|
Pool # SB8261, 5.50%, 10/1/2038
|
654,025
|
666,249
|
|
Pool # SB8308, 5.00%, 6/1/2039
|
457,855
|
460,800
|
|
Pool # QO4050, 5.50%, 8/1/2040
|
686,232
|
698,524
|
|
Pool # QO4148, 6.00%, 9/1/2040
|
1,703,810
|
1,751,413
|
|
Pool # QO4670, 6.00%, 12/1/2040
|
2,189,576
|
2,250,744
|
|
Pool # QO5119, 6.00%, 3/1/2041
|
1,292,234
|
1,328,349
|
|
Pool # QO5306, 5.00%, 4/1/2041
|
3,910,648
|
3,934,205
|
|
FHLMC UMBS, 30 Year
|
|
|
|
Pool # SD8342, 5.50%, 7/1/2053
|
1,483,147
|
1,495,069
|
|
Pool # SD8343, 6.00%, 7/1/2053
|
5,496,482
|
5,628,852
|
|
Pool # QH3301, 6.00%, 10/1/2053
|
1,151,166
|
1,178,207
|
|
Pool # SD4536, 6.00%, 11/1/2053
|
884,456
|
903,658
|
|
Pool # SD4893, 6.00%, 2/1/2054
|
2,966,658
|
3,066,903
|
|
Pool # SL0775, 6.00%, 5/1/2054
|
2,694,786
|
2,764,371
|
|
Pool # RJ1970, 6.00%, 7/1/2054
|
434,377
|
444,597
|
|
Pool # SD6318, 6.00%, 9/1/2054
|
1,249,658
|
1,283,215
|
|
Pool # QJ7053, 6.00%, 10/1/2054
|
1,558,558
|
1,592,396
|
|
Pool # SL0226, 6.00%, 2/1/2055
|
2,126,652
|
2,194,337
|
|
Pool # QZ4969, 5.50%, 10/1/2055
|
7,537,984
|
7,596,774
|
|
Pool # QZ5395, 5.50%, 10/1/2055
|
3,179,063
|
3,203,308
|
|
Pool # TA0287, 5.50%, 12/1/2055
|
2,075,308
|
2,105,565
|
|
Pool # TA2049, 5.50%, 12/1/2055
|
1,951,559
|
1,974,905
|
|
Pool # QZ9731, 6.00%, 12/1/2055
|
1,835,422
|
1,883,645
|
|
Pool # TA4790, 5.50%, 2/1/2056
|
10,175,738
|
10,250,361
|
|
Pool # TA5366, 5.50%, 2/1/2056
|
4,608,651
|
4,651,446
|
|
Pool # TA6706, 5.50%, 2/1/2056
|
1,513,966
|
1,530,008
|
|
Pool # TA6707, 5.50%, 2/1/2056
|
739,372
|
746,095
|
|
Pool # TA6708, 5.50%, 2/1/2056
|
2,336,845
|
2,357,187
|
|
Pool # TA6712, 5.50%, 2/1/2056
|
582,652
|
591,129
|
|
Pool # TA6713, 5.50%, 2/1/2056
|
1,208,782
|
1,220,813
|
|
Pool # TA6714, 5.50%, 2/1/2056
|
1,222,323
|
1,233,897
|
|
Pool # TA6715, 5.50%, 2/1/2056
|
431,413
|
437,429
|
|
Pool # TA6716, 5.50%, 2/1/2056
|
766,109
|
774,073
|
|
Pool # TA6721, 5.50%, 2/1/2056
|
191,710
|
193,525
|
|
Pool # TA6752, 5.50%, 2/1/2056
|
256,078
|
258,983
|
|
Pool # TA6719, 6.00%, 2/1/2056
|
1,129,635
|
1,166,974
|
|
Pool # TA6720, 6.00%, 2/1/2056
|
634,474
|
654,576
|
|
Pool # TA6723, 6.00%, 2/1/2056
|
868,025
|
896,540
|
|
Pool # TA7131, 5.50%, 3/1/2056
|
1,461,479
|
1,476,964
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # TA7133, 5.50%, 3/1/2056
|
652,575
|
662,870
|
|
Pool # TA7134, 5.50%, 3/1/2056
|
404,514
|
410,399
|
|
Pool # TA7142, 5.50%, 3/1/2056
|
3,712,089
|
3,740,836
|
|
Pool # TA7143, 5.50%, 3/1/2056
|
1,053,333
|
1,062,290
|
|
Pool # TA8848, 5.50%, 3/1/2056
|
788,048
|
795,891
|
|
Pool # TA8864, 6.00%, 3/1/2056
|
896,315
|
921,916
|
|
Pool # TA8872, 6.00%, 3/1/2056
|
369,033
|
379,829
|
|
Pool # TA8876, 6.00%, 3/1/2056
|
798,082
|
820,452
|
|
Pool # TA8885, 6.00%, 3/1/2056
|
519,637
|
535,130
|
|
Pool # TA9463, 6.50%, 4/1/2056
|
1,317,607
|
1,372,628
|
|
Pool # TB3664, 5.50%, 5/1/2056
|
2,000,000
|
2,015,121
|
|
Pool # TB3684, 6.00%, 5/1/2056
|
3,365,658
|
3,464,121
|
|
Pool # TB3707, 6.50%, 5/1/2056
|
1,411,615
|
1,476,040
|
|
Pool # TB3713, 6.50%, 5/1/2056
|
1,416,250
|
1,478,717
|
|
Pool # TB3718, 6.50%, 5/1/2056
|
1,439,688
|
1,503,700
|
|
FNMA Pool # BM4562, ARM, 6.08%, 5/1/2047 (e)
|
623,282
|
645,851
|
|
FNMA / FHLMC UMBS, Single Family, 30 Year TBA, 6.00%, 6/25/2056 (h)
|
5,100,000
|
5,207,458
|
|
FNMA UMBS, 15 Year
|
|
|
|
Pool # FM1156, 2.50%, 4/1/2033
|
375,254
|
361,070
|
|
Pool # MA4944, 4.50%, 3/1/2038
|
1,637,461
|
1,623,302
|
|
Pool # MA5093, 5.00%, 7/1/2038
|
2,643,623
|
2,660,821
|
|
Pool # DA7911, 6.00%, 1/1/2039
|
719,048
|
740,848
|
|
Pool # BV1872, 5.50%, 7/1/2040
|
1,268,860
|
1,305,244
|
|
Pool # DE8086, 5.50%, 8/1/2040
|
1,151,453
|
1,175,455
|
|
Pool # DF3847, 5.50%, 10/1/2040
|
998,153
|
1,018,958
|
|
Pool # DF5082, 5.50%, 11/1/2040
|
1,060,525
|
1,088,734
|
|
Pool # DF5653, 6.00%, 11/1/2040
|
75,808
|
78,502
|
|
Pool # DG2241, 5.50%, 2/1/2041
|
1,063,527
|
1,088,786
|
|
Pool # DF8932, 6.00%, 2/1/2041
|
1,116,826
|
1,154,116
|
|
Pool # DG3493, 5.50%, 3/1/2041
|
1,031,336
|
1,051,583
|
|
FNMA UMBS, 20 Year
|
|
|
|
Pool # FM3933, 3.00%, 6/1/2037
|
1,033,980
|
980,611
|
|
Pool # FM3075, 3.50%, 11/1/2039
|
713,240
|
678,453
|
|
Pool # CA8310, 2.50%, 12/1/2040
|
187,336
|
167,386
|
|
Pool # MA4780, 4.50%, 10/1/2042
|
1,732,261
|
1,708,939
|
|
FNMA UMBS, 30 Year
|
|
|
|
Pool # BM1285, 4.50%, 5/1/2047
|
101,665
|
99,788
|
|
Pool # MA5010, 5.50%, 5/1/2053
|
9,499,777
|
9,575,206
|
|
Pool # MA5039, 5.50%, 6/1/2053
|
8,268,513
|
8,334,978
|
|
Pool # MA5191, 6.00%, 11/1/2053
|
3,100,961
|
3,171,565
|
|
Pool # DA5084, 6.00%, 12/1/2053
|
1,367,238
|
1,401,612
|
|
Pool # FA0565, 6.00%, 6/1/2054
|
6,400,108
|
6,572,210
|
|
Pool # FS9980, 6.00%, 9/1/2054
|
791,901
|
812,735
|
|
Pool # DE2854, 5.50%, 6/1/2055
|
1,420,253
|
1,429,173
|
|
Pool # DE2826, 6.00%, 7/1/2055
|
628,089
|
644,718
|
|
Pool # DE9362, 6.00%, 9/1/2055
|
13,746,954
|
14,083,867
|
|
Pool # DF0304, 6.00%, 9/1/2055
|
1,241,521
|
1,268,508
|
|
Pool # DF0762, 5.50%, 10/1/2055
|
7,782,825
|
7,840,652
|
|
Pool # DF8741, 5.50%, 12/1/2055
|
225,894
|
227,023
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # DF9765, 5.50%, 1/1/2056
|
1,700,347
|
1,721,586
|
|
Pool # DF9777, 5.50%, 1/1/2056
|
3,281,813
|
3,316,071
|
|
Pool # DG0558, 5.50%, 1/1/2056
|
2,395,160
|
2,407,208
|
|
Pool # DF8208, 6.00%, 1/1/2056
|
1,184,956
|
1,221,232
|
|
Pool # DF8240, 6.00%, 1/1/2056
|
1,303,328
|
1,349,009
|
|
Pool # DG0358, 5.50%, 2/1/2056
|
248,420
|
250,092
|
|
Pool # DG2566, 5.50%, 2/1/2056
|
1,777,994
|
1,793,472
|
|
Pool # DG2570, 5.50%, 2/1/2056
|
1,512,612
|
1,528,332
|
|
Pool # DF4300, 6.00%, 2/1/2056
|
57,608
|
59,030
|
|
Pool # DG3661, 5.50%, 3/1/2056
|
711,959
|
719,043
|
|
Pool # DG3665, 5.50%, 3/1/2056
|
1,135,904
|
1,145,792
|
|
Pool # DG3744, 5.50%, 3/1/2056
|
958,963
|
973,531
|
|
Pool # DG4541, 5.50%, 3/1/2056
|
2,659,291
|
2,685,757
|
|
Pool # DG5495, 5.50%, 3/1/2056
|
1,725,326
|
1,741,015
|
|
Pool # DG5501, 5.50%, 3/1/2056
|
1,725,797
|
1,734,426
|
|
Pool # DG5503, 5.50%, 3/1/2056
|
1,715,314
|
1,734,042
|
|
Pool # DG3674, 6.00%, 3/1/2056
|
852,641
|
879,449
|
|
Pool # DG3677, 6.00%, 3/1/2056
|
567,191
|
586,000
|
|
Pool # DG6829, 6.00%, 4/1/2056
|
418,496
|
430,450
|
|
Pool # DG6830, 6.00%, 4/1/2056
|
446,679
|
459,198
|
|
Pool # DG6851, 6.50%, 4/1/2056
|
921,786
|
962,356
|
|
Pool # DG6852, 6.50%, 4/1/2056
|
1,997,702
|
2,081,121
|
|
Pool # DG6856, 6.50%, 4/1/2056
|
1,176,990
|
1,231,762
|
|
Pool # DG9905, 5.50%, 5/1/2056
|
1,383,138
|
1,393,595
|
|
Pool # DH1936, 6.50%, 6/1/2056
|
1,000,000
|
1,041,760
|
|
Pool # DH1939, 6.50%, 6/1/2056
|
500,000
|
520,744
|
|
Pool # DH1950, 7.00%, 6/1/2056
|
500,000
|
530,211
|
|
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 6.00%, 6/25/2041 (h)
|
970,000
|
997,054
|
|
GNMA II, 30 Year Pool # 787548, 5.50%, 9/20/2054
|
2,242,274
|
2,271,839
|
|
Total Mortgage-Backed Securities
(Cost $217,735,783)
|
|
217,103,080
|
|
Collateralized Mortgage Obligations — 8.2%
|
||
|
ABL Series 2025-RTL1, Class A1, 6.04%, 6/25/2030 (a) (g)
|
945,000
|
952,161
|
|
Al, 5.59%, 10/25/2029 ‡
|
2,500,000
|
2,500,000
|
|
Anchor Mortgage Trust Series 2025-RTL1, Class A1, 5.72%, 5/25/2040 (a) (g)
|
1,000,000
|
999,523
|
|
Brean Asset-Backed Securities Trust
|
|
|
|
Series 2025-RM13, Class A1, 4.25%, 10/25/2065 ‡ (a)
|
817,036
|
787,399
|
|
Series 2026-RM14, Class A1, 4.25%, 1/25/2066 ‡ (a)
|
3,422,000
|
3,306,195
|
|
CAFL Issuer LP
|
|
|
|
Series 2025-RRTL1, Class A1, 5.68%, 5/28/2040 (a) (g)
|
1,700,000
|
1,705,084
|
|
Series 2025-RRTL2, Class A1, 5.18%, 11/28/2040 (a) (g)
|
1,515,000
|
1,504,372
|
|
Citi Asset Receivables Trust I
|
|
|
|
Series 2026-3, Class CERT, 0.00%, 4/20/2032 ‡ (a)
|
2,162,109
|
2,152,596
|
|
Series 2026-4, Class CERT, 0.00%, 5/20/2032 ‡ (a)
|
3,780,000
|
3,827,250
|
|
Series 2026-5, Class CERT, 0.00%, 6/20/2032 ‡ (a)
|
2,110,000
|
2,196,904
|
|
Connecticut Avenue Securities Trust
|
|
|
|
Series 2022-R02, Class 2M2, 6.61%, 1/25/2042 (a) (e)
|
210,194
|
212,657
|
|
Series 2025-R06, Class 1M1, 4.56%, 9/25/2045 (a) (e)
|
787,187
|
786,498
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
FHLMC STACR REMIC Trust
|
|
|
|
Series 2023-HQA3, Class M2, 6.96%, 11/25/2043 (a) (e)
|
725,000
|
751,431
|
|
Series 2025-DNA3, Class A1, 4.56%, 9/25/2045 (a) (e)
|
1,137,500
|
1,138,831
|
|
FHLMC, REMIC
|
|
|
|
Series 2673, Class PE, 5.50%, 9/15/2033
|
50,114
|
51,307
|
|
Series 5394, Class AV, 5.50%, 1/25/2035
|
838,720
|
842,609
|
|
Series 5516, Class DV, 6.00%, 12/25/2035
|
2,742,696
|
2,787,035
|
|
Series 4754, Class VG, 4.00%, 12/15/2036
|
34,748
|
34,698
|
|
Series 3878, Class PL, 4.50%, 11/15/2040
|
197,519
|
195,879
|
|
Series 4376, Class A, 4.00%, 7/15/2041
|
6,744
|
6,733
|
|
Series 5182, Class D, 2.50%, 11/25/2043
|
6,420,786
|
6,007,697
|
|
Series 4583, Class UP, 3.00%, 7/15/2045
|
1,386,172
|
1,298,171
|
|
Series 4599, Class PA, 3.00%, 9/15/2045
|
2,993,870
|
2,820,871
|
|
Series 5386, Class KA, 5.00%, 1/25/2047
|
1,577,868
|
1,583,727
|
|
Series 4718, Class DA, 3.00%, 2/15/2047
|
174,375
|
162,585
|
|
Series 5021, Class MI, IO, 3.00%, 10/25/2050
|
323,563
|
54,699
|
|
Series 5564, Class BA, 5.00%, 12/25/2051
|
3,940,364
|
3,919,388
|
|
Series 5531, Class DA, 5.00%, 3/25/2052
|
1,838,658
|
1,833,529
|
|
Series 5558, Class DA, 5.00%, 7/25/2052
|
6,606,506
|
6,577,976
|
|
Series 5561, Class DA, 5.00%, 9/25/2052
|
6,850,333
|
6,801,390
|
|
FHLMC, STRIPS Series 445, Class HA, 4.25%, 5/25/2031
|
3,830,119
|
3,776,504
|
|
FNMA, REMIC
|
|
|
|
Series 2024-101, Class DV, 5.50%, 12/25/2035
|
702,614
|
711,861
|
|
Series 2025-4, Class PV, 5.50%, 1/25/2036
|
680,126
|
690,982
|
|
Series 2025-27, Class BV, 5.50%, 3/25/2036
|
1,470,057
|
1,487,810
|
|
Series 2025-35, Class DV, 5.25%, 4/25/2036
|
4,855,769
|
4,866,431
|
|
Series 2012-136, Class DL, 3.50%, 12/25/2042
|
153,406
|
147,612
|
|
Series 2024-27, Class CA, 5.50%, 12/25/2048
|
1,088,533
|
1,091,148
|
|
Series 2024-20, Class MA, 5.00%, 11/25/2049
|
1,758,137
|
1,757,774
|
|
Series 2025-58, Class CA, 5.00%, 9/25/2051
|
1,083,202
|
1,080,539
|
|
Series 2025-58, Class MA, 5.00%, 9/25/2051
|
2,213,898
|
2,209,461
|
|
Series 2025-66, Class LA, 5.00%, 12/25/2051
|
2,823,032
|
2,811,213
|
|
Series 2025-62, Class CA, 5.50%, 1/25/2052
|
3,155,129
|
3,173,083
|
|
Series 2022-42, Class EA, 3.75%, 6/25/2052
|
1,382,179
|
1,332,294
|
|
Series 2022-43, Class P, 4.00%, 7/25/2052
|
367,268
|
356,758
|
|
GNMA
|
|
|
|
Series 2024-110, Class LC, 3.50%, 4/20/2048
|
3,446,499
|
3,342,368
|
|
Series 2021-9, Class MI, IO, 2.50%, 1/20/2051
|
178,692
|
25,602
|
|
Series 2021-119, Class JG, 1.50%, 6/20/2051
|
5,720,966
|
4,885,436
|
|
Series 2025-4, Class LA, 3.00%, 7/20/2051
|
1,270,526
|
1,193,267
|
|
Series 2024-184, Class BG, 3.50%, 10/20/2051
|
4,004,526
|
3,825,279
|
|
Series 2025-1, Class GC, 3.50%, 10/20/2051
|
2,853,150
|
2,720,389
|
|
Series 2024-151, Class HB, 4.50%, 10/20/2052
|
4,055,346
|
3,976,889
|
|
GS Mortgage-Backed Securities Trust
|
|
|
|
Series 2023-PJ5, Class A16, 6.50%, 2/25/2054 (a) (e)
|
1,926,433
|
1,943,697
|
|
Series 2025-PJ4, Class A5, 5.50%, 9/25/2055 (a) (e)
|
872,825
|
875,780
|
|
Homeward Opportunities Fund Trust Series 2025-RRTL2, Class A1, 5.24%, 9/25/2040 (a) (g)
|
1,060,000
|
1,060,267
|
|
J.P. Morgan Mortgage Trust Series 2023-2, Class A4B, 5.50%, 7/25/2053 (a) (e)
|
927,544
|
931,866
|
|
Legacy Mortgage Asset Trust Series 2021-GS3, Class A1, 5.75%, 7/25/2061 (a) (g)
|
82,944
|
83,097
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
LHOME Mortgage Trust
|
|
|
|
Series 2025-RTL1, Class A1, 5.65%, 1/25/2040 (a) (g)
|
1,000,000
|
1,004,365
|
|
Series 2025-RTL3, Class A1, 5.24%, 8/25/2040 (a) (g)
|
2,275,000
|
2,276,200
|
|
Series 2026-RTL1, Class A1, 4.91%, 1/25/2041 (a) (g)
|
1,064,000
|
1,056,796
|
|
LOANDEPOT GMSR Master Trust Series 2025-GT2, Class A, 6.78%, 7/16/2030 (a) (e)
|
650,000
|
651,180
|
|
MFA Trust
|
|
|
|
Series 2024-RTL3, Class A1, 5.91%, 11/25/2039 (a) (g)
|
1,220,000
|
1,223,557
|
|
Series 2024-NPL1, Class A1, 6.33%, 9/25/2054 (a) (g)
|
558,136
|
558,999
|
|
New Residential Mortgage Loan Trust Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (a) (g)
|
219,144
|
219,399
|
|
NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A, 6.55%, 3/25/2032 (a) (g)
|
803,031
|
803,519
|
|
OLIT Series 2025-HB2, Class A, 3.00%, 11/25/2038 ‡ (a) (e)
|
664,936
|
649,888
|
|
PRET LLC Series 2026-NPL1, Class A1, 5.18%, 1/25/2056 (a) (g)
|
2,890,858
|
2,869,165
|
|
Roc Mortgage Trust Series 2025-RTL1, Class A1, 5.63%, 2/25/2040 (a) (g)
|
185,000
|
185,371
|
|
Toorak Mortgage Trust Series 2025-RRTL1, Class A1, 5.52%, 2/25/2040 (a) (g)
|
800,000
|
801,793
|
|
Verus Securitization Trust Series 2021-2, Class M1, 2.19%, 2/25/2066 (a) (e)
|
144,000
|
117,364
|
|
Total Collateralized Mortgage Obligations
(Cost $120,628,907)
|
|
120,574,198
|
|
Commercial Mortgage-Backed Securities — 3.1%
|
||
|
BAML RCAP Frn 8.00%, 10/25/2027 ‡
|
665,084
|
665,085
|
|
Benchmark Mortgage Trust Series 2024-V5, Class C, 6.97%, 1/10/2057 (e)
|
300,000
|
308,972
|
|
BMO Mortgage Trust Series 2024-5C3, Class C, 6.86%, 2/15/2057 (e)
|
300,000
|
302,081
|
|
BX Commercial Mortgage Trust Series 2024-MF, Class B, 5.32%, 2/15/2039 (a) (e)
|
1,062,545
|
1,064,870
|
|
BX Trust Series 2022-LBA6, Class D, 5.63%, 1/15/2039 (a) (e)
|
525,000
|
524,836
|
|
Citigroup Commercial Mortgage Trust
|
|
|
|
Series 2015-GC29, Class C, 3.97%, 4/10/2048 (e)
|
400,000
|
355,988
|
|
Series 2015-GC31, Class C, 3.69%, 6/10/2048 (e)
|
250,000
|
47,071
|
|
Commercial Mortgage Trust
|
|
|
|
Series 2014-UBS5, Class C, 4.72%, 9/10/2047 (e)
|
2,200,000
|
2,041,727
|
|
Series 2015-CR26, Class B, 4.68%, 10/10/2048 (e)
|
62,726
|
61,343
|
|
CSAIL Commercial Mortgage Trust Series 2015-C2, Class C, 4.18%, 6/15/2057 (e)
|
260,507
|
248,781
|
|
CSTL Commercial Mortgage Trust
|
|
|
|
Series 2025-GATE2, Class C, 5.14%, 11/10/2042 (a) (e)
|
305,000
|
298,353
|
|
Series 2025-GATE2, Class D, 5.63%, 11/10/2042 (a) (e)
|
470,000
|
460,764
|
|
Series 2025-GATE2, Class E, 6.35%, 11/10/2042 (a) (e)
|
875,000
|
859,734
|
|
Series 2026-GATE3, Class B, 4.94%, 2/10/2043 (a) (e)
|
900,000
|
882,167
|
|
Series 2026-GATE3, Class C, 5.13%, 2/10/2043 (a) (e)
|
300,000
|
293,492
|
|
Series 2026-GATE3, Class D, 5.52%, 2/10/2043 (a) (e)
|
167,000
|
163,745
|
|
DLIC Re-REMIC Trust Series 2025-FRR1, Class CK57, 0.99%, 8/27/2049 ‡ (a) (e)
|
805,000
|
792,730
|
|
ELM Trust
|
|
|
|
Series 2024-ELM, Class B10, 6.00%, 6/10/2039 (a) (e)
|
1,016,000
|
1,015,054
|
|
Series 2024-ELM, Class C10, 6.19%, 6/10/2039 (a) (e)
|
1,290,000
|
1,288,133
|
|
ELP Commercial Mortgage Trust
|
|
|
|
Series 2025-ELP, Class A, 4.60%, 11/13/2042 (a) (e)
|
1,040,000
|
1,028,814
|
|
Series 2025-ELP, Class B, 4.85%, 11/13/2042 (a) (e)
|
505,000
|
499,016
|
|
Series 2025-ELP, Class C, 5.14%, 11/13/2042 (a) (e)
|
300,000
|
298,435
|
|
FHLMC MSCR Trust Series 2025-MN12, Class M1, 5.36%, 11/25/2045 (a) (e)
|
1,995,709
|
1,997,253
|
|
FHLMC, Multi-Family Structured Pass-Through Certificates
|
|
|
|
Series K068, Class X1, IO, 0.40%, 8/25/2027 (e)
|
3,322,664
|
14,323
|
|
Series K121, Class X1, IO, 1.01%, 10/25/2030 (e)
|
9,585,967
|
342,237
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series K120, Class X1, IO, 1.02%, 10/25/2030 (e)
|
9,655,531
|
349,814
|
|
Series K124, Class X1, IO, 0.71%, 12/25/2030 (e)
|
19,676,127
|
536,117
|
|
Series K123, Class X1, IO, 0.76%, 12/25/2030 (e)
|
27,324,318
|
773,401
|
|
Series K128, Class X1, IO, 0.51%, 3/25/2031 (e)
|
29,418,246
|
583,587
|
|
Series K111, Class X3, IO, 3.18%, 4/25/2048 (e)
|
405,000
|
45,429
|
|
Series K110, Class X3, IO, 3.37%, 6/25/2048 (e)
|
380,000
|
43,405
|
|
Series K115, Class X3, IO, 2.95%, 9/25/2048 (e)
|
430,000
|
44,060
|
|
Series K125, Class X3, IO, 2.65%, 2/25/2049 (e)
|
460,000
|
47,897
|
|
FREMF Mortgage Trust
|
|
|
|
Series 2018-K82, Class X2A, IO, 0.10%, 9/25/2028 (a)
|
10,339,341
|
18,439
|
|
Series 2018-K82, Class D, PO, 10/25/2028 (a)
|
1,000,000
|
830,432
|
|
Series 2018-K82, Class X2B, IO, 0.10%, 10/25/2028 (a)
|
3,000,000
|
6,294
|
|
Series 2019-KC07, Class C, 3.58%, 10/25/2029 (a) (e)
|
600,000
|
510,625
|
|
Series 2020-KSG1, Class C, PO, 9/25/2030 (a)
|
431,153
|
305,429
|
|
Series 2020-KSG1, Class X2A, IO, 0.10%, 9/25/2030 (a)
|
5,319,043
|
17,156
|
|
Series 2020-KSG1, Class X2B, IO, 0.10%, 9/25/2030 (a)
|
431,153
|
1,502
|
|
Series 2016-K57, Class C, 3.86%, 8/25/2049 (a) (e)
|
185,000
|
184,235
|
|
Series 2016-K58, Class C, 3.74%, 9/25/2049 (a) (e)
|
110,000
|
109,468
|
|
Series 2017-K68, Class D, PO, 10/25/2049 (a)
|
1,000,000
|
899,976
|
|
Series 2018-K83, Class D, PO, 11/25/2051 (a)
|
1,400,000
|
1,139,481
|
|
Series 2019-K93, Class C, 4.12%, 5/25/2052 (a) (e)
|
2,000,000
|
1,940,615
|
|
Series 2020-K740, Class D, PO, 11/25/2052 (a)
|
1,800,000
|
1,611,925
|
|
Series 2020-K740, Class X2A, IO, 0.10%, 11/25/2052 (a)
|
18,631,242
|
17,836
|
|
Series 2020-K740, Class X2B, IO, 0.10%, 11/25/2052 (a)
|
4,400,000
|
4,902
|
|
Series 2020-K113, Class D, PO, 5/25/2053 (a)
|
1,000,000
|
709,614
|
|
Series 2020-K115, Class D, PO, 9/25/2053 (a)
|
1,200,000
|
888,403
|
|
Series 2020-K115, Class X2A, IO, 0.10%, 9/25/2053 (a)
|
12,674,776
|
40,812
|
|
Series 2020-K115, Class X2B, IO, 0.10%, 9/25/2053 (a)
|
2,900,000
|
9,842
|
|
Series 2020-K118, Class D, PO, 10/25/2053 (a)
|
1,100,000
|
787,654
|
|
Series 2020-K118, Class X2A, IO, 0.10%, 10/25/2053 (a)
|
11,877,833
|
39,351
|
|
Series 2020-K118, Class X2B, IO, 0.10%, 10/25/2053 (a)
|
2,457,000
|
8,560
|
|
Series 2020-K739, Class D, PO, 11/25/2053 (a)
|
1,000,000
|
865,571
|
|
Series 2020-K739, Class X2A, IO, 0.10%, 11/25/2053 (a)
|
9,728,218
|
7,362
|
|
Series 2020-K739, Class X2B, IO, 0.10%, 11/25/2053 (a)
|
3,000,000
|
2,949
|
|
Series 2021-K126, Class D, PO, 1/25/2054 (a)
|
1,200,000
|
822,315
|
|
Series 2021-K126, Class X2A, IO, 0.10%, 1/25/2054 (a)
|
10,245,552
|
36,258
|
|
Series 2021-K126, Class X2B, IO, 0.10%, 1/25/2054 (a)
|
2,600,000
|
9,907
|
|
GAM Re-REMIC Trust Series 2022-FRR3, Class BK61, PO, 11/27/2049 ‡ (a)
|
800,000
|
774,847
|
|
GS Mortgage Securities Trust
|
|
|
|
Series 2016-GS2, Class B, 3.76%, 5/10/2049 (e)
|
100,000
|
96,506
|
|
Series 2017-GS5, Class D, 3.51%, 3/10/2050 (a) (e)
|
250,000
|
15,819
|
|
JPMBB Commercial Mortgage Securities Trust
|
|
|
|
Series 2015-C31, Class C, 4.53%, 8/15/2048 (e)
|
150,000
|
116,615
|
|
Series 2016-C1, Class D1, 4.26%, 3/17/2049 (a) (e)
|
400,000
|
372,300
|
|
JPMCC Commercial Mortgage Securities Trust
|
|
|
|
Series 2017-JP5, Class C, 3.74%, 3/15/2050 (e)
|
800,000
|
712,376
|
|
Series 2017-JP5, Class D, 4.49%, 3/15/2050 (a) (e)
|
275,000
|
229,919
|
|
JPMorgan Chase Commercial Mortgage Securities Trust
|
|
|
|
Series 2015-JP1, Class C, 4.75%, 1/15/2049 (e)
|
1,000,000
|
904,750
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2016-JP3, Class C, 3.46%, 8/15/2049 (e)
|
1,000,000
|
787,005
|
|
Life Mortgage Trust Series 2021-BMR, Class C, 4.84%, 3/15/2038 (a) (e)
|
20,826
|
20,645
|
|
Multi-Family Connecticut Avenue Securities Trust
|
|
|
|
Series 2019-01, Class M10, 6.98%, 10/25/2049 (a) (e)
|
493,861
|
498,673
|
|
Series 2020-01, Class M10, 7.48%, 3/25/2050 (a) (e)
|
1,499,133
|
1,521,309
|
|
PRM7 Trust
|
|
|
|
Series 2025-PRM7, Class A, 4.36%, 11/10/2042 (a) (e)
|
1,132,000
|
1,104,104
|
|
Series 2025-PRM7, Class B, 4.65%, 11/10/2042 (a) (e)
|
1,088,000
|
1,055,464
|
|
Series 2025-PRM7, Class D, 5.66%, 11/10/2042 (a) (e)
|
734,000
|
723,264
|
|
ROCK Trust Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (a)
|
1,504,746
|
1,525,930
|
|
SDR Commercial Mortgage Trust
|
|
|
|
Series 2024-DSNY, Class A, 5.02%, 5/15/2039 (a) (e)
|
804,000
|
805,005
|
|
Series 2024-DSNY, Class B, 5.37%, 5/15/2039 (a) (e)
|
1,008,000
|
1,009,260
|
|
SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048
|
225,000
|
214,522
|
|
SMRT Series 2022-MINI, Class E, 6.33%, 1/15/2039 (a) (e)
|
350,000
|
349,234
|
|
STWD Mortgage Trust (Cayman Islands) Series 2021-LIH, Class B, 5.40%, 11/15/2036 (a) (e)
|
400,000
|
399,503
|
|
Wells Fargo Commercial Mortgage Trust Series 2015-LC22, Class D, 4.72%, 9/15/2058 (e)
|
205,000
|
182,448
|
|
WFRBS Commercial Mortgage Trust
|
|
|
|
Series 2014-C21, Class C, 4.23%, 8/15/2047 (e)
|
1,000,000
|
962,490
|
|
Series 2014-C22, Class C, 3.61%, 9/15/2057 (e)
|
725,000
|
605,398
|
|
Series 2014-C22, Class AS, 4.07%, 9/15/2057 (e)
|
842,019
|
803,178
|
|
Total Commercial Mortgage-Backed Securities
(Cost $46,629,351)
|
|
45,896,191
|
|
Foreign Government Securities — 1.2%
|
||
|
Arab Republic of Egypt
|
|
|
|
8.63%, 2/4/2030 (c)
|
200,000
|
213,745
|
|
5.88%, 2/16/2031 (c)
|
200,000
|
194,578
|
|
9.45%, 2/4/2033 (a)
|
200,000
|
221,664
|
|
7.30%, 9/30/2033 (c)
|
200,000
|
199,340
|
|
7.63%, 5/20/2034 (a)
|
508,000
|
510,545
|
|
Argentine Republic
|
|
|
|
1.00%, 7/9/2029
|
150,500
|
135,826
|
|
4.12%, 7/9/2035 (g)
|
1,595,000
|
1,228,947
|
|
3.50%, 7/9/2041 (g)
|
200,000
|
143,578
|
|
Benin Government Bond 7.96%, 2/13/2038 (a)
|
400,000
|
421,948
|
|
Commonwealth of the Bahamas
|
|
|
|
8.95%, 10/15/2032 (c)
|
200,000
|
222,926
|
|
8.25%, 6/24/2036 (a)
|
200,000
|
223,550
|
|
Dominican Republic Government Bond
|
|
|
|
4.50%, 1/30/2030 (a)
|
150,000
|
145,064
|
|
4.50%, 1/30/2030 (c)
|
150,000
|
145,064
|
|
7.05%, 2/3/2031 (c)
|
350,000
|
369,337
|
|
Federal Republic of Nigeria
|
|
|
|
6.50%, 11/28/2027 (c)
|
600,000
|
606,474
|
|
8.38%, 3/24/2029 (c)
|
400,000
|
425,512
|
|
9.63%, 6/9/2031 (c)
|
300,000
|
338,400
|
|
Hashemite Kingdom of Jordan
|
|
|
|
7.75%, 1/15/2028 (c)
|
200,000
|
206,750
|
|
7.50%, 1/13/2029 (c)
|
200,000
|
209,250
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Foreign Government Securities — continued
|
||
|
5.85%, 7/7/2030 (c)
|
200,000
|
201,250
|
|
5.75%, 11/12/2032 (a)
|
577,000
|
566,902
|
|
Islamic Republic of Pakistan
|
|
|
|
7.38%, 4/8/2031 (a)
|
1,100,000
|
1,080,585
|
|
7.38%, 4/8/2031 (c)
|
200,000
|
196,470
|
|
Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (a)
|
400,000
|
429,256
|
|
Plurinational State of Bolivia 9.45%, 5/14/2031 (a)
|
400,000
|
390,000
|
|
Republic of Angola 8.75%, 4/14/2032 (c)
|
700,000
|
716,625
|
|
Republic of Colombia 6.13%, 1/21/2031
|
600,000
|
597,450
|
|
Republic of Congo
|
|
|
|
8.75%, 4/16/2032 (a)
|
400,000
|
404,380
|
|
9.50%, 4/16/2037 (a)
|
220,000
|
224,369
|
|
Republic of Cote d'Ivoire
|
|
|
|
5.75%, 12/31/2032 (c) (g)
|
41,695
|
41,736
|
|
7.63%, 1/30/2033 (a)
|
400,000
|
426,800
|
|
7.63%, 1/30/2033 (c)
|
400,000
|
426,800
|
|
6.13%, 6/15/2033 (c)
|
200,000
|
198,970
|
|
8.08%, 4/1/2036 (a)
|
340,000
|
369,962
|
|
6.75%, 2/25/2041 (a)
|
393,000
|
375,561
|
|
Republic of Ecuador
|
|
|
|
6.90%, 7/31/2030 (c) (g)
|
180,000
|
180,265
|
|
8.75%, 1/29/2034 (a)
|
640,000
|
649,274
|
|
6.90%, 7/31/2035 (a) (g)
|
319,969
|
293,681
|
|
9.25%, 1/29/2039 (a)
|
981,000
|
1,008,439
|
|
5.00%, 7/31/2040 (a) (g)
|
218,041
|
182,182
|
|
Republic of El Salvador 9.25%, 4/17/2030 (c)
|
150,000
|
160,286
|
|
Republic of Honduras 8.63%, 11/27/2034 (a)
|
350,000
|
398,825
|
|
Republic of Kenya
|
|
|
|
9.75%, 2/16/2031 (c)
|
400,000
|
432,012
|
|
7.88%, 10/9/2033 (a)
|
300,000
|
295,575
|
|
Republic of Montenegro 7.25%, 3/12/2031 (a)
|
200,000
|
211,000
|
|
Republic of South Africa
|
|
|
|
7.10%, 11/19/2036 (a)
|
550,000
|
587,125
|
|
6.13%, 12/11/2037 (a)
|
290,000
|
284,200
|
|
Suriname Government International Bond
|
|
|
|
7.70%, 11/6/2030 (a)
|
232,000
|
239,508
|
|
8.50%, 11/6/2035 (a)
|
322,000
|
344,952
|
|
Total Foreign Government Securities
(Cost $17,629,923)
|
|
18,076,938
|
|
Municipal Bonds — 0.0% (e) (i) ^
|
||
|
California — 0.0% ^
|
||
|
California Housing Finance Agency Series 2021-1, Class X, Rev., 0.80%, 11/20/2035
(Cost $67,713)
|
2,020,572
|
77,539
|
|
|
SHARES
|
|
|
Short-Term Investments — 3.1%
|
||
|
Investment Companies — 3.0%
|
||
|
JPMorgan Prime Money Market Fund Class IM Shares, 3.74% (j) (k)
(Cost $43,541,581)
|
43,536,400
|
43,545,107
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
U.S. Treasury Obligations — 0.1%
|
||
|
U.S. Treasury Bills, 3.55%, 7/2/2026 (l) (m)
(Cost $2,128,577)
|
2,135,000
|
2,128,354
|
|
Total Short-Term Investments
(Cost $45,670,158)
|
|
45,673,461
|
|
Total Investments — 100.7%
(Cost $1,485,066,708)
|
|
1,481,729,765
|
|
Liabilities in Excess of Other Assets — (0.7)%
|
|
(9,629,009
)
|
|
NET ASSETS — 100.0%
|
|
1,472,100,756
|
|
Percentages indicated are based on net assets.
|
|
Abbreviations
|
|
|
ABS
|
Asset-Backed Securities
|
|
ARM
|
Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May
31, 2026.
|
|
CLO
|
Collateralized Loan Obligations
|
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
|
FNMA
|
Federal National Mortgage Association
|
|
FRN
|
Floating Rate Note
|
|
GNMA
|
Government National Mortgage Association
|
|
ICE
|
Intercontinental Exchange
|
|
IO
|
Interest Only represents the right to receive the monthly interest payments on an
underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are
subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest
income may be reduced considerably.
|
|
JSC
|
Joint Stock Company
|
|
PIK
|
Payment In Kind
|
|
PO
|
Principal Only represents the right to receive the principal portion only on an underlying
pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments
on the underlying mortgages of these securities increase, the yield on
these securities increases.
|
|
REIT
|
Real Estate Investment Trust
|
|
REMIC
|
Real Estate Mortgage Investment Conduit
|
|
Re-REMIC
|
Combined Real Estate Mortgage Investment Conduit
|
|
Rev.
|
Revenue
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
SOFRINDX
|
Compounding index of the Secured Overnight Financing Rate
|
|
STRIPS
|
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program
lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
|
|
TBA
|
To Be Announced; Security is subject to delayed delivery.
|
|
UMBS
|
Uniform Mortgage-Backed Securities
|
|
USD
|
United States Dollar
|
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
|
‡
|
Value determined using significant unobservable inputs.
|
|
|
(a)
|
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
Act of 1933, as amended.
|
|
|
(b)
|
Variable or floating rate security, linked to the referenced benchmark. The interest
rate shown is the current rate as of May 31, 2026.
|
|
|
(c)
|
Security exempt from registration pursuant to Regulation S under the Securities Act
of 1933, as amended. Regulation S applies to securities
offerings that are made outside of the United States and do not involve direct selling
efforts in the United States and as such may have
restrictions on resale.
|
|
|
(d)
|
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
|
|
|
(e)
|
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.
|
|
|
(f)
|
Defaulted security.
|
|
|
(g)
|
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.
|
|
|
(h)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
|
(i)
|
The date shown represents the earliest of the prerefunded date, next put date or final
maturity date.
|
|
|
(j)
|
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.
|
|
|
(k)
|
The rate shown is the current yield as of May 31, 2026.
|
|
|
(l)
|
The rate shown is the effective yield as of May 31, 2026.
|
|
|
(m)
|
All or a portion of this security is deposited with the broker as initial margin for
futures contracts or centrally cleared swaps.
|
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
|
Long Contracts
|
|
|
|
|
|
|
U.S. Treasury Ultra Bond
|
3
|
09/21/2026
|
USD
|
343,875
|
7,620
|
|
U.S. Treasury 2 Year Note
|
658
|
09/30/2026
|
USD
|
135,959,250
|
281,110
|
|
U.S. Treasury 5 Year Note
|
1,321
|
09/30/2026
|
USD
|
141,708,212
|
664,543
|
|
|
|
|
|
|
953,273
|
|
Short Contracts
|
|
|
|
|
|
|
U.S. Treasury 10 Year Note
|
(238
)
|
09/21/2026
|
USD
|
(26,153,969
)
|
(243,893
)
|
|
U.S. Treasury 10 Year Ultra Note
|
(198
)
|
09/21/2026
|
USD
|
(22,216,219
)
|
(315,883
)
|
|
U.S. Treasury Long Bond
|
(60
)
|
09/21/2026
|
USD
|
(6,744,375
)
|
(137,383
)
|
|
|
|
|
|
|
(697,159
)
|
|
|
|
|
|
|
256,114
|
|
Abbreviations
|
|
|
USD
|
United States Dollar
|
|
REFERENCE
OBLIGATION/INDEX
|
FINANCING
RATE PAID
BY THE FUND
(%)
|
PAYMENT
FREQUENCY
|
MATURITY
DATE
|
IMPLIED
CREDIT
SPREAD
(%)(a)
|
NOTIONAL
AMOUNT(b)
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
|
VALUE
($)
|
|
CDX.NA.HY.46-V1
|
5.00
|
Quarterly
|
6/20/2031
|
3.01
|
USD 2,885,000
|
(112,800
)
|
(151,690
)
|
(264,490
)
|
|
(*)
|
The Fund, as a buyer of credit protection, is generally obligated to make periodic
payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment,
upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
|
||||||||
|
(a)
|
Implied credit spreads are an indication of the seller's performance risk, related
to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of
swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads
would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute
terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit
indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
|
||||||||
|
(b)
|
The notional amount is the maximum amount that a seller of credit protection would
be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
|
||||||||
|
(c)
|
Upfront payments and receipts generally represent premiums paid or received at the
initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads,
interest rates and other relevant factors).
|
||||||||
|
Abbreviations
|
|
|
CDX
|
Credit Default Swap Index
|
|
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
|
$—
|
$302,895,484
|
$15,933,182
|
$318,828,666
|
|
Collateralized Mortgage Obligations
|
—
|
105,153,966
|
15,420,232
|
120,574,198
|
|
Commercial Mortgage-Backed Securities
|
—
|
43,663,529
|
2,232,662
|
45,896,191
|
|
Corporate Bonds
|
|
|
|
|
|
Aerospace & Defense
|
—
|
1,828,743
|
—
|
1,828,743
|
|
Automobile Components
|
—
|
1,943,284
|
—
|
1,943,284
|
|
Automobiles
|
—
|
13,916,340
|
—
|
13,916,340
|
|
Banks
|
—
|
194,300,654
|
—
|
194,300,654
|
|
Beverages
|
—
|
1,469,037
|
—
|
1,469,037
|
|
Biotechnology
|
—
|
1,131,453
|
—
|
1,131,453
|
|
Broadline Retail
|
—
|
287,181
|
—
|
287,181
|
|
Building Products
|
—
|
3,220,074
|
—
|
3,220,074
|
|
Capital Markets
|
—
|
40,175,650
|
—
|
40,175,650
|
|
Chemicals
|
—
|
2,597,493
|
—
|
2,597,493
|
|
Commercial Services & Supplies
|
—
|
3,726,349
|
1,841,002
|
5,567,351
|
|
Construction & Engineering
|
—
|
685,405
|
—
|
685,405
|
|
Construction Materials
|
—
|
103,820
|
—
|
103,820
|
|
Consumer Finance
|
—
|
13,946,548
|
—
|
13,946,548
|
|
Consumer Staples Distribution & Retail
|
—
|
330,784
|
—
|
330,784
|
|
Containers & Packaging
|
—
|
975,175
|
—
|
975,175
|
|
Distributors
|
—
|
316,481
|
—
|
316,481
|
|
Diversified
|
—
|
—
|
1,152,207
|
1,152,207
|
|
Diversified Consumer Services
|
—
|
544,399
|
—
|
544,399
|
|
Diversified REITs
|
—
|
2,174,786
|
—
|
2,174,786
|
|
Diversified Telecommunication Services
|
—
|
4,547,056
|
—
|
4,547,056
|
|
Electric Utilities
|
—
|
16,235,648
|
—
|
16,235,648
|
|
Electrical Equipment
|
—
|
436,288
|
—
|
436,288
|
|
Electronic Equipment, Instruments & Components
|
—
|
822,604
|
—
|
822,604
|
|
Energy Equipment & Services
|
—
|
626,551
|
—
|
626,551
|
|
Entertainment
|
—
|
819,974
|
—
|
819,974
|
|
Financial Services
|
—
|
13,563,001
|
5,882,533
|
19,445,534
|
|
Food Products
|
—
|
1,455,842
|
—
|
1,455,842
|
|
Gas Utilities
|
—
|
165,137
|
—
|
165,137
|
|
Ground Transportation
|
—
|
1,359,014
|
—
|
1,359,014
|
|
Health Care Equipment & Supplies
|
—
|
2,478,555
|
—
|
2,478,555
|
|
Health Care Providers & Services
|
—
|
9,690,706
|
—
|
9,690,706
|
|
Health Care Technology
|
—
|
685,856
|
—
|
685,856
|
|
Hotel & Resort REITs
|
—
|
743,092
|
—
|
743,092
|
|
Hotels, Restaurants & Leisure
|
—
|
5,430,581
|
—
|
5,430,581
|
|
Household Durables
|
—
|
1,904,229
|
—
|
1,904,229
|
|
Household Products
|
—
|
608,361
|
—
|
608,361
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Independent Power and Renewable Electricity
Producers
|
$—
|
$422,006
|
$—
|
$422,006
|
|
Insurance
|
—
|
21,110,215
|
—
|
21,110,215
|
|
Interactive Media & Services
|
—
|
153,637
|
—
|
153,637
|
|
IT Services
|
—
|
226,107
|
—
|
226,107
|
|
Machinery
|
—
|
416,180
|
—
|
416,180
|
|
Marine Transportation
|
—
|
350,959
|
—
|
350,959
|
|
Media
|
—
|
5,090,081
|
—
|
5,090,081
|
|
Metals & Mining
|
—
|
549,255
|
—
|
549,255
|
|
Mortgage Real Estate Investment Trusts (REITs)
|
—
|
1,079,617
|
—
|
1,079,617
|
|
Multi-Utilities
|
—
|
1,476,220
|
—
|
1,476,220
|
|
Oil, Gas & Consumable Fuels
|
—
|
24,140,861
|
—
|
24,140,861
|
|
Passenger Airlines
|
—
|
1,481,695
|
—
|
1,481,695
|
|
Personal Care Products
|
—
|
375,663
|
—
|
375,663
|
|
Pharmaceuticals
|
—
|
246,890
|
—
|
246,890
|
|
Real Estate Management & Development
|
—
|
280,241
|
—
|
280,241
|
|
Residential REITs
|
—
|
1,145,116
|
—
|
1,145,116
|
|
Semiconductors & Semiconductor Equipment
|
—
|
7,801,643
|
—
|
7,801,643
|
|
Software
|
—
|
8,904,783
|
—
|
8,904,783
|
|
Specialized REITs
|
—
|
453,712
|
—
|
453,712
|
|
Specialty Retail
|
—
|
1,528,023
|
—
(a)
|
1,528,023
|
|
Technology Hardware, Storage & Peripherals
|
—
|
405,163
|
—
|
405,163
|
|
Trading Companies & Distributors
|
—
|
1,567,826
|
—
|
1,567,826
|
|
Wireless Telecommunication Services
|
—
|
2,799,455
|
—
|
2,799,455
|
|
Total Corporate Bonds
|
—
|
427,251,499
|
8,875,742
|
436,127,241
|
|
Foreign Government Securities
|
—
|
18,076,938
|
—
|
18,076,938
|
|
Mortgage-Backed Securities
|
—
|
217,103,080
|
—
|
217,103,080
|
|
Municipal Bonds
|
—
|
77,539
|
—
|
77,539
|
|
U.S. Treasury Obligations
|
—
|
279,372,451
|
—
|
279,372,451
|
|
Short-Term Investments
|
|
|
|
|
|
Investment Companies
|
43,545,107
|
—
|
—
|
43,545,107
|
|
U.S. Treasury Obligations
|
—
|
2,128,354
|
—
|
2,128,354
|
|
Total Short-Term Investments
|
43,545,107
|
2,128,354
|
—
|
45,673,461
|
|
Total Investments in Securities
|
$43,545,107
|
$1,395,722,840
|
$42,461,818
|
$1,481,729,765
|
|
Appreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$953,273
|
$—
|
$—
|
$953,273
|
|
Depreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$(697,159
)
|
$—
|
$—
|
$(697,159
)
|
|
Swaps
|
—
|
(151,690
)
|
—
|
(151,690
)
|
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments
|
$256,114
|
$(151,690
)
|
$—
|
$104,424
|
|
|
|
|
(a)
|
Value is zero.
|
|
|
Balance as of
February 28,
2026
|
Realized
gain (loss)
|
Change in net
unrealized
appreciation
(depreciation)
|
Net
accretion
(amortization)
|
Purchases1
|
Sales2
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance as of
May 31,
2026
|
|
Investments in Securities:
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
$5,684,301
|
$2
|
$(111,728
)
|
$2,905
|
$11,040,348
|
$(682,646
)
|
$—
|
$—
|
$15,933,182
|
|
Collateralized Mortgage
Obligations
|
6,023,491
|
—
|
(238,339
)
|
(2,388
)
|
11,398,763
|
(692,837
)
|
—
|
(1,068,458
)
|
15,420,232
|
|
Commercial
Mortgage-Backed
Securities
|
2,547,366
|
—
|
7,722
|
335
|
12,154
|
(334,915
)
|
—
|
—
|
2,232,662
|
|
Corporate Bonds
|
4,444,818
|
(7
)
|
(8,863
)
|
(1,639
)
|
4,731,654
|
(290,221
)
|
—
|
—
|
8,875,742
|
|
Total
|
$18,699,976
|
$(5
)
|
$(351,208
)
|
$(787
)
|
$27,182,919
|
$(2,000,619
)
|
$—
|
$(1,068,458
)
|
$42,461,818
|
|
|
|||||||||
|
1
|
Purchases include all purchases of securities and securities received in corporate
actions.
|
||||||||
|
2
|
Sales include all sales of securities, maturities, paydowns and securities tendered
in corporate actions.
|
||||||||
|
|
Fair Value at
May 31, 2026
|
Valuation
Technique(s)
|
Unobservable
Input
|
Range (Weighted
Average) (a)
|
|
|
$955,538
|
Discounted Cash Flow
|
Expected Recovery
|
0.00% - 40.42% (6.55%)
|
|
|
|
|
Yield (Discount Rate of Cash Flows)
|
5.31% - 17.04% (7.89%)
|
|
Asset-Backed Securities
|
955,538
|
|
|
|
|
|
4,743,483
|
Discounted Cash Flow
|
Constant Default Rate
|
25.00% - 100.00% (89.72%)
|
|
|
|
|
Yield (Discount Rate of Cash Flows)
|
5.09% - 5.57% (5.39%)
|
|
Collateralized Mortgage
Obligations
|
4,743,483
|
|
|
|
|
|
—
|
Terms of Restructuring
|
Expected Recovery
|
0.00% (0.00%)
|
|
|
|
|
|
|
|
Corporate Bonds
|
—
|
|
|
|
|
Total
|
$5,699,021
|
|
|
|
|
#
|
The table above does not include certain level 3 investments that are valued by brokers
and Pricing Services. At May 31, 2026, the value of
these investments was $36,762,797. The inputs for these investments are not readily
available or cannot be reasonably estimated and are
generally those inputs described in Note A.
|
|
(a)
|
Unobservable inputs were weighted by the relative fair value of the instruments.
|
|
|
|||||||||
|
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 Prime Money Market
Fund Class IM Shares, 3.74%
(a) (b)
|
$59,530,174
|
$235,436,514
|
$251,403,139
|
$(18,507
)
|
$65
|
$43,545,107
|
43,536,400
|
$444,366
|
$—
|
|
|
|
|
(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.
|