|
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.
|
|
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
|
|
J.P. Morgan Distribution Services, Inc., member FINRA.
|
|
© J.P. Morgan Chase & Co., 2026.
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — 40.5%
|
||
|
Aerospace & Defense — 0.1%
|
||
|
ATI, Inc. 5.13%, 10/1/2031
|
250,000
|
247,866
|
|
Boeing Co. (The)
|
||
|
5.71%, 5/1/2040
|
415,000
|
423,089
|
|
3.95%, 8/1/2059
|
784,000
|
561,999
|
|
Bombardier, Inc. (Canada)
|
||
|
7.25%, 7/1/2031 (a)
|
200,000
|
210,148
|
|
7.00%, 6/1/2032 (a)
|
24,000
|
24,996
|
|
6.75%, 6/15/2033 (a)
|
30,000
|
31,246
|
|
General Electric Co. 4.13%, 9/19/2035 (b)
|
116,000
|
140,559
|
|
TransDigm, Inc.
|
||
|
6.38%, 3/1/2029 (a)
|
31,000
|
31,609
|
|
6.63%, 3/1/2032 (a)
|
32,000
|
32,913
|
|
|
|
1,704,425
|
|
Automobile Components — 0.5%
|
||
|
Adient Global Holdings Ltd.
|
||
|
8.25%, 4/15/2031 (a)
|
310,000
|
323,280
|
|
7.50%, 2/15/2033 (a)
|
264,000
|
273,810
|
|
Adler Pelzer Holding GmbH (Germany) 9.50%, 4/1/2027 (b)
|
206,000
|
226,251
|
|
Allison Transmission, Inc.
|
||
|
5.88%, 6/1/2029 (a)
|
130,000
|
131,273
|
|
3.75%, 1/30/2031 (a)
|
510,000
|
477,701
|
|
5.88%, 12/1/2033 (a)
|
27,000
|
27,076
|
|
Clarios Global LP
|
||
|
6.75%, 2/15/2030 (a)
|
328,000
|
339,070
|
|
6.75%, 9/15/2032 (a)
|
274,000
|
280,672
|
|
Cooper-Standard Automotive, Inc. 9.25%, 3/1/2031 (a)
|
479,000
|
484,389
|
|
Cyprium Corp. 6.13%, 4/15/2031 (a)
|
74,000
|
74,025
|
|
Dexko Global, Inc. 7.50%, 4/15/2032 (a)
|
128,750
|
111,342
|
|
Forvia SE (France) 5.63%, 6/15/2030 (b)
|
550,000
|
660,945
|
|
Goodyear Tire & Rubber Co. (The)
|
||
|
5.00%, 7/15/2029
|
185,000
|
176,692
|
|
6.63%, 7/15/2030
|
95,000
|
92,895
|
|
Grupo Antolin Irausa SA (Spain)
|
||
|
3.50%, 4/30/2028 (b)
|
168,000
|
90,174
|
|
10.38%, 1/30/2030 (b)
|
102,000
|
49,169
|
|
IHO Verwaltungs GmbH 7.00% (Cash), 11/15/2031 (b) (c)
|
455,000
|
565,553
|
|
Schaeffler AG (Germany) 5.38%, 4/1/2031 (b)
|
300,000
|
362,787
|
|
Valeo SE (France) 4.50%, 4/11/2030 (b)
|
400,000
|
473,329
|
|
ZF Europe Finance BV (Germany)
|
||
|
2.50%, 10/23/2027 (b)
|
400,000
|
460,306
|
|
7.00%, 6/12/2030 (b)
|
200,000
|
248,496
|
|
ZF Finance GmbH (Germany) 3.75%, 9/21/2028 (b)
|
100,000
|
115,510
|
|
|
|
6,044,745
|
|
Automobiles — 0.6%
|
||
|
Hyundai Capital America
|
||
|
3.50%, 11/2/2026 (a)
|
2,180,000
|
2,172,041
|
|
5.40%, 1/8/2031 (a)
|
1,000,000
|
1,018,377
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Automobiles — continued
|
||
|
Nissan Motor Co. Ltd. (Japan) 5.25%, 7/17/2029 (b)
|
100,000
|
118,029
|
|
RCI Banque SA (France) (EURIBOR ICE Swap Rate 5 Year + 2.20%), 4.75%, 3/24/2037 (b) (d)
|
500,000
|
585,900
|
|
Renault SA (France) 2.50%, 6/2/2027 (b)
|
100,000
|
115,849
|
|
Stellantis Finance US, Inc.
|
||
|
5.75%, 3/18/2030 (a)
|
431,000
|
432,949
|
|
6.45%, 3/18/2035 (a)
|
620,000
|
625,363
|
|
Volkswagen Group of America Finance LLC (Germany) 5.80%, 3/27/2035 (a)
|
2,200,000
|
2,234,479
|
|
Volkswagen International Finance NV (Germany) (EUR Swap Annual 10 Year + 3.98%), 4.63%,
6/27/2028 (b) (d) (e)
(f)
|
600,000
|
706,703
|
|
|
|
8,009,690
|
|
Banks — 9.4%
|
||
|
AIB Group plc (Ireland)
|
||
|
(SOFR + 2.33%), 6.61%, 9/13/2029 (a) (d)
|
335,000
|
349,199
|
|
(SOFRINDX + 1.91%), 5.87%, 3/28/2035 (a) (d)
|
200,000
|
207,434
|
|
Banco Bilbao Vizcaya Argentaria SA (Spain) (US Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 5.10%),
9.38%, 3/19/2029 (d) (e) (f) (g)
|
2,200,000
|
2,404,787
|
|
Banco Santander SA (Spain)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (d) (e) (f) (g)
|
1,000,000
|
1,090,411
|
|
(EUR Swap Annual 5 Year + 4.43%), 7.00%, 11/20/2029 (b) (d) (e) (f) (g)
|
600,000
|
750,716
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (d) (e) (f) (g)
|
1,000,000
|
1,175,536
|
|
Bank of America Corp.
|
||
|
(SOFR + 1.05%), 2.55%, 2/4/2028 (d)
|
2,485,000
|
2,455,150
|
|
(SOFR + 1.63%), 5.20%, 4/25/2029 (d)
|
440,000
|
445,518
|
|
(SOFR + 1.57%), 5.82%, 9/15/2029 (d)
|
1,225,000
|
1,257,936
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.63%, 5/1/2030 (d) (e) (f)
|
541,000
|
559,120
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.35%), 6.25%, 7/26/2030 (d) (e) (f)
|
714,000
|
724,631
|
|
(SOFR + 1.22%), 2.30%, 7/21/2032 (d)
|
399,000
|
353,063
|
|
(SOFR + 1.21%), 2.57%, 10/20/2032 (d)
|
2,700,000
|
2,406,859
|
|
(SOFR + 1.91%), 5.43%, 8/15/2035 (d)
|
1,590,000
|
1,597,233
|
|
(SOFR + 1.31%), 5.51%, 1/24/2036 (d)
|
2,519,000
|
2,580,589
|
|
(SOFR + 1.13%), 5.05%, 2/6/2037 (d)
|
545,000
|
537,258
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 3.85%, 3/8/2037 (d)
|
1,499,000
|
1,396,339
|
|
(SOFR + 1.93%), 2.68%, 6/19/2041 (d)
|
740,000
|
536,780
|
|
Bank of Nova Scotia (The) (Canada)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037 (d) (g)
|
430,000
|
413,167
|
|
Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%),
3.63%, 10/27/2081 (d) (g)
|
2,100,000
|
2,071,135
|
|
Bankinter SA (Spain) (EUR Swap Annual 1 Year + 1.20%), 4.38%, 5/3/2030 (b) (d)
|
100,000
|
120,348
|
|
Banque Federative du Credit Mutuel SA (France) 4.75%, 7/13/2027 (a)
|
1,245,000
|
1,250,847
|
|
Barclays plc (United Kingdom) (SOFR + 1.51%), 5.21%, 2/24/2037 (d)
|
550,000
|
535,464
|
|
BNP Paribas SA (France)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.35%), 8.50%, 8/14/2028 (a) (d) (e) (f) (g)
|
1,430,000
|
1,509,861
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (a) (d) (e) (f) (g)
|
1,485,000
|
1,556,913
|
|
(EURIBOR ICE Swap Rate 5 Year + 4.63%), 7.38%, 6/11/2030 (b) (d) (e) (f) (g)
|
1,000,000
|
1,271,376
|
|
BPCE SA (France)
|
||
|
(SOFR + 1.09%), 2.05%, 10/19/2027 (a) (d)
|
300,000
|
297,278
|
|
(SOFR + 1.22%), 5.18%, 6/2/2032 (a) (d)
|
2,036,000
|
2,040,335
|
|
(SOFR + 1.73%), 3.12%, 10/19/2032 (a) (d)
|
1,060,000
|
942,079
|
|
(SOFR + 2.59%), 7.00%, 10/19/2034 (a) (d)
|
2,210,000
|
2,414,570
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
(SOFR + 2.04%), 6.29%, 1/14/2036 (a) (d)
|
590,000
|
617,162
|
|
(SOFR + 1.63%), 5.77%, 6/2/2037 (a) (d)
|
1,084,000
|
1,090,090
|
|
CaixaBank SA (Spain)
|
||
|
(EURIBOR 3 Month + 2.40%), 5.38%, 11/14/2030 (b) (d)
|
100,000
|
124,632
|
|
(EURIBOR 3 Month + 1.30%), 3.63%, 9/19/2032 (b) (d)
|
4,700,000
|
5,503,545
|
|
(EURIBOR 3 Month + 1.95%), 5.13%, 7/19/2034 (b) (d)
|
1,800,000
|
2,284,444
|
|
(SOFR + 2.77%), 6.84%, 9/13/2034 (a) (d)
|
1,310,000
|
1,430,675
|
|
(SOFR + 2.26%), 6.04%, 6/15/2035 (a) (d)
|
1,460,000
|
1,524,210
|
|
Citigroup, Inc.
|
||
|
(3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028 (d)
|
1,225,000
|
1,221,241
|
|
(3-MONTH CME TERM SOFR + 1.41%), 3.52%, 10/27/2028 (d)
|
3,220,000
|
3,181,685
|
|
Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%),
7.13%, 8/15/2029 (d) (e) (f)
|
1,575,000
|
1,608,255
|
|
Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%),
6.75%, 2/15/2030 (d) (e) (f)
|
710,000
|
716,759
|
|
Series GG, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.89%),
6.88%, 8/15/2030 (d) (e) (f)
|
590,000
|
601,779
|
|
(SOFR + 1.34%), 4.54%, 9/19/2030 (d)
|
1,695,000
|
1,688,162
|
|
(SOFR + 1.17%), 4.50%, 9/11/2031 (d)
|
761,000
|
752,909
|
|
(SOFR + 1.18%), 2.52%, 11/3/2032 (d)
|
920,000
|
817,011
|
|
(SOFR + 2.06%), 5.83%, 2/13/2035 (d)
|
1,015,000
|
1,036,393
|
|
(SOFR + 1.47%), 5.33%, 3/27/2036 (d)
|
1,565,000
|
1,576,919
|
|
(EURIBOR 3 Month + 1.61%), 4.30%, 7/23/2036 (d)
|
497,000
|
582,217
|
|
(SOFR + 1.49%), 5.17%, 9/11/2036 (d)
|
254,000
|
252,755
|
|
Commerzbank AG (Germany) (EURIBOR ICE Swap Rate 5 Year + 5.13%), 7.88%, 10/9/2031 (b) (d) (e) (f) (g)
|
200,000
|
261,038
|
|
Cooperatieve Rabobank UA (Netherlands)
|
||
|
(EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (b) (d) (e) (f) (g)
|
600,000
|
703,255
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028 (a) (d)
|
1,720,000
|
1,708,601
|
|
Credit Agricole SA (France)
|
||
|
(EURIBOR ICE Swap Rate 5 Year + 4.21%), 6.50%, 9/23/2029 (b) (d) (e) (f) (g)
|
500,000
|
614,871
|
|
(SOFR + 1.86%), 6.32%, 10/3/2029 (a) (d)
|
710,000
|
735,667
|
|
HSBC Holdings plc (United Kingdom)
|
||
|
(SOFR + 2.61%), 5.21%, 8/11/2028 (d)
|
2,565,000
|
2,585,925
|
|
(SOFR + 1.73%), 2.01%, 9/22/2028 (d)
|
2,575,000
|
2,492,718
|
|
(3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (d)
|
666,000
|
652,511
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (d) (e) (f) (g)
|
1,794,000
|
1,678,786
|
|
ING Groep NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity
5 Year + 4.34%), 5.75%,
11/16/2026 (d) (e) (f) (g)
|
1,488,000
|
1,490,784
|
|
Intesa Sanpaolo SpA (Italy)
|
||
|
(EUR Swap Annual 5 Year + 5.85%), 5.50%, 3/1/2028 (b) (d) (e) (f) (g)
|
450,000
|
533,174
|
|
(EUR Swap Annual 5 Year + 5.56%), 6.38%, 3/30/2028 (b) (d) (e) (f) (g)
|
1,100,000
|
1,324,010
|
|
(EUR Swap Annual 5 Year + 4.27%), 4.13%, 2/27/2030 (b) (d) (e) (f) (g)
|
600,000
|
684,357
|
|
(EURIBOR ICE Swap Rate 5 Year + 4.35%), 7.00%, 5/20/2032 (b) (d) (e) (f) (g)
|
500,000
|
633,409
|
|
6.63%, 6/20/2033 (a)
|
3,845,000
|
4,181,422
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (d)
|
2,885,000
|
2,487,142
|
|
KBC Group NV (Belgium)
|
||
|
(EURIBOR ICE Swap Rate 5 Year + 4.93%), 8.00%, 9/5/2028 (b) (d) (e) (f) (g)
|
1,400,000
|
1,759,514
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (a) (d)
|
440,000
|
448,718
|
|
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.48%),
5.99%, 8/7/2027 (d)
|
1,360,000
|
1,363,967
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity
5 Year + 3.75%), 8.13%,
11/10/2033 (d) (e) (f) (g)
|
440,000
|
481,247
|
|
NatWest Markets plc (United Kingdom) 5.02%, 3/21/2030 (a)
|
200,000
|
201,968
|
|
OTP Bank Nyrt. (Hungary) (US Treasury Yield Curve Rate T Note Constant Maturity 5
Year + 2.86%), 7.30%,
7/30/2035 (b) (d)
|
873,000
|
911,412
|
|
PNC Financial Services Group, Inc. (The)
|
||
|
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%),
3.40%, 9/15/2026 (d) (e) (f)
|
5,000
|
4,963
|
|
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 2.81%),
6.25%, 3/15/2030 (d) (e) (f)
|
1,200,000
|
1,225,472
|
|
(SOFR + 1.26%), 4.81%, 10/21/2032 (d)
|
510,000
|
508,820
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.17%), 5.42%, 1/25/2041 (d)
|
260,000
|
255,532
|
|
Santander UK Group Holdings plc (United Kingdom)
|
||
|
(SOFR + 0.99%), 1.67%, 6/14/2027 (d)
|
1,400,000
|
1,398,486
|
|
(SOFR + 2.60%), 6.53%, 1/10/2029 (d)
|
2,100,000
|
2,161,389
|
|
Societe Generale SA (France)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.45%), 10.00%, 11/14/2028 (a) (d) (e) (f) (g)
|
1,000,000
|
1,094,691
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.13%, 11/21/2029 (a) (d) (e) (f) (g)
|
2,350,000
|
2,470,438
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (a) (d) (e) (f) (g)
|
452,000
|
431,875
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.10%, 4/13/2033 (a) (d)
|
900,000
|
936,048
|
|
(EURIBOR 3 Month + 1.13%), 3.88%, 4/14/2034 (b) (d)
|
2,000,000
|
2,322,514
|
|
(SOFR + 1.60%), 5.40%, 4/10/2037 (a) (d)
|
885,000
|
866,763
|
|
Standard Chartered plc (United Kingdom)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (a) (d)
|
700,000
|
731,493
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (a) (d)
|
338,000
|
335,468
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 5.24%, 1/13/2037 (a) (d)
|
485,000
|
475,341
|
|
Svenska Handelsbanken AB (Sweden) (US Treasury Yield Curve Rate T Note Constant Maturity
5 Year + 4.05%),
4.75%, 3/1/2031 (b) (d) (e) (f) (g)
|
2,400,000
|
2,277,860
|
|
Truist Financial Corp.
|
||
|
(SOFR + 2.30%), 6.12%, 10/28/2033 (d)
|
245,000
|
259,313
|
|
(SOFR + 1.85%), 5.12%, 1/26/2034 (d)
|
1,047,000
|
1,047,479
|
|
(SOFR + 2.36%), 5.87%, 6/8/2034 (d)
|
859,000
|
895,615
|
|
(SOFR + 1.92%), 5.71%, 1/24/2035 (d)
|
195,000
|
200,957
|
|
(SOFR + 1.40%), 4.96%, 10/23/2036 (d)
|
1,095,000
|
1,061,632
|
|
UniCredit SpA (Italy)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (d)
|
720,000
|
719,899
|
|
(EUR Swap Annual 5 Year + 4.61%), 4.45%, 12/3/2027 (b) (d) (e) (f) (g)
|
500,000
|
583,247
|
|
(EURIBOR 3 Month + 1.90%), 4.80%, 1/17/2029 (b) (d)
|
781,000
|
936,438
|
|
(EURIBOR ICE Swap Rate 5 Year + 1.80%), 4.18%, 6/24/2037 (b) (d)
|
500,000
|
588,400
|
|
US Bancorp (SOFR + 1.86%), 5.68%, 1/23/2035 (d)
|
285,000
|
294,381
|
|
Wells Fargo & Co.
|
||
|
(SOFR + 1.51%), 3.53%, 3/24/2028 (d)
|
1,410,000
|
1,400,248
|
|
(SOFR + 1.74%), 5.57%, 7/25/2029 (d)
|
2,720,000
|
2,773,526
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.85%, 9/15/2029 (d) (e) (f)
|
740,000
|
766,890
|
|
(SOFR + 1.11%), 5.24%, 1/24/2031 (d)
|
1,045,000
|
1,062,813
|
|
(SOFR + 1.99%), 5.56%, 7/25/2034 (d)
|
2,798,000
|
2,878,385
|
|
(SOFR + 1.78%), 5.50%, 1/23/2035 (d)
|
1,160,000
|
1,184,721
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
(SOFR + 1.74%), 5.61%, 4/23/2036 (d)
|
2,000,000
|
2,051,817
|
|
Westpac Banking Corp. (Australia) (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year +
2.24%), 4.32%,
11/23/2031 (d) (g)
|
250,000
|
249,539
|
|
|
|
126,249,724
|
|
Beverages — 0.1%
|
||
|
Maple Parent Holdings Corp.
|
||
|
5.70%, 3/26/2036 (a)
|
326,000
|
329,458
|
|
6.63%, 3/26/2056 (a)
|
351,000
|
365,750
|
|
Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a)
|
85,000
|
85,213
|
|
|
|
780,421
|
|
Biotechnology — 0.3%
|
||
|
AbbVie, Inc.
|
||
|
4.70%, 5/14/2045
|
417,000
|
373,068
|
|
4.25%, 11/21/2049
|
3,295,000
|
2,697,283
|
|
Amgen, Inc. 4.85%, 2/19/2036
|
501,000
|
491,100
|
|
Grifols SA (Spain) 3.88%, 10/15/2028 (b)
|
130,000
|
150,796
|
|
|
|
3,712,247
|
|
Broadline Retail — 0.1%
|
||
|
Rakuten Group, Inc. (Japan) (EUR Swap Annual 5 Year + 4.74%), 4.25%, 4/22/2027 (b) (d) (e) (f)
|
210,000
|
242,209
|
|
Shutterfly Finance LLC
|
||
|
8.50% (Cash), 10/1/2027 (a) (c)
|
217,495
|
216,066
|
|
9.75%, 10/1/2027 (a)
|
24,549
|
24,549
|
|
Wayfair LLC
|
||
|
7.25%, 10/31/2029 (a)
|
307,000
|
315,873
|
|
7.75%, 9/15/2030 (a)
|
93,000
|
96,814
|
|
6.75%, 11/15/2032 (a)
|
215,000
|
218,401
|
|
7.13%, 5/31/2034 (a)
|
40,000
|
40,758
|
|
|
|
1,154,670
|
|
Building Products — 0.3%
|
||
|
Advanced Drainage Systems, Inc. 5.38%, 3/1/2034 (a)
|
28,000
|
27,278
|
|
Builders FirstSource, Inc.
|
||
|
4.25%, 2/1/2032 (a)
|
270,000
|
248,410
|
|
6.38%, 3/1/2034 (a)
|
25,000
|
24,979
|
|
6.75%, 5/15/2035 (a)
|
108,000
|
109,076
|
|
EMRLD Borrower LP
|
||
|
6.38%, 12/15/2030 (b)
|
163,000
|
195,925
|
|
6.63%, 12/15/2030 (a)
|
350,000
|
357,824
|
|
6.75%, 7/15/2031 (a)
|
22,000
|
22,732
|
|
Griffon Corp. 5.75%, 3/1/2028
|
425,000
|
424,903
|
|
JELD-WEN Holding, Inc. 7.00%, 9/1/2032 (a)
|
220,000
|
134,963
|
|
JH North America Holdings, Inc.
|
||
|
5.88%, 1/31/2031 (a)
|
30,000
|
29,989
|
|
6.13%, 7/31/2032 (a)
|
48,000
|
48,113
|
|
Masterbrand, Inc. 7.00%, 7/15/2032 (a)
|
513,000
|
512,046
|
|
Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a)
|
70,000
|
68,828
|
|
MIWD Holdco II LLC 5.50%, 2/1/2030 (a)
|
35,000
|
32,699
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Building Products — continued
|
||
|
Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a)
|
126,000
|
128,301
|
|
Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (a)
|
200,000
|
210,832
|
|
Standard Building Solutions, Inc.
|
||
|
6.50%, 8/15/2032 (a)
|
565,000
|
573,447
|
|
6.25%, 8/1/2033 (a)
|
338,000
|
338,511
|
|
Standard Industries, Inc. 4.75%, 1/15/2028 (a)
|
90,000
|
89,564
|
|
|
|
3,578,420
|
|
Capital Markets — 3.2%
|
||
|
CFAMC III Co. Ltd. (China) 4.25%, 11/7/2027 (b)
|
880,000
|
873,840
|
|
Coinbase Global, Inc. 3.38%, 10/1/2028 (a)
|
195,000
|
187,161
|
|
Deutsche Bank AG (Germany)
|
||
|
(SOFR + 1.14%), 4.73%, 2/6/2032 (d)
|
810,000
|
797,483
|
|
(SOFR + 2.26%), 3.74%, 1/7/2033 (d)
|
1,206,000
|
1,104,500
|
|
Gaci First Investment Co. (Saudi Arabia) 4.88%, 2/14/2035 (b)
|
1,200,000
|
1,171,128
|
|
Goldman Sachs Group, Inc. (The)
|
||
|
(SOFR + 1.11%), 2.64%, 2/24/2028 (d)
|
1,270,000
|
1,253,928
|
|
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%),
7.50%, 5/10/2029 (d) (e) (f)
|
1,195,000
|
1,253,385
|
|
Series Z, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%),
6.85%, 2/10/2030 (d) (e) (f)
|
448,000
|
459,424
|
|
(SOFR + 1.14%), 4.69%, 10/23/2030 (d)
|
400,000
|
399,368
|
|
(SOFR + 1.08%), 5.21%, 1/28/2031 (d)
|
700,000
|
709,278
|
|
(SOFR + 1.58%), 5.22%, 4/23/2031 (d)
|
725,000
|
735,617
|
|
(SOFR + 1.28%), 2.62%, 4/22/2032 (d)
|
3,130,000
|
2,818,985
|
|
(SOFR + 1.26%), 2.65%, 10/21/2032 (d)
|
1,525,000
|
1,357,561
|
|
(EURIBOR 3 Month + 0.95%), 3.51%, 8/17/2033 (b) (d)
|
4,250,000
|
4,901,382
|
|
(SOFR + 1.19%), 5.07%, 1/21/2037 (d)
|
1,052,000
|
1,029,134
|
|
Morgan Stanley
|
||
|
(SOFR + 1.61%), 4.21%, 4/20/2028 (d)
|
288,000
|
287,639
|
|
3.59%, 7/22/2028 (h)
|
2,210,000
|
2,187,854
|
|
(SOFR + 1.73%), 5.12%, 2/1/2029 (d)
|
4,130,000
|
4,166,655
|
|
(SOFR + 1.59%), 5.16%, 4/20/2029 (d)
|
760,000
|
767,827
|
|
(SOFR + 1.63%), 5.45%, 7/20/2029 (d)
|
2,860,000
|
2,910,382
|
|
(SOFR + 1.10%), 4.65%, 10/18/2030 (d)
|
810,000
|
807,144
|
|
(SOFR + 1.11%), 5.23%, 1/15/2031 (d)
|
1,320,000
|
1,339,759
|
|
(SOFR + 1.14%), 2.70%, 1/22/2031 (d)
|
1,560,000
|
1,452,252
|
|
(SOFR + 1.51%), 5.19%, 4/17/2031 (d)
|
925,000
|
938,669
|
|
(SOFR + 1.20%), 2.51%, 10/20/2032 (d)
|
159,000
|
140,929
|
|
(SOFR + 1.88%), 5.42%, 7/21/2034 (d)
|
133,000
|
135,555
|
|
(SOFR + 1.56%), 5.32%, 7/19/2035 (d)
|
1,070,000
|
1,080,717
|
|
(SOFR + 1.36%), 2.48%, 9/16/2036 (d)
|
360,000
|
313,015
|
|
(SOFR + 1.18%), 5.07%, 1/30/2037 (d)
|
1,014,000
|
992,942
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (d)
|
1,223,000
|
1,265,474
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.17%), 5.31%, 1/18/2041 (d)
|
555,000
|
542,113
|
|
State Street Corp. Series I, (US Treasury Yield Curve Rate T Note Constant Maturity
5 Year + 2.61%), 6.70%,
3/15/2029 (d) (e) (f)
|
248,000
|
254,989
|
|
UBS Group AG (Switzerland)
|
||
|
4.28%, 1/9/2028 (a)
|
2,840,000
|
2,831,699
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Capital Markets — continued
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (a) (d) (e) (f) (g)
|
940,000
|
1,016,907
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (a) (d) (e) (f) (g)
|
818,000
|
944,420
|
|
|
|
43,429,115
|
|
Chemicals — 0.6%
|
||
|
Alpek SAB de CV (Mexico) 3.25%, 2/25/2031 (b)
|
1,180,000
|
1,030,730
|
|
Avient Corp. 7.13%, 8/1/2030 (a)
|
15,000
|
15,262
|
|
Braskem Netherlands Finance BV (Brazil) 7.25%, 2/13/2033 (b)
|
570,000
|
327,750
|
|
Celanese US Holdings LLC
|
||
|
7.00%, 2/15/2031
|
147,000
|
152,355
|
|
7.38%, 2/15/2034
|
446,000
|
465,823
|
|
CF Industries, Inc. 4.95%, 6/1/2043
|
649,000
|
590,463
|
|
Chemours Co. (The)
|
||
|
5.75%, 11/15/2028 (a)
|
174,000
|
173,689
|
|
8.00%, 1/15/2033 (a)
|
107,000
|
109,320
|
|
7.88%, 3/15/2034 (a)
|
56,000
|
56,803
|
|
Element Solutions, Inc. 3.88%, 9/1/2028 (a)
|
226,000
|
219,803
|
|
INEOS Finance plc (Luxembourg)
|
||
|
6.38%, 4/15/2029 (b)
|
123,000
|
142,107
|
|
7.50%, 4/15/2029 (a)
|
400,000
|
398,028
|
|
INEOS Quattro Finance 2 plc (United Kingdom) 6.75%, 4/15/2030 (b)
|
185,000
|
190,145
|
|
INEOS Styrolution Ludwigshafen GmbH (United Kingdom) 2.25%, 1/16/2027 (b)
|
200,000
|
229,276
|
|
Lune Holdings SARL (France) 5.63%, 11/15/2028 (b)
|
244,000
|
11,384
|
|
LYB International Finance III LLC 5.88%, 1/15/2036
|
912,000
|
924,778
|
|
Maxam Prill SARL (Luxembourg) 6.00%, 7/15/2030 (b)
|
170,000
|
201,438
|
|
NOVA Chemicals Corp. (Canada)
|
||
|
5.25%, 6/1/2027 (a)
|
248,000
|
248,744
|
|
4.25%, 5/15/2029 (a)
|
70,000
|
68,338
|
|
Orbia Advance Corp. SAB de CV (Mexico) 6.80%, 5/13/2030 (b)
|
553,000
|
555,765
|
|
Scotts Miracle-Gro Co. (The)
|
||
|
4.50%, 10/15/2029
|
115,000
|
112,099
|
|
4.38%, 2/1/2032
|
1,085,000
|
1,009,117
|
|
Solstice Advanced Materials, Inc. 5.63%, 9/30/2033 (a)
|
197,000
|
194,766
|
|
WR Grace Holdings LLC
|
||
|
5.63%, 8/15/2029 (a)
|
210,000
|
201,121
|
|
6.63%, 8/15/2032 (a)
|
77,000
|
76,406
|
|
7.00%, 8/1/2033 (a)
|
24,000
|
23,807
|
|
|
|
7,729,317
|
|
Commercial Services & Supplies — 0.4%
|
||
|
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
|
155,000
|
142,672
|
|
ADT Security Corp. (The) 4.88%, 7/15/2032 (a)
|
300,000
|
284,073
|
|
Amber Finco plc (United Kingdom) 6.63%, 7/15/2029 (b)
|
361,000
|
436,863
|
|
APi Group DE, Inc.
|
||
|
4.13%, 7/15/2029 (a)
|
40,000
|
38,544
|
|
4.75%, 10/15/2029 (a)
|
17,000
|
16,720
|
|
Aramark Services, Inc. 5.00%, 2/1/2028 (a)
|
85,000
|
84,866
|
|
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a)
|
95,000
|
91,876
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Commercial Services & Supplies — continued
|
||
|
Garda World Security Corp. (Canada)
|
||
|
6.00%, 6/1/2029 (a)
|
80,000
|
78,276
|
|
6.50%, 1/15/2031 (a)
|
56,000
|
56,959
|
|
8.25%, 8/1/2032 (a)
|
50,000
|
51,276
|
|
8.38%, 11/15/2032 (a)
|
43,000
|
44,553
|
|
GFL Environmental Holdings US, Inc. 5.50%, 2/1/2034 (a)
|
625,000
|
610,428
|
|
GFL Environmental, Inc.
|
||
|
4.00%, 8/1/2028 (a)
|
85,000
|
83,123
|
|
4.75%, 6/15/2029 (a)
|
75,000
|
73,858
|
|
Madison IAQ LLC
|
||
|
4.13%, 6/30/2028 (a)
|
145,000
|
143,190
|
|
5.88%, 6/30/2029 (a)
|
105,000
|
104,987
|
|
Paprec Holding SA (France)
|
||
|
3.50%, 7/1/2028 (b)
|
404,000
|
468,679
|
|
4.13%, 7/15/2030 (b)
|
111,000
|
129,514
|
|
Q-Park Holding I BV (Netherlands) 5.13%, 3/1/2029 (b)
|
409,000
|
485,922
|
|
Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (a)
|
67,000
|
65,695
|
|
RELX Finance BV (United Kingdom) 0.88%, 3/10/2032 (b)
|
100,000
|
100,754
|
|
Verisure Holding AB (Sweden) 5.50%, 5/15/2030 (b)
|
192,000
|
230,685
|
|
Verisure Midholding AB (Sweden) 5.25%, 2/15/2029 (b)
|
509,787
|
597,401
|
|
Williams Scotsman, Inc.
|
||
|
6.63%, 6/15/2029 (a)
|
130,000
|
133,273
|
|
6.63%, 4/15/2030 (a)
|
23,000
|
23,658
|
|
Wrangler Holdco Corp. (Canada) 6.63%, 4/1/2032 (a)
|
300,000
|
308,042
|
|
|
|
4,885,887
|
|
Communications Equipment — 0.0% ^
|
||
|
Ciena Corp. 4.00%, 1/31/2030 (a)
|
120,000
|
115,176
|
|
Construction & Engineering — 0.2%
|
||
|
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)
|
40,000
|
39,295
|
|
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a)
|
15,000
|
14,978
|
|
Granite Construction, Inc. 6.38%, 6/15/2034 (a) (i)
|
50,000
|
51,025
|
|
Heathrow Funding Ltd. (United Kingdom)
|
||
|
1.50%, 2/11/2030 (b)
|
100,000
|
108,751
|
|
1.13%, 10/8/2030 (b)
|
1,400,000
|
1,480,895
|
|
5.88%, 5/13/2041 (b)
|
500,000
|
639,071
|
|
Weekley Homes LLC 4.88%, 9/15/2028 (a)
|
125,000
|
121,944
|
|
|
|
2,455,959
|
|
Construction Materials — 0.1%
|
||
|
Cemex SAB de CV (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 5
Year + 4.53%), 5.13%,
6/28/2026 (a) (d) (e) (f)
|
1,054,000
|
1,050,311
|
|
Consumer Finance — 3.4%
|
||
|
AerCap Ireland Capital DAC (Ireland)
|
||
|
2.45%, 10/29/2026
|
193,000
|
191,652
|
|
4.13%, 2/28/2029
|
750,000
|
740,047
|
|
3.30%, 1/30/2032
|
11,060,000
|
10,120,252
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Consumer Finance — continued
|
||
|
American Express Co.
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (d) (e) (f)
|
391,000
|
388,720
|
|
(SOFR + 1.79%), 5.67%, 4/25/2036 (d)
|
450,000
|
466,705
|
|
Avolon Holdings Funding Ltd. (Ireland)
|
||
|
6.38%, 5/4/2028 (a)
|
835,000
|
858,196
|
|
5.75%, 3/1/2029 (a)
|
3,565,000
|
3,641,327
|
|
5.75%, 11/15/2029 (a)
|
942,000
|
964,947
|
|
5.15%, 1/15/2030 (a)
|
1,970,000
|
1,979,298
|
|
5.38%, 5/30/2030 (a)
|
155,000
|
156,676
|
|
4.90%, 10/10/2030 (a)
|
1,875,000
|
1,861,031
|
|
4.95%, 10/15/2032 (a)
|
4,925,000
|
4,803,156
|
|
Ford Motor Credit Co. LLC
|
||
|
4.95%, 5/28/2027
|
760,000
|
761,666
|
|
2.90%, 2/10/2029
|
1,875,000
|
1,769,224
|
|
7.20%, 6/10/2030
|
809,000
|
857,712
|
|
4.00%, 11/13/2030
|
1,385,000
|
1,308,531
|
|
5.42%, 4/9/2031
|
1,345,000
|
1,340,762
|
|
5.75%, 4/6/2033
|
200,000
|
199,528
|
|
6.47%, 5/22/2036
|
2,195,000
|
2,251,609
|
|
General Motors Financial Co., Inc.
|
||
|
2.35%, 1/8/2031
|
762,000
|
682,995
|
|
5.60%, 6/18/2031
|
540,000
|
555,535
|
|
5.45%, 9/6/2034
|
2,140,000
|
2,153,510
|
|
5.90%, 1/7/2035
|
3,545,000
|
3,656,969
|
|
Muthoot Finance Ltd. (India) 5.75%, 8/4/2030 (b)
|
660,000
|
650,925
|
|
OneMain Finance Corp.
|
||
|
3.88%, 9/15/2028
|
135,000
|
130,611
|
|
5.38%, 11/15/2029
|
115,000
|
112,202
|
|
4.00%, 9/15/2030
|
10,000
|
9,230
|
|
Stellantis Financial Services US Corp.
|
||
|
5.40%, 6/15/2029 (a)
|
935,000
|
937,363
|
|
5.80%, 6/15/2031 (a)
|
625,000
|
626,201
|
|
Volkswagen Leasing GmbH (Germany) 0.50%, 1/12/2029 (b)
|
1,400,000
|
1,525,284
|
|
|
|
45,701,864
|
|
Consumer Staples Distribution & Retail — 0.1%
|
||
|
Albertsons Cos., Inc.
|
||
|
5.50%, 3/31/2031 (a)
|
20,000
|
19,693
|
|
5.63%, 3/31/2032 (a)
|
505,000
|
493,042
|
|
Bellis Acquisition Co. plc (United Kingdom) 8.00%, 7/1/2031 (b)
|
108,000
|
121,304
|
|
Boots Group Finco LP (United Kingdom) 5.38%, 8/31/2032 (b)
|
100,000
|
119,985
|
|
Performance Food Group, Inc.
|
||
|
4.25%, 8/1/2029 (a)
|
220,000
|
213,149
|
|
6.13%, 9/15/2032 (a)
|
20,000
|
20,220
|
|
5.63%, 3/1/2034 (a)
|
64,000
|
62,540
|
|
US Foods, Inc. 4.75%, 2/15/2029 (a)
|
100,000
|
98,627
|
|
|
|
1,148,560
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Containers & Packaging — 0.5%
|
||
|
Amcor UK Finance plc (Australia) 3.75%, 2/20/2033
|
1,000,000
|
1,154,434
|
|
Ardagh Group SA
|
||
|
9.50%, 12/1/2030 (a)
|
357,000
|
381,156
|
|
12.00% (Blend (Cash 4.50% + PIK 7.50%)), 12/1/2030 (a) (c) (h)
|
610,000
|
622,778
|
|
Ball Corp. 4.25%, 7/1/2032
|
240,000
|
282,293
|
|
Berry Global, Inc. 5.80%, 6/15/2031
|
1,760,000
|
1,831,078
|
|
Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (a)
|
180,000
|
173,016
|
|
Crown European Holdings SACA 4.50%, 1/15/2030 (b)
|
113,000
|
135,297
|
|
Graphic Packaging International LLC 2.63%, 2/1/2029 (b)
|
105,000
|
118,217
|
|
Labl
|
||
|
0.00%, 12/31/2026 ‡
|
24,198
|
24,057
|
|
0.00%, 12/31/2033 ‡
|
44
|
37,345
|
|
Mauser Packaging Solutions Holding Co.
|
||
|
7.88%, 4/15/2030 (a)
|
245,000
|
247,454
|
|
9.25%, 4/15/2030 (a)
|
150,000
|
143,723
|
|
OI European Group BV 6.25%, 5/15/2028 (b)
|
226,000
|
268,023
|
|
Pro-Gest SpA (Italy) 3.25%, 12/15/2024 (b) (j)
|
350,000
|
190,852
|
|
Silgan Holdings, Inc.
|
||
|
2.25%, 6/1/2028
|
150,000
|
170,228
|
|
4.25%, 2/15/2031 (b)
|
195,000
|
225,045
|
|
TriMas Corp. 4.13%, 4/15/2029 (a)
|
115,000
|
110,476
|
|
|
|
6,115,472
|
|
Distributors — 0.0% ^
|
||
|
RB Global Holdings, Inc. (Canada) 7.75%, 3/15/2031 (a)
|
120,000
|
124,772
|
|
Diversified Consumer Services — 0.0% ^
|
||
|
RAC Bond Co. plc (United Kingdom) 5.25%, 11/4/2027 (b)
|
308,000
|
411,229
|
|
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a)
|
83,000
|
85,849
|
|
|
|
497,078
|
|
Diversified REITs — 0.0% ^
|
||
|
WP Carey, Inc.
|
||
|
2.40%, 2/1/2031
|
180,000
|
161,765
|
|
2.25%, 4/1/2033
|
367,000
|
307,379
|
|
|
|
469,144
|
|
Diversified Telecommunication Services — 1.8%
|
||
|
Altice France SA (France)
|
||
|
7.25%, 11/1/2029 (a)
|
152,439
|
178,037
|
|
9.50%, 11/1/2029 (a)
|
156,249
|
158,848
|
|
4.75%, 10/15/2030 (a)
|
457,317
|
516,746
|
|
6.50%, 4/15/2032 (a)
|
708,659
|
689,652
|
|
APLD ComputeCo 2 LLC 6.75%, 3/15/2031 (a)
|
119,000
|
119,944
|
|
AT&T, Inc.
|
||
|
4.90%, 11/1/2035
|
3,085,000
|
3,010,273
|
|
3.50%, 9/15/2053
|
860,000
|
568,709
|
|
6.05%, 8/15/2056
|
660,000
|
652,219
|
|
6.20%, 10/30/2056
|
1,230,000
|
1,238,049
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Diversified Telecommunication Services — continued
|
||
|
CCO Holdings LLC
|
||
|
5.13%, 5/1/2027 (a)
|
728,000
|
727,523
|
|
5.00%, 2/1/2028 (a)
|
665,000
|
658,440
|
|
5.38%, 6/1/2029 (a)
|
65,000
|
63,805
|
|
4.75%, 3/1/2030 (a)
|
1,230,000
|
1,162,459
|
|
4.50%, 8/15/2030 (a)
|
460,000
|
428,103
|
|
4.25%, 2/1/2031 (a)
|
890,000
|
805,807
|
|
7.38%, 3/1/2031 (a)
|
805,000
|
816,397
|
|
4.75%, 2/1/2032 (a)
|
150,000
|
133,724
|
|
4.50%, 5/1/2032
|
70,000
|
61,420
|
|
7.00%, 2/1/2033 (a)
|
178,000
|
173,994
|
|
Cipher Compute LLC 7.13%, 11/15/2030 (a)
|
290,000
|
302,311
|
|
Connect Holding II LLC 10.50%, 4/3/2031 (a)
|
230,000
|
234,198
|
|
Edged Compute LLC 7.50%, 4/30/2031 (a)
|
150,000
|
150,387
|
|
eircom Finance DAC (Ireland)
|
||
|
5.75%, 12/15/2029 (b)
|
100,000
|
120,337
|
|
5.00%, 4/30/2031 (b)
|
300,000
|
352,776
|
|
Fibercop SpA (Italy)
|
||
|
2.38%, 10/12/2027 (b)
|
210,000
|
241,619
|
|
7.75%, 1/24/2033
|
330,000
|
442,528
|
|
Flash Compute LLC 7.25%, 12/31/2030 (a)
|
201,000
|
207,218
|
|
GCI LLC 4.75%, 10/15/2028 (a)
|
605,000
|
583,846
|
|
IHS Holding Ltd. (Nigeria) 8.25%, 11/29/2031 (b)
|
610,000
|
637,365
|
|
Kaixo Bondco Telecom SA (Spain) 5.13%, 9/30/2029 (b)
|
335,000
|
392,664
|
|
Level 3 Financing, Inc.
|
||
|
6.88%, 6/30/2033 (a)
|
112,000
|
115,364
|
|
7.00%, 3/31/2034 (a)
|
78,750
|
81,623
|
|
Lorca Telecom Bondco SA (Spain) 4.00%, 9/18/2027 (b)
|
14,894
|
17,377
|
|
Meridian Arc Holdco LLC 6.25%, 4/30/2031 (a)
|
429,000
|
431,206
|
|
PR RNO Property Owner 1 LLC 6.50%, 5/1/2031 (a)
|
420,000
|
420,575
|
|
RD Michigan Property Owner I LLC 7.50%, 3/30/2045 (a)
|
2,604,000
|
2,609,226
|
|
SV RNO Property Owner 1 LLC 5.88%, 3/1/2031 (a)
|
145,000
|
143,180
|
|
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034
|
76,000
|
77,372
|
|
Telecom Italia SpA (Italy) 7.88%, 7/31/2028 (b)
|
380,000
|
480,056
|
|
Telefonica Emisiones SA (Spain) 4.67%, 3/6/2038
|
700,000
|
639,551
|
|
Verizon Communications, Inc.
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.04%), 6.20%, 5/14/2056 (d)
|
624,000
|
633,402
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.81%), 6.05%, 5/14/2058 (d)
|
1,679,000
|
1,700,652
|
|
WULF Compute LLC 7.75%, 10/15/2030 (a)
|
663,000
|
696,654
|
|
|
|
23,875,636
|
|
Electric Utilities — 3.5%
|
||
|
Chile Electricity Lux Mpc II Sarl (Chile) 5.58%, 10/20/2035 (b)
|
234,601
|
238,308
|
|
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (a)
|
540,000
|
476,192
|
|
EDP SA (Portugal)
|
||
|
(EURIBOR ICE Swap Rate 5 Year + 2.40%), 4.63%, 9/16/2054 (b) (d)
|
200,000
|
235,856
|
|
(EURIBOR ICE Swap Rate 5 Year + 2.24%), 4.50%, 5/27/2055 (b) (d)
|
400,000
|
466,610
|
|
Series NC5., (EUR Swap Annual 5 Year + 1.89%), 1.50%, 3/14/2082 (b) (d)
|
1,500,000
|
1,724,453
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Electric Utilities — continued
|
||
|
Electricite de France SA (France)
|
||
|
5.70%, 5/23/2028 (a)
|
245,000
|
250,177
|
|
(EUR Swap Annual 5 Year + 4.86%), 7.50%, 9/6/2028 (b) (d) (e) (f)
|
200,000
|
250,597
|
|
(EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030 (b) (d) (e) (f)
|
400,000
|
444,902
|
|
Emera US Finance LP (Canada) 2.64%, 6/15/2031
|
4,626,000
|
4,153,433
|
|
ENEL Finance International NV (Italy)
|
||
|
3.50%, 4/6/2028 (a)
|
1,135,000
|
1,113,940
|
|
2.50%, 7/12/2031 (a) (k)
|
316,000
|
281,435
|
|
5.00%, 6/15/2032 (a)
|
580,000
|
579,819
|
|
Enel SpA (Italy) (EUR Swap Annual 5 Year + 2.68%), 2.25%, 12/10/2026 (b) (d) (e) (f)
|
1,800,000
|
2,084,202
|
|
EnfraGen Energia Sur SA (Colombia) 5.38%, 12/30/2030 (b)
|
1,008,181
|
933,727
|
|
Entergy Corp.
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (d)
|
2,367,000
|
2,454,534
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.18%), 5.88%, 6/15/2056 (d)
|
630,000
|
632,390
|
|
Entergy Texas, Inc. 1.75%, 3/15/2031
|
385,000
|
336,664
|
|
EUSHI Finance, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
+ 2.51%), 6.25%, 4/1/2056 (d)
|
125,000
|
124,118
|
|
Fells Point Funding Trust 3.05%, 1/31/2027 (a)
|
832,000
|
824,750
|
|
FirstEnergy Pennsylvania Electric Co. 5.20%, 4/1/2028 (a)
|
390,000
|
394,439
|
|
Generadora de Gatun SA (Panama) 6.87%, 9/30/2044 (a)
|
620,000
|
632,226
|
|
ITC Holdings Corp.
|
||
|
2.95%, 5/14/2030 (a)
|
1,855,000
|
1,730,835
|
|
5.50%, 4/15/2036 (a)
|
1,015,000
|
1,026,094
|
|
Jersey Central Power & Light Co. 2.75%, 3/1/2032 (a)
|
5,248,000
|
4,707,507
|
|
National Grid Electricity Distribution East Midlands plc (United Kingdom) 3.53%, 9/20/2028 (b)
|
100,000
|
117,790
|
|
NextEra Energy Capital Holdings, Inc.
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.75%, 6/15/2054 (d)
|
520,000
|
542,546
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.36%), 6.70%, 9/1/2054 (d)
|
545,000
|
561,296
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.38%, 8/15/2055 (d)
|
1,642,000
|
1,680,858
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 8/15/2055 (d)
|
190,000
|
196,822
|
|
NRG Energy, Inc.
|
||
|
3.38%, 2/15/2029 (a)
|
105,000
|
100,209
|
|
5.25%, 6/15/2029 (a)
|
60,000
|
59,696
|
|
5.75%, 1/15/2034 (a)
|
100,000
|
98,913
|
|
5.88%, 5/15/2034 (a)
|
100,000
|
99,371
|
|
6.13%, 5/15/2036 (a)
|
25,000
|
24,946
|
|
Pacific Gas and Electric Co.
|
||
|
6.15%, 1/15/2033
|
1,430,000
|
1,499,476
|
|
6.40%, 6/15/2033
|
1,270,000
|
1,351,536
|
|
6.00%, 8/15/2035
|
1,520,000
|
1,568,234
|
|
3.75%, 8/15/2042 (k)
|
1,215,000
|
916,031
|
|
4.60%, 6/15/2043
|
250,000
|
207,302
|
|
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia) 4.38%, 2/5/2050 (b)
|
366,000
|
274,500
|
|
PG&E Corp.
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.88%), 7.38%, 3/15/2055 (d)
|
1,801,000
|
1,834,107
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.85%, 9/15/2056 (d)
|
103,000
|
102,634
|
|
Scottish Hydro Electric Transmission plc (United Kingdom) 3.38%, 9/4/2032 (b)
|
200,000
|
231,477
|
|
Southern California Edison Co.
|
||
|
Series B, 3.65%, 3/1/2028
|
1,220,000
|
1,199,659
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Electric Utilities — continued
|
||
|
5.45%, 3/1/2035
|
30,000
|
29,974
|
|
Series 13-A, 3.90%, 3/15/2043
|
214,000
|
163,389
|
|
3.65%, 2/1/2050
|
484,000
|
334,593
|
|
Trinidad Generation UnLtd (Trinidad And Tobago) 7.75%, 6/16/2033 (a)
|
351,000
|
371,182
|
|
Union Electric Co. 3.90%, 4/1/2052
|
260,000
|
196,358
|
|
Vistra Operations Co. LLC
|
||
|
3.70%, 1/30/2027 (a)
|
1,031,000
|
1,025,835
|
|
4.30%, 7/15/2029 (a)
|
1,550,000
|
1,523,512
|
|
4.60%, 10/15/2030 (a)
|
2,000
|
1,961
|
|
6.88%, 4/15/2032 (a)
|
252,000
|
262,191
|
|
6.00%, 4/15/2034 (a)
|
3,735,000
|
3,848,122
|
|
5.70%, 12/30/2034 (a)
|
240,000
|
242,790
|
|
5.25%, 10/15/2035 (a)
|
3,000
|
2,915
|
|
5.35%, 1/31/2036 (a)
|
885,000
|
865,380
|
|
VoltaGrid LLC 7.38%, 11/1/2030 (a)
|
195,000
|
203,055
|
|
|
|
47,835,868
|
|
Electrical Equipment — 0.0% ^
|
||
|
Solaris Energy Infrastructure LLC 6.38%, 5/15/2031 (a)
|
90,000
|
91,408
|
|
Electronic Equipment, Instruments & Components — 0.2%
|
||
|
Belden, Inc. 3.88%, 3/15/2028 (b)
|
230,000
|
268,351
|
|
Coherent Corp. 5.00%, 12/15/2029 (a)
|
761,000
|
753,240
|
|
Ingram Micro, Inc. 4.75%, 5/15/2029 (a)
|
385,000
|
378,401
|
|
Sensata Technologies, Inc.
|
||
|
3.75%, 2/15/2031 (a)
|
495,000
|
464,249
|
|
6.63%, 7/15/2032 (a)
|
200,000
|
207,134
|
|
Tyco Electronics Group SA (Switzerland) 3.25%, 1/31/2033
|
200,000
|
229,448
|
|
|
|
2,300,823
|
|
Energy Equipment & Services — 0.2%
|
||
|
Archrock Partners LP 6.63%, 9/1/2032 (a)
|
145,000
|
148,442
|
|
Archrock Services LP 6.00%, 2/1/2034 (a)
|
24,000
|
24,009
|
|
Baker Hughes Holdings LLC 5.00%, 6/15/2036
|
890,000
|
876,599
|
|
Guara Norte SARL (Brazil)
|
||
|
5.20%, 6/15/2034 (a)
|
655,619
|
639,228
|
|
5.20%, 6/15/2034 (b)
|
555,434
|
541,548
|
|
Kodiak Gas Services LLC
|
||
|
5.88%, 4/1/2031 (a)
|
40,000
|
40,244
|
|
6.50%, 10/1/2033 (a)
|
21,000
|
21,371
|
|
Noble Finance II LLC 8.00%, 4/15/2030 (a)
|
34,000
|
35,355
|
|
OEG Finance plc (United Kingdom) 7.25%, 9/27/2029 (b)
|
150,000
|
181,728
|
|
Transocean International Ltd. 8.25%, 5/15/2029 (a)
|
35,000
|
36,349
|
|
Viridien (France) 8.50%, 10/15/2030 (b)
|
116,643
|
144,480
|
|
|
|
2,689,353
|
|
Entertainment — 0.3%
|
||
|
Banijay Entertainment SAS (France) 7.00%, 5/1/2029 (b)
|
319,000
|
383,731
|
|
Cinemark USA, Inc.
|
||
|
5.25%, 7/15/2028 (a)
|
25,000
|
24,869
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Entertainment — continued
|
||
|
7.00%, 8/1/2032 (a)
|
16,000
|
16,561
|
|
Discovery Global Holdings, Inc. 4.28%, 3/15/2032
|
110,000
|
99,275
|
|
Live Nation Entertainment, Inc.
|
||
|
6.50%, 5/15/2027 (a)
|
45,000
|
45,049
|
|
4.75%, 10/15/2027 (a)
|
635,000
|
632,585
|
|
Netflix, Inc.
|
||
|
4.88%, 4/15/2028
|
808,000
|
817,284
|
|
5.38%, 11/15/2029 (a)
|
1,351,000
|
1,390,667
|
|
Take-Two Interactive Software, Inc.
|
||
|
3.70%, 4/14/2027
|
660,000
|
656,757
|
|
5.40%, 6/12/2029
|
88,000
|
89,839
|
|
5.60%, 6/12/2034
|
352,000
|
360,820
|
|
WMG Acquisition Corp. 2.25%, 8/15/2031 (b)
|
110,000
|
121,165
|
|
|
|
4,638,602
|
|
Financial Services — 0.4%
|
||
|
Benteler International Austria GmbH (Austria) 7.25%, 6/15/2031 (b)
|
100,000
|
124,005
|
|
Block, Inc.
|
||
|
5.63%, 8/15/2030 (a)
|
29,000
|
29,119
|
|
6.50%, 5/15/2032
|
149,000
|
151,829
|
|
6.00%, 8/15/2033 (a)
|
23,000
|
23,006
|
|
Far East Horizon Ltd. (China) 5.88%, 3/5/2028 (b)
|
582,000
|
587,296
|
|
Global Payments, Inc. 5.55%, 11/15/2035
|
3,310,000
|
3,229,138
|
|
NCR Atleos Corp. 9.50%, 4/1/2029 (a)
|
57,000
|
60,941
|
|
Progroup AG (Germany) 5.13%, 4/15/2029 (b)
|
300,000
|
354,122
|
|
Rocket Cos., Inc.
|
||
|
6.13%, 8/1/2030 (a)
|
94,000
|
95,440
|
|
7.13%, 2/1/2032 (a)
|
315,000
|
326,322
|
|
6.38%, 8/1/2033 (a)
|
51,000
|
51,791
|
|
Rocket Mortgage LLC 4.00%, 10/15/2033 (a)
|
190,000
|
170,554
|
|
Shift4 Payments LLC 6.75%, 8/15/2032 (a)
|
191,000
|
190,828
|
|
|
|
5,394,391
|
|
Food Products — 0.5%
|
||
|
Flora Food Management BV (Netherlands) 6.88%, 7/2/2029 (b)
|
119,000
|
133,184
|
|
Grupo Nutresa SA (Colombia) 9.00%, 5/12/2035 (b)
|
504,000
|
552,787
|
|
JBS NV
|
||
|
6.75%, 3/15/2034
|
109,000
|
118,689
|
|
5.95%, 4/20/2035
|
609,000
|
627,844
|
|
5.50%, 1/15/2036
|
1,880,000
|
1,875,733
|
|
5.63%, 3/10/2037 (a)
|
1,170,000
|
1,166,490
|
|
4.38%, 2/2/2052
|
397,000
|
300,183
|
|
7.25%, 11/15/2053
|
880,000
|
963,581
|
|
Mars, Inc. 5.20%, 3/1/2035 (a)
|
1,260,000
|
1,268,483
|
|
|
|
7,006,974
|
|
Gas Utilities — 0.0% ^
|
||
|
AmeriGas Partners LP
|
||
|
9.50%, 6/1/2030 (a)
|
60,000
|
64,532
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Gas Utilities — continued
|
||
|
6.88%, 6/1/2031 (a)
|
74,000
|
75,642
|
|
Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050
|
240,000
|
163,668
|
|
UGI International LLC 2.50%, 12/1/2029 (b)
|
296,000
|
323,217
|
|
|
|
627,059
|
|
Ground Transportation — 0.2%
|
||
|
Avis Budget Car Rental LLC
|
||
|
5.75%, 7/15/2027 (a)
|
356,000
|
356,093
|
|
5.38%, 3/1/2029 (a)
|
155,000
|
151,901
|
|
8.25%, 1/15/2030 (a)
|
312,000
|
321,797
|
|
8.00%, 2/15/2031 (a)
|
15,000
|
15,105
|
|
BCP V Modular Services Finance II plc (United Kingdom) 6.50%, 7/10/2031 (b)
|
165,000
|
162,279
|
|
EC Finance plc (United Kingdom) 3.25%, 10/15/2026 (b) (k)
|
120,000
|
138,988
|
|
Hertz Corp. (The)
|
||
|
4.63%, 12/1/2026 (a)
|
112,000
|
105,796
|
|
12.63%, 7/15/2029 (a)
|
338,000
|
307,861
|
|
Loxam SAS (France) 4.50%, 2/15/2027 (b)
|
171,000
|
199,476
|
|
Uber Technologies, Inc. 4.80%, 9/15/2035
|
1,115,000
|
1,085,687
|
|
XPO, Inc. 7.13%, 2/1/2032 (a)
|
465,000
|
481,709
|
|
|
|
3,326,692
|
|
Health Care Equipment & Supplies — 0.1%
|
||
|
Avantor Funding, Inc. 3.88%, 7/15/2028 (b)
|
400,000
|
464,871
|
|
Medline Borrower LP
|
||
|
6.25%, 4/1/2029 (a)
|
33,000
|
33,869
|
|
5.25%, 10/1/2029 (a)
|
280,000
|
279,520
|
|
|
|
778,260
|
|
Health Care Providers & Services — 0.9%
|
||
|
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)
|
30,000
|
29,860
|
|
Accendra Health, Inc. 6.63%, 4/1/2030 (a)
|
42,000
|
25,345
|
|
Cencora, Inc.
|
||
|
2.70%, 3/15/2031
|
2,687,000
|
2,454,047
|
|
4.90%, 2/13/2036
|
39,000
|
38,064
|
|
Community Health Systems, Inc.
|
||
|
6.00%, 1/15/2029 (a)
|
210,000
|
207,900
|
|
6.13%, 4/1/2030 (a)
|
55,000
|
50,017
|
|
5.25%, 5/15/2030 (a)
|
285,000
|
268,569
|
|
4.75%, 2/15/2031 (a)
|
208,000
|
191,246
|
|
10.88%, 1/15/2032 (a)
|
33,000
|
35,557
|
|
DaVita, Inc.
|
||
|
4.63%, 6/1/2030 (a)
|
185,000
|
179,762
|
|
6.88%, 9/1/2032 (a)
|
221,000
|
228,857
|
|
Encompass Health Corp.
|
||
|
4.50%, 2/1/2028
|
15,000
|
14,935
|
|
4.63%, 4/1/2031
|
160,000
|
154,849
|
|
Global Medical Response, Inc. 7.38%, 10/1/2032 (a)
|
44,000
|
45,717
|
|
HCA, Inc.
|
||
|
5.20%, 6/1/2028
|
630,000
|
638,291
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Health Care Providers & Services — continued
|
||
|
4.13%, 6/15/2029
|
1,570,000
|
1,547,708
|
|
4.60%, 11/15/2032
|
550,000
|
536,985
|
|
4.90%, 11/15/2035
|
338,000
|
327,142
|
|
5.50%, 6/15/2047
|
66,000
|
61,191
|
|
5.25%, 6/15/2049
|
950,000
|
847,977
|
|
3.50%, 7/15/2051
|
480,000
|
321,345
|
|
4.63%, 3/15/2052
|
840,000
|
676,419
|
|
5.95%, 9/15/2054
|
2,020,000
|
1,963,616
|
|
6.20%, 3/1/2055
|
35,000
|
35,160
|
|
Phoenix PIB Dutch Finance BV (Germany) 4.88%, 7/10/2029 (b)
|
300,000
|
359,520
|
|
Radiology Partners, Inc. 8.50%, 7/15/2032 (a)
|
143,000
|
146,575
|
|
Surgery Center Holdings, Inc. 7.25%, 4/15/2032 (a)
|
105,000
|
105,246
|
|
Tenet Healthcare Corp.
|
||
|
5.13%, 11/1/2027
|
30,000
|
30,027
|
|
6.13%, 6/15/2030
|
55,000
|
55,518
|
|
6.75%, 5/15/2031
|
361,000
|
371,730
|
|
|
|
11,949,175
|
|
Health Care REITs — 0.2%
|
||
|
Healthpeak OP LLC 5.25%, 12/15/2032
|
1,350,000
|
1,365,171
|
|
MPT Operating Partnership LP 8.50%, 2/15/2032 (a)
|
55,000
|
57,266
|
|
Ventas Realty LP 5.00%, 1/15/2035
|
740,000
|
728,469
|
|
Welltower OP LLC
|
||
|
2.80%, 6/1/2031
|
700,000
|
643,223
|
|
3.85%, 6/15/2032
|
410,000
|
390,535
|
|
|
|
3,184,664
|
|
Health Care Technology — 0.1%
|
||
|
IQVIA, Inc.
|
||
|
2.25%, 1/15/2028 (b)
|
550,000
|
629,889
|
|
6.25%, 6/1/2032 (a)
|
492,000
|
502,627
|
|
|
|
1,132,516
|
|
Hotel & Resort REITs — 0.0% ^
|
||
|
RHP Hotel Properties LP
|
||
|
4.50%, 2/15/2029 (a)
|
85,000
|
83,470
|
|
6.50%, 4/1/2032 (a)
|
465,000
|
476,792
|
|
6.50%, 6/15/2033 (a)
|
32,000
|
32,916
|
|
5.75%, 3/15/2034 (a)
|
39,000
|
38,691
|
|
|
|
631,869
|
|
Hotels, Restaurants & Leisure — 0.5%
|
||
|
888 Acquisitions Ltd. (United Kingdom) (EURIBOR 3 Month + 5.50%), 7.70%, 7/15/2028 (b) (d)
|
160,000
|
182,481
|
|
Acushnet Co. 5.63%, 12/1/2033 (a)
|
15,000
|
14,883
|
|
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
|
315,000
|
310,279
|
|
Brightstar Lottery plc 2.38%, 4/15/2028 (b)
|
200,000
|
229,147
|
|
Caesars Entertainment, Inc.
|
||
|
7.00%, 2/15/2030 (a)
|
140,000
|
141,660
|
|
6.50%, 2/15/2032 (a)
|
30,000
|
29,249
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Hotels, Restaurants & Leisure — continued
|
||
|
Carnival Corp. Ltd.
|
||
|
5.75%, 8/1/2032 (a)
|
159,000
|
160,619
|
|
6.13%, 2/15/2033 (a)
|
139,000
|
140,778
|
|
Carnival plc 4.13%, 7/15/2031 (b)
|
367,000
|
426,206
|
|
Cirsa Finance International Sarl (Spain) 4.88%, 10/15/2031 (b)
|
148,000
|
174,341
|
|
Essendi SA (Luxembourg) 5.63%, 5/15/2032 (b)
|
300,000
|
354,210
|
|
Hilton Domestic Operating Co., Inc.
|
||
|
5.50%, 9/15/2031 (a)
|
70,000
|
70,406
|
|
5.88%, 3/15/2033 (a)
|
257,000
|
259,912
|
|
5.75%, 9/15/2033 (a)
|
98,000
|
98,868
|
|
5.50%, 3/31/2034 (a)
|
244,000
|
242,887
|
|
Lottomatica Group Spa (Italy) 4.88%, 1/31/2031 (b)
|
149,000
|
176,400
|
|
MGM Resorts International
|
||
|
5.50%, 4/15/2027
|
25,000
|
25,025
|
|
6.13%, 9/15/2029
|
234,000
|
237,465
|
|
NCL Corp. Ltd. 5.88%, 1/15/2031 (a)
|
223,000
|
215,504
|
|
Pinnacle Bidco plc (United Kingdom) 8.25%, 10/11/2028 (b)
|
264,000
|
320,398
|
|
Pioneer Opco LLC 7.00%, 5/15/2033 (a)
|
34,000
|
34,734
|
|
Punch Finance plc (United Kingdom) 7.88%, 12/30/2030 (b)
|
115,000
|
156,793
|
|
Royal Caribbean Cruises Ltd.
|
||
|
5.63%, 9/30/2031 (a)
|
42,000
|
42,369
|
|
6.25%, 3/15/2032 (a)
|
25,000
|
25,535
|
|
6.00%, 2/1/2033 (a)
|
52,000
|
52,716
|
|
Six Flags Entertainment Corp.
|
||
|
6.50%, 10/1/2028
|
145,000
|
145,488
|
|
8.63%, 1/15/2032 (a)
|
175,000
|
179,708
|
|
6.63%, 5/1/2032 (a)
|
140,000
|
143,062
|
|
Station Casinos LLC 4.50%, 2/15/2028 (a)
|
200,000
|
197,136
|
|
Studio City Finance Ltd. (Macau) 5.00%, 1/15/2029 (b)
|
680,000
|
651,736
|
|
Vail Resorts, Inc. 6.50%, 5/15/2032 (a)
|
323,000
|
329,065
|
|
Viking Cruises Ltd. 5.88%, 10/15/2033 (a)
|
249,000
|
249,498
|
|
Wynn Macau Ltd. (Macau) 5.63%, 8/26/2028 (b)
|
589,000
|
586,791
|
|
Wynn Resorts Finance LLC
|
||
|
5.13%, 10/1/2029 (a)
|
105,000
|
104,216
|
|
6.25%, 3/15/2033 (a)
|
150,000
|
150,532
|
|
|
|
6,860,097
|
|
Household Durables — 0.1%
|
||
|
CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a)
|
254,000
|
152,451
|
|
Installed Building Products, Inc. 5.63%, 2/1/2034 (a)
|
30,000
|
29,452
|
|
Newell Brands, Inc.
|
||
|
8.50%, 6/1/2028 (a)
|
50,000
|
52,207
|
|
6.63%, 9/15/2029
|
295,000
|
295,134
|
|
6.38%, 5/15/2030
|
40,000
|
39,467
|
|
6.63%, 5/15/2032
|
25,000
|
24,321
|
|
7.50%, 4/1/2046 (k)
|
30,000
|
26,153
|
|
Somnigroup International, Inc.
|
||
|
4.00%, 4/15/2029 (a)
|
135,000
|
129,762
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Household Durables — continued
|
||
|
3.88%, 10/15/2031 (a)
|
365,000
|
334,129
|
|
TopBuild Corp. 5.63%, 1/31/2034 (a)
|
44,000
|
44,427
|
|
|
|
1,127,503
|
|
Household Products — 0.1%
|
||
|
Central Garden & Pet Co.
|
||
|
5.13%, 2/1/2028
|
50,000
|
49,887
|
|
4.13%, 10/15/2030
|
355,000
|
335,827
|
|
Energizer Holdings, Inc.
|
||
|
4.75%, 6/15/2028 (a)
|
410,000
|
405,116
|
|
4.38%, 3/31/2029 (a)
|
225,000
|
216,577
|
|
|
|
1,007,407
|
|
Independent Power and Renewable Electricity Producers — 0.3%
|
||
|
AES Corp. (The) 3.95%, 7/15/2030 (a)
|
768,000
|
737,520
|
|
Constellation Energy Generation LLC
|
||
|
5.00%, 2/1/2031 (a)
|
235,000
|
235,438
|
|
5.60%, 6/15/2042
|
202,000
|
199,792
|
|
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico) 7.25%, 1/31/2041 (a)
|
825,093
|
838,129
|
|
Saavi Energia SARL (Mexico) 8.88%, 2/10/2035 (a)
|
627,000
|
679,279
|
|
Talen Energy Supply LLC
|
||
|
6.13%, 5/1/2031 (a)
|
172,000
|
171,944
|
|
6.38%, 5/1/2033 (a)
|
253,000
|
252,014
|
|
6.25%, 2/1/2034 (a)
|
192,000
|
191,294
|
|
Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%),
7.00%, 12/15/2026 (a) (d) (e)
(f)
|
115,000
|
115,746
|
|
|
|
3,421,156
|
|
Insurance — 0.5%
|
||
|
Allianz SE (Germany) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
+ 2.77%), 5.60%,
9/3/2054 (a) (d)
|
600,000
|
594,543
|
|
Asurion LLC 8.00%, 12/31/2032 (a)
|
92,000
|
95,936
|
|
AXA SA (France)
|
||
|
(EURIBOR 3 Month + 2.60%), 1.88%, 7/10/2042 (b) (d)
|
300,000
|
313,881
|
|
(EURIBOR 3 Month + 3.60%), 4.25%, 3/10/2043 (b) (d)
|
400,000
|
473,166
|
|
Cloverie plc for Zurich Insurance Co. Ltd. (Switzerland) (3-MONTH SOFR + 4.92%), 5.63%,
6/24/2046 (b) (d)
|
1,770,000
|
1,770,074
|
|
MetLife, Inc.
|
||
|
6.40%, 12/15/2036
|
1,340,000
|
1,373,153
|
|
9.25%, 4/8/2038 (a)
|
380,000
|
445,299
|
|
10.75%, 8/1/2039
|
345,000
|
445,507
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.82%), 5.85%, 3/15/2056 (d)
|
360,000
|
355,949
|
|
Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity
5 Year + 2.40%), 6.50%,
3/15/2054 (d)
|
720,000
|
741,470
|
|
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note
Constant Maturity 5 Year +
3.58%), 5.00%, 4/2/2049 (a) (d)
|
200,000
|
199,674
|
|
|
|
6,808,652
|
|
Interactive Media & Services — 0.2%
|
||
|
Meta Platforms, Inc.
|
||
|
4.88%, 11/15/2035
|
316,000
|
308,752
|
|
5.50%, 11/15/2045
|
755,000
|
708,700
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Interactive Media & Services — continued
|
||
|
4.45%, 8/15/2052
|
399,000
|
313,018
|
|
5.40%, 8/15/2054
|
23,000
|
20,590
|
|
6.30%, 5/15/2056
|
1,620,000
|
1,634,597
|
|
Snap, Inc. 6.88%, 3/1/2033 (a)
|
32,000
|
31,719
|
|
|
|
3,017,376
|
|
IT Services — 0.2%
|
||
|
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)
|
298,000
|
298,504
|
|
Arches Buyer, Inc. 4.25%, 6/1/2028 (a)
|
325,000
|
315,769
|
|
Beignet Investor LLC 6.58%, 5/30/2049 (a)
|
1,920,000
|
1,979,369
|
|
Conduent Business Services LLC 6.00%, 11/1/2029 (a)
|
125,000
|
107,682
|
|
CoreWeave, Inc.
|
||
|
9.25%, 6/1/2030 (a)
|
219,000
|
223,430
|
|
9.00%, 2/1/2031 (a)
|
7,000
|
7,097
|
|
9.75%, 10/1/2031 (a)
|
115,000
|
118,619
|
|
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (a)
|
95,000
|
95,036
|
|
United Group BV (Slovenia) 6.38%, 5/14/2033 (a)
|
108,000
|
127,546
|
|
|
|
3,273,052
|
|
Machinery — 0.1%
|
||
|
Alstom SA (France) (EURIBOR ICE Swap Rate 5 Year + 2.93%), 5.87%, 5/29/2029 (b) (d) (e) (f)
|
300,000
|
362,504
|
|
Chart Industries, Inc. 7.50%, 1/1/2030 (a)
|
130,000
|
134,584
|
|
CTEC II GmbH (Germany) 5.25%, 2/15/2030 (b)
|
100,000
|
111,181
|
|
Enpro, Inc. 6.13%, 6/1/2033 (a)
|
23,000
|
23,416
|
|
Esab Corp. 5.63%, 4/1/2031 (a)
|
48,000
|
48,238
|
|
Lsf12 Helix Parent LLC 7.13%, 2/1/2033 (a)
|
40,000
|
39,196
|
|
Terex Corp.
|
||
|
5.00%, 5/15/2029 (a)
|
33,000
|
32,713
|
|
6.25%, 10/15/2032 (a)
|
78,000
|
79,195
|
|
TK Elevator Midco GmbH 4.38%, 7/15/2027 (b)
|
34,037
|
39,730
|
|
Trinity Industries, Inc. 7.75%, 7/15/2028 (a)
|
130,000
|
133,259
|
|
Wabash National Corp. 4.50%, 10/15/2028 (a)
|
375,000
|
318,919
|
|
|
|
1,322,935
|
|
Marine Transportation — 0.1%
|
||
|
MV24 Capital BV (Brazil) 6.75%, 6/1/2034 (b)
|
535,097
|
538,950
|
|
Yinson Bergenia Production BV (Brazil) 8.50%, 1/31/2045 (a)
|
703,517
|
752,763
|
|
|
|
1,291,713
|
|
Media — 1.0%
|
||
|
Charter Communications Operating LLC
|
||
|
2.25%, 1/15/2029
|
765,000
|
714,468
|
|
3.50%, 6/1/2041
|
1,839,000
|
1,284,168
|
|
5.38%, 5/1/2047
|
958,000
|
772,854
|
|
5.13%, 7/1/2049
|
991,000
|
762,429
|
|
3.90%, 6/1/2052
|
1,038,000
|
659,446
|
|
5.25%, 4/1/2053
|
375,000
|
292,666
|
|
Clear Channel Outdoor Holdings, Inc.
|
||
|
7.75%, 4/15/2028 (a)
|
235,000
|
235,503
|
|
7.50%, 6/1/2029 (a)
|
520,000
|
521,829
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Media — continued
|
||
|
7.13%, 2/15/2031 (a)
|
208,000
|
215,007
|
|
7.50%, 3/15/2033 (a)
|
404,000
|
423,887
|
|
CSC Holdings LLC 6.50%, 2/1/2029 (a)
|
785,000
|
461,288
|
|
DISH DBS Corp.
|
||
|
7.75%, 7/1/2026
|
205,000
|
203,976
|
|
5.25%, 12/1/2026 (a)
|
345,000
|
343,707
|
|
5.75%, 12/1/2028 (a)
|
165,000
|
161,922
|
|
DISH Network Corp. 11.75%, 11/15/2027 (a)
|
1,305,000
|
1,344,646
|
|
EchoStar Corp. 6.75% (Cash), 11/30/2030 (c)
|
200,000
|
204,287
|
|
Gray Media, Inc.
|
||
|
10.50%, 7/15/2029 (a)
|
85,000
|
89,983
|
|
4.75%, 10/15/2030 (a)
|
245,000
|
185,600
|
|
7.25%, 8/15/2033 (a)
|
314,000
|
311,245
|
|
iHeartCommunications, Inc.
|
||
|
9.13%, 5/1/2029 (a)
|
709,000
|
687,236
|
|
10.88%, 5/1/2030 (a)
|
170,000
|
144,465
|
|
7.75%, 8/15/2030 (a)
|
150,850
|
138,521
|
|
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a)
|
105,000
|
104,389
|
|
Midcontinent Communications 8.00%, 8/15/2032 (a)
|
214,000
|
202,103
|
|
Neptune Bidco US, Inc.
|
||
|
9.29%, 4/15/2029 (a)
|
105,000
|
107,342
|
|
9.50%, 2/15/2033 (a)
|
63,000
|
64,446
|
|
Nexstar Media, Inc.
|
||
|
6.50%, 9/15/2033 (a)
|
591,000
|
595,709
|
|
7.25%, 4/15/2034 (a)
|
396,000
|
398,492
|
|
Outfront Media Capital LLC
|
||
|
5.00%, 8/15/2027 (a)
|
39,000
|
38,975
|
|
4.63%, 3/15/2030 (a)
|
130,000
|
126,324
|
|
Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a)
|
193,000
|
198,308
|
|
Sirius XM Radio LLC
|
||
|
4.00%, 7/15/2028 (a)
|
600,000
|
584,492
|
|
5.88%, 4/15/2032 (a)
|
126,000
|
125,421
|
|
Stagwell Global LLC 5.63%, 8/15/2029 (a)
|
189,000
|
183,952
|
|
Univision Communications, Inc.
|
||
|
7.38%, 6/30/2030 (a)
|
90,000
|
89,618
|
|
9.38%, 8/1/2032 (a)
|
140,000
|
143,360
|
|
8.88%, 4/15/2033 (a)
|
68,000
|
67,741
|
|
Ziggo Bond Co. BV (Netherlands) 3.38%, 2/28/2030 (b)
|
621,000
|
631,425
|
|
|
|
13,821,230
|
|
Metals & Mining — 0.9%
|
||
|
Anglo American Capital plc (South Africa)
|
||
|
5.50%, 5/2/2033 (a)
|
2,640,000
|
2,701,512
|
|
5.25%, 3/19/2036 (a)
|
310,000
|
307,337
|
|
Cleveland-Cliffs, Inc.
|
||
|
4.63%, 3/1/2029 (a)
|
185,000
|
179,287
|
|
6.88%, 11/1/2029 (a)
|
35,000
|
35,786
|
|
7.50%, 9/15/2031 (a)
|
62,000
|
64,009
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Metals & Mining — continued
|
||
|
7.00%, 3/15/2032 (a)
|
19,000
|
19,208
|
|
Commercial Metals Co. 5.75%, 11/15/2033 (a)
|
48,000
|
48,036
|
|
Freeport-McMoRan, Inc. 4.25%, 3/1/2030
|
1,163,000
|
1,145,640
|
|
Glencore Funding LLC (Australia)
|
||
|
6.38%, 10/6/2030 (a)
|
1,866,000
|
1,976,150
|
|
5.63%, 4/4/2034 (a)
|
2,237,000
|
2,304,661
|
|
5.67%, 4/1/2035 (a)
|
1,280,000
|
1,316,937
|
|
Indonesia Asahan Aluminium PT (Indonesia) 5.45%, 5/15/2030 (a)
|
830,000
|
840,209
|
|
Novelis Corp. 6.88%, 1/30/2030 (a)
|
23,000
|
23,633
|
|
Novelis Sheet Ingot GmbH 3.38%, 4/15/2029 (b)
|
270,000
|
309,840
|
|
Vale Overseas Ltd. (Brazil)
|
||
|
6.40%, 6/28/2054
|
1,085,000
|
1,108,685
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 6.00%, 2/25/2056 (a) (d)
|
295,000
|
295,783
|
|
|
|
12,676,713
|
|
Multi-Utilities — 0.7%
|
||
|
Dominion Energy, Inc.
|
||
|
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%),
7.00%, 6/1/2054 (d)
|
140,000
|
149,046
|
|
Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%),
6.88%, 2/1/2055 (d)
|
1,370,000
|
1,420,582
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.21%), 6.63%, 5/15/2055 (d)
|
1,247,000
|
1,277,129
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.26%), 6.00%, 2/15/2056 (d)
|
1,801,000
|
1,810,742
|
|
NGG Finance plc (United Kingdom) (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (b) (d)
|
518,000
|
594,989
|
|
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%),
6.95%, 11/30/2054 (d)
|
691,000
|
717,626
|
|
San Diego Gas & Electric Co.
|
||
|
Series DDDD, 5.20%, 3/15/2036
|
445,000
|
445,576
|
|
Series UUU, 3.32%, 4/15/2050
|
200,000
|
134,781
|
|
Sempra
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (d)
|
680,000
|
694,400
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.38%, 4/1/2056 (d)
|
274,000
|
277,160
|
|
Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031
|
482,000
|
424,903
|
|
Veolia Environnement SA (France)
|
||
|
(EURIBOR ICE Swap Rate 5 Year + 2.15%), 1.63%, 6/28/2026 (b) (d) (e) (f)
|
900,000
|
1,043,378
|
|
(EUR Swap Annual 5 Year + 2.82%), 5.99%, 11/22/2028 (b) (d) (e) (f)
|
300,000
|
367,201
|
|
|
|
9,357,513
|
|
Oil, Gas & Consumable Fuels — 4.0%
|
||
|
AI Candelaria -spain- SA (Colombia) 5.75%, 6/15/2033 (b)
|
642,000
|
575,964
|
|
Aker BP ASA (Norway) 5.25%, 10/30/2035 (a)
|
383,000
|
375,680
|
|
Antero Midstream Partners LP
|
||
|
5.75%, 1/15/2028 (a)
|
110,000
|
110,032
|
|
5.38%, 6/15/2029 (a)
|
130,000
|
129,911
|
|
5.75%, 10/15/2033 (a)
|
48,000
|
47,496
|
|
Ascent Resources Utica Holdings LLC 6.63%, 10/15/2032 (a)
|
25,000
|
25,656
|
|
Azule Energy Finance plc (Angola) 8.25%, 1/22/2031 (b)
|
630,000
|
642,688
|
|
Blue Racer Midstream LLC
|
||
|
7.00%, 7/15/2029 (a)
|
55,000
|
56,562
|
|
7.25%, 7/15/2032 (a)
|
175,000
|
181,920
|
|
BP Capital Markets America, Inc. 4.81%, 2/13/2033
|
2,050,000
|
2,048,411
|
|
BP Capital Markets plc (EUR Swap Annual 5 Year + 3.52%), 3.25%, 6/8/2026 (b) (d) (e) (f)
|
1,300,000
|
1,516,320
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
Buckeye Partners LP 6.75%, 2/1/2030 (a)
|
336,000
|
347,966
|
|
Caturus Energy LLC 7.13%, 5/15/2031 (a)
|
46,000
|
45,943
|
|
Cheniere Energy Partners LP
|
||
|
4.50%, 10/1/2029
|
2,380,000
|
2,369,024
|
|
5.95%, 6/30/2033
|
1,625,000
|
1,704,759
|
|
5.75%, 8/15/2034
|
2,255,000
|
2,339,441
|
|
5.55%, 10/30/2035
|
1,045,000
|
1,066,171
|
|
Chevron USA, Inc. 2.34%, 8/12/2050
|
200,000
|
115,445
|
|
Chord Energy Corp.
|
||
|
6.00%, 10/1/2030 (a)
|
34,000
|
34,423
|
|
6.75%, 3/15/2033 (a)
|
179,000
|
183,780
|
|
Columbia Pipelines Operating Co. LLC
|
||
|
5.93%, 8/15/2030 (a)
|
2,455,000
|
2,557,673
|
|
6.04%, 11/15/2033 (a)
|
5,450,000
|
5,757,080
|
|
Comstock Resources, Inc. 6.75%, 3/1/2029 (a)
|
330,000
|
324,238
|
|
Coterra Energy, Inc. 5.40%, 2/15/2035
|
2,309,000
|
2,340,112
|
|
Crescent Energy Finance LLC
|
||
|
7.63%, 4/1/2032 (a)
|
140,000
|
143,676
|
|
7.88%, 4/15/2032 (a)
|
435,000
|
445,852
|
|
7.38%, 1/15/2033 (a)
|
75,000
|
76,213
|
|
8.38%, 1/15/2034 (a)
|
45,000
|
47,203
|
|
Diamondback Energy, Inc. 5.75%, 4/18/2054
|
1,545,000
|
1,517,902
|
|
Ecopetrol SA (Colombia)
|
||
|
6.88%, 4/29/2030
|
630,000
|
632,614
|
|
8.88%, 1/13/2033
|
220,000
|
232,430
|
|
7.38%, 9/18/2043
|
550,000
|
504,625
|
|
Enbridge, Inc. (Canada)
|
||
|
Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%),
8.25%, 1/15/2084 (d)
|
3,034,000
|
3,207,090
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.43%), 8.50%, 1/15/2084 (d)
|
123,000
|
140,672
|
|
Energy Transfer LP
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%, 5/15/2054 (d)
|
1,270,000
|
1,351,129
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.50%, 2/15/2056 (d)
|
1,705,000
|
1,719,066
|
|
Eni SpA (Italy)
|
||
|
4.25%, 5/9/2029 (a)
|
910,000
|
904,066
|
|
(EURIBOR ICE Swap Rate 5 Year + 1.64%), 4.13%, 1/19/2032 (b) (d) (e) (f)
|
1,350,000
|
1,555,121
|
|
5.95%, 5/15/2054 (a)
|
200,000
|
199,450
|
|
EQT Corp. 4.75%, 1/15/2031
|
169,000
|
168,028
|
|
Esentia Energy Development SAB de CV (Mexico) 6.50%, 7/30/2038 (a)
|
419,000
|
415,020
|
|
Expand Energy Corp.
|
||
|
5.38%, 3/15/2030
|
1,725,000
|
1,740,313
|
|
4.75%, 2/1/2032
|
75,000
|
73,606
|
|
Genesis Energy LP
|
||
|
8.25%, 1/15/2029
|
25,000
|
25,944
|
|
8.00%, 5/15/2033
|
29,000
|
30,417
|
|
6.75%, 3/15/2034
|
59,000
|
59,228
|
|
Greenko Power II Ltd. (India) 4.30%, 12/13/2028 (a)
|
617,880
|
591,422
|
|
Greenko Wind Projects Mauritius Ltd. (India) 7.25%, 9/27/2028 (b)
|
650,100
|
657,173
|
|
Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a)
|
191,000
|
195,971
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
Harvest Midstream I LP 6.75%, 5/15/2034 (a)
|
40,000
|
41,067
|
|
Hess Midstream Operations LP 5.88%, 3/1/2028 (a)
|
27,000
|
27,271
|
|
Hilcorp Energy I LP 5.75%, 2/1/2029 (a)
|
40,000
|
39,911
|
|
Howard Midstream Energy Partners LLC 7.38%, 7/15/2032 (a)
|
130,000
|
134,376
|
|
Infinity Natural Resources LLC 7.63%, 4/1/2031 (a)
|
35,000
|
35,355
|
|
KazMunayGas National Co. JSC (Kazakhstan)
|
||
|
5.75%, 4/19/2047 (b)
|
998,000
|
952,496
|
|
6.38%, 10/24/2048 (b)
|
562,000
|
566,659
|
|
Kinetik Holdings LP 5.88%, 6/15/2030 (a)
|
25,000
|
25,125
|
|
Matador Resources Co.
|
||
|
6.50%, 4/15/2032 (a)
|
100,000
|
101,334
|
|
6.25%, 4/15/2033 (a)
|
152,000
|
152,839
|
|
6.00%, 4/15/2034 (a)
|
56,000
|
55,332
|
|
Medco Cypress Tree Pte. Ltd. (Indonesia) 8.63%, 5/19/2030 (b)
|
610,000
|
637,940
|
|
NGL Energy Operating LLC 8.13%, 2/15/2029 (a)
|
145,000
|
150,663
|
|
NuStar Logistics LP 5.63%, 4/28/2027
|
40,000
|
40,122
|
|
ORLEN SA (Poland) 6.00%, 1/30/2035 (b)
|
230,000
|
238,032
|
|
Permian Resources Operating LLC
|
||
|
7.00%, 1/15/2032 (a)
|
75,000
|
78,205
|
|
6.25%, 2/1/2033 (a)
|
331,000
|
340,064
|
|
Peru LNG Srl (Peru) 5.38%, 3/22/2030 (b)
|
752,817
|
730,233
|
|
Petroleos Mexicanos (Mexico)
|
||
|
5.95%, 1/28/2031
|
950,000
|
937,802
|
|
6.70%, 2/16/2032
|
320,000
|
322,240
|
|
10.00%, 2/7/2033
|
310,000
|
364,095
|
|
7.69%, 1/23/2050
|
1,000,000
|
915,530
|
|
Prairie Acquiror LP 9.00%, 8/1/2029 (a)
|
75,000
|
78,176
|
|
Repsol Europe Finance Sarl (Spain) (EURIBOR ICE Swap Rate 5 Year + 1.75%), 4.20%,
11/19/2031 (b) (d) (e) (f)
|
600,000
|
691,866
|
|
Rockies Express Pipeline LLC 6.75%, 3/15/2033 (a)
|
96,000
|
99,821
|
|
Santos Finance Ltd. (Australia) 5.75%, 11/13/2035 (a)
|
119,000
|
120,425
|
|
SM Energy Co.
|
||
|
6.63%, 1/15/2027
|
245,000
|
245,312
|
|
6.75%, 8/1/2029 (a)
|
34,000
|
34,860
|
|
8.75%, 7/1/2031 (a)
|
65,000
|
68,044
|
|
7.00%, 8/1/2032 (a)
|
31,000
|
31,757
|
|
9.63%, 6/15/2033 (a)
|
32,000
|
35,618
|
|
6.63%, 4/15/2034 (a)
|
82,000
|
82,445
|
|
Sunoco LP
|
||
|
5.63%, 3/15/2031 (a)
|
320,000
|
320,403
|
|
5.38%, 7/15/2031 (a)
|
51,000
|
50,752
|
|
Tallgrass Energy Partners LP
|
||
|
7.38%, 2/15/2029 (a)
|
260,000
|
268,424
|
|
6.00%, 12/31/2030 (a)
|
250,000
|
251,546
|
|
6.00%, 9/1/2031 (a)
|
65,000
|
65,012
|
|
6.75%, 3/15/2034 (a)
|
166,000
|
169,615
|
|
TotalEnergies Capital International SA (France) 3.13%, 5/29/2050
|
310,000
|
208,841
|
|
TotalEnergies Capital SA (France) 5.28%, 9/10/2054
|
300,000
|
282,797
|
|
TotalEnergies SE (France) (EURIBOR ICE Swap Rate 5 Year + 1.35%), 3.79%, 2/26/2031 (b) (d) (e) (f)
|
1,150,000
|
1,320,217
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
TransCanada PipeLines Ltd. (Canada)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.25%), 6.13%, 10/17/2056 (d)
|
164,000
|
165,208
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.12%), 6.38%, 10/17/2056 (d)
|
180,000
|
181,773
|
|
Transcanada Trust (Canada) Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (d)
|
810,000
|
811,775
|
|
Venture Global Calcasieu Pass LLC 6.00%, 5/1/2036 (a)
|
21,000
|
21,236
|
|
Venture Global LNG, Inc.
|
||
|
8.13%, 6/1/2028 (a)
|
23,000
|
23,511
|
|
9.50%, 2/1/2029 (a)
|
101,000
|
109,963
|
|
7.00%, 1/15/2030 (a)
|
194,000
|
198,998
|
|
9.88%, 2/1/2032 (a)
|
234,000
|
250,196
|
|
|
|
54,606,208
|
|
Paper & Forest Products — 0.1%
|
||
|
Suzano Austria GmbH (Brazil) 6.00%, 1/15/2029
|
1,200,000
|
1,226,250
|
|
Passenger Airlines — 0.1%
|
||
|
American Airlines, Inc. 5.75%, 4/20/2029 (a)
|
200,000
|
199,778
|
|
JetBlue Airways Corp. 9.88%, 9/20/2031 (a)
|
364,000
|
334,822
|
|
United Airlines Holdings, Inc. 4.88%, 3/1/2029
|
75,000
|
74,008
|
|
VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a)
|
50,000
|
49,777
|
|
|
|
658,385
|
|
Personal Care Products — 0.0% ^
|
||
|
Edgewell Personal Care Co.
|
||
|
5.50%, 6/1/2028 (a)
|
130,000
|
129,539
|
|
4.13%, 4/1/2029 (a)
|
165,000
|
157,694
|
|
Perrigo Finance Unlimited Co.
|
||
|
5.38%, 9/30/2032
|
145,000
|
164,320
|
|
6.13%, 9/30/2032
|
24,000
|
22,910
|
|
|
|
474,463
|
|
Pharmaceuticals — 0.5%
|
||
|
1261229 BC Ltd. 10.00%, 4/15/2032 (a)
|
570,000
|
583,576
|
|
Bausch Health Cos., Inc. (Canada)
|
||
|
4.88%, 6/1/2028 (a)
|
288,000
|
266,308
|
|
6.25%, 2/15/2029 (a)
|
140,000
|
100,100
|
|
Bayer AG (Germany) Series NC5, (EUR Swap Annual 5 Year + 3.43%), 6.63%, 9/25/2083 (b) (d)
|
800,000
|
983,304
|
|
Bristol-Myers Squibb Co. 5.55%, 2/22/2054
|
1,363,000
|
1,327,764
|
|
Cheplapharm Arzneimittel GmbH (Germany)
|
||
|
7.50%, 5/15/2030 (b)
|
160,000
|
193,341
|
|
7.13%, 6/15/2031 (b)
|
123,000
|
147,004
|
|
Dolcetto Holdco SpA (Italy) 5.63%, 7/14/2032 (b)
|
150,000
|
175,789
|
|
Endo Finance Holdings LP 8.50%, 4/15/2031 (a)
|
16,000
|
17,053
|
|
Merck & Co., Inc. 5.55%, 12/4/2055
|
900,000
|
884,578
|
|
Neopharmed Gentili SpA (Italy) 7.13%, 4/8/2030 (b)
|
208,000
|
251,034
|
|
Nidda Healthcare Holding GmbH (Germany) 5.38%, 10/23/2030 (b)
|
140,000
|
165,550
|
|
Organon & Co.
|
||
|
2.88%, 4/30/2028 (b)
|
300,000
|
346,363
|
|
4.13%, 4/30/2028 (a)
|
310,000
|
306,217
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Pharmaceuticals — continued
|
||
|
5.13%, 4/30/2031 (a)
|
310,000
|
307,275
|
|
Rossini SARL (Italy) 6.75%, 12/31/2029 (b)
|
419,000
|
507,335
|
|
|
|
6,562,591
|
|
Real Estate Management & Development — 0.0% ^
|
||
|
Anywhere Real Estate Group LLC
|
||
|
5.25%, 4/15/2030 (a)
|
190,000
|
182,500
|
|
9.75%, 4/15/2030 (a)
|
60,000
|
64,635
|
|
Aroundtown SA (Germany) 3.50%, 5/13/2030 (b)
|
200,000
|
228,813
|
|
New Immo Holding SA (France) 3.25%, 7/23/2027 (b)
|
100,000
|
116,205
|
|
|
|
592,153
|
|
Retail REITs — 0.0% ^
|
||
|
NNN REIT, Inc. 5.50%, 6/15/2034
|
280,000
|
285,466
|
|
Regency Centers LP 2.95%, 9/15/2029
|
320,000
|
305,043
|
|
|
|
590,509
|
|
Semiconductors & Semiconductor Equipment — 0.6%
|
||
|
Amkor Technology, Inc. 5.88%, 10/1/2033 (a)
|
303,000
|
304,390
|
|
ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a)
|
300,000
|
318,375
|
|
Broadcom, Inc.
|
||
|
4.55%, 2/15/2032
|
400,000
|
396,107
|
|
5.20%, 7/15/2035
|
276,000
|
277,652
|
|
3.14%, 11/15/2035 (a)
|
1,463,000
|
1,246,264
|
|
Entegris, Inc.
|
||
|
4.38%, 4/15/2028 (a)
|
60,000
|
59,161
|
|
5.95%, 6/15/2030 (a)
|
945,000
|
954,752
|
|
Foundry JV Holdco LLC
|
||
|
5.50%, 1/25/2031 (a)
|
550,000
|
563,520
|
|
6.25%, 1/25/2035 (a)
|
990,000
|
1,046,886
|
|
6.10%, 1/25/2036 (a)
|
770,000
|
809,153
|
|
6.20%, 1/25/2037 (a)
|
200,000
|
210,992
|
|
Kioxia Holdings Corp. (Japan) 6.25%, 7/24/2030 (a)
|
200,000
|
205,918
|
|
Marvell Technology, Inc.
|
||
|
2.95%, 4/15/2031
|
730,000
|
672,708
|
|
5.45%, 7/15/2035
|
1,153,000
|
1,179,744
|
|
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
|
43,000
|
41,953
|
|
Qnity Electronics, Inc. 6.25%, 8/15/2033 (a)
|
250,000
|
254,931
|
|
Synaptics, Inc. 4.00%, 6/15/2029 (a)
|
95,000
|
91,013
|
|
|
|
8,633,519
|
|
Software — 0.5%
|
||
|
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a)
|
340,000
|
327,743
|
|
Elastic NV 4.13%, 7/15/2029 (a)
|
215,000
|
205,868
|
|
Fair Isaac Corp. 6.00%, 5/15/2033 (a)
|
42,000
|
41,593
|
|
NCR Voyix Corp. 5.00%, 10/1/2028 (a)
|
95,000
|
93,373
|
|
OAK-Eagle Acquireco, Inc.
|
||
|
7.25%, 7/1/2033 (a)
|
81,000
|
84,471
|
|
8.75%, 7/1/2034 (a)
|
91,000
|
96,173
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Software — continued
|
||
|
Oracle Corp.
|
||
|
5.70%, 2/4/2036
|
65,000
|
63,861
|
|
6.55%, 2/4/2046
|
897,000
|
864,880
|
|
4.00%, 7/15/2046
|
135,000
|
93,903
|
|
3.60%, 4/1/2050
|
5,000
|
3,125
|
|
3.95%, 3/25/2051
|
260,000
|
170,792
|
|
5.38%, 9/27/2054
|
799,000
|
640,608
|
|
6.00%, 8/3/2055
|
291,000
|
255,158
|
|
6.70%, 2/4/2056
|
1,870,000
|
1,801,018
|
|
6.85%, 2/4/2066
|
820,000
|
785,472
|
|
RingCentral, Inc. 8.50%, 8/15/2030 (a)
|
513,000
|
537,920
|
|
SS&C Technologies, Inc.
|
||
|
5.50%, 9/30/2027 (a)
|
75,000
|
75,006
|
|
6.50%, 6/1/2032 (a)
|
775,000
|
781,901
|
|
Synopsys, Inc. 5.70%, 4/1/2055
|
269,000
|
262,255
|
|
|
|
7,185,120
|
|
Specialized REITs — 0.1%
|
||
|
Crown Castle, Inc. 4.80%, 9/1/2028
|
740,000
|
743,790
|
|
Iron Mountain, Inc.
|
||
|
5.25%, 3/15/2028 (a)
|
105,000
|
105,010
|
|
5.00%, 7/15/2028 (a)
|
35,000
|
34,905
|
|
4.88%, 9/15/2029 (a)
|
160,000
|
157,207
|
|
Millrose Properties, Inc. 6.38%, 8/1/2030 (a)
|
165,000
|
167,272
|
|
|
|
1,208,184
|
|
Specialty Retail — 0.2%
|
||
|
Agrifarma SpA (Italy) 4.50%, 10/31/2028 (b)
|
400,000
|
469,582
|
|
Asbury Automotive Group, Inc.
|
||
|
4.63%, 11/15/2029 (a)
|
202,000
|
196,190
|
|
4.75%, 3/1/2030
|
100,000
|
97,302
|
|
Escrow Rite Aid 0.00%, 12/31/2049 ‡ (j)
|
14,602
|
—
|
|
Fressnapf Holding SE (Germany) 5.25%, 10/31/2031 (b)
|
170,000
|
200,529
|
|
Gap, Inc. (The) 3.63%, 10/1/2029 (a)
|
50,000
|
46,807
|
|
Group 1 Automotive, Inc. 6.38%, 1/15/2030 (a)
|
21,000
|
21,350
|
|
Lithia Motors, Inc. 5.50%, 10/1/2030 (a)
|
26,000
|
25,778
|
|
Petco Health & Wellness Co., Inc. 8.25%, 2/1/2031 (a)
|
62,000
|
62,105
|
|
PetSmart LLC 7.50%, 9/15/2032 (a)
|
250,000
|
251,907
|
|
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a)
|
265,000
|
259,757
|
|
Staples, Inc.
|
||
|
10.75%, 9/1/2029 (a)
|
530,000
|
504,232
|
|
12.75%, 1/15/2030 (a)
|
20,145
|
15,420
|
|
|
|
2,150,959
|
|
Technology Hardware, Storage & Peripherals — 0.1%
|
||
|
Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a)
|
394,000
|
412,192
|
|
Seagate Data Storage Technology Pte. Ltd.
|
||
|
8.25%, 12/15/2029 (a)
|
21,000
|
21,885
|
|
8.50%, 7/15/2031 (a)
|
110,000
|
115,015
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Technology Hardware, Storage & Peripherals — continued
|
||
|
5.75%, 12/1/2034 (a)
|
105,000
|
106,798
|
|
Xerox Corp. 10.25%, 10/15/2030 (a)
|
45,000
|
39,393
|
|
Xerox Holdings Corp. 8.88%, 11/30/2029 (a)
|
81,000
|
36,450
|
|
|
|
731,733
|
|
Textiles, Apparel & Luxury Goods — 0.1%
|
||
|
Beach Acquisition Bidco LLC 5.25%, 7/15/2032 (b)
|
160,000
|
188,214
|
|
Birkenstock Financing SARL 5.25%, 4/30/2029 (b)
|
400,000
|
469,350
|
|
CT Investment GmbH (Germany) 6.38%, 4/15/2030 (b)
|
133,000
|
159,395
|
|
VF Corp.
|
||
|
0.25%, 2/25/2028
|
200,000
|
219,232
|
|
2.95%, 4/23/2030
|
178,000
|
161,131
|
|
|
|
1,197,322
|
|
Tobacco — 0.3%
|
||
|
BAT Capital Corp. (United Kingdom)
|
||
|
2.26%, 3/25/2028
|
2,710,000
|
2,607,269
|
|
7.08%, 8/2/2043
|
1,690,000
|
1,884,287
|
|
|
|
4,491,556
|
|
Trading Companies & Distributors — 0.1%
|
||
|
EquipmentShare.com, Inc.
|
||
|
9.00%, 5/15/2028 (a)
|
65,000
|
67,443
|
|
8.63%, 5/15/2032 (a)
|
65,000
|
68,308
|
|
8.00%, 3/15/2033 (a)
|
25,000
|
26,000
|
|
Herc Holdings, Inc. 7.00%, 6/15/2030 (a)
|
454,000
|
471,739
|
|
QXO Building Products, Inc. 6.75%, 4/30/2032 (a)
|
125,000
|
127,369
|
|
Rexel SA (France) 2.13%, 12/15/2028 (b)
|
100,000
|
112,984
|
|
United Rentals North America, Inc.
|
||
|
5.38%, 11/15/2033 (a)
|
232,000
|
229,099
|
|
6.13%, 3/15/2034 (a)
|
215,000
|
220,651
|
|
WESCO Distribution, Inc.
|
||
|
6.38%, 3/15/2029 (a)
|
208,000
|
212,664
|
|
5.25%, 4/15/2031 (a)
|
44,000
|
43,583
|
|
6.63%, 3/15/2032 (a)
|
25,000
|
25,789
|
|
6.38%, 3/15/2033 (a)
|
43,000
|
44,183
|
|
|
|
1,649,812
|
|
Transportation Infrastructure — 0.1%
|
||
|
Abertis Infraestructuras Finance BV (Spain) (EURIBOR ICE Swap Rate 5 Year + 2.35%),
4.75%, 11/23/2030 (b) (d)
(e) (f)
|
200,000
|
236,112
|
|
Mundys SpA (Italy) 1.88%, 2/12/2028 (b)
|
370,000
|
419,879
|
|
|
|
655,991
|
|
Wireless Telecommunication Services — 0.7%
|
||
|
Altice France Lux 3 (Luxembourg) 10.00%, 1/15/2033 (a)
|
102,947
|
100,372
|
|
Digicel International Finance Ltd. (Jamaica) 8.63%, 8/1/2032 (a)
|
802,000
|
831,995
|
|
Iliad Holding SAS (France)
|
||
|
5.63%, 10/15/2028 (b)
|
644,000
|
757,355
|
|
6.88%, 4/15/2031 (b)
|
364,000
|
447,880
|
|
PLT VII Finance SARL (Luxembourg) 6.00%, 6/15/2031 (b)
|
302,000
|
363,462
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Wireless Telecommunication Services — continued
|
||
|
Sunrise HoldCo IV BV (Netherlands) 3.88%, 6/15/2029 (b)
|
225,000
|
258,757
|
|
Telefonica Europe BV (Spain)
|
||
|
(EUR Swap Annual 7 Year + 3.35%), 6.14%, 2/3/2030 (b) (d) (e) (f)
|
700,000
|
866,825
|
|
(EURIBOR ICE Swap Rate 8 Year + 3.62%), 6.75%, 6/7/2031 (b) (d) (e) (f)
|
300,000
|
382,723
|
|
T-Mobile USA, Inc.
|
||
|
3.38%, 4/15/2029
|
1,460,000
|
1,416,940
|
|
2.25%, 11/15/2031
|
2,586,000
|
2,279,097
|
|
Turkcell Iletisim Hizmetleri A/S (Turkey) 7.45%, 1/24/2030 (b)
|
620,000
|
631,885
|
|
Vmed O2 UK Financing I plc (United Kingdom) 5.63%, 4/15/2032 (b)
|
200,000
|
217,934
|
|
Vodafone Group plc (United Kingdom)
|
||
|
(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078 (b) (d)
|
400,000
|
471,111
|
|
(EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080 (b) (d)
|
200,000
|
223,183
|
|
(EUR Swap Annual 5 Year + 3.49%), 6.50%, 8/30/2084 (b) (d)
|
200,000
|
250,056
|
|
|
|
9,499,575
|
|
Total Corporate Bonds
(Cost $544,052,996)
|
|
546,519,964
|
|
Asset-Backed Securities — 12.0%
|
||
|
ACC Trust Series 2021-1, Class D, 5.25%, 3/22/2027 (a)
|
356,628
|
20,011
|
|
Accelerated LLC
|
|
|
|
Series 2021-1H, Class A, 1.35%, 10/20/2040 (a)
|
62,644
|
58,404
|
|
Series 2021-1H, Class B, 1.90%, 10/20/2040 (a)
|
83,085
|
77,522
|
|
Series 2021-1H, Class C, 2.35%, 10/20/2040 (a)
|
364,325
|
337,010
|
|
Affirm Asset Securitization Trust Series 2024-B, Class A, 4.62%, 9/15/2029 (a)
|
3,290,000
|
3,295,208
|
|
American Credit Acceptance Receivables Trust
|
|
|
|
Series 2023-3, Class D, 6.82%, 10/12/2029 (a)
|
2,300,000
|
2,337,195
|
|
Series 2022-4, Class E, 10.00%, 1/14/2030 (a)
|
575,000
|
578,093
|
|
Series 2024-2, Class D, 6.53%, 4/12/2030 (a)
|
542,000
|
552,822
|
|
Series 2023-4, Class D, 7.65%, 9/12/2030 (a)
|
1,400,000
|
1,434,005
|
|
Series 2025-4, Class C, 4.83%, 1/13/2031 (a)
|
1,160,000
|
1,162,287
|
|
Series 2025-2, Class C, 5.11%, 4/14/2031 (a)
|
1,000,000
|
1,006,086
|
|
Series 2024-4, Class D, 5.34%, 8/12/2031 (a)
|
802,000
|
807,600
|
|
Series 2025-2, Class D, 5.50%, 8/12/2031 (a)
|
1,325,000
|
1,341,242
|
|
Series 2025-1, Class D, 5.54%, 8/12/2031 (a)
|
3,914,000
|
3,957,784
|
|
Series 2025-4, Class D, 5.25%, 9/12/2031 (a)
|
2,600,000
|
2,598,210
|
|
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)
|
3,740,000
|
3,900,357
|
|
Series 2026-2, Class C, 4.85%, 5/10/2032 (a)
|
875,000
|
872,540
|
|
Series 2026-2, Class D, 5.18%, 6/8/2032 (a)
|
1,410,000
|
1,400,960
|
|
Series 2025-3, Class C, 4.95%, 7/12/2032 (a)
|
1,885,000
|
1,889,257
|
|
Series 2025-3, Class D, 5.19%, 7/12/2032 (a)
|
2,000,000
|
1,998,913
|
|
Series 2026-1, Class D, 5.10%, 1/12/2033 (a)
|
1,500,000
|
1,490,044
|
|
Amur Equipment Finance Receivables LLC Series 2022-2A, Class A2, 5.30%, 6/21/2028 (a)
|
758
|
759
|
|
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE7, Class M2, 5.27%,
10/25/2034 (h)
|
15,803
|
16,272
|
|
Avis Budget Rental Car Funding AESOP LLC
|
|
|
|
Series 2023-1A, Class C, 6.23%, 4/20/2029 (a)
|
635,000
|
643,756
|
|
Series 2023-8A, Class C, 7.34%, 2/20/2030 (a)
|
1,200,000
|
1,248,387
|
|
Series 2024-3A, Class B, 5.58%, 12/20/2030 (a)
|
384,000
|
388,069
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2024-3A, Class C, 6.11%, 12/20/2030 (a)
|
359,000
|
361,694
|
|
Bayview Opportunity Master Fund LLC Series 2024-CAR1, Class C, 5.11%, 12/26/2031 (a) (h)
|
71,801
|
72,035
|
|
Bridgecrest Lending Auto Securitization Trust
|
|
|
|
Series 2024-1, Class D, 6.03%, 11/15/2029
|
1,100,000
|
1,115,517
|
|
Series 2024-4, Class D, 5.23%, 8/15/2030
|
900,000
|
902,648
|
|
Series 2025-1, Class D, 5.64%, 11/15/2030
|
975,000
|
984,968
|
|
Series 2025-2, Class D, 5.62%, 3/17/2031
|
290,000
|
293,468
|
|
Series 2025-4, Class D, 5.41%, 8/15/2031
|
1,000,000
|
1,004,440
|
|
Series 2026-1, Class D, 4.99%, 11/17/2031
|
430,000
|
426,420
|
|
Series 2026-2, Class C, 4.88%, 2/17/2032
|
240,000
|
239,574
|
|
Series 2026-2, Class D, 5.19%, 2/17/2032
|
740,000
|
736,818
|
|
Business Jet Securities LLC
|
|
|
|
Series 2024-1A, Class A, 6.20%, 5/15/2039 ‡ (a)
|
1,003,165
|
1,014,144
|
|
Series 2024-2A, Class C, 7.97%, 9/15/2039 ‡ (a)
|
595,739
|
591,546
|
|
CARS-DB5 LP Series 2021-1A, Class A2, 2.28%, 8/15/2051 (a)
|
882,931
|
754,831
|
|
Commonbond Student Loan Trust
|
|
|
|
Series 2018-AGS, Class B, 3.58%, 2/25/2044 (a)
|
128,457
|
112,054
|
|
Series 2018-AGS, Class C, 3.82%, 2/25/2044 (a)
|
47,270
|
38,112
|
|
Countrywide Asset-Backed Certificates Series 2002-4, Class M1, 4.82%, 12/25/2032 (h)
|
207,880
|
221,224
|
|
Credit Acceptance Auto Loan Trust
|
|
|
|
Series 2024-1A, Class A, 5.68%, 3/15/2034 (a)
|
585,731
|
587,658
|
|
Series 2024-1A, Class B, 6.03%, 5/15/2034 (a)
|
663,000
|
669,387
|
|
Series 2024-1A, Class C, 6.71%, 7/17/2034 (a)
|
870,000
|
884,053
|
|
Series 2024-3A, Class B, 4.85%, 11/15/2034 (a)
|
910,000
|
910,197
|
|
Series 2024-3A, Class C, 5.39%, 1/16/2035 (a)
|
560,000
|
562,436
|
|
Series 2026-1A, Class C, 5.28%, 8/15/2036 (a)
|
660,000
|
655,750
|
|
DailyPay Securitization Trust Series 2025-1A, Class A, 5.63%, 6/26/2028 (a)
|
230,000
|
230,421
|
|
Drive Auto Receivables Trust
|
|
|
|
Series 2024-1, Class C, 5.43%, 11/17/2031
|
2,572,000
|
2,601,729
|
|
Series 2024-2, Class C, 4.67%, 5/17/2032
|
513,000
|
515,178
|
|
Series 2024-2, Class D, 4.94%, 5/17/2032
|
537,000
|
540,349
|
|
Series 2025-1, Class D, 5.41%, 9/15/2032
|
680,000
|
684,587
|
|
Series 2025-2, Class D, 4.90%, 12/15/2032
|
2,000,000
|
1,986,109
|
|
Driven Brands Funding LLC Series 2021-1A, Class A2, 2.79%, 10/20/2051 (a)
|
1,928,396
|
1,790,534
|
|
DT Auto Owner Trust Series 2022-1A, Class E, 5.53%, 3/15/2029 (a)
|
1,000,000
|
999,910
|
|
Elmwood CLO Ltd. (Cayman Islands) Series 2019-3A, Class BRR, 5.38%, 7/18/2037 (a) (h)
|
1,250,000
|
1,251,373
|
|
Exeter Automobile Receivables Trust
|
|
|
|
Series 2022-3A, Class D, 6.76%, 9/15/2028
|
1,190,726
|
1,200,566
|
|
Series 2022-4A, Class D, 5.98%, 12/15/2028
|
495,355
|
497,577
|
|
Series 2022-4A, Class E, 8.23%, 3/15/2030 (a)
|
1,553,000
|
1,579,293
|
|
Series 2024-3A, Class D, 5.98%, 9/16/2030
|
750,000
|
764,839
|
|
Series 2025-3A, Class D, 5.57%, 10/15/2031
|
580,000
|
584,985
|
|
Series 2025-4A, Class D, 5.23%, 1/15/2032
|
895,000
|
894,885
|
|
Series 2026-1A, Class D, 5.00%, 5/17/2032
|
790,000
|
781,765
|
|
FIGRE Trust Series 2024-HE4, Class A, 5.06%, 9/25/2054 (a) (h)
|
1,495,791
|
1,494,593
|
|
GLS Auto Receivables Issuer Trust
|
|
|
|
Series 2022-2A, Class D, 6.15%, 4/17/2028 (a)
|
724,071
|
727,639
|
|
Series 2022-3A, Class D, 6.42%, 6/15/2028 (a)
|
92,816
|
93,511
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
GS Mortgage-Backed Securities Trust
|
|
|
|
Series 2026-CES2, Class A1A, 5.23%, 6/25/2056 (a) (k)
|
507,438
|
505,324
|
|
Series 2026-CES3, Class A1A, 5.36%, 9/25/2056 (a) (k)
|
1,700,000
|
1,699,988
|
|
Hertz Vehicle Financing LLC
|
|
|
|
Series 2023-1A, Class A, 5.49%, 6/25/2027 (a)
|
200,000
|
200,200
|
|
Series 2023-1A, Class C, 6.91%, 6/25/2027 (a)
|
146,000
|
146,171
|
|
Series 2023-3A, Class A, 5.94%, 2/25/2028 (a)
|
1,400,000
|
1,411,150
|
|
Series 2025-4A, Class B, 5.90%, 12/25/2031 (a)
|
660,000
|
667,287
|
|
Hertz Vehicle Financing LP
|
|
|
|
Series 2021-2A, Class A, 1.68%, 12/27/2027 (a)
|
2,000,000
|
1,980,939
|
|
Series 2021-2A, Class B, 2.12%, 12/27/2027 (a)
|
1,393,000
|
1,379,717
|
|
Series 2021-2A, Class C, 2.52%, 12/27/2027 (a)
|
1,726,000
|
1,710,268
|
|
Huntington Bank Auto Credit-Linked Notes Series 2024-2, Class B1, 5.44%, 10/20/2032 (a)
|
725,154
|
730,294
|
|
JetBlue Pass-Through Trust Series 2019-1, Class A, 2.95%, 5/15/2028
|
121,656
|
113,787
|
|
Lendingpoint Asset Securitization Trust Series 2022-A, Class D, 4.54%, 6/15/2029 (a)
|
309,687
|
125,004
|
|
Lendmark Funding Trust
|
|
|
|
Series 2021-1A, Class A, 1.90%, 11/20/2031 (a)
|
261,103
|
256,373
|
|
Series 2024-2A, Class A, 4.47%, 2/21/2034 (a)
|
511,000
|
508,458
|
|
Series 2024-2A, Class D, 5.69%, 2/21/2034 (a)
|
250,000
|
250,281
|
|
Series 2025-1A, Class A, 4.94%, 9/20/2034 (a)
|
700,000
|
702,776
|
|
Series 2025-2A, Class A, 4.78%, 10/20/2034 (a)
|
1,600,000
|
1,595,957
|
|
Series 2025-2A, Class C, 5.28%, 10/20/2034 (a)
|
1,100,000
|
1,096,386
|
|
Series 2025-3A, Class C, 5.04%, 5/21/2035 (a)
|
735,000
|
718,354
|
|
Series 2025-3A, Class D, 5.64%, 5/21/2035 (a)
|
1,110,000
|
1,090,586
|
|
Magnetite Ltd. (Cayman Islands) Series 2024-40A, Class B1, 5.42%, 7/15/2037 (a) (h)
|
2,300,000
|
2,304,961
|
|
Mariner Finance Issuance Trust
|
|
|
|
Series 2024-BA, Class A, 4.91%, 11/20/2038 (a)
|
1,000,000
|
997,984
|
|
Series 2024-BA, Class C, 5.73%, 11/20/2038 (a)
|
342,000
|
343,982
|
|
Marlette Funding Trust Series 2021-2A, Class D, 2.16%, 9/15/2031 (a)
|
16,246
|
16,226
|
|
Mid-State Capital Corp. Trust Series 2006-1, Class M2, 6.74%, 10/15/2040 (a)
|
763,909
|
773,031
|
|
Morgan Stanley ABS Capital I, Inc. Trust
|
|
|
|
Series 2004-NC7, Class M3, 4.67%, 7/25/2034 (h)
|
49,541
|
53,801
|
|
Series 2004-HE8, Class M2, 4.72%, 9/25/2034 (h)
|
38,807
|
43,330
|
|
Series 2005-NC1, Class M3, 4.46%, 1/25/2035 (h)
|
347,410
|
345,589
|
|
MVW LLC Series 2021-1WA, Class D, 3.17%, 1/22/2041 (a)
|
285,304
|
277,743
|
|
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2020-38A, Class CR2, 5.56%, 10/20/2036 (a) (h)
|
1,100,000
|
1,100,488
|
|
Series 2019-34A, Class BR2, 5.33%, 7/20/2039 (a) (h)
|
1,060,000
|
1,061,992
|
|
NRM FNT1 Excess LLC Series 2024-FNT1, Class A, 7.40%, 11/25/2031 (a) (k)
|
2,368,146
|
2,371,839
|
|
NRZ Excess Spread-Collateralized Notes Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (a)
|
355,724
|
352,202
|
|
OCP Aegis CLO Ltd. (Cayman Islands) Series 2025-41A, Class B1, 5.42%, 4/21/2037 (a) (h)
|
3,300,000
|
3,304,722
|
|
OCP CLO Ltd. (Cayman Islands) Series 2022-25A, Class B1R, 5.43%, 7/20/2037 (a) (h)
|
1,100,000
|
1,102,417
|
|
OnDeck Asset Securitization Trust LLC Series 2023-1A, Class A, 7.00%, 8/19/2030 (a)
|
1,404,000
|
1,409,363
|
|
OneMain Direct Auto Receivables Trust Series 2025-1A, Class D, 6.10%, 7/14/2037 (a)
|
690,000
|
700,627
|
|
OneMain Financial Issuance Trust
|
|
|
|
Series 2023-2A, Class A2, 5.14%, 9/15/2036 (a) (h)
|
2,738,000
|
2,756,309
|
|
Series 2025-1A, Class D, 5.79%, 7/14/2038 (a)
|
450,000
|
448,417
|
|
Oportun Funding Trust Series 2024-3, Class B, 5.48%, 8/15/2029 (a)
|
97,299
|
97,338
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Oportun Issuance Trust
|
|
|
|
Series 2021-B, Class A, 1.47%, 5/8/2031 (a)
|
273,940
|
269,799
|
|
Series 2021-B, Class B, 1.96%, 5/8/2031 (a)
|
141,503
|
139,516
|
|
Series 2021-C, Class A, 2.18%, 10/8/2031 (a)
|
479,360
|
473,147
|
|
Series 2026-A, Class B, 5.06%, 1/9/2034 (a)
|
1,170,000
|
1,165,888
|
|
Series 2026-A, Class C, 5.45%, 1/9/2034 (a)
|
670,000
|
668,196
|
|
Option One Mortgage Loan Trust Series 2004-3, Class M3, 4.67%, 11/25/2034 (h)
|
14,099
|
15,346
|
|
Pagaya AI Debt Selection Trust Series 2021-3, Class C, 3.27%, 5/15/2029 (a)
|
217,695
|
215,603
|
|
Palmer Square CLO Ltd. (Cayman Islands) Series 2021-2A, Class BR, 5.37%, 2/15/2038 (a) (h)
|
3,300,000
|
3,305,983
|
|
PFP Ltd. (Cayman Islands)
|
|
|
|
Series 2026-14, Class A, 4.97%, 12/18/2043 (a) (h) (i)
|
1,105,000
|
1,105,000
|
|
Series 2026-14, Class AS, 5.30%, 12/18/2043 (a) (h) (i)
|
275,000
|
275,000
|
|
PRET LLC Series 2026-NPL6, Class A1, 5.69%, 5/25/2056 (a) (k)
|
1,915,000
|
1,914,914
|
|
PRET Trust Series 2026-RN1, Class A1, 5.92%, 6/25/2066 (a) (i) (k)
|
2,265,000
|
2,264,997
|
|
Progress Residential Trust Series 2021-SFR9, Class A, 2.01%, 11/17/2040 (a)
|
3,214,072
|
3,007,264
|
|
RCKT Mortgage Trust Series 2026-CES4, Class A1A, 5.12%, 4/25/2056 (a) (k)
|
880,935
|
878,363
|
|
RCO Mortgage LLC Series 2025-3, Class A1, 6.43%, 5/25/2030 (a) (k)
|
554,895
|
555,386
|
|
Renaissance Home Equity Loan Trust
|
|
|
|
Series 2005-1, Class AF6, 5.47%, 5/25/2035 (k)
|
22,895
|
22,781
|
|
Series 2005-2, Class M1, 5.55%, 8/25/2035 (k)
|
1,094,699
|
1,036,735
|
|
Republic Finance Issuance Trust
|
|
|
|
Series 2024-B, Class A, 5.42%, 11/20/2037 (a)
|
1,866,000
|
1,877,175
|
|
Series 2026-A, Class A, 4.82%, 6/20/2039 (a)
|
3,270,000
|
3,259,679
|
|
Series 2026-A, Class B, 5.15%, 6/20/2039 (a)
|
620,000
|
617,019
|
|
Santander Drive Auto Receivables Trust
|
|
|
|
Series 2022-6, Class C, 4.96%, 11/15/2028
|
17,297
|
17,307
|
|
Series 2023-4, Class B, 5.77%, 12/15/2028
|
664,948
|
668,677
|
|
Series 2025-2, Class D, 5.47%, 5/15/2031
|
1,800,000
|
1,819,088
|
|
Series 2025-3, Class D, 5.11%, 9/15/2031
|
1,600,000
|
1,600,848
|
|
Series 2024-3, Class D, 5.97%, 10/15/2031
|
1,470,000
|
1,497,499
|
|
Series 2025-4, Class D, 4.95%, 1/15/2032
|
609,000
|
605,521
|
|
Series 2024-5, Class D, 5.14%, 2/17/2032
|
699,000
|
701,586
|
|
SBA Small Business Investment Cos.
|
|
|
|
Series 2023-10A, Class 1, 5.17%, 3/10/2033
|
2,074,581
|
2,107,267
|
|
Series 2023-10B, Class 1, 5.69%, 9/10/2033
|
870,035
|
901,960
|
|
Series 2024-10A, Class 1, 5.04%, 3/10/2034
|
1,864,094
|
1,886,825
|
|
SCF Equipment Leasing LLC
|
|
|
|
Series 2025-1A, Class D, 5.88%, 11/20/2035 (a)
|
1,038,000
|
1,047,806
|
|
Series 2025-1A, Class E, 6.75%, 11/20/2035 (a)
|
1,434,000
|
1,485,024
|
|
Series 2025-2A, Class D, 5.33%, 6/20/2036 (a)
|
535,000
|
523,652
|
|
Series 2025-2A, Class E, 6.21%, 6/20/2036 (a)
|
755,000
|
740,448
|
|
Stifel SBA IO Trust Series 2025-3A, Class A2, 1.93%, 10/25/2051 (a) (h)
|
9,252,443
|
551,450
|
|
Stifel SBA Trust Series 2025-2A, Class A1, 2.56%, 8/25/2036 (a) (h)
|
10,861,387
|
641,926
|
|
Structured Asset Investment Loan Trust Series 2004-8, Class M2, 4.05%, 9/25/2034 (h)
|
37,500
|
32,709
|
|
Symphony CLO Ltd. (Cayman Islands) Series 2015-16A, Class B1RR, 5.37%, 10/15/2031 (a) (h)
|
976,000
|
976,122
|
|
Theorem Funding Trust Series 2022-2A, Class B, 9.27%, 12/15/2028 (a)
|
797,019
|
798,334
|
|
Towd Point Mortgage Trust
|
|
|
|
Series 2026-FIX1, Class A1, 4.98%, 12/25/2065 (a) (k)
|
716,761
|
711,444
|
|
Series 2026-CES2, Class A1A, 4.72%, 2/25/2066 (a) (k)
|
1,426,641
|
1,408,069
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
TRTX Issuer Ltd. (Cayman Islands) Series 2025-FL6, Class A, 5.16%, 9/18/2042 (a) (h)
|
1,200,000
|
1,203,032
|
|
United States Small Business Administration Series 2025-25J, Class 1, 4.79%, 10/1/2050
|
964,833
|
960,280
|
|
US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (a)
|
461,804
|
352,461
|
|
VCAT LLC
|
|
|
|
Series 2025-NPL3, Class A1, 5.89%, 2/25/2055 (a) (k)
|
417,819
|
418,036
|
|
Series 2026-NPL3, Class A1, 5.57%, 5/25/2056 (a) (i) (k)
|
1,200,000
|
1,199,984
|
|
Voya CLO Ltd. (Cayman Islands) Series 2022-1A, Class BR, 5.43%, 4/20/2035 (a) (h)
|
3,830,000
|
3,835,806
|
|
Wendy's Funding LLC Series 2025-1A, Class A2I, 5.42%, 12/15/2055 (a)
|
1,645,875
|
1,619,780
|
|
Western Funding Auto Loan Trust
|
|
|
|
Series 2025-1, Class A, 4.75%, 7/16/2035 (a)
|
1,285,000
|
1,289,049
|
|
Series 2025-1, Class D, 5.79%, 1/15/2036 (a)
|
350,000
|
352,422
|
|
Westlake Automobile Receivables Trust
|
|
|
|
Series 2023-3A, Class D, 6.47%, 3/15/2029 (a)
|
1,265,000
|
1,283,554
|
|
Series 2024-1A, Class D, 6.02%, 10/15/2029 (a)
|
544,000
|
553,434
|
|
Series 2024-3A, Class D, 5.21%, 4/15/2030 (a)
|
2,100,000
|
2,112,437
|
|
Total Asset-Backed Securities
(Cost $162,988,061)
|
|
162,531,223
|
|
Mortgage-Backed Securities — 11.7%
|
||
|
FHLMC Gold Pools, Other Pool # WN2492, 4.93%, 6/1/2028
|
860,887
|
863,328
|
|
FHLMC UMBS, 30 Year Pool # SD8342, 5.50%, 7/1/2053
|
2,459,853
|
2,479,626
|
|
FNMA UMBS, 30 Year
|
|
|
|
Pool # MA4783, 4.00%, 10/1/2052
|
9,351,789
|
8,777,353
|
|
Pool # FS8290, 5.50%, 9/1/2053
|
11,355,922
|
11,550,076
|
|
Pool # FS8365, 5.50%, 6/1/2054
|
2,801,125
|
2,824,808
|
|
FNMA, Other
|
|
|
|
Pool # BS9065, 4.62%, 7/1/2028
|
1,600,000
|
1,607,080
|
|
Pool # BF0263, 3.50%, 5/1/2058
|
828,210
|
751,250
|
|
GNMA II, 30 Year
|
|
|
|
Pool # MA8200, 4.00%, 8/20/2052
|
31,767,750
|
29,804,227
|
|
Pool # 787892, 5.50%, 2/20/2055
|
3,309,481
|
3,358,176
|
|
GNMA II, Single Family, 30 Year
|
|
|
|
TBA, 5.00%, 6/15/2056 (i)
|
45,247,000
|
44,677,728
|
|
TBA, 5.50%, 6/15/2056 (i)
|
50,560,000
|
50,871,818
|
|
Total Mortgage-Backed Securities
(Cost $157,488,220)
|
|
157,565,470
|
|
Collateralized Mortgage Obligations — 9.5%
|
||
|
Alternative Loan Trust
|
|
|
|
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034
|
66,460
|
68,689
|
|
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035
|
115,623
|
110,626
|
|
Series 2004-28CB, Class 3A1, 6.00%, 1/25/2035
|
277,208
|
248,638
|
|
Series 2005-21CB, Class A17, 6.00%, 6/25/2035
|
507,565
|
387,936
|
|
American Home Mortgage Assets Trust Series 2006-6, Class A1A, 3.89%, 12/25/2046 (h)
|
684,679
|
599,480
|
|
Anchor Mortgage Trust Series 2025-RTL1, Class A1, 5.72%, 5/25/2040 (a) (k)
|
300,000
|
299,857
|
|
Angel Oak Mortgage Trust
|
|
|
|
Series 2019-5, Class A1, 2.59%, 10/25/2049 (a) (h)
|
141,940
|
140,967
|
|
Series 2020-1, Class A1, 2.47%, 12/25/2059 (a) (h)
|
68,118
|
66,829
|
|
Series 2021-3, Class A1, 1.07%, 5/25/2066 (a) (h)
|
1,949,680
|
1,688,454
|
|
Series 2021-3, Class A2, 1.31%, 5/25/2066 (a) (h)
|
1,462,477
|
1,276,122
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Banc of America Alternative Loan Trust Series 2006-2, Class 7A1, 6.00%, 3/25/2021
|
19,667
|
15,547
|
|
Banc of America Funding Trust Series 2006-A, Class 1A1, 5.68%, 2/20/2036 (h)
|
93,374
|
89,671
|
|
Banc of America Mortgage Trust Series 2004-A, Class 2A2, 5.27%, 2/25/2034 (h)
|
62,288
|
61,714
|
|
Center Street Lending Resi-Investor ABS Mortgage Trust Series 2026-RTL1, Class A1,
5.38%, 12/25/2030 (a) (k)
|
580,000
|
577,568
|
|
Citigroup Mortgage Loan Trust Series 2005-9, Class 2A2, 5.50%, 11/25/2035
|
695
|
488
|
|
COLT Mortgage Loan Trust Series 2023-2, Class A1, 6.60%, 7/25/2068 (a) (k)
|
371,068
|
370,503
|
|
COLT Trust Series 2021-RPL1, Class A1, 1.67%, 9/25/2061 (a) (h)
|
989,203
|
911,337
|
|
Connecticut Avenue Securities Trust Series 2019-HRP1, Class B1, 12.98%, 11/25/2039 (a) (h)
|
5,595,252
|
5,790,971
|
|
CSMC Mortgage-Backed Trust Series 2007-2, Class 3A13, 5.50%, 3/25/2037
|
222,970
|
99,891
|
|
Deephaven Residential Mortgage Trust Series 2022-2, Class A1, 5.30%, 3/25/2067 (a) (h)
|
485,023
|
471,213
|
|
FHLMC STACR REMIC Trust
|
|
|
|
Series 2022-DNA3, Class M1B, 6.51%, 4/25/2042 (a) (h)
|
580,000
|
589,300
|
|
Series 2023-HQA2, Class M1B, 6.96%, 6/25/2043 (a) (h)
|
1,700,000
|
1,742,354
|
|
Series 2023-HQA2, Class M2, 7.46%, 6/25/2043 (a) (h)
|
1,700,000
|
1,776,411
|
|
FHLMC, REMIC
|
|
|
|
Series 4043, Class PI, IO, 2.50%, 5/15/2027
|
177,311
|
1,504
|
|
Series 4086, Class AI, IO, 3.50%, 7/15/2027
|
38,995
|
298
|
|
Series 4120, Class UI, IO, 3.00%, 10/15/2027
|
106,552
|
1,375
|
|
Series 4216, Class MI, IO, 3.00%, 6/15/2028
|
53,064
|
844
|
|
Series 5616, Class MG, 4.35%, 7/15/2031
|
4,249,070
|
4,192,134
|
|
Series 5607, Class KT, 4.25%, 11/15/2032
|
3,334,991
|
3,269,455
|
|
Series 5616, Class GB, 4.15%, 12/15/2032
|
6,353,446
|
6,185,698
|
|
Series 4178, Class BI, IO, 3.00%, 3/15/2033
|
387,686
|
24,388
|
|
Series 2936, Class AS, IF, IO, 2.34%, 2/15/2035 (h)
|
70,318
|
4,266
|
|
Series 4018, Class HI, IO, 4.50%, 3/15/2041
|
267,406
|
6,274
|
|
Series 4073, Class IQ, IO, 4.00%, 7/15/2042
|
379,627
|
48,543
|
|
Series 4173, Class I, IO, 4.00%, 3/15/2043
|
1,235,260
|
176,994
|
|
Series 4305, Class SK, IF, IO, 2.84%, 2/15/2044 (h)
|
581,375
|
77,895
|
|
Series 4612, Class QI, IO, 3.50%, 5/15/2044
|
1,397,527
|
116,530
|
|
Series 4687, Class SG, IF, IO, 2.39%, 1/15/2047 (h)
|
1,860,294
|
198,180
|
|
Series 4681, Class SD, IF, IO, 2.39%, 5/15/2047 (h)
|
4,302,115
|
461,990
|
|
Series 5023, Class MI, IO, 3.00%, 10/25/2050
|
2,969,544
|
476,222
|
|
FNMA, REMIC
|
|
|
|
Series 2012-109, Class WI, IO, 2.50%, 10/25/2027
|
118,949
|
1,600
|
|
Series 2012-149, Class MI, IO, 3.00%, 1/25/2028
|
78,333
|
1,020
|
|
Series 2003-130, Class NS, IF, IO, 3.27%, 1/25/2034 (h)
|
229,301
|
18,833
|
|
Series 2005-67, Class SI, IF, IO, 2.97%, 8/25/2035 (h)
|
200,975
|
10,036
|
|
Series 2005-69, Class AS, IF, IO, 2.97%, 8/25/2035 (h)
|
39,367
|
3,909
|
|
Series 2006-24, Class QS, IF, IO, 3.47%, 4/25/2036 (h)
|
159,534
|
15,243
|
|
Series 2010-68, Class SJ, IF, IO, 2.82%, 7/25/2040 (h)
|
134,275
|
13,573
|
|
Series 2016-39, Class LS, IF, IO, 2.27%, 7/25/2046 (h)
|
1,705,978
|
175,299
|
|
Series 2016-74, Class GS, IF, IO, 2.27%, 10/25/2046 (h)
|
816,589
|
78,502
|
|
Series 2017-6, Class SB, IF, IO, 2.32%, 2/25/2047 (h)
|
1,095,754
|
114,379
|
|
Series 2025-98, Class UZ, 6.00%, 8/25/2054
|
464,031
|
464,481
|
|
Series 2025-106, Class UZ, 5.50%, 12/25/2055
|
1,436,306
|
1,416,187
|
|
GCAT Trust
|
|
|
|
Series 2020-NQM1, Class A1, 3.25%, 1/25/2060 (a) (k)
|
97,319
|
96,363
|
|
Series 2021-NQM2, Class A1, 1.04%, 5/25/2066 (a) (h)
|
1,737,554
|
1,524,864
|
|
Series 2021-NQM4, Class A1, 1.09%, 8/25/2066 (a) (h)
|
1,369,649
|
1,154,859
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
GNMA
|
|
|
|
Series 2014-36, Class WY, 2.00%, 3/16/2044
|
810,000
|
639,835
|
|
Series 2014-181, Class SL, IF, IO, 1.88%, 12/20/2044 (h)
|
1,194,227
|
99,886
|
|
Series 2021-9, Class MI, IO, 2.50%, 1/20/2051
|
11,698,131
|
1,676,053
|
|
Series 2021-78, Class IB, IO, 3.00%, 5/20/2051
|
3,786,452
|
653,338
|
|
Series 2021-107, Class XI, IO, 3.00%, 6/20/2051
|
4,100,112
|
666,971
|
|
Series 2025-156, Class PA, 6.50%, 9/20/2055
|
1,507,507
|
1,515,738
|
|
Series 2025-211, Class UZ, 5.50%, 12/20/2055
|
1,814,306
|
1,807,553
|
|
Series 2025-211, Class CP, 6.50%, 12/20/2055
|
3,579,809
|
3,581,295
|
|
Series 2015-H13, Class GI, IO, 1.55%, 4/20/2065 (h)
|
178,020
|
5,376
|
|
GS Mortgage-Backed Securities Trust
|
|
|
|
Series 2025-PJ6, Class A1, 6.00%, 11/25/2055 (a) (h)
|
510,278
|
515,620
|
|
Series 2025-PJ7, Class A1, 6.00%, 12/25/2055 (a) (h)
|
934,155
|
943,935
|
|
Series 2025-PJ9, Class A1, 6.00%, 3/25/2056 (a) (h)
|
2,669,689
|
2,697,638
|
|
GSR Mortgage Loan Trust Series 2004-15F, Class 1A2, 5.50%, 12/25/2034
|
290,434
|
213,073
|
|
IndyMac INDX Mortgage Loan Trust Series 2005-AR10, Class A1, 4.22%, 6/25/2035 (h)
|
480,784
|
384,439
|
|
JPMorgan Mortgage Trust Series 2006-S2, Class 1A19, 6.00%, 7/25/2036
|
270,895
|
109,837
|
|
Lehman Mortgage Trust Series 2005-2, Class 2A5, 5.50%, 12/25/2035
|
199,930
|
105,537
|
|
LHOME Mortgage Trust
|
|
|
|
Series 2024-RTL2, Class A1, 7.13%, 3/25/2029 (a) (k)
|
1,025,000
|
1,025,497
|
|
Series 2024-RTL4, Class A1, 5.92%, 7/25/2039 (a) (k)
|
815,000
|
817,032
|
|
Series 2024-RTL5, Class A1, 5.32%, 9/25/2039 (a) (k)
|
697,000
|
697,758
|
|
Series 2025-RTL2, Class A1, 5.61%, 4/25/2040 (a) (h)
|
400,000
|
402,016
|
|
MASTR Alternative Loan Trust Series 2004-12, Class 3A1, 6.00%, 12/25/2034
|
435,099
|
436,085
|
|
MFA Trust
|
|
|
|
Series 2024-NPL1, Class A1, 6.33%, 9/25/2054 (a) (k)
|
1,341,133
|
1,343,207
|
|
Series 2025-NQM5, Class A1A, 5.19%, 11/25/2070 (a) (k)
|
1,310,049
|
1,307,762
|
|
Morgan Stanley Mortgage Loan Trust
|
|
|
|
Series 2004-4, Class 2A, 6.27%, 9/25/2034 (h)
|
78,054
|
75,890
|
|
Series 2004-9, Class 1A, 5.34%, 11/25/2034 (h)
|
44,555
|
44,107
|
|
New Residential Mortgage Loan Trust
|
|
|
|
Series 2018-3A, Class A1C, 3.00%, 5/25/2058 (a) (h)
|
451,104
|
416,652
|
|
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (a) (h)
|
826,656
|
786,314
|
|
Series 2020-NQM1, Class A1, 2.46%, 1/26/2060 (a) (h)
|
365,024
|
342,855
|
|
Series 2025-NQM7, Class A1A, 5.01%, 10/26/2065 (a) (k)
|
1,054,316
|
1,048,285
|
|
Series 2026-NQM1, Class A1A, 4.82%, 11/25/2065 (a) (k)
|
978,893
|
970,052
|
|
Series 2026-NQM2, Class M1, 5.48%, 12/25/2065 (a) (h)
|
300,000
|
293,240
|
|
Series 2026-NQM4, Class A1A, 5.00%, 2/25/2066 (a) (k)
|
2,104,034
|
2,090,432
|
|
Series 2026-NQM5, Class A1, 5.18%, 4/25/2066 (a) (h)
|
3,221,694
|
3,211,619
|
|
Series 2026-NQM6, Class A1, 5.29%, 5/25/2066 (a) (h)
|
3,340,000
|
3,336,428
|
|
NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A, 6.55%, 3/25/2032 (a) (k)
|
2,393,031
|
2,394,487
|
|
NRZT Series 2025-NQM6, Class A1, 5.09%, 10/25/2065 (a) (h)
|
877,756
|
873,818
|
|
NYMT Loan Trust Series 2024-BPL3, Class A1, 5.27%, 9/25/2039 (a) (k)
|
367,154
|
367,132
|
|
OBX Trust
|
|
|
|
Series 2026-INV3, Class A1, 6.00%, 4/25/2056 (a) (h)
|
1,937,386
|
1,969,293
|
|
Series 2026-INV4, Class A1, 6.00%, 5/25/2056 (a) (h)
|
3,720,000
|
3,788,878
|
|
Series 2023-NQM3, Class A1, 5.95%, 2/25/2063 (a) (k)
|
863,584
|
860,976
|
|
Series 2025-NQM2, Class A1, 5.60%, 11/25/2064 (a) (k)
|
1,112,833
|
1,118,143
|
|
Series 2025-NQM10, Class A1, 5.45%, 5/25/2065 (a) (k)
|
773,676
|
776,460
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Series 2026-NQM2, Class A1A, 4.82%, 12/1/2065 (a) (k)
|
1,819,700
|
1,807,362
|
|
Series 2026-NQM2, Class A1B, 4.82%, 12/1/2065 (a) (k)
|
603,323
|
598,042
|
|
Series 2026-NQM7, Class A1, 5.22%, 4/25/2066 (a) (h)
|
1,990,000
|
1,986,189
|
|
Series 2026-NQM6, Class A1A, 5.06%, 4/26/2066 (a) (k)
|
1,942,315
|
1,934,294
|
|
PMT Loan Trust
|
|
|
|
Series 2025-J1, Class A1, 6.00%, 4/25/2055 (a) (h)
|
3,349,446
|
3,380,324
|
|
Series 2025-INV5, Class A2, 6.00%, 5/25/2056 (a) (h)
|
1,264,534
|
1,282,514
|
|
Series 2025-INV6, Class A2, 6.00%, 6/25/2056 (a) (h)
|
1,810,316
|
1,832,617
|
|
Series 2026-INV2, Class A2, 5.50%, 1/25/2057 (a) (h)
|
3,974,787
|
3,969,818
|
|
Series 2026-INV3, Class A1, 6.00%, 2/25/2057 (a) (h)
|
3,691,834
|
3,767,402
|
|
Series 2026-CNF3, Class A1, 5.50%, 4/25/2057 (a) (h)
|
4,412,091
|
4,395,325
|
|
Series 2026-CNF4, Class A1, 5.50%, 5/25/2057 (a) (h)
|
3,520,318
|
3,511,517
|
|
Series 2026-INV5, Class A1, 6.00%, 5/25/2057 (a) (h)
|
2,570,000
|
2,619,191
|
|
Provident Funding Mortgage Trust
|
|
|
|
Series 2025-2, Class A1, 6.00%, 6/25/2055 (a) (h)
|
760,155
|
767,163
|
|
Series 2025-3, Class A1, 6.00%, 8/25/2055 (a) (h)
|
1,694,868
|
1,709,434
|
|
PRPM Series 2025-3, Class A1, 6.26%, 5/25/2030 (a) (k)
|
433,516
|
432,148
|
|
PRPM LLC
|
|
|
|
Series 2025-4, Class A1, 6.18%, 6/25/2030 (a) (k)
|
504,528
|
503,191
|
|
Series 2025-RPL2, Class A1, 3.75%, 4/25/2055 (a) (k)
|
1,428,463
|
1,391,476
|
|
RALI Trust Series 2006-QS4, Class A2, 6.00%, 4/25/2036
|
17,486
|
14,227
|
|
Residential Asset Securitization Trust Series 2005-A8CB, Class A11, 6.00%, 7/25/2035
|
185,622
|
96,288
|
|
Santander Mortgage Asset Receivable Trust
|
|
|
|
Series 2026-NQM3, Class A1A, 5.18%, 3/25/2066 (a) (k)
|
642,050
|
640,146
|
|
Series 2026-NQM4, Class A1A, 5.49%, 5/25/2066 (a) (k)
|
2,000,000
|
2,000,153
|
|
Sequoia Mortgage Trust
|
|
|
|
Series 2003-8, Class A1, 4.36%, 1/20/2034 (h)
|
60,180
|
59,032
|
|
Series 2025-7, Class A1, 6.00%, 8/25/2055 (a) (h)
|
2,007,410
|
2,024,712
|
|
Starwood Mortgage Residential Trust Series 2020-1, Class A1, 2.27%, 2/25/2050 (a) (h)
|
29,242
|
28,203
|
|
Toorak Mortgage Trust Series 2024-2, Class A1, 6.33%, 10/25/2031 (a) (k)
|
1,400,000
|
1,405,322
|
|
Towd Point Mortgage Trust Series 2019-HY1, Class M2, 5.70%, 10/25/2048 (a) (h)
|
240,000
|
250,731
|
|
Verus Securitization Trust Series 2021-6, Class A1, 1.63%, 10/25/2066 (a) (h)
|
1,621,292
|
1,417,035
|
|
WaMu Mortgage Pass-Through Certificates Trust Series 2003-S3, Class 3A2, 5.50%, 5/25/2033
|
61,619
|
62,155
|
|
Total Collateralized Mortgage Obligations
(Cost $130,030,071)
|
|
128,012,857
|
|
Foreign Government Securities — 8.9%
|
||
|
Arab Republic of Egypt
|
|
|
|
7.63%, 5/29/2032 (b)
|
580,000
|
594,691
|
|
7.63%, 5/20/2034 (a)
|
687,000
|
690,442
|
|
Argentine Republic
|
|
|
|
4.12%, 7/9/2035 (k)
|
2,421,487
|
1,865,756
|
|
3.50%, 7/9/2041 (k)
|
1,100,000
|
789,679
|
|
Benin Government Bond
|
|
|
|
7.96%, 2/13/2038 (a)
|
410,000
|
432,497
|
|
7.96%, 2/13/2038 (b)
|
1,231,000
|
1,298,545
|
|
Czech Republic
|
|
|
|
4.90%, 4/14/2034
|
CZK60,550,000
|
2,957,830
|
|
3.50%, 5/30/2035
|
CZK119,190,000
|
5,239,612
|
|
Eagle Funding Luxco SARL 5.50%, 8/17/2030 (a)
|
1,175,000
|
1,180,875
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Foreign Government Securities — continued
|
||
|
Federal Republic of Nigeria 6.13%, 9/28/2028 (b)
|
800,000
|
807,256
|
|
Islamic Republic of Pakistan
|
|
|
|
6.88%, 12/5/2027 (b)
|
615,000
|
616,104
|
|
6.98%, 4/24/2029 (a)
|
395,000
|
387,594
|
|
Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (b)
|
480,000
|
515,107
|
|
Japan Government Bond 3.10%, 3/20/2065
|
JPY925,150,000
|
4,936,496
|
|
Kingdom of Morocco
|
|
|
|
6.50%, 9/8/2033 (b)
|
1,965,000
|
2,090,013
|
|
5.13%, 5/26/2038 (a)
|
EUR574,000
|
672,868
|
|
Mex Bonos Desarr Fix Rt
|
|
|
|
8.50%, 2/28/2030
|
MXN252,100,000
|
14,617,023
|
|
7.75%, 5/29/2031
|
MXN129,670,000
|
7,240,077
|
|
7.75%, 11/23/2034
|
MXN83,000,000
|
4,399,366
|
|
8.00%, 5/24/2035
|
MXN120,760,000
|
6,460,663
|
|
Notas do Tesouro Nacional
|
|
|
|
10.00%, 1/1/2031
|
BRL28,000,000
|
4,853,153
|
|
10.00%, 1/1/2037
|
BRL15,000,000
|
2,342,063
|
|
Republic of Angola 9.88%, 10/15/2035 (b)
|
1,600,000
|
1,706,800
|
|
Republic of Colombia
|
|
|
|
6.13%, 1/21/2031
|
284,000
|
282,793
|
|
5.00%, 9/19/2032
|
EUR417,000
|
469,377
|
|
13.25%, 2/9/2033
|
COP17,155,400,000
|
4,491,267
|
|
11.75%, 1/24/2035
|
COP24,496,400,000
|
5,936,395
|
|
Republic of Congo
|
|
|
|
8.75%, 4/16/2032 (a)
|
550,000
|
556,023
|
|
9.50%, 2/17/2035 (b)
|
700,000
|
705,502
|
|
9.50%, 5/26/2036 (b)
|
660,000
|
658,615
|
|
9.50%, 4/16/2037 (a)
|
270,000
|
275,362
|
|
Republic of Costa Rica
|
|
|
|
6.00%, 1/16/2036 (a)
|
EUR1,000,000
|
1,225,501
|
|
7.30%, 11/13/2054 (a)
|
325,000
|
362,887
|
|
Republic of Cote d'Ivoire
|
|
|
|
6.13%, 6/15/2033 (b)
|
580,000
|
577,013
|
|
6.88%, 10/17/2040 (a)
|
EUR1,295,000
|
1,527,737
|
|
Republic of Ecuador
|
|
|
|
8.75%, 1/29/2034 (a)
|
458,000
|
464,636
|
|
6.90%, 7/31/2035 (b) (k)
|
1,229,550
|
1,128,533
|
|
9.25%, 1/29/2039 (a)
|
200,000
|
205,594
|
|
5.00%, 7/31/2040 (b) (k)
|
883,278
|
738,014
|
|
Republic of Guatemala 6.05%, 8/6/2031 (a)
|
976,000
|
1,010,648
|
|
Republic of Honduras 8.63%, 11/27/2034 (b)
|
500,000
|
569,750
|
|
Republic of Kenya 9.75%, 2/16/2031 (b)
|
1,813,000
|
1,958,094
|
|
Republic of North Macedonia 4.75%, 1/21/2034 (a)
|
EUR566,000
|
648,834
|
|
Republic of Panama
|
|
|
|
5.66%, 2/23/2038
|
1,060,000
|
1,061,325
|
|
3.87%, 7/23/2060
|
1,800,000
|
1,233,450
|
|
Republic of Paraguay
|
|
|
|
3.85%, 6/28/2033 (a)
|
208,000
|
194,792
|
|
5.60%, 3/13/2048 (b)
|
515,000
|
483,127
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Foreign Government Securities — continued
|
||
|
5.40%, 3/30/2050 (a)
|
470,000
|
427,794
|
|
Republic of Poland
|
|
|
|
2.00%, 8/25/2036
|
PLN6,657,160
|
1,666,194
|
|
5.50%, 3/18/2054
|
1,276,000
|
1,182,074
|
|
Republic of South Africa
|
|
|
|
8.50%, 1/31/2037
|
ZAR30,270,000
|
1,836,507
|
|
9.00%, 1/31/2040
|
ZAR139,012,000
|
8,581,558
|
|
5.65%, 9/27/2047
|
200,000
|
168,250
|
|
7.95%, 11/19/2054 (b)
|
500,000
|
532,500
|
|
7.25%, 12/11/2055 (a)
|
312,000
|
307,398
|
|
Republic of Turkiye (The)
|
|
|
|
36.00%, 8/12/2026
|
TRY180,966,527
|
3,915,710
|
|
30.00%, 9/12/2029
|
TRY53,328,069
|
1,006,903
|
|
6.30%, 3/14/2033
|
962,000
|
934,583
|
|
6.50%, 1/3/2035
|
1,454,000
|
1,410,380
|
|
5.75%, 5/11/2047
|
800,000
|
628,000
|
|
Republic of Uzbekistan International Bond 6.95%, 5/25/2032 (b)
|
1,000,000
|
1,073,780
|
|
Romania Government Bond
|
|
|
|
6.75%, 7/11/2039 (b)
|
EUR152,000
|
186,157
|
|
2.88%, 4/13/2042 (b)
|
EUR900,000
|
701,376
|
|
4.00%, 2/14/2051 (b)
|
950,000
|
646,209
|
|
Suriname Government International Bond
|
|
|
|
7.70%, 11/6/2030 (a)
|
200,000
|
206,472
|
|
8.50%, 11/6/2035 (a)
|
529,000
|
566,707
|
|
United Mexican States
|
|
|
|
5.38%, 5/16/2040
|
EUR500,000
|
581,929
|
|
3.77%, 5/24/2061
|
1,378,000
|
827,944
|
|
Total Foreign Government Securities
(Cost $115,925,561)
|
|
120,848,204
|
|
Commercial Mortgage-Backed Securities — 8.0%
|
||
|
A10 Revolving Asset Financing I LLC Series 2012-RAF1, Class B, 10.67%, 1/15/2020 ‡ (a) (h)
|
6,000,000
|
5,987,400
|
|
BANK
|
|
|
|
Series 2018-BN13, Class C, 4.56%, 8/15/2061 (h)
|
509,000
|
457,390
|
|
Series 2019-BN20, Class XA, IO, 0.80%, 9/15/2062 (h)
|
3,608,802
|
80,674
|
|
Series 2021-BN35, Class XB, IO, 0.60%, 6/15/2064 (h)
|
17,700,000
|
491,773
|
|
BBCMS Mortgage Trust
|
|
|
|
Series 2022-C15, Class A2, 3.61%, 4/15/2055
|
2,736,000
|
2,716,331
|
|
Series 2022-C15, Class AS, 3.75%, 4/15/2055 (h)
|
1,960,000
|
1,757,029
|
|
Benchmark Mortgage Trust
|
|
|
|
Series 2019-B11, Class C, 3.75%, 5/15/2052 (h)
|
1,679,000
|
1,315,189
|
|
Series 2026-V20, Class XA, IO, 1.22%, 2/15/2059 (h)
|
2,309,184
|
117,128
|
|
Series 2019-B10, Class A4, 3.72%, 3/15/2062
|
1,485,000
|
1,444,684
|
|
BHMS Commercial Mortgage Trust Series 2025-ATLS, Class A, 5.48%, 8/15/2042 (a) (h)
|
2,950,000
|
2,953,700
|
|
BMO Mortgage Trust Series 2024-5C3, Class AS, 6.29%, 2/15/2057 (h)
|
2,030,000
|
2,086,451
|
|
BX Commercial Mortgage Trust Series 2024-MF, Class A, 5.07%, 2/15/2039 (a) (h)
|
1,832,891
|
1,835,182
|
|
BX Trust Series 2022-LBA6, Class A, 4.63%, 1/15/2039 (a) (h)
|
3,400,000
|
3,398,938
|
|
CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.38%, 11/15/2050 (h)
|
152,000
|
143,958
|
|
CD Mortgage Trust Series 2016-CD2, Class C, 3.98%, 11/10/2049 (h)
|
95,000
|
56,035
|
|
Citigroup Commercial Mortgage Trust Series 2017-C4, Class A4, 3.47%, 10/12/2050
|
1,400,000
|
1,381,544
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
COMM Mortgage Trust Series 2024-CBM, Class A1, 5.66%, 12/10/2041 (a) (h)
|
188,440
|
187,435
|
|
Commercial Mortgage Trust Series 2015-PC1, Class C, 4.39%, 7/10/2050 (h)
|
184,627
|
179,092
|
|
ELM Trust Series 2024-ELM, Class C10, 6.19%, 6/10/2039 (a) (h)
|
680,000
|
679,016
|
|
FHLMC MSCR Trust Series 2023-MN7, Class M1, 7.21%, 9/25/2043 (a) (h)
|
1,053,167
|
1,054,775
|
|
FHLMC, Multi-Family Structured Pass-Through Certificates
|
|
|
|
Series K739, Class X1, IO, 1.17%, 9/25/2027 (h)
|
16,803,285
|
143,806
|
|
Series K742, Class X1, IO, 0.60%, 3/25/2028 (h)
|
3,690,882
|
33,106
|
|
Series K121, Class X1, IO, 1.01%, 10/25/2030 (h)
|
6,518,457
|
232,721
|
|
Series K120, Class X1, IO, 1.02%, 10/25/2030 (h)
|
4,344,989
|
157,416
|
|
Series K124, Class X1, IO, 0.71%, 12/25/2030 (h)
|
8,484,346
|
231,174
|
|
Series K123, Class X1, IO, 0.76%, 12/25/2030 (h)
|
11,163,936
|
315,990
|
|
Series K127, Class X1, IO, 0.32%, 1/25/2031 (h)
|
64,929,057
|
731,497
|
|
Series K125, Class X1, IO, 0.57%, 1/25/2031 (h)
|
15,478,171
|
346,593
|
|
Series K128, Class X1, IO, 0.51%, 3/25/2031 (h)
|
30,398,854
|
603,040
|
|
Series K131, Class X1, IO, 0.72%, 7/25/2031 (h)
|
11,903,634
|
378,064
|
|
Series K131, Class X3, IO, 2.95%, 9/25/2031 (h)
|
766,660
|
98,032
|
|
Series K136, Class X1, IO, 0.39%, 12/25/2031 (h)
|
20,580,722
|
310,407
|
|
Series K-1517, Class X1, IO, 1.32%, 7/25/2035 (h)
|
3,308,382
|
286,255
|
|
Series K-1518, Class X1, IO, 0.85%, 10/25/2035 (h)
|
5,013,663
|
281,645
|
|
Series K-1520, Class X1, IO, 0.47%, 2/25/2036 (h)
|
8,174,741
|
261,684
|
|
Series K070, Class X3, IO, 2.04%, 12/25/2044 (h)
|
2,151,623
|
62,290
|
|
Series K072, Class X3, IO, 2.14%, 12/25/2045 (h)
|
3,940,000
|
127,346
|
|
Series K088, Class X3, IO, 2.35%, 2/25/2047 (h)
|
6,650,000
|
384,440
|
|
Series K737, Class X3, IO, 1.78%, 1/25/2048 (h)
|
3,149,644
|
26,467
|
|
Series K121, Class X3, IO, 2.77%, 11/25/2048 (h)
|
5,100,000
|
542,605
|
|
Series K127, Class X3, IO, 2.65%, 3/25/2049 (h)
|
5,100,000
|
534,090
|
|
Series K147, Class X3, IO, 3.80%, 6/25/2050 (h)
|
4,600,000
|
851,078
|
|
Series K759, Class X3, IO, 5.26%, 2/25/2057 (h)
|
437,736
|
109,502
|
|
FNMA ACES Series 2019-M1, Class A2, 3.56%, 9/25/2028 (h)
|
843,167
|
830,405
|
|
FREMF Series 2018-KF46, Class B, 5.71%, 3/25/2028 (a) (h)
|
69,322
|
67,425
|
|
FREMF Mortgage Trust Series 2018-KF48, Class B, 5.81%, 6/25/2028 (a) (h)
|
480,434
|
461,278
|
|
GNMA
|
|
|
|
Series 2012-89, IO, 0.19%, 12/16/2053 (h)
|
1,974,267
|
20
|
|
Series 2025-106, Class A, 5.00%, 7/16/2055
|
889,648
|
885,592
|
|
Series 2025-138, Class A, 4.75%, 5/16/2056
|
2,378,680
|
2,339,151
|
|
Series 2026-20, Class AM, 4.50%, 6/16/2057
|
756,784
|
735,691
|
|
Series 2026-17, Class AC, 4.50%, 8/16/2057
|
3,167,101
|
3,081,524
|
|
Series 2026-16, Class AC, 4.00%, 12/16/2057
|
3,137,398
|
3,043,633
|
|
Series 2026-72, Class AD, 4.50%, 5/16/2058
|
1,578,480
|
1,540,222
|
|
Series 2026-14, Class A, 4.50%, 1/16/2060
|
3,099,649
|
3,016,127
|
|
Series 2026-23, Class A, 4.50%, 1/16/2060
|
3,350,819
|
3,260,340
|
|
Series 2019-53, Class IA, IO, 0.75%, 6/16/2061 (h)
|
8,455,974
|
410,926
|
|
Series 2025-38, IO, 0.64%, 1/16/2062 (h)
|
27,286,631
|
1,082,941
|
|
Series 2021-3, IO, 0.87%, 9/16/2062 (h)
|
7,685,059
|
476,557
|
|
Series 2021-48, Class FT, 3.99%, 12/16/2062 (h)
|
2,525,677
|
2,240,919
|
|
Series 2026-56, Class AC, 4.50%, 1/16/2063
|
1,307,871
|
1,272,351
|
|
Series 2021-133, IO, 0.88%, 7/16/2063 (h)
|
10,042,261
|
648,134
|
|
Series 2025-206, IO, 0.80%, 4/16/2064 (h)
|
18,557,417
|
1,107,427
|
|
Series 2025-21, IO, 0.95%, 4/16/2065 (h)
|
16,365,874
|
1,142,456
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2025-212, Class AC, 5.00%, 12/16/2066
|
1,215,500
|
1,195,704
|
|
Series 2026-23, Class AC, 5.00%, 11/16/2067 (h)
|
3,032,473
|
3,083,095
|
|
Series 2025-212, Class BE, 4.75%, 1/16/2068
|
1,852,294
|
1,798,514
|
|
Series 2025-142, IO, 0.71%, 2/16/2068 (h)
|
7,210,417
|
481,891
|
|
Series 2025-213, Class PA, 4.50%, 2/16/2068
|
3,787,755
|
3,692,012
|
|
Series 2025-217, Class AK, 4.50%, 2/16/2068 (h)
|
2,510,735
|
2,404,452
|
|
Series 2026-71, Class BC, 5.00%, 5/16/2068 (h)
|
2,197,926
|
2,217,886
|
|
Series 2026-77, Class AK, 5.00%, 11/16/2068 (h)
|
3,737,339
|
3,845,209
|
|
GS Mortgage Securities Trust Series 2015-GC30, Class C, 4.00%, 5/10/2050 (h)
|
190,000
|
164,251
|
|
Harvest Commercial Capital Loan Trust
|
|
|
|
Series 2024-1, Class A, 6.16%, 10/25/2056
|
2,298,433
|
2,327,159
|
|
Series 2025-1, Class A, 5.97%, 6/25/2057 (h)
|
1,565,204
|
1,588,569
|
|
JPMBB Commercial Mortgage Securities Trust
|
|
|
|
Series 2015-C30, Class B, 4.11%, 7/15/2048 (h)
|
1,825,000
|
1,733,659
|
|
Series 2015-C30, Class C, 4.11%, 7/15/2048 (h)
|
266,000
|
217,115
|
|
Series 2015-C31, Class C, 4.53%, 8/15/2048 (h)
|
124,000
|
96,401
|
|
JPMCC Commercial Mortgage Securities Trust Series 2019-COR4, Class A5, 4.03%, 3/10/2052
|
1,015,450
|
972,873
|
|
JPMDB Commercial Mortgage Securities Trust Series 2018-C8, Class A3, 3.94%, 6/15/2051
|
968,479
|
956,922
|
|
JPMorgan Chase Commercial Mortgage Securities Trust
|
|
|
|
Series 2016-JP3, Class C, 3.46%, 8/15/2049 (h)
|
276,000
|
217,213
|
|
Series 2016-JP4, Class C, 3.38%, 12/15/2049 (h)
|
152,000
|
140,580
|
|
Morgan Stanley Capital I Trust
|
|
|
|
Series 2015-MS1, Class B, 4.03%, 5/15/2048 (h)
|
79,527
|
77,140
|
|
Series 2019-L2, Class C, 4.97%, 3/15/2052 (h)
|
978,000
|
848,365
|
|
Series 2021-L5, Class XA, IO, 1.18%, 5/15/2054 (h)
|
9,362,135
|
413,244
|
|
MRCD MARK Mortgage Trust Series 2019-PARK, Class E, 2.72%, 12/15/2036 (a)
|
230,000
|
155,710
|
|
Multi-Family Connecticut Avenue Securities Trust
|
|
|
|
Series 2020-01, Class M10, 7.48%, 3/25/2050 (a) (h)
|
3,421,098
|
3,471,704
|
|
Series 2023-01, Class M7, 7.61%, 11/25/2053 (a) (h)
|
831,863
|
856,269
|
|
Series 2025-01, Class M1, 6.01%, 5/25/2055 (a) (h)
|
1,498,620
|
1,519,431
|
|
PRET LLC Series 2025-NPL5, Class A1, 6.24%, 5/25/2055 (a) (k)
|
1,591,889
|
1,593,353
|
|
PRM5 Trust Series 2025-PRM5, Class A, 4.47%, 3/10/2033 (a) (h)
|
830,000
|
824,509
|
|
ROCK Trust Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (a)
|
2,723,228
|
2,761,566
|
|
SDR Commercial Mortgage Trust Series 2024-DSNY, Class A, 5.02%, 5/15/2039 (a) (h)
|
1,705,000
|
1,707,131
|
|
Velocity Commercial Capital Loan Trust
|
|
|
|
Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (h)
|
296,926
|
290,844
|
|
Series 2019-1, Class A, 3.76%, 3/25/2049 (a) (h)
|
185,484
|
178,695
|
|
Series 2019-3, Class A, 3.03%, 10/25/2049 (a) (h)
|
434,825
|
418,272
|
|
Series 2020-1, Class AFX, 2.61%, 2/25/2050 (a) (h)
|
470,743
|
442,092
|
|
Series 2022-3, Class A, 5.22%, 6/25/2052 (a) (h)
|
658,185
|
647,271
|
|
Series 2022-4, Class A, 5.63%, 8/25/2052 (a) (h)
|
1,732,533
|
1,717,657
|
|
Total Commercial Mortgage-Backed Securities
(Cost $109,349,974)
|
|
108,072,849
|
|
Convertible Bonds — 3.6%
|
||
|
Broadline Retail — 0.1%
|
||
|
Alibaba Group Holding Ltd. (China) 0.50%, 6/1/2031
|
1,295,000
|
1,789,042
|
|
Construction & Engineering — 0.0% ^
|
||
|
Fluor Corp. 1.13%, 8/15/2029
|
396,000
|
481,932
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Convertible Bonds — continued
|
||
|
Consumer Finance — 0.1%
|
||
|
SoFi Technologies, Inc. 1.25%, 3/15/2029 (a)
|
460,000
|
939,748
|
|
Electric Utilities — 0.2%
|
||
|
PG&E Corp. 4.25%, 12/1/2027
|
1,075,000
|
1,095,962
|
|
Southern Co. (The) 4.50%, 6/15/2027
|
1,695,000
|
1,839,075
|
|
|
|
2,935,037
|
|
Electronic Equipment, Instruments & Components — 0.1%
|
||
|
Itron, Inc.
|
||
|
1.38%, 7/15/2030
|
1,109,000
|
1,081,829
|
|
Zero Coupon, 3/15/2032 (a)
|
36,000
|
33,156
|
|
|
|
1,114,985
|
|
Entertainment — 0.2%
|
||
|
Live Nation Entertainment, Inc.
|
||
|
3.13%, 1/15/2029
|
345,000
|
570,699
|
|
2.88%, 1/15/2030
|
1,200,000
|
1,372,200
|
|
2.88%, 10/15/2031 (a)
|
70,000
|
74,208
|
|
|
|
2,017,107
|
|
Financial Services — 0.1%
|
||
|
Euronet Worldwide, Inc. 0.63%, 10/1/2030 (a)
|
745,000
|
668,637
|
|
Ground Transportation — 0.2%
|
||
|
Knight-Swift Transportation Holdings, Inc. 1.00%, 11/15/2031 (a)
|
186,000
|
212,412
|
|
Lyft, Inc.
|
||
|
0.63%, 3/1/2029
|
716,000
|
746,502
|
|
Zero Coupon, 9/15/2030 (a)
|
87,000
|
84,172
|
|
Uber Technologies, Inc. Series 2028, 0.88%, 12/1/2028
|
820,000
|
962,270
|
|
|
|
2,005,356
|
|
Hotels, Restaurants & Leisure — 0.1%
|
||
|
Cheesecake Factory, Inc. (The)
|
||
|
0.38%, 6/15/2026
|
296,000
|
301,032
|
|
2.00%, 3/15/2030
|
385,000
|
431,970
|
|
NCL Corp. Ltd. 0.75%, 9/15/2030 (a)
|
945,000
|
874,479
|
|
|
|
1,607,481
|
|
Household Durables — 0.1%
|
||
|
Meritage Homes Corp. 1.75%, 5/15/2028
|
1,011,000
|
988,758
|
|
Household Products — 0.1%
|
||
|
Spectrum Brands, Inc. 3.38%, 6/1/2029
|
1,417,000
|
1,430,320
|
|
IT Services — 0.2%
|
||
|
Snowflake, Inc. Zero Coupon, 10/1/2027
|
1,177,000
|
1,977,597
|
|
Wix.com Ltd. (Israel) Zero Coupon, 9/15/2030 (a)
|
1,056,000
|
818,611
|
|
|
|
2,796,208
|
|
Machinery — 0.1%
|
||
|
Greenbrier Cos., Inc. (The) 2.88%, 4/15/2028
|
1,045,000
|
1,169,146
|
|
Passenger Airlines — 0.0% ^
|
||
|
JetBlue Airways Corp. 2.50%, 9/1/2029
|
305,000
|
325,588
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Convertible Bonds — continued
|
||
|
Pharmaceuticals — 0.2%
|
||
|
Jazz Investments I Ltd. 3.13%, 9/15/2030
|
1,315,000
|
2,201,967
|
|
Zoetis, Inc. 0.25%, 6/15/2029 (a)
|
1,180,000
|
1,080,290
|
|
|
|
3,282,257
|
|
Real Estate Management & Development — 0.1%
|
||
|
Compass, Inc. 0.25%, 4/15/2031 (a)
|
1,700,000
|
1,554,310
|
|
Country Garden Holdings Co. Ltd. (China)
|
||
|
Series AI, Zero Coupon, 12/31/2031
|
1,815,780
|
163,420
|
|
Series AI, Zero Coupon, 12/31/2034
|
58,299
|
1,458
|
|
|
|
1,719,188
|
|
Retail REITs — 0.1%
|
||
|
Kite Realty Group LP 0.75%, 4/1/2027 (a)
|
688,000
|
814,425
|
|
Semiconductors & Semiconductor Equipment — 1.0%
|
||
|
ams-OSRAM AG (Austria) 2.13%, 11/3/2027 (b)
|
500,000
|
571,540
|
|
Microchip Technology, Inc. 0.75%, 6/1/2030
|
1,226,000
|
1,353,968
|
|
MKS, Inc. 1.25%, 6/1/2030
|
1,160,000
|
2,554,900
|
|
ON Semiconductor Corp.
|
||
|
Zero Coupon, 5/1/2027
|
1,672,000
|
3,817,176
|
|
Zero Coupon, 5/1/2031 (a)
|
186,000
|
201,680
|
|
Semtech Corp. Zero Coupon, 10/15/2030 (a)
|
34,000
|
59,181
|
|
Synaptics, Inc. 0.75%, 12/1/2031
|
1,694,000
|
2,703,030
|
|
Veeco Instruments, Inc. 2.88%, 6/1/2029
|
1,103,000
|
2,278,909
|
|
|
|
13,540,384
|
|
Software — 0.6%
|
||
|
Alarm.com Holdings, Inc. 2.25%, 6/1/2029
|
1,215,000
|
1,145,897
|
|
Box, Inc. 1.50%, 9/15/2029
|
745,000
|
725,257
|
|
Cipher Digital, Inc. Zero Coupon, 10/1/2031 (a)
|
740,000
|
1,257,821
|
|
Dropbox, Inc. Zero Coupon, 3/1/2028
|
518,000
|
516,964
|
|
Five9, Inc. 1.00%, 3/15/2029
|
1,222,000
|
1,084,281
|
|
Life360, Inc. Zero Coupon, 6/1/2030 (a)
|
835,000
|
786,152
|
|
Terawulf, Inc.
|
||
|
1.00%, 9/1/2031 (a)
|
705,000
|
1,576,935
|
|
Zero Coupon, 5/1/2032 (a)
|
895,000
|
1,363,997
|
|
|
|
8,457,304
|
|
Specialty Retail — 0.0% ^
|
||
|
Wayfair, Inc. 3.25%, 9/15/2027
|
396,000
|
518,958
|
|
Total Convertible Bonds
(Cost $39,880,823)
|
|
48,601,861
|
|
Loan Assignments — 1.2% (l)
|
||
|
Aerospace & Defense — 0.0% ^
|
||
|
VSE Corp., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 2.00%), 5.47%, 5/5/2033 (d)
|
39,378
|
39,447
|
|
Automobile Components — 0.0% ^
|
||
|
Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.00%), 5.62%, 1/31/2031 (d)
|
269,313
|
268,933
|
|
Building Products — 0.1%
|
||
|
Chariot Buyer LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.40%, 9/8/2032 (d)
|
565,524
|
565,795
|
|
EMRLD Borrower LP, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 5.92%, 5/31/2030 (d)
|
332,668
|
332,684
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Loan Assignments — continued
|
||
|
Building Products — continued
|
||
|
MIWD Holdco II LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.37%, 3/28/2031 (d)
|
260,329
|
254,636
|
|
Quikrete Holdings, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 5.87%,
3/19/2029 (d)
|
480,200
|
480,594
|
|
Quikrete Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 5.90%,
2/10/2032 (d)
|
99,000
|
99,005
|
|
|
|
1,732,714
|
|
Commercial Services & Supplies — 0.0% ^
|
||
|
Raven Acquisition Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%),
6.62%, 11/19/2031 (d)
|
258,490
|
256,714
|
|
Containers & Packaging — 0.0% ^
|
||
|
LABL, Inc., 1st Lien Term Loan B (PRIME + 4.00%), 12.75%, 10/30/2028 (d)
|
296,484
|
125,451
|
|
Diversified Consumer Services — 0.0% ^
|
||
|
Belron Finance 2019 LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 5.66%,
10/16/2031 (d)
|
219,165
|
219,439
|
|
Diversified Telecommunication Services — 0.0% ^
|
||
|
Altafiber Virginia LLC, 1st Lien Term Loan B-5 (1-MONTH CME TERM SOFR + 2.25%), 5.90%,
11/23/2028 (d)
|
428,922
|
427,516
|
|
Electronic Equipment, Instruments & Components — 0.1%
|
||
|
LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%),
6.65%,
12/2/2031 (d)
|
326,903
|
328,783
|
|
Sanmina Corp., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.00%), 5.65%, 10/27/2032 (d)
|
500,000
|
500,625
|
|
|
|
829,408
|
|
Entertainment — 0.0% ^
|
||
|
Crown Finance US, Inc., 1st Lien Term Loan (United Kingdom) (1-MONTH CME TERM SOFR
+ 4.50%), 8.15%,
12/2/2031 (d)
|
296,261
|
296,611
|
|
TKO Worldwide Holdings LLC, 1st Lien Term Loan B-5 (3-MONTH CME TERM SOFR + 2.00%),
5.64%, 11/21/2031 (d)
|
249,372
|
249,384
|
|
|
|
545,995
|
|
Financial Services — 0.0% ^
|
||
|
NCR Atleos LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 6.69%, 4/16/2029 (d)
|
104,379
|
104,020
|
|
Neon Maple US Debt Mergersub, Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR
+ 2.50%), 6.12%,
11/17/2031 (d)
|
297,006
|
295,149
|
|
|
|
399,169
|
|
Ground Transportation — 0.0% ^
|
||
|
First Student Bidco, Inc., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 2.25%),
5.67%, 8/15/2030 (d)
|
125,611
|
125,925
|
|
First Student Bidco, Inc., 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 2.25%), 5.95%,
8/15/2030 (d)
|
22,983
|
23,041
|
|
GB AIT Buyer, Inc., 1st Lien Term Loan (12-MONTH CME TERM SOFR + 4.25%), 7.98%, 4/29/2033 (d)
|
85,960
|
86,094
|
|
|
|
235,060
|
|
Hotels, Restaurants & Leisure — 0.0% ^
|
||
|
Station Casinos LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 5.62%,
3/14/2031 (d)
|
458,829
|
460,041
|
|
Insurance — 0.0% ^
|
||
|
HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.92%,
6/20/2030 (d)
|
544,660
|
545,760
|
|
IT Services — 0.1%
|
||
|
Ahead DB Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 2.50%), 6.20%,
2/3/2031 (d)
|
530,238
|
529,114
|
|
Modena Buyer LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.25%), 7.91%, 7/1/2031 (d)
|
256,100
|
231,770
|
|
|
|
760,884
|
|
Leisure Products — 0.0% ^
|
||
|
Callaway Golf Co., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.40%, 3/18/2030 (d)
|
37,629
|
37,771
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Loan Assignments — continued
|
||
|
Life Sciences Tools & Services — 0.0% ^
|
||
|
PAREXEL International Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.12%,
12/12/2031 (d)
|
248,616
|
248,902
|
|
Media — 0.0% ^
|
||
|
Neptune Bidco US, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 5.00%), 8.77%,
2/3/2033 (d)
|
300,000
|
296,343
|
|
Oil, Gas & Consumable Fuels — 0.0% ^
|
||
|
NorthRiver Midstream Finance LP, 1st Lien Term Loan B (Canada) (3-MONTH CME TERM SOFR
+ 2.25%), 5.94%,
8/16/2030 (d)
|
399,681
|
400,032
|
|
Passenger Airlines — 0.1%
|
||
|
AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.93%,
4/20/2028 (d)
|
492,088
|
489,805
|
|
Vista Management Holding, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.75%),
7.44%, 4/1/2031 (d)
|
144,290
|
142,967
|
|
|
|
632,772
|
|
Personal Care Products — 0.0% ^
|
||
|
Conair Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 7.48%,
5/17/2028 (d)
|
382,030
|
313,948
|
|
Pharmaceuticals — 0.0% ^
|
||
|
1261229 BC Ltd., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.25%), 9.87%, 10/8/2030 (d)
|
99,250
|
95,735
|
|
Professional Services — 0.1%
|
||
|
WEC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.00%), 5.65%,
1/27/2031 (d) (m)
|
592,881
|
593,082
|
|
Semiconductors & Semiconductor Equipment — 0.1%
|
||
|
Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.35%), 6.86%, 2/1/2029 (d)
|
507,797
|
505,350
|
|
Altar Bidco, Inc., 2nd Lien Term Loan (12-MONTH CME TERM SOFR + 5.60%), 9.11%, 2/1/2030 (d)
|
190,000
|
177,057
|
|
|
|
682,407
|
|
Software — 0.4%
|
||
|
AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 9.40%,
2/15/2029 (d)
|
566,478
|
565,770
|
|
BCPE Pequod Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.37%,
11/25/2031 (d)
|
896,005
|
889,124
|
|
Boxer Parent Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 6.67%,
7/30/2031 (d)
|
495,075
|
462,840
|
|
Dayforce Bidco LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 6.66%, 2/4/2033 (d)
|
269,266
|
256,077
|
|
Genesys Cloud Services, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%),
6.12%, 1/30/2032 (d)
|
926,646
|
891,434
|
|
Icon Parent I, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 6.44%, 11/13/2031 (d)
|
988,397
|
943,781
|
|
Rocket Software, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 7.37%,
11/28/2028 (d)
|
490,053
|
476,528
|
|
UKG, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.91%, 2/10/2031 (d)
|
218,287
|
210,692
|
|
|
|
4,696,246
|
|
Specialty Retail — 0.1%
|
||
|
AWS Claire's LLC, 1st Lien Term Loan, 10.00%, 9/18/2030 ‡
|
73,903
|
73,903
|
|
Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.25%),
7.95%, 1/31/2031 (d)
|
103,520
|
100,683
|
|
PetSmart LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 7.58%, 8/18/2032 (d)
|
296,930
|
295,879
|
|
Serta Simmons Bedding LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 7.50%), 11.31%,
6/29/2028 (d)
|
41,961
|
39,173
|
|
White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%),
6.90%, 10/19/2029 (d)
|
181,968
|
180,574
|
|
|
|
690,212
|
|
Textiles, Apparel & Luxury Goods — 0.1%
|
||
|
Varsity Brands, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 6.45%, 8/26/2031 (d)
|
615,657
|
616,045
|
|
Total Loan Assignments
(Cost $16,551,863)
|
|
16,150,026
|
|
Supranational — 0.1%
|
||
|
Africa Finance Corp. (Supranational)
3.75%, 10/30/2029 (b) (Cost $1,152,726)
|
1,130,000
|
1,078,608
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — 0.0% ^
|
||
|
Broadline Retail — 0.0% ^
|
||
|
NMG Parent LLC, Escrow ‡ *
|
229
|
115
|
|
Containers & Packaging — 0.0% ^
|
||
|
Ardagh Holdings SA (Luxembourg) ‡ * (a)
|
16,966
|
113,788
|
|
Diversified Telecommunication Services — 0.0% ^
|
||
|
Altice France SA (France) ‡ *
|
429
|
7,130
|
|
Machinery — 0.0% ^
|
||
|
SSB Equipment Co., Inc. ‡ *
|
10,319
|
—
|
|
Media — 0.0% ^
|
||
|
iHeartMedia, Inc., Class A *
|
12,666
|
54,590
|
|
Specialty Retail — 0.0% ^
|
||
|
Serta Simmons Bedding LLC *
|
10,319
|
89,213
|
|
Wireless Telecommunication Services — 0.0% ^
|
||
|
Altice France SA ‡
|
8,657
|
175,475
|
|
Total Common Stocks
(Cost $642,447)
|
|
440,311
|
|
Preferred Stocks — 0.0% ^
|
||
|
Broadline Retail — 0.0% ^
|
||
|
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡
(Cost $286,219)
|
298,145
|
385,501
|
|
|
PRINCIPAL
AMOUNT($)
|
|
|
U.S. Treasury Obligations — 0.0% ^
|
||
|
U.S. Treasury Bonds
3.63%, 5/15/2053 (Cost $30,812)
|
35,000
|
27,732
|
|
|
SHARES
|
|
|
Short-Term Investments — 10.5%
|
||
|
Investment Companies — 10.5%
|
||
|
JPMorgan Prime Money Market Fund Class IM Shares, 3.74% (n) (o)
(Cost $141,476,280)
|
141,464,027
|
141,492,320
|
|
Total Investments — 106.0%
(Cost $1,419,856,053)
|
|
1,431,726,926
|
|
Liabilities in Excess of Other Assets — (6.0)%
|
|
(81,206,135
)
|
|
NET ASSETS — 100.0%
|
|
1,350,520,791
|
|
Percentages indicated are based on net assets.
|
|
Abbreviations
|
|
|
ABS
|
Asset-Backed Securities
|
|
ACES
|
Alternative Credit Enhancement Securities
|
|
BRL
|
Brazilian Real
|
|
CLO
|
Collateralized Loan Obligations
|
|
CME
|
Chicago Mercantile Exchange
|
|
COP
|
Colombian Peso
|
|
CSMC
|
Credit Suisse Mortgage Trust
|
|
CZK
|
Czech Republic Koruna
|
|
EUR
|
Euro
|
|
EURIBOR
|
Euro Interbank Offered Rate
|
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
|
FNMA
|
Federal National Mortgage Association
|
|
GNMA
|
Government National Mortgage Association
|
|
ICE
|
Intercontinental Exchange
|
|
IF
|
Inverse Floaters represent securities that pay interest at a rate that increases (decreases)
with a decline (incline) in a specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the
rate in effect as of May 31, 2026. The rate may be subject to a cap and floor.
|
|
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
|
|
MXN
|
Mexican Peso
|
|
PIK
|
Payment In Kind
|
|
PLN
|
Polish Zloty
|
|
PT
|
Limited liability company
|
|
REIT
|
Real Estate Investment Trust
|
|
REMIC
|
Real Estate Mortgage Investment Conduit
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
SOFRINDX
|
Compounding index of the Secured Overnight Financing Rate
|
|
TBA
|
To Be Announced; Security is subject to delayed delivery.
|
|
TRY
|
Turkish Lira
|
|
UMBS
|
Uniform Mortgage-Backed Securities
|
|
USD
|
United States Dollar
|
|
ZAR
|
South African Rand
|
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
|
‡
|
Value determined using significant unobservable inputs.
|
|
|
*
|
Non-income producing security.
|
|
|
(a)
|
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
Act of 1933, as amended.
|
|
|
(b)
|
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.
|
|
|
(c)
|
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
|
|
|
(d)
|
Variable or floating rate security, linked to the referenced benchmark. The interest
rate shown is the current rate as of May 31, 2026.
|
|
|
(e)
|
Security is an interest bearing note with preferred security characteristics.
|
|
|
(f)
|
Security is perpetual and thus, does not have a predetermined maturity date. The coupon
rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects
the next call date. The coupon rate shown is the rate in
effect as of May 31, 2026.
|
|
|
(g)
|
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2026 is $31,477,324 or 2.33% of the Fund’s net
assets as of May 31, 2026.
|
|
|
(h)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of
May 31, 2026.
|
|
|
(i)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
|
(j)
|
Defaulted security.
|
|
|
(k)
|
Step bond. Interest rate is a fixed rate for an initial period that either resets
at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2026.
|
|
|
(l)
|
Loan assignments are presented by obligor. Each series or loan tranche underlying
each obligor may have varying terms.
|
|
|
(m)
|
All or a portion of this security is unsettled as of May 31, 2026. Unless otherwise
indicated, the coupon rate is undetermined. The coupon
rate shown may not be accrued for the entire position.
|
|
|
(n)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
|
(o)
|
The rate shown is the current yield as of May 31, 2026.
|
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
|
Long Contracts
|
|
|
|
|
|
|
Euro-Bobl
|
268
|
06/08/2026
|
EUR
|
36,257,917
|
(344,094
)
|
|
Euro-BTP
|
213
|
06/08/2026
|
EUR
|
29,567,225
|
(243,860
)
|
|
Euro-Buxl 30 Year Bond
|
4
|
06/08/2026
|
EUR
|
511,630
|
(9,946
)
|
|
Euro-Schatz
|
1,242
|
06/08/2026
|
EUR
|
153,529,919
|
(919,479
)
|
|
Australia 10 Year Bond
|
388
|
06/15/2026
|
AUD
|
30,405,072
|
267,082
|
|
Canada 10 Year Bond
|
212
|
09/18/2026
|
CAD
|
18,506,655
|
73,458
|
|
U.S. Treasury 2 Year Note
|
338
|
09/30/2026
|
USD
|
69,839,250
|
144,268
|
|
|
|
|
|
|
(1,032,571
)
|
|
Short Contracts
|
|
|
|
|
|
|
Euro-Bobl
|
(75
)
|
06/08/2026
|
EUR
|
(10,146,805
)
|
(24,838
)
|
|
Euro-Bund
|
(18
)
|
06/08/2026
|
EUR
|
(2,651,064
)
|
(13,432
)
|
|
Japan 10 Year Bond
|
(22
)
|
06/15/2026
|
JPY
|
(17,800,019
)
|
411,612
|
|
U.S. Treasury 10 Year Note
|
(284
)
|
09/21/2026
|
USD
|
(31,208,938
)
|
(259,317
)
|
|
U.S. Treasury 10 Year Ultra Note
|
(952
)
|
09/21/2026
|
USD
|
(106,817,375
)
|
(1,449,715
)
|
|
U.S. Treasury Long Bond
|
(7
)
|
09/21/2026
|
USD
|
(786,844
)
|
(15,793
)
|
|
U.S. Treasury Ultra Bond
|
(409
)
|
09/21/2026
|
USD
|
(46,881,625
)
|
(1,031,146
)
|
|
U.S. Treasury 2 Year Note
|
(3
)
|
09/30/2026
|
USD
|
(619,875
)
|
(1,364
)
|
|
U.S. Treasury 5 Year Note
|
(796
)
|
09/30/2026
|
USD
|
(85,389,657
)
|
(534,546
)
|
|
|
|
|
|
|
(2,918,539
)
|
|
|
|
|
|
|
(3,951,110
)
|
|
Abbreviations
|
|
|
AUD
|
Australian Dollar
|
|
CAD
|
Canadian Dollar
|
|
EUR
|
Euro
|
|
JPY
|
Japanese Yen
|
|
USD
|
United States Dollar
|
|
CURRENCY
PURCHASED
|
CURRENCY
SOLD
|
COUNTERPARTY
|
SETTLEMENT
DATE
|
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
||
|
BRL
|
8,137,774
|
USD
|
1,609,172
|
HSBC Bank (Hong Kong)**
|
6/2/2026
|
4,010
|
|
CHF
|
1,290,240
|
JPY
|
259,565,967
|
BNP Paribas
|
6/2/2026
|
23,214
|
|
CHF
|
1,290,239
|
JPY
|
259,609,047
|
Citibank, NA
|
6/2/2026
|
22,943
|
|
CNY
|
106,911,975
|
USD
|
15,740,979
|
Goldman Sachs International**
|
6/2/2026
|
62,012
|
|
COP
|
36,039,477,994
|
USD
|
9,509,097
|
Goldman Sachs International**
|
6/2/2026
|
266,309
|
|
CZK
|
67,594,646
|
EUR
|
2,775,019
|
BNP Paribas
|
6/2/2026
|
9,628
|
|
GBP
|
2,421,553
|
EUR
|
2,774,719
|
Goldman Sachs International
|
6/2/2026
|
24,673
|
|
GBP
|
759,306
|
USD
|
1,019,597
|
Barclays Bank plc
|
6/2/2026
|
2,960
|
|
GBP
|
1,206,467
|
USD
|
1,617,548
|
BNP Paribas
|
6/2/2026
|
7,201
|
|
INR
|
283,424,640
|
USD
|
2,958,068
|
Citibank, NA**
|
6/2/2026
|
25,349
|
|
MXN
|
57,392,082
|
USD
|
3,225,815
|
Morgan Stanley
|
6/2/2026
|
84,567
|
|
PLN
|
4,816,453
|
USD
|
1,323,868
|
Morgan Stanley
|
6/2/2026
|
4,167
|
|
TRY
|
111,615,373
|
USD
|
2,394,213
|
Barclays Bank plc
|
6/2/2026
|
37,918
|
|
TWD
|
103,035,285
|
USD
|
3,256,797
|
Barclays Bank plc**
|
6/2/2026
|
32,386
|
|
TWD
|
103,380,836
|
USD
|
3,257,218
|
BNP Paribas**
|
6/2/2026
|
42,996
|
|
TWD
|
103,435,898
|
USD
|
3,269,150
|
Goldman Sachs International**
|
6/2/2026
|
32,821
|
|
USD
|
4,200,220
|
BRL
|
21,057,972
|
Goldman Sachs International**
|
6/2/2026
|
25,820
|
|
USD
|
5,832,446
|
CLP
|
5,185,861,416
|
Goldman Sachs International**
|
6/2/2026
|
5,898
|
|
USD
|
9,956,207
|
COP
|
36,039,477,994
|
Goldman Sachs International**
|
6/2/2026
|
180,801
|
|
USD
|
138,946
|
CZK
|
2,869,402
|
BNP Paribas
|
6/2/2026
|
1,135
|
|
USD
|
5,833,412
|
CZK
|
120,564,727
|
Goldman Sachs International
|
6/2/2026
|
42,974
|
|
USD
|
99,825
|
EUR
|
85,160
|
Barclays Bank plc
|
6/2/2026
|
494
|
|
USD
|
34,197,699
|
EUR
|
29,103,779
|
BNP Paribas
|
6/2/2026
|
251,051
|
|
USD
|
3,286,539
|
EUR
|
2,798,665
|
Goldman Sachs International
|
6/2/2026
|
22,177
|
|
USD
|
3,268,516
|
EUR
|
2,786,409
|
HSBC Bank, NA
|
6/2/2026
|
18,449
|
|
USD
|
3,434,676
|
EUR
|
2,915,902
|
Morgan Stanley
|
6/2/2026
|
33,568
|
|
USD
|
156,094
|
GBP
|
114,822
|
Barclays Bank plc
|
6/2/2026
|
1,464
|
|
USD
|
360,225
|
GBP
|
266,609
|
BNP Paribas
|
6/2/2026
|
1,182
|
|
USD
|
3,263,214
|
GBP
|
2,417,224
|
Citibank, NA
|
6/2/2026
|
7,938
|
|
USD
|
4,877,398
|
GBP
|
3,600,081
|
Goldman Sachs International
|
6/2/2026
|
29,169
|
|
USD
|
193,661
|
GBP
|
143,559
|
HSBC Bank, NA
|
6/2/2026
|
330
|
|
USD
|
623,204
|
GBP
|
461,142
|
Morgan Stanley
|
6/2/2026
|
2,184
|
|
USD
|
1,612,830
|
IDR
|
28,690,634,730
|
Citibank, NA**
|
6/2/2026
|
7,311
|
|
USD
|
9,330,351
|
IDR
|
160,107,886,278
|
Goldman Sachs International**
|
6/2/2026
|
370,760
|
|
USD
|
10,609,873
|
IDR
|
187,923,618,890
|
HSBC Bank (Hong Kong)**
|
6/2/2026
|
93,722
|
|
USD
|
3,017,210
|
INR
|
283,424,640
|
HSBC Bank (Hong Kong)**
|
6/2/2026
|
33,793
|
|
USD
|
3,274,447
|
JPY
|
513,991,231
|
Goldman Sachs International
|
6/2/2026
|
47,176
|
|
USD
|
883,138
|
KRW
|
1,303,193,690
|
BNP Paribas**
|
6/2/2026
|
18,378
|
|
USD
|
3,271,349
|
KRW
|
4,840,942,224
|
Goldman Sachs International**
|
6/2/2026
|
59,045
|
|
USD
|
35,792,368
|
MXN
|
619,236,418
|
Goldman Sachs International
|
6/2/2026
|
74,745
|
|
USD
|
9,229,131
|
PHP
|
555,853,236
|
Goldman Sachs International**
|
6/2/2026
|
205,172
|
|
USD
|
217,671
|
PLN
|
788,938
|
Citibank, NA
|
6/2/2026
|
138
|
|
USD
|
2,806,497
|
PLN
|
10,108,227
|
Goldman Sachs International
|
6/2/2026
|
19,366
|
|
USD
|
6,402,474
|
SGD
|
8,139,657
|
Goldman Sachs International
|
6/2/2026
|
24,682
|
|
ZAR
|
26,952,671
|
USD
|
1,623,650
|
Citibank, NA
|
6/2/2026
|
38,556
|
|
ZAR
|
99,253,441
|
USD
|
6,049,592
|
HSBC Bank, NA
|
6/2/2026
|
71,496
|
|
CZK
|
1,810,154
|
USD
|
86,402
|
Barclays Bank plc
|
6/3/2026
|
535
|
|
CZK
|
565,318
|
USD
|
27,114
|
Goldman Sachs International
|
6/3/2026
|
37
|
|
EUR
|
58,978,659
|
USD
|
68,643,151
|
HSBC Bank, NA
|
6/3/2026
|
152,731
|
|
USD
|
25,043
|
CZK
|
520,002
|
BNP Paribas
|
6/3/2026
|
67
|
|
USD
|
9,762
|
CZK
|
203,073
|
Goldman Sachs International
|
6/3/2026
|
9
|
|
USD
|
12,941
|
CZK
|
269,311
|
HSBC Bank (Hong Kong)
|
6/3/2026
|
6
|
|
USD
|
68,827,125
|
EUR
|
58,872,180
|
BNP Paribas
|
6/3/2026
|
155,444
|
|
USD
|
1,351,051
|
EUR
|
1,145,932
|
HSBC Bank, NA
|
6/3/2026
|
14,375
|
|
CAD
|
189,491
|
USD
|
136,767
|
HSBC Bank, NA
|
6/22/2026
|
799
|
|
CHF
|
390,399
|
USD
|
501,105
|
BNP Paribas
|
6/22/2026
|
128
|
|
CLP
|
1,502,472,730
|
USD
|
1,680,242
|
HSBC Bank (Hong Kong)**
|
6/22/2026
|
8,109
|
|
EUR
|
276,505
|
USD
|
321,321
|
BNP Paribas
|
6/22/2026
|
1,479
|
|
CURRENCY
PURCHASED
|
CURRENCY
SOLD
|
COUNTERPARTY
|
SETTLEMENT
DATE
|
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
||
|
EUR
|
1,446,022
|
USD
|
1,685,590
|
Goldman Sachs International
|
6/22/2026
|
2,536
|
|
EUR
|
233,575
|
USD
|
272,011
|
Standard Chartered Bank
|
6/22/2026
|
671
|
|
GBP
|
2,470,907
|
USD
|
3,303,736
|
Goldman Sachs International
|
6/22/2026
|
23,708
|
|
GBP
|
3,123,001
|
USD
|
4,193,073
|
HSBC Bank, NA
|
6/22/2026
|
12,514
|
|
THB
|
107,971,286
|
USD
|
3,312,043
|
BNP Paribas
|
6/22/2026
|
10,960
|
|
TRY
|
35,727,210
|
USD
|
759,894
|
Barclays Bank plc
|
6/22/2026
|
4,466
|
|
TWD
|
206,975,324
|
USD
|
6,555,661
|
Goldman Sachs International**
|
6/22/2026
|
15,257
|
|
USD
|
652,167
|
AUD
|
900,000
|
Barclays Bank plc
|
6/22/2026
|
5,546
|
|
USD
|
6,499,418
|
AUD
|
8,966,374
|
Morgan Stanley
|
6/22/2026
|
57,367
|
|
USD
|
1,624,696
|
BRL
|
8,183,044
|
Citibank, NA**
|
6/22/2026
|
10,150
|
|
USD
|
268,110
|
CAD
|
367,990
|
Barclays Bank plc
|
6/22/2026
|
956
|
|
USD
|
4,433,318
|
COP
|
16,210,429,032
|
Barclays Bank plc**
|
6/22/2026
|
59,615
|
|
USD
|
2,550,449
|
CZK
|
52,970,081
|
Goldman Sachs International
|
6/22/2026
|
5,863
|
|
USD
|
10,605,058
|
EUR
|
9,040,750
|
BNP Paribas
|
6/22/2026
|
50,636
|
|
USD
|
695,304
|
EUR
|
592,893
|
Morgan Stanley
|
6/22/2026
|
3,144
|
|
USD
|
3,504,890
|
GBP
|
2,592,200
|
BNP Paribas
|
6/22/2026
|
14,106
|
|
USD
|
639,144
|
GBP
|
472,912
|
HSBC Bank, NA
|
6/22/2026
|
2,297
|
|
USD
|
3,311,388
|
IDR
|
58,623,166,217
|
Citibank, NA**
|
6/22/2026
|
27,319
|
|
USD
|
9,100,379
|
IDR
|
159,670,435,219
|
HSBC Bank, NA**
|
6/22/2026
|
155,642
|
|
USD
|
173,010
|
JPY
|
27,010,888
|
Barclays Bank plc
|
6/22/2026
|
3,131
|
|
USD
|
5,488,424
|
JPY
|
864,148,700
|
BNP Paribas
|
6/22/2026
|
53,571
|
|
USD
|
3,331,621
|
JPY
|
527,175,006
|
Goldman Sachs International
|
6/22/2026
|
16,082
|
|
USD
|
885,285
|
KRW
|
1,318,384,074
|
HSBC Bank, NA**
|
6/22/2026
|
10,676
|
|
USD
|
32,578,947
|
MXN
|
561,844,336
|
Morgan Stanley
|
6/22/2026
|
226,733
|
|
USD
|
1,653,232
|
PHP
|
100,268,510
|
Goldman Sachs International**
|
6/22/2026
|
25,220
|
|
CZK
|
1,180,288
|
USD
|
56,598
|
Morgan Stanley
|
7/7/2026
|
112
|
|
Total unrealized appreciation
|
3,504,125
|
|||||
|
AUD
|
8,966,374
|
USD
|
6,502,073
|
Morgan Stanley
|
6/2/2026
|
(57,491
)
|
|
BRL
|
12,920,199
|
USD
|
2,566,832
|
Goldman Sachs International**
|
6/2/2026
|
(5,612
)
|
|
CHF
|
1,678,000
|
USD
|
2,159,531
|
BNP Paribas
|
6/2/2026
|
(9,765
)
|
|
CHF
|
1,261,959
|
USD
|
1,624,843
|
Goldman Sachs International
|
6/2/2026
|
(8,087
)
|
|
CLP
|
5,185,861,416
|
USD
|
5,855,827
|
HSBC Bank (Hong Kong)**
|
6/2/2026
|
(29,278
)
|
|
CZK
|
52,970,081
|
USD
|
2,549,987
|
Goldman Sachs International
|
6/2/2026
|
(5,959
)
|
|
CZK
|
2,869,402
|
USD
|
139,884
|
Morgan Stanley
|
6/2/2026
|
(2,074
)
|
|
EUR
|
4,198,009
|
CHF
|
3,857,290
|
BNP Paribas
|
6/2/2026
|
(45,202
)
|
|
EUR
|
30,982,443
|
USD
|
36,569,506
|
BNP Paribas
|
6/2/2026
|
(431,586
)
|
|
EUR
|
2,774,719
|
USD
|
3,247,656
|
Goldman Sachs International
|
6/2/2026
|
(11,224
)
|
|
EUR
|
4,249,047
|
USD
|
5,000,494
|
HSBC Bank, NA
|
6/2/2026
|
(44,406
)
|
|
EUR
|
1,035,436
|
USD
|
1,222,172
|
Morgan Stanley
|
6/2/2026
|
(14,440
)
|
|
GBP
|
3,846,709
|
USD
|
5,205,644
|
HSBC Bank, NA
|
6/2/2026
|
(25,279
)
|
|
GBP
|
1,206,471
|
USD
|
1,647,299
|
Merrill Lynch International
|
6/2/2026
|
(22,545
)
|
|
IDR
|
28,690,634,730
|
USD
|
1,657,767
|
Citibank, NA**
|
6/2/2026
|
(52,247
)
|
|
IDR
|
160,107,886,278
|
USD
|
9,000,387
|
Goldman Sachs International**
|
6/2/2026
|
(40,796
)
|
|
IDR
|
28,253,183,671
|
USD
|
1,588,239
|
HSBC Bank (Hong Kong)**
|
6/2/2026
|
(7,199
)
|
|
IDR
|
159,670,435,219
|
USD
|
9,106,971
|
HSBC Bank, NA**
|
6/2/2026
|
(171,860
)
|
|
JPY
|
1,033,166,245
|
USD
|
6,546,235
|
BNP Paribas
|
6/2/2026
|
(59,147
)
|
|
KRW
|
6,144,135,914
|
USD
|
4,219,886
|
HSBC Bank, NA**
|
6/2/2026
|
(142,822
)
|
|
MXN
|
561,844,336
|
USD
|
32,634,582
|
Morgan Stanley
|
6/2/2026
|
(227,341
)
|
|
PHP
|
99,811,000
|
USD
|
1,627,442
|
Goldman Sachs International**
|
6/2/2026
|
(7,068
)
|
|
PHP
|
456,042,236
|
USD
|
7,406,890
|
HSBC Bank, NA**
|
6/2/2026
|
(3,307
)
|
|
PLN
|
6,080,712
|
USD
|
1,691,614
|
Morgan Stanley
|
6/2/2026
|
(14,985
)
|
|
SGD
|
4,123,758
|
USD
|
3,247,309
|
Barclays Bank plc
|
6/2/2026
|
(16,157
)
|
|
SGD
|
4,015,899
|
USD
|
3,166,458
|
Goldman Sachs International
|
6/2/2026
|
(19,819
)
|
|
USD
|
6,358,506
|
AUD
|
8,966,374
|
Merrill Lynch International
|
6/2/2026
|
(86,075
)
|
|
USD
|
2,130,197
|
CHF
|
1,663,149
|
BNP Paribas
|
6/2/2026
|
(542
)
|
|
USD
|
3,262,251
|
CNY
|
22,154,526
|
BNP Paribas**
|
6/2/2026
|
(12,478
)
|
|
USD
|
12,500,523
|
CNY
|
84,757,448
|
Goldman Sachs International**
|
6/2/2026
|
(27,738
)
|
|
USD
|
42,067
|
CZK
|
877,056
|
Morgan Stanley
|
6/2/2026
|
(56
)
|
|
USD
|
3,279,602
|
GBP
|
2,437,070
|
Standard Chartered Bank
|
6/2/2026
|
(2,399
)
|
|
CURRENCY
PURCHASED
|
CURRENCY
SOLD
|
COUNTERPARTY
|
SETTLEMENT
DATE
|
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
||
|
USD
|
774,101
|
TRY
|
35,727,210
|
Barclays Bank plc
|
6/2/2026
|
(4,405
)
|
|
USD
|
1,630,163
|
TRY
|
75,888,163
|
Morgan Stanley
|
6/2/2026
|
(23,462
)
|
|
USD
|
9,817,578
|
TWD
|
309,852,019
|
Goldman Sachs International**
|
6/2/2026
|
(73,789
)
|
|
USD
|
3,268,257
|
ZAR
|
53,830,231
|
Citibank, NA
|
6/2/2026
|
(51,524
)
|
|
USD
|
952,780
|
ZAR
|
15,646,032
|
Goldman Sachs International
|
6/2/2026
|
(12,131
)
|
|
USD
|
3,446,922
|
ZAR
|
56,729,847
|
Morgan Stanley
|
6/2/2026
|
(51,681
)
|
|
CZK
|
253,070
|
USD
|
12,185
|
Goldman Sachs International
|
6/3/2026
|
(31
)
|
|
CZK
|
475,855
|
USD
|
22,892
|
Morgan Stanley
|
6/3/2026
|
(37
)
|
|
EUR
|
97,699
|
USD
|
114,325
|
Barclays Bank plc
|
6/3/2026
|
(364
)
|
|
EUR
|
100,546
|
USD
|
118,424
|
BNP Paribas
|
6/3/2026
|
(1,142
)
|
|
EUR
|
1,362,274
|
USD
|
1,594,489
|
HSBC Bank, NA
|
6/3/2026
|
(5,459
)
|
|
USD
|
4,570
|
CZK
|
95,313
|
Barclays Bank plc
|
6/3/2026
|
(8
)
|
|
USD
|
33,400
|
CZK
|
695,793
|
BNP Paribas
|
6/3/2026
|
(18
)
|
|
USD
|
63,090
|
CZK
|
1,320,905
|
HSBC Bank (Hong Kong)
|
6/3/2026
|
(351
)
|
|
USD
|
604,891
|
EUR
|
521,066
|
HSBC Bank, NA
|
6/3/2026
|
(2,908
)
|
|
BRL
|
21,057,972
|
USD
|
4,181,953
|
Goldman Sachs International**
|
6/22/2026
|
(27,131
)
|
|
BRL
|
8,166,956
|
USD
|
1,648,543
|
HSBC Bank (Hong Kong)**
|
6/22/2026
|
(37,170
)
|
|
CAD
|
275,419
|
USD
|
200,000
|
HSBC Bank, NA
|
6/22/2026
|
(52
)
|
|
CLP
|
5,185,861,416
|
USD
|
5,833,365
|
Goldman Sachs International**
|
6/22/2026
|
(5,935
)
|
|
CNY
|
84,757,448
|
USD
|
12,518,149
|
Goldman Sachs International**
|
6/22/2026
|
(35,121
)
|
|
EUR
|
20,900,274
|
USD
|
24,525,418
|
BNP Paribas
|
6/22/2026
|
(125,862
)
|
|
GBP
|
2,512,035
|
USD
|
3,386,873
|
Barclays Bank plc
|
6/22/2026
|
(4,044
)
|
|
GBP
|
2,433,810
|
USD
|
3,316,334
|
Morgan Stanley
|
6/22/2026
|
(38,847
)
|
|
IDR
|
159,670,435,219
|
USD
|
9,154,375
|
BNP Paribas**
|
6/22/2026
|
(209,638
)
|
|
JPY
|
517,174,741
|
USD
|
3,319,118
|
Goldman Sachs International
|
6/22/2026
|
(66,474
)
|
|
JPY
|
33,469,150
|
USD
|
211,199
|
HSBC Bank, NA
|
6/22/2026
|
(702
)
|
|
KRW
|
5,058,877,870
|
USD
|
3,362,527
|
HSBC Bank, NA**
|
6/22/2026
|
(6,493
)
|
|
PHP
|
103,477,960
|
USD
|
1,681,639
|
Citibank, NA**
|
6/22/2026
|
(1,517
)
|
|
PLN
|
2,040,037
|
USD
|
567,846
|
HSBC Bank, NA
|
6/22/2026
|
(5,370
)
|
|
SGD
|
8,139,657
|
USD
|
6,411,147
|
Goldman Sachs International
|
6/22/2026
|
(24,170
)
|
|
USD
|
9,471,859
|
COP
|
36,039,477,994
|
Goldman Sachs International**
|
6/22/2026
|
(251,880
)
|
|
USD
|
407,734
|
EUR
|
350,000
|
BNP Paribas
|
6/22/2026
|
(865
)
|
|
USD
|
659,378
|
EUR
|
565,792
|
Morgan Stanley
|
6/22/2026
|
(1,143
)
|
|
USD
|
246,977
|
GBP
|
184,841
|
Morgan Stanley
|
6/22/2026
|
(1,939
)
|
|
USD
|
2,951,522
|
INR
|
283,424,640
|
Citibank, NA**
|
6/22/2026
|
(25,240
)
|
|
USD
|
7,398,599
|
PHP
|
456,042,236
|
HSBC Bank, NA**
|
6/22/2026
|
(5,941
)
|
|
USD
|
1,668,618
|
ZAR
|
27,643,160
|
Citibank, NA
|
6/22/2026
|
(33,369
)
|
|
USD
|
6,039,936
|
ZAR
|
99,253,441
|
HSBC Bank, NA
|
6/22/2026
|
(71,091
)
|
|
USD
|
1,665,061
|
ZAR
|
27,493,479
|
Morgan Stanley
|
6/22/2026
|
(27,711
)
|
|
USD
|
76,148,484
|
EUR
|
65,336,234
|
HSBC Bank, NA
|
7/6/2026
|
(172,852
)
|
|
USD
|
56,426
|
CZK
|
1,180,288
|
Goldman Sachs International
|
7/7/2026
|
(284
)
|
|
Total unrealized depreciation
|
(3,013,135
)
|
|||||
|
Net unrealized appreciation
|
490,990
|
|||||
|
Abbreviations
|
|
|
AUD
|
Australian Dollar
|
|
BRL
|
Brazilian Real
|
|
CAD
|
Canadian Dollar
|
|
CHF
|
Swiss Franc
|
|
CLP
|
Chile Peso
|
|
CNY
|
China Yuan
|
|
COP
|
Colombian Peso
|
|
CZK
|
Czech Republic Koruna
|
|
EUR
|
Euro
|
|
GBP
|
British Pound
|
|
IDR
|
Indonesian Rupiah
|
|
INR
|
Indian Rupee
|
|
JPY
|
Japanese Yen
|
|
KRW
|
Korean Republic Won
|
|
MXN
|
Mexican Peso
|
|
PHP
|
Philippines Peso
|
|
PLN
|
Polish Zloty
|
|
SGD
|
Singapore Dollar
|
|
THB
|
Thai Baht
|
|
TRY
|
Turkish Lira
|
|
TWD
|
Taiwan Dollar
|
|
USD
|
United States Dollar
|
|
ZAR
|
South African Rand
|
|
**
|
Non-deliverable forward.
|
|
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 31,128,000
|
(1,155,234
)
|
(1,698,502
)
|
(2,853,736
)
|
|
(*)
|
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
|
|
FLOATING RATE INDEX (a)
|
FIXED RATE
%
|
PAY/
RECEIVE
FLOATING
RATE
|
MATURITY
DATE
|
NOTIONAL
AMOUNT
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)
|
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
VALUE ($)
|
|
6 month EURIBOR semi-annually
|
2.96 annually
|
Receive
|
7/16/2057
|
EUR5,170,000
|
—
|
234,632
|
234,632
|
|
6 month EURIBOR semi-annually
|
2.92 annually
|
Receive
|
7/14/2057
|
EUR5,630,000
|
—
|
301,034
|
301,034
|
|
6 month PRIBOR semi-annually
|
3.64 annually
|
Pay
|
7/22/2028
|
CZK22,419,000
|
—
|
10,221
|
10,221
|
|
6 month PRIBOR semi-annually
|
3.64 annually
|
Pay
|
7/22/2028
|
CZK22,420,000
|
—
|
10,222
|
10,222
|
|
6 month EURIBOR semi-annually
|
2.89 annually
|
Pay
|
6/14/2029
|
EUR74,960,000
|
—
|
145,924
|
145,924
|
|
6 month PRIBOR semi-annually
|
3.59 annually
|
Pay
|
7/24/2028
|
CZK83,185,000
|
—
|
33,773
|
33,773
|
|
6 month PRIBOR semi-annually
|
3.66 annually
|
Pay
|
7/22/2028
|
CZK131,029,000
|
—
|
63,459
|
63,459
|
|
|
|
|
|
|
—
|
799,265
|
799,265
|
|
FLOATING RATE INDEX (a)
|
FIXED RATE
%
|
PAY/
RECEIVE
FLOATING
RATE
|
MATURITY
DATE
|
NOTIONAL
AMOUNT
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)
|
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
VALUE ($)
|
|
6 month EURIBOR semi-annually
|
2.39 annually
|
Pay
|
12/15/2028
|
EUR219,260,000
|
4,705
|
(751,729
)
|
(747,024
)
|
|
1 day SONIA annually
|
3.76 annually
|
Pay
|
9/15/2028
|
GBP213,285,000
|
—
|
(862,641
)
|
(862,641
)
|
|
6 month PRIBOR semi-annually
|
4.08 annually
|
Pay
|
4/14/2029
|
CZK83,564,000
|
—
|
(6,776
)
|
(6,776
)
|
|
6 month PRIBOR semi-annually
|
4.11 annually
|
Pay
|
4/14/2029
|
CZK90,526,000
|
—
|
(3,948
)
|
(3,948
)
|
|
1 day CDI at termination
|
12.73 at termination
|
Pay
|
1/2/2029
|
BRL25,743,078
|
—
|
(187,407
)
|
(187,407
)
|
|
1 day CDI at termination
|
12.94 at termination
|
Pay
|
1/2/2029
|
BRL23,411,105
|
—
|
(126,512
)
|
(126,512
)
|
|
1 day CDI at termination
|
12.95 at termination
|
Pay
|
1/2/2031
|
BRL7,617,953
|
—
|
(58,839
)
|
(58,839
)
|
|
1 day CDI at termination
|
13.19 at termination
|
Pay
|
1/2/2029
|
BRL17,640,861
|
—
|
(55,676
)
|
(55,676
)
|
|
1 day CDI at termination
|
13.26 at termination
|
Pay
|
1/2/2029
|
BRL13,025,602
|
—
|
(59,197
)
|
(59,197
)
|
|
|
|
|
|
|
4,705
|
(2,112,725
)
|
(2,108,020
)
|
|
|
|
|
|
|
4,705
|
(1,313,460
)
|
(1,308,755
)
|
|
Abbreviations
|
|
|
EURIBOR
|
Euro Interbank Offered Rate
|
|
PRIBOR
|
Prague Interbank Offered Rate
|
|
SONIA
|
Sterling Overnight Index Average
|
|
CDI
|
Certificate of interbank deposits
|
|
EUR
|
Euro
|
|
CZK
|
Czech Republic Koruna
|
|
GBP
|
British Pound
|
|
BRL
|
Brazilian Real
|
|
(a)
|
Value of floating rate index at May 31, 2026 was as follows:
|
|||||||
|
FLOATING RATE INDEX
|
VALUE
|
|
1 day CDI
|
2.36%
|
|
1 day SONIA
|
3.73
|
|
6 month EURIBOR
|
2.55
|
|
6 month PRIBOR
|
3.68
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$160,925,533
|
$1,605,690
|
$162,531,223
|
|
Collateralized Mortgage Obligations
|
—
|
128,012,857
|
—
|
128,012,857
|
|
Commercial Mortgage-Backed Securities
|
—
|
102,085,449
|
5,987,400
|
108,072,849
|
|
Common Stocks
|
|
|
|
|
|
Broadline Retail
|
—
|
—
|
115
|
115
|
|
Containers & Packaging
|
—
|
—
|
113,788
|
113,788
|
|
Diversified Telecommunication Services
|
—
|
—
|
7,130
|
7,130
|
|
Machinery
|
—
|
—
|
—
(a)
|
—
(a)
|
|
Media
|
54,590
|
—
|
—
|
54,590
|
|
Specialty Retail
|
—
|
89,213
|
—
|
89,213
|
|
Wireless Telecommunication Services
|
—
|
—
|
175,475
|
175,475
|
|
Total Common Stocks
|
54,590
|
89,213
|
296,508
|
440,311
|
|
Convertible Bonds
|
—
|
48,601,861
|
—
|
48,601,861
|
|
Corporate Bonds
|
|
|
|
|
|
Aerospace & Defense
|
—
|
1,704,425
|
—
|
1,704,425
|
|
Automobile Components
|
—
|
6,044,745
|
—
|
6,044,745
|
|
Automobiles
|
—
|
8,009,690
|
—
|
8,009,690
|
|
Banks
|
—
|
126,249,724
|
—
|
126,249,724
|
|
Beverages
|
—
|
780,421
|
—
|
780,421
|
|
Biotechnology
|
—
|
3,712,247
|
—
|
3,712,247
|
|
Broadline Retail
|
—
|
1,154,670
|
—
|
1,154,670
|
|
Building Products
|
—
|
3,578,420
|
—
|
3,578,420
|
|
Capital Markets
|
—
|
43,429,115
|
—
|
43,429,115
|
|
Chemicals
|
—
|
7,729,317
|
—
|
7,729,317
|
|
Commercial Services & Supplies
|
—
|
4,885,887
|
—
|
4,885,887
|
|
Communications Equipment
|
—
|
115,176
|
—
|
115,176
|
|
Construction & Engineering
|
—
|
2,455,959
|
—
|
2,455,959
|
|
Construction Materials
|
—
|
1,050,311
|
—
|
1,050,311
|
|
Consumer Finance
|
—
|
45,701,864
|
—
|
45,701,864
|
|
Consumer Staples Distribution & Retail
|
—
|
1,148,560
|
—
|
1,148,560
|
|
Containers & Packaging
|
—
|
6,054,070
|
61,402
|
6,115,472
|
|
Distributors
|
—
|
124,772
|
—
|
124,772
|
|
Diversified Consumer Services
|
—
|
497,078
|
—
|
497,078
|
|
Diversified REITs
|
—
|
469,144
|
—
|
469,144
|
|
Diversified Telecommunication Services
|
—
|
23,875,636
|
—
|
23,875,636
|
|
Electric Utilities
|
—
|
47,835,868
|
—
|
47,835,868
|
|
Electrical Equipment
|
—
|
91,408
|
—
|
91,408
|
|
Electronic Equipment, Instruments & Components
|
—
|
2,300,823
|
—
|
2,300,823
|
|
Energy Equipment & Services
|
—
|
2,689,353
|
—
|
2,689,353
|
|
Entertainment
|
—
|
4,638,602
|
—
|
4,638,602
|
|
Financial Services
|
—
|
5,394,391
|
—
|
5,394,391
|
|
Food Products
|
—
|
7,006,974
|
—
|
7,006,974
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Gas Utilities
|
$—
|
$627,059
|
$—
|
$627,059
|
|
Ground Transportation
|
—
|
3,326,692
|
—
|
3,326,692
|
|
Health Care Equipment & Supplies
|
—
|
778,260
|
—
|
778,260
|
|
Health Care Providers & Services
|
—
|
11,949,175
|
—
|
11,949,175
|
|
Health Care REITs
|
—
|
3,184,664
|
—
|
3,184,664
|
|
Health Care Technology
|
—
|
1,132,516
|
—
|
1,132,516
|
|
Hotel & Resort REITs
|
—
|
631,869
|
—
|
631,869
|
|
Hotels, Restaurants & Leisure
|
—
|
6,860,097
|
—
|
6,860,097
|
|
Household Durables
|
—
|
1,127,503
|
—
|
1,127,503
|
|
Household Products
|
—
|
1,007,407
|
—
|
1,007,407
|
|
Independent Power and Renewable Electricity
Producers
|
—
|
3,421,156
|
—
|
3,421,156
|
|
Insurance
|
—
|
6,808,652
|
—
|
6,808,652
|
|
Interactive Media & Services
|
—
|
3,017,376
|
—
|
3,017,376
|
|
IT Services
|
—
|
3,273,052
|
—
|
3,273,052
|
|
Machinery
|
—
|
1,322,935
|
—
|
1,322,935
|
|
Marine Transportation
|
—
|
1,291,713
|
—
|
1,291,713
|
|
Media
|
—
|
13,821,230
|
—
|
13,821,230
|
|
Metals & Mining
|
—
|
12,676,713
|
—
|
12,676,713
|
|
Multi-Utilities
|
—
|
9,357,513
|
—
|
9,357,513
|
|
Oil, Gas & Consumable Fuels
|
—
|
54,606,208
|
—
|
54,606,208
|
|
Paper & Forest Products
|
—
|
1,226,250
|
—
|
1,226,250
|
|
Passenger Airlines
|
—
|
658,385
|
—
|
658,385
|
|
Personal Care Products
|
—
|
474,463
|
—
|
474,463
|
|
Pharmaceuticals
|
—
|
6,562,591
|
—
|
6,562,591
|
|
Real Estate Management & Development
|
—
|
592,153
|
—
|
592,153
|
|
Retail REITs
|
—
|
590,509
|
—
|
590,509
|
|
Semiconductors & Semiconductor Equipment
|
—
|
8,633,519
|
—
|
8,633,519
|
|
Software
|
—
|
7,185,120
|
—
|
7,185,120
|
|
Specialized REITs
|
—
|
1,208,184
|
—
|
1,208,184
|
|
Specialty Retail
|
—
|
2,150,959
|
—
(a)
|
2,150,959
|
|
Technology Hardware, Storage & Peripherals
|
—
|
731,733
|
—
|
731,733
|
|
Textiles, Apparel & Luxury Goods
|
—
|
1,197,322
|
—
|
1,197,322
|
|
Tobacco
|
—
|
4,491,556
|
—
|
4,491,556
|
|
Trading Companies & Distributors
|
—
|
1,649,812
|
—
|
1,649,812
|
|
Transportation Infrastructure
|
—
|
655,991
|
—
|
655,991
|
|
Wireless Telecommunication Services
|
—
|
9,499,575
|
—
|
9,499,575
|
|
Total Corporate Bonds
|
—
|
546,458,562
|
61,402
|
546,519,964
|
|
Foreign Government Securities
|
—
|
120,848,204
|
—
|
120,848,204
|
|
Loan Assignments
|
|
|
|
|
|
Aerospace & Defense
|
—
|
39,447
|
—
|
39,447
|
|
Automobile Components
|
—
|
268,933
|
—
|
268,933
|
|
Building Products
|
—
|
1,732,714
|
—
|
1,732,714
|
|
Commercial Services & Supplies
|
—
|
256,714
|
—
|
256,714
|
|
Containers & Packaging
|
—
|
125,451
|
—
|
125,451
|
|
Diversified Consumer Services
|
—
|
219,439
|
—
|
219,439
|
|
Diversified Telecommunication Services
|
—
|
427,516
|
—
|
427,516
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Electronic Equipment, Instruments & Components
|
$—
|
$829,408
|
$—
|
$829,408
|
|
Entertainment
|
—
|
545,995
|
—
|
545,995
|
|
Financial Services
|
—
|
399,169
|
—
|
399,169
|
|
Ground Transportation
|
—
|
235,060
|
—
|
235,060
|
|
Hotels, Restaurants & Leisure
|
—
|
460,041
|
—
|
460,041
|
|
Insurance
|
—
|
545,760
|
—
|
545,760
|
|
IT Services
|
—
|
760,884
|
—
|
760,884
|
|
Leisure Products
|
—
|
37,771
|
—
|
37,771
|
|
Life Sciences Tools & Services
|
—
|
248,902
|
—
|
248,902
|
|
Media
|
—
|
296,343
|
—
|
296,343
|
|
Oil, Gas & Consumable Fuels
|
—
|
400,032
|
—
|
400,032
|
|
Passenger Airlines
|
—
|
632,772
|
—
|
632,772
|
|
Personal Care Products
|
—
|
313,948
|
—
|
313,948
|
|
Pharmaceuticals
|
—
|
95,735
|
—
|
95,735
|
|
Professional Services
|
—
|
593,082
|
—
|
593,082
|
|
Semiconductors & Semiconductor Equipment
|
—
|
682,407
|
—
|
682,407
|
|
Software
|
—
|
4,696,246
|
—
|
4,696,246
|
|
Specialty Retail
|
—
|
616,309
|
73,903
|
690,212
|
|
Textiles, Apparel & Luxury Goods
|
—
|
616,045
|
—
|
616,045
|
|
Total Loan Assignments
|
—
|
16,076,123
|
73,903
|
16,150,026
|
|
Mortgage-Backed Securities
|
—
|
157,565,470
|
—
|
157,565,470
|
|
Preferred Stocks
|
—
|
—
|
385,501
|
385,501
|
|
Supranational
|
—
|
1,078,608
|
—
|
1,078,608
|
|
U.S. Treasury Obligations
|
—
|
27,732
|
—
|
27,732
|
|
Short-Term Investments
|
|
|
|
|
|
Investment Companies
|
141,492,320
|
—
|
—
|
141,492,320
|
|
Total Investments in Securities
|
$141,546,910
|
$1,281,769,612
|
$8,410,404
|
$1,431,726,926
|
|
Appreciation in Other Financial Instruments
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
$—
|
$3,504,125
|
$—
|
$3,504,125
|
|
Futures Contracts
|
629,338
|
267,082
|
—
|
896,420
|
|
Swaps
|
—
|
799,265
|
—
|
799,265
|
|
Depreciation in Other Financial Instruments
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
$—
|
$(3,013,135
)
|
$—
|
$(3,013,135
)
|
|
Futures Contracts
|
(4,847,530
)
|
—
|
—
|
(4,847,530
)
|
|
Swaps
|
—
|
(3,811,227
)
|
—
|
(3,811,227
)
|
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments
|
$(4,218,192
)
|
$(2,253,890
)
|
$—
|
$(6,472,082
)
|
|
|
|
|
(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
|
Other(a)
|
Balance as of
May 31,
2026
|
|
Investments in Securities:
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
$1,724,036
|
$—
|
$(34,926
)
|
$—
|
$—
|
$(83,420
)
|
$—
|
$—
|
$—
|
$1,605,690
|
|
Collateralized Mortgage Obligations
|
582,357
|
—
|
—
|
—
|
—
|
—
|
—
|
(582,357
)
|
—
|
—
|
|
Commercial Mortgage-Backed Securities
|
6,002,400
|
—
|
(15,000
)
|
—
|
—
|
—
|
—
|
—
|
—
|
5,987,400
|
|
Common Stocks
|
310,569
|
—
|
(20,926
)
|
—
|
—
|
—
|
—
|
—
|
6,865
|
296,508
|
|
Corporate Bonds
|
14,502
|
—
|
(5,706
)
|
—
|
52,606
|
—
|
—
|
—
|
—
|
61,402
|
|
Loan Assignments
|
73,903
|
—
|
—
|
—
|
73,903
|
(73,903
)
|
—
|
—
|
—
|
73,903
|
|
Preferred Stocks
|
380,135
|
—
|
5,366
|
—
|
—
|
—
|
—
|
—
|
—
|
385,501
|
|
Rights
|
6,865
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(6,865
)
|
—
|
|
Total
|
$9,094,767
|
$—
|
$(71,192
)
|
$—
|
$126,509
|
$(157,323
)
|
$—
|
$(582,357
)
|
$—
|
$8,410,404
|
|
|
|||||||||
|
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.
|
||||||||
|
(a)
|
Certain Level 3 investments were re-classified between Rights and Common Stocks.
|
|
|
Fair Value at
May 31, 2026
|
Valuation
Technique(s)
|
Unobservable
Input
|
Range (Weighted
Average) (a)
|
|
|
$1,605,690
|
Discounted Cash Flow
|
Yield (Discount Rate of Cash Flows)
|
5.89% - 8.50% (6.85%)
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
1,605,690
|
|
|
|
|
Total
|
$1,605,690
|
|
|
|
|
#
|
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 $6,804,714. 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)
|
$101,050,621
|
$226,956,022
|
$186,498,647
|
$(31,360
)
|
$15,684
|
$141,492,320
|
141,464,027
|
$1,221,916
|
$—
|
|
|
|
|
(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.
|