|
THE “UNAUDITED MUTUAL 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.
|
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J.P. Morgan Distribution Services, Inc., member FINRA.
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© J.P. Morgan Chase & Co., 2026.
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INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — 32.0%
|
||
|
Aerospace & Defense — 0.1%
|
||
|
ATI, Inc.
|
||
|
5.88%, 12/1/2027
|
807
|
808
|
|
7.25%, 8/15/2030
|
235
|
244
|
|
Axon Enterprise, Inc. 6.13%, 3/15/2030 (a)
|
520
|
530
|
|
Bombardier, Inc. (Canada) 8.75%, 11/15/2030 (a)
|
300
|
318
|
|
ICITII 6.00%, 1/31/2033 ‡ (a)
|
299
|
147
|
|
TransDigm, Inc.
|
||
|
6.38%, 3/1/2029 (a)
|
1,774
|
1,809
|
|
6.63%, 3/1/2032 (a)
|
443
|
456
|
|
|
|
4,312
|
|
Automobile Components — 0.1%
|
||
|
Adient Global Holdings Ltd. 7.50%, 2/15/2033 (a)
|
1,750
|
1,815
|
|
Allison Transmission, Inc.
|
||
|
5.88%, 6/1/2029 (a)
|
1,035
|
1,045
|
|
5.88%, 12/1/2033 (a)
|
520
|
521
|
|
Clarios Global LP
|
||
|
6.75%, 5/15/2028 (a)
|
800
|
815
|
|
6.75%, 9/15/2032 (a)
|
530
|
543
|
|
Cooper-Standard Automotive, Inc. 9.25%, 3/1/2031 (a)
|
1,585
|
1,603
|
|
Dana, Inc. 4.50%, 2/15/2032
|
143
|
134
|
|
Goodyear Tire & Rubber Co. (The) 5.25%, 7/15/2031
|
1,725
|
1,531
|
|
Icahn Enterprises LP 5.25%, 5/15/2027
|
1,565
|
1,548
|
|
|
|
9,555
|
|
Automobiles — 0.4%
|
||
|
BMW US Capital LLC (Germany) 4.65%, 8/13/2029 (a)
|
7,035
|
7,030
|
|
Hyundai Capital America
|
||
|
3.00%, 2/10/2027 (a)
|
4,606
|
4,562
|
|
5.30%, 6/24/2029 (a)
|
3,440
|
3,495
|
|
5.30%, 1/8/2030 (a)
|
9,850
|
10,011
|
|
|
|
25,098
|
|
Banks — 14.5%
|
||
|
AIB Group plc (Ireland)
|
||
|
(SOFR + 2.33%), 6.61%, 9/13/2029 (a) (b)
|
16,690
|
17,397
|
|
(SOFR + 1.65%), 5.32%, 5/15/2031 (a) (b)
|
11,010
|
11,179
|
|
Banco Bilbao Vizcaya Argentaria SA (Spain) 4.97%, 5/8/2031
|
11,200
|
11,199
|
|
Banco Nacional de Comercio Exterior SNC (Mexico) (US Treasury Yield Curve Rate T Note
Constant Maturity 5 Year + 1.96%),
6.00%, 5/14/2036 (a) (b)
|
850
|
844
|
|
Banco Santander SA (Spain)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (b)
|
16,000
|
15,876
|
|
5.59%, 8/8/2028
|
15,200
|
15,531
|
|
6.61%, 11/7/2028
|
4,600
|
4,816
|
|
4.55%, 11/6/2030
|
10,000
|
9,847
|
|
4.87%, 4/15/2031
|
11,200
|
11,136
|
|
Bank of America Corp.
|
||
|
(SOFR + 0.96%), 1.73%, 7/22/2027 (b)
|
11,829
|
11,785
|
|
(SOFR + 1.99%), 6.20%, 11/10/2028 (b)
|
9,600
|
9,838
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
(SOFR + 1.11%), 4.62%, 5/9/2029 (b)
|
16,635
|
16,674
|
|
(SOFR + 1.57%), 5.82%, 9/15/2029 (b)
|
9,680
|
9,940
|
|
(SOFR + 0.87%), 4.48%, 4/23/2030 (b)
|
16,790
|
16,716
|
|
(SOFR + 1.00%), 5.16%, 1/24/2031 (b)
|
7,000
|
7,118
|
|
Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.10%), 2.03%,
9/30/2027 (a) (b)
|
18,735
|
18,591
|
|
Bank of Montreal (Canada) Series J, (SOFR + 0.96%), 4.88%, 6/2/2032 (b)
|
13,690
|
13,705
|
|
Bank of Nova Scotia (The) (Canada)
|
||
|
(SOFR + 1.00%), 4.40%, 9/8/2028 (b)
|
8,645
|
8,646
|
|
(SOFR + 1.09%), 4.34%, 9/15/2031 (b)
|
13,760
|
13,534
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Banque Federative du Credit Mutuel SA (France)
|
||
|
4.59%, 10/16/2028 (a)
|
18,860
|
18,857
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|
5.54%, 1/22/2030 (a)
|
10,000
|
10,257
|
|
Barclays plc (United Kingdom)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.28%, 11/24/2027 (b)
|
20,445
|
20,242
|
|
(SOFR + 1.14%), 4.52%, 2/24/2032 (b)
|
6,340
|
6,207
|
|
BNP Paribas SA (France)
|
||
|
(SOFR + 1.28%), 5.28%, 11/19/2030 (a) (b)
|
10,065
|
10,218
|
|
(SOFR + 1.68%), 5.09%, 5/9/2031 (a) (b)
|
7,750
|
7,814
|
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BPCE SA (France)
|
||
|
(SOFR + 1.96%), 5.72%, 1/18/2030 (a) (b)
|
23,505
|
24,014
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|
(SOFR + 1.58%), 5.39%, 5/28/2031 (a) (b)
|
6,125
|
6,206
|
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CaixaBank SA (Spain)
|
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|
(SOFR + 2.08%), 6.68%, 9/13/2027 (a) (b)
|
15,990
|
16,088
|
|
(SOFRINDX + 1.78%), 5.67%, 3/15/2030 (a) (b)
|
5,719
|
5,857
|
|
(SOFR + 1.21%), 4.82%, 4/22/2032 (a) (b)
|
13,440
|
13,359
|
|
Canadian Imperial Bank of Commerce (Canada)
|
||
|
(SOFRINDX + 0.79%), 4.28%, 1/29/2030 (b)
|
23,875
|
23,660
|
|
(SOFRINDX + 1.17%), 4.58%, 9/8/2031 (b)
|
8,280
|
8,213
|
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Citigroup, Inc.
|
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(SOFR + 1.36%), 5.17%, 2/13/2030 (b)
|
7,775
|
7,887
|
|
(SOFR + 1.34%), 4.54%, 9/19/2030 (b)
|
19,165
|
19,088
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|
(SOFR + 1.46%), 4.95%, 5/7/2031 (b)
|
13,060
|
13,146
|
|
Cooperatieve Rabobank UA (Netherlands)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.66%, 8/22/2028 (a) (b)
|
10,450
|
10,468
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.56%, 2/28/2029 (a) (b)
|
7,230
|
7,355
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.92%), 4.99%, 5/27/2031 (a) (b)
|
2,550
|
2,568
|
|
Credit Agricole SA (France)
|
||
|
(SOFR + 1.13%), 5.23%, 1/9/2029 (a) (b)
|
9,310
|
9,403
|
|
(SOFR + 1.46%), 5.22%, 5/27/2031 (a) (b)
|
20,520
|
20,744
|
|
Danske Bank A/S (Denmark)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (a) (b)
|
3,170
|
3,251
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 4.61%, 10/2/2030 (a) (b)
|
4,615
|
4,591
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 4.42%, 9/12/2031 (a) (b)
|
13,600
|
13,364
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.98%), 5.00%, 3/27/2032 (a) (b)
|
4,940
|
4,952
|
|
DNB Bank ASA (Norway) (SOFR + 1.05%), 4.38%, 11/4/2031 (a) (b)
|
11,980
|
11,785
|
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INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
Federation des Caisses Desjardins du Quebec (Canada)
|
||
|
5.70%, 3/14/2028 (a)
|
8,075
|
8,257
|
|
4.57%, 8/26/2030 (a)
|
8,235
|
8,207
|
|
HSBC Holdings plc (United Kingdom)
|
||
|
(SOFR + 1.46%), 5.55%, 3/4/2030 (b)
|
9,570
|
9,771
|
|
(SOFR + 0.99%), 4.40%, 3/10/2030 (b)
|
10,470
|
10,378
|
|
(SOFR + 1.29%), 5.29%, 11/19/2030 (b)
|
5,895
|
5,980
|
|
(SOFR + 1.29%), 5.13%, 3/3/2031 (b)
|
3,655
|
3,689
|
|
(SOFR + 1.57%), 5.24%, 5/13/2031 (b)
|
10,640
|
10,775
|
|
(SOFR + 1.19%), 4.62%, 11/6/2031 (b)
|
6,255
|
6,179
|
|
ING Groep NV (Netherlands) Series VAR, (SOFRINDX + 1.26%), 4.80%, 3/23/2032 (b)
|
17,050
|
16,973
|
|
KBC Group NV (Belgium)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (a) (b)
|
13,760
|
14,033
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 4.45%, 9/23/2031 (a) (b)
|
14,715
|
14,466
|
|
Lloyds Banking Group plc (United Kingdom)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.87%, 3/6/2029 (b)
|
20,510
|
20,976
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.82%), 4.43%, 11/4/2031 (b)
|
7,025
|
6,910
|
|
Mitsubishi UFJ Financial Group, Inc. (Japan)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (b)
|
11,845
|
11,799
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 5.35%, 9/13/2028 (b)
|
11,000
|
11,120
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 5.16%, 4/24/2031 (b)
|
11,835
|
12,006
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.92%), 4.85%, 4/21/2032 (b)
|
6,240
|
6,231
|
|
Mizuho Financial Group, Inc. (Japan)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.82%), 5.10%, 5/13/2031 (b)
|
9,660
|
9,783
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.92%), 4.71%, 7/8/2031 (b)
|
13,295
|
13,280
|
|
Morgan Stanley Private Bank NA
|
||
|
(SOFR + 0.76%), 4.21%, 2/8/2030 (b)
|
16,845
|
16,660
|
|
(SOFR + 1.02%), 4.47%, 11/19/2031 (b)
|
14,930
|
14,703
|
|
National Bank of Canada (Canada) 4.50%, 10/10/2029
|
9,500
|
9,472
|
|
NatWest Group plc (United Kingdom)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (b)
|
9,818
|
9,807
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 4.96%, 8/15/2030 (b)
|
8,025
|
8,083
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.12%, 5/23/2031 (b)
|
5,135
|
5,183
|
|
NatWest Markets plc (United Kingdom)
|
||
|
4.65%, 3/27/2029 (a)
|
4,950
|
4,960
|
|
5.41%, 5/17/2029 (a)
|
7,125
|
7,280
|
|
Royal Bank of Canada (Canada) (SOFR + 0.89%), 4.50%, 8/6/2029 (b)
|
12,050
|
12,043
|
|
Societe Generale SA (France)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (b)
|
15,685
|
15,677
|
|
(SOFR + 1.10%), 4.45%, 4/12/2030 (a) (b)
|
10,000
|
9,889
|
|
(SOFR + 1.65%), 5.51%, 5/22/2031 (a) (b)
|
16,115
|
16,414
|
|
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.05%), 5.55%,
1/21/2029 (a) (b)
|
5,470
|
5,535
|
|
Sumitomo Mitsui Financial Group, Inc. (Japan)
|
||
|
5.52%, 1/13/2028
|
12,115
|
12,330
|
|
(SOFR + 1.19%), 4.66%, 7/8/2031 (b)
|
12,930
|
12,877
|
|
Svenska Handelsbanken AB (Sweden) 5.50%, 6/15/2028 (a)
|
10,000
|
10,215
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
Swedbank AB (Sweden) 5.08%, 5/21/2030 (a)
|
6,900
|
7,005
|
|
Toronto-Dominion Bank (The) (Canada) 5.52%, 7/17/2028
|
9,975
|
10,202
|
|
Wells Fargo & Co.
|
||
|
(SOFR + 1.51%), 3.53%, 3/24/2028 (b)
|
12,760
|
12,672
|
|
(SOFR + 1.74%), 5.57%, 7/25/2029 (b)
|
14,415
|
14,699
|
|
(SOFR + 1.79%), 6.30%, 10/23/2029 (b)
|
5,640
|
5,857
|
|
(SOFR + 1.11%), 5.24%, 1/24/2031 (b)
|
3,290
|
3,346
|
|
(SOFR + 1.50%), 5.15%, 4/23/2031 (b)
|
11,815
|
11,991
|
|
(SOFR + 0.97%), 4.84%, 5/20/2032 (b)
|
12,700
|
12,689
|
|
|
|
974,368
|
|
Beverages — 0.1%
|
||
|
Constellation Brands, Inc. 4.80%, 5/1/2030
|
9,105
|
9,164
|
|
Biotechnology — 0.1%
|
||
|
Biogen, Inc. 5.05%, 1/15/2031
|
7,425
|
7,535
|
|
Broadline Retail — 0.0% ^
|
||
|
Nordstrom, Inc. 4.38%, 4/1/2030
|
445
|
425
|
|
Shutterfly Finance LLC
|
||
|
8.50% (Cash), 10/1/2027 (a) (c)
|
787
|
782
|
|
9.75%, 10/1/2027 (a)
|
88
|
88
|
|
Wayfair LLC 7.25%, 10/31/2029 (a)
|
1,205
|
1,240
|
|
|
|
2,535
|
|
Building Products — 0.2%
|
||
|
Builders FirstSource, Inc. 4.25%, 2/1/2032 (a)
|
2,675
|
2,461
|
|
EMRLD Borrower LP 6.63%, 12/15/2030 (a)
|
2,415
|
2,469
|
|
Griffon Corp. 5.75%, 3/1/2028
|
827
|
827
|
|
JELD-WEN, Inc. 4.88%, 12/15/2027 (a)
|
855
|
703
|
|
Masterbrand, Inc. 7.00%, 7/15/2032 (a)
|
725
|
724
|
|
Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a)
|
1,350
|
1,327
|
|
Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a)
|
2,640
|
2,688
|
|
Smyrna Ready Mix Concrete LLC
|
||
|
6.00%, 11/1/2028 (a)
|
855
|
857
|
|
8.88%, 11/15/2031 (a)
|
740
|
780
|
|
Standard Building Solutions, Inc. 6.50%, 8/15/2032 (a)
|
1,210
|
1,228
|
|
Standard Industries, Inc.
|
||
|
4.75%, 1/15/2028 (a)
|
1,458
|
1,451
|
|
4.38%, 7/15/2030 (a)
|
930
|
886
|
|
|
|
16,401
|
|
Capital Markets — 3.1%
|
||
|
Coinbase Global, Inc. 3.38%, 10/1/2028 (a)
|
830
|
797
|
|
Deutsche Bank AG (Germany)
|
||
|
(SOFR + 1.22%), 2.31%, 11/16/2027 (b)
|
1,915
|
1,896
|
|
(SOFR + 2.51%), 6.82%, 11/20/2029 (b)
|
8,360
|
8,765
|
|
(SOFR + 1.72%), 5.30%, 5/9/2031 (b)
|
12,190
|
12,304
|
|
(SOFR + 1.10%), 4.47%, 12/10/2031 (b)
|
4,350
|
4,280
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Capital Markets — continued
|
||
|
Goldman Sachs Group, Inc. (The)
|
||
|
(SOFR + 0.91%), 1.95%, 10/21/2027 (b)
|
12,799
|
12,681
|
|
(SOFR + 1.11%), 2.64%, 2/24/2028 (b)
|
29,050
|
28,682
|
|
(SOFR + 0.99%), 4.59%, 4/20/2030 (b)
|
13,200
|
13,156
|
|
(SOFR + 1.21%), 5.05%, 7/23/2030 (b)
|
6,375
|
6,434
|
|
(SOFR + 1.14%), 4.69%, 10/23/2030 (b)
|
4,000
|
3,994
|
|
(SOFR + 0.96%), 4.52%, 1/21/2032 (b)
|
14,910
|
14,680
|
|
(SOFR + 1.03%), 4.97%, 6/3/2032 (b)
|
11,565
|
11,592
|
|
Macquarie Group Ltd. (Australia) (SOFR + 0.91%), 1.63%, 9/23/2027 (a) (b)
|
10,310
|
10,217
|
|
Morgan Stanley
|
||
|
(SOFR + 2.24%), 6.30%, 10/18/2028 (b)
|
9,600
|
9,847
|
|
(SOFR + 1.73%), 5.12%, 2/1/2029 (b)
|
8,665
|
8,742
|
|
(SOFR + 1.38%), 4.99%, 4/12/2029 (b)
|
5,730
|
5,773
|
|
(SOFR + 1.22%), 5.04%, 7/19/2030 (b)
|
5,825
|
5,878
|
|
(SOFR + 1.51%), 5.19%, 4/17/2031 (b)
|
5,145
|
5,221
|
|
(SOFR + 1.20%), 4.71%, 3/12/2032 (b)
|
9,055
|
8,972
|
|
UBS Group AG (Switzerland)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (a) (b)
|
7,500
|
7,502
|
|
(SOFR + 1.06%), 4.40%, 9/23/2031 (a) (b)
|
19,000
|
18,657
|
|
Voya Global Funding 4.60%, 11/24/2030 (a)
|
5,880
|
5,802
|
|
|
|
205,872
|
|
Chemicals — 0.3%
|
||
|
Avient Corp. 7.13%, 8/1/2030 (a)
|
990
|
1,007
|
|
Axalta Coating Systems Dutch Holding B BV 7.25%, 2/15/2031 (a)
|
150
|
156
|
|
Axalta Coating Systems LLC 3.38%, 2/15/2029 (a)
|
905
|
864
|
|
Braskem Netherlands Finance BV (Brazil) 4.50%, 1/31/2030 (d)
|
4,000
|
2,460
|
|
Celanese US Holdings LLC
|
||
|
7.00%, 2/15/2031
|
1,080
|
1,119
|
|
7.38%, 2/15/2034
|
1,795
|
1,875
|
|
Chemours Co. (The)
|
||
|
5.75%, 11/15/2028 (a)
|
1,198
|
1,196
|
|
8.00%, 1/15/2033 (a)
|
320
|
327
|
|
Element Solutions, Inc. 3.88%, 9/1/2028 (a)
|
1,000
|
973
|
|
INEOS Finance plc (Luxembourg) 7.50%, 4/15/2029 (a)
|
1,475
|
1,468
|
|
NOVA Chemicals Corp. (Canada)
|
||
|
5.25%, 6/1/2027 (a)
|
1,393
|
1,397
|
|
8.50%, 11/15/2028 (a)
|
555
|
576
|
|
9.00%, 2/15/2030 (a)
|
570
|
600
|
|
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029
|
2,151
|
2,097
|
|
Solstice Advanced Materials, Inc. 5.63%, 9/30/2033 (a)
|
385
|
381
|
|
WR Grace Holdings LLC
|
||
|
5.63%, 8/15/2029 (a)
|
627
|
600
|
|
7.00%, 8/1/2033 (a)
|
145
|
144
|
|
|
|
17,240
|
|
Commercial Services & Supplies — 0.3%
|
||
|
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
|
1,040
|
957
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Commercial Services & Supplies — continued
|
||
|
ADT Security Corp. (The) 4.88%, 7/15/2032 (a)
|
905
|
857
|
|
Aramark Services, Inc. 5.00%, 2/1/2028 (a)
|
1,160
|
1,158
|
|
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a)
|
740
|
716
|
|
GFL Environmental, Inc. 4.00%, 8/1/2028 (a)
|
1,127
|
1,102
|
|
Jonah
|
||
|
12.00%, 6/1/2029 ‡
|
6,605
|
6,605
|
|
12.50%, 3/21/2033 ‡
|
2,600
|
2,600
|
|
Madison IAQ LLC
|
||
|
4.13%, 6/30/2028 (a)
|
1,084
|
1,071
|
|
5.88%, 6/30/2029 (a)
|
715
|
715
|
|
Williams Scotsman, Inc. 6.63%, 6/15/2029 (a)
|
1,120
|
1,148
|
|
Wrangler Holdco Corp. (Canada) 6.63%, 4/1/2032 (a)
|
1,655
|
1,699
|
|
|
|
18,628
|
|
Construction & Engineering — 0.1%
|
||
|
AECOM 6.00%, 8/1/2033 (a)
|
710
|
711
|
|
Bioceanico Sovereign Certificate Ltd. (Paraguay) Zero Coupon, 6/5/2034 (d)
|
689
|
576
|
|
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)
|
615
|
604
|
|
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a)
|
1,330
|
1,328
|
|
Kingston Airport Revenue Finance Ltd. (Jamaica) 6.75%, 12/15/2036 (a)
|
1,318
|
1,321
|
|
Weekley Homes LLC 4.88%, 9/15/2028 (a)
|
850
|
829
|
|
|
|
5,369
|
|
Construction Materials — 0.0% ^
|
||
|
Knife River Corp. 7.75%, 5/1/2031 (a)
|
555
|
576
|
|
Consumer Finance — 1.4%
|
||
|
AerCap Ireland Capital DAC (Ireland) 6.45%, 4/15/2027
|
10,625
|
10,801
|
|
American Express Co.
|
||
|
(SOFR + 0.81%), 4.35%, 7/20/2029 (b)
|
13,375
|
13,334
|
|
(SOFR + 1.44%), 5.02%, 4/25/2031 (b)
|
7,270
|
7,363
|
|
Avolon Holdings Funding Ltd. (Ireland)
|
||
|
5.75%, 3/1/2029 (a)
|
11,575
|
11,823
|
|
5.38%, 5/30/2030 (a)
|
5,000
|
5,054
|
|
4.90%, 10/10/2030 (a)
|
10,110
|
10,034
|
|
Capital One Financial Corp.
|
||
|
(SOFR + 2.08%), 5.47%, 2/1/2029 (b)
|
19,895
|
20,183
|
|
(SOFR + 1.15%), 4.72%, 1/30/2032 (b)
|
11,540
|
11,404
|
|
OneMain Finance Corp.
|
||
|
6.63%, 5/15/2029
|
1,670
|
1,696
|
|
5.38%, 11/15/2029
|
785
|
766
|
|
|
|
92,458
|
|
Consumer Staples Distribution & Retail — 0.0% ^
|
||
|
Albertsons Cos., Inc.
|
||
|
5.63%, 3/31/2032 (a)
|
325
|
317
|
|
5.75%, 3/31/2034 (a)
|
1,545
|
1,489
|
|
Performance Food Group, Inc. 6.13%, 9/15/2032 (a)
|
280
|
283
|
|
|
|
2,089
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Containers & Packaging — 0.2%
|
||
|
Amcor Flexibles North America, Inc. 5.10%, 3/17/2030
|
7,850
|
7,950
|
|
Ardagh Group SA
|
||
|
9.50%, 12/1/2030 (a)
|
546
|
583
|
|
12.00% (Blend (Cash 5.50% + PIK 6.50%)), 12/1/2030 (a) (c) (e)
|
810
|
726
|
|
Ball Corp.
|
||
|
6.00%, 6/15/2029
|
810
|
824
|
|
3.13%, 9/15/2031
|
760
|
687
|
|
Graphic Packaging International LLC 6.38%, 7/15/2032 (a)
|
775
|
781
|
|
Mauser Packaging Solutions Holding Co. 7.88%, 4/15/2030 (a)
|
1,570
|
1,586
|
|
TriMas Corp. 4.13%, 4/15/2029 (a)
|
370
|
355
|
|
|
|
13,492
|
|
Distributors — 0.0% ^
|
||
|
RB Global Holdings, Inc. (Canada) 7.75%, 3/15/2031 (a)
|
480
|
499
|
|
Resideo Funding, Inc. 6.50%, 7/15/2032 (a)
|
625
|
628
|
|
|
|
1,127
|
|
Diversified — 0.1%
|
||
|
Ygrene Frn 8.50%, 7/25/2045 ‡ (a)
|
5,045
|
5,070
|
|
Diversified Consumer Services — 0.0% ^
|
||
|
Service Corp. International
|
||
|
5.13%, 6/1/2029
|
410
|
410
|
|
3.38%, 8/15/2030
|
895
|
832
|
|
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a)
|
785
|
812
|
|
|
|
2,054
|
|
Diversified Telecommunication Services — 0.4%
|
||
|
Altice France SA (France) 6.88%, 7/15/2032 (a)
|
912
|
891
|
|
APLD ComputeCo 2 LLC 6.75%, 3/15/2031 (a)
|
535
|
539
|
|
CCO Holdings LLC
|
||
|
5.13%, 5/1/2027 (a)
|
255
|
255
|
|
6.38%, 9/1/2029 (a)
|
395
|
397
|
|
4.75%, 3/1/2030 (a)
|
6,770
|
6,398
|
|
4.25%, 2/1/2031 (a)
|
8,161
|
7,389
|
|
4.75%, 2/1/2032 (a)
|
855
|
762
|
|
4.50%, 6/1/2033 (a)
|
774
|
662
|
|
Cipher Compute LLC 7.13%, 11/15/2030 (a)
|
385
|
401
|
|
Edged Compute LLC 7.50%, 4/30/2031 (a)
|
345
|
346
|
|
Fibercop SpA (Italy) Series 2033, 6.38%, 11/15/2033 (a)
|
607
|
607
|
|
Flash Compute LLC 7.25%, 12/31/2030 (a)
|
335
|
345
|
|
Level 3 Financing, Inc. 6.88%, 6/30/2033 (a)
|
1,725
|
1,777
|
|
Meridian Arc Holdco LLC 6.25%, 4/30/2031 (a)
|
1,155
|
1,161
|
|
PR RNO Property Owner 1 LLC 6.50%, 5/1/2031 (a)
|
1,230
|
1,232
|
|
SV RNO Property Owner 1 LLC 5.88%, 3/1/2031 (a)
|
900
|
889
|
|
WULF Compute LLC 7.75%, 10/15/2030 (a)
|
1,350
|
1,418
|
|
|
|
25,469
|
|
Electric Utilities — 1.3%
|
||
|
Comision Ejecutiva Hidroelectrica del Rio Lempa (El Salvador) 8.65%, 1/24/2033 (a)
|
1,500
|
1,590
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Electric Utilities — continued
|
||
|
Comision Federal de Electricidad (Mexico) 6.50%, 1/28/2051 (a)
|
602
|
585
|
|
ENEL Finance International NV (Italy)
|
||
|
5.13%, 6/26/2029 (a)
|
7,480
|
7,569
|
|
4.38%, 9/30/2030 (a)
|
10,245
|
10,069
|
|
EnfraGen Energia Sur SA (Colombia) 5.38%, 12/30/2030 (d)
|
3,169
|
2,935
|
|
Fells Point Funding Trust 3.05%, 1/31/2027 (a)
|
13,680
|
13,561
|
|
FirstEnergy Transmission LLC 4.55%, 1/15/2030
|
8,530
|
8,500
|
|
Generadora de Gatun SA (Panama) 6.87%, 9/30/2044 (a)
|
1,256
|
1,281
|
|
Instituto Costarricense de Electricidad (Costa Rica) 6.75%, 10/7/2031 (a)
|
1,350
|
1,404
|
|
ITC Holdings Corp. 4.88%, 4/15/2031 (a)
|
13,090
|
13,050
|
|
NRG Energy, Inc.
|
||
|
5.75%, 1/15/2028
|
1,535
|
1,537
|
|
3.38%, 2/15/2029 (a)
|
955
|
911
|
|
5.25%, 6/15/2029 (a)
|
605
|
602
|
|
6.00%, 2/1/2033 (a)
|
1,015
|
1,023
|
|
5.75%, 1/15/2034 (a)
|
695
|
687
|
|
PG&E Corp. 5.00%, 7/1/2028
|
964
|
959
|
|
Trans-Allegheny Interstate Line Co. 5.00%, 1/15/2031 (a)
|
2,510
|
2,534
|
|
Trinidad Generation UnLtd (Trinidad And Tobago) 7.75%, 6/16/2033 (a)
|
632
|
668
|
|
Vistra Operations Co. LLC
|
||
|
4.60%, 10/15/2030 (a)
|
2,520
|
2,471
|
|
4.70%, 1/31/2031 (a)
|
12,475
|
12,257
|
|
7.75%, 10/15/2031 (a)
|
1,655
|
1,735
|
|
VoltaGrid LLC 7.38%, 11/1/2030 (a)
|
505
|
526
|
|
|
|
86,454
|
|
Electrical Equipment — 0.0% ^
|
||
|
Sensata Technologies BV 5.88%, 9/1/2030 (a)
|
460
|
463
|
|
Electronic Equipment, Instruments & Components — 0.1%
|
||
|
Coherent Corp. 5.00%, 12/15/2029 (a)
|
1,365
|
1,351
|
|
Ingram Micro, Inc. 4.75%, 5/15/2029 (a)
|
1,720
|
1,691
|
|
Sensata Technologies, Inc.
|
||
|
4.38%, 2/15/2030 (a)
|
650
|
633
|
|
6.63%, 7/15/2032 (a)
|
1,260
|
1,305
|
|
|
|
4,980
|
|
Energy Equipment & Services — 0.0% ^
|
||
|
Archrock Partners LP 6.63%, 9/1/2032 (a)
|
370
|
379
|
|
Noble Finance II LLC 8.00%, 4/15/2030 (a)
|
650
|
676
|
|
Transocean International Ltd. 8.75%, 2/15/2030 (a)
|
141
|
147
|
|
Yinson Boronia Production BV (Brazil) 8.95%, 7/31/2042 (a)
|
971
|
1,069
|
|
|
|
2,271
|
|
Entertainment — 0.1%
|
||
|
Cinemark USA, Inc. 5.25%, 7/15/2028 (a)
|
985
|
980
|
|
Discovery Global Holdings, Inc. 5.05%, 3/15/2042
|
475
|
347
|
|
Live Nation Entertainment, Inc. 4.75%, 10/15/2027 (a)
|
2,255
|
2,247
|
|
|
|
3,574
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Financial Services — 1.7%
|
||
|
BAML RCAP (United Kingdom) 8.00%, 10/26/2029 ‡
|
2,000
|
1,997
|
|
BCAP LLC Trust 0.00%, 9/17/2027 ‡
|
9,835
|
9,835
|
|
Block, Inc.
|
||
|
5.63%, 8/15/2030 (a)
|
245
|
246
|
|
6.50%, 5/15/2032
|
1,430
|
1,457
|
|
6.00%, 8/15/2033 (a)
|
685
|
685
|
|
CFIN 2022-RTL1 Issuer LLC
|
||
|
Class A, 0.00%, 8/17/2027 ‡
|
6,664
|
6,656
|
|
Class B-1, 0.00%, 8/17/2027 ‡
|
7,962
|
7,952
|
|
Commercial Credit, Inc. Series QIB, 8.75%, 8/30/2030 (a)
|
3,500
|
3,522
|
|
Equitable America Global Funding 4.95%, 6/9/2030 (a)
|
20,105
|
20,148
|
|
Gemini 10.50%, 2/20/2029 ‡
|
5,000
|
5,000
|
|
Global Payments, Inc. 4.88%, 11/15/2030
|
18,345
|
18,054
|
|
Nationwide Building Society (United Kingdom)
|
||
|
(SOFR + 1.91%), 6.56%, 10/18/2027 (a) (b)
|
13,625
|
13,734
|
|
(SOFR + 1.06%), 4.65%, 7/14/2029 (a) (b)
|
7,285
|
7,292
|
|
5.13%, 7/29/2029 (a)
|
7,650
|
7,769
|
|
NCR Atleos Corp. 9.50%, 4/1/2029 (a)
|
978
|
1,046
|
|
Rocket Cos., Inc. 6.13%, 8/1/2030 (a)
|
810
|
822
|
|
Rocket Mortgage LLC
|
||
|
2.88%, 10/15/2026 (a)
|
912
|
905
|
|
3.63%, 3/1/2029 (a)
|
831
|
799
|
|
Shift4 Payments LLC 6.75%, 8/15/2032 (a)
|
1,095
|
1,094
|
|
STReAM 2008 BV (Netherlands) 0.00%, 2/15/2030 ‡
|
2,550
|
2,613
|
|
Street Capital Group, Inc. (Canada) 0.00%, 2/15/2030 ‡
|
2,591
|
2,591
|
|
|
|
114,217
|
|
Food Products — 0.1%
|
||
|
Grupo Nutresa SA (Colombia) 8.00%, 5/12/2030 (d)
|
1,300
|
1,367
|
|
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a)
|
745
|
712
|
|
Post Holdings, Inc.
|
||
|
4.63%, 4/15/2030 (a)
|
1,259
|
1,225
|
|
6.25%, 2/15/2032 (a)
|
425
|
432
|
|
|
|
3,736
|
|
Gas Utilities — 0.0% ^
|
||
|
AmeriGas Partners LP 9.38%, 6/1/2028 (a)
|
505
|
517
|
|
Superior Plus LP (Canada) 4.50%, 3/15/2029 (a)
|
550
|
533
|
|
|
|
1,050
|
|
Ground Transportation — 0.1%
|
||
|
Avis Budget Car Rental LLC
|
||
|
5.75%, 7/15/2027 (a)
|
1,149
|
1,149
|
|
5.38%, 3/1/2029 (a)
|
135
|
132
|
|
8.25%, 1/15/2030 (a)
|
715
|
738
|
|
Hertz Corp. (The) 4.63%, 12/1/2026 (a)
|
779
|
736
|
|
Transnet (South Africa) 8.25%, 2/6/2028 (d)
|
2,000
|
2,080
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Ground Transportation — continued
|
||
|
XPO, Inc.
|
||
|
6.25%, 6/1/2028 (a)
|
325
|
329
|
|
7.13%, 6/1/2031 (a)
|
880
|
908
|
|
|
|
6,072
|
|
Health Care Equipment & Supplies — 0.2%
|
||
|
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)
|
1,355
|
1,340
|
|
Medline Borrower LP
|
||
|
3.88%, 4/1/2029 (a)
|
716
|
697
|
|
6.25%, 4/1/2029 (a)
|
774
|
794
|
|
5.25%, 10/1/2029 (a)
|
1,192
|
1,190
|
|
Zimmer Biomet Holdings, Inc. 5.05%, 2/19/2030
|
8,500
|
8,622
|
|
|
|
12,643
|
|
Health Care Providers & Services — 0.9%
|
||
|
Acadia Healthcare Co., Inc.
|
||
|
5.50%, 7/1/2028 (a)
|
1,011
|
1,006
|
|
5.00%, 4/15/2029 (a)
|
115
|
113
|
|
Accendra Health, Inc. 4.50%, 3/31/2029 (a)
|
986
|
777
|
|
Cardinal Health, Inc. 4.50%, 9/15/2030
|
6,295
|
6,244
|
|
Cencora, Inc. 4.85%, 12/15/2029
|
7,050
|
7,109
|
|
Community Health Systems, Inc. 4.75%, 2/15/2031 (a)
|
834
|
767
|
|
DaVita, Inc. 4.63%, 6/1/2030 (a)
|
1,730
|
1,681
|
|
Encompass Health Corp. 4.75%, 2/1/2030
|
1,500
|
1,476
|
|
HCA, Inc.
|
||
|
5.20%, 6/1/2028
|
10,840
|
10,983
|
|
5.25%, 3/1/2030
|
6,535
|
6,648
|
|
4.70%, 5/15/2031
|
16,520
|
16,368
|
|
Tenet Healthcare Corp.
|
||
|
4.63%, 6/15/2028
|
635
|
631
|
|
4.25%, 6/1/2029
|
2,728
|
2,659
|
|
6.13%, 6/15/2030
|
1,525
|
1,539
|
|
|
|
58,001
|
|
Health Care Technology — 0.1%
|
||
|
IQVIA, Inc.
|
||
|
5.00%, 10/15/2026 (a)
|
200
|
200
|
|
5.00%, 5/15/2027 (a)
|
680
|
680
|
|
6.25%, 6/1/2032 (a)
|
2,575
|
2,630
|
|
|
|
3,510
|
|
Hotel & Resort REITs — 0.1%
|
||
|
RHP Hotel Properties LP
|
||
|
7.25%, 7/15/2028 (a)
|
525
|
536
|
|
6.50%, 4/1/2032 (a)
|
2,625
|
2,692
|
|
|
|
3,228
|
|
Hotels, Restaurants & Leisure — 0.5%
|
||
|
1011778 BC ULC (Canada) 3.88%, 1/15/2028 (a)
|
419
|
412
|
|
Acushnet Co. 5.63%, 12/1/2033 (a)
|
460
|
456
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Hotels, Restaurants & Leisure — continued
|
||
|
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
|
843
|
830
|
|
Caesars Entertainment, Inc.
|
||
|
7.00%, 2/15/2030 (a)
|
995
|
1,007
|
|
6.50%, 2/15/2032 (a)
|
786
|
766
|
|
Carnival Corp. Ltd. 6.13%, 2/15/2033 (a)
|
3,700
|
3,747
|
|
Churchill Downs, Inc. 6.75%, 5/1/2031 (a)
|
895
|
914
|
|
Darden Restaurants, Inc. 4.55%, 10/15/2029
|
4,550
|
4,533
|
|
Hilton Domestic Operating Co., Inc.
|
||
|
3.75%, 5/1/2029 (a)
|
1,435
|
1,386
|
|
4.00%, 5/1/2031 (a)
|
1,706
|
1,617
|
|
5.88%, 3/15/2033 (a)
|
1,935
|
1,957
|
|
MGM Resorts International
|
||
|
6.13%, 9/15/2029
|
1,310
|
1,329
|
|
6.50%, 4/15/2032
|
610
|
622
|
|
Royal Caribbean Cruises Ltd.
|
||
|
6.25%, 3/15/2032 (a)
|
465
|
475
|
|
6.00%, 2/1/2033 (a)
|
1,205
|
1,222
|
|
Six Flags Entertainment Corp.
|
||
|
5.25%, 7/15/2029
|
1,120
|
1,085
|
|
6.63%, 5/1/2032 (a)
|
1,260
|
1,288
|
|
Station Casinos LLC 4.50%, 2/15/2028 (a)
|
1,800
|
1,774
|
|
Vail Resorts, Inc. 6.50%, 5/15/2032 (a)
|
910
|
927
|
|
Viking Cruises Ltd. 5.88%, 10/15/2033 (a)
|
2,000
|
2,004
|
|
Wynn Resorts Finance LLC
|
||
|
5.13%, 10/1/2029 (a)
|
870
|
864
|
|
6.25%, 3/15/2033 (a)
|
1,730
|
1,736
|
|
|
|
30,951
|
|
Household Durables — 0.2%
|
||
|
Lennar Corp. 5.20%, 7/30/2030
|
7,985
|
8,104
|
|
Newell Brands, Inc.
|
||
|
6.38%, 9/15/2027
|
675
|
681
|
|
6.63%, 5/15/2032
|
1,730
|
1,683
|
|
Somnigroup International, Inc. 4.00%, 4/15/2029 (a)
|
1,592
|
1,530
|
|
|
|
11,998
|
|
Household Products — 0.0% ^
|
||
|
Central Garden & Pet Co.
|
||
|
5.13%, 2/1/2028
|
1,010
|
1,007
|
|
4.13%, 4/30/2031 (a)
|
455
|
427
|
|
Energizer Holdings, Inc.
|
||
|
4.75%, 6/15/2028 (a)
|
1,085
|
1,072
|
|
4.38%, 3/31/2029 (a)
|
459
|
442
|
|
|
|
2,948
|
|
Independent Power and Renewable Electricity Producers — 0.1%
|
||
|
Constellation Energy Generation LLC 5.60%, 3/1/2028
|
6,570
|
6,690
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Independent Power and Renewable Electricity Producers — continued
|
||
|
Saavi Energia SARL (Mexico) 8.88%, 2/10/2035 (a)
|
1,080
|
1,170
|
|
Termocandelaria Power SA (Colombia) 7.75%, 9/17/2031 (a)
|
1,496
|
1,536
|
|
|
|
9,396
|
|
Insurance — 1.0%
|
||
|
Alliant Holdings Intermediate LLC 6.75%, 4/15/2028 (a)
|
1,175
|
1,186
|
|
CNO Global Funding
|
||
|
4.95%, 9/9/2029 (a)
|
18,500
|
18,550
|
|
4.70%, 12/11/2030 (a)
|
13,300
|
13,174
|
|
Corebridge Global Funding 4.55%, 1/9/2031 (a)
|
23,514
|
23,166
|
|
F&G Global Funding 5.88%, 6/10/2027 (a)
|
9,710
|
9,823
|
|
HUB International Ltd. 7.25%, 6/15/2030 (a)
|
1,270
|
1,304
|
|
|
|
67,203
|
|
Interactive Media & Services — 0.0% ^
|
||
|
Snap, Inc. 6.88%, 3/1/2033 (a)
|
630
|
625
|
|
IT Services — 0.0% ^
|
||
|
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)
|
685
|
686
|
|
Arches Buyer, Inc. 4.25%, 6/1/2028 (a)
|
705
|
685
|
|
|
|
1,371
|
|
Machinery — 0.1%
|
||
|
Chart Industries, Inc. 7.50%, 1/1/2030 (a)
|
1,145
|
1,185
|
|
Esab Corp. 6.25%, 4/15/2029 (a)
|
430
|
438
|
|
Terex Corp. 6.25%, 10/15/2032 (a)
|
490
|
498
|
|
Trinity Industries, Inc. 7.75%, 7/15/2028 (a)
|
950
|
974
|
|
|
|
3,095
|
|
Marine Transportation — 0.0% ^
|
||
|
Yinson Bergenia Production BV (Brazil) 8.50%, 1/31/2045 (a)
|
987
|
1,056
|
|
Media — 0.4%
|
||
|
Clear Channel Outdoor Holdings, Inc.
|
||
|
7.75%, 4/15/2028 (a)
|
432
|
433
|
|
7.13%, 2/15/2031 (a)
|
1,065
|
1,101
|
|
7.50%, 3/15/2033 (a)
|
690
|
724
|
|
CSC Holdings LLC 6.50%, 2/1/2029 (a)
|
1,780
|
1,046
|
|
DISH DBS Corp.
|
||
|
7.75%, 7/1/2026
|
950
|
945
|
|
5.25%, 12/1/2026 (a)
|
2,380
|
2,371
|
|
5.75%, 12/1/2028 (a)
|
1,045
|
1,026
|
|
Gray Media, Inc.
|
||
|
10.50%, 7/15/2029 (a)
|
350
|
371
|
|
5.38%, 11/15/2031 (a)
|
1,358
|
974
|
|
7.25%, 8/15/2033 (a)
|
875
|
867
|
|
iHeartCommunications, Inc.
|
||
|
9.13%, 5/1/2029 (a)
|
1,974
|
1,914
|
|
7.75%, 8/15/2030 (a)
|
63
|
58
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Media — continued
|
||
|
Lamar Media Corp.
|
||
|
4.00%, 2/15/2030
|
1,075
|
1,032
|
|
5.38%, 11/1/2033 (a)
|
735
|
724
|
|
Nexstar Media, Inc.
|
||
|
4.75%, 11/1/2028 (a)
|
1,825
|
1,796
|
|
6.50%, 9/15/2033 (a)
|
1,860
|
1,875
|
|
7.25%, 4/15/2034 (a)
|
1,335
|
1,343
|
|
Outfront Media Capital LLC 4.25%, 1/15/2029 (a)
|
1,470
|
1,435
|
|
Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a)
|
590
|
606
|
|
Sirius XM Radio LLC
|
||
|
4.00%, 7/15/2028 (a)
|
4,865
|
4,739
|
|
5.50%, 7/1/2029 (a)
|
210
|
209
|
|
5.88%, 4/15/2032 (a)
|
470
|
468
|
|
Stagwell Global LLC 5.63%, 8/15/2029 (a)
|
1,728
|
1,682
|
|
Univision Communications, Inc. 7.38%, 6/30/2030 (a)
|
1,900
|
1,892
|
|
|
|
29,631
|
|
Metals & Mining — 0.1%
|
||
|
Alumina Pty. Ltd. 6.38%, 9/15/2032 (a)
|
585
|
600
|
|
Cleveland-Cliffs, Inc.
|
||
|
4.63%, 3/1/2029 (a)
|
480
|
465
|
|
6.88%, 11/1/2029 (a)
|
955
|
977
|
|
Commercial Metals Co. 5.75%, 11/15/2033 (a)
|
670
|
671
|
|
Novelis Corp. 4.75%, 1/30/2030 (a)
|
1,410
|
1,358
|
|
|
|
4,071
|
|
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
|
||
|
Arbor Realty SR, Inc. Series QIB, 9.00%, 10/15/2027 (a)
|
5,000
|
4,951
|
|
ReadyCap Holdings LLC Series QIB, 9.38%, 3/1/2028 (a)
|
4,000
|
3,959
|
|
Starwood Property Trust, Inc. 7.25%, 4/1/2029 (a)
|
1,540
|
1,597
|
|
|
|
10,507
|
|
Multi-Utilities — 0.1%
|
||
|
Puget Energy, Inc. 2.38%, 6/15/2028
|
4,515
|
4,316
|
|
Oil, Gas & Consumable Fuels — 1.8%
|
||
|
Antero Midstream Partners LP
|
||
|
5.38%, 6/15/2029 (a)
|
1,322
|
1,321
|
|
5.75%, 10/15/2033 (a)
|
520
|
514
|
|
Ascent Resources Utica Holdings LLC 6.63%, 10/15/2032 (a)
|
335
|
344
|
|
Blue Racer Midstream LLC 7.00%, 7/15/2029 (a)
|
950
|
977
|
|
Buckeye Partners LP 6.88%, 7/1/2029 (a)
|
1,260
|
1,299
|
|
Cheniere Energy Partners LP 4.00%, 3/1/2031
|
12,260
|
11,827
|
|
Chord Energy Corp. 6.75%, 3/15/2033 (a)
|
470
|
483
|
|
CNX Resources Corp. 5.88%, 3/1/2034 (a)
|
695
|
684
|
|
Columbia Pipelines Holding Co. LLC 5.10%, 10/1/2031 (a)
|
16,540
|
16,635
|
|
Comstock Resources, Inc. 6.75%, 3/1/2029 (a)
|
1,226
|
1,205
|
|
Crescent Energy Finance LLC
|
||
|
7.75%, 7/31/2029 (a)
|
880
|
883
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
7.88%, 4/15/2032 (a)
|
395
|
405
|
|
DT Midstream, Inc. 4.13%, 6/15/2029 (a)
|
786
|
771
|
|
Ecopetrol SA (Colombia) 8.88%, 1/13/2033
|
1,300
|
1,373
|
|
Energy Transfer LP 5.25%, 7/1/2029
|
4,040
|
4,116
|
|
Esentia Energy Development SAB de CV (Mexico) 6.50%, 7/30/2038 (a)
|
534
|
529
|
|
FS Luxembourg SARL (Brazil)
|
||
|
8.88%, 2/12/2031 (a)
|
523
|
539
|
|
8.63%, 6/25/2033 (a)
|
1,070
|
1,062
|
|
Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a)
|
710
|
728
|
|
Harvest Midstream I LP 7.50%, 5/15/2032 (a)
|
780
|
810
|
|
Hess Midstream Operations LP 5.88%, 3/1/2028 (a)
|
1,375
|
1,389
|
|
Hilcorp Energy I LP 5.75%, 2/1/2029 (a)
|
1,240
|
1,237
|
|
Howard Midstream Energy Partners LLC 7.38%, 7/15/2032 (a)
|
620
|
641
|
|
Kinder Morgan, Inc. 5.15%, 6/1/2030
|
3,000
|
3,064
|
|
Kinetik Holdings LP 5.88%, 6/15/2030 (a)
|
1,425
|
1,432
|
|
Matador Resources Co.
|
||
|
6.50%, 4/15/2032 (a)
|
1,185
|
1,201
|
|
6.00%, 4/15/2034 (a)
|
175
|
173
|
|
MPLX LP 4.80%, 2/15/2031
|
18,640
|
18,628
|
|
NGL Energy Operating LLC
|
||
|
8.13%, 2/15/2029 (a)
|
352
|
366
|
|
8.38%, 2/15/2032 (a)
|
352
|
370
|
|
NuStar Logistics LP
|
||
|
5.63%, 4/28/2027
|
1,285
|
1,289
|
|
6.38%, 10/1/2030
|
237
|
246
|
|
Permian Resources Operating LLC 5.88%, 7/1/2029 (a)
|
1,290
|
1,291
|
|
Peru LNG Srl (Peru) 5.38%, 3/22/2030 (d)
|
1,334
|
1,294
|
|
Petroleos Mexicanos (Mexico)
|
||
|
8.75%, 6/2/2029
|
1,000
|
1,075
|
|
6.84%, 1/23/2030
|
4,485
|
4,611
|
|
6.70%, 2/16/2032
|
7,350
|
7,401
|
|
10.00%, 2/7/2033
|
6,000
|
7,047
|
|
Range Resources Corp. 4.75%, 2/15/2030 (a)
|
910
|
891
|
|
Rockies Express Pipeline LLC 4.95%, 7/15/2029 (a)
|
760
|
753
|
|
SM Energy Co.
|
||
|
6.63%, 1/15/2027
|
740
|
741
|
|
8.63%, 11/1/2030 (a)
|
935
|
988
|
|
8.75%, 7/1/2031 (a)
|
1,188
|
1,244
|
|
9.63%, 6/15/2033 (a)
|
110
|
122
|
|
Sonangol Finance Ltd. (Angola) 10.00%, 1/29/2031 (a)
|
1,070
|
1,102
|
|
Sunoco LP
|
||
|
4.50%, 5/15/2029
|
1,744
|
1,709
|
|
5.63%, 3/15/2031 (a)
|
1,130
|
1,131
|
|
7.25%, 5/1/2032 (a)
|
785
|
820
|
|
Tallgrass Energy Partners LP
|
||
|
5.50%, 1/15/2028 (a)
|
670
|
670
|
|
6.00%, 12/31/2030 (a)
|
1,760
|
1,771
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
Uzbekneftegaz JSC (Uzbekistan) 4.75%, 11/16/2028 (d)
|
1,500
|
1,459
|
|
Venture Global Calcasieu Pass LLC 3.88%, 8/15/2029 (a)
|
1,670
|
1,600
|
|
Venture Global LNG, Inc.
|
||
|
9.50%, 2/1/2029 (a)
|
1,675
|
1,824
|
|
8.38%, 6/1/2031 (a)
|
510
|
531
|
|
Venture Global Plaquemines LNG LLC
|
||
|
6.50%, 1/15/2034 (a)
|
1,475
|
1,542
|
|
7.75%, 5/1/2035 (a)
|
445
|
499
|
|
|
|
118,657
|
|
Passenger Airlines — 0.1%
|
||
|
American Airlines, Inc. 5.75%, 4/20/2029 (a)
|
3,255
|
3,251
|
|
JetBlue Airways Corp. 9.88%, 9/20/2031 (a)
|
1,130
|
1,040
|
|
United Airlines, Inc. 4.63%, 4/15/2029 (a)
|
635
|
626
|
|
VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a)
|
915
|
911
|
|
|
|
5,828
|
|
Personal Care Products — 0.0% ^
|
||
|
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)
|
1,512
|
1,506
|
|
Perrigo Finance Unlimited Co. 6.13%, 9/30/2032
|
820
|
783
|
|
|
|
2,289
|
|
Pharmaceuticals — 0.0% ^
|
||
|
1261229 BC Ltd. 10.00%, 4/15/2032 (a)
|
782
|
801
|
|
Bausch Health Cos., Inc. (Canada) 4.88%, 6/1/2028 (a)
|
742
|
686
|
|
Organon & Co. 5.13%, 4/30/2031 (a)
|
537
|
532
|
|
|
|
2,019
|
|
Real Estate Management & Development — 0.0% ^
|
||
|
Anywhere Real Estate Group LLC 5.75%, 1/15/2029 (a)
|
1,255
|
1,238
|
|
Residential REITs — 0.1%
|
||
|
American Homes 4 Rent LP 4.95%, 6/15/2030
|
7,910
|
7,946
|
|
Semiconductors & Semiconductor Equipment — 0.6%
|
||
|
Amkor Technology, Inc. 5.88%, 10/1/2033 (a)
|
995
|
1,000
|
|
ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a)
|
1,100
|
1,167
|
|
Broadcom, Inc. 4.60%, 7/15/2030
|
12,635
|
12,644
|
|
Entegris, Inc.
|
||
|
4.38%, 4/15/2028 (a)
|
685
|
675
|
|
5.95%, 6/15/2030 (a)
|
2,070
|
2,091
|
|
Foundry JV Holdco LLC 5.90%, 1/25/2030 (a)
|
6,175
|
6,392
|
|
Kioxia Holdings Corp. (Japan) 6.25%, 7/24/2030 (a)
|
1,150
|
1,184
|
|
Marvell Technology, Inc. 4.75%, 7/15/2030
|
15,315
|
15,363
|
|
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
|
660
|
644
|
|
Qnity Electronics, Inc. 5.75%, 8/15/2032 (a)
|
1,365
|
1,374
|
|
|
|
42,534
|
|
Software — 0.4%
|
||
|
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a)
|
715
|
689
|
|
Elastic NV 4.13%, 7/15/2029 (a)
|
605
|
579
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Software — continued
|
||
|
Fair Isaac Corp. 4.00%, 6/15/2028 (a)
|
855
|
837
|
|
NCR Voyix Corp.
|
||
|
5.00%, 10/1/2028 (a)
|
835
|
821
|
|
5.13%, 4/15/2029 (a)
|
672
|
658
|
|
Oracle Corp. 4.95%, 2/4/2031
|
22,750
|
22,371
|
|
RingCentral, Inc. 8.50%, 8/15/2030 (a)
|
795
|
834
|
|
SS&C Technologies, Inc.
|
||
|
5.50%, 9/30/2027 (a)
|
505
|
505
|
|
6.50%, 6/1/2032 (a)
|
2,055
|
2,073
|
|
|
|
29,367
|
|
Specialized REITs — 0.0% ^
|
||
|
Iron Mountain, Inc.
|
||
|
4.88%, 9/15/2027 (a)
|
794
|
791
|
|
5.00%, 7/15/2028 (a)
|
1,030
|
1,027
|
|
5.25%, 7/15/2030 (a)
|
315
|
312
|
|
Millrose Properties, Inc. 6.38%, 8/1/2030 (a)
|
335
|
340
|
|
|
|
2,470
|
|
Specialty Retail — 0.1%
|
||
|
Asbury Automotive Group, Inc. 4.50%, 3/1/2028
|
670
|
665
|
|
Bath & Body Works, Inc.
|
||
|
7.50%, 6/15/2029
|
1,090
|
1,106
|
|
6.63%, 10/1/2030 (a)
|
725
|
738
|
|
Escrow Rite Aid 0.00%, 12/31/2049 ‡ (f)
|
101
|
—
|
|
Gap, Inc. (The) 3.63%, 10/1/2029 (a)
|
1,415
|
1,325
|
|
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)
|
696
|
677
|
|
Lithia Motors, Inc.
|
||
|
4.63%, 12/15/2027 (a)
|
379
|
377
|
|
3.88%, 6/1/2029 (a)
|
700
|
671
|
|
Penske Automotive Group, Inc. 3.75%, 6/15/2029
|
560
|
537
|
|
Petco Health & Wellness Co., Inc. 8.25%, 2/1/2031 (a)
|
510
|
511
|
|
PetSmart LLC 7.50%, 9/15/2032 (a)
|
500
|
504
|
|
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a)
|
1,395
|
1,367
|
|
Staples, Inc.
|
||
|
10.75%, 9/1/2029 (a)
|
355
|
338
|
|
12.75%, 1/15/2030 (a)
|
429
|
328
|
|
|
|
9,144
|
|
Technology Hardware, Storage & Peripherals — 0.0% ^
|
||
|
Seagate Data Storage Technology Pte. Ltd.
|
||
|
8.25%, 12/15/2029 (a)
|
429
|
447
|
|
4.13%, 1/15/2031 (a)
|
1,060
|
1,012
|
|
8.50%, 7/15/2031 (a)
|
256
|
268
|
|
|
|
1,727
|
|
Trading Companies & Distributors — 0.1%
|
||
|
Herc Holdings, Inc.
|
||
|
7.00%, 6/15/2030 (a)
|
280
|
291
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Trading Companies & Distributors — continued
|
||
|
7.25%, 6/15/2033 (a)
|
625
|
652
|
|
QXO Building Products, Inc. 6.75%, 4/30/2032 (a)
|
615
|
627
|
|
United Rentals North America, Inc.
|
||
|
5.25%, 1/15/2030
|
700
|
700
|
|
5.38%, 11/15/2033 (a)
|
980
|
968
|
|
6.13%, 3/15/2034 (a)
|
1,645
|
1,688
|
|
WESCO Distribution, Inc.
|
||
|
6.63%, 3/15/2032 (a)
|
1,125
|
1,160
|
|
6.38%, 3/15/2033 (a)
|
1,595
|
1,639
|
|
|
|
7,725
|
|
Wireless Telecommunication Services — 0.0% ^
|
||
|
Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (a)
|
665
|
702
|
|
Digicel International Finance Ltd. (Jamaica) 8.63%, 8/1/2032 (a)
|
1,639
|
1,701
|
|
|
|
2,403
|
|
Total Corporate Bonds
(Cost $2,148,919)
|
|
2,149,126
|
|
Asset-Backed Securities — 21.2%
|
||
|
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (a)
|
1,502
|
1,402
|
|
Affirm Asset Securitization Trust Series 2025-X2, Class B, 4.56%, 10/15/2030 (a)
|
900
|
901
|
|
American Credit Acceptance Receivables Trust
|
|
|
|
Series 2023-1, Class D, 6.35%, 4/12/2029 (a)
|
1,405
|
1,415
|
|
Series 2023-2, Class E, 9.79%, 2/12/2030 (a)
|
4,000
|
4,123
|
|
Series 2024-2, Class C, 6.24%, 4/12/2030 (a)
|
2,897
|
2,912
|
|
Series 2024-1, Class D, 5.86%, 5/13/2030 (a)
|
2,905
|
2,937
|
|
Series 2025-1, Class C, 5.09%, 8/12/2031 (a)
|
7,500
|
7,537
|
|
Series 2024-4, Class D, 5.34%, 8/12/2031 (a)
|
5,345
|
5,382
|
|
Series 2025-2, Class D, 5.50%, 8/12/2031 (a)
|
5,500
|
5,567
|
|
Series 2025-1, Class D, 5.54%, 8/12/2031 (a)
|
2,593
|
2,622
|
|
Series 2023-3, Class E, 9.54%, 10/14/2031 (a)
|
1,800
|
1,867
|
|
Series 2024-2, Class E, 7.87%, 11/12/2031 (a)
|
4,000
|
4,145
|
|
Series 2024-3, Class E, 7.92%, 3/12/2032 (a)
|
8,400
|
8,760
|
|
Series 2025-3, Class C, 4.95%, 7/12/2032 (a)
|
4,999
|
5,010
|
|
Series 2025-3, Class D, 5.19%, 7/12/2032 (a)
|
8,537
|
8,532
|
|
Series 2025-1, Class E, 7.39%, 12/13/2032 (a)
|
8,360
|
8,669
|
|
Series 2026-1, Class C, 4.55%, 1/12/2033 (a)
|
2,993
|
2,976
|
|
Series 2026-1, Class D, 5.10%, 1/12/2033 (a)
|
7,434
|
7,385
|
|
Series 2025-2, Class E, 7.66%, 2/14/2033 (a)
|
5,100
|
5,321
|
|
AMSR Trust
|
|
|
|
Series 2021-SFR1, Class C, 2.35%, 6/17/2038 (a)
|
581
|
548
|
|
Series 2022-SFR3, Class F, 4.00%, 10/17/2039 (a)
|
6,300
|
6,060
|
|
Series 2023-SFR2, Class B, 3.95%, 6/17/2040 (a)
|
1,500
|
1,462
|
|
Series 2025-SFR1, Class D, 3.66%, 6/17/2042 (a)
|
2,000
|
1,850
|
|
Series 2025-SFR2, Class B, 4.28%, 11/17/2042 (a)
|
5,000
|
4,792
|
|
Series 2025-SFR2, Class D, 4.28%, 11/17/2042 (a)
|
3,124
|
2,949
|
|
Series 2026-SFR1, Class A, 3.78%, 4/17/2043 (a)
|
14,050
|
13,258
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Asset-Backed Securities — continued
|
||
|
Ansley Park Capital LLC
|
|
|
|
Series 2025-A, Class A2, 4.43%, 4/20/2035 (a)
|
9,110
|
9,072
|
|
Series 2025-A, Class D, 5.33%, 4/20/2035 (a)
|
2,475
|
2,438
|
|
Aqua Finance Issuer Trust Series 2025-A, Class A, 5.25%, 12/19/2050 (a)
|
6,005
|
6,030
|
|
Aqua Finance Trust
|
|
|
|
Series 2020-AA, Class A, 1.90%, 7/17/2046 (a)
|
287
|
270
|
|
Series 2021-A, Class B, 2.40%, 7/17/2046 (a)
|
1,952
|
1,808
|
|
Avis Budget Rental Car Funding AESOP LLC
|
|
|
|
Series 2023-2A, Class C, 6.18%, 10/20/2027 (a)
|
1,417
|
1,420
|
|
Series 2022-4A, Class B, 5.46%, 2/20/2029 (a)
|
7,250
|
7,322
|
|
Series 2023-6A, Class C, 7.03%, 12/20/2029 (a)
|
3,350
|
3,454
|
|
Series 2024-1A, Class B, 5.85%, 6/20/2030 (a)
|
2,000
|
2,043
|
|
Series 2024-1A, Class C, 6.48%, 6/20/2030 (a)
|
5,000
|
5,146
|
|
Series 2024-3A, Class C, 6.11%, 12/20/2030 (a)
|
1,190
|
1,199
|
|
Bain Capital Credit CLO (Cayman Islands) Series 2019-2A, Class BR3, 5.13%, 10/17/2032 (a) (e)
|
10,250
|
10,266
|
|
Bayview Opportunity Master Fund Trust Series 2024-SN1, Class D, 6.36%, 7/16/2029 (a)
|
1,500
|
1,523
|
|
BHG Securitization Trust Series 2021-B, Class B, 1.67%, 10/17/2034 (a)
|
925
|
922
|
|
BOF Funding Trust Series 2023-CAR3, Class C, 4.50%, 7/26/2032 (a)
|
300
|
300
|
|
BRAVO Residential Funding Trust Series 2026-CES1, Class A1A, 5.25%, 4/25/2056 (a) (g)
|
8,854
|
8,840
|
|
Bridge Trust Series 2025-SFR1, Class C, 4.20%, 9/17/2042 (a)
|
6,617
|
6,170
|
|
Bridgecrest Lending Auto Securitization Trust
|
|
|
|
Series 2024-1, Class C, 5.65%, 4/16/2029
|
4,000
|
4,021
|
|
Series 2023-1, Class C, 7.10%, 8/15/2029
|
1,483
|
1,498
|
|
Series 2024-1, Class D, 6.03%, 11/15/2029
|
3,500
|
3,549
|
|
Series 2025-1, Class D, 5.64%, 11/15/2030
|
6,375
|
6,440
|
|
Series 2024-2, Class E, 8.21%, 1/15/2031 (a)
|
4,500
|
4,645
|
|
Series 2025-2, Class D, 5.62%, 3/17/2031
|
5,000
|
5,060
|
|
Series 2025-3, Class C, 4.81%, 5/15/2031
|
8,400
|
8,414
|
|
Series 2024-4, Class E, 7.47%, 8/15/2031 (a)
|
4,600
|
4,704
|
|
Series 2026-1, Class C, 4.44%, 11/17/2031
|
4,667
|
4,617
|
|
Series 2026-1, Class D, 4.99%, 11/17/2031
|
4,136
|
4,102
|
|
Series 2026-2, Class D, 5.19%, 2/17/2032
|
3,143
|
3,129
|
|
Series 2025-4, Class E, 7.18%, 11/15/2032 (a)
|
8,000
|
8,119
|
|
Business Jet Securities LLC
|
|
|
|
Series 2024-1A, Class B, 6.92%, 5/15/2039 ‡ (a)
|
2,277
|
2,313
|
|
Series 2024-2A, Class B, 5.75%, 9/15/2039 ‡ (a)
|
2,127
|
2,105
|
|
BXMT Ltd.
|
|
|
|
Series 2021-FL4, Class A, 5.04%, 5/15/2038 (a) (e)
|
1,245
|
1,244
|
|
Series 2021-FL4, Class C, 5.74%, 5/15/2038 (a) (e)
|
1,750
|
1,707
|
|
Carlyle US CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2021-9A, Class BR, 5.28%, 10/20/2034 (a) (e)
|
6,500
|
6,504
|
|
Series 2022-1A, Class A1R, 4.65%, 4/15/2035 (a) (e)
|
10,000
|
9,999
|
|
CarVal CLO Ltd. (Cayman Islands) Series 2019-1A, Class BR2, 5.23%, 4/20/2032 (a) (e)
|
6,222
|
6,234
|
|
Carvana Auto Receivables Trust
|
|
|
|
Series 2023-P2, Class C, 5.84%, 7/10/2029 (a)
|
4,982
|
5,081
|
|
Series 2023-P3, Class C, 6.09%, 11/13/2029 (a)
|
2,675
|
2,749
|
|
Series 2024-N1, Class C, 5.80%, 5/10/2030 (a)
|
2,750
|
2,783
|
|
Series 2024-N2, Class C, 5.82%, 9/10/2030 (a)
|
3,148
|
3,194
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2024-N3, Class C, 4.90%, 12/10/2030 (a)
|
4,500
|
4,503
|
|
Series 2024-P4, Class B, 5.00%, 2/10/2031
|
8,900
|
8,927
|
|
Cascade MH Asset Trust Series 2019-MH1, Class A, 4.00%, 11/25/2044 (a) (e)
|
2,352
|
2,260
|
|
CF Hippolyta Issuer LLC Series 2021-1A, Class B1, 1.98%, 3/15/2061 (a)
|
1,287
|
746
|
|
Cherry Securitization Trust Series 2024-1A, Class A, 5.70%, 4/15/2032 (a)
|
5,384
|
5,401
|
|
Consumer Portfolio Services Auto Trust
|
|
|
|
Series 2025-A, Class C, 5.25%, 4/15/2031 (a)
|
11,000
|
11,071
|
|
Series 2025-B, Class C, 5.12%, 7/15/2031 (a)
|
11,060
|
11,128
|
|
Series 2025-D, Class C, 4.85%, 2/17/2032 (a)
|
4,333
|
4,328
|
|
CPS Auto Receivables Trust
|
|
|
|
Series 2022-A, Class D, 2.84%, 4/16/2029 (a)
|
1,484
|
1,482
|
|
Series 2024-C, Class C, 5.76%, 10/15/2030 (a)
|
3,584
|
3,615
|
|
Series 2024-D, Class D, 5.14%, 1/15/2031 (a)
|
4,903
|
4,922
|
|
Series 2025-C, Class C, 4.91%, 10/15/2031 (a)
|
14,220
|
14,242
|
|
Credit Acceptance Auto Loan Trust
|
|
|
|
Series 2023-2A, Class B, 6.61%, 7/15/2033 (a)
|
1,003
|
1,005
|
|
Series 2023-1A, Class C, 7.71%, 7/15/2033 (a)
|
6,500
|
6,563
|
|
Series 2023-3A, Class C, 7.62%, 12/15/2033 (a)
|
1,050
|
1,071
|
|
Series 2023-5A, Class B, 6.71%, 2/15/2034 (a)
|
1,334
|
1,350
|
|
Series 2023-5A, Class C, 7.30%, 4/17/2034 (a)
|
3,150
|
3,225
|
|
Series 2024-1A, Class C, 6.71%, 7/17/2034 (a)
|
6,450
|
6,554
|
|
Series 2024-2A, Class B, 6.11%, 8/15/2034 (a)
|
3,250
|
3,305
|
|
Series 2024-2A, Class C, 6.70%, 10/16/2034 (a)
|
2,000
|
2,056
|
|
Series 2024-3A, Class B, 4.85%, 11/15/2034 (a)
|
4,550
|
4,551
|
|
Series 2024-3A, Class C, 5.39%, 1/16/2035 (a)
|
6,000
|
6,026
|
|
Series 2025-1A, Class C, 5.71%, 7/16/2035 (a)
|
8,142
|
8,198
|
|
Series 2025-2A, Class B, 4.87%, 1/15/2036 (a)
|
7,085
|
7,053
|
|
Series 2025-2A, Class C, 5.38%, 3/17/2036 (a)
|
6,765
|
6,768
|
|
Series 2026-1A, Class C, 5.28%, 8/15/2036 (a)
|
4,583
|
4,553
|
|
Crossroads Asset Trust Series 2025-A, Class B, 5.20%, 2/20/2032 (a)
|
1,500
|
1,513
|
|
DailyPay Securitization Trust Series 2025-1A, Class A, 5.63%, 6/26/2028 (a)
|
5,285
|
5,295
|
|
Dec
|
|
|
|
6.02%, 3/13/2030 ‡ (a)
|
5,000
|
5,000
|
|
6.91%, 1/15/2031 ‡ (a)
|
5,000
|
5,000
|
|
Dext ABS LLC Series 2025-1, Class B, 4.98%, 8/15/2035 (a)
|
7,920
|
7,963
|
|
Drive Auto Receivables Trust
|
|
|
|
Series 2024-2, Class C, 4.67%, 5/17/2032
|
4,775
|
4,795
|
|
Series 2024-2, Class D, 4.94%, 5/17/2032
|
3,250
|
3,270
|
|
Series 2025-2, Class C, 4.39%, 9/15/2032
|
4,665
|
4,632
|
|
Series 2025-1, Class D, 5.41%, 9/15/2032
|
4,000
|
4,027
|
|
Series 2025-2, Class D, 4.90%, 12/15/2032
|
4,365
|
4,335
|
|
Driven Brands Funding LLC Series 2021-1A, Class A2, 2.79%, 10/20/2051 (a)
|
4,924
|
4,572
|
|
DT Auto Owner Trust
|
|
|
|
Series 2022-1A, Class E, 5.53%, 3/15/2029 (a)
|
5,200
|
5,199
|
|
Series 2023-2A, Class E, 11.06%, 4/15/2030 (a)
|
2,800
|
2,937
|
|
Series 2023-3A, Class E, 10.21%, 5/15/2030 (a)
|
2,800
|
2,951
|
|
EFMT Series 2025-CES1, Class A1A, 5.73%, 1/25/2060 (a) (g)
|
3,053
|
3,072
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Asset-Backed Securities — continued
|
||
|
EJ Hugoton
|
|
|
|
Series 2026-1 B, 10.29%, 10/10/2041 ‡
|
6,000
|
6,000
|
|
Series 2026-1 B, 14.50%, 10/10/2041 ‡
|
4,000
|
4,000
|
|
Series 2026-1 B, 14.10%, 12/15/2041 ‡
|
2,350
|
2,350
|
|
Elara HGV Timeshare Issuer LLC Series 2021-A, Class B, 1.74%, 8/27/2035 (a)
|
986
|
946
|
|
Exeter Automobile Receivables Trust
|
|
|
|
Series 2021-4A, Class D, 1.96%, 1/17/2028
|
9
|
9
|
|
Series 2025-4A, Class C, 4.57%, 6/16/2031
|
2,355
|
2,346
|
|
Series 2025-2A, Class D, 5.89%, 7/15/2031
|
9,880
|
10,070
|
|
Series 2025-3A, Class D, 5.57%, 10/15/2031
|
11,250
|
11,347
|
|
Series 2025-4A, Class D, 5.23%, 1/15/2032
|
10,770
|
10,769
|
|
Series 2025-5A, Class D, 5.16%, 3/15/2032
|
4,200
|
4,201
|
|
Series 2026-1A, Class C, 4.40%, 5/17/2032
|
3,456
|
3,409
|
|
Series 2026-1A, Class D, 5.00%, 5/17/2032
|
4,112
|
4,069
|
|
Series 2026-2A, Class C, 4.91%, 8/16/2032
|
6,459
|
6,440
|
|
Series 2025-1A, Class E, 7.48%, 9/15/2032 (a)
|
1,989
|
2,056
|
|
Exeter Select Automobile Receivables Trust Series 2025-3, Class C, 5.00%, 3/15/2032
|
5,226
|
5,230
|
|
FHF Issuer Trust Series 2024-3A, Class A2, 4.94%, 11/15/2030 (a)
|
2,392
|
2,386
|
|
FIGRE Trust Series 2025-HE6, Class A, 5.04%, 9/25/2055 (a) (e)
|
4,376
|
4,333
|
|
First Investors Auto Owner Trust Series 2023-1A, Class B, 6.55%, 12/17/2029 (a)
|
3,264
|
3,302
|
|
FirstKey Homes Trust
|
|
|
|
Series 2022-SFR3, Class E2, 3.50%, 7/17/2038 (a)
|
8,500
|
8,465
|
|
Series 2021-SFR1, Class F2, 3.45%, 8/17/2038 (a)
|
4,000
|
3,977
|
|
Series 2021-SFR3, Class E1, 2.99%, 12/17/2038 (a)
|
6,000
|
5,916
|
|
Series 2022-SFR1, Class F1, PO, 5/19/2039 ‡ (a)
|
5,000
|
4,704
|
|
Series 2022-SFR1, Class F2, PO, 5/19/2039 ‡ (a)
|
2,300
|
2,163
|
|
Foundation Finance Trust
|
|
|
|
Series 2021-1A, Class A, 1.27%, 5/15/2041 (a)
|
3,805
|
3,632
|
|
Series 2024-2A, Class A, 4.60%, 3/15/2050 (a)
|
1,971
|
1,954
|
|
Series 2025-2A, Class A, 4.67%, 4/15/2052 (a)
|
3,782
|
3,764
|
|
Series 2025-2A, Class B, 4.94%, 4/15/2052 (a)
|
3,762
|
3,735
|
|
Series 2025-3A, Class A, 4.56%, 8/15/2052 (a)
|
3,888
|
3,844
|
|
FRTKL
|
|
|
|
Series 2021-SFR1, Class D, 2.17%, 9/17/2038 (a)
|
6,762
|
6,691
|
|
Series 2021-SFR1, Class E1, 2.37%, 9/17/2038 (a)
|
3,750
|
3,711
|
|
GLS Auto Receivables Issuer Trust
|
|
|
|
Series 2022-1A, Class E, 5.64%, 5/15/2029 (a)
|
6,500
|
6,530
|
|
Series 2025-1A, Class D, 5.61%, 11/15/2030 (a)
|
2,000
|
2,027
|
|
Series 2025-2A, Class C, 5.11%, 1/15/2031 (a)
|
3,000
|
3,014
|
|
Series 2025-2A, Class D, 5.59%, 1/15/2031 (a)
|
7,049
|
7,124
|
|
Series 2025-3A, Class D, 5.16%, 6/16/2031 (a)
|
6,000
|
5,983
|
|
Series 2025-4A, Class C, 4.74%, 8/15/2031 (a)
|
6,215
|
6,178
|
|
GLS Auto Select Receivables Trust
|
|
|
|
Series 2024-3A, Class B, 5.64%, 8/15/2030 (a)
|
1,200
|
1,219
|
|
Series 2025-1A, Class B, 5.04%, 2/15/2031 (a)
|
1,000
|
1,007
|
|
Series 2025-1A, Class C, 5.26%, 3/15/2031 (a)
|
2,470
|
2,492
|
|
Series 2025-3A, Class C, 4.94%, 9/15/2031 (a)
|
1,750
|
1,748
|
|
Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2, Class A, 1.15%, 6/25/2051 (a)
|
1,541
|
1,516
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Asset-Backed Securities — continued
|
||
|
GoodLeap Home Improvement Solutions Trust Series 2025-3A, Class A, 5.00%, 10/20/2049 (a)
|
8,323
|
8,236
|
|
Granite Park Equipment Leasing LLC Series 2023-1A, Class D, 7.00%, 8/22/2033 (a)
|
1,000
|
1,008
|
|
GreenSky Home Improvement Issuer Trust
|
|
|
|
Series 2024-2, Class A3, 5.15%, 10/27/2059 (a)
|
1,000
|
1,010
|
|
Series 2025-2A, Class A3, 5.02%, 6/25/2060 (a)
|
3,065
|
3,087
|
|
Grit Parent, Inc. 10.00%, 3/27/2030 ‡
|
6,500
|
6,435
|
|
GS Mortgage-Backed Securities Trust
|
|
|
|
Series 2025-CES1, Class A1A, 5.57%, 5/25/2055 (a) (g)
|
2,532
|
2,542
|
|
Series 2026-CES1, Class A1, 4.90%, 5/25/2056 (a) (g)
|
2,868
|
2,843
|
|
Series 2026-CES3, Class A1A, 5.36%, 9/25/2056 (a) (g)
|
8,604
|
8,604
|
|
Series 2025-SL1, Class A1, 5.85%, 11/25/2067 (a) (e)
|
6,819
|
6,855
|
|
Hertz Vehicle Financing III LLC Series 2025-4A, Class C, 6.48%, 12/25/2031 (a)
|
4,500
|
4,531
|
|
Hertz Vehicle Financing LLC Series 2025-1A, Class C, 6.03%, 9/25/2029 (a)
|
3,649
|
3,656
|
|
Hilton Grand Vacations Trust
|
|
|
|
Series 2024-2A, Class C, 5.99%, 3/25/2038 (a)
|
3,821
|
3,884
|
|
Series 2024-3A, Class B, 5.27%, 8/27/2040 (a)
|
1,475
|
1,482
|
|
Series 2024-3A, Class C, 5.71%, 8/27/2040 (a)
|
1,780
|
1,783
|
|
Series 2025-1A, Class C, 5.52%, 5/27/2042 (a)
|
3,198
|
3,198
|
|
Series 2025-2A, Class B, 4.73%, 5/25/2044 (a)
|
2,534
|
2,505
|
|
Series 2025-2A, Class C, 5.12%, 5/25/2044 (a)
|
1,290
|
1,278
|
|
Series 2025-3EXT, Class A, 4.56%, 10/25/2044 (a)
|
5,153
|
5,106
|
|
Series 2025-3EXT, Class C, 5.39%, 10/25/2044 (a)
|
1,705
|
1,697
|
|
HINNT LLC Series 2025-A, Class D, 8.22%, 3/15/2044 (a)
|
535
|
546
|
|
Home Partners of America Trust
|
|
|
|
Series 2021-2, Class E1, 2.85%, 12/17/2026 (a)
|
9,593
|
9,460
|
|
Series 2021-3, Class D, 3.00%, 1/17/2041 (a)
|
5,817
|
5,440
|
|
Series 2021-3, Class E1, 3.20%, 1/17/2041 (a)
|
447
|
418
|
|
Huntington Bank Auto Credit-Linked Notes
|
|
|
|
Series 2024-2, Class B2, 4.98%, 10/20/2032 (a) (e)
|
1,694
|
1,700
|
|
Series 2025-2, Class B1, 4.84%, 9/20/2033 (a)
|
14,881
|
14,873
|
|
Identity Digital Capital LLC 6.79%, 3/20/2065 ‡
|
4,000
|
3,984
|
|
Ista Jet Seri 6.97%, 4/5/2032 ‡ (a)
|
5,925
|
5,925
|
|
JBHP 10.28%, 4/14/2041 ‡
|
3,500
|
3,500
|
|
KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class BR2, 5.13%, 7/20/2031 (a) (e)
|
7,098
|
7,098
|
|
Lending Funding Trust Series 2020-2A, Class A, 2.32%, 4/21/2031 (a)
|
3,565
|
3,533
|
|
Lendmark Funding Trust
|
|
|
|
Series 2021-1A, Class B, 2.47%, 11/20/2031 (a)
|
2,750
|
2,625
|
|
Series 2021-2A, Class A, 2.00%, 4/20/2032 (a)
|
4,444
|
4,321
|
|
Series 2024-1A, Class B, 5.88%, 6/21/2032 (a)
|
3,150
|
3,172
|
|
Series 2024-2A, Class C, 5.25%, 2/21/2034 (a)
|
2,000
|
2,003
|
|
Series 2025-2A, Class A, 4.78%, 10/20/2034 (a)
|
19,125
|
19,077
|
|
Series 2025-3A, Class A, 4.51%, 5/21/2035 (a)
|
4,195
|
4,137
|
|
Series 2025-3A, Class C, 5.04%, 5/21/2035 (a)
|
1,820
|
1,779
|
|
Liberty 7.25%, 5/14/2031 ‡
|
12,000
|
12,010
|
|
Madison Park Funding Ltd. (Cayman Islands) Series 2021-49A, Class B1R, 5.13%, 10/19/2034 (a) (e)
|
7,000
|
6,999
|
|
Mariner Finance Issuance Trust
|
|
|
|
Series 2021-AA, Class A, 1.86%, 3/20/2036 (a)
|
5,019
|
4,958
|
|
Series 2021-BA, Class A, 2.10%, 11/20/2036 (a)
|
3,500
|
3,430
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2025-AA, Class A, 4.98%, 5/20/2038 (a)
|
5,000
|
5,021
|
|
Series 2024-BA, Class B, 5.33%, 11/20/2038 (a)
|
2,500
|
2,517
|
|
Series 2024-BA, Class C, 5.73%, 11/20/2038 (a)
|
2,197
|
2,210
|
|
Series 2025-BA, Class C, 5.19%, 11/22/2038 (a)
|
3,750
|
3,724
|
|
Merchants Fleet Funding LLC
|
|
|
|
Series 2023-1A, Class A, 7.21%, 5/20/2036 (a)
|
784
|
788
|
|
Series 2024-1A, Class B, 5.95%, 4/20/2037 (a)
|
5,250
|
5,293
|
|
Mercury Financial Credit Card Master Trust Series 2026-1A, Class A, 5.34%, 2/20/2032 (a)
|
15,090
|
15,077
|
|
MMP Capital LLC Series 2025-A, Class A, 5.36%, 12/15/2031 (a)
|
1,198
|
1,203
|
|
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-SD1, Class A, 4.50%, 8/25/2034 (e)
|
32
|
32
|
|
MVW LLC
|
|
|
|
Series 2024-1A, Class B, 5.51%, 2/20/2043 (a)
|
937
|
947
|
|
Series 2024-1A, Class C, 6.20%, 2/20/2043 (a)
|
669
|
679
|
|
Series 2025-2A, Class C, 4.97%, 10/20/2044 (a)
|
6,222
|
6,074
|
|
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2021-42A, Class BR,
5.08%, 7/16/2036 (a) (e)
|
10,250
|
10,255
|
|
New Residential Mortgage Loan Trust Series 2022-SFR1, Class E1, 3.55%, 2/17/2039 (a)
|
2,730
|
2,680
|
|
Nexus Nova 6.50%, 11/8/2028 ‡
|
5,000
|
5,000
|
|
NMABS Issuer LLC Series 2025-1A, Class A, 5.14%, 11/22/2055 (a)
|
4,580
|
4,455
|
|
NRM FNT1 Excess LLC Series 2024-FNT1, Class A, 7.40%, 11/25/2031 (a) (g)
|
3,308
|
3,314
|
|
NRZ Excess Spread-Collateralized Notes Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (a)
|
1,717
|
1,700
|
|
Octane Receivables Trust Series 2023-1A, Class C, 6.37%, 9/20/2029 (a)
|
1,709
|
1,722
|
|
OnDeck Asset Securitization Trust LLC Series 2023-1A, Class A, 7.00%, 8/19/2030 (a)
|
3,744
|
3,758
|
|
OneMain Direct Auto Receivables Trust Series 2026-1A, Class D, 5.30%, 10/14/2036 (a)
|
5,840
|
5,773
|
|
Oportun Issuance Trust
|
|
|
|
Series 2021-B, Class A, 1.47%, 5/8/2031 (a)
|
554
|
546
|
|
Series 2021-B, Class B, 1.96%, 5/8/2031 (a)
|
288
|
284
|
|
Series 2021-C, Class A, 2.18%, 10/8/2031 (a)
|
938
|
926
|
|
Series 2025-D, Class C, 5.80%, 2/8/2033 (a)
|
4,347
|
4,348
|
|
Series 2025-C, Class B, 4.93%, 7/8/2033 (a)
|
8,250
|
8,220
|
|
Series 2025-C, Class C, 5.18%, 7/8/2033 (a)
|
5,000
|
4,962
|
|
Series 2026-A, Class A, 4.32%, 1/9/2034 (a)
|
3,032
|
3,009
|
|
Series 2026-A, Class C, 5.45%, 1/9/2034 (a)
|
3,732
|
3,722
|
|
Palmer Square Loan Funding Ltd. (Cayman Islands) Series 2025-1A, Class A2, 4.85%,
2/15/2033 (a) (e)
|
10,250
|
10,245
|
|
PEAC Solutions Receivables LLC Series 2025-1A, Class A3, 5.04%, 7/20/2032 (a)
|
2,250
|
2,270
|
|
PFP Ltd. (Cayman Islands) Series 2026-14, Class A, 4.97%, 12/18/2043 (a) (e) (h)
|
6,400
|
6,400
|
|
PowerPay Issuance Trust Series 2024-1A, Class A, 6.53%, 2/18/2039 (a)
|
844
|
857
|
|
PRET Trust Series 2026-RN1, Class A1, 5.92%, 6/25/2066 (a) (g) (h)
|
10,316
|
10,316
|
|
Progress Residential Trust
|
|
|
|
Series 2021-SFR6, Class C, 1.86%, 7/17/2038 (a)
|
6,250
|
6,222
|
|
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (a)
|
6,500
|
6,431
|
|
Series 2022-SFR6, Class C, 5.20%, 7/20/2039 (a)
|
2,000
|
1,990
|
|
Series 2024-SFR1, Class D, 3.75%, 2/17/2041 (a)
|
3,375
|
3,223
|
|
Series 2025-SFR2, Class C, 3.56%, 4/17/2042 (a)
|
5,466
|
5,091
|
|
Series 2025-SFR2, Class D, 3.56%, 4/17/2042 (a)
|
2,981
|
2,762
|
|
Series 2025-SFR3, Class C, 3.39%, 7/17/2042 (a)
|
13,085
|
12,148
|
|
Series 2025-SFR5, Class C, 4.00%, 10/17/2042 (a)
|
1,997
|
1,872
|
|
Series 2025-SFR5, Class D, 4.00%, 10/17/2042 (a)
|
3,145
|
2,934
|
|
Series 2025-SFR6, Class B, 4.00%, 12/17/2042 (a)
|
11,050
|
10,426
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2025-SFR6, Class D, 4.00%, 12/17/2042 (a)
|
7,812
|
7,238
|
|
Series 2026-SFR1, Class D, 4.00%, 2/17/2043 (a)
|
2,250
|
2,085
|
|
Purchasing Power Funding LLC Series 2026-A, Class A, 4.37%, 8/15/2030 (a)
|
3,480
|
3,453
|
|
Purewest ABS Issuer LLC
|
|
|
|
Series 2025-1, Class A2, 6.53%, 4/5/2040 ‡ (a)
|
3,950
|
3,935
|
|
Series 2025-1, Class B, 10.28%, 4/5/2040 ‡ (a)
|
1,789
|
1,789
|
|
RCKT Mortgage Trust
|
|
|
|
Series 2025-CES12, Class A1A, 5.03%, 11/25/2055 (a) (g)
|
6,260
|
6,230
|
|
Series 2026-CES2, Class A1A, 4.76%, 2/25/2056 (a) (g)
|
19,595
|
19,389
|
|
Series 2026-CES4, Class A1A, 5.12%, 4/25/2056 (a) (g)
|
7,144
|
7,124
|
|
Reach ABS Trust
|
|
|
|
Series 2025-2A, Class A, 4.93%, 8/18/2032 (a)
|
5,655
|
5,675
|
|
Series 2025-2A, Class B, 5.12%, 8/18/2032 (a)
|
3,500
|
3,497
|
|
Series 2026-1A, Class C, 4.80%, 2/15/2033 (a)
|
4,600
|
4,550
|
|
Series 2026-2A, Class C, 5.35%, 2/15/2035 (a)
|
5,350
|
5,358
|
|
Republic Finance Issuance Trust
|
|
|
|
Series 2024-A, Class B, 6.47%, 8/20/2032 (a)
|
2,889
|
2,900
|
|
Series 2024-B, Class A, 5.42%, 11/20/2037 (a)
|
5,530
|
5,563
|
|
Research-Driven Pagaya Motor Asset Trust
|
|
|
|
Series 2026-2A, Class A2, 4.84%, 2/26/2035 (a)
|
11,000
|
11,008
|
|
Series 2026-2A, Class A3, 5.38%, 2/26/2035 (a)
|
5,645
|
5,654
|
|
Santander Bank Auto Credit-Linked Notes
|
|
|
|
Series 2024-A, Class C, 5.82%, 6/15/2032 (a)
|
3,292
|
3,322
|
|
Series 2024-A, Class D, 6.11%, 6/15/2032 (a)
|
4,290
|
4,327
|
|
Series 2024-B, Class C, 5.14%, 1/18/2033 (a)
|
2,669
|
2,680
|
|
Series 2024-B, Class D, 5.48%, 1/18/2033 (a)
|
2,135
|
2,147
|
|
Series 2023-B, Class C, 5.93%, 12/15/2033 (a)
|
3,042
|
3,071
|
|
Santander Drive Auto Receivables Trust
|
|
|
|
Series 2022-6, Class D, 5.69%, 2/18/2031
|
7,000
|
7,045
|
|
Series 2023-5, Class C, 6.43%, 2/18/2031
|
2,000
|
2,048
|
|
Series 2025-2, Class D, 5.47%, 5/15/2031
|
10,000
|
10,106
|
|
Series 2024-2, Class D, 6.28%, 8/15/2031
|
5,000
|
5,124
|
|
Series 2025-3, Class C, 4.68%, 9/15/2031
|
10,890
|
10,882
|
|
Series 2025-3, Class D, 5.11%, 9/15/2031
|
6,000
|
6,003
|
|
Series 2024-3, Class D, 5.97%, 10/15/2031
|
4,000
|
4,075
|
|
Series 2024-4, Class D, 5.32%, 12/15/2031
|
4,387
|
4,416
|
|
Series 2023-4, Class C, 6.04%, 12/15/2031
|
8,700
|
8,866
|
|
Series 2025-4, Class B, 4.27%, 1/15/2032
|
4,535
|
4,516
|
|
Series 2025-4, Class D, 4.95%, 1/15/2032
|
2,763
|
2,747
|
|
Series 2024-5, Class D, 5.14%, 2/17/2032
|
1,916
|
1,923
|
|
Series 2026-1, Class D, 4.75%, 4/15/2032
|
3,344
|
3,296
|
|
SBNA Auto Receivables Trust Series 2024-A, Class D, 6.04%, 4/15/2030 (a)
|
5,525
|
5,604
|
|
SCF Equipment Leasing LLC
|
|
|
|
Series 2024-1A, Class B, 5.56%, 4/20/2032 (a)
|
2,167
|
2,204
|
|
Series 2024-1A, Class C, 5.82%, 9/20/2032 (a)
|
1,774
|
1,803
|
|
Series 2025-1A, Class D, 5.88%, 11/20/2035 (a)
|
3,283
|
3,314
|
|
Series 2025-2A, Class A3, 4.33%, 6/20/2036 (a)
|
6,475
|
6,434
|
|
Series 2025-2A, Class C, 4.82%, 6/20/2036 (a)
|
4,250
|
4,154
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2025-2A, Class D, 5.33%, 6/20/2036 (a)
|
990
|
969
|
|
Series 2025-2A, Class E, 6.21%, 6/20/2036 (a)
|
1,365
|
1,339
|
|
Sierra Timeshare Receivables Funding LLC
|
|
|
|
Series 2025-1A, Class A, 4.81%, 1/21/2042 (a)
|
2,179
|
2,175
|
|
Series 2026-1A, Class B, 4.80%, 12/22/2042 (a)
|
3,713
|
3,674
|
|
Series 2024-1A, Class B, 5.35%, 1/20/2043 (a)
|
902
|
906
|
|
Series 2025-2A, Class A, 4.72%, 4/20/2044 (a)
|
1,780
|
1,774
|
|
Series 2025-2A, Class B, 4.93%, 4/20/2044 (a)
|
838
|
833
|
|
Series 2025-2A, Class C, 5.32%, 4/20/2044 (a)
|
1,185
|
1,176
|
|
Series 2025-2A, Class D, 6.79%, 4/20/2044 (a)
|
1,333
|
1,327
|
|
Series 2025-3A, Class A, 4.44%, 8/22/2044 (a)
|
999
|
999
|
|
Series 2025-3A, Class C, 4.98%, 8/22/2044 (a)
|
680
|
671
|
|
Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA, Class C, 5.08%,
8/20/2029 (a)
|
4,000
|
4,020
|
|
Stonepeak ABS Series 2021-1A, 3.82%, 2/28/2033 ‡ (a)
|
1,446
|
1,421
|
|
Stream Innovations Issuer Trust
|
|
|
|
Series 2024-1A, Class A, 6.27%, 7/15/2044 (a)
|
2,304
|
2,370
|
|
Series 2024-2A, Class A, 5.21%, 2/15/2045 (a)
|
1,439
|
1,440
|
|
Symphony CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2015-16A, Class B1RR, 5.37%, 10/15/2031 (a) (e)
|
5,822
|
5,823
|
|
Series 2018-20A, Class BR2, 5.23%, 1/16/2032 (a) (e)
|
9,350
|
9,362
|
|
TCI-Flatiron CLO Ltd. (Cayman Islands) Series 2018-1A, Class BR2, 5.07%, 7/29/2035 (a) (e)
|
15,000
|
15,010
|
|
Towd Point Mortgage Trust
|
|
|
|
Series 2026-FIX1, Class A1, 4.98%, 12/25/2065 (a) (g)
|
3,083
|
3,060
|
|
Series 2026-CES1, Class A1, 4.96%, 1/25/2066 (a) (g)
|
3,634
|
3,608
|
|
Series 2026-FIX2, Class A1A, 5.31%, 4/25/2066 (a) (g)
|
6,658
|
6,639
|
|
Tricon Residential Trust Series 2021-SFR1, Class E1, 2.79%, 7/17/2038 (a)
|
3,760
|
3,745
|
|
Tricon Trust Series 2026-SFR2, Class A, 4.85%, 6/17/2043 (a) (e) (h)
|
10,132
|
10,132
|
|
UPG HI Issuer Trust Series 2025-2, Class A, 5.00%, 9/25/2047 (a)
|
3,495
|
3,487
|
|
Upstart Securitization Trust
|
|
|
|
Series 2025-1, Class A, 5.45%, 4/20/2035 (a)
|
422
|
424
|
|
Series 2025-4, Class A2, 4.56%, 11/20/2035 (a)
|
11,435
|
11,435
|
|
Series 2026-2, Class B, 5.08%, 5/20/2036 (a)
|
7,634
|
7,616
|
|
UPX HIL Issuer Trust Series 2025-1, Class A, 5.16%, 1/25/2047 (a)
|
4,962
|
4,935
|
|
Venture CLO Ltd. (Cayman Islands) Series 2019-36A, Class A1AR, 5.07%, 4/20/2032 (a) (e)
|
3,299
|
3,299
|
|
Verdant Receivables LLC Series 2024-1A, Class A2, 5.68%, 12/12/2031 (a)
|
3,044
|
3,086
|
|
Veros Auto Receivables Trust
|
|
|
|
Series 2023-1, Class C, 8.32%, 11/15/2028 (a)
|
6,862
|
6,935
|
|
Series 2025-1, Class B, 5.54%, 7/16/2029 (a)
|
2,750
|
2,768
|
|
VFI ABS LLC Series 2025-1A, Class A, 4.78%, 6/24/2030 (a)
|
3,379
|
3,387
|
|
VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, 5/25/2051 (a) (g)
|
840
|
840
|
|
VOLT CVI LLC Series 2021-NP12, Class A1, 6.73%, 12/26/2051 (a) (g)
|
1,899
|
1,901
|
|
VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, 3/27/2051 (a) (g)
|
144
|
144
|
|
VStrong Auto Receivables Trust Series 2023-A, Class B, 7.11%, 2/15/2030 (a)
|
1,404
|
1,424
|
|
Western Funding Auto Loan Trust
|
|
|
|
Series 2025-1, Class B, 4.98%, 9/17/2035 (a)
|
1,400
|
1,404
|
|
Series 2025-1, Class C, 5.34%, 11/15/2035 (a)
|
8,000
|
8,041
|
|
Series 2025-1, Class D, 5.79%, 1/15/2036 (a)
|
1,515
|
1,525
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Asset-Backed Securities — continued
|
||
|
Westgate Resorts LLC
|
|
|
|
Series 2024-1A, Class B, 6.56%, 1/20/2038 (a)
|
1,862
|
1,878
|
|
Series 2024-1A, Class C, 7.06%, 1/20/2038 (a)
|
1,668
|
1,685
|
|
Westlake Automobile Receivables Trust
|
|
|
|
Series 2023-1A, Class D, 6.79%, 11/15/2028 (a)
|
3,000
|
3,040
|
|
Series 2024-1A, Class D, 6.02%, 10/15/2029 (a)
|
7,000
|
7,121
|
|
Series 2025-3A, Class C, 4.68%, 7/15/2031 (a)
|
12,800
|
12,781
|
|
Wingspire Equipment Finance LLC
|
|
|
|
Series 2024-1A, Class C, 5.28%, 9/20/2032 (a)
|
1,000
|
1,006
|
|
Series 2025-1A, Class A2, 4.33%, 9/20/2033 (a)
|
1,015
|
1,015
|
|
Total Asset-Backed Securities
(Cost $1,425,628)
|
|
1,424,296
|
|
U.S. Treasury Obligations — 15.7%
|
||
|
U.S. Treasury Notes
|
|
|
|
4.13%, 6/15/2026
|
3,010
|
3,010
|
|
4.25%, 3/15/2027
|
440
|
442
|
|
3.25%, 6/30/2027
|
2,140
|
2,125
|
|
4.38%, 7/15/2027
|
8,470
|
8,512
|
|
3.38%, 9/15/2027
|
2,920
|
2,899
|
|
3.88%, 10/15/2027
|
3,315
|
3,311
|
|
4.13%, 10/31/2027
|
214
|
215
|
|
4.00%, 12/15/2027
|
3,625
|
3,626
|
|
3.50%, 1/31/2028
|
690
|
685
|
|
3.75%, 5/15/2028
|
635
|
632
|
|
3.88%, 6/15/2028
|
46,915
|
46,789
|
|
3.88%, 7/15/2028
|
201,760
|
201,153
|
|
3.63%, 8/15/2028
|
82,040
|
81,357
|
|
3.38%, 9/15/2028
|
84,790
|
83,584
|
|
4.63%, 9/30/2028
|
1,230
|
1,246
|
|
3.50%, 10/15/2028
|
163,070
|
161,095
|
|
3.50%, 12/15/2028
|
23,494
|
23,190
|
|
3.50%, 1/15/2029
|
422,480
|
416,787
|
|
3.88%, 6/30/2030
|
1,850
|
1,834
|
|
3.63%, 8/31/2030
|
6,560
|
6,434
|
|
3.63%, 9/30/2030
|
740
|
726
|
|
3.88%, 4/30/2031
|
1,460
|
1,443
|
|
Total U.S. Treasury Obligations
(Cost $1,059,318)
|
|
1,051,095
|
|
Mortgage-Backed Securities — 12.4%
|
||
|
FHLMC Gold Pools, 15 Year Pool # G18528, 3.50%, 10/1/2029
|
830
|
821
|
|
FHLMC Gold Pools, 20 Year Pool # C91649, 3.00%, 4/1/2033
|
18
|
17
|
|
FHLMC Gold Pools, 30 Year Pool # G61879, 4.50%, 3/1/2047
|
121
|
119
|
|
FHLMC Gold Pools, Other Pool # WN5278, 4.25%, 2/1/2030
|
20,000
|
19,922
|
|
FHLMC UMBS, 15 Year
|
|
|
|
Pool # SB0041, 3.50%, 7/1/2034
|
1,251
|
1,221
|
|
Pool # SB8184, 4.00%, 10/1/2037
|
7,039
|
6,848
|
|
Pool # QO4733, 5.50%, 1/1/2041
|
1,115
|
1,135
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # QO4734, 5.50%, 1/1/2041
|
1,106
|
1,136
|
|
Pool # QO4735, 5.50%, 1/1/2041
|
1,114
|
1,140
|
|
FHLMC UMBS, 30 Year
|
|
|
|
Pool # SD8342, 5.50%, 7/1/2053
|
23,115
|
23,301
|
|
Pool # RA9453, 6.00%, 7/1/2053
|
22,373
|
23,017
|
|
Pool # SD8343, 6.00%, 7/1/2053
|
31,532
|
32,292
|
|
Pool # QH3301, 6.00%, 10/1/2053
|
4,920
|
5,036
|
|
Pool # SD4536, 6.00%, 11/1/2053
|
4,279
|
4,372
|
|
Pool # SD4893, 6.00%, 2/1/2054
|
44,674
|
46,184
|
|
Pool # SL0768, 6.00%, 5/1/2054
|
47,687
|
48,860
|
|
Pool # SL0775, 6.00%, 5/1/2054
|
14,255
|
14,623
|
|
Pool # RJ1970, 6.00%, 7/1/2054
|
3,584
|
3,669
|
|
Pool # SD6636, 5.50%, 10/1/2054
|
14,728
|
14,924
|
|
Pool # QJ7053, 6.00%, 10/1/2054
|
7,959
|
8,131
|
|
Pool # SL0226, 6.00%, 2/1/2055
|
11,219
|
11,577
|
|
Pool # QZ4956, 5.50%, 10/1/2055
|
12,320
|
12,386
|
|
Pool # QZ5395, 5.50%, 10/1/2055
|
6,542
|
6,592
|
|
Pool # QZ9152, 6.00%, 11/1/2055
|
10,324
|
10,743
|
|
Pool # TA0287, 5.50%, 12/1/2055
|
10,419
|
10,571
|
|
Pool # TA2049, 5.50%, 12/1/2055
|
9,933
|
10,052
|
|
Pool # QZ9731, 6.00%, 12/1/2055
|
9,709
|
9,964
|
|
Pool # TA1089, 6.00%, 12/1/2055
|
1,463
|
1,504
|
|
Pool # TA5309, 6.00%, 12/1/2055
|
1,192
|
1,226
|
|
Pool # TA2045, 5.50%, 1/1/2056
|
19,485
|
19,706
|
|
Pool # TA5394, 5.50%, 1/1/2056
|
8,369
|
8,471
|
|
Pool # TA5391, 5.50%, 2/1/2056
|
9,537
|
9,614
|
|
Pool # TA5462, 5.50%, 2/1/2056
|
6,440
|
6,498
|
|
Pool # TA5463, 5.50%, 2/1/2056
|
7,131
|
7,198
|
|
Pool # TA6706, 5.50%, 2/1/2056
|
7,888
|
7,971
|
|
Pool # TA6707, 5.50%, 2/1/2056
|
3,852
|
3,887
|
|
Pool # TA6708, 5.50%, 2/1/2056
|
12,175
|
12,281
|
|
Pool # TA6712, 5.50%, 2/1/2056
|
3,036
|
3,080
|
|
Pool # TA6713, 5.50%, 2/1/2056
|
6,298
|
6,360
|
|
Pool # TA6714, 5.50%, 2/1/2056
|
6,368
|
6,428
|
|
Pool # TA6715, 5.50%, 2/1/2056
|
2,248
|
2,279
|
|
Pool # TA6716, 5.50%, 2/1/2056
|
3,991
|
4,033
|
|
Pool # TA6721, 5.50%, 2/1/2056
|
999
|
1,008
|
|
Pool # TA6752, 5.50%, 2/1/2056
|
1,334
|
1,349
|
|
Pool # TA6719, 6.00%, 2/1/2056
|
5,885
|
6,080
|
|
Pool # TA6720, 6.00%, 2/1/2056
|
3,306
|
3,410
|
|
Pool # TA6723, 6.00%, 2/1/2056
|
4,522
|
4,671
|
|
Pool # TA7134, 5.50%, 3/1/2056
|
2,070
|
2,100
|
|
Pool # TA7142, 5.50%, 3/1/2056
|
3,974
|
4,005
|
|
Pool # TA7143, 5.50%, 3/1/2056
|
5,390
|
5,436
|
|
Pool # TA8848, 5.50%, 3/1/2056
|
1,812
|
1,830
|
|
Pool # TA8850, 5.50%, 3/1/2056
|
15,987
|
16,127
|
|
Pool # TA8853, 5.50%, 3/1/2056
|
1,883
|
1,901
|
|
Pool # TA8859, 5.50%, 3/1/2056
|
3,393
|
3,421
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # TA8864, 6.00%, 3/1/2056
|
4,521
|
4,650
|
|
Pool # TA8869, 6.00%, 3/1/2056
|
1,072
|
1,100
|
|
Pool # TA8872, 6.00%, 3/1/2056
|
1,820
|
1,873
|
|
Pool # TA8876, 6.00%, 3/1/2056
|
4,002
|
4,114
|
|
Pool # TA8885, 6.00%, 3/1/2056
|
2,629
|
2,707
|
|
Pool # TA9463, 6.50%, 4/1/2056
|
6,583
|
6,858
|
|
Pool # TB3664, 5.50%, 5/1/2056
|
9,531
|
9,603
|
|
Pool # TB3710, 6.50%, 5/1/2056
|
4,249
|
4,452
|
|
FNMA UMBS, 15 Year
|
|
|
|
Pool # BM4202, 3.50%, 12/1/2029
|
1,262
|
1,248
|
|
Pool # AL9552, 3.50%, 8/1/2031
|
112
|
110
|
|
Pool # AS9697, 3.50%, 5/1/2032
|
45
|
44
|
|
Pool # FM1156, 2.50%, 4/1/2033
|
3,245
|
3,122
|
|
Pool # FS2930, 4.00%, 9/1/2037
|
7,238
|
7,041
|
|
Pool # MA5558, 5.00%, 12/1/2039
|
12,646
|
12,719
|
|
Pool # DE2796, 5.50%, 6/1/2040
|
1,567
|
1,598
|
|
Pool # DE1909, 5.50%, 7/1/2040
|
835
|
852
|
|
Pool # DE9689, 5.50%, 9/1/2040
|
1,190
|
1,213
|
|
Pool # DF1303, 5.50%, 10/1/2040
|
1,017
|
1,037
|
|
Pool # DF1912, 5.50%, 10/1/2040
|
1,113
|
1,135
|
|
Pool # DF5649, 5.50%, 11/1/2040
|
923
|
943
|
|
Pool # DE6933, 5.50%, 12/1/2040
|
1,625
|
1,656
|
|
Pool # DG1558, 5.50%, 2/1/2041
|
1,045
|
1,066
|
|
FNMA UMBS, 20 Year
|
|
|
|
Pool # MA1446, 3.50%, 5/1/2033
|
83
|
81
|
|
Pool # MA1527, 3.00%, 8/1/2033
|
54
|
52
|
|
Pool # MA1921, 3.50%, 6/1/2034
|
3,134
|
3,034
|
|
Pool # FM3933, 3.00%, 6/1/2037
|
14,945
|
14,173
|
|
Pool # CA1791, 3.50%, 2/1/2038
|
5,685
|
5,486
|
|
Pool # FM3075, 3.50%, 11/1/2039
|
18,201
|
17,313
|
|
Pool # CA8310, 2.50%, 12/1/2040
|
10,301
|
9,204
|
|
FNMA UMBS, 30 Year
|
|
|
|
Pool # MA4842, 5.50%, 12/1/2052
|
6,066
|
6,136
|
|
Pool # MA5191, 6.00%, 11/1/2053
|
13,828
|
14,142
|
|
Pool # FA0565, 6.00%, 6/1/2054
|
28,965
|
29,744
|
|
Pool # FS9980, 6.00%, 9/1/2054
|
3,674
|
3,771
|
|
Pool # DE2826, 6.00%, 7/1/2055
|
2,686
|
2,757
|
|
Pool # DF0304, 6.00%, 9/1/2055
|
5,436
|
5,554
|
|
Pool # DF8741, 5.50%, 12/1/2055
|
1,151
|
1,157
|
|
Pool # DF6866, 5.50%, 1/1/2056
|
1,725
|
1,739
|
|
Pool # DF6898, 5.50%, 1/1/2056
|
1,901
|
1,920
|
|
Pool # DF9730, 5.50%, 1/1/2056
|
1,052
|
1,063
|
|
Pool # DF9754, 5.50%, 1/1/2056
|
1,323
|
1,345
|
|
Pool # DF9776, 5.50%, 1/1/2056
|
9,014
|
9,124
|
|
Pool # DF9779, 5.50%, 1/1/2056
|
4,879
|
4,946
|
|
Pool # DF9780, 5.50%, 1/1/2056
|
1,420
|
1,434
|
|
Pool # DF9782, 5.50%, 1/1/2056
|
3,910
|
3,948
|
|
Pool # DF6150, 5.50%, 2/1/2056
|
4,933
|
4,963
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # DG0358, 5.50%, 2/1/2056
|
1,293
|
1,302
|
|
Pool # DG1458, 5.50%, 2/1/2056
|
1,134
|
1,152
|
|
Pool # DG1462, 5.50%, 2/1/2056
|
7,857
|
7,938
|
|
Pool # DG1564, 5.50%, 2/1/2056
|
2,355
|
2,377
|
|
Pool # DG1572, 5.50%, 2/1/2056
|
4,297
|
4,319
|
|
Pool # DG1751, 5.50%, 2/1/2056
|
3,631
|
3,681
|
|
Pool # DG1752, 5.50%, 2/1/2056
|
4,303
|
4,355
|
|
Pool # DG2566, 5.50%, 2/1/2056
|
14,294
|
14,418
|
|
Pool # DG2570, 5.50%, 2/1/2056
|
7,875
|
7,957
|
|
Pool # DG2572, 5.50%, 2/1/2056
|
5,638
|
5,717
|
|
Pool # DF4300, 6.00%, 2/1/2056
|
300
|
307
|
|
Pool # DG1586, 6.00%, 2/1/2056
|
2,236
|
2,298
|
|
Pool # DG1589, 6.00%, 2/1/2056
|
2,051
|
2,110
|
|
Pool # DG3661, 5.50%, 3/1/2056
|
3,643
|
3,679
|
|
Pool # DG3665, 5.50%, 3/1/2056
|
5,812
|
5,863
|
|
Pool # DG5501, 5.50%, 3/1/2056
|
2,444
|
2,456
|
|
Pool # DG3674, 6.00%, 3/1/2056
|
4,363
|
4,500
|
|
Pool # DG3677, 6.00%, 3/1/2056
|
2,902
|
2,998
|
|
Pool # DG6115, 5.50%, 4/1/2056
|
6,986
|
7,021
|
|
Pool # DG6829, 6.00%, 4/1/2056
|
2,068
|
2,128
|
|
Pool # DG6830, 6.00%, 4/1/2056
|
2,227
|
2,289
|
|
Pool # DG6851, 6.50%, 4/1/2056
|
1,498
|
1,563
|
|
Pool # DG6852, 6.50%, 4/1/2056
|
3,995
|
4,162
|
|
Pool # DG9905, 5.50%, 5/1/2056
|
6,612
|
6,662
|
|
Pool # DH1935, 6.50%, 5/1/2056
|
1,110
|
1,160
|
|
Pool # DH1936, 6.50%, 6/1/2056
|
6,000
|
6,251
|
|
Pool # DH1939, 6.50%, 6/1/2056
|
3,008
|
3,133
|
|
Pool # DH1950, 7.00%, 6/1/2056
|
2,282
|
2,420
|
|
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 5.50%, 6/25/2041 (h)
|
3,560
|
3,623
|
|
GNMA II, 30 Year Pool # 787548, 5.50%, 9/20/2054
|
19,953
|
20,216
|
|
Total Mortgage-Backed Securities
(Cost $833,156)
|
|
830,809
|
|
Collateralized Mortgage Obligations — 11.6%
|
||
|
ABL Series 2025-RTL1, Class A1, 6.04%, 6/25/2030 (a) (g)
|
6,385
|
6,433
|
|
Al, 5.59%, 10/25/2029 ‡
|
13,000
|
13,000
|
|
Alternative Loan Trust Series 2004-25CB, Class A1, 6.00%, 12/25/2034
|
104
|
90
|
|
Anchor Mortgage Trust Series 2025-RTL1, Class A1, 5.72%, 5/25/2040 (a) (g)
|
6,000
|
5,997
|
|
Angel Oak Mortgage Trust
|
|
|
|
Series 2019-5, Class A3, 2.92%, 10/25/2049 (a) (e)
|
70
|
70
|
|
Series 2019-5, Class B1, 3.96%, 10/25/2049 (a) (e)
|
1,060
|
989
|
|
Arroyo Mortgage Trust
|
|
|
|
Series 2019-1, Class A1, 3.80%, 1/25/2049 (a) (e)
|
33
|
32
|
|
Series 2019-2, Class A3, 3.80%, 4/25/2049 (a) (e)
|
80
|
79
|
|
Brean Asset-Backed Securities Trust
|
|
|
|
Series 2025-RM11, Class A1, 4.75%, 5/25/2065 ‡ (a) (e)
|
3,544
|
3,493
|
|
Series 2025-RM12, Class A1, 4.50%, 7/25/2065 ‡ (a)
|
9,183
|
8,981
|
|
Series 2026-RM14, Class A1, 4.25%, 1/25/2066 ‡ (a)
|
3,033
|
2,930
|
|
CAFL Issuer LP Series 2025-RRTL1, Class A1, 5.68%, 5/28/2040 (a) (g)
|
11,000
|
11,033
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
CFMT LLC Series 2024-HB15, Class M1, 4.00%, 8/25/2034 ‡ (a) (e)
|
2,000
|
1,968
|
|
CHL Mortgage Pass-Through Trust
|
|
|
|
Series 2005-J2, Class 3A8, 5.50%, 8/25/2035
|
452
|
279
|
|
Series 2006-HYB2, Class 2A1B, 4.44%, 4/20/2036 (e)
|
59
|
56
|
|
CIM Trust Series 2019-INV2, Class A11, 4.68%, 5/25/2049 (a) (e)
|
51
|
49
|
|
Citi Asset Receivables Trust I
|
|
|
|
Series 2026-3, Class CERT, 0.00%, 4/20/2032 ‡ (a)
|
10,650
|
10,604
|
|
Series 2026-4, Class CERT, 0.00%, 5/20/2032 ‡ (a)
|
18,131
|
18,358
|
|
Series 2026-5, Class CERT, 0.00%, 6/20/2032 ‡ (a)
|
7,664
|
7,980
|
|
Connecticut Avenue Securities Trust
|
|
|
|
Series 2021-R03, Class 1M2, 5.26%, 12/25/2041 (a) (e)
|
9,107
|
9,139
|
|
Series 2025-R06, Class 1M1, 4.56%, 9/25/2045 (a) (e)
|
4,457
|
4,453
|
|
CRIBS Mortgage Trust Series 2025-RTL1, Class A1, 5.81%, 5/25/2040 (a) (g)
|
2,000
|
2,009
|
|
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-9, Class 1A2, 5.25%, 10/25/2035
|
666
|
606
|
|
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-3, Class 2A1, 5.20%, 10/25/2047 (e)
|
534
|
422
|
|
FHLMC, REMIC
|
|
|
|
Series 5394, Class AV, 5.50%, 1/25/2035
|
5,619
|
5,645
|
|
Series 3036, Class NE, 5.00%, 9/15/2035
|
57
|
57
|
|
Series 5510, Class GV, 5.50%, 12/25/2035
|
12,875
|
12,983
|
|
Series 5516, Class DV, 6.00%, 12/25/2035
|
8,850
|
8,993
|
|
Series 5530, Class V, 5.50%, 2/25/2036
|
14,959
|
15,192
|
|
Series 3294, Class NE, 5.50%, 3/15/2037
|
124
|
127
|
|
Series 3878, Class PL, 4.50%, 11/15/2040
|
6,091
|
6,040
|
|
Series 4012, Class GS, IF, IO, 2.74%, 3/15/2042 (e)
|
3,230
|
441
|
|
Series 4338, Class SA, IF, IO, 2.24%, 5/15/2044 (e)
|
2,921
|
278
|
|
Series 4477, Class SA, IF, IO, 2.39%, 5/15/2045 (e)
|
2,904
|
304
|
|
Series 4505, Class SA, IF, IO, 2.39%, 8/15/2045 (e)
|
2,452
|
242
|
|
Series 4681, Class SD, IF, IO, 2.39%, 5/15/2047 (e)
|
230
|
25
|
|
Series 4925, Class SH, IF, IO, 2.37%, 10/25/2049 (e)
|
5,281
|
470
|
|
Series 4954, Class SB, IF, IO, 2.32%, 2/25/2050 (e)
|
5,662
|
587
|
|
Series 5021, Class MI, IO, 3.00%, 10/25/2050
|
19,139
|
3,235
|
|
Series 5551, Class BA, 5.00%, 10/25/2051
|
32,603
|
32,270
|
|
Series 5564, Class BA, 5.00%, 12/25/2051
|
55,918
|
55,620
|
|
Series 5537, Class CA, 5.00%, 2/25/2052
|
2,454
|
2,442
|
|
Series 5531, Class DA, 5.00%, 3/25/2052
|
15,487
|
15,444
|
|
Series 5577, Class A, 5.00%, 4/25/2052
|
8,781
|
8,749
|
|
Series 5558, Class DA, 5.00%, 7/25/2052
|
13,563
|
13,504
|
|
Series 4632, Class MA, 4.00%, 8/15/2054
|
3,729
|
3,674
|
|
Series 4634, Class MD, 5.00%, 11/15/2054
|
5,131
|
5,117
|
|
Series 4630, Class MA, 4.00%, 1/15/2055
|
4,309
|
4,275
|
|
Series 4839, Class WS, IF, IO, 2.34%, 8/15/2056 (e)
|
10,193
|
1,274
|
|
FHLMC, STRIPS
|
|
|
|
Series 445, Class HA, 4.25%, 5/25/2031
|
16,695
|
16,462
|
|
Series 267, Class S5, IF, IO, 2.24%, 8/15/2042 (e)
|
2,517
|
226
|
|
Series 342, Class S7, IF, IO, 2.35%, 2/15/2045 (e)
|
1,060
|
104
|
|
FNMA, REMIC
|
|
|
|
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033
|
547
|
40
|
|
Series 2024-101, Class DV, 5.50%, 12/25/2035
|
4,504
|
4,563
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Series 2025-4, Class PV, 5.50%, 1/25/2036
|
4,753
|
4,829
|
|
Series 2025-27, Class BV, 5.50%, 3/25/2036
|
13,489
|
13,652
|
|
Series 2025-29, Class CV, 5.50%, 4/25/2036
|
11,356
|
11,488
|
|
Series 2025-56, Class BV, 5.50%, 7/25/2036
|
11,599
|
11,779
|
|
Series 2015-85, Class SA, IF, IO, 1.89%, 11/25/2045 (e)
|
2,481
|
191
|
|
Series 2016-74, Class GS, IF, IO, 2.27%, 10/25/2046 (e)
|
1,237
|
119
|
|
Series 2017-31, Class SG, IF, IO, 2.37%, 5/25/2047 (e)
|
6,198
|
639
|
|
Series 2024-27, Class CA, 5.50%, 12/25/2048
|
2,199
|
2,204
|
|
Series 2019-31, Class S, IF, IO, 2.32%, 7/25/2049 (e)
|
2,983
|
310
|
|
Series 2024-20, Class MA, 5.00%, 11/25/2049
|
17,886
|
17,882
|
|
Series 2025-58, Class CA, 5.00%, 9/25/2051
|
6,735
|
6,718
|
|
Series 2025-58, Class MA, 5.00%, 9/25/2051
|
13,131
|
13,104
|
|
Series 2025-22, Class BA, 5.00%, 11/25/2051
|
20,536
|
20,446
|
|
Series 2025-66, Class LA, 5.00%, 12/25/2051
|
17,819
|
17,744
|
|
Series 2025-62, Class CA, 5.50%, 1/25/2052
|
21,972
|
22,097
|
|
Series 2022-42, Class EA, 3.75%, 6/25/2052
|
41,066
|
39,584
|
|
Series 2022-43, Class P, 4.00%, 7/25/2052
|
7,139
|
6,935
|
|
Series 2025-51, Class A, 5.50%, 1/25/2053
|
38,307
|
38,627
|
|
GNMA
|
|
|
|
Series 2012-39, Class MI, IO, 4.00%, 3/16/2042
|
194
|
33
|
|
Series 2015-123, Class SE, IF, IO, 2.00%, 9/20/2045 (e)
|
3,126
|
279
|
|
Series 2016-108, Class SM, IF, IO, 2.38%, 8/20/2046 (e)
|
546
|
72
|
|
Series 2024-110, Class LC, 3.50%, 4/20/2048
|
23,484
|
22,774
|
|
Series 2018-139, Class SB, IF, IO, 2.43%, 10/20/2048 (e)
|
4,485
|
632
|
|
Series 2025-4, Class LA, 3.00%, 7/20/2051
|
13,907
|
13,061
|
|
Series 2024-184, Class BG, 3.50%, 10/20/2051
|
5,626
|
5,374
|
|
Series 2025-1, Class GC, 3.50%, 10/20/2051
|
27,345
|
26,072
|
|
Series 2024-1, Class KB, 2.50%, 12/20/2051
|
14,597
|
13,731
|
|
Series 2024-151, Class HB, 4.50%, 10/20/2052
|
24,804
|
24,324
|
|
GS Mortgage-Backed Securities Trust
|
|
|
|
Series 2023-PJ5, Class A16, 6.50%, 2/25/2054 (a) (e)
|
8,380
|
8,455
|
|
Series 2025-PJ4, Class A5, 5.50%, 9/25/2055 (a) (e)
|
4,059
|
4,072
|
|
Series 2025-RPL3, Class A1, 4.10%, 7/25/2065 (a) (g)
|
7,826
|
7,589
|
|
Homeward Opportunities Fund Trust Series 2025-RRTL2, Class A1, 5.24%, 9/25/2040 (a) (g)
|
7,440
|
7,442
|
|
J.P. Morgan Mortgage Trust Series 2023-2, Class A4B, 5.50%, 7/25/2053 (a) (e)
|
4,638
|
4,659
|
|
LHOME Mortgage Trust
|
|
|
|
Series 2024-RTL5, Class A1, 5.32%, 9/25/2039 (a) (g)
|
5,444
|
5,450
|
|
Series 2025-RTL1, Class A1, 5.65%, 1/25/2040 (a) (g)
|
4,673
|
4,693
|
|
Series 2025-RTL2, Class A1, 5.61%, 4/25/2040 (a) (e)
|
2,500
|
2,513
|
|
Series 2025-RTL3, Class A1, 5.24%, 8/25/2040 (a) (g)
|
16,725
|
16,734
|
|
Series 2026-RTL1, Class A1, 4.91%, 1/25/2041 (a) (g)
|
9,070
|
9,009
|
|
LOANDEPOT GMSR Master Trust Series 2025-GT2, Class A, 6.78%, 7/16/2030 (a) (e)
|
5,000
|
5,009
|
|
MFA Trust
|
|
|
|
Series 2024-RTL3, Class A1, 5.91%, 11/25/2039 (a) (g)
|
3,650
|
3,661
|
|
Series 2024-NPL1, Class A1, 6.33%, 9/25/2054 (a) (g)
|
3,907
|
3,913
|
|
New Residential Mortgage Loan Trust
|
|
|
|
Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (a) (g)
|
2,024
|
2,026
|
|
Series 2024-RTL2, Class A1, 5.44%, 9/25/2039 (a) (g)
|
5,250
|
5,273
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 (a) (e)
|
3,041
|
2,690
|
|
NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A, 6.55%, 3/25/2032 (a) (g)
|
4,818
|
4,821
|
|
Onity Loan Investment Trust Series 2025-HB1, Class A, 3.00%, 6/25/2038 ‡ (a) (e)
|
6,185
|
6,070
|
|
Roc Mortgage Trust Series 2025-RTL1, Class A1, 5.63%, 2/25/2040 (a) (g)
|
1,135
|
1,137
|
|
Structured Asset Mortgage Investments II Trust Series 2006-AR6, Class 2A1, 4.08%,
7/25/2046 (e)
|
764
|
544
|
|
Toorak Mortgage Trust Series 2025-RRTL1, Class A1, 5.52%, 2/25/2040 (a) (g)
|
5,600
|
5,613
|
|
TVC Mortgage Trust Series 2026-RRTL1, Class A1, 4.96%, 2/25/2041 (a) (g)
|
4,296
|
4,255
|
|
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR5, Class A6, 4.87%, 5/25/2035 (e)
|
37
|
37
|
|
Total Collateralized Mortgage Obligations
(Cost $783,279)
|
|
777,798
|
|
Commercial Mortgage-Backed Securities — 4.6%
|
||
|
BAML RCAP Frn 8.00%, 10/25/2027 ‡
|
3,338
|
3,338
|
|
BMD2 Re-REMIC Trust Series 2019-FRR1, Class 5B13, 2.15%, 5/25/2052 ‡ (a) (e)
|
5,000
|
4,489
|
|
BX Commercial Mortgage Trust Series 2024-MF, Class B, 5.32%, 2/15/2039 (a) (e)
|
708
|
710
|
|
Citigroup Commercial Mortgage Trust
|
|
|
|
Series 2015-GC29, Class C, 3.97%, 4/10/2048 (e)
|
3,600
|
3,204
|
|
Series 2015-GC31, Class C, 3.69%, 6/10/2048 (e)
|
530
|
100
|
|
Commercial Mortgage Trust
|
|
|
|
Series 2014-CR14, Class B, 3.19%, 2/10/2047 (e)
|
1,534
|
1,512
|
|
Series 2014-UBS3, Class B, 4.31%, 6/10/2047
|
1,738
|
1,682
|
|
Series 2014-UBS5, Class C, 4.72%, 9/10/2047 (e)
|
2,750
|
2,552
|
|
Series 2015-LC21, Class D, 4.24%, 7/10/2048 (e)
|
1,000
|
942
|
|
Series 2015-CR26, Class B, 4.68%, 10/10/2048 (e)
|
800
|
782
|
|
CSTL Commercial Mortgage Trust
|
|
|
|
Series 2025-GATE2, Class C, 5.14%, 11/10/2042 (a) (e)
|
1,625
|
1,590
|
|
Series 2025-GATE2, Class D, 5.63%, 11/10/2042 (a) (e)
|
2,530
|
2,480
|
|
Series 2025-GATE2, Class E, 6.35%, 11/10/2042 (a) (e)
|
4,725
|
4,643
|
|
Series 2026-GATE3, Class B, 4.94%, 2/10/2043 (a) (e)
|
5,100
|
4,999
|
|
Series 2026-GATE3, Class C, 5.13%, 2/10/2043 (a) (e)
|
1,700
|
1,663
|
|
Series 2026-GATE3, Class D, 5.52%, 2/10/2043 (a) (e)
|
833
|
817
|
|
DLIC Re-REMIC Trust Series 2025-FRR1, Class CK57, 0.99%, 8/27/2049 ‡ (a) (e)
|
4,500
|
4,431
|
|
ELP Commercial Mortgage Trust
|
|
|
|
Series 2025-ELP, Class A, 4.60%, 11/13/2042 (a) (e)
|
5,960
|
5,896
|
|
Series 2025-ELP, Class B, 4.85%, 11/13/2042 (a) (e)
|
3,050
|
3,014
|
|
Series 2025-ELP, Class C, 5.14%, 11/13/2042 (a) (e)
|
1,700
|
1,691
|
|
FHLMC MSCR Trust
|
|
|
|
Series 2025-MN12, Class M1, 5.36%, 11/25/2045 (a) (e)
|
10,478
|
10,486
|
|
Series 2021-MN1, Class M1, 5.61%, 1/25/2051 (a) (e)
|
92
|
92
|
|
FHLMC, Multi-Family Structured Pass-Through Certificates
|
|
|
|
Series K734, Class X3, IO, 4.10%, 7/25/2026 (e)
|
7,691
|
2
|
|
Series KC05, Class X1, IO, 1.12%, 6/25/2027 (e)
|
15,787
|
124
|
|
Series K068, Class X1, IO, 0.40%, 8/25/2027 (e)
|
219,819
|
948
|
|
Series K739, Class X1, IO, 1.17%, 9/25/2027 (e)
|
59,302
|
508
|
|
Series K078, Class X1, IO, 0.08%, 6/25/2028 (e)
|
47,235
|
106
|
|
Series K090, Class X3, IO, 2.31%, 10/25/2029 (e)
|
32,598
|
2,022
|
|
Series K112, Class X1, IO, 1.42%, 5/25/2030 (e)
|
24,349
|
1,177
|
|
Series Q012, Class X, IO, 3.94%, 9/25/2035 (e)
|
9,966
|
1,382
|
|
Series K061, Class X3, IO, 1.88%, 12/25/2044 (e)
|
2,618
|
25
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series K070, Class X3, IO, 2.04%, 12/25/2044 (e)
|
16,537
|
479
|
|
Series K072, Class X3, IO, 2.14%, 12/25/2045 (e)
|
1,200
|
39
|
|
Series K087, Class X3, IO, 2.27%, 1/25/2046 (e)
|
13,787
|
720
|
|
Series K097, Class X3, IO, 2.02%, 9/25/2046 (e)
|
20,477
|
1,190
|
|
Series K104, Class X3, IO, 1.89%, 2/25/2047 (e)
|
25,300
|
1,583
|
|
Series K088, Class X3, IO, 2.35%, 2/25/2047 (e)
|
9,575
|
554
|
|
Series K735, Class X3, IO, 2.16%, 5/25/2047 (e)
|
1,134
|
—
|
|
Series K093, Class X3, IO, 2.21%, 5/25/2047 (e)
|
50,000
|
2,970
|
|
Series K095, Class X3, IO, 2.10%, 8/25/2047 (e)
|
25,000
|
1,491
|
|
Series K736, Class X3, IO, 1.98%, 9/25/2047 (e)
|
50,000
|
100
|
|
Series K099, Class X3, IO, 1.95%, 10/25/2047 (e)
|
13,745
|
761
|
|
Series K105, Class X3, IO, 1.92%, 3/25/2048 (e)
|
40,058
|
2,666
|
|
Series K111, Class X3, IO, 3.18%, 4/25/2048 (e)
|
15,644
|
1,755
|
|
Series K110, Class X3, IO, 3.37%, 6/25/2048 (e)
|
15,544
|
1,775
|
|
Series K114, Class X3, IO, 2.73%, 8/25/2048 (e)
|
10,750
|
1,000
|
|
Series K115, Class X3, IO, 2.95%, 9/25/2048 (e)
|
21,273
|
2,180
|
|
Series K125, Class X3, IO, 2.65%, 2/25/2049 (e)
|
15,690
|
1,634
|
|
FNMA ACES
|
|
|
|
Series 2020-M10, Class X1, IO, 1.77%, 12/25/2030 (e)
|
46,141
|
2,336
|
|
Series 2020-M37, Class X, IO, 0.98%, 4/25/2032 (e)
|
62,927
|
1,924
|
|
FREMF Series 2018-KF46, Class B, 5.71%, 3/25/2028 (a) (e)
|
10
|
10
|
|
FREMF Mortgage Trust
|
|
|
|
Series 2017-KF38, Class B, 6.26%, 9/25/2024 (a) (e)
|
55
|
55
|
|
Series 2019-KC06, Class B, 3.85%, 9/25/2026 (a) (e)
|
7,600
|
7,513
|
|
Series 2018-K82, Class X2A, IO, 0.10%, 9/25/2028 (a)
|
94,818
|
169
|
|
Series 2018-K82, Class D, PO, 10/25/2028 (a)
|
9,393
|
7,800
|
|
Series 2018-K82, Class X2B, IO, 0.10%, 10/25/2028 (a)
|
24,695
|
52
|
|
Series 2019-KC07, Class C, 3.58%, 10/25/2029 (a) (e)
|
4,700
|
4,000
|
|
Series 2020-K107, Class D, 3.51%, 2/25/2030 (a) (e)
|
7,500
|
6,202
|
|
Series 2020-KSG1, Class C, PO, 9/25/2030 (a)
|
4,100
|
2,904
|
|
Series 2020-KSG1, Class X2A, IO, 0.10%, 9/25/2030 (a)
|
67,213
|
217
|
|
Series 2020-KSG1, Class X2B, IO, 0.10%, 9/25/2030 (a)
|
4,100
|
14
|
|
Series 2017-K68, Class D, PO, 10/25/2049 (a)
|
8,000
|
7,200
|
|
Series 2019-K89, Class C, 4.29%, 1/25/2051 (a) (e)
|
6,000
|
5,864
|
|
Series 2018-K83, Class D, PO, 11/25/2051 (a)
|
6,900
|
5,616
|
|
Series 2019-K93, Class C, 4.12%, 5/25/2052 (a) (e)
|
8,652
|
8,395
|
|
Series 2020-K740, Class D, PO, 11/25/2052 (a)
|
9,000
|
8,060
|
|
Series 2020-K740, Class X2A, IO, 0.10%, 11/25/2052 (a)
|
93,061
|
89
|
|
Series 2020-K740, Class X2B, IO, 0.10%, 11/25/2052 (a)
|
22,000
|
24
|
|
Series 2020-K113, Class D, PO, 5/25/2053 (a)
|
9,000
|
6,387
|
|
Series 2020-K115, Class D, PO, 9/25/2053 (a)
|
7,500
|
5,552
|
|
Series 2020-K115, Class X2A, IO, 0.10%, 9/25/2053 (a)
|
79,949
|
257
|
|
Series 2020-K115, Class X2B, IO, 0.10%, 9/25/2053 (a)
|
18,200
|
62
|
|
Series 2020-K118, Class D, PO, 10/25/2053 (a)
|
7,500
|
5,370
|
|
Series 2020-K118, Class X2A, IO, 0.10%, 10/25/2053 (a)
|
80,985
|
268
|
|
Series 2020-K118, Class X2B, IO, 0.10%, 10/25/2053 (a)
|
16,750
|
58
|
|
Series 2020-K739, Class D, PO, 11/25/2053 (a)
|
7,000
|
6,059
|
|
Series 2020-K739, Class X2A, IO, 0.10%, 11/25/2053 (a)
|
67,213
|
51
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2020-K739, Class X2B, IO, 0.10%, 11/25/2053 (a)
|
17,500
|
17
|
|
Series 2021-K126, Class D, PO, 1/25/2054 (a)
|
9,500
|
6,510
|
|
Series 2021-K126, Class X2A, IO, 0.10%, 1/25/2054 (a)
|
97,237
|
344
|
|
Series 2021-K126, Class X2B, IO, 0.10%, 1/25/2054 (a)
|
25,000
|
95
|
|
FREMF Trust Series 2018-KW04, Class C, PO, 12/25/2032 (a)
|
5,000
|
3,509
|
|
GAM Re-REMIC Trust Series 2022-FRR3, Class BK61, PO, 11/27/2049 ‡ (a)
|
4,200
|
4,068
|
|
GS Mortgage Securities Trust
|
|
|
|
Series 2017-GS5, Class D, 3.51%, 3/10/2050 (a) (e)
|
2,250
|
142
|
|
Series 2015-GC30, Class C, 4.00%, 5/10/2050 (e)
|
3,695
|
3,194
|
|
JPMBB Commercial Mortgage Securities Trust
|
|
|
|
Series 2015-C30, Class C, 4.11%, 7/15/2048 (e)
|
7,732
|
6,311
|
|
Series 2015-C31, Class B, 4.53%, 8/15/2048 (e)
|
4,410
|
4,145
|
|
Series 2015-C31, Class C, 4.53%, 8/15/2048 (e)
|
3,360
|
2,612
|
|
Series 2016-C1, Class D1, 4.26%, 3/17/2049 (a) (e)
|
4,600
|
4,281
|
|
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class D, 4.49%, 3/15/2050 (a) (e)
|
3,725
|
3,114
|
|
Life Mortgage Trust Series 2021-BMR, Class C, 4.84%, 3/15/2038 (a) (e)
|
300
|
297
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class B, 3.88%,
11/15/2049 (e)
|
2,577
|
2,510
|
|
Morgan Stanley Capital I Trust
|
|
|
|
Series 2015-MS1, Class B, 4.03%, 5/15/2048 (e)
|
2,948
|
2,860
|
|
Series 2020-HR8, Class XA, IO, 1.78%, 7/15/2053 (e)
|
18,606
|
1,063
|
|
MRCD MARK Mortgage Trust
|
|
|
|
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)
|
6,960
|
6,264
|
|
Series 2019-PARK, Class B, 2.72%, 12/15/2036 (a)
|
6,000
|
4,974
|
|
Series 2019-PARK, Class D, 2.72%, 12/15/2036 (a)
|
2,000
|
1,469
|
|
Series 2019-PARK, Class E, 2.72%, 12/15/2036 (a)
|
7,500
|
5,077
|
|
Multi-Family Connecticut Avenue Securities Trust
|
|
|
|
Series 2019-01, Class M10, 6.98%, 10/25/2049 (a) (e)
|
3,175
|
3,206
|
|
Series 2020-01, Class M10, 7.48%, 3/25/2050 (a) (e)
|
6,919
|
7,021
|
|
PRM5 Trust
|
|
|
|
Series 2025-PRM5, Class C, 5.00%, 3/10/2033 (a) (e)
|
310
|
308
|
|
Series 2025-PRM5, Class D, 5.62%, 3/10/2033 (a) (e)
|
220
|
218
|
|
PRM7 Trust
|
|
|
|
Series 2025-PRM7, Class A, 4.36%, 11/10/2042 (a) (e)
|
7,069
|
6,895
|
|
Series 2025-PRM7, Class B, 4.65%, 11/10/2042 (a) (e)
|
7,067
|
6,856
|
|
Series 2025-PRM7, Class D, 5.66%, 11/10/2042 (a) (e)
|
4,766
|
4,696
|
|
ROCK Trust Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (a)
|
3,010
|
3,052
|
|
SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048
|
275
|
262
|
|
STWD Mortgage Trust (Cayman Islands)
|
|
|
|
Series 2021-LIH, Class B, 5.40%, 11/15/2036 (a) (e)
|
3,600
|
3,596
|
|
Series 2021-LIH, Class C, 5.70%, 11/15/2036 (a) (e)
|
2,200
|
2,197
|
|
Velocity Commercial Capital Loan Trust Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (e)
|
382
|
375
|
|
Wells Fargo Commercial Mortgage Trust
|
|
|
|
Series 2015-C27, Class C, 3.89%, 2/15/2048
|
1,494
|
1,315
|
|
Series 2018-C43, Class A3, 3.75%, 3/15/2051
|
586
|
580
|
|
Series 2015-LC22, Class D, 4.72%, 9/15/2058 (e)
|
10,106
|
8,994
|
|
WFRBS Commercial Mortgage Trust
|
|
|
|
Series 2014-C22, Class C, 3.61%, 9/15/2057 (e)
|
8,583
|
7,167
|
|
Series 2014-C22, Class D, 3.75%, 9/15/2057 (a) (e)
|
1,000
|
326
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2014-C22, Class B, 4.37%, 9/15/2057 (e)
|
3,000
|
2,792
|
|
WHARF Commercial Mortgage Trust
|
|
|
|
Series 2025-DC, Class A, 5.35%, 7/15/2040 (a) (e)
|
4,845
|
4,910
|
|
Series 2025-DC, Class B, 5.54%, 7/15/2040 (a) (e)
|
570
|
576
|
|
Series 2025-DC, Class C, 6.03%, 7/15/2040 (a) (e)
|
1,000
|
1,015
|
|
Total Commercial Mortgage-Backed Securities
(Cost $328,172)
|
|
310,025
|
|
Foreign Government Securities — 1.3%
|
||
|
Arab Republic of Egypt
|
|
|
|
7.60%, 3/1/2029 (d)
|
1,250
|
1,291
|
|
8.63%, 2/4/2030 (d)
|
1,000
|
1,069
|
|
9.45%, 2/4/2033 (a)
|
1,100
|
1,219
|
|
7.30%, 9/30/2033 (d)
|
800
|
797
|
|
7.63%, 5/20/2034 (a)
|
2,356
|
2,368
|
|
Argentine Republic
|
|
|
|
1.00%, 7/9/2029
|
620
|
559
|
|
4.12%, 7/9/2035 (g)
|
6,085
|
4,688
|
|
3.50%, 7/9/2041 (g)
|
2,400
|
1,723
|
|
Benin Government Bond 7.96%, 2/13/2038 (a)
|
1,878
|
1,981
|
|
Commonwealth of the Bahamas
|
|
|
|
8.95%, 10/15/2032 (d)
|
1,000
|
1,115
|
|
8.25%, 6/24/2036 (a)
|
1,196
|
1,337
|
|
Dominican Republic Government Bond
|
|
|
|
4.50%, 1/30/2030 (a)
|
1,940
|
1,876
|
|
7.05%, 2/3/2031 (a)
|
1,140
|
1,203
|
|
Federal Republic of Nigeria
|
|
|
|
6.50%, 11/28/2027 (d)
|
3,600
|
3,639
|
|
8.38%, 3/24/2029 (d)
|
1,400
|
1,489
|
|
8.63%, 1/13/2036 (d)
|
1,000
|
1,102
|
|
Hashemite Kingdom of Jordan
|
|
|
|
7.50%, 1/13/2029 (d)
|
1,500
|
1,569
|
|
5.85%, 7/7/2030 (d)
|
1,000
|
1,006
|
|
5.75%, 11/12/2032 (a)
|
2,283
|
2,243
|
|
Islamic Republic of Pakistan
|
|
|
|
7.38%, 4/8/2031 (a)
|
2,800
|
2,751
|
|
7.38%, 4/8/2031 (d)
|
3,900
|
3,831
|
|
Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (a)
|
2,530
|
2,715
|
|
Plurinational State of Bolivia 9.45%, 5/14/2031 (a)
|
1,400
|
1,365
|
|
Republic of Angola 8.00%, 11/26/2029 (a)
|
211
|
215
|
|
Republic of Colombia 6.13%, 1/21/2031
|
633
|
630
|
|
Republic of Congo
|
|
|
|
8.75%, 4/16/2032 (a)
|
1,910
|
1,931
|
|
9.50%, 5/26/2036 (d)
|
1,453
|
1,450
|
|
9.50%, 4/16/2037 (a)
|
1,020
|
1,040
|
|
Republic of Cote d'Ivoire
|
|
|
|
5.75%, 12/31/2032 (d) (g)
|
195
|
195
|
|
7.63%, 1/30/2033 (a)
|
2,500
|
2,667
|
|
6.13%, 6/15/2033 (d)
|
1,600
|
1,592
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Foreign Government Securities — continued
|
||
|
8.08%, 4/1/2036 (a)
|
2,174
|
2,366
|
|
6.75%, 2/25/2041 (a)
|
1,982
|
1,894
|
|
Republic of Ecuador
|
|
|
|
6.90%, 7/31/2030 (d) (g)
|
900
|
901
|
|
8.75%, 1/29/2034 (a)
|
1,105
|
1,121
|
|
6.90%, 7/31/2035 (a) (g)
|
1,421
|
1,305
|
|
9.25%, 1/29/2039 (a)
|
6,299
|
6,475
|
|
5.00%, 7/31/2040 (a) (g)
|
590
|
493
|
|
Republic of El Salvador 9.25%, 4/17/2030 (d)
|
1,150
|
1,229
|
|
Republic of Honduras 8.63%, 11/27/2034 (a)
|
2,000
|
2,279
|
|
Republic of Kenya
|
|
|
|
9.75%, 2/16/2031 (d)
|
1,200
|
1,296
|
|
7.88%, 10/9/2033 (a)
|
1,860
|
1,833
|
|
Republic of Montenegro 7.25%, 3/12/2031 (a)
|
1,100
|
1,160
|
|
Republic of South Africa
|
|
|
|
7.10%, 11/19/2036 (a)
|
2,385
|
2,546
|
|
6.13%, 12/11/2037 (a)
|
1,515
|
1,485
|
|
Suriname Government International Bond
|
|
|
|
7.70%, 11/6/2030 (a)
|
1,395
|
1,440
|
|
8.50%, 11/6/2035 (a)
|
1,922
|
2,059
|
|
Total Foreign Government Securities
(Cost $79,939)
|
|
82,538
|
|
Loan Assignments — 0.2% (b) (i)
|
||
|
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
|
691
|
690
|
|
Building Products — 0.0% ^
|
||
|
EMRLD Borrower LP, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 5.92%, 5/31/2030
|
1,066
|
1,065
|
|
Ground Transportation — 0.1%
|
||
|
First Student Bidco, Inc., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 2.25%),
5.67%, 8/15/2030
|
1,935
|
1,939
|
|
First Student Bidco, Inc., 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 2.25%), 5.95%,
8/15/2030
|
354
|
355
|
|
Genesee & Wyoming, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 1.75%), 5.45%,
4/10/2031
|
987
|
986
|
|
|
|
3,280
|
|
IT Services — 0.1%
|
||
|
MH Sub I LLC, 1st Lien Term Loan
|
|
|
|
(1-MONTH CME TERM SOFR + 4.25%), 7.87%, 5/3/2028
|
1,171
|
1,132
|
|
(1-MONTH CME TERM SOFR + 4.25%), 7.87%, 12/31/2031
|
793
|
683
|
|
|
|
1,815
|
|
Oil, Gas & Consumable Fuels — 0.0% ^
|
||
|
Buckeye Partners LP, 1st Lien Term Loan B-7 (1-MONTH CME TERM SOFR + 1.75%), 5.37%,
11/22/2032
|
670
|
673
|
|
Passenger Airlines — 0.0% ^
|
||
|
AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.93%,
4/20/2028
|
681
|
678
|
|
Professional Services — 0.0% ^
|
||
|
WEC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.00%), 5.65%,
1/27/2031
|
1,326
|
1,327
|
|
Software — 0.0% ^
|
||
|
UKG, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.91%, 2/10/2031
|
980
|
946
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Loan Assignments — continued
|
||
|
Specialty Retail — 0.0% ^
|
||
|
White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%),
6.90%, 10/19/2029
|
1,046
|
1,038
|
|
Total Loan Assignments
(Cost $11,716)
|
|
11,512
|
|
Municipal Bonds — 0.0% (e) (j) ^
|
||
|
California — 0.0% ^
|
||
|
California Housing Finance Agency Series 2021-1, Class X, Rev., 0.80%, 11/20/2035
(Cost $1,641)
|
50,579
|
1,941
|
|
|
SHARES
(000)
|
|
|
Common Stocks — 0.0% ^
|
||
|
Aerospace & Defense — 0.0% ^
|
||
|
Incora Intermediate LLC ‡ *
|
14
|
164
|
|
Containers & Packaging — 0.0% ^
|
||
|
Ardagh Holdings SA (Luxembourg) ‡ * (a)
|
37
|
251
|
|
Oil, Gas & Consumable Fuels — 0.0% ^
|
||
|
Gulfport Energy Corp. *
|
1
|
159
|
|
Total Common Stocks
(Cost $453)
|
|
574
|
|
|
NO. OF
RIGHTS
(000)
|
|
|
Rights — 0.0% ^
|
||
|
Media — 0.0% ^
|
||
|
SES SA (Luxembourg) ‡ *
(Cost $—) (k)
|
15
|
225
|
|
|
SHARES
(000)
|
|
|
Short-Term Investments — 1.1%
|
||
|
Investment Companies — 0.9%
|
||
|
JPMorgan Prime Money Market Fund Class IM Shares, 3.74% (l) (m)
(Cost $64,225)
|
64,219
|
64,232
|
|
|
PRINCIPAL
AMOUNT
($000)
|
|
|
U.S. Treasury Obligations — 0.2%
|
||
|
U.S. Treasury Bills, 3.54%, 7/2/2026 (n) (o)
(Cost $11,198)
|
11,232
|
11,197
|
|
Total Short-Term Investments
(Cost $75,423)
|
|
75,429
|
|
Total Investments — 100.1%
(Cost $6,747,644)
|
|
6,715,368
|
|
Liabilities in Excess of Other Assets — (0.1)%
|
|
(4,076
)
|
|
NET ASSETS — 100.0%
|
|
6,711,292
|
|
Percentages indicated are based on net assets.
|
||
|
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
|
|
Abbreviations
|
|
|
ABS
|
Asset-Backed Securities
|
|
ACES
|
Alternative Credit Enhancement Securities
|
|
CLO
|
Collateralized Loan Obligations
|
|
CME
|
Chicago Mercantile Exchange
|
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
|
FNMA
|
Federal National Mortgage Association
|
|
FRN
|
Floating Rate Note
|
|
GNMA
|
Government National Mortgage Association
|
|
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
|
|
PIK
|
Payment In Kind
|
|
PO
|
Principal Only represents the right to receive the principal portion only on an underlying
pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments
on the underlying mortgages of these securities increase, the yield on
these securities increases.
|
|
REIT
|
Real Estate Investment Trust
|
|
REMIC
|
Real Estate Mortgage Investment Conduit
|
|
Re-REMIC
|
Combined Real Estate Mortgage Investment Conduit
|
|
Rev.
|
Revenue
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
SOFRINDX
|
Compounding index of the Secured Overnight Financing Rate
|
|
STRIPS
|
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program
lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
|
|
TBA
|
To Be Announced; Security is subject to delayed delivery.
|
|
UMBS
|
Uniform Mortgage-Backed Securities
|
|
^
|
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)
|
Variable or floating rate security, linked to the referenced benchmark. The interest
rate shown is the current rate as of May 31, 2026.
|
|
|
(c)
|
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
|
|
|
(d)
|
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.
|
|
|
(e)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of
May 31, 2026.
|
|
|
(f)
|
Defaulted security.
|
|
|
(g)
|
Step bond. Interest rate is a fixed rate for an initial period that either resets
at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2026.
|
|
|
(h)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
|
(i)
|
Loan assignments are presented by obligor. Each series or loan tranche underlying
each obligor may have varying terms.
|
|
|
(j)
|
The date shown represents the earliest of the prerefunded date, next put date or final
maturity date.
|
|
|
(k)
|
Value is zero.
|
|
|
(l)
|
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.
|
|
|
(m)
|
The rate shown is the current yield as of May 31, 2026.
|
|
|
(n)
|
The rate shown is the effective yield as of May 31, 2026.
|
|
|
(o)
|
All or a portion of this security is deposited with the broker as initial margin for
futures contracts or centrally cleared swaps.
|
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
|
Long Contracts
|
|
|
|
|
|
|
U.S. Treasury Ultra Bond
|
38
|
09/21/2026
|
USD
|
4,356
|
97
|
|
U.S. Treasury 2 Year Note
|
3,113
|
09/30/2026
|
USD
|
643,224
|
1,329
|
|
U.S. Treasury 5 Year Note
|
6,104
|
09/30/2026
|
USD
|
654,797
|
3,291
|
|
|
|
|
|
|
4,717
|
|
Short Contracts
|
|
|
|
|
|
|
U.S. Treasury 10 Year Note
|
(1,408
)
|
09/21/2026
|
USD
|
(154,726
)
|
(1,443
)
|
|
U.S. Treasury 10 Year Ultra Note
|
(721
)
|
09/21/2026
|
USD
|
(80,898
)
|
(1,150
)
|
|
U.S. Treasury Long Bond
|
(270
)
|
09/21/2026
|
USD
|
(30,350
)
|
(618
)
|
|
|
|
|
|
|
(3,211
)
|
|
|
|
|
|
|
1,506
|
|
Abbreviations
|
|
|
USD
|
United States Dollar
|
|
REFERENCE
OBLIGATION/INDEX
|
FINANCING
RATE PAID
BY THE FUND
(%)
|
PAYMENT
FREQUENCY
|
MATURITY
DATE
|
IMPLIED
CREDIT
SPREAD
(%)(a)
|
NOTIONAL
AMOUNT(b)
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
|
VALUE
($)
|
|
CDX.NA.HY.46-V1
|
5.00
|
Quarterly
|
6/20/2031
|
3.01
|
USD 54,465
|
(2,129
)
|
(2,864
)
|
(4,993
)
|
|
(*)
|
The Fund, as a buyer of credit protection, is generally obligated to make periodic
payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment,
upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
|
||||||||
|
(a)
|
Implied credit spreads are an indication of the seller's performance risk, related
to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of
swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads
would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute
terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit
indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
|
||||||||
|
(b)
|
The notional amount is the maximum amount that a seller of credit protection would
be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
|
||||||||
|
(c)
|
Upfront payments and receipts generally represent premiums paid or received at the
initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads,
interest rates and other relevant factors).
|
||||||||
|
Abbreviations
|
|
|
CDX
|
Credit Default Swap Index
|
|
USD
|
United States Dollar
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$1,346,662
|
$77,634
|
$1,424,296
|
|
Collateralized Mortgage Obligations
|
—
|
704,414
|
73,384
|
777,798
|
|
Commercial Mortgage-Backed Securities
|
—
|
293,699
|
16,326
|
310,025
|
|
Common Stocks
|
|
|
|
|
|
Aerospace & Defense
|
—
|
—
|
164
|
164
|
|
Containers & Packaging
|
—
|
—
|
251
|
251
|
|
Oil, Gas & Consumable Fuels
|
159
|
—
|
—
|
159
|
|
Total Common Stocks
|
159
|
—
|
415
|
574
|
|
Corporate Bonds
|
|
|
|
|
|
Aerospace & Defense
|
—
|
4,165
|
147
|
4,312
|
|
Automobile Components
|
—
|
9,555
|
—
|
9,555
|
|
Automobiles
|
—
|
25,098
|
—
|
25,098
|
|
Banks
|
—
|
974,368
|
—
|
974,368
|
|
Beverages
|
—
|
9,164
|
—
|
9,164
|
|
Biotechnology
|
—
|
7,535
|
—
|
7,535
|
|
Broadline Retail
|
—
|
2,535
|
—
|
2,535
|
|
Building Products
|
—
|
16,401
|
—
|
16,401
|
|
Capital Markets
|
—
|
205,872
|
—
|
205,872
|
|
Chemicals
|
—
|
17,240
|
—
|
17,240
|
|
Commercial Services & Supplies
|
—
|
9,423
|
9,205
|
18,628
|
|
Construction & Engineering
|
—
|
5,369
|
—
|
5,369
|
|
Construction Materials
|
—
|
576
|
—
|
576
|
|
Consumer Finance
|
—
|
92,458
|
—
|
92,458
|
|
Consumer Staples Distribution & Retail
|
—
|
2,089
|
—
|
2,089
|
|
Containers & Packaging
|
—
|
13,492
|
—
|
13,492
|
|
Distributors
|
—
|
1,127
|
—
|
1,127
|
|
Diversified
|
—
|
—
|
5,070
|
5,070
|
|
Diversified Consumer Services
|
—
|
2,054
|
—
|
2,054
|
|
Diversified Telecommunication Services
|
—
|
25,469
|
—
|
25,469
|
|
Electric Utilities
|
—
|
86,454
|
—
|
86,454
|
|
Electrical Equipment
|
—
|
463
|
—
|
463
|
|
Electronic Equipment, Instruments & Components
|
—
|
4,980
|
—
|
4,980
|
|
Energy Equipment & Services
|
—
|
2,271
|
—
|
2,271
|
|
Entertainment
|
—
|
3,574
|
—
|
3,574
|
|
Financial Services
|
—
|
77,573
|
36,644
|
114,217
|
|
Food Products
|
—
|
3,736
|
—
|
3,736
|
|
Gas Utilities
|
—
|
1,050
|
—
|
1,050
|
|
Ground Transportation
|
—
|
6,072
|
—
|
6,072
|
|
Health Care Equipment & Supplies
|
—
|
12,643
|
—
|
12,643
|
|
Health Care Providers & Services
|
—
|
58,001
|
—
|
58,001
|
|
Health Care Technology
|
—
|
3,510
|
—
|
3,510
|
|
Hotel & Resort REITs
|
—
|
3,228
|
—
|
3,228
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Hotels, Restaurants & Leisure
|
$—
|
$30,951
|
$—
|
$30,951
|
|
Household Durables
|
—
|
11,998
|
—
|
11,998
|
|
Household Products
|
—
|
2,948
|
—
|
2,948
|
|
Independent Power and Renewable Electricity Producers
|
—
|
9,396
|
—
|
9,396
|
|
Insurance
|
—
|
67,203
|
—
|
67,203
|
|
Interactive Media & Services
|
—
|
625
|
—
|
625
|
|
IT Services
|
—
|
1,371
|
—
|
1,371
|
|
Machinery
|
—
|
3,095
|
—
|
3,095
|
|
Marine Transportation
|
—
|
1,056
|
—
|
1,056
|
|
Media
|
—
|
29,631
|
—
|
29,631
|
|
Metals & Mining
|
—
|
4,071
|
—
|
4,071
|
|
Mortgage Real Estate Investment Trusts (REITs)
|
—
|
10,507
|
—
|
10,507
|
|
Multi-Utilities
|
—
|
4,316
|
—
|
4,316
|
|
Oil, Gas & Consumable Fuels
|
—
|
118,657
|
—
|
118,657
|
|
Passenger Airlines
|
—
|
5,828
|
—
|
5,828
|
|
Personal Care Products
|
—
|
2,289
|
—
|
2,289
|
|
Pharmaceuticals
|
—
|
2,019
|
—
|
2,019
|
|
Real Estate Management & Development
|
—
|
1,238
|
—
|
1,238
|
|
Residential REITs
|
—
|
7,946
|
—
|
7,946
|
|
Semiconductors & Semiconductor Equipment
|
—
|
42,534
|
—
|
42,534
|
|
Software
|
—
|
29,367
|
—
|
29,367
|
|
Specialized REITs
|
—
|
2,470
|
—
|
2,470
|
|
Specialty Retail
|
—
|
9,144
|
—
(a)
|
9,144
|
|
Technology Hardware, Storage & Peripherals
|
—
|
1,727
|
—
|
1,727
|
|
Trading Companies & Distributors
|
—
|
7,725
|
—
|
7,725
|
|
Wireless Telecommunication Services
|
—
|
2,403
|
—
|
2,403
|
|
Total Corporate Bonds
|
—
|
2,098,060
|
51,066
|
2,149,126
|
|
Foreign Government Securities
|
—
|
82,538
|
—
|
82,538
|
|
Loan Assignments
|
—
|
11,512
|
—
|
11,512
|
|
Mortgage-Backed Securities
|
—
|
830,809
|
—
|
830,809
|
|
Municipal Bonds
|
—
|
1,941
|
—
|
1,941
|
|
Rights
|
—
|
—
|
225
|
225
|
|
U.S. Treasury Obligations
|
—
|
1,051,095
|
—
|
1,051,095
|
|
Short-Term Investments
|
|
|
|
|
|
Investment Companies
|
64,232
|
—
|
—
|
64,232
|
|
U.S. Treasury Obligations
|
—
|
11,197
|
—
|
11,197
|
|
Total Short-Term Investments
|
64,232
|
11,197
|
—
|
75,429
|
|
Total Investments in Securities
|
$64,391
|
$6,431,927
|
$219,050
|
$6,715,368
|
|
Appreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$4,717
|
$—
|
$—
|
$4,717
|
|
Depreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$(3,211
)
|
$—
|
$—
|
$(3,211
)
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Swaps
|
$—
|
$(2,864
)
|
$—
|
$(2,864
)
|
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments
|
$1,506
|
$(2,864
)
|
$—
|
$(1,358
)
|
|
|
|
|
(a)
|
Value is zero.
|
|
|
Balance as of
February 28,
2026
|
Realized
gain (loss)
|
Change in net
unrealized
appreciation
(depreciation)
|
Net
accretion
(amortization)
|
Purchases1
|
Sales2
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance as of
May 31,
2026
|
|
Investments in Securities:
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
$29,829
|
$—
(a)
|
$(432
)
|
$2
|
$49,418
|
$(1,183
)
|
$—
|
$—
|
$77,634
|
|
Collateralized Mortgage Obligations
|
33,928
|
—
|
(1,132
)
|
(8
)
|
53,780
|
(4,076
)
|
—
|
(9,108
)
|
73,384
|
|
Commercial Mortgage-Backed
Securities
|
17,931
|
—
|
(13
)
|
6
|
64
|
(1,662
)
|
—
|
—
|
16,326
|
|
Common Stocks
|
462
|
—
|
(47
)
|
—
|
—
|
—
|
—
|
—
|
415
|
|
Corporate Bonds
|
27,714
|
—
(a)
|
(32
)
|
(6
)
|
25,726
|
(2,336
)
|
—
|
—
|
51,066
|
|
Rights
|
224
|
—
|
1
|
—
|
—
|
—
|
—
|
—
|
225
|
|
Total
|
$110,088
|
$—
(a)
|
$(1,655
)
|
$(6
)
|
$128,988
|
$(9,257
)
|
$—
|
$(9,108
)
|
$219,050
|
|
|
|||||||||
|
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)
|
Amount rounds to less than one thousand.
|
|
|
Fair Value at
May 31, 2026
|
Valuation
Technique(s)
|
Unobservable
Input
|
Range (Weighted
Average) (a)
|
|
|
$5,840
|
Discounted Cash Flow
|
Yield (Discount Rate of Cash Flows)
|
5.78% - 6.46% (6.22%)
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
5,840
|
|
|
|
|
|
23,442
|
Discounted Cash Flow
|
Constant Prepayment Rate
|
35.75% - 100.00% (83.36%)
|
|
|
|
|
Yield (Discount Rate of Cash Flows)
|
5.04% - 5.40% (5.29%)
|
|
|
|
|
|
|
|
Collateralized Mortgage
Obligations
|
23,442
|
|
|
|
|
|
Fair Value at
May 31, 2026
|
Valuation
Technique(s)
|
Unobservable
Input
|
Range (Weighted
Average) (a)
|
|
|
164
|
Market Comparable Companies
|
EBITDA Multiple (b)
|
12.42x (12.42x)
|
|
|
|
|
Discount for Potential Outcome
|
60.00% (60.00%)
|
|
|
|
|
|
|
|
Common Stocks
|
164
|
|
|
|
|
|
147
|
Market Comparable Companies
|
EBITDA Multiple (b)
|
12.42x (12.42x)
|
|
|
|
|
Discount for Potential Outcome
|
60.00% (60.00%)
|
|
|
|
|
|
|
|
Corporate Bonds
|
147
|
|
|
|
|
Total
|
$29,593
|
|
|
|
|
#
|
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 $189,457. 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.
|
|
(b)
|
Represents amounts used when the reporting entity has determined that market participants
would take into account such multiples when
pricing the investments.
|
|
|
|||||||||
|
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)
|
$66,751
|
$640,767
|
$643,269
|
$(12
)
|
$(5
)
|
$64,232
|
64,219
|
$823
|
$—
|
|
|
|
|
(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.
|