|
State Street My2026 Corporate Bond ETF (formerly SPDR SSGA My2026 Corporate Bond ETF) |
|
State Street My2027 Corporate Bond ETF (formerly SPDR SSGA My2027 Corporate Bond ETF) |
|
State Street My2028 Corporate Bond ETF (formerly SPDR SSGA My2028 Corporate Bond ETF) |
|
State Street My2029 Corporate Bond ETF (formerly SPDR SSGA My2029 Corporate Bond ETF) |
|
State Street My2030 Corporate Bond ETF (formerly SPDR SSGA My2030 Corporate Bond ETF) |
|
State Street My2031 Corporate Bond ETF (formerly SPDR SSGA My2031 Corporate Bond ETF) |
|
State Street My2032 Corporate Bond ETF (formerly SPDR SSGA My2032 Corporate Bond ETF) |
|
State Street My2033 Corporate Bond ETF (formerly SPDR SSGA My2033 Corporate Bond ETF) |
|
State Street My2034 Corporate Bond ETF (formerly SPDR SSGA My2034 Corporate Bond ETF) |
|
State Street My2035 Corporate Bond ETF (formerly SPDR SSGA My2035 Corporate Bond ETF) |
|
State Street My2027 High Yield Corporate Bond ETF |
|
State Street My2028 High Yield Corporate Bond ETF |
|
State Street My2029 High Yield Corporate Bond ETF |
|
State Street My2030 High Yield Corporate Bond ETF |
|
State Street My2031 High Yield Corporate Bond ETF |
|
State Street My2026 Municipal Bond ETF (formerly SPDR SSGA My2026 Municipal Bond ETF) |
|
State Street My2027 Municipal Bond ETF (formerly SPDR SSGA My2027 Municipal Bond ETF) |
|
State Street My2028 Municipal Bond ETF (formerly SPDR SSGA My2028 Municipal Bond ETF) |
|
State Street My2029 Municipal Bond ETF (formerly SPDR SSGA My2029 Municipal Bond ETF) |
|
State Street My2030 Municipal Bond ETF (formerly SPDR SSGA My2030 Municipal Bond ETF) |
|
State Street My2031 Municipal Bond ETF (formerly SPDR SSGA My2031 Municipal Bond ETF) |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 97.6% | |||
|
AEROSPACE & DEFENSE — 2.0% | |||
|
Boeing Co.
2.25%, 6/15/2026 |
|
$45,000 |
$44,964 |
|
RTX Corp.
5.75%, 11/8/2026 |
|
870,000 |
874,898 |
|
|
|
|
919,862 |
|
AGRICULTURE — 1.5% | |||
|
Altria Group, Inc.
2.63%, 9/16/2026 |
|
236,000 |
235,014 |
|
Bunge Ltd. Finance Corp.
3.25%, 8/15/2026 |
|
55,000 |
54,862 |
|
Imperial Brands Finance PLC
3.50%, 7/26/2026 (a) |
|
430,000 |
429,338 |
|
|
|
|
719,214 |
|
AUTO MANUFACTURERS — 10.7% | |||
|
American Honda Finance Corp.: |
|
|
|
|
Series MTN, 1.30%, 9/9/2026 |
|
155,000 |
153,741 |
|
Series GMTN, 2.30%, 9/9/2026 |
|
40,000 |
39,776 |
|
Ford Motor Co.
4.35%, 12/8/2026 |
|
1,340,000 |
1,337,347 |
|
Ford Motor Credit Co. LLC: |
|
|
|
|
2.70%, 8/10/2026 |
|
91,000 |
90,669 |
|
4.54%, 8/1/2026 (b) |
|
80,000 |
79,985 |
|
5.13%, 11/5/2026 |
|
750,000 |
751,560 |
|
General Motors Financial Co., Inc.
1.50%, 6/10/2026 |
|
285,000 |
284,778 |
|
Hyundai Capital America
2.75%, 9/27/2026 (a) |
|
200,000 |
198,912 |
|
Nissan Motor Acceptance Co. LLC
1.85%, 9/16/2026 (a) |
|
500,000 |
494,525 |
|
Toyota Motor Credit Corp.
Series MTN, 5.00%, 8/14/2026 |
|
37,000 |
37,071 |
|
Volkswagen Group of America
Finance LLC
6.00%, 11/16/2026 (a) |
|
1,500,000 |
1,509,705 |
|
|
|
|
4,978,069 |
|
BANKS — 11.2% | |||
|
Bank of America Corp.
6.22%, 9/15/2026 |
|
345,000 |
346,866 |
|
Bank of Nova Scotia
5.35%, 12/7/2026 |
|
250,000 |
251,573 |
|
Citibank NA
5.49%, 12/4/2026 |
|
165,000 |
166,021 |
|
Citigroup, Inc.: |
|
|
|
|
3.20%, 10/21/2026 |
|
150,000 |
149,466 |
|
4.30%, 11/20/2026 |
|
330,000 |
329,865 |
|
Citizens Financial Group, Inc.
2.85%, 7/27/2026 |
|
350,000 |
349,062 |
|
Commonwealth Bank of Australia
4.58%, 11/27/2026 |
|
250,000 |
250,625 |
|
Goldman Sachs Group, Inc.: |
|
|
|
|
3.50%, 11/16/2026 |
|
772,000 |
769,615 |
|
Security Description |
|
Principal
Amount |
Value |
|
SOFR + 1.51%, 4.39%,
6/15/2027 (c) |
|
$375,000 |
$375,004 |
|
JPMorgan Chase & Co.
2.95%, 10/1/2026 |
|
300,000 |
298,896 |
|
Mitsubishi UFJ Financial Group,
Inc.
2.76%, 9/13/2026 |
|
150,000 |
149,342 |
|
Mizuho Financial Group, Inc.
2.84%, 9/13/2026 |
|
189,000 |
188,284 |
|
Morgan Stanley
3.95%, 4/23/2027 |
|
350,000 |
349,191 |
|
PNC Financial Services Group,
Inc.: |
|
|
|
|
1.15%, 8/13/2026 |
|
146,000 |
145,128 |
|
2.60%, 7/23/2026 |
|
145,000 |
144,685 |
|
Royal Bank of Canada
Series GMTN, 1.40%,
11/2/2026 |
|
250,000 |
247,243 |
|
Sumitomo Mitsui Financial Group,
Inc.: |
|
|
|
|
1.40%, 9/17/2026 |
|
319,000 |
316,467 |
|
2.63%, 7/14/2026 |
|
250,000 |
249,570 |
|
Truist Bank
3.80%, 10/30/2026 |
|
115,000 |
114,849 |
|
|
|
|
5,191,752 |
|
BEVERAGES — 0.4% | |||
|
Molson Coors Beverage Co.
3.00%, 7/15/2026 |
|
150,000 |
149,727 |
|
PepsiCo, Inc.
2.38%, 10/6/2026 |
|
36,000 |
35,794 |
|
|
|
|
185,521 |
|
BIOTECHNOLOGY — 0.3% | |||
|
Amgen, Inc.
2.60%, 8/19/2026 |
|
125,000 |
124,539 |
|
CHEMICALS — 3.7% | |||
|
Chevron Phillips Chemical Co.
LLC/Chevron Phillips Chemical
Co. LP
3.40%, 12/1/2026 (a) (b) |
|
1,745,000 |
1,735,926 |
|
COMPUTERS — 0.9% | |||
|
Kyndryl Holdings, Inc.
2.05%, 10/15/2026 |
|
400,000 |
396,080 |
|
DIVERSIFIED FINANCIAL SERVICES — 4.1% | |||
|
AerCap Ireland Capital
DAC/AerCap Global Aviation
Trust
2.45%, 10/29/2026 |
|
300,000 |
297,888 |
|
Charles Schwab Corp.
5.88%, 8/24/2026 |
|
619,000 |
620,690 |
|
Hercules Capital, Inc.
2.63%, 9/16/2026 |
|
750,000 |
744,930 |
|
Rocket Mortgage LLC/Rocket
Mortgage Co-Issuer, Inc.
2.88%, 10/15/2026 (a) |
|
200,000 |
198,538 |
|
Security Description |
|
Principal
Amount |
Value |
|
Sumisho Air Lease Corp.
Series MTN, 5.30%, 6/25/2026 |
|
$55,000 |
$55,010 |
|
|
|
|
1,917,056 |
|
ELECTRIC — 4.8% | |||
|
AEP Transmission Co. LLC
3.10%, 12/1/2026 |
|
210,000 |
209,026 |
|
Dominion Energy, Inc.
Series D, 2.85%, 8/15/2026 |
|
135,000 |
134,561 |
|
DTE Energy Co.
2.85%, 10/1/2026 |
|
260,000 |
258,788 |
|
Duke Energy Carolinas LLC
2.95%, 12/1/2026 |
|
175,000 |
174,027 |
|
Emera U.S. Finance LP
3.55%, 6/15/2026 |
|
115,000 |
114,936 |
|
Entergy Corp.
2.95%, 9/1/2026 |
|
145,000 |
144,546 |
|
Fortis, Inc.
3.06%, 10/4/2026 |
|
250,000 |
248,885 |
|
Sempra
5.40%, 8/1/2026 |
|
390,000 |
390,312 |
|
Vistra Operations Co. LLC: |
|
|
|
|
3.70%, 1/30/2027 (a) |
|
50,000 |
49,741 |
|
5.05%, 12/30/2026 (a) |
|
230,000 |
230,653 |
|
Xcel Energy, Inc.
3.35%, 12/1/2026 |
|
250,000 |
248,865 |
|
|
|
|
2,204,340 |
|
ELECTRONICS — 0.9% | |||
|
Honeywell International, Inc.
2.50%, 11/1/2026 |
|
400,000 |
397,320 |
|
ENTERTAINMENT — 0.2% | |||
|
Discovery Global Holdings, Inc.
3.76%, 3/15/2027 |
|
95,000 |
93,547 |
|
FOOD — 1.5% | |||
|
Conagra Brands, Inc.
5.30%, 10/1/2026 |
|
205,000 |
205,582 |
|
Ingredion, Inc.
3.20%, 10/1/2026 |
|
90,000 |
89,696 |
|
Kraft Heinz Foods Co.
3.00%, 6/1/2026 |
|
70,000 |
70,000 |
|
Kroger Co.
2.65%, 10/15/2026 |
|
246,000 |
244,659 |
|
Sysco Corp.
3.30%, 7/15/2026 |
|
95,000 |
94,869 |
|
|
|
|
704,806 |
|
HEALTH CARE PRODUCTS — 0.7% | |||
|
Agilent Technologies, Inc.
3.05%, 9/22/2026 |
|
150,000 |
149,449 |
|
Solventum Corp.
5.45%, 2/25/2027 |
|
42,000 |
42,231 |
|
Thermo Fisher Scientific, Inc.
4.95%, 8/10/2026 |
|
125,000 |
125,106 |
|
|
|
|
316,786 |
|
Security Description |
|
Principal
Amount |
Value |
|
HEALTH CARE SERVICES — 0.1% | |||
|
Premier Health Partners
Series G, 2.91%, 11/15/2026 |
|
$45,000 |
$44,451 |
|
INSURANCE — 2.5% | |||
|
Aflac, Inc.
2.88%, 10/15/2026 |
|
25,000 |
24,869 |
|
Allstate Corp.
3.28%, 12/15/2026 |
|
165,000 |
164,223 |
|
Arch Capital Finance LLC
4.01%, 12/15/2026 |
|
75,000 |
74,928 |
|
Athene Global Funding
2.95%, 11/12/2026 (a) |
|
750,000 |
744,810 |
|
Corebridge Global Funding
5.75%, 7/2/2026 (a) |
|
30,000 |
30,032 |
|
Principal Financial Group, Inc.
3.10%, 11/15/2026 |
|
100,000 |
99,476 |
|
|
|
|
1,138,338 |
|
INTERNET — 0.3% | |||
|
Netflix, Inc.
4.38%, 11/15/2026 |
|
120,000 |
120,185 |
|
INVESTMENT COMPANY SECURITIES — 8.6% | |||
|
Bain Capital Specialty Finance,
Inc.
2.55%, 10/13/2026 |
|
1,640,000 |
1,625,584 |
|
Blackstone Private Credit Fund
2.63%, 12/15/2026 |
|
2,100,000 |
2,075,031 |
|
Golub Capital BDC, Inc.
2.50%, 8/24/2026 |
|
250,000 |
248,608 |
|
Sixth Street Specialty Lending,
Inc.
2.50%, 8/1/2026 |
|
55,000 |
54,723 |
|
|
|
|
4,003,946 |
|
LODGING — 0.9% | |||
|
Las Vegas Sands Corp.
3.50%, 8/18/2026 |
|
400,000 |
399,652 |
|
MEDIA — 0.2% | |||
|
Walt Disney Co.
3.38%, 11/15/2026 |
|
75,000 |
74,759 |
|
MINING — 0.9% | |||
|
BHP Billiton Finance USA Ltd.
5.25%, 9/8/2026 |
|
235,000 |
235,642 |
|
Glencore Funding LLC
4.00%, 3/27/2027 (a) |
|
185,000 |
184,552 |
|
|
|
|
420,194 |
|
OFFICE & BUSINESS EQUIPMENT — 2.8% | |||
|
CDW LLC/CDW Finance Corp.
2.67%, 12/1/2026 |
|
1,330,000 |
1,318,083 |
|
OIL & GAS — 2.7% | |||
|
Diamondback Energy, Inc.
3.25%, 12/1/2026 |
|
292,000 |
290,817 |
|
Exxon Mobil Corp.
2.28%, 8/16/2026 |
|
15,000 |
14,943 |
|
Security Description |
|
Principal
Amount |
Value |
|
Marathon Petroleum Corp.
5.13%, 12/15/2026 |
|
$965,000 |
$967,577 |
|
|
|
|
1,273,337 |
|
PHARMACEUTICALS — 9.2% | |||
|
AbbVie, Inc.
2.95%, 11/21/2026 |
|
683,000 |
679,742 |
|
Bayer U.S. Finance LLC
6.13%, 11/21/2026 (a) |
|
2,100,000 |
2,112,516 |
|
CVS Health Corp.: |
|
|
|
|
2.88%, 6/1/2026 |
|
610,000 |
610,000 |
|
3.00%, 8/15/2026 |
|
155,000 |
154,560 |
|
McKesson Corp.
1.30%, 8/15/2026 |
|
95,000 |
94,443 |
|
Utah Acquisition Sub, Inc.
3.95%, 6/15/2026 |
|
600,000 |
599,688 |
|
|
|
|
4,250,949 |
|
PIPELINES — 3.4% | |||
|
Enbridge, Inc.
4.25%, 12/1/2026 |
|
42,000 |
42,003 |
|
Energy Transfer LP: |
|
|
|
|
3.90%, 7/15/2026 |
|
35,000 |
34,972 |
|
6.05%, 12/1/2026 |
|
510,000 |
513,758 |
|
ONEOK, Inc.
5.55%, 11/1/2026 |
|
325,000 |
326,401 |
|
Plains All American
Pipeline LP/PAA Finance Corp.
4.50%, 12/15/2026 |
|
500,000 |
500,520 |
|
Spectra Energy Partners LP
3.38%, 10/15/2026 |
|
182,000 |
181,345 |
|
|
|
|
1,598,999 |
|
REAL ESTATE INVESTMENT TRUSTS — 16.8% | |||
|
American Tower Corp.
3.38%, 10/15/2026 |
|
400,000 |
398,664 |
|
Boston Properties LP
2.75%, 10/1/2026 |
|
956,000 |
951,191 |
|
Camden Property Trust
5.85%, 11/3/2026 |
|
525,000 |
527,798 |
|
EPR Properties
4.75%, 12/15/2026 |
|
400,000 |
399,980 |
|
Healthpeak OP LLC
3.25%, 7/15/2026 |
|
50,000 |
49,921 |
|
Kimco Realty OP LLC
2.80%, 10/1/2026 |
|
225,000 |
223,965 |
|
Kite Realty Group LP
4.00%, 10/1/2026 |
|
875,000 |
873,180 |
|
SBA Communications Corp.
3.88%, 2/15/2027 |
|
700,000 |
694,659 |
|
Tanger Properties LP
3.13%, 9/1/2026 |
|
730,000 |
727,730 |
|
VICI Properties LP/VICI Note Co.,
Inc.
4.25%, 12/1/2026 (a) |
|
2,100,000 |
2,096,220 |
|
Vornado Realty LP
2.15%, 6/1/2026 |
|
855,000 |
855,000 |
|
|
|
|
7,798,308 |
|
Security Description |
|
Principal
Amount |
Value |
|
RETAIL — 1.8% | |||
|
AutoZone, Inc.
5.05%, 7/15/2026 |
|
$287,000 |
$287,178 |
|
O'Reilly Automotive, Inc.
5.75%, 11/20/2026 |
|
550,000 |
553,102 |
|
|
|
|
840,280 |
|
SEMICONDUCTORS — 1.1% | |||
|
Advanced Micro Devices, Inc.
4.21%, 9/24/2026 |
|
60,000 |
59,997 |
|
Skyworks Solutions, Inc.
1.80%, 6/1/2026 |
|
200,000 |
200,000 |
|
TSMC Arizona Corp.
1.75%, 10/25/2026 |
|
256,000 |
253,745 |
|
|
|
|
513,742 |
|
SOFTWARE — 2.1% | |||
|
Concentrix Corp.
6.65%, 8/2/2026 |
|
172,000 |
172,162 |
|
Fiserv, Inc.
3.20%, 7/1/2026 |
|
310,000 |
309,718 |
|
Intuit, Inc.
5.25%, 9/15/2026 |
|
48,000 |
48,110 |
|
Oracle Corp.
2.65%, 7/15/2026 |
|
125,000 |
124,741 |
|
Roper Technologies, Inc.
3.80%, 12/15/2026 |
|
244,000 |
243,517 |
|
Synopsys, Inc.
4.55%, 4/1/2027 |
|
95,000 |
95,278 |
|
|
|
|
993,526 |
|
TELECOMMUNICATIONS — 0.4% | |||
|
AT&T, Inc.
2.95%, 7/15/2026 |
|
196,000 |
195,682 |
|
TRANSPORTATION — 0.9% | |||
|
GXO Logistics, Inc.
1.65%, 7/15/2026 |
|
350,000 |
348,435 |
|
Norfolk Southern Corp.
2.90%, 6/15/2026 |
|
75,000 |
74,935 |
|
|
|
|
423,370 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $45,304,107) |
|
|
45,292,619 |
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENTS — 1.8% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (d) (e) |
637,056 |
637,056 | |
|
Security Description |
|
Shares |
Value |
|
State Street Navigator Securities
Lending Portfolio II (f) (g) |
181,910 |
$181,910 | |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $818,966) |
818,966 | ||
|
TOTAL INVESTMENTS — 99.4%
(Cost $46,123,073) |
46,111,585 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES
— 0.6% |
265,153 | ||
|
NET ASSETS — 100.0% |
$46,376,738 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 21.6% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
All or a portion of the shares of the security are on loan at
May 31, 2026. |
|
(c) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(d) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(e) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
(f) |
The Fund invested in an affiliated entity. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(g) |
Investment of cash collateral for securities loaned. |
|
Abbreviations: |
|
|
GMTN |
Global Medium Term Note |
|
MTN |
Medium Term Note |
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$45,292,619 |
$— |
$45,292,619 |
|
Short-Term Investments |
818,966 |
— |
— |
818,966 |
|
TOTAL INVESTMENTS |
$818,966 |
$45,292,619 |
$— |
$46,111,585 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier
Class |
256,179 |
$256,179 |
$16,353,162 |
$15,972,285 |
$— |
$— |
637,056 |
$637,056 |
$11,724 |
|
State Street Navigator Securities Lending Portfolio II |
358,575 |
358,575 |
11,125,977 |
11,302,642 |
— |
— |
181,910 |
181,910 |
841 |
|
Total |
|
$614,754 |
$27,479,139 |
$27,274,927 |
$— |
$— |
|
$818,966 |
$12,565 |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 97.7% | |||
|
AEROSPACE & DEFENSE — 4.1% | |||
|
Boeing Co.
6.26%, 5/1/2027 |
|
$306,000 |
$310,926 |
|
Honeywell Aerospace, Inc.
3.90%, 3/16/2028 (a) |
|
75,000 |
74,406 |
|
L3Harris Technologies, Inc.
5.40%, 1/15/2027 |
|
485,000 |
488,303 |
|
RTX Corp.
3.13%, 5/4/2027 |
|
350,000 |
346,871 |
|
|
|
|
1,220,506 |
|
AGRICULTURE — 3.5% | |||
|
BAT Capital Corp.: |
|
|
|
|
3.56%, 8/15/2027 |
|
144,000 |
142,717 |
|
4.70%, 4/2/2027 |
|
395,000 |
396,189 |
|
Bunge Ltd. Finance Corp.
3.75%, 9/25/2027 |
|
155,000 |
153,916 |
|
Philip Morris International, Inc.
5.13%, 11/17/2027 (b) |
|
350,000 |
353,976 |
|
|
|
|
1,046,798 |
|
APPAREL — 0.5% | |||
|
Tapestry, Inc.
4.13%, 7/15/2027 |
|
145,000 |
144,466 |
|
AUTO MANUFACTURERS — 4.4% | |||
|
American Honda Finance Corp.
4.90%, 3/12/2027 |
|
50,000 |
50,188 |
|
Ford Motor Credit Co. LLC
5.80%, 3/5/2027 |
|
430,000 |
433,126 |
|
General Motors Co.
6.80%, 10/1/2027 |
|
675,000 |
693,124 |
|
Toyota Motor Credit Corp.: |
|
|
|
|
Series MTN, 1.15%, 8/13/2027 |
|
50,000 |
48,331 |
|
Series MTN, 4.55%, 9/20/2027
(b) |
|
110,000 |
110,604 |
|
|
|
|
1,335,373 |
|
BANKS — 12.3% | |||
|
Bank of America Corp.
SOFR + 1.58%, 4.38%,
4/27/2028 (c) |
|
400,000 |
399,876 |
|
Bank of Montreal
Series MTN, 2.65%, 3/8/2027 |
|
30,000 |
29,685 |
|
Citigroup, Inc.
SOFR + 1.89%, 4.66%,
5/24/2028 (c) |
|
175,000 |
175,483 |
|
Deutsche Bank AG
SOFR + 1.59%, 5.71%,
2/8/2028 (c) |
|
375,000 |
378,041 |
|
Goldman Sachs Group, Inc.: |
|
|
|
|
3 mo. USD Term SOFR +
1.77%, 3.69%, 6/5/2028 (c) |
|
175,000 |
173,807 |
|
3.85%, 1/26/2027 |
|
118,000 |
117,739 |
|
ING Groep NV
3.95%, 3/29/2027 |
|
107,000 |
106,848 |
|
Security Description |
|
Principal
Amount |
Value |
|
JPMorgan Chase & Co.
SOFR + 0.93%, 5.57%,
4/22/2028 (c) |
|
$200,000 |
$202,130 |
|
Manufacturers & Traders Trust Co.
3.40%, 8/17/2027 |
|
110,000 |
108,545 |
|
Mitsubishi UFJ Financial Group,
Inc.
3.68%, 2/22/2027 |
|
150,000 |
149,328 |
|
Mizuho Financial Group, Inc.
3.66%, 2/28/2027 |
|
110,000 |
109,538 |
|
Morgan Stanley
Series MTN, SOFR + 1.01%,
5.65%, 4/13/2028 (c) |
|
300,000 |
303,171 |
|
PNC Financial Services Group,
Inc.
SOFR + 1.73%, 6.62%,
10/20/2027 (c) |
|
100,000 |
100,856 |
|
Royal Bank of Canada
Series MTN, 6.00%, 11/1/2027 |
|
187,000 |
191,574 |
|
Santander Holdings USA, Inc.
4.40%, 7/13/2027 |
|
580,000 |
579,994 |
|
Truist Financial Corp.: |
|
|
|
|
Series MTN, 1.13%, 8/3/2027 |
|
10,000 |
9,655 |
|
Series MTN, SOFR + 1.37%,
4.12%, 6/6/2028 (c) |
|
100,000 |
99,764 |
|
Wells Fargo & Co.
Series MTN, SOFR + 1.07%,
5.71%, 4/22/2028 (c) |
|
325,000 |
328,643 |
|
Westpac Banking Corp.
3.35%, 3/8/2027 |
|
120,000 |
119,379 |
|
|
|
|
3,684,056 |
|
BEVERAGES — 0.2% | |||
|
Keurig Dr. Pepper, Inc.
3.43%, 6/15/2027 |
|
60,000 |
59,403 |
|
BIOTECHNOLOGY — 3.2% | |||
|
Amgen, Inc.: |
|
|
|
|
2.20%, 2/21/2027 |
|
190,000 |
187,279 |
|
3.20%, 11/2/2027 |
|
70,000 |
68,990 |
|
CSL Finance PLC
3.85%, 4/27/2027 (a) |
|
20,000 |
19,900 |
|
Gilead Sciences, Inc.
2.95%, 3/1/2027 |
|
160,000 |
158,717 |
|
Illumina, Inc.
5.75%, 12/13/2027 |
|
100,000 |
101,698 |
|
Royalty Pharma PLC
1.75%, 9/2/2027 |
|
425,000 |
411,264 |
|
|
|
|
947,848 |
|
BUILDING MATERIALS — 0.1% | |||
|
Lennox International, Inc.
1.70%, 8/1/2027 |
|
35,000 |
33,976 |
|
COMMERCIAL SERVICES — 0.4% | |||
|
Equifax, Inc.
5.10%, 12/15/2027 |
|
20,000 |
20,179 |
|
Security Description |
|
Principal
Amount |
Value |
|
Global Payments, Inc.
4.95%, 8/15/2027 |
|
$95,000 |
$95,331 |
|
|
|
|
115,510 |
|
COMPUTERS — 1.9% | |||
|
Apple, Inc.
3.00%, 6/20/2027 (b) |
|
100,000 |
99,078 |
|
Dell International LLC/EMC Corp.
6.10%, 7/15/2027 |
|
60,000 |
60,997 |
|
International Business Machines
Corp.: |
|
|
|
|
4.15%, 7/27/2027 |
|
295,000 |
294,749 |
|
6.22%, 8/1/2027 |
|
100,000 |
102,202 |
|
|
|
|
557,026 |
|
DIVERSIFIED FINANCIAL SERVICES — 5.0% | |||
|
AerCap Ireland Capital
DAC/AerCap Global Aviation
Trust: |
|
|
|
|
3.65%, 7/21/2027 |
|
236,000 |
233,770 |
|
6.45%, 4/15/2027 |
|
284,000 |
288,760 |
|
Ally Financial, Inc.: |
|
|
|
|
4.75%, 6/9/2027 |
|
73,000 |
73,260 |
|
7.10%, 11/15/2027 |
|
20,000 |
20,674 |
|
American Express Co.
5.85%, 11/5/2027 |
|
173,000 |
176,809 |
|
Capital One Financial Corp.
3.75%, 3/9/2027 |
|
20,000 |
19,932 |
|
Charles Schwab Corp.
3.30%, 4/1/2027 |
|
230,000 |
228,689 |
|
Jefferies Financial Group, Inc.
4.85%, 1/15/2027 |
|
65,000 |
65,125 |
|
ORIX Corp.
5.00%, 9/13/2027 |
|
20,000 |
20,126 |
|
Rocket Mortgage LLC/Rocket
Mortgage Co-Issuer, Inc.
2.88%, 10/15/2026 (a) |
|
300,000 |
297,807 |
|
Sumisho Air Lease Corp.
4.40%, 3/24/2028 (a) |
|
80,000 |
79,638 |
|
|
|
|
1,504,590 |
|
ELECTRIC — 11.2% | |||
|
Alabama Power Co.
3.75%, 9/1/2027 |
|
125,000 |
124,425 |
|
American Electric Power Co., Inc.
5.75%, 11/1/2027 |
|
110,000 |
111,949 |
|
Appalachian Power Co.
Series X, 3.30%, 6/1/2027 |
|
275,000 |
272,332 |
|
CenterPoint Energy Houston
Electric LLC
Series AA, 3.00%, 2/1/2027 |
|
185,000 |
183,679 |
|
Commonwealth Edison Co.
Series 122, 2.95%, 8/15/2027 |
|
154,000 |
151,812 |
|
Consolidated Edison Co. of New
York, Inc.
Series B, 3.13%, 11/15/2027 |
|
85,000 |
83,694 |
|
DTE Energy Co.
4.95%, 7/1/2027 |
|
243,000 |
244,528 |
|
Security Description |
|
Principal
Amount |
Value |
|
Duke Energy Corp.
5.00%, 12/8/2027 |
|
$210,000 |
$212,039 |
|
Evergy Kansas Central, Inc.
3.10%, 4/1/2027 |
|
95,000 |
94,243 |
|
FirstEnergy Corp.
Series B, 3.90%, 7/15/2027 |
|
330,000 |
327,967 |
|
Florida Power & Light Co.
Series A, 3.30%, 5/30/2027 |
|
150,000 |
148,972 |
|
ITC Holdings Corp.
3.35%, 11/15/2027 |
|
45,000 |
44,340 |
|
National Rural Utilities Cooperative
Finance Corp.
Series MTN, 5.10%, 5/6/2027 |
|
80,000 |
80,653 |
|
NextEra Energy Capital Holdings,
Inc.
3.55%, 5/1/2027 |
|
75,000 |
74,564 |
|
Pacific Gas & Electric Co.: |
|
|
|
|
3.30%, 3/15/2027 |
|
215,000 |
213,280 |
|
5.45%, 6/15/2027 |
|
229,000 |
231,334 |
|
Sempra
3.25%, 6/15/2027 |
|
175,000 |
172,968 |
|
Southern California Edison Co.
Series D, 4.70%, 6/1/2027 |
|
199,000 |
199,488 |
|
Southern Co.
5.11%, 8/1/2027 |
|
65,000 |
65,508 |
|
Virginia Electric & Power Co.
Series A, 3.50%, 3/15/2027 |
|
95,000 |
94,545 |
|
Vistra Operations Co. LLC: |
|
|
|
|
3.70%, 1/30/2027 (a) |
|
30,000 |
29,844 |
|
5.05%, 12/30/2026 (a) |
|
120,000 |
120,341 |
|
WEC Energy Group, Inc.: |
|
|
|
|
1.38%, 10/15/2027 |
|
61,000 |
58,624 |
|
5.15%, 10/1/2027 |
|
20,000 |
20,183 |
|
|
|
|
3,361,312 |
|
ELECTRONICS — 0.1% | |||
|
Keysight Technologies, Inc.
4.60%, 4/6/2027 |
|
35,000 |
35,065 |
|
ENTERTAINMENT — 0.3% | |||
|
Discovery Global Holdings, Inc.
3.76%, 3/15/2027 |
|
100,000 |
98,471 |
|
FOOD — 1.9% | |||
|
Campbell's Co.
5.20%, 3/19/2027 |
|
165,000 |
166,160 |
|
Conagra Brands, Inc.
1.38%, 11/1/2027 |
|
125,000 |
119,451 |
|
Sysco Corp.
3.25%, 7/15/2027 |
|
95,000 |
93,919 |
|
Tyson Foods, Inc.
3.55%, 6/2/2027 |
|
195,000 |
193,699 |
|
|
|
|
573,229 |
|
HEALTH CARE PRODUCTS — 0.4% | |||
|
Smith & Nephew PLC
5.15%, 3/20/2027 |
|
105,000 |
105,464 |
|
Security Description |
|
Principal
Amount |
Value |
|
Solventum Corp.
5.45%, 2/25/2027 |
|
$28,000 |
$28,154 |
|
|
|
|
133,618 |
|
HEALTH CARE SERVICES — 2.4% | |||
|
Centene Corp.
4.25%, 12/15/2027 |
|
190,000 |
189,468 |
|
HCA, Inc.
4.50%, 2/15/2027 |
|
525,000 |
524,927 |
|
|
|
|
714,395 |
|
HOME BUILDERS — 1.3% | |||
|
Lennar Corp.
4.75%, 11/29/2027 |
|
230,000 |
230,499 |
|
Meritage Homes Corp.
5.13%, 6/6/2027 |
|
45,000 |
45,063 |
|
Toll Brothers Finance Corp.
4.88%, 3/15/2027 |
|
100,000 |
100,190 |
|
|
|
|
375,752 |
|
HOME FURNISHINGS — 0.1% | |||
|
Leggett & Platt, Inc.
3.50%, 11/15/2027 |
|
35,000 |
34,275 |
|
HOUSEHOLD PRODUCTS & WARES — 0.6% | |||
|
Church & Dwight Co., Inc.
3.15%, 8/1/2027 |
|
190,000 |
187,631 |
|
INSURANCE — 1.7% | |||
|
Corebridge Financial, Inc.
3.65%, 4/5/2027 |
|
304,000 |
302,431 |
|
Lincoln Financial Global Funding
4.63%, 5/28/2028 (a) |
|
50,000 |
50,024 |
|
Markel Group, Inc.
3.50%, 11/1/2027 |
|
55,000 |
54,278 |
|
RenaissanceRe Finance, Inc.
3.45%, 7/1/2027 |
|
45,000 |
44,647 |
|
Willis North America, Inc.
4.65%, 6/15/2027 |
|
64,000 |
64,173 |
|
|
|
|
515,553 |
|
INTERNET — 1.6% | |||
|
Alibaba Group Holding Ltd.
3.40%, 12/6/2027 |
|
160,000 |
158,221 |
|
Amazon.com, Inc.: |
|
|
|
|
3.85%, 3/13/2028 |
|
30,000 |
29,870 |
|
4.55%, 12/1/2027 |
|
206,000 |
207,555 |
|
Expedia Group, Inc.
4.63%, 8/1/2027 |
|
75,000 |
75,115 |
|
|
|
|
470,761 |
|
INVESTMENT COMPANY SECURITIES — 1.3% | |||
|
FS KKR Capital Corp.
2.63%, 1/15/2027 |
|
404,000 |
396,243 |
|
IRON/STEEL — 2.1% | |||
|
ArcelorMittal SA
6.55%, 11/29/2027 |
|
605,000 |
621,940 |
|
Security Description |
|
Principal
Amount |
Value |
|
LODGING — 3.3% | |||
|
Hyatt Hotels Corp.
5.75%, 1/30/2027 |
|
$205,000 |
$206,583 |
|
Las Vegas Sands Corp.
5.90%, 6/1/2027 |
|
550,000 |
556,633 |
|
Sands China Ltd.
2.30%, 3/8/2027 |
|
224,000 |
220,174 |
|
|
|
|
983,390 |
|
MACHINERY-DIVERSIFIED — 1.1% | |||
|
CNH Industrial NV
Series MTN, 3.85%,
11/15/2027 |
|
209,000 |
207,190 |
|
Ingersoll Rand, Inc.
5.20%, 6/15/2027 |
|
110,000 |
110,881 |
|
|
|
|
318,071 |
|
MEDIA — 1.9% | |||
|
FactSet Research Systems, Inc.
2.90%, 3/1/2027 |
|
45,000 |
44,488 |
|
Paramount Global
2.90%, 1/15/2027 |
|
535,000 |
527,157 |
|
|
|
|
571,645 |
|
MINING — 1.3% | |||
|
Freeport-McMoRan, Inc.
5.00%, 9/1/2027 |
|
115,000 |
115,022 |
|
Glencore Funding LLC
4.00%, 3/27/2027 (a) |
|
265,000 |
264,358 |
|
Yamana Gold, Inc.
4.63%, 12/15/2027 |
|
20,000 |
19,963 |
|
|
|
|
399,343 |
|
MISCELLANEOUS MANUFACTURER — 0.4% | |||
|
Textron, Inc.
3.65%, 3/15/2027 |
|
115,000 |
114,481 |
|
OIL & GAS — 3.6% | |||
|
BP Capital Markets America, Inc.: |
|
|
|
|
3.59%, 4/14/2027 |
|
40,000 |
39,851 |
|
5.02%, 11/17/2027 |
|
225,000 |
227,457 |
|
BP Capital Markets PLC
3.28%, 9/19/2027 |
|
118,000 |
116,972 |
|
Canadian Natural Resources Ltd.
3.85%, 6/1/2027 |
|
54,000 |
53,787 |
|
Coterra Energy, Inc.
3.90%, 5/15/2027 |
|
240,000 |
239,261 |
|
Diamondback Energy, Inc.
5.20%, 4/18/2027 |
|
335,000 |
337,801 |
|
Phillips 66 Co.
4.95%, 12/1/2027 |
|
75,000 |
75,600 |
|
|
|
|
1,090,729 |
|
OIL & GAS SERVICES — 0.2% | |||
|
Schlumberger Holdings Corp.
5.00%, 5/29/2027 (a) |
|
75,000 |
75,569 |
|
PACKAGING & CONTAINERS — 1.4% | |||
|
Berry Global, Inc.
1.65%, 1/15/2027 |
|
315,000 |
309,604 |
|
Security Description |
|
Principal
Amount |
Value |
|
Sonoco Products Co.
2.25%, 2/1/2027 |
|
$100,000 |
$98,552 |
|
|
|
|
408,156 |
|
PHARMACEUTICALS — 4.8% | |||
|
AbbVie, Inc.
4.80%, 3/15/2027 |
|
225,000 |
226,310 |
|
Bayer Corp.
6.65%, 2/15/2028 (a) |
|
500,000 |
516,290 |
|
Becton Dickinson & Co.
3.70%, 6/6/2027 |
|
100,000 |
99,414 |
|
Cencora, Inc.
3.45%, 12/15/2027 |
|
60,000 |
59,179 |
|
CVS Health Corp.
6.25%, 6/1/2027 |
|
195,000 |
198,699 |
|
Mylan, Inc.
4.55%, 4/15/2028 |
|
200,000 |
199,056 |
|
Viatris, Inc.
2.30%, 6/22/2027 |
|
160,000 |
156,093 |
|
|
|
|
1,455,041 |
|
PIPELINES — 3.5% | |||
|
Cheniere Corpus Christi
Holdings LLC
5.13%, 6/30/2027 |
|
40,000 |
40,172 |
|
Energy Transfer LP
5.50%, 6/1/2027 |
|
300,000 |
302,709 |
|
Enterprise Products
Operating LLC
4.60%, 1/11/2027 |
|
230,000 |
230,529 |
|
Northwest Pipeline LLC
4.00%, 4/1/2027 |
|
55,000 |
54,909 |
|
ONEOK, Inc.: |
|
|
|
|
4.00%, 7/13/2027 |
|
33,000 |
32,876 |
|
4.25%, 9/24/2027 (b) |
|
140,000 |
139,696 |
|
Sabine Pass Liquefaction LLC
5.00%, 3/15/2027 |
|
150,000 |
150,255 |
|
Targa Resources Corp.
5.20%, 7/1/2027 |
|
93,000 |
93,746 |
|
|
|
|
1,044,892 |
|
REAL ESTATE INVESTMENT TRUSTS — 7.0% | |||
|
Alexandria Real Estate Equities,
Inc.
3.95%, 1/15/2027 |
|
206,000 |
205,398 |
|
Brixmor Operating Partnership LP
3.90%, 3/15/2027 |
|
35,000 |
34,896 |
|
DOC Dr. LLC
4.30%, 3/15/2027 |
|
56,000 |
55,959 |
|
Extra Space Storage LP
3.88%, 12/15/2027 |
|
110,000 |
109,121 |
|
Healthpeak OP LLC
1.35%, 2/1/2027 |
|
51,000 |
49,974 |
|
Highwoods Realty LP
3.88%, 3/1/2027 |
|
91,000 |
90,729 |
|
Kimco Realty OP LLC
3.80%, 4/1/2027 |
|
100,000 |
99,696 |
|
Security Description |
|
Principal
Amount |
Value |
|
NNN REIT, Inc.
3.50%, 10/15/2027 |
|
$128,000 |
$126,445 |
|
SBA Communications Corp.
3.88%, 2/15/2027 |
|
1,000,000 |
992,370 |
|
Tanger Properties LP
3.88%, 7/15/2027 |
|
95,000 |
94,304 |
|
VICI Properties LP/VICI Note Co.,
Inc.
4.25%, 12/1/2026 (a) |
|
250,000 |
249,550 |
|
|
|
|
2,108,442 |
|
RETAIL — 0.7% | |||
|
AutoNation, Inc.
3.80%, 11/15/2027 |
|
135,000 |
133,553 |
|
Lowe's Cos., Inc.
3.35%, 4/1/2027 |
|
70,000 |
69,554 |
|
|
|
|
203,107 |
|
SEMICONDUCTORS — 1.5% | |||
|
Advanced Micro Devices, Inc.
4.32%, 3/24/2028 |
|
60,000 |
60,162 |
|
Broadcom, Inc.
5.05%, 7/12/2027 |
|
94,000 |
94,918 |
|
Intel Corp.
3.75%, 8/5/2027 |
|
290,000 |
288,211 |
|
|
|
|
443,291 |
|
SHIPBUILDING — 0.4% | |||
|
Huntington Ingalls Industries, Inc.
3.48%, 12/1/2027 (b) |
|
120,000 |
118,259 |
|
SOFTWARE — 2.3% | |||
|
Fiserv, Inc.
5.15%, 3/15/2027 |
|
40,000 |
40,212 |
|
Oracle Corp.
3.25%, 11/15/2027 |
|
280,000 |
274,658 |
|
Synopsys, Inc.
4.55%, 4/1/2027 |
|
191,000 |
191,558 |
|
Take-Two Interactive Software,
Inc.
3.70%, 4/14/2027 |
|
197,000 |
195,995 |
|
|
|
|
702,423 |
|
TELECOMMUNICATIONS — 1.9% | |||
|
AT&T, Inc.
2.30%, 6/1/2027 |
|
100,000 |
98,156 |
|
T-Mobile USA, Inc.
3.75%, 4/15/2027 |
|
460,000 |
458,197 |
|
|
|
|
556,353 |
|
TRANSPORTATION — 1.1% | |||
|
Norfolk Southern Corp.: |
|
|
|
|
3.15%, 6/1/2027 |
|
60,000 |
59,353 |
|
7.80%, 5/15/2027 |
|
140,000 |
144,650 |
|
United Parcel Service, Inc.
3.05%, 11/15/2027 |
|
125,000 |
123,171 |
|
|
|
|
327,174 |
|
Security Description |
|
Principal
Amount |
Value |
|
TRUCKING & LEASING — 0.7% | |||
|
GATX Corp.
3.85%, 3/30/2027 |
|
$7,000 |
$6,970 |
|
SMBC Aviation Capital Finance
DAC
1.90%, 10/15/2026 (a) |
|
200,000 |
198,114 |
|
|
|
|
205,084 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $29,295,612) |
|
|
29,293,247 |
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENTS — 2.8% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (d) (e) |
388,949 |
388,949 | |
|
State Street Navigator Securities
Lending Portfolio II (f) (g) |
460,315 |
460,315 | |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $849,264) |
849,264 | ||
|
TOTAL INVESTMENTS — 100.5%
(Cost $30,144,876) |
30,142,511 | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS
— (0.5)% |
(138,532) | ||
|
NET ASSETS — 100.0% |
$30,003,979 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 6.6% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
All or a portion of the shares of the security are on loan at
May 31, 2026. |
|
(c) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(d) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(e) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
(f) |
The Fund invested in an affiliated entity. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(g) |
Investment of cash collateral for securities loaned. |
|
Abbreviations: |
|
|
MTN |
Medium Term Note |
|
REIT |
Real Estate Investment Trust |
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$29,293,247 |
$— |
$29,293,247 |
|
Short-Term Investments |
849,264 |
— |
— |
849,264 |
|
TOTAL INVESTMENTS |
$849,264 |
$29,293,247 |
$— |
$30,142,511 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier
Class |
108,176 |
$108,176 |
$2,788,230 |
$2,507,457 |
$— |
$— |
388,949 |
$388,949 |
$6,372 |
|
State Street Navigator Securities Lending Portfolio II |
715,235 |
715,235 |
10,688,550 |
10,943,470 |
— |
— |
460,315 |
460,315 |
910 |
|
Total |
|
$823,411 |
$13,476,780 |
$13,450,927 |
$— |
$— |
|
$849,264 |
$7,282 |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 98.5% | |||
|
AEROSPACE & DEFENSE — 5.4% | |||
|
Boeing Co.: |
|
|
|
|
3.25%, 2/1/2028 |
|
$5,643,000 |
$5,535,670 |
|
3.25%, 3/1/2028 |
|
827,000 |
810,121 |
|
3.45%, 11/1/2028 |
|
4,175,000 |
4,072,128 |
|
Honeywell Aerospace, Inc.: |
|
|
|
|
3.90%, 3/16/2028 (a) |
|
2,598,000 |
2,577,424 |
|
4.00%, 3/16/2029 (a) |
|
235,000 |
232,267 |
|
Howmet Aerospace, Inc.
6.75%, 1/15/2028 |
|
3,562,000 |
3,693,260 |
|
L3Harris Technologies, Inc.
4.40%, 6/15/2028 |
11,622,000 |
11,605,660 | |
|
Lockheed Martin Corp.
4.15%, 8/15/2028 |
|
257,000 |
256,514 |
|
Northrop Grumman Corp.
3.25%, 1/15/2028 |
|
365,000 |
358,937 |
|
RTX Corp.: |
|
|
|
|
4.13%, 11/16/2028 |
|
533,000 |
529,610 |
|
6.70%, 8/1/2028 |
|
760,000 |
795,515 |
|
|
|
|
30,467,106 |
|
AGRICULTURE — 5.4% | |||
|
Altria Group, Inc.
6.20%, 11/1/2028 |
|
588,000 |
610,203 |
|
BAT Capital Corp.
2.26%, 3/25/2028 |
|
7,305,000 |
7,028,433 |
|
BAT International Finance PLC
4.45%, 3/16/2028 |
|
4,806,000 |
4,807,105 |
|
Bunge Ltd. Finance Corp.
4.10%, 1/7/2028 |
|
4,688,000 |
4,667,607 |
|
Imperial Brands Finance PLC
4.50%, 6/30/2028 (a) |
|
1,430,000 |
1,428,556 |
|
Philip Morris International, Inc.: |
|
|
|
|
3.13%, 3/2/2028 |
|
2,629,000 |
2,575,316 |
|
3.88%, 10/27/2028 |
|
1,919,000 |
1,898,659 |
|
4.13%, 4/28/2028 |
|
2,843,000 |
2,830,036 |
|
4.88%, 2/15/2028 |
|
2,219,000 |
2,238,194 |
|
5.25%, 9/7/2028 |
|
2,316,000 |
2,359,633 |
|
|
|
|
30,443,742 |
|
AIRLINES — 0.8% | |||
|
Delta Air Lines, Inc.: |
|
|
|
|
4.38%, 4/19/2028 (b) |
|
3,851,000 |
3,835,288 |
|
4.95%, 7/10/2028 |
|
500,000 |
502,705 |
|
|
|
|
4,337,993 |
|
AUTO MANUFACTURERS — 3.4% | |||
|
Ford Motor Co.
6.63%, 10/1/2028 |
|
232,000 |
240,373 |
|
Ford Motor Credit Co. LLC: |
|
|
|
|
2.90%, 2/16/2028 |
|
610,000 |
589,486 |
|
6.80%, 5/12/2028 |
|
344,000 |
354,626 |
|
General Motors Co.
5.35%, 4/15/2028 |
|
2,171,000 |
2,200,070 |
|
Security Description |
|
Principal
Amount |
Value |
|
General Motors Financial Co.,
Inc.: |
|
|
|
|
2.40%, 4/10/2028 |
|
$3,432,000 |
$3,302,305 |
|
5.05%, 4/4/2028 |
|
1,955,000 |
1,971,305 |
|
5.80%, 6/23/2028 |
|
5,818,000 |
5,946,752 |
|
6.00%, 1/9/2028 |
|
115,000 |
117,455 |
|
Stellantis Finance U.S., Inc.
5.35%, 3/17/2028 (a) |
|
200,000 |
201,078 |
|
Stellantis Financial Services
U.S. Corp.
5.40%, 6/15/2029 (a) (c) |
|
2,625,000 |
2,630,906 |
|
Toyota Motor Corp.: |
|
|
|
|
3.67%, 7/20/2028 |
|
80,000 |
79,161 |
|
5.12%, 7/13/2028 |
|
1,023,000 |
1,040,309 |
|
Toyota Motor Credit Corp.
Series MTN, 5.25%,
9/11/2028 |
|
428,000 |
436,701 |
|
|
|
|
19,110,527 |
|
BANKS — 15.3% | |||
|
Banco Santander SA: |
|
|
|
|
3.80%, 2/23/2028 |
|
2,648,000 |
2,616,939 |
|
4.38%, 4/12/2028 |
|
3,713,000 |
3,701,601 |
|
4.60%, 4/15/2029 |
|
2,315,000 |
2,307,198 |
|
5.59%, 8/8/2028 |
|
3,389,000 |
3,463,761 |
|
6.61%, 11/7/2028 |
|
1,990,000 |
2,083,112 |
|
Bank of America Corp.
SOFR + 1.63%, 5.20%,
4/25/2029 (d) |
|
8,877,000 |
8,985,122 |
|
Bank of Montreal: |
|
|
|
|
5.20%, 2/1/2028 |
|
671,000 |
679,884 |
|
5.72%, 9/25/2028 |
|
1,881,000 |
1,931,731 |
|
Bank of New York Mellon Corp.
Series MTN, 3.00%,
10/30/2028 |
|
1,517,000 |
1,467,697 |
|
Bank of Nova Scotia
5.25%, 6/12/2028 |
|
123,000 |
125,267 |
|
Barclays PLC: |
|
|
|
|
4.34%, 1/10/2028 (b) |
|
1,243,000 |
1,240,613 |
|
4.84%, 5/9/2028 |
|
2,755,000 |
2,759,463 |
|
Canadian Imperial Bank of
Commerce: |
|
|
|
|
5.00%, 4/28/2028 (b) |
|
981,000 |
992,174 |
|
5.99%, 10/3/2028 |
|
90,000 |
92,914 |
|
Depository Trust Co.
4.30%, 3/27/2029 (a) |
|
1,015,000 |
1,011,265 |
|
Deutsche Bank AG
SOFR + 1.59%, 5.71%,
2/8/2028 (d) |
|
1,227,000 |
1,236,951 |
|
Fifth Third Bancorp
3.95%, 3/14/2028 |
|
4,091,000 |
4,057,577 |
|
Goldman Sachs Group, Inc.
3 mo. USD Term SOFR +
1.56%, 4.22%, 5/1/2029 (d) |
|
1,309,000 |
1,299,379 |
|
JPMorgan Chase & Co.
3 mo. USD Term SOFR +
1.38%, 4.01%, 4/23/2029 (d) |
|
2,601,000 |
2,577,331 |
|
Security Description |
|
Principal
Amount |
Value |
|
KeyCorp
Series MTN, 4.10%,
4/30/2028 |
|
$1,733,000 |
$1,721,389 |
|
Lloyds Banking Group PLC: |
|
|
|
|
4.38%, 3/22/2028 |
|
2,203,000 |
2,200,995 |
|
4.55%, 8/16/2028 |
|
3,761,000 |
3,767,055 |
|
M&T Bank Corp.
SOFR + 1.78%, 4.55%,
8/16/2028 (d) |
|
1,940,000 |
1,940,446 |
|
Mitsubishi UFJ Financial Group,
Inc.
3.96%, 3/2/2028 (b) |
|
2,028,000 |
2,016,156 |
|
Morgan Stanley: |
|
|
|
|
3.59%, 7/22/2028 (d) |
|
145,000 |
143,569 |
|
Series MTN, SOFR + 1.59%,
5.16%, 4/20/2029 (d) |
|
816,000 |
824,446 |
|
Morgan Stanley Private Bank NA
SOFR + 0.77%, 4.47%,
7/6/2028 (d) |
|
2,500,000 |
2,501,350 |
|
PNC Bank NA: |
|
|
|
|
3.25%, 1/22/2028 (b) |
|
1,323,000 |
1,303,592 |
|
4.05%, 7/26/2028 |
|
4,201,000 |
4,161,637 |
|
Regions Financial Corp.
1.80%, 8/12/2028 |
|
766,000 |
721,917 |
|
Royal Bank of Canada: |
|
|
|
|
Series GMTN, 4.90%,
1/12/2028 |
|
1,908,000 |
1,927,175 |
|
Series GMTN, 5.20%,
8/1/2028 |
|
2,340,000 |
2,383,103 |
|
Sumitomo Mitsui Financial
Group, Inc.: |
|
|
|
|
1.90%, 9/17/2028 |
|
3,015,000 |
2,845,768 |
|
4.31%, 10/16/2028 (b) |
|
815,000 |
812,628 |
|
5.52%, 1/13/2028 |
|
1,380,000 |
1,404,247 |
|
5.72%, 9/14/2028 |
|
2,864,000 |
2,935,944 |
|
5.80%, 7/13/2028 |
|
125,000 |
128,256 |
|
Toronto-Dominion Bank: |
|
|
|
|
4.11%, 10/13/2028 (b) |
|
3,292,000 |
3,266,191 |
|
4.86%, 1/31/2028 |
|
150,000 |
151,024 |
|
5.16%, 1/10/2028 |
|
130,000 |
131,541 |
|
Series MTN, 5.52%,
7/17/2028 |
|
618,000 |
631,992 |
|
U.S. Bancorp
Series MTN, 3.90%,
4/26/2028 |
|
3,440,000 |
3,417,330 |
|
UBS AG
5.65%, 9/11/2028 |
|
474,000 |
487,381 |
|
Wells Fargo & Co.
Series MTN, 4.15%,
1/24/2029 |
|
1,297,000 |
1,287,869 |
|
Westpac Banking Corp.
3.40%, 1/25/2028 |
|
31,000 |
30,622 |
|
|
|
|
85,773,602 |
|
Security Description |
|
Principal
Amount |
Value |
|
BEVERAGES — 1.8% | |||
|
Anheuser-Busch InBev
Worldwide, Inc.
4.75%, 1/23/2029 |
|
$250,000 |
$252,060 |
|
Constellation Brands, Inc.
4.65%, 11/15/2028 |
|
415,000 |
416,075 |
|
Keurig Dr. Pepper, Inc.: |
|
|
|
|
4.35%, 5/15/2028 |
|
3,237,000 |
3,227,969 |
|
4.60%, 5/25/2028 |
|
397,000 |
397,333 |
|
Maple Parent Holdings Corp.
4.75%, 3/26/2029 (a) |
|
5,610,000 |
5,604,446 |
|
|
|
|
9,897,883 |
|
BIOTECHNOLOGY — 0.8% | |||
|
Amgen, Inc.: |
|
|
|
|
1.65%, 8/15/2028 |
|
2,402,000 |
2,264,918 |
|
5.15%, 3/2/2028 |
|
2,123,000 |
2,149,559 |
|
|
|
|
4,414,477 |
|
CHEMICALS — 1.6% | |||
|
Eastman Chemical Co.
4.50%, 12/1/2028 |
|
3,912,000 |
3,902,689 |
|
Ecolab, Inc.
4.30%, 6/15/2028 |
|
1,566,000 |
1,566,219 |
|
International Flavors &
Fragrances, Inc.
4.45%, 9/26/2028 |
|
446,000 |
445,550 |
|
Sherwin-Williams Co.: |
|
|
|
|
4.30%, 8/15/2028 |
|
2,839,000 |
2,827,275 |
|
4.55%, 3/1/2028 |
|
400,000 |
400,740 |
|
|
|
|
9,142,473 |
|
COMMERCIAL SERVICES — 0.1% | |||
|
Global Payments, Inc.
4.50%, 11/15/2028 |
|
55,000 |
54,549 |
|
Mobility Global, Inc.
5.05%, 6/15/2029 (a) |
|
630,000 |
633,011 |
|
PayPal Holdings, Inc.
4.45%, 3/6/2028 |
|
50,000 |
50,043 |
|
|
|
|
737,603 |
|
COMPUTERS — 0.8% | |||
|
Crowdstrike Holdings, Inc.
3.00%, 2/15/2029 |
|
750,000 |
714,180 |
|
International Business Machines
Corp.
4.50%, 2/6/2028 |
|
3,722,000 |
3,733,203 |
|
|
|
|
4,447,383 |
|
COSMETICS/PERSONAL CARE — 0.6% | |||
|
Kenvue, Inc.
5.05%, 3/22/2028 |
|
3,127,000 |
3,164,837 |
|
DISTRIBUTION & WHOLESALE — 0.1% | |||
|
LKQ Corp.
5.75%, 6/15/2028 |
|
719,000 |
731,482 |
|
Security Description |
|
Principal
Amount |
Value |
|
DIVERSIFIED FINANCIAL SERVICES — 2.7% | |||
|
AerCap Ireland Capital
DAC/AerCap Global Aviation
Trust: |
|
|
|
|
3.00%, 10/29/2028 |
|
$2,440,000 |
$2,350,355 |
|
3.88%, 1/23/2028 |
|
1,187,000 |
1,174,002 |
|
5.75%, 6/6/2028 |
|
135,000 |
137,951 |
|
Aircastle Ltd.
6.50%, 7/18/2028 (a) |
|
590,000 |
609,210 |
|
Ally Financial, Inc.
2.20%, 11/2/2028 |
|
1,073,000 |
1,013,620 |
|
Jefferies Financial Group, Inc.
5.88%, 7/21/2028 |
|
3,347,000 |
3,424,952 |
|
Stellantis Financial Services
U.S. Corp.
4.95%, 9/15/2028 (a) |
|
1,830,000 |
1,822,625 |
|
Sumisho Air Lease Corp.: |
|
|
|
|
2.10%, 9/1/2028 |
|
170,000 |
160,558 |
|
4.40%, 3/24/2028 (a) |
|
1,780,000 |
1,771,937 |
|
4.50%, 3/24/2029 (a) |
|
330,000 |
327,914 |
|
4.63%, 10/1/2028 |
|
2,112,000 |
2,105,305 |
|
|
|
|
14,898,429 |
|
ELECTRIC — 7.8% | |||
|
AEP Texas, Inc.
3.95%, 6/1/2028 |
|
150,000 |
148,455 |
|
Ameren Corp.
1.75%, 3/15/2028 |
|
146,000 |
139,217 |
|
Ameren Illinois Co.
3.80%, 5/15/2028 |
|
336,000 |
332,882 |
|
American Electric Power Co.,
Inc.
Series J, 4.30%, 12/1/2028 |
|
2,182,000 |
2,177,003 |
|
Atlantic City Electric Co.
4.00%, 10/15/2028 |
|
100,000 |
99,200 |
|
Berkshire Hathaway Energy Co.
3.25%, 4/15/2028 |
|
191,000 |
187,545 |
|
CenterPoint Energy Houston
Electric LLC
5.20%, 10/1/2028 |
|
107,000 |
108,991 |
|
Commonwealth Edison Co.
3.70%, 8/15/2028 |
|
565,000 |
557,740 |
|
Constellation Energy
Generation LLC
5.60%, 3/1/2028 (b) |
|
1,943,000 |
1,978,557 |
|
Consumers Energy Co.
4.65%, 3/1/2028 |
|
200,000 |
201,164 |
|
Dominion Energy, Inc.: |
|
|
|
|
4.25%, 6/1/2028 |
|
164,000 |
163,421 |
|
4.60%, 5/15/2028 |
|
510,000 |
511,229 |
|
Duke Energy Carolinas LLC: |
|
|
|
|
3.95%, 11/15/2028 |
|
530,000 |
525,368 |
|
Series A, 6.00%, 12/1/2028 |
|
1,032,000 |
1,068,997 |
|
Duke Energy Corp.
4.30%, 3/15/2028 |
|
2,181,000 |
2,177,663 |
|
Duke Energy Progress LLC
3.70%, 9/1/2028 |
|
386,000 |
381,032 |
|
Security Description |
|
Principal
Amount |
Value |
|
Edison International
5.00%, 5/5/2028 |
|
$500,000 |
$501,055 |
|
Emera U.S. Finance LLC
4.50%, 4/1/2029 |
|
1,050,000 |
1,045,139 |
|
Entergy Louisiana LLC
3.25%, 4/1/2028 |
|
80,000 |
78,603 |
|
Entergy Mississippi LLC
2.85%, 6/1/2028 |
|
988,000 |
959,961 |
|
Evergy Kansas Central, Inc.
4.70%, 3/13/2028 |
|
263,000 |
264,015 |
|
Exelon Corp.
5.15%, 3/15/2028 |
|
751,000 |
759,712 |
|
Florida Power & Light Co.
5.05%, 4/1/2028 |
|
36,000 |
36,523 |
|
Georgia Power Co.: |
|
|
|
|
4.00%, 10/1/2028 |
|
796,000 |
790,539 |
|
4.65%, 5/16/2028 |
|
482,000 |
484,781 |
|
Interstate Power & Light Co.
4.10%, 9/26/2028 |
|
256,000 |
253,885 |
|
National Grid PLC
5.60%, 6/12/2028 |
|
775,000 |
791,004 |
|
National Rural Utilities
Cooperative Finance Corp.: |
|
|
|
|
3.40%, 2/7/2028 |
|
470,000 |
462,856 |
|
3.90%, 11/1/2028 |
|
281,000 |
277,344 |
|
Series D, 4.15%, 8/25/2028 |
|
1,210,000 |
1,202,752 |
|
4.75%, 2/7/2028 |
|
300,000 |
301,728 |
|
Series MTN, 5.05%,
9/15/2028 (b) |
|
809,000 |
819,760 |
|
NextEra Energy Capital
Holdings, Inc.: |
|
|
|
|
1.90%, 6/15/2028 |
|
1,947,000 |
1,851,986 |
|
4.85%, 2/4/2028 |
|
175,000 |
176,514 |
|
Oncor Electric Delivery Co. LLC
4.30%, 5/15/2028 |
|
125,000 |
124,915 |
|
Pacific Gas & Electric Co.: |
|
|
|
|
3.00%, 6/15/2028 |
|
1,416,000 |
1,372,217 |
|
3.75%, 7/1/2028 |
|
3,583,000 |
3,518,291 |
|
4.65%, 8/1/2028 |
|
1,886,000 |
1,883,511 |
|
5.00%, 6/4/2028 |
|
796,000 |
801,532 |
|
Pinnacle West Capital Corp.
4.90%, 5/15/2028 |
|
1,185,000 |
1,191,861 |
|
Public Service Electric & Gas
Co.
Series MTN, 3.65%, 9/1/2028 |
|
108,000 |
106,384 |
|
Public Service Enterprise Group,
Inc.
5.88%, 10/15/2028 |
|
981,000 |
1,008,654 |
|
San Diego Gas & Electric Co.
4.95%, 8/15/2028 |
|
840,000 |
848,694 |
|
Sempra
3.40%, 2/1/2028 |
|
4,273,000 |
4,195,445 |
|
Southern California Edison Co.
5.30%, 3/1/2028 |
|
1,090,000 |
1,101,881 |
|
Southern Co.: |
|
|
|
|
Series 21-B, 1.75%,
3/15/2028 |
|
535,000 |
511,203 |
|
Security Description |
|
Principal
Amount |
Value |
|
4.85%, 6/15/2028 |
|
$1,391,000 |
$1,401,530 |
|
Virginia Electric & Power Co.
Series A, 3.80%, 4/1/2028 |
|
2,913,000 |
2,884,715 |
|
Vistra Operations Co. LLC: |
|
|
|
|
4.30%, 10/15/2028 (a) |
|
250,000 |
247,093 |
|
4.55%, 10/30/2028 (a) |
|
500,000 |
497,765 |
|
WEC Energy Group, Inc.
2.20%, 12/15/2028 |
|
500,000 |
473,395 |
|
|
|
|
43,985,707 |
|
ELECTRONICS — 0.5% | |||
|
Hubbell, Inc.
3.50%, 2/15/2028 |
|
96,000 |
94,463 |
|
Vontier Corp.
2.40%, 4/1/2028 |
|
3,101,000 |
2,975,596 |
|
|
|
|
3,070,059 |
|
ENGINEERING & CONSTRUCTION — 0.5% | |||
|
Jacobs Engineering Group, Inc.
6.35%, 8/18/2028 |
|
2,500,000 |
2,583,375 |
|
ENVIRONMENTAL CONTROL — 0.5% | |||
|
Republic Services, Inc.
3.95%, 5/15/2028 |
|
2,631,000 |
2,617,161 |
|
FOOD — 0.5% | |||
|
Conagra Brands, Inc.
7.00%, 10/1/2028 (b) |
|
1,156,000 |
1,211,245 |
|
J.M. Smucker Co.
5.90%, 11/15/2028 |
|
1,635,000 |
1,687,418 |
|
|
|
|
2,898,663 |
|
GAS — 0.8% | |||
|
CenterPoint Energy Resources
Corp.
5.25%, 3/1/2028 |
|
2,126,000 |
2,159,357 |
|
NiSource, Inc.
5.25%, 3/30/2028 |
|
2,066,000 |
2,094,635 |
|
Southwest Gas Corp.
5.45%, 3/23/2028 |
|
466,000 |
473,060 |
|
|
|
|
4,727,052 |
|
HEALTH CARE PRODUCTS — 1.2% | |||
|
Baxter International, Inc.
4.45%, 2/15/2029 |
|
740,000 |
731,534 |
|
Boston Scientific Corp.
4.00%, 3/1/2028 |
|
1,765,000 |
1,759,140 |
|
Edwards Lifesciences Corp.
4.30%, 6/15/2028 |
|
156,000 |
155,560 |
|
Revvity, Inc.
1.90%, 9/15/2028 |
|
761,000 |
716,116 |
|
Stryker Corp.: |
|
|
|
|
3.65%, 3/7/2028 |
|
383,000 |
378,389 |
|
4.70%, 2/10/2028 |
|
886,000 |
890,971 |
|
4.85%, 12/8/2028 |
|
1,607,000 |
1,624,838 |
|
Zimmer Biomet Holdings, Inc.
5.35%, 12/1/2028 |
|
500,000 |
510,140 |
|
|
|
|
6,766,688 |
|
Security Description |
|
Principal
Amount |
Value |
|
HEALTH CARE SERVICES — 4.0% | |||
|
Centene Corp.
2.45%, 7/15/2028 |
|
$6,330,000 |
$6,005,398 |
|
Cigna Group
4.38%, 10/15/2028 |
|
2,174,000 |
2,171,087 |
|
HCA, Inc.: |
|
|
|
|
5.00%, 3/1/2028 |
|
1,065,000 |
1,074,180 |
|
5.20%, 6/1/2028 |
|
2,986,000 |
3,025,176 |
|
5.63%, 9/1/2028 |
|
8,245,000 |
8,396,625 |
|
Toledo Hospital
Series B, 5.33%, 11/15/2028 |
|
90,000 |
90,408 |
|
UnitedHealth Group, Inc.
3.88%, 12/15/2028 |
|
1,730,000 |
1,709,482 |
|
|
|
|
22,472,356 |
|
HOME BUILDERS — 0.6% | |||
|
Toll Brothers Finance Corp.
4.35%, 2/15/2028 |
|
3,617,000 |
3,602,641 |
|
HOUSEHOLD PRODUCTS — 0.0% *
| |||
|
Procter & Gamble Co.
3.95%, 1/26/2028 |
|
80,000 |
79,902 |
|
HOUSEHOLD PRODUCTS & WARES — 0.2% | |||
|
Avery Dennison Corp.
4.88%, 12/6/2028 |
|
1,148,000 |
1,156,782 |
|
INSURANCE — 0.7% | |||
|
Athene Holding Ltd.
4.13%, 1/12/2028 |
|
1,692,000 |
1,678,261 |
|
Brown & Brown, Inc.
4.70%, 6/23/2028 |
|
400,000 |
400,768 |
|
Lincoln Financial Global Funding
4.63%, 5/28/2028 (a) |
|
75,000 |
75,035 |
|
Lincoln National Corp.
3.80%, 3/1/2028 |
|
1,845,000 |
1,822,380 |
|
|
|
|
3,976,444 |
|
INTERNET — 1.0% | |||
|
Airbnb, Inc.
4.40%, 3/16/2029 |
|
245,000 |
244,537 |
|
Amazon.com, Inc.: |
|
|
|
|
1.65%, 5/12/2028 (b) |
|
310,000 |
295,954 |
|
3.85%, 3/13/2028 |
|
160,000 |
159,309 |
|
3.90%, 11/20/2028 |
|
640,000 |
635,424 |
|
4.00%, 3/13/2029 |
|
335,000 |
332,561 |
|
Expedia Group, Inc.
3.80%, 2/15/2028 |
|
4,146,000 |
4,098,404 |
|
|
|
|
5,766,189 |
|
INVESTMENT COMPANY SECURITIES — 0.9% | |||
|
ARES Capital Corp.
2.88%, 6/15/2028 |
|
472,000 |
452,440 |
|
Goldman Sachs Private Credit
Corp.
5.38%, 1/31/2029 |
|
150,000 |
149,120 |
|
Golub Capital BDC, Inc.
7.05%, 12/5/2028 |
|
500,000 |
514,180 |
|
Main Street Capital Corp.
5.40%, 8/15/2028 |
|
3,700,000 |
3,687,531 |
|
Security Description |
|
Principal
Amount |
Value |
|
Sixth Street Specialty Lending,
Inc.
6.95%, 8/14/2028 |
|
$248,000 |
$255,812 |
|
|
|
|
5,059,083 |
|
IRON/STEEL — 0.2% | |||
|
ArcelorMittal SA
6.55%, 11/29/2027 |
|
800,000 |
822,400 |
|
Nucor Corp.
3.95%, 5/1/2028 |
|
150,000 |
148,966 |
|
|
|
|
971,366 |
|
IT SERVICES — 0.9% | |||
|
Hewlett Packard Enterprise Co.
4.15%, 9/15/2028 |
|
398,000 |
394,892 |
|
International Business Machines
Corp.
4.65%, 2/10/2028 |
|
4,533,000 |
4,557,886 |
|
|
|
|
4,952,778 |
|
LEISURE TIME — 1.6% | |||
|
Royal Caribbean Cruises Ltd.
3.70%, 3/15/2028 |
|
8,974,000 |
8,845,313 |
|
LODGING — 4.4% | |||
|
Hyatt Hotels Corp.
4.38%, 9/15/2028 |
|
2,134,000 |
2,122,754 |
|
Las Vegas Sands Corp.
5.63%, 6/15/2028 |
|
11,077,000 |
11,234,072 |
|
Marriott International, Inc.: |
|
|
|
|
Series X, 4.00%, 4/15/2028 |
|
2,694,000 |
2,677,567 |
|
5.55%, 10/15/2028 |
|
2,403,000 |
2,460,263 |
|
Sands China Ltd.
5.40%, 8/8/2028 |
|
6,230,000 |
6,304,012 |
|
|
|
|
24,798,668 |
|
MACHINERY-DIVERSIFIED — 0.6% | |||
|
CNH Industrial Capital LLC
4.55%, 4/10/2028 |
|
1,223,000 |
1,221,887 |
|
Ingersoll Rand, Inc.
5.40%, 8/14/2028 |
|
1,312,000 |
1,336,600 |
|
Otis Worldwide Corp.
5.25%, 8/16/2028 |
|
679,000 |
690,957 |
|
|
|
|
3,249,444 |
|
MEDIA — 2.4% | |||
|
Charter Communications
Operating LLC/Charter
Communications Operating
Capital: |
|
|
|
|
3.75%, 2/15/2028 |
|
6,325,000 |
6,217,285 |
|
4.20%, 3/15/2028 |
|
6,067,000 |
6,001,537 |
|
5.05%, 3/30/2029 |
|
500,000 |
499,910 |
|
Comcast Corp.: |
|
|
|
|
3.15%, 2/15/2028 (b) |
|
403,000 |
395,662 |
|
3.55%, 5/1/2028 |
|
273,000 |
269,235 |
|
Discovery Communications LLC
3.95%, 3/20/2028 |
156,000 |
152,798 | |
|
|
|
|
13,536,427 |
|
Security Description |
|
Principal
Amount |
Value |
|
MINING — 0.5% | |||
|
Glencore Funding LLC
6.13%, 10/6/2028 (a) |
|
$2,083,000 |
$2,149,427 |
|
Rio Tinto Finance USA Ltd.
7.13%, 7/15/2028 |
|
378,000 |
399,157 |
|
Rio Tinto Finance USA PLC
4.50%, 3/14/2028 (b) |
|
120,000 |
120,547 |
|
|
|
|
2,669,131 |
|
MISCELLANEOUS MANUFACTURER — 0.1% | |||
|
Eaton Corp.
4.35%, 5/18/2028 |
|
796,000 |
797,210 |
|
OIL & GAS — 2.1% | |||
|
BP Capital Markets America,
Inc.: |
|
|
|
|
3.94%, 9/21/2028 |
|
1,297,000 |
1,285,236 |
|
4.23%, 11/6/2028 |
|
4,557,000 |
4,541,780 |
|
BP Capital Markets PLC
3.72%, 11/28/2028 |
|
100,000 |
98,437 |
|
Devon Energy Corp.
5.88%, 6/15/2028 |
|
536,000 |
536,182 |
|
EOG Resources, Inc.
4.40%, 7/15/2028 |
|
144,000 |
144,082 |
|
Marathon Petroleum Corp.
3.80%, 4/1/2028 |
|
728,000 |
718,936 |
|
Patterson-UTI Energy, Inc.
3.95%, 2/1/2028 |
|
995,000 |
989,478 |
|
Phillips 66 Co.: |
|
|
|
|
3.75%, 3/1/2028 |
|
105,000 |
103,713 |
|
3.90%, 3/15/2028 |
|
1,497,000 |
1,483,347 |
|
Shell Finance U.S., Inc.
3.88%, 11/13/2028 (a) |
|
482,000 |
478,053 |
|
Shell International Finance BV
3.88%, 11/13/2028 (b) |
|
12,000 |
11,935 |
|
TotalEnergies Capital SA
3.88%, 10/11/2028 |
|
1,102,000 |
1,094,341 |
|
|
|
|
11,485,520 |
|
OIL & GAS SERVICES — 0.1% | |||
|
Schlumberger Holdings Corp.
4.50%, 5/15/2028 (a) |
|
653,000 |
654,580 |
|
PACKAGING & CONTAINERS — 0.6% | |||
|
Amcor Finance USA, Inc.
4.50%, 5/15/2028 |
|
566,000 |
565,796 |
|
Berry Global, Inc.
5.50%, 4/15/2028 |
|
1,360,500 |
1,383,302 |
|
WRKCo, Inc.: |
|
|
|
|
3.90%, 6/1/2028 |
|
1,002,000 |
990,307 |
|
4.00%, 3/15/2028 |
|
290,000 |
287,810 |
|
|
|
|
3,227,215 |
|
PHARMACEUTICALS — 6.2% | |||
|
AbbVie, Inc.: |
|
|
|
|
3.78%, 3/3/2028 |
|
110,000 |
109,124 |
|
4.65%, 3/15/2028 |
|
5,113,000 |
5,148,638 |
|
Bayer Corp.
6.65%, 2/15/2028 (a) |
|
700,000 |
722,806 |
|
Security Description |
|
Principal
Amount |
Value |
|
Bayer U.S. Finance II LLC
4.38%, 12/15/2028 (a) |
|
$3,730,000 |
$3,695,870 |
|
Bayer U.S. Finance LLC
6.25%, 1/21/2029 (a) |
|
200,000 |
207,138 |
|
Becton Dickinson & Co.
4.69%, 2/13/2028 |
|
1,241,000 |
1,246,721 |
|
CVS Health Corp.
4.30%, 3/25/2028 |
|
10,810,000 |
10,775,732 |
|
Eli Lilly & Co.
4.00%, 10/15/2028 |
|
770,000 |
767,575 |
|
McKesson Corp.: |
|
|
|
|
3.95%, 2/16/2028 |
|
397,000 |
394,412 |
|
4.90%, 7/15/2028 |
|
370,000 |
374,684 |
|
Merck & Co., Inc.
1.90%, 12/10/2028 |
|
210,000 |
198,465 |
|
Mylan, Inc.
4.55%, 4/15/2028 |
|
5,075,000 |
5,051,046 |
|
Novartis Capital Corp.: |
|
|
|
|
3.90%, 11/5/2028 |
|
481,000 |
477,696 |
|
4.10%, 3/16/2029 |
|
80,000 |
79,549 |
|
Pfizer Investment Enterprises
Pte. Ltd.
4.45%, 5/19/2028 |
|
818,000 |
820,519 |
|
Pfizer, Inc.
3.60%, 9/15/2028 |
|
1,332,000 |
1,315,124 |
|
Takeda Pharmaceutical Co. Ltd.
5.00%, 11/26/2028 |
|
2,645,000 |
2,672,772 |
|
Zoetis, Inc.
4.15%, 8/17/2028 |
|
600,000 |
596,580 |
|
|
|
|
34,654,451 |
|
PIPELINES — 3.1% | |||
|
Enbridge, Inc.: |
|
|
|
|
4.20%, 11/20/2028 |
|
1,465,000 |
1,455,243 |
|
6.00%, 11/15/2028 |
|
52,000 |
53,774 |
|
Energy Transfer LP: |
|
|
|
|
4.95%, 5/15/2028 |
|
3,668,000 |
3,698,811 |
|
4.95%, 6/15/2028 |
|
2,328,000 |
2,346,089 |
|
6.10%, 12/1/2028 |
|
2,712,000 |
2,807,815 |
|
Enterprise Products
Operating LLC
4.15%, 10/16/2028 |
|
1,280,000 |
1,276,160 |
|
ONEOK, Inc.: |
|
|
|
|
4.55%, 7/15/2028 |
|
2,047,000 |
2,047,921 |
|
5.65%, 11/1/2028 |
|
2,347,000 |
2,401,263 |
|
Sabine Pass Liquefaction LLC
4.20%, 3/15/2028 |
|
200,000 |
199,194 |
|
Targa Resources
Partners LP/Targa Resources
Partners Finance Corp.
5.00%, 1/15/2028 (b) |
|
518,000 |
518,088 |
|
TransCanada PipeLines Ltd.
4.25%, 5/15/2028 |
|
315,000 |
313,664 |
|
Williams Cos., Inc.
5.30%, 8/15/2028 (b) |
|
328,000 |
333,858 |
|
|
|
|
17,451,880 |
|
Security Description |
|
Principal
Amount |
Value |
|
REAL ESTATE INVESTMENT TRUSTS — 3.3% | |||
|
Agree LP
2.00%, 6/15/2028 |
|
$229,000 |
$217,926 |
|
Alexandria Real Estate Equities,
Inc.
3.95%, 1/15/2028 |
|
1,175,000 |
1,163,826 |
|
American Homes 4 Rent LP
4.25%, 2/15/2028 |
|
331,000 |
329,080 |
|
AvalonBay Communities, Inc.: |
|
|
|
|
1.90%, 12/1/2028 |
|
160,000 |
150,574 |
|
Series MTN, 3.20%,
1/15/2028 |
|
245,000 |
240,666 |
|
Crown Castle, Inc.
4.80%, 9/1/2028 |
|
400,000 |
402,096 |
|
Digital Realty Trust LP
4.45%, 7/15/2028 |
|
551,000 |
550,306 |
|
DOC Dr. LLC
3.95%, 1/15/2028 |
|
440,000 |
435,952 |
|
ERP Operating LP: |
|
|
|
|
3.50%, 3/1/2028 |
|
63,000 |
62,052 |
|
4.15%, 12/1/2028 |
|
200,000 |
198,782 |
|
Extra Space Storage LP
5.70%, 4/1/2028 |
|
1,195,000 |
1,218,649 |
|
Federal Realty OP LP
5.38%, 5/1/2028 |
|
953,000 |
967,104 |
|
GLP Capital LP/GLP Financing
II, Inc.
5.75%, 6/1/2028 |
|
410,000 |
415,777 |
|
Highwoods Realty LP
4.13%, 3/15/2028 |
|
4,500,000 |
4,441,860 |
|
Host Hotels & Resorts LP
4.25%, 12/15/2028 |
|
59,000 |
58,470 |
|
Kilroy Realty LP
4.75%, 12/15/2028 |
|
1,170,000 |
1,159,306 |
|
Prologis LP
4.00%, 9/15/2028 |
|
484,000 |
480,022 |
|
Realty Income Corp.: |
|
|
|
|
2.20%, 6/15/2028 |
|
730,000 |
699,902 |
|
3.40%, 1/15/2028 |
|
50,000 |
49,259 |
|
4.70%, 12/15/2028 |
|
75,000 |
75,401 |
|
Simon Property Group LP
1.75%, 2/1/2028 |
|
70,000 |
67,165 |
|
UDR, Inc.
Series GMTN, 3.50%,
1/15/2028 (b) |
|
415,000 |
408,642 |
|
VICI Properties LP
4.75%, 2/15/2028 |
|
4,166,000 |
4,173,249 |
|
Welltower OP LLC
4.25%, 4/15/2028 |
|
508,000 |
507,243 |
|
|
|
|
18,473,309 |
|
RETAIL — 1.7% | |||
|
AutoNation, Inc.: |
|
|
|
|
1.95%, 8/1/2028 |
|
2,737,000 |
2,582,797 |
|
3.80%, 11/15/2027 |
|
53,000 |
52,432 |
|
AutoZone, Inc.: |
|
|
|
|
4.50%, 2/1/2028 |
|
843,000 |
844,189 |
|
Security Description |
|
Principal
Amount |
Value |
|
6.25%, 11/1/2028 |
|
$250,000 |
$259,580 |
|
Dollar General Corp.
5.20%, 7/5/2028 |
|
485,000 |
490,859 |
|
Home Depot, Inc.: |
|
|
|
|
0.90%, 3/15/2028 |
|
229,000 |
216,513 |
|
1.50%, 9/15/2028 |
|
200,000 |
188,618 |
|
Lowe's Cos., Inc.: |
|
|
|
|
4.00%, 10/15/2028 |
|
415,000 |
410,991 |
|
6.88%, 2/15/2028 |
|
298,000 |
310,373 |
|
McDonald's Corp.: |
|
|
|
|
Series MTN, 3.80%, 4/1/2028 |
|
460,000 |
456,288 |
|
4.80%, 8/14/2028 |
|
75,000 |
75,691 |
|
O'Reilly Automotive, Inc.
4.35%, 6/1/2028 |
|
3,594,000 |
3,591,304 |
|
Starbucks Corp.: |
|
|
|
|
4.00%, 11/15/2028 |
|
200,000 |
198,020 |
|
4.50%, 5/15/2028 |
|
52,000 |
52,073 |
|
|
|
|
9,729,728 |
|
SEMICONDUCTORS — 4.6% | |||
|
Advanced Micro Devices, Inc.
4.32%, 3/24/2028 |
|
1,334,000 |
1,337,602 |
|
Analog Devices, Inc.: |
|
|
|
|
1.70%, 10/1/2028 |
|
834,000 |
785,720 |
|
4.25%, 6/15/2028 |
|
366,000 |
365,744 |
|
Broadcom, Inc.: |
|
|
|
|
1.95%, 2/15/2028 |
|
2,046,000 |
1,969,234 |
|
4.80%, 4/15/2028 |
|
4,503,000 |
4,544,608 |
|
Intel Corp.: |
|
|
|
|
1.60%, 8/12/2028 |
|
3,054,000 |
2,874,272 |
|
4.88%, 2/10/2028 |
|
5,011,000 |
5,043,772 |
|
Marvell Technology, Inc.: |
|
|
|
|
2.45%, 4/15/2028 |
|
4,544,000 |
4,381,461 |
|
4.88%, 6/22/2028 |
|
4,194,000 |
4,226,671 |
|
NXP BV/NXP Funding LLC/NXP
USA, Inc.
4.30%, 8/19/2028 |
|
200,000 |
199,214 |
|
TSMC Arizona Corp.
4.13%, 4/22/2029 |
|
200,000 |
199,066 |
|
|
|
|
25,927,364 |
|
SHIPBUILDING — 0.8% | |||
|
Huntington Ingalls Industries,
Inc.
2.04%, 8/16/2028 |
|
4,460,000 |
4,224,111 |
|
SOFTWARE — 4.4% | |||
|
Fidelity National Information
Services, Inc.
4.45%, 3/10/2028 |
|
1,300,000 |
1,296,451 |
|
Fiserv, Inc.: |
|
|
|
|
5.38%, 8/21/2028 |
|
2,522,000 |
2,555,114 |
|
5.45%, 3/2/2028 |
|
1,629,000 |
1,649,688 |
|
Oracle Corp.: |
|
|
|
|
4.50%, 5/6/2028 |
|
4,981,000 |
4,970,590 |
|
4.55%, 2/4/2029 |
|
775,000 |
767,351 |
|
4.80%, 8/3/2028 |
|
8,716,000 |
8,715,303 |
|
Security Description |
|
Principal
Amount |
Value |
|
ServiceNow, Inc.
4.25%, 5/15/2028 (b) |
|
$1,500,000 |
$1,499,880 |
|
Take-Two Interactive Software,
Inc.
4.95%, 3/28/2028 |
|
2,449,000 |
2,468,224 |
|
VMware LLC
1.80%, 8/15/2028 |
|
500,000 |
472,730 |
|
|
|
|
24,395,331 |
|
TELECOMMUNICATIONS — 2.4% | |||
|
AT&T, Inc.: |
|
|
|
|
1.65%, 2/1/2028 |
|
2,477,000 |
2,370,563 |
|
4.10%, 2/15/2028 |
|
1,047,000 |
1,042,739 |
|
British Telecommunications PLC
5.13%, 12/4/2028 |
|
329,000 |
332,839 |
|
T-Mobile USA, Inc.: |
|
|
|
|
2.05%, 2/15/2028 |
|
2,899,000 |
2,790,172 |
|
4.80%, 7/15/2028 |
|
4,444,000 |
4,476,441 |
|
4.95%, 3/15/2028 |
|
1,072,000 |
1,082,548 |
|
Verizon Communications, Inc.: |
|
|
|
|
2.10%, 3/22/2028 |
|
220,000 |
211,603 |
|
4.33%, 9/21/2028 |
|
1,080,000 |
1,080,108 |
|
|
|
|
13,387,013 |
|
TRANSPORTATION — 0.5% | |||
|
Canadian National Railway Co.
6.90%, 7/15/2028 |
|
341,000 |
358,623 |
|
Canadian Pacific Railway Co.
4.00%, 6/1/2028 |
|
1,960,000 |
1,945,182 |
|
Union Pacific Corp.
3.95%, 9/10/2028 |
|
417,000 |
414,156 |
|
|
|
|
2,717,961 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $554,024,579) |
|
|
552,478,439 |
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENTS — 1.8% |
| ||
|
State Street Institutional
Treasury Plus Money Market
Fund - Premier Class 3.57%
(e) (f) |
4,951,100 |
4,951,100 | |
|
State Street Navigator Securities
Lending Portfolio II (g) (h) |
5,246,565 |
5,246,565 | |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,197,665) |
10,197,665 | ||
|
TOTAL INVESTMENTS — 100.3%
(Cost $564,222,244) |
562,676,104 | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS
— (0.3)% |
(1,768,460) | ||
|
NET ASSETS — 100.0% |
$560,907,644 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 4.9% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
All or a portion of the shares of the security are on loan at
May 31, 2026. |
|
(c) |
When-issued security. |
|
(d) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(e) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(f) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
(g) |
The Fund invested in an affiliated entity. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(h) |
Investment of cash collateral for securities loaned. |
|
* |
Amount is less than 0.05% of net assets. |
|
Abbreviations: |
|
|
GMTN |
Global Medium Term Note |
|
MTN |
Medium Term Note |
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$552,478,439 |
$— |
$552,478,439 |
|
Short-Term Investments |
10,197,665 |
— |
— |
10,197,665 |
|
TOTAL INVESTMENTS |
$10,197,665 |
$552,478,439 |
$— |
$562,676,104 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund -
Premier Class |
153,249 |
$153,249 |
$22,592,940 |
$17,795,089 |
$— |
$— |
4,951,100 |
$4,951,100 |
$19,912 |
|
State Street Navigator Securities Lending Portfolio II |
1,175,930 |
1,175,930 |
37,925,750 |
33,855,115 |
— |
— |
5,246,565 |
5,246,565 |
10,577 |
|
Total |
|
$1,329,179 |
$60,518,690 |
$51,650,204 |
$— |
$— |
|
$10,197,665 |
$30,489 |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 98.5% | |||
|
AEROSPACE & DEFENSE — 3.8% | |||
|
Boeing Co.
6.30%, 5/1/2029 |
|
$523,000 |
$547,194 |
|
Honeywell Aerospace, Inc.
4.00%, 3/16/2029 (a) |
|
45,000 |
44,476 |
|
Howmet Aerospace, Inc.
3.00%, 1/15/2029 |
|
330,000 |
318,150 |
|
L3Harris Technologies, Inc.
5.05%, 6/1/2029 |
|
390,000 |
395,382 |
|
|
|
|
1,305,202 |
|
AGRICULTURE — 4.4% | |||
|
BAT International Finance PLC
5.93%, 2/2/2029 |
|
306,000 |
316,380 |
|
Bunge Ltd. Finance Corp.
4.20%, 9/17/2029 |
|
325,000 |
321,438 |
|
Philip Morris International, Inc.: |
|
|
|
|
3.38%, 8/15/2029 |
|
195,000 |
188,590 |
|
5.63%, 11/17/2029 |
|
665,000 |
687,477 |
|
|
|
|
1,513,885 |
|
AUTO MANUFACTURERS — 3.2% | |||
|
Ford Motor Credit Co. LLC
5.11%, 5/3/2029 |
|
225,000 |
224,343 |
|
General Motors Financial Co., Inc.: |
|
|
|
|
4.90%, 10/6/2029 |
|
265,000 |
266,415 |
|
5.55%, 7/15/2029 |
|
220,000 |
225,214 |
|
Stellantis Financial Services
U.S. Corp.
5.40%, 6/15/2029 (a) (b) |
|
200,000 |
200,450 |
|
Toyota Motor Credit Corp.
Series MTN, 4.45%, 6/29/2029
(c) |
|
192,000 |
192,148 |
|
|
|
|
1,108,570 |
|
AUTO PARTS & EQUIPMENT — 0.9% | |||
|
BorgWarner, Inc.
4.95%, 8/15/2029 |
|
265,000 |
267,857 |
|
Lear Corp.
4.25%, 5/15/2029 |
|
50,000 |
49,393 |
|
|
|
|
317,250 |
|
BANKS — 9.2% | |||
|
Banco Santander SA
4.60%, 4/15/2029 |
|
430,000 |
428,551 |
|
Bank of America Corp.: |
|
|
|
|
Series MTN, 3 mo. USD Term
SOFR + 1.47%, 3.97%,
2/7/2030 (d) |
|
100,000 |
98,372 |
|
SOFR + 1.63%, 5.20%,
4/25/2029 (d) |
|
70,000 |
70,853 |
|
Depository Trust Co.
4.30%, 3/27/2029 (a) |
|
250,000 |
249,080 |
|
Deutsche Bank AG
SOFR + 2.51%, 6.82%,
11/20/2029 (d) |
|
150,000 |
157,137 |
|
Security Description |
|
Principal
Amount |
Value |
|
Goldman Sachs Group, Inc.
3 mo. USD Term SOFR +
1.42%, 3.81%, 4/23/2029 (d) |
|
$50,000 |
$49,301 |
|
JPMorgan Chase & Co.
3 mo. USD Term SOFR +
1.42%, 3.70%, 5/6/2030 (d) |
|
150,000 |
146,361 |
|
M&T Bank Corp.
SOFR + 1.78%, 4.55%,
8/16/2028 (d) |
|
200,000 |
200,046 |
|
Mitsubishi UFJ Financial Group,
Inc.
3.20%, 7/18/2029 |
|
100,000 |
95,891 |
|
Morgan Stanley
SOFR + 1.45%, 5.17%,
1/16/2030 (d) |
|
75,000 |
75,886 |
|
Royal Bank of Canada
Series GMTN, 4.95%, 2/1/2029 |
|
50,000 |
50,836 |
|
Sumitomo Mitsui Financial Group,
Inc.: |
|
|
|
|
3.04%, 7/16/2029 |
|
205,000 |
195,379 |
|
5.72%, 9/14/2028 |
|
200,000 |
205,024 |
|
Toronto-Dominion Bank
4.11%, 10/13/2028 |
|
100,000 |
99,216 |
|
U.S. Bancorp: |
|
|
|
|
Series DMTN, 3.00%,
7/30/2029 |
|
215,000 |
205,061 |
|
SOFR + 2.02%, 5.78%,
6/12/2029 (d) |
|
100,000 |
102,429 |
|
Wells Fargo & Co.: |
|
|
|
|
Series MTN, 4.15%, 1/24/2029 |
|
380,000 |
377,325 |
|
SOFR + 1.50%, 5.20%,
1/23/2030 (d) |
|
300,000 |
304,404 |
|
Series MTN, SOFR + 1.74%,
5.57%, 7/25/2029 (d) |
|
75,000 |
76,452 |
|
|
|
|
3,187,604 |
|
BEVERAGES — 2.6% | |||
|
Anheuser-Busch InBev Worldwide,
Inc.
4.75%, 1/23/2029 |
|
280,000 |
282,307 |
|
Coca-Cola Consolidated, Inc.
5.25%, 6/1/2029 |
|
50,000 |
50,985 |
|
Maple Parent Holdings Corp.
4.75%, 3/26/2029 (a) |
|
374,000 |
373,630 |
|
PepsiCo, Inc.
2.63%, 7/29/2029 |
|
220,000 |
209,343 |
|
|
|
|
916,265 |
|
BIOTECHNOLOGY — 1.5% | |||
|
Amgen, Inc.
4.05%, 8/18/2029 |
|
230,000 |
227,233 |
|
Gilead Sciences, Inc.
4.80%, 11/15/2029 (c) |
|
192,000 |
194,345 |
|
Royalty Pharma PLC
5.15%, 9/2/2029 |
|
105,000 |
106,516 |
|
|
|
|
528,094 |
|
Security Description |
|
Principal
Amount |
Value |
|
CHEMICALS — 1.5% | |||
|
Air Products & Chemicals, Inc.
4.60%, 2/8/2029 (c) |
|
$45,000 |
$45,264 |
|
Dow Chemical Co.
7.38%, 11/1/2029 |
|
24,000 |
25,937 |
|
Eastman Chemical Co.
5.00%, 8/1/2029 |
|
215,000 |
216,866 |
|
Nutrien Ltd.
4.20%, 4/1/2029 |
|
253,000 |
250,999 |
|
|
|
|
539,066 |
|
COMMERCIAL SERVICES — 1.3% | |||
|
Mobility Global, Inc.
5.05%, 6/15/2029 (a) |
|
40,000 |
40,191 |
|
Verisk Analytics, Inc.
4.13%, 3/15/2029 |
|
404,000 |
399,318 |
|
|
|
|
439,509 |
|
COMPUTERS — 0.5% | |||
|
Apple, Inc.
2.20%, 9/11/2029 |
|
101,000 |
95,248 |
|
Crowdstrike Holdings, Inc.
3.00%, 2/15/2029 |
|
100,000 |
95,224 |
|
|
|
|
190,472 |
|
CONSTRUCTION MATERIALS — 0.1% | |||
|
Owens Corning
3.95%, 8/15/2029 |
|
50,000 |
49,138 |
|
DIVERSIFIED FINANCIAL SERVICES — 0.8% | |||
|
AerCap Ireland Capital
DAC/AerCap Global Aviation
Trust
4.63%, 9/10/2029 |
|
105,000 |
104,762 |
|
BlackRock Funding, Inc.
4.70%, 3/14/2029 |
|
50,000 |
50,579 |
|
Charles Schwab Corp.
4.00%, 2/1/2029 |
|
45,000 |
44,607 |
|
Sumisho Air Lease Corp.
4.50%, 3/24/2029 (a) |
|
80,000 |
79,494 |
|
|
|
|
279,442 |
|
ELECTRIC — 9.4% | |||
|
AEP Texas, Inc.
5.45%, 5/15/2029 |
|
50,000 |
51,176 |
|
Ameren Corp.
5.00%, 1/15/2029 |
|
60,000 |
60,661 |
|
American Electric Power Co., Inc.
5.20%, 1/15/2029 |
|
312,000 |
317,323 |
|
CenterPoint Energy, Inc.
5.40%, 6/1/2029 |
|
185,000 |
189,240 |
|
Consumers Energy Co.
4.60%, 5/30/2029 |
|
125,000 |
125,685 |
|
DTE Energy Co.: |
|
|
|
|
Series C, 3.40%, 6/15/2029 |
|
100,000 |
96,571 |
|
5.10%, 3/1/2029 (c) |
|
214,000 |
216,992 |
|
Duke Energy Corp.
4.85%, 1/5/2029 |
|
300,000 |
302,463 |
|
Security Description |
|
Principal
Amount |
Value |
|
Emera U.S. Finance LLC
4.50%, 4/1/2029 |
|
$150,000 |
$149,305 |
|
Entergy Texas, Inc.
4.00%, 3/30/2029 |
|
122,000 |
120,408 |
|
Exelon Corp.
5.15%, 3/15/2029 |
|
200,000 |
203,154 |
|
Georgia Power Co.
Series B, 2.65%, 9/15/2029 |
|
50,000 |
47,252 |
|
Jersey Central Power & Light Co.
4.15%, 1/15/2029 (a) |
|
75,000 |
74,138 |
|
Pacific Gas & Electric Co.: |
|
|
|
|
4.20%, 3/1/2029 (c) |
|
69,000 |
67,988 |
|
5.55%, 5/15/2029 |
|
235,000 |
240,358 |
|
PacifiCorp
5.10%, 2/15/2029 |
|
195,000 |
197,106 |
|
Public Service Enterprise Group,
Inc.
5.20%, 4/1/2029 |
|
250,000 |
254,150 |
|
Southern California Edison Co.: |
|
|
|
|
2.85%, 8/1/2029 (c) |
|
49,000 |
46,230 |
|
5.15%, 6/1/2029 |
|
95,000 |
95,934 |
|
Southern Co.
5.50%, 3/15/2029 |
|
165,000 |
169,117 |
|
Vistra Operations Co. LLC
4.30%, 10/15/2028 (a) |
|
250,000 |
247,092 |
|
|
|
|
3,272,343 |
|
ELECTRONICS — 0.5% | |||
|
Allegion PLC
3.50%, 10/1/2029 |
|
170,000 |
163,380 |
|
ENTERTAINMENT — 0.2% | |||
|
Discovery Global Holdings, Inc.
4.05%, 3/15/2029 |
|
65,000 |
61,379 |
|
ENVIRONMENTAL CONTROL — 1.4% | |||
|
Republic Services, Inc.: |
|
|
|
|
4.88%, 4/1/2029 |
|
245,000 |
247,979 |
|
5.00%, 11/15/2029 |
|
225,000 |
228,884 |
|
|
|
|
476,863 |
|
FOOD — 1.7% | |||
|
JBS NV/JBS USA Foods Group
Holdings, Inc./JBS USA Food
Co. Holdings
3.00%, 2/2/2029 |
|
235,000 |
225,431 |
|
Mars, Inc.
4.80%, 3/1/2030 (a) |
|
100,000 |
100,675 |
|
Tyson Foods, Inc.
4.35%, 3/1/2029 |
|
250,000 |
248,810 |
|
|
|
|
574,916 |
|
HEALTH CARE PRODUCTS — 2.7% | |||
|
Baxter International, Inc.
4.45%, 2/15/2029 |
|
242,000 |
239,231 |
|
Boston Scientific Corp.
4.00%, 3/1/2029 |
|
225,000 |
222,955 |
|
GE HealthCare Technologies, Inc.
4.80%, 8/14/2029 |
|
215,000 |
216,284 |
|
Security Description |
|
Principal
Amount |
Value |
|
Stryker Corp.
4.25%, 9/11/2029 |
|
$50,000 |
$49,669 |
|
Thermo Fisher Scientific, Inc.
5.00%, 1/31/2029 (c) |
|
225,000 |
228,557 |
|
|
|
|
956,696 |
|
HEALTH CARE SERVICES — 3.8% | |||
|
Centene Corp.: |
|
|
|
|
2.45%, 7/15/2028 |
|
600,000 |
569,232 |
|
4.63%, 12/15/2029 |
|
113,000 |
110,012 |
|
HCA, Inc.: |
|
|
|
|
3.38%, 3/15/2029 |
|
190,000 |
184,000 |
|
4.13%, 6/15/2029 |
|
425,000 |
418,808 |
|
UnitedHealth Group, Inc.
4.70%, 4/15/2029 |
|
50,000 |
50,437 |
|
|
|
|
1,332,489 |
|
HOME BUILDERS — 1.5% | |||
|
Toll Brothers Finance Corp.
3.80%, 11/1/2029 |
|
540,000 |
525,820 |
|
INSURANCE — 2.6% | |||
|
Allstate Corp.
5.05%, 6/24/2029 |
|
100,000 |
101,551 |
|
Aon North America, Inc.
5.15%, 3/1/2029 |
|
125,000 |
126,947 |
|
Arthur J Gallagher & Co.
4.85%, 12/15/2029 |
|
242,000 |
244,088 |
|
Corebridge Financial, Inc.
3.85%, 4/5/2029 |
|
70,000 |
68,398 |
|
Hartford Insurance Group, Inc.
2.80%, 8/19/2029 |
|
50,000 |
47,371 |
|
Marsh & McLennan Cos., Inc.
4.38%, 3/15/2029 |
|
145,000 |
144,780 |
|
Principal Financial Group, Inc.
3.70%, 5/15/2029 |
|
180,000 |
175,919 |
|
|
|
|
909,054 |
|
INTERNET — 1.0% | |||
|
Airbnb, Inc.
4.40%, 3/16/2029 |
|
60,000 |
59,887 |
|
Alphabet, Inc.
4.00%, 5/15/2030 |
|
85,000 |
84,023 |
|
Amazon.com, Inc.: |
|
|
|
|
3.45%, 4/13/2029 |
|
130,000 |
127,349 |
|
4.00%, 3/13/2029 |
|
65,000 |
64,527 |
|
|
|
|
335,786 |
|
INVESTMENT COMPANY SECURITIES — 1.7% | |||
|
ARES Capital Corp.
5.95%, 7/15/2029 |
|
220,000 |
222,730 |
|
FS KKR Capital Corp.
6.88%, 8/15/2029 |
|
125,000 |
125,417 |
|
Goldman Sachs Private Credit
Corp.
5.38%, 1/31/2029 |
|
75,000 |
74,560 |
|
Security Description |
|
Principal
Amount |
Value |
|
Main Street Capital Corp.
6.95%, 3/1/2029 (c) |
|
$150,000 |
$154,527 |
|
|
|
|
577,234 |
|
IRON/STEEL — 0.5% | |||
|
ArcelorMittal SA
4.25%, 7/16/2029 |
|
175,000 |
173,544 |
|
IT SERVICES — 1.0% | |||
|
Accenture Capital, Inc.
4.05%, 10/4/2029 |
|
75,000 |
74,142 |
|
IBM International Capital Pte. Ltd.
4.60%, 2/5/2029 |
|
265,000 |
265,750 |
|
|
|
|
339,892 |
|
LODGING — 1.6% | |||
|
Las Vegas Sands Corp.: |
|
|
|
|
3.90%, 8/8/2029 |
|
204,000 |
197,235 |
|
6.00%, 8/15/2029 |
|
199,000 |
204,550 |
|
Sands China Ltd.
2.85%, 3/8/2029 |
|
150,000 |
142,577 |
|
|
|
|
544,362 |
|
MACHINERY, CONSTRUCTION & MINING — 0.2% | |||
|
Caterpillar, Inc.
2.60%, 9/19/2029 |
|
63,000 |
59,643 |
|
MACHINERY-DIVERSIFIED — 2.2% | |||
|
CNH Industrial Capital LLC
5.10%, 4/20/2029 |
|
115,000 |
116,308 |
|
Dover Corp.
2.95%, 11/4/2029 |
|
300,000 |
284,958 |
|
Ingersoll Rand, Inc.
5.18%, 6/15/2029 |
|
172,000 |
175,430 |
|
John Deere Capital Corp.
Series MTN, 4.85%, 6/11/2029 |
|
191,000 |
193,897 |
|
|
|
|
770,593 |
|
MEDIA — 0.8% | |||
|
Charter Communications
Operating LLC/Charter
Communications Operating
Capital
2.25%, 1/15/2029 |
|
305,000 |
284,702 |
|
MINING — 1.3% | |||
|
Freeport-McMoRan, Inc.
5.25%, 9/1/2029 |
|
50,000 |
50,457 |
|
Glencore Funding LLC: |
|
|
|
|
5.37%, 4/4/2029 (a) |
|
180,000 |
183,371 |
|
6.13%, 10/6/2028 (a) |
|
200,000 |
206,378 |
|
|
|
|
440,206 |
|
OIL & GAS — 2.7% | |||
|
BP Capital Markets America, Inc.: |
|
|
|
|
4.70%, 4/10/2029 |
|
50,000 |
50,360 |
|
4.87%, 11/25/2029 |
|
155,000 |
157,029 |
|
4.97%, 10/17/2029 |
|
100,000 |
101,586 |
|
Canadian Natural Resources Ltd.
5.00%, 12/15/2029 |
|
75,000 |
76,099 |
|
Security Description |
|
Principal
Amount |
Value |
|
Diamondback Energy, Inc.
3.50%, 12/1/2029 |
|
$315,000 |
$305,522 |
|
EQT Corp.
4.50%, 1/15/2029 |
|
30,000 |
29,822 |
|
Patterson-UTI Energy, Inc.
5.15%, 11/15/2029 |
|
100,000 |
100,585 |
|
TotalEnergies Capital International
SA
3.46%, 2/19/2029 |
|
125,000 |
122,452 |
|
|
|
|
943,455 |
|
PACKAGING & CONTAINERS — 0.1% | |||
|
WRKCo, Inc.
4.90%, 3/15/2029 |
|
50,000 |
50,357 |
|
PHARMACEUTICALS — 6.7% | |||
|
AbbVie, Inc.: |
|
|
|
|
3.20%, 11/21/2029 |
|
576,000 |
553,185 |
|
4.80%, 3/15/2029 |
|
410,000 |
414,567 |
|
Bayer U.S. Finance LLC
6.25%, 1/21/2029 (a) |
|
250,000 |
258,922 |
|
Bristol-Myers Squibb Co.
3.40%, 7/26/2029 |
|
50,000 |
48,562 |
|
Cardinal Health, Inc.
5.00%, 11/15/2029 |
|
265,000 |
268,127 |
|
CVS Health Corp.: |
|
|
|
|
3.25%, 8/15/2029 |
|
400,000 |
383,868 |
|
5.00%, 1/30/2029 |
|
125,000 |
126,386 |
|
5.40%, 6/1/2029 |
|
100,000 |
102,225 |
|
Merck & Co., Inc.
3.40%, 3/7/2029 |
|
135,000 |
131,857 |
|
Novartis Capital Corp.
4.10%, 3/16/2029 |
|
30,000 |
29,831 |
|
|
|
|
2,317,530 |
|
PIPELINES — 3.9% | |||
|
Cheniere Energy Partners LP
4.50%, 10/1/2029 |
|
120,000 |
119,376 |
|
Enbridge, Inc.
5.30%, 4/5/2029 |
|
95,000 |
96,836 |
|
Energy Transfer LP: |
|
|
|
|
4.15%, 9/15/2029 |
|
133,000 |
130,996 |
|
5.25%, 7/1/2029 |
|
285,000 |
290,295 |
|
Enterprise Products
Operating LLC
3.13%, 7/31/2029 |
|
295,000 |
283,858 |
|
Kinder Morgan, Inc.
5.10%, 8/1/2029 |
|
50,000 |
50,774 |
|
ONEOK, Inc.: |
|
|
|
|
3.40%, 9/1/2029 |
|
100,000 |
96,092 |
|
4.35%, 3/15/2029 |
|
125,000 |
124,124 |
|
Targa Resources Corp.
6.15%, 3/1/2029 |
|
144,000 |
149,741 |
|
|
|
|
1,342,092 |
|
Security Description |
|
Principal
Amount |
Value |
|
REAL ESTATE INVESTMENT TRUSTS — 4.7% | |||
|
Alexandria Real Estate Equities,
Inc.: |
|
|
|
|
2.75%, 12/15/2029 |
|
$50,000 |
$46,634 |
|
4.50%, 7/30/2029 |
|
175,000 |
173,311 |
|
American Homes 4 Rent LP
4.90%, 2/15/2029 |
|
320,000 |
321,882 |
|
Camden Property Trust
3.15%, 7/1/2029 |
|
38,000 |
36,465 |
|
COPT Defense Properties LP
2.00%, 1/15/2029 |
|
70,000 |
65,494 |
|
EPR Properties
3.75%, 8/15/2029 |
|
130,000 |
125,345 |
|
Equinix, Inc.
3.20%, 11/18/2029 |
|
105,000 |
100,250 |
|
Essex Portfolio LP
4.00%, 3/1/2029 |
|
100,000 |
98,505 |
|
Extra Space Storage LP
4.00%, 6/15/2029 |
|
54,000 |
53,031 |
|
Federal Realty OP LP
3.20%, 6/15/2029 |
|
49,000 |
46,988 |
|
Highwoods Realty LP
4.20%, 4/15/2029 |
|
100,000 |
97,977 |
|
Host Hotels & Resorts LP
Series H, 3.38%, 12/15/2029 |
|
185,000 |
175,966 |
|
Regency Centers LP
2.95%, 9/15/2029 |
|
164,000 |
156,225 |
|
Simon Property Group LP
2.45%, 9/13/2029 |
|
130,000 |
121,867 |
|
|
|
|
1,619,940 |
|
RETAIL — 2.8% | |||
|
AutoNation, Inc.
4.45%, 1/15/2029 |
|
150,000 |
148,673 |
|
Darden Restaurants, Inc.
4.55%, 10/15/2029 |
|
60,000 |
59,703 |
|
Home Depot, Inc.
4.75%, 6/25/2029 |
|
340,000 |
344,175 |
|
Lowe's Cos., Inc.: |
|
|
|
|
3.65%, 4/5/2029 |
|
235,000 |
229,825 |
|
6.50%, 3/15/2029 |
|
195,000 |
205,263 |
|
|
|
|
987,639 |
|
SEMICONDUCTORS — 3.7% | |||
|
Broadcom, Inc.: |
|
|
|
|
4.00%, 4/15/2029 (a) |
|
30,000 |
29,652 |
|
4.75%, 4/15/2029 |
|
130,000 |
131,112 |
|
5.05%, 7/12/2029 |
|
350,000 |
356,167 |
|
Intel Corp.
4.00%, 8/5/2029 |
|
202,000 |
198,560 |
|
Marvell Technology, Inc.
5.75%, 2/15/2029 |
|
199,000 |
204,707 |
|
TSMC Arizona Corp.
4.13%, 4/22/2029 |
|
360,000 |
358,319 |
|
|
|
|
1,278,517 |
|
Security Description |
|
Principal
Amount |
Value |
|
SOFTWARE — 5.2% | |||
|
Cadence Design Systems, Inc.
4.30%, 9/10/2029 |
|
$220,000 |
$218,702 |
|
Fiserv, Inc.
3.50%, 7/1/2029 |
|
280,000 |
269,223 |
|
Oracle Corp.: |
|
|
|
|
4.55%, 2/4/2029 |
|
525,000 |
519,818 |
|
6.15%, 11/9/2029 |
|
74,000 |
76,660 |
|
Paychex, Inc.
5.10%, 4/15/2030 |
|
65,000 |
65,736 |
|
ROBLOX Corp.
3.88%, 5/1/2030 (a) |
|
100,000 |
94,400 |
|
Roper Technologies, Inc.
4.50%, 10/15/2029 |
|
140,000 |
138,909 |
|
Synopsys, Inc.
4.85%, 4/1/2030 |
|
65,000 |
65,348 |
|
Take-Two Interactive Software,
Inc.
5.40%, 6/12/2029 |
|
270,000 |
275,541 |
|
Workday, Inc.
3.70%, 4/1/2029 |
|
79,000 |
77,015 |
|
|
|
|
1,801,352 |
|
TELECOMMUNICATIONS — 3.4% | |||
|
AT&T, Inc.
4.35%, 3/1/2029 |
|
445,000 |
443,830 |
|
T-Mobile USA, Inc.: |
|
|
|
|
3.38%, 4/15/2029 |
|
366,000 |
355,166 |
|
4.85%, 1/15/2029 (c) |
|
237,000 |
239,107 |
|
Verizon Communications, Inc.
4.02%, 12/3/2029 |
|
163,000 |
160,662 |
|
|
|
|
1,198,765 |
|
TRANSPORTATION — 1.4% | |||
|
Canadian Pacific Railway Co.
2.88%, 11/15/2029 |
|
200,000 |
189,724 |
|
Fedex Freight Holding Co., Inc.
4.30%, 3/15/2029 (a) |
|
50,000 |
49,369 |
|
Union Pacific Corp.
3.70%, 3/1/2029 |
|
90,000 |
88,592 |
|
United Parcel Service, Inc.
3.40%, 3/15/2029 |
|
175,000 |
170,709 |
|
|
|
|
498,394 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $34,160,428) |
|
|
34,211,440 |
|
Security Description |
|
Shares |
Value |
|
SHORT-TERM INVESTMENTS — 4.6% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (e) (f) |
344,064 |
$344,064 | |
|
State Street Navigator Securities
Lending Portfolio II (g) (h) |
1,272,070 |
1,272,070 | |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,616,134) |
1,616,134 | ||
|
TOTAL INVESTMENTS — 103.1%
(Cost $35,776,562) |
35,827,574 | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS
— (3.1)% |
(1,084,621) | ||
|
NET ASSETS — 100.0% |
$34,742,953 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 6.4% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
When-issued security. |
|
(c) |
All or a portion of the shares of the security are on loan at
May 31, 2026. |
|
(d) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(e) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(f) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
(g) |
The Fund invested in an affiliated entity. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(h) |
Investment of cash collateral for securities loaned. |
|
Abbreviations: |
|
|
DMTN |
Domestic Medium Term Note |
|
GMTN |
Global Medium Term Note |
|
MTN |
Medium Term Note |
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$34,211,440 |
$— |
$34,211,440 |
|
Short-Term Investments |
1,616,134 |
— |
— |
1,616,134 |
|
TOTAL INVESTMENTS |
$1,616,134 |
$34,211,440 |
$— |
$35,827,574 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier
Class |
162,957 |
$162,957 |
$4,337,427 |
$4,156,320 |
$— |
$— |
344,064 |
$344,064 |
$8,768 |
|
State Street Navigator Securities Lending Portfolio II |
1,864,200 |
1,864,200 |
16,339,360 |
16,931,490 |
— |
— |
1,272,070 |
1,272,070 |
1,700 |
|
Total |
|
$2,027,157 |
$20,676,787 |
$21,087,810 |
$— |
$— |
|
$1,616,134 |
$10,468 |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 98.2% | |||
|
ADVERTISING — 0.0% *
| |||
|
Omnicom Group, Inc.
4.75%, 3/30/2030 |
|
$11,000 |
$11,031 |
|
AEROSPACE & DEFENSE — 3.7% | |||
|
Boeing Co.
5.15%, 5/1/2030 |
|
1,095,000 |
1,112,925 |
|
Honeywell Aerospace, Inc.
4.30%, 3/16/2031 (a) |
|
200,000 |
196,936 |
|
Northrop Grumman Corp.
4.40%, 5/1/2030 |
|
200,000 |
199,312 |
|
|
|
|
1,509,173 |
|
AGRICULTURE — 5.1% | |||
|
Altria Group, Inc.
3.40%, 5/6/2030 |
|
25,000 |
23,909 |
|
BAT Capital Corp.
6.34%, 8/2/2030 |
|
630,000 |
668,783 |
|
Philip Morris International, Inc.: |
|
|
|
|
1.75%, 11/1/2030 |
|
244,000 |
216,457 |
|
2.10%, 5/1/2030 |
|
11,000 |
10,035 |
|
4.00%, 10/29/2030 (b) |
|
305,000 |
298,373 |
|
5.13%, 2/15/2030 |
|
374,000 |
381,177 |
|
5.50%, 9/7/2030 |
|
453,000 |
468,189 |
|
|
|
|
2,066,923 |
|
APPAREL — 0.4% | |||
|
NIKE, Inc.
2.85%, 3/27/2030 |
|
27,000 |
25,512 |
|
Tapestry, Inc.
5.10%, 3/11/2030 |
|
121,000 |
122,256 |
|
|
|
|
147,768 |
|
AUTO MANUFACTURERS — 2.1% | |||
|
American Honda Finance Corp.
4.60%, 4/17/2030 |
|
10,000 |
9,923 |
|
General Motors Financial Co., Inc.: |
|
|
|
|
3.60%, 6/21/2030 |
|
299,000 |
285,760 |
|
5.35%, 1/7/2030 |
|
100,000 |
101,963 |
|
5.85%, 4/6/2030 |
|
275,000 |
285,214 |
|
Hyundai Capital America
6.20%, 9/21/2030 (a) |
|
100,000 |
104,630 |
|
Toyota Motor Credit Corp.
5.55%, 11/20/2030 |
|
82,000 |
85,171 |
|
|
|
|
872,661 |
|
BANKS — 6.2% | |||
|
Bank of America Corp.
SOFR + 2.15%, 2.59%,
4/29/2031 (c) |
|
200,000 |
184,830 |
|
Citigroup, Inc.
SOFR + 3.91%, 4.41%,
3/31/2031 (c) |
|
100,000 |
98,856 |
|
Citizens Financial Group, Inc.
2.50%, 2/6/2030 |
|
250,000 |
230,297 |
|
Security Description |
|
Principal
Amount |
Value |
|
Goldman Sachs Group, Inc.: |
|
|
|
|
3.80%, 3/15/2030 |
|
$427,000 |
$414,288 |
|
SOFR + 1.21%, 5.05%,
7/23/2030 (c) |
|
228,000 |
230,070 |
|
Huntington Bancshares, Inc.
SOFR + 1.28%, 5.27%,
1/15/2031 (b) (c) |
|
176,000 |
178,489 |
|
JPMorgan Chase & Co.
3 mo. USD Term SOFR +
3.79%, 4.49%, 3/24/2031 (c) |
|
228,000 |
226,819 |
|
Morgan Stanley
Series MTN, SOFR + 3.12%,
3.62%, 4/1/2031 (c) |
|
100,000 |
96,009 |
|
PNC Financial Services Group,
Inc.
2.55%, 1/22/2030 |
|
221,000 |
206,096 |
|
Sumitomo Mitsui Financial Group,
Inc.
2.14%, 9/23/2030 |
|
200,000 |
179,044 |
|
U.S. Bancorp
SOFR + 1.25%, 5.10%,
7/23/2030 (c) |
|
247,000 |
250,705 |
|
Wells Fargo & Co.
Series MTN, 3 mo. USD Term
SOFR + 4.03%, 4.48%,
4/4/2031 (c) |
|
258,000 |
255,740 |
|
|
|
|
2,551,243 |
|
BEVERAGES — 3.4% | |||
|
Anheuser-Busch InBev Worldwide,
Inc.
3.50%, 6/1/2030 |
|
940,000 |
907,890 |
|
Constellation Brands, Inc.
2.88%, 5/1/2030 |
|
250,000 |
234,297 |
|
Maple Parent Holdings Corp.
5.05%, 3/26/2031 (a) |
|
135,000 |
135,100 |
|
PepsiCo, Inc.
4.30%, 7/23/2030 (b) |
|
100,000 |
100,117 |
|
|
|
|
1,377,404 |
|
BIOTECHNOLOGY — 1.9% | |||
|
Amgen, Inc.
5.25%, 3/2/2030 |
|
294,000 |
300,394 |
|
Gilead Sciences, Inc.
1.65%, 10/1/2030 |
|
276,000 |
244,978 |
|
Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030 |
|
45,000 |
39,848 |
|
Royalty Pharma PLC
2.20%, 9/2/2030 |
|
210,000 |
189,762 |
|
|
|
|
774,982 |
|
CHEMICALS — 0.6% | |||
|
Ecolab, Inc.
4.80%, 3/24/2030 |
|
125,000 |
126,299 |
|
Nutrien Ltd.
2.95%, 5/13/2030 |
|
130,000 |
122,149 |
|
|
|
|
248,448 |
|
Security Description |
|
Principal
Amount |
Value |
|
COMMERCIAL SERVICES — 0.7% | |||
|
Automatic Data Processing, Inc.
1.25%, 9/1/2030 |
|
$40,000 |
$35,155 |
|
Block Financial LLC
3.88%, 8/15/2030 |
|
284,000 |
270,405 |
|
|
|
|
305,560 |
|
COMPUTERS — 1.2% | |||
|
Apple, Inc.
1.25%, 8/20/2030 |
|
65,000 |
57,531 |
|
Leidos, Inc.
4.38%, 5/15/2030 |
|
350,000 |
344,344 |
|
NetApp, Inc.
2.70%, 6/22/2030 |
|
100,000 |
92,154 |
|
|
|
|
494,029 |
|
CONSTRUCTION MATERIALS — 1.3% | |||
|
Carrier Global Corp.
2.72%, 2/15/2030 |
|
554,000 |
518,489 |
|
COSMETICS/PERSONAL CARE — 1.3% | |||
|
Kenvue, Inc.
5.00%, 3/22/2030 |
|
506,000 |
514,126 |
|
DIVERSIFIED FINANCIAL SERVICES — 2.8% | |||
|
Charles Schwab Corp.
4.63%, 3/22/2030 (b) |
|
105,000 |
105,877 |
|
Jefferies Financial Group, Inc.: |
|
|
|
|
4.15%, 1/23/2030 |
|
166,000 |
160,948 |
|
5.13%, 4/28/2031 |
|
165,000 |
163,215 |
|
Sumisho Air Lease Corp.: |
|
|
|
|
3.13%, 12/1/2030 |
|
142,000 |
131,357 |
|
4.85%, 3/24/2031 (a) |
|
590,000 |
584,548 |
|
|
|
|
1,145,945 |
|
ELECTRIC — 7.2% | |||
|
AEP Texas, Inc.
Series I, 2.10%, 7/1/2030 |
|
262,000 |
237,676 |
|
Consolidated Edison Co. of New
York, Inc.
Series 20A, 3.35%, 4/1/2030 |
|
96,000 |
92,004 |
|
Dominion Energy, Inc.
Series C, 3.38%, 4/1/2030 |
|
213,000 |
203,939 |
|
DTE Energy Co.
5.20%, 4/1/2030 |
|
160,000 |
162,666 |
|
Duke Energy Corp.
2.45%, 6/1/2030 |
|
119,000 |
109,713 |
|
Duke Energy Florida LLC
4.20%, 12/1/2030 |
|
45,000 |
44,363 |
|
Exelon Corp.
4.05%, 4/15/2030 |
|
157,000 |
153,603 |
|
FirstEnergy Corp.: |
|
|
|
|
Series B, 2.25%, 9/1/2030 (b) |
|
295,000 |
265,727 |
|
2.65%, 3/1/2030 |
|
316,000 |
292,736 |
|
NRG Energy, Inc.
4.73%, 10/15/2030 (a) |
|
200,000 |
197,058 |
|
Oncor Electric Delivery Co. LLC
2.75%, 5/15/2030 |
|
49,000 |
45,812 |
|
Security Description |
|
Principal
Amount |
Value |
|
Pacific Gas & Electric Co.: |
|
|
|
|
3.25%, 6/1/2031 |
|
$250,000 |
$231,013 |
|
4.55%, 7/1/2030 |
|
580,000 |
572,216 |
|
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/2030 |
|
72,000 |
63,840 |
|
Southern Co.
Series A, 3.70%, 4/30/2030 |
|
288,000 |
278,810 |
|
|
|
|
2,951,176 |
|
ELECTRICAL COMPONENTS & EQUIPMENT — 0.2% | |||
|
Emerson Electric Co.
1.95%, 10/15/2030 |
|
99,000 |
89,268 |
|
ELECTRONICS — 0.2% | |||
|
Honeywell International, Inc.
1.95%, 6/1/2030 |
|
100,000 |
90,630 |
|
FOOD — 0.4% | |||
|
Kroger Co.
2.20%, 5/1/2030 |
|
55,000 |
50,239 |
|
Mars, Inc.
4.80%, 3/1/2030 (a) |
|
93,000 |
93,628 |
|
|
|
|
143,867 |
|
HEALTH CARE PRODUCTS — 1.7% | |||
|
Baxter International, Inc.
4.90%, 12/15/2030 |
|
240,000 |
237,900 |
|
Dentsply Sirona, Inc.
3.25%, 6/1/2030 (b) |
|
15,000 |
13,881 |
|
Stryker Corp.
1.95%, 6/15/2030 |
|
441,000 |
399,118 |
|
Zimmer Biomet Holdings, Inc.
3.55%, 3/20/2030 |
|
36,000 |
34,558 |
|
|
|
|
685,457 |
|
HEALTH CARE SERVICES — 5.3% | |||
|
Centene Corp.: |
|
|
|
|
3.00%, 10/15/2030 |
|
50,000 |
45,065 |
|
3.38%, 2/15/2030 |
|
350,000 |
325,525 |
|
Elevance Health, Inc.
4.75%, 2/15/2030 |
|
220,000 |
220,983 |
|
HCA, Inc.: |
|
|
|
|
3.50%, 9/1/2030 |
|
730,000 |
693,544 |
|
5.25%, 3/1/2030 |
|
113,000 |
114,942 |
|
UnitedHealth Group, Inc.: |
|
|
|
|
2.00%, 5/15/2030 |
|
252,000 |
229,048 |
|
5.30%, 2/15/2030 |
|
519,000 |
531,575 |
|
|
|
|
2,160,682 |
|
HOME BUILDERS — 0.2% | |||
|
Lennar Corp.
5.20%, 7/30/2030 |
|
100,000 |
101,454 |
|
INSURANCE — 1.5% | |||
|
Berkshire Hathaway Finance Corp.
1.85%, 3/12/2030 (b) |
|
247,000 |
226,632 |
|
Brown & Brown, Inc.
4.90%, 6/23/2030 |
|
100,000 |
99,985 |
|
Lincoln National Corp.
3.05%, 1/15/2030 (b) |
|
198,000 |
185,837 |
|
Security Description |
|
Principal
Amount |
Value |
|
Prudential Financial, Inc.
Series MTN, 2.10%, 3/10/2030
(b) |
|
$91,000 |
$83,792 |
|
|
|
|
596,246 |
|
INTERNET — 3.8% | |||
|
Airbnb, Inc.
4.65%, 3/16/2031 (b) |
|
135,000 |
134,947 |
|
Alphabet, Inc.: |
|
|
|
|
4.00%, 5/15/2030 |
|
345,000 |
341,036 |
|
4.10%, 11/15/2030 |
|
385,000 |
380,911 |
|
Amazon.com, Inc.: |
|
|
|
|
1.50%, 6/3/2030 (b) |
|
273,000 |
244,294 |
|
4.25%, 3/13/2031 |
|
140,000 |
138,407 |
|
Expedia Group, Inc.
3.25%, 2/15/2030 (b) |
|
20,000 |
18,986 |
|
Meta Platforms, Inc.: |
|
|
|
|
4.20%, 11/15/2030 |
|
40,000 |
39,468 |
|
4.55%, 5/15/2031 |
|
85,000 |
84,673 |
|
4.80%, 5/15/2030 |
|
124,000 |
125,715 |
|
Uber Technologies, Inc.
4.15%, 1/15/2031 (b) |
|
55,000 |
53,798 |
|
|
|
|
1,562,235 |
|
INVESTMENT COMPANY SECURITIES — 0.9% | |||
|
ARES Capital Corp.
5.50%, 9/1/2030 |
|
160,000 |
158,448 |
|
Goldman Sachs Private Credit
Corp.
6.25%, 5/6/2030 |
|
200,000 |
202,740 |
|
|
|
|
361,188 |
|
IRON/STEEL — 0.8% | |||
|
Vale Overseas Ltd.
3.75%, 7/8/2030 |
|
360,000 |
343,811 |
|
IT SERVICES — 0.2% | |||
|
Apple, Inc.
4.15%, 5/10/2030 |
|
55,000 |
55,032 |
|
CGI, Inc.
4.95%, 3/14/2030 |
|
14,000 |
13,961 |
|
|
|
|
68,993 |
|
LODGING — 0.9% | |||
|
Marriott International, Inc.
Series FF, 4.63%, 6/15/2030 |
|
24,000 |
23,946 |
|
Sands China Ltd.
4.38%, 6/18/2030 (b) |
|
335,000 |
327,315 |
|
|
|
|
351,261 |
|
MACHINERY-DIVERSIFIED — 1.8% | |||
|
CNH Industrial Capital LLC
4.50%, 10/16/2030 |
|
100,000 |
98,751 |
|
Deere & Co.
3.10%, 4/15/2030 |
|
146,000 |
139,157 |
|
Flowserve Corp.
3.50%, 10/1/2030 |
|
389,000 |
367,228 |
|
Security Description |
|
Principal
Amount |
Value |
|
John Deere Capital Corp.
Series I, 4.55%, 6/5/2030 |
|
$135,000 |
$135,498 |
|
|
|
|
740,634 |
|
MEDIA — 1.0% | |||
|
Charter Communications
Operating LLC/Charter
Communications Operating
Capital
2.80%, 4/1/2031 |
|
246,000 |
219,835 |
|
Discovery Communications LLC
3.63%, 5/15/2030 |
|
201,000 |
186,446 |
|
Paramount Global
7.88%, 7/30/2030 |
|
9,000 |
9,449 |
|
|
|
|
415,730 |
|
MINING — 0.6% | |||
|
Freeport-McMoRan, Inc.: |
|
|
|
|
4.25%, 3/1/2030 |
|
50,000 |
49,192 |
|
4.63%, 8/1/2030 |
|
46,000 |
45,849 |
|
Glencore Funding LLC
2.50%, 9/1/2030 (a) |
|
146,000 |
133,057 |
|
|
|
|
228,098 |
|
OIL & GAS — 5.5% | |||
|
BP Capital Markets America, Inc.
1.75%, 8/10/2030 |
|
330,000 |
295,630 |
|
Chevron Corp.
2.24%, 5/11/2030 (b) |
|
93,000 |
85,881 |
|
ConocoPhillips Co.
4.70%, 1/15/2030 |
|
100,000 |
100,710 |
|
Diamondback Energy, Inc.
5.15%, 1/30/2030 |
|
543,000 |
553,719 |
|
Exxon Mobil Corp.
2.61%, 10/15/2030 |
|
147,000 |
136,986 |
|
Occidental Petroleum Corp.
6.63%, 9/1/2030 |
|
149,000 |
158,880 |
|
Ovintiv, Inc.
8.13%, 9/15/2030 |
|
72,000 |
80,626 |
|
Pioneer Natural Resources Co.: |
|
|
|
|
1.90%, 8/15/2030 |
|
522,000 |
470,928 |
|
2.15%, 1/15/2031 |
|
46,000 |
41,429 |
|
Shell Finance U.S., Inc.
2.75%, 4/6/2030 |
|
116,000 |
109,133 |
|
TotalEnergies Capital International
SA
2.83%, 1/10/2030 |
|
153,000 |
144,848 |
|
Viper Energy Partners LLC
4.90%, 8/1/2030 |
|
55,000 |
54,942 |
|
|
|
|
2,233,712 |
|
OIL & GAS SERVICES — 0.2% | |||
|
Halliburton Co.
2.92%, 3/1/2030 |
|
58,000 |
54,584 |
|
Schlumberger Holdings Corp.
2.65%, 6/26/2030 (a) |
|
46,000 |
42,786 |
|
|
|
|
97,370 |
|
Security Description |
|
Principal
Amount |
Value |
|
PACKAGING & CONTAINERS — 0.7% | |||
|
Amcor Flexibles North America,
Inc.
2.63%, 6/19/2030 |
|
$95,000 |
$87,480 |
|
Sonoco Products Co.
3.13%, 5/1/2030 |
|
196,000 |
184,387 |
|
|
|
|
271,867 |
|
PHARMACEUTICALS — 6.4% | |||
|
AbbVie, Inc.
4.95%, 3/15/2031 |
|
121,000 |
123,092 |
|
Astrazeneca Finance LLC
4.90%, 3/3/2030 |
|
142,000 |
144,319 |
|
AstraZeneca PLC
1.38%, 8/6/2030 |
|
8,000 |
7,071 |
|
Bayer U.S. Finance LLC
6.38%, 11/21/2030 (a) |
|
200,000 |
210,488 |
|
Becton Dickinson & Co.
2.82%, 5/20/2030 |
|
141,000 |
131,677 |
|
CVS Health Corp.
5.13%, 2/21/2030 |
|
822,000 |
833,459 |
|
Eli Lilly & Co.
4.75%, 2/12/2030 |
|
75,000 |
76,064 |
|
GlaxoSmithKline Capital, Inc.
4.50%, 4/15/2030 |
|
20,000 |
20,060 |
|
McKesson Corp.
4.65%, 5/30/2030 |
|
32,000 |
32,086 |
|
Novartis Capital Corp.
4.10%, 11/5/2030 |
|
10,000 |
9,843 |
|
Pfizer Investment Enterprises Pte.
Ltd.
4.65%, 5/19/2030 |
|
306,000 |
307,622 |
|
Pfizer, Inc.
2.63%, 4/1/2030 |
|
16,000 |
14,982 |
|
Viatris, Inc.
2.70%, 6/22/2030 |
|
770,000 |
703,618 |
|
|
|
|
2,614,381 |
|
PIPELINES — 6.0% | |||
|
Energy Transfer LP
6.40%, 12/1/2030 |
|
769,000 |
819,316 |
|
Enterprise Products
Operating LLC
2.80%, 1/31/2030 |
|
506,000 |
476,955 |
|
ONEOK, Inc.: |
|
|
|
|
3.10%, 3/15/2030 |
|
174,000 |
164,378 |
|
5.80%, 11/1/2030 |
|
236,000 |
244,765 |
|
Sabine Pass Liquefaction LLC
4.50%, 5/15/2030 |
|
480,000 |
477,062 |
|
Targa Resources
Partners LP/Targa Resources
Partners Finance Corp.
5.50%, 3/1/2030 |
|
259,000 |
262,191 |
|
|
|
|
2,444,667 |
|
Security Description |
|
Principal
Amount |
Value |
|
REAL ESTATE INVESTMENT TRUSTS — 3.3% | |||
|
Alexandria Real Estate Equities,
Inc.
4.90%, 12/15/2030 |
|
$350,000 |
$350,371 |
|
Essex Portfolio LP
3.00%, 1/15/2030 |
|
275,000 |
259,520 |
|
Extra Space Storage LP
5.50%, 7/1/2030 |
|
349,000 |
357,931 |
|
Federal Realty OP LP
3.50%, 6/1/2030 |
|
132,000 |
125,879 |
|
Kite Realty Group Trust
4.75%, 9/15/2030 |
|
190,000 |
190,196 |
|
Prologis LP
1.25%, 10/15/2030 |
|
14,000 |
12,196 |
|
Store Capital LLC
4.95%, 2/11/2031 (a) |
|
70,000 |
69,306 |
|
|
|
|
1,365,399 |
|
RETAIL — 3.5% | |||
|
AutoNation, Inc.
4.75%, 6/1/2030 |
|
406,000 |
403,946 |
|
AutoZone, Inc.
4.00%, 4/15/2030 |
|
180,000 |
175,710 |
|
Home Depot, Inc.
2.70%, 4/15/2030 |
|
172,000 |
161,730 |
|
Lowe's Cos., Inc.
4.50%, 4/15/2030 |
|
106,000 |
105,932 |
|
McDonald's Corp.: |
|
|
|
|
Series MTN, 2.13%, 3/1/2030 |
|
190,000 |
174,475 |
|
Series MTN, 3.60%, 7/1/2030
(b) |
|
294,000 |
284,989 |
|
Tractor Supply Co.
1.75%, 11/1/2030 |
|
113,000 |
99,651 |
|
Walmart, Inc.
4.35%, 4/28/2030 |
|
24,000 |
24,130 |
|
|
|
|
1,430,563 |
|
SEMICONDUCTORS — 5.8% | |||
|
Broadcom, Inc.: |
|
|
|
|
4.15%, 11/15/2030 |
|
501,000 |
492,328 |
|
4.35%, 2/15/2030 |
|
153,000 |
152,083 |
|
4.60%, 7/15/2030 |
|
92,000 |
91,981 |
|
5.00%, 4/15/2030 |
|
164,000 |
166,334 |
|
5.05%, 4/15/2030 |
|
227,000 |
230,734 |
|
Intel Corp.: |
|
|
|
|
4.65%, 6/1/2031 |
|
60,000 |
59,539 |
|
5.13%, 2/10/2030 (b) |
|
323,000 |
327,880 |
|
Marvell Technology, Inc.
4.75%, 7/15/2030 |
|
255,000 |
255,803 |
|
Xilinx, Inc.
2.38%, 6/1/2030 (b) |
|
635,000 |
587,007 |
|
|
|
|
2,363,689 |
|
SHIPBUILDING — 0.3% | |||
|
Huntington Ingalls Industries, Inc.
4.20%, 5/1/2030 |
|
121,000 |
118,436 |
|
Security Description |
|
Principal
Amount |
Value |
|
SOFTWARE — 2.9% | |||
|
Intuit, Inc.
1.65%, 7/15/2030 |
|
$55,000 |
$48,878 |
|
Oracle Corp.: |
|
|
|
|
4.65%, 5/6/2030 |
|
119,000 |
117,084 |
|
4.95%, 2/4/2031 (b) |
|
370,000 |
363,740 |
|
Paychex, Inc.
5.10%, 4/15/2030 |
|
180,000 |
182,038 |
|
ROBLOX Corp.
3.88%, 5/1/2030 (a) |
|
100,000 |
94,400 |
|
Synopsys, Inc.
4.85%, 4/1/2030 |
|
369,000 |
370,978 |
|
|
|
|
1,177,118 |
|
TELECOMMUNICATIONS — 5.0% | |||
|
AT&T, Inc.
4.30%, 2/15/2030 (b) |
|
601,000 |
595,345 |
|
Deutsche Telekom International
Finance BV
8.75%, 6/15/2030 |
|
317,000 |
358,508 |
|
T-Mobile USA, Inc.
3.88%, 4/15/2030 |
|
939,000 |
913,760 |
|
Verizon Communications, Inc.
3.15%, 3/22/2030 |
|
164,000 |
156,239 |
|
|
|
|
2,023,852 |
|
TRANSPORTATION — 1.2% | |||
|
CSX Corp.
2.40%, 2/15/2030 |
|
56,000 |
51,990 |
|
FedEx Corp.
4.25%, 5/15/2030 |
|
150,000 |
148,128 |
|
Norfolk Southern Corp.
5.05%, 8/1/2030 |
|
70,000 |
71,209 |
|
Union Pacific Corp.
2.40%, 2/5/2030 |
|
145,000 |
134,969 |
|
United Parcel Service, Inc.
4.45%, 4/1/2030 |
|
99,000 |
99,336 |
|
|
|
|
505,632 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $40,141,000) |
|
|
40,075,198 |
|
Security Description |
|
Shares |
Value |
|
SHORT-TERM INVESTMENTS — 8.8% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (d) (e) |
309,751 |
$309,751 | |
|
State Street Navigator Securities
Lending Portfolio II (f) (g) |
3,268,823 |
3,268,823 | |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,578,574) |
3,578,574 | ||
|
TOTAL INVESTMENTS — 107.0%
(Cost $43,719,574) |
43,653,772 | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS
— (7.0)% |
(2,847,138) | ||
|
NET ASSETS — 100.0% |
$40,806,634 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 4.6% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
All or a portion of the shares of the security are on loan at
May 31, 2026. |
|
(c) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(d) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(e) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
(f) |
The Fund invested in an affiliated entity. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(g) |
Investment of cash collateral for securities loaned. |
|
* |
Amount is less than 0.05% of net assets. |
|
Abbreviations: |
|
|
MTN |
Medium Term Note |
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$40,075,198 |
$— |
$40,075,198 |
|
Short-Term Investments |
3,578,574 |
— |
— |
3,578,574 |
|
TOTAL INVESTMENTS |
$3,578,574 |
$40,075,198 |
$— |
$43,653,772 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier
Class |
283,471 |
$283,471 |
$2,763,350 |
$2,737,070 |
$— |
$— |
309,751 |
$309,751 |
$6,686 |
|
State Street Navigator Securities Lending Portfolio II |
1,076,755 |
1,076,755 |
19,798,570 |
17,606,502 |
— |
— |
3,268,823 |
3,268,823 |
3,624 |
|
Total |
|
$1,360,226 |
$22,561,920 |
$20,343,572 |
$— |
$— |
|
$3,578,574 |
$10,310 |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 98.4% | |||
|
AEROSPACE & DEFENSE — 8.6% | |||
|
Boeing Co.: |
|
|
|
|
3.63%, 2/1/2031 |
|
$100,000 |
$95,350 |
|
6.39%, 5/1/2031 |
|
455,000 |
485,303 |
|
Honeywell Aerospace, Inc.
4.30%, 3/16/2031 (a) |
|
125,000 |
123,085 |
|
Howmet Aerospace, Inc.
4.85%, 10/15/2031 |
|
300,000 |
301,884 |
|
L3Harris Technologies, Inc.
5.25%, 6/1/2031 |
|
365,000 |
372,884 |
|
RTX Corp.
6.00%, 3/15/2031 |
|
210,000 |
222,335 |
|
|
|
|
1,600,841 |
|
AGRICULTURE — 6.9% | |||
|
BAT Capital Corp.: |
|
|
|
|
2.73%, 3/25/2031 |
|
50,000 |
45,665 |
|
5.83%, 2/20/2031 |
|
245,000 |
255,699 |
|
Bunge Ltd. Finance Corp.
2.75%, 5/14/2031 |
|
440,000 |
402,177 |
|
Philip Morris International, Inc.: |
|
|
|
|
4.75%, 11/1/2031 |
|
175,000 |
175,723 |
|
5.13%, 2/13/2031 |
|
405,000 |
413,566 |
|
|
|
|
1,292,830 |
|
AUTO MANUFACTURERS — 3.7% | |||
|
American Honda Finance Corp.
Series GMTN, 5.05%,
7/10/2031 (b) |
|
20,000 |
20,116 |
|
Ford Motor Co.
3.25%, 2/12/2032 |
|
75,000 |
66,460 |
|
General Motors Financial Co., Inc.: |
|
|
|
|
2.35%, 1/8/2031 |
|
50,000 |
44,819 |
|
5.60%, 6/18/2031 |
|
495,000 |
509,736 |
|
Toyota Motor Credit Corp.
5.10%, 3/21/2031 |
|
40,000 |
40,836 |
|
|
|
|
681,967 |
|
BANKS — 11.1% | |||
|
Banco Santander SA: |
|
|
|
|
4.87%, 4/15/2031 |
|
340,000 |
338,008 |
|
5.44%, 7/15/2031 |
|
200,000 |
205,546 |
|
Bank of America Corp.
SOFR + 1.32%, 2.69%,
4/22/2032 (c) |
|
100,000 |
90,770 |
|
Bank of Montreal
5.51%, 6/4/2031 |
|
540,000 |
559,343 |
|
Bank of New York Mellon Corp.
Series MTN, 1.80%, 7/28/2031 |
|
300,000 |
261,492 |
|
Citigroup, Inc.
SOFR + 1.17%, 2.56%,
5/1/2032 (c) |
|
60,000 |
53,980 |
|
Goldman Sachs Group, Inc.
SOFR + 1.28%, 2.62%,
4/22/2032 (c) |
|
60,000 |
54,033 |
|
Security Description |
|
Principal
Amount |
Value |
|
Huntington Bancshares, Inc.
SOFR + 1.28%, 5.27%,
1/15/2031 (b) (c) |
|
$15,000 |
$15,212 |
|
JPMorgan Chase & Co.
3 mo. USD Term SOFR +
1.25%, 2.58%, 4/22/2032 (c) |
|
75,000 |
67,751 |
|
Morgan Stanley
SOFR + 1.20%, 4.71%,
3/12/2032 (c) |
|
250,000 |
247,717 |
|
Toronto-Dominion Bank
Series MTN, 2.00%, 9/10/2031
(b) |
|
200,000 |
177,056 |
|
|
|
|
2,070,908 |
|
BEVERAGES — 2.8% | |||
|
Anheuser-Busch InBev Worldwide,
Inc.
4.90%, 1/23/2031 |
|
285,000 |
289,848 |
|
Constellation Brands, Inc.
2.25%, 8/1/2031 |
|
70,000 |
61,769 |
|
Keurig Dr. Pepper, Inc.
Series 10, 5.20%, 3/15/2031 |
|
10,000 |
10,133 |
|
Maple Parent Holdings Corp.
5.05%, 3/26/2031 (a) |
|
60,000 |
60,044 |
|
PepsiCo, Inc.
1.40%, 2/25/2031 (b) |
|
125,000 |
109,065 |
|
|
|
|
530,859 |
|
BIOTECHNOLOGY — 1.1% | |||
|
Illumina, Inc.
2.55%, 3/23/2031 |
|
50,000 |
45,234 |
|
Royalty Pharma PLC
2.15%, 9/2/2031 (b) |
|
185,000 |
162,491 |
|
|
|
|
207,725 |
|
CHEMICALS — 0.3% | |||
|
Eastman Chemical Co.
4.50%, 2/20/2031 |
|
50,000 |
49,069 |
|
COMPUTERS — 1.7% | |||
|
Leidos, Inc.
2.30%, 2/15/2031 |
|
360,000 |
321,419 |
|
CONSTRUCTION MATERIALS — 1.2% | |||
|
Carrier Global Corp.
2.70%, 2/15/2031 |
|
55,000 |
50,500 |
|
CRH America Finance, Inc.
4.40%, 2/9/2031 |
|
125,000 |
123,294 |
|
Martin Marietta Materials, Inc.
2.40%, 7/15/2031 |
|
50,000 |
44,783 |
|
|
|
|
218,577 |
|
DIVERSIFIED FINANCIAL SERVICES — 3.6% | |||
|
Charles Schwab Corp.
2.30%, 5/13/2031 |
|
175,000 |
156,896 |
|
Jefferies Financial Group, Inc.: |
|
|
|
|
2.63%, 10/15/2031 |
|
50,000 |
43,694 |
|
5.13%, 4/28/2031 |
|
70,000 |
69,243 |
|
Sumisho Air Lease Corp.: |
|
|
|
|
4.85%, 3/24/2031 (a) |
|
295,000 |
292,274 |
|
Security Description |
|
Principal
Amount |
Value |
|
Series MTN, 5.20%, 7/15/2031 |
|
$100,000 |
$100,503 |
|
|
|
|
662,610 |
|
ELECTRIC — 6.0% | |||
|
Appalachian Power Co.
Series AA, 2.70%, 4/1/2031 |
|
101,000 |
92,097 |
|
DTE Electric Co.
Series C, 2.63%, 3/1/2031 |
|
50,000 |
45,863 |
|
Duke Energy Florida LLC
2.40%, 12/15/2031 |
|
125,000 |
111,474 |
|
Georgia Power Co.
4.85%, 3/15/2031 |
|
125,000 |
126,308 |
|
Pacific Gas & Electric Co.
3.25%, 6/1/2031 |
|
410,000 |
378,860 |
|
PacifiCorp
5.30%, 2/15/2031 |
|
90,000 |
91,506 |
|
Public Service Enterprise Group,
Inc.
2.45%, 11/15/2031 |
|
180,000 |
159,998 |
|
Southern California Edison Co.
5.45%, 6/1/2031 |
|
70,000 |
71,385 |
|
Virginia Electric & Power Co.
2.30%, 11/15/2031 |
|
50,000 |
44,506 |
|
|
|
|
1,121,997 |
|
ELECTRONICS — 0.8% | |||
|
Vontier Corp.
2.95%, 4/1/2031 |
|
155,000 |
140,721 |
|
FOOD — 0.5% | |||
|
JBS NV/JBS USA Foods Group
Holdings, Inc./JBS USA Food
Co. Holdings
3.75%, 12/1/2031 |
|
110,000 |
102,714 |
|
HEALTH CARE PRODUCTS — 0.6% | |||
|
Agilent Technologies, Inc.
2.30%, 3/12/2031 |
|
45,000 |
40,331 |
|
Revvity, Inc.
2.55%, 3/15/2031 |
|
45,000 |
40,449 |
|
Thermo Fisher Scientific, Inc.
2.00%, 10/15/2031 (b) |
|
30,000 |
26,465 |
|
|
|
|
107,245 |
|
HEALTH CARE SERVICES — 4.1% | |||
|
Centene Corp.: |
|
|
|
|
2.63%, 8/1/2031 |
|
100,000 |
86,819 |
|
3.00%, 10/15/2030 |
|
100,000 |
90,129 |
|
HCA, Inc.: |
|
|
|
|
2.38%, 7/15/2031 |
|
170,000 |
150,698 |
|
5.45%, 4/1/2031 |
|
235,000 |
240,299 |
|
Humana, Inc.
5.38%, 4/15/2031 |
|
25,000 |
25,388 |
|
UnitedHealth Group, Inc.
4.90%, 4/15/2031 |
|
170,000 |
172,088 |
|
|
|
|
765,421 |
|
HOUSEHOLD PRODUCTS — 0.5% | |||
|
Procter & Gamble Co.
1.95%, 4/23/2031 (b) |
|
100,000 |
89,618 |
|
Security Description |
|
Principal
Amount |
Value |
|
HOUSEHOLD PRODUCTS & WARES — 0.9% | |||
|
Church & Dwight Co., Inc.
2.30%, 12/15/2031 |
|
$200,000 |
$176,704 |
|
INSURANCE — 1.1% | |||
|
Arthur J Gallagher & Co.
2.40%, 11/9/2031 |
|
40,000 |
35,398 |
|
Athene Holding Ltd.
3.50%, 1/15/2031 |
|
85,000 |
79,685 |
|
Brown & Brown, Inc.
2.38%, 3/15/2031 |
|
40,000 |
35,512 |
|
Corebridge Financial, Inc.
3.90%, 4/5/2032 |
|
25,000 |
23,514 |
|
Fidelity National Financial, Inc.
2.45%, 3/15/2031 |
|
40,000 |
35,396 |
|
|
|
|
209,505 |
|
INTERNET — 3.2% | |||
|
Airbnb, Inc.
4.65%, 3/16/2031 (b) |
|
145,000 |
144,943 |
|
Alphabet, Inc.
4.10%, 11/15/2030 |
|
45,000 |
44,522 |
|
Amazon.com, Inc.: |
|
|
|
|
3.60%, 4/13/2032 |
|
25,000 |
23,770 |
|
4.25%, 3/13/2031 |
|
70,000 |
69,203 |
|
AppLovin Corp.
5.38%, 12/1/2031 |
|
25,000 |
25,441 |
|
Meta Platforms, Inc.: |
|
|
|
|
4.20%, 11/15/2030 |
|
30,000 |
29,601 |
|
4.55%, 5/15/2031 |
|
40,000 |
39,846 |
|
Uber Technologies, Inc.
4.15%, 1/15/2031 (b) |
|
225,000 |
220,084 |
|
|
|
|
597,410 |
|
INVESTMENT COMPANY SECURITIES — 0.2% | |||
|
ARES Capital Corp.
3.20%, 11/15/2031 (b) |
|
50,000 |
43,937 |
|
IT SERVICES — 3.1% | |||
|
Hewlett Packard Enterprise Co.
4.85%, 10/15/2031 |
|
50,000 |
49,935 |
|
IBM International Capital Pte. Ltd.
4.75%, 2/5/2031 (b) |
|
480,000 |
481,723 |
|
Leidos, Inc.
5.40%, 3/15/2032 |
|
40,000 |
40,748 |
|
|
|
|
572,406 |
|
LEISURE TIME — 0.3% | |||
|
Royal Caribbean Cruises Ltd.
5.63%, 9/30/2031 (a) |
|
50,000 |
50,447 |
|
LODGING — 1.2% | |||
|
Marriott International, Inc.
Series HH, 2.85%, 4/15/2031 |
|
240,000 |
220,315 |
|
MACHINERY-DIVERSIFIED — 0.5% | |||
|
Ingersoll Rand, Inc.
5.31%, 6/15/2031 (b) |
|
55,000 |
56,278 |
|
Security Description |
|
Principal
Amount |
Value |
|
John Deere Capital Corp.
Series MTN, 4.90%, 3/7/2031
(b) |
|
$40,000 |
$40,614 |
|
|
|
|
96,892 |
|
MEDIA — 1.1% | |||
|
Charter Communications
Operating LLC/Charter
Communications Operating
Capital
2.80%, 4/1/2031 |
|
180,000 |
160,855 |
|
Comcast Corp.
1.95%, 1/15/2031 |
|
20,000 |
17,745 |
|
Walt Disney Co.
2.65%, 1/13/2031 |
|
30,000 |
27,804 |
|
|
|
|
206,404 |
|
MINING — 1.6% | |||
|
Glencore Funding LLC: |
|
|
|
|
2.85%, 4/27/2031 (a) |
|
50,000 |
45,584 |
|
4.90%, 7/1/2031 (a) |
|
250,000 |
250,002 |
|
|
|
|
295,586 |
|
MISCELLANEOUS MANUFACTURER — 1.1% | |||
|
Eaton Corp.
4.20%, 3/6/2031 |
|
200,000 |
196,616 |
|
OFFICE & BUSINESS EQUIPMENT — 0.1% | |||
|
CDW LLC/CDW Finance Corp.
3.57%, 12/1/2031 |
|
25,000 |
22,848 |
|
OIL & GAS — 2.1% | |||
|
Diamondback Energy, Inc.
3.13%, 3/24/2031 (b) |
|
105,000 |
98,344 |
|
Ovintiv, Inc.
7.38%, 11/1/2031 |
|
162,000 |
179,898 |
|
Pioneer Natural Resources Co.
2.15%, 1/15/2031 |
|
125,000 |
112,577 |
|
|
|
|
390,819 |
|
PACKAGING & CONTAINERS — 1.1% | |||
|
Berry Global, Inc.
5.80%, 6/15/2031 |
|
170,000 |
176,872 |
|
WestRock MWV LLC
7.95%, 2/15/2031 |
|
20,000 |
22,541 |
|
|
|
|
199,413 |
|
PHARMACEUTICALS — 7.1% | |||
|
AbbVie, Inc.
4.95%, 3/15/2031 |
|
327,000 |
332,654 |
|
Astrazeneca Finance LLC: |
|
|
|
|
2.25%, 5/28/2031 |
|
100,000 |
89,978 |
|
4.90%, 2/26/2031 |
|
95,000 |
96,507 |
|
Bayer U.S. Finance LLC
6.38%, 11/21/2030 (a) |
|
50,000 |
52,622 |
|
Becton Dickinson & Co.
1.96%, 2/11/2031 |
|
140,000 |
123,849 |
|
Bristol-Myers Squibb Co.
5.75%, 2/1/2031 |
|
25,000 |
26,215 |
|
Security Description |
|
Principal
Amount |
Value |
|
Cencora, Inc.
2.70%, 3/15/2031 |
|
$45,000 |
$41,088 |
|
CVS Health Corp.: |
|
|
|
|
1.88%, 2/28/2031 |
|
180,000 |
158,123 |
|
5.55%, 6/1/2031 |
|
360,000 |
371,045 |
|
Novartis Capital Corp.
4.00%, 9/18/2031 |
|
40,000 |
39,200 |
|
|
|
|
1,331,281 |
|
PIPELINES — 1.4% | |||
|
Enterprise Products
Operating LLC
4.60%, 1/15/2031 (b) |
|
50,000 |
49,959 |
|
Kinder Morgan, Inc.
2.00%, 2/15/2031 |
|
55,000 |
48,809 |
|
ONEOK, Inc.
6.35%, 1/15/2031 |
|
50,000 |
52,913 |
|
Targa Resources
Partners LP/Targa Resources
Partners Finance Corp.
4.88%, 2/1/2031 |
|
80,000 |
79,954 |
|
Williams Cos., Inc.
2.60%, 3/15/2031 |
|
40,000 |
36,273 |
|
|
|
|
267,908 |
|
REAL ESTATE INVESTMENT TRUSTS — 4.3% | |||
|
Alexandria Real Estate Equities,
Inc.
3.38%, 8/15/2031 |
|
80,000 |
73,790 |
|
American Homes 4 Rent LP
2.38%, 7/15/2031 |
|
40,000 |
35,362 |
|
Brixmor Operating Partnership LP
2.50%, 8/16/2031 |
|
25,000 |
22,304 |
|
COPT Defense Properties LP
2.75%, 4/15/2031 (b) |
|
40,000 |
36,256 |
|
Essex Portfolio LP
2.55%, 6/15/2031 |
|
30,000 |
26,929 |
|
Extra Space Storage LP
5.90%, 1/15/2031 |
|
151,000 |
157,156 |
|
Highwoods Realty LP
2.60%, 2/1/2031 |
|
90,000 |
80,243 |
|
Invitation Homes Operating
Partnership LP
2.00%, 8/15/2031 |
|
65,000 |
55,972 |
|
Phillips Edison Grocery Center
Operating Partnership I LP
2.63%, 11/15/2031 |
|
25,000 |
22,258 |
|
Store Capital LLC
4.95%, 2/11/2031 (a) |
|
15,000 |
14,851 |
|
Tanger Properties LP
2.75%, 9/1/2031 |
|
20,000 |
17,851 |
|
Ventas Realty LP
2.50%, 9/1/2031 |
|
290,000 |
258,141 |
|
|
|
|
801,113 |
|
RETAIL — 3.0% | |||
|
AutoNation, Inc.
2.40%, 8/1/2031 |
|
375,000 |
329,944 |
|
Security Description |
|
Principal
Amount |
Value |
|
Dick's Sporting Goods, Inc.
3.15%, 1/15/2032 (b) |
|
$60,000 |
$54,810 |
|
Dollar Tree, Inc.
2.65%, 12/1/2031 |
|
50,000 |
44,683 |
|
Home Depot, Inc.
1.88%, 9/15/2031 |
|
70,000 |
61,353 |
|
Lowe's Cos., Inc.
2.63%, 4/1/2031 |
|
75,000 |
68,399 |
|
|
|
|
559,189 |
|
SEMICONDUCTORS — 5.0% | |||
|
Broadcom, Inc.
2.45%, 2/15/2031 |
|
365,000 |
331,511 |
|
Intel Corp.: |
|
|
|
|
2.00%, 8/12/2031 |
|
270,000 |
235,640 |
|
4.65%, 6/1/2031 |
|
175,000 |
173,654 |
|
5.00%, 2/21/2031 |
|
190,000 |
191,862 |
|
|
|
|
932,667 |
|
SOFTWARE — 2.7% | |||
|
Oracle Corp.: |
|
|
|
|
2.88%, 3/25/2031 |
|
275,000 |
246,282 |
|
4.95%, 2/4/2031 (b) |
|
105,000 |
103,223 |
|
Salesforce, Inc.
1.95%, 7/15/2031 |
|
75,000 |
65,509 |
|
Synopsys, Inc.
5.00%, 4/1/2032 (b) |
|
50,000 |
50,316 |
|
VMware LLC
2.20%, 8/15/2031 |
|
50,000 |
44,199 |
|
|
|
|
509,529 |
|
TELECOMMUNICATIONS — 3.1% | |||
|
AT&T, Inc.
2.75%, 6/1/2031 |
|
140,000 |
127,735 |
|
Cisco Systems, Inc.
4.95%, 2/26/2031 |
|
50,000 |
51,045 |
|
T-Mobile USA, Inc.: |
|
|
|
|
2.88%, 2/15/2031 |
|
100,000 |
92,213 |
|
3.50%, 4/15/2031 |
|
270,000 |
255,787 |
|
Verizon Communications, Inc.
2.55%, 3/21/2031 |
|
60,000 |
54,741 |
|
|
|
|
581,521 |
|
TRANSPORTATION — 0.7% | |||
|
Canadian Pacific Railway Co.
2.45%, 12/2/2031 |
|
35,000 |
31,135 |
|
Union Pacific Corp.
2.38%, 5/20/2031 |
|
100,000 |
90,564 |
|
|
|
|
121,699 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $18,501,307) |
|
|
18,348,730 |
|
Security Description |
|
Shares |
Value |
|
SHORT-TERM INVESTMENTS — 9.5% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (d) (e) |
91,779 |
$91,779 | |
|
State Street Navigator Securities
Lending Portfolio II (f) (g) |
1,667,197 |
1,667,197 | |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,758,976) |
1,758,976 | ||
|
TOTAL INVESTMENTS — 107.9%
(Cost $20,260,283) |
20,107,706 | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS
— (7.9)% |
(1,466,487) | ||
|
NET ASSETS — 100.0% |
$18,641,219 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 4.8% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
All or a portion of the shares of the security are on loan at
May 31, 2026. |
|
(c) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(d) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(e) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
(f) |
The Fund invested in an affiliated entity. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(g) |
Investment of cash collateral for securities loaned. |
|
Abbreviations: |
|
|
GMTN |
Global Medium Term Note |
|
MTN |
Medium Term Note |
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$18,348,730 |
$— |
$18,348,730 |
|
Short-Term Investments |
1,758,976 |
— |
— |
1,758,976 |
|
TOTAL INVESTMENTS |
$1,758,976 |
$18,348,730 |
$— |
$20,107,706 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier
Class |
61,370 |
$61,370 |
$1,657,510 |
$1,627,101 |
$— |
$— |
91,779 |
$91,779 |
$3,101 |
|
State Street Navigator Securities Lending Portfolio II |
206,990 |
206,990 |
7,668,770 |
6,208,563 |
— |
— |
1,667,197 |
1,667,197 |
1,002 |
|
Total |
|
$268,360 |
$9,326,280 |
$7,835,664 |
$— |
$— |
|
$1,758,976 |
$4,103 |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 97.1% | |||
|
AEROSPACE & DEFENSE — 0.5% | |||
|
Howmet Aerospace, Inc.
4.85%, 10/15/2031 |
|
$50,000 |
$50,314 |
|
AGRICULTURE — 5.1% | |||
|
BAT Capital Corp.
5.35%, 8/15/2032 |
|
225,000 |
231,005 |
|
Philip Morris International, Inc.
5.75%, 11/17/2032 |
|
265,000 |
278,017 |
|
|
|
|
509,022 |
|
AUTO MANUFACTURERS — 3.3% | |||
|
Ford Motor Co.: |
|
|
|
|
3.25%, 2/12/2032 |
|
25,000 |
22,154 |
|
6.10%, 8/19/2032 |
|
70,000 |
71,807 |
|
General Motors Co.
5.60%, 10/15/2032 |
|
175,000 |
180,299 |
|
Toyota Motor Credit Corp.
4.65%, 9/3/2032 |
|
50,000 |
49,691 |
|
|
|
|
323,951 |
|
BANKS — 4.8% | |||
|
Bank of America Corp.
SOFR + 1.83%, 4.57%,
4/27/2033 (a) |
|
75,000 |
73,639 |
|
Citigroup, Inc.
SOFR + 2.09%, 4.91%,
5/24/2033 (a) |
|
50,000 |
49,781 |
|
Goldman Sachs Group, Inc.
SOFR + 1.41%, 3.10%,
2/24/2033 (a) |
|
75,000 |
67,984 |
|
Huntington Bancshares, Inc.
SOFR + 2.05%, 5.02%,
5/17/2033 (a) |
|
50,000 |
49,717 |
|
JPMorgan Chase & Co.
SOFR + 1.80%, 4.59%,
4/26/2033 (a) |
|
50,000 |
49,246 |
|
Keybank National Association
4.90%, 8/8/2032 |
|
75,000 |
73,720 |
|
Morgan Stanley
SOFR + 1.29%, 2.94%,
1/21/2033 (a) |
|
50,000 |
45,055 |
|
Wells Fargo & Co.
Series MTN, SOFR + 1.50%,
3.35%, 3/2/2033 (a) |
|
75,000 |
69,038 |
|
|
|
|
478,180 |
|
BEVERAGES — 1.2% | |||
|
Constellation Brands, Inc.
4.75%, 5/9/2032 |
|
67,000 |
66,383 |
|
Diageo Capital PLC
2.13%, 4/29/2032 |
|
55,000 |
47,572 |
|
|
|
|
113,955 |
|
BIOTECHNOLOGY — 0.4% | |||
|
Amgen, Inc.
3.35%, 2/22/2032 |
|
40,000 |
37,196 |
|
Security Description |
|
Principal
Amount |
Value |
|
CHEMICALS — 0.4% | |||
|
Ecolab, Inc.
2.13%, 2/1/2032 |
|
$50,000 |
$43,879 |
|
COMPUTERS — 3.4% | |||
|
Apple, Inc.
3.35%, 8/8/2032 |
|
55,000 |
52,263 |
|
International Business Machines
Corp.
4.40%, 7/27/2032 (b) |
|
290,000 |
283,890 |
|
|
|
|
336,153 |
|
DISTRIBUTION & WHOLESALE — 0.3% | |||
|
LKQ Corp.
6.25%, 6/15/2033 |
|
25,000 |
25,864 |
|
DIVERSIFIED FINANCIAL SERVICES — 3.5% | |||
|
AerCap Ireland Capital
DAC/AerCap Global Aviation
Trust
3.30%, 1/30/2032 |
|
106,000 |
97,007 |
|
Capital One Financial Corp.
6.70%, 11/29/2032 |
|
30,000 |
32,648 |
|
Charles Schwab Corp.
2.90%, 3/3/2032 (b) |
|
60,000 |
54,474 |
|
Jefferies Financial Group, Inc.
2.75%, 10/15/2032 |
|
80,000 |
68,429 |
|
Sumisho Air Lease Corp.
Series MTN, 2.88%, 1/15/2032 |
|
105,000 |
93,766 |
|
|
|
|
346,324 |
|
ELECTRIC — 12.1% | |||
|
AEP Texas, Inc.
4.70%, 5/15/2032 |
|
155,000 |
152,936 |
|
CenterPoint Energy Houston
Electric LLC
Series AI, 4.45%, 10/1/2032 |
|
230,000 |
225,885 |
|
DTE Electric Co.
Series A, 3.00%, 3/1/2032 |
|
75,000 |
69,068 |
|
Duke Energy Carolinas LLC
6.45%, 10/15/2032 |
|
43,000 |
46,684 |
|
Duke Energy Corp.
4.50%, 8/15/2032 |
|
100,000 |
98,450 |
|
Exelon Corp.
3.35%, 3/15/2032 |
|
100,000 |
92,592 |
|
Florida Power & Light Co.
2.45%, 2/3/2032 |
|
132,000 |
117,968 |
|
Georgia Power Co.
4.70%, 5/15/2032 |
|
50,000 |
50,022 |
|
Pacific Gas & Electric Co.
5.90%, 6/15/2032 |
|
175,000 |
181,253 |
|
Southern California Edison Co.
5.95%, 11/1/2032 |
|
80,000 |
83,358 |
|
Southern Co.
5.70%, 10/15/2032 |
|
80,000 |
83,420 |
|
|
|
|
1,201,636 |
|
ELECTRICAL COMPONENTS & EQUIPMENT — 0.3% | |||
|
Emerson Electric Co.
6.00%, 8/15/2032 |
|
25,000 |
26,732 |
|
Security Description |
|
Principal
Amount |
Value |
|
ELECTRONICS — 0.0% *
| |||
|
Honeywell International, Inc.
4.75%, 2/1/2032 |
|
$4,000 |
$4,008 |
|
ENTERTAINMENT — 0.7% | |||
|
Discovery Global Holdings, Inc.
4.28%, 3/15/2032 |
|
76,000 |
68,454 |
|
ENVIRONMENTAL CONTROL — 0.2% | |||
|
Waste Connections, Inc.
3.20%, 6/1/2032 |
|
25,000 |
22,995 |
|
FOOD — 4.3% | |||
|
JBS NV/JBS USA Foods Group
Holdings, Inc./JBS USA Food
Co. Holdings: |
|
|
|
|
3.00%, 5/15/2032 |
|
220,000 |
195,613 |
|
3.63%, 1/15/2032 |
|
26,000 |
24,066 |
|
Kraft Heinz Foods Co.
5.20%, 3/15/2032 |
|
150,000 |
152,349 |
|
McCormick & Co., Inc.
4.95%, 4/15/2033 (b) |
|
50,000 |
49,771 |
|
|
|
|
421,799 |
|
HEALTH CARE PRODUCTS — 0.3% | |||
|
Thermo Fisher Scientific, Inc.
4.95%, 11/21/2032 |
|
25,000 |
25,292 |
|
HEALTH CARE SERVICES — 3.4% | |||
|
HCA, Inc.: |
|
|
|
|
3.63%, 3/15/2032 |
|
180,000 |
167,522 |
|
5.50%, 3/1/2032 |
|
104,000 |
106,645 |
|
UnitedHealth Group, Inc.
4.20%, 5/15/2032 |
|
65,000 |
63,282 |
|
|
|
|
337,449 |
|
HOUSEHOLD PRODUCTS & WARES — 2.5% | |||
|
Church & Dwight Co., Inc.
5.60%, 11/15/2032 |
|
235,000 |
246,101 |
|
INSURANCE — 3.8% | |||
|
Arthur J Gallagher & Co.
5.00%, 2/15/2032 (b) |
|
100,000 |
100,099 |
|
Brown & Brown, Inc.
4.20%, 3/17/2032 |
|
50,000 |
47,536 |
|
Corebridge Financial, Inc.
3.90%, 4/5/2032 |
|
105,000 |
98,759 |
|
Lincoln National Corp.
3.40%, 3/1/2032 (b) |
|
80,000 |
73,177 |
|
Progressive Corp.
6.25%, 12/1/2032 |
|
50,000 |
54,243 |
|
|
|
|
373,814 |
|
INTERNET — 2.4% | |||
|
Amazon.com, Inc.
4.70%, 12/1/2032 (b) |
|
130,000 |
131,307 |
|
Meta Platforms, Inc.: |
|
|
|
|
4.60%, 11/15/2032 |
|
30,000 |
29,610 |
|
4.88%, 5/15/2033 |
|
75,000 |
74,820 |
|
|
|
|
235,737 |
|
Security Description |
|
Principal
Amount |
Value |
|
IRON/STEEL — 2.5% | |||
|
ArcelorMittal SA
6.80%, 11/29/2032 (b) |
|
$190,000 |
$209,464 |
|
Vale Overseas Ltd.
6.13%, 6/12/2033 |
|
40,000 |
42,150 |
|
|
|
|
251,614 |
|
IT SERVICES — 2.6% | |||
|
Leidos, Inc.
5.40%, 3/15/2032 |
|
130,000 |
132,432 |
|
NetApp, Inc.
5.50%, 3/17/2032 |
|
125,000 |
127,894 |
|
|
|
|
260,326 |
|
LEISURE TIME — 0.5% | |||
|
Royal Caribbean Cruises Ltd.
5.63%, 9/30/2031 (c) |
|
50,000 |
50,447 |
|
LODGING — 1.5% | |||
|
Hyatt Hotels Corp.
5.75%, 3/30/2032 |
|
140,000 |
144,655 |
|
MACHINERY-DIVERSIFIED — 0.9% | |||
|
Flowserve Corp.
2.80%, 1/15/2032 |
|
105,000 |
93,178 |
|
MEDIA — 0.8% | |||
|
Charter Communications
Operating LLC/Charter
Communications Operating
Capital
4.40%, 4/1/2033 |
|
80,000 |
73,959 |
|
MINING — 0.5% | |||
|
Glencore Funding LLC
2.63%, 9/23/2031 (c) |
|
60,000 |
53,694 |
|
MISCELLANEOUS MANUFACTURER — 1.2% | |||
|
Eaton Corp.
4.00%, 11/2/2032 (b) |
|
125,000 |
120,756 |
|
OIL & GAS — 2.3% | |||
|
BP Capital Markets America, Inc.
2.72%, 1/12/2032 |
|
180,000 |
162,634 |
|
Occidental Petroleum Corp.
5.38%, 1/1/2032 |
|
65,000 |
66,830 |
|
|
|
|
229,464 |
|
PACKAGING & CONTAINERS — 2.4% | |||
|
Sonoco Products Co.
2.85%, 2/1/2032 (b) |
|
160,000 |
144,280 |
|
WRKCo, Inc.
4.20%, 6/1/2032 |
|
100,000 |
95,970 |
|
|
|
|
240,250 |
|
PHARMACEUTICALS — 2.2% | |||
|
Becton Dickinson & Co.
4.30%, 8/22/2032 |
|
105,000 |
101,966 |
|
Bristol-Myers Squibb Co.
2.95%, 3/15/2032 |
|
50,000 |
45,787 |
|
Security Description |
|
Principal
Amount |
Value |
|
Zoetis, Inc.
5.60%, 11/16/2032 |
|
$65,000 |
$67,667 |
|
|
|
|
215,420 |
|
PIPELINES — 2.6% | |||
|
Cheniere Energy Partners LP
3.25%, 1/31/2032 |
|
80,000 |
73,433 |
|
Kinder Morgan, Inc.
4.80%, 2/1/2033 |
|
50,000 |
49,601 |
|
ONEOK, Inc.
6.10%, 11/15/2032 |
|
75,000 |
79,193 |
|
Targa Resources
Partners LP/Targa Resources
Partners Finance Corp.
4.00%, 1/15/2032 |
|
59,000 |
56,160 |
|
|
|
|
258,387 |
|
REAL ESTATE — 0.6% | |||
|
CBRE Services, Inc.
4.90%, 1/15/2033 (b) |
|
60,000 |
59,195 |
|
REAL ESTATE INVESTMENT TRUSTS — 3.2% | |||
|
Alexandria Real Estate Equities,
Inc.
2.00%, 5/18/2032 |
|
100,000 |
84,135 |
|
American Homes 4 Rent LP
3.63%, 4/15/2032 (b) |
|
50,000 |
46,483 |
|
American Tower Corp.
4.05%, 3/15/2032 |
|
50,000 |
48,043 |
|
Extra Space Storage LP
2.35%, 3/15/2032 |
|
80,000 |
69,417 |
|
Simon Property Group LP
2.65%, 2/1/2032 |
|
80,000 |
71,484 |
|
|
|
|
319,562 |
|
RETAIL — 4.0% | |||
|
AutoNation, Inc.
3.85%, 3/1/2032 |
|
50,000 |
46,725 |
|
Dick's Sporting Goods, Inc.
3.15%, 1/15/2032 (b) |
|
225,000 |
205,537 |
|
Home Depot, Inc.
3.25%, 4/15/2032 |
|
50,000 |
46,623 |
|
Lowe's Cos., Inc.
3.75%, 4/1/2032 |
|
70,000 |
66,336 |
|
Starbucks Corp.
3.00%, 2/14/2032 (b) |
|
30,000 |
27,459 |
|
|
|
|
392,680 |
|
SEMICONDUCTORS — 6.6% | |||
|
Advanced Micro Devices, Inc.
3.92%, 6/1/2032 |
|
240,000 |
232,702 |
|
Broadcom, Inc.
4.30%, 11/15/2032 |
|
150,000 |
145,683 |
|
Intel Corp.
4.00%, 12/15/2032 (b) |
|
50,000 |
47,284 |
|
Micron Technology, Inc.
2.70%, 4/15/2032 |
|
200,000 |
179,474 |
|
QUALCOMM, Inc.
4.25%, 5/20/2032 (b) |
|
20,000 |
19,676 |
|
Security Description |
|
Principal
Amount |
Value |
|
Texas Instruments, Inc.
3.65%, 8/16/2032 (b) |
|
$25,000 |
$23,814 |
|
|
|
|
648,633 |
|
SOFTWARE — 4.6% | |||
|
Oracle Corp.: |
|
|
|
|
5.35%, 5/4/2033 |
|
55,000 |
54,125 |
|
6.25%, 11/9/2032 |
|
200,000 |
207,078 |
|
Synopsys, Inc.
5.00%, 4/1/2032 |
|
80,000 |
80,506 |
|
Take-Two Interactive Software,
Inc.
4.00%, 4/14/2032 |
|
75,000 |
71,543 |
|
VMware LLC
2.20%, 8/15/2031 |
|
50,000 |
44,199 |
|
|
|
|
457,451 |
|
TELECOMMUNICATIONS — 4.5% | |||
|
AT&T, Inc.
2.25%, 2/1/2032 |
|
280,000 |
244,488 |
|
T-Mobile USA, Inc.
2.70%, 3/15/2032 |
|
130,000 |
115,917 |
|
Verizon Communications, Inc.
2.36%, 3/15/2032 |
|
100,000 |
87,798 |
|
|
|
|
448,203 |
|
TRANSPORTATION — 0.5% | |||
|
Norfolk Southern Corp.
3.00%, 3/15/2032 |
|
50,000 |
45,731 |
|
TRUCKING & LEASING — 0.2% | |||
|
GATX Corp.
3.50%, 6/1/2032 |
|
25,000 |
23,121 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $9,692,139) |
|
|
9,615,581 |
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENTS — 7.2% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (d) (e) |
192,856 |
192,856 | |
|
State Street Navigator Securities
Lending Portfolio II (f) (g) |
518,967 |
518,967 | |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $711,823) |
711,823 | ||
|
TOTAL INVESTMENTS — 104.3%
(Cost $10,403,962) |
10,327,404 | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS
— (4.3)% |
(429,038) | ||
|
NET ASSETS — 100.0% |
$9,898,366 | ||
|
(a) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(b) |
All or a portion of the shares of the security are on loan at
May 31, 2026. |
|
(c) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 1.1% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(d) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(e) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
(f) |
The Fund invested in an affiliated entity. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(g) |
Investment of cash collateral for securities loaned. |
|
* |
Amount is less than 0.05% of net assets. |
|
Abbreviations: |
|
|
MTN |
Medium Term Note |
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$9,615,581 |
$— |
$9,615,581 |
|
Short-Term Investments |
711,823 |
— |
— |
711,823 |
|
TOTAL INVESTMENTS |
$711,823 |
$9,615,581 |
$— |
$10,327,404 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier
Class |
82,583 |
$82,583 |
$533,198 |
$422,925 |
$— |
$— |
192,856 |
$192,856 |
$3,023 |
|
State Street Navigator Securities Lending Portfolio II |
574,158 |
574,158 |
6,345,408 |
6,400,599 |
— |
— |
518,967 |
518,967 |
1,012 |
|
Total |
|
$656,741 |
$6,878,606 |
$6,823,524 |
$— |
$— |
|
$711,823 |
$4,035 |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 97.2% | |||
|
AEROSPACE & DEFENSE — 3.5% | |||
|
Boeing Co.
6.13%, 2/15/2033 |
|
$75,000 |
$80,215 |
|
L3Harris Technologies, Inc.
5.40%, 7/31/2033 |
|
215,000 |
220,616 |
|
|
|
|
300,831 |
|
AGRICULTURE — 2.6% | |||
|
BAT Capital Corp.
4.63%, 3/22/2033 |
|
85,000 |
83,415 |
|
Philip Morris International, Inc.
5.38%, 2/15/2033 |
|
141,000 |
145,141 |
|
|
|
|
228,556 |
|
AUTO MANUFACTURERS — 2.0% | |||
|
General Motors Financial Co., Inc.
6.40%, 1/9/2033 (a) |
|
165,000 |
176,131 |
|
BANKS — 8.2% | |||
|
Banco Santander SA
6.35%, 3/14/2034 |
|
200,000 |
211,756 |
|
Bank of America Corp.
SOFR + 1.91%, 5.29%,
4/25/2034 (b) |
|
105,000 |
106,626 |
|
Goldman Sachs Group, Inc.
SOFR + 1.41%, 3.10%,
2/24/2033 (b) |
|
65,000 |
58,920 |
|
Huntington Bancshares, Inc.
SOFR + 2.05%, 5.02%,
5/17/2033 (b) |
|
65,000 |
64,632 |
|
JPMorgan Chase & Co.
SOFR + 1.85%, 5.35%, 6/1/2034
(b) |
|
105,000 |
107,094 |
|
KeyCorp
Series MTN, SOFR + 2.06%,
4.79%, 6/1/2033 (a) (b) |
|
65,000 |
63,675 |
|
U.S. Bancorp
Series MTN, SOFR + 2.11%,
4.97%, 7/22/2033 (b) |
|
100,000 |
98,970 |
|
|
|
|
711,673 |
|
BEVERAGES — 1.8% | |||
|
Anheuser-Busch InBev Worldwide,
Inc.
6.63%, 8/15/2033 |
|
140,000 |
154,694 |
|
BIOTECHNOLOGY — 0.9% | |||
|
Amgen, Inc.
5.25%, 3/2/2033 |
|
75,000 |
76,586 |
|
CHEMICALS — 1.0% | |||
|
Dow Chemical Co.
6.30%, 3/15/2033 |
|
40,000 |
42,255 |
|
Eastman Chemical Co.
5.75%, 3/8/2033 |
|
40,000 |
41,457 |
|
|
|
|
83,712 |
|
Security Description |
|
Principal
Amount |
Value |
|
COMMERCIAL SERVICES — 2.9% | |||
|
Verisk Analytics, Inc.
5.75%, 4/1/2033 |
|
$239,000 |
$248,438 |
|
COMPUTERS — 1.9% | |||
|
Leidos, Inc.
5.75%, 3/15/2033 |
|
160,000 |
165,677 |
|
COSMETICS/PERSONAL CARE — 0.5% | |||
|
Kenvue, Inc.
4.90%, 3/22/2033 |
|
40,000 |
40,252 |
|
DISTRIBUTION & WHOLESALE — 0.5% | |||
|
LKQ Corp.
6.25%, 6/15/2033 |
|
40,000 |
41,382 |
|
DIVERSIFIED FINANCIAL SERVICES — 1.5% | |||
|
Apollo Global Management, Inc.
6.38%, 11/15/2033 (a) |
|
80,000 |
85,777 |
|
Capital One Financial Corp.
6.70%, 11/29/2032 |
|
45,000 |
48,972 |
|
|
|
|
134,749 |
|
ELECTRIC — 10.5% | |||
|
AEP Texas, Inc.
5.40%, 6/1/2033 |
|
100,000 |
101,823 |
|
Constellation Energy
Generation LLC
5.80%, 3/1/2033 |
|
76,000 |
79,550 |
|
DTE Electric Co.
5.20%, 4/1/2033 |
|
80,000 |
81,932 |
|
Duke Energy Florida LLC
5.88%, 11/15/2033 |
|
135,000 |
142,934 |
|
Exelon Corp.
5.30%, 3/15/2033 |
|
112,000 |
114,537 |
|
Georgia Power Co.
4.95%, 5/17/2033 |
|
89,000 |
89,679 |
|
National Grid PLC
5.81%, 6/12/2033 |
|
112,000 |
116,883 |
|
Pacific Gas & Electric Co.
6.40%, 6/15/2033 |
|
90,000 |
95,668 |
|
Southern Co.
5.20%, 6/15/2033 |
|
84,000 |
84,916 |
|
|
|
|
907,922 |
|
ENVIRONMENTAL CONTROL — 1.0% | |||
|
Waste Connections, Inc.
4.20%, 1/15/2033 |
|
90,000 |
86,737 |
|
FOOD — 3.7% | |||
|
JBS NV/JBS USA Foods Group
Holdings, Inc./JBS USA Food Co.
Holdings
5.75%, 4/1/2033 |
|
310,000 |
318,658 |
|
Pilgrim's Pride Corp.
6.25%, 7/1/2033 |
|
6,000 |
6,268 |
|
|
|
|
324,926 |
|
HEALTH CARE PRODUCTS — 0.2% | |||
|
Thermo Fisher Scientific, Inc.
5.09%, 8/10/2033 |
|
20,000 |
20,294 |
|
Security Description |
|
Principal
Amount |
Value |
|
HEALTH CARE SERVICES — 3.0% | |||
|
HCA, Inc.
5.50%, 6/1/2033 |
|
$190,000 |
$193,967 |
|
UnitedHealth Group, Inc.
5.35%, 2/15/2033 |
|
65,000 |
66,873 |
|
|
|
|
260,840 |
|
HOUSEHOLD PRODUCTS & WARES — 0.8% | |||
|
Church & Dwight Co., Inc.
5.60%, 11/15/2032 |
|
65,000 |
68,071 |
|
INSURANCE — 3.1% | |||
|
Allstate Corp.
5.35%, 6/1/2033 |
|
20,000 |
20,499 |
|
American International Group, Inc.
5.13%, 3/27/2033 (a) |
|
68,000 |
68,706 |
|
Arthur J Gallagher & Co.
5.50%, 3/2/2033 |
|
40,000 |
41,122 |
|
Corebridge Financial, Inc.
6.05%, 9/15/2033 |
|
96,000 |
100,728 |
|
Progressive Corp.
4.95%, 6/15/2033 |
|
20,000 |
20,182 |
|
Prudential Financial, Inc.
Series MTN, 5.75%, 7/15/2033 |
|
20,000 |
21,203 |
|
|
|
|
272,440 |
|
INTERNET — 1.1% | |||
|
Meta Platforms, Inc.: |
|
|
|
|
4.60%, 11/15/2032 |
|
25,000 |
24,675 |
|
4.88%, 5/15/2033 |
|
75,000 |
74,820 |
|
|
|
|
99,495 |
|
IRON/STEEL — 1.4% | |||
|
Vale Overseas Ltd.
6.13%, 6/12/2033 |
|
113,000 |
119,074 |
|
MACHINERY-DIVERSIFIED — 1.2% | |||
|
Ingersoll Rand, Inc.
5.70%, 8/14/2033 |
|
101,000 |
104,842 |
|
MEDIA — 2.3% | |||
|
Charter Communications
Operating LLC/Charter
Communications Operating
Capital
4.40%, 4/1/2033 |
|
135,000 |
124,806 |
|
Comcast Corp.
4.80%, 5/15/2033 |
|
70,000 |
69,546 |
|
Paramount Global
5.50%, 5/15/2033 |
|
5,000 |
4,476 |
|
|
|
|
198,828 |
|
MINING — 1.1% | |||
|
Glencore Funding LLC
5.70%, 5/8/2033 (c) |
|
90,000 |
93,244 |
|
MISCELLANEOUS MANUFACTURER — 1.6% | |||
|
Eaton Corp.
4.15%, 3/15/2033 (a) |
|
140,000 |
135,925 |
|
Security Description |
|
Principal
Amount |
Value |
|
OIL & GAS — 3.5% | |||
|
BP Capital Markets America, Inc.
4.89%, 9/11/2033 |
|
$138,000 |
$137,978 |
|
Diamondback Energy, Inc.
6.25%, 3/15/2033 |
|
65,000 |
69,765 |
|
Ovintiv, Inc.
6.25%, 7/15/2033 |
|
90,000 |
95,435 |
|
|
|
|
303,178 |
|
OIL & GAS SERVICES — 0.9% | |||
|
Schlumberger Holdings Corp.
4.85%, 5/15/2033 (c) |
|
76,000 |
75,804 |
|
PHARMACEUTICALS — 6.3% | |||
|
AbbVie, Inc.
5.05%, 3/15/2034 |
|
85,000 |
86,181 |
|
Becton Dickinson & Co.
5.11%, 2/8/2034 |
|
68,000 |
68,270 |
|
CVS Health Corp.
5.30%, 6/1/2033 |
|
247,000 |
250,322 |
|
Merck & Co., Inc.
6.50%, 12/1/2033 |
|
76,000 |
84,250 |
|
Pfizer Investment Enterprises Pte.
Ltd.
4.75%, 5/19/2033 |
|
60,000 |
59,642 |
|
|
|
|
548,665 |
|
PIPELINES — 7.6% | |||
|
Cheniere Energy Partners LP
5.95%, 6/30/2033 |
|
40,000 |
41,913 |
|
Enbridge, Inc.
5.70%, 3/8/2033 |
|
60,000 |
62,358 |
|
Energy Transfer LP: |
|
|
|
|
5.75%, 2/15/2033 |
|
106,000 |
110,332 |
|
6.55%, 12/1/2033 |
|
222,000 |
241,232 |
|
Kinder Morgan, Inc.
5.20%, 6/1/2033 |
|
40,000 |
40,706 |
|
ONEOK, Inc.
6.05%, 9/1/2033 |
|
113,000 |
118,781 |
|
Targa Resources Corp.
6.13%, 3/15/2033 |
|
40,000 |
42,329 |
|
|
|
|
657,651 |
|
REAL ESTATE — 0.7% | |||
|
CBRE Services, Inc.
4.90%, 1/15/2033 (a) |
|
60,000 |
59,195 |
|
REAL ESTATE INVESTMENT TRUSTS — 2.6% | |||
|
Alexandria Real Estate Equities, Inc.
1.88%, 2/1/2033 |
|
68,000 |
55,342 |
|
American Tower Corp.
5.55%, 7/15/2033 |
|
36,000 |
37,079 |
|
COPT Defense Properties LP
2.90%, 12/1/2033 |
|
80,000 |
68,093 |
|
Invitation Homes Operating
Partnership LP
5.50%, 8/15/2033 |
|
64,000 |
64,967 |
|
|
|
|
225,481 |
|
Security Description |
|
Principal
Amount |
Value |
|
RETAIL — 1.2% | |||
|
AutoZone, Inc.
5.20%, 8/1/2033 |
|
$65,000 |
$65,578 |
|
Lowe's Cos., Inc.
5.15%, 7/1/2033 |
|
40,000 |
40,453 |
|
|
|
|
106,031 |
|
SEMICONDUCTORS — 8.0% | |||
|
Broadcom, Inc.
3.42%, 4/15/2033 |
|
255,000 |
233,014 |
|
Intel Corp.
5.20%, 2/10/2033 |
|
190,000 |
192,498 |
|
Marvell Technology, Inc.
5.95%, 9/15/2033 |
|
251,000 |
264,873 |
|
|
|
|
690,385 |
|
SOFTWARE — 3.8% | |||
|
Oracle Corp.: |
|
|
|
|
4.90%, 2/6/2033 |
|
194,000 |
186,290 |
|
5.35%, 5/4/2033 |
|
90,000 |
88,569 |
|
Take-Two Interactive Software, Inc.
5.60%, 6/12/2034 (a) |
|
50,000 |
51,200 |
|
|
|
|
326,059 |
|
TELECOMMUNICATIONS — 3.5% | |||
|
AT&T, Inc.
5.40%, 2/15/2034 |
|
110,000 |
112,361 |
|
T-Mobile USA, Inc.
5.05%, 7/15/2033 |
|
130,000 |
130,901 |
|
Verizon Communications, Inc.
5.05%, 5/9/2033 |
|
60,000 |
60,721 |
|
|
|
|
303,983 |
|
TRANSPORTATION — 0.8% | |||
|
United Parcel Service, Inc.
4.88%, 3/3/2033 (a) |
|
65,000 |
65,959 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $8,465,525) |
|
|
8,417,710 |
|
Security Description |
|
Shares |
Value |
|
SHORT-TERM INVESTMENTS — 6.3% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (d) (e) |
113,232 |
$113,232 | |
|
State Street Navigator Securities
Lending Portfolio II (f) (g) |
428,755 |
428,755 | |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $541,987) |
541,987 | ||
|
TOTAL INVESTMENTS — 103.5%
(Cost $9,007,512) |
8,959,697 | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS —
(3.5)% |
(303,390) | ||
|
NET ASSETS — 100.0% |
$8,656,307 | ||
|
(a) |
All or a portion of the shares of the security are on loan at
May 31, 2026. |
|
(b) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(c) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 2.0% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(d) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(e) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
(f) |
The Fund invested in an affiliated entity. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(g) |
Investment of cash collateral for securities loaned. |
|
Abbreviations: |
|
|
MTN |
Medium Term Note |
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$8,417,710 |
$— |
$8,417,710 |
|
Short-Term Investments |
541,987 |
— |
— |
541,987 |
|
TOTAL INVESTMENTS |
$541,987 |
$8,417,710 |
$— |
$8,959,697 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier
Class |
109,029 |
$109,029 |
$680,393 |
$676,190 |
$— |
$— |
113,232 |
$113,232 |
$3,299 |
|
State Street Navigator Securities Lending Portfolio II |
48,528 |
48,528 |
3,777,460 |
3,397,233 |
— |
— |
428,755 |
428,755 |
406 |
|
Total |
|
$157,557 |
$4,457,853 |
$4,073,423 |
$— |
$— |
|
$541,987 |
$3,705 |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 96.4% | |||
|
AEROSPACE & DEFENSE — 2.0% | |||
|
Boeing Co.
3.60%, 5/1/2034 |
|
$55,000 |
$49,641 |
|
L3Harris Technologies, Inc.
5.35%, 6/1/2034 |
|
65,000 |
66,168 |
|
RTX Corp.
6.10%, 3/15/2034 |
|
50,000 |
53,691 |
|
|
|
|
169,500 |
|
AGRICULTURE — 2.4% | |||
|
Imperial Brands Finance PLC
5.88%, 7/1/2034 (a) |
|
200,000 |
206,540 |
|
APPAREL — 0.3% | |||
|
Tapestry, Inc.
5.50%, 3/11/2035 |
|
25,000 |
25,201 |
|
AUTO MANUFACTURERS — 3.4% | |||
|
General Motors Financial Co., Inc.: |
|
|
|
|
5.45%, 9/6/2034 |
|
50,000 |
50,300 |
|
5.95%, 4/4/2034 |
|
230,000 |
238,832 |
|
|
|
|
289,132 |
|
BANKS — 4.1% | |||
|
Bank of America Corp.
SOFR + 1.65%, 5.47%,
1/23/2035 (b) |
|
40,000 |
40,876 |
|
Citigroup, Inc.
SOFR + 2.06%, 5.83%,
2/13/2035 (b) |
|
40,000 |
40,800 |
|
Goldman Sachs Group, Inc.
SOFR + 1.95%, 6.56%,
10/24/2034 (b) |
|
50,000 |
54,292 |
|
JPMorgan Chase & Co.
SOFR + 1.62%, 5.34%,
1/23/2035 (b) |
|
40,000 |
40,562 |
|
Morgan Stanley
SOFR + 1.73%, 5.47%,
1/18/2035 (b) |
|
50,000 |
50,936 |
|
U.S. Bancorp
SOFR + 1.86%, 5.68%,
1/23/2035 (b) |
|
75,000 |
77,474 |
|
Wells Fargo & Co.
SOFR + 1.78%, 5.50%,
1/23/2035 (b) |
|
50,000 |
51,012 |
|
|
|
|
355,952 |
|
BEVERAGES — 4.4% | |||
|
Anheuser-Busch InBev Worldwide,
Inc.
5.00%, 6/15/2034 (c) |
|
120,000 |
121,243 |
|
Coca-Cola Consolidated, Inc.
5.45%, 6/1/2034 |
|
200,000 |
205,604 |
|
Keurig Dr. Pepper, Inc.
5.30%, 3/15/2034 |
|
50,000 |
50,008 |
|
|
|
|
376,855 |
|
Security Description |
|
Principal
Amount |
Value |
|
BIOTECHNOLOGY — 0.2% | |||
|
Royalty Pharma PLC
5.40%, 9/2/2034 |
|
$20,000 |
$20,240 |
|
CHEMICALS — 1.4% | |||
|
Dow Chemical Co.
4.25%, 10/1/2034 |
|
80,000 |
73,391 |
|
Eastman Chemical Co.
5.63%, 2/20/2034 |
|
45,000 |
45,858 |
|
|
|
|
119,249 |
|
COMMERCIAL SERVICES — 1.2% | |||
|
Verisk Analytics, Inc.
5.25%, 6/5/2034 |
|
100,000 |
99,946 |
|
CONSTRUCTION MATERIALS — 1.9% | |||
|
Carrier Global Corp.
5.90%, 3/15/2034 (c) |
|
120,000 |
126,528 |
|
Owens Corning
5.70%, 6/15/2034 (c) |
|
35,000 |
36,247 |
|
|
|
|
162,775 |
|
DIVERSIFIED FINANCIAL SERVICES — 2.6% | |||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust
4.95%, 9/10/2034 |
|
50,000 |
48,715 |
|
Capital One Financial Corp.
SOFR + 3.37%, 7.96%, 11/2/2034
(b) |
|
40,000 |
46,082 |
|
Charles Schwab Corp.
SOFR + 2.50%, 5.85%,
5/19/2034 (b) |
|
50,000 |
52,346 |
|
Jefferies Financial Group, Inc.
6.20%, 4/14/2034 |
|
70,000 |
72,278 |
|
|
|
|
219,421 |
|
ELECTRIC — 11.8% | |||
|
AEP Texas, Inc.
5.70%, 5/15/2034 |
|
70,000 |
72,291 |
|
CenterPoint Energy Houston
Electric LLC
5.15%, 3/1/2034 |
|
55,000 |
55,639 |
|
Constellation Energy
Generation LLC
6.13%, 1/15/2034 |
|
70,000 |
74,490 |
|
DTE Electric Co.
5.20%, 3/1/2034 |
|
135,000 |
137,801 |
|
Duke Energy Carolinas LLC
4.85%, 1/15/2034 |
|
145,000 |
144,723 |
|
Georgia Power Co.
5.25%, 3/15/2034 |
|
70,000 |
71,287 |
|
National Grid PLC
5.42%, 1/11/2034 |
|
70,000 |
71,374 |
|
Pacific Gas & Electric Co.
5.80%, 5/15/2034 |
|
95,000 |
97,257 |
|
PacifiCorp
5.45%, 2/15/2034 |
|
70,000 |
70,890 |
|
Puget Sound Energy, Inc.
5.33%, 6/15/2034 |
|
23,000 |
23,430 |
|
Security Description |
|
Principal
Amount |
Value |
|
Southern California Edison Co.
5.20%, 6/1/2034 |
|
$60,000 |
$59,355 |
|
Southern Co.
5.70%, 3/15/2034 |
|
130,000 |
134,926 |
|
|
|
|
1,013,463 |
|
ENVIRONMENTAL CONTROL — 0.9% | |||
|
Republic Services, Inc.
5.20%, 11/15/2034 |
|
30,000 |
30,538 |
|
Waste Connections, Inc.
5.00%, 3/1/2034 |
|
50,000 |
50,109 |
|
|
|
|
80,647 |
|
FOOD — 2.8% | |||
|
JBS NV/JBS USA Foods Group
Holdings, Inc./JBS USA Food Co.
Holdings
6.75%, 3/15/2034 |
|
5,000 |
5,444 |
|
Mars, Inc.
5.20%, 3/1/2035 (a) |
|
100,000 |
100,648 |
|
Pilgrim's Pride Corp.
6.88%, 5/15/2034 |
|
30,000 |
32,436 |
|
Tyson Foods, Inc.
4.88%, 8/15/2034 |
|
100,000 |
98,180 |
|
|
|
|
236,708 |
|
HEALTH CARE PRODUCTS — 1.9% | |||
|
Smith & Nephew PLC
5.40%, 3/20/2034 |
|
67,000 |
67,891 |
|
Solventum Corp.
5.60%, 3/23/2034 (c) |
|
40,000 |
40,987 |
|
Thermo Fisher Scientific, Inc.
5.20%, 1/31/2034 |
|
55,000 |
56,264 |
|
|
|
|
165,142 |
|
HEALTH CARE SERVICES — 2.0% | |||
|
HCA, Inc.: |
|
|
|
|
5.45%, 9/15/2034 |
|
60,000 |
60,635 |
|
5.75%, 3/1/2035 |
|
30,000 |
30,878 |
|
UnitedHealth Group, Inc.
5.15%, 7/15/2034 |
|
80,000 |
80,943 |
|
|
|
|
172,456 |
|
INSURANCE — 5.1% | |||
|
Arch Capital Group Ltd.
7.35%, 5/1/2034 (c) |
|
60,000 |
68,165 |
|
Arthur J Gallagher & Co.
5.45%, 7/15/2034 |
|
100,000 |
101,482 |
|
Brown & Brown, Inc.
5.65%, 6/11/2034 |
|
70,000 |
70,845 |
|
Corebridge Financial, Inc.
5.75%, 1/15/2034 (c) |
|
80,000 |
82,334 |
|
Lincoln National Corp.
5.85%, 3/15/2034 |
|
45,000 |
46,274 |
|
MetLife, Inc.
5.30%, 12/15/2034 |
|
70,000 |
71,663 |
|
|
|
|
440,763 |
|
Security Description |
|
Principal
Amount |
Value |
|
INTERNET — 3.4% | |||
|
Alphabet, Inc.
4.50%, 5/15/2035 |
|
$100,000 |
$98,008 |
|
Amazon.com, Inc.
4.80%, 12/5/2034 (c) |
|
95,000 |
95,754 |
|
Expedia Group, Inc.
5.40%, 2/15/2035 (c) |
|
25,000 |
24,860 |
|
Meta Platforms, Inc.
4.75%, 8/15/2034 |
|
75,000 |
73,794 |
|
|
|
|
292,416 |
|
IRON/STEEL — 0.7% | |||
|
ArcelorMittal SA
6.00%, 6/17/2034 |
|
55,000 |
57,904 |
|
IT SERVICES — 2.0% | |||
|
Hewlett Packard Enterprise Co.
5.00%, 10/15/2034 |
|
123,000 |
120,622 |
|
Leidos, Inc.
5.50%, 3/15/2035 |
|
50,000 |
50,829 |
|
|
|
|
171,451 |
|
LODGING — 1.6% | |||
|
Las Vegas Sands Corp.
6.20%, 8/15/2034 |
|
135,000 |
139,387 |
|
MACHINERY-DIVERSIFIED — 0.7% | |||
|
AGCO Corp.
5.80%, 3/21/2034 |
|
40,000 |
41,117 |
|
Ingersoll Rand, Inc.
5.45%, 6/15/2034 |
|
20,000 |
20,405 |
|
|
|
|
61,522 |
|
MEDIA — 1.3% | |||
|
Charter Communications
Operating LLC/Charter
Communications Operating
Capital
6.55%, 6/1/2034 |
|
105,000 |
107,795 |
|
MINING — 0.9% | |||
|
Glencore Funding LLC
5.63%, 4/4/2034 (a) |
|
50,000 |
51,494 |
|
Rio Tinto Finance USA PLC
5.25%, 3/14/2035 |
|
25,000 |
25,457 |
|
|
|
|
76,951 |
|
OFFICE & BUSINESS EQUIPMENT — 0.5% | |||
|
CDW LLC/CDW Finance Corp.
5.55%, 8/22/2034 |
|
40,000 |
39,565 |
|
OIL & GAS — 6.2% | |||
|
BP Capital Markets America, Inc.
5.23%, 11/17/2034 |
|
206,000 |
209,724 |
|
Devon Energy Corp.
5.20%, 9/15/2034 (c) |
|
104,000 |
104,688 |
|
Diamondback Energy, Inc.
5.40%, 4/18/2034 |
|
50,000 |
51,129 |
|
Occidental Petroleum Corp.
5.55%, 10/1/2034 (c) |
|
55,000 |
56,723 |
|
Security Description |
|
Principal
Amount |
Value |
|
Ovintiv, Inc.
6.50%, 8/15/2034 |
|
$65,000 |
$69,895 |
|
Suncor Energy, Inc.
5.95%, 12/1/2034 |
|
35,000 |
36,732 |
|
|
|
|
528,891 |
|
PACKAGING & CONTAINERS — 2.3% | |||
|
Berry Global, Inc.
5.65%, 1/15/2034 |
|
105,000 |
107,298 |
|
Sonoco Products Co.
5.00%, 9/1/2034 |
|
95,000 |
93,229 |
|
|
|
|
200,527 |
|
PHARMACEUTICALS — 4.5% | |||
|
AbbVie, Inc.
5.05%, 3/15/2034 |
|
142,000 |
143,974 |
|
Astrazeneca Finance LLC
5.00%, 2/26/2034 |
|
40,000 |
40,506 |
|
Becton Dickinson & Co.
5.11%, 2/8/2034 |
|
20,000 |
20,079 |
|
CVS Health Corp.
5.70%, 6/1/2034 |
|
25,000 |
25,830 |
|
Eli Lilly & Co.
4.60%, 8/14/2034 |
|
50,000 |
49,404 |
|
Novartis Capital Corp.
4.20%, 9/18/2034 (c) |
|
115,000 |
110,797 |
|
|
|
|
390,590 |
|
PIPELINES — 5.6% | |||
|
Cheniere Energy Partners LP
5.75%, 8/15/2034 |
|
95,000 |
98,425 |
|
Enbridge, Inc.
5.63%, 4/5/2034 |
|
95,000 |
98,288 |
|
Energy Transfer LP
5.60%, 9/1/2034 |
|
110,000 |
112,405 |
|
Kinder Morgan, Inc.
5.30%, 12/1/2034 |
|
40,000 |
40,493 |
|
ONEOK, Inc.
5.05%, 11/1/2034 |
|
50,000 |
49,169 |
|
Targa Resources Corp.
6.50%, 3/30/2034 |
|
50,000 |
54,229 |
|
Williams Cos., Inc.
5.15%, 3/15/2034 |
|
25,000 |
25,046 |
|
|
|
|
478,055 |
|
REAL ESTATE INVESTMENT TRUSTS — 4.9% | |||
|
Alexandria Real Estate Equities, Inc.
2.95%, 3/15/2034 |
|
45,000 |
38,190 |
|
American Homes 4 Rent LP
5.50%, 7/15/2034 |
|
55,000 |
55,619 |
|
Brixmor Operating Partnership LP
5.50%, 2/15/2034 (c) |
|
60,000 |
61,164 |
|
Extra Space Storage LP
5.40%, 2/1/2034 |
|
94,000 |
94,992 |
|
Invitation Homes Operating
Partnership LP
2.70%, 1/15/2034 |
|
68,000 |
57,018 |
|
Regency Centers LP
5.25%, 1/15/2034 |
|
65,000 |
65,883 |
|
Security Description |
|
Principal
Amount |
Value |
|
Ventas Realty LP
5.63%, 7/1/2034 |
|
$50,000 |
$51,523 |
|
|
|
|
424,389 |
|
RETAIL — 1.2% | |||
|
AutoNation, Inc.
5.89%, 3/15/2035 (c) |
|
35,000 |
35,741 |
|
AutoZone, Inc.
5.40%, 7/15/2034 |
|
70,000 |
71,109 |
|
|
|
|
106,850 |
|
SEMICONDUCTORS — 2.9% | |||
|
Broadcom, Inc.
3.47%, 4/15/2034 |
|
160,000 |
144,088 |
|
Intel Corp.
5.15%, 2/21/2034 (c) |
|
25,000 |
25,101 |
|
KLA Corp.
5.65%, 11/1/2034 |
|
30,000 |
31,259 |
|
Marvell Technology, Inc.
5.95%, 9/15/2033 |
|
50,000 |
52,764 |
|
|
|
|
253,212 |
|
SOFTWARE — 3.2% | |||
|
Oracle Corp.: |
|
|
|
|
4.30%, 7/8/2034 |
|
80,000 |
72,255 |
|
4.70%, 9/27/2034 |
|
70,000 |
64,985 |
|
Paychex, Inc.
5.60%, 4/15/2035 (c) |
|
30,000 |
30,269 |
|
Synopsys, Inc.
5.15%, 4/1/2035 |
|
40,000 |
39,923 |
|
Take-Two Interactive Software, Inc.
5.60%, 6/12/2034 (c) |
|
70,000 |
71,680 |
|
|
|
|
279,112 |
|
TELECOMMUNICATIONS — 5.0% | |||
|
AT&T, Inc.
5.40%, 2/15/2034 |
|
174,000 |
177,734 |
|
Cisco Systems, Inc.
5.05%, 2/26/2034 |
|
80,000 |
81,074 |
|
T-Mobile USA, Inc.
5.15%, 4/15/2034 |
|
120,000 |
120,964 |
|
Verizon Communications, Inc.
4.40%, 11/1/2034 |
|
50,000 |
47,628 |
|
|
|
|
427,400 |
|
TRANSPORTATION — 0.5% | |||
|
United Parcel Service, Inc.
5.15%, 5/22/2034 |
|
45,000 |
46,000 |
|
WATER — 0.6% | |||
|
American Water Capital Corp.
5.15%, 3/1/2034 |
|
50,000 |
50,837 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $8,282,885) |
|
|
8,286,844 |
|
Security Description |
|
Shares |
Value |
|
SHORT-TERM INVESTMENTS — 11.9% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (d) (e) |
193,390 |
$193,390 | |
|
State Street Navigator Securities
Lending Portfolio II (f) (g) |
831,172 |
831,172 | |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,024,562) |
1,024,562 | ||
|
TOTAL INVESTMENTS — 108.3%
(Cost $9,307,447) |
9,311,406 | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS —
(8.3)% |
(712,594) | ||
|
NET ASSETS — 100.0% |
$8,598,812 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 4.2% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(c) |
All or a portion of the shares of the security are on loan at
May 31, 2026. |
|
(d) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(e) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
(f) |
The Fund invested in an affiliated entity. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(g) |
Investment of cash collateral for securities loaned. |
|
Abbreviations: |
|
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$8,286,844 |
$— |
$8,286,844 |
|
Short-Term Investments |
1,024,562 |
— |
— |
1,024,562 |
|
TOTAL INVESTMENTS |
$1,024,562 |
$8,286,844 |
$— |
$9,311,406 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier
Class |
39,240 |
$39,240 |
$396,291 |
$242,141 |
$— |
$— |
193,390 |
$193,390 |
$1,902 |
|
State Street Navigator Securities Lending Portfolio II |
261,818 |
261,818 |
6,756,882 |
6,187,528 |
— |
— |
831,172 |
831,172 |
1,080 |
|
Total |
|
$301,058 |
$7,153,173 |
$6,429,669 |
$— |
$— |
|
$1,024,562 |
$2,982 |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 97.4% | |||
|
AEROSPACE & DEFENSE — 5.2% | |||
|
Boeing Co.
3.30%, 3/1/2035 |
|
$75,000 |
$64,523 |
|
General Dynamics Corp.
4.95%, 8/15/2035 |
|
25,000 |
25,107 |
|
L3Harris Technologies, Inc.
4.85%, 4/27/2035 |
|
95,000 |
93,424 |
|
RTX Corp.
5.40%, 5/1/2035 |
|
130,000 |
134,308 |
|
|
|
|
317,362 |
|
AGRICULTURE — 3.5% | |||
|
BAT Capital Corp.
5.63%, 8/15/2035 |
|
105,000 |
108,382 |
|
Philip Morris International, Inc.
4.88%, 4/30/2035 |
|
105,000 |
103,613 |
|
|
|
|
211,995 |
|
AUTO MANUFACTURERS — 1.7% | |||
|
General Motors Co.
5.00%, 4/1/2035 |
|
80,000 |
77,854 |
|
Toyota Motor Corp.
5.05%, 6/30/2035 |
|
25,000 |
25,307 |
|
|
|
|
103,161 |
|
BANKS — 3.3% | |||
|
Goldman Sachs Group, Inc.
SOFR + 1.38%, 5.54%,
1/28/2036 (a) |
|
25,000 |
25,427 |
|
JPMorgan Chase & Co.
SOFR + 1.68%, 5.57%,
4/22/2036 (a) |
|
50,000 |
51,439 |
|
M&T Bank Corp.
Series MTN, SOFR + 1.61%,
5.39%, 1/16/2036 (a) |
|
50,000 |
49,940 |
|
Morgan Stanley
SOFR + 1.76%, 5.66%,
4/17/2036 (a) |
|
25,000 |
25,747 |
|
Wells Fargo & Co.
SOFR + 1.74%, 5.61%,
4/23/2036 (a) |
|
50,000 |
51,297 |
|
|
|
|
203,850 |
|
BEVERAGES — 2.8% | |||
|
Anheuser-Busch InBev Worldwide,
Inc.
5.88%, 6/15/2035 |
|
115,000 |
122,912 |
|
Maple Parent Holdings Corp.
5.70%, 3/26/2036 (b) |
|
45,000 |
45,423 |
|
|
|
|
168,335 |
|
BIOTECHNOLOGY — 1.5% | |||
|
Gilead Sciences, Inc.
4.60%, 9/1/2035 |
|
95,000 |
92,696 |
|
Security Description |
|
Principal
Amount |
Value |
|
COMMERCIAL SERVICES — 1.1% | |||
|
Verisk Analytics, Inc.
5.25%, 3/15/2035 |
|
$70,000 |
$69,534 |
|
CONSTRUCTION MATERIALS — 0.8% | |||
|
Carlisle Cos., Inc.
5.25%, 9/15/2035 |
|
50,000 |
50,048 |
|
DIVERSIFIED FINANCIAL SERVICES — 1.3% | |||
|
Charles Schwab Corp.
SOFR + 2.01%, 6.14%,
8/24/2034 (a) |
|
75,000 |
79,775 |
|
ELECTRIC — 14.0% | |||
|
AEP Transmission Co. LLC
5.38%, 6/15/2035 |
|
126,000 |
128,202 |
|
Ameren Corp.
5.38%, 3/15/2035 |
|
45,000 |
45,558 |
|
CenterPoint Energy Houston
Electric LLC
Series AQ, 4.95%, 8/15/2035 |
|
55,000 |
54,444 |
|
Duke Energy Corp.
4.95%, 9/15/2035 |
|
70,000 |
68,697 |
|
Exelon Corp.
4.95%, 6/15/2035 |
|
126,000 |
122,728 |
|
FirstEnergy Transmission LLC
5.00%, 1/15/2035 |
|
126,000 |
124,579 |
|
Georgia Power Co.
5.20%, 3/15/2035 |
|
126,000 |
127,595 |
|
NRG Energy, Inc.
5.41%, 10/15/2035 (b) |
|
30,000 |
29,455 |
|
Pacific Gas & Electric Co.
6.00%, 8/15/2035 |
|
130,000 |
133,968 |
|
PacifiCorp
5.25%, 6/15/2035 |
|
25,000 |
24,796 |
|
|
|
|
860,022 |
|
ELECTRICAL COMPONENTS & EQUIPMENT — 0.8% | |||
|
Emerson Electric Co.
5.00%, 3/15/2035 |
|
50,000 |
50,276 |
|
FOOD — 3.6% | |||
|
J.M. Smucker Co.
4.25%, 3/15/2035 |
|
100,000 |
93,236 |
|
JBS NV/JBS USA Foods Group
Holdings, Inc./JBS USA Food Co.
Holdings
5.95%, 4/20/2035 |
|
126,000 |
129,934 |
|
|
|
|
223,170 |
|
GAS — 0.9% | |||
|
Southern California Gas Co.
5.45%, 6/15/2035 |
|
55,000 |
56,352 |
|
HEALTH CARE PRODUCTS — 1.2% | |||
|
Baxter International, Inc.
5.65%, 12/15/2035 |
|
25,000 |
24,746 |
|
Medtronic, Inc.
4.38%, 3/15/2035 |
|
25,000 |
24,089 |
|
Security Description |
|
Principal
Amount |
Value |
|
Stryker Corp.
5.20%, 2/10/2035 |
|
$25,000 |
$25,310 |
|
|
|
|
74,145 |
|
HEALTH CARE SERVICES — 2.9% | |||
|
HCA, Inc.
5.75%, 3/1/2035 |
|
80,000 |
82,343 |
|
UnitedHealth Group, Inc.
5.30%, 6/15/2035 |
|
95,000 |
96,668 |
|
|
|
|
179,011 |
|
HOME BUILDERS — 2.0% | |||
|
PulteGroup, Inc.
6.00%, 2/15/2035 |
|
50,000 |
52,241 |
|
Toll Brothers Finance Corp.
5.60%, 6/15/2035 |
|
70,000 |
71,487 |
|
|
|
|
123,728 |
|
INSURANCE — 2.5% | |||
|
American International Group, Inc.
5.45%, 5/7/2035 |
|
50,000 |
51,120 |
|
Arthur J Gallagher & Co.
5.15%, 2/15/2035 |
|
50,000 |
49,632 |
|
Marsh & McLennan Cos., Inc.
5.00%, 3/15/2035 |
|
50,000 |
49,605 |
|
|
|
|
150,357 |
|
INTERNET — 3.5% | |||
|
Alphabet, Inc.
4.50%, 5/15/2035 |
|
25,000 |
24,502 |
|
Expedia Group, Inc.
5.40%, 2/15/2035 |
|
45,000 |
44,748 |
|
Meta Platforms, Inc.: |
|
|
|
|
4.75%, 8/15/2034 |
|
65,000 |
63,955 |
|
5.25%, 5/15/2036 |
|
40,000 |
39,962 |
|
Uber Technologies, Inc.
4.80%, 9/15/2035 |
|
45,000 |
43,809 |
|
|
|
|
216,976 |
|
IRON/STEEL — 0.4% | |||
|
Nucor Corp.
5.10%, 6/1/2035 |
|
25,000 |
25,241 |
|
IT SERVICES — 4.8% | |||
|
Apple, Inc.
4.75%, 5/12/2035 |
|
20,000 |
20,205 |
|
International Business Machines
Corp.
5.20%, 2/10/2035 |
|
126,000 |
127,101 |
|
Leidos, Inc.
5.50%, 3/15/2035 |
|
75,000 |
76,243 |
|
NetApp, Inc.
5.70%, 3/17/2035 |
|
70,000 |
71,672 |
|
|
|
|
295,221 |
|
LEISURE TIME — 0.4% | |||
|
Royal Caribbean Cruises Ltd.
5.38%, 1/15/2036 |
|
25,000 |
24,856 |
|
Security Description |
|
Principal
Amount |
Value |
|
MEDIA — 2.9% | |||
|
Charter Communications
Operating LLC/Charter
Communications Operating
Capital
6.38%, 10/23/2035 |
|
$135,000 |
$135,841 |
|
Comcast Corp.
6.50%, 11/15/2035 |
|
25,000 |
27,328 |
|
Walt Disney Co.
6.40%, 12/15/2035 |
|
15,000 |
16,634 |
|
|
|
|
179,803 |
|
MINING — 1.3% | |||
|
Glencore Funding LLC
5.67%, 4/1/2035 (b) |
|
75,000 |
77,069 |
|
OIL & GAS — 4.0% | |||
|
BP Capital Markets America, Inc.
5.23%, 11/17/2034 |
|
75,000 |
76,356 |
|
Coterra Energy, Inc.
5.40%, 2/15/2035 |
|
65,000 |
65,807 |
|
Diamondback Energy, Inc.
5.55%, 4/1/2035 |
|
45,000 |
46,389 |
|
Ovintiv, Inc.
6.50%, 8/15/2034 |
|
45,000 |
48,389 |
|
Patterson-UTI Energy, Inc.
6.05%, 5/15/2036 |
|
5,000 |
5,021 |
|
|
|
|
241,962 |
|
PACKAGING & CONTAINERS — 0.4% | |||
|
Packaging Corp. of America
5.20%, 8/15/2035 |
|
25,000 |
24,971 |
|
PHARMACEUTICALS — 5.8% | |||
|
AbbVie, Inc.
4.50%, 5/14/2035 |
|
140,000 |
135,188 |
|
CVS Health Corp.
4.88%, 7/20/2035 |
|
70,000 |
67,840 |
|
Eli Lilly & Co.
5.10%, 2/12/2035 |
|
95,000 |
96,866 |
|
Merck & Co., Inc.
4.95%, 9/15/2035 |
|
55,000 |
54,942 |
|
|
|
|
354,836 |
|
PIPELINES — 5.0% | |||
|
Energy Transfer LP
5.70%, 4/1/2035 |
|
80,000 |
82,278 |
|
Enterprise Products Operating LLC
Series J, 5.75%, 3/1/2035 |
|
70,000 |
72,407 |
|
MPLX LP
5.40%, 9/15/2035 |
|
50,000 |
50,034 |
|
Targa Resources Corp.
5.55%, 8/15/2035 |
|
50,000 |
50,737 |
|
Williams Cos., Inc.
5.30%, 9/30/2035 |
|
50,000 |
50,072 |
|
|
|
|
305,528 |
|
REAL ESTATE INVESTMENT TRUSTS — 2.9% | |||
|
Alexandria Real Estate Equities, Inc.
5.50%, 10/1/2035 |
|
25,000 |
24,962 |
|
Security Description |
|
Principal
Amount |
Value |
|
AvalonBay Communities, Inc.
5.00%, 8/1/2035 |
|
$25,000 |
$24,901 |
|
Mid-America Apartments LP
4.95%, 3/1/2035 |
|
25,000 |
24,675 |
|
Prologis LP
5.25%, 5/15/2035 |
|
45,000 |
45,602 |
|
Public Storage Operating Co.
5.00%, 12/15/2035 |
|
15,000 |
14,859 |
|
Regency Centers LP
5.10%, 1/15/2035 |
|
45,000 |
45,036 |
|
|
|
|
180,035 |
|
RETAIL — 2.0% | |||
|
AutoNation, Inc.
5.89%, 3/15/2035 |
|
70,000 |
71,483 |
|
O'Reilly Automotive, Inc.
5.00%, 8/19/2034 |
|
50,000 |
49,531 |
|
|
|
|
121,014 |
|
SEMICONDUCTORS — 4.2% | |||
|
Broadcom, Inc.
5.20%, 7/15/2035 |
|
105,000 |
105,526 |
|
Intel Corp.
5.30%, 5/15/2036 |
|
80,000 |
79,905 |
|
Marvell Technology, Inc.
5.45%, 7/15/2035 |
|
70,000 |
71,550 |
|
|
|
|
256,981 |
|
SHIPBUILDING — 1.8% | |||
|
Huntington Ingalls Industries, Inc.
5.75%, 1/15/2035 |
|
105,000 |
108,752 |
|
SOFTWARE — 4.4% | |||
|
MSCI, Inc.
5.25%, 9/1/2035 |
|
70,000 |
68,904 |
|
Oracle Corp.: |
|
|
|
|
5.50%, 8/3/2035 |
|
80,000 |
77,585 |
|
5.70%, 2/4/2036 |
|
55,000 |
54,041 |
|
Synopsys, Inc.
5.15%, 4/1/2035 |
|
70,000 |
69,866 |
|
|
|
|
270,396 |
|
TELECOMMUNICATIONS — 3.3% | |||
|
AT&T, Inc.
5.38%, 8/15/2035 |
|
126,000 |
127,559 |
|
T-Mobile USA, Inc.
5.30%, 5/15/2035 |
|
75,000 |
75,921 |
|
|
|
|
203,480 |
|
Security Description |
|
Principal
Amount |
Value |
|
TRANSPORTATION — 1.2% | |||
|
Canadian Pacific Railway Co.
4.80%, 9/15/2035 |
|
$25,000 |
$24,697 |
|
United Parcel Service, Inc.
5.25%, 5/14/2035 |
|
50,000 |
51,079 |
|
|
|
|
75,776 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $6,112,377) |
|
|
5,976,714 |
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENT — 1.3% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (c) (d)
(Cost $82,751) |
82,751 |
82,751 | |
|
TOTAL INVESTMENTS — 98.7%
(Cost $6,195,128) |
6,059,465 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES —
1.3% |
77,560 | ||
|
NET ASSETS — 100.0% |
$6,137,025 | ||
|
(a) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(b) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 2.5% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(c) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(d) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Abbreviations: |
|
|
MTN |
Medium Term Note |
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$5,976,714 |
$— |
$5,976,714 |
|
Short-Term Investment |
82,751 |
— |
— |
82,751 |
|
TOTAL INVESTMENTS |
$82,751 |
$5,976,714 |
$— |
$6,059,465 |
|
|
Number of
Shares Held
at
9/17/25* |
Value at
9/17/25* |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier Class |
— |
$— |
$452,800 |
$370,049 |
$— |
$— |
82,751 |
$82,751 |
$1,791 |
|
* |
Commencement of operations. |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 96.9% | |||
|
ADVERTISING — 1.2% | |||
|
Outfront Media Capital LLC/Outfront
Media Capital Corp.
5.00%, 8/15/2027 (a) |
|
$60,000 |
$59,961 |
|
AEROSPACE & DEFENSE — 0.8% | |||
|
ATI, Inc.
5.88%, 12/1/2027 |
|
40,000 |
40,050 |
|
AGRICULTURE — 1.0% | |||
|
Darling Ingredients, Inc.
5.25%, 4/15/2027 (a) |
|
50,000 |
50,004 |
|
AIRLINES — 0.9% | |||
|
Allegiant Travel Co.
7.25%, 8/15/2027 (a) |
|
45,000 |
45,091 |
|
APPAREL — 1.4% | |||
|
VF Corp.
2.80%, 4/23/2027 |
|
70,000 |
68,535 |
|
AUTO MANUFACTURERS — 6.7% | |||
|
Allison Transmission, Inc.
4.75%, 10/1/2027 (a) |
|
45,000 |
44,975 |
|
Ford Motor Credit Co. LLC
6.80%, 5/12/2028 |
|
30,000 |
30,927 |
|
Jaguar Land Rover Automotive PLC
4.50%, 10/1/2027 (a) |
|
50,000 |
49,367 |
|
Nissan Motor Acceptance Co. LLC
1.85%, 9/16/2026 (a) |
|
41,000 |
40,551 |
|
Nissan Motor Co. Ltd.
4.35%, 9/17/2027 (a) |
|
175,000 |
172,503 |
|
|
|
|
338,323 |
|
CHEMICALS — 3.0% | |||
|
Axalta Coating Systems LLC/Axalta
Coating Systems Dutch Holding B
BV
4.75%, 6/15/2027 (a) |
|
50,000 |
49,833 |
|
Celanese U.S. Holdings LLC
7.17%, 7/15/2027 |
|
35,000 |
35,854 |
|
Methanex Corp.
5.13%, 10/15/2027 |
|
65,000 |
65,040 |
|
|
|
|
150,727 |
|
COMMERCIAL SERVICES — 5.0% | |||
|
Brink's Co.
4.63%, 10/15/2027 (a) |
|
60,000 |
59,710 |
|
Korn Ferry
4.63%, 12/15/2027 (a) |
|
45,000 |
44,688 |
|
Prime Security Services
Borrower LLC/Prime Finance, Inc.
3.38%, 8/31/2027 (a) |
|
100,000 |
98,046 |
|
Service Corp. International
4.63%, 12/15/2027 |
|
20,000 |
19,930 |
|
United Rentals North America, Inc.
3.88%, 11/15/2027 |
|
30,000 |
29,694 |
|
|
|
|
252,068 |
|
Security Description |
|
Principal
Amount |
Value |
|
COMPUTERS — 0.4% | |||
|
Ahead DB Holdings LLC
6.63%, 5/1/2028 (a) |
|
$20,000 |
$20,023 |
|
CONSTRUCTION MATERIALS — 0.6% | |||
|
Griffon Corp.
5.75%, 3/1/2028 |
|
25,000 |
24,999 |
|
James Hardie International Finance
DAC
5.00%, 1/15/2028 (a) |
|
5,000 |
4,972 |
|
|
|
|
29,971 |
|
DISTRIBUTION & WHOLESALE — 0.4% | |||
|
RB Global Holdings, Inc.
6.75%, 3/15/2028 (a) |
|
20,000 |
20,300 |
|
DIVERSIFIED FINANCIAL SERVICES — 5.2% | |||
|
GGAM Finance Ltd.
8.00%, 2/15/2027 (a) |
|
38,000 |
38,281 |
|
Global Aircraft Leasing Co. Ltd.
8.75%, 9/1/2027 (a) |
|
90,000 |
92,060 |
|
LD Holdings Group LLC: |
|
|
|
|
6.13%, 4/1/2028 (a) |
|
35,000 |
30,433 |
|
8.75%, 11/1/2027 (a) |
|
20,000 |
18,954 |
|
Navient Corp.
5.00%, 3/15/2027 |
|
80,000 |
79,632 |
|
|
|
|
259,360 |
|
ELECTRIC — 2.1% | |||
|
NRG Energy, Inc.
4.96%, 4/30/2031 (a) |
|
25,000 |
24,744 |
|
Pattern Energy
Operations LP/Pattern Energy
Operations, Inc.
4.50%, 8/15/2028 (a) |
|
27,000 |
26,595 |
|
XPLR Infrastructure Operating
Partners LP
4.50%, 9/15/2027 (a) |
|
55,000 |
54,636 |
|
|
|
|
105,975 |
|
ELECTRICAL COMPONENTS & EQUIPMENT — 1.0% | |||
|
EnerSys
4.38%, 12/15/2027 (a) |
|
50,000 |
49,648 |
|
ENTERTAINMENT — 5.0% | |||
|
Churchill Downs, Inc.
5.50%, 4/1/2027 (a) |
|
40,000 |
40,025 |
|
Live Nation Entertainment, Inc.
4.75%, 10/15/2027 (a) |
|
170,000 |
169,431 |
|
Motion Bondco DAC
6.63%, 11/15/2027 (a) |
|
45,000 |
43,161 |
|
|
|
|
252,617 |
|
ENVIRONMENTAL CONTROL — 1.0% | |||
|
Enviri Corp.
5.75%, 7/31/2027 (a) |
|
50,000 |
50,000 |
|
FOOD — 1.1% | |||
|
B&G Foods, Inc.
5.25%, 9/15/2027 |
|
55,000 |
53,556 |
|
Security Description |
|
Principal
Amount |
Value |
|
GAS — 0.1% | |||
|
AmeriGas Partners LP/AmeriGas
Finance Corp.
9.38%, 6/1/2028 (a) |
|
$7,000 |
$7,175 |
|
HEALTH CARE PRODUCTS — 1.0% | |||
|
Teleflex, Inc.
4.63%, 11/15/2027 |
|
50,000 |
49,729 |
|
HEALTH CARE SERVICES — 4.3% | |||
|
Centene Corp.
2.45%, 7/15/2028 |
|
125,000 |
118,590 |
|
IQVIA, Inc.
5.00%, 5/15/2027 (a) |
|
60,000 |
59,980 |
|
Tenet Healthcare Corp.
5.13%, 11/1/2027 |
|
40,000 |
40,036 |
|
|
|
|
218,606 |
|
HOME BUILDERS — 3.4% | |||
|
Beazer Homes USA, Inc.
5.88%, 10/15/2027 |
|
45,000 |
45,009 |
|
Brookfield Residential Properties,
Inc./Brookfield Residential U.S.
LLC
6.25%, 9/15/2027 (a) |
|
40,000 |
40,031 |
|
Shea Homes LP/Shea Homes
Funding Corp.
4.75%, 2/15/2028 |
|
30,000 |
29,753 |
|
Tri Pointe Homes, Inc.: |
|
|
|
|
5.25%, 6/1/2027 |
|
25,000 |
24,984 |
|
5.70%, 6/15/2028 |
|
30,000 |
30,213 |
|
|
|
|
169,990 |
|
HOUSEHOLD PRODUCTS — 0.4% | |||
|
Edgewell Personal Care Co.
5.50%, 6/1/2028 (a) |
|
20,000 |
19,925 |
|
HOUSEWARES — 0.4% | |||
|
Central Garden & Pet Co.
5.13%, 2/1/2028 |
|
20,000 |
19,961 |
|
INTERNET — 8.6% | |||
|
Cogent Communications
Group LLC/Cogent Finance, Inc.
7.00%, 6/15/2027 (a) |
|
50,000 |
49,896 |
|
Gen Digital, Inc.
6.75%, 9/30/2027 (a) |
|
95,000 |
95,511 |
|
Go Daddy Operating Co. LLC/GD
Finance Co., Inc.
5.25%, 12/1/2027 (a) |
|
60,000 |
59,985 |
|
ION Platform Finance U.S., Inc./ION
Platform Finance SARL
5.75%, 5/15/2028 (a) |
|
20,000 |
18,973 |
|
Match Group Holdings II LLC
5.00%, 12/15/2027 (a) |
|
50,000 |
49,867 |
|
Rakuten Group, Inc.
11.25%, 2/15/2027 (a) |
|
150,000 |
155,893 |
|
|
|
|
430,125 |
|
Security Description |
|
Principal
Amount |
Value |
|
INVESTMENT COMPANY SECURITIES — 2.2% | |||
|
Icahn Enterprises LP/Icahn
Enterprises Finance Corp.
5.25%, 5/15/2027 |
|
$110,000 |
$108,869 |
|
IT SERVICES — 0.5% | |||
|
Everforth, Inc.
4.63%, 5/15/2028 (a) |
|
20,000 |
18,506 |
|
Pitney Bowes, Inc.
6.88%, 3/15/2027 (a) |
|
5,000 |
4,999 |
|
|
|
|
23,505 |
|
LEISURE TIME — 0.9% | |||
|
Carnival Corp. Ltd.
4.00%, 8/1/2028 (a) |
|
25,000 |
24,525 |
|
VOC Escrow Ltd.
5.00%, 2/15/2028 (a) |
|
20,000 |
19,976 |
|
|
|
|
44,501 |
|
LODGING — 6.6% | |||
|
Boyd Gaming Corp.
4.75%, 12/1/2027 |
|
25,000 |
24,936 |
|
Hilton Worldwide
Finance LLC/Hilton Worldwide
Finance Corp.
4.88%, 4/1/2027 |
|
60,000 |
59,990 |
|
Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028 |
|
25,000 |
24,920 |
|
MGM Resorts International
5.50%, 4/15/2027 |
|
75,000 |
75,175 |
|
Travel & Leisure Co.
6.00%, 4/1/2027 |
|
45,000 |
45,120 |
|
Wynn Las Vegas LLC/Wynn Las
Vegas Capital Corp.
5.25%, 5/15/2027 (a) |
|
100,000 |
100,138 |
|
|
|
|
330,279 |
|
MACHINERY-DIVERSIFIED — 1.0% | |||
|
TK Elevator U.S. Newco, Inc.
5.25%, 7/15/2027 (a) |
|
50,000 |
50,025 |
|
MEDIA — 7.0% | |||
|
Directv Financing LLC/Directv
Financing Co-Obligor, Inc.
5.88%, 8/15/2027 (a) |
|
8,000 |
8,015 |
|
DISH Network Corp.
11.75%, 11/15/2027 (a) |
|
200,000 |
206,216 |
|
LCPR Senior Secured Financing
DAC
6.75%, 10/15/2027 (a) |
|
75,000 |
48,577 |
|
Sirius XM Radio LLC
5.00%, 8/1/2027 (a) |
|
88,000 |
87,883 |
|
|
|
|
350,691 |
|
MINING — 1.2% | |||
|
Fortescue Treasury Pty. Ltd.
4.50%, 9/15/2027 (a) |
|
60,000 |
59,708 |
|
OIL & GAS — 2.8% | |||
|
SM Energy Co.
6.63%, 1/15/2027 |
|
50,000 |
50,058 |
|
Security Description |
|
Principal
Amount |
Value |
|
Sunoco LP
5.88%, 7/15/2027 (a) |
|
$90,000 |
$90,049 |
|
|
|
|
140,107 |
|
OIL & GAS SERVICES — 0.4% | |||
|
Oceaneering International, Inc.
6.00%, 2/1/2028 |
|
20,000 |
20,170 |
|
PACKAGING & CONTAINERS — 0.5% | |||
|
Cascades, Inc./Cascades USA, Inc.
5.38%, 1/15/2028 (a) |
|
25,000 |
24,909 |
|
PHARMACEUTICALS — 0.5% | |||
|
Grifols SA
4.75%, 10/15/2028 (a) |
|
25,000 |
24,615 |
|
PIPELINES — 2.4% | |||
|
Antero Midstream
Partners LP/Antero Midstream
Finance Corp.
5.75%, 1/15/2028 (a) |
|
20,000 |
19,996 |
|
Buckeye Partners LP
4.13%, 12/1/2027 |
|
45,000 |
44,374 |
|
NuStar Logistics LP
5.63%, 4/28/2027 |
|
55,000 |
55,186 |
|
|
|
|
119,556 |
|
REAL ESTATE INVESTMENT TRUSTS — 8.2% | |||
|
Brandywine Operating
Partnership LP
3.95%, 11/15/2027 |
|
50,000 |
48,807 |
|
Brookfield Property REIT, Inc./BPR
Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LLC
4.50%, 4/1/2027 (a) |
|
50,000 |
49,350 |
|
Global Net Lease, Inc./Global Net
Lease Operating Partnership LP
3.75%, 12/15/2027 (a) |
|
30,000 |
29,350 |
|
Hudson Pacific Properties LP
3.95%, 11/1/2027 |
|
45,000 |
43,735 |
|
Iron Mountain, Inc.
4.88%, 9/15/2027 (a) |
|
85,000 |
84,838 |
|
MPT Operating Partnership LP/MPT
Finance Corp.
5.00%, 10/15/2027 |
|
90,000 |
87,880 |
|
SBA Communications Corp.
3.88%, 2/15/2027 |
|
17,000 |
16,870 |
|
Starwood Property Trust, Inc.
4.38%, 1/15/2027 (a) |
|
50,000 |
49,839 |
|
|
|
|
410,669 |
|
RETAIL — 4.2% | |||
|
Bath & Body Works, Inc.
5.25%, 2/1/2028 |
|
20,000 |
20,060 |
|
EG Global Finance PLC
12.00%, 11/30/2028 (a) |
|
20,000 |
21,329 |
|
Security Description |
|
Principal
Amount |
Value |
|
KFC Holding Co./Pizza Hut
Holdings LLC/Taco Bell of
America LLC
4.75%, 6/1/2027 (a) |
|
$85,000 |
$84,832 |
|
Nordstrom, Inc.
4.00%, 3/15/2027 |
|
40,000 |
39,484 |
|
Vivo Energy Investments BV
5.13%, 9/24/2027 (a) |
|
45,000 |
44,472 |
|
|
|
|
210,177 |
|
SOFTWARE — 1.5% | |||
|
SS&C Technologies, Inc.
5.50%, 9/30/2027 (a) |
|
75,000 |
75,004 |
|
TELECOMMUNICATIONS — 2.0% | |||
|
Altice Financing SA
9.63%, 7/15/2027 (a) |
|
45,000 |
34,779 |
|
GoTo Group, Inc.
5.50%, 5/1/2028 (a) |
|
5,000 |
3,931 |
|
Viasat, Inc.
5.63%, 4/15/2027 (a) |
|
60,000 |
59,963 |
|
|
|
|
98,673 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $4,867,053) |
|
|
4,853,178 |
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENT — 1.9% |
| ||
|
State Street Institutional
U.S. Government Money Market
Fund, Class G Shares 3.60% (b)
(c)
(Cost $93,334) |
93,334 |
93,334 | |
|
TOTAL INVESTMENTS — 98.8%
(Cost $4,960,387) |
4,946,512 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES —
1.2% |
62,609 | ||
|
NET ASSETS — 100.0% |
$5,009,121 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 65.5% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(c) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Abbreviations: |
|
|
REIT |
Real Estate Investment Trust |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$4,853,178 |
$— |
$4,853,178 |
|
Short-Term Investment |
93,334 |
— |
— |
93,334 |
|
TOTAL INVESTMENTS |
$93,334 |
$4,853,178 |
$— |
$4,946,512 |
|
|
Number of
Shares Held
at
2/26/26* |
Value at
2/26/26* |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional U.S. Government Money Market Fund, Class G
Shares |
— |
$— |
$729,816 |
$636,482 |
$— |
$— |
93,334 |
$93,334 |
$366 |
|
State Street Institutional U.S. Government Money Market Fund, Premier
Class |
— |
— |
80,631 |
80,631 |
— |
— |
— |
— |
12 |
|
Total |
|
$— |
$810,447 |
$717,113 |
$— |
$— |
|
$93,334 |
$378 |
|
* |
Commencement of operations. |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 97.7% | |||
|
ADVERTISING — 0.8% | |||
|
Lamar Media Corp.
3.75%, 2/15/2028 |
|
$40,000 |
$39,209 |
|
AEROSPACE & DEFENSE — 2.3% | |||
|
AAR Escrow Issuer LLC
6.75%, 3/15/2029 (a) |
|
20,000 |
20,535 |
|
ATI, Inc.
5.88%, 12/1/2027 |
|
20,000 |
20,025 |
|
TransDigm, Inc.
6.38%, 3/1/2029 (a) |
|
75,000 |
76,490 |
|
|
|
|
117,050 |
|
AIRLINES — 1.7% | |||
|
American Airlines, Inc.
7.25%, 2/15/2028 (a) |
|
50,000 |
50,717 |
|
VistaJet Malta Finance PLC/Vista
Management Holding, Inc.
9.50%, 6/1/2028 (a) |
|
35,000 |
34,975 |
|
|
|
|
85,692 |
|
APPAREL — 0.4% | |||
|
Crocs, Inc.
4.25%, 3/15/2029 (a) |
|
20,000 |
19,374 |
|
AUTO MANUFACTURERS — 2.3% | |||
|
Jaguar Land Rover Automotive PLC
5.88%, 1/15/2028 (a) |
|
35,000 |
34,969 |
|
Nissan Motor Acceptance Co. LLC
7.05%, 9/15/2028 (a) |
|
50,000 |
51,323 |
|
PM General Purchaser LLC
9.50%, 10/1/2028 (a) |
|
35,000 |
31,201 |
|
|
|
|
117,493 |
|
AUTO PARTS & EQUIPMENT — 1.6% | |||
|
Tenneco, Inc.
8.00%, 11/17/2028 (a) |
|
40,000 |
40,223 |
|
ZF North America Capital, Inc.
6.88%, 4/14/2028 (a) |
|
40,000 |
40,956 |
|
|
|
|
81,179 |
|
CHEMICALS — 5.5% | |||
|
Consolidated Energy Finance SA
5.63%, 10/15/2028 (a) |
|
15,000 |
14,583 |
|
CVR Partners LP/CVR Nitrogen
Finance Corp.
6.13%, 6/15/2028 (a) |
|
35,000 |
35,008 |
|
Element Solutions, Inc.
3.88%, 9/1/2028 (a) |
|
45,000 |
43,870 |
|
HB Fuller Co.
4.25%, 10/15/2028 |
|
30,000 |
29,599 |
|
INEOS Quattro Finance 2 PLC
9.63%, 3/15/2029 (a) |
|
10,000 |
9,643 |
|
Ingevity Corp.
3.88%, 11/1/2028 (a) |
|
40,000 |
38,616 |
|
Minerals Technologies, Inc.
5.00%, 7/1/2028 (a) |
|
35,000 |
34,840 |
|
Security Description |
|
Principal
Amount |
Value |
|
Olympus Water U.S. Holding Corp.
4.25%, 10/1/2028 (a) |
|
$73,000 |
$71,088 |
|
|
|
|
277,247 |
|
COMMERCIAL SERVICES — 2.8% | |||
|
Alta Equipment Group, Inc.
9.00%, 6/1/2029 (a) |
|
15,000 |
14,410 |
|
CoreCivic, Inc.
8.25%, 4/15/2029 |
|
20,000 |
20,826 |
|
Deluxe Corp.
8.00%, 6/1/2029 (a) |
|
20,000 |
20,266 |
|
GEO Group, Inc.
8.63%, 4/15/2029 |
|
20,000 |
20,856 |
|
Korn Ferry
4.63%, 12/15/2027 (a) |
|
25,000 |
24,827 |
|
United Rentals North America, Inc.
4.88%, 1/15/2028 |
|
40,000 |
40,033 |
|
|
|
|
141,218 |
|
COMPUTERS — 1.0% | |||
|
Ahead DB Holdings LLC
6.63%, 5/1/2028 (a) |
|
35,000 |
35,041 |
|
Virtusa Corp.
7.13%, 12/15/2028 (a) |
|
15,000 |
12,624 |
|
|
|
|
47,665 |
|
CONSTRUCTION MATERIALS — 2.6% | |||
|
Griffon Corp.
5.75%, 3/1/2028 |
|
65,000 |
64,996 |
|
James Hardie International Finance
DAC
5.00%, 1/15/2028 (a) |
|
30,000 |
29,833 |
|
Smyrna Ready Mix Concrete LLC
6.00%, 11/1/2028 (a) |
|
35,000 |
35,099 |
|
|
|
|
129,928 |
|
DISTRIBUTION & WHOLESALE — 0.3% | |||
|
Dealer Tire LLC/DT Issuer LLC
8.00%, 2/1/2028 (a) |
|
15,000 |
14,833 |
|
DIVERSIFIED FINANCIAL SERVICES — 4.6% | |||
|
Burford Capital Global Finance LLC
6.25%, 4/15/2028 (a) |
|
15,000 |
14,713 |
|
Coinbase Global, Inc.
3.38%, 10/1/2028 (a) |
|
25,000 |
23,988 |
|
Credit Acceptance Corp.
9.25%, 12/15/2028 (a) |
|
50,000 |
52,248 |
|
Enova International, Inc.
11.25%, 12/15/2028 (a) |
|
30,000 |
31,680 |
|
Jefferies Finance LLC/JFIN
Co-Issuer Corp.
5.00%, 8/15/2028 (a) |
|
50,000 |
48,355 |
|
LD Holdings Group LLC
6.13%, 4/1/2028 (a) |
|
35,000 |
30,433 |
|
Navient Corp.
4.88%, 3/15/2028 |
|
30,000 |
29,385 |
|
|
|
|
230,802 |
|
Security Description |
|
Principal
Amount |
Value |
|
ELECTRIC — 2.1% | |||
|
Atlantica Sustainable Infrastructure
Ltd.
4.13%, 6/15/2028 (a) |
|
$25,000 |
$24,480 |
|
NRG Energy, Inc.
4.96%, 4/30/2031 (a) |
|
20,000 |
19,795 |
|
Pattern Energy
Operations LP/Pattern Energy
Operations, Inc.
4.50%, 8/15/2028 (a) |
|
40,000 |
39,400 |
|
XPLR Infrastructure Operating
Partners LP
7.25%, 1/15/2029 (a) |
|
20,000 |
20,834 |
|
|
|
|
104,509 |
|
ELECTRICAL COMPONENTS & EQUIPMENT — 1.2% | |||
|
WESCO Distribution, Inc.
7.25%, 6/15/2028 (a) |
|
60,000 |
60,100 |
|
ENERGY-ALTERNATE SOURCES — 0.7% | |||
|
TerraForm Power Operating LLC
5.00%, 1/31/2028 (a) |
|
35,000 |
34,799 |
|
ENGINEERING & CONSTRUCTION — 2.7% | |||
|
Dycom Industries, Inc.
4.50%, 4/15/2029 (a) |
|
20,000 |
19,643 |
|
Fluor Corp.
4.25%, 9/15/2028 |
|
35,000 |
34,363 |
|
Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029 (a) |
|
20,000 |
19,966 |
|
Railworks Holdings LP/Railworks
Rally, Inc.
8.25%, 11/15/2028 (a) |
|
25,000 |
25,085 |
|
Weekley Homes LLC/Weekley
Finance Corp.
4.88%, 9/15/2028 (a) |
|
35,000 |
34,137 |
|
|
|
|
133,194 |
|
ENTERTAINMENT — 1.8% | |||
|
Cinemark USA, Inc.
5.25%, 7/15/2028 (a) |
|
55,000 |
54,760 |
|
Live Nation Entertainment, Inc.
3.75%, 1/15/2028 (a) |
|
35,000 |
34,310 |
|
|
|
|
89,070 |
|
ENVIRONMENTAL CONTROL — 0.3% | |||
|
Luna 1.5 SARL
12.00%, 7/1/2032 (a) |
|
15,000 |
16,030 |
|
FOOD — 3.4% | |||
|
B&G Foods, Inc.
8.00%, 9/15/2028 (a) |
|
45,000 |
44,549 |
|
C&S Group Enterprises LLC
5.00%, 12/15/2028 (a) |
|
35,000 |
32,970 |
|
Chobani LLC/Chobani Finance
Corp., Inc.
4.63%, 11/15/2028 (a) |
|
35,000 |
34,666 |
|
U.S. Foods, Inc.
6.88%, 9/15/2028 (a) |
|
25,000 |
25,624 |
|
Security Description |
|
Principal
Amount |
Value |
|
United Natural Foods, Inc.
6.75%, 10/15/2028 (a) |
|
$30,000 |
$30,091 |
|
|
|
|
167,900 |
|
FOREST PRODUCTS & PAPER — 0.4% | |||
|
Domtar Corp.
6.75%, 10/1/2028 (a) |
|
30,000 |
22,373 |
|
GAS — 0.2% | |||
|
AmeriGas Partners LP/AmeriGas
Finance Corp.
9.38%, 6/1/2028 (a) |
|
8,000 |
8,200 |
|
HEALTH CARE PRODUCTS — 2.0% | |||
|
Bausch & Lomb Corp.
8.38%, 10/1/2028 (a) |
|
65,000 |
67,279 |
|
Teleflex, Inc.
4.25%, 6/1/2028 (a) |
|
35,000 |
34,534 |
|
|
|
|
101,813 |
|
HEALTH CARE SERVICES — 4.7% | |||
|
Centene Corp.
2.45%, 7/15/2028 |
|
105,000 |
99,615 |
|
Charles River Laboratories
International, Inc.
4.25%, 5/1/2028 (a) |
|
35,000 |
34,337 |
|
Team Health Holdings, Inc.
13.50%, 6/30/2028 (a) |
|
61,350 |
62,851 |
|
Tenet Healthcare Corp.
6.13%, 10/1/2028 |
|
40,000 |
40,053 |
|
|
|
|
236,856 |
|
HOME BUILDERS — 1.2% | |||
|
M/I Homes, Inc.
4.95%, 2/1/2028 |
|
30,000 |
29,983 |
|
Shea Homes LP/Shea Homes
Funding Corp.
4.75%, 2/15/2028 |
|
30,000 |
29,752 |
|
|
|
|
59,735 |
|
HOUSEHOLD PRODUCTS — 0.9% | |||
|
Edgewell Personal Care Co.
5.50%, 6/1/2028 (a) |
|
45,000 |
44,832 |
|
HOUSEHOLD PRODUCTS & WARES — 0.3% | |||
|
ACCO Brands Corp.
4.25%, 3/15/2029 (a) |
|
15,000 |
13,800 |
|
HOUSEWARES — 0.5% | |||
|
Central Garden & Pet Co.
5.13%, 2/1/2028 |
|
25,000 |
24,952 |
|
INSURANCE — 1.2% | |||
|
Alliant Holdings
Intermediate LLC/Alliant Holdings
Co-Issuer
6.75%, 4/15/2028 (a) |
|
60,000 |
60,537 |
|
INTERNET — 3.5% | |||
|
Angi Group LLC
3.88%, 8/15/2028 (a) |
|
25,000 |
22,126 |
|
Security Description |
|
Principal
Amount |
Value |
|
Arches Buyer, Inc.
6.13%, 12/1/2028 (a) |
|
$55,000 |
$53,285 |
|
Cars.com, Inc.
6.38%, 11/1/2028 (a) |
|
15,000 |
14,708 |
|
ION Platform Finance U.S., Inc./ION
Platform Finance SARL
5.75%, 5/15/2028 (a) |
|
55,000 |
52,175 |
|
Match Group Holdings II LLC
4.63%, 6/1/2028 (a) |
|
35,000 |
34,515 |
|
|
|
|
176,809 |
|
INVESTMENT COMPANY SECURITIES — 0.4% | |||
|
FS KKR Capital Corp.
3.13%, 10/12/2028 |
|
20,000 |
18,851 |
|
IRON/STEEL — 1.4% | |||
|
Infrabuild Australia Pty. Ltd.
14.50%, 11/15/2028 (a) |
|
40,000 |
42,789 |
|
Mineral Resources Ltd.
9.25%, 10/1/2028 (a) |
|
24,000 |
24,928 |
|
|
|
|
67,717 |
|
IT SERVICES — 0.7% | |||
|
Everforth, Inc.
4.63%, 5/15/2028 (a) |
|
40,000 |
37,013 |
|
LEISURE TIME — 0.5% | |||
|
Carnival Corp. Ltd.
4.00%, 8/1/2028 (a) |
|
25,000 |
24,525 |
|
LODGING — 2.2% | |||
|
Full House Resorts, Inc.
8.25%, 2/15/2028 (a) |
|
20,000 |
19,566 |
|
Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028 |
|
25,000 |
24,920 |
|
MGM Resorts International
4.75%, 10/15/2028 |
|
25,000 |
24,785 |
|
Wyndham Hotels & Resorts, Inc.
4.38%, 8/15/2028 (a) |
|
40,000 |
39,440 |
|
|
|
|
108,711 |
|
MACHINERY, CONSTRUCTION & MINING — 0.7% | |||
|
BWX Technologies, Inc.
4.13%, 6/30/2028 (a) |
|
36,000 |
35,351 |
|
MEDIA — 5.9% | |||
|
Discovery Communications LLC
3.95%, 3/20/2028 |
|
60,000 |
60,052 |
|
DISH DBS Corp.
5.75%, 12/1/2028 (a) |
|
130,000 |
127,419 |
|
Paramount Global
4.95%, 1/15/2031 |
|
15,000 |
13,984 |
|
Sirius XM Radio LLC
4.00%, 7/15/2028 (a) |
|
75,000 |
73,046 |
|
Virgin Media Secured Finance PLC
5.50%, 5/15/2029 (a) |
|
20,000 |
19,241 |
|
|
|
|
293,742 |
|
MISCELLANEOUS MANUFACTURER — 2.5% | |||
|
Calderys Financing LLC
11.25%, 6/1/2028 (a) |
|
45,000 |
46,604 |
|
Security Description |
|
Principal
Amount |
Value |
|
LSB Industries, Inc.
6.25%, 10/15/2028 (a) |
|
$40,000 |
$40,032 |
|
Trinity Industries, Inc.
7.75%, 7/15/2028 (a) |
|
40,000 |
40,968 |
|
|
|
|
127,604 |
|
OIL & GAS — 1.4% | |||
|
PBF Holding Co. LLC/PBF Finance
Corp.
6.00%, 2/15/2028 |
|
20,000 |
20,023 |
|
Sunoco LP/Sunoco Finance Corp.
5.88%, 3/15/2028 |
|
50,000 |
50,081 |
|
|
|
|
70,104 |
|
OIL & GAS SERVICES — 0.6% | |||
|
Oceaneering International, Inc.
6.00%, 2/1/2028 |
|
30,000 |
30,255 |
|
PACKAGING & CONTAINERS — 2.1% | |||
|
Cascades, Inc./Cascades USA, Inc.
5.38%, 1/15/2028 (a) |
|
35,000 |
34,872 |
|
Clearwater Paper Corp.
4.75%, 8/15/2028 (a) |
|
20,000 |
16,210 |
|
Iris Holding, Inc.
10.00%, 12/15/2028 (a) |
|
25,000 |
20,696 |
|
Trident TPI Holdings, Inc.
12.75%, 12/31/2028 (a) |
|
35,000 |
35,273 |
|
|
|
|
107,051 |
|
PHARMACEUTICALS — 3.7% | |||
|
Bausch Health Cos., Inc.
5.00%, 1/30/2028 (a) |
|
75,000 |
63,206 |
|
Grifols SA
4.75%, 10/15/2028 (a) |
|
50,000 |
49,230 |
|
Organon & Co./Organon Foreign
Debt Co-Issuer BV
4.13%, 4/30/2028 (a) |
|
75,000 |
74,092 |
|
|
|
|
186,528 |
|
PIPELINES — 4.2% | |||
|
Antero Midstream
Partners LP/Antero Midstream
Finance Corp.
5.75%, 1/15/2028 (a) |
|
40,000 |
39,991 |
|
Buckeye Partners LP
4.13%, 12/1/2027 |
|
30,000 |
29,583 |
|
Hess Midstream Operations LP
5.13%, 6/15/2028 (a) |
|
60,000 |
59,845 |
|
Kinetik Holdings LP
6.63%, 12/15/2028 (a) |
|
50,000 |
51,068 |
|
Martin Midstream
Partners LP/Martin Midstream
Finance Corp.
11.50%, 2/15/2028 (a) |
|
30,000 |
30,750 |
|
|
|
|
211,237 |
|
REAL ESTATE INVESTMENT TRUSTS — 4.8% | |||
|
Brandywine Operating
Partnership LP
8.30%, 3/15/2028 |
|
48,000 |
49,828 |
|
Security Description |
|
Principal
Amount |
Value |
|
Diversified Healthcare Trust
4.75%, 2/15/2028 |
|
$30,000 |
$29,318 |
|
Global Net Lease, Inc.
4.50%, 9/30/2028 (a) |
|
40,000 |
39,115 |
|
Hudson Pacific Properties LP
5.95%, 2/15/2028 |
|
30,000 |
29,708 |
|
Iron Mountain, Inc.
5.25%, 3/15/2028 (a) |
|
60,000 |
59,894 |
|
RHP Hotel Properties LP/RHP
Finance Corp.
7.25%, 7/15/2028 (a) |
|
30,000 |
30,646 |
|
|
|
|
238,509 |
|
RETAIL — 4.1% | |||
|
1011778 BC ULC/New Red
Finance, Inc.
3.88%, 1/15/2028 (a) |
|
75,000 |
73,695 |
|
Bath & Body Works, Inc.
5.25%, 2/1/2028 |
|
40,000 |
40,120 |
|
Bloomin' Brands, Inc./OSI
Restaurant Partners LLC
5.13%, 4/15/2029 (a) |
|
10,000 |
9,569 |
|
FirstCash, Inc.
4.63%, 9/1/2028 (a) |
|
35,000 |
34,521 |
|
Group 1 Automotive, Inc.
4.00%, 8/15/2028 (a) |
|
50,000 |
48,633 |
|
|
|
|
206,538 |
|
SEMICONDUCTORS — 1.0% | |||
|
Entegris, Inc.
4.38%, 4/15/2028 (a) |
|
10,000 |
9,853 |
|
ON Semiconductor Corp.
3.88%, 9/1/2028 (a) |
|
40,000 |
39,019 |
|
|
|
|
48,872 |
|
SOFTWARE — 2.9% | |||
|
Fair Isaac Corp.
4.00%, 6/15/2028 (a) |
|
30,000 |
29,352 |
|
Open Text Corp.
3.88%, 2/15/2028 (a) |
|
50,000 |
48,553 |
|
PTC, Inc.
4.00%, 2/15/2028 (a) |
|
35,000 |
34,355 |
|
Rocket Software, Inc.
9.00%, 11/28/2028 (a) |
|
35,000 |
35,292 |
|
|
|
|
147,552 |
|
TELECOMMUNICATIONS — 4.6% | |||
|
Altice Financing SA
5.00%, 1/15/2028 (a) |
|
50,000 |
36,653 |
|
Security Description |
|
Principal
Amount |
Value |
|
GCI LLC
4.75%, 10/15/2028 (a) |
|
$40,000 |
$38,609 |
|
GoTo Group, Inc.
5.50%, 5/1/2028 (a) |
|
40,000 |
31,446 |
|
Iliad Holding SAS
7.00%, 10/15/2028 (a) |
|
70,000 |
70,534 |
|
Meridian Arc Holdco LLC
6.25%, 4/30/2031 (a) |
|
20,000 |
20,105 |
|
Viasat, Inc.
6.50%, 7/15/2028 (a) |
|
35,000 |
34,993 |
|
|
|
|
232,340 |
|
TRUCKING & LEASING — 1.0% | |||
|
FTAI Aviation Investors LLC
5.50%, 5/1/2028 (a) |
|
50,000 |
49,966 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $4,905,758) |
|
|
4,899,665 |
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENT — 1.7% |
| ||
|
State Street Institutional
U.S. Government Money Market
Fund, Class G Shares 3.60% (b)
(c)
(Cost $83,569) |
83,569 |
83,569 | |
|
TOTAL INVESTMENTS — 99.4%
(Cost $4,989,327) |
4,983,234 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES —
0.6% |
31,249 | ||
|
NET ASSETS — 100.0% |
$5,014,483 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 78.9% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(c) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$4,899,665 |
$— |
$4,899,665 |
|
Short-Term Investment |
83,569 |
— |
— |
83,569 |
|
TOTAL INVESTMENTS |
$83,569 |
$4,899,665 |
$— |
$4,983,234 |
|
|
Number of
Shares Held
at
2/26/26* |
Value at
2/26/26* |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional U.S. Government Money Market Fund, Class G
Shares |
— |
$— |
$674,650 |
$591,081 |
$— |
$— |
83,569 |
$83,569 |
$354 |
|
State Street Institutional U.S. Government Money Market Fund, Premier
Class |
— |
— |
104,200 |
104,200 |
— |
— |
— |
— |
49 |
|
Total |
|
$— |
$778,850 |
$695,281 |
$— |
$— |
|
$83,569 |
$403 |
|
* |
Commencement of operations. |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 96.8% | |||
|
ADVERTISING — 3.0% | |||
|
Clear Channel Outdoor Holdings,
Inc.
7.50%, 6/1/2029 (a) |
|
$40,000 |
$40,162 |
|
CMG Media Corp.
8.88%, 6/18/2029 (a) |
|
20,000 |
16,119 |
|
Neptune Bidco U.S., Inc.
9.29%, 4/15/2029 (a) |
|
65,000 |
66,475 |
|
Stagwell Global LLC
5.63%, 8/15/2029 (a) |
|
30,000 |
29,134 |
|
|
|
|
151,890 |
|
AEROSPACE & DEFENSE — 2.6% | |||
|
AAR Escrow Issuer LLC
6.75%, 3/15/2029 (a) |
|
30,000 |
30,803 |
|
TransDigm, Inc.
6.38%, 3/1/2029 (a) |
|
100,000 |
101,987 |
|
|
|
|
132,790 |
|
APPAREL — 1.2% | |||
|
Crocs, Inc.
4.25%, 3/15/2029 (a) |
|
40,000 |
38,748 |
|
Wolverine World Wide, Inc.
4.00%, 8/15/2029 (a) |
|
25,000 |
23,603 |
|
|
|
|
62,351 |
|
AUTO MANUFACTURERS — 0.7% | |||
|
Nissan Motor Acceptance Co. LLC
5.55%, 9/13/2029 (a) |
|
25,000 |
24,491 |
|
PM General Purchaser LLC
9.50%, 10/1/2028 (a) |
|
15,000 |
13,372 |
|
|
|
|
37,863 |
|
AUTO PARTS & EQUIPMENT — 1.5% | |||
|
IHO Verwaltungs GmbH
6.38%, 5/15/2029 (a) |
|
25,000 |
25,082 |
|
Phinia, Inc.
6.75%, 4/15/2029 (a) |
|
30,000 |
30,858 |
|
Tenneco, Inc.
8.00%, 11/17/2028 (a) |
|
20,000 |
20,111 |
|
|
|
|
76,051 |
|
BANKS — 0.3% | |||
|
Armor Holdco, Inc.
8.50%, 11/15/2029 (a) |
|
15,000 |
15,085 |
|
CHEMICALS — 5.4% | |||
|
FMC Corp.
8.00%, 6/1/2031 (a) (b) |
|
50,000 |
52,261 |
|
Huntsman International LLC
4.50%, 5/1/2029 |
|
30,000 |
29,045 |
|
INEOS Quattro Finance 2 PLC
9.63%, 3/15/2029 (a) |
|
15,000 |
14,465 |
|
Mativ Holdings, Inc.
8.00%, 10/1/2029 (a) |
|
20,000 |
19,945 |
|
Methanex Corp.
5.25%, 12/15/2029 |
|
30,000 |
29,949 |
|
Security Description |
|
Principal
Amount |
Value |
|
Olin Corp.
5.00%, 2/1/2030 |
|
$35,000 |
$33,988 |
|
Olympus Water U.S. Holding Corp.: |
|
|
|
|
4.25%, 10/1/2028 (a) |
|
40,000 |
38,952 |
|
6.25%, 10/1/2029 (a) |
|
25,000 |
24,506 |
|
Rain Carbon, Inc.
12.25%, 9/1/2029 (a) |
|
25,000 |
26,542 |
|
|
|
|
269,653 |
|
COAL — 1.0% | |||
|
Alliance Resource Operating
Partners LP/Alliance Resource
Finance Corp.
8.63%, 6/15/2029 (a) |
|
25,000 |
26,136 |
|
SunCoke Energy, Inc.
4.88%, 6/30/2029 (a) |
|
25,000 |
23,942 |
|
|
|
|
50,078 |
|
COMMERCIAL SERVICES — 5.3% | |||
|
Alta Equipment Group, Inc.
9.00%, 6/1/2029 (a) |
|
25,000 |
24,017 |
|
AMN Healthcare, Inc.
4.00%, 4/15/2029 (a) |
|
25,000 |
24,122 |
|
CPI CG, Inc.
10.00%, 7/15/2029 (a) |
|
20,000 |
21,051 |
|
GEO Group, Inc.
8.63%, 4/15/2029 |
|
30,000 |
31,285 |
|
Hertz Corp.
12.63%, 7/15/2029 (a) |
|
36,000 |
32,834 |
|
Mavis Tire Express Services Topco
Corp.
6.50%, 5/15/2029 (a) |
|
5,000 |
4,999 |
|
Paysafe Finance PLC/Paysafe
Holdings U.S. Corp.
4.00%, 6/15/2029 (a) |
|
15,000 |
12,950 |
|
PROG Holdings, Inc.
6.00%, 11/15/2029 (a) |
|
30,000 |
29,449 |
|
RR Donnelley & Sons Co.
9.50%, 8/1/2029 (a) |
|
45,000 |
46,664 |
|
TriNet Group, Inc.
3.50%, 3/1/2029 (a) |
|
30,000 |
28,045 |
|
VM Consolidated, Inc.
5.50%, 4/15/2029 (a) |
|
11,000 |
9,456 |
|
|
|
|
264,872 |
|
COMPUTERS — 0.3% | |||
|
Conduent Business
Services LLC/Conduent State &
Local Solutions, Inc.
6.00%, 11/1/2029 (a) |
|
15,000 |
13,041 |
|
DISTRIBUTION & WHOLESALE — 0.3% | |||
|
S&S Holdings LLC
8.38%, 10/1/2031 (a) |
|
15,000 |
14,386 |
|
DIVERSIFIED FINANCIAL SERVICES — 3.2% | |||
|
Enova International, Inc.
9.13%, 8/1/2029 (a) |
|
30,000 |
31,405 |
|
Freedom Mortgage Holdings LLC
9.25%, 2/1/2029 (a) |
|
20,000 |
20,829 |
|
Security Description |
|
Principal
Amount |
Value |
|
Oxford Finance LLC/Oxford Finance
Co-Issuer II, Inc.
7.75%, 5/15/2031 (a) |
|
$45,000 |
$44,659 |
|
PennyMac Financial Services, Inc.
6.88%, 5/15/2032 (a) |
|
25,000 |
24,508 |
|
Planet Financial Group LLC
10.50%, 12/15/2029 (a) |
|
25,000 |
25,029 |
|
PRA Group, Inc.
8.88%, 1/31/2030 (a) |
|
15,000 |
15,415 |
|
|
|
|
161,845 |
|
ELECTRIC — 2.5% | |||
|
ContourGlobal Power Holdings SA
6.75%, 2/28/2030 (a) |
|
20,000 |
20,463 |
|
Leeward Renewable Energy
Operations LLC
4.25%, 7/1/2029 (a) |
|
25,000 |
23,880 |
|
NRG Energy, Inc.
4.96%, 4/30/2031 (a) |
|
50,000 |
49,487 |
|
XPLR Infrastructure Operating
Partners LP
7.25%, 1/15/2029 (a) |
|
30,000 |
31,251 |
|
|
|
|
125,081 |
|
ELECTRICAL COMPONENTS & EQUIPMENT — 0.7% | |||
|
WESCO Distribution, Inc.
6.38%, 3/15/2029 (a) |
|
35,000 |
35,820 |
|
ELECTRONICS — 1.7% | |||
|
Coherent Corp.
5.00%, 12/15/2029 (a) |
|
59,000 |
58,440 |
|
TTM Technologies, Inc.
4.00%, 3/1/2029 (a) |
|
30,000 |
29,062 |
|
|
|
|
87,502 |
|
ENGINEERING & CONSTRUCTION — 0.9% | |||
|
Dycom Industries, Inc.
4.50%, 4/15/2029 (a) |
|
20,000 |
19,643 |
|
Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029 (a) |
|
25,000 |
24,958 |
|
|
|
|
44,601 |
|
ENTERTAINMENT — 1.7% | |||
|
AMC Entertainment Holdings, Inc.
7.50%, 2/15/2029 (a) |
|
35,000 |
30,529 |
|
Great Canadian Gaming
Corp./Raptor LLC
8.75%, 11/15/2029 (a) |
|
30,000 |
29,522 |
|
Premier Entertainment
Sub LLC/Premier Entertainment
Finance Corp.
5.63%, 9/1/2029 (a) |
|
20,000 |
11,973 |
|
Scientific Games
Holdings LP/Scientific Games
U.S. FinCo, Inc.
6.63%, 3/1/2030 (a) |
|
15,000 |
13,023 |
|
|
|
|
85,047 |
|
Security Description |
|
Principal
Amount |
Value |
|
ENVIRONMENTAL CONTROL — 0.4% | |||
|
Clean Harbors, Inc.
5.13%, 7/15/2029 (a) |
|
$20,000 |
$19,898 |
|
FOOD — 0.7% | |||
|
U.S. Foods, Inc.
4.75%, 2/15/2029 (a) |
|
35,000 |
34,557 |
|
HEALTH CARE SERVICES — 3.8% | |||
|
Centene Corp.
4.63%, 12/15/2029 |
|
15,000 |
14,603 |
|
Charles River Laboratories
International, Inc.
3.75%, 3/15/2029 (a) |
|
25,000 |
23,952 |
|
CHS/Community Health Systems,
Inc.
6.88%, 4/15/2029 (a) |
|
40,000 |
39,508 |
|
Kedrion SpA
6.50%, 9/1/2029 (a) |
|
35,000 |
34,502 |
|
Prime Healthcare Services, Inc.
9.38%, 9/1/2029 (a) |
|
45,000 |
47,048 |
|
U.S. Acute Care Solutions LLC
9.75%, 5/15/2029 (a) |
|
35,000 |
33,547 |
|
|
|
|
193,160 |
|
HOME BUILDERS — 1.6% | |||
|
Ashton Woods USA LLC/Ashton
Woods Finance Co.
4.63%, 8/1/2029 (a) |
|
30,000 |
28,777 |
|
Empire Communities Corp.
9.75%, 5/1/2029 (a) |
|
30,000 |
30,850 |
|
LGI Homes, Inc.
4.00%, 7/15/2029 (a) |
|
25,000 |
22,862 |
|
|
|
|
82,489 |
|
HOME FURNISHINGS — 0.5% | |||
|
Whirlpool Corp.
4.75%, 2/26/2029 |
|
25,000 |
23,613 |
|
HOUSEHOLD PRODUCTS — 0.6% | |||
|
Edgewell Personal Care Co.
4.13%, 4/1/2029 (a) |
|
30,000 |
28,682 |
|
HOUSEHOLD PRODUCTS & WARES — 0.3% | |||
|
ACCO Brands Corp.
4.25%, 3/15/2029 (a) |
|
15,000 |
13,800 |
|
INSURANCE — 2.0% | |||
|
Alliant Holdings
Intermediate LLC/Alliant Holdings
Co-Issuer
5.88%, 11/1/2029 (a) |
|
30,000 |
29,267 |
|
Broadstreet Partners Group LLC
5.88%, 4/15/2029 (a) |
|
30,000 |
29,629 |
|
HUB International Ltd.
5.63%, 12/1/2029 (a) |
|
30,000 |
29,648 |
|
Jones Deslauriers Insurance
Management, Inc.
8.50%, 3/15/2030 (a) |
|
10,000 |
10,201 |
|
|
|
|
98,745 |
|
Security Description |
|
Principal
Amount |
Value |
|
INTERNET — 3.7% | |||
|
AP Core Holdings II LLC
11.00%, 5/15/2031 (a) |
|
$15,000 |
$15,704 |
|
Cars.com, Inc.
6.38%, 11/1/2028 (a) |
|
20,000 |
19,611 |
|
Go Daddy Operating Co. LLC/GD
Finance Co., Inc.
3.50%, 3/1/2029 (a) |
|
25,000 |
23,537 |
|
ION Platform Finance U.S., Inc./ION
Platform Finance SARL
8.75%, 5/1/2029 (a) |
|
45,000 |
41,501 |
|
Match Group Holdings II LLC
5.63%, 2/15/2029 (a) |
|
25,000 |
25,002 |
|
Rakuten Group, Inc.
11.25%, 2/15/2027 (a) |
|
50,000 |
51,964 |
|
ZipRecruiter, Inc.
5.00%, 1/15/2030 (a) |
|
15,000 |
10,344 |
|
|
|
|
187,663 |
|
INVESTMENT COMPANY SECURITIES — 2.5% | |||
|
BlackRock TCP Capital Corp.
6.95%, 5/30/2029 |
|
15,000 |
14,910 |
|
Compass Group Diversified
Holdings LLC
5.25%, 4/15/2029 (a) |
|
40,000 |
38,258 |
|
FS KKR Capital Corp.
6.88%, 8/15/2029 |
|
15,000 |
15,050 |
|
Icahn Enterprises LP/Icahn
Enterprises Finance Corp.
9.75%, 1/15/2029 |
|
60,000 |
59,541 |
|
|
|
|
127,759 |
|
IT SERVICES — 1.7% | |||
|
Pitney Bowes, Inc.
7.25%, 3/15/2029 (a) |
|
50,000 |
50,432 |
|
Seagate Data Storage Technology
Pte. Ltd.
4.09%, 6/1/2029 (a) |
|
35,000 |
34,285 |
|
|
|
|
84,717 |
|
LEISURE TIME — 2.4% | |||
|
Carnival Corp. Ltd.
5.13%, 5/1/2029 (a) |
|
33,000 |
32,958 |
|
Kingpin Intermediate Holdings LLC
7.25%, 10/15/2032 (a) |
|
15,000 |
13,009 |
|
MajorDrive Holdings IV LLC
6.38%, 6/1/2029 (a) |
|
20,000 |
17,007 |
|
Sabre GLBL, Inc.
10.75%, 11/15/2029 (a) |
|
25,000 |
22,516 |
|
Viking Cruises Ltd.
7.00%, 2/15/2029 (a) |
|
35,000 |
35,153 |
|
|
|
|
120,643 |
|
LODGING — 2.8% | |||
|
Genting New York LLC/GENNY
Capital, Inc.
7.25%, 10/1/2029 (a) |
|
30,000 |
30,649 |
|
Hilton Domestic Operating Co., Inc.
5.88%, 4/1/2029 (a) |
|
40,000 |
40,591 |
|
Security Description |
|
Principal
Amount |
Value |
|
Hilton Grand Vacations
Borrower LLC/Hilton Grand
Vacations Borrower, Inc.
5.00%, 6/1/2029 (a) |
|
$35,000 |
$34,058 |
|
Travel & Leisure Co.
6.25%, 6/1/2031 (a) |
|
35,000 |
35,200 |
|
|
|
|
140,498 |
|
MACHINERY, CONSTRUCTION & MINING — 0.5% | |||
|
BWX Technologies, Inc.
4.13%, 4/15/2029 (a) |
|
25,000 |
24,216 |
|
MACHINERY-DIVERSIFIED — 1.0% | |||
|
GrafTech Finance, Inc.
4.63%, 12/23/2029 (a) |
|
30,000 |
20,844 |
|
Mueller Water Products, Inc.
4.00%, 6/15/2029 (a) |
|
30,000 |
28,986 |
|
|
|
|
49,830 |
|
MEDIA — 4.1% | |||
|
AMC Global Media, Inc.
4.25%, 2/15/2029 |
|
20,000 |
17,762 |
|
DISH DBS Corp.
5.13%, 6/1/2029 |
|
45,000 |
40,729 |
|
EchoStar Corp.
10.75%, 11/30/2029 |
|
65,000 |
70,652 |
|
Gray Media, Inc.
5.38%, 11/15/2031 (a) |
|
10,000 |
7,170 |
|
iHeartCommunications, Inc.
10.88%, 5/1/2030 (a) |
|
20,000 |
16,982 |
|
LCPR Senior Secured Financing
DAC
5.13%, 7/15/2029 (a) |
|
25,000 |
15,629 |
|
McGraw-Hill Education, Inc.
8.00%, 8/1/2029 (a) |
|
30,000 |
30,129 |
|
Univision Communications, Inc.
8.88%, 4/15/2033 (a) |
|
10,000 |
9,962 |
|
|
|
|
209,015 |
|
METAL FABRICATE & HARDWARE — 1.1% | |||
|
Roller Bearing Co. of America, Inc.
4.38%, 10/15/2029 (a) |
|
30,000 |
29,343 |
|
TMS International Corp.
6.25%, 4/15/2029 (a) |
|
25,000 |
24,688 |
|
|
|
|
54,031 |
|
MINING — 2.6% | |||
|
Alcoa Nederland Holding BV
4.13%, 3/31/2029 (a) |
|
30,000 |
29,243 |
|
Coeur Mining, Inc.
5.13%, 2/15/2029 (a) |
|
30,000 |
29,774 |
|
Constellium SE
3.75%, 4/15/2029 (a) |
|
30,000 |
28,917 |
|
JW Aluminum Continuous Cast Co.
10.25%, 4/1/2030 (a) |
|
20,000 |
21,154 |
|
PLS Group Ltd.
6.88%, 5/1/2031 (a) |
|
20,000 |
20,516 |
|
|
|
|
129,604 |
|
Security Description |
|
Principal
Amount |
Value |
|
MISCELLANEOUS MANUFACTURER — 0.4% | |||
|
Amsted Industries, Inc.
4.63%, 5/15/2030 (a) |
|
$20,000 |
$19,414 |
|
OFFICE & BUSINESS EQUIPMENT — 0.3% | |||
|
Xerox Corp.
10.25%, 10/15/2030 (a) |
|
15,000 |
13,236 |
|
OIL & GAS — 5.4% | |||
|
Hilcorp Energy I LP/Hilcorp Finance
Co.
6.00%, 4/15/2030 (a) |
|
30,000 |
29,830 |
|
Ithaca Energy North Sea PLC
8.13%, 10/15/2029 (a) |
|
30,000 |
31,200 |
|
Kraken Oil & Gas Partners LLC
7.13%, 5/15/2031 (a) |
|
30,000 |
29,775 |
|
Precision Drilling Corp.
6.88%, 1/15/2029 (a) |
|
30,000 |
30,270 |
|
Saturn Oil & Gas, Inc.
9.63%, 6/15/2029 (a) |
|
24,000 |
25,141 |
|
SM Energy Co.
6.75%, 8/1/2029 (a) |
|
35,000 |
35,874 |
|
Sunoco LP
7.00%, 5/1/2029 (a) |
|
60,000 |
61,902 |
|
TGNR Intermediate Holdings LLC
5.50%, 10/15/2029 (a) |
|
30,000 |
29,559 |
|
|
|
|
273,551 |
|
PACKAGING & CONTAINERS — 1.8% | |||
|
Clearwater Paper Corp.
4.75%, 8/15/2028 (a) |
|
15,000 |
12,157 |
|
Clydesdale Acquisition Holdings,
Inc.
6.63%, 4/15/2029 (a) |
|
30,000 |
29,636 |
|
Sword Purchaser LLC
8.25%, 4/15/2033 (a) |
|
25,000 |
25,750 |
|
TriMas Corp.
4.13%, 4/15/2029 (a) |
|
25,000 |
24,014 |
|
|
|
|
91,557 |
|
PHARMACEUTICALS — 3.2% | |||
|
Accendra Health, Inc.
6.63%, 4/1/2030 (a) |
|
25,000 |
15,060 |
|
Adapthealth LLC
4.63%, 8/1/2029 (a) |
|
33,000 |
31,846 |
|
Bausch Health Cos., Inc.
6.25%, 2/15/2029 (a) |
|
40,000 |
28,683 |
|
HLF Financing SARL LLC/Herbalife
International, Inc.
7.75%, 5/1/2033 (a) |
|
40,000 |
40,400 |
|
Jazz Securities DAC
4.38%, 1/15/2029 (a) |
|
45,000 |
44,140 |
|
|
|
|
160,129 |
|
PIPELINES — 2.0% | |||
|
Delek Logistics Partners LP/Delek
Logistics Finance Corp.
8.63%, 3/15/2029 (a) |
|
25,000 |
26,035 |
|
Hess Midstream Operations LP
6.50%, 6/1/2029 (a) |
|
40,000 |
41,039 |
|
Security Description |
|
Principal
Amount |
Value |
|
NGL Energy Operating LLC/NGL
Energy Finance Corp.
8.13%, 2/15/2029 (a) |
|
$35,000 |
$36,382 |
|
|
|
|
103,456 |
|
REAL ESTATE INVESTMENT TRUSTS — 3.9% | |||
|
Brandywine Operating
Partnership LP
8.88%, 4/12/2029 |
|
35,000 |
36,873 |
|
Hudson Pacific Properties LP
5.95%, 2/15/2028 |
|
20,000 |
19,805 |
|
Iron Mountain, Inc.
4.88%, 9/15/2029 (a) |
|
25,000 |
24,563 |
|
MPT Operating Partnership LP/MPT
Finance Corp.
4.63%, 8/1/2029 |
|
25,000 |
20,479 |
|
RHP Hotel Properties LP/RHP
Finance Corp.
4.50%, 2/15/2029 (a) |
|
40,000 |
39,260 |
|
Rithm Capital Corp.
8.00%, 4/1/2029 (a) |
|
30,000 |
30,094 |
|
RLJ Lodging Trust LP
4.00%, 9/15/2029 (a) |
|
25,000 |
23,846 |
|
|
|
|
194,920 |
|
RETAIL — 4.0% | |||
|
Arko Corp.
5.13%, 11/15/2029 (a) |
|
25,000 |
22,860 |
|
Bloomin' Brands, Inc./OSI
Restaurant Partners LLC
5.13%, 4/15/2029 (a) |
|
15,000 |
14,354 |
|
Ferrellgas LP/Ferrellgas Finance
Corp.
5.88%, 4/1/2029 (a) |
|
5,000 |
4,896 |
|
FirstCash, Inc.
4.63%, 9/1/2028 (a) |
|
20,000 |
19,726 |
|
Global Auto Holdings Ltd./AAG FH
U.K. Ltd.
11.50%, 8/15/2029 (a) |
|
35,000 |
36,310 |
|
Murphy Oil USA, Inc.
4.75%, 9/15/2029 |
|
30,000 |
29,495 |
|
Staples, Inc.
10.75%, 9/1/2029 (a) |
|
55,000 |
52,321 |
|
Superior Plus LP/Superior General
Partner, Inc.
4.50%, 3/15/2029 (a) |
|
25,000 |
24,223 |
|
|
|
|
204,185 |
|
SEMICONDUCTORS — 1.3% | |||
|
ams-OSRAM AG
12.25%, 3/30/2029 (a) |
|
25,000 |
26,531 |
|
Entegris, Inc.
4.75%, 4/15/2029 (a) |
|
40,000 |
39,734 |
|
|
|
|
66,265 |
|
SOFTWARE — 5.5% | |||
|
Cloud Software Group, Inc.: |
|
|
|
|
6.50%, 3/31/2029 (a) |
|
75,000 |
74,547 |
|
9.00%, 9/30/2029 (a) |
|
75,000 |
74,108 |
|
Security Description |
|
Principal
Amount |
Value |
|
CoreWeave, Inc.
9.75%, 10/1/2031 (a) |
|
$25,000 |
$25,778 |
|
Elastic NV
4.13%, 7/15/2029 (a) |
|
30,000 |
28,724 |
|
Open Text Corp.
3.88%, 12/1/2029 (a) |
|
20,000 |
18,356 |
|
Rocket Software, Inc.
9.00%, 11/28/2028 (a) |
|
25,000 |
25,209 |
|
Twilio, Inc.
3.63%, 3/15/2029 |
|
30,000 |
28,903 |
|
|
|
|
275,625 |
|
TELECOMMUNICATIONS — 4.1% | |||
|
Altice Financing SA
5.75%, 8/15/2029 (a) |
|
50,000 |
36,237 |
|
Altice France SA
9.50%, 11/1/2029 (a) |
|
45,000 |
45,781 |
|
Lumen Technologies, Inc.
4.50%, 1/15/2029 (a) |
|
25,000 |
24,210 |
|
Meridian Arc Holdco LLC
6.25%, 4/30/2031 (a) |
|
20,000 |
20,105 |
|
Uniti Group LP/Uniti Group Finance
2019, Inc./CSL Capital LLC
6.50%, 2/15/2029 (a) |
|
40,000 |
39,516 |
|
Zegona Finance PLC
8.63%, 7/15/2029 (a) |
|
40,000 |
41,923 |
|
|
|
|
207,772 |
|
TRANSPORTATION — 0.3% | |||
|
Seaspan Corp.
5.50%, 8/1/2029 (a) |
|
15,000 |
14,522 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $4,866,245) |
|
|
4,875,508 |
|
Security Description |
|
Shares |
Value |
|
SHORT-TERM INVESTMENT — 1.7% |
| ||
|
State Street Institutional
U.S. Government Money Market
Fund, Class G Shares 3.60% (c)
(d)
(Cost $83,690) |
83,690 |
$83,690 | |
|
TOTAL INVESTMENTS — 98.5%
(Cost $4,949,935) |
4,959,198 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES —
1.5% |
74,860 | ||
|
NET ASSETS — 100.0% |
$5,034,058 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 86.6% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
When-issued security. |
|
(c) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(d) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$4,875,508 |
$— |
$4,875,508 |
|
Short-Term Investment |
83,690 |
— |
— |
83,690 |
|
TOTAL INVESTMENTS |
$83,690 |
$4,875,508 |
$— |
$4,959,198 |
|
|
Number of
Shares Held
at
2/26/26* |
Value at
2/26/26* |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional U.S. Government Money Market Fund, Class G
Shares |
— |
$— |
$1,013,907 |
$930,217 |
$— |
$— |
83,690 |
$83,690 |
$640 |
|
State Street Institutional U.S. Government Money Market Fund, Premier
Class |
— |
— |
150,753 |
150,753 |
— |
— |
— |
— |
78 |
|
Total |
|
$— |
$1,164,660 |
$1,080,970 |
$— |
$— |
|
$83,690 |
$718 |
|
* |
Commencement of operations. |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 94.8% | |||
|
ADVERTISING — 0.2% | |||
|
Advantage Sales & Marketing, Inc.
9.00%, 11/15/2030 (a) |
|
$10,000 |
$8,314 |
|
AEROSPACE & DEFENSE — 1.3% | |||
|
ATI, Inc.
7.25%, 8/15/2030 |
|
25,000 |
25,971 |
|
Bombardier, Inc.
8.75%, 11/15/2030 (a) |
|
35,000 |
37,152 |
|
|
|
|
63,123 |
|
AGRICULTURE — 0.8% | |||
|
Darling Ingredients, Inc.
6.00%, 6/15/2030 (a) |
|
40,000 |
40,414 |
|
APPAREL — 0.4% | |||
|
William Carter Co.
7.38%, 2/15/2031 (a) |
|
20,000 |
20,687 |
|
AUTO MANUFACTURERS — 2.1% | |||
|
New Flyer Holdings, Inc.
9.25%, 7/1/2030 (a) |
|
30,000 |
32,204 |
|
Nissan Motor Co. Ltd.
4.81%, 9/17/2030 (a) |
|
80,000 |
74,951 |
|
|
|
|
107,155 |
|
AUTO PARTS & EQUIPMENT — 2.0% | |||
|
Cyprium Corp./Cyprium Holdings
Luxembourg SARL
6.13%, 4/15/2031 (a) |
|
25,000 |
25,035 |
|
IHO Verwaltungs GmbH
7.75%, 11/15/2030 (a) |
|
30,000 |
31,009 |
|
ZF North America Capital, Inc.
7.13%, 4/14/2030 (a) |
|
45,000 |
45,310 |
|
|
|
|
101,354 |
|
CHEMICALS — 2.9% | |||
|
FMC Corp.
8.00%, 6/1/2031 (a) (b) |
|
50,000 |
52,261 |
|
Huntsman International LLC
2.95%, 6/15/2031 |
|
15,000 |
12,947 |
|
Nufarm Australia Ltd./Nufarm
Americas, Inc.
5.00%, 1/27/2030 (a) |
|
25,000 |
23,315 |
|
Olin Corp.
5.00%, 2/1/2030 |
|
30,000 |
29,132 |
|
SNF Group SACA
3.38%, 3/15/2030 (a) |
|
10,000 |
9,319 |
|
Tronox, Inc.
9.13%, 9/30/2030 (a) |
|
20,000 |
20,243 |
|
|
|
|
147,217 |
|
COMMERCIAL SERVICES — 3.2% | |||
|
Albion Financing 1 SARL/Aggreko
Holdings, Inc.
7.00%, 5/21/2030 (a) |
|
45,000 |
46,473 |
|
Mobius Merger Sub, Inc.
9.00%, 6/1/2030 (a) |
|
20,000 |
13,371 |
|
Security Description |
|
Principal
Amount |
Value |
|
PROG Holdings, Inc.
6.00%, 11/15/2029 (a) |
|
$20,000 |
$19,632 |
|
RR Donnelley & Sons Co.
11.00%, 6/1/2031 (a) |
|
25,000 |
24,287 |
|
Sotheby's
8.25%, 4/15/2031 (a) |
|
15,000 |
14,766 |
|
Veritiv Operating Co.
10.50%, 11/30/2030 (a) |
|
40,000 |
41,043 |
|
|
|
|
159,572 |
|
COMPUTERS — 0.9% | |||
|
McAfee Corp.
7.38%, 2/15/2030 (a) |
|
50,000 |
42,763 |
|
CONSTRUCTION MATERIALS — 2.4% | |||
|
CP Atlas Buyer, Inc.
9.75%, 7/15/2030 (a) |
|
25,000 |
23,521 |
|
EMRLD Borrower LP/Emerald
Co-Issuer, Inc.
6.63%, 12/15/2030 (a) |
|
50,000 |
51,152 |
|
Standard Industries, Inc.
4.38%, 7/15/2030 (a) |
|
50,000 |
47,643 |
|
|
|
|
122,316 |
|
DIVERSIFIED FINANCIAL SERVICES — 5.8% | |||
|
Aretec Group, Inc.
10.00%, 8/15/2030 (a) |
|
25,000 |
26,536 |
|
Burford Capital Global Finance LLC
6.88%, 4/15/2030 (a) |
|
10,000 |
9,513 |
|
Credit Acceptance Corp.
6.63%, 3/15/2030 (a) |
|
25,000 |
25,168 |
|
CrossCountry Intermediate
HoldCo LLC
6.50%, 10/1/2030 (a) |
|
30,000 |
29,571 |
|
Encore Capital Group, Inc.
8.50%, 5/15/2030 (a) |
|
30,000 |
31,909 |
|
goeasy Ltd.
6.88%, 5/15/2030 (a) |
|
28,000 |
25,183 |
|
Navient Corp.
9.38%, 7/25/2030 |
|
25,000 |
25,470 |
|
Oxford Finance LLC/Oxford Finance
Co-Issuer II, Inc.
7.75%, 5/15/2031 (a) |
|
45,000 |
44,658 |
|
PennyMac Financial Services, Inc.
6.88%, 5/15/2032 (a) |
|
25,000 |
24,508 |
|
PRA Group, Inc.
8.88%, 1/31/2030 (a) |
|
20,000 |
20,554 |
|
TrueNoord Capital DAC
8.75%, 3/1/2030 (a) |
|
25,000 |
25,604 |
|
|
|
|
288,674 |
|
ELECTRIC — 2.0% | |||
|
ContourGlobal Power Holdings SA
6.75%, 2/28/2030 (a) |
|
30,000 |
30,695 |
|
Leeward Renewable Energy
Operations LLC
4.25%, 7/1/2029 (a) |
|
25,000 |
23,879 |
|
NRG Energy, Inc.
4.96%, 4/30/2031 (a) |
|
25,000 |
24,744 |
|
Security Description |
|
Principal
Amount |
Value |
|
XPLR Infrastructure Operating
Partners LP
7.25%, 1/15/2029 (a) |
|
$20,000 |
$20,834 |
|
|
|
|
100,152 |
|
ELECTRONICS — 0.9% | |||
|
Sensata Technologies, Inc.: |
|
|
|
|
3.75%, 2/15/2031 (a) |
|
35,000 |
32,811 |
|
4.38%, 2/15/2030 (a) |
|
11,000 |
10,682 |
|
|
|
|
43,493 |
|
ENTERTAINMENT — 1.8% | |||
|
Caesars Entertainment, Inc.
7.00%, 2/15/2030 (a) |
|
25,000 |
25,291 |
|
Great Canadian Gaming
Corp./Raptor LLC
8.75%, 11/15/2029 (a) |
|
18,000 |
17,713 |
|
Premier Entertainment
Sub LLC/Premier Entertainment
Finance Corp.
5.63%, 9/1/2029 (a) |
|
10,000 |
5,986 |
|
Resorts World Las
Vegas LLC/RWLV Capital, Inc.
8.45%, 7/27/2030 (a) |
|
20,000 |
19,900 |
|
Scientific Games
Holdings LP/Scientific Games
U.S. FinCo, Inc.
6.63%, 3/1/2030 (a) |
|
25,000 |
21,706 |
|
|
|
|
90,596 |
|
ENVIRONMENTAL CONTROL — 0.4% | |||
|
Clean Harbors, Inc.
5.13%, 7/15/2029 (a) |
|
20,000 |
19,898 |
|
HEALTH CARE PRODUCTS — 0.4% | |||
|
Embecta Corp.
5.00%, 2/15/2030 (a) |
|
25,000 |
19,376 |
|
HEALTH CARE SERVICES — 6.0% | |||
|
Centene Corp.
4.63%, 12/15/2029 |
|
15,000 |
14,603 |
|
CHS/Community Health Systems,
Inc.
6.13%, 4/1/2030 (a) |
|
50,000 |
45,490 |
|
DaVita, Inc.
4.63%, 6/1/2030 (a) |
|
75,000 |
72,868 |
|
Encompass Health Corp.
4.75%, 2/1/2030 |
|
35,000 |
34,450 |
|
Fortrea Holdings, Inc.
7.50%, 7/1/2030 (a) |
|
30,000 |
30,221 |
|
Kedrion SpA
6.50%, 9/1/2029 (a) |
|
20,000 |
19,716 |
|
MPH Acquisition Holdings LLC
5.75%, 12/31/2030 (a) |
|
30,000 |
24,158 |
|
Pediatrix Medical Group, Inc.
5.38%, 2/15/2030 (a) |
|
30,000 |
29,690 |
|
Radiology Partners, Inc.
8.50%, 7/15/2032 (a) |
|
30,000 |
30,578 |
|
|
|
|
301,774 |
|
Security Description |
|
Principal
Amount |
Value |
|
HOME BUILDERS — 0.6% | |||
|
Mattamy Group Corp.
4.63%, 3/1/2030 (a) |
|
$30,000 |
$28,809 |
|
HOME FURNISHINGS — 0.4% | |||
|
FXI Holdings, Inc.
11.00%, 11/15/2030 (a) |
|
25,000 |
20,994 |
|
HOUSEWARES — 0.9% | |||
|
Central Garden & Pet Co.
4.13%, 10/15/2030 |
|
45,000 |
42,638 |
|
INSURANCE — 2.9% | |||
|
Acrisure LLC/Acrisure Finance, Inc.
7.50%, 11/6/2030 (a) |
|
40,000 |
39,960 |
|
APH Somerset Investor 2
LLC/APH2 Somerset Investor 2
LLC/APH3 Somerset Investor 2
LLC
7.88%, 11/1/2029 (a) |
|
10,000 |
10,039 |
|
Baldwin Insurance Group
Holdings LLC/Baldwin Insurance
Group Holdings Finance
7.13%, 5/15/2031 (a) |
|
15,000 |
15,059 |
|
CRC Insurance Group LLC
7.13%, 6/1/2031 (a) |
|
10,000 |
10,022 |
|
HUB International Ltd.
7.25%, 6/15/2030 (a) |
|
25,000 |
25,700 |
|
Jones Deslauriers Insurance
Management, Inc.
8.50%, 3/15/2030 (a) |
|
25,000 |
25,503 |
|
Nassau Cos., of New York
7.88%, 7/15/2030 (a) |
|
20,000 |
19,066 |
|
|
|
|
145,349 |
|
INTERNET — 2.0% | |||
|
AP Core Holdings II LLC
11.00%, 5/15/2031 (a) |
|
15,000 |
15,704 |
|
ION Platform Finance U.S., Inc./ION
Platform Finance SARL
9.00%, 8/1/2029 (a) |
|
10,000 |
9,178 |
|
Match Group Holdings II LLC
4.13%, 8/1/2030 (a) |
|
30,000 |
28,254 |
|
Ziff Davis, Inc.
4.63%, 10/15/2030 (a) |
|
30,000 |
28,483 |
|
ZipRecruiter, Inc.
5.00%, 1/15/2030 (a) |
|
30,000 |
20,687 |
|
|
|
|
102,306 |
|
INVESTMENT COMPANY SECURITIES — 0.9% | |||
|
FS KKR Capital Corp.
6.88%, 8/15/2029 |
|
20,000 |
20,067 |
|
Icahn Enterprises LP/Icahn
Enterprises Finance Corp.
9.00%, 6/15/2030 |
|
25,000 |
23,772 |
|
|
|
|
43,839 |
|
Security Description |
|
Principal
Amount |
Value |
|
IT SERVICES — 0.5% | |||
|
Seagate Data Storage Technology
Pte. Ltd.
5.88%, 7/15/2030 (a) |
|
$25,000 |
$25,446 |
|
LEISURE TIME — 1.8% | |||
|
Kingpin Intermediate Holdings LLC
7.25%, 10/15/2032 (a) |
|
15,000 |
13,009 |
|
Lindblad Expeditions LLC
7.00%, 9/15/2030 (a) |
|
37,000 |
38,113 |
|
Sabre GLBL, Inc.
10.75%, 3/15/2030 (a) |
|
45,000 |
39,939 |
|
|
|
|
91,061 |
|
LODGING — 1.6% | |||
|
Genting New York LLC/GENNY
Capital, Inc.
7.25%, 10/1/2029 (a) |
|
15,000 |
15,325 |
|
Hilton Domestic Operating Co., Inc.
4.88%, 1/15/2030 |
|
40,000 |
39,633 |
|
Travel & Leisure Co.
4.63%, 3/1/2030 (a) |
|
25,000 |
24,033 |
|
|
|
|
78,991 |
|
MEDIA — 9.3% | |||
|
AMC Global Media, Inc.
10.50%, 7/15/2032 (a) |
|
15,000 |
15,522 |
|
Block Communications, Inc.
10.25%, 3/1/2031 (a) |
|
10,000 |
9,347 |
|
CSC Holdings LLC
4.13%, 12/1/2030 (a) |
|
75,000 |
42,811 |
|
Directv Financing LLC
8.88%, 2/1/2030 (a) |
|
65,000 |
66,683 |
|
Discovery Communications LLC
3.63%, 5/15/2030 |
|
40,000 |
37,104 |
|
EW Scripps Co.
9.88%, 8/15/2030 (a) |
|
25,000 |
23,898 |
|
Gray Media, Inc.
5.38%, 11/15/2031 (a) |
|
25,000 |
17,926 |
|
iHeartCommunications, Inc.
10.88%, 5/1/2030 (a) |
|
35,000 |
29,718 |
|
LCPR Senior Secured Financing
DAC
5.13%, 7/15/2029 (a) |
|
10,000 |
6,252 |
|
McGraw-Hill Education, Inc.
8.00%, 8/1/2029 (a) |
|
20,000 |
20,086 |
|
Paramount Global: |
|
|
|
|
4.20%, 5/19/2032 |
|
45,000 |
38,924 |
|
4.95%, 1/15/2031 |
|
15,000 |
13,984 |
|
Sinclair Television Group, Inc.
5.50%, 3/1/2030 (a) |
|
20,000 |
17,817 |
|
Univision Communications, Inc.
8.88%, 4/15/2033 (a) |
|
10,000 |
9,962 |
|
Versant Media Group, Inc.
7.25%, 1/30/2031 (a) |
|
20,000 |
20,772 |
|
Virgin Media Secured Finance PLC
4.50%, 8/15/2030 (a) |
|
55,000 |
47,860 |
|
Ziggo Bond Co. BV
5.13%, 2/28/2030 (a) |
|
15,000 |
13,081 |
|
Security Description |
|
Principal
Amount |
Value |
|
Ziggo BV
4.88%, 1/15/2030 (a) |
|
$35,000 |
$32,662 |
|
|
|
|
464,409 |
|
METAL FABRICATE & HARDWARE — 0.7% | |||
|
Park-Ohio Industries, Inc.
8.50%, 8/1/2030 (a) |
|
25,000 |
26,234 |
|
Roller Bearing Co. of America, Inc.
4.38%, 10/15/2029 (a) |
|
10,000 |
9,781 |
|
|
|
|
36,015 |
|
MINING — 4.0% | |||
|
Alumina Pty. Ltd.
6.13%, 3/15/2030 (a) |
|
30,000 |
30,653 |
|
Arsenal AIC Parent LLC
8.00%, 10/1/2030 (a) |
|
25,000 |
26,195 |
|
JW Aluminum Continuous Cast Co.
10.25%, 4/1/2030 (a) |
|
25,000 |
26,442 |
|
Novelis Corp.
6.88%, 1/30/2030 (a) |
|
65,000 |
66,843 |
|
PLS Group Ltd.
6.88%, 5/1/2031 (a) |
|
20,000 |
20,516 |
|
Taseko Mines Ltd.
8.25%, 5/1/2030 (a) |
|
30,000 |
31,422 |
|
|
|
|
202,071 |
|
MISCELLANEOUS MANUFACTURER — 0.5% | |||
|
Amsted Industries, Inc.
4.63%, 5/15/2030 (a) |
|
25,000 |
24,268 |
|
OFFICE & BUSINESS EQUIPMENT — 0.4% | |||
|
Xerox Corp.
10.25%, 10/15/2030 (a) |
|
25,000 |
22,060 |
|
OIL & GAS — 6.5% | |||
|
Breakwater Energy Holdings SARL
9.25%, 11/15/2030 (a) |
|
35,000 |
37,144 |
|
Chord Energy Corp.
6.00%, 10/1/2030 (a) |
|
45,000 |
45,541 |
|
Hilcorp Energy I LP/Hilcorp Finance
Co.
6.00%, 4/15/2030 (a) |
|
30,000 |
29,830 |
|
Kraken Oil & Gas Partners LLC
7.13%, 5/15/2031 (a) |
|
30,000 |
29,775 |
|
Noble Finance II LLC
8.00%, 4/15/2030 (a) |
|
45,000 |
46,787 |
|
PBF Holding Co. LLC/PBF Finance
Corp.
9.88%, 3/15/2030 (a) |
|
45,000 |
48,107 |
|
Seadrill Finance Ltd.
8.38%, 8/1/2030 (a) |
|
30,000 |
31,313 |
|
SM Energy Co.
6.75%, 8/1/2029 (a) |
|
25,000 |
25,624 |
|
Valaris Ltd.
8.38%, 4/30/2030 (a) |
|
30,000 |
31,214 |
|
|
|
|
325,335 |
|
OIL & GAS SERVICES — 4.2% | |||
|
Kodiak Gas Services LLC
5.88%, 4/1/2031 (a) |
|
43,000 |
43,230 |
|
Security Description |
|
Principal
Amount |
Value |
|
SESI LLC
7.88%, 9/30/2030 (a) |
|
$35,000 |
$36,136 |
|
TGS ASA
8.50%, 1/15/2030 (a) |
|
30,000 |
31,534 |
|
Tidewater, Inc.
9.13%, 7/15/2030 (a) |
|
30,000 |
32,301 |
|
Viridien
10.00%, 10/15/2030 (a) |
|
25,000 |
26,703 |
|
WBI Operating LLC
6.25%, 10/15/2030 (a) |
|
40,000 |
40,369 |
|
|
|
|
210,273 |
|
PACKAGING & CONTAINERS — 3.5% | |||
|
Ardagh Group SA
9.50%, 12/1/2030 (a) |
|
55,000 |
58,705 |
|
Cascades, Inc./Cascades USA, Inc.
6.75%, 7/15/2030 (a) |
|
25,000 |
25,400 |
|
Clydesdale Acquisition Holdings,
Inc.
8.75%, 4/15/2030 (a) |
|
20,000 |
19,215 |
|
Mauser Packaging Solutions
Holding Co.
9.25%, 4/15/2030 (a) |
|
50,000 |
47,906 |
|
Sword Purchaser LLC
8.25%, 4/15/2033 (a) |
|
25,000 |
25,750 |
|
|
|
|
176,976 |
|
PHARMACEUTICALS — 3.0% | |||
|
Accendra Health, Inc.
6.63%, 4/1/2030 (a) |
|
25,000 |
15,060 |
|
Adapthealth LLC
5.13%, 3/1/2030 (a) |
|
30,000 |
29,083 |
|
Bausch Health Cos., Inc.
14.00%, 10/15/2030 (a) |
|
45,000 |
42,678 |
|
BellRing Brands, Inc.
7.00%, 3/15/2030 (a) |
|
25,000 |
24,839 |
|
HLF Financing SARL LLC/Herbalife
International, Inc.
7.75%, 5/1/2033 (a) |
|
40,000 |
40,400 |
|
|
|
|
152,060 |
|
PIPELINES — 0.2% | |||
|
Excelerate Energy LP
8.00%, 5/15/2030 (a) |
|
10,000 |
10,580 |
|
REAL ESTATE INVESTMENT TRUSTS — 4.8% | |||
|
Arbor Realty SR, Inc.
7.88%, 7/15/2030 (a) |
|
20,000 |
18,787 |
|
Diversified Healthcare Trust
4.38%, 3/1/2031 |
|
25,000 |
22,780 |
|
EF Holdco/EF Cayman
Holdings/Ellington Financial REIT
Cayman/TRS/EF Cayman
Non-MTM
7.38%, 9/30/2030 (a) |
|
25,000 |
24,974 |
|
Hudson Pacific Properties LP
5.95%, 2/15/2028 |
|
20,000 |
19,805 |
|
Iron Mountain, Inc.
5.25%, 7/15/2030 (a) |
|
45,000 |
44,480 |
|
Security Description |
|
Principal
Amount |
Value |
|
Millrose Properties, Inc.
6.38%, 8/1/2030 (a) |
|
$20,000 |
$20,274 |
|
Park Intermediate Holdings LLC/PK
Domestic Property LLC/PK
Finance Co-Issuer
7.00%, 2/1/2030 (a) |
|
30,000 |
30,705 |
|
Rithm Capital Corp.
8.00%, 4/1/2029 (a) |
|
25,000 |
25,078 |
|
Uniti Group LP/Uniti Fiber Holdings,
Inc./CSL Capital LLC
6.00%, 1/15/2030 (a) |
|
35,000 |
34,014 |
|
|
|
|
240,897 |
|
RETAIL — 3.8% | |||
|
Carvana Co.
9.00%, 6/1/2031 (a) |
|
45,000 |
49,725 |
|
Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co., Inc.
6.75%, 1/15/2030 (a) |
|
40,000 |
39,012 |
|
FirstCash, Inc.
5.63%, 1/1/2030 (a) |
|
30,000 |
29,932 |
|
Staples, Inc.
10.75%, 9/1/2029 (a) |
|
25,000 |
23,782 |
|
White Cap Supply Holdings LLC
7.38%, 11/15/2030 (a) |
|
15,000 |
14,950 |
|
Yum! Brands, Inc.
4.75%, 1/15/2030 (a) |
|
35,000 |
34,516 |
|
|
|
|
191,917 |
|
SEMICONDUCTORS — 0.8% | |||
|
Kioxia Holdings Corp.
6.25%, 7/24/2030 (a) |
|
40,000 |
41,247 |
|
SOFTWARE — 3.9% | |||
|
AthenaHealth Group, Inc.
6.50%, 2/15/2030 (a) |
|
50,000 |
48,201 |
|
Cloud Software Group, Inc.
9.00%, 9/30/2029 (a) |
|
20,000 |
19,762 |
|
CoreWeave, Inc.: |
|
|
|
|
9.25%, 6/1/2030 (a) |
|
25,000 |
25,509 |
|
9.75%, 10/1/2031 (a) |
|
35,000 |
36,090 |
|
Open Text Corp.
3.88%, 12/1/2029 (a) |
|
15,000 |
13,767 |
|
Open Text Holdings, Inc.
4.13%, 2/15/2030 (a) |
|
40,000 |
36,749 |
|
Pagaya U.S. Holdings Co. LLC
8.88%, 8/1/2030 (a) |
|
20,000 |
15,651 |
|
|
|
|
195,729 |
|
TELECOMMUNICATIONS — 3.5% | |||
|
Ciena Corp.
4.00%, 1/31/2030 (a) |
|
30,000 |
28,756 |
|
Connect Holding II LLC
10.50%, 4/3/2031 (a) |
|
20,000 |
20,361 |
|
Core Scientific Finance I LLC
7.75%, 5/15/2031 (a) |
|
35,000 |
35,817 |
|
Edged Compute LLC
7.50%, 4/30/2031 (a) |
|
15,000 |
15,044 |
|
Security Description |
|
Principal
Amount |
Value |
|
Flash Compute LLC
7.25%, 12/31/2030 (a) |
|
$15,000 |
$15,484 |
|
Meridian Arc Holdco LLC
6.25%, 4/30/2031 (a) |
|
20,000 |
20,105 |
|
PR RNO Property Owner 1 LLC
6.50%, 5/1/2031 (a) |
|
15,000 |
15,017 |
|
SE Cosmos LLC
8.88%, 5/1/2031 (a) |
|
25,000 |
26,160 |
|
|
|
|
176,744 |
|
TRANSPORTATION — 0.6% | |||
|
Rand Parent LLC
8.50%, 2/15/2030 (a) |
|
30,000 |
30,937 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $4,766,389) |
|
|
4,757,829 |
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENT — 4.2% |
| ||
|
State Street Institutional
U.S. Government Money Market
Fund, Class G Shares 3.60% (c)
(d)
(Cost $209,664) |
209,664 |
209,664 | |
|
TOTAL INVESTMENTS — 99.0%
(Cost $4,976,053) |
4,967,493 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES —
1.0% |
48,035 | ||
|
NET ASSETS — 100.0% |
$5,015,528 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 86.9% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
When-issued security. |
|
(c) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(d) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Abbreviations: |
|
|
REIT |
Real Estate Investment Trust |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$4,757,829 |
$— |
$4,757,829 |
|
Short-Term Investment |
209,664 |
— |
— |
209,664 |
|
TOTAL INVESTMENTS |
$209,664 |
$4,757,829 |
$— |
$4,967,493 |
|
|
Number of
Shares Held
at
2/26/26* |
Value at
2/26/26* |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional U.S. Government Money Market Fund, Class G
Shares |
— |
$— |
$1,124,596 |
$914,932 |
$— |
$— |
209,664 |
$209,664 |
$862 |
|
State Street Institutional U.S. Government Money Market Fund, Premier
Class |
— |
— |
141,103 |
141,103 |
— |
— |
— |
— |
84 |
|
Total |
|
$— |
$1,265,699 |
$1,056,035 |
$— |
$— |
|
$209,664 |
$946 |
|
* |
Commencement of operations. |
|
Security Description |
|
Principal
Amount |
Value |
|
CORPORATE BONDS & NOTES — 97.0% | |||
|
ADVERTISING — 0.8% | |||
|
Neptune Bidco U.S., Inc.
10.38%, 5/15/2031 (a) |
|
$40,000 |
$41,789 |
|
AEROSPACE & DEFENSE — 1.4% | |||
|
ATI, Inc.
5.13%, 10/1/2031 |
|
30,000 |
29,729 |
|
Bombardier, Inc.
7.25%, 7/1/2031 (a) |
|
40,000 |
42,087 |
|
|
|
|
71,816 |
|
AIRLINES — 1.1% | |||
|
JetBlue Airways Corp./JetBlue
Loyalty LP
9.88%, 9/20/2031 (a) |
|
60,000 |
55,215 |
|
APPAREL — 1.0% | |||
|
Crocs, Inc.
4.13%, 8/15/2031 (a) |
|
13,000 |
12,111 |
|
William Carter Co.
7.38%, 2/15/2031 (a) |
|
35,000 |
36,202 |
|
|
|
|
48,313 |
|
AUTO MANUFACTURERS — 1.8% | |||
|
Allison Transmission, Inc.
3.75%, 1/30/2031 (a) |
|
50,000 |
46,829 |
|
JB Poindexter & Co., Inc.
8.75%, 12/15/2031 (a) |
|
40,000 |
41,131 |
|
|
|
|
87,960 |
|
AUTO PARTS & EQUIPMENT — 1.7% | |||
|
Goodyear Tire & Rubber Co.
5.25%, 7/15/2031 |
|
30,000 |
26,637 |
|
ZF North America Capital, Inc.
7.50%, 3/24/2031 (a) |
|
60,000 |
60,578 |
|
|
|
|
87,215 |
|
CHEMICALS — 3.2% | |||
|
Cerdia Finanz GmbH
9.38%, 10/3/2031 (a) |
|
35,000 |
30,985 |
|
FMC Corp.
8.00%, 6/1/2031 (a) (b) |
|
50,000 |
52,261 |
|
Huntsman International LLC
2.95%, 6/15/2031 |
|
35,000 |
30,211 |
|
Olympus Water U.S. Holding Corp.
7.25%, 6/15/2031 (a) |
|
30,000 |
30,457 |
|
Tronox, Inc.
9.13%, 9/30/2030 (a) |
|
15,000 |
15,182 |
|
|
|
|
159,096 |
|
COMMERCIAL SERVICES — 3.4% | |||
|
AMN Healthcare, Inc.
6.50%, 1/15/2031 (a) |
|
30,000 |
30,138 |
|
GEO Group, Inc.
10.25%, 4/15/2031 |
|
35,000 |
37,877 |
|
RR Donnelley & Sons Co.
11.00%, 6/1/2031 (a) |
|
25,000 |
24,287 |
|
Security Description |
|
Principal
Amount |
Value |
|
Sotheby's
8.25%, 4/15/2031 (a) |
|
$30,000 |
$29,531 |
|
TriNet Group, Inc.
7.13%, 8/15/2031 (a) |
|
30,000 |
30,190 |
|
Veritiv Operating Co.
10.50%, 11/30/2030 (a) |
|
20,000 |
20,522 |
|
|
|
|
172,545 |
|
CONSTRUCTION MATERIALS — 0.6% | |||
|
Knife River Corp.
7.75%, 5/1/2031 (a) |
|
30,000 |
31,142 |
|
DISTRIBUTION & WHOLESALE — 0.5% | |||
|
S&S Holdings LLC
8.38%, 10/1/2031 (a) |
|
25,000 |
23,977 |
|
DIVERSIFIED FINANCIAL SERVICES — 7.1% | |||
|
Bread Financial Holdings, Inc.
6.75%, 5/15/2031 (a) |
|
35,000 |
35,818 |
|
Burford Capital Global Finance LLC
9.25%, 7/1/2031 (a) |
|
20,000 |
19,279 |
|
Coinbase Global, Inc.
3.63%, 10/1/2031 (a) |
|
30,000 |
26,488 |
|
Jane Street Group/JSG Finance,
Inc.
7.13%, 4/30/2031 (a) |
|
25,000 |
25,948 |
|
Jefferies Finance LLC/JFIN
Co-Issuer Corp.
6.63%, 10/15/2031 (a) |
|
35,000 |
34,500 |
|
Navient Corp.: |
|
|
|
|
9.38%, 10/15/2031 |
|
30,000 |
29,899 |
|
11.50%, 3/15/2031 |
|
25,000 |
26,606 |
|
Oxford Finance LLC/Oxford Finance
Co-Issuer II, Inc.
7.75%, 5/15/2031 (a) |
|
45,000 |
44,658 |
|
PennyMac Financial Services, Inc.
6.88%, 5/15/2032 (a) |
|
25,000 |
24,508 |
|
SLM Corp.
SOFR + 2.71%, 6.50%,
5/15/2032 (c) |
|
50,000 |
50,008 |
|
StoneX Group, Inc.
7.88%, 3/1/2031 (a) |
|
35,000 |
36,833 |
|
|
|
|
354,545 |
|
ELECTRIC — 2.7% | |||
|
Emera U.S. Finance LLC
Series A, 5 yr. CMT + 2.87%,
6.65%, 10/1/2056 (c) |
|
17,000 |
17,163 |
|
Long Ridge Energy LLC
8.75%, 2/15/2032 (a) |
|
25,000 |
25,981 |
|
NRG Energy, Inc.
4.96%, 4/30/2031 (a) |
|
50,000 |
49,488 |
|
XPLR Infrastructure Operating
Partners LP
7.25%, 1/15/2029 (a) |
|
40,000 |
41,668 |
|
|
|
|
134,300 |
|
ELECTRICAL COMPONENTS & EQUIPMENT — 1.1% | |||
|
EnerSys
6.63%, 1/15/2032 (a) |
|
25,000 |
25,739 |
|
Security Description |
|
Principal
Amount |
Value |
|
WESCO Distribution, Inc.
5.25%, 4/15/2031 (a) |
|
$30,000 |
$29,761 |
|
|
|
|
55,500 |
|
ELECTRONICS — 1.3% | |||
|
Atkore, Inc.
4.25%, 6/1/2031 (a) |
|
30,000 |
28,604 |
|
Sensata Technologies, Inc.
3.75%, 2/15/2031 (a) |
|
40,000 |
37,499 |
|
|
|
|
66,103 |
|
ENTERTAINMENT — 2.6% | |||
|
Caesars Entertainment, Inc.
6.50%, 2/15/2032 (a) |
|
20,000 |
19,514 |
|
Discovery Global Holdings, Inc.
4.28%, 3/15/2032 |
|
25,000 |
22,001 |
|
Mohegan Tribal Gaming
Authority/MS Digital
Entertainment Holdings LLC
11.88%, 4/15/2031 (a) |
|
40,000 |
43,456 |
|
Motion Finco SARL
8.38%, 2/15/2032 (a) |
|
15,000 |
12,356 |
|
Premier Entertainment
Sub LLC/Premier Entertainment
Finance Corp.
5.88%, 9/1/2031 (a) |
|
25,000 |
12,343 |
|
Resorts World Las
Vegas LLC/RWLV Capital, Inc.
8.45%, 7/27/2030 (a) |
|
20,000 |
19,900 |
|
|
|
|
129,570 |
|
ENVIRONMENTAL CONTROL — 1.2% | |||
|
Clean Harbors, Inc.
6.38%, 2/1/2031 (a) |
|
35,000 |
35,563 |
|
Luna 1.5 SARL
12.00%, 7/1/2032 (a) |
|
25,000 |
26,716 |
|
|
|
|
62,279 |
|
FOOD — 0.7% | |||
|
Fiesta Purchaser, Inc.
7.88%, 3/1/2031 (a) |
|
35,000 |
35,245 |
|
FOOD SERVICE — 0.6% | |||
|
TKC Holdings, Inc.
12.00%, 2/15/2031 (a) |
|
30,000 |
31,275 |
|
HEALTH CARE SERVICES — 1.9% | |||
|
DaVita, Inc.
3.75%, 2/15/2031 (a) |
|
60,000 |
55,801 |
|
HAH Group Holding Co. LLC
9.75%, 10/1/2031 (a) |
|
30,000 |
26,956 |
|
MPH Acquisition Holdings LLC
5.75%, 12/31/2030 (a) |
|
15,000 |
12,079 |
|
|
|
|
94,836 |
|
HOLDING COMPANIES-DIVERSIFIED — 1.6% | |||
|
Clue Opco LLC
9.50%, 10/15/2031 (a) |
|
30,000 |
28,185 |
|
Security Description |
|
Principal
Amount |
Value |
|
Stena International SA
7.25%, 1/15/2031 (a) |
|
$50,000 |
$51,265 |
|
|
|
|
79,450 |
|
HOME FURNISHINGS — 0.5% | |||
|
FXI Holdings, Inc.
11.00%, 11/15/2030 (a) |
|
10,000 |
8,397 |
|
Whirlpool Corp.
2.40%, 5/15/2031 |
|
25,000 |
19,156 |
|
|
|
|
27,553 |
|
HOUSEWARES — 0.8% | |||
|
Central Garden & Pet Co.: |
|
|
|
|
4.13%, 10/15/2030 |
|
15,000 |
14,213 |
|
4.13%, 4/30/2031 (a) |
|
30,000 |
28,170 |
|
|
|
|
42,383 |
|
INSURANCE — 6.3% | |||
|
Acrisure LLC/Acrisure Finance, Inc.
7.50%, 11/6/2030 (a) |
|
20,000 |
19,980 |
|
Alliant Holdings
Intermediate LLC/Alliant Holdings
Co-Issuer
7.00%, 1/15/2031 (a) |
|
50,000 |
50,752 |
|
Ardonagh Finco Ltd.
7.75%, 2/15/2031 (a) |
|
45,000 |
45,336 |
|
Baldwin Insurance Group
Holdings LLC/Baldwin Insurance
Group Holdings Finance
7.13%, 5/15/2031 (a) |
|
30,000 |
30,119 |
|
CRC Insurance Group LLC
7.13%, 6/1/2031 (a) |
|
110,000 |
110,239 |
|
Howden U.K. Refinance
PLC/Howden U.K. Refinance 2
PLC/Howden U.S. Refinance LLC
7.25%, 2/15/2031 (a) |
|
45,000 |
44,604 |
|
Nassau Cos., of New York
7.88%, 7/15/2030 (a) |
|
15,000 |
14,300 |
|
|
|
|
315,330 |
|
INTERNET — 1.2% | |||
|
AP Core Holdings II LLC
11.00%, 5/15/2031 (a) |
|
15,000 |
15,704 |
|
Match Group Holdings II LLC
3.63%, 10/1/2031 (a) |
|
35,000 |
31,381 |
|
ZipRecruiter, Inc.
5.00%, 1/15/2030 (a) |
|
16,000 |
11,033 |
|
|
|
|
58,118 |
|
IRON/STEEL — 1.1% | |||
|
Mineral Resources Ltd.: |
|
|
|
|
6.00%, 5/1/2032 (a) |
|
30,000 |
29,880 |
|
7.00%, 4/1/2031 (a) |
|
25,000 |
25,990 |
|
|
|
|
55,870 |
|
IT SERVICES — 2.0% | |||
|
Fortress Intermediate 3, Inc.
7.50%, 6/1/2031 (a) |
|
35,000 |
35,386 |
|
Security Description |
|
Principal
Amount |
Value |
|
Seagate Data Storage Technology
Pte. Ltd.
8.50%, 7/15/2031 (a) |
|
$40,000 |
$41,810 |
|
Unisys Corp.
10.63%, 1/15/2031 (a) |
|
25,000 |
24,377 |
|
|
|
|
101,573 |
|
LEISURE TIME — 0.3% | |||
|
Kingpin Intermediate Holdings LLC
7.25%, 10/15/2032 (a) |
|
15,000 |
13,009 |
|
LODGING — 2.3% | |||
|
Hilton Domestic Operating Co., Inc.
4.00%, 5/1/2031 (a) |
|
50,000 |
47,396 |
|
Hilton Grand Vacations
Borrower LLC/Hilton Grand
Vacations Borrower, Inc.
6.63%, 1/15/2032 (a) |
|
30,000 |
30,541 |
|
Travel & Leisure Co.
6.25%, 6/1/2031 (a) |
|
35,000 |
35,200 |
|
|
|
|
113,137 |
|
MACHINERY, CONSTRUCTION & MINING — 0.4% | |||
|
Solaris Energy Infrastructure LLC
6.38%, 5/15/2031 (a) |
|
20,000 |
20,315 |
|
MEDIA — 5.8% | |||
|
AMC Global Media, Inc.
10.50%, 7/15/2032 (a) |
|
15,000 |
15,522 |
|
Block Communications, Inc.
10.25%, 3/1/2031 (a) |
|
15,000 |
14,020 |
|
CSC Holdings LLC
3.38%, 2/15/2031 (a) |
|
60,000 |
33,627 |
|
Directv Financing LLC/Directv
Financing Co-Obligor, Inc.
10.00%, 2/15/2031 (a) |
|
39,000 |
40,818 |
|
Dotdash Meredith, Inc.
7.63%, 6/15/2032 (a) |
|
15,000 |
14,399 |
|
Gray Media, Inc.
5.38%, 11/15/2031 (a) |
|
20,000 |
14,341 |
|
Paramount Global: |
|
|
|
|
4.20%, 5/19/2032 |
|
55,000 |
47,573 |
|
4.95%, 1/15/2031 |
|
20,000 |
18,646 |
|
Univision Communications, Inc.: |
|
|
|
|
8.50%, 7/31/2031 (a) |
|
35,000 |
35,253 |
|
8.88%, 4/15/2033 (a) |
|
10,000 |
9,962 |
|
Versant Media Group, Inc.
7.25%, 1/30/2031 (a) |
|
45,000 |
46,738 |
|
|
|
|
290,899 |
|
METAL FABRICATE & HARDWARE — 0.4% | |||
|
Park-Ohio Industries, Inc.
8.50%, 8/1/2030 (a) |
|
20,000 |
20,987 |
|
MINING — 2.8% | |||
|
Fortescue Treasury Pty. Ltd.
4.38%, 4/1/2031 (a) |
|
50,000 |
47,792 |
|
Kaiser Aluminum Corp.
4.50%, 6/1/2031 (a) |
|
35,000 |
33,545 |
|
Security Description |
|
Principal
Amount |
Value |
|
Novelis Corp.
3.88%, 8/15/2031 (a) |
|
$40,000 |
$36,382 |
|
PLS Group Ltd.
6.88%, 5/1/2031 (a) |
|
20,000 |
20,516 |
|
|
|
|
138,235 |
|
OFFICE & BUSINESS EQUIPMENT — 0.4% | |||
|
Xerox Corp.
10.25%, 10/15/2030 (a) |
|
20,000 |
17,648 |
|
OIL & GAS — 4.8% | |||
|
CVR Energy, Inc.
7.50%, 2/15/2031 (a) |
|
30,000 |
30,329 |
|
Hilcorp Energy I LP/Hilcorp Finance
Co.
6.00%, 2/1/2031 (a) |
|
40,000 |
39,454 |
|
Kraken Oil & Gas Partners LLC
7.13%, 5/15/2031 (a) |
|
30,000 |
29,775 |
|
Moss Creek Resources Holdings,
Inc.
8.25%, 9/1/2031 (a) |
|
35,000 |
35,603 |
|
PBF Holding Co. LLC/PBF Finance
Corp.
7.25%, 6/1/2034 (a) |
|
20,000 |
19,909 |
|
SM Energy Co.
8.75%, 7/1/2031 (a) |
|
50,000 |
52,370 |
|
Transocean International Ltd.
7.50%, 4/15/2031 |
|
30,000 |
30,830 |
|
|
|
|
238,270 |
|
OIL & GAS SERVICES — 2.1% | |||
|
Enerflex, Inc.
6.88%, 1/15/2031 (a) |
|
35,000 |
35,955 |
|
Kodiak Gas Services LLC
5.88%, 4/1/2031 (a) |
|
43,000 |
43,230 |
|
Star Holding LLC
8.75%, 8/1/2031 (a) |
|
25,000 |
25,423 |
|
|
|
|
104,608 |
|
PACKAGING & CONTAINERS — 0.5% | |||
|
Sword Purchaser LLC
8.25%, 4/15/2033 (a) |
|
25,000 |
25,750 |
|
PHARMACEUTICALS — 1.2% | |||
|
Accendra Health, Inc.
6.63%, 4/1/2030 (a) |
|
15,000 |
9,036 |
|
Bausch Health Cos., Inc.
5.25%, 2/15/2031 (a) |
|
20,000 |
11,477 |
|
HLF Financing SARL LLC/Herbalife
International, Inc.
7.75%, 5/1/2033 (a) |
|
40,000 |
40,400 |
|
|
|
|
60,913 |
|
PIPELINES — 1.5% | |||
|
Antero Midstream
Partners LP/Antero Midstream
Finance Corp.
6.63%, 2/1/2032 (a) |
|
20,000 |
20,422 |
|
Security Description |
|
Principal
Amount |
Value |
|
CQP Holdco LP/BIP-V Chinook
Holdco LLC
5.50%, 6/15/2031 (a) |
|
$55,000 |
$54,188 |
|
|
|
|
74,610 |
|
REAL ESTATE INVESTMENT TRUSTS — 2.5% | |||
|
Blackstone Mortgage Trust, Inc.
6.25%, 6/1/2031 (a) |
|
30,000 |
29,501 |
|
Brandywine Operating
Partnership LP
6.13%, 1/15/2031 |
|
20,000 |
18,760 |
|
Diversified Healthcare Trust
4.38%, 3/1/2031 |
|
25,000 |
22,781 |
|
MPT Operating Partnership LP/MPT
Finance Corp.
3.50%, 3/15/2031 |
|
40,000 |
28,709 |
|
Rithm Capital Corp.
8.50%, 6/1/2031 (a) |
|
25,000 |
24,972 |
|
|
|
|
124,723 |
|
RETAIL — 2.8% | |||
|
Carvana Co.
9.00%, 6/1/2031 (a) |
|
70,000 |
77,349 |
|
Ferrellgas LP/Ferrellgas Finance
Corp.
9.25%, 1/15/2031 (a) |
|
35,000 |
36,871 |
|
Petco Health & Wellness Co., Inc.
8.25%, 2/1/2031 (a) |
|
25,000 |
25,025 |
|
|
|
|
139,245 |
|
SOFTWARE — 4.1% | |||
|
CoreWeave, Inc.: |
|
|
|
|
9.00%, 2/1/2031 (a) |
|
30,000 |
30,415 |
|
9.75%, 10/1/2031 (a) |
|
60,000 |
61,868 |
|
Open Text Corp.
3.88%, 12/1/2029 (a) |
|
40,000 |
36,712 |
|
UKG, Inc.
6.88%, 2/1/2031 (a) |
|
75,000 |
73,747 |
|
|
|
|
202,742 |
|
TELECOMMUNICATIONS — 16.5% | |||
|
Altice France SA
6.50%, 10/15/2031 (a) |
|
30,000 |
29,184 |
|
APLD ComputeCo 2 LLC
6.75%, 3/15/2031 (a) |
|
25,000 |
25,194 |
|
Connect Holding II LLC
10.50%, 4/3/2031 (a) |
|
75,000 |
76,355 |
|
Core Scientific Finance I LLC
7.75%, 5/15/2031 (a) |
|
90,000 |
92,101 |
|
Edged Compute LLC
7.50%, 4/30/2031 (a) |
|
45,000 |
45,133 |
|
Iliad Holding SAS
8.50%, 4/15/2031 (a) |
|
45,000 |
47,676 |
|
Meridian Arc Holdco LLC
6.25%, 4/30/2031 (a) |
|
145,000 |
145,763 |
|
PR RNO Property Owner 1 LLC
6.50%, 5/1/2031 (a) |
|
20,000 |
20,022 |
|
Security Description |
|
Principal
Amount |
Value |
|
SE Cosmos LLC
8.88%, 5/1/2031 (a) |
|
$25,000 |
$26,160 |
|
SV RNO Property Owner 1 LLC
5.88%, 3/1/2031 (a) |
|
120,000 |
118,464 |
|
Viasat, Inc.
7.50%, 5/30/2031 (a) |
|
40,000 |
40,412 |
|
Vmed O2 U.K. Financing I PLC
4.25%, 1/31/2031 (a) |
|
95,000 |
79,437 |
|
Windstream
Services LLC/Windstream Escrow
Finance Corp.
8.25%, 10/1/2031 (a) |
|
75,000 |
79,160 |
|
|
|
|
825,061 |
|
TRANSPORTATION — 0.4% | |||
|
RXO, Inc.
6.38%, 5/15/2031 (a) |
|
20,000 |
20,155 |
|
TOTAL CORPORATE BONDS &
NOTES
(Cost $4,871,224) |
|
|
4,853,305 |
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENT — 4.2% |
| ||
|
State Street Institutional
U.S. Government Money Market
Fund, Class G Shares 3.60% (d)
(e)
(Cost $210,455) |
210,455 |
210,455 | |
|
TOTAL INVESTMENTS — 101.2%
(Cost $5,081,679) |
5,063,760 | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS —
(1.2)% |
(59,882) | ||
|
NET ASSETS — 100.0% |
$5,003,878 | ||
|
(a) |
Securities purchased pursuant to Rule 144A of the
Securities Act of 1933, as amended. These securities,
which represent 87.6% of net assets as of May 31, 2026,
may be resold in transactions exempt from registration,
normally to qualified institutional buyers. |
|
(b) |
When-issued security. |
|
(c) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(d) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(e) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Abbreviations: |
|
|
CMT |
Constant Maturity Treasury |
|
SOFR |
Secured Overnight Financing Rate |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Corporate Bonds & Notes |
$— |
$4,853,305 |
$— |
$4,853,305 |
|
Short-Term Investment |
210,455 |
— |
— |
210,455 |
|
TOTAL INVESTMENTS |
$210,455 |
$4,853,305 |
$— |
$5,063,760 |
|
|
Number of
Shares Held
at
2/26/26* |
Value at
2/26/26* |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional U.S. Government Money Market Fund, Class G
Shares |
— |
$— |
$1,427,059 |
$1,216,604 |
$— |
$— |
210,455 |
$210,455 |
$1,189 |
|
State Street Institutional U.S. Government Money Market Fund, Premier
Class |
— |
— |
422,873 |
422,873 |
— |
— |
— |
— |
256 |
|
Total |
|
$— |
$1,849,932 |
$1,639,477 |
$— |
$— |
|
$210,455 |
$1,445 |
|
* |
Commencement of operations. |
|
Security Description |
|
Principal
Amount |
Value |
|
MUNICIPAL BONDS & NOTES — 107.2% |
| ||
|
ARIZONA — 1.7% |
|
|
|
|
City of Mesa Utility System Revenue,
AZ
5.00%, 7/1/2026 (a) |
$150,000 |
$150,250 | |
|
CALIFORNIA — 10.6% |
|
|
|
|
Arcadia Unified School District,
General Obligation, CA
4.00%, 8/1/2038 |
225,000 |
225,084 | |
|
Los Angeles Department of Water &
Power Revenue, CA
Series D, 5.00%, 7/1/2026 |
250,000 |
250,463 | |
|
Los Angeles Department of Water &
Power Water System Revenue, CA
Series C, 5.00%, 7/1/2026 |
100,000 |
100,178 | |
|
State of California, General Obligation,
CA: |
|
| |
|
4.00%, 9/1/2026 |
2,000 |
2,007 | |
|
5.00%, 9/1/2028 |
50,000 |
50,309 | |
|
Sunnyvale School District, General
Obligation, CA
5.00%, 9/1/2026 (a) |
150,000 |
150,875 | |
|
Temecula Valley Unified School
District, General Obligation, CA
5.00%, 8/1/2026 |
150,000 |
150,620 | |
|
|
|
|
929,536 |
|
COLORADO — 3.1% |
|
|
|
|
City & County of Denver Airport
System Revenue, CO
Series C, 5.00%, 11/15/2026 |
20,000 |
20,210 | |
|
Colorado Health Facilities Authority
Revenue, CO
Series A, 5.00%, 12/1/2026 (a) |
150,000 |
151,568 | |
|
Larimer Weld & Boulder County
School District R-2J Thompson,
General Obligation, CO
Series J, State Aid Withholding,
5.50%, 12/15/2026 |
100,000 |
101,530 | |
|
|
|
|
273,308 |
|
CONNECTICUT — 2.3% |
|
|
|
|
State of Connecticut Special Tax
Revenue, CT
Series A, 5.00%, 9/1/2027 |
200,000 |
201,136 | |
|
DELAWARE — 5.5% |
|
|
|
|
Delaware State Health Facilities
Authority Revenue, DE
5.00%, 10/1/2026 |
100,000 |
100,742 | |
|
Delaware Transportation Authority
Revenue, DE: |
|
| |
|
5.00%, 7/1/2026 |
155,000 |
155,305 | |
|
5.00%, 9/1/2026 |
225,000 |
226,326 | |
|
|
|
|
482,373 |
|
Security Description |
|
Principal
Amount |
Value |
|
FLORIDA — 10.1% |
|
|
|
|
City of Gainesville Utilities System
Revenue, FL
Series A, 5.00%, 10/1/2026 |
$65,000 |
$65,482 | |
|
Escambia County School Board
Revenue, FL
5.00%, 9/1/2027 |
30,000 |
30,173 | |
|
Florida Municipal Power Agency
Revenue, FL: |
|
| |
|
Series A, 5.00%, 10/1/2027 |
170,000 |
171,167 | |
|
Series A, 5.00%, 10/1/2028 |
270,000 |
272,024 | |
|
South Florida Water Management
District,Certificate Participation,FL
COPs, 5.00%, 10/1/2026 |
250,000 |
251,896 | |
|
Tampa Bay Water Revenue, FL
Series A, 5.00%, 10/1/2037 |
95,000 |
95,540 | |
|
|
|
|
886,282 |
|
GEORGIA — 2.5% |
|
|
|
|
Richmond County Board of Education,
General Obligation, GA
State Aid Withholding, 5.00%,
10/1/2026 |
220,000 |
221,735 | |
|
ILLINOIS — 5.1% |
|
|
|
|
Illinois Finance Authority Revenue, IL
Series A, 4.00%, 10/1/2034 |
225,000 |
225,148 | |
|
Lake Cook Kane & McHenry Counties
Community Unit School District 220
Barrington, General Obligation, IL
5.00%, 12/1/2026 |
200,000 |
202,130 | |
|
State of Illinois, General Obligation, IL
Series B, 5.00%, 10/1/2026 |
20,000 |
20,141 | |
|
|
|
|
447,419 |
|
INDIANA — 4.3% |
|
|
|
|
City of Indianapolis Department of
Public Utilities Water System
Revenue, IN
Series A, 5.00%, 10/1/2026 |
135,000 |
136,037 | |
|
Indiana Municipal Power Agency
Revenue, IN
Series C, 5.00%, 1/1/2027 |
35,000 |
35,064 | |
|
Indianapolis Local Public Improvement
Bond Bank Revenue, IN
Series A, 5.00%, 6/1/2026 |
20,000 |
20,000 | |
|
Richland-Bean Blossom School
Building Corp. Revenue, IN
State Aid Intercept, 5.00%,
7/15/2026 |
185,000 |
185,389 | |
|
|
|
|
376,490 |
|
KANSAS — 1.8% |
|
|
|
|
Johnson County Public Building
Commission Revenue, KS
Series A, 5.00%, 9/1/2026 |
120,000 |
120,616 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Sedgwick County Unified School
District No. 265 Goddard, General
Obligation, KS
Series B, 5.00%, 10/1/2026 |
$35,000 |
$35,260 | |
|
|
|
|
155,876 |
|
KENTUCKY — 4.9% |
|
|
|
|
Kentucky State Property & Building
Commission Revenue, KY: |
|
| |
|
Series A, 5.00%, 11/1/2026 |
130,000 |
131,198 | |
|
Series B, 5.00%, 11/1/2026 |
145,000 |
146,337 | |
|
Kentucky Turnpike Authority Revenue,
KY
Series A, 5.00%, 7/1/2026 |
150,000 |
150,252 | |
|
|
|
|
427,787 |
|
LOUISIANA — 0.4% |
|
|
|
|
State of Louisiana, General Obligation,
LA
Series B, 5.00%, 8/1/2026 |
30,000 |
30,118 | |
|
MARYLAND — 6.2% |
|
|
|
|
Maryland Health & Higher Educational
Facilities Authority Revenue, MD
Series A, 5.00%, 8/15/2026 |
250,000 |
251,129 | |
|
State of Maryland, General Obligation,
MD
Series B, 5.00%, 8/1/2026 |
20,000 |
20,078 | |
|
Washington Suburban Sanitary
Commission Revenue, MD
Series SECOND, 5.00%, 6/1/2026 |
270,000 |
270,000 | |
|
|
|
|
541,207 |
|
MASSACHUSETTS — 1.5% |
|
|
|
|
Massachusetts Development Finance
Agency Revenue, MA: |
|
| |
|
5.00%, 10/1/2037 |
80,000 |
80,284 | |
|
Series A, 5.00%, 7/15/2034 |
50,000 |
50,134 | |
|
|
|
|
130,418 |
|
MICHIGAN — 1.6% |
|
|
|
|
Michigan Finance Authority Revenue,
MI
Series A, 5.00%, 11/1/2026 |
135,000 |
136,290 | |
|
MINNESOTA — 2.5% |
|
|
|
|
State of Minnesota, General
Obligation, MN
Series D, 5.00%, 10/1/2026 |
215,000 |
216,775 | |
|
NEW MEXICO — 2.9% |
|
|
|
|
Albuquerque Municipal School District
No. 12, General Obligation, NM
State Aid Withholding, 5.00%,
8/1/2026 |
205,000 |
205,757 | |
|
New Mexico Finance Authority
Revenue, NM
Series C1, 5.00%, 6/15/2026 |
40,000 |
40,035 | |
|
Security Description |
|
Principal
Amount |
Value |
|
State of New Mexico Severance Tax
Permanent Fund Revenue, NM
Series A, 5.00%, 7/1/2026 |
$5,000 |
$5,009 | |
|
|
|
|
250,801 |
|
NEW YORK — 5.9% |
|
|
|
|
Long Island Power Authority Revenue,
NY
Series B, 5.00%, 9/1/2031 |
175,000 |
175,964 | |
|
Metropolitan Transportation Authority
Revenue, NY
Series B, 5.00%, 11/15/2032 |
40,000 |
40,343 | |
|
New York City Transitional Finance
Authority Future Tax Secured
Revenue, NY
Series B1, 4.00%, 8/1/2037 |
300,000 |
300,605 | |
|
|
|
|
516,912 |
|
NORTH CAROLINA — 2.4% |
|
|
|
|
County of Durham, General
Obligation, NC
4.00%, 10/1/2026 |
210,000 |
210,951 | |
|
OHIO — 4.3% |
|
|
|
|
Ohio Water Development Authority
Revenue, OH
Series A, 5.00%, 6/1/2026 |
275,000 |
275,000 | |
|
Olentangy Local School District,
General Obligation, OH
5.00%, 12/1/2026 |
100,000 |
101,205 | |
|
|
|
|
376,205 |
|
PENNSYLVANIA — 2.8% |
|
|
|
|
City of Philadelphia Water &
Wastewater Revenue, PA
Series B, 5.00%, 11/1/2026 |
75,000 |
75,710 | |
|
Norristown Area School District,
General Obligation, PA
Series B, State Aid Withholding,
5.00%, 9/1/2026 (a) |
170,000 |
170,873 | |
|
|
|
|
246,583 |
|
SOUTH CAROLINA — 0.9% |
|
|
|
|
South Carolina Public Service
Authority Revenue, SC
Series B, 5.00%, 12/1/2026 |
75,000 |
75,814 | |
|
SOUTH DAKOTA — 0.1% |
|
|
|
|
South Dakota Conservancy District
Revenue, SD
Series B, 5.00%, 8/1/2026 |
10,000 |
10,038 | |
|
TENNESSEE — 1.2% |
|
|
|
|
State of Tennessee, General
Obligation, TN
Series B, 5.00%, 8/1/2026 |
105,000 |
105,402 | |
|
TEXAS — 11.2% |
|
|
|
|
Aldine Independent School District,
General Obligation, TX
Permanent School Fund, 5.00%,
8/15/2026 (b) |
225,000 |
226,042 | |
|
Security Description |
|
Principal
Amount |
Value |
|
City of Houston, General Obligation,
TX
Series A, 5.00%, 3/1/2035 |
$130,000 |
$130,186 | |
|
Edinburg Consolidated Independent
School District, General Obligation,
TX
Permanent School Fund, 5.00%,
8/15/2026 (b) |
115,000 |
115,523 | |
|
State of Texas, General Obligation,
TX: |
|
| |
|
5.00%, 10/1/2026 |
105,000 |
105,831 | |
|
Series A, 5.00%, 10/1/2026 |
115,000 |
115,911 | |
|
Texas Water Development Board
Revenue, TX: |
|
| |
|
5.00%, 8/1/2026 |
140,000 |
140,548 | |
|
Series A, 5.00%, 10/15/2026 |
140,000 |
141,248 | |
|
|
|
|
975,289 |
|
UTAH — 1.5% |
|
|
|
|
State of Utah, General Obligation, UT
5.00%, 7/1/2026 |
130,000 |
130,249 | |
|
VERMONT — 0.2% |
|
|
|
|
State of Vermont, General Obligation,
VT
Series A, 5.00%, 8/15/2026 |
20,000 |
20,089 | |
|
VIRGINIA — 2.9% |
|
|
|
|
Commonwealth of Virginia, General
Obligation, VA
Series B, 5.00%, 6/1/2026 |
235,000 |
235,000 | |
|
Virginia Commonwealth Transportation
Board Revenue, VA
5.00%, 9/15/2026 |
20,000 |
20,137 | |
|
|
|
|
255,137 |
|
WASHINGTON — 3.6% |
|
|
|
|
King County School District No. 400
Mercer Island, General Obligation,
WA
School Bond Guaranty, 5.00%,
12/1/2026 |
100,000 |
101,138 | |
|
Port of Tacoma Revenue, WA
Series A, 5.00%, 12/1/2026 |
80,000 |
80,970 | |
|
State of Washington, General
Obligation, WA: |
|
| |
|
Series 2017-A, 5.00%, 8/1/2035 |
65,000 |
65,248 | |
|
Series B, 5.00%, 8/1/2030 |
65,000 |
65,248 | |
|
|
|
|
312,604 |
|
Security Description |
|
Principal
Amount |
Value |
|
WISCONSIN — 3.2% |
|
|
|
|
Beaver Dam Unified School District,
General Obligation, WI
Build America Mutual Assurance
Corp., 5.00%, 10/1/2026 (b) |
$125,000 |
$125,910 | |
|
State of Wisconsin, General
Obligation, WI
5.00%, 11/1/2026 |
70,000 |
70,701 | |
|
Three Lakes School District, General
Obligation, WI
Assured Guaranty, Inc., 5.00%,
9/1/2026 (b) |
80,000 |
80,411 | |
|
|
|
|
277,022 |
|
TOTAL MUNICIPAL BONDS & NOTES
(Cost $9,374,194) |
9,370,096 | ||
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENT — 1.3% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (c) (d)
(Cost $113,284) |
113,284 |
113,284 | |
|
TOTAL INVESTMENTS — 108.5%
(Cost $9,487,478) |
9,483,380 | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS —
(8.5)% |
(740,527) | ||
|
NET ASSETS — 100.0% |
$8,742,853 | ||
|
(a) |
When-issued security. |
|
(b) |
Bond is insured by the following: |
|
|
% of
Net Assets |
|
Permanent School Fund Guaranteed |
3.9
% |
|
Build America Mutual Assurance Corp. |
1.5
% |
|
Assured Guaranty, Inc. |
0.9
% |
|
(c) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(d) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Municipal Bonds & Notes |
$— |
$9,370,096 |
$— |
$9,370,096 |
|
Short-Term Investment |
113,284 |
— |
— |
113,284 |
|
TOTAL INVESTMENTS |
$113,284 |
$9,370,096 |
$— |
$9,483,380 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier
Class |
41,946 |
$41,946 |
$6,401,875 |
$6,330,537 |
$— |
$— |
113,284 |
$113,284 |
$2,863 |
|
Security Description |
|
Principal
Amount |
Value |
|
MUNICIPAL BONDS & NOTES — 98.3% |
| ||
|
ARIZONA — 1.2% |
|
|
|
|
City of Phoenix Civic Improvement
Corp. Revenue, AZ
Series D, 5.00%, 7/1/2029 |
$40,000 |
$40,972 | |
|
Maricopa County Unified School
District No. 4 Mesa, General
Obligation, AZ
Series D, 5.00%, 7/1/2027 |
75,000 |
76,959 | |
|
|
|
|
117,931 |
|
CALIFORNIA — 1.3% |
|
|
|
|
California Health Facilities Financing
Authority Revenue, CA
Series B, 5.00%, 10/1/2039 (a) |
125,000 |
127,924 | |
|
COLORADO — 2.0% |
|
|
|
|
Board of Governors of Colorado State
University System Revenue, CO
Series A, 5.00%, 3/1/2027 |
175,000 |
178,105 | |
|
Denver City & County School District
No. 1, General Obligation, CO
Series A, State Aid Withholding,
5.50%, 12/1/2028 |
15,000 |
15,653 | |
|
|
|
|
193,758 |
|
CONNECTICUT — 2.7% |
|
|
|
|
State of Connecticut Special Tax
Revenue, CT
Series A, 5.00%, 9/1/2027 |
265,000 |
266,505 | |
|
DELAWARE — 0.3% |
|
|
|
|
State of Delaware, General Obligation,
DE
Series A, 5.00%, 5/1/2027 |
25,000 |
25,557 | |
|
DISTRICT OF COLUMBIA — 3.0% |
|
|
|
|
District of Columbia Water & Sewer
Authority Revenue, DC
Series A, 5.00%, 10/1/2052 |
175,000 |
176,029 | |
|
Washington Metropolitan Area Transit
Authority Revenue, DC
Series B, 5.00%, 7/1/2042 |
120,000 |
121,807 | |
|
|
|
|
297,836 |
|
FLORIDA — 3.7% |
|
|
|
|
Central Florida Expressway Authority
Revenue, FL
Series B, 5.00%, 7/1/2027 |
100,000 |
100,178 | |
|
City of Gainesville Utilities System
Revenue, FL
Series A, 5.00%, 10/1/2031 |
135,000 |
138,908 | |
|
State of Florida Department of
Transportation Turnpike System
Revenue, FL
Series A, 5.00%, 7/1/2027 |
125,000 |
128,365 | |
|
|
|
|
367,451 |
|
Security Description |
|
Principal
Amount |
Value |
|
GEORGIA — 3.0% |
|
|
|
|
City of Atlanta Water & Wastewater
Revenue, GA
Series A, 5.00%, 11/1/2038 |
$60,000 |
$61,951 | |
|
Houston County School District,
General Obligation, GA
State Aid Withholding, 5.00%,
9/1/2026 |
130,000 |
130,747 | |
|
State of Georgia, General Obligation,
GA
Series A-2, 5.00%, 2/1/2030 |
100,000 |
101,706 | |
|
|
|
|
294,404 |
|
HAWAII — 1.4% |
|
|
|
|
City & County Honolulu Wastewater
System Revenue, HI
Series B, 5.00%, 7/1/2027 |
25,000 |
25,049 | |
|
State of Hawaii, General Obligation, HI
Series EY, 5.00%, 10/1/2027 |
115,000 |
115,209 | |
|
|
|
|
140,258 |
|
IDAHO — 1.4% |
|
|
|
|
Idaho State Building Authority
Revenue, ID
Series A, 5.00%, 6/1/2027 |
140,000 |
143,439 | |
|
ILLINOIS — 6.8% |
|
|
|
|
City of Chicago Wastewater
Transmission Revenue, IL
Series B, 5.00%, 1/1/2036 |
85,000 |
85,845 | |
|
State of Illinois, General Obligation, IL
Series A, 5.00%, 3/1/2027 |
135,000 |
137,169 | |
|
Village of Elk Grove Village, General
Obligation, IL
5.00%, 1/1/2036 |
240,000 |
242,242 | |
|
Village of Rosemont, General
Obligation, IL
Series A, Assured Guaranty, Inc.,
5.00%, 12/1/2046 (b) |
205,000 |
205,032 | |
|
|
|
|
670,288 |
|
IOWA — 3.4% |
|
|
|
|
Iowa Finance Authority Revenue, IA
5.00%, 8/1/2028 |
125,000 |
128,538 | |
|
State of Iowa Board of Regents
Revenue, IA
Series 2025A, 5.00%, 9/1/2027 |
200,000 |
205,610 | |
|
|
|
|
334,148 |
|
KANSAS — 1.7% |
|
|
|
|
Butler County Unified School District
No. 385 Andover, General
Obligation, KS
4.00%, 9/1/2028 |
135,000 |
137,244 | |
|
Johnson County Public Building
Commission Revenue, KS
Series A, 4.00%, 9/1/2027 |
30,000 |
30,087 | |
|
|
|
|
167,331 |
|
Security Description |
|
Principal
Amount |
Value |
|
LOUISIANA — 1.7% |
|
|
|
|
State of Louisiana, General Obligation,
LA
Series E, 5.00%, 9/1/2027 |
$165,000 |
$170,040 | |
|
MAINE — 1.9% |
|
|
|
|
State of Maine, General Obligation,
ME
Series B, 5.00%, 6/1/2027 |
180,000 |
184,386 | |
|
MARYLAND — 3.1% |
|
|
|
|
State of Maryland Department of
Transportation Revenue, MD
Series C, 5.00%, 11/1/2027 |
185,000 |
191,488 | |
|
State of Maryland, General Obligation,
MD
Series A, 5.00%, 3/1/2027 |
70,000 |
71,274 | |
|
Washington Suburban Sanitary
Commission Revenue, MD
5.00%, 6/1/2027 |
45,000 |
46,101 | |
|
|
|
|
308,863 |
|
MICHIGAN — 4.6% |
|
|
|
|
Hancock Public Schools, General
Obligation, MI
Series I, Qualified School Bond
Loan Fund, 5.00%, 5/1/2027 |
380,000 |
387,559 | |
|
L'Anse Creuse Public Schools,
General Obligation, MI
Series I, Qualified School Bond
Loan Fund, 5.00%, 5/1/2027 |
20,000 |
20,424 | |
|
Michigan Finance Authority Revenue,
MI
Series B, 5.00%, 10/1/2027 |
45,000 |
45,354 | |
|
|
|
|
453,337 |
|
MISSOURI — 2.3% |
|
|
|
|
Valley Park Fire Protection District,
General Obligation, MO
4.00%, 3/1/2037 |
225,000 |
225,779 | |
|
NEBRASKA — 0.5% |
|
|
|
|
Public Power Generation Agency
Revenue, NE
Series A, 5.00%, 1/1/2027 |
50,000 |
50,686 | |
|
NEW MEXICO — 2.4% |
|
|
|
|
New Mexico Finance Authority
Revenue, NM
Series B, 5.00%, 6/1/2027 |
75,000 |
76,782 | |
|
New Mexico Hospital Equipment Loan
Council Revenue, NM
Series A, 4.00%, 8/1/2036 |
160,000 |
159,658 | |
|
|
|
|
236,440 |
|
NEW YORK — 9.9% |
|
|
|
|
Build NYC Resource Corp. Revenue,
NY
5.00%, 8/1/2030 |
200,000 |
201,868 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Metropolitan Transportation Authority
Dedicated Tax Fund Revenue, NY
Series A, 5.00%, 11/15/2035 |
$100,000 |
$101,842 | |
|
New York City Municipal Water
Finance Authority Revenue, NY: |
|
| |
|
Series AA, 5.00%, 6/15/2037 |
55,000 |
56,076 | |
|
Series DD, 5.00%, 6/15/2047 |
165,000 |
165,600 | |
|
New York State Dormitory Authority
Revenue, NY: |
|
| |
|
Series A, 5.00%, 2/15/2038 |
20,000 |
20,222 | |
|
Series B, 5.00%, 2/15/2035 |
20,000 |
20,447 | |
|
Triborough Bridge & Tunnel Authority
Revenue, NY
Series B, 5.00%, 11/15/2033 |
400,000 |
407,702 | |
|
|
|
|
973,757 |
|
NORTH CAROLINA — 2.3% |
|
|
|
|
North Carolina Turnpike Authority
Revenue, NC
5.00%, 1/1/2032 |
225,000 |
227,399 | |
|
OHIO — 2.2% |
|
|
|
|
Ohio Higher Educational Facility
Commission Revenue, OH
5.00%, 7/1/2034 |
175,000 |
177,879 | |
|
State of Ohio, General Obligation, OH
Series C, 5.00%, 8/1/2027 |
40,000 |
41,178 | |
|
|
|
|
219,057 |
|
OKLAHOMA — 3.1% |
|
|
|
|
Grand River Dam Authority Revenue,
OK
5.00%, 6/1/2033 |
125,000 |
127,527 | |
|
Oklahoma Turnpike Authority
Revenue, OK: |
|
| |
|
Series A, 5.00%, 1/1/2027 |
50,000 |
50,701 | |
|
Series A, 5.00%, 1/1/2032 |
130,000 |
131,563 | |
|
|
|
|
309,791 |
|
PENNSYLVANIA — 4.5% |
|
|
|
|
Allegheny County Higher Education
Building Authority Revenue, PA
Series A, 5.00%, 8/1/2027 |
105,000 |
107,908 | |
|
Pennsylvania State University
Revenue, PA
Series A, 5.00%, 9/1/2037 |
20,000 |
20,491 | |
|
Pennsylvania Turnpike Commission
Revenue, PA: |
|
| |
|
Series A-1, 5.00%, 12/1/2042 |
175,000 |
178,542 | |
|
Series B-1, 5.00%, 6/1/2037 |
25,000 |
25,396 | |
|
Philadelphia Housing Authority
Revenue, PA
5.00%, 5/1/2047 |
115,000 |
117,374 | |
|
|
|
|
449,711 |
|
SOUTH CAROLINA — 0.1% |
|
|
|
|
City of Charleston Waterworks &
Sewer System Revenue, SC
5.00%, 1/1/2027 |
15,000 |
15,211 | |
|
Security Description |
|
Principal
Amount |
Value |
|
TENNESSEE — 3.1% |
|
|
|
|
Metropolitan Government of Nashville
& Davidson County, General
Obligation, TN
5.00%, 1/1/2027 |
$225,000 |
$225,420 | |
|
State of Tennessee, General
Obligation, TN
Series B, 5.00%, 8/1/2027 |
80,000 |
80,312 | |
|
|
|
|
305,732 |
|
TEXAS — 7.1% |
|
|
|
|
Austin Independent School District,
General Obligation, TX
Permanent School Fund, 5.00%,
8/1/2027 (b) |
50,000 |
50,196 | |
|
City of Dallas, General Obligation, TX
5.00%, 2/15/2029 |
55,000 |
55,888 | |
|
City of Houston, General Obligation,
TX
Series A, 5.00%, 3/1/2027 |
40,000 |
40,074 | |
|
County of Williamson, General
Obligation, TX
5.00%, 2/15/2027 |
45,000 |
45,749 | |
|
Houston Independent School District,
General Obligation, TX
Series A, Permanent School Fund,
5.00%, 2/15/2027 (b) |
110,000 |
110,182 | |
|
Trinity River Authority Central Regional
Wastewater System Revenue, TX: |
|
| |
|
5.00%, 8/1/2026 |
275,000 |
276,052 | |
|
5.00%, 8/1/2027 |
60,000 |
61,680 | |
|
Via Metropolitan Transit Revenue, TX
5.00%, 7/15/2028 |
60,000 |
60,896 | |
|
|
|
|
700,717 |
|
UTAH — 1.0% |
|
|
|
|
State of Utah, General Obligation, UT
5.00%, 7/1/2027 |
100,000 |
102,627 | |
|
VIRGINIA — 5.4% |
|
|
|
|
Virginia College Building Authority
Revenue, VA
Series A, 5.00%, 2/1/2027 |
110,000 |
111,767 | |
|
Virginia Commonwealth Transportation
Board Revenue, VA: |
|
| |
|
5.00%, 3/15/2027 |
50,000 |
50,329 | |
|
Series A, 5.00%, 5/15/2027 |
135,000 |
138,164 | |
|
Virginia Public Building Authority
Revenue, VA
Series A, 5.00%, 8/1/2027 |
225,000 |
231,520 | |
|
|
|
|
531,780 |
|
WASHINGTON — 6.5% |
|
|
|
|
County of King Sewer Revenue, WA
Series B, 5.00%, 7/1/2027 |
50,000 |
51,338 | |
|
County of King, General Obligation,
WA
4.00%, 7/1/2030 |
15,000 |
15,196 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Franklin County School District No. 1
Pasco, General Obligation, WA
School Bond Guaranty, 5.00%,
12/1/2029 |
$400,000 |
$414,067 | |
|
Port of Tacoma, General Obligation,
WA
Series A, 5.00%, 12/1/2030 |
30,000 |
30,358 | |
|
State of Washington, General
Obligation, WA: |
|
| |
|
Series 2017-A, 5.00%, 8/1/2027 |
110,000 |
110,420 | |
|
Series D, 5.00%, 2/1/2040 |
20,000 |
20,210 | |
|
|
|
|
641,589 |
|
WEST VIRGINIA — 2.1% |
|
|
|
|
West Virginia Commissioner of
Highways Revenue, WV
Series A, 5.00%, 9/1/2028 |
200,000 |
205,803 | |
|
WISCONSIN — 2.6% |
|
|
|
|
Green Bay Area Public School District,
General Obligation, WI
5.00%, 4/1/2027 |
250,000 |
254,859 | |
|
TOTAL MUNICIPAL BONDS & NOTES
(Cost $9,719,026) |
9,714,394 | ||
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENT — 0.2% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (c) (d)
(Cost $21,860) |
21,860 |
21,860 | |
|
TOTAL INVESTMENTS — 98.5%
(Cost $9,740,886) |
9,736,254 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES —
1.5% |
145,068 | ||
|
NET ASSETS — 100.0% |
$9,881,322 | ||
|
(a) |
Variable Rate Security - Interest rate shown is rate in effect
at May 31, 2026. For securities based on a published
reference rate and spread, the reference rate and spread
are indicated in the description above. |
|
(b) |
Bond is insured by the following: |
|
|
% of
Net Assets |
|
Assured Guaranty, Inc. |
2.1
% |
|
Permanent School Fund Guaranteed |
1.6
% |
|
(c) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(d) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Municipal Bonds & Notes |
$— |
$9,714,394 |
$— |
$9,714,394 |
|
Short-Term Investment |
21,860 |
— |
— |
21,860 |
|
TOTAL INVESTMENTS |
$21,860 |
$9,714,394 |
$— |
$9,736,254 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier Class |
27,202 |
$27,202 |
$1,160,494 |
$1,165,836 |
$— |
$— |
21,860 |
$21,860 |
$1,056 |
|
Security Description |
|
Principal
Amount |
Value |
|
MUNICIPAL BONDS & NOTES — 98.3% |
| ||
|
ARIZONA — 1.0% |
|
|
|
|
Salt River Project Agricultural
Improvement & Power District
Revenue, AZ
Series A, 5.00%, 1/1/2037 |
$80,000 |
$82,371 | |
|
CALIFORNIA — 3.1% |
|
|
|
|
Metropolitan Water District of Southern
California Revenue, CA
5.00%, 1/1/2036 |
60,000 |
63,008 | |
|
San Mateo County Community
College District, General Obligation,
CA
Series B, 5.00%, 9/1/2045 |
200,000 |
206,884 | |
|
|
|
|
269,892 |
|
COLORADO — 1.9% |
|
|
|
|
Larimer County School District No. R-1
Poudre, General Obligation, CO
State Aid Withholding, 5.00%,
12/15/2031 |
25,000 |
26,456 | |
|
Regional Transportation District Sales
Tax Revenue, CO
Series B, 5.00%, 11/1/2034 |
70,000 |
71,998 | |
|
University of Colorado Revenue, CO
Series A-2, 4.00%, 6/1/2038 |
60,000 |
60,974 | |
|
|
|
|
159,428 |
|
CONNECTICUT — 2.7% |
|
|
|
|
State of Connecticut, General
Obligation, CT
Series A, 5.00%, 3/15/2028 |
225,000 |
234,965 | |
|
DISTRICT OF COLUMBIA — 0.4% |
|
|
|
|
District of Columbia, General
Obligation, DC
Series D, 5.00%, 6/1/2028 |
30,000 |
30,716 | |
|
FLORIDA — 4.9% |
|
|
|
|
Miami-Dade County Educational
Facilities Authority Revenue, FL: |
|
| |
|
Series A, 5.00%, 4/1/2028 |
100,000 |
103,827 | |
|
Series A, 5.00%, 4/1/2034 |
190,000 |
195,243 | |
|
Series A, 5.00%, 4/1/2048 |
35,000 |
35,211 | |
|
School District of Broward County,
General Obligation, FL
5.00%, 7/1/2034 |
25,000 |
26,007 | |
|
State of Florida, General Obligation,
FL
Series A, 5.00%, 6/1/2028 |
55,000 |
57,660 | |
|
|
|
|
417,948 |
|
GEORGIA — 3.8% |
|
|
|
|
Atlanta Urban Redevelopment Agency
Revenue, GA
Series B, 5.00%, 7/1/2028 |
100,000 |
104,951 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Municipal Electric Authority of Georgia
Revenue, GA
Series A, 5.00%, 1/1/2028 |
$225,000 |
$225,410 | |
|
|
|
|
330,361 |
|
HAWAII — 0.8% |
|
|
|
|
City & County of Honolulu, General
Obligation, HI
Series A, 5.00%, 9/1/2030 |
65,000 |
68,321 | |
|
ILLINOIS — 5.0% |
|
|
|
|
Illinois State Toll Highway Authority
Revenue, IL
Series A, 5.00%, 1/1/2035 |
75,000 |
77,216 | |
|
State of Illinois, General Obligation, IL: |
|
| |
|
Series A, 5.00%, 3/1/2028 |
85,000 |
88,125 | |
|
Series B, 5.00%, 10/1/2027 |
25,000 |
25,698 | |
|
Series D, 5.00%, 7/1/2027 |
35,000 |
35,806 | |
|
Series D, 5.00%, 11/1/2028 |
200,000 |
206,089 | |
|
|
|
|
432,934 |
|
INDIANA — 2.2% |
|
|
|
|
Indiana Finance Authority Revenue, IN
Series A, 5.00%, 2/1/2028 |
130,000 |
135,364 | |
|
Indianapolis Local Public Improvement
Bond Bank Revenue, IN: |
|
| |
|
Series C, 4.00%, 1/1/2037 |
30,000 |
30,252 | |
|
Series C, 5.00%, 1/1/2035 |
25,000 |
25,760 | |
|
|
|
|
191,376 |
|
IOWA — 0.2% |
|
|
|
|
Iowa Finance Authority Revenue, IA
Series A, 5.00%, 8/1/2033 |
20,000 |
20,935 | |
|
KENTUCKY — 3.2% |
|
|
|
|
Kentucky State Property & Building
Commission Revenue, KY
Series B, 5.00%, 11/1/2028 |
275,000 |
277,792 | |
|
MARYLAND — 3.5% |
|
|
|
|
State of Maryland, General Obligation,
MD
Series B, 5.00%, 8/1/2028 |
285,000 |
299,955 | |
|
MASSACHUSETTS — 0.4% |
|
|
|
|
Commonwealth of Massachusetts,
General Obligation, MA
Series A, 5.00%, 1/1/2038 |
35,000 |
35,949 | |
|
MICHIGAN — 6.1% |
|
|
|
|
City of Grosse Pointe, General
Obligation, MI
5.00%, 10/1/2031 |
175,000 |
184,171 | |
|
Gibraltar School District, General
Obligation, MI
Qualified School Bond Loan Fund,
5.00%, 5/1/2037 |
175,000 |
180,387 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Hancock Public Schools, General
Obligation, MI
Series I, Qualified School Bond
Loan Fund, 5.00%, 5/1/2028 |
$155,000 |
$161,617 | |
|
|
|
|
526,175 |
|
NEVADA — 2.3% |
|
|
|
|
Clark County School District, General
Obligation, NV
Series B, Build America Mutual
Assurance Corp., 5.00%, 6/15/2034
(a) |
100,000 |
104,409 | |
|
County of Clark, General Obligation,
NV
Series B, 5.00%, 12/1/2033 |
70,000 |
73,706 | |
|
State of Nevada Highway
Improvement Revenue, NV
5.00%, 12/1/2028 |
20,000 |
20,038 | |
|
|
|
|
198,153 |
|
NEW HAMPSHIRE — 1.9% |
|
|
|
|
New Hampshire Health & Education
Facilities Authority Act Revenue, NH
Series A, 5.00%, 7/1/2028 |
160,000 |
163,924 | |
|
NEW MEXICO — 2.7% |
|
|
|
|
Albuquerque Municipal School District
No. 12, General Obligation, NM
State Aid Withholding, 5.00%,
8/1/2028 |
220,000 |
230,627 | |
|
NEW YORK — 8.7% |
|
|
|
|
City of New York, General Obligation,
NY
Series C, 5.00%, 8/1/2031 |
145,000 |
149,950 | |
|
Empire State Development Corp.
Revenue, NY
Series A, 5.00%, 3/15/2033 |
300,000 |
304,933 | |
|
New York City Transitional Finance
Authority Building Aid Revenue, NY
Series S-3, State Aid Withholding,
5.00%, 7/15/2034 |
275,000 |
286,167 | |
|
New York City Transitional Finance
Authority Future Tax Secured
Revenue, NY
Series A1, 5.00%, 8/1/2035 |
10,000 |
10,390 | |
|
|
|
|
751,440 |
|
OHIO — 8.0% |
|
|
|
|
City of Columbus, General Obligation,
OH
Series A, 5.00%, 4/1/2028 |
200,000 |
208,969 | |
|
Ohio Higher Educational Facility
Commission Revenue, OH
Series A, 4.00%, 12/1/2035 |
225,000 |
226,535 | |
|
Ohio Water Development Authority
Water Pollution Control Loan Fund
Revenue, OH
Series A, 5.00%, 6/1/2028 |
240,000 |
245,779 | |
|
Security Description |
|
Principal
Amount |
Value |
|
State of Ohio Revenue, OH
Series 2016-1, 5.00%, 12/15/2028 |
$10,000 |
$10,009 | |
|
|
|
|
691,292 |
|
OKLAHOMA — 1.9% |
|
|
|
|
City of Oklahoma City, General
Obligation, OK
4.00%, 3/1/2028 |
35,000 |
35,365 | |
|
Oklahoma County Independent School
District No. 12 Edmond, General
Obligation, OK
4.00%, 3/1/2028 |
125,000 |
128,050 | |
|
|
|
|
163,415 |
|
PENNSYLVANIA — 7.1% |
|
|
|
|
Commonwealth of Pennsylvania,
General Obligation, PA
Series 1ST, 4.00%, 3/1/2037 |
130,000 |
131,226 | |
|
Pennsylvania Turnpike Commission
Oil Franchise Tax Revenue, PA
Series B, 5.25%, 12/1/2048 |
175,000 |
179,676 | |
|
Pittsburgh School District, General
Obligation, PA
Series A, State Aid Withholding,
4.00%, 9/1/2039 |
100,000 |
100,491 | |
|
Pittsburgh Water & Sewer Authority
Revenue, PA
Series A, 5.00%, 9/1/2028 |
150,000 |
157,408 | |
|
School District of Philadelphia,
General Obligation, PA
Series A, State Aid Withholding,
5.00%, 9/1/2038 |
45,000 |
46,418 | |
|
|
|
|
615,219 |
|
SOUTH DAKOTA — 0.6% |
|
|
|
|
South Dakota Conservancy District
Revenue, SD
Series B, 5.00%, 8/1/2028 |
30,000 |
30,835 | |
|
South Dakota State Building Authority
Revenue, SD
Series A, 5.00%, 6/1/2038 |
20,000 |
20,668 | |
|
|
|
|
51,503 |
|
TENNESSEE — 1.0% |
|
|
|
|
Metropolitan Government of Nashville
& Davidson County, General
Obligation, TN
5.00%, 7/1/2031 |
85,000 |
88,967 | |
|
TEXAS — 11.7% |
|
|
|
|
Conroe Municipal Management District
No. 1, General Obligation, TX
Build America Mutual Assurance
Corp., 4.00%, 9/1/2035 (a) |
130,000 |
130,949 | |
|
Harris County Cultural Education
Facilities Finance Corp. Revenue,
TX
5.00%, 11/15/2027 |
165,000 |
169,681 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Hurst-Euless-Bedford Independent
School District, General Obligation,
TX
Permanent School Fund, 4.00%,
8/15/2038 (a) |
$225,000 |
$226,552 | |
|
Lower Colorado River Authority
Revenue, TX: |
|
| |
|
5.00%, 5/15/2035 |
40,000 |
41,340 | |
|
5.00%, 5/15/2048 |
205,000 |
207,028 | |
|
Texas Water Development Board
Revenue, TX
Series B, 5.00%, 4/15/2049 |
225,000 |
229,360 | |
|
|
|
|
1,004,910 |
|
UTAH — 0.3% |
|
|
|
|
Central Utah Water Conservancy
District Revenue, UT
Series B, 5.00%, 10/1/2028 |
25,000 |
25,788 | |
|
VIRGINIA — 3.0% |
|
|
|
|
Virginia College Building Authority
Revenue, VA
Series C, 5.00%, 2/1/2028 |
55,000 |
55,848 | |
|
Virginia Public Building Authority
Revenue, VA
Series A, 5.00%, 8/1/2028 |
195,000 |
200,476 | |
|
|
|
|
256,324 |
|
WASHINGTON — 3.4% |
|
|
|
|
City of Marysville, General Obligation,
WA
Series B, 5.00%, 12/1/2038 |
25,000 |
25,759 | |
|
City of Seattle Water System
Revenue, WA
5.00%, 8/1/2028 |
25,000 |
25,414 | |
|
King County School District No. 401
Highline, General Obligation, WA
School Bond Guaranty, 5.00%,
12/1/2028 |
140,000 |
141,746 | |
|
King County School District No. 414
Lake Washington, General
Obligation, WA
School Bond Guaranty, 5.00%,
12/1/2036 |
50,000 |
51,924 | |
|
State of Washington, General
Obligation, WA
Series C, 5.00%, 2/1/2033 |
50,000 |
51,834 | |
|
|
|
|
296,677 |
|
Security Description |
|
Principal
Amount |
Value |
|
WEST VIRGINIA — 6.5% |
|
|
|
|
State of West Virginia, General
Obligation, WV
Series B, 5.00%, 12/1/2033 |
$60,000 |
$62,477 | |
|
West Virginia Commissioner of
Highways Revenue, WV
Series A, 5.00%, 9/1/2028 |
480,000 |
493,927 | |
|
|
|
|
556,404 |
|
TOTAL MUNICIPAL BONDS & NOTES
(Cost $8,489,858) |
8,473,761 | ||
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENT — 0.4% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (b) (c)
(Cost $34,640) |
34,640 |
34,640 | |
|
TOTAL INVESTMENTS — 98.7%
(Cost $8,524,498) |
8,508,401 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES —
1.3% |
112,937 | ||
|
NET ASSETS — 100.0% |
$8,621,338 | ||
|
(a) |
Bond is insured by the following: |
|
|
% of
Net Assets |
|
Build America Mutual Assurance Corp. |
2.7
% |
|
Permanent School Fund Guaranteed |
2.6
% |
|
(b) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(c) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Municipal Bonds & Notes |
$— |
$8,473,761 |
$— |
$8,473,761 |
|
Short-Term Investment |
34,640 |
— |
— |
34,640 |
|
TOTAL INVESTMENTS |
$34,640 |
$8,473,761 |
$— |
$8,508,401 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier Class |
52,297 |
$52,297 |
$2,312,631 |
$2,330,288 |
$— |
$— |
34,640 |
$34,640 |
$1,506 |
|
Security Description |
|
Principal
Amount |
Value |
|
MUNICIPAL BONDS & NOTES — 98.2% |
| ||
|
ALABAMA — 3.1% |
|
|
|
|
Alabama Public School & College
Authority Revenue, AL
Series A, 5.00%, 11/1/2029 |
$300,000 |
$323,263 | |
|
Auburn University Revenue, AL
Series A, 5.00%, 6/1/2029 |
25,000 |
25,000 | |
|
State of Alabama, General
Obligation, AL
Series A, 5.00%, 11/1/2031 |
70,000 |
73,789 | |
|
|
|
|
422,052 |
|
ARIZONA — 3.2% |
|
|
|
|
City of Mesa Utility System Revenue,
AZ
Series A, 5.00%, 7/1/2033 |
30,000 |
31,868 | |
|
City of Phoenix Civic Improvement
Corp. Revenue, AZ
Series A, 5.00%, 7/1/2049 |
220,000 |
224,670 | |
|
Maricopa County Industrial
Development Authority Revenue,
AZ
Series A, 4.00%, 1/1/2044 |
185,000 |
174,750 | |
|
|
|
|
431,288 |
|
CALIFORNIA — 0.2% |
|
|
|
|
California Infrastructure & Economic
Development Bank Revenue, CA
5.00%, 8/1/2038 |
25,000 |
26,265 | |
|
COLORADO — 3.3% |
|
|
|
|
Pueblo School District No. 60,
General Obligation, CO
State Aid Withholding, 5.00%,
12/15/2031 |
95,000 |
102,113 | |
|
University of Colorado Revenue, CO
Series B, 5.00%, 6/1/2044 |
65,000 |
69,565 | |
|
Weld County School District No. 6
Greeley, General Obligation, CO
State Aid Withholding, 5.00%,
12/1/2032 |
255,000 |
274,097 | |
|
|
|
|
445,775 |
|
DELAWARE — 4.0% |
|
|
|
|
Delaware Municipal Electric Corp.
Revenue, DE
Series A, Build America Mutual
Assurance Corp., 5.00%,
10/1/2033 (a) |
160,000 |
169,272 | |
|
Delaware Transportation Authority
Revenue, DE
5.00%, 9/1/2029 |
50,000 |
53,622 | |
|
State of Delaware, General
Obligation, DE
5.00%, 2/1/2032 |
300,000 |
318,018 | |
|
|
|
|
540,912 |
|
Security Description |
|
Principal
Amount |
Value |
|
DISTRICT OF COLUMBIA —
0.2% |
|
|
|
|
Washington Metropolitan Area
Transit Authority Revenue, DC
Series A-1, 5.00%, 7/1/2029 |
$20,000 |
$20,482 | |
|
FLORIDA — 4.7% |
|
|
|
|
Central Florida Expressway Authority
Revenue, FL
Series B, 5.00%, 7/1/2049 |
225,000 |
229,472 | |
|
County of Miami-Dade Aviation
Revenue, FL
Series 2016A, 5.00%, 10/1/2029 |
45,000 |
45,329 | |
|
County of Miami-Dade Revenue, FL
Series B, 5.00%, 4/1/2029 |
75,000 |
75,074 | |
|
County of Miami-Dade Transit
System Revenue, FL
5.00%, 7/1/2033 |
80,000 |
84,751 | |
|
Volusia County Educational Facility
Authority Revenue, FL
Series A, 4.00%, 10/15/2037 |
200,000 |
200,989 | |
|
|
|
|
635,615 |
|
GEORGIA — 1.0% |
|
|
|
|
City of Atlanta Water & Wastewater
Revenue, GA
Build America Mutual Assurance
Corp., 5.00%, 11/1/2029 (a) |
125,000 |
134,859 | |
|
HAWAII — 0.0% *
|
|
|
|
|
City & County Honolulu Wastewater
System Revenue, HI
Series B, 5.00%, 7/1/2032 |
5,000 |
5,325 | |
|
IDAHO — 0.6% |
|
|
|
|
Idaho Housing & Finance
Association Revenue, ID
Series A, 5.00%, 7/15/2036 |
75,000 |
78,953 | |
|
ILLINOIS — 6.9% |
|
|
|
|
Chicago O'Hare International Airport
Revenue, IL: |
|
| |
|
Series B, 5.00%, 1/1/2048 |
225,000 |
227,732 | |
|
Series D, 5.25%, 1/1/2029 |
75,000 |
76,154 | |
|
Illinois Finance Authority Revenue,
IL: |
|
| |
|
5.00%, 7/1/2029 |
75,000 |
76,010 | |
|
5.00%, 7/1/2030 |
25,000 |
26,698 | |
|
Series C, 5.00%, 2/15/2029 |
140,000 |
141,988 | |
|
Kendall & Kane Counties Community
Unit School District No. 115,
General Obligation, IL
Series B, 5.00%, 1/1/2029 |
85,000 |
86,165 | |
|
Regional Transportation Authority
Revenue, IL
Series A, 5.00%, 6/1/2029 |
75,000 |
75,108 | |
|
State of Illinois, General Obligation,
IL
5.00%, 11/1/2029 |
230,000 |
231,881 | |
|
|
|
|
941,736 |
|
Security Description |
|
Principal
Amount |
Value |
|
INDIANA — 0.9% |
|
|
|
|
Indiana Finance Authority Revenue,
IN
Series C, 5.00%, 2/1/2032 |
$120,000 |
$126,929 | |
|
IOWA — 2.4% |
|
|
|
|
State of Iowa Board of Regents
Revenue, IA
Series 2025A, 5.00%, 9/1/2029 |
300,000 |
320,849 | |
|
KANSAS — 0.3% |
|
|
|
|
State of Kansas Department of
Transportation Revenue, KS
Series A, 5.00%, 9/1/2029 |
35,000 |
36,048 | |
|
KENTUCKY — 3.7% |
|
|
|
|
Kentucky Economic Development
Finance Authority Revenue, KY
Series A-2, 5.00%, 8/1/2035 |
225,000 |
235,126 | |
|
Kentucky State Property & Building
Commission Revenue, KY: |
|
| |
|
Series B, 5.00%, 11/1/2028 |
200,000 |
211,212 | |
|
Series B, 5.00%, 11/1/2029 |
40,000 |
42,996 | |
|
Louisville & Jefferson County
Metropolitan Sewer District
Revenue, KY
Series A, 5.00%, 5/15/2029 |
15,000 |
16,002 | |
|
|
|
|
505,336 |
|
MAINE — 0.4% |
|
|
|
|
Maine Municipal Bond Bank
Revenue, ME
Series A, 5.00%, 11/1/2028 |
50,000 |
50,456 | |
|
MARYLAND — 0.7% |
|
|
|
|
County of Howard, General
Obligation, MD: |
|
| |
|
Series B, 5.00%, 2/15/2029 |
40,000 |
40,697 | |
|
Series D, 5.00%, 2/15/2029 |
50,000 |
52,081 | |
|
|
|
|
92,778 |
|
MASSACHUSETTS — 1.5% |
|
|
|
|
Commonwealth of Massachusetts,
General Obligation, MA: |
|
| |
|
Series A, 5.00%, 1/1/2036 |
15,000 |
15,718 | |
|
Series B, 5.00%, 7/1/2036 |
180,000 |
188,403 | |
|
|
|
|
204,121 |
|
MICHIGAN — 0.9% |
|
|
|
|
L'Anse Creuse Public Schools,
General Obligation, MI
Series I, Qualified School Bond
Loan Fund, 5.00%, 5/1/2029 |
50,000 |
53,238 | |
|
Michigan State University Revenue,
MI
Series B, 5.00%, 2/15/2033 |
65,000 |
68,513 | |
|
|
|
|
121,751 |
|
Security Description |
|
Principal
Amount |
Value |
|
MINNESOTA — 0.2% |
|
|
|
|
University of Minnesota Revenue,
MN
Series A, 5.00%, 4/1/2039 |
$25,000 |
$26,104 | |
|
MISSISSIPPI — 0.2% |
|
|
|
|
State of Mississippi, General
Obligation, MS
Series A, 5.00%, 10/1/2029 |
25,000 |
25,828 | |
|
NEBRASKA — 1.6% |
|
|
|
|
Omaha Public Power District
Revenue, NE: |
|
| |
|
Series A, 5.00%, 2/1/2031 |
65,000 |
68,719 | |
|
Series A, 5.00%, 2/1/2032 |
85,000 |
89,765 | |
|
University of Nebraska Facilities
Corp. Revenue, NE
Series A, 5.00%, 7/15/2029 |
55,000 |
56,376 | |
|
|
|
|
214,860 |
|
NEVADA — 4.2% |
|
|
|
|
Clark County School District,
General Obligation, NV
Series B, Build America Mutual
Assurance Corp., 5.00%,
6/15/2029 (a) |
290,000 |
309,491 | |
|
County of Clark, General Obligation,
NV
Series B, 5.00%, 12/1/2034 |
95,000 |
99,842 | |
|
Las Vegas Valley Water District,
General Obligation, NV
Series A, 5.00%, 6/1/2029 |
150,000 |
160,592 | |
|
|
|
|
569,925 |
|
NEW JERSEY — 3.3% |
|
|
|
|
New Jersey Economic Development
Authority Revenue, NJ: |
|
| |
|
Series A, 5.00%, 11/1/2031 |
45,000 |
48,092 | |
|
Series A, 5.00%, 11/1/2032 |
60,000 |
63,960 | |
|
Series A, 5.00%, 11/1/2033 |
200,000 |
212,624 | |
|
New Jersey Transportation Trust
Fund Authority Revenue, NJ
Series A, 5.00%, 12/15/2029 |
115,000 |
121,212 | |
|
|
|
|
445,888 |
|
NEW YORK — 6.5% |
|
|
|
|
Battery Park City Authority Revenue,
NY
Series B, 5.00%, 11/1/2036 |
40,000 |
42,412 | |
|
Long Island Power Authority
Revenue, NY
Series A, 5.00%, 9/1/2029 |
50,000 |
53,913 | |
|
New York City Municipal Water
Finance Authority Revenue, NY
Series AA, 5.00%, 6/15/2040 |
300,000 |
316,313 | |
|
New York City Transitional Finance
Authority Future Tax Secured
Revenue, NY
Series A2, 5.00%, 5/1/2036 |
20,000 |
20,976 | |
|
Security Description |
|
Principal
Amount |
Value |
|
New York State Dormitory Authority
Revenue, NY
Series A, 5.00%, 3/15/2033 |
$215,000 |
$227,397 | |
|
Onondaga County Trust for Cultural
Resources Revenue, NY
5.00%, 12/1/2045 |
10,000 |
10,351 | |
|
Utility Debt Securitization Authority
Revenue, NY
Series 1, 5.00%, 6/15/2031 |
200,000 |
214,806 | |
|
|
|
|
886,168 |
|
NORTH CAROLINA — 2.7% |
|
|
|
|
City of Charlotte Airport Revenue,
NC
Series A, 5.00%, 7/1/2049 |
225,000 |
229,516 | |
|
State of North Carolina Revenue, NC
5.00%, 3/1/2032 |
135,000 |
142,778 | |
|
|
|
|
372,294 |
|
OHIO — 4.8% |
|
|
|
|
County of Hamilton Sales Tax
Revenue, OH
Series A, 5.00%, 12/1/2029 |
240,000 |
242,800 | |
|
Euclid Public Library, General
Obligation, OH
Build America Mutual Assurance
Corp., 5.00%, 12/1/2053 (a) |
110,000 |
111,633 | |
|
State of Ohio Revenue, OH
Series 2016-1, 5.00%,
12/15/2028 |
300,000 |
300,255 | |
|
|
|
|
654,688 |
|
OREGON — 2.6% |
|
|
|
|
Oregon State Lottery Revenue, OR
Series A, 5.00%, 4/1/2029 |
300,000 |
319,992 | |
|
State of Oregon Department of
Transportation Revenue, OR
Series A, 5.00%, 11/15/2042 |
25,000 |
26,178 | |
|
|
|
|
346,170 |
|
PENNSYLVANIA — 4.8% |
|
|
|
|
City of Philadelphia, General
Obligation, PA: |
|
| |
|
Series B, 5.00%, 2/1/2036 |
210,000 |
221,321 | |
|
Series B, 5.00%, 2/1/2038 |
30,000 |
31,487 | |
|
Series B, 5.00%, 2/1/2039 |
15,000 |
15,715 | |
|
Pennsylvania Turnpike Commission
Revenue, PA: |
|
| |
|
Series 2017-3, 5.00%, 12/1/2029 |
135,000 |
139,359 | |
|
Series A, 5.00%, 12/1/2036 |
35,000 |
37,073 | |
|
Series A, 5.00%, 12/1/2044 |
200,000 |
206,856 | |
|
|
|
|
651,811 |
|
RHODE ISLAND — 1.1% |
|
|
|
|
Rhode Island Commerce Corp.
Revenue, RI
Series B, 5.00%, 6/15/2029 |
150,000 |
150,298 | |
|
Security Description |
|
Principal
Amount |
Value |
|
SOUTH CAROLINA — 0.8% |
|
|
|
|
Richland County School District No.
2, General Obligation, SC
Series A, 5.00%, 3/1/2029 |
$100,000 |
$106,486 | |
|
TENNESSEE — 0.4% |
|
|
|
|
Memphis-Shelby County Industrial
Development Board Revenue, TN
Series B, 5.00%, 11/1/2029 |
55,000 |
55,527 | |
|
TEXAS — 10.0% |
|
|
|
|
Aubrey Independent School District,
General Obligation, TX
Permanent School Fund, 5.00%,
2/15/2029 (a) |
300,000 |
317,128 | |
|
CNP Utility District, General
Obligation, TX
Build America Mutual Assurance
Corp., 4.00%, 4/1/2035 (a) |
225,000 |
228,239 | |
|
Metropolitan Transit Authority of
Harris County Sales & Use Tax
Revenue, TX
Series A, 5.00%, 11/1/2029 |
30,000 |
30,294 | |
|
Texas Water Development Board
Revenue, TX
Series B, 5.00%, 4/15/2049 |
200,000 |
203,876 | |
|
Trinity River Authority Central
Regional Wastewater System
Revenue, TX: |
|
| |
|
5.00%, 8/1/2028 |
195,000 |
200,215 | |
|
5.00%, 8/1/2029 |
75,000 |
76,976 | |
|
University of North Texas System
Revenue, TX
Series A, 5.00%, 4/15/2029 |
75,000 |
76,462 | |
|
Waller County Road Improvement
District No. 1, General Obligation,
TX
Series A, Assured Guaranty, Inc.,
4.00%, 3/1/2037 (a) |
225,000 |
226,568 | |
|
|
|
|
1,359,758 |
|
UTAH — 2.1% |
|
|
|
|
State of Utah, General Obligation,
UT
5.00%, 7/1/2029 |
225,000 |
239,007 | |
|
University of Utah Revenue, UT
Series B-1, 5.00%, 8/1/2028 |
50,000 |
50,177 | |
|
|
|
|
289,184 |
|
VERMONT — 1.8% |
|
|
|
|
Vermont Educational & Health
Buildings Financing Agency
Revenue, VT
5.00%, 11/1/2035 |
225,000 |
237,910 | |
|
VIRGINIA — 0.9% |
|
|
|
|
Virginia Commonwealth
Transportation Board Revenue,
VA
5.00%, 3/15/2029 |
125,000 |
125,812 | |
|
Security Description |
|
Principal
Amount |
Value |
|
WASHINGTON — 6.9% |
|
|
|
|
City of Kennewick Water & Sewer
Revenue, WA
4.00%, 12/1/2035 |
$225,000 |
$229,434 | |
|
County of King, General Obligation,
WA
5.00%, 1/1/2033 |
160,000 |
169,295 | |
|
King County School District No. 405
Bellevue, General Obligation, WA
School Bond Guaranty, 5.00%,
12/1/2028 |
200,000 |
202,403 | |
|
Pierce County School District No.
403 Bethel, General Obligation,
WA
School Bond Guaranty, 5.00%,
12/1/2033 |
120,000 |
127,429 | |
|
State of Washington, General
Obligation, WA: |
|
| |
|
Series 2020A, 5.00%, 8/1/2032 |
55,000 |
58,697 | |
|
Series 2020A, 5.00%, 8/1/2038 |
15,000 |
15,758 | |
|
Series 2020-A, 5.00%, 8/1/2036 |
80,000 |
84,510 | |
|
Series C, 5.00%, 2/1/2039 |
20,000 |
20,861 | |
|
Series D, 5.00%, 2/1/2029 |
25,000 |
25,402 | |
|
|
|
|
933,789 |
|
WEST VIRGINIA — 1.9% |
|
|
|
|
State of West Virginia, General
Obligation, WV
Series A, 5.00%, 12/1/2035 |
15,000 |
15,852 | |
|
West Virginia Commissioner of
Highways Revenue, WV
Series A, 5.00%, 9/1/2029 |
240,000 |
246,909 | |
|
|
|
|
262,761 |
|
WISCONSIN — 3.4% |
|
|
|
|
State of Wisconsin, General
Obligation, WI
Series B, 5.00%, 5/1/2029 |
425,000 |
454,127 | |
|
TOTAL MUNICIPAL BONDS & NOTES
(Cost $13,338,017) |
13,310,918 | ||
|
Security Description |
|
Shares |
Value |
|
SHORT-TERM INVESTMENT — 0.4% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (b) (c)
(Cost $50,654) |
50,654 |
$50,654 | |
|
TOTAL INVESTMENTS — 98.6%
(Cost $13,388,671) |
13,361,572 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES
— 1.4% |
194,741 | ||
|
NET ASSETS — 100.0% |
$13,556,313 | ||
|
(a) |
Bond is insured by the following: |
|
|
% of
Net Assets |
|
Build America Mutual Assurance Corp. |
7.0
% |
|
Permanent School Fund Guaranteed |
2.3
% |
|
Assured Guaranty, Inc. |
1.7
% |
|
(b) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(c) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
* |
Amount is less than 0.05% of net assets. |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Municipal Bonds & Notes |
$— |
$13,310,918 |
$— |
$13,310,918 |
|
Short-Term Investment |
50,654 |
— |
— |
50,654 |
|
TOTAL INVESTMENTS |
$50,654 |
$13,310,918 |
$— |
$13,361,572 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier Class |
68,054 |
$68,054 |
$3,191,687 |
$3,209,087 |
$— |
$— |
50,654 |
$50,654 |
$1,411 |
|
Security Description |
|
Principal
Amount |
Value |
|
MUNICIPAL BONDS & NOTES — 98.3% |
| ||
|
ALABAMA — 3.5% |
|
|
|
|
Alabama Highway Finance Corp.
Revenue, AL
Series A, 5.00%, 8/1/2039 |
$45,000 |
$47,876 | |
|
Alabama Public School & College
Authority Revenue, AL: |
|
| |
|
Series A, 5.00%, 11/1/2034 |
225,000 |
243,587 | |
|
Series A, 5.00%, 11/1/2039 |
80,000 |
85,242 | |
|
Alabama State University Revenue,
AL
Assured Guaranty, Inc., 5.00%,
9/1/2029 (a) |
50,000 |
53,133 | |
|
|
|
|
429,838 |
|
ARIZONA — 2.3% |
|
|
|
|
City of Phoenix Civic Improvement
Corp. Revenue, AZ: |
|
| |
|
5.00%, 7/1/2030 |
55,000 |
55,104 | |
|
Series A, 5.00%, 7/1/2049 |
220,000 |
224,670 | |
|
|
|
|
279,774 |
|
CALIFORNIA — 4.6% |
|
|
|
|
Los Angeles Department of Water &
Power Revenue, CA
Series B, 5.00%, 7/1/2030 |
450,000 |
473,455 | |
|
San Rafael City High School District,
General Obligation, CA
Series A, 4.00%, 8/1/2041 |
90,000 |
91,044 | |
|
|
|
|
564,499 |
|
COLORADO — 3.4% |
|
|
|
|
City of Colorado Springs Utilities
System Revenue, CO
Series A-1, 5.00%, 11/15/2030 |
55,000 |
56,781 | |
|
Jefferson County School District R-1,
General Obligation, CO
State Aid Withholding, 5.00%,
12/15/2030 |
100,000 |
103,438 | |
|
University of Colorado Revenue, CO
Series B, 5.00%, 6/1/2030 |
240,000 |
261,495 | |
|
|
|
|
421,714 |
|
CONNECTICUT — 3.1% |
|
|
|
|
State of Connecticut Special Tax
Revenue, CT: |
|
| |
|
Series A, 5.00%, 1/1/2030 |
60,000 |
62,192 | |
|
Series A, 5.00%, 9/1/2030 |
50,000 |
50,276 | |
|
Series A, 5.00%, 5/1/2037 |
255,000 |
271,499 | |
|
|
|
|
383,967 |
|
DELAWARE — 1.3% |
|
|
|
|
Delaware Transportation Authority
Revenue, DE
5.00%, 9/1/2034 |
135,000 |
145,263 | |
|
Security Description |
|
Principal
Amount |
Value |
|
State of Delaware, General
Obligation, DE
4.00%, 3/1/2030 |
$10,000 |
$10,102 | |
|
|
|
|
155,365 |
|
FLORIDA — 2.3% |
|
|
|
|
Central Florida Expressway Authority
Revenue, FL
Series B, 4.00%, 7/1/2030 |
35,000 |
35,024 | |
|
City of North Miami Beach Water
Revenue, FL
Series A, 5.00%, 8/1/2049 |
100,000 |
101,962 | |
|
County of Orange Water Utility
System Revenue, FL
5.00%, 10/1/2037 |
55,000 |
58,906 | |
|
State of Florida Department of
Transportation Revenue, FL
5.00%, 7/1/2030 |
90,000 |
94,340 | |
|
|
|
|
290,232 |
|
GEORGIA — 0.1% |
|
|
|
|
Private Colleges & Universities
Authority Revenue, GA
Series B, 5.00%, 9/1/2031 |
15,000 |
16,312 | |
|
HAWAII — 2.4% |
|
|
|
|
City & County of Honolulu, General
Obligation, HI: |
|
| |
|
Series A, 5.00%, 10/1/2029 |
190,000 |
191,471 | |
|
Series A, 5.00%, 9/1/2030 |
100,000 |
105,109 | |
|
|
|
|
296,580 |
|
IDAHO — 1.8% |
|
|
|
|
Idaho State Building Authority
Revenue, ID
Series 2025A, 5.00%, 6/1/2030 |
200,000 |
218,334 | |
|
ILLINOIS — 5.1% |
|
|
|
|
City of Chicago Waterworks
Revenue, IL
Build America Mutual Assurance
Corp., 5.00%, 11/1/2030 (a) |
275,000 |
277,568 | |
|
Illinois State Toll Highway Authority
Revenue, IL
Series B, 5.00%, 1/1/2030 |
100,000 |
100,173 | |
|
Kane County Community Unit School
District No. 304 Geneva, General
Obligation, IL
5.00%, 1/1/2030 |
55,000 |
55,743 | |
|
State of Illinois, General Obligation,
IL
Series B, 5.00%, 5/1/2030 |
190,000 |
204,322 | |
|
|
|
|
637,806 |
|
INDIANA — 0.1% |
|
|
|
|
Indiana University Revenue, IN
Series A, 5.00%, 6/1/2032 |
15,000 |
16,271 | |
|
IOWA — 2.4% |
|
|
|
|
Iowa Finance Authority Revenue, IA: |
|
| |
|
Series A, 5.00%, 8/1/2034 |
105,000 |
113,493 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Series A, 5.00%, 8/1/2040 |
$170,000 |
$180,630 | |
|
|
|
|
294,123 |
|
KENTUCKY — 0.7% |
|
|
|
|
Kentucky State Property & Building
Commission Revenue, KY: |
|
| |
|
5.00%, 4/1/2030 |
45,000 |
45,838 | |
|
5.00%, 5/1/2030 |
40,000 |
41,718 | |
|
|
|
|
87,556 |
|
MASSACHUSETTS — 0.3% |
|
|
|
|
Massachusetts Development
Finance Agency Revenue, MA
Series S, 5.00%, 7/1/2030 |
40,000 |
40,960 | |
|
MICHIGAN — 4.4% |
|
|
|
|
Great Lakes Water Authority Water
Supply System Revenue, MI
Series D, 5.00%, 7/1/2030 |
300,000 |
300,547 | |
|
Harrison Community Schools,
General Obligation, MI
Series III, Qualified School Bond
Loan Fund, 4.00%, 5/1/2038 |
225,000 |
229,073 | |
|
L'Anse Creuse Public Schools,
General Obligation, MI
Series I, Qualified School Bond
Loan Fund, 5.00%, 5/1/2030 |
20,000 |
21,692 | |
|
|
|
|
551,312 |
|
MINNESOTA — 3.8% |
|
|
|
|
Minneapolis-St. Paul Metropolitan
Airports Commission Revenue,
MN: |
|
| |
|
Series A, 5.00%, 1/1/2030 |
65,000 |
65,903 | |
|
Series C, 5.00%, 1/1/2030 |
135,000 |
136,859 | |
|
Minnesota Public Facilities Authority
State Revolving Fund Revenue,
MN
Series A, 5.00%, 3/1/2030 |
150,000 |
163,108 | |
|
Roseville Independent School
District No. 623, General
Obligation, MN
Series A, School District Credit
Enhancement Program, 5.00%,
2/1/2030 |
50,000 |
50,773 | |
|
State of Minnesota, General
Obligation, MN
Series A, 5.00%, 8/1/2040 |
10,000 |
10,631 | |
|
University of Minnesota Revenue,
MN
Series B, 5.00%, 12/1/2030 |
45,000 |
46,557 | |
|
|
|
|
473,831 |
|
MISSISSIPPI — 1.6% |
|
|
|
|
Mississippi Development Bank
Revenue, MS
4.00%, 10/1/2036 |
200,000 |
202,337 | |
|
Security Description |
|
Principal
Amount |
Value |
|
MISSOURI — 2.2% |
|
|
|
|
City of Kansas City, General
Obligation, MO
Series A, 5.00%, 2/1/2030 |
$150,000 |
$162,222 | |
|
St. Louis County School District C-2
Parkway, General Obligation, MO
Series C, 5.00%, 3/1/2037 |
105,000 |
111,691 | |
|
|
|
|
273,913 |
|
NEBRASKA — 1.4% |
|
|
|
|
Elkhorn School District, General
Obligation, NE
5.00%, 12/15/2030 |
160,000 |
171,928 | |
|
NEVADA — 1.8% |
|
|
|
|
Clark County School District,
General Obligation, NV
Series A, Assured Guaranty, Inc.,
5.00%, 6/15/2035 (a) |
210,000 |
224,695 | |
|
NEW JERSEY — 2.3% |
|
|
|
|
New Jersey Transportation Trust
Fund Authority Revenue, NJ
Series A-1, 5.00%, 6/15/2030 |
280,000 |
280,362 | |
|
NEW MEXICO — 1.3% |
|
|
|
|
New Mexico Finance Authority
Revenue, NM
Series A, 5.00%, 6/15/2030 |
150,000 |
156,624 | |
|
NEW YORK — 8.1% |
|
|
|
|
City of New York, General
Obligation, NY
Series A-1, 5.00%, 8/1/2030 |
310,000 |
335,999 | |
|
Empire State Development Corp.
Revenue, NY
Series C, 5.00%, 3/15/2038 |
265,000 |
283,854 | |
|
New York State Dormitory Authority
Revenue, NY
Series A, 5.00%, 2/15/2030 |
15,000 |
15,068 | |
|
New York State Thruway Authority
Revenue, NY
Series N, 5.00%, 1/1/2040 |
50,000 |
52,593 | |
|
New York Transportation
Development Corp. Revenue, NY
Series C, 5.00%, 12/1/2037 |
300,000 |
317,005 | |
|
|
|
|
1,004,519 |
|
NORTH CAROLINA — 1.7% |
|
|
|
|
City of Charlotte Water & Sewer
System Revenue, NC
5.00%, 7/1/2030 |
190,000 |
208,113 | |
|
OHIO — 3.3% |
|
|
|
|
Ohio Higher Educational Facility
Commission Revenue, OH
5.00%, 10/1/2033 |
80,000 |
82,845 | |
|
Ohio Water Development Authority
Water Pollution Control Loan Fund
Revenue, OH: |
|
| |
|
Series A, 5.00%, 6/1/2033 |
250,000 |
270,502 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Series A, 5.00%, 12/1/2036 |
$50,000 |
$53,494 | |
|
|
|
|
406,841 |
|
OKLAHOMA — 3.2% |
|
|
|
|
Grand River Dam Authority
Revenue, OK
Series A, 5.00%, 6/1/2030 |
140,000 |
141,499 | |
|
Oklahoma Capitol Improvement
Authority Revenue, OK
5.00%, 7/1/2030 |
260,000 |
260,474 | |
|
|
|
|
401,973 |
|
OREGON — 2.0% |
|
|
|
|
City of Portland Sewer System
Revenue, OR
Series A, 5.00%, 10/1/2030 |
120,000 |
131,687 | |
|
Hillsboro School District No. 1J,
General Obligation, OR
School Bond Guaranty, 5.00%,
6/15/2030 |
55,000 |
56,296 | |
|
State of Oregon Department of
Transportation Revenue, OR
Series A, 5.00%, 11/15/2042 |
60,000 |
62,827 | |
|
|
|
|
250,810 |
|
PENNSYLVANIA — 5.2% |
|
|
|
|
City of Philadelphia Water &
Wastewater Revenue, PA
Series A, 5.00%, 11/1/2039 |
240,000 |
255,098 | |
|
Pennsylvania Turnpike Commission
Revenue, PA: |
|
| |
|
Series 2ND, 5.00%, 12/1/2030 |
250,000 |
257,876 | |
|
Series A, 5.00%, 12/1/2044 |
130,000 |
134,456 | |
|
|
|
|
647,430 |
|
SOUTH CAROLINA — 0.8% |
|
|
|
|
Clemson University Revenue, SC
Series A, 5.00%, 5/1/2030 |
90,000 |
97,805 | |
|
TENNESSEE — 1.1% |
|
|
|
|
Memphis-Shelby County Industrial
Development Board Revenue, TN
Series B, 5.00%, 11/1/2030 |
50,000 |
50,469 | |
|
Metropolitan Knoxville Airport
Authority Revenue, TN
Series A, 5.00%, 6/1/2030 |
75,000 |
81,245 | |
|
|
|
|
131,714 |
|
TEXAS — 8.2% |
|
|
|
|
Brazosport Independent School
District, General Obligation, TX
Permanent School Fund, 5.00%,
2/15/2030 (a) |
135,000 |
143,206 | |
|
Central Texas Turnpike System
Revenue, TX
Series A, 5.00%, 8/15/2039 |
60,000 |
63,044 | |
|
City of Dallas, General Obligation,
TX
5.00%, 2/15/2030 |
290,000 |
294,557 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Dallas Fort Worth International
Airport Revenue, TX
5.00%, 11/1/2031 |
$75,000 |
$81,689 | |
|
Forney Independent School District,
General Obligation, TX
Permanent School Fund, 5.00%,
2/15/2030 (a) |
85,000 |
90,029 | |
|
Harris County Cultural Education
Facilities Finance Corp. Revenue,
TX
5.00%, 11/15/2030 |
60,000 |
61,792 | |
|
Harris County Municipal Utility
District No. 559, General
Obligation, TX
Build America Mutual Assurance
Corp., 4.00%, 9/1/2035 (a) |
20,000 |
20,259 | |
|
Hays Consolidated Independent
School District, General
Obligation, TX
Permanent School Fund, 5.00%,
2/15/2030 (a) |
50,000 |
50,847 | |
|
Lower Colorado River Authority
Revenue, TX
5.00%, 5/15/2038 |
30,000 |
31,664 | |
|
Texas Water Development Board
Revenue, TX
Series A, 5.00%, 4/15/2030 |
165,000 |
177,542 | |
|
|
|
|
1,014,629 |
|
UTAH — 0.5% |
|
|
|
|
Central Utah Water Conservancy
District Revenue, UT
Series D, 5.00%, 10/1/2036 |
20,000 |
21,449 | |
|
Utah Associated Municipal Power
Systems Revenue, UT
Series A, 5.00%, 9/1/2030 |
35,000 |
36,191 | |
|
|
|
|
57,640 |
|
VIRGINIA — 1.1% |
|
|
|
|
Virginia College Building Authority
Revenue, VA
Series C, 5.00%, 2/1/2030 |
130,000 |
134,264 | |
|
WASHINGTON — 8.9% |
|
|
|
|
Chelan County Public Utility District
No. 1 Revenue, WA
Series A, 4.00%, 7/1/2036 |
265,000 |
270,834 | |
|
City of Seattle Municipal Light &
Power Revenue, WA
Series C, 5.00%, 9/1/2030 |
115,000 |
118,340 | |
|
County of King, General Obligation,
WA
Series A, 5.00%, 12/1/2042 |
200,000 |
211,520 | |
|
King County School District No. 405
Bellevue, General Obligation, WA
School Bond Guaranty, 5.00%,
12/1/2030 |
165,000 |
167,024 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Washington Health Care Facilities
Authority Revenue, WA: |
|
| |
|
5.00%, 9/1/2035 |
$145,000 |
$154,435 | |
|
Series A2, 5.00%, 8/1/2037 |
175,000 |
181,519 | |
|
|
|
|
1,103,672 |
|
WISCONSIN — 2.0% |
|
|
|
|
Platteville School District, General
Obligation, WI
4.00%, 3/1/2041 |
225,000 |
226,951 | |
|
State of Wisconsin, General
Obligation, WI
Series 2021-2, 5.00%, 5/1/2035 |
25,000 |
26,922 | |
|
|
|
|
253,873 |
|
TOTAL MUNICIPAL BONDS & NOTES
(Cost $12,185,647) |
12,181,616 | ||
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENT — 0.2% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (b) (c)
(Cost $29,739) |
29,739 |
29,739 | |
|
TOTAL INVESTMENTS — 98.5%
(Cost $12,215,386) |
12,211,355 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES
— 1.5% |
181,948 | ||
|
NET ASSETS — 100.0% |
$12,393,303 | ||
|
(a) |
Bond is insured by the following: |
|
|
% of
Net Assets |
|
Build America Mutual Assurance Corp. |
2.4
% |
|
Permanent School Fund Guaranteed |
2.3
% |
|
Assured Guaranty, Inc. |
2.2
% |
|
(b) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(c) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Municipal Bonds & Notes |
$— |
$12,181,616 |
$— |
$12,181,616 |
|
Short-Term Investment |
29,739 |
— |
— |
29,739 |
|
TOTAL INVESTMENTS |
$29,739 |
$12,181,616 |
$— |
$12,211,355 |
|
|
Number of
Shares Held
at
8/31/25 |
Value at
8/31/25 |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier Class |
35,907 |
$35,907 |
$939,007 |
$945,175 |
$— |
$— |
29,739 |
$29,739 |
$1,104 |
|
Security Description |
|
Principal
Amount |
Value |
|
MUNICIPAL BONDS & NOTES — 98.5% |
| ||
|
ALABAMA — 2.8% |
|
|
|
|
Alabama Public School & College
Authority Revenue, AL
Series A, 5.00%, 11/1/2034 |
$255,000 |
$276,065 | |
|
CALIFORNIA — 8.4% |
|
|
|
|
California State Public Works Board
Revenue, CA
Series B, 5.00%, 5/1/2033 |
360,000 |
396,473 | |
|
Los Angeles Department of Water &
Power Revenue, CA
Series C, 5.00%, 7/1/2039 |
350,000 |
371,578 | |
|
Lucia Mar Unified School District,
General Obligation, CA
Series D, 5.25%, 8/1/2047 |
50,000 |
52,991 | |
|
State of California, General
Obligation, CA
5.00%, 11/1/2035 |
15,000 |
16,320 | |
|
|
|
|
837,362 |
|
COLORADO — 0.3% |
|
|
|
|
Boulder Larimer & Weld Counties St.
Vrain Valley School District Re1J,
General Obligation, CO
Series C, State Aid Withholding,
5.00%, 12/15/2031 |
30,000 |
30,388 | |
|
CONNECTICUT — 2.8% |
|
|
|
|
State of Connecticut Special Tax
Revenue, CT
Series A, 5.00%, 5/1/2041 |
265,000 |
282,424 | |
|
DELAWARE — 2.2% |
|
|
|
|
Delaware Transportation Authority
Revenue, DE
5.00%, 7/1/2032 |
200,000 |
217,183 | |
|
FLORIDA — 5.4% |
|
|
|
|
Central Florida Expressway Authority
Revenue, FL
Series D, 5.00%, 7/1/2032 |
55,000 |
60,788 | |
|
County of Miami-Dade Water &
Sewer System Revenue, FL
5.00%, 10/1/2031 |
75,000 |
78,797 | |
|
County of Miami-Dade, General
Obligation, FL
Series A, 5.00%, 7/1/2031 |
170,000 |
170,281 | |
|
JEA Water & Sewer System
Revenue, FL
Series A, 5.00%, 10/1/2031 |
180,000 |
184,591 | |
|
School Board of Miami-Dade County,
General Obligation, FL
5.00%, 3/15/2031 |
45,000 |
45,789 | |
|
|
|
|
540,246 |
|
GEORGIA — 2.6% |
|
|
|
|
Henry County School District,
General Obligation, GA
State Aid Withholding, 4.00%,
8/1/2031 |
225,000 |
238,729 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Metropolitan Atlanta Rapid Transit
Authority Revenue, GA
Series B, 5.00%, 7/1/2031 |
$25,000 |
$25,046 | |
|
|
|
|
263,775 |
|
HAWAII — 0.3% |
|
|
|
|
City & County of Honolulu, General
Obligation, HI
Series D, 5.00%, 9/1/2031 |
25,000 |
25,689 | |
|
IDAHO — 1.9% |
|
|
|
|
Idaho Housing & Finance
Association Revenue, ID
Series A, 5.00%, 7/15/2031 |
175,000 |
186,662 | |
|
ILLINOIS — 4.4% |
|
|
|
|
Illinois State Toll Highway Authority
Revenue, IL
Series A, 5.00%, 1/1/2031 |
85,000 |
89,767 | |
|
State of Illinois, General Obligation,
IL: |
|
| |
|
Series A, 5.00%, 3/1/2033 |
125,000 |
134,560 | |
|
Series B, 5.00%, 5/1/2031 |
200,000 |
217,529 | |
|
|
|
|
441,856 |
|
INDIANA — 5.2% |
|
|
|
|
Indiana Finance Authority Revenue,
IN: |
|
| |
|
Series 1, 5.00%, 10/1/2033 |
115,000 |
126,606 | |
|
Series 1, 5.00%, 10/1/2037 |
20,000 |
21,554 | |
|
Indiana Municipal Power Agency
Revenue, IN
Series A, 5.00%, 1/1/2031 |
40,000 |
41,352 | |
|
Indianapolis Local Public
Improvement Bond Bank
Revenue, IN
Series A, 5.00%, 6/1/2034 |
300,000 |
325,907 | |
|
|
|
|
515,419 |
|
IOWA — 3.4% |
|
|
|
|
Iowa Finance Authority Revenue, IA: |
|
| |
|
Series A, 5.00%, 8/1/2031 |
110,000 |
115,387 | |
|
Series A, 5.00%, 8/1/2039 |
210,000 |
226,331 | |
|
|
|
|
341,718 |
|
KANSAS — 4.6% |
|
|
|
|
Johnson County Unified School
District No. 233 Olathe, General
Obligation, KS
Series A, 5.00%, 9/1/2037 |
270,000 |
290,448 | |
|
State of Kansas Department of
Transportation Revenue, KS
Series A, 5.00%, 9/1/2030 |
160,000 |
164,661 | |
|
|
|
|
455,109 |
|
LOUISIANA — 2.5% |
|
|
|
|
State of Louisiana Revenue, LA
Series A, 5.00%, 9/1/2031 |
240,000 |
251,099 | |
|
Security Description |
|
Principal
Amount |
Value |
|
MARYLAND — 1.0% |
|
|
|
|
State of Maryland, General
Obligation, MD: |
|
| |
|
Series A, 5.00%, 3/1/2032 |
$65,000 |
$71,576 | |
|
Series A, 5.00%, 3/1/2036 |
25,000 |
27,124 | |
|
|
|
|
98,700 |
|
MASSACHUSETTS — 1.1% |
|
|
|
|
Commonwealth of Massachusetts,
General Obligation, MA
Series B, 5.00%, 1/1/2031 |
25,000 |
25,935 | |
|
Massachusetts Clean Water Trust
Revenue, MA
Series 23A, 5.00%, 2/1/2034 |
20,000 |
21,893 | |
|
Massachusetts School Building
Authority Revenue, MA
Series A, 5.00%, 8/15/2037 |
55,000 |
59,086 | |
|
|
|
|
106,914 |
|
MICHIGAN — 0.8% |
|
|
|
|
State of Michigan Trunk Line
Revenue, MI
Series B, 5.00%, 11/15/2035 |
70,000 |
76,805 | |
|
MINNESOTA — 3.1% |
|
|
|
|
County of Hennepin Sales Tax
Revenue, MN
5.00%, 12/15/2030 |
200,000 |
202,242 | |
|
Minneapolis-St. Paul Metropolitan
Airports Commission Revenue,
MN
Series A, 5.00%, 1/1/2031 |
95,000 |
96,277 | |
|
State of Minnesota, General
Obligation, MN
Series B, 4.00%, 8/1/2031 |
15,000 |
15,388 | |
|
|
|
|
313,907 |
|
MISSOURI — 0.6% |
|
|
|
|
Kansas City Industrial Development
Authority Revenue, MO
Series C, 5.00%, 3/1/2031 |
60,000 |
63,305 | |
|
NEBRASKA — 0.6% |
|
|
|
|
Omaha School District, General
Obligation, NE
5.00%, 12/15/2031 |
60,000 |
60,640 | |
|
NEVADA — 4.2% |
|
|
|
|
State of Nevada Highway
Improvement Revenue, NV
5.00%, 12/1/2031 |
105,000 |
107,372 | |
|
Truckee Meadows Water Authority
Revenue, NV
5.00%, 7/1/2031 |
315,000 |
315,574 | |
|
|
|
|
422,946 |
|
NEW JERSEY — 2.2% |
|
|
|
|
New Jersey Economic Development
Authority Revenue, NJ
Series A, 5.00%, 11/1/2031 |
105,000 |
112,214 | |
|
Security Description |
|
Principal
Amount |
Value |
|
New Jersey Transportation Trust
Fund Authority Revenue, NJ
Series BB, 5.00%, 6/15/2035 |
$45,000 |
$49,080 | |
|
New Jersey Turnpike Authority
Revenue, NJ
Series A, 5.00%, 1/1/2031 |
60,000 |
60,785 | |
|
|
|
|
222,079 |
|
NEW MEXICO — 3.1% |
|
|
|
|
County of Santa Fe Revenue, NM
Series A, 2.25%, 6/1/2031 |
330,000 |
313,765 | |
|
NEW YORK — 4.0% |
|
|
|
|
Empire State Development Corp.
Revenue, NY
Series C-2, 5.00%, 3/15/2031 |
30,000 |
30,848 | |
|
New York State Dormitory Authority
Revenue, NY
Series A, Assured Guaranty, Inc.,
State Aid Withholding, 5.00%,
10/1/2034 (a) |
105,000 |
115,539 | |
|
New York State Dormitory Authority
Revenue, NY: |
|
| |
|
Series A, Build America Mutual
Assurance Corp., 5.00%,
10/1/2035 (a) |
130,000 |
140,332 | |
|
Series D, Assured Guaranty, Inc.,
State Aid Withholding, 5.00%,
10/1/2036 (a) |
100,000 |
109,123 | |
|
|
|
|
395,842 |
|
NORTH CAROLINA — 0.1% |
|
|
|
|
State of North Carolina Revenue, NC
5.00%, 3/1/2033 |
10,000 |
10,912 | |
|
OHIO — 3.0% |
|
|
|
|
City of Columbus, General
Obligation, OH
Series A, 5.00%, 4/1/2034 |
165,000 |
179,256 | |
|
Ohio Water Development Authority
Water Pollution Control Loan Fund
Revenue, OH
Series A, 5.00%, 12/1/2040 |
115,000 |
124,023 | |
|
|
|
|
303,279 |
|
OKLAHOMA — 0.5% |
|
|
|
|
Grand River Dam Authority
Revenue, OK
Series A, 5.00%, 6/1/2031 |
50,000 |
50,528 | |
|
OREGON — 0.8% |
|
|
|
|
Lane County School District No. 4J
Eugene, General Obligation, OR
School Bond Guaranty, 5.00%,
6/15/2031 |
55,000 |
56,222 | |
|
Security Description |
|
Principal
Amount |
Value |
|
Multnomah & Clackamas Counties
School District No. 10JT
Gresham-Barlow, General
Obligation, OR
Series B, School Bond Guaranty,
5.00%, 6/15/2031 |
$25,000 |
$25,555 | |
|
|
|
|
81,777 |
|
PENNSYLVANIA — 3.9% |
|
|
|
|
Pennsylvania Turnpike Commission
Revenue, PA: |
|
| |
|
Series A, 5.00%, 12/1/2035 |
135,000 |
146,874 | |
|
Series B, 5.00%, 12/1/2033 |
100,000 |
109,330 | |
|
Series B, 5.00%, 12/1/2034 |
35,000 |
38,198 | |
|
Series B, 5.00%, 12/1/2035 |
90,000 |
97,916 | |
|
|
|
|
392,318 |
|
TENNESSEE — 2.1% |
|
|
|
|
Metropolitan Nashville Airport
Authority Revenue, TN
Series A, 5.00%, 7/1/2031 |
100,000 |
110,287 | |
|
State of Tennessee, General
Obligation, TN
Series A, 5.00%, 2/1/2031 |
100,000 |
103,889 | |
|
|
|
|
214,176 |
|
TEXAS — 10.5% |
|
|
|
|
City of Dallas, General Obligation,
TX
5.00%, 2/15/2031 |
25,000 |
25,382 | |
|
City of Houston, General Obligation,
TX
Series A, 5.00%, 3/1/2031 |
40,000 |
40,628 | |
|
Clear Creek Independent School
District, General Obligation, TX
Permanent School Fund, 5.00%,
2/15/2032 (a) |
60,000 |
65,754 | |
|
County of Harris Toll Road Revenue,
TX
Series A, 5.00%, 8/15/2031 |
400,000 |
414,837 | |
|
County of Tarrant, General
Obligation, TX
5.00%, 7/15/2034 |
15,000 |
16,372 | |
|
Lower Colorado River Authority
Revenue, TX: |
|
| |
|
5.00%, 5/15/2035 |
50,000 |
54,050 | |
|
5.00%, 5/15/2037 |
75,000 |
80,392 | |
|
Series A, 5.00%, 5/15/2046 |
25,000 |
25,804 | |
|
Texas State University System
Revenue, TX
Series A, 5.00%, 3/15/2031 |
110,000 |
111,930 | |
|
Texas Water Development Board
Revenue, TX
5.00%, 8/1/2031 |
205,000 |
210,509 | |
|
|
|
|
1,045,658 |
|
Security Description |
|
Principal
Amount |
Value |
|
WASHINGTON — 5.0% |
|
|
|
|
Energy Northwest Revenue, WA
Series A, 5.00%, 7/1/2035 |
$220,000 |
$236,737 | |
|
State of Washington, General
Obligation, WA: |
|
| |
|
Series C, 5.00%, 2/1/2031 |
50,000 |
51,951 | |
|
Series C, 5.00%, 2/1/2035 |
195,000 |
212,058 | |
|
|
|
|
500,746 |
|
WEST VIRGINIA — 1.0% |
|
|
|
|
West Virginia Parkways Authority
Revenue, WV
5.00%, 6/1/2036 |
95,000 |
102,944 | |
|
WISCONSIN — 4.1% |
|
|
|
|
University of Wisconsin Hospitals &
Clinics Revenue, WI
Series A, 5.00%, 4/1/2031 |
375,000 |
410,907 | |
|
TOTAL MUNICIPAL BONDS & NOTES
(Cost $9,917,462) |
9,853,143 | ||
|
|
|
Shares |
|
|
SHORT-TERM INVESTMENT — 0.2% |
| ||
|
State Street Institutional Treasury
Plus Money Market Fund -
Premier Class 3.57% (b) (c)
(Cost $19,874) |
19,874 |
19,874 | |
|
TOTAL INVESTMENTS — 98.7%
(Cost $9,937,336) |
9,873,017 | ||
|
OTHER ASSETS IN EXCESS OF LIABILITIES
— 1.3% |
134,264 | ||
|
NET ASSETS — 100.0% |
$10,007,281 | ||
|
(a) |
Bond is insured by the following: |
|
|
% of
Net Assets |
|
Assured Guaranty, Inc. |
2.2
% |
|
Build America Mutual Assurance Corp. |
1.4
% |
|
Permanent School Fund Guaranteed |
0.7
% |
|
(b) |
The Fund invested in certain money market funds managed
by SSGA Funds Management, Inc. Amounts related to
these investments during the period ended May 31, 2026
are shown in the Affiliate Table below. |
|
(c) |
The rate shown is the annualized seven-day yield at
May 31, 2026. |
|
Description |
Level 1 –
Quoted Prices |
Level 2 –
Other Significant
Observable Inputs |
Level 3 –
Significant
Unobservable Inputs |
Total |
|
ASSETS: |
|
|
|
|
|
INVESTMENTS: |
|
|
|
|
|
Municipal Bonds & Notes |
$— |
$9,853,143 |
$— |
$9,853,143 |
|
Short-Term Investment |
19,874 |
— |
— |
19,874 |
|
TOTAL INVESTMENTS |
$19,874 |
$9,853,143 |
$— |
$9,873,017 |
|
|
Number of
Shares Held
at
9/17/25* |
Value at
9/17/25* |
Cost of
Purchases |
Proceeds
from
Shares Sold |
Realized
Gain (Loss) |
Change in
Unrealized
Appreciation/
Depreciation |
Number of
Shares Held
at
5/31/26 |
Value at
5/31/26 |
Dividend
Income |
|
State Street Institutional Treasury Plus Money Market Fund - Premier Class |
— |
$— |
$2,242,043 |
$2,222,169 |
$— |
$— |
19,874 |
$19,874 |
$1,282 |
|
* |
Commencement of operations. |