|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities
|
|||
|
720 East CLO Ltd., Series 2023-IA, Class A1R, (3-
mo. CME Term SOFR + 1.37%), 5.04%,
04/15/38(a)(b)
|
USD
|
265
|
$ 265,549
|
|
Abry Liquid Credit CLO Ltd., Series 2025-2A,
Class A1, (3-mo. CME Term SOFR + 1.31%),
5.00%, 01/15/38(a)(b)
|
|
465
|
465,600
|
|
Affirm Asset Securitization Trust
|
|
|
|
|
Series 2025-X2, Class A, 4.45%, 10/15/30(a)
|
|
56
|
55,604
|
|
Series 2026-X1, Class A, 4.27%, 04/15/31(a)
|
|
1,324
|
1,323,332
|
|
Affirm Master Trust
|
|
|
|
|
Series 2025-3A, Class A, 4.45%, 10/16/34(a)
|
|
765
|
758,930
|
|
Series 2026-2A, Class A, 4.67%, 04/16/35(a)
|
|
500
|
498,192
|
|
ALLO Issuer LLC, Series 2026-1A, Class A2, 5.61%,
06/20/56(a)
|
|
156
|
157,523
|
|
American Express Credit Account Master Trust
|
|
|
|
|
Series 2024-2, Class A, 5.24%, 04/15/31
|
|
406
|
415,221
|
|
Series 2025-4, Class A, 4.30%, 07/15/30
|
|
1,901
|
1,898,511
|
|
Anchorage Capital CLO 18 Ltd., Series 2021-18A,
Class A1R, (3-mo. CME Term SOFR + 1.25%),
4.94%, 07/15/39(a)(b)
|
|
1,845
|
1,845,922
|
|
ARES Loan Funding VIII Ltd., Series 2024-ALF8,
Class A1, (3-mo. CME Term SOFR + 1.25%),
4.92%, 01/24/38(a)(b)
|
|
290
|
290,278
|
|
ARI Fleet Lease Trust
|
|
|
|
|
Series 2024-A, Class A2, 5.30%, 11/15/32(a)
|
|
54
|
54,449
|
|
Series 2024-B, Class A2, 5.54%, 04/15/33(a)
|
|
30
|
30,189
|
|
Series 2025-B, Class A2, 4.59%, 03/15/34(a)
|
|
858
|
859,649
|
|
BA Credit Card Trust, Series 2024-A1, Class A,
4.93%, 05/15/29
|
|
1,383
|
1,391,927
|
|
Bain Capital Credit CLO Ltd., Series 2024-1A,
Class A1R, (3-mo. CME Term SOFR + 1.17%),
4.85%, 04/16/39(a)(b)
|
|
250
|
249,975
|
|
Battalion CLO XI Ltd., Series 2017-11A, Class AR2,
(3-mo. CME Term SOFR + 1.13%), 4.80%,
04/24/34(a)(b)
|
|
247
|
246,956
|
|
Battalion CLO XIX Ltd., Series 2021-19A, Class BR,
(3-mo. CME Term SOFR + 1.60%), 5.22%,
04/15/34(a)(b)
|
|
750
|
750,308
|
|
Benefit Street Partners CLO X Ltd., Series 2016-
10A, Class BR3, (3-mo. CME Term SOFR +
1.85%), 5.53%, 07/20/38(a)(b)
|
|
250
|
250,609
|
|
BMW Vehicle Owner Trust
|
|
|
|
|
Series 2023-A, Class A3, 5.47%, 02/25/28
|
|
108
|
107,937
|
|
Series 2025-A, Class A3, 4.56%, 09/25/29
|
|
500
|
501,237
|
|
BofA Auto Trust, Series 2025-1A, Class A3, 4.35%,
11/20/29(a)
|
|
253
|
253,121
|
|
Canyon CLO Ltd., Series 2021-4A, Class BR, (3-mo.
CME Term SOFR + 1.60%), 5.27%, 10/15/34(a)(b)
|
|
250
|
249,925
|
|
Capital One Multi-Asset Execution Trust,
Series 2019-A3, Class A3, 2.06%, 08/15/28
|
|
2,000
|
1,995,614
|
|
Chase Issuance Trust
|
|
|
|
|
Series 2023-A1, Class A, 5.16%, 09/15/28
|
|
2,680
|
2,686,752
|
|
Series 2024-A2, Class A, 4.72%, 01/15/31
|
|
293
|
294,918
|
|
Series 2025-A1, Class A, 4.16%, 07/15/30
|
|
1,728
|
1,721,253
|
|
Chesapeake Funding II LLC
|
|
|
|
|
Series 2023-2A, Class A1, 6.16%, 10/15/35(a)
|
|
82
|
81,701
|
|
Series 2024-1A, Class A1, 5.52%, 05/15/36(a)
|
|
217
|
218,206
|
|
CNH Equipment Trust
|
|
|
|
|
Series 2022-B, Class A3, 3.89%, 11/15/27
|
|
33
|
33,220
|
|
Series 2024-A, Class A3, 4.77%, 06/15/29
|
|
262
|
262,761
|
|
Series 2024-C, Class A3, 4.03%, 01/15/30
|
|
198
|
197,530
|
|
Series 2026-B, Class A2A, 4.18%, 11/15/29
|
|
2,005
|
2,002,245
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
College Ave Student Loans LLC
|
|
|
|
|
Series 2021-B, Class A1, (1-mo. CME Term
SOFR + 0.91%), 4.50%, 06/25/52(a)(b)
|
USD
|
125
|
$ 124,253
|
|
Series 2021-C, Class B, 2.72%, 07/26/55(a)
|
|
58
|
52,805
|
|
Series 2023-A, Class A1, (SOFR (30-day) +
1.90%), 5.53%, 05/25/55(a)(b)
|
|
316
|
321,388
|
|
Compass Datacenters Issuer III LLC, Series 2026-
1A, Class A21, 4.90%, 02/25/56(a)
|
|
252
|
248,960
|
|
DB Master Finance LLC, Series 2026-1A, Class A2I,
5.20%, 05/20/56(a)
|
|
313
|
312,804
|
|
Dell Equipment Finance Trust
|
|
|
|
|
Series 2025-1, Class A2, 4.68%, 07/22/27(a)
|
|
114
|
113,796
|
|
Series 2025-1, Class A3, 4.61%, 02/24/31(a)
|
|
337
|
337,976
|
|
Series 2026-1A, Class A3, 4.32%, 12/22/31(a)
|
|
217
|
216,226
|
|
Diameter Capital CLO 5 Ltd., Series 2023-5A,
Class A1R, (3-mo. CME Term SOFR + 1.24%),
4.91%, 01/15/39(a)(b)
|
|
250
|
250,125
|
|
Dryden 76 CLO Ltd., Series 2019-76A, Class A1R2,
(3-mo. CME Term SOFR + 1.37%), 5.04%,
10/15/37(a)(b)
|
|
290
|
290,497
|
|
ECMC Group Student Loan Trust, Series 2026-2A,
Class A, (SOFR (30-day) + 0.93%), 4.58%,
05/25/76(a)(b)
|
|
1,995
|
1,979,857
|
|
EDvestinU Private Education Loan Issue No. 3 LLC,
Series 2021-A, Class A, 1.80%, 11/25/45(a)
|
|
38
|
35,976
|
|
ELFI Graduate Loan Program LLC
|
|
|
|
|
Series 2022-A, Class A, 4.51%, 08/26/47(a)
|
|
347
|
338,459
|
|
Series 2023-A, Class A, 6.37%, 02/04/48(a)
|
|
310
|
316,306
|
|
Elmwood CLO III Ltd., Series 2019-3A, Class A2RR,
(3-mo. CME Term SOFR + 1.60%), 5.28%,
07/18/37(a)(b)
|
|
425
|
426,023
|
|
Enterprise Fleet Financing LLC
|
|
|
|
|
Series 2023-2, Class A2, 5.56%, 04/22/30(a)
|
|
72
|
72,244
|
|
Series 2024-1, Class A2, 5.23%, 03/20/30(a)
|
|
133
|
133,836
|
|
Series 2024-1, Class A3, 5.16%, 09/20/30(a)
|
|
50
|
50,418
|
|
Series 2024-3, Class A3, 4.98%, 08/21/28(a)
|
|
200
|
201,187
|
|
Series 2024-3, Class A4, 5.06%, 03/20/31(a)
|
|
66
|
66,515
|
|
Series 2024-4, Class A3, 4.56%, 11/20/28(a)
|
|
182
|
182,341
|
|
Series 2025-2, Class A3, 4.41%, 06/20/29(a)
|
|
342
|
341,424
|
|
Firstlight Issuer LLC, Series 2026-1A, Class A2,
06/20/56(a)(c)
|
|
123
|
123,524
|
|
Flatiron CLO 23 LLC, Series 2023-1A, Class AR,
(3-mo. CME Term SOFR + 1.24%), 4.92%,
04/17/36(a)(b)
|
|
250
|
250,273
|
|
Ford Credit Auto Owner Trust
|
|
|
|
|
Series 2023-1, Class A, 4.85%, 08/15/35(a)
|
|
1,380
|
1,388,929
|
|
Series 2023-2, Class A, 5.28%, 02/15/36(a)
|
|
1,675
|
1,702,453
|
|
Series 2023-A, Class A3, 4.65%, 02/15/28
|
|
30
|
30,107
|
|
Series 2024-1, Class A, 4.87%, 08/15/36(a)(d)
|
|
1,288
|
1,300,750
|
|
Series 2024-A, Class A3, 5.09%, 12/15/28
|
|
1,163
|
1,168,797
|
|
Series 2025-2, Class A, 4.37%, 02/15/38(a)(d)
|
|
1,870
|
1,852,952
|
|
Ford Credit Auto Owner Trust/Ford Credit,
Series 2025-1, Class A, 4.86%, 08/15/37(a)(d)
|
|
715
|
721,655
|
|
Ford Credit Floorplan Master Owner Trust A
|
|
|
|
|
Series 2018-4, Class A, 4.06%, 11/15/30
|
|
907
|
898,476
|
|
Series 2024-2, Class A, 5.24%, 04/15/31(a)
|
|
545
|
555,427
|
|
Foundation Finance Trust
|
|
|
|
|
Series 2024-1A, Class A, 5.50%, 12/15/49(a)
|
|
214
|
216,433
|
|
Series 2025-1A, Class A, 4.95%, 04/15/50(a)
|
|
366
|
365,504
|
|
FS Rialto Issuer Ltd., Series 2021-FL2, Class A,
(1-mo. CME Term SOFR + 1.58%), 5.22%,
05/16/38(a)(b)
|
|
48
|
47,851
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
GM Financial Consumer Automobile Receivables
Trust
|
|
|
|
|
Series 2022-3, Class A4, 3.71%, 12/16/27
|
USD
|
376
|
$ 376,028
|
|
Series 2023-4, Class A3, 5.78%, 08/16/28
|
|
268
|
269,983
|
|
Series 2024-4, Class A3, 4.40%, 08/16/29
|
|
1,021
|
1,022,345
|
|
Series 2025-3, Class A3, 4.18%, 08/16/30
|
|
1,245
|
1,242,412
|
|
Series 2025-4, Class A3, 3.84%, 02/18/31
|
|
1,198
|
1,186,010
|
|
GM Financial Revolving Receivables Trust
|
|
|
|
|
Series 2023-2, Class A, 5.77%, 08/11/36(a)
|
|
1,904
|
1,957,586
|
|
Series 2024-1, Class A, 4.98%, 12/11/36(a)
|
|
284
|
287,577
|
|
Series 2024-2, Class A, 4.52%, 03/11/37(a)
|
|
824
|
823,383
|
|
GoodLeap Sustainable Home Solutions Trust
|
|
|
|
|
Series 2021-5CS, Class A, 2.31%, 10/20/48(a)
|
|
43
|
35,856
|
|
Series 2022-1GS, Class A, 2.70%, 01/20/49(a)
|
|
79
|
68,477
|
|
Series 2022-2CS, Class A, 4.00%, 04/20/49(a)
|
|
35
|
30,209
|
|
GreatAmerica Leasing Receivables Funding LLC
|
|
|
|
|
Series 2024-2, Class A2, 5.28%, 03/15/27(a)
|
|
32
|
31,679
|
|
Series 2025-1, Class A3, 4.49%, 04/16/29(a)
|
|
180
|
180,114
|
|
Series 2026-1, Class A2, 4.47%, 01/16/29(a)
|
|
1,363
|
1,363,980
|
|
GreenSky Home Improvement Issuer Trust,
Series 2026-REV1, Class A, 4.93%, 05/15/41(a)
|
|
123
|
122,930
|
|
Higley Park CLO Ltd., Series 2025-1A, Class B1,
(3-mo. CME Term SOFR + 1.65%), 5.32%,
07/24/38(a)(b)
|
|
400
|
401,496
|
|
Honda Auto Receivables Owner Trust
|
|
|
|
|
Series 2023-4, Class A3, 5.67%, 06/21/28
|
|
386
|
388,551
|
|
Series 2026-2, Class A2A, 4.11%, 12/15/28
|
|
1,213
|
1,211,535
|
|
Hyundai Auto Receivables Trust
|
|
|
|
|
Series 2023-B, Class A3, 5.48%, 04/17/28
|
|
349
|
350,370
|
|
Series 2024-A, Class A3, 4.99%, 02/15/29
|
|
619
|
621,134
|
|
Series 2024-B, Class A3, 4.84%, 03/15/29
|
|
1,104
|
1,106,960
|
|
Series 2024-C, Class A3, 4.41%, 05/15/29
|
|
1,622
|
1,623,475
|
|
Series 2025-A, Class A3, 4.32%, 10/15/29
|
|
366
|
366,168
|
|
Series 2025-C, Class A3, 3.88%, 04/15/30
|
|
479
|
475,547
|
|
Iskandar Enterprise LLC
|
|
|
|
|
Series 2026-1A, Class A21, 5.05%, 04/17/56(a)
|
|
223
|
221,722
|
|
Series 2026-1A, Class A22, 5.34%, 04/17/56(a)
|
|
342
|
340,377
|
|
John Deere Owner Trust, Series 2023-B, Class A3,
5.18%, 03/15/28
|
|
137
|
137,881
|
|
KKR CLO 59 Ltd., Series 2025-59A, Class A1, (3-
mo. CME Term SOFR + 1.24%), 4.92%,
01/15/39(a)(b)
|
|
675
|
675,331
|
|
Kubota Credit Owner Trust, Series 2025-1A,
Class A2, 4.61%, 12/15/27(a)
|
|
112
|
111,776
|
|
LCM 31 Ltd., Series 31A, Class AR, (3-mo. CME
Term SOFR + 1.28%), 4.96%, 07/20/34(a)(b)
|
|
1,930
|
1,931,842
|
|
Lyra Music Assets Delaware LP, Series 2025-1A,
Class A2, 5.60%, 09/20/65(a)
|
|
113
|
113,465
|
|
M&T Bank RV Trust, Series 2026-1A, Class A,
4.35%, 01/15/46(a)
|
|
209
|
206,079
|
|
M&T Equipment Notes, Series 2025-1A, Class A2,
4.70%, 12/16/27(a)
|
|
62
|
61,920
|
|
Madison Park Funding XXX Ltd., Series 2018-30A,
Class A1R, (3-mo. CME Term SOFR + 1.36%),
5.04%, 07/16/37(a)(b)
|
|
2,000
|
2,003,188
|
|
Mariner Finance Issuance Trust, Series 2026-AA,
Class A, 5.01%, 05/20/39(a)
|
|
308
|
307,956
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2023-2, Class A3, 5.95%, 11/15/28
|
|
300
|
301,899
|
|
MMAF Equipment Finance LLC
|
|
|
|
|
Series 2024-A, Class A3, 4.95%, 07/14/31(a)
|
|
150
|
150,664
|
|
Series 2024-A, Class A4, 5.10%, 07/13/49(a)
|
|
745
|
756,535
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
MTP ABS Funding LLC, Series 2026-1A, Class A2,
5.20%, 04/25/56(a)
|
USD
|
82
|
$ 81,816
|
|
Navient Education Loan Trust, Series 2025-A,
Class A, 5.02%, 07/15/55(a)
|
|
254
|
254,218
|
|
Navient Private Education Loan Trust,
Series 2020-A, Class A2B, (1-mo. CME Term
SOFR + 1.01%), 4.64%, 11/15/68(a)(b)
|
|
532
|
531,359
|
|
Navient Private Education Refi Loan Trust
|
|
|
|
|
Series 2019-CA, Class A2, 3.13%, 02/15/68(a)
|
|
54
|
53,254
|
|
Series 2019-GA, Class A, 2.40%, 10/15/68(a)
|
|
35
|
33,930
|
|
Series 2020-BA, Class A2, 2.12%, 01/15/69(a)
|
|
154
|
147,037
|
|
Series 2020-DA, Class A, 1.69%, 05/15/69(a)
|
|
182
|
173,018
|
|
Series 2020-FA, Class A, 1.22%, 07/15/69(a)
|
|
257
|
242,661
|
|
Series 2020-IA, Class A1A, 1.33%, 04/15/69(a)
|
|
447
|
408,847
|
|
Series 2021-A, Class A, 0.84%, 05/15/69(a)
|
|
35
|
32,370
|
|
Series 2021-BA, Class A, 0.94%, 07/15/69(a)
|
|
234
|
212,378
|
|
Series 2022-BA, Class A, 4.16%, 10/15/70(a)
|
|
604
|
584,926
|
|
Navient Refinance Loan Trust, Series 2025-C,
Class A, 4.80%, 10/15/55(a)
|
|
267
|
265,575
|
|
Navient Student Loan Trust, Series 2023-BA,
Class A1B, (SOFR (30-day) + 1.70%), 5.29%,
03/15/72(a)(b)
|
|
115
|
115,382
|
|
Nelnet Student Loan Trust
|
|
|
|
|
Series 2021-A, Class APT2, 1.36%, 04/20/62(a)
|
|
269
|
254,532
|
|
Series 2021-CA, Class AFL, (1-mo. CME Term
SOFR + 0.85%), 4.49%, 04/20/62(a)(b)
|
|
204
|
203,421
|
|
Series 2025-1A, Class A1, (SOFR (30-day) +
0.75%), 4.38%, 10/25/33(a)(b)
|
|
435
|
434,663
|
|
Series 2025-AA, Class A1B, (SOFR (30-day) +
1.10%), 4.69%, 03/15/57(a)(b)
|
|
317
|
315,760
|
|
Series 2025-BA, Class A1B, (SOFR (30-day) +
1.35%), 4.94%, 05/17/55(a)(b)
|
|
722
|
724,125
|
|
Nissan Auto Receivables Owner Trust
|
|
|
|
|
Series 2023-A, Class A3, 4.91%, 11/15/27
|
|
230
|
229,837
|
|
Series 2026-A, Class A2A, 4.19%, 03/15/29
|
|
1,014
|
1,013,479
|
|
OCP Aegis CLO Ltd., Series 2024-39A, Class AR,
(3-mo. CME Term SOFR + 1.09%), 4.77%,
04/16/38(a)(b)
|
|
250
|
249,762
|
|
OCP CLO Ltd., Series 2016-12A, Class BAR3, (3-
mo. CME Term SOFR + 1.68%), 5.36%,
10/18/37(a)(b)
|
|
260
|
260,240
|
|
OHA Credit Partners XVI, Series 2021-16A,
Class AR, (3-mo. CME Term SOFR + 1.35%),
5.03%, 10/18/37(a)(b)
|
|
420
|
420,818
|
|
OneMain Financial Issuance Trust
|
|
|
|
|
Series 2019-2A, Class A, 3.14%, 10/14/36(a)
|
|
402
|
396,826
|
|
Series 2023-1A, Class A, 5.50%, 06/14/38(a)
|
|
150
|
152,598
|
|
Series 2023-2A, Class A2, (SOFR (30-day) +
1.50%), 5.09%, 09/15/36(a)(b)
|
|
162
|
162,999
|
|
Series 2026-1A, Class A, 4.98%, 07/14/39(a)
|
|
1,390
|
1,395,195
|
|
Pagaya AI Technology in Housing Trust,
Series 2023-1, Class A, 3.60%, 10/25/40(a)
|
|
495
|
476,311
|
|
PFS Financing Corp.
|
|
|
|
|
Series 2023-C, Class A, 5.52%, 10/15/28(a)
|
|
432
|
433,561
|
|
Series 2024-B, Class A, 4.95%, 02/15/29(a)
|
|
140
|
140,497
|
|
Series 2024-D, Class A, 5.34%, 04/15/29(a)
|
|
115
|
115,882
|
|
Series 2025-B, Class A, 4.85%, 02/15/30(a)
|
|
738
|
741,677
|
|
Series 2025-F, Class A, 4.40%, 08/15/30(a)
|
|
493
|
491,518
|
|
Series 2026-D, Class A, 4.49%, 05/15/31(a)
|
|
340
|
338,578
|
|
Pikes Peak CLO 14 Ltd., Series 2023-14A,
Class A1R, (3-mo. CME Term SOFR + 1.38%),
5.06%, 07/20/38(a)(b)
|
|
250
|
250,370
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
Point Broadband & Funding LLC, Series 2025-1A,
Class A2, 5.34%, 07/20/55(a)
|
USD
|
116
|
$ 115,401
|
|
Porsche Financial Auto Securitization Trust,
Series 2024-1A, Class A3, 4.44%, 01/22/30(a)
|
|
1,485
|
1,486,287
|
|
Porsche Innovative Lease Owner Trust, Series 2026-
1A, Class A2A, 4.10%, 10/20/28
|
|
915
|
913,721
|
|
Prodigy Finance DAC, Series 2021-1A, Class A,
(1-mo. CME Term SOFR + 1.36%), 5.01%,
07/25/51(a)(b)
|
|
24
|
23,904
|
|
Progress Residential Trust, Series 2021-SFR10,
Class A, 2.39%, 12/17/40(a)
|
|
431
|
406,441
|
|
QTS Issuer ABS II LLC
|
|
|
|
|
Series 2025-1A, Class A2, 5.04%, 10/05/55(a)
|
|
425
|
415,989
|
|
Series 2026-4A, Class A2, 5.70%, 03/05/56(a)
|
|
372
|
371,044
|
|
Series 2026-6A, Class A21, 07/05/56(a)(c)
|
|
165
|
164,998
|
|
Rad CLO 18 Ltd., Series 2023-18A, Class A1R, (3-
mo. CME Term SOFR + 1.40%), 5.07%,
07/15/37(a)(b)
|
|
490
|
490,844
|
|
RCKT Mortgage Trust, Series 2024-CES2, Class A2,
6.39%, 04/25/44(a)(b)
|
|
445
|
447,688
|
|
Regional Management Issuance Trust
|
|
|
|
|
Series 2024-1, Class A, 5.83%, 07/15/36(a)
|
|
103
|
104,016
|
|
Series 2024-2, Class A, 5.11%, 12/15/33(a)
|
|
100
|
100,139
|
|
Republic Finance Issuance Trust, Series 2026-A,
Class A, 4.82%, 06/20/39(a)
|
|
515
|
511,888
|
|
RR 21 Ltd., Series 2022-21A, Class A1AR, (3-mo.
CME Term SOFR + 1.40%), 5.07%, 07/15/39(a)(b)
|
|
260
|
260,442
|
|
SAIF Securitization Trust, Series 2026-CES1,
Class A1A, 5.40%, 02/25/56(a)(d)
|
|
197
|
196,375
|
|
SFS Auto Receivables Securitization Trust
|
|
|
|
|
Series 2025-1A, Class A3, 4.75%, 07/22/30(a)
|
|
450
|
451,675
|
|
Series 2025-2A, Class A3, 4.44%, 12/20/30(a)
|
|
656
|
656,501
|
|
Signal Peak CLO 5 Ltd., Series 2018-5A,
Class A1R2, (3-mo. CME Term SOFR + 1.23%),
4.86%, 04/25/37(a)(b)
|
|
250
|
250,125
|
|
Sixth Street CLO XXIII Ltd., Series 2023-23A,
Class A1R, (3-mo. CME Term SOFR + 1.21%),
4.89%, 10/17/38(a)(b)
|
|
870
|
870,649
|
|
SLM Student Loan Trust, Series 2013-4, Class A,
(SOFR (30-day) + 0.66%), 4.29%, 06/25/43(b)
|
|
103
|
101,259
|
|
SMB Private Education Loan Trust
|
|
|
|
|
Series 2019-B, Class A2B, (1-mo. CME Term
SOFR + 1.11%), 4.74%, 06/15/37(a)(b)
|
|
214
|
213,546
|
|
Series 2021-A, Class A2A1, (1-mo. CME Term
SOFR + 0.84%), 4.47%, 01/15/53(a)(b)
|
|
493
|
488,371
|
|
Series 2021-A, Class APL, (1-mo. CME Term
SOFR + 0.84%), 4.47%, 01/15/53(a)(b)
|
|
579
|
574,433
|
|
Series 2022-A, Class APT, 2.85%, 11/16/54(a)
|
|
405
|
375,865
|
|
Series 2022-B, Class A1A, 3.94%, 02/16/55(a)
|
|
419
|
403,478
|
|
Series 2023-B, Class A1B, (SOFR (30-day) +
1.80%), 5.39%, 10/16/56(a)(b)
|
|
465
|
470,707
|
|
Series 2023-C, Class A1A, 5.67%, 11/15/52(a)
|
|
95
|
96,061
|
|
Series 2024-A, Class A1B, (SOFR (30-day) +
1.45%), 5.04%, 03/15/56(a)(b)
|
|
214
|
215,264
|
|
Series 2024-C, Class A1A, 5.50%, 06/17/52(a)
|
|
853
|
859,959
|
|
SoFi Consumer Loan Program Trust
|
|
|
|
|
Series 2025-2, Class A, 4.82%, 06/25/34(a)
|
|
344
|
344,051
|
|
Series 2026-2, Class A, 4.27%, 03/25/36(a)
|
|
1,161
|
1,159,409
|
|
Series 2026-B, Class A, 4.40%, 02/25/36(a)
|
|
798
|
796,808
|
|
SoFi Personal Loan Trust
|
|
|
|
|
Series 2023-1A, Class A, 6.00%, 11/12/30(a)
|
|
44
|
44,540
|
|
Series 2024-1A, Class A, 6.06%, 02/12/31(a)
|
|
38
|
38,113
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
SoFi Professional Loan Program Trust
|
|
|
|
|
Series 2020-A, Class A2FX, 2.54%, 05/15/46(a)
|
USD
|
93
|
$ 89,386
|
|
Series 2020-C, Class AFX, 1.95%, 02/15/46(a)
|
|
144
|
135,260
|
|
Summit Issuer LLC, Series 2025-1A, Class A2,
5.21%, 11/20/55(a)
|
|
264
|
262,225
|
|
Symphony CLO 40 Ltd., Series 2023-40A, Class AR,
(3-mo. CME Term SOFR + 1.31%), 4.98%,
01/05/38(a)(b)
|
|
645
|
645,803
|
|
Symphony CLO 52 Ltd., Series 2025-52A, Class AR,
(3-mo. CME Term SOFR + 1.15%), 4.82%,
01/20/36(a)(b)
|
|
155
|
155,073
|
|
TCW CLO AMR Ltd., Series 2019-1A, Class ASNR,
(3-mo. CME Term SOFR + 1.30%), 4.95%,
08/16/34(a)(b)
|
|
1,255
|
1,254,820
|
|
Toyota Auto Loan Extended Note Trust, Series 2025-
1A, Class A, 4.65%, 05/25/38(a)
|
|
1,195
|
1,198,523
|
|
Toyota Auto Receivables Owner Trust
|
|
|
|
|
Series 2022-B, Class A4, 3.11%, 08/16/27
|
|
127
|
126,669
|
|
Series 2023-C, Class A3, 5.16%, 04/17/28
|
|
112
|
112,020
|
|
Trinitas CLO XIX Ltd., Series 2022-19A, Class A1R,
(3-mo. CME Term SOFR + 1.11%), 4.79%,
10/20/33(a)(b)
|
|
277
|
277,140
|
|
UPX HIL Issuer Trust, Series 2025-1, Class A,
5.16%, 01/25/47(a)
|
|
135
|
133,741
|
|
Vantage Data Centers Issuer LLC, Series 2025-2A,
Class A2, 5.24%, 11/15/55(a)
|
|
166
|
161,192
|
|
Verizon Master Trust
|
|
|
|
|
Series 2024-2, Class A, 4.83%, 12/22/31(a)
|
|
1,481
|
1,493,764
|
|
Series 2024-8, Class A1A, 4.62%, 11/20/30
|
|
1,042
|
1,045,898
|
|
Wellfleet CLO Ltd., Series 2021-2A, Class A1R, (3-
mo. CME Term SOFR + 1.15%), 4.82%,
07/15/34(a)(b)
|
|
465
|
464,908
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class A3, 4.58%, 06/15/29(a)
|
|
216
|
216,431
|
|
WF Card Issuance Trust, Series 2024-A1, Class A,
4.94%, 02/15/29
|
|
1,902
|
1,910,854
|
|
Whitebox CLO I Ltd., Series 2019-1A, Class A1R3,
(3-mo. CME Term SOFR + 1.18%), 4.85%,
01/24/37(a)(b)
|
|
410
|
409,809
|
|
Total Asset-Backed Securities — 24.9%
(Cost: $99,293,327)
|
99,169,058
|
||
|
Corporate Bonds
|
|||
|
Aerospace & Defense — 0.7%
|
|||
|
Boeing Co. (The)
|
|
|
|
|
6.30%, 05/01/29
|
|
349
|
363,322
|
|
5.15%, 05/01/30
|
|
320
|
323,901
|
|
Honeywell Aerospace, Inc., 4.30%, 03/16/31(a)
|
|
440
|
432,405
|
|
L3Harris Technologies, Inc., 5.40%, 01/15/27
|
|
28
|
28,138
|
|
RTX Corp.
|
|
|
|
|
2.65%, 11/01/26
|
|
38
|
37,829
|
|
3.50%, 03/15/27
|
|
470
|
467,539
|
|
3.13%, 05/04/27
|
|
770
|
761,983
|
|
5.75%, 01/15/29
|
|
349
|
359,500
|
|
|
|
|
2,774,617
|
|
Automobiles — 0.1%
|
|||
|
Stellantis NV, 3.38%, 11/19/28(e)
|
EUR
|
200
|
227,189
|
|
Banks — 7.3%
|
|||
|
Bank of America Corp.
|
|
|
|
|
6.20%, 11/10/28
|
USD
|
474
|
483,961
|
|
Security
|
|
Par
(000)
|
Value
|
|
Banks (continued)
|
|||
|
Bank of America Corp.
|
|
|
|
|
3.42%, 12/20/28
|
USD
|
152
|
$ 149,459
|
|
4.98%, 01/24/29
|
|
690
|
693,769
|
|
4.62%, 05/09/29
|
|
276
|
275,867
|
|
5.82%, 09/15/29
|
|
166
|
169,872
|
|
3.97%, 02/07/30
|
|
457
|
448,395
|
|
4.46%, 02/06/32
|
|
452
|
444,031
|
|
2.69%, 04/22/32
|
|
244
|
221,019
|
|
4.70%, 04/23/32
|
|
780
|
773,442
|
|
2.57%, 10/20/32
|
|
490
|
436,143
|
|
Citibank N.A.
|
|
|
|
|
4.91%, 05/29/30
|
|
375
|
379,627
|
|
4.85%, 06/18/32
|
|
360
|
359,743
|
|
Citigroup, Inc.
|
|
|
|
|
3.20%, 10/21/26
|
|
530
|
528,289
|
|
4.64%, 05/07/28
|
|
791
|
791,490
|
|
5.17%, 02/13/30
|
|
941
|
951,039
|
|
4.54%, 09/19/30
|
|
525
|
521,312
|
|
4.95%, 05/07/31
|
|
1,225
|
1,229,054
|
|
4.50%, 09/11/31
|
|
652
|
643,512
|
|
JPMorgan Chase & Co.
|
|
|
|
|
1.47%, 09/22/27
|
|
230
|
228,470
|
|
6.07%, 10/22/27
|
|
696
|
699,378
|
|
5.57%, 04/22/28
|
|
585
|
589,877
|
|
4.98%, 07/22/28
|
|
1,002
|
1,006,394
|
|
4.92%, 01/24/29
|
|
1,880
|
1,889,121
|
|
5.30%, 07/24/29
|
|
969
|
981,617
|
|
4.41%, 04/23/30
|
|
680
|
674,216
|
|
5.00%, 07/22/30
|
|
505
|
508,419
|
|
5.14%, 01/24/31
|
|
93
|
94,046
|
|
5.10%, 04/22/31
|
|
887
|
897,016
|
|
4.26%, 10/22/31
|
|
530
|
518,129
|
|
4.35%, 01/22/32
|
|
535
|
524,076
|
|
1.95%, 02/04/32
|
|
500
|
440,120
|
|
Morgan Stanley Bank N.A.
|
|
|
|
|
4.95%, 01/14/28
|
|
915
|
917,259
|
|
4.97%, 07/14/28
|
|
765
|
768,256
|
|
4.79%, 05/10/30
|
|
470
|
470,464
|
|
Morgan Stanley Private Bank N.A.
|
|
|
|
|
4.20%, 11/17/28
|
|
275
|
273,591
|
|
4.73%, 07/18/31
|
|
925
|
920,827
|
|
Pinnacle Financial Partners, Inc., 5.60%, 05/19/32
|
|
600
|
601,918
|
|
Regions Bank, 4.76%, 07/27/29
|
|
1,040
|
1,040,375
|
|
Truist Financial Corp., 5.44%, 01/24/30
|
|
94
|
95,568
|
|
Wells Fargo & Co.
|
|
|
|
|
5.71%, 04/22/28
|
|
165
|
166,484
|
|
3.58%, 05/22/28
|
|
440
|
436,322
|
|
4.81%, 07/25/28
|
|
95
|
95,259
|
|
4.97%, 04/23/29
|
|
334
|
335,630
|
|
5.57%, 07/25/29
|
|
480
|
488,108
|
|
4.08%, 09/15/29
|
|
1,050
|
1,035,271
|
|
4.18%, 01/23/30
|
|
345
|
340,478
|
|
5.15%, 04/23/31
|
|
429
|
433,503
|
|
Series W, 4.90%, 01/24/28
|
|
821
|
822,860
|
|
Westpac Banking Corp., 4.18%, 05/22/28(a)
|
|
1,205
|
1,201,651
|
|
|
|
|
28,994,727
|
|
Biotechnology — 0.4%
|
|||
|
AbbVie, Inc.
|
|
|
|
|
4.80%, 03/15/29
|
|
304
|
306,357
|
|
3.20%, 11/21/29
|
|
143
|
136,928
|
|
4.13%, 03/15/31
|
|
245
|
239,739
|
|
Security
|
|
Par
(000)
|
Value
|
|
Biotechnology (continued)
|
|||
|
Amgen, Inc.
|
|
|
|
|
2.60%, 08/19/26
|
USD
|
346
|
$ 345,274
|
|
4.05%, 08/18/29
|
|
482
|
474,645
|
|
|
|
|
1,502,943
|
|
Broadline Retail — 0.3%
|
|||
|
Amazon.com, Inc., 4.00%, 03/13/29
|
|
1,270
|
1,256,426
|
|
Capital Markets — 4.2%
|
|||
|
Deutsche Bank AG, 5.37%, 01/10/29
|
|
336
|
339,281
|
|
Goldman Sachs Group, Inc. (The)
|
|
|
|
|
1.54%, 09/10/27
|
|
1,030
|
1,024,240
|
|
1.95%, 10/21/27
|
|
689
|
683,636
|
|
2.64%, 02/24/28
|
|
400
|
395,180
|
|
4.94%, 04/23/28
|
|
1,515
|
1,519,316
|
|
4.15%, 10/21/29
|
|
1,085
|
1,069,702
|
|
6.48%, 10/24/29
|
|
175
|
181,529
|
|
4.59%, 04/20/30
|
|
540
|
536,952
|
|
5.05%, 07/23/30
|
|
950
|
955,566
|
|
5.22%, 04/23/31
|
|
938
|
947,348
|
|
4.37%, 10/21/31
|
|
930
|
909,574
|
|
4.52%, 01/21/32
|
|
390
|
382,640
|
|
4.97%, 06/03/32
|
|
600
|
599,654
|
|
Morgan Stanley
|
|
|
|
|
2.48%, 01/21/28
|
|
1,719
|
1,700,368
|
|
4.99%, 04/12/29
|
|
935
|
940,082
|
|
5.17%, 01/16/30
|
|
330
|
332,974
|
|
4.56%, 04/10/30
|
|
330
|
327,907
|
|
5.66%, 04/18/30
|
|
417
|
425,970
|
|
5.04%, 07/19/30
|
|
1,092
|
1,099,617
|
|
4.65%, 10/18/30
|
|
375
|
372,979
|
|
5.19%, 04/17/31
|
|
225
|
227,370
|
|
4.49%, 01/16/32
|
|
490
|
480,475
|
|
4.71%, 03/12/32
|
|
410
|
404,933
|
|
4.81%, 04/16/32
|
|
330
|
327,435
|
|
Series I, 4.36%, 10/22/31
|
|
80
|
78,219
|
|
UBS Group AG, 4.59%, 08/10/32(a)
|
|
370
|
363,024
|
|
|
|
|
16,625,971
|
|
Chemicals — 0.4%
|
|||
|
Dow Chemical Co. (The), 4.80%, 01/15/31
|
|
600
|
591,033
|
|
Ecolab, Inc., 4.80%, 06/15/31
|
|
350
|
351,549
|
|
LYB International Finance III LLC, 5.13%, 01/15/31
|
|
485
|
484,232
|
|
|
|
|
1,426,814
|
|
Commercial Services & Supplies — 0.1%
|
|||
|
Veralto Corp., 4.85%, 01/15/32
|
|
480
|
479,227
|
|
Consumer Finance — 1.4%
|
|||
|
American Express Co.
|
|
|
|
|
4.44%, 05/03/30
|
|
640
|
636,056
|
|
4.46%, 02/10/32
|
|
330
|
325,132
|
|
Capital One Financial Corp.
|
|
|
|
|
1.88%, 11/02/27
|
|
488
|
483,504
|
|
6.31%, 06/08/29
|
|
343
|
352,702
|
|
4.49%, 09/11/31
|
|
320
|
313,982
|
|
ERAC U.S.A. Finance LLC, 4.50%, 10/30/29(a)
|
|
600
|
595,894
|
|
Ford Motor Credit Co. LLC
|
|
|
|
|
5.80%, 03/05/27
|
|
255
|
256,317
|
|
4.95%, 05/28/27
|
|
215
|
215,123
|
|
7.35%, 11/04/27
|
|
470
|
482,925
|
|
4.97%, 04/06/29
|
|
235
|
232,613
|
|
5.88%, 11/07/29
|
|
400
|
404,812
|
|
General Motors Financial Co., Inc., 4.60%, 01/08/31
|
|
205
|
202,188
|
|
Security
|
|
Par
(000)
|
Value
|
|
Consumer Finance (continued)
|
|||
|
Synchrony Financial
|
|
|
|
|
5.02%, 07/29/29
|
USD
|
160
|
$ 160,117
|
|
5.94%, 08/02/30
|
|
115
|
117,289
|
|
5.45%, 03/06/31
|
|
720
|
719,813
|
|
|
|
|
5,498,467
|
|
Diversified REITs — 3.0%
|
|||
|
American Tower Corp.
|
|
|
|
|
3.65%, 03/15/27
|
|
531
|
528,023
|
|
3.55%, 07/15/27
|
|
516
|
511,481
|
|
5.80%, 11/15/28
|
|
361
|
369,888
|
|
5.20%, 02/15/29
|
|
164
|
166,147
|
|
5.00%, 01/31/30
|
|
229
|
230,799
|
|
4.90%, 03/15/30
|
|
708
|
711,283
|
|
Crown Castle, Inc., 1.05%, 07/15/26
|
|
559
|
558,290
|
|
Equinix Asia Financing Corp. Pte Ltd., 4.40%,
03/15/31
|
|
675
|
660,850
|
|
Equinix Europe 2 Financing Corp. LLC, 4.60%,
11/15/30
|
|
601
|
594,049
|
|
Equinix, Inc.
|
|
|
|
|
2.90%, 11/18/26
|
|
672
|
667,993
|
|
1.80%, 07/15/27
|
|
722
|
701,941
|
|
1.55%, 03/15/28
|
|
195
|
185,358
|
|
2.00%, 05/15/28
|
|
89
|
84,949
|
|
3.20%, 11/18/29
|
|
555
|
528,547
|
|
2.15%, 07/15/30
|
|
235
|
211,866
|
|
GLP Capital LP/GLP Financing II, Inc., 5.30%,
01/15/29
|
|
610
|
612,859
|
|
VICI Properties LP, 4.75%, 02/15/28
|
|
771
|
770,753
|
|
VICI Properties LP/VICI Note Co., Inc.
|
|
|
|
|
4.50%, 09/01/26(a)
|
|
533
|
532,680
|
|
4.25%, 12/01/26(a)
|
|
775
|
773,508
|
|
5.75%, 02/01/27(a)
|
|
680
|
681,777
|
|
4.50%, 01/15/28(a)
|
|
874
|
867,913
|
|
3.88%, 02/15/29(a)
|
|
320
|
310,898
|
|
4.13%, 08/15/30(a)
|
|
590
|
566,255
|
|
|
|
|
11,828,107
|
|
Diversified Telecommunication Services — 0.1%
|
|||
|
AT&T Inc., 1.65%, 02/01/28
|
|
435
|
415,697
|
|
Electric Utilities — 3.7%
|
|||
|
AES Corp. (The), 5.20%, 07/15/29
|
|
130
|
130,740
|
|
Chpe LLC, 4.88%, 06/30/31(a)
|
|
540
|
538,949
|
|
Constellation Energy Generation LLC, 4.40%,
01/15/31
|
|
430
|
422,732
|
|
Dominion Energy, Inc., 5.00%, 06/15/30
|
|
229
|
231,575
|
|
Duke Energy Carolinas LLC, 4.85%, 03/15/30
|
|
335
|
338,052
|
|
Duke Energy Corp.
|
|
|
|
|
4.85%, 01/05/29
|
|
600
|
603,433
|
|
3.40%, 06/15/29
|
|
110
|
106,311
|
|
FirstEnergy Corp.
|
|
|
|
|
2.65%, 03/01/30
|
|
295
|
272,966
|
|
Series B, 3.90%, 07/15/27
|
|
230
|
228,685
|
|
Series B, 2.25%, 09/01/30
|
|
108
|
97,219
|
|
FirstEnergy Pennsylvania Electric Co., 4.55%,
03/15/31(a)
|
|
270
|
268,230
|
|
FirstEnergy Transmission LLC, 4.55%, 01/15/30
|
|
141
|
139,956
|
|
Jersey Central Power & Light Co., 4.60%,
01/15/30(a)
|
|
395
|
392,399
|
|
NextEra Energy Capital Holdings, Inc.
|
|
|
|
|
4.69%, 09/01/27
|
|
445
|
446,018
|
|
4.85%, 02/04/28
|
|
477
|
479,632
|
|
Security
|
|
Par
(000)
|
Value
|
|
Electric Utilities (continued)
|
|||
|
NRG Energy, Inc.
|
|
|
|
|
2.45%, 12/02/27(a)
|
USD
|
243
|
$ 234,983
|
|
4.73%, 10/15/30(a)
|
|
295
|
291,369
|
|
4.96%, 04/30/31(a)
|
|
630
|
623,048
|
|
Ohio Edison Co., 4.95%, 12/15/29(a)
|
|
131
|
131,951
|
|
Pacific Gas & Electric Co.
|
|
|
|
|
2.10%, 08/01/27
|
|
159
|
154,802
|
|
5.55%, 05/15/29
|
|
947
|
966,551
|
|
4.55%, 07/01/30
|
|
1,687
|
1,661,131
|
|
2.50%, 02/01/31
|
|
480
|
430,643
|
|
5.05%, 11/15/31
|
|
410
|
409,613
|
|
Perusahaan Perseroan Persero PT Perusahaan
Listrik Negara, 4.13%, 05/15/27(a)
|
|
200
|
198,552
|
|
Pinnacle West Capital Corp., 4.65%, 06/01/29
|
|
655
|
655,080
|
|
Public Service Enterprise Group, Inc., 4.90%,
03/15/30
|
|
212
|
213,687
|
|
Southern California Edison Co., 5.65%, 10/01/28
|
|
77
|
78,458
|
|
Southern Co. (The), 5.50%, 03/15/29
|
|
641
|
655,495
|
|
Texas Electric Market Stabilization Funding N LLC,
Series A-1, 4.27%, 08/01/34(a)
|
|
257
|
252,684
|
|
Vistra Operations Co. LLC
|
|
|
|
|
5.05%, 12/30/26(a)
|
|
120
|
120,080
|
|
3.70%, 01/30/27(a)
|
|
265
|
263,275
|
|
4.30%, 10/15/28(a)
|
|
400
|
395,314
|
|
4.30%, 07/15/29(a)
|
|
460
|
450,570
|
|
4.60%, 10/15/30(a)
|
|
485
|
477,155
|
|
4.70%, 01/31/31(a)
|
|
560
|
548,790
|
|
5.00%, 04/30/31(a)
|
|
850
|
843,574
|
|
|
|
|
14,753,702
|
|
Electrical Equipment — 0.1%
|
|||
|
GE Vernova, Inc., 4.25%, 02/04/31
|
|
525
|
516,718
|
|
NXP BV/NXP Funding LLC/NXP U.S.A., Inc., 3.40%,
05/01/30
|
|
12
|
11,430
|
|
|
|
|
528,148
|
|
Entertainment — 0.0%
|
|||
|
Discovery Global Holdings, Inc., 3.76%, 03/15/27
|
|
145
|
143,730
|
|
Financial Services — 0.8%
|
|||
|
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust, 4.38%, 11/15/30
|
|
270
|
264,721
|
|
Glencore Funding LLC
|
|
|
|
|
4.00%, 03/27/27(a)
|
|
686
|
683,651
|
|
5.34%, 04/04/27(a)
|
|
216
|
217,413
|
|
5.40%, 05/08/28(a)
|
|
254
|
256,682
|
|
6.13%, 10/06/28(a)
|
|
423
|
435,039
|
|
4.88%, 03/12/29(a)
|
|
185
|
185,890
|
|
5.37%, 04/04/29(a)
|
|
310
|
314,845
|
|
5.19%, 04/01/30(a)
|
|
720
|
728,122
|
|
National Rural Utilities Cooperative Finance Corp.,
4.75%, 02/07/28
|
|
29
|
29,118
|
|
|
|
|
3,115,481
|
|
Gas Utilities — 0.1%
|
|||
|
Spire, Inc., 4.60%, 09/01/31
|
|
325
|
320,155
|
|
Ground Transportation — 0.4%
|
|||
|
Ryder System, Inc.
|
|
|
|
|
2.85%, 03/01/27
|
|
370
|
366,061
|
|
5.25%, 06/01/28
|
|
130
|
131,662
|
|
4.90%, 12/01/29
|
|
65
|
65,589
|
|
Uber Technologies, Inc.
|
|
|
|
|
4.50%, 08/15/29(a)
|
|
480
|
476,494
|
|
Security
|
|
Par
(000)
|
Value
|
|
Ground Transportation (continued)
|
|||
|
Uber Technologies, Inc.
|
|
|
|
|
4.30%, 01/15/30
|
USD
|
20
|
$ 19,766
|
|
4.15%, 01/15/31
|
|
475
|
463,831
|
|
|
|
|
1,523,403
|
|
Health Care Equipment & Supplies — 0.1%
|
|||
|
Abbott Laboratories, 4.00%, 03/15/31
|
|
350
|
341,093
|
|
Thermo Fisher Scientific, Inc., 4.22%, 02/12/31
|
|
125
|
122,753
|
|
|
|
|
463,846
|
|
Health Care Providers & Services — 0.9%
|
|||
|
Elevance Health, Inc., 5.15%, 06/15/29
|
|
316
|
320,489
|
|
HCA, Inc.
|
|
|
|
|
5.00%, 03/01/28
|
|
523
|
525,904
|
|
4.13%, 06/15/29
|
|
1,351
|
1,330,163
|
|
5.25%, 03/01/30
|
|
500
|
506,943
|
|
3.50%, 09/01/30
|
|
591
|
560,645
|
|
4.30%, 11/15/30
|
|
310
|
303,233
|
|
Humana, Inc.
|
|
|
|
|
5.75%, 03/01/28
|
|
124
|
126,097
|
|
5.38%, 04/15/31
|
|
30
|
30,405
|
|
|
|
|
3,703,879
|
|
Interactive Media & Services — 0.3%
|
|||
|
Alphabet, Inc., 3.70%, 02/15/29
|
|
870
|
855,878
|
|
Netflix, Inc.
|
|
|
|
|
5.88%, 11/15/28
|
|
215
|
221,802
|
|
4.88%, 06/15/30(a)
|
|
280
|
281,740
|
|
|
|
|
1,359,420
|
|
IT Services — 0.7%
|
|||
|
Dell International LLC/EMC Corp.
|
|
|
|
|
4.50%, 02/15/31
|
|
240
|
236,668
|
|
4.75%, 07/15/31
|
|
430
|
427,409
|
|
Fidelity National Information Services, Inc., 4.45%,
03/10/28
|
|
800
|
797,153
|
|
Foundry JV Holdco LLC, 5.50%, 01/25/31(a)
|
|
390
|
398,704
|
|
Gartner, Inc., 4.50%, 07/01/28(a)
|
|
680
|
667,995
|
|
Global Payments, Inc., 4.88%, 11/15/30
|
|
150
|
147,461
|
|
|
|
|
2,675,390
|
|
Media — 0.4%
|
|||
|
Charter Communications Operating LLC/Charter
Communications Operating Capital
|
|
|
|
|
4.20%, 03/15/28
|
|
813
|
802,326
|
|
2.25%, 01/15/29
|
|
962
|
896,305
|
|
|
|
|
1,698,631
|
|
Metals & Mining — 0.1%
|
|||
|
Steel Dynamics, Inc., 4.00%, 12/15/28
|
|
390
|
384,109
|
|
Multi-Utilities — 0.1%
|
|||
|
Consumers Energy Co.
|
|
|
|
|
4.60%, 05/30/29
|
|
129
|
129,491
|
|
4.50%, 01/15/31
|
|
270
|
268,096
|
|
|
|
|
397,587
|
|
Oil, Gas & Consumable Fuels — 4.0%
|
|||
|
Cheniere Corpus Christi Holdings LLC
|
|
|
|
|
5.13%, 06/30/27
|
|
341
|
341,855
|
|
3.70%, 11/15/29
|
|
600
|
580,174
|
|
Cheniere Energy Partners LP
|
|
|
|
|
4.50%, 10/01/29
|
|
2,178
|
2,163,492
|
|
4.00%, 03/01/31
|
|
930
|
894,710
|
|
Diamondback Energy, Inc.
|
|
|
|
|
3.50%, 12/01/29
|
|
493
|
475,461
|
|
5.15%, 01/30/30
|
|
890
|
902,424
|
|
Security
|
|
Par
(000)
|
Value
|
|
Oil, Gas & Consumable Fuels (continued)
|
|||
|
Enbridge, Inc., 5.25%, 04/05/27
|
USD
|
174
|
$ 174,982
|
|
Energy Transfer LP
|
|
|
|
|
4.20%, 04/15/27
|
|
126
|
125,731
|
|
6.10%, 12/01/28
|
|
827
|
852,985
|
|
5.25%, 07/01/29
|
|
365
|
370,205
|
|
EOG Resources, Inc., 4.40%, 01/15/31
|
|
220
|
217,087
|
|
EQT Corp.
|
|
|
|
|
3.90%, 10/01/27
|
|
202
|
200,201
|
|
4.50%, 01/15/29
|
|
249
|
247,210
|
|
5.00%, 01/15/29
|
|
188
|
188,495
|
|
7.00%, 02/01/30
|
|
433
|
460,809
|
|
7.50%, 06/01/30
|
|
1,770
|
1,911,001
|
|
4.75%, 01/15/31
|
|
580
|
574,555
|
|
3.63%, 05/15/31(a)
|
|
715
|
669,113
|
|
Expand Energy Corp., 5.38%, 03/15/30
|
|
437
|
438,585
|
|
Sabine Pass Liquefaction LLC
|
|
|
|
|
4.20%, 03/15/28
|
|
748
|
742,888
|
|
4.50%, 05/15/30
|
|
404
|
400,093
|
|
Targa Resources Partners LP/Targa Resources
Partners Finance Corp., 5.50%, 03/01/30
|
|
918
|
925,439
|
|
Viper Energy Partners LLC, 4.90%, 08/01/30
|
|
1,765
|
1,759,138
|
|
Williams Cos., Inc. (The), 3.75%, 06/15/27
|
|
95
|
94,375
|
|
|
|
|
15,711,008
|
|
Passenger Airlines — 0.1%
|
|||
|
AS Mileage Plan IP Ltd., 5.02%, 10/20/29(a)
|
|
545
|
540,155
|
|
Pharmaceuticals — 0.2%
|
|||
|
Eli Lilly & Co., 4.38%, 05/20/31
|
|
440
|
436,614
|
|
Merck & Co., Inc., 4.15%, 03/15/31
|
|
230
|
225,639
|
|
Pfizer, Inc., 4.20%, 11/15/30
|
|
295
|
291,203
|
|
|
|
|
953,456
|
|
Retail REITs — 0.0%
|
|||
|
Realty Income Corp., 3.25%, 06/15/29
|
|
52
|
50,095
|
|
Semiconductors & Semiconductor Equipment — 0.8%
|
|||
|
Broadcom, Inc.
|
|
|
|
|
4.00%, 04/15/29(a)
|
|
551
|
542,595
|
|
4.35%, 02/15/30
|
|
140
|
138,599
|
|
4.60%, 07/15/30
|
|
140
|
139,525
|
|
4.20%, 10/15/30
|
|
126
|
123,513
|
|
4.15%, 11/15/30
|
|
415
|
406,259
|
|
4.30%, 01/15/31
|
|
190
|
186,899
|
|
2.45%, 02/15/31
|
|
430
|
389,059
|
|
Micron Technology, Inc., 5.30%, 01/15/31
|
|
236
|
241,393
|
|
NVIDIA Corp., 4.50%, 06/15/31
|
|
980
|
976,530
|
|
|
|
|
3,144,372
|
|
Software — 1.2%
|
|||
|
AppLovin Corp., 5.13%, 12/01/29
|
|
1,668
|
1,681,842
|
|
Oracle Corp.
|
|
|
|
|
2.65%, 07/15/26
|
|
71
|
70,946
|
|
2.80%, 04/01/27
|
|
195
|
192,408
|
|
3.25%, 11/15/27
|
|
738
|
723,273
|
|
4.20%, 09/27/29
|
|
245
|
238,301
|
|
4.45%, 09/26/30
|
|
420
|
405,454
|
|
4.95%, 02/04/31
|
|
1,295
|
1,267,846
|
|
|
|
|
4,580,070
|
|
Technology Hardware, Storage & Peripherals — 0.1%
|
|||
|
Hewlett Packard Enterprise Co., 4.60%, 03/23/29
|
|
440
|
439,311
|
|
Tobacco — 1.8%
|
|||
|
Altria Group, Inc.
|
|
|
|
|
4.88%, 02/04/28
|
|
98
|
98,482
|
|
Security
|
|
Par
(000)
|
Value
|
|
Tobacco (continued)
|
|||
|
Altria Group, Inc.
|
|
|
|
|
6.20%, 11/01/28
|
USD
|
399
|
$ 412,801
|
|
4.80%, 02/14/29
|
|
689
|
691,593
|
|
4.50%, 08/06/30
|
|
368
|
365,189
|
|
BAT Capital Corp.
|
|
|
|
|
3.56%, 08/15/27
|
|
1,406
|
1,392,240
|
|
6.34%, 08/02/30
|
|
414
|
437,637
|
|
5.83%, 02/20/31
|
|
260
|
270,835
|
|
BAT International Finance PLC
|
|
|
|
|
4.45%, 03/16/28
|
|
277
|
276,277
|
|
5.93%, 02/02/29
|
|
555
|
572,041
|
|
Philip Morris International, Inc.
|
|
|
|
|
4.88%, 02/15/28
|
|
642
|
645,828
|
|
3.13%, 03/02/28
|
|
152
|
148,741
|
|
3.88%, 10/27/28
|
|
151
|
149,005
|
|
4.13%, 04/27/29
|
|
590
|
583,732
|
|
4.38%, 04/30/30
|
|
406
|
401,906
|
|
4.00%, 10/29/30
|
|
495
|
482,197
|
|
5.13%, 02/13/31
|
|
360
|
366,612
|
|
|
|
|
7,295,116
|
|
Transportation Infrastructure — 0.1%
|
|||
|
Mexico City Airport Trust, 3.88%, 04/30/28(a)
|
|
400
|
390,200
|
|
Wireless Telecommunication Services — 0.6%
|
|||
|
Rogers Communications, Inc., 2.90%, 11/15/26
|
|
60
|
59,722
|
|
T-Mobile U.S.A., Inc.
|
|
|
|
|
2.05%, 02/15/28
|
|
902
|
866,716
|
|
3.38%, 04/15/29
|
|
694
|
670,933
|
|
3.88%, 04/15/30
|
|
778
|
753,863
|
|
|
|
|
2,351,234
|
|
Total Corporate Bonds — 34.6%
(Cost: $137,671,830)
|
137,552,683
|
||
|
Foreign Agency Obligations
|
|||
|
Indonesia — 0.2%
|
|||
|
Freeport Indonesia PT
|
|
|
|
|
4.76%, 04/14/27(a)
|
|
400
|
399,855
|
|
4.76%, 04/14/27(e)
|
|
390
|
389,859
|
|
|
|
|
789,714
|
|
Mexico — 0.1%
|
|||
|
Petroleos Mexicanos, 6.50%, 03/13/27
|
|
400
|
403,508
|
|
Total Foreign Agency Obligations — 0.3%
(Cost: $1,195,555)
|
1,193,222
|
||
|
Foreign Government Obligations
|
|||
|
Canada — 0.1%
|
|||
|
OMERS Finance Trust, 4.38%, 03/20/30(a)
|
|
550
|
550,878
|
|
Morocco — 0.1%
|
|||
|
Kingdom of Morocco, 2.38%, 12/15/27(a)
|
|
360
|
347,580
|
|
Oman — 0.1%
|
|||
|
Sultanate of Oman, 6.75%, 10/28/27(a)
|
|
360
|
369,205
|
|
Romania — 0.1%
|
|||
|
Romania, 3.00%, 02/27/27(e)
|
|
400
|
394,500
|
|
Uruguay — 0.0%
|
|||
|
Oriental Republic of Uruguay, 4.38%, 01/23/31
|
|
0
(f)
|
3
|
|
Total Foreign Government Obligations — 0.4%
(Cost: $1,664,312)
|
1,662,166
|
||
|
Security
|
|
Par
(000)
|
Value
|
|
Non-Agency Mortgage-Backed Securities
|
|||
|
Collateralized Mortgage Obligations — 8.3%
|
|||
|
A&D Mortgage Trust
|
|
|
|
|
Series 2026-NQM1, Class A1, 4.91%,
02/25/71(a)(b)
|
USD
|
178
|
$ 176,269
|
|
Series 2026-NQM3, Class A1, 5.08%,
04/25/71(a)(b)
|
|
892
|
884,485
|
|
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%,
10/25/64(a)(d)
|
|
278
|
278,084
|
|
Angel Oak Mortgage Trust
|
|
|
|
|
Series 2020-2, Class A1A, 2.53%, 01/26/65(a)(b)
|
|
338
|
321,533
|
|
Series 2022-2, Class A1, 4.08%, 01/25/67(a)(b)
|
|
228
|
215,511
|
|
Series 2023-6, Class A1, 6.50%, 12/25/67(a)(d)
|
|
116
|
115,914
|
|
Series 2025-2, Class A1, 5.64%, 02/25/70(a)(d)
|
|
176
|
176,616
|
|
Series 2025-7, Class A1, 5.51%, 06/25/70(a)(d)
|
|
663
|
663,071
|
|
Arroyo Mortgage Trust, Series 2022-2, Class A1,
5.95%, 07/25/57(a)(d)
|
|
177
|
176,695
|
|
Barclays Mortgage Loan Trust, Series 2024-NQM1,
Class A1, 5.90%, 01/25/64(a)(d)
|
|
222
|
222,133
|
|
BRAVO Residential Funding Trust
|
|
|
|
|
Series 2023-NQM6, Class A1, 6.60%,
09/25/63(a)(d)
|
|
238
|
237,673
|
|
Series 2024-NQM1, Class A1, 5.94%,
12/01/63(a)(d)
|
|
416
|
416,371
|
|
Series 2025-NQM2, Class A1, 5.68%,
11/25/64(a)(d)
|
|
238
|
238,621
|
|
Series 2025-NQM3, Class A1, 5.57%,
03/25/65(a)(d)
|
|
106
|
106,269
|
|
Series 2025-NQM4, Class A1, 5.61%,
02/25/65(a)(d)
|
|
260
|
260,172
|
|
Chase Home Lending Mortgage Trust
|
|
|
|
|
Series 2019-ATR2, Class A3, 3.50%,
07/25/49(a)(b)
|
|
113
|
102,067
|
|
Series 2025-11, Class A11, (SOFR (30-day) +
1.30%), 4.93%, 02/25/56(a)(b)
|
|
451
|
451,640
|
|
Series 2025-3, Class A11, (SOFR (30-day) +
1.30%), 4.93%, 02/25/56(a)(b)
|
|
412
|
412,284
|
|
Series 2026-JINV1, Class A11, (SOFR (30-day) +
1.25%), 4.88%, 06/25/54(a)(b)
|
|
1,961
|
1,960,958
|
|
COLT Mortgage Loan Trust
|
|
|
|
|
Series 2022-3, Class A1, 4.20%, 02/25/67(a)(b)
|
|
94
|
91,112
|
|
Series 2023-2, Class A1, 6.60%, 07/25/68(a)(d)
|
|
82
|
81,759
|
|
Series 2025-4, Class A1, 5.79%, 04/25/70(a)(d)
|
|
370
|
371,733
|
|
Credit Suisse Mortgage Trust
|
|
|
|
|
Series 2015-3, Class A9, 3.50%, 03/25/45(a)(b)
|
|
61
|
57,113
|
|
Series 2022-ATH1, Class A1A, 3.87%,
01/25/67(a)(b)
|
|
168
|
163,376
|
|
Cross Mortgage Trust
|
|
|
|
|
Series 2025-H2, Class A1, 5.36%, 03/25/70(a)(b)
|
|
244
|
243,104
|
|
Series 2025-H3, Class A1, 5.88%, 04/25/70(a)(b)
|
|
511
|
513,132
|
|
Series 2026-NQM4, Class A1, 5.49%,
04/25/71(a)(b)
|
|
591
|
590,190
|
|
Series 2026-NQM5, Class A1, 5.09%,
03/25/71(a)(b)
|
|
403
|
400,290
|
|
Series 2026-NQM5, Class A2, 5.40%,
03/25/71(a)(d)
|
|
190
|
188,778
|
|
Series 2026-NQM7, Class A1, 5.46%,
06/25/71(a)(b)
|
|
608
|
605,989
|
|
Series 2026-NQM8, Class A1, 5.58%,
07/01/71(a)(d)
|
|
348
|
347,310
|
|
Flagstar Mortgage Trust
|
|
|
|
|
Series 2020-1INV, Class A11, (1-mo. CME Term
SOFR + 0.96%), 4.61%, 03/25/50(a)(b)
|
|
332
|
321,378
|
|
Security
|
|
Par
(000)
|
Value
|
|
Collateralized Mortgage Obligations (continued)
|
|||
|
Flagstar Mortgage Trust
|
|
|
|
|
Series 2021-12, Class A19, 5.00%, 11/25/51(a)(b)
|
USD
|
625
|
$ 614,042
|
|
GCAT Trust
|
|
|
|
|
Series 2021-NQM7, Class A1, 1.92%,
08/25/66(a)(b)
|
|
137
|
127,066
|
|
Series 2025-NQM6, Class A1, 4.94%,
10/25/70(a)(b)
|
|
189
|
187,144
|
|
GS Mortgage-Backed Securities Trust
|
|
|
|
|
Series 2025-DSC2, Class A1, 5.04%,
01/25/66(a)(d)
|
|
216
|
213,724
|
|
Series 2025-NQM5, Class A1, 5.01%,
07/25/65(a)(d)
|
|
147
|
145,998
|
|
Series 2025-PJ10, Class A27, (SOFR (30-day) +
1.35%), 4.98%, 04/25/56(a)(b)
|
|
286
|
286,399
|
|
Series 2026-R1, Class A1, 5.53%, 04/25/63(a)(d)
|
|
555
|
554,322
|
|
HOMES Trust
|
|
|
|
|
Series 2024-NQM2, Class A1, 5.72%,
10/25/69(a)(d)
|
|
325
|
325,445
|
|
Series 2025-NQM2, Class A1, 5.43%,
02/25/70(a)(d)
|
|
325
|
324,308
|
|
JPMorgan Mortgage Trust
|
|
|
|
|
Series 2014-2, Class 1A1, 3.00%, 06/25/29(a)(b)
|
|
26
|
26,258
|
|
Series 2023-DSC1, Class A1, 4.63%,
07/25/63(a)(b)
|
|
285
|
276,216
|
|
Series 2024-2, Class A3, 6.00%, 08/25/54(a)(b)
|
|
45
|
45,527
|
|
Series 2025-NQM3, Class A1, 5.50%,
11/25/65(a)(b)
|
|
198
|
197,840
|
|
Series 2025-NQM4, Class A1, 4.95%,
03/25/66(a)(b)
|
|
597
|
589,562
|
|
Mello Mortgage Capital Acceptance
|
|
|
|
|
Series 2018-MTG1, Class A9, 3.50%,
03/25/48(a)(b)
|
|
640
|
583,207
|
|
Series 2022-INV2, Class A3, 3.00%,
04/25/52(a)(b)
|
|
365
|
312,890
|
|
MFA Trust
|
|
|
|
|
Series 2021-INV2, Class A1, 1.91%, 11/25/56(a)(b)
|
|
184
|
165,882
|
|
Series 2023-INV2, Class A1, 6.78%,
10/25/58(a)(d)
|
|
109
|
109,294
|
|
Series 2023-NQM3, Class A1, 6.62%,
07/25/68(a)(d)
|
|
255
|
254,146
|
|
Series 2025-NQM1, Class A1, 5.44%,
03/25/70(a)(d)
|
|
427
|
425,995
|
|
Series 2025-NQM2, Class A1, 5.68%,
05/27/70(a)(d)
|
|
269
|
269,341
|
|
Mill City Mortgage Loan Trust, Series 2017-1,
Class M2, 3.25%, 11/25/58(a)(b)
|
|
44
|
44,149
|
|
Mill City Mortgage Trust, Series 2015-2, Class M3,
3.68%, 09/25/57(a)(b)
|
|
145
|
143,790
|
|
Morgan Stanley Residential Mortgage Loan Trust
|
|
|
|
|
Series 2024-4, Class AF, (SOFR (30-day) +
1.35%), 4.98%, 09/25/54(a)(b)
|
|
893
|
894,035
|
|
Series 2024-NQM5, Class A1, 5.65%,
10/25/69(a)(b)
|
|
486
|
486,944
|
|
Series 2025-DSC1, Class A1, 5.56%,
03/25/70(a)(d)
|
|
336
|
336,093
|
|
Series 2025-NQM4, Class A1, 5.59%,
06/25/70(a)(d)
|
|
459
|
458,706
|
|
New Residential Mortgage Loan Trust
|
|
|
|
|
Series 2020-1A, Class A1B, 3.50%, 10/25/59(a)(b)
|
|
219
|
203,729
|
|
Series 2026-NQM7, Class A1, 5.42%,
06/25/66(a)(b)
|
|
1,386
|
1,382,242
|
|
Security
|
|
Par
(000)
|
Value
|
|
Collateralized Mortgage Obligations (continued)
|
|||
|
OBX Trust
|
|
|
|
|
Series 2020-EXP3, Class 2A1B, (1-mo. CME
Term SOFR + 1.01%), 4.66%, 01/25/60(a)(b)
|
USD
|
328
|
$ 327,779
|
|
Series 2022-INV3, Class A1, 3.00%,
02/25/52(a)(b)
|
|
160
|
137,766
|
|
Series 2023-NQM6, Class A1, 6.52%,
07/25/63(a)(d)
|
|
260
|
259,641
|
|
Series 2025-NQM3, Class A1, 5.65%,
12/01/64(a)(d)
|
|
118
|
117,905
|
|
Series 2025-NQM4, Class A1, 5.40%,
02/25/55(a)(d)
|
|
230
|
230,764
|
|
Series 2025-NQM6, Class A1, 5.60%,
03/25/65(a)(d)
|
|
196
|
196,551
|
|
Preston Ridge Partners Mortgage Trust
|
|
|
|
|
Series 2023-NQM2, Class A1, 6.25%,
08/25/68(a)(d)
|
|
82
|
81,968
|
|
Series 2023-NQM3, Class A1, 6.22%,
11/25/68(a)(d)
|
|
267
|
267,385
|
|
Series 2024-NQM2, Class A1, 6.33%,
06/25/69(a)(d)
|
|
67
|
67,679
|
|
Series 2024-RCF1, Class A1, 4.00%,
01/25/54(a)(d)
|
|
69
|
68,108
|
|
Series 2025-NQM1, Class A1, 5.80%,
11/25/69(a)(d)
|
|
188
|
188,339
|
|
Series 2026-NQM1, Class A1, 5.13%,
02/25/71(a)(b)
|
|
371
|
368,055
|
|
Series 2026-RCF4, Class A1, 5.25%,
06/25/56(a)(d)
|
|
2,000
|
1,990,977
|
|
PRET Trust, Series 2025-RPL2, Class A1, 4.00%,
08/25/64(a)(d)
|
|
88
|
85,369
|
|
PRKCM Trust
|
|
|
|
|
Series 2021-AFC2, Class A1, 2.07%,
11/25/56(a)(b)
|
|
259
|
227,236
|
|
Series 2023-AFC3, Class A1, 6.58%,
09/25/58(a)(d)
|
|
734
|
733,174
|
|
RCKT Mortgage Trust, Series 2022-2, Class A1,
3.00%, 02/25/52(a)(b)
|
|
366
|
315,050
|
|
Residential Mortgage Loan Trust, Series 2019-3,
Class M1, 3.26%, 09/25/59(a)(b)
|
|
120
|
119,123
|
|
Santander Mortgage Asset Receivable Trust
|
|
|
|
|
Series 2025-NQM2, Class A1, 5.73%,
02/25/65(a)(d)
|
|
270
|
270,669
|
|
Series 2026-NQM1, Class A1, 4.95%,
11/25/65(a)(b)
|
|
207
|
205,219
|
|
Sequoia Mortgage Trust
|
|
|
|
|
Series 2024-HYB1, Class A1A, 4.51%,
11/25/63(a)(b)
|
|
306
|
306,130
|
|
Series 2025-10, Class A26F, (SOFR (30-day) +
1.25%), 4.88%, 11/25/55(a)(b)
|
|
457
|
458,148
|
|
Series 2025-9, Class A26F, (SOFR (30-day) +
1.30%), 4.93%, 10/25/55(a)(b)
|
|
961
|
963,086
|
|
Series 2026-HYB2, Class A1A, 4.63%,
07/25/56(a)(b)
|
|
702
|
685,962
|
|
SG Residential Mortgage Trust, Series 2026-2,
Class A1, 5.25%, 04/25/66(a)(b)
|
|
166
|
165,159
|
|
Starwood Mortgage Residential Trust,
Series 2020-3, Class A1, 1.49%, 04/25/65(a)(b)
|
|
40
|
39,537
|
|
Towd Point Mortgage Trust
|
|
|
|
|
Series 2015-1, Class A5, 4.48%, 10/25/53(a)(b)
|
|
29
|
29,387
|
|
Series 2016-2, Class M1, 3.00%, 08/25/55(a)(b)
|
|
93
|
92,635
|
|
Series 2017-4, Class A1, 2.75%, 06/25/57(a)(b)
|
|
168
|
165,264
|
|
Series 2018-1, Class A1, 3.00%, 01/25/58(a)(b)
|
|
1
|
844
|
|
Security
|
|
Par
(000)
|
Value
|
|
Collateralized Mortgage Obligations (continued)
|
|||
|
Towd Point Mortgage Trust
|
|
|
|
|
Series 2018-2, Class A1, 3.25%, 03/25/58(a)(b)
|
USD
|
130
|
$ 129,243
|
|
Series 2018-6, Class A1A, 3.75%, 03/25/58(a)(b)
|
|
41
|
41,280
|
|
Verus Securitization Trust
|
|
|
|
|
Series 2022-1, Class A1, 3.72%, 01/25/67(a)(d)
|
|
111
|
104,505
|
|
Series 2022-2, Class A1, 4.26%, 02/25/67(a)(d)
|
|
183
|
175,438
|
|
Series 2022-3, Class A1, 5.13%, 02/25/67(a)(d)
|
|
274
|
260,311
|
|
Series 2025-3, Class A1, 5.62%, 05/25/70(a)(d)
|
|
506
|
508,401
|
|
Series 2025-9, Class A1, 4.94%, 10/27/70(a)(b)
|
|
264
|
261,820
|
|
Series 2026-1, Class A1, 4.86%, 01/25/71(a)(b)
|
|
352
|
348,594
|
|
Series 2026-R3, Class A1, 5.19%, 02/27/68(a)(b)
|
|
693
|
689,935
|
|
|
33,060,360
|
||
|
Commercial Mortgage-Backed Securities — 9.7%
|
|||
|
1345 Trust, Series 2025-AOA, Class A, (1-mo. CME
Term SOFR + 1.60%), 5.23%, 06/15/42(a)(b)
|
|
260
|
260,162
|
|
425 Trust
|
|
|
|
|
Series 2026-LEX, Class A, (1-mo. CME Term
SOFR + 1.67%), 07/15/43(a)(b)(c)
|
|
232
|
232,000
|
|
Series 2026-LEX, Class B, (1-mo. CME Term
SOFR + 2.10%), 07/15/43(a)(b)(c)
|
|
195
|
195,000
|
|
Series 2026-LEX, Class C, (1-mo. CME Term
SOFR + 2.70%), 07/15/43(a)(b)(c)
|
|
355
|
355,000
|
|
ALA Trust
|
|
|
|
|
Series 2025-OANA, Class A, (1-mo. CME Term
SOFR + 1.74%), 5.37%, 06/15/40(a)(b)
|
|
299
|
300,308
|
|
Series 2025-OANA, Class B, (1-mo. CME Term
SOFR + 1.84%), 5.47%, 06/15/40(a)(b)
|
|
211
|
211,791
|
|
Alen Mortgage Trust, Series 2021-ACEN, Class A,
(1-mo. CME Term SOFR + 1.26%), 4.89%,
04/15/34(a)(b)
|
|
420
|
399,000
|
|
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF1, Class ASB, 2.58%, 05/15/53(a)
|
|
385
|
371,930
|
|
ARES Commercial Mortgage Trust
|
|
|
|
|
Series 2026-AZURE, Class B, (1-mo. CME Term
SOFR + 1.60%), 5.23%, 03/15/38(a)(b)
|
|
150
|
150,000
|
|
Series 2026-AZURE, Class C, (1-mo. CME Term
SOFR + 1.90%), 5.53%, 03/15/38(a)(b)
|
|
100
|
100,125
|
|
ARES Trust, Series 2025-IND3, Class A, (1-mo.
CME Term SOFR + 1.50%), 5.13%, 04/15/42(a)(b)
|
|
300
|
300,558
|
|
BANK5
|
|
|
|
|
Series 2024-5YR10, Class A3, 5.30%, 10/15/57
|
|
975
|
986,022
|
|
Series 2024-5YR11, Class A3, 5.89%, 11/15/57
|
|
195
|
200,279
|
|
Series 2024-5YR8, Class A3, 5.88%, 08/15/57
|
|
220
|
226,024
|
|
Series 2026-5YR23, Class A3, 07/15/31(c)
|
|
1,602
|
1,650,055
|
|
Barclays Commercial Mortgage Trust, Series 2019-
C5, Class ASB, 2.99%, 11/15/52
|
|
151
|
147,872
|
|
BAY Mortgage Trust, Series 2025-LIVN, Class A,
(1-mo. CME Term SOFR + 1.80%), 5.43%,
05/15/35(a)(b)
|
|
386
|
386,120
|
|
BBCMS Mortgage Trust
|
|
|
|
|
Series 2018-TALL, Class A, (1-mo. CME Term
SOFR + 0.92%), 4.55%, 03/15/37(a)(b)
|
|
200
|
189,000
|
|
Series 2024-5C31, Class A3, 5.61%, 12/15/57
|
|
390
|
397,932
|
|
Series 2025-5C33, Class A4, 5.84%, 03/15/58
|
|
250
|
257,314
|
|
Benchmark Mortgage Trust
|
|
|
|
|
Series 2022-B34, Class AM, 3.95%, 04/15/55(b)
|
|
265
|
233,502
|
|
Series 2024-V12, Class A3, 5.74%, 12/15/57
|
|
1,100
|
1,126,995
|
|
Series 2025-V18, Class B, 5.95%, 10/15/58
|
|
270
|
271,486
|
|
BFLD Trust
|
|
|
|
|
Series 2024-UNIV, Class A, (1-mo. CME Term
SOFR + 1.49%), 5.12%, 11/15/41(a)(b)
|
|
100
|
100,094
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Mortgage-Backed Securities (continued)
|
|||
|
BFLD Trust
|
|
|
|
|
Series 2024-UNIV, Class B, (1-mo. CME Term
SOFR + 1.84%), 5.47%, 11/15/41(a)(b)
|
USD
|
70
|
$ 70,066
|
|
Series 2024-WRHS, Class A, (1-mo. CME Term
SOFR + 1.49%), 5.12%, 07/15/39(a)(b)
|
|
278
|
278,273
|
|
Series 2025-5MW, Class B, 5.33%, 10/10/42(a)(b)
|
|
378
|
376,346
|
|
Series 2025-660F, Class B, (1-mo. CME Term
SOFR + 1.80%), 5.43%, 11/15/42(a)(b)
|
|
305
|
306,143
|
|
Series 2025-EWEST, Class B, (1-mo. CME Term
SOFR + 1.90%), 5.53%, 06/15/42(a)(b)
|
|
260
|
260,000
|
|
Series 2025-FPM, Class A, 5.18%, 10/10/40(a)(b)
|
|
161
|
160,512
|
|
Series 2025-FPM, Class B, 5.78%, 10/10/40(a)(b)
|
|
190
|
190,136
|
|
BMO Mortgage Trust
|
|
|
|
|
Series 2024-5C6, Class A3, 5.32%, 09/15/57
|
|
330
|
333,552
|
|
Series 2025-5C9, Class AS, 6.17%, 04/15/58(b)
|
|
155
|
159,055
|
|
Series 2025-C11, Class A5, 5.69%, 02/15/58
|
|
216
|
224,520
|
|
Series 2025-C11, Class ASB, 5.68%, 02/15/58
|
|
185
|
192,351
|
|
BMP Commercial Mortgage Trust, Series 2024-
MF23, Class A, (1-mo. CME Term SOFR +
1.37%), 5.00%, 06/15/41(a)(b)
|
|
285
|
285,178
|
|
BPR Trust, Series 2025-STAR, Class B, 5.56%,
11/05/42(a)(b)
|
|
200
|
197,175
|
|
Bridge Commercial Mortgage Trust, Series 2026-MF,
Class A, (1-mo. CME Term SOFR + 1.25%),
4.85%, 06/15/39(a)(b)
|
|
400
|
400,625
|
|
BSTN Commercial Mortgage Trust
|
|
|
|
|
Series 2025-1C, Class A, 5.55%, 06/15/44(a)(b)
|
|
197
|
199,691
|
|
Series 2025-HUB, Class A, 5.06%, 04/13/41(a)(b)
|
|
150
|
148,654
|
|
BX Commercial Mortgage Trust
|
|
|
|
|
Series 2024-AIRC, Class A, (1-mo. CME Term
SOFR + 1.69%), 5.32%, 08/15/41(a)(b)
|
|
390
|
391,727
|
|
Series 2024-AIRC, Class B, (1-mo. CME Term
SOFR + 2.14%), 5.77%, 08/15/41(a)(b)
|
|
286
|
287,266
|
|
Series 2024-BRBK, Class A, (1-mo. CME Term
SOFR + 2.88%), 6.51%, 10/15/41(a)(b)
|
|
201
|
201,612
|
|
Series 2024-MF, Class A, (1-mo. CME Term
SOFR + 1.44%), 5.07%, 02/15/39(a)(b)
|
|
446
|
446,966
|
|
Series 2024-MF, Class B, (1-mo. CME Term
SOFR + 1.69%), 5.32%, 02/15/39(a)(b)
|
|
124
|
124,196
|
|
Series 2025-JDI, Class A, (1-mo. CME Term
SOFR + 1.40%), 5.03%, 11/15/42(a)(b)
|
|
459
|
460,436
|
|
Series 2026-AHP, Class A, (1-mo. CME Term
SOFR + 1.25%), 4.85%, 06/15/43(a)(b)
|
|
590
|
590,000
|
|
Series 2026-VLT9, Class A, (1-mo. CME Term
SOFR + 1.70%), 5.33%, 03/15/45(a)(b)
|
|
435
|
434,728
|
|
BX Trust
|
|
|
|
|
Series 2022-IND, Class A, (1-mo. CME Term
SOFR + 1.49%), 5.12%, 04/15/37(a)(b)
|
|
255
|
254,963
|
|
Series 2024-BIO, Class A, (1-mo. CME Term
SOFR + 1.64%), 5.27%, 02/15/41(a)(b)
|
|
626
|
626,391
|
|
Series 2024-CNYN, Class A, (1-mo. CME Term
SOFR + 1.44%), 5.07%, 04/15/41(a)(b)
|
|
92
|
91,552
|
|
Series 2024-VLT4, Class A, (1-mo. CME Term
SOFR + 1.49%), 5.12%, 06/15/41(a)(b)
|
|
365
|
364,838
|
|
Series 2025-ARIA, Class C, 5.70%, 12/13/42(a)(b)
|
|
425
|
423,800
|
|
Series 2025-LIFE, Class A, 6.08%, 06/13/47(a)(b)
|
|
500
|
497,236
|
|
Series 2025-OMG, Class A, (1-mo. CME Term
SOFR + 1.35%), 4.98%, 10/15/42(a)(b)
|
|
257
|
257,161
|
|
Series 2025-ROIC, Class A, (1-mo. CME Term
SOFR + 1.14%), 4.77%, 03/15/30(a)(b)
|
|
495
|
493,582
|
|
Series 2025-TAIL, Class A, (1-mo. CME Term
SOFR + 1.40%), 5.03%, 06/15/35(a)(b)
|
|
185
|
185,468
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Mortgage-Backed Securities (continued)
|
|||
|
BX Trust
|
|
|
|
|
Series 2026-CLS, Class A, (1-mo. CME Term
SOFR + 1.40%), 5.03%, 05/15/43(a)(b)
|
USD
|
245
|
$ 245,230
|
|
Series 2026-PNDA, Class B, (1-mo. CME Term
SOFR + 1.50%), 5.13%, 05/15/43(a)(b)
|
|
479
|
480,197
|
|
CALI Mortgage Trust, Series 2024-SUN, Class A,
(1-mo. CME Term SOFR + 1.89%), 5.50%,
07/15/41(a)(b)
|
|
260
|
260,487
|
|
CD Mortgage Trust
|
|
|
|
|
Series 2016-CD2, Class A4, 3.53%, 11/10/49(b)
|
|
520
|
514,140
|
|
Series 2017-CD5, Class A4, 3.43%, 08/15/50
|
|
525
|
517,079
|
|
Series 2017-CD5, Class AAB, 3.22%, 08/15/50
|
|
136
|
135,322
|
|
CEDR Commercial Mortgage Trust, Series 2022-
SNAI, Class A, (1-mo. CME Term SOFR +
0.99%), 4.61%, 02/15/39(a)(b)
|
|
355
|
352,863
|
|
CFCRE Commercial Mortgage Trust, Series 2016-
C6, Class A3, 3.22%, 11/10/49(b)
|
|
820
|
816,903
|
|
Citigroup Commercial Mortgage Trust, Series 2018-
B2, Class A4, 4.01%, 03/10/51
|
|
535
|
528,471
|
|
CONE Trust, Series 2024-DFW1, Class A, (1-mo.
CME Term SOFR + 1.64%), 5.27%, 08/15/41(a)(b)
|
|
190
|
189,228
|
|
CSAIL Commercial Mortgage Trust, Series 2019-
C17, Class A4, 2.76%, 09/15/52
|
|
1,000
|
944,552
|
|
CSTL Commercial Mortgage Trust, Series 2026-
GATE3, Class B, 5.10%, 02/10/43(a)(b)
|
|
123
|
121,972
|
|
DBC Mortgage Trust, Series 2025-DBC, Class A,
(1-mo. CME Term SOFR + 1.35%), 4.98%,
11/15/42(a)(b)
|
|
385
|
385,361
|
|
DK Trust, Series 2025-LXP, Class A, (1-mo. CME
Term SOFR + 1.59%), 5.23%, 08/15/37(a)(b)
|
|
96
|
96,300
|
|
ELM Trust
|
|
|
|
|
Series 2024-ELM, Class A10, 5.99%,
06/10/39(a)(b)
|
|
730
|
730,746
|
|
Series 2024-ELM, Class A15, 5.99%,
06/10/39(a)(b)
|
|
730
|
729,898
|
|
EQT Trust, Series 2024-EXTR, Class A, 5.33%,
07/05/41(a)
|
|
638
|
643,041
|
|
Extended Stay America Trust
|
|
|
|
|
Series 2025-ESH, Class B, (1-mo. CME Term
SOFR + 1.60%), 5.23%, 10/15/42(a)(b)
|
|
284
|
285,012
|
|
Series 2026-ESH2, Class A, (1-mo. CME Term
SOFR + 1.20%), 4.83%, 02/15/43(a)(b)
|
|
337
|
337,713
|
|
FS Rialto Issuer Ltd., Series 2026-FL11, Class A,
(1-mo. CME Term SOFR + 1.45%), 5.09%,
01/19/44(a)(b)
|
|
385
|
385,146
|
|
GS Mortgage Securities Trust, Series 2024-RVR,
Class A, 5.37%, 08/10/41(a)(b)
|
|
120
|
120,096
|
|
Houston Galleria Mall Trust, Series 2025-HGLR,
Class A, 5.64%, 02/05/45(a)(b)
|
|
110
|
112,437
|
|
Hudson Yards Mortgage Trust, Series 2025-SPRL,
Class A, 5.65%, 01/13/40(a)(b)
|
|
280
|
284,421
|
|
INCREF LLC, Series 2025-FL1, Class A, (1-mo.
CME Term SOFR + 1.73%), 5.37%, 10/19/42(a)(b)
|
|
465
|
465,920
|
|
INT Commercial Mortgage Trust, Series 2025-
PLAZA, Class A, 5.04%, 11/05/37(a)(b)
|
|
100
|
99,626
|
|
INTOWN Mortgage Trust, Series 2025-STAY,
Class A, (1-mo. CME Term SOFR + 1.35%),
4.98%, 03/15/42(a)(b)
|
|
299
|
299,000
|
|
INV Mortgage Trust, Series 2024-IND, Class A, (1-
mo. CME Term SOFR + 1.74%), 5.37%,
11/15/41(a)(b)
|
|
160
|
158,600
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Mortgage-Backed Securities (continued)
|
|||
|
JPMF1 Multifamily Mortgage Trust, Series 2026-
FX1, Class A3, 5.31%, 05/15/59
|
USD
|
701
|
$ 708,805
|
|
JPMorgan Chase Commercial Mortgage Securities
Trust
|
|
|
|
|
Series 2017-JP6, Class A3, 3.11%, 07/15/50
|
|
297
|
294,159
|
|
Series 2019-BKWD, Class A, (1-mo. CME Term
SOFR + 1.61%), 5.24%, 09/15/29(a)(b)
|
|
93
|
91,221
|
|
Series 2022-OPO, Class D, 3.57%, 01/05/39(a)(b)
|
|
100
|
76,600
|
|
Series 2024-IGLG, Class A, 5.35%, 11/09/39(a)(b)
|
|
270
|
269,975
|
|
Series 2026-FUN, Class A, (1-mo. CME Term
SOFR + 1.65%), 5.25%, 06/15/39(a)(b)
|
|
490
|
490,612
|
|
LBA Trust, Series 2024-7IND, Class A, (1-mo. CME
Term SOFR + 1.44%), 5.07%, 10/15/41(a)(b)
|
|
234
|
234,583
|
|
LEX Trust, Series 2026-450, Class D, (1-mo. CME
Term SOFR + 2.35%), 5.98%, 03/15/43(a)(b)
|
|
239
|
239,822
|
|
MCR Mortgage Trust, Series 2024-HF1, Class A,
(1-mo. CME Term SOFR + 1.79%), 5.42%,
12/15/41(a)(b)
|
|
90
|
90,353
|
|
MF1 LLC, Series 2026-FL21, Class A, (1-mo. CME
Term SOFR + 1.35%), 4.99%, 02/18/41(a)(b)
|
|
715
|
715,278
|
|
MLTI Trust
|
|
|
|
|
Series 2026-MLTI, Class A10, (1-mo. CME Term
SOFR + 1.40%), 5.02%, 06/15/31(a)(b)
|
|
590
|
590,000
|
|
Series 2026-SF75, Class A, (1-mo. CME Term
SOFR + 1.40%), 5.03%, 03/15/36(a)(b)
|
|
190
|
190,118
|
|
Morgan Stanley Capital I Trust, Series 2024-NSTB,
Class A, 3.90%, 09/24/57(a)(b)
|
|
118
|
115,238
|
|
MTN Commercial Mortgage Trust, Series 2026-
LPFX, Class A, 5.15%, 05/15/43(a)(b)
|
|
160
|
159,699
|
|
National Commercial Mortgage Trust
|
|
|
|
|
Series 2026-IND, Class A, (1-mo. CME Term
SOFR + 1.35%), 4.98%, 06/15/43(a)(b)
|
|
210
|
210,092
|
|
Series 2026-IND, Class B, (1-mo. CME Term
SOFR + 1.60%), 5.23%, 06/15/43(a)(b)
|
|
165
|
165,218
|
|
Series 2026-IND, Class C, (1-mo. CME Term
SOFR + 1.75%), 5.38%, 06/15/43(a)(b)
|
|
280
|
280,492
|
|
NCMF Trust
|
|
|
|
|
Series 2025-MFS, Class A, 5.05%, 06/10/33(a)(b)
|
|
422
|
418,468
|
|
Series 2025-MFS, Class B, 5.70%, 06/10/33(a)(b)
|
|
256
|
255,927
|
|
NY Commercial Mortgage Trust, Series 2025-299P,
Class A, 5.85%, 02/10/47(a)(b)
|
|
210
|
217,166
|
|
NYC Commercial Mortgage Trust
|
|
|
|
|
Series 2025-11X, Class A, (1-mo. CME Term
SOFR + 1.74%), 5.37%, 10/15/40(a)(b)
|
|
215
|
215,739
|
|
Series 2025-3BP, Class A, (1-mo. CME Term
SOFR + 1.21%), 4.84%, 02/15/42(a)(b)
|
|
179
|
178,944
|
|
Preston Ridge Partners Mortgage Trust,
Series 2026-CRE1, Class A, (1-mo. CME Term
SOFR + 1.67%), 5.31%, 03/19/43(a)(b)
|
|
910
|
912,839
|
|
PRM5 Trust, Series 2025-PRM5, Class A, 4.62%,
03/10/33(a)(b)
|
|
376
|
372,592
|
|
SCG Commercial Mortgage Trust, Series 2025-
DLFN, Class B, (1-mo. CME Term SOFR +
1.50%), 5.13%, 03/15/35(a)(b)
|
|
100
|
100,063
|
|
SLG Trust, Series 2026-PAT, Class C, 5.46%,
02/15/39(a)(b)
|
|
100
|
98,656
|
|
TCO Commercial Mortgage Trust, Series 2024-DPM,
Class A, (1-mo. CME Term SOFR + 1.24%),
4.87%, 12/15/39(a)(b)
|
|
185
|
185,058
|
|
TEXAS Commercial Mortgage Trust, Series 2025-
TWR, Class A, (1-mo. CME Term SOFR +
1.29%), 4.92%, 04/15/42(a)(b)
|
|
327
|
326,591
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Mortgage-Backed Securities (continued)
|
|||
|
Wells Fargo Commercial Mortgage Trust
|
|
|
|
|
Series 2021-C60, Class ASB, 2.13%, 08/15/54
|
USD
|
834
|
$ 786,495
|
|
Series 2024-5C2, Class A3, 5.92%, 11/15/57(b)
|
|
90
|
92,555
|
|
WEST Trust, Series 2025-ROSE, Class A, 5.45%,
04/10/35(a)(b)
|
|
331
|
330,766
|
|
WHARF Commercial Mortgage Trust, Series 2025-
DC, Class B, 5.73%, 07/15/40(a)(b)
|
|
100
|
100,952
|
|
|
38,717,605
|
||
|
Interest Only Commercial Mortgage-Backed Securities — 0.0%
|
|||
|
CSAIL Commercial Mortgage Trust, Series 2016-C6,
Class XA, 1.54%, 01/15/49(b)
|
|
12
|
—
|
|
Total Non-Agency Mortgage-Backed Securities — 18.0%
(Cost: $72,051,991)
|
71,777,965
|
||
|
U.S. Government Sponsored Agency Securities
|
|||
|
Agency Obligations — 1.2%
|
|||
|
Federal Farm Credit Banks Funding Corp.
|
|
|
|
|
2.17%, 10/29/29
|
|
700
|
655,163
|
|
1.30%, 02/03/31
|
|
770
|
675,666
|
|
1.48%, 11/26/32
|
|
1,000
|
837,462
|
|
1.68%, 09/17/35
|
|
2,080
|
1,614,326
|
|
Federal Home Loan Banks, 2.06%, 09/27/29
|
|
1,000
|
935,076
|
|
|
4,717,693
|
||
|
Collateralized Mortgage Obligations — 2.4%
|
|||
|
Fannie Mae
|
|
|
|
|
Series 2019-73, Class P, 3.00%, 03/25/48
|
|
316
|
302,856
|
|
Series 2020-79, Class JA, 1.50%, 11/25/50
|
|
327
|
300,080
|
|
Series 2024-91, Class FA, (SOFR (30-day) +
1.20%), 4.83%, 12/25/54(b)
|
|
922
|
932,219
|
|
Series 2024-94, Class FB, (SOFR (30-day) +
1.42%), 5.05%, 12/25/54(b)
|
|
206
|
208,156
|
|
Series 2025-69, Class E, 5.00%, 06/25/51
|
|
2,225
|
2,217,322
|
|
Freddie Mac
|
|
|
|
|
Series 3959, Class MA, 4.50%, 11/15/41
|
|
22
|
21,960
|
|
Series 4274, Class PN, 3.50%, 10/15/35
|
|
25
|
24,656
|
|
Series 4459, Class BN, 3.00%, 08/15/43
|
|
202
|
187,570
|
|
Series 4752, Class PL, 3.00%, 09/15/46
|
|
217
|
207,437
|
|
Series 4777, Class CB, 3.50%, 10/15/45
|
|
77
|
76,261
|
|
Series 4941, Class MB, 3.00%, 07/25/49
|
|
206
|
184,163
|
|
Series 5000, Class MA, 2.00%, 06/25/44
|
|
152
|
142,722
|
|
Series 5006, Class KA, 2.00%, 06/25/45
|
|
456
|
419,021
|
|
Series 5105, Class LA, 1.50%, 04/15/44
|
|
320
|
314,402
|
|
Series 5249, Class HA, 4.00%, 09/25/49
|
|
1,689
|
1,662,293
|
|
Series 5478, Class FH, (SOFR (30-day) + 1.45%),
5.08%, 04/25/54(b)
|
|
551
|
557,352
|
|
Series 5480, Class FA, (SOFR (30-day) + 1.45%),
5.08%, 03/25/54(b)
|
|
546
|
548,716
|
|
Freddie Mac Seasoned Credit Risk Transfer Trust,
Series 2018-3, Class MA, 3.50%, 08/25/57(b)
|
|
759
|
732,796
|
|
Ginnie Mae
|
|
|
|
|
Series 2017-136, Class GB, 3.00%, 03/20/47
|
|
289
|
274,232
|
|
Series 2020-127, Class LP, 1.50%, 06/20/50
|
|
354
|
283,483
|
|
|
9,597,697
|
||
|
Mortgage-Backed Securities — 3.4%
|
|||
|
Fannie Mae Mortgage-Backed Securities
|
|
|
|
|
1.50%, 07/01/31
|
|
735
|
692,023
|
|
2.50%, 12/01/27 - 12/01/36
|
|
884
|
841,212
|
|
3.00%, 09/01/30 - 09/01/35
|
|
3,649
|
3,511,922
|
|
3.03%, 12/01/27
|
|
1,211
|
1,189,333
|
|
3.50%, 05/01/37
|
|
384
|
372,359
|
|
Security
|
|
Par
(000)
|
Value
|
|
Mortgage-Backed Securities (continued)
|
|||
|
Fannie Mae Mortgage-Backed Securities
|
|
|
|
|
4.00%, 03/01/32 - 08/01/49
|
USD
|
3,383
|
$ 3,258,701
|
|
4.50%, 09/01/26 - 05/01/38
|
|
292
|
292,299
|
|
5.00%, 06/01/39
|
|
889
|
896,122
|
|
5.50%, 05/01/38
|
|
131
|
134,311
|
|
(Refinitiv USD IBOR Consumer Cash Fallbacks
Term 1 Year + 1.57%), 5.88%, 07/01/44(b)
|
|
83
|
85,826
|
|
(Refinitiv USD IBOR Consumer Cash Fallbacks
Term 1 Year + 1.59%), 5.77%, 06/01/45(b)
|
|
49
|
51,044
|
|
(Refinitiv USD IBOR Consumer Cash Fallbacks
Term 1 Year + 1.69%), 5.98%, 07/01/43(b)
|
|
100
|
103,991
|
|
Freddie Mac Mortgage-Backed Securities
|
|
|
|
|
2.50%, 11/01/27 - 03/01/37
|
|
332
|
311,464
|
|
3.00%, 12/01/31 - 02/01/36
|
|
538
|
514,964
|
|
3.50%, 04/01/32 - 11/01/38
|
|
286
|
276,356
|
|
4.00%, 09/01/33 - 06/01/37
|
|
883
|
863,715
|
|
(Refinitiv USD IBOR Consumer Cash Fallbacks
Term 1 Year + 1.62%), 5.83%, 05/01/45(b)
|
|
204
|
211,482
|
|
(Refinitiv USD IBOR Consumer Cash Fallbacks
Term 1 Year + 1.62%), 5.86%, 03/01/45(b)
|
|
61
|
62,858
|
|
|
13,669,982
|
||
|
Total U.S. Government Sponsored Agency Securities — 7.0%
(Cost: $28,560,330)
|
27,985,372
|
||
|
U.S. Treasury Obligations
|
|||
|
U.S. Treasury Inflation Indexed Notes, 1.88%,
01/15/36
|
|
1,179
|
1,144,604
|
|
U.S. Treasury Notes
|
|
|
|
|
0.50%, 04/30/27
|
|
12,120
|
11,769,656
|
|
4.50%, 05/15/27
|
|
25,000
|
25,083,496
|
|
2.88%, 08/15/28
|
|
1,700
|
1,655,773
|
|
3.50%, 01/15/29 - 02/15/29
|
|
13,995
|
13,768,588
|
|
Total U.S. Treasury Obligations — 13.4%
(Cost: $53,763,528)
|
53,422,117
|
||
|
Total Long-Term Investments — 98.6%
(Cost: $394,200,873)
|
392,762,583
|
||
|
Security
|
|
Shares
|
Value
|
|
Short-Term Securities
|
|||
|
Money Market Funds — 0.8%
|
|||
|
BNY Dreyfus Treasury Securities Cash Management,
Institutional Class, 3.53%(g)
|
|
3,132,469
|
$ 3,132,469
|
|
Total Short-Term Securities — 0.8%
(Cost: $3,132,469)
|
3,132,469
|
||
|
Total Investments — 99.4%
(Cost: $397,333,342)
|
395,895,052
|
||
|
Other Assets Less Liabilities — 0.6%
|
2,495,432
|
||
|
Net Assets — 100.0%
|
$ 398,390,484
|
||
|
(a)
|
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933,
as amended. These securities may be resold in transactions exempt from registration
to
qualified institutional investors.
|
|
(b)
|
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and
spread if published and available.
|
|
(c)
|
When-issued security.
|
|
(d)
|
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently
in effect.
|
|
(e)
|
This security may be resold to qualified foreign investors and foreign institutional
buyers
under Regulation S of the Securities Act of 1933.
|
|
(f)
|
Rounds to less than 1,000.
|
|
(g)
|
Annualized 7-day yield as of period end.
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Notional
Amount
(000)
|
Value/
Unrealized
Appreciation
(Depreciation)
|
|
Long Contracts
|
|
|
|
|
|
U.S. Treasury Notes (2 Year)
|
859
|
09/30/26
|
$ 177,068
|
$ 21,978
|
|
Short Contracts
|
|
|
|
|
|
U.S. Treasury Bonds (30 Year)
|
18
|
09/21/26
|
2,043
|
(35,232
)
|
|
U.S. Treasury Notes (10 Year)
|
46
|
09/21/26
|
5,055
|
(41,036
)
|
|
U.S. Ultra Treasury Notes (10 Year)
|
46
|
09/21/26
|
5,174
|
(35,669
)
|
|
U.S. Treasury Notes (5 Year)
|
520
|
09/30/26
|
55,664
|
(136,281
)
|
|
|
|
|
|
(248,218
)
|
|
|
|
|
|
$ (226,240
)
|
|
Currency Purchased
|
Currency Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
USD
|
236,706
|
EUR
|
203,000
|
Wells Fargo Bank N.A.
|
09/16/26
|
$4,004
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Long-Term Investments
|
|
|
|
|
|
Asset-Backed Securities
|
$ —
|
$ 99,169,058
|
$ —
|
$ 99,169,058
|
|
Corporate Bonds
|
—
|
137,552,683
|
—
|
137,552,683
|
|
Foreign Agency Obligations
|
—
|
1,193,222
|
—
|
1,193,222
|
|
Foreign Government Obligations
|
—
|
1,662,166
|
—
|
1,662,166
|
|
Non-Agency Mortgage-Backed Securities
|
—
|
71,777,965
|
—
|
71,777,965
|
|
U.S. Government Sponsored Agency Securities
|
—
|
27,985,372
|
—
|
27,985,372
|
|
U.S. Treasury Obligations
|
—
|
53,422,117
|
—
|
53,422,117
|
|
Short-Term Securities
|
|
|
|
|
|
Money Market Funds
|
3,132,469
|
—
|
—
|
3,132,469
|
|
|
$ 3,132,469
|
$ 392,762,583
|
$ —
|
$ 395,895,052
|
|
Derivative Financial Instruments(a)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Foreign Currency Exchange Contracts
|
$ —
|
$ 4,004
|
$ —
|
$ 4,004
|
|
Interest Rate Contracts
|
21,978
|
—
|
—
|
21,978
|
|
Liabilities
|
|
|
|
|
|
Interest Rate Contracts
|
(248,218
)
|
—
|
—
|
(248,218
)
|
|
|
$ (226,240
)
|
$ 4,004
|
$ —
|
$ (222,236
)
|
|
(a)
|
Derivative financial instruments are futures contracts and forward foreign currency
exchange contracts. Futures contracts and forward foreign currency exchange contracts
are valued
at the unrealized appreciation (depreciation) on the instrument.
|
|
Currency Abbreviation
|
|
|
EUR
|
Euro
|
|
USD
|
United States Dollar
|
|
Portfolio Abbreviation
|
|
|
ABS
|
Asset-Backed Security
|
|
CLO
|
Collateralized Loan Obligation
|
|
CME
|
Chicago Mercantile Exchange
|
|
DAC
|
Designated Activity Co.
|
|
LP
|
Limited Partnership
|
|
MTN
|
Medium-Term Note
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financing Rate
|