|
|
|
Principal
Amount ($)
|
Value ($)
|
|
|
|||
|
Corporate Bonds 46.5%
|
|
||
|
Communication Services 1.7%
|
|
||
|
APLD ComputeCo 2 LLC, 144A, 6.75%, 3/15/2031
|
|
500,000
|
501,797
|
|
CCO Holdings LLC, 144A, 5.375%, 6/1/2029 (a)
|
|
1,150,000
|
1,125,006
|
|
Directv Financing LLC:
|
|
|
|
|
144A, 5.875%, 8/15/2027
|
|
73,000
|
72,894
|
|
144A, 8.875%, 2/1/2030 (a)
|
|
1,107,000
|
1,126,641
|
|
Discovery Global Holdings, Inc., 4.054%, 3/15/2029
|
|
1,100,000
|
1,089,077
|
|
DISH DBS Corp., 7.375%, 7/1/2028* (a) (b)
|
|
550,000
|
528,059
|
|
DISH Network Corp., 144A, 11.75%, 11/15/2027
|
|
500,000
|
513,776
|
|
Lumen Technologies, Inc., 144A, 4.5%, 1/15/2029
|
|
1,795,000
|
1,725,078
|
|
Neptune Bidco U.S., Inc., 144A, 9.29%, 4/15/2029
|
|
625,000
|
637,389
|
|
Orange SA, 9.0%, 3/1/2031
|
|
3,000,000
|
3,503,642
|
|
Sirius XM Radio LLC, 144A, 4.0%, 7/15/2028
|
|
590,000
|
574,532
|
|
Space Exploration Technologies Corp., 144A, 5.35%, 7/15/2031
|
|
7,000,000
|
6,981,764
|
|
Univision Communications, Inc., 144A, 4.5%, 5/1/2029
|
|
580,000
|
553,853
|
|
Versant Media Group, Inc., 144A, 7.25%, 1/30/2031 (a)
|
|
568,000
|
587,633
|
|
|
|
|
19,521,141
|
|
Consumer Discretionary 4.4%
|
|
||
|
Carnival Corp. Ltd.:
|
|
|
|
|
144A, 4.0%, 8/1/2028
|
|
555,000
|
544,738
|
|
144A, 5.75%, 8/1/2032 (a)
|
|
1,000,000
|
1,009,767
|
|
Fertitta Entertainment LLC, 144A, 6.75%, 1/15/2030 (a)
|
|
500,000
|
490,351
|
|
Ford Motor Credit Co. LLC:
|
|
|
|
|
4.0%, 11/13/2030
|
|
1,400,000
|
1,315,659
|
|
5.303%, 9/6/2029
|
|
2,000,000
|
1,992,587
|
|
5.73%, 9/5/2030
|
|
3,000,000
|
3,016,437
|
|
5.8%, 3/5/2027
|
|
1,450,000
|
1,457,490
|
|
7.35%, 3/6/2030
|
|
3,500,000
|
3,700,634
|
|
General Motors Financial Co., Inc.:
|
|
|
|
|
4.6%, 1/8/2031
|
|
1,005,000
|
991,212
|
|
4.9%, 10/6/2029 (a)
|
|
2,174,000
|
2,179,520
|
|
5.05%, 4/4/2028 (a)
|
|
4,000,000
|
4,023,996
|
|
5.35%, 1/7/2030
|
|
3,000,000
|
3,047,717
|
|
Hyundai Capital America:
|
|
|
|
|
144A, 4.75%, 6/18/2029
|
|
3,000,000
|
2,989,743
|
|
144A, 4.875%, 11/1/2027
|
|
5,000,000
|
5,012,689
|
|
144A, 5.0%, 1/7/2028
|
|
5,000,000
|
5,018,862
|
|
Las Vegas Sands Corp.:
|
|
|
|
|
5.3%, 5/15/2031
|
|
1,411,000
|
1,405,602
|
|
5.625%, 6/15/2028
|
|
1,290,000
|
1,305,392
|
|
5.9%, 6/1/2027
|
|
1,500,000
|
1,513,919
|
|
Lindblad Expeditions LLC, 144A, 7.0%, 9/15/2030
|
|
1,085,000
|
1,121,827
|
|
Michaels Companies, Inc., 144A, 8.5%, 3/15/2033 (a)
|
|
1,148,000
|
1,137,088
|
|
Nissan Motor Acceptance Co. LLC, 144A, 6.95%, 9/15/2026
|
|
730,000
|
731,530
|
|
Rakuten Group, Inc., 144A, 9.75%, 4/15/2029
|
|
1,000,000
|
1,086,808
|
|
Staples, Inc., 144A, 10.75%, 9/1/2029
|
|
565,000
|
538,981
|
|
Stellantis Finance U.S., Inc.:
|
|
|
|
|
144A, 1.711%, 1/29/2027
|
|
1,140,000
|
1,120,012
|
|
144A, 5.35%, 3/17/2028 (a)
|
|
1,013,000
|
1,015,474
|
|
Volkswagen Group of America Finance LLC, 144A, 4.55%, 9/11/2028 (a)
|
|
3,000,000
|
2,981,210
|
|
Whirlpool Corp., 144A, 7.5%, 7/1/2031
|
|
576,000
|
582,882
|
|
|
|
|
51,332,127
|
|
Consumer Staples 1.0%
|
|
||
|
Bacardi Ltd., 144A, 5.25%, 1/15/2029
|
|
1,690,000
|
1,703,282
|
|
Coty, Inc., 144A, 4.75%, 1/15/2029
|
|
2,000,000
|
1,942,089
|
|
HLF Financing SARL LLC, 144A, 4.875%, 6/1/2029
|
|
500,000
|
468,105
|
|
Industrial F&B Investments III, Inc., 144A, 7.75%, 2/11/2033 (a)
|
|
575,000
|
586,005
|
|
Molson Coors Beverage Co., 4.9%, 7/8/2031
|
|
6,000,000
|
5,991,834
|
|
Post Holdings, Inc., 144A, 4.625%, 4/15/2030
|
|
1,200,000
|
1,159,273
|
|
|
|
|
11,850,588
|
|
Energy 4.2%
|
|
||
|
Ascent Resources Utica Holdings LLC, 144A, 6.625%, 7/15/2033
|
|
1,100,000
|
1,112,483
|
|
Buckeye Partners LP, 4.125%, 12/1/2027
|
|
435,000
|
429,380
|
|
Columbia Pipelines Holding Co. LLC, 144A, 6.055%, 8/15/2026
|
|
4,770,000
|
4,772,806
|
|
DT Midstream, Inc., 144A, 4.125%, 6/15/2029
|
|
1,500,000
|
1,470,027
|
|
Ecopetrol SA, 8.625%, 1/19/2029
|
|
3,000,000
|
3,182,409
|
|
Genesis Energy LP, 8.25%, 1/15/2029
|
|
530,000
|
547,283
|
|
Helmerich & Payne, Inc., 4.65%, 12/1/2027
|
|
3,000,000
|
2,994,512
|
|
Hess Midstream Operations LP, 144A, 4.25%, 2/15/2030
|
|
3,000,000
|
2,893,862
|
|
HF Sinclair Corp.:
|
|
|
|
|
5.5%, 9/1/2032
|
|
1,170,000
|
1,177,076
|
|
5.75%, 1/15/2031 (a)
|
|
1,486,000
|
1,517,909
|
|
Kinetik Holdings LP, 144A, 6.625%, 12/15/2028
|
|
663,000
|
673,958
|
|
Kodiak Gas Services LLC, 144A, 5.875%, 4/1/2031
|
|
581,000
|
582,490
|
|
ONEOK, Inc., 144A, 5.625%, 1/15/2028
|
|
4,000,000
|
4,039,314
|
|
Repsol E&P Capital Markets U.S. LLC, 144A, 5.204%, 9/16/2030
|
|
951,000
|
956,092
|
|
Rio Grande LNG LLC, 144A, 5.25%, 6/30/2031 (c)
|
|
6,667,000
|
6,665,872
|
|
Saudi Arabian Oil Co., 144A, 4.0%, 2/2/2029
|
|
1,250,000
|
1,228,266
|
|
SM Energy Co., 144A, 7.0%, 8/1/2032
|
|
1,125,000
|
1,135,364
|
|
South Bow USA Infrastructure Holdings LLC, 4.911%, 9/1/2027
|
|
1,922,000
|
1,926,865
|
|
Summit Midstream Holdings LLC, 144A, 8.625%, 10/31/2029
|
|
1,065,000
|
1,109,812
|
|
Transocean Aquila Ltd., 144A, 8.0%, 9/30/2028
|
|
307,692
|
314,770
|
|
Venture Global Calcasieu Pass LLC, 144A, 6.0%, 5/1/2036 (a)
|
|
538,000
|
543,807
|
|
Venture Global LNG, Inc., 144A, 7.0%, 1/15/2030
|
|
1,500,000
|
1,529,871
|
|
Venture Global Plaquemines LNG LLC, 144A, 6.75%, 1/15/2036 (a)
|
|
1,000,000
|
1,060,296
|
|
Viper Energy Partners LLC, 4.9%, 8/1/2030
|
|
3,000,000
|
2,990,036
|
|
Woodside Finance Ltd., 5.4%, 5/19/2030 (a)
|
|
4,907,000
|
4,987,262
|
|
|
|
|
49,841,822
|
|
Financials 24.5%
|
|
||
|
AerCap Ireland Capital DAC:
|
|
|
|
|
3.3%, 1/30/2032
|
|
1,200,000
|
1,096,889
|
|
6.95%, 3/10/2055 (a)
|
|
5,000,000
|
5,175,956
|
|
AIB Group PLC, 144A, 6.608%, 9/13/2029
|
|
800,000
|
829,995
|
|
Aircastle Ltd.:
|
|
|
|
|
144A, 2.85%, 1/26/2028
|
|
3,000,000
|
2,908,856
|
|
144A, 5.0%, 9/15/2030 (a)
|
|
3,000,000
|
2,988,053
|
|
144A, 5.25%, 3/15/2030
|
|
957,000
|
962,984
|
|
144A, 6.5%, 7/18/2028
|
|
1,350,000
|
1,389,647
|
|
Ally Financial, Inc.:
|
|
|
|
|
5.737%, 5/15/2029
|
|
552,000
|
559,605
|
|
6.992%, 6/13/2029
|
|
8,000,000
|
8,295,156
|
|
Antares Holdings LP, 144A, 6.35%, 10/23/2029
|
|
2,853,000
|
2,842,919
|
|
Apollo Debt Solutions BDC, 144A, 5.2%, 12/8/2028
|
|
2,118,000
|
2,085,325
|
|
Ares Capital Corp.:
|
|
|
|
|
5.5%, 9/1/2030
|
|
3,000,000
|
2,963,059
|
|
5.95%, 7/15/2029
|
|
1,150,000
|
1,161,556
|
|
7.0%, 1/15/2027
|
|
3,050,000
|
3,080,913
|
|
Ares Strategic Income Fund, 4.85%, 1/15/2029
|
|
6,000,000
|
5,877,791
|
|
Aviation Capital Group LLC, 144A, 4.8%, 10/24/2030
|
|
3,016,000
|
2,986,337
|
|
Avolon Holdings Funding Ltd.:
|
|
|
|
|
144A, 4.2%, 4/15/2029 (a)
|
|
2,928,000
|
2,875,534
|
|
144A, 5.375%, 5/30/2030 (a)
|
|
1,257,000
|
1,269,487
|
|
144A, 6.375%, 5/4/2028
|
|
1,330,000
|
1,364,171
|
|
Bain Capital Specialty Finance, Inc., 5.95%, 3/15/2030
|
|
4,000,000
|
3,895,617
|
|
Banco BTG Pactual SA, 144A, 5.5%, 1/27/2031 (a)
|
|
1,956,000
|
1,930,963
|
|
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand,
144A, 5.621%, 12/10/2029 (a)
|
|
921,000
|
934,524
|
|
Bank of America Corp., 5.933%, 9/15/2027
|
|
3,000,000
|
3,008,806
|
|
Bank of Ireland Group PLC, 144A, 4.997%, 11/12/2032
|
|
3,261,000
|
3,258,785
|
|
Banque Federative du Credit Mutuel SA, 144A, 4.541%, 1/15/2031
|
|
4,000,000
|
3,933,943
|
|
Barclays PLC:
|
|
|
|
|
4.375%, Perpetual
|
|
3,000,000
|
2,912,336
|
|
4.837%, 9/10/2028
|
|
674,000
|
675,166
|
|
6.49%, 9/13/2029 (a)
|
|
2,408,000
|
2,492,444
|
|
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico,
144A, 5.4%, 6/3/2031
|
|
3,805,000
|
3,850,660
|
|
BGC Group, Inc.:
|
|
|
|
|
6.15%, 4/2/2030
|
|
3,843,000
|
3,921,437
|
|
6.6%, 6/10/2029
|
|
3,500,000
|
3,608,587
|
|
Blackstone Private Credit Fund:
|
|
|
|
|
4.95%, 9/26/2027
|
|
1,470,000
|
1,463,550
|
|
5.35%, 3/12/2031
|
|
1,384,000
|
1,330,708
|
|
7.3%, 11/27/2028
|
|
1,500,000
|
1,547,639
|
|
Blackstone Secured Lending Fund:
|
|
|
|
|
5.3%, 6/30/2030 (a)
|
|
2,956,000
|
2,874,607
|
|
5.875%, 11/15/2027
|
|
1,640,000
|
1,651,679
|
|
Blue Owl Credit Income Corp., 6.6%, 9/15/2029
|
|
4,820,000
|
4,851,011
|
|
BNP Paribas SA:
|
|
|
|
|
144A, 4.792%, 5/9/2029
|
|
2,674,000
|
2,676,282
|
|
144A, 4.892%, 6/30/2030
|
|
3,075,000
|
3,074,575
|
|
BPCE SA, 144A, 5.389%, 5/28/2031
|
|
5,000,000
|
5,055,581
|
|
Brown & Brown, Inc., 4.9%, 6/23/2030
|
|
4,000,000
|
3,993,295
|
|
Capital One Financial Corp., 7.149%, 10/29/2027
|
|
980,000
|
987,769
|
|
Capital One NA, 5.974%, 8/9/2028
|
|
5,100,000
|
5,199,148
|
|
Carlyle Secured Lending, Inc., 5.75%, 2/15/2031
|
|
4,000,000
|
3,854,181
|
|
Citadel Finance LLC, 144A, 5.9%, 2/10/2030
|
|
1,817,000
|
1,832,178
|
|
Citadel LP, 144A, 6.0%, 1/23/2030
|
|
511,000
|
525,388
|
|
Citadel Securities Global Holdings LLC, 144A, 5.5%, 6/18/2030
|
|
2,000,000
|
2,025,553
|
|
Credit Agricole SA, 144A, 3.25%, 1/14/2030
|
|
2,000,000
|
1,881,164
|
|
Danske Bank A/S, 144A, 4.42%, 9/12/2031
|
|
4,000,000
|
3,918,280
|
|
Essent Group Ltd., 6.25%, 7/1/2029
|
|
6,000,000
|
6,185,574
|
|
F&G Global Funding:
|
|
|
|
|
144A, 4.5%, 1/9/2029
|
|
2,238,000
|
2,200,902
|
|
144A, 4.65%, 9/8/2028
|
|
1,395,000
|
1,378,619
|
|
Fidelity National Information Services, Inc., 4.55%, 3/10/2029
|
|
4,000,000
|
3,968,977
|
|
First Citizens BancShares, Inc., 4.869%, 3/3/2032
|
|
6,000,000
|
5,835,467
|
|
First-Citizens Bank & Trust Co., 5.097%, 7/13/2029
|
|
4,410,000
|
4,416,090
|
|
Fiserv, Inc., 5.35%, 3/15/2031
|
|
3,000,000
|
3,020,304
|
|
Fortitude Global Funding, 144A, 4.625%, 10/6/2028
|
|
6,000,000
|
5,935,088
|
|
Goldman Sachs Private Credit Corp., 5.375%, 1/31/2029
|
|
5,000,000
|
4,958,636
|
|
HPS Corporate Lending Fund, 5.3%, 6/5/2027
|
|
3,000,000
|
3,002,332
|
|
HSBC Holdings PLC:
|
|
|
|
|
4.7%, Perpetual (a)
|
|
3,000,000
|
2,813,358
|
|
4.711%, 5/12/2030
|
|
1,034,000
|
1,029,603
|
|
4.899%, 3/3/2029
|
|
3,000,000
|
3,011,403
|
|
6.0%, Perpetual (a)
|
|
500,000
|
501,999
|
|
ING Groep NV:
|
|
|
|
|
4.858%, 3/25/2029
|
|
4,000,000
|
4,015,494
|
|
6.083%, 9/11/2027
|
|
2,910,000
|
2,918,001
|
|
Intesa Sanpaolo SpA:
|
|
|
|
|
144A, 3.875%, 1/12/2028 (a)
|
|
3,425,000
|
3,380,838
|
|
144A, 5.0%, 6/29/2030
|
|
5,000,000
|
5,005,900
|
|
Jefferies Financial Group, Inc., 5.875%, 7/21/2028 (a)
|
|
3,070,000
|
3,129,191
|
|
Lincoln Financial Global Funding, 144A, 4.2%, 1/12/2029
|
|
579,000
|
570,922
|
|
Lloyds Banking Group PLC, 5.985%, 8/7/2027
|
|
1,140,000
|
1,141,729
|
|
Macquarie Airfinance Holdings Ltd.:
|
|
|
|
|
144A, 5.15%, 3/17/2030
|
|
2,000,000
|
1,994,443
|
|
144A, 6.4%, 3/26/2029 (a)
|
|
4,000,000
|
4,117,390
|
|
MGIC Investment Corp., 5.25%, 8/15/2028
|
|
7,000,000
|
6,988,416
|
|
Mitsubishi UFJ Financial Group, Inc., 4.592%, 4/18/2030 (a)
|
|
1,574,000
|
1,566,215
|
|
Morgan Stanley, 4.994%, 4/12/2029
|
|
3,000,000
|
3,016,305
|
|
NatWest Group PLC, 5.583%, 3/1/2028 (a)
|
|
1,280,000
|
1,289,245
|
|
Nomura Holdings, Inc., 1 day USD SOFR + 1.25%, 4.886% (d), 7/2/2027 (a)
|
|
4,500,000
|
4,534,798
|
|
Pershing Square Holdings Ltd., 144A, 5.5%, 10/28/2032
|
|
3,000,000
|
2,968,485
|
|
Rocket Companies, Inc., 144A, 6.125%, 8/1/2031
|
|
365,000
|
372,782
|
|
Rocket Mortgage LLC, 144A, 3.625%, 3/1/2029 (a)
|
|
1,180,000
|
1,135,044
|
|
Santander Holdings USA, Inc.:
|
|
|
|
|
5.473%, 3/20/2029
|
|
1,905,000
|
1,923,427
|
|
5.741%, 3/20/2031 (a)
|
|
4,000,000
|
4,085,469
|
|
6.565%, 6/12/2029
|
|
2,659,000
|
2,740,101
|
|
SBL Holdings, Inc., 144A, 5.9%, 9/26/2028 (a)
|
|
4,000,000
|
3,897,930
|
|
Societe Generale SA:
|
|
|
|
|
144A, 5.249%, 5/22/2029 (a)
|
|
2,129,000
|
2,144,321
|
|
144A, 5.5%, 4/13/2029
|
|
3,000,000
|
3,032,969
|
|
144A, 5.519%, 1/19/2028
|
|
3,000,000
|
3,014,605
|
|
Standard Chartered PLC:
|
|
|
|
|
144A, 4.299%, 1/13/2030
|
|
4,000,000
|
3,949,087
|
|
144A, 4.75%, Perpetual
|
|
635,000
|
597,498
|
|
144A, 5.688%, 5/14/2028 (a)
|
|
1,680,000
|
1,695,795
|
|
Starwood Property Trust, Inc., 144A, (REIT), 6.125%, 6/1/2031
|
|
577,000
|
580,051
|
|
State Street Corp., Series I, 6.7%, Perpetual (a)
|
|
1,330,000
|
1,375,486
|
|
Stellantis Financial Services U.S. Corp., 144A, 5.4%, 9/15/2030
|
|
4,000,000
|
3,918,980
|
|
Sumisho Air Lease Corp.:
|
|
|
|
|
Series C, 4.125%, Perpetual
|
|
1,000,000
|
979,095
|
|
144A, 4.4%, 3/24/2028
|
|
6,000,000
|
5,967,626
|
|
Synchrony Financial:
|
|
|
|
|
2.875%, 10/28/2031 (a)
|
|
2,500,000
|
2,205,966
|
|
5.019%, 7/29/2029
|
|
3,500,000
|
3,502,564
|
|
5.15%, 3/19/2029
|
|
3,000,000
|
3,000,456
|
|
5.45%, 3/6/2031
|
|
1,372,000
|
1,371,644
|
|
The Goldman Sachs Group, Inc., 4.937%, 4/23/2028
|
|
2,000,000
|
2,005,698
|
|
UBS Group AG, 144A, 6.875%, Perpetual
|
|
4,000,000
|
4,011,409
|
|
Voya Global Funding, 144A, 4.6%, 11/24/2030 (a)
|
|
1,585,000
|
1,563,810
|
|
|
|
|
287,847,626
|
|
Health Care 1.5%
|
|
||
|
1261229 BC Ltd., 144A, 10.0%, 4/15/2032
|
|
555,000
|
562,124
|
|
180 Medical, Inc., 144A, 3.875%, 10/15/2029
|
|
5,000,000
|
4,793,955
|
|
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029
|
|
1,170,000
|
1,123,243
|
|
Community Health Systems, Inc., 144A, 6.0%, 1/15/2029
|
|
570,000
|
564,300
|
|
CVS Health Corp., 7.0%, 3/10/2055
|
|
2,000,000
|
2,076,404
|
|
CVS Pass-Through Trust, 6.036%, 12/10/2028
|
|
364,208
|
365,363
|
|
Icon Investments Six DAC, 5.809%, 5/8/2027
|
|
5,830,000
|
5,875,877
|
|
Mylan, Inc., 4.55%, 4/15/2028 (a)
|
|
2,000,000
|
1,987,437
|
|
|
|
|
17,348,703
|
|
Industrials 1.3%
|
|
||
|
AGCO Corp., 5.45%, 3/21/2027
|
|
1,270,000
|
1,276,984
|
|
American Airlines Pass-Through Trust, “A”, Series A, 5.25%, 5/10/2040
|
|
4,000,000
|
3,968,153
|
|
GFL Environmental Holdings U.S., Inc., 144A, 5.625%, 7/1/2031
|
|
1,820,000
|
1,819,766
|
|
Mobility Global, Inc., 144A, 5.05%, 6/15/2029
|
|
2,540,000
|
2,544,369
|
|
Southwest Airlines Co., 4.375%, 11/15/2028
|
|
6,000,000
|
5,953,190
|
|
|
|
|
15,562,462
|
|
Information Technology 3.0%
|
|
||
|
CDW LLC, 3.276%, 12/1/2028
|
|
5,000,000
|
4,804,359
|
|
Cloud Software Group, Inc.:
|
|
|
|
|
144A, 6.5%, 3/31/2029
|
|
575,000
|
557,912
|
|
144A, 9.0%, 9/30/2029
|
|
500,000
|
485,316
|
|
Concentrix Corp.:
|
|
|
|
|
6.6%, 8/2/2028 (a)
|
|
4,000,000
|
3,989,596
|
|
6.65%, 8/2/2026
|
|
558,000
|
557,824
|
|
DXC Technology Co., 1.8%, 9/15/2026 (a)
|
|
3,069,000
|
3,054,490
|
|
Gartner, Inc., 4.95%, 3/20/2031
|
|
3,000,000
|
2,917,008
|
|
Genpact Luxembourg SARL, 6.0%, 6/4/2029
|
|
3,704,000
|
3,787,248
|
|
Global Payments, Inc.:
|
|
|
|
|
4.5%, 11/15/2028
|
|
6,000,000
|
5,928,150
|
|
4.875%, 11/15/2030 (a)
|
|
2,000,000
|
1,966,148
|
|
4.95%, 8/15/2027 (a)
|
|
910,000
|
911,848
|
|
Open Text Corp., 144A, 6.9%, 12/1/2027
|
|
1,170,000
|
1,196,321
|
|
TD SYNNEX Corp., 4.3%, 1/17/2029
|
|
5,000,000
|
4,937,578
|
|
|
|
|
35,093,798
|
|
Materials 1.1%
|
|
||
|
Anglo American Capital PLC, 144A, 4.625%, 3/19/2031
|
|
5,000,000
|
4,926,517
|
|
Avient Corp., 144A, 6.25%, 11/1/2031 (a)
|
|
216,000
|
218,878
|
|
FMC Corp., 144A, 8.0%, 6/1/2031
|
|
575,000
|
598,454
|
|
Huntsman International LLC, 4.5%, 5/1/2029
|
|
2,000,000
|
1,953,246
|
|
IAMGOLD Corp., 144A, 5.75%, 10/15/2028 (a)
|
|
1,140,000
|
1,136,465
|
|
Olin Corp., 5.625%, 8/1/2029
|
|
3,000,000
|
2,977,906
|
|
Olympus Water U.S. Holding Corp., 144A, 6.75%, 8/1/2032
|
|
582,000
|
568,660
|
|
PLS Group Ltd., 144A, 6.875%, 5/1/2031
|
|
548,000
|
561,089
|
|
|
|
|
12,941,215
|
|
Real Estate 1.4%
|
|
||
|
Equinix Europe 2 Financing Corp. LLC, (REIT), 4.6%, 11/15/2030
|
|
4,000,000
|
3,953,739
|
|
Host Hotels & Resorts LP, (REIT), 4.25%, 12/15/2028
|
|
4,000,000
|
3,957,332
|
|
Iron Mountain, Inc., 144A, (REIT), 4.875%, 9/15/2027
|
|
1,050,000
|
1,048,122
|
|
Park Intermediate Holdings LLC, 144A, (REIT), 4.875%, 5/15/2029
|
|
1,185,000
|
1,158,660
|
|
Service Properties Trust, 144A, (REIT), Zero Coupon , 9/30/2028
|
|
650,000
|
602,687
|
|
VICI Properties LP, (REIT), 4.75%, 4/1/2028
|
|
2,000,000
|
1,998,108
|
|
Vornado Realty LP, (REIT), 5.75%, 2/1/2033
|
|
3,240,000
|
3,251,574
|
|
|
|
|
15,970,222
|
|
Utilities 2.4%
|
|
||
|
AES Corp., 5.2%, 7/15/2029
|
|
2,569,000
|
2,583,621
|
|
Alpha Generation LLC, 144A, 6.25%, 1/15/2034
|
|
441,000
|
433,937
|
|
AmeriGas Partners LP, 144A, 6.875%, 6/1/2031
|
|
578,000
|
585,210
|
|
Edison International:
|
|
|
|
|
5.0%, 5/5/2028
|
|
2,914,000
|
2,917,031
|
|
5.75%, 6/15/2027
|
|
2,000,000
|
2,012,337
|
|
6.25%, 3/15/2030
|
|
2,000,000
|
2,054,329
|
|
Hawaiian Electric Co., Inc., 144A, 6.0%, 10/1/2033 (a)
|
|
4,000,000
|
3,962,882
|
|
Liberty Utilities Co., 144A, 5.1%, 5/15/2031 (a)
|
|
5,000,000
|
4,987,986
|
|
NRG Energy, Inc., 144A, 4.734%, 10/15/2030
|
|
4,000,000
|
3,950,770
|
|
Vistra Operations Co. LLC:
|
|
|
|
|
REG S, 4.375%, 5/1/2029 (a)
|
|
1,145,000
|
1,124,940
|
|
144A, 4.55%, 10/30/2028 (a)
|
|
2,000,000
|
1,987,109
|
|
144A, 5.05%, 12/30/2026 (a)
|
|
1,632,000
|
1,633,089
|
|
|
|
|
28,233,241
|
|
Total Corporate Bonds (Cost $544,703,913)
|
545,542,945
|
||
|
|
|||
|
Mortgage-Backed Securities Pass-Throughs 5.6%
|
|
||
|
Federal National Mortgage Association:
|
|
|
|
|
3.0%, with various maturities from 5/1/2027 until 6/1/2027
|
|
6,843
|
6,791
|
|
5.0%, 7/1/2056, TBA
|
|
11,010,000
|
10,815,662
|
|
5.5%, 7/1/2056, TBA
|
|
30,000,000
|
30,091,800
|
|
Government National Mortgage Association:
|
|
|
|
|
5.5%, 7/1/2056, TBA
|
|
25,000,000
|
25,125,000
|
|
6.0%, 1/15/2039
|
|
10,676
|
11,171
|
|
7.0%, 6/20/2038
|
|
1,038
|
1,116
|
|
Total Mortgage-Backed Securities Pass-Throughs (Cost $65,857,076)
|
66,051,540
|
||
|
|
|||
|
Asset-Backed 23.6%
|
|
||
|
Automobile Receivables 5.7%
|
|
||
|
Ally Bank Auto Credit-Linked Notes:
|
|
|
|
|
“C”, Series 2025-B, 144A, 4.697%, 9/15/2033
|
|
1,100,170
|
1,095,668
|
|
“C”, Series 2025-A, 144A, 4.844%, 6/15/2033
|
|
1,137,073
|
1,135,905
|
|
“C”, Series 2024-B, 144A, 5.215%, 9/15/2032
|
|
221,038
|
221,860
|
|
“D”, Series 2024-B, 144A, 5.41%, 9/15/2032
|
|
221,038
|
221,754
|
|
“C”, Series 2024-A, 144A, 6.022%, 5/17/2032
|
|
534,288
|
540,857
|
|
Avis Budget Rental Car Funding AESOP LLC:
|
|
|
|
|
“D”, Series 2021-1A, 144A, 3.71%, 8/20/2027
|
|
1,666,667
|
1,663,657
|
|
“C”, Series 2026-3A, 144A, 5.5%, 4/20/2031
|
|
1,500,000
|
1,500,337
|
|
“C”, Series 2023-1A, 144A, 6.23%, 4/20/2029
|
|
310,000
|
314,270
|
|
“C”, Series 2024-1A, 144A, 6.48%, 6/20/2030
|
|
500,000
|
512,983
|
|
Bayview Opportunity Master Fund VII LLC, “B”, Series 2024-CAR1, 144A, 30 day
USD SOFR Average + 1.3%, 4.928% (d), 12/26/2031
|
|
67,180
|
67,402
|
|
CarMax Auto Owner Trust, “C”, Series 2023-2, 5.57%, 11/15/2028
|
|
1,000,000
|
1,007,238
|
|
CarMax Select Receivables Trust, “C”, Series 2026-A, 4.43%, 5/17/2032
|
|
2,250,000
|
2,220,692
|
|
Carvana Auto Receivables Trust:
|
|
|
|
|
“D”, Series 2021-N3, 1.58%, 6/12/2028
|
|
985,038
|
964,063
|
|
“D”, Series 2021-N4, 2.3%, 9/11/2028
|
|
682,034
|
668,839
|
|
“E”, Series 2021-N1, 144A, 2.88%, 1/10/2028
|
|
1,409,036
|
1,406,440
|
|
“F”, Series 2021-N1, 144A, 4.55%, 1/10/2028
|
|
351,748
|
351,523
|
|
“B”, Series 2022-P3, 5.04%, 10/10/2028
|
|
1,350,000
|
1,353,268
|
|
Chase Auto Owner Trust:
|
|
|
|
|
“B”, Series 2025-2A, 144A, 4.32%, 3/25/2031
|
|
1,000,000
|
989,199
|
|
“C”, Series 2022-AA, 144A, 4.64%, 7/25/2028
|
|
1,040,000
|
1,040,104
|
|
Chesapeake Funding II LLC, “C”, Series 2023-2A, 144A, 6.15%, 10/15/2035
|
|
2,430,000
|
2,434,620
|
|
Consumer Portfolio Services Auto Trust, “B”, Series 2025-B, 144A, 4.79%, 11/15/2029
|
|
1,130,000
|
1,131,985
|
|
Corporate One Auto Receivables Trust, “B”, Series 2026-1A, 144A, 4.59%, 1/15/2031
|
|
1,575,000
|
1,556,972
|
|
CPS Auto Receivables Trust:
|
|
|
|
|
“C”, Series 2026-B, 144A, 4.93%, 7/15/2032
|
|
3,000,000
|
2,990,090
|
|
“C”, Series 2023-C, 144A, 6.27%, 10/15/2029
|
|
804,941
|
808,853
|
|
Exeter Automobile Receivables Trust:
|
|
|
|
|
“E”, Series 2021-4A, 144A, 4.02%, 1/17/2028
|
|
3,730,433
|
3,728,689
|
|
“C”, Series 2025-3A, 5.09%, 10/15/2031
|
|
614,000
|
616,330
|
|
Ford Credit Auto Owner Trust:
|
|
|
|
|
“C”, Series 2021-2, 144A, 2.11%, 5/15/2034
|
|
3,253,000
|
3,221,838
|
|
“D”, Series 2021-2, 144A, 2.6%, 5/15/2034
|
|
905,000
|
896,602
|
|
Foursight Capital Automobile Receivables Trust, “C”, Series 2023-2, 144A, 6.21%,
4/16/2029
|
|
2,000,000
|
2,021,059
|
|
Hertz Vehicle Financing III LLC, “D”, Series 2023-3A, 144A, 9.43%, 2/25/2028
|
|
3,550,000
|
3,593,055
|
|
Huntington Bank Auto Credit-Linked Notes:
|
|
|
|
|
“B1”, Series 2026-1, 144A, 4.503%, 2/20/2034
|
|
3,513,298
|
3,478,590
|
|
“B1”, Series 2025-2, 144A, 4.835%, 9/20/2033
|
|
2,156,662
|
2,150,364
|
|
“B1”, Series 2025-1, 144A, 4.957%, 3/21/2033
|
|
1,007,467
|
1,007,653
|
|
“B1”, Series 2024-2, 144A, 5.442%, 10/20/2032
|
|
622,317
|
624,942
|
|
“B1”, Series 2024-1, 144A, 6.153%, 5/20/2032
|
|
377,373
|
380,630
|
|
OCCU Auto Receivables Trust, “A3”, Series 2025-1A, 144A, 4.81%, 11/15/2029
|
|
1,550,000
|
1,554,777
|
|
Santander Bank Auto Credit-Linked Notes:
|
|
|
|
|
“B”, Series 2026-A, 144A, 4.806%, 7/17/2034
|
|
1,500,000
|
1,497,619
|
|
“C”, Series 2023-B, 144A, 5.933%, 12/15/2033
|
|
617,577
|
622,210
|
|
Santander Consumer Auto Receivables Trust, “C”, Series 2021-BA, 144A, 3.09%,
3/15/2029
|
|
91,749
|
91,588
|
|
Santander Drive Auto Receivables Trust, “C”, Series 2023-3, 5.77%, 11/15/2030
|
|
1,500,000
|
1,513,820
|
|
Securitized Term Auto Receivables Trust:
|
|
|
|
|
“C”, Series 2026-A, 144A, 4.431%, 3/25/2033
|
|
1,661,976
|
1,649,878
|
|
“C”, Series 2025-A, 144A, 5.185%, 7/25/2031
|
|
468,792
|
471,075
|
|
Truist Bank Auto Credit-Linked Notes, “B”, Series 2026-1, 144A, 5.067%, 6/26/2034
|
|
3,000,000
|
2,995,514
|
|
U.S. Bank NA:
|
|
|
|
|
“B1”, Series 2026-RVM1, 144A, 4.959%, 12/25/2046
|
|
2,265,589
|
2,237,725
|
|
“B”, Series 2023-1, 144A, 6.789%, 8/25/2032
|
|
211,598
|
212,742
|
|
United Auto Credit Securitization Trust:
|
|
|
|
|
“B”, Series 2026-1, 144A, 4.63%, 5/10/2029
|
|
1,200,000
|
1,195,163
|
|
“C”, Series 2026-1, 144A, 5.06%, 6/10/2031
|
|
2,250,000
|
2,236,847
|
|
Westlake Automobile Receivables Trust, “C”, Series 2026-2A, 144A, 4.89%, 3/15/2032
|
|
2,500,000
|
2,492,275
|
|
|
|
|
66,689,564
|
|
Credit Card Receivables 1.4%
|
|
||
|
Continental Finance Credit Card ABS Master Trust, “A”, Series 2024-A, 144A, 5.78%,
12/15/2032
|
|
1,300,000
|
1,305,943
|
|
Evergreen Credit Card Trust:
|
|
|
|
|
“C”, Series 2025-1A, 144A, 4.54%, 10/15/2029
|
|
1,500,000
|
1,487,433
|
|
“C”, Series 2025-CRT5, 144A, 5.53%, 5/15/2029
|
|
1,965,000
|
1,970,922
|
|
Mission Lane Credit Card Master Trust:
|
|
|
|
|
“B”, Series 2025-B, 144A, 5.21%, 9/15/2031
|
|
1,750,000
|
1,744,345
|
|
“B”, Series 2026-A, 144A, 5.34%, 7/15/2032
|
|
2,479,000
|
2,472,449
|
|
“C”, Series 2025-C, 144A, 5.37%, 12/16/2030
|
|
2,443,000
|
2,438,950
|
|
“C”, Series 2025-B, 144A, 5.41%, 9/15/2031
|
|
1,000,000
|
994,155
|
|
“C”, Series 2026-A, 144A, 5.69%, 7/15/2032
|
|
2,000,000
|
2,001,063
|
|
“A”, Series 2024-B, 144A, 5.88%, 1/15/2030
|
|
2,000,000
|
2,003,982
|
|
|
|
|
16,419,242
|
|
Home Equity Loans 1.1%
|
|
||
|
Countrywide Home Equity Loan Trust, “2A”, Series 2006-I, 1 mo. USD Term SOFR +
0.254%, 3.88% (d), 1/15/2037
|
|
349,499
|
338,047
|
|
Credit-Based Asset Servicing and Securitization LLC, “AF2”, Series 2006-CB2,
2.928%, 12/25/2036
|
|
1,521,327
|
1,229,438
|
|
NovaStar Mortgage Funding Trust, “M3”, Series 2004-3, 1 mo. USD Term SOFR +
1.164%, 4.813% (d), 12/25/2034
|
|
395,501
|
375,680
|
|
People's Choice Home Loan Securities Trust, “A3”, Series 2004-1, 1 mo. USD Term
SOFR + 1.154%, 4.803% (d), 6/25/2034
|
|
1,508,945
|
1,588,830
|
|
RCKT Mortgage Trust:
|
|
|
|
|
“A1A”, Series 2024-CES7, 144A, 5.158%, 10/25/2044
|
|
1,608,242
|
1,603,276
|
|
“A1A”, Series 2025-CES2, 144A, 5.503%, 2/25/2055
|
|
2,088,981
|
2,093,448
|
|
“A1A”, Series 2025-CES1, 144A, 5.653%, 1/25/2045
|
|
1,549,823
|
1,555,159
|
|
“A1B”, Series 2024-CES9, 144A, 5.683%, 12/25/2044
|
|
1,123,110
|
1,125,654
|
|
Renaissance Home Equity Loan Trust:
|
|
|
|
|
“AF1”, Series 2006-4, 5.545%, 1/25/2037
|
|
57,029
|
17,253
|
|
“AF1”, Series 2007-2, 5.893%, 6/25/2037
|
|
340,249
|
80,469
|
|
Southern Pacific Secured Assets Corp., “A8”, Series 1998-2, 6.37%, 7/25/2029
|
|
3
|
3
|
|
Towd Point Mortgage Trust, “A1”, Series 2025-CRM1, 144A, 5.799%, 1/25/2065
|
|
2,727,718
|
2,730,642
|
|
|
|
|
12,737,899
|
|
Miscellaneous 15.4%
|
|
||
|
AB BSL CLO 6 Ltd., “BR”, Series 2025-6AR, 144A, 3 mo. USD Term SOFR + 1.55%,
5.325% (d), 7/20/2039
|
|
2,000,000
|
2,000,064
|
|
ACHD Trust, “A”, Series 2026-DS1, 144A, 5.672%, 7/10/2034
|
|
3,000,000
|
2,998,820
|
|
AGL CLO 44 Ltd., “C”, Series 2025-44A, 144A, 3 mo. USD Term SOFR + 1.8%,
5.464% (d), 10/22/2037
|
|
1,250,000
|
1,241,144
|
|
AIMCO CLO 20 Ltd., “BR”, Series 2023-20A, 144A, 3 mo. USD Term SOFR + 1.55%,
5.23% (d), 10/16/2038
|
|
1,500,000
|
1,504,688
|
|
Allegro CLO V-S Ltd., “B1”, Series 2024-2A, 144A, 3 mo. USD Term SOFR + 1.9%,
5.567% (d), 7/24/2037
|
|
2,700,000
|
2,702,168
|
|
Apidos CLO LIV Ltd., “B”, Series 2025-54A, 144A, 3 mo. USD Term SOFR + 1.6%,
5.275% (d), 10/20/2038
|
|
750,000
|
751,345
|
|
Apidos CLO LVII, “A1”, Series 2026-57A, 144A, 3 mo. USD Term SOFR + 1.2%,
4.948% (d), 7/20/2039 (c)
|
|
2,500,000
|
2,499,988
|
|
Apidos CLO XL Ltd., “AR”, Series 2022-40A, 144A, 3 mo. USD Term SOFR + 1.35%,
5.023% (d), 7/15/2037
|
|
2,000,000
|
2,001,426
|
|
Apidos CLO XVIII-R, “A2R2”, Series 2018-18A, 144A, 3 mo. USD Term SOFR +
1.58%, 5.244% (d), 1/22/2038
|
|
2,000,000
|
2,002,496
|
|
Apidos CLO XXXIX Ltd., “BR”, Series 2022-39A, 144A, 3 mo. USD Term SOFR +
1.53%, 5.202% (d), 10/21/2038
|
|
3,000,000
|
3,003,507
|
|
Applebee's Funding LLC, “A2”, Series 2023-1A, 144A, 7.824%, 3/5/2053
|
|
2,750,000
|
2,770,998
|
|
Ares LIX CLO Ltd., “C2”, Series 2021-59A, 144A, 3.35%, 4/25/2034
|
|
1,600,000
|
1,416,070
|
|
Ares LXXVII CLO Ltd., “A2”, Series 2025-77A, 144A, 3 mo. USD Term SOFR +
1.6%, 5.273% (d), 7/15/2038
|
|
2,000,000
|
2,002,698
|
|
Battalion CLO XV Ltd., “BR”, Series 2020-15A, 144A, 3 mo. USD Term SOFR +
1.5%, 5.18% (d), 1/17/2033
|
|
2,500,000
|
2,498,115
|
|
Bayview Opportunity Master Fund VII LLC:
|
|
|
|
|
“A”, Series 2026-CRD1, 144A, 30 day USD SOFR Average + 1.6%, 5.19% (d),
9/25/2034
|
|
2,000,000
|
2,000,280
|
|
“C”, Series 2026-CRD1, 144A, 30 day USD SOFR Average + 2.35%, 5.94% (d),
9/25/2034
|
|
2,000,000
|
2,000,280
|
|
Benefit Street Partners CLO 44 Ltd., “B”, Series 2025-44A, 144A, 3 mo. USD Term
SOFR + 1.55%, 5.223% (d), 1/15/2039
|
|
3,500,000
|
3,509,208
|
|
Captree Park CLO Ltd.:
|
|
|
|
|
“A2R”, Series 2024-1AR, 144A, 3 mo. USD Term SOFR + 1.415%, 5.09% (d),
7/20/2037
|
|
1,500,000
|
1,499,993
|
|
“CR”, Series 2024-1AR, 144A, 3 mo. USD Term SOFR + 1.95%, 5.625% (d),
7/20/2037
|
|
1,500,000
|
1,500,000
|
|
CCG Receivables Trust, “B”, Series 2026-1, 144A, 4.97%, 1/17/2034
|
|
2,000,000
|
1,996,952
|
|
Cherry Securitization Trust, “A”, Series 2026-1A, 144A, 5.43%, 1/17/2034
|
|
2,500,000
|
2,500,117
|
|
CIFC Funding Ltd.:
|
|
|
|
|
“A2”, Series 2026-2A, 144A, 3 mo. USD Term SOFR + 1.35%, 5.093% (d),
7/19/2039 (c)
|
|
2,000,000
|
1,999,978
|
|
“BR”, Series 2022-7A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.364% (d), 1/22/2038
|
|
1,325,000
|
1,327,288
|
|
“B”, Series 2025-4A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.367% (d), 10/24/2038
|
|
1,508,000
|
1,515,318
|
|
Cloud Capital Holdco LP, “A2”, Series 2024-1A, 144A, 5.781%, 11/22/2049
|
|
1,800,000
|
1,798,847
|
|
Compass Datacenters Issuer III LLC, “A2”, Series 2025-3A, 144A, 5.286%, 7/25/2050
|
|
1,092,000
|
1,077,369
|
|
CyrusOne Data Centers Issuer I LLC, “A2”, Series 2024-2A, 144A, 4.5%, 5/20/2049
|
|
4,000,000
|
3,873,485
|
|
DB Master Finance LLC, “A2I”, Series 2025-1A, 144A, 4.891%, 8/20/2055
|
|
1,393,000
|
1,376,871
|
|
Dell Equipment Finance Trust, “C”, Series 2025-1, 144A, 5.25%, 2/24/2031
|
|
1,100,000
|
1,108,894
|
|
Domino's Pizza Master Issuer LLC, “A2II”, Series 2025-1A, 144A, 5.217%, 7/25/2055
|
|
1,091,000
|
1,085,904
|
|
Dryden 68 CLO Ltd., “ARR”, Series 2019-68A, 144A, 3 mo. USD Term SOFR + 1.1%,
4.773% (d), 7/15/2035
|
|
2,500,000
|
2,500,500
|
|
Elara HGV Timeshare Issuer LLC:
|
|
|
|
|
“A”, Series 2023-A, 144A, 6.16%, 2/25/2038
|
|
729,259
|
745,228
|
|
“C”, Series 2023-A, 144A, 7.3%, 2/25/2038
|
|
208,360
|
213,149
|
|
Elmwood CLO 29 Ltd., “A2R2”, Series 2024-5AR, 144A, 3 mo. USD Term SOFR +
1.4%, 5.026% (d), 4/20/2037
|
|
3,000,000
|
3,009,111
|
|
Elmwood CLO 43 Ltd., “B”, Series 2025-6A, 144A, 3 mo. USD Term SOFR + 1.7%,
5.375% (d), 7/20/2038
|
|
1,234,000
|
1,239,750
|
|
Elmwood CLO 49 Ltd., “A2”, Series 2026-3A, 144A, 3 mo. USD Term SOFR + 1.35%,
5.114% (d), 7/20/2039
|
|
2,000,000
|
1,999,906
|
|
Elmwood CLO VI Ltd., “BR3”, Series 2020-3AR, 144A, 3 mo. USD Term SOFR +
1.55%, 5.188% (d), 7/18/2037 (c)
|
|
1,250,000
|
1,250,000
|
|
Empower CLO Ltd., “A1”, Series 2024-2A, 144A, 3 mo. USD Term SOFR + 1.52%,
5.193% (d), 7/15/2037
|
|
1,412,000
|
1,412,921
|
|
Firstlight Issuer LLC, “A2”, Series 2026-1A, 144A, 5.873%, 6/20/2056 (c)
|
|
4,000,000
|
4,015,798
|
|
Foundation Finance Trust, “A”, Series 2026-1A, 144A, 4.98%, 2/17/2053 (c)
|
|
1,050,000
|
1,050,000
|
|
Galaxy 34 CLO Ltd., “A”, Series 2024-34A, 144A, 3 mo. USD Term SOFR + 1.37%,
5.045% (d), 10/20/2037
|
|
2,000,000
|
2,006,404
|
|
Golub Capital Partners CLO 58B-R Ltd., “CR”, Series 2021-58A, 144A, 3 mo. USD
Term SOFR + 1.95%, 5.617% (d), 10/25/2037
|
|
1,500,000
|
1,502,498
|
|
Golub Capital Partners CLO 76 B Ltd., “A1”, Series 2024-76A, 144A, 3 mo. USD Term
SOFR + 1.37%, 5.037% (d), 10/25/2037
|
|
2,000,000
|
2,001,174
|
|
GoodLeap Home Improvement Solutions Trust, “A”, Series 2026-1A, 144A, 5.31%,
12/20/2049
|
|
2,730,765
|
2,712,003
|
|
Hilton Grand Vacations Trust:
|
|
|
|
|
“B”, Series 2025-3EXT, 144A, 4.9%, 10/25/2044
|
|
990,522
|
981,698
|
|
“B”, Series 2024-2A, 144A, 5.65%, 3/25/2038
|
|
1,508,287
|
1,525,072
|
|
HINNT LLC:
|
|
|
|
|
“B”, Series 2025-B, 144A, 4.75%, 5/15/2045
|
|
1,638,635
|
1,621,306
|
|
“B”, Series 2024-A, 144A, 5.84%, 3/15/2043
|
|
371,614
|
374,720
|
|
Hotwire Funding LLC, “A2”, Series 2021-1, 144A, 2.311%, 11/20/2051
|
|
1,268,000
|
1,256,296
|
|
HPEFS Equipment Trust:
|
|
|
|
|
“C”, Series 2025-2A, 144A, 4.41%, 11/22/2032
|
|
1,200,000
|
1,185,093
|
|
“D”, Series 2024-1A, 144A, 5.82%, 11/20/2031
|
|
650,000
|
654,882
|
|
Jersey Mike's Funding LLC:
|
|
|
|
|
“A2”, Series 2025-1A, 144A, 5.61%, 8/16/2055
|
|
992,500
|
1,001,834
|
|
“A2”, Series 2024-1A, 144A, 5.636%, 2/15/2055
|
|
1,431,875
|
1,445,306
|
|
Lewey Park CLO Ltd., “A2”, Series 2024-1A, 144A, 3 mo. USD Term SOFR + 1.56%,
5.232% (d), 10/21/2037
|
|
1,000,000
|
1,000,527
|
|
MetroNet Infrastructure Issuer LLC, “A2”, Series 2026-1A, 144A, 5.273%, 4/20/2056
|
|
1,250,000
|
1,250,597
|
|
Mosaic Solar Loan Trust:
|
|
|
|
|
“B”, Series 2018-1A, 144A, 2.0%, 6/22/2043
|
|
1,201,405
|
945,891
|
|
“A”, Series 2020-1A, 144A, 2.1%, 4/20/2046
|
|
3,891,832
|
3,411,905
|
|
“A”, Series 2023-1A, 144A, 5.32%, 6/20/2053
|
|
106,970
|
99,806
|
|
“A”, Series 2023-4A, 144A, 6.4%, 5/20/2053
|
|
393,309
|
390,403
|
|
MVW LLC:
|
|
|
|
|
“B”, Series 2021-1WA, 144A, 1.44%, 1/22/2041
|
|
67,848
|
66,053
|
|
“A”, Series 2020-1A, 144A, 1.74%, 10/20/2037
|
|
52,186
|
52,013
|
|
“B”, Series 2020-1A, 144A, 2.73%, 10/20/2037
|
|
350,689
|
349,762
|
|
“B”, Series 2025-2A, 144A, 4.72%, 10/20/2044
|
|
853,905
|
846,506
|
|
“B”, Series 2026-1A, 144A, 4.97%, 3/20/2043
|
|
2,898,651
|
2,877,492
|
|
“B”, Series 2025-1A, 144A, 5.21%, 9/22/2042
|
|
1,447,038
|
1,449,199
|
|
“B”, Series 2023-1A, 144A, 5.42%, 10/20/2040
|
|
627,878
|
632,262
|
|
“B”, Series 2024-1A, 144A, 5.51%, 2/20/2043
|
|
702,480
|
708,921
|
|
Neuberger Berman Loan Advisers CLO 42 Ltd., “CR”, Series 2021-42A, 144A, 3 mo.
USD Term SOFR + 1.85%, 5.53% (d), 7/16/2036
|
|
1,000,000
|
1,001,455
|
|
NRZ Excess Spread-Collateralized Notes, “A”, Series 2021-GNT1, 144A, 3.474%,
11/25/2026
|
|
652,201
|
646,440
|
|
OCP CLO Ltd.:
|
|
|
|
|
“A2”, Series 2024-36A, 144A, 3 mo. USD Term SOFR + 1.55%, 5.23% (d),
10/16/2037
|
|
1,000,000
|
1,002,012
|
|
“B1”, Series 2024-36A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.38% (d),
10/16/2037
|
|
1,000,000
|
1,001,183
|
|
“CR2”, Series 2021-23A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.38% (d),
1/17/2039
|
|
2,000,000
|
2,002,014
|
|
“BR2”, Series 2019-17A, 144A, 3 mo. USD Term SOFR + 1.75%, 5.425% (d),
7/20/2037
|
|
250,000
|
250,277
|
|
OHA Credit Funding 26 Ltd., “A2”, Series 2026-26A, 144A, 3 mo. USD Term SOFR +
1.35%, 5.128% (d), 7/20/2039
|
|
2,000,000
|
2,000,152
|
|
OZLM XIV Ltd., “A2R3”, Series 2015-14A, 144A, 3 mo. USD Term SOFR + 1.84%,
5.513% (d), 1/15/2038
|
|
2,000,000
|
2,006,136
|
|
Palmer Square CLO Ltd.:
|
|
|
|
|
“A1R”, Series 2022-3A, 144A, 3 mo. USD Term SOFR + 1.35%, 5.025% (d),
7/20/2037
|
|
2,300,000
|
2,300,612
|
|
“BR3”, Series 2020-3A, 144A, 3 mo. USD Term SOFR + 1.95%, 5.601% (d),
11/15/2036
|
|
1,750,000
|
1,751,533
|
|
Park Avenue Institutional Advisers CLO Ltd., “A2RR”, Series 2019-2A, 144A, 3 mo.
USD Term SOFR + 1.5%, 5.173% (d), 10/15/2034
|
|
1,610,000
|
1,609,195
|
|
Pikes Peak CLO Ltd., “BR”, Series 2023-14A, 144A, 3 mo. USD Term SOFR + 1.75%,
5.425% (d), 7/20/2038
|
|
2,500,000
|
2,507,550
|
|
Point Broadband Funding LLC, “A2”, Series 2025-1A, 144A, 5.336%, 7/20/2055
|
|
1,000,000
|
994,836
|
|
Qdoba Funding LLC, “A2”, Series 2026-1A, 144A, 6.699%, 6/14/2056
|
|
2,500,000
|
2,503,478
|
|
Regatta 34 Funding Ltd., “A2”, Series 2025-3A, 144A, 3 mo. USD Term SOFR +
1.75%, 5.425% (d), 7/20/2038
|
|
1,600,000
|
1,606,869
|
|
RKTL Trust, “B”, Series 2026-2A, 144A, 4.85%, 5/25/2035
|
|
3,000,000
|
2,996,305
|
|
RR 35 Ltd., “A2”, Series 2024-35A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.373% (d),
1/15/2040
|
|
2,400,000
|
2,409,706
|
|
RR 43 Ltd., “A2”, Series 2026-43A, 144A, 3 mo. USD Term SOFR + 1.5%, 5.153% (d),
10/15/2039
|
|
1,294,000
|
1,295,690
|
|
Sculptor CLO XXVI Ltd., “CR”, Series 26A, 144A, 3 mo. USD Term SOFR + 2.2%,
5.875% (d), 1/20/2038
|
|
2,000,000
|
2,003,954
|
|
Service Experts Issuer LLC, “A”, Series 2025-1A, 144A, 5.38%, 1/20/2037
|
|
1,538,118
|
1,526,116
|
|
SERVPRO Master Issuer LLC, “A2”, Series 2025-1A, 144A, 5.525%, 10/25/2055
|
|
3,482,500
|
3,446,844
|
|
Sesac Finance LLC, “A2”, Series 2025-1, 144A, 5.5%, 7/25/2055
|
|
800,000
|
777,377
|
|
Sixth Street CLO 29 Ltd., “B”, Series 2025-29A, 144A, 3 mo. USD Term SOFR +
1.65%, 5.33% (d), 7/17/2038
|
|
929,000
|
931,210
|
|
Sixth Street CLO XIV Ltd., “A2R2”, Series 2019-14A, 144A, 3 mo. USD Term SOFR +
1.4%, 5.072% (d), 1/20/2038
|
|
2,000,000
|
1,995,472
|
|
Sixth Street CLO XXV Ltd., “B”, Series 2024-25A, 144A, 3 mo. USD Term SOFR +
1.8%, 5.467% (d), 7/24/2037
|
|
2,700,000
|
2,703,486
|
|
Switch ABS Issuer LLC:
|
|
|
|
|
“A2”, Series 2024-2A, 144A, 5.436%, 6/25/2054
|
|
1,250,000
|
1,236,297
|
|
“A2”, Series 2024-1A, 144A, 6.28%, 3/25/2054
|
|
2,124,000
|
2,133,415
|
|
Taco Bell Funding LLC, “A2II”, Series 2025-1A, 144A, 5.049%, 8/25/2055
|
|
2,438,000
|
2,400,442
|
|
Texas Debt Capital CLO Ltd., “A2R”, Series 2023-1A, 144A, 3 mo. USD Term SOFR +
1.55%, 5.225% (d), 7/20/2038
|
|
2,200,000
|
2,203,406
|
|
Trimaran CAVU Ltd., “BR”, Series 2023-2A, 144A, 3 mo. USD Term SOFR + 1.55%,
5.225% (d), 1/20/2039
|
|
2,000,000
|
2,002,370
|
|
UPG HI Issuer Trust, “A”, Series 2026-1, 144A, 5.03%, 2/25/2048
|
|
3,444,985
|
3,431,530
|
|
Voya CLO Ltd.:
|
|
|
|
|
“A2”, Series 2026-2A, 144A, 3 mo. USD Term SOFR + 1.35%, 5.101% (d),
7/15/2039
|
|
2,000,000
|
1,999,978
|
|
“A2R”, Series 2024-1AR, 144A, 3 mo. USD Term SOFR + 1.4%, 5.162% (d),
7/15/2039 (c)
|
|
2,500,000
|
2,499,988
|
|
“B”, Series 2024-1A, 144A, 3 mo. USD Term SOFR + 2.0%, 5.673% (d), 4/15/2037
|
|
2,650,000
|
2,650,000
|
|
Wendy's Funding LLC, “A2I”, Series 2025-1A, 144A, 5.422%, 12/15/2055
|
|
2,487,500
|
2,432,263
|
|
Wingstop Funding LLC, “A2”, Series 2024-1A, 144A, 5.858%, 12/5/2054
|
|
1,200,000
|
1,210,082
|
|
Zayo Issuer LLC:
|
|
|
|
|
“A2”, Series 2025-1A, 144A, 5.648%, 3/20/2055
|
|
2,000,000
|
2,006,535
|
|
“A2”, Series 2025-2A, 144A, 5.953%, 6/20/2055
|
|
1,500,000
|
1,517,994
|
|
|
|
|
180,344,499
|
|
Total Asset-Backed (Cost $276,261,331)
|
276,191,204
|
||
|
|
|||
|
Commercial Mortgage-Backed Securities 7.1%
|
|
||
|
20 Times Square Trust:
|
|
|
|
|
“B”, Series 2018-20TS, 144A, 3.203% (d), 5/15/2035
|
|
2,850,000
|
2,679,000
|
|
“C”, Series 2018-20TS, 144A, 3.203% (d), 5/15/2035
|
|
1,000,000
|
935,000
|
|
BAHA Trust, “A”, Series 2024-MAR, 144A, 6.171% (d), 12/10/2041
|
|
3,343,000
|
3,411,985
|
|
Bank, “A5”, Series 2021-BN34, 2.438%, 6/15/2063
|
|
500,000
|
440,680
|
|
BPR Trust, “A”, Series 2024-PMDW, 144A, 5.358%, 11/5/2041
|
|
893,000
|
899,225
|
|
BX Commercial Mortgage Trust:
|
|
|
|
|
“A”, Series 2021-VIV5, 144A, 2.843%, 3/9/2044
|
|
375,000
|
346,697
|
|
“B”, Series 2020-VIV3, 144A, 3.662% (d), 3/9/2044
|
|
2,000,000
|
1,877,016
|
|
“A”, Series 2019-IMC, 144A, 1 mo. USD Term SOFR + 1.046%, 4.671% (d),
4/15/2034
|
|
941,959
|
937,576
|
|
BX Trust:
|
|
|
|
|
“D”, Series 2019-OC11, 144A, 4.075% (d), 12/9/2041
|
|
2,500,000
|
2,362,646
|
|
“A”, Series 2026-PNDA, 144A, 1 mo. USD Term SOFR + 1.3%, 4.925% (d),
5/15/2043
|
|
3,000,000
|
3,006,562
|
|
“B”, Series 2026-CIP, 144A, 1 mo. USD Term SOFR + 1.45%, 5.075% (d), 5/15/2038
|
|
2,978,919
|
2,988,215
|
|
“B”, Series 2025-ARIA, 144A, 5.35% (d), 12/13/2042
|
|
1,000,000
|
997,930
|
|
BXP Trust, “A”, Series 2017-CQHP, 144A, 1 mo. USD Term SOFR + 0.897%, 4.523%
(d), 11/15/2034
|
|
3,099,057
|
3,004,096
|
|
COMM Mortgage Trust, “B”, Series 2013-CR6, 144A, 3.397%, 3/10/2046
|
|
965,169
|
951,098
|
|
CSAIL Commercial Mortgage Trust, “AS”, Series 2016-C6, 3.346%, 1/15/2049
|
|
122,903
|
122,567
|
|
FHLMC Multifamily Structured Pass-Through Certificates:
|
|
|
|
|
“X1”, Series K058, Interest Only, 1.017% (d), 8/25/2026
|
|
16,930,925
|
8,367
|
|
“X1P”, Series KL05, Interest Only, 1.024% (d), 6/25/2029
|
|
17,800,000
|
423,368
|
|
Fontainebleau Miami Beach Mortgage Trust, “C”, Series 2024-FBLU, 144A, 1 mo. USD
Term SOFR + 2.15%, 5.775% (d), 12/15/2039
|
|
533,000
|
534,666
|
|
Freddie Mac Multifamily Structured Credit Risk:
|
|
|
|
|
“M1”, Series 2021-MN1, 144A, 30 day USD SOFR Average + 2.0%, 5.628% (d),
1/25/2051
|
|
105,103
|
104,980
|
|
“M2”, Series 2021-MN1, 144A, 30 day USD SOFR Average + 3.75%, 7.378% (d),
1/25/2051
|
|
1,808,000
|
1,839,210
|
|
Hawaii Hotel Trust, “B”, Series 2025-MAUI, 144A, 1 mo. USD Term SOFR + 1.742%,
5.368% (d), 3/15/2042
|
|
750,000
|
751,875
|
|
Hilt Commercial Mortgage Trust, “B”, Series 2024-ORL, 144A, 1 mo. USD Term SOFR
+ 1.941%, 5.566% (d), 5/15/2037
|
|
750,000
|
750,469
|
|
Hudson Yards Mortgage Trust:
|
|
|
|
|
“A”, Series 2019-30HY, 144A, 3.228%, 7/10/2039
|
|
2,000,000
|
1,898,107
|
|
“C”, Series 2025-SPRL, 144A, 6.15% (d), 1/13/2040
|
|
540,000
|
550,819
|
|
ILPT Commercial Mortgage Trust, “C”, Series 2025-LPF2, 144A, 6.023% (d),
7/13/2042
|
|
1,000,000
|
999,654
|
|
IRV Trust, “C”, Series 2025-200P, 144A, 5.921% (d), 3/14/2047
|
|
1,905,000
|
1,901,582
|
|
JPMDB Commercial Mortgage Securities Trust, “AS”, Series 2016-C4, 3.385%,
12/15/2049
|
|
1,000,000
|
977,202
|
|
JPMorgan Chase Commercial Mortgage Securities Trust:
|
|
|
|
|
“A”, Series 2019-OSB, 144A, 3.397%, 6/5/2039
|
|
1,000,000
|
944,251
|
|
“A”, Series 2018-PHH, 144A, 1 mo. USD Term SOFR + 1.257%, 4.882% (d),
6/15/2035*
|
|
5,281,517
|
3,433,039
|
|
KIND Trust, “A”, Series 2021-KIND, 144A, 1 mo. USD Term SOFR + 1.064%, 4.69%
(d), 8/15/2038
|
|
2,975,160
|
2,970,457
|
|
LEX Mortgage Trust, “A”, Series 2024-BBG, 144A, 5.036% (d), 10/13/2033
|
|
750,000
|
747,532
|
|
Manhattan West Mortgage Trust, “A”, Series 2020-1MW, 144A, 2.13%, 9/10/2039
|
|
1,000,000
|
967,883
|
|
MRCD Mortgage Trust, “C”, Series 2019-PARK, 144A, 2.718%, 12/15/2036
|
|
5,000,000
|
3,950,050
|
|
MSWF Commercial Mortgage Trust, “XA”, Series 2023-2, Interest Only, 1.151% (d),
12/15/2056
|
|
14,806,821
|
767,552
|
|
MTN Commercial Mortgage Trust, “B”, Series 2026-LPFX, 144A, 5.455%, 5/15/2043
|
|
2,225,000
|
2,223,636
|
|
One New York Plaza Trust:
|
|
|
|
|
“AJ”, Series 2020-1NYP, 144A, 1 mo. USD Term SOFR + 1.364%, 4.99% (d),
1/15/2036
|
|
2,378,000
|
2,305,174
|
|
“B”, Series 2020-1NYP, 144A, 1 mo. USD Term SOFR + 1.614%, 5.24% (d),
1/15/2036
|
|
1,166,000
|
1,115,716
|
|
ROCK Trust:
|
|
|
|
|
“A”, Series 2024-CNTR, 144A, 5.388%, 11/13/2041
|
|
1,189,000
|
1,201,718
|
|
“B”, Series 2024-CNTR, 144A, 5.93%, 11/13/2041
|
|
4,000,000
|
4,068,765
|
|
SDR Commercial Mortgage Trust, “B”, Series 2024-DSNY, 144A, 1 mo. USD Term
SOFR + 1.741%, 5.367% (d), 5/15/2039
|
|
500,000
|
500,625
|
|
SLG Office Trust, “A”, Series 2021-OVA, 144A, 2.585%, 7/15/2041
|
|
4,000,000
|
3,562,466
|
|
Starwood Mortgage Trust, “B”, Series 2021-LIH, 144A, 1 mo. USD Term SOFR +
1.77%, 5.396% (d), 11/15/2036
|
|
500,000
|
499,375
|
|
SWCH Commercial Mortgage Trust, “A”, Series 2025-DATA, 144A, 1 mo. USD Term
SOFR + 1.443%, 5.068% (d), 2/15/2042
|
|
2,000,000
|
1,987,500
|
|
U.S. Bank C&I Credit-Linked Notes:
|
|
|
|
|
“B2”, Series 2025-SUP2, 144A, 30 day USD SOFR Average + 1.35%, 4.978% (d),
9/25/2032
|
|
1,372,440
|
1,365,858
|
|
“C”, Series 2025-SUP2, 144A, 30 day USD SOFR Average + 1.9%, 5.528% (d),
9/25/2032
|
|
1,372,440
|
1,375,035
|
|
U.S. Bank NA:
|
|
|
|
|
“B2”, Series 2026-SUP1, 144A, 30 day USD SOFR Average + 1.4%, 4.993% (d),
6/27/2033
|
|
3,000,000
|
2,999,970
|
|
“C”, Series 2026-SUP1, 144A, 30 day USD SOFR Average + 1.85%, 5.443% (d),
6/27/2033
|
|
3,000,000
|
2,999,964
|
|
UBS Commercial Mortgage Trust:
|
|
|
|
|
“XA”, Series 2017-C7, Interest Only, 1.114% (d), 12/15/2050
|
|
21,403,424
|
235,149
|
|
“XA”, Series 2017-C1, Interest Only, 1.606% (d), 6/15/2050
|
|
15,181,322
|
85,147
|
|
WB Commercial Mortgage Trust, “A”, Series 2024-HQ, 144A, 6.134% (d), 3/15/2040
|
|
2,358,000
|
2,360,159
|
|
Wells Fargo Commercial Mortgage Trust, “A”, Series 2026-1250B, 144A, 4.833%,
3/10/2041
|
|
3,000,000
|
2,961,190
|
|
WHARF Commercial Mortgage Trust, “B”, Series 2025-DC, 144A, 5.729% (d),
7/15/2040
|
|
1,700,000
|
1,716,181
|
|
Total Commercial Mortgage-Backed Securities (Cost $85,113,939)
|
83,044,984
|
||
|
|
|||
|
Collateralized Mortgage Obligations 9.0%
|
|
||
|
Banc of America Mortgage Trust:
|
|
|
|
|
“2A8”, Series 2003-J, 5.04% (d), 11/25/2033
|
|
78,343
|
68,668
|
|
“2A3”, Series 2005-J, 5.079% (d), 11/25/2035
|
|
41,559
|
38,003
|
|
“A15”, Series 2006-2, 6.0%, 7/25/2046
|
|
4,353
|
3,883
|
|
Bear Stearns Adjustable Rate Mortgage Trust, “5A”, Series 2003-8, 5.126% (d),
1/25/2034
|
|
188,835
|
181,526
|
|
Chase Home Lending Mortgage Trust:
|
|
|
|
|
“A11”, Series 2026-2, 144A, 30 day USD SOFR Average + 1.15%, 4.778% (d),
12/25/2056
|
|
1,912,799
|
1,899,511
|
|
“A11”, Series 2026-5, 144A, 30 day USD SOFR Average + 1.2%, 4.828% (d),
3/25/2057
|
|
1,985,585
|
1,979,092
|
|
Chase Mortgage Finance Corp.:
|
|
|
|
|
“M2”, Series 2021-CL1, 144A, 30 day USD SOFR Average + 1.35%, 4.978% (d),
2/25/2050
|
|
3,264,395
|
3,203,976
|
|
“M3”, Series 2021-CL1, 144A, 30 day USD SOFR Average + 1.55%, 5.178% (d),
2/25/2050
|
|
1,014,933
|
995,331
|
|
CIM Trust, “A11”, Series 2019-INV3, 144A, 30 day USD SOFR Average + 1.064%,
4.692% (d), 8/25/2049
|
|
1,048,146
|
1,018,454
|
|
COLT Funding LLC, “A2”, Series 2021-3R, 144A, 1.257% , 12/25/2064
|
|
177,603
|
164,462
|
|
COLT Mortgage Loan Trust:
|
|
|
|
|
“A1”, Series 2021-2R, 144A, 0.798%, 7/27/2054
|
|
173,294
|
156,229
|
|
“A2”, Series 2021-HX1, 144A, 1.348%, 10/25/2066
|
|
612,747
|
528,943
|
|
Connecticut Avenue Securities Trust:
|
|
|
|
|
“1M2”, Series 2021-R03, 144A, 30 day USD SOFR Average + 1.65%, 5.278% (d),
12/25/2041
|
|
474,562
|
476,038
|
|
“1M1”, Series 2023-R04, 144A, 30 day USD SOFR Average + 2.3%, 5.928% (d),
5/25/2043
|
|
1,664,953
|
1,688,624
|
|
“1B1”, Series 2024-R01, 144A, 30 day USD SOFR Average + 2.7%, 6.328% (d),
1/25/2044
|
|
1,000,000
|
1,025,476
|
|
“1M2”, Series 2022-R04, 144A, 30 day USD SOFR Average + 3.1%, 6.728% (d),
3/25/2042
|
|
250,000
|
253,068
|
|
Credit Suisse First Boston Mortgage Securities Corp., “5A1”, Series 2004-7, 5.0% ,
10/25/2019
|
|
33,992
|
33,778
|
|
Deephaven Residential Mortgage Trust, “A1A”, Series 2025-INV1, 144A, 5.087% ,
11/25/2060
|
|
1,849,415
|
1,836,600
|
|
EFMT:
|
|
|
|
|
“A1A”, Series 2025-NQM5, 144A, 5.033%, 11/25/2070
|
|
3,427,432
|
3,409,049
|
|
“A1”, Series 2025-INV5, 144A, 5.077%, 12/25/2070
|
|
1,912,126
|
1,895,899
|
|
Ellington Financial Mortgage Trust:
|
|
|
|
|
“A3”, Series 2021-2, 144A, 1.291%, 6/25/2066
|
|
422,796
|
361,891
|
|
“A3”, Series 2020-2, 144A, 1.64%, 10/25/2065
|
|
317,454
|
303,250
|
|
“A1”, Series 2026-NQM6, 144A, 5.466%, 6/25/2071
|
|
3,000,000
|
2,999,850
|
|
“A1”, Series 2026-NQM5, 144A, 5.558%, 6/25/2071
|
|
1,486,526
|
1,486,172
|
|
Federal Home Loan Mortgage Corp.:
|
|
|
|
|
“AI”, Series 5175, Interest Only, 2.5%, 12/25/2049
|
|
3,448,910
|
427,830
|
|
“M2”, Series 2019-DNA1, 144A, 30 day USD SOFR Average + 2.764%, 6.392% (d),
1/25/2049
|
|
27,720
|
28,244
|
|
“M1B”, Series 2023-DNA2, 144A, 30 day USD SOFR Average + 3.25%, 6.878% (d),
4/25/2043
|
|
2,000,000
|
2,073,532
|
|
“AS”, Series 5501, 15.51% minus (2.2 x 30 day USD SOFR Average), 7.529% (d),
2/25/2055
|
|
2,661,866
|
2,646,029
|
|
Federal National Mortgage Association:
|
|
|
|
|
“AO”, Series 2023-53, Principal Only, Zero Coupon, 11/25/2053
|
|
3,763,552
|
3,213,298
|
|
“NI”, Series 2021-49, Interest Only, 2.5%, 6/25/2051
|
|
2,318,765
|
359,035
|
|
“I”, Series 2021-57, Interest Only, 2.5%, 7/25/2051
|
|
3,056,240
|
418,866
|
|
“DE”, Series 2014-18, 4.0%, 8/25/2042
|
|
139,142
|
136,246
|
|
“IM”, Series 2014-72, Interest Only, 4.5%, 3/25/2044
|
|
510,467
|
33,596
|
|
“FE”, Series 2024-87, 30 day USD SOFR Average + 1.85%, 5.478% (d), 12/25/2054
|
|
2,639,767
|
2,676,922
|
|
“AF”, Series 2025-1, 30 day USD SOFR Average + 1.85%, 5.478% (d), 2/25/2055
|
|
3,289,730
|
3,336,579
|
|
“2”, Series 350, Interest Only, 5.5%, 3/25/2034
|
|
817,350
|
111,926
|
|
“1A6”, Series 2007-W8, 6.829% (d), 9/25/2037
|
|
203,772
|
208,458
|
|
Freddie Mac Structured Agency Credit Risk Debt Notes:
|
|
|
|
|
“M2”, Series 2021-DNA7, 144A, 30 day USD SOFR Average + 1.8%, 5.428% (d),
11/25/2041
|
|
1,200,000
|
1,202,554
|
|
“M2”, Series 2019-DNA2, 144A, 30 day USD SOFR Average + 2.564%, 6.192% (d),
3/25/2049
|
|
156,708
|
158,694
|
|
GCAT Trust, “A2”, Series 2021-NQM2, 144A, 1.242% , 5/25/2066
|
|
478,939
|
418,350
|
|
Government National Mortgage Association:
|
|
|
|
|
“AI”, Series 2021-1, Interest Only, 2.0%, 1/20/2051
|
|
7,331,377
|
964,520
|
|
“KI”, Series 2020-160, Interest Only, 2.5%, 10/20/2050
|
|
3,291,644
|
363,139
|
|
“EI”, Series 2021-105, Interest Only, 2.5%, 5/20/2051
|
|
4,652,288
|
650,692
|
|
“JI”, Series 2021-121, Interest Only, 2.5%, 7/20/2051
|
|
6,237,084
|
692,990
|
|
“HJ”, Series 2024-8, 5.0%, 1/20/2054
|
|
2,788,964
|
2,659,922
|
|
“IP”, Series 2009-118, Interest Only, 6.5%, 12/16/2039
|
|
83,289
|
14,830
|
|
GS Mortgage-Backed Securities Trust:
|
|
|
|
|
“A2”, Series 2020-NQM1, 144A, 1.791%, 9/27/2060
|
|
47,120
|
45,800
|
|
“A27”, Series 2026-PJ7, 144A, 30 day USD SOFR Average + 1.6%, 5.228% (d),
10/25/2056
|
|
2,479,091
|
2,468,774
|
|
Imperial Fund Mortgage Trust, “A2”, Series 2021-NQM2, 144A, 1.362% , 9/25/2056
|
|
467,208
|
397,036
|
|
JPMorgan Chase Bank NA:
|
|
|
|
|
“M2”, Series 2021-CL1, 144A, 30 day USD SOFR Average + 1.55%, 5.178% (d),
3/25/2051
|
|
1,411,320
|
1,407,874
|
|
“M3”, Series 2021-CL1, 144A, 30 day USD SOFR Average + 1.8%, 5.428% (d),
3/25/2051
|
|
2,880,285
|
2,887,258
|
|
“M1”, Series 2020-CL1, 144A, 1 mo. USD Term SOFR + 2.364%, 6.013% (d),
10/25/2057
|
|
1,684,734
|
1,739,519
|
|
“M4”, Series 2021-CL1, 144A, 30 day USD SOFR Average + 2.75%, 6.378% (d),
3/25/2051
|
|
590,369
|
597,173
|
|
JPMorgan Mortgage Trust:
|
|
|
|
|
“A11”, Series 2022-3, 144A, 30 day USD SOFR Average + 1.1%, 4.728% (d),
8/25/2052
|
|
2,220,936
|
2,112,972
|
|
“A11”, Series 2024-6, 144A, 30 day USD SOFR Average + 1.25%, 4.878% (d),
12/25/2054
|
|
1,601,068
|
1,599,558
|
|
“A1”, Series 2025-NQM5, 144A, 4.879%, 5/25/2066
|
|
1,812,714
|
1,793,018
|
|
“A1”, Series 2025-DSC1, 144A, 5.577% (d), 9/25/2065
|
|
1,723,259
|
1,721,003
|
|
“6A1”, Series 2005-A6, 6.75% (d), 8/25/2035
|
|
120,606
|
121,188
|
|
Merrill Lynch Mortgage Investors Trust, “1A”, Series 2004-1, 5.83% (d), 12/25/2034
|
|
1,665
|
1,642
|
|
MFA Trust:
|
|
|
|
|
“A3”, Series 2021-INV1, 144A, 1.262%, 1/25/2056
|
|
34,727
|
33,866
|
|
“A3”, Series 2021-NQM2, 144A, 1.472%, 11/25/2064
|
|
269,845
|
242,949
|
|
“A1”, Series 2026-NQM2, 144A, 5.513%, 5/25/2071
|
|
1,983,247
|
1,980,935
|
|
OBX Trust:
|
|
|
|
|
“A1B”, Series 2026-NQM1, 144A, 4.846%, 11/25/2065
|
|
1,396,286
|
1,379,862
|
|
“A1”, Series 2025-NQM23, 144A, 4.872%, 10/25/2065
|
|
3,030,131
|
3,004,644
|
|
“A1B”, Series 2025-NQM20, 144A, 5.021%, 10/25/2065
|
|
3,655,414
|
3,618,795
|
|
“A1B”, Series 2026-NQM7, 144A, 5.22%, 4/25/2066
|
|
1,479,499
|
1,468,301
|
|
“A1”, Series 2026-NQM5, 144A, 5.321%, 1/25/2066
|
|
1,918,203
|
1,914,093
|
|
Reneu Redi Q-1 Trust, “A1”, Series 2026-RTL1, 144A, 5.892% , 6/25/2041
|
|
2,000,000
|
2,000,183
|
|
Residential Accredit Loans, Inc. Trust, “A1”, Series 2003-QS18, 5.0% , 9/25/2018
|
|
168
|
126
|
|
Residential Asset Mortgage Products Trust, “A4”, Series 2004-SL4, 7.0% , 7/25/2032
|
|
21,890
|
21,825
|
|
Sequoia Mortgage Trust:
|
|
|
|
|
“B4”, Series 2013-2, 3.633% (d), 2/25/2043
|
|
296,333
|
290,172
|
|
“A1A”, Series 2026-MED1, 144A, 5.121%, 4/25/2056
|
|
2,516,831
|
2,484,500
|
|
“A26F”, Series 2026-7, 144A, 30 day USD SOFR Average + 1.7%, 5.29% (d),
6/25/2056
|
|
3,000,000
|
2,970,643
|
|
“A26F”, Series 2026-6, 144A, 30 day USD SOFR Average + 1.7%, 5.328% (d),
6/25/2056
|
|
1,984,714
|
1,949,565
|
|
“A1”, Series 2025-3, 144A, 6.0%, 4/25/2055
|
|
1,360,127
|
1,376,596
|
|
Starwood Mortgage Residential Trust, “A3”, Series 2020-INV1, 144A, 1.593% ,
11/25/2055
|
|
104,255
|
101,451
|
|
Towd Point Mortgage Trust:
|
|
|
|
|
“M1”, Series 2017-1, 144A, 3.75%, 10/25/2056
|
|
1,723,527
|
1,700,009
|
|
“M1”, Series 2022-SJ1, 144A, 4.5%, 3/25/2062
|
|
2,500,000
|
2,422,634
|
|
Verus Securitization Trust:
|
|
|
|
|
“A2”, Series 2021-R3, 144A, 1.277%, 4/25/2064
|
|
139,089
|
134,097
|
|
“A1B”, Series 2026-R1, 144A, 4.832%, 10/25/2067
|
|
2,050,129
|
2,018,832
|
|
Washington Mutual Mortgage Pass-Through Certificates Trust, “A9”, Series 2003-S9,
5.25% , 10/25/2033
|
|
148,996
|
147,131
|
|
Western Alliance Bank:
|
|
|
|
|
“M1”, Series 2022-CL4, 144A, 30 day USD SOFR Average + 2.25%, 5.878% (d),
10/25/2052
|
|
1,325,633
|
1,362,582
|
|
“1M1”, Series 2022-CL1, 144A, 30 day USD SOFR Average + 2.25%, 5.88% (d),
4/25/2052
|
|
2,542,476
|
2,613,163
|
|
“M1”, Series 2021-CL2, 144A, 30 day USD SOFR Average + 3.15%, 6.778% (d),
7/25/2059
|
|
3,785,201
|
4,076,625
|
|
Total Collateralized Mortgage Obligations (Cost $105,021,154)
|
105,010,419
|
||
|
|
|||
|
Government & Agency Obligations 13.1%
|
|
||
|
Other Government Related (e) 0.0%
|
|
||
|
Vnesheconombank:
|
|
|
|
|
144A, 5.942%, 11/21/2023* (f)
|
|
500,000
|
0
|
|
144A, 6.025%, 7/5/2022* (f)
|
|
1,500,000
|
0
|
|
|
|
|
0
|
|
Sovereign Bonds 2.3%
|
|
||
|
Brazilian Government International Bond, 5.5%, 11/6/2030
|
|
1,692,000
|
1,705,113
|
|
Development Bank of Kazakhstan JSC, 144A, 4.6%, 1/31/2031
|
|
3,000,000
|
2,940,379
|
|
Eagle Funding Luxco SARL, 144A, 5.5%, 8/17/2030
|
|
1,492,000
|
1,498,042
|
|
Mexico Government International Bond:
|
|
|
|
|
4.75%, 3/22/2031 (a)
|
|
2,154,000
|
2,097,027
|
|
6.0%, 5/13/2030
|
|
447,000
|
458,153
|
|
North Macedonia Government International Bond, 144A, 3.875%, 1/21/2030
|
EUR
|
3,000,000
|
3,400,097
|
|
Romania Government International Bond, 144A, 5.875%, 1/30/2029
|
|
3,000,000
|
3,023,999
|
|
U.K. Gilts, REG S, 4.375%, 3/7/2028
|
GBP
|
8,600,000
|
11,446,856
|
|
|
|
|
26,569,666
|
|
U.S. Treasury Obligations 10.8%
|
|
||
|
U.S. Treasury Bills, 3.617% (g), 9/3/2026 (h)
|
|
900,000
|
894,152
|
|
U.S. Treasury Notes:
|
|
|
|
|
1.25%, 4/30/2028
|
|
13,000,000
|
12,337,812
|
|
1.25%, 6/30/2028
|
|
3,000,000
|
2,834,063
|
|
1.375%, 12/31/2028 (i)
|
|
15,000,000
|
14,015,039
|
|
1.625%, 8/15/2029
|
|
5,000,000
|
4,633,398
|
|
3.25%, 6/30/2029
|
|
10,000,000
|
9,743,359
|
|
3.375%, 9/15/2027
|
|
10,000,000
|
9,909,375
|
|
3.5%, 2/15/2029
|
|
5,000,000
|
4,917,188
|
|
3.5%, 1/31/2030
|
|
4,000,000
|
3,910,156
|
|
3.625%, 8/31/2027
|
|
10,000,000
|
9,942,188
|
|
3.75%, 12/31/2028
|
|
5,000,000
|
4,950,391
|
|
3.75%, 5/31/2030
|
|
10,000,000
|
9,841,797
|
|
3.875%, 3/15/2028
|
|
4,000,000
|
3,980,625
|
|
4.125%, 11/30/2029
|
|
3,000,000
|
2,995,313
|
|
4.25%, 2/28/2029
|
|
6,000,000
|
6,012,422
|
|
4.25%, 1/31/2030
|
|
7,000,000
|
7,015,313
|
|
4.5%, 5/15/2027
|
|
5,000,000
|
5,016,699
|
|
4.875%, 10/31/2028
|
|
4,000,000
|
4,061,562
|
|
5.25%, 11/15/2028
|
|
10,000,000
|
10,246,484
|
|
|
|
|
127,257,336
|
|
Total Government & Agency Obligations (Cost 157,309,251)
|
153,827,002
|
||
|
|
|||
|
Loan Participations and Assignments 0.4%
|
|
||
|
Senior Loans (d)
|
|
||
|
Bausch Health Companies, Inc., Term Loan B, 10/8/2030 (j)
|
|
500,000
|
486,015
|
|
Connect Finco SARL, Term Loan B, 1 mo. USD Term SOFR + 4.5%, 8.144%,
9/27/2029
|
|
992,386
|
996,524
|
|
Men's Wearhouse, Inc., Term Loan B, 3 mo. USD Term SOFR + 5.75%, 9.414%,
1/28/2031
|
|
131,169
|
132,551
|
|
TransDigm, Inc., Term Loan L, 1 mo. USD Term SOFR + 2.5%, 6.144%, 1/19/2032
|
|
987,469
|
988,693
|
|
Windsor Holdings III LLC, Term Loan B, 1 mo. USD Term SOFR + 2.75%, 6.394%,
8/1/2030
|
|
1,721,472
|
1,723,624
|
|
Total Loan Participations and Assignments (Cost $4,317,562)
|
4,327,407
|
||
|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Exchange-Traded Funds 0.6%
|
|
||
|
State Street SPDR Bloomberg Short Term High Yield Bond ETF (a) (Cost $6,549,992)
|
|
260,000
|
6,507,800
|
|
|
|||
|
Securities Lending Collateral 1.1%
|
|
||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 3.54% (k) (l) (Cost $13,229,910)
|
|
13,229,910
|
13,229,910
|
|
|
|||
|
Cash Equivalents 0.9%
|
|
||
|
DWS Central Cash Management Government Fund, 3.66% (k) (Cost $10,913,800)
|
|
10,913,800
|
10,913,800
|
|
|
|||
|
|
|
% of Net
Assets
|
Value ($)
|
|
Total Investment Portfolio (Cost $1,269,277,928)
|
107.9
|
1,264,647,011
|
|
|
Other Assets and Liabilities, Net
|
(7.9
)
|
(92,424,503
)
|
|
|
Net Assets
|
100.0
|
1,172,222,508
|
|
|
Value ($) at
9/30/2025
|
Purchases
Cost ($)
|
Sales
Proceeds ($)
|
Net Realized
Gain/
(Loss) ($)
|
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
|
Income ($)
|
Capital Gain
Distributions ($)
|
Number
of Shares
at
6/30/2026
|
Value ($) at
6/30/2026
|
|
Securities Lending Collateral 1.1%
|
||||||||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
3.54% (k) (l)
|
||||||||
|
12,636,060
|
593,850 (m)
|
—
|
—
|
—
|
170,675
|
—
|
13,229,910
|
13,229,910
|
|
Cash Equivalents 0.9%
|
||||||||
|
DWS Central Cash Management Government Fund, 3.66% (k)
|
||||||||
|
19,063,325
|
364,180,157
|
372,329,682
|
—
|
—
|
700,878
|
—
|
10,913,800
|
10,913,800
|
|
31,699,385
|
364,774,007
|
372,329,682
|
—
|
—
|
871,553
|
—
|
24,143,710
|
24,143,710
|
|
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
All or a portion of these securities were on loan. In addition, "Other Assets and
Liabilities, Net" may include pending sales that
are also on loan. The value of securities loaned at June 30, 2026 amounted to $61,922,269,
which is 5.3% of net assets.
|
|
(b)
|
Defaulted security or security for which income has been deemed uncollectible.
|
|
(c)
|
When-issued security.
|
|
(d)
|
Variable or floating rate security. These securities are shown at their current rate
as of June 30, 2026. For securities based on a
published reference rate and spread, the reference rate and spread are indicated within
the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust
periodically based on current market conditions,
prepayment of underlying positions and/or other variables. Securities with a floor
or ceiling feature are disclosed at the inherent
rate, where applicable.
|
|
(e)
|
Government-backed debt issued by financial companies or government sponsored enterprises.
|
|
(f)
|
Investment was valued using significant unobservable inputs.
|
|
(g)
|
Annualized yield at time of purchase; not a coupon rate.
|
|
(h)
|
At June 30, 2026, this security has been pledged, in whole or in part, to cover initial
margin requirements for open futures
contracts.
|
|
(i)
|
At June 30, 2026, this security has been pledged, in whole or in part, as collateral
for open forward commitments.
|
|
(j)
|
All or a portion of the security represents unsettled loan commitments at June 30,
2026 where the rate will be determined at the
time of settlement.
|
|
(k)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown
is the annualized seven-day yield at
period end.
|
|
(l)
|
Represents cash collateral held in connection with securities lending. Income earned
by the Fund is net of borrower rebates. In
addition, the Fund held non-cash U.S. Treasury securities collateral having a value
of $50,918,386.
|
|
(m)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount
invested in cash collateral for the period
ended June 30, 2026.
|
|
144A: Security exempt from registration under Rule 144A under the Securities Act of
1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
|
|
CLO: Collateralized Loan Obligation
|
|
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments
on a pool of underlying mortgages or
mortgage-backed securities. IO securities are subject to prepayment risk of the pool
of underlying mortgages.
|
|
JSC: Joint Stock Company
|
|
Perpetual: Callable security with no stated maturity date.
|
|
Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or
mortgage-backed securities.
|
|
REG S: Securities sold under Regulation S may not be offered, sold or delivered within
the United States or to, or for the account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the
Securities Act of 1933.
|
|
REIT: Real Estate Investment Trust
|
|
SOFR: Secured Overnight Financing Rate
|
|
SPDR: Standard & Poor's Depositary Receipt
|
|
TBA: To Be Announced
|
|
UFJ: United Financial of Japan
|
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Depreciation ($)
|
|
2 Year
U.S. Treasury
Note
|
USD
|
9/30/2026
|
668
|
137,938,430
|
137,696,718
|
(241,712
)
|
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Depreciation ($)
|
|
10 Year
U.S. Treasury
Note
|
USD
|
9/21/2026
|
65
|
7,124,947
|
7,142,891
|
(17,944
)
|
|
5 Year
U.S. Treasury
Note
|
USD
|
9/30/2026
|
50
|
5,334,958
|
5,352,344
|
(17,386
)
|
|
Ultra 10 Year
U.S. Treasury
Note
|
USD
|
9/21/2026
|
20
|
2,236,659
|
2,249,375
|
(12,716
)
|
|
Total unrealized depreciation
|
(48,046
)
|
|||||
|
Bilateral Swaps
|
|||||||
|
Underlying
Reference
Obligation
|
Fixed Cash
Flows
Received/
Frequency
|
Counterparty/
Expiration
Date
|
Notional
Amount †
|
Currency
|
Value ($)
|
Upfront
Payments
(Received)
($)
|
Unrealized
Depreciation
($)
|
|
Markit Commercial
Mortgage Backed Securities
Index Series 17
|
0.50%/
Monthly
|
Morgan
Stanley
Capital
Services LLC
12/15/2056
|
5,000,000
|
USD
|
(43,630)
|
(33,448
)
|
(10,182)
|
|
†
|
The maximum potential amount of future undiscounted payments that the Fund could be
required to make under a credit default
swap contract would be the notional amount of the contract. These potential amounts
would be partially offset by any recovery
values of the referenced debt obligation or net amounts received from the settlement
of sell protection credit default swap contracts
entered into by the Fund for the same referenced debt obligation, if any.
|
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Appreciation ($)
|
Counterparty
|
||
|
GBP
|
8,650,000
|
USD
|
11,777,235
|
7/17/2026
|
303,601
|
Royal Bank of Canada
|
|
EUR
|
6,950,000
|
USD
|
8,204,690
|
7/17/2026
|
257,874
|
Royal Bank of Canada
|
|
USD
|
4,471,913
|
EUR
|
3,925,000
|
7/17/2026
|
16,037
|
Morgan Stanley Capital
Services LLC
|
|
Total unrealized appreciation
|
577,512
|
|
||||
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Depreciation ($)
|
Counterparty
|
||
|
USD
|
5,880,618
|
JPY
|
915,000,000
|
7/17/2026
|
(245,251
)
|
Royal Bank of Canada
|
|
EUR
|
Euro
|
|
GBP
|
British Pound
|
|
JPY
|
Japanese Yen
|
|
USD
|
United States Dollar
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Corporate Bonds (a)
|
$—
|
$545,542,945
|
$—
|
$545,542,945
|
|
Mortgage-Backed Securities Pass-Throughs
|
—
|
66,051,540
|
—
|
66,051,540
|
|
Asset-Backed (a)
|
—
|
276,191,204
|
—
|
276,191,204
|
|
Commercial Mortgage-Backed Securities
|
—
|
83,044,984
|
—
|
83,044,984
|
|
Collateralized Mortgage Obligations
|
—
|
105,010,419
|
—
|
105,010,419
|
|
Government & Agency Obligations (a)
|
—
|
153,827,002
|
0
|
153,827,002
|
|
Loan Participations and Assignments
|
—
|
4,327,407
|
—
|
4,327,407
|
|
Exchange-Traded Funds
|
6,507,800
|
—
|
—
|
6,507,800
|
|
Short-Term Investments (a)
|
24,143,710
|
—
|
—
|
24,143,710
|
|
Derivatives (b)
|
|
|
|
|
|
Forward Foreign Currency Contracts
|
—
|
577,512
|
—
|
577,512
|
|
Total
|
$30,651,510
|
$1,234,573,013
|
$0
|
$1,265,224,523
|
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
$(289,758
)
|
$—
|
$—
|
$(289,758
)
|
|
Forward Foreign Currency Contracts
|
—
|
(245,251
)
|
—
|
(245,251
)
|
|
Credit Default Swap Contracts
|
—
|
(10,182
)
|
—
|
(10,182
)
|
|
Total
|
$(289,758
)
|
$(255,433
)
|
$—
|
$(545,191
)
|
|
(a)
|
See Investment Portfolio for additional detailed categorizations.
|
|
(b)
|
Derivatives include unrealized appreciation (depreciation) on open futures contracts,
credit default swap contracts and forward
foreign currency contracts.
|