|
|
Par Value
|
Value
|
|
U.S. Government Securities—6.6%
|
||
|
U.S. Treasury Notes
|
|
|
|
4.375%, 8/15/26
|
$10,325
|
$10,330
|
|
3.875%, 3/31/27
|
405
|
405
|
|
3.500%, 10/31/27
|
6,815
|
6,756
|
|
3.375%, 12/31/27
|
4,140
|
4,093
|
|
3.500%, 2/15/29
|
2,100
|
2,065
|
|
4.000%, 7/31/29
|
3,790
|
3,772
|
|
Total U.S. Government Securities
(Identified Cost $27,521)
|
27,421
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Foreign Government Securities—0.8%
|
||
|
Dominican Republic
|
|
|
|
144A
5.500%, 2/22/29(1)
|
287
|
287
|
|
RegS
6.950%, 3/15/37(2)
|
311
|
330
|
|
Federative Republic of Brazil
6.625%, 3/15/35
|
386
|
397
|
|
Republic of Guatemala 144A
6.600%, 6/13/36(1)
|
80
|
85
|
|
Republic of Philippines
|
|
|
|
4.375%, 3/5/30 |
140
|
139
|
|
4.750%, 3/5/35 |
140
|
136
|
|
Republic of South Africa 144A
6.125%, 12/11/37(1)
|
208
|
205
|
|
Romanian Government International Bond
|
|
|
|
144A
5.875%, 1/30/29(1)
|
1,005
|
1,014
|
|
144A
5.750%, 9/16/30(1)
|
613
|
616
|
|
144A
7.125%, 1/17/33(1)
|
223
|
237
|
|
Total Foreign Government Securities
(Identified Cost $3,409)
|
3,446
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Mortgage-Backed Securities—27.6%
|
||
|
Agency—7.9%
|
|
|
|
Federal Home Loan Mortgage Corporation
|
|
|
|
Pool #SB8269
6.000%, 10/1/38
|
1,698
|
1,743
|
|
Pool #SD3238
5.500%, 12/1/52
|
888
|
897
|
|
Pool #SD8309
6.000%, 3/1/53
|
2,315
|
2,378
|
|
Pool #SD8492
5.000%, 1/1/55
|
1,517
|
1,494
|
|
Pool #SD8494
5.500%, 1/1/55
|
3,923
|
3,941
|
|
Pool #SD8505
5.000%, 2/1/55
|
2,082
|
2,050
|
|
Pool #SL1127
6.000%, 12/1/54
|
3,365
|
3,443
|
|
Pool #SL2922
5.500%, 10/1/55
|
1,821
|
1,829
|
|
Federal National Mortgage Association
|
|
|
|
Pool #AC3654
5.000%, 10/1/39
|
43
|
43
|
|
Pool #AD3841
4.500%, 4/1/40
|
13
|
13
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Agency—continued
|
|
|
|
Pool #AL7532
3.000%, 11/1/27
|
$14
|
$14
|
|
Pool #AO5149
3.000%, 6/1/27
|
4
|
4
|
|
Pool #AS5730
3.000%, 9/1/30
|
136
|
132
|
|
Pool #FA0685
6.000%, 1/1/55
|
1,926
|
1,974
|
|
Pool #FA1728
6.000%, 10/1/53
|
3,643
|
3,750
|
|
Pool #FA4052
5.500%, 7/1/55
|
2,105
|
2,113
|
|
Pool #FS4438
5.000%, 11/1/52
|
1,742
|
1,725
|
|
Pool #FS8791
6.000%, 8/1/54
|
1,451
|
1,484
|
|
Pool #MA0908
4.000%, 11/1/31
|
44
|
43
|
|
Pool #MA3663
3.500%, 5/1/49
|
129
|
119
|
|
Pool #MA4805
4.500%, 11/1/52
|
1,804
|
1,740
|
|
Pool #MA5072
5.500%, 7/1/53
|
1,527
|
1,539
|
|
Government National Mortgage Association 2025-125,
JA
5.000%, 11/16/50(3)
|
566
|
565
|
|
|
|
33,033
|
|
|
|
|
|
|
||
|
Non-Agency—19.7%
|
|
|
|
Ajax Mortgage Loan Trust 2019-D, A1 144A
2.956%, 9/25/65(1)(3)
|
648
|
623
|
|
ALA Trust 2025-OANA, A (1 month Term SOFR +
1.743%, Cap N/A, Floor 1.743%) 144A
5.369%, 6/15/40(1)(3)
|
1,525
|
1,532
|
|
Angel Oak Mortgage Trust
|
|
|
|
2020-4, A1 144A
1.469%, 6/25/65(1)(3)
|
233
|
227
|
|
2020-R1, A2 144A
1.247%, 4/25/53(1)(3)
|
218
|
211
|
|
2022-5, A1 144A
4.500%, 5/25/67(1)(3)
|
810
|
808
|
|
Arroyo Mortgage Trust
|
|
|
|
2019-1, A1 144A
3.805%, 1/25/49(1)(3)
|
594
|
579
|
|
2020-1, A1B 144A
2.100%, 3/25/55(1)
|
240
|
236
|
|
Aspire Mortgage Trust 2026-1, A1 144A
4.855%, 1/25/66(1)(3)
|
1,175
|
1,162
|
|
BBCMS Trust 2018-CBM, A (1 month Term SOFR +
1.297%, Cap N/A, Floor 1.250%) 144A
4.923%, 7/15/37(1)(3)
|
1,350
|
1,313
|
|
Bunker Hill Loan Depositary Trust 2019-2, A1 144A
2.879%, 7/25/49(1)(3)
|
96
|
94
|
|
BX Commercial Mortgage Trust 2024-XL5, A (1 month
Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A
5.017%, 3/15/41(1)(3)
|
656
|
656
|
|
BX Trust
|
|
|
|
2019-OC11, D 144A
4.075%, 12/9/41(1)(3)
|
710
|
671
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
2025-ROIC, C (1 month Term SOFR + 1.543%, Cap
N/A, Floor 1.543%) 144A
5.169%, 3/15/30(1)(3)
|
$863
|
$861
|
|
Chase Mortgage Finance Corp. 2016-SH2, M2 144A
3.750%, 12/25/45(1)(3)
|
251
|
235
|
|
Citigroup Mortgage Loan Trust, Inc.
|
|
|
|
2019-RP1, A1 144A
3.500%, 1/25/66(1)(3)
|
1,116
|
1,093
|
|
2025-INV1, A2 144A
6.000%, 1/25/55(1)(3)
|
592
|
602
|
|
COLT Mortgage Loan Trust
|
|
|
|
2022-3, A1 144A
4.204%, 2/25/67(1)(3)
|
1,080
|
1,048
|
|
2023-3, A1 144A
7.180%, 9/25/68(1)(3)
|
552
|
553
|
|
2023-4, A1 144A
7.163%, 10/25/68(1)(3)
|
505
|
506
|
|
2024-5, A1 144A
5.123%, 8/25/69(1)(3)
|
749
|
745
|
|
2026-3, A1 144A
5.119%, 5/25/71(1)(3)
|
893
|
886
|
|
CoreVest American Finance Trust 2018-1, D 144A
4.920%, 6/15/51(1)
|
492
|
487
|
|
Deephaven Residential Mortgage Trust 2022-1, A1
144A
2.205%, 1/25/67(1)(3)
|
64
|
59
|
|
EFMT
|
|
|
|
2025-NQM6, A1A 144A
5.001%, 12/25/70(1)(3)
|
1,630
|
1,617
|
|
2026-NQM7, A1 144A
5.598%, 7/25/71(1)(3)
|
790
|
790
|
|
Ellington Financial Mortgage Trust
|
|
|
|
2019-2, A3 144A
3.046%, 11/25/59(1)(3)
|
62
|
60
|
|
2020-2, A1 144A
1.178%, 10/25/65(1)(3)
|
1,091
|
1,040
|
|
2021-1, A2 144A
1.003%, 2/25/66(1)(3)
|
329
|
285
|
|
ELM Trust 2024-ELM, A10 144A
5.994%, 6/10/39(1)(3)
|
1,176
|
1,177
|
|
FirstKey Homes Trust 2021-SFR1, D 144A
2.189%, 8/17/38(1)
|
870
|
866
|
|
FS 2026-ORL, A (1 month Term SOFR + 1.350%, Cap
N/A, Floor 1.350%) 144A
4.975%, 2/15/41(1)(3)
|
860
|
861
|
|
GCAT Trust
|
|
|
|
2020-NQM1, A1 144A
3.247%, 1/25/60(1)(3)
|
486
|
482
|
|
2023-NQM2, A1 144A
5.837%, 11/25/67(1)(3)
|
700
|
697
|
|
GS Mortgage-Backed Securities Trust 2023-PJ4, A15
144A
6.000%, 1/25/54(1)(3)
|
729
|
730
|
|
Hudson Yards Mortgage Trust
|
|
|
|
2025-SPRL, A 144A
5.649%, 1/13/40(1)(3)
|
1,720
|
1,747
|
|
2026-10HY, A 144A
5.086%, 12/10/39(1)(3)
|
970
|
974
|
|
Imperial Fund Mortgage Trust 2022-NQM3, A1 144A
5.380%, 5/25/67(1)(3)
|
508
|
506
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
JP Morgan Seasoned Mortgage Trust Series 2024-1, A4
144A
4.358%, 1/25/63(1)(3)
|
$614
|
$596
|
|
JPMorgan Chase Mortgage Trust
|
|
|
|
2014-1, 2A12 144A
3.500%, 1/25/44(1)(3)
|
80
|
76
|
|
2015-1, AM1 144A
5.012%, 12/25/44(1)(3)
|
20
|
20
|
|
2015-5, A2 144A
5.189%, 5/25/45(1)(3)
|
105
|
105
|
|
2017-3, 2A2 144A
2.500%, 8/25/47(1)(3)
|
114
|
98
|
|
2017-5, A1 144A
4.726%, 10/26/48(1)(3)
|
51
|
51
|
|
2024-CES1, A1A 144A
5.919%, 6/25/54(1)(3)
|
399
|
400
|
|
2025-CES1, A1 144A
5.666%, 5/25/55(1)(3)
|
537
|
538
|
|
2025-CES2, A1 144A
5.592%, 6/25/55(1)(3)
|
643
|
644
|
|
2025-NQM2, A1 144A
5.567%, 9/25/65(1)(3)
|
680
|
680
|
|
2025-NQM5, A1 144A
4.879%, 5/25/66(1)(3)
|
693
|
686
|
|
2026-ACES1, A1 144A
4.894%, 4/25/66(1)(3)
|
1,012
|
1,000
|
|
2026-CES1, A1A 144A
4.909%, 6/25/56(1)(3)
|
908
|
899
|
|
MetLife Securitization Trust 2019-1A, A1A 144A
3.750%, 4/25/58(1)(3)
|
741
|
733
|
|
MFA Trust
|
|
|
|
2024-NQM2, A1 144A
5.272%, 8/25/69(1)(3)
|
541
|
539
|
|
2025-NQM5, A1 144A
5.186%, 11/25/70(1)(3)
|
1,066
|
1,057
|
|
2021-INV1, A1 144A
0.852%, 1/25/56(1)(3)
|
108
|
106
|
|
Mill City Mortgage Loan Trust
|
|
|
|
2017-1, M2 144A
3.250%, 11/25/58(1)(3)
|
347
|
345
|
|
2018-4, A1B 144A
3.500%, 4/25/66(1)(3)
|
955
|
937
|
|
2019-GS2, A1 144A
2.750%, 8/25/59(1)(3)
|
1,089
|
1,062
|
|
MIRA Trust 2023-MILE, A 144A
6.755%, 6/10/38(1)
|
775
|
790
|
|
Morgan Stanley Residential Mortgage Loan Trust
|
|
|
|
2014-1A, B2 144A
5.256%, 6/25/44(1)(3)
|
72
|
72
|
|
2024-INV4, A1 144A
6.000%, 9/25/54(1)(3)
|
340
|
345
|
|
MSSG Trust 2017-237P, A 144A
3.397%, 9/13/39(1)
|
1,200
|
1,152
|
|
New Residential Mortgage Loan Trust
|
|
|
|
2014-1A, A 144A
3.750%, 1/25/54(1)(3)
|
276
|
267
|
|
2015-2A, A1 144A
3.750%, 8/25/55(1)(3)
|
297
|
287
|
|
2016-4A, A1 144A
3.750%, 11/25/56(1)(3)
|
780
|
736
|
|
2017-2A, A3 144A
4.000%, 3/25/57(1)(3)
|
489
|
470
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
2026-NQM3, A1 144A
4.833%, 2/25/66(1)(3)
|
$715
|
$706
|
|
2016-2A, A1 144A
3.750%, 11/26/35(1)(3)
|
386
|
372
|
|
2018-1A, A1A 144A
4.000%, 12/25/57(1)(3)
|
1,318
|
1,276
|
|
NYC Commercial Mortgage Trust 2025-300P, A 144A
4.879%, 7/13/42(1)(3)
|
1,600
|
1,583
|
|
NYMT Loan Trust 2022-CP1, A1 144A
2.042%, 7/25/61(1)
|
1,245
|
1,168
|
|
OBX Trust
|
|
|
|
2023-NQM10, A1 144A
6.465%, 10/25/63(1)(3)
|
238
|
239
|
|
2023-NQM5, A1A 144A
6.567%, 6/25/63(1)(3)
|
666
|
664
|
|
2023-NQM9, A1 144A
7.159%, 10/25/63(1)(3)
|
1,280
|
1,283
|
|
2024-HYB1, A1 144A
3.671%, 3/25/53(1)(3)
|
707
|
710
|
|
2024-HYB2, A1 144A
3.699%, 4/25/53(1)(3)
|
691
|
693
|
|
2024-NQM1, A1 144A
5.928%, 11/25/63(1)(3)
|
247
|
247
|
|
2024-NQM3, A1 144A
6.129%, 12/25/63(1)(3)
|
535
|
536
|
|
2026-HYB1, A1A 144A
3.421%, 2/25/55(1)(3)
|
588
|
577
|
|
2026-NQM5, A1 144A
5.321%, 1/25/66(1)(3)
|
887
|
885
|
|
2018-1, A2 (1 month Term SOFR + 0.764%) 144A
4.413%, 6/25/57(1)(3)
|
51
|
50
|
|
PMT Loan Trust
|
|
|
|
2024-INV2, A1 144A
6.000%, 12/25/59(1)(3)
|
588
|
599
|
|
2025-INV3, A3 144A
5.500%, 3/25/56(1)(3)
|
657
|
657
|
|
2025-INV7, A7 144A
6.000%, 6/25/56(1)(3)
|
810
|
813
|
|
PRKCM Trust
|
|
|
|
2025-AFC1, A1A 144A
5.101%, 10/25/60(1)(3)
|
1,273
|
1,266
|
|
2026-AFC3, A1 144A
5.384%, 5/1/61(1)(3)
|
645
|
643
|
|
Provident Funding Mortgage Trust 2025-1, A3 144A
5.500%, 2/25/55(1)(3)
|
408
|
407
|
|
RCKT Mortgage Trust
|
|
|
|
2023-CES2, A1A 144A
6.808%, 9/25/43(1)(3)
|
257
|
257
|
|
2023-CES3, A1A 144A
7.113%, 11/25/43(1)(3)
|
857
|
861
|
|
2024-CES3, A1A 144A
6.591%, 5/25/44(1)(3)
|
1,178
|
1,186
|
|
2024-CES6, A1A 144A
5.344%, 9/25/44(1)(3)
|
923
|
922
|
|
2024-CES8, A1A 144A
5.490%, 11/25/44(1)(3)
|
448
|
449
|
|
2024-CES9, A1A 144A
5.582%, 12/25/44(1)(3)
|
633
|
634
|
|
2025-CES5, A1A 144A
5.687%, 5/25/55(1)(3)
|
784
|
787
|
|
RFR Trust 2025-SGRM, A 144A
5.562%, 3/11/41(1)(3)
|
1,150
|
1,156
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
RIDE 2025-SHRE, B 144A
6.020%, 2/14/47(1)(3)
|
$900
|
$906
|
|
ROCK Trust
|
|
|
|
2024-CNTR, A 144A
5.388%, 11/13/41(1)
|
1,155
|
1,167
|
|
2024-CNTR, C 144A
6.471%, 11/13/41(1)
|
465
|
476
|
|
Sequoia Mortgage Trust
|
|
|
|
2026-4, A4 144A
5.500%, 3/25/56(1)(3)
|
746
|
744
|
|
2026-5, A4 144A
5.500%, 5/25/56(1)(3)
|
484
|
483
|
|
Starwood Mortgage Residential Trust
|
|
|
|
2020-1, A1 144A
2.275%, 2/25/50(1)(3)
|
38
|
37
|
|
2021-3, A1 144A
1.127%, 6/25/56(1)(3)
|
944
|
817
|
|
THPT Mortgage Trust 2023-THL, A 144A
7.227%, 12/10/34(1)(3)
|
1,325
|
1,330
|
|
Towd Point Mortgage Trust
|
|
|
|
2016-2, M2 144A
3.000%, 8/25/55(1)(3)
|
3,370
|
3,251
|
|
2018-2, A2 144A
3.500%, 3/25/58(1)(3)
|
1,565
|
1,526
|
|
2018-3, A1 144A
3.750%, 5/25/58(1)(3)
|
991
|
972
|
|
2018-6, A1A 144A
3.750%, 3/25/58(1)(3)
|
58
|
58
|
|
2019-1, A1 144A
3.750%, 3/25/58(1)(3)
|
169
|
164
|
|
2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap
N/A, Floor 1.600%) 144A
5.363%, 5/25/58(1)(3)
|
1,450
|
1,454
|
|
2024-1, A1 144A
4.927%, 3/25/64(1)(3)
|
601
|
610
|
|
2024-CES1, A1A 144A
5.848%, 1/25/64(1)(3)
|
813
|
814
|
|
2017-6, A2 144A
3.000%, 10/25/57(1)(3)
|
1,170
|
1,126
|
|
Verus Securitization Trust
|
|
|
|
2024-3, A1 144A
6.338%, 4/25/69(1)(3)
|
698
|
702
|
|
2025-11, A1 144A
4.914%, 11/25/70(1)(3)
|
732
|
727
|
|
2025-7, A1 144A
5.129%, 8/25/70(1)(3)
|
1,003
|
999
|
|
2021-R1, A1 144A
0.820%, 10/25/63(1)(3)
|
186
|
181
|
|
Visio Trust 2021-1R, A1 144A
1.280%, 5/25/56(1)
|
584
|
547
|
|
Wells Fargo Mortgage Backed Securities Trust 2020-4,
A1 144A
3.000%, 7/25/50(1)(3)
|
215
|
187
|
|
|
|
82,614
|
|
|
|
|
|
|
||
|
Total Mortgage-Backed Securities
(Identified Cost $116,331)
|
115,647
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
Par Value
|
Value
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities—30.5%
|
||
|
Automobiles—14.7%
|
|
|
|
ACM Auto Trust 2025-3A, A 144A
5.010%, 1/22/30(1)
|
$351
|
$349
|
|
American Credit Acceptance Receivables Trust
|
|
|
|
2024-4, C 144A
4.910%, 8/12/31(1)
|
1,080
|
1,081
|
|
2025-1, C 144A
5.090%, 8/12/31(1)
|
1,320
|
1,324
|
|
2025-2, D 144A
5.500%, 8/12/31(1)
|
1,030
|
1,040
|
|
2026-1, C 144A
4.550%, 1/12/33(1)
|
860
|
854
|
|
Arivo Acceptance Auto Loan Receivables Trust
|
|
|
|
2022-2A, A 144A
6.900%, 1/16/29(1)
|
43
|
43
|
|
2024-1A, B 144A
6.870%, 6/17/30(1)
|
1,169
|
1,181
|
|
2025-1A, A2 144A
4.920%, 5/15/29(1)
|
788
|
790
|
|
Avis Budget Rental Car Funding LLC
|
|
|
|
(AESOP) 2021-1A, D 144A
4.080%, 2/20/28(1)
|
1,185
|
1,176
|
|
(AESOP) 2023-3A, A 144A
5.440%, 2/22/28(1)
|
1,181
|
1,186
|
|
Bridgecrest Lending Auto Securitization Trust
|
|
|
|
2024-4, B
4.770%, 8/15/30
|
1,000
|
1,002
|
|
2025-1, C
5.150%, 12/17/29
|
955
|
959
|
|
2025-2, D
5.620%, 3/17/31
|
1,150
|
1,164
|
|
2026-1, C
4.440%, 11/17/31
|
1,240
|
1,225
|
|
Carmax Select Receivables Trust 2025-B, C
4.830%, 6/16/31
|
1,300
|
1,295
|
|
Carvana Auto Receivables Trust
|
|
|
|
2021-N1, C
1.300%, 1/10/28
|
74
|
74
|
|
2021-N2, C
1.070%, 3/10/28
|
109
|
107
|
|
2021-N3, D
1.580%, 6/12/28
|
127
|
124
|
|
2021-P3, B
1.420%, 8/10/27
|
700
|
696
|
|
2022-N1, C 144A
3.320%, 12/11/28(1)
|
126
|
124
|
|
2022-N1, D 144A
4.130%, 12/11/28(1)
|
137
|
136
|
|
2023-N1, C 144A
5.920%, 7/10/29(1)
|
425
|
426
|
|
2023-N4, C 144A
6.590%, 2/11/30(1)
|
1,005
|
1,021
|
|
2024-N1, B 144A
5.630%, 5/10/30(1)
|
1,126
|
1,130
|
|
2024-N2, A3 144A
5.710%, 7/10/28(1)
|
127
|
127
|
|
Consumer Portfolio Services Auto Trust 2025-A, C
144A
5.250%, 4/15/31(1)
|
1,000
|
1,005
|
|
CPS Auto Receivables Trust
|
|
|
|
2023-D, C 144A
7.170%, 1/15/30(1)
|
548
|
551
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Automobiles—continued
|
|
|
|
2024-A, C 144A
5.740%, 4/15/30(1)
|
$665
|
$668
|
|
2024-C, C 144A
5.760%, 10/15/30(1)
|
1,045
|
1,052
|
|
Credit Acceptance Auto Loan Trust 2024-1A, A 144A
5.680%, 3/15/34(1)
|
539
|
541
|
|
Drive Auto Receivables Trust 2024-1, C
5.430%, 11/17/31
|
1,035
|
1,045
|
|
DT Auto Owner Trust 2023-3A, C 144A
6.400%, 5/15/29(1)
|
645
|
648
|
|
Exeter Automobile Receivables Trust
|
|
|
|
2024-5A, B
4.480%, 4/16/29
|
690
|
690
|
|
2025-4A, B
4.400%, 5/15/30
|
1,130
|
1,128
|
|
2026-2A, C
4.910%, 8/16/32
|
1,060
|
1,055
|
|
Exeter Select Automobile Receivables Trust 2025-2, C
4.910%, 12/15/31
|
1,135
|
1,134
|
|
FHF Issuer Trust
|
|
|
|
2024-1A, A2 144A
5.690%, 2/15/30(1)
|
379
|
380
|
|
2024-1A, B 144A
6.260%, 3/15/30(1)
|
1,000
|
1,008
|
|
FHF Trust 2023-1A, A2 144A
6.570%, 6/15/28(1)
|
43
|
43
|
|
FinBe USA Trust 2025-1A, A 144A
5.700%, 12/15/28(1)
|
391
|
391
|
|
Flagship Credit Auto Trust 2024-3, B 144A
5.350%, 7/16/29(1)
|
1,070
|
1,070
|
|
GLS Auto Receivables Issuer Trust
|
|
|
|
2025-1A, D 144A
5.610%, 11/15/30(1)
|
1,150
|
1,162
|
|
2025-3A, C 144A
4.690%, 5/15/31(1)
|
1,250
|
1,246
|
|
GLS Auto Select Receivables Trust
|
|
|
|
2023-1A, B 144A
6.090%, 3/15/29(1)
|
1,315
|
1,328
|
|
2023-2A, A3 144A
6.380%, 2/15/29(1)
|
682
|
686
|
|
2024-3A, B 144A
5.640%, 8/15/30(1)
|
840
|
851
|
|
2025-1A, A2 144A
4.710%, 4/15/30(1)
|
822
|
823
|
|
2025-1A, B 144A
5.040%, 2/15/31(1)
|
350
|
352
|
|
Huntington Bank Auto Credit-Linked Notes 2024-1, B1
144A
6.153%, 5/20/32(1)
|
268
|
271
|
|
LAD Auto Receivables Trust
|
|
|
|
2023-2A, D 144A
6.300%, 2/15/31(1)
|
825
|
831
|
|
2023-3A, D 144A
6.920%, 12/16/30(1)
|
1,000
|
1,015
|
|
2023-4A, C 144A
6.760%, 3/15/29(1)
|
1,023
|
1,038
|
|
2024-3A, C 144A
4.930%, 3/15/30(1)
|
1,295
|
1,296
|
|
2025-1A, D 144A
5.520%, 5/17/32(1)
|
1,225
|
1,233
|
|
Lendbuzz Auto Receivables Trust
5.570%, 11/15/27
|
567
|
566
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Automobiles—continued
|
|
|
|
Lendbuzz Securitization Trust
|
|
|
|
2024-1A, A2 144A
6.190%, 8/15/29(1)
|
$173
|
$174
|
|
2024-2A, A2 144A
5.990%, 5/15/29(1)
|
344
|
346
|
|
2024-3A, A2 144A
4.970%, 10/15/29(1)
|
419
|
419
|
|
2025-1A, A2 144A
5.100%, 10/15/30(1)
|
514
|
514
|
|
2025-1A, B 144A
5.470%, 11/15/30(1)
|
1,110
|
1,108
|
|
Lobel Automobile Receivables Trust 2026-1, A 144A
4.880%, 10/16/28(1)
|
1,103
|
1,101
|
|
Merchants Fleet Funding LLC 2023-1A, A 144A
7.210%, 5/20/36(1)
|
133
|
134
|
|
Octane Receivables Trust
|
|
|
|
2025-1A, A2 144A
4.250%, 2/20/31(1)
|
1,056
|
1,054
|
|
2025-RVM1, A 144A
4.480%, 12/20/46(1)
|
830
|
824
|
|
OneMain Direct Auto Receivables Trust
|
|
|
|
2022-1A, C 144A
5.310%, 6/14/29(1)
|
1,210
|
1,211
|
|
2026-1A, A 144A
4.490%, 12/14/33(1)
|
1,050
|
1,040
|
|
Oscar U.S. Funding XV LLC 2023-1A, A3 144A
5.810%, 12/10/27(1)(4)
|
261
|
262
|
|
SAFCO Auto Receivables Trust 2025-1A, A 144A
5.460%, 9/10/29(1)
|
500
|
499
|
|
Santander Drive Auto Receivables Trust 2025-4, C
4.520%, 1/15/32
|
850
|
844
|
|
SBNA Auto Receivables Trust 2024-A, C 144A
5.590%, 1/15/30(1)
|
722
|
728
|
|
United Auto Credit Securitization Trust 2022-2, D 144A
6.840%, 1/10/28(1)
|
124
|
124
|
|
Veros Auto Receivables Trust
|
|
|
|
2025-1, B 144A
5.540%, 7/16/29(1)
|
1,140
|
1,145
|
|
2026-1, B 144A
4.840%, 5/15/29(1)
|
1,240
|
1,237
|
|
Westlake Automobile Receivables Trust
|
|
|
|
2023-1A, C 144A
5.740%, 8/15/28(1)
|
207
|
207
|
|
2024-1A, B 144A
5.550%, 11/15/27(1)
|
223
|
223
|
|
2024-2A, B 144A
5.620%, 3/15/30(1)
|
1,000
|
1,003
|
|
2025-2A, D 144A
5.080%, 5/15/31(1)
|
1,235
|
1,235
|
|
2025-3A, A3 144A
4.220%, 6/15/29(1)
|
1,150
|
1,148
|
|
2026-1A, C 144A
4.370%, 6/16/31(1)
|
1,025
|
1,015
|
|
|
|
61,336
|
|
|
|
|
|
|
||
|
Consumer Loans—0.5%
|
|
|
|
ACHV ABS Trust
|
|
|
|
2024-1PL, A 144A
5.900%, 4/25/31(1)
|
39
|
39
|
|
2025-1PL, B 144A
5.040%, 4/26/32(1)
|
353
|
352
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Consumer Loans—continued
|
|
|
|
Marlette Funding Trust 2024-1A, B 144A
6.070%, 7/17/34(1)
|
$117
|
$117
|
|
OneMain Financial Issuance Trust 2025-1A, B 144A
5.050%, 7/14/38(1)
|
1,130
|
1,126
|
|
Oportun Issuance Trust 2021-C, A 144A
2.180%, 10/8/31(1)
|
366
|
361
|
|
Reach ABS Trust 2025-1A, A 144A
4.960%, 8/16/32(1)
|
286
|
287
|
|
|
|
2,282
|
|
|
|
|
|
|
||
|
Credit Card—0.6%
|
|
|
|
CARDS II Trust 2026-1A, A (SOFR + 0.600%) 144A
4.227%, 4/15/31(1)(3)
|
1,260
|
1,263
|
|
Mission Lane Credit Card Master Trust 2026-A, A 144A
4.950%, 7/15/32(1)
|
1,035
|
1,030
|
|
|
|
2,293
|
|
|
|
|
|
|
||
|
Equipment—0.0%
|
|
|
|
Post Road Equipment Finance LLC 2024-1A, A2 144A
5.590%, 11/15/29(1)
|
60
|
60
|
|
Other—14.7%
|
|
|
|
Affirm Master Trust Series 2025-3A, A 144A
4.450%, 10/16/34(1)
|
1,000
|
992
|
|
Amur Equipment Finance Receivables XII LLC 2023-1A,
A2 144A
6.090%, 12/20/29(1)
|
140
|
140
|
|
Aqua Finance Issuer Trust 2026-A, A 144A
4.760%, 4/17/51(1)
|
876
|
867
|
|
Aqua Finance Trust
|
|
|
|
2019-A, A 144A
3.140%, 7/16/40(1)
|
127
|
123
|
|
2019-A, C 144A
4.010%, 7/16/40(1)
|
744
|
726
|
|
2024-A, B 144A
5.060%, 4/18/50(1)
|
1,080
|
1,068
|
|
BHG Owner Loan Trust Series 2026-1CON, B 144A
5.300%, 6/17/37(1)
|
1,000
|
996
|
|
BHG Securitization Trust 2021-B, B 144A
1.670%, 10/17/34(1)
|
142
|
142
|
|
Business Jet Securities LLC 2024-2A, A 144A
5.364%, 9/15/39(1)
|
793
|
793
|
|
BXG Receivables Note Trust 2020-A, B 144A
2.490%, 2/28/36(1)
|
179
|
176
|
|
Castlelake Aircraft Structured Trust 2025-1A, A 144A
5.783%, 2/15/50(1)
|
1,153
|
1,157
|
|
CCG Receivables Trust
|
|
|
|
2024-1, B 144A
5.080%, 3/15/32(1)
|
1,250
|
1,259
|
|
2025-1, C 144A
4.890%, 10/14/32(1)
|
1,165
|
1,163
|
|
COOPR Residential Mortgage Trust 2025-CES3, A1A
144A
4.840%, 9/25/60(1)(3)
|
803
|
793
|
|
DB Master Finance LLC 2025-1A, A2I 144A
4.891%, 8/20/55(1)
|
647
|
639
|
|
Dext ABS LLC
|
|
|
|
2023-1, A2 144A
5.990%, 3/15/32(1)
|
34
|
34
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Other—continued
|
|
|
|
2023-2, B 144A
6.410%, 5/15/34(1)
|
$932
|
$938
|
|
2025-1, B 144A
4.980%, 8/15/35(1)
|
1,170
|
1,173
|
|
EFMT 2025-CES4, A1 144A
5.431%, 6/25/60(1)(3)
|
554
|
554
|
|
Elara HGV Timeshare Issuer LLC 2023-A, A 144A
6.160%, 2/25/38(1)
|
393
|
402
|
|
Foundation Finance Trust
|
|
|
|
2023-2A, A 144A
6.530%, 6/15/49(1)
|
444
|
456
|
|
2024-2A, A 144A
4.600%, 3/15/50(1)
|
594
|
588
|
|
GreenSky Home Improvement Issuer Trust 2025-3A, B
144A
4.660%, 12/27/60(1)
|
1,240
|
1,230
|
|
Hilton Grand Vacations Trust
|
|
|
|
2024-2A, A 144A
5.500%, 3/25/38(1)
|
387
|
392
|
|
2026-2A, A 144A
4.830%, 3/27/45(1)
|
1,045
|
1,044
|
|
HINNT LLC
|
|
|
|
2024-A, A 144A
5.490%, 3/15/43(1)
|
1,096
|
1,106
|
|
2025-A, B 144A
5.450%, 3/15/44(1)
|
608
|
611
|
|
Lendmark Funding Trust 2025-3A, A 144A
4.510%, 5/21/35(1)
|
1,250
|
1,230
|
|
Mariner Finance Issuance Trust 2025-AA, A 144A
4.980%, 5/20/38(1)
|
1,120
|
1,122
|
|
MetroNet Infrastructure Issuer LLC 2025-2A, A2 144A
5.400%, 8/20/55(1)
|
1,000
|
1,003
|
|
MMP Capital LLC 2025-A, B 144A
5.720%, 12/15/31(1)
|
1,365
|
1,370
|
|
MVW LLC
|
|
|
|
2020-1A, A 144A
1.740%, 10/20/37(1)
|
394
|
393
|
|
2021-1WA, B 144A
1.440%, 1/22/41(1)
|
189
|
184
|
|
2024-1A, A 144A
5.320%, 2/20/43(1)
|
535
|
540
|
|
NMEF Funding LLC
|
|
|
|
2023-A, B 144A
6.830%, 6/17/30(1)
|
1,000
|
1,008
|
|
2024-A, A2 144A
5.150%, 12/15/31(1)
|
342
|
343
|
|
2025-A, B 144A
5.180%, 7/15/32(1)
|
1,160
|
1,162
|
|
Oaktree ABF Equipment ST LLC 2026-1A, B 144A
4.910%, 10/17/33(1)
|
1,160
|
1,154
|
|
Octane Receivables Trust
|
|
|
|
2023-3A, B 144A
6.480%, 7/20/29(1)
|
1,013
|
1,017
|
|
2024-1A, B 144A
5.660%, 5/20/30(1)
|
1,045
|
1,053
|
|
OWN Equipment Fund I LLC 2024-2M, A 144A
5.700%, 12/20/32(1)
|
954
|
955
|
|
PEAC Solutions Receivables LLC
|
|
|
|
2024-1A, B 144A
5.790%, 11/20/30(1)
|
1,050
|
1,066
|
|
2025-1A, C 144A
5.490%, 7/20/32(1)
|
800
|
807
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Other—continued
|
|
|
|
Planet Fitness Master Issuer LLC 2024-1A, A2I 144A
5.765%, 6/5/54(1)
|
$1,032
|
$1,038
|
|
PowerPay Issuance Trust 2024-1A, A 144A
6.530%, 2/18/39(1)
|
418
|
424
|
|
RCKT Trust 2025-1A, B 144A
4.990%, 7/25/34(1)
|
1,365
|
1,365
|
|
Reach ABS Trust 2025-2A, B 144A
5.120%, 8/18/32(1)
|
1,135
|
1,131
|
|
Regents Capital Equipment Receivables LLC 2026-1A,
A 144A
5.110%, 1/31/34(1)
|
254
|
255
|
|
Regional Management Issuance Trust 2024-2, A 144A
5.110%, 12/15/33(1)
|
1,065
|
1,066
|
|
RKTL 2026-2A, B 144A
4.850%, 5/25/35(1)
|
1,050
|
1,049
|
|
Santander Mortgage Asset Receivable Trust
2025-CES1, A1A 144A
5.036%, 9/25/55(1)(3)
|
671
|
664
|
|
Scooters Coffee Issuer LLC 2026-1A, A2 144A
6.380%, 5/20/56(1)
|
1,045
|
1,048
|
|
Sierra Timeshare Receivables Funding LLC
|
|
|
|
2023-2A, B 144A
6.280%, 4/20/40(1)
|
213
|
217
|
|
2024-2A, A 144A
5.140%, 6/20/41(1)
|
306
|
307
|
|
2025-3A, A 144A
4.440%, 8/22/44(1)
|
647
|
644
|
|
2026-1A, B 144A
4.800%, 12/22/42(1)
|
893
|
885
|
|
SoFi Consumer Loan Program Trust
|
|
|
|
2025-1, A 144A
4.800%, 2/27/34(1)
|
231
|
231
|
|
2025-4, B 144A
4.600%, 8/25/35(1)
|
1,000
|
995
|
|
2026-1, C 144A
4.740%, 12/26/35(1)
|
1,240
|
1,228
|
|
Subway Funding LLC 2024-1A, A2II 144A
6.268%, 7/30/54(1)
|
1,034
|
1,040
|
|
Switch ABS Issuer LLC 2024-2A, A2 144A
5.436%, 6/25/54(1)
|
1,355
|
1,340
|
|
Taco Bell Funding LLC 2025-1A, A2I 144A
4.821%, 8/25/55(1)
|
1,145
|
1,131
|
|
TIC Home Improvement Trust 2024-A, A 144A
6.670%, 10/15/46(1)
|
436
|
441
|
|
Towd Point Mortgage Trust 2025-CES4, A1A 144A
5.091%, 10/25/65(1)(3)
|
931
|
922
|
|
Trafigura Securitisation Finance plc 2026-1A, A 144A
5.120%, 12/15/29(1)(4)
|
1,000
|
998
|
|
Triton Container Finance IX LLC 2026-1A, A 144A
5.260%, 5/20/51(1)
|
994
|
987
|
|
UPG HI Issuer Trust 2026-1, A 144A
5.030%, 2/25/48(1)
|
984
|
980
|
|
Upstart Securitization Trust
|
|
|
|
2025-2, A2 144A
5.220%, 6/20/35(1)
|
415
|
415
|
|
2026-1, B 144A
4.980%, 3/20/36(1)
|
1,060
|
1,054
|
|
UPSTART Securitization Trust 2026-3, B 144A
5.350%, 7/20/36(1)
|
710
|
709
|
|
UPX HIL Issuer Trust 2025-1, A 144A
5.160%, 1/25/47(1)
|
483
|
479
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Other—continued
|
|
|
|
VCAT LLC 2026-NPL2, A1 144A
5.062%, 2/25/56(1)(3)
|
$755
|
$751
|
|
VFI ABS LLC 2025-1A, A 144A
4.780%, 6/24/30(1)
|
265
|
265
|
|
Wingspire Equipment Finance LLC 2025-1A, A2 144A
4.330%, 9/20/33(1)
|
1,140
|
1,138
|
|
Wingstop Funding LLC 2020-1A, A2 144A
2.841%, 12/5/50(1)
|
1,256
|
1,220
|
|
Zaxby’s Funding LLC 2021-1A, A2 144A
3.238%, 7/30/51(1)
|
1,262
|
1,203
|
|
|
|
61,589
|
|
|
|
|
|
|
||
|
Student Loan—0.0%
|
|
|
|
Commonbond Student Loan Trust 2017-AGS, A1 144A
2.550%, 5/25/41(1)
|
34
|
33
|
|
Total Asset-Backed Securities
(Identified Cost $127,705)
|
127,593
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Corporate Bonds and Notes—24.1%
|
||
|
Communication Services—1.0%
|
|
|
|
CCO Holdings LLC 144A
6.375%, 9/1/29(1) |
616
|
615
|
|
DIRECTV Financing LLC
|
|
|
|
144A 5.875%, 8/15/27(1) |
32
|
32
|
|
144A 8.875%, 2/1/30(1) |
395
|
402
|
|
144A 9.250%, 6/1/32(1) |
50
|
51
|
|
Gray Media, Inc. 144A
7.250%, 8/15/33(1) |
400
|
394
|
|
Nexstar Media, Inc.
|
|
|
|
144A 6.500%, 9/15/33(1) |
175
|
175
|
|
144A 7.250%, 4/15/34(1) |
95
|
95
|
|
PR RNO Property Owner 1 LLC 144A
6.500%, 5/1/31(1) |
200
|
200
|
|
Sinclair Television Group, Inc. 144A
8.125%, 2/15/33(1) |
435
|
447
|
|
Snap, Inc. 144A
6.875%, 3/1/33(1) |
85
|
83
|
|
T-Mobile USA, Inc.
3.875%, 4/15/30
|
632
|
612
|
|
Univision Communications, Inc. 144A
7.375%, 6/30/30(1) |
405
|
406
|
|
Verizon Communications, Inc.
6.050%, 5/14/58
|
770
|
777
|
|
|
|
4,289
|
|
|
|
|
|
|
||
|
Consumer Discretionary—0.9%
|
|
|
|
Aptiv Swiss Holdings Ltd.
6.875%, 12/15/54
|
70
|
71
|
|
Ashtead Capital, Inc. 144A
4.375%, 8/15/27(1) |
933
|
929
|
|
Meritage Homes Corp. 144A
3.875%, 4/15/29(1) |
952
|
924
|
|
Newell Brands, Inc.
6.375%, 9/15/27
|
515
|
519
|
|
Nissan Motor Acceptance Co. LLC 144A
5.625%, 9/29/28(1) |
330
|
329
|
|
Sodexo, Inc. 144A
5.150%, 8/15/30(1) |
791
|
796
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Consumer Discretionary—continued
|
|
|
|
Taylor Morrison Communities, Inc. 144A
5.750%, 11/15/32(1) |
$25
|
$26
|
|
|
|
3,594
|
|
|
|
|
|
|
||
|
Consumer Staples—0.7%
|
|
|
|
Albertsons Cos., Inc.
|
|
|
|
144A 4.875%, 2/15/30(1) |
665
|
643
|
|
144A 5.500%, 3/31/31(1) |
50
|
49
|
|
Coty, Inc. 144A
6.625%, 7/15/30(1) |
395
|
395
|
|
Pilgrim’s Pride Corp.
4.250%, 4/15/31
|
860
|
825
|
|
Post Holdings, Inc. 144A
6.250%, 2/15/32(1) |
345
|
350
|
|
Primo Water Holdings, Inc. 144A
6.250%, 4/1/29(1) |
500
|
502
|
|
|
|
2,764
|
|
|
|
|
|
|
||
|
Energy—1.4%
|
|
|
|
BP Capital Markets plc
4.875% (5)
|
799
|
790
|
|
Buckeye Partners LP 144A
6.750%, 2/1/30(1) |
290
|
300
|
|
Enbridge, Inc.
7.375%, 1/15/83
|
710
|
727
|
|
Energy Transfer LP
|
|
|
|
8.000%, 5/15/54
|
115
|
122
|
|
Series G 7.125%(5)
|
325
|
335
|
|
HF Sinclair Corp.
5.750%, 1/15/31
|
626
|
639
|
|
Korea National Oil Corp. 144A
4.875%, 4/3/28(1) |
200
|
201
|
|
Occidental Petroleum Corp.
7.875%, 9/15/31
|
350
|
394
|
|
Petroleos Mexicanos
|
|
|
|
7.690%, 1/23/50
|
388
|
362
|
|
6.350%, 2/12/48
|
517
|
427
|
|
South Bow Canadian Infrastructure Holdings Ltd.
7.625%, 3/1/55
|
560
|
587
|
|
Sunoco LP 144A
5.375%, 7/15/31(1) |
70
|
69
|
|
TransCanada PipeLines Ltd.
6.125%, 10/17/56
|
420
|
425
|
|
Venture Global Calcasieu Pass LLC 144A
4.125%, 8/15/31(1) |
635
|
596
|
|
|
|
5,974
|
|
|
|
|
|
|
||
|
Financials—11.7%
|
|
|
|
AerCap Ireland Capital DAC
|
|
|
|
6.950%, 3/10/55
|
367
|
380
|
|
6.500%, 1/31/56
|
427
|
433
|
|
Allstate Corp. (The) Series B (3 month Term SOFR +
3.200%)
6.851%, 8/15/53(3)
|
435
|
436
|
|
Ally Financial, Inc.
8.000%, 11/1/31
|
710
|
791
|
|
American Express Co.
|
|
|
|
5.085%, 1/30/31
|
354
|
358
|
|
(SOFR + 0.930%) 4.560%, 7/26/28(3)
|
86
|
86
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
American National Group, Inc.
7.000%, 12/1/55
|
$171
|
$167
|
|
Ameriprise Financial, Inc.
4.800%, 6/15/31
|
153
|
153
|
|
Apollo Debt Solutions BDC 144A
5.200%, 12/8/28(1) |
615
|
606
|
|
Atlas Warehouse Lending Co. LP 144A
4.625%, 11/15/28(1) |
835
|
824
|
|
Avilease Capital Ltd. 144A
5.500%, 6/30/31(1) |
575
|
577
|
|
Azorra Finance Ltd. 144A
7.250%, 1/15/31(1) |
395
|
406
|
|
Bank of America Corp.
|
|
|
|
6.125%(5)
|
445
|
449
|
|
1.734%, 7/22/27
|
1,045
|
1,043
|
|
2.551%, 2/4/28
|
413
|
408
|
|
Bank of New York Mellon Corp. (The) Series F
4.625% (5)
|
930
|
929
|
|
Barclays plc
7.385%, 11/2/28
|
798
|
825
|
|
Blackstone Private Credit Fund
5.950%, 7/16/29
|
640
|
640
|
|
Block, Inc.
|
|
|
|
6.500%, 5/15/32
|
540
|
551
|
|
144A 5.625%, 8/15/30(1) |
50
|
50
|
|
Blue Owl Finance LLC
3.125%, 6/10/31
|
1,029
|
905
|
|
BPCE S.A. 144A
5.184%, 6/2/32(1) |
835
|
834
|
|
Capital One Financial Corp.
4.722%, 1/30/32
|
815
|
804
|
|
Charles Schwab Corp. (The) Series H
4.000% (5)
|
947
|
889
|
|
Cipher Compute LLC 144A
7.125%, 11/15/30(1) |
270
|
281
|
|
Citadel Finance LLC
|
|
|
|
144A 4.750%, 2/14/29(1) |
515
|
507
|
|
144A 5.150%, 2/14/31(1) |
335
|
327
|
|
Citigroup, Inc.
|
|
|
|
4.503%, 9/11/31
|
704
|
695
|
|
(SOFR + 1.280%) 4.915%, 2/24/28(3)
|
861
|
865
|
|
CompoSecure Holdings LLC 144A
5.625%, 2/1/33(1) |
5
|
5
|
|
Corebridge Financial, Inc.
6.875%, 12/15/52
|
870
|
883
|
|
DBR Land Holdings LLC 144A
6.250%, 12/1/30(1) |
220
|
223
|
|
Deutsche Bank AG
|
|
|
|
2.311%, 11/16/27
|
147
|
146
|
|
6.819%, 11/20/29
|
136
|
142
|
|
4.999%, 9/11/30
|
593
|
595
|
|
Drawbridge Special Opportunities Fund LP 144A
5.950%, 9/17/30(1) |
770
|
738
|
|
F&G Annuities & Life, Inc.
6.500%, 6/4/29
|
776
|
793
|
|
Fedex Freight Holding Co., Inc. 144A
4.650%, 3/15/31(1) |
80
|
79
|
|
Flutter Treasury DAC 144A
5.875%, 6/4/31(1) |
930
|
927
|
|
Global Atlantic Fin Co. 144A
7.950%, 10/15/54(1) |
195
|
196
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Global Payments, Inc.
4.875%, 11/15/30
|
$820
|
$806
|
|
Goldman Sachs Group, Inc. (The)
|
|
|
|
(3 month Term SOFR + 2.012%)
5.682%, 10/28/27(3)
|
1,551
|
1,559
|
|
(SOFR + 0.960%) 4.591%, 1/21/32(3)(6)
|
415
|
415
|
|
Goldman Sachs Private Credit Corp.
5.050%, 2/23/28(6)
|
535
|
532
|
|
HA Sustainable Infrastructure Capital, Inc.
6.150%, 1/15/31
|
780
|
800
|
|
Huntington Bancshares, Inc.
|
|
|
|
6.208%, 8/21/29
|
331
|
341
|
|
5.272%, 1/15/31
|
454
|
459
|
|
Imperial Brands Finance plc 144A
5.500%, 2/1/30(1) |
586
|
599
|
|
Intesa Sanpaolo SpA 144A
5.000%, 6/29/30(1) |
200
|
200
|
|
JH North America Holdings, Inc. 144A
5.875%, 1/31/31(1) |
875
|
879
|
|
JPMorgan Chase & Co.
|
|
|
|
2.956%, 5/13/31
|
696
|
650
|
|
(SOFR + 1.180%) 4.815%, 2/24/28(3)
|
1,447
|
1,453
|
|
KeyCorp
5.121%, 4/4/31
|
804
|
810
|
|
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(1) |
1,110
|
1,104
|
|
Liberty Mutual Group, Inc. 144A
4.125%, 12/15/51(1) |
1,385
|
1,375
|
|
Lseg U.S. Fin Corp. 144A
4.500%, 3/23/31(1) |
845
|
833
|
|
Meridian Arc Holdco LLC 144A
6.250%, 4/30/31(1) |
110
|
110
|
|
Morgan Stanley
|
|
|
|
2.475%, 1/21/28
|
906
|
896
|
|
5.123%, 2/1/29
|
1,062
|
1,068
|
|
NatWest Group plc
6.475%, 6/1/34
|
805
|
835
|
|
NextEra Energy Capital Holdings, Inc.
6.375%, 8/15/55
|
779
|
793
|
|
Northern Trust Corp.
3.375%, 5/8/32
|
695
|
686
|
|
OAK-Eagle Acquireco, Inc. 144A
7.250%, 7/1/33(1) |
65
|
68
|
|
OneMain Finance Corp.
|
|
|
|
6.625%, 1/15/28
|
185
|
188
|
|
6.750%, 3/15/32
|
340
|
341
|
|
PNC Financial Services Group, Inc. (The)
|
|
|
|
5.222%, 1/29/31
|
419
|
426
|
|
Series V 6.200%(5)
|
405
|
411
|
|
RGA Global Funding 144A
4.600%, 11/25/30(1) |
815
|
804
|
|
Rocket Cos., Inc. 144A
6.125%, 8/1/30(1) |
160
|
163
|
|
Societe Generale S.A. 144A
5.634%, 1/19/30(1) |
840
|
854
|
|
South Bow USA Infrastructure Holdings LLC
5.026%, 10/1/29
|
693
|
695
|
|
State Street Corp.
|
|
|
|
5.684%, 11/21/29
|
394
|
404
|
|
Series I 6.700%(5)
|
390
|
403
|
|
Stellantis Finance U.S., Inc. 144A
5.750%, 3/18/30(1) |
633
|
633
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
SV RNO Property Owner 1 LLC 144A
5.875%, 3/1/31(1) |
$245
|
$241
|
|
Toronto-Dominion Bank (The)
8.125%, 10/31/82
|
771
|
797
|
|
Truist Bank
4.632%, 9/17/29
|
641
|
636
|
|
Truist Financial Corp.
7.161%, 10/30/29
|
540
|
569
|
|
U.S. Bancorp
|
|
|
|
5.046%, 2/12/31
|
604
|
610
|
|
4.967%, 7/22/33
|
439
|
435
|
|
UBS AG
5.650%, 9/11/28
|
535
|
548
|
|
Wells Fargo & Co.
|
|
|
|
3.526%, 3/24/28
|
342
|
339
|
|
6.303%, 10/23/29
|
647
|
669
|
|
5.150%, 4/23/31
|
399
|
403
|
|
|
|
48,786
|
|
|
|
|
|
|
||
|
Health Care—2.5%
|
|
|
|
180 Medical, Inc. 144A
3.875%, 10/15/29(1) |
940
|
901
|
|
Acadia Healthcare Co., Inc. 144A
5.500%, 7/1/28(1) |
15
|
15
|
|
Augusta SpinCo Corp.
4.656%, 3/23/31
|
400
|
397
|
|
Baxter International, Inc.
4.900%, 12/15/30
|
825
|
819
|
|
Centene Corp.
4.625%, 12/15/29
|
420
|
407
|
|
Charles River Laboratories International, Inc. 144A
4.250%, 5/1/28(1) |
140
|
137
|
|
CVS Health Corp.
7.000%, 3/10/55
|
555
|
576
|
|
Dentsply Sirona, Inc.
3.250%, 6/1/30
|
952
|
881
|
|
GENMAB A/S 144A
6.250%, 12/15/32(1) |
30
|
31
|
|
HCA, Inc.
5.450%, 4/1/31
|
857
|
876
|
|
IQVIA, Inc.
|
|
|
|
5.700%, 5/15/28
|
493
|
501
|
|
6.250%, 2/1/29
|
391
|
404
|
|
144A 6.250%, 6/1/32(1) |
440
|
447
|
|
Medline Borrower LP 144A
3.875%, 4/1/29(1) |
850
|
825
|
|
Royalty Pharma plc
5.150%, 9/2/29
|
919
|
931
|
|
Smith & Nephew plc
2.032%, 10/14/30
|
1,121
|
996
|
|
Tenet Healthcare Corp. 144A
5.500%, 11/15/32(1) |
225
|
224
|
|
Universal Health Services, Inc.
1.650%, 9/1/26
|
1,034
|
1,030
|
|
Viatris, Inc. 144A
2.300%, 6/22/27(1) |
—
(7)
|
—
(7)
|
|
|
|
10,398
|
|
|
|
|
|
|
||
|
|
Par Value
|
Value
|
|
|
|
|
|
Industrials—1.6%
|
|
|
|
Alaska Airlines Pass-Through Trust 2020-1, A 144A
4.800%, 2/15/29(1) |
$947
|
$947
|
|
Aviation Capital Group LLC
|
|
|
|
144A 5.375%, 7/15/29(1) |
544
|
550
|
|
144A 6.375%, 7/15/30(1) |
184
|
193
|
|
British Airways Pass-Through Trust 2021-1, A 144A
2.900%, 9/15/36(1) |
696
|
636
|
|
Builders FirstSource, Inc. 144A
4.250%, 2/1/32(1) |
360
|
335
|
|
Carpenter Technology Corp. 144A
5.625%, 3/1/34(1) |
20
|
20
|
|
Clarios Global LP 144A
6.750%, 2/15/30(1) |
25
|
26
|
|
CoStar Group, Inc. 144A
2.800%, 7/15/30(1) |
975
|
877
|
|
Esab Corp. 144A
5.625%, 4/1/31(1) |
50
|
50
|
|
Flowserve Corp.
3.500%, 10/1/30
|
690
|
651
|
|
Herc Holdings, Inc.
|
|
|
|
144A 7.000%, 6/15/30(1) |
470
|
487
|
|
144A 5.750%, 3/15/31(1) |
25
|
25
|
|
Hilton Domestic Operating Co., Inc.
|
|
|
|
144A 5.875%, 4/1/29(1) |
135
|
136
|
|
144A 5.500%, 9/15/31(1) |
48
|
48
|
|
144A 5.750%, 9/15/33(1) |
480
|
482
|
|
Quikrete Holdings, Inc. 144A
6.375%, 3/1/32(1) |
95
|
97
|
|
Rio Grande LNG LLC 144A
5.250%, 6/30/31(1) |
383
|
383
|
|
Stanley Black & Decker, Inc.
6.707%, 3/15/60
|
610
|
607
|
|
United Airlines Holdings, Inc.
|
|
|
|
4.875%, 3/1/29
|
255
|
252
|
|
5.375%, 3/1/31
|
25
|
25
|
|
|
|
6,827
|
|
|
|
|
|
|
||
|
Information Technology—1.1%
|
|
|
|
Broadcom, Inc.
4.350%, 2/15/30
|
764
|
757
|
|
Cloud Software Group, Inc. 144A
9.000%, 9/30/29(1) |
515
|
500
|
|
Gartner, Inc. 144A
3.750%, 10/1/30(1) |
860
|
785
|
|
Kyndryl Holdings, Inc.
2.700%, 10/15/28
|
613
|
576
|
|
Oracle Corp.
|
|
|
|
6.150%, 11/9/29
|
200
|
205
|
|
6.250%, 11/9/32
|
409
|
420
|
|
Vontier Corp.
2.400%, 4/1/28
|
732
|
703
|
|
VSP Optical Group, Inc. 144A
5.400%, 6/1/33(1) |
830
|
832
|
|
WESCO Distribution, Inc. 144A
5.250%, 4/15/31(1) |
70
|
69
|
|
|
|
4,847
|
|
|
|
|
|
|
||
|
Materials—0.9%
|
|
|
|
Bayport Polymers LLC 144A
4.743%, 4/14/27(1) |
1,051
|
1,050
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Materials—continued
|
|
|
|
Berry Global, Inc.
5.800%, 6/15/31
|
$827
|
$857
|
|
Fortescue Treasury Pty Ltd. 144A
5.875%, 4/15/30(1) |
308
|
312
|
|
INEOS Finance plc 144A
7.500%, 4/15/29(1) |
330
|
321
|
|
Smurfit Kappa Treasury ULC
5.200%, 1/15/30
|
789
|
801
|
|
Solstice Advanced Materials, Inc. 144A
5.625%, 9/30/33(1) |
25
|
25
|
|
Sonoco Products Co.
4.600%, 9/1/29
|
267
|
265
|
|
|
|
3,631
|
|
|
|
|
|
|
||
|
Real Estate—0.3%
|
|
|
|
EPR Properties
4.750%, 11/15/30
|
660
|
646
|
|
Iron Mountain, Inc. 144A
5.250%, 7/15/30(1) |
475
|
468
|
|
Millrose Properties, Inc. 144A
6.375%, 8/1/30(1) |
290
|
294
|
|
|
|
1,408
|
|
|
|
|
|
|
||
|
Utilities—2.0%
|
|
|
|
AES Corp. (The)
7.600%, 1/15/55
|
395
|
404
|
|
Chpe LLC 144A
4.875%, 6/30/31(1) |
845
|
843
|
|
Electricite de France S.A. 144A
5.700%, 5/23/28(1) |
626
|
638
|
|
Entergy Corp.
7.125%, 12/1/54
|
760
|
786
|
|
Ferrellgas LP 144A
5.875%, 4/1/29(1) |
520
|
506
|
|
National Grid plc
5.602%, 6/12/28
|
611
|
622
|
|
NiSource, Inc.
6.950%, 11/30/54
|
464
|
480
|
|
NRG Energy, Inc.
|
|
|
|
144A 4.955%, 4/30/31(1) |
840
|
831
|
|
144A 5.875%, 5/15/34(1) |
155
|
154
|
|
Puget Energy, Inc.
2.379%, 6/15/28
|
735
|
702
|
|
Southern Co. (The) Series 21-A
3.750%, 9/15/51
|
1,108
|
1,104
|
|
Spire, Inc.
6.250%, 6/1/56
|
530
|
528
|
|
Venture Global Plaquemines LNG LLC
|
|
|
|
144A 7.500%, 5/1/33(1) |
35
|
38
|
|
144A 6.500%, 1/15/34(1) |
85
|
89
|
|
Vistra Operations Co. LLC 144A
6.875%, 4/15/32(1) |
705
|
730
|
|
|
|
8,455
|
|
|
|
|
|
|
||
|
Total Corporate Bonds and Notes
(Identified Cost $100,686)
|
100,973
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
Par Value
|
Value
|
|
|
|
|
|
|
|
|
|
Leveraged Loans—3.4%
|
||
|
Aerospace—0.3%
|
|
|
|
AAdvantage Loyalty IP Ltd. (3 month Term SOFR +
2.250%)
5.925%, 4/20/28(3)
|
$322
|
$321
|
|
As Mileage Plan Ip Ltd. 2026 (3 month Term SOFR +
2.000%)
5.643%, 5/12/33(3)
|
350
|
348
|
|
Dynasty Acquisition Co., Inc.
|
|
|
|
Tranche B-1 (1 month Term SOFR + 2.000%)
5.644%, 10/31/31(3)
|
194
|
195
|
|
Tranche B-2 (1 month Term SOFR + 2.000%)
5.644%, 10/31/31(3)
|
74
|
74
|
|
TransDigm, Inc. Tranche J (1 month Term SOFR +
2.500%)
6.144%, 2/28/31(3)
|
348
|
349
|
|
|
|
1,287
|
|
|
|
|
|
|
||
|
Chemicals—0.0%
|
|
|
|
Ineos Finance plc 2030 (1 month Term SOFR +
3.250%)
6.894%, 2/19/30(3)
|
113
|
103
|
|
Consumer Durables—0.1%
|
|
|
|
Resideo Funding, Inc. (3 month Term SOFR + 2.000%)
5.671%, 8/13/32(3)
|
273
|
273
|
|
Energy—0.2%
|
|
|
|
Blackfin Pipeline LLC (1 month Term SOFR + 3.000%)
6.688%, 9/29/32(3)
|
423
|
424
|
|
CQP Holdco LP Tranche B (3 month Term SOFR +
1.750%)
5.482%, 12/31/32(3)
|
60
|
60
|
|
GIP Pilot Acquisition Partners LP (3 month Term SOFR
+ 2.000%)
5.641%, 5/19/33(3)
|
311
|
311
|
|
Paragon Offshore Finance Co. (6 month PRIME +
0.000%)
3.750%, 7/19/27(4)(8)
|
—
(7)
|
—
|
|
Whitewater Matterhorn Holdings LLC Tranche B (3
month Term SOFR + 1.750%)
5.500%, 6/16/32(3)
|
70
|
69
|
|
|
|
864
|
|
|
|
|
|
|
||
|
Financials—0.2%
|
|
|
|
Citadel Securities LP 2026 (3 month Term SOFR +
2.000%)
5.661%, 6/10/33(3)
|
380
|
379
|
|
Hudson River Trading LLC Tranche B-2 (1 month Term
SOFR + 2.500%)
6.139%, 3/18/30(3)
|
254
|
252
|
|
|
|
631
|
|
|
|
|
|
|
||
|
Food / Tobacco—0.2%
|
|
|
|
Froneri International Ltd. Tranche B-4 (6 month Term
SOFR + 2.250%)
5.877%, 9/30/31(3)
|
301
|
298
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Food / Tobacco—continued
|
|
|
|
Red SPV LLC (1 month Term SOFR + 2.250%)
5.902%, 3/15/32(3)
|
$356
|
$356
|
|
|
|
654
|
|
|
|
|
|
|
||
|
Gaming / Leisure—0.5%
|
|
|
|
Caesars Entertainment, Inc. Tranche B (1 month Term
SOFR + 2.250%)
5.894%, 2/6/30(3)
|
210
|
203
|
|
Flutter Entertainment plc 2024, Tranche B (3 month
Term SOFR + 1.750%)
5.482%, 11/30/30(3)
|
462
|
457
|
|
Life Time, Inc. 2025, Tranche B, First Lien (1 month
Term SOFR + 2.000%)
5.613%, 11/5/31(3)
|
330
|
330
|
|
Light & Wonder International, Inc. Tranche B-3 (1
month Term SOFR + 2.000%)
5.639%, 4/16/29(3)
|
215
|
214
|
|
Live Nation Entertainment, Inc. Tranche B (1 month
Term SOFR + 2.000%)
5.639%, 10/21/32(3)
|
343
|
343
|
|
Playtika Holding Corp. Tranche B-1 (1 month Term
SOFR + 2.864%)
6.508%, 3/13/28(3)
|
409
|
396
|
|
TKO Worldwide Holdings LLC Tranche B-7 (3 month
Term SOFR + 1.750%)
5.412%, 11/21/31(3)
|
319
|
318
|
|
|
|
2,261
|
|
|
|
|
|
|
||
|
Health Care—0.2%
|
|
|
|
DaVita, Inc. 2025, Tranche B-2 (1 month Term SOFR +
1.750%)
5.394%, 5/9/31(3)
|
135
|
134
|
|
Grifols International Services Designated Activity Co.
Tranche B, First Lien (6 month Term SOFR + 2.500%)
6.187%, 4/14/33(3)
|
139
|
140
|
|
Mckesson Medical-Surgical Top Holdings, Inc. Tranche
B (3 month Term SOFR + 2.250%)
5.982%, 6/9/32(3)
|
70
|
70
|
|
Medline Borrower LP 2030 (1 month Term SOFR +
1.500%)
5.144%, 5/16/33(3)
|
347
|
345
|
|
Phoenix Guarantor, Inc. Tranche B-6 (1 month Term
SOFR + 2.000%)
5.640%, 2/21/31(3)
|
297
|
296
|
|
|
|
985
|
|
|
|
|
|
|
||
|
Housing—0.2%
|
|
|
|
Construction Partners, Inc. (1 month Term SOFR +
2.000%)
5.637%, 11/3/31(3)
|
245
|
245
|
|
Quikrete Holdings, Inc. 2029, Tranche B (1 month Term
SOFR + 2.250%)
5.894%, 3/19/29(3)
|
362
|
361
|
|
Qxo Building Products, Inc. Tranche B
0.000%, 7/1/33(3)(9)
|
85
|
85
|
|
|
|
691
|
|
|
|
|
|
|
||
|
|
Par Value
|
Value
|
|
|
|
|
|
Information Technology—0.3%
|
|
|
|
Belden, Inc.
0.000%, 7/1/33(3)(9)
|
$65
|
$65
|
|
CACI International, Inc. Tranche B-2 (1 month Term
SOFR + 1.750%)
5.394%, 2/25/33(3)
|
109
|
109
|
|
Coreweave Compute Acquisition Co. IV LLC (1 month
Term SOFR + 4.500%)
8.120%, 11/6/31(3)
|
210
|
214
|
|
Esco Technologies, Inc. Tranche B, First Lien
0.000%, 5/27/33(3)(9)
|
60
|
60
|
|
Shift4 Payments LLC
0.000%, 7/3/32(3)(9)
|
305
|
304
|
|
SS&C Technologies Holdings, Inc. Tranche B-8 (1
month Term SOFR + 2.000%)
5.644%, 5/9/31(3)
|
420
|
419
|
|
UKG, Inc. Tranche B (3 month Term SOFR + 2.250%)
5.913%, 2/10/31(3)
|
214
|
201
|
|
|
|
1,372
|
|
|
|
|
|
|
||
|
Manufacturing—0.1%
|
|
|
|
Gates Corp. Tranche B-5 (1 month Term SOFR +
1.750%)
5.394%, 6/4/31(3)
|
428
|
427
|
|
Media / Telecom - Broadcasting—0.1%
|
|
|
|
Discovery Global Holdings, Inc. (1 month Term SOFR +
2.500%)
6.144%, 6/3/33(3)
|
108
|
108
|
|
Univision Communications, Inc. 2024, First Lien (1
month Term SOFR + 3.614%)
7.941%, 1/31/29(3)
|
357
|
354
|
|
|
|
462
|
|
|
|
|
|
|
||
|
Media / Telecom - Cable/Wireless Video—0.2%
|
|
|
|
Charter Communications Operating LLC Tranche B-5 (3
month Term SOFR + 2.250%)
5.942%, 12/15/31(3)
|
338
|
333
|
|
Cogeco Communications Finance USA LP Tranche B-1
(1 month Term SOFR + 3.250%)
6.894%, 9/18/30(3)
|
350
|
312
|
|
DIRECTV Financing LLC 2024, Tranche B (3 month
Term SOFR + 5.512%)
9.175%, 8/2/29(3)
|
224
|
225
|
|
|
|
870
|
|
|
|
|
|
|
||
|
Media / Telecom - Diversified Media—0.1%
|
|
|
|
Formula One Management Ltd. Tranche B-1 (3 month
Term SOFR + 1.750%)
5.482%, 9/30/31(3)
|
350
|
350
|
|
Retail—0.1%
|
|
|
|
Chewy, Inc. (3 month Term SOFR + 1.750%)
5.446%, 6/16/33(3)
|
40
|
40
|
|
Harbor Freight Tools USA, Inc. (1 month Term SOFR +
2.250%)
5.894%, 6/11/31(3)
|
235
|
234
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Retail—continued
|
|
|
|
Skechers USA, Inc. Tranche B-1 (1 month Term SOFR +
2.750%)
6.394%, 9/13/32(3)
|
$125
|
$125
|
|
|
|
399
|
|
|
|
|
|
|
||
|
Service—0.3%
|
|
|
|
Adi Global Distribution Funding LLC Tranche B
0.000%, 6/17/33(3)(9)
|
35
|
35
|
|
BrightView Landscapes LLC (1 month Term SOFR +
2.000%)
5.636%, 6/17/33(3)
|
260
|
259
|
|
Iron Mountain Information Management LLC Tranche B
(1 month Term SOFR + 2.000%)
5.644%, 1/31/31(3)
|
245
|
245
|
|
NAB Holdings LLC 2025 (3 month Term SOFR +
2.500%)
6.232%, 11/24/28(3)
|
428
|
397
|
|
Prime Security Services Borrower LLC Tranche B-1 (1
month Term SOFR + 2.000%)
5.619%, 10/13/30(3)
|
285
|
283
|
|
|
|
1,219
|
|
|
|
|
|
|
||
|
Transportation - Automotive—0.1%
|
|
|
|
Belron Finance 2019 LLC (3 month Term SOFR +
2.000%)
5.657%, 10/16/31(3)
|
224
|
224
|
|
Utilities—0.2%
|
|
|
|
Alpha Generation LLC (1 month Term SOFR + 1.750%)
5.394%, 6/10/33(3)
|
550
|
543
|
|
Astoria Energy LLC Tranche B (1-3 month Term SOFR +
2.250%)
5.894% - 5.982%, 6/23/32(3)
|
235
|
235
|
|
Pathfinder Power LLC Tranche B
0.000%, 6/22/33(3)(9)
|
30
|
30
|
|
WEC U.S. Holdings Ltd. (1 month Term SOFR +
2.000%)
5.673%, 1/27/31(3)
|
230
|
230
|
|
|
|
1,038
|
|
|
|
|
|
|
||
|
Total Leveraged Loans
(Identified Cost $14,226)
|
14,110
|
|
|
|
Shares
|
|
|
Affiliated Exchange-Traded Funds—2.0%
|
||
|
Financials—2.0%
|
|
|
|
Virtus Newfleet Securitized Income ETF(10)(11)
|
253,104
|
6,117
|
|
Virtus Newfleet Short Duration High Yield Bond
ETF(10)(11)
|
103,000
|
2,238
|
|
|
|
8,355
|
|
|
|
|
|
|
||
|
Total Affiliated Exchange-Traded Funds
(Identified Cost $8,421)
|
8,355
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Total Long-Term Investments—95.0%
(Identified Cost $398,299)
|
397,545
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
Shares
|
Value
|
|
|
|
|
|
|
|
|
|
Short-Term Investment—2.0%
|
||
|
Money Market Mutual Fund—2.0%
|
||
|
Dreyfus Government Cash Management Fund -
Institutional Shares (seven-day effective yield
3.538%)(11)
|
8,394,442
|
$8,394
|
|
Total Short-Term Investment
(Identified Cost $8,394)
|
8,394
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Securities Lending Collateral—0.2%
|
||
|
Dreyfus Government Cash Management Fund -
Institutional Shares (seven-day effective yield
3.538%)(11)(12)
|
752,741
|
753
|
|
Total Securities Lending Collateral
(Identified Cost $753)
|
753
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS—97.2%
(Identified Cost $407,446)
|
$406,692
|
|
|
Other assets and liabilities, net—2.8%
|
11,754
|
|
|
NET ASSETS—100.0%
|
$418,446
|
|
|
Abbreviations:
|
|
|
ABS
|
Asset-Backed Securities
|
|
BDC
|
Business Development Companies
|
|
CDX.HY.CDSI
|
CDX High Yield Credit Default Swap Index
|
|
DAC
|
Designated Activity Company
|
|
ETF
|
Exchange-Traded Fund
|
|
LLC
|
Limited Liability Company
|
|
LLLP
|
Limited Liability Limited Partnership
|
|
LP
|
Limited Partnership
|
|
plc
|
Public Limited Company
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
ULC
|
Unlimited Liability Company
|
|
Footnote Legend:
|
|
|
(1)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At June 30, 2026, these securities
amounted to a value of $239,352 or 57.2% of net assets.
|
|
(2)
|
Regulation S security. Security is offered and sold outside of the United States;
therefore, it is exempt from registration with the SEC under Rules 903 and 904 of
the Securities Act of 1933.
|
|
(3)
|
Variable rate security. Rate disclosed is as of June 30, 2026. Information in
parenthesis represents benchmark and reference rate for each security. Certain
variable rate securities are not based on a published reference rate and spread but
are determined by the issuer or agent and are based on current market
conditions, or, for mortgage-backed securities, are impacted by the individual
mortgages which are paying off over time. These securities do not indicate a
reference rate and spread in their descriptions.
|
|
(4)
|
The value of this security was determined using significant unobservable inputs
and is reported as a Level 3 security in the Fair Value Hierarchy table located after
the Schedule of Investments.
|
|
(5)
|
No contractual maturity date.
|
|
(6)
|
All or a portion of security is on loan.
|
|
(7)
|
Amount is less than $500 (not in thousands).
|
|
(8)
|
Security in default; no interest payments are being received.
|
|
(9)
|
This loan will settle after June 30, 2026, at which time the interest rate, calculated
on the base lending rate and the agreed upon spread on trade date, will be
reflected.
|
|
(10)
|
Affiliated investment.
|
|
(11)
|
Shares of this fund are publicly offered, and its prospectus and annual report are
publicly available.
|
|
(12)
|
Represents security purchased with cash collateral received for securities on
loan.
|
|
Country Weightings†
|
|
|
United States
|
94
%
|
|
United Kingdom
|
2
|
|
Ireland
|
1
|
|
Canada
|
1
|
|
France
|
1
|
|
Romania
|
1
|
|
Total
|
100
%
|
|
† % of total investments as of June 30, 2026.
|
|
|
Centrally cleared credit default swaps - buy protection(1) outstanding as of June 30, 2026 were as follows:
|
||||||||||
|
Reference Entity
|
Payment
Frequency
|
|
Fixed
Rate
|
Expiration
Date
|
Notional
Amount(2)
|
Value
|
Premiums
Paid
(Received)
|
Unrealized
Appreciation
|
Unrealized
Depreciation
|
|
|
CDX.HY.CDSI.S46
|
Quarterly
|
|
5.000
%
|
06/20/31
|
$3,782
|
$(310
)
|
$(288
)
|
$—
|
$(22
)
|
|
|
Total
|
|
|
|
|
|
|
$(310
)
|
$(288
)
|
$—
|
$(22
)
|
|
Footnote Legend:
|
|
|
(1)
|
If the Fund is a seller of protection and a credit event occurs, as defined under
the terms of that particular swap agreement, the Fund will either (i) pay to the buyer
of protection
an amount equal to the notional amount of the swap and take delivery of the referenced
obligation or underlying investments comprising the referenced index or (ii) pay a
net
settlement amount in the form of cash or investments equal to the notional amount
of the swap less the recovery value of the referenced obligation or underlying investments
comprising the referenced index.
|
|
(2)
|
The maximum potential amount the Fund could be required to pay as a seller of credit
protection or receive as a buyer of credit protection if a credit event occurs as
defined
under the terms of that particular swap agreement.
|
|
|
Total
Value at
June 30, 2026
|
Level 1
Quoted Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Assets:
|
|
|
|
|
|
Debt Instruments:
|
|
|
|
|
|
U.S. Government Securities
|
$27,421
|
$—
|
$27,421
|
$—
|
|
Foreign Government Securities
|
3,446
|
—
|
3,446
|
—
|
|
Mortgage-Backed Securities
|
115,647
|
—
|
115,647
|
—
|
|
Asset-Backed Securities
|
127,593
|
—
|
126,333
|
1,260
|
|
Corporate Bonds and Notes
|
100,973
|
—
|
100,973
|
—
|
|
Leveraged Loans
|
14,110
|
—
|
14,110
|
—
(1)
|
|
Affiliated Exchange-Traded Funds
|
8,355
|
8,355
|
—
|
—
|
|
Money Market Mutual Fund
|
8,394
|
8,394
|
—
|
—
|
|
Securities Lending Collateral
|
753
|
753
|
—
|
—
|
|
Total Assets
|
406,692
|
17,502
|
387,930
|
1,260
|
|
Liabilities:
|
|
|
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
Centrally Cleared Credit Default Swaps
|
(310
)
|
—
|
(310
)
|
—
|
|
Total Liabilities
|
(310
)
|
—
|
(310
)
|
—
|
|
Total Investments
|
$406,382
|
$17,502
|
$387,620
|
$1,260
|
|
(1)
|
Includes internally fair valued securities currently priced at zero ($0).
|