|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Agency securities: 0.05%
|
|
|
|
|
|
|
|
FHLMC
|
|
8.50
%
|
7-1-2028
|
$
|
184
|
$185
|
|
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
|
|
5.95
|
2-1-2037
|
|
17,064
|
17,550
|
|
FHLMC (5 Year Treasury Constant Maturity+2.15%)±
|
|
3.93
|
9-1-2032
|
|
75,717
|
74,505
|
|
FHLMC Series 2390 Class FD (30 Day Average
U.S. SOFR+0.56%)±
|
|
4.19
|
12-15-2031
|
|
911
|
910
|
|
FHLMC Series 2567 Class FH (30 Day Average
U.S. SOFR+0.51%)±
|
|
4.14
|
2-15-2033
|
|
11,360
|
11,341
|
|
FNMA
|
|
6.00
|
4-1-2033
|
|
26,182
|
25,950
|
|
FNMA Series 2001-25 Class Z
|
|
6.00
|
6-25-2031
|
|
8,626
|
8,782
|
|
FNMA Series 2001-35 Class F (30 Day Average
U.S. SOFR+0.71%)±
|
|
4.33
|
7-25-2031
|
|
764
|
766
|
|
FNMA Series 2001-57 Class F (30 Day Average
U.S. SOFR+0.61%)±
|
|
4.23
|
6-25-2031
|
|
769
|
770
|
|
FNMA Series 2002-77 Class FH (30 Day Average
U.S. SOFR+0.51%)±
|
|
4.14
|
12-18-2032
|
|
2,672
|
2,670
|
|
FNMA Series 2002-97 Class FR (30 Day Average
U.S. SOFR+0.66%)±
|
|
4.28
|
1-25-2033
|
|
1,180
|
1,181
|
|
GNMA
|
|
6.50
|
6-15-2028
|
|
1,379
|
1,404
|
|
GNMA Series 2019-H06 Class HIƒ±±
|
|
1.78
|
4-20-2069
|
|
330,585
|
957
|
|
Total agency securities (Cost $164,510)
|
|
|
|
|
|
146,971
|
|
Asset-backed securities: 4.47%
|
|
|
|
|
|
|
|
ABFC Trust Series 2003-AHL1 Class A1±±
|
|
4.18
|
3-25-2033
|
|
30,165
|
29,870
|
|
Aqua Finance Trust Series 2021-A Class A144A
|
|
1.54
|
7-17-2046
|
|
127,352
|
115,463
|
|
Bayfront IABS VIII Pte. Ltd. Series 8A Class B
(U.S. SOFR+1.80%)144A±
|
|
5.43
|
7-11-2047
|
|
1,000,000
|
999,349
|
|
BSPRT Issuer LLC Series 2025-FL12 Class A (U.S. SOFR 1
Month+1.39%)144A±
|
|
5.07
|
1-17-2043
|
|
1,000,000
|
1,001,447
|
|
Centex Home Equity Loan Trust Series 2002-A Class AF6
|
|
5.54
|
1-25-2032
|
|
1,743
|
1,749
|
|
Golub Capital Partners ABS Funding Ltd. Series 2019-1
Class AR144A
|
|
3.10
|
7-20-2030
|
|
990,465
|
941,259
|
|
GS Mortgage-Backed Securities Trust Series 2025-HE2
Class M1 (30 Day Average U.S. SOFR+1.90%)144A±
|
|
5.52
|
12-25-2065
|
|
1,000,000
|
1,006,810
|
|
Home Partners of America Trust Series 2021-1
Class D144A
|
|
2.48
|
9-17-2041
|
|
841,856
|
758,557
|
|
MF1 Ltd. Series 2022-FL8 Class A (U.S. SOFR 1
Month+1.35%)144A±
|
|
5.02
|
2-19-2037
|
|
339,325
|
339,642
|
|
MF1 Ltd. Series 2022-FL8 Class C (U.S. SOFR 1
Month+2.20%)144A±
|
|
5.87
|
2-19-2037
|
|
1,000,000
|
997,500
|
|
Mid-State Trust XI Series 11 Class A1
|
|
4.86
|
7-15-2038
|
|
7,748
|
7,746
|
|
New Century Home Equity Loan Trust Series 2004-3
Class M1 (U.S. SOFR 1 Month+1.04%)±
|
|
4.77
|
11-25-2034
|
|
501,624
|
499,183
|
|
New Economy Assets - Phase 1 Sponsor LLC Series 2021-1
Class B1144A
|
|
2.41
|
10-20-2061
|
|
1,000,000
|
580,625
|
|
Retained Vantage Data Centers Issuer LLC Series 2023-1A
Class A2A144A
|
|
5.00
|
9-15-2048
|
|
900,000
|
888,026
|
|
Starwood LLC Series 2025-FL4 Class A (U.S. SOFR 1
Month+1.45%)144A±
|
|
5.12
|
11-19-2042
|
|
1,000,000
|
1,001,426
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Asset-backed securities(continued)
|
|
|
|
|
|
|
|
Starwood LLC Series 2025-SIF5A Class A (U.S. SOFR 3
Month+1.55%)144A±
|
|
5.30
%
|
4-15-2037
|
$
|
1,000,000
|
$999,974
|
|
Store Master Funding I-VII Series 2018-1A Class A2144A
|
|
4.29
|
10-20-2048
|
|
482,130
|
477,059
|
|
Terwin Mortgage Trust Series 2003-6HE Class A3
(U.S. SOFR 1 Month+1.25%)±
|
|
4.98
|
11-25-2033
|
|
80,804
|
73,367
|
|
TRTX Issuer Ltd. Series 2025-FL7 Class A (U.S. SOFR 1
Month+1.45%)144A±
|
|
5.12
|
6-18-2043
|
|
1,000,000
|
1,002,034
|
|
Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A
|
|
6.37
|
4-20-2055
|
|
510,000
|
514,141
|
|
Vital Care Issuer LLC Series 2025-1A Class A2144A
|
|
6.74
|
1-30-2056
|
|
39,800
|
39,875
|
|
Total asset-backed securities (Cost $12,716,164)
|
|
|
|
|
|
12,275,102
|
|
|
|
|
|
Shares
|
|
|
|
Common stocks: 0.56%
|
|
|
|
|
|
|
|
Energy: 0.40%
|
|
|
|
|
|
|
|
Oil, gas & consumable fuels: 0.40%
|
|
|
|
|
|
|
|
Enviva, Inc. (Acquired 12-06-2024, cost $325,099)†˃
|
|
|
|
|
59,579
|
1,117,106
|
|
Health care: 0.16%
|
|
|
|
|
|
|
|
Health care providers & services: 0.16%
|
|
|
|
|
|
|
|
Modivcare Topco LLC†
|
|
|
|
|
87,220
|
430,693
|
|
Total common stocks (Cost $615,306)
|
|
|
|
|
|
1,547,799
|
|
|
|
|
|
Principal
|
|
|
|
Corporate bonds and notes: 63.62%
|
|
|
|
|
|
|
|
Basic materials: 2.41%
|
|
|
|
|
|
|
|
Chemicals: 1.92%
|
|
|
|
|
|
|
|
Celanese U.S. Holdings LLC
|
|
7.38
|
7-15-2032
|
$
|
395,000
|
413,294
|
|
Celanese U.S. Holdings LLC
|
|
7.70
|
11-15-2033
|
|
920,000
|
973,858
|
|
Chemours Co.144A
|
|
7.88
|
3-15-2034
|
|
430,000
|
418,432
|
|
Chemours Co.144A
|
|
8.00
|
1-15-2033
|
|
890,000
|
876,034
|
|
FMC Corp.
|
|
5.65
|
5-18-2033
|
|
550,000
|
491,313
|
|
FMC Corp.144A
|
|
8.00
|
6-1-2031
|
|
140,000
|
144,764
|
|
SCIH Salt Holdings, Inc.144A
|
|
6.63
|
5-1-2029
|
|
930,000
|
930,000
|
|
SCIH Salt Holdings, Inc.144A%%
|
|
6.63
|
8-15-2031
|
|
750,000
|
749,865
|
|
SCIH Salt Holdings, Inc.144A%%
|
|
8.00
|
8-15-2032
|
|
285,000
|
282,846
|
|
|
|
|
|
|
|
5,280,406
|
|
Iron/steel: 0.49%
|
|
|
|
|
|
|
|
Cleveland-Cliffs, Inc.144A
|
|
7.00
|
3-15-2032
|
|
1,340,000
|
1,342,807
|
|
Communications: 9.27%
|
|
|
|
|
|
|
|
Advertising: 0.96%
|
|
|
|
|
|
|
|
Clear Channel Outdoor Holdings, Inc.144A
|
|
7.13
|
2-15-2031
|
|
1,220,000
|
1,258,436
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Advertising(continued)
|
|
|
|
|
|
|
|
Outfront Media Capital LLC/Outfront Media Capital
Corp.144A
|
|
4.63
%
|
3-15-2030
|
$
|
590,000
|
$569,821
|
|
Outfront Media Capital LLC/Outfront Media Capital
Corp.144A
|
|
7.38
|
2-15-2031
|
|
775,000
|
801,732
|
|
|
|
|
|
|
|
2,629,989
|
|
Internet: 1.82%
|
|
|
|
|
|
|
|
AP Core Holdings II LLC144A
|
|
11.00
|
5-15-2031
|
|
490,000
|
511,566
|
|
Arches Buyer, Inc.144A
|
|
6.13
|
12-1-2028
|
|
855,000
|
835,791
|
|
Arches Buyer, Inc.144A%%
|
|
9.00
|
8-15-2031
|
|
850,000
|
854,429
|
|
Match Group Holdings II LLC144A
|
|
5.63
|
2-15-2029
|
|
791,000
|
788,225
|
|
Match Group Holdings II LLC144A
|
|
6.13
|
9-15-2033
|
|
545,000
|
530,635
|
|
Sopaipilla Investor LLC144A
|
|
7.53
|
11-30-2048
|
|
495,000
|
513,060
|
|
Wayfair LLC144A
|
|
6.75
|
11-15-2032
|
|
950,000
|
967,110
|
|
|
|
|
|
|
|
5,000,816
|
|
Media: 3.82%
|
|
|
|
|
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.144A
|
|
4.25
|
1-15-2034
|
|
1,340,000
|
1,094,094
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.144A
|
|
4.50
|
8-15-2030
|
|
2,550,000
|
2,326,626
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.
|
|
4.50
|
5-1-2032
|
|
900,000
|
776,148
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital
|
|
5.05
|
3-30-2029
|
|
675,000
|
667,573
|
|
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor,
Inc.144A
|
|
9.25
|
6-1-2032
|
|
415,000
|
424,663
|
|
Discovery Global Holdings, Inc.
|
|
4.05
|
3-15-2029
|
|
635,000
|
623,703
|
|
Discovery Global Holdings, Inc.
|
|
4.28
|
3-15-2032
|
|
666,000
|
591,788
|
|
Discovery Global Holdings, Inc.
|
|
5.05
|
3-15-2042
|
|
515,000
|
357,925
|
|
EchoStar Corp. (PIK at 6.75%)¥
|
|
6.75
|
11-30-2030
|
|
976,477
|
990,343
|
|
Gray Media, Inc.144A
|
|
9.63
|
7-15-2032
|
|
595,000
|
601,394
|
|
News Corp.144A
|
|
5.13
|
2-15-2032
|
|
500,000
|
481,527
|
|
Paramount Global
|
|
4.20
|
5-19-2032
|
|
550,000
|
467,670
|
|
Sirius XM Radio LLC144A
|
|
4.13
|
7-1-2030
|
|
1,190,000
|
1,112,281
|
|
|
|
|
|
|
|
10,515,735
|
|
Telecommunications: 2.67%
|
|
|
|
|
|
|
|
APLD ComputeCo 2 LLC144A
|
|
6.75
|
3-15-2031
|
|
495,000
|
483,867
|
|
APLD ComputeCo LLC144A
|
|
9.25
|
12-15-2030
|
|
910,000
|
967,108
|
|
Black Pearl Compute LLC144A
|
|
6.13
|
2-15-2031
|
|
490,000
|
489,179
|
|
Core Scientific Finance I LLC144A
|
|
7.75
|
5-15-2031
|
|
505,000
|
494,509
|
|
Edged Compute LLC144A
|
|
7.50
|
4-30-2031
|
|
510,000
|
483,427
|
|
Level 3 Financing, Inc.144A
|
|
6.88
|
6-30-2033
|
|
655,000
|
662,827
|
|
Level 3 Financing, Inc.144A
|
|
8.50
|
1-15-2036
|
|
720,000
|
749,075
|
|
PR RNO Property Owner 1 LLC144A
|
|
6.50
|
5-1-2031
|
|
700,000
|
659,133
|
|
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC144A
|
|
5.15
|
3-20-2028
|
|
262,500
|
262,857
|
|
SV RNO Property Owner 1 LLC144A
|
|
5.88
|
3-1-2031
|
|
595,000
|
552,514
|
|
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC144A
|
|
8.63
|
6-15-2032
|
|
280,000
|
285,953
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Telecommunications(continued)
|
|
|
|
|
|
|
|
Windstream Services LLC/Windstream Escrow Finance
Corp.144A
|
|
8.25
%
|
10-1-2031
|
$
|
825,000
|
$858,849
|
|
WULF Compute LLC144A
|
|
7.75
|
10-15-2030
|
|
365,000
|
379,223
|
|
|
|
|
|
|
|
7,328,521
|
|
Consumer, cyclical: 10.90%
|
|
|
|
|
|
|
|
Apparel: 0.58%
|
|
|
|
|
|
|
|
Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥
|
|
10.00
|
7-15-2033
|
|
1,486,348
|
1,595,608
|
|
Auto manufacturers: 0.28%
|
|
|
|
|
|
|
|
Ford Motor Co.
|
|
4.75
|
1-15-2043
|
|
750,000
|
576,109
|
|
Nissan Motor Acceptance Co. LLC144A
|
|
7.05
|
9-15-2028
|
|
175,000
|
178,571
|
|
|
|
|
|
|
|
754,680
|
|
Auto parts & equipment: 1.20%
|
|
|
|
|
|
|
|
Adient Global Holdings Ltd.144A
|
|
7.50
|
2-15-2033
|
|
805,000
|
830,783
|
|
Adient Global Holdings Ltd.144A
|
|
8.25
|
4-15-2031
|
|
145,000
|
150,767
|
|
American Axle & Manufacturing, Inc.144A
|
|
7.75
|
10-15-2033
|
|
985,000
|
969,951
|
|
Goodyear Tire & Rubber Co.
|
|
8.88
|
7-15-2032
|
|
470,000
|
482,390
|
|
ZF North America Capital, Inc.144A
|
|
6.88
|
4-23-2032
|
|
490,000
|
481,410
|
|
ZF North America Capital, Inc.144A
|
|
7.50
|
3-24-2031
|
|
385,000
|
387,685
|
|
|
|
|
|
|
|
3,302,986
|
|
Distribution/wholesale: 0.25%
|
|
|
|
|
|
|
|
Veritiv Operating Co.144A
|
|
10.50
|
11-30-2030
|
|
670,000
|
687,373
|
|
Entertainment: 1.42%
|
|
|
|
|
|
|
|
Churchill Downs, Inc.144A
|
|
6.75
|
5-1-2031
|
|
800,000
|
809,514
|
|
Cinemark USA, Inc.144A
|
|
7.00
|
8-1-2032
|
|
1,425,000
|
1,460,833
|
|
Six Flags Entertainment Corp.144A
|
|
7.25
|
5-15-2031
|
|
200,000
|
196,119
|
|
Six Flags Entertainment Corp./Canada’s Wonderland
Co./Millennium Operations LLC144A
|
|
8.63
|
1-15-2032
|
|
420,000
|
424,794
|
|
Six Flags Entertainment Corp./Six Flags Theme Parks,
Inc./Canada’s Wonderland Co.144A
|
|
6.63
|
5-1-2032
|
|
1,005,000
|
1,011,828
|
|
|
|
|
|
|
|
3,903,088
|
|
Home builders: 0.94%
|
|
|
|
|
|
|
|
Ashton Woods USA LLC/Ashton Woods Finance Co.144A
|
|
6.88
|
8-1-2033
|
|
880,000
|
877,950
|
|
Century Communities, Inc.144A
|
|
6.63
|
9-15-2033
|
|
495,000
|
496,625
|
|
K Hovnanian Enterprises, Inc.144A
|
|
8.38
|
10-1-2033
|
|
690,000
|
701,184
|
|
Tri Pointe Homes, Inc.
|
|
5.70
|
6-15-2028
|
|
515,000
|
515,188
|
|
|
|
|
|
|
|
2,590,947
|
|
Housewares: 0.73%
|
|
|
|
|
|
|
|
American Greetings Corp.144A
|
|
8.88
|
1-15-2032
|
|
625,000
|
616,378
|
|
Newell Brands, Inc.
|
|
6.38
|
5-15-2030
|
|
605,000
|
611,643
|
|
Newell Brands, Inc.144A
|
|
8.50
|
6-1-2028
|
|
755,000
|
788,020
|
|
|
|
|
|
|
|
2,016,041
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Leisure time: 1.40%
|
|
|
|
|
|
|
|
Carnival Corp. Ltd.144A
|
|
5.75
%
|
8-1-2032
|
$
|
925,000
|
$916,475
|
|
Carnival Corp. Ltd.144A
|
|
6.13
|
2-15-2033
|
|
725,000
|
725,036
|
|
NCL Corp. Ltd.144A
|
|
6.25
|
9-15-2033
|
|
850,000
|
807,967
|
|
NCL Corp. Ltd.144A
|
|
6.75
|
2-1-2032
|
|
380,000
|
372,462
|
|
NCL Corp. Ltd.144A
|
|
7.75
|
2-15-2029
|
|
275,000
|
285,514
|
|
Viking Cruises Ltd.144A
|
|
5.88
|
10-15-2033
|
|
235,000
|
232,694
|
|
Viking Cruises Ltd.144A
|
|
7.00
|
2-15-2029
|
|
500,000
|
501,028
|
|
|
|
|
|
|
|
3,841,176
|
|
Lodging: 0.33%
|
|
|
|
|
|
|
|
Genting New York LLC/GENNY Capital, Inc.144A
|
|
7.25
|
10-1-2029
|
|
625,000
|
639,508
|
|
Las Vegas Sands Corp.
|
|
6.20
|
8-15-2034
|
|
255,000
|
257,497
|
|
|
|
|
|
|
|
897,005
|
|
Retail: 3.77%
|
|
|
|
|
|
|
|
Advance Auto Parts, Inc.144A
|
|
7.38
|
8-1-2033
|
|
900,000
|
928,917
|
|
Carvana Co.144A
|
|
9.00
|
6-1-2030
|
|
1,375,000
|
1,417,250
|
|
Carvana Co.144A
|
|
9.00
|
6-1-2031
|
|
500,000
|
549,960
|
|
FirstCash, Inc.144A
|
|
4.63
|
9-1-2028
|
|
250,000
|
245,380
|
|
FirstCash, Inc.144A
|
|
6.88
|
3-1-2032
|
|
1,105,000
|
1,120,878
|
|
Lithia Motors, Inc.144A
|
|
4.38
|
1-15-2031
|
|
670,000
|
634,233
|
|
Macy’s Retail Holdings LLC144A
|
|
6.13
|
3-15-2032
|
|
580,000
|
581,732
|
|
Michaels Cos., Inc.144A
|
|
8.50
|
3-15-2033
|
|
505,000
|
500,266
|
|
Michaels Cos., Inc.144A
|
|
11.00
|
3-15-2034
|
|
1,050,000
|
1,027,840
|
|
PetSmart LLC/PetSmart Finance Corp.144A
|
|
7.50
|
9-15-2032
|
|
830,000
|
838,639
|
|
PetSmart LLC/PetSmart Finance Corp.144A
|
|
10.00
|
9-15-2033
|
|
955,000
|
950,143
|
|
QXO Building Products, Inc.144A
|
|
6.88
|
7-15-2034
|
|
425,000
|
425,635
|
|
Sonic Automotive, Inc.144A
|
|
4.88
|
11-15-2031
|
|
695,000
|
663,830
|
|
Victra Holdings LLC/Victra Finance Corp.144A
|
|
8.75
|
9-15-2029
|
|
470,000
|
478,658
|
|
|
|
|
|
|
|
10,363,361
|
|
Consumer, non-cyclical: 8.82%
|
|
|
|
|
|
|
|
Commercial services: 3.15%
|
|
|
|
|
|
|
|
ADT Security Corp.144A
|
|
5.88
|
10-15-2033
|
|
340,000
|
329,672
|
|
Allied Universal Holdco LLC144A
|
|
7.88
|
2-15-2031
|
|
645,000
|
669,673
|
|
Block, Inc.
|
|
6.50
|
5-15-2032
|
|
895,000
|
904,222
|
|
CoreCivic, Inc.
|
|
8.25
|
4-15-2029
|
|
955,000
|
991,465
|
|
GEO Group, Inc.
|
|
8.63
|
4-15-2029
|
|
425,000
|
443,060
|
|
GEO Group, Inc.
|
|
10.25
|
4-15-2031
|
|
845,000
|
911,248
|
|
Global Payments, Inc.
|
|
4.88
|
11-15-2030
|
|
500,000
|
486,356
|
|
Herc Holdings, Inc.144A
|
|
7.00
|
6-15-2030
|
|
885,000
|
912,673
|
|
Herc Holdings, Inc.144A
|
|
7.25
|
6-15-2033
|
|
775,000
|
799,692
|
|
Service Corp. International
|
|
5.75
|
10-15-2032
|
|
1,055,000
|
1,046,370
|
|
Sotheby’s/BidFair Holdings, Inc.144A
|
|
5.88
|
6-1-2029
|
|
1,200,000
|
1,157,550
|
|
|
|
|
|
|
|
8,651,981
|
|
Food: 0.97%
|
|
|
|
|
|
|
|
Industrial F&B Investments III, Inc.144A
|
|
7.75
|
2-11-2033
|
|
580,000
|
588,877
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Food(continued)
|
|
|
|
|
|
|
|
Lamb Weston Holdings, Inc.144A
|
|
4.38
%
|
1-31-2032
|
$
|
570,000
|
$534,247
|
|
Performance Food Group, Inc.144A
|
|
6.13
|
9-15-2032
|
|
495,000
|
496,398
|
|
U.S. Foods, Inc.144A
|
|
5.75
|
4-15-2033
|
|
1,060,000
|
1,048,785
|
|
|
|
|
|
|
|
2,668,307
|
|
Healthcare-services: 4.38%
|
|
|
|
|
|
|
|
CHS/Community Health Systems, Inc.144A
|
|
5.25
|
5-15-2030
|
|
465,000
|
429,386
|
|
CHS/Community Health Systems, Inc.144A
|
|
6.00
|
1-15-2029
|
|
580,000
|
569,850
|
|
CHS/Community Health Systems, Inc.144A
|
|
6.88
|
4-15-2029
|
|
535,000
|
515,970
|
|
CHS/Community Health Systems, Inc.144A
|
|
10.88
|
1-15-2032
|
|
288,000
|
303,781
|
|
CommonSpirit Health (AG Insured)
|
|
3.82
|
10-1-2049
|
|
750,000
|
535,046
|
|
Concentra Health Services, Inc.144A
|
|
6.88
|
7-15-2032
|
|
1,105,000
|
1,136,268
|
|
DaVita, Inc.144A
|
|
6.88
|
9-1-2032
|
|
1,740,000
|
1,788,132
|
|
HCA, Inc.
|
|
5.75
|
3-1-2035
|
|
1,000,000
|
1,008,280
|
|
LifePoint Health, Inc.144A
|
|
7.00
|
5-1-2034
|
|
290,000
|
270,872
|
|
Molina Healthcare, Inc.144A
|
|
6.25
|
1-15-2033
|
|
1,010,000
|
998,756
|
|
Pediatrix Medical Group, Inc.144A
|
|
5.38
|
2-15-2030
|
|
665,000
|
650,367
|
|
Radiology Partners, Inc.144A
|
|
8.50
|
7-15-2032
|
|
700,000
|
735,609
|
|
Star Parent, Inc.144A
|
|
9.00
|
10-1-2030
|
|
1,180,000
|
1,239,136
|
|
Surgery Center Holdings, Inc.144A
|
|
7.25
|
4-15-2032
|
|
415,000
|
416,293
|
|
Tenet Healthcare Corp.
|
|
6.75
|
5-15-2031
|
|
1,400,000
|
1,427,759
|
|
|
|
|
|
|
|
12,025,505
|
|
Pharmaceuticals: 0.32%
|
|
|
|
|
|
|
|
AdaptHealth LLC144A
|
|
5.13
|
3-1-2030
|
|
775,000
|
747,305
|
|
CVS Pass-Through Trust
|
|
6.04
|
12-10-2028
|
|
132,136
|
132,562
|
|
|
|
|
|
|
|
879,867
|
|
Energy: 6.05%
|
|
|
|
|
|
|
|
Energy-alternate sources: 0.00%
|
|
|
|
|
|
|
|
Enviva Partners LP/Enviva Partners Finance Corp.144A♦†
|
|
6.50
|
1-15-2026
|
|
2,845,000
|
0
|
|
Oil & gas: 1.28%
|
|
|
|
|
|
|
|
Aethon United BR LP/Aethon United Finance Corp.144A
|
|
7.50
|
10-1-2029
|
|
430,000
|
446,127
|
|
California Resources Corp.144A
|
|
7.00
|
1-15-2034
|
|
575,000
|
563,174
|
|
California Resources Corp.144A
|
|
7.25
|
1-15-2035
|
|
710,000
|
701,535
|
|
Caturus Energy LLC144A
|
|
8.50
|
2-15-2030
|
|
210,000
|
217,507
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.144A
|
|
6.00
|
2-1-2031
|
|
540,000
|
526,392
|
|
Nabors Industries, Inc.144A
|
|
9.13
|
1-31-2030
|
|
592,000
|
618,927
|
|
SM Energy Co.144A
|
|
9.63
|
6-15-2033
|
|
400,000
|
440,011
|
|
|
|
|
|
|
|
3,513,673
|
|
Oil & gas services: 1.18%
|
|
|
|
|
|
|
|
Archrock Partners LP/Archrock Partners Finance
Corp.144A
|
|
6.63
|
9-1-2032
|
|
710,000
|
720,166
|
|
Bristow Group, Inc.144A
|
|
6.75
|
2-1-2033
|
|
810,000
|
810,929
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Oil & gas services(continued)
|
|
|
|
|
|
|
|
Oceaneering International, Inc.144A
|
|
6.88
%
|
7-15-2034
|
$
|
895,000
|
$915,776
|
|
SESI LLC144A
|
|
7.88
|
9-30-2030
|
|
795,000
|
804,401
|
|
|
|
|
|
|
|
3,251,272
|
|
Pipelines: 3.59%
|
|
|
|
|
|
|
|
Boardwalk Pipelines LP
|
|
4.80
|
5-3-2029
|
|
750,000
|
748,756
|
|
CQP Holdco LP/BIP-V Chinook Holdco LLC144A
|
|
5.50
|
6-15-2031
|
|
960,000
|
934,693
|
|
CQP Holdco LP/BIP-V Chinook Holdco LLC144A
|
|
7.50
|
12-15-2033
|
|
765,000
|
801,749
|
|
Excelerate Energy LP144A
|
|
8.00
|
5-15-2030
|
|
740,000
|
775,285
|
|
Harvest Midstream I LP144A
|
|
6.75
|
5-15-2034
|
|
625,000
|
627,488
|
|
Harvest Midstream I LP144A
|
|
7.50
|
5-15-2032
|
|
285,000
|
292,207
|
|
Hess Midstream Operations LP144A
|
|
5.50
|
10-15-2030
|
|
300,000
|
298,934
|
|
Prairie Acquiror LP144A
|
|
9.00
|
8-1-2029
|
|
375,000
|
386,820
|
|
Rockies Express Pipeline LLC144A
|
|
6.75
|
3-15-2033
|
|
300,000
|
305,008
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.144A
|
|
6.00
|
12-31-2030
|
|
1,300,000
|
1,290,713
|
|
Venture Global LNG, Inc.144A
|
|
8.38
|
6-1-2031
|
|
650,000
|
671,969
|
|
Venture Global LNG, Inc.144A
|
|
9.88
|
2-1-2032
|
|
820,000
|
873,036
|
|
Venture Global LNG, Inc. (5 Year Treasury Constant
Maturity+5.44%)144Aʊ±
|
|
9.00
|
9-30-2029
|
|
780,000
|
776,864
|
|
Venture Global Plaquemines LNG LLC144A
|
|
7.50
|
5-1-2033
|
|
985,000
|
1,068,744
|
|
|
|
|
|
|
|
9,852,266
|
|
Financial: 14.56%
|
|
|
|
|
|
|
|
Banks: 1.62%
|
|
|
|
|
|
|
|
Citigroup, Inc. Series HH (5 Year Treasury Constant
Maturity+3.00%)ʊ±
|
|
6.63
|
2-15-2031
|
|
1,960,000
|
1,968,896
|
|
PNC Financial Services Group, Inc. Series U (5 Year
Treasury Constant Maturity+3.00%)ʊ±
|
|
6.00
|
5-15-2027
|
|
985,000
|
984,090
|
|
Santander Holdings USA, Inc. (U.S. SOFR+1.88%)±
|
|
5.74
|
3-20-2031
|
|
500,000
|
506,665
|
|
Wells Fargo & Co. (5 Year Treasury Constant
Maturity+2.77%)ʊ±
|
|
6.85
|
9-15-2029
|
|
955,000
|
983,069
|
|
|
|
|
|
|
|
4,442,720
|
|
Diversified financial services: 4.39%
|
|
|
|
|
|
|
|
EZCORP, Inc.144A
|
|
7.38
|
4-1-2032
|
|
495,000
|
517,506
|
|
First Eagle Holdings, Inc.144A
|
|
7.25
|
8-15-2032
|
|
490,000
|
495,721
|
|
Global Aircraft Leasing Co. Ltd.144A
|
|
8.75
|
9-1-2027
|
|
960,000
|
975,287
|
|
Jane Street Group/JSG Finance, Inc.144A
|
|
6.13
|
11-1-2032
|
|
435,000
|
432,825
|
|
Jane Street Group/JSG Finance, Inc.144A
|
|
6.75
|
5-1-2033
|
|
525,000
|
535,038
|
|
Jane Street Group/JSG Finance, Inc.144A
|
|
7.13
|
4-30-2031
|
|
765,000
|
789,498
|
|
Jefferson Capital Holdings LLC144A
|
|
8.25
|
5-15-2030
|
|
295,000
|
308,038
|
|
Jefferson Capital Holdings LLC144A
|
|
9.50
|
2-15-2029
|
|
625,000
|
651,585
|
|
OneMain Finance Corp.
|
|
7.13
|
9-15-2032
|
|
1,005,000
|
1,015,522
|
|
OneMain Finance Corp.
|
|
7.88
|
3-15-2030
|
|
955,000
|
988,606
|
|
PRA Group, Inc.144A
|
|
5.00
|
10-1-2029
|
|
561,000
|
531,418
|
|
Provident Funding Associates LP/PFG Finance Corp.144A
|
|
9.75
|
9-15-2029
|
|
650,000
|
671,136
|
|
Rocket Cos., Inc.144A
|
|
6.13
|
8-1-2030
|
|
340,000
|
342,756
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Diversified financial services(continued)
|
|
|
|
|
|
|
|
Rocket Cos., Inc.144A
|
|
6.50
%
|
8-1-2029
|
$
|
200,000
|
$202,627
|
|
Rocket Cos., Inc.144A
|
|
7.13
|
2-1-2032
|
|
825,000
|
845,580
|
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc.144A
|
|
4.00
|
10-15-2033
|
|
665,000
|
587,303
|
|
Synchrony Financial
|
|
5.15
|
3-19-2029
|
|
750,000
|
748,031
|
|
United Wholesale Mortgage LLC144A
|
|
5.50
|
4-15-2029
|
|
1,100,000
|
1,027,326
|
|
United Wholesale Mortgage LLC144A
|
|
6.25
|
3-15-2031
|
|
295,000
|
263,213
|
|
WS Escrow LLC144A
|
|
7.75
|
6-1-2033
|
|
140,000
|
144,852
|
|
|
|
|
|
|
|
12,073,868
|
|
Insurance: 4.64%
|
|
|
|
|
|
|
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer144A
|
|
7.38
|
10-1-2032
|
|
2,030,000
|
2,041,388
|
|
AmWINS Group, Inc.144A
|
|
6.38
|
2-15-2029
|
|
530,000
|
532,143
|
|
Assurant, Inc.
|
|
3.70
|
2-22-2030
|
|
750,000
|
713,472
|
|
Asurion LLC/Asurion Co-Issuer, Inc.144A
|
|
8.00
|
12-31-2032
|
|
285,000
|
288,313
|
|
Asurion LLC/Asurion Co-Issuer, Inc.144A
|
|
8.38
|
2-1-2034
|
|
790,000
|
719,775
|
|
Athene Holding Ltd.
|
|
4.13
|
1-12-2028
|
|
750,000
|
740,658
|
|
Athene Holding Ltd. (5 Year Treasury Constant
Maturity+2.58%)±
|
|
6.88
|
6-28-2055
|
|
500,000
|
472,280
|
|
Baldwin Insurance Group Holdings LLC/Baldwin Insurance
Group Holdings Finance144A
|
|
7.13
|
5-15-2031
|
|
475,000
|
479,028
|
|
Broadstreet Partners Group LLC144A
|
|
5.88
|
4-15-2029
|
|
1,005,000
|
982,638
|
|
Global Atlantic Fin Co. (5 Year Treasury Constant
Maturity+3.55%)144A±
|
|
7.25
|
3-1-2056
|
|
490,000
|
470,756
|
|
HUB International Ltd.144A
|
|
5.63
|
12-1-2029
|
|
415,000
|
413,369
|
|
HUB International Ltd.144A
|
|
7.38
|
1-31-2032
|
|
1,000,000
|
1,022,750
|
|
Liberty Mutual Group, Inc.144A
|
|
4.57
|
2-1-2029
|
|
750,000
|
743,011
|
|
MetLife, Inc.
|
|
6.40
|
12-15-2036
|
|
1,000,000
|
1,008,815
|
|
Prudential Financial, Inc. (U.S. SOFR 3 Month+2.38%)±
|
|
4.50
|
9-15-2047
|
|
750,000
|
740,562
|
|
Sammons Financial Group, Inc.144A
|
|
4.45
|
5-12-2027
|
|
750,000
|
748,215
|
|
Sompo International Holdings Ltd.
|
|
7.00
|
7-15-2034
|
|
575,000
|
620,044
|
|
|
|
|
|
|
|
12,737,217
|
|
Investment companies: 0.36%
|
|
|
|
|
|
|
|
Golub Capital Private Credit Fund BDC
|
|
5.88
|
5-1-2030
|
|
500,000
|
489,965
|
|
HA Sustainable Infrastructure Capital, Inc. (5 Year Treasury
Constant Maturity+4.30%)±
|
|
8.00
|
6-1-2056
|
|
475,000
|
498,630
|
|
|
|
|
|
|
|
988,595
|
|
REITs: 3.55%
|
|
|
|
|
|
|
|
Blackstone Mortgage Trust, Inc.144A
|
|
7.75
|
12-1-2029
|
|
600,000
|
620,048
|
|
Brandywine Operating Partnership LP
|
|
6.13
|
1-15-2031
|
|
345,000
|
331,594
|
|
Brandywine Operating Partnership LP
|
|
8.88
|
4-12-2029
|
|
455,000
|
476,881
|
|
Iron Mountain, Inc.144A
|
|
4.50
|
2-15-2031
|
|
1,330,000
|
1,258,770
|
|
Iron Mountain, Inc.144A
|
|
5.25
|
7-15-2030
|
|
1,455,000
|
1,421,843
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital
Finance Corp.144A
|
|
7.00
|
7-15-2031
|
|
1,020,000
|
1,054,296
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
REITs(continued)
|
|
|
|
|
|
|
|
Omega Healthcare Investors, Inc.
|
|
4.50
%
|
4-1-2027
|
$
|
600,000
|
$599,419
|
|
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer144A
|
|
7.00
|
2-1-2030
|
|
635,000
|
645,264
|
|
Piedmont Operating Partnership LP
|
|
2.75
|
4-1-2032
|
|
350,000
|
297,828
|
|
RHP Hotel Properties LP/RHP Finance Corp.144A
|
|
5.75
|
3-15-2034
|
|
725,000
|
709,978
|
|
RHP Hotel Properties LP/RHP Finance Corp.144A
|
|
6.50
|
6-15-2033
|
|
695,000
|
707,133
|
|
Starwood Property Trust, Inc.144A
|
|
6.50
|
7-1-2030
|
|
850,000
|
863,289
|
|
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL
Capital LLC144A
|
|
6.00
|
1-15-2030
|
|
270,000
|
257,625
|
|
Vornado Realty LP
|
|
5.75
|
2-1-2033
|
|
530,000
|
525,511
|
|
|
|
|
|
|
|
9,769,479
|
|
Industrial: 4.74%
|
|
|
|
|
|
|
|
Building materials: 1.44%
|
|
|
|
|
|
|
|
Builders FirstSource, Inc.144A
|
|
6.75
|
5-15-2035
|
|
1,095,000
|
1,084,114
|
|
EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A
|
|
6.63
|
12-15-2030
|
|
1,030,000
|
1,046,889
|
|
Quikrete Holdings, Inc.144A
|
|
6.75
|
3-1-2033
|
|
1,015,000
|
1,028,420
|
|
Standard Building Solutions, Inc.144A
|
|
6.25
|
8-1-2033
|
|
800,000
|
791,258
|
|
|
|
|
|
|
|
3,950,681
|
|
Electrical components & equipment: 0.66%
|
|
|
|
|
|
|
|
Energizer Holdings, Inc.144A
|
|
4.38
|
3-31-2029
|
|
800,000
|
770,469
|
|
WESCO Distribution, Inc.144A
|
|
6.63
|
3-15-2032
|
|
1,015,000
|
1,035,532
|
|
|
|
|
|
|
|
1,806,001
|
|
Electronics: 0.33%
|
|
|
|
|
|
|
|
Keysight Technologies, Inc.
|
|
4.60
|
4-6-2027
|
|
600,000
|
600,205
|
|
Sensata Technologies, Inc.144A
|
|
6.63
|
7-15-2032
|
|
300,000
|
307,125
|
|
|
|
|
|
|
|
907,330
|
|
Engineering & construction: 0.18%
|
|
|
|
|
|
|
|
Jacobs Solutions, Inc.
|
|
4.75
|
3-3-2031
|
|
500,000
|
488,982
|
|
Environmental control: 0.23%
|
|
|
|
|
|
|
|
Clean Harbors, Inc.144A
|
|
6.38
|
2-1-2031
|
|
615,000
|
621,309
|
|
Machinery-diversified: 0.07%
|
|
|
|
|
|
|
|
TK Elevator U.S. Newco, Inc.144A
|
|
5.25
|
7-15-2027
|
|
200,000
|
199,975
|
|
Packaging & containers: 0.90%
|
|
|
|
|
|
|
|
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal
Packaging Finance PLC144A
|
|
4.00
|
9-1-2029
|
|
745,000
|
707,269
|
|
Clydesdale Acquisition Holdings, Inc.144A
|
|
8.75
|
4-15-2030
|
|
930,000
|
888,805
|
|
Sword Purchaser LLC144A
|
|
8.25
|
4-15-2033
|
|
850,000
|
869,410
|
|
|
|
|
|
|
|
2,465,484
|
|
Transportation: 0.17%
|
|
|
|
|
|
|
|
Genesee & Wyoming, Inc.144A
|
|
6.25
|
4-15-2032
|
|
480,000
|
482,751
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Trucking & leasing: 0.76%
|
|
|
|
|
|
|
|
FTAI Aviation Investors LLC144A
|
|
5.50
%
|
5-1-2028
|
$
|
700,000
|
$697,674
|
|
FTAI Aviation Investors LLC144A
|
|
7.00
|
5-1-2031
|
|
1,000,000
|
1,027,788
|
|
FTAI Aviation Investors LLC144A
|
|
7.00
|
6-15-2032
|
|
365,000
|
372,674
|
|
|
|
|
|
|
|
2,098,136
|
|
Technology: 4.38%
|
|
|
|
|
|
|
|
Computers: 0.28%
|
|
|
|
|
|
|
|
Diebold Nixdorf, Inc.144A
|
|
7.75
|
3-31-2030
|
|
740,000
|
768,207
|
|
Office/business equipment: 0.29%
|
|
|
|
|
|
|
|
Zebra Technologies Corp.144A
|
|
6.50
|
6-1-2032
|
|
775,000
|
783,737
|
|
Semiconductors: 0.63%
|
|
|
|
|
|
|
|
Broadcom Corp./Broadcom Cayman Finance Ltd.
|
|
3.50
|
1-15-2028
|
|
750,000
|
737,814
|
|
Entegris, Inc.144A
|
|
4.75
|
4-15-2029
|
|
500,000
|
491,658
|
|
Entegris, Inc.144A
|
|
5.95
|
6-15-2030
|
|
510,000
|
510,169
|
|
|
|
|
|
|
|
1,739,641
|
|
Software: 3.18%
|
|
|
|
|
|
|
|
AthenaHealth Group, Inc.144A
|
|
6.50
|
2-15-2030
|
|
735,000
|
708,965
|
|
AthenaHealth Group, Inc.144A
|
|
7.50
|
2-15-2032
|
|
715,000
|
733,032
|
|
Cloud Software Group LLC144A
|
|
8.25
|
6-30-2032
|
|
1,035,000
|
979,097
|
|
Cloud Software Group LLC144A
|
|
9.00
|
9-30-2029
|
|
910,000
|
891,574
|
|
CoreWeave, Inc.144A
|
|
9.00
|
2-1-2031
|
|
860,000
|
776,317
|
|
CoreWeave, Inc.144A
|
|
9.75
|
10-1-2031
|
|
805,000
|
730,427
|
|
Ellucian Holdings, Inc.144A
|
|
6.50
|
12-1-2029
|
|
380,000
|
365,409
|
|
Oak-Eagle AcquireCo, Inc.144A
|
|
7.25
|
7-1-2033
|
|
395,000
|
409,288
|
|
Oak-Eagle AcquireCo, Inc.144A
|
|
8.75
|
7-1-2034
|
|
425,000
|
447,732
|
|
Oracle Corp.
|
|
5.70
|
2-4-2036
|
|
1,000,000
|
925,768
|
|
Rocket Software, Inc.144A
|
|
6.50
|
2-15-2029
|
|
205,000
|
188,883
|
|
Rocket Software, Inc.144A
|
|
9.00
|
11-28-2028
|
|
725,000
|
717,596
|
|
SS&C Technologies, Inc.144A
|
|
6.50
|
6-1-2032
|
|
850,000
|
856,289
|
|
|
|
|
|
|
|
8,730,377
|
|
Utilities: 2.49%
|
|
|
|
|
|
|
|
Electric: 2.49%
|
|
|
|
|
|
|
|
Duke Energy Corp. (5 Year Treasury Constant
Maturity+2.59%)±
|
|
6.45
|
9-1-2054
|
|
930,000
|
952,475
|
|
Edison International (5 Year Treasury Constant
Maturity+3.86%)±
|
|
8.13
|
6-15-2053
|
|
670,000
|
685,472
|
|
EUSHI Finance, Inc. (5 Year Treasury Constant
Maturity+3.14%)±
|
|
7.63
|
12-15-2054
|
|
945,000
|
978,292
|
|
NextEra Energy Capital Holdings, Inc. Series BB (5 Year
Treasury Constant Maturity+1.77%)±
|
|
6.20
|
10-1-2056
|
|
1,475,000
|
1,441,367
|
|
PacifiCorp (5 Year Treasury Constant Maturity+3.29%)±
|
|
7.13
|
8-15-2056
|
|
800,000
|
787,633
|
|
PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)±
|
|
7.38
|
3-15-2055
|
|
850,000
|
863,106
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Electric(continued)
|
|
|
|
|
|
|
|
Sempra (5 Year Treasury Constant Maturity+2.87%)±
|
|
4.13
%
|
4-1-2052
|
$
|
510,000
|
$506,094
|
|
Vistra Corp. Series C (5 Year Treasury Constant
Maturity+5.05%)144Aʊ±
|
|
8.88
|
1-15-2029
|
|
600,000
|
635,730
|
|
|
|
|
|
|
|
6,850,169
|
|
Total corporate bonds and notes (Cost $175,201,601)
|
|
|
|
|
|
174,798,069
|
|
Foreign corporate bonds and notes: 11.87%
|
|
|
|
|
|
|
|
Financial: 0.37%
|
|
|
|
|
|
|
|
Banks: 0.37%
|
|
|
|
|
|
|
|
Kreditanstalt fuer Wiederaufbau
|
|
5.80
|
1-19-2028
|
ZAR
|
17,500,000
|
1,021,878
|
|
Government securities: 11.50%
|
|
|
|
|
|
|
|
Multi-national: 11.50%
|
|
|
|
|
|
|
|
Asian Infrastructure Investment Bank
|
|
6.00
|
12-8-2031
|
INR
|
185,000,000
|
1,784,756
|
|
Asian Infrastructure Investment Bank
|
|
7.20
|
7-2-2031
|
INR
|
175,000,000
|
1,783,472
|
|
European Bank for Reconstruction & Development
|
|
6.30
|
10-26-2027
|
INR
|
185,000,000
|
1,899,733
|
|
European Investment Bank
|
|
6.50
|
9-28-2032
|
ZAR
|
63,500,000
|
3,581,587
|
|
European Investment Bank
|
|
7.25
|
1-23-2030
|
ZAR
|
45,500,000
|
2,724,509
|
|
European Investment Bank
|
|
11.00
|
1-12-2032
|
BRL
|
7,800,000
|
1,436,025
|
|
Inter-American Development Bank
|
|
7.00
|
4-17-2033
|
INR
|
213,000,000
|
2,146,520
|
|
Inter-American Development Bank
|
|
7.35
|
10-6-2030
|
INR
|
176,000,000
|
1,814,256
|
|
International Bank for Reconstruction & Development
|
|
9.50
|
2-9-2029
|
BRL
|
22,000,000
|
4,101,279
|
|
International Finance Corp.
|
|
8.25
|
8-25-2034
|
ZAR
|
48,000,000
|
2,883,997
|
|
International Finance Corp.
|
|
9.00
|
1-22-2036
|
ZAR
|
16,000,000
|
998,667
|
|
International Finance Corp.
|
|
10.75
|
2-15-2028
|
BRL
|
8,000,000
|
1,536,431
|
|
International Finance Corp.
|
|
11.25
|
1-13-2031
|
BRL
|
14,000,000
|
2,593,167
|
|
International Finance Corp.
|
|
11.50
|
1-16-2030
|
BRL
|
12,000,000
|
2,292,980
|
|
|
|
|
|
|
|
31,577,379
|
|
Total foreign corporate bonds and notes (Cost $33,403,848)
|
|
|
|
|
|
32,599,257
|
|
Foreign government bonds: 19.90%
|
|
|
|
|
|
|
|
Australia: 1.02%
|
|
|
|
|
|
|
|
Australia
|
|
4.25
|
3-21-2036
|
AUD
|
4,200,000
|
2,802,510
|
|
Colombia: 5.02%
|
|
|
|
|
|
|
|
Colombia TES
|
|
6.00
|
4-28-2028
|
COP
|
9,000,000,000
|
2,572,101
|
|
Colombia TES
|
|
7.75
|
9-18-2030
|
COP
|
17,000,000,000
|
4,590,618
|
|
Colombia TES
|
|
13.25
|
2-9-2033
|
COP
|
20,100,000,000
|
6,634,168
|
|
|
|
|
|
|
|
13,796,887
|
|
Hungary: 1.87%
|
|
|
|
|
|
|
|
Hungary
|
|
6.75
|
7-23-2031
|
HUF
|
1,550,000,000
|
5,146,032
|
|
Indonesia: 2.88%
|
|
|
|
|
|
|
|
Indonesia
|
|
6.63
|
2-15-2034
|
IDR
|
30,000,000,000
|
1,587,119
|
|
Indonesia
|
|
7.00
|
9-15-2030
|
IDR
|
115,000,000,000
|
6,319,866
|
|
|
|
|
|
|
|
7,906,985
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Mexico: 4.90%
|
|
|
|
|
|
|
|
Mexico
|
|
7.50
%
|
5-26-2033
|
MXN
|
68,500,000
|
$3,673,953
|
|
Mexico
|
|
7.75
|
5-29-2031
|
MXN
|
85,000,000
|
4,766,616
|
|
Mexico
|
|
8.00
|
7-31-2053
|
MXN
|
33,500,000
|
1,623,404
|
|
Mexico
|
|
8.50
|
5-31-2029
|
MXN
|
58,000,000
|
3,393,600
|
|
|
|
|
|
|
|
13,457,573
|
|
Romania: 3.64%
|
|
|
|
|
|
|
|
Romania
|
|
5.00
|
2-12-2029
|
RON
|
15,800,000
|
3,353,116
|
|
Romania
|
|
7.20
|
10-30-2033
|
RON
|
14,850,000
|
3,324,731
|
|
Romania
|
|
7.35
|
4-28-2031
|
RON
|
14,750,000
|
3,316,086
|
|
|
|
|
|
|
|
9,993,933
|
|
United Kingdom: 0.57%
|
|
|
|
|
|
|
|
U.K. Gilts
|
|
3.75
|
10-22-2053
|
GBP
|
1,625,000
|
1,583,160
|
|
Total foreign government bonds (Cost $53,232,694)
|
|
|
|
|
|
54,687,080
|
|
Loans: 18.05%
|
|
|
|
|
|
|
|
Basic materials: 0.36%
|
|
|
|
|
|
|
|
Chemicals: 0.36%
|
|
|
|
|
|
|
|
Chemours Co. (U.S. SOFR 1 Month+3.50%)±
|
|
7.23
|
10-15-2032
|
$
|
995,000
|
990,960
|
|
Communications: 1.58%
|
|
|
|
|
|
|
|
Advertising: 0.36%
|
|
|
|
|
|
|
|
Clear Channel Outdoor Holdings, Inc. (U.S. SOFR 1
Month+4.00%)±
|
|
7.85
|
8-23-2028
|
|
1,000,000
|
1,000,710
|
|
Internet: 0.49%
|
|
|
|
|
|
|
|
Arches Buyer, Inc. (U.S. SOFR 1 Month+3.25%)±
|
|
7.08
|
12-6-2027
|
|
1,355,147
|
1,351,976
|
|
Media: 0.50%
|
|
|
|
|
|
|
|
DIRECTV Financing LLC (U.S. SOFR 3 Month+4.50%)±
|
|
8.32
|
8-2-2029
|
|
817,927
|
822,246
|
|
EW Scripps Co. (U.S. SOFR 1 Month+5.75%)±
|
|
9.53
|
6-30-2028
|
|
296,095
|
295,301
|
|
Gray Television, Inc. (U.S. SOFR 1 Month+3.00%)±
|
|
6.76
|
12-1-2028
|
|
250,000
|
250,650
|
|
|
|
|
|
|
|
1,368,197
|
|
Telecommunications: 0.23%
|
|
|
|
|
|
|
|
Connect Finco Sarl (U.S. SOFR 1 Month+4.50%)±
|
|
8.23
|
9-27-2029
|
|
623,620
|
625,728
|
|
Consumer, cyclical: 2.72%
|
|
|
|
|
|
|
|
Airlines: 0.24%
|
|
|
|
|
|
|
|
Vista Management Holding, Inc. (U.S. SOFR 3
Month+3.75%)±
|
|
7.48
|
4-1-2031
|
|
665,179
|
665,598
|
|
Auto parts & equipment: 0.44%
|
|
|
|
|
|
|
|
American Axle & Manufacturing, Inc. (U.S. SOFR 3
Month+3.25%)±
|
|
6.87
|
2-3-2033
|
|
1,219,562
|
1,221,087
|
|
Distribution/wholesale: 0.26%
|
|
|
|
|
|
|
|
Veritiv Corp. (U.S. SOFR 3 Month+4.00%)±
|
|
7.73
|
12-2-2030
|
|
743,068
|
705,254
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Entertainment: 0.48%
|
|
|
|
|
|
|
|
Crown Finance U.S., Inc. (U.S. SOFR 1 Month+4.50%)±
|
|
8.17
%
|
12-2-2031
|
$
|
1,315,042
|
$1,318,882
|
|
Housewares: 0.10%
|
|
|
|
|
|
|
|
American Greetings Corp. (U.S. SOFR 1 Month+5.00%)±
|
|
8.73
|
1-8-2032
|
|
270,000
|
267,300
|
|
Retail: 1.20%
|
|
|
|
|
|
|
|
Great Outdoors Group LLC (U.S. SOFR 1 Month+3.25%)±
|
|
6.98
|
8-31-2026
|
|
530,000
|
531,892
|
|
Michaels Cos., Inc. (U.S. SOFR 3 Month+5.00%)±
|
|
8.73
|
3-15-2033
|
|
500,000
|
498,695
|
|
Petco Health & Wellness Co., Inc. (U.S. SOFR 3
Month+4.25%)±
|
|
7.98
|
2-3-2031
|
|
688,275
|
686,224
|
|
PetSmart, Inc. (U.S. SOFR 1 Month+4.00%)±
|
|
7.72
|
8-18-2032
|
|
497,500
|
498,246
|
|
Tory Burch LLC (U.S. SOFR 1 Month+4.00%)±
|
|
7.73
|
4-30-2031
|
|
250,000
|
250,105
|
|
Victra Holdings LLC (U.S. SOFR 3 Month+3.75%)±
|
|
7.48
|
3-29-2029
|
|
852,564
|
842,444
|
|
|
|
|
|
|
|
3,307,606
|
|
Consumer, non-cyclical: 3.07%
|
|
|
|
|
|
|
|
Commercial services: 0.54%
|
|
|
|
|
|
|
|
Allied Universal Holdco LLC (U.S. SOFR 1 Month+3.25%)±
|
|
6.98
|
8-20-2032
|
|
992,500
|
995,051
|
|
Avis Budget Car Rental LLC (U.S. SOFR 1 Month+2.50%)±
|
|
6.23
|
7-16-2032
|
|
495,000
|
490,050
|
|
|
|
|
|
|
|
1,485,101
|
|
Cosmetics/Personal Care: 0.36%
|
|
|
|
|
|
|
|
Opal Bidco SAS (U.S. SOFR 3 Month+2.50%)±
|
|
6.23
|
4-28-2032
|
|
992,512
|
993,932
|
|
Food: 0.34%
|
|
|
|
|
|
|
|
Froneri Lux Finco Sarl (U.S. SOFR 6 Month+2.50%)±
|
|
6.45
|
9-30-2032
|
|
199,000
|
197,822
|
|
TreeHouse Foods, Inc. (U.S. SOFR 1 Month+4.25%)±
|
|
7.98
|
2-11-2033
|
|
740,000
|
741,598
|
|
|
|
|
|
|
|
939,420
|
|
Healthcare-products: 0.31%
|
|
|
|
|
|
|
|
Bausch & Lomb Corp. (U.S. SOFR 1 Month+3.75%)±
|
|
7.48
|
1-15-2031
|
|
835,556
|
837,645
|
|
Healthcare-services: 0.98%
|
|
|
|
|
|
|
|
Modivcare Buyer LLC (U.S. SOFR 3 Month+5.00%)±
|
|
8.73
|
12-30-2032
|
|
653,580
|
547,915
|
|
Radiology Partners, Inc. (U.S. SOFR 3 Month+4.50%)±
|
|
8.23
|
6-30-2032
|
|
992,500
|
993,989
|
|
Star Parent, Inc. (U.S. SOFR 3 Month+3.50%)±
|
|
7.23
|
9-27-2030
|
|
1,145,366
|
1,149,077
|
|
|
|
|
|
|
|
2,690,981
|
|
Pharmaceuticals: 0.54%
|
|
|
|
|
|
|
|
Endo Luxembourg Finance Co. I Sarl (U.S. SOFR 1
Month+3.75%)±
|
|
7.48
|
4-23-2031
|
|
1,473,750
|
1,474,678
|
|
Energy: 1.09%
|
|
|
|
|
|
|
|
Pipelines: 1.09%
|
|
|
|
|
|
|
|
AL NGPL Holdings LLC (U.S. SOFR 3 Month+2.00%)±
|
|
5.73
|
12-9-2030
|
|
1,139,609
|
1,138,469
|
|
Crescent Midstream Intermediate Holdings LLC (U.S. SOFR
3 Month+3.75%)±
|
|
7.40
|
2-18-2033
|
|
625,000
|
626,956
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Pipelines(continued)
|
|
|
|
|
|
|
|
NorthRiver Midstream Finance LP (U.S. SOFR 3
Month+2.25%)±
|
|
5.98
%
|
8-16-2030
|
$
|
98,942
|
$99,190
|
|
Prairie Acquiror LP (U.S. SOFR 1 Month+3.25%)±
|
|
6.98
|
8-1-2029
|
|
1,123,812
|
1,129,431
|
|
|
|
|
|
|
|
2,994,046
|
|
Financial: 3.46%
|
|
|
|
|
|
|
|
Diversified financial services: 1.21%
|
|
|
|
|
|
|
|
Azorra Soar TLB Finance Ltd. (U.S. SOFR 3
Month+2.50%)‡±
|
|
6.16
|
10-18-2029
|
|
1,979,890
|
1,984,839
|
|
Jane Street Group LLC (U.S. SOFR 3 Month+2.00%)±
|
|
5.67
|
12-15-2031
|
|
343,184
|
341,671
|
|
Orion Advisor Solutions, Inc. (U.S. SOFR 3
Month+2.75%)±
|
|
6.57
|
9-24-2030
|
|
995,000
|
988,642
|
|
|
|
|
|
|
|
3,315,152
|
|
Insurance: 1.84%
|
|
|
|
|
|
|
|
Alliant Holdings Intermediate LLC (U.S. SOFR 1
Month+2.50%)±
|
|
6.23
|
9-19-2031
|
|
621,859
|
619,105
|
|
Asurion LLC (U.S. SOFR 3 Month+4.25%)±
|
|
8.07
|
9-19-2030
|
|
1,713,387
|
1,670,192
|
|
Baldwin Insurance Group Holdings LLC (U.S. SOFR 1
Month+2.50%)±
|
|
6.16
|
5-27-2031
|
|
744,987
|
735,362
|
|
Broadstreet Partners Group LLC (U.S. SOFR 1
Month+2.50%)±
|
|
6.23
|
6-13-2031
|
|
863,979
|
849,196
|
|
HUB International Ltd. (U.S. SOFR 3 Month+2.25%)±
|
|
5.98
|
6-20-2030
|
|
908,542
|
908,869
|
|
Truist Insurance Holdings LLC (U.S. SOFR 3
Month+4.75%)±
|
|
8.48
|
5-6-2032
|
|
276,316
|
265,034
|
|
|
|
|
|
|
|
5,047,758
|
|
REITs: 0.41%
|
|
|
|
|
|
|
|
Blackstone Mortgage Trust, Inc. (U.S. SOFR 1
Month+2.50%)±
|
|
6.23
|
12-10-2030
|
|
237,721
|
237,053
|
|
Starwood Property Trust, Inc. (U.S. SOFR 1
Month+1.75%)±
|
|
5.48
|
11-18-2027
|
|
902,630
|
900,653
|
|
|
|
|
|
|
|
1,137,706
|
|
Industrial: 3.63%
|
|
|
|
|
|
|
|
Aerospace/defense: 1.29%
|
|
|
|
|
|
|
|
Karman Holdings, Inc. (U.S. SOFR 3 Month+2.75%)±
|
|
6.48
|
4-1-2032
|
|
497,500
|
498,992
|
|
TransDigm, Inc. (U.S. SOFR 1 Month+2.25%)±
|
|
5.98
|
3-22-2030
|
|
989,994
|
990,142
|
|
TransDigm, Inc. (U.S. SOFR 1 Month+2.50%)±
|
|
6.23
|
1-19-2032
|
|
2,060,000
|
2,062,431
|
|
|
|
|
|
|
|
3,551,565
|
|
Building materials: 0.13%
|
|
|
|
|
|
|
|
Quikrete Holdings, Inc. (U.S. SOFR 1 Month+2.25%)±
|
|
5.98
|
2-10-2032
|
|
350,562
|
350,689
|
|
Environmental control: 0.21%
|
|
|
|
|
|
|
|
MIP V Waste Holdings LLC (U.S. SOFR 3 Month+2.50%)‡±
|
|
6.32
|
8-20-2032
|
|
574,224
|
576,377
|
|
Machinery-diversified: 0.30%
|
|
|
|
|
|
|
|
TK Elevator U.S. Newco, Inc. (U.S. SOFR 6 Month+2.75%)±
|
|
6.70
|
4-30-2030
|
|
832,163
|
835,042
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Metal fabricate/hardware: 0.45%
|
|
|
|
|
|
|
|
Worthington Steel, Inc. (U.S. SOFR 1 Month+4.00%)±
|
|
7.73
%
|
6-1-2033
|
$
|
1,235,000
|
$1,239,014
|
|
Packaging & containers: 1.25%
|
|
|
|
|
|
|
|
Clydesdale Acquisition Holdings, Inc. (U.S. SOFR 1
Month+3.18%)±
|
|
6.91
|
4-13-2029
|
|
1,345,474
|
1,312,510
|
|
Graham Packaging Company, Inc. (U.S. SOFR 1
Month+2.25%)±
|
|
5.98
|
8-31-2026
|
|
997,500
|
997,311
|
|
Mauser Packaging Solutions Holding Co. (U.S. SOFR 1
Month+3.50%)±
|
|
7.15
|
4-15-2030
|
|
633,413
|
628,136
|
|
Owens-Illinois, Inc. (U.S. SOFR 1 Month+3.00%)±
|
|
6.73
|
9-30-2032
|
|
497,500
|
490,535
|
|
|
|
|
|
|
|
3,428,492
|
|
Technology: 2.14%
|
|
|
|
|
|
|
|
Computers: 0.22%
|
|
|
|
|
|
|
|
McAfee Corp. (U.S. SOFR 1 Month+3.00%)±
|
|
6.73
|
3-1-2029
|
|
662,893
|
597,790
|
|
Software: 1.92%
|
|
|
|
|
|
|
|
Applied Systems, Inc. (U.S. SOFR 3 Month+2.25%)±
|
|
5.98
|
2-24-2031
|
|
621,859
|
610,877
|
|
AthenaHealth Group, Inc. (U.S. SOFR 1 Month+3.25%)±
|
|
6.98
|
2-16-2032
|
|
1,041,738
|
1,033,279
|
|
Cloud Software Group, Inc. (U.S. SOFR 3 Month+3.25%)±
|
|
6.98
|
3-21-2031
|
|
338,567
|
306,356
|
|
Cloud Software Group, Inc. (U.S. SOFR 3 Month+3.25%)±
|
|
6.98
|
8-13-2032
|
|
758,629
|
677,919
|
|
Ellucian Holdings, Inc. (U.S. SOFR 1 Month+4.75%)±
|
|
8.48
|
11-22-2032
|
|
750,000
|
717,375
|
|
Genesys Cloud Services, Inc. (U.S. SOFR 1
Month+2.50%)±
|
|
6.23
|
1-30-2032
|
|
765,236
|
736,463
|
|
Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)±
|
|
7.48
|
11-28-2028
|
|
1,242,893
|
1,195,178
|
|
|
|
|
|
|
|
5,277,447
|
|
Total loans (Cost $49,914,344)
|
|
|
|
|
|
49,596,133
|
|
Non-agency mortgage-backed securities: 7.35%
|
|
|
|
|
|
|
|
1345 Trust Series 2025-AOA Class A (U.S. SOFR 1
Month+1.60%)144A±
|
|
5.28
|
6-15-2042
|
|
1,200,000
|
1,199,144
|
|
Banc of America Funding Trust Series 2005-5 Class 1A1
|
|
5.50
|
9-25-2035
|
|
31,930
|
32,046
|
|
Banc of America Funding Trust Series 2005-D Class A1±±
|
|
5.35
|
5-25-2035
|
|
56,437
|
54,779
|
|
Banc of America Mortgage Trust Series 2003-C
Class 1A1±±
|
|
6.12
|
4-25-2033
|
|
168,850
|
105,112
|
|
Bank Series 2017-BNK6 Class D144A
|
|
3.10
|
7-15-2060
|
|
1,000,000
|
844,506
|
|
BX Trust Series 2019-OC11 Class D144A±±
|
|
3.94
|
12-9-2041
|
|
700,000
|
658,656
|
|
BX Trust Series 2024-BIO Class A (U.S. SOFR 1
Month+1.64%)144A±
|
|
5.32
|
2-15-2041
|
|
1,000,000
|
999,999
|
|
BX Trust Series 2024-BIO Class C (U.S. SOFR 1
Month+2.64%)144A±
|
|
6.32
|
2-15-2041
|
|
449,000
|
446,197
|
|
BX Trust Series 2025-VLT6 Class B (U.S. SOFR 1
Month+1.89%)144A±
|
|
5.57
|
3-15-2042
|
|
1,000,000
|
996,261
|
|
CHL Mortgage Pass-Through Trust Series 2003-48
Class 2A2±±
|
|
6.26
|
10-25-2033
|
|
14,281
|
13,163
|
|
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-AR25 Class 1A1±±
|
|
3.53
|
9-25-2032
|
|
113,340
|
102,219
|
|
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-AR15 Class 3A1±±
|
|
6.44
|
6-25-2033
|
|
6,605
|
6,721
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Non-agency mortgage-backed securities(continued)
|
|
|
|
|
|
|
|
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-AR9 Class 2A2±±
|
|
5.64
%
|
3-25-2033
|
$
|
4,741
|
$4,726
|
|
CSMC Trust Series 2014-USA Class A1144A
|
|
3.30
|
9-15-2037
|
|
1,000,284
|
920,637
|
|
CSMC Trust Series 2014-USA Class D144A
|
|
4.37
|
9-15-2037
|
|
750,000
|
625,129
|
|
Global Mortgage Securitization Ltd. Series 2004-A Class A2
(U.S. SOFR 1 Month+0.43%)144A±
|
|
4.16
|
11-25-2032
|
|
3,159
|
3,146
|
|
GS Mortgage Securities Corp. Trust Series 2020-DUNE
Class D (U.S. SOFR 1 Month+2.16%)144A±
|
|
5.85
|
12-15-2036
|
|
799,999
|
775,999
|
|
GS Mortgage Securities Trust Series 2019-GSA1
Class C±±
|
|
3.80
|
11-10-2052
|
|
1,000,000
|
880,304
|
|
Hawaii Hotel Trust Series 2025-MAUI Class B (U.S. SOFR 1
Month+1.74%)144A±
|
|
5.42
|
3-15-2042
|
|
469,000
|
469,879
|
|
Hudson’s Bay Simon JV Trust Series 2015-HB10
Class A10144A
|
|
4.15
|
8-5-2034
|
|
195,661
|
186,100
|
|
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2019-OSB Class A144A
|
|
3.40
|
6-5-2039
|
|
1,000,000
|
938,593
|
|
JPMorgan Mortgage Trust Series 2004-A3 Class 3A3±±
|
|
5.12
|
7-25-2034
|
|
1,496
|
1,481
|
|
JPMorgan Mortgage Trust Series 2005-A3 Class 11A2±±
|
|
5.85
|
6-25-2035
|
|
38,704
|
38,658
|
|
MASTR Adjustable Rate Mortgages Trust Series 2003-6
Class 4A2±±
|
|
4.33
|
1-25-2034
|
|
1,394
|
1,364
|
|
MASTR Adjustable Rate Mortgages Trust Series 2004-13
Class 3A7±±
|
|
5.32
|
11-21-2034
|
|
1,966
|
1,952
|
|
MCR Mortgage Trust Series 2024-HF1 Class A (U.S. SOFR 1
Month+1.79%)144A±
|
|
5.47
|
12-15-2041
|
|
902,403
|
903,530
|
|
Merrill Lynch Mortgage Investors Trust Series 2003-G
Class A2 (U.S. SOFR 6 Month+1.11%)±
|
|
4.81
|
1-25-2029
|
|
4,509
|
4,407
|
|
MFA Trust Series 2022-NQM1 Class M1144A±±
|
|
4.28
|
12-25-2066
|
|
1,000,000
|
880,126
|
|
MLTI Trust Series 2026-MLTI Class C10 (U.S. SOFR 1
Month+1.80%)144A±
|
|
5.48
|
6-15-2039
|
|
500,000
|
501,277
|
|
Morgan Stanley Capital I Trust Series 2014-150E
Class A144A
|
|
3.91
|
9-9-2032
|
|
1,000,000
|
946,145
|
|
Morgan Stanley Capital I Trust Series 2021-230P Class A
(U.S. SOFR 1 Month+1.28%)144A±
|
|
4.96
|
12-15-2038
|
|
1,000,000
|
970,406
|
|
Morgan Stanley Mortgage Loan Trust Series 2004-4
Class 2A±±
|
|
6.19
|
9-25-2034
|
|
5,350
|
5,161
|
|
One New York Plaza Trust Series 2020-1NYP Class A
(U.S. SOFR 1 Month+1.06%)144A±
|
|
4.74
|
1-15-2036
|
|
943,908
|
916,771
|
|
PFDR Trust Series 2026-DLVR Class B (U.S. SOFR 1
Month+2.10%)144A±
|
|
5.78
|
6-15-2043
|
|
500,000
|
500,313
|
|
SDAL Trust Series 2025-DAL Class A (U.S. SOFR 1
Month+2.44%)144A±
|
|
6.12
|
4-15-2042
|
|
791,000
|
791,153
|
|
SDAL Trust Series 2025-DAL Class B (U.S. SOFR 1
Month+2.94%)144A±
|
|
6.62
|
4-15-2042
|
|
1,000,000
|
1,000,203
|
|
Sequoia Mortgage Trust Series 2003-1 Class 1A (U.S. SOFR
1 Month+0.87%)±
|
|
4.54
|
4-20-2033
|
|
1,394
|
1,288
|
|
SFAVE Commercial Mortgage Securities Trust Series 2015-
5AVE Class D144A±±
|
|
4.39
|
1-5-2043
|
|
1,000,000
|
725,237
|
|
SPGN Trust Series 2026-TFLM Class C (U.S. SOFR 1
Month+1.80%)144A±
|
|
5.48
|
2-15-2041
|
|
500,000
|
498,437
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Non-agency mortgage-backed securities(continued)
|
|
|
|
|
|
|
|
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-2 Class 2A±±
|
|
3.55
%
|
3-25-2034
|
$
|
7,765
|
$6,899
|
|
SWCH Commercial Mortgage Trust Series 2025-DATA
Class C (U.S. SOFR 1 Month+2.09%)144A±
|
|
5.77
|
2-15-2042
|
|
1,025,000
|
1,014,783
|
|
Vendee Mortgage Trust Series 2003-2ƒ±±
|
|
0.36
|
5-15-2033
|
|
606,889
|
4,873
|
|
Verus Securitization Trust Series 2021-1 Class A2144A±±
|
|
1.05
|
1-25-2066
|
|
197,130
|
179,364
|
|
Washington Mutual MSC Mortgage Pass-Through
Certificates Trust Series 2004-RA4 Class 3A
|
|
7.50
|
7-25-2034
|
|
36,583
|
37,744
|
|
Total non-agency mortgage-backed securities
(Cost $21,253,897)
|
|
|
|
|
|
20,194,888
|
|
Yankee corporate bonds and notes: 11.36%
|
|
|
|
|
|
|
|
Communications: 2.78%
|
|
|
|
|
|
|
|
Internet: 0.80%
|
|
|
|
|
|
|
|
Prosus NV144A
|
|
4.19
|
1-19-2032
|
|
1,000,000
|
938,283
|
|
Rakuten Group, Inc.144A
|
|
9.75
|
4-15-2029
|
|
1,155,000
|
1,254,065
|
|
|
|
|
|
|
|
2,192,348
|
|
Media: 0.81%
|
|
|
|
|
|
|
|
Videotron Ltd.144A
|
|
5.70
|
1-15-2035
|
|
550,000
|
540,598
|
|
Virgin Media Finance PLC144A
|
|
5.00
|
7-15-2030
|
|
430,000
|
264,592
|
|
Virgin Media Secured Finance PLC144A
|
|
4.50
|
8-15-2030
|
|
1,190,000
|
978,022
|
|
VZ Secured Financing BV144A
|
|
5.00
|
1-15-2032
|
|
550,000
|
451,002
|
|
|
|
|
|
|
|
2,234,214
|
|
Telecommunications: 1.17%
|
|
|
|
|
|
|
|
Rogers Communications, Inc. (5 Year Treasury Constant
Maturity+2.62%)±
|
|
7.13
|
4-15-2055
|
|
1,450,000
|
1,463,415
|
|
Telecom Italia Capital SA
|
|
7.20
|
7-18-2036
|
|
700,000
|
754,936
|
|
TELUS Corp. (5 Year Treasury Constant Maturity+2.52%)±
|
|
6.63
|
6-9-2056
|
|
185,000
|
180,684
|
|
TELUS Corp. (5 Year Treasury Constant Maturity+2.77%)±
|
|
6.63
|
10-15-2055
|
|
825,000
|
822,315
|
|
|
|
|
|
|
|
3,221,350
|
|
Consumer, cyclical: 1.21%
|
|
|
|
|
|
|
|
Airlines: 0.67%
|
|
|
|
|
|
|
|
Latam Airlines Group SA144A
|
|
7.63
|
1-7-2031
|
|
1,790,000
|
1,828,038
|
|
Auto manufacturers: 0.26%
|
|
|
|
|
|
|
|
Nissan Motor Co. Ltd.144A
|
|
8.13
|
7-17-2035
|
|
665,000
|
701,681
|
|
Entertainment: 0.20%
|
|
|
|
|
|
|
|
Banijay Entertainment SASU144A
|
|
8.13
|
5-1-2029
|
|
550,000
|
562,296
|
|
Leisure time: 0.08%
|
|
|
|
|
|
|
|
Royal Caribbean Cruises Ltd.144A
|
|
5.63
|
9-30-2031
|
|
230,000
|
230,806
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Consumer, non-cyclical: 2.43%
|
|
|
|
|
|
|
|
Cosmetics/Personal Care: 0.75%
|
|
|
|
|
|
|
|
Opal Bidco SAS144A
|
|
6.50
%
|
3-31-2032
|
$
|
870,000
|
$875,000
|
|
Perrigo Finance Unlimited Co.
|
|
6.13
|
9-30-2032
|
|
1,255,000
|
1,192,341
|
|
|
|
|
|
|
|
2,067,341
|
|
Food: 0.38%
|
|
|
|
|
|
|
|
Froneri Lux Finco Sarl144A
|
|
6.00
|
8-1-2032
|
|
1,080,000
|
1,055,614
|
|
Healthcare-products: 0.30%
|
|
|
|
|
|
|
|
Bausch & Lomb Corp.144A
|
|
8.38
|
10-1-2028
|
|
790,000
|
809,750
|
|
Pharmaceuticals: 1.00%
|
|
|
|
|
|
|
|
1261229 BC Ltd.144A
|
|
10.00
|
4-15-2032
|
|
1,430,000
|
1,461,815
|
|
Bausch Health Cos., Inc.144A
|
|
6.25
|
2-15-2029
|
|
360,000
|
282,600
|
|
Teva Pharmaceutical Finance Netherlands III BV
|
|
8.13
|
9-15-2031
|
|
900,000
|
996,540
|
|
|
|
|
|
|
|
2,740,955
|
|
Energy: 0.60%
|
|
|
|
|
|
|
|
Oil & gas: 0.19%
|
|
|
|
|
|
|
|
Saturn Oil & Gas, Inc.144A
|
|
8.50
|
7-30-2031
|
|
500,000
|
501,386
|
|
Pipelines: 0.41%
|
|
|
|
|
|
|
|
Enbridge, Inc. (5 Year Treasury Constant
Maturity+3.71%)±
|
|
7.38
|
1-15-2083
|
|
1,110,000
|
1,132,529
|
|
Financial: 2.53%
|
|
|
|
|
|
|
|
Banks: 1.54%
|
|
|
|
|
|
|
|
Banco del Estado de Chile (5 Year Treasury Constant
Maturity+3.23%)144Aʊ±
|
|
7.95
|
5-2-2029
|
|
530,000
|
554,885
|
|
BNP Paribas SA (5 Year Treasury Constant
Maturity+2.85%)144Aʊ±
|
|
6.88
|
12-15-2033
|
|
665,000
|
658,674
|
|
BNP Paribas SA (5 Year Treasury Constant
Maturity+3.73%)144Aʊ±
|
|
8.00
|
8-22-2031
|
|
760,000
|
806,310
|
|
NatWest Group PLC (5 Year Treasury Constant
Maturity+2.35%)±
|
|
3.03
|
11-28-2035
|
|
1,000,000
|
911,454
|
|
UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5
Year+3.24%)144Aʊ±
|
|
6.63
|
1-8-2031
|
|
1,000,000
|
997,277
|
|
UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5
Year+4.16%)144Aʊ±
|
|
7.75
|
4-12-2031
|
|
290,000
|
303,373
|
|
|
|
|
|
|
|
4,231,973
|
|
Diversified financial services: 0.72%
|
|
|
|
|
|
|
|
GGAM Finance Ltd.144A
|
|
5.88
|
3-15-2030
|
|
1,065,000
|
1,058,344
|
|
goeasy Ltd.144A
|
|
7.63
|
7-1-2029
|
|
965,000
|
916,245
|
|
|
|
|
|
|
|
1,974,589
|
|
Insurance: 0.27%
|
|
|
|
|
|
|
|
Fairfax Financial Holdings Ltd.
|
|
4.85
|
4-17-2028
|
|
750,000
|
750,347
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Industrial: 1.11%
|
|
|
|
|
|
|
|
Electronics: 0.32%
|
|
|
|
|
|
|
|
Sensata Technologies BV144A
|
|
5.88
%
|
9-1-2030
|
$
|
875,000
|
$875,718
|
|
Engineering & construction: 0.19%
|
|
|
|
|
|
|
|
CIMIC Finance USA Pty. Ltd.144A
|
|
7.00
|
3-25-2034
|
|
500,000
|
525,706
|
|
Packaging & containers: 0.60%
|
|
|
|
|
|
|
|
Ardagh Group SA (PIK at 5.00%)144A¥
|
|
11.00
|
12-1-2030
|
|
341,797
|
316,568
|
|
Trivium Packaging Finance BV144A
|
|
8.25
|
7-15-2030
|
|
543,000
|
573,999
|
|
Trivium Packaging Finance BV144A
|
|
12.25
|
1-15-2031
|
|
675,000
|
746,937
|
|
|
|
|
|
|
|
1,637,504
|
|
Technology: 0.18%
|
|
|
|
|
|
|
|
Semiconductors: 0.18%
|
|
|
|
|
|
|
|
Kioxia Holdings Corp.144A
|
|
6.63
|
7-24-2033
|
|
485,000
|
501,231
|
|
Utilities: 0.52%
|
|
|
|
|
|
|
|
Electric: 0.39%
|
|
|
|
|
|
|
|
Algonquin Power & Utilities Corp. (5 Year Treasury
Constant Maturity+3.25%)±
|
|
4.75
|
1-18-2082
|
|
1,075,000
|
1,065,010
|
|
Water: 0.13%
|
|
|
|
|
|
|
|
Veolia Environnement SA
|
|
6.75
|
6-1-2038
|
|
350,000
|
362,131
|
|
Total yankee corporate bonds and notes (Cost $31,599,954)
|
|
|
|
|
|
31,202,517
|
|
Yankee government bonds: 0.27%
|
|
|
|
|
|
|
|
Trinidad and Tobago: 0.27%
|
|
|
|
|
|
|
|
Trinidad & Tobago144A
|
|
4.50
|
8-4-2026
|
|
750,000
|
747,000
|
|
Total yankee government bonds (Cost $749,998)
|
|
|
|
|
|
747,000
|
|
|
|
Yield
|
|
Shares
|
|
|
|
Short-term investments: 5.27%
|
|
|
|
|
|
|
|
Investment companies: 5.27%
|
|
|
|
|
|
|
|
Allspring Government Money Market Fund Select
Class♠∞##
|
|
3.59
|
|
|
14,493,698
|
14,493,698
|
|
Total short-term investments (Cost $14,493,698)
|
|
|
|
|
|
14,493,698
|
|
Total investments in securities (Cost $393,346,014)
|
142.77
%
|
|
|
|
|
392,288,514
|
|
Other assets and liabilities, net
|
(42.77
)
|
|
|
|
|
(117,522,886
)
|
|
Total net assets
|
100.00
%
|
|
|
|
|
$274,765,628
|
|
±
|
Variable rate investment. The rate shown is the rate in effect at period end.
|
|
ƒ
|
Investment in an interest-only security that entitles holders to receive only the
interest payments on the underlying mortgages. The principal amount shown is the
notional amount of the underlying mortgages. The rate represents the coupon rate.
|
|
±±
|
The coupon of the security is adjusted based on the principal and/or interest payments
received from the underlying pool of mortgages as well as the credit quality
and the actual prepayment speed of the underlying mortgages. The rate shown is the
rate in effect at period end.
|
|
144A
|
The security may be resold in transactions exempt from registration, normally to qualified
institutional buyers, pursuant to Rule 144A under the Securities Act of
1933.
|
|
†
|
Non-income-earning security
|
|
˃
|
Restricted security as to resale, excluding Rule 144A securities. The Fund held a
restricted security with current value of $1,117,106 (original cost of $325,099),
representing 0.41% of its net assets as of period end.
|
|
%%
|
The security is purchased on a when-issued basis.
|
|
¥
|
A payment-in-kind (PIK) security is a security in which the issuer may make interest
or dividend payments in cash or additional securities or a combination of both.
The rate shown is the rate in effect at period end.
|
|
♦
|
The security is fair valued in accordance with procedures approved by Allspring Funds
Management, LLC.
|
|
ʊ
|
Security is perpetual in nature and has no stated maturity date. The date shown reflects
the next call date.
|
|
‡
|
Security is valued using significant unobservable inputs.
|
|
♠
|
The issuer of the security is an affiliated person of the Fund as defined in the Investment
Company Act of 1940.
|
|
∞
|
The rate represents the 7-day annualized yield at period end.
|
|
##
|
All or a portion of this security is segregated as collateral for when-issued securities.
|
|
Abbreviations:
|
|
|
AG
|
Assured Guaranty Incorporation
|
|
AUD
|
Australian dollar
|
|
BDC
|
Business Development Company
|
|
BRL
|
Brazilian real
|
|
COP
|
Colombian peso
|
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
|
FNMA
|
Federal National Mortgage Association
|
|
GBP
|
Great British pound
|
|
GNMA
|
Government National Mortgage Association
|
|
HUF
|
Hungarian forint
|
|
IDR
|
Indonesian rupiah
|
|
INR
|
Indian rupee
|
|
MXN
|
Mexican peso
|
|
REIT
|
Real estate investment trust
|
|
RON
|
Romanian lei
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
ZAR
|
South African rand
|
|
|
Value,
beginning of
period
|
Purchases
|
Sales
proceeds
|
Net
realized
gains
(losses)
|
Net
change in
unrealized
gains
(losses)
|
Value,
end of
period
|
Shares,
end
of period
|
Income
from
affiliated
securities
|
|
Short-term investments
|
|
|
|
|
|
|
|
|
|
Allspring Government Money Market Fund Select
Class
|
$9,517,873
|
$82,272,909
|
$(77,297,084
)
|
$0
|
$0
|
$14,493,698
|
14,493,698
|
$264,977
|
|
|
Quoted prices
(Level 1)
|
Other significant
observable inputs
(Level 2)
|
Significant
unobservable inputs
(Level 3)
|
Total
|
|
Assets
|
|
|
|
|
|
Investments in:
|
|
|
|
|
|
Agency securities
|
$0
|
$146,971
|
$0
|
$146,971
|
|
Asset-backed securities
|
0
|
12,275,102
|
0
|
12,275,102
|
|
Common stocks
|
|
|
|
|
|
Energy
|
0
|
1,117,106
|
0
|
1,117,106
|
|
Health care
|
0
|
430,693
|
0
|
430,693
|
|
Corporate bonds and notes
|
0
|
174,798,069
|
0
|
174,798,069
|
|
Foreign corporate bonds and notes
|
0
|
32,599,257
|
0
|
32,599,257
|
|
Foreign government bonds
|
0
|
54,687,080
|
0
|
54,687,080
|
|
Loans
|
0
|
47,034,917
|
2,561,216
|
49,596,133
|
|
Non-agency mortgage-backed securities
|
0
|
20,194,888
|
0
|
20,194,888
|
|
Yankee corporate bonds and notes
|
0
|
31,202,517
|
0
|
31,202,517
|
|
Yankee government bonds
|
0
|
747,000
|
0
|
747,000
|
|
Short-term investments
|
|
|
|
|
|
Investment companies
|
14,493,698
|
0
|
0
|
14,493,698
|
|
Total assets
|
$14,493,698
|
$375,233,600
|
$2,561,216
|
$392,288,514
|
|
|
Balance,
beginning
of
period
|
Net
Purchases
|
Net
Sales/
Settlements
|
Accrued
Discounts
(Premiums)
|
Realized
Gains
(Losses)
|
Net
Change in
Unrealized
gains
(losses)
|
Transfers
into
Level 3
|
Transfers
out
of Level 3
|
Balance,
end of
period
|
|
Investments in:
|
|||||||||
|
Common stocks
|
$68,083
|
$0
|
$(54,786
)
|
$0
|
$(345,984
)
|
$332,687
|
$0
|
$0
|
$0
|
|
Loans
|
2,404,814
|
3,061,761
|
(992,165
)
|
16,719
|
(730,251
)
|
436,354
|
0
|
(1,636,016
)
|
2,561,216
|
|
|
$2,472,897
|
$3,061,761
|
$(1,046,951
)
|
$16,719
|
$(1,076,235
)
|
$769,041
|
$0
|
$(1,636,016
)
|
$2,561,216
|
|
|
Net Change in
Unrealized
Gains (Losses) on
Investments
Held at
July 31, 2026
|
|
Investments in:
|
|
|
Common stocks
|
$0
|
|
Loans
|
449,231
|
|
|
$449,231
|
|
Level 3 Security
Types
|
Fair value at
July 31, 2026
|
Valuation
technique
|
Significant
unobservable input
|
Weighted
average
|
Range
|
Impact to valuation
from an increase to
input*
|
|
Loans
|
$2,561,216
|
Market
Approach
|
Broker
quotes
|
N/A
|
N/A
|
Increase/Decrease
|