|
|
Principal
|
Value
|
|
CORPORATE DEBT SECURITIES - 68.8%
|
||
|
Aerospace & Defense - 2.0%
|
||
|
BAE Systems PLC
|
|
|
|
3.40%, 04/15/2030 (A)
|
$ 12,270,000
|
$ 11,652,103
|
|
Boeing Co.
|
|
|
|
3.20%, 03/01/2029
|
23,686,000
|
22,775,652
|
|
HEICO Corp.
|
|
|
|
5.25%, 08/01/2028
|
14,873,000
|
15,027,519
|
|
Hexcel Corp.
|
|
|
|
4.90%, 05/15/2031
|
2,084,000
|
2,058,223
|
|
Honeywell Aerospace, Inc.
|
|
|
|
4.00%, 03/16/2029 (A)
|
6,870,000
|
6,743,607
|
|
L3Harris Technologies, Inc.
|
|
|
|
3.85%, 12/15/2026
|
11,440,000
|
11,418,842
|
|
|
|
69,675,946
|
|
Automobiles - 2.2%
|
||
|
Ford Motor Credit Co. LLC
|
|
|
|
4.97%, 04/06/2029
|
5,000,000
|
4,941,368
|
|
7.35%, 11/04/2027
|
7,452,000
|
7,643,765
|
|
General Motors Co.
|
|
|
|
5.35%, 04/15/2028
|
9,301,000
|
9,381,355
|
|
General Motors Financial Co., Inc.
|
|
|
|
4.20%, 10/27/2028
|
3,467,000
|
3,424,684
|
|
Hyundai Capital America
|
|
|
|
4.75%, 06/18/2029 (A)
|
9,417,000
|
9,352,537
|
|
4.90%, 06/23/2028 (A)
|
9,497,000
|
9,496,414
|
|
Stellantis Financial Services U.S. Corp.
|
|
|
|
5.40%, 06/15/2029 (A)
|
14,775,000
|
14,671,118
|
|
Volkswagen Group of America
Finance LLC
|
|
|
|
4.45%, 09/11/2027 (A)
|
7,550,000
|
7,523,408
|
|
4.95%, 08/15/2029 (A)
|
11,265,000
|
11,218,933
|
|
|
|
77,653,582
|
|
Banks - 19.5%
|
||
|
ABN AMRO Bank NV
|
|
|
|
4.20%, 07/07/2028 (A)
|
17,000,000
|
16,883,382
|
|
Banco Santander SA
|
|
|
|
Fixed until 03/24/2027,
4.18% (B), 03/24/2028
|
7,000,000
|
6,976,944
|
|
Fixed until 03/14/2027,
5.55% (B), 03/14/2028
|
7,800,000
|
7,841,017
|
|
Bank of America Corp.
|
|
|
|
Fixed until 04/24/2027,
3.71% (B), 04/24/2028
|
10,867,000
|
10,799,998
|
|
Fixed until 04/27/2027,
4.38% (B), 04/27/2028
|
25,894,000
|
25,852,837
|
|
Fixed until 09/15/2028,
5.82% (B), 09/15/2029
|
15,950,000
|
16,271,545
|
|
Bank of Montreal
|
|
|
|
2.65%, 03/08/2027
|
1,220,000
|
1,208,484
|
|
Fixed until 06/02/2028,
4.55% (B), 06/02/2029
|
16,939,000
|
16,872,248
|
|
Bank of New York Mellon
|
|
|
|
Fixed until 04/20/2028,
4.73% (B), 04/20/2029
|
9,575,000
|
9,594,650
|
|
Bank of Nova Scotia
|
|
|
|
Fixed until 09/08/2027,
4.40% (B), 09/08/2028
|
16,352,000
|
16,309,024
|
|
|
Principal
|
Value
|
|
CORPORATE DEBT SECURITIES (continued)
|
||
|
Banks (continued)
|
||
|
Banque Federative du Credit Mutuel SA
|
|
|
|
5.19%, 02/16/2028 (A)
|
$ 15,000,000
|
$ 15,109,266
|
|
Barclays PLC
|
|
|
|
Fixed until 11/11/2028,
4.48% (B), 11/11/2029
|
15,945,000
|
15,779,839
|
|
CaixaBank SA
|
|
|
|
Fixed until 01/18/2028,
6.21% (B), 01/18/2029 (A)
|
14,800,000
|
15,109,446
|
|
Canadian Imperial Bank of Commerce
|
|
|
|
Fixed until 03/31/2028,
4.86% (B), 03/30/2029
|
21,256,000
|
21,285,511
|
|
Citigroup, Inc.
|
|
|
|
Fixed until 07/24/2027,
3.67% (B), 07/24/2028
|
10,400,000
|
10,300,380
|
|
Fixed until 04/23/2028,
4.08% (B), 04/23/2029
|
26,894,000
|
26,593,447
|
|
Credit Agricole SA
|
|
|
|
Fixed until 09/11/2027,
4.63% (B), 09/11/2028 (A)
|
12,832,000
|
12,819,584
|
|
Deutsche Bank AG
|
|
|
|
Fixed until 01/10/2028,
5.37% (B), 01/10/2029
|
13,948,000
|
14,046,120
|
|
Fifth Third Bancorp
|
|
|
|
Fixed until 04/29/2031,
4.57% (B), 04/29/2032
|
10,963,000
|
10,653,074
|
|
First Citizens BancShares, Inc.
|
|
|
|
Fixed until 03/12/2030,
5.23% (B), 03/12/2031
|
13,375,000
|
13,222,394
|
|
First-Citizens Bank & Trust Co.
|
|
|
|
Fixed until 07/13/2028,
5.10% (B), 07/13/2029
|
4,137,000
|
4,126,664
|
|
Goldman Sachs Group, Inc.
|
|
|
|
Fixed until 10/21/2028,
4.15% (B), 10/21/2029
|
17,952,000
|
17,667,035
|
|
Fixed until 04/20/2029,
4.59% (B), 04/20/2030
|
17,646,000
|
17,456,097
|
|
HSBC Holdings PLC
|
|
|
|
Fixed until 03/03/2028,
4.90% (B), 03/03/2029
|
9,774,000
|
9,792,017
|
|
Intesa Sanpaolo SpA
|
|
|
|
3.88%, 07/14/2027 - 01/12/2028 (A)
|
16,714,000
|
16,607,275
|
|
4.00%, 09/23/2029 (A)
|
7,550,000
|
7,344,513
|
|
JPMorgan Chase & Co.
|
|
|
|
Fixed until 09/22/2026,
1.47% (B), 09/22/2027
|
1,170,000
|
1,165,269
|
|
Fixed until 02/24/2027,
2.95% (B), 02/24/2028
|
20,731,000
|
20,549,794
|
|
Fixed until 01/24/2028,
4.92% (B), 01/24/2029
|
19,331,000
|
19,401,415
|
|
Lloyds Banking Group PLC
|
|
|
|
Fixed until 06/13/2028,
4.82% (B), 06/13/2029
|
10,412,000
|
10,417,176
|
|
Manufacturers & Traders Trust Co.
|
|
|
|
Fixed until 07/06/2027,
4.76% (B), 07/06/2028
|
16,000,000
|
16,005,083
|
|
Morgan Stanley
|
|
|
|
Fixed until 01/09/2029,
4.24% (B), 01/09/2030
|
19,932,000
|
19,600,737
|
|
|
Principal
|
Value
|
|
CORPORATE DEBT SECURITIES (continued)
|
||
|
Banks (continued)
|
||
|
Morgan Stanley Private Bank NA
|
|
|
|
Fixed until 07/06/2027,
4.47% (B), 07/06/2028
|
$ 17,200,000
|
$ 17,173,695
|
|
National Australia Bank Ltd.
|
|
|
|
4.50%, 10/26/2027
|
14,000,000
|
14,014,225
|
|
PNC Financial Services Group, Inc.
|
|
|
|
Fixed until 01/26/2028,
4.08% (B), 01/26/2029
|
9,966,000
|
9,871,221
|
|
Fixed until 06/12/2028,
5.58% (B), 06/12/2029 (C)
|
10,461,000
|
10,614,604
|
|
Royal Bank of Canada
|
|
|
|
Fixed until 11/03/2027,
4.00% (B), 11/03/2028
|
10,000,000
|
9,923,889
|
|
Fixed until 10/18/2027,
4.52% (B), 10/18/2028
|
11,964,000
|
11,945,031
|
|
Santander U.K. Group Holdings PLC
|
|
|
|
Fixed until 09/22/2028,
4.32% (B), 09/22/2029
|
22,149,000
|
21,869,905
|
|
State Street Corp.
|
|
|
|
Fixed until 04/24/2027,
4.54% (B), 04/24/2028
|
4,860,000
|
4,861,472
|
|
Sumitomo Mitsui Financial Group, Inc.
|
|
|
|
3-Month SOFR + 0.88%,
4.54% (B), 01/14/2027
|
1,445,000
|
1,448,714
|
|
Svenska Handelsbanken AB
|
|
|
|
5.50%, 06/15/2028 (A)
|
15,000,000
|
15,223,754
|
|
Swedbank AB
|
|
|
|
5.34%, 09/20/2027 (A)
|
21,078,000
|
21,266,953
|
|
Truist Financial Corp.
|
|
|
|
Fixed until 07/23/2029,
4.96% (B), 07/23/2030
|
17,817,000
|
17,790,118
|
|
U.S. Bank NA
|
|
|
|
Fixed until 05/14/2027,
4.73% (B), 05/15/2028
|
23,038,000
|
23,064,937
|
|
UBS Group AG
|
|
|
|
Fixed until 12/23/2028,
4.15% (B), 12/23/2029 (A)
|
17,800,000
|
17,517,599
|
|
Fixed until 08/11/2027,
6.44% (B), 08/11/2028 (A)
|
15,596,000
|
15,875,015
|
|
Wells Fargo & Co.
|
|
|
|
Fixed until 03/24/2027,
3.53% (B), 03/24/2028
|
5,989,000
|
5,948,692
|
|
Fixed until 05/22/2027,
3.58% (B), 05/22/2028
|
34,017,000
|
33,739,282
|
|
|
|
695,811,371
|
|
Biotechnology - 1.2%
|
||
|
Amgen, Inc.
|
|
|
|
5.15%, 03/02/2028
|
18,644,000
|
18,787,501
|
|
Illumina, Inc.
|
|
|
|
4.65%, 09/09/2026
|
6,543,000
|
6,545,033
|
|
Royalty Pharma PLC
|
|
|
|
5.15%, 09/02/2029
|
18,482,000
|
18,648,022
|
|
|
|
43,980,556
|
|
Building Products - 0.2%
|
||
|
Amrize Finance U.S. LLC
|
|
|
|
4.95%, 04/07/2030
|
6,418,000
|
6,414,894
|
|
|
Principal
|
Value
|
|
CORPORATE DEBT SECURITIES (continued)
|
||
|
Capital Markets - 0.8%
|
||
|
Ares Capital Corp.
|
|
|
|
5.88%, 03/01/2029
|
$ 12,057,000
|
$ 12,109,147
|
|
Ares Strategic Income Fund
|
|
|
|
5.45%, 09/09/2028
|
3,187,000
|
3,168,307
|
|
Blackstone Secured Lending Fund
|
|
|
|
5.25%, 09/04/2029
|
2,564,000
|
2,522,427
|
|
5.35%, 04/13/2028
|
10,962,000
|
10,904,602
|
|
|
|
28,704,483
|
|
Chemicals - 0.6%
|
||
|
Celanese U.S. Holdings LLC
|
|
|
|
7.35%, 11/15/2028
|
7,717,000
|
8,006,141
|
|
Mosaic Co.
|
|
|
|
4.35%, 01/15/2029
|
14,709,000
|
14,531,762
|
|
|
|
22,537,903
|
|
Commercial Services & Supplies - 2.7%
|
||
|
Ashtead Capital, Inc.
|
|
|
|
1.50%, 08/12/2026 (A)
|
7,199,000
|
7,193,482
|
|
Eaton Corp.
|
|
|
|
3.95%, 03/06/2029
|
14,793,000
|
14,529,320
|
|
Element Fleet Management Corp.
|
|
|
|
4.80%, 05/29/2029 (A)
|
7,215,000
|
7,170,754
|
|
5.64%, 03/13/2027 (A)
|
11,964,000
|
12,029,993
|
|
Equifax, Inc.
|
|
|
|
5.00%, 08/15/2029
|
4,910,000
|
4,916,555
|
|
ERAC USA Finance LLC
|
|
|
|
4.50%, 10/30/2029 (A)
|
14,835,000
|
14,668,529
|
|
4.60%, 05/01/2028 (A)
|
20,029,000
|
20,021,308
|
|
Quanta Services, Inc.
|
|
|
|
4.75%, 08/09/2027
|
14,874,000
|
14,898,117
|
|
|
|
95,428,058
|
|
Communications Equipment - 0.7%
|
||
|
AT&T, Inc.
|
|
|
|
4.35%, 03/01/2029
|
10,534,000
|
10,404,702
|
|
NTT Finance Corp.
|
|
|
|
4.62%, 07/16/2028 (A)
|
3,998,000
|
3,981,039
|
|
Orange SA
|
|
|
|
4.00%, 01/13/2029 (A)
|
12,000,000
|
11,780,409
|
|
|
|
26,166,150
|
|
Consumer Staples Distribution & Retail - 0.8%
|
||
|
Alimentation Couche-Tard, Inc.
|
|
|
|
4.15%, 09/29/2028 (A)
|
14,949,000
|
14,786,323
|
|
Lowe's Cos., Inc.
|
|
|
|
4.00%, 10/15/2028
|
14,949,000
|
14,736,945
|
|
|
|
29,523,268
|
|
Diversified REITs - 0.5%
|
||
|
Equinix, Inc.
|
|
|
|
2.00%, 05/15/2028
|
9,597,000
|
9,150,970
|
|
VICI Properties LP
|
|
|
|
4.75%, 04/01/2028
|
9,067,000
|
9,043,170
|
|
|
|
18,194,140
|
|
|
Principal
|
Value
|
|
CORPORATE DEBT SECURITIES (continued)
|
||
|
Electric Utilities - 4.8%
|
||
|
DTE Energy Co.
|
|
|
|
4.95%, 07/01/2027
|
$ 9,432,000
|
$ 9,468,538
|
|
Duke Energy Corp.
|
|
|
|
4.30%, 03/15/2028
|
2,573,000
|
2,559,497
|
|
5.00%, 12/08/2027
|
13,791,000
|
13,860,143
|
|
Edison International
|
|
|
|
5.75%, 06/15/2027 (C)
|
17,373,000
|
17,455,680
|
|
ENEL Finance International NV
|
|
|
|
4.13%, 09/30/2028 (A)
|
15,556,000
|
15,348,834
|
|
Evergy Kansas Central, Inc.
|
|
|
|
4.70%, 03/13/2028
|
16,705,000
|
16,699,110
|
|
Evergy Missouri West, Inc.
|
|
|
|
4.70%, 05/21/2029 (A)
|
4,543,000
|
4,524,545
|
|
Eversource Energy
|
|
|
|
5.00%, 01/01/2027
|
9,892,000
|
9,916,473
|
|
FirstEnergy Corp.
|
|
|
|
3.90%, 07/15/2027
|
10,832,000
|
10,776,495
|
|
NextEra Energy Capital Holdings, Inc.
|
|
|
|
4.69%, 09/01/2027
|
7,688,000
|
7,700,242
|
|
4.90%, 02/28/2028
|
10,919,000
|
10,967,945
|
|
Southern Co.
|
|
|
|
4.85%, 06/15/2028
|
14,878,000
|
14,925,323
|
|
Vistra Operations Co. LLC
|
|
|
|
4.30%, 10/15/2028 (A)
|
9,841,000
|
9,695,843
|
|
4.38%, 05/01/2029 (A)
|
7,288,000
|
7,111,242
|
|
4.70%, 01/31/2031 (A)
|
9,841,000
|
9,579,477
|
|
Xcel Energy, Inc.
|
|
|
|
1.75%, 03/15/2027
|
9,780,000
|
9,627,537
|
|
|
|
170,216,924
|
|
Electronic Equipment, Instruments & Components - 1.1%
|
||
|
Amphenol Corp.
|
|
|
|
5.05%, 04/05/2027
|
6,822,000
|
6,853,797
|
|
Arrow Electronics, Inc.
|
|
|
|
5.15%, 08/21/2029
|
9,907,000
|
9,938,837
|
|
Keysight Technologies, Inc.
|
|
|
|
4.60%, 04/06/2027
|
21,884,000
|
21,891,476
|
|
|
|
38,684,110
|
|
Financial Services - 4.7%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust
|
|
|
|
4.13%, 02/28/2029
|
21,127,000
|
20,743,381
|
|
Aviation Capital Group LLC
|
|
|
|
5.38%, 07/15/2029 (A)
|
5,153,000
|
5,189,955
|
|
Avolon Holdings Funding Ltd.
|
|
|
|
6.38%, 05/04/2028 (A)
|
21,612,000
|
22,109,722
|
|
Capital One Financial Corp.
|
|
|
|
3.75%, 03/09/2027
|
16,143,000
|
16,087,018
|
|
Fixed until 06/08/2028,
6.31% (B), 06/08/2029
|
10,293,000
|
10,548,044
|
|
Charles Schwab Corp.
|
|
|
|
3.25%, 05/22/2029
|
11,461,000
|
11,050,510
|
|
Fixed until 07/27/2028,
4.60% (B), 07/27/2029
|
9,372,000
|
9,349,382
|
|
Lazard Group LLC
|
|
|
|
4.50%, 09/19/2028
|
16,536,000
|
16,418,108
|
|
|
Principal
|
Value
|
|
CORPORATE DEBT SECURITIES (continued)
|
||
|
Financial Services (continued)
|
||
|
LPL Holdings, Inc.
|
|
|
|
4.63%, 11/15/2027 (A)
|
$ 6,469,000
|
$ 6,430,561
|
|
Lseg U.S. Fin Corp.
|
|
|
|
4.25%, 03/23/2029 (A)
|
14,000,000
|
13,803,589
|
|
Rocket Cos., Inc.
|
|
|
|
6.13%, 08/01/2030 (A)
|
4,351,000
|
4,386,274
|
|
Sumisho Air Lease Corp.
|
|
|
|
5.10%, 03/01/2029
|
17,399,000
|
17,429,689
|
|
UWM Holdings LLC
|
|
|
|
6.25%, 03/15/2031 (A)(C)
|
10,551,000
|
9,414,109
|
|
6.63%, 02/01/2030 (A)
|
4,933,000
|
4,576,079
|
|
|
|
167,536,421
|
|
Food Products - 2.3%
|
||
|
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons LP
|
|
|
|
5.50%, 03/31/2031 (A)
|
10,962,000
|
10,533,074
|
|
Altria Group, Inc.
|
|
|
|
4.88%, 02/04/2028
|
9,983,000
|
10,022,160
|
|
Imperial Brands Finance PLC
|
|
|
|
4.50%, 06/30/2028 (A)
|
9,450,000
|
9,401,248
|
|
J.M. Smucker Co.
|
|
|
|
5.90%, 11/15/2028
|
10,960,000
|
11,236,536
|
|
Mars, Inc.
|
|
|
|
4.45%, 03/01/2027 (A)
|
9,778,000
|
9,796,637
|
|
Philip Morris International, Inc.
|
|
|
|
3.88%, 10/27/2028
|
15,000,000
|
14,767,845
|
|
4.38%, 11/01/2027
|
17,972,000
|
17,942,291
|
|
|
|
83,699,791
|
|
Health Care Equipment & Supplies - 1.5%
|
||
|
Abbott Laboratories
|
|
|
|
3.70%, 03/09/2029
|
10,963,000
|
10,712,389
|
|
Baxter International, Inc.
|
|
|
|
4.45%, 02/15/2029
|
4,983,000
|
4,908,380
|
|
GE HealthCare Technologies, Inc.
|
|
|
|
4.15%, 12/15/2028
|
6,977,000
|
6,893,440
|
|
Medline Borrower LP/Medline Co-Issuer,
Inc.
|
|
|
|
5.00%, 06/15/2031 (A)
|
14,724,000
|
14,519,386
|
|
Zimmer Biomet Holdings, Inc.
|
|
|
|
4.70%, 02/19/2027
|
14,726,000
|
14,753,350
|
|
|
|
51,786,945
|
|
Health Care Providers & Services - 1.4%
|
||
|
Centene Corp.
|
|
|
|
2.45%, 07/15/2028
|
14,978,000
|
14,216,719
|
|
Elevance Health, Inc.
|
|
|
|
4.50%, 10/30/2026
|
14,698,000
|
14,710,117
|
|
HCA, Inc.
|
|
|
|
5.00%, 03/01/2028
|
6,974,000
|
7,004,731
|
|
Health Care Service Corp. A Mutual Legal
Reserve Co.
|
|
|
|
5.20%, 06/15/2029 (A)
|
14,949,000
|
15,030,298
|
|
|
|
50,961,865
|
|
|
Principal
|
Value
|
|
CORPORATE DEBT SECURITIES (continued)
|
||
|
Health Care REITs - 0.7%
|
||
|
Healthcare Realty Holdings LP
|
|
|
|
3.10%, 02/15/2030
|
$ 14,816,000
|
$ 13,853,910
|
|
Ventas Realty LP
|
|
|
|
3.25%, 10/15/2026
|
8,903,000
|
8,884,744
|
|
3.85%, 04/01/2027
|
750,000
|
747,248
|
|
|
|
23,485,902
|
|
Hotel & Resort REITs - 0.3%
|
||
|
Host Hotels & Resorts LP
|
|
|
|
4.25%, 12/15/2028
|
11,806,000
|
11,627,143
|
|
Hotels, Restaurants & Leisure - 0.4%
|
||
|
Carnival Corp. Ltd.
|
|
|
|
5.13%, 05/01/2029 (A)
|
4,900,000
|
4,862,055
|
|
Hyatt Hotels Corp.
|
|
|
|
5.75%, 01/30/2027
|
9,902,000
|
9,946,431
|
|
|
|
14,808,486
|
|
Insurance - 3.9%
|
||
|
Aon Corp.
|
|
|
|
4.50%, 12/15/2028
|
11,385,000
|
11,332,746
|
|
Arthur J Gallagher & Co.
|
|
|
|
4.60%, 12/15/2027
|
9,758,000
|
9,759,617
|
|
Athene Global Funding
|
|
|
|
5.35%, 07/09/2027 (A)
|
14,248,000
|
14,350,708
|
|
Brown & Brown, Inc.
|
|
|
|
4.70%, 06/23/2028
|
4,982,000
|
4,972,432
|
|
Corebridge Global Funding
|
|
|
|
4.90%, 01/07/2028 (A)(C)
|
11,739,000
|
11,774,002
|
|
Equitable Financial Life Global Funding
|
|
|
|
4.88%, 11/19/2027 (A)
|
13,954,000
|
13,976,906
|
|
Fortitude Group Holdings LLC
|
|
|
|
6.25%, 04/01/2030 (A)
|
15,630,000
|
15,919,735
|
|
Guardian Life Global Funding
|
|
|
|
5.55%, 10/28/2027 (A)
|
5,000,000
|
5,063,564
|
|
Jackson National Life Global Funding
|
|
|
|
4.60%, 10/01/2029 (A)
|
14,058,000
|
13,856,817
|
|
New York Life Global Funding
|
|
|
|
3.90%, 10/01/2027 (A)
|
9,983,000
|
9,908,185
|
|
4.40%, 04/25/2028 (A)
|
11,264,000
|
11,233,717
|
|
RGA Global Funding
|
|
|
|
4.35%, 08/25/2028 (A)
|
15,965,000
|
15,805,341
|
|
|
|
137,953,770
|
|
Internet & Catalog Retail - 0.6%
|
||
|
Amazon.com, Inc.
|
|
|
|
3.85%, 03/13/2028
|
10,903,000
|
10,800,540
|
|
Meta Platforms, Inc.
|
|
|
|
4.60%, 05/15/2028
|
10,579,000
|
10,598,667
|
|
|
|
21,399,207
|
|
IT Services - 0.6%
|
||
|
DXC Technology Co.
|
|
|
|
1.80%, 09/15/2026
|
3,085,000
|
3,076,173
|
|
|
Principal
|
Value
|
|
CORPORATE DEBT SECURITIES (continued)
|
||
|
IT Services (continued)
|
||
|
Hewlett Packard Enterprise Co.
|
|
|
|
4.60%, 03/23/2029
|
$ 9,468,000
|
$ 9,412,550
|
|
5.25%, 07/01/2028
|
9,917,000
|
10,011,291
|
|
|
|
22,500,014
|
|
Machinery - 0.8%
|
||
|
CNH Industrial Capital LLC
|
|
|
|
4.75%, 03/21/2028
|
9,781,000
|
9,774,517
|
|
GE Vernova, Inc.
|
|
|
|
4.25%, 02/04/2031
|
6,868,000
|
6,696,678
|
|
Huntington Ingalls Industries, Inc.
|
|
|
|
2.04%, 08/16/2028
|
8,926,000
|
8,458,971
|
|
5.35%, 01/15/2030
|
2,990,000
|
3,018,837
|
|
|
|
27,949,003
|
|
Media - 1.0%
|
||
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital
|
|
|
|
6.10%, 06/01/2029
|
9,885,000
|
10,032,141
|
|
Fox Corp.
|
|
|
|
4.71%, 01/25/2029
|
17,716,000
|
17,633,126
|
|
Omnicom Group, Inc.
|
|
|
|
4.20%, 03/02/2029
|
7,972,000
|
7,831,329
|
|
|
|
35,496,596
|
|
Metals & Mining - 0.6%
|
||
|
ArcelorMittal SA
|
|
|
|
6.55%, 11/29/2027
|
12,899,000
|
13,186,062
|
|
Steel Dynamics, Inc.
|
|
|
|
4.00%, 12/15/2028
|
9,341,000
|
9,194,394
|
|
|
|
22,380,456
|
|
Mortgage Real Estate Investment Trusts - 0.6%
|
||
|
Ladder Capital Finance
Holdings LLLP/Ladder Capital Finance
Corp.
|
|
|
|
4.25%, 02/01/2027 (A)
|
14,750,000
|
14,673,595
|
|
Starwood Property Trust, Inc.
|
|
|
|
5.25%, 10/15/2028 (A)
|
2,947,000
|
2,920,740
|
|
5.88%, 08/15/2029 (A)
|
3,215,000
|
3,220,384
|
|
|
|
20,814,719
|
|
Oil, Gas & Consumable Fuels - 2.9%
|
||
|
Canadian Natural Resources Ltd.
|
|
|
|
3.85%, 06/01/2027
|
15,000,000
|
14,913,508
|
|
Cheniere Corpus Christi Holdings LLC
|
|
|
|
5.13%, 06/30/2027
|
14,433,000
|
14,458,863
|
|
Diamondback Energy, Inc.
|
|
|
|
5.20%, 04/18/2027
|
13,837,000
|
13,900,789
|
|
Energy Transfer LP
|
|
|
|
4.95%, 05/15/2028
|
10,502,000
|
10,534,846
|
|
Equinor ASA
|
|
|
|
4.25%, 06/02/2028
|
7,472,000
|
7,448,480
|
|
Kinder Morgan, Inc.
|
|
|
|
4.30%, 03/01/2028
|
13,371,000
|
13,309,220
|
|
ONEOK, Inc.
|
|
|
|
4.55%, 07/15/2028
|
10,420,000
|
10,385,791
|
|
|
Principal
|
Value
|
|
CORPORATE DEBT SECURITIES (continued)
|
||
|
Oil, Gas & Consumable Fuels (continued)
|
||
|
Repsol E&P Capital Markets U.S. LLC
|
|
|
|
4.81%, 09/16/2028 (A)
|
$ 8,154,000
|
$ 8,148,009
|
|
Williams Cos., Inc.
|
|
|
|
4.90%, 03/15/2029
|
10,707,000
|
10,730,492
|
|
|
|
103,829,998
|
|
Paper & Forest Products - 0.4%
|
||
|
Georgia-Pacific LLC
|
|
|
|
4.40%, 06/30/2028 (A)
|
13,725,000
|
13,662,373
|
|
Passenger Airlines - 0.2%
|
||
|
Southwest Airlines Co.
|
|
|
|
4.38%, 11/15/2028
|
7,318,000
|
7,233,003
|
|
Personal Care Products - 0.4%
|
||
|
Haleon U.S. Capital LLC
|
|
|
|
3.38%, 03/24/2027
|
13,155,000
|
13,065,928
|
|
Pharmaceuticals - 1.9%
|
||
|
Bayer U.S. Finance II LLC
|
|
|
|
4.38%, 12/15/2028 (A)
|
9,737,000
|
9,610,589
|
|
Cardinal Health, Inc.
|
|
|
|
5.13%, 02/15/2029
|
14,597,000
|
14,712,661
|
|
Cencora, Inc.
|
|
|
|
3.95%, 02/13/2029
|
6,867,000
|
6,739,928
|
|
CVS Health Corp.
|
|
|
|
3.25%, 08/15/2029
|
17,530,000
|
16,739,840
|
|
Eli Lilly & Co.
|
|
|
|
4.55%, 02/12/2028
|
9,966,000
|
9,988,928
|
|
Zoetis, Inc.
|
|
|
|
4.15%, 08/17/2028
|
9,168,000
|
9,091,891
|
|
|
|
66,883,837
|
|
Real Estate Management & Development - 0.3%
|
||
|
CBRE Services, Inc.
|
|
|
|
5.50%, 04/01/2029
|
8,907,000
|
9,048,962
|
|
Residential REITs - 0.2%
|
||
|
Invitation Homes Operating Partnership LP
|
|
|
|
2.30%, 11/15/2028
|
5,860,000
|
5,540,152
|
|
Retail REITs - 0.6%
|
||
|
NNN REIT, Inc.
|
|
|
|
3.60%, 12/15/2026
|
7,606,000
|
7,587,535
|
|
Store Capital LLC
|
|
|
|
4.50%, 03/15/2028
|
14,975,000
|
14,867,926
|
|
|
|
22,455,461
|
|
Semiconductors & Semiconductor Equipment - 1.2%
|
||
|
Advanced Micro Devices, Inc.
|
|
|
|
4.32%, 03/24/2028
|
14,667,000
|
14,628,662
|
|
Foundry JV Holdco LLC
|
|
|
|
5.90%, 01/25/2030 (A)
|
7,000,000
|
7,153,105
|
|
Microchip Technology, Inc.
|
|
|
|
5.05%, 03/15/2029
|
8,932,000
|
8,960,667
|
|
NXP BV/NXP Funding LLC/NXP USA, Inc.
|
|
|
|
4.30%, 08/19/2028
|
13,851,000
|
13,717,452
|
|
|
|
44,459,886
|
|
|
Principal
|
Value
|
|
CORPORATE DEBT SECURITIES (continued)
|
||
|
Software - 2.5%
|
||
|
Fidelity National Information Services, Inc.
|
|
|
|
4.45%, 03/10/2028
|
$ 14,803,000
|
$ 14,723,070
|
|
Intuit, Inc.
|
|
|
|
4.95%, 06/15/2031
|
8,037,000
|
7,959,115
|
|
Oracle Corp.
|
|
|
|
4.80%, 08/03/2028
|
14,519,000
|
14,386,926
|
|
4.95%, 02/04/2031
|
14,700,000
|
14,040,956
|
|
Roper Technologies, Inc.
|
|
|
|
4.25%, 09/15/2028
|
6,010,000
|
5,951,945
|
|
Salesforce, Inc.
|
|
|
|
4.65%, 03/15/2029
|
14,950,000
|
14,883,699
|
|
ServiceNow, Inc.
|
|
|
|
4.25%, 05/15/2028
|
9,318,000
|
9,268,114
|
|
Synopsys, Inc.
|
|
|
|
4.55%, 04/01/2027
|
6,975,000
|
6,983,281
|
|
|
|
88,197,106
|
|
Transportation Infrastructure - 1.4%
|
||
|
FedEx Freight Holding Co., Inc.
|
|
|
|
4.30%, 03/15/2029 (A)
|
6,976,000
|
6,853,078
|
|
GXO Logistics, Inc.
|
|
|
|
6.25%, 05/06/2029
|
26,132,000
|
26,890,226
|
|
Penske Truck Leasing Co. LP/PTL Finance
Corp.
|
|
|
|
5.35%, 01/12/2027 (A)
|
6,392,000
|
6,411,806
|
|
Union Pacific Corp.
|
|
|
|
3.95%, 09/10/2028
|
10,927,000
|
10,806,091
|
|
|
|
50,961,201
|
|
Water Utilities - 0.3%
|
||
|
Essential Utilities, Inc.
|
|
|
|
4.80%, 08/15/2027
|
9,870,000
|
9,889,964
|
|
|
|
9,889,964
|
|
Total Corporate Debt Securities
(Cost $2,458,702,719)
|
|
2,450,619,574
|
|
ASSET-BACKED SECURITIES - 11.9%
|
||
|
Accelerated LLC
|
|
|
|
Series 2021-1H, Class A,
1.35%, 10/20/2040 (A)
|
612,563
|
575,263
|
|
Series 2021-1H, Class B,
1.90%, 10/20/2040 (A)
|
2,149,312
|
2,013,346
|
|
Series 2021-1H, Class C,
2.35%, 10/20/2040 (A)
|
973,736
|
904,162
|
|
Apex Credit CLO Ltd.
|
|
|
|
Series 2018-1A, Class AR,
3-Month Term SOFR + 0.98%,
4.79% (B), 04/25/2031 (A)
|
75,331
|
75,329
|
|
Series 2021-1A, Class ANR,
3-Month Term SOFR + 1.22%,
4.95% (B), 07/18/2034 (A)
|
10,000,000
|
10,002,110
|
|
Aqua Finance Trust
|
|
|
|
Series 2021-A, Class A,
1.54%, 07/17/2046 (A)
|
4,531,020
|
4,108,030
|
|
Avis Budget Rental Car Funding
AESOP LLC
|
|
|
|
Series 2023-1A, Class A,
5.25%, 04/20/2029 (A)
|
10,705,000
|
10,786,135
|
|
|
Principal
|
Value
|
|
ASSET-BACKED SECURITIES (continued)
|
||
|
Avis Budget Rental Car Funding
AESOP LLC (continued)
|
|
|
|
Series 2023-6A, Class A,
5.81%, 12/20/2029 (A)
|
$ 9,788,000
|
$ 9,974,292
|
|
Series 2023-7A, Class A,
5.90%, 08/21/2028 (A)
|
9,315,000
|
9,419,947
|
|
BXG Receivables Note Trust
|
|
|
|
Series 2020-A, Class A,
1.55%, 02/28/2036 (A)
|
4,795,636
|
4,710,954
|
|
Series 2023-A, Class A,
5.77%, 11/15/2038 (A)
|
2,484,409
|
2,504,303
|
|
Canyon Capital CLO Ltd.
|
|
|
|
Series 2016-2A, Class BR2,
3-Month Term SOFR + 1.40%,
5.00% (B), 10/15/2031 (A)
|
10,200,000
|
10,199,174
|
|
Canyon CLO Ltd.
|
|
|
|
Series 2018-1A, Class BR1,
3-Month Term SOFR + 1.50%,
5.29% (B), 10/15/2034 (A)
|
8,500,000
|
8,499,252
|
|
Cars Net Lease Mortgage Notes
|
|
|
|
Series 2020-1A, Class A1,
2.01%, 12/15/2050 (A)
|
8,654,902
|
8,260,675
|
|
CARS-DB7 LP
|
|
|
|
Series 2023-1A, Class A1,
5.75%, 09/15/2053 (A)
|
980,000
|
981,434
|
|
Crown City CLO III
|
|
|
|
Series 2021-1AR, Class A2R,
3-Month Term SOFR + 1.50%,
5.25% (B), 07/20/2034 (A)
|
14,750,000
|
14,749,793
|
|
Dryden 40 Senior Loan Fund
|
|
|
|
Series 2015-40A, Class AR2,
3-Month Term SOFR + 1.15%,
4.80% (B), 08/15/2031 (A)
|
2,389,510
|
2,391,194
|
|
First National Master Note Trust
|
|
|
|
Series 2023-2, Class A,
5.77%, 09/15/2029
|
11,940,000
|
11,963,438
|
|
Ford Credit Floorplan Master Owner Trust
A
|
|
|
|
Series 2025-2, Class A1,
4.06%, 09/15/2030
|
14,600,000
|
14,448,543
|
|
Fortress Credit BSL XIV Ltd.
|
|
|
|
Series 2021-5AR, Class B1R,
3-Month Term SOFR + 1.55%,
0.00% (B), 10/23/2034 (A)(D)
|
9,850,000
|
9,850,000
|
|
Hertz Vehicle Financing III LLC
|
|
|
|
Series 2023-3A, Class A,
5.94%, 02/25/2028 (A)
|
17,025,000
|
17,111,094
|
|
Series 2026-1A, Class A,
5.09%, 11/25/2030 (A)
|
10,000,000
|
9,949,824
|
|
Hilton Grand Vacations Trust
|
|
|
|
Series 2020-AA, Class A,
2.74%, 02/25/2039 (A)
|
829,238
|
821,853
|
|
Series 2022-2A, Class A,
4.30%, 01/25/2037 (A)
|
1,988,671
|
1,972,980
|
|
Series 2023-1A, Class A,
5.72%, 01/25/2038 (A)
|
1,774,480
|
1,798,954
|
|
Series 2024-1B, Class A,
5.75%, 09/15/2039 (A)
|
625,752
|
634,027
|
|
Series 2024-1B, Class C,
6.62%, 09/15/2039 (A)
|
175,792
|
178,600
|
|
|
Principal
|
Value
|
|
ASSET-BACKED SECURITIES (continued)
|
||
|
Hilton Grand Vacations Trust (continued)
|
|
|
|
Series 2024-2A, Class A,
5.50%, 03/25/2038 (A)
|
$ 1,912,144
|
$ 1,930,162
|
|
Series 2024-3A, Class A,
4.98%, 08/27/2040 (A)
|
6,831,578
|
6,840,014
|
|
Series 2024-3A, Class C,
5.71%, 08/27/2040 (A)
|
2,724,104
|
2,728,104
|
|
Series 2025-2A, Class A,
4.54%, 05/25/2044 (A)
|
5,216,441
|
5,175,311
|
|
HINNT LLC
|
|
|
|
Series 2024-A, Class B,
5.84%, 03/15/2043 (A)
|
1,282,092
|
1,294,486
|
|
Series 2024-A, Class C,
6.32%, 03/15/2043 (A)
|
1,433,031
|
1,451,576
|
|
Series 2025-B, Class A,
4.51%, 05/15/2045 (A)
|
7,424,200
|
7,333,981
|
|
Hotwire Funding LLC
|
|
|
|
Series 2024-1A, Class A2,
5.89%, 06/20/2054 (A)
|
19,965,000
|
20,128,410
|
|
ICG U.S. CLO Ltd.
|
|
|
|
Series 2021-1A, Class A1R,
3-Month Term SOFR + 1.27%,
5.02% (B), 04/17/2034 (A)
|
9,055,110
|
9,067,932
|
|
KKR CLO 15 Ltd.
|
|
|
|
Series 15, Class A1R2,
3-Month Term SOFR + 1.10%,
4.83% (B), 01/18/2032 (A)
|
1,080,230
|
1,080,358
|
|
Man U.S. CLO Ltd.
|
|
|
|
Series 2021-1AR, Class BR,
3-Month Term SOFR + 1.60,
5.42% (B), 10/15/2038 (A)(D)
|
13,850,000
|
13,850,000
|
|
MVW LLC
|
|
|
|
Series 2020-1A, Class A,
1.74%, 10/20/2037 (A)
|
799,786
|
798,722
|
|
Series 2021-1WA, Class B,
1.44%, 01/22/2041 (A)
|
1,154,539
|
1,127,538
|
|
Series 2023-1A, Class A,
4.93%, 10/20/2040 (A)
|
3,178,443
|
3,180,800
|
|
Series 2023-2A, Class A,
6.18%, 11/20/2040 (A)
|
5,046,340
|
5,145,830
|
|
Series 2024-1A, Class A,
5.32%, 02/20/2043 (A)
|
6,450,186
|
6,507,052
|
|
Series 2024-1A, Class B,
5.51%, 02/20/2043 (A)
|
1,021,626
|
1,031,721
|
|
Series 2024-2A, Class A,
4.43%, 03/20/2042 (A)
|
5,340,865
|
5,294,929
|
|
Octagon Investment Partners 40 Ltd.
|
|
|
|
Series 2019-1A, Class A1RR,
3-Month Term SOFR + 1.04%,
4.77% (B), 01/20/2035 (A)
|
3,000,000
|
3,001,653
|
|
Palmer Square Loan Funding Ltd.
|
|
|
|
Series 2024-2A, Class BR,
3-Month Term SOFR + 1.50%,
5.25% (B), 01/15/2033 (A)
|
7,000,000
|
7,000,700
|
|
Retained Vantage Data Centers
Issuer LLC
|
|
|
|
Series 2023-1A, Class A2A,
5.00%, 09/15/2048 (A)
|
9,725,000
|
9,595,610
|
|
Santander Drive Auto Receivables Trust
|
|
|
|
Series 2025-1, Class D,
5.43%, 03/17/2031
|
4,050,000
|
4,078,143
|
|
|
Principal
|
Value
|
|
ASSET-BACKED SECURITIES (continued)
|
||
|
Santander Drive Auto Receivables
Trust (continued)
|
|
|
|
Series 2025-3, Class C,
4.68%, 09/15/2031
|
$ 8,350,000
|
$ 8,301,926
|
|
Series 2026-1, Class C,
4.26%, 04/15/2032
|
8,000,000
|
7,846,820
|
|
SCF Equipment Leasing LLC
|
|
|
|
Series 2025-1A, Class A2,
4.82%, 07/22/2030 (A)
|
1,283,347
|
1,284,816
|
|
Series 2025-2A, Class A2,
4.26%, 12/22/2031 (A)
|
7,556,661
|
7,540,359
|
|
Sierra Timeshare Receivables
Funding LLC
|
|
|
|
Series 2022-3A, Class A,
5.83%, 07/20/2039 (A)
|
2,253,886
|
2,278,279
|
|
Series 2023-1A, Class A,
5.20%, 01/20/2040 (A)
|
3,143,633
|
3,155,579
|
|
Series 2023-2A, Class A,
5.80%, 04/20/2040 (A)
|
1,275,283
|
1,293,474
|
|
Series 2023-3A, Class A,
6.10%, 09/20/2040 (A)
|
3,501,836
|
3,569,890
|
|
Series 2024-1A, Class B,
5.35%, 01/20/2043 (A)
|
2,157,624
|
2,166,119
|
|
Series 2024-3A, Class A,
4.83%, 08/20/2041 (A)
|
2,224,609
|
2,218,103
|
|
Series 2024-3A, Class C,
5.32%, 08/20/2041 (A)
|
2,726,941
|
2,709,893
|
|
Series 2025-1A, Class A,
4.81%, 01/21/2042 (A)
|
3,716,391
|
3,697,105
|
|
Series 2025-1A, Class B,
5.10%, 01/21/2042 (A)
|
1,343,274
|
1,339,455
|
|
Series 2025-1A, Class C,
5.39%, 01/21/2042 (A)
|
2,686,548
|
2,669,035
|
|
Series 2025-2A, Class A,
4.72%, 04/20/2044 (A)
|
2,377,296
|
2,360,306
|
|
Series 2025-2A, Class B,
4.93%, 04/20/2044 (A)
|
2,080,134
|
2,066,804
|
|
Series 2025-2A, Class C,
5.32%, 04/20/2044 (A)
|
1,339,931
|
1,329,668
|
|
Symphony CLO XVIII Ltd.
|
|
|
|
Series 2016-18A, Class AR4,
3-Month Term SOFR + 1.23%,
4.98% (B), 10/23/2037 (A)
|
15,000,000
|
14,994,660
|
|
Symphony CLO XXIII Ltd.
|
|
|
|
Series 2020-23A, Class AR2,
3-Month Term SOFR + 0.90%,
4.65% (B), 01/15/2034 (A)
|
3,198,659
|
3,199,916
|
|
Vantage Data Centers LLC
|
|
|
|
Series 2020-2A, Class A2,
1.99%, 09/15/2045 (A)
|
9,018,000
|
8,653,633
|
|
Venture 37 CLO Ltd.
|
|
|
|
Series 2019-37A, Class A1RR,
3-Month Term SOFR + 1.25%,
5.00% (B), 07/15/2032 (A)
|
4,674,600
|
4,677,068
|
|
Venture 38 CLO Ltd.
|
|
|
|
Series 2019-38A, Class ARR,
3-Month Term SOFR + 1.00%,
4.84% (B), 07/30/2032 (A)
|
2,670,899
|
2,671,028
|
|
Venture 44 CLO Ltd.
|
|
|
|
Series 2021-44A, Class A1NR,
3-Month Term SOFR + 1.14%,
4.87% (B), 10/20/2034 (A)
|
13,900,000
|
13,889,700
|
|
|
Principal
|
Value
|
|
ASSET-BACKED SECURITIES (continued)
|
||
|
Westlake Automobile Receivables Trust
|
|
|
|
Series 2025-2A, Class C,
4.85%, 01/15/2031 (A)
|
$ 10,460,000
|
$ 10,459,356
|
|
Series 2026-1A, Class B,
4.20%, 05/15/2031 (A)
|
9,405,000
|
9,350,580
|
|
Series 2026-1A, Class C,
4.37%, 06/16/2031 (A)
|
11,530,000
|
11,416,329
|
|
Total Asset-Backed Securities
(Cost $422,806,307)
|
421,667,639
|
|
|
MORTGAGE-BACKED SECURITIES - 11.7%
|
||
|
20 Times Square Trust
|
|
|
|
Series 2018-20TS, Class B,
3.10% (B), 05/15/2035 (A)
|
3,000,000
|
2,820,000
|
|
Series 2018-20TS, Class C,
3.10% (B), 05/15/2035 (A)
|
10,900,000
|
10,191,500
|
|
280 Park Avenue Mortgage Trust
|
|
|
|
Series 2017-280P, Class C,
1-Month Term SOFR + 1.55%,
5.22% (B), 09/15/2034 (A)
|
16,000,000
|
15,950,000
|
|
Angel Oak Mortgage Trust
|
|
|
|
Series 2025-1, Class A1,
5.69% (B), 01/25/2070 (A)
|
7,200,994
|
7,208,114
|
|
BBCMS Mortgage Trust
|
|
|
|
Series 2018-TALL, Class C,
1-Month Term SOFR + 1.32%,
5.00% (B), 03/15/2037 (A)
|
6,015,000
|
5,493,531
|
|
Series 2018-TALL, Class E,
1-Month Term SOFR + 2.63%,
6.31% (B), 03/15/2037 (A)
|
7,000,000
|
5,739,553
|
|
BRAVO Residential Funding Trust
|
|
|
|
5.52% (B), 05/25/2066 (A)
|
19,898,986
|
19,882,111
|
|
Series 2024-NQM3, Class A1,
6.19% (B), 03/25/2064 (A)
|
2,498,411
|
2,509,468
|
|
Series 2024-NQM7, Class A1,
5.55% (B), 10/27/2064 (A)
|
747,676
|
748,756
|
|
Series 2025-NQM1, Class A1,
5.60% (B), 12/25/2064 (A)
|
5,594,898
|
5,604,954
|
|
Series 2025-NQM3, Class A1,
5.57% (B), 03/25/2065 (A)
|
6,412,658
|
6,426,786
|
|
BXP Trust
|
|
|
|
Series 2017-CQHP, Class D,
1-Month Term SOFR + 2.05%,
5.72% (B), 11/15/2034 (A)
|
11,825,000
|
7,321,782
|
|
CIM Trust
|
|
|
|
Series 2021-R6, Class A1,
1.43% (B), 07/25/2061 (A)
|
6,332,206
|
5,803,155
|
|
Citigroup Commercial Mortgage Trust
|
|
|
|
Series 2023-PRM3, Class A,
6.36% (B), 07/10/2028 (A)
|
10,000,000
|
10,185,847
|
|
Citigroup Mortgage Loan Trust, Inc.
|
|
|
|
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)
|
665,530
|
644,945
|
|
Series 2018-RP1, Class A1,
3.00% (B), 09/25/2064 (A)
|
602,133
|
595,780
|
|
CLNY Trust
|
|
|
|
Series 2019-IKPR, Class C,
1-Month Term SOFR + 2.04%,
5.71% (B), 11/15/2038 (A)
|
5,000,000
|
4,825,000
|
|
|
Principal
|
Value
|
|
MORTGAGE-BACKED SECURITIES (continued)
|
||
|
COLT Mortgage Loan Trust
|
|
|
|
Series 2024-2, Class A1,
6.13% (B), 04/25/2069 (A)
|
$ 4,331,994
|
$ 4,339,915
|
|
Series 2024-3, Class A1,
6.39% (B), 06/25/2069 (A)
|
8,538,717
|
8,578,120
|
|
Series 2024-4, Class A1,
5.95% (B), 07/25/2069 (A)
|
5,837,834
|
5,862,321
|
|
Series 2024-5, Class A1,
5.12% (B), 08/25/2069 (A)
|
7,834,556
|
7,791,315
|
|
Series 2024-6, Class A1,
5.39% (B), 11/25/2069 (A)
|
6,516,465
|
6,497,241
|
|
Cross Mortgage Trust
|
|
|
|
Series 2025-H10, Class A1,
4.97% (B), 01/25/2071 (A)
|
17,052,956
|
16,845,503
|
|
Series 2026-NQM2, Class A1,
4.83% (B), 03/25/2061 (A)
|
9,519,372
|
9,399,218
|
|
Series 2026-NQM3, Class A1,
5.13% (B), 03/25/2071 (A)
|
11,734,388
|
11,606,857
|
|
Series 2026-NQM6, Class A1,
5.27% (B), 05/25/2071 (A)
|
8,775,327
|
8,717,207
|
|
Series 2026-NQM8, Class A1,
5.58% (B), 07/25/2071 (A)
|
19,851,823
|
19,833,961
|
|
CSMC Trust
|
|
|
|
Series 2021-RPL2, Class A1A,
1.11% (B), 01/25/2060 (A)
|
7,461,701
|
6,240,903
|
|
Series 2021-RPL3, Class A1,
2.00% (B), 01/25/2060 (A)
|
4,365,986
|
3,816,829
|
|
Series 2021-RPL6, Class A1,
2.00% (B), 10/25/2060 (A)
|
7,393,661
|
6,612,379
|
|
GCAT Trust
|
|
|
|
Series 2026-NQM1, Class A1,
4.79% (B), 12/25/2070 (A)
|
9,760,130
|
9,622,889
|
|
Series 2026-NQM2, Class A1,
5.45% (B), 02/25/2071 (A)
|
8,671,792
|
8,641,268
|
|
Series 2026-NQM3, Class A1,
5.41% (B), 04/25/2071 (A)
|
14,821,124
|
14,743,897
|
|
MetLife Securitization Trust
|
|
|
|
Series 2017-1A, Class A,
3.00% (B), 04/25/2055 (A)
|
1,979,517
|
1,884,023
|
|
MFA Trust
|
|
|
|
Series 2021-RPL1, Class A1,
1.13% (B), 07/25/2060 (A)
|
1,907,684
|
1,744,669
|
|
New Residential Mortgage Loan Trust
|
|
|
|
Series 2014-1A, Class A,
3.75% (B), 01/25/2054 (A)
|
541,331
|
519,805
|
|
Series 2014-3A, Class AFX3,
3.75% (B), 11/25/2054 (A)
|
728,533
|
691,841
|
|
Series 2016-4A, Class A1,
3.75% (B), 11/25/2056 (A)
|
1,157,056
|
1,080,959
|
|
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)
|
1,923,821
|
1,831,598
|
|
Series 2017-4A, Class A1,
4.00% (B), 05/25/2057 (A)
|
1,153,574
|
1,092,181
|
|
Series 2017-5A, Class A1,
1-Month Term SOFR + 1.61%,
5.34% (B), 06/25/2057 (A)
|
978,889
|
995,076
|
|
Series 2018-1A, Class A1A,
4.00% (B), 12/25/2057 (A)
|
1,285,728
|
1,235,912
|
|
Series 2018-2A, Class A1,
4.50% (B), 02/25/2058 (A)
|
1,760,373
|
1,713,702
|
|
|
Principal
|
Value
|
|
MORTGAGE-BACKED SECURITIES (continued)
|
||
|
New Residential Mortgage Loan
Trust (continued)
|
|
|
|
Series 2018-RPL1, Class A1,
3.50% (B), 12/25/2057 (A)
|
$ 1,093,416
|
$ 1,056,665
|
|
Series 2019-2A, Class A1,
4.25% (B), 12/25/2057 (A)
|
2,241,058
|
2,158,635
|
|
Series 2019-3A, Class A1A,
3.75% (B), 11/25/2058 (A)
|
2,702,106
|
2,562,161
|
|
Series 2019-4A, Class A1B,
3.50% (B), 12/25/2058 (A)
|
3,010,333
|
2,762,652
|
|
Series 2019-5A, Class A1B,
3.50% (B), 08/25/2059 (A)
|
2,803,424
|
2,596,007
|
|
Series 2019-RPL2, Class A1,
3.25% (B), 02/25/2059 (A)
|
4,278,568
|
4,149,778
|
|
OBX Trust
|
|
|
|
Series 2024-NQM4, Class A1,
6.07% (B), 01/25/2064 (A)
|
3,011,834
|
3,020,876
|
|
Series 2024-NQM5, Class A1,
5.99% (B), 01/25/2064 (A)
|
4,688,986
|
4,695,929
|
|
Series 2024-NQM6, Class A1,
6.45% (B), 02/25/2064 (A)
|
3,685,875
|
3,702,980
|
|
Series 2024-NQM7, Class A1,
6.24% (B), 03/25/2064 (A)
|
6,611,396
|
6,634,486
|
|
Series 2024-NQM8, Class A1,
6.23% (B), 05/25/2064 (A)
|
3,418,243
|
3,431,727
|
|
Series 2025-NQM2, Class A1,
5.60% (B), 11/25/2064 (A)
|
6,462,397
|
6,473,437
|
|
Series 2025-NQM23, Class A1,
4.87% (B), 10/25/2065 (A)
|
16,866,092
|
16,699,698
|
|
Series 2025-NQM7, Class A1,
5.56% (B), 05/25/2055 (A)
|
4,550,153
|
4,549,482
|
|
Series 2026-NQM1, Class A1,
4.85% (B), 11/25/2065 (A)
|
10,929,682
|
10,774,591
|
|
Series 2026-NQM4, Class A1,
5.17% (B), 02/25/2066 (A)
|
13,904,761
|
13,813,935
|
|
Series 2026-NQM7, Class A1,
5.22% (B), 04/25/2066 (A)
|
8,298,439
|
8,248,335
|
|
SFO Commercial Mortgage Trust
|
|
|
|
Series 2021-555, Class D,
1-Month Term SOFR + 2.76%,
6.44% (B), 05/15/2038 (A)
|
4,900,000
|
4,889,281
|
|
Towd Point Mortgage Trust
|
|
|
|
Series 2017-4, Class A1,
2.75% (B), 06/25/2057 (A)
|
1,724,680
|
1,698,675
|
|
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)
|
1,015,009
|
1,005,630
|
|
Series 2018-2, Class A1,
3.25% (B), 03/25/2058 (A)
|
990,018
|
984,183
|
|
Series 2018-3, Class A1,
3.75% (B), 05/25/2058 (A)
|
1,499,221
|
1,468,824
|
|
Series 2018-4, Class A1,
3.00% (B), 06/25/2058 (A)
|
5,019,376
|
4,716,440
|
|
Series 2019-4, Class A1,
2.90% (B), 10/25/2059 (A)
|
2,599,291
|
2,483,115
|
|
Series 2020-4, Class A1,
1.75%, 10/25/2060 (A)
|
5,984,657
|
5,416,332
|
|
Series 2021-1, Class A1,
2.25% (B), 11/25/2061 (A)
|
4,667,529
|
4,368,299
|
|
Series 2023-1, Class A1,
3.75%, 01/25/2063 (A)
|
7,866,178
|
7,430,633
|
|
|
Principal
|
Value
|
|
MORTGAGE-BACKED SECURITIES (continued)
|
||
|
VEGAS Trust
|
|
|
|
5.52%, 11/10/2039 (A)
|
$ 12,000,000
|
$ 11,972,378
|
|
Total Mortgage-Backed Securities
(Cost $433,640,478)
|
|
417,656,035
|
|
U.S. GOVERNMENT OBLIGATIONS - 4.8%
|
||
|
U.S. Treasury - 4.8%
|
||
|
U.S. Treasury Notes
|
|
|
|
1.25%, 09/30/2028
|
37,885,000
|
35,521,627
|
|
3.63%, 08/31/2029
|
4,000,000
|
3,917,812
|
|
3.88%, 03/15/2028 - 04/15/2029
|
113,693,500
|
112,926,881
|
|
4.25%, 02/28/2029
|
17,935,000
|
17,905,576
|
|
Total U.S. Government Obligations
(Cost $171,645,029)
|
|
170,271,896
|
|
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.7%
|
||
|
Federal Home Loan Mortgage Corp.
|
|
|
|
1-Year RFUCC Treasury + 1.77%,
|
|
|
|
6.52% (B), 08/01/2037
|
190,820
|
195,602
|
|
Federal Home Loan Mortgage Corp.
Multifamily Structured Pass-Through
Certificates
|
|
|
|
3.12%, 06/25/2027
|
14,747,068
|
14,599,206
|
|
3.24%, 04/25/2027
|
10,568,000
|
10,483,543
|
|
|
Principal
|
Value
|
|
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
|
||
|
Seasoned Loans Structured Transaction
|
|
|
|
3.50%, 06/25/2028
|
$ 318,266
|
$ 312,041
|
|
Total U.S. Government Agency Obligations
(Cost $25,047,361)
|
25,590,392
|
|
|
|
Shares
|
Value
|
|
OTHER INVESTMENT COMPANY - 0.1%
|
||
|
Securities Lending Collateral - 0.1%
|
||
|
State Street Navigator Securities Lending
Trust - Government Money Market Portfolio,
3.64% (E)
|
5,433,113
|
5,433,113
|
|
Total Other Investment Company
(Cost $5,433,113)
|
5,433,113
|
|
|
Total Investments
(Cost $3,517,275,007)
|
3,491,238,649
|
|
|
Net Other Assets (Liabilities) - 2.0%
|
70,978,976
|
|
|
Net Assets - 100.0%
|
$ 3,562,217,625
|
|
|
Long Futures Contracts
|
||||||
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Notional
Amount
|
Value
|
Unrealized
Appreciation
|
Unrealized
Depreciation
|
|
2-Year U.S. Treasury Notes
|
2,222
|
09/30/2026
|
$458,318,069
|
$456,864,033
|
$—
|
$(1,454,036
)
|
|
Short Futures Contracts
|
||||||
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Notional
Amount
|
Value
|
Unrealized
Appreciation
|
Unrealized
Depreciation
|
|
5-Year U.S. Treasury Notes
|
(235
)
|
09/30/2026
|
$(25,109,618
)
|
$(24,904,492
)
|
$205,126
|
$—
|
|
Total Futures Contracts
|
$205,126
|
$(1,454,036
)
|
||||
|
Valuation Inputs (F)
|
|
|
|
|
|
|
Level 1 -
Unadjusted
Quoted Prices
|
Level 2 -
Other Significant
Observable Inputs
|
Level 3 -
Significant
Unobservable Inputs
|
Value
|
|
ASSETS
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Corporate Debt Securities
|
$—
|
$2,450,619,574
|
$—
|
$2,450,619,574
|
|
Asset-Backed Securities
|
—
|
421,667,639
|
—
|
421,667,639
|
|
Mortgage-Backed Securities
|
—
|
417,656,035
|
—
|
417,656,035
|
|
U.S. Government Obligations
|
—
|
170,271,896
|
—
|
170,271,896
|
|
U.S. Government Agency Obligations
|
—
|
25,590,392
|
—
|
25,590,392
|
|
Other Investment Company
|
5,433,113
|
—
|
—
|
5,433,113
|
|
Total Investments
|
$5,433,113
|
$3,485,805,536
|
$—
|
$3,491,238,649
|
|
Other Financial Instruments
|
|
|
|
|
|
Futures Contracts (G)
|
$205,126
|
$—
|
$—
|
$205,126
|
|
Total Other Financial Instruments
|
$205,126
|
$—
|
$—
|
$205,126
|
|
LIABILITIES
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
Futures Contracts (G)
|
$(1,454,036
)
|
$—
|
$—
|
$(1,454,036
)
|
|
Total Other Financial Instruments
|
$(1,454,036
)
|
$—
|
$—
|
$(1,454,036
)
|
|
(A)
|
Security is exempt from registration pursuant to Rule 144A of the Securities Act of
1933. Security may be resold as transactions exempt from
registration, normally to qualified institutional buyers. At July 31, 2026, the total
value of 144A securities is $1,469,587,130, representing 41.3% of the
Fund's net assets.
|
|
(B)
|
Floating or variable rate security. The rate disclosed is as of July 31, 2026. For
securities based on a published reference rate and spread, the reference
rate and spread are indicated within the description. Variable rate securities with
a floor or ceiling feature are disclosed at the inherent rate, where
applicable. 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; these securities do not indicate a reference rate
and spread in the description.
|
|
(C)
|
All or a portion of the security is on loan. The total value of the securities on
loan is $5,320,390, collateralized by cash collateral of $5,433,113. The
amount on loan indicated may not correspond with the securities on loan identified
because a security with pending sales are in the process of recall
from the brokers.
|
|
(D)
|
When-issued, delayed-delivery and/or forward commitment (including TBAs) security.
Security to be settled and delivered after July 31, 2026. Security
may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
|
|
(E)
|
Rate disclosed reflects the yield at July 31, 2026.
|
|
(F)
|
There were no transfers in or out of Level 3 during the period ended July 31, 2026.
Please reference the Investment Valuation section of the Notes to
Schedule of Investments for more information regarding investment valuation and pricing
inputs.
|
|
(G)
|
Derivative instruments are valued at unrealized appreciation (depreciation).
|
|
REIT
|
Real Estate Investment Trust
|
|
RFUCC
|
Refinitiv USD IBOR Consumer Cash Fallbacks
|
|
SOFR
|
Secured Overnight Financing Rate
|