|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – 98.5%
|
||||
|
Aerospace & Defense – 1.4%
|
||||
|
Boeing Co., 6.528%, 5/01/2034
|
|
$
|
10,458,000
|
$11,200,019
|
|
Boeing Co., 5.705%, 5/01/2040
|
|
|
24,359,000
|
24,068,479
|
|
Boeing Co., 5.805%, 5/01/2050
|
|
|
9,682,000
|
9,145,596
|
|
Boeing Co., 6.858%, 5/01/2054
|
|
|
5,970,000
|
6,395,462
|
|
Bombardier, Inc., 5.875%, 1/15/2035 (n)
|
|
|
24,330,000
|
24,076,427
|
|
TransDigm, Inc., 4.625%, 1/15/2029
|
|
|
32,500,000
|
31,858,132
|
|
TransDigm, Inc., 6.375%, 5/31/2033 (n)
|
|
|
9,000,000
|
8,997,720
|
|
|
|
|
|
$115,741,835
|
|
Asset-Backed & Securitized – 29.1%
|
||||
|
ACORE Issuer LLC, 2026-FL1, “C”, FLR, 5.77% (SOFR - 1mo. + 2.1%), 8/20/2043 (n)
|
|
$
|
13,308,000
|
$13,338,765
|
|
ACORE Issuer LLC, 2026-FL1, “D”, FLR, 6.42% (SOFR - 1mo. + 2.75%), 8/20/2043 (n)
|
|
|
19,000,000
|
19,031,373
|
|
ACREC 2021-FL1 Ltd., “D”, FLR, 6.444% ((SOFR - 1mo. + 0.11448%) + 2.65%), 10/16/2036 (n)
|
|
|
2,591,000
|
2,590,066
|
|
ACREC 2025-FL3 LLC, “B”, FLR, 5.611% (SOFR - 1mo. + 1.941%), 8/18/2042 (n)
|
|
|
5,000,000
|
5,000,085
|
|
ACREC 2025-FL3 LLC, “C”, FLR, 5.961% (SOFR - 1mo. + 2.291%), 8/18/2042 (n)
|
|
|
9,459,627
|
9,459,797
|
|
ACREC 2026-FL5 LLC, “B”, FLR, 5.418% (SOFR - 1mo. + 1.75%), 7/18/2043 (n)
|
|
|
9,908,554
|
9,915,331
|
|
Acres PLC, 2026-FL4, “B”, FLR, 5.62% (SOFR - 1mo. + 1.95%), 8/18/2044 (n)
|
|
|
20,808,500
|
20,821,420
|
|
Affirm Master Trust, 2025-2A, “A”, 4.67%, 7/15/2033 (n)
|
|
|
14,094,595
|
14,117,283
|
|
AGL CLO 1 Ltd., 2019-1A, “BRR”, FLR, 5.379% (SOFR - 3mo. + 1.65%), 10/20/2034 (n)
|
|
|
15,250,000
|
15,263,374
|
|
American Credit Acceptance Receivables Trust, 2024-2, “C”, 6.24%, 4/12/2030 (n)
|
|
|
3,539,275
|
3,551,642
|
|
Angel Oak Mortgage Trust, 2024-10, “A1”, 5.348%, 10/25/2069 (n)
|
|
|
12,499,029
|
12,457,506
|
|
Angel Oak Mortgage Trust, 2024-12, “A1”, 5.653%, 10/25/2069 (n)
|
|
|
11,204,339
|
11,208,361
|
|
Angel Oak Mortgage Trust, 2024-9, “A1”, 5.138%, 9/25/2069 (n)
|
|
|
6,359,054
|
6,344,845
|
|
Angel Oak Mortgage Trust, 2025-10, “A1”, 4.96%, 9/25/2070 (n)
|
|
|
11,260,464
|
11,136,449
|
|
Arbor Realty Commercial Real Estate, 2026-FL1, “C”, FLR, 5.87% (SOFR - 1mo. + 2.2%), 9/20/2043 (n)
|
|
|
19,393,943
|
19,454,190
|
|
Arbor Realty Trust, Inc., CLO, 2022-FL1, “A”, FLR, 5.075% (SOFR - 1mo. + 1.45%), 1/15/2037 (n)
|
|
|
1,098,100
|
1,098,117
|
|
Arbor Realty Trust, Inc., CLO, 2022-FL1, “B”, FLR, 5.725% (SOFR - 30 day + 2.1%), 1/15/2037 (n)
|
|
|
5,083,500
|
5,083,501
|
|
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 5.925% (SOFR - 30 day + 2.3%), 1/15/2037 (n)
|
|
|
13,183,500
|
13,183,500
|
|
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 6.625% (SOFR - 30 day + 3%), 1/15/2037 (n)
|
|
|
5,800,000
|
5,761,627
|
|
Arbor Realty Trust, Inc., CLO, 2022-FL1, “E”, FLR, 7.375% (SOFR - 30 day + 3.75%), 1/15/2037 (n)
|
|
|
4,500,000
|
4,509,286
|
|
ARDN Mortgage Trust, 2025-ARCP, “C”, FLR, 6.026% (SOFR - 1mo. + 2.35%), 6/15/2035 (n)
|
|
|
11,250,000
|
11,260,534
|
|
AREIT 2022-CRE6 Trust, “B”, FLR, 5.471% (SOFR - 30 day + 1.85%), 1/20/2037 (n)
|
|
|
2,957,000
|
2,951,999
|
|
AREIT 2022-CRE6 Trust, “E”, FLR, 7.021% (SOFR - 30 day + 3.4%), 1/20/2037 (n)
|
|
|
4,500,000
|
4,484,258
|
|
AREIT 2022-CRE7 LLC, “B”, FLR, 6.923% (SOFR - 1mo. + 3.244%), 6/17/2039 (n)
|
|
|
6,000,000
|
6,001,812
|
|
AREIT 2025-CRE10 Ltd., “B”, FLR, 5.521% (SOFR - 1mo. + 1.8419%), 1/17/2030 (n)
|
|
|
17,650,000
|
17,613,290
|
|
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)
|
|
|
139,853
|
140,215
|
|
ARI Fleet Lease Trust, 2026-A, “A2”, 3.96%, 11/15/2034 (n)
|
|
|
5,359,000
|
5,330,149
|
|
Aspire Mortgage Trust, 2026-2, “A1”, 5.325%, 4/26/2066 (n)
|
|
|
15,384,238
|
15,278,335
|
|
Bain Capital Credit CLO Ltd., 2020-3A, “CR3”, 5.502%, 10/23/2034 (n)
|
|
|
10,440,000
|
10,407,803
|
|
Bain Capital Credit CLO Ltd., 2020-3A, “DRR”, FLR, 6.852% (SOFR - 3mo. + 3.1%), 10/23/2034 (n)
|
|
|
2,300,000
|
2,253,432
|
|
Bain Capital Credit CLO Ltd., 2020-4A, “BRR”, FLR, 5.329% (SOFR - 3mo. + 1.6%), 10/20/2036 (n)
|
|
|
27,700,112
|
27,729,169
|
|
Bain Capital Credit CLO Ltd., 2021-4A, “CRR”, FLR, 5.279% (SOFR - 3mo. + 1.55%), 10/20/2034 (n)
|
|
|
34,000,000
|
33,969,740
|
|
Bain Capital Credit CLO Ltd., 2022-2A, “CR”, FLR, 5.633% (SOFR - 3mo. + 1.9%), 4/22/2035 (n)
|
|
|
8,250,000
|
8,260,354
|
|
Ballyrock CLO 2023-25A Ltd., “A2”, FLR, 5.31% (SOFR - 3mo. + 1.5%), 1/25/2038 (n)
|
|
|
10,000,000
|
10,000,650
|
|
Bank5, 2026-5YR20, “AS”, 5.336%, 2/15/2059
|
|
|
6,537,223
|
6,496,218
|
|
Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.457% ((SOFR - 1mo. + 0.11448%)
+
1.6%), 12/28/2040 (n)
|
|
|
24,368
|
65,208
|
|
BBCMS Mortgage Trust, 2019-C5, “A4”, 3.063%, 11/15/2052
|
|
|
500,000
|
470,446
|
|
BBCMS Mortgage Trust, 2022-C18, “AS”, 6.369%, 12/15/2055
|
|
|
3,226,076
|
3,333,714
|
|
BBCMS Mortgage Trust, 2025-C39, “A5”, 5.297%, 12/15/2058
|
|
|
7,368,421
|
7,331,331
|
|
BDS 2024-FL13 Ltd., “A”, FLR, 5.245% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n)
|
|
|
11,334,164
|
11,339,581
|
|
BDS 2024-FL13 Ltd., “AS”, FLR, 5.658% (SOFR - 1mo. + 1.99%), 9/19/2039 (n)
|
|
|
5,354,000
|
5,356,559
|
|
BDS 2025-FL 14 Ltd., “C”, FLR, 5.56% (SOFR - 1mo. + 1.8926%), 10/17/2042 (n)
|
|
|
20,000,000
|
19,937,500
|
|
BDS 2025-FL16 Ltd., “B”, FLR, 5.52% (SOFR - 1mo. + 1.85%), 6/19/2043 (n)
|
|
|
26,066,885
|
25,970,281
|
|
BDS Ltd., 2026-FL17, “AS”, FLR, 5.219% (SOFR - 1mo. + 1.55%), 5/19/2043 (n)
|
|
|
12,948,246
|
12,951,859
|
|
BDS Ltd., 2026-FL17, “C”, FLR, 5.619% (SOFR - 1mo. + 1.95%), 5/19/2043 (n)
|
|
|
9,553,523
|
9,553,475
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Asset-Backed & Securitized – continued
|
||||
|
Benchmark 2019-B10 Mortgage Trust, “AM”, 3.979%, 3/15/2062
|
|
$
|
1,000,000
|
$947,734
|
|
Benchmark 2019-B13 Mortgage Trust, “A4”, 2.952%, 8/15/2057
|
|
|
5,000,000
|
4,694,690
|
|
Benchmark 2023-V3 Mortgage Trust, “AS”, 7.097%, 7/15/2056
|
|
|
10,000,000
|
10,292,796
|
|
Benchmark 2024-V5 Mortgage Trust, “AM”, 6.417%, 1/10/2057
|
|
|
2,500,000
|
2,557,921
|
|
Benchmark 2025-V18 Mortgage Trust, “AS”, 5.593%, 10/15/2058
|
|
|
9,866,814
|
9,901,866
|
|
Black Diamond CLO Ltd., 2019-2A, “BR”, FLR, 6.502% (SOFR - 3mo. + 2.75%), 7/23/2032 (n)
|
|
|
31,000,000
|
31,018,817
|
|
Black Diamond CLO Ltd., 2021-1A, “BR”, FLR, 5.933% (SOFR - 3mo. + 2.2%), 11/22/2034 (n)
|
|
|
19,000,000
|
18,890,940
|
|
BMP Commercial Mortgage Trust, 2024-MF23, “C”, FLR, 5.518% (SOFR - 1mo. + 1.8413%), 6/15/2041 (n)
|
|
|
19,501,672
|
19,556,520
|
|
BMP Commercial Mortgage Trust, 2024-MF23, “D”, FLR, 6.067% (SOFR - 1mo. + 2.3905%), 6/15/2041 (n)
|
|
|
10,492,715
|
10,536,857
|
|
BRSP 2026-FL3 Ltd., “C”, FLR, 5.77% (SOFR - 1mo. + 2.1%), 8/19/2043 (n)
|
|
|
14,516,000
|
14,551,434
|
|
BSPRT Issuer Ltd., 2024-FL11, “AS”, 5.771% (SOFR - 1mo. + 2.095%), 7/15/2039 (n)
|
|
|
14,047,000
|
14,100,242
|
|
Business Jet Securities LLC, 2024-1A, “C”, 9.132%, 5/15/2039 (n)
|
|
|
1,632,216
|
1,653,722
|
|
Business Jet Securities LLC, 2024-2A, “A”, 5.364%, 9/15/2039 (n)
|
|
|
10,488,072
|
10,436,723
|
|
Business Jet Securities LLC, 2026-1A, “C”, 6.099%, 6/15/2041 (n)
|
|
|
1,704,220
|
1,698,233
|
|
Business Jet Securities LLC, 2026-1A, “C”, 8.179%, 6/15/2041 (n)
|
|
|
3,685,979
|
3,692,518
|
|
BX Trust, 2025-BCAT, “A”, FLR, 5.056% (SOFR - 1mo. + 1.38%), 8/15/2042 (n)
|
|
|
8,389,364
|
8,405,094
|
|
BX Trust, 2025-BCAT, “C”, FLR, 5.576% (SOFR - 1mo. + 1.9%), 8/15/2042 (n)
|
|
|
5,306,000
|
5,325,904
|
|
BX Trust, 2025-BCAT, “D”, FLR, 6.326% (SOFR - 1mo. + 2.65%), 8/15/2042 (n)
|
|
|
5,921,300
|
5,952,768
|
|
BX Trust, 2026-CLS, “C”, FLR, 6.026% (SOFR - 1mo. + 2.35%), 5/15/2043 (n)
|
|
|
3,421,000
|
3,428,177
|
|
BX Trust, 2026-CLS, “D”, FLR, 7.126% (SOFR - 1mo. + 3.45%), 5/15/2043 (n)
|
|
|
3,597,000
|
3,608,249
|
|
BX Trust, 2026-CSMO, “A”, FLR, 5.076% (SOFR - 1mo. + 1.4%), 2/15/2043 (n)
|
|
|
10,450,000
|
10,479,391
|
|
BX Trust, 2026-ORBT, “D”, FLR, 5.776% (SOFR - 1mo. + 2.1%), 7/15/2043 (n)
|
|
|
7,762,836
|
7,777,401
|
|
BXMT 2021-FL4 Ltd., “B”, FLR, 5.594% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/15/2038 (n)
|
|
|
2,123,000
|
2,121,143
|
|
CarMax Select Receivables Trust, 2026-B, “A2”, 4.35%, 4/16/2029
|
|
|
5,257,000
|
5,255,489
|
|
Cathedral Lake VI Ltd., FLR, 5.66% (SOFR - 3mo. + 1.85%), 4/25/2034 (n)
|
|
|
6,214,659
|
6,217,319
|
|
Chesapeake IV Funding, 2026-1A, “A2”, 4.26%, 12/15/2028 (n)
|
|
|
7,092,000
|
7,083,556
|
|
CIFC Funding Ltd., 2024-1A, “CR”, FLR, 5.429% (SOFR - 3mo. + 1.7%), 4/18/2037 (n)
|
|
|
11,675,000
|
11,680,090
|
|
Colt Funding LLC, 2024-1, “A1”, 5.835%, 2/25/2069 (n)
|
|
|
6,963,367
|
6,962,246
|
|
Colt Funding LLC, 2024-2, “A1”, 6.125%, 4/25/2069 (n)
|
|
|
3,978,230
|
3,985,504
|
|
Colt Funding LLC, 2024-5, “A1”, 5.123%, 8/25/2069 (n)
|
|
|
10,256,421
|
10,199,813
|
|
Colt Funding LLC, 2025-1, “A1”, 5.699%, 1/25/2070 (n)
|
|
|
5,025,708
|
5,030,946
|
|
Commercial Mortgage Pass-Through Certificates, 2019-BN16, “AS”, 4.267%, 2/15/2052
|
|
|
2,230,000
|
2,158,859
|
|
Commercial Mortgage Pass-Through Certificates, 2019-BN23, “A3”, 2.92%, 12/15/2052
|
|
|
5,777,000
|
5,397,422
|
|
Commercial Mortgage Pass-Through Certificates, 2019-BNK17, “AS”, 3.976%, 4/15/2052
|
|
|
5,000,000
|
4,809,375
|
|
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “B”, 6.774%, 8/15/2056
|
|
|
6,906,487
|
7,053,626
|
|
Commercial Mortgage Pass-Through Certificates, 2024-CBM, “B”, 6.511%, 12/10/2041 (n)
|
|
|
30,112,500
|
30,461,082
|
|
Commercial Mortgage Pass-Through Certificates, 2025-5YR17, “AS”, 5.626%, 11/15/2058
|
|
|
13,546,012
|
13,616,052
|
|
Commercial Mortgage Pass-Through Certificates, 2026-5YR20, “A3”, 5.104%, 2/15/2059
|
|
|
4,259,735
|
4,253,781
|
|
Commercial Mortgage Pass-Through Certificates, 2026-BNK52, “A5”, 5.586%, 5/15/2069
|
|
|
6,437,709
|
6,543,025
|
|
Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028
|
|
|
2,347,883
|
2,355,531
|
|
Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/28/2040 (a)(d)(p)
|
|
|
917,264
|
9
|
|
Dryden Senior Loan Fund CLO Ltd., 2020-86A, “CR2”, FLR, 5.65% (SOFR - 3mo. + 1.9%), 7/17/2034 (n)
|
|
|
3,600,000
|
3,578,368
|
|
Dryden Senior Loan Fund CLO Ltd., 2022-104A, “BR”, FLR, 5.392% (SOFR - 3mo. + 1.75%), 8/20/2034 (n)
|
|
|
25,050,000
|
25,078,457
|
|
Dryden Senior Loan Fund CLO Ltd., 2022-113A, “BR3”, FLR, 5.202% (SOFR - 3mo. + 1.45%), 10/15/2037 (n)
|
|
|
7,250,000
|
7,250,152
|
|
Dryden Senior Loan Fund, 2016-43A, “CR3”, FLR, 5.479% (SOFR - 3mo. + 1.75%), 4/20/2034 (n)
|
|
|
15,600,000
|
15,593,011
|
|
Dryden Senior Loan Fund, 2017-49A, “CR”, CLO, FLR, 6.041% ((SOFR - 3mo. + 0.26161%) + 2.05%), 7/18/2030 (n)
|
|
|
2,000,000
|
2,006,008
|
|
Dwight 2025-FL1 Issuer LLC, “A”, FLR, 5.332% (SOFR - 1mo. + 1.662%), 6/18/2042 (n)
|
|
|
2,138,000
|
2,144,579
|
|
Dwight 2026-FL2, “B”, FLR, 5.956% (SOFR - 1mo. + 2.286%), 6/18/2042 (n)
|
|
|
20,811,500
|
20,873,529
|
|
Dwight 2026-FL2, “B”, FLR, 5.67% (SOFR - 1mo. + 2%), 1/18/2044 (n)
|
|
|
35,503,500
|
35,527,607
|
|
ELM Trust, 2024-ELM, “C15”, 6.189%, 6/10/2039 (n)
|
|
|
900,000
|
899,606
|
|
ELM Trust, 2024-ELM, “D10”, 6.847%, 6/10/2039 (n)
|
|
|
4,065,000
|
4,060,448
|
|
ELM Trust, 2024-ELM, “D15”, 6.674%, 6/10/2039 (n)
|
|
|
1,500,000
|
1,498,173
|
|
Empire District Bondco LLC, 4.943%, 1/01/2033
|
|
|
6,494,232
|
6,475,407
|
|
Enterprise Fleet Financing 2023-3 LLC, “A2”, 6.4%, 3/20/2030 (n)
|
|
|
1,434,713
|
1,444,726
|
|
EQT Trust, 2024-EXTR, “B”, 5.655%, 7/05/2041 (n)
|
|
|
4,855,458
|
4,866,278
|
|
EQT Trust, 2024-EXTR, “C”, 6.046%, 7/05/2041 (n)
|
|
|
909,091
|
912,306
|
|
GLS Auto Select Receivables Trust, 2026-2A, “A2”, 4.04%, 11/15/2028 (n)
|
|
|
11,724,036
|
11,714,071
|
|
GoldenTree Loan Management CLO Ltd., 2023-17A, “CR”, FLR, 5.529% (SOFR - 3mo. + 1.8%), 1/20/2039 (n)
|
|
|
1,650,000
|
1,651,990
|
|
GreatAmerica Leasing Receivables Funding LLC, 2024-1, “A3”, 4.98%, 1/18/2028 (n)
|
|
|
2,740,711
|
2,749,975
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Asset-Backed & Securitized – continued
|
||||
|
Greystone Commercial Real Estate Notes, 2025-FL4, “B”, FLR, 6.265% (SOFR - 1mo. + 2.5887%), 1/15/2043 (n)
|
|
$
|
3,640,500
|
$3,679,970
|
|
GS Mortgage Securities Trust, 2019-GC40, “AS”, 3.412%, 7/10/2052
|
|
|
2,200,000
|
2,000,932
|
|
Harbor Park CLO Ltd., 2018-1A, “DR2”, FLR, 6.229% (SOFR - 3mo. + 2.5%), 1/20/2031 (n)
|
|
|
22,888,021
|
22,292,292
|
|
Hartwick Park CLO Ltd., 2023-1A, “BR”, FLR, 5.279% (SOFR - 3mo. + 1.55%), 1/20/2037 (n)
|
|
|
4,347,826
|
4,349,387
|
|
Hartwick Park CLO Ltd., 2023-1A, “CR3”, FLR, 5.429% (SOFR - 3mo. + 1.7%), 1/20/2037 (n)
|
|
|
13,000,000
|
12,960,701
|
|
ILPT Commercial Mortgage Trust, 2025-LPF2, “A”, 5.292%, 7/13/2042 (n)
|
|
|
16,361,000
|
16,325,464
|
|
ILPT Commercial Mortgage Trust, 2025-LPF2, “C”, 5.829%, 7/13/2042 (n)
|
|
|
8,000,000
|
7,941,764
|
|
Invesco CLO Ltd., 2022-2A, “BR”, FLR, 5.409% (SOFR - 3mo. + 1.68%), 7/20/2035 (n)
|
|
|
18,489,484
|
18,531,917
|
|
Jersey Mikes Funding LLC, 2026-1A, “A2I”, 4.952%, 2/15/2056 (n)
|
|
|
11,133,097
|
10,887,632
|
|
KKR Static CLO I Ltd., 2022-1A, “CR2”, FLR, 5.329% (SOFR - 3mo. + 1.6%), 7/20/2031 (n)
|
|
|
17,500,000
|
17,517,360
|
|
KREF 2021-FL2 Ltd., “D”, FLR, 5.994% ((SOFR - 1mo. + 0.11448%) + 2.2%), 2/15/2039 (n)
|
|
|
1,837,000
|
1,829,248
|
|
LoanCore 2025-CRE8 Ltd., “B”, FLR, 5.521% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n)
|
|
|
26,501,500
|
26,500,175
|
|
LoanCore 2025-CRE8 Ltd., “C”, FLR, 5.821% (SOFR - 1mo. + 2.14145%), 8/17/2042 (n)
|
|
|
1,312,500
|
1,303,134
|
|
LRECS 2025-CRE1 LLC, “B”, FLR, 5.67% (SOFR - 1mo. + 2%), 8/19/2043 (n)
|
|
|
23,587,830
|
23,597,430
|
|
Man US CLO, 2023-1AR, “BR”, FLR, 5.226% (SOFR - 3mo. + 1.6%), 7/20/2039 (n)
|
|
|
15,000,000
|
15,002,205
|
|
Marble Point CLO XXII Ltd., 2021-2AR, “CR2”, FLR, 5.52% (SOFR - 3mo. + 1.8%), 7/25/2034 (n)(w)
|
|
|
11,846,154
|
11,846,154
|
|
Marble Point CLO, 2021-2A, “CR”, FLR, 5.86% (SOFR - 3mo. + 2.05%), 7/25/2034 (n)
|
|
|
11,846,154
|
11,846,154
|
|
MF1 2022-FL8 Ltd., “A”, FLR, 5.018% (SOFR - 1mo. + 1.35%), 2/19/2037 (n)
|
|
|
2,973,537
|
2,973,525
|
|
MF1 2022-FL8 Ltd., “D”, FLR, 6.318% (SOFR - 30 day + 2.65%), 2/19/2037 (n)
|
|
|
5,000,000
|
5,005,362
|
|
MF1 2022-FL8 Ltd., “E”, FLR, 6.818% (SOFR - 30 day + 3.15%), 2/19/2037 (n)
|
|
|
4,500,000
|
4,474,752
|
|
MF1 2022-FL9 LLC, “B”, FLR, 6.818% (SOFR - 1mo. + 3.15%), 6/19/2037 (n)
|
|
|
7,000,000
|
7,003,808
|
|
MF1 2024-FL15 LLC, “B”, FLR, 6.161% (SOFR - 1mo. + 2.491%), 8/18/2041 (n)
|
|
|
11,108,000
|
11,113,832
|
|
MF1 2024-FL15 LLC, “C”, FLR, 6.61% (SOFR - 1mo. + 2.94%), 8/18/2041 (n)
|
|
|
13,400,000
|
13,407,035
|
|
MF1 2024-FL16 LLC, “B”, FLR, 5.812% (SOFR - 1mo. + 2.142%), 11/18/2039 (n)
|
|
|
14,900,000
|
14,954,790
|
|
MF1 2024-FL16 LLC, “C”, FLR, 6.212% (SOFR - 1mo. + 2.542%), 11/18/2039 (n)
|
|
|
17,880,000
|
17,942,508
|
|
MF1 2025-FL17 LLC, “B”, FLR, 5.462% (SOFR - 1mo. + 1.792%), 2/18/2040 (n)
|
|
|
15,924,499
|
15,932,557
|
|
MF1 2025-FL17 LLC, “C”, FLR, 5.762% (SOFR - 1mo. + 2.092%), 2/18/2040 (n)
|
|
|
23,122,222
|
23,133,876
|
|
MF1 2025-FL19 LLC, “AS”, FLR, 6.011% (SOFR - 1mo. + 2.3414%), 5/18/2042 (n)
|
|
|
34,783,347
|
34,868,041
|
|
MF1 2025-FL19 LLC, “B”, FLR, 5.661% (SOFR - 1mo. + 1.9917%), 5/18/2042 (n)
|
|
|
39,130,655
|
39,252,887
|
|
MF1 2025-FL20 LLC, “AS”, FLR, 5.37% (SOFR - 1mo. + 1.7%), 2/18/2043 (n)
|
|
|
15,009,000
|
15,055,459
|
|
MF1 2025-FL20 LLC, “B”, FLR, 5.619% (SOFR - 1mo. + 1.95%), 2/18/2043 (n)
|
|
|
7,549,000
|
7,570,108
|
|
MF1 2026-FL21 LLC, “AS”, FLR, 5.22% (SOFR - 1mo. + 1.55%), 2/18/2041 (n)
|
|
|
16,865,153
|
16,871,258
|
|
MF1 2026-FL21 LLC, “C”, FLR, 5.62% (SOFR - 1mo. + 1.95%), 2/18/2041 (n)
|
|
|
18,176,123
|
18,176,014
|
|
MF1 2026-FL22 LLC, “C”, FLR, 5.67% (SOFR - 1mo. + 2%), 11/18/2043 (n)
|
|
|
29,278,735
|
29,298,264
|
|
MF1 Multi-Family Housing Mortgage Loan Trust, 2025-FL20, “C”, FLR, 5.82% (SOFR - 1mo. + 2.15%), 2/18/2043 (n)
|
|
|
31,215,564
|
31,303,495
|
|
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM1, “A1”, 4.809%, 12/25/2070 (n)
|
|
|
3,401,122
|
3,346,489
|
|
Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, “A1”, 6.152%, 12/25/2068 (n)
|
|
|
6,980,854
|
6,990,579
|
|
Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM5, “A-1”, 5.439%, 7/25/2070 (n)
|
|
|
5,629,689
|
5,602,958
|
|
Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM6, “A1”, 5.152%, 7/25/2070 (n)
|
|
|
15,475,132
|
15,362,023
|
|
Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM9, “A1”, 5.016%, 9/25/2070 (n)
|
|
|
16,157,996
|
15,972,914
|
|
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM2, “A1”, 4.734%, 1/26/2071 (n)
|
|
|
26,785,856
|
26,376,027
|
|
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM4, “A1”, 5.075%, 3/25/2071 (n)
|
|
|
11,737,708
|
11,603,102
|
|
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM8, “A1”, 5.508%, 6/25/2071 (n)
|
|
|
19,815,593
|
19,772,987
|
|
MSWF Commercial Mortgage Trust, 2023-2, “A5”, 6.014%, 12/15/2056
|
|
|
10,498,942
|
10,933,350
|
|
MSWF Commercial Mortgage Trust, 2023-2, “AS”, 6.491%, 12/15/2056
|
|
|
4,949,272
|
5,206,611
|
|
MTN Commercial Mortgage Trust, 2026-LPFX, 6.058%, 5/15/2043 (n)
|
|
|
2,500,000
|
2,501,334
|
|
Neuberger Berman CLO Ltd., 2019-35A, “CRR”, FLR, 5.379% (SOFR - 3mo. + 1.65%), 1/19/2033 (n)
|
|
|
23,750,000
|
23,664,429
|
|
Neuberger Berman CLO Ltd., 2023-53A, “CR”, FLR, 5.625% (SOFR - 3mo. + 1.85%), 10/24/2037 (n)
|
|
|
14,500,000
|
14,521,474
|
|
New Residential Mortgage Loan Trust, 2024-NQMI, “A1”, 6.129%, 3/25/2064 (n)
|
|
|
14,540,149
|
14,569,120
|
|
New Residential Mortgage Loan Trust, 2025-NQM2, “A1”, 5.566%, 4/25/2065 (n)
|
|
|
8,438,212
|
8,411,672
|
|
New Residential Mortgage Loan Trust, 2026-NQM2, “A1”, 4.743%, 12/25/2065 (n)
|
|
|
18,925,141
|
18,587,636
|
|
New Residential Mortgage Loan Trust, 2026-NQM4, “A1”, 5.003%, 2/25/2066 (n)
|
|
|
14,613,409
|
14,462,974
|
|
New Residential Mortgage Loan Trust, 2026-NQM7, “A1”, 5.418%, 6/25/2066 (n)
|
|
|
14,155,570
|
14,080,912
|
|
New Residential Mortgage Loan Trust, 2026-NQM9, “A1”, 4.833%, 2/25/2066 (n)
|
|
|
38,641,517
|
38,046,681
|
|
Northwoods Capital Ltd., 2018-14BA, “BR”, FLR, 5.494% (SOFR - 3mo. + 1.85%), 11/13/2031 (n)
|
|
|
31,844,327
|
31,860,982
|
|
Oaktree CLO Ltd., 2019-4AR, “BR3”, FLR, 5.579% (SOFR - 3mo. + 1.85%), 7/20/2037 (n)
|
|
|
21,470,085
|
21,469,806
|
|
OBX Trust, 2024-NQM10, “A2”, 6.332%, 5/25/2064 (n)
|
|
|
2,765,153
|
2,783,707
|
|
OBX Trust, 2024-NQM14, “A1”, 4.944%, 9/25/2064 (n)
|
|
|
5,220,174
|
5,197,688
|
|
OBX Trust, 2024-NQM2, “A1”, 5.878%, 12/25/2063 (n)
|
|
|
7,373,705
|
7,374,396
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Asset-Backed & Securitized – continued
|
||||
|
OBX Trust, 2024-NQM3, “A1”, 6.129%, 12/25/2063 (n)
|
|
$
|
3,619,459
|
$3,626,219
|
|
OBX Trust, 2025-NQM1, “A1”, 5.547%, 12/25/2064 (n)
|
|
|
6,511,447
|
6,509,695
|
|
OBX Trust, 2025-NQM13, “A1”, 5.441%, 5/25/2065 (n)
|
|
|
6,650,347
|
6,637,128
|
|
OBX Trust, 2025-NQM14, “A1”, 5.162%, 7/25/2065 (n)
|
|
|
5,184,742
|
5,156,846
|
|
OBX Trust, 2025-NQM15, “A1B”, 5.143%, 7/27/2065 (n)
|
|
|
3,508,868
|
3,480,396
|
|
OBX Trust, 2025-NQM16, “A1”, 4.905%, 8/25/2065 (n)
|
|
|
15,092,532
|
14,934,027
|
|
OBX Trust, 2025-NQM18, “A1”, 5.057%, 9/25/2065 (n)
|
|
|
10,941,475
|
10,861,374
|
|
OBX Trust, 2025-NQM4, “A1”, 5.4%, 2/25/2055 (n)
|
|
|
15,827,071
|
15,796,342
|
|
OBX Trust, 2026-INV4, “AF2”, FLR, 5.066% (SOFR - 1mo. + 1.45%), 5/25/2056 (n)
|
|
|
26,907,968
|
26,943,726
|
|
OBX Trust, 2026-NQM8, “A1”, 5.297%, 5/25/2066 (n)
|
|
|
3,619,284
|
3,603,181
|
|
Octagon 57 Ltd., 2021-1A, “CR”, FLR, 5.603% (SOFR - 3mo. + 1.85%), 10/15/2034 (n)
|
|
|
15,000,000
|
15,020,880
|
|
OZLM Funding Ltd., 2012-2A, “BR4”, FLR, 5.593% (SOFR - 3mo. + 1.75%), 7/30/2037 (n)
|
|
|
14,200,000
|
14,224,282
|
|
OZLM Funding Ltd., 2012-2A, “C1R4”, FLR, 5.843% (SOFR - 3mo. + 2%), 7/30/2037 (n)
|
|
|
9,000,000
|
9,000,432
|
|
Palmer Square Loan Funding 2025-1A Ltd., “C”, FLR, 5.901% (SOFR - 3mo. + 2.25%), 2/15/2033 (n)
|
|
|
8,875,000
|
8,866,125
|
|
Palmer Square Loan Funding 2025-2A Ltd., “D”, FLR, 8.253% (SOFR - 3mo. + 4.5%), 7/15/2033 (n)
|
|
|
1,375,000
|
1,364,686
|
|
Park Avenue Institutional Advisers CLO Ltd., 2019-2, FLR, 7.153% (SOFR - 3mo. + 3.4%), 10/15/2034 (n)
|
|
|
12,709,220
|
12,403,284
|
|
PFP III 2024-11 Ltd., “AS”, FLR, 5.858% (SOFR - 1mo. + 2.18957%), 9/17/2039 (n)
|
|
|
35,292,589
|
35,350,462
|
|
PFP III 2026-13 Ltd., “B”, FLR, 5.52% (SOFR - 1mo. + 1.85%), 8/18/2043 (n)
|
|
|
6,513,500
|
6,540,456
|
|
PLYM Commercial Mortgage Trust, 2026-IND, “C”, FLR, 5.326% (SOFR - 1mo. + 1.65%), 3/15/2043 (n)
|
|
|
5,825,000
|
5,832,278
|
|
PMT Loan Trust, 2025-INV10, “A36”, FLR, 4.966% (SOFR - 1mo. + 1.35%), 10/01/2056 (n)
|
|
|
10,715,787
|
10,718,221
|
|
PMT Loan Trust, 2025-INV4, “A9”, 5.5%, 3/25/2056 (n)
|
|
|
15,299,336
|
15,225,354
|
|
PMT Loan Trust, 2026-CNF1, “A26”, FLR, 4.816% (SOFR - 1mo. + 1.2%), 1/25/2057 (n)
|
|
|
7,102,945
|
7,087,187
|
|
PMT Loan Trust, 2026-INV1, “A36”, FLR, 4.916% (SOFR - 1mo. + 1.3%), 1/25/2057 (n)
|
|
|
13,987,325
|
13,940,413
|
|
PMT Loan Trust, 2026-INV2, “A35”, FLR, 4.766% (SOFR - 1mo. + 1.15%), 1/25/2057 (n)
|
|
|
38,210,991
|
37,915,189
|
|
PRM Trust, 2025-PRM6, “C”, 5.175%, 7/05/2033 (n)
|
|
|
3,740,000
|
3,702,063
|
|
Provident Funding Mortgage Trust, 2025-2, “A4”, 5.5%, 6/25/2055 (n)
|
|
|
15,549,525
|
15,502,338
|
|
Provident Funding Mortgage Trust, 2025-5, “A4”, 5.5%, 11/25/2055 (n)
|
|
|
29,949,365
|
29,819,337
|
|
Rockford Tower CLO 2020-1A Ltd., “CRR”, FLR, 5.629% (SOFR - 3mo. + 1.9%), 1/20/2036 (n)
|
|
|
12,000,000
|
12,000,312
|
|
Santander Drive Auto Receivables Trust, 2025-1, “A3”, 4.74%, 1/16/2029
|
|
|
3,624,459
|
3,628,126
|
|
Sequoia Mortgage Trust, 2026-Med2, “A1A”, 5.614%, 8/25/2056 (n)
|
|
|
18,342,328
|
18,235,170
|
|
Shackleton 2015-7RA CLO Ltd., “B”, FLR, 5.403% (SOFR - 3mo. + 1.65%), 7/15/2031 (n)
|
|
|
9,023,162
|
9,025,409
|
|
SHR Trust, 2024-LXRY, “B”, FLR, 6.126% (SOFR - 1mo. + 2.45%), 10/15/2041 (n)
|
|
|
24,740,364
|
24,786,693
|
|
Stellantis Finance U.S., Inc., 4.63%, 7/20/2027 (n)
|
|
|
5,185,648
|
5,190,438
|
|
STORE Master Funding LLC, 2024-1A, “A3”, 5.93%, 5/20/2054 (n)
|
|
|
3,658,375
|
3,674,655
|
|
STORE Master Funding LLC, 2024-1A, “A4”, 5.94%, 5/20/2054 (n)
|
|
|
889,875
|
893,032
|
|
STORE Master Funding LLC, 2025-1A, “A2”, 4.98%, 10/20/2055 (n)
|
|
|
38,759,780
|
37,518,634
|
|
STORE Master Funding LLC, 2026-1A, “A2”, 5.31%, 6/20/2056 (n)
|
|
|
7,990,166
|
7,950,990
|
|
Taco Bell Funding LLC, 2025-1A, “A2I”, 4.821%, 8/25/2055 (n)
|
|
|
22,462,602
|
22,005,508
|
|
TPG Real Estate Finance, 2025-FL7, “AS”, FLR, 5.37% (SOFR - 1mo. + 1.7%), 6/18/2043 (n)
|
|
|
5,250,000
|
5,259,831
|
|
TPG Real Estate Finance, 2025-FL7, “B”, FLR, 5.62% (SOFR - 1mo. + 1.95%), 6/18/2043 (n)
|
|
|
16,724,537
|
16,753,507
|
|
Trinitas CLO Ltd., 2017-6A, “C1R4”, FLR, 5.81% (SOFR - 3mo. + 2%), 1/25/2034 (n)
|
|
|
11,414,634
|
11,330,531
|
|
Trinitas CLO Ltd., 2021-15A, “CR”, FLR, 5.783% (SOFR - 3mo. + 2.05%), 4/22/2034 (n)
|
|
|
27,250,000
|
26,845,937
|
|
UBS Commercial Mortgage Trust, 2017-C7, “A4”, 3.679%, 12/15/2050
|
|
|
1,052,000
|
1,034,551
|
|
Venture CLO 43 Ltd., 2021-43A, “CRR”, FLR, 5.503% (SOFR - 3mo. + 1.75%), 4/15/2034 (n)
|
|
|
29,305,532
|
28,901,086
|
|
Verus Securitization Trust, 2024-1, “A1”, 5.712%, 1/25/2069 (n)
|
|
|
3,506,413
|
3,513,956
|
|
Verus Securitization Trust, 2024-2, “A1”, 6.095%, 2/25/2069 (n)
|
|
|
2,150,902
|
2,153,964
|
|
Verus Securitization Trust, 2024-8, “A1”, 5.364%, 10/25/2069 (n)
|
|
|
2,694,072
|
2,693,395
|
|
Verus Securitization Trust, 2025-9, “A1”, 4.935%, 10/27/2070 (n)
|
|
|
7,468,214
|
7,381,383
|
|
Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027
|
|
|
1,788,939
|
1,791,745
|
|
Voya CLO 2012-4A Ltd., “C1R3”, FLR, 7.315% ((SOFR - 3mo. + 0.26161%) + 3.3%), 10/15/2030 (n)
|
|
|
1,737,638
|
1,747,821
|
|
Voya CLO 2016-1A Ltd., “A2R”, FLR, 5.291% (SOFR - 3mo. + 1.562%), 1/20/2031 (n)
|
|
|
116,709
|
116,709
|
|
Voya CLO 2016-1A Ltd., “BR”, FLR, 5.791% (SOFR - 3mo. + 2.061%), 1/20/2031 (n)
|
|
|
2,910,000
|
2,914,895
|
|
Voya CLO 2024-1A Ltd., “D1R”, FLR, 6.312% (SOFR - 3mo. + 2.55%), 7/15/2039 (n)
|
|
|
12,218,045
|
12,217,886
|
|
Wells Fargo Commercial Mortgage Trust, 2017-C42, “A5”, 3.589%, 12/15/2050
|
|
|
3,490,000
|
3,417,586
|
|
Wells Fargo Commercial Mortgage Trust, 2017-RB1, “A5”, 3.635%, 3/15/2050
|
|
|
1,500,000
|
1,480,328
|
|
Wells Fargo Commercial Mortgage Trust, 2018-C44, “A5”, 4.212%, 5/15/2051
|
|
|
1,500,000
|
1,477,325
|
|
|
|
|
|
$2,416,284,651
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Auto & Auto Components – 0.7%
|
||||
|
Ford Motor Credit Co. LLC, 5.73%, 9/05/2030
|
|
$
|
7,913,000
|
$7,916,429
|
|
Ford Motor Credit Co. LLC, 6.05%, 3/05/2031
|
|
|
22,999,000
|
23,192,246
|
|
Hyundai Capital America, 2.1%, 9/15/2028 (n)
|
|
|
2,000,000
|
1,888,336
|
|
Hyundai Capital America, 5.35%, 3/19/2029 (n)
|
|
|
4,963,000
|
5,004,936
|
|
Hyundai Capital America, 6.375%, 4/08/2030 (n)
|
|
|
10,896,000
|
11,300,536
|
|
Hyundai Capital America, 5.25%, 6/21/2033 (n)
|
|
|
11,062,000
|
10,878,863
|
|
|
|
|
|
$60,181,346
|
|
Brokerage & Asset Managers – 3.1%
|
||||
|
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034
|
|
$
|
5,313,000
|
$5,548,927
|
|
Charles Schwab Corp., 4.914% to 11/14/2035, FLR (SOFR - 1 day + 1.23%) to 11/14/2036
|
|
|
29,485,000
|
28,169,928
|
|
Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170
|
|
|
14,272,000
|
14,245,411
|
|
Charles Schwab Corp., 6.1% to 6/01/2031, FLR (CMT - 1yr. + 2.25%) to 9/01/2174
|
|
|
16,506,000
|
16,281,679
|
|
Citadel Securities Global Holdings LLC, 5.75%, 3/27/2036 (n)
|
|
|
13,573,000
|
13,217,175
|
|
Jane Street Group/JSG Finance, Inc., 6.75%, 5/01/2033 (n)
|
|
|
29,337,000
|
29,897,894
|
|
Jefferies Financial Group, Inc., 5.5%, 2/15/2036
|
|
|
52,674,000
|
49,845,009
|
|
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)
|
|
|
2,794,000
|
2,777,398
|
|
LPL Holdings, Inc., 4%, 3/15/2029 (n)
|
|
|
7,300,000
|
7,088,886
|
|
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)
|
|
|
24,858,000
|
23,653,993
|
|
LPL Holdings, Inc., 5.75%, 6/15/2035
|
|
|
14,916,000
|
14,670,349
|
|
Nomura Holdings, Inc., 5.043%, 6/10/2036
|
|
|
29,000,000
|
28,111,391
|
|
Nomura Holdings, Inc., 7% to 1/15/2031, FLR (CMT - 5yr. + 3.084%) to 1/15/2174
|
|
|
27,383,000
|
27,795,498
|
|
|
|
|
|
$261,303,538
|
|
Building – 1.0%
|
||||
|
JH North America Holdings, Inc., 5.875%, 1/31/2031 (n)
|
|
$
|
16,455,000
|
$16,419,388
|
|
JH North America Holdings, Inc., 6.125%, 7/31/2032 (n)
|
|
|
16,455,000
|
16,467,846
|
|
Patrick Industries, Inc., 4.75%, 5/01/2029 (n)
|
|
|
24,652,000
|
24,048,504
|
|
Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n)
|
|
|
24,193,000
|
24,488,251
|
|
|
|
|
|
$81,423,989
|
|
Business Services – 1.9%
|
||||
|
Beacon Point DC LLC, 6.129%, 11/30/2042 (n)
|
|
$
|
41,471,000
|
$39,792,676
|
|
CoreWeave, Inc., 9.75%, 10/01/2031 (n)
|
|
|
32,368,000
|
29,369,526
|
|
Global Payments, Inc., 2.9%, 5/15/2030
|
|
|
3,563,000
|
3,254,513
|
|
Global Payments, Inc., 2.9%, 11/15/2031
|
|
|
10,669,000
|
9,320,196
|
|
Paychex, Inc., 5.6%, 4/15/2035
|
|
|
29,702,000
|
29,517,515
|
|
QTS Fayetteville I Dc1-2 LLC, 5.7%, 4/15/2036 (n)
|
|
|
51,595,000
|
47,179,392
|
|
|
|
|
|
$158,433,818
|
|
Cable TV – 0.3%
|
||||
|
VZ Secured Financing B.V., 5%, 1/15/2032 (n)
|
|
$
|
33,183,000
|
$27,210,164
|
|
Chemicals – 0.6%
|
||||
|
Chemours Co., 5.75%, 11/15/2028 (n)
|
|
$
|
7,552,000
|
$7,514,519
|
|
Chemours Co., 8%, 1/15/2033 (n)
|
|
|
9,940,000
|
9,784,019
|
|
Chemours Co., 7.875%, 3/15/2034 (n)
|
|
|
2,820,000
|
2,744,135
|
|
SCIH Salt Holdings, Inc., 8%, 7/31/2032 (n)(w)
|
|
|
25,725,000
|
25,530,558
|
|
|
|
|
|
$45,573,231
|
|
Conglomerates – 0.7%
|
||||
|
nVent Finance S.à r.l., 5.65%, 5/15/2033
|
|
$
|
9,324,000
|
$9,443,249
|
|
Regal Rexnord Corp., 6.3%, 2/15/2030
|
|
|
14,247,000
|
14,729,306
|
|
Regal Rexnord Corp., 6.4%, 4/15/2033
|
|
|
26,527,000
|
27,661,503
|
|
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028
|
|
|
7,534,000
|
7,523,451
|
|
|
|
|
|
$59,357,509
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Consumer Services – 0.8%
|
||||
|
CBRE Group, Inc., 5.95%, 8/15/2034
|
|
$
|
26,397,000
|
$27,008,507
|
|
CBRE Services, Inc., 4.8%, 6/15/2030
|
|
|
9,970,000
|
9,863,638
|
|
Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n)
|
|
|
28,897,000
|
28,113,761
|
|
|
|
|
|
$64,985,906
|
|
Diversified Financial Services – 1.4%
|
||||
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.75%, 6/06/2028
|
|
$
|
6,892,000
|
$7,003,356
|
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032
|
|
|
5,000,000
|
4,523,510
|
|
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n)
|
|
|
2,342,000
|
2,325,634
|
|
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n)
|
|
|
9,944,000
|
9,629,522
|
|
Avolon Holdings Funding Ltd., 6.375%, 5/04/2028 (n)
|
|
|
3,115,000
|
3,186,738
|
|
Macquarie AirFinance Holdings Ltd., 6.4%, 3/26/2029 (n)
|
|
|
3,124,000
|
3,206,719
|
|
Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n)
|
|
|
11,500,000
|
11,937,228
|
|
Muthoot Finance Ltd., 7.125%, 2/14/2028 (n)
|
|
|
16,211,000
|
16,307,522
|
|
Shriram Finance Ltd., 6.15%, 4/03/2028 (n)
|
|
|
16,582,000
|
16,774,102
|
|
SMBC Aviation Capital Finance DAC, 5.55%, 4/03/2034 (n)
|
|
|
20,000,000
|
19,786,633
|
|
SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035 (n)
|
|
|
25,878,000
|
24,902,759
|
|
|
|
|
|
$119,583,723
|
|
Electrical Equipment – 0.3%
|
||||
|
Arrow Electronics, Inc., 5.875%, 4/10/2034
|
|
$
|
23,547,000
|
$23,800,974
|
|
Emerging Market Quasi-Sovereign – 0.6%
|
||||
|
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n)
|
|
$
|
11,687,000
|
$11,990,502
|
|
Petroleos Mexicanos, 5.95%, 1/28/2031
|
|
|
11,050,000
|
10,823,633
|
|
Sonangol Finance Ltd. (Republic of Angola), 10%, 1/29/2031
|
|
|
10,000,000
|
10,205,788
|
|
Telecommunications Co. (Republic of Serbia), 7.25%, 5/18/2031 (n)
|
|
|
20,623,000
|
20,383,038
|
|
|
|
|
|
$53,402,961
|
|
Emerging Market Sovereign – 2.4%
|
||||
|
Arab Republic of Egypt, 7.3%, 9/30/2033
|
|
$
|
19,120,000
|
$18,704,278
|
|
Eagle Funding LuxCo S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n)
|
|
|
14,939,000
|
14,912,857
|
|
Federal Republic of Nigeria, 7.375%, 9/28/2033
|
|
|
16,631,000
|
17,019,927
|
|
Republic of Angola, 8%, 11/26/2029
|
|
|
6,612,000
|
6,751,820
|
|
Republic of Argentina, 5%, 1/09/2038
|
|
|
15,397,000
|
12,687,128
|
|
Republic of Colombia, 6.5%, 1/21/2033
|
|
|
16,091,000
|
16,099,045
|
|
Republic of Cote d'Ivoire, 7.625%, 1/30/2033 (n)
|
|
|
18,280,000
|
19,132,123
|
|
Republic of Cote d'Ivoire, 6.75%, 2/25/2041 (n)
|
|
|
8,457,000
|
7,930,452
|
|
Republic of Romania, 6.625%, 5/16/2036 (n)
|
|
|
22,360,000
|
22,491,456
|
|
Republic of Serbia, 6%, 6/12/2034 (n)
|
|
|
9,377,000
|
9,383,925
|
|
Republic of South Africa, 7.1%, 11/19/2036
|
|
|
22,180,000
|
23,242,398
|
|
Republic of Turkey, 5.875%, 5/21/2030
|
|
EUR
|
7,668,000
|
9,258,575
|
|
Republic of Turkey, 7.625%, 5/15/2034
|
|
$
|
6,117,000
|
6,266,117
|
|
United Mexican States, 6.875%, 5/13/2037
|
|
|
13,848,000
|
14,138,116
|
|
|
|
|
|
$198,018,217
|
|
Energy - Independent – 1.0%
|
||||
|
Azule Energy Finance PLC, 8.25%, 1/22/2031 (n)
|
|
$
|
15,869,000
|
$16,146,072
|
|
Occidental Petroleum Corp., 5.55%, 10/01/2034
|
|
|
6,292,000
|
6,309,142
|
|
Santos Finance Ltd., 6.875%, 9/19/2033 (n)
|
|
|
34,136,000
|
36,467,728
|
|
Santos Finance Ltd., 5.75%, 11/13/2035 (n)
|
|
|
19,035,000
|
18,804,146
|
|
SierraCol Energy Andina LLC/SierraCol Energy, 6%, 6/15/2028 (n)
|
|
|
4,739,000
|
4,599,152
|
|
|
|
|
|
$82,326,240
|
|
Energy - Integrated – 0.4%
|
||||
|
BP Capital Markets PLC, 6.45% to 3/01/2034, FLR ((CMT - 5yr. + 2.153%) + 0.25%) to
3/01/2054, FLR ((CMT - 5yr. +
2.153%) + 1%) to 9/01/2172
|
|
$
|
10,000,000
|
$10,265,960
|
|
Eni S.p.A., 5.5%, 5/15/2034 (n)
|
|
|
25,000,000
|
24,955,686
|
|
|
|
|
|
$35,221,646
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Entertainment & Leisure – 0.5%
|
||||
|
Royal Caribbean Cruises Ltd., 4.75%, 5/15/2033
|
|
$
|
14,583,000
|
$13,961,461
|
|
Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n)
|
|
|
23,410,000
|
23,569,048
|
|
|
|
|
|
$37,530,509
|
|
Food & Beverages – 1.4%
|
||||
|
Bacardi Ltd., 5.15%, 5/15/2038 (n)
|
|
$
|
955,000
|
$873,276
|
|
Bacardi-Martini B.V., 5.9%, 6/15/2043 (n)
|
|
|
10,000,000
|
9,395,481
|
|
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 5.75%, 4/01/2033
|
|
|
16,415,000
|
16,648,438
|
|
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 5.95%, 4/20/2035
|
|
|
19,843,000
|
20,047,740
|
|
Performance Food Group Co., 6.125%, 9/15/2032 (n)
|
|
|
27,813,000
|
27,891,572
|
|
Post Holdings, Inc., 4.625%, 4/15/2030 (n)
|
|
|
16,000,000
|
15,412,077
|
|
Post Holdings, Inc., 6.25%, 10/15/2034 (n)
|
|
|
18,492,000
|
17,979,158
|
|
Tyson Foods, Inc., 4.95%, 2/20/2036
|
|
|
9,713,000
|
9,262,908
|
|
|
|
|
|
$117,510,650
|
|
Forest & Paper Products – 0.1%
|
||||
|
Smurfit Westrock Financing DAC, 5.418%, 1/15/2035
|
|
$
|
12,000,000
|
$11,919,456
|
|
Global Systemically Important Banks – 3.8%
|
||||
|
Bank of America Corp., 4.271% to 7/23/2028, FLR ((SOFR - 3mo. + 0.26161%) + 1.31%)
to 7/23/2029
|
|
$
|
579,000
|
$573,637
|
|
Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032
|
|
|
8,268,000
|
7,289,006
|
|
Bank of America Corp., 5.015% to 7/22/2032, FLR (SOFR - 1 day + 2.16%) to 7/22/2033
|
|
|
3,000,000
|
2,969,554
|
|
Bank of America Corp., 5.288% to 4/25/2033, FLR (SOFR - 1 day + 1.630%) to 4/25/2034
|
|
|
10,503,000
|
10,475,070
|
|
Bank of America Corp., 5.744% to 2/12/2035, FLR (SOFR - 1 day + 1.697%) to 2/12/2036
|
|
|
19,835,000
|
19,847,522
|
|
Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037
|
|
|
4,785,000
|
4,398,801
|
|
Bank of America Corp., 6.25% to 7/26/2030, FLR (CMT - 5yr. + 2.351%) to 10/26/2173
|
|
|
15,000,000
|
15,014,520
|
|
Barclays PLC, 7.437% to 11/02/2032, FLR (CMT - 1yr. + 3.5%) to 11/02/2033
|
|
|
5,972,000
|
6,584,400
|
|
Barclays PLC, 8% to 9/15/2029, FLR (CMT - 5yr. + 5.431%) to 12/15/2171
|
|
|
15,000,000
|
15,780,420
|
|
Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173
|
|
|
33,948,000
|
34,275,904
|
|
Goldman Sachs Group, Inc., 2.65% to 10/21/2031, FLR (SOFR - 1 day + 1.264%) to 10/21/2032
|
|
|
6,695,000
|
5,881,965
|
|
Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033
|
|
|
4,410,000
|
3,942,609
|
|
HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169
|
|
|
1,150,000
|
1,064,101
|
|
HSBC Holdings PLC, 6.75% to 5/18/2033, FLR (CMT - 5yr. + 2.513%) to 11/18/2174
|
|
|
12,246,000
|
12,155,276
|
|
JPMorgan Chase & Co., 4.851% to 7/25/2027, FLR (SOFR - 1 day + 1.99%) to 7/25/2028
|
|
|
4,000,000
|
4,007,504
|
|
JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031
|
|
|
726,000
|
673,035
|
|
JPMorgan Chase & Co., 2.963% to 1/25/2032, FLR (SOFR - 1 day + 1.26%) to 1/25/2033
|
|
|
4,000,000
|
3,575,791
|
|
JPMorgan Chase & Co., 5.766%, 4/22/2035
|
|
|
17,245,000
|
17,618,438
|
|
JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035
|
|
|
9,999,000
|
9,682,948
|
|
Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029
|
|
|
1,796,000
|
1,814,859
|
|
Morgan Stanley, 2.511% to 10/20/2031, FLR (SOFR - 1 day + 1.2%) to 10/20/2032
|
|
|
7,539,000
|
6,590,516
|
|
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034
|
|
|
9,774,000
|
9,755,242
|
|
Morgan Stanley, 5.32% to 7/19/2034, FLR (SOFR - 1 day + 1.555%) to 7/19/2035
|
|
|
15,000,000
|
14,789,034
|
|
Morgan Stanley, 5.942% to 2/07/2034, FLR (CMT - 5yr. + 1.8%) to 2/07/2039
|
|
|
15,000,000
|
15,110,758
|
|
UBS Group AG, 4.703% to 8/05/2026, FLR (CMT - 1yr. + 2.05%) to 8/05/2027 (n)
|
|
|
3,165,000
|
3,164,974
|
|
UBS Group AG, 1.494% to 8/10/2026, FLR (CMT - 1yr. + 0.85%) to 8/10/2027 (n)
|
|
|
3,500,000
|
3,498,014
|
|
UBS Group AG, 5.699% to 2/08/2034, FLR (CMT - 1yr. + 1.77%) to 2/08/2035 (n)
|
|
|
17,000,000
|
17,151,177
|
|
UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n)
|
|
|
2,746,000
|
2,496,694
|
|
UBS Group AG, 9.25% to 11/13/2033, FLR (CMT - 5yr. + 4.758%) to 5/13/2172 (n)
|
|
|
7,091,000
|
8,107,076
|
|
UBS Group AG, 7% to 8/05/2035, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.296%) to 8/05/2172 (n)
|
|
|
23,491,000
|
23,363,486
|
|
UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028 (n)
|
|
|
1,618,000
|
1,607,439
|
|
Wells Fargo & Co., 5.574% to 7/25/2028, FLR (SOFR - 1 day + 1.74%) to 7/25/2029
|
|
|
3,333,000
|
3,383,316
|
|
Wells Fargo & Co., 2.572% to 2/11/2030, FLR ((SOFR - 3mo. + 0.26161%) + 1%) to 2/11/2031
|
|
|
5,515,000
|
5,078,591
|
|
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033
|
|
|
26,071,000
|
23,713,421
|
|
|
|
|
|
$315,435,098
|
|
Industrial – 0.4%
|
||||
|
Booz Allen Hamilton, Inc., 5.95%, 4/15/2035
|
|
$
|
31,306,000
|
$30,757,685
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Insurance – 1.3%
|
||||
|
Corebridge Financial, Inc., 5.75%, 1/15/2034
|
|
$
|
18,000,000
|
$18,190,818
|
|
Corebridge Financial, Inc., 4.35%, 4/05/2042
|
|
|
473,000
|
387,199
|
|
Corebridge Financial, Inc., 4.4%, 4/05/2052
|
|
|
1,412,000
|
1,072,538
|
|
Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052
|
|
|
4,850,000
|
4,905,726
|
|
Corebridge Financial, Inc., 6.875% to 12/01/2030, FLR (CMT - 5yr. + 3.181%) to 6/01/2174
|
|
|
14,368,000
|
14,691,266
|
|
MetLife, Inc., 5.375%, 7/15/2033
|
|
|
10,000,000
|
10,143,051
|
|
MetLife, Inc., 6.35% to 3/15/2035, FLR (CMT - 5yr. + 2.078%) to 3/15/2055
|
|
|
14,405,000
|
14,612,490
|
|
Nippon Life Insurance Co., 6.5% to 4/30/2035, FLR (CMT - 5yr. + 3.189%) to 4/30/2055 (n)
|
|
|
9,681,000
|
9,961,613
|
|
Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n)
|
|
|
32,695,000
|
34,584,272
|
|
|
|
|
|
$108,548,973
|
|
Insurance - Health – 0.5%
|
||||
|
Horseshoe Funding Trust I, 6.062%, 2/15/2036 (n)
|
|
$
|
42,747,000
|
$42,602,302
|
|
Insurance - Property & Casualty – 2.2%
|
||||
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n)
|
|
$
|
13,000,000
|
$12,798,280
|
|
Arthur J. Gallagher & Co., 6.5%, 2/15/2034
|
|
|
10,000,000
|
10,592,431
|
|
Arthur J. Gallagher & Co., 5.45%, 7/15/2034
|
|
|
12,000,000
|
11,952,047
|
|
Arthur J. Gallagher & Co., 5.15%, 2/15/2035
|
|
|
15,000,000
|
14,595,480
|
|
Brown & Brown, Inc., 2.375%, 3/15/2031
|
|
|
6,452,000
|
5,686,624
|
|
Brown & Brown, Inc., 4.2%, 3/17/2032
|
|
|
2,157,000
|
2,026,243
|
|
Brown & Brown, Inc., 5.65%, 6/11/2034
|
|
|
22,462,000
|
22,330,120
|
|
CRC Insurance Group LLC, 7.125%, 6/01/2031 (n)
|
|
|
23,572,000
|
23,527,609
|
|
Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028
|
|
|
4,578,000
|
4,580,120
|
|
Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031
|
|
|
452,000
|
418,817
|
|
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032
|
|
|
12,376,000
|
12,531,594
|
|
Fairfax Financial Holdings Ltd., 6%, 12/07/2033
|
|
|
11,400,000
|
11,716,630
|
|
Fairfax Financial Holdings Ltd., 5.75%, 5/20/2035
|
|
|
18,722,000
|
18,795,866
|
|
Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054
|
|
|
2,500,000
|
2,422,078
|
|
Hub International Ltd., 5.625%, 12/01/2029 (n)
|
|
|
5,850,000
|
5,827,015
|
|
Hub International Ltd., 7.25%, 6/15/2030 (n)
|
|
|
19,641,000
|
20,223,729
|
|
|
|
|
|
$180,024,683
|
|
Interactive Media Services – 0.3%
|
||||
|
Snap, Inc., 6.875%, 3/01/2033 (n)
|
|
$
|
26,291,000
|
$25,681,687
|
|
International Market Quasi-Sovereign – 0.0%
|
||||
|
Electricite de France S.A., 6.9%, 5/23/2053 (n)
|
|
$
|
3,557,000
|
$3,674,959
|
|
Machinery & Tools – 0.5%
|
||||
|
Ashtead Capital, Inc., 5.5%, 8/11/2032 (n)
|
|
$
|
20,580,000
|
$20,707,432
|
|
Ashtead Capital, Inc., 5.55%, 5/30/2033 (n)
|
|
|
13,008,000
|
12,954,956
|
|
Ashtead Capital, Inc., 5.8%, 4/15/2034 (n)
|
|
|
9,444,000
|
9,487,555
|
|
|
|
|
|
$43,149,943
|
|
Medical & Health Technology & Services – 0.4%
|
||||
|
Adventist Health System/West, 5.43%, 3/01/2032
|
|
$
|
5,185,000
|
$5,225,854
|
|
Alcon Finance Corp., 5.75%, 12/06/2052 (n)
|
|
|
6,027,000
|
5,699,119
|
|
Marin General Hospital, 7.242%, 8/01/2045
|
|
|
2,805,000
|
2,902,052
|
|
ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028
|
|
|
3,153,000
|
3,153,995
|
|
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038
|
|
|
568,000
|
558,692
|
|
UC Health LLC, BAM, 5.858%, 8/01/2035
|
|
|
14,516,000
|
14,554,173
|
|
|
|
|
|
$32,093,885
|
|
Metals & Mining – 1.2%
|
||||
|
Anglo American Capital PLC, 2.875%, 3/17/2031 (n)
|
|
$
|
9,067,000
|
$8,233,790
|
|
Anglo American Capital PLC, 5.5%, 5/02/2033 (n)
|
|
|
20,497,000
|
20,499,269
|
|
Anglo American Capital PLC, 4.75%, 3/16/2052 (n)
|
|
|
6,305,000
|
5,098,143
|
|
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)
|
|
|
3,500,000
|
3,496,159
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Metals & Mining – continued
|
||||
|
Fortescue Treasury Pty Ltd., 4.375%, 4/01/2031 (n)
|
|
$
|
17,883,000
|
$16,854,061
|
|
Glencore Funding LLC, 2.85%, 4/27/2031 (n)
|
|
|
7,907,000
|
7,156,312
|
|
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)
|
|
|
25,176,000
|
25,681,291
|
|
Samarco Mineracao S.A., 4% (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK)
to 12/30/2027, 9.25%
Cash to 12/30/2029, 9.5% Cash to 6/30/2031 (n)(p)
|
|
|
13,799,770
|
13,904,415
|
|
|
|
|
|
$100,923,440
|
|
Midstream – 2.8%
|
||||
|
Cheniere Energy Partners LP, 5.75%, 8/15/2034
|
|
$
|
24,857,000
|
$25,158,225
|
|
Cheniere Energy, Inc., 5.65%, 4/15/2034
|
|
|
10,000,000
|
10,097,680
|
|
DCP Midstream Operating LP, 3.25%, 2/15/2032
|
|
|
26,264,000
|
23,891,437
|
|
Enbridge, Inc., 3.125%, 11/15/2029
|
|
|
1,344,000
|
1,275,450
|
|
Enbridge, Inc., 5.7%, 3/08/2033
|
|
|
4,620,000
|
4,711,873
|
|
Enbridge, Inc., 2.5%, 8/01/2033
|
|
|
1,923,000
|
1,614,005
|
|
Enbridge, Inc., 5.625%, 4/05/2034
|
|
|
14,836,000
|
15,012,111
|
|
Energy Transfer LP, 5.35%, 1/15/2036
|
|
|
27,836,000
|
27,197,237
|
|
Plains All American Pipeline LP, 3.8%, 9/15/2030
|
|
|
4,057,000
|
3,871,666
|
|
Plains All American Pipeline LP, 5.7%, 9/15/2034
|
|
|
20,000,000
|
20,130,189
|
|
Plains All American Pipeline LP, 5.6%, 1/15/2036
|
|
|
6,094,000
|
6,002,509
|
|
Targa Resources Corp., 6.125%, 3/15/2033
|
|
|
13,342,000
|
13,855,942
|
|
Targa Resources Corp., 5.4%, 7/30/2036
|
|
|
22,698,000
|
22,117,921
|
|
Targa Resources Corp., 4.95%, 4/15/2052
|
|
|
5,521,000
|
4,488,469
|
|
Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031
|
|
|
9,038,000
|
8,938,561
|
|
Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032
|
|
|
9,305,000
|
8,728,938
|
|
Venture Global LNG, Inc., 7%, 1/15/2030 (n)
|
|
|
37,335,000
|
37,928,851
|
|
|
|
|
|
$235,021,064
|
|
Mortgage-Backed – 0.0%
|
|
|||
|
Fannie Mae, 6.5%, 5/01/2031
|
|
$
|
3,315
|
$3,417
|
|
Fannie Mae, 3%, 2/25/2033 (i)
|
|
|
100,282
|
6,738
|
|
Fannie Mae, 5.5%, 9/01/2034 - 11/01/2036
|
|
|
13,442
|
13,596
|
|
Fannie Mae, 6%, 11/01/2034
|
|
|
43,127
|
44,016
|
|
Freddie Mac, 1.106%, 6/25/2030 (i)
|
|
|
31,481,992
|
1,139,957
|
|
Ginnie Mae, 3%, 9/20/2047
|
|
|
63,558
|
55,739
|
|
|
|
|
|
$1,263,463
|
|
Municipals – 1.4%
|
||||
|
Alaska Industrial Development & Export Authority Rev., Taxable (Rental Car Facility
Project at Ted Stevens Anchorage
International Airport), “A”, NPFG, 5.25%, 3/01/2030
|
|
$
|
3,975,000
|
$3,975,298
|
|
Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), “A-1”, 8%, 6/30/2034
|
|
|
5,800,000
|
5,824,319
|
|
Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), “A-4”, 7%, 6/30/2039
|
|
|
1,211,000
|
998,126
|
|
Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), Convertible
Capital Appreciation, “B-2”,
0% to 11/15/2029, 8% to 6/30/2044
|
|
|
637,000
|
378,215
|
|
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036
|
|
|
1,205,000
|
1,111,937
|
|
California Public Finance Authority Rev., Taxable (Children's Hospital Los Angeles),
“A”, AGM, 5.4%, 11/15/2031
|
|
|
18,465,000
|
18,647,063
|
|
Escambia County, FL, Health Facilities Authority Rev., Taxable (Baptist Health Care
Corp.), “B”, AGM,
3.607%, 8/15/2040
|
|
|
1,730,000
|
1,370,129
|
|
Kentucky Higher Education Student Loan Corp. Rev., Taxable, “A-2”, 5.949%, 6/01/2037
|
|
|
3,665,000
|
3,693,764
|
|
Massachusetts Development Finance Agency Rev., Taxable (Middlesex Sustainable Energy
Partners), “B”,
7.375%, 10/01/2035
|
|
|
27,730,000
|
27,887,060
|
|
New Hampshire National Finance Authority, Utility Refunding Rev., Taxable (Wheeling
Power Co. Project), “A”,
6.89%, 4/01/2034
|
|
|
28,795,000
|
30,020,898
|
|
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project),
“C”,
5.45%, 8/15/2028
|
|
|
7,895,000
|
7,802,250
|
|
Port Beaumont, TX, Industrial Development Authority, Facility Rev., Taxable (Jefferson
Gulf Coast Energy Project),
“B”, 4.1%, 1/01/2028 (n)
|
|
|
2,755,000
|
2,533,856
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Rev., Taxable, “A-2”, 4.55%, 7/01/2040
|
|
|
1,326,000
|
1,117,415
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Municipals – continued
|
||||
|
Wisconsin Public Finance Authority, Senior Lien Rev., Taxable (E-470 Public Highway
Authority Service Areas Project),
7.087%, 7/01/2060
|
|
$
|
12,115,000
|
$11,802,416
|
|
|
|
|
|
$117,162,746
|
|
Natural Gas - Distribution – 0.1%
|
||||
|
Boston Gas Co., 3.757%, 3/16/2032 (n)
|
|
$
|
5,000,000
|
$4,625,868
|
|
Natural Gas - Pipeline – 0.2%
|
||||
|
APA Infrastructure Ltd., 5.125%, 9/16/2034 (n)
|
|
$
|
19,996,000
|
$19,438,913
|
|
Non-Global Systemically Important Banks – 2.5%
|
||||
|
Banco Mercantil del Norte S.A., 6.625% to 1/24/2032, FLR (CMT - 10yr. + 5.034%) to 1/24/2171
|
|
$
|
9,723,000
|
$9,230,517
|
|
BBVA Mexico S.A. (CoCo), 8.45% to 6/29/2033, FLR (CMT - 5yr. + 4.661%) to 6/29/2038 (n)
|
|
|
8,553,000
|
9,157,039
|
|
Capital One Financial Corp., 3.273% to 3/01/2029, FLR (SOFR - 1 day + 1.79%) to 3/01/2030
|
|
|
5,000,000
|
4,794,839
|
|
Capital One Financial Corp., 7.624% to 10/30/2030, FLR (SOFR - 1 day + 3.07%) to 10/30/2031
|
|
|
5,078,000
|
5,522,189
|
|
Capital One Financial Corp., 6.7%, 11/29/2032
|
|
|
22,683,000
|
24,346,539
|
|
Capital One Financial Corp., 5.817% to 2/01/2033, FLR (SOFR - 1 day + 2.6%) to 2/01/2034
|
|
|
5,330,000
|
5,394,697
|
|
Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.86%) to 6/08/2034
|
|
|
21,988,000
|
22,906,233
|
|
Capital One Financial Corp., 6.051% to 2/01/2034, FLR (SOFR - 1 day + 2.26%) to 2/01/2035
|
|
|
1,859,000
|
1,899,699
|
|
Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027
|
|
|
2,217,000
|
2,201,944
|
|
Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029
|
|
|
8,912,000
|
9,147,402
|
|
Deutsche Bank AG, 5.403% to 9/11/2034, FLR (SOFR - 1 day + 2.05%) to 9/11/2035
|
|
|
10,000,000
|
9,816,602
|
|
Intesa Sanpaolo S.p.A., 7.2%, 11/28/2033 (n)
|
|
|
9,924,000
|
10,954,406
|
|
Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n)
|
|
|
8,358,000
|
7,980,893
|
|
Macquarie Group Ltd., 6.255% to 12/07/2033, FLR (SOFR - 1 day + 2.303%) to 12/07/2034 (n)
|
|
|
17,190,000
|
17,942,466
|
|
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%)
to 1/22/2035
|
|
|
14,643,000
|
14,793,011
|
|
PNC Financial Services Group, Inc., 5.401% to 7/23/2034, FLR (SOFR - 1 day + 1.599%)
to 7/23/2035
|
|
|
7,000,000
|
6,952,893
|
|
Regions Financial Corp., 5.502%, 9/06/2035
|
|
|
26,000,000
|
25,693,568
|
|
Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035
|
|
|
18,734,000
|
18,923,750
|
|
|
|
|
|
$207,658,687
|
|
Real Estate - Other – 0.4%
|
||||
|
First Industrial LP, 5.25%, 1/15/2031
|
|
$
|
29,162,000
|
$29,172,824
|
|
Real Estate - Retail – 0.8%
|
||||
|
Brixmor Operating Partnership LP, REIT, 5.75%, 2/15/2035
|
|
$
|
6,674,000
|
$6,767,066
|
|
STORE Capital Corp., REIT, 4.5%, 3/15/2028
|
|
|
16,571,000
|
16,452,515
|
|
STORE Capital Corp., REIT, 4.625%, 3/15/2029
|
|
|
17,647,000
|
17,418,518
|
|
STORE Capital Corp., REIT, 2.7%, 12/01/2031
|
|
|
13,000,000
|
11,333,121
|
|
STORE Capital LLC, 4.95%, 2/11/2031
|
|
|
10,533,000
|
10,310,818
|
|
|
|
|
|
$62,282,038
|
|
Real Estate - Storage & Office – 1.2%
|
||||
|
Boston Properties LP, REIT, 2.9%, 3/15/2030
|
|
$
|
10,000,000
|
$9,264,628
|
|
Boston Properties LP, REIT, 2.55%, 4/01/2032
|
|
|
11,423,000
|
9,859,277
|
|
Boston Properties LP, REIT, 2.45%, 10/01/2033
|
|
|
17,139,000
|
13,928,305
|
|
Boston Properties LP, REIT, 6.5%, 1/15/2034
|
|
|
6,827,000
|
7,122,277
|
|
Boston Properties LP, REIT, 5.75%, 1/15/2035
|
|
|
21,600,000
|
21,441,440
|
|
Highwoods Realty LP, 5.35%, 1/15/2033
|
|
|
2,000,000
|
1,960,531
|
|
Vornado Realty LP, 5.75%, 2/01/2033
|
|
|
32,306,000
|
32,032,354
|
|
|
|
|
|
$95,608,812
|
|
Refining – 0.1%
|
||||
|
Raizen Fuels Finance S.A., 5.7%, 1/17/2035 (a)(n)
|
|
$
|
17,983,000
|
$9,546,995
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Retail & E-commerce – 1.7%
|
||||
|
Alimentation Couche-Tard, Inc., 2.95%, 1/25/2030 (n)
|
|
$
|
2,180,000
|
$2,042,158
|
|
Alimentation Couche-Tard, Inc., 5.267%, 2/12/2034 (n)
|
|
|
25,000,000
|
24,771,368
|
|
AutoNation, Inc., 5.89%, 3/15/2035
|
|
|
36,027,000
|
36,113,876
|
|
Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p)
|
|
|
36,332,826
|
39,003,616
|
|
DICK'S Sporting Goods, 3.15%, 1/15/2032
|
|
|
17,118,000
|
15,478,632
|
|
PetSmart LLC/PetSmart Finance Corp., 7.5%, 9/15/2032 (n)
|
|
|
23,526,000
|
23,770,859
|
|
|
|
|
|
$141,180,509
|
|
Semiconductor & Electronic Components – 0.2%
|
||||
|
Broadcom, Inc., 4.8%, 2/15/2036
|
|
$
|
17,745,000
|
$16,399,899
|
|
Software – 1.5%
|
||||
|
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n)
|
|
$
|
24,341,000
|
$24,799,677
|
|
Oracle Corp., 5.2%, 9/26/2035
|
|
|
9,669,000
|
8,675,212
|
|
Oracle Corp., 5.7%, 2/04/2036
|
|
|
25,826,000
|
23,908,882
|
|
Oracle Corp., 5.95%, 9/26/2055
|
|
|
7,137,000
|
5,670,626
|
|
Salesforce, Inc., 5.2%, 3/15/2033
|
|
|
16,821,000
|
16,614,350
|
|
Salesforce, Inc., 5.55%, 3/15/2036
|
|
|
27,500,000
|
26,816,083
|
|
Salesforce, Inc., 6.4%, 3/15/2046
|
|
|
17,041,000
|
16,402,766
|
|
|
|
|
|
$122,887,596
|
|
Telecommunications - Wireless – 0.4%
|
||||
|
American Tower Corp., 5.4%, 1/31/2035
|
|
$
|
20,000,000
|
$19,835,383
|
|
Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n)
|
|
|
1,582,000
|
1,219,502
|
|
Rogers Communications, Inc., 4.55%, 3/15/2052
|
|
|
2,643,000
|
1,988,366
|
|
T-Mobile USA, Inc., 2.55%, 2/15/2031
|
|
|
6,156,000
|
5,520,251
|
|
T-Mobile USA, Inc., 4.375%, 4/15/2040
|
|
|
9,331,000
|
7,881,338
|
|
|
|
|
|
$36,444,840
|
|
Tobacco – 0.8%
|
||||
|
B.A.T. Capital Corp., 3.215%, 9/06/2026
|
|
$
|
1,869,000
|
$1,866,919
|
|
B.A.T. Capital Corp., 6.343%, 8/02/2030
|
|
|
1,316,000
|
1,379,821
|
|
B.A.T. Capital Corp., 4.742%, 3/16/2032
|
|
|
16,783,000
|
16,496,775
|
|
Japan Tobacco, Inc., 5.85%, 6/15/2035 (n)
|
|
|
19,850,000
|
20,463,833
|
|
Philip Morris International, Inc., 5.75%, 11/17/2032
|
|
|
5,581,000
|
5,775,057
|
|
Philip Morris International, Inc., 5.375%, 2/15/2033
|
|
|
6,000,000
|
6,067,872
|
|
Philip Morris International, Inc., 5.25%, 2/13/2034
|
|
|
16,000,000
|
15,997,109
|
|
|
|
|
|
$68,047,386
|
|
Transportation & Logistics – 0.2%
|
||||
|
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n)
|
|
$
|
889,000
|
$747,432
|
|
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n)
|
|
|
307,000
|
222,832
|
|
Triton International Ltd., 5.15%, 2/15/2033
|
|
|
15,280,000
|
14,784,928
|
|
|
|
|
|
$15,755,192
|
|
Travel, Gaming, & Lodging – 0.5%
|
||||
|
Las Vegas Sands Corp., 5.625%, 6/15/2028
|
|
$
|
10,681,000
|
$10,777,847
|
|
Las Vegas Sands Corp., 5.65%, 5/18/2033
|
|
|
19,546,000
|
19,304,931
|
|
Wynn Macau Ltd., 6.75%, 2/15/2034 (n)
|
|
|
14,373,000
|
14,129,243
|
|
|
|
|
|
$44,212,021
|
|
U.S. Treasury Obligations – 23.7%
|
||||
|
U.S. Treasury Bonds, 3.875%, 5/15/2043
|
|
$
|
11,500,000
|
$9,769,609
|
|
U.S. Treasury Bonds, 4.375%, 8/15/2043
|
|
|
141,408,000
|
127,830,623
|
|
U.S. Treasury Bonds, 4.75%, 11/15/2043
|
|
|
198,700,000
|
187,887,926
|
|
U.S. Treasury Bonds, 4.5%, 2/15/2044 (f)
|
|
|
253,875,000
|
232,275,792
|
|
U.S. Treasury Bonds, 4.625%, 11/15/2044
|
|
|
20,350,000
|
18,838,059
|
|
U.S. Treasury Bonds, 2.5%, 2/15/2045 (f)
|
|
|
7,646,000
|
5,122,820
|
|
U.S. Treasury Bonds, 4.75%, 2/15/2045
|
|
|
157,000,000
|
147,555,469
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
U.S. Treasury Obligations – continued
|
||||
|
U.S. Treasury Bonds, 4.875%, 8/15/2045
|
|
$
|
237,750,000
|
$226,568,320
|
|
U.S. Treasury Bonds, 5%, 5/15/2046
|
|
|
26,900,000
|
26,021,547
|
|
U.S. Treasury Bonds, 2.25%, 8/15/2046
|
|
|
11,900,000
|
7,404,961
|
|
U.S. Treasury Bonds, 2.25%, 2/15/2052
|
|
|
162,300,000
|
92,587,078
|
|
U.S. Treasury Bonds, 4%, 11/15/2052
|
|
|
43,474,000
|
35,410,932
|
|
U.S. Treasury Bonds, 4.125%, 8/15/2053
|
|
|
148,700,000
|
123,641,727
|
|
U.S. Treasury Bonds, 4.75%, 11/15/2053
|
|
|
47,500,000
|
43,770,508
|
|
U.S. Treasury Bonds, 4.25%, 2/15/2054
|
|
|
168,300,000
|
142,897,219
|
|
U.S. Treasury Bonds, 4.5%, 11/15/2054
|
|
|
152,100,000
|
134,733,269
|
|
U.S. Treasury Bonds, 4.75%, 8/15/2055
|
|
|
27,100,000
|
25,024,098
|
|
U.S. Treasury Notes, 4.125%, 7/31/2028
|
|
|
105,600,000
|
105,294,751
|
|
U.S. Treasury Notes, 4.625%, 4/30/2029
|
|
|
176,000,000
|
177,340,625
|
|
U.S. Treasury Notes, 4.25%, 6/30/2029
|
|
|
67,600,000
|
67,433,641
|
|
U.S. Treasury Notes, 3.875%, 4/30/2030
|
|
|
33,000,000
|
32,426,367
|
|
|
|
|
|
$1,969,835,341
|
|
Utilities – 1.7%
|
||||
|
Cox Asset Mexico S.A. de C.V., 7.75%, 5/08/2036 (n)
|
|
$
|
16,437,000
|
$16,461,655
|
|
Enel Finance International N.V., 7.5%, 10/14/2032 (n)
|
|
|
34,169,000
|
37,933,746
|
|
ENGIE Energía Chile S.A., 3.4%, 1/28/2030
|
|
|
4,000,000
|
3,741,544
|
|
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)
|
|
|
359,000
|
316,156
|
|
Jersey Central Power & Light Co., 5.1%, 1/15/2035
|
|
|
5,768,000
|
5,637,417
|
|
Pacific Gas & Electric Co., 5.45%, 6/15/2027
|
|
|
6,067,000
|
6,102,574
|
|
Pacific Gas & Electric Co., 3%, 6/15/2028
|
|
|
823,000
|
796,516
|
|
Pacific Gas & Electric Co., 6.4%, 6/15/2033
|
|
|
4,021,000
|
4,205,348
|
|
Pacific Gas & Electric Co., 6.95%, 3/15/2034
|
|
|
9,500,000
|
10,221,216
|
|
Pacific Gas & Electric Co., 3.5%, 8/01/2050
|
|
|
3,017,000
|
1,930,114
|
|
Saavi Energia S.à r.l., 8.875%, 2/10/2035 (n)
|
|
|
15,538,000
|
16,793,470
|
|
XPLR Infrastructure Operating Partners LP, 4.5%, 9/15/2027 (n)
|
|
|
10,000,000
|
9,884,979
|
|
XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n)
|
|
|
22,050,000
|
22,739,892
|
|
|
|
|
|
$136,764,627
|
|
Total Bonds
|
|
$8,186,011,839
|
||
|
Mutual Funds (h) – 1.2%
|
||||
|
Money Market Funds – 1.2%
|
|
|||
|
MFS Institutional Money Market Portfolio, 3.73% (v)
|
|
|
100,423,374
|
$100,443,459
|
|
|
||||
|
Other Assets, Less Liabilities – 0.3%
|
|
28,819,779
|
||
|
Net Assets – 100.0%
|
$8,315,275,077
|
|||
|
(a)
|
Non-income producing security.
|
|
(d)
|
In default.
|
|
(f)
|
All or a portion of the security has been segregated as collateral for open futures
contracts.
|
|
(h)
|
An affiliated issuer, which may be considered one in which the fund owns 5% or more
of the outstanding voting securities, or a company which is under
common control. At period end, the aggregate values of the fund's investments in affiliated
issuers and in unaffiliated issuers were $100,443,459 and
$8,186,011,839, respectively.
|
|
(i)
|
Interest only security for which the fund receives interest on notional principal
(Par amount). Par amount shown is the notional principal and does not reflect
the cost of the security.
|
|
(n)
|
Securities exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be sold in the ordinary course of business in
transactions exempt from registration, normally to qualified institutional buyers.
At period end, the aggregate value of these securities was $3,892,640,847,
representing 46.8% of net assets.
|
|
(p)
|
Payment-in-kind (PIK) security for which interest income may be received in additional
securities and/or cash.
|
|
(v)
|
Affiliated issuer that is available only to investment companies managed by MFS. The
rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
|
|
(w)
|
When-issued security.
|
|
The following abbreviations are used in this report and are defined:
|
|
|
AAC
|
Ambac Assurance Corp.
|
|
AGM
|
Assured Guaranty Municipal
|
|
BAM
|
Build America Mutual
|
|
CDO
|
Collateralized Debt Obligation
|
|
CLO
|
Collateralized Loan Obligation
|
|
CMT
|
Constant Maturity Treasury
|
|
FLR
|
Floating Rate. Interest rate resets periodically based on the parenthetically disclosed
reference rate plus a spread (if any). The period-end rate
reported may not be the current rate. All reference rates are USD unless otherwise
noted.
|
|
ICE
|
Intercontinental Exchange
|
|
NPFG
|
National Public Finance Guarantee Corp.
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All
amounts are stated in U.S. dollars unless otherwise
indicated. A list of abbreviations is shown below:
|
|
|
EUR
|
Euro
|
|
Derivative Contracts at 7/31/26
|
||||||
|
Forward Foreign Currency Exchange Contracts
|
||||||
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
Liability Derivatives
|
||||||
|
USD
|
9,861,772
|
EUR
|
8,597,343
|
State Street Corp.
|
10/16/2026
|
$(81,619
)
|
|
Futures Contracts
|
||||||
|
Description
|
Long/
Short
|
Currency
|
Contracts
|
Notional
Amount
|
Expiration
Date
|
Value/Unrealized
Appreciation
(Depreciation)
|
|
Asset Derivatives
|
||||||
|
Interest Rate Futures
|
||||||
|
U.S. Treasury Ultra Note 10 yr
|
Short
|
USD
|
104
|
$11,409,125
|
September – 2026
|
$136,928
|
|
Liability Derivatives
|
||||||
|
Interest Rate Futures
|
||||||
|
U.S. Treasury Note 2 yr
|
Long
|
USD
|
5,550
|
$1,141,132,037
|
September – 2026
|
$(3,291,635
)
|
|
U.S. Treasury Note 5 yr
|
Long
|
USD
|
2,937
|
311,253,165
|
September – 2026
|
(2,064,027
)
|
|
|
|
|
|
|
|
$(5,355,662
)
|
|
Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents
|
$—
|
$1,969,835,341
|
$—
|
$1,969,835,341
|
|
Non - U.S. Sovereign Debt
|
—
|
255,096,137
|
—
|
255,096,137
|
|
Municipal Bonds
|
—
|
117,162,746
|
—
|
117,162,746
|
|
U.S. Corporate Bonds
|
—
|
2,465,410,950
|
—
|
2,465,410,950
|
|
Residential Mortgage-Backed Securities
|
—
|
574,209,382
|
—
|
574,209,382
|
|
Commercial Mortgage-Backed Securities
|
—
|
373,133,737
|
—
|
373,133,737
|
|
Asset-Backed Securities (including CDOs)
|
—
|
1,470,204,995
|
—
|
1,470,204,995
|
|
Foreign Bonds
|
—
|
960,958,551
|
—
|
960,958,551
|
|
Investment Companies
|
100,443,459
|
—
|
—
|
100,443,459
|
|
Total
|
$100,443,459
|
$8,186,011,839
|
$—
|
$8,286,455,298
|
|
Other Financial Instruments
|
|
|
|
|
|
Futures Contracts – Assets
|
$136,928
|
$—
|
$—
|
$136,928
|
|
Futures Contracts – Liabilities
|
(5,355,662
)
|
—
|
—
|
(5,355,662
)
|
|
Forward Foreign Currency Exchange Contracts – Liabilities
|
—
|
(81,619
)
|
—
|
(81,619
)
|
|
Affiliated Issuers
|
Beginning
Value
|
Purchases
|
Sales
Proceeds
|
Realized
Gain
(Loss)
|
Change in
Unrealized
Appreciation or
Depreciation
|
Ending
Value
|
|
MFS Institutional Money Market Portfolio
|
$111,284,754
|
$1,607,455,754
|
$1,618,299,175
|
$(686
)
|
$2,812
|
$100,443,459
|
|
Affiliated Issuers
|
Dividend
Income
|
Capital Gain
Distributions
|
|
MFS Institutional Money Market Portfolio
|
$3,503,140
|
$—
|
