|
|
Shares
|
Value
|
|
|
COMMON STOCKS—93.9%
|
|
||
|
AUSTRALIA—1.3%
|
|||
|
Materials—1.3%
|
|||
|
Rio Tinto PLC, ADR
|
|
13,900
|
$1,346,215
|
|
BRAZIL—1.2%
|
|||
|
Industrials—1.2%
|
|||
|
Rumo SA
|
|
410,716
|
1,169,967
|
|
CHINA—2.0%
|
|||
|
Communication Services—0.9%
|
|||
|
Tencent Holdings Ltd.
|
|
14,700
|
898,214
|
|
Industrials—1.1%
|
|||
|
Contemporary Amperex Technology Co. Ltd., A
Shares (Stock Connect)(a)
|
|
18,900
|
1,108,007
|
|
Total China
|
|
2,006,221
|
|
|
DENMARK—1.2%
|
|||
|
Financials—0.9%
|
|||
|
Tryg AS
|
|
36,100
|
859,093
|
|
Health Care—0.3%
|
|||
|
Novo Nordisk AS, Class B
|
|
7,100
|
335,841
|
|
Total Denmark
|
|
1,194,934
|
|
|
FRANCE—7.1%
|
|||
|
Consumer Discretionary—0.7%
|
|||
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
1,210
|
664,453
|
|
Consumer Staples—1.6%
|
|||
|
Danone SA
|
|
14,000
|
1,089,005
|
|
Pernod Ricard SA
|
|
6,800
|
529,947
|
|
|
|
|
1,618,952
|
|
Energy—1.8%
|
|||
|
Bollore SE
|
|
56,800
|
253,663
|
|
TotalEnergies SE
|
|
17,100
|
1,502,406
|
|
|
|
|
1,756,069
|
|
Industrials—0.8%
|
|||
|
Teleperformance SE
|
|
10,297
|
819,305
|
|
Utilities—2.2%
|
|||
|
Engie SA
|
|
36,400
|
1,134,628
|
|
Veolia Environnement SA
|
|
26,500
|
1,054,524
|
|
|
|
|
2,189,152
|
|
Total France
|
|
7,047,931
|
|
|
GERMANY—3.9%
|
|||
|
Communication Services—1.2%
|
|||
|
Deutsche Telekom AG
|
|
39,318
|
1,213,392
|
|
Financials—0.9%
|
|||
|
Muenchener Rueckversicherungs-Gesellschaft AG
in Muenchen
|
|
1,400
|
840,979
|
|
Information Technology—0.9%
|
|||
|
SAP SE, ADR
|
|
4,900
|
899,738
|
|
Utilities—0.9%
|
|||
|
RWE AG
|
|
14,300
|
940,696
|
|
Total Germany
|
|
3,894,805
|
|
|
HONG KONG—1.2%
|
|||
|
Financials—1.2%
|
|||
|
Hong Kong Exchanges & Clearing Ltd.
|
|
23,600
|
1,229,626
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
JAPAN—1.8%
|
|||
|
Financials—1.8%
|
|||
|
Mitsubishi UFJ Financial Group, Inc.
|
|
79,100
|
$1,766,817
|
|
NETHERLANDS—5.5%
|
|||
|
Communication Services—0.6%
|
|||
|
Universal Music Group NV
|
|
37,600
|
620,383
|
|
Financials—1.7%
|
|||
|
ING Groep NV
|
|
49,900
|
1,753,563
|
|
Information Technology—3.2%
|
|||
|
ASML Holding NV
|
|
950
|
1,565,548
|
|
BE Semiconductor Industries NV
|
|
3,200
|
733,820
|
|
NXP Semiconductors NV
|
|
3,800
|
870,808
|
|
|
|
|
3,170,176
|
|
Total Netherlands
|
|
5,544,122
|
|
|
SWITZERLAND—1.0%
|
|||
|
Consumer Staples—1.0%
|
|||
|
Nestle SA
|
|
9,900
|
989,515
|
|
TAIWAN—4.5%
|
|||
|
Information Technology—4.5%
|
|||
|
Hon Hai Precision Industry Co. Ltd.
|
|
119,500
|
912,622
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
|
48,000
|
3,550,332
|
|
|
|
|
4,462,954
|
|
UNITED KINGDOM—5.2%
|
|||
|
Consumer Discretionary—0.7%
|
|||
|
Taylor Wimpey PLC
|
|
632,300
|
665,750
|
|
Financials—0.9%
|
|||
|
London Stock Exchange Group PLC
|
|
7,700
|
866,193
|
|
Health Care—1.2%
|
|||
|
AstraZeneca PLC
|
|
7,400
|
1,255,336
|
|
Industrials—0.7%
|
|||
|
BAE Systems PLC
|
|
26,400
|
747,366
|
|
Materials—1.1%
|
|||
|
Johnson Matthey PLC
|
|
39,200
|
1,058,968
|
|
Real Estate—0.6%
|
|||
|
UNITE Group PLC, REIT
|
|
84,600
|
614,550
|
|
Total United Kingdom
|
|
5,208,163
|
|
|
UNITED STATES—58.0%
|
|||
|
Communication Services—3.6%
|
|||
|
Alphabet, Inc., Class C
|
|
9,200
|
3,281,180
|
|
Array Digital Infrastructure, Inc.
|
|
8,252
|
287,500
|
|
|
|
|
3,568,680
|
|
Consumer Discretionary—4.6%
|
|||
|
Lowe's Cos., Inc.
|
|
4,600
|
955,926
|
|
Meritage Homes Corp.
|
|
12,100
|
849,420
|
|
NIKE, Inc., Class B
|
|
15,000
|
625,650
|
|
TJX Cos., Inc.
|
|
7,300
|
1,148,582
|
|
Wyndham Hotels & Resorts, Inc.
|
|
13,000
|
973,180
|
|
|
|
|
4,552,758
|
|
Consumer Staples—4.3%
|
|||
|
Coca-Cola Co.
|
|
11,051
|
967,957
|
|
Keurig Dr. Pepper, Inc.
|
|
35,000
|
1,089,200
|
|
Mondelez International, Inc., Class A
|
|
12,200
|
760,182
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS (continued)
|
|
||
|
UNITED STATES (continued)
|
|||
|
Consumer Staples (continued)
|
|||
|
Primo Brands Corp.
|
|
21,100
|
$478,970
|
|
Target Corp.
|
|
6,700
|
968,083
|
|
|
|
|
4,264,392
|
|
Energy—2.4%
|
|||
|
ONEOK, Inc.
|
|
12,000
|
1,089,720
|
|
Williams Cos., Inc.
|
|
18,300
|
1,309,182
|
|
|
|
|
2,398,902
|
|
Financials—8.8%
|
|||
|
Bank of America Corp.
|
|
23,400
|
1,449,630
|
|
Blackstone, Inc.
|
|
9,500
|
1,213,625
|
|
CME Group, Inc.
|
|
3,700
|
990,823
|
|
Fidelity National Information Services, Inc.
|
|
26,300
|
1,177,451
|
|
Goldman Sachs Group, Inc.
|
|
1,300
|
1,323,894
|
|
JPMorgan Chase & Co.
|
|
4,600
|
1,618,234
|
|
MetLife, Inc.
|
|
10,100
|
970,913
|
|
|
|
|
8,744,570
|
|
Health Care—7.3%
|
|||
|
AbbVie, Inc.
|
|
5,300
|
1,329,982
|
|
Becton Dickinson & Co.
|
|
5,700
|
944,034
|
|
CVS Health Corp.
|
|
9,300
|
971,199
|
|
Medtronic PLC
|
|
10,200
|
870,978
|
|
Merck & Co., Inc.
|
|
9,800
|
1,275,960
|
|
Roche Holding AG
|
|
2,100
|
917,894
|
|
Sanofi SA
|
|
11,000
|
947,228
|
|
|
|
|
7,257,275
|
|
Industrials—6.9%
|
|||
|
FedEx Corp.
|
|
2,500
|
768,500
|
|
Ferrovial NV
|
|
14,800
|
969,489
|
|
Honeywell International, Inc.
|
|
5,400
|
1,312,470
|
|
Lockheed Martin Corp.
|
|
1,800
|
1,048,932
|
|
Schneider Electric SE
|
|
3,100
|
1,041,554
|
|
Union Pacific Corp.
|
|
3,800
|
1,110,094
|
|
Waste Management, Inc.
|
|
3,000
|
679,650
|
|
|
|
|
6,930,689
|
|
Information Technology—15.4%
|
|||
|
Accenture PLC, Class A
|
|
3,500
|
580,720
|
|
Amdocs Ltd.
|
|
10,600
|
590,632
|
|
Analog Devices, Inc.
|
|
1,400
|
514,374
|
|
Apple, Inc.
|
|
9,800
|
3,027,318
|
|
Broadcom, Inc.
|
|
8,400
|
3,269,952
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
|
|||
|
|
|||
|
Cisco Systems, Inc.
|
|
10,600
|
$1,229,494
|
|
Microsoft Corp.
|
|
6,700
|
3,113,624
|
|
NVIDIA Corp.
|
|
11,900
|
2,388,925
|
|
Oracle Corp.
|
|
5,200
|
675,324
|
|
|
|
|
15,390,363
|
|
Materials—0.7%
|
|||
|
Linde PLC
|
|
1,400
|
669,732
|
|
Real Estate—1.3%
|
|||
|
American Tower Corp., REIT
|
|
7,700
|
1,334,872
|
|
Utilities—2.7%
|
|||
|
CMS Energy Corp.
|
|
12,500
|
899,875
|
|
FirstEnergy Corp.
|
|
19,200
|
927,552
|
|
NextEra Energy, Inc.
|
|
10,400
|
903,968
|
|
|
|
|
2,731,395
|
|
Total United States
|
|
57,843,628
|
|
|
Total Common Stocks
|
|
93,704,898
|
|
|
PREFERRED STOCKS—3.4%
|
|
||
|
SOUTH KOREA—3.4%
|
|||
|
Information Technology—3.4%
|
|||
|
Samsung Electronics Co. Ltd.
|
|
26,900
|
3,380,386
|
|
Total Preferred Stocks
|
|
3,380,386
|
|
|
SHORT-TERM INVESTMENT—2.5%
|
|
||
|
State Street Institutional U.S. Government Money
Market Fund, Premier Class, 3.62%(b)
|
|
2,516,049
|
2,516,049
|
|
Total Short-Term Investment
|
|
2,516,049
|
|
|
Total Investments
(Cost $68,040,613)—99.8%
|
99,601,333
|
||
|
Other Assets in Excess of Liabilities—0.2%
|
201,158
|
||
|
Net Assets—100.0%
|
$99,802,491
|
||
|
(a)
|
China A Shares. These shares are issued in local currency, traded in the local
stock markets and are held through either a Qualified Foreign Institutional
Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect
program.
|
|
(b)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
ADR
|
American Depositary Receipt
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
EUR
|
Euro Currency
|
|
USD
|
U.S. Dollar
|
|
As of July 31, 2026, the Fund held the following forward foreign currency contracts:
|
|
Sale Contracts
Settlement Date
|
Counterparty
|
Currency
Purchased
|
Amount
Purchased
|
Currency
Sold
|
Amount
Sold
|
Fair Value
|
Unrealized
Appreciation/
(Depreciation)
|
|
|
United States Dollar/Euro
|
|
|
|
|
|
|||
|
10/14/2026
|
Goldman Sachs & Co.
|
USD
|
7,325,414
|
EUR
|
6,400,000
|
$7,400,851
|
$(75,437
)
|
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS—87.4%
|
|
||
|
BRAZIL—2.0%
|
|||
|
Communication Services—0.5%
|
|||
|
Telefonica Brasil SA
|
|
804
|
$5,175
|
|
Financials—0.6%
|
|||
|
B3 SA - Brasil Bolsa Balcao
|
|
2,106
|
6,535
|
|
Industrials—0.2%
|
|||
|
WEG SA
|
|
228
|
2,123
|
|
Materials—0.7%
|
|||
|
Vale SA
|
|
438
|
6,591
|
|
Total Brazil
|
|
20,424
|
|
|
CHINA—20.1%
|
|||
|
Communication Services—7.6%
|
|||
|
Tencent Holdings Ltd.
|
|
1,300
|
79,434
|
|
Consumer Discretionary—6.1%
|
|||
|
ANTA Sports Products Ltd.
|
|
1,800
|
18,116
|
|
Hangzhou Robam Appliances Co. Ltd., A Shares (Stock
Connect)
|
|
3,000
|
7,084
|
|
JD.com, Inc., A Shares (Stock Connect)
|
|
250
|
4,112
|
|
Li Auto, Inc., A Shares (Stock Connect)(a)
|
|
700
|
4,767
|
|
Li Ning Co. Ltd.
|
|
2,500
|
4,830
|
|
Meituan, B Shares(a)(b)
|
|
600
|
7,084
|
|
Midea Group Co. Ltd., H Shares
|
|
700
|
8,869
|
|
Shenzhou International Group Holdings Ltd.
|
|
1,400
|
7,957
|
|
|
|
|
62,819
|
|
Consumer Staples—2.3%
|
|||
|
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares
(Stock Connect)
|
|
1,700
|
6,821
|
|
Wuliangye Yibin Co. Ltd., A Shares (Stock Connect)
|
|
1,000
|
11,552
|
|
Yifeng Pharmacy Chain Co. Ltd., A Shares (Stock
Connect)
|
|
1,600
|
5,390
|
|
|
|
|
23,763
|
|
Industrials—3.0%
|
|||
|
Contemporary Amperex Technology Co. Ltd., A Shares
(Stock Connect)(c)
|
|
364
|
21,339
|
|
SITC International Holdings Co. Ltd.
|
|
2,000
|
10,084
|
|
|
|
|
31,423
|
|
Information Technology—1.1%
|
|||
|
Montage Technology Co. Ltd., H Shares
|
|
36
|
1,221
|
|
NAURA Technology Group Co. Ltd., A Shares (Stock
Connect)(c)
|
|
98
|
9,956
|
|
|
|
|
11,177
|
|
Total China
|
|
208,616
|
|
|
GEORGIA—0.9%
|
|||
|
Financials—0.9%
|
|||
|
Lion Finance Group PLC
|
|
61
|
9,582
|
|
GREECE—2.7%
|
|||
|
Financials—2.7%
|
|||
|
National Bank of Greece SA
|
|
1,525
|
28,534
|
|
HONG KONG—1.9%
|
|||
|
Consumer Staples—0.6%
|
|||
|
Budweiser Brewing Co. APAC Ltd.(b)
|
|
7,700
|
6,450
|
|
Industrials—1.3%
|
|||
|
Techtronic Industries Co. Ltd.
|
|
770
|
12,936
|
|
Total Hong Kong
|
|
19,386
|
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
INDIA—7.6%
|
|||
|
Consumer Discretionary—1.6%
|
|||
|
Crompton Greaves Consumer Electricals Ltd.
|
|
1,426
|
$3,887
|
|
Mahindra & Mahindra Ltd., GDR(b)
|
|
256
|
8,973
|
|
Tube Investments of India Ltd.
|
|
133
|
3,832
|
|
|
|
|
16,692
|
|
Energy—0.5%
|
|||
|
Reliance Industries Ltd., GDR(b)(d)
|
|
93
|
5,087
|
|
Financials—2.5%
|
|||
|
360 ONE WAM Ltd.
|
|
408
|
4,851
|
|
Aptus Value Housing Finance India Ltd.
|
|
2,904
|
7,924
|
|
Bajaj Holdings & Investment Ltd.
|
|
56
|
6,651
|
|
Kotak Mahindra Bank Ltd.
|
|
1,531
|
6,236
|
|
|
|
|
25,662
|
|
Information Technology—1.1%
|
|||
|
Tata Consultancy Services Ltd.
|
|
471
|
11,687
|
|
Utilities—1.9%
|
|||
|
Mahanagar Gas Ltd.(b)
|
|
298
|
3,476
|
|
Power Grid Corp. of India Ltd.
|
|
5,453
|
16,230
|
|
|
|
|
19,706
|
|
Total India
|
|
78,834
|
|
|
INDONESIA—1.9%
|
|||
|
Communication Services—1.1%
|
|||
|
Telkom Indonesia Persero Tbk. PT
|
|
83,000
|
12,117
|
|
Financials—0.8%
|
|||
|
Bank Rakyat Indonesia Persero Tbk. PT
|
|
47,600
|
8,005
|
|
Total Indonesia
|
|
20,122
|
|
|
KAZAKHSTAN—0.9%
|
|||
|
Energy—0.9%
|
|||
|
NAC Kazatomprom JSC, GDR(b)(d)
|
|
142
|
8,989
|
|
MACAO—1.1%
|
|||
|
Consumer Discretionary—1.1%
|
|||
|
Sands China Ltd.
|
|
6,400
|
12,002
|
|
MEXICO—8.7%
|
|||
|
Financials—2.8%
|
|||
|
Grupo Financiero Banorte SAB de CV, Class O
|
|
2,545
|
29,336
|
|
Industrials—0.5%
|
|||
|
Grupo Aeroportuario del Centro Norte SAB de CV
|
|
375
|
5,003
|
|
Materials—5.4%
|
|||
|
Grupo Mexico SAB de CV
|
|
4,668
|
56,139
|
|
Total Mexico
|
|
90,478
|
|
|
POLAND—1.1%
|
|||
|
Industrials—1.1%
|
|||
|
InPost SA(a)
|
|
674
|
12,021
|
|
SAUDI ARABIA—1.3%
|
|||
|
Financials—1.3%
|
|||
|
Saudi National Bank
|
|
1,268
|
13,269
|
|
SOUTH AFRICA—0.3%
|
|||
|
Materials—0.3%
|
|||
|
Valterra Platinum Ltd.
|
|
46
|
3,445
|
|
SOUTH KOREA—14.9%
|
|||
|
Industrials—4.4%
|
|||
|
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
|
|
73
|
19,386
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS (continued)
|
|
||
|
SOUTH KOREA (continued)
|
|||
|
Industrials (continued)
|
|||
|
Samsung C&T Corp.
|
|
70
|
$16,307
|
|
Samsung E&A Co. Ltd.
|
|
330
|
9,769
|
|
|
|
|
45,462
|
|
Information Technology—10.5%
|
|||
|
Samsung Electronics Co. Ltd.
|
|
209
|
36,377
|
|
SK Hynix, Inc.
|
|
64
|
72,682
|
|
|
|
|
109,059
|
|
Total South Korea
|
|
154,521
|
|
|
TAIWAN—19.0%
|
|||
|
Consumer Discretionary—0.9%
|
|||
|
Poya International Co. Ltd.
|
|
400
|
8,901
|
|
Information Technology—18.1%
|
|||
|
Accton Technology Corp.
|
|
458
|
29,686
|
|
ASE Technology Holding Co. Ltd.
|
|
1,108
|
18,907
|
|
Chroma ATE, Inc.
|
|
505
|
31,727
|
|
Globalwafers Co. Ltd.
|
|
138
|
3,486
|
|
MediaTek, Inc.
|
|
757
|
80,642
|
|
Quanta Computer, Inc.
|
|
1,366
|
12,152
|
|
Realtek Semiconductor Corp.
|
|
392
|
8,129
|
|
Sinbon Electronics Co. Ltd.
|
|
399
|
3,610
|
|
|
|
|
188,339
|
|
Total Taiwan
|
|
197,240
|
|
|
THAILAND—1.9%
|
|||
|
Financials—1.5%
|
|||
|
Krung Thai Bank PCL
|
|
11,900
|
15,720
|
|
Health Care—0.4%
|
|||
|
Bangkok Dusit Medical Services PCL, Class F
|
|
6,400
|
3,680
|
|
Total Thailand
|
|
19,400
|
|
|
UNITED ARAB EMIRATES—0.8%
|
|||
|
Energy—0.8%
|
|||
|
ADNOC Drilling Co. PJSC
|
|
5,156
|
8,184
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
VIETNAM—0.3%
|
|||
|
Information Technology—0.3%
|
|||
|
FPT Corp.
|
|
1,200
|
$3,054
|
|
Total Common Stocks
|
|
908,101
|
|
|
PREFERRED STOCKS—13.1%
|
|
||
|
BRAZIL—1.5%
|
|||
|
Energy—1.5%
|
|||
|
Petroleo Brasileiro SA - Petrobras
|
|
1,770
|
15,161
|
|
SOUTH KOREA—11.6%
|
|||
|
Information Technology—11.6%
|
|||
|
Samsung Electronics Co. Ltd.
|
|
960
|
120,638
|
|
Total Preferred Stocks
|
|
135,799
|
|
|
SHORT-TERM INVESTMENT—2.7%
|
|
||
|
State Street Institutional U.S. Government Money
Market Fund, Premier Class, 3.62%(e)
|
|
28,313
|
28,313
|
|
Total Short-Term Investment
|
|
28,313
|
|
|
Total Investments
(Cost $801,816)—103.2%
|
1,072,213
|
||
|
Liabilities in Excess of Other Assets—(3.2%)
|
(33,355
)
|
||
|
Net Assets—100.0%
|
$1,038,858
|
||
|
(a)
|
Non-income producing security.
|
|
(b)
|
Denotes a security issued under Regulation S or Rule 144A.
|
|
(c)
|
China A Shares. These shares are issued in local currency, traded in the local
stock markets and are held through either a Qualified Foreign Institutional
Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect
program.
|
|
(d)
|
The Fund’s adviser has deemed this security to be illiquid based upon
procedures approved by the Board of Trustees. Illiquid securities held by the
Fund represent 1.4% of net assets as of July 31, 2026.
|
|
(e)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
GDR
|
Global Depositary Receipt
|
|
PLC
|
Public Limited Company
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS—87.0%
|
|
||
|
BRAZIL—4.8%
|
|||
|
Communication Services—1.3%
|
|||
|
Telefonica Brasil SA, ADR
|
|
366,490
|
$4,735,051
|
|
Energy—2.0%
|
|||
|
Petroleo Brasileiro SA - Petrobras, ADR
|
|
247,376
|
4,242,498
|
|
PRIO SA(a)
|
|
238,883
|
2,867,548
|
|
|
|
|
7,110,046
|
|
Financials—0.9%
|
|||
|
B3 SA - Brasil Bolsa Balcao
|
|
567,109
|
1,759,787
|
|
Itau Unibanco Holding SA, ADR
|
|
181,608
|
1,536,404
|
|
|
|
|
3,296,191
|
|
Health Care—0.6%
|
|||
|
Bradsaude SA
|
|
607,050
|
1,906,480
|
|
Total Brazil
|
|
17,047,768
|
|
|
CHINA—17.5%
|
|||
|
Communication Services—6.4%
|
|||
|
Autohome, Inc., ADR
|
|
32,283
|
749,611
|
|
NetEase, Inc., ADR
|
|
36,002
|
4,797,987
|
|
Tencent Holdings Ltd., ADR
|
|
283,144
|
17,393,536
|
|
|
|
|
22,941,134
|
|
Consumer Discretionary—4.9%
|
|||
|
Alibaba Group Holding Ltd., ADR
|
|
23,875
|
2,918,719
|
|
ANTA Sports Products Ltd.
|
|
381,750
|
3,843,104
|
|
Fu Shou Yuan International Group Ltd.(b)
|
|
1,301,000
|
97,877
|
|
JD.com, Inc., ADR
|
|
28,009
|
924,577
|
|
Li Ning Co. Ltd.
|
|
967,000
|
1,868,057
|
|
Midea Group Co. Ltd., H Shares
|
|
405,600
|
5,138,269
|
|
Shenzhou International Group Holdings Ltd.
|
|
475,000
|
2,700,130
|
|
|
|
|
17,490,733
|
|
Consumer Staples—1.4%
|
|||
|
Inner Mongolia Yili Industrial Group Co. Ltd., A
Shares (Stock Connect)(c)
|
|
398,900
|
1,602,091
|
|
Wuliangye Yibin Co. Ltd., A Shares (Stock
Connect)(c)
|
|
200,900
|
2,322,354
|
|
Yifeng Pharmacy Chain Co. Ltd., A Shares
(Stock Connect)(c)
|
|
258,600
|
871,128
|
|
|
|
|
4,795,573
|
|
Financials—0.6%
|
|||
|
Ping An Insurance Group Co. of China Ltd., ADR
|
|
141,969
|
2,116,758
|
|
Health Care—0.5%
|
|||
|
Shanghai Conant Optical Co. Ltd., H Shares
|
|
142,200
|
573,340
|
|
Shenzhen Mindray Bio-Medical Electronics Co.
Ltd., A Shares (Stock Connect)(c)
|
|
51,700
|
1,217,345
|
|
|
|
|
1,790,685
|
|
Industrials—2.9%
|
|||
|
Centre Testing International Group Co. Ltd., A
Shares (Stock Connect)(c)
|
|
1,090,800
|
2,324,652
|
|
Contemporary Amperex Technology Co. Ltd., A
Shares (Stock Connect)(c)
|
|
108,900
|
6,379,822
|
|
SITC International Holdings Co. Ltd.
|
|
329,000
|
1,656,243
|
|
|
|
|
10,360,717
|
|
Information Technology—0.8%
|
|||
|
NAURA Technology Group Co. Ltd., A Shares
(Stock Connect)(c)
|
|
10,700
|
1,089,417
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
|
|||
|
|
|||
|
Shanghai Huace Navigation Technology Ltd., A
Shares (Stock Connect)(c)
|
|
217,100
|
$913,438
|
|
Zhongji Innolight Co. Ltd., H Shares(a)
|
|
6,400
|
838,927
|
|
|
|
|
2,841,782
|
|
Total China
|
|
62,337,382
|
|
|
CZECH REPUBLIC—0.5%
|
|||
|
Industrials—0.5%
|
|||
|
CSG NV(a)
|
|
92,018
|
1,752,946
|
|
GEORGIA—0.4%
|
|||
|
Financials—0.4%
|
|||
|
Lion Finance Group PLC
|
|
8,661
|
1,355,220
|
|
GREECE—2.6%
|
|||
|
Financials—1.6%
|
|||
|
National Bank of Greece SA
|
|
317,590
|
5,896,285
|
|
Industrials—1.0%
|
|||
|
Metlen Energy & Metals PLC
|
|
65,905
|
3,512,643
|
|
Total Greece
|
|
9,408,928
|
|
|
HONG KONG—2.5%
|
|||
|
Consumer Staples—0.5%
|
|||
|
Budweiser Brewing Co. APAC Ltd.(d)
|
|
2,084,204
|
1,748,707
|
|
Financials—0.7%
|
|||
|
AIA Group Ltd., ADR
|
|
62,842
|
2,541,959
|
|
Industrials—1.3%
|
|||
|
Techtronic Industries Co. Ltd.
|
|
270,000
|
4,544,527
|
|
Total Hong Kong
|
|
8,835,193
|
|
|
INDIA—8.2%
|
|||
|
Consumer Discretionary—0.5%
|
|||
|
Mahindra & Mahindra Ltd., GDR(d)
|
|
54,591
|
1,913,414
|
|
Financials—5.5%
|
|||
|
360 ONE WAM Ltd.
|
|
89,057
|
1,060,303
|
|
Aptus Value Housing Finance India Ltd.
|
|
715,636
|
1,953,814
|
|
Bajaj Holdings & Investment Ltd.
|
|
43,166
|
5,127,984
|
|
HDFC Bank Ltd., ADR
|
|
395,140
|
9,455,700
|
|
ICICI Bank Ltd., ADR
|
|
68,603
|
2,057,404
|
|
|
|
|
19,655,205
|
|
Information Technology—0.8%
|
|||
|
Tata Consultancy Services Ltd.
|
|
107,733
|
2,671,449
|
|
Utilities—1.4%
|
|||
|
Mahanagar Gas Ltd.(d)
|
|
124,022
|
1,447,346
|
|
Power Grid Corp. of India Ltd.
|
|
1,188,677
|
3,540,554
|
|
|
|
|
4,987,900
|
|
Total India
|
|
29,227,968
|
|
|
INDONESIA—3.5%
|
|||
|
Communication Services—0.9%
|
|||
|
Telkom Indonesia Persero Tbk. PT
|
|
21,306,800
|
3,114,198
|
|
Consumer Discretionary—0.3%
|
|||
|
Map Aktif Adiperkasa PT
|
|
25,200,800
|
910,333
|
|
Consumer Staples—0.2%
|
|||
|
Sumber Alfaria Trijaya Tbk. PT
|
|
9,401,300
|
692,271
|
|
Financials—2.0%
|
|||
|
Bank Mandiri Persero Tbk. PT
|
|
30,561,100
|
7,116,317
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS (continued)
|
|
||
|
INDONESIA (continued)
|
|||
|
Real Estate—0.1%
|
|||
|
Ciputra Development Tbk. PT
|
|
16,956,800
|
$541,856
|
|
Total Indonesia
|
|
12,374,975
|
|
|
KAZAKHSTAN—1.2%
|
|||
|
Energy—1.0%
|
|||
|
NAC Kazatomprom JSC, GDR(d)
|
|
55,526
|
3,514,796
|
|
Financials—0.2%
|
|||
|
Kaspi.KZ JSC, GDR(d)
|
|
10,282
|
912,836
|
|
Total Kazakhstan
|
|
4,427,632
|
|
|
MACAO—0.9%
|
|||
|
Consumer Discretionary—0.9%
|
|||
|
Sands China Ltd.
|
|
1,647,290
|
3,091,924
|
|
MALAYSIA—0.7%
|
|||
|
Communication Services—0.7%
|
|||
|
Telekom Malaysia Bhd.
|
|
1,312,500
|
2,489,141
|
|
MEXICO—5.3%
|
|||
|
Financials—1.5%
|
|||
|
Grupo Financiero Banorte SAB de CV, Class O
|
|
476,603
|
5,493,751
|
|
Industrials—0.2%
|
|||
|
Grupo Aeroportuario del Centro Norte SAB de
CV
|
|
57,257
|
763,835
|
|
Materials—3.6%
|
|||
|
Grupo Mexico SAB de CV
|
|
1,051,858
|
12,649,990
|
|
Total Mexico
|
|
18,907,576
|
|
|
PERU—0.9%
|
|||
|
Financials—0.9%
|
|||
|
Credicorp Ltd.
|
|
8,291
|
3,321,209
|
|
SAUDI ARABIA—1.2%
|
|||
|
Financials—1.2%
|
|||
|
Saudi National Bank
|
|
414,278
|
4,324,244
|
|
SINGAPORE—0.8%
|
|||
|
Real Estate—0.8%
|
|||
|
Capitaland India Trust, UNIT
|
|
3,569,600
|
2,950,428
|
|
SOUTH AFRICA—1.8%
|
|||
|
Communication Services—0.5%
|
|||
|
Vodacom Group Ltd.
|
|
204,834
|
1,984,210
|
|
Financials—0.8%
|
|||
|
Sanlam Ltd.
|
|
550,569
|
2,928,592
|
|
Materials—0.5%
|
|||
|
Valterra Platinum Ltd.
|
|
22,767
|
1,708,443
|
|
Total South Africa
|
|
6,621,245
|
|
|
SOUTH KOREA—9.4%
|
|||
|
Financials—0.4%
|
|||
|
Shinhan Financial Group Co. Ltd., ADR
|
|
21,782
|
1,523,215
|
|
Industrials—3.5%
|
|||
|
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd.
|
|
22,608
|
6,097,199
|
|
Samsung C&T Corp.
|
|
22,284
|
5,494,021
|
|
Samsung E&A Co. Ltd.
|
|
25,769
|
791,669
|
|
|
|
|
12,382,889
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
|
|||
|
Information Technology—5.5%
|
|||
|
HPSP Co. Ltd.
|
|
29,009
|
$704,013
|
|
SK Hynix, Inc.
|
|
15,891
|
19,149,006
|
|
|
|
|
19,853,019
|
|
Total South Korea
|
|
33,759,123
|
|
|
TAIWAN—21.1%
|
|||
|
Consumer Discretionary—1.3%
|
|||
|
Nien Made Enterprise Co. Ltd.
|
|
144,000
|
1,697,577
|
|
Poya International Co. Ltd.
|
|
128,150
|
2,854,915
|
|
|
|
|
4,552,492
|
|
Information Technology—19.8%
|
|||
|
Accton Technology Corp.
|
|
64,000
|
4,208,051
|
|
Chroma ATE, Inc.
|
|
44,000
|
2,858,999
|
|
Fositek Corp.
|
|
15,000
|
626,566
|
|
Hon Hai Precision Industry Co. Ltd.
|
|
216,000
|
1,674,186
|
|
MediaTek, Inc.
|
|
106,000
|
11,659,705
|
|
Quanta Computer, Inc.
|
|
332,000
|
2,994,462
|
|
Realtek Semiconductor Corp.
|
|
128,000
|
2,705,034
|
|
Sinbon Electronics Co. Ltd.
|
|
69,000
|
631,950
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
|
579,000
|
43,444,259
|
|
|
|
|
70,803,212
|
|
Total Taiwan
|
|
75,355,704
|
|
|
THAILAND—2.0%
|
|||
|
Communication Services—0.2%
|
|||
|
Digital Telecommunications Infrastructure
Fund, Class F, UNIT
|
|
2,526,900
|
771,861
|
|
Financials—1.3%
|
|||
|
Krung Thai Bank PCL
|
|
3,455,100
|
4,578,519
|
|
Utilities—0.5%
|
|||
|
Gulf Development PCL
|
|
829,911
|
1,658,952
|
|
Total Thailand
|
|
7,009,332
|
|
|
UNITED ARAB EMIRATES—1.7%
|
|||
|
Energy—0.4%
|
|||
|
ADNOC Drilling Co. PJSC
|
|
878,470
|
1,391,967
|
|
Real Estate—1.3%
|
|||
|
Aldar Properties PJSC
|
|
1,136,100
|
2,298,182
|
|
Emaar Properties PJSC
|
|
774,161
|
2,318,479
|
|
|
|
|
4,616,661
|
|
Total United Arab Emirates
|
|
6,008,628
|
|
|
Total Common Stocks
|
|
310,606,566
|
|
|
PREFERRED STOCKS—11.7%
|
|
||
|
SOUTH KOREA—11.7%
|
|||
|
Financials—0.3%
|
|||
|
Samsung Fire & Marine Insurance Co. Ltd.
|
|
4,189
|
1,125,333
|
|
Information Technology—11.4%
|
|||
|
Samsung Electronics Co. Ltd.
|
|
303,172
|
40,615,734
|
|
Total South Korea
|
|
41,741,067
|
|
|
Total Preferred Stocks
|
|
41,741,067
|
|
|
|
Shares
|
Value
|
|
|
SHORT-TERM INVESTMENT—0.7%
|
|
||
|
State Street Institutional U.S. Government
Money Market Fund, Premier Class, 3.62%(e)
|
|
2,471,551
|
$2,471,551
|
|
Total Short-Term Investment
|
|
2,471,551
|
|
|
Total Investments
(Cost $285,177,392)—99.4%
|
354,819,184
|
||
|
Other Assets in Excess of Liabilities—0.6%
|
1,998,942
|
||
|
Net Assets—100.0%
|
$356,818,126
|
||
|
(a)
|
Non-income producing security.
|
|
(b)
|
The Fund’s adviser has deemed this security to be illiquid based upon
procedures approved by the Board of Trustees. Illiquid securities held by the
Fund represent 0.0% of net assets as of July 31, 2026.
|
|
(c)
|
China A Shares. These shares are issued in local currency, traded in the local
stock markets and are held through either a Qualified Foreign Institutional
Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect
program.
|
|
(d)
|
Denotes a security issued under Regulation S or Rule 144A.
|
|
(e)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
ADR
|
American Depositary Receipt
|
|
GDR
|
Global Depositary Receipt
|
|
PLC
|
Public Limited Company
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS—87.9%
|
|
||
|
AUSTRALIA—1.0%
|
|||
|
Materials—1.0%
|
|||
|
Rio Tinto PLC
|
|
25,258
|
$2,454,310
|
|
BRAZIL—5.0%
|
|||
|
Consumer Discretionary—0.8%
|
|||
|
MercadoLibre, Inc.(a)
|
|
964
|
1,810,344
|
|
Energy—1.7%
|
|||
|
PRIO SA(a)
|
|
336,705
|
4,041,801
|
|
Financials—1.3%
|
|||
|
NU Holdings Ltd., Class A(a)
|
|
213,212
|
3,055,328
|
|
Real Estate—1.2%
|
|||
|
Multiplan Empreendimentos Imobiliarios SA
|
|
510,283
|
2,831,690
|
|
Total Brazil
|
|
11,739,163
|
|
|
CANADA—0.4%
|
|||
|
Materials—0.4%
|
|||
|
Capstone Copper Corp.(a)
|
|
108,007
|
1,025,483
|
|
CZECH REPUBLIC—0.2%
|
|||
|
Industrials—0.2%
|
|||
|
CSG NV(a)
|
|
27,494
|
523,762
|
|
GREECE—2.4%
|
|||
|
Financials—1.2%
|
|||
|
National Bank of Greece SA
|
|
155,956
|
2,918,100
|
|
Industrials—1.2%
|
|||
|
GEK Terna SA
|
|
31,367
|
1,641,909
|
|
Metlen Energy & Metals PLC
|
|
21,207
|
1,130,906
|
|
|
|
|
2,772,815
|
|
Total Greece
|
|
5,690,915
|
|
|
INDIA—13.3%
|
|||
|
Communication Services—1.4%
|
|||
|
Bharti Airtel Ltd.
|
|
156,082
|
3,218,008
|
|
Consumer Discretionary—2.1%
|
|||
|
Indian Hotels Co. Ltd.
|
|
309,816
|
2,402,297
|
|
ITC Hotels Ltd.
|
|
65,505
|
111,291
|
|
Mahindra & Mahindra Ltd.
|
|
64,608
|
2,296,814
|
|
|
|
|
4,810,402
|
|
Consumer Staples—0.8%
|
|||
|
ITC Ltd.
|
|
650,534
|
1,915,144
|
|
Financials—5.3%
|
|||
|
360 ONE WAM Ltd.
|
|
69,110
|
821,696
|
|
Cholamandalam Financial Holdings Ltd.
|
|
50,375
|
813,993
|
|
Cholamandalam Investment & Finance Co. Ltd.
|
|
142,340
|
2,751,363
|
|
HDFC Bank Ltd.
|
|
722,593
|
5,658,073
|
|
SBI Life Insurance Co. Ltd.(b)
|
|
125,323
|
2,481,737
|
|
|
|
|
12,526,862
|
|
Health Care—1.3%
|
|||
|
Torrent Pharmaceuticals Ltd.
|
|
56,290
|
3,033,259
|
|
Industrials—1.1%
|
|||
|
KEI Industries Ltd.
|
|
17,233
|
901,379
|
|
Larsen & Toubro Ltd.
|
|
43,068
|
1,775,972
|
|
|
|
|
2,677,351
|
|
Materials—0.7%
|
|||
|
UltraTech Cement Ltd.
|
|
12,795
|
1,593,087
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
|
|||
|
Utilities—0.6%
|
|||
|
NTPC Ltd.
|
|
413,497
|
$1,500,911
|
|
Total India
|
|
31,275,024
|
|
|
INDONESIA—1.8%
|
|||
|
Communication Services—0.8%
|
|||
|
Telkom Indonesia Persero Tbk. PT
|
|
12,717,600
|
1,856,652
|
|
Financials—1.0%
|
|||
|
Bank Negara Indonesia Persero Tbk. PT
|
|
12,178,400
|
2,384,653
|
|
Total Indonesia
|
|
4,241,305
|
|
|
KAZAKHSTAN—2.3%
|
|||
|
Energy—1.5%
|
|||
|
NAC Kazatomprom JSC, GDR(b)(c)
|
|
56,250
|
3,560,625
|
|
Financials—0.8%
|
|||
|
Kaspi.KZ JSC, GDR(b)
|
|
21,139
|
1,876,720
|
|
Total Kazakhstan
|
|
5,437,345
|
|
|
MEXICO—5.2%
|
|||
|
Consumer Staples—0.5%
|
|||
|
Arca Continental SAB de CV
|
|
113,817
|
1,299,996
|
|
Financials—0.8%
|
|||
|
Grupo Financiero Banorte SAB de CV, Class O
|
|
167,181
|
1,927,077
|
|
Industrials—0.8%
|
|||
|
Grupo Aeroportuario del Centro Norte SAB de
CV, ADR
|
|
16,960
|
1,813,024
|
|
Materials—3.1%
|
|||
|
Grupo Mexico SAB de CV
|
|
603,588
|
7,258,948
|
|
Total Mexico
|
|
12,299,045
|
|
|
PERU—0.6%
|
|||
|
Financials—0.6%
|
|||
|
Credicorp Ltd.
|
|
3,625
|
1,452,103
|
|
POLAND—1.1%
|
|||
|
Consumer Staples—1.1%
|
|||
|
Zabka Group SA
|
|
290,494
|
2,475,817
|
|
SAUDI ARABIA—2.0%
|
|||
|
Financials—1.5%
|
|||
|
Al Rajhi Bank
|
|
212,191
|
3,541,206
|
|
Industrials—0.5%
|
|||
|
Electrical Industries Co.
|
|
296,023
|
1,115,399
|
|
Total Saudi Arabia
|
|
4,656,605
|
|
|
SOUTH AFRICA—3.1%
|
|||
|
Consumer Discretionary—1.0%
|
|||
|
Naspers Ltd., Class N
|
|
44,356
|
2,330,581
|
|
Financials—0.6%
|
|||
|
Sanlam Ltd.
|
|
275,461
|
1,465,235
|
|
Materials—1.5%
|
|||
|
Gold Fields Ltd.
|
|
53,844
|
1,738,781
|
|
Valterra Platinum Ltd.
|
|
23,230
|
1,739,477
|
|
|
|
|
3,478,258
|
|
Total South Africa
|
|
7,274,074
|
|
|
SOUTH KOREA—16.0%
|
|||
|
Consumer Discretionary—0.3%
|
|||
|
Hyundai Mobis Co. Ltd.
|
|
2,309
|
746,744
|
|
Financials—1.5%
|
|||
|
Shinhan Financial Group Co. Ltd.
|
|
51,730
|
3,591,093
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS (continued)
|
|
||
|
SOUTH KOREA (continued)
|
|||
|
Health Care—0.5%
|
|||
|
Samsung Biologics Co. Ltd.(a)(b)
|
|
957
|
$984,598
|
|
Samsung Episholdings Co. Ltd.(a)
|
|
515
|
133,721
|
|
|
|
|
1,118,319
|
|
Industrials—5.9%
|
|||
|
HD Hyundai Electric Co. Ltd.
|
|
5,057
|
2,338,504
|
|
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd.
|
|
11,565
|
3,071,200
|
|
Samsung C&T Corp.
|
|
21,265
|
4,953,950
|
|
Samsung E&A Co. Ltd.
|
|
87,622
|
2,593,773
|
|
SK Square Co. Ltd.
|
|
1,319
|
906,961
|
|
|
|
|
13,864,388
|
|
Information Technology—7.8%
|
|||
|
SK Hynix, Inc.
|
|
16,152
|
18,343,100
|
|
Total South Korea
|
|
37,663,644
|
|
|
TAIWAN—30.0%
|
|||
|
Consumer Discretionary—0.9%
|
|||
|
Makalot Industrial Co. Ltd.
|
|
146,072
|
990,148
|
|
Poya International Co. Ltd.
|
|
43,667
|
971,780
|
|
|
|
|
1,961,928
|
|
Information Technology—29.1%
|
|||
|
Accton Technology Corp.
|
|
69,572
|
4,509,444
|
|
ASE Technology Holding Co. Ltd.
|
|
283,000
|
4,829,252
|
|
Asia Vital Components Co. Ltd.
|
|
35,000
|
2,461,474
|
|
Chroma ATE, Inc.
|
|
107,931
|
6,780,879
|
|
Delta Electronics, Inc.
|
|
98,899
|
4,865,595
|
|
MediaTek, Inc.
|
|
29,000
|
3,089,303
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
|
567,000
|
41,938,290
|
|
|
|
|
68,474,237
|
|
Total Taiwan
|
|
70,436,165
|
|
|
THAILAND—0.7%
|
|||
|
Financials—0.7%
|
|||
|
Krung Thai Bank PCL
|
|
1,176,900
|
1,554,680
|
|
TURKEY—0.4%
|
|||
|
Consumer Staples—0.4%
|
|||
|
Coca-Cola Icecek AS
|
|
484,601
|
928,537
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
UNITED ARAB EMIRATES—2.4%
|
|||
|
Financials—1.2%
|
|||
|
Abu Dhabi Islamic Bank PJSC
|
|
489,809
|
$2,829,422
|
|
Real Estate—0.6%
|
|||
|
Aldar Properties PJSC
|
|
690,081
|
1,392,228
|
|
Utilities—0.6%
|
|||
|
Emirates Central Cooling Systems Corp.
|
|
3,137,731
|
1,345,029
|
|
Total United Arab Emirates
|
|
5,566,679
|
|
|
Total Common Stocks
|
|
206,694,656
|
|
|
PREFERRED STOCKS—11.8%
|
|
||
|
BRAZIL—1.4%
|
|||
|
Financials—1.4%
|
|||
|
Itausa SA
|
|
1,208,453
|
3,294,600
|
|
SOUTH KOREA—10.4%
|
|||
|
Information Technology—10.4%
|
|||
|
Samsung Electronics Co. Ltd.
|
|
193,650
|
24,335,012
|
|
Total Preferred Stocks
|
|
27,629,612
|
|
|
SHORT-TERM INVESTMENT—0.2%
|
|
||
|
State Street Institutional U.S. Government
Money Market Fund, Premier Class, 3.62%(d)
|
|
449,644
|
449,644
|
|
Total Short-Term Investment
|
|
449,644
|
|
|
Total Investments
(Cost $145,638,342)—99.9%
|
234,773,912
|
||
|
Other Assets in Excess of Liabilities—0.1%
|
306,269
|
||
|
Net Assets—100.0%
|
$235,080,181
|
||
|
(a)
|
Non-income producing security.
|
|
(b)
|
Denotes a security issued under Regulation S or Rule 144A.
|
|
(c)
|
The Fund’s adviser has deemed this security to be illiquid based upon
procedures approved by the Board of Trustees. Illiquid securities held by the
Fund represent 1.5% of net assets as of July 31, 2026.
|
|
(d)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
ADR
|
American Depositary Receipt
|
|
GDR
|
Global Depositary Receipt
|
|
PLC
|
Public Limited Company
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS—85.3%
|
|
||
|
AUSTRALIA—1.2%
|
|||
|
Materials—1.2%
|
|||
|
Rio Tinto PLC
|
|
129,122
|
$12,546,736
|
|
BRAZIL—3.0%
|
|||
|
Energy—1.6%
|
|||
|
PRIO SA(a)
|
|
1,378,693
|
16,549,810
|
|
Financials—0.3%
|
|||
|
NU Holdings Ltd., Class A(a)
|
|
223,089
|
3,196,865
|
|
Real Estate—0.4%
|
|||
|
Multiplan Empreendimentos Imobiliarios SA
|
|
798,332
|
4,430,147
|
|
Utilities—0.7%
|
|||
|
Equatorial SA
|
|
856,744
|
6,533,980
|
|
Total Brazil
|
|
30,710,802
|
|
|
CHINA—21.1%
|
|||
|
Communication Services—5.1%
|
|||
|
Tencent Holdings Ltd.
|
|
849,427
|
51,902,526
|
|
Consumer Discretionary—4.0%
|
|||
|
Alibaba Group Holding Ltd.
|
|
1,061,702
|
16,173,324
|
|
ANTA Sports Products Ltd.
|
|
1,038,252
|
10,449,397
|
|
Midea Group Co. Ltd., H Shares
|
|
1,144,181
|
14,496,513
|
|
|
|
|
41,119,234
|
|
Consumer Staples—1.5%
|
|||
|
Giant Biogene Holding Co. Ltd.(b)
|
|
1,394,360
|
5,477,257
|
|
Kweichow Moutai Co. Ltd., A Shares (Stock
Connect)(c)
|
|
47,337
|
9,475,047
|
|
|
|
|
14,952,304
|
|
Financials—2.5%
|
|||
|
China Merchants Bank Co. Ltd., H Shares
|
|
2,473,529
|
16,048,443
|
|
Ping An Insurance Group Co. of China Ltd., H
Shares
|
|
1,230,243
|
9,190,863
|
|
|
|
|
25,239,306
|
|
Health Care—0.5%
|
|||
|
Jiangsu Hengrui Pharmaceuticals Co. Ltd., A
Shares (Stock Connect)(c)
|
|
292,058
|
2,339,392
|
|
Shenzhen Mindray Bio-Medical Electronics
Co. Ltd., A Shares (Stock Connect)(c)
|
|
108,713
|
2,559,402
|
|
|
|
|
4,898,794
|
|
Industrials—3.0%
|
|||
|
Contemporary Amperex Technology Co. Ltd.,
A Shares (Stock Connect)(c)
|
|
459,899
|
26,961,445
|
|
NARI Technology Co. Ltd., A Shares (Stock
Connect)(c)
|
|
938,866
|
3,384,110
|
|
|
|
|
30,345,555
|
|
Information Technology—3.2%
|
|||
|
Montage Technology Co. Ltd., A Shares (Stock
Connect)(c)
|
|
125,575
|
3,806,347
|
|
Montage Technology Co. Ltd., H Shares
|
|
71,251
|
2,416,501
|
|
NAURA Technology Group Co. Ltd., A Shares
(Stock Connect)(c)
|
|
194,422
|
19,751,910
|
|
Xiaomi Corp., B Shares(a)(b)
|
|
1,177,572
|
4,321,080
|
|
Zhongji Innolight Co. Ltd., H Shares(a)
|
|
18,950
|
2,484,010
|
|
|
|
|
32,779,848
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
|
|||
|
Real Estate—1.3%
|
|||
|
China Resources Land Ltd.
|
|
3,269,875
|
$13,833,587
|
|
Total China
|
|
215,071,154
|
|
|
CZECH REPUBLIC—0.2%
|
|||
|
Industrials—0.2%
|
|||
|
CSG NV(a)
|
|
122,102
|
2,326,047
|
|
GREECE—2.7%
|
|||
|
Financials—1.6%
|
|||
|
National Bank of Greece SA
|
|
842,830
|
15,770,229
|
|
Industrials—1.1%
|
|||
|
GEK Terna SA
|
|
114,100
|
5,972,576
|
|
Metlen Energy & Metals PLC
|
|
105,305
|
5,615,604
|
|
|
|
|
11,588,180
|
|
Total Greece
|
|
27,358,409
|
|
|
HONG KONG—1.3%
|
|||
|
Industrials—1.3%
|
|||
|
Techtronic Industries Co. Ltd.
|
|
802,909
|
13,488,836
|
|
INDIA—10.6%
|
|||
|
Communication Services—1.6%
|
|||
|
Bharti Airtel Ltd.
|
|
798,893
|
16,471,110
|
|
Consumer Discretionary—1.1%
|
|||
|
Indian Hotels Co. Ltd.
|
|
780,801
|
6,054,290
|
|
Mahindra & Mahindra Ltd.
|
|
150,510
|
5,350,629
|
|
|
|
|
11,404,919
|
|
Financials—4.1%
|
|||
|
360 ONE WAM Ltd.
|
|
204,793
|
2,434,923
|
|
Cholamandalam Investment & Finance Co.
Ltd.
|
|
353,868
|
6,840,096
|
|
HDFC Bank Ltd.
|
|
3,805,528
|
29,798,178
|
|
SBI Life Insurance Co. Ltd.(b)
|
|
133,966
|
2,652,892
|
|
|
|
|
41,726,089
|
|
Health Care—2.2%
|
|||
|
Torrent Pharmaceuticals Ltd.
|
|
421,543
|
22,715,388
|
|
Materials—0.3%
|
|||
|
UltraTech Cement Ltd.
|
|
22,369
|
2,785,132
|
|
Utilities—1.3%
|
|||
|
NTPC Ltd.
|
|
3,452,276
|
12,531,068
|
|
Total India
|
|
107,633,706
|
|
|
INDONESIA—2.5%
|
|||
|
Communication Services—1.2%
|
|||
|
Telkom Indonesia Persero Tbk. PT
|
|
82,066,471
|
11,980,944
|
|
Financials—1.3%
|
|||
|
Bank Negara Indonesia Persero Tbk. PT
|
|
66,291,988
|
12,980,637
|
|
Total Indonesia
|
|
24,961,581
|
|
|
KAZAKHSTAN—0.9%
|
|||
|
Energy—0.7%
|
|||
|
NAC Kazatomprom JSC, GDR(b)(d)
|
|
112,551
|
7,124,478
|
|
Financials—0.2%
|
|||
|
Kaspi.KZ JSC, GDR(b)
|
|
21,838
|
1,938,778
|
|
Total Kazakhstan
|
|
9,063,256
|
|
|
MEXICO—5.1%
|
|||
|
Consumer Staples—0.8%
|
|||
|
Arca Continental SAB de CV
|
|
753,398
|
8,605,167
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS (continued)
|
|
||
|
MEXICO (continued)
|
|||
|
Financials—0.6%
|
|||
|
Grupo Financiero Banorte SAB de CV, Class O
|
|
505,475
|
$5,826,555
|
|
Industrials—0.2%
|
|||
|
Grupo Aeroportuario del Sureste SAB de CV,
Class B
|
|
78,169
|
2,160,000
|
|
Materials—3.5%
|
|||
|
Grupo Mexico SAB de CV
|
|
2,967,778
|
35,691,474
|
|
Total Mexico
|
|
52,283,196
|
|
|
PERU—0.3%
|
|||
|
Financials—0.3%
|
|||
|
Credicorp Ltd.
|
|
8,374
|
3,354,457
|
|
POLAND—1.0%
|
|||
|
Consumer Staples—1.0%
|
|||
|
Zabka Group SA
|
|
1,203,605
|
10,258,062
|
|
RUSSIA—0.0%
|
|||
|
Energy—0.0%
|
|||
|
LUKOIL PJSC, ADR(a)(d)(e)
|
|
625,991
|
–
|
|
Novatek PJSC(a)(d)(e)
|
|
267,284
|
–
|
|
|
|
|
–
|
|
Financials—0.0%
|
|||
|
Sberbank of Russia PJSC(a)(d)(e)
|
|
6,211,074
|
–
|
|
Total Russia
|
|
–
|
|
|
SAUDI ARABIA—1.3%
|
|||
|
Financials—1.3%
|
|||
|
Al Rajhi Bank
|
|
796,525
|
13,293,020
|
|
SOUTH AFRICA—0.4%
|
|||
|
Financials—0.4%
|
|||
|
Sanlam Ltd.
|
|
829,234
|
4,410,870
|
|
SOUTH KOREA—11.4%
|
|||
|
Consumer Discretionary—0.3%
|
|||
|
Hyundai Mobis Co. Ltd.
|
|
9,802
|
3,170,024
|
|
Financials—1.0%
|
|||
|
Shinhan Financial Group Co. Ltd.
|
|
153,991
|
10,690,044
|
|
Industrials—4.5%
|
|||
|
HD Hyundai Electric Co. Ltd.
|
|
26,141
|
12,088,356
|
|
HD Korea Shipbuilding & Offshore
Engineering Co. Ltd.
|
|
63,487
|
16,859,599
|
|
Samsung C&T Corp.
|
|
22,270
|
5,188,078
|
|
SK Square Co. Ltd.
|
|
16,588
|
11,406,123
|
|
|
|
|
45,542,156
|
|
Information Technology—5.6%
|
|||
|
SK Hynix, Inc.
|
|
50,078
|
56,871,331
|
|
Total South Korea
|
|
116,273,555
|
|
|
TAIWAN—20.2%
|
|||
|
Information Technology—20.2%
|
|||
|
Accton Technology Corp.
|
|
259,370
|
16,811,569
|
|
ASE Technology Holding Co. Ltd.
|
|
722,556
|
12,330,053
|
|
Asia Vital Components Co. Ltd.
|
|
221,000
|
15,542,449
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
|
|||
|
|
|||
|
Chroma ATE, Inc.
|
|
342,841
|
$21,539,348
|
|
Delta Electronics, Inc.
|
|
301,096
|
14,813,205
|
|
MediaTek, Inc.
|
|
282,214
|
30,063,604
|
|
Taiwan Semiconductor Manufacturing Co.
Ltd.
|
|
1,281,479
|
94,784,900
|
|
|
|
|
205,885,128
|
|
THAILAND—0.7%
|
|||
|
Financials—0.7%
|
|||
|
Krung Thai Bank PCL
|
|
4,889,000
|
6,458,350
|
|
UNITED ARAB EMIRATES—1.4%
|
|||
|
Financials—1.1%
|
|||
|
Abu Dhabi Islamic Bank PJSC
|
|
1,931,259
|
11,156,078
|
|
Real Estate—0.3%
|
|||
|
Aldar Properties PJSC
|
|
1,456,513
|
2,938,492
|
|
Total United Arab Emirates
|
|
14,094,570
|
|
|
Total Common Stocks
|
|
869,471,735
|
|
|
PREFERRED STOCKS—11.7%
|
|
||
|
BRAZIL—2.2%
|
|||
|
Financials—2.2%
|
|||
|
Itausa SA
|
|
8,321,914
|
22,687,995
|
|
SOUTH KOREA—9.5%
|
|||
|
Information Technology—9.5%
|
|||
|
Samsung Electronics Co. Ltd.
|
|
767,483
|
96,445,694
|
|
Total Preferred Stocks
|
|
119,133,689
|
|
|
SHORT-TERM INVESTMENT—3.0%
|
|
||
|
State Street Institutional U.S. Government
Money Market Fund, Premier Class,
3.62%(f)
|
|
30,472,768
|
30,472,768
|
|
Total Short-Term Investment
|
|
30,472,768
|
|
|
Total Investments
(Cost $791,954,247)—100.0%
|
1,019,078,192
|
||
|
Other Assets in Excess of Liabilities—0.0%
|
38,826
|
||
|
Net Assets—100.0%
|
$1,019,117,018
|
||
|
(a)
|
Non-income producing security.
|
|
(b)
|
Denotes a security issued under Regulation S or Rule 144A.
|
|
(c)
|
China A Shares. These shares are issued in local currency, traded in the local
stock markets and are held through either a Qualified Foreign Institutional
Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect
program.
|
|
(d)
|
The Fund’s adviser has deemed this security to be illiquid based upon
procedures approved by the Board of Trustees. Illiquid securities held by the
Fund represent 0.7% of net assets as of July 31, 2026.
|
|
(e)
|
Level 3 security. See Note 1(a) of the accompanying Notes to Statements of
Investments.
|
|
(f)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
ADR
|
American Depositary Receipt
|
|
GDR
|
Global Depositary Receipt
|
|
PLC
|
Public Limited Company
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS—97.0%
|
|
||
|
BAHAMAS—2.2%
|
|||
|
Consumer Discretionary—2.2%
|
|||
|
OneSpaWorld Holdings Ltd.
|
|
8,490
|
$218,703
|
|
ISRAEL—2.2%
|
|||
|
Information Technology—2.2%
|
|||
|
Camtek Ltd.(a)
|
|
1,661
|
220,016
|
|
SWITZERLAND—1.9%
|
|||
|
Consumer Discretionary—1.9%
|
|||
|
Garrett Motion, Inc.
|
|
6,149
|
191,541
|
|
UNITED STATES—90.7%
|
|||
|
Communication Services—1.6%
|
|||
|
Cargurus, Inc.(a)
|
|
4,537
|
164,421
|
|
Consumer Discretionary—7.3%
|
|||
|
Boot Barn Holdings, Inc.(a)
|
|
1,752
|
261,030
|
|
Brinker International, Inc.(a)
|
|
1,494
|
319,268
|
|
KB Home
|
|
2,812
|
154,576
|
|
|
|
|
734,874
|
|
Consumer Staples—3.4%
|
|||
|
Chefs' Warehouse, Inc.(a)
|
|
1,539
|
177,524
|
|
Vita Coco Co., Inc.(a)
|
|
2,462
|
162,344
|
|
|
|
|
339,868
|
|
Energy—2.0%
|
|||
|
Magnolia Oil & Gas Corp., Class A
|
|
7,766
|
199,664
|
|
Financials—18.3%
|
|||
|
Ameris Bancorp
|
|
3,291
|
287,008
|
|
Banner Corp.
|
|
3,323
|
233,973
|
|
PJT Partners, Inc., Class A
|
|
1,472
|
247,752
|
|
Seacoast Banking Corp. of Florida
|
|
8,655
|
300,675
|
|
Skyward Specialty Insurance Group, Inc.(a)
|
|
3,733
|
223,793
|
|
StoneX Group, Inc.(a)
|
|
3,255
|
249,235
|
|
Wintrust Financial Corp.
|
|
1,797
|
286,694
|
|
|
|
|
1,829,130
|
|
Health Care—18.7%
|
|||
|
Alphatec Holdings, Inc.(a)
|
|
20,403
|
194,237
|
|
ANI Pharmaceuticals, Inc.(a)
|
|
2,762
|
218,861
|
|
Arcutis Biotherapeutics, Inc.(a)
|
|
7,995
|
214,746
|
|
Kiniksa Pharmaceuticals International PLC(a)
|
|
4,284
|
318,472
|
|
Ligand Pharmaceuticals, Inc.(a)
|
|
753
|
216,518
|
|
Merit Medical Systems, Inc.(a)
|
|
3,718
|
316,067
|
|
Supernus Pharmaceuticals, Inc.(a)
|
|
5,061
|
225,872
|
|
Travere Therapeutics, Inc.(a)
|
|
3,089
|
172,644
|
|
|
|
|
1,877,417
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
|
|||
|
Industrials—18.6%
|
|||
|
ArcBest Corp.
|
|
1,323
|
$190,975
|
|
Atmus Filtration Technologies, Inc.
|
|
3,893
|
200,996
|
|
AZZ, Inc.
|
|
1,782
|
257,891
|
|
Blue Bird Corp.(a)
|
|
2,607
|
193,935
|
|
Casella Waste Systems, Inc., Class A(a)
|
|
2,030
|
182,111
|
|
Ducommun, Inc.(a)
|
|
1,357
|
242,930
|
|
Enpro, Inc.
|
|
680
|
213,466
|
|
Everus Construction Group, Inc.(a)
|
|
1,550
|
194,416
|
|
Helios Technologies, Inc.
|
|
2,448
|
190,724
|
|
|
|
|
1,867,444
|
|
Information Technology—12.4%
|
|||
|
Cohu, Inc.(a)
|
|
3,362
|
161,343
|
|
Impinj, Inc.(a)
|
|
1,622
|
245,506
|
|
JFrog Ltd.(a)
|
|
3,142
|
250,700
|
|
Knowles Corp.(a)
|
|
6,373
|
233,188
|
|
Q2 Holdings, Inc.(a)
|
|
4,424
|
269,289
|
|
Viavi Solutions, Inc.(a)
|
|
2,213
|
81,770
|
|
|
|
|
1,241,796
|
|
Materials—4.9%
|
|||
|
Materion Corp.
|
|
819
|
172,678
|
|
Quaker Chemical Corp.
|
|
1,957
|
314,137
|
|
|
|
|
486,815
|
|
Real Estate—3.5%
|
|||
|
American Healthcare REIT, Inc.
|
|
6,257
|
347,889
|
|
Total United States
|
|
9,089,318
|
|
|
Total Common Stocks
|
|
9,719,578
|
|
|
SHORT-TERM INVESTMENT—3.7%
|
|
||
|
State Street Institutional U.S. Government Money
Market Fund, Premier Class, 3.62%(b)
|
|
374,058
|
374,058
|
|
Total Short-Term Investment
|
|
374,058
|
|
|
Total Investments
(Cost $8,210,699)—100.7%
|
10,093,636
|
||
|
Liabilities in Excess of Other Assets—(0.7%)
|
(68,366
)
|
||
|
Net Assets—100.0%
|
$10,025,270
|
||
|
(a)
|
Non-income producing security.
|
|
(b)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS—99.0%
|
|
||
|
ARGENTINA—2.2%
|
|||
|
Industrials—1.0%
|
|||
|
Corp. America Airports SA(a)
|
|
17,700
|
$456,129
|
|
Materials—1.2%
|
|||
|
Loma Negra Cia Industrial Argentina SA, ADR(a)
|
|
49,100
|
563,668
|
|
Total Argentina
|
|
1,019,797
|
|
|
AUSTRALIA—1.3%
|
|||
|
Industrials—1.3%
|
|||
|
Aurizon Holdings Ltd.
|
|
205,500
|
604,326
|
|
BRAZIL—4.1%
|
|||
|
Industrials—4.1%
|
|||
|
Motiva Infraestrutura de Mobilidade SA
|
|
289,000
|
841,490
|
|
Rumo SA
|
|
373,400
|
1,063,669
|
|
|
|
|
1,905,159
|
|
CANADA—5.2%
|
|||
|
Energy—2.7%
|
|||
|
Enbridge, Inc.
|
|
23,700
|
1,289,607
|
|
Industrials—2.5%
|
|||
|
Canadian Pacific Kansas City Ltd.
|
|
13,200
|
1,173,348
|
|
Total Canada
|
|
2,462,955
|
|
|
CHINA—1.0%
|
|||
|
Information Technology—1.0%
|
|||
|
GDS Holdings Ltd., ADR(a)
|
|
14,300
|
468,182
|
|
CONGO—2.3%
|
|||
|
Communication Services—2.3%
|
|||
|
Helios Towers PLC(a)
|
|
405,500
|
1,072,913
|
|
FRANCE—9.5%
|
|||
|
Industrials—5.0%
|
|||
|
Eiffage SA
|
|
4,700
|
668,009
|
|
Getlink SE
|
|
47,700
|
1,017,571
|
|
Vinci SA
|
|
4,800
|
677,725
|
|
|
|
|
2,363,305
|
|
Utilities—4.5%
|
|||
|
Engie SA
|
|
31,100
|
969,421
|
|
Veolia Environnement SA
|
|
28,800
|
1,146,049
|
|
|
|
|
2,115,470
|
|
Total France
|
|
4,478,775
|
|
|
GERMANY—2.9%
|
|||
|
Utilities—2.9%
|
|||
|
RWE AG
|
|
20,400
|
1,341,972
|
|
INDONESIA—0.8%
|
|||
|
Communication Services—0.8%
|
|||
|
Sarana Menara Nusantara Tbk. PT
|
|
16,594,900
|
371,632
|
|
ITALY—2.2%
|
|||
|
Communication Services—0.9%
|
|||
|
Infrastrutture Wireless Italiane SpA(b)
|
|
57,300
|
425,135
|
|
Utilities—1.3%
|
|||
|
Enel SpA
|
|
52,880
|
597,195
|
|
Total Italy
|
|
1,022,330
|
|
|
JAPAN—2.0%
|
|||
|
Industrials—2.0%
|
|||
|
Japan Airport Terminal Co. Ltd.
|
|
25,900
|
916,227
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
MEXICO—4.3%
|
|||
|
Industrials—4.3%
|
|||
|
Grupo Aeroportuario del Centro Norte SAB de
CV
|
|
52,400
|
$699,040
|
|
Grupo Aeroportuario del Sureste SAB de CV,
Class B
|
|
22,300
|
616,203
|
|
Promotora y Operadora de Infraestructura SAB
de CV
|
|
44,700
|
708,304
|
|
|
|
|
2,023,547
|
|
NIGERIA—0.8%
|
|||
|
Communication Services—0.8%
|
|||
|
IHS Holding Ltd.(a)
|
|
47,660
|
390,812
|
|
PHILIPPINES—2.2%
|
|||
|
Industrials—2.2%
|
|||
|
International Container Terminal Services, Inc.
|
|
66,600
|
1,045,856
|
|
SPAIN—6.4%
|
|||
|
Communication Services—2.4%
|
|||
|
Cellnex Telecom SA(a)(b)
|
|
36,500
|
1,133,838
|
|
Industrials—2.2%
|
|||
|
Aena SME SA(b)
|
|
33,300
|
1,026,567
|
|
Utilities—1.8%
|
|||
|
EDP Renewables SA
|
|
55,698
|
864,263
|
|
Total Spain
|
|
3,024,668
|
|
|
THAILAND—0.6%
|
|||
|
Industrials—0.6%
|
|||
|
Airports of Thailand PCL
|
|
146,600
|
278,416
|
|
UNITED ARAB EMIRATES—0.6%
|
|||
|
Industrials—0.6%
|
|||
|
Salik Co. PJSC
|
|
181,000
|
261,537
|
|
UNITED KINGDOM—3.4%
|
|||
|
Utilities—3.4%
|
|||
|
National Grid PLC, ADR
|
|
8,421
|
673,427
|
|
SSE PLC
|
|
29,200
|
922,529
|
|
|
|
|
1,595,956
|
|
UNITED STATES—47.2%
|
|||
|
Energy—10.7%
|
|||
|
Cheniere Energy, Inc.
|
|
5,000
|
1,317,850
|
|
Kinder Morgan, Inc.
|
|
42,800
|
1,377,304
|
|
ONEOK, Inc.
|
|
10,800
|
980,748
|
|
Williams Cos., Inc.
|
|
18,500
|
1,323,490
|
|
|
|
|
4,999,392
|
|
Industrials—11.0%
|
|||
|
CSX Corp.
|
|
12,900
|
650,160
|
|
Dycom Industries, Inc.(a)
|
|
950
|
381,017
|
|
Ferrovial NV
|
|
18,800
|
1,231,513
|
|
Norfolk Southern Corp.
|
|
1,700
|
570,316
|
|
Union Pacific Corp.
|
|
5,100
|
1,489,863
|
|
Waste Management, Inc.
|
|
3,600
|
815,580
|
|
|
|
|
5,138,449
|
|
Real Estate—5.0%
|
|||
|
American Tower Corp., REIT
|
|
7,000
|
1,213,520
|
|
Crown Castle, Inc., REIT
|
|
11,800
|
900,340
|
|
Fermi, Inc., REIT(a)
|
|
44,800
|
254,912
|
|
|
|
|
2,368,772
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS (continued)
|
|
||
|
UNITED STATES (continued)
|
|||
|
Utilities—20.5%
|
|||
|
American Electric Power Co., Inc.
|
|
5,500
|
$703,175
|
|
American Water Works Co., Inc.
|
|
1,800
|
241,506
|
|
CenterPoint Energy, Inc.
|
|
23,200
|
975,328
|
|
Clearway Energy, Inc., Class C
|
|
25,500
|
809,115
|
|
CMS Energy Corp.
|
|
13,300
|
957,467
|
|
Duke Energy Corp.
|
|
5,800
|
727,494
|
|
Essential Utilities, Inc.
|
|
10,200
|
406,470
|
|
FirstEnergy Corp.
|
|
19,000
|
917,890
|
|
IDACORP, Inc.
|
|
4,800
|
685,968
|
|
NextEra Energy, Inc.
|
|
14,700
|
1,277,724
|
|
PPL Corp.
|
|
29,400
|
1,035,174
|
|
Spire, Inc.
|
|
5,700
|
455,202
|
|
XPLR Infrastructure LP(a)
|
|
35,400
|
421,260
|
|
|
|
|
9,613,773
|
|
Total United States
|
|
22,120,386
|
|
|
Total Common Stocks
|
|
46,405,446
|
|
|
|
Shares
|
Value
|
|
|
SHORT-TERM INVESTMENT—1.1%
|
|
||
|
State Street Institutional U.S. Government
Money Market Fund, Premier Class, 3.62%(c)
|
|
533,644
|
$533,644
|
|
Total Short-Term Investment
|
|
533,644
|
|
|
Total Investments
(Cost $33,992,965)—100.1%
|
46,939,090
|
||
|
Liabilities in Excess of Other Assets—(0.1%)
|
(35,991
)
|
||
|
Net Assets—100.0%
|
$46,903,099
|
||
|
(a)
|
Non-income producing security.
|
|
(b)
|
Denotes a security issued under Regulation S or Rule 144A.
|
|
(c)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
ADR
|
American Depositary Receipt
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS—89.8%
|
|
||
|
AUSTRALIA—7.7%
|
|||
|
Industrials—6.3%
|
|||
|
ALS Ltd.
|
|
176,438
|
$2,682,895
|
|
Ventia Services Group Pty. Ltd.
|
|
552,116
|
2,261,049
|
|
|
|
|
4,943,944
|
|
Materials—1.4%
|
|||
|
Imdex Ltd.
|
|
424,732
|
1,102,803
|
|
Total Australia
|
|
6,046,747
|
|
|
BELGIUM—3.2%
|
|||
|
Health Care—3.2%
|
|||
|
Fagron
|
|
94,866
|
2,537,957
|
|
BRAZIL—3.1%
|
|||
|
Consumer Discretionary—2.1%
|
|||
|
Cury Construtora e Incorporadora SA
|
|
271,785
|
1,613,290
|
|
Health Care—1.0%
|
|||
|
Fleury SA
|
|
243,957
|
824,877
|
|
Total Brazil
|
|
2,438,167
|
|
|
CHINA—1.0%
|
|||
|
Health Care—1.0%
|
|||
|
Shanghai Conant Optical Co. Ltd., H Shares
|
|
195,000
|
786,226
|
|
CONGO—0.9%
|
|||
|
Communication Services—0.9%
|
|||
|
Helios Towers PLC(a)
|
|
268,434
|
708,370
|
|
DENMARK—1.0%
|
|||
|
Financials—1.0%
|
|||
|
Ringkjoebing Landbobank AS
|
|
2,941
|
790,377
|
|
FRANCE—4.0%
|
|||
|
Consumer Staples—0.7%
|
|||
|
Interparfums SA
|
|
20,490
|
581,250
|
|
Energy—3.3%
|
|||
|
Gaztransport Et Technigaz SA
|
|
11,398
|
2,572,203
|
|
Total France
|
|
3,153,453
|
|
|
GERMANY—3.0%
|
|||
|
Communication Services—1.5%
|
|||
|
CTS Eventim AG & Co. KGaA
|
|
16,668
|
1,124,411
|
|
Industrials—1.5%
|
|||
|
Rational AG
|
|
774
|
601,571
|
|
RENK Group AG
|
|
10,657
|
588,034
|
|
|
|
|
1,189,605
|
|
Total Germany
|
|
2,314,016
|
|
|
ISRAEL—1.3%
|
|||
|
Information Technology—1.3%
|
|||
|
Nova Ltd.(a)
|
|
2,598
|
1,015,480
|
|
ITALY—2.6%
|
|||
|
Consumer Discretionary—1.0%
|
|||
|
Brunello Cucinelli SpA
|
|
7,752
|
785,936
|
|
Financials—1.6%
|
|||
|
FinecoBank Banca Fineco SpA
|
|
46,093
|
1,259,174
|
|
Total Italy
|
|
2,045,110
|
|
|
JAPAN—17.8%
|
|||
|
Consumer Discretionary—4.3%
|
|||
|
Asics Corp.
|
|
111,800
|
3,340,544
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
|
|||
|
Financials—3.2%
|
|||
|
Nihon M&A Center Holdings, Inc.
|
|
302,100
|
$1,210,640
|
|
Zenkoku Hosho Co. Ltd.
|
|
64,400
|
1,266,912
|
|
|
|
|
2,477,552
|
|
Industrials—9.4%
|
|||
|
BayCurrent, Inc.
|
|
43,300
|
1,942,860
|
|
Japan Elevator Service Holdings Co. Ltd.
|
|
300,400
|
3,196,488
|
|
MISUMI Group, Inc.
|
|
73,400
|
1,781,197
|
|
SHO-BOND Holdings Co. Ltd.
|
|
51,600
|
428,905
|
|
|
|
|
7,349,450
|
|
Information Technology—0.9%
|
|||
|
Tokyo Seimitsu Co. Ltd.
|
|
6,900
|
744,188
|
|
Total Japan
|
|
13,911,734
|
|
|
MEXICO—2.9%
|
|||
|
Financials—2.9%
|
|||
|
Regional SAB de CV
|
|
275,108
|
2,263,830
|
|
NETHERLANDS—2.2%
|
|||
|
Industrials—2.2%
|
|||
|
Koninklijke Heijmans NV
|
|
16,014
|
1,725,698
|
|
NORWAY—1.5%
|
|||
|
Materials—1.5%
|
|||
|
Borregaard ASA
|
|
70,430
|
1,174,143
|
|
SOUTH AFRICA—1.4%
|
|||
|
Materials—1.4%
|
|||
|
Pan African Resources PLC
|
|
870,859
|
1,081,565
|
|
SOUTH KOREA—3.5%
|
|||
|
Consumer Discretionary—1.0%
|
|||
|
Coway Co. Ltd.
|
|
12,596
|
808,399
|
|
Industrials—2.5%
|
|||
|
HD Hyundai Marine Solution Co. Ltd., Class C
|
|
15,134
|
1,953,185
|
|
Total South Korea
|
|
2,761,584
|
|
|
SPAIN—3.6%
|
|||
|
Consumer Discretionary—1.9%
|
|||
|
CIE Automotive SA
|
|
47,616
|
1,452,327
|
|
Materials—1.7%
|
|||
|
Atalaya Mining Copper SA
|
|
110,687
|
1,320,975
|
|
Total Spain
|
|
2,773,302
|
|
|
SWEDEN—1.6%
|
|||
|
Industrials—1.6%
|
|||
|
AddTech AB, Class B
|
|
33,399
|
1,215,695
|
|
SWITZERLAND—1.0%
|
|||
|
Health Care—1.0%
|
|||
|
Bachem Holding AG
|
|
8,165
|
755,448
|
|
TAIWAN—9.1%
|
|||
|
Consumer Discretionary—1.6%
|
|||
|
Makalot Industrial Co. Ltd.
|
|
182,720
|
1,240,974
|
|
Information Technology—7.5%
|
|||
|
Chenbro Micom Co. Ltd.
|
|
52,000
|
1,681,364
|
|
Chroma ATE, Inc.
|
|
15,000
|
974,659
|
|
Elite Material Co. Ltd.
|
|
4,000
|
587,271
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS (continued)
|
|
||
|
TAIWAN (continued)
|
|||
|
Information Technology (continued)
|
|||
|
Sinbon Electronics Co. Ltd.
|
|
219,000
|
$2,005,755
|
|
Taiwan Union Technology Corp.
|
|
19,000
|
652,557
|
|
|
|
|
5,901,606
|
|
Total Taiwan
|
|
7,142,580
|
|
|
THAILAND—1.1%
|
|||
|
Information Technology—1.1%
|
|||
|
Fabrinet(a)
|
|
2,017
|
878,222
|
|
UNITED KINGDOM—14.8%
|
|||
|
Consumer Discretionary—2.4%
|
|||
|
Games Workshop Group PLC
|
|
7,294
|
1,879,590
|
|
Financials—2.4%
|
|||
|
ICG PLC
|
|
31,582
|
803,621
|
|
Tatton Asset Management PLC
|
|
114,058
|
1,088,350
|
|
|
|
|
1,891,971
|
|
Industrials—6.8%
|
|||
|
Avon Technologies PLC
|
|
29,142
|
670,051
|
|
Chemring Group PLC
|
|
111,491
|
887,298
|
|
Diploma PLC
|
|
38,290
|
3,777,513
|
|
|
|
|
5,334,862
|
|
Materials—3.2%
|
|||
|
Hill & Smith PLC
|
|
65,151
|
2,502,508
|
|
Total United Kingdom
|
|
11,608,931
|
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
VIETNAM—1.5%
|
|||
|
Information Technology—1.5%
|
|||
|
FPT Corp.
|
|
453,106
|
$1,156,001
|
|
Total Common Stocks
|
|
70,284,636
|
|
|
EXCHANGE-TRADED FUNDS—6.6%
|
|
||
|
iShares MSCI India Small-Cap ETF
|
|
73,917
|
5,174,929
|
|
Total Exchange-Traded Funds
|
|
5,174,929
|
|
|
SHORT-TERM INVESTMENT—3.5%
|
|
||
|
State Street Institutional U.S. Government Money
Market Fund, Premier Class, 3.62%(b)
|
|
2,749,841
|
2,749,841
|
|
Total Short-Term Investment
|
|
2,749,841
|
|
|
Total Investments
(Cost $68,329,710)—99.9%
|
78,209,406
|
||
|
Other Assets in Excess of Liabilities—0.1%
|
104,622
|
||
|
Net Assets—100.0%
|
$78,314,028
|
||
|
(a)
|
Non-income producing security.
|
|
(b)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
ETF
|
Exchange-Traded Fund
|
|
PLC
|
Public Limited Company
|
|
|
|
Shares
|
Value
|
|
COMMON STOCKS—99.5%
|
|
||
|
UNITED STATES—99.5%
|
|||
|
Data Center REITs—14.6%
|
|
|
|
|
Blackstone Digital Infrastructure Trust, Inc., REIT(a)
|
|
32,600
|
$678,406
|
|
Digital Realty Trust, Inc., REIT
|
|
9,292
|
1,751,728
|
|
Equinix, Inc., REIT
|
|
3,373
|
3,438,031
|
|
|
|
|
5,868,165
|
|
Health Care REITs—27.7%
|
|
|
|
|
American Healthcare REIT, Inc.
|
|
28,931
|
1,608,564
|
|
Omega Healthcare Investors, Inc., REIT
|
|
26,461
|
1,339,720
|
|
Ventas, Inc., REIT
|
|
24,909
|
2,329,240
|
|
Welltower, Inc., REIT
|
|
24,995
|
5,859,828
|
|
|
|
|
11,137,352
|
|
Hotel & Resort REITs—2.2%
|
|
|
|
|
Host Hotels & Resorts, Inc., REIT
|
|
35,551
|
893,397
|
|
Industrial REITs—10.7%
|
|
|
|
|
Prologis, Inc., REIT
|
|
29,878
|
4,320,657
|
|
Multi-Family Residential REITs—5.8%
|
|
|
|
|
Camden Property Trust, REIT
|
|
6,468
|
716,719
|
|
Essex Property Trust, Inc., REIT
|
|
3,277
|
931,127
|
|
Mid-America Apartment Communities, Inc., REIT
|
|
5,267
|
697,035
|
|
|
|
|
2,344,881
|
|
Office REITs—3.0%
|
|
|
|
|
Cousins Properties, Inc., REIT
|
|
9,766
|
308,117
|
|
Highwoods Properties, Inc., REIT
|
|
19,889
|
658,923
|
|
Kilroy Realty Corp., REIT
|
|
6,466
|
251,010
|
|
|
|
|
1,218,050
|
|
Other Specialized REITs—5.9%
|
|
|
|
|
EPR Properties, REIT
|
|
12,990
|
806,290
|
|
Iron Mountain, Inc., REIT
|
|
12,779
|
1,563,127
|
|
|
|
|
2,369,417
|
|
|
|
Shares
|
Value
|
|
|
|
||
|
|
|||
|
Retail REITs—22.9%
|
|
|
|
|
Brixmor Property Group, Inc., REIT
|
|
25,113
|
$791,311
|
|
Curbline Properties Corp., REIT
|
|
22,129
|
678,032
|
|
InvenTrust Properties Corp., REIT
|
|
17,855
|
632,245
|
|
NNN REIT, Inc.
|
|
29,105
|
1,383,070
|
|
Realty Income Corp., REIT
|
|
28,155
|
1,798,260
|
|
Regency Centers Corp., REIT
|
|
11,921
|
957,137
|
|
Simon Property Group, Inc., REIT
|
|
12,873
|
2,952,680
|
|
|
|
|
9,192,735
|
|
Self Storage REITs—4.7%
|
|
|
|
|
Public Storage, REIT
|
|
5,874
|
1,904,175
|
|
Single-Family Residential REITs—2.0%
|
|
|
|
|
Invitation Homes, Inc., REIT
|
|
27,127
|
806,214
|
|
Total United States
|
|
40,055,043
|
|
|
Total Common Stocks
|
|
40,055,043
|
|
|
SHORT-TERM INVESTMENT—0.5%
|
|
||
|
State Street Institutional U.S. Government Money
Market Fund, Premier Class, 3.62%(b)
|
|
217,640
|
217,640
|
|
Total Short-Term Investment
|
|
217,640
|
|
|
Total Investments
(Cost $28,062,163)—100.0%
|
|
40,272,683
|
|
|
Liabilities in Excess of Other Assets—(0.0%)
|
|
(16,638
)
|
|
|
Net Assets—100.0%
|
|
$40,256,045
|
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
REIT
|
Real Estate Investment Trust
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS—97.1%
|
|
||
|
BAHAMAS—2.3%
|
|||
|
Consumer Discretionary—2.3%
|
|||
|
OneSpaWorld Holdings Ltd.
|
|
347,696
|
$8,956,649
|
|
CANADA—0.5%
|
|||
|
Industrials—0.5%
|
|||
|
ATS Corp.(a)
|
|
72,401
|
1,975,489
|
|
ISRAEL—0.7%
|
|||
|
Information Technology—0.7%
|
|||
|
Camtek Ltd.(a)
|
|
21,461
|
2,842,724
|
|
SWITZERLAND—1.3%
|
|||
|
Consumer Discretionary—1.3%
|
|||
|
Garrett Motion, Inc.
|
|
166,675
|
5,191,926
|
|
UNITED STATES—92.3%
|
|||
|
Communication Services—1.6%
|
|||
|
Cargurus, Inc.(a)
|
|
175,837
|
6,372,333
|
|
Consumer Discretionary—8.2%
|
|||
|
Boot Barn Holdings, Inc.(a)
|
|
46,059
|
6,862,330
|
|
Brinker International, Inc.(a)
|
|
38,309
|
8,186,633
|
|
KB Home
|
|
49,337
|
2,712,055
|
|
Patrick Industries, Inc.
|
|
29,101
|
2,402,288
|
|
Steven Madden Ltd.
|
|
138,361
|
6,375,675
|
|
Universal Technical Institute, Inc.(a)
|
|
143,517
|
5,641,653
|
|
|
|
|
32,180,634
|
|
Consumer Staples—4.1%
|
|||
|
Chefs' Warehouse, Inc.(a)
|
|
80,894
|
9,331,123
|
|
Vita Coco Co., Inc.(a)
|
|
101,223
|
6,674,645
|
|
|
|
|
16,005,768
|
|
Energy—2.6%
|
|||
|
Magnolia Oil & Gas Corp., Class A
|
|
404,167
|
10,391,134
|
|
Financials—20.1%
|
|||
|
Ameris Bancorp
|
|
109,175
|
9,521,152
|
|
Banner Corp.
|
|
117,424
|
8,267,824
|
|
NMI Holdings, Inc.(a)
|
|
94,660
|
4,193,438
|
|
PJT Partners, Inc., Class A
|
|
52,683
|
8,867,076
|
|
Seacoast Banking Corp. of Florida
|
|
304,723
|
10,586,077
|
|
Skyward Specialty Insurance Group, Inc.(a)
|
|
134,468
|
8,061,356
|
|
StoneX Group, Inc.(a)
|
|
103,149
|
7,898,119
|
|
Wintrust Financial Corp.
|
|
68,441
|
10,919,077
|
|
WSFS Financial Corp.
|
|
135,270
|
10,848,654
|
|
|
|
|
79,162,773
|
|
Health Care—18.4%
|
|||
|
Alphatec Holdings, Inc.(a)
|
|
674,330
|
6,419,622
|
|
ANI Pharmaceuticals, Inc.(a)
|
|
133,500
|
10,578,540
|
|
Arcutis Biotherapeutics, Inc.(a)
|
|
252,960
|
6,794,505
|
|
Artivion, Inc.(a)
|
|
109,240
|
2,930,909
|
|
Kiniksa Pharmaceuticals International PLC(a)
|
|
136,018
|
10,111,578
|
|
Ligand Pharmaceuticals, Inc.(a)
|
|
26,920
|
7,740,577
|
|
Merit Medical Systems, Inc.(a)
|
|
121,768
|
10,351,498
|
|
OmniAb, Inc. 12.5 Earnout(a)(b)(c)
|
|
58,211
|
–
|
|
OmniAb, Inc. 15.0 Earnout(a)(b)(c)
|
|
58,211
|
–
|
|
Supernus Pharmaceuticals, Inc.(a)
|
|
208,576
|
9,308,747
|
|
Travere Therapeutics, Inc.(a)
|
|
144,643
|
8,084,097
|
|
|
|
|
72,320,073
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
|
|||
|
Industrials—16.8%
|
|||
|
ArcBest Corp.
|
|
50,093
|
$7,230,925
|
|
Atmus Filtration Technologies, Inc.
|
|
141,182
|
7,289,227
|
|
AZZ, Inc.
|
|
58,259
|
8,431,242
|
|
Blue Bird Corp.(a)
|
|
100,494
|
7,475,749
|
|
Casella Waste Systems, Inc., Class A(a)
|
|
106,021
|
9,511,144
|
|
Ducommun, Inc.(a)
|
|
36,673
|
6,565,200
|
|
Enpro, Inc.
|
|
6,669
|
2,093,532
|
|
Everus Construction Group, Inc.(a)
|
|
47,961
|
6,015,748
|
|
Helios Technologies, Inc.
|
|
94,158
|
7,335,850
|
|
Mueller Water Products, Inc., Class A
|
|
159,349
|
4,021,969
|
|
|
|
|
65,970,586
|
|
Information Technology—11.2%
|
|||
|
Cohu, Inc.(a)
|
|
85,154
|
4,086,540
|
|
Impinj, Inc.(a)
|
|
45,838
|
6,938,040
|
|
JFrog Ltd.(a)
|
|
61,816
|
4,932,299
|
|
Knowles Corp.(a)
|
|
138,282
|
5,059,738
|
|
Mirion Technologies, Inc.(a)
|
|
300,949
|
4,508,216
|
|
Q2 Holdings, Inc.(a)
|
|
172,362
|
10,491,675
|
|
Ultra Clean Holdings, Inc.(a)
|
|
36,653
|
3,053,561
|
|
Viavi Solutions, Inc.(a)
|
|
133,542
|
4,934,377
|
|
|
|
|
44,004,446
|
|
Materials—4.7%
|
|||
|
Knife River Corp.(a)
|
|
87,636
|
6,412,326
|
|
Materion Corp.
|
|
18,542
|
3,909,395
|
|
Quaker Chemical Corp.
|
|
49,873
|
8,005,614
|
|
|
|
|
18,327,335
|
|
Real Estate—3.4%
|
|||
|
American Healthcare REIT, Inc.
|
|
145,627
|
8,096,861
|
|
Smartstop Self Storage REIT, Inc.
|
|
161,366
|
5,412,216
|
|
|
|
|
13,509,077
|
|
Utilities—1.2%
|
|||
|
ONE Gas, Inc.
|
|
63,374
|
4,920,991
|
|
Total United States
|
|
363,165,150
|
|
|
Total Common Stocks
|
|
382,131,938
|
|
|
SHORT-TERM INVESTMENT—3.2%
|
|
||
|
State Street Institutional U.S. Government
Money Market Fund, Premier Class, 3.62%(d)
|
|
12,536,952
|
12,536,952
|
|
Total Short-Term Investment
|
|
12,536,952
|
|
|
Total Investments
(Cost $320,808,713)—100.3%
|
394,668,890
|
||
|
Liabilities in Excess of Other Assets—(0.3%)
|
(1,034,737
)
|
||
|
Net Assets—100.0%
|
$393,634,153
|
||
|
(a)
|
Non-income producing security.
|
|
(b)
|
The Fund’s adviser has deemed this security to be illiquid based upon
procedures approved by the Board of Trustees. Illiquid securities held by the
Fund represent 0.0% of net assets as of July 31, 2026.
|
|
(c)
|
Level 3 security. See Note 1(a) of the accompanying Notes to Statements of
Investments.
|
|
(d)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
|
Shares
|
Value
|
|
|
COMMON STOCKS—98.2%
|
|
||
|
NETHERLANDS—1.5%
|
|||
|
Information Technology—1.5%
|
|||
|
NXP Semiconductors NV
|
|
20,841
|
$4,775,924
|
|
UNITED STATES—96.7%
|
|||
|
Communication Services—5.8%
|
|||
|
Alphabet, Inc., Class C
|
|
50,116
|
17,873,871
|
|
Consumer Discretionary—5.3%
|
|||
|
O'Reilly Automotive, Inc.(a)
|
|
66,059
|
5,902,372
|
|
TJX Cos., Inc.
|
|
66,093
|
10,399,072
|
|
|
|
|
16,301,444
|
|
Consumer Staples—2.0%
|
|||
|
Procter & Gamble Co.
|
|
43,527
|
6,289,216
|
|
Energy—2.9%
|
|||
|
Baker Hughes Co.
|
|
149,091
|
9,018,515
|
|
Financials—13.9%
|
|||
|
American Express Co.
|
|
30,362
|
10,209,222
|
|
Bank of America Corp.
|
|
142,211
|
8,809,971
|
|
JPMorgan Chase & Co.
|
|
16,148
|
5,680,705
|
|
Mastercard, Inc., Class A
|
|
21,381
|
12,253,451
|
|
S&P Global, Inc.
|
|
15,350
|
6,323,126
|
|
|
|
|
43,276,475
|
|
Health Care—11.2%
|
|||
|
Boston Scientific Corp.(a)
|
|
49,325
|
2,304,957
|
|
Danaher Corp.
|
|
26,242
|
5,116,665
|
|
Eli Lilly & Co.
|
|
6,749
|
7,753,521
|
|
Merck & Co., Inc.
|
|
70,770
|
9,214,254
|
|
ResMed, Inc.
|
|
21,681
|
4,574,258
|
|
UnitedHealth Group, Inc.
|
|
14,042
|
5,819,005
|
|
|
|
|
34,782,660
|
|
Industrials—13.3%
|
|||
|
AAON, Inc.
|
|
38,673
|
3,444,217
|
|
Eaton Corp. PLC
|
|
17,908
|
7,435,402
|
|
Hubbell, Inc.
|
|
13,216
|
6,245,221
|
|
Mobility Global, Inc.(a)
|
|
15,350
|
312,833
|
|
Tetra Tech, Inc.
|
|
184,434
|
6,115,831
|
|
Trane Technologies PLC
|
|
13,706
|
6,235,545
|
|
|
Shares
|
Value
|
|
|
|
|
||
|
|
|||
|
|
|||
|
Veralto Corp.
|
|
32,505
|
$3,060,996
|
|
Waste Management, Inc.
|
|
29,064
|
6,584,449
|
|
Watsco, Inc.
|
|
6,160
|
1,905,288
|
|
|
|
|
41,339,782
|
|
Information Technology—37.8%
|
|||
|
Accenture PLC, Class A
|
|
24,884
|
4,128,753
|
|
Amphenol Corp., Class A
|
|
25,928
|
4,166,630
|
|
Analog Devices, Inc.
|
|
20,438
|
7,509,126
|
|
Apple, Inc.
|
|
13,785
|
4,258,324
|
|
Broadcom, Inc.
|
|
38,178
|
14,861,932
|
|
Cadence Design Systems, Inc.(a)
|
|
30,689
|
10,434,874
|
|
Marvell Technology, Inc.
|
|
44,485
|
8,343,607
|
|
Microsoft Corp.
|
|
65,345
|
30,367,128
|
|
NVIDIA Corp.
|
|
144,180
|
28,944,135
|
|
ServiceNow, Inc.(a)
|
|
37,005
|
4,116,066
|
|
|
|
|
117,130,575
|
|
Materials—2.1%
|
|||
|
Linde PLC
|
|
13,597
|
6,504,533
|
|
Utilities—2.4%
|
|||
|
American Water Works Co., Inc.
|
|
54,679
|
7,336,281
|
|
Total United States
|
|
299,853,352
|
|
|
Total Common Stocks
|
|
304,629,276
|
|
|
SHORT-TERM INVESTMENT—1.9%
|
|
||
|
State Street Institutional U.S. Government
Money Market Fund, Premier Class, 3.62%(b)
|
|
5,924,194
|
5,924,194
|
|
Total Short-Term Investment
|
|
5,924,194
|
|
|
Total Investments
(Cost $226,973,234)—100.1%
|
310,553,470
|
||
|
Liabilities in Excess of Other Assets—(0.1%)
|
(292,798
)
|
||
|
Net Assets—100.0%
|
$310,260,672
|
||
|
(a)
|
Non-income producing security.
|
|
(b)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
PLC
|
Public Limited Company
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
BANK LOANS—1.2%
|
|
||
|
CD&R Firefly Bidco Ltd., 2025 GBP Term
Loan, 8.23%(a)
|
|
650,000
|
$879,507
|
|
Total Bank Loans
|
|
879,507
|
|
|
CORPORATE BONDS—93.7%
|
|
||
|
ANGOLA—0.3%
|
|||
|
Oil & Gas—0.3%
|
|
|
|
|
Azule Energy Finance PLC, 8.13%,
01/23/2030(b)
|
$
|
200,000
|
203,079
|
|
ARGENTINA—0.3%
|
|||
|
Electric Utilities—0.3%
|
|
|
|
|
MSU Green Energy, 9.75%, 06/16/2036(b)(c)
|
|
242,910
|
237,396
|
|
AUSTRIA—0.7%
|
|||
|
Packaging & Containers—0.2%
|
|
|
|
|
Constantia Flexibles GmbH, 6.25%,
07/15/2032(b)
|
EUR
|
120,000
|
139,011
|
|
Semiconductors—0.5%
|
|
|
|
|
ams-OSRAM AG, 7.25%, 05/31/2032(b)
|
|
316,000
|
367,554
|
|
Total Austria
|
|
506,565
|
|
|
BRAZIL—1.1%
|
|||
|
Airlines—0.3%
|
|
|
|
|
Azul Secured Finance LLP, 9.88%,
02/15/2031(b)
|
$
|
223,000
|
206,275
|
|
Chemicals—0.3%
|
|
|
|
|
Braskem Netherlands Finance BV, 8.00%,
10/15/2034(b)
|
|
514,000
|
278,845
|
|
Food Products—0.5%
|
|
|
|
|
Minerva Luxembourg SA, 8.88%,
09/13/2033(b)
|
|
343,000
|
355,065
|
|
Total Brazil
|
|
840,185
|
|
|
CANADA—3.3%
|
|||
|
Aerospace & Defense—0.7%
|
|
|
|
|
Bombardier, Inc., 5.88%, 01/15/2035(b)
|
|
530,000
|
524,476
|
|
Diversified Telecommunication
Services—1.2%
|
|
|
|
|
Rogers Communications, Inc., (fixed rate to
02/14/2030, variable rate thereafter),
VRN, 7.00%, 04/15/2055
|
|
907,000
|
912,443
|
|
Oil, Gas & Consumable Fuels—0.5%
|
|
|
|
|
Saturn Oil & Gas, Inc., 8.50%, 07/30/2031(b)
|
|
382,000
|
383,059
|
|
Pharmaceutical—0.2%
|
|
|
|
|
Bausch Health Cos., Inc.
|
|
|
|
|
4.88%, 06/01/2028(b)
|
|
87,000
|
80,912
|
|
5.00%, 02/15/2029(b)
|
|
152,000
|
116,280
|
|
|
|
|
197,192
|
|
Retail—0.7%
|
|
|
|
|
1011778 BC ULC/New Red Finance, Inc.,
5.63%, 09/15/2029(b)
|
|
505,000
|
503,731
|
|
Total Canada
|
|
2,520,901
|
|
|
FRANCE—2.3%
|
|||
|
Diversified Telecommunication
Services—1.6%
|
|
|
|
|
Altice France SA
|
|
|
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
|
|||
|
5.38%, 04/15/2032(b)
|
EUR
|
84,604
|
$95,241
|
|
5.63%, 07/15/2032(b)
|
|
214,939
|
243,492
|
|
Eutelsat Communications SACA
|
|
|
|
|
5.75%, 03/15/2031(b)
|
|
181,000
|
212,353
|
|
6.25%, 03/15/2033(b)
|
|
200,000
|
236,090
|
|
Iliad Holding SAS, 8.50%, 04/15/2031(b)
|
$
|
400,000
|
420,761
|
|
|
|
|
1,207,937
|
|
Entertainment—0.7%
|
|
|
|
|
Banijay Entertainment SAS, 8.13%,
05/01/2029(b)
|
|
552,000
|
564,341
|
|
Total France
|
|
1,772,278
|
|
|
GERMANY—0.9%
|
|||
|
Commercial Banks—0.7%
|
|
|
|
|
Deutsche Bank AG, (fixed rate to
10/30/2029, variable rate thereafter),
VRN, 8.13%, 10/30/2029(b)(d)
|
EUR
|
400,000
|
498,161
|
|
Pharmaceutical—0.2%
|
|
|
|
|
Cheplapharm Arzneimittel GmbH, 6.75%,
02/15/2032(b)
|
|
126,000
|
145,915
|
|
Total Germany
|
|
644,076
|
|
|
HONG KONG—0.7%
|
|||
|
Lodging—0.7%
|
|
|
|
|
Melco Resorts Finance Ltd., 5.75%,
07/21/2028(b)
|
$
|
534,000
|
529,270
|
|
IRELAND—3.3%
|
|||
|
Commercial Services & Supplies—1.0%
|
|
|
|
|
Cimpress PLC, 7.38%, 09/15/2032(b)
|
|
764,000
|
766,195
|
|
Diversified Financial Services—2.0%
|
|
|
|
|
GGAM Finance Ltd., 5.88%, 03/15/2030(b)
|
|
377,000
|
374,644
|
|
Phoenix Aviation Capital Ltd., 9.25%,
07/15/2030(b)
|
|
355,000
|
367,541
|
|
TrueNoord Capital DAC, 8.75%,
03/01/2030(b)
|
|
718,000
|
744,067
|
|
|
|
|
1,486,252
|
|
Media—0.3%
|
|
|
|
|
Virgin Media O2 Vendor Financing Notes VIII
DAC, 8.88%, 07/15/2033(b)
|
GBP
|
300,000
|
272,650
|
|
Total Ireland
|
|
2,525,097
|
|
|
ISRAEL—0.5%
|
|||
|
Pharmaceutical—0.5%
|
|
|
|
|
Teva Pharmaceutical Finance Netherlands III
BV, 8.13%, 09/15/2031
|
$
|
329,000
|
364,291
|
|
ITALY—0.4%
|
|||
|
Diversified Telecommunication
Services—0.4%
|
|
|
|
|
Fibercop SpA, Series 2033, 6.38%,
11/15/2033(b)
|
|
342,000
|
335,943
|
|
JAMAICA—0.8%
|
|||
|
Diversified Telecommunication
Services—0.8%
|
|
|
|
|
Digicel International Finance Ltd./Difl U.S.
LLC, 8.63%, 08/01/2032(b)
|
|
582,000
|
600,992
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
CORPORATE BONDS (continued)
|
|
||
|
JAPAN—0.4%
|
|||
|
Auto Manufacturers—0.4%
|
|
|
|
|
Nissan Motor Co. Ltd., 6.38%, 07/17/2033(b)
|
EUR
|
237,000
|
$279,424
|
|
JERSEY—0.5%
|
|||
|
Retail—0.5%
|
|
|
|
|
Waga Bondco Ltd., 8.50%, 06/15/2030(b)
|
GBP
|
324,000
|
357,503
|
|
LUXEMBOURG—2.0%
|
|||
|
Biotechnology—0.7%
|
|
|
|
|
Cidron Aida Finco SARL, 7.00%, 10/27/2031(b)
|
EUR
|
466,000
|
512,167
|
|
Commercial Services & Supplies—0.4%
|
|
|
|
|
ION Platform Finance SARL, 6.88%,
09/30/2032(b)
|
|
355,000
|
330,266
|
|
Diversified Telecommunication
Services—0.5%
|
|
|
|
|
SES SA, (fixed rate to 09/12/2029, variable
rate thereafter), VRN, 5.50%,
09/12/2054(b)
|
|
313,000
|
358,624
|
|
Machinery-Diversified—0.0%
|
|
|
|
|
Galapagos SA, 5.38%, 06/15/2021(b)(e)(f)(g)
|
|
60,500
|
–
|
|
Real Estate—0.4%
|
|
|
|
|
Vivion Investments SARL, (fixed rate to
03/08/2031, variable rate thereafter),
VRN, 8.13%, 03/08/2031(b)(d)
|
|
300,000
|
308,988
|
|
Total Luxembourg
|
|
1,510,045
|
|
|
MEXICO—0.7%
|
|||
|
Building Materials—0.3%
|
|
|
|
|
Cemex SAB de CV, (fixed rate to 06/10/2030,
variable rate thereafter), VRN, 7.20%,
06/10/2030(b)(d)
|
$
|
226,000
|
233,232
|
|
Electric Utilities—0.4%
|
|
|
|
|
Saavi Energia SARL, 8.88%, 02/10/2035(b)
|
|
274,000
|
296,139
|
|
Total Mexico
|
|
529,371
|
|
|
NETHERLANDS—1.2%
|
|||
|
Chemicals—0.4%
|
|
|
|
|
Nouryon Finance BV, 6.13%, 07/15/2031(b)
|
EUR
|
228,000
|
266,597
|
|
Food Products—0.6%
|
|
|
|
|
Flora Food Management BV, 6.88%,
07/02/2029(b)
|
|
400,000
|
444,622
|
|
Media—0.2%
|
|
|
|
|
Ziggo Bond Co. BV, 5.13%, 02/28/2030(b)
|
$
|
200,000
|
162,532
|
|
Total Netherlands
|
|
873,751
|
|
|
NIGERIA—0.4%
|
|||
|
Engineering & Construction—0.4%
|
|
|
|
|
IHS Holding Ltd., 7.88%, 05/29/2030(b)
|
|
265,000
|
271,679
|
|
SERBIA—0.3%
|
|||
|
Diversified Telecommunication
Services—0.3%
|
|
|
|
|
Telecommunications Co. Telekom Srbija AD
Belgrade, 6.75%, 05/18/2033(b)
|
EUR
|
221,000
|
258,416
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
SLOVENIA—0.5%
|
|||
|
Media—0.5%
|
|
|
|
|
Summer BidCo BV, 8.875% Cash or 9.625%
PIK, 01/31/2031(b)(h)
|
EUR
|
334,124
|
$394,695
|
|
SWITZERLAND—0.4%
|
|||
|
Commercial Banks—0.4%
|
|
|
|
|
UBS Group AG, (fixed rate to 01/08/2031,
variable rate thereafter), VRN, 6.63%,
01/08/2031(b)(d)
|
$
|
335,000
|
334,088
|
|
TURKEY—0.8%
|
|||
|
Commercial Banks—0.5%
|
|
|
|
|
Akbank TAS, (fixed rate to 02/19/2031,
variable rate thereafter), VRN, 7.95%,
02/19/2031(b)(d)
|
|
383,000
|
367,644
|
|
Metals & Mining—0.3%
|
|
|
|
|
WE Soda Investments Holding PLC, 9.50%,
10/06/2028(b)
|
|
213,000
|
214,317
|
|
Total Turkey
|
|
581,961
|
|
|
UNITED KINGDOM—6.8%
|
|||
|
Computers & Peripherals—0.5%
|
|
|
|
|
PCC Global PLC, 8.25%, 11/15/2030(b)
|
EUR
|
378,000
|
360,659
|
|
Diversified Financial Services—1.0%
|
|
|
|
|
Jerrold Finco PLC, 7.88%, 04/15/2030(b)
|
GBP
|
406,000
|
554,960
|
|
Sherwood Financing PLC, 9.63%,
12/15/2029(b)
|
|
172,000
|
234,981
|
|
|
|
|
789,941
|
|
Diversified Telecommunication
Services—0.3%
|
|
|
|
|
Vmed O2 U.K. Financing I PLC, 5.63%,
04/15/2032(b)
|
EUR
|
238,000
|
238,015
|
|
Entertainment—1.0%
|
|
|
|
|
Allwyn Entertainment Financing U.K. PLC,
4.63%, 08/15/2031(b)
|
|
250,000
|
285,561
|
|
Brightstar Lottery PLC/Brightstar Global
Solutions Corp., 5.75%, 01/15/2033(b)
|
$
|
497,000
|
479,586
|
|
|
|
|
765,147
|
|
Food Products—1.6%
|
|
|
|
|
Bellis Acquisition Co. PLC, 8.13%,
05/14/2030(b)
|
GBP
|
447,000
|
564,498
|
|
Market Bidco Finco PLC, 8.75%,
01/31/2031(b)
|
|
301,000
|
399,593
|
|
Nomad Foods Bondco PLC, 5.25%,
07/15/2033(b)
|
EUR
|
228,000
|
262,402
|
|
|
|
|
1,226,493
|
|
Internet—0.5%
|
|
|
|
|
Very Group Funding PLC, 6.000% Cash or
7.250% PIK, 08/01/2030(b)
|
GBP
|
243,548
|
342,978
|
|
Leisure Time—1.1%
|
|
|
|
|
A&K Travel Group Holdings Ltd., 7.50%,
05/15/2033(b)
|
$
|
406,000
|
404,051
|
|
Deuce Finco PLC, 7.00%, 11/20/2031(b)
|
GBP
|
300,000
|
410,609
|
|
|
|
|
814,660
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
CORPORATE BONDS (continued)
|
|
||
|
UNITED KINGDOM (continued)
|
|||
|
Media—0.2%
|
|
|
|
|
Virgin Media Secured Finance PLC, 4.13%,
08/15/2030(b)
|
GBP
|
100,000
|
$113,426
|
|
Oil & Gas—0.6%
|
|
|
|
|
EnQuest PLC, 9.88%, 04/30/2031(b)
|
$
|
431,000
|
448,093
|
|
Total United Kingdom
|
|
5,099,412
|
|
|
UNITED STATES—63.6%
|
|||
|
Aerospace & Defense—1.8%
|
|
|
|
|
Moog, Inc., 5.50%, 10/15/2034(b)
|
|
358,000
|
346,339
|
|
TransDigm, Inc., 6.63%, 03/01/2032(b)
|
|
995,000
|
1,011,646
|
|
|
|
|
1,357,985
|
|
Agriculture—0.8%
|
|
|
|
|
Turning Point Brands, Inc., 7.63%,
03/15/2032(b)
|
|
588,000
|
597,124
|
|
Apparel—0.7%
|
|
|
|
|
Samsonite Finco SARL, 4.38%, 02/15/2033(b)
|
EUR
|
268,000
|
301,691
|
|
Under Armour, Inc., 7.25%, 07/15/2030(b)
|
$
|
215,000
|
219,016
|
|
|
|
|
520,707
|
|
Auto Parts & Equipment—0.9%
|
|
|
|
|
Goodyear Tire & Rubber Co.
|
|
|
|
|
6.63%, 07/15/2030
|
|
76,000
|
73,489
|
|
8.88%, 07/15/2032
|
|
405,000
|
415,677
|
|
5.63%, 04/30/2033
|
|
183,000
|
159,861
|
|
|
|
|
649,027
|
|
Building Materials—3.8%
|
|
|
|
|
Builders FirstSource, Inc., 6.75%,
05/15/2035(b)
|
|
736,000
|
728,684
|
|
Camelot Return Merger Sub, Inc., 8.75%,
08/01/2028(b)
|
|
415,000
|
213,359
|
|
Cornerstone Building Brands, Inc., 6.13%,
01/15/2029(b)
|
|
389,000
|
46,031
|
|
JH North America Holdings, Inc., 5.88%,
01/31/2031(b)
|
|
444,000
|
443,039
|
|
Miter Brands Acquisition Holdco, Inc./MIWD
Borrower LLC, 6.75%, 04/01/2032(b)
|
|
310,000
|
305,225
|
|
MIWD Holdco II LLC/MIWD Finance Corp.,
5.50%, 02/01/2030(b)
|
|
339,000
|
313,725
|
|
New Enterprise Stone & Lime Co., Inc.,
5.25%, 07/15/2028(b)
|
|
788,000
|
783,110
|
|
|
|
|
2,833,173
|
|
Chemicals—1.3%
|
|
|
|
|
Bond U.S. Bidco 1, Inc./Bidco 2/Bidco
3/German Bidco 1 GmbH/German Bidco 2,
6.50%, 06/15/2033(b)
|
EUR
|
381,000
|
441,935
|
|
Celanese U.S. Holdings LLC, 7.33%,
07/15/2029
|
$
|
554,000
|
575,910
|
|
|
|
|
1,017,845
|
|
Commercial Services & Supplies—2.1%
|
|
|
|
|
Block, Inc.
|
|
|
|
|
5.63%, 08/15/2030(b)
|
|
351,000
|
349,205
|
|
6.00%, 08/15/2033(b)
|
|
372,000
|
368,908
|
|
Herc Holdings, Inc.
|
|
|
|
|
7.00%, 06/15/2030(b)
|
|
109,000
|
112,408
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
|
|||
|
7.25%, 06/15/2033(b)
|
$
|
266,000
|
$274,475
|
|
United Rentals North America, Inc., 6.00%,
12/15/2029(b)
|
|
459,000
|
463,883
|
|
|
|
|
1,568,879
|
|
Distribution/Wholesale—0.0%
|
|
|
|
|
ADI Escrow Issuer LLC, 7.13%,
07/15/2034(b)(g)
|
|
22,000
|
22,428
|
|
Diversified Financial Services—3.1%
|
|
|
|
|
Azorra Finance Ltd.
|
|
|
|
|
7.75%, 04/15/2030(b)
|
|
373,000
|
386,056
|
|
6.25%, 02/15/2034(b)
|
|
356,000
|
349,156
|
|
Figure Technology Solutions, Inc., 8.50%,
07/31/2031(b)
|
|
232,000
|
228,345
|
|
Navient Corp., 7.88%, 06/15/2032
|
|
390,000
|
365,382
|
|
PennyMac Financial Services, Inc.
|
|
|
|
|
6.88%, 05/15/2032(b)
|
|
119,000
|
113,752
|
|
6.88%, 02/15/2033(b)
|
|
360,000
|
341,585
|
|
Rocket Cos., Inc.
|
|
|
|
|
6.13%, 08/01/2031(b)
|
|
278,000
|
279,267
|
|
6.50%, 06/15/2034(b)
|
|
307,000
|
309,426
|
|
|
|
|
2,372,969
|
|
Diversified Telecommunication
Services—2.7%
|
|
|
|
|
APLD ComputeCo 2 LLC, 6.75%,
03/15/2031(b)(c)
|
|
115,000
|
112,413
|
|
ELK Grove Village Property LLC, 7.50%,
06/15/2031(b)(c)
|
|
217,000
|
209,026
|
|
Galaxy Helios Data Centers II LLC, 9.88%,
08/01/2031(b)
|
|
458,000
|
459,246
|
|
Meridian Arc Holdco LLC, 6.25%,
04/30/2031(b)
|
|
374,000
|
359,351
|
|
Stingray Compute LLC, 6.00%, 06/15/2031(b)
|
|
193,000
|
188,286
|
|
SV RNO Property Owner 1 LLC, 5.88%,
03/01/2031(b)(c)
|
|
748,000
|
694,590
|
|
|
|
|
2,022,912
|
|
Electric Utilities—1.5%
|
|
|
|
|
NRG Energy, Inc.
|
|
|
|
|
6.00%, 02/01/2033(b)
|
|
193,000
|
192,420
|
|
7.00%, 03/15/2033(b)
|
|
403,000
|
429,024
|
|
5.88%, 05/15/2034(b)
|
|
74,000
|
72,646
|
|
6.25%, 11/01/2034(b)
|
|
369,000
|
368,027
|
|
6.13%, 05/15/2036(b)
|
|
74,000
|
73,046
|
|
|
|
|
1,135,163
|
|
Electrical Components &
Equipment—0.8%
|
|
|
|
|
EnerSys, 6.63%, 01/15/2032(b)
|
|
631,000
|
638,546
|
|
Energy Equipment & Services—1.2%
|
|
|
|
|
Hess Midstream Operations LP, 4.25%,
02/15/2030(b)
|
|
280,000
|
268,103
|
|
Venture Global LNG, Inc., 9.88%,
02/01/2032(b)
|
|
610,000
|
649,454
|
|
|
|
|
917,557
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
CORPORATE BONDS (continued)
|
|
||
|
UNITED STATES (continued)
|
|||
|
Engineering & Construction—1.0%
|
|
|
|
|
Granite Construction, Inc., 6.38%,
06/15/2034(b)
|
$
|
399,000
|
$397,859
|
|
Tutor Perini Corp., 6.63%, 07/15/2033(b)
|
|
347,000
|
348,281
|
|
|
|
|
746,140
|
|
Entertainment—2.2%
|
|
|
|
|
Affinity Interactive, 6.88%, 12/15/2027(b)
|
|
1,631,000
|
799,190
|
|
Rivers Enterprise Borrower LLC, 6.25%,
10/15/2030(b)
|
|
463,000
|
465,052
|
|
Six Flags Entertainment Corp./Canada's
Wonderland Co./Magnum Management
Corp., 5.25%, 07/15/2029
|
|
308,000
|
294,957
|
|
Six Flags Entertainment Corp./Canada's
Wonderland Co./Millennium
Operations LLC, 8.63%, 01/15/2032(b)
|
|
89,000
|
90,016
|
|
|
|
|
1,649,215
|
|
Food Products—2.7%
|
|
|
|
|
Campbell's Co., 4.75%, 03/23/2035
|
|
404,000
|
369,754
|
|
Fiesta Purchaser, Inc., 9.63%, 09/15/2032(b)
|
|
499,000
|
467,531
|
|
Performance Food Group, Inc., 5.63%,
03/01/2034(b)
|
|
566,000
|
549,018
|
|
Post Holdings, Inc., 6.50%, 03/15/2036(b)
|
|
258,000
|
251,652
|
|
U.S. Foods, Inc., 5.75%, 04/15/2033(b)
|
|
384,000
|
379,937
|
|
|
|
|
2,017,892
|
|
Healthcare Providers & Services—3.6%
|
|
|
|
|
Centene Corp., 3.00%, 10/15/2030
|
|
649,000
|
583,224
|
|
CHS/Community Health Systems, Inc.
|
|
|
|
|
5.25%, 05/15/2030(b)
|
|
89,000
|
82,184
|
|
9.75%, 01/15/2034(b)
|
|
428,000
|
433,590
|
|
Encompass Health Corp., 5.88%,
06/01/2034(b)
|
|
411,000
|
406,913
|
|
IQVIA, Inc., 6.25%, 06/01/2032(b)
|
|
303,000
|
306,897
|
|
National Mentor Holdings, Inc., 10.50%,
12/15/2030(b)
|
|
439,000
|
462,993
|
|
Tenet Healthcare Corp.
|
|
|
|
|
5.50%, 11/15/2032(b)
|
|
364,000
|
358,390
|
|
6.00%, 11/15/2033(b)
|
|
66,000
|
66,211
|
|
|
|
|
2,700,402
|
|
Home Builders—1.0%
|
|
|
|
|
Beazer Homes USA, Inc., 8.00%,
01/15/2032(b)
|
|
372,000
|
379,345
|
|
Installed Building Products, Inc., 5.63%,
02/01/2034(b)
|
|
311,000
|
300,208
|
|
K Hovnanian Enterprises, Inc., 8.00%,
04/01/2031(b)
|
|
90,000
|
91,739
|
|
|
|
|
771,292
|
|
Home Furnishings—1.1%
|
|
|
|
|
Somnigroup International, Inc., 3.88%,
10/15/2031(b)
|
|
344,000
|
313,585
|
|
Whirlpool Corp.
|
|
|
|
|
6.13%, 06/15/2030
|
|
180,000
|
163,564
|
|
6.50%, 06/15/2033
|
|
459,000
|
388,932
|
|
|
|
|
866,081
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
|
|||
|
Housewares—0.6%
|
|
|
|
|
CD&R Smokey Buyer, Inc./Radio Systems
Corp., 9.50%, 10/15/2029(b)
|
$
|
264,000
|
$129,552
|
|
Newell Brands, Inc., 8.50%, 06/01/2028(b)
|
|
335,000
|
349,651
|
|
|
|
|
479,203
|
|
Insurance—0.4%
|
|
|
|
|
Asurion LLC/Asurion Co-Issuer, Inc., 8.00%,
12/31/2032(b)
|
|
286,000
|
289,325
|
|
Internet—0.6%
|
|
|
|
|
Cogent Communications Group LLC/Cogent
Finance, Inc.
|
|
|
|
|
7.00%, 06/15/2027(b)
|
|
307,000
|
303,060
|
|
6.50%, 07/01/2032(b)
|
|
127,000
|
113,033
|
|
|
|
|
416,093
|
|
Iron/Steel—0.5%
|
|
|
|
|
Commercial Metals Co., 6.00%,
12/15/2035(b)
|
|
399,000
|
392,098
|
|
Leisure Time—1.8%
|
|
|
|
|
Acushnet Co., 5.63%, 12/01/2033(b)
|
|
387,000
|
379,449
|
|
MajorDrive Holdings IV LLC, 6.38%,
06/01/2029(b)
|
|
634,000
|
518,443
|
|
NCL Corp. Ltd.
|
|
|
|
|
5.88%, 01/15/2031(b)
|
|
154,000
|
147,181
|
|
6.25%, 09/15/2033(b)
|
|
305,000
|
289,918
|
|
|
|
|
1,334,991
|
|
Lodging—2.2%
|
|
|
|
|
Genting New York LLC/GENNY Capital, Inc.,
7.25%, 10/01/2029(b)
|
|
592,000
|
605,742
|
|
Hilton Domestic Operating Co., Inc., 5.50%,
09/15/2031(b)
|
|
458,000
|
453,785
|
|
Marriott Ownership Resorts, Inc., 6.50%,
10/01/2033(b)
|
|
599,000
|
589,079
|
|
|
|
|
1,648,606
|
|
Machinery-Diversified—0.7%
|
|
|
|
|
Esab Corp., 5.63%, 04/01/2031(b)
|
|
329,000
|
325,022
|
|
King U.S. Bidco, Inc., FRN, 5.68%,
12/01/2032(a)(b)
|
EUR
|
200,000
|
232,921
|
|
|
|
|
557,943
|
|
Media—5.9%
|
|
|
|
|
Cable One, Inc., 4.00%, 11/15/2030(b)
|
$
|
393,000
|
146,115
|
|
CCO Holdings LLC/CCO Holdings Capital
Corp.
|
|
|
|
|
5.00%, 02/01/2028(b)
|
|
240,000
|
236,938
|
|
4.25%, 02/01/2031(b)
|
|
162,000
|
143,391
|
|
7.38%, 03/01/2031(b)
|
|
77,000
|
76,698
|
|
4.75%, 02/01/2032(b)
|
|
427,000
|
373,110
|
|
7.00%, 02/01/2033(b)
|
|
322,000
|
308,582
|
|
4.25%, 01/15/2034(b)
|
|
196,000
|
160,032
|
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 6.38%, 10/23/2035
|
|
180,000
|
174,187
|
|
CSC Holdings LLC
|
|
|
|
|
11.75%, 01/31/2029(b)
|
|
262,000
|
149,971
|
|
5.75%, 01/15/2030(b)
|
|
265,000
|
56,975
|
|
4.13%, 12/01/2030(b)
|
|
277,000
|
154,926
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
CORPORATE BONDS (continued)
|
|
||
|
UNITED STATES (continued)
|
|||
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 9.25%, 06/01/2032(b)
|
$
|
590,000
|
$603,738
|
|
Discovery Global Holdings, Inc.
|
|
|
|
|
4.69%, 05/17/2033
|
EUR
|
112,000
|
121,434
|
|
5.05%, 03/15/2042
|
$
|
248,000
|
172,360
|
|
Dotdash Meredith, Inc., 7.63%, 06/15/2032(b)
|
|
589,000
|
552,594
|
|
Midcontinent Communications, 8.00%,
08/15/2032(b)
|
|
372,000
|
315,916
|
|
Univision Communications, Inc., 8.88%,
04/15/2033(b)
|
|
752,000
|
728,105
|
|
|
|
|
4,475,072
|
|
Oil & Gas—1.0%
|
|
|
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.,
6.88%, 05/15/2034(b)
|
|
379,000
|
371,215
|
|
Moss Creek Resources Holdings, Inc., 8.25%,
09/01/2031(b)
|
|
359,000
|
359,832
|
|
|
|
|
731,047
|
|
Oil & Gas Services—1.3%
|
|
|
|
|
Kodiak Gas Services LLC
|
|
|
|
|
5.88%, 04/01/2031(b)
|
|
150,000
|
148,314
|
|
6.50%, 10/01/2033(b)
|
|
261,000
|
260,663
|
|
6.75%, 10/01/2035(b)
|
|
138,000
|
139,048
|
|
USA Compression Partners LP/USA
Compression Finance Corp., 6.25%,
10/01/2033(b)
|
|
472,000
|
464,491
|
|
|
|
|
1,012,516
|
|
Oil, Gas & Consumable Fuels—1.3%
|
|
|
|
|
Crescent Energy Finance LLC, 7.63%,
04/01/2032(b)
|
|
541,000
|
546,706
|
|
Kraken Oil & Gas Partners LLC, 7.13%,
05/15/2031(b)
|
|
219,000
|
215,976
|
|
Sunoco LP
|
|
|
|
|
5.63%, 03/15/2031(b)
|
|
95,000
|
93,766
|
|
5.88%, 03/15/2034(b)
|
|
127,000
|
124,301
|
|
|
|
|
980,749
|
|
Packaging & Containers—2.0%
|
|
|
|
|
Crown Americas LLC, 5.88%, 06/01/2033
|
|
390,000
|
389,206
|
|
Graphic Packaging International LLC, 6.38%,
07/15/2032(b)
|
|
558,000
|
557,102
|
|
Owens-Brockway Glass Container, Inc.,
9.50%, 06/01/2033(b)
|
|
561,000
|
551,924
|
|
|
|
|
1,498,232
|
|
Pharmaceutical—2.0%
|
|
|
|
|
1261229 BC Ltd., 10.00%, 04/15/2032(b)
|
|
400,000
|
408,899
|
|
Organon & Co./Organon Foreign Debt
Co-Issuer BV, 6.75%, 05/15/2034(b)
|
|
206,000
|
215,080
|
|
Perrigo Finance Unlimited Co., 5.15%,
06/15/2030
|
|
299,000
|
282,705
|
|
Upjohn Finance BV, 1.91%, 06/23/2032(b)
|
EUR
|
280,000
|
285,964
|
|
Utah Acquisition Sub, Inc., 5.25%,
06/15/2046
|
$
|
359,000
|
292,433
|
|
|
|
|
1,485,081
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
|
|||
|
Pipelines—3.4%
|
|
|
|
|
Delek Logistics Partners LP/Delek Logistics
Finance Corp., 8.63%, 03/15/2029(b)
|
$
|
590,000
|
$612,323
|
|
Hess Midstream Operations LP, 6.50%,
06/01/2029(b)
|
|
442,000
|
449,499
|
|
Venture Global Calcasieu Pass LLC
|
|
|
|
|
3.88%, 08/15/2029(b)
|
|
273,000
|
259,614
|
|
6.00%, 05/01/2036(b)
|
|
208,000
|
205,570
|
|
Venture Global LNG, Inc.
|
|
|
|
|
(fixed rate to 09/30/2029, variable rate
thereafter), VRN, 9.00%, 09/30/2029(b)(d)
|
|
183,000
|
182,264
|
|
6.38%, 12/15/2034(b)
|
|
74,000
|
72,070
|
|
6.63%, 06/15/2036(b)
|
|
388,000
|
380,265
|
|
Venture Global Plaquemines LNG LLC
|
|
|
|
|
6.50%, 01/15/2034(b)
|
|
119,000
|
122,792
|
|
6.50%, 06/15/2034(b)
|
|
240,000
|
247,519
|
|
|
|
|
2,531,916
|
|
Real Estate Investment Trust (REIT)
Funds—0.5%
|
|
|
|
|
Iron Mountain, Inc., 4.75%, 01/15/2034(b)
|
EUR
|
365,000
|
409,542
|
|
Retail—2.7%
|
|
|
|
|
Academy Ltd., 5.88%, 05/15/2031(b)
|
$
|
475,000
|
469,875
|
|
Macy's Retail Holdings LLC, 7.38%,
08/01/2033(b)
|
|
707,000
|
735,697
|
|
Men's Wearhouse LLC, 9.00%, 02/01/2031(b)
|
|
363,000
|
387,115
|
|
Staples, Inc., 10.75%, 09/01/2029(b)
|
|
425,000
|
406,662
|
|
|
|
|
1,999,349
|
|
Semiconductors—0.6%
|
|
|
|
|
MKS, Inc., 4.25%, 02/15/2034(b)
|
EUR
|
379,000
|
422,351
|
|
Software—3.8%
|
|
|
|
|
Cloud Software Group LLC, 9.00%,
09/30/2029(b)
|
$
|
590,000
|
578,053
|
|
CoreWeave, Inc., 9.25%, 06/01/2030(b)
|
|
450,000
|
420,550
|
|
Fair Isaac Corp., 6.25%, 09/15/2034(b)
|
|
954,000
|
921,614
|
|
OAK-Eagle Acquireco, Inc.
|
|
|
|
|
6.25%, 07/01/2033(b)
|
EUR
|
249,000
|
300,121
|
|
8.75%, 07/01/2034(b)
|
$
|
142,000
|
149,595
|
|
Oracle Corp.
|
|
|
|
|
4.80%, 09/26/2032
|
|
282,000
|
259,553
|
|
5.70%, 02/04/2036
|
|
277,000
|
256,438
|
|
|
|
|
2,885,924
|
|
Total United States
|
|
47,955,375
|
|
|
ZAMBIA—1.5%
|
|||
|
Metals & Mining—1.5%
|
|
|
|
|
First Quantum Minerals Ltd.
|
|
|
|
|
8.63%, 06/01/2031(b)
|
|
353,000
|
367,234
|
|
8.63%, 06/01/2031(b)
|
|
381,000
|
396,363
|
|
8.00%, 03/01/2033(b)
|
|
200,000
|
207,812
|
|
6.38%, 02/15/2036(b)
|
|
200,000
|
193,529
|
|
|
|
|
1,164,938
|
|
Total Corporate Bonds
|
|
70,690,731
|
|
|
EXCHANGE-TRADED FUNDS—2.5%
|
|
||
|
iShares Broad USD High Yield Corporate
Bond ETF
|
|
51,865
|
1,907,595
|
|
Total Exchange-Traded Funds
|
|
1,907,595
|
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
SHORT-TERM INVESTMENT—1.1%
|
|
||
|
State Street Institutional U.S. Government
Money Market Fund, Premier Class,
3.62%(i)
|
|
784,536
|
$784,536
|
|
Total Short-Term Investment
|
|
784,536
|
|
|
Total Investments
(Cost $77,054,522)—98.5%
|
74,262,369
|
||
|
Other Assets in Excess of Liabilities—1.5%
|
1,149,603
|
||
|
Net Assets—100.0%
|
$75,411,972
|
||
|
(a)
|
Variable or Floating Rate security. Rate disclosed is as of July 31, 2026.
|
|
(b)
|
Denotes a security issued under Regulation S or Rule 144A.
|
|
(c)
|
Sinkable security.
|
|
(d)
|
Perpetual maturity. Maturity date presented represents the next call date.
|
|
(e)
|
Security is in default.
|
|
(f)
|
The Fund’s adviser has deemed this security to be illiquid based upon
procedures approved by the Board of Trustees. Illiquid securities held by the
Fund represent 0.0% of net assets as of July 31, 2026.
|
|
(g)
|
Level 3 security. See Note 1(a) of the accompanying Notes to Statements of
Investments.
|
|
(h)
|
Payment-in-kind security for which part of the income earned may be paid as
additional principal.
|
|
(i)
|
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
|
|
|
Amounts listed as “–” are $0 or round to $0.
|
|
AG
|
Assured Guaranty Inc.
|
|
DAC
|
Designated Activity Company
|
|
ETF
|
Exchange-Traded Fund
|
|
FRN
|
Floating Rate Note
|
|
PIK
|
Payment-In-Kind
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
VRN
|
Variable Rate Note
|
|
EUR
|
Euro Currency
|
|
GBP
|
British Pound Sterling
|
|
USD
|
U.S. Dollar
|
|
As of July 31, 2026, the Fund held the following futures contracts:
|
|
Futures Contracts
|
Number of
Contracts
Long/(Short)
|
Expiration
Date
|
Notional
Amount
|
Market
Value
|
Unrealized
Appreciation/
(Depreciation)
|
|
Short Contract Positions
|
|
|
|
|
|
|
United States Treasury Note 6%—5 Year
|
(46
)
|
9/30/2026
|
$(4,922,651
)
|
$(4,874,922
)
|
$47,729
|
|
As of July 31, 2026, the Fund held the following forward foreign currency contracts:
|
|
Purchase Contracts
Settlement Date*
|
Counterparty
|
Currency
Purchased
|
Amount
Purchased
|
Currency
Sold
|
Amount
Sold
|
Fair Value
|
Unrealized
Appreciation/
(Depreciation)
|
|
|
British Pound/United States Dollar
|
|
|
|
|
|
|||
|
10/14/2026
|
BNP Paribas S.A.
|
GBP
|
38,122
|
USD
|
51,092
|
$51,379
|
$287
|
|
|
10/14/2026
|
HSBC Bank PLC
|
GBP
|
102,087
|
USD
|
137,408
|
137,588
|
180
|
|
|
10/14/2026
|
Morgan Stanley & Co.
|
GBP
|
46,051
|
USD
|
61,706
|
62,065
|
359
|
|
|
Euro/United States Dollar
|
|
|
|
|
|
|||
|
10/14/2026
|
HSBC Bank PLC
|
EUR
|
130,584
|
USD
|
149,780
|
151,005
|
1,225
|
|
|
Total
|
$402,037
|
$2,051
|
||||||
|
Sale Contracts
Settlement Date*
|
Counterparty
|
Currency
Purchased
|
Amount
Purchased
|
Currency
Sold
|
Amount
Sold
|
Fair Value
|
Unrealized
Appreciation/
(Depreciation)
|
|
|
United States Dollar/British Pound
|
|
|
|
|
|
|||
|
10/14/2026
|
Deutsche Bank AG
|
USD
|
189,972
|
GBP
|
142,094
|
$191,507
|
$(1,535
)
|
|
|
10/14/2026
|
Goldman Sachs & Co.
|
USD
|
4,207,438
|
GBP
|
3,156,130
|
4,253,655
|
(46,217
)
|
|
|
United States Dollar/Euro
|
|
|
|
|
|
|||
|
10/14/2026
|
Deutsche Bank AG
|
USD
|
260,403
|
EUR
|
228,000
|
263,655
|
(3,252
)
|
|
|
10/14/2026
|
Goldman Sachs & Co.
|
USD
|
8,720,962
|
EUR
|
7,619,250
|
8,810,771
|
(89,809
)
|
|
|
Total
|
$13,519,588
|
$(140,813
)
|
||||||
|
Unrealized appreciation on forward foreign currency exchange contracts
|
$2,051
|
|||||||
|
Unrealized depreciation on forward foreign currency exchange contracts
|
$(140,813
)
|
|||||||
|
*
|
Certain contracts with different trade dates and like characteristics have been shown
net.
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
CORPORATE BONDS—53.5%
|
|
||
|
GABON—4.9%
|
|||
|
Diversified Financial Services—4.9%
|
|
|
|
|
Gabon Blue Bond Master Trust, Series 2,
6.10%, 08/01/2038(a)(b)
|
$
|
1,000,000
|
$983,078
|
|
GEORGIA—1.6%
|
|||
|
Transportation—1.6%
|
|
|
|
|
Georgian Railway JSC, 4.00%, 06/17/2028(a)
|
|
336,000
|
322,760
|
|
GUATEMALA—1.2%
|
|||
|
Electric Utilities—1.2%
|
|
|
|
|
Investment Energy Resources Ltd., 6.25%,
04/26/2029(a)
|
|
251,000
|
246,337
|
|
IRELAND—0.8%
|
|||
|
Diversified Financial Services—0.8%
|
|
|
|
|
TrueNoord Capital DAC, 8.75%,
03/01/2030(a)
|
|
153,000
|
158,555
|
|
NETHERLANDS—2.8%
|
|||
|
Media—2.8%
|
|
|
|
|
VZ Vendor Financing II BV, 2.88%,
01/15/2029(a)
|
EUR
|
515,000
|
558,347
|
|
UNITED KINGDOM—2.2%
|
|||
|
Diversified Telecommunication
Services—2.2%
|
|
|
|
|
Vmed O2 U.K. Financing I PLC, 4.50%,
07/15/2031(a)
|
GBP
|
401,000
|
442,761
|
|
UNITED STATES—39.0%
|
|||
|
Auto Parts & Equipment—0.6%
|
|
|
|
|
Goodyear Tire & Rubber Co., 8.88%,
07/15/2032
|
$
|
113,000
|
115,979
|
|
Building Materials—0.8%
|
|
|
|
|
Ameritex Holdco Intermediate LLC, 7.63%,
08/15/2033(a)
|
|
47,000
|
48,390
|
|
Cornerstone Building Brands, Inc., 9.50%,
08/15/2029(a)
|
|
235,000
|
120,700
|
|
|
|
|
169,090
|
|
Commercial Services & Supplies—6.9%
|
|
|
|
|
Howard University, Series 22A, 5.21%,
10/01/2052(b)
|
|
1,000,000
|
802,538
|
|
Stetson University, Inc., Series 2019, 4.09%,
12/01/2059
|
|
1,000,000
|
596,176
|
|
|
|
|
1,398,714
|
|
Diversified Financial Services—1.2%
|
|
|
|
|
Azorra Finance Ltd., 7.75%, 04/15/2030(a)
|
|
227,000
|
234,946
|
|
Diversified Telecommunication
Services—0.8%
|
|
|
|
|
SV RNO Property Owner 1 LLC, 5.88%,
03/01/2031(a)(b)
|
|
166,000
|
154,147
|
|
Electric Utilities—3.2%
|
|
|
|
|
Vistra Corp., (fixed rate to 12/15/2026,
variable rate thereafter), VRN, 7.00%,
12/15/2026(a)(c)
|
|
635,000
|
638,393
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
|
|||
|
Electrical Components &
Equipment—2.2%
|
|
|
|
|
EnerSys, 6.63%, 01/15/2032(a)
|
$
|
439,000
|
$444,250
|
|
Energy Equipment & Services—2.6%
|
|
|
|
|
Venture Global LNG, Inc., 9.88%,
02/01/2032(a)
|
|
487,000
|
518,498
|
|
Engineering & Construction—3.9%
|
|
|
|
|
Granite Construction, Inc., 6.38%,
06/15/2034(a)
|
|
111,000
|
110,683
|
|
LBJ Infrastructure Group LLC, 3.80%,
12/31/2057(a)(b)
|
|
1,000,000
|
679,171
|
|
|
|
|
789,854
|
|
Entertainment—0.5%
|
|
|
|
|
Six Flags Entertainment Corp./Canada's
Wonderland Co./Magnum Management
Corp., 5.25%, 07/15/2029
|
|
84,000
|
80,443
|
|
Six Flags Entertainment Corp./Canada's
Wonderland Co./Millennium
Operations LLC, 8.63%, 01/15/2032(a)
|
|
25,000
|
25,285
|
|
|
|
|
105,728
|
|
Healthcare Providers & Services—5.0%
|
|
|
|
|
LifePoint Health, Inc., 7.00%, 05/01/2034(a)
|
|
97,000
|
90,602
|
|
Toledo Hospital, 6.02%, 11/15/2048
|
|
1,000,000
|
922,549
|
|
|
|
|
1,013,151
|
|
Internet—0.9%
|
|
|
|
|
Cogent Communications Group LLC/Cogent
Finance, Inc., 7.00%, 06/15/2027(a)
|
|
180,000
|
177,690
|
|
Media—5.0%
|
|
|
|
|
Cable One, Inc., 4.00%, 11/15/2030(a)
|
|
113,000
|
42,013
|
|
CCO Holdings LLC/CCO Holdings Capital
Corp., 4.25%, 01/15/2034(a)
|
|
573,000
|
467,848
|
|
Midcontinent Communications, 8.00%,
08/15/2032(a)
|
|
138,000
|
117,194
|
|
Univision Communications, Inc., 7.38%,
06/30/2030(a)
|
|
377,000
|
375,364
|
|
|
|
|
1,002,419
|
|
Oil & Gas Services—0.5%
|
|
|
|
|
Kodiak Gas Services LLC, 6.75%,
10/01/2035(a)
|
|
99,000
|
99,752
|
|
Oil, Gas & Consumable Fuels—0.5%
|
|
|
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.,
8.38%, 11/01/2033(a)
|
|
101,000
|
105,966
|
|
Packaging & Containers—2.0%
|
|
|
|
|
Ardagh Metal Packaging Finance
USA LLC/Ardagh Metal Packaging Finance
PLC, 3.00%, 09/01/2029(a)
|
EUR
|
358,000
|
399,311
|
|
Pipelines—1.7%
|
|
|
|
|
Delek Logistics Partners LP/Delek Logistics
Finance Corp., 8.63%, 03/15/2029(a)
|
$
|
212,000
|
220,021
|
|
Howard Midstream Energy Partners LLC,
6.63%, 01/15/2034(a)
|
|
128,000
|
129,428
|
|
|
|
|
349,449
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
CORPORATE BONDS (continued)
|
|
||
|
UNITED STATES (continued)
|
|||
|
Real Estate Investment Trust (REIT)
Funds—0.7%
|
|
|
|
|
Iron Mountain, Inc., 4.75%, 01/15/2034(a)
|
EUR
|
135,000
|
$151,474
|
|
Total United States
|
|
7,868,811
|
|
|
ZAMBIA—1.0%
|
|||
|
Metals & Mining—1.0%
|
|
|
|
|
First Quantum Minerals Ltd., 7.25%,
02/15/2034(a)
|
$
|
200,000
|
203,729
|
|
Total Corporate Bonds
|
|
10,784,378
|
|
|
MUNICIPAL BONDS —46.8%
|
|
||
|
CALIFORNIA—14.0%
|
|||
|
California Infrastructure & Economic
Development Bank
|
|
|
|
|
4.41%, 10/01/2049
|
|
900,000
|
675,181
|
|
VRDN, Series B, 12.00%, 01/01/2065(a)(d)
|
|
120,000
|
76,800
|
|
California Statewide Communities
Development Authority, (AG), Series B,
7.14%, 08/15/2047
|
|
725,000
|
746,145
|
|
City & County of San Francisco Community
Facilities District No., Series B, 6.33%,
09/01/2051
|
|
390,000
|
392,443
|
|
City of Los Angeles Department of Airports
Customer Facility Charge Revenue, (AG),
Series A, 4.24%, 05/15/2048
|
|
300,000
|
249,756
|
|
Golden State Tobacco Securitization Corp.,
Series A-1, 4.21%, 06/01/2050
|
|
1,000,000
|
678,129
|
|
Total California
|
|
2,818,454
|
|
|
FLORIDA—1.0%
|
|||
|
County of Miami-Dade Seaport Department,
6.22%, 11/01/2055
|
|
200,000
|
202,672
|
|
ILLINOIS—1.2%
|
|||
|
Illinois Municipal Electric Agency, 7.29%,
02/01/2035
|
|
230,000
|
243,799
|
|
MARYLAND—2.3%
|
|||
|
Maryland Economic Development Corp.,
5.94%, 05/31/2057
|
|
470,000
|
460,641
|
|
MASSACHUSETTS—0.5%
|
|||
|
Massachusetts Development Finance Agency,
Series B, 7.38%, 10/01/2035
|
|
100,000
|
100,566
|
|
NEW MEXICO—2.5%
|
|||
|
New Mexico Hospital Equipment Loan
Council, VRDN, Series C, 3.67%,
08/01/2042(d)
|
|
500,000
|
500,000
|
|
NEW YORK—11.5%
|
|||
|
Dutchess County Local Development Corp.,
Series B, 5.92%, 07/01/2039
|
|
870,000
|
852,332
|
|
New York State Housing Finance Agency,
VRDN, Series B, 3.66%, 11/01/2046(d)
|
|
695,000
|
695,000
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
|
|||
|
New York Transportation Development Corp.,
Series B, 6.97%, 06/30/2051
|
$
|
800,000
|
$775,246
|
|
Total New York
|
|
2,322,578
|
|
|
TEXAS—2.3%
|
|||
|
Port of Beaumont Industrial Development
Authority, Series B, 4.10%, 01/01/2028(a)
|
|
500,000
|
459,865
|
|
WISCONSIN—11.5%
|
|||
|
County of Fond Du Lac
|
|
|
|
|
(BAM), 6.18%, 11/01/2042(a)
|
|
650,000
|
657,048
|
|
(BAM), 6.20%, 05/01/2054(a)
|
|
400,000
|
393,824
|
|
Public Finance Authority
|
|
|
|
|
5.75%, 12/31/2065
|
|
1,000,000
|
1,031,808
|
|
Series B, 6.00%, 06/01/2027(e)
|
|
250,000
|
249,866
|
|
Total Wisconsin
|
|
2,332,546
|
|
|
Total Municipal Bonds
|
|
9,441,121
|
|
|
WARRANTS—0.0%
|
|
||
|
UNITED STATES—0.0%
|
|||
|
BL Train Holdings West LLC(f)(g)
|
|
3,362
|
1,681
|
|
Total Warrants
|
|
1,681
|
|
|
Total Investments
(Cost $20,233,349)—100.3%
|
20,227,180
|
||
|
Liabilities in Excess of Other Assets—(0.3%)
|
(59,392
)
|
||
|
Net Assets—100.0%
|
$20,167,788
|
||
|
(a)
|
Denotes a security issued under Regulation S or Rule 144A.
|
|
(b)
|
Sinkable security.
|
|
(c)
|
Perpetual maturity. Maturity date presented represents the next call date.
|
|
(d)
|
Variable Rate Instrument. The rate shown is based on the latest available
information as of July 31, 2026. 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 their description.
|
|
(e)
|
All or a portion of the security has been designated as collateral for when
issued trading. When-issued trading is trading in securities that have been
authorized but not yet been issued.
|
|
(f)
|
The Fund’s adviser has deemed this security to be illiquid based upon
procedures approved by the Board of Trustees. Illiquid securities held by the
Fund represent 0.0% of net assets as of July 31, 2026.
|
|
(g)
|
Non-income producing security.
|
|
AG
|
Assured Guaranty Inc.
|
|
BAM
|
Build America Mutual Assurance Company
|
|
DAC
|
Designated Activity Company
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
VRDN
|
Variable Rate Demand Note
|
|
VRN
|
Variable Rate Note
|
|
EUR
|
Euro Currency
|
|
GBP
|
British Pound Sterling
|
|
USD
|
U.S. Dollar
|
|
As of July 31, 2026, the Fund held the following forward foreign currency contracts:
|
|
Purchase Contracts
Settlement Date
|
Counterparty
|
Currency
Purchased
|
Amount
Purchased
|
Currency
Sold
|
Amount
Sold
|
Fair Value
|
Unrealized
Appreciation/
(Depreciation)
|
|
|
British Pound/United States Dollar
|
|
|
|
|
|
|||
|
10/14/2026
|
Citibank N.A.
|
GBP
|
4,479
|
USD
|
6,031
|
$6,036
|
$5
|
|
|
10/14/2026
|
Morgan Stanley & Co.
|
GBP
|
21,834
|
USD
|
29,150
|
29,426
|
276
|
|
|
Euro/United States Dollar
|
|
|
|
|
|
|||
|
10/14/2026
|
Citibank N.A.
|
EUR
|
15,026
|
USD
|
17,297
|
17,375
|
78
|
|
|
Total
|
$52,837
|
$359
|
||||||
|
Sale Contracts
Settlement Date*
|
Counterparty
|
Currency
Purchased
|
Amount
Purchased
|
Currency
Sold
|
Amount
Sold
|
Fair Value
|
Unrealized
Appreciation/
(Depreciation)
|
|
|
United States Dollar/British Pound
|
|
|
|
|
|
|||
|
10/14/2026
|
Barclays Bank PLC
|
USD
|
9,101
|
GBP
|
6,782
|
$9,140
|
$(39
)
|
|
|
10/14/2026
|
Citibank N.A.
|
USD
|
464,362
|
GBP
|
348,323
|
469,441
|
(5,079
)
|
|
|
United States Dollar/Euro
|
|
|
|
|
|
|||
|
10/14/2026
|
Deutsche Bank AG
|
USD
|
1,119,854
|
EUR
|
977,904
|
1,130,796
|
(10,942
)
|
|
|
Total
|
$1,609,377
|
$(16,060
)
|
||||||
|
Unrealized appreciation on forward foreign currency exchange contracts
|
$359
|
|||||||
|
Unrealized depreciation on forward foreign currency exchange contracts
|
$(16,060
)
|
|||||||
|
*
|
Certain contracts with different trade dates and like characteristics have been shown
net.
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
MUNICIPAL BONDS —99.0%
|
|
||
|
ALABAMA—4.8%
|
|||
|
Southeast Energy Authority A Cooperative
District, VRDN, Series A, 5.00%,
01/01/2056(a)
|
$
|
1,200,000
|
$1,204,531
|
|
ARIZONA—12.4%
|
|||
|
Arizona Industrial Development Authority
|
|
|
|
|
Series A, 4.00%, 07/15/2037(b)
|
|
270,000
|
244,969
|
|
Series A, 4.00%, 07/15/2041(b)
|
|
135,000
|
114,864
|
|
VRDN, Series A, 4.50%, 07/01/2046(a)(b)
|
|
115,000
|
114,611
|
|
Series C, 0.00%, 01/01/2059(c)
|
|
1,636,309
|
802,092
|
|
Maricopa County Industrial Development
Authority
|
|
|
|
|
5.00%, 10/01/2026(b)
|
|
70,000
|
69,872
|
|
5.13%, 10/01/2030(b)
|
|
425,000
|
411,108
|
|
Series A, 5.25%, 07/01/2045
|
|
750,000
|
739,519
|
|
Series B, 5.00%, 07/01/2049(b)
|
|
635,000
|
584,649
|
|
Total Arizona
|
|
3,081,684
|
|
|
CALIFORNIA—3.6%
|
|||
|
California Infrastructure & Economic
Development Bank, VRDN, Series B, 12.00%,
01/01/2065(a)(b)
|
|
430,000
|
275,200
|
|
California Municipal Finance Authority
|
|
|
|
|
5.00%, 01/01/2041(b)
|
|
500,000
|
505,043
|
|
Series A, 5.00%, 10/01/2026(b)
|
|
10,000
|
10,002
|
|
California School Finance Authority, 5.50%,
08/01/2043(b)
|
|
100,000
|
96,522
|
|
Total California
|
|
886,767
|
|
|
COLORADO—10.3%
|
|||
|
Colorado Health Facilities Authority, Series B-1,
3.50%, 05/15/2030
|
|
2,625,000
|
2,552,982
|
|
FLORIDA—24.9%
|
|||
|
Alachua County Health Facilities Authority,
Series B-1, 4.00%, 10/01/2030
|
|
250,000
|
250,001
|
|
Capital Projects Finance Authority
|
|
|
|
|
Series A-1, 5.25%, 06/01/2044(b)
|
|
250,000
|
217,448
|
|
Series A-1, 5.00%, 06/01/2049(b)
|
|
145,000
|
116,353
|
|
Capital Trust Agency, Inc., Series A, 3.00%,
12/15/2029(b)
|
|
220,000
|
203,437
|
|
Capital Trust Authority
|
|
|
|
|
Series A, 5.63%, 06/15/2044(b)
|
|
250,000
|
255,349
|
|
Series A, 6.00%, 06/15/2054(b)
|
|
210,000
|
212,992
|
|
Florida Development Finance Corp.
|
|
|
|
|
Series A, 5.50%, 06/15/2040(b)
|
|
1,000,000
|
1,029,143
|
|
Series A1, 5.00%, 06/01/2044(b)
|
|
250,000
|
247,006
|
|
Florida Higher Educational Facilities Financing
Authority, 5.00%, 07/01/2035(b)
|
|
920,000
|
922,911
|
|
Florida Local Government Finance Commission
|
|
|
|
|
Series B-1, 4.70%, 11/15/2031(b)
|
|
1,000,000
|
1,002,793
|
|
Series B-2, 4.45%, 11/15/2031(b)
|
|
800,000
|
802,110
|
|
Palm Beach County Health Facilities Authority,
Series B, 5.13%, 05/15/2046
|
|
250,000
|
250,075
|
|
Seminole County Industrial Development
Authority, Series A, 5.25%, 11/15/2039
|
|
700,000
|
687,886
|
|
Total Florida
|
|
6,197,504
|
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
IOWA—3.5%
|
|||
|
Iowa Finance Authority
|
|
|
|
|
Series A, 4.00%, 05/15/2053
|
$
|
1,000,000
|
$789,117
|
|
Series A, 5.13%, 05/15/2059
|
|
100,000
|
93,118
|
|
Total Iowa
|
|
882,235
|
|
|
MAINE—1.0%
|
|||
|
Finance Authority of Maine, Series R-3, 5.00%,
08/01/2035(b)
|
|
250,000
|
258,987
|
|
NEW HAMPSHIRE—4.7%
|
|||
|
New Hampshire Business Finance Authority
|
|
|
|
|
6.50%, 12/01/2034(b)
|
|
989,000
|
989,235
|
|
VRDN, Series 2, 4.40%, 02/20/2043(a)
|
|
199,754
|
192,279
|
|
Total New Hampshire
|
|
1,181,514
|
|
|
NEW YORK—6.3%
|
|||
|
Madison County Capital Resource Corp., Series
A, 5.50%, 09/01/2022(d)(e)(f)
|
|
2,299,688
|
961,708
|
|
Suffolk Regional Off-Track Betting Corp.
|
|
|
|
|
5.00%, 12/01/2034
|
|
150,000
|
152,985
|
|
6.00%, 12/01/2053
|
|
300,000
|
305,004
|
|
Western Regional Off-Track Betting Corp.,
3.00%, 12/01/2026(b)
|
|
145,000
|
144,689
|
|
Total New York
|
|
1,564,386
|
|
|
OHIO—0.4%
|
|||
|
Cleveland-Cuyahoga County Port Authority,
5.00%, 12/01/2028
|
|
100,000
|
101,705
|
|
PENNSYLVANIA—4.0%
|
|||
|
Pennsylvania Economic Development Financing
Authority, VRDN, Series B, 5.25%,
12/01/2038(a)
|
|
1,000,000
|
1,000,723
|
|
SOUTH CAROLINA—3.0%
|
|||
|
South Carolina Jobs-Economic Development
Authority, Series A, 5.00%, 12/01/2039(b)
|
|
795,000
|
752,220
|
|
TEXAS—6.7%
|
|||
|
City of Houston Airport System Revenue,
5.50%, 07/15/2035
|
|
1,200,000
|
1,290,131
|
|
New Hope Cultural Education Facilities Finance
Corp., Series B, 2.00% Cash or 2.00% PIK,
11/15/2061(a)
|
|
751,960
|
368,548
|
|
Total Texas
|
|
1,658,679
|
|
|
WISCONSIN—13.4%
|
|||
|
Public Finance Authority
|
|
|
|
|
VRDN, 6.00%, 07/01/2060(a)(b)
|
|
500,000
|
511,101
|
|
5.75%, 12/31/2065
|
|
500,000
|
515,904
|
|
Series A, 5.50%, 09/01/2030(b)
|
|
180,000
|
184,466
|
|
Series A, 5.13%, 07/15/2037(b)
|
|
600,000
|
591,017
|
|
Series A, 5.38%, 07/15/2047(b)
|
|
500,000
|
471,725
|
|
Series B, 5.00%, 12/01/2036
|
|
1,000,000
|
1,047,659
|
|
Total Wisconsin
|
|
3,321,872
|
|
|
Total Municipal Bonds
|
|
24,645,789
|
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
CORPORATE BONDS—0.5%
|
|
||
|
UNITED STATES—0.5%
|
|||
|
Energy-Alternate Sources—0.0%
|
|
|
|
|
Repower South Berkeley LLC, 1.00%,
02/01/2045(e)(f)
|
$
|
226,254
|
$–
|
|
Healthcare Providers & Services—0.5%
|
|
|
|
|
Sunland Medical Foundation, 12.00%,
01/01/2050(e)(f)(g)(h)
|
|
4,100,000
|
112,750
|
|
Total United States
|
|
112,750
|
|
|
Total Corporate Bonds
|
|
112,750
|
|
|
WARRANTS—0.0%
|
|
||
|
UNITED STATES—0.0%
|
|||
|
BL Train Holdings West LLC(e)(i)
|
|
13,456
|
6,728
|
|
Total Warrants
|
|
6,728
|
|
|
SHORT-TERM INVESTMENT—0.0%
|
|
||
|
BlackRock Liquidity Funds MuniCash,
Institutional shares
|
|
–
|
1
|
|
Total Short-Term Investment
|
|
1
|
|
|
Total Investments
(Cost $27,479,260)—99.5%
|
24,765,268
|
||
|
Other Assets in Excess of Liabilities—0.5%
|
121,445
|
||
|
Net Assets—100.0%
|
$24,886,713
|
||
|
(a)
|
Variable Rate Instrument. The rate shown is based on the latest available
information as of July 31, 2026. 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 their description.
|
|
(b)
|
Denotes a security issued under Regulation S or Rule 144A.
|
|
(c)
|
Step bond. Rate disclosed is as of July 31, 2026.
|
|
(d)
|
Security is in default.
|
|
(e)
|
The Fund’s adviser has deemed this security to be illiquid based upon
procedures approved by the Board of Trustees. Illiquid securities held by the
Fund represent 4.3% of net assets as of July 31, 2026.
|
|
(f)
|
Level 3 security. See Note 1(a) of the accompanying Notes to Statements of
Investments.
|
|
(g)
|
Escrow Security.
|
|
(h)
|
Fair Value is determined pursuant to procedures approved by the Fund’s Board
of Trustees. Unless otherwise noted, securities are valued by applying valuation
factors to the exchange traded price. See Note 1(a) of the accompanying
Notes to Statements of Investments for inputs used.
|
|
(i)
|
Non-income producing security.
|
|
|
Amounts listed as “–” are $0 or round to $0.
|
|
PIK
|
Payment-In-Kind
|
|
VRDN
|
Variable Rate Demand Note
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
MUNICIPAL BONDS —103.6%
|
|
||
|
ALABAMA—4.0%
|
|||
|
Black Belt Energy Gas District
|
|
|
|
|
Series F, 5.00%, 06/01/2028
|
$
|
625,000
|
$638,781
|
|
Series F, 5.00%, 12/01/2028
|
|
190,000
|
195,809
|
|
Series H-1, 5.00%, 01/01/2028
|
|
300,000
|
305,874
|
|
Series H-2-1, 5.00%, 12/01/2028
|
|
625,000
|
643,262
|
|
Energy Southeast A Cooperative District, Series
A-1, 5.00%, 10/01/2028(a)
|
|
220,000
|
226,360
|
|
Southeast Energy Authority A Cooperative
District, Series E, 5.00%, 10/01/2027
|
|
90,000
|
91,939
|
|
Total Alabama
|
|
2,102,025
|
|
|
ARIZONA—4.4%
|
|||
|
Chandler Industrial Development Authority
|
|
|
|
|
VRDN, Series 1, 5.00%, 09/01/2042(b)
|
|
300,000
|
302,815
|
|
VRDN, Series 2022-2, 5.00%, 09/01/2052(b)
|
|
2,000,000
|
2,019,123
|
|
Total Arizona
|
|
2,321,938
|
|
|
CALIFORNIA—6.3%
|
|||
|
California Municipal Finance Authority
|
|
|
|
|
VRDN, Series A, 3.45%, 12/01/2044(b)
|
|
1,000,000
|
1,001,014
|
|
VRDN, Series A, 2.88%, 03/01/2056(b)
|
|
1,000,000
|
999,599
|
|
California Pollution Control Financing
Authority, VRDN, 2.88%, 07/01/2043(b)(c)
|
|
1,000,000
|
999,863
|
|
M-S-R Energy Authority, Series B, 6.13%,
11/01/2029
|
|
325,000
|
337,435
|
|
Total California
|
|
3,337,911
|
|
|
CONNECTICUT—2.1%
|
|||
|
Connecticut State Health & Educational
Facilities Authority, Series F, 5.00%,
07/01/2027
|
|
1,135,000
|
1,135,770
|
|
DELAWARE—3.8%
|
|||
|
Tender Option Bond Trust Receipts/Certificates,
VRDN, Series 2026-BAP0002, 2.46%,
12/02/2027(b)(c)
|
|
2,000,000
|
2,000,000
|
|
FLORIDA—4.2%
|
|||
|
City of Venice, Series B-3, 4.25%,
01/01/2030(c)
|
|
225,000
|
225,000
|
|
Florida Insurance Assistance Interlocal Agency,
Inc., VRDN, Series A-2, 2.92%, 09/01/2032(b)
|
|
2,000,000
|
2,000,000
|
|
Total Florida
|
|
2,225,000
|
|
|
GEORGIA—4.7%
|
|||
|
Bartow County Development Authority, VRDN,
3.15%, 11/01/2062(b)
|
|
1,200,000
|
1,200,000
|
|
Main Street Natural Gas, Inc.
|
|
|
|
|
Series A, 5.00%, 05/15/2027
|
|
1,000,000
|
1,013,460
|
|
Series C, 4.00%, 03/01/2050(b)
|
|
300,000
|
300,281
|
|
Total Georgia
|
|
2,513,741
|
|
|
INDIANA—0.2%
|
|||
|
Indiana Development Finance Authority, VRDN,
4.60%, 10/01/2031(b)
|
|
100,000
|
100,216
|
|
IOWA—2.9%
|
|||
|
Guthrie County Hospital, Series A, 4.50%,
02/01/2029
|
|
160,000
|
159,412
|
|
PEFA, Inc.
|
|
|
|
|
5.00%, 09/01/2049(b)
|
|
1,250,000
|
1,251,830
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
|
|||
|
PEFA, Inc. (continued)
|
|
|
|
|
Series A, 5.00%, 04/01/2028
|
$
|
155,000
|
$158,558
|
|
Total Iowa
|
|
1,569,800
|
|
|
KENTUCKY—4.4%
|
|||
|
City of Pikeville, 3.80%, 08/01/2028
|
|
200,000
|
199,497
|
|
Kentucky Public Energy Authority, Series C,
5.00%, 05/01/2027
|
|
65,000
|
65,750
|
|
Louisville Regional Airport Authority
|
|
|
|
|
VRDN, 3.15%, 01/01/2029(b)
|
|
700,000
|
700,000
|
|
VRDN, Series B, 3.15%, 01/01/2029(b)
|
|
1,400,000
|
1,400,000
|
|
Total Kentucky
|
|
2,365,247
|
|
|
MASSACHUSETTS—7.5%
|
|||
|
Massachusetts Port Authority, Series B, 5.00%,
07/01/2043
|
|
2,500,000
|
2,500,434
|
|
Massachusetts Water Resources Authority,
Series C, 4.00%, 08/01/2040
|
|
1,500,000
|
1,500,000
|
|
Total Massachusetts
|
|
4,000,434
|
|
|
MINNESOTA—6.1%
|
|||
|
JPMorgan Chase Putters/Drivers Trust, VRDN,
3.42%, 03/20/2027(b)(c)
|
|
2,200,000
|
2,200,000
|
|
Minnesota Municipal Gas Agency
|
|
|
|
|
Series A, 5.00%, 09/01/2027
|
|
145,000
|
146,800
|
|
Series A, 5.00%, 09/01/2028
|
|
625,000
|
638,517
|
|
VRDN, Series A, 4.00%, 12/01/2052(b)
|
|
250,000
|
252,710
|
|
Total Minnesota
|
|
3,238,027
|
|
|
MISSISSIPPI—7.1%
|
|||
|
Mississippi Business Finance Corp.
|
|
|
|
|
VRDN, 3.15%, 12/01/2027(b)
|
|
1,100,000
|
1,100,000
|
|
VRDN, 3.10%, 05/01/2028(b)
|
|
300,000
|
300,000
|
|
VRDN, Series A, 3.29%, 11/01/2032(b)
|
|
1,640,000
|
1,640,000
|
|
VRDN, Series A, 3.05%, 11/01/2035(b)
|
|
550,000
|
550,000
|
|
VRDN, Series FIRST, 3.10%, 11/01/2052(b)
|
|
200,000
|
200,000
|
|
Total Mississippi
|
|
3,790,000
|
|
|
NEW JERSEY—5.7%
|
|||
|
City of Newark, 4.25%, 05/05/2027
|
|
2,000,000
|
2,006,170
|
|
Township of Weehawken, 3.75%, 08/13/2027(a)
|
|
1,000,000
|
1,001,880
|
|
Total New Jersey
|
|
3,008,050
|
|
|
NEW YORK—17.4%
|
|||
|
City of Buffalo, Series A, 4.00%, 09/30/2026
|
|
1,103,750
|
1,105,581
|
|
City of Elmira City, Series B, 4.00%,
12/16/2026
|
|
1,000,000
|
1,001,656
|
|
City of Glen Cove, 3.55%, 06/03/2027
|
|
1,000,000
|
999,368
|
|
City of Poughkeepsie, 3.50%, 04/23/2027
|
|
2,000,000
|
1,997,670
|
|
New York City Housing Development Corp.,
VRDN, (FHA), Series F-2A, 3.40%,
11/01/2062(b)
|
|
825,000
|
825,021
|
|
New York City Transitional Finance Authority
Future Tax Secured Revenue, VRDN, Series
C-4, 3.05%, 11/01/2044(b)
|
|
400,000
|
400,000
|
|
New York State Dormitory Authority, VRDN,
Series C, 2.94%, 05/01/2044(b)
|
|
400,000
|
400,000
|
|
Village of Johnson City
|
|
|
|
|
Series A, 3.50%, 09/25/2026
|
|
500,000
|
500,031
|
|
Series C, 4.00%, 06/17/2027
|
|
2,000,000
|
2,004,469
|
|
Total New York
|
|
9,233,796
|
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
MUNICIPAL BONDS (continued)
|
|
||
|
NORTH CAROLINA—3.8%
|
|||
|
Cumberland County Industrial Facilities &
Pollution Control Financing Authority, VRDN,
3.13%, 12/01/2027(b)
|
$
|
2,030,000
|
$2,028,589
|
|
OHIO—2.9%
|
|||
|
Ohio Air Quality Development Authority,
VRDN, Series A, 4.25%, 11/01/2039(b)
|
|
1,040,000
|
1,046,835
|
|
State of Ohio, VRDN, Series C, 2.45%,
01/15/2051(b)
|
|
500,000
|
500,000
|
|
Total Ohio
|
|
1,546,835
|
|
|
PENNSYLVANIA—3.7%
|
|||
|
Pennsylvania Economic Development Financing
Authority
|
|
|
|
|
5.00%, 03/15/2028
|
|
190,000
|
190,420
|
|
VRDN, Series 2021A-2, 4.60%,
10/01/2046(b)
|
|
500,000
|
500,562
|
|
VRDN, Series A, 3.25%, 08/01/2037(b)
|
|
500,000
|
500,168
|
|
VRDN, Series A, 3.25%, 08/01/2038(b)
|
|
500,000
|
500,047
|
|
Pennsylvania Higher Educational Facilities
Authority, VRDN, Series B, 2.97%,
09/01/2045(b)
|
|
300,000
|
300,000
|
|
Total Pennsylvania
|
|
1,991,197
|
|
|
SOUTH CAROLINA—0.6%
|
|||
|
County of Berkeley, VRDN, 2.37%,
09/01/2028(b)
|
|
300,000
|
300,000
|
|
TENNESSEE—4.1%
|
|||
|
Tennessee Energy Acquisition Corp., Series B,
5.63%, 09/01/2026
|
|
2,200,000
|
2,203,188
|
|
TEXAS—7.7%
|
|||
|
City of Houston Airport System Revenue, Series
C, 5.00%, 07/15/2027
|
|
1,000,000
|
1,012,518
|
|
Harris County Cultural Education Facilities
Finance Corp., VRDN, Series B, 2.61%,
11/15/2046(b)
|
|
1,475,000
|
1,475,000
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
|
|||
|
Harris County Health Facilities Development
Corp., Prerefunded/Escrowed to Maturity,
Series B, 5.75%, 07/01/2027
|
$
|
325,000
|
$333,654
|
|
Mission Economic Development Corp., VRDN,
Series A, 4.25%, 06/01/2048(b)
|
|
700,000
|
703,820
|
|
Texas Municipal Gas Acquisition & Supply Corp.
V, 5.00%, 04/01/2028
|
|
330,000
|
336,879
|
|
Texas Municipal Gas Acquisition & Supply Corp.
VI, 5.00%, 01/01/2028
|
|
250,000
|
254,515
|
|
Total Texas
|
|
4,116,386
|
|
|
Total Municipal Bonds
|
|
55,128,150
|
|
|
SHORT-TERM INVESTMENT—0.2%
|
|
||
|
BlackRock Liquidity Funds MuniCash,
Institutional sharesTexas Municipal Gas
Acquisition & Supply Corp. VI, 5.00%,
01/01/2028
|
|
96,736
|
96,745
|
|
Total Short-Term Investment
|
|
96,745
|
|
|
Total Investments
(Cost $55,256,215)—103.8%
|
55,224,895
|
||
|
Liabilities in Excess of Other Assets—(3.8%)
|
(2,016,988
)
|
||
|
Net Assets—100.0%
|
$53,207,907
|
||
|
(a)
|
All or a portion of the security has been designated as collateral for when
issued trading. When-issued trading is trading in securities that have been
authorized but not yet been issued.
|
|
(b)
|
Variable Rate Instrument. The rate shown is based on the latest available
information as of July 31, 2026. 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 their description.
|
|
(c)
|
Denotes a security issued under Regulation S or Rule 144A.
|
|
FHA
|
Federal Housing Administration
|
|
VRDN
|
Variable Rate Demand Note
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
MUNICIPAL BONDS —92.9%
|
|
||
|
ALABAMA—7.6%
|
|||
|
Black Belt Energy Gas District
|
|
|
|
|
Series B, 4.00%, 10/01/2052(a)
|
$
|
20,000,000
|
$20,175,972
|
|
Series C-1, 4.00%, 10/01/2052(a)
|
|
10,000,000
|
10,076,810
|
|
VRDN, Series D1, 4.00%, 07/01/2052(a)
|
|
2,500,000
|
2,516,735
|
|
Series F, 5.00%, 06/01/2027
|
|
700,000
|
707,837
|
|
Series F, 5.00%, 12/01/2027
|
|
700,000
|
713,752
|
|
Series F, 5.00%, 06/01/2028
|
|
1,670,000
|
1,706,824
|
|
Series H-1, 5.00%, 01/01/2027
|
|
100,000
|
100,561
|
|
Series H-2-1, 5.00%, 12/01/2027
|
|
750,000
|
762,974
|
|
Energy Southeast A Cooperative District
|
|
|
|
|
Series A-1, 5.00%, 10/01/2027(b)
|
|
350,000
|
355,773
|
|
Series A-1, 5.00%, 04/01/2028(b)
|
|
400,000
|
408,922
|
|
Series A-1, 5.00%, 10/01/2028(b)
|
|
130,000
|
133,758
|
|
Health Care Authority for Baptist Health,
VRDN, Series B, 3.54%, 11/01/2042(a)
|
|
25,088,000
|
25,088,000
|
|
JPMorgan Chase Putters/Drivers Trust,
VRDN, Series 2025-5088, 2.36%,
02/01/2031(a)(c)
|
|
22,300,000
|
22,300,000
|
|
Southeast Energy Authority A Cooperative
District, Series E, 5.00%, 10/01/2027
|
|
900,000
|
919,385
|
|
Total Alabama
|
|
85,967,303
|
|
|
ARIZONA—4.3%
|
|||
|
Chandler Industrial Development
Authority
|
|
|
|
|
VRDN, Series 1, 5.00%, 09/01/2042(a)
|
|
9,710,000
|
9,801,110
|
|
VRDN, Series 2022-2, 5.00%,
09/01/2052(a)
|
|
23,080,000
|
23,300,675
|
|
Industrial Development Authority of the
City of Phoenix Arizona, AMT, VRDN,
Series D, 2.95%, 12/01/2035(a)
|
|
15,000,000
|
15,000,000
|
|
Total Arizona
|
|
48,101,785
|
|
|
ARKANSAS—2.3%
|
|||
|
Arkansas Development Finance Authority,
VRDN, Series B4, 3.54%, 09/01/2044(a)
|
|
24,314,000
|
24,314,000
|
|
City of Lowell, VRDN, 2.32%,
10/01/2036(a)
|
|
1,200,000
|
1,200,000
|
|
Total Arkansas
|
|
25,514,000
|
|
|
CALIFORNIA—3.2%
|
|||
|
California Municipal Finance Authority
|
|
|
|
|
VRDN, Series A, 2.95%, 07/01/2041(a)
|
|
7,250,000
|
7,243,536
|
|
VRDN, Series A, 3.45%, 12/01/2044(a)
|
|
4,000,000
|
4,004,054
|
|
VRDN, Series A, 2.88%, 03/01/2056(a)
|
|
2,000,000
|
1,999,198
|
|
VRDN, Series B, 2.88%, 11/01/2041(a)
|
|
4,000,000
|
3,998,222
|
|
VRDN, Series B, 3.05%, 07/01/2051(a)
|
|
3,000,000
|
2,998,259
|
|
California Pollution Control Financing
Authority
|
|
|
|
|
VRDN, 2.88%, 07/01/2043(a)(c)
|
|
8,000,000
|
7,998,904
|
|
VRDN, Series B-2, 3.45%, 11/01/2040(a)
|
|
1,250,000
|
1,250,682
|
|
Tender Option Bond Trust
Receipts/Certificates, VRDN, Series
XL0727, 2.41%, 04/01/2056(a)(c)
|
|
7,000,000
|
7,000,000
|
|
Total California
|
|
36,492,855
|
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
DELAWARE—1.6%
|
|||
|
Tender Option Bond Trust
Receipts/Certificates, VRDN, Series
2026-BAP0002, 2.46%,
12/02/2027(a)(c)
|
$
|
18,000,000
|
$18,000,000
|
|
DISTRICT OF COLUMBIA—1.4%
|
|||
|
District of Columbia, VRDN, Series C,
2.31%, 06/01/2051(a)
|
|
16,000,000
|
16,000,000
|
|
FLORIDA—2.6%
|
|||
|
Florida Insurance Assistance Interlocal
Agency, Inc., VRDN, Series A-2, 2.92%,
09/01/2032(a)
|
|
27,000,000
|
27,000,000
|
|
Miami-Dade County Industrial
Development Authority, VRDN, 3.45%,
11/01/2041(a)
|
|
2,000,000
|
2,002,795
|
|
Total Florida
|
|
29,002,795
|
|
|
GEORGIA—2.4%
|
|||
|
Bartow County Development Authority,
VRDN, 3.15%, 11/01/2062(a)
|
|
1,600,000
|
1,600,000
|
|
Bartow-Cartersville Joint Development
Authority, VRDN, Series A, 2.34%,
08/01/2033(a)(c)
|
|
12,000,000
|
12,000,000
|
|
Development Authority of Burke County
|
|
|
|
|
VRDN, 3.05%, 11/01/2052(a)
|
|
100,000
|
100,000
|
|
VRDN, Series 1ST, 3.10%, 07/01/2049(a)
|
|
1,400,000
|
1,400,000
|
|
Development Authority of Floyd County,
VRDN, 3.15%, 09/01/2026(a)
|
|
200,000
|
200,000
|
|
Main Street Natural Gas, Inc.
|
|
|
|
|
Series A, 5.50%, 09/15/2026
|
|
7,510,000
|
7,529,609
|
|
Series A, 5.00%, 05/15/2027
|
|
3,500,000
|
3,547,112
|
|
Series C, 4.00%, 03/01/2050(a)
|
|
645,000
|
645,603
|
|
Total Georgia
|
|
27,022,324
|
|
|
INDIANA—1.5%
|
|||
|
Indiana Finance Authority
|
|
|
|
|
VRDN, 2.90%, 05/01/2028(a)
|
|
4,000,000
|
3,999,047
|
|
VRDN, 2.55%, 08/01/2030(a)
|
|
13,000,000
|
13,000,000
|
|
Total Indiana
|
|
16,999,047
|
|
|
IOWA—5.2%
|
|||
|
Crawford County Memorial Hospital, Inc.,
5.00%, 06/15/2027
|
|
2,515,000
|
2,520,934
|
|
Guthrie County Hospital, Series A, 4.50%,
02/01/2029
|
|
3,840,000
|
3,825,883
|
|
Iowa Finance Authority, VRDN, Series B,
2.40%, 12/01/2046(a)
|
|
25,400,000
|
25,400,000
|
|
PEFA, Inc.
|
|
|
|
|
5.00%, 09/01/2049(a)
|
|
25,000,000
|
25,036,612
|
|
Series A, 5.00%, 04/01/2027
|
|
780,000
|
787,484
|
|
Series A, 5.00%, 04/01/2028
|
|
660,000
|
675,149
|
|
Total Iowa
|
|
58,246,062
|
|
|
KANSAS—0.2%
|
|||
|
City of Dodge City, VRDN, 2.54%,
03/01/2027(a)
|
|
1,000,000
|
1,000,000
|
|
City of Liberal, VRDN, 2.54%,
02/01/2029(a)
|
|
1,000,000
|
1,000,000
|
|
Total Kansas
|
|
2,000,000
|
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
MUNICIPAL BONDS (continued)
|
|
||
|
KENTUCKY—4.2%
|
|||
|
City of Pikeville, 3.80%, 08/01/2028
|
$
|
4,300,000
|
$4,289,192
|
|
County of Meade
|
|
|
|
|
AMT, VRDN, Series A-1, 3.30%,
08/01/2061(a)
|
|
24,800,000
|
24,800,000
|
|
AMT, VRDN, Series B-1, 3.50%,
08/01/2061(a)
|
|
100,000
|
100,000
|
|
County of Trimble, VRDN, Series A, 4.70%,
06/01/2054(a)
|
|
4,500,000
|
4,531,260
|
|
Louisville Regional Airport Authority,
VRDN, 3.15%, 01/01/2029(a)
|
|
10,000,000
|
10,000,000
|
|
Louisville/Jefferson County Metropolitan
Government, VRDN, Series B, 3.00%,
10/01/2056(a)
|
|
4,000,000
|
4,000,000
|
|
Total Kentucky
|
|
47,720,452
|
|
|
MARYLAND—4.4%
|
|||
|
Maryland Industrial Development
Financing Authority, VRDN, 4.03%,
03/01/2030(a)
|
|
49,905,000
|
49,905,000
|
|
MASSACHUSETTS—2.0%
|
|||
|
Massachusetts Port Authority, Series B,
5.00%, 07/01/2043
|
|
7,500,000
|
7,501,301
|
|
Massachusetts Water Resources Authority,
Series C, 4.00%, 08/01/2040
|
|
12,525,000
|
12,525,000
|
|
Town of Abington, 4.00%, 04/22/2027
|
|
2,500,000
|
2,513,073
|
|
Total Massachusetts
|
|
22,539,374
|
|
|
MINNESOTA—1.0%
|
|||
|
JPMorgan Chase Putters/Drivers Trust,
VRDN, 3.42%, 03/20/2027(a)(c)
|
|
11,300,000
|
11,300,000
|
|
MISSISSIPPI—5.5%
|
|||
|
Mississippi Business Finance Corp.
|
|
|
|
|
VRDN, Series A, 3.29%, 11/01/2032(a)
|
|
52,825,000
|
52,825,000
|
|
VRDN, Series C, 3.00%, 05/01/2037(a)
|
|
3,285,000
|
3,283,794
|
|
VRDN, Series FIRST, 3.10%,
11/01/2052(a)
|
|
5,500,000
|
5,500,000
|
|
Total Mississippi
|
|
61,608,794
|
|
|
MISSOURI—2.8%
|
|||
|
Citizens Memorial Hospital District, Series
A, 5.00%, 12/01/2026
|
|
9,000,000
|
9,002,236
|
|
Missouri Development Finance Board,
VRDN, Series A, 3.50%, 06/01/2037(a)
|
|
22,300,000
|
22,300,000
|
|
Total Missouri
|
|
31,302,236
|
|
|
NEVADA—0.4%
|
|||
|
State of Nevada Department of Business
& Industry, Series 2001, 2.85%,
12/01/2026(c)
|
|
4,000,000
|
3,995,624
|
|
NEW HAMPSHIRE—1.3%
|
|||
|
New Hampshire Business Finance
Authority, VRDN, Series A-3, 3.25%,
07/01/2033(a)
|
|
15,000,000
|
14,980,631
|
|
NEW JERSEY—2.5%
|
|||
|
City of Newark, 4.25%, 05/05/2027
|
|
6,455,000
|
6,474,913
|
|
Township of Weehawken
|
|
|
|
|
3.75%, 10/29/2026
|
|
13,927,000
|
13,923,269
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
|
|||
|
Township of Weehawken (continued)
|
|
|
|
|
3.75%, 08/13/2027(b)
|
$
|
3,395,000
|
$3,401,384
|
|
Series A, 4.00%, 08/14/2026
|
|
4,395,000
|
4,395,116
|
|
Total New Jersey
|
|
28,194,682
|
|
|
NEW MEXICO—0.9%
|
|||
|
New Mexico Mortgage Finance Authority,
VRDN, (GNMA/FNMA/FHLMC), Series
G-2, 3.00%, 09/01/2057(a)
|
|
1,500,000
|
1,499,981
|
|
Rib Floater Trust Various States, VRDN,
Series 2025-005, 2.41%,
08/01/2049(a)(c)
|
|
8,045,000
|
8,045,000
|
|
Total New Mexico
|
|
9,544,981
|
|
|
NEW YORK—8.7%
|
|||
|
City of Elmira City, Series B, 4.00%,
12/16/2026
|
|
3,385,000
|
3,390,604
|
|
City of Glen Cove, 3.55%, 06/03/2027
|
|
5,064,794
|
5,061,593
|
|
City of Poughkeepsie, 3.50%, 04/23/2027
|
|
4,000,000
|
3,995,341
|
|
JPMorgan Chase Putters/Drivers Trust,
VRDN, Series 2026-5114, 2.56%,
10/01/2026(a)(c)
|
|
20,000,000
|
20,000,000
|
|
New York City Housing Development
Corp., VRDN, (FHA), Series F-2A,
3.40%, 11/01/2062(a)
|
|
2,830,000
|
2,830,074
|
|
New York State Dormitory Authority,
VRDN, Series C, 2.94%, 05/01/2044(a)
|
|
9,800,000
|
9,800,000
|
|
Tender Option Bond Trust
Receipts/Certificates, VRDN, Series
MS0041, 2.56%, 10/01/2027(a)(c)
|
|
16,970,000
|
16,970,000
|
|
Village of Johnson City
|
|
|
|
|
Series A, 3.50%, 09/25/2026
|
|
5,826,000
|
5,826,362
|
|
Series B, 4.00%, 09/25/2026
|
|
27,534,092
|
27,553,060
|
|
Series C, 4.00%, 06/17/2027
|
|
2,750,000
|
2,756,145
|
|
Total New York
|
|
98,183,179
|
|
|
NORTH CAROLINA—1.6%
|
|||
|
Cumberland County Industrial Facilities &
Pollution Control Financing Authority,
VRDN, 3.13%, 12/01/2027(a)
|
|
17,765,000
|
17,752,648
|
|
OHIO—2.9%
|
|||
|
State of Ohio
|
|
|
|
|
VRDN, Series A, 2.45%, 01/15/2045(a)
|
|
19,250,000
|
19,250,000
|
|
VRDN, Series B, 2.45%, 01/15/2045(a)
|
|
9,700,000
|
9,700,000
|
|
VRDN, Series B, 2.45%, 01/15/2049(a)
|
|
3,700,000
|
3,700,000
|
|
Total Ohio
|
|
32,650,000
|
|
|
OKLAHOMA—0.7%
|
|||
|
Oklahoma Development Finance
Authority, VRDN, Series B, 2.80%,
08/15/2031(a)
|
|
7,780,000
|
7,780,000
|
|
PENNSYLVANIA—7.6%
|
|||
|
Central Bradford Progress Authority,
VRDN, Series D, 2.78%, 12/01/2041(a)
|
|
21,355,000
|
21,355,000
|
|
Montgomery County Higher Education &
Health Authority, VRDN, Series D,
2.97%, 09/01/2050(a)
|
|
12,400,000
|
12,400,000
|
|
Pennsylvania Economic Development
Financing Authority
|
|
|
|
|
VRDN, 2.95%, 08/01/2045(a)
|
|
3,750,000
|
3,750,035
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
MUNICIPAL BONDS (continued)
|
|
||
|
PENNSYLVANIA (continued)
|
|||
|
Pennsylvania Economic Development
Financing Authority (continued)
|
|
|
|
|
VRDN, Series 2021A-2, 4.60%,
10/01/2046(a)
|
$
|
500,000
|
$500,562
|
|
VRDN, Series A, 3.25%, 08/01/2037(a)
|
|
7,000,000
|
7,002,347
|
|
VRDN, Series A, 2.85%, 06/01/2049(a)
|
|
2,000,000
|
1,999,983
|
|
VRDN, Series B-1, 2.95%, 04/01/2049(a)
|
|
5,000,000
|
5,000,065
|
|
Pennsylvania Higher Educational Facilities
Authority, VRDN, Series B, 2.97%,
09/01/2045(a)
|
|
26,575,000
|
26,575,000
|
|
Philadelphia Authority for Industrial
Development, VRDN, Series B, 2.97%,
09/01/2050(a)
|
|
7,200,000
|
7,200,000
|
|
Total Pennsylvania
|
|
85,782,992
|
|
|
SOUTH CAROLINA—0.4%
|
|||
|
County of Berkeley, VRDN, Series A,
2.35%, 03/01/2029(a)
|
|
4,105,000
|
4,105,000
|
|
TENNESSEE—3.0%
|
|||
|
Lewisburg Industrial Development Board,
VRDN, 2.95%, 07/02/2035(a)
|
|
1,500,000
|
1,500,014
|
|
Public Building Authority of Blount County
Tennessee, VRDN, Series C-1-A, 2.50%,
06/01/2029(a)
|
|
15,060,000
|
15,060,000
|
|
Public Building Authority of Sevier County,
VRDN, Series 6-A1, 2.50%,
06/01/2029(a)
|
|
17,515,000
|
17,515,000
|
|
Total Tennessee
|
|
34,075,014
|
|
|
TEXAS—7.1%
|
|||
|
City of Austin Airport System Revenue,
5.00%, 11/15/2026
|
|
900,000
|
904,551
|
|
Harris County Cultural Education Facilities
Finance Corp., VRDN, Series B, 2.61%,
11/15/2046(a)
|
|
43,600,000
|
43,600,000
|
|
Mission Economic Development Corp.
|
|
|
|
|
VRDN, Series A, 2.85%, 05/01/2046(a)
|
|
2,000,000
|
1,999,982
|
|
VRDN, Series A, 4.25%, 06/01/2048(a)
|
|
1,190,000
|
1,196,494
|
|
VRDN, Series A, 2.95%, 05/01/2050(a)
|
|
3,500,000
|
3,500,033
|
|
VRDN, Series A, 2.85%, 06/01/2055(a)
|
|
3,000,000
|
2,999,974
|
|
Port of Corpus Christi Authority of Nueces
County
|
|
|
|
|
VRDN, 3.40%, 01/01/2030(a)(c)
|
|
1,200,000
|
1,200,000
|
|
VRDN, Series A, 3.50%, 07/01/2029(a)(c)
|
|
5,000,000
|
5,000,000
|
|
Port of Port Arthur Navigation District,
VRDN, Series E, 2.45%, 11/01/2040(a)
|
|
15,450,000
|
15,450,000
|
|
Tender Option Bond Trust
Receipts/Certificates, VRDN, Series
XG0629, 3.25%, 02/01/2046(a)(c)
|
|
600,000
|
600,000
|
|
Texas Municipal Gas Acquisition & Supply
Corp. I, Series D, 6.25%, 12/15/2026
|
|
2,525,000
|
2,554,238
|
|
Texas Municipal Gas Acquisition & Supply
Corp. V
|
|
|
|
|
5.00%, 04/01/2027
|
|
415,000
|
419,091
|
|
5.00%, 04/01/2028
|
|
305,000
|
311,357
|
|
|
Shares or
Principal
Amount
|
Value
|
|
|
|
|
||
|
|
|||
|
Texas Municipal Gas Acquisition & Supply
Corp. VI, 5.00%, 01/01/2027
|
$
|
250,000
|
$251,433
|
|
Total Texas
|
|
79,987,153
|
|
|
VIRGINIA—0.1%
|
|||
|
Virginia Small Business Financing
Authority, 5.00%, 10/01/2026
|
|
750,000
|
752,672
|
|
WASHINGTON—0.4%
|
|||
|
City of Seattle Municipal Light & Power
Revenue, VRDN, Series B, 3.20%,
08/01/2056(a)
|
|
4,000,000
|
4,000,000
|
|
WEST VIRGINIA—2.8%
|
|||
|
West Virginia Economic Development
Authority, VRDN, Series A-1, 2.37%,
11/01/2065(a)
|
|
10,000,000
|
10,000,000
|
|
West Virginia Hospital Finance Authority,
VRDN, Series E, 2.78%, 06/01/2033(a)
|
|
21,500,000
|
21,500,000
|
|
Total West Virginia
|
|
31,500,000
|
|
|
WISCONSIN—0.3%
|
|||
|
Public Finance Authority, VRDN, Series
A-3, 2.95%, 09/01/2027(a)
|
|
3,750,000
|
3,750,035
|
|
Total Municipal Bonds
|
|
1,044,756,638
|
|
|
EXCHANGE-TRADED FUNDS—2.0%
|
|
||
|
abrdn Ultra Short Municipal Income Active
ETFVirginia Small Business Financing
Authority, 5.00%, 10/01/2026
|
|
889,896
|
23,190,690
|
|
Total Exchange-Traded Funds
|
|
23,190,690
|
|
|
SHORT-TERM INVESTMENTS—2.3%
|
|
||
|
COMMERCIAL PAPER—2.3%
|
|
||
|
UNITED STATES—2.3%
|
|||
|
City of Houston, 2.90%, 09/22/2026
|
|
15,000,000
|
15,000,000
|
|
County of Mercer, 2.75%, 09/03/2026
|
|
10,650,000
|
10,648,277
|
|
Total United States
|
|
25,648,277
|
|
|
Total Commercial Paper
|
|
25,648,277
|
|
|
MONEY MARKET FUNDS—0.0%
|
|
||
|
BlackRock Liquidity Funds MuniCash,
Institutional sharesCounty of Mercer,
2.75%, 09/03/2026
|
|
80,387
|
80,395
|
|
Total Money Market Funds
|
|
80,395
|
|
|
Total Short-Term Investments
|
|
25,728,672
|
|
|
Total Investments
(Cost $1,093,839,910)—97.2%
|
1,093,676,000
|
||
|
Other Assets in Excess of Liabilities—2.8%
|
31,007,576
|
||
|
Net Assets—100.0%
|
$1,124,683,576
|
||
|
(a)
|
Variable Rate Instrument. The rate shown is based on the latest available
information as of July 31, 2026. 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 their description.
|
|
(b)
|
All or a portion of the security has been designated as collateral for when
issued trading. When-issued trading is trading in securities that have been
authorized but not yet been issued.
|
|
(c)
|
Denotes a security issued under Regulation S or Rule 144A.
|
|
AMT
|
Alternative Minimum Tax
|
|
ETF
|
Exchange-Traded Fund
|
|
FHA
|
Federal Housing Administration
|
|
VRDN
|
Variable Rate Demand Note
|
|
38
|
|
|
|
39
|