|
|
Par Value(1)
|
Value
|
|
U.S. Government Securities—0.8%
|
||
|
U.S. Treasury Bonds
|
|
|
|
4.625%, 2/15/55(2)
|
$750
|
$680
|
|
4.750%, 5/15/55(2)
|
2,325
|
2,150
|
|
Total U.S. Government
Securities
(Identified Cost $3,044)
|
2,830
|
|
|
|
|
|
|
|
||
|
Foreign Government Securities—6.2%
|
||
|
Arab Republic of Egypt
|
|
|
|
144A
8.625%, 2/4/30(3)
|
108
|
115
|
|
144A
5.875%, 2/16/31(3)
|
48
|
46
|
|
144A
7.053%, 1/15/32(3)
|
92
|
92
|
|
144A
6.875%, 4/30/40(3)
|
60
|
56
|
|
144A
8.500%, 1/31/47(3)
|
270
|
259
|
|
144A
8.750%, 9/30/51(3)
|
101
|
97
|
|
Benin Government
International Bond 144A
7.960%, 2/13/38(3)
|
92
|
97
|
|
Bolivarian Republic of
Venezuela RegS
8.250%, 10/13/24(4)(5)
|
85
|
42
|
|
Brazil Notas do Tesouro
Nacional
|
|
|
|
Series F
10.000%, 1/1/29
|
3,250
BRL
|
581
|
|
Series F
10.000%, 1/1/31
|
3,440
BRL
|
575
|
|
Bulgaria Government
International Bond RegS
5.000%, 3/5/37(5)
|
46
|
44
|
|
Costa Rica Government
|
|
|
|
144A
6.550%, 4/3/34(3)
|
43
|
45
|
|
144A
7.300%, 11/13/54(3)
|
62
|
67
|
|
Czech Republic
Government Bond
1.750%, 6/23/32
|
20,590
CZK
|
844
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
Dominican Republic
|
|
|
|
144A
4.875%, 9/23/32(3)
|
$57
|
$54
|
|
144A
5.875%, 10/28/35(3)
|
134
|
130
|
|
144A
6.950%, 3/15/37(3)
|
157
|
163
|
|
RegS
6.950%, 3/15/37(5)
|
295
|
306
|
|
Eagle Funding Luxco S.a.r.l.
144A
5.500%, 8/17/30(3)
|
133
|
133
|
|
Federal Republic of Ethiopia
144A
6.625%, 12/11/26(3)(4)
|
41
|
44
|
|
Federative Republic of Brazil
|
|
|
|
6.000%, 10/20/33 |
316
|
315
|
|
6.625%, 3/15/35 |
195
|
197
|
|
6.250%, 5/22/36 |
229
|
222
|
|
Hungary Government Bond
2.250%, 4/20/33
|
110,000
HUF
|
287
|
|
Hungary Government
International Bond
|
|
|
|
144A
5.500%, 6/16/34(3)
|
32
|
32
|
|
144A
6.000%, 9/26/35(3)
|
289
|
295
|
|
144A
5.500%, 3/26/36(3)
|
313
|
308
|
|
Islamic Republic of
Pakistan 144A
7.375%, 4/8/31(3)
|
60
|
60
|
|
Kingdom of Bahrain
|
|
|
|
144A
7.375%, 5/14/30(3)
|
129
|
129
|
|
144A
5.625%, 5/18/34(3)
|
81
|
72
|
|
144A
7.125%, 6/10/36(3)
|
211
|
202
|
|
144A
6.625%, 10/6/37(3)
|
76
|
69
|
|
144A
7.100%, 2/3/38(3)
|
181
|
170
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
Kuwait International Bond
144A
5.157%, 7/29/31(3)
|
$250
|
$250
|
|
Lebanon Government
International Bond RegS
6.100%, 10/4/22(4)(5)
|
380
|
105
|
|
Malaysia Government Bond
|
|
|
|
2.632%, 4/15/31 |
3,630
MYR
|
864
|
|
4.642%, 11/7/33 |
1,110
MYR
|
290
|
|
Mex Bonos Desarr
|
|
|
|
8.500%, 5/31/29 |
9,050
MXN
|
541
|
|
7.500%, 5/26/33 |
5,270
MXN
|
287
|
|
7.750%, 11/13/42 |
7,000
MXN
|
345
|
|
Oman Government
International Bond
|
|
|
|
144A
6.250%, 1/25/31(3)
|
197
|
205
|
|
144A
6.500%, 3/8/47(3)
|
322
|
327
|
|
Republic of Angola
|
|
|
|
144A
8.000%, 11/26/29(3)
|
119
|
122
|
|
144A
8.750%, 4/14/32(3)
|
96
|
98
|
|
144A
9.875%, 10/15/35(3)
|
179
|
189
|
|
Republic of Argentina
|
|
|
|
0.750%, 7/9/30(6) |
250
|
217
|
|
4.125%, 7/9/35(6) |
110
|
83
|
|
3.500%, 7/9/41(6) |
98
|
69
|
|
4.125%, 7/9/46(6) |
383
|
272
|
|
Republic of Cameroon
RegS
8.875%, 1/30/33(5)
|
200
|
197
|
|
Republic of Chile
|
|
|
|
4.950%, 1/5/36 |
395
|
382
|
|
3.100%, 5/7/41 |
76
|
56
|
|
5.330%, 1/5/54 |
47
|
43
|
|
Republic of Colombia
|
|
|
|
7.375%, 4/25/30 |
62
|
65
|
|
7.500%, 2/2/34 |
459
|
481
|
|
7.750%, 11/7/36 |
56
|
59
|
|
8.750%, 11/14/53 |
39
|
44
|
|
Republic of Congo RegS
9.500%, 5/26/36(5)
|
200
|
194
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
Republic of Ecuador
|
|
|
|
144A
9.250%, 1/29/39(3)
|
$200
|
$202
|
|
RegS
6.900%, 7/31/35(5)(6)
|
363
|
332
|
|
RegS
5.500%, 7/31/40(5)(6)
|
105
|
86
|
|
Republic of El Salvador
RegS
7.625%, 2/1/41(5)
|
52
|
52
|
|
Republic of Gabon 144A
6.625%, 2/6/31(3)
|
157
|
137
|
|
Republic of Ghana RegS
5.000%, 7/3/35(5)(6)
|
78
|
73
|
|
Republic of Guatemala
RegS
6.250%, 8/15/36(5)
|
69
|
71
|
|
Republic of Indonesia
|
|
|
|
2.850%, 2/14/30 |
89
|
83
|
|
5.600%, 1/15/35 |
178
|
178
|
|
4.950%, 2/21/36 |
105
|
99
|
|
5.690%, 5/29/36 |
101
|
101
|
|
5.100%, 2/10/54 |
141
|
121
|
|
3.200%, 9/23/61 |
84
|
48
|
|
Republic of Ivory Coast
144A
6.125%, 6/15/33(3)
|
200
|
198
|
|
Republic of Kazakhstan
|
|
|
|
144A
4.412%, 10/28/30(3)
|
73
|
72
|
|
144A
5.500%, 7/1/37(3)
|
179
|
179
|
|
Republic of Kenya
|
|
|
|
144A
7.875%, 2/26/34(3)
|
103
|
102
|
|
144A
8.700%, 2/26/39(3)
|
120
|
118
|
|
Republic of Nigeria
|
|
|
|
144A
9.625%, 6/9/31(3)
|
73
|
82
|
|
144A
7.375%, 9/28/33(3)
|
66
|
67
|
|
144A
10.375%, 12/9/34(3)
|
152
|
181
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
144A
9.130%, 1/13/46(3)
|
$93
|
$102
|
|
Republic of Panama
|
|
|
|
3.875%, 3/17/28 |
85
|
83
|
|
5.227%, 2/23/34 |
50
|
48
|
|
6.700%, 1/26/36 |
54
|
57
|
|
8.000%, 3/1/38 |
199
|
228
|
|
Republic of Peru
|
|
|
|
3.000%, 1/15/34 |
109
|
93
|
|
5.375%, 2/8/35 |
246
|
243
|
|
Republic of Philippines
|
|
|
|
5.325%, 6/24/36 |
147
|
144
|
|
3.700%, 3/1/41 |
219
|
171
|
|
Republic of Poland
|
|
|
|
5.750%, 11/16/32 |
87
|
90
|
|
4.875%, 10/4/33 |
153
|
149
|
|
5.375%, 2/12/35 |
100
|
99
|
|
5.375%, 4/14/36 |
104
|
102
|
|
5.500%, 4/4/53 |
35
|
31
|
|
Republic of Serbia
|
|
|
|
144A
6.000%, 6/12/34(3)
|
56
|
56
|
|
144A
5.500%, 5/6/36(3)
|
208
|
199
|
|
Republic of South Africa
|
|
|
|
5.375%, 7/24/44 |
54
|
45
|
|
5.650%, 9/27/47 |
196
|
163
|
|
8.750%, 2/28/48 |
19,800
ZAR
|
1,165
|
|
144A
7.100%, 11/19/36(3)
|
40
|
43
|
|
144A
6.125%, 12/11/37(3)
|
178
|
174
|
|
144A
7.950%, 11/19/54(3)
|
252
|
267
|
|
Republic of Sri Lanka 144A
3.600%, 6/15/35(3)(6)
|
246
|
203
|
|
Republic of Turkiye
|
|
|
|
9.125%, 7/13/30 |
262
|
286
|
|
6.375%, 5/22/31 |
59
|
58
|
|
7.125%, 2/12/32 |
44
|
45
|
|
7.250%, 5/29/32 |
44
|
45
|
|
6.300%, 3/14/33 |
43
|
42
|
|
7.625%, 5/15/34 |
384
|
397
|
|
6.625%, 2/17/45 |
178
|
159
|
|
5.750%, 5/11/47 |
73
|
58
|
|
Republic of Zambia 144A
5.750%, 6/30/33(3)(6)
|
61
|
60
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
Republica Orient Uruguay
|
|
|
|
5.100%, 6/18/50 |
$141
|
$125
|
|
4.975%, 4/20/55 |
68
|
58
|
|
Romanian Government
International Bond
|
|
|
|
144A
5.875%, 1/30/29(3)
|
273
|
275
|
|
144A
5.750%, 9/16/30(3)
|
86
|
86
|
|
144A
7.125%, 1/17/33(3)
|
137
|
143
|
|
144A
6.375%, 1/30/34(3)
|
88
|
88
|
|
144A
5.750%, 7/4/36(3)
|
75
|
71
|
|
Saudi International Bond
|
|
|
|
144A
4.875%, 7/18/33(3)
|
193
|
189
|
|
144A
4.875%, 1/12/36(3)
|
156
|
150
|
|
144A
4.500%, 10/26/46(3)
|
336
|
265
|
|
144A
3.750%, 1/21/55(3)
|
250
|
165
|
|
Suriname Government
International Bond 144A
8.500%, 11/6/35(3)
|
111
|
120
|
|
Trinidad & Tobago
Government
International Bond 144A
6.400%, 6/26/34(3)
|
2
|
2
|
|
Ukraine Government Bond
|
|
|
|
144A
4.500%, 2/1/29(3)(6)
|
64
|
55
|
|
144A
0.000%, 2/1/30(3)(6)
|
3
|
2
|
|
144A
4.000%, 2/1/32(3)(6)
|
162
|
133
|
|
144A
4.500%, 2/1/35(3)(6)
|
18
|
12
|
|
144A
0.000%, 2/1/36(3)(6)
|
27
|
16
|
|
144A
4.500%, 2/1/36(3)(6)
|
4
|
3
|
|
RegS
0.000%, 2/1/30(5)(6)
|
8
|
5
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
RegS
4.000%, 2/1/32(5)(6)
|
$255
|
$209
|
|
RegS
0.000%, 2/1/34(5)(6)
|
—
(7)
|
—
(7)
|
|
RegS
0.000%, 2/1/35(5)(6)
|
255
|
148
|
|
RegS
4.500%, 2/1/36(5)(6)
|
7
|
5
|
|
United Mexican States
|
|
|
|
5.850%, 7/2/32 |
150
|
151
|
|
3.500%, 2/12/34 |
242
|
204
|
|
6.250%, 8/27/37 |
243
|
238
|
|
6.338%, 5/4/53 |
205
|
184
|
|
6.400%, 5/7/54 |
76
|
69
|
|
3.771%, 5/24/61 |
95
|
54
|
|
Uzbekistan International
Bond
|
|
|
|
144A
3.700%, 11/25/30(3)
|
34
|
31
|
|
144A
6.900%, 2/28/32(3)
|
152
|
160
|
|
Total Foreign Government
Securities
(Identified Cost $23,038)
|
23,036
|
|
|
|
|
|
|
|
||
|
Mortgage-Backed Securities—9.1%
|
||
|
Agency—4.2%
|
|
|
|
Federal Home Loan
Mortgage Corporation
|
|
|
|
Pool #SD6322
4.500%, 8/1/53
|
715
|
679
|
|
Pool #SD8350
6.000%, 8/1/53
|
315
|
320
|
|
Pool #SD8492
5.000%, 1/1/55(2)
|
3,270
|
3,157
|
|
Pool #SD8494
5.500%, 1/1/55(2)
|
1,563
|
1,553
|
|
Pool #SL0019
5.500%, 1/1/55(2)
|
1,898
|
1,879
|
|
Pool #SL0627
6.000%, 10/1/54
|
934
|
944
|
|
Pool #SL1127
6.000%, 12/1/54
|
1,143
|
1,156
|
|
Pool #SL4455
4.500%, 3/1/56
|
747
|
702
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Agency—continued
|
|
|
|
Federal National Mortgage
Association
|
|
|
|
Pool #CB0534
3.000%, 5/1/51
|
$801
|
$684
|
|
Pool #CB6857
4.500%, 8/1/53
|
330
|
312
|
|
Pool #FA0685
6.000%, 1/1/55
|
261
|
264
|
|
Pool #FA1728
6.000%, 10/1/53(2)
|
1,034
|
1,051
|
|
Pool #FS4438
5.000%, 11/1/52
|
672
|
654
|
|
Pool #FS7751
4.000%, 3/1/53(2)
|
1,224
|
1,121
|
|
Pool #FS8791
6.000%, 8/1/54
|
382
|
386
|
|
Pool #MA4805
4.500%, 11/1/52
|
712
|
673
|
|
|
|
15,535
|
|
|
|
|
|
|
||
|
Non-Agency—4.9%
|
|
|
|
A&D Mortgage Trust
2025-NQM2, A1 144A
5.790%, 6/25/70(3)(8)
|
265
|
265
|
|
Ajax Mortgage Loan Trust
2019-D, A1 144A
2.956%, 9/25/65(3)(8)
|
128
|
123
|
|
ALA Trust 2025-OANA, A (1
month Term SOFR +
1.743%, Cap N/A, Floor
1.743%) 144A
5.382%, 6/15/40(3)(8)
|
435
|
437
|
|
AMSR Trust 2021-SFR3, D
144A
2.177%, 10/17/38(3)
|
260
|
259
|
|
Angel Oak Mortgage Trust
|
|
|
|
2022-5, A1 144A
5.500%, 5/25/67(3)(8)
|
365
|
364
|
|
2023-1, A1 144A
4.750%, 9/26/67(3)(8)
|
295
|
295
|
|
Arroyo Mortgage Trust
|
|
|
|
2019-1, A1 144A
3.805%, 1/25/49(3)(8)
|
151
|
146
|
|
2019-2, A1 144A
3.347%, 4/25/49(3)(8)
|
60
|
58
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
BBCMS Trust 2018-CBM, A
(1 month Term SOFR +
1.297%, Cap N/A, Floor
1.250%) 144A
4.937%, 7/15/37(3)(8)
|
$375
|
$368
|
|
Benchmark Mortgage Trust
2023-B38, A2
5.626%, 4/15/56
|
210
|
211
|
|
BX Commercial Mortgage
Trust 2024-XL5, A (1
month Term SOFR +
1.392%, Cap N/A, Floor
1.392%) 144A
5.031%, 3/15/41(3)(8)
|
266
|
267
|
|
BX Trust
|
|
|
|
2019-OC11, D 144A
4.075%, 12/9/41(3)(8)
|
315
|
296
|
|
2025-ROIC, C (1 month
Term SOFR + 1.543%,
Cap N/A, Floor 1.543%)
144A
5.182%, 3/15/30(3)(8)
|
260
|
260
|
|
CENT 2025-CITY, A 144A
5.091%, 7/10/40(3)(8)
|
325
|
322
|
|
Chase Mortgage Finance
Corp. 2016-SH2, M2
144A
3.750%, 12/25/45(3)(8)
|
178
|
164
|
|
CIM Trust 2022-R2, A1
144A
3.750%, 12/25/61(3)(8)
|
293
|
272
|
|
Citigroup Mortgage Loan
Trust, Inc. 2018-RP1, A1
144A
3.000%, 9/25/64(3)(8)
|
56
|
56
|
|
CoreVest American Finance
Trust
|
|
|
|
2019-3, C 144A
3.265%, 10/15/52(3)
|
400
|
371
|
|
2022-1, A 144A
4.744%, 6/17/55(3)(8)
|
141
|
142
|
|
Credit Suisse Mortgage
Capital Trust 2020-RPL4,
A1 144A
2.000%, 1/25/60(3)(8)
|
244
|
218
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
Deephaven Residential
Mortgage Trust
|
|
|
|
2022-1, A1 144A
2.205%, 1/25/67(3)(8)
|
$183
|
$168
|
|
2026-INV3, A1 144A
5.473%, 6/25/71(3)(8)
|
223
|
221
|
|
Ellington Financial
Mortgage Trust 2019-2,
A3 144A
3.046%, 11/25/59(3)(8)
|
9
|
9
|
|
ELM Trust 2024-ELM, A10
144A
5.994%, 6/10/39(3)(8)
|
317
|
317
|
|
Fashion Show Mall LLC
2024-SHOW, A 144A
5.274%, 10/10/41(3)(8)
|
470
|
468
|
|
Houston Galleria Mall Trust
2025-HGLR, A 144A
5.644%, 2/5/45(3)(8)
|
150
|
150
|
|
Hudson Yards Mortgage
Trust
|
|
|
|
2025-SPRL, A 144A
5.649%, 1/13/40(3)(8)
|
370
|
373
|
|
2026-10HY, A 144A
5.255%, 12/10/39(3)(8)
|
350
|
346
|
|
Imperial Fund Mortgage
Trust 2022-NQM3, A1
144A
5.380%, 5/25/67(3)(8)
|
292
|
291
|
|
IRV Trust 2025-200P, B
144A
5.621%, 3/14/47(3)(8)
|
130
|
127
|
|
JPMorgan Chase
Commercial Mortgage
Securities Trust
2024-OMNI, A 144A
5.990%, 10/5/39(3)(8)
|
430
|
431
|
|
JPMorgan Chase Mortgage
Trust
|
|
|
|
2014-5, B2 144A
2.436%, 10/25/29(3)(8)
|
205
|
199
|
|
2017-3, 2A2 144A
2.500%, 8/25/47(3)(8)
|
46
|
40
|
|
2017-4, A13 144A
3.500%, 11/25/48(3)(8)
|
311
|
280
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
2025-NQM2, A1 144A
5.567%, 9/25/65(3)(8)
|
$180
|
$179
|
|
2026-ACES1, A1 144A
4.894%, 4/25/66(3)(8)
|
346
|
339
|
|
MetLife Securitization Trust
|
|
|
|
2017-1A, M1 144A
3.324%, 4/25/55(3)(8)
|
241
|
214
|
|
2019-1A, A1A 144A
3.750%, 4/25/58(3)(8)
|
14
|
14
|
|
MFA Trust
|
|
|
|
2022-NQM2, A1 144A
5.000%, 5/25/67(3)(8)
|
298
|
287
|
|
2024-NQM2, A1 144A
5.272%, 8/25/69(3)(8)
|
169
|
168
|
|
Mill City Mortgage Loan
Trust 2019-1, M2 144A
3.500%, 10/25/69(3)(8)
|
354
|
324
|
|
MSSG Trust 2017-237P, A
144A
3.397%, 9/13/39(3)
|
445
|
424
|
|
New Residential Mortgage
Loan Trust
|
|
|
|
2016-4A, A1 144A
3.750%, 11/25/56(3)(8)
|
14
|
13
|
|
2026-NQM3, A1 144A
4.833%, 2/25/66(3)(8)
|
255
|
250
|
|
NYC Commercial Mortgage
Trust 2025-300P, A 144A
4.879%, 7/13/42(3)(8)
|
400
|
392
|
|
NYMT Loan Trust
2026-INV2, A1 144A
5.475%, 4/25/61(3)(8)
|
355
|
353
|
|
OBX Trust
|
|
|
|
2024-NQM16, A1 144A
5.530%, 10/25/64(3)(8)
|
246
|
246
|
|
2025-NQM4, A1 144A
5.400%, 2/25/55(3)(8)
|
251
|
250
|
|
2026-HYB1, A1A 144A
3.412%, 2/25/55(3)(8)
|
244
|
238
|
|
PMT Loan Trust
|
|
|
|
2025-INV3, A3 144A
5.500%, 3/25/56(3)(8)
|
275
|
271
|
|
2025-INV7, A7 144A
6.000%, 6/25/56(3)(8)
|
174
|
173
|
|
PRPM Trust 2026-R1, A-1
144A
5.000%, 1/25/68(3)(8)
|
262
|
257
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
RCKT Mortgage Trust
|
|
|
|
2020-1, A1 144A
3.000%, 2/25/50(3)(8)
|
$145
|
$124
|
|
2024-CES1, A1A 144A
6.025%, 2/25/44(3)(8)
|
108
|
109
|
|
2024-CES3, A1A 144A
6.591%, 5/25/44(3)(8)
|
159
|
160
|
|
2025-CES5, A1A 144A
5.687%, 5/25/55(3)(8)
|
157
|
157
|
|
RFR Trust 2025-SGRM, A
144A
5.562%, 3/11/41(3)(8)
|
400
|
400
|
|
ROCK Trust
|
|
|
|
2024-CNTR, A 144A
5.388%, 11/13/41(3)
|
225
|
226
|
|
2024-CNTR, C 144A
6.471%, 11/13/41(3)
|
330
|
336
|
|
Sequoia Mortgage Trust
2013-8, B1
3.482%, 6/25/43(8)
|
37
|
36
|
|
Towd Point Mortgage Trust
|
|
|
|
2016-4, B1 144A
3.926%, 7/25/56(3)(8)
|
480
|
463
|
|
2017-1, M1 144A
3.750%, 10/25/56(3)(8)
|
305
|
300
|
|
2017-4, A2 144A
3.000%, 6/25/57(3)(8)
|
610
|
580
|
|
2018-6, A2 144A
3.750%, 3/25/58(3)(8)
|
480
|
435
|
|
2019-2, A2 144A
3.750%, 12/25/58(3)(8)
|
515
|
459
|
|
2019-4, A2 144A
3.250%, 10/25/59(3)(8)
|
445
|
399
|
|
2021-1, A2 144A
2.750%, 11/25/61(3)(8)
|
465
|
399
|
|
Tricon American Homes
Trust 2020-SFR2, D
144A
2.281%, 11/17/39(3)
|
660
|
633
|
|
Verus Securitization Trust
2023-8, A1 144A
6.259%, 12/25/68(3)(8)
|
132
|
132
|
|
Visio Trust
|
|
|
|
2020-1R, A2 144A
1.567%, 11/25/55(3)
|
13
|
13
|
|
2022-1, A2 144A
6.850%, 8/25/57(3)(8)
|
158
|
158
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
Wells Fargo Mortgage
Backed Securities Trust
2020-4, A1 144A
3.000%, 7/25/50(3)(8)
|
$97
|
$83
|
|
|
|
18,308
|
|
|
|
|
|
|
||
|
Total Mortgage-Backed
Securities
(Identified Cost $34,839)
|
33,843
|
|
|
|
|
|
|
|
||
|
Asset-Backed Securities—5.0%
|
||
|
Automobiles—1.8%
|
|
|
|
Arivo Acceptance Auto Loan
Receivables Trust
|
|
|
|
2024-1A, B 144A
6.870%, 6/17/30(3)
|
462
|
466
|
|
2025-1A, A2 144A
4.920%, 5/15/29(3)
|
161
|
161
|
|
Avis Budget Rental Car
Funding LLC (AESOP)
2024-2A, D 144A
7.430%, 10/20/28(3)
|
336
|
339
|
|
Carmax Select Receivables
Trust 2025-B, C
4.830%, 6/16/31
|
380
|
377
|
|
Carvana Auto Receivables
Trust 2023-N4, C 144A
6.590%, 2/11/30(3)
|
485
|
492
|
|
Exeter Automobile
Receivables Trust
|
|
|
|
2023-3A, D
6.680%, 4/16/29
|
454
|
459
|
|
2026-3A, D
5.440%, 10/15/32
|
350
|
348
|
|
FinBe USA Trust 2025-1A, A
144A
5.700%, 12/15/28(3)
|
117
|
117
|
|
Flagship Credit Auto Trust
2024-1, D 144A
6.300%, 4/15/30(3)
|
250
|
237
|
|
LAD Auto Receivables Trust
|
|
|
|
2023-1A, D 144A
7.300%, 6/17/30(3)
|
230
|
230
|
|
2023-2A, D 144A
6.300%, 2/15/31(3)
|
450
|
452
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Automobiles—continued
|
|
|
|
2023-4A, C 144A
6.760%, 3/15/29(3)
|
$412
|
$417
|
|
LAD Select Auto
Receivables Trust
2026-A, E 144A
7.450%, 6/15/34(3)
|
345
|
345
|
|
Lendbuzz Securitization
Trust 2024-3A, B 144A
5.030%, 11/15/30(3)
|
425
|
423
|
|
Lobel Automobile
Receivables Trust
2026-1, B 144A
5.530%, 4/16/29(3)
|
370
|
370
|
|
OneMain Direct Auto
Receivables Trust
2022-1A, C 144A
5.310%, 6/14/29(3)
|
410
|
410
|
|
SAFCO Auto Receivables
Trust 2025-1A, C 144A
5.750%, 11/11/30(3)
|
390
|
386
|
|
U.S. Bank N.A. 2026-RVM1,
C 144A
5.595%, 12/25/46(3)
|
236
|
232
|
|
Veros Auto Receivables
Trust 2024-1, C 144A
7.570%, 12/15/28(3)
|
300
|
304
|
|
Westlake Automobile
Receivables Trust
2024-2A, B 144A
5.620%, 3/15/30(3)
|
260
|
260
|
|
|
|
6,825
|
|
|
|
|
|
|
||
|
Other—3.1%
|
|
|
|
Affirm Master Trust Series
2025-3A, A 144A
4.450%, 10/16/34(3)
|
435
|
431
|
|
Amur Equipment Finance
Receivables XV LLC
2025-1A, D 144A
5.680%, 8/20/32(3)
|
340
|
340
|
|
Applebee’s Funding LLC
2023-1A, A2 144A
7.824%, 3/5/53(3)
|
347
|
348
|
|
Aqua Finance Issuer Trust
2025-A, A 144A
5.250%, 12/19/50(3)
|
204
|
203
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Other—continued
|
|
|
|
Aqua Finance Trust 2019-A,
C 144A
4.010%, 7/16/40(3)
|
$228
|
$222
|
|
Bojangles Issuer LLC
2024-1A, A2 144A
6.584%, 11/20/54(3)
|
372
|
371
|
|
BXG Receivables Note Trust
2020-A, B 144A
2.490%, 2/28/36(3)
|
75
|
74
|
|
COOPR Residential
Mortgage Trust
2025-CES3, A1A 144A
4.840%, 9/25/60(3)(8)
|
337
|
331
|
|
DataBank Issuer 2026-1A,
A2 144A
5.811%, 2/25/56(3)
|
300
|
297
|
|
Dext ABS LLC 2023-2, B
144A
6.410%, 5/15/34(3)
|
275
|
277
|
|
EFMT 2025-CES4, A1 144A
5.431%, 6/25/60(3)(8)
|
184
|
183
|
|
Jersey Mike’s Funding LLC
2026-1A, A2I 144A
4.952%, 2/15/56(3)
|
365
|
355
|
|
Lendmark Funding Trust
2025-3A, A 144A
4.510%, 5/21/35(3)
|
225
|
221
|
|
Libra Solutions LLC
|
|
|
|
2024-1A, A 144A
5.880%, 9/30/38(3)
|
350
|
349
|
|
2025-1A, A 144A
6.355%, 8/15/39(3)
|
450
|
449
|
|
MetroNet Infrastructure
Issuer LLC 2025-2A, A2
144A
5.400%, 8/20/55(3)
|
375
|
373
|
|
MMP Capital LLC 2025-A, B
144A
5.720%, 12/15/31(3)
|
365
|
365
|
|
Momnt Technologies Trust
2023-1A, A 144A
6.920%, 3/20/45(3)
|
11
|
12
|
|
NMEF Funding LLC 2026-A,
C 144A
4.710%, 2/15/34(3)
|
370
|
364
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Other—continued
|
|
|
|
PEAC Solutions
Receivables LLC
2024-1A, B 144A
5.790%, 11/20/30(3)
|
$365
|
$369
|
|
PRET LLC 2026-NPL5, A1
144A
5.710%, 4/25/56(3)(8)
|
268
|
267
|
|
RCO X Mortgage LLC
2026-1, A1 144A
5.536%, 3/25/31(3)(8)
|
251
|
250
|
|
Scalelogix ABS U.S. Issuer
LLC 2025-1A, A2 144A
5.673%, 7/25/55(3)
|
420
|
406
|
|
Subway Funding LLC
2024-1A, A2II 144A
6.268%, 7/30/54(3)
|
349
|
348
|
|
Switch ABS Issuer LLC
2025-1A, A2 144A
5.036%, 3/25/55(3)
|
410
|
395
|
|
Taco Bell Funding LLC
2025-1A, A2I 144A
4.821%, 8/25/55(3)
|
380
|
371
|
|
Tesla Sustainable Energy
Business Trust 2026-1A,
A 144A
5.310%, 5/20/52(3)
|
338
|
335
|
|
Towd Point Mortgage Trust
2025-CES4, A1A 144A
5.091%, 10/25/65(3)(8)
|
295
|
291
|
|
Trafigura Securitisation
Finance plc 2024-1A, A2
144A
5.980%, 11/15/27(3)
|
365
|
368
|
|
TSC SPV Funding LLC
2024-1A, A2 144A
6.291%, 8/20/54(3)
|
364
|
363
|
|
Upgrade Master
Pass-Through Trust
|
|
|
|
2025-ST3, A 144A
5.981%, 6/15/32(3)
|
131
|
132
|
|
2025-ST5, A 144A
4.794%, 9/15/32(3)
|
147
|
147
|
|
UPX HIL Issuer Trust
2025-1, A 144A
5.160%, 1/25/47(3)
|
250
|
248
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Other—continued
|
|
|
|
USQ Rail III LLC 2024-1A, A
144A
4.990%, 9/28/54(3)
|
$323
|
$315
|
|
VCAT LLC
|
|
|
|
2026-NPL2, A1 144A
5.062%, 2/25/56(3)(8)
|
260
|
258
|
|
2026-NPL3, A1 144A
5.567%, 5/25/56(3)(8)
|
196
|
195
|
|
VFI ABS LLC 2025-1A, C
144A
5.600%, 4/24/31(3)
|
300
|
298
|
|
Westgate Resorts LLC
2024-1A, A 144A
6.060%, 1/20/38(3)
|
144
|
146
|
|
Zaxby’s Funding LLC
2021-1A, A2 144A
3.238%, 7/30/51(3)
|
543
|
519
|
|
|
|
11,586
|
|
|
|
|
|
|
||
|
Student Loan—0.1%
|
|
|
|
MPOWER Education Trust
2025-A, A 144A
6.620%, 7/21/42(3)
|
190
|
191
|
|
Total Asset-Backed Securities
(Identified Cost $18,669)
|
18,602
|
|
|
|
|
|
|
|
||
|
Corporate Bonds and Notes—13.3%
|
||
|
Communication Services—0.6%
|
|
|
|
Altice France S.A. 144A
6.500%, 10/15/31(3) |
229
|
222
|
|
CCO Holdings LLC 144A
4.750%, 3/1/30(3) |
240
|
228
|
|
CMG Media Corp. 144A
8.875%, 6/18/29(3) |
275
|
211
|
|
CSC Holdings LLC
|
|
|
|
144A 11.750%, 1/31/29(3)
|
70
|
38
|
|
144A 4.125%, 12/1/30(3) |
180
|
95
|
|
DIRECTV Financing LLC
|
|
|
|
144A 5.875%, 8/15/27(2)(3)
|
11
|
11
|
|
144A 8.875%, 2/1/30(2)(3)
|
110
|
112
|
|
144A 8.875%, 2/1/30(2)(3)
|
25
|
26
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Communication
Services—continued
|
|
|
|
144A 9.250%, 6/1/32(2)(3)
|
$20
|
$21
|
|
Gray Media, Inc. 144A
9.625%, 7/15/32(3) |
145
|
149
|
|
IHS Holding Ltd. 144A
8.250%, 11/29/31(3) |
10
|
10
|
|
Meta Platforms, Inc.
5.750%, 11/15/65(2)
|
240
|
197
|
|
Pioneer Opco LLC 144A
7.000%, 5/15/33(2)(3) |
30
|
31
|
|
Playtika Holding Corp. 144A
4.250%, 3/15/29(2)(3) |
115
|
104
|
|
PR RNO Property Owner 1
LLC 144A
6.500%, 5/1/31(2)(3) |
90
|
83
|
|
Sinclair Television Group,
Inc. 144A
8.125%, 2/15/33(2)(3) |
160
|
166
|
|
Snap, Inc.
|
|
|
|
144A 6.875%, 3/1/33(2)(3)
|
115
|
113
|
|
144A 6.875%, 3/15/34(2)(3)
|
90
|
88
|
|
Turkcell Iletisim Hizmetleri
AS 144A
7.650%, 1/24/32(3) |
10
|
10
|
|
Univision Communications,
Inc. 144A
8.875%, 4/15/33(2)(3) |
190
|
188
|
|
Verizon Communications,
Inc.
6.200%, 5/14/56(2)
|
285
|
275
|
|
|
|
2,378
|
|
|
|
|
|
|
||
|
Consumer Discretionary—0.6%
|
|
|
|
A&K Travel Group Holdings
Ltd. 144A
7.500%, 5/15/33(2)(3) |
55
|
56
|
|
Aptiv Swiss Holdings Ltd.
6.875%, 12/15/54(2)
|
25
|
25
|
|
Ashton Woods USA LLC
144A
4.625%, 4/1/30(2)(3) |
215
|
205
|
|
Dick’s Sporting Goods, Inc.
4.100%, 1/15/52(2)
|
415
|
283
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Consumer
Discretionary—continued
|
|
|
|
Ford Motor Credit Co. LLC
7.350%, 3/6/30(2)
|
$137
|
$144
|
|
Forvia SE 144A
6.750%, 9/15/33(2)(3) |
175
|
175
|
|
Hilton Grand Vacations
Borrower LLC 144A
5.000%, 6/1/29(2)(3) |
150
|
146
|
|
Murphy Oil USA, Inc. 144A
5.875%, 6/1/34(2)(3) |
225
|
223
|
|
Newell Brands, Inc.
|
|
|
|
6.625%, 9/15/29(2)
|
205
|
209
|
|
144A 6.250%, 8/15/31(2)(3)
|
35
|
35
|
|
Ontario Gaming GTA LP
144A
8.000%, 8/1/30(2)(3) |
195
|
196
|
|
Risewell Homes, Inc.
|
|
|
|
144A 9.250%, 10/1/29(2)(3)
|
165
|
169
|
|
144A 8.500%, 11/1/30(2)(3)
|
20
|
20
|
|
Saks Global
Enterprises LLC 144A
11.000%, 12/15/29(3)(9) |
63
|
—
|
|
Wayfair LLC
|
|
|
|
144A 6.750%, 11/15/32(2)(3)
|
65
|
67
|
|
144A 7.125%, 5/31/34(2)(3)
|
15
|
16
|
|
Weekley Homes LLC 144A
4.875%, 9/15/28(2)(3) |
215
|
212
|
|
|
|
2,181
|
|
|
|
|
|
|
||
|
Consumer Staples—0.3%
|
|
|
|
Albertsons Cos., Inc.
|
|
|
|
144A 4.875%, 2/15/30(2)(3)
|
175
|
169
|
|
144A 5.750%, 3/31/34(2)(3)
|
115
|
108
|
|
Chobani LLC 144A
6.375%, 4/15/34(3) |
115
|
116
|
|
Pilgrim’s Pride Corp.
6.250%, 7/1/33(2)
|
273
|
282
|
|
Post Holdings, Inc. 144A
6.250%, 2/15/32(2)(3) |
160
|
161
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Consumer Staples—continued
|
|
|
|
Primo Water Holdings, Inc.
144A
6.250%, 4/1/29(2)(3) |
$145
|
$146
|
|
|
|
982
|
|
|
|
|
|
|
||
|
Energy—2.2%
|
|
|
|
Alliance Resource
Operating Partners LP
144A
8.625%, 6/15/29(2)(3) |
190
|
198
|
|
APA Corp.
6.750%, 2/15/55(2)
|
220
|
226
|
|
Ascent Resources Utica
Holdings LLC 144A
6.625%, 7/15/33(2)(3) |
205
|
207
|
|
BP Capital Markets plc
4.875% (2)(10)
|
167
|
163
|
|
Bristow Group, Inc. 144A
6.750%, 2/1/33(2)(3) |
75
|
76
|
|
Buckeye Partners LP 144A
6.750%, 2/1/30(2)(3) |
95
|
98
|
|
Caturus Energy LLC 144A
8.500%, 2/15/30(2)(3) |
210
|
219
|
|
Constellation Oil Services
Holding S.A. 144A
7.700%, 8/3/33(3) |
58
|
58
|
|
Enbridge, Inc.
8.500%, 1/15/84(2)
|
260
|
293
|
|
Energy Transfer LP Series G
7.125% (2)(10)
|
170
|
174
|
|
Genesis Energy LP
|
|
|
|
8.875%, 4/15/30(2)
|
245
|
256
|
|
6.750%, 3/15/34(2)
|
35
|
35
|
|
Geopark Ltd. 144A
8.750%, 1/31/30(3) |
67
|
69
|
|
Harbour Energy Finance 2
plc 144A
6.327%, 4/1/35(2)(3) |
265
|
267
|
|
Helix Energy Solutions
Group, Inc. 144A
9.750%, 3/1/29(3) |
275
|
288
|
|
HF Sinclair Corp.
6.250%, 1/15/35(2)
|
205
|
210
|
|
Hilcorp Energy I LP 144A
6.000%, 4/15/30(2)(3) |
305
|
304
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Energy—continued
|
|
|
|
KeySpan Gas East Corp.
144A
5.994%, 3/6/33(2)(3) |
$276
|
$283
|
|
Kinder Morgan Energy
Partners LP
7.500%, 11/15/40(2)
|
239
|
271
|
|
Kodiak Gas Services LLC
144A
6.750%, 10/1/35(2)(3) |
95
|
97
|
|
Magnolia Oil & Gas
Operating LLC 144A
6.875%, 12/1/32(2)(3) |
200
|
205
|
|
Mesquite Energy, Inc. 144A
7.250%, 7/15/27(3)(9) |
105
|
—
(7)
|
|
Occidental Petroleum Corp.
6.200%, 3/15/40(2)
|
255
|
259
|
|
Pertamina Persero PT 144A
2.300%, 2/9/31(3) |
213
|
187
|
|
Petroleos de Venezuela S.A.
|
|
|
|
RegS 9.000%, 11/17/21(4)(5)
|
730
|
331
|
|
RegS 12.750%, 2/17/22(4)(5)
|
290
|
151
|
|
Petroleos del Peru S.A.
RegS
4.750%, 6/19/32(5) |
70
|
61
|
|
Petroleos Mexicanos
|
|
|
|
6.700%, 2/16/32
|
120
|
121
|
|
6.950%, 1/28/60
|
228
|
187
|
|
6.350%, 2/12/48
|
92
|
74
|
|
Petronas Capital Ltd. 144A
5.848%, 4/3/55(3) |
154
|
151
|
|
Prairie Acquiror LP 144A
9.000%, 8/1/29(2)(3) |
120
|
124
|
|
Sempra Infrastructure
Partners LP 144A
3.250%, 1/15/32(2)(3) |
410
|
362
|
|
SM Energy Co. 144A
6.625%, 4/15/34(2)(3) |
35
|
35
|
|
Solaris Energy
Infrastructure LLC 144A
6.375%, 5/15/31(2)(3) |
65
|
65
|
|
South Bow Canadian
Infrastructure Holdings
Ltd.
7.500%, 3/1/55(2)
|
285
|
299
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Energy—continued
|
|
|
|
Sunoco LP
|
|
|
|
144A 5.625%, 3/15/31(2)(3)
|
$90
|
$89
|
|
144A 5.375%, 7/15/31(2)(3)
|
10
|
10
|
|
144A 5.875%, 3/15/34(2)(3)
|
60
|
59
|
|
144A 5.625%, 7/15/34(2)(3)
|
20
|
19
|
|
Teine Energy Ltd. 144A
6.875%, 4/15/29(2)(3) |
330
|
330
|
|
Tidewater, Inc. 144A
9.125%, 7/15/30(2)(3) |
135
|
145
|
|
TransCanada PipeLines Ltd.
6.375%, 10/17/56(2)
|
25
|
25
|
|
Transocean International
Ltd.
|
|
|
|
144A 8.250%, 5/15/29(2)(3)
|
50
|
52
|
|
144A 8.750%, 2/15/30(2)(3)
|
65
|
68
|
|
144A 8.500%, 5/15/31(2)(3)
|
160
|
168
|
|
Validus Energy II
Midcon LLC 144A
8.000%, 8/1/31(2)(3) |
10
|
10
|
|
Venture Global LNG, Inc.
|
|
|
|
144A 9.000%(2)(3)(10) |
100
|
101
|
|
144A 9.875%, 2/1/32(2)(3)
|
205
|
219
|
|
Western Midstream
Operating LP
5.250%, 2/1/50(2)
|
305
|
257
|
|
YPF S.A. 144A
9.500%, 1/17/31(3) |
56
|
59
|
|
|
|
8,015
|
|
|
|
|
|
|
||
|
Financials—5.3%
|
|
|
|
Acrisure LLC
|
|
|
|
144A 8.250%, 2/1/29(3) |
130
|
119
|
|
144A 6.000%, 8/1/29(3) |
210
|
178
|
|
AerCap Ireland Capital DAC
|
|
|
|
6.950%, 3/10/55(2)
|
150
|
154
|
|
6.500%, 1/31/56(2)
|
145
|
146
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Albion Financing 1 S.a.r.l.
144A
7.000%, 5/21/30(2)(3) |
$165
|
$171
|
|
Allianz SE 144A
6.350%, 9/6/53(2)(3) |
250
|
257
|
|
Ally Financial, Inc.
8.000%, 11/1/31(2)
|
210
|
231
|
|
Altice Financing S.A. 144A
5.000%, 1/15/28(3) |
195
|
119
|
|
Altice France Lux 3 144A
10.000%, 1/15/33(3) |
40
|
39
|
|
American National Group,
Inc.
7.000%, 12/1/55(2)
|
57
|
54
|
|
Apollo Debt Solutions BDC
|
|
|
|
6.900%, 4/13/29(2)
|
75
|
77
|
|
5.875%, 8/30/30(2)
|
85
|
84
|
|
Apollo Global Management,
Inc.
6.000%, 12/15/54(2)
|
265
|
252
|
|
Ardonagh Group Finance
Ltd. 144A
8.875%, 2/15/32(3) |
5
|
5
|
|
Ascot Group Ltd. 144A
4.250%, 12/15/30(2)(3) |
344
|
319
|
|
Ashtead Capital, Inc. 144A
5.950%, 10/15/33(2)(3) |
250
|
254
|
|
Athene Holding Ltd.
6.625%, 10/15/54(2)
|
53
|
49
|
|
Atlas Warehouse Lending
Co. LP 144A
5.250%, 1/15/33(2)(3) |
300
|
291
|
|
Aviation Capital Group LLC
144A
4.875%, 1/28/33(2)(3) |
195
|
187
|
|
Avilease Capital Ltd. 144A
5.500%, 6/30/31(3) |
205
|
204
|
|
Avis Budget Car Rental LLC
144A
4.750%, 4/1/28(2)(3) |
60
|
59
|
|
Azorra Finance Ltd.
|
|
|
|
144A 7.250%, 1/15/31(2)(3)
|
145
|
150
|
|
144A 6.250%, 2/15/34(2)(3)
|
55
|
54
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Azule Energy Finance plc
144A
8.125%, 1/23/30(3) |
$70
|
$71
|
|
Banco de Credito del Peru
S.A. 144A
6.450%, 7/30/35(3) |
51
|
52
|
|
Banco de Credito e
Inversiones S.A. 144A
7.500% (3)(10) |
44
|
46
|
|
Banco Mercantil del Norte
S.A.
|
|
|
|
144A 5.875%(3)(10) |
39
|
39
|
|
144A 6.625%(3)(10) |
42
|
40
|
|
Bank of America Corp.
5.518%, 10/25/35(2)
|
310
|
306
|
|
Barclays plc
7.437%, 11/2/33(2)
|
234
|
257
|
|
BBVA Mexico S.A.
Institucion De Banca
Multiple Grupo
Financiero BBVA Mexico
144A
5.125%, 1/18/33(3) |
74
|
73
|
|
Blackstone Private Credit
Fund
5.250%, 4/1/30(2)
|
220
|
213
|
|
Block, Inc.
|
|
|
|
6.500%, 5/15/32(2)
|
165
|
167
|
|
144A 6.000%, 8/15/33(2)(3)
|
50
|
50
|
|
Blue Owl Finance LLC
3.125%, 6/10/31(2)
|
250
|
220
|
|
Bond U.S. Bidco 1, Inc.
144A
7.125%, 6/15/33(2)(3) |
90
|
91
|
|
BPCE S.A. 144A
7.003%, 10/19/34(2)(3) |
250
|
266
|
|
Broadstreet Partners
Group LLC 144A
5.875%, 4/15/29(3) |
285
|
281
|
|
Capital One Financial Corp.
|
|
|
|
2.359%, 7/29/32(2)
|
190
|
163
|
|
6.377%, 6/8/34(2)
|
145
|
151
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Capital Power
U.S. Holdings, Inc. 144A
6.189%, 6/1/35(2)(3) |
$155
|
$157
|
|
Charles Schwab Corp. (The)
Series H
4.000% (10)
|
249
|
232
|
|
Cipher Compute LLC 144A
7.125%, 11/15/30(2)(3) |
125
|
127
|
|
Citadel Finance LLC
|
|
|
|
144A 4.750%, 2/14/29(2)(3)
|
205
|
201
|
|
144A 5.150%, 2/14/31(2)(3)
|
95
|
92
|
|
Citigroup, Inc.
|
|
|
|
6.270%, 11/17/33(2)
|
84
|
88
|
|
6.174%, 5/25/34(2)
|
212
|
217
|
|
Corebridge Financial, Inc.
6.375%, 9/15/54(2)
|
321
|
318
|
|
Coronado Finance Pty Ltd.
144A
9.250%, 10/1/29(3) |
185
|
158
|
|
DBR Land Holdings LLC
144A
6.250%, 12/1/30(2)(3) |
85
|
87
|
|
Deutsche Bank AG
5.060%, 4/14/32(2)
|
260
|
256
|
|
Drawbridge Special
Opportunities Fund LP
144A
5.950%, 9/17/30(2)(3) |
225
|
216
|
|
Eldik Bank OAO 144A
8.500%, 4/23/31(3) |
193
|
194
|
|
Endo Finance Holdings LP
144A
8.500%, 4/15/31(3) |
185
|
195
|
|
ENEL Finance International
N.V. 144A
7.500%, 10/14/32(3) |
196
|
216
|
|
F&G Annuities & Life, Inc.
6.500%, 6/4/29(2)
|
220
|
223
|
|
Flutter Treasury DAC 144A
5.875%, 6/4/31(2)(3) |
270
|
265
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Focus Financial
Partners LLC 144A
7.250%, 9/15/31(2)(3) |
$95
|
$96
|
|
Froneri Lux FinCo S.a.r.l.
144A
6.000%, 8/1/32(2)(3) |
65
|
64
|
|
FS Luxembourg S.a.r.l.
144A
8.625%, 6/25/33(3) |
72
|
67
|
|
Gaia Purchaser, Inc. 144A
7.625%, 7/15/33(2)(3) |
25
|
26
|
|
Global Atlantic Fin Co.
|
|
|
|
144A 7.950%, 6/15/33(2)(3)
|
169
|
182
|
|
144A 7.950%, 10/15/54(2)(3)
|
85
|
85
|
|
Global Payments, Inc.
5.550%, 11/15/35(2)
|
225
|
215
|
|
Goldman Sachs Group, Inc.
(The)
|
|
|
|
5.330%, 7/23/35(2)
|
80
|
79
|
|
6.450%, 5/1/36(2)
|
220
|
229
|
|
5.065%, 1/21/37(2)
|
9
|
9
|
|
Green Palm Bidco S.a.r.l.
144A
5.957%, 6/30/41(3) |
147
|
144
|
|
Grifols S.A. 144A
4.750%, 10/15/28(3) |
245
|
241
|
|
Gulfport Energy Operating
Corp. 144A
6.750%, 9/1/29(2)(3) |
100
|
102
|
|
HA Sustainable
Infrastructure Capital,
Inc.
6.375%, 7/1/34(2)
|
281
|
283
|
|
Huntington Bancshares,
Inc.
5.709%, 2/2/35(2)
|
275
|
275
|
|
Icahn Enterprises LP
5.250%, 5/15/27(2)
|
40
|
40
|
|
Icon Investments Six DAC
6.000%, 5/8/34(2)
|
265
|
267
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Imperial Brands Finance plc
144A
5.625%, 7/1/35(2)(3) |
$235
|
$232
|
|
INEOS Finance plc 144A
7.500%, 4/15/29(2)(3) |
145
|
144
|
|
ION Platform Finance U.S.,
Inc. 144A
9.500%, 5/30/29(2)(3) |
155
|
144
|
|
JH North America Holdings,
Inc. 144A
6.125%, 7/31/32(2)(3) |
285
|
287
|
|
JPMorgan Chase & Co.
|
|
|
|
5.576%, 7/23/36(2)
|
235
|
234
|
|
1.953%, 2/4/32(2)
|
300
|
262
|
|
Liberty Mutual Group, Inc.
144A
4.125%, 12/15/51(2)(3) |
185
|
185
|
|
Maxam Prill S.a.r.l. 144A
7.750%, 7/15/30(2)(3) |
200
|
207
|
|
Melco Resorts Finance Ltd.
(Macau) 144A
5.375%, 12/4/29(3) |
30
|
29
|
|
Meridian Arc Holdco LLC
144A
6.250%, 4/30/31(2)(3) |
45
|
43
|
|
Midcap Financial Issuer
Trust 144A
6.500%, 5/1/28(2)(3) |
265
|
266
|
|
Morgan Stanley
|
|
|
|
6.342%, 10/18/33(2)
|
202
|
212
|
|
5.948%, 1/19/38(2)
|
133
|
135
|
|
National Australia Bank Ltd.
144A
5.625%, 6/4/37(2)(3) |
295
|
288
|
|
Nationstar Mortgage
Holdings LLC 144A
5.750%, 11/15/31(2)(3) |
225
|
227
|
|
NatWest Group plc
6.475%, 6/1/34(2)
|
260
|
266
|
|
NextEra Energy Capital
Holdings, Inc.
6.500%, 8/15/55(2)
|
215
|
216
|
|
Nippon Life Insurance Co.
144A
6.250%, 9/13/53(2)(3) |
260
|
265
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Nissan Motor Acceptance
Co. LLC 144A
5.625%, 9/29/28(2)(3) |
$150
|
$150
|
|
OAK-Eagle Acquireco, Inc.
144A
8.750%, 7/1/34(2)(3) |
40
|
42
|
|
OneMain Finance Corp.
|
|
|
|
6.125%, 5/15/30(2)
|
35
|
35
|
|
7.125%, 11/15/31(2)
|
210
|
213
|
|
6.750%, 9/15/33(2)
|
35
|
34
|
|
7.125%, 3/15/34(2)
|
50
|
50
|
|
Organon & Co.
|
|
|
|
144A 4.125%, 4/30/28(2)(3)
|
180
|
178
|
|
144A 5.125%, 4/30/31(2)(3)
|
35
|
35
|
|
Phoenix Aviation Capital
Ltd. 144A
9.250%, 7/15/30(2)(3) |
250
|
261
|
|
PNC Financial Services
Group, Inc. (The)
|
|
|
|
5.575%, 1/29/36(2)
|
195
|
195
|
|
5.423%, 1/25/41(2)
|
90
|
86
|
|
Prudential Financial, Inc.
|
|
|
|
5.125%, 3/1/52(2)
|
148
|
143
|
|
6.750%, 3/1/53
|
140
|
146
|
|
Reinsurance Group of
America, Inc.
6.650%, 9/15/55(2)
|
260
|
259
|
|
Rivers Enterprise
Borrower LLC 144A
6.250%, 10/15/30(2)(3) |
75
|
76
|
|
Rocket Cos., Inc. 144A
6.375%, 8/1/33(2)(3) |
150
|
152
|
|
Seadrill Finance Ltd. 144A
6.750%, 7/15/34(2)(3) |
30
|
29
|
|
Societe Generale S.A. 144A
6.066%, 1/19/35(3) |
250
|
253
|
|
Sopaipilla Investor LLC
144A
7.534%, 11/30/48(2)(3) |
183
|
187
|
|
South Bow USA
Infrastructure
Holdings LLC
5.584%, 10/1/34(2)
|
160
|
157
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
State Street Corp.
|
|
|
|
6.123%, 11/21/34(2)
|
$90
|
$93
|
|
Series I 6.700%(2)(10)
|
—
|
205
|
|
Sumitomo Life Insurance
Co. 144A
5.875%, 9/10/55(2)(3) |
300
|
293
|
|
Surgery Center Holdings,
Inc. 144A
7.250%, 4/15/32(3) |
115
|
116
|
|
SV RNO Property Owner 1
LLC 144A
5.875%, 3/1/31(2)(3) |
125
|
115
|
|
Synergy Infrastructure
Holdings LLC
|
|
|
|
144A 7.875%, 12/1/30(2)(3)
|
30
|
31
|
|
144A 7.000%, 7/15/34(2)(3)
|
15
|
15
|
|
Taylor Morrison
Communities, Inc. 144A
5.750%, 11/15/32(2)(3) |
10
|
10
|
|
Toronto-Dominion Bank
(The)
8.125%, 10/31/82(2)
|
239
|
246
|
|
Transocean International
Ltd. 144A
7.875%, 10/15/32(2)(3) |
10
|
10
|
|
Trivium Packaging Finance
B.V. 144A
12.250%, 1/15/31(3) |
90
|
100
|
|
UBS Group AG
|
|
|
|
144A 7.000%(2)(3)(10) |
225
|
225
|
|
144A 4.988%, 8/5/33(2)(3)
|
114
|
112
|
|
Veon Midco B.V. 144A
6.950%, 6/1/31(3) |
37
|
37
|
|
Wells Fargo & Co.
5.389%, 4/24/34(2)
|
310
|
310
|
|
|
|
19,826
|
|
|
|
|
|
|
||
|
Health Care—0.8%
|
|
|
|
180 Medical, Inc. 144A
5.300%, 10/8/35(2)(3) |
300
|
288
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Health Care—continued
|
|
|
|
Acadia Healthcare Co., Inc.
144A
5.500%, 7/1/28(2)(3) |
$10
|
$10
|
|
Amneal
Pharmaceuticals LLC
144A
6.875%, 8/1/32(2)(3) |
95
|
98
|
|
BioMarin Pharmaceutical,
Inc. 144A
5.500%, 2/15/34(2)(3) |
10
|
10
|
|
Centene Corp.
3.375%, 2/15/30(2)
|
210
|
195
|
|
CVS Health Corp.
6.750%, 12/10/54(2)
|
222
|
228
|
|
Dentsply Sirona, Inc.
3.250%, 6/1/30(2)
|
308
|
285
|
|
Genmab A/S
|
|
|
|
144A 6.250%, 12/15/32(3)
|
10
|
10
|
|
144A 7.250%, 12/15/33(3)
|
15
|
16
|
|
HCA, Inc.
5.500%, 6/1/33(2)
|
239
|
240
|
|
LifePoint Health, Inc.
|
|
|
|
144A 5.375%, 1/15/29(3) |
180
|
174
|
|
144A 9.875%, 8/15/30(2)(3)
|
145
|
152
|
|
144A 10.000%, 6/1/32(3) |
110
|
107
|
|
Medline Borrower LP 144A
5.250%, 10/1/29(2)(3) |
300
|
298
|
|
Opal Bidco SAS 144A
6.500%, 3/31/32(2)(3) |
20
|
20
|
|
Organon & Co. 144A
7.875%, 5/15/34(2)(3) |
30
|
32
|
|
Prime Healthcare Services,
Inc. 144A
9.375%, 9/1/29(3) |
170
|
176
|
|
Smith & Nephew plc
5.400%, 3/20/34(2)
|
260
|
258
|
|
Tenet Healthcare Corp.
144A
6.000%, 11/15/33(2)(3) |
35
|
35
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Health Care—continued
|
|
|
|
U.S. Acute Care
Solutions LLC 144A
9.750%, 5/15/29(2)(3) |
$60
|
$59
|
|
Universal Health Services,
Inc.
6.000%, 9/1/36(2)
|
325
|
323
|
|
|
|
3,014
|
|
|
|
|
|
|
||
|
Industrials—1.4%
|
|
|
|
Adani Ports & Special
Economic Zone Ltd.
144A
4.375%, 7/3/29(3) |
120
|
116
|
|
Alaska Airlines
Pass-Through Trust
2020-1, A 144A
4.800%, 2/15/29(2)(3) |
342
|
342
|
|
APi Group DE, Inc. 144A
5.750%, 6/1/34(2)(3) |
65
|
64
|
|
Builders FirstSource, Inc.
144A
6.375%, 3/1/34(3) |
240
|
238
|
|
Carpenter Technology Corp.
144A
5.625%, 3/1/34(2)(3) |
5
|
5
|
|
Cimpress plc 144A
7.375%, 9/15/32(2)(3) |
285
|
288
|
|
Clarios Global LP
|
|
|
|
144A 6.750%, 2/15/30(2)(3)
|
10
|
10
|
|
144A 6.750%, 9/15/32(3) |
50
|
51
|
|
CoStar Group, Inc. 144A
2.800%, 7/15/30(2)(3) |
278
|
249
|
|
Esab Corp. 144A
5.625%, 4/1/31(2)(3) |
25
|
25
|
|
Flowserve Corp.
5.700%, 5/15/36(2)
|
70
|
69
|
|
FTAI Aviation Investors LLC
144A
7.000%, 6/15/32(2)(3) |
170
|
174
|
|
Garda World Security Corp.
144A
8.375%, 11/15/32(3) |
190
|
194
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Industrials—continued
|
|
|
|
Global Infrastructure
Solutions, Inc. 144A
7.500%, 4/15/32(2)(3) |
$215
|
$226
|
|
Global Medical Response,
Inc. 144A
7.375%, 10/1/32(2)(3) |
115
|
119
|
|
Granite Construction, Inc.
144A
6.375%, 6/15/34(2)(3) |
5
|
5
|
|
Herc Holdings, Inc.
|
|
|
|
144A 7.250%, 6/15/33(2)(3)
|
60
|
62
|
|
144A 6.000%, 3/15/34(2)(3)
|
15
|
15
|
|
Icahn Enterprises LP 144A
10.000%, 11/15/29(2)(3) |
220
|
213
|
|
LBM Acquisition LLC 144A
6.250%, 1/15/29(3) |
300
|
189
|
|
Mauser Packaging
Solutions Holding Co.
144A
9.250%, 4/15/30(3) |
250
|
250
|
|
Neptune Bidco U.S., Inc.
|
|
|
|
144A 9.290%, 4/15/29(2)(3)
|
270
|
276
|
|
144A 10.375%, 5/15/31(2)(3)
|
20
|
21
|
|
QXO Building Products, Inc.
144A
6.875%, 7/15/34(2)(3) |
69
|
70
|
|
Rio Grande LNG LLC 144A
5.750%, 6/30/36(2)(3) |
295
|
287
|
|
Standard Building
Solutions, Inc. 144A
5.875%, 3/15/34(2)(3) |
125
|
121
|
|
Stanley Black & Decker, Inc.
6.707%, 3/15/60(2)
|
210
|
211
|
|
TransDigm, Inc.
|
|
|
|
144A 6.625%, 3/1/32(2)(3)
|
290
|
296
|
|
144A 6.125%, 7/31/34(2)(3)
|
30
|
30
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Industrials—continued
|
|
|
|
United Airlines Holdings,
Inc.
|
|
|
|
4.875%, 3/1/29(2)
|
$115
|
$113
|
|
5.375%, 3/1/31(2)
|
10
|
10
|
|
United Airlines
Pass-Through Trust
2023-1, A
5.800%, 7/15/37(2)
|
263
|
268
|
|
VistaJet Malta Finance plc
144A
9.500%, 6/1/28(2)(3) |
420
|
429
|
|
VoltaGrid LLC 144A
7.375%, 11/1/30(2)(3) |
140
|
141
|
|
White Cap Supply
Holdings LLC 144A
7.375%, 11/15/30(3) |
55
|
56
|
|
|
|
5,233
|
|
|
|
|
|
|
||
|
Information Technology—0.5%
|
|
|
|
Cloud Software Group LLC
144A
9.000%, 9/30/29(3) |
265
|
266
|
|
CoreWeave, Inc. 144A
9.625%, 7/15/32(2)(3) |
45
|
40
|
|
Foundry JV Holdco LLC
144A
5.875%, 1/25/34(2)(3) |
135
|
134
|
|
Gartner, Inc. 144A
3.750%, 10/1/30(2)(3) |
235
|
216
|
|
Helios Software Holdings,
Inc. 144A
8.750%, 5/1/29(3)(9) |
100
|
91
|
|
HUT 8 DC LLC 144A
6.192%, 11/15/42(2)(3) |
175
|
170
|
|
QTS Fayetteville I Dc1-2
LLC 144A
5.700%, 4/15/36(2)(3) |
235
|
212
|
|
Skyworks Solutions, Inc.
6.250%, 8/10/36(2)
|
215
|
211
|
|
VSP Optical Group, Inc.
144A
5.650%, 6/1/36(2)(3) |
295
|
293
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Information Technology—continued
|
|
|
|
WESCO Distribution, Inc.
144A
5.500%, 4/15/34(2)(3) |
$80
|
$78
|
|
WULF Compute LLC 144A
7.750%, 10/15/30(2)(3) |
125
|
130
|
|
|
|
1,841
|
|
|
|
|
|
|
||
|
Materials—0.7%
|
|
|
|
ASP Unifrax Holdings, Inc.
144A
5.250%, 9/30/28(3) |
565
|
1
|
|
Bayport Polymers LLC
144A
5.140%, 4/14/32(2)(3) |
415
|
404
|
|
Capstone Copper Corp.
144A
6.750%, 3/31/33(2)(3) |
185
|
188
|
|
Cleveland-Cliffs, Inc. 144A
7.625%, 1/15/34(2)(3) |
190
|
194
|
|
Corp. Nacional del Cobre de
Chile 144A
5.950%, 1/8/34(3) |
233
|
236
|
|
Illuminate Buyer LLC 144A
9.000%, 7/1/28(3) |
79
|
79
|
|
LSB Industries, Inc. 144A
6.250%, 10/15/28(2)(3) |
240
|
240
|
|
New Enterprise Stone &
Lime Co., Inc. 144A
9.750%, 7/15/28(3) |
230
|
231
|
|
OCP S.A. 144A
6.700%, 3/1/36(3) |
138
|
141
|
|
Samarco Mineracao S.A.
(9.000% or 5.000% PIK,
4.000% cash) 144A
9.500%, 6/30/31(3)(11) |
77
|
77
|
|
Solstice Advanced
Materials, Inc. 144A
5.625%, 9/30/33(2)(3) |
10
|
10
|
|
Trekor Metals Ltd. 144A
8.250%, 5/1/30(2)(3) |
100
|
104
|
|
Westlake Corp.
5.550%, 11/15/35(2)
|
225
|
219
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Materials—continued
|
|
|
|
WR Grace Holdings LLC
144A
5.625%, 8/15/29(3) |
$319
|
$303
|
|
WS Escrow LLC 144A
7.750%, 6/1/33(2)(3) |
15
|
16
|
|
|
|
2,443
|
|
|
|
|
|
|
||
|
Real Estate—0.1%
|
|
|
|
Forestar Group, Inc. 144A
6.500%, 3/15/33(2)(3) |
145
|
146
|
|
Iron Mountain, Inc. 144A
6.250%, 1/15/33(2)(3) |
180
|
182
|
|
Millrose Properties, Inc.
144A
6.250%, 9/15/32(2)(3) |
125
|
125
|
|
Port of Spain Waterfront
Development RegS
7.875%, 2/19/40(5) |
74
|
76
|
|
|
|
529
|
|
|
|
|
|
|
||
|
Utilities—0.8%
|
|
|
|
AES Corp. (The)
7.600%, 1/15/55(2)
|
175
|
179
|
|
Alpha Generation LLC 144A
6.250%, 1/15/34(2)(3) |
70
|
69
|
|
Beacon Point DC LLC 144A
6.129%, 11/30/42(2)(3) |
225
|
213
|
|
CMS Energy Corp.
4.750%, 6/1/50(2)
|
366
|
355
|
|
Comision Ejecutiva
Hidroelectrica del Rio
Lempa 144A
8.650%, 1/24/33(3) |
52
|
56
|
|
Dominion Energy, Inc.
|
|
|
|
6.200%, 2/15/56(2)
|
145
|
142
|
|
Series B
7.000%, 6/1/54(2)
|
130
|
135
|
|
Electricite de France S.A.
144A
6.900%, 5/23/53(2)(3) |
206
|
213
|
|
Entergy Corp.
7.125%, 12/1/54(2)
|
290
|
298
|
|
Ferrellgas LP 144A
5.875%, 4/1/29(2)(3) |
275
|
272
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Utilities—continued
|
|
|
|
NGL Energy Operating LLC
|
|
|
|
144A 8.125%, 2/15/29(2)(3)
|
$55
|
$57
|
|
144A 8.375%, 2/15/32(2)(3)
|
240
|
252
|
|
NRG Energy, Inc.
|
|
|
|
144A 7.000%, 3/15/33(2)(3)
|
223
|
237
|
|
144A 6.125%, 5/15/36(2)(3)
|
65
|
64
|
|
Suburban Propane
Partners LP 144A
6.500%, 12/15/35(2)(3) |
85
|
82
|
|
Vistra Corp. 144A
8.000% (2)(3)(10) |
—
|
190
|
|
|
|
2,814
|
|
|
|
|
|
|
||
|
Total Corporate Bonds and
Notes
(Identified Cost $50,015)
|
49,256
|
|
|
|
|
|
|
|
||
|
Leveraged Loans—3.5%
|
||
|
Aerospace—0.2%
|
|
|
|
American Airlines, Inc.
Tranche B (6 month Term
SOFR + 2.250%)
5.935%, 2/15/28(8)
|
100
|
100
|
|
As Mileage Plan Ip Ltd.
2026 (3 month Term
SOFR + 2.000%)
5.729%, 5/12/33(8)
|
70
|
70
|
|
Brown Group Holding LLC
Tranche B-2 (1-3 month
Term SOFR + 2.250%)
5.936%-6.073%,
7/1/31(8)
|
35
|
35
|
|
Karman Holdings LLC
Tranche B (1 month Term
SOFR + 2.250%)
6.061%, 4/1/32(8)
|
25
|
25
|
|
Pac Dac LLC (1 month Term
SOFR + 3.250%)
6.936%, 10/28/30(8)
|
104
|
104
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Aerospace—continued
|
|
|
|
Rand Parent LLC 2026,
Tranche B (1 month Term
SOFR + 3.000%)
6.732%, 3/18/30(8)
|
$346
|
$347
|
|
TransDigm, Inc. Tranche N
(1 month Term SOFR +
2.500%)
6.186%, 2/13/33(8)
|
30
|
30
|
|
Vista Management Holding,
Inc. (3 month Term SOFR
+ 3.750%)
7.475%, 4/1/31(8)
|
50
|
50
|
|
|
|
761
|
|
|
|
|
|
|
||
|
Chemicals—0.1%
|
|
|
|
Bond German BidCo 2
GmbH Tranche B (1
month Term SOFR +
3.500%)
7.244%, 6/29/33(8)
|
54
|
54
|
|
Ineos Finance plc
|
|
|
|
2030 (1 month Term
SOFR + 3.250%)
6.936%, 2/19/30(8)
|
158
|
149
|
|
2032 (1 month Term
SOFR + 5.000%)
8.686%, 6/25/32(8)
|
140
|
130
|
|
Lummus Technology
Holdings V LLC Tranche
B (1 month Term SOFR +
2.500%)
6.186%, 12/31/29(8)
|
99
|
99
|
|
Starfruit Finco B.V. 2026,
Tranche B (1-3 month
Term SOFR + 3.500%)
7.144%-7.229%,
7/8/31(8)
|
138
|
138
|
|
|
|
570
|
|
|
|
|
|
|
||
|
Consumer Durables—0.1%
|
|
|
|
Cimpress plc 2026, Tranche
B-1 (1 month Term SOFR
+ 2.500%)
6.186%, 6/3/33(8)
|
65
|
65
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Consumer Durables—continued
|
|
|
|
White Cap Supply
Holdings LLC
|
|
|
|
Tranche C (1 month Term
SOFR + 3.250%)
6.936%, 10/19/29(8)
|
$113
|
$113
|
|
Tranche D (1 month Term
SOFR + 3.500%)
7.186%, 2/10/33(8)
|
60
|
60
|
|
|
|
238
|
|
|
|
|
|
|
||
|
Consumer Non-Durables—0.0%
|
|
|
|
AI Aqua Merger Sub, Inc.
Tranche B (1 month Term
SOFR + 2.500%)
6.206%, 7/4/33(8)
|
75
|
75
|
|
Albion Financing 3 S.a.r.l.
2025, Tranche A (3
month Term SOFR +
3.000%)
6.740%, 5/21/31(8)
|
88
|
89
|
|
|
|
164
|
|
|
|
|
|
|
||
|
Energy—0.2%
|
|
|
|
ACI Rover Parent LLC (3
month Term SOFR +
2.250%)
5.982%, 6/9/33(8)
|
25
|
25
|
|
Blackfin Pipeline LLC (1
month Term SOFR +
2.500%)
6.188%, 9/29/32(8)
|
139
|
140
|
|
Colossus Acquireco LLC (3
month Term SOFR +
1.750%)
5.423%, 2/1/33(8)
|
145
|
144
|
|
Freeport LNG
Investments LLP Tranche
B (3 month Term SOFR +
3.250%)
6.979%, 2/11/33(8)
|
115
|
115
|
|
M6 ETX Holdings II
Midco LLC Tranche B (3
month + 1.500%)
8.250%, 4/1/32
|
90
|
90
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Energy—continued
|
|
|
|
Whitewater Matterhorn
Holdings LLC Tranche B
(3 month Term SOFR +
1.750%)
5.500%, 6/16/32(8)
|
$70
|
$70
|
|
|
|
584
|
|
|
|
|
|
|
||
|
Financials—0.2%
|
|
|
|
Acrisure LLC 2024, Tranche
B-6 (1 month Term SOFR
+ 3.000%)
6.686%, 11/6/30(8)
|
113
|
95
|
|
Alliant Holdings
Intermediate LLC 2025 (1
month Term SOFR +
2.500%)
6.186%, 9/19/31(8)
|
20
|
20
|
|
AmWINS Group, Inc. 2026,
Tranche B (1 month Term
SOFR + 2.000%)
5.678%, 1/30/32(8)(12)
|
70
|
69
|
|
Ardonagh Group Finco Pty
Ltd. 2025, Tranche B (3-6
month Term SOFR +
3.000%)
6.732%-6.833%,
2/15/31(8)
|
70
|
69
|
|
Broadstreet Partners, Inc.
2024, Tranche B (1
month Term SOFR +
2.500%)
6.186%, 6/13/31(8)
|
124
|
123
|
|
Focus Financial
Partners LLC Tranche B
(1 month Term SOFR +
2.500%)
6.186%, 9/15/31(8)
|
129
|
127
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Hudson River Trading LLC
Tranche B-2 (1 month
Term SOFR + 2.500%)
6.159%, 3/18/30(8)
|
$70
|
$70
|
|
|
|
573
|
|
|
|
|
|
|
||
|
Food / Tobacco—0.1%
|
|
|
|
Aspire Bakeries
Holdings LLC 2025,
Tranche B (1 month Term
SOFR + 3.000%)
6.686%, 12/23/30(8)
|
148
|
149
|
|
Del Monte Foods, Inc.
|
|
|
|
(1 month Term SOFR +
4.350%)
8.064%, 8/2/28(4)
|
82
|
3
|
|
(1 month Term SOFR +
9.600%)
0.000%, 6/1/27(4)(9)
|
43
|
5
|
|
(3 month Term SOFR +
4.900%)
7.253%, 8/2/28(4)
|
189
|
2
|
|
(3 month Term SOFR +
8.150%)
11.814%, 8/2/28(4)
|
36
|
17
|
|
Pegasus Bidco B.V. (3
month Term SOFR +
2.500%)
6.241%, 7/12/32(8)
|
65
|
65
|
|
Red SPV LLC (1 month
Term SOFR + 2.250%)
5.938%, 3/15/32(8)
|
124
|
123
|
|
Snacking Investments
Bidco Pty Ltd. (3 month
Term SOFR + 2.500%)
6.323%, 10/29/32(8)
|
35
|
35
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Food / Tobacco—continued
|
|
|
|
Treehouse Foods, Inc. (1
month Term SOFR +
3.750%)
7.436%, 2/11/33(8)
|
$80
|
$80
|
|
|
|
479
|
|
|
|
|
|
|
||
|
Food and Drug—0.0%
|
|
|
|
Dechra Pharmaceuticals
Holdings Ltd. Tranche
B-3 (6 month Term SOFR
+ 2.750%)
6.697%, 1/27/32(8)
|
79
|
79
|
|
Vital Bidco AB Tranche B
0.010%, 7/22/33(8)(12)
|
60
|
60
|
|
|
|
139
|
|
|
|
|
|
|
||
|
Forest Prod / Containers—0.0%
|
|
|
|
Clydesdale Acquisition
Holdings, Inc. Tranche B
(1 month Term SOFR +
3.175%)
6.861%, 4/13/29(8)
|
90
|
90
|
|
Graham Packaging Co., Inc.
(1 month Term SOFR +
2.250%)
5.936%, 1/26/33(8)
|
15
|
15
|
|
|
|
105
|
|
|
|
|
|
|
||
|
Gaming / Leisure—0.2%
|
|
|
|
Catawba Nation Gaming
Authority Tranche B (3
month Term SOFR +
4.750%)
8.573%, 3/29/32(8)
|
110
|
111
|
|
ECL Entertainment LLC
2025, Tranche B (1
month Term SOFR +
3.000%)
6.686%, 8/30/30(8)
|
181
|
181
|
|
Gaia Purchaser, Inc.
Tranche B
4.000%, 6/25/33(8)(12)
|
50
|
50
|
|
Motion Finco LLC Tranche
B-3 (3 month Term SOFR
+ 3.500%)
7.232%, 11/12/29(8)
|
86
|
69
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Gaming / Leisure—continued
|
|
|
|
Oak-Eagle Acquireco, Inc.
Tranche B (3 month Term
SOFR + 3.500%)
7.251%, 8/4/33(8)
|
$70
|
$71
|
|
Pioneer Opco LLC Tranche
B (1 month Term SOFR +
3.250%)
6.936%, 5/16/33(8)
|
35
|
35
|
|
Playtika Holding Corp.
Tranche B-1 (1 month
Term SOFR + 2.864%)
6.551%, 3/13/28(8)
|
75
|
73
|
|
Turquoise Topco Ltd. (3
month Term SOFR +
3.250%)
6.982%, 12/30/32(8)
|
75
|
75
|
|
|
|
665
|
|
|
|
|
|
|
||
|
Health Care—0.5%
|
|
|
|
Agiliti Health, Inc. 2023,
Tranche B (3 month Term
SOFR + 3.000%)
6.752%, 5/1/30
|
58
|
56
|
|
Amneal
Pharmaceuticals LLC (1
month Term SOFR +
2.500%)
6.186%, 8/2/32(8)
|
45
|
45
|
|
Argent Finco LLC Tranche B
(3 month Term SOFR +
2.500%)
6.232%, 11/12/32(8)
|
30
|
30
|
|
AthenaHealth Group, Inc. (1
month Term SOFR +
3.250%)
6.936%, 2/17/32(8)
|
25
|
25
|
|
Bausch & Lomb Corp. 2025
(1 month Term SOFR +
3.750%)
7.436%, 1/15/31(8)
|
117
|
118
|
|
Catalent, Inc. (3 month
Term SOFR + 3.000%)
6.640%, 8/12/33(8)
|
70
|
70
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Health Care—continued
|
|
|
|
CHG Healthcare Services,
Inc. (1-3 month Term
SOFR + 3.000%)
6.686%-6.823%,
9/29/31(8)
|
$30
|
$30
|
|
CNT Holdings I Corp. 2025
(3 month Term SOFR +
2.250%)
6.073%, 11/8/32(8)
|
120
|
120
|
|
Cotiviti, Inc. (1 month Term
SOFR + 2.750%)
6.456%, 5/1/31(8)
|
67
|
64
|
|
Financiere Mendel (3 month
Term SOFR + 2.750%)
6.488%, 11/8/30(8)
|
34
|
35
|
|
Gainwell Acquisition Corp.
2026 (3 month Term
SOFR + 4.500%)
8.223%, 8/19/31(8)
|
83
|
83
|
|
Genmab A/S Tranche B-1 (3
month Term SOFR +
2.000%)
5.732%, 12/13/32(8)
|
24
|
24
|
|
Global Medical Response,
Inc. (1 month Term SOFR
+ 3.250%)
6.909%, 10/1/32(8)
|
101
|
101
|
|
Grifols International
Services Designated
Activity Co. Tranche B,
First Lien (6 month Term
SOFR + 2.500%)
6.187%, 4/14/33(8)
|
130
|
130
|
|
Heartland Dental LLC 2025
(1 month Term SOFR +
3.500%)
7.186%, 8/25/32(8)
|
20
|
20
|
|
Hologic, Inc. Tranche B (3
month Term SOFR +
2.250%)
5.995%, 4/7/33(8)
|
90
|
89
|
|
LifePoint Health, Inc.
|
|
|
|
Tranche B (3 month Term
SOFR + 3.750%)
7.503%, 5/16/31(8)
|
123
|
117
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Health Care—continued
|
|
|
|
Tranche B-2 (3 month
Term SOFR + 3.500%)
7.250%, 5/16/31(8)
|
$29
|
$28
|
|
Lumexa Imaging, Inc. (3
month Term SOFR +
2.500%)
6.232%, 12/17/32(8)
|
55
|
55
|
|
Mckesson Medical-Surgical
Top Holdings, Inc.
Tranche B (3 month Term
SOFR + 2.250%)
5.982%, 6/9/32(8)
|
25
|
25
|
|
Medrisk, Inc. (1 month
Term SOFR + 3.250%)
6.936%, 6/16/33(8)
|
45
|
45
|
|
Modivcare, Inc. (3 month
Term SOFR + 5.000%)
8.732%, 12/2/30(8)
|
9
|
8
|
|
Parexel International, Inc.
Tranche B (1 month Term
SOFR + 2.500%)
6.186%, 12/12/31(8)
|
40
|
40
|
|
Phoenix Guarantor, Inc.
Tranche B-6 (1 month
Term SOFR + 2.000%)
5.686%, 2/21/31(8)
|
70
|
70
|
|
PointClickCare
Technologies 2025,
Tranche B, First Lien (3
month Term SOFR +
2.750%)
6.573%, 11/3/31(8)
|
37
|
37
|
|
Radiology Partners, Inc.
Tranche B (3 month Term
SOFR + 4.500%)
8.232%, 6/30/32(8)
|
74
|
74
|
|
Southern Veterinary
Partners LLC 2025 (1
month Term SOFR +
2.500%)
6.188%, 12/4/31(8)
|
59
|
60
|
|
Star Parent, Inc. Tranche B
(3 month Term SOFR +
4.000%)
7.732%, 9/27/30(8)
|
61
|
61
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Health Care—continued
|
|
|
|
Upstream Newco, Inc. 2025
(3 month Term SOFR +
4.512%)
8.241%, 11/20/29(8)
|
$226
|
$209
|
|
|
|
1,869
|
|
|
|
|
|
|
||
|
Housing—0.1%
|
|
|
|
Chariot Buyer LLC 2025,
Tranche B (1 month Term
SOFR + 2.750%)
6.436%, 9/8/32(8)
|
82
|
82
|
|
Green Infrastructure
Partners, Inc. (3 month
Term SOFR + 2.750%)
6.482%, 9/24/32(8)
|
70
|
70
|
|
Hunter Douglas Holding
B.V. Tranche B-1 (3
month Term SOFR +
3.000%)
6.732%, 1/17/32(8)
|
111
|
111
|
|
LBM Acquisition LLC
Tranche B (1 month Term
SOFR + 3.850%)
7.538%, 6/6/31(8)
|
84
|
65
|
|
Qxo Building Products, Inc.
Tranche B (1 month Term
SOFR + 2.000%)
5.686%, 7/1/33(8)
|
50
|
50
|
|
|
|
378
|
|
|
|
|
|
|
||
|
Information Technology—0.5%
|
|
|
|
Applied Systems, Inc.
|
|
|
|
2024, Second Lien (3
month Term SOFR +
4.500%)
8.232%, 2/23/32(8)
|
20
|
20
|
|
Tranche B-1 (3 month
Term SOFR + 2.250%)
5.982%, 2/24/31(8)
|
128
|
126
|
|
Belden, Inc. (1 month Term
SOFR + 2.250%)
5.936%, 7/1/33(8)
|
25
|
25
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Information Technology—continued
|
|
|
|
Central Parent LLC 2024 (3
month Term SOFR +
3.250%)
6.921%, 7/6/29(8)
|
$145
|
$71
|
|
Cloud Software Group, Inc.
Tranche B-2 (3 month
Term SOFR + 3.250%)
6.982%, 3/21/31(8)
|
113
|
108
|
|
Composecure Holdings LLC
(3 month Term SOFR +
2.250%)
5.918%, 1/14/33(8)
|
50
|
50
|
|
ConnectWise LLC (3 month
Term SOFR + 3.762%)
7.494%, 9/29/28(8)
|
173
|
166
|
|
Coreweave Financing DDTL
V LLC (1 month Term
SOFR + 4.500%)
8.150%, 11/15/31(8)
|
65
|
66
|
|
Delta TopCo, Inc. (3 month
Term SOFR + 2.750%)
6.402%, 11/30/29(8)
|
75
|
73
|
|
Esco Technologies, Inc.
Tranche B, First Lien
0.010%, 5/27/33(8)(12)
|
20
|
20
|
|
Finastra USA, Inc. (3 month
Term SOFR + 4.000%)
7.746%, 9/15/32(8)
|
75
|
72
|
|
Genesys Cloud Services
Holdings II LLC 2025 (1
month Term SOFR +
2.500%)
6.186%, 1/30/32(8)
|
109
|
106
|
|
Ion Platform Finance U.S.,
Inc. (3 month Term SOFR
+ 3.750%)
7.482%, 10/7/32(8)
|
110
|
84
|
|
Javelin Buyer, Inc. (3 month
Term SOFR + 2.750%)
6.573%, 12/5/31(8)
|
79
|
78
|
|
Lambda, Inc. Tranche B
0.010%, 12/31/30(8)(12)
|
75
|
75
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Information Technology—continued
|
|
|
|
Project Ruby Ultimate
Parent Corp. Tranche B-5
(1 month Term SOFR +
2.864%)
6.551%, 3/10/28(8)
|
$70
|
$70
|
|
Proofpoint, Inc. 2026 (3
month Term SOFR +
4.500%)
8.249%, 8/30/30(8)
|
172
|
170
|
|
QTS Thunder
Managing LLC (3 month
Term SOFR + 2.250%)
6.025%, 7/22/33(8)
|
65
|
65
|
|
RealPage, Inc. First Lien (3
month Term SOFR +
3.262%)
6.994%, 4/24/28(8)
|
75
|
73
|
|
Rocket Software, Inc. (1
month Term SOFR +
3.750%)
7.436%, 11/28/28(8)
|
116
|
115
|
|
Shift4 Payments LLC (3
month Term SOFR +
2.000%)
5.732%, 7/3/32(8)
|
70
|
70
|
|
UKG, Inc. Tranche B (3
month Term SOFR +
2.250%)
6.073%, 2/10/31(8)
|
114
|
110
|
|
|
|
1,813
|
|
|
|
|
|
|
||
|
Manufacturing—0.2%
|
|
|
|
Arcline FM Holdings LLC
2025 (3 month Term
SOFR + 2.750%)
6.596%, 6/23/30(8)
|
162
|
163
|
|
Columbus McKinnon Corp.
Tranche B (3 month Term
SOFR + 3.500%)
7.232%, 2/3/33(8)
|
48
|
49
|
|
Dynamo U.S. Bidco, Inc.
Tranche B-1 (1 month
Term SOFR + 3.250%)
6.936%, 9/30/31(8)
|
34
|
34
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Manufacturing—continued
|
|
|
|
Glatfelter Corp. Tranche B (3
month Term SOFR +
4.250%)
8.073%, 11/4/31(8)
|
$94
|
$94
|
|
Gloves Buyer, Inc. (1 month
Term SOFR + 3.750%)
7.409%, 5/21/32(8)
|
95
|
95
|
|
Lsf12 Crown
U.S. Commercial
Bidco LLC 2026 (1
month Term SOFR +
2.500%)
6.243%, 12/2/31(8)
|
116
|
116
|
|
Resilience Parent LLC (3
month Term SOFR +
2.500%)
6.232%, 2/28/33(8)
|
70
|
70
|
|
Skyshield U.S. Bidco Ltd.
Tranche B (6 month Term
SOFR + 2.500%)
6.370%, 6/30/33(8)
|
20
|
20
|
|
TK Elevator Midco GmbH
Tranche B (6 month Term
SOFR + 2.750%)
6.704%, 4/30/30(8)
|
114
|
114
|
|
|
|
755
|
|
|
|
|
|
|
||
|
Media / Telecom -
Broadcasting—0.2%
|
|
|
|
CMG Media Corp. (3 month
Term SOFR + 3.600%)
7.332%, 6/18/29(8)
|
129
|
122
|
|
DirectV Financing LLC
2026, Tranche B (3
month Term SOFR +
4.500%)
8.323%, 8/2/29(8)
|
161
|
162
|
|
Discovery Global Holdings,
Inc. (1 month Term SOFR
+ 2.500%)
6.186%, 6/3/33(8)
|
40
|
39
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Media / Telecom -
Broadcasting—continued
|
|
|
|
Gray Television, Inc.
Tranche D (1 month Term
SOFR + 3.000%)
6.820%, 12/1/28(8)
|
$87
|
$87
|
|
Sinclair Television Group,
Inc. Tranche B-7 (3
month Term SOFR +
4.250%)
7.982%, 12/31/30(8)
|
85
|
76
|
|
Univision Communications,
Inc. 2024, First Lien (1
month Term SOFR +
3.500%)
7.301%, 1/31/29(8)
|
127
|
127
|
|
|
|
613
|
|
|
|
|
|
|
||
|
Media / Telecom - Cable/Wireless
Video—0.1%
|
|
|
|
Cogeco Communications
Finance USA LP Tranche
B-1 (1 month Term SOFR
+ 3.250%)
6.936%, 9/18/30(8)
|
96
|
78
|
|
Eagle Broadband
Investments LLC (3
month Term SOFR +
3.262%)
6.994%, 11/12/27(8)
|
297
|
195
|
|
|
|
273
|
|
|
|
|
|
|
||
|
Media / Telecom - Diversified
Media—0.1%
|
|
|
|
Century DE Buyer LLC 2025
(3 month Term SOFR +
3.000%)
6.823%, 10/30/30(8)
|
98
|
98
|
|
McGraw-Hill Education, Inc.
2025, Tranche B (1
month Term SOFR +
2.500%)
6.186%, 8/6/31(8)
|
71
|
72
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Media / Telecom - Diversified
Media—continued
|
|
|
|
Neptune Bidco U.S., Inc.
2026, Tranche B (3
month Term SOFR +
5.100%)
8.863%, 2/3/33(8)
|
$150
|
$149
|
|
|
|
319
|
|
|
|
|
|
|
||
|
Media / Telecom -
Telecommunications—0.0%
|
|
|
|
Altice France S.A. Tranche
B-11 (3 month Term
SOFR + 4.125%)
7.866%, 5/1/28(8)
|
186
|
186
|
|
Media / Telecom - Wireless
Communications—0.0%
|
|
|
|
Viasat, Inc. (1 month Term
SOFR + 4.614%)
8.273%, 3/2/29(8)
|
156
|
156
|
|
Metals / Minerals—0.0%
|
|
|
|
Worthington Steel, Inc. (1
month Term SOFR +
4.000%)
7.686%, 6/1/33(8)
|
68
|
68
|
|
Retail—0.1%
|
|
|
|
Carvana Co. Tranche B
6.000%, 8/15/33(8)(12)
|
85
|
85
|
|
Harbor Freight Tools USA,
Inc. (1 month Term SOFR
+ 2.250%)
5.936%, 6/11/31(8)
|
75
|
75
|
|
Petco Health & Wellness
Co., Inc. 2026 (3 month
Term SOFR + 4.250%)
7.982%, 2/3/31(8)
|
60
|
60
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Retail—continued
|
|
|
|
Restoration Hardware, Inc.
(1 month Term SOFR +
2.614%)
6.301%, 10/20/28(8)
|
$45
|
$44
|
|
|
|
264
|
|
|
|
|
|
|
||
|
Service—0.4%
|
|
|
|
Adi Global Distribution
Funding LLC (1 month
Term SOFR + 2.750%)
6.436%, 7/1/33(8)
|
10
|
10
|
|
AlixPartners LLP 2025 (1
month Term SOFR +
2.000%)
5.686%, 8/12/32(8)
|
84
|
85
|
|
Allied Universal Holdco LLC
(1 month Term SOFR +
3.250%)
6.936%, 8/20/32(8)
|
129
|
129
|
|
Ascend Learning LLC (1
month Term SOFR +
3.000%)
6.685%, 12/11/28(8)
|
93
|
93
|
|
BIFM U.S. Finance LLC
2025, First Lien (1 month
Term SOFR + 3.250%)
6.936%, 5/31/28(8)
|
93
|
93
|
|
DG Investment Intermediate
Holdings 2, Inc. (1 month
Term SOFR + 3.000%)
6.686%, 7/9/32(8)
|
128
|
128
|
|
EnergySolutions LLC
Tranche B
0.010%, 7/23/33(8)(12)
|
50
|
51
|
|
Ensemble RCM LLC
Tranche B (3 month Term
SOFR + 3.000%)
6.823%, 2/9/33(8)
|
80
|
80
|
|
Fugue Finance B.V. Tranche
B (3 month Term SOFR +
2.250%)
6.017%, 1/9/32(8)
|
74
|
74
|
|
Garda World Security Corp.
(3 month Term SOFR +
2.750%)
6.513%, 2/1/29(8)
|
126
|
126
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Service—continued
|
|
|
|
GFL Environmental
Services, Inc. (3 month
Term SOFR + 2.500%)
6.156%, 3/3/32(8)
|
$40
|
$40
|
|
Kuehg Corp. (3 month Term
SOFR + 2.750%)
6.482%, 6/12/30(8)
|
92
|
84
|
|
NAB Holdings LLC 2025 (3
month Term SOFR +
2.500%)
6.232%, 11/24/28(8)
|
223
|
205
|
|
Omnia Partners LLC (3
month Term SOFR +
2.750%)
6.417%, 12/31/32(8)
|
74
|
74
|
|
Trugreen Ltd. Partnership
First Lien (1 month Term
SOFR + 4.100%)
7.786%, 11/2/27(8)
|
115
|
107
|
|
Vantor Holdings, Inc. (3
month Term SOFR +
4.250%)
7.868%, 3/3/33(8)
|
90
|
90
|
|
|
|
1,469
|
|
|
|
|
|
|
||
|
Transportation - Automotive—0.1%
|
|
|
|
Mavis Tire Express Services
Topco Corp. (3 month
Term SOFR + 3.250%)
3.250%, 5/6/33(8)
|
115
|
115
|
|
Wand NewCo 3, Inc.
Tranche B-2 (1 month
Term SOFR + 2.500%)
6.186%, 1/30/31(8)
|
150
|
150
|
|
|
|
265
|
|
|
|
|
|
|
||
|
Utilities—0.1%
|
|
|
|
AL GCX Holdings LLC
Tranche B (1 month Term
SOFR + 2.000%)
5.901%, 12/17/32(8)
|
77
|
77
|
|
Birdsboro Power LLC
Tranche B (3 month Term
SOFR + 3.750%)
7.500%, 6/24/33(8)
|
50
|
50
|
|
|
Par Value(1)
|
Value
|
|
|
|
|
|
Utilities—continued
|
|
|
|
Pathfinder Power LLC
Tranche B
0.010%, 6/22/33(8)(12)
|
$80
|
$80
|
|
Potomac Energy Center LLC
(3 month Term SOFR +
2.750%)
6.573%, 8/5/32(8)
|
124
|
125
|
|
WEC U.S. Holdings Ltd. (1
month Term SOFR +
2.000%)
5.706%, 1/27/31(8)
|
113
|
113
|
|
|
|
445
|
|
|
|
|
|
|
||
|
Total Leveraged Loans
(Identified Cost $13,705)
|
13,151
|
|
|
|
Shares
|
|
|
Preferred Stocks—0.2%
|
||
|
Financials—0.2%
|
|
|
|
American Express Co.
Series E, 6.450%(2)
|
275
(13)
|
277
|
|
Capital Farm Credit ACA
Series 1 144A,
8.393%(2)(3)
|
310
(13)
|
304
|
|
|
|
581
|
|
|
|
|
|
|
||
|
Total Preferred Stocks
(Identified Cost $586)
|
581
|
|
|
|
|
|
|
|
||
|
Common Stocks—102.8%
|
||
|
Communication Services—0.6%
|
|
|
|
Altice Luxembourg S.A.(14)
|
167
|
2
|
|
Atento Luxco 1 S.A.(14)
|
4,451
|
83
|
|
Infrastrutture Wireless
Italiane SpA 144A(2)(3)
|
278,058
|
1,998
|
|
|
|
2,083
|
|
|
|
|
|
|
||
|
Consumer Discretionary—0.0%
|
|
|
|
MYT Holding LLC
Class B(9)(14)
|
22,362
|
6
|
|
NMG Parent LLC
Escrow(9)(14)
|
368
|
—
|
|
|
Shares
|
Value
|
|
|
|
|
|
Consumer
Discretionary—continued
|
|
|
|
West Marine(9)(14)
|
475
|
$—
|
|
|
|
6
|
|
|
|
|
|
|
||
|
Energy—16.5%
|
|
|
|
Cheniere Energy, Inc.(2)
|
25,871
|
7,546
|
|
DT Midstream, Inc.(2)
|
21,782
|
2,854
|
|
Enbridge, Inc.(2)
|
119,024
|
6,019
|
|
Keyera Corp.(2)
|
171,562
|
7,441
|
|
ONEOK, Inc.(2)
|
45,864
|
4,404
|
|
Targa Resources Corp.(2)
|
36,067
|
10,591
|
|
TC Energy Corp.(2)
|
133,298
|
8,335
|
|
Williams Cos., Inc. (The)(2)
|
184,920
|
13,878
|
|
|
|
61,068
|
|
|
|
|
|
|
||
|
Health Care—0.0%
|
|
|
|
Endo GUC Trust Class A
Escrow(9)(14)
|
7,168
|
—
|
|
Lannett Co., Inc.(9)(14)
|
3,742
|
6
|
|
Modivcare(14)
|
1,781
|
9
|
|
|
|
15
|
|
|
|
|
|
|
||
|
Industrials—34.1%
|
|
|
|
Aena SME S.A. 144A(2)(3)
|
822,124
|
25,229
|
|
Canadian Pacific Kansas
City Ltd.
|
145,701
|
13,497
|
|
Central Japan Railway Co.
|
150,800
|
3,753
|
|
CSX Corp.
|
280,573
|
14,172
|
|
Ferrovial N.V.
|
61,039
|
3,573
|
|
Flughafen Zurich AG
Registered Shares(2)
|
35,859
|
9,262
|
|
GEK TERNA S.A.
|
130,077
|
7,047
|
|
Grupo Aeroportuario del
Centro Norte SAB de C.V.
Class B
|
283,800
|
3,518
|
|
Grupo Aeroportuario del
Pacifico SAB de C.V.
Class B
|
87,285
|
1,803
|
|
Norfolk Southern Corp.(2)
|
12,698
|
4,353
|
|
Sacyr S.A.(2)
|
716,762
|
3,528
|
|
Transurban Group
|
893,938
|
9,161
|
|
Union Pacific Corp.
|
74,057
|
22,267
|
|
|
Shares
|
Value
|
|
|
|
|
|
Industrials—continued
|
|
|
|
Vinci S.A.
|
39,571
|
$5,201
|
|
|
|
126,364
|
|
|
|
|
|
|
||
|
Materials—0.0%
|
|
|
|
Klockner Pentaplast(9)(14)
|
17,712
|
29
|
|
Real Estate—4.2%
|
|
|
|
American Tower Corp.(2)
|
50,138
|
8,809
|
|
Crown Castle, Inc.(2)
|
85,478
|
6,508
|
|
|
|
15,317
|
|
|
|
|
|
|
||
|
Utilities—47.4%
|
|
|
|
Alliant Energy Corp.
|
51,560
|
3,505
|
|
CenterPoint Energy, Inc.(2)
|
125,062
|
4,952
|
|
Constellation Energy
Corp.(2)
|
10,964
|
3,012
|
|
DTE Energy Co.(2)
|
32,859
|
4,457
|
|
Duke Energy Corp.(2)
|
44,089
|
5,287
|
|
E.ON SE(2)
|
227,992
|
4,714
|
|
EDP S.A.(2)
|
946,895
|
5,145
|
|
Entergy Corp.(2)
|
91,926
|
9,773
|
|
Evergy, Inc.(2)
|
87,005
|
7,049
|
|
Guangdong Investment Ltd.
(Hong Kong)
|
3,918,000
|
4,424
|
|
Iberdrola S.A.
|
246,571
|
5,751
|
|
Kansai Electric Power Co.,
Inc. (The)
|
284,700
|
5,009
|
|
National Grid plc
|
440,529
|
6,984
|
|
NextEra Energy, Inc.(2)
|
228,813
|
18,840
|
|
NiSource, Inc.(2)
|
171,350
|
7,012
|
|
OGE Energy Corp.(2)
|
132,538
|
6,048
|
|
Pennon Group plc
|
754,204
|
4,895
|
|
PG&E Corp.(2)
|
560,650
|
7,440
|
|
PPL Corp.(2)
|
159,451
|
5,442
|
|
Sempra (2)
|
124,447
|
10,167
|
|
Severn Trent plc
|
94,864
|
4,044
|
|
Southern Co. (The)(2)
|
135,262
|
11,903
|
|
Southwest Gas Holdings,
Inc.(2)
|
21,700
|
1,917
|
|
Spire, Inc.(2)
|
43,435
|
3,555
|
|
SSE plc
|
121,319
|
4,026
|
|
United Utilities Group plc
|
303,501
|
5,885
|
|
|
Shares
|
Value
|
|
|
|
|
|
Utilities—continued
|
|
|
|
Veolia Environnement
S.A.(2)
|
100,315
|
$3,798
|
|
Xcel Energy, Inc.(2)
|
139,562
|
10,563
|
|
|
|
175,597
|
|
|
|
|
|
|
||
|
Total Common Stocks
(Identified Cost $331,035)
|
380,479
|
|
|
|
|
|
|
|
||
|
Exchange-Traded Fund—0.4%
|
||
|
State Street SPDR
Bloomberg High Yield
Bond ETF(15)
|
15,383
|
1,478
|
|
Total Exchange-Traded Fund
(Identified Cost $1,478)
|
1,478
|
|
|
|
|
|
|
|
||
|
Total Long-Term
Investments—141.3%
(Identified Cost $476,409)
|
523,256
|
|
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS—141.3%
(Identified Cost $476,409)
|
$523,256
|
|
|
Other assets and liabilities,
net—(41.3)%
|
(153,013
)
|
|
|
NET ASSETS—100.0%
|
$370,243
|
|
|
Abbreviations:
|
|
|
ABS
|
Asset-Backed Securities
|
|
ACA
|
American Capital Access Financial Guarantee
Corp.
|
|
BDC
|
Business Development Companies
|
|
DAC
|
Designated Activity Company
|
|
ETF
|
Exchange-Traded Fund
|
|
LLC
|
Limited Liability Company
|
|
LLP
|
Limited Liability Partnership
|
|
LP
|
Limited Partnership
|
|
PIK
|
Payment-in-Kind Security
|
|
plc
|
Public Limited Company
|
|
S.a.r.l.
|
Société à responsabilité limitée
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
SPDR
|
S&P Depositary Receipt
|
|
Footnote Legend:
|
|
|
(1)
|
Par Value disclosed in foreign currency is
reported in thousands.
|
|
(2)
|
All or a portion of securities is segregated as
collateral for margin loan financing. The value of
securities segregated as collateral is $283,205.
|
|
(3)
|
Security exempt from registration under
Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt
from registration, normally to qualified
institutional buyers. At August 31, 2026, these
securities amounted to a value of $103,225 or
27.9% of net assets.
|
|
(4)
|
Security in default; no interest payments are
being received.
|
|
(5)
|
Regulation S security. Security is offered and
sold outside of the United States; therefore, it is
exempt from registration with the SEC under
Rules 903 and 904 of the Securities Act of 1933.
|
|
(6)
|
Represents step coupon bond. Rate shown
reflects the rate in effect as of August 31, 2026.
|
|
(7)
|
Amount is less than $500 (not in thousands).
|
|
(8)
|
Variable rate security. Rate disclosed is as of
August 31, 2026. Information in parenthesis
represents benchmark and reference rate for
each security. Certain variable rate securities are
not based on a published reference rate and
spread but are determined by the issuer or agent
and are based on current market conditions, or,
for mortgage-backed securities, are impacted by
the individual mortgages which are paying off
over time. These securities do not indicate a
reference rate and spread in their descriptions.
|
|
(9)
|
The value of this security was determined using
significant unobservable inputs and is reported
as a Level 3 security in the Fair Value Hierarchy
table located after the Schedule of Investments.
|
|
(10)
|
No contractual maturity date.
|
|
(11)
|
Payment-in-kind security which may pay
interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate
and possible payment rates.
|
|
(12)
|
This loan will settle after August 31, 2026, at
which time the interest rate, calculated on the
base lending rate and the agreed upon spread on
trade date, will be reflected.
|
|
(13)
|
Value shown as par value.
|
|
(14)
|
Non-income producing.
|
|
(15)
|
Shares of this fund are publicly offered, and its
prospectus and annual report are publicly
available.
|
|
Foreign Currencies:
|
|
|
BRL
|
Brazilian Real
|
|
CZK
|
Czech Koruna
|
|
HUF
|
Hungarian Forint
|
|
MXN
|
Mexican Peso
|
|
MYR
|
Malaysian Ringgit
|
|
ZAR
|
South African Rand
|
|
Country Weightings†
|
|
|
United States
|
62
%
|
|
Canada
|
7
|
|
Spain
|
7
|
|
United Kingdom
|
5
|
|
France
|
2
|
|
Australia
|
2
|
|
Switzerland
|
2
|
|
Other
|
13
|
|
Total
|
100
%
|
|
†% of total investments as of August 31, 2026.
|
|
|
Borrower
|
Par Value
|
Commitment
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Coreweave Financing DDTL V LLC, 11/15/31
|
$85
|
$86
|
$86
|
$(1
)
|
|
|
Total
Value at
August 31, 2026
|
Level 1
Quoted Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Assets:
|
|
|
|
|
|
Debt Instruments:
|
|
|
|
|
|
U.S. Government Securities
|
$2,830
|
$—
|
$2,830
|
$—
|
|
Foreign Government Securities
|
23,036
|
—
|
23,036
|
—
|
|
Mortgage-Backed Securities
|
33,843
|
—
|
33,843
|
—
|
|
Asset-Backed Securities
|
18,602
|
—
|
18,602
|
—
|
|
Corporate Bonds and Notes
|
49,256
|
—
|
49,165
|
91
|
|
Leveraged Loans
|
13,151
|
—
|
13,146
|
5
|
|
Equity Securities:
|
|
|
|
|
|
Preferred Stocks
|
581
|
—
|
581
|
—
|
|
Common Stocks
|
380,479
|
380,344
|
94
|
41
(1)
|
|
Exchange-Traded Fund
|
1,478
|
1,478
|
—
|
—
|
|
Other Financial Instruments:
|
|
|
|
|
|
Unfunded Loan Commitment*
|
(1
)
|
—
|
(1
)
|
—
|
|
Total Investments
|
$523,255
|
$381,822
|
$141,296
|
$137
|
|
(1)
|
Includes internally fair valued securities currently priced at zero ($0).
|
|
*
|
Unfunded Loan Commitments are valued at the net unrealized appreciation (depreciation).
|