Portfolio of Investments – as of March 31, 2024 (Unaudited)Loomis Sayles Investment Grade Bond Fund
Principal Amount | Description | Value (†) |
Bonds and Notes — 93.4% of Net Assets | ||
Non-Convertible Bonds — 92.2% | ||
ABS Car Loan — 4.2% | ||
$3,200,000 | American Credit Acceptance Receivables Trust, Series 2022-1, Class D, 2.460%, 3/13/2028(a) | $3,110,795 |
1,785,000 | American Credit Acceptance Receivables Trust, Series 2022-4, Class C, 7.860%, 2/15/2029(a) | 1,802,011 |
13,370,000 | American Credit Acceptance Receivables Trust, Series 2023-2, Class C, 5.960%, 8/13/2029(a) | 13,379,529 |
4,795,000 | American Credit Acceptance Receivables Trust, Series 2023-3, Class D, 6.820%, 10/12/2029(a) | 4,827,894 |
11,365,000 | American Credit Acceptance Receivables Trust, Series 2023-4, Class D, 7.650%, 9/12/2030(a) | 11,768,805 |
1,395,000 | AmeriCredit Automobile Receivables Trust, Series 2020-2, Class D, 2.130%, 3/18/2026 | 1,362,284 |
8,910,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027(a) | 8,409,030 |
2,540,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.250%, 2/20/2027(a) | 2,456,222 |
19,105,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class D, 4.080%, 2/20/2028(a) | 17,197,593 |
7,985,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class C, 7.240%, 6/20/2029(a) | 8,284,660 |
2,810,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2023-8A, Class C, 7.340%, 2/20/2030(a) | 2,939,360 |
750,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class C, 6.480%, 6/20/2030(a) | 759,929 |
17,240,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2024-2A, Class A, 5.130%, 10/20/2028(a) | 17,247,603 |
4,965,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class C, 6.110%, 12/20/2030(a) | 4,968,798 |
21,010,000 | Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class D, 7.840%, 8/15/2029 | 22,086,945 |
2,550,000 | CarMax Auto Owner Trust, Series 2021-3, Class D, 1.500%, 1/18/2028 | 2,392,499 |
1,100,000 | CarMax Auto Owner Trust, Series 2022-1, Class D, 2.470%, 7/17/2028 | 1,023,334 |
11,965,000 | CarMax Auto Owner Trust, Series 2023-1, Class D, 6.270%, 11/15/2029 | 12,109,759 |
1,540,000 | CarMax Auto Owner Trust, Series 2023-2, Class D, 6.550%, 10/15/2029 | 1,560,393 |
3,035,000 | CarMax Auto Owner Trust, Series 2023-4, Class D, 7.160%, 4/15/2030 | 3,122,118 |
4,250,000 | CarMax Auto Owner Trust, Series 2024-1, Class D, 6.000%, 7/15/2030 | 4,269,610 |
1,595,000 | Carvana Auto Receivables Trust, Series 2023-N1, Class D, 6.690%, 7/10/2029(a) | 1,609,367 |
1,860,000 | Carvana Auto Receivables Trust, Series 2023-N4, Class D, 7.220%, 2/11/2030(a) | 1,919,510 |
7,375,000 | Carvana Auto Receivables Trust, Series 2024-N1, Class C, 5.800%, 5/10/2030(a) | 7,429,907 |
12,997,000 | Carvana Auto Receivables Trust, Series 2024-P1, Class A4, 5.080%, 3/11/2030(a) | 12,974,450 |
2,970,000 | Credit Acceptance Auto Loan Trust, Series 2023-1A, Class C, 7.710%, 7/15/2033(a) | 3,048,387 |
Principal Amount | Description | Value (†) |
ABS Car Loan — continued | ||
$4,835,000 | Credit Acceptance Auto Loan Trust, Series 2023-2A, Class C, 7.150%, 9/15/2033(a) | $4,896,554 |
2,035,000 | Credit Acceptance Auto Loan Trust, Series 2023-3A, Class C, 7.620%, 12/15/2033(a) | 2,095,199 |
3,460,000 | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class C, 6.710%, 7/17/2034(a) | 3,485,646 |
21,060,000 | Drive Auto Receivables Trust, Series 2024-1, Class C, 5.430%, 11/17/2031 | 21,116,567 |
10,500,000 | DT Auto Owner Trust, Series 2022-1A, Class D, 3.400%, 12/15/2027(a) | 10,151,799 |
9,695,000 | DT Auto Owner Trust, Series 2023-1A, Class D, 6.440%, 11/15/2028(a) | 9,811,048 |
10,700,000 | DT Auto Owner Trust, Series 2023-2A, Class D, 6.620%, 2/15/2029(a) | 10,803,885 |
7,695,000 | DT Auto Owner Trust, Series 2023-3A, Class D, 7.120%, 5/15/2029(a) | 7,861,705 |
6,038,277 | Exeter Automobile Receivables Trust, Series 2021-1A, Class D, 1.080%, 11/16/2026 | 5,888,432 |
2,685,000 | Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.560%, 7/17/2028 | 2,621,258 |
4,130,000 | Exeter Automobile Receivables Trust, Series 2022-3A, Class D, 6.760%, 9/15/2028 | 4,168,941 |
2,575,000 | Exeter Automobile Receivables Trust, Series 2022-6A, Class C, 6.320%, 5/15/2028 | 2,590,116 |
2,675,000 | Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.690%, 6/15/2029 | 2,709,423 |
6,035,000 | Exeter Automobile Receivables Trust, Series 2023-2A, Class D, 6.320%, 8/15/2029 | 6,102,731 |
3,100,000 | Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.680%, 4/16/2029 | 3,140,963 |
14,145,000 | Exeter Automobile Receivables Trust, Series 2023-5A, Class D, 7.130%, 2/15/2030 | 14,493,066 |
2,660,000 | First Investors Auto Owner Trust, Series 2022-1A, Class D, 3.790%, 6/15/2028(a) | 2,543,546 |
1,910,000 | First Investors Auto Owner Trust, Series 2022-2A, Class D, 8.710%, 10/16/2028(a) | 2,004,113 |
2,104,977 | Flagship Credit Auto Trust, Series 2019-3, Class D, 2.860%, 12/15/2025(a) | 2,087,027 |
2,520,000 | Flagship Credit Auto Trust, Series 2023-1, Class D, 6.460%, 5/15/2029(a) | 2,524,476 |
11,331,000 | Flagship Credit Auto Trust, Series 2023-2, Class D, 6.620%, 5/15/2029(a) | 11,435,434 |
1,800,000 | Flagship Credit Auto Trust, Series 2023-3, Class D, 6.580%, 8/15/2029(a) | 1,817,625 |
4,225,000 | Ford Credit Auto Lease Trust, Series 2023-B, Class D, 6.970%, 6/15/2028 | 4,324,135 |
930,443 | Ford Credit Auto Owner Trust, Series 2020-C, Class A3, 0.410%, 7/15/2025 | 926,357 |
3,453,984 | Ford Credit Auto Owner Trust, Series 2021-A, Class A3, 0.300%, 8/15/2025 | 3,424,721 |
4,580,000 | GLS Auto Receivables Issuer Trust, Series 2023-2A, Class D, 6.310%, 3/15/2029(a) | 4,622,099 |
3,550,000 | GLS Auto Receivables Issuer Trust, Series 2023-3A, Class D, 6.440%, 5/15/2029(a) | 3,587,948 |
6,440,000 | GLS Auto Receivables Issuer Trust, Series 2023-4A, Class D, 7.180%, 8/15/2029(a) | 6,648,345 |
4,140,000 | GLS Auto Receivables Issuer Trust, Series 2024-1A, Class D, 5.950%, 12/17/2029(a) | 4,164,281 |
1,074,800 | GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class A3, 0.350%, 10/16/2025 | 1,066,315 |
Principal Amount | Description | Value (†) |
ABS Car Loan — continued | ||
$6,298,187 | GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class A3, 0.510%, 4/16/2026 | $6,184,742 |
11,298,000 | Hertz Vehicle Financing III LLC, Series 2022-1A, Class D, 4.850%, 6/25/2026(a) | 10,968,327 |
3,850,000 | Hertz Vehicle Financing III LLC, Series 2023-1A, Class 1D, 9.130%, 6/25/2027(a) | 3,906,676 |
12,845,000 | Hertz Vehicle Financing LLC, Series 2022-2A, Class D, 5.160%, 6/26/2028(a) | 11,793,603 |
6,675,000 | Hertz Vehicle Financing LLC, Series 2022-4A, Class D, 6.560%, 9/25/2026(a) | 6,545,432 |
1,059,983 | Honda Auto Receivables Owner Trust, Series 2021-1, Class A3, 0.270%, 4/21/2025 | 1,053,922 |
189,697 | JPMorgan Chase Bank N.A, Series 2021-1, Class D, 1.174%, 9/25/2028(a) | 187,695 |
5,370,000 | LAD Auto Receivables Trust, Series 2023-3A, Class C, 6.430%, 12/15/2028(a) | 5,487,437 |
2,715,000 | LAD Auto Receivables Trust, Series 2023-4A, Class C, 6.760%, 3/15/2029(a) | 2,778,869 |
1,460,000 | LAD Auto Receivables Trust, Series 2023-4A, Class D, 7.370%, 4/15/2031(a) | 1,493,195 |
790,000 | LAD Auto Receivables Trust, Series 2024-1A, Class B, 5.330%, 2/15/2029(a) | 783,528 |
295,000 | LAD Auto Receivables Trust, Series 2024-1A, Class C, 5.640%, 6/15/2029(a) | 292,819 |
1,555,000 | OneMain Direct Auto Receivables Trust, Series 2023-1A, Class D, 7.070%, 2/14/2033(a) | 1,589,240 |
4,350,000 | Prestige Auto Receivables Trust, Series 2020-1A, Class E, 3.670%, 2/15/2028(a) | 4,253,865 |
4,970,000 | Prestige Auto Receivables Trust, Series 2023-1A, Class D, 6.330%, 4/16/2029(a) | 4,985,854 |
4,500,000 | Prestige Auto Receivables Trust, Series 2023-2A, Class C, 7.120%, 8/15/2029(a) | 4,615,747 |
2,725,000 | Prestige Auto Receivables Trust, Series 2023-2A, Class D, 7.710%, 8/15/2029(a) | 2,810,024 |
475,000 | SBNA Auto Receivables Trust, Series 2024-A, Class C, 5.590%, 1/15/2030(a) | 474,911 |
716,000 | SBNA Auto Receivables Trust, Series 2024-A, Class D, 6.040%, 4/15/2030(a) | 716,804 |
2,730,000 | SFS Auto Receivables Securitization Trust, Series 2023-1A, Class C, 5.970%, 2/20/2031(a) | 2,774,389 |
2,230,000 | VStrong Auto Receivables Trust, Series 2024-A, Class B, 5.770%, 7/15/2030(a) | 2,235,419 |
565,000 | VStrong Auto Receivables Trust, Series 2024-A, Class D, 7.290%, 7/15/2030(a) | 568,652 |
3,055,000 | Westlake Automobile Receivables Trust, Series 2023-1A, Class D, 6.790%, 11/15/2028(a) | 3,110,342 |
7,350,000 | Westlake Automobile Receivables Trust, Series 2023-2A, Class D, 7.010%, 11/15/2028(a) | 7,506,240 |
8,400,000 | Westlake Automobile Receivables Trust, Series 2023-3A, Class D, 6.470%, 3/15/2029(a) | 8,514,929 |
13,315,000 | Westlake Automobile Receivables Trust, Series 2023-4A, Class D, 7.190%, 7/16/2029(a) | 13,687,820 |
19,730,000 | Westlake Automobile Receivables Trust, Series 2024-1A, Class C, 5.650%, 2/15/2029(a) | 19,730,000 |
14,870,000 | Westlake Automobile Receivables Trust, Series 2024-1A, Class D, 6.020%, 10/15/2029(a) | 14,902,491 |
4,990,000 | Westlake Flooring Master Trust, Series 2024-1A, Class A, 5.430%, 2/15/2028(a) | 5,002,794 |
484,130,313 |
Principal Amount | Description | Value (†) |
ABS Credit Card — 0.1% | ||
$4,007,000 | Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.230%, 7/17/2028(a) | $4,040,054 |
8,286,000 | Mission Lane Credit Card Master Trust, Series 2023-B, Class A, 7.690%, 11/15/2028(a) | 8,406,339 |
12,446,393 | ||
ABS Home Equity — 4.0% | ||
15,451,000 | American Homes 4 Rent Trust, Series 2015-SFR1, Class E, 5.639%, 4/17/2052(a) | 15,342,838 |
2,534,382 | Citigroup Mortgage Loan Trust, Inc., Series 2019-RP1, Class A1, 3.500%, 1/25/2066(a)(b) | 2,413,778 |
19,425,470 | COLT Mortgage Loan Trust, Series 2021-6, Class A1, 1.907%, 12/25/2066(a)(b) | 16,799,436 |
2,434,000 | CoreVest American Finance Ltd., Series 2019-1, Class D, 4.818%, 3/15/2052(a) | 2,315,202 |
2,452,200 | CoreVest American Finance Ltd., Series 2019-3, Class A, 2.705%, 10/15/2052(a) | 2,395,990 |
2,929,000 | CoreVest American Finance Ltd., Series 2019-3, Class B, 3.163%, 10/15/2052(a) | 2,621,638 |
1,259,000 | CoreVest American Finance Ltd., Series 2020-2, Class C, 4.596%, 5/15/2052(a)(b) | 1,180,099 |
1,870,000 | CoreVest American Finance Ltd., Series 2021-3, Class D, 3.469%, 10/15/2054(a) | 1,564,227 |
16,765,000 | CoreVest American Finance Ltd., Series 2021-RTL1, Class A1, 2.239%, 3/28/2029(a)(b) | 16,083,402 |
10,565,000 | CoreVest American Finance Ltd., Series 2023-RTL1, Class A1, 7.553%, 12/28/2030(a)(b) | 10,515,683 |
2,654,631 | Credit Suisse Mortgage Trust, Series 2020-RPL3, Class A1, 4.081%, 3/25/2060(a)(b) | 2,637,581 |
4,321,154 | Credit Suisse Mortgage Trust, Series 2021-RPL1, Class A1, 4.037%, 9/27/2060(a)(b) | 4,172,823 |
5,280,702 | Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, 0.899%, 4/25/2066(a)(b) | 4,541,929 |
4,778,413 | Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, REMICS, 30 day USD SOFR Average + 2.000%, 7.320%, 4/25/2042(a)(b) | 4,840,207 |
4,797,075 | Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2023-DNA2, Class M1A, REMICS, 30 day USD SOFR Average + 2.100%, 7.420%, 4/25/2043(a)(b) | 4,884,716 |
3,237,843 | Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R06, Class 1M1, 30 day USD SOFR Average + 2.750%, 8.070%, 5/25/2042(a)(b) | 3,322,837 |
8,207,009 | Federal National Mortgage Association Connecticut Avenue Securities, Series 2023-R02, Class 1M1, 30 day USD SOFR Average + 2.300%, 7.620%, 1/25/2043(a)(b) | 8,401,889 |
Principal Amount | Description | Value (†) |
ABS Home Equity — continued | ||
$2,433,196 | Federal National Mortgage Association Connecticut Avenue Securities, Series 2023-R08, Class 1M1, 30 day USD SOFR Average + 1.500%, 6.820%, 10/25/2043(a)(b) | $2,442,321 |
9,832,472 | Federal National Mortgage Association Connecticut Avenue Securities, Series 2024-R02, Class 1M1, 30 day USD SOFR Average + 1.100%, 6.420%, 2/25/2044(a)(b) | 9,835,540 |
3,083,000 | FirstKey Homes Trust, Series 2020-SFR1, Class D, 2.241%, 8/17/2037(a) | 2,906,654 |
1,515,000 | FirstKey Homes Trust, Series 2020-SFR1, Class E, 2.791%, 8/17/2037(a) | 1,434,621 |
13,696,000 | FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.968%, 10/19/2037(a) | 12,776,115 |
6,000,000 | FirstKey Homes Trust, Series 2021-SFR2, Class B, 1.607%, 9/17/2038(a) | 5,434,661 |
10,000,000 | FirstKey Homes Trust, Series 2021-SFR3, Class B, 2.435%, 12/17/2038(a) | 9,189,687 |
9,710,000 | FirstKey Homes Trust, Series 2022-SFR2, Class D, 4.500%, 7/17/2039(a) | 9,199,501 |
3,041,028 | GCAT Trust, Series 2019-RPL1, Class A1, 2.650%, 10/25/2068(a)(b) | 2,867,168 |
2,283,757 | Home Partners of America Trust, Series 2019-1, Class D, 3.406%, 9/17/2039(a) | 2,059,848 |
2,418,902 | Home Partners of America Trust, Series 2019-2, Class D, 3.121%, 10/19/2039(a) | 2,155,148 |
974,485 | Home Partners of America Trust, Series 2021-1, Class E, 2.577%, 9/17/2041(a) | 791,083 |
10,335,474 | Home Partners of America Trust, Series 2021-2, Class E1, 2.852%, 12/17/2026(a) | 9,271,968 |
5,158,123 | Home Partners of America Trust, Series 2021-2, Class E2, 2.952%, 12/17/2026(a) | 4,611,208 |
4,660,197 | Legacy Mortgage Asset Trust, Series 2020-GS1, Class A1, 6.882%, 10/25/2059(a)(b) | 4,659,180 |
1,817,939 | Legacy Mortgage Asset Trust, Series 2021-GS4, Class A1, 1.650%, 11/25/2060(a)(b) | 1,758,279 |
1,467,786 | Mill City Mortgage Loan Trust, Series 2018-2, Class M1, 3.750%, 5/25/2058(a)(b) | 1,401,058 |
1,804,311 | Mill City Mortgage Loan Trust, Series 2019-1, Class A1, 3.250%, 10/25/2069(a)(b) | 1,725,987 |
2,744,944 | Mill City Mortgage Loan Trust, Series 2019-1, Class M1, 3.500%, 10/25/2069(a)(b) | 2,515,215 |
3,886,998 | Mill City Mortgage Loan Trust, Series 2019-GS1, Class A1, 2.750%, 7/25/2059(a)(b) | 3,697,810 |
540,000 | Mill City Mortgage Loan Trust, Series 2021-NMR1, Class M1, 1.850%, 11/25/2060(a)(b) | 463,278 |
1,750,000 | Mill City Mortgage Loan Trust, Series 2021-NMR1, Class M2, 2.500%, 11/25/2060(a)(b) | 1,468,297 |
13,316,843 | NLT Trust, Series 2023-1, Class A1, 3.200%, 10/25/2062(a)(b) | 12,001,205 |
21,203,557 | NYMT Loan Trust, Series 2024-CP1, Class A1, 3.750%, 2/25/2068(a)(b) | 19,375,302 |
5,444,650 | OBX Trust, Series 2021-NQM3, Class A1, 1.054%, 7/25/2061(a)(b) | 4,223,460 |
155,000 | Progress Residential Trust, Series 2020-SFR2, Class C, 3.077%, 6/17/2037(a) | 149,601 |
Principal Amount | Description | Value (†) |
ABS Home Equity — continued | ||
$295,000 | Progress Residential Trust, Series 2020-SFR3, Class B, 1.495%, 10/17/2027(a) | $276,263 |
1,770,000 | Progress Residential Trust, Series 2020-SFR3, Class D, 1.896%, 10/17/2027(a) | 1,655,428 |
1,818,000 | Progress Residential Trust, Series 2020-SFR3, Class E, 2.296%, 10/17/2027(a) | 1,701,540 |
5,780,000 | Progress Residential Trust, Series 2021-SFR2, Class E1, 2.547%, 4/19/2038(a) | 5,306,372 |
8,750,000 | Progress Residential Trust, Series 2021-SFR3, Class C, 2.088%, 5/17/2026(a) | 8,065,764 |
2,420,000 | Progress Residential Trust, Series 2021-SFR3, Class E1, 2.538%, 5/17/2026(a) | 2,218,049 |
2,015,000 | Progress Residential Trust, Series 2021-SFR3, Class E2, 2.688%, 5/17/2026(a) | 1,843,472 |
3,575,000 | Progress Residential Trust, Series 2021-SFR6, Class E1, 2.425%, 7/17/2038(a) | 3,230,203 |
1,795,000 | Progress Residential Trust, Series 2021-SFR6, Class E2, 2.525%, 7/17/2038(a) | 1,620,347 |
1,400,000 | Progress Residential Trust, Series 2021-SFR9, Class E1, 2.811%, 11/17/2040(a) | 1,213,788 |
960,000 | Progress Residential Trust, Series 2021-SFR9, Class E2, 3.010%, 11/17/2040(a) | 831,196 |
1,260,000 | Progress Residential Trust, Series 2023-SFR1, Class C, 4.650%, 3/17/2040(a) | 1,203,925 |
1,935,000 | Progress Residential Trust, Series 2023-SFR1, Class D, 4.650%, 3/17/2040(a) | 1,832,671 |
1,285,000 | Progress Residential Trust, Series 2023-SFR2, Class B, 4.500%, 10/17/2028(a) | 1,226,074 |
3,542,176 | PRPM LLC, Series 2020-4, Class A1, 5.610%, 10/25/2025(a)(b) | 3,534,181 |
4,657,943 | PRPM LLC, Series 2021-10, Class A1, 2.487%, 10/25/2026(a)(b) | 4,567,272 |
169,991 | PRPM LLC, Series 2021-2, Class A1, 5.115%, 3/25/2026(a)(b) | 168,339 |
4,877,145 | PRPM LLC, Series 2021-8, Class A1, 1.743%, 9/25/2026(a)(b) | 4,683,135 |
15,732,317 | PRPM LLC, Series 2022-5, Class A1, 6.900%, 9/27/2027(a)(b) | 15,780,478 |
1,152,757 | PRPM LLC, Series 2023-RCF2, Class A1, 4.000%, 11/25/2053(a)(b) | 1,105,651 |
11,230,331 | PRPM LLC, Series 2024-1, Class A1, 6.959%, 2/25/2029(a)(b) | 11,199,324 |
2,528,476 | PRPM LLC, Series 2024-RCF1, Class A1, 4.000%, 1/25/2054(a)(b) | 2,411,238 |
9,895,000 | PRPM LLC, Series 2024-RCF2, Class A1, 3.750%, 3/25/2054(a)(b) | 9,411,729 |
20,629,000 | PRPM LLC, Series 2024-RPL1, Class A1, 4.200%, 12/25/2064(a)(b) | 19,650,092 |
5,965,548 | RCO VII Mortgage LLC, Series 2024-1, Class A1, 7.021%, 1/25/2029(a)(b) | 5,934,861 |
6,730,794 | Redwood Funding Trust, Series 2023-1, Class A, 7.500%, 7/25/2059(a)(b) | 6,604,700 |
340,364 | Sequoia Mortgage Trust, Series 2017-CH2, Class A1, 4.000%, 12/25/2047(a)(b) | 312,070 |
5,790,000 | Toorak Mortgage Trust, Series 2024-RRTL1, Class A1, 6.597%, 2/25/2039(a)(b) | 5,785,773 |
4,930,000 | Towd Point Mortgage Trust, Series 2017-4, Class M2, 3.250%, 6/25/2057(a)(b) | 4,182,000 |
1,775,000 | Towd Point Mortgage Trust, Series 2018-4, Class A2, 3.000%, 6/25/2058(a)(b) | 1,470,261 |
1,943,340 | Towd Point Mortgage Trust, Series 2018-5, Class M1, 3.250%, 7/25/2058(a)(b) | 1,600,637 |
Principal Amount | Description | Value (†) |
ABS Home Equity — continued | ||
$4,495,000 | Towd Point Mortgage Trust, Series 2019-2, Class A2, 3.750%, 12/25/2058(a)(b) | $4,001,665 |
17,610,000 | Towd Point Mortgage Trust, Series 2019-2, Class M1, 3.750%, 12/25/2058(a)(b) | 15,219,259 |
4,185,524 | Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.900%, 10/25/2059(a)(b) | 3,911,821 |
3,325,000 | Towd Point Mortgage Trust, Series 2020-1, Class A2B, 3.250%, 1/25/2060(a)(b) | 2,782,260 |
1,505,000 | Tricon American Homes, Series 2020-SFR1, Class B, 2.049%, 7/17/2038(a) | 1,388,370 |
3,950,000 | Tricon American Homes, Series 2020-SFR1, Class D, 2.548%, 7/17/2038(a) | 3,657,557 |
2,575,000 | Tricon American Homes Trust, Series 2019-SFR1, Class D, 3.198%, 3/17/2038(a) | 2,439,045 |
551,480 | VCAT LLC, Series 2021-NPL1, Class A1, 5.289%, 12/26/2050(a)(b) | 547,550 |
5,873,446 | VCAT LLC, Series 2021-NPL5, Class A1, 1.868%, 8/25/2051(a)(b) | 5,725,430 |
15,983,130 | VCAT LLC, Series 2021-NPL6, Class A1, 1.917%, 9/25/2051(a)(b) | 15,490,140 |
11,520,879 | Verus Securitization Trust, Series 2021-3, Class A1, 1.046%, 6/25/2066(a)(b) | 9,550,705 |
12,805,903 | Verus Securitization Trust, Series 2021-7, Class A1, 1.829%, 10/25/2066(a)(b) | 11,080,419 |
1,456,242 | VOLT XCII LLC, Series 2021-NPL1, Class A1, 4.893%, 2/27/2051(a)(b) | 1,420,042 |
5,898,604 | VOLT XCIII LLC, Series 2021-NPL2, Class A1, 4.893%, 2/27/2051(a)(b) | 5,724,177 |
6,248,498 | VOLT XCIV LLC, Series 2021-NPL3, Class A1, 5.240%, 2/27/2051(a)(b) | 6,105,482 |
2,450,794 | VOLT XCVI LLC, Series 2021-NPL5, Class A1, 5.116%, 3/27/2051(a)(b) | 2,397,774 |
5,568,696 | VOLT XCVII LLC, Series 2021-NPL6, Class A1, 5.240%, 4/25/2051(a)(b) | 5,460,876 |
459,977,875 | ||
ABS Other — 4.0% | ||
2,399,957 | AASET LLC, Series 2022-1A, Class A, 6.000%, 5/16/2047(a) | 2,346,066 |
4,921,795 | AASET Trust, Series 2021-1A, Class A, 2.950%, 11/16/2041(a) | 4,462,507 |
8,710,000 | Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.610%, 1/18/2028(a) | 8,762,648 |
8,060,000 | Affirm Asset Securitization Trust, Series 2023-B, Class A, 6.820%, 9/15/2028(a) | 8,180,900 |
4,229,061 | Affirm Asset Securitization Trust, Series 2023-X1, Class A, 7.110%, 11/15/2028(a) | 4,250,654 |
5,520,000 | Affirm Asset Securitization Trust, Series 2024-A, Class A, 5.610%, 2/15/2029(a) | 5,517,141 |
3,730,000 | Auxilior Term Funding LLC, Series 2023-1A, Class A2, 6.180%, 12/15/2028(a) | 3,748,471 |
11,270,000 | BHG Securitization Trust, Series 2022-A, Class B, 2.700%, 2/20/2035(a) | 10,520,858 |
8,750,000 | BHG Securitization Trust, Series 2023-B, Class B, 7.450%, 12/17/2036(a) | 9,052,995 |
9,300,000 | BHG Securitization Trust, Series 2024-1CON, Class A, 5.810%, 4/17/2035(a) | 9,332,727 |
9,490,000 | BHG Securitization Trust, Series 2024-1CON, Class B, 6.490%, 4/17/2035(a) | 9,537,886 |
2,424,582 | Business Jet Securities LLC, Series 2021-1A, Class A, 2.162%, 4/15/2036(a) | 2,268,424 |
6,146,875 | CAL Funding IV Ltd., Series 2020-1A, Class A, 2.220%, 9/25/2045(a) | 5,563,652 |
Principal Amount | Description | Value (†) |
ABS Other — continued | ||
$2,541,400 | Castlelake Aircraft Structured Trust, Series 2019-1A, Class A, 3.967%, 4/15/2039(a) | $2,287,537 |
880,000 | Chesapeake Funding II LLC, Series 2023-1A, Class D, 6.690%, 5/15/2035(a) | 875,675 |
5,298,225 | CLI Funding VI LLC, Series 2020-3A, Class A, 2.070%, 10/18/2045(a) | 4,784,942 |
3,104,445 | CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046(a) | 2,753,739 |
7,974,000 | EverBright Solar Trust, Series 2024-A, Class A, 6.430%, 6/22/2054(a) | 7,961,568 |
6,678,719 | Foundation Finance Trust, Series 2023-2A, Class A, 6.530%, 6/15/2049(a) | 6,796,893 |
2,375,000 | Foundation Finance Trust, Series 2023-2A, Class B, 6.970%, 6/15/2049(a) | 2,453,244 |
51,030,000 | Frontier Issuer LLC, Series 2023-1, Class A2, 6.600%, 8/20/2053(a) | 51,490,188 |
4,964,085 | Hardee's Funding LLC, Series 2018-1A, Class A2II, 4.959%, 6/20/2048(a) | 4,914,563 |
387,862 | Hilton Grand Vacations Trust, Series 2022-1D, Class C, 4.690%, 6/20/2034(a) | 373,857 |
792,994 | Hilton Grand Vacations Trust, Series 2023-1A, Class C, 6.940%, 1/25/2038(a) | 808,687 |
5,745,000 | HINNT LLC, Series 2024-A, Class A, 5.490%, 3/15/2043(a) | 5,762,028 |
2,742,221 | Horizon Aircraft Finance I Ltd., Series 2018-1, Class A, 4.458%, 12/15/2038(a) | 2,399,394 |
2,031,667 | Horizon Aircraft Finance II Ltd., Series 2019-1, Class A, 3.721%, 7/15/2039(a) | 1,802,162 |
2,282,646 | Horizon Aircraft Finance III Ltd., Series 2019-2, Class A, 3.425%, 11/15/2039(a) | 1,829,397 |
3,135,000 | HPEFS Equipment Trust, Series 2022-1A, Class D, 2.400%, 11/20/2029(a) | 3,010,694 |
2,395,000 | HPEFS Equipment Trust, Series 2023-2A, Class D, 6.970%, 7/21/2031(a) | 2,439,195 |
5,878,200 | Jack in the Box Funding LLC, Series 2019-1A, Class A2II, 4.476%, 8/25/2049(a) | 5,643,154 |
100,800 | Jack in the Box Funding LLC, Series 2022-1A, Class A2I, 3.445%, 2/26/2052(a) | 93,460 |
4,358,674 | Kestrel Aircraft Funding Ltd., Series 2018-1A, Class A, 4.250%, 12/15/2038(a) | 4,053,611 |
7,566,699 | Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/2046(a) | 6,724,707 |
2,852,178 | MAPS Ltd., Series 2018-1A, Class A, 4.212%, 5/15/2043(a) | 2,683,050 |
1,177,657 | MAPS Ltd., Series 2019-1A, Class A, 4.458%, 3/15/2044(a) | 1,068,747 |
4,722,033 | MAPS Trust, Series 2021-1A, Class A, 2.521%, 6/15/2046(a) | 4,212,530 |
5,024,000 | Marlette Funding Trust, Series 2023-2A, Class B, 6.540%, 6/15/2033(a) | 5,048,631 |
19,660,000 | Merchants Fleet Funding LLC, Series 2023-1A, Class A, 7.210%, 5/20/2036(a) | 19,787,987 |
5,260,000 | Merchants Fleet Funding LLC, Series 2023-1A, Class D, 8.200%, 5/20/2036(a) | 5,281,987 |
529,101 | Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032(a)(b) | 476,191 |
1,795,000 | MetroNet Infrastructure Issuer LLC, Series 2024-1A, Class A2, 6.230%, 4/20/2054(a) | 1,798,003 |
3,864,880 | Mosaic Solar Loans LLC, Series 2024-1A, Class A, 5.500%, 9/20/2049(a) | 3,874,894 |
280,702 | MVW LLC, Series 2020-1A, Class C, 4.210%, 10/20/2037(a) | 269,835 |
Principal Amount | Description | Value (†) |
ABS Other — continued | ||
$11,134,000 | MVW LLC, Series 2024-1A, Class A, 5.320%, 2/20/2043(a) | $11,177,133 |
3,915,000 | MVW LLC, Series 2024-1A, Class C, 6.200%, 2/20/2043(a) | 3,964,443 |
175,219 | MVW Owner Trust, Series 2019-1A, Class C, 3.330%, 11/20/2036(a) | 168,391 |
11,449,077 | Navigator Aircraft ABS Ltd., Series 2021-1, Class A, 2.771%, 11/15/2046(a)(b) | 10,170,387 |
17,135,000 | Octane Receivables Trust, Series 2024-1A, Class A2, 5.680%, 5/20/2030(a) | 17,129,740 |
8,040,000 | OneMain Financial Issuance Trust, Series 2022-S1, Class D, 5.200%, 5/14/2035(a) | 7,648,515 |
530,000 | SCF Equipment Leasing LLC, Series 2021-1A, Class D, 1.930%, 9/20/2030(a) | 498,491 |
2,555,000 | SCF Equipment Leasing LLC, Series 2022-1A, Class D, 3.790%, 11/20/2031(a) | 2,397,440 |
3,365,000 | SCF Equipment Leasing LLC, Series 2022-2A, Class C, 6.500%, 8/20/2032(a) | 3,409,754 |
6,179,513 | SEB Funding LLC, Series 2021-1A, Class A2, 4.969%, 1/30/2052(a) | 5,828,284 |
12,125,000 | SEB Funding LLC, Series 2024-1A, Class A2, 7.386%, 4/30/2054(a) | 12,248,748 |
2,039,600 | Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042(a) | 1,881,572 |
421,793 | Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.790%, 11/20/2037(a) | 398,965 |
1,167,683 | Sierra Timeshare Receivables Funding LLC, Series 2023-1A, Class C, 7.000%, 1/20/2040(a) | 1,175,049 |
1,462,170 | Sierra Timeshare Receivables Funding LLC, Series 2023-2A, Class C, 7.300%, 4/20/2040(a) | 1,485,165 |
5,297,050 | Sierra Timeshare Receivables Funding LLC, Series 2023-3A, Class C, 7.120%, 9/20/2040(a) | 5,359,110 |
190,000 | SLM Private Credit Student Loan Trust, Series 2003-C, Class A3, 28 day Auction Rate Security, 8.000%, 9/15/2032(b)(c) | 188,100 |
480,000 | SLM Private Credit Student Loan Trust, Series 2003-C, Class A4, 28 day Auction Rate Security, 7.990%, 9/15/2032(b)(c) | 475,200 |
10,095,678 | Sunnova Helios X Issuer LLC, Series 2022-C, Class A, 5.300%, 11/22/2049(a) | 9,934,059 |
7,039,389 | Sunnova Helios XI Issuer LLC, Series 2023-A, Class B, 5.600%, 5/20/2050(a) | 6,817,600 |
33,146,156 | Sunnova Helios XIII Issuer LLC, Series 2024-A, Class A, 5.300%, 2/20/2051(a) | 32,464,075 |
9,560,553 | TIC Home Improvement Trust, Series 2024-A, Class A, 6.670%, 10/15/2046(a) | 9,574,148 |
16,490,000 | TIF Funding III LLC, Series 2024-1A, Class A, 5.480%, 5/22/2034(a) | 16,588,099 |
3,825,000 | TIF Funding III LLC, Series 2024-1A, Class C, 6.310%, 5/22/2034(a) | 3,840,243 |
2,782,650 | WAVE Trust, Series 2017-1A, Class A, 3.844%, 11/15/2042(a) | 2,459,114 |
3,085,616 | Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750%, 9/15/2043(a)(b) | 2,949,108 |
972,397 | Willis Engine Structured Trust IV, Series 2018-A, Class B, 5.438%, 9/15/2043(a)(b) | 893,762 |
3,087,280 | Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.104%, 5/15/2046(a) | 2,641,421 |
2,425,592 | Willis Engine Structured Trust VI, Series 2021-A, Class B, 5.438%, 5/15/2046(a) | 1,943,045 |
Principal Amount | Description | Value (†) |
ABS Other — continued | ||
$21,903,833 | Willis Engine Structured Trust VII, Series 2023-A, Class A, 8.000%, 10/15/2048(a) | $22,941,462 |
15,445,000 | Ziply Fiber Issuer LLC, Series 2024-1A, Class A2, 6.640%, 4/20/2054(a) | 15,438,683 |
461,394,785 | ||
ABS Student Loan — 0.9% | ||
466,322 | College Avenue Student Loans LLC, Series 2021-A, Class C, 2.920%, 7/25/2051(a) | 415,956 |
3,510,000 | College Avenue Student Loans LLC, Series 2023-B, Class C, 7.580%, 6/25/2054(a) | 3,584,585 |
2,010,462 | Commonbond Student Loan Trust, Series 2020-1, Class A, 1.690%, 10/25/2051(a) | 1,739,301 |
2,621,069 | ELFI Graduate Loan Program LLC, Series 2019-A, Class A, 2.540%, 3/25/2044(a) | 2,363,780 |
3,512,752 | Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, 1.400%, 11/25/2050(a) | 3,176,001 |
582,181 | Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069(a) | 537,344 |
2,537,433 | Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.840%, 5/15/2069(a) | 2,224,913 |
560,000 | Navient Private Education Refi Loan Trust, Series 2021-A, Class B, 2.240%, 5/15/2069(a) | 418,406 |
2,105,000 | Navient Private Education Refi Loan Trust, Series 2021-EA, Class B, 2.030%, 12/16/2069(a) | 1,384,696 |
4,790,000 | Navient Private Education Refi Loan Trust, Series 2021-FA, Class B, 2.120%, 2/18/2070(a) | 3,100,801 |
5,525,000 | Navient Student Loan Trust, Series 2023-BA, Class B, 7.230%, 3/15/2072(a) | 5,818,864 |
264,000 | SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 28 day Auction Rate Security, 8.000%, 6/15/2032(b)(c) | 261,360 |
243,000 | SLM Private Credit Student Loan Trust, Series 2003-A, Class A4, 28 day Auction Rate Security, 8.000%, 6/15/2032(b)(c) | 240,570 |
431,000 | SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 28 day Auction Rate Security, 7.960%, 3/15/2033(b)(c) | 426,690 |
289,000 | SLM Private Credit Student Loan Trust, Series 2003-B, Class A4, 28 day Auction Rate Security, 7.960%, 3/15/2033(b)(c) | 286,110 |
1,712,924 | SMB Private Education Loan Trust, Series 2015-C, Class B, 3.500%, 9/15/2043(a) | 1,661,841 |
215,000 | SMB Private Education Loan Trust, Series 2018-A, Class B, 3.960%, 7/15/2042(a) | 201,212 |
1,605,000 | SMB Private Education Loan Trust, Series 2018-B, Class B, 4.000%, 7/15/2042(a) | 1,501,975 |
1,525,000 | SMB Private Education Loan Trust, Series 2018-C, Class B, 4.000%, 11/17/2042(a) | 1,417,544 |
3,739,637 | SMB Private Education Loan Trust, Series 2019-A, Class A2A, 3.440%, 7/15/2036(a) | 3,605,582 |
6,692,591 | SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.840%, 6/15/2037(a) | 6,370,704 |
553,689 | SMB Private Education Loan Trust, Series 2020-A, Class A2A, 2.230%, 9/15/2037(a) | 519,430 |
3,738,927 | SMB Private Education Loan Trust, Series 2021-B, Class A, 1.310%, 7/17/2051(a) | 3,390,061 |
4,205,000 | SMB Private Education Loan Trust, Series 2023-C, Class B, 6.360%, 11/15/2052(a) | 4,232,514 |
Principal Amount | Description | Value (†) |
ABS Student Loan — continued | ||
$27,530,000 | SMB Private Education Loan Trust, Series 2024-A, Class A1A, 5.240%, 3/15/2056(a) | $27,563,862 |
17,513,000 | SMB Private Education Loan Trust, Series 2024-A, Class B, 5.880%, 3/15/2056(a) | 17,516,065 |
4,464,000 | SMB Private Education Loan Trust, Series 2024-A, Class C, 6.220%, 3/15/2056(a) | 4,471,057 |
98,431,224 | ||
ABS Whole Business — 0.8% | ||
30,940,000 | Applebee's Funding LLC/IHOP Funding LLC, Series 2023-1A, Class A2, 7.824%, 3/05/2053(a) | 31,986,106 |
2,807,780 | Domino's Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118%, 7/25/2047(a) | 2,687,549 |
5,032,172 | Domino's Pizza Master Issuer LLC, Series 2018-1A, Class A2II, 4.328%, 7/25/2048(a) | 4,850,677 |
11,957,025 | EWC Master Issuer LLC, Series 2022-1A, Class A2, 5.500%, 3/15/2052(a) | 11,379,056 |
4,872,788 | FOCUS Brands Funding, Series 2023-2, Class A2, 8.241%, 10/30/2053(a) | 5,169,038 |
4,100,000 | Hardee's Funding LLC, Series 2024-1A, Class A2, 7.253%, 3/20/2054(a) | 4,123,165 |
3,874,500 | Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.666%, 9/05/2048(a) | 3,789,666 |
6,763,780 | Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2, 3.858%, 12/05/2049(a) | 6,125,293 |
17,306,800 | Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2I, 3.251%, 12/05/2051(a) | 16,156,806 |
1,213,983 | Wendy's Funding LLC, Series 2018-1A, Class A2II, 3.884%, 3/15/2048(a) | 1,147,027 |
87,414,383 | ||
Aerospace & Defense — 2.2% | ||
13,620,000 | BAE Systems PLC, 3.400%, 4/15/2030(a) | 12,421,745 |
2,685,000 | BAE Systems PLC, 5.250%, 3/26/2031(a) | 2,697,968 |
37,065,000 | BAE Systems PLC, 5.300%, 3/26/2034(a) | 37,241,800 |
16,243,000 | Boeing Co., 3.625%, 2/01/2031 | 14,295,397 |
16,452,000 | Boeing Co., 5.705%, 5/01/2040 | 15,746,891 |
25,545,000 | Boeing Co., 5.805%, 5/01/2050 | 24,168,835 |
17,165,000 | Embraer Netherlands Finance BV, 7.000%, 7/28/2030(a) | 17,974,364 |
6,885,000 | Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025 | 6,756,579 |
4,245,000 | Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030 | 3,979,238 |
10,115,000 | L3Harris Technologies, Inc., 5.350%, 6/01/2034 | 10,115,089 |
3,335,000 | RTX Corp., 2.375%, 3/15/2032 | 2,747,440 |
26,330,000 | RTX Corp., 5.150%, 2/27/2033 | 26,380,081 |
21,030,000 | RTX Corp., 6.100%, 3/15/2034 | 22,476,539 |
5,005,000 | Textron, Inc., 2.450%, 3/15/2031 | 4,213,647 |
29,075,000 | Textron, Inc., 3.000%, 6/01/2030 | 25,652,303 |
25,175,000 | Textron, Inc., 6.100%, 11/15/2033 | 26,392,372 |
253,260,288 | ||
Airlines — 0.5% | ||
10,422,344 | American Airlines Pass-Through Trust, Series 2016-3, Class A, 3.250%, 4/15/2030 | 9,409,583 |
962,883 | American Airlines Pass-Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027 | 926,101 |
Principal Amount | Description | Value (†) |
Airlines — continued | ||
$4,456,258 | American Airlines Pass-Through Trust, Series 2017-2, Class A, 3.600%, 4/15/2031 | $4,034,706 |
1,979,421 | American Airlines Pass-Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027 | 1,919,714 |
12,966,814 | American Airlines Pass-Through Trust, Series 2019-1, Class B, 3.850%, 8/15/2029 | 11,962,534 |
4,029,153 | British Airways Pass-Through Trust, Series 2019-1, Class A, 3.350%, 12/15/2030(a) | 3,737,725 |
2,090,409 | United Airlines Pass-Through Trust, Series 2018-1, Class A, 3.700%, 9/01/2031 | 1,871,235 |
3,965,187 | United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029 | 3,957,653 |
20,665,000 | United Airlines Pass-Through Trust, Series 2023-1, Class A, 5.800%, 7/15/2037 | 20,962,576 |
58,781,827 | ||
Apartment REITs — 0.0% | ||
2,185,000 | American Homes 4 Rent LP, 2.375%, 7/15/2031 | 1,774,722 |
Automotive — 0.8% | ||
25,580,000 | American Honda Finance Corp., MTN, 0.550%, 7/12/2024 | 25,223,795 |
4,895,000 | Aptiv PLC/Aptiv Corp., 3.250%, 3/01/2032 | 4,257,656 |
5,274,000 | Cummins, Inc., 6.750%, 2/15/2027 | 5,498,300 |
13,060,000 | Daimler Truck Finance North America LLC, 5.500%, 9/20/2033(a) | 13,231,462 |
4,295,000 | General Motors Co., 5.600%, 10/15/2032 | 4,346,617 |
2,025,000 | General Motors Financial Co., Inc., 3.100%, 1/12/2032 | 1,715,175 |
360,000 | General Motors Financial Co., Inc., 5.850%, 4/06/2030 | 367,180 |
31,570,000 | General Motors Financial Co., Inc., 6.000%, 1/09/2028 | 32,363,831 |
4,480,000 | General Motors Financial Co., Inc., 6.400%, 1/09/2033 | 4,694,733 |
2,895,000 | Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025(a) | 2,825,927 |
94,524,676 | ||
Banking — 10.1% | ||
4,425,000 | AIB Group PLC, (fixed rate to 9/13/2028, variable rate thereafter), 6.608%, 9/13/2029(a) | 4,612,906 |
11,790,000 | American Express Co., 5.850%, 11/05/2027 | 12,140,937 |
4,360,000 | American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | 4,154,971 |
10,155,000 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.375%, 4/17/2025(a) | 10,116,029 |
5,800,000 | Banco Santander SA, 2.749%, 12/03/2030 | 4,793,664 |
49,304,000 | Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028 | 46,254,079 |
17,700,000 | Bank of America Corp., (fixed rate to 3/08/2032, variable rate thereafter), 3.846%, 3/08/2037 | 15,647,990 |
58,160,000 | Bank of America Corp., (fixed rate to 9/15/2033, variable rate thereafter), 5.872%, 9/15/2034 | 60,321,814 |
21,297,000 | Bank of America Corp., (fixed rate to 9/21/2031, variable rate thereafter), 2.482%, 9/21/2036 | 17,034,042 |
100,000 | Bank of America Corp., MTN, 4.250%, 10/22/2026 | 97,785 |
Principal Amount | Description | Value (†) |
Banking — continued | ||
$4,210,000 | Bank of America Corp., MTN, (fixed rate to 7/22/2032, variable rate thereafter), 5.015%, 7/22/2033 | $4,143,725 |
25,627,000 | Bank of America Corp., Series L, 4.183%, 11/25/2027 | 24,875,598 |
24,260,000 | Barclays PLC, (fixed rate to 11/24/2026, variable rate thereafter), 2.279%, 11/24/2027 | 22,310,346 |
13,685,000 | Barclays PLC, (fixed rate to 5/09/2033, variable rate thereafter), 6.224%, 5/09/2034 | 14,114,677 |
4,287,000 | Barclays PLC, (fixed rate to 6/20/2029, variable rate thereafter), 5.088%, 6/20/2030 | 4,129,832 |
10,000,000 | Barclays PLC, (fixed rate to 6/27/2033, variable rate thereafter), 7.119%, 6/27/2034 | 10,657,348 |
50,385,000 | Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035 | 43,207,946 |
3,335,000 | BBVA Bancomer SA, 1.875%, 9/18/2025(a) | 3,166,237 |
25,795,000 | BNP Paribas SA, (fixed rate to 1/09/2029, variable rate thereafter), 5.176%, 1/09/2030(a) | 25,796,838 |
14,045,000 | BNP Paribas SA, (fixed rate to 1/20/2027, variable rate thereafter), 2.591%, 1/20/2028(a) | 13,005,027 |
22,500,000 | BNP Paribas SA, (fixed rate to 3/01/2028, variable rate thereafter), 4.375%, 3/01/2033(a) | 21,342,501 |
12,845,000 | CaixaBank SA, (fixed rate to 9/13/2033, variable rate thereafter), 6.840%, 9/13/2034(a) | 13,722,827 |
7,155,000 | Credit Agricole SA, (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033(a) | 6,662,593 |
92,100,000 | Credit Agricole SA, (fixed rate to 1/10/2034, variable rate thereafter), 6.251%, 1/10/2035(a) | 93,612,798 |
14,970,000 | Credit Suisse AG, MTN, 3.700%, 2/21/2025 | 14,713,753 |
3,390,000 | Danske Bank AS, (fixed rate to 12/20/2024, variable rate thereafter), 3.244%, 12/20/2025(a) | 3,322,660 |
4,690,000 | Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032 | 3,950,086 |
16,655,000 | Deutsche Bank AG, (fixed rate to 11/20/2028, variable rate thereafter), 6.819%, 11/20/2029 | 17,411,194 |
2,640,000 | Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032 | 2,476,817 |
6,235,000 | Deutsche Bank AG, (fixed rate to 9/18/2030, variable rate thereafter), 3.547%, 9/18/2031 | 5,490,791 |
4,980,000 | Goldman Sachs Group, Inc., (fixed rate to 2/24/2032, variable rate thereafter), 3.102%, 2/24/2033 | 4,259,124 |
61,445,000 | Goldman Sachs Group, Inc., (fixed rate to 8/23/2027, variable rate thereafter), 4.482%, 8/23/2028 | 60,070,761 |
11,115,000 | Goldman Sachs Group, Inc., (fixed rate to 9/10/2026, variable rate thereafter), 1.542%, 9/10/2027 | 10,154,331 |
19,485,000 | HSBC Holdings PLC, (fixed rate to 3/09/2028, variable rate thereafter), 6.161%, 3/09/2029 | 20,020,015 |
6,325,000 | ING Groep NV, (fixed rate to 9/11/2033, variable rate thereafter), 6.114%, 9/11/2034 | 6,566,889 |
8,460,000 | Intesa Sanpaolo SpA, 6.625%, 6/20/2033(a) | 8,778,251 |
15,785,000 | Intesa Sanpaolo SpA, 7.200%, 11/28/2033(a) | 17,062,006 |
70,245,000 | JPMorgan Chase & Co., 4.125%, 12/15/2026 | 68,492,771 |
28,715,000 | JPMorgan Chase & Co., (fixed rate to 3/24/2030, variable rate thereafter), 4.493%, 3/24/2031 | 27,761,819 |
12,025,000 | JPMorgan Chase & Co., (fixed rate to 4/22/2026, variable rate thereafter), 1.578%, 4/22/2027 | 11,148,556 |
Principal Amount | Description | Value (†) |
Banking — continued | ||
$4,230,000 | JPMorgan Chase & Co., (fixed rate to 7/25/2032, variable rate thereafter), 4.912%, 7/25/2033 | $4,141,781 |
25,937,000 | Mitsubishi UFJ Financial Group, Inc., 3.850%, 3/01/2026 | 25,327,698 |
21,470,000 | Morgan Stanley, (fixed rate to 1/19/2033, variable rate thereafter), 5.948%, 1/19/2038 | 21,513,697 |
21,570,000 | Morgan Stanley, (fixed rate to 10/18/2032, variable rate thereafter), 6.342%, 10/18/2033 | 23,078,697 |
36,610,000 | Morgan Stanley, (fixed rate to 2/01/2028, variable rate thereafter), 5.123%, 2/01/2029 | 36,520,735 |
8,205,000 | Morgan Stanley, (fixed rate to 2/07/2034, variable rate thereafter), 5.942%, 2/07/2039 | 8,155,508 |
24,855,000 | Morgan Stanley, (fixed rate to 4/20/2032, variable rate thereafter), 5.297%, 4/20/2037 | 23,845,863 |
11,262,000 | Morgan Stanley, (fixed rate to 4/28/2025, variable rate thereafter), 2.188%, 4/28/2026 | 10,865,031 |
41,690,000 | Morgan Stanley, (fixed rate to 9/16/2031, variable rate thereafter), 2.484%, 9/16/2036 | 32,971,973 |
6,640,000 | Morgan Stanley, MTN, (fixed rate to 7/21/2033, variable rate thereafter), 5.424%, 7/21/2034 | 6,660,581 |
7,340,000 | NatWest Group PLC, (fixed rate to 9/30/2027, variable rate thereafter), 5.516%, 9/30/2028 | 7,344,904 |
20,295,000 | Societe Generale SA, 4.250%, 4/14/2025(a) | 19,924,413 |
21,590,000 | Societe Generale SA, (fixed rate to 1/19/2034, variable rate thereafter), 6.066%, 1/19/2035(a) | 21,718,563 |
11,950,000 | Societe Generale SA, (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035(a) | 10,126,136 |
46,970,000 | Standard Chartered PLC, (fixed rate to 11/18/2030, variable rate thereafter), 3.265%, 2/18/2036(a) | 39,445,056 |
11,923,000 | Sumitomo Mitsui Financial Group, Inc., 1.474%, 7/08/2025 | 11,350,076 |
13,965,000 | Sumitomo Mitsui Financial Group, Inc., 5.464%, 1/13/2026 | 14,012,005 |
3,270,000 | Synchrony Bank, 5.400%, 8/22/2025 | 3,240,505 |
250,000 | UBS Group AG, (fixed rate to 1/12/2028, variable rate thereafter), 3.869%, 1/12/2029(a) | 236,408 |
8,810,000 | UBS Group AG, (fixed rate to 11/15/2032, variable rate thereafter), 9.016%, 11/15/2033(a) | 10,689,578 |
20,095,000 | UBS Group AG, (fixed rate to 2/08/2034, variable rate thereafter), 5.699%, 2/08/2035(a) | 20,196,691 |
1,675,000 | UBS Group AG, (fixed rate to 6/05/2025, variable rate thereafter), 2.193%, 6/05/2026(a) | 1,605,889 |
12,730,000 | UBS Group AG, (fixed rate to 7/15/2025, variable rate thereafter), 6.373%, 7/15/2026(a) | 12,819,258 |
11,410,000 | UBS Group AG, (fixed rate to 8/11/2027, variable rate thereafter), 6.442%, 8/11/2028(a) | 11,753,099 |
24,120,000 | UBS Group AG, (fixed rate to 8/12/2032, variable rate thereafter), 6.537%, 8/12/2033(a) | 25,413,556 |
5,578,000 | UniCredit SpA, (fixed rate to 6/03/2026, variable rate thereafter), 1.982%, 6/03/2027(a) | 5,148,307 |
4,125,000 | UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035(a) | 3,873,597 |
1,169,581,939 | ||
Brokerage — 0.3% | ||
6,810,000 | Jefferies Financial Group, Inc., 5.875%, 7/21/2028 | 6,932,447 |
Principal Amount | Description | Value (†) |
Brokerage — continued | ||
$19,498,000 | Jefferies Financial Group, Inc., 6.250%, 1/15/2036 | $20,179,045 |
8,760,000 | Jefferies Financial Group, Inc., 6.450%, 6/08/2027 | 9,037,030 |
36,148,522 | ||
Building Materials — 1.1% | ||
63,340,000 | Cemex SAB de CV, 3.875%, 7/11/2031(a) | 56,119,823 |
16,180,000 | Cemex SAB de CV, 5.200%, 9/17/2030(a) | 15,639,629 |
11,565,000 | Cemex SAB de CV, 5.450%, 11/19/2029(a) | 11,390,482 |
11,320,000 | Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%(a)(d) | 10,940,130 |
3,285,000 | Ferguson Finance PLC, 3.250%, 6/02/2030(a) | 2,938,635 |
23,975,000 | Owens Corning, 7.000%, 12/01/2036 | 26,973,250 |
124,001,949 | ||
Cable Satellite — 1.2% | ||
1,110,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034(a) | 837,888 |
6,970,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032 | 5,377,411 |
8,340,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 2.800%, 4/01/2031 | 6,833,563 |
24,760,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 3.950%, 6/30/2062 | 14,938,071 |
1,790,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033 | 1,586,326 |
12,605,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 12/01/2061 | 8,230,800 |
28,090,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.800%, 3/01/2050 | 20,792,545 |
19,240,000 | CSC Holdings LLC, 3.375%, 2/15/2031(a) | 13,077,301 |
4,204,000 | CSC Holdings LLC, 4.125%, 12/01/2030(a) | 3,006,071 |
2,275,000 | CSC Holdings LLC, 4.500%, 11/15/2031(a) | 1,610,625 |
38,005,000 | CSC Holdings LLC, 4.625%, 12/01/2030(a) | 19,299,479 |
910,000 | CSC Holdings LLC, 5.000%, 11/15/2031(a) | 460,034 |
1,035,000 | CSC Holdings LLC, 5.750%, 1/15/2030(a) | 547,901 |
1,534,000 | CSC Holdings LLC, 6.500%, 2/01/2029(a) | 1,299,774 |
3,270,000 | DISH DBS Corp., 5.125%, 6/01/2029 | 1,363,879 |
9,616,000 | DISH DBS Corp., 5.250%, 12/01/2026(a) | 7,571,721 |
6,160,000 | DISH DBS Corp., 5.750%, 12/01/2028(a) | 4,233,491 |
17,891,000 | Time Warner Cable LLC, 4.500%, 9/15/2042 | 13,235,878 |
15,815,000 | Time Warner Cable LLC, 5.500%, 9/01/2041 | 13,165,078 |
137,467,836 | ||
Chemicals — 0.8% | ||
9,180,000 | Braskem Netherlands Finance BV, 4.500%, 1/31/2030(a) | 7,893,647 |
6,060,000 | Braskem Netherlands Finance BV, 5.875%, 1/31/2050(a) | 4,675,429 |
3,619,000 | Celanese U.S. Holdings LLC, 6.330%, 7/15/2029 | 3,752,723 |
1,645,000 | Celanese U.S. Holdings LLC, 6.379%, 7/15/2032 | 1,706,546 |
8,600,000 | Celanese U.S. Holdings LLC, 6.550%, 11/15/2030 | 9,045,643 |
31,921,000 | Celanese U.S. Holdings LLC, 6.700%, 11/15/2033 | 34,034,998 |
Principal Amount | Description | Value (†) |
Chemicals — continued | ||
$27,205,000 | CF Industries, Inc., 4.500%, 12/01/2026(a) | $26,529,819 |
3,740,000 | FMC Corp., 3.450%, 10/01/2029 | 3,366,952 |
91,005,757 | ||
Collateralized Mortgage Obligations — 0.4% | ||
41,993,870 | Federal Home Loan Mortgage Corp., Series 406, Class F4, 30 day USD SOFR Average + 0.900%, 6.220%, 10/25/2053(b) | 41,913,056 |
Construction Machinery — 0.5% | ||
2,470,000 | Ashtead Capital, Inc., 5.500%, 8/11/2032(a) | 2,414,806 |
5,305,000 | Ashtead Capital, Inc., 5.550%, 5/30/2033(a) | 5,216,837 |
10,740,000 | Ashtead Capital, Inc., 5.800%, 4/15/2034(a) | 10,729,088 |
5,270,000 | Ashtead Capital, Inc., 5.950%, 10/15/2033(a) | 5,328,862 |
8,900,000 | John Deere Capital Corp., MTN, 1.250%, 1/10/2025 | 8,627,860 |
27,620,000 | United Rentals North America, Inc., 6.125%, 3/15/2034(a) | 27,654,332 |
59,971,785 | ||
Consumer Cyclical Services — 0.9% | ||
26,845,000 | Expedia Group, Inc., 2.950%, 3/15/2031 | 23,426,710 |
34,931,000 | Expedia Group, Inc., 3.250%, 2/15/2030 | 31,444,114 |
34,100,000 | Uber Technologies, Inc., 4.500%, 8/15/2029(a) | 32,354,687 |
8,430,000 | Uber Technologies, Inc., 6.250%, 1/15/2028(a) | 8,464,479 |
5,015,000 | Uber Technologies, Inc., 7.500%, 9/15/2027(a) | 5,135,400 |
7,805,000 | Uber Technologies, Inc., 8.000%, 11/01/2026(a) | 7,898,926 |
108,724,316 | ||
Consumer Products — 0.1% | ||
7,458,000 | Hasbro, Inc., 6.600%, 7/15/2028 | 7,658,162 |
Diversified Manufacturing — 0.8% | ||
3,809,000 | Amphenol Corp., 2.200%, 9/15/2031 | 3,152,517 |
4,290,000 | Carrier Global Corp., 5.900%, 3/15/2034 | 4,508,782 |
4,113,000 | GE Capital Funding LLC, 4.550%, 5/15/2032 | 3,988,229 |
25,811,000 | Ingersoll Rand, Inc., 5.700%, 8/14/2033 | 26,477,897 |
2,965,000 | Nordson Corp., 5.600%, 9/15/2028 | 3,019,875 |
20,385,000 | Nordson Corp., 5.800%, 9/15/2033 | 21,278,889 |
33,300,000 | Veralto Corp., 5.450%, 9/18/2033(a) | 33,711,916 |
96,138,105 | ||
Electric — 1.0% | ||
7,435,000 | AES Corp., 2.450%, 1/15/2031 | 6,083,005 |
3,695,000 | AES Corp., 3.950%, 7/15/2030(a) | 3,360,566 |
13,410,906 | Alta Wind Holdings LLC, 7.000%, 6/30/2035(a) | 13,648,128 |
11,318,000 | Calpine Corp., 3.750%, 3/01/2031(a) | 9,911,316 |
13,025,000 | Enel Finance International NV, 6.000%, 10/07/2039(a) | 13,210,798 |
9,007,000 | Enel Finance International NV, 6.800%, 9/15/2037(a) | 9,765,653 |
2,355,000 | IPALCO Enterprises, Inc., 4.250%, 5/01/2030 | 2,191,124 |
9,641,000 | NRG Energy, Inc., 4.450%, 6/15/2029(a) | 9,113,858 |
6,185,000 | Pacific Gas & Electric Co., 3.250%, 6/01/2031 | 5,370,337 |
7,265,000 | Pacific Gas & Electric Co., 4.300%, 3/15/2045 | 5,740,661 |
4,540,000 | Pacific Gas & Electric Co., 4.550%, 7/01/2030 | 4,315,369 |
2,050,000 | Pacific Gas & Electric Co., 5.450%, 6/15/2027 | 2,055,892 |
9,000,000 | Southern California Edison Co., 5.300%, 3/01/2028 | 9,100,171 |
20,425,000 | Southern Co., 5.700%, 3/15/2034 | 21,065,207 |
114,932,085 | ||
Finance Companies — 3.9% | ||
26,609,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028 | 24,076,372 |
50,438,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032 | 43,258,465 |
Principal Amount | Description | Value (†) |
Finance Companies — continued | ||
$9,102,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.400%, 10/29/2033 | $7,667,153 |
860,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.650%, 7/21/2027 | 813,321 |
6,084,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.750%, 6/06/2028 | 6,165,211 |
13,515,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.150%, 9/30/2030 | 14,027,420 |
4,995,000 | Air Lease Corp., 3.125%, 12/01/2030 | 4,384,236 |
2,235,000 | Air Lease Corp., 3.250%, 10/01/2029 | 2,021,308 |
10,270,000 | Air Lease Corp., 3.375%, 7/01/2025 | 10,008,199 |
340,000 | Air Lease Corp., 4.625%, 10/01/2028 | 330,800 |
6,791,000 | Air Lease Corp., MTN, 3.000%, 2/01/2030 | 6,002,752 |
12,430,000 | Aircastle Ltd., 4.125%, 5/01/2024 | 12,409,962 |
4,660,000 | Aircastle Ltd., 5.950%, 2/15/2029(a) | 4,661,830 |
18,295,000 | Aircastle Ltd., 6.500%, 7/18/2028(a) | 18,661,977 |
10,260,000 | Ares Capital Corp., 2.875%, 6/15/2028 | 9,144,376 |
14,460,000 | Ares Capital Corp., 3.200%, 11/15/2031 | 12,059,933 |
7,560,000 | Aviation Capital Group LLC, 1.950%, 1/30/2026(a) | 7,056,365 |
7,510,000 | Aviation Capital Group LLC, 5.500%, 12/15/2024(a) | 7,481,372 |
6,475,000 | Aviation Capital Group LLC, 6.250%, 4/15/2028(a) | 6,620,752 |
14,460,000 | Aviation Capital Group LLC, 6.375%, 7/15/2030(a) | 14,885,591 |
18,470,000 | Aviation Capital Group LLC, 6.750%, 10/25/2028(a) | 19,256,485 |
6,110,000 | Barings BDC, Inc., 3.300%, 11/23/2026 | 5,585,835 |
27,825,000 | Blackstone Secured Lending Fund, 2.125%, 2/15/2027 | 25,095,884 |
11,779,000 | Blue Owl Capital Corp., 2.625%, 1/15/2027 | 10,758,530 |
32,846,000 | Blue Owl Capital Corp., 2.875%, 6/11/2028 | 29,035,923 |
13,940,000 | Blue Owl Technology Finance Corp., 2.500%, 1/15/2027 | 12,377,256 |
17,585,000 | GATX Corp., 5.450%, 9/15/2033 | 17,490,201 |
29,600,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026(a) | 27,348,118 |
28,350,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029(a) | 25,502,118 |
7,445,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 | 6,697,117 |
29,285,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031(a) | 25,513,070 |
25,002,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033(a) | 21,178,967 |
12,180,000 | SMBC Aviation Capital Finance DAC, 5.450%, 5/03/2028(a) | 12,214,365 |
449,791,264 | ||
Financial Other — 0.0% | ||
2,310,000 | CIFI Holdings Group Co. Ltd., 6.000%, 7/16/2025(e) | 189,997 |
720,000 | CIFI Holdings Group Co. Ltd., 6.450%, 11/07/2024(e) | 59,227 |
6,220,000 | Country Garden Holdings Co. Ltd., 3.300%, 1/12/2031(e) | 414,687 |
1,110,000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029 | 946,378 |
6,065,000 | Shimao Group Holdings Ltd., 3.450%, 1/11/2031(e) | 218,037 |
400,000 | Shimao Group Holdings Ltd., 4.600%, 7/13/2030(e) | 13,000 |
Principal Amount | Description | Value (†) |
Financial Other — continued | ||
$3,495,000 | Shimao Group Holdings Ltd., 4.750%, 7/03/2022(e) | $124,911 |
4,345,000 | Shimao Group Holdings Ltd., 5.200%, 1/16/2027(e) | 136,868 |
3,780,000 | Shimao Group Holdings Ltd., 5.600%, 7/15/2026(e) | 134,984 |
1,265,000 | Shimao Group Holdings Ltd., 6.125%, 2/21/2024(e) | 44,237 |
5,120,000 | Times China Holdings Ltd., 5.750%, 1/14/2027(e) | 147,866 |
1,835,000 | Times China Holdings Ltd., 6.200%, 3/22/2026(e) | 48,169 |
1,415,000 | Times China Holdings Ltd., 6.750%, 7/08/2025(e) | 38,474 |
2,516,835 | ||
Food & Beverage — 0.5% | ||
19,005,000 | Bacardi Ltd./Bacardi-Martini BV, 5.400%, 6/15/2033(a) | 18,845,079 |
4,895,000 | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029 | 4,334,276 |
3,625,000 | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.750%, 12/01/2031 | 3,134,261 |
10,660,000 | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.500%, 1/15/2030 | 10,505,596 |
13,590,000 | Pilgrim's Pride Corp., 3.500%, 3/01/2032 | 11,517,798 |
2,065,000 | Pilgrim's Pride Corp., 4.250%, 4/15/2031 | 1,861,475 |
1,920,000 | Smithfield Foods, Inc., 3.000%, 10/15/2030(a) | 1,589,487 |
51,787,972 | ||
Gaming — 0.7% | ||
10,800,000 | Genm Capital Labuan Ltd., 3.882%, 4/19/2031(a) | 9,457,806 |
4,880,000 | GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032 | 4,108,120 |
3,365,000 | GLP Capital LP/GLP Financing II, Inc., 6.750%, 12/01/2033 | 3,546,555 |
20,995,000 | VICI Properties LP, 5.125%, 5/15/2032 | 20,081,661 |
5,278,000 | VICI Properties LP/VICI Note Co., Inc., 3.875%, 2/15/2029(a) | 4,857,704 |
21,330,000 | VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026(a) | 20,508,098 |
7,785,000 | VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026(a) | 7,551,125 |
6,760,000 | VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025(a) | 6,656,327 |
76,767,396 | ||
Government Owned - No Guarantee — 0.3% | ||
8,755,000 | Antares Holdings LP, 2.750%, 1/15/2027(a) | 7,843,446 |
12,655,000 | Antares Holdings LP, 3.750%, 7/15/2027(a) | 11,547,542 |
10,070,000 | Antares Holdings LP, 7.950%, 8/11/2028(a) | 10,464,422 |
2,185,000 | Sino-Ocean Land Treasure IV Ltd., 4.750%, 8/05/2029(e) | 165,383 |
4,210,000 | Sino-Ocean Land Treasure IV Ltd., 4.750%, 1/14/2030(e) | 319,118 |
30,339,911 | ||
Health Care REITs — 0.1% | ||
5,972,000 | Welltower OP LLC, 6.500%, 3/15/2041 | 6,508,902 |
Health Insurance — 0.8% | ||
1,370,000 | Centene Corp., 2.450%, 7/15/2028 | 1,214,798 |
10,105,000 | Centene Corp., 2.500%, 3/01/2031 | 8,311,591 |
3,260,000 | Centene Corp., 2.625%, 8/01/2031 | 2,676,056 |
14,615,000 | Centene Corp., 3.000%, 10/15/2030 | 12,530,854 |
16,405,000 | Centene Corp., 3.375%, 2/15/2030 | 14,517,305 |
Principal Amount | Description | Value (†) |
Health Insurance — continued | ||
$51,155,000 | Centene Corp., 4.625%, 12/15/2029 | $48,565,494 |
4,380,000 | Elevance Health, Inc., 4.100%, 5/15/2032 | 4,101,115 |
91,917,213 | ||
Healthcare — 1.4% | ||
6,325,000 | Alcon Finance Corp., 5.375%, 12/06/2032(a) | 6,380,423 |
19,420,000 | Cigna Group, 4.375%, 10/15/2028 | 18,944,115 |
5,240,000 | CVS Health Corp., 1.750%, 8/21/2030 | 4,304,184 |
7,210,000 | CVS Health Corp., 3.250%, 8/15/2029 | 6,612,795 |
3,380,000 | CVS Health Corp., 5.250%, 1/30/2031 | 3,405,242 |
294,852 | CVS Pass-Through Trust, 5.773%, 1/10/2033(a) | 292,838 |
252,474 | CVS Pass-Through Trust, 6.036%, 12/10/2028 | 253,590 |
9,358,675 | CVS Pass-Through Trust, Series 2013, 4.704%, 1/10/2036(a) | 8,546,716 |
984,225 | CVS Pass-Through Trust, Series 2014, 4.163%, 8/11/2036(a) | 861,087 |
685,000 | Encompass Health Corp., 4.750%, 2/01/2030 | 641,816 |
5,280,000 | HCA, Inc., 2.375%, 7/15/2031 | 4,341,843 |
2,671,000 | HCA, Inc., 3.500%, 9/01/2030 | 2,415,538 |
10,120,000 | HCA, Inc., 4.125%, 6/15/2029 | 9,583,999 |
16,050,000 | HCA, Inc., 4.500%, 2/15/2027 | 15,736,452 |
31,710,000 | HCA, Inc., 5.500%, 6/01/2033 | 31,824,138 |
15,245,000 | HCA, Inc., 5.600%, 4/01/2034 | 15,350,529 |
16,115,000 | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | 17,410,402 |
16,565,000 | Solventum Corp., 5.900%, 4/30/2054(a) | 16,524,218 |
163,429,925 | ||
Home Construction — 0.2% | ||
5,370,000 | MDC Holdings, Inc., 3.966%, 8/06/2061 | 4,281,820 |
12,384,000 | MDC Holdings, Inc., 6.000%, 1/15/2043 | 12,580,533 |
10,300,000 | Meritage Homes Corp., 3.875%, 4/15/2029(a) | 9,463,991 |
26,326,344 | ||
Independent Energy — 2.5% | ||
6,782,000 | Aker BP ASA, 2.000%, 7/15/2026(a) | 6,267,583 |
7,360,000 | Aker BP ASA, 3.100%, 7/15/2031(a) | 6,290,136 |
9,925,000 | Aker BP ASA, 3.750%, 1/15/2030(a) | 9,069,482 |
16,455,000 | Aker BP ASA, 4.000%, 1/15/2031(a) | 15,029,879 |
51,043,000 | Continental Resources, Inc., 2.875%, 4/01/2032(a) | 41,599,652 |
4,049,000 | Continental Resources, Inc., 4.375%, 1/15/2028 | 3,912,767 |
52,928,000 | Continental Resources, Inc., 5.750%, 1/15/2031(a) | 52,612,733 |
12,935,000 | Energean Israel Finance Ltd., 5.375%, 3/30/2028 | 11,796,616 |
15,340,000 | Energean Israel Finance Ltd., 5.875%, 3/30/2031 | 13,437,840 |
9,675,000 | EQT Corp., 3.625%, 5/15/2031(a) | 8,515,061 |
1,970,000 | EQT Corp., 5.000%, 1/15/2029 | 1,929,823 |
16,975,000 | EQT Corp., 5.700%, 4/01/2028 | 17,133,462 |
14,690,000 | Hess Corp., 4.300%, 4/01/2027 | 14,403,762 |
11,170,000 | Leviathan Bond Ltd., 6.125%, 6/30/2025 | 10,998,094 |
940,000 | Occidental Petroleum Corp., 5.550%, 3/15/2026 | 943,469 |
11,157,000 | Occidental Petroleum Corp., 6.125%, 1/01/2031 | 11,554,301 |
5,933,000 | Occidental Petroleum Corp., 6.625%, 9/01/2030 | 6,287,200 |
5,515,000 | Occidental Petroleum Corp., 7.500%, 5/01/2031 | 6,138,846 |
11,260,000 | Ovintiv, Inc., 6.500%, 8/15/2034 | 11,944,492 |
1,110,000 | Ovintiv, Inc., 7.375%, 11/01/2031 | 1,216,234 |
6,015,000 | Southwestern Energy Co., 4.750%, 2/01/2032 | 5,537,157 |
Principal Amount | Description | Value (†) |
Independent Energy — continued | ||
$5,600,000 | Var Energi ASA, 7.500%, 1/15/2028(a) | $5,922,986 |
13,015,000 | Var Energi ASA, 8.000%, 11/15/2032(a) | 14,568,470 |
2,000,000 | Viper Energy, Inc., 5.375%, 11/01/2027(a) | 1,957,558 |
6,975,000 | Viper Energy, Inc., 7.375%, 11/01/2031(a) | 7,251,045 |
286,318,648 | ||
Industrial Other — 0.2% | ||
22,510,000 | Jacobs Engineering Group, Inc., 6.350%, 8/18/2028 | 23,265,907 |
Leisure — 0.8% | ||
8,000,000 | Carnival Corp., 4.000%, 8/01/2028(a) | 7,451,960 |
11,905,000 | Carnival Corp., 5.750%, 3/01/2027(a) | 11,782,801 |
3,075,000 | Carnival Corp., 7.000%, 8/15/2029(a) | 3,207,179 |
10,505,000 | NCL Corp. Ltd., 5.875%, 3/15/2026(a) | 10,370,019 |
17,900,000 | NCL Corp. Ltd., 5.875%, 2/15/2027(a) | 17,657,992 |
18,615,000 | NCL Corp. Ltd., 8.125%, 1/15/2029(a) | 19,698,114 |
11,000,000 | Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028(a) | 10,872,443 |
10,265,000 | Royal Caribbean Cruises Ltd., 6.250%, 3/15/2032(a) | 10,346,709 |
91,387,217 | ||
Life Insurance — 1.3% | ||
11,800,000 | Athene Global Funding, 1.608%, 6/29/2026(a) | 10,832,185 |
18,770,000 | Athene Global Funding, 1.716%, 1/07/2025(a) | 18,196,471 |
21,550,000 | Athene Global Funding, 2.550%, 11/19/2030(a) | 17,882,249 |
7,385,000 | Athene Holding Ltd., 3.500%, 1/15/2031 | 6,489,549 |
8,255,000 | CNO Financial Group, Inc., 5.250%, 5/30/2029 | 8,038,554 |
19,600,000 | Fidelity & Guaranty Life Holdings, Inc., 5.500%, 5/01/2025(a) | 19,434,706 |
9,063,000 | Mutual of Omaha Insurance Co., 6.800%, 6/15/2036(a) | 9,606,837 |
26,914,000 | National Life Insurance Co., 10.500%, 9/15/2039(a) | 33,981,347 |
6,440,000 | NLV Financial Corp., 7.500%, 8/15/2033(a) | 6,909,927 |
2,872,000 | Penn Mutual Life Insurance Co., 6.650%, 6/15/2034(a) | 2,983,810 |
14,489,000 | Penn Mutual Life Insurance Co., 7.625%, 6/15/2040(a) | 16,412,353 |
150,767,988 | ||
Local Authorities — 0.1% | ||
14,455,000 | Province of Quebec, 0.600%, 7/23/2025 | 13,648,922 |
Lodging — 0.4% | ||
11,480,000 | Marriott International, Inc., 5.300%, 5/15/2034 | 11,354,516 |
1,795,000 | Marriott International, Inc., Series FF, 4.625%, 6/15/2030 | 1,746,347 |
3,525,000 | Marriott International, Inc., Series HH, 2.850%, 4/15/2031 | 3,040,464 |
10,685,000 | Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029(a) | 9,774,133 |
3,215,000 | Travel & Leisure Co., 4.500%, 12/01/2029(a) | 2,956,300 |
14,787,000 | Travel & Leisure Co., 4.625%, 3/01/2030(a) | 13,501,397 |
1,795,000 | Travel & Leisure Co., 6.000%, 4/01/2027 | 1,794,142 |
235,000 | Travel & Leisure Co., 6.625%, 7/31/2026(a) | 236,645 |
44,403,944 | ||
Media Entertainment — 1.4% | ||
5,195,000 | Electronic Arts, Inc., 1.850%, 2/15/2031 | 4,256,392 |
1,310,000 | iHeartCommunications, Inc., 4.750%, 1/15/2028(a) | 920,150 |
27,080,000 | Meta Platforms, Inc., 4.950%, 5/15/2033 | 27,410,148 |
3,105,000 | Netflix, Inc., 4.875%, 4/15/2028 | 3,100,644 |
27,310,000 | Netflix, Inc., 4.875%, 6/15/2030(a) | 27,118,940 |
15,315,000 | Netflix, Inc., 5.375%, 11/15/2029(a) | 15,628,768 |
Principal Amount | Description | Value (†) |
Media Entertainment — continued | ||
$11,295,000 | Netflix, Inc., 5.875%, 11/15/2028 | $11,741,467 |
16,970,000 | Netflix, Inc., 6.375%, 5/15/2029 | 18,073,919 |
11,520,000 | Warnermedia Holdings, Inc., 3.755%, 3/15/2027 | 10,993,855 |
4,125,000 | Warnermedia Holdings, Inc., 4.054%, 3/15/2029 | 3,861,519 |
47,680,000 | Warnermedia Holdings, Inc., 4.279%, 3/15/2032 | 42,589,616 |
165,695,418 | ||
Metals & Mining — 3.3% | ||
3,220,000 | Alcoa Nederland Holding BV, 4.125%, 3/31/2029(a) | 2,956,260 |
4,390,000 | Alcoa Nederland Holding BV, 6.125%, 5/15/2028(a) | 4,396,559 |
550,000 | Anglo American Capital PLC, 2.625%, 9/10/2030(a) | 468,204 |
1,325,000 | Anglo American Capital PLC, 2.875%, 3/17/2031(a) | 1,127,385 |
6,260,000 | Anglo American Capital PLC, 4.000%, 9/11/2027(a) | 5,973,838 |
27,064,000 | Anglo American Capital PLC, 4.500%, 3/15/2028(a) | 26,224,640 |
8,785,000 | Anglo American Capital PLC, 4.750%, 4/10/2027(a) | 8,608,367 |
10,495,000 | Anglo American Capital PLC, 5.500%, 5/02/2033(a) | 10,435,116 |
11,405,000 | ArcelorMittal SA, 6.750%, 3/01/2041 | 11,823,450 |
15,655,000 | ArcelorMittal SA, 6.800%, 11/29/2032 | 16,741,899 |
13,145,000 | First Quantum Minerals Ltd., 6.875%, 10/15/2027(a) | 12,602,966 |
16,934,000 | First Quantum Minerals Ltd., 9.375%, 3/01/2029(a) | 17,542,185 |
6,325,000 | FMG Resources August 2006 Pty. Ltd., 4.375%, 4/01/2031(a) | 5,651,172 |
9,940,000 | FMG Resources August 2006 Pty. Ltd., 4.500%, 9/15/2027(a) | 9,548,461 |
4,740,000 | Freeport-McMoRan, Inc., 4.250%, 3/01/2030 | 4,492,771 |
2,080,000 | Freeport-McMoRan, Inc., 4.625%, 8/01/2030 | 1,997,769 |
5,155,000 | Glencore Funding LLC, 2.500%, 9/01/2030(a) | 4,376,543 |
7,820,000 | Glencore Funding LLC, 2.625%, 9/23/2031(a) | 6,517,679 |
6,704,000 | Glencore Funding LLC, 2.850%, 4/27/2031(a) | 5,728,275 |
5,443,000 | Glencore Funding LLC, 3.875%, 10/27/2027(a) | 5,204,052 |
39,092,000 | Glencore Funding LLC, 4.000%, 3/27/2027(a) | 37,789,657 |
20,925,000 | Glencore Funding LLC, 5.700%, 5/08/2033(a) | 21,263,648 |
25,345,000 | Glencore Funding LLC, 6.125%, 10/06/2028(a) | 26,190,752 |
30,235,000 | Glencore Funding LLC, 6.375%, 10/06/2030(a) | 31,906,905 |
89,221,000 | Glencore Funding LLC, 6.500%, 10/06/2033(a) | 95,434,770 |
4,280,000 | Newmont Corp./Newcrest Finance Pty. Ltd., 3.250%, 5/13/2030(a) | 3,866,450 |
1,855,000 | Reliance, Inc., 2.150%, 8/15/2030 | 1,557,032 |
380,426,805 | ||
Midstream — 3.8% | ||
8,432,000 | Cheniere Energy Partners LP, 3.250%, 1/31/2032 | 7,182,668 |
33,645,000 | Cheniere Energy Partners LP, 4.000%, 3/01/2031 | 30,580,250 |
3,122,000 | Cheniere Energy Partners LP, 4.500%, 10/01/2029 | 2,971,354 |
15,530,000 | Cheniere Energy Partners LP, 5.950%, 6/30/2033 | 15,877,453 |
15,275,000 | Cheniere Energy, Inc., 5.650%, 4/15/2034(a) | 15,384,075 |
Principal Amount | Description | Value (†) |
Midstream — continued | ||
$13,555,000 | DCP Midstream Operating LP, 3.250%, 2/15/2032 | $11,674,591 |
3,045,000 | DCP Midstream Operating LP, 5.125%, 5/15/2029 | 3,036,337 |
650,000 | DCP Midstream Operating LP, 6.450%, 11/03/2036(a) | 680,549 |
17,360,000 | Enbridge, Inc., 5.700%, 3/08/2033 | 17,779,310 |
7,000,000 | Energy Transfer LP, 4.950%, 6/15/2028 | 6,943,762 |
6,405,000 | Energy Transfer LP, 5.250%, 4/15/2029 | 6,412,079 |
40,895,000 | Energy Transfer LP, 5.750%, 2/15/2033 | 41,543,009 |
8,450,000 | Energy Transfer LP, 6.550%, 12/01/2033 | 9,071,012 |
12,955,000 | EnLink Midstream LLC, 6.500%, 9/01/2030(a) | 13,324,088 |
4,080,000 | Enterprise Products Operating LLC, 5.350%, 1/31/2033 | 4,164,473 |
1,435,000 | Gray Oak Pipeline LLC, 3.450%, 10/15/2027(a) | 1,346,908 |
14,040,000 | MPLX LP, 4.250%, 12/01/2027 | 13,654,595 |
4,355,000 | MPLX LP, 5.000%, 3/01/2033 | 4,227,618 |
85,000 | NGPL PipeCo LLC, 7.768%, 12/15/2037(a) | 94,705 |
10,657,000 | Plains All American Pipeline LP/PAA Finance Corp., 3.550%, 12/15/2029 | 9,779,814 |
18,993,000 | Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030 | 17,403,547 |
1,385,000 | Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043 | 1,122,156 |
12,445,000 | Sabine Pass Liquefaction LLC, 4.500%, 5/15/2030 | 11,968,497 |
810,000 | Targa Resources Corp., 5.200%, 7/01/2027 | 808,827 |
24,625,000 | Targa Resources Corp., 6.125%, 3/15/2033 | 25,690,573 |
24,520,000 | Targa Resources Corp., 6.500%, 3/30/2034 | 26,346,108 |
10,710,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032 | 9,636,644 |
1,955,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031 | 1,871,495 |
5,205,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030 | 5,179,372 |
7,095,000 | Venture Global Calcasieu Pass LLC, 3.875%, 11/01/2033(a) | 6,027,931 |
15,365,000 | Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031(a) | 13,662,552 |
3,175,000 | Venture Global Calcasieu Pass LLC, 6.250%, 1/15/2030(a) | 3,194,250 |
2,170,000 | Western Midstream Operating LP, 4.050%, 2/01/2030 | 2,024,668 |
2,870,000 | Western Midstream Operating LP, 5.250%, 2/01/2050 | 2,567,286 |
5,070,000 | Western Midstream Operating LP, 5.300%, 3/01/2048 | 4,448,193 |
5,140,000 | Western Midstream Operating LP, 5.450%, 4/01/2044 | 4,724,245 |
710,000 | Western Midstream Operating LP, 5.500%, 8/15/2048 | 627,896 |
15,915,000 | Western Midstream Operating LP, 6.150%, 4/01/2033 | 16,317,898 |
11,620,000 | Western Midstream Operating LP, 6.350%, 1/15/2029 | 12,051,009 |
4,385,000 | Williams Cos., Inc., 4.650%, 8/15/2032 | 4,225,889 |
47,080,000 | Williams Cos., Inc., 5.150%, 3/15/2034 | 46,655,649 |
432,283,335 |
Principal Amount | Description | Value (†) |
Mortgage Related — 0.0% | ||
$427 | Federal National Mortgage Association, 6.000%, 7/01/2029 | $435 |
Natural Gas — 0.0% | ||
5,225,000 | Southern Co. Gas Capital Corp., 5.750%, 9/15/2033 | 5,408,716 |
Non-Agency Commercial Mortgage-Backed Securities — 1.2% | ||
8,625,000 | BANK, Series 2021-BN35, Class AS, 2.457%, 6/15/2064 | 7,081,228 |
410,000 | BBSG Mortgage Trust, Series 2016-MRP, Class A, 3.275%, 6/05/2036(a) | 294,357 |
681,100 | BB-UBS Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030(a) | 632,129 |
4,400,000 | BPR Trust, Series 2022-SSP, Class A, 1 mo. USD SOFR + 3.000%, 8.325%, 5/15/2039(a)(b) | 4,419,250 |
8,370,000 | BPR Trust, Series 2022-STAR, Class A, 1 mo. USD SOFR + 3.232%, 8.557%, 8/15/2039(a)(b) | 8,390,628 |
592,037 | Commercial Mortgage Pass-Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030(a) | 550,244 |
475,345 | Commercial Mortgage Trust, Series 2012-LC4, Class B, 4.934%, 12/10/2044(b) | 433,267 |
2,010,000 | Commercial Mortgage Trust, Series 2012-LC4, Class C, 5.473%, 12/10/2044(b) | 1,701,355 |
2,470,000 | Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 3.953%, 9/15/2037(a) | 2,185,950 |
370,000 | Credit Suisse Mortgage Trust, Series 2014-USA, Class B, 4.185%, 9/15/2037(a) | 300,074 |
510,000 | Credit Suisse Mortgage Trust, Series 2014-USA, Class C, 4.336%, 9/15/2037(a) | 370,180 |
12,790,000 | Credit Suisse Mortgage Trust, Series 2014-USA, Class D, 4.373%, 9/15/2037(a) | 8,198,789 |
5,095,000 | DBUBS Mortgage Trust, Series 2017-BRBK, Class D, 3.530%, 10/10/2034(a)(b) | 4,336,857 |
9,295,000 | DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804%, 9/12/2040(a) | 9,489,461 |
6,258,995 | Extended Stay America Trust, Series 2021-ESH, Class B, 1 mo. USD SOFR + 1.494%, 6.820%, 7/15/2038(a)(b) | 6,260,175 |
4,914,125 | Extended Stay America Trust, Series 2021-ESH, Class C, 1 mo. USD SOFR + 1.814%, 7.140%, 7/15/2038(a)(b) | 4,909,518 |
8,215,000 | GS Mortgage Securities Corp. Trust, Series 2012-BWTR, Class A, 2.954%, 11/05/2034(a) | 6,240,024 |
4,375,000 | GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033(a)(b) | 3,537,153 |
9,406,000 | GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class D, 3.550%, 3/05/2033(a)(b) | 4,393,163 |
1,226,205 | Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034(a) | 1,191,225 |
4,729,449 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class C, 3.772%, 12/15/2047(a)(b) | 4,342,004 |
Principal Amount | Description | Value (†) |
Non-Agency Commercial Mortgage-Backed Securities — continued | ||
$340,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class D, 3.772%, 12/15/2047(a)(b) | $293,094 |
3,031,000 | JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A5, 3.598%, 11/15/2048 | 2,888,409 |
9,434,720 | Med Trust, Series 2021-MDLN, Class B, 1 mo. USD SOFR + 1.564%, 6.890%, 11/15/2038(a)(b) | 9,408,185 |
7,957,809 | Med Trust, Series 2021-MDLN, Class C, 1 mo. USD SOFR + 1.914%, 7.240%, 11/15/2038(a)(b) | 7,932,825 |
5,720,546 | Med Trust, Series 2021-MDLN, Class D, 1 mo. USD SOFR + 2.114%, 7.440%, 11/15/2038(a)(b) | 5,699,094 |
1,405,000 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class C, 6.049%, 10/15/2046(b) | 1,295,810 |
3,456,000 | Morgan Stanley Capital I Trust, Series 2011-C2, Class E, 5.212%, 6/15/2044(a)(b) | 2,616,054 |
844,174 | MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.277%, 10/15/2030(a) | 752,095 |
7,345,000 | SCOTT Trust, Series 2023-SFS, Class A, 5.910%, 3/15/2040(a) | 7,386,942 |
3,527,262 | Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class B, 3.949%, 7/15/2046(b) | 3,246,703 |
2,910,000 | Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class AS, 4.020%, 8/15/2050 | 2,887,897 |
4,030,000 | Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class AS, 3.419%, 11/15/2059 | 3,743,811 |
535,000 | WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.855%, 3/15/2044(a)(b) | 158,992 |
1,149,548 | WFRBS Commercial Mortgage Trust, Series 2012-C10, Class B, 3.744%, 12/15/2045 | 1,087,033 |
4,615,000 | WFRBS Commercial Mortgage Trust, Series 2014-C20, Class B, 4.378%, 5/15/2047 | 3,786,458 |
1,290,000 | WFRBS Commercial Mortgage Trust, Series 2014-C24, Class B, 4.204%, 11/15/2047(b) | 1,194,725 |
133,635,158 | ||
Office REITs — 0.0% | ||
2,085,000 | COPT Defense Properties LP, 2.750%, 4/15/2031 | 1,719,976 |
Other REITs — 0.2% | ||
17,555,000 | Extra Space Storage LP, 5.900%, 1/15/2031 | 18,162,416 |
Paper — 0.2% | ||
10,460,000 | Suzano Austria GmbH, 3.750%, 1/15/2031 | 9,246,496 |
16,595,000 | Weyerhaeuser Co., 4.000%, 4/15/2030 | 15,677,204 |
2,515,000 | WRKCo, Inc., 4.000%, 3/15/2028 | 2,416,545 |
27,340,245 | ||
Pharmaceuticals — 1.6% | ||
4,130,000 | Amgen, Inc., 5.250%, 3/02/2033 | 4,164,741 |
2,935,000 | Bausch Health Cos., Inc., 4.875%, 6/01/2028(a) | 1,601,641 |
17,300,000 | Pfizer Investment Enterprises Pte. Ltd., 4.750%, 5/19/2033 | 17,033,298 |
32,845,000 | Roche Holdings, Inc., 4.985%, 3/08/2034(a) | 33,076,032 |
41,913,000 | Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036 | 40,783,093 |
23,155,000 | Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026 | 21,647,408 |
Principal Amount | Description | Value (†) |
Pharmaceuticals — continued | ||
$54,516,000 | Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046 | $37,583,472 |
6,835,000 | Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027 | 6,616,793 |
3,140,000 | Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029 | 3,017,482 |
4,495,000 | Teva Pharmaceutical Finance Netherlands III BV, 6.750%, 3/01/2028 | 4,604,561 |
13,080,000 | Teva Pharmaceutical Finance Netherlands III BV, 7.875%, 9/15/2029 | 14,040,190 |
4,885,000 | Teva Pharmaceutical Finance Netherlands III BV, 8.125%, 9/15/2031 | 5,357,863 |
189,526,574 | ||
Property & Casualty Insurance — 0.3% | ||
6,095,000 | Arthur J Gallagher & Co., 5.450%, 7/15/2034 | 6,135,305 |
4,720,000 | CNA Financial Corp., 5.125%, 2/15/2034 | 4,592,282 |
16,635,000 | Fidelity National Financial, Inc., 3.400%, 6/15/2030 | 14,769,857 |
3,159,000 | SiriusPoint Ltd., 4.600%, 11/01/2026(a) | 3,017,228 |
14,195,000 | Stewart Information Services Corp., 3.600%, 11/15/2031 | 11,582,027 |
40,096,699 | ||
Restaurants — 0.2% | ||
14,805,000 | 1011778 BC ULC/New Red Finance, Inc., 4.000%, 10/15/2030(a) | 13,191,280 |
1,430,000 | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.750%, 6/01/2027(a) | 1,390,457 |
4,800,000 | Starbucks Corp., 3.000%, 2/14/2032 | 4,198,845 |
7,056,000 | Yum! Brands, Inc., 4.750%, 1/15/2030(a) | 6,692,363 |
25,472,945 | ||
Retail REITs — 0.1% | ||
1,600,000 | Brixmor Operating Partnership LP, 2.250%, 4/01/2028 | 1,420,755 |
2,280,000 | Brixmor Operating Partnership LP, 4.050%, 7/01/2030 | 2,114,742 |
6,815,000 | Simon Property Group LP, 2.650%, 7/15/2030 | 5,951,633 |
9,487,130 | ||
Retailers — 0.5% | ||
4,890,000 | AutoNation, Inc., 3.850%, 3/01/2032 | 4,346,533 |
1,960,000 | AutoNation, Inc., 4.750%, 6/01/2030 | 1,881,936 |
14,585,000 | AutoZone, Inc., 4.000%, 4/15/2030 | 13,837,628 |
5,620,000 | Dollar General Corp., 3.500%, 4/03/2030 | 5,138,466 |
5,070,000 | Dollar Tree, Inc., 2.650%, 12/01/2031 | 4,234,747 |
15,815,000 | Lithia Motors, Inc., 3.875%, 6/01/2029(a) | 14,268,609 |
8,064,000 | Marks & Spencer PLC, 7.125%, 12/01/2037(a) | 8,549,453 |
3,145,000 | Tapestry, Inc., 3.050%, 3/15/2032 | 2,582,697 |
54,840,069 | ||
Sovereigns — 2.2% | ||
24,900,000 | Chile Government International Bonds, 3.500%, 1/31/2034 | 21,786,623 |
18,380,000 | Chile Government International Bonds, 3.500%, 1/25/2050 | 13,379,256 |
15,960,000 | Colombia Government International Bonds, 7.500%, 2/02/2034 | 16,301,576 |
10,565,000 | Colombia Government International Bonds, 8.000%, 11/14/2035 | 11,091,413 |
13,455,000 | Dominican Republic International Bonds, 4.875%, 9/23/2032 | 12,045,940 |
4,755,000 | Mexico Government International Bonds, 6.000%, 5/07/2036 | 4,764,778 |
12,275,000 | Paraguay Government International Bonds, 6.000%, 2/09/2036(a) | 12,440,590 |
Principal Amount | Description | Value (†) |
Sovereigns — continued | ||
$4,655,000 | Paraguay Government International Bonds, 6.100%, 8/11/2044(a) | $4,510,534 |
17,125,000 | Philippines Government International Bonds, 2.650%, 12/10/2045 | 11,347,829 |
21,935,000 | Philippines Government International Bonds, 2.950%, 5/05/2045 | 15,272,284 |
19,675,000 | Qatar Government International Bonds, 5.103%, 4/23/2048 | 19,110,359 |
32,180,000 | Republic of Poland Government International Bonds, 5.500%, 4/04/2053 | 32,037,700 |
58,315,000 | Republic of Poland Government International Bonds, 5.500%, 3/18/2054 | 57,895,715 |
17,108,000 | Romania Government International Bonds, 6.375%, 1/30/2034(a) | 17,336,563 |
8,398,000 | Romania Government International Bonds, 7.125%, 1/17/2033 | 8,973,145 |
258,294,305 | ||
Supermarkets — 0.0% | ||
325,000 | Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040 | 324,730 |
Technology — 7.3% | ||
5,095,000 | Arrow Electronics, Inc., 2.950%, 2/15/2032 | 4,276,593 |
4,625,000 | Broadcom, Inc., 2.450%, 2/15/2031(a) | 3,898,970 |
4,210,000 | Broadcom, Inc., 2.600%, 2/15/2033(a) | 3,419,197 |
11,996,000 | Broadcom, Inc., 3.137%, 11/15/2035(a) | 9,691,585 |
39,385,000 | Broadcom, Inc., 3.187%, 11/15/2036(a) | 31,344,622 |
7,555,000 | Broadcom, Inc., 3.419%, 4/15/2033(a) | 6,549,426 |
6,925,000 | Broadcom, Inc., 3.469%, 4/15/2034(a) | 5,934,095 |
8,265,000 | Broadcom, Inc., 4.150%, 11/15/2030 | 7,815,270 |
3,685,000 | Broadcom, Inc., 4.150%, 4/15/2032(a) | 3,418,718 |
40,885,000 | Broadcom, Inc., 4.300%, 11/15/2032 | 38,415,911 |
2,755,000 | CDW LLC/CDW Finance Corp., 2.670%, 12/01/2026 | 2,558,231 |
8,890,000 | CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029 | 8,049,107 |
20,942,000 | CDW LLC/CDW Finance Corp., 3.276%, 12/01/2028 | 19,104,130 |
37,630,000 | CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031 | 33,081,812 |
10,970,000 | CDW LLC/CDW Finance Corp., 4.250%, 4/01/2028 | 10,499,993 |
1,325,000 | CommScope Technologies LLC, 5.000%, 3/15/2027(a) | 511,768 |
3,565,000 | CommScope, Inc., 4.750%, 9/01/2029(a) | 2,575,285 |
3,900,000 | CommScope, Inc., 6.000%, 3/01/2026(a) | 3,568,500 |
5,825,000 | CommScope, Inc., 7.125%, 7/01/2028(a) | 2,304,182 |
4,210,000 | Dell International LLC/EMC Corp., 5.750%, 2/01/2033 | 4,357,980 |
41,995,000 | Entegris, Inc., 4.750%, 4/15/2029(a) | 40,246,156 |
10,115,000 | Equinix, Inc., 2.150%, 7/15/2030 | 8,382,625 |
17,195,000 | Equinix, Inc., 3.200%, 11/18/2029 | 15,393,466 |
34,695,000 | Fiserv, Inc., 5.625%, 8/21/2033 | 35,443,833 |
5,730,000 | Flex Ltd., 6.000%, 1/15/2028 | 5,828,276 |
8,249,000 | Gartner, Inc., 3.625%, 6/15/2029(a) | 7,468,495 |
9,873,000 | Global Payments, Inc., 2.900%, 5/15/2030 | 8,573,779 |
10,714,000 | Global Payments, Inc., 2.900%, 11/15/2031 | 8,991,178 |
3,705,000 | Global Payments, Inc., 5.300%, 8/15/2029 | 3,687,329 |
34,120,000 | Global Payments, Inc., 5.400%, 8/15/2032 | 33,838,707 |
5,320,000 | Jabil, Inc., 1.700%, 4/15/2026 | 4,938,254 |
4,610,000 | Jabil, Inc., 3.000%, 1/15/2031 | 3,946,549 |
16,735,000 | KLA Corp., 5.650%, 11/01/2034 | 17,554,521 |
14,147,000 | Leidos, Inc., 2.300%, 2/15/2031 | 11,693,428 |
Principal Amount | Description | Value (†) |
Technology — continued | ||
$2,555,000 | Leidos, Inc., 4.375%, 5/15/2030 | $2,420,984 |
28,278,000 | Leidos, Inc., 5.750%, 3/15/2033 | 28,989,401 |
7,480,000 | Marvell Technology, Inc., 2.450%, 4/15/2028 | 6,744,188 |
6,390,000 | Marvell Technology, Inc., 2.950%, 4/15/2031 | 5,520,429 |
2,330,000 | Marvell Technology, Inc., 5.950%, 9/15/2033 | 2,414,609 |
11,425,000 | Microchip Technology, Inc., 0.983%, 9/01/2024 | 11,192,939 |
21,420,000 | Microchip Technology, Inc., 5.050%, 3/15/2029 | 21,423,224 |
14,735,000 | Micron Technology, Inc., 2.703%, 4/15/2032 | 12,301,123 |
25,479,000 | Micron Technology, Inc., 4.663%, 2/15/2030 | 24,887,465 |
31,410,000 | Micron Technology, Inc., 5.300%, 1/15/2031 | 31,591,660 |
10,622,000 | Micron Technology, Inc., 5.327%, 2/06/2029 | 10,718,570 |
44,875,000 | Micron Technology, Inc., 5.875%, 2/09/2033 | 46,436,816 |
37,860,000 | Micron Technology, Inc., 5.875%, 9/15/2033 | 39,252,132 |
28,065,000 | Motorola Solutions, Inc., 5.400%, 4/15/2034 | 28,009,554 |
4,135,000 | Motorola Solutions, Inc., 5.600%, 6/01/2032 | 4,191,390 |
5,085,000 | Open Text Corp., 6.900%, 12/01/2027(a) | 5,257,839 |
4,780,000 | Oracle Corp., 2.950%, 4/01/2030 | 4,253,473 |
45,370,000 | Oracle Corp., 3.600%, 4/01/2050 | 32,778,733 |
6,765,000 | Oracle Corp., 6.150%, 11/09/2029 | 7,129,874 |
10,585,000 | Oracle Corp., 6.250%, 11/09/2032 | 11,325,333 |
4,402,000 | S&P Global, Inc., 4.250%, 5/01/2029 | 4,288,362 |
8,685,000 | S&P Global, Inc., 5.250%, 9/15/2033(a) | 8,874,694 |
6,510,000 | Seagate HDD Cayman, 4.091%, 6/01/2029 | 6,014,394 |
2,460,000 | Sensata Technologies BV, 5.875%, 9/01/2030(a) | 2,406,743 |
7,435,000 | Sensata Technologies, Inc., 3.750%, 2/15/2031(a) | 6,431,291 |
7,248,000 | Sensata Technologies, Inc., 4.375%, 2/15/2030(a) | 6,596,734 |
3,555,000 | SK Hynix, Inc., 6.375%, 1/17/2028(a) | 3,657,956 |
1,770,000 | Skyworks Solutions, Inc., 1.800%, 6/01/2026 | 1,639,843 |
970,000 | SS&C Technologies, Inc., 5.500%, 9/30/2027(a) | 948,425 |
13,665,000 | TD SYNNEX Corp., 1.750%, 8/09/2026 | 12,492,093 |
20,470,000 | Trimble, Inc., 6.100%, 3/15/2033 | 21,384,736 |
9,945,000 | Verisk Analytics, Inc., 5.750%, 4/01/2033 | 10,337,964 |
2,875,000 | VMware LLC, 2.200%, 8/15/2031 | 2,339,633 |
5,450,000 | Western Digital Corp., 2.850%, 2/01/2029 | 4,741,731 |
8,330,000 | Western Digital Corp., 4.750%, 2/15/2026 | 8,137,441 |
844,493,747 | ||
Transportation Services — 0.3% | ||
17,545,000 | ERAC USA Finance LLC, 4.900%, 5/01/2033(a) | 17,199,563 |
16,610,000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 6.050%, 8/01/2028(a) | 17,089,804 |
34,289,367 | ||
Treasuries — 19.7% | ||
116,070,000 | U.S. Treasury Bonds, 2.000%, 11/15/2041 | 81,430,359 |
170,890,000 | U.S. Treasury Bonds, 2.250%, 2/15/2052(f) | 112,406,903 |
218,545,000 | U.S. Treasury Bonds, 3.250%, 5/15/2042 | 185,771,786 |
172,590,000 | U.S. Treasury Notes, 4.500%, 3/31/2026 | 172,158,525 |
199,245,000 | U.S. Treasury Notes, 4.625%, 6/30/2025 | 198,521,181 |
1,305,145,000 | U.S. Treasury Notes, 4.625%, 2/28/2026 | 1,304,074,377 |
222,230,000 | U.S. Treasury Notes, 4.875%, 11/30/2025 | 222,551,191 |
2,276,914,322 | ||
Wireless — 2.0% | ||
875,000 | American Tower Corp., 5.450%, 2/15/2034 | 876,426 |
36,125,000 | American Tower Corp., 5.500%, 3/15/2028 | 36,427,516 |
15,805,000 | American Tower Corp., 5.900%, 11/15/2033 | 16,365,846 |
610,000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 650,039 |
23,985,000 | Sprint Capital Corp., 8.750%, 3/15/2032 | 29,083,060 |
1,960,000 | T-Mobile USA, Inc., 2.400%, 3/15/2029 | 1,736,775 |
8,560,000 | T-Mobile USA, Inc., 2.700%, 3/15/2032 | 7,198,424 |
Principal Amount | Description | Value (†) |
Wireless — continued | ||
$15,320,000 | T-Mobile USA, Inc., 3.375%, 4/15/2029 | $14,168,405 |
7,565,000 | T-Mobile USA, Inc., 3.500%, 4/15/2031 | 6,831,778 |
52,295,000 | T-Mobile USA, Inc., 3.875%, 4/15/2030 | 48,989,038 |
53,355,000 | T-Mobile USA, Inc., 5.150%, 4/15/2034 | 53,176,352 |
10,410,000 | T-Mobile USA, Inc., 5.750%, 1/15/2034 | 10,840,736 |
226,344,395 | ||
Wirelines — 0.0% | ||
857,000 | Level 3 Financing, Inc., 4.625%, 9/15/2027(a) | 569,905 |
5,200,000 | Verizon Communications, Inc., 2.355%, 3/15/2032 | 4,273,340 |
4,843,245 | ||
Total Non-Convertible Bonds (Identified Cost $10,865,899,200) | 10,638,458,418 | |
Convertible Bonds — 1.1% | ||
Airlines — 0.1% | ||
12,240,000 | Southwest Airlines Co., 1.250%, 5/01/2025 | 12,386,880 |
Cable Satellite — 0.2% | ||
35,520,000 | DISH Network Corp., 3.375%, 8/15/2026 | 22,111,200 |
4,115,000 | DISH Network Corp., Zero Coupon, 6.944%–9.514%, 12/15/2025(g) | 3,003,950 |
25,115,150 | ||
Consumer Cyclical Services — 0.0% | ||
1,340,000 | Uber Technologies, Inc., Zero Coupon, 4.509%, 12/15/2025(h) | 1,504,150 |
Electric — 0.2% | ||
20,265,000 | PPL Capital Funding, Inc., 2.875%, 3/15/2028 | 19,393,605 |
Healthcare — 0.1% | ||
21,445,000 | Teladoc Health, Inc., 1.250%, 6/01/2027 | 18,067,413 |
Leisure — 0.0% | ||
3,835,000 | Carnival Corp., 5.750%, 12/01/2027 | 5,771,675 |
Pharmaceuticals — 0.3% | ||
5,120,000 | BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024 | 5,027,328 |
26,675,000 | BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027 | 26,309,552 |
31,336,880 | ||
Retailers — 0.2% | ||
6,820,000 | Etsy, Inc., 0.125%, 9/01/2027 | 5,707,658 |
16,065,000 | Etsy, Inc., 0.250%, 6/15/2028 | 12,651,187 |
18,358,845 | ||
Total Convertible Bonds (Identified Cost $145,228,369) | 131,934,598 | |
Municipals — 0.1% | ||
Virginia — 0.1% | ||
6,960,000 | Tobacco Settlement Financing Corp., 6.706%, 6/01/2046 (Identified Cost $6,711,545) | 5,999,179 |
Total Bonds and Notes (Identified Cost $11,017,839,114) | 10,776,392,195 | |
Collateralized Loan Obligations — 2.7% | ||
3,182,647 | 522 Funding CLO Ltd., Series 2018-3A, Class AR, 3 mo. USD SOFR + 1.302%, 6.619%, 10/20/2031(a)(b) | 3,184,302 |
Principal Amount | Description | Value (†) |
$1,585,000 | 522 Funding CLO Ltd., Series 2021-7A, Class D, 3 mo. USD SOFR + 3.162%, 8.477%, 4/23/2034(a)(b) | $1,554,230 |
5,565,000 | AGL CLO 5 Ltd., Series 2020-5A, Class BR, 3 mo. USD SOFR + 1.962%, 7.279%, 7/20/2034(a)(b) | 5,566,113 |
2,505,000 | AIMCO CLO 12 Ltd., Series 2020-12A, Class AR, 3 mo. USD SOFR + 1.170%, 6.487%, 1/17/2032(a)(b) | 2,505,751 |
14,785,000 | Alinea CLO Ltd., Series 2018-1A, Class B, 3 mo. USD SOFR + 1.912%, 7.229%, 7/20/2031(a)(b) | 14,785,488 |
4,650,000 | Allegro CLO VIII Ltd., Series 2018-2A, Class B1, 3 mo. USD SOFR + 1.932%, 7.246%, 7/15/2031(a)(b) | 4,650,511 |
7,655,000 | Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class AR2, 3 mo. USD SOFR + 1.402%, 6.716%, 7/15/2032(a)(b) | 7,655,008 |
3,520,000 | ARES Loan Funding I Ltd., Series 2021-ALFA, Class D, 3 mo. USD SOFR + 3.262%, 8.576%, 10/15/2034(a)(b) | 3,519,799 |
4,075,000 | ARES XXXVII CLO Ltd., Series 2015-4A, Class A3R, 3 mo. USD SOFR + 1.762%, 7.076%, 10/15/2030(a)(b) | 4,075,212 |
1,651,667 | Atrium XV, Series 15A, Class D, 3 mo. USD SOFR + 3.262%, 8.577%, 1/23/2031(a)(b) | 1,649,680 |
1,150,000 | Ballyrock CLO Ltd., Series 2019-2A, Class A2RR, 3 mo. USD SOFR + 2.000%, 7.319%, 2/20/2036(a)(b) | 1,154,263 |
5,320,000 | Battalion CLO VIII Ltd., Series 2015-8A, Class A2R2, 3 mo. USD SOFR + 1.812%, 7.110%, 7/18/2030(a)(b) | 5,320,766 |
2,525,000 | Canyon CLO Ltd., Series 2018-1A, Class B, 3 mo. USD SOFR + 1.962%, 7.276%, 7/15/2031(a)(b) | 2,525,227 |
3,920,000 | Canyon CLO Ltd., Series 2021-4A, Class B, 3 mo. USD SOFR + 1.962%, 7.276%, 10/15/2034(a)(b) | 3,911,363 |
7,170,000 | Carlyle U.S. CLO Ltd., Series 2021-9A, Class B, 3 mo. USD SOFR + 1.912%, 7.229%, 10/20/2034(a)(b) | 7,171,040 |
6,500,000 | CIFC Funding Ltd., Series 2014-5A, Class BR2, 3 mo. USD SOFR + 2.062%, 7.378%, 10/17/2031(a)(b) | 6,503,783 |
4,415,000 | CIFC Funding Ltd., Series 2021-6A, Class B, 3 mo. USD SOFR + 1.912%, 7.226%, 10/15/2034(a)(b) | 4,415,464 |
8,720,000 | Clover CLO LLC, Series 2018-1A, Class A1R, 3 mo. USD SOFR + 1.382%, 6.699%, 4/20/2032(a)(b) | 8,727,883 |
3,620,000 | Clover CLO LLC, Series 2021-2A, Class A, 3 mo. USD SOFR + 1.432%, 6.749%, 7/20/2034(a)(b) | 3,620,782 |
3,335,000 | Dryden 53 CLO Ltd., Series 2017-53A, Class B, 3 mo. USD SOFR + 1.662%, 6.976%, 1/15/2031(a)(b) | 3,335,584 |
1,250,000 | Galaxy XXV CLO Ltd., Series 2018-25A, Class B, 3 mo. USD SOFR + 1.912%, 7.236%, 10/25/2031(a)(b) | 1,250,187 |
4,465,000 | Galaxy XXVI CLO Ltd., Series 2018-26A, Class B, 3 mo. USD SOFR + 1.962%, 7.287%, 11/22/2031(a)(b) | 4,467,040 |
5,405,000 | GoldenTree Loan Management U.S. CLO 3 Ltd., Series 2018-3A, Class B1, 3 mo. USD SOFR + 1.812%, 7.129%, 4/20/2030(a)(b) | 5,404,962 |
Principal Amount | Description | Value (†) |
$3,990,000 | Golub Capital Partners CLO 41B-R Ltd., Series 2019-41A, Class AR, 3 mo. USD SOFR + 1.582%, 6.899%, 1/20/2034(a)(b) | $3,992,530 |
13,735,000 | Hayfin U.S. XII Ltd., Series 2018-8A, Class B, 3 mo. USD SOFR + 1.742%, 7.059%, 4/20/2031(a)(b) | 13,714,969 |
3,545,000 | Invesco CLO Ltd., Series 2021-1A, Class D, 3 mo. USD SOFR + 3.312%, 8.626%, 4/15/2034(a)(b) | 3,544,741 |
13,180,000 | Madison Park Funding XIV Ltd., Series 2014-14A, Class BR3, 3 mo. USD SOFR + 1.800%, 7.117%, 10/22/2030(a)(b) | 13,179,539 |
8,898,552 | Madison Park Funding XXV Ltd., Series 2017-25A, Class A1R, 3 mo. USD SOFR + 1.232%, 6.556%, 4/25/2029(a)(b) | 8,898,116 |
4,410,000 | Madison Park Funding XXXVII Ltd., Series 2019-37A, Class AR, 3 mo. USD SOFR + 1.332%, 6.646%, 7/15/2033(a)(b) | 4,412,752 |
2,945,000 | Magnetite XIV-R Ltd., Series 2015-14RA, Class B, 3 mo. USD SOFR + 1.862%, 7.160%, 10/18/2031(a)(b) | 2,945,613 |
5,806,554 | Magnetite XV Ltd., Series 2015-15A, Class AR, 3 mo. USD SOFR + 1.272%, 6.596%, 7/25/2031(a)(b) | 5,796,787 |
13,895,000 | Morgan Stanley Eaton Vance CLO Ltd., Series 2022-16A, Class B, 3 mo. USD SOFR + 1.950%, 7.264%, 4/15/2035(a)(b) | 13,852,405 |
545,455 | Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class A2R2, 3 mo. USD SOFR + 1.962%, 7.279%, 10/21/2030(a)(b) | 544,523 |
2,105,000 | Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class DR, 3 mo. USD SOFR + 3.162%, 8.476%, 4/15/2034(a)(b) | 2,039,116 |
4,395,000 | Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class A, 3 mo. USD SOFR + 1.392%, 6.706%, 10/14/2035(a)(b) | 4,397,870 |
6,205,000 | OCP CLO Ltd., Series 2016-12A, Class BR2, 3 mo. USD SOFR + 1.810%, 7.108%, 4/18/2033(a)(b) | 6,202,582 |
14,755,000 | OCP CLO Ltd., Series 2020-8RA, Class A2, 3 mo. USD SOFR + 1.812%, 7.128%, 1/17/2032(a)(b) | 14,755,192 |
7,170,000 | Octagon Investment Partners 18-R Ltd., Series 2018-18A, Class A2, 3 mo. USD SOFR + 1.732%, 7.046%, 4/16/2031(a)(b) | 7,172,486 |
2,000,000 | Octagon Investment Partners 26 Ltd., Series 2016-1A, Class BR, 3 mo. USD SOFR + 1.862%, 7.176%, 7/15/2030(a)(b) | 1,997,462 |
1,986,282 | Octagon Investment Partners 28 Ltd., Series 2016-1A, Class BR, 3 mo. USD SOFR + 2.062%, 7.380%, 10/24/2030(a)(b) | 1,986,876 |
4,155,000 | Octagon Investment Partners 46 Ltd., Series 2020-2A, Class DR, 3 mo. USD SOFR + 3.562%, 8.876%, 7/15/2036(a)(b) | 4,100,985 |
7,892,486 | Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, 3 mo. USD SOFR + 1.232%, 6.541%, 7/19/2030(a)(b) | 7,887,751 |
10,050,000 | OHA Credit Partners XVI, Series 2021-16A, Class A, 3 mo. USD SOFR + 1.412%, 6.710%, 10/18/2034(a)(b) | 10,060,633 |
1,440,000 | Palmer Square CLO Ltd., Series 2015-1A, Class A2R4, 3 mo. USD SOFR + 1.962%, 7.276%, 5/21/2034(a)(b) | 1,439,325 |
Principal Amount | Description | Value (†) |
$8,844,000 | Palmer Square CLO Ltd., Series 2021-2A, Class A, 3 mo. USD SOFR + 1.412%, 6.726%, 7/15/2034(a)(b) | $8,853,401 |
2,571,763 | Palmer Square Loan Funding Ltd., Series 2021-3A, Class A1, 3 mo. USD SOFR + 1.062%, 6.379%, 7/20/2029(a)(b) | 2,572,189 |
12,875,000 | Post CLO Ltd., Series 2022-1A, Class B, 3 mo. USD SOFR + 1.900%, 7.218%, 4/20/2035(a)(b) | 12,839,014 |
19,620,000 | Post CLO Ltd., Series 2023-1A, Class A, 3 mo. USD SOFR + 1.950%, 7.268%, 4/20/2036(a)(b) | 19,769,445 |
4,310,000 | Rad CLO 15 Ltd., Series 2021-15A, Class B, 3 mo. USD SOFR + 1.912%, 7.229%, 1/20/2034(a)(b) | 4,310,384 |
1,730,000 | Recette CLO Ltd., Series 2015-1A, Class BRR, 3 mo. USD SOFR + 1.662%, 6.979%, 4/20/2034(a)(b) | 1,714,128 |
1,015,000 | Regatta XV Funding Ltd., Series 2018-4A, Class A2, 3 mo. USD SOFR + 2.112%, 7.436%, 10/25/2031(a)(b) | 1,015,116 |
6,680,000 | Rockford Tower CLO Ltd., Series 2017-1A, Class DR2A, 3 mo. USD SOFR + 3.512%, 8.829%, 4/20/2034(a)(b) | 6,679,880 |
2,318,850 | Venture XXIX CLO Ltd., Series 2017-29A, Class AR, 3 mo. USD SOFR + 1.252%, 6.559%, 9/07/2030(a)(b) | 2,319,474 |
1,830,000 | Vibrant CLO XIV Ltd., Series 2021-14A, Class C, 3 mo. USD SOFR + 4.012%, 9.329%, 10/20/2034(a)(b) | 1,802,247 |
3,335,000 | Voya CLO Ltd., Series 2013-3A, Class A2RR, 3 mo. USD SOFR + 1.961%, 7.259%, 10/18/2031(a)(b) | 3,333,804 |
1,610,000 | Voya CLO Ltd., Series 2016-3A, Class A3R, 3 mo. USD SOFR + 2.012%, 7.310%, 10/18/2031(a)(b) | 1,609,942 |
6,235,000 | Voya CLO Ltd., Series 2018-3A, Class B, 3 mo. USD SOFR + 1.912%, 7.226%, 10/15/2031(a)(b) | 6,235,374 |
Total Collateralized Loan Obligations (Identified Cost $308,354,100) | 312,931,089 | |
Senior Loans — 0.5% | ||
Building Materials — 0.1% | ||
9,785,000 | Summit Materials LLC, 2023 Incremental Term Loan B, 3 mo. USD SOFR + 2.500%, 7.827%, 1/12/2029(b)(i) | 9,826,586 |
Leisure — 0.0% | ||
3,490,857 | Carnival Corp., 2021 Incremental Term Loan B, 1 mo. USD SOFR + 3.250%, 8.695%, 10/18/2028(b)(i) | 3,491,590 |
3,180,364 | Carnival Corp., 2023 Term Loan B, 1 mo. USD SOFR + 3.000%, 8.319%, 8/08/2027(b)(i) | 3,182,368 |
6,673,958 | ||
Lodging — 0.1% | ||
12,340,000 | Hilton Grand Vacations Borrower LLC, 2024 Incremental Term Loan B, 1 mo. USD SOFR + 2.750%, 8.077%, 1/17/2031(b)(i) | 12,359,251 |
Principal Amount | Description | Value (†) |
Technology — 0.2% | ||
$19,355,000 | GTCR W Merger Sub LLC, USD Term Loan B, 1 mo. USD SOFR + 3.000%, 8.309%, 1/31/2031(b)(i) | $19,407,452 |
Wireless — 0.1% | ||
10,925,000 | SBA Senior Finance II LLC, 2024 Term Loan B, 1/25/2031(j) | 10,942,043 |
Total Senior Loans (Identified Cost $58,955,645) | 59,209,290 |
Shares | ||
Preferred Stocks — 0.2% | ||
Convertible Preferred Stocks — 0.2% | ||
Banking — 0.2% | ||
9,179 | Bank of America Corp., Series L, 7.250% | 10,957,339 |
7,045 | Wells Fargo & Co., Series L, 7.500% | 8,590,321 |
19,547,660 | ||
Total Preferred Stocks (Identified Cost $23,446,136) | 19,547,660 |
Principal Amount | ||
Short-Term Investments — 4.0% | ||
$348,343,952 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2024 at 3.500% to be repurchased at $348,479,419 on 4/01/2024 collateralized by $42,967,800 U.S. Treasury Inflation Indexed Note, 0.125% due 4/15/2026 valued at $48,415,537; $330,834,400 U.S. Treasury Note, 0.750% due 4/30/2026 valued at $306,895,342 including accrued interest(k) | 348,343,952 |
80,000,000 | U.S. Treasury Bills, 4.855%, 8/08/2024(l) | 78,531,192 |
28,575,000 | U.S. Treasury Bills, 4.995%, 8/01/2024(l) | 28,074,447 |
Total Short-Term Investments (Identified Cost $455,041,771) | 454,949,591 | |
Total Investments — 100.8% (Identified Cost $11,863,636,766) | 11,623,029,825 | |
Other assets less liabilities — (0.8)% | (91,003,227 ) | |
Net Assets — 100.0% | $11,532,026,598 |
(†) | Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. The Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Fund's Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board's oversight. Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Futures contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time, they are traded most extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share. Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available. Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations are fair valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to fair value debt, unlisted equities, senior loans and collateralized loan obligations where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. The Fund may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund's NAV is calculated. Fair valuation by the Fund's valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund. The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. |
(a) | All or a portion of these securities are 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 March 31, 2024, the value of Rule 144A holdings amounted to $4,273,858,593 or 37.1% of net assets. |
(b) | Variable rate security. Rate as of March 31, 2024 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description. |
(c) | Level 3 security. Value has been determined using significant unobservable inputs. |
(d) | Perpetual bond with no specified maturity date. |
(e) | The issuer is in default with respect to interest and/or principal payments. Income is not being accrued. |
(f) | Security (or a portion thereof) has been pledged as collateral for open derivative contracts. |
(g) | Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields. |
(h) | Interest rate represents annualized yield at time of purchase; not a coupon rate. |
(i) | Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate which may range from 0.00% to 0.75%, to which the spread is added. |
(j) | Position is unsettled. Contract rate was not determined at March 31, 2024 and does not take effect until settlement date. Maturity date is not finalized until settlement date. |
(k) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund's policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri- party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities. As of March 31, 2024, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
(l) | Interest rate represents discount rate at time of purchase; not a coupon rate. |
ABS | Asset-Backed Securities |
MTN | Medium Term Note |
REITs | Real Estate Investment Trusts |
REMICS | Real Estate Mortgage Investment Conduits |
SLM | Sallie Mae |
SOFR | Secured Overnight Financing Rate |
Futures Contracts
The Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.
When the Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as "initial margin." As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as "variation margin," are made or received by the Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit the Fund's ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.
Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund are reduced; however, in the event that a counterparty enters into bankruptcy, the Fund's claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.
At March 31, 2024, open long futures contracts were as follows: | |||||
Financial Futures | Expiration Date | Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
CBOT 10 Year U.S. Treasury Notes Futures | 6/18/2024 | 10,856 | $1,195,029,729 | $1,202,810,875 | $7,781,146 |
CBOT U.S. Long Bond Futures | 6/18/2024 | 17,242 | 2,061,082,082 | 2,076,583,375 | 15,501,293 |
CME Ultra Long Term U.S. Treasury Bond Futures | 6/18/2024 | 4,349 | 556,296,427 | 561,021,000 | 4,724,573 |
Total | $28,007,012 |
At March 31, 2024, open short futures contracts were as follows: | |||||
Financial Futures | Expiration Date | Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
CBOT 5 Year U.S. Treasury Notes Futures | 6/28/2024 | 7,047 | $758,113,765 | $754,139,109 | $3,974,656 |
Ultra 10-Year U.S. Treasury Notes Futures | 6/18/2024 | 19,696 | 2,250,105,332 | 2,257,346,250 | (7,240,918 ) |
Total | $(3,266,262 ) |
Fair Value Measurements.
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:
• Level 1 — quoted prices in active markets for identical assets or liabilities;
• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and
• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Fund's pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Fund has knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2024, at value:
Asset Valuation Inputs | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Bonds and Notes | ||||
Non-Convertible Bonds | ||||
ABS Other | $ — | $460,731,485 | $663,300 | $461,394,785 |
ABS Student Loan | — | 97,216,494 | 1,214,730 | 98,431,224 |
All Other Non-Convertible Bonds(a) | — | 10,078,632,409 | — | 10,078,632,409 |
Total Non-Convertible Bonds | — | 10,636,580,388 | 1,878,030 | 10,638,458,418 |
All Other Bonds and Notes(a) | — | 137,933,777 | — | 137,933,777 |
Total Bonds and Notes | — | 10,774,514,165 | 1,878,030 | 10,776,392,195 |
Collateralized Loan Obligations | — | 312,931,089 | — | 312,931,089 |
Senior Loans(a) | — | 59,209,290 | — | 59,209,290 |
Preferred Stocks(a) | 19,547,660 | — | — | 19,547,660 |
Short-Term Investments | — | 454,949,591 | — | 454,949,591 |
Total Investments | 19,547,660 | 11,601,604,135 | 1,878,030 | 11,623,029,825 |
Futures Contracts (unrealized appreciation) | 31,981,668 | — | — | 31,981,668 |
Total | $51,529,328 | $11,601,604,135 | $1,878,030 | $11,655,011,493 |
Liability Valuation Inputs | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Futures Contracts (unrealized depreciation) | $(7,240,918 ) | $ — | $ — | $(7,240,918 ) |
(a) | Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2023 and/or March 31, 2024:
Asset Valuation Inputs | ||||||||||
Investments in Securities | Balance as of December 31, 2023 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance as of March 31, 2024 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2024 |
Bonds and Notes | ||||||||||
Non-Convertible Bonds | ||||||||||
ABS Other | $ — | $ — | $44 | $(6,448 ) | $ — | $(70,760 ) | $740,464 | $ — | $663,300 | $(6,448 ) |
ABS Student Loan | — | — | 109 | (7,649 ) | — | (58,000 ) | 1,280,270 | — | 1,214,730 | (7,649 ) |
Total | $ — | $ — | $153 | $(14,097 ) | $ — | $(128,760 ) | $2,020,734 | $ — | $1,878,030 | $(14,097 ) |
Debt securities valued at $2,020,734 were transferred from Level 2 to Level 3 during the period ended March 31, 2024. At December 31, 2023, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund's valuation policies. At March 31, 2024, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.
Derivatives
Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used at period end include futures contracts.
The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. The Fund may also use futures contracts to gain investment exposure. As of March 31, 2024, the Fund used futures contracts for hedging and duration management.
The following is a summary of derivative instruments for the Fund, as of March 31, 2024:
Assets | Unrealized appreciation on futures contracts |
Exchange-traded asset derivatives | |
Interest rate contracts | $31,981,668 |
Liabilities | Unrealized depreciation on futures contracts |
Exchange-traded liability derivatives | |
Interest rate contracts | $(7,240,918 ) |
The Fund’s derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.
Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund.
Industry Summary at March 31, 2024 (Unaudited) | |
Treasuries | 19.7% |
Banking | 10.3 |
Technology | 7.5 |
ABS Car Loan | 4.2 |
ABS Home Equity | 4.0 |
ABS Other | 4.0 |
Finance Companies | 3.9 |
Midstream | 3.8 |
Metals & Mining | 3.3 |
Independent Energy | 2.5 |
Aerospace & Defense | 2.2 |
Sovereigns | 2.2 |
Wireless | 2.1 |
Other Investments, less than 2% each | 24.4 |
Collateralized Loan Obligations | 2.7 |
Short-Term Investments | 4.0 |
Total Investments | 100.8 |
Other assets less liabilities (including futures contracts) | (0.8) |
Net Assets | 100.0% |