Portfolio of Investments – as of December 31, 2025 (Unaudited)
Loomis Sayles Core Plus Bond Fund
 
Principal
Amount (‡)
Description
Value (†)
Bonds and Notes — 88.8% of Net Assets
Non-Convertible Bonds — 88.7%
ABS Car Loan — 0.7%
$7,210,000
American Credit Acceptance Receivables
Trust, Series 2025-1, Class B,
4.900%, 3/12/2029(a)
$7,222,848
4,420,000
AmeriCredit Automobile Receivables Trust,
Series 2023-1, Class C, 5.800%, 12/18/2028
4,489,357
2,354,667
Avis Budget Rental Car Funding AESOP LLC,
Series 2020-2A, Class A, 2.020%, 2/20/2027(a)
2,349,884
8,160,000
Avis Budget Rental Car Funding AESOP LLC,
Series 2022-1A, Class A, 3.830%, 8/21/2028(a)
8,127,202
1,840,000
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-2A, Class A, 5.200%, 10/20/2027(a)
1,851,923
3,245,000
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-8A, Class A, 6.020%, 2/20/2030(a)
3,406,062
785,985
DT Auto Owner Trust, Series 2023-1A, Class C,
5.550%, 10/16/2028(a)
787,696
122,189
Exeter Automobile Receivables Trust,
Series 2023-1A, Class C, 5.820%, 2/15/2028
122,250
4,805,000
Ford Credit Auto Lease Trust, Series 2023-B,
Class C, 6.430%, 4/15/2027
4,834,858
12,845,000
Hertz Vehicle Financing III LLC,
Series 2023-2A, Class A, 5.570%, 9/25/2029(a)
13,226,805
3,870,005
Westlake Automobile Receivables Trust,
Series 2023-2A, Class C, 6.290%, 3/15/2028(a)
3,881,318
4,849,730
Wheels Fleet Lease Funding 1 LLC,
Series 2023-1A, Class A, 5.800%, 4/18/2038(a)
4,881,060
 
55,181,263
ABS Home Equity — 0.2%
331,159
CoreVest American Finance Trust,
Series 2019-3, Class A, 2.705%, 10/15/2052(a)
330,502
429,033
OBX Trust, Series 2018-EXP1, Class 1A3,
4.000%, 4/25/2048(a)(b)
409,331
2,911,994
Progress Residential Trust, Series 2023-SFR1,
Class A, 4.300%, 3/17/2040(a)
2,906,545
31,749
Sequoia Mortgage Trust, Series 2017-CH1,
Class A1, 4.000%, 8/25/2047(a)(b)
30,167
248,629
Sequoia Mortgage Trust, Series 2018-CH1,
Class A1, 4.000%, 3/25/2048(a)(b)
233,126
54,260
Sequoia Mortgage Trust, Series 2018-CH3,
Class A2, 4.000%, 8/25/2048(a)(b)
53,911
3,660,000
Toorak Mortgage Trust, Series 2024-RRTL1,
Class A1, 6.597%, 2/25/2039(a)(b)
3,673,997
245,166
Towd Point Mortgage Trust, Series 2015-1,
Class A5, 4.568%, 10/25/2053(a)(b)
244,413
5,101,352
Towd Point Mortgage Trust, Series 2016-2,
Class M2, 3.000%, 8/25/2055(a)(b)
4,945,211
2,340,113
Towd Point Mortgage Trust, Series 2018-3,
Class A1, 3.750%, 5/25/2058(a)(b)
2,305,695
 
15,132,898
ABS Other — 2.1%
9,518,304
ALTDE Trust, Series 2025-1A, Class A,
5.900%, 8/15/2050(a)
9,714,686
7,691,498
APL Finance DAC, Series 2025-1A, Class A,
4.810%, 3/20/2036(a)
7,679,484
12,560,000
Bluepeak ABS Issuer LLC, Series 2025-1A,
Class A2, 5.858%, 12/20/2055(a)
12,615,339
4,212,508
CLI Funding VIII LLC, Series 2021-1A, Class A,
1.640%, 2/18/2046(a)
3,921,309
Principal
Amount (‡)
Description
Value (†)
ABS Other — continued
$7,550,000
Compass Datacenters Issuer III LLC,
Series 2025-1A, Class A2, 5.656%, 2/25/2050(a)
$7,646,678
6,564,788
Crockett Partners Equipment Co. IIA LLC,
Series 2024-1C, Class A, 6.050%, 1/20/2031(a)
6,680,266
1,485,737
Foundation Finance Trust, Series 2025-1A,
Class A, 4.950%, 4/15/2050(a)
1,504,361
15,660,000
Frontier Issuer LLC, Series 2024-1, Class A2,
6.190%, 6/20/2054(a)
16,140,355
1,516,848
GreenSky Home Improvement Issuer Trust,
Series 2025-1A, Class A4, 5.220%, 3/25/2060(a)
1,539,639
1,931,116
GreenSky Home Improvement Trust,
Series 2024-1, Class A4, 5.670%, 6/25/2059(a)
1,978,028
26,235,937
Horizon Aircraft Finance IV Ltd., Series 2024-1,
Class A, 5.375%, 9/15/2049(a)
26,308,559
4,342,875
Jack in the Box Funding LLC, Series 2022-1A,
Class A2I, 3.445%, 2/26/2052(a)
4,203,886
4,836,300
Lunar Structured Aircraft Portfolio Notes,
Series 2021-1, Class A, 2.636%, 10/15/2046(a)
4,613,869
8,010,000
MetroNet Infrastructure Issuer LLC,
Series 2025-2A, Class A2, 5.400%, 8/20/2055(a)
8,110,381
4,391,131
MVW LLC, Series 2024-2A, Class A,
4.430%, 3/20/2042(a)
4,390,876
6,781,527
Navigator Aircraft ABS Ltd., Series 2021-1,
Class A, 2.771%, 11/15/2046(a)(b)
6,477,193
5,151,394
OWN Equipment Fund I LLC, Series 2024-2M,
Class A, 5.700%, 12/20/2032(a)
5,230,457
2,105,000
SCF Equipment Leasing LLC, Series 2024-1A,
Class A3, 5.520%, 1/20/2032(a)
2,142,743
2,049,030
Textainer Marine Containers VII Ltd.,
Series 2020-2A, Class A, 2.100%, 9/20/2045(a)
1,945,308
5,697,351
Volofin Finance DAC, Series 2024-1A, Class A,
5.935%, 6/15/2037(a)
5,778,168
8,968,554
Willis Engine Structured Trust VII,
Series 2023-A, Class A, 8.000%, 10/15/2048(a)
9,184,679
16,950,000
Zayo Issuer LLC, Series 2025-2A, Class A2,
5.953%, 6/20/2055(a)
17,393,175
 
165,199,439
ABS Residential Mortgage — 0.0%
6,668
Countrywide Asset-Backed Certificates,
Series 2004-S1, Class A3,
5.115%, 2/25/2035(b)(c)
6,324
3,277,161
VCAT LLC, Series 2025-NPL1, Class A1,
5.877%, 1/25/2055(a)(b)
3,288,738
 
3,295,062
ABS Student Loan — 0.3%
1,465,088
Navient Private Education Refi Loan Trust,
Series 2020-HA, Class A, 1.310%, 1/15/2069(a)
1,386,688
5,196,482
Navient Private Education Refi Loan Trust,
Series 2021-CA, Class A, 1.060%, 10/15/2069(a)
4,765,263
5,767,742
Navient Private Education Refi Loan Trust,
Series 2023-A, Class A, 5.510%, 10/15/2071(a)
5,933,917
1,978,697
SMB Private Education Loan Trust,
Series 2021-A, Class APT2,
1.070%, 1/15/2053(a)
1,812,133
4,770,065
SMB Private Education Loan Trust,
Series 2021-C, Class A2, 1 mo. USD SOFR +
0.914%, 4.665%, 1/15/2053(a)(b)
4,734,365
Principal
Amount (‡)
Description
Value (†)
ABS Student Loan — continued
$5,588,426
SMB Private Education Loan Trust,
Series 2023-A, Class A1A, 5.380%, 1/15/2053(a)
$5,687,124
1,089,428
SoFi Professional Loan Program LLC,
Series 2020-A, Class A2FX,
2.540%, 5/15/2046(a)
1,053,987
 
25,373,477
ABS Whole Business — 0.1%
11,655,875
Planet Fitness Master Issuer LLC,
Series 2022-1A, Class A2II,
4.008%, 12/05/2051(a)
11,048,395
Aerospace & Defense — 0.4%
14,314,000
Boeing Co., 5.705%, 5/01/2040
14,611,418
5,305,000
Boeing Co., 6.298%, 5/01/2029
5,630,983
3,928,000
Boeing Co., 6.858%, 5/01/2054
4,411,688
7,955,000
Embraer Netherlands Finance BV,
5.980%, 2/11/2035
8,453,381
 
33,107,470
Agency Commercial Mortgage-Backed
Securities — 0.1%
4,010,000
Arixa Mortgage Trust, Series 2025-RTL1,
Class A1, 5.735%, 8/25/2030(a)
4,033,527
Airlines — 0.7%
8,630,467
American Airlines, Inc./AAdvantage Loyalty IP
Ltd., 5.750%, 4/20/2029(a)
8,788,741
14,751,433
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.750%, 10/20/2028(a)
14,841,018
6,570,000
Latam Airlines Group SA, 7.875%, 4/15/2030(a)
6,910,129
1,126,379
United Airlines Pass-Through Trust,
Series 2020-1, Class B, 4.875%, 7/15/2027
1,125,894
13,472,101
United Airlines Pass-Through Trust,
Series 2023-1, Class A, 5.800%, 7/15/2037
14,064,335
2,266,000
United Airlines, Inc., 4.375%, 4/15/2026(a)
2,263,169
5,243,000
United Airlines, Inc., 4.625%, 4/15/2029(a)
5,220,259
 
53,213,545
Apartment REITs — 0.0%
1,715,000
American Homes 4 Rent LP, 3.375%, 7/15/2051,
1,159,831
Automotive — 1.5%
3,200,000
Ford Motor Credit Co. LLC, 4.271%, 1/09/2027
3,183,363
9,980,000
Ford Motor Credit Co. LLC, 6.800%, 5/12/2028
10,413,887
5,315,000
Ford Motor Credit Co. LLC, 6.950%, 3/06/2026
5,326,984
5,450,000
Ford Motor Credit Co. LLC, 7.122%, 11/07/2033
5,853,646
2,800,000
General Motors Financial Co., Inc.,
2.350%, 1/08/2031
2,515,770
6,206,000
Hyundai Capital America,
2.375%, 10/15/2027(a)
6,021,075
7,453,000
Hyundai Capital America, 3.000%, 2/10/2027(a)
7,368,810
6,740,000
Hyundai Capital America, 5.400%, 6/24/2031(a)
6,974,639
14,005,000
Hyundai Capital America, 6.100%, 9/21/2028(a)
14,651,256
1,725,000
Lear Corp., 3.550%, 1/15/2052
1,169,557
10,531,000
Lear Corp., 5.250%, 5/15/2049
9,504,348
6,000,000
Nissan Motor Acceptance Co. LLC,
7.050%, 9/15/2028(a)
6,205,406
4,525,000
Phinia, Inc., 6.750%, 4/15/2029(a)
4,683,294
31,285,000
Volkswagen Group of America Finance LLC,
6.450%, 11/16/2030(a)
33,566,861
 
117,438,896
Banking — 5.5%
5,525,000
AIB Group PLC, (fixed rate to 3/28/2034,
variable rate thereafter), 5.871%, 3/28/2035(a)
5,830,823
Principal
Amount (‡)
Description
Value (†)
Banking — continued
$5,400,000
Banco Santander Mexico SA Institucion de
Banca Multiple Grupo Financiero Santand,
5.621%, 12/10/2029(a)
$5,610,600
18,675,000
Bank of America Corp., (fixed rate to
10/25/2034, variable rate thereafter),
5.518%, 10/25/2035
19,127,340
6,910,000
Bank of America Corp., (fixed rate to
11/10/2027, variable rate thereafter),
6.204%, 11/10/2028
7,180,262
5,475,000
Bank of America Corp., (fixed rate to 4/24/2027,
variable rate thereafter), 3.705%, 4/24/2028
5,450,156
17,545,000
Bank of America Corp., (fixed rate to 4/25/2033,
variable rate thereafter), 5.288%, 4/25/2034
18,063,392
24,210,000
Bank of America Corp., MTN, (fixed rate to
4/23/2026, variable rate thereafter),
3.559%, 4/23/2027
24,165,731
16,764,000
Barclays PLC, (fixed rate to 3/10/2041, variable
rate thereafter), 3.811%, 3/10/2042
13,455,137
1,900,000
Barclays PLC, (fixed rate to 5/09/2033, variable
rate thereafter), 6.224%, 5/09/2034
2,043,078
7,355,000
BBVA Mexico SA Institucion De Banca
Multiple Grupo Financiero BBVA Mexico,
5.250%, 9/10/2029(a)
7,539,096
15,013,000
BNP Paribas SA, (fixed rate to 1/13/2026,
variable rate thereafter), 1.323%, 1/13/2027(a)
14,998,784
23,295,000
Capital One Financial Corp., (fixed rate to
6/08/2033, variable rate thereafter),
6.377%, 6/08/2034
25,180,281
10,435,000
Credit Agricole SA, (fixed rate to 1/10/2034,
variable rate thereafter), 6.251%, 1/10/2035(a)
11,078,969
6,930,000
Danske Bank AS, (fixed rate to 10/02/2029,
variable rate thereafter), 4.613%, 10/02/2030(a)
6,987,679
9,038,000
Deutsche Bank AG, 1.686%, 3/19/2026
8,994,279
8,585,000
Deutsche Bank AG, (fixed rate to 10/07/2031,
variable rate thereafter), 3.742%, 1/07/2033
7,974,213
6,737,000
Deutsche Bank AG, (fixed rate to 10/14/2030,
variable rate thereafter), 3.729%, 1/14/2032
6,367,424
800,000
Deutsche Bank AG, (fixed rate to 11/10/2032,
variable rate thereafter), 7.079%, 2/10/2034
878,935
11,236,000
Goldman Sachs Group, Inc., 6.750%, 10/01/2037
12,543,608
7,270,000
Goldman Sachs Group, Inc., (fixed rate to
6/05/2027, variable rate thereafter),
3.691%, 6/05/2028
7,231,321
1,826,000
HSBC Holdings PLC, 4.950%, 3/31/2030
1,871,885
9,610,000
Intesa Sanpaolo SpA, 7.200%, 11/28/2033(a)
10,987,017
3,790,000
Intesa Sanpaolo SpA, (fixed rate to 6/01/2031,
variable rate thereafter), 4.198%, 6/01/2032(a)
3,616,645
23,640,000
JPMorgan Chase & Co., (fixed rate to
10/15/2029, variable rate thereafter),
2.739%, 10/15/2030
22,425,995
8,575,000
JPMorgan Chase & Co., (fixed rate to
4/22/2035, variable rate thereafter),
5.572%, 4/22/2036
8,996,538
14,426,000
JPMorgan Chase & Co., (fixed rate to
5/13/2030, variable rate thereafter),
2.956%, 5/13/2031
13,608,970
9,140,000
Mitsubishi UFJ Financial Group, Inc., (fixed
rate to 7/20/2031, variable rate thereafter),
2.309%, 7/20/2032
8,151,014
13,321,000
Morgan Stanley, 3.591%, 7/22/2028(b)
13,229,856
1,500,000
Morgan Stanley, (fixed rate to 2/01/2028,
variable rate thereafter), 5.123%, 2/01/2029
1,531,250
Principal
Amount (‡)
Description
Value (†)
Banking — continued
$11,935,000
Morgan Stanley, MTN, (fixed rate to 4/20/2028,
variable rate thereafter), 5.164%, 4/20/2029
$12,203,651
3,575,000
Norinchukin Bank, 5.094%, 10/16/2029(a)
3,644,420
6,255,000
Norinchukin Bank, 5.359%, 9/09/2035(a)
6,341,085
6,960,000
PNC Financial Services Group, Inc., (fixed rate
to 1/24/2033, variable rate thereafter),
5.068%, 1/24/2034
7,120,956
12,940,000
Santander Holdings USA, Inc., (fixed rate to
1/06/2027, variable rate thereafter),
2.490%, 1/06/2028
12,718,572
16,635,000
Santander U.K. Group Holdings PLC, (fixed rate
to 4/15/2030, variable rate thereafter),
5.694%, 4/15/2031
17,343,106
13,520,000
Societe Generale SA, (fixed rate to 1/19/2054,
variable rate thereafter), 7.132%, 1/19/2055(a)
14,138,121
10,315,000
Societe Generale SA, (fixed rate to 10/03/2035,
variable rate thereafter), 5.439%, 10/03/2036(a)
10,337,427
18,840,000
Standard Chartered PLC, (fixed rate to
1/12/2032, variable rate thereafter),
3.603%, 1/12/2033(a)
17,399,117
660,000
Standard Chartered PLC, (fixed rate to
3/15/2028, variable rate thereafter),
4.866%, 3/15/2033(a)
662,821
1,415,000
Standard Chartered PLC, (fixed rate to
7/06/2033, variable rate thereafter),
6.296%, 7/06/2034(a)
1,529,692
11,838,000
Sumitomo Mitsui Financial Group, Inc.,
3.040%, 7/16/2029
11,372,651
5,615,000
Synchrony Financial, (fixed rate to 3/06/2030,
variable rate thereafter), 5.450%, 3/06/2031
5,757,061
16,095,000
UniCredit SpA, (fixed rate to 6/03/2026, variable
rate thereafter), 1.982%, 6/03/2027(a)
15,946,617
 
431,635,575
Brokerage — 0.1%
4,055,000
BGC Group, Inc., 6.150%, 4/02/2030
4,198,725
1,970,000
Citadel LP, 6.000%, 1/23/2030(a)
2,057,903
2,300,000
Citadel LP, 6.375%, 1/23/2032(a)
2,441,118
 
8,697,746
Building Materials — 0.0%
929,000
Mohawk Industries, Inc., 3.625%, 5/15/2030
901,000
950,000
Mohawk Industries, Inc., 5.850%, 9/18/2028
988,065
 
1,889,065
Cable Satellite — 0.2%
3,092,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.250%, 1/15/2034(a)
2,629,048
6,340,000
Time Warner Cable LLC, 4.500%, 9/15/2042
4,875,605
783,000
Time Warner Cable LLC, 5.500%, 9/01/2041
687,203
2,245,000
Time Warner Cable LLC, 5.875%, 11/15/2040
2,077,418
7,162,000
Time Warner Cable LLC, 6.550%, 5/01/2037
7,308,526
1,707,000
Time Warner Cable LLC, 6.750%, 6/15/2039
1,726,562
 
19,304,362
Chemicals — 1.1%
1,610,000
Alpek SAB de CV, 3.250%, 2/25/2031(a)
1,369,557
21,013,000
Braskem America Finance Co.,
7.125%, 7/22/2041(a)
7,459,615
8,885,000
Eastman Chemical Co., 5.000%, 8/01/2029
9,064,736
12,690,000
Methanex U.S. Operations, Inc.,
6.250%, 3/15/2032(a)
13,066,520
8,771,000
Orbia Advance Corp. SAB de CV,
5.875%, 9/17/2044(a)
6,802,576
Principal
Amount (‡)
Description
Value (†)
Chemicals — continued
$9,466,000
Orbia Advance Corp. SAB de CV,
6.750%, 9/19/2042(a)
$8,185,341
7,660,000
Orbia Advance Corp. SAB de CV,
6.800%, 5/13/2030(a)
7,564,867
5,125,000
Qnity Electronics, Inc., 5.750%, 8/15/2032(a)
5,240,036
3,830,000
Sociedad Quimica y Minera de Chile SA,
3.500%, 9/10/2051(a)
2,725,313
7,654,000
Sociedad Quimica y Minera de Chile SA,
4.250%, 1/22/2050(a)
6,241,148
13,835,000
Sociedad Quimica y Minera de Chile SA,
6.500%, 11/07/2033(a)
14,985,242
 
82,704,951
Collateralized Mortgage Obligations — 0.7%
20,727,682
Federal Home Loan Mortgage Corp.,
Series 406, Class F15, 30 day USD SOFR
Average + 1.450%, 5.324%, 10/25/2053(b)
20,910,533
25,026,572
Federal Home Loan Mortgage Corp.,
Series 5365, Class LY, REMICS,
6.500%, 12/25/2053
26,099,737
7,850,000
Federal National Mortgage Association,
Series 2023-51, Class L, REMICS,
6.500%, 11/25/2053
8,267,149
36,115
Government National Mortgage Association,
Series 2010-H24, Class FA, 1 mo. USD SOFR +
0.464%, 4.464%, 10/20/2060(b)(c)
35,652
30,591
Government National Mortgage Association,
Series 2012-H18, Class NA, 1 mo. USD SOFR +
0.634%, 4.634%, 8/20/2062(b)(c)
30,287
25
Government National Mortgage Association,
Series 2013-H01, Class FA, 1.650%, 1/20/2063(c)
22
8,361
Government National Mortgage Association,
Series 2013-H03, Class HA,
1.750%, 12/20/2062(c)
7,391
7,311
Government National Mortgage Association,
Series 2013-H04, Class BA,
1.650%, 2/20/2063(c)
6,798
90,697
Government National Mortgage Association,
Series 2013-H10, Class PA,
2.500%, 4/20/2063(c)
85,153
498,557
Government National Mortgage Association,
Series 2015-H10, Class JA, 2.250%, 4/20/2065
479,608
4,248
Government National Mortgage Association,
Series 2015-H13, Class FL, 1 mo. USD SOFR +
0.394%, 4.394%, 5/20/2063(b)(c)
4,066
 
55,926,396
Construction Machinery — 0.2%
5,405,000
Herc Holdings, Inc., 7.000%, 6/15/2030(a)
5,684,871
10,439,000
United Rentals North America, Inc.,
5.375%, 11/15/2033(a)
10,431,610
 
16,116,481
Consumer Products — 0.1%
2,157,000
Kimberly-Clark de Mexico SAB de CV,
2.431%, 7/01/2031(a)
1,959,365
2,738,000
Natura &Co. Luxembourg Holdings SARL,
4.125%, 5/03/2028(a)
2,579,926
1,925,000
Natura &Co. Luxembourg Holdings SARL,
6.000%, 4/19/2029(a)
1,882,092
 
6,421,383
Electric — 0.9%
1,609,000
AES Corp., 3.950%, 7/15/2030(a)
1,570,438
7,160,000
Calpine Corp., 4.500%, 2/15/2028(a)
7,164,740
Principal
Amount (‡)
Description
Value (†)
Electric — continued
$14,279,000
Clearway Energy Operating LLC,
3.750%, 2/15/2031(a)
$13,334,978
14,159,775
Cometa Energia SA de CV, 6.375%, 4/24/2035(a)
14,846,043
2,415,000
DPL LLC, 4.350%, 4/15/2029
2,381,473
2,811,000
Enel Americas SA, 4.000%, 10/25/2026
2,803,165
4,816,000
Entergy Corp., 2.800%, 6/15/2030
4,509,579
750,000
IPALCO Enterprises, Inc., 4.250%, 5/01/2030
733,078
11,532,000
NRG Energy, Inc., 5.750%, 1/15/2034(a)
11,649,280
3,945,000
Southern California Edison Co.,
6.200%, 9/15/2055
3,963,563
6,037,000
WEC Energy Group, Inc., (fixed rate to
2/15/2031, variable rate thereafter),
5.625%, 5/15/2056
6,075,022
 
69,031,359
Finance Companies — 3.5%
6,365,000
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.000%, 10/29/2028
6,170,795
8,095,000
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 5.100%, 1/19/2029
8,275,463
19,660,000
Air Lease Corp., GMTN, 3.750%, 6/01/2026
19,622,560
20,287,000
Aircastle Ltd., 2.850%, 1/26/2028(a)
19,711,232
24,047,000
ARES Capital Corp., 2.150%, 7/15/2026
23,738,272
15,722,000
ARES Capital Corp., 5.800%, 3/08/2032
15,876,458
15,925,000
Avolon Holdings Funding Ltd.,
2.750%, 2/21/2028(a)
15,422,248
3,220,000
Avolon Holdings Funding Ltd.,
5.375%, 5/30/2030(a)
3,305,673
4,262,000
Blue Owl Capital Corp., 2.625%, 1/15/2027
4,165,149
13,397,000
Blue Owl Capital Corp., 3.400%, 7/15/2026
13,304,484
9,070,000
Blue Owl Capital Corp., 5.950%, 3/15/2029
9,153,256
10,958,000
Blue Owl Technology Finance Corp.,
3.750%, 6/17/2026(a)
10,892,533
12,803,000
Blue Owl Technology Finance Corp.,
6.100%, 3/15/2028(a)
12,879,085
19,629,000
FS KKR Capital Corp., 3.400%, 1/15/2026
19,621,431
4,160,000
GATX Corp., 6.050%, 3/15/2034
4,423,476
3,670,000
GATX Corp., 6.050%, 6/05/2054
3,715,671
3,505,000
Golub Capital Private Credit Fund,
5.450%, 8/15/2028(a)
3,526,805
11,600,000
Hercules Capital, Inc., 6.000%, 6/16/2030
11,747,115
2,600,000
Macquarie Airfinance Holdings Ltd.,
6.400%, 3/26/2029(a)
2,724,531
4,480,000
Main Street Capital Corp., 6.950%, 3/01/2029
4,676,956
5,663,000
MSD Investment Corp., 6.125%, 2/05/2031(a)
5,621,324
7,545,000
MSD Investment Corp., 6.250%, 5/31/2030(a)
7,592,560
3,100,000
Navient Corp., 4.875%, 3/15/2028
3,065,300
8,950,000
Navient Corp., 5.000%, 3/15/2027
8,969,413
16,425,000
OneMain Finance Corp., 6.625%, 5/15/2029
17,012,095
3,583,000
Rocket Cos., Inc., 6.125%, 8/01/2030(a)
3,703,672
6,793,000
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.875%, 3/01/2031(a)
6,450,597
5,410,000
Sixth Street Lending Partners,
6.125%, 7/15/2030
5,552,556
2,930,000
Sixth Street Specialty Lending, Inc.,
5.625%, 8/15/2030
2,962,845
 
273,883,555
Food & Beverage — 0.6%
13,933,000
BRF SA, 5.750%, 9/21/2050(a)
11,649,242
22,485,000
JBS USA Holding Lux SARL/JBS USA Food
Co./JBS Lux Co. SARL, 7.250%, 11/15/2053
25,170,226
Principal
Amount (‡)
Description
Value (†)
Food & Beverage — continued
$11,030,000
Minerva Luxembourg SA, 4.375%, 3/18/2031(a)
$10,252,860
1,599,000
Smithfield Foods, Inc., 3.000%, 10/15/2030(a)
1,471,212
 
48,543,540
Gaming — 0.2%
11,765,000
MGM Resorts International, 6.500%, 4/15/2032
12,121,540
Government Owned - No Guarantee — 1.1%
7,292,000
Antares Holdings LP, 3.950%, 7/15/2026(a)
7,259,040
16,900,000
Antares Holdings LP, 6.350%, 10/23/2029(a)
17,235,175
2,585,000
Ascot Group Ltd., 4.250%, 12/15/2030(a)
2,402,190
10,220,000
Ecopetrol SA, 7.750%, 2/01/2032
10,517,300
9,135,000
Ecopetrol SA, 8.375%, 1/19/2036
9,397,912
2,903,000
Empresa de los Ferrocarriles del Estado,
3.068%, 8/18/2050(a)
1,855,075
8,730,000
Freeport Indonesia PT, 5.315%, 4/14/2032(a)
8,868,370
7,685,000
OCP SA, 3.750%, 6/23/2031(a)
7,188,380
11,020,000
OCP SA, 6.750%, 5/02/2034(a)
11,874,601
11,038,000
Saudi Arabian Oil Co., 3.500%, 11/24/2070(a)
6,957,285
5,410,000
Tennessee Valley Authority, 4.625%, 9/15/2060
4,811,318
 
88,366,646
Health Insurance — 0.1%
8,739,000
Centene Corp., 3.375%, 2/15/2030
8,041,928
Healthcare — 0.3%
12,055,000
HCA, Inc., 4.625%, 3/15/2052
9,844,847
4,230,000
HCA, Inc., 5.600%, 4/01/2034
4,411,550
10,445,000
HCA, Inc., 5.750%, 3/01/2035
10,963,166
 
25,219,563
Home Construction — 0.0%
1,398,000
Taylor Morrison Communities, Inc.,
5.750%, 11/15/2032(a)
1,438,391
Independent Energy — 1.2%
19,455,000
Aker BP ASA, 5.250%, 10/30/2035(a)
19,006,374
4,650,000
Civitas Resources, Inc., 8.625%, 11/01/2030(a)
4,873,479
16,297,000
Crescent Energy Finance LLC,
7.625%, 4/01/2032(a)
15,800,301
7,952,000
Devon Energy Corp., 4.500%, 1/15/2030
7,974,692
1,765,000
EQT Corp., 3.125%, 5/15/2026(a)
1,754,918
3,504,000
EQT Corp., 3.900%, 10/01/2027
3,488,039
1,901,000
EQT Corp., 5.000%, 1/15/2029
1,925,784
8,995,000
EQT Corp., 6.375%, 4/01/2029
9,307,854
10,855,000
Harbour Energy PLC, 6.327%, 4/01/2035(a)
10,991,862
2,592,000
Pan American Energy LLC,
9.125%, 4/30/2027(a)
2,645,706
6,080,000
SM Energy Co., 6.750%, 8/01/2029(a)
6,124,641
6,185,000
SM Energy Co., 7.000%, 8/01/2032(a)
6,080,279
2,275,000
Viper Energy Partners LLC, 5.700%, 8/01/2035
2,321,706
 
92,295,635
Industrial Other — 0.0%
3,408,000
Georgetown University, Series A,
5.215%, 10/01/2118
2,993,383
Life Insurance — 0.4%
13,471,000
Brighthouse Financial, Inc., 5.625%, 5/15/2030
13,626,116
4,515,000
Fortitude Group Holdings LLC,
6.250%, 4/01/2030(a)
4,702,760
2,327,000
OneAmerica Financial Partners, Inc.,
4.250%, 10/15/2050(a)
1,782,529
10,540,000
RLGH Finance Bermuda Ltd., 6.750%, 7/02/2035
11,186,959
 
31,298,364
Principal
Amount (‡)
Description
Value (†)
Media Entertainment — 0.7%
$11,280,000
Beignet Investor LLC, 6.581%, 5/30/2049(a)
$11,917,265
54,020,000
Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043,
(MXN)
1,785,757
2,955,000
Meta Platforms, Inc., 4.875%, 11/15/2035
2,951,040
3,985,000
Meta Platforms, Inc., 5.625%, 11/15/2055
3,824,687
11,690,000
Meta Platforms, Inc., 5.750%, 11/15/2065
11,146,459
12,803,000
Prosus NV, 3.680%, 1/21/2030(a)
12,291,175
12,750,000
Prosus NV, 3.832%, 2/08/2051(a)
8,488,948
 
52,405,331
Metals & Mining — 1.1%
11,925,000
Alumina Pty. Ltd., 6.125%, 3/15/2030(a)
12,317,416
3,620,000
Anglo American Capital PLC,
3.875%, 3/16/2029(a)
3,572,101
3,322,000
Anglo American Capital PLC,
3.950%, 9/10/2050(a)
2,492,163
8,646,000
Anglo American Capital PLC,
5.625%, 4/01/2030(a)
9,028,500
5,864,000
Fortescue Treasury Pty. Ltd.,
4.375%, 4/01/2031(a)
5,671,215
14,428,000
Fresnillo PLC, 4.250%, 10/02/2050(a)
11,482,379
7,995,000
Gerdau Trade, Inc., 5.750%, 6/09/2035
8,270,028
21,682,000
Glencore Funding LLC, 2.500%, 9/01/2030(a)
19,856,376
6,635,000
Glencore Funding LLC, 5.673%, 4/01/2035(a)
6,927,376
700,000
Glencore Funding LLC, 6.375%, 10/06/2030(a)
753,332
5,290,000
POSCO, 5.625%, 1/17/2026(a)
5,292,777
4,505,000
SunCoke Energy, Inc., 4.875%, 6/30/2029(a)
4,182,984
 
89,846,647
Midstream — 0.7%
568,000
Energy Transfer LP, 5.150%, 2/01/2043
511,208
2,480,000
Energy Transfer LP, 5.300%, 4/15/2047
2,200,689
125,000
Energy Transfer LP, 5.400%, 10/01/2047
112,330
4,900,000
Energy Transfer LP, 5.950%, 10/01/2043
4,797,974
8,548,000
Energy Transfer LP, 6.500%, 2/01/2042
9,001,792
1,338,000
Energy Transfer LP, 6.625%, 10/15/2036
1,452,067
982,000
Gray Oak Pipeline LLC, 3.450%, 10/15/2027(a)
970,530
2,442,000
Plains All American Pipeline LP/PAA Finance
Corp., 4.700%, 1/15/2031
2,455,769
4,070,000
Plains All American Pipeline LP/PAA Finance
Corp., 5.600%, 1/15/2036
4,117,073
12,415,000
Sempra Infrastructure Partners LP,
3.250%, 1/15/2032(a)
10,978,087
3,510,000
Targa Resources Corp., 5.500%, 2/15/2035
3,595,474
4,955,000
Transcontinental Gas Pipe Line Co. LLC,
5.100%, 3/15/2036(a)
4,988,702
4,021,000
Venture Global Plaquemines LNG LLC,
7.500%, 5/01/2033(a)
4,344,695
4,030,000
Venture Global Plaquemines LNG LLC,
7.750%, 5/01/2035(a)
4,412,662
 
53,939,052
Mortgage Related — 18.5%
8,732,026
Federal Home Loan Mortgage Corp.,
1.500%, 12/01/2050
6,563,953
6,198,893
Federal Home Loan Mortgage Corp.,
2.000%, 11/01/2050
5,017,130
6,298,911
Federal Home Loan Mortgage Corp.,
2.000%, 12/01/2050
5,098,063
20,832,634
Federal Home Loan Mortgage Corp.,
2.000%, 1/01/2051
16,848,462
30,885,299
Federal Home Loan Mortgage Corp.,
2.000%, 3/01/2052
25,044,239
Principal
Amount (‡)
Description
Value (†)
Mortgage Related — continued
$4,345,651
Federal Home Loan Mortgage Corp.,
2.000%, 3/01/2052
$3,514,560
726,350
Federal Home Loan Mortgage Corp.,
4.000%, 12/01/2044
708,505
343,016
Federal Home Loan Mortgage Corp.,
4.000%, 7/01/2045
332,181
2,242
Federal Home Loan Mortgage Corp.,
4.000%, 9/01/2045
2,172
225,902
Federal Home Loan Mortgage Corp.,
4.000%, 6/01/2047
218,526
9,534,597
Federal Home Loan Mortgage Corp.,
4.000%, 7/01/2052
9,099,673
948,649
Federal Home Loan Mortgage Corp.,
4.000%, 9/01/2052
904,541
8,681,626
Federal Home Loan Mortgage Corp.,
4.000%, 10/01/2052
8,277,524
4,821,914
Federal Home Loan Mortgage Corp.,
4.000%, 10/01/2052
4,607,190
3,884,906
Federal Home Loan Mortgage Corp.,
4.000%, 10/01/2052
3,702,580
4,253,962
Federal Home Loan Mortgage Corp.,
4.000%, 10/01/2053
4,045,188
434,256
Federal Home Loan Mortgage Corp.,
4.500%, 7/01/2041
437,676
68,919
Federal Home Loan Mortgage Corp.,
4.500%, 1/01/2044
68,490
170,618
Federal Home Loan Mortgage Corp.,
4.500%, 4/01/2044
169,702
16,926
Federal Home Loan Mortgage Corp.,
4.500%, 3/01/2046
16,856
626,046
Federal Home Loan Mortgage Corp.,
4.500%, 7/01/2046
626,147
356,519
Federal Home Loan Mortgage Corp.,
4.500%, 3/01/2048
352,364
3,452,448
Federal Home Loan Mortgage Corp.,
4.500%, 8/01/2052
3,395,352
2,226,931
Federal Home Loan Mortgage Corp.,
4.500%, 8/01/2052
2,182,050
1,110,739
Federal Home Loan Mortgage Corp.,
5.000%, 7/01/2048
1,127,425
943,531
Federal Home Loan Mortgage Corp.,
5.000%, 8/01/2048
959,790
646,995
Federal Home Loan Mortgage Corp.,
5.000%, 9/01/2048
656,848
1,976,304
Federal Home Loan Mortgage Corp.,
5.000%, 10/01/2048
2,002,330
5,132,366
Federal Home Loan Mortgage Corp.,
5.000%, 12/01/2048
5,215,862
8,702,616
Federal Home Loan Mortgage Corp.,
5.000%, 12/01/2053
8,742,004
23,674,956
Federal Home Loan Mortgage Corp.,
5.000%, 1/01/2055
23,854,353
9,098,890
Federal Home Loan Mortgage Corp.,
5.000%, 1/01/2055
9,155,162
8,184,031
Federal Home Loan Mortgage Corp.,
5.000%, 2/01/2055
8,246,045
7,037,283
Federal Home Loan Mortgage Corp.,
5.000%, 3/01/2055
7,055,209
1,084,443
Federal Home Loan Mortgage Corp.,
5.500%, 5/01/2053
1,107,217
1,044,566
Federal Home Loan Mortgage Corp.,
5.500%, 5/01/2053
1,070,144
Principal
Amount (‡)
Description
Value (†)
Mortgage Related — continued
$878,419
Federal Home Loan Mortgage Corp.,
5.500%, 5/01/2053
$904,985
2,404,161
Federal Home Loan Mortgage Corp.,
5.500%, 6/01/2053
2,467,481
1,190,479
Federal Home Loan Mortgage Corp.,
5.500%, 6/01/2053
1,217,326
14,535,983
Federal Home Loan Mortgage Corp.,
5.500%, 7/01/2053
14,781,506
895,057
Federal Home Loan Mortgage Corp.,
5.500%, 7/01/2053
918,143
532,454
Federal Home Loan Mortgage Corp.,
5.500%, 7/01/2053
545,882
458,909
Federal Home Loan Mortgage Corp.,
5.500%, 7/01/2053
473,647
13,358,727
Federal Home Loan Mortgage Corp.,
5.500%, 2/01/2055
13,761,902
2,472
Federal Home Loan Mortgage Corp.,
6.000%, 6/01/2035
2,574
2,701,645
Federal Home Loan Mortgage Corp.,
6.000%, 5/01/2053
2,812,399
2,405,654
Federal Home Loan Mortgage Corp.,
6.000%, 5/01/2053
2,501,364
2,092,398
Federal Home Loan Mortgage Corp.,
6.000%, 5/01/2053
2,181,358
1,180,503
Federal Home Loan Mortgage Corp.,
6.000%, 5/01/2053
1,219,463
1,107,778
Federal Home Loan Mortgage Corp.,
6.000%, 5/01/2053
1,151,207
804,166
Federal Home Loan Mortgage Corp.,
6.000%, 5/01/2053
833,393
671,171
Federal Home Loan Mortgage Corp.,
6.000%, 5/01/2053
697,995
638,653
Federal Home Loan Mortgage Corp.,
6.000%, 5/01/2053
657,015
4,788,631
Federal Home Loan Mortgage Corp.,
6.000%, 7/01/2053
4,925,226
678,745
Federal Home Loan Mortgage Corp.,
6.000%, 7/01/2053
702,070
446,929
Federal Home Loan Mortgage Corp.,
6.000%, 7/01/2053
463,640
3,446,976
Federal Home Loan Mortgage Corp.,
6.000%, 8/01/2053
3,583,805
987,184
Federal Home Loan Mortgage Corp.,
6.000%, 3/01/2054
1,033,477
4,765,837
Federal Home Loan Mortgage Corp.,
6.000%, 4/01/2054
5,002,534
1,191,572
Federal Home Loan Mortgage Corp.,
6.000%, 4/01/2054
1,225,163
4,567,976
Federal Home Loan Mortgage Corp.,
6.500%, 9/01/2053
4,858,019
5,399,231
Federal Home Loan Mortgage Corp.,
6.500%, 1/01/2054
5,695,396
7,126,001
Federal Home Loan Mortgage Corp.,
6.500%, 2/01/2054
7,516,855
13,340,724
Federal Home Loan Mortgage Corp.,
6.500%, 5/01/2054
14,229,744
5,463,824
Federal Home Loan Mortgage Corp.,
6.500%, 5/01/2054
5,827,922
4,328,875
Federal Home Loan Mortgage Corp.,
6.500%, 5/01/2054
4,617,342
7,139,400
Federal Home Loan Mortgage Corp.,
6.500%, 6/01/2054
7,615,166
Principal
Amount (‡)
Description
Value (†)
Mortgage Related — continued
$332,219
Federal Home Loan Mortgage Corp.,
7.000%, 9/01/2053
$351,121
5,828,434
Federal Home Loan Mortgage Corp.,
7.000%, 12/01/2053
6,205,283
4,945,178
Federal Home Loan Mortgage Corp.,
7.000%, 12/01/2053
5,324,662
5,290,229
Federal Home Loan Mortgage Corp.,
7.000%, 1/01/2054
5,703,240
1,302,898
Federal Home Loan Mortgage Corp.,
7.000%, 2/01/2054
1,404,484
197,342
Federal Home Loan Mortgage Corp.,
7.000%, 2/01/2054
208,490
196,701
Federal Home Loan Mortgage Corp.,
7.000%, 2/01/2054
207,941
2,492,741
Federal Home Loan Mortgage Corp.,
7.000%, 4/01/2054
2,653,977
1,719,393
Federal Home Loan Mortgage Corp.,
7.000%, 6/01/2054
1,830,609
4,743,166
Federal Home Loan Mortgage Corp.,
7.000%, 10/01/2054
5,112,997
4,482,653
Federal Home Loan Mortgage Corp.,
7.500%, 1/01/2054
4,861,606
108,431
Federal Home Loan Mortgage Corp.,
8.000%, 2/01/2054
115,903
7,985,265
Federal National Mortgage Association,
1.500%, 12/01/2050
6,167,868
32,690,094
Federal National Mortgage Association,
1.500%, 3/01/2051
25,235,614
2,734,088
Federal National Mortgage Association,
1.500%, 3/01/2051
2,116,353
4,223,275
Federal National Mortgage Association,
1.500%, 9/01/2051
3,262,531
6,563,378
Federal National Mortgage Association,
1.500%, 10/01/2051
5,066,575
43,421,148
Federal National Mortgage Association,
2.000%, 5/01/2037
40,192,569
11,177,956
Federal National Mortgage Association,
2.000%, 12/01/2050
9,047,159
7,039,492
Federal National Mortgage Association,
2.000%, 12/01/2050
5,697,528
5,276,201
Federal National Mortgage Association,
2.000%, 12/01/2050
4,277,802
27,577,091
Federal National Mortgage Association,
2.000%, 1/01/2051
22,319,850
1,733,458
Federal National Mortgage Association,
2.000%, 2/01/2051
1,401,940
1,355,507
Federal National Mortgage Association,
2.000%, 11/01/2051
1,100,435
18,685,847
Federal National Mortgage Association,
2.000%, 12/01/2051
15,163,785
1,415,698
Federal National Mortgage Association,
2.000%, 1/01/2052
1,148,411
23,585,791
Federal National Mortgage Association,
2.000%, 2/01/2052
19,080,063
23,489,150
Federal National Mortgage Association,
2.000%, 2/01/2052
19,046,654
6,611,229
Federal National Mortgage Association,
2.000%, 2/01/2052
5,356,468
14,847,624
Federal National Mortgage Association,
2.000%, 3/01/2052
12,008,066
13,837,362
Federal National Mortgage Association,
2.000%, 3/01/2052
11,218,274
Principal
Amount (‡)
Description
Value (†)
Mortgage Related — continued
$70,976,257
Federal National Mortgage Association,
2.000%, 6/01/2052
$57,402,286
16,698,347
Federal National Mortgage Association,
2.500%, 1/01/2052
14,124,695
6,586,687
Federal National Mortgage Association,
2.500%, 9/01/2061
5,423,509
33,463,036
Federal National Mortgage Association,
2.500%, 12/01/2061
27,553,573
129,531,657
Federal National Mortgage Association,
2.500%, 3/01/2062
106,657,078
72,517,467
Federal National Mortgage Association,
2.500%, 3/01/2062
59,583,251
44,971,560
Federal National Mortgage Association,
2.500%, 3/01/2062
37,029,697
28,053,827
Federal National Mortgage Association,
2.500%, 3/01/2062
23,065,520
26,589,124
Federal National Mortgage Association,
2.500%, 3/01/2062
21,893,418
58,921,788
Federal National Mortgage Association,
2.500%, 4/01/2062
48,444,787
27,363,834
Federal National Mortgage Association,
2.500%, 5/01/2062
22,498,216
74,457,081
Federal National Mortgage Association,
2.500%, 6/01/2062
61,307,386
38,190,183
Federal National Mortgage Association,
2.500%, 12/01/2062
31,445,307
26,378,476
Federal National Mortgage Association,
2.500%, 9/01/2063
21,719,348
9,982,498
Federal National Mortgage Association,
2.500%, 9/01/2063
8,219,321
43,414,516
Federal National Mortgage Association,
3.000%, 9/01/2062
37,498,973
5,824,994
Federal National Mortgage Association,
3.000%, 3/01/2063
5,043,018
23,972,993
Federal National Mortgage Association,
3.000%, 6/01/2063
20,706,440
19,343,896
Federal National Mortgage Association,
3.000%, 6/01/2063
16,747,167
7,135,954
Federal National Mortgage Association,
3.000%, 6/01/2064
6,177,941
4,747,335
Federal National Mortgage Association,
3.500%, 5/01/2052
4,316,871
22,865,696
Federal National Mortgage Association,
3.500%, 6/01/2062
20,862,428
10,186,151
Federal National Mortgage Association,
3.500%, 9/01/2062
9,255,555
33,374,927
Federal National Mortgage Association,
3.500%, 12/01/2062
30,325,578
27,200,186
Federal National Mortgage Association,
3.500%, 12/01/2062
24,714,991
17,462,151
Federal National Mortgage Association,
3.500%, 6/01/2063
15,915,916
4,552,308
Federal National Mortgage Association,
3.500%, 12/01/2063
4,149,090
24,110,063
Federal National Mortgage Association,
3.500%, 6/01/2064
21,974,345
2,401,414
Federal National Mortgage Association,
4.000%, 9/01/2041
2,348,834
1,139,868
Federal National Mortgage Association,
4.000%, 8/01/2042
1,114,789
254,667
Federal National Mortgage Association,
4.000%, 11/01/2044
247,447
Principal
Amount (‡)
Description
Value (†)
Mortgage Related — continued
$605,552
Federal National Mortgage Association,
4.000%, 2/01/2045
$585,978
375,317
Federal National Mortgage Association,
4.000%, 4/01/2047
362,872
273,122
Federal National Mortgage Association,
4.000%, 4/01/2047
263,630
821,992
Federal National Mortgage Association,
4.000%, 11/01/2047
789,080
274,267
Federal National Mortgage Association,
4.000%, 12/01/2047
263,457
403,485
Federal National Mortgage Association,
4.000%, 3/01/2048
385,109
770,816
Federal National Mortgage Association,
4.000%, 6/01/2048
735,710
94,462
Federal National Mortgage Association,
4.000%, 2/01/2050
90,411
6,996,491
Federal National Mortgage Association,
4.000%, 6/01/2052
6,677,133
4,223,194
Federal National Mortgage Association,
4.000%, 7/01/2052
4,025,493
4,082,039
Federal National Mortgage Association,
4.000%, 8/01/2052
3,892,227
1,355,699
Federal National Mortgage Association,
4.000%, 11/01/2052
1,289,385
28,434
Federal National Mortgage Association,
4.500%, 8/01/2043
28,214
85,279
Federal National Mortgage Association,
4.500%, 3/01/2044
85,067
75,319
Federal National Mortgage Association,
4.500%, 5/01/2044
74,507
1,139,168
Federal National Mortgage Association,
4.500%, 1/01/2045
1,137,541
118,052
Federal National Mortgage Association,
4.500%, 1/01/2045
117,116
421,881
Federal National Mortgage Association,
4.500%, 7/01/2045
416,404
223,900
Federal National Mortgage Association,
4.500%, 8/01/2045
222,195
122,981
Federal National Mortgage Association,
4.500%, 8/01/2045
122,755
270,891
Federal National Mortgage Association,
4.500%, 10/01/2045
269,079
503,672
Federal National Mortgage Association,
4.500%, 11/01/2045
502,746
358,479
Federal National Mortgage Association,
4.500%, 3/01/2046
358,461
12,921
Federal National Mortgage Association,
4.500%, 7/01/2046
12,897
319,341
Federal National Mortgage Association,
4.500%, 9/01/2046
318,076
224,789
Federal National Mortgage Association,
4.500%, 2/01/2047
222,787
532,372
Federal National Mortgage Association,
4.500%, 5/01/2047
525,204
303,656
Federal National Mortgage Association,
4.500%, 7/01/2048
301,595
1,189,534
Federal National Mortgage Association,
4.500%, 8/01/2048
1,181,462
265,471
Federal National Mortgage Association,
4.500%, 10/01/2049
262,040
8,257,503
Federal National Mortgage Association,
4.500%, 3/01/2053
8,061,709
Principal
Amount (‡)
Description
Value (†)
Mortgage Related — continued
$9,643,693
Federal National Mortgage Association,
4.500%, 4/01/2053
$9,429,465
1,153,383
Federal National Mortgage Association,
5.000%, 7/01/2048
1,172,372
527,279
Federal National Mortgage Association,
5.000%, 8/01/2048
535,743
296,363
Federal National Mortgage Association,
5.000%, 9/01/2048
300,206
2,024,053
Federal National Mortgage Association,
5.000%, 1/01/2049
2,052,869
757,208
Federal National Mortgage Association,
5.000%, 3/01/2049
767,954
3,287,701
Federal National Mortgage Association,
5.000%, 5/01/2053
3,325,968
1,962,797
Federal National Mortgage Association,
5.500%, 4/01/2050
2,023,058
861,503
Federal National Mortgage Association,
5.500%, 7/01/2053
876,203
662,704
Federal National Mortgage Association,
5.500%, 7/01/2053
675,924
11,358
Federal National Mortgage Association,
6.000%, 8/01/2034
11,843
46,531
Federal National Mortgage Association,
6.000%, 1/01/2037
48,812
1,175,489
Federal National Mortgage Association,
6.000%, 5/01/2049
1,233,944
2,063,870
Federal National Mortgage Association,
6.000%, 5/01/2053
2,145,106
1,378,504
Federal National Mortgage Association,
6.000%, 5/01/2053
1,438,176
1,016,932
Federal National Mortgage Association,
6.000%, 5/01/2053
1,056,813
901,130
Federal National Mortgage Association,
6.000%, 5/01/2053
940,893
882,654
Federal National Mortgage Association,
6.000%, 6/01/2053
922,769
874,615
Federal National Mortgage Association,
6.000%, 6/01/2053
904,906
9,834,516
Federal National Mortgage Association,
6.000%, 7/01/2053
10,119,023
2,638,133
Federal National Mortgage Association,
6.000%, 7/01/2053
2,747,968
1,041,284
Federal National Mortgage Association,
6.000%, 7/01/2053
1,082,329
630,192
Federal National Mortgage Association,
6.000%, 7/01/2053
656,374
427,189
Federal National Mortgage Association,
6.000%, 7/01/2053
441,985
1,351,023
Federal National Mortgage Association,
6.000%, 8/01/2053
1,402,866
1,309,991
Federal National Mortgage Association,
6.000%, 8/01/2053
1,355,008
917,155
Federal National Mortgage Association,
6.000%, 8/01/2053
958,393
805
Federal National Mortgage Association,
6.500%, 1/01/2029
835
484
Federal National Mortgage Association,
6.500%, 5/01/2031
502
3,568,059
Federal National Mortgage Association,
6.500%, 8/01/2053
3,748,943
2,394,773
Federal National Mortgage Association,
6.500%, 8/01/2053
2,547,532
Principal
Amount (‡)
Description
Value (†)
Mortgage Related — continued
$18,829,372
Federal National Mortgage Association,
6.500%, 7/01/2054
$19,967,220
4,575
Federal National Mortgage Association,
7.000%, 10/01/2030
4,804
3,050
Federal National Mortgage Association,
7.000%, 10/01/2030
3,203
725,262
Federal National Mortgage Association,
7.000%, 10/01/2053
768,482
302,784
Federal National Mortgage Association,
7.000%, 10/01/2053
319,835
1,195,278
Federal National Mortgage Association,
7.000%, 11/01/2053
1,261,960
1,631,886
Federal National Mortgage Association,
7.000%, 3/01/2054
1,718,938
7,462,285
Federal National Mortgage Association,
7.000%, 6/01/2055
7,870,233
4,540,636
Federal National Mortgage Association,
7.000%, 6/01/2055
4,895,221
2,877
Federal National Mortgage Association,
7.500%, 7/01/2030
2,961
1,648
Federal National Mortgage Association,
7.500%, 2/01/2032
1,671
211,655
Federal National Mortgage Association,
8.000%, 1/01/2054
226,933
59,066
Government National Mortgage Association,
5.500%, 4/15/2038
62,082
3,405
Government National Mortgage Association,
6.000%, 1/15/2029
3,466
3,283
Government National Mortgage Association,
6.000%, 4/15/2038
3,455
1,254
Government National Mortgage Association,
6.500%, 1/15/2029
1,270
1,726
Government National Mortgage Association,
6.500%, 2/15/2031
1,769
1,361
Government National Mortgage Association,
6.500%, 9/15/2032
1,391
1,149
Government National Mortgage Association,
6.500%, 9/15/2032
1,189
169
Government National Mortgage Association,
7.500%, 7/15/2030
172
20,931,000
Uniform Mortgage-Backed Security, TBA,
3.000%, 1/01/2056(d)
18,510,036
13,314,000
Uniform Mortgage-Backed Security, TBA,
3.500%, 2/01/2056(d)
12,266,043
 
1,451,902,001
Natural Gas — 0.0%
2,701,000
Boston Gas Co., 3.001%, 8/01/2029(a)
2,581,053
Non-Agency Commercial Mortgage-Backed
Securities — 1.3%
1,531,640
Bank, Series 2019-BN16, Class A4,
4.005%, 2/15/2052
1,518,495
3,409,380
Bank, Series 2019-BN20, Class A3,
3.011%, 9/15/2062
3,225,517
12,696,152
Bank, Series 2019-BN22, Class A4,
2.978%, 11/15/2062
12,041,266
6,138,240
Bank, Series 2019-BN24, Class A3,
2.960%, 11/15/2062
5,815,577
7,135,000
BPR Trust, Series 2021-NRD, Class A, 1 mo.
USD SOFR + 1.525%, 5.276%, 12/15/2038(a)(b)
7,086,132
14,179,842
Citigroup Commercial Mortgage Trust,
Series 2019-C7, Class A4, 3.102%, 12/15/2072
13,492,145
Principal
Amount (‡)
Description
Value (†)
Non-Agency Commercial Mortgage-Backed
Securities — continued
$7,070,071
Citigroup Commercial Mortgage Trust,
Series 2019-GC43, Class A4, 3.038%, 11/10/2052
$6,669,992
8,877,514
Citigroup Commercial Mortgage Trust,
Series 2020-GC46, Class A5, 2.717%, 2/15/2053
8,257,611
552,613
Commercial Mortgage Trust, Series 2010-C1,
Class D, 5.792%, 7/10/2046(a)(b)
548,284
2,112,208
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A1,
3.304%, 9/15/2037(a)
1,940,299
11,367,000
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2,
3.953%, 9/15/2037(a)
10,441,651
8,025,000
DC Commercial Mortgage Trust,
Series 2023-DC, Class A, 6.314%, 9/12/2040(a)
8,262,276
1,985,000
Extended Stay America Trust,
Series 2025-ESH, Class A, 1 mo. USD SOFR +
1.300%, 5.050%, 10/15/2042(a)(b)
1,988,099
5,627,003
GS Mortgage Securities Trust,
Series 2011-GC5, Class C,
5.166%, 8/10/2044(a)(b)
5,066,775
6,596,065
GS Mortgage Securities Trust,
Series 2020-GC45, Class A5, 2.911%, 2/13/2053
6,212,729
7,180,000
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2025-BMS, Class A,
1 mo. USD SOFR + 1.600%,
5.350%, 1/15/2042(a)(b)
7,177,748
3,055,092
WFRBS Commercial Mortgage Trust,
Series 2011-C4, Class D,
4.984%, 6/15/2044(a)(b)
3,004,072
 
102,748,668
Other REITs — 0.4%
4,740,000
EPR Properties, 3.600%, 11/15/2031
4,392,785
6,226,000
Starwood Property Trust, Inc.,
5.250%, 10/15/2028(a)
6,271,275
11,436,000
Starwood Property Trust, Inc.,
5.750%, 1/15/2031(a)
11,558,924
6,970,000
Starwood Property Trust, Inc.,
6.500%, 7/01/2030(a)
7,270,463
 
29,493,447
Paper — 0.2%
6,585,000
Celulosa Arauco y Constitucion SA,
6.180%, 5/05/2032(a)
6,796,049
10,225,000
Klabin Austria GmbH, 7.000%, 4/03/2049(a)
10,693,999
 
17,490,048
Pharmaceuticals — 0.3%
11,526,000
Amgen, Inc., 5.750%, 3/02/2063
11,245,711
4,783,000
Teva Pharmaceutical Finance Netherlands III
BV, 3.150%, 10/01/2026
4,727,785
2,215,000
Teva Pharmaceutical Finance Netherlands III
BV, 6.000%, 12/01/2032
2,324,661
1,903,000
Viatris, Inc., 4.000%, 6/22/2050
1,267,328
 
19,565,485
Property & Casualty Insurance — 0.3%
18,045,000
Ardonagh Finco Ltd., 7.750%, 2/15/2031(a)
18,917,562
6,815,000
Liberty Mutual Group, Inc.,
3.950%, 5/15/2060(a)
4,722,055
 
23,639,617
Refining — 0.2%
7,720,000
Raizen Fuels Finance SA, 6.450%, 3/05/2034(a)
6,336,962
Principal
Amount (‡)
Description
Value (†)
Refining — continued
$3,475,000
Raizen Fuels Finance SA, 6.950%, 3/05/2054(a)
$2,633,007
1,275,000
Thaioil Treasury Center Co. Ltd.,
3.750%, 6/18/2050(a)
932,258
6,137,000
Thaioil Treasury Center Co. Ltd.,
4.875%, 1/23/2043(a)
5,453,461
 
15,355,688
Retailers — 0.7%
13,655,000
Dick's Sporting Goods, Inc., 4.100%, 1/15/2052
9,977,137
5,110,000
El Puerto de Liverpool SAB de CV,
6.255%, 1/22/2032(a)
5,458,873
9,715,000
El Puerto de Liverpool SAB de CV,
6.658%, 1/22/2037(a)
10,394,078
9,285,000
Falabella SA, 3.375%, 1/15/2032(a)
8,283,148
8,382,000
Lithia Motors, Inc., 4.375%, 1/15/2031(a)
8,055,794
13,950,000
MercadoLibre, Inc., 4.900%, 1/15/2033
13,811,738
 
55,980,768
Sovereigns — 0.9%
21,360,000
Chile Government International Bonds,
5.650%, 1/13/2037
22,558,296
2,931,000
Colombia Government International Bonds,
8.000%, 11/14/2035
3,122,981
12,845,000
Mexico Government International Bonds,
5.375%, 3/22/2033
12,729,395
7,280,000
Republic of South Africa Government
International Bonds, 7.100%, 11/19/2036(a)
7,817,555
14,320,000
Republic of South Africa Government
International Bonds, 7.300%, 4/20/2052
14,429,978
8,520,000
Saudi Government International Bonds,
5.625%, 1/13/2035(a)
9,031,410
 
69,689,615
Supermarkets — 0.1%
7,245,000
Kroger Co., 5.500%, 9/15/2054
6,899,422
Technology — 1.8%
7,535,000
Broadcom, Inc., 3.137%, 11/15/2035(a)
6,489,036
12,854,000
Corning, Inc., 5.450%, 11/15/2079
11,741,589
3,374,000
Equifax, Inc., 7.000%, 7/01/2037
3,799,556
2,315,000
Flex Ltd., 5.250%, 1/15/2032
2,359,727
15,011,000
Hewlett Packard Enterprise Co.,
6.200%, 10/15/2035
16,221,568
9,801,000
Iron Mountain, Inc., 4.500%, 2/15/2031(a)
9,342,876
5,460,000
Jabil, Inc., 3.000%, 1/15/2031
5,087,257
3,200,000
Jabil, Inc., 5.450%, 2/01/2029
3,303,364
3,170,000
Micron Technology, Inc., 5.650%, 11/01/2032
3,332,125
12,565,000
Micron Technology, Inc., 5.800%, 1/15/2035
13,241,431
2,265,000
Micron Technology, Inc., 6.050%, 11/01/2035
2,416,531
15,026,000
Oracle Corp., 4.100%, 3/25/2061
9,678,891
19,100,000
Oracle Corp., 4.800%, 9/26/2032
18,439,561
39,000
Science Applications International Corp.,
4.875%, 4/01/2028(a)
38,897
7,579,000
Sensata Technologies, Inc.,
3.750%, 2/15/2031(a)
7,112,710
13,135,000
TD SYNNEX Corp., 5.300%, 10/10/2035
13,006,569
3,750,000
TD SYNNEX Corp., 6.100%, 4/12/2034
3,962,478
12,817,000
Ziff Davis, Inc., 4.625%, 10/15/2030(a)
12,173,010
 
141,747,176
Treasuries — 38.5%
482,247(e
)
Brazil Notas do Tesouro Nacional,
10.000%, 1/01/2033, (BRL)
74,385,966
7,209,365(f
)
Mexico Bonos, 8.500%, 5/31/2029, (MXN)
40,403,271
154,795,000
U.S. Treasury Bonds, 1.750%, 8/15/2041
104,444,298
Principal
Amount (‡)
Description
Value (†)
Treasuries — continued
$233,410,000
U.S. Treasury Bonds, 2.000%, 11/15/2041
$162,903,769
71,990,000
U.S. Treasury Bonds, 2.375%, 2/15/2042
52,991,389
66,935,000
U.S. Treasury Bonds, 3.000%, 11/15/2044
51,764,810
46,925,000
U.S. Treasury Bonds, 3.250%, 5/15/2042
39,134,717
14,770,000
U.S. Treasury Bonds, 3.375%, 8/15/2042
12,480,650
33,895,000
U.S. Treasury Bonds, 3.625%, 2/15/2053
27,441,710
15,860,000
U.S. Treasury Bonds, 3.875%, 2/15/2043
14,267,805
72,190,000
U.S. Treasury Bonds, 3.875%, 5/15/2043
64,759,506
5,900,000
U.S. Treasury Bonds, 4.125%, 8/15/2044
5,414,863
98,135,000
U.S. Treasury Bonds, 4.125%, 8/15/2053
86,872,476
24,415,000
U.S. Treasury Bonds, 4.250%, 2/15/2054
22,072,686
30,790,000
U.S. Treasury Bonds, 4.500%, 2/15/2044
29,786,920
123,020,000
U.S. Treasury Bonds, 4.500%, 11/15/2054
116,032,848
2,640,000
U.S. Treasury Bonds, 4.625%, 5/15/2044
2,591,944
6,140,000
U.S. Treasury Bonds, 4.625%, 11/15/2044
6,016,720
4,615,000
U.S. Treasury Bonds, 4.625%, 5/15/2054
4,444,642
38,444,000
U.S. Treasury Bonds, 4.625%, 11/15/2055
37,038,391
12,405,000
U.S. Treasury Bonds, 4.750%, 11/15/2043
12,406,454
6,305,800
U.S. Treasury Bonds, 4.750%, 5/15/2055
6,196,434
4,920,000
U.S. Treasury Bonds, 4.750%, 8/15/2055
4,836,975
26,550,000
U.S. Treasury Notes, 2.750%, 8/15/2032
24,748,541
1,135,000
U.S. Treasury Notes, 2.875%, 5/15/2032
1,070,181
18,801,400
U.S. Treasury Notes, 3.125%, 8/31/2029
18,484,126
147,004,900
U.S. Treasury Notes, 3.375%, 5/15/2033
141,325,688
23,554,000
U.S. Treasury Notes, 3.500%, 11/30/2030
23,316,620
127,735,000
U.S. Treasury Notes, 3.500%, 2/15/2033
124,137,464
400,595,000
U.S. Treasury Notes, 3.625%, 8/31/2027
401,486,949
31,760,000
U.S. Treasury Notes, 3.625%, 3/31/2028
31,844,362
158,967,300
U.S. Treasury Notes, 3.625%, 9/30/2030
158,352,543
12,800,000
U.S. Treasury Notes, 3.625%, 10/31/2030
12,746,000
102,918,000
U.S. Treasury Notes, 3.625%, 12/31/2030
102,427,532
5,970,000
U.S. Treasury Notes, 3.750%, 8/31/2031
5,950,178
104,940,000
U.S. Treasury Notes, 3.750%, 10/31/2032
103,775,822
22,455,000
U.S. Treasury Notes, 3.875%, 12/31/2027
22,622,535
80,785,000
U.S. Treasury Notes, 3.875%, 3/15/2028
81,435,067
39,128,100
U.S. Treasury Notes, 3.875%, 8/31/2032
39,025,694
12,737,000
U.S. Treasury Notes, 3.875%, 9/30/2032
12,697,694
68,182,000
U.S. Treasury Notes, 3.875%, 12/31/2032
67,883,704
22,321,000
U.S. Treasury Notes, 3.875%, 8/15/2033
22,135,282
135,680,000
U.S. Treasury Notes, 4.000%, 4/30/2032
136,559,801
168,940,000
U.S. Treasury Notes, 4.000%, 6/30/2032
169,910,086
21,592,000
U.S. Treasury Notes, 4.000%, 7/31/2032
21,705,021
22,801,000
U.S. Treasury Notes, 4.000%, 11/15/2035
22,473,236
13,580,000
U.S. Treasury Notes, 4.125%, 3/31/2032
13,766,194
6,835,000
U.S. Treasury Notes, 4.125%, 5/31/2032
6,924,709
92,710,000
U.S. Treasury Notes, 4.125%, 11/15/2032
93,771,095
5,795,000
U.S. Treasury Notes, 4.250%, 6/30/2029
5,917,465
102,955,000
U.S. Treasury Notes, 4.250%, 8/15/2035
103,694,989
1,615,551,591
Uruguay Government International Bonds,
8.250%, 5/21/2031, (UYU)
42,653,375
176,060,000
Uruguay Government International Bonds,
8.500%, 3/15/2028, (UYU)(a)
4,594,555
93,095,000
Uruguay Government International Bonds,
8.500%, 3/15/2028, (UYU)
2,429,456
1,006,075,000
Uruguay Government International Bonds,
9.750%, 7/20/2033, (UYU)
28,919,472
 
3,027,474,680
Wireless — 0.4%
983,000
Crown Castle, Inc., 4.150%, 7/01/2050
762,936
3,360,000
Empresa Nacional de Telecomunicaciones SA,
3.050%, 9/14/2032(a)
3,002,309
Principal
Amount (‡)
Description
Value (†)
Wireless — continued
$5,452,000
Millicom International Cellular SA,
4.500%, 4/27/2031(a)
$5,078,292
15,325,000
Sitios Latinoamerica SAB de CV,
5.375%, 4/04/2032(a)
15,376,185
4,605,000
Sitios Latinoamerica SAB de CV,
6.000%, 11/25/2029(a)
4,773,083
 
28,992,805
Wirelines — 0.3%
7,956,000
AT&T, Inc., 3.500%, 9/15/2053
5,324,348
2,205,000
AT&T, Inc., 3.550%, 9/15/2055
1,467,741
12,326,000
AT&T, Inc., 3.650%, 9/15/2059
8,128,497
7,539,000
AT&T, Inc., 3.800%, 12/01/2057
5,185,639
 
20,106,225
Total Non-Convertible Bonds
(Identified Cost $7,235,905,930)
6,969,971,394
Municipals — 0.1%
Virginia — 0.1%
12,785,000
University of Virginia, 3.227%, 9/01/2119
(Identified Cost $12,785,000)
7,302,917
Total Bonds and Notes
(Identified Cost $7,248,690,930)
6,977,274,311
Collateralized Loan Obligations — 5.4%
3,395,000
37 Capital CLO 1 Ltd., Series 2021-1A, Class D,
3 mo. USD SOFR + 3.782%,
7.686%, 10/15/2034(a)(b)
3,347,867
3,470,000
37 Capital CLO 3 Ltd., Series 2023-1A,
Class A1R, 3 mo. USD SOFR + 1.500%,
5.405%, 7/15/2038(a)(b)
3,485,532
4,230,000
37 Capital CLO 4 Ltd., Series 2023-2A,
Class D1R, 3 mo. USD SOFR + 2.750%,
6.655%, 4/15/2035(a)(b)
4,154,160
2,365,000
37 Capital CLO II Ltd., Series 2022-1A,
Class CR, 3 mo. USD SOFR + 2.200%,
6.105%, 7/15/2034(a)(b)
2,365,944
2,905,000
37 Capital CLO II Ltd., Series 2022-1A,
Class DR, 3 mo. USD SOFR + 3.400%,
7.305%, 7/15/2034(a)(b)
2,905,035
1,815,000
720 East CLO IV Ltd., Series 2024-1A, Class C,
3 mo. USD SOFR + 2.400%,
6.305%, 4/15/2037(a)(b)
1,820,264
3,500,000
720 East CLO Ltd., Series 2022-1A, Class CR,
3 mo. USD SOFR + 1.900%,
5.784%, 1/20/2038(a)(b)
3,511,962
2,740,000
720 East CLO VII Ltd., Series 2025-7A, Class D1,
3 mo. USD SOFR + 2.550%,
6.434%, 4/20/2037(a)(b)
2,732,098
6,520,000
AGL CLO 30 Ltd., Series 2024-30RA, Class B,
3 mo. USD SOFR + 2.050%,
5.920%, 4/21/2037(a)(b)
6,536,391
2,500,000
AGL CLO 42 Ltd., Series 2025-42A, Class A1,
3 mo. USD SOFR + 1.300%,
5.569%, 7/22/2038(a)(b)
2,508,095
5,685,000
AGL CLO 44 Ltd., Series 2025-44A, Class D1,
3 mo. USD SOFR + 2.500%,
6.453%, 10/22/2037(a)(b)
5,676,069
Principal
Amount (‡)
Description
Value (†)
$1,550,000
AGL CLO 7 Ltd., Series 2020-7A, Class D1R2,
3 mo. USD SOFR + 2.800%,
6.705%, 10/15/2038(a)(b)
$1,552,846
1,150,000
AIMCO CLO, Series 2018-BA, Class ARR, 3 mo.
USD SOFR + 1.500%, 5.394%, 4/16/2037(a)(b)
1,153,000
900,000
Allegro CLO XIV Ltd., Series 2021-2A,
Class D1R, 3 mo. USD SOFR + 2.950%,
6.855%, 10/15/2038(a)(b)
900,283
3,140,000
Anchorage Capital CLO 15 Ltd.,
Series 2020-15A, Class A1R2, 3 mo. USD SOFR
+ 1.410%, 5.621%, 7/20/2038(a)(b)
3,153,345
940,000
Anchorage Capital CLO 28 Ltd.,
Series 2024-28A, Class B, 3 mo. USD SOFR +
2.250%, 6.134%, 4/20/2037(a)(b)
941,073
4,125,000
Anchorage Capital CLO 29 Ltd.,
Series 2024-29A, Class B1, 3 mo. USD SOFR +
2.150%, 6.034%, 7/20/2037(a)(b)
4,134,974
2,935,000
Anchorage Capital CLO 30 Ltd.,
Series 2024-30A, Class B, 3 mo. USD SOFR +
1.750%, 5.634%, 1/20/2037(a)(b)
2,938,399
1,735,000
Anchorage Capital CLO Ltd., Series 2020-15A,
Class DR2, 3 mo. USD SOFR + 3.420%,
7.631%, 7/20/2038(a)(b)
1,742,667
1,650,000
Atrium XV, Series 15A, Class B1R, 3 mo. USD
SOFR + 1.800%, 5.694%, 7/16/2037(a)(b)
1,653,825
2,000,000
Atrium XV, Series 15A, Class D1R, 3 mo. USD
SOFR + 3.300%, 7.194%, 7/16/2037(a)(b)
1,999,904
5,775,000
Bain Capital CLO Ltd., Series 2024-1A, Class B,
3 mo. USD SOFR + 2.000%,
5.894%, 4/16/2037(a)(b)
5,785,360
6,715,000
Balboa Bay Loan Funding Ltd., Series 2024-2A,
Class A1, 3 mo. USD SOFR + 1.330%,
5.214%, 1/20/2038(a)(b)
6,725,919
1,400,000
Ballyrock CLO Ltd., Series 2019-1A, Class A2R,
3 mo. USD SOFR + 1.812%,
5.716%, 7/15/2032(a)(b)
1,400,895
3,810,000
Barings CLO Ltd., Series 2018-2A, Class B2R,
3 mo. USD SOFR + 1.750%,
5.655%, 7/15/2036(a)(b)
3,817,917
1,065,000
Battalion CLO VIII Ltd., Series 2015-8A,
Class BR3, 3 mo. USD SOFR + 1.250%,
5.134%, 7/18/2030(a)(b)
1,064,275
400,000
Battalion CLO XIX Ltd., Series 2021-19A,
Class D, 3 mo. USD SOFR + 3.512%,
7.416%, 4/15/2034(a)(b)
393,108
5,930,000
Battalion CLO XVI Ltd., Series 2019-16A,
Class CR2, 3 mo. USD SOFR + 2.000%,
5.884%, 1/20/2038(a)(b)
5,938,035
4,245,000
BCC Middle Market CLO LLC, Series 2019-1A,
Class A1RR, 3 mo. USD SOFR + 1.450%,
5.355%, 7/15/2036(a)(b)
4,246,473
4,215,000
BCC Middle Market CLO LLC, Series 2025-1A,
Class A1, 3 mo. USD SOFR + 1.620%,
5.725%, 7/17/2037(a)(b)
4,231,148
2,560,000
Benefit Street Partners CLO XXXVII Ltd.,
Series 2024-37A, Class C, 3 mo. USD SOFR +
1.850%, 5.708%, 1/25/2038(a)(b)
2,563,195
6,890,000
Benefit Street Partners CLO XXXVIII Ltd.,
Series 2024-38A, Class B, 3 mo. USD SOFR +
1.650%, 5.508%, 1/25/2038(a)(b)
6,915,631
12,085,000
Birch Grove CLO 11 Ltd., Series 2024-11A,
Class A1, 3 mo. USD SOFR + 1.360%,
5.217%, 1/22/2038(a)(b)
12,114,850
Principal
Amount (‡)
Description
Value (†)
$2,770,000
Birch Grove CLO 13 Ltd., Series 2025-13A,
Class D1, 3 mo. USD SOFR + 2.800%,
6.957%, 10/23/2038(a)(b)
$2,776,911
8,450,000
Birch Grove CLO 6 Ltd., Series 2023-6A,
Class A1R, 3 mo. USD SOFR + 1.380%,
5.751%, 7/20/2037(a)(b)
8,474,488
4,000,000
Birch Grove CLO 9 Ltd., Series 2024-9A,
Class C, 3 mo. USD SOFR + 2.000%,
5.857%, 10/22/2037(a)(b)
4,010,652
1,865,000
BlueMountain CLO XXIX Ltd., Series 2020-29A,
Class BR, 3 mo. USD SOFR + 2.012%,
5.870%, 7/25/2034(a)(b)
1,863,165
3,185,000
Bridge Street CLO III Ltd., Series 2022-1A,
Class CR, 3 mo. USD SOFR + 2.300%,
6.184%, 10/20/2037(a)(b)
3,201,995
2,430,000
Bridge Street CLO V Ltd., Series 2025-1A,
Class C1, 3 mo. USD SOFR + 1.950%,
5.834%, 4/20/2038(a)(b)
2,432,095
6,805,000
Bryant Park Funding Ltd., Series 2024-22A,
Class A1, 3 mo. USD SOFR + 1.620%,
5.525%, 4/15/2037(a)(b)
6,812,819
500,000
Canyon CLO Ltd., Series 2018-1A, Class B,
3 mo. USD SOFR + 1.962%,
5.866%, 7/15/2031(a)(b)
500,506
545,000
Carlyle Global Market Strategies CLO Ltd.,
Series 2015-5A, Class A2R4, 3 mo. USD SOFR +
1.200%, 5.084%, 1/20/2032(a)(b)
545,065
3,799,500
CarVal CLO II Ltd., Series 2019-1A, Class DR2,
3 mo. USD SOFR + 2.700%,
6.584%, 4/20/2032(a)(b)
3,790,070
6,485,000
CarVal CLO X-C Ltd., Series 2024-2A, Class A,
3 mo. USD SOFR + 1.460%,
5.344%, 7/20/2037(a)(b)
6,498,619
1,440,000
Cedar Funding VIII CLO Ltd., Series 2017-8A,
Class ARR, 3 mo. USD SOFR + 1.220%,
5.102%, 1/17/2038(a)(b)
1,438,272
8,815,000
Cerberus Loan Funding XLVII LLC,
Series 2024-3A, Class A, 3 mo. USD SOFR +
1.750%, 5.655%, 7/15/2036(a)(b)
8,836,235
1,695,000
CIFC Funding Ltd., Series 2014-4RA, Class CRR,
3 mo. USD SOFR + 2.600%,
6.482%, 1/17/2035(a)(b)
1,695,134
3,235,000
CIFC Funding Ltd., Series 2019-7A, Class D1R,
3 mo. USD SOFR + 2.700%,
6.791%, 10/19/2038(a)(b)
3,247,969
2,935,000
CIFC Funding Ltd., Series 2020-1A, Class BR,
3 mo. USD SOFR + 1.912%,
5.816%, 7/15/2036(a)(b)
2,936,338
7,190,000
CIFC Funding Ltd., Series 2021-7A, Class DR,
3 mo. USD SOFR + 2.700%,
6.560%, 1/23/2035(a)(b)
7,190,841
7,105,000
CIFC Funding Ltd., Series 2024-3A, Class B,
3 mo. USD SOFR + 1.850%,
5.720%, 7/21/2037(a)(b)
7,122,862
4,210,000
Clover CLO LLC, Series 2018-1A, Class A1RR,
3 mo. USD SOFR + 1.530%,
5.414%, 4/20/2037(a)(b)
4,220,260
7,655,000
Crown City CLO III, Series 2021-1A, Class A1A,
3 mo. USD SOFR + 1.432%,
5.316%, 7/20/2034(a)(b)
7,655,490
2,000,000
Diameter Capital CLO 11 Ltd., Series 2025-11A,
Class A, 3 mo. USD SOFR + 1.320%,
5.596%, 7/20/2038(a)(b)
2,004,306
Principal
Amount (‡)
Description
Value (†)
$7,555,000
Diameter Capital CLO 3 Ltd., Series 2022-3A,
Class A2R, 3 mo. USD SOFR + 1.700%,
5.605%, 1/15/2038(a)(b)
$7,564,285
1,710,000
Dryden 53 CLO Ltd., Series 2017-53A, Class BR,
3 mo. USD SOFR + 1.300%,
5.205%, 1/15/2031(a)(b)
1,710,354
3,575,000
Franklin Park Place CLO VI LLC,
Series 2025-1A, Class D1, 3 mo. USD SOFR +
3.100%, 7.212%, 7/15/2038(a)(b)
3,584,359
1,855,000
Garnet CLO 2 Ltd., Series 2025-2A, Class D1,
3 mo. USD SOFR + 3.100%,
7.181%, 10/20/2038(a)(b)
1,861,267
6,285,000
Garnet CLO 3 Ltd., Series 2025-3A, Class A1,
3 mo. USD SOFR + 1.270%,
5.190%, 10/20/2038(a)(b)
6,280,286
3,155,000
Garnet CLO Ltd., Series 2025-1A, Class A, 3 mo.
USD SOFR + 1.500%, 5.770%, 7/20/2037(a)(b)
3,165,326
5,525,000
Garnet CLO Ltd., Series 2025-1A, Class D, 3 mo.
USD SOFR + 3.400%, 7.670%, 7/20/2037(a)(b)
5,588,863
8,720,000
GCRED BSL CLO 1, Series 2025-BSL1A,
Class B, 3 mo. USD SOFR + 1.450%,
0.000%, 1/20/2034(a)(b)(g)
8,720,000
6,105,000
Golub Capital BDC 4 CLO 1 LLC,
Series 2025-1A, Class A1, 3 mo. USD SOFR +
1.630%, 5.924%, 7/20/2037(a)(b)
6,127,405
5,155,000
Golub Capital Partners CLO 64B-R Ltd.,
Series 2022-64A, Class BR, 3 mo. USD SOFR +
1.750%, 5.608%, 10/25/2037(a)(b)
5,167,738
6,030,000
Golub Capital Partners CLO 72 B Ltd.,
Series 2024-72A, Class B, 3 mo. USD SOFR +
2.100%, 5.958%, 4/25/2037(a)(b)
6,041,258
3,895,000
Golub Capital Partners CLO 79B Ltd.,
Series 2025-79A, Class C, 3 mo. USD SOFR +
1.720%, 5.604%, 4/20/2038(a)(b)
3,899,910
1,518,000
Greywolf CLO VI Ltd., Series 2018-1A, Class A2,
3 mo. USD SOFR + 1.892%,
5.750%, 4/26/2031(a)(b)
1,518,184
6,505,000
Invesco U.S. CLO Ltd., Series 2024-4A, Class B,
3 mo. USD SOFR + 1.700%,
5.605%, 1/15/2038(a)(b)
6,524,456
2,945,000
Kennedy Lewis CLO 13 Ltd., Series 2023-13A,
Class A1, 3 mo. USD SOFR + 1.800%,
5.670%, 1/20/2037(a)(b)
2,946,178
7,000,000
Kennedy Lewis CLO 7 Ltd., Series 7A,
Class A1R, 3 mo. USD SOFR + 1.620%,
5.477%, 4/22/2037(a)(b)
7,013,321
1,610,000
KKR CLO 22 Ltd., Series 22A, Class B, 3 mo.
USD SOFR + 1.862%, 5.746%, 7/20/2031(a)(b)
1,611,797
1,630,000
Madison Park Funding XXVII Ltd.,
Series 2018-27A, Class CR, 3 mo. USD SOFR +
1.900%, 5.784%, 4/20/2038(a)(b)
1,636,077
475,000
Madison Park Funding XXXV Ltd.,
Series 2019-35A, Class CR, 3 mo. USD SOFR +
2.162%, 6.046%, 4/20/2032(a)(b)
476,190
3,160,000
Madison Park Funding XXXVII Ltd.,
Series 2019-37A, Class AR2, 3 mo. USD SOFR +
1.530%, 5.435%, 4/15/2037(a)(b)
3,165,833
4,950,000
Magnetite XVII Ltd., Series 2016-17A,
Class AR2, 3 mo. USD SOFR + 1.500%,
5.384%, 4/20/2037(a)(b)
4,963,103
720,000
MidOcean Credit CLO XVIII LLC,
Series 2025-18A, Class A2, 3 mo. USD SOFR +
1.470%, 5.788%, 10/18/2035(a)(b)
718,852
3,595,000
Milos CLO Ltd., Series 2017-1A, Class BR, 3 mo.
USD SOFR + 1.812%, 5.696%, 10/20/2030(a)(b)
3,595,590
Principal
Amount (‡)
Description
Value (†)
$5,000,000
Neuberger Berman Loan Advisers CLO 27 Ltd.,
Series 2018-27A, Class D1R, 3 mo. USD SOFR +
3.100%, 7.005%, 7/15/2038(a)(b)
$5,019,030
3,205,000
Octagon 62 Ltd., Series 2022-1A, Class BR,
3 mo. USD SOFR + 1.700%,
5.560%, 1/23/2038(a)(b)
3,211,022
7,000,000
Octagon Investment Partners 49 Ltd.,
Series 2020-5A, Class CR, 3 mo. USD SOFR +
2.400%, 6.305%, 4/15/2037(a)(b)
7,014,994
4,355,000
OHA Credit Funding 17 Ltd., Series 2024-17A,
Class B1, 3 mo. USD SOFR + 1.900%,
5.784%, 4/20/2037(a)(b)
4,362,434
3,335,000
OHA Credit Partners XVII Ltd.,
Series 2024-17A, Class B1, 3 mo. USD SOFR +
1.650%, 5.534%, 1/18/2038(a)(b)
3,350,695
2,925,000
OZLM XVIII Ltd., Series 2018-18A, Class C,
3 mo. USD SOFR + 2.112%,
6.016%, 4/15/2031(a)(b)
2,931,186
2,600,000
Palmer Square BDC CLO 1 Ltd., Series 1A,
Class A, 3 mo. USD SOFR + 1.600%,
5.505%, 7/15/2037(a)(b)
2,606,224
2,485,000
Palmer Square BDC CLO 1 Ltd., Series 1A,
Class B1, 3 mo. USD SOFR + 2.150%,
6.055%, 7/15/2037(a)(b)
2,495,574
4,695,000
Palmer Square CLO Ltd., Series 2022-1A,
Class D1R, 3 mo. USD SOFR + 2.750%,
6.713%, 10/20/2038(a)(b)
4,713,127
2,365,000
Palmer Square CLO Ltd., Series 2024-2A,
Class D1, 3 mo. USD SOFR + 2.950%,
6.834%, 7/20/2037(a)(b)
2,372,381
2,470,000
Palmer Square CLO Ltd., Series 2024-4A,
Class B, 3 mo. USD SOFR + 1.650%,
5.555%, 1/15/2038(a)(b)
2,480,821
2,520,000
Palmer Square CLO Ltd., Series 2025-1A,
Class D2, 3 mo. USD SOFR + 3.550%,
7.434%, 4/20/2038(a)(b)
2,509,524
2,320,000
Point Au Roche Park CLO Ltd., Series 2021-1A,
Class B1, 3 mo. USD SOFR + 1.862%,
5.746%, 7/20/2034(a)(b)
2,323,222
3,450,000
Polen Capital CLO Ltd., Series 2025-1A,
Class B, 3 mo. USD SOFR + 1.700%,
5.584%, 3/06/2038(a)(b)
3,468,958
3,845,000
Polen Capital CLO Ltd., Series 2025-1A,
Class D1, 3 mo. USD SOFR + 3.150%,
7.034%, 3/06/2038(a)(b)
3,857,938
7,150,000
Polen Capital CLO Ltd., Series 2025-2A,
Class A1, 3 mo. USD SOFR + 1.330%,
5.040%, 1/20/2039(a)(b)
7,152,367
1,535,000
Post CLO Ltd., Series 2022-1A, Class B, 3 mo.
USD SOFR + 1.900%, 5.784%, 4/20/2035(a)(b)
1,537,751
5,385,000
Post CLO Ltd., Series 2024-1A, Class B, 3 mo.
USD SOFR + 2.100%, 5.984%, 4/20/2037(a)(b)
5,396,766
2,320,000
Post CLO VI Ltd., Series 2024-2A, Class A1,
3 mo. USD SOFR + 1.420%,
5.304%, 1/20/2038(a)(b)
2,326,192
8,550,000
Rad CLO 27 Ltd., Series 2024-27A, Class A1,
3 mo. USD SOFR + 1.320%,
5.225%, 1/15/2038(a)(b)
8,566,784
1,190,000
Regatta 34 Funding Ltd., Series 2025-3A,
Class A1, 3 mo. USD SOFR + 1.400%,
5.518%, 7/20/2038(a)(b)
1,194,729
1,495,000
Rockford Tower CLO Ltd., Series 2017-1A,
Class BR2A, 3 mo. USD SOFR + 1.912%,
5.796%, 4/20/2034(a)(b)
1,497,963
Principal
Amount (‡)
Description
Value (†)
$7,045,000
RR 28 Ltd., Series 2024-28RA, Class A2R, 3 mo.
USD SOFR + 2.050%, 5.955%, 4/15/2037(a)(b)
$7,058,872
7,000,000
Silver Point CLO 4 Ltd., Series 2024-4A,
Class A1, 3 mo. USD SOFR + 1.630%,
5.535%, 4/15/2037(a)(b)
7,017,675
5,025,000
Sixth Street CLO 27 Ltd., Series 2024-27A,
Class C, 3 mo. USD SOFR + 1.850%,
5.732%, 1/17/2038(a)(b)
5,028,914
5,410,000
Sixth Street CLO XXIV Ltd., Series 2024-24A,
Class A, 3 mo. USD SOFR + 1.520%,
5.380%, 4/23/2037(a)(b)
5,420,041
2,060,000
Sycamore Tree CLO Ltd., Series 2023-2A,
Class CR, 3 mo. USD SOFR + 2.750%,
6.634%, 1/20/2037(a)(b)
2,064,064
2,165,000
Symetra CLO Ltd., Series 2025-1A, Class B,
3 mo. USD SOFR + 1.700%,
5.584%, 4/20/2038(a)(b)
2,168,507
2,525,000
Symetra CLO Ltd., Series 2025-1A, Class C,
3 mo. USD SOFR + 2.000%,
5.884%, 4/20/2038(a)(b)
2,533,254
1,660,000
Symetra CLO Ltd., Series 2025-1A, Class D,
3 mo. USD SOFR + 3.250%,
7.134%, 4/20/2038(a)(b)
1,667,060
6,885,000
Symphony CLO 40 Ltd., Series 2023-40A,
Class AR, 3 mo. USD SOFR + 1.310%,
5.222%, 1/05/2038(a)(b)
6,901,972
4,105,000
Wellfleet CLO Ltd., Series 2024-1A, Class B,
3 mo. USD SOFR + 2.050%,
5.934%, 7/18/2037(a)(b)
4,129,371
7,170,000
Wellfleet CLO Ltd., Series 2024-2A, Class A,
3 mo. USD SOFR + 1.330%,
5.209%, 2/25/2038(a)(b)
7,182,418
Total Collateralized Loan Obligations
(Identified Cost $425,901,402)
427,107,093
Principal
Amount (‡)
Description
Value (†)
Short-Term Investments — 5.3%
$151,982,672
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 12/31/2025
 at 2.150% to be repurchased at $152,000,825 on
1/02/2026 collateralized by $154,377,100
U.S. Treasury Note, 3.750% due 6/30/2027
valued at $155,022,372 including accrued
interest(h)
$151,982,672
12,345,000
Federal Home Loan Bank Discount Notes,
3.470%, 1/08/2026(i)
12,334,198
90,447,000
Federal Home Loan Bank Discount Notes,
3.490%, 1/12/2026(i)
90,332,685
57,774,000
Federal Home Loan Bank Discount Notes,
3.490%, 1/13/2026(i)
57,700,772
71,932,000
Federal Home Loan Bank Discount Notes,
3.490%, 1/15/2026(i)
71,826,799
14,122,000
U.S. Treasury Bills, 3.533%, 4/21/2026(i)
13,971,019
14,635,000
U.S. Treasury Bills, 3.683%, 2/26/2026(i)(j)
14,554,759
Total Short-Term Investments
(Identified Cost $412,753,741)
412,702,904
Total Investments — 99.5%
(Identified Cost $8,087,346,073)
7,817,084,308
Other assets less liabilities — 0.5%
41,054,409
Net Assets — 100.0%
$7,858,138,717
 
Bonds and Notes Sold Short — (1.0)%
Mortgage Related — (1.0)%
$(99,499,000
)
Uniform Mortgage-Backed Security, TBA,
2.000%, 1/01/2055(d)
(Proceeds $80,711,566)
$(80,500,514
)
 
(†)
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 ("CLOs") 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 CLOs 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.
 
(‡)
Principal Amount stated in U.S. dollars unless otherwise noted.
(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 December 31, 2025, the value of Rule 144A holdings amounted to
$1,743,651,390 or 22.2% of net assets.
(b)
Variable rate security. Rate as of December 31, 2025 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)
When-issued/delayed delivery. The Fund may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made
conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will
occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities
will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Fund
at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Fund take delivery of
the security. No interest accrues to the Fund until the transaction settles. Delayed delivery transactions include those designated as To Be
Announced ("TBAs") in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at
the time of the trade. The security is "to be announced" 48 hours prior to the established trade settlement date. Certain transactions require the Fund
or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Fund covers its net obligations
under outstanding delayed delivery commitments by segregating or earmarking cash or securities. Purchases of when-issued or delayed delivery
securities may have a similar effect on the Fund's NAV as if the Fund's had created a degree of leverage in the portfolio. Risks may arise upon
entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may
arise due to changes in the value of the underlying securities.
(e)
Amount shown represents units. One unit represents a principal amount of 1,000.
(f)
Amount shown represents units. One unit represents a principal amount of 100.
(g)
New issue unsettled as of December 31, 2025. Coupon rate does not take effect until settlement date.
(h)
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 December 31, 2025, the Fund had an investment in a repurchase agreement for which the
value of the related collateral exceeded the value of the repurchase agreement.
(i)
Interest rate represents discount rate at time of purchase; not a coupon rate.
(j)
Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
 
ABS
Asset-Backed Securities
EMTN
Euro Medium Term Note
GMTN
Global Medium Term Note
MTN
Medium Term Note
REIT
Real Estate Investment Trust
REMICS
Real Estate Mortgage Investment Conduits
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced
 
BRL
Brazilian Real
MXN
Mexican Peso
UYU
Uruguayan Peso
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 December 31, 2025, the Fund had the following open long futures contracts:
Financial Futures
Expiration
Date
Contracts
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
CBOT 10 Year U.S. Treasury Notes Futures
3/20/2026
437
$49,524,808
$49,135,188
$(389,620
)
CBOT 2 Year U.S. Treasury Notes Futures
3/31/2026
3,954
825,863,937
825,551,951
(311,986
)
CBOT 5 Year U.S. Treasury Notes Futures
3/31/2026
1,457
159,918,602
159,256,930
(661,672
)
Total
 
 
$(1,363,278
)
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 December 31, 2025, at value: 
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Bonds and Notes
Non-Convertible Bonds
ABS Residential Mortgage
$ —
$3,288,738
$6,324
$3,295,062
Collateralized Mortgage Obligations
 —
55,757,027
169,369
55,926,396
All Other Non-Convertible Bonds(a)
 —
6,910,749,936
 —
6,910,749,936
Total Non-Convertible Bonds
—
6,969,795,701
175,693
6,969,971,394
Municipals(a)
 —
7,302,917
 —
7,302,917
Total Bonds and Notes
—
6,977,098,618
175,693
6,977,274,311
Collateralized Loan Obligations
 —
427,107,093
 —
427,107,093
Short-Term Investments
 —
412,702,904
 —
412,702,904
Total Investments
$—
$7,816,908,615
$175,693
$7,817,084,308
 
Liability Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Bonds and Notes Sold Short (a)
$ —
$(80,500,514
)
$ —
$(80,500,514
)
Futures Contracts (unrealized depreciation)
(1,363,278
)
 —
 —
(1,363,278
)
Total
$(1,363,278
)
$(80,500,514
)
$ —
$(81,863,792
)
 
(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 September 30, 2025 and/or December 31, 2025: 
 
Asset Valuation Inputs
Investments in Securities
Balance as of
September 30,
2025
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
December 31,
2025
Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
December 31,
2025
Bonds and Notes
Non-Convertible Bonds
ABS Residential Mortgage
$6,864
$ —
$ —
$49
$ —
$(589
)
$ —
$ —
$6,324
$17
Collateralized Mortgage
Obligations
178,664
 —
21
631
615
(10,562
)
 —
 —
169,369
487
Total
$185,528
$ —
$21
$680
$615
$(11,151
)
$ —
$ —
$175,693
$504