Delaware Wealth Builder Fund | February 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | ||
Agency Collateralized Mortgage Obligations — 0.22% | |||
Connecticut Avenue Securities Trust Series 2023-R08 1M1 144A 6.822% (SOFR + 1.50%) 10/25/43 #, • | 1,107,356 | $ 1,109,451 | |
Fannie Mae REMIC Series 2013-44 DI 3.00% 5/25/33 Σ | 211,603 | 16,979 | |
Freddie Mac REMIC Series 5092 WG 1.00% 4/25/31 | 184,757 | 161,601 | |
Freddie Mac Structured Agency Credit Risk REMIC Trust | |||
Series 2021-HQA2 M1 144A 6.022% (SOFR + 0.70%) 12/25/33 #, • | 1,220 | 1,220 | |
Series 2023-HQA3 A1 144A 7.172% (SOFR + 1.85%) 11/25/43 #, • | 295,681 | 299,665 | |
GNMA | |||
Series 2013-113 LY 3.00% 5/20/43 | 439,135 | 392,243 | |
Series 2017-10 KZ 3.00% 1/20/47 | 1,236 | 1,071 | |
Total Agency Collateralized Mortgage Obligations (cost $2,067,733) | 1,982,230 | ||
Agency Commercial Mortgage-Backed Security — 0.01% | |||
Freddie Mac Multifamily Structured Pass Through Certificates Series K729 A2 3.136% 10/25/24 ♦ | 85,055 | 83,740 | |
Total Agency Commercial Mortgage-Backed Security (cost $92,563) | 83,740 | ||
Agency Mortgage-Backed Securities — 5.29% | |||
Fannie Mae 3.50% 10/1/42 | 319,378 | 290,606 | |
Fannie Mae S.F. 15 yr | |||
2.00% 2/1/36 | 247,748 | 219,921 | |
2.00% 4/1/36 | 425,875 | 378,534 | |
2.50% 8/1/36 | 587,970 | 534,095 | |
4.50% 9/1/37 | 80,842 | 79,107 | |
Fannie Mae S.F. 20 yr | |||
2.00% 3/1/41 | 92,806 | 77,848 | |
2.00% 5/1/41 | 782,770 | 656,122 | |
2.50% 1/1/41 | 44,339 | 38,443 | |
4.00% 8/1/42 | 473,784 | 443,310 | |
4.00% 9/1/42 | 550,587 | 514,274 | |
Fannie Mae S.F. 30 yr | |||
2.00% 12/1/50 | 125,332 | 99,714 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Fannie Mae S.F. 30 yr | |||
2.00% 1/1/51 | 33,846 | $ 27,133 | |
2.00% 2/1/51 | 887,872 | 711,457 | |
2.00% 3/1/51 | 473,018 | 373,347 | |
2.00% 5/1/51 | 807,821 | 635,372 | |
2.00% 9/1/51 | 1,062,349 | 837,265 | |
2.00% 1/1/52 | 70,973 | 56,675 | |
2.50% 1/1/43 | 16,356 | 13,935 | |
2.50% 8/1/50 | 569,770 | 478,207 | |
2.50% 9/1/50 | 79,308 | 65,733 | |
2.50% 11/1/50 | 360,669 | 297,505 | |
2.50% 1/1/51 | 249,164 | 209,252 | |
2.50% 5/1/51 | 19,969 | 16,638 | |
2.50% 6/1/51 | 26,268 | 21,971 | |
2.50% 7/1/51 | 48,189 | 39,927 | |
2.50% 8/1/51 | 592,500 | 492,948 | |
2.50% 11/1/51 | 347,001 | 287,138 | |
2.50% 2/1/52 | 1,398,319 | 1,160,281 | |
2.50% 4/1/52 | 725,006 | 599,407 | |
3.00% 1/1/47 | 158,795 | 141,039 | |
3.00% 11/1/48 | 8,757 | 7,651 | |
3.00% 11/1/49 | 250,205 | 219,716 | |
3.00% 3/1/50 | 358,179 | 312,289 | |
3.00% 7/1/50 | 199,406 | 173,579 | |
3.00% 7/1/51 | 137,512 | 118,968 | |
3.00% 5/1/52 | 1,339,303 | 1,153,552 | |
3.50% 1/1/46 | 112,570 | 103,072 | |
3.50% 7/1/47 | 189,806 | 173,503 | |
3.50% 2/1/48 | 45,281 | 41,087 | |
3.50% 11/1/48 | 229,996 | 208,415 | |
3.50% 12/1/49 | 135,496 | 122,834 | |
3.50% 3/1/50 | 10,185 | 9,310 | |
3.50% 7/1/50 | 1,867,626 | 1,686,899 | |
3.50% 8/1/50 | 871,351 | 789,597 | |
3.50% 9/1/50 | 556,570 | 507,398 | |
3.50% 6/1/51 | 582,605 | 521,496 | |
3.50% 1/1/52 | 359,565 | 320,496 | |
3.50% 5/1/52 | 273,089 | 246,310 | |
3.50% 9/1/52 | 195,900 | 174,434 | |
4.00% 3/1/47 | 180,187 | 169,485 | |
4.00% 4/1/47 | 6,780 | 6,386 | |
4.00% 6/1/48 | 80,362 | 75,505 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Fannie Mae S.F. 30 yr | |||
4.00% 9/1/48 | 3,369 | $ 3,151 | |
4.00% 10/1/48 | 288,141 | 271,384 | |
4.00% 6/1/49 | 6,261 | 5,897 | |
4.00% 5/1/51 | 420,879 | 391,533 | |
4.00% 6/1/52 | 463,250 | 426,475 | |
4.00% 9/1/52 | 151,547 | 139,501 | |
4.50% 11/1/47 | 76,555 | 74,028 | |
4.50% 9/1/48 | 341,970 | 328,260 | |
4.50% 1/1/49 | 12,490 | 12,015 | |
4.50% 5/1/49 | 132,081 | 126,712 | |
4.50% 1/1/50 | 1,392,421 | 1,357,962 | |
4.50% 4/1/50 | 193,396 | 186,532 | |
4.50% 9/1/52 | 142,812 | 135,273 | |
4.50% 10/1/52 | 1,881,844 | 1,781,841 | |
4.50% 2/1/53 | 2,684,836 | 2,542,159 | |
5.00% 7/1/47 | 700,507 | 695,087 | |
5.00% 7/1/49 | 74,459 | 73,376 | |
5.00% 8/1/49 | 567,173 | 564,462 | |
5.00% 8/1/53 | 980,625 | 951,204 | |
5.50% 5/1/44 | 1,217,289 | 1,235,953 | |
5.50% 8/1/52 | 401,244 | 397,835 | |
5.50% 10/1/52 | 259,069 | 256,809 | |
6.00% 1/1/42 | 702,400 | 724,521 | |
6.00% 6/1/53 | 206,288 | 207,205 | |
6.00% 9/1/53 | 2,144,267 | 2,153,819 | |
6.50% 11/1/33 | 57,330 | 59,119 | |
6.50% 6/1/36 | 11,551 | 11,869 | |
7.00% 3/1/32 | 81,364 | 83,537 | |
7.00% 8/1/32 | 70,760 | 72,649 | |
Freddie Mac S.F. 15 yr | |||
3.00% 3/1/35 | 484,925 | 452,290 | |
4.50% 9/1/37 | 420,779 | 412,120 | |
Freddie Mac S.F. 20 yr | |||
2.00% 3/1/41 | 106,902 | 89,685 | |
2.50% 2/1/42 | 184,924 | 159,741 | |
2.50% 9/1/42 | 434,405 | 375,373 | |
3.00% 9/1/40 | 169,796 | 151,845 | |
3.00% 6/1/42 | 273,903 | 242,312 | |
Freddie Mac S.F. 30 yr | |||
2.00% 9/1/51 | 156,771 | 124,214 | |
2.00% 2/1/52 | 652,085 | 512,798 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Freddie Mac S.F. 30 yr | |||
2.00% 3/1/52 | 7,232 | $ 5,699 | |
2.50% 11/1/50 | 387,908 | 323,596 | |
2.50% 12/1/51 | 537,282 | 447,998 | |
3.00% 11/1/46 | 890,352 | 779,275 | |
3.00% 8/1/50 | 127,699 | 111,406 | |
3.00% 12/1/50 | 361,594 | 314,946 | |
3.00% 8/1/51 | 640,107 | 553,143 | |
3.50% 8/1/49 | 438,738 | 396,446 | |
3.50% 4/1/52 | 25,311 | 22,653 | |
3.50% 6/1/52 | 21,553 | 19,253 | |
4.00% 10/1/47 | 20,728 | 19,318 | |
4.00% 9/1/49 | 1,000,166 | 937,997 | |
4.00% 8/1/52 | 428,917 | 397,117 | |
4.00% 9/1/52 | 721,453 | 665,031 | |
4.50% 8/1/48 | 63,508 | 61,308 | |
4.50% 1/1/49 | 78,390 | 75,346 | |
4.50% 8/1/49 | 19,479 | 18,892 | |
4.50% 10/1/52 | 667,744 | 632,260 | |
5.00% 6/1/53 | 1,690,103 | 1,640,837 | |
5.50% 9/1/41 | 18,251 | 18,557 | |
5.50% 9/1/52 | 662,105 | 666,698 | |
5.50% 10/1/52 | 606,623 | 601,470 | |
5.50% 3/1/53 | 300,967 | 300,446 | |
5.50% 6/1/53 | 351,721 | 348,019 | |
6.00% 1/1/53 | 351,218 | 358,099 | |
GNMA I S.F. 30 yr 3.00% 8/15/45 | 735,355 | 652,192 | |
GNMA II S.F. 30 yr | |||
3.00% 12/20/51 | 103,966 | 91,163 | |
3.00% 1/20/52 | 152,485 | 133,718 | |
5.50% 5/20/53 | 1,790,377 | 1,779,698 | |
6.00% 2/20/54 | 390,000 | 392,150 | |
Total Agency Mortgage-Backed Securities (cost $50,706,183) | 47,494,463 | ||
Principal amount° | Value (US $) | ||
Collateralized Debt Obligations — 0.27% | |||
Cedar Funding IX CLO Series 2018-9A A1 144A 6.559% (TSFR03M + 1.24%, Floor 0.98%) 4/20/31 #, • | 436,247 | $ 436,281 | |
ICG US CLO 2014-1 Series 2014-1A A1A2 144A 6.779% (TSFR03M + 1.46%, Floor 1.20%) 10/20/34 #, • | 250,000 | 249,300 | |
Park Avenue Institutional Advisers CLO Series 2021-1A A1A 144A 6.969% (TSFR03M + 1.65%, Floor 1.39%) 1/20/34 #, • | 250,000 | 250,389 | |
Signal Peak CLO Series 2018-5A A 144A 6.696% (TSFR03M + 1.37%, Floor 1.11%) 4/25/31 #, • | 194,950 | 195,044 | |
Sound Point CLO XXI Series 2018-3A A1A 144A 6.766% (TSFR03M + 1.44%, Floor 1.18%) 10/26/31 #, • | 500,000 | 500,113 | |
Venture 34 CLO Series 2018-34A A 144A 6.806% (TSFR03M + 1.49%, Floor 1.23%) 10/15/31 #, • | 548,556 | 548,061 | |
Venture CLO Series 2021-42A A1A 144A 6.706% (TSFR03M + 1.39%, Floor 1.13%) 4/15/34 #, • | 250,000 | 248,184 | |
Total Collateralized Debt Obligations (cost $2,413,870) | 2,427,372 | ||
Convertible Bonds — 7.17% | |||
Basic Industry — 0.14% | |||
Ivanhoe Mines 144A 2.50% exercise price $9.31, maturity date 4/15/26 # | 843,000 | 1,280,585 | |
1,280,585 | |||
Brokerage — 0.10% | |||
WisdomTree 5.75% exercise price $9.54, maturity date 8/15/28 | 850,000 | 936,275 | |
936,275 | |||
Capital Goods — 0.39% | |||
Chart Industries 1.00% exercise price $58.73, maturity date 11/15/24 | 672,000 | 1,643,680 | |
Kaman 3.25% exercise price $65.26, maturity date 5/1/24 | 1,839,000 | 1,832,196 | |
3,475,876 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Communications — 0.63% | |||
Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28 | 2,700,000 | $ 2,012,310 | |
Liberty Broadband 144A 3.125% exercise price $529.07, maturity date 3/31/53 # | 2,955,000 | 2,800,507 | |
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24 | 853,000 | 831,675 | |
5,644,492 | |||
Consumer Cyclical — 0.48% | |||
Cheesecake Factory 0.375% exercise price $74.75, maturity date 6/15/26 | 3,009,000 | 2,652,369 | |
Ford Motor 0.885% exercise price $14.85, maturity date 3/15/26 ^ | 1,636,000 | 1,652,595 | |
4,304,964 | |||
Consumer Non-Cyclical — 2.42% | |||
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24 | 1,376,000 | 1,355,251 | |
Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24 | 1,883,000 | 1,960,521 | |
Chegg 4.581% exercise price $107.55, maturity date 9/1/26 ^ | 2,846,000 | 2,362,183 | |
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26 | 2,828,000 | 1,806,206 | |
CONMED 2.25% exercise price $145.33, maturity date 6/15/27 | 2,212,000 | 2,016,575 | |
Dexcom 0.25% exercise price $150.10, maturity date 11/15/25 | 1,441,000 | 1,460,453 | |
Integer Holdings 2.125% exercise price $87.20, maturity date 2/15/28 | 376,000 | 520,760 | |
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25 | 2,277,000 | 2,162,011 | |
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24 | 1,763,000 | 1,685,869 | |
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26 | 983,000 | 977,594 | |
Lantheus Holdings 2.625% exercise price $79.81, maturity date 12/15/27 | 778,000 | 887,115 | |
Pacira BioSciences 0.75% exercise price $71.78, maturity date 8/1/25 | 2,265,000 | 2,142,908 | |
Post Holdings 2.50% exercise price $106.10, maturity date 8/15/27 | 2,189,000 | 2,435,262 | |
21,772,708 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Electric — 1.00% | |||
Duke Energy 144A 4.125% exercise price $118.86, maturity date 4/15/26 # | 1,610,000 | $ 1,583,435 | |
FirstEnergy 144A 4.00% exercise price $46.81, maturity date 5/1/26 # | 1,180,000 | 1,164,660 | |
NRG Energy 2.75% exercise price $42.18, maturity date 6/1/48 | 1,535,000 | 2,107,555 | |
Ormat Technologies 2.50% exercise price $90.27, maturity date 7/15/27 | 2,730,000 | 2,619,435 | |
PG&E 144A 4.25% exercise price $23.18, maturity date 12/1/27 # | 1,481,000 | 1,486,924 | |
8,962,009 | |||
Energy — 0.17% | |||
Nabors Industries 144A 1.75% exercise price $212.51, maturity date 6/15/29 # | 2,089,000 | 1,502,526 | |
1,502,526 | |||
Financials — 0.28% | |||
Repay Holdings 144A 3.768% exercise price $33.60, maturity date 2/1/26 #, ^ | 2,936,000 | 2,543,457 | |
2,543,457 | |||
Industrials — 0.01% | |||
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 # | 428,000 | 47,508 | |
47,508 | |||
Real Estate Investment Trusts — 0.20% | |||
Summit Hotel Properties 1.50% exercise price $11.37, maturity date 2/15/26 | 2,030,000 | 1,787,638 | |
1,787,638 | |||
Technology — 1.35% | |||
Akamai Technologies 0.125% exercise price $95.10, maturity date 5/1/25 | 2,247,000 | 2,698,799 | |
Block 0.125% exercise price $121.00, maturity date 3/1/25 | 927,000 | 924,974 | |
CSG Systems International 144A 3.875% exercise price $71.05, maturity date 9/15/28 # | 1,595,000 | 1,616,406 | |
InterDigital 3.50% exercise price $77.49, maturity date 6/1/27 | 1,321,000 | 1,912,808 | |
Semtech 1.625% exercise price $37.27, maturity date 11/1/27 | 2,097,000 | 1,770,707 | |
Verint Systems 0.25% exercise price $62.08, maturity date 4/15/26 | 2,050,000 | 1,851,990 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Technology (continued) | |||
Wolfspeed 0.25% exercise price $127.22, maturity date 2/15/28 | 2,372,000 | $ 1,322,390 | |
12,098,074 | |||
Total Convertible Bonds (cost $64,538,688) | 64,356,112 | ||
Corporate Bonds — 11.13% | |||
Automotive — 0.22% | |||
Allison Transmission | |||
144A 3.75% 1/30/31 # | 340,000 | 294,078 | |
144A 5.875% 6/1/29 # | 275,000 | 271,121 | |
Ford Motor 4.75% 1/15/43 | 210,000 | 170,058 | |
Ford Motor Credit | |||
3.375% 11/13/25 | 240,000 | 230,361 | |
4.542% 8/1/26 | 750,000 | 727,352 | |
Goodyear Tire & Rubber 5.25% 7/15/31 | 365,000 | 329,761 | |
2,022,731 | |||
Banking — 1.18% | |||
Banco Continental 144A 2.75% 12/10/25 # | 400,000 | 374,092 | |
Bank of America | |||
1.922% 10/24/31 μ | 560,000 | 452,050 | |
2.482% 9/21/36 μ | 340,000 | 268,164 | |
2.884% 10/22/30 μ | 20,000 | 17,621 | |
2.972% 2/4/33 μ | 240,000 | 201,646 | |
3.194% 7/23/30 μ | 55,000 | 49,537 | |
6.204% 11/10/28 μ | 280,000 | 288,958 | |
Bank of New York Mellon 4.70% 9/20/25 μ, ψ | 305,000 | 299,383 | |
BBVA Bancomer 144A 1.875% 9/18/25 # | 400,000 | 378,408 | |
Citigroup 5.61% 9/29/26 μ | 265,000 | 265,415 | |
Citizens Bank 6.064% 10/24/25 μ | 790,000 | 785,605 | |
Citizens Financial Group 2.85% 7/27/26 | 345,000 | 321,749 | |
Deutsche Bank | |||
6.72% 1/18/29 μ | 150,000 | 154,152 | |
6.819% 11/20/29 μ | 180,000 | 186,219 | |
Fifth Third Bancorp 6.361% 10/27/28 μ | 300,000 | 305,929 | |
Goldman Sachs Group | |||
1.542% 9/10/27 μ | 638,000 | 580,938 | |
2.60% 2/7/30 | 70,000 | 60,827 | |
6.484% 10/24/29 μ | 290,000 | 303,980 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Huntington Bancshares 6.208% 8/21/29 μ | 300,000 | $ 305,196 | |
JPMorgan Chase & Co. | |||
1.764% 11/19/31 μ | 40,000 | 32,228 | |
1.953% 2/4/32 μ | 140,000 | 112,639 | |
2.58% 4/22/32 μ | 435,000 | 364,113 | |
3.109% 4/22/51 μ | 30,000 | 20,609 | |
4.08% 4/26/26 μ | 170,000 | 167,281 | |
KeyBank | |||
3.40% 5/20/26 | 500,000 | 471,675 | |
5.85% 11/15/27 | 30,000 | 29,639 | |
KeyCorp 4.789% 6/1/33 μ | 2,000 | 1,810 | |
Morgan Stanley | |||
2.484% 9/16/36 μ | 256,000 | 200,755 | |
2.511% 10/20/32 μ | 40,000 | 32,765 | |
5.123% 2/1/29 μ | 15,000 | 14,906 | |
5.25% 4/21/34 μ | 4,000 | 3,928 | |
5.466% 1/18/35 μ | 330,000 | 329,736 | |
6.138% 10/16/26 μ | 155,000 | 156,873 | |
6.296% 10/18/28 μ | 249,000 | 257,458 | |
NBK SPC 144A 1.625% 9/15/27 #, μ | 405,000 | 369,012 | |
PNC Financial Services Group | |||
2.60% 7/23/26 | 355,000 | 333,903 | |
5.671% 10/28/25 μ | 345,000 | 344,658 | |
Popular 7.25% 3/13/28 | 10,000 | 10,149 | |
State Street | |||
5.751% 11/4/26 μ | 15,000 | 15,076 | |
5.82% 11/4/28 μ | 10,000 | 10,243 | |
6.123% 11/21/34 μ | 300,000 | 310,288 | |
SVB Financial Group | |||
1.80% 10/28/26 ‡ | 51,000 | 32,812 | |
1.80% 2/2/31 ‡ | 60,000 | 38,586 | |
4.00% 5/15/26 μ, ‡, ψ | 680,000 | 10,347 | |
4.57% 4/29/33 μ, ‡ | 22,000 | 14,125 | |
Truist Bank 2.636% 9/17/29 μ | 533,000 | 508,591 | |
Truist Financial | |||
1.887% 6/7/29 μ | 75,000 | 64,541 | |
4.95% 9/1/25 μ, ψ | 85,000 | 82,868 | |
6.123% 10/28/33 μ | 10,000 | 10,182 | |
Turkiye Garanti Bankasi 144A 8.375% 2/28/34 #, μ | 200,000 | 201,512 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
US Bancorp | |||
2.491% 11/3/36 μ | 65,000 | $ 50,254 | |
3.00% 7/30/29 | 150,000 | 133,084 | |
3.10% 4/27/26 | 210,000 | 200,634 | |
4.839% 2/1/34 μ | 10,000 | 9,416 | |
5.727% 10/21/26 μ | 59,000 | 59,276 | |
10,605,841 | |||
Basic Industry — 0.48% | |||
Avient 144A 5.75% 5/15/25 # | 312,000 | 310,475 | |
BHP Billiton Finance USA 5.25% 9/8/30 | 420,000 | 423,677 | |
CP Atlas Buyer 144A 7.00% 12/1/28 # | 325,000 | 290,849 | |
First Quantum Minerals 144A 8.625% 6/1/31 # | 200,000 | 191,253 | |
FMG Resources August 2006 144A 5.875% 4/15/30 # | 385,000 | 377,230 | |
Freeport-McMoRan 5.45% 3/15/43 | 310,000 | 288,948 | |
Metinvest 8.50% 4/23/26 | 200,000 | 162,460 | |
Newmont | |||
2.25% 10/1/30 | 150,000 | 125,533 | |
2.60% 7/15/32 | 100,000 | 82,348 | |
NOVA Chemicals 144A 8.50% 11/15/28 # | 65,000 | 68,712 | |
Novelis 144A 4.75% 1/30/30 # | 560,000 | 511,928 | |
Olin 5.00% 2/1/30 | 135,000 | 126,309 | |
Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 255,000 | 232,633 | |
Sherwin-Williams | |||
2.90% 3/15/52 | 235,000 | 152,317 | |
3.30% 5/15/50 | 475,000 | 334,373 | |
Sociedad Quimica y Minera de Chile 144A 6.50% 11/7/33 # | 200,000 | 206,332 | |
Standard Industries 144A 3.375% 1/15/31 # | 525,000 | 435,562 | |
4,320,939 | |||
Brokerage — 0.07% | |||
Jefferies Financial Group | |||
2.625% 10/15/31 | 355,000 | 290,578 | |
4.15% 1/23/30 | 170,000 | 158,264 | |
6.45% 6/8/27 | 90,000 | 92,788 | |
6.50% 1/20/43 | 70,000 | 72,882 | |
614,512 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Capital Goods — 0.58% | |||
ARD Finance 144A PIK 6.50% 6/30/27 #, > | 200,000 | $ 85,758 | |
Ardagh Metal Packaging Finance USA 144A 4.00% 9/1/29 # | 605,000 | 492,050 | |
Boeing 2.196% 2/4/26 | 645,000 | 605,420 | |
Bombardier | |||
144A 6.00% 2/15/28 # | 350,000 | 340,116 | |
144A 7.50% 2/1/29 # | 211,000 | 214,189 | |
144A 8.75% 11/15/30 # | 110,000 | 115,364 | |
Carrier Global 5.90% 3/15/34 | 595,000 | 617,556 | |
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 190,000 | 181,048 | |
Eaton 4.15% 3/15/33 | 110,000 | 103,580 | |
Mauser Packaging Solutions Holding | |||
144A 7.875% 8/15/26 # | 410,000 | 415,716 | |
144A 9.25% 4/15/27 # | 150,000 | 146,042 | |
Pactiv Evergreen Group Issuer 144A 4.00% 10/15/27 # | 135,000 | 125,900 | |
Sealed Air 144A 5.00% 4/15/29 # | 350,000 | 331,876 | |
Teledyne Technologies 2.75% 4/1/31 | 840,000 | 713,330 | |
TransDigm 144A 6.625% 3/1/32 # | 685,000 | 690,136 | |
5,178,081 | |||
Communications — 0.62% | |||
American Tower 2.30% 9/15/31 | 770,000 | 622,189 | |
AT&T | |||
1.70% 3/25/26 | 215,000 | 200,003 | |
3.50% 6/1/41 | 31,000 | 23,772 | |
4.35% 3/1/29 | 280,000 | 270,350 | |
3.50% 9/15/53 | 735,000 | 505,719 | |
Charter Communications Operating | |||
3.85% 4/1/61 | 440,000 | 255,826 | |
4.40% 12/1/61 | 290,000 | 186,609 | |
4.80% 3/1/50 | 240,000 | 173,820 | |
5.05% 3/30/29 | 100,000 | 95,717 | |
Comcast | |||
2.80% 1/15/51 | 220,000 | 137,668 | |
3.20% 7/15/36 | 552,000 | 446,203 | |
3.375% 8/15/25 | 530,000 | 517,783 | |
Crown Castle 1.05% 7/15/26 | 565,000 | 511,054 | |
Discovery Communications 4.00% 9/15/55 | 745,000 | 493,690 | |
Time Warner Cable 7.30% 7/1/38 | 170,000 | 169,602 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
T-Mobile USA | |||
3.00% 2/15/41 | 440,000 | $ 317,996 | |
3.75% 4/15/27 | 130,000 | 124,654 | |
5.75% 1/15/34 | 180,000 | 185,355 | |
Verizon Communications | |||
2.10% 3/22/28 | 200,000 | 178,168 | |
2.875% 11/20/50 | 195,000 | 124,346 | |
Warnermedia Holdings 4.279% 3/15/32 | 20,000 | 17,653 | |
5,558,177 | |||
Consumer Cyclical — 0.12% | |||
Amazon.com 2.50% 6/3/50 | 15,000 | 9,435 | |
Aptiv 3.10% 12/1/51 | 817,000 | 513,430 | |
Ford Motor Credit 6.95% 6/10/26 | 290,000 | 295,868 | |
VICI Properties 4.95% 2/15/30 | 230,000 | 219,143 | |
1,037,876 | |||
Consumer Goods — 0.16% | |||
Acushnet 144A 7.375% 10/15/28 # | 173,000 | 178,538 | |
Fiesta Purchaser 144A 7.875% 3/1/31 # | 227,000 | 234,238 | |
Pilgrim's Pride 4.25% 4/15/31 | 320,000 | 286,281 | |
Post Holdings | |||
144A 5.50% 12/15/29 # | 568,000 | 543,916 | |
144A 5.625% 1/15/28 # | 160,000 | 157,216 | |
1,400,189 | |||
Consumer Non-Cyclical — 0.44% | |||
Amgen | |||
5.15% 3/2/28 | 475,000 | 476,119 | |
5.25% 3/2/30 | 10,000 | 10,079 | |
5.25% 3/2/33 | 113,000 | 112,730 | |
5.65% 3/2/53 | 5,000 | 5,002 | |
Bunge Limited Finance | |||
1.63% 8/17/25 | 150,000 | 142,094 | |
2.75% 5/14/31 | 565,000 | 480,796 | |
Central American Bottling 144A 5.25% 4/27/29 # | 400,000 | 375,432 | |
CVS Health 2.70% 8/21/40 | 640,000 | 437,994 | |
HCA 3.50% 7/15/51 | 55,000 | 37,204 | |
InRetail Consumer 144A 3.25% 3/22/28 # | 400,000 | 355,495 | |
JBS USA LUX 3.00% 2/2/29 | 300,000 | 263,168 | |
MHP Lux 6.95% 4/3/26 | 200,000 | 166,641 | |
Pfizer Investment Enterprises 4.45% 5/19/28 | 485,000 | 475,786 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
Royalty Pharma | |||
1.20% 9/2/25 | 655,000 | $ 613,494 | |
3.35% 9/2/51 | 15,000 | 9,830 | |
3,961,864 | |||
Electric — 0.78% | |||
AEP Transmission 5.40% 3/15/53 | 5,000 | 4,959 | |
Appalachian Power 4.50% 8/1/32 | 285,000 | 266,851 | |
Atlantic City Electric 4.00% 10/15/28 | 75,000 | 72,347 | |
Berkshire Hathaway Energy 2.85% 5/15/51 | 210,000 | 135,085 | |
Calpine | |||
144A 5.00% 2/1/31 # | 550,000 | 492,281 | |
144A 5.25% 6/1/26 # | 80,000 | 78,885 | |
Duke Energy 4.875% 9/16/24 μ, ψ | 570,000 | 565,895 | |
Duke Energy Carolinas | |||
3.95% 11/15/28 | 420,000 | 404,805 | |
4.95% 1/15/33 | 25,000 | 24,653 | |
Entergy Arkansas 4.20% 4/1/49 | 190,000 | 156,199 | |
Entergy Louisiana | |||
4.00% 3/15/33 | 90,000 | 82,009 | |
4.95% 1/15/45 | 20,000 | 18,281 | |
Entergy Mississippi 2.85% 6/1/28 | 150,000 | 137,425 | |
Entergy Texas 3.55% 9/30/49 | 300,000 | 217,010 | |
Exelon 5.30% 3/15/33 | 10,000 | 9,908 | |
Nevada Power 5.90% 5/1/53 | 165,000 | 169,918 | |
NextEra Energy Capital Holdings | |||
2.25% 6/1/30 | 85,000 | 71,524 | |
3.00% 1/15/52 | 905,000 | 575,225 | |
5.65% 5/1/79 μ | 55,000 | 53,031 | |
Oglethorpe Power 3.75% 8/1/50 | 520,000 | 374,985 | |
Pacific Gas & Electric | |||
2.10% 8/1/27 | 30,000 | 26,883 | |
2.50% 2/1/31 | 45,000 | 36,909 | |
3.25% 6/1/31 | 25,000 | 21,467 | |
3.30% 8/1/40 | 355,000 | 256,054 | |
4.95% 7/1/50 | 43,000 | 36,559 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric (continued) | |||
PacifiCorp | |||
2.70% 9/15/30 | 20,000 | $ 17,186 | |
2.90% 6/15/52 | 425,000 | 259,489 | |
3.30% 3/15/51 | 30,000 | 19,737 | |
3.50% 6/15/29 | 255,000 | 235,034 | |
5.35% 12/1/53 | 5,000 | 4,626 | |
Southern 5.70% 10/15/32 | 170,000 | 174,139 | |
Southern California Edison | |||
4.00% 4/1/47 | 355,000 | 277,417 | |
4.20% 3/1/29 | 150,000 | 144,583 | |
4.875% 3/1/49 | 165,000 | 147,006 | |
Southwestern Electric Power 4.10% 9/15/28 | 165,000 | 158,247 | |
Vistra | |||
144A 7.00% 12/15/26 #, μ, ψ | 620,000 | 600,588 | |
144A 8.00% 10/15/26 #, μ, ψ | 265,000 | 265,285 | |
Vistra Operations | |||
144A 4.30% 7/15/29 # | 215,000 | 200,568 | |
144A 6.95% 10/15/33 # | 175,000 | 182,483 | |
6,975,536 | |||
Energy — 1.49% | |||
Ascent Resources Utica Holdings | |||
144A 5.875% 6/30/29 # | 485,000 | 451,285 | |
144A 7.00% 11/1/26 # | 235,000 | 235,025 | |
BP Capital Markets 4.875% 3/22/30 μ, ψ | 200,000 | 189,375 | |
BP Capital Markets America | |||
2.721% 1/12/32 | 80,000 | 67,907 | |
2.939% 6/4/51 | 275,000 | 180,371 | |
4.812% 2/13/33 | 10,000 | 9,759 | |
Callon Petroleum | |||
144A 7.50% 6/15/30 # | 135,000 | 142,326 | |
144A 8.00% 8/1/28 # | 470,000 | 491,227 | |
Civitas Resources 144A 8.625% 11/1/30 # | 265,000 | 283,786 | |
Diamondback Energy | |||
3.125% 3/24/31 | 435,000 | 381,590 | |
4.25% 3/15/52 | 69,000 | 54,650 | |
Enbridge 6.70% 11/15/53 | 225,000 | 251,761 | |
Energean Israel Finance 144A 4.875% 3/30/26 # | 200,000 | 188,061 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Energy Transfer | |||
5.25% 4/15/29 | 170,000 | $ 169,447 | |
5.75% 2/15/33 | 3,000 | 3,023 | |
6.25% 4/15/49 | 190,000 | 192,026 | |
6.50% 11/15/26 μ, ψ | 445,000 | 432,428 | |
Enterprise Products Operating | |||
3.20% 2/15/52 | 695,000 | 475,885 | |
3.30% 2/15/53 | 40,000 | 27,887 | |
5.35% 1/31/33 | 5,000 | 5,069 | |
EQM Midstream Partners | |||
144A 4.75% 1/15/31 # | 620,000 | 577,105 | |
6.50% 7/15/48 | 90,000 | 91,423 | |
Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 # | 751,754 | 645,715 | |
Genesis Energy | |||
7.75% 2/1/28 | 275,000 | 275,247 | |
8.00% 1/15/27 | 260,000 | 262,050 | |
8.25% 1/15/29 | 120,000 | 122,098 | |
Hilcorp Energy I | |||
144A 6.00% 4/15/30 # | 400,000 | 388,730 | |
144A 6.00% 2/1/31 # | 55,000 | 53,244 | |
144A 6.25% 4/15/32 # | 213,000 | 206,243 | |
Kinder Morgan 5.20% 6/1/33 | 85,000 | 82,785 | |
Kodiak Gas Services 144A 7.25% 2/15/29 # | 145,000 | 147,733 | |
Murphy Oil 6.375% 7/15/28 | 925,000 | 927,026 | |
Nabors Industries | |||
144A 7.25% 1/15/26 # | 67,000 | 66,047 | |
144A 9.125% 1/31/30 # | 205,000 | 210,281 | |
NuStar Logistics | |||
5.625% 4/28/27 | 503,000 | 498,284 | |
6.00% 6/1/26 | 157,000 | 155,335 | |
Occidental Petroleum 6.125% 1/1/31 | 470,000 | 482,434 | |
PDC Energy 5.75% 5/15/26 | 660,000 | 659,484 | |
Raizen Fuels Finance 144A 6.45% 3/5/34 # | 200,000 | 202,893 | |
Southwestern Energy | |||
5.375% 2/1/29 | 55,000 | 53,198 | |
5.375% 3/15/30 | 255,000 | 243,969 | |
Targa Resources Partners 5.00% 1/15/28 | 740,000 | 724,330 | |
Tennessee Gas Pipeline 144A 2.90% 3/1/30 # | 365,000 | 317,342 | |
Transocean 144A 8.00% 2/1/27 # | 388,000 | 379,076 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
USA Compression Partners | |||
6.875% 4/1/26 | 80,000 | $ 79,947 | |
6.875% 9/1/27 | 398,000 | 396,317 | |
Vital Energy | |||
144A 7.75% 7/31/29 # | 325,000 | 323,530 | |
9.75% 10/15/30 | 120,000 | 128,640 | |
Weatherford International 144A 8.625% 4/30/30 # | 422,000 | 437,848 | |
13,371,242 | |||
Finance Companies — 0.28% | |||
AerCap Ireland Capital DAC | |||
3.00% 10/29/28 | 150,000 | 134,907 | |
3.65% 7/21/27 | 200,000 | 188,276 | |
4.45% 4/3/26 | 645,000 | 632,178 | |
Air Lease | |||
2.875% 1/15/32 | 300,000 | 249,239 | |
3.00% 2/1/30 | 175,000 | 152,505 | |
Aviation Capital Group | |||
144A 1.95% 1/30/26 # | 830,000 | 771,898 | |
144A 3.50% 11/1/27 # | 445,000 | 410,653 | |
144A 6.25% 4/15/28 # | 15,000 | 15,230 | |
2,554,886 | |||
Financial Services — 0.10% | |||
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 505,000 | 479,763 | |
MSCI 144A 3.625% 11/1/31 # | 485,000 | 420,405 | |
900,168 | |||
Financials — 0.14% | |||
AerCap Holdings 5.875% 10/10/79 μ | 185,000 | 183,305 | |
Air Lease | |||
2.875% 1/15/26 | 560,000 | 534,303 | |
4.65% 6/15/26 μ, ψ | 180,000 | 169,139 | |
MAF Global Securities 7.875% 6/30/27 μ, ψ | 400,000 | 416,630 | |
1,303,377 | |||
Healthcare — 0.42% | |||
AthenaHealth Group 144A 6.50% 2/15/30 # | 75,000 | 67,220 | |
Bausch Health 144A 11.00% 9/30/28 # | 256,000 | 172,800 | |
Catalent Pharma Solutions | |||
144A 3.125% 2/15/29 # | 140,000 | 135,326 | |
144A 3.50% 4/1/30 # | 30,000 | 28,919 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Healthcare (continued) | |||
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 605,000 | $ 569,508 | |
CHS 144A 4.75% 2/15/31 # | 325,000 | 247,609 | |
DaVita | |||
144A 3.75% 2/15/31 # | 190,000 | 156,138 | |
144A 4.625% 6/1/30 # | 155,000 | 136,491 | |
HCA | |||
5.375% 2/1/25 | 4,000 | 3,987 | |
7.58% 9/15/25 | 214,000 | 219,183 | |
Heartland Dental 144A 8.50% 5/1/26 # | 495,000 | 488,505 | |
Legacy LifePoint Health 144A 4.375% 2/15/27 # | 210,000 | 195,036 | |
Medline Borrower 144A 5.25% 10/1/29 # | 458,000 | 424,076 | |
Tenet Healthcare | |||
4.25% 6/1/29 | 235,000 | 216,339 | |
6.125% 10/1/28 | 675,000 | 667,923 | |
3,729,060 | |||
Industrials — 0.02% | |||
CK Hutchison International 23 144A 4.875% 4/21/33 # | 200,000 | 197,494 | |
197,494 | |||
Insurance — 0.85% | |||
American International Group 5.125% 3/27/33 | 440,000 | 434,288 | |
Aon | |||
2.90% 8/23/51 | 370,000 | 231,266 | |
5.00% 9/12/32 | 755,000 | 737,958 | |
Ardonagh Finco 144A 7.75% 2/15/31 # | 320,000 | 316,302 | |
Athene Global Funding 144A 1.985% 8/19/28 # | 55,000 | 47,216 | |
Athene Holding 3.95% 5/25/51 | 705,000 | 515,989 | |
Berkshire Hathaway Finance 3.85% 3/15/52 | 945,000 | 750,584 | |
Brighthouse Financial 3.85% 12/22/51 | 221,000 | 144,511 | |
GA Global Funding Trust 144A 1.00% 4/8/24 # | 365,000 | 363,000 | |
Howden UK Refinance PLC | |||
144A 7.25% 2/15/31 # | 200,000 | 200,437 | |
144A 8.125% 2/15/32 # | 200,000 | 201,375 | |
HUB International | |||
144A 5.625% 12/1/29 # | 295,000 | 274,142 | |
144A 7.375% 1/31/32 # | 265,000 | 266,005 | |
Jones Deslauriers Insurance Management | |||
144A 8.50% 3/15/30 # | 315,000 | 327,942 | |
144A 10.50% 12/15/30 # | 620,000 | 648,343 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Insurance (continued) | |||
New York Life Global Funding 144A 5.45% 9/18/26 # | 575,000 | $ 580,563 | |
NFP | |||
144A 6.875% 8/15/28 # | 360,000 | 365,918 | |
144A 7.50% 10/1/30 # | 150,000 | 157,981 | |
UnitedHealth Group | |||
4.50% 4/15/33 | 465,000 | 446,421 | |
5.05% 4/15/53 | 440,000 | 418,924 | |
USI 144A 7.50% 1/15/32 # | 205,000 | 204,488 | |
7,633,653 | |||
Leisure — 0.43% | |||
Boyd Gaming 144A 4.75% 6/15/31 # | 670,000 | 609,261 | |
Caesars Entertainment | |||
144A 6.50% 2/15/32 # | 135,000 | 136,094 | |
144A 7.00% 2/15/30 # | 485,000 | 497,246 | |
Carnival | |||
144A 5.75% 3/1/27 # | 270,000 | 266,841 | |
144A 6.00% 5/1/29 # | 595,000 | 581,813 | |
Light & Wonder International 144A 7.25% 11/15/29 # | 425,000 | 435,294 | |
Royal Caribbean Cruises | |||
144A 5.50% 4/1/28 # | 724,000 | 713,176 | |
144A 7.25% 1/15/30 # | 135,000 | 140,463 | |
Scientific Games Holdings 144A 6.625% 3/1/30 # | 505,000 | 473,766 | |
3,853,954 | |||
Media — 0.57% | |||
AMC Networks 4.25% 2/15/29 | 390,000 | 252,808 | |
CCO Holdings | |||
144A 4.50% 8/15/30 # | 445,000 | 369,532 | |
4.50% 5/1/32 | 150,000 | 118,646 | |
144A 5.375% 6/1/29 # | 645,000 | 583,959 | |
CMG Media 144A 8.875% 12/15/27 # | 550,000 | 368,149 | |
CSC Holdings | |||
144A 3.375% 2/15/31 # | 945,000 | 667,846 | |
144A 5.00% 11/15/31 # | 700,000 | 382,235 | |
Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 403,000 | 249,806 | |
Directv Financing 144A 5.875% 8/15/27 # | 340,000 | 321,154 | |
DISH DBS 144A 5.75% 12/1/28 # | 490,000 | 340,244 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Media (continued) | |||
Gray Television | |||
144A 4.75% 10/15/30 # | 543,000 | $ 350,449 | |
144A 5.375% 11/15/31 # | 405,000 | 262,440 | |
Sirius XM Radio 144A 4.00% 7/15/28 # | 905,000 | 816,252 | |
5,083,520 | |||
Natural Gas — 0.11% | |||
Atmos Energy | |||
2.85% 2/15/52 | 200,000 | 128,306 | |
5.75% 10/15/52 | 170,000 | 179,007 | |
ENN Energy Holdings 144A 4.625% 5/17/27 # | 200,000 | 196,219 | |
Infraestructura Energetica Nova 144A 3.75% 1/14/28 # | 480,000 | 451,450 | |
954,982 | |||
Real Estate Investment Trusts — 0.09% | |||
American Homes 4 Rent 3.625% 4/15/32 | 425,000 | 371,062 | |
VICI Properties | |||
144A 3.875% 2/15/29 # | 225,000 | 205,463 | |
144A 5.75% 2/1/27 # | 210,000 | 209,195 | |
785,720 | |||
Retail — 0.28% | |||
Asbury Automotive Group | |||
144A 4.625% 11/15/29 # | 85,000 | 77,500 | |
4.75% 3/1/30 | 230,000 | 209,554 | |
Bath & Body Works | |||
6.875% 11/1/35 | 580,000 | 580,833 | |
6.95% 3/1/33 | 151,000 | 147,131 | |
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 289,000 | 286,551 | |
Murphy Oil USA 144A 3.75% 2/15/31 # | 530,000 | 452,764 | |
PetSmart 144A 7.75% 2/15/29 # | 755,000 | 746,674 | |
2,501,007 | |||
Services — 0.45% | |||
CDW 3.569% 12/1/31 | 545,000 | 473,512 | |
Gartner 144A 4.50% 7/1/28 # | 170,000 | 161,088 | |
GFL Environmental 144A 6.75% 1/15/31 # | 200,000 | 204,822 | |
Iron Mountain | |||
144A 4.50% 2/15/31 # | 430,000 | 380,911 | |
144A 5.25% 3/15/28 # | 510,000 | 492,079 | |
Prime Security Services Borrower 144A 5.75% 4/15/26 # | 713,000 | 708,210 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Services (continued) | |||
SRS Distribution | |||
144A 6.00% 12/1/29 # | 150,000 | $ 139,781 | |
144A 6.125% 7/1/29 # | 150,000 | 140,004 | |
Staples 144A 7.50% 4/15/26 # | 321,000 | 308,935 | |
United Rentals North America 3.875% 2/15/31 | 411,000 | 363,597 | |
White Cap Buyer 144A 6.875% 10/15/28 # | 455,000 | 444,037 | |
White Cap Parent 144A PIK 8.25% 3/15/26 #, « | 234,000 | 232,007 | |
4,048,983 | |||
Technology — 0.26% | |||
Autodesk 2.40% 12/15/31 | 515,000 | 427,927 | |
Broadcom | |||
144A 3.137% 11/15/35 # | 4,000 | 3,177 | |
144A 3.419% 4/15/33 # | 11,000 | 9,399 | |
144A 3.469% 4/15/34 # | 742,000 | 626,921 | |
CDW | |||
2.67% 12/1/26 | 30,000 | 27,818 | |
3.276% 12/1/28 | 390,000 | 349,617 | |
Marvell Technology 2.45% 4/15/28 | 260,000 | 233,590 | |
Oracle | |||
3.60% 4/1/50 | 528,000 | 372,113 | |
4.65% 5/6/30 | 5,000 | 4,876 | |
PayPal Holdings 2.65% 10/1/26 | 340,000 | 320,537 | |
2,375,975 | |||
Technology & Electronics — 0.31% | |||
Clarios Global 144A 8.50% 5/15/27 # | 285,000 | 287,011 | |
CommScope Technologies 144A 6.00% 6/15/25 # | 300,000 | 244,794 | |
Entegris | |||
144A 4.75% 4/15/29 # | 256,000 | 241,639 | |
144A 5.95% 6/15/30 # | 445,000 | 436,672 | |
NCR Voyix 144A 5.25% 10/1/30 # | 170,000 | 153,761 | |
Seagate HDD Cayman | |||
5.75% 12/1/34 | 165,000 | 158,751 | |
144A 8.25% 12/15/29 # | 150,000 | 160,852 | |
Sensata Technologies 144A 4.00% 4/15/29 # | 255,000 | 231,505 | |
SS&C Technologies 144A 5.50% 9/30/27 # | 265,000 | 258,307 | |
UKG 144A 6.875% 2/1/31 # | 610,000 | 616,780 | |
2,790,072 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Telecommunications — 0.57% | |||
Altice France 144A 5.50% 10/15/29 # | 600,000 | $ 455,043 | |
Altice France Holding 144A 6.00% 2/15/28 # | 800,000 | 404,713 | |
Connect Finco 144A 6.75% 10/1/26 # | 450,000 | 441,858 | |
Consolidated Communications | |||
144A 5.00% 10/1/28 # | 285,000 | 235,642 | |
144A 6.50% 10/1/28 # | 360,000 | 309,600 | |
Digicel Intermediate Holdings Ltd PIK 12.00% 5/25/27 « | 220,134 | 216,483 | |
Frontier Communications Holdings | |||
144A 5.00% 5/1/28 # | 35,000 | 32,428 | |
144A 5.875% 10/15/27 # | 848,000 | 820,271 | |
5.875% 11/1/29 | 110,000 | 94,331 | |
144A 6.75% 5/1/29 # | 250,000 | 224,746 | |
Northwest Fiber 144A 4.75% 4/30/27 # | 685,000 | 658,090 | |
Sable International Finance 144A 5.75% 9/7/27 # | 585,000 | 561,460 | |
Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | 605,000 | 523,806 | |
VZ Secured Financing 144A 5.00% 1/15/32 # | 200,000 | 170,936 | |
5,149,407 | |||
Transportation — 0.09% | |||
Babcock International Group 1.375% 9/13/27 | EUR | 200,000 | 198,078 |
Burlington Northern Santa Fe 2.875% 6/15/52 | 15,000 | 9,780 | |
Rumo Luxembourg 144A 5.25% 1/10/28 # | 400,000 | 383,823 | |
TAV Havalimanlari Holding 144A 8.50% 12/7/28 # | 200,000 | 205,885 | |
797,566 | |||
Utilities — 0.02% | |||
Grupo Energia Bogota 144A 7.85% 11/9/33 # | 200,000 | 218,871 | |
218,871 | |||
Total Corporate Bonds (cost $105,947,140) | 99,925,683 | ||
Government Agency Obligations — 0.35% | |||
Development Bank of Kazakhstan JSC 144A 10.95% 5/6/26 # | KZT | 200,000,000 | 407,998 |
Georgian Railway JSC 4.00% 6/17/28 | 400,000 | 363,480 | |
Hutama Karya Persero 144A 3.75% 5/11/30 # | 600,000 | 549,367 | |
OCP 144A 3.75% 6/23/31 # | 400,000 | 340,356 |
Principal amount° | Value (US $) | ||
Government Agency Obligations (continued) | |||
Perusahaan Listrik Negara 144A 4.125% 5/15/27 # | 200,000 | $ 191,421 | |
PTTEP Treasury Center 144A 2.587% 6/10/27 # | 385,000 | 353,976 | |
QazaqGaz JSC 144A 4.375% 9/26/27 # | 960,000 | 898,320 | |
Total Government Agency Obligations (cost $3,445,933) | 3,104,918 | ||
Municipal Bonds — 0.04% | |||
Bay Area, California Toll Authority Revenue (Build America Bonds) Series S-3 6.907% 10/1/50 | 185,000 | 224,867 | |
New Jersey Turnpike Authority Revenue (Build America Bonds) Series A 7.102% 1/1/41 | 105,000 | 122,819 | |
South Carolina Public Service Authority Revenue Series D 4.77% 12/1/45 | 60,000 | 53,937 | |
Total Municipal Bonds (cost $487,842) | 401,623 | ||
Non-Agency Asset-Backed Securities — 0.87% | |||
Chase Issuance Trust Series 2024-A1I A 4.62% 1/16/29 | 1,300,000 | 1,292,249 | |
Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 # | 250,000 | 222,945 | |
Domino's Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 # | 243,125 | 215,996 | |
Enterprise Fleet Financing Series 2022-2 A2 144A 4.65% 5/21/29 # | 162,553 | 161,229 | |
Ford Credit Auto Owner Trust Series 2021-A B 0.70% 10/15/26 | 140,000 | 133,471 | |
GMF Floorplan Owner Revolving Trust Series 2023-1 A1 144A 5.34% 6/15/28 # | 150,000 | 150,620 | |
GreatAmerica Leasing Receivables Series 2024-1 A3 144A 4.98% 1/18/28 # | 1,600,000 | 1,591,040 | |
PFS Financing Series 2024-B A 144A 4.95% 2/15/29 # | 1,600,000 | 1,593,722 | |
Taco Bell Funding Series 2021-1A A2I 144A 1.946% 8/25/51 # | 461,775 | 416,377 | |
Towd Point Mortgage Trust | |||
Series 2017-1 A1 144A 2.75% 10/25/56 #, • | 476 | 474 | |
Series 2018-1 A1 144A 3.00% 1/25/58 #, • | 13,865 | 13,479 | |
Principal amount° | Value (US $) | ||
Non-Agency Asset-Backed Securities (continued) | |||
Toyota Auto Loan Extended Note Trust Series 2022-1A A 144A 3.82% 4/25/35 # | 100,000 | $ 96,702 | |
Toyota Auto Receivables Owner Trust Series 2024-A A3 4.83% 10/16/28 | 1,000,000 | 995,961 | |
Trafigura Securitisation Finance Series 2021-1A A2 144A 1.08% 1/15/25 # | 550,000 | 534,694 | |
Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25 | 371,181 | 368,652 | |
Total Non-Agency Asset-Backed Securities (cost $7,941,529) | 7,787,611 | ||
Non-Agency Collateralized Mortgage Obligations — 0.11% | |||
JPMorgan Mortgage Trust | |||
Series 2014-2 B1 144A 3.412% 6/25/29 #, • | 42,373 | 38,598 | |
Series 2014-2 B2 144A 3.412% 6/25/29 #, • | 42,373 | 38,539 | |
Series 2015-4 B1 144A 3.533% 6/25/45 #, • | 96,333 | 85,739 | |
Series 2015-4 B2 144A 3.533% 6/25/45 #, • | 96,333 | 85,577 | |
Series 2021-10 A3 144A 2.50% 12/25/51 #, • | 41,476 | 33,082 | |
JPMorgan Trust | |||
Series 2015-5 B2 144A 6.841% 5/25/45 #, • | 55,506 | 54,790 | |
Series 2015-6 B1 144A 3.513% 10/25/45 #, • | 85,287 | 79,071 | |
Series 2015-6 B2 144A 3.513% 10/25/45 #, • | 85,287 | 78,874 | |
Morgan Stanley Residential Mortgage Loan Trust Series 2021-4 A3 144A 2.50% 7/25/51 #, • | 81,314 | 65,182 | |
Sequoia Mortgage Trust Series 2015-1 B2 144A 3.93% 1/25/45 #, • | 17,743 | 16,726 | |
WST Trust Series 2019-1 A 5.378% (BBSW1M + 1.08%) 8/18/50 • | AUD | 650,983 | 423,964 |
Total Non-Agency Collateralized Mortgage Obligations (cost $1,070,488) | 1,000,142 | ||
Non-Agency Commercial Mortgage-Backed Securities — 1.30% | |||
BANK | |||
Series 2017-BNK5 B 3.896% 6/15/60 • | 95,000 | 87,009 | |
Series 2019-BN20 A3 3.011% 9/15/62 | 250,000 | 220,596 | |
Series 2019-BN21 A5 2.851% 10/17/52 | 725,000 | 642,191 | |
Series 2020-BN25 A5 2.649% 1/15/63 | 850,000 | 735,769 | |
Series 2022-BNK40 A4 3.393% 3/15/64 • | 1,000,000 | 886,207 | |
Principal amount° | Value (US $) | ||
Non-Agency Commercial Mortgage-Backed Securities (continued) | |||
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3 B 3.879% 2/15/50 • | 340,000 | $ 313,226 | |
Benchmark Mortgage Trust | |||
Series 2020-B17 A5 2.289% 3/15/53 | 850,000 | 706,406 | |
Series 2020-B21 A5 1.978% 12/17/53 | 500,000 | 404,339 | |
Series 2021-B24 A5 2.584% 3/15/54 | 260,000 | 213,487 | |
Series 2021-B25 A5 2.577% 4/15/54 | 450,000 | 360,719 | |
Series 2022-B33 A5 3.458% 3/15/55 | 1,000,000 | 882,704 | |
Cantor Commercial Real Estate Lending Series 2019-CF2 A5 2.874% 11/15/52 | 350,000 | 303,139 | |
CD Mortgage Trust Series 2019-CD8 A4 2.912% 8/15/57 | 250,000 | 217,107 | |
CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.838% 12/10/54 | 100,000 | 94,440 | |
COMM Mortgage Trust | |||
Series 2014-CR20 AM 3.938% 11/10/47 | 345,000 | 333,755 | |
Series 2015-3BP A 144A 3.178% 2/10/35 # | 500,000 | 473,780 | |
Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 # | 100,000 | 80,404 | |
GS Mortgage Securities Trust | |||
Series 2017-GS5 A4 3.674% 3/10/50 | 350,000 | 323,189 | |
Series 2017-GS6 A3 3.433% 5/10/50 | 515,000 | 475,658 | |
Series 2019-GC39 A4 3.567% 5/10/52 | 580,000 | 523,965 | |
Series 2019-GC42 A4 3.00% 9/10/52 | 1,280,000 | 1,133,749 | |
Series 2020-GC47 A5 2.377% 5/12/53 | 250,000 | 212,104 | |
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48 | 150,000 | 145,160 | |
JPM-DB Commercial Mortgage Securities Trust Series 2017-C7 A5 3.409% 10/15/50 | 350,000 | 323,182 | |
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 B 3.499% 4/15/46 | 125,000 | 108,415 | |
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 A4 3.325% 5/15/49 | 350,000 | 333,360 | |
Wells Fargo Commercial Mortgage Trust | |||
Series 2016-BNK1 A3 2.652% 8/15/49 | 835,000 | 772,762 | |
Series 2019-C54 A4 3.146% 12/15/52 | 375,000 | 335,390 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $13,581,888) | 11,642,212 | ||
Principal amount° | Value (US $) | ||
Sovereign Bonds — 1.92%Δ | |||
Albania — 0.04% | |||
Albania Government International Bond | |||
3.50% 11/23/31 | EUR | 320,000 | $ 313,000 |
313,000 | |||
Angola — 0.02% | |||
Angolan Government International Bond | |||
9.375% 5/8/48 | 200,000 | 164,096 | |
164,096 | |||
Argentina — 0.00% | |||
Argentine Republic Government International Bond | |||
0.75% 7/9/30 ~ | 87,300 | 40,224 | |
40,224 | |||
Armenia — 0.04% | |||
Republic of Armenia International Bond | |||
144A 3.60% 2/2/31 # | 400,000 | 324,300 | |
324,300 | |||
Benin — 0.02% | |||
Benin Government International Bond | |||
144A 7.96% 2/13/38 # | 200,000 | 194,202 | |
194,202 | |||
Bermuda — 0.13% | |||
Bermuda Government International Bonds | |||
144A 5.00% 7/15/32 # | 800,000 | 769,040 | |
5.00% 7/15/32 | 400,000 | 384,520 | |
1,153,560 | |||
Brazil — 0.08% | |||
Brazil Notas do Tesouro Nacional Serie F | |||
10.00% 1/1/33 | BRL | 3,748,000 | 724,806 |
724,806 | |||
Canada — 0.02% | |||
Bank of Montreal | |||
7.70% 5/26/84 μ | 200,000 | 200,000 | |
200,000 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Chile — 0.17% | |||
Chile Government International Bonds | |||
2.55% 1/27/32 | 918,000 | $ 773,995 | |
4.34% 3/7/42 | 865,000 | 750,418 | |
1,524,413 | |||
Colombia — 0.03% | |||
Colombia Government International Bond | |||
5.20% 5/15/49 | 400,000 | 290,781 | |
290,781 | |||
Dominican Republic — 0.17% | |||
Dominican Republic International Bonds | |||
144A 4.50% 1/30/30 # | 1,309,000 | 1,191,272 | |
144A 4.875% 9/23/32 # | 200,000 | 178,247 | |
144A 5.50% 2/22/29 # | 200,000 | 193,914 | |
1,563,433 | |||
Gabon — 0.02% | |||
Gabon Government International Bond | |||
6.625% 2/6/31 | 200,000 | 163,543 | |
163,543 | |||
Indonesia — 0.21% | |||
Indonesia Government International Bond 4.65% 9/20/32 | 400,000 | 385,935 | |
Indonesia Treasury Bond 6.625% 2/15/34 | IDR | 4,900,000,000 | 312,717 |
Perusahaan Penerbit SBSN Indonesia III 4.70% 6/6/32 | 1,163,000 | 1,137,992 | |
1,836,644 | |||
Ivory Coast — 0.10% | |||
Ivory Coast Government International Bond 144A 6.125% 6/15/33 # | 449,000 | 394,724 | |
Ivory Coast Government International Bonds | |||
144A 4.875% 1/30/32 # | EUR | 400,000 | 363,542 |
144A 6.875% 10/17/40 # | EUR | 200,000 | 179,488 |
937,754 | |||
Malaysia — 0.07% | |||
Malaysia Government Bond | |||
3.519% 4/20/28 | MYR | 3,065,000 | 644,105 |
644,105 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Morocco — 0.09% | |||
Morocco Government International Bonds | |||
144A 1.375% 3/30/26 # | EUR | 370,000 | $ 379,191 |
144A 2.375% 12/15/27 # | 500,000 | 445,000 | |
824,191 | |||
Nigeria — 0.04% | |||
Nigeria Government International Bond | |||
7.375% 9/28/33 | 411,000 | 345,754 | |
345,754 | |||
Paraguay — 0.20% | |||
Paraguay Government International Bonds | |||
144A 4.95% 4/28/31 # | 1,142,000 | 1,097,131 | |
5.60% 3/13/48 | 800,000 | 711,000 | |
1,808,131 | |||
Peru — 0.12% | |||
Corp Financiera de Desarrollo 144A 2.40% 9/28/27 # | 400,000 | 357,410 | |
Peruvian Government International Bonds | |||
3.30% 3/11/41 | 455,000 | 339,018 | |
3.60% 1/15/72 | 516,000 | 339,048 | |
1,035,476 | |||
Poland — 0.07% | |||
Bank Gospodarstwa Krajowego 144A 5.375% 5/22/33 # | 300,000 | 297,265 | |
Republic of Poland Government International Bond 5.50% 4/4/53 | 330,000 | 329,732 | |
626,997 | |||
Republic of Korea — 0.03% | |||
Export-Import Bank of Korea | |||
5.125% 1/11/33 | 300,000 | 303,888 | |
303,888 | |||
Republic of North Macedonia — 0.02% | |||
North Macedonia Government International Bond | |||
144A 3.675% 6/3/26 # | EUR | 200,000 | 209,798 |
209,798 | |||
Romania — 0.01% | |||
Romanian Government International Bond | |||
144A 2.625% 12/2/40 # | EUR | 173,000 | 123,704 |
123,704 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Serbia — 0.06% | |||
Serbia International Bond | |||
1.00% 9/23/28 | EUR | 576,000 | $ 524,894 |
524,894 | |||
South Africa — 0.12% | |||
Republic of South Africa Government International Bonds | |||
5.65% 9/27/47 | 1,000,000 | 729,913 | |
5.75% 9/30/49 | 444,000 | 324,038 | |
1,053,951 | |||
Uruguay — 0.04% | |||
Uruguay Government International Bond | |||
9.75% 7/20/33 | UYU | 12,419,000 | 333,119 |
333,119 | |||
Total Sovereign Bonds (cost $18,269,445) | 17,264,764 | ||
Supranational Banks — 0.11% | |||
Banco Latinoamericano de Comercio Exterior 144A 2.375% 9/14/25 # | 250,000 | 235,561 | |
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 # | 393,000 | 328,959 | |
Corp Andina de Fomento 5.25% 11/21/25 | 400,000 | 397,486 | |
Total Supranational Banks (cost $1,051,102) | 962,006 | ||
US Treasury Obligations — 4.45% | |||
US Treasury Bonds | |||
2.25% 8/15/46 | 2,050,000 | 1,393,039 | |
3.875% 2/15/43 | 1,905,000 | 1,744,601 | |
3.875% 5/15/43 | 205,000 | 187,523 | |
4.125% 8/15/53 | 240,000 | 229,837 | |
4.125% 2/15/54 | 3,555,000 | 3,489,177 | |
4.75% 11/15/43 | 1,367,400 | 1,407,567 | |
4.75% 11/15/53 | 555,000 | 590,641 | |
US Treasury Notes | |||
3.75% 12/31/28 | 10,145,000 | 9,915,945 | |
4.00% 1/31/29 | 435,000 | 430,038 | |
4.00% 1/31/31 | 1,640,000 | 1,613,606 |
Principal amount° | Value (US $) | ||
US Treasury Obligations (continued) | |||
US Treasury Notes | |||
4.25% 2/28/29 | 80,000 | $ 80,016 | |
4.25% 2/28/31 | 1,570,000 | 1,568,283 | |
4.50% 9/30/28 | 1,670,000 | 1,692,832 | |
4.50% 11/15/33 | 15,260,000 | 15,552,086 | |
5.00% 9/30/25 | 45,000 | 45,149 | |
Total US Treasury Obligations (cost $40,309,265) | 39,940,340 |
Number of shares | |||
Common Stocks — 57.54% | |||
Communication Services — 1.93% | |||
AT&T | 81,570 | 1,380,980 | |
Interpublic Group | 20,887 | 655,852 | |
KDDI | 19,000 | 574,404 | |
Orange | 61,079 | 700,147 | |
Publicis Groupe | 9,158 | 968,967 | |
Verizon Communications | 214,923 | 8,601,218 | |
Walt Disney | 39,713 | 4,431,177 | |
17,312,745 | |||
Consumer Discretionary — 6.96% | |||
adidas AG | 8,766 | 1,773,189 | |
Amadeus IT Group | 25,917 | 1,533,221 | |
Bath & Body Works | 77,977 | 3,563,549 | |
Best Buy | 43,799 | 3,542,463 | |
eBay | 33,537 | 1,585,629 | |
Genuine Parts | 22,805 | 3,403,874 | |
H & M Hennes & Mauritz Class B | 48,921 | 664,301 | |
Home Depot | 18,696 | 7,115,885 | |
Kering | 2,098 | 966,398 | |
Lowe's | 39,043 | 9,396,479 | |
LVMH Moet Hennessy Louis Vuitton | 858 | 783,127 | |
NIKE Class B | 27,199 | 2,826,792 | |
PulteGroup | 41,553 | 4,503,514 | |
Ross Stores | 25,792 | 3,841,976 | |
Sodexo | 16,621 | 1,324,881 | |
Starbucks | 21,056 | 1,998,215 | |
Swatch Group | 2,895 | 683,467 | |
TJX | 91,281 | 9,049,598 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Consumer Discretionary (continued) | |||
Tractor Supply | 15,547 | $ 3,953,913 | |
62,510,471 | |||
Consumer Staples — 4.15% | |||
Altria Group | 85,293 | 3,489,337 | |
Anheuser-Busch InBev | 18,126 | 1,095,546 | |
Asahi Group Holdings | 12,200 | 417,941 | |
Conagra Brands | 122,498 | 3,439,744 | |
Danone | 29,889 | 1,907,258 | |
Diageo | 67,659 | 2,534,865 | |
Dollar General | 30,538 | 4,437,477 | |
Dollar Tree † | 29,700 | 4,356,396 | |
Essity Class B | 59,982 | 1,398,544 | |
Kao | 34,400 | 1,301,628 | |
Koninklijke Ahold Delhaize | 89,837 | 2,675,515 | |
Nestle | 19,080 | 1,978,924 | |
Philip Morris International | 47,393 | 4,263,474 | |
Seven & i Holdings | 36,900 | 549,919 | |
Unilever | 47,042 | 2,297,262 | |
Vector Group | 97,835 | 1,091,839 | |
37,235,669 | |||
Energy — 3.49% | |||
APA | 69,440 | 2,068,618 | |
Chevron | 18,342 | 2,788,167 | |
Civitas Resources | 19,429 | 1,334,384 | |
ConocoPhillips | 34,712 | 3,906,489 | |
Coterra Energy | 90,103 | 2,322,855 | |
EOG Resources | 15,563 | 1,781,341 | |
Exxon Mobil | 103,012 | 10,766,814 | |
Marathon Petroleum | 26,260 | 4,443,980 | |
Texas Pacific Land | 533 | 839,699 | |
Viper Energy | 31,210 | 1,127,929 | |
31,380,276 | |||
Financials — 9.48% | |||
Allstate | 27,501 | 4,386,959 | |
Ally Financial | 54,034 | 1,998,718 | |
American Financial Group | 5,810 | 741,763 | |
American International Group | 61,000 | 4,446,290 | |
Ameriprise Financial | 10,976 | 4,471,183 | |
Bank of New York Mellon | 58,842 | 3,300,448 | |
BlackRock | 5,967 | 4,841,266 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Financials (continued) | |||
Blackstone | 35,796 | $ 4,575,445 | |
Carlyle Group | 41,927 | 1,922,353 | |
Discover Financial Services | 13,935 | 1,681,954 | |
Evercore Class A | 6,108 | 1,142,685 | |
Fidelity National Financial | 49,461 | 2,501,737 | |
Fidelity National Information Services | 67,075 | 4,640,919 | |
Fifth Third Bancorp | 92,343 | 3,171,059 | |
KeyCorp | 293,102 | 4,182,566 | |
MetLife | 61,001 | 4,254,210 | |
PNC Financial Services Group | 8,086 | 1,190,259 | |
Principal Financial Group | 49,970 | 4,040,574 | |
Prudential Financial | 40,143 | 4,375,186 | |
Sberbank of Russia PJSC = | 52,870 | 0 | |
SEI Investments | 31,969 | 2,149,915 | |
State Street | 29,819 | 2,198,555 | |
Synchrony Financial | 79,369 | 3,277,940 | |
Travelers | 19,912 | 4,399,755 | |
Truist Financial | 116,100 | 4,061,178 | |
US Bancorp | 95,100 | 3,990,396 | |
Western Union | 236,250 | 3,168,112 | |
85,111,425 | |||
Healthcare — 7.17% | |||
AbbVie | 35,501 | 6,249,951 | |
Amgen | 3,523 | 964,703 | |
Baxter International | 103,200 | 4,222,944 | |
Bristol-Myers Squibb | 49,446 | 2,509,384 | |
Cardinal Health | 30,081 | 3,368,470 | |
CareTrust REIT | 6,688 | 150,881 | |
Cencora | 19,237 | 4,532,237 | |
Cigna Group | 12,582 | 4,229,313 | |
CVS Health | 52,400 | 3,896,988 | |
Gilead Sciences | 44,741 | 3,225,826 | |
Healthpeak Properties | 1,335 | 22,361 | |
Hologic † | 52,031 | 3,839,888 | |
Johnson & Johnson | 23,800 | 3,840,844 | |
McKesson | 4,811 | 2,508,504 | |
Medical Properties Trust | 2,004 | 8,437 | |
Merck & Co. | 83,914 | 10,669,665 | |
Novo Nordisk Class B | 10,271 | 1,226,005 | |
OmniAb 12.5 † | 363 | 0 | |
OmniAb 15 † | 363 | 0 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Healthcare (continued) | |||
Pfizer | 85,092 | $ 2,260,044 | |
Roche Holding AG | 5,907 | 1,544,452 | |
SIGA Technologies | 149,771 | 780,307 | |
Smith & Nephew | 140,640 | 1,855,430 | |
UnitedHealth Group | 2,518 | 1,242,885 | |
Ventas | 4,878 | 206,291 | |
Welltower | 11,274 | 1,039,012 | |
64,394,822 | |||
Industrials — 4.14% | |||
Dover | 26,627 | 4,403,573 | |
Expeditors International of Washington | 25,679 | 3,071,208 | |
Honeywell International | 20,235 | 4,021,302 | |
Intertek Group | 23,263 | 1,361,682 | |
Knorr-Bremse | 14,097 | 986,932 | |
Kone Class B | 18,143 | 888,307 | |
Lockheed Martin | 2,244 | 960,971 | |
Makita | 48,700 | 1,274,198 | |
Masco | 48,313 | 3,708,506 | |
Northrop Grumman | 8,250 | 3,803,415 | |
Otis Worldwide | 26,780 | 2,552,134 | |
Paychex | 31,066 | 3,809,313 | |
Pluxee † | 16,891 | 482,592 | |
Robert Half | 37,480 | 3,013,392 | |
RTX | 6,502 | 583,034 | |
Securitas Class B | 206,027 | 2,216,119 | |
37,136,678 | |||
Information Technology — 16.27% | |||
Accenture Class A | 7,767 | 2,910,916 | |
Apple | 133,264 | 24,087,468 | |
Applied Materials | 18,597 | 3,749,527 | |
Broadcom | 6,614 | 8,601,441 | |
Cisco Systems | 156,980 | 7,593,123 | |
Cognizant Technology Solutions Class A | 54,050 | 4,271,031 | |
Dell Technologies Class C | 49,030 | 4,641,180 | |
Digital Realty Trust | 4,134 | 606,913 | |
Equinix | 1,829 | 1,625,652 | |
HP | 121,038 | 3,429,006 | |
KLA | 6,047 | 4,125,868 | |
Lam Research | 6,005 | 5,634,191 | |
Microchip Technology | 9,563 | 804,631 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Information Technology (continued) | |||
Microsoft | 61,018 | $ 25,239,485 | |
Monolithic Power Systems | 6,781 | 4,882,591 | |
Motorola Solutions | 12,933 | 4,272,934 | |
NetApp | 47,022 | 4,190,601 | |
NVIDIA | 25,169 | 19,911,699 | |
Oracle | 35,300 | 3,942,304 | |
QUALCOMM | 31,983 | 5,046,598 | |
SAP | 12,816 | 2,401,634 | |
Teledyne Technologies † | 9,622 | 4,111,192 | |
146,079,985 | |||
Materials — 0.91% | |||
Air Liquide | 9,651 | 1,961,593 | |
Dow | 44,151 | 2,467,158 | |
DuPont de Nemours | 53,477 | 3,700,073 | |
8,128,824 | |||
Real Estate — 0.50% | |||
Equity Residential | 74,591 | 4,491,124 | |
Etalon Group GDR #, =, † | 20,100 | 0 | |
Spirit MTA REIT =, † | 677 | 0 | |
4,491,124 | |||
REIT Diversified — 0.16% | |||
Gaming and Leisure Properties | 11,154 | 507,284 | |
VICI Properties | 30,934 | 925,855 | |
1,433,139 | |||
REIT Healthcare — 0.06% | |||
Alexandria Real Estate Equities | 4,464 | 556,795 | |
556,795 | |||
REIT Hotel — 0.20% | |||
Apple Hospitality REIT | 21,250 | 341,913 | |
Chatham Lodging Trust | 19,760 | 201,552 | |
Host Hotels & Resorts | 25,640 | 531,774 | |
Park Hotels & Resorts | 8,702 | 144,453 | |
Ryman Hospitality Properties | 4,354 | 515,862 | |
Sunstone Hotel Investors | 2,581 | 28,881 | |
1,764,435 | |||
REIT Industrial — 0.39% | |||
Plymouth Industrial REIT | 1,172 | 25,280 | |
Prologis | 20,952 | 2,792,273 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
REIT Industrial (continued) | |||
Rexford Industrial Realty | 8,788 | $ 447,133 | |
Terreno Realty | 3,999 | 257,136 | |
3,521,822 | |||
REIT Mall — 0.22% | |||
Simon Property Group | 13,596 | 2,014,111 | |
2,014,111 | |||
REIT Manufactured Housing — 0.06% | |||
Equity LifeStyle Properties | 3,121 | 210,106 | |
Sun Communities | 2,220 | 296,947 | |
507,053 | |||
REIT Multifamily — 0.23% | |||
American Homes 4 Rent Class A | 8,080 | 299,041 | |
AvalonBay Communities | 3,100 | 548,793 | |
Camden Property Trust | 3,437 | 324,728 | |
Essex Property Trust | 2,196 | 508,154 | |
Mid-America Apartment Communities | 2,299 | 288,938 | |
UDR | 3,445 | 122,298 | |
2,091,952 | |||
REIT Office — 0.05% | |||
Boston Properties | 1,352 | 87,501 | |
Cousins Properties | 10,769 | 245,641 | |
Piedmont Office Realty Trust Class A | 21,928 | 137,489 | |
470,631 | |||
REIT Self-Storage — 0.21% | |||
CubeSmart | 9,071 | 395,587 | |
Extra Space Storage | 3,458 | 487,474 | |
Public Storage | 3,391 | 962,603 | |
1,845,664 | |||
REIT Shopping Center — 0.24% | |||
Agree Realty | 6,313 | 346,899 | |
Brixmor Property Group | 22,342 | 505,153 | |
Kimco Realty | 18,424 | 364,058 | |
Kite Realty Group Trust | 6,383 | 136,660 | |
Phillips Edison & Co. | 1,525 | 54,473 | |
Regency Centers | 3,516 | 217,816 | |
Retail Opportunity Investments | 22,984 | 297,183 | |
SITE Centers | 6,512 | 88,433 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
REIT Shopping Center (continued) | |||
Tanger | 6,264 | $ 180,466 | |
2,191,141 | |||
REIT Single Tenant — 0.09% | |||
Realty Income | 14,686 | 765,287 | |
765,287 | |||
REIT Specialty — 0.20% | |||
EPR Properties | 2,740 | 112,559 | |
Essential Properties Realty Trust | 4,190 | 100,099 | |
Invitation Homes | 21,705 | 739,489 | |
Iron Mountain | 7,061 | 555,277 | |
Lamar Advertising Class A | 1,804 | 199,432 | |
Outfront Media | 4,080 | 58,630 | |
1,765,486 | |||
Utilities — 0.43% | |||
Duke Energy | 42,200 | 3,875,226 | |
3,875,226 | |||
Total Common Stocks (cost $425,713,913) | 516,584,761 | ||
Convertible Preferred Stock — 1.21% | |||
Algonquin Power & Utilities 7.75% exercise price $18.00, maturity date 6/15/24 | 17,549 | 353,437 | |
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37 | 15,856 | 800,569 | |
Apollo Global Management 6.75% exercise price $98.97, maturity date 7/31/26 | 27,361 | 1,745,358 | |
Bank of America 7.25% exercise price $50.00 ω | 1,091 | 1,291,777 | |
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28 | 47,703 | 2,258,737 | |
RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24 | 13,442 | 1,680,116 | |
UGI 7.25% exercise price $52.57, maturity date 6/1/24 | 19,571 | 1,118,678 | |
Wells Fargo & Co. 7.50% exercise price $156.71 ω | 1,403 | 1,655,540 | |
Total Convertible Preferred Stock (cost $12,024,647) | 10,904,212 | ||
Number of shares | Value (US $) | ||
Preferred Stock — 0.14% | |||
Henkel AG & Co. 2.75% ω | 16,845 | $ 1,267,314 | |
Total Preferred Stock (cost $1,367,248) | 1,267,314 | ||
Exchange-Traded Funds — 4.75% | |||
iShares Latin America 40 ETF | 166,102 | 4,665,805 | |
iShares MSCI China ETF | 171,402 | 6,682,964 | |
iShares MSCI Emerging Markets Asia ETF | 115,858 | 7,628,091 | |
Vanguard Russell 2000 ETF | 288,381 | 23,719,337 | |
Total Exchange-Traded Funds (cost $42,250,887) | 42,696,197 |
Principal amount° | |||
Leveraged Non-Recourse Security — 0.00% | |||
JPMorgan Fixed Income Pass Through Trust Auction Series 2007-B 144A 0.000% 1/15/87 #, =, ♦ | 1,300,000 | 130 | |
Total Leveraged Non-Recourse Security (cost $1,105,000) | 130 |
Number of shares | |||
Limited Liability Corporation — 1.13% | |||
Sc Hixson<<, = | 7,200,000 | 10,105,920 | |
Total Limited Liability Corporation (cost $5,301,000) | 10,105,920 | ||
Short-Term Investments — 1.51% | |||
Money Market Mutual Funds — 1.51% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 3,389,471 | 3,389,471 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.20%) | 3,389,471 | 3,389,471 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.32%) | 3,389,471 | 3,389,471 |
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 3,389,471 | $ 3,389,471 | |
Total Short-Term Investments (cost $13,557,884) | 13,557,884 | ||
Total Value of Securities—99.52% (cost $813,244,248) | 893,489,634 | ||
Receivables and Other Assets Net of Liabilities—0.48%★ | 4,324,326 | ||
Net Assets Applicable to 62,104,330 Shares Outstanding—100.00% | $897,813,960 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
ω | Perpetual security with no stated maturity date. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
† | Non-income producing security. |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at February 29, 2024. |
Δ | Securities have been classified by country of risk. |
« | PIK. The first payment of cash and/or principal will be made after undefined. |
> | PIK. 100% of the income received was in the form of cash. |
‡ | Non-income producing security. Security is currently in default. |
ψ | Perpetual security. Maturity date represents next call date. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at February 29, 2024. Rate will reset at a future date. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
Σ | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 29, 2024, the aggregate value of Rule 144A securities was $83,251,969, which represents 9.27% of the Fund’s net assets. |
<< | Affiliated company. |
★ | Includes $305,712 cash collateral held at broker for futures contracts as of February 29, 2024. |
Forward Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
JPMCB | CZK | 7,495,747 | USD | (321,000) | 3/22/24 | $— | $(1,380) | |||||
JPMCB | EUR | (1,920,526) | USD | 2,077,947 | 3/22/24 | 338 | — | |||||
JPMCB | INR | 51,869,680 | USD | (622,782) | 3/22/24 | 2,201 | — | |||||
Total Forward Foreign Currency Exchange Contracts | $2,539 | $(1,380) |
Futures Contracts Exchange-Traded | |||||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | |||||||
107 | US Treasury 5 yr Notes | $11,438,968 | $11,436,714 | 6/28/24 | $2,254 | $— | $1,671 | ||||||
68 | US Treasury 10 yr Notes | 7,509,750 | 7,483,359 | 6/18/24 | 26,391 | — | 6,375 |
Futures Contracts Exchange-Traded | |||||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | |||||||
(6) | US Treasury Long Bonds | $(715,500) | $(708,453) | 6/18/24 | $— | $(7,047) | $(3,000) | ||||||
Total Futures Contracts | $18,211,620 | $28,645 | $(7,047) | $5,046 |
CDS Contracts1 | ||||||||||
Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount2 | Annual Protection Payments | Value | Amortized Upfront Payments Paid (Received) | Unrealized Depreciation4 | |||||
Over-The-Counter: | ||||||||||
Protection Purchased/Moody’s Ratings: | ||||||||||
JPMCB Republic of Brazil 1.00% 12/20/28 Ba2 6/20/28- Quarterly | 705,000 | 1.000% | $3,472 | $25,806 | $(22,334) | |||||
JPMCB Republic of Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly | 1,006,000 | 1.000% | (13,809) | (4,979) | (8,830) | |||||
JPMCB Republic of Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly | 941,000 | 1.000% | (11,720) | (5,323) | (6,397) | |||||
JPMCB Republic of South Africa 1.00% 12/20/28 Ba2 6/20/28- Quarterly | 1,438,000 | 1.000% | 61,372 | 71,715 | (10,343) | |||||
JPMCB Republic of South Africa 1.00% 4/14/26 Ba2 6/20/28- Quarterly | 700,000 | 1.000% | 29,875 | 36,896 | (7,021) | |||||
Total CDS Contracts | $69,190 | $124,115 | $(54,925) |
1 | A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement. |
2 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
4 | Unrealized appreciation (depreciation) does not include periodic interest (payments) receipt on swap contracts accrued daily in the amount of $(9,580). |
Summary of abbreviations: |
AG – Aktiengesellschaft |
BBSW1M – Bank Bill Swap Rate 1 Month |
CDX.ITRX.EUR – Credit Default Swap Index iTraxx Europe |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
DB – Deutsche Bank |
ETF – Exchange-Traded Fund |
GDR – Global Depositary Receipt |
GNMA – Government National Mortgage Association |
GS – Goldman Sachs |
JPMCB – JPMorgan Chase Bank |
JSC – Joint Stock Company |
MSCI – Morgan Stanley Capital International |
PIK – Payment-in-kind |
PJSC – Private Joint Stock Company |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
Summary of abbreviations: (continued) |
S.F. – Single Family |
SOFR – Secured Overnight Financing Rate |
SOFR01M – Secured Overnight Financing Rate 1 Month |
SOFR03M – Secured Overnight Financing Rate 3 Month |
TSFR03M – 3 Month Term Secured Overnight Financing Rate |
yr – Year |
Summary of currencies: |
AUD – Australian Dollar |
BRL – Brazilian Real |
CZK – Czech Koruna |
EUR – European Monetary Unit |
IDR – Indonesian Rupiah |
INR – Indian Rupee |
KZT – Kazakhstani Tenge |
MYR – Malaysian Ringgit |
USD – US Dollar |
UYU – Uruguayan Peso |