|
|
|
|
|
|
|
|
CORPORATE
BONDS AND NOTES (14.4%)(a) |
| |
|
|
|
Principal
amount |
Value |
|
Basic
materials (0.9%) |
|
Celanese
US Holdings, LLC company guaranty sr. unsec. notes 6.55%, 11/15/30 (Germany) |
|
|
|
$540,000 |
$553,145 |
|
Celanese
US Holdings, LLC company guaranty sr. unsec. notes 6.33%, 7/15/29 (Germany) |
|
|
|
232,000 |
235,343 |
|
Celanese
US Holdings, LLC company guaranty sr. unsec. notes 6.165%, 7/15/27 (Germany) |
|
|
|
1,199,000 |
1,206,037 |
|
Celanese
US Holdings, LLC company guaranty sr. unsec. notes 3.50%, 5/8/24 (Germany) |
|
|
|
255,000 |
254,891 |
|
Celanese
US Holdings, LLC company guaranty sr. unsec. notes 1.40%, 8/5/26 (Germany) |
|
|
|
750,000 |
680,273 |
|
CF
Industries, Inc. company guaranty sr. unsec. bonds 4.95%, 6/1/43 |
|
|
|
1,539,000 |
1,318,010 |
|
CF
Industries, Inc. 144A company guaranty sr. notes 4.50%, 12/1/26 |
|
|
|
76,000 |
73,535 |
|
FMC
Corp. sr. unsec. unsub. notes 5.65%, 5/18/33 |
|
|
|
990,000 |
949,045 |
|
Georgia-Pacific,
LLC 144A sr. unsec. sub. notes 2.10%, 4/30/27 |
|
|
|
1,525,000 |
1,383,653 |
|
Glencore
Funding, LLC 144A company guaranty sr. unsec. bonds 5.634%, 4/4/34 |
|
|
|
1,185,000 |
1,146,415 |
|
Glencore
Funding, LLC 144A company guaranty sr. unsec. notes 2.50%, 9/1/30 |
|
|
|
1,998,000 |
1,653,388 |
|
Huntsman
International, LLC sr. unsec. notes 4.50%, 5/1/29 |
|
|
|
1,600,000 |
1,492,896 |
|
International
Flavors & Fragrances, Inc. sr. unsec. notes 4.45%, 9/26/28 |
|
|
|
625,000 |
595,348 |
|
International
Flavors & Fragrances, Inc. 144A company guaranty sr. unsec. bonds 3.468%, 12/1/50 |
|
|
|
204,000 |
128,999 |
|
International
Flavors & Fragrances, Inc. 144A sr. unsec. notes 2.30%, 11/1/30 |
|
|
|
356,000 |
288,747 |
|
Nutrien,
Ltd. sr. unsec. notes 4.00%, 12/15/26 (Canada) |
|
|
|
1,170,000 |
1,124,971 |
|
Sherwin-Williams
Co. (The) sr. unsec. unsub. bonds 3.45%, 6/1/27 |
|
|
|
801,000 |
756,284 |
|
Westlake
Corp. sr. unsec. bonds 3.125%, 8/15/51 |
|
|
|
1,857,000 |
1,126,320 |
|
Westlake
Corp. sr. unsec. bonds 2.875%, 8/15/41 |
|
|
|
928,000 |
608,701 |
|
WestRock
MWV, LLC company guaranty sr. unsec. unsub. notes 8.20%, 1/15/30 |
|
|
|
1,040,000 |
1,156,066 |
|
WestRock
MWV, LLC company guaranty sr. unsec. unsub. notes 7.95%, 2/15/31 |
|
|
|
187,000 |
208,528 |
|
Weyerhaeuser
Co. sr. unsec. unsub. notes 7.375%, 3/15/32(R) |
|
|
|
156,000 |
172,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
17,113,428 |
|
Capital
goods (0.7%) |
|
BAE
Systems PLC 144A sr. unsec. bonds 5.50%, 3/26/54 (United Kingdom) |
|
|
|
500,000 |
478,125 |
|
BAE
Systems PLC 144A sr. unsec. notes 5.125%, 3/26/29 (United Kingdom) |
|
|
|
1,145,000 |
1,120,669 |
|
Berry
Global, Inc. company guaranty sr. notes 5.50%, 4/15/28 |
|
|
|
81,000 |
80,077 |
|
Berry
Global, Inc. 144A company guaranty sr. notes 4.875%, 7/15/26 |
|
|
|
63,000 |
61,648 |
|
Berry
Global, Inc. 144A company guaranty sr. notes 1.65%, 1/15/27 |
|
|
|
964,000 |
869,299 |
|
Berry
Global, Inc. 144A company guaranty sr. notes 1.57%, 1/15/26 |
|
|
|
1,167,000 |
1,087,108 |
|
Boeing
Co. (The) sr. unsec. bonds 5.805%, 5/1/50 |
|
|
|
340,000 |
300,874 |
|
Boeing
Co. (The) sr. unsec. notes 2.196%, 2/4/26 |
|
|
|
1,405,000 |
1,310,550 |
|
Boeing
Co. (The) sr. unsec. unsub. bonds 3.375%, 6/15/46 |
|
|
|
310,000 |
192,783 |
|
Boeing
Co. (The) sr. unsec. unsub. notes 6.125%, 2/15/33 |
|
|
|
1,165,000 |
1,139,596 |
|
Boeing
Co. (The) 144A sr. unsec. bonds 6.858%, 5/1/54 |
|
|
|
631,000 |
632,710 |
|
Boeing
Co. (The) 144A sr. unsec. bonds 6.528%, 5/1/34 |
|
|
|
317,000 |
319,283 |
|
Boeing
Co. (The) 144A sr. unsec. notes 6.298%, 5/1/29 |
|
|
|
178,000 |
178,707 |
|
Boeing
Co. (The) 144A sr. unsec. notes 6.259%, 5/1/27 |
|
|
|
87,000 |
87,275 |
|
Howmet
Aerospace, Inc. sr. unsec. unsub. bonds 5.95%, 2/1/37 |
|
|
|
572,000 |
571,797 |
|
Howmet
Aerospace, Inc. sr. unsec. unsub. notes 3.00%, 1/15/29 |
|
|
|
942,000 |
835,446 |
|
Oshkosh
Corp. sr. unsec. unsub. notes 3.10%, 3/1/30 |
|
|
|
164,000 |
143,014 |
|
RTX
Corp. sr. unsec. notes 5.15%, 2/27/33 |
|
|
|
380,000 |
368,739 |
|
RTX
Corp. sr. unsec. unsub. bonds 6.40%, 3/15/54 |
|
|
|
1,120,000 |
1,201,228 |
|
Waste
Connections, Inc. sr. unsec. bonds 5.00%, 3/1/34 |
|
|
|
580,000 |
554,395 |
|
Waste
Connections, Inc. sr. unsec. notes 4.25%, 12/1/28 |
|
|
|
1,318,000 |
1,261,982 |
|
Waste
Management, Inc. company guaranty sr. unsec. notes 4.875%, 2/15/29 |
|
|
|
880,000 |
869,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,664,698 |
|
Communication
services (1.3%) |
|
American
Tower Corp. sr. unsec. bonds 2.70%, 4/15/31(R) |
|
|
|
2,165,000 |
1,788,330 |
|
American
Tower Corp. sr. unsec. notes 3.125%, 1/15/27(R) |
|
|
|
1,710,000 |
1,602,511 |
|
American
Tower Corp. sr. unsec. notes 2.90%, 1/15/30(R) |
|
|
|
921,000 |
794,195 |
|
American
Tower Corp. sr. unsec. sub. notes 2.75%, 1/15/27(R) |
|
|
|
686,000 |
638,022 |
|
AT&T,
Inc. company guaranty sr. unsec. unsub. notes 2.30%, 6/1/27 |
|
|
|
1,049,000 |
956,696 |
|
AT&T,
Inc. sr. unsec. bonds 3.55%, 9/15/55 |
|
|
|
62,000 |
40,436 |
|
AT&T,
Inc. sr. unsec. unsub. bonds 2.55%, 12/1/33 |
|
|
|
1,634,000 |
1,261,247 |
|
AT&T,
Inc. sr. unsec. unsub. bonds 2.25%, 2/1/32 |
|
|
|
1,107,000 |
874,310 |
|
AT&T,
Inc. sr. unsec. unsub. notes 4.75%, 5/15/46 |
|
|
|
106,000 |
89,917 |
|
Charter
Communications Operating, LLC/Charter Communications Operating Capital Corp. company guaranty sr. notes 2.25%, 1/15/29 |
|
|
|
274,000 |
228,704 |
|
Charter
Communications Operating, LLC/Charter Communications Operating Capital Corp. company guaranty sr. sub. bonds 6.484%, 10/23/45 |
|
|
|
1,055,000 |
933,976 |
|
Charter
Communications Operating, LLC/Charter Communications Operating Capital Corp. sr. bonds 3.70%, 4/1/51 |
|
|
|
65,000 |
38,033 |
|
Comcast
Corp. company guaranty sr. unsec. notes 3.45%, 2/1/50 |
|
|
|
1,618,000 |
1,111,389 |
|
Comcast
Corp. company guaranty sr. unsec. unsub. bonds 3.999%, 11/1/49 |
|
|
|
921,000 |
698,608 |
|
Comcast
Corp. company guaranty sr. unsec. unsub. bonds 2.35%, 1/15/27 |
|
|
|
289,000 |
267,792 |
|
Cox
Communications, Inc. 144A sr. unsec. bonds 3.50%, 8/15/27 |
|
|
|
541,000 |
507,945 |
|
Crown
Castle, Inc. sr. unsec. bonds 3.80%, 2/15/28(R) |
|
|
|
458,000 |
427,225 |
|
Crown
Castle, Inc. sr. unsec. bonds 3.65%, 9/1/27(R) |
|
|
|
549,000 |
514,515 |
|
Crown
Castle, Inc. sr. unsec. notes 4.75%, 5/15/47(R) |
|
|
|
185,000 |
151,824 |
|
Equinix,
Inc. sr. unsec. sub. notes 3.20%, 11/18/29(R) |
|
|
|
1,483,000 |
1,307,542 |
|
Rogers
Communications, Inc. company guaranty sr. unsec. bonds 8.75%, 5/1/32 (Canada) |
|
|
|
95,000 |
108,925 |
|
Rogers
Communications, Inc. company guaranty sr. unsec. notes 5.00%, 2/15/29 (Canada) |
|
|
|
1,050,000 |
1,021,759 |
|
Rogers
Communications, Inc. company guaranty sr. unsec. unsub. bonds 4.30%, 2/15/48 (Canada) |
|
|
|
100,000 |
76,974 |
|
Rogers
Communications, Inc. company guaranty sr. unsec. unsub. notes Ser. REGS, 3.80%, 3/15/32 (Canada) |
|
|
|
608,000 |
530,456 |
|
Sprint
Capital Corp. company guaranty sr. unsec. unsub. notes 6.875%, 11/15/28 |
|
|
|
1,613,000 |
1,689,109 |
|
T-Mobile
USA, Inc. company guaranty sr. notes 3.875%, 4/15/30 |
|
|
|
48,000 |
43,920 |
|
T-Mobile
USA, Inc. company guaranty sr. notes 3.75%, 4/15/27 |
|
|
|
1,762,000 |
1,678,976 |
|
T-Mobile
USA, Inc. company guaranty sr. unsec. bonds 5.75%, 1/15/54 |
|
|
|
35,000 |
33,970 |
|
T-Mobile
USA, Inc. company guaranty sr. unsec. bonds 5.05%, 7/15/33 |
|
|
|
660,000 |
632,539 |
|
Time
Warner Cable Enterprises, LLC company guaranty sr. unsub. notes 8.375%, 7/15/33 |
|
|
|
670,000 |
725,865 |
|
Verizon
Communications, Inc. sr. unsec. bonds 3.70%, 3/22/61 |
|
|
|
960,000 |
654,900 |
|
Verizon
Communications, Inc. sr. unsec. unsub. notes 4.329%, 9/21/28 |
|
|
|
1,904,000 |
1,824,423 |
|
Verizon
Communications, Inc. sr. unsec. unsub. notes 2.355%, 3/15/32 |
|
|
|
700,000 |
558,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
23,813,537 |
|
Consumer
cyclicals (1.0%) |
|
Alimentation
Couche-Tard, Inc. 144A company guaranty sr. unsec. notes 3.55%, 7/26/27 (Canada) |
|
|
|
995,000 |
937,788 |
|
Alimentation
Couche-Tard, Inc. 144A sr. unsec. notes 2.95%, 1/25/30 (Canada) |
|
|
|
919,000 |
804,417 |
|
Amazon.com,
Inc. sr. unsec. notes 3.15%, 8/22/27 |
|
|
|
654,000 |
615,808 |
|
Amazon.com,
Inc. sr. unsec. unsub. bonds 2.70%, 6/3/60 |
|
|
|
1,542,000 |
883,154 |
|
Autonation,
Inc. company guaranty sr. unsec. notes 4.50%, 10/1/25 |
|
|
|
137,000 |
134,380 |
|
Booking
Holdings, Inc. sr. unsec. sub. notes 4.625%, 4/13/30 |
|
|
|
1,255,000 |
1,209,797 |
|
Brunswick
Corp/DE sr. unsec. notes 5.85%, 3/18/29 |
|
|
|
565,000 |
559,050 |
|
Discovery
Communications, LLC company guaranty sr. unsec. unsub. notes 3.625%, 5/15/30 |
|
|
|
27,000 |
23,510 |
|
Gartner,
Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30 |
|
|
|
609,000 |
529,996 |
|
Gartner,
Inc. 144A company guaranty sr. unsec. notes 3.625%, 6/15/29 |
|
|
|
141,000 |
126,165 |
|
Hyundai
Capital America 144A sr. unsec. notes 6.375%, 4/8/30 (South Korea) |
|
|
|
106,000 |
108,854 |
|
Hyundai
Capital America 144A sr. unsec. notes 5.40%, 1/8/31 (South Korea) |
|
|
|
254,000 |
248,378 |
|
Hyundai
Capital America 144A sr. unsec. notes 5.35%, 3/19/29 (South Korea) |
|
|
|
540,000 |
530,697 |
|
Interpublic
Group of Cos., Inc. (The) sr. unsec. sub. bonds 4.65%, 10/1/28 |
|
|
|
1,668,000 |
1,606,540 |
|
Lennar
Corp. company guaranty sr. unsec. unsub. notes 4.75%, 11/29/27 |
|
|
|
440,000 |
432,083 |
|
Netflix,
Inc. sr. unsec. unsub. notes 4.375%, 11/15/26 |
|
|
|
1,660,000 |
1,620,344 |
|
Netflix,
Inc. 144A sr. unsec. bonds 5.375%, 11/15/29 |
|
|
|
648,000 |
646,150 |
|
Omnicom
Group, Inc./Omnicom Capital, Inc. sr. unsec. unsub. notes 3.60%, 4/15/26 |
|
|
|
416,000 |
401,833 |
|
Paramount
Global sr. unsec. unsub. notes 4.20%, 6/1/29 |
|
|
|
360,000 |
320,105 |
|
Paramount
Global sr. unsec. unsub. notes 3.70%, 6/1/28 |
|
|
|
640,000 |
572,155 |
|
Paramount
Global sr. unsec. unsub. notes 2.90%, 1/15/27 |
|
|
|
240,000 |
219,569 |
|
S&P
Global, Inc. company guaranty sr. unsec. bonds 2.50%, 12/1/29 |
|
|
|
1,550,000 |
1,344,172 |
|
S&P
Global, Inc. company guaranty sr. unsec. notes 1.25%, 8/15/30 |
|
|
|
423,000 |
334,277 |
|
Stellantis
Finance US, Inc. 144A company guaranty sr. unsec. notes 1.711%, 1/29/27 |
|
|
|
800,000 |
720,708 |
|
Tapestry,
Inc. company guaranty sr. unsec. notes 7.85%, 11/27/33 |
|
|
|
332,000 |
346,805 |
|
Toll
Brothers Finance Corp. company guaranty sr. unsec. unsub. notes 4.35%, 2/15/28 |
|
|
|
336,000 |
321,247 |
|
ViacomCBS,
Inc. sr. unsec. notes 4.20%, 5/19/32 |
|
|
|
8,000 |
6,533 |
|
Walt
Disney Co. (The) company guaranty sr. unsec. bonds 4.75%, 9/15/44 |
|
|
|
30,000 |
26,656 |
|
Warnermedia
Holdings, Inc. company guaranty sr. unsec. bonds 5.05%, 3/15/42 |
|
|
|
200,000 |
160,102 |
|
Warnermedia
Holdings, Inc. company guaranty sr. unsec. notes 3.755%, 3/15/27 |
|
|
|
2,386,000 |
2,248,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
18,039,593 |
|
Consumer
staples (0.6%) |
|
Ashtead
Capital, Inc. 144A company guaranty sr. unsec. notes 2.45%, 8/12/31 |
|
|
|
660,000 |
523,961 |
|
Ashtead
Capital, Inc. 144A notes 4.375%, 8/15/27 |
|
|
|
1,155,000 |
1,098,973 |
|
Ashtead
Capital, Inc. 144A notes 4.00%, 5/1/28 |
|
|
|
1,190,000 |
1,107,078 |
|
Campbell
Soup Co. sr. unsec. unsub. notes 5.20%, 3/21/29 |
|
|
|
395,000 |
389,410 |
|
ERAC
USA Finance, LLC 144A company guaranty sr. unsec. notes 7.00%, 10/15/37 |
|
|
|
1,434,000 |
1,568,977 |
|
ERAC
USA Finance, LLC 144A company guaranty sr. unsec. notes 5.625%, 3/15/42 |
|
|
|
566,000 |
551,633 |
|
ERAC
USA Finance, LLC 144A company guaranty sr. unsec. notes 3.85%, 11/15/24 |
|
|
|
875,000 |
865,932 |
|
Haleon
US Capital, LLC company guaranty sr. unsec. unsub. notes 3.375%, 3/24/27 |
|
|
|
740,000 |
698,907 |
|
JBS
USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 144A company guaranty sr. unsec. bonds 6.75%, 3/15/34 (Luxembourg) |
|
|
|
800,000 |
816,183 |
|
JBS
USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 5.75%, 4/1/33 (Luxembourg) |
|
|
|
325,000 |
310,821 |
|
JBS
USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 3.00%, 2/2/29 (Luxembourg) |
|
|
|
1,090,000 |
948,000 |
|
Kenvue,
Inc. company guaranty sr. unsec. notes Ser. REGS, 4.90%, 3/22/33 |
|
|
|
1,662,000 |
1,608,653 |
|
Kenvue,
Inc. company guaranty sr. unsec. unsub. notes 5.05%, 3/22/28 |
|
|
|
253,000 |
252,033 |
|
Kenvue,
Inc. company guaranty sr. unsec. unsub. notes Ser. REGS, 5.05%, 3/22/53 |
|
|
|
300,000 |
277,020 |
|
McDonald's
Corp. sr. unsec. unsub. bonds Ser. MTN, 6.30%, 10/15/37 |
|
|
|
660,000 |
695,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
11,712,762 |
|
Energy
(0.5%) |
|
Cheniere
Energy Partners LP company guaranty sr. unsec. notes 4.50%, 10/1/29 |
|
|
|
1,645,000 |
1,539,131 |
|
Cheniere
Energy Partners LP company guaranty sr. unsec. unsub. notes 3.25%, 1/31/32 |
|
|
|
522,000 |
436,113 |
|
Columbia
Pipelines Operating Co., LLC 144A sr. unsec. bonds 6.544%, 11/15/53 |
|
|
|
585,000 |
604,234 |
|
Columbia
Pipelines Operating Co., LLC 144A sr. unsec. notes 5.927%, 8/15/30 |
|
|
|
555,000 |
556,738 |
|
Diamondback
Energy, Inc. company guaranty sr. unsec. notes 6.25%, 3/15/33 |
|
|
|
975,000 |
1,006,788 |
|
Occidental
Petroleum Corp. sr. unsec. sub. notes 7.50%, 5/1/31 |
|
|
|
1,920,000 |
2,090,617 |
|
ONEOK,
Inc. company guaranty sr. unsec. sub. bonds 6.05%, 9/1/33 |
|
|
|
120,000 |
121,332 |
|
ONEOK,
Inc. company guaranty sr. unsec. unsub. notes 6.10%, 11/15/32 |
|
|
|
1,015,000 |
1,031,099 |
|
Ovintiv,
Inc. company guaranty sr. unsec. bonds 6.25%, 7/15/33 |
|
|
|
215,000 |
216,710 |
|
Ovintiv,
Inc. company guaranty sr. unsec. notes 5.65%, 5/15/28 |
|
|
|
278,000 |
277,752 |
|
Ovintiv,
Inc. company guaranty sr. unsec. notes 5.65%, 5/15/25 |
|
|
|
217,000 |
216,276 |
|
Targa
Resources Partners LP/Targa Resources Partners Finance Corp. company guaranty sr. unsec. unsub. notes 4.875%, 2/1/31 |
|
|
|
1,090,000 |
1,020,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
9,116,891 |
|
Financials
(5.3%) |
|
AerCap
Ireland Capital DAC/AerCap Global Aviation Trust company guaranty sr. unsec. bonds 3.30%, 1/30/32 (Ireland) |
|
|
|
2,190,000 |
1,828,314 |
|
AerCap
Ireland Capital DAC/AerCap Global Aviation Trust company guaranty sr. unsec. notes 5.10%, 1/19/29 (Ireland) |
|
|
|
285,000 |
277,972 |
|
Air
Lease Corp. sr. unsec. notes Ser. MTN, 3.00%, 2/1/30 |
|
|
|
1,625,000 |
1,408,174 |
|
Air
Lease Corp. sr. unsec. sub. bonds 4.625%, 10/1/28 |
|
|
|
328,000 |
313,801 |
|
Air
Lease Corp. sr. unsec. sub. notes 3.25%, 10/1/29 |
|
|
|
928,000 |
823,444 |
|
Ally
Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31 |
|
|
|
725,000 |
784,937 |
|
American
Express Co. sr. unsec. unsub. notes 3.375%, 5/3/24 |
|
|
|
1,450,000 |
1,449,900 |
|
Aon
PLC company guaranty sr. unsec. unsub. notes 4.25%, 12/12/42 |
|
|
|
1,265,000 |
983,994 |
|
Ares
Capital Corp. sr. unsec. sub. notes 7.00%, 1/15/27 |
|
|
|
325,000 |
330,795 |
|
Ares
Capital Corp. sr. unsec. sub. notes 3.875%, 1/15/26 |
|
|
|
1,555,000 |
1,497,246 |
|
Athene
Holding, Ltd. sr. unsec. bonds 6.25%, 4/1/54 |
|
|
|
345,000 |
336,137 |
|
Athene
Holding, Ltd. sr. unsec. bonds 5.875%, 1/15/34 |
|
|
|
1,296,000 |
1,262,615 |
|
Australia
and New Zealand Banking Group, Ltd. 144A unsec. sub. FRB 2.57%, 11/25/35 (Australia) |
|
|
|
920,000 |
736,525 |
|
Australia
and New Zealand Banking Group, Ltd./United Kingdom 144A jr. unsec. sub. FRB 6.75%, perpetual maturity (United Kingdom) |
|
|
|
200,000 |
200,137 |
|
Banco
Santander SA jr. unsec. sub. FRB 9.625%, 11/21/53 (Spain) |
|
|
|
600,000 |
641,250 |
|
Banco
Santander SA sr. unsec. unsub. FRN 1.722%, 9/14/27 (Spain) |
|
|
|
3,800,000 |
3,439,477 |
|
Banco
Santander SA unsec. sub. notes 5.179%, 11/19/25 (Spain) |
|
|
|
1,200,000 |
1,183,383 |
|
Bank
of America Corp. jr. unsec. sub. FRN Ser. AA, 6.10%, perpetual maturity |
|
|
|
314,000 |
313,445 |
|
Bank
of America Corp. sr. unsec. FRB 5.468%, 1/23/35 |
|
|
|
405,000 |
393,849 |
|
Bank
of America Corp. sr. unsec. FRN Ser. MTN, 2.551%, 2/4/28 |
|
|
|
655,000 |
603,292 |
|
Bank
of America Corp. unsec. sub. FRB 3.846%, 3/8/37 |
|
|
|
3,665,000 |
3,156,428 |
|
Bank
of America Corp. unsec. sub. FRN (CME Term SOFR 3 Month + 1.02%), 6.351%, 9/15/26 |
|
|
|
275,000 |
274,790 |
|
Bank
of America Corp. unsec. sub. notes 6.11%, 1/29/37 |
|
|
|
600,000 |
610,330 |
|
Bank
of Montreal unsec. sub. FRN 3.803%, 12/15/32 (Canada) |
|
|
|
390,000 |
361,039 |
|
Berkshire
Hathaway Finance Corp. company guaranty sr. unsec. bonds 2.85%, 10/15/50 |
|
|
|
5,000 |
3,145 |
|
Berkshire
Hathaway Finance Corp. company guaranty sr. unsec. notes 4.30%, 5/15/43 |
|
|
|
808,000 |
700,895 |
|
BNP
Paribas SA 144A jr. unsec. sub. FRN 4.625%, perpetual maturity (France) |
|
|
|
305,000 |
244,727 |
|
BNP
Paribas SA 144A unsec. sub. FRB 2.588%, 8/12/35 (France) |
|
|
|
695,000 |
560,237 |
|
BPCE
SA 144A unsec. sub. FRB 3.648%, 1/14/37 (France) |
|
|
|
482,000 |
391,227 |
|
BPCE
SA 144A unsec. sub. notes 5.15%, 7/21/24 (France) |
|
|
|
810,000 |
807,493 |
|
BPCE
SA 144A unsec. sub. notes 4.50%, 3/15/25 (France) |
|
|
|
1,060,000 |
1,043,698 |
|
CaixaBank
SA 144A sr. unsec. notes 5.673%, 3/15/30 (Spain) |
|
|
|
700,000 |
687,851 |
|
Capital
One Financial Corp. sr. unsec. unsub. FRN 7.624%, 10/30/31 |
|
|
|
427,000 |
459,495 |
|
Capital
One Financial Corp. sr. unsec. unsub. notes 3.75%, 3/9/27 |
|
|
|
1,146,000 |
1,088,505 |
|
Capital
One Financial Corp. unsec. sub. notes 4.20%, 10/29/25 |
|
|
|
227,000 |
221,232 |
|
Citigroup,
Inc. jr. unsec. sub. FRN 3.875%, perpetual maturity |
|
|
|
1,055,000 |
990,312 |
|
Citigroup,
Inc. sr. unsec. FRB 3.668%, 7/24/28 |
|
|
|
10,000 |
9,423 |
|
Citigroup,
Inc. sr. unsec. FRN 5.61%, 9/29/26 |
|
|
|
1,755,000 |
1,751,140 |
|
Citigroup,
Inc. sub. unsec. bonds 6.174%, 5/25/34 |
|
|
|
303,000 |
300,709 |
|
Citigroup,
Inc. unsec. sub. bonds 4.75%, 5/18/46 |
|
|
|
1,540,000 |
1,293,367 |
|
Citigroup,
Inc. unsec. sub. bonds 4.45%, 9/29/27 |
|
|
|
3,039,000 |
2,924,653 |
|
CNA
Financial Corp. sr. unsec. notes 5.125%, 2/15/34 |
|
|
|
659,000 |
621,764 |
|
CNO
Financial Group, Inc. sr. unsec. unsub. notes 5.25%, 5/30/25 |
|
|
|
241,000 |
238,983 |
|
Commonwealth
Bank of Australia 144A unsec. sub. notes 5.837%, 3/13/34 (Australia) |
|
|
|
1,285,000 |
1,250,715 |
|
Commonwealth
Bank of Australia 144A unsec. sub. notes 2.688%, 3/11/31 (Australia) |
|
|
|
535,000 |
434,246 |
|
Cooperatieve
Rabobank UA 144A sr. unsec. FRN 1.98%, 12/15/27 (Netherlands) |
|
|
|
285,000 |
258,187 |
|
Corebridge
Financial, Inc. sr. unsec. notes 3.85%, 4/5/29 |
|
|
|
765,000 |
702,247 |
|
Credit
Agricole SA 144A unsec. sub. FRN 4.00%, 1/10/33 (France) |
|
|
|
340,000 |
312,334 |
|
Deutsche
Bank AG/New York, NY sr. unsec. unsub. FRN 2.311%, 11/16/27 (Germany) |
|
|
|
1,035,000 |
941,542 |
|
Deutsche
Bank AG/New York, NY unsec. sub. FRB 3.729%, 1/14/32 (Germany) |
|
|
|
1,730,000 |
1,424,349 |
|
EPR
Properties company guaranty sr. unsec. unsub. notes 4.50%, 6/1/27(R) |
|
|
|
255,000 |
240,326 |
|
Extra
Space Storage LP company guaranty sr. unsec. notes 5.90%, 1/15/31(R) |
|
|
|
1,355,000 |
1,361,662 |
|
Fairfax
Financial Holdings, Ltd. sr. unsec. notes 4.85%, 4/17/28 (Canada) |
|
|
|
1,225,000 |
1,189,393 |
|
Fidelity
National Financial, Inc. sr. unsec. bonds 3.20%, 9/17/51 |
|
|
|
573,000 |
349,116 |
|
Fifth
Third Bancorp sr. unsec. unsub. FRN 6.339%, 7/27/29 |
|
|
|
795,000 |
804,061 |
|
First-Citizens
Bank & Trust Co. unsec. sub. notes 6.125%, 3/9/28 |
|
|
|
1,259,000 |
1,278,780 |
|
Ford
Motor Co. sr. unsec. unsub. notes 5.80%, 3/5/27 |
|
|
|
1,120,000 |
1,112,578 |
|
General
Motors Financial Co., Inc. company guaranty sr. unsec. notes 4.00%, 10/6/26 |
|
|
|
287,000 |
275,981 |
|
General
Motors Financial Co., Inc. company guaranty sr. unsec. unsub. notes 4.00%, 1/15/25 |
|
|
|
175,000 |
172,673 |
|
General
Motors Financial Co., Inc. sr. unsec. notes 6.40%, 1/9/33 |
|
|
|
800,000 |
815,278 |
|
General
Motors Financial Co., Inc. sr. unsec. notes 1.25%, 1/8/26 |
|
|
|
252,000 |
234,147 |
|
General
Motors Financial Co., Inc. sr. unsec. sub. notes 1.50%, 6/10/26 |
|
|
|
390,000 |
357,680 |
|
GLP
Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. bonds 3.25%, 1/15/32(R) |
|
|
|
505,000 |
413,069 |
|
GLP
Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. sub. notes 6.75%, 12/1/33(R) |
|
|
|
770,000 |
788,904 |
|
Goldman
Sachs Group, Inc. (The) jr. unsec. sub. FRN 3.65%, 7/28/51 |
|
|
|
207,000 |
188,226 |
|
Goldman
Sachs Group, Inc. (The) sr. unsec. FRB 4.223%, 5/1/29 |
|
|
|
804,000 |
762,897 |
|
Goldman
Sachs Group, Inc. (The) sr. unsec. unsub. notes 5.70%, 11/1/24 |
|
|
|
1,470,000 |
1,470,307 |
|
ING
Groep NV sr. unsec. unsub. FRN 6.083%, 9/11/27 (Netherlands) |
|
|
|
1,015,000 |
1,019,752 |
|
Intercontinental
Exchange, Inc. sr. unsec. bonds 2.65%, 9/15/40 |
|
|
|
963,000 |
655,988 |
|
Intercontinental
Exchange, Inc. sr. unsec. bonds 1.85%, 9/15/32 |
|
|
|
482,000 |
365,323 |
|
Intercontinental
Exchange, Inc. sr. unsec. notes 4.35%, 6/15/29 |
|
|
|
522,000 |
498,267 |
|
Intesa
Sanpaolo SpA 144A unsec. sub. bonds 4.198%, 6/1/32 (Italy) |
|
|
|
1,710,000 |
1,401,593 |
|
Jefferies
Financial Group, Inc. sr. unsec. notes 6.20%, 4/14/34 |
|
|
|
630,000 |
622,804 |
|
Jefferies
Financial Group, Inc. sr. unsec. notes 6.05%, 3/12/25 |
|
|
|
1,015,000 |
1,016,022 |
|
JPMorgan
Chase & Co. jr. unsec. bonds 6.10%, perpetual maturity |
|
|
|
195,000 |
195,426 |
|
JPMorgan
Chase & Co. jr. unsec. sub. FRB Ser. HH, 4.60%, perpetual maturity |
|
|
|
1,113,000 |
1,094,806 |
|
JPMorgan
Chase & Co. jr. unsec. sub. FRB Ser. W, (CME Term SOFR 3 Month + 1.26%), 6.569%, 5/15/47 |
|
|
|
664,000 |
587,716 |
|
JPMorgan
Chase & Co. jr. unsec. sub. FRN 3.65%, perpetual maturity |
|
|
|
195,000 |
182,440 |
|
JPMorgan
Chase & Co. sr. unsec. unsub. FRN 3.782%, 2/1/28 |
|
|
|
2,088,000 |
1,992,084 |
|
JPMorgan
Chase & Co. unsec. sub. FRB 5.717%, 9/14/33 |
|
|
|
1,710,000 |
1,703,548 |
|
KKR
Group Finance Co. VI, LLC 144A company guaranty sr. unsec. bonds 3.75%, 7/1/29 |
|
|
|
105,000 |
96,092 |
|
Lloyds
Banking Group PLC unsec. sub. FRB 3.369%, 12/14/46 (United Kingdom) |
|
|
|
735,000 |
497,764 |
|
Lloyds
Banking Group PLC unsec. sub. notes 4.65%, 3/24/26 (United Kingdom) |
|
|
|
315,000 |
307,527 |
|
LPL
Holdings, Inc. company guaranty sr. unsec. notes 6.75%, 11/17/28 |
|
|
|
529,000 |
543,682 |
|
Marsh
& McLennan Cos., Inc. sr. unsec. sub. notes 4.375%, 3/15/29 |
|
|
|
1,422,000 |
1,374,053 |
|
Massachusetts
Mutual Life Insurance Co. 144A unsec. sub. bonds 3.729%, 10/15/70 |
|
|
|
1,457,000 |
914,470 |
|
MetLife
Capital Trust IV 144A jr. unsec. sub. notes 7.875%, 12/15/37 |
|
|
|
2,564,000 |
2,712,492 |
|
Morgan
Stanley sr. unsec. notes 5.123%, 2/1/29 |
|
|
|
1,030,000 |
1,013,685 |
|
Morgan
Stanley sr. unsec. sub. bonds 5.942%, 2/7/39 |
|
|
|
830,000 |
798,626 |
|
Morgan
Stanley unsec. sub. notes Ser. GMTN, 4.35%, 9/8/26 |
|
|
|
3,409,000 |
3,316,129 |
|
Nasdaq,
Inc. sr. unsec. sub. bonds 5.55%, 2/15/34 |
|
|
|
187,000 |
182,897 |
|
NatWest
Group PLC sr. unsec. unsub. FRN 5.847%, 3/2/27 (United Kingdom) |
|
|
|
790,000 |
789,370 |
|
PNC
Financial Services Group, Inc. (The) unsec. sub. FRB 4.626%, 6/6/33 |
|
|
|
2,855,000 |
2,611,664 |
|
Prologis
LP sr. unsec. unsub. FRN 5.00%, 3/15/34(R) |
|
|
|
565,000 |
540,697 |
|
Prologis
LP sr. unsec. unsub. notes 2.25%, 4/15/30(R) |
|
|
|
467,000 |
392,714 |
|
Prologis
LP sr. unsec. unsub. notes 2.125%, 4/15/27(R) |
|
|
|
194,000 |
176,983 |
|
Royal
Bank of Canada sr. unsec. notes Ser. GMTN, 5.20%, 8/1/28 (Canada) |
|
|
|
1,950,000 |
1,938,860 |
|
Royal
Bank of Canada unsec. sub. notes Ser. GMTN, 4.65%, 1/27/26 (Canada) |
|
|
|
322,000 |
316,711 |
|
Societe
Generale SA 144A jr. unsec. sub. FRB 10.00%, 11/14/73 (France) |
|
|
|
573,000 |
599,501 |
|
Teachers
Insurance & Annuity Association of America 144A unsec. sub. notes 6.85%, 12/16/39 |
|
|
|
263,000 |
285,560 |
|
Toronto-Dominion
Bank (The) sr. unsec. notes 4.108%, 6/8/27 (Canada) |
|
|
|
734,000 |
705,609 |
|
Truist
Bank unsec. sub. FRN Ser. BKNT, 2.636%, 9/17/29 |
|
|
|
575,000 |
553,847 |
|
Truist
Financial Corp. sr. unsec. unsub. FRB Ser. MTN, 5.711%, 1/24/35 |
|
|
|
1,045,000 |
1,014,159 |
|
UBS
AG unsec. sub. notes 5.125%, 5/15/24 (Switzerland) |
|
|
|
2,640,000 |
2,638,046 |
|
UBS
Group AG 144A sr. unsec. bonds 3.869%, 1/12/29 (Switzerland) |
|
|
|
443,000 |
413,052 |
|
UBS
Group AG 144A sr. unsec. FRB 9.016%, 11/15/33 (Switzerland) |
|
|
|
1,090,000 |
1,287,988 |
|
UBS
Group AG 144A sr. unsec. FRN 2.193%, 6/5/26 (Switzerland) |
|
|
|
320,000 |
306,993 |
|
US
Bancorp unsec. sub. FRB 2.491%, 11/3/36 |
|
|
|
1,815,000 |
1,383,537 |
|
VICI
Properties LP sr. unsec. unsub. bonds 5.75%, 4/1/34(R) |
|
|
|
840,000 |
808,326 |
|
VICI
Properties LP sr. unsec. unsub. notes 4.75%, 2/15/28(R) |
|
|
|
760,000 |
729,948 |
|
VICI
Properties LP/VICI Note Co., Inc. 144A company guaranty sr. unsec. notes 3.75%, 2/15/27(R) |
|
|
|
285,000 |
267,309 |
|
Wells
Fargo & Co. jr. unsec. sub. FRN 3.90%, perpetual maturity |
|
|
|
610,000 |
578,578 |
|
Wells
Fargo Bank, NA unsec. sub. notes Ser. BKNT, 6.60%, 1/15/38 |
|
|
|
1,095,000 |
1,150,450 |
|
Westpac
Banking Corp. unsec. sub. bonds 4.421%, 7/24/39 (Australia) |
|
|
|
670,000 |
572,211 |
|
Westpac
Banking Corp. unsec. sub. bonds 2.963%, 11/16/40 (Australia) |
|
|
|
597,000 |
404,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
98,249,123 |
|
Health
care (1.1%) |
|
AbbVie,
Inc. sr. unsec. bonds 5.40%, 3/15/54 |
|
|
|
838,000 |
811,327 |
|
AbbVie,
Inc. sr. unsec. bonds 5.05%, 3/15/34 |
|
|
|
335,000 |
326,685 |
|
AbbVie,
Inc. sr. unsec. notes 4.95%, 3/15/31 |
|
|
|
1,177,000 |
1,154,482 |
|
Amgen,
Inc. sr. unsec. bonds 4.663%, 6/15/51 |
|
|
|
710,000 |
591,646 |
|
Amgen,
Inc. sr. unsec. unsub. bonds 5.75%, 3/2/63 |
|
|
|
755,000 |
721,155 |
|
Amgen,
Inc. sr. unsec. unsub. bonds 5.65%, 3/2/53 |
|
|
|
358,000 |
342,285 |
|
Amgen,
Inc. sr. unsec. unsub. notes 5.25%, 3/2/30 |
|
|
|
726,000 |
719,821 |
|
Becton,
Dickinson and Co. sr. unsec. notes 2.823%, 5/20/30 |
|
|
|
820,000 |
706,675 |
|
Bristol-Myers
Squibb Co. sr. unsec. notes 5.20%, 2/22/34 |
|
|
|
1,879,000 |
1,840,091 |
|
Bristol-Myers
Squibb Co. sr. unsec. notes 4.90%, 2/22/29 |
|
|
|
256,000 |
252,133 |
|
CVS
Pass-Through Trust 144A sr. mtge. notes 7.507%, 1/10/32 |
|
|
|
404,008 |
411,331 |
|
CVS
Pass-Through Trust 144A sr. mtge. notes 4.704%, 1/10/36 |
|
|
|
460,856 |
411,623 |
|
DH
Europe Finance II SARL company guaranty sr. unsec. notes 2.60%, 11/15/29 (Luxembourg) |
|
|
|
600,000 |
523,724 |
|
Eli
Lilly and Co. sr. unsec. unsub. bonds 4.875%, 2/27/53 |
|
|
|
445,000 |
407,184 |
|
GE
Healthcare Holding, LLC company guaranty sr. unsec. notes 5.65%, 11/15/27 |
|
|
|
675,000 |
678,539 |
|
HCA,
Inc. company guaranty sr. bonds 5.25%, 6/15/26 |
|
|
|
143,000 |
141,531 |
|
HCA,
Inc. company guaranty sr. unsec. bonds 6.00%, 4/1/54 |
|
|
|
637,000 |
607,080 |
|
HCA,
Inc. company guaranty sr. unsec. bonds 5.60%, 4/1/34 |
|
|
|
483,000 |
471,290 |
|
HCA,
Inc. company guaranty sr. unsec. notes 5.375%, 9/1/26 |
|
|
|
458,000 |
454,612 |
|
HCA,
Inc. company guaranty sr. unsec. sub. notes 3.625%, 3/15/32 |
|
|
|
275,000 |
236,540 |
|
HCA,
Inc. company guaranty sr. unsec. unsub. notes 5.375%, 2/1/25 |
|
|
|
475,000 |
472,870 |
|
Humana,
Inc. sr. unsec. unsub. bonds 5.50%, 3/15/53 |
|
|
|
235,000 |
213,737 |
|
Humana,
Inc. sr. unsec. unsub. notes 5.75%, 3/1/28 |
|
|
|
1,025,000 |
1,030,282 |
|
Icon
Investments Six DAC company guaranty sr. notes 5.849%, 5/8/29 (Ireland) |
|
|
|
238,000 |
238,000 |
|
Icon
Investments Six DAC company guaranty sr. notes 5.809%, 5/8/27 (Ireland) |
|
|
|
557,000 |
557,000 |
|
Pfizer
Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 5.30%, 5/19/53 (Singapore) |
|
|
|
703,000 |
655,574 |
|
Pfizer
Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 4.75%, 5/19/33 (Singapore) |
|
|
|
687,000 |
654,429 |
|
Pfizer
Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 4.45%, 5/19/28 (Singapore) |
|
|
|
985,000 |
955,315 |
|
Service
Corp. International sr. unsec. notes 4.625%, 12/15/27 |
|
|
|
185,000 |
176,095 |
|
Service
Corp. International sr. unsec. notes 3.375%, 8/15/30 |
|
|
|
165,000 |
139,968 |
|
Service
Corp. International sr. unsec. sub. notes 4.00%, 5/15/31 |
|
|
|
1,335,000 |
1,150,054 |
|
Thermo
Fisher Scientific, Inc. sr. unsec. notes 4.80%, 11/21/27 |
|
|
|
1,650,000 |
1,629,577 |
|
Viatris,
Inc. company guaranty sr. unsec. notes 2.30%, 6/22/27 |
|
|
|
565,000 |
508,023 |
|
Wyeth,
LLC company guaranty sr. unsec. bonds 5.95%, 4/1/37 |
|
|
|
340,000 |
350,713 |
|
Zoetis,
Inc. sr. unsec. sub. notes 2.00%, 5/15/30 |
|
|
|
621,000 |
511,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
21,053,009 |
|
Technology
(1.3%) |
|
Alphabet,
Inc. sr. unsec. notes 1.998%, 8/15/26 |
|
|
|
748,000 |
699,250 |
|
Analog
Devices, Inc. sr. unsec. notes 5.05%, 4/1/34 |
|
|
|
905,000 |
887,603 |
|
Apple,
Inc. sr. unsec. bonds 3.95%, 8/8/52 |
|
|
|
1,313,000 |
1,034,357 |
|
Apple,
Inc. sr. unsec. unsub. notes 4.375%, 5/13/45 |
|
|
|
342,000 |
297,338 |
|
Apple,
Inc. sr. unsec. unsub. notes 3.85%, 5/4/43 |
|
|
|
486,000 |
398,247 |
|
Broadcom,
Inc. company guaranty sr. unsec. bonds 4.15%, 11/15/30 |
|
|
|
1,119,000 |
1,032,509 |
|
Broadcom,
Inc. 144A sr. unsec. bonds 4.926%, 5/15/37 |
|
|
|
2,755,000 |
2,515,918 |
|
Broadcom,
Inc. 144A sr. unsec. bonds 3.187%, 11/15/36 |
|
|
|
676,000 |
518,353 |
|
Cisco
Systems, Inc. sr. unsec. bonds 5.30%, 2/26/54 |
|
|
|
785,000 |
755,348 |
|
Cisco
Systems, Inc. sr. unsec. notes 5.05%, 2/26/34 |
|
|
|
1,100,000 |
1,075,958 |
|
Dell
International, LLC/EMC Corp. company guaranty sr. bonds 8.35%, 7/15/46 |
|
|
|
29,000 |
35,942 |
|
Marvell
Technology, Inc. sr. unsec. notes 5.95%, 9/15/33 |
|
|
|
807,000 |
811,789 |
|
Marvell
Technology, Inc. sr. unsec. notes 5.75%, 2/15/29 |
|
|
|
808,000 |
811,733 |
|
Meta
Platforms, Inc. sr. unsec. bonds 5.75%, 5/15/63 |
|
|
|
430,000 |
428,512 |
|
Meta
Platforms, Inc. sr. unsec. bonds 5.60%, 5/15/53 |
|
|
|
2,144,000 |
2,126,287 |
|
Meta
Platforms, Inc. sr. unsec. notes 4.95%, 5/15/33 |
|
|
|
531,000 |
520,190 |
|
Meta
Platforms, Inc. sr. unsec. unsub. bonds 4.45%, 8/15/52 |
|
|
|
856,000 |
712,652 |
|
Meta
Platforms, Inc. sr. unsec. unsub. notes 3.50%, 8/15/27 |
|
|
|
474,000 |
450,468 |
|
Motorola
Solutions, Inc. sr. unsec. unsub. bonds 5.40%, 4/15/34 |
|
|
|
348,000 |
338,427 |
|
MSCI,
Inc. 144A company guaranty sr. unsec. notes 3.625%, 9/1/30 |
|
|
|
1,598,000 |
1,391,229 |
|
Oracle
Corp. sr. unsec. bonds 3.95%, 3/25/51 |
|
|
|
435,000 |
310,765 |
|
Oracle
Corp. sr. unsec. bonds 3.65%, 3/25/41 |
|
|
|
1,750,000 |
1,304,043 |
|
Oracle
Corp. sr. unsec. notes 1.65%, 3/25/26 |
|
|
|
1,385,000 |
1,286,706 |
|
salesforce.com,
Inc. sr. unsec. bonds 3.05%, 7/15/61 |
|
|
|
553,000 |
334,361 |
|
salesforce.com,
Inc. sr. unsec. bonds 2.90%, 7/15/51 |
|
|
|
1,462,000 |
918,024 |
|
Sensata
Technologies, Inc. 144A company guaranty sr. unsec. notes 3.75%, 2/15/31 |
|
|
|
1,310,000 |
1,107,051 |
|
ServiceNow,
Inc. sr. unsec. notes 1.40%, 9/1/30 |
|
|
|
1,520,000 |
1,201,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
23,304,420 |
|
Transportation
(0.2%) |
|
Penske
Truck Leasing Co. LP/PTL Finance Corp. 144A sr. unsec. bonds 3.40%, 11/15/26 |
|
|
|
595,000 |
562,152 |
|
Penske
Truck Leasing Co. LP/PTL Finance Corp. 144A sr. unsec. notes 4.40%, 7/1/27 |
|
|
|
2,165,000 |
2,081,048 |
|
Westinghouse
Air Brake Technologies Corp. company guaranty sr. unsec. unsub. bonds 5.611%, 3/11/34 |
|
|
|
1,540,000 |
1,513,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,157,101 |
|
Utilities
and power (1.5%) |
|
AES
Corp. (The) sr. unsec. unsub. notes 2.45%, 1/15/31 |
|
|
|
1,045,000 |
840,615 |
|
Alexander
Funding Trust II 144A sr. notes 7.467%, 7/31/28 |
|
|
|
640,000 |
667,748 |
|
American
Electric Power Co., Inc. sr. unsec. unsub. bonds 5.625%, 3/1/33 |
|
|
|
330,000 |
324,519 |
|
American
Electric Power Co., Inc. sr. unsec. unsub. notes Ser. J, 4.30%, 12/1/28 |
|
|
|
528,000 |
501,917 |
|
American
Transmission Systems, Inc. 144A sr. unsec. bonds 2.65%, 1/15/32 |
|
|
|
385,000 |
311,283 |
|
Appalachian
Power Co. sr. unsec. unsub. notes Ser. L, 5.80%, 10/1/35 |
|
|
|
560,000 |
544,690 |
|
Commonwealth
Edison Co. sr. mtge. bonds 5.875%, 2/1/33 |
|
|
|
610,000 |
614,464 |
|
Consolidated
Edison Co. of New York, Inc. sr. unsec. unsub. notes 4.20%, 3/15/42 |
|
|
|
255,000 |
205,903 |
|
Constellation
Energy Generation, LLC sr. unsec. bonds 6.50%, 10/1/53 |
|
|
|
1,184,000 |
1,228,861 |
|
Constellation
Energy Generation, LLC sr. unsec. bonds 6.125%, 1/15/34 |
|
|
|
486,000 |
497,307 |
|
Constellation
Energy Generation, LLC sr. unsec. bonds 5.75%, 3/15/54 |
|
|
|
489,000 |
460,120 |
|
Duke
Energy Carolinas, LLC sr. mtge. notes 4.25%, 12/15/41 |
|
|
|
520,000 |
426,819 |
|
Duke
Energy Ohio, Inc. sr. bonds 3.65%, 2/1/29 |
|
|
|
139,000 |
129,191 |
|
El
Paso Natural Gas Co., LLC company guaranty sr. unsec. unsub. notes 8.375%, 6/15/32 |
|
|
|
490,000 |
555,815 |
|
Electricite
De France SA 144A sr. unsec. unsub. bonds 4.75%, 10/13/35 (France) |
|
|
|
1,205,000 |
1,081,670 |
|
Enbridge,
Inc. sr. unsec. unsub. bonds 4.25%, 12/1/26 (Canada) |
|
|
|
416,000 |
403,244 |
|
Energy
Transfer LP jr. unsec. sub. FRN 6.625%, perpetual maturity |
|
|
|
2,076,000 |
1,906,957 |
|
Energy
Transfer LP sr. unsec. unsub. notes 6.50%, 2/1/42 |
|
|
|
137,000 |
139,099 |
|
Enterprise
Products Operating, LLC company guaranty sr. unsec. notes 2.80%, 1/31/30 |
|
|
|
1,704,000 |
1,492,003 |
|
Enterprise
Products Operating, LLC company guaranty sr. unsec. unsub. bonds 4.25%, 2/15/48 |
|
|
|
560,000 |
450,363 |
|
Eversource
Energy sr. unsec. unsub. notes 5.45%, 3/1/28 |
|
|
|
465,000 |
461,324 |
|
Eversource
Energy sr. unsec. unsub. notes 5.125%, 5/15/33 |
|
|
|
1,095,000 |
1,032,659 |
|
Exelon
Corp. sr. unsec. unsub. bonds 5.45%, 3/15/34 |
|
|
|
265,000 |
257,567 |
|
Georgia
Power Co. sr. unsec. unsub. bonds 5.25%, 3/15/34 |
|
|
|
795,000 |
773,418 |
|
Georgia
Power Co. sr. unsec. unsub. notes 4.95%, 5/17/33 |
|
|
|
920,000 |
875,845 |
|
IPALCO
Enterprises, Inc. sr. notes 4.25%, 5/1/30 |
|
|
|
813,000 |
746,078 |
|
Kinder
Morgan Energy Partners LP company guaranty sr. unsec. notes 5.40%, 9/1/44 |
|
|
|
199,000 |
178,155 |
|
Kinder
Morgan, Inc. company guaranty sr. unsec. notes Ser. GMTN, 7.75%, 1/15/32 |
|
|
|
505,000 |
559,124 |
|
NextEra
Energy Capital Holdings, Inc. company guaranty sr. unsec. unsub. notes 6.051%, 3/1/25 |
|
|
|
865,000 |
866,713 |
|
NRG
Energy, Inc. 144A company guaranty sr. notes 3.75%, 6/15/24 |
|
|
|
620,000 |
617,636 |
|
NRG
Energy, Inc. 144A sr. notes 2.45%, 12/2/27 |
|
|
|
900,000 |
802,822 |
|
Oncor
Electric Delivery Co., LLC sr. FRB 4.95%, 9/15/52 |
|
|
|
875,000 |
777,739 |
|
Oncor
Electric Delivery Co., LLC sr. notes 5.75%, 3/15/29 |
|
|
|
445,000 |
451,266 |
|
Pacific
Gas and Electric Co. notes 2.10%, 8/1/27 |
|
|
|
235,000 |
209,309 |
|
Pacific
Gas and Electric Co. sr. bonds 5.90%, 6/15/32 |
|
|
|
536,000 |
529,376 |
|
Pacific
Gas and Electric Co. sr. bonds 4.95%, 7/1/50 |
|
|
|
565,000 |
459,527 |
|
Pacific
Gas and Electric Co. sr. notes 5.55%, 5/15/29 |
|
|
|
275,000 |
271,974 |
|
Pacific
Gas and Electric Co. sr. notes 3.30%, 12/1/27 |
|
|
|
1,050,000 |
964,500 |
|
PacifiCorp
sr. bonds 2.70%, 9/15/30 |
|
|
|
656,000 |
553,859 |
|
Puget
Sound Energy, Inc. sr. bonds 5.448%, 6/1/53 |
|
|
|
570,000 |
538,543 |
|
Sempra
Energy sr. unsec. unsub. bonds 5.50%, 8/1/33 |
|
|
|
630,000 |
611,946 |
|
Southern
Co. (The) sr. unsec. bonds 5.70%, 3/15/34 |
|
|
|
870,000 |
867,350 |
|
Southern
Co. (The) sr. unsec. notes 5.50%, 3/15/29 |
|
|
|
105,000 |
104,677 |
|
Vistra
Operations Co., LLC 144A company guaranty sr. notes 6.00%, 4/15/34 |
|
|
|
1,000,000 |
972,026 |
|
Vistra
Operations Co., LLC 144A company guaranty sr. notes 4.30%, 7/15/29 |
|
|
|
442,000 |
408,111 |
|
Vistra
Operations Co., LLC 144A sr. bonds 6.95%, 10/15/33 |
|
|
|
715,000 |
745,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
28,419,170 |
|
|
|
|
|
|
|
|
Total
corporate bonds and notes (cost $289,274,774) |
|
|
|
|
$268,643,732 |
|
|
|
|
|
|
|
|
Key
to holding's abbreviations |
| ADR |
American
Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. |
| BKNT |
Bank
Note |
| CME |
Chicago
Mercantile Exchange |
| DAC |
Designated
Activity Company |
| FRB |
Floating
Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor.
For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| FRN |
Floating
Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap
or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| GMTN |
Global
Medium Term Notes |
| G.O. Bonds |
General
Obligation Bonds |
| IO |
Interest
Only |
| MTN |
Medium
Term Notes |
| REGS |
Securities
sold under Regulation S may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act of 1933. |
| REMICs |
Real
Estate Mortgage Investment Conduits |
| SOFR |
Secured
Overnight Financing Rate |
| TBA |
To
Be Announced Commitments |
|
Notes
to the fund's portfolio |
|
Unless
noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from August 1, 2023
through April 30, 2024 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent
Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to
"ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if
any, represent over-the-counter. |
| (a) |
Percentages
indicated are based on net assets of $1,861,658,261. |
| (NON) |
This
security is non-income-producing. |
| (AFF) |
Affiliated
company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description
is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which
is under common ownership or control were as follows: |
|
Name
of affiliate |
Fair
value
as of
7/31/23 |
Purchase
cost |
Sale
proceeds |
Investment
income |
Shares
outstanding
and fair
value as of
4/30/24 |
|
Short-term
investments |
|
|
|
|
|
|
Putnam
Cash Collateral Pool, LLC*# |
$22,535,184 |
$129,388,639 |
$150,261,093 |
$632,110 |
$1,662,730 |
|
Putnam
Short Term Investment Fund Class P‡ |
43,737,620 |
278,643,909 |
241,875,639 |
2,772,271 |
80,505,890 |
|
|
|
|
|
|
|
|
Total
Short-term investments |
$66,272,804 |
$408,032,548 |
$392,136,732 |
$3,404,381 |
$82,168,620 |
|
*
The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized
by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily
and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities
lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund’s agent; the
fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested
in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam
Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam
Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. |
|
#
At the close of the reporting period, the fund received cash collateral of $1,662,730 for securities loaned. The rate quoted in the security
description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities
loaned amounted to $1,562,735. |
|
‡
Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized
gains or losses during the period. |
| (SEG) |
This
security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the
close of the reporting period. Collateral at period end totaled $383,048. |
| (SEGTBA) |
This
security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain TBA commitments at the close
of the reporting period. Collateral at period end totaled $387,520. |
| (FWC) |
Forward
commitment, in part or in entirety (Note 1). |
| (i) |
This
security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. |
| (P) |
This
security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted
in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| (R) |
Real
Estate Investment Trust. |
| (S) |
This
security is on loan, in part or in entirety, at the close of the reporting period. |
| (WAC) |
The
rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor. |
|
Debt
obligations are considered secured unless otherwise indicated. |
|
144A
after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|
The
dates shown on debt obligations are the original maturity dates. |
|
Security
valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees.
The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for
valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal
Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of
the fund and reporting to the Pricing Committee. |
|
Investments
for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official
closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of
some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. |
|
Investments
in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities,
are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less
their liabilities and divided by the number of their outstanding shares. |
|
Market
quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities
of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing
service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size
trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally
recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings).
These securities will generally be categorized as Level 2. |
|
Many
securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the
closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before
the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities
taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation
of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be
classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The
number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will
be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities
in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. |
|
To
the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe
accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated
as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved
by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value
following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events
such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap
and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities
are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. |
|
To
assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations
on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed
periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect
to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good
faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a
material amount. |
|
Stripped
securities: The fund may invest in stripped securities which represent a participation in securities that may be structured in classes
with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only
securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal,
the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value
if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities
is highly sensitive to changes in interest rates. |
|
Options
contracts: The fund used options contracts for gaining exposure to securities and for managing downside risks. |
|
The
potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments.
In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the
contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains
and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised,
the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally
received is recorded as a reduction to the cost of investments. |
|
Exchange-traded
options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price
for written options. OTC traded options are valued using prices supplied by dealers. |
|
Options
on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously
agreed upon interest rate or credit default contract. Forward premium swap options contracts include premiums that have extended settlement
dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate
cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified
rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract. |
|
For
the fund's average contract amount on options contracts, see the appropriate table at the end of these footnotes. |
|
Futures
contracts: The fund used futures contracts for equitizing cash. |
|
The
potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments.
In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the
contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures,
there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty
to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain
or loss 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. |
|
Futures
contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree
to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known
as “variation margin”. |
|
For
the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. |
|
Forward
currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell
currencies at a set price on a future date. These contracts were used for hedging foreign exchange risk. |
|
The
U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service.
The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the
change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss 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 when the contract matures or by delivery
of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts
are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. |
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For
the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes. |
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TBA
commitments: The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future
date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been
specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The
fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price,
or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be
earned until settlement date. |
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The
fund may also enter into TBA sale commitments to hedge its portfolio positions to sell mortgage-backed securities it owns under delayed
delivery arrangements or to take a short position in mortgage-backed securities. Proceeds of TBA sale commitments are not received until
the contractual settlement date. During the time a TBA sale commitment is outstanding, either equivalent deliverable securities, or an
offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction, or other
liquid assets in an amount equal to the notional value of the TBA sale commitment are segregated. If the TBA sale commitment is closed
through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under
the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date
the commitment was entered into. |
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TBA
commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of
loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction
will not perform its obligations. Counterparty risk is mitigated by having a master agreement between the fund and the counterparty. |
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Unsettled
TBA commitments are valued at their fair value according to the procedures described under "Security valuation" above. The contract is
marked to market daily and the change in fair value is recorded by the fund as an unrealized gain or loss. Based on market circumstances,
Putnam Management will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to
settlement. |
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Master
agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC
derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed
and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from
time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations,
agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with
the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect
to those amounts which can be sold or repledged, are presented in the fund's portfolio. Collateral posted to the fund which cannot be
sold or repledged totaled $111,395 at the close of the reporting period. |
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Collateral
pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the
form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the
applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty. |
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With
respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets
below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in
the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party
may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment
of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one
or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity. |
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At
the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master
Agreements. |