
Bond Fund

| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $ |
| Net Assets ($): | Average Effective Maturity (yrs): | 8.0 | ||
| Total Number of Holdings: | Average Effective Duration (yrs): | 6.5 | ||
| Portfolio Turnover Rate (%): |
| Long | Short | Net | |
| Fixed Income | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| AAA | |||
| AA | |||
| A | |||
| BBB | |||
| BB | |||
| B | |||
| CCC | |||
| U.S. Government | |||
| Federal Agencies | |||
| Not Rated | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| Non-U.S. Government Bonds | ( |
||
| Emerging Markets Bonds | ( |
||
| Investment Grade Corporates | |||
| High Yield Corporates | |||
| U.S. Treasury Securities | ( |
||
| Mortgage-Backed Securities | |||
| Collateralized Loan Obligations | |||
| Commercial Mortgage-Backed Securities | |||
| Residential Mortgage-Backed Securities | |||
| Municipal Bonds | |||
| Asset-Backed Securities |

Bond Fund

| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $ |
| Net Assets ($): | Average Effective Maturity (yrs): | 8.0 | ||
| Total Number of Holdings: | Average Effective Duration (yrs): | 6.5 | ||
| Portfolio Turnover Rate (%): |
| Long | Short | Net | |
| Fixed Income | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| AAA | |||
| AA | |||
| A | |||
| BBB | |||
| BB | |||
| B | |||
| CCC | |||
| U.S. Government | |||
| Federal Agencies | |||
| Not Rated | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| Non-U.S. Government Bonds | ( |
||
| Emerging Markets Bonds | ( |
||
| Investment Grade Corporates | |||
| High Yield Corporates | |||
| U.S. Treasury Securities | ( |
||
| Mortgage-Backed Securities | |||
| Collateralized Loan Obligations | |||
| Commercial Mortgage-Backed Securities | |||
| Residential Mortgage-Backed Securities | |||
| Municipal Bonds | |||
| Asset-Backed Securities |

Bond Fund

| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $ |
| Net Assets ($): | Average Effective Maturity (yrs): | 8.0 | ||
| Total Number of Holdings: | Average Effective Duration (yrs): | 6.5 | ||
| Portfolio Turnover Rate (%): |
| Long | Short | Net | |
| Fixed Income | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| AAA | |||
| AA | |||
| A | |||
| BBB | |||
| BB | |||
| B | |||
| CCC | |||
| U.S. Government | |||
| Federal Agencies | |||
| Not Rated | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| Non-U.S. Government Bonds | ( |
||
| Emerging Markets Bonds | ( |
||
| Investment Grade Corporates | |||
| High Yield Corporates | |||
| U.S. Treasury Securities | ( |
||
| Mortgage-Backed Securities | |||
| Collateralized Loan Obligations | |||
| Commercial Mortgage-Backed Securities | |||
| Residential Mortgage-Backed Securities | |||
| Municipal Bonds | |||
| Asset-Backed Securities |

Bond Fund

| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $ |
| Net Assets ($): | Average Effective Maturity (yrs): | 8.0 | ||
| Total Number of Holdings: | Average Effective Duration (yrs): | 6.5 | ||
| Portfolio Turnover Rate (%): |
| Long | Short | Net | |
| Fixed Income | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| AAA | |||
| AA | |||
| A | |||
| BBB | |||
| BB | |||
| B | |||
| CCC | |||
| U.S. Government | |||
| Federal Agencies | |||
| Not Rated | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| Non-U.S. Government Bonds | ( |
||
| Emerging Markets Bonds | ( |
||
| Investment Grade Corporates | |||
| High Yield Corporates | |||
| U.S. Treasury Securities | ( |
||
| Mortgage-Backed Securities | |||
| Collateralized Loan Obligations | |||
| Commercial Mortgage-Backed Securities | |||
| Residential Mortgage-Backed Securities | |||
| Municipal Bonds | |||
| Asset-Backed Securities |

Bond Fund

| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $ |
| Net Assets ($): | Average Effective Maturity (yrs): | 8.0 | ||
| Total Number of Holdings: | Average Effective Duration (yrs): | 6.5 | ||
| Portfolio Turnover Rate (%): |
| Long | Short | Net | |
| Fixed Income | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| AAA | |||
| AA | |||
| A | |||
| BBB | |||
| BB | |||
| B | |||
| CCC | |||
| U.S. Government | |||
| Federal Agencies | |||
| Not Rated | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| Non-U.S. Government Bonds | ( |
||
| Emerging Markets Bonds | ( |
||
| Investment Grade Corporates | |||
| High Yield Corporates | |||
| U.S. Treasury Securities | ( |
||
| Mortgage-Backed Securities | |||
| Collateralized Loan Obligations | |||
| Commercial Mortgage-Backed Securities | |||
| Residential Mortgage-Backed Securities | |||
| Municipal Bonds | |||
| Asset-Backed Securities |

Bond Fund

| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $ |
| Net Assets ($): | Average Effective Maturity (yrs): | 8.0 | ||
| Total Number of Holdings: | Average Effective Duration (yrs): | 6.5 | ||
| Portfolio Turnover Rate (%): |
| Long | Short | Net | |
| Fixed Income | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| AAA | |||
| AA | |||
| A | |||
| BBB | |||
| BB | |||
| B | |||
| CCC | |||
| U.S. Government | |||
| Federal Agencies | |||
| Not Rated | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| Non-U.S. Government Bonds | ( |
||
| Emerging Markets Bonds | ( |
||
| Investment Grade Corporates | |||
| High Yield Corporates | |||
| U.S. Treasury Securities | ( |
||
| Mortgage-Backed Securities | |||
| Collateralized Loan Obligations | |||
| Commercial Mortgage-Backed Securities | |||
| Residential Mortgage-Backed Securities | |||
| Municipal Bonds | |||
| Asset-Backed Securities |

Bond Fund

| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $ |
| Net Assets ($): | Average Effective Maturity (yrs): | 8.0 | ||
| Total Number of Holdings: | Average Effective Duration (yrs): | 6.5 | ||
| Portfolio Turnover Rate (%): |
| Long | Short | Net | |
| Fixed Income | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| AAA | |||
| AA | |||
| A | |||
| BBB | |||
| BB | |||
| B | |||
| CCC | |||
| U.S. Government | |||
| Federal Agencies | |||
| Not Rated | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| Non-U.S. Government Bonds | ( |
||
| Emerging Markets Bonds | ( |
||
| Investment Grade Corporates | |||
| High Yield Corporates | |||
| U.S. Treasury Securities | ( |
||
| Mortgage-Backed Securities | |||
| Collateralized Loan Obligations | |||
| Commercial Mortgage-Backed Securities | |||
| Residential Mortgage-Backed Securities | |||
| Municipal Bonds | |||
| Asset-Backed Securities |

Bond Fund

| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $ |
| Net Assets ($): | Average Effective Maturity (yrs): | 8.0 | ||
| Total Number of Holdings: | Average Effective Duration (yrs): | 6.5 | ||
| Portfolio Turnover Rate (%): |
| Long | Short | Net | |
| Fixed Income | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| AAA | |||
| AA | |||
| A | |||
| BBB | |||
| BB | |||
| B | |||
| CCC | |||
| U.S. Government | |||
| Federal Agencies | |||
| Not Rated | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| Non-U.S. Government Bonds | ( |
||
| Emerging Markets Bonds | ( |
||
| Investment Grade Corporates | |||
| High Yield Corporates | |||
| U.S. Treasury Securities | ( |
||
| Mortgage-Backed Securities | |||
| Collateralized Loan Obligations | |||
| Commercial Mortgage-Backed Securities | |||
| Residential Mortgage-Backed Securities | |||
| Municipal Bonds | |||
| Asset-Backed Securities |

Bond Fund

| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $ |
| Net Assets ($): | Average Effective Maturity (yrs): | 8.0 | ||
| Total Number of Holdings: | Average Effective Duration (yrs): | 6.5 | ||
| Portfolio Turnover Rate (%): |
| Long | Short | Net | |
| Fixed Income | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| AAA | |||
| AA | |||
| A | |||
| BBB | |||
| BB | |||
| B | |||
| CCC | |||
| U.S. Government | |||
| Federal Agencies | |||
| Not Rated | ( |
||
| Cash & Cash Equivalents | ( |
||
| Other | ( |
( |
| Long | Short | Net | |
| Non-U.S. Government Bonds | ( |
||
| Emerging Markets Bonds | ( |
||
| Investment Grade Corporates | |||
| High Yield Corporates | |||
| U.S. Treasury Securities | ( |
||
| Mortgage-Backed Securities | |||
| Collateralized Loan Obligations | |||
| Commercial Mortgage-Backed Securities | |||
| Residential Mortgage-Backed Securities | |||
| Municipal Bonds | |||
| Asset-Backed Securities |
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included in the financial statements of such series under Item 7 of this Form N-CSR.
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – 96.9%
|
||||
|
Aerospace & Defense – 0.8%
|
||||
|
Airbus SE, 3.375%, 5/13/2033
|
|
EUR
|
904,000
|
$1,054,297
|
|
Boeing Co., 6.388%, 5/01/2031
|
|
$
|
278,000
|
296,567
|
|
Boeing Co., 5.805%, 5/01/2050
|
|
|
1,072,000
|
1,061,266
|
|
Honeywell Aerospace, Inc., 4.6%, 3/16/2033 (n)
|
|
|
461,000
|
454,210
|
|
Honeywell Aerospace, Inc., 4.95%, 3/16/2036 (n)
|
|
|
623,000
|
616,245
|
|
Huntington Ingalls Industries, Inc., 5.749%, 1/15/2035
|
|
|
879,000
|
912,548
|
|
Rheinmetall AG, 3.375%, 5/28/2031
|
|
EUR
|
300,000
|
351,419
|
|
Rolls-Royce Holdings PLC, 3.875%, 5/20/2036
|
|
|
410,000
|
482,454
|
|
Thales S.A., 4.25%, 10/18/2031
|
|
|
600,000
|
730,810
|
|
TransDigm, Inc., 6.375%, 5/31/2033 (n)
|
|
$
|
2,265,000
|
2,286,747
|
|
|
|
|
|
$8,246,563
|
|
Asset-Backed & Securitized – 5.2%
|
||||
|
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 0.988%, 11/15/2054 (i)
|
|
$
|
11,539,340
|
$368,013
|
|
AA Bond Co. Ltd., 5.5%, 7/31/2050
|
|
GBP
|
488,000
|
645,534
|
|
ACREC 2021-FL1 Ltd., “C”, FLR, 5.89% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n)
|
|
$
|
2,557,500
|
2,558,225
|
|
Angel Oak Mortgage Trust, 2024-12, “A1”, 5.653%, 10/25/2069 (n)
|
|
|
2,289,760
|
2,300,467
|
|
Angel Oak Mortgage Trust, 2024-9, “A1”, 5.138%, 9/25/2069 (n)
|
|
|
1,936,277
|
1,934,113
|
|
Angel Oak Mortgage Trust, 2025-1, “A2”, 5.844%, 1/25/2070 (n)
|
|
|
977,023
|
981,167
|
|
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 6.643% (SOFR - 30 day + 3%), 1/15/2037 (n)
|
|
|
2,400,000
|
2,399,981
|
|
AREIT 2022-CRE6 Trust, “C”, FLR, 5.788% (SOFR - 30 day + 2.15%), 1/20/2037 (n)
|
|
|
533,500
|
533,514
|
|
AREIT 2022-CRE6 Trust, “D”, FLR, 6.488% (SOFR - 30 day + 2.85%), 1/20/2037 (n)
|
|
|
569,500
|
568,702
|
|
Arqiva Broadcast Finance PLC, 4.882%, 12/31/2032
|
|
GBP
|
485,333
|
631,171
|
|
Bain Capital Credit CLO Ltd., 2021-7A, “BR”, FLR, 5.164% (SOFR - 3mo. + 1.5%), 1/22/2035 (n)
|
|
$
|
3,802,743
|
3,802,739
|
|
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.586%, 4/15/2053 (i)
|
|
|
1,363,610
|
52,557
|
|
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.191%, 7/15/2054 (i)
|
|
|
8,697,894
|
389,022
|
|
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.54%, 2/15/2054 (i)
|
|
|
14,220,534
|
805,755
|
|
Benchmark 2020-B18 Mortgage Trust, “XA”, 1.75%, 7/15/2053 (i)
|
|
|
9,837,471
|
483,543
|
|
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.078%, 3/15/2054 (i)
|
|
|
5,969,309
|
214,641
|
|
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.843%, 6/15/2054 (i)
|
|
|
18,605,789
|
551,355
|
|
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.231%, 7/15/2054 (i)
|
|
|
19,584,432
|
835,288
|
|
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.216%, 8/15/2054 (i)
|
|
|
19,875,299
|
898,493
|
|
BMP Commercial Mortgage Trust, 2024-MF23, “C”, FLR, 5.468% (SOFR - 1mo. + 1.8413%), 6/15/2041 (n)
|
|
|
941,760
|
943,526
|
|
BMP Commercial Mortgage Trust, 2024-MF23, “D”, FLR, 6.018% (SOFR - 1mo. + 2.3905%), 6/15/2041 (n)
|
|
|
754,553
|
756,911
|
|
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)
|
|
|
936,509
|
946,759
|
|
Business Jet Securities LLC, 2024-1A, “B”, 6.924%, 5/15/2039 (n)
|
|
|
55,546
|
56,427
|
|
Business Jet Securities LLC, 2024-2A, “A”, 5.364%, 9/15/2039 (n)
|
|
|
701,357
|
699,163
|
|
BX Trust, 2024-PURE, “A”, FLR, 4.172% (CORRA + 1.9%), 11/15/2041 (n)
|
|
CAD
|
1,959,731
|
1,421,641
|
|
BX Trust, 2026-CLS, “C”, 5.977%, 5/15/2043 (n)
|
|
$
|
297,000
|
298,113
|
|
BX Trust, 2026-CLS, “D”, 7.077%, 5/15/2043 (n)
|
|
|
311,000
|
312,942
|
|
Cathedral Lake VI Ltd., FLR, 5.517% (SOFR - 3mo. + 1.85%), 4/25/2034 (n)
|
|
|
1,783,838
|
1,784,632
|
|
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n)
|
|
|
372,209
|
310,947
|
|
Colt Funding LLC, 2024-1, “A1”, 5.835%, 2/25/2069 (n)
|
|
|
622,245
|
623,463
|
|
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.704%, 4/15/2054 (i)
|
|
|
7,343,964
|
189,478
|
|
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 0.957%, 6/15/2063 (i)
|
|
|
11,230,039
|
372,908
|
|
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.022%, 6/15/2064 (i)
|
|
|
9,024,250
|
343,506
|
|
ELM Trust, 2024-ELM, “B10”, 5.995%, 6/10/2039 (n)
|
|
|
1,580,784
|
1,579,311
|
|
ELM Trust, 2024-ELM, “C10”, 6.189%, 6/10/2039 (n)
|
|
|
194,910
|
194,628
|
|
ELM Trust, 2024-ELM, “D10”, 6.625%, 6/10/2039 (n)
|
|
|
100,000
|
99,771
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Asset-Backed & Securitized – continued
|
||||
|
Empire District Bondco LLC, 4.943%, 1/01/2035
|
|
$
|
1,210,429
|
$1,217,076
|
|
Enterprise Fleet Financing 2024-3 LLC, “A2”, 5.31%, 4/20/2027 (n)
|
|
|
108,489
|
108,646
|
|
Enterprise Fleet Financing 2025-1 LLC, “A2”, 4.65%, 10/20/2027 (n)
|
|
|
258,415
|
258,965
|
|
Enterprise Fleet Financing 2025-4 LLC, “A2”, 4.05%, 8/20/2028 (n)
|
|
|
1,239,000
|
1,238,204
|
|
EQT Trust, 2024-EXTR, “B”, 5.654%, 7/05/2041 (n)
|
|
|
606,933
|
612,899
|
|
EQT Trust, 2024-EXTR, “C”, 6.046%, 7/05/2041 (n)
|
|
|
151,515
|
153,208
|
|
EQT Trust, 2024-EXTR, “D”, 6.682%, 7/05/2041 (n)
|
|
|
150,000
|
151,654
|
|
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 5.862% (SOFR - 30 day + 2.25%), 2/23/2039 (n)
|
|
|
659,003
|
658,291
|
|
KREF 2021-FL2 Ltd., “B”, FLR, 5.392% ((SOFR - 1mo. + 0.11448%) + 1.65%), 2/15/2039 (n)
|
|
|
2,155,000
|
2,153,278
|
|
MF1 2022-FL8 Ltd., “C”, FLR, 5.812% (SOFR - 30 day + 2.2%), 2/19/2037 (n)
|
|
|
1,130,366
|
1,125,765
|
|
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.178%, 5/15/2054 (i)
|
|
|
4,971,413
|
219,438
|
|
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.141%, 6/15/2054 (i)
|
|
|
15,474,398
|
536,500
|
|
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)
|
|
|
593,918
|
595,437
|
|
OBX Trust, 2024-NQM2, “A1”, 5.878%, 12/25/2063 (n)
|
|
|
1,331,253
|
1,335,160
|
|
OBX Trust, 2024-NQM3, “A1”, 6.129%, 12/25/2063 (n)
|
|
|
292,301
|
293,651
|
|
OBX Trust, 2024-NQM8, “A1”, 6.233%, 5/25/2064 (n)
|
|
|
907,725
|
914,790
|
|
OBX Trust, 2025-NQM18, “A1”, 5.057%, 9/25/2065 (n)
|
|
|
659,549
|
657,706
|
|
PMT Loan Trust, 2025-INV10, “A36”, FLR, 4.962% (SOFR - 1mo. + 1.35%), 10/01/2056 (n)
|
|
|
1,245,082
|
1,246,044
|
|
Starwood Commercial Mortgage, 2021-FL2, “B”, FLR, 5.539% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n)
|
|
|
1,223,000
|
1,222,780
|
|
Starwood Commercial Mortgage, 2021-FL2, “C”, FLR, 5.84% ((SOFR - 1mo. + 0.11448%) + 2.1%), 4/18/2038 (n)
|
|
|
238,000
|
237,762
|
|
TCW Gem Ltd., 2020-1A, “BR3”, FLR, 5.275% (SOFR - 3mo. + 1.6%), 4/20/2034 (n)
|
|
|
3,150,000
|
3,150,608
|
|
TPG Real Estate Finance, 2025-FL7, “AS”, FLR, 5.325% (SOFR - 1mo. + 1.7%), 6/18/2043 (n)
|
|
|
1,297,029
|
1,299,446
|
|
Verus Securitization Trust, 2024-1, “A1”, 5.712%, 1/25/2069 (n)
|
|
|
634,931
|
636,162
|
|
Volvo Financial Equipment LLC, 2024-1A, “A2”, 4.56%, 5/17/2027 (n)
|
|
|
123,144
|
123,180
|
|
Wells Fargo Commercial Mortgage Trust, 2021-C59, “XA”, 1.464%, 4/15/2054 (i)
|
|
|
8,979,502
|
464,861
|
|
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.49%, 8/15/2054 (i)
|
|
|
14,630,891
|
835,905
|
|
|
|
|
|
$53,335,822
|
|
Auto & Auto Components – 1.0%
|
||||
|
Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n)
|
|
$
|
2,036,000
|
$2,011,768
|
|
Ford Motor Credit Co. LLC, 5.8%, 3/08/2029
|
|
|
514,000
|
521,598
|
|
Ford Motor Credit Co. LLC, 3.305%, 5/17/2029
|
|
EUR
|
590,000
|
682,436
|
|
Ford Motor Credit Co. LLC, 5.73%, 9/05/2030
|
|
$
|
539,000
|
545,171
|
|
Ford Motor Credit Co. LLC, 5.753%, 4/06/2033
|
|
|
483,000
|
481,861
|
|
Hyundai Capital America, 6.375%, 4/08/2030 (n)
|
|
|
825,000
|
866,004
|
|
Hyundai Capital America, 4.5%, 9/18/2030 (n)
|
|
|
288,000
|
283,601
|
|
New Flyer Holdings, Inc., 9.25%, 7/01/2030 (n)
|
|
|
1,984,000
|
2,128,965
|
|
RCI Banque S.A., 3.625%, 2/22/2030
|
|
EUR
|
700,000
|
818,534
|
|
Stellantis Financial Services US Corp., 5.4%, 6/15/2029 (n)(w)
|
|
$
|
672,000
|
673,698
|
|
Toyota Motor Finance (Netherlands) B.V., 3.25%, 4/23/2030
|
|
EUR
|
740,000
|
863,949
|
|
Volkswagen Bank GmbH, 3.75%, 12/10/2032
|
|
|
400,000
|
463,542
|
|
|
|
|
|
$10,341,127
|
|
Brokerage & Asset Managers – 1.0%
|
||||
|
Carlyle Group, Inc., 5.05%, 9/19/2035
|
|
$
|
918,000
|
$886,249
|
|
Charles Schwab Corp., 4.914% to 11/14/2035, FLR (SOFR - 1 day + 1.23%) to 11/14/2036
|
|
|
1,076,000
|
1,046,930
|
|
Citadel Securities Global Holdings LLC, 5.75%, 3/27/2036 (n)
|
|
|
1,076,000
|
1,063,254
|
|
Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n)
|
|
|
2,303,000
|
2,308,775
|
|
Jefferies Financial Group, Inc., 5.5%, 2/15/2036
|
|
|
1,015,000
|
988,314
|
|
Low Income Investment Fund, 3.386%, 7/01/2026
|
|
|
310,000
|
309,529
|
|
Low Income Investment Fund, 3.711%, 7/01/2029
|
|
|
555,000
|
538,683
|
|
LPL Holdings, Inc., 4%, 3/15/2029 (n)
|
|
|
805,000
|
784,892
|
|
LPL Holdings, Inc., 5.65%, 3/15/2035
|
|
|
654,000
|
650,706
|
|
LPL Holdings, Inc., 5.75%, 6/15/2035
|
|
|
135,000
|
135,633
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Brokerage & Asset Managers – continued
|
||||
|
LSEG Netherlands B.V., 3%, 11/06/2031
|
|
EUR
|
770,000
|
$879,679
|
|
LSEG US Financial Corp., 5.297%, 3/28/2034 (n)
|
|
$
|
555,000
|
562,159
|
|
|
|
|
|
$10,154,803
|
|
Building – 1.0%
|
||||
|
AmeriTex Holdco Intermediate LLC, 7.625%, 8/15/2033 (n)
|
|
$
|
2,038,000
|
$2,122,092
|
|
Ferguson Enterprises, Inc., 5%, 10/03/2034
|
|
|
1,051,000
|
1,044,854
|
|
Heidelberg Materials AG, 3.5%, 10/10/2029
|
|
EUR
|
730,000
|
857,820
|
|
JH North America Holdings, Inc., 5.875%, 1/31/2031 (n)
|
|
$
|
406,000
|
405,844
|
|
JH North America Holdings, Inc., 6.125%, 7/31/2032 (n)
|
|
|
648,000
|
649,527
|
|
LBM Acquisition LLC, 9.5%, 6/15/2031 (n)
|
|
|
1,683,000
|
1,409,184
|
|
Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n)
|
|
|
2,643,000
|
2,691,272
|
|
Vulcan Materials Co., 3.5%, 6/01/2030
|
|
|
546,000
|
522,887
|
|
Vulcan Materials Co., 5.7%, 12/01/2054
|
|
|
532,000
|
525,965
|
|
|
|
|
|
$10,229,445
|
|
Business Services – 0.9%
|
||||
|
ams-OSRAM AG, 10.5%, 3/30/2029
|
|
EUR
|
1,714,000
|
$2,117,368
|
|
Black Pearl Compute LLC, 6.125%, 2/15/2031 (n)
|
|
$
|
2,265,000
|
2,304,435
|
|
Fiserv, Inc., 4.4%, 7/01/2049
|
|
|
675,000
|
517,851
|
|
Paychex, Inc., 5.1%, 4/15/2030
|
|
|
312,000
|
315,577
|
|
Paychex, Inc., 5.35%, 4/15/2032
|
|
|
770,000
|
780,052
|
|
RELX Finance B.V., 3.25%, 5/22/2029 (w)
|
|
EUR
|
300,000
|
351,330
|
|
SV RNO Property Owner 1 LLC, 5.875%, 3/01/2031 (n)
|
|
$
|
2,265,000
|
2,236,566
|
|
Visa, Inc., 3.875%, 5/15/2044
|
|
EUR
|
430,000
|
488,792
|
|
|
|
|
|
$9,111,971
|
|
Cable TV – 0.4%
|
||||
|
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
6.384%, 10/23/2035
|
|
$
|
394,000
|
$396,585
|
|
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
6.484%, 10/23/2045
|
|
|
341,000
|
315,202
|
|
Comcast Corp., 6.05%, 5/15/2055
|
|
|
707,000
|
698,390
|
|
Summer BidCo B.V., 8.875%, 1/31/2031 (n)(p)
|
|
EUR
|
1,450,609
|
1,727,279
|
|
Videotron Ltd., 3.625%, 6/15/2029 (n)
|
|
$
|
965,000
|
935,174
|
|
|
|
|
|
$4,072,630
|
|
Chemicals – 0.5%
|
||||
|
FIS Fabbrica Italiana Sintetici S.p.A., 5.25%, 2/05/2031 (n)
|
|
EUR
|
1,600,000
|
$1,869,524
|
|
FIS Fabbrica Italiana Sintetici S.p.A., 5.25%, 2/05/2031
|
|
|
200,000
|
233,691
|
|
Linde PLC, 3.4%, 2/14/2036
|
|
|
400,000
|
457,087
|
|
Maxam Prill S.à r.l., 6%, 7/15/2030 (n)
|
|
|
1,590,000
|
1,884,040
|
|
Maxam Prill S.à r.l., 6%, 7/15/2030
|
|
|
450,000
|
533,219
|
|
Novonesis, “B”, 3.625%, 3/19/2033
|
|
|
280,000
|
328,465
|
|
|
|
|
|
$5,306,026
|
|
Conglomerates – 0.8%
|
||||
|
Assa Abloy AB, 3.371%, 9/09/2032
|
|
EUR
|
590,000
|
$684,494
|
|
CompoSecure Holdings LLC, 5.625%, 2/01/2033 (n)
|
|
$
|
2,365,000
|
2,295,800
|
|
Eaton Corp. PLC, 4.5%, 3/06/2033
|
|
|
200,000
|
196,615
|
|
Eaton Corp. PLC, 4.8%, 3/06/2036
|
|
|
471,000
|
463,351
|
|
nVent Finance S.à r.l., 5.65%, 5/15/2033
|
|
|
646,000
|
664,300
|
|
Regal Rexnord Corp., 6.05%, 4/15/2028
|
|
|
669,000
|
684,029
|
|
Regal Rexnord Corp., 6.4%, 4/15/2033
|
|
|
367,000
|
388,921
|
|
Smiths Group PLC, 3.625%, 11/13/2033
|
|
EUR
|
930,000
|
1,065,785
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Conglomerates – continued
|
||||
|
Veralto Corp., 4.15%, 9/19/2031
|
|
EUR
|
649,000
|
$777,704
|
|
Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034
|
|
$
|
508,000
|
523,437
|
|
Westinghouse Air Brake Technologies Corp., 5.5%, 5/29/2035
|
|
|
635,000
|
649,657
|
|
|
|
|
|
$8,394,093
|
|
Construction – 0.2%
|
||||
|
Empire Communities Corp., 9.75%, 5/01/2029 (n)
|
|
$
|
1,869,000
|
$1,919,454
|
|
Consumer Products – 0.6%
|
||||
|
Acushnet Co., 5.625%, 12/01/2033 (n)
|
|
$
|
2,604,000
|
$2,583,640
|
|
Galderma Finance Europe B.V., 3.375%, 3/17/2031
|
|
EUR
|
570,000
|
662,778
|
|
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)
|
|
$
|
2,926,000
|
2,685,352
|
|
|
|
|
|
$5,931,770
|
|
Consumer Services – 0.4%
|
||||
|
Booking Holdings, Inc., 3%, 11/07/2030
|
|
EUR
|
930,000
|
$1,068,852
|
|
Booking Holdings, Inc., 4%, 5/11/2034
|
|
|
720,000
|
846,283
|
|
ISS Global A.S., 3.5%, 5/11/2031
|
|
|
1,110,000
|
1,290,222
|
|
Pluxee N.V., 3.75%, 9/04/2032
|
|
|
700,000
|
812,652
|
|
|
|
|
|
$4,018,009
|
|
Diversified Financial Services – 1.6%
|
||||
|
Ares Capital Corp., 5.25%, 4/12/2031
|
|
$
|
547,000
|
$534,652
|
|
Aroundtown S.A., 3%, 10/16/2029
|
|
GBP
|
430,000
|
534,566
|
|
Avolon Holdings Funding Ltd., 5.75%, 3/01/2029 (n)
|
|
$
|
509,000
|
520,278
|
|
Avolon Holdings Funding Ltd., 4.95%, 10/15/2032 (n)
|
|
|
796,000
|
776,516
|
|
Blackstone Secured Lending Fund, 5.35%, 4/13/2028
|
|
|
578,000
|
577,312
|
|
Goldman Sachs Private Credit Corp., 6.15%, 6/16/2031 (n)
|
|
|
506,000
|
504,021
|
|
Intrum Investments & Financing AB, 7.75%, 9/11/2028 (n)
|
|
EUR
|
1,307,869
|
1,482,003
|
|
Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n)
|
|
$
|
524,000
|
521,782
|
|
Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n)
|
|
|
390,000
|
408,006
|
|
Muthoot Finance Ltd., 7.125%, 2/14/2028 (n)
|
|
|
546,000
|
555,193
|
|
PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n)
|
|
|
2,690,000
|
2,613,201
|
|
Shriram Finance Ltd., 6.15%, 4/03/2028 (n)
|
|
|
1,323,000
|
1,348,691
|
|
Shurgard Luxembourg S.à r.l., 3.625%, 10/22/2034
|
|
EUR
|
1,100,000
|
1,237,411
|
|
Shurgard Luxembourg S.à r.l., 4%, 5/27/2035
|
|
|
700,000
|
800,784
|
|
SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035 (n)
|
|
$
|
1,509,000
|
1,483,242
|
|
VGP N.V., 2.25%, 1/17/2030
|
|
EUR
|
400,000
|
439,337
|
|
Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n)
|
|
$
|
2,379,000
|
2,404,941
|
|
|
|
|
|
$16,741,936
|
|
Emerging Market Quasi-Sovereign – 2.5%
|
||||
|
Abu Dhabi Developmental Holding Co. PJSC, 5.5%, 5/08/2034 (n)
|
|
$
|
1,958,000
|
$2,000,100
|
|
Bank Gospodarstwa Krajowego (Republic of Poland), 5.75%, 7/09/2034 (n)
|
|
|
1,494,000
|
1,552,738
|
|
Chile Electricity Lux MPC II S.à r.l., 5.58%, 10/20/2035 (n)
|
|
|
494,617
|
502,432
|
|
Codelco, Inc. (Republic of Chile), 5.529%, 1/30/2037 (n)
|
|
|
628,000
|
621,280
|
|
Corporacion Financiera de Desarrollo S.A. (Republic of Peru), 5.5%, 5/06/2030 (n)
|
|
|
615,000
|
623,727
|
|
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031
|
|
|
2,465,000
|
2,259,222
|
|
Empresa Nacional del Petroleo (Republic of Chile), 5.95%, 7/30/2034 (n)
|
|
|
1,041,000
|
1,068,606
|
|
Indian Railway Finance Corp., 2.8%, 2/10/2031
|
|
|
1,850,000
|
1,690,467
|
|
JSC National Co. Kazakhstan Temir Zholy, 4.875%, 4/29/2031 (n)
|
|
|
492,000
|
484,391
|
|
MVM Energetika Zartkoruen Mukodo Reszvenytarsasag (Republic of Hungary), 6.5%, 3/13/2031
|
|
|
1,460,000
|
1,529,010
|
|
Navoi Mining & Metallurgical Co. (Republic of Uzbekistan), 6.7%, 10/17/2028
|
|
|
1,418,000
|
1,459,670
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Emerging Market Quasi-Sovereign – continued
|
||||
|
OCP S.A. (Kingdom of Morocco), 3.75%, 6/23/2031 (n)
|
|
$
|
677,000
|
$624,638
|
|
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n)
|
|
|
1,038,000
|
1,091,279
|
|
Petroleos Mexicanos, 10%, 2/07/2033
|
|
|
748,000
|
878,526
|
|
Petroleos Mexicanos, 7.69%, 1/23/2050
|
|
|
1,388,000
|
1,270,082
|
|
PETRONAS Capital Ltd. (Federation of Malaysia), 5.34%, 4/03/2035 (n)
|
|
|
1,740,000
|
1,795,407
|
|
PT Perusahaan Listrik Negara (Republic of Indonesia), 5.45%, 2/03/2036 (n)
|
|
|
1,084,000
|
1,055,409
|
|
Saudi Arabian Oil Co., 5%, 2/02/2036 (n)
|
|
|
1,196,000
|
1,169,466
|
|
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030
|
|
|
1,481,000
|
1,588,080
|
|
Telecommunications Co. (Republic of Serbia), 7.25%, 5/18/2031 (n)
|
|
|
1,244,000
|
1,242,501
|
|
Uzbek Industrial & Construction Bank ATB (Republic of Uzbekistan), 8.95%, 7/24/2029 (n)
|
|
|
992,000
|
1,067,023
|
|
|
|
|
|
$25,574,054
|
|
Emerging Market Sovereign – 18.9%
|
||||
|
Czech Republic, 5.3%, 9/19/2035
|
|
CZK
|
119,500,000
|
$5,974,176
|
|
Eagle Funding LuxCo S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n)
|
|
$
|
769,000
|
773,406
|
|
Federal Republic of Nigeria, 7.875%, 2/16/2032
|
|
|
1,168,000
|
1,234,224
|
|
Federative Republic of Brazil, 10%, 1/01/2035
|
|
BRL
|
115,577,000
|
18,542,799
|
|
Hellenic Republic (Republic of Greece), 3.375%, 6/16/2036 (n)
|
|
EUR
|
5,364,000
|
6,145,196
|
|
Hellenic Republic (Republic of Greece), 4.125%, 6/15/2054
|
|
|
3,954,000
|
4,471,092
|
|
Kingdom of Saudi Arabia, 4.875%, 1/12/2036 (n)
|
|
$
|
3,134,000
|
3,097,097
|
|
Oriental Republic of Uruguay, 8.25%, 5/21/2031
|
|
UYU
|
38,028,000
|
984,209
|
|
Oriental Republic of Uruguay, 9.75%, 7/20/2033
|
|
|
93,420,000
|
2,597,935
|
|
Oriental Republic of Uruguay, 8%, 10/29/2035
|
|
|
125,763,733
|
3,203,850
|
|
People's Republic of China, 3.13%, 11/21/2029
|
|
CNY
|
65,610,000
|
10,336,634
|
|
People's Republic of China, 1.43%, 1/25/2030
|
|
|
122,850,000
|
18,207,963
|
|
People's Republic of China, 1.63%, 10/25/2030
|
|
|
27,300,000
|
4,068,792
|
|
People's Republic of China, 2.88%, 2/25/2033
|
|
|
113,660,000
|
18,275,647
|
|
People's Republic of China, 1.83%, 8/25/2035
|
|
|
33,000,000
|
4,916,428
|
|
Republic of Bulgaria, 5%, 3/05/2037
|
|
$
|
1,192,000
|
1,166,275
|
|
Republic of Chile, 2.55%, 7/27/2033
|
|
|
452,000
|
387,816
|
|
Republic of Chile, 4.34%, 3/07/2042
|
|
|
1,000,000
|
881,500
|
|
Republic of Costa Rica, 7.3%, 11/13/2054
|
|
|
1,766,000
|
1,972,640
|
|
Republic of Cote d'Ivoire, 8.25%, 1/30/2037
|
|
|
747,000
|
825,050
|
|
Republic of Cote d'Ivoire, 6.875%, 10/17/2040
|
|
EUR
|
1,521,000
|
1,794,651
|
|
Republic of Guatemala, 6.05%, 8/06/2031 (n)
|
|
$
|
1,545,000
|
1,599,137
|
|
Republic of Hungary, 5.5%, 6/16/2034
|
|
|
1,534,000
|
1,554,671
|
|
Republic of Hungary, 6%, 9/26/2035 (n)
|
|
|
1,460,000
|
1,519,127
|
|
Republic of Korea, 1.875%, 6/10/2029
|
|
KRW
|
15,314,110,000
|
9,616,806
|
|
Republic of Korea, 2.5%, 9/10/2030
|
|
|
26,500,000,000
|
16,569,918
|
|
Republic of Korea, 1.5%, 12/10/2030
|
|
|
24,350,000,000
|
14,520,536
|
|
Republic of Paraguay, 6%, 2/09/2036 (n)
|
|
$
|
725,000
|
759,546
|
|
Republic of Paraguay, 5.6%, 3/13/2048
|
|
|
2,000,000
|
1,861,940
|
|
Republic of Peru, 5.375%, 2/08/2035
|
|
|
1,561,000
|
1,575,049
|
|
Republic of Peru, 6.85%, 8/12/2035
|
|
PEN
|
29,090,000
|
8,867,165
|
|
Republic of Poland, 5.375%, 2/12/2035
|
|
$
|
1,476,000
|
1,499,320
|
|
Republic of Romania, 6.375%, 1/30/2034
|
|
|
2,014,000
|
2,044,327
|
|
Republic of Romania, 3.75%, 2/07/2034
|
|
EUR
|
1,386,000
|
1,456,771
|
|
Republic of Serbia, 6%, 6/12/2034 (n)
|
|
$
|
665,000
|
682,678
|
|
Republic of South Africa, 7.1%, 11/19/2036 (n)
|
|
|
1,926,000
|
2,060,243
|
|
Republic of South Africa, 8.75%, 2/28/2048
|
|
ZAR
|
181,589,000
|
10,902,790
|
|
Republic of South Africa, 7.25%, 12/11/2055 (n)
|
|
$
|
200,000
|
197,232
|
|
Sultanate of Oman, 7%, 1/25/2051
|
|
|
2,550,000
|
2,888,866
|
|
United Mexican States, 7.5%, 5/26/2033
|
|
MXN
|
76,600,000
|
4,083,213
|
|
|
|
|
|
$194,116,715
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Energy - Independent – 1.1%
|
||||
|
Aker BP ASA, 4%, 5/29/2032
|
|
EUR
|
660,000
|
$780,715
|
|
APA Corp., 6.1%, 2/15/2035
|
|
$
|
194,000
|
201,618
|
|
APA Corp., 6.75%, 2/15/2055
|
|
|
353,000
|
370,986
|
|
Azule Energy Finance PLC, 8.25%, 1/22/2031 (n)
|
|
|
1,038,000
|
1,058,414
|
|
California Resources Corp., 7%, 1/15/2034 (n)
|
|
|
1,888,000
|
1,903,236
|
|
Chord Energy Corp., 6%, 10/01/2030 (n)
|
|
|
2,209,000
|
2,236,506
|
|
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)
|
|
|
2,172,000
|
2,134,074
|
|
Occidental Petroleum Corp., 6.45%, 9/15/2036
|
|
|
777,000
|
843,788
|
|
Pioneer Natural Resources Co., 2.15%, 1/15/2031
|
|
|
596,000
|
536,624
|
|
Santos Finance Ltd., 5.75%, 11/13/2035 (n)
|
|
|
1,046,000
|
1,058,522
|
|
Var Energi ASA, 3.875%, 3/12/2031
|
|
EUR
|
570,000
|
668,298
|
|
|
|
|
|
$11,792,781
|
|
Energy - Integrated – 0.7%
|
||||
|
BP Capital Markets B.V., 0.933%, 12/04/2040
|
|
EUR
|
760,000
|
$574,497
|
|
BP Capital Markets PLC, 6%, 12/31/2164
|
|
GBP
|
880,000
|
1,200,364
|
|
Eni S.p.A., 4.25%, 5/19/2033
|
|
EUR
|
630,000
|
765,039
|
|
Eni S.p.A., 4%, 5/26/2035
|
|
|
1,090,000
|
1,283,464
|
|
Eni S.p.A., 6%, 5/18/2056 (n)
|
|
$
|
872,000
|
869,826
|
|
Exxon Mobil Corp., 1.408%, 6/26/2039
|
|
EUR
|
1,010,000
|
871,903
|
|
Orlen S.A., 6%, 1/30/2035
|
|
$
|
1,790,000
|
1,854,514
|
|
|
|
|
|
$7,419,607
|
|
Entertainment & Leisure – 0.8%
|
||||
|
Pinnacle Bidco PLC, 10%, 10/11/2028
|
|
GBP
|
1,519,000
|
$2,128,572
|
|
Royal Caribbean Cruises Ltd., 5.625%, 9/30/2031 (n)
|
|
$
|
595,000
|
600,221
|
|
Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n)
|
|
|
494,000
|
500,806
|
|
Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n)
|
|
|
1,542,000
|
1,575,724
|
|
Six Flags Entertainment Corp./Canada Wonderland Co., 8.625%, 1/15/2032 (n)
|
|
|
829,000
|
851,300
|
|
Viking Cruises Ltd. Co., 5.875%, 10/15/2033 (n)
|
|
|
1,112,000
|
1,114,226
|
|
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n)
|
|
|
1,775,000
|
1,775,374
|
|
|
|
|
|
$8,546,223
|
|
Food & Beverages – 1.5%
|
||||
|
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038
|
|
$
|
554,000
|
$518,841
|
|
Anheuser-Busch InBev Worldwide, Inc., 4.125%, 5/19/2045
|
|
EUR
|
230,000
|
258,658
|
|
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049
|
|
$
|
697,000
|
687,070
|
|
Arla Foods Amba, 3.375%, 5/22/2029
|
|
EUR
|
330,000
|
386,271
|
|
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n)
|
|
$
|
1,330,000
|
1,326,574
|
|
Central American Bottling Corp., 5.25%, 4/27/2029 (n)
|
|
|
960,000
|
943,457
|
|
Chobani LLC/Chobani Finance Corp., 6.375%, 4/15/2034 (n)
|
|
|
2,300,000
|
2,338,088
|
|
Flowers Foods, Inc., 5.75%, 3/15/2035
|
|
|
238,000
|
229,747
|
|
Gruma S.A.B. de C.V., 5.39%, 12/09/2034 (n)
|
|
|
426,000
|
423,159
|
|
Heineken N.V., 3.505%, 5/03/2034
|
|
EUR
|
1,180,000
|
1,364,075
|
|
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 3.625%, 1/15/2032
|
|
$
|
542,000
|
500,417
|
|
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 5.5%, 1/15/2036
|
|
|
697,000
|
695,418
|
|
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 6.5%, 12/01/2052
|
|
|
507,000
|
512,464
|
|
Kraft Heinz Foods Co., 4.375%, 6/01/2046
|
|
|
180,000
|
144,515
|
|
Magnum ICC Finance B.V., 3.75%, 11/26/2034
|
|
EUR
|
800,000
|
924,300
|
|
Magnum ICC Finance B.V., 4%, 11/26/2037
|
|
|
620,000
|
709,754
|
|
Maple Parent Holdings Corp., 4.728%, 3/26/2035
|
|
|
660,000
|
782,246
|
|
Mars, Inc., 4.8%, 3/01/2030 (n)
|
|
$
|
380,000
|
382,723
|
|
Mars, Inc., 5.2%, 3/01/2035 (n)
|
|
|
998,000
|
1,004,719
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Food & Beverages – continued
|
||||
|
Mars, Inc., 5.7%, 5/01/2055 (n)
|
|
$
|
1,054,000
|
$1,039,729
|
|
|
|
|
|
$15,172,225
|
|
Forest & Paper Products – 0.1%
|
||||
|
Mondi Finance PLC, 3.75%, 5/18/2033
|
|
EUR
|
800,000
|
$920,125
|
|
Smurfit Kappa Treasury Co., 3.489%, 11/24/2031
|
|
|
250,000
|
290,368
|
|
|
|
|
|
$1,210,493
|
|
Global Systemically Important Banks – 1.9%
|
||||
|
Bank of America Corp., 5.202% to 4/25/2028, FLR (SOFR - 1 day + 1.63%) to 4/25/2029
|
|
$
|
268,000
|
$271,361
|
|
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032
|
|
|
577,000
|
523,806
|
|
Bank of America Corp., 5.464% to 5/09/2035, FLR (SOFR - 1 day + 1.64%) to 5/09/2036
|
|
|
1,347,000
|
1,375,751
|
|
BNP Paribas S.A., 6.875% to 12/15/2033, FLR (CMT - 5yr. + 2.853%) to 12/31/2164 (n)
|
|
|
724,000
|
719,241
|
|
Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - 1 day + 1.135%) to 10/23/2030
|
|
|
769,000
|
767,785
|
|
Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - 1 day + 1.42%) to 10/23/2035
|
|
|
794,000
|
782,261
|
|
Goldman Sachs Group, Inc., 5.065% to 1/21/2036, FLR (SOFR - 1 day + 1.19%) to 1/21/2037
|
|
|
821,000
|
803,155
|
|
HSBC Holdings PLC, 5.13% to 3/03/2030, FLR (SOFR - 1 day + 1.29%) to 3/03/2031
|
|
|
518,000
|
522,803
|
|
HSBC Holdings PLC, 4.086% to 5/12/2035, FLR (EURIBOR - 3mo. + 1.162%) to 5/12/2036
|
|
EUR
|
390,000
|
460,128
|
|
HSBC Holdings PLC, 5.279% to 3/10/2036, FLR (SOFR - 1 day + 1.55%) to 3/10/2037
|
|
$
|
920,000
|
910,240
|
|
HSBC Holdings PLC, 6.75% to 5/18/2033, FLR (CMT - 5yr. + 2.513%) to 12/31/2099
|
|
|
422,000
|
423,797
|
|
JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030
|
|
|
739,000
|
757,862
|
|
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032
|
|
|
1,254,000
|
1,105,895
|
|
JPMorgan Chase & Co., 3.588%, 1/23/2036
|
|
EUR
|
810,000
|
930,412
|
|
JPMorgan Chase & Co., 5.502% to 1/24/2035, FLR (SOFR - 1 day + 1.315%) to 1/24/2036
|
|
$
|
1,319,000
|
1,349,583
|
|
JPMorgan Chase & Co., 3.328% to 4/22/2051, FLR (SOFR - 1 day + 1.58%) to 4/22/2052
|
|
|
352,000
|
243,464
|
|
Mitsubishi UFJ Financial Group, Inc., 5.188%, 9/12/2036
|
|
|
912,000
|
910,559
|
|
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031
|
|
|
1,097,000
|
1,053,184
|
|
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034
|
|
|
1,021,000
|
1,040,616
|
|
UBS Group AG, 3.125%, 2/13/2031
|
|
EUR
|
890,000
|
1,029,695
|
|
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n)
|
|
$
|
1,447,000
|
1,282,160
|
|
UBS Group AG, 5.58%, 5/09/2036 (n)
|
|
|
270,000
|
275,258
|
|
UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 12/31/2164 (n)
|
|
|
1,182,000
|
1,079,617
|
|
Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028
|
|
|
554,000
|
550,168
|
|
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033
|
|
|
743,000
|
684,146
|
|
|
|
|
|
$19,852,947
|
|
Industrial – 0.5%
|
||||
|
Arcadis N.V., 4%, 5/20/2031
|
|
EUR
|
520,000
|
$605,802
|
|
Booz Allen Hamilton, Inc., 5.95%, 4/15/2035
|
|
$
|
430,000
|
434,445
|
|
Multiversity S.p.A., 7.125%, 5/17/2031 (n)
|
|
EUR
|
431,000
|
525,155
|
|
Multiversity S.p.A., 7.125%, 5/17/2031
|
|
|
1,525,000
|
1,858,149
|
|
WSP Global, Inc., 5.039%, 9/18/2031 (n)
|
|
$
|
428,000
|
426,104
|
|
WSP Global, Inc., 5.714%, 9/18/2036 (n)
|
|
|
992,000
|
989,150
|
|
|
|
|
|
$4,838,805
|
|
Insurance – 0.6%
|
||||
|
Aviva PLC, 4.625% to 8/28/2036, FLR (EURIBOR - 3mo. + 3.05%) to 8/28/2056
|
|
EUR
|
1,090,000
|
$1,292,929
|
|
Corebridge Financial, Inc., 4.35%, 4/05/2042
|
|
$
|
978,000
|
824,079
|
|
Corebridge Global Funding, 4.9%, 8/21/2032 (n)
|
|
|
624,000
|
618,181
|
|
Mapfre S.A., 3.125%, 1/20/2032
|
|
EUR
|
1,100,000
|
1,266,353
|
|
Northwestern Mutual Life Insurance Co., 6.17%, 5/29/2055 (n)
|
|
$
|
850,000
|
881,649
|
|
Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n)
|
|
|
872,000
|
931,425
|
|
|
|
|
|
$5,814,616
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Insurance - Health – 0.3%
|
||||
|
Bupa Finance PLC, 6.625%, 11/18/2045
|
|
GBP
|
240,000
|
$316,623
|
|
Horseshoe Funding Trust II, 6.887%, 11/15/2055 (n)
|
|
$
|
526,000
|
543,400
|
|
Humana, Inc., 5.375%, 4/15/2031
|
|
|
258,000
|
262,044
|
|
Humana, Inc., 5.55%, 5/01/2035
|
|
|
795,000
|
795,929
|
|
UnitedHealth Group, Inc., 5.15%, 7/15/2034
|
|
|
913,000
|
923,675
|
|
|
|
|
|
$2,841,671
|
|
Insurance - Property & Casualty – 1.3%
|
||||
|
American International Group, Inc., 5.125%, 3/27/2033
|
|
$
|
511,000
|
$516,769
|
|
Arthur J. Gallagher & Co., 5%, 2/15/2032
|
|
|
166,000
|
166,177
|
|
Arthur J. Gallagher & Co., 6.5%, 2/15/2034
|
|
|
347,000
|
375,312
|
|
Arthur J. Gallagher & Co., 5.75%, 3/02/2053
|
|
|
616,000
|
596,992
|
|
Asurion LLC, 8%, 12/31/2032 (n)
|
|
|
2,382,000
|
2,483,921
|
|
Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027
|
|
CAD
|
1,284,000
|
942,513
|
|
Fairfax Financial Holdings Ltd., 5.75%, 5/20/2035
|
|
$
|
637,000
|
653,222
|
|
Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054
|
|
|
770,000
|
797,909
|
|
Hub International Ltd., 7.25%, 6/15/2030 (n)
|
|
|
2,157,000
|
2,214,050
|
|
Hub International Ltd., 7.375%, 1/31/2032 (n)
|
|
|
379,000
|
388,263
|
|
Liberty Mutual Group, Inc., 3.875%, 9/26/2035
|
|
EUR
|
1,030,000
|
1,183,350
|
|
Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031
|
|
$
|
521,000
|
524,875
|
|
Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055
|
|
|
501,000
|
476,172
|
|
Progressive Corp., 5.15%, 3/26/2036
|
|
|
642,000
|
642,319
|
|
USI, Inc. of New York, 7.5%, 1/15/2032 (n)
|
|
|
1,046,000
|
1,064,882
|
|
|
|
|
|
$13,026,726
|
|
International Market Quasi-Sovereign – 1.0%
|
||||
|
Aena SME S.A. (Kingdom of Spain), 3.5%, 1/22/2036
|
|
EUR
|
500,000
|
$572,605
|
|
Caixa Geral de Depositos S.A. (Republic of Portugal), 3.625% to 5/20/2031, FLR (EUR
ICE Swap Rate - 1yr. + 0.73%)
to 5/20/2032
|
|
|
700,000
|
820,377
|
|
Electricite de France S.A., 4.625%, 1/25/2043
|
|
|
600,000
|
695,269
|
|
Landsbankinn hf. (Republic of Iceland), 3.75%, 10/08/2029
|
|
|
885,000
|
1,042,235
|
|
Landsbankinn hf. (Republic of Iceland), 4%, 5/12/2031
|
|
|
895,000
|
1,053,192
|
|
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)
|
|
$
|
724,000
|
744,047
|
|
NBN Co. Ltd. (Commonwealth of Australia), 3.375%, 11/29/2032
|
|
EUR
|
1,420,000
|
1,652,683
|
|
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n)
|
|
$
|
878,000
|
776,713
|
|
P3 Group S.à r.l. (Grand Duchy of Luxembourg), 3.75%, 4/02/2033
|
|
EUR
|
730,000
|
831,486
|
|
SPP-Distribucia A.S. (Republic of Slovakia), 1%, 6/09/2031
|
|
|
1,030,000
|
1,046,088
|
|
Swisscom Finance B.V., 3.625%, 11/17/2037
|
|
|
1,360,000
|
1,561,624
|
|
|
|
|
|
$10,796,319
|
|
International Market Sovereign – 19.9%
|
||||
|
Commonwealth of Australia, 2.75%, 5/21/2041
|
|
AUD
|
9,439,000
|
$5,146,759
|
|
Federal Republic of Germany, 2.5%, 4/16/2031
|
|
EUR
|
2,300,000
|
2,666,731
|
|
Federal Republic of Germany, 2.9%, 2/15/2036
|
|
|
1,250,000
|
1,454,530
|
|
Government of Bermuda, 2.375%, 8/20/2030 (n)
|
|
$
|
508,000
|
459,577
|
|
Government of Bermuda, 5%, 7/15/2032 (n)
|
|
|
2,566,000
|
2,572,774
|
|
Government of Canada, 2.25%, 2/01/2028
|
|
CAD
|
22,681,000
|
16,322,292
|
|
Government of Canada, 1.5%, 12/01/2031
|
|
|
15,081,000
|
10,051,703
|
|
Government of Canada, 2.75%, 12/01/2055
|
|
|
2,532,000
|
1,496,500
|
|
Government of Japan, 1.1%, 6/20/2043
|
|
JPY
|
446,700,000
|
1,985,040
|
|
Government of Japan, 0.4%, 3/20/2050
|
|
|
1,963,050,000
|
5,816,367
|
|
Government of Japan, 0.7%, 12/20/2051
|
|
|
1,102,000,000
|
3,365,195
|
|
Government of Japan, 2.4%, 3/20/2055
|
|
|
1,112,800,000
|
5,193,160
|
|
Government of New Zealand, 4.5%, 5/15/2030
|
|
NZD
|
10,013,000
|
6,127,244
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
International Market Sovereign – continued
|
||||
|
Government of New Zealand, 1.5%, 5/15/2031
|
|
NZD
|
7,433,000
|
$3,945,323
|
|
Government of New Zealand, 4.25%, 5/15/2036
|
|
|
4,362,000
|
2,553,801
|
|
Kingdom of Spain, 3.9%, 7/30/2039 (n)
|
|
EUR
|
4,220,000
|
5,068,302
|
|
Republic of France, 2.7%, 2/25/2031 (n)
|
|
|
9,185,000
|
10,599,651
|
|
Republic of France, 3.5%, 11/25/2035 (n)
|
|
|
4,500,000
|
5,235,085
|
|
Republic of France, 4.1%, 5/25/2046 (n)
|
|
|
4,612,000
|
5,336,229
|
|
Republic of France, 3.25%, 5/25/2055 (n)
|
|
|
6,990,000
|
6,650,774
|
|
Republic of Italy, 2.85%, 2/01/2031
|
|
|
3,078,000
|
3,567,367
|
|
Republic of Italy, 1.45%, 3/01/2036
|
|
|
25,228,000
|
24,284,345
|
|
Republic of Italy, 4.1%, 4/30/2046 (n)
|
|
|
7,500,000
|
8,617,830
|
|
Republic of Italy, 4.3%, 10/01/2054 (n)
|
|
|
3,849,000
|
4,410,504
|
|
State of Israel, 5%, 1/13/2036
|
|
$
|
2,092,000
|
2,042,732
|
|
United Kingdom Treasury, 4%, 10/22/2031
|
|
GBP
|
26,409,237
|
34,915,965
|
|
United Kingdom Treasury, 4.5%, 3/07/2035
|
|
|
16,200,000
|
21,442,717
|
|
United Kingdom Treasury, 1.25%, 10/22/2041
|
|
|
843,000
|
662,858
|
|
United Kingdom Treasury, 1.5%, 7/22/2047
|
|
|
3,783,000
|
2,574,802
|
|
|
|
|
|
$204,566,157
|
|
Local Authorities – 0.1%
|
||||
|
Province of British Columbia, 2.95%, 6/18/2050
|
|
CAD
|
1,117,000
|
$617,479
|
|
Machinery & Tools – 0.2%
|
||||
|
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n)
|
|
$
|
2,113,000
|
$2,197,021
|
|
Media – 1.1%
|
||||
|
Arqiva Broadcast Finance PLC, 8.625%, 7/01/2030
|
|
GBP
|
1,818,000
|
$2,039,853
|
|
NAVER Corp., 3.75%, 4/21/2033
|
|
EUR
|
670,000
|
783,343
|
|
News Corp., 3.875%, 5/15/2029 (n)
|
|
$
|
1,358,000
|
1,316,729
|
|
Nexstar Media, Inc., 7.25%, 4/15/2034 (n)
|
|
|
2,549,000
|
2,565,041
|
|
Omnicom Finance Holdings PLC, 3.85%, 5/02/2034
|
|
EUR
|
1,200,000
|
1,382,898
|
|
Univision Communications, Inc., 8.5%, 7/31/2031 (n)
|
|
$
|
2,208,000
|
2,222,857
|
|
WMG Acquisition Corp., 3.75%, 12/01/2029 (n)
|
|
|
1,076,000
|
1,024,424
|
|
|
|
|
|
$11,335,145
|
|
Medical & Health Technology & Services – 1.2%
|
||||
|
Baxter International, Inc., 4.9%, 12/15/2030
|
|
$
|
401,000
|
$397,844
|
|
Baxter International, Inc., 5.65%, 12/15/2035
|
|
|
318,000
|
315,031
|
|
Concentra, Inc., 6.875%, 7/15/2032 (n)
|
|
|
2,241,000
|
2,319,514
|
|
Encompass Health Corp., 4.75%, 2/01/2030
|
|
|
2,746,000
|
2,701,688
|
|
Gruppo San Donato S.p.A., 6.5%, 10/31/2031
|
|
EUR
|
1,933,000
|
2,171,708
|
|
HCA, Inc., 5.45%, 9/15/2034
|
|
$
|
125,000
|
126,228
|
|
HCA, Inc., 5.125%, 6/15/2039
|
|
|
430,000
|
407,980
|
|
HCA, Inc., 5.7%, 11/15/2055
|
|
|
507,000
|
476,408
|
|
ICON Investments Six DAC, 5.809%, 5/08/2027
|
|
|
524,000
|
528,224
|
|
ICON Investments Six DAC, 5.849%, 5/08/2029
|
|
|
523,000
|
532,488
|
|
New York Society for Relief of Ruptured & Crippled Maintaining Hospital Special Surgery,
2.667%, 10/01/2050
|
|
|
1,118,000
|
679,505
|
|
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048
|
|
|
560,000
|
553,761
|
|
Sartorius Finance B.V., 3.75%, 5/12/2031
|
|
EUR
|
300,000
|
352,148
|
|
Thermo Fisher Scientific, Inc., 4.473%, 10/07/2032
|
|
$
|
1,007,000
|
991,525
|
|
|
|
|
|
$12,554,052
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Medical Equipment – 0.5%
|
||||
|
Abbott Laboratories, 4.65%, 3/15/2036
|
|
$
|
1,143,000
|
$1,110,894
|
|
Danaher Corp., 3.25%, 4/29/2030
|
|
EUR
|
1,130,000
|
1,322,460
|
|
Insulet Corp., 6.5%, 4/01/2033 (n)
|
|
$
|
2,264,000
|
2,303,670
|
|
|
|
|
|
$4,737,024
|
|
Metals & Mining – 0.8%
|
||||
|
BHP Billiton Finance Ltd., 3.643%, 9/04/2035
|
|
EUR
|
1,360,000
|
$1,570,784
|
|
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)
|
|
$
|
1,547,000
|
1,547,537
|
|
FMG Resources Ltd., 5.875%, 4/15/2030 (n)
|
|
|
2,274,000
|
2,313,144
|
|
Glencore Finance (Canada) Ltd., 5.55%, 10/25/2042 (n)
|
|
|
65,000
|
63,655
|
|
Norsk Hydro ASA, 3.75%, 6/17/2033
|
|
EUR
|
280,000
|
328,790
|
|
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)
|
|
$
|
926,000
|
962,537
|
|
Samarco Mineracao S.A., 4%(4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK)
to 12/30/2027, 9.25% Cash to
12/30/2029, 9.5% Cash to 6/30/2031 (p)
|
|
|
1,711,281
|
1,712,888
|
|
|
|
|
|
$8,499,335
|
|
Midstream – 1.7%
|
||||
|
Antero Midstream Corp., 5.75%, 7/01/2034 (n)
|
|
$
|
2,794,000
|
$2,760,446
|
|
Cheniere Energy Partners LP, 5.55%, 10/30/2035
|
|
|
756,000
|
771,316
|
|
Cheniere Energy Partners LP, 6.05%, 11/30/2056 (n)(w)
|
|
|
643,000
|
649,729
|
|
Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n)
|
|
|
785,000
|
835,612
|
|
Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054
|
|
|
1,026,000
|
980,458
|
|
Energy Transfer LP, 5.95%, 5/15/2054
|
|
|
818,000
|
789,591
|
|
Pembina Pipeline Corp., 4.81%, 3/25/2044
|
|
CAD
|
789,000
|
548,726
|
|
Plains All American Pipeline LP, 5.7%, 9/15/2034
|
|
$
|
734,000
|
752,904
|
|
Plains All American Pipeline LP, 5.6%, 1/15/2036
|
|
|
426,000
|
429,298
|
|
Sunoco LP, 7.25%, 5/01/2032 (n)
|
|
|
2,727,000
|
2,849,404
|
|
Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n)
|
|
|
1,807,000
|
1,865,547
|
|
Tallgrass Energy Partners LP, 6.75%, 3/15/2034 (n)
|
|
|
1,193,000
|
1,218,978
|
|
Targa Resources Corp., 4.2%, 2/01/2033
|
|
|
241,000
|
229,286
|
|
Targa Resources Corp., 4.95%, 4/15/2052
|
|
|
695,000
|
598,385
|
|
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)
|
|
|
1,475,000
|
1,507,788
|
|
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n)
|
|
|
1,134,000
|
1,180,028
|
|
|
|
|
|
$17,967,496
|
|
Mortgage-Backed – 7.3%
|
|
|||
|
Fannie Mae, 5%, 8/01/2040
|
|
$
|
219,756
|
$220,465
|
|
Fannie Mae, 4%, 9/01/2040 - 11/01/2044
|
|
|
136,645
|
132,211
|
|
Fannie Mae, 4.5%, 2/01/2041 - 4/01/2044
|
|
|
957,650
|
947,705
|
|
Fannie Mae, 3.5%, 9/01/2045 - 12/01/2047
|
|
|
493,345
|
459,485
|
|
Fannie Mae, 2%, 9/25/2050 (i)
|
|
|
1,006,819
|
132,167
|
|
Fannie Mae, 4%, 9/25/2050 (i)
|
|
|
1,321,246
|
252,993
|
|
Fannie Mae, 2.5%, 2/25/2051 (i)
|
|
|
614,375
|
84,957
|
|
Fannie Mae, 4.512%, 12/25/2053
|
|
|
1,133,876
|
1,140,744
|
|
Fannie Mae, 5.012%, 12/25/2054
|
|
|
974,456
|
985,296
|
|
Fannie Mae, 5.112%, 12/25/2054
|
|
|
1,443,399
|
1,460,753
|
|
Fannie Mae, 5.062%, 1/25/2055
|
|
|
1,531,236
|
1,549,830
|
|
Fannie Mae, 4.812%, 10/25/2055
|
|
|
2,851,530
|
2,870,254
|
|
Fannie Mae, UMBS, 5.5%, 4/01/2031 - 2/01/2054
|
|
|
2,494,929
|
2,515,068
|
|
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 5/01/2052
|
|
|
145,737
|
134,927
|
|
Fannie Mae, UMBS, 2.5%, 1/01/2050 - 6/01/2052
|
|
|
4,293,094
|
3,617,448
|
|
Fannie Mae, UMBS, 2%, 5/01/2051 - 2/01/2052
|
|
|
2,231,000
|
1,795,092
|
|
Fannie Mae, UMBS, 3%, 10/01/2051 - 5/01/2052
|
|
|
2,015,414
|
1,768,657
|
|
Fannie Mae, UMBS, 4%, 6/01/2052 - 4/01/2053
|
|
|
3,634,113
|
3,414,331
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Mortgage-Backed – continued
|
|
|||
|
Fannie Mae, UMBS, 6%, 8/01/2053
|
|
$
|
264,121
|
$270,735
|
|
Fannie Mae, UMBS, 4.5%, 2/01/2055
|
|
|
753,874
|
724,081
|
|
Freddie Mac, 0.187%, 9/25/2026 (i)
|
|
|
62,189,000
|
46,045
|
|
Freddie Mac, 1.373%, 3/25/2027 (i)
|
|
|
1,517,000
|
13,559
|
|
Freddie Mac, 0.293%, 2/25/2028 (i)
|
|
|
46,151,000
|
231,073
|
|
Freddie Mac, 0.101%, 4/25/2028 (i)
|
|
|
46,683,000
|
124,508
|
|
Freddie Mac, 0.11%, 5/25/2028 (i)
|
|
|
47,225,000
|
143,786
|
|
Freddie Mac, 0.57%, 1/25/2030 (i)
|
|
|
4,833,177
|
92,128
|
|
Freddie Mac, 1.797%, 4/25/2030 (i)
|
|
|
2,395,024
|
150,769
|
|
Freddie Mac, 1.839%, 4/25/2030 (i)
|
|
|
2,589,254
|
165,617
|
|
Freddie Mac, 1.666%, 5/25/2030 (i)
|
|
|
3,408,930
|
208,191
|
|
Freddie Mac, 1.798%, 5/25/2030 (i)
|
|
|
7,523,890
|
484,314
|
|
Freddie Mac, 1.34%, 6/25/2030 (i)
|
|
|
3,170,959
|
153,747
|
|
Freddie Mac, 1.597%, 8/25/2030 (i)
|
|
|
2,931,170
|
174,148
|
|
Freddie Mac, 1.168%, 9/25/2030 (i)
|
|
|
1,901,519
|
85,464
|
|
Freddie Mac, 1.079%, 11/25/2030 (i)
|
|
|
3,948,102
|
170,822
|
|
Freddie Mac, 0.316%, 1/25/2031 (i)
|
|
|
15,502,725
|
174,655
|
|
Freddie Mac, 0.507%, 3/25/2031 (i)
|
|
|
20,194,314
|
400,607
|
|
Freddie Mac, 0.937%, 7/25/2031 (i)
|
|
|
5,068,698
|
221,436
|
|
Freddie Mac, 0.536%, 9/25/2031 (i)
|
|
|
21,590,988
|
544,546
|
|
Freddie Mac, 0.567%, 12/25/2031 (i)
|
|
|
5,486,706
|
143,877
|
|
Freddie Mac, 0.154%, 11/25/2032 (i)
|
|
|
33,028,344
|
385,186
|
|
Freddie Mac, 0.905%, 9/25/2034 (i)
|
|
|
5,029,953
|
329,337
|
|
Freddie Mac, 4.5%, 12/01/2039 - 5/01/2042
|
|
|
427,259
|
423,862
|
|
Freddie Mac, 5%, 7/01/2041
|
|
|
189,442
|
192,074
|
|
Freddie Mac, 4%, 4/01/2044
|
|
|
21,148
|
20,282
|
|
Freddie Mac, 2.5%, 11/25/2050 (i)
|
|
|
1,818,721
|
298,663
|
|
Freddie Mac, 3%, 10/25/2052 (i)
|
|
|
620,333
|
99,423
|
|
Freddie Mac, 4.912%, 8/25/2054
|
|
|
1,746,251
|
1,761,142
|
|
Freddie Mac, 5.112%, 12/25/2054
|
|
|
1,627,735
|
1,647,892
|
|
Freddie Mac, 7.562%, 9/25/2055
|
|
|
844,877
|
878,143
|
|
Freddie Mac, 2.343%, 8/15/2057 (i)
|
|
|
728,951
|
88,943
|
|
Freddie Mac, UMBS, 6.5%, 11/01/2028 - 11/01/2054
|
|
|
977,088
|
1,021,356
|
|
Freddie Mac, UMBS, 4.5%, 7/01/2038 - 11/01/2054
|
|
|
893,347
|
872,661
|
|
Freddie Mac, UMBS, 3%, 6/01/2050 - 2/01/2053
|
|
|
4,743,602
|
4,149,394
|
|
Freddie Mac, UMBS, 2%, 9/01/2051 - 3/01/2052
|
|
|
275,152
|
221,093
|
|
Freddie Mac, UMBS, 2.5%, 10/01/2051 - 7/01/2053
|
|
|
2,955,751
|
2,488,599
|
|
Freddie Mac, UMBS, 5%, 8/01/2052 - 10/01/2054
|
|
|
2,629,655
|
2,599,544
|
|
Freddie Mac, UMBS, 4%, 10/01/2052 - 3/01/2053
|
|
|
525,269
|
492,311
|
|
Freddie Mac, UMBS, 5.5%, 12/01/2052 - 8/01/2053
|
|
|
1,219,811
|
1,231,431
|
|
Freddie Mac, UMBS, 6%, 12/01/2052 - 10/01/2053
|
|
|
776,221
|
797,038
|
|
Ginnie Mae, 2.5%, 8/20/2051 - 8/20/2052
|
|
|
1,714,899
|
1,469,459
|
|
Ginnie Mae, 2%, 1/20/2052 - 2/20/2052
|
|
|
1,917,969
|
1,573,926
|
|
Ginnie Mae, 3%, 2/20/2052 - 10/20/2052
|
|
|
2,165,978
|
1,927,945
|
|
Ginnie Mae, 4%, 7/20/2052 - 11/20/2052
|
|
|
831,640
|
781,946
|
|
Ginnie Mae, 5%, 1/20/2053 - 5/20/2053
|
|
|
1,369,730
|
1,359,341
|
|
Ginnie Mae, 5.5%, 2/20/2053 - 12/20/2054
|
|
|
1,044,467
|
1,057,944
|
|
Ginnie Mae, 4.875%, 8/20/2053 - 4/20/2055
|
|
|
3,904,947
|
3,936,072
|
|
Ginnie Mae, 5.025%, 9/20/2053
|
|
|
1,351,865
|
1,373,373
|
|
Ginnie Mae, 4.925%, 10/20/2053
|
|
|
883,356
|
895,297
|
|
Ginnie Mae, 4.975%, 10/20/2053
|
|
|
888,416
|
901,531
|
|
Ginnie Mae, 4.825%, 12/20/2053 - 3/20/2064
|
|
|
2,064,635
|
2,084,757
|
|
Ginnie Mae, 4.675%, 10/20/2054
|
|
|
840,475
|
843,051
|
|
Ginnie Mae, 7.575%, 5/20/2055
|
|
|
699,223
|
716,033
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Mortgage-Backed – continued
|
|
|||
|
Ginnie Mae, 6.137%, 6/20/2055
|
|
$
|
1,109,476
|
$1,114,739
|
|
Ginnie Mae, 6.212%, 6/20/2055
|
|
|
657,752
|
631,785
|
|
Ginnie Mae, 1.725%, 7/20/2055 (i)
|
|
|
1,749,803
|
83,735
|
|
Ginnie Mae, 3.5%, 4/20/2056
|
|
|
1,999,999
|
1,802,609
|
|
Ginnie Mae, 4.425%, 8/20/2065 - 2/20/2066
|
|
|
2,538,015
|
2,531,669
|
|
Ginnie Mae, 4.125%, 8/20/2067
|
|
|
811,030
|
811,235
|
|
UMBS, TBA, 6%, 6/11/2056
|
|
|
50,000
|
51,054
|
|
UMBS, TBA, 2.5%, 6/25/2056
|
|
|
525,000
|
439,216
|
|
|
|
|
|
$74,591,582
|
|
Municipals – 0.7%
|
||||
|
Iowa Student Loan Liquidity Corp. Rev., Taxable, “A”, 5.08%, 12/01/2039
|
|
$
|
380,000
|
$367,069
|
|
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 2.641%, 7/01/2037
|
|
|
825,000
|
727,366
|
|
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 4.949%, 7/01/2038
|
|
|
2,075,000
|
1,998,510
|
|
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “226”, 5.562%, 12/01/2052
|
|
|
1,305,000
|
1,327,264
|
|
Michigan Finance Authority, Hospital Rev., Taxable (Trinity Health Credit Group),
3.384%, 12/01/2040
|
|
|
1,040,000
|
861,080
|
|
New Hampshire National Finance Authority, Utility Refunding Rev., Taxable (Wheeling
Power Co. Project), “A”,
6.89%, 4/01/2034
|
|
|
780,000
|
825,069
|
|
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project),
“C”, 5.45%, 8/15/2028
|
|
|
742,000
|
735,524
|
|
|
|
|
|
$6,841,882
|
|
Natural Gas - Distribution – 0.5%
|
||||
|
Boston Gas Co., 5.843%, 1/10/2035 (n)
|
|
$
|
1,062,000
|
$1,110,052
|
|
ENGIE S.A., 3.25%, 1/11/2032
|
|
EUR
|
900,000
|
1,040,457
|
|
Vier Gas Transport GmbH, 3.375%, 11/11/2031
|
|
|
1,300,000
|
1,505,994
|
|
Vier Gas Transport GmbH, 3.625%, 9/08/2033
|
|
|
900,000
|
1,039,945
|
|
|
|
|
|
$4,696,448
|
|
Network & Telecom – 0.2%
|
||||
|
Iliad Holding S.A.S., 6.875%, 4/15/2031 (n)
|
|
EUR
|
680,000
|
$836,699
|
|
Iliad Holding S.A.S., 6.875%, 4/15/2031
|
|
|
342,000
|
420,811
|
|
Koninklijke KPN N.V., 0.875%, 12/14/2032
|
|
|
1,000,000
|
989,775
|
|
|
|
|
|
$2,247,285
|
|
Non-Global Systemically Important Banks – 2.7%
|
||||
|
ABANCA Corp. Bancaria S.A., 3.75% to 6/09/2033, FLR (EUR ICE Swap Rate - 1yr. + 0.97%)
to 6/09/2034 (w)
|
|
EUR
|
900,000
|
$1,046,031
|
|
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)
|
|
$
|
1,891,000
|
1,971,150
|
|
AIB Group PLC, 5.871% to 3/28/2034, FLR (SOFR - 1 day + 1.91%) to 3/28/2035 (n)
|
|
|
700,000
|
726,018
|
|
Bank of Cyprus PCL, 3.875% to 5/20/2030, FLR (EURIBOR - 3mo. + 1%) to 5/20/2031
|
|
EUR
|
630,000
|
737,039
|
|
BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n)
|
|
$
|
597,000
|
640,868
|
|
BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n)
|
|
|
1,037,000
|
917,301
|
|
CaixaBank S.A., 3.375%, 6/26/2035
|
|
EUR
|
500,000
|
571,984
|
|
CaixaBank S.A., 3.75%, 1/27/2036
|
|
|
600,000
|
695,427
|
|
Ceska Sporitelna A.S., 3.657% to 2/11/2032, FLR (EURIBOR - 3mo. + 1.05%) to 2/11/2033
|
|
|
600,000
|
690,839
|
|
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)
|
|
$
|
1,696,000
|
1,534,846
|
|
Crédit Agricole S.A., 3.875%, 2/16/2038
|
|
EUR
|
800,000
|
917,072
|
|
Deutsche Bank AG, 5.373% to 1/10/2028, FLR (SOFR - 1 day + 1.21%) to 1/10/2029
|
|
$
|
926,000
|
936,362
|
|
Deutsche Bank AG, 4.95% to 8/04/2030, FLR (SOFR - 1 day + 1.3%) to 8/04/2031
|
|
|
545,000
|
543,601
|
|
Erste & Steiermarkische Banka d.d., 4.125% to 5/27/2031, FLR (EURIBOR - 3mo. + 1.15%)
to 5/27/2032
|
|
EUR
|
1,000,000
|
1,179,522
|
|
Lloyds Banking Group PLC, 5.625%, 9/16/2036
|
|
GBP
|
723,000
|
970,428
|
|
M&T Bank Corp., 4.553% to 8/16/2027, FLR (SOFR - 1 day + 1.78%) to 8/16/2028
|
|
$
|
369,000
|
369,119
|
|
M&T Bank Corp., 6.082% to 3/13/2031, FLR (SOFR - 1 day + 2.26%) to 3/13/2032
|
|
|
1,189,000
|
1,242,291
|
|
mBank S.A., 4.034%, 9/27/2030
|
|
EUR
|
700,000
|
829,804
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Non-Global Systemically Important Banks – continued
|
||||
|
mBank S.A., 3.771%, 3/03/2032
|
|
EUR
|
100,000
|
$115,928
|
|
mBank S.A., 4.335% to 5/26/2032, FLR (EURIBOR - 3mo. + 1.27%) to 5/26/2033
|
|
|
500,000
|
590,321
|
|
NatWest Group PLC, 3.632% to 9/03/2033, FLR (EURIBOR - 3mo. + 1.161%) to 9/03/2034
|
|
|
1,680,000
|
1,949,003
|
|
NatWest Markets PLC, 3.125%, 1/13/2031
|
|
|
460,000
|
532,241
|
|
Pinnacle Financial Partners, Inc., 5.596% to 5/19/2031, FLR (SOFR - 1 day + 1.7%)
to 5/19/2032
|
|
$
|
1,558,000
|
1,565,851
|
|
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%)
to 1/22/2035
|
|
|
774,000
|
799,265
|
|
PNC Financial Services Group, Inc., 5.575% to 1/29/2035, FLR (SOFR - 1 day + 1.394%)
to 1/29/2036
|
|
|
791,000
|
810,981
|
|
Powszechna Kasa Oszczednosci Bank Polski S.A., 3.875%, 9/12/2027
|
|
EUR
|
750,000
|
877,064
|
|
Svenska Handelsbanken AB, 3.5%, 4/29/2033
|
|
|
1,090,000
|
1,267,510
|
|
Tatra Banka A.S., 4.269%, 5/26/2032
|
|
|
500,000
|
588,216
|
|
UniCredit S.p.A., 2.875%, 7/15/2030
|
|
|
1,430,000
|
1,651,035
|
|
|
|
|
|
$27,267,117
|
|
Pharmaceuticals & Biotechnology – 0.5%
|
||||
|
AbbVie, Inc., 4.4%, 3/15/2033
|
|
$
|
1,035,000
|
$1,015,707
|
|
AbbVie, Inc., 5.35%, 3/15/2044
|
|
|
488,000
|
477,745
|
|
AbbVie, Inc., 5.4%, 3/15/2054
|
|
|
611,000
|
588,717
|
|
Eli Lilly & Co., 5.5%, 2/12/2055
|
|
|
507,000
|
503,068
|
|
Merck & Co., Inc., 4.75%, 12/04/2035
|
|
|
1,011,000
|
992,417
|
|
Roche Holdings, Inc., 5.489%, 11/13/2030 (n)
|
|
|
493,000
|
513,048
|
|
Roche Holdings, Inc., 5.593%, 11/13/2033 (n)
|
|
|
733,000
|
771,460
|
|
|
|
|
|
$4,862,162
|
|
Pollution Control – 0.3%
|
||||
|
Clean Harbors, Inc., 6.375%, 2/01/2031 (n)
|
|
$
|
3,001,000
|
$3,050,613
|
|
Railroads – 0.2%
|
||||
|
Burlington Northern Santa Fe LLC, 5.5%, 3/15/2055
|
|
$
|
1,252,000
|
$1,217,405
|
|
Union Pacific Corp., 3.25%, 2/05/2050
|
|
|
1,542,000
|
1,061,767
|
|
|
|
|
|
$2,279,172
|
|
Real Estate - Other – 0.3%
|
||||
|
Goodman Australia Finance Pty Ltd., 3.875%, 4/29/2033
|
|
EUR
|
1,018,000
|
$1,183,528
|
|
RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n)
|
|
$
|
2,313,000
|
2,363,703
|
|
|
|
|
|
$3,547,231
|
|
Real Estate - Retail – 0.6%
|
||||
|
Choice Properties, REIT, 4.628%, 8/08/2035
|
|
CAD
|
1,822,000
|
$1,329,922
|
|
Hammerson PLC, 3.5%, 4/15/2032
|
|
EUR
|
1,462,000
|
1,662,620
|
|
STORE Capital Corp., REIT, 2.75%, 11/18/2030
|
|
$
|
1,590,000
|
1,434,447
|
|
STORE Capital Corp., REIT, 2.7%, 12/01/2031
|
|
|
62,000
|
54,543
|
|
Unibail-Rodamco-Westfield SE, 3.875%, 4/21/2033
|
|
EUR
|
600,000
|
699,779
|
|
WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n)
|
|
$
|
1,043,000
|
1,032,592
|
|
|
|
|
|
$6,213,903
|
|
Real Estate - Storage & Office – 0.3%
|
||||
|
Boston Properties LP, REIT, 2.75%, 10/01/2026
|
|
$
|
380,000
|
$378,340
|
|
Colonial SFL Socimi S.A., 3.875%, 4/08/2031
|
|
EUR
|
800,000
|
940,687
|
|
COPT Defense Properties, REIT, 4.5%, 10/15/2030
|
|
$
|
266,000
|
261,318
|
|
COPT Defense Properties, REIT, 2.75%, 4/15/2031
|
|
|
235,000
|
213,222
|
|
Cousins Properties, Inc., REIT, 5.875%, 10/01/2034
|
|
|
457,000
|
467,896
|
|
Highwoods Realty LP, 5.35%, 1/15/2033
|
|
|
851,000
|
846,926
|
|
|
|
|
|
$3,108,389
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Retail & E-commerce – 1.1%
|
||||
|
Alimentation Couche-Tard, Inc., 3.901%, 4/21/2033
|
|
EUR
|
898,000
|
$1,054,583
|
|
Amazon.com, Inc., 3.7%, 3/16/2035
|
|
|
650,000
|
762,252
|
|
Amazon.com, Inc., 4.05%, 3/16/2039
|
|
|
1,150,000
|
1,346,819
|
|
Amazon.com, Inc., 5.8%, 3/13/2056
|
|
$
|
1,233,000
|
1,234,177
|
|
Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p)
|
|
|
2,029,447
|
2,161,180
|
|
Carvana Co., 9%, 6/01/2031 (n)(p)
|
|
|
1,994,049
|
2,203,901
|
|
DICK'S Sporting Goods, 4.1%, 1/15/2052
|
|
|
1,186,000
|
857,041
|
|
El Corte Inglés S.A., 3.5%, 7/24/2033
|
|
EUR
|
900,000
|
1,023,226
|
|
Home Depot, Inc., 3.625%, 4/15/2052
|
|
$
|
903,000
|
650,095
|
|
|
|
|
|
$11,293,274
|
|
Semiconductor & Electronic Components – 0.2%
|
||||
|
Broadcom, Inc., 4.55%, 2/15/2032
|
|
$
|
265,000
|
$262,421
|
|
Broadcom, Inc., 5.2%, 7/15/2035
|
|
|
518,000
|
521,101
|
|
Broadcom, Inc., 5.7%, 1/15/2056
|
|
|
496,000
|
494,916
|
|
Intel Corp., 5.7%, 2/10/2053
|
|
|
560,000
|
532,165
|
|
|
|
|
|
$1,810,603
|
|
Software – 0.7%
|
||||
|
Fair Isaac Corp., 6%, 5/15/2033 (n)
|
|
$
|
2,879,000
|
$2,851,076
|
|
Microsoft Corp., 2.525%, 6/01/2050
|
|
|
218,000
|
131,333
|
|
Microsoft Corp., 2.675%, 6/01/2060
|
|
|
607,000
|
340,530
|
|
Oracle Corp., 4.95%, 2/04/2031
|
|
|
508,000
|
499,540
|
|
Oracle Corp., 5.35%, 5/04/2033
|
|
|
558,000
|
549,230
|
|
Oracle Corp., 5.7%, 2/04/2036
|
|
|
484,000
|
475,518
|
|
Oracle Corp., 4%, 7/15/2046
|
|
|
443,000
|
308,142
|
|
Sage Group PLC, 3.821%, 2/25/2033
|
|
EUR
|
240,000
|
276,664
|
|
Sage Group PLC, 2.875%, 2/08/2034
|
|
GBP
|
614,000
|
683,214
|
|
Salesforce, Inc., 4.9%, 9/15/2031
|
|
$
|
864,000
|
864,474
|
|
|
|
|
|
$6,979,721
|
|
Supermarkets – 0.5%
|
||||
|
FR Bondco S.A.S., 6.875%, 10/31/2032
|
|
EUR
|
1,508,000
|
$1,747,661
|
|
KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n)
|
|
$
|
2,433,000
|
2,541,018
|
|
Kroger Co., 5.5%, 9/15/2054
|
|
|
698,000
|
655,923
|
|
|
|
|
|
$4,944,602
|
|
Telecommunications - Wireless – 0.4%
|
||||
|
American Tower Corp., 4%, 9/01/2033
|
|
EUR
|
400,000
|
$474,199
|
|
SoftBank Group Corp., 3.936%, 6/30/2032
|
|
|
410,000
|
482,338
|
|
T-Mobile USA, Inc., 3.875%, 4/15/2030
|
|
$
|
266,000
|
258,843
|
|
T-Mobile USA, Inc., 5.05%, 7/15/2033
|
|
|
262,000
|
263,713
|
|
T-Mobile USA, Inc., 5.75%, 1/15/2034
|
|
|
247,000
|
257,757
|
|
T-Mobile USA, Inc., 5.85%, 2/15/2056
|
|
|
271,000
|
265,661
|
|
WP/AP Telecom Holdings III B.V., 5.5%, 1/15/2030
|
|
EUR
|
1,950,000
|
2,275,037
|
|
|
|
|
|
$4,277,548
|
|
Telephone Services – 0.1%
|
||||
|
TELUS Corp., 5.25%, 11/15/2032
|
|
CAD
|
1,355,000
|
$1,042,897
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Tobacco – 0.4%
|
||||
|
B.A.T. International Finance PLC, 3.375%, 5/11/2029
|
|
EUR
|
900,000
|
$1,051,522
|
|
B.A.T. International Finance PLC, 4.125%, 4/12/2032
|
|
|
1,110,000
|
1,322,688
|
|
Imperial Brands Finance PLC, 3.875%, 8/02/2033
|
|
|
680,000
|
782,636
|
|
Japan Tobacco, Inc., 5.25%, 6/15/2030 (n)
|
|
$
|
859,000
|
878,674
|
|
|
|
|
|
$4,035,520
|
|
Transportation & Logistics – 1.1%
|
||||
|
Autoroutes du Sud de la France S.A., 3.375%, 1/19/2034
|
|
EUR
|
600,000
|
$690,623
|
|
Edge Finco PLC, 8.125%, 8/15/2031
|
|
GBP
|
1,714,000
|
2,380,524
|
|
Element Fleet Management Corp., 6.319%, 12/04/2028 (n)
|
|
$
|
473,000
|
491,157
|
|
ERAC USA Finance LLC, 5.25%, 4/30/2036 (n)
|
|
|
1,099,000
|
1,098,463
|
|
Ferrovial N.V., 3.625%, 9/18/2032
|
|
EUR
|
690,000
|
802,516
|
|
Heathrow Funding Ltd., 5.625%, 2/05/2034
|
|
GBP
|
560,000
|
729,988
|
|
Heathrow Funding Ltd., 3.875%, 1/16/2038
|
|
EUR
|
860,000
|
987,212
|
|
Heathrow Funding Ltd., 5.875%, 5/13/2043
|
|
GBP
|
430,000
|
549,601
|
|
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n)
|
|
$
|
1,754,000
|
1,664,751
|
|
Transurban Finance Co. Pty Ltd., 4.225%, 4/26/2033
|
|
EUR
|
1,150,000
|
1,383,357
|
|
Transurban Finance Co. Pty Ltd., 4.033%, 11/26/2037
|
|
|
280,000
|
324,550
|
|
|
|
|
|
$11,102,742
|
|
Travel, Gaming, & Lodging – 0.8%
|
||||
|
888 Acquisitions Ltd., 10.75%, 5/15/2030
|
|
GBP
|
1,850,000
|
$2,411,511
|
|
Flutter Treasury DAC, 5.875%, 6/04/2031 (n)
|
|
$
|
1,439,000
|
1,422,272
|
|
Flutter Treasury DAC, 6.125%, 6/04/2031
|
|
GBP
|
490,000
|
647,641
|
|
Hilton Domestic Operating Co., Inc., 5.5%, 9/15/2031 (n)
|
|
$
|
2,642,000
|
2,657,306
|
|
Las Vegas Sands Corp., 3.9%, 8/08/2029
|
|
|
1,225,000
|
1,184,896
|
|
Las Vegas Sands Corp., 5.3%, 5/15/2031
|
|
|
333,000
|
333,230
|
|
|
|
|
|
$8,656,856
|
|
U.S. Treasury Obligations – 2.6%
|
||||
|
U.S. Treasury Bonds, 3.875%, 5/15/2043 (f)
|
|
$
|
19,376,000
|
$17,049,366
|
|
U.S. Treasury Bonds, 4.75%, 11/15/2053 (f)
|
|
|
2,711,000
|
2,604,996
|
|
U.S. Treasury Notes, 4.25%, 5/15/2035
|
|
|
6,888,000
|
6,811,048
|
|
|
|
|
|
$26,465,410
|
|
Utilities – 3.4%
|
||||
|
Adani Transmission Step-One Ltd., 4.25%, 5/21/2036
|
|
$
|
825,500
|
$751,623
|
|
AEP Texas, Inc., 5.2%, 4/15/2036
|
|
|
439,000
|
432,001
|
|
AEP Transmission Co. LLC, 5.375%, 6/15/2035
|
|
|
709,000
|
722,113
|
|
Algonquin Power & Utilities Corp., 5.365%, 6/15/2026
|
|
|
341,000
|
341,015
|
|
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)
|
|
|
864,000
|
772,258
|
|
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043
|
|
|
222,000
|
210,894
|
|
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053
|
|
|
185,000
|
154,511
|
|
Bruce Power LP, 2.68%, 12/21/2028
|
|
CAD
|
208,000
|
148,283
|
|
Bruce Power LP, 4.7%, 6/21/2031
|
|
|
510,000
|
384,136
|
|
Bruce Power LP, 4.27%, 12/21/2034
|
|
|
1,252,000
|
903,122
|
|
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)
|
|
$
|
2,725,000
|
2,539,436
|
|
Duke Energy Florida LLC, 6.2%, 11/15/2053
|
|
|
869,000
|
919,284
|
|
E.ON International Finance B.V., 3.5%, 9/03/2035
|
|
EUR
|
670,000
|
767,648
|
|
E.ON International Finance B.V., 5.875%, 10/30/2037
|
|
GBP
|
1,000,000
|
1,337,389
|
|
Enel Finance International N.V., 2.5%, 7/12/2031 (n)
|
|
$
|
889,000
|
791,759
|
|
Enel Finance International N.V., 5.75%, 9/14/2040
|
|
GBP
|
930,000
|
1,202,168
|
|
Enel Finance International N.V., 5.5%, 6/15/2052 (n)
|
|
$
|
299,000
|
275,005
|
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Bonds – continued
|
||||
|
Utilities – continued
|
||||
|
Energuate Trust, 6.35%, 9/15/2035 (n)
|
|
$
|
1,020,000
|
$1,016,897
|
|
ENGIE Energía Chile S.A., 6.375%, 4/17/2034 (n)
|
|
|
239,000
|
249,921
|
|
Eversource Energy, 5.5%, 1/01/2034
|
|
|
544,000
|
553,715
|
|
Florida Power & Light Co., 2.875%, 12/04/2051
|
|
|
710,000
|
444,995
|
|
Georgia Power Co., 4.95%, 5/17/2033
|
|
|
507,000
|
511,061
|
|
Hawaiian Electric Co., Inc., 6%, 10/01/2033 (n)
|
|
|
2,388,000
|
2,370,136
|
|
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)
|
|
|
294,000
|
263,721
|
|
National Grid North America, Inc., 3.917%, 6/03/2035
|
|
EUR
|
840,000
|
982,753
|
|
Northern States Power Co. of Minnesota, 5.05%, 5/15/2035
|
|
$
|
721,000
|
724,568
|
|
Oncor Electric Delivery Co. LLC, 5.35%, 4/01/2035
|
|
|
657,000
|
672,035
|
|
Oncor Electric Delivery Co. LLC, 4.55% to 11/26/2031, FLR (EUR ICE Swap Rate - 5yr.
+ 1.534%) to11/26/2036, FLR (EUR
ICE Swap Rate - 5yr. + 1.784%) to 11/26/2051, FLR (EUR ICE Swap Rate - 5yr. + 2.534%)
to 11/26/2056
|
|
EUR
|
473,000
|
554,595
|
|
Pacific Gas & Electric Co., 6.1%, 1/15/2029
|
|
$
|
245,000
|
252,808
|
|
Pacific Gas & Electric Co., 6.4%, 6/15/2033
|
|
|
220,000
|
234,124
|
|
PG&E Corp., 5.25%, 7/01/2030
|
|
|
2,898,000
|
2,867,230
|
|
PPL Electric Utilities Corp. 1st Mortgage, 5.25%, 5/15/2053
|
|
|
917,000
|
858,355
|
|
PSEG Power LLC, 5.2%, 5/15/2030 (n)
|
|
|
1,026,000
|
1,040,973
|
|
Scottish Hydro Electric Transmission PLC, 3.375%, 11/02/2033
|
|
EUR
|
930,000
|
1,062,818
|
|
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033
|
|
$
|
482,000
|
492,704
|
|
Terna Rete Elettrica Nazionale S.p.A., 3%, 7/22/2031
|
|
EUR
|
2,180,000
|
2,506,947
|
|
Vistra Operations Co. LLC, 4.7%, 1/31/2031 (n)
|
|
$
|
834,000
|
819,461
|
|
Vistra Operations Co. LLC, 5.35%, 1/31/2036 (n)
|
|
|
734,000
|
717,727
|
|
Xcel Energy, Inc., 4.6%, 6/01/2032
|
|
|
515,000
|
506,559
|
|
XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n)
|
|
|
2,031,000
|
2,177,315
|
|
|
|
|
|
$34,534,063
|
|
Utilities - Gas – 0.8%
|
||||
|
APA Infrastructure Ltd., 5.125%, 9/16/2034 (n)
|
|
$
|
768,000
|
$760,012
|
|
APA Infrastructure Ltd., 2.5%, 3/15/2036
|
|
GBP
|
1,050,000
|
1,068,366
|
|
APA Infrastructure Ltd., 5.75%, 9/16/2044 (n)
|
|
$
|
290,000
|
286,149
|
|
EP Infrastructure A.S., 2.045%, 10/09/2028
|
|
EUR
|
1,413,000
|
1,598,594
|
|
EP Infrastructure A.S., 4.125%, 2/27/2033
|
|
|
1,361,000
|
1,558,439
|
|
EP Infrastructure A.S., 4.375%, 1/29/2034
|
|
|
485,000
|
559,034
|
|
Spire, Inc., 4.6%, 9/01/2031
|
|
$
|
1,309,000
|
1,293,611
|
|
Spire, Inc., 6.25%, 6/01/2056
|
|
|
1,016,000
|
1,015,228
|
|
|
|
|
|
$8,139,433
|
|
Utilities - Other – 0.1%
|
||||
|
Severn Trent Utilities Finance PLC, 3.875%, 8/04/2035
|
|
EUR
|
710,000
|
$822,624
|
|
Total Bonds (Identified Cost, $991,038,286)
|
|
$994,091,617
|
||
|
Mutual Funds (h) – 2.3%
|
||||
|
Money Market Funds – 2.3%
|
|
|||
|
MFS Institutional Money Market Portfolio, 3.69% (v) (Identified Cost, $23,522,833)
|
|
|
23,521,649
|
$23,524,001
|
|
Other Assets, Less Liabilities – 0.8%
|
|
7,809,473
|
||
|
Net Assets – 100.0%
|
$1,025,425,091
|
|||
|
(f)
|
All or a portion of the security has been segregated as collateral for open futures
contracts and cleared swap agreements.
|
|
(h)
|
An affiliated issuer, which may be considered one in which the fund owns 5% or more
of the outstanding voting securities, or a company which is under
common control. At period end, the aggregate values of the fund's investments in affiliated
issuers and in unaffiliated issuers were $23,524,001 and
$994,091,617, respectively.
|
|
(i)
|
Interest only security for which the fund receives interest on notional principal
(Par amount). Par amount shown is the notional principal and does not
reflect the cost of the security.
|
|
(n)
|
Securities exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be sold in the ordinary course of business in
transactions exempt from registration, normally to qualified institutional buyers.
At period end, the aggregate value of these securities was
$296,644,011, representing 28.9% of net assets.
|
|
(p)
|
Payment-in-kind (PIK) security for which interest income may be received in additional
securities and/or cash.
|
|
(v)
|
Affiliated issuer that is available only to investment companies managed by MFS. The
rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
|
|
(w)
|
When-issued security.
|
|
The following abbreviations are used in this report and are defined:
|
|
|
AGM
|
Assured Guaranty Municipal
|
|
CFRR
|
China Fixing Repo Rate
|
|
CLO
|
Collateralized Loan Obligation
|
|
CMT
|
Constant Maturity Treasury
|
|
EURIBOR
|
Euro Interbank Offered Rate
|
|
FLR
|
Floating Rate. Interest rate resets periodically based on the parenthetically disclosed
reference rate plus a spread (if any). The period-end rate
reported may not be the current rate. All reference rates are USD unless otherwise
noted.
|
|
ICE
|
Intercontinental Exchange
|
|
NPFG
|
National Public Finance Guarantee Corp.
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
TBA
|
To Be Announced
|
|
UMBS
|
Uniform Mortgage-Backed Security
|
|
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All
amounts are stated in U.S. dollars unless otherwise indicated. A list of
abbreviations is shown below:
|
|
|
AUD
|
Australian Dollar
|
|
BRL
|
Brazilian Real
|
|
CAD
|
Canadian Dollar
|
|
CLP
|
Chilean Peso
|
|
CNH
|
Chinese Yuan Renminbi (Offshore)
|
|
CNY
|
China Yuan Renminbi
|
|
CZK
|
Czech Koruna
|
|
EUR
|
Euro
|
|
GBP
|
British Pound
|
|
IDR
|
Indonesian Rupiah
|
|
JPY
|
Japanese Yen
|
|
KRW
|
South Korean Won
|
|
MXN
|
Mexican Peso
|
|
NOK
|
Norwegian Krone
|
|
NZD
|
New Zealand Dollar
|
|
PEN
|
Peruvian Nuevo Sol
|
|
SGD
|
Singapore Dollar
|
|
THB
|
Thai Baht
|
|
UYU
|
Uruguayan Peso
|
|
ZAR
|
South African Rand
|
|
Derivative Contracts at 5/31/26
|
||||||
|
Forward Foreign Currency Exchange Contracts
|
||||||
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
Asset Derivatives
|
||||||
|
AUD
|
8,240,038
|
USD
|
5,852,142
|
HSBC Bank
|
7/17/2026
|
$64,930
|
|
Forward Foreign Currency Exchange Contracts - continued
|
||||||
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
Asset Derivatives - continued
|
||||||
|
AUD
|
3,792,652
|
USD
|
2,667,472
|
State Street Corp.
|
7/17/2026
|
$55,986
|
|
BRL
|
5,152,401
|
USD
|
1,003,464
|
Citibank N.A.
|
8/04/2026
|
2,262
|
|
CLP
|
5,880,185,343
|
USD
|
6,532,474
|
Citibank N.A.
|
8/14/2026
|
76,596
|
|
CZK
|
10,679,603
|
USD
|
512,799
|
Deutsche Bank AG
|
7/17/2026
|
395
|
|
CZK
|
10,610,905
|
USD
|
507,395
|
State Street Corp.
|
7/17/2026
|
2,497
|
|
EUR
|
4,494,687
|
USD
|
5,236,502
|
HSBC Bank
|
7/17/2026
|
16,405
|
|
EUR
|
1,044,850
|
USD
|
1,220,214
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
894
|
|
EUR
|
2,339,348
|
USD
|
2,731,170
|
Merrill Lynch International
|
7/17/2026
|
2,808
|
|
GBP
|
379,866
|
USD
|
508,450
|
BNP Paribas
|
7/17/2026
|
3,072
|
|
GBP
|
1,520,882
|
USD
|
2,038,968
|
State Street Corp.
|
7/17/2026
|
9,027
|
|
JPY
|
150,360,636
|
USD
|
947,538
|
HSBC Bank
|
7/17/2026
|
109
|
|
KRW
|
7,560,000,000
|
USD
|
5,012,267
|
Citibank N.A.
|
7/15/2026
|
9,697
|
|
MXN
|
93,128,786
|
USD
|
5,300,303
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
50,567
|
|
NOK
|
100,469,201
|
USD
|
10,665,182
|
HSBC Bank
|
7/17/2026
|
192,270
|
|
NZD
|
40,239,554
|
USD
|
24,000,215
|
State Street Corp.
|
7/17/2026
|
132,431
|
|
ZAR
|
39,105,303
|
USD
|
2,374,402
|
Merrill Lynch International
|
7/17/2026
|
28,193
|
|
USD
|
13,378,511
|
BRL
|
68,435,635
|
Barclays Bank PLC
|
8/06/2026
|
26,912
|
|
USD
|
593,482
|
BRL
|
3,034,000
|
Citibank N.A.
|
8/31/2026
|
5,287
|
|
USD
|
6,397,788
|
CAD
|
8,730,078
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
52,713
|
|
USD
|
39,129,882
|
CAD
|
53,671,916
|
Merrill Lynch International
|
7/17/2026
|
120,808
|
|
USD
|
1,688,348
|
CAD
|
2,310,945
|
State Street Corp.
|
7/17/2026
|
8,740
|
|
USD
|
613,394
|
CZK
|
12,764,597
|
Deutsche Bank AG
|
7/17/2026
|
9
|
|
USD
|
7,876,061
|
CZK
|
162,097,206
|
Merrill Lynch International
|
7/17/2026
|
86,708
|
|
USD
|
420,592
|
CZK
|
8,682,540
|
State Street Corp.
|
7/17/2026
|
3,365
|
|
USD
|
14,267,124
|
EUR
|
12,078,708
|
HSBC Bank
|
7/17/2026
|
150,827
|
|
USD
|
8,678,443
|
EUR
|
7,361,565
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
75,038
|
|
USD
|
1,952,525
|
EUR
|
1,662,189
|
Merrill Lynch International
|
7/17/2026
|
9,937
|
|
USD
|
228,538,707
|
EUR
|
193,015,863
|
State Street Corp.
|
7/17/2026
|
2,962,515
|
|
USD
|
3,066,973
|
GBP
|
2,270,208
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
9,950
|
|
USD
|
93,589,892
|
GBP
|
69,037,870
|
State Street Corp.
|
7/17/2026
|
624,637
|
|
USD
|
2,395,723
|
GBP
|
1,767,294
|
UBS AG
|
7/17/2026
|
15,914
|
|
USD
|
10,603,941
|
IDR
|
183,628,447,339
|
Citibank N.A.
|
7/28/2026
|
374,367
|
|
USD
|
22,391,521
|
JPY
|
3,526,552,594
|
HSBC Bank
|
7/17/2026
|
165,466
|
|
USD
|
5,750,748
|
JPY
|
910,513,991
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
12,244
|
|
USD
|
87,304
|
JPY
|
13,836,538
|
State Street Corp.
|
7/17/2026
|
99
|
|
USD
|
26,534,065
|
KRW
|
39,026,302,355
|
Barclays Bank PLC
|
7/15/2026
|
609,634
|
|
USD
|
26,441,472
|
KRW
|
38,934,169,528
|
Citibank N.A.
|
7/15/2026
|
578,242
|
|
USD
|
2,579,487
|
KRW
|
3,759,687,118
|
Goldman Sachs International
|
7/15/2026
|
81,998
|
|
USD
|
12,559,057
|
THB
|
402,454,353
|
Barclays Bank PLC
|
7/17/2026
|
159,531
|
|
USD
|
3,132,143
|
THB
|
100,025,000
|
Chase Manhattan Bank
|
7/17/2026
|
50,396
|
|
|
|
|
|
|
|
$6,833,476
|
|
Liability Derivatives
|
||||||
|
AUD
|
3,539,651
|
USD
|
2,564,685
|
State Street Corp.
|
7/17/2026
|
$(22,904
)
|
|
CAD
|
9,932,582
|
USD
|
7,241,498
|
Citibank N.A.
|
7/17/2026
|
(22,437
)
|
|
CAD
|
5,722,372
|
USD
|
4,171,743
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
(12,688
)
|
|
CAD
|
972,953
|
USD
|
715,454
|
State Street Corp.
|
7/17/2026
|
(8,306
)
|
|
CZK
|
27,649,683
|
USD
|
1,336,638
|
Citibank N.A.
|
7/17/2026
|
(7,972
)
|
|
CZK
|
26,359,153
|
USD
|
1,279,789
|
Merrill Lynch International
|
7/17/2026
|
(13,137
)
|
|
EUR
|
6,046,342
|
USD
|
7,101,985
|
Citibank N.A.
|
7/17/2026
|
(35,670
)
|
|
EUR
|
17,014,968
|
USD
|
20,014,799
|
HSBC Bank
|
7/17/2026
|
(129,533
)
|
|
EUR
|
9,835,140
|
USD
|
11,683,462
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
(189,209
)
|
|
EUR
|
3,127,285
|
USD
|
3,683,123
|
State Street Corp.
|
7/17/2026
|
(28,288
)
|
|
Forward Foreign Currency Exchange Contracts - continued
|
||||||
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
Liability Derivatives - continued
|
||||||
|
GBP
|
3,990,088
|
USD
|
5,417,894
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
$(44,908
)
|
|
GBP
|
1,002,714
|
USD
|
1,358,778
|
State Street Corp.
|
7/17/2026
|
(8,540
)
|
|
GBP
|
1,528,651
|
USD
|
2,074,446
|
UBS AG
|
7/17/2026
|
(15,989
)
|
|
JPY
|
1,475,611,885
|
USD
|
9,362,086
|
HSBC Bank
|
7/17/2026
|
(62,061
)
|
|
JPY
|
97,900,152
|
USD
|
622,206
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
(5,192
)
|
|
JPY
|
786,892,825
|
USD
|
4,984,178
|
State Street Corp.
|
7/17/2026
|
(24,795
)
|
|
KRW
|
12,338,574,192
|
USD
|
8,377,788
|
Citibank N.A.
|
7/15/2026
|
(181,507
)
|
|
SGD
|
12,691,346
|
USD
|
10,025,320
|
State Street Corp.
|
7/17/2026
|
(48,889
)
|
|
THB
|
94,678,893
|
USD
|
2,963,197
|
Barclays Bank PLC
|
7/17/2026
|
(46,162
)
|
|
USD
|
2,553,004
|
AUD
|
3,576,430
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
(15,187
)
|
|
USD
|
5,727,108
|
AUD
|
8,139,608
|
State Street Corp.
|
7/17/2026
|
(117,847
)
|
|
USD
|
194,990
|
CAD
|
268,684
|
Citibank N.A.
|
7/17/2026
|
(291
)
|
|
USD
|
10,588,556
|
CAD
|
14,580,022
|
State Street Corp.
|
7/17/2026
|
(8,294
)
|
|
USD
|
615,770
|
CNH
|
4,185,096
|
HSBC Bank
|
7/17/2026
|
(4,872
)
|
|
USD
|
4,451,366
|
CNH
|
30,137,000
|
Merrill Lynch International
|
7/17/2026
|
(17,896
)
|
|
USD
|
35,710,220
|
CNH
|
241,614,456
|
State Street Corp.
|
7/17/2026
|
(120,755
)
|
|
USD
|
698,897
|
CZK
|
14,568,830
|
State Street Corp.
|
7/17/2026
|
(1,188
)
|
|
USD
|
6,327,296
|
EUR
|
5,429,392
|
Citibank N.A.
|
7/17/2026
|
(17,993
)
|
|
USD
|
2,553,541
|
EUR
|
2,191,840
|
Goldman Sachs International
|
7/17/2026
|
(8,046
)
|
|
USD
|
5,129,036
|
EUR
|
4,399,176
|
HSBC Bank
|
7/17/2026
|
(12,247
)
|
|
USD
|
817,027
|
EUR
|
700,871
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
(2,075
)
|
|
USD
|
8,161,834
|
EUR
|
7,006,601
|
State Street Corp.
|
7/17/2026
|
(26,730
)
|
|
USD
|
2,841,347
|
GBP
|
2,124,626
|
Barclays Bank PLC
|
7/17/2026
|
(19,638
)
|
|
USD
|
513,143
|
GBP
|
381,101
|
Deutsche Bank AG
|
7/17/2026
|
(42
)
|
|
USD
|
9,016,594
|
GBP
|
6,739,573
|
HSBC Bank
|
7/17/2026
|
(58,802
)
|
|
USD
|
966,921
|
GBP
|
719,479
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
(1,918
)
|
|
USD
|
14,524,322
|
MXN
|
253,246,597
|
State Street Corp.
|
7/17/2026
|
(26,385
)
|
|
USD
|
3,674,013
|
NZD
|
6,198,251
|
HSBC Bank
|
7/17/2026
|
(43,230
)
|
|
USD
|
22,152,179
|
NZD
|
37,880,526
|
JPMorgan Chase Bank N.A.
|
7/17/2026
|
(565,700
)
|
|
USD
|
2,050,205
|
PEN
|
7,065,825
|
Citibank N.A.
|
7/22/2026
|
(14,801
)
|
|
USD
|
10,321,919
|
ZAR
|
171,674,475
|
Merrill Lynch International
|
7/17/2026
|
(225,607
)
|
|
|
|
|
|
|
|
$(2,217,731
)
|
|
Futures Contracts
|
||||||
|
Description
|
Long/
Short
|
Currency
|
Contracts
|
Notional
Amount
|
Expiration
Date
|
Value/Unrealized
Appreciation
(Depreciation)
|
|
Asset Derivatives
|
||||||
|
Interest Rate Futures
|
|
|
||||
|
Australian Bond 10 yr
|
Long
|
AUD
|
49
|
$3,839,816
|
June – 2026
|
$30,684
|
|
Canadian Treasury Bond 10 yr
|
Long
|
CAD
|
26
|
2,267,421
|
September – 2026
|
7,090
|
|
Canadian Treasury Bond 5 yr
|
Long
|
CAD
|
611
|
49,969,354
|
September – 2026
|
127,460
|
|
Euro-Bobl 5 yr
|
Long
|
EUR
|
350
|
47,400,747
|
June – 2026
|
256,063
|
|
Euro-Bund 10 yr
|
Short
|
EUR
|
189
|
27,884,670
|
June – 2026
|
301,194
|
|
Euro-Bund 10 yr
|
Long
|
EUR
|
5
|
738,331
|
September – 2026
|
1,796
|
|
Euro-Buxl 30 yr
|
Short
|
EUR
|
36
|
4,623,143
|
June – 2026
|
66,257
|
|
Euro-Schatz 2 yr
|
Long
|
EUR
|
693
|
85,693,536
|
June – 2026
|
24,397
|
|
Korean Bond 3 yr
|
Long
|
KRW
|
22
|
1,508,467
|
June – 2026
|
3,371
|
|
Long Gilt 10 yr
|
Long
|
GBP
|
34
|
4,063,209
|
September – 2026
|
63,671
|
|
U.S. Treasury Bond 30 yr
|
Long
|
USD
|
56
|
6,284,250
|
September – 2026
|
84,380
|
|
U.S. Treasury Note 10 yr
|
Long
|
USD
|
369
|
40,526,578
|
September – 2026
|
255,213
|
|
Description
|
Long/
Short
|
Currency
|
Contracts
|
Notional
Amount
|
Expiration
Date
|
Value/Unrealized
Appreciation
(Depreciation)
|
|
Asset Derivatives - continued
|
||||||
|
Interest Rate Futures - continued
|
||||||
|
U.S. Treasury Note 2 yr
|
Long
|
USD
|
142
|
$29,331,875
|
September – 2026
|
$59,404
|
|
U.S. Treasury Note 5 yr
|
Long
|
USD
|
95
|
10,185,039
|
September – 2026
|
50,502
|
|
|
|
|
|
|
|
$1,331,482
|
|
Liability Derivatives
|
||||||
|
Interest Rate Futures
|
|
|
||||
|
Euro-BTP 10 yr
|
Long
|
EUR
|
25
|
$3,470,332
|
June – 2026
|
$(12,133
)
|
|
Korean Bond 10 yr
|
Short
|
KRW
|
127
|
9,059,390
|
June – 2026
|
(148,113
)
|
|
U.S. Treasury Ultra Note 10 yr
|
Short
|
USD
|
232
|
26,002,125
|
September – 2026
|
(245,546
)
|
|
|
|
|
|
|
|
$(405,792
)
|
|
Cleared Swap Agreements
|
||||||||
|
Maturity
Date
|
Notional
Amount
|
Counterparty
|
Cash Flows
to Receive/
Frequency
|
Cash Flows
to Pay/
Frequency
|
Unrealized
Appreciation
(Depreciation)
|
Net
Unamortized
Upfront
Payments
(Receipts)
|
Value
|
|
|
Asset Derivatives
|
|
|
|
|||||
|
Interest Rate Swaps
|
|
|
|
|||||
|
11/18/29
|
CNY
|
206,200,000
|
centrally cleared
|
1.6445% / Quarterly
|
CFRR / Quarterly
|
$203,777
|
$—
|
$203,777
|
|
12/13/29
|
CNY
|
79,700,000
|
centrally cleared
|
1.49% / Quarterly
|
CFRR / Quarterly
|
15,583
|
148
|
15,731
|
|
11/26/30
|
CNY
|
77,500,000
|
centrally cleared
|
1.5772% / Quarterly
|
CFRR / Quarterly
|
47,254
|
—
|
47,254
|
|
|
|
|
|
|
|
$266,614
|
$148
|
$266,762
|
|
At 5/31/26 (unaudited)
Assets
|
|
|
Investments in unaffiliated issuers, at value (identified cost, $991,038,286)
|
$994,091,617
|
|
Investments in affiliated issuers, at value (identified cost, $23,522,833)
|
23,524,001
|
|
Cash
|
109,983
|
|
Foreign currency, at value (identified cost, $832)
|
834
|
|
Cash collateral posted for
|
|
|
Forward foreign currency exchange contracts
|
347,000
|
|
Receivables for
|
|
|
Net daily variation margin on open cleared swap agreements
|
17,649
|
|
Forward foreign currency exchange contracts
|
6,833,476
|
|
Net daily variation margin on open futures contracts
|
116,948
|
|
Investments sold
|
3,591,653
|
|
Fund shares sold
|
221,873
|
|
Interest and dividends
|
11,762,557
|
|
Other assets
|
43,091
|
|
Total assets
|
$1,040,660,682
|
|
Liabilities
|
|
|
Payables for
|
|
|
Distributions
|
$3,451
|
|
Forward foreign currency exchange contracts
|
2,217,731
|
|
Investments purchased
|
9,133,629
|
|
When-issued investments purchased
|
2,700,836
|
|
TBA purchase commitments
|
492,195
|
|
Fund shares reacquired
|
502,848
|
|
Payable to affiliates
|
|
|
Investment adviser
|
59,756
|
|
Administrative services fee
|
1,625
|
|
Shareholder servicing costs
|
13,514
|
|
Distribution and service fees
|
596
|
|
Payable for independent Trustees' compensation
|
3,401
|
|
Accrued expenses and other liabilities
|
106,009
|
|
Total liabilities
|
$15,235,591
|
|
Net assets
|
$1,025,425,091
|
|
Net assets consist of
|
|
|
Paid-in capital
|
$1,140,358,367
|
|
Total distributable earnings (loss)
|
(114,933,276
)
|
|
Net assets
|
$1,025,425,091
|
|
Shares of beneficial interest outstanding
|
126,083,964
|
|
|
Net assets
|
Shares
outstanding
|
Net asset value
per share (a)
|
|
Class A
|
$16,968,561
|
2,074,860
|
$8.18
|
|
Class B
|
43,407
|
5,334
|
8.14
|
|
Class C
|
276,560
|
33,991
|
8.14
|
|
Class I
|
15,427,000
|
1,895,776
|
8.14
|
|
Class R1
|
542,321
|
66,682
|
8.13
|
|
Class R2
|
274,564
|
33,755
|
8.13
|
|
Class R3
|
982,863
|
120,903
|
8.13
|
|
Class R4
|
507,339
|
62,306
|
8.14
|
|
Class R6
|
990,402,476
|
121,790,357
|
8.13
|
|
(a)
|
Maximum offering price per share was equal to the net asset value per share for all
share classes, except for Class A, for which the maximum
offering price per share was $8.54 [100 / 95.75 x $8.18]. On sales of $100,000 or
more, the maximum offering price of Class A shares is
reduced. A contingent deferred sales charge may be imposed on redemptions of Class
A, Class B, and Class C shares. Redemption price per
share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
R6.
|
|
Six months ended 5/31/26 (unaudited)
Net investment income (loss)
|
|
|
Income
|
|
|
Interest
|
$24,780,789
|
|
Dividends from affiliated issuers
|
325,047
|
|
Other
|
14,630
|
|
Foreign taxes withheld
|
(6,312
)
|
|
Total investment income
|
$25,114,154
|
|
Expenses
|
|
|
Management fee
|
$2,807,700
|
|
Distribution and service fees
|
25,864
|
|
Shareholder servicing costs
|
36,931
|
|
Administrative services fee
|
73,350
|
|
Independent Trustees' compensation
|
11,108
|
|
Custodian fee
|
87,647
|
|
Shareholder communications
|
7,748
|
|
Audit and tax fees
|
49,970
|
|
Legal fees
|
2,656
|
|
Miscellaneous
|
129,571
|
|
Total expenses
|
$3,232,545
|
|
Fees paid indirectly
|
(6,830
)
|
|
Reduction of expenses by investment adviser and distributor
|
(70,174
)
|
|
Net expenses
|
$3,155,541
|
|
Net investment income (loss)
|
$21,958,613
|
|
Realized and unrealized gain (loss)
|
|
|
Realized gain (loss) (identified cost basis)
|
|
|
Unaffiliated issuers (includes $3 foreign capital gains tax)
|
$(4,291,531
)
|
|
Affiliated issuers
|
(4,221
)
|
|
Written options
|
578,156
|
|
Futures contracts
|
(2,534,025
)
|
|
Swap agreements
|
608,381
|
|
Forward foreign currency exchange contracts
|
(3,229,483
)
|
|
Foreign currency
|
116,872
|
|
Net realized gain (loss)
|
$(8,755,851
)
|
|
Change in unrealized appreciation or depreciation
|
|
|
Unaffiliated issuers
|
$(8,785,968
)
|
|
Affiliated issuers
|
(913
)
|
|
Written options
|
(400,719
)
|
|
Futures contracts
|
545,666
|
|
Swap agreements
|
567,017
|
|
Forward foreign currency exchange contracts
|
2,279,960
|
|
Translation of assets and liabilities in foreign currencies
|
30,387
|
|
Net unrealized gain (loss)
|
$(5,764,570
)
|
|
Net realized and unrealized gain (loss)
|
$(14,520,421
)
|
|
Change in net assets from operations
|
$7,438,192
|
|
|
Six months ended
|
Year ended
|
|
|
5/31/26 (unaudited)
|
11/30/25 |
|
Change in net assets
|
|
|
|
From operations
|
|
|
|
Net investment income (loss)
|
$21,958,613
|
$40,864,804
|
|
Net realized gain (loss)
|
(8,755,851
)
|
(3,282,647
)
|
|
Net unrealized gain (loss)
|
(5,764,570
)
|
11,151,962
|
|
Change in net assets from operations
|
$7,438,192
|
$48,734,119
|
|
Total distributions to shareholders
|
$(30,356,876
)
|
$(36,026,513
)
|
|
Change in net assets from fund share transactions
|
$5,566,815
|
$(25,448,084
)
|
|
Total change in net assets
|
$(17,351,869
)
|
$(12,740,478
)
|
|
Net assets
|
|
|
|
At beginning of period
|
1,042,776,960
|
1,055,517,438
|
|
At end of period
|
$1,025,425,091
|
$1,042,776,960
|
|
Class A
|
Six months
ended
|
Year ended
|
||||
|
|
5/31/26
(unaudited)
|
11/30/25
|
11/30/24
|
11/30/23
|
11/30/22
|
11/30/21
|
|
Net asset value, beginning of period
|
$8.36
|
$8.25
|
$7.86
|
$7.96
|
$9.33
|
$9.82
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
Net investment income (loss) (d)
|
$0.16
|
$0.30
|
$0.30
|
$0.27
|
$0.18
|
$0.13
|
|
Net realized and unrealized gain (loss)
|
(0.11
)
|
0.08
|
0.34
|
(0.06
)
|
(1.10
)
|
(0.28
)
|
|
Total from investment operations
|
$0.05
|
$0.38
|
$0.64
|
$0.21
|
$(0.92
)
|
$(0.15
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
From net investment income
|
$(0.23
)
|
$(0.27
)
|
$(0.25
)
|
$(0.16
)
|
$(0.16
)
|
$(0.18
)
|
|
From net realized gain
|
—
|
—
|
—
|
(0.15
)
|
(0.26
)
|
(0.16
)
|
|
From tax return of capital
|
—
|
—
|
—
|
—
|
(0.03
)
|
—
|
|
Total distributions declared to shareholders
|
$(0.23
)
|
$(0.27
)
|
$(0.25
)
|
$(0.31
)
|
$(0.45
)
|
$(0.34
)
|
|
Net asset value, end of period (x)
|
$8.18
|
$8.36
|
$8.25
|
$7.86
|
$7.96
|
$9.33
|
|
Total return (%) (r)(s)(t)(x)
|
0.60
(n)
|
4.65
|
8.23
|
2.68
|
(10.28
)
|
(1.64
)
|
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
0.95
(a)
|
0.95
|
0.95
|
0.97
|
0.95
|
1.05
|
|
Expenses after expense reductions (f)
|
0.94
(a)
|
0.94
|
0.94
|
0.95
|
0.94
|
0.99
|
|
Net investment income (loss)
|
3.95
(a)
|
3.70
|
3.67
|
3.41
|
2.23
|
1.40
|
|
Portfolio turnover rate
|
58
(n)
|
133
|
146
|
139
|
150
|
216
|
|
Net assets at end of period (000 omitted)
|
$16,969
|
$13,507
|
$15,574
|
$13,538
|
$15,419
|
$21,218
|
|
Supplemental Rate:
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding TBA transactions) (e)
|
52
|
119
|
114
|
N/A
|
N/A
|
N/A
|
|
Class B
|
Six months
ended
|
Year ended
|
||||
|
|
5/31/26
(unaudited)
|
11/30/25
|
11/30/24
|
11/30/23
|
11/30/22
|
11/30/21
|
|
Net asset value, beginning of period
|
$8.32
|
$8.21
|
$7.82
|
$7.92
|
$9.28
|
$9.77
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
Net investment income (loss) (d)
|
$0.13
|
$0.24
|
$0.24
|
$0.21
|
$0.12
|
$0.06
|
|
Net realized and unrealized gain (loss)
|
(0.11
)
|
0.07
|
0.34
|
(0.06
)
|
(1.09
)
|
(0.29
)
|
|
Total from investment operations
|
$0.02
|
$0.31
|
$0.58
|
$0.15
|
$(0.97
)
|
$(0.23
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
From net investment income
|
$(0.20
)
|
$(0.20
)
|
$(0.19
)
|
$(0.10
)
|
$(0.11
)
|
$(0.10
)
|
|
From net realized gain
|
—
|
—
|
—
|
(0.15
)
|
(0.26
)
|
(0.16
)
|
|
From tax return of capital
|
—
|
—
|
—
|
—
|
(0.02
)
|
—
|
|
Total distributions declared to shareholders
|
$(0.20
)
|
$(0.20
)
|
$(0.19
)
|
$(0.25
)
|
$(0.39
)
|
$(0.26
)
|
|
Net asset value, end of period (x)
|
$8.14
|
$8.32
|
$8.21
|
$7.82
|
$7.92
|
$9.28
|
|
Total return (%) (r)(s)(t)(x)
|
0.22
(n)
|
3.88
|
7.45
|
1.91
|
(10.92
)
|
(2.40
)
|
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
1.70
(a)
|
1.70
|
1.70
|
1.71
|
1.70
|
1.80
|
|
Expenses after expense reductions (f)
|
1.68
(a)
|
1.69
|
1.69
|
1.70
|
1.69
|
1.75
|
|
Net investment income (loss)
|
3.17
(a)
|
2.95
|
2.96
|
2.62
|
1.47
|
0.64
|
|
Portfolio turnover rate
|
58
(n)
|
133
|
146
|
139
|
150
|
216
|
|
Net assets at end of period (000 omitted)
|
$43
|
$31
|
$55
|
$97
|
$165
|
$268
|
|
Supplemental Rate:
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding TBA transactions) (e)
|
52
|
119
|
114
|
N/A
|
N/A
|
N/A
|
|
Class C
|
Six months
ended
|
Year ended
|
||||
|
|
5/31/26
(unaudited)
|
11/30/25
|
11/30/24
|
11/30/23
|
11/30/22
|
11/30/21
|
|
Net asset value, beginning of period
|
$8.32
|
$8.21
|
$7.83
|
$7.92
|
$9.28
|
$9.77
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
Net investment income (loss) (d)
|
$0.13
|
$0.24
|
$0.24
|
$0.21
|
$0.12
|
$0.06
|
|
Net realized and unrealized gain (loss)
|
(0.11
)
|
0.07
|
0.33
|
(0.05
)
|
(1.09
)
|
(0.29
)
|
|
Total from investment operations
|
$0.02
|
$0.31
|
$0.57
|
$0.16
|
$(0.97
)
|
$(0.23
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
From net investment income
|
$(0.20
)
|
$(0.20
)
|
$(0.19
)
|
$(0.10
)
|
$(0.11
)
|
$(0.10
)
|
|
From net realized gain
|
—
|
—
|
—
|
(0.15
)
|
(0.26
)
|
(0.16
)
|
|
From tax return of capital
|
—
|
—
|
—
|
—
|
(0.02
)
|
—
|
|
Total distributions declared to shareholders
|
$(0.20
)
|
$(0.20
)
|
$(0.19
)
|
$(0.25
)
|
$(0.39
)
|
$(0.26
)
|
|
Net asset value, end of period (x)
|
$8.14
|
$8.32
|
$8.21
|
$7.83
|
$7.92
|
$9.28
|
|
Total return (%) (r)(s)(t)(x)
|
0.21
(n)
|
3.88
|
7.31
|
2.04
|
(10.92
)
|
(2.40
)
|
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
1.70
(a)
|
1.70
|
1.70
|
1.72
|
1.70
|
1.80
|
|
Expenses after expense reductions (f)
|
1.69
(a)
|
1.68
|
1.69
|
1.70
|
1.69
|
1.75
|
|
Net investment income (loss)
|
3.21
(a)
|
2.95
|
2.93
|
2.65
|
1.47
|
0.63
|
|
Portfolio turnover rate
|
58
(n)
|
133
|
146
|
139
|
150
|
216
|
|
Net assets at end of period (000 omitted)
|
$277
|
$285
|
$310
|
$328
|
$420
|
$812
|
|
Supplemental Rate:
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding TBA transactions) (e)
|
52
|
119
|
114
|
N/A
|
N/A
|
N/A
|
|
Class I
|
Six months
ended
|
Year ended
|
||||
|
|
5/31/26
(unaudited)
|
11/30/25
|
11/30/24
|
11/30/23
|
11/30/22
|
11/30/21
|
|
Net asset value, beginning of period
|
$8.32
|
$8.21
|
$7.83
|
$7.92
|
$9.29
|
$9.78
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
Net investment income (loss) (d)
|
$0.17
|
$0.32
|
$0.32
|
$0.29
|
$0.21
|
$0.16
|
|
Net realized and unrealized gain (loss)
|
(0.11
)
|
0.07
|
0.33
|
(0.05
)
|
(1.11
)
|
(0.29
)
|
|
Total from investment operations
|
$0.06
|
$0.39
|
$0.65
|
$0.24
|
$(0.90
)
|
$(0.13
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
From net investment income
|
$(0.24
)
|
$(0.28
)
|
$(0.27
)
|
$(0.18
)
|
$(0.18
)
|
$(0.20
)
|
|
From net realized gain
|
—
|
—
|
—
|
(0.15
)
|
(0.26
)
|
(0.16
)
|
|
From tax return of capital
|
—
|
—
|
—
|
—
|
(0.03
)
|
—
|
|
Total distributions declared to shareholders
|
$(0.24
)
|
$(0.28
)
|
$(0.27
)
|
$(0.33
)
|
$(0.47
)
|
$(0.36
)
|
|
Net asset value, end of period (x)
|
$8.14
|
$8.32
|
$8.21
|
$7.83
|
$7.92
|
$9.29
|
|
Total return (%) (r)(s)(t)(x)
|
0.72
(n)
|
4.91
|
8.38
|
3.07
|
(10.11
)
|
(1.40
)
|
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
0.70
(a)
|
0.70
|
0.70
|
0.71
|
0.70
|
0.80
|
|
Expenses after expense reductions (f)
|
0.69
(a)
|
0.68
|
0.68
|
0.70
|
0.68
|
0.74
|
|
Net investment income (loss)
|
4.20
(a)
|
3.96
|
3.90
|
3.66
|
2.48
|
1.64
|
|
Portfolio turnover rate
|
58
(n)
|
133
|
146
|
139
|
150
|
216
|
|
Net assets at end of period (000 omitted)
|
$15,427
|
$21,518
|
$15,780
|
$10,245
|
$9,541
|
$12,395
|
|
Supplemental Rate:
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding TBA transactions) (e)
|
52
|
119
|
114
|
N/A
|
N/A
|
N/A
|
|
Class R1
|
Six months
ended
|
Year ended
|
||||
|
|
5/31/26
(unaudited)
|
11/30/25
|
11/30/24
|
11/30/23
|
11/30/22
|
11/30/21
|
|
Net asset value, beginning of period
|
$8.31
|
$8.20
|
$7.82
|
$7.91
|
$9.28
|
$9.77
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
Net investment income (loss) (d)
|
$0.13
|
$0.24
|
$0.24
|
$0.21
|
$0.12
|
$0.06
|
|
Net realized and unrealized gain (loss)
|
(0.11
)
|
0.07
|
0.33
|
(0.05
)
|
(1.10
)
|
(0.29
)
|
|
Total from investment operations
|
$0.02
|
$0.31
|
$0.57
|
$0.16
|
$(0.98
)
|
$(0.23
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
From net investment income
|
$(0.20
)
|
$(0.20
)
|
$(0.19
)
|
$(0.10
)
|
$(0.11
)
|
$(0.10
)
|
|
From net realized gain
|
—
|
—
|
—
|
(0.15
)
|
(0.26
)
|
(0.16
)
|
|
From tax return of capital
|
—
|
—
|
—
|
—
|
(0.02
)
|
—
|
|
Total distributions declared to shareholders
|
$(0.20
)
|
$(0.20
)
|
$(0.19
)
|
$(0.25
)
|
$(0.39
)
|
$(0.26
)
|
|
Net asset value, end of period (x)
|
$8.13
|
$8.31
|
$8.20
|
$7.82
|
$7.91
|
$9.28
|
|
Total return (%) (r)(s)(t)(x)
|
0.21
(n)
|
3.88
|
7.32
|
2.05
|
(11.03
)
|
(2.40
)
|
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
1.70
(a)
|
1.70
|
1.70
|
1.72
|
1.70
|
1.80
|
|
Expenses after expense reductions (f)
|
1.69
(a)
|
1.69
|
1.69
|
1.70
|
1.69
|
1.74
|
|
Net investment income (loss)
|
3.21
(a)
|
2.96
|
2.93
|
2.66
|
1.51
|
0.65
|
|
Portfolio turnover rate
|
58
(n)
|
133
|
146
|
139
|
150
|
216
|
|
Net assets at end of period (000 omitted)
|
$542
|
$543
|
$497
|
$530
|
$579
|
$615
|
|
Supplemental Rate:
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding TBA transactions) (e)
|
52
|
119
|
114
|
N/A
|
N/A
|
N/A
|
|
Class R2
|
Six months
ended
|
Year ended
|
||||
|
|
5/31/26
(unaudited)
|
11/30/25
|
11/30/24
|
11/30/23
|
11/30/22
|
11/30/21
|
|
Net asset value, beginning of period
|
$8.31
|
$8.21
|
$7.82
|
$7.91
|
$9.28
|
$9.77
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
Net investment income (loss) (d)
|
$0.15
|
$0.28
|
$0.28
|
$0.25
|
$0.16
|
$0.11
|
|
Net realized and unrealized gain (loss)
|
(0.11
)
|
0.06
|
0.34
|
(0.05
)
|
(1.10
)
|
(0.29
)
|
|
Total from investment operations
|
$0.04
|
$0.34
|
$0.62
|
$0.20
|
$(0.94
)
|
$(0.18
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
From net investment income
|
$(0.22
)
|
$(0.24
)
|
$(0.23
)
|
$(0.14
)
|
$(0.15
)
|
$(0.15
)
|
|
From net realized gain
|
—
|
—
|
—
|
(0.15
)
|
(0.26
)
|
(0.16
)
|
|
From tax return of capital
|
—
|
—
|
—
|
—
|
(0.02
)
|
—
|
|
Total distributions declared to shareholders
|
$(0.22
)
|
$(0.24
)
|
$(0.23
)
|
$(0.29
)
|
$(0.43
)
|
$(0.31
)
|
|
Net asset value, end of period (x)
|
$8.13
|
$8.31
|
$8.21
|
$7.82
|
$7.91
|
$9.28
|
|
Total return (%) (r)(s)(t)(x)
|
0.47
(n)
|
4.27
|
7.98
|
2.56
|
(10.58
)
|
(1.91
)
|
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
1.20
(a)
|
1.20
|
1.20
|
1.22
|
1.20
|
1.30
|
|
Expenses after expense reductions (f)
|
1.19
(a)
|
1.19
|
1.19
|
1.21
|
1.19
|
1.24
|
|
Net investment income (loss)
|
3.71
(a)
|
3.45
|
3.43
|
3.17
|
2.00
|
1.16
|
|
Portfolio turnover rate
|
58
(n)
|
133
|
146
|
139
|
150
|
216
|
|
Net assets at end of period (000 omitted)
|
$275
|
$282
|
$396
|
$411
|
$656
|
$822
|
|
Supplemental Rate:
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding TBA transactions) (e)
|
52
|
119
|
114
|
N/A
|
N/A
|
N/A
|
|
Class R3
|
Six months
ended
|
Year ended
|
||||
|
|
5/31/26
(unaudited)
|
11/30/25
|
11/30/24
|
11/30/23
|
11/30/22
|
11/30/21
|
|
Net asset value, beginning of period
|
$8.31
|
$8.20
|
$7.82
|
$7.92
|
$9.28
|
$9.77
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
Net investment income (loss) (d)
|
$0.16
|
$0.30
|
$0.29
|
$0.27
|
$0.19
|
$0.13
|
|
Net realized and unrealized gain (loss)
|
(0.11
)
|
0.07
|
0.34
|
(0.06
)
|
(1.10
)
|
(0.28
)
|
|
Total from investment operations
|
$0.05
|
$0.37
|
$0.63
|
$0.21
|
$(0.91
)
|
$(0.15
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
From net investment income
|
$(0.23
)
|
$(0.26
)
|
$(0.25
)
|
$(0.16
)
|
$(0.16
)
|
$(0.18
)
|
|
From net realized gain
|
—
|
—
|
—
|
(0.15
)
|
(0.26
)
|
(0.16
)
|
|
From tax return of capital
|
—
|
—
|
—
|
—
|
(0.03
)
|
—
|
|
Total distributions declared to shareholders
|
$(0.23
)
|
$(0.26
)
|
$(0.25
)
|
$(0.31
)
|
$(0.45
)
|
$(0.34
)
|
|
Net asset value, end of period (x)
|
$8.13
|
$8.31
|
$8.20
|
$7.82
|
$7.92
|
$9.28
|
|
Total return (%) (r)(s)(t)(x)
|
0.59
(n)
|
4.65
|
8.12
|
2.68
|
(10.24
)
|
(1.66
)
|
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
0.95
(a)
|
0.95
|
0.95
|
0.97
|
0.95
|
1.05
|
|
Expenses after expense reductions (f)
|
0.94
(a)
|
0.93
|
0.93
|
0.95
|
0.94
|
1.00
|
|
Net investment income (loss)
|
3.96
(a)
|
3.71
|
3.65
|
3.40
|
2.25
|
1.39
|
|
Portfolio turnover rate
|
58
(n)
|
133
|
146
|
139
|
150
|
216
|
|
Net assets at end of period (000 omitted)
|
$983
|
$1,199
|
$815
|
$499
|
$435
|
$566
|
|
Supplemental Rate:
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding TBA transactions) (e)
|
52
|
119
|
114
|
N/A
|
N/A
|
N/A
|
|
Class R4
|
Six months
ended
|
Year ended
|
||||
|
|
5/31/26
(unaudited)
|
11/30/25
|
11/30/24
|
11/30/23
|
11/30/22
|
11/30/21
|
|
Net asset value, beginning of period
|
$8.32
|
$8.21
|
$7.83
|
$7.92
|
$9.29
|
$9.77
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
Net investment income (loss) (d)
|
$0.17
|
$0.32
|
$0.32
|
$0.29
|
$0.21
|
$0.15
|
|
Net realized and unrealized gain (loss)
|
(0.11
)
|
0.07
|
0.33
|
(0.05
)
|
(1.11
)
|
(0.27
)
|
|
Total from investment operations
|
$0.06
|
$0.39
|
$0.65
|
$0.24
|
$(0.90
)
|
$(0.12
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
From net investment income
|
$(0.24
)
|
$(0.28
)
|
$(0.27
)
|
$(0.18
)
|
$(0.18
)
|
$(0.20
)
|
|
From net realized gain
|
—
|
—
|
—
|
(0.15
)
|
(0.26
)
|
(0.16
)
|
|
From tax return of capital
|
—
|
—
|
—
|
—
|
(0.03
)
|
—
|
|
Total distributions declared to shareholders
|
$(0.24
)
|
$(0.28
)
|
$(0.27
)
|
$(0.33
)
|
$(0.47
)
|
$(0.36
)
|
|
Net asset value, end of period (x)
|
$8.14
|
$8.32
|
$8.21
|
$7.83
|
$7.92
|
$9.29
|
|
Total return (%) (r)(s)(t)(x)
|
0.72
(n)
|
4.91
|
8.38
|
3.07
|
(10.11
)
|
(1.30
)
|
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
0.70
(a)
|
0.70
|
0.70
|
0.72
|
0.70
|
0.81
|
|
Expenses after expense reductions (f)
|
0.69
(a)
|
0.68
|
0.69
|
0.70
|
0.69
|
0.76
|
|
Net investment income (loss)
|
4.21
(a)
|
3.95
|
3.92
|
3.67
|
2.51
|
1.61
|
|
Portfolio turnover rate
|
58
(n)
|
133
|
146
|
139
|
150
|
216
|
|
Net assets at end of period (000 omitted)
|
$507
|
$381
|
$252
|
$192
|
$181
|
$213
|
|
Supplemental Rate:
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding TBA transactions) (e)
|
52
|
119
|
114
|
N/A
|
N/A
|
N/A
|
|
Class R6
|
Six months
ended
|
Year ended
|
||||
|
|
5/31/26
(unaudited)
|
11/30/25
|
11/30/24
|
11/30/23
|
11/30/22
|
11/30/21
|
|
Net asset value, beginning of period
|
$8.31
|
$8.20
|
$7.82
|
$7.91
|
$9.28
|
$9.76
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
Net investment income (loss) (d)
|
$0.17
|
$0.33
|
$0.32
|
$0.29
|
$0.21
|
$0.17
|
|
Net realized and unrealized gain (loss)
|
(0.11
)
|
0.07
|
0.33
|
(0.04
)
|
(1.10
)
|
(0.28
)
|
|
Total from investment operations
|
$0.06
|
$0.40
|
$0.65
|
$0.25
|
$(0.89
)
|
$(0.11
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
From net investment income
|
$(0.24
)
|
$(0.29
)
|
$(0.27
)
|
$(0.19
)
|
$(0.19
)
|
$(0.21
)
|
|
From net realized gain
|
—
|
—
|
—
|
(0.15
)
|
(0.26
)
|
(0.16
)
|
|
From tax return of capital
|
—
|
—
|
—
|
—
|
(0.03
)
|
—
|
|
Total distributions declared to shareholders
|
$(0.24
)
|
$(0.29
)
|
$(0.27
)
|
$(0.34
)
|
$(0.48
)
|
$(0.37
)
|
|
Net asset value, end of period (x)
|
$8.13
|
$8.31
|
$8.20
|
$7.82
|
$7.91
|
$9.28
|
|
Total return (%) (r)(s)(t)(x)
|
0.76
(n)
|
5.00
|
8.47
|
3.16
|
(10.05
)
|
(1.22
)
|
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
0.62
(a)
|
0.62
|
0.62
|
0.62
|
0.61
|
0.70
|
|
Expenses after expense reductions (f)
|
0.61
(a)
|
0.61
|
0.61
|
0.61
|
0.60
|
0.65
|
|
Net investment income (loss)
|
4.29
(a)
|
4.04
|
4.01
|
3.76
|
2.58
|
1.75
|
|
Portfolio turnover rate
|
58
(n)
|
133
|
146
|
139
|
150
|
216
|
|
Net assets at end of period (000 omitted)
|
$990,402
|
$1,005,032
|
$1,021,839
|
$939,060
|
$931,367
|
$1,155,980
|
|
Supplemental Rate:
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding TBA transactions) (e)
|
52
|
119
|
114
|
N/A
|
N/A
|
N/A
|
|
(a)
|
Annualized.
|
|
(d)
|
Per share data is based on average shares outstanding.
|
|
(e)
|
Portfolio turnover rate (excluding TBA transactions) is disclosed beginning with the
period ending November 30, 2024. Refer to Note 2 for more
information on TBA transactions and mortgage dollar rolls.
|
|
(f)
|
Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
2 in the Notes to Financial Statements for additional information.
|
|
(n)
|
Not annualized.
|
|
(r)
|
Certain expenses have been reduced without which performance would have been lower.
|
|
(s)
|
From time to time the fund may receive proceeds from litigation settlements, without
which performance would be lower.
|
|
(t)
|
Total returns do not include any applicable sales charges.
|
|
(x)
|
The net asset values and total returns have been calculated on net assets which include
adjustments made in accordance with U.S. generally accepted
accounting principles required at period end for financial reporting purposes.
|
|
Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
U.S. Treasury Bonds & U.S. Government
Agencies & Equivalents
|
$—
|
$26,465,410
|
$—
|
$26,465,410
|
|
Non - U.S. Sovereign Debt
|
—
|
435,053,245
|
—
|
435,053,245
|
|
Municipal Bonds
|
—
|
6,841,882
|
—
|
6,841,882
|
|
U.S. Corporate Bonds
|
—
|
229,018,780
|
—
|
229,018,780
|
|
Residential Mortgage-Backed Securities
|
—
|
86,109,742
|
—
|
86,109,742
|
|
Commercial Mortgage-Backed Securities
|
—
|
15,188,083
|
—
|
15,188,083
|
|
Asset-Backed Securities (including CDOs)
|
—
|
26,629,579
|
—
|
26,629,579
|
|
Foreign Bonds
|
—
|
168,784,896
|
—
|
168,784,896
|
|
Investment Companies
|
23,524,001
|
—
|
—
|
23,524,001
|
|
Total
|
$23,524,001
|
$994,091,617
|
$—
|
$1,017,615,618
|
|
Other Financial Instruments
|
|
|
|
|
|
Futures Contracts – Assets
|
$1,331,482
|
$—
|
$—
|
$1,331,482
|
|
Futures Contracts – Liabilities
|
(405,792
)
|
—
|
—
|
(405,792
)
|
|
Forward Foreign Currency Exchange
Contracts – Assets
|
—
|
6,833,476
|
—
|
6,833,476
|
|
Forward Foreign Currency Exchange
Contracts – Liabilities
|
—
|
(2,217,731
)
|
—
|
(2,217,731
)
|
|
Swap Agreements – Assets
|
—
|
266,762
|
—
|
266,762
|
|
|
|
Fair Value (a)
|
|
|
Risk
|
Derivative Contracts
|
Asset Derivatives
|
Liability Derivatives
|
|
Interest Rate
|
Futures Contracts
|
$1,331,482
|
$(405,792)
|
|
Foreign Exchange
|
Forward Foreign Currency Exchange Contracts
|
6,833,476
|
(2,217,731)
|
|
Interest Rate
|
Cleared Swap Agreements
|
266,762
|
—
|
|
Total
|
|
$8,431,720
|
$(2,623,523)
|
|
Risk
|
Futures
Contracts
|
Swap
Agreements
|
Forward Foreign
Currency
Exchange
Contracts
|
Unaffiliated Issuers
(Purchased
Options)
|
Written
Options
|
|
Interest Rate
|
$(2,534,025
)
|
$608,381
|
$—
|
$—
|
$—
|
|
Foreign Exchange
|
—
|
—
|
(3,229,483
)
|
—
|
—
|
|
Credit
|
—
|
—
|
—
|
(1,908,868
)
|
578,156
|
|
Total
|
$(2,534,025
)
|
$608,381
|
$(3,229,483
)
|
$(1,908,868
)
|
$578,156
|
|
Risk
|
Futures
Contracts
|
Swap
Agreements
|
Forward Foreign
Currency
Exchange
Contracts
|
Unaffiliated Issuers
(Purchased
Options)
|
Written
Options
|
|
Interest Rate
|
$545,666
|
$567,017
|
$—
|
$—
|
$—
|
|
Foreign Exchange
|
—
|
—
|
2,279,960
|
—
|
—
|
|
Credit
|
—
|
—
|
—
|
658,567
|
(400,719
)
|
|
Total
|
$545,666
|
$567,017
|
$2,279,960
|
$658,567
|
$(400,719
)
|
|
Gross Amounts of:
|
Derivative Assets
|
Derivative Liabilities
|
|
Futures Contracts (a)
|
$116,948
|
$—
|
|
Cleared Swap Agreements (a)
|
17,649
|
—
|
|
Forward Foreign Currency Exchange Contracts
|
6,833,476
|
(2,217,731)
|
|
Total Gross Amount of Derivative Assets
and Liabilities Presented in the
Statement of Assets & Liabilities
|
$6,968,073
|
$(2,217,731)
|
|
Less: Derivative Assets and Liabilities Not Subject
to a Master Netting Agreement or
Similar Arrangement
|
4,590,211
|
(769,655)
|
|
Total Gross Amount of Derivative Assets and
Liabilities Subject to a Master Netting Agreement or
Similar Arrangement
|
$2,377,862
|
$(1,448,076)
|
|
|
|
Amounts Not Offset in the
Statement of Assets & Liabilities
|
|||
|
|
Gross Amount
of Derivative
Assets Subject
to a Master
Netting
Agreement (or
Similar
Arrangement)
by Counterparty
|
Financial
Instruments
Available
for Offset
|
Financial
Instruments
Collateral
Posted by
Counterparty (b)
|
Cash
Collateral
Posted by
Counterparty (b)
|
Net Amount
of Derivative
Assets by
Counterparty
|
|
Barclays Bank PLC
|
$796,077
|
$(65,800)
|
$—
|
$(520,000)
|
$210,277
|
|
BNP Paribas
|
3,072
|
—
|
—
|
—
|
3,072
|
|
Citibank N.A.
|
1,046,451
|
(280,671)
|
—
|
(640,000)
|
125,780
|
|
Deutsche Bank AG
|
404
|
(42)
|
—
|
—
|
362
|
|
Goldman Sachs International
|
81,998
|
(8,046)
|
—
|
—
|
73,952
|
|
JPMorgan Chase Bank N.A.
|
201,406
|
(201,406)
|
—
|
—
|
—
|
|
Merrill Lynch International
|
248,454
|
(248,454)
|
—
|
—
|
—
|
|
Total
|
$2,377,862
|
$(804,419)
|
$—
|
$(1,160,000)
|
$413,443
|
|
|
|
Amounts Not Offset in the
Statement of Assets & Liabilities
|
|||
|
|
Gross Amount
of Derivative
Liabilities Subject
to a Master
Netting
Agreement (or
Similar
Arrangement)
by Counterparty
|
Financial
Instruments
Available
for Offset
|
Financial
Instruments
Collateral
Posted by
Fund (b)
|
Cash
Collateral
Posted by
Fund (b)
|
Net Amount
of Derivative
Liabilities by
Counterparty
|
|
Barclays Bank PLC
|
$(65,800)
|
$65,800
|
$—
|
$—
|
$—
|
|
Citibank N.A.
|
(280,671)
|
280,671
|
—
|
—
|
—
|
|
Deutsche Bank AG
|
(42)
|
42
|
—
|
—
|
—
|
|
Goldman Sachs International
|
(8,046)
|
8,046
|
—
|
—
|
—
|
|
JPMorgan Chase Bank N.A.
|
(836,877)
|
201,406
|
—
|
347,000
|
(288,471)
|
|
Merrill Lynch International
|
(256,640)
|
248,454
|
—
|
—
|
(8,186)
|
|
Total
|
$(1,448,076)
|
$804,419
|
$—
|
$347,000
|
$(296,657)
|
|
|
Year ended
11/30/25
|
|
Ordinary income (including any short-term capital gains)
|
$36,026,513
|
|
As of 5/31/26
|
|
|
Cost of investments
|
$1,021,471,540
|
|
Gross appreciation
|
13,022,794
|
|
Gross depreciation
|
(16,878,716
)
|
|
Net unrealized appreciation (depreciation)
|
$(3,855,922
)
|
|
As of 11/30/25
|
|
|
Undistributed ordinary income
|
28,121,270
|
|
Capital loss carryforwards
|
(121,165,880
)
|
|
Other temporary differences
|
(3,392,876
)
|
|
Net unrealized appreciation (depreciation)
|
4,422,894
|
|
Short-Term
|
$(37,495,579
)
|
|
Long-Term
|
(83,670,301
)
|
|
Total
|
$(121,165,880
)
|
|
|
Six months ended
5/31/26
|
Year ended
11/30/25
|
|
Class A
|
$422,589
|
$467,871
|
|
Class B
|
947
|
1,084
|
|
Class C
|
6,743
|
5,982
|
|
Class I
|
530,049
|
569,779
|
|
Class R1
|
13,320
|
13,068
|
|
Class R2
|
7,255
|
9,964
|
|
Class R3
|
29,599
|
27,398
|
|
Class R4
|
11,994
|
7,689
|
|
Class R6
|
29,334,380
|
34,923,678
|
|
Total
|
$30,356,876
|
$36,026,513
|
|
Up to $1 billion
|
0.55%
|
|
In excess of $1 billion and up to $2.5 billion
|
0.45%
|
|
In excess of $2.5 billion
|
0.425%
|
|
|
|
|
|
Classes
|
|
|
|
|
|
A
|
B
|
C
|
I
|
R1
|
R2
|
R3
|
R4
|
R6
|
|
0.97%
|
1.72%
|
1.72%
|
0.72%
|
1.72%
|
1.22%
|
0.97%
|
0.72%
|
0.64%
|
|
|
|
|
|
Classes
|
|
|
|
|
|
A
|
B
|
C
|
I
|
R1
|
R2
|
R3
|
R4
|
R6
|
|
0.90%
|
1.65%
|
1.65%
|
0.65%
|
1.65%
|
1.15%
|
0.90%
|
0.65%
|
0.57%
|
|
|
Distribution
Fee Rate (d)
|
Service
Fee Rate (d)
|
Total
Distribution
Plan (d)
|
Annual
Effective
Rate (e)
|
Distribution
and Service
Fee
|
|
Class A
|
—
|
0.25%
|
0.25%
|
0.25%
|
$19,574
|
|
Class B
|
0.75%
|
0.25%
|
1.00%
|
1.00%
|
228
|
|
Class C
|
0.75%
|
0.25%
|
1.00%
|
1.00%
|
1,393
|
|
Class R1
|
0.75%
|
0.25%
|
1.00%
|
1.00%
|
2,748
|
|
Class R2
|
0.25%
|
0.25%
|
0.50%
|
0.50%
|
680
|
|
Class R3
|
—
|
0.25%
|
0.25%
|
0.25%
|
1,241
|
|
Total Distribution and Service Fees
|
|
|
|
|
$25,864
|
|
|
Amount
|
|
Class A
|
$254
|
|
Class B
|
—
|
|
Class C
|
2
|
|
Date
|
Transaction
|
Class
|
Shares
|
Amount
|
|
8/19/2024
|
Redemption
|
Class A
|
3
|
$27
|
|
8/19/2024
|
Redemption
|
Class I
|
12
|
97
|
|
12/31/2025
|
Purchase
|
Class B
|
3,045
|
25,000
|
|
|
Purchases
|
Sales
|
|
U.S. Government securities
|
$121,285,968
|
$143,375,324
|
|
Non-U.S. Government securities
|
466,466,334
|
460,988,526
|
|
|
Six months ended
5/31/26
|
Year ended
11/30/25
|
||
|
|
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares sold
|
|
|
|
|
|
Class A
|
560,552
|
$4,621,326
|
649,623
|
$5,334,479
|
|
Class B
|
3,044
|
25,000
|
1,307
|
10,679
|
|
Class C
|
695
|
5,660
|
21,486
|
175,096
|
|
Class I
|
188,262
|
1,544,323
|
1,045,503
|
8,638,243
|
|
Class R1
|
3,167
|
26,125
|
5,326
|
43,473
|
|
Class R2
|
981
|
8,048
|
2,293
|
18,660
|
|
Class R3
|
13,156
|
107,732
|
47,028
|
388,687
|
|
Class R4
|
16,908
|
137,217
|
25,837
|
214,730
|
|
Class R6
|
2,859,852
|
23,469,029
|
11,314,135
|
92,548,919
|
|
|
3,646,617
|
$29,944,460
|
13,112,538
|
$107,372,966
|
|
Shares issued to shareholders
in reinvestment of distributions
|
|
|
|
|
|
Class A
|
50,966
|
$419,201
|
56,208
|
$463,348
|
|
Class B
|
114
|
933
|
131
|
1,074
|
|
Class C
|
822
|
6,736
|
727
|
5,974
|
|
Class I
|
62,771
|
514,155
|
67,088
|
551,215
|
|
Class R1
|
1,628
|
13,320
|
1,593
|
13,068
|
|
Class R2
|
887
|
7,255
|
1,196
|
9,808
|
|
Class R3
|
3,619
|
29,599
|
3,341
|
27,398
|
|
Class R4
|
1,463
|
11,974
|
914
|
7,506
|
|
Class R6
|
3,584,887
|
29,322,260
|
4,254,723
|
34,905,739
|
|
|
3,707,157
|
$30,325,433
|
4,385,921
|
$35,985,130
|
|
Shares reacquired
|
|
|
|
|
|
Class A
|
(152,233
)
|
$(1,248,147
)
|
(977,770
)
|
$(8,018,851
)
|
|
Class B
|
(1,528
)
|
(12,409
)
|
(4,409
)
|
(35,961
)
|
|
Class C
|
(1,758
)
|
(14,414
)
|
(25,737
)
|
(208,940
)
|
|
Class I
|
(941,937
)
|
(7,715,904
)
|
(448,266
)
|
(3,657,944
)
|
|
Class R1
|
(3,396
)
|
(27,504
)
|
(2,175
)
|
(17,685
)
|
|
Class R2
|
(2,069
)
|
(17,027
)
|
(17,826
)
|
(145,228
)
|
|
Class R3
|
(40,142
)
|
(329,085
)
|
(5,464
)
|
(44,626
)
|
|
Class R4
|
(1,786
)
|
(14,548
)
|
(11,765
)
|
(95,790
)
|
|
Class R6
|
(5,551,808
)
|
(45,324,040
)
|
(19,227,626
)
|
(156,581,155
)
|
|
|
(6,696,657
)
|
$(54,703,078
)
|
(20,721,038
)
|
$(168,806,180
)
|
|
|
Six months ended
5/31/26
|
Year ended
11/30/25
|
||
|
|
Shares
|
Amount
|
Shares
|
Amount
|
|
Net change
|
|
|
|
|
|
Class A
|
459,285
|
$3,792,380
|
(271,939
)
|
$(2,221,024
)
|
|
Class B
|
1,630
|
13,524
|
(2,971
)
|
(24,208
)
|
|
Class C
|
(241
)
|
(2,018
)
|
(3,524
)
|
(27,870
)
|
|
Class I
|
(690,904
)
|
(5,657,426
)
|
664,325
|
5,531,514
|
|
Class R1
|
1,399
|
11,941
|
4,744
|
38,856
|
|
Class R2
|
(201
)
|
(1,724
)
|
(14,337
)
|
(116,760
)
|
|
Class R3
|
(23,367
)
|
(191,754
)
|
44,905
|
371,459
|
|
Class R4
|
16,585
|
134,643
|
14,986
|
126,446
|
|
Class R6
|
892,931
|
7,467,249
|
(3,658,768
)
|
(29,126,497
)
|
|
|
657,117
|
$5,566,815
|
(3,222,579
)
|
$(25,448,084
)
|
|
Affiliated Issuers
|
Beginning
Value
|
Purchases
|
Sales
Proceeds
|
Realized
Gain
(Loss)
|
Change in
Unrealized
Appreciation
or
Depreciation
|
Ending
Value
|
|
MFS Institutional Money Market
Portfolio
|
$10,489,323
|
$289,604,110
|
$276,564,298
|
$(4,221
)
|
$(913
)
|
$23,524,001
|
|
Affiliated Issuers
|
Dividend
Income
|
Capital Gain
Distributions
|
|
MFS Institutional Money Market Portfolio
|
$325,047
|
$—
|
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 16. CONTROLS AND PROCEDURES.
Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the Registrant.
ITEM 19. EXHIBITS.
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.
Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
Change in the registrant's independent public accountant. Not applicable.
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST X
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: July 16, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: July 16, 2026
By (Signature and Title)*
/S/ KASEY L. PHILLIPS
Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)
Date: July 16, 2026
* Print name and title of each signing officer under his or her signature.