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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Insight Select Income Fund | NYSE:INSI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.06 | -0.37% | 15.98 | 16.07 | 15.97 | 16.07 | 11,138 | 21:00:04 |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Moody's/ Standard & Poor's Rating(a) | Principal Amount (000's) | Value (Note1) | |||
CORPORATE DEBT SECURITIES (81.33%) | |||||
AEROSPACE/DEFENSE (1.97%) | |||||
Boeing Co., Sr. Unsec. Notes, 4.875%, 05/01/25(b) | Baa2/BBB- | $1,657 | $ 1,648,840 | ||
Boeing Co., Sr. Unsec. Notes, 5.805%, 05/01/50(b) | Baa2/BBB- | 463 | 481,386 | ||
Northrop Grumman Corp., Sr. Unsec. Notes, 7.750%, 06/01/29 | Baa1/BBB+ | 500 | 555,682 | ||
Rolls-Royce PLC, Co. Gty., 5.750%, 10/15/27, 144A(b) | Ba2/BB+ | 369 | 369,649 | ||
RTX Corp., Sr. Unsec. Notes, 3.750%, 11/01/46(b) | Baa1/BBB+ | 700 | 557,910 | ||
TransDigm, Inc., Sr. Sec. Notes, 6.750%, 08/15/28, 144A(b) | Ba3/B+ | 90 | 92,071 | ||
3,705,538 | |||||
AGRICULTURE (0.90%) | |||||
Altria Group, Inc., Co. Gty., 4.800%, 02/14/29(b) | A3/BBB | 97 | 96,749 | ||
Altria Group, Inc., Co. Gty., 5.950%, 02/14/49(b) | A3/BBB | 329 | 336,390 | ||
BAT Capital Corp., Co. Gty., 6.343%, 08/02/30(b) | Baa2/BBB+ | 197 | 207,096 | ||
BAT Capital Corp., Co. Gty., 7.081%, 08/02/53(b) | Baa2/BBB+ | 70 | 75,104 | ||
BAT International Finance PLC, Co. Gty., 1.668%, 03/25/26(b) | Baa2/BBB+ | 425 | 394,916 | ||
Philip Morris International, Inc., Sr. Unsec. Notes, 5.625%, 11/17/29(b) | A2/A- | 90 | 94,477 | ||
Philip Morris International, Inc., Sr. Unsec. Notes, 2.100%, 05/01/30(b) | A2/A- | 580 | 498,294 | ||
1,703,026 | |||||
AIRLINES (3.39%) | |||||
Air Canada, Sr. Sec. Notes, 3.875%, 08/15/26, 144A(b) | Ba1/BB+ | 246 | 234,999 | ||
Air Canada Pass Through Certs., Series 2020-2, Class A, 5.250%, 04/01/29, 144A | NA/A+ | 173 | 169,761 | ||
American Airlines Group, Inc. Pass Through Certs., Series 2017-1, Class AA, 3.650%, 02/15/29 | A2/NA | 756 | 700,098 | ||
American Airlines Group, Inc. Pass Through Certs., Series 2017-2, Class AA, 3.350%, 10/15/29 | A2/NA | 1,115 | 1,006,425 | ||
American Airlines Group, Inc. Pass Through Certs., Series 2019-1, Class AA, 3.150%, 02/15/32 | A2/AA- | 660 | 577,209 | ||
American Airlines, Inc., Sr. Sec. Notes, 5.500%, 04/20/26, 144A | Ba1/NA | 295 | 292,877 | ||
American Airlines, Inc., Sr. Sec. Notes, 5.750%, 04/20/29, 144A | Ba1/NA | 162 | 157,863 | ||
British Airways PLC Pass Through Certs., Series 2020-1, Class A, 4.250%, 11/15/32, 144A | NA/A | 100 | 92,783 | ||
Delta Air Lines, Inc., Sr. Sec. Notes, 4.500%, 10/20/25, 144A | Baa1/NA | 80 | 78,802 | ||
Delta Air Lines, Inc., Sr. Sec. Notes, 4.750%, 10/20/28, 144A | Baa1/NA | 209 | 205,610 | ||
JetBlue Airways Corp. Pass Through Certs., Series 2020-1, Class A, 4.000%, 11/15/32 | A3-/NA | 863 | 791,062 | ||
United Airlines, Inc., Sr. Sec. Notes, 4.375%, 04/15/26, 144A(b) | Ba1/BB | 65 | 63,371 | ||
United Airlines, Inc., Sr. Sec. Notes, 4.625%, 04/15/29, 144A(b) | Ba1/BB | 318 | 297,424 | ||
United Airlines, Inc. Pass Through Certs., Series 2018-1, Class B, 4.600%, 03/01/26 | Ba1/NA | 484 | 459,877 | ||
United Airlines, Inc. Pass Through Certs., Series 2019-1, Class AA, 4.150%, 08/25/31 | Aa3/NA | 342 | 315,909 | ||
United Airlines, Inc. Pass Through Certs., Series 2019-2, Class AA, 2.700%, 05/01/32 | A1/NA | 911 | 771,322 | ||
United Airlines, Inc. Pass Through Certs., Series 2020-1, Class A, 5.875%, 10/15/27 | Aa3/A+ | 163 | 165,089 | ||
6,380,481 | |||||
APPAREL (0.13%) | |||||
Tapestry, Inc., Sr. Unsec. Notes, 7.850%, 11/27/33(b) | Baa2-/BBB | 221 | 236,345 | ||
AUTO MANUFACTURERS (2.45%) | |||||
Ford Holdings LLC, Co. Gty., 9.300%, 03/01/30 | Ba1/BBB- | 1,000 | 1,142,369 | ||
Ford Motor Credit Co. LLC, Sr. Unsec. Notes, 2.300%, 02/10/25(b) | Ba1/BBB- | 1,199 | 1,153,163 | ||
Ford Motor Credit Co. LLC, Sr. Unsec. Notes, 7.122%, 11/07/33(b) | Ba1/BBB- | 200 | 215,855 | ||
General Motors Co., Sr. Unsec. Notes, 6.800%, 10/01/27(b) | Baa2/BBB | 405 | 429,575 | ||
General Motors Financial Co., Inc., Sr. Unsec. Notes, 3.600%, 06/21/30(b) | Baa2/BBB | 1,027 | 933,460 | ||
Stellantis Finance US, Inc., Co. Gty., 2.691%, 09/15/31, 144A(b) | Baa2/BBB+ | 221 | 185,231 | ||
Volkswagen Group of America Finance LLC, Co. Gty., 6.450%, 11/16/30, 144A(b) | A3/BBB+ | 530 | 565,053 | ||
4,624,706 | |||||
BANKS (13.07%) | |||||
AIB Group PLC, Sr. Unsec. Notes, (3M LIBOR + 1.874%), 4.263%, 04/10/25, 144A(b),(c) | A3/BBB | 582 | 578,940 | ||
Banco Santander SA, Sr. Unsec. Notes, 5.588%, 08/08/28 | A2/A+ | 600 | 612,330 | ||
Bank of America Corp., Sr. Unsec. Notes, (SOFRRATE + 1.330%), 2.972%, 02/04/33(b),(c) | A1/A- | 2,655 | 2,258,812 | ||
Citigroup, Inc., Jr. Sub. Notes, (H15T5Y + 3.597%), 4.000%, 12/10/25(b),(c),(d) | Ba1/BB+ | 635 | 585,981 | ||
Citigroup, Inc., Sr. Unsec. Notes, 8.125%, 07/15/39 | A3/BBB+ | 70 | 90,402 | ||
Citigroup, Inc., Sr. Unsec. Notes, (TSFR3M + 1.600%), 3.980%, 03/20/30(b),(c) | A3/BBB+ | 500 | 474,648 | ||
Citigroup, Inc., Sr. Unsec. Notes, (TSFR3M + 1.825%), 3.887%, 01/10/28(b),(c) | A3/BBB+ | 2,402 | 2,324,845 | ||
Citigroup, Inc., Sub. Notes, 4.600%, 03/09/26 | Baa2/BBB | 988 | 975,640 | ||
Citigroup, Inc., Sub. Notes, 5.300%, 05/06/44 | Baa2/BBB | 926 | 891,423 | ||
Citizens Bank NA, Sr. Unsec. Notes, (SOFRRATE + 1.450%), 6.064%, 10/24/25(b),(c) | Baa1/A- | 500 | 487,805 | ||
Credit Agricole SA, Sub. Notes, (USD 5 yr. Swap Semi 30/360 US + 1.644%), 4.000%, 01/10/33, 144A(b),(c) | Baa1/BBB+ | 1,025 | 950,019 | ||
Credit Suisse AG, Sr. Unsec. Notes, (SOFRINDX + 1.260%), 6.663%, 02/21/25(e) | A3+/A+ | 1,250 | 1,252,192 | ||
Goldman Sachs Group, Inc., Sr. Unsec. Notes, (SOFRRATE + 1.725%), 4.482%, 08/23/28(b),(c) | A2/BBB+ | 703 | 691,259 | ||
Goldman Sachs Group, Inc., Sr. Unsec. Notes, (TSFR3M + 2.012%), 7.402%, 10/28/27(b),(e) | A2/BBB+ | 550 | 559,988 |
Moody's/ Standard & Poor's Rating(a) | Principal Amount (000's) | Value (Note1) | |||
CORPORATE DEBT SECURITIES (Continued) | |||||
BANKS (Continued) | |||||
HSBC Capital Funding Dollar 1 LP, Co. Gty., (3M LIBOR + 4.980%), 10.176%, 06/30/30, 144A(b),(c),(d) | Baa3/BB+ | $2,180 | $ 2,761,881 | ||
ING Groep NV, Sr. Unsec. Notes, (SOFRRATE + 1.640%), 3.869%, 03/28/26(b),(c) | Baa1/A- | 782 | 766,514 | ||
JPMorgan Chase & Co., Sr. Unsec. Notes, (SOFRRATE + 1.845%), 5.350%, 06/01/34(b),(c) | A1/A- | 400 | 406,102 | ||
Morgan Stanley, Sub. Notes, 4.350%, 09/08/26 | Baa1/BBB+ | 1,500 | 1,473,079 | ||
PNC Financial Services Group, Inc., Jr. Sub. Notes, (TSFR3M + 3.562%), 5.000%, 11/01/26(b),(c),(d) | Baa2/BBB- | 757 | 707,367 | ||
PNC Financial Services Group, Inc., Sr. Unsec. Notes, (SOFRINDX + 1.730%), 6.615%, 10/20/27(b),(c) | A3/A- | 277 | 287,465 | ||
Santander Holdings USA, Inc., Sr. Unsec. Notes, (SOFRRATE + 2.356%), 6.499%, 03/09/29(b),(c) | Baa2/BBB+ | 134 | 138,516 | ||
Synchrony Bank, Sr. Unsec. Notes, 5.400%, 08/22/25(b) | NA/BBB | 305 | 300,458 | ||
Toronto-Dominion Bank, Sr. Unsec. Notes, 5.532%, 07/17/26 | A1/A | 644 | 656,502 | ||
Truist Financial Corp., Jr. Sub. Notes, (H15T5Y + 3.003%), 4.800%, 09/01/24(b),(c),(d) | Baa2/BBB- | 1,136 | 1,045,268 | ||
Truist Financial Corp., Sr. Unsec. Notes, (SOFRRATE + 2.361%), 5.867%, 06/08/34(b),(c) | A3/A- | 111 | 113,460 | ||
Truist Financial Corp., Sr. Unsec. Notes, (SOFRRATE + 2.446%), 7.161%, 10/30/29(b),(c) | A3/A- | 149 | 161,093 | ||
UBS Group AG, Sr. Unsec. Notes, (SOFRRATE + 1.560%), 2.593%, 09/11/25, 144A(b),(c) | A3/A- | 1,242 | 1,215,103 | ||
US Bancorp, Sr. Unsec. Notes, (SOFRRATE + 2.260%), 5.836%, 06/12/34(b),(c) | A3/A | 161 | 166,396 | ||
Wells Fargo & Co., Jr. Sub. Notes, (H15T5Y + 3.453%), 3.900%, 03/15/26(b),(c),(d) | Baa2/BB+ | 1,162 | 1,073,549 | ||
Westpac Banking Corp., Sub. Notes, (H15T5Y + 1.750%), 2.668%, 11/15/35(b),(c) | Baa1/BBB+ | 753 | 613,623 | ||
24,620,660 | |||||
BEVERAGES (0.59%) | |||||
Anheuser-Busch Cos. LLC, Co. Gty., 4.700%, 02/01/36(b) | A3/A- | 645 | 645,392 | ||
Anheuser-Busch Cos. LLC, Co. Gty., 4.900%, 02/01/46(b) | A3/A- | 446 | 437,432 | ||
Anheuser-Busch InBev Worldwide, Inc., Co. Gty., 8.200%, 01/15/39 | A3/A- | 27 | 36,138 | ||
1,118,962 | |||||
BIOTECHNOLOGY (0.76%) | |||||
Amgen, Inc., Sr. Unsec. Notes, 5.250%, 03/02/30(b) | Baa1/BBB+ | 106 | 109,113 | ||
Amgen, Inc., Sr. Unsec. Notes, 5.650%, 03/02/53(b) | Baa1/BBB+ | 255 | 269,483 | ||
Royalty Pharma PLC, Co. Gty., 2.200%, 09/02/30(b) | Baa3/BBB- | 930 | 783,571 | ||
Royalty Pharma PLC, Co. Gty., 2.150%, 09/02/31(b) | Baa3/BBB- | 326 | 266,469 | ||
1,428,636 | |||||
BUILDING MATERIALS (0.70%) | |||||
Carrier Global Corp., Sr. Unsec. Notes, 6.200%, 03/15/54, 144A(b) | Baa3/BBB | 54 | 62,729 | ||
Masonite International Corp., Co. Gty., 3.500%, 02/15/30, 144A(b) | Ba2-/BB+ | 53 | 45,942 | ||
Smyrna Ready Mix Concrete LLC, Sr. Sec. Notes, 6.000%, 11/01/28, 144A(b) | Ba3/BB- | 548 | 539,586 | ||
Smyrna Ready Mix Concrete LLC, Sr. Sec. Notes, 8.875%, 11/15/31, 144A(b) | Ba3/BB- | 628 | 660,223 | ||
1,308,480 | |||||
CHEMICALS (2.51%) | |||||
Alpek SAB de CV, Co. Gty., 3.250%, 02/25/31, 144A(b) | Baa3/BBB- | 418 | 358,146 | ||
Braskem Netherlands Finance BV, Co. Gty., 4.500%, 01/31/30, 144A(b) | NA/BBB- | 735 | 570,581 | ||
Braskem Netherlands Finance BV, Co. Gty., 5.875%, 01/31/50, 144A | NA/BBB- | 245 | 169,754 | ||
Celanese US Holdings LLC, Co. Gty., 6.165%, 07/15/27(b) | Baa3/BBB- | 787 | 806,928 | ||
Orbia Advance Corp. SAB de CV, Co. Gty., 2.875%, 05/11/31, 144A(b) | Baa3/BBB- | 371 | 306,988 | ||
Union Carbide Corp., Sr. Unsec. Notes, 7.750%, 10/01/96 | Baa1/BBB | 2,000 | 2,525,640 | ||
4,738,037 | |||||
COMMERCIAL SERVICES (2.61%) | |||||
Adani Ports & Special Economic Zone, Ltd., Sr. Unsec. Notes, 3.375%, 07/24/24, 144A | Baa3/BBB- | 1,061 | 1,038,087 | ||
Ashtead Capital, Inc., Co. Gty., 4.000%, 05/01/28, 144A(b) | Baa3/BBB- | 555 | 522,678 | ||
Ashtead Capital, Inc., Co. Gty., 4.250%, 11/01/29, 144A(b) | Baa3/BBB- | 200 | 186,964 | ||
ERAC USA Finance LLC, Co. Gty., 7.000%, 10/15/37, 144A | Baa1/A- | 1,500 | 1,757,103 | ||
Global Payments, Inc., Sr. Unsec. Notes, 3.200%, 08/15/29(b) | Baa3/BBB- | 650 | 589,719 | ||
Global Payments, Inc., Sr. Unsec. Notes, 5.400%, 08/15/32(b) | Baa3/BBB- | 178 | 180,101 | ||
Prime Security Services Borrower LLC, Sr. Sec. Notes, 3.375%, 08/31/27, 144A(b) | Ba2/BB | 559 | 518,101 | ||
Triton Container International, Ltd., Co. Gty., 3.150%, 06/15/31, 144A(b) | NA/BBB | 167 | 133,073 | ||
4,925,826 | |||||
COMPUTERS (0.48%) | |||||
Dell International LLC, Co. Gty., 3.450%, 12/15/51(b) | Baa2/BBB | 192 | 139,639 | ||
Dell International LLC, Sr. Unsec. Notes, 5.850%, 07/15/25(b) | Baa2/BBB | 342 | 345,219 | ||
Dell International LLC, Sr. Unsec. Notes, 8.350%, 07/15/46(b) | Baa2/BBB | 90 | 118,661 | ||
Kyndryl Holdings, Inc., Sr. Unsec. Notes, 2.050%, 10/15/26(b) | Baa2/BBB- | 326 | 296,864 | ||
900,383 | |||||
DIVERSIFIED FINANCIAL SERVICES (1.74%) | |||||
AerCap Ireland Capital DAC, Co. Gty., 3.300%, 01/30/32(b) | Baa2/BBB | 1,122 | 977,630 |
Moody's/ Standard & Poor's Rating(a) | Principal Amount (000's) | Value (Note1) | |||
CORPORATE DEBT SECURITIES (Continued) | |||||
DIVERSIFIED FINANCIAL SERVICES (Continued) | |||||
Discover Financial Services, Sr. Unsec. Notes, 6.700%, 11/29/32(b) | Baa2/BBB- | $ 690 | $ 723,892 | ||
LSEGA Financing PLC, Co. Gty., 1.375%, 04/06/26, 144A(b) | A3/A | 612 | 564,572 | ||
LSEGA Financing PLC, Co. Gty., 2.500%, 04/06/31, 144A(b) | A3/A | 264 | 226,546 | ||
Nasdaq, Inc., Sr. Unsec. Notes, 5.350%, 06/28/28(b) | Baa2/BBB | 147 | 151,322 | ||
Nasdaq, Inc., Sr. Unsec. Notes, 5.950%, 08/15/53(b) | Baa2/BBB | 38 | 40,981 | ||
Synchrony Financial, Sr. Unsec. Notes, 2.875%, 10/28/31(b) | NA/BBB- | 747 | 599,571 | ||
3,284,514 | |||||
ELECTRIC (6.33%) | |||||
AES Andes SA, Jr. Sub. Notes, (H15T5Y + 4.917%), 6.350%, 10/07/79, 144A(b),(c) | Ba2/BB | 878 | 822,475 | ||
AES Panama Generation Holdings Srl, Sr. Sec. Notes, 4.375%, 05/31/30, 144A(b) | Baa3/NA | 539 | 452,903 | ||
Berkshire Hathaway Energy Co., Sr. Unsec. Notes, 2.850%, 05/15/51(b) | A3/A- | 1,000 | 678,586 | ||
Black Hills Corp., Sr. Unsec. Notes, 3.875%, 10/15/49(b) | Baa2/BBB+ | 1,175 | 880,352 | ||
CenterPoint Energy Houston Electric LLC, 5.300%, 04/01/53(b) | A2/A | 53 | 55,794 | ||
CMS Energy Corp., Jr. Sub. Notes, (H15T5Y + 2.900%), 3.750%, 12/01/50(b),(c) | Baa3/BBB- | 238 | 187,942 | ||
Consorcio Transmantaro SA, Sr. Unsec. Notes, 4.700%, 04/16/34, 144A | Baa3/NA | 200 | 189,074 | ||
Duke Energy Corp., Sr. Unsec. Notes, 5.000%, 08/15/52(b) | Baa2/BBB | 745 | 698,377 | ||
Edison International, Jr. Sub. Notes, (H15T5Y + 4.698%), 5.375%, 03/15/26(b),(c),(d) | Ba1/BB+ | 638 | 603,420 | ||
EDP Finance BV, Co. Gty., 6.300%, 10/11/27, 144A | Baa2/BBB | 200 | 209,583 | ||
Electricite de France SA, Jr. Sub. Notes, (H15T5Y + 5.411%), 9.125%, 03/15/33, 144A(b),(c),(d) | Ba2/B+ | 200 | 223,280 | ||
Enel Finance America LLC, Co. Gty., 7.100%, 10/14/27, 144A(b) | Baa1/BBB | 200 | 213,556 | ||
Enel Finance International NV, Co. Gty., 7.500%, 10/14/32, 144A(b) | Baa1/BBB | 200 | 228,733 | ||
Evergy Metro, Inc., Sr. Sec. Notes, 4.200%, 06/15/47(b) | A2/A | 917 | 773,941 | ||
Hydro-Quebec, 8.250%, 04/15/26 | Aa2/AA- | 1,550 | 1,670,342 | ||
Indiana Michigan Power Co., Sr. Unsec. Notes, 5.625%, 04/01/53(b) | A3/A- | 38 | 40,029 | ||
IPALCO Enterprises, Inc., Sr. Sec. Notes, 4.250%, 05/01/30(b) | Baa3/BBB- | 462 | 427,263 | ||
Jersey Central Power & Light Co., Sr. Unsec. Notes, 2.750%, 03/01/32, 144A(b) | A3/BBB | 323 | 273,111 | ||
MidAmerican Funding LLC, Sr. Sec. Notes, 6.927%, 03/01/29 | A2/BBB+ | 500 | 538,929 | ||
New England Power Co., Sr. Unsec. Notes, 5.936%, 11/25/52, 144A(b) | A3/BBB+ | 356 | 372,822 | ||
Pacific Gas and Electric Co., 2.100%, 08/01/27(b) | Baa3/BBB- | 391 | 352,663 | ||
Pacific Gas and Electric Co., 3.500%, 08/01/50(b) | Baa3/BBB- | 617 | 427,471 | ||
Public Service Enterprise Group, Inc., Sr. Unsec. Notes, 6.125%, 10/15/33(b) | Baa2/BBB | 184 | 198,158 | ||
Puget Energy, Inc., Sr. Sec. Notes, 2.379%, 06/15/28(b) | Baa3/BBB- | 247 | 220,983 | ||
Transelec SA, Sr. Unsec. Notes, 4.250%, 01/14/25, 144A(b) | Baa1/BBB | 750 | 735,569 | ||
Transelec SA, Sr. Unsec. Notes, 3.875%, 01/12/29, 144A(b) | Baa1/BBB | 490 | 456,884 | ||
11,932,240 | |||||
ENGINEERING & CONSTRUCTION (0.21%) | |||||
Sydney Airport Finance Co. Pty, Ltd., Sr. Sec. Notes, 3.375%, 04/30/25, 144A(b) | Baa1/BBB+ | 400 | 390,058 | ||
ENTERTAINMENT (0.43%) | |||||
Caesars Entertainment, Inc., Sr. Sec. Notes, 7.000%, 02/15/30, 144A(b) | Ba3/B+ | 178 | 182,459 | ||
Caesars Entertainment, Inc., Sr. Unsec. Notes, 8.125%, 07/01/27, 144A(b) | B3/B- | 188 | 192,771 | ||
Warnermedia Holdings, Inc., Co. Gty., 3.638%, 03/15/25 | Baa3/BBB- | 441 | 431,522 | ||
806,752 | |||||
ENVIRONMENTAL CONTROL (0.06%) | |||||
GFL Environmental, Inc., Sr. Sec. Notes, 6.750%, 01/15/31, 144A(b) | Ba3/BB- | 114 | 117,474 | ||
FOOD (1.38%) | |||||
Bimbo Bakeries USA, Inc., Co. Gty., 6.400%, 01/15/34, 144A(b) | Baa1/BBB+ | 395 | 438,343 | ||
Bimbo Bakeries USA, Inc., Co. Gty., 4.000%, 05/17/51, 144A(b) | Baa1/BBB+ | 363 | 291,834 | ||
J M Smucker Co., Sr. Unsec. Notes, 6.500%, 11/15/53(b) | Baa2/BBB | 107 | 123,976 | ||
JBS USA LUX SA, Co. Gty., 3.625%, 01/15/32(b) | Baa3/BBB- | 211 | 180,857 | ||
Kraft Heinz Foods Co., Co. Gty., 5.500%, 06/01/50(b) | Baa2/BBB | 346 | 357,936 | ||
Kroger Co., Sr. Unsec. Notes, 5.400%, 01/15/49(b) | Baa1/BBB | 68 | 68,200 | ||
MARB BondCo PLC, Co. Gty., 3.950%, 01/29/31, 144A(b) | NA/BB+ | 213 | 172,972 | ||
NBM US Holdings, Inc., Co. Gty., 7.000%, 05/14/26, 144A(b) | NA/BB+ | 885 | 894,977 | ||
US Foods, Inc., Co. Gty., 7.250%, 01/15/32, 144A(b) | B2/BB- | 67 | 69,862 | ||
2,598,957 | |||||
FOREST PRODUCTS & PAPER (0.16%) | |||||
Suzano Austria GmbH, Co. Gty., 3.750%, 01/15/31(b) | NA/BBB- | 351 | 307,831 | ||
GAS (1.97%) | |||||
NiSource, Inc., Sr. Unsec. Notes, 5.250%, 03/30/28(b) | Baa2/BBB+ | 51 | 52,035 |
Moody's/ Standard & Poor's Rating(a) | Principal Amount (000's) | Value (Note1) | |||
CORPORATE DEBT SECURITIES (Continued) | |||||
GAS (Continued) | |||||
NiSource, Inc., Sr. Unsec. Notes, 5.400%, 06/30/33(b) | Baa2/BBB+ | $ 191 | $ 197,296 | ||
Piedmont Natural Gas Co., Inc., Sr. Unsec. Notes, 3.500%, 06/01/29(b) | A3/BBB+ | 1,120 | 1,045,483 | ||
Southern Co. Gas Capital Corp., Co. Gty., 5.875%, 03/15/41(b) | Baa1/BBB+ | 992 | 1,012,301 | ||
Southern Co. Gas Capital Corp., Co. Gty., 3.950%, 10/01/46(b) | Baa1/BBB+ | 539 | 419,665 | ||
Southern Co. Gas Capital Corp., Co. Gty., 4.400%, 05/30/47(b) | Baa1/BBB+ | 1,164 | 988,384 | ||
3,715,164 | |||||
HEALTHCARE-PRODUCTS (0.15%) | |||||
STERIS Irish FinCo UnLtd Co., Co. Gty., 2.700%, 03/15/31(b) | Baa2/BBB | 329 | 283,501 | ||
HEALTHCARE-SERVICES (0.17%) | |||||
HCA, Inc., Co. Gty., 3.125%, 03/15/27(b) | Baa3/BBB- | 119 | 112,867 | ||
Tenet Healthcare Corp., Sr. Sec. Notes, 4.875%, 01/01/26(b) | B1/BB- | 201 | 198,778 | ||
311,645 | |||||
HOLDING COMPANIES-DIVERS (0.31%) | |||||
Benteler International AG, Sr. Sec. Notes, 10.500%, 05/15/28, 144A(b) | Ba3/BB- | 547 | 576,226 | ||
INSURANCE (7.18%) | |||||
Allianz SE, Jr. Sub. Notes, (H15T5Y + 2.165%), 3.200%, 10/30/27, 144A(b),(c),(d) | A3/A | 200 | 157,860 | ||
Allianz SE, Jr. Sub. Notes, (H15T5Y + 2.973%), 3.500%, 11/17/25, 144A(b),(c),(d) | A3/A | 400 | 354,664 | ||
Allstate Corp., Jr. Sub. Notes, (3M LIBOR + 2.120%), 6.500%, 05/15/57(b),(c) | Baa1/BBB- | 2,200 | 2,186,274 | ||
Farmers Exchange Capital, Sub. Notes, 7.200%, 07/15/48, 144A | Baa3-/BBB+ | 2,250 | 2,264,839 | ||
Guardian Life Insurance Co. of America, Sub. Notes, 4.850%, 01/24/77, 144A | Aa3/AA- | 148 | 126,141 | ||
Jackson National Life Global Funding, 1.750%, 01/12/25, 144A | A3/A | 656 | 628,966 | ||
Liberty Mutual Group, Inc., Co. Gty., 3.951%, 10/15/50, 144A(b) | Baa2/BBB | 250 | 189,796 | ||
Liberty Mutual Group, Inc., Co. Gty., (TSFR3M + 7.382%), 10.750%, 06/15/58, 144A(b),(c) | Baa3/BB+ | 1,000 | 1,275,620 | ||
Massachusetts Mutual Life Insurance Co., Sub. Notes, 3.729%, 10/15/70, 144A | A2/AA- | 243 | 167,649 | ||
Massachusetts Mutual Life Insurance Co., Sub. Notes, 4.900%, 04/01/77, 144A | A2/AA- | 980 | 835,737 | ||
MetLife, Inc., Jr. Sub. Notes, 6.400%, 12/15/36(b) | Baa2/BBB | 637 | 656,951 | ||
MetLife, Inc., Jr. Sub. Notes, 10.750%, 08/01/39(b) | Baa2/BBB | 1,000 | 1,337,945 | ||
MetLife, Inc., Jr. Sub. Notes, 9.250%, 04/08/38, 144A(b) | Baa2/BBB | 1,059 | 1,189,305 | ||
Nationwide Mutual Insurance Co., Sub. Notes, 8.250%, 12/01/31, 144A | Baa1/A- | 500 | 569,069 | ||
Nationwide Mutual Insurance Co., Sub. Notes, 9.375%, 08/15/39, 144A | Baa1/A- | 215 | 284,486 | ||
New York Life Insurance Co., Sub. Notes, 6.750%, 11/15/39, 144A | Aa2/AA- | 103 | 118,749 | ||
Prudential Financial, Inc., Jr. Sub. Notes, (3M LIBOR + 2.665%), 5.700%, 09/15/48(b),(c) | Baa1/BBB+ | 1,241 | 1,191,854 | ||
13,535,905 | |||||
INTERNET (0.57%) | |||||
Meta Platforms, Inc., Sr. Unsec. Notes, 4.450%, 08/15/52(b) | A1/AA- | 500 | 461,058 | ||
Netflix, Inc., Sr. Unsec. Notes, 5.875%, 11/15/28 | Baa2/BBB+ | 193 | 203,197 | ||
Prosus NV, Sr. Unsec. Notes, 4.987%, 01/19/52, 144A(b) | Baa3/BBB | 540 | 406,310 | ||
1,070,565 | |||||
LODGING (0.92%) | |||||
MGM China Holdings, Ltd., Sr. Unsec. Notes, 4.750%, 02/01/27, 144A(b) | B1/B+ | 200 | 190,250 | ||
Sands China, Ltd., Sr. Unsec. Notes, 3.100%, 03/08/29(b),(f) | Baa2/BBB- | 200 | 174,400 | ||
Sands China, Ltd., Sr. Unsec. Notes, 4.625%, 06/18/30(b),(f) | Baa2/BBB- | 260 | 236,555 | ||
Wynn Macau, Ltd., Sr. Unsec. Notes, 5.625%, 08/26/28, 144A(b) | B1/BB- | 1,219 | 1,129,596 | ||
1,730,801 | |||||
MACHINERY-DIVERSIFIED (0.31%) | |||||
TK Elevator US Newco, Inc., Sr. Sec. Notes, 5.250%, 07/15/27, 144A(b) | B1/B+ | 600 | 589,607 | ||
MEDIA (6.17%) | |||||
CCO Holdings LLC, Sr. Unsec. Notes, 4.500%, 05/01/32(b) | B1/BB- | 1,017 | 870,626 | ||
Charter Communications Operating LLC, Sr. Sec. Notes, 5.750%, 04/01/48(b) | Ba1/BBB- | 389 | 346,435 | ||
Comcast Corp., Co. Gty., 7.050%, 03/15/33 | A3/A- | 2,000 | 2,336,304 | ||
Cox Communications, Inc., Sr. Unsec. Notes, 6.800%, 08/01/28 | Baa2/BBB | 1,500 | 1,543,554 | ||
Cox Enterprises, Inc., Sr. Unsec. Notes, 7.375%, 07/15/27, 144A | Baa2/BBB | 500 | 522,525 | ||
CSC Holdings LLC, Co. Gty., 6.500%, 02/01/29, 144A(b) | B2/B | 698 | 616,055 | ||
CSC Holdings LLC, Sr. Unsec. Notes, 4.625%, 12/01/30, 144A(b) | Caa2/CCC+ | 1,336 | 804,871 | ||
Grupo Televisa SAB, Sr. Unsec. Notes, 6.625%, 01/15/40 | Baa2/BBB | 159 | 166,712 | ||
Paramount Global, Sr. Unsec. Notes, 4.200%, 05/19/32(b) | Baa3/BBB- | 641 | 573,552 | ||
Paramount Global, Sr. Unsec. Notes, 6.875%, 04/30/36 | Baa3/BBB- | 179 | 182,089 | ||
Time Warner Cable Enterprises LLC, Sr. Sec. Notes, 8.375%, 07/15/33 | Ba1/BBB- | 1,360 | 1,575,701 |
Moody's/ Standard & Poor's Rating(a) | Principal Amount (000's) | Value (Note1) | |||
CORPORATE DEBT SECURITIES (Continued) | |||||
MEDIA (Continued) | |||||
Univision Communications, Inc., Sr. Sec. Notes, 8.000%, 08/15/28, 144A(b) | B1/B+ | $ 14 | $ 14,445 | ||
Virgin Media Finance PLC, Co. Gty., 5.000%, 07/15/30, 144A(b) | B2/B | 200 | 176,512 | ||
Walt Disney Co., Co. Gty., 7.900%, 12/01/95 | A2/A- | 1,400 | 1,889,530 | ||
11,618,911 | |||||
MINING (0.31%) | |||||
AngloGold Ashanti Holdings PLC, Co. Gty., 3.750%, 10/01/30(b) | Baa3/BB+ | 339 | 295,176 | ||
Newmont Corp., Co. Gty., 3.250%, 05/13/30, 144A(b) | NA/BBB+ | 319 | 287,640 | ||
582,816 | |||||
OIL & GAS (3.22%) | |||||
Aker BP ASA, Co. Gty., 3.100%, 07/15/31, 144A(b) | Baa2/BBB | 426 | 364,975 | ||
BP Capital Markets PLC, Co. Gty., (H15T5Y + 4.036%), 4.375%, 06/22/25(b),(c),(d) | Baa1/BBB | 675 | 658,473 | ||
CITGO Petroleum Corp., Sr. Sec. Notes, 7.000%, 06/15/25, 144A(b) | B3/B+ | 697 | 695,692 | ||
CITGO Petroleum Corp., Sr. Sec. Notes, 8.375%, 01/15/29, 144A(b) | B3/B+ | 28 | 28,793 | ||
CVR Energy, Inc., Co. Gty., 5.250%, 02/15/25, 144A(b) | B1/B+ | 387 | 386,381 | ||
Ecopetrol SA, Sr. Unsec. Notes, 8.625%, 01/19/29(b) | Baa3/BB+ | 232 | 247,215 | ||
Endeavor Energy Resources LP, Sr. Unsec. Notes, 5.750%, 01/30/28, 144A(b) | Ba2/BB+ | 473 | 473,446 | ||
Exxon Mobil Corp., Sr. Unsec. Notes, 4.227%, 03/19/40(b) | Aa2/AA- | 1,402 | 1,306,098 | ||
Parkland Corp., Co. Gty., 4.500%, 10/01/29, 144A(b) | Ba3/BB | 667 | 611,285 | ||
Petroleos Mexicanos, Co. Gty., 5.950%, 01/28/31(b) | B1/BBB | 552 | 440,772 | ||
Petroleos Mexicanos, Co. Gty., 6.950%, 01/28/60(b) | B1/BBB | 195 | 128,441 | ||
Saudi Arabian Oil Co., Sr. Unsec. Notes, 2.250%, 11/24/30, 144A(b) | A1/NA | 853 | 732,497 | ||
6,074,068 | |||||
OIL & GAS SERVICES (0.16%) | |||||
Baker Hughes Holdings LLC, Sr. Unsec. Notes, 2.061%, 12/15/26(b) | A3/A- | 326 | 305,187 | ||
PACKAGING & CONTAINERS (0.44%) | |||||
Ardagh Metal Packaging Finance USA LLC, Sr. Unsec. Notes, 4.000%, 09/01/29, 144A(b) | Caa1/B | 200 | 169,448 | ||
LABL, Inc., Sr. Sec. Notes, 5.875%, 11/01/28, 144A(b) | B3/B- | 173 | 156,997 | ||
Sealed Air Corp, Co. Gty., 6.125%, 02/01/28, 144A(b) | Ba2/BB+ | 28 | 28,231 | ||
Sealed Air Corp., Sr. Sec. Notes, 1.573%, 10/15/26, 144A(b) | Baa2/BBB- | 524 | 472,037 | ||
826,713 | |||||
PHARMACEUTICALS (1.13%) | |||||
AbbVie, Inc., Sr. Unsec. Notes, 4.050%, 11/21/39(b) | A3/A- | 615 | 557,394 | ||
Bayer US Finance LLC, Co. Gty., 6.500%, 11/21/33, 144A(b) | Baa2/BBB | 227 | 234,391 | ||
CVS Health Corp., Sr. Unsec. Notes, 5.875%, 06/01/53(b) | Baa2/BBB | 151 | 159,404 | ||
Organon & Co, Sr. Sec. Notes, 4.125%, 04/30/28, 144A(b) | Ba2/BB | 200 | 184,142 | ||
Takeda Pharmaceutical Co., Ltd., Sr. Unsec. Notes, 5.000%, 11/26/28(b) | Baa1/BBB+ | 500 | 507,896 | ||
Takeda Pharmaceutical Co., Ltd., Sr. Unsec. Notes, 3.175%, 07/09/50(b) | Baa1/BBB+ | 684 | 490,911 | ||
2,134,138 | |||||
PIPELINES (8.09%) | |||||
Cheniere Energy Partners LP, Co. Gty., 3.250%, 01/31/32(b) | Ba1/BBB- | 91 | 77,538 | ||
Cheniere Energy Partners LP, Co. Gty., 5.950%, 06/30/33, 144A(b) | Ba1/BBB- | 92 | 94,384 | ||
Columbia Pipelines Holding Co. LLC, Sr. Unsec. Notes, 6.055%, 08/15/26, 144A(b) | Baa2/NA | 70 | 71,686 | ||
Columbia Pipelines Operating Co. LLC, Sr. Unsec. Notes, 6.544%, 11/15/53, 144A(b) | Baa1/NA | 155 | 171,359 | ||
DT Midstream, Inc., Sr. Sec. Notes, 4.300%, 04/15/32, 144A(b) | Baa2/BBB- | 432 | 387,746 | ||
EIG Pearl Holdings Sarl, Sr. Sec. Notes, 4.387%, 11/30/46, 144A | A1/NA | 700 | 561,225 | ||
Enbridge, Inc., Co. Gty., 6.700%, 11/15/53(b) | Baa1/BBB+ | 227 | 265,042 | ||
Enbridge, Inc., Sub. Notes, (TSFR3M + 4.152%), 6.000%, 01/15/77(b),(c) | Baa3/BBB- | 750 | 712,180 | ||
Energy Transfer LP, Co. Gty., 7.375%, 02/01/31, 144A(b) | Baa3/BBB | 36 | 37,834 | ||
Energy Transfer LP, Jr. Sub. Notes, (H15T5Y + 5.306%), 7.125%, 05/15/30(b),(c),(d) | Ba2/BB+ | 160 | 147,436 | ||
Energy Transfer LP, Sr. Unsec. Notes, 3.750%, 05/15/30(b) | Baa3/BBB | 398 | 370,228 | ||
Enterprise Products Operating LLC, Co. Gty., (TSFR3M + 2.832%), 5.375%, 02/15/78(b),(c) | Baa1/BBB | 342 | 306,514 | ||
Florida Gas Transmission Co. LLC, Sr. Unsec. Notes, 9.190%, 11/01/24, 144A | Baa2/BBB+ | 10 | 10,095 | ||
Global Partners LP, Co. Gty., 7.000%, 08/01/27(b) | B2/B+ | 1,076 | 1,051,908 | ||
Howard Midstream Energy Partners LLC, Sr. Unsec. Notes, 6.750%, 01/15/27, 144A(b) | B2/B+ | 110 | 108,930 | ||
Howard Midstream Energy Partners LLC, Sr. Unsec. Notes, 8.875%, 07/15/28, 144A(b) | B2/B+ | 203 | 213,061 | ||
Kinder Morgan, Inc., Co. Gty., 8.050%, 10/15/30 | Baa2/BBB | 1,000 | 1,153,861 | ||
Kinder Morgan, Inc., Co. Gty., 5.550%, 06/01/45(b) | Baa2/BBB | 1,755 | 1,694,179 | ||
MPLX LP, Sr. Unsec. Notes, 4.250%, 12/01/27(b) | Baa2/BBB | 901 | 881,551 | ||
MPLX LP, Sr. Unsec. Notes, 5.500%, 02/15/49(b) | Baa2/BBB | 694 | 673,929 | ||
MPLX LP, Sr. Unsec. Notes, 4.900%, 04/15/58(b) | Baa2/BBB | 561 | 477,638 | ||
NGPL PipeCo LLC, Sr. Unsec. Notes, 7.768%, 12/15/37, 144A | Baa3/BBB- | 880 | 978,759 |
Moody's/ Standard & Poor's Rating(a) | Principal Amount (000's) | Value (Note1) | |||
CORPORATE DEBT SECURITIES (Continued) | |||||
PIPELINES (Continued) | |||||
ONEOK, Inc., Co. Gty., 5.800%, 11/01/30(b) | Baa2/BBB | $ 123 | $ 128,062 | ||
ONEOK, Inc., Co. Gty., 6.100%, 11/15/32(b) | Baa2/BBB | 177 | 188,419 | ||
ONEOK, Inc., Co. Gty., 6.625%, 09/01/53(b) | Baa2/BBB | 548 | 615,585 | ||
Panhandle Eastern Pipe Line Co. LP, Sr. Unsec. Notes, 7.000%, 07/15/29 | Baa3/BBB | 1,000 | 1,041,456 | ||
Targa Resources Partners LP, Co. Gty., 5.500%, 03/01/30(b) | Baa3/BBB- | 1,177 | 1,177,100 | ||
Transcontinental Gas Pipe Line Co. LLC, Sr. Unsec. Notes, 3.950%, 05/15/50(b) | Baa1/BBB | 384 | 311,243 | ||
Venture Global LNG, Inc., Sr. Sec. Notes, 9.500%, 02/01/29, 144A(b) | B1/BB | 106 | 112,139 | ||
Western Midstream Operating LP, Sr. Unsec. Notes, 6.350%, 01/15/29(b) | Baa3/BBB- | 131 | 136,733 | ||
Western Midstream Operating LP, Sr. Unsec. Notes, 6.150%, 04/01/33(b) | Baa3/BBB- | 53 | 55,097 | ||
Williams Cos., Inc., Sr. Unsec. Notes, 7.500%, 01/15/31 | Baa2/BBB | 911 | 1,032,156 | ||
15,245,073 | |||||
REITS (2.92%) | |||||
Boston Properties LP, Sr. Unsec. Notes, 3.800%, 02/01/24(b) | Baa2/BBB+ | 288 | 287,455 | ||
Brixmor Operating Partnership LP, Sr. Unsec. Notes, 3.850%, 02/01/25(b) | Baa3/BBB | 161 | 157,551 | ||
EPR Properties, Sr. Unsec. Notes, 3.600%, 11/15/31(b) | Baa3/BBB- | 533 | 442,814 | ||
Extra Space Storage LP, Co. Gty., 5.700%, 04/01/28(b) | Baa2/BBB+ | 129 | 132,336 | ||
Extra Space Storage LP, Co. Gty., 3.900%, 04/01/29(b) | Baa2/BBB+ | 371 | 351,361 | ||
Extra Space Storage LP, Co. Gty., 2.350%, 03/15/32(b) | Baa2/BBB+ | 267 | 218,015 | ||
GLP Capital LP, Co. Gty., 3.250%, 01/15/32(b) | Ba1/BBB- | 154 | 130,015 | ||
Iron Mountain, Inc., Co. Gty., 5.000%, 07/15/28, 144A(b) | Ba3/BB- | 59 | 56,716 | ||
Iron Mountain, Inc., Co. Gty., 7.000%, 02/15/29, 144A(b) | Ba3/BB- | 370 | 380,312 | ||
Kite Realty Group LP, Sr. Unsec. Notes, 4.000%, 10/01/26(b) | Baa3/BBB- | 129 | 121,946 | ||
Rexford Industrial Realty LP, Co. Gty., 2.150%, 09/01/31(b) | Baa2/BBB+ | 360 | 288,614 | ||
SBA Tower Trust, 2.593%, 10/15/31, 144A(b) | A2/NA | 454 | 365,784 | ||
Scentre Group Trust 2, Co. Gty., (H15T5Y + 4.379%), 4.750%, 09/24/80, 144A(b),(c) | Baa1/BBB+ | 2,007 | 1,876,843 | ||
Simon Property Group LP, Sr. Unsec. Notes, 5.850%, 03/08/53(b) | A3/A- | 271 | 288,837 | ||
VICI Properties LP, Co. Gty., 3.500%, 02/15/25, 144A(b) | Ba1/BBB- | 385 | 375,155 | ||
WEA Finance LLC, Co. Gty., 4.625%, 09/20/48, 144A(b) | Baa2/BBB+ | 36 | 24,347 | ||
5,498,101 | |||||
RETAIL (0.64%) | |||||
Macy's Retail Holdings LLC, Co. Gty., 5.875%, 03/15/30, 144A(b) | Ba2/BB+ | 314 | 298,328 | ||
Murphy Oil USA, Inc., Co. Gty., 3.750%, 02/15/31, 144A(b) | Ba2/BB+ | 119 | 103,544 | ||
Starbucks Corp., Sr. Unsec. Notes, 4.450%, 08/15/49(b) | Baa1/BBB+ | 891 | 812,124 | ||
1,213,996 | |||||
SEMICONDUCTORS (1.47%) | |||||
Broadcom, Inc., Co. Gty., 3.750%, 02/15/51, 144A(b) | Baa3/BBB | 166 | 131,078 | ||
Broadcom, Inc., Sr. Unsec. Notes, 3.469%, 04/15/34, 144A(b) | Baa3/BBB | 1,655 | 1,442,395 | ||
Broadcom, Inc., Sr. Unsec. Notes, 3.187%, 11/15/36, 144A(b) | Baa3/BBB | 1,109 | 899,944 | ||
Intel Corp., Sr. Unsec. Notes, 5.200%, 02/10/33(b) | A2/A | 92 | 96,213 | ||
Intel Corp., Sr. Unsec. Notes, 5.700%, 02/10/53(b) | A2/A | 61 | 66,191 | ||
Micron Technology, Inc., Sr. Unsec. Notes, 2.703%, 04/15/32(b) | Baa3/BBB- | 164 | 137,958 | ||
2,773,779 | |||||
SOFTWARE (1.74%) | |||||
Fiserv, Inc., Sr. Unsec. Notes, 5.600%, 03/02/33(b) | Baa2/BBB | 121 | 126,337 | ||
Oracle Corp., Sr. Unsec. Notes, 2.300%, 03/25/28(b) | Baa2/BBB | 1,130 | 1,030,189 | ||
Oracle Corp., Sr. Unsec. Notes, 3.650%, 03/25/41(b) | Baa2/BBB | 1,745 | 1,392,552 | ||
Oracle Corp., Sr. Unsec. Notes, 5.550%, 02/06/53(b) | Baa2/BBB | 80 | 80,346 | ||
VMware LLC, Sr. Unsec. Notes, 2.200%, 08/15/31(b) | NA/BBB | 788 | 653,878 | ||
3,283,302 | |||||
TELECOMMUNICATIONS (3.24%) | |||||
AT&T, Inc., Sr. Unsec. Notes, 4.500%, 05/15/35(b) | Baa2/BBB | 515 | 488,828 | ||
AT&T, Inc., Sr. Unsec. Notes, 4.750%, 05/15/46(b) | Baa2/BBB | 425 | 385,473 | ||
AT&T, Inc., Sr. Unsec. Notes, 3.550%, 09/15/55(b) | Baa2/BBB | 2,195 | 1,586,931 | ||
Deutsche Telekom International Finance BV, Co. Gty., 8.750%, 06/15/30(f) | Baa1/BBB+ | 2,000 | 2,413,981 | ||
Frontier Communications Holdings LLC, Sr. Sec. Notes, 5.000%, 05/01/28, 144A(b) | B3/B | 255 | 235,576 | ||
T-Mobile USA, Inc., Co. Gty., 4.950%, 03/15/28(b) | Baa2/BBB | 83 | 84,172 | ||
Verizon Communications, Inc., Sr. Unsec. Notes, 2.550%, 03/21/31(b) | Baa1/BBB+ | 457 | 394,618 | ||
Verizon Communications, Inc., Sr. Unsec. Notes, 3.550%, 03/22/51(b) | Baa1/BBB+ | 674 | 520,147 | ||
6,109,726 |
Moody's/ Standard & Poor's Rating(a) | Principal Amount (000's) | Value (Note1) | |||
CORPORATE DEBT SECURITIES (Continued) | |||||
TRANSPORTATION (0.35%) | |||||
BNSF Funding Trust I, Co. Gty., (3M LIBOR + 2.350%), 6.613%, 12/15/55(b),(c) | Baa2/A | $ 250 | $ 243,408 | ||
Union Pacific Corp., Sr. Unsec. Notes, 3.839%, 03/20/60(b) | A3/A- | 503 | 412,215 | ||
655,623 | |||||
TOTAL CORPORATE DEBT SECURITIES (Cost of $159,243,245) | 153,263,753 | ||||
ASSET-BACKED SECURITIES (12.85%) | |||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.937%, 08/15/46, 144A(b) | NA/A- | 904 | 810,499 | ||
Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.300%, 06/21/28, 144A(b) | Aaa/NA | 73 | 72,945 | ||
Antares CLO, Ltd., Series 2017-1A, Class CR, (TSFR3M + 2.962%), 8.377%, 04/20/33, 144A(b),(e) | NA/A | 1,092 | 1,042,896 | ||
Apidos CLO XXXIX, Ltd., Series 2022-39A, Class A1, (TSFR3M + 1.300%), 6.712%, 04/21/35, 144A(b),(e) | Aaa/AA+ | 950 | 945,171 | ||
Auxilior Term Funding LLC, Series 2023-1A, Class A2, 6.180%, 12/15/28, 144A(b) | Aaa/NA | 127 | 127,475 | ||
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.330%, 08/20/26, 144A(b) | Aaa/NA | 255 | 243,774 | ||
Blackbird Capital II Aircraft Lease, Ltd., Series 2021-1A, Class B, 3.446%, 07/15/46, 144A(b) | Baa1/NA | 289 | 239,617 | ||
Cerberus Loan Funding XXXVII LP, Series 2022-1A, Class A1, (TSFR3M + 1.780%), 7.174%, 04/15/34, 144A(b),(e) | Aaa/NA | 1,500 | 1,477,912 | ||
CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.690%, 07/15/60, 144A(b) | NA/A+ | 612 | 565,303 | ||
Chesapeake Funding II LLC, Series 2023-2A, Class A1, 6.160%, 10/15/35, 144A(b) | Aaa/NA | 146 | 147,400 | ||
Daimler Trucks Retail Trust, Series 2023-1, Class A3, 5.900%, 03/15/27(b) | Aaa/NA | 428 | 434,077 | ||
DataBank Issuer, Series 2021-2A, Class A2, 2.400%, 10/25/51, 144A(b) | NA/NA | 583 | 518,556 | ||
DB Master Finance LLC, Series 2021-1A, Class A2I, 2.045%, 11/20/51, 144A(b) | NA/BBB | 596 | 541,656 | ||
Domino's Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662%, 04/25/51, 144A(b) | NA/BBB+ | 538 | 476,016 | ||
Eaton Vance CLO, Ltd., Series 2020-1A, Class AR, (TSFR3M + 1.432%), 6.825%, 10/15/34, 144A(b),(e) | NA/AAA | 1,500 | 1,499,284 | ||
Flexential Issuer, Series 2021-1A, Class A2, 3.250%, 11/27/51, 144A(b) | NA/NA | 555 | 498,288 | ||
Ford Credit Auto Owner Trust, Series 2022-C, Class B, 5.030%, 02/15/28(b) | Aaa/AA+ | 565 | 563,197 | ||
Fortress Credit Opportunities IX CLO, Ltd., Series 2017-9A, Class A1TR, (TSFR3M + 1.812%), 7.205%, 10/15/33, 144A(b),(e) | NA/AAA | 600 | 588,661 | ||
Golub Capital Partners CLO 36m, Ltd., Series 2018-36A, Class C, (TSFR3M + 2.362%), 7.754%, 02/05/31, 144A(b),(e) | NA/A | 2,250 | 2,159,622 | ||
Hilton Grand Vacations Trust, Series 2023-1A, Class A, 5.720%, 01/25/38, 144A(b) | Aaa/AAA | 92 | 93,332 | ||
ITE Rail Fund Levered LP, Series 2021-1A, Class A, 2.250%, 02/28/51, 144A(b) | NA/A | 177 | 155,501 | ||
IVY Hill Middle Market Credit Fund XII, Ltd., Series 12A, Class BR, (TSFR3M + 3.162%), 8.577%, 07/20/33, 144A(b),(e) | NA/A- | 866 | 826,332 | ||
Marlette Funding Trust, Series 2022-3A, Class A, 5.180%, 11/15/32, 144A(b) | NA/NA | 31 | 30,665 | ||
MCF CLO IX, Ltd., Series 2019-1A, Class A1R, (TSFR3M + 1.500%), 6.903%, 07/17/31, 144A(b),(e) | NA/AAA | 519 | 515,745 | ||
MF1, Ltd., Series 2021-FL7, Class AS, (TSFR1M + 1.564%), 6.923%, 10/16/36, 144A(b),(e) | NA/NA | 922 | 898,484 | ||
MF1, Ltd., Series 2022-FL8, Class C, (TSFR1M + 2.200%), 7.556%, 02/19/37, 144A(b),(e) | NA/NA | 448 | 429,862 | ||
Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.840%, 05/15/69, 144A(b) | NA/AAA | 87 | 76,803 | ||
Neuberger Berman Loan Advisers CLO 47, Ltd., Series 2022-47A, Class A, (TSFR3M + 1.300%), 6.694%, 04/14/35, 144A(b),(e) | Aaa/NA | 937 | 929,508 | ||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, 10/20/61, 144A(b) | NA/A | 1,063 | 930,613 | ||
PMT Issuer Trust - FMSR, Series 2021-FT1, Class A, (TSFR1M + 3.115%), 8.471%, 03/25/26, 144A(b),(e) | NA/NA | 566 | 558,398 | ||
Purewest Funding LLC, Series 2021-1, Class A1, 4.091%, 12/22/36, 144A(b) | NA/NA | 149 | 143,335 | ||
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.740%, 10/16/28(b) | Aaa/AA+ | 352 | 346,685 | ||
SFS Auto Receivables Securitization Trust, Series 2023-1A, Class A2A, 5.890%, 03/22/27, 144A(b) | Aaa/AAA | 192 | 192,669 | ||
Slam, Ltd., Series 2021-1A, Class A, 2.434%, 06/15/46, 144A(b) | A1/NA | 1,135 | 980,833 | ||
SMB Private Education Loan Trust, Series 2017-B, Class A2B, (TSFR1M + 0.864%), 6.226%, 10/15/35, 144A(b),(e) | Aaa/AAA | 194 | 192,933 | ||
Sofi Professional Loan Program LLC, Series 2017-C, Class B, 3.560%, 07/25/40, 144A(b),(e) | NA/AA+ | 1,099 | 1,055,166 | ||
Tesla Auto Lease Trust, Series 2023-B, Class A3, 6.130%, 09/21/26, 144A(b) | Aaa/NA | 449 | 453,522 | ||
Textainer Marine Containers VII, Ltd., Series 2021-1A, Class A, 1.680%, 02/20/46, 144A(b) | NA/A | 797 | 698,561 | ||
TIF Funding II LLC, Series 2021-1A, Class A, 1.650%, 02/20/46, 144A(b) | NA/A | 424 | 364,206 | ||
United States Small Business Administration, Series 2010-20F, Class 1, 3.880%, 06/01/30 | Aaa/AA+ | 29 | 28,016 | ||
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750%, 09/15/43, 144A(b),(g) | NA/A | 991 | 852,822 | ||
Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.104%, 05/15/46, 144A(b) | NA/NA | 614 | 515,283 | ||
TOTAL ASSET-BACKED SECURITIES (Cost of $25,648,683) | 24,221,623 | ||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (0.69%) | |||||
BXHPP Trust, Series 2021-FILM, Class C, (TSFR1M + 1.214%), 6.576%, 08/15/36, 144A(e) | NA/NA | 167 | 149,681 | ||
COLT Mortgage Loan Trust, Series 2023-3, Class A2, 7.432%, 09/25/68, 144A(b),(g) | NA/NA | 262 | 265,921 | ||
New Residential Mortgage Loan Trust, Series 2021-NQ2R, Class A1, 0.941%, 10/25/58, 144A(b),(e) | NA/NA | 163 | 148,387 | ||
New Residential Mortgage Loan Trust, Series 2022-NQM1, Class A1, 2.277%, 04/25/61, 144A(b),(e) | NA/NA | 865 | 736,345 | ||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost of $1,456,944) | 1,300,334 | ||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (0.10%) | |||||
FHLMC Pool #A15675, 6.000%, 11/01/33 | Aaa/AA+ | 28 | 29,282 |
Moody's/ Standard & Poor's Rating(a) | Principal Amount (000's) | Value (Note1) | |||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) | |||||
FNMA Pool #754791, 6.500%, 12/01/33 | Aaa/AA+ | $ 109 | $ 114,048 | ||
FNMA Pool #763852, 5.500%, 02/01/34 | Aaa/AA+ | 49 | 50,497 | ||
GNSF Pool #417239, 7.000%, 02/15/26 | Aaa/AA+ | 1 | 773 | ||
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost of $179,218) | 194,600 | ||||
MUNICIPAL BONDS (1.25%) | |||||
City of San Francisco CA Public Utilities Commission Water Revenue, Build America Bonds, 6.000%, 11/01/40 | Aa2/AA- | 145 | 154,793 | ||
State of California, Build America Bonds, GO, 7.625%, 03/01/40 | Aa2/AA- | 1,500 | 1,882,645 | ||
University of Michigan, 3.599%, 04/01/47 | Aaa/AAA | 365 | 319,157 | ||
TOTAL MUNICIPAL BONDS (Cost of $2,040,289) | 2,356,595 | ||||
U.S. TREASURY OBLIGATIONS (1.33%) | |||||
United States Treasury Bonds, 4.375%, 08/15/43 | Aaa/AA+ | 639 | 654,675 | ||
United States Treasury Bonds, 4.750%, 11/15/43 | Aaa/AA+ | 496 | 533,898 | ||
United States Treasury Bonds, 4.750%, 11/15/53 | Aaa/AA+ | 61 | 68,730 | ||
United States Treasury Notes, 4.375%, 11/30/28 | Aaa/AA+ | 504 | 516,246 | ||
United States Treasury Notes, 4.375%, 11/30/30 | Aaa/AA+ | 466 | 479,907 | ||
United States Treasury Notes, 4.500%, 11/15/33 | Aaa/AA+ | 230 | 241,967 | ||
TOTAL U.S. TREASURY OBLIGATIONS (Cost of $2,423,185) | 2,495,423 | ||||
GOVERNMENT BONDS (0.55%) | |||||
Hungary Government International Bond, Sr. Unsec. Notes, 6.750%, 09/25/52, 144A | Baa2/BBB- | 200 | 223,500 | ||
Saudi Government International Bond, Sr. Unsec. Notes, 5.500%, 10/25/32, 144A | A1/NA | 631 | 672,037 | ||
Ukraine Government International Bond, Sr. Unsec. Notes, 7.253%, 03/15/35, 144A | NA/CCC | 551 | 129,485 | ||
TOTAL GOVERNMENT BONDS (Cost of $1,373,545) | 1,025,022 | ||||
TOTAL INVESTMENTS (98.10%) (Cost of $192,365,109) | 184,857,350 | ||||
OTHER ASSETS AND LIABILITIES (1.90%) | 3,586,531 | ||||
NET ASSETS (100.00%) | $188,443,881 |
Long Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
U.S. Treasury 2-Year Notes | 03/24 | 37 | $7,538,578 | $7,618,820 | $80,242 |
U.S. Treasury 5-Year Notes | 03/24 | 18 | 1,913,929 | 1,957,922 | 43,993 |
U.S. Treasury Long Bonds | 03/24 | 45 | 5,240,415 | 5,622,188 | 381,773 |
U.S. Treasury Ultra Bonds | 03/24 | 72 | 8,752,031 | 9,618,750 | 866,719 |
1,372,727 | |||||
Short Futures Outstanding | |||||
U.S. Treasury 10-Year Notes | 03/24 | 31 | (3,401,836) | (3,499,610) | (97,774) |
U.S. Treasury Ultra 10-Year Notes | 03/24 | 15 | (1,724,447) | (1,770,234) | (45,787) |
(143,561) | |||||
Net unrealized appreciation on open futures contracts | $1,229,166 |
(a) | Ratings for debt securities are unaudited. All ratings are as of December 31, 2023 and may have changed subsequently. |
(b) | This security is callable. |
(c) | Fixed to floating rate security. Fixed rate indicated is rate effective at December 31, 2023. Security will convert at a future date to a floating rate of reference rate and spread in the description above. |
(d) | Security is perpetual. Date shown is next call date. |
(e) | Variable rate security. Rate indicated is rate effective at December 31, 2023. |
(f) | Multi-Step Coupon. Rate disclosed is as of December 31, 2023. |
(g) | Denotes a step-up bond. The rate indicated is the current coupon as of December 31, 2023. |
144A | Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At December 31, 2023, these securities amounted to $75,028,727 or 39.81% of net assets. |
Legend |
Certs. – Certificates |
CLO – Collateralized Loan Obligation |
Co. Gty. – Company Guaranty |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
GNSF – Government National Mortgage Association (Single Family) |
GO – Government Obligation |
H15T5Y – US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
Jr. – Junior |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LP – Limited Partnership |
Ltd. – Limited |
NA – Not Available |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
Sec. – Secured |
SOFRRATE – Secured Overnight Financing Rate |
Sr. – Senior |
Sub. – Subordinated |
SW5 – 5-year USD Swap Semiannual 30/360 |
TSFR1M – One Month Term Secured Overnight Financing Rate |
TSFR3M – 3-month Term Secured Overnight Financing Rate |
Unsec. – Unsecured |
Assets: | Total Market Value at 12/31/23 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs |
LONG-TERM INVESTMENTS | ||||
CORPORATE DEBT SECURITIES | $153,263,753 | $— | $153,263,753 | $— |
MUNICIPAL BONDS | 2,356,595 | — | 2,356,595 | — |
ASSET-BACKED SECURITIES | 24,221,623 | — | 24,221,623 | — |
GOVERNMENT BONDS | 1,025,022 | — | 1,025,022 | — |
RESIDENTIAL MORTGAGE-BACKED SECURITIES | 194,600 | — | 194,600 | — |
Assets: | Total Market Value at 12/31/23 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs |
COMMERCIAL MORTGAGE-BACKED SECURITIES | $1,300,334 | $— | $1,300,334 | $— |
U.S. TREASURY OBLIGATIONS | 2,495,423 | — | 2,495,423 | — |
DERIVATIVES | ||||
LONG FUTURES | 1,372,727 | 1,372,727 | — | — |
TOTAL ASSETS | $186,230,077 | $1,372,727 | $184,857,350 | $— |
Liabilities: | ||||
FUTURES CONTRACTS | $143,561 | $143,561 | $— | $— |
1 Year Insight Select Income Chart |
1 Month Insight Select Income Chart |
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